id	sid	tid	token	lemma	pos
cjfa-20693	1	1	date	date	NOUN
cjfa-20693	1	2	of	of	ADP
cjfa-20693	1	3	submission	submission	NOUN
cjfa-20693	1	4	:	:	PUNCT
cjfa-20693	1	5	june	june	PROPN
cjfa-20693	1	6	6	6	NUM
cjfa-20693	1	7	,	,	PUNCT
cjfa-20693	1	8	2019	2019	NUM
cjfa-20693	1	9	;	;	PUNCT
cjfa-20693	1	10	date	date	NOUN
cjfa-20693	1	11	of	of	ADP
cjfa-20693	1	12	acceptance	acceptance	NOUN
cjfa-20693	1	13	:	:	PUNCT
cjfa-20693	1	14	june	june	PROPN
cjfa-20693	1	15	11	11	NUM
cjfa-20693	1	16	,	,	PUNCT
cjfa-20693	1	17	2019	2019	NUM
cjfa-20693	1	18	.	.	PUNCT
cjfa-20693	2	1	*	*	PUNCT
cjfa-20693	2	2	contact	contact	NOUN
cjfa-20693	2	3	information	information	NOUN
cjfa-20693	2	4	:	:	PUNCT
cjfa-20693	3	1	hantag@sina.com	hantag@sina.com	PROPN
cjfa-20693	3	2	,	,	PUNCT
cjfa-20693	3	3	department	department	NOUN
cjfa-20693	3	4	of	of	ADP
cjfa-20693	3	5	finance	finance	NOUN
cjfa-20693	3	6	,	,	PUNCT
cjfa-20693	3	7	school	school	NOUN
cjfa-20693	3	8	of	of	ADP
cjfa-20693	3	9	economics	economic	NOUN
cjfa-20693	3	10	and	and	CCONJ
cjfa-20693	3	11	management	management	NOUN
cjfa-20693	3	12	,	,	PUNCT
cjfa-20693	3	13	tianjin	tianjin	PROPN
cjfa-20693	3	14	polytechnic	polytechnic	PROPN
cjfa-20693	3	15	university	university	PROPN
cjfa-20693	3	16	,	,	PUNCT
cjfa-20693	3	17	china	china	PROPN
cjfa-20693	3	18	300387	300387	NUM
cjfa-20693	3	19	,	,	PUNCT
cjfa-20693	3	20	phone	phone	NOUN
cjfa-20693	3	21	:	:	PUNCT
cjfa-20693	3	22	022	022	NUM
cjfa-20693	3	23	-	-	SYM
cjfa-20693	3	24	83956738	83956738	NUM
cjfa-20693	3	25	;	;	PUNCT
cjfa-20693	3	26	orcid	orcid	NOUN
cjfa-20693	4	1	i	i	NOUN
cjfa-20693	4	2	d	d	PROPN
cjfa-20693	4	3	:	:	PUNCT
cjfa-20693	4	4	https://orcid.org/0000-0001-7792-3119	https://orcid.org/0000-0001-7792-3119	PROPN
cjfa-20693	4	5	.	.	PUNCT
cjfa-20693	5	1	*	*	PUNCT
cjfa-20693	5	2	*	*	PUNCT
cjfa-20693	5	3	contact	contact	NOUN
cjfa-20693	5	4	information	information	NOUN
cjfa-20693	5	5	:	:	PUNCT
cjfa-20693	5	6	592549106@qq.com	592549106@qq.com	NUM
cjfa-20693	5	7	,	,	PUNCT
cjfa-20693	5	8	department	department	NOUN
cjfa-20693	5	9	of	of	ADP
cjfa-20693	5	10	finance	finance	NOUN
cjfa-20693	5	11	,	,	PUNCT
cjfa-20693	5	12	school	school	NOUN
cjfa-20693	5	13	of	of	ADP
cjfa-20693	5	14	economics	economic	NOUN
cjfa-20693	5	15	and	and	CCONJ
cjfa-20693	5	16	management	management	NOUN
cjfa-20693	5	17	,	,	PUNCT
cjfa-20693	5	18	tianjin	tianjin	PROPN
cjfa-20693	5	19	polytechnic	polytechnic	PROPN
cjfa-20693	5	20	university	university	PROPN
cjfa-20693	5	21	,	,	PUNCT
cjfa-20693	5	22	china	china	PROPN
cjfa-20693	5	23	300387	300387	NUM
cjfa-20693	5	24	,	,	PUNCT
cjfa-20693	5	25	phone	phone	NOUN
cjfa-20693	5	26	:	:	PUNCT
cjfa-20693	5	27	022	022	NUM
cjfa-20693	5	28	-	-	SYM
cjfa-20693	5	29	83956738	83956738	NUM
cjfa-20693	5	30	;	;	PUNCT
cjfa-20693	5	31	orcid	orcid	NOUN
cjfa-20693	6	1	i	i	NOUN
cjfa-20693	6	2	d	d	NOUN
cjfa-20693	6	3	:	:	PUNCT
cjfa-20693	7	1	https://orcid.org/0000-0002-5497-0227	https://orcid.org/0000-0002-5497-0227	PROPN
cjfa-20693	7	2	.	.	PUNCT
cjfa-20693	8	1	hailin	hailin	PROPN
cjfa-20693	8	2	,	,	PUNCT
cjfa-20693	8	3	q.	q.	PROPN
cjfa-20693	8	4	,	,	PUNCT
cjfa-20693	8	5	&	&	CCONJ
cjfa-20693	8	6	jingxu	jingxu	PROPN
cjfa-20693	8	7	,	,	PUNCT
cjfa-20693	8	8	z.	z.	PROPN
cjfa-20693	8	9	(	(	PUNCT
cjfa-20693	8	10	2019	2019	NUM
cjfa-20693	8	11	)	)	PUNCT
cjfa-20693	8	12	.	.	PUNCT
cjfa-20693	9	1	can	can	AUX
cjfa-20693	9	2	mandatory	mandatory	ADJ
cjfa-20693	9	3	dividend	dividend	NOUN
cjfa-20693	9	4	policy	policy	NOUN
cjfa-20693	9	5	reduce	reduce	VERB
cjfa-20693	9	6	the	the	DET
cjfa-20693	9	7	agency	agency	NOUN
cjfa-20693	9	8	cost	cost	NOUN
cjfa-20693	9	9	of	of	ADP
cjfa-20693	9	10	listed	list	VERB
cjfa-20693	9	11	companies	company	NOUN
cjfa-20693	9	12	?	?	PUNCT
cjfa-20693	10	1	model	model	NOUN
cjfa-20693	10	2	analysis	analysis	NOUN
cjfa-20693	10	3	and	and	CCONJ
cjfa-20693	10	4	empirical	empirical	ADJ
cjfa-20693	10	5	test	test	NOUN
cjfa-20693	10	6	in	in	ADP
cjfa-20693	10	7	china	china	PROPN
cjfa-20693	10	8	.	.	PUNCT
cjfa-20693	11	1	copernican	copernican	PROPN
cjfa-20693	11	2	journal	journal	PROPN
cjfa-20693	11	3	of	of	ADP
cjfa-20693	11	4	finance	finance	PROPN
cjfa-20693	11	5	&	&	CCONJ
cjfa-20693	11	6	accounting	accounting	PROPN
cjfa-20693	11	7	,	,	PUNCT
cjfa-20693	11	8	8(1	8(1	NOUN
cjfa-20693	11	9	)	)	PUNCT
cjfa-20693	11	10	,	,	PUNCT
cjfa-20693	11	11	59–101	59–101	PROPN
cjfa-20693	11	12	.	.	PUNCT
cjfa-20693	12	1	http://dx.doi.org/10.12775/cjfa.2019.003	http://dx.doi.org/10.12775/cjfa.2019.003	ADP
cjfa-20693	12	2	qin	qin	PROPN
cjfa-20693	12	3	hailin	hailin	PROPN
cjfa-20693	12	4	*	*	PROPN
cjfa-20693	12	5	tianjin	tianjin	PROPN
cjfa-20693	12	6	polytechnic	polytechnic	PROPN
cjfa-20693	12	7	university	university	PROPN
cjfa-20693	12	8	zhang	zhang	PROPN
cjfa-20693	12	9	jingxu	jingxu	PROPN
cjfa-20693	12	10	*	*	PROPN
cjfa-20693	12	11	*	*	PROPN
cjfa-20693	12	12	tianjin	tianjin	PROPN
cjfa-20693	12	13	polytechnic	polytechnic	PROPN
cjfa-20693	12	14	university	university	PROPN
cjfa-20693	12	15	can	can	AUX
cjfa-20693	12	16	mandatory	mandatory	ADJ
cjfa-20693	12	17	dividend	dividend	NOUN
cjfa-20693	12	18	policy	policy	NOUN
cjfa-20693	12	19	reduce	reduce	VERB
cjfa-20693	12	20	the	the	DET
cjfa-20693	12	21	agency	agency	NOUN
cjfa-20693	12	22	cost	cost	NOUN
cjfa-20693	12	23	of	of	ADP
cjfa-20693	12	24	listed	list	VERB
cjfa-20693	12	25	companies	company	NOUN
cjfa-20693	12	26	?	?	PUNCT
cjfa-20693	13	1	model	model	NOUN
cjfa-20693	13	2	analysis	analysis	NOUN
cjfa-20693	13	3	and	and	CCONJ
cjfa-20693	13	4	empirical	empirical	ADJ
cjfa-20693	13	5	test	test	NOUN
cjfa-20693	13	6	in	in	ADP
cjfa-20693	13	7	china	china	PROPN
cjfa-20693	13	8	keywords	keyword	NOUN
cjfa-20693	13	9	:	:	PUNCT
cjfa-20693	13	10	mandatory	mandatory	ADJ
cjfa-20693	13	11	dividend	dividend	NOUN
cjfa-20693	13	12	,	,	PUNCT
cjfa-20693	13	13	agency	agency	NOUN
cjfa-20693	13	14	cost	cost	NOUN
cjfa-20693	13	15	,	,	PUNCT
cjfa-20693	13	16	dividend	dividend	NOUN
cjfa-20693	13	17	policy	policy	NOUN
cjfa-20693	13	18	,	,	PUNCT
cjfa-20693	13	19	mixed	mixed	ADJ
cjfa-20693	13	20	strategy	strategy	NOUN
cjfa-20693	13	21	equilibrium	equilibrium	NOUN
cjfa-20693	13	22	,	,	PUNCT
cjfa-20693	13	23	difference	difference	NOUN
cjfa-20693	13	24	-	-	PUNCT
cjfa-20693	13	25	in	in	ADP
cjfa-20693	13	26	-	-	PUNCT
cjfa-20693	13	27	difference	difference	NOUN
cjfa-20693	13	28	model	model	NOUN
cjfa-20693	13	29	.	.	PUNCT
cjfa-20693	14	1	j	j	PROPN
cjfa-20693	14	2	e	e	PROPN
cjfa-20693	14	3	l	l	PROPN
cjfa-20693	14	4	classification	classification	NOUN
cjfa-20693	14	5	:	:	PUNCT
cjfa-20693	14	6	g3	g3	PROPN
cjfa-20693	14	7	.	.	PUNCT
cjfa-20693	15	1	abstract	abstract	ADJ
cjfa-20693	15	2	:	:	PUNCT
cjfa-20693	15	3	in	in	ADP
cjfa-20693	15	4	this	this	DET
cjfa-20693	15	5	research	research	NOUN
cjfa-20693	15	6	,	,	PUNCT
cjfa-20693	15	7	the	the	DET
cjfa-20693	15	8	mixed	mixed	ADJ
cjfa-20693	15	9	strategy	strategy	NOUN
cjfa-20693	15	10	complete	complete	ADJ
cjfa-20693	15	11	information	information	NOUN
cjfa-20693	15	12	static	static	ADJ
cjfa-20693	15	13	game	game	NOUN
cjfa-20693	15	14	was	be	AUX
cjfa-20693	15	15	adopted	adopt	VERB
cjfa-20693	15	16	to	to	PART
cjfa-20693	15	17	explain	explain	VERB
cjfa-20693	15	18	the	the	DET
cjfa-20693	15	19	effect	effect	NOUN
cjfa-20693	15	20	of	of	ADP
cjfa-20693	15	21	mandatory	mandatory	ADJ
cjfa-20693	15	22	dividend	dividend	NOUN
cjfa-20693	15	23	policy	policy	NOUN
cjfa-20693	15	24	on	on	ADP
cjfa-20693	15	25	agency	agency	NOUN
cjfa-20693	15	26	cost	cost	NOUN
cjfa-20693	15	27	,	,	PUNCT
cjfa-20693	15	28	and	and	CCONJ
cjfa-20693	15	29	chinese	chinese	ADJ
cjfa-20693	15	30	mandatory	mandatory	ADJ
cjfa-20693	15	31	dividend	dividend	NOUN
cjfa-20693	15	32	policy	policy	NOUN
cjfa-20693	15	33	introduced	introduce	VERB
cjfa-20693	15	34	in	in	ADP
cjfa-20693	15	35	2011was	2011was	PROPN
cjfa-20693	15	36	regarded	regard	VERB
cjfa-20693	15	37	as	as	ADP
cjfa-20693	15	38	the	the	DET
cjfa-20693	15	39	institutional	institutional	ADJ
cjfa-20693	15	40	background	background	NOUN
cjfa-20693	15	41	,	,	PUNCT
cjfa-20693	15	42	and	and	CCONJ
cjfa-20693	15	43	whether	whether	SCONJ
cjfa-20693	15	44	mandatory	mandatory	ADJ
cjfa-20693	15	45	dividend	dividend	NOUN
cjfa-20693	15	46	policy	policy	NOUN
cjfa-20693	15	47	can	can	AUX
cjfa-20693	15	48	reduce	reduce	VERB
cjfa-20693	15	49	the	the	DET
cjfa-20693	15	50	agency	agency	NOUN
cjfa-20693	15	51	cost	cost	NOUN
cjfa-20693	15	52	of	of	ADP
cjfa-20693	15	53	listed	list	VERB
cjfa-20693	15	54	companies	company	NOUN
cjfa-20693	15	55	as	as	SCONJ
cjfa-20693	15	56	an	an	DET
cjfa-20693	15	57	accidental	accidental	ADJ
cjfa-20693	15	58	impact	impact	NOUN
cjfa-20693	15	59	was	be	AUX
cjfa-20693	15	60	studied	study	VERB
cjfa-20693	15	61	.	.	PUNCT
cjfa-20693	16	1	empirical	empirical	ADJ
cjfa-20693	16	2	test	test	NOUN
cjfa-20693	16	3	indicates	indicate	VERB
cjfa-20693	16	4	that	that	SCONJ
cjfa-20693	16	5	mandatory	mandatory	ADJ
cjfa-20693	16	6	dividend	dividend	NOUN
cjfa-20693	16	7	policy	policy	NOUN
cjfa-20693	16	8	significantly	significantly	ADV
cjfa-20693	16	9	inhibits	inhibit	VERB
cjfa-20693	16	10	the	the	DET
cjfa-20693	16	11	agency	agency	NOUN
cjfa-20693	16	12	cost	cost	NOUN
cjfa-20693	16	13	of	of	ADP
cjfa-20693	16	14	enterprises	enterprise	NOUN
cjfa-20693	16	15	.	.	PUNCT
cjfa-20693	17	1	further	further	ADJ
cjfa-20693	17	2	research	research	NOUN
cjfa-20693	17	3	finds	find	VERB
cjfa-20693	17	4	that	that	SCONJ
cjfa-20693	17	5	the	the	DET
cjfa-20693	17	6	mandatory	mandatory	ADJ
cjfa-20693	17	7	dividend	dividend	NOUN
cjfa-20693	17	8	policy	policy	NOUN
cjfa-20693	17	9	has	have	VERB
cjfa-20693	17	10	a	a	DET
cjfa-20693	17	11	better	well	ADJ
cjfa-20693	17	12	effect	effect	NOUN
cjfa-20693	17	13	on	on	ADP
cjfa-20693	17	14	reducing	reduce	VERB
cjfa-20693	17	15	agency	agency	NOUN
cjfa-20693	17	16	cocopernican	cocopernican	PROPN
cjfa-20693	17	17	journal	journal	PROPN
cjfa-20693	17	18	of	of	ADP
cjfa-20693	17	19	finance	finance	PROPN
cjfa-20693	17	20	&	&	CCONJ
cjfa-20693	17	21	accounting	accounting	PROPN
cjfa-20693	17	22	e	e	PROPN
cjfa-20693	17	23	-	-	PROPN
cjfa-20693	17	24	issn	issn	PROPN
cjfa-20693	17	25	2300	2300	NUM
cjfa-20693	17	26	-	-	SYM
cjfa-20693	17	27	3065	3065	NUM
cjfa-20693	17	28	p	p	PROPN
cjfa-20693	17	29	-	-	PUNCT
cjfa-20693	17	30	issn	issn	PROPN
cjfa-20693	17	31	2300	2300	NUM
cjfa-20693	17	32	-	-	SYM
cjfa-20693	17	33	12402019	12402019	NUM
cjfa-20693	17	34	,	,	PUNCT
cjfa-20693	17	35	volume	volume	NOUN
cjfa-20693	17	36	8	8	NUM
cjfa-20693	17	37	,	,	PUNCT
cjfa-20693	17	38	issue	issue	NOUN
cjfa-20693	17	39	1	1	NUM
cjfa-20693	17	40	cjf&a	cjf&a	NOUN
cjfa-20693	17	41	co	co	NOUN
cjfa-20693	17	42	pe	pe	PROPN
cjfa-20693	17	43	rn	rn	PROPN
cjfa-20693	17	44	ic	ic	PROPN
cjfa-20693	17	45	an	an	DET
cjfa-20693	17	46	j	j	PROPN
cjfa-20693	17	47	o	o	INTJ
cjfa-20693	17	48	ur	ur	INTJ
cjfa-20693	17	49	nal	nal	PROPN
cjfa-20693	17	50	of	of	ADP
cjfa-20693	17	51	finance	finance	NOUN
cjfa-20693	17	52	&	&	CCONJ
cjfa-20693	17	53	a	a	DET
cjfa-20693	17	54	c	c	NOUN
cjfa-20693	17	55	c	c	NOUN
cjfa-20693	17	56	o	o	X
cjfa-20693	17	57	u	u	NOUN
cjfa-20693	17	58	n	n	CCONJ
cjfa-20693	17	59	tin	tin	NOUN
cjfa-20693	17	60	g	g	PROPN
cjfa-20693	17	61	qin	qin	PROPN
cjfa-20693	17	62	hailin	hailin	PROPN
cjfa-20693	17	63	,	,	PUNCT
cjfa-20693	17	64	zhang	zhang	PROPN
cjfa-20693	17	65	jingxu60	jingxu60	PROPN
cjfa-20693	17	66	sts	st	VERB
cjfa-20693	17	67	for	for	ADP
cjfa-20693	17	68	the	the	DET
cjfa-20693	17	69	companies	company	NOUN
cjfa-20693	17	70	listed	list	VERB
cjfa-20693	17	71	on	on	ADP
cjfa-20693	17	72	the	the	DET
cjfa-20693	17	73	main	main	ADJ
cjfa-20693	17	74	board	board	NOUN
cjfa-20693	17	75	and	and	CCONJ
cjfa-20693	17	76	those	those	PRON
cjfa-20693	17	77	with	with	ADP
cjfa-20693	17	78	normal	normal	ADJ
cjfa-20693	17	79	dividends	dividend	NOUN
cjfa-20693	17	80	,	,	PUNCT
cjfa-20693	17	81	while	while	SCONJ
cjfa-20693	17	82	it	it	PRON
cjfa-20693	17	83	has	have	VERB
cjfa-20693	17	84	no	no	DET
cjfa-20693	17	85	significant	significant	ADJ
cjfa-20693	17	86	effect	effect	NOUN
cjfa-20693	17	87	on	on	ADP
cjfa-20693	17	88	restraining	restrain	VERB
cjfa-20693	17	89	agency	agency	NOUN
cjfa-20693	17	90	costs	cost	NOUN
cjfa-20693	17	91	for	for	ADP
cjfa-20693	17	92	the	the	DET
cjfa-20693	17	93	companies	company	NOUN
cjfa-20693	17	94	with	with	ADP
cjfa-20693	17	95	micro	micro	NOUN
cjfa-20693	17	96	-	-	NOUN
cjfa-20693	17	97	dividends	dividend	NOUN
cjfa-20693	17	98	and	and	CCONJ
cjfa-20693	17	99	small	small	ADJ
cjfa-20693	17	100	and	and	CCONJ
cjfa-20693	17	101	medium	medium	ADJ
cjfa-20693	17	102	-	-	PUNCT
cjfa-20693	17	103	sized	sized	ADJ
cjfa-20693	17	104	boards	board	NOUN
cjfa-20693	17	105	.	.	PUNCT
cjfa-20693	18	1	the	the	DET
cjfa-20693	18	2	study	study	NOUN
cjfa-20693	18	3	supports	support	VERB
cjfa-20693	18	4	the	the	DET
cjfa-20693	18	5	dividend	dividend	NOUN
cjfa-20693	18	6	agency	agency	NOUN
cjfa-20693	18	7	cost	cost	NOUN
cjfa-20693	18	8	theory	theory	NOUN
cjfa-20693	18	9	and	and	CCONJ
cjfa-20693	18	10	provides	provide	VERB
cjfa-20693	18	11	empirical	empirical	ADJ
cjfa-20693	18	12	evidence	evidence	NOUN
cjfa-20693	18	13	for	for	SCONJ
cjfa-20693	18	14	the	the	DET
cjfa-20693	18	15	regulating	regulate	VERB
cjfa-20693	18	16	departments	department	NOUN
cjfa-20693	18	17	to	to	PART
cjfa-20693	18	18	improve	improve	VERB
cjfa-20693	18	19	the	the	DET
cjfa-20693	18	20	follow	follow	VERB
cjfa-20693	18	21	-	-	PUNCT
cjfa-20693	18	22	up	up	ADP
cjfa-20693	18	23	policy	policy	NOUN
cjfa-20693	18	24	of	of	ADP
cjfa-20693	18	25	capital	capital	NOUN
cjfa-20693	18	26	market	market	NOUN
cjfa-20693	18	27	governance	governance	NOUN
cjfa-20693	18	28	.	.	PUNCT
cjfa-20693	18	29	 	 	SPACE
cjfa-20693	19	1	introduction	introduction	NOUN
cjfa-20693	19	2	on	on	ADP
cjfa-20693	19	3	november	november	PROPN
cjfa-20693	19	4	9	9	NUM
cjfa-20693	19	5	,	,	PUNCT
cjfa-20693	19	6	2011	2011	NUM
cjfa-20693	19	7	,	,	PUNCT
cjfa-20693	19	8	guo	guo	PROPN
cjfa-20693	19	9	shuqing	shuqing	NOUN
cjfa-20693	19	10	,	,	PUNCT
cjfa-20693	19	11	the	the	DET
cjfa-20693	19	12	chairman	chairman	NOUN
cjfa-20693	19	13	of	of	ADP
cjfa-20693	19	14	china	china	PROPN
cjfa-20693	19	15	securities	securities	PROPN
cjfa-20693	19	16	regulatory	regulatory	PROPN
cjfa-20693	19	17	commission	commission	PROPN
cjfa-20693	19	18	(	(	PUNCT
cjfa-20693	19	19	csrc	csrc	PROPN
cjfa-20693	19	20	)	)	PUNCT
cjfa-20693	19	21	,	,	PUNCT
cjfa-20693	19	22	clearly	clearly	ADV
cjfa-20693	19	23	required	require	VERB
cjfa-20693	19	24	listed	list	VERB
cjfa-20693	19	25	companies	company	NOUN
cjfa-20693	19	26	to	to	PART
cjfa-20693	19	27	pay	pay	VERB
cjfa-20693	19	28	the	the	DET
cjfa-20693	19	29	dividends	dividend	NOUN
cjfa-20693	19	30	.	.	PUNCT
cjfa-20693	20	1	this	this	PRON
cjfa-20693	20	2	is	be	AUX
cjfa-20693	20	3	a	a	DET
cjfa-20693	20	4	counterattack	counterattack	NOUN
cjfa-20693	20	5	against	against	ADP
cjfa-20693	20	6	those	those	PRON
cjfa-20693	20	7	not	not	PART
cjfa-20693	20	8	to	to	PART
cjfa-20693	20	9	pay	pay	VERB
cjfa-20693	20	10	for	for	ADP
cjfa-20693	20	11	a	a	DET
cjfa-20693	20	12	long	long	ADJ
cjfa-20693	20	13	time	time	NOUN
cjfa-20693	20	14	in	in	ADP
cjfa-20693	20	15	china	china	PROPN
cjfa-20693	20	16	,	,	PUNCT
cjfa-20693	20	17	however	however	ADV
cjfa-20693	20	18	,	,	PUNCT
cjfa-20693	20	19	can	can	AUX
cjfa-20693	20	20	agency	agency	NOUN
cjfa-20693	20	21	costs	cost	NOUN
cjfa-20693	20	22	be	be	AUX
cjfa-20693	20	23	significantly	significantly	ADV
cjfa-20693	20	24	restrained	restrain	VERB
cjfa-20693	20	25	in	in	ADP
cjfa-20693	20	26	corporate	corporate	ADJ
cjfa-20693	20	27	governance	governance	NOUN
cjfa-20693	20	28	?	?	PUNCT
cjfa-20693	21	1	although	although	SCONJ
cjfa-20693	21	2	it	it	PRON
cjfa-20693	21	3	is	be	AUX
cjfa-20693	21	4	the	the	DET
cjfa-20693	21	5	main	main	ADJ
cjfa-20693	21	6	purpose	purpose	NOUN
cjfa-20693	21	7	of	of	ADP
cjfa-20693	21	8	mandatory	mandatory	ADJ
cjfa-20693	21	9	dividend	dividend	NOUN
cjfa-20693	21	10	policy	policy	NOUN
cjfa-20693	21	11	protecting	protect	VERB
cjfa-20693	21	12	the	the	DET
cjfa-20693	21	13	interests	interest	NOUN
cjfa-20693	21	14	of	of	ADP
cjfa-20693	21	15	small	small	ADJ
cjfa-20693	21	16	and	and	CCONJ
cjfa-20693	21	17	medium	medium	ADJ
cjfa-20693	21	18	investors	investor	NOUN
cjfa-20693	21	19	,	,	PUNCT
cjfa-20693	21	20	and	and	CCONJ
cjfa-20693	21	21	has	have	VERB
cjfa-20693	21	22	a	a	DET
cjfa-20693	21	23	greater	great	ADJ
cjfa-20693	21	24	impact	impact	NOUN
cjfa-20693	21	25	on	on	ADP
cjfa-20693	21	26	corporate	corporate	ADJ
cjfa-20693	21	27	governance	governance	NOUN
cjfa-20693	21	28	,	,	PUNCT
cjfa-20693	21	29	because	because	SCONJ
cjfa-20693	21	30	in	in	ADP
cjfa-20693	21	31	theory	theory	NOUN
cjfa-20693	21	32	,	,	PUNCT
cjfa-20693	21	33	agency	agency	NOUN
cjfa-20693	21	34	costs	cost	NOUN
cjfa-20693	21	35	will	will	AUX
cjfa-20693	21	36	be	be	AUX
cjfa-20693	21	37	lower	low	ADJ
cjfa-20693	21	38	by	by	ADP
cjfa-20693	21	39	reducing	reduce	VERB
cjfa-20693	21	40	the	the	DET
cjfa-20693	21	41	free	free	ADJ
cjfa-20693	21	42	cash	cash	NOUN
cjfa-20693	21	43	flow	flow	NOUN
cjfa-20693	21	44	of	of	ADP
cjfa-20693	21	45	enterprises	enterprise	NOUN
cjfa-20693	21	46	.	.	PUNCT
cjfa-20693	22	1	then	then	ADV
cjfa-20693	22	2	,	,	PUNCT
cjfa-20693	22	3	cash	cash	NOUN
cjfa-20693	22	4	flow	flow	NOUN
cjfa-20693	22	5	will	will	AUX
cjfa-20693	22	6	be	be	AUX
cjfa-20693	22	7	richer	rich	ADJ
cjfa-20693	22	8	with	with	ADP
cjfa-20693	22	9	better	well	ADJ
cjfa-20693	22	10	operating	operating	NOUN
cjfa-20693	22	11	performance	performance	NOUN
cjfa-20693	22	12	and	and	CCONJ
cjfa-20693	22	13	stronger	strong	ADJ
cjfa-20693	22	14	financial	financial	ADJ
cjfa-20693	22	15	strength	strength	NOUN
cjfa-20693	22	16	,	,	PUNCT
cjfa-20693	22	17	on	on	ADP
cjfa-20693	22	18	the	the	DET
cjfa-20693	22	19	other	other	ADJ
cjfa-20693	22	20	hand	hand	NOUN
cjfa-20693	22	21	,	,	PUNCT
cjfa-20693	22	22	in	in	ADP
cjfa-20693	22	23	the	the	DET
cjfa-20693	22	24	property	property	NOUN
cjfa-20693	22	25	rights	right	NOUN
cjfa-20693	22	26	system	system	NOUN
cjfa-20693	22	27	arrangement	arrangement	NOUN
cjfa-20693	22	28	,	,	PUNCT
cjfa-20693	22	29	which	which	PRON
cjfa-20693	22	30	separates	separate	VERB
cjfa-20693	22	31	ownership	ownership	NOUN
cjfa-20693	22	32	and	and	CCONJ
cjfa-20693	22	33	management	management	NOUN
cjfa-20693	22	34	rights	right	NOUN
cjfa-20693	22	35	,	,	PUNCT
cjfa-20693	22	36	although	although	SCONJ
cjfa-20693	22	37	the	the	DET
cjfa-20693	22	38	division	division	NOUN
cjfa-20693	22	39	of	of	ADP
cjfa-20693	22	40	labor	labor	NOUN
cjfa-20693	22	41	according	accord	VERB
cjfa-20693	22	42	to	to	ADP
cjfa-20693	22	43	comparative	comparative	ADJ
cjfa-20693	22	44	advantages	advantage	NOUN
cjfa-20693	22	45	improves	improve	VERB
cjfa-20693	22	46	the	the	DET
cjfa-20693	22	47	operating	operating	NOUN
cjfa-20693	22	48	efficiency	efficiency	NOUN
cjfa-20693	22	49	of	of	ADP
cjfa-20693	22	50	enterprises	enterprise	NOUN
cjfa-20693	22	51	,	,	PUNCT
cjfa-20693	22	52	this	this	DET
cjfa-20693	22	53	division	division	NOUN
cjfa-20693	22	54	of	of	ADP
cjfa-20693	22	55	labor	labor	NOUN
cjfa-20693	22	56	will	will	AUX
cjfa-20693	22	57	also	also	ADV
cjfa-20693	22	58	objectively	objectively	ADV
cjfa-20693	22	59	lead	lead	VERB
cjfa-20693	22	60	to	to	ADP
cjfa-20693	22	61	the	the	DET
cjfa-20693	22	62	goal	goal	NOUN
cjfa-20693	22	63	bias	bias	NOUN
cjfa-20693	22	64	of	of	ADP
cjfa-20693	22	65	owners	owner	NOUN
cjfa-20693	22	66	and	and	CCONJ
cjfa-20693	22	67	operators	operator	NOUN
cjfa-20693	22	68	.	.	PUNCT
cjfa-20693	23	1	the	the	DET
cjfa-20693	23	2	serious	serious	ADJ
cjfa-20693	23	3	paradox	paradox	NOUN
cjfa-20693	23	4	is	be	AUX
cjfa-20693	23	5	that	that	SCONJ
cjfa-20693	23	6	the	the	DET
cjfa-20693	23	7	managers	manager	NOUN
cjfa-20693	23	8	always	always	ADV
cjfa-20693	23	9	acts	act	VERB
cjfa-20693	23	10	according	accord	VERB
cjfa-20693	23	11	to	to	ADP
cjfa-20693	23	12	the	the	DET
cjfa-20693	23	13	maximization	maximization	NOUN
cjfa-20693	23	14	of	of	ADP
cjfa-20693	23	15	his	his	PRON
cjfa-20693	23	16	own	own	ADJ
cjfa-20693	23	17	interests	interest	NOUN
cjfa-20693	23	18	rather	rather	ADV
cjfa-20693	23	19	than	than	ADP
cjfa-20693	23	20	that	that	PRON
cjfa-20693	23	21	of	of	ADP
cjfa-20693	23	22	shareholders	shareholder	NOUN
cjfa-20693	23	23	’	'	PUNCT
cjfa-20693	23	24	interests	interest	NOUN
cjfa-20693	23	25	,	,	PUNCT
cjfa-20693	23	26	such	such	ADJ
cjfa-20693	23	27	as	as	ADP
cjfa-20693	23	28	maximizing	maximize	VERB
cjfa-20693	23	29	private	private	ADJ
cjfa-20693	23	30	benefits	benefit	NOUN
cjfa-20693	23	31	through	through	ADP
cjfa-20693	23	32	on	on	ADP
cjfa-20693	23	33	-	-	PUNCT
cjfa-20693	23	34	the	the	DET
cjfa-20693	23	35	-	-	PUNCT
cjfa-20693	23	36	job	job	NOUN
cjfa-20693	23	37	consumption	consumption	NOUN
cjfa-20693	23	38	and	and	CCONJ
cjfa-20693	23	39	related	relate	VERB
cjfa-20693	23	40	transactions	transaction	NOUN
cjfa-20693	23	41	,	,	PUNCT
cjfa-20693	23	42	resulting	result	VERB
cjfa-20693	23	43	in	in	ADP
cjfa-20693	23	44	the	the	DET
cjfa-20693	23	45	accelerated	accelerated	ADJ
cjfa-20693	23	46	rise	rise	NOUN
cjfa-20693	23	47	of	of	ADP
cjfa-20693	23	48	agency	agency	NOUN
cjfa-20693	23	49	costs	cost	NOUN
cjfa-20693	23	50	.	.	PUNCT
cjfa-20693	24	1	supposing	suppose	VERB
cjfa-20693	24	2	a	a	DET
cjfa-20693	24	3	company	company	NOUN
cjfa-20693	24	4	with	with	ADP
cjfa-20693	24	5	lots	lot	NOUN
cjfa-20693	24	6	of	of	ADP
cjfa-20693	24	7	cash	cash	NOUN
cjfa-20693	24	8	,	,	PUNCT
cjfa-20693	24	9	the	the	DET
cjfa-20693	24	10	profligacy	profligacy	NOUN
cjfa-20693	24	11	and	and	CCONJ
cjfa-20693	24	12	abuse	abuse	NOUN
cjfa-20693	24	13	of	of	ADP
cjfa-20693	24	14	funds	fund	NOUN
cjfa-20693	24	15	will	will	AUX
cjfa-20693	24	16	be	be	AUX
cjfa-20693	24	17	stimulated	stimulate	VERB
cjfa-20693	24	18	to	to	PART
cjfa-20693	24	19	increase	increase	VERB
cjfa-20693	24	20	of	of	ADP
cjfa-20693	24	21	agency	agency	NOUN
cjfa-20693	24	22	costs	cost	NOUN
cjfa-20693	24	23	.	.	PUNCT
cjfa-20693	25	1	since	since	SCONJ
cjfa-20693	25	2	the	the	DET
cjfa-20693	25	3	existence	existence	NOUN
cjfa-20693	25	4	of	of	ADP
cjfa-20693	25	5	free	free	ADJ
cjfa-20693	25	6	cash	cash	NOUN
cjfa-20693	25	7	flow	flow	NOUN
cjfa-20693	25	8	will	will	AUX
cjfa-20693	25	9	increase	increase	VERB
cjfa-20693	25	10	the	the	DET
cjfa-20693	25	11	agency	agency	NOUN
cjfa-20693	25	12	cost	cost	NOUN
cjfa-20693	25	13	of	of	ADP
cjfa-20693	25	14	corporate	corporate	ADJ
cjfa-20693	25	15	governance	governance	NOUN
cjfa-20693	25	16	,	,	PUNCT
cjfa-20693	25	17	reducing	reduce	VERB
cjfa-20693	25	18	the	the	DET
cjfa-20693	25	19	free	free	ADJ
cjfa-20693	25	20	cash	cash	NOUN
cjfa-20693	25	21	flow	flow	NOUN
cjfa-20693	25	22	that	that	PRON
cjfa-20693	25	23	can	can	AUX
cjfa-20693	25	24	be	be	AUX
cjfa-20693	25	25	controlled	control	VERB
cjfa-20693	25	26	by	by	ADP
cjfa-20693	25	27	executives	executive	NOUN
cjfa-20693	25	28	will	will	AUX
cjfa-20693	25	29	naturally	naturally	ADV
cjfa-20693	25	30	restrain	restrain	VERB
cjfa-20693	25	31	the	the	DET
cjfa-20693	25	32	agency	agency	NOUN
cjfa-20693	25	33	cost	cost	NOUN
cjfa-20693	25	34	.	.	PUNCT
cjfa-20693	26	1	however	however	ADV
cjfa-20693	26	2	,	,	PUNCT
cjfa-20693	26	3	the	the	DET
cjfa-20693	26	4	perfection	perfection	NOUN
cjfa-20693	26	5	of	of	ADP
cjfa-20693	26	6	theoretical	theoretical	ADJ
cjfa-20693	26	7	logic	logic	NOUN
cjfa-20693	26	8	does	do	AUX
cjfa-20693	26	9	not	not	PART
cjfa-20693	26	10	necessarily	necessarily	ADV
cjfa-20693	26	11	mean	mean	VERB
cjfa-20693	26	12	the	the	DET
cjfa-20693	26	13	same	same	ADJ
cjfa-20693	26	14	result	result	NOUN
cjfa-20693	26	15	of	of	ADP
cjfa-20693	26	16	capital	capital	NOUN
cjfa-20693	26	17	market	market	NOUN
cjfa-20693	26	18	.	.	PUNCT
cjfa-20693	27	1	the	the	DET
cjfa-20693	27	2	research	research	NOUN
cjfa-20693	27	3	methodology	methodology	NOUN
cjfa-20693	27	4	and	and	CCONJ
cjfa-20693	27	5	the	the	DET
cjfa-20693	27	6	course	course	NOUN
cjfa-20693	27	7	of	of	ADP
cjfa-20693	27	8	the	the	DET
cjfa-20693	27	9	research	research	NOUN
cjfa-20693	27	10	process	process	NOUN
cjfa-20693	27	11	to	to	PART
cjfa-20693	27	12	test	test	VERB
cjfa-20693	27	13	the	the	DET
cjfa-20693	27	14	implementation	implementation	NOUN
cjfa-20693	27	15	effect	effect	NOUN
cjfa-20693	27	16	of	of	ADP
cjfa-20693	27	17	the	the	DET
cjfa-20693	27	18	mandatory	mandatory	ADJ
cjfa-20693	27	19	dividend	dividend	NOUN
cjfa-20693	27	20	policy	policy	NOUN
cjfa-20693	27	21	,	,	PUNCT
cjfa-20693	27	22	this	this	DET
cjfa-20693	27	23	paper	paper	NOUN
cjfa-20693	27	24	intends	intend	VERB
cjfa-20693	27	25	to	to	PART
cjfa-20693	27	26	use	use	VERB
cjfa-20693	27	27	the	the	DET
cjfa-20693	27	28	difference	difference	NOUN
cjfa-20693	27	29	-	-	PUNCT
cjfa-20693	27	30	in	in	ADP
cjfa-20693	27	31	-	-	PUNCT
cjfa-20693	27	32	difference	difference	NOUN
cjfa-20693	27	33	model	model	NOUN
cjfa-20693	27	34	(	(	PUNCT
cjfa-20693	27	35	did	do	AUX
cjfa-20693	27	36	)	)	PUNCT
cjfa-20693	27	37	to	to	PART
cjfa-20693	27	38	examine	examine	VERB
cjfa-20693	27	39	the	the	DET
cjfa-20693	27	40	exogenous	exogenous	ADJ
cjfa-20693	27	41	mandatory	mandatory	ADJ
cjfa-20693	27	42	dividend	dividend	NOUN
cjfa-20693	27	43	impact	impact	NOUN
cjfa-20693	27	44	on	on	ADP
cjfa-20693	27	45	agency	agency	NOUN
cjfa-20693	27	46	cost	cost	NOUN
cjfa-20693	27	47	.	.	PUNCT
cjfa-20693	28	1	specifically	specifically	ADV
cjfa-20693	28	2	,	,	PUNCT
cjfa-20693	28	3	this	this	DET
cjfa-20693	28	4	paper	paper	NOUN
cjfa-20693	28	5	regards	regard	VERB
cjfa-20693	28	6	the	the	DET
cjfa-20693	28	7	mandatory	mandatory	ADJ
cjfa-20693	28	8	dividend	dividend	NOUN
cjfa-20693	28	9	policy	policy	NOUN
cjfa-20693	28	10	of	of	ADP
cjfa-20693	28	11	november	november	PROPN
cjfa-20693	28	12	2011	2011	NUM
cjfa-20693	28	13	as	as	ADP
cjfa-20693	28	14	an	an	DET
cjfa-20693	28	15	exogenous	exogenous	ADJ
cjfa-20693	28	16	shock	shock	NOUN
cjfa-20693	28	17	,	,	PUNCT
cjfa-20693	28	18	and	and	CCONJ
cjfa-20693	28	19	studies	study	NOUN
cjfa-20693	28	20	the	the	DET
cjfa-20693	28	21	relation	relation	NOUN
cjfa-20693	28	22	between	between	ADP
cjfa-20693	28	23	agency	agency	NOUN
cjfa-20693	28	24	cost	cost	NOUN
cjfa-20693	28	25	and	and	CCONJ
cjfa-20693	28	26	mandatory	mandatory	ADJ
cjfa-20693	28	27	dividend	dividend	NOUN
cjfa-20693	28	28	policy	policy	NOUN
cjfa-20693	28	29	.	.	PUNCT
cjfa-20693	29	1	can	can	AUX
cjfa-20693	29	2	mandatory	mandatory	ADJ
cjfa-20693	29	3	dividend	dividend	NOUN
cjfa-20693	29	4	policy	policy	NOUN
cjfa-20693	29	5	reduce	reduce	VERB
cjfa-20693	29	6	…	…	PUNCT
cjfa-20693	29	7	61	61	NUM
cjfa-20693	29	8	a	a	DET
cjfa-20693	29	9	-	-	PUNCT
cjfa-20693	29	10	share	share	NOUN
cjfa-20693	29	11	listed	list	VERB
cjfa-20693	29	12	companies	company	NOUN
cjfa-20693	29	13	are	be	AUX
cjfa-20693	29	14	selected	select	VERB
cjfa-20693	29	15	as	as	ADP
cjfa-20693	29	16	research	research	NOUN
cjfa-20693	29	17	samples	sample	NOUN
cjfa-20693	29	18	from	from	ADP
cjfa-20693	29	19	2007	2007	NUM
cjfa-20693	29	20	to	to	ADP
cjfa-20693	29	21	2017	2017	NUM
cjfa-20693	29	22	,	,	PUNCT
cjfa-20693	29	23	and	and	CCONJ
cjfa-20693	29	24	the	the	DET
cjfa-20693	29	25	impact	impact	NOUN
cjfa-20693	29	26	of	of	ADP
cjfa-20693	29	27	mandatory	mandatory	ADJ
cjfa-20693	29	28	dividend	dividend	NOUN
cjfa-20693	29	29	policy	policy	NOUN
cjfa-20693	29	30	on	on	ADP
cjfa-20693	29	31	agency	agency	NOUN
cjfa-20693	29	32	cost	cost	NOUN
cjfa-20693	29	33	will	will	AUX
cjfa-20693	29	34	be	be	AUX
cjfa-20693	29	35	examined	examine	VERB
cjfa-20693	29	36	by	by	ADP
cjfa-20693	29	37	panel	panel	NOUN
cjfa-20693	29	38	data	data	PROPN
cjfa-20693	29	39	regression	regression	NOUN
cjfa-20693	29	40	model	model	NOUN
cjfa-20693	29	41	,	,	PUNCT
cjfa-20693	29	42	intermediary	intermediary	ADJ
cjfa-20693	29	43	utility	utility	NOUN
cjfa-20693	29	44	model	model	NOUN
cjfa-20693	29	45	and	and	CCONJ
cjfa-20693	29	46	did	do	VERB
cjfa-20693	29	47	model	model	NOUN
cjfa-20693	29	48	.	.	PUNCT
cjfa-20693	30	1	the	the	DET
cjfa-20693	30	2	possible	possible	ADJ
cjfa-20693	30	3	contributions	contribution	NOUN
cjfa-20693	30	4	of	of	ADP
cjfa-20693	30	5	this	this	DET
cjfa-20693	30	6	paper	paper	NOUN
cjfa-20693	30	7	are	be	AUX
cjfa-20693	30	8	:	:	PUNCT
cjfa-20693	30	9	(	(	PUNCT
cjfa-20693	30	10	1	1	X
cjfa-20693	30	11	)	)	PUNCT
cjfa-20693	30	12	using	use	VERB
cjfa-20693	30	13	a	a	DET
cjfa-20693	30	14	mixed	mixed	ADJ
cjfa-20693	30	15	strategy	strategy	NOUN
cjfa-20693	30	16	complete	complete	ADJ
cjfa-20693	30	17	information	information	NOUN
cjfa-20693	30	18	static	static	ADJ
cjfa-20693	30	19	model	model	NOUN
cjfa-20693	30	20	,	,	PUNCT
cjfa-20693	30	21	we	we	PRON
cjfa-20693	30	22	not	not	PART
cjfa-20693	30	23	only	only	ADV
cjfa-20693	30	24	skillfully	skillfully	ADV
cjfa-20693	30	25	incorporate	incorporate	VERB
cjfa-20693	30	26	the	the	DET
cjfa-20693	30	27	policy	policy	NOUN
cjfa-20693	30	28	variable	variable	NOUN
cjfa-20693	30	29	of	of	ADP
cjfa-20693	30	30	mandatory	mandatory	ADJ
cjfa-20693	30	31	dividend	dividend	NOUN
cjfa-20693	30	32	into	into	ADP
cjfa-20693	30	33	the	the	DET
cjfa-20693	30	34	game	game	NOUN
cjfa-20693	30	35	model	model	NOUN
cjfa-20693	30	36	,	,	PUNCT
cjfa-20693	30	37	but	but	CCONJ
cjfa-20693	30	38	also	also	ADV
cjfa-20693	30	39	explain	explain	VERB
cjfa-20693	30	40	the	the	DET
cjfa-20693	30	41	mechanism	mechanism	NOUN
cjfa-20693	30	42	of	of	ADP
cjfa-20693	30	43	mandatory	mandatory	ADJ
cjfa-20693	30	44	dividend	dividend	NOUN
cjfa-20693	30	45	policy	policy	NOUN
cjfa-20693	30	46	to	to	PART
cjfa-20693	30	47	reduce	reduce	VERB
cjfa-20693	30	48	the	the	DET
cjfa-20693	30	49	agency	agency	NOUN
cjfa-20693	30	50	cost	cost	NOUN
cjfa-20693	30	51	of	of	ADP
cjfa-20693	30	52	listed	list	VERB
cjfa-20693	30	53	companies	company	NOUN
cjfa-20693	30	54	based	base	VERB
cjfa-20693	30	55	on	on	ADP
cjfa-20693	30	56	the	the	DET
cjfa-20693	30	57	model	model	NOUN
cjfa-20693	30	58	conclusion	conclusion	NOUN
cjfa-20693	30	59	of	of	ADP
cjfa-20693	30	60	mixed	mixed	ADJ
cjfa-20693	30	61	strategy	strategy	NOUN
cjfa-20693	30	62	nash	nash	PROPN
cjfa-20693	30	63	equilibrium	equilibrium	NOUN
cjfa-20693	30	64	;	;	PUNCT
cjfa-20693	30	65	(	(	PUNCT
cjfa-20693	30	66	2	2	X
cjfa-20693	30	67	)	)	PUNCT
cjfa-20693	30	68	using	use	VERB
cjfa-20693	30	69	the	the	DET
cjfa-20693	30	70	a	a	DET
cjfa-20693	30	71	-	-	PUNCT
cjfa-20693	30	72	share	share	NOUN
cjfa-20693	30	73	data	datum	NOUN
cjfa-20693	30	74	of	of	ADP
cjfa-20693	30	75	shanghai	shanghai	PROPN
cjfa-20693	30	76	and	and	CCONJ
cjfa-20693	30	77	shenzhen	shenzhen	PROPN
cjfa-20693	30	78	stock	stock	PROPN
cjfa-20693	30	79	exchanges	exchange	NOUN
cjfa-20693	30	80	,	,	PUNCT
cjfa-20693	30	81	we	we	PRON
cjfa-20693	30	82	confirm	confirm	VERB
cjfa-20693	30	83	the	the	DET
cjfa-20693	30	84	validity	validity	NOUN
cjfa-20693	30	85	of	of	ADP
cjfa-20693	30	86	the	the	DET
cjfa-20693	30	87	mandatory	mandatory	ADJ
cjfa-20693	30	88	dividend	dividend	NOUN
cjfa-20693	30	89	policy	policy	NOUN
cjfa-20693	30	90	,	,	PUNCT
cjfa-20693	30	91	that	that	ADV
cjfa-20693	30	92	is	is	ADV
cjfa-20693	30	93	,	,	PUNCT
cjfa-20693	30	94	cash	cash	NOUN
cjfa-20693	30	95	dividend	dividend	NOUN
cjfa-20693	30	96	has	have	VERB
cjfa-20693	30	97	a	a	DET
cjfa-20693	30	98	significant	significant	ADJ
cjfa-20693	30	99	restraining	restraining	NOUN
cjfa-20693	30	100	effect	effect	NOUN
cjfa-20693	30	101	on	on	ADP
cjfa-20693	30	102	agency	agency	NOUN
cjfa-20693	30	103	cost	cost	NOUN
cjfa-20693	30	104	of	of	ADP
cjfa-20693	30	105	listed	list	VERB
cjfa-20693	30	106	companies	company	NOUN
cjfa-20693	30	107	;	;	PUNCT
cjfa-20693	30	108	(	(	PUNCT
cjfa-20693	30	109	3	3	X
cjfa-20693	30	110	)	)	PUNCT
cjfa-20693	30	111	using	use	VERB
cjfa-20693	30	112	difference	difference	NOUN
cjfa-20693	30	113	-	-	PUNCT
cjfa-20693	30	114	indifference	indifference	NOUN
cjfa-20693	30	115	model	model	NOUN
cjfa-20693	30	116	(	(	PUNCT
cjfa-20693	30	117	did	do	AUX
cjfa-20693	30	118	)	)	PUNCT
cjfa-20693	30	119	to	to	PART
cjfa-20693	30	120	overcome	overcome	VERB
cjfa-20693	30	121	the	the	DET
cjfa-20693	30	122	endogenous	endogenous	ADJ
cjfa-20693	30	123	problem	problem	NOUN
cjfa-20693	30	124	of	of	ADP
cjfa-20693	30	125	empirical	empirical	ADJ
cjfa-20693	30	126	model	model	NOUN
cjfa-20693	30	127	,	,	PUNCT
cjfa-20693	30	128	strictly	strictly	ADV
cjfa-20693	30	129	and	and	CCONJ
cjfa-20693	30	130	effectively	effectively	ADV
cjfa-20693	30	131	prove	prove	VERB
cjfa-20693	30	132	that	that	SCONJ
cjfa-20693	30	133	cash	cash	NOUN
cjfa-20693	30	134	dividend	dividend	NOUN
cjfa-20693	30	135	significantly	significantly	ADV
cjfa-20693	30	136	improves	improve	VERB
cjfa-20693	30	137	corporate	corporate	ADJ
cjfa-20693	30	138	governance	governance	NOUN
cjfa-20693	30	139	structure	structure	NOUN
cjfa-20693	30	140	.	.	PUNCT
cjfa-20693	31	1	literature	literature	NOUN
cjfa-20693	31	2	review	review	PROPN
cjfa-20693	31	3	dividend	dividend	NOUN
cjfa-20693	31	4	policy	policy	NOUN
cjfa-20693	31	5	remains	remain	VERB
cjfa-20693	31	6	one	one	NUM
cjfa-20693	31	7	of	of	ADP
cjfa-20693	31	8	important	important	ADJ
cjfa-20693	31	9	research	research	NOUN
cjfa-20693	31	10	topics	topic	NOUN
cjfa-20693	31	11	in	in	ADP
cjfa-20693	31	12	corporate	corporate	ADJ
cjfa-20693	31	13	finance	finance	NOUN
cjfa-20693	31	14	.	.	PUNCT
cjfa-20693	32	1	miller	miller	PROPN
cjfa-20693	32	2	and	and	CCONJ
cjfa-20693	32	3	modigliani	modigliani	PROPN
cjfa-20693	32	4	(	(	PUNCT
cjfa-20693	32	5	1961	1961	NUM
cjfa-20693	32	6	)	)	PUNCT
cjfa-20693	32	7	demonstrate	demonstrate	VERB
cjfa-20693	32	8	that	that	SCONJ
cjfa-20693	32	9	in	in	ADP
cjfa-20693	32	10	the	the	DET
cjfa-20693	32	11	absence	absence	NOUN
cjfa-20693	32	12	of	of	ADP
cjfa-20693	32	13	transaction	transaction	NOUN
cjfa-20693	32	14	costs	cost	NOUN
cjfa-20693	32	15	,	,	PUNCT
cjfa-20693	32	16	dividend	dividend	NOUN
cjfa-20693	32	17	payment	payment	NOUN
cjfa-20693	32	18	does	do	AUX
cjfa-20693	32	19	not	not	PART
cjfa-20693	32	20	affect	affect	VERB
cjfa-20693	32	21	firm	firm	ADJ
cjfa-20693	32	22	value	value	NOUN
cjfa-20693	32	23	,	,	PUNCT
cjfa-20693	32	24	and	and	CCONJ
cjfa-20693	32	25	investment	investment	NOUN
cjfa-20693	32	26	policy	policy	NOUN
cjfa-20693	32	27	is	be	AUX
cjfa-20693	32	28	irrelevant	irrelevant	ADJ
cjfa-20693	32	29	to	to	PART
cjfa-20693	32	30	cash	cash	NOUN
cjfa-20693	32	31	dividends	dividend	NOUN
cjfa-20693	32	32	.	.	PUNCT
cjfa-20693	33	1	however	however	ADV
cjfa-20693	33	2	,	,	PUNCT
cjfa-20693	33	3	the	the	DET
cjfa-20693	33	4	premise	premise	NOUN
cjfa-20693	33	5	of	of	ADP
cjfa-20693	33	6	this	this	DET
cjfa-20693	33	7	model	model	NOUN
cjfa-20693	33	8	is	be	AUX
cjfa-20693	33	9	very	very	ADV
cjfa-20693	33	10	strict	strict	ADJ
cjfa-20693	33	11	,	,	PUNCT
cjfa-20693	33	12	that	that	ADV
cjfa-20693	33	13	is	is	ADV
cjfa-20693	33	14	,	,	PUNCT
cjfa-20693	33	15	the	the	DET
cjfa-20693	33	16	capital	capital	NOUN
cjfa-20693	33	17	market	market	NOUN
cjfa-20693	33	18	of	of	ADP
cjfa-20693	33	19	perfect	perfect	ADJ
cjfa-20693	33	20	competition	competition	NOUN
cjfa-20693	33	21	,	,	PUNCT
cjfa-20693	33	22	and	and	CCONJ
cjfa-20693	33	23	from	from	ADP
cjfa-20693	33	24	this	this	PRON
cjfa-20693	33	25	,	,	PUNCT
cjfa-20693	33	26	it	it	PRON
cjfa-20693	33	27	is	be	AUX
cjfa-20693	33	28	deduced	deduce	VERB
cjfa-20693	33	29	that	that	SCONJ
cjfa-20693	33	30	the	the	DET
cjfa-20693	33	31	value	value	NOUN
cjfa-20693	33	32	of	of	ADP
cjfa-20693	33	33	the	the	DET
cjfa-20693	33	34	enterprise	enterprise	NOUN
cjfa-20693	33	35	is	be	AUX
cjfa-20693	33	36	related	relate	VERB
cjfa-20693	33	37	to	to	ADP
cjfa-20693	33	38	the	the	DET
cjfa-20693	33	39	present	present	ADJ
cjfa-20693	33	40	value	value	NOUN
cjfa-20693	33	41	of	of	ADP
cjfa-20693	33	42	cash	cash	NOUN
cjfa-20693	33	43	flow	flow	NOUN
cjfa-20693	33	44	generated	generate	VERB
cjfa-20693	33	45	by	by	ADP
cjfa-20693	33	46	the	the	DET
cjfa-20693	33	47	company	company	NOUN
cjfa-20693	33	48	in	in	ADP
cjfa-20693	33	49	the	the	DET
cjfa-20693	33	50	future	future	NOUN
cjfa-20693	33	51	,	,	PUNCT
cjfa-20693	33	52	and	and	CCONJ
cjfa-20693	33	53	has	have	VERB
cjfa-20693	33	54	nothing	nothing	PRON
cjfa-20693	33	55	to	to	PART
cjfa-20693	33	56	do	do	VERB
cjfa-20693	33	57	with	with	ADP
cjfa-20693	33	58	dividend	dividend	NOUN
cjfa-20693	33	59	policy	policy	NOUN
cjfa-20693	33	60	.	.	PUNCT
cjfa-20693	34	1	however	however	ADV
cjfa-20693	34	2	,	,	PUNCT
cjfa-20693	34	3	there	there	PRON
cjfa-20693	34	4	are	be	VERB
cjfa-20693	34	5	various	various	ADJ
cjfa-20693	34	6	kinds	kind	NOUN
cjfa-20693	34	7	of	of	ADP
cjfa-20693	34	8	frictions	friction	NOUN
cjfa-20693	34	9	in	in	ADP
cjfa-20693	34	10	the	the	DET
cjfa-20693	34	11	operation	operation	NOUN
cjfa-20693	34	12	of	of	ADP
cjfa-20693	34	13	the	the	DET
cjfa-20693	34	14	capital	capital	NOUN
cjfa-20693	34	15	market	market	NOUN
cjfa-20693	34	16	,	,	PUNCT
cjfa-20693	34	17	and	and	CCONJ
cjfa-20693	34	18	transaction	transaction	NOUN
cjfa-20693	34	19	costs	cost	NOUN
cjfa-20693	34	20	are	be	AUX
cjfa-20693	34	21	everywhere	everywhere	ADV
cjfa-20693	34	22	.	.	PUNCT
cjfa-20693	35	1	therefore	therefore	ADV
cjfa-20693	35	2	,	,	PUNCT
cjfa-20693	35	3	the	the	DET
cjfa-20693	35	4	theoretical	theoretical	ADJ
cjfa-20693	35	5	significance	significance	NOUN
cjfa-20693	35	6	of	of	ADP
cjfa-20693	35	7	the	the	DET
cjfa-20693	35	8	dividend	dividend	NOUN
cjfa-20693	35	9	irrelevance	irrelevance	NOUN
cjfa-20693	35	10	theory	theory	NOUN
cjfa-20693	35	11	is	be	AUX
cjfa-20693	35	12	far	far	ADV
cjfa-20693	35	13	greater	great	ADJ
cjfa-20693	35	14	than	than	ADP
cjfa-20693	35	15	the	the	DET
cjfa-20693	35	16	practical	practical	ADJ
cjfa-20693	35	17	implication	implication	NOUN
cjfa-20693	35	18	.	.	PUNCT
cjfa-20693	36	1	this	this	PRON
cjfa-20693	36	2	will	will	AUX
cjfa-20693	36	3	inevitably	inevitably	ADV
cjfa-20693	36	4	lead	lead	VERB
cjfa-20693	36	5	to	to	ADP
cjfa-20693	36	6	imperfection	imperfection	NOUN
cjfa-20693	36	7	of	of	ADP
cjfa-20693	36	8	capital	capital	NOUN
cjfa-20693	36	9	market	market	NOUN
cjfa-20693	36	10	,	,	PUNCT
cjfa-20693	36	11	so	so	ADV
cjfa-20693	36	12	dividend	dividend	NOUN
cjfa-20693	36	13	policy	policy	NOUN
cjfa-20693	36	14	is	be	AUX
cjfa-20693	36	15	decisive	decisive	ADJ
cjfa-20693	36	16	instead	instead	ADV
cjfa-20693	36	17	of	of	ADP
cjfa-20693	36	18	indispensable	indispensable	ADJ
cjfa-20693	36	19	and	and	CCONJ
cjfa-20693	36	20	insignificant	insignificant	ADJ
cjfa-20693	36	21	in	in	ADP
cjfa-20693	36	22	the	the	DET
cjfa-20693	36	23	capital	capital	NOUN
cjfa-20693	36	24	market	market	NOUN
cjfa-20693	36	25	with	with	ADP
cjfa-20693	36	26	asymmetric	asymmetric	ADJ
cjfa-20693	36	27	information	information	NOUN
cjfa-20693	36	28	,	,	PUNCT
cjfa-20693	36	29	free	free	ADJ
cjfa-20693	36	30	-	-	PUNCT
cjfa-20693	36	31	ride	ride	NOUN
cjfa-20693	36	32	phenomenon	phenomenon	NOUN
cjfa-20693	36	33	in	in	ADP
cjfa-20693	36	34	shareholder	shareholder	NOUN
cjfa-20693	36	35	supervision	supervision	NOUN
cjfa-20693	36	36	,	,	PUNCT
cjfa-20693	36	37	and	and	CCONJ
cjfa-20693	36	38	opportunistic	opportunistic	ADJ
cjfa-20693	36	39	behavior	behavior	NOUN
cjfa-20693	36	40	of	of	ADP
cjfa-20693	36	41	controlling	control	VERB
cjfa-20693	36	42	shareholders	shareholder	NOUN
cjfa-20693	36	43	,	,	PUNCT
cjfa-20693	36	44	adverse	adverse	ADJ
cjfa-20693	36	45	-	-	PUNCT
cjfa-20693	36	46	selection	selection	NOUN
cjfa-20693	36	47	of	of	ADP
cjfa-20693	36	48	management	management	NOUN
cjfa-20693	36	49	,	,	PUNCT
cjfa-20693	36	50	moral	moral	ADJ
cjfa-20693	36	51	hazard	hazard	NOUN
cjfa-20693	36	52	and	and	CCONJ
cjfa-20693	36	53	limited	limited	ADJ
cjfa-20693	36	54	rationality	rationality	NOUN
cjfa-20693	36	55	of	of	ADP
cjfa-20693	36	56	supervision	supervision	NOUN
cjfa-20693	36	57	departments	department	NOUN
cjfa-20693	36	58	.	.	PUNCT
cjfa-20693	37	1	1	1	X
cjfa-20693	37	2	.	.	X
cjfa-20693	37	3	cash	cash	NOUN
cjfa-20693	37	4	dividend	dividend	NOUN
cjfa-20693	37	5	and	and	CCONJ
cjfa-20693	37	6	agency	agency	NOUN
cjfa-20693	37	7	policy	policy	NOUN
cjfa-20693	37	8	existing	exist	VERB
cjfa-20693	37	9	studies	study	NOUN
cjfa-20693	37	10	largely	largely	ADV
cjfa-20693	37	11	focus	focus	VERB
cjfa-20693	37	12	on	on	ADP
cjfa-20693	37	13	two	two	NUM
cjfa-20693	37	14	aspects	aspect	NOUN
cjfa-20693	37	15	of	of	ADP
cjfa-20693	37	16	dividend	dividend	NOUN
cjfa-20693	37	17	policy	policy	NOUN
cjfa-20693	37	18	,	,	PUNCT
cjfa-20693	37	19	some	some	DET
cjfa-20693	37	20	scholars	scholar	NOUN
cjfa-20693	37	21	believe	believe	VERB
cjfa-20693	37	22	that	that	SCONJ
cjfa-20693	37	23	cash	cash	NOUN
cjfa-20693	37	24	dividend	dividend	NOUN
cjfa-20693	37	25	will	will	AUX
cjfa-20693	37	26	reduce	reduce	VERB
cjfa-20693	37	27	agency	agency	NOUN
cjfa-20693	37	28	costs	cost	NOUN
cjfa-20693	37	29	and	and	CCONJ
cjfa-20693	37	30	improve	improve	VERB
cjfa-20693	37	31	corporate	corporate	ADJ
cjfa-20693	37	32	govqin	govqin	NOUN
cjfa-20693	37	33	hailin	hailin	PROPN
cjfa-20693	37	34	,	,	PUNCT
cjfa-20693	37	35	zhang	zhang	PROPN
cjfa-20693	37	36	jingxu62	jingxu62	PROPN
cjfa-20693	37	37	ernance	ernance	NOUN
cjfa-20693	37	38	,	,	PUNCT
cjfa-20693	37	39	while	while	SCONJ
cjfa-20693	37	40	others	other	NOUN
cjfa-20693	37	41	insist	insist	VERB
cjfa-20693	37	42	that	that	SCONJ
cjfa-20693	37	43	dividend	dividend	NOUN
cjfa-20693	37	44	policy	policy	NOUN
cjfa-20693	37	45	is	be	AUX
cjfa-20693	37	46	one	one	NUM
cjfa-20693	37	47	of	of	ADP
cjfa-20693	37	48	the	the	DET
cjfa-20693	37	49	important	important	ADJ
cjfa-20693	37	50	means	mean	NOUN
cjfa-20693	37	51	for	for	SCONJ
cjfa-20693	37	52	large	large	ADJ
cjfa-20693	37	53	shareholders	shareholder	NOUN
cjfa-20693	37	54	to	to	PART
cjfa-20693	37	55	eat	eat	VERB
cjfa-20693	37	56	up	up	ADP
cjfa-20693	37	57	listed	list	VERB
cjfa-20693	37	58	companies	company	NOUN
cjfa-20693	37	59	.	.	PUNCT
cjfa-20693	38	1	the	the	DET
cjfa-20693	38	2	first	first	ADJ
cjfa-20693	38	3	view	view	NOUN
cjfa-20693	38	4	is	be	AUX
cjfa-20693	38	5	that	that	SCONJ
cjfa-20693	38	6	cash	cash	NOUN
cjfa-20693	38	7	dividend	dividend	NOUN
cjfa-20693	38	8	can	can	AUX
cjfa-20693	38	9	improve	improve	VERB
cjfa-20693	38	10	firm	firm	ADJ
cjfa-20693	38	11	value	value	NOUN
cjfa-20693	38	12	by	by	ADP
cjfa-20693	38	13	reducing	reduce	VERB
cjfa-20693	38	14	the	the	DET
cjfa-20693	38	15	agency	agency	NOUN
cjfa-20693	38	16	cost	cost	NOUN
cjfa-20693	38	17	.	.	PUNCT
cjfa-20693	39	1	based	base	VERB
cjfa-20693	39	2	on	on	ADP
cjfa-20693	39	3	dividend	dividend	NOUN
cjfa-20693	39	4	model	model	NOUN
cjfa-20693	39	5	and	and	CCONJ
cjfa-20693	39	6	income	income	NOUN
cjfa-20693	39	7	model	model	NOUN
cjfa-20693	39	8	,	,	PUNCT
cjfa-20693	39	9	it	it	PRON
cjfa-20693	39	10	can	can	AUX
cjfa-20693	39	11	be	be	AUX
cjfa-20693	39	12	inferred	infer	VERB
cjfa-20693	39	13	that	that	SCONJ
cjfa-20693	39	14	cash	cash	NOUN
cjfa-20693	39	15	dividend	dividend	NOUN
cjfa-20693	39	16	is	be	AUX
cjfa-20693	39	17	the	the	DET
cjfa-20693	39	18	source	source	NOUN
cjfa-20693	39	19	of	of	ADP
cjfa-20693	39	20	the	the	DET
cjfa-20693	39	21	intrinsic	intrinsic	ADJ
cjfa-20693	39	22	value	value	NOUN
cjfa-20693	39	23	of	of	ADP
cjfa-20693	39	24	stocks	stock	NOUN
cjfa-20693	39	25	.	.	PUNCT
cjfa-20693	40	1	yang	yang	PROPN
cjfa-20693	40	2	hanming	hanming	PROPN
cjfa-20693	40	3	(	(	PUNCT
cjfa-20693	40	4	2008	2008	NUM
cjfa-20693	40	5	)	)	PUNCT
cjfa-20693	40	6	used	use	VERB
cjfa-20693	40	7	the	the	DET
cjfa-20693	40	8	data	datum	NOUN
cjfa-20693	40	9	of	of	ADP
cjfa-20693	40	10	manufacturing	manufacture	VERB
cjfa-20693	40	11	industry	industry	NOUN
cjfa-20693	40	12	to	to	PART
cjfa-20693	40	13	find	find	VERB
cjfa-20693	40	14	that	that	SCONJ
cjfa-20693	40	15	compared	compare	VERB
cjfa-20693	40	16	with	with	ADP
cjfa-20693	40	17	other	other	ADJ
cjfa-20693	40	18	industries	industry	NOUN
cjfa-20693	40	19	,	,	PUNCT
cjfa-20693	40	20	the	the	DET
cjfa-20693	40	21	market	market	NOUN
cjfa-20693	40	22	value	value	NOUN
cjfa-20693	40	23	and	and	CCONJ
cjfa-20693	40	24	dividend	dividend	NOUN
cjfa-20693	40	25	policy	policy	NOUN
cjfa-20693	40	26	of	of	ADP
cjfa-20693	40	27	enterprises	enterprise	NOUN
cjfa-20693	40	28	in	in	ADP
cjfa-20693	40	29	manufacturing	manufacturing	NOUN
cjfa-20693	40	30	industry	industry	NOUN
cjfa-20693	40	31	increased	increase	VERB
cjfa-20693	40	32	synchronously	synchronously	ADV
cjfa-20693	40	33	.	.	PUNCT
cjfa-20693	41	1	hu	hu	PROPN
cjfa-20693	41	2	yaoting	yaoting	PROPN
cjfa-20693	41	3	and	and	CCONJ
cjfa-20693	41	4	mahong	mahong	PROPN
cjfa-20693	41	5	(	(	PUNCT
cjfa-20693	41	6	2017	2017	NUM
cjfa-20693	41	7	)	)	PUNCT
cjfa-20693	41	8	show	show	VERB
cjfa-20693	41	9	that	that	SCONJ
cjfa-20693	41	10	the	the	DET
cjfa-20693	41	11	difference	difference	NOUN
cjfa-20693	41	12	of	of	ADP
cjfa-20693	41	13	agency	agency	NOUN
cjfa-20693	41	14	cost	cost	NOUN
cjfa-20693	41	15	will	will	AUX
cjfa-20693	41	16	affect	affect	VERB
cjfa-20693	41	17	the	the	DET
cjfa-20693	41	18	relationship	relationship	NOUN
cjfa-20693	41	19	between	between	ADP
cjfa-20693	41	20	cash	cash	NOUN
cjfa-20693	41	21	dividend	dividend	NOUN
cjfa-20693	41	22	and	and	CCONJ
cjfa-20693	41	23	corporate	corporate	ADJ
cjfa-20693	41	24	value	value	NOUN
cjfa-20693	41	25	.	.	PUNCT
cjfa-20693	42	1	if	if	SCONJ
cjfa-20693	42	2	there	there	PRON
cjfa-20693	42	3	is	be	VERB
cjfa-20693	42	4	a	a	DET
cjfa-20693	42	5	good	good	ADJ
cjfa-20693	42	6	governance	governance	NOUN
cjfa-20693	42	7	mechanism	mechanism	NOUN
cjfa-20693	42	8	to	to	PART
cjfa-20693	42	9	reduce	reduce	VERB
cjfa-20693	42	10	agency	agency	NOUN
cjfa-20693	42	11	cost	cost	NOUN
cjfa-20693	42	12	,	,	PUNCT
cjfa-20693	42	13	the	the	DET
cjfa-20693	42	14	cash	cash	NOUN
cjfa-20693	42	15	dividend	dividend	NOUN
cjfa-20693	42	16	effect	effect	NOUN
cjfa-20693	42	17	will	will	AUX
cjfa-20693	42	18	be	be	AUX
cjfa-20693	42	19	greatly	greatly	ADV
cjfa-20693	42	20	reduced	reduce	VERB
cjfa-20693	42	21	in	in	ADP
cjfa-20693	42	22	corporate	corporate	ADJ
cjfa-20693	42	23	value	value	NOUN
cjfa-20693	42	24	.	.	PUNCT
cjfa-20693	43	1	it	it	PRON
cjfa-20693	43	2	has	have	VERB
cjfa-20693	43	3	a	a	DET
cjfa-20693	43	4	significant	significant	ADJ
cjfa-20693	43	5	positive	positive	ADJ
cjfa-20693	43	6	correlation	correlation	NOUN
cjfa-20693	43	7	between	between	ADP
cjfa-20693	43	8	cash	cash	NOUN
cjfa-20693	43	9	dividend	dividend	NOUN
cjfa-20693	43	10	and	and	CCONJ
cjfa-20693	43	11	corporate	corporate	ADJ
cjfa-20693	43	12	value	value	NOUN
cjfa-20693	43	13	offered	offer	VERB
cjfa-20693	43	14	by	by	ADP
cjfa-20693	43	15	listed	list	VERB
cjfa-20693	43	16	companies	company	NOUN
cjfa-20693	43	17	.	.	PUNCT
cjfa-20693	44	1	liu	liu	PROPN
cjfa-20693	44	2	yinguo	yinguo	PROPN
cjfa-20693	44	3	,	,	PUNCT
cjfa-20693	44	4	zhang	zhang	PROPN
cjfa-20693	44	5	chen	chen	PROPN
cjfa-20693	44	6	and	and	CCONJ
cjfa-20693	44	7	ruan	ruan	PROPN
cjfa-20693	44	8	sumei	sumei	PROPN
cjfa-20693	44	9	(	(	PUNCT
cjfa-20693	44	10	2014	2014	NUM
cjfa-20693	44	11	)	)	PUNCT
cjfa-20693	44	12	examined	examine	VERB
cjfa-20693	44	13	that	that	PRON
cjfa-20693	44	14	dividend	dividend	NOUN
cjfa-20693	44	15	policy	policy	NOUN
cjfa-20693	44	16	can	can	AUX
cjfa-20693	44	17	reduce	reduce	VERB
cjfa-20693	44	18	agency	agency	NOUN
cjfa-20693	44	19	costs	cost	NOUN
cjfa-20693	44	20	through	through	ADP
cjfa-20693	44	21	free	free	ADJ
cjfa-20693	44	22	cash	cash	NOUN
cjfa-20693	44	23	flow	flow	NOUN
cjfa-20693	44	24	.	.	PUNCT
cjfa-20693	45	1	liu	liu	PROPN
cjfa-20693	45	2	xing	xing	PROPN
cjfa-20693	45	3	,	,	PUNCT
cjfa-20693	45	4	tan	tan	PROPN
cjfa-20693	45	5	weirong	weirong	PROPN
cjfa-20693	45	6	and	and	CCONJ
cjfa-20693	45	7	li	li	PROPN
cjfa-20693	45	8	ning	ning	PROPN
cjfa-20693	45	9	(	(	PUNCT
cjfa-20693	45	10	2016	2016	NUM
cjfa-20693	45	11	)	)	PUNCT
cjfa-20693	45	12	believed	believe	VERB
cjfa-20693	45	13	that	that	SCONJ
cjfa-20693	45	14	companies	company	NOUN
cjfa-20693	45	15	with	with	ADP
cjfa-20693	45	16	strong	strong	ADJ
cjfa-20693	45	17	corporate	corporate	ADJ
cjfa-20693	45	18	governance	governance	NOUN
cjfa-20693	45	19	structure	structure	NOUN
cjfa-20693	45	20	had	have	VERB
cjfa-20693	45	21	a	a	DET
cjfa-20693	45	22	positive	positive	ADJ
cjfa-20693	45	23	effect	effect	NOUN
cjfa-20693	45	24	on	on	ADP
cjfa-20693	45	25	dividend	dividend	NOUN
cjfa-20693	45	26	distribution	distribution	NOUN
cjfa-20693	45	27	behavior	behavior	NOUN
cjfa-20693	45	28	,	,	PUNCT
cjfa-20693	45	29	which	which	PRON
cjfa-20693	45	30	significantly	significantly	ADV
cjfa-20693	45	31	increased	increase	VERB
cjfa-20693	45	32	the	the	DET
cjfa-20693	45	33	willingness	willingness	NOUN
cjfa-20693	45	34	of	of	ADP
cjfa-20693	45	35	companies	company	NOUN
cjfa-20693	45	36	to	to	PART
cjfa-20693	45	37	pay	pay	VERB
cjfa-20693	45	38	dividends	dividend	NOUN
cjfa-20693	45	39	in	in	ADP
cjfa-20693	45	40	the	the	DET
cjfa-20693	45	41	capital	capital	NOUN
cjfa-20693	45	42	market	market	NOUN
cjfa-20693	45	43	,	,	PUNCT
cjfa-20693	45	44	and	and	CCONJ
cjfa-20693	45	45	to	to	ADP
cjfa-20693	45	46	a	a	DET
cjfa-20693	45	47	certain	certain	ADJ
cjfa-20693	45	48	extent	extent	NOUN
cjfa-20693	45	49	reduced	reduce	VERB
cjfa-20693	45	50	the	the	DET
cjfa-20693	45	51	agency	agency	NOUN
cjfa-20693	45	52	conflict	conflict	NOUN
cjfa-20693	45	53	between	between	ADP
cjfa-20693	45	54	the	the	DET
cjfa-20693	45	55	company	company	NOUN
cjfa-20693	45	56	insiders	insider	NOUN
cjfa-20693	45	57	and	and	CCONJ
cjfa-20693	45	58	external	external	ADJ
cjfa-20693	45	59	investors	investor	NOUN
cjfa-20693	45	60	.	.	PUNCT
cjfa-20693	46	1	wei	wei	PROPN
cjfa-20693	46	2	zhihua	zhihua	PROPN
cjfa-20693	46	3	,	,	PUNCT
cjfa-20693	46	4	li	li	PROPN
cjfa-20693	46	5	changqing	changqing	PROPN
cjfa-20693	46	6	,	,	PUNCT
cjfa-20693	46	7	wu	wu	PROPN
cjfa-20693	46	8	yuhui	yuhui	PROPN
cjfa-20693	46	9	and	and	CCONJ
cjfa-20693	46	10	huang	huang	PROPN
cjfa-20693	46	11	jiajia	jiajia	PROPN
cjfa-20693	46	12	(	(	PUNCT
cjfa-20693	46	13	2017	2017	NUM
cjfa-20693	46	14	)	)	PUNCT
cjfa-20693	46	15	found	find	VERB
cjfa-20693	46	16	that	that	SCONJ
cjfa-20693	46	17	cash	cash	NOUN
cjfa-20693	46	18	dividend	dividend	NOUN
cjfa-20693	46	19	can	can	AUX
cjfa-20693	46	20	reduce	reduce	VERB
cjfa-20693	46	21	both	both	CCONJ
cjfa-20693	46	22	the	the	DET
cjfa-20693	46	23	first	first	ADJ
cjfa-20693	46	24	agency	agency	NOUN
cjfa-20693	46	25	cost	cost	NOUN
cjfa-20693	46	26	and	and	CCONJ
cjfa-20693	46	27	the	the	DET
cjfa-20693	46	28	second	second	ADJ
cjfa-20693	46	29	agency	agency	NOUN
cjfa-20693	46	30	cost	cost	NOUN
cjfa-20693	46	31	.	.	PUNCT
cjfa-20693	47	1	xu	xu	PROPN
cjfa-20693	47	2	haoran	haoran	PROPN
cjfa-20693	47	3	and	and	CCONJ
cjfa-20693	47	4	liao	liao	PROPN
cjfa-20693	47	5	guanmin	guanmin	PROPN
cjfa-20693	47	6	(	(	PUNCT
cjfa-20693	47	7	2018	2018	NUM
cjfa-20693	47	8	)	)	PUNCT
cjfa-20693	47	9	investigated	investigate	VERB
cjfa-20693	47	10	the	the	DET
cjfa-20693	47	11	market	market	NOUN
cjfa-20693	47	12	reaction	reaction	NOUN
cjfa-20693	47	13	of	of	ADP
cjfa-20693	47	14	chinese	chinese	ADJ
cjfa-20693	47	15	central	central	ADJ
cjfa-20693	47	16	state	state	NOUN
cjfa-20693	47	17	-	-	PUNCT
cjfa-20693	47	18	owned	own	VERB
cjfa-20693	47	19	enterprises	enterprise	NOUN
cjfa-20693	47	20	(	(	PUNCT
cjfa-20693	47	21	soes	soe	NOUN
cjfa-20693	47	22	)	)	PUNCT
cjfa-20693	47	23	to	to	ADP
cjfa-20693	47	24	the	the	DET
cjfa-20693	47	25	mandatory	mandatory	ADJ
cjfa-20693	47	26	dividend	dividend	NOUN
cjfa-20693	47	27	policy	policy	NOUN
cjfa-20693	47	28	on	on	ADP
cjfa-20693	47	29	the	the	DET
cjfa-20693	47	30	policy	policy	NOUN
cjfa-20693	47	31	of	of	ADP
cjfa-20693	47	32	“	"	PUNCT
cjfa-20693	47	33	the	the	DET
cjfa-20693	47	34	return	return	NOUN
cjfa-20693	47	35	of	of	ADP
cjfa-20693	47	36	state	state	NOUN
cjfa-20693	47	37	-	-	PUNCT
cjfa-20693	47	38	owned	own	VERB
cjfa-20693	47	39	capital	capital	NOUN
cjfa-20693	47	40	handed	hand	VERB
cjfa-20693	47	41	over	over	ADP
cjfa-20693	47	42	by	by	ADP
cjfa-20693	47	43	chinese	chinese	ADJ
cjfa-20693	47	44	central	central	ADJ
cjfa-20693	47	45	soes	soe	NOUN
cjfa-20693	47	46	“	"	PUNCT
cjfa-20693	47	47	by	by	ADP
cjfa-20693	47	48	the	the	DET
cjfa-20693	47	49	ministry	ministry	PROPN
cjfa-20693	47	50	of	of	ADP
cjfa-20693	47	51	finance	finance	PROPN
cjfa-20693	47	52	,	,	PUNCT
cjfa-20693	47	53	and	and	CCONJ
cjfa-20693	47	54	found	find	VERB
cjfa-20693	47	55	that	that	SCONJ
cjfa-20693	47	56	the	the	DET
cjfa-20693	47	57	firms	firm	NOUN
cjfa-20693	47	58	concerned	concern	VERB
cjfa-20693	47	59	with	with	ADP
cjfa-20693	47	60	higher	high	ADJ
cjfa-20693	47	61	agency	agency	NOUN
cjfa-20693	47	62	costs	cost	NOUN
cjfa-20693	47	63	had	have	VERB
cjfa-20693	47	64	more	more	ADJ
cjfa-20693	47	65	positive	positive	ADJ
cjfa-20693	47	66	market	market	NOUN
cjfa-20693	47	67	reaction	reaction	NOUN
cjfa-20693	47	68	.	.	PUNCT
cjfa-20693	48	1	the	the	DET
cjfa-20693	48	2	second	second	ADJ
cjfa-20693	48	3	view	view	NOUN
cjfa-20693	48	4	is	be	AUX
cjfa-20693	48	5	that	that	SCONJ
cjfa-20693	48	6	dividend	dividend	NOUN
cjfa-20693	48	7	policy	policy	NOUN
cjfa-20693	48	8	is	be	AUX
cjfa-20693	48	9	more	more	ADV
cjfa-20693	48	10	likely	likely	ADJ
cjfa-20693	48	11	to	to	PART
cjfa-20693	48	12	be	be	AUX
cjfa-20693	48	13	one	one	NUM
cjfa-20693	48	14	of	of	ADP
cjfa-20693	48	15	the	the	DET
cjfa-20693	48	16	important	important	ADJ
cjfa-20693	48	17	means	mean	NOUN
cjfa-20693	48	18	for	for	SCONJ
cjfa-20693	48	19	large	large	ADJ
cjfa-20693	48	20	shareholders	shareholder	NOUN
cjfa-20693	48	21	to	to	PART
cjfa-20693	48	22	hollow	hollow	VERB
cjfa-20693	48	23	out	out	ADP
cjfa-20693	48	24	listed	list	VERB
cjfa-20693	48	25	companies	company	NOUN
cjfa-20693	48	26	through	through	ADP
cjfa-20693	48	27	the	the	DET
cjfa-20693	48	28	“	"	PUNCT
cjfa-20693	48	29	tunnel	tunnel	NOUN
cjfa-20693	48	30	effect	effect	NOUN
cjfa-20693	48	31	”	"	PUNCT
cjfa-20693	48	32	.	.	PUNCT
cjfa-20693	49	1	as	as	ADP
cjfa-20693	49	2	a	a	DET
cjfa-20693	49	3	result	result	NOUN
cjfa-20693	49	4	,	,	PUNCT
cjfa-20693	49	5	some	some	DET
cjfa-20693	49	6	companies	company	NOUN
cjfa-20693	49	7	with	with	ADP
cjfa-20693	49	8	poor	poor	ADJ
cjfa-20693	49	9	performance	performance	NOUN
cjfa-20693	49	10	often	often	ADV
cjfa-20693	49	11	pay	pay	VERB
cjfa-20693	49	12	large	large	ADJ
cjfa-20693	49	13	dividends	dividend	NOUN
cjfa-20693	49	14	and	and	CCONJ
cjfa-20693	49	15	damage	damage	VERB
cjfa-20693	49	16	the	the	DET
cjfa-20693	49	17	value	value	NOUN
cjfa-20693	49	18	of	of	ADP
cjfa-20693	49	19	the	the	DET
cjfa-20693	49	20	company	company	NOUN
cjfa-20693	49	21	.	.	PUNCT
cjfa-20693	50	1	qiang	qiang	PROPN
cjfa-20693	50	2	guolin	guolin	PROPN
cjfa-20693	50	3	(	(	PUNCT
cjfa-20693	50	4	2014	2014	NUM
cjfa-20693	50	5	)	)	PUNCT
cjfa-20693	50	6	found	find	VERB
cjfa-20693	50	7	that	that	SCONJ
cjfa-20693	50	8	many	many	ADJ
cjfa-20693	50	9	listed	list	VERB
cjfa-20693	50	10	companies	company	NOUN
cjfa-20693	50	11	have	have	VERB
cjfa-20693	50	12	abnormal	abnormal	ADJ
cjfa-20693	50	13	phenomena	phenomenon	NOUN
cjfa-20693	50	14	of	of	ADP
cjfa-20693	50	15	“	"	PUNCT
cjfa-20693	50	16	cash	cash	NOUN
cjfa-20693	50	17	dividend	dividend	NOUN
cjfa-20693	50	18	paying	pay	VERB
cjfa-20693	50	19	while	while	SCONJ
cjfa-20693	50	20	equity	equity	NOUN
cjfa-20693	50	21	refinancing	refinancing	NOUN
cjfa-20693	50	22	”	"	PUNCT
cjfa-20693	50	23	.	.	PUNCT
cjfa-20693	51	1	it	it	PRON
cjfa-20693	51	2	shows	show	VERB
cjfa-20693	51	3	that	that	SCONJ
cjfa-20693	51	4	cash	cash	NOUN
cjfa-20693	51	5	dividend	dividend	NOUN
cjfa-20693	51	6	is	be	AUX
cjfa-20693	51	7	the	the	DET
cjfa-20693	51	8	way	way	NOUN
cjfa-20693	51	9	of	of	ADP
cjfa-20693	51	10	large	large	ADJ
cjfa-20693	51	11	shareholders	shareholder	NOUN
cjfa-20693	51	12	to	to	ADP
cjfa-20693	51	13	tunneling	tunnel	VERB
cjfa-20693	51	14	listed	list	VERB
cjfa-20693	51	15	companies	company	NOUN
cjfa-20693	51	16	,	,	PUNCT
cjfa-20693	51	17	so	so	ADV
cjfa-20693	51	18	dividend	dividend	NOUN
cjfa-20693	51	19	is	be	AUX
cjfa-20693	51	20	essentially	essentially	ADV
cjfa-20693	51	21	a	a	DET
cjfa-20693	51	22	tunneling	tunneling	NOUN
cjfa-20693	51	23	behavior	behavior	NOUN
cjfa-20693	51	24	.	.	PUNCT
cjfa-20693	52	1	qiang	qiang	PROPN
cjfa-20693	52	2	guolin	guolin	PROPN
cjfa-20693	52	3	,	,	PUNCT
cjfa-20693	52	4	li	li	PROPN
cjfa-20693	52	5	biao	biao	PROPN
cjfa-20693	52	6	and	and	CCONJ
cjfa-20693	52	7	zhang	zhang	PROPN
cjfa-20693	52	8	ziwei	ziwei	PROPN
cjfa-20693	52	9	(	(	PUNCT
cjfa-20693	52	10	2017	2017	NUM
cjfa-20693	52	11	)	)	PUNCT
cjfa-20693	52	12	found	find	VERB
cjfa-20693	52	13	that	that	SCONJ
cjfa-20693	52	14	the	the	DET
cjfa-20693	52	15	huger	huger	ADJ
cjfa-20693	52	16	amount	amount	NOUN
cjfa-20693	52	17	of	of	ADP
cjfa-20693	52	18	over	over	ADP
cjfa-20693	52	19	-	-	PUNCT
cjfa-20693	52	20	raised	raise	VERB
cjfa-20693	52	21	funds	fund	NOUN
cjfa-20693	52	22	,	,	PUNCT
cjfa-20693	52	23	the	the	DET
cjfa-20693	52	24	larger	large	ADJ
cjfa-20693	52	25	proportion	proportion	NOUN
cjfa-20693	52	26	of	of	ADP
cjfa-20693	52	27	controlling	control	VERB
cjfa-20693	52	28	shareholders	shareholder	NOUN
cjfa-20693	52	29	,	,	PUNCT
cjfa-20693	52	30	the	the	PRON
cjfa-20693	52	31	higher	high	ADJ
cjfa-20693	52	32	the	the	DET
cjfa-20693	52	33	cash	cash	NOUN
cjfa-20693	52	34	dividend	dividend	NOUN
cjfa-20693	52	35	payout	payout	NOUN
cjfa-20693	52	36	.	.	PUNCT
cjfa-20693	53	1	the	the	DET
cjfa-20693	53	2	empirical	empirical	ADJ
cjfa-20693	53	3	results	result	NOUN
cjfa-20693	53	4	of	of	ADP
cjfa-20693	53	5	xiao	xiao	PROPN
cjfa-20693	53	6	zuoping	zuoping	PROPN
cjfa-20693	53	7	and	and	CCONJ
cjfa-20693	53	8	su	su	PROPN
cjfa-20693	53	9	zhongqin	zhongqin	PROPN
cjfa-20693	53	10	(	(	PUNCT
cjfa-20693	53	11	2012	2012	NUM
cjfa-20693	53	12	)	)	PUNCT
cjfa-20693	53	13	show	show	VERB
cjfa-20693	53	14	that	that	SCONJ
cjfa-20693	53	15	cash	cash	NOUN
cjfa-20693	53	16	flow	flow	NOUN
cjfa-20693	53	17	right	right	NOUN
cjfa-20693	53	18	is	be	AUX
cjfa-20693	53	19	negatively	negatively	ADV
cjfa-20693	53	20	can	can	AUX
cjfa-20693	53	21	mandatory	mandatory	ADJ
cjfa-20693	53	22	dividend	dividend	NOUN
cjfa-20693	53	23	policy	policy	NOUN
cjfa-20693	53	24	reduce	reduce	VERB
cjfa-20693	53	25	…	…	PUNCT
cjfa-20693	53	26	63	63	NUM
cjfa-20693	53	27	correlated	correlate	VERB
cjfa-20693	53	28	with	with	ADP
cjfa-20693	53	29	cash	cash	NOUN
cjfa-20693	53	30	dividend	dividend	NOUN
cjfa-20693	53	31	level	level	NOUN
cjfa-20693	53	32	,	,	PUNCT
cjfa-20693	53	33	while	while	SCONJ
cjfa-20693	53	34	the	the	DET
cjfa-20693	53	35	separation	separation	NOUN
cjfa-20693	53	36	of	of	ADP
cjfa-20693	53	37	control	control	NOUN
cjfa-20693	53	38	right	right	NOUN
cjfa-20693	53	39	and	and	CCONJ
cjfa-20693	53	40	cash	cash	NOUN
cjfa-20693	53	41	flow	flow	NOUN
cjfa-20693	53	42	right	right	NOUN
cjfa-20693	53	43	is	be	AUX
cjfa-20693	53	44	positively	positively	ADV
cjfa-20693	53	45	correlated	correlate	VERB
cjfa-20693	53	46	with	with	ADP
cjfa-20693	53	47	cash	cash	NOUN
cjfa-20693	53	48	dividend	dividend	NOUN
cjfa-20693	53	49	level	level	NOUN
cjfa-20693	53	50	,	,	PUNCT
cjfa-20693	53	51	indicating	indicate	VERB
cjfa-20693	53	52	that	that	SCONJ
cjfa-20693	53	53	shareholders	shareholder	NOUN
cjfa-20693	53	54	regard	regard	VERB
cjfa-20693	53	55	cash	cash	NOUN
cjfa-20693	53	56	dividend	dividend	NOUN
cjfa-20693	53	57	policy	policy	NOUN
cjfa-20693	53	58	as	as	ADP
cjfa-20693	53	59	a	a	DET
cjfa-20693	53	60	cover	cover	NOUN
cjfa-20693	53	61	for	for	ADP
cjfa-20693	53	62	“	"	PUNCT
cjfa-20693	53	63	hollowing	hollow	VERB
cjfa-20693	53	64	out	out	ADP
cjfa-20693	53	65	”	"	PUNCT
cjfa-20693	53	66	.	.	PUNCT
cjfa-20693	54	1	zhu	zhu	PROPN
cjfa-20693	54	2	tao	tao	PROPN
cjfa-20693	54	3	and	and	CCONJ
cjfa-20693	54	4	wang	wang	PROPN
cjfa-20693	54	5	deyou	deyou	PROPN
cjfa-20693	54	6	(	(	PUNCT
cjfa-20693	54	7	2007	2007	NUM
cjfa-20693	54	8	)	)	PUNCT
cjfa-20693	54	9	studied	study	VERB
cjfa-20693	54	10	the	the	DET
cjfa-20693	54	11	data	datum	NOUN
cjfa-20693	54	12	of	of	ADP
cjfa-20693	54	13	listed	list	VERB
cjfa-20693	54	14	companies	company	NOUN
cjfa-20693	54	15	in	in	ADP
cjfa-20693	54	16	2003	2003	NUM
cjfa-20693	54	17	,	,	PUNCT
cjfa-20693	54	18	and	and	CCONJ
cjfa-20693	54	19	found	find	VERB
cjfa-20693	54	20	that	that	SCONJ
cjfa-20693	54	21	the	the	DET
cjfa-20693	54	22	actual	actual	ADJ
cjfa-20693	54	23	controlling	control	VERB
cjfa-20693	54	24	shareholders	shareholder	NOUN
cjfa-20693	54	25	have	have	VERB
cjfa-20693	54	26	a	a	DET
cjfa-20693	54	27	significant	significant	ADJ
cjfa-20693	54	28	impact	impact	NOUN
cjfa-20693	54	29	on	on	ADP
cjfa-20693	54	30	dividend	dividend	NOUN
cjfa-20693	54	31	policy	policy	NOUN
cjfa-20693	54	32	.	.	PUNCT
cjfa-20693	55	1	the	the	PRON
cjfa-20693	55	2	higher	high	ADJ
cjfa-20693	55	3	the	the	DET
cjfa-20693	55	4	rights	right	NOUN
cjfa-20693	55	5	of	of	ADP
cjfa-20693	55	6	major	major	ADJ
cjfa-20693	55	7	shareholders	shareholder	NOUN
cjfa-20693	55	8	,	,	PUNCT
cjfa-20693	55	9	the	the	PRON
cjfa-20693	55	10	more	more	ADV
cjfa-20693	55	11	likely	likely	ADJ
cjfa-20693	55	12	they	they	PRON
cjfa-20693	55	13	are	be	AUX
cjfa-20693	55	14	to	to	PART
cjfa-20693	55	15	pay	pay	VERB
cjfa-20693	55	16	cash	cash	NOUN
cjfa-20693	55	17	dividends	dividend	NOUN
cjfa-20693	55	18	,	,	PUNCT
cjfa-20693	55	19	which	which	PRON
cjfa-20693	55	20	supports	support	VERB
cjfa-20693	55	21	the	the	DET
cjfa-20693	55	22	exploitation	exploitation	NOUN
cjfa-20693	55	23	hypothesis	hypothesis	NOUN
cjfa-20693	55	24	of	of	ADP
cjfa-20693	55	25	large	large	ADJ
cjfa-20693	55	26	shareholders	shareholder	NOUN
cjfa-20693	55	27	.	.	PUNCT
cjfa-20693	56	1	huang	huang	PROPN
cjfa-20693	56	2	juanjuan	juanjuan	PROPN
cjfa-20693	56	3	and	and	CCONJ
cjfa-20693	56	4	shen	shen	PROPN
cjfa-20693	56	5	yifeng	yifeng	PROPN
cjfa-20693	56	6	(	(	PUNCT
cjfa-20693	56	7	2007	2007	NUM
cjfa-20693	56	8	)	)	PUNCT
cjfa-20693	56	9	found	find	VERB
cjfa-20693	56	10	that	that	SCONJ
cjfa-20693	56	11	the	the	DET
cjfa-20693	56	12	dividend	dividend	NOUN
cjfa-20693	56	13	payment	payment	NOUN
cjfa-20693	56	14	of	of	ADP
cjfa-20693	56	15	listed	list	VERB
cjfa-20693	56	16	companies	company	NOUN
cjfa-20693	56	17	in	in	ADP
cjfa-20693	56	18	our	our	PRON
cjfa-20693	56	19	country	country	NOUN
cjfa-20693	56	20	deviates	deviate	VERB
cjfa-20693	56	21	from	from	ADP
cjfa-20693	56	22	the	the	DET
cjfa-20693	56	23	preferences	preference	NOUN
cjfa-20693	56	24	of	of	ADP
cjfa-20693	56	25	circulating	circulate	VERB
cjfa-20693	56	26	shareholders	shareholder	NOUN
cjfa-20693	56	27	,	,	PUNCT
cjfa-20693	56	28	and	and	CCONJ
cjfa-20693	56	29	the	the	DET
cjfa-20693	56	30	dividend	dividend	NOUN
cjfa-20693	56	31	policy	policy	NOUN
cjfa-20693	56	32	is	be	AUX
cjfa-20693	56	33	formulated	formulate	VERB
cjfa-20693	56	34	only	only	ADV
cjfa-20693	56	35	to	to	PART
cjfa-20693	56	36	cater	cater	VERB
cjfa-20693	56	37	to	to	ADP
cjfa-20693	56	38	the	the	DET
cjfa-20693	56	39	large	large	ADJ
cjfa-20693	56	40	shareholders	shareholder	NOUN
cjfa-20693	56	41	to	to	PART
cjfa-20693	56	42	hollow	hollow	VERB
cjfa-20693	56	43	out	out	ADP
cjfa-20693	56	44	the	the	DET
cjfa-20693	56	45	listed	list	VERB
cjfa-20693	56	46	companies	company	NOUN
cjfa-20693	56	47	.	.	PUNCT
cjfa-20693	57	1	in	in	ADP
cjfa-20693	57	2	a	a	DET
cjfa-20693	57	3	word	word	NOUN
cjfa-20693	57	4	,	,	PUNCT
cjfa-20693	57	5	there	there	PRON
cjfa-20693	57	6	are	be	VERB
cjfa-20693	57	7	two	two	NUM
cjfa-20693	57	8	opposite	opposite	ADJ
cjfa-20693	57	9	ideas	idea	NOUN
cjfa-20693	57	10	in	in	ADP
cjfa-20693	57	11	the	the	DET
cjfa-20693	57	12	empirical	empirical	ADJ
cjfa-20693	57	13	test	test	NOUN
cjfa-20693	57	14	of	of	ADP
cjfa-20693	57	15	dividend	dividend	NOUN
cjfa-20693	57	16	and	and	CCONJ
cjfa-20693	57	17	agency	agency	NOUN
cjfa-20693	57	18	theory	theory	NOUN
cjfa-20693	57	19	:	:	PUNCT
cjfa-20693	57	20	one	one	NUM
cjfa-20693	57	21	is	be	AUX
cjfa-20693	57	22	that	that	PRON
cjfa-20693	57	23	dividend	dividend	NOUN
cjfa-20693	57	24	policy	policy	NOUN
cjfa-20693	57	25	has	have	VERB
cjfa-20693	57	26	“	"	PUNCT
cjfa-20693	57	27	tunnel	tunnel	NOUN
cjfa-20693	57	28	effect	effect	NOUN
cjfa-20693	57	29	”	"	PUNCT
cjfa-20693	57	30	and	and	CCONJ
cjfa-20693	57	31	is	be	AUX
cjfa-20693	57	32	a	a	DET
cjfa-20693	57	33	means	means	NOUN
cjfa-20693	57	34	for	for	SCONJ
cjfa-20693	57	35	large	large	ADJ
cjfa-20693	57	36	shareholders	shareholder	NOUN
cjfa-20693	57	37	to	to	PART
cjfa-20693	57	38	embezzle	embezzle	VERB
cjfa-20693	57	39	small	small	ADJ
cjfa-20693	57	40	and	and	CCONJ
cjfa-20693	57	41	medium	medium	ADJ
cjfa-20693	57	42	shareholders	shareholder	NOUN
cjfa-20693	57	43	,	,	PUNCT
cjfa-20693	57	44	so	so	ADV
cjfa-20693	57	45	dividend	dividend	NOUN
cjfa-20693	57	46	policy	policy	NOUN
cjfa-20693	57	47	does	do	AUX
cjfa-20693	57	48	not	not	PART
cjfa-20693	57	49	play	play	VERB
cjfa-20693	57	50	a	a	DET
cjfa-20693	57	51	role	role	NOUN
cjfa-20693	57	52	;	;	PUNCT
cjfa-20693	57	53	the	the	DET
cjfa-20693	57	54	other	other	ADJ
cjfa-20693	57	55	is	be	AUX
cjfa-20693	57	56	that	that	PRON
cjfa-20693	57	57	dividend	dividend	NOUN
cjfa-20693	57	58	policy	policy	NOUN
cjfa-20693	57	59	effectively	effectively	ADV
cjfa-20693	57	60	improves	improve	VERB
cjfa-20693	57	61	corporate	corporate	ADJ
cjfa-20693	57	62	governance	governance	NOUN
cjfa-20693	57	63	mechanism	mechanism	NOUN
cjfa-20693	57	64	by	by	ADP
cjfa-20693	57	65	reducing	reduce	VERB
cjfa-20693	57	66	managers	manager	NOUN
cjfa-20693	57	67	’	’	PART
cjfa-20693	57	68	disposable	disposable	ADJ
cjfa-20693	57	69	cash	cash	NOUN
cjfa-20693	57	70	flow	flow	NOUN
cjfa-20693	57	71	.	.	PUNCT
cjfa-20693	58	1	the	the	DET
cjfa-20693	58	2	basic	basic	ADJ
cjfa-20693	58	3	economic	economic	ADJ
cjfa-20693	58	4	logic	logic	NOUN
cjfa-20693	58	5	of	of	ADP
cjfa-20693	58	6	the	the	DET
cjfa-20693	58	7	latter	latter	ADJ
cjfa-20693	58	8	is	be	AUX
cjfa-20693	58	9	that	that	DET
cjfa-20693	58	10	dividend	dividend	NOUN
cjfa-20693	58	11	policy	policy	NOUN
cjfa-20693	58	12	not	not	PART
cjfa-20693	58	13	only	only	ADV
cjfa-20693	58	14	reduces	reduce	VERB
cjfa-20693	58	15	managers	manager	NOUN
cjfa-20693	58	16	‘	'	PUNCT
cjfa-20693	58	17	on	on	ADP
cjfa-20693	58	18	-	-	PUNCT
cjfa-20693	58	19	the	the	DET
cjfa-20693	58	20	-	-	PUNCT
cjfa-20693	58	21	job	job	NOUN
cjfa-20693	58	22	consumption	consumption	NOUN
cjfa-20693	58	23	and	and	CCONJ
cjfa-20693	58	24	investment	investment	NOUN
cjfa-20693	58	25	in	in	ADP
cjfa-20693	58	26	projects	project	NOUN
cjfa-20693	58	27	with	with	ADP
cjfa-20693	58	28	negative	negative	ADJ
cjfa-20693	58	29	npv	npv	NOUN
cjfa-20693	58	30	,	,	PUNCT
cjfa-20693	58	31	and	and	CCONJ
cjfa-20693	58	32	inhibits	inhibit	VERB
cjfa-20693	58	33	managers	manager	NOUN
cjfa-20693	58	34	’	'	PUNCT
cjfa-20693	58	35	over	over	ADP
cjfa-20693	58	36	-	-	PUNCT
cjfa-20693	58	37	investment	investment	NOUN
cjfa-20693	58	38	,	,	PUNCT
cjfa-20693	58	39	but	but	CCONJ
cjfa-20693	58	40	also	also	ADV
cjfa-20693	58	41	plays	play	VERB
cjfa-20693	58	42	the	the	DET
cjfa-20693	58	43	role	role	NOUN
cjfa-20693	58	44	of	of	ADP
cjfa-20693	58	45	introducing	introduce	VERB
cjfa-20693	58	46	third	third	ADJ
cjfa-20693	58	47	-	-	PUNCT
cjfa-20693	58	48	party	party	NOUN
cjfa-20693	58	49	supervision	supervision	NOUN
cjfa-20693	58	50	.	.	PUNCT
cjfa-20693	59	1	that	that	PRON
cjfa-20693	59	2	is	be	AUX
cjfa-20693	59	3	to	to	PART
cjfa-20693	59	4	say	say	VERB
cjfa-20693	59	5	,	,	PUNCT
cjfa-20693	59	6	because	because	SCONJ
cjfa-20693	59	7	cash	cash	NOUN
cjfa-20693	59	8	dividend	dividend	NOUN
cjfa-20693	59	9	decrease	decrease	VERB
cjfa-20693	59	10	the	the	DET
cjfa-20693	59	11	free	free	ADJ
cjfa-20693	59	12	cash	cash	NOUN
cjfa-20693	59	13	flow	flow	NOUN
cjfa-20693	59	14	of	of	ADP
cjfa-20693	59	15	enterprises	enterprise	NOUN
cjfa-20693	59	16	in	in	ADP
cjfa-20693	59	17	need	need	NOUN
cjfa-20693	59	18	of	of	ADP
cjfa-20693	59	19	capital	capital	NOUN
cjfa-20693	59	20	investment	investment	NOUN
cjfa-20693	59	21	,	,	PUNCT
cjfa-20693	59	22	third	third	ADJ
cjfa-20693	59	23	-	-	PUNCT
cjfa-20693	59	24	party	party	NOUN
cjfa-20693	59	25	supervision	supervision	NOUN
cjfa-20693	59	26	must	must	AUX
cjfa-20693	59	27	be	be	AUX
cjfa-20693	59	28	introduce	introduce	ADJ
cjfa-20693	59	29	in	in	ADP
cjfa-20693	59	30	refinancing	refinance	VERB
cjfa-20693	59	31	.	.	PUNCT
cjfa-20693	60	1	therefore	therefore	ADV
cjfa-20693	60	2	,	,	PUNCT
cjfa-20693	60	3	this	this	PRON
cjfa-20693	60	4	will	will	AUX
cjfa-20693	60	5	ease	ease	VERB
cjfa-20693	60	6	the	the	DET
cjfa-20693	60	7	conflicts	conflict	NOUN
cjfa-20693	60	8	between	between	ADP
cjfa-20693	60	9	managers	manager	NOUN
cjfa-20693	60	10	and	and	CCONJ
cjfa-20693	60	11	shareholders	shareholder	NOUN
cjfa-20693	60	12	,	,	PUNCT
cjfa-20693	60	13	large	large	ADJ
cjfa-20693	60	14	shareholders	shareholder	NOUN
cjfa-20693	60	15	and	and	CCONJ
cjfa-20693	60	16	small	small	ADJ
cjfa-20693	60	17	and	and	CCONJ
cjfa-20693	60	18	medium	medium	ADJ
cjfa-20693	60	19	shareholders	shareholder	NOUN
cjfa-20693	60	20	,	,	PUNCT
cjfa-20693	60	21	and	and	CCONJ
cjfa-20693	60	22	restrain	restrain	VERB
cjfa-20693	60	23	the	the	DET
cjfa-20693	60	24	resulting	result	VERB
cjfa-20693	60	25	agency	agency	NOUN
cjfa-20693	60	26	costs	cost	NOUN
cjfa-20693	60	27	.	.	PUNCT
cjfa-20693	61	1	2	2	X
cjfa-20693	61	2	.	.	X
cjfa-20693	61	3	semi	semi	ADJ
cjfa-20693	61	4	-	-	ADJ
cjfa-20693	61	5	mandatory	mandatory	ADJ
cjfa-20693	61	6	dividend	dividend	NOUN
cjfa-20693	61	7	policy	policy	NOUN
cjfa-20693	61	8	and	and	CCONJ
cjfa-20693	61	9	mandatory	mandatory	ADJ
cjfa-20693	61	10	dividend	dividend	NOUN
cjfa-20693	61	11	policy	policy	NOUN
cjfa-20693	61	12	considering	consider	VERB
cjfa-20693	61	13	that	that	SCONJ
cjfa-20693	61	14	,	,	PUNCT
cjfa-20693	61	15	the	the	DET
cjfa-20693	61	16	csrc	csrc	NOUN
cjfa-20693	61	17	will	will	AUX
cjfa-20693	61	18	promote	promote	VERB
cjfa-20693	61	19	the	the	DET
cjfa-20693	61	20	mandatory	mandatory	ADJ
cjfa-20693	61	21	dividend	dividend	NOUN
cjfa-20693	61	22	to	to	PART
cjfa-20693	61	23	protect	protect	VERB
cjfa-20693	61	24	the	the	DET
cjfa-20693	61	25	interests	interest	NOUN
cjfa-20693	61	26	of	of	ADP
cjfa-20693	61	27	small	small	ADJ
cjfa-20693	61	28	and	and	CCONJ
cjfa-20693	61	29	medium	medium	ADJ
cjfa-20693	61	30	-	-	PUNCT
cjfa-20693	61	31	sized	sized	ADJ
cjfa-20693	61	32	investors	investor	NOUN
cjfa-20693	61	33	,	,	PUNCT
cjfa-20693	61	34	thereby	thereby	ADV
cjfa-20693	61	35	reducing	reduce	VERB
cjfa-20693	61	36	disposable	disposable	ADJ
cjfa-20693	61	37	cash	cash	NOUN
cjfa-20693	61	38	flow	flow	NOUN
cjfa-20693	61	39	and	and	CCONJ
cjfa-20693	61	40	restraining	restrain	VERB
cjfa-20693	61	41	agency	agency	NOUN
cjfa-20693	61	42	costs	cost	NOUN
cjfa-20693	61	43	.	.	PUNCT
cjfa-20693	62	1	in	in	ADP
cjfa-20693	62	2	2006	2006	NUM
cjfa-20693	62	3	,	,	PUNCT
cjfa-20693	62	4	measures	measure	NOUN
cjfa-20693	62	5	for	for	ADP
cjfa-20693	62	6	securities	security	NOUN
cjfa-20693	62	7	issue	issue	NOUN
cjfa-20693	62	8	requires	require	VERB
cjfa-20693	62	9	that	that	SCONJ
cjfa-20693	62	10	the	the	DET
cjfa-20693	62	11	percentage	percentage	NOUN
cjfa-20693	62	12	of	of	ADP
cjfa-20693	62	13	cash	cash	NOUN
cjfa-20693	62	14	dividends	dividend	NOUN
cjfa-20693	62	15	be	be	VERB
cjfa-20693	62	16	no	no	DET
cjfa-20693	62	17	less	less	ADJ
cjfa-20693	62	18	than	than	ADP
cjfa-20693	62	19	20	20	NUM
cjfa-20693	62	20	%	%	NOUN
cjfa-20693	62	21	of	of	ADP
cjfa-20693	62	22	the	the	DET
cjfa-20693	62	23	average	average	ADJ
cjfa-20693	62	24	annual	annual	ADJ
cjfa-20693	62	25	distributable	distributable	ADJ
cjfa-20693	62	26	profits	profit	NOUN
cjfa-20693	62	27	in	in	ADP
cjfa-20693	62	28	the	the	DET
cjfa-20693	62	29	late	late	ADJ
cjfa-20693	62	30	three	three	NUM
cjfa-20693	62	31	years	year	NOUN
cjfa-20693	62	32	by	by	ADP
cjfa-20693	62	33	the	the	DET
cjfa-20693	62	34	csrc	csrc	NOUN
cjfa-20693	62	35	.	.	PUNCT
cjfa-20693	63	1	in	in	ADP
cjfa-20693	63	2	2008	2008	NUM
cjfa-20693	63	3	,	,	PUNCT
cjfa-20693	63	4	the	the	DET
cjfa-20693	63	5	csrc	csrc	NOUN
cjfa-20693	63	6	announced	announce	VERB
cjfa-20693	63	7	a	a	DET
cjfa-20693	63	8	stipulation	stipulation	NOUN
cjfa-20693	63	9	titled	title	VERB
cjfa-20693	63	10	“	"	PUNCT
cjfa-20693	63	11	decision	decision	NOUN
cjfa-20693	63	12	on	on	ADP
cjfa-20693	63	13	revising	revise	VERB
cjfa-20693	63	14	some	some	DET
cjfa-20693	63	15	provisions	provision	NOUN
cjfa-20693	63	16	on	on	ADP
cjfa-20693	63	17	cash	cash	NOUN
cjfa-20693	63	18	dividend	dividend	NOUN
cjfa-20693	63	19	payments	payment	NOUN
cjfa-20693	63	20	of	of	ADP
cjfa-20693	63	21	listed	list	VERB
cjfa-20693	63	22	companies	company	NOUN
cjfa-20693	63	23	”	"	PUNCT
cjfa-20693	63	24	for	for	ADP
cjfa-20693	63	25	refinancing	refinance	VERB
cjfa-20693	63	26	companies	company	NOUN
cjfa-20693	63	27	to	to	PART
cjfa-20693	63	28	distribute	distribute	VERB
cjfa-20693	63	29	a	a	DET
cjfa-20693	63	30	cumulative	cumulative	ADJ
cjfa-20693	63	31	dividend	dividend	NOUN
cjfa-20693	63	32	of	of	ADP
cjfa-20693	63	33	no	no	DET
cjfa-20693	63	34	less	less	ADJ
cjfa-20693	63	35	than	than	ADP
cjfa-20693	63	36	30	30	NUM
cjfa-20693	63	37	%	%	NOUN
cjfa-20693	63	38	of	of	ADP
cjfa-20693	63	39	the	the	DET
cjfa-20693	63	40	annual	annual	ADJ
cjfa-20693	63	41	average	average	ADJ
cjfa-20693	63	42	distributable	distributable	ADJ
cjfa-20693	63	43	profit	profit	NOUN
cjfa-20693	63	44	in	in	ADP
cjfa-20693	63	45	the	the	DET
cjfa-20693	63	46	past	past	ADJ
cjfa-20693	63	47	three	three	NUM
cjfa-20693	63	48	years	year	NOUN
cjfa-20693	63	49	.	.	PUNCT
cjfa-20693	64	1	the	the	DET
cjfa-20693	64	2	above	above	ADJ
cjfa-20693	64	3	policy	policy	NOUN
cjfa-20693	64	4	links	link	NOUN
cjfa-20693	64	5	dividend	dividend	VERB
cjfa-20693	64	6	distribution	distribution	NOUN
cjfa-20693	64	7	with	with	ADP
cjfa-20693	64	8	refinancing	refinancing	NOUN
cjfa-20693	64	9	,	,	PUNCT
cjfa-20693	64	10	but	but	CCONJ
cjfa-20693	64	11	qin	qin	PROPN
cjfa-20693	64	12	hailin	hailin	PROPN
cjfa-20693	64	13	,	,	PUNCT
cjfa-20693	64	14	zhang	zhang	PROPN
cjfa-20693	64	15	jingxu64	jingxu64	PROPN
cjfa-20693	64	16	it	it	PRON
cjfa-20693	64	17	has	have	AUX
cjfa-20693	64	18	not	not	PART
cjfa-20693	64	19	achieved	achieve	VERB
cjfa-20693	64	20	the	the	DET
cjfa-20693	64	21	desired	desire	VERB
cjfa-20693	64	22	results	result	NOUN
cjfa-20693	64	23	.	.	PUNCT
cjfa-20693	65	1	wei	wei	PROPN
cjfa-20693	65	2	zhihua	zhihua	PROPN
cjfa-20693	65	3	,	,	PUNCT
cjfa-20693	65	4	li	li	PROPN
cjfa-20693	65	5	changqing	changqing	PROPN
cjfa-20693	65	6	,	,	PUNCT
cjfa-20693	65	7	wu	wu	PROPN
cjfa-20693	65	8	yuhui	yuhui	PROPN
cjfa-20693	65	9	and	and	CCONJ
cjfa-20693	65	10	huang	huang	PROPN
cjfa-20693	65	11	jiajia	jiajia	PROPN
cjfa-20693	65	12	(	(	PUNCT
cjfa-20693	65	13	2017	2017	NUM
cjfa-20693	65	14	)	)	PUNCT
cjfa-20693	65	15	investigated	investigate	VERB
cjfa-20693	65	16	that	that	SCONJ
cjfa-20693	65	17	the	the	DET
cjfa-20693	65	18	semi	semi	ADJ
cjfa-20693	65	19	-	-	ADJ
cjfa-20693	65	20	compulsory	compulsory	ADJ
cjfa-20693	65	21	dividend	dividend	NOUN
cjfa-20693	65	22	policy	policy	NOUN
cjfa-20693	65	23	significantly	significantly	ADV
cjfa-20693	65	24	increased	increase	VERB
cjfa-20693	65	25	the	the	DET
cjfa-20693	65	26	willingness	willingness	NOUN
cjfa-20693	65	27	and	and	CCONJ
cjfa-20693	65	28	level	level	NOUN
cjfa-20693	65	29	of	of	ADP
cjfa-20693	65	30	cash	cash	NOUN
cjfa-20693	65	31	dividend	dividend	NOUN
cjfa-20693	65	32	payout	payout	NOUN
cjfa-20693	65	33	of	of	ADP
cjfa-20693	65	34	listed	list	VERB
cjfa-20693	65	35	companies	company	NOUN
cjfa-20693	65	36	with	with	ADP
cjfa-20693	65	37	refinancing	refinance	VERB
cjfa-20693	65	38	motivation	motivation	NOUN
cjfa-20693	65	39	,	,	PUNCT
cjfa-20693	65	40	and	and	CCONJ
cjfa-20693	65	41	the	the	DET
cjfa-20693	65	42	phenomenon	phenomenon	NOUN
cjfa-20693	65	43	of	of	ADP
cjfa-20693	65	44	catering	cater	VERB
cjfa-20693	65	45	to	to	ADP
cjfa-20693	65	46	the	the	DET
cjfa-20693	65	47	policy	policy	NOUN
cjfa-20693	65	48	for	for	ADP
cjfa-20693	65	49	financing	financing	NOUN
cjfa-20693	65	50	appeared	appear	VERB
cjfa-20693	65	51	.	.	PUNCT
cjfa-20693	66	1	therefore	therefore	ADV
cjfa-20693	66	2	,	,	PUNCT
cjfa-20693	66	3	on	on	ADP
cjfa-20693	66	4	november	november	PROPN
cjfa-20693	66	5	9	9	NUM
cjfa-20693	66	6	,	,	PUNCT
cjfa-20693	66	7	2011	2011	NUM
cjfa-20693	66	8	,	,	PUNCT
cjfa-20693	66	9	after	after	SCONJ
cjfa-20693	66	10	guo	guo	PROPN
cjfa-20693	66	11	shuqing	shuqe	VERB
cjfa-20693	66	12	took	take	VERB
cjfa-20693	66	13	office	office	NOUN
cjfa-20693	66	14	,	,	PUNCT
cjfa-20693	66	15	forced	force	VERB
cjfa-20693	66	16	enterprises	enterprise	NOUN
cjfa-20693	66	17	to	to	PART
cjfa-20693	66	18	pay	pay	VERB
cjfa-20693	66	19	out	out	ADP
cjfa-20693	66	20	.	.	PUNCT
cjfa-20693	67	1	for	for	ADP
cjfa-20693	67	2	csrc	csrc	PROPN
cjfa-20693	67	3	semi	semi	ADJ
cjfa-20693	67	4	-	-	ADJ
cjfa-20693	67	5	mandatory	mandatory	ADJ
cjfa-20693	67	6	dividend	dividend	NOUN
cjfa-20693	67	7	policy	policy	NOUN
cjfa-20693	67	8	,	,	PUNCT
cjfa-20693	67	9	one	one	PRON
cjfa-20693	67	10	argues	argue	VERB
cjfa-20693	67	11	that	that	SCONJ
cjfa-20693	67	12	it	it	PRON
cjfa-20693	67	13	does	do	AUX
cjfa-20693	67	14	not	not	PART
cjfa-20693	67	15	protect	protect	VERB
cjfa-20693	67	16	the	the	DET
cjfa-20693	67	17	interests	interest	NOUN
cjfa-20693	67	18	of	of	ADP
cjfa-20693	67	19	investors	investor	NOUN
cjfa-20693	67	20	and	and	CCONJ
cjfa-20693	67	21	listed	list	VERB
cjfa-20693	67	22	companies	company	NOUN
cjfa-20693	67	23	as	as	ADV
cjfa-20693	67	24	well	well	ADV
cjfa-20693	67	25	as	as	ADP
cjfa-20693	67	26	improve	improve	VERB
cjfa-20693	67	27	the	the	DET
cjfa-20693	67	28	level	level	NOUN
cjfa-20693	67	29	of	of	ADP
cjfa-20693	67	30	corporate	corporate	ADJ
cjfa-20693	67	31	governance	governance	NOUN
cjfa-20693	67	32	effectively	effectively	ADV
cjfa-20693	67	33	.	.	PUNCT
cjfa-20693	68	1	li	li	PROPN
cjfa-20693	68	2	changqing	changqing	PROPN
cjfa-20693	68	3	,	,	PUNCT
cjfa-20693	68	4	wei	wei	PROPN
cjfa-20693	68	5	zhihua	zhihua	PROPN
cjfa-20693	68	6	and	and	CCONJ
cjfa-20693	68	7	wu	wu	PROPN
cjfa-20693	68	8	shinong	shinong	PROPN
cjfa-20693	68	9	(	(	PUNCT
cjfa-20693	68	10	2010	2010	NUM
cjfa-20693	68	11	)	)	PUNCT
cjfa-20693	68	12	used	use	VERB
cjfa-20693	68	13	the	the	DET
cjfa-20693	68	14	event	event	NOUN
cjfa-20693	68	15	study	study	NOUN
cjfa-20693	68	16	method	method	NOUN
cjfa-20693	68	17	to	to	PART
cjfa-20693	68	18	find	find	VERB
cjfa-20693	68	19	that	that	SCONJ
cjfa-20693	68	20	for	for	ADP
cjfa-20693	68	21	investors	investor	NOUN
cjfa-20693	68	22	,	,	PUNCT
cjfa-20693	68	23	the	the	DET
cjfa-20693	68	24	dividend	dividend	NOUN
cjfa-20693	68	25	policy	policy	NOUN
cjfa-20693	68	26	did	do	AUX
cjfa-20693	68	27	not	not	PART
cjfa-20693	68	28	bring	bring	VERB
cjfa-20693	68	29	the	the	DET
cjfa-20693	68	30	expected	expect	VERB
cjfa-20693	68	31	market	market	NOUN
cjfa-20693	68	32	response	response	NOUN
cjfa-20693	68	33	,	,	PUNCT
cjfa-20693	68	34	and	and	CCONJ
cjfa-20693	68	35	there	there	PRON
cjfa-20693	68	36	may	may	AUX
cjfa-20693	68	37	be	be	AUX
cjfa-20693	68	38	a	a	DET
cjfa-20693	68	39	“	"	PUNCT
cjfa-20693	68	40	regulatory	regulatory	ADJ
cjfa-20693	68	41	paradox	paradox	NOUN
cjfa-20693	68	42	”	"	PUNCT
cjfa-20693	68	43	limitation	limitation	NOUN
cjfa-20693	68	44	.	.	PUNCT
cjfa-20693	69	1	chen	chen	PROPN
cjfa-20693	69	2	yunling	yunling	PROPN
cjfa-20693	69	3	(	(	PUNCT
cjfa-20693	69	4	2014	2014	NUM
cjfa-20693	69	5	)	)	PUNCT
cjfa-20693	69	6	examiend	examiend	VERB
cjfa-20693	69	7	that	that	SCONJ
cjfa-20693	69	8	the	the	DET
cjfa-20693	69	9	introduction	introduction	NOUN
cjfa-20693	69	10	of	of	ADP
cjfa-20693	69	11	dividend	dividend	NOUN
cjfa-20693	69	12	policy	policy	NOUN
cjfa-20693	69	13	did	do	AUX
cjfa-20693	69	14	not	not	PART
cjfa-20693	69	15	make	make	VERB
cjfa-20693	69	16	cash	cash	NOUN
cjfa-20693	69	17	-	-	PUNCT
cjfa-20693	69	18	rich	rich	ADJ
cjfa-20693	69	19	companies	company	NOUN
cjfa-20693	69	20	pay	pay	VERB
cjfa-20693	69	21	more	more	ADJ
cjfa-20693	69	22	dividends	dividend	NOUN
cjfa-20693	69	23	.	.	PUNCT
cjfa-20693	70	1	on	on	ADP
cjfa-20693	70	2	the	the	DET
cjfa-20693	70	3	contrary	contrary	NOUN
cjfa-20693	70	4	,	,	PUNCT
cjfa-20693	70	5	when	when	SCONJ
cjfa-20693	70	6	there	there	PRON
cjfa-20693	70	7	is	be	VERB
cjfa-20693	70	8	refinancing	refinance	VERB
cjfa-20693	70	9	demand	demand	NOUN
cjfa-20693	70	10	,	,	PUNCT
cjfa-20693	70	11	companies	company	NOUN
cjfa-20693	70	12	pay	pay	VERB
cjfa-20693	70	13	more	more	ADJ
cjfa-20693	70	14	dividends	dividend	NOUN
cjfa-20693	70	15	,	,	PUNCT
cjfa-20693	70	16	which	which	PRON
cjfa-20693	70	17	fails	fail	VERB
cjfa-20693	70	18	to	to	PART
cjfa-20693	70	19	protect	protect	VERB
cjfa-20693	70	20	the	the	DET
cjfa-20693	70	21	interests	interest	NOUN
cjfa-20693	70	22	of	of	ADP
cjfa-20693	70	23	investors	investor	NOUN
cjfa-20693	70	24	.	.	PUNCT
cjfa-20693	71	1	therefore	therefore	ADV
cjfa-20693	71	2	,	,	PUNCT
cjfa-20693	71	3	the	the	DET
cjfa-20693	71	4	rationality	rationality	NOUN
cjfa-20693	71	5	of	of	ADP
cjfa-20693	71	6	the	the	DET
cjfa-20693	71	7	policy	policy	NOUN
cjfa-20693	71	8	has	have	AUX
cjfa-20693	71	9	been	be	AUX
cjfa-20693	71	10	questioned	question	VERB
cjfa-20693	71	11	.	.	PUNCT
cjfa-20693	72	1	yu	yu	PROPN
cjfa-20693	72	2	guojie	guojie	PROPN
cjfa-20693	72	3	and	and	CCONJ
cjfa-20693	72	4	zhao	zhao	PROPN
cjfa-20693	72	5	yuyu	yuyu	PROPN
cjfa-20693	72	6	(	(	PUNCT
cjfa-20693	72	7	2018	2018	NUM
cjfa-20693	72	8	)	)	PUNCT
cjfa-20693	72	9	used	use	VERB
cjfa-20693	72	10	the	the	DET
cjfa-20693	72	11	psm	psm	NOUN
cjfa-20693	72	12	tendency	tendency	NOUN
cjfa-20693	72	13	score	score	NOUN
cjfa-20693	72	14	to	to	PART
cjfa-20693	72	15	match	match	VERB
cjfa-20693	72	16	the	the	DET
cjfa-20693	72	17	implementation	implementation	NOUN
cjfa-20693	72	18	effect	effect	NOUN
cjfa-20693	72	19	of	of	ADP
cjfa-20693	72	20	empirical	empirical	ADJ
cjfa-20693	72	21	semicompulsory	semicompulsory	ADJ
cjfa-20693	72	22	dividend	dividend	NOUN
cjfa-20693	72	23	sharing	sharing	NOUN
cjfa-20693	72	24	.	.	PUNCT
cjfa-20693	73	1	it	it	PRON
cjfa-20693	73	2	was	be	AUX
cjfa-20693	73	3	found	find	VERB
cjfa-20693	73	4	that	that	SCONJ
cjfa-20693	73	5	the	the	DET
cjfa-20693	73	6	implementation	implementation	NOUN
cjfa-20693	73	7	of	of	ADP
cjfa-20693	73	8	the	the	DET
cjfa-20693	73	9	policy	policy	NOUN
cjfa-20693	73	10	led	lead	VERB
cjfa-20693	73	11	to	to	ADP
cjfa-20693	73	12	more	more	ADJ
cjfa-20693	73	13	earnings	earning	NOUN
cjfa-20693	73	14	management	management	NOUN
cjfa-20693	73	15	for	for	ADP
cjfa-20693	73	16	refinancing	refinance	VERB
cjfa-20693	73	17	listed	list	VERB
cjfa-20693	73	18	companies	company	NOUN
cjfa-20693	73	19	in	in	ADP
cjfa-20693	73	20	order	order	NOUN
cjfa-20693	73	21	to	to	PART
cjfa-20693	73	22	reach	reach	VERB
cjfa-20693	73	23	the	the	DET
cjfa-20693	73	24	regulatory	regulatory	ADJ
cjfa-20693	73	25	threshold	threshold	NOUN
cjfa-20693	73	26	of	of	ADP
cjfa-20693	73	27	the	the	DET
cjfa-20693	73	28	corresponding	corresponding	ADJ
cjfa-20693	73	29	dividend	dividend	NOUN
cjfa-20693	73	30	sharing	sharing	NOUN
cjfa-20693	73	31	ratio	ratio	NOUN
cjfa-20693	73	32	.	.	PUNCT
cjfa-20693	74	1	yang	yang	PROPN
cjfa-20693	74	2	bao	bao	PROPN
cjfa-20693	74	3	,	,	PUNCT
cjfa-20693	74	4	wanwei	wanwei	NOUN
cjfa-20693	74	5	and	and	CCONJ
cjfa-20693	74	6	daisy	daisy	PROPN
cjfa-20693	74	7	chow	chow	PROPN
cjfa-20693	74	8	(	(	PUNCT
cjfa-20693	74	9	2018	2018	NUM
cjfa-20693	74	10	)	)	PUNCT
cjfa-20693	74	11	found	find	VERB
cjfa-20693	74	12	that	that	SCONJ
cjfa-20693	74	13	the	the	DET
cjfa-20693	74	14	semi	semi	ADJ
cjfa-20693	74	15	-	-	ADJ
cjfa-20693	74	16	mandatory	mandatory	ADJ
cjfa-20693	74	17	dividend	dividend	NOUN
cjfa-20693	74	18	policy	policy	NOUN
cjfa-20693	74	19	led	lead	VERB
cjfa-20693	74	20	to	to	ADP
cjfa-20693	74	21	the	the	DET
cjfa-20693	74	22	paradox	paradox	NOUN
cjfa-20693	74	23	of	of	ADP
cjfa-20693	74	24	dividend	dividend	NOUN
cjfa-20693	74	25	-	-	PUNCT
cjfa-20693	74	26	sharing	sharing	NOUN
cjfa-20693	74	27	while	while	SCONJ
cjfa-20693	74	28	r&d	r&d	PROPN
cjfa-20693	74	29	,	,	PUNCT
cjfa-20693	74	30	which	which	PRON
cjfa-20693	74	31	indicated	indicate	VERB
cjfa-20693	74	32	that	that	SCONJ
cjfa-20693	74	33	the	the	DET
cjfa-20693	74	34	semi	semi	ADJ
cjfa-20693	74	35	-	-	ADJ
cjfa-20693	74	36	mandatory	mandatory	ADJ
cjfa-20693	74	37	dividend	dividend	NOUN
cjfa-20693	74	38	policy	policy	NOUN
cjfa-20693	74	39	had	have	VERB
cjfa-20693	74	40	a	a	DET
cjfa-20693	74	41	regulatory	regulatory	ADJ
cjfa-20693	74	42	paradox	paradox	NOUN
cjfa-20693	74	43	.	.	PUNCT
cjfa-20693	75	1	using	use	VERB
cjfa-20693	75	2	panel	panel	NOUN
cjfa-20693	75	3	data	datum	NOUN
cjfa-20693	75	4	model	model	NOUN
cjfa-20693	75	5	,	,	PUNCT
cjfa-20693	75	6	li	li	PROPN
cjfa-20693	75	7	jing	jing	PROPN
cjfa-20693	75	8	and	and	CCONJ
cjfa-20693	75	9	jiang	jiang	PROPN
cjfa-20693	75	10	debo	debo	PROPN
cjfa-20693	75	11	(	(	PUNCT
cjfa-20693	75	12	2017	2017	NUM
cjfa-20693	75	13	)	)	PUNCT
cjfa-20693	75	14	found	find	VERB
cjfa-20693	75	15	that	that	SCONJ
cjfa-20693	75	16	the	the	DET
cjfa-20693	75	17	semi	semi	ADJ
cjfa-20693	75	18	-	-	ADJ
cjfa-20693	75	19	mandatory	mandatory	ADJ
cjfa-20693	75	20	dividend	dividend	NOUN
cjfa-20693	75	21	policy	policy	NOUN
cjfa-20693	75	22	would	would	AUX
cjfa-20693	75	23	increase	increase	VERB
cjfa-20693	75	24	the	the	DET
cjfa-20693	75	25	dividend	dividend	NOUN
cjfa-20693	75	26	willingness	willingness	NOUN
cjfa-20693	75	27	rather	rather	ADV
cjfa-20693	75	28	than	than	ADP
cjfa-20693	75	29	the	the	DET
cjfa-20693	75	30	dividend	dividend	NOUN
cjfa-20693	75	31	level	level	NOUN
cjfa-20693	75	32	of	of	ADP
cjfa-20693	75	33	listed	list	VERB
cjfa-20693	75	34	companies	company	NOUN
cjfa-20693	75	35	,	,	PUNCT
cjfa-20693	75	36	and	and	CCONJ
cjfa-20693	75	37	the	the	DET
cjfa-20693	75	38	policy	policy	NOUN
cjfa-20693	75	39	did	do	AUX
cjfa-20693	75	40	not	not	PART
cjfa-20693	75	41	improve	improve	VERB
cjfa-20693	75	42	the	the	DET
cjfa-20693	75	43	dividend	dividend	NOUN
cjfa-20693	75	44	willingness	willingness	NOUN
cjfa-20693	75	45	and	and	CCONJ
cjfa-20693	75	46	the	the	DET
cjfa-20693	75	47	dividend	dividend	NOUN
cjfa-20693	75	48	level	level	NOUN
cjfa-20693	75	49	of	of	ADP
cjfa-20693	75	50	listed	list	VERB
cjfa-20693	75	51	companies	company	NOUN
cjfa-20693	75	52	after	after	ADP
cjfa-20693	75	53	refinancing	refinance	VERB
cjfa-20693	75	54	.	.	PUNCT
cjfa-20693	76	1	another	another	DET
cjfa-20693	76	2	view	view	NOUN
cjfa-20693	76	3	is	be	AUX
cjfa-20693	76	4	that	that	SCONJ
cjfa-20693	76	5	the	the	DET
cjfa-20693	76	6	semi	semi	ADJ
cjfa-20693	76	7	-	-	ADJ
cjfa-20693	76	8	mandatory	mandatory	ADJ
cjfa-20693	76	9	dividend	dividend	NOUN
cjfa-20693	76	10	policy	policy	NOUN
cjfa-20693	76	11	not	not	PART
cjfa-20693	76	12	only	only	ADV
cjfa-20693	76	13	increases	increase	VERB
cjfa-20693	76	14	the	the	DET
cjfa-20693	76	15	number	number	NOUN
cjfa-20693	76	16	of	of	ADP
cjfa-20693	76	17	dividend	dividend	NOUN
cjfa-20693	76	18	-	-	PUNCT
cjfa-20693	76	19	paying	pay	VERB
cjfa-20693	76	20	enterprises	enterprise	NOUN
cjfa-20693	76	21	and	and	CCONJ
cjfa-20693	76	22	the	the	DET
cjfa-20693	76	23	willingness	willingness	NOUN
cjfa-20693	76	24	to	to	PART
cjfa-20693	76	25	pay	pay	VERB
cjfa-20693	76	26	dividends	dividend	NOUN
cjfa-20693	76	27	,	,	PUNCT
cjfa-20693	76	28	but	but	CCONJ
cjfa-20693	76	29	also	also	ADV
cjfa-20693	76	30	improves	improve	VERB
cjfa-20693	76	31	the	the	DET
cjfa-20693	76	32	corporate	corporate	ADJ
cjfa-20693	76	33	governance	governance	NOUN
cjfa-20693	76	34	structure	structure	NOUN
cjfa-20693	76	35	by	by	ADP
cjfa-20693	76	36	reducing	reduce	VERB
cjfa-20693	76	37	the	the	DET
cjfa-20693	76	38	agency	agency	NOUN
cjfa-20693	76	39	costs	cost	NOUN
cjfa-20693	76	40	of	of	ADP
cjfa-20693	76	41	enterprises	enterprise	NOUN
cjfa-20693	76	42	.	.	PUNCT
cjfa-20693	77	1	wei	wei	PROPN
cjfa-20693	77	2	zhihua	zhihua	PROPN
cjfa-20693	77	3	,	,	PUNCT
cjfa-20693	77	4	li	li	PROPN
cjfa-20693	77	5	maoliang	maoliang	PROPN
cjfa-20693	77	6	and	and	CCONJ
cjfa-20693	77	7	li	li	PROPN
cjfa-20693	77	8	changqing	changqe	VERB
cjfa-20693	77	9	(	(	PUNCT
cjfa-20693	77	10	2014	2014	NUM
cjfa-20693	77	11	)	)	PUNCT
cjfa-20693	77	12	found	find	VERB
cjfa-20693	77	13	that	that	SCONJ
cjfa-20693	77	14	the	the	DET
cjfa-20693	77	15	semi	semi	ADJ
cjfa-20693	77	16	-	-	ADJ
cjfa-20693	77	17	mandatory	mandatory	ADJ
cjfa-20693	77	18	dividend	dividend	NOUN
cjfa-20693	77	19	policy	policy	NOUN
cjfa-20693	77	20	not	not	PART
cjfa-20693	77	21	only	only	ADV
cjfa-20693	77	22	improves	improve	VERB
cjfa-20693	77	23	the	the	DET
cjfa-20693	77	24	dividend	dividend	NOUN
cjfa-20693	77	25	payment	payment	NOUN
cjfa-20693	77	26	level	level	NOUN
cjfa-20693	77	27	of	of	ADP
cjfa-20693	77	28	listed	list	VERB
cjfa-20693	77	29	companies	company	NOUN
cjfa-20693	77	30	,	,	PUNCT
cjfa-20693	77	31	but	but	CCONJ
cjfa-20693	77	32	also	also	ADV
cjfa-20693	77	33	enhances	enhance	VERB
cjfa-20693	77	34	the	the	DET
cjfa-20693	77	35	willingness	willingness	NOUN
cjfa-20693	77	36	of	of	ADP
cjfa-20693	77	37	listed	list	VERB
cjfa-20693	77	38	companies	company	NOUN
cjfa-20693	77	39	to	to	PART
cjfa-20693	77	40	pay	pay	VERB
cjfa-20693	77	41	cash	cash	NOUN
cjfa-20693	77	42	dividends	dividend	NOUN
cjfa-20693	77	43	.	.	PUNCT
cjfa-20693	78	1	liu	liu	PROPN
cjfa-20693	78	2	xing	xing	PROPN
cjfa-20693	78	3	,	,	PUNCT
cjfa-20693	78	4	tan	tan	PROPN
cjfa-20693	78	5	weirong	weirong	PROPN
cjfa-20693	78	6	and	and	CCONJ
cjfa-20693	78	7	li	li	PROPN
cjfa-20693	78	8	ning	ning	PROPN
cjfa-20693	78	9	(	(	PUNCT
cjfa-20693	78	10	2016	2016	NUM
cjfa-20693	78	11	)	)	PUNCT
cjfa-20693	78	12	found	find	VERB
cjfa-20693	78	13	that	that	SCONJ
cjfa-20693	78	14	the	the	DET
cjfa-20693	78	15	semi	semi	ADJ
cjfa-20693	78	16	-	-	ADJ
cjfa-20693	78	17	compulsory	compulsory	ADJ
cjfa-20693	78	18	dividend	dividend	NOUN
cjfa-20693	78	19	policy	policy	NOUN
cjfa-20693	78	20	significantly	significantly	ADV
cjfa-20693	78	21	increased	increase	VERB
cjfa-20693	78	22	the	the	DET
cjfa-20693	78	23	dividend	dividend	NOUN
cjfa-20693	78	24	payment	payment	NOUN
cjfa-20693	78	25	level	level	NOUN
cjfa-20693	78	26	of	of	ADP
cjfa-20693	78	27	listed	list	VERB
cjfa-20693	78	28	companies	company	NOUN
cjfa-20693	78	29	with	with	ADP
cjfa-20693	78	30	refinancing	refinance	VERB
cjfa-20693	78	31	intention	intention	NOUN
cjfa-20693	78	32	through	through	ADP
cjfa-20693	78	33	the	the	DET
cjfa-20693	78	34	difference	difference	NOUN
cjfa-20693	78	35	—	—	PUNCT
cjfa-20693	78	36	in	in	ADP
cjfa-20693	78	37	-	-	PUNCT
cjfa-20693	78	38	difference	difference	NOUN
cjfa-20693	78	39	-	-	PUNCT
cjfa-20693	78	40	mode(did	mode(did	NOUN
cjfa-20693	78	41	)	)	PUNCT
cjfa-20693	78	42	.	.	PUNCT
cjfa-20693	79	1	xu	xu	PROPN
cjfa-20693	79	2	haoran	haoran	PROPN
cjfa-20693	79	3	and	and	CCONJ
cjfa-20693	79	4	liao	liao	PROPN
cjfa-20693	79	5	guanmin	guanmin	PROPN
cjfa-20693	79	6	(	(	PUNCT
cjfa-20693	79	7	2018	2018	NUM
cjfa-20693	79	8	)	)	PUNCT
cjfa-20693	79	9	can	can	AUX
cjfa-20693	79	10	mandatory	mandatory	ADJ
cjfa-20693	79	11	dividend	dividend	NOUN
cjfa-20693	79	12	policy	policy	NOUN
cjfa-20693	79	13	reduce	reduce	VERB
cjfa-20693	79	14	…	…	PUNCT
cjfa-20693	79	15	65	65	NUM
cjfa-20693	79	16	used	use	VERB
cjfa-20693	79	17	the	the	DET
cjfa-20693	79	18	double	double	ADJ
cjfa-20693	79	19	difference	difference	NOUN
cjfa-20693	79	20	model	model	NOUN
cjfa-20693	79	21	to	to	PART
cjfa-20693	79	22	find	find	VERB
cjfa-20693	79	23	that	that	SCONJ
cjfa-20693	79	24	the	the	DET
cjfa-20693	79	25	compulsory	compulsory	ADJ
cjfa-20693	79	26	dividend	dividend	NOUN
cjfa-20693	79	27	policy	policy	NOUN
cjfa-20693	79	28	reduced	reduce	VERB
cjfa-20693	79	29	the	the	DET
cjfa-20693	79	30	free	free	ADJ
cjfa-20693	79	31	cash	cash	NOUN
cjfa-20693	79	32	flow	flow	NOUN
cjfa-20693	79	33	that	that	PRON
cjfa-20693	79	34	controlling	control	VERB
cjfa-20693	79	35	shareholders	shareholder	NOUN
cjfa-20693	79	36	could	could	AUX
cjfa-20693	79	37	abuse	abuse	VERB
cjfa-20693	79	38	,	,	PUNCT
cjfa-20693	79	39	greatly	greatly	ADV
cjfa-20693	79	40	curbed	curb	VERB
cjfa-20693	79	41	the	the	DET
cjfa-20693	79	42	opportunistic	opportunistic	ADJ
cjfa-20693	79	43	behavior	behavior	NOUN
cjfa-20693	79	44	of	of	ADP
cjfa-20693	79	45	large	large	ADJ
cjfa-20693	79	46	shareholders	shareholder	NOUN
cjfa-20693	79	47	,	,	PUNCT
cjfa-20693	79	48	and	and	CCONJ
cjfa-20693	79	49	the	the	DET
cjfa-20693	79	50	payment	payment	NOUN
cjfa-20693	79	51	of	of	ADP
cjfa-20693	79	52	cash	cash	NOUN
cjfa-20693	79	53	dividend	dividend	NOUN
cjfa-20693	79	54	also	also	ADV
cjfa-20693	79	55	helped	help	VERB
cjfa-20693	79	56	to	to	PART
cjfa-20693	79	57	reduce	reduce	VERB
cjfa-20693	79	58	the	the	DET
cjfa-20693	79	59	second	second	ADJ
cjfa-20693	79	60	kind	kind	NOUN
cjfa-20693	79	61	of	of	ADP
cjfa-20693	79	62	agency	agency	NOUN
cjfa-20693	79	63	cost	cost	NOUN
cjfa-20693	79	64	of	of	ADP
cjfa-20693	79	65	the	the	DET
cjfa-20693	79	66	company	company	NOUN
cjfa-20693	79	67	.	.	PUNCT
cjfa-20693	80	1	an	an	DET
cjfa-20693	80	2	qingsong	qingsong	NOUN
cjfa-20693	80	3	(	(	PUNCT
cjfa-20693	80	4	2012	2012	NUM
cjfa-20693	80	5	)	)	PUNCT
cjfa-20693	80	6	empirical	empirical	ADJ
cjfa-20693	80	7	study	study	NOUN
cjfa-20693	80	8	found	find	VERB
cjfa-20693	80	9	that	that	SCONJ
cjfa-20693	80	10	the	the	DET
cjfa-20693	80	11	semi	semi	ADJ
cjfa-20693	80	12	-	-	ADJ
cjfa-20693	80	13	mandatory	mandatory	ADJ
cjfa-20693	80	14	dividend	dividend	NOUN
cjfa-20693	80	15	policy	policy	NOUN
cjfa-20693	80	16	increased	increase	VERB
cjfa-20693	80	17	the	the	DET
cjfa-20693	80	18	dividend	dividend	NOUN
cjfa-20693	80	19	distribution	distribution	NOUN
cjfa-20693	80	20	of	of	ADP
cjfa-20693	80	21	listed	list	VERB
cjfa-20693	80	22	companies	company	NOUN
cjfa-20693	80	23	,	,	PUNCT
cjfa-20693	80	24	and	and	CCONJ
cjfa-20693	80	25	proved	prove	VERB
cjfa-20693	80	26	that	that	SCONJ
cjfa-20693	80	27	the	the	DET
cjfa-20693	80	28	dividend	dividend	NOUN
cjfa-20693	80	29	distribution	distribution	NOUN
cjfa-20693	80	30	level	level	NOUN
cjfa-20693	80	31	of	of	ADP
cjfa-20693	80	32	chinese	chinese	ADJ
cjfa-20693	80	33	listed	list	VERB
cjfa-20693	80	34	companies	company	NOUN
cjfa-20693	80	35	will	will	AUX
cjfa-20693	80	36	reach	reach	VERB
cjfa-20693	80	37	the	the	DET
cjfa-20693	80	38	level	level	NOUN
cjfa-20693	80	39	of	of	ADP
cjfa-20693	80	40	developed	develop	VERB
cjfa-20693	80	41	countries	country	NOUN
cjfa-20693	80	42	.	.	PUNCT
cjfa-20693	81	1	wei	wei	PROPN
cjfa-20693	81	2	zhihua	zhihua	PROPN
cjfa-20693	81	3	,	,	PUNCT
cjfa-20693	81	4	li	li	PROPN
cjfa-20693	81	5	changqing	changqing	PROPN
cjfa-20693	81	6	,	,	PUNCT
cjfa-20693	81	7	wu	wu	PROPN
cjfa-20693	81	8	yuhui	yuhui	PROPN
cjfa-20693	81	9	and	and	CCONJ
cjfa-20693	81	10	huang	huang	PROPN
cjfa-20693	81	11	jiajia	jiajia	PROPN
cjfa-20693	81	12	(	(	PUNCT
cjfa-20693	81	13	2017	2017	NUM
cjfa-20693	81	14	)	)	PUNCT
cjfa-20693	81	15	investigated	investigate	VERB
cjfa-20693	81	16	that	that	SCONJ
cjfa-20693	81	17	the	the	DET
cjfa-20693	81	18	semi	semi	ADJ
cjfa-20693	81	19	-	-	ADJ
cjfa-20693	81	20	mandatory	mandatory	ADJ
cjfa-20693	81	21	dividend	dividend	NOUN
cjfa-20693	81	22	policy	policy	NOUN
cjfa-20693	81	23	significantly	significantly	ADV
cjfa-20693	81	24	improved	improve	VERB
cjfa-20693	81	25	the	the	DET
cjfa-20693	81	26	willingness	willingness	NOUN
cjfa-20693	81	27	and	and	CCONJ
cjfa-20693	81	28	level	level	NOUN
cjfa-20693	81	29	of	of	ADP
cjfa-20693	81	30	cash	cash	NOUN
cjfa-20693	81	31	dividend	dividend	NOUN
cjfa-20693	81	32	of	of	ADP
cjfa-20693	81	33	listed	list	VERB
cjfa-20693	81	34	companies	company	NOUN
cjfa-20693	81	35	with	with	ADP
cjfa-20693	81	36	refinancing	refinance	VERB
cjfa-20693	81	37	motivation	motivation	NOUN
cjfa-20693	81	38	by	by	ADP
cjfa-20693	81	39	panel	panel	NOUN
cjfa-20693	81	40	data	datum	NOUN
cjfa-20693	81	41	.	.	PUNCT
cjfa-20693	82	1	in	in	ADP
cjfa-20693	82	2	short	short	ADJ
cjfa-20693	82	3	,	,	PUNCT
cjfa-20693	82	4	scholars	scholar	NOUN
cjfa-20693	82	5	have	have	VERB
cjfa-20693	82	6	different	different	ADJ
cjfa-20693	82	7	idea	idea	NOUN
cjfa-20693	82	8	about	about	ADP
cjfa-20693	82	9	the	the	DET
cjfa-20693	82	10	effectiveness	effectiveness	NOUN
cjfa-20693	82	11	of	of	ADP
cjfa-20693	82	12	the	the	DET
cjfa-20693	82	13	dividend	dividend	NOUN
cjfa-20693	82	14	policy	policy	NOUN
cjfa-20693	82	15	issued	issue	VERB
cjfa-20693	82	16	by	by	ADP
cjfa-20693	82	17	the	the	DET
cjfa-20693	82	18	sfc	sfc	NOUN
cjfa-20693	82	19	.	.	PUNCT
cjfa-20693	83	1	some	some	PRON
cjfa-20693	83	2	argue	argue	VERB
cjfa-20693	83	3	that	that	SCONJ
cjfa-20693	83	4	the	the	DET
cjfa-20693	83	5	dividend	dividend	NOUN
cjfa-20693	83	6	policy	policy	NOUN
cjfa-20693	83	7	does	do	AUX
cjfa-20693	83	8	not	not	PART
cjfa-20693	83	9	change	change	VERB
cjfa-20693	83	10	the	the	DET
cjfa-20693	83	11	willingness	willingness	NOUN
cjfa-20693	83	12	of	of	ADP
cjfa-20693	83	13	listed	list	VERB
cjfa-20693	83	14	companies	company	NOUN
cjfa-20693	83	15	to	to	PART
cjfa-20693	83	16	pay	pay	VERB
cjfa-20693	83	17	dividends	dividend	NOUN
cjfa-20693	83	18	,	,	PUNCT
cjfa-20693	83	19	so	so	SCONJ
cjfa-20693	83	20	the	the	DET
cjfa-20693	83	21	effectiveness	effectiveness	NOUN
cjfa-20693	83	22	of	of	ADP
cjfa-20693	83	23	the	the	DET
cjfa-20693	83	24	policy	policy	NOUN
cjfa-20693	83	25	is	be	AUX
cjfa-20693	83	26	questionable	questionable	ADJ
cjfa-20693	83	27	.	.	PUNCT
cjfa-20693	84	1	others	other	NOUN
cjfa-20693	84	2	believe	believe	VERB
cjfa-20693	84	3	that	that	SCONJ
cjfa-20693	84	4	the	the	DET
cjfa-20693	84	5	dividend	dividend	NOUN
cjfa-20693	84	6	policy	policy	NOUN
cjfa-20693	84	7	can	can	AUX
cjfa-20693	84	8	improve	improve	VERB
cjfa-20693	84	9	the	the	DET
cjfa-20693	84	10	dividend	dividend	NOUN
cjfa-20693	84	11	willingness	willingness	NOUN
cjfa-20693	84	12	and	and	CCONJ
cjfa-20693	84	13	dividend	dividend	NOUN
cjfa-20693	84	14	level	level	NOUN
cjfa-20693	84	15	of	of	ADP
cjfa-20693	84	16	china	china	PROPN
cjfa-20693	84	17	’s	’s	PART
cjfa-20693	84	18	stock	stock	NOUN
cjfa-20693	84	19	market	market	NOUN
cjfa-20693	84	20	.	.	PUNCT
cjfa-20693	85	1	comparing	compare	VERB
cjfa-20693	85	2	the	the	DET
cjfa-20693	85	3	two	two	NUM
cjfa-20693	85	4	,	,	PUNCT
cjfa-20693	85	5	the	the	DET
cjfa-20693	85	6	dividend	dividend	NOUN
cjfa-20693	85	7	policy	policy	NOUN
cjfa-20693	85	8	is	be	AUX
cjfa-20693	85	9	beneficial	beneficial	ADJ
cjfa-20693	85	10	to	to	PART
cjfa-20693	85	11	remedy	remedy	VERB
cjfa-20693	85	12	the	the	DET
cjfa-20693	85	13	legal	legal	ADJ
cjfa-20693	85	14	vacancy	vacancy	NOUN
cjfa-20693	85	15	in	in	ADP
cjfa-20693	85	16	general	general	ADJ
cjfa-20693	85	17	,	,	PUNCT
cjfa-20693	85	18	and	and	CCONJ
cjfa-20693	85	19	will	will	AUX
cjfa-20693	85	20	promote	promote	VERB
cjfa-20693	85	21	the	the	DET
cjfa-20693	85	22	improvement	improvement	NOUN
cjfa-20693	85	23	of	of	ADP
cjfa-20693	85	24	the	the	DET
cjfa-20693	85	25	internal	internal	ADJ
cjfa-20693	85	26	governance	governance	NOUN
cjfa-20693	85	27	structure	structure	NOUN
cjfa-20693	85	28	of	of	ADP
cjfa-20693	85	29	listed	list	VERB
cjfa-20693	85	30	companies	company	NOUN
cjfa-20693	85	31	,	,	PUNCT
cjfa-20693	85	32	especially	especially	ADV
cjfa-20693	85	33	to	to	PART
cjfa-20693	85	34	suppress	suppress	VERB
cjfa-20693	85	35	opportunistic	opportunistic	ADJ
cjfa-20693	85	36	behavior	behavior	NOUN
cjfa-20693	85	37	of	of	ADP
cjfa-20693	85	38	management	management	NOUN
cjfa-20693	85	39	and	and	CCONJ
cjfa-20693	85	40	reduce	reduce	VERB
cjfa-20693	85	41	the	the	DET
cjfa-20693	85	42	loss	loss	NOUN
cjfa-20693	85	43	of	of	ADP
cjfa-20693	85	44	corporate	corporate	ADJ
cjfa-20693	85	45	value	value	NOUN
cjfa-20693	85	46	.	.	PUNCT
cjfa-20693	86	1	therefore	therefore	ADV
cjfa-20693	86	2	,	,	PUNCT
cjfa-20693	86	3	the	the	DET
cjfa-20693	86	4	mandatory	mandatory	ADJ
cjfa-20693	86	5	dividend	dividend	NOUN
cjfa-20693	86	6	policy	policy	NOUN
cjfa-20693	86	7	is	be	AUX
cjfa-20693	86	8	a	a	DET
cjfa-20693	86	9	strategic	strategic	ADJ
cjfa-20693	86	10	choice	choice	NOUN
cjfa-20693	86	11	with	with	ADP
cjfa-20693	86	12	more	more	ADJ
cjfa-20693	86	13	advantages	advantage	NOUN
cjfa-20693	86	14	than	than	ADP
cjfa-20693	86	15	disadvantages	disadvantage	NOUN
cjfa-20693	86	16	.	.	PUNCT
cjfa-20693	87	1	throughout	throughout	ADP
cjfa-20693	87	2	the	the	DET
cjfa-20693	87	3	existing	exist	VERB
cjfa-20693	87	4	literature	literature	NOUN
cjfa-20693	87	5	,	,	PUNCT
cjfa-20693	87	6	the	the	DET
cjfa-20693	87	7	mainstream	mainstream	NOUN
cjfa-20693	87	8	view	view	NOUN
cjfa-20693	87	9	is	be	AUX
cjfa-20693	87	10	that	that	SCONJ
cjfa-20693	87	11	the	the	DET
cjfa-20693	87	12	csrc	csrc	NOUN
cjfa-20693	87	13	dividend	dividend	NOUN
cjfa-20693	87	14	policy	policy	NOUN
cjfa-20693	87	15	improves	improve	VERB
cjfa-20693	87	16	the	the	DET
cjfa-20693	87	17	dividend	dividend	NOUN
cjfa-20693	87	18	willingness	willingness	NOUN
cjfa-20693	87	19	and	and	CCONJ
cjfa-20693	87	20	dividend	dividend	NOUN
cjfa-20693	87	21	level	level	NOUN
cjfa-20693	87	22	of	of	ADP
cjfa-20693	87	23	listed	list	VERB
cjfa-20693	87	24	companies	company	NOUN
cjfa-20693	87	25	,	,	PUNCT
cjfa-20693	87	26	and	and	CCONJ
cjfa-20693	87	27	achieves	achieve	VERB
cjfa-20693	87	28	the	the	DET
cjfa-20693	87	29	effect	effect	NOUN
cjfa-20693	87	30	of	of	ADP
cjfa-20693	87	31	reducing	reduce	VERB
cjfa-20693	87	32	agency	agency	NOUN
cjfa-20693	87	33	costs	cost	NOUN
cjfa-20693	87	34	by	by	ADP
cjfa-20693	87	35	controlling	control	VERB
cjfa-20693	87	36	the	the	DET
cjfa-20693	87	37	disposable	disposable	ADJ
cjfa-20693	87	38	cash	cash	NOUN
cjfa-20693	87	39	flow	flow	NOUN
cjfa-20693	87	40	of	of	ADP
cjfa-20693	87	41	enterprises	enterprise	NOUN
cjfa-20693	87	42	.	.	PUNCT
cjfa-20693	88	1	regard	regard	NOUN
cjfa-20693	88	2	to	to	ADP
cjfa-20693	88	3	the	the	DET
cjfa-20693	88	4	policy	policy	NOUN
cjfa-20693	88	5	concerned	concern	VERB
cjfa-20693	88	6	,	,	PUNCT
cjfa-20693	88	7	most	most	ADJ
cjfa-20693	88	8	scholars	scholar	NOUN
cjfa-20693	88	9	believe	believe	VERB
cjfa-20693	88	10	that	that	SCONJ
cjfa-20693	88	11	this	this	DET
cjfa-20693	88	12	policy	policy	NOUN
cjfa-20693	88	13	can	can	AUX
cjfa-20693	88	14	improve	improve	VERB
cjfa-20693	88	15	the	the	DET
cjfa-20693	88	16	dividend	dividend	NOUN
cjfa-20693	88	17	payout	payout	NOUN
cjfa-20693	88	18	level	level	NOUN
cjfa-20693	88	19	and	and	CCONJ
cjfa-20693	88	20	willingness	willingness	NOUN
cjfa-20693	88	21	of	of	ADP
cjfa-20693	88	22	listed	list	VERB
cjfa-20693	88	23	companies	company	NOUN
cjfa-20693	88	24	.	.	PUNCT
cjfa-20693	89	1	however	however	ADV
cjfa-20693	89	2	,	,	PUNCT
cjfa-20693	89	3	it	it	PRON
cjfa-20693	89	4	should	should	AUX
cjfa-20693	89	5	be	be	AUX
cjfa-20693	89	6	pointed	point	VERB
cjfa-20693	89	7	out	out	ADP
cjfa-20693	89	8	that	that	SCONJ
cjfa-20693	89	9	:	:	PUNCT
cjfa-20693	89	10	firstly	firstly	ADV
cjfa-20693	89	11	,	,	PUNCT
cjfa-20693	89	12	the	the	DET
cjfa-20693	89	13	existing	exist	VERB
cjfa-20693	89	14	research	research	NOUN
cjfa-20693	89	15	focuses	focus	VERB
cjfa-20693	89	16	on	on	ADP
cjfa-20693	89	17	the	the	DET
cjfa-20693	89	18	semi	semi	ADJ
cjfa-20693	89	19	-	-	ADJ
cjfa-20693	89	20	compulsory	compulsory	ADJ
cjfa-20693	89	21	dividend	dividend	NOUN
cjfa-20693	89	22	policy	policy	NOUN
cjfa-20693	89	23	,	,	PUNCT
cjfa-20693	89	24	and	and	CCONJ
cjfa-20693	89	25	pays	pay	VERB
cjfa-20693	89	26	no	no	DET
cjfa-20693	89	27	necessary	necessary	ADJ
cjfa-20693	89	28	attention	attention	NOUN
cjfa-20693	89	29	to	to	ADP
cjfa-20693	89	30	the	the	DET
cjfa-20693	89	31	compulsory	compulsory	ADJ
cjfa-20693	89	32	dividend	dividend	NOUN
cjfa-20693	89	33	policy	policy	NOUN
cjfa-20693	89	34	,	,	PUNCT
cjfa-20693	89	35	and	and	CCONJ
cjfa-20693	89	36	pays	pay	VERB
cjfa-20693	89	37	less	less	ADJ
cjfa-20693	89	38	attention	attention	NOUN
cjfa-20693	89	39	to	to	ADP
cjfa-20693	89	40	the	the	DET
cjfa-20693	89	41	heterogeneity	heterogeneity	NOUN
cjfa-20693	89	42	of	of	ADP
cjfa-20693	89	43	the	the	DET
cjfa-20693	89	44	semi	semi	ADJ
cjfa-20693	89	45	-	-	ADJ
cjfa-20693	89	46	compulsory	compulsory	ADJ
cjfa-20693	89	47	dividend	dividend	NOUN
cjfa-20693	89	48	policy	policy	NOUN
cjfa-20693	89	49	.	.	PUNCT
cjfa-20693	90	1	secondly	secondly	ADV
cjfa-20693	90	2	,	,	PUNCT
cjfa-20693	90	3	almost	almost	ADV
cjfa-20693	90	4	all	all	DET
cjfa-20693	90	5	the	the	DET
cjfa-20693	90	6	existing	exist	VERB
cjfa-20693	90	7	studies	study	NOUN
cjfa-20693	90	8	are	be	AUX
cjfa-20693	90	9	based	base	VERB
cjfa-20693	90	10	on	on	ADP
cjfa-20693	90	11	empirical	empirical	ADJ
cjfa-20693	90	12	research	research	NOUN
cjfa-20693	90	13	.	.	PUNCT
cjfa-20693	91	1	the	the	DET
cjfa-20693	91	2	empirical	empirical	ADJ
cjfa-20693	91	3	results	result	NOUN
cjfa-20693	91	4	show	show	VERB
cjfa-20693	91	5	that	that	SCONJ
cjfa-20693	91	6	the	the	DET
cjfa-20693	91	7	policy	policy	NOUN
cjfa-20693	91	8	effect	effect	NOUN
cjfa-20693	91	9	of	of	ADP
cjfa-20693	91	10	mandatory	mandatory	ADJ
cjfa-20693	91	11	dividend	dividend	NOUN
cjfa-20693	91	12	distribution	distribution	NOUN
cjfa-20693	91	13	is	be	AUX
cjfa-20693	91	14	not	not	PART
cjfa-20693	91	15	timely	timely	ADV
cjfa-20693	91	16	modeled	model	VERB
cjfa-20693	91	17	,	,	PUNCT
cjfa-20693	91	18	which	which	PRON
cjfa-20693	91	19	makes	make	VERB
cjfa-20693	91	20	the	the	DET
cjfa-20693	91	21	mechanism	mechanism	NOUN
cjfa-20693	91	22	of	of	ADP
cjfa-20693	91	23	mandatory	mandatory	ADJ
cjfa-20693	91	24	dividend	dividend	NOUN
cjfa-20693	91	25	distribution	distribution	NOUN
cjfa-20693	91	26	policy	policy	NOUN
cjfa-20693	91	27	unclear	unclear	ADJ
cjfa-20693	91	28	and	and	CCONJ
cjfa-20693	91	29	divergent	divergent	ADJ
cjfa-20693	91	30	opinions	opinion	NOUN
cjfa-20693	91	31	.	.	PUNCT
cjfa-20693	92	1	in	in	ADP
cjfa-20693	92	2	view	view	NOUN
cjfa-20693	92	3	of	of	ADP
cjfa-20693	92	4	this	this	PRON
cjfa-20693	92	5	,	,	PUNCT
cjfa-20693	92	6	this	this	DET
cjfa-20693	92	7	paper	paper	NOUN
cjfa-20693	92	8	not	not	PART
cjfa-20693	92	9	only	only	ADV
cjfa-20693	92	10	establishes	establish	VERB
cjfa-20693	92	11	a	a	DET
cjfa-20693	92	12	mixed	mixed	ADJ
cjfa-20693	92	13	strategy	strategy	NOUN
cjfa-20693	92	14	complete	complete	ADJ
cjfa-20693	92	15	information	information	NOUN
cjfa-20693	92	16	static	static	ADJ
cjfa-20693	92	17	game	game	NOUN
cjfa-20693	92	18	to	to	PART
cjfa-20693	92	19	explain	explain	VERB
cjfa-20693	92	20	the	the	DET
cjfa-20693	92	21	mechanism	mechanism	NOUN
cjfa-20693	92	22	of	of	ADP
cjfa-20693	92	23	mandatory	mandatory	ADJ
cjfa-20693	92	24	dividend	dividend	NOUN
cjfa-20693	92	25	policy	policy	NOUN
cjfa-20693	92	26	to	to	PART
cjfa-20693	92	27	restrain	restrain	VERB
cjfa-20693	92	28	agency	agency	NOUN
cjfa-20693	92	29	costs	cost	NOUN
cjfa-20693	92	30	,	,	PUNCT
cjfa-20693	92	31	but	but	CCONJ
cjfa-20693	92	32	also	also	ADV
cjfa-20693	92	33	makes	make	VERB
cjfa-20693	92	34	qin	qin	PROPN
cjfa-20693	92	35	hailin	hailin	PROPN
cjfa-20693	92	36	,	,	PUNCT
cjfa-20693	92	37	zhang	zhang	PROPN
cjfa-20693	92	38	jingxu66	jingxu66	PROPN
cjfa-20693	92	39	quasi	quasi	PROPN
cjfa-20693	92	40	-	-	ADJ
cjfa-20693	92	41	natural	natural	ADJ
cjfa-20693	92	42	experiments	experiment	NOUN
cjfa-20693	92	43	according	accord	VERB
cjfa-20693	92	44	to	to	ADP
cjfa-20693	92	45	mandatory	mandatory	ADJ
cjfa-20693	92	46	dividend	dividend	NOUN
cjfa-20693	92	47	policy	policy	NOUN
cjfa-20693	92	48	,	,	PUNCT
cjfa-20693	92	49	and	and	CCONJ
cjfa-20693	92	50	uses	use	VERB
cjfa-20693	92	51	did	do	VERB
cjfa-20693	92	52	model	model	NOUN
cjfa-20693	92	53	to	to	PART
cjfa-20693	92	54	test	test	VERB
cjfa-20693	92	55	the	the	DET
cjfa-20693	92	56	inhibition	inhibition	NOUN
cjfa-20693	92	57	of	of	ADP
cjfa-20693	92	58	mandatory	mandatory	ADJ
cjfa-20693	92	59	dividend	dividend	NOUN
cjfa-20693	92	60	policy	policy	NOUN
cjfa-20693	92	61	on	on	ADP
cjfa-20693	92	62	agency	agency	NOUN
cjfa-20693	92	63	costs	cost	NOUN
cjfa-20693	92	64	.	.	PUNCT
cjfa-20693	93	1	theoretical	theoretical	ADJ
cjfa-20693	93	2	analysis	analysis	NOUN
cjfa-20693	93	3	and	and	CCONJ
cjfa-20693	93	4	research	research	NOUN
cjfa-20693	93	5	hypothesis	hypothesis	NOUN
cjfa-20693	93	6	the	the	DET
cjfa-20693	93	7	separation	separation	NOUN
cjfa-20693	93	8	of	of	ADP
cjfa-20693	93	9	ownership	ownership	NOUN
cjfa-20693	93	10	and	and	CCONJ
cjfa-20693	93	11	control	control	NOUN
cjfa-20693	93	12	of	of	ADP
cjfa-20693	93	13	modern	modern	ADJ
cjfa-20693	93	14	enterprises	enterprise	NOUN
cjfa-20693	93	15	not	not	PART
cjfa-20693	93	16	only	only	ADV
cjfa-20693	93	17	improves	improve	VERB
cjfa-20693	93	18	the	the	DET
cjfa-20693	93	19	production	production	NOUN
cjfa-20693	93	20	efficiency	efficiency	NOUN
cjfa-20693	93	21	of	of	ADP
cjfa-20693	93	22	the	the	DET
cjfa-20693	93	23	company	company	NOUN
cjfa-20693	93	24	,	,	PUNCT
cjfa-20693	93	25	but	but	CCONJ
cjfa-20693	93	26	also	also	ADV
cjfa-20693	93	27	realizes	realize	VERB
cjfa-20693	93	28	the	the	DET
cjfa-20693	93	29	value	value	NOUN
cjfa-20693	93	30	-	-	PUNCT
cjfa-20693	93	31	added	add	VERB
cjfa-20693	93	32	of	of	ADP
cjfa-20693	93	33	the	the	DET
cjfa-20693	93	34	enterprise	enterprise	NOUN
cjfa-20693	93	35	.	.	PUNCT
cjfa-20693	94	1	since	since	SCONJ
cjfa-20693	94	2	the	the	DET
cjfa-20693	94	3	high	high	ADV
cjfa-20693	94	4	-	-	PUNCT
cjfa-20693	94	5	ranking	rank	VERB
cjfa-20693	94	6	managers	manager	NOUN
cjfa-20693	94	7	are	be	AUX
cjfa-20693	94	8	no	no	ADV
cjfa-20693	94	9	longer	long	ADV
cjfa-20693	94	10	the	the	DET
cjfa-20693	94	11	residual	residual	ADJ
cjfa-20693	94	12	security	security	NOUN
cjfa-20693	94	13	winners	winner	NOUN
cjfa-20693	94	14	,	,	PUNCT
cjfa-20693	94	15	the	the	DET
cjfa-20693	94	16	discharging	discharging	NOUN
cjfa-20693	94	17	and	and	CCONJ
cjfa-20693	94	18	dereliction	dereliction	NOUN
cjfa-20693	94	19	of	of	ADP
cjfa-20693	94	20	duty	duty	NOUN
cjfa-20693	94	21	of	of	ADP
cjfa-20693	94	22	the	the	DET
cjfa-20693	94	23	executives	executive	NOUN
cjfa-20693	94	24	are	be	AUX
cjfa-20693	94	25	inevitable	inevitable	ADJ
cjfa-20693	94	26	.	.	PUNCT
cjfa-20693	95	1	however	however	ADV
cjfa-20693	95	2	,	,	PUNCT
cjfa-20693	95	3	the	the	DET
cjfa-20693	95	4	majority	majority	NOUN
cjfa-20693	95	5	of	of	ADP
cjfa-20693	95	6	shareholders	shareholder	NOUN
cjfa-20693	95	7	who	who	PRON
cjfa-20693	95	8	really	really	ADV
cjfa-20693	95	9	have	have	VERB
cjfa-20693	95	10	the	the	DET
cjfa-20693	95	11	residual	residual	ADJ
cjfa-20693	95	12	demanding	demanding	ADJ
cjfa-20693	95	13	rights	right	NOUN
cjfa-20693	95	14	of	of	ADP
cjfa-20693	95	15	enterprises	enterprise	NOUN
cjfa-20693	95	16	have	have	VERB
cjfa-20693	95	17	no	no	DET
cjfa-20693	95	18	motivation	motivation	NOUN
cjfa-20693	95	19	to	to	PART
cjfa-20693	95	20	closely	closely	ADV
cjfa-20693	95	21	supervise	supervise	VERB
cjfa-20693	95	22	the	the	DET
cjfa-20693	95	23	executives	executive	NOUN
cjfa-20693	95	24	because	because	SCONJ
cjfa-20693	95	25	of	of	ADP
cjfa-20693	95	26	the	the	DET
cjfa-20693	95	27	decentralization	decentralization	NOUN
cjfa-20693	95	28	of	of	ADP
cjfa-20693	95	29	equity	equity	NOUN
cjfa-20693	95	30	.	.	PUNCT
cjfa-20693	96	1	therefore	therefore	ADV
cjfa-20693	96	2	,	,	PUNCT
cjfa-20693	96	3	the	the	DET
cjfa-20693	96	4	executives	executive	NOUN
cjfa-20693	96	5	as	as	ADP
cjfa-20693	96	6	rational	rational	ADJ
cjfa-20693	96	7	people	people	NOUN
cjfa-20693	96	8	will	will	AUX
cjfa-20693	96	9	pursue	pursue	VERB
cjfa-20693	96	10	their	their	PRON
cjfa-20693	96	11	own	own	ADJ
cjfa-20693	96	12	interests	interest	NOUN
cjfa-20693	96	13	by	by	ADP
cjfa-20693	96	14	abusing	abuse	VERB
cjfa-20693	96	15	funds	fund	NOUN
cjfa-20693	96	16	,	,	PUNCT
cjfa-20693	96	17	on	on	ADP
cjfa-20693	96	18	-	-	PUNCT
cjfa-20693	96	19	the	the	DET
cjfa-20693	96	20	-	-	PUNCT
cjfa-20693	96	21	job	job	NOUN
cjfa-20693	96	22	consumption	consumption	NOUN
cjfa-20693	96	23	,	,	PUNCT
cjfa-20693	96	24	related	relate	VERB
cjfa-20693	96	25	transactions	transaction	NOUN
cjfa-20693	96	26	and	and	CCONJ
cjfa-20693	96	27	over	over	ADP
cjfa-20693	96	28	-	-	PUNCT
cjfa-20693	96	29	investment	investment	NOUN
cjfa-20693	96	30	.	.	PUNCT
cjfa-20693	97	1	maximization	maximization	NOUN
cjfa-20693	97	2	is	be	AUX
cjfa-20693	97	3	not	not	PART
cjfa-20693	97	4	the	the	DET
cjfa-20693	97	5	maximization	maximization	NOUN
cjfa-20693	97	6	of	of	ADP
cjfa-20693	97	7	shareholders	shareholder	NOUN
cjfa-20693	97	8	’	'	PUNCT
cjfa-20693	97	9	interests	interest	NOUN
cjfa-20693	97	10	.	.	PUNCT
cjfa-20693	98	1	in	in	ADP
cjfa-20693	98	2	this	this	DET
cjfa-20693	98	3	way	way	NOUN
cjfa-20693	98	4	,	,	PUNCT
cjfa-20693	98	5	serious	serious	ADJ
cjfa-20693	98	6	agency	agency	NOUN
cjfa-20693	98	7	problems	problem	NOUN
cjfa-20693	98	8	will	will	AUX
cjfa-20693	98	9	arise	arise	VERB
cjfa-20693	98	10	between	between	ADP
cjfa-20693	98	11	owners	owner	NOUN
cjfa-20693	98	12	and	and	CCONJ
cjfa-20693	98	13	operators	operator	NOUN
cjfa-20693	98	14	.	.	PUNCT
cjfa-20693	99	1	in	in	ADP
cjfa-20693	99	2	this	this	DET
cjfa-20693	99	3	regard	regard	NOUN
cjfa-20693	99	4	,	,	PUNCT
cjfa-20693	99	5	can	can	AUX
cjfa-20693	99	6	mandatory	mandatory	ADJ
cjfa-20693	99	7	dividend	dividend	NOUN
cjfa-20693	99	8	policy	policy	NOUN
cjfa-20693	99	9	effectively	effectively	ADV
cjfa-20693	99	10	reduce	reduce	VERB
cjfa-20693	99	11	the	the	DET
cjfa-20693	99	12	agency	agency	NOUN
cjfa-20693	99	13	cost	cost	NOUN
cjfa-20693	99	14	of	of	ADP
cjfa-20693	99	15	listed	list	VERB
cjfa-20693	99	16	companies	company	NOUN
cjfa-20693	99	17	?	?	PUNCT
cjfa-20693	100	1	on	on	ADP
cjfa-20693	100	2	the	the	DET
cjfa-20693	100	3	one	one	NUM
cjfa-20693	100	4	hand	hand	NOUN
cjfa-20693	100	5	,	,	PUNCT
cjfa-20693	100	6	as	as	ADP
cjfa-20693	100	7	a	a	DET
cjfa-20693	100	8	rational	rational	ADJ
cjfa-20693	100	9	economic	economic	ADJ
cjfa-20693	100	10	man	man	NOUN
cjfa-20693	100	11	,	,	PUNCT
cjfa-20693	100	12	the	the	DET
cjfa-20693	100	13	motivation	motivation	NOUN
cjfa-20693	100	14	of	of	ADP
cjfa-20693	100	15	manager	manager	NOUN
cjfa-20693	100	16	opportunistic	opportunistic	ADJ
cjfa-20693	100	17	behavior	behavior	NOUN
cjfa-20693	100	18	is	be	AUX
cjfa-20693	100	19	beyond	beyond	ADP
cjfa-20693	100	20	doubt	doubt	NOUN
cjfa-20693	100	21	.	.	PUNCT
cjfa-20693	101	1	they	they	PRON
cjfa-20693	101	2	often	often	ADV
cjfa-20693	101	3	use	use	VERB
cjfa-20693	101	4	various	various	ADJ
cjfa-20693	101	5	moral	moral	ADJ
cjfa-20693	101	6	hazard	hazard	NOUN
cjfa-20693	101	7	behaviors	behavior	NOUN
cjfa-20693	101	8	to	to	PART
cjfa-20693	101	9	increase	increase	VERB
cjfa-20693	101	10	private	private	ADJ
cjfa-20693	101	11	benefits	benefit	NOUN
cjfa-20693	101	12	.	.	PUNCT
cjfa-20693	102	1	therefore	therefore	ADV
cjfa-20693	102	2	,	,	PUNCT
cjfa-20693	102	3	only	only	ADV
cjfa-20693	102	4	by	by	ADP
cjfa-20693	102	5	adopting	adopt	VERB
cjfa-20693	102	6	high	high	ADJ
cjfa-20693	102	7	-	-	PUNCT
cjfa-20693	102	8	pressure	pressure	NOUN
cjfa-20693	102	9	measures	measure	NOUN
cjfa-20693	102	10	such	such	ADJ
cjfa-20693	102	11	as	as	ADP
cjfa-20693	102	12	mandatory	mandatory	ADJ
cjfa-20693	102	13	dividend	dividend	NOUN
cjfa-20693	102	14	policy	policy	NOUN
cjfa-20693	102	15	to	to	PART
cjfa-20693	102	16	overcome	overcome	VERB
cjfa-20693	102	17	the	the	DET
cjfa-20693	102	18	opportunistic	opportunistic	ADJ
cjfa-20693	102	19	behavior	behavior	NOUN
cjfa-20693	102	20	of	of	ADP
cjfa-20693	102	21	executives	executive	NOUN
cjfa-20693	102	22	,	,	PUNCT
cjfa-20693	102	23	can	can	AUX
cjfa-20693	102	24	the	the	DET
cjfa-20693	102	25	agency	agency	NOUN
cjfa-20693	102	26	cost	cost	NOUN
cjfa-20693	102	27	of	of	ADP
cjfa-20693	102	28	listed	list	VERB
cjfa-20693	102	29	companies	company	NOUN
cjfa-20693	102	30	be	be	AUX
cjfa-20693	102	31	significantly	significantly	ADV
cjfa-20693	102	32	reduced	reduce	VERB
cjfa-20693	102	33	.	.	PUNCT
cjfa-20693	103	1	first	first	ADV
cjfa-20693	103	2	of	of	ADP
cjfa-20693	103	3	all	all	PRON
cjfa-20693	103	4	,	,	PUNCT
cjfa-20693	103	5	because	because	SCONJ
cjfa-20693	103	6	the	the	DET
cjfa-20693	103	7	efforts	effort	NOUN
cjfa-20693	103	8	of	of	ADP
cjfa-20693	103	9	executives	executive	NOUN
cjfa-20693	103	10	could	could	AUX
cjfa-20693	103	11	not	not	PART
cjfa-20693	103	12	be	be	AUX
cjfa-20693	103	13	effectively	effectively	ADV
cjfa-20693	103	14	monitored	monitor	VERB
cjfa-20693	103	15	,	,	PUNCT
cjfa-20693	103	16	if	if	SCONJ
cjfa-20693	103	17	the	the	DET
cjfa-20693	103	18	salary	salary	NOUN
cjfa-20693	103	19	of	of	ADP
cjfa-20693	103	20	executives	executive	NOUN
cjfa-20693	103	21	would	would	AUX
cjfa-20693	103	22	not	not	PART
cjfa-20693	103	23	compensate	compensate	VERB
cjfa-20693	103	24	for	for	ADP
cjfa-20693	103	25	the	the	DET
cjfa-20693	103	26	negative	negative	ADJ
cjfa-20693	103	27	effects	effect	NOUN
cjfa-20693	103	28	brought	bring	VERB
cjfa-20693	103	29	by	by	ADP
cjfa-20693	103	30	the	the	DET
cjfa-20693	103	31	pursuit	pursuit	NOUN
cjfa-20693	103	32	of	of	ADP
cjfa-20693	103	33	maximizing	maximize	VERB
cjfa-20693	103	34	shareholders	shareholder	NOUN
cjfa-20693	103	35	’	'	PUNCT
cjfa-20693	103	36	interests	interest	NOUN
cjfa-20693	103	37	,	,	PUNCT
cjfa-20693	103	38	then	then	ADV
cjfa-20693	103	39	there	there	PRON
cjfa-20693	103	40	will	will	AUX
cjfa-20693	103	41	be	be	AUX
cjfa-20693	103	42	inevitable	inevitable	ADJ
cjfa-20693	103	43	opportunistic	opportunistic	ADJ
cjfa-20693	103	44	behavior	behavior	NOUN
cjfa-20693	103	45	of	of	ADP
cjfa-20693	103	46	executives	executive	NOUN
cjfa-20693	103	47	,	,	PUNCT
cjfa-20693	103	48	either	either	CCONJ
cjfa-20693	103	49	not	not	PART
cjfa-20693	103	50	working	work	VERB
cjfa-20693	103	51	hard	hard	ADV
cjfa-20693	103	52	and	and	CCONJ
cjfa-20693	103	53	shirking	shirk	VERB
cjfa-20693	103	54	responsibility	responsibility	NOUN
cjfa-20693	103	55	,	,	PUNCT
cjfa-20693	103	56	or	or	CCONJ
cjfa-20693	103	57	working	work	VERB
cjfa-20693	103	58	hard	hard	ADV
cjfa-20693	103	59	to	to	PART
cjfa-20693	103	60	turn	turn	VERB
cjfa-20693	103	61	the	the	DET
cjfa-20693	103	62	surplus	surplus	NOUN
cjfa-20693	103	63	of	of	ADP
cjfa-20693	103	64	enterprises	enterprise	NOUN
cjfa-20693	103	65	into	into	ADP
cjfa-20693	103	66	private	private	ADJ
cjfa-20693	103	67	benefits	benefit	NOUN
cjfa-20693	103	68	.	.	PUNCT
cjfa-20693	104	1	specifically	specifically	ADV
cjfa-20693	104	2	,	,	PUNCT
cjfa-20693	104	3	according	accord	VERB
cjfa-20693	104	4	to	to	ADP
cjfa-20693	104	5	feng	feng	PROPN
cjfa-20693	104	6	genfu	genfu	PROPN
cjfa-20693	104	7	and	and	CCONJ
cjfa-20693	104	8	zhao	zhao	PROPN
cjfa-20693	104	9	juehang	juehang	PROPN
cjfa-20693	104	10	(	(	PUNCT
cjfa-20693	104	11	2012	2012	NUM
cjfa-20693	104	12	)	)	PUNCT
cjfa-20693	104	13	,	,	PUNCT
cjfa-20693	104	14	executives	executive	NOUN
cjfa-20693	104	15	pursue	pursue	VERB
cjfa-20693	104	16	private	private	ADJ
cjfa-20693	104	17	gains	gain	NOUN
cjfa-20693	104	18	mainly	mainly	ADV
cjfa-20693	104	19	through	through	ADP
cjfa-20693	104	20	on	on	ADP
cjfa-20693	104	21	-	-	PUNCT
cjfa-20693	104	22	the	the	DET
cjfa-20693	104	23	-	-	PUNCT
cjfa-20693	104	24	job	job	NOUN
cjfa-20693	104	25	consumption	consumption	NOUN
cjfa-20693	104	26	,	,	PUNCT
cjfa-20693	104	27	affiliated	affiliate	VERB
cjfa-20693	104	28	transactions	transaction	NOUN
cjfa-20693	104	29	,	,	PUNCT
cjfa-20693	104	30	over	over	ADP
cjfa-20693	104	31	-	-	PUNCT
cjfa-20693	104	32	investment	investment	NOUN
cjfa-20693	104	33	for	for	ADP
cjfa-20693	104	34	performance	performance	NOUN
cjfa-20693	104	35	or	or	CCONJ
cjfa-20693	104	36	projects	project	NOUN
cjfa-20693	104	37	with	with	ADP
cjfa-20693	104	38	negative	negative	ADJ
cjfa-20693	104	39	net	net	ADJ
cjfa-20693	104	40	present	present	ADJ
cjfa-20693	104	41	value	value	NOUN
cjfa-20693	104	42	.	.	PUNCT
cjfa-20693	105	1	on	on	ADP
cjfa-20693	105	2	-	-	PUNCT
cjfa-20693	105	3	the	the	DET
cjfa-20693	105	4	-	-	PUNCT
cjfa-20693	105	5	job	job	NOUN
cjfa-20693	105	6	consumption	consumption	NOUN
cjfa-20693	105	7	is	be	AUX
cjfa-20693	105	8	a	a	DET
cjfa-20693	105	9	kind	kind	NOUN
cjfa-20693	105	10	of	of	ADP
cjfa-20693	105	11	expenditure	expenditure	NOUN
cjfa-20693	105	12	paid	pay	VERB
cjfa-20693	105	13	by	by	ADP
cjfa-20693	105	14	enterprises	enterprise	NOUN
cjfa-20693	105	15	that	that	PRON
cjfa-20693	105	16	does	do	AUX
cjfa-20693	105	17	not	not	PART
cjfa-20693	105	18	increase	increase	VERB
cjfa-20693	105	19	the	the	DET
cjfa-20693	105	20	actual	actual	ADJ
cjfa-20693	105	21	value	value	NOUN
cjfa-20693	105	22	of	of	ADP
cjfa-20693	105	23	the	the	DET
cjfa-20693	105	24	company	company	NOUN
cjfa-20693	105	25	for	for	SCONJ
cjfa-20693	105	26	managers	manager	NOUN
cjfa-20693	105	27	to	to	PART
cjfa-20693	105	28	increase	increase	VERB
cjfa-20693	105	29	their	their	PRON
cjfa-20693	105	30	own	own	ADJ
cjfa-20693	105	31	utility	utility	NOUN
cjfa-20693	105	32	,	,	PUNCT
cjfa-20693	105	33	such	such	ADJ
cjfa-20693	105	34	as	as	ADP
cjfa-20693	105	35	buying	buy	VERB
cjfa-20693	105	36	luxury	luxury	NOUN
cjfa-20693	105	37	cars	car	NOUN
cjfa-20693	105	38	,	,	PUNCT
cjfa-20693	105	39	entertainment	entertainment	NOUN
cjfa-20693	105	40	consumption	consumption	NOUN
cjfa-20693	105	41	,	,	PUNCT
cjfa-20693	105	42	luxury	luxury	NOUN
cjfa-20693	105	43	decoration	decoration	NOUN
cjfa-20693	105	44	of	of	ADP
cjfa-20693	105	45	office	office	NOUN
cjfa-20693	105	46	space	space	NOUN
cjfa-20693	105	47	,	,	PUNCT
cjfa-20693	105	48	etc	etc	X
cjfa-20693	105	49	.	.	X
cjfa-20693	106	1	obviously	obviously	ADV
cjfa-20693	106	2	,	,	PUNCT
cjfa-20693	106	3	the	the	DET
cjfa-20693	106	4	increase	increase	NOUN
cjfa-20693	106	5	of	of	ADP
cjfa-20693	106	6	on	on	ADP
cjfa-20693	106	7	-	-	PUNCT
cjfa-20693	106	8	the	the	DET
cjfa-20693	106	9	-	-	PUNCT
cjfa-20693	106	10	job	job	NOUN
cjfa-20693	106	11	consumption	consumption	NOUN
cjfa-20693	106	12	will	will	AUX
cjfa-20693	106	13	inevitably	inevitably	ADV
cjfa-20693	106	14	increase	increase	VERB
cjfa-20693	106	15	agency	agency	NOUN
cjfa-20693	106	16	costs	cost	NOUN
cjfa-20693	106	17	.	.	PUNCT
cjfa-20693	107	1	zhang	zhang	PROPN
cjfa-20693	107	2	lili	lili	PROPN
cjfa-20693	107	3	(	(	PUNCT
cjfa-20693	107	4	2018	2018	NUM
cjfa-20693	107	5	)	)	PUNCT
cjfa-20693	107	6	said	say	VERB
cjfa-20693	107	7	that	that	SCONJ
cjfa-20693	107	8	affiliated	affiliated	ADJ
cjfa-20693	107	9	transaction	transaction	NOUN
cjfa-20693	107	10	is	be	AUX
cjfa-20693	107	11	not	not	PART
cjfa-20693	107	12	only	only	ADV
cjfa-20693	107	13	an	an	DET
cjfa-20693	107	14	important	important	ADJ
cjfa-20693	107	15	means	mean	NOUN
cjfa-20693	107	16	for	for	SCONJ
cjfa-20693	107	17	major	major	ADJ
cjfa-20693	107	18	shareholders	shareholder	NOUN
cjfa-20693	107	19	to	to	PART
cjfa-20693	107	20	embezzle	embezzle	VERB
cjfa-20693	107	21	the	the	DET
cjfa-20693	107	22	interests	interest	NOUN
cjfa-20693	107	23	of	of	ADP
cjfa-20693	107	24	listed	list	VERB
cjfa-20693	107	25	companies	company	NOUN
cjfa-20693	107	26	,	,	PUNCT
cjfa-20693	107	27	but	but	CCONJ
cjfa-20693	107	28	also	also	ADV
cjfa-20693	107	29	that	that	PRON
cjfa-20693	107	30	can	can	AUX
cjfa-20693	107	31	mandatory	mandatory	ADJ
cjfa-20693	107	32	dividend	dividend	NOUN
cjfa-20693	107	33	policy	policy	NOUN
cjfa-20693	107	34	reduce	reduce	VERB
cjfa-20693	107	35	…	…	PUNCT
cjfa-20693	107	36	67	67	NUM
cjfa-20693	107	37	according	accord	VERB
cjfa-20693	107	38	to	to	ADP
cjfa-20693	107	39	shi	shi	PROPN
cjfa-20693	107	40	yong	yong	PROPN
cjfa-20693	107	41	and	and	CCONJ
cjfa-20693	107	42	li	li	PROPN
cjfa-20693	107	43	sihao	sihao	PROPN
cjfa-20693	107	44	(	(	PUNCT
cjfa-20693	107	45	2018	2018	NUM
cjfa-20693	107	46	)	)	PUNCT
cjfa-20693	107	47	,	,	PUNCT
cjfa-20693	107	48	its	its	PRON
cjfa-20693	107	49	tunneling	tunneling	NOUN
cjfa-20693	107	50	effect	effect	NOUN
cjfa-20693	107	51	will	will	AUX
cjfa-20693	107	52	significantly	significantly	ADV
cjfa-20693	107	53	increase	increase	VERB
cjfa-20693	107	54	the	the	DET
cjfa-20693	107	55	risk	risk	NOUN
cjfa-20693	107	56	of	of	ADP
cjfa-20693	107	57	stock	stock	NOUN
cjfa-20693	107	58	price	price	NOUN
cjfa-20693	107	59	crash	crash	NOUN
cjfa-20693	107	60	.	.	PUNCT
cjfa-20693	108	1	over	over	ADP
cjfa-20693	108	2	-	-	PUNCT
cjfa-20693	108	3	investment	investment	NOUN
cjfa-20693	108	4	means	mean	VERB
cjfa-20693	108	5	that	that	SCONJ
cjfa-20693	108	6	the	the	DET
cjfa-20693	108	7	cash	cash	NOUN
cjfa-20693	108	8	flow	flow	NOUN
cjfa-20693	108	9	managers	manager	NOUN
cjfa-20693	108	10	have	have	AUX
cjfa-20693	108	11	in	in	ADP
cjfa-20693	108	12	their	their	PRON
cjfa-20693	108	13	hands	hand	NOUN
cjfa-20693	108	14	is	be	AUX
cjfa-20693	108	15	not	not	PART
cjfa-20693	108	16	the	the	DET
cjfa-20693	108	17	best	good	ADJ
cjfa-20693	108	18	investment	investment	NOUN
cjfa-20693	108	19	project	project	NOUN
cjfa-20693	108	20	.	.	PUNCT
cjfa-20693	109	1	liu	liu	PROPN
cjfa-20693	109	2	yinguo	yinguo	PROPN
cjfa-20693	109	3	(	(	PUNCT
cjfa-20693	109	4	2008	2008	NUM
cjfa-20693	109	5	)	)	PUNCT
cjfa-20693	109	6	found	find	VERB
cjfa-20693	109	7	that	that	SCONJ
cjfa-20693	109	8	when	when	SCONJ
cjfa-20693	109	9	companies	company	NOUN
cjfa-20693	109	10	pay	pay	VERB
cjfa-20693	109	11	cash	cash	NOUN
cjfa-20693	109	12	dividends	dividend	NOUN
cjfa-20693	109	13	,	,	PUNCT
cjfa-20693	109	14	they	they	PRON
cjfa-20693	109	15	will	will	AUX
cjfa-20693	109	16	reduce	reduce	VERB
cjfa-20693	109	17	the	the	DET
cjfa-20693	109	18	resources	resource	NOUN
cjfa-20693	109	19	that	that	PRON
cjfa-20693	109	20	executives	executive	NOUN
cjfa-20693	109	21	can	can	AUX
cjfa-20693	109	22	control	control	VERB
cjfa-20693	109	23	.	.	PUNCT
cjfa-20693	110	1	then	then	ADV
cjfa-20693	110	2	executives	executive	NOUN
cjfa-20693	110	3	will	will	AUX
cjfa-20693	110	4	choose	choose	VERB
cjfa-20693	110	5	between	between	ADP
cjfa-20693	110	6	expanding	expand	VERB
cjfa-20693	110	7	the	the	DET
cjfa-20693	110	8	size	size	NOUN
cjfa-20693	110	9	of	of	ADP
cjfa-20693	110	10	enterprises	enterprise	NOUN
cjfa-20693	110	11	and	and	CCONJ
cjfa-20693	110	12	cash	cash	NOUN
cjfa-20693	110	13	dividends	dividend	NOUN
cjfa-20693	110	14	,	,	PUNCT
cjfa-20693	110	15	and	and	CCONJ
cjfa-20693	110	16	they	they	PRON
cjfa-20693	110	17	will	will	AUX
cjfa-20693	110	18	choose	choose	VERB
cjfa-20693	110	19	to	to	PART
cjfa-20693	110	20	continue	continue	VERB
cjfa-20693	110	21	to	to	PART
cjfa-20693	110	22	expand	expand	VERB
cjfa-20693	110	23	the	the	DET
cjfa-20693	110	24	size	size	NOUN
cjfa-20693	110	25	of	of	ADP
cjfa-20693	110	26	enterprises	enterprise	NOUN
cjfa-20693	110	27	.	.	PUNCT
cjfa-20693	111	1	at	at	ADP
cjfa-20693	111	2	this	this	DET
cjfa-20693	111	3	time	time	NOUN
cjfa-20693	111	4	,	,	PUNCT
cjfa-20693	111	5	there	there	PRON
cjfa-20693	111	6	is	be	VERB
cjfa-20693	111	7	an	an	DET
cjfa-20693	111	8	over	over	ADP
cjfa-20693	111	9	-	-	PUNCT
cjfa-20693	111	10	investment	investment	NOUN
cjfa-20693	111	11	phenomenon	phenomenon	NOUN
cjfa-20693	111	12	.	.	PUNCT
cjfa-20693	112	1	secondly	secondly	ADV
cjfa-20693	112	2	,	,	PUNCT
cjfa-20693	112	3	if	if	SCONJ
cjfa-20693	112	4	we	we	PRON
cjfa-20693	112	5	adopt	adopt	VERB
cjfa-20693	112	6	mandatory	mandatory	ADJ
cjfa-20693	112	7	dividend	dividend	NOUN
cjfa-20693	112	8	policy	policy	NOUN
cjfa-20693	112	9	,	,	PUNCT
cjfa-20693	112	10	we	we	PRON
cjfa-20693	112	11	can	can	AUX
cjfa-20693	112	12	re	re	VERB
cjfa-20693	112	13	-	-	VERB
cjfa-20693	112	14	establish	establish	VERB
cjfa-20693	112	15	an	an	DET
cjfa-20693	112	16	incentive	incentive	NOUN
cjfa-20693	112	17	and	and	CCONJ
cjfa-20693	112	18	restraint	restraint	NOUN
cjfa-20693	112	19	mechanism	mechanism	NOUN
cjfa-20693	112	20	between	between	ADP
cjfa-20693	112	21	shareholders	shareholder	NOUN
cjfa-20693	112	22	and	and	CCONJ
cjfa-20693	112	23	executives	executive	NOUN
cjfa-20693	112	24	,	,	PUNCT
cjfa-20693	112	25	and	and	CCONJ
cjfa-20693	112	26	force	force	VERB
cjfa-20693	112	27	executives	executive	NOUN
cjfa-20693	112	28	to	to	PART
cjfa-20693	112	29	work	work	VERB
cjfa-20693	112	30	hard	hard	ADV
cjfa-20693	112	31	to	to	PART
cjfa-20693	112	32	maximize	maximize	VERB
cjfa-20693	112	33	their	their	PRON
cjfa-20693	112	34	personal	personal	ADJ
cjfa-20693	112	35	utility	utility	NOUN
cjfa-20693	112	36	,	,	PUNCT
cjfa-20693	112	37	so	so	SCONJ
cjfa-20693	112	38	as	as	SCONJ
cjfa-20693	112	39	to	to	PART
cjfa-20693	112	40	achieve	achieve	VERB
cjfa-20693	112	41	the	the	DET
cjfa-20693	112	42	goal	goal	NOUN
cjfa-20693	112	43	of	of	ADP
cjfa-20693	112	44	reducing	reduce	VERB
cjfa-20693	112	45	agency	agency	NOUN
cjfa-20693	112	46	costs	cost	NOUN
cjfa-20693	112	47	.	.	PUNCT
cjfa-20693	113	1	yang	yang	PROPN
cjfa-20693	113	2	yi	yi	PROPN
cjfa-20693	113	3	and	and	CCONJ
cjfa-20693	113	4	shen	shen	PROPN
cjfa-20693	113	5	yifeng	yifeng	PROPN
cjfa-20693	113	6	(	(	PUNCT
cjfa-20693	113	7	2004	2004	NUM
cjfa-20693	113	8	)	)	PUNCT
cjfa-20693	113	9	found	find	VERB
cjfa-20693	113	10	that	that	SCONJ
cjfa-20693	113	11	cash	cash	NOUN
cjfa-20693	113	12	dividends	dividend	NOUN
cjfa-20693	113	13	reduce	reduce	VERB
cjfa-20693	113	14	the	the	DET
cjfa-20693	113	15	disposable	disposable	ADJ
cjfa-20693	113	16	cash	cash	NOUN
cjfa-20693	113	17	of	of	ADP
cjfa-20693	113	18	enterprises	enterprise	NOUN
cjfa-20693	113	19	.	.	PUNCT
cjfa-20693	114	1	if	if	SCONJ
cjfa-20693	114	2	enterprises	enterprise	NOUN
cjfa-20693	114	3	need	need	VERB
cjfa-20693	114	4	to	to	PART
cjfa-20693	114	5	invest	invest	VERB
cjfa-20693	114	6	at	at	ADP
cjfa-20693	114	7	this	this	DET
cjfa-20693	114	8	time	time	NOUN
cjfa-20693	114	9	,	,	PUNCT
cjfa-20693	114	10	they	they	PRON
cjfa-20693	114	11	will	will	AUX
cjfa-20693	114	12	introduce	introduce	VERB
cjfa-20693	114	13	third	third	ADJ
cjfa-20693	114	14	-	-	PUNCT
cjfa-20693	114	15	party	party	NOUN
cjfa-20693	114	16	supervision	supervision	NOUN
cjfa-20693	114	17	,	,	PUNCT
cjfa-20693	114	18	and	and	CCONJ
cjfa-20693	114	19	the	the	DET
cjfa-20693	114	20	company	company	NOUN
cjfa-20693	114	21	’s	’s	PART
cjfa-20693	114	22	low	low	ADJ
cjfa-20693	114	23	agency	agency	NOUN
cjfa-20693	114	24	costs	cost	NOUN
cjfa-20693	114	25	will	will	AUX
cjfa-20693	114	26	naturally	naturally	ADV
cjfa-20693	114	27	be	be	AUX
cjfa-20693	114	28	reduced	reduce	VERB
cjfa-20693	114	29	.	.	PUNCT
cjfa-20693	115	1	according	accord	VERB
cjfa-20693	115	2	to	to	ADP
cjfa-20693	115	3	yang	yang	PROPN
cjfa-20693	115	4	bao	bao	PROPN
cjfa-20693	115	5	and	and	CCONJ
cjfa-20693	115	6	yuan	yuan	PROPN
cjfa-20693	115	7	tianrong	tianrong	PROPN
cjfa-20693	115	8	(	(	PUNCT
cjfa-20693	115	9	2014	2014	NUM
cjfa-20693	115	10	)	)	PUNCT
cjfa-20693	115	11	,	,	PUNCT
cjfa-20693	115	12	institutional	institutional	ADJ
cjfa-20693	115	13	investors	investor	NOUN
cjfa-20693	115	14	can	can	AUX
cjfa-20693	115	15	alleviate	alleviate	VERB
cjfa-20693	115	16	the	the	DET
cjfa-20693	115	17	first	first	ADJ
cjfa-20693	115	18	kind	kind	NOUN
cjfa-20693	115	19	of	of	ADP
cjfa-20693	115	20	agency	agency	NOUN
cjfa-20693	115	21	costs	cost	NOUN
cjfa-20693	115	22	between	between	ADP
cjfa-20693	115	23	managers	manager	NOUN
cjfa-20693	115	24	and	and	CCONJ
cjfa-20693	115	25	shareholders	shareholder	NOUN
cjfa-20693	115	26	in	in	ADP
cjfa-20693	115	27	decentralized	decentralized	ADJ
cjfa-20693	115	28	companies	company	NOUN
cjfa-20693	115	29	,	,	PUNCT
cjfa-20693	115	30	and	and	CCONJ
cjfa-20693	115	31	find	find	VERB
cjfa-20693	115	32	that	that	SCONJ
cjfa-20693	115	33	listed	list	VERB
cjfa-20693	115	34	companies	company	NOUN
cjfa-20693	115	35	reduce	reduce	VERB
cjfa-20693	115	36	the	the	DET
cjfa-20693	115	37	abuse	abuse	NOUN
cjfa-20693	115	38	of	of	ADP
cjfa-20693	115	39	cash	cash	NOUN
cjfa-20693	115	40	flow	flow	NOUN
cjfa-20693	115	41	by	by	ADP
cjfa-20693	115	42	managers	manager	NOUN
cjfa-20693	115	43	through	through	ADP
cjfa-20693	115	44	cash	cash	NOUN
cjfa-20693	115	45	dividends	dividend	NOUN
cjfa-20693	115	46	,	,	PUNCT
cjfa-20693	115	47	and	and	CCONJ
cjfa-20693	115	48	also	also	ADV
cjfa-20693	115	49	reduce	reduce	VERB
cjfa-20693	115	50	agency	agency	NOUN
cjfa-20693	115	51	costs	cost	NOUN
cjfa-20693	115	52	.	.	PUNCT
cjfa-20693	116	1	hu	hu	PROPN
cjfa-20693	116	2	yaoting	yaoting	PROPN
cjfa-20693	116	3	and	and	CCONJ
cjfa-20693	116	4	mahong	mahong	PROPN
cjfa-20693	116	5	(	(	PUNCT
cjfa-20693	116	6	2017	2017	NUM
cjfa-20693	116	7	)	)	PUNCT
cjfa-20693	116	8	found	find	VERB
cjfa-20693	116	9	that	that	SCONJ
cjfa-20693	116	10	the	the	DET
cjfa-20693	116	11	difference	difference	NOUN
cjfa-20693	116	12	of	of	ADP
cjfa-20693	116	13	agency	agency	NOUN
cjfa-20693	116	14	cost	cost	NOUN
cjfa-20693	116	15	would	would	AUX
cjfa-20693	116	16	affect	affect	VERB
cjfa-20693	116	17	the	the	DET
cjfa-20693	116	18	relationship	relationship	NOUN
cjfa-20693	116	19	between	between	ADP
cjfa-20693	116	20	cash	cash	NOUN
cjfa-20693	116	21	dividend	dividend	NOUN
cjfa-20693	116	22	and	and	CCONJ
cjfa-20693	116	23	corporate	corporate	ADJ
cjfa-20693	116	24	value	value	NOUN
cjfa-20693	116	25	.	.	PUNCT
cjfa-20693	117	1	if	if	SCONJ
cjfa-20693	117	2	the	the	DET
cjfa-20693	117	3	internal	internal	ADJ
cjfa-20693	117	4	governance	governance	NOUN
cjfa-20693	117	5	mechanism	mechanism	NOUN
cjfa-20693	117	6	of	of	ADP
cjfa-20693	117	7	the	the	DET
cjfa-20693	117	8	company	company	NOUN
cjfa-20693	117	9	is	be	AUX
cjfa-20693	117	10	relatively	relatively	ADV
cjfa-20693	117	11	perfect	perfect	ADJ
cjfa-20693	117	12	,	,	PUNCT
cjfa-20693	117	13	the	the	DET
cjfa-20693	117	14	role	role	NOUN
cjfa-20693	117	15	of	of	ADP
cjfa-20693	117	16	cash	cash	NOUN
cjfa-20693	117	17	dividend	dividend	NOUN
cjfa-20693	117	18	in	in	ADP
cjfa-20693	117	19	reducing	reduce	VERB
cjfa-20693	117	20	agency	agency	NOUN
cjfa-20693	117	21	cost	cost	NOUN
cjfa-20693	117	22	will	will	AUX
cjfa-20693	117	23	be	be	AUX
cjfa-20693	117	24	greatly	greatly	ADV
cjfa-20693	117	25	reduced	reduce	VERB
cjfa-20693	117	26	.	.	PUNCT
cjfa-20693	118	1	active	active	ADJ
cjfa-20693	118	2	cash	cash	NOUN
cjfa-20693	118	3	dividend	dividend	NOUN
cjfa-20693	118	4	issuance	issuance	NOUN
cjfa-20693	118	5	by	by	ADP
cjfa-20693	118	6	listed	list	VERB
cjfa-20693	118	7	companies	company	NOUN
cjfa-20693	118	8	is	be	AUX
cjfa-20693	118	9	positively	positively	ADV
cjfa-20693	118	10	related	relate	VERB
cjfa-20693	118	11	to	to	ADP
cjfa-20693	118	12	corporate	corporate	ADJ
cjfa-20693	118	13	value	value	NOUN
cjfa-20693	118	14	,	,	PUNCT
cjfa-20693	118	15	but	but	CCONJ
cjfa-20693	118	16	passive	passive	ADJ
cjfa-20693	118	17	cash	cash	NOUN
cjfa-20693	118	18	welfare	welfare	NOUN
cjfa-20693	118	19	issuance	issuance	NOUN
cjfa-20693	118	20	is	be	AUX
cjfa-20693	118	21	not	not	PART
cjfa-20693	118	22	.	.	PUNCT
cjfa-20693	119	1	generally	generally	ADV
cjfa-20693	119	2	speaking	speak	VERB
cjfa-20693	119	3	,	,	PUNCT
cjfa-20693	119	4	although	although	SCONJ
cjfa-20693	119	5	executives	executive	NOUN
cjfa-20693	119	6	have	have	VERB
cjfa-20693	119	7	a	a	DET
cjfa-20693	119	8	strong	strong	ADJ
cjfa-20693	119	9	motivation	motivation	NOUN
cjfa-20693	119	10	to	to	PART
cjfa-20693	119	11	pursue	pursue	VERB
cjfa-20693	119	12	private	private	ADJ
cjfa-20693	119	13	benefits	benefit	NOUN
cjfa-20693	119	14	,	,	PUNCT
cjfa-20693	119	15	the	the	DET
cjfa-20693	119	16	mandatory	mandatory	ADJ
cjfa-20693	119	17	dividend	dividend	NOUN
cjfa-20693	119	18	policy	policy	NOUN
cjfa-20693	119	19	can	can	AUX
cjfa-20693	119	20	impose	impose	VERB
cjfa-20693	119	21	a	a	DET
cjfa-20693	119	22	hard	hard	ADJ
cjfa-20693	119	23	constraint	constraint	NOUN
cjfa-20693	119	24	on	on	ADP
cjfa-20693	119	25	this	this	DET
cjfa-20693	119	26	opportunism	opportunism	NOUN
cjfa-20693	119	27	from	from	ADP
cjfa-20693	119	28	outside	outside	ADP
cjfa-20693	119	29	the	the	DET
cjfa-20693	119	30	company	company	NOUN
cjfa-20693	119	31	,	,	PUNCT
cjfa-20693	119	32	so	so	ADV
cjfa-20693	119	33	the	the	DET
cjfa-20693	119	34	agency	agency	NOUN
cjfa-20693	119	35	cost	cost	NOUN
cjfa-20693	119	36	of	of	ADP
cjfa-20693	119	37	the	the	DET
cjfa-20693	119	38	company	company	NOUN
cjfa-20693	119	39	will	will	AUX
cjfa-20693	119	40	be	be	AUX
cjfa-20693	119	41	reduced	reduce	VERB
cjfa-20693	119	42	.	.	PUNCT
cjfa-20693	120	1	on	on	ADP
cjfa-20693	120	2	the	the	DET
cjfa-20693	120	3	other	other	ADJ
cjfa-20693	120	4	hand	hand	NOUN
cjfa-20693	120	5	,	,	PUNCT
cjfa-20693	120	6	as	as	ADP
cjfa-20693	120	7	an	an	DET
cjfa-20693	120	8	external	external	ADJ
cjfa-20693	120	9	shock	shock	NOUN
cjfa-20693	120	10	,	,	PUNCT
cjfa-20693	120	11	the	the	DET
cjfa-20693	120	12	mandatory	mandatory	ADJ
cjfa-20693	120	13	dividend	dividend	NOUN
cjfa-20693	120	14	policy	policy	NOUN
cjfa-20693	120	15	not	not	PART
cjfa-20693	120	16	only	only	ADV
cjfa-20693	120	17	violates	violate	VERB
cjfa-20693	120	18	the	the	DET
cjfa-20693	120	19	internal	internal	ADJ
cjfa-20693	120	20	,	,	PUNCT
cjfa-20693	120	21	independent	independent	ADJ
cjfa-20693	120	22	,	,	PUNCT
cjfa-20693	120	23	free	free	ADJ
cjfa-20693	120	24	and	and	CCONJ
cjfa-20693	120	25	decentralized	decentralized	ADJ
cjfa-20693	120	26	decision	decision	NOUN
cjfa-20693	120	27	-	-	PUNCT
cjfa-20693	120	28	making	making	NOUN
cjfa-20693	120	29	will	will	NOUN
cjfa-20693	120	30	of	of	ADP
cjfa-20693	120	31	all	all	DET
cjfa-20693	120	32	listed	list	VERB
cjfa-20693	120	33	companies	company	NOUN
cjfa-20693	120	34	,	,	PUNCT
cjfa-20693	120	35	but	but	CCONJ
cjfa-20693	120	36	also	also	ADV
cjfa-20693	120	37	would	would	AUX
cjfa-20693	120	38	be	be	AUX
cjfa-20693	120	39	superfluous	superfluous	ADJ
cjfa-20693	120	40	.	.	PUNCT
cjfa-20693	121	1	for	for	ADP
cjfa-20693	121	2	those	those	DET
cjfa-20693	121	3	growing	grow	VERB
cjfa-20693	121	4	companies	company	NOUN
cjfa-20693	121	5	,	,	PUNCT
cjfa-20693	121	6	it	it	PRON
cjfa-20693	121	7	has	have	AUX
cjfa-20693	121	8	become	become	VERB
cjfa-20693	121	9	the	the	DET
cjfa-20693	121	10	burial	burial	ADJ
cjfa-20693	121	11	products	product	NOUN
cjfa-20693	121	12	of	of	ADP
cjfa-20693	121	13	the	the	DET
cjfa-20693	121	14	iron	iron	NOUN
cjfa-20693	121	15	rooster	rooster	NOUN
cjfa-20693	121	16	company	company	NOUN
cjfa-20693	121	17	.	.	PUNCT
cjfa-20693	122	1	therefore	therefore	ADV
cjfa-20693	122	2	,	,	PUNCT
cjfa-20693	122	3	these	these	DET
cjfa-20693	122	4	policies	policy	NOUN
cjfa-20693	122	5	will	will	AUX
cjfa-20693	122	6	inevitably	inevitably	ADV
cjfa-20693	122	7	encounter	encounter	VERB
cjfa-20693	122	8	various	various	ADJ
cjfa-20693	122	9	kinds	kind	NOUN
cjfa-20693	122	10	of	of	ADP
cjfa-20693	122	11	bright	bright	ADJ
cjfa-20693	122	12	or	or	CCONJ
cjfa-20693	122	13	dark	dark	ADJ
cjfa-20693	122	14	in	in	ADP
cjfa-20693	122	15	the	the	DET
cjfa-20693	122	16	process	process	NOUN
cjfa-20693	122	17	of	of	ADP
cjfa-20693	122	18	implementation	implementation	NOUN
cjfa-20693	122	19	.	.	PUNCT
cjfa-20693	123	1	negative	negative	ADJ
cjfa-20693	123	2	resistance	resistance	NOUN
cjfa-20693	123	3	leads	lead	VERB
cjfa-20693	123	4	to	to	ADP
cjfa-20693	123	5	unsatisfactory	unsatisfactory	ADJ
cjfa-20693	123	6	policy	policy	NOUN
cjfa-20693	123	7	results	result	NOUN
cjfa-20693	123	8	.	.	PUNCT
cjfa-20693	124	1	looking	look	VERB
cjfa-20693	124	2	back	back	ADV
cjfa-20693	124	3	on	on	ADP
cjfa-20693	124	4	the	the	DET
cjfa-20693	124	5	contemporary	contemporary	ADJ
cjfa-20693	124	6	financial	financial	ADJ
cjfa-20693	124	7	history	history	NOUN
cjfa-20693	124	8	,	,	PUNCT
cjfa-20693	124	9	it	it	PRON
cjfa-20693	124	10	is	be	AUX
cjfa-20693	124	11	not	not	PART
cjfa-20693	124	12	difficult	difficult	ADJ
cjfa-20693	124	13	to	to	PART
cjfa-20693	124	14	find	find	VERB
cjfa-20693	124	15	that	that	SCONJ
cjfa-20693	124	16	the	the	DET
cjfa-20693	124	17	semi	semi	ADJ
cjfa-20693	124	18	-	-	ADJ
cjfa-20693	124	19	mandatory	mandatory	ADJ
cjfa-20693	124	20	dividend	dividend	NOUN
cjfa-20693	124	21	policy	policy	NOUN
cjfa-20693	124	22	in	in	ADP
cjfa-20693	124	23	2008	2008	NUM
cjfa-20693	124	24	has	have	VERB
cjfa-20693	124	25	a	a	DET
cjfa-20693	124	26	very	very	ADV
cjfa-20693	124	27	limited	limited	ADJ
cjfa-20693	124	28	impact	impact	NOUN
cjfa-20693	124	29	on	on	ADP
cjfa-20693	124	30	the	the	DET
cjfa-20693	124	31	“	"	PUNCT
cjfa-20693	124	32	iron	iron	NOUN
cjfa-20693	124	33	cock	cock	NOUN
cjfa-20693	124	34	”	"	PUNCT
cjfa-20693	124	35	companies	company	NOUN
cjfa-20693	124	36	without	without	ADP
cjfa-20693	124	37	refinancing	refinance	VERB
cjfa-20693	124	38	motives	motive	NOUN
cjfa-20693	124	39	.	.	PUNCT
cjfa-20693	125	1	because	because	SCONJ
cjfa-20693	125	2	the	the	DET
cjfa-20693	125	3	semi	semi	ADJ
cjfa-20693	125	4	-	-	ADJ
cjfa-20693	125	5	mandatory	mandatory	ADJ
cjfa-20693	125	6	dividend	dividend	NOUN
cjfa-20693	125	7	policy	policy	NOUN
cjfa-20693	125	8	of	of	ADP
cjfa-20693	125	9	that	that	DET
cjfa-20693	125	10	year	year	NOUN
cjfa-20693	125	11	linked	link	VERB
cjfa-20693	125	12	the	the	DET
cjfa-20693	125	13	refinancing	refinance	VERB
cjfa-20693	125	14	qin	qin	PROPN
cjfa-20693	125	15	hailin	hailin	PROPN
cjfa-20693	125	16	,	,	PUNCT
cjfa-20693	125	17	zhang	zhang	PROPN
cjfa-20693	125	18	jingxu68	jingxu68	VERB
cjfa-20693	125	19	with	with	ADP
cjfa-20693	125	20	dividend	dividend	NOUN
cjfa-20693	125	21	dividend	dividend	NOUN
cjfa-20693	125	22	,	,	PUNCT
cjfa-20693	125	23	because	because	SCONJ
cjfa-20693	125	24	most	most	ADJ
cjfa-20693	125	25	of	of	ADP
cjfa-20693	125	26	the	the	DET
cjfa-20693	125	27	“	"	PUNCT
cjfa-20693	125	28	iron	iron	NOUN
cjfa-20693	125	29	cock	cock	NOUN
cjfa-20693	125	30	”	"	PUNCT
cjfa-20693	125	31	companies	company	NOUN
cjfa-20693	125	32	with	with	ADP
cjfa-20693	125	33	longterm	longterm	ADJ
cjfa-20693	125	34	profits	profit	NOUN
cjfa-20693	125	35	without	without	ADP
cjfa-20693	125	36	dividend	dividend	NOUN
cjfa-20693	125	37	have	have	VERB
cjfa-20693	125	38	no	no	DET
cjfa-20693	125	39	refinancing	refinance	VERB
cjfa-20693	125	40	motive	motive	NOUN
cjfa-20693	125	41	,	,	PUNCT
cjfa-20693	125	42	so	so	SCONJ
cjfa-20693	125	43	the	the	DET
cjfa-20693	125	44	semi	semi	ADJ
cjfa-20693	125	45	-	-	ADJ
cjfa-20693	125	46	mandatory	mandatory	ADJ
cjfa-20693	125	47	dividend	dividend	NOUN
cjfa-20693	125	48	policy	policy	NOUN
cjfa-20693	125	49	does	do	AUX
cjfa-20693	125	50	not	not	PART
cjfa-20693	125	51	have	have	VERB
cjfa-20693	125	52	an	an	DET
cjfa-20693	125	53	impact	impact	NOUN
cjfa-20693	125	54	on	on	ADP
cjfa-20693	125	55	it	it	PRON
cjfa-20693	125	56	.	.	PUNCT
cjfa-20693	126	1	liu	liu	PROPN
cjfa-20693	126	2	yinguo	yinguo	PROPN
cjfa-20693	126	3	,	,	PUNCT
cjfa-20693	126	4	zhang	zhang	PROPN
cjfa-20693	126	5	chen	chen	PROPN
cjfa-20693	126	6	and	and	CCONJ
cjfa-20693	126	7	ruan	ruan	PROPN
cjfa-20693	126	8	sumei	sumei	PROPN
cjfa-20693	126	9	(	(	PUNCT
cjfa-20693	126	10	2014	2014	NUM
cjfa-20693	126	11	)	)	PUNCT
cjfa-20693	126	12	found	find	VERB
cjfa-20693	126	13	that	that	SCONJ
cjfa-20693	126	14	the	the	DET
cjfa-20693	126	15	semi	semi	ADJ
cjfa-20693	126	16	-	-	ADJ
cjfa-20693	126	17	mandatory	mandatory	ADJ
cjfa-20693	126	18	dividend	dividend	NOUN
cjfa-20693	126	19	policy	policy	NOUN
cjfa-20693	126	20	can	can	AUX
cjfa-20693	126	21	restrain	restrain	VERB
cjfa-20693	126	22	the	the	DET
cjfa-20693	126	23	agency	agency	NOUN
cjfa-20693	126	24	costs	cost	NOUN
cjfa-20693	126	25	by	by	ADP
cjfa-20693	126	26	reducing	reduce	VERB
cjfa-20693	126	27	free	free	ADJ
cjfa-20693	126	28	cash	cash	NOUN
cjfa-20693	126	29	flow	flow	NOUN
cjfa-20693	126	30	,	,	PUNCT
cjfa-20693	126	31	and	and	CCONJ
cjfa-20693	126	32	also	also	ADV
cjfa-20693	126	33	found	find	VERB
cjfa-20693	126	34	that	that	SCONJ
cjfa-20693	126	35	the	the	DET
cjfa-20693	126	36	improvement	improvement	NOUN
cjfa-20693	126	37	of	of	ADP
cjfa-20693	126	38	corporate	corporate	ADJ
cjfa-20693	126	39	governance	governance	NOUN
cjfa-20693	126	40	level	level	NOUN
cjfa-20693	126	41	can	can	AUX
cjfa-20693	126	42	increase	increase	VERB
cjfa-20693	126	43	the	the	DET
cjfa-20693	126	44	willingness	willingness	NOUN
cjfa-20693	126	45	and	and	CCONJ
cjfa-20693	126	46	level	level	NOUN
cjfa-20693	126	47	of	of	ADP
cjfa-20693	126	48	dividend	dividend	NOUN
cjfa-20693	126	49	sharing	sharing	NOUN
cjfa-20693	126	50	.	.	PUNCT
cjfa-20693	127	1	wei	wei	PROPN
cjfa-20693	127	2	zhihua	zhihua	PROPN
cjfa-20693	127	3	,	,	PUNCT
cjfa-20693	127	4	li	li	PROPN
cjfa-20693	127	5	changqing	changqing	PROPN
cjfa-20693	127	6	and	and	CCONJ
cjfa-20693	127	7	li	li	PROPN
cjfa-20693	127	8	changqing	changqe	VERB
cjfa-20693	127	9	(	(	PUNCT
cjfa-20693	127	10	2014	2014	NUM
cjfa-20693	127	11	)	)	PUNCT
cjfa-20693	127	12	empirically	empirically	ADV
cjfa-20693	127	13	analyzed	analyze	VERB
cjfa-20693	127	14	the	the	DET
cjfa-20693	127	15	impact	impact	NOUN
cjfa-20693	127	16	of	of	ADP
cjfa-20693	127	17	semi	semi	ADJ
cjfa-20693	127	18	-	-	ADJ
cjfa-20693	127	19	mandatory	mandatory	ADJ
cjfa-20693	127	20	dividend	dividend	NOUN
cjfa-20693	127	21	policy	policy	NOUN
cjfa-20693	127	22	on	on	ADP
cjfa-20693	127	23	iron	iron	NOUN
cjfa-20693	127	24	cock	cock	NOUN
cjfa-20693	127	25	company	company	NOUN
cjfa-20693	127	26	,	,	PUNCT
cjfa-20693	127	27	and	and	CCONJ
cjfa-20693	127	28	found	find	VERB
cjfa-20693	127	29	that	that	SCONJ
cjfa-20693	127	30	the	the	DET
cjfa-20693	127	31	semi	semi	ADJ
cjfa-20693	127	32	-	-	ADJ
cjfa-20693	127	33	mandatory	mandatory	ADJ
cjfa-20693	127	34	dividend	dividend	NOUN
cjfa-20693	127	35	policy	policy	NOUN
cjfa-20693	127	36	could	could	AUX
cjfa-20693	127	37	not	not	PART
cjfa-20693	127	38	restrain	restrain	VERB
cjfa-20693	127	39	the	the	DET
cjfa-20693	127	40	dividend	dividend	NOUN
cjfa-20693	127	41	payout	payout	NOUN
cjfa-20693	127	42	of	of	ADP
cjfa-20693	127	43	iron	iron	NOUN
cjfa-20693	127	44	cock	cock	NOUN
cjfa-20693	127	45	company	company	NOUN
cjfa-20693	127	46	and	and	CCONJ
cjfa-20693	127	47	did	do	AUX
cjfa-20693	127	48	not	not	PART
cjfa-20693	127	49	reduce	reduce	VERB
cjfa-20693	127	50	the	the	DET
cjfa-20693	127	51	proportion	proportion	NOUN
cjfa-20693	127	52	of	of	ADP
cjfa-20693	127	53	iron	iron	NOUN
cjfa-20693	127	54	cock	cock	NOUN
cjfa-20693	127	55	company	company	NOUN
cjfa-20693	127	56	.	.	PUNCT
cjfa-20693	128	1	the	the	DET
cjfa-20693	128	2	dividend	dividend	NOUN
cjfa-20693	128	3	policy	policy	NOUN
cjfa-20693	128	4	of	of	ADP
cjfa-20693	128	5	chen	chen	PROPN
cjfa-20693	128	6	yan	yan	PROPN
cjfa-20693	128	7	,	,	PUNCT
cjfa-20693	128	8	li	li	PROPN
cjfa-20693	128	9	xin	xin	PROPN
cjfa-20693	128	10	and	and	CCONJ
cjfa-20693	128	11	li	li	PROPN
cjfa-20693	128	12	mengshun	mengshun	PROPN
cjfa-20693	128	13	(	(	PUNCT
cjfa-20693	128	14	2015	2015	NUM
cjfa-20693	128	15	)	)	PUNCT
cjfa-20693	128	16	has	have	AUX
cjfa-20693	128	17	changed	change	VERB
cjfa-20693	128	18	the	the	DET
cjfa-20693	128	19	current	current	ADJ
cjfa-20693	128	20	situation	situation	NOUN
cjfa-20693	128	21	that	that	PRON
cjfa-20693	128	22	listed	list	VERB
cjfa-20693	128	23	companies	company	NOUN
cjfa-20693	128	24	do	do	AUX
cjfa-20693	128	25	not	not	PART
cjfa-20693	128	26	pay	pay	VERB
cjfa-20693	128	27	dividends	dividend	NOUN
cjfa-20693	128	28	,	,	PUNCT
cjfa-20693	128	29	but	but	CCONJ
cjfa-20693	128	30	only	only	ADV
cjfa-20693	128	31	has	have	VERB
cjfa-20693	128	32	an	an	DET
cjfa-20693	128	33	impact	impact	NOUN
cjfa-20693	128	34	on	on	ADP
cjfa-20693	128	35	seo	seo	NOUN
cjfa-20693	128	36	enterprises	enterprise	NOUN
cjfa-20693	128	37	.	.	PUNCT
cjfa-20693	129	1	statistics	statistic	NOUN
cjfa-20693	129	2	by	by	ADP
cjfa-20693	129	3	wang	wang	PROPN
cjfa-20693	129	4	zhiqiang	zhiqiang	PROPN
cjfa-20693	129	5	and	and	CCONJ
cjfa-20693	129	6	zhang	zhang	PROPN
cjfa-20693	129	7	weiting	weiting	NOUN
cjfa-20693	129	8	(	(	PUNCT
cjfa-20693	129	9	2012	2012	NUM
cjfa-20693	129	10	)	)	PUNCT
cjfa-20693	129	11	show	show	VERB
cjfa-20693	129	12	that	that	SCONJ
cjfa-20693	129	13	although	although	SCONJ
cjfa-20693	129	14	the	the	DET
cjfa-20693	129	15	company	company	NOUN
cjfa-20693	129	16	’s	’s	PART
cjfa-20693	129	17	willingness	willingness	NOUN
cjfa-20693	129	18	to	to	PART
cjfa-20693	129	19	pay	pay	VERB
cjfa-20693	129	20	cash	cash	NOUN
cjfa-20693	129	21	has	have	AUX
cjfa-20693	129	22	increased	increase	VERB
cjfa-20693	129	23	,	,	PUNCT
cjfa-20693	129	24	it	it	PRON
cjfa-20693	129	25	does	do	AUX
cjfa-20693	129	26	not	not	PART
cjfa-20693	129	27	rule	rule	VERB
cjfa-20693	129	28	out	out	ADP
cjfa-20693	129	29	the	the	DET
cjfa-20693	129	30	suspicion	suspicion	NOUN
cjfa-20693	129	31	that	that	SCONJ
cjfa-20693	129	32	it	it	PRON
cjfa-20693	129	33	only	only	ADV
cjfa-20693	129	34	caters	cater	NOUN
cjfa-20693	129	35	to	to	ADP
cjfa-20693	129	36	the	the	DET
cjfa-20693	129	37	policy	policy	NOUN
cjfa-20693	129	38	.	.	PUNCT
cjfa-20693	130	1	yu	yu	PROPN
cjfa-20693	130	2	yan	yan	PROPN
cjfa-20693	130	3	and	and	CCONJ
cjfa-20693	130	4	wang	wang	PROPN
cjfa-20693	130	5	chunfei	chunfei	PROPN
cjfa-20693	130	6	(	(	PUNCT
cjfa-20693	130	7	2014	2014	NUM
cjfa-20693	130	8	)	)	PUNCT
cjfa-20693	130	9	found	find	VERB
cjfa-20693	130	10	that	that	SCONJ
cjfa-20693	130	11	for	for	ADP
cjfa-20693	130	12	listed	list	VERB
cjfa-20693	130	13	companies	company	NOUN
cjfa-20693	130	14	with	with	ADP
cjfa-20693	130	15	financing	financing	NOUN
cjfa-20693	130	16	needs	need	NOUN
cjfa-20693	130	17	,	,	PUNCT
cjfa-20693	130	18	semi	semi	ADJ
cjfa-20693	130	19	-	-	ADJ
cjfa-20693	130	20	mandatory	mandatory	ADJ
cjfa-20693	130	21	dividend	dividend	NOUN
cjfa-20693	130	22	would	would	AUX
cjfa-20693	130	23	increase	increase	VERB
cjfa-20693	130	24	their	their	PRON
cjfa-20693	130	25	dividend	dividend	NOUN
cjfa-20693	130	26	distribution	distribution	NOUN
cjfa-20693	130	27	.	.	PUNCT
cjfa-20693	131	1	wei	wei	PROPN
cjfa-20693	131	2	zhihua	zhihua	PROPN
cjfa-20693	131	3	,	,	PUNCT
cjfa-20693	131	4	li	li	PROPN
cjfa-20693	131	5	changqing	changqing	PROPN
cjfa-20693	131	6	,	,	PUNCT
cjfa-20693	131	7	wu	wu	PROPN
cjfa-20693	131	8	yuhui	yuhui	PROPN
cjfa-20693	131	9	and	and	CCONJ
cjfa-20693	131	10	huang	huang	PROPN
cjfa-20693	131	11	jiajia	jiajia	PROPN
cjfa-20693	131	12	(	(	PUNCT
cjfa-20693	131	13	2017	2017	NUM
cjfa-20693	131	14	)	)	PUNCT
cjfa-20693	131	15	verified	verify	VERB
cjfa-20693	131	16	that	that	SCONJ
cjfa-20693	131	17	the	the	DET
cjfa-20693	131	18	semi	semi	ADJ
cjfa-20693	131	19	-	-	ADJ
cjfa-20693	131	20	mandatory	mandatory	ADJ
cjfa-20693	131	21	dividend	dividend	NOUN
cjfa-20693	131	22	policy	policy	NOUN
cjfa-20693	131	23	could	could	AUX
cjfa-20693	131	24	effectively	effectively	ADV
cjfa-20693	131	25	reduce	reduce	VERB
cjfa-20693	131	26	two	two	NUM
cjfa-20693	131	27	types	type	NOUN
cjfa-20693	131	28	of	of	ADP
cjfa-20693	131	29	agency	agency	NOUN
cjfa-20693	131	30	costs	cost	NOUN
cjfa-20693	131	31	.	.	PUNCT
cjfa-20693	132	1	the	the	DET
cjfa-20693	132	2	change	change	NOUN
cjfa-20693	132	3	of	of	ADP
cjfa-20693	132	4	dividend	dividend	NOUN
cjfa-20693	132	5	could	could	AUX
cjfa-20693	132	6	be	be	AUX
cjfa-20693	132	7	used	use	VERB
cjfa-20693	132	8	as	as	ADP
cjfa-20693	132	9	a	a	DET
cjfa-20693	132	10	good	good	ADJ
cjfa-20693	132	11	signal	signal	NOUN
cjfa-20693	132	12	to	to	PART
cjfa-20693	132	13	indicate	indicate	VERB
cjfa-20693	132	14	the	the	DET
cjfa-20693	132	15	company	company	NOUN
cjfa-20693	132	16	’s	’s	PART
cjfa-20693	132	17	performance	performance	NOUN
cjfa-20693	132	18	,	,	PUNCT
cjfa-20693	132	19	but	but	CCONJ
cjfa-20693	132	20	it	it	PRON
cjfa-20693	132	21	is	be	AUX
cjfa-20693	132	22	not	not	PART
cjfa-20693	132	23	good	good	ADJ
cjfa-20693	132	24	for	for	ADP
cjfa-20693	132	25	the	the	DET
cjfa-20693	132	26	company	company	NOUN
cjfa-20693	132	27	with	with	ADP
cjfa-20693	132	28	seo	seo	NOUN
cjfa-20693	132	29	motivation	motivation	NOUN
cjfa-20693	132	30	.	.	PUNCT
cjfa-20693	133	1	knowing	know	VERB
cjfa-20693	133	2	the	the	DET
cjfa-20693	133	3	past	past	NOUN
cjfa-20693	133	4	helps	help	VERB
cjfa-20693	133	5	learning	learn	VERB
cjfa-20693	133	6	from	from	ADP
cjfa-20693	133	7	the	the	DET
cjfa-20693	133	8	present	present	NOUN
cjfa-20693	133	9	.	.	PUNCT
cjfa-20693	134	1	according	accord	VERB
cjfa-20693	134	2	to	to	ADP
cjfa-20693	134	3	the	the	DET
cjfa-20693	134	4	historical	historical	ADJ
cjfa-20693	134	5	experience	experience	NOUN
cjfa-20693	134	6	and	and	CCONJ
cjfa-20693	134	7	the	the	DET
cjfa-20693	134	8	existing	exist	VERB
cjfa-20693	134	9	economic	economic	ADJ
cjfa-20693	134	10	logic	logic	NOUN
cjfa-20693	134	11	,	,	PUNCT
cjfa-20693	134	12	the	the	DET
cjfa-20693	134	13	policy	policy	NOUN
cjfa-20693	134	14	of	of	ADP
cjfa-20693	134	15	compulsory	compulsory	ADJ
cjfa-20693	134	16	dividend	dividend	NOUN
cjfa-20693	134	17	will	will	AUX
cjfa-20693	134	18	also	also	ADV
cjfa-20693	134	19	face	face	VERB
cjfa-20693	134	20	the	the	DET
cjfa-20693	134	21	embarrassment	embarrassment	NOUN
cjfa-20693	134	22	of	of	ADP
cjfa-20693	134	23	semi	semi	ADJ
cjfa-20693	134	24	-	-	ADJ
cjfa-20693	134	25	compulsory	compulsory	ADJ
cjfa-20693	134	26	dividend	dividend	NOUN
cjfa-20693	134	27	sharing	sharing	NOUN
cjfa-20693	134	28	policy	policy	NOUN
cjfa-20693	134	29	,	,	PUNCT
cjfa-20693	134	30	that	that	ADV
cjfa-20693	134	31	is	is	ADV
cjfa-20693	134	32	,	,	PUNCT
cjfa-20693	134	33	although	although	SCONJ
cjfa-20693	134	34	the	the	DET
cjfa-20693	134	35	dividend	dividend	NOUN
cjfa-20693	134	36	policy	policy	NOUN
cjfa-20693	134	37	can	can	AUX
cjfa-20693	134	38	reduce	reduce	VERB
cjfa-20693	134	39	the	the	DET
cjfa-20693	134	40	agency	agency	NOUN
cjfa-20693	134	41	cost	cost	NOUN
cjfa-20693	134	42	of	of	ADP
cjfa-20693	134	43	enterprises	enterprise	NOUN
cjfa-20693	134	44	,	,	PUNCT
cjfa-20693	134	45	the	the	DET
cjfa-20693	134	46	negative	negative	ADJ
cjfa-20693	134	47	resistance	resistance	NOUN
cjfa-20693	134	48	of	of	ADP
cjfa-20693	134	49	listed	list	VERB
cjfa-20693	134	50	companies	company	NOUN
cjfa-20693	134	51	will	will	AUX
cjfa-20693	134	52	lead	lead	VERB
cjfa-20693	134	53	to	to	ADP
cjfa-20693	134	54	a	a	DET
cjfa-20693	134	55	great	great	ADJ
cjfa-20693	134	56	discount	discount	NOUN
cjfa-20693	134	57	of	of	ADP
cjfa-20693	134	58	the	the	DET
cjfa-20693	134	59	effectiveness	effectiveness	NOUN
cjfa-20693	134	60	of	of	ADP
cjfa-20693	134	61	the	the	DET
cjfa-20693	134	62	policy	policy	NOUN
cjfa-20693	134	63	.	.	PUNCT
cjfa-20693	135	1	to	to	PART
cjfa-20693	135	2	sum	sum	VERB
cjfa-20693	135	3	up	up	ADP
cjfa-20693	135	4	,	,	PUNCT
cjfa-20693	135	5	under	under	ADP
cjfa-20693	135	6	the	the	DET
cjfa-20693	135	7	high	high	ADJ
cjfa-20693	135	8	pressure	pressure	NOUN
cjfa-20693	135	9	of	of	ADP
cjfa-20693	135	10	mandatory	mandatory	ADJ
cjfa-20693	135	11	dividend	dividend	NOUN
cjfa-20693	135	12	policy	policy	NOUN
cjfa-20693	135	13	,	,	PUNCT
cjfa-20693	135	14	it	it	PRON
cjfa-20693	135	15	is	be	AUX
cjfa-20693	135	16	inevitable	inevitable	ADJ
cjfa-20693	135	17	to	to	PART
cjfa-20693	135	18	increase	increase	VERB
cjfa-20693	135	19	the	the	DET
cjfa-20693	135	20	willingness	willingness	NOUN
cjfa-20693	135	21	to	to	PART
cjfa-20693	135	22	pay	pay	VERB
cjfa-20693	135	23	dividends	dividend	NOUN
cjfa-20693	135	24	of	of	ADP
cjfa-20693	135	25	all	all	DET
cjfa-20693	135	26	listed	list	VERB
cjfa-20693	135	27	companies	company	NOUN
cjfa-20693	135	28	,	,	PUNCT
cjfa-20693	135	29	including	include	VERB
cjfa-20693	135	30	“	"	PUNCT
cjfa-20693	135	31	iron	iron	NOUN
cjfa-20693	135	32	cock	cock	NOUN
cjfa-20693	135	33	”	"	PUNCT
cjfa-20693	135	34	,	,	PUNCT
cjfa-20693	135	35	so	so	SCONJ
cjfa-20693	135	36	as	as	SCONJ
cjfa-20693	135	37	to	to	PART
cjfa-20693	135	38	achieve	achieve	VERB
cjfa-20693	135	39	the	the	DET
cjfa-20693	135	40	purpose	purpose	NOUN
cjfa-20693	135	41	of	of	ADP
cjfa-20693	135	42	restraining	restrain	VERB
cjfa-20693	135	43	agency	agency	NOUN
cjfa-20693	135	44	costs	cost	NOUN
cjfa-20693	135	45	.	.	PUNCT
cjfa-20693	136	1	because	because	SCONJ
cjfa-20693	136	2	the	the	DET
cjfa-20693	136	3	csrc	csrc	NOUN
cjfa-20693	136	4	mandatory	mandatory	ADJ
cjfa-20693	136	5	dividend	dividend	NOUN
cjfa-20693	136	6	policy	policy	NOUN
cjfa-20693	136	7	not	not	PART
cjfa-20693	136	8	only	only	ADV
cjfa-20693	136	9	requires	require	VERB
cjfa-20693	136	10	enterprises	enterprise	NOUN
cjfa-20693	136	11	to	to	PART
cjfa-20693	136	12	make	make	VERB
cjfa-20693	136	13	clear	clear	ADJ
cjfa-20693	136	14	dividend	dividend	NOUN
cjfa-20693	136	15	plans	plan	NOUN
cjfa-20693	136	16	and	and	CCONJ
cjfa-20693	136	17	not	not	PART
cjfa-20693	136	18	to	to	PART
cjfa-20693	136	19	change	change	VERB
cjfa-20693	136	20	at	at	ADP
cjfa-20693	136	21	will	will	NOUN
cjfa-20693	136	22	,	,	PUNCT
cjfa-20693	136	23	but	but	CCONJ
cjfa-20693	136	24	also	also	ADV
cjfa-20693	136	25	requires	require	VERB
cjfa-20693	136	26	enterprises	enterprise	NOUN
cjfa-20693	136	27	not	not	PART
cjfa-20693	136	28	to	to	PART
cjfa-20693	136	29	pay	pay	VERB
cjfa-20693	136	30	dividend	dividend	NOUN
cjfa-20693	136	31	to	to	PART
cjfa-20693	136	32	explain	explain	VERB
cjfa-20693	136	33	the	the	DET
cjfa-20693	136	34	use	use	NOUN
cjfa-20693	136	35	of	of	ADP
cjfa-20693	136	36	funds	fund	NOUN
cjfa-20693	136	37	,	,	PUNCT
cjfa-20693	136	38	so	so	CCONJ
cjfa-20693	136	39	the	the	DET
cjfa-20693	136	40	mandatory	mandatory	ADJ
cjfa-20693	136	41	dividend	dividend	NOUN
cjfa-20693	136	42	policy	policy	NOUN
cjfa-20693	136	43	can	can	AUX
cjfa-20693	136	44	reduce	reduce	VERB
cjfa-20693	136	45	the	the	DET
cjfa-20693	136	46	free	free	ADJ
cjfa-20693	136	47	cash	cash	NOUN
cjfa-20693	136	48	flow	flow	NOUN
cjfa-20693	136	49	of	of	ADP
cjfa-20693	136	50	enterprises	enterprise	NOUN
cjfa-20693	136	51	by	by	ADP
cjfa-20693	136	52	requiring	require	VERB
cjfa-20693	136	53	cash	cash	NOUN
cjfa-20693	136	54	dividends	dividend	NOUN
cjfa-20693	136	55	,	,	PUNCT
cjfa-20693	136	56	thus	thus	ADV
cjfa-20693	136	57	reducing	reduce	VERB
cjfa-20693	136	58	various	various	ADJ
cjfa-20693	136	59	opportunistic	opportunistic	ADJ
cjfa-20693	136	60	behaviors	behavior	NOUN
cjfa-20693	136	61	of	of	ADP
cjfa-20693	136	62	management	management	NOUN
cjfa-20693	136	63	and	and	CCONJ
cjfa-20693	136	64	reducing	reduce	VERB
cjfa-20693	136	65	enterprises	enterprise	NOUN
cjfa-20693	136	66	.	.	PUNCT
cjfa-20693	137	1	agency	agency	NOUN
cjfa-20693	137	2	cost	cost	NOUN
cjfa-20693	137	3	.	.	PUNCT
cjfa-20693	138	1	however	however	ADV
cjfa-20693	138	2	,	,	PUNCT
cjfa-20693	138	3	the	the	DET
cjfa-20693	138	4	negative	negative	ADJ
cjfa-20693	138	5	resistance	resistance	NOUN
cjfa-20693	138	6	of	of	ADP
cjfa-20693	138	7	management	management	NOUN
cjfa-20693	138	8	to	to	PART
cjfa-20693	138	9	can	can	AUX
cjfa-20693	138	10	mandatory	mandatory	ADJ
cjfa-20693	138	11	dividend	dividend	NOUN
cjfa-20693	138	12	policy	policy	NOUN
cjfa-20693	138	13	reduce	reduce	VERB
cjfa-20693	138	14	…	…	PUNCT
cjfa-20693	138	15	69	69	NUM
cjfa-20693	138	16	external	external	ADJ
cjfa-20693	138	17	shocks	shock	NOUN
cjfa-20693	138	18	should	should	AUX
cjfa-20693	138	19	not	not	PART
cjfa-20693	138	20	be	be	AUX
cjfa-20693	138	21	underestimated	underestimate	VERB
cjfa-20693	138	22	.	.	PUNCT
cjfa-20693	139	1	accordingly	accordingly	ADV
cjfa-20693	139	2	,	,	PUNCT
cjfa-20693	139	3	the	the	DET
cjfa-20693	139	4	hypothesis	hypothesis	NOUN
cjfa-20693	139	5	of	of	ADP
cjfa-20693	139	6	this	this	DET
cjfa-20693	139	7	study	study	NOUN
cjfa-20693	139	8	can	can	AUX
cjfa-20693	139	9	be	be	AUX
cjfa-20693	139	10	put	put	VERB
cjfa-20693	139	11	forward	forward	ADV
cjfa-20693	139	12	:	:	PUNCT
cjfa-20693	139	13	hypothesis	hypothesis	NOUN
cjfa-20693	139	14	1	1	NUM
cjfa-20693	139	15	:	:	PUNCT
cjfa-20693	139	16	mandatory	mandatory	ADJ
cjfa-20693	139	17	dividend	dividend	NOUN
cjfa-20693	139	18	policy	policy	NOUN
cjfa-20693	139	19	can	can	AUX
cjfa-20693	139	20	significantly	significantly	ADV
cjfa-20693	139	21	enhance	enhance	VERB
cjfa-20693	139	22	the	the	DET
cjfa-20693	139	23	listed	list	VERB
cjfa-20693	139	24	companies	company	NOUN
cjfa-20693	139	25	willingness	willingness	VERB
cjfa-20693	139	26	to	to	PART
cjfa-20693	139	27	pay	pay	VERB
cjfa-20693	139	28	out	out	ADP
cjfa-20693	139	29	dividend	dividend	NOUN
cjfa-20693	139	30	.	.	PUNCT
cjfa-20693	140	1	hypothesis	hypothesis	NOUN
cjfa-20693	140	2	2	2	NUM
cjfa-20693	140	3	:	:	PUNCT
cjfa-20693	140	4	mandatory	mandatory	ADJ
cjfa-20693	140	5	dividend	dividend	NOUN
cjfa-20693	140	6	policy	policy	NOUN
cjfa-20693	140	7	can	can	AUX
cjfa-20693	140	8	significantly	significantly	ADV
cjfa-20693	140	9	reduce	reduce	VERB
cjfa-20693	140	10	the	the	DET
cjfa-20693	140	11	listed	list	VERB
cjfa-20693	140	12	companies	company	NOUN
cjfa-20693	140	13	agency	agency	NOUN
cjfa-20693	140	14	cost	cost	NOUN
cjfa-20693	140	15	hypothesis	hypothesis	NOUN
cjfa-20693	140	16	3	3	NUM
cjfa-20693	140	17	:	:	PUNCT
cjfa-20693	140	18	under	under	ADP
cjfa-20693	140	19	the	the	DET
cjfa-20693	140	20	condition	condition	NOUN
cjfa-20693	140	21	of	of	ADP
cjfa-20693	140	22	asymmetry	asymmetry	NOUN
cjfa-20693	140	23	information	information	NOUN
cjfa-20693	140	24	,	,	PUNCT
cjfa-20693	140	25	the	the	DET
cjfa-20693	140	26	effect	effect	NOUN
cjfa-20693	140	27	of	of	ADP
cjfa-20693	140	28	mandatory	mandatory	ADJ
cjfa-20693	140	29	dividend	dividend	NOUN
cjfa-20693	140	30	policy	policy	NOUN
cjfa-20693	140	31	will	will	AUX
cjfa-20693	140	32	be	be	AUX
cjfa-20693	140	33	unsatisfactory	unsatisfactory	ADJ
cjfa-20693	140	34	because	because	SCONJ
cjfa-20693	140	35	of	of	ADP
cjfa-20693	140	36	the	the	DET
cjfa-20693	140	37	resistance	resistance	NOUN
cjfa-20693	140	38	of	of	ADP
cjfa-20693	140	39	listed	list	VERB
cjfa-20693	140	40	companies	company	NOUN
cjfa-20693	140	41	.	.	PUNCT
cjfa-20693	141	1	theoritical	theoritical	ADJ
cjfa-20693	141	2	model	model	NOUN
cjfa-20693	141	3	the	the	DET
cjfa-20693	141	4	three	three	NUM
cjfa-20693	141	5	research	research	NOUN
cjfa-20693	141	6	hypotheses	hypothesis	NOUN
cjfa-20693	141	7	can	can	AUX
cjfa-20693	141	8	be	be	AUX
cjfa-20693	141	9	proved	prove	VERB
cjfa-20693	141	10	by	by	ADP
cjfa-20693	141	11	a	a	DET
cjfa-20693	141	12	mixed	mixed	ADJ
cjfa-20693	141	13	strategy	strategy	NOUN
cjfa-20693	141	14	complete	complete	ADJ
cjfa-20693	141	15	information	information	NOUN
cjfa-20693	141	16	static	static	ADJ
cjfa-20693	141	17	game	game	NOUN
cjfa-20693	141	18	mentioned	mention	VERB
cjfa-20693	141	19	above	above	ADV
cjfa-20693	141	20	in	in	ADP
cjfa-20693	141	21	the	the	DET
cjfa-20693	141	22	theoretical	theoretical	ADJ
cjfa-20693	141	23	model	model	NOUN
cjfa-20693	141	24	.	.	PUNCT
cjfa-20693	142	1	because	because	SCONJ
cjfa-20693	142	2	of	of	ADP
cjfa-20693	142	3	the	the	DET
cjfa-20693	142	4	unpredictability	unpredictability	NOUN
cjfa-20693	142	5	of	of	ADP
cjfa-20693	142	6	paying	pay	VERB
cjfa-20693	142	7	,	,	PUNCT
cjfa-20693	142	8	shareholder	shareholder	NOUN
cjfa-20693	142	9	’s	’s	PART
cjfa-20693	142	10	increase	increase	NOUN
cjfa-20693	142	11	is	be	AUX
cjfa-20693	142	12	uncertain	uncertain	ADJ
cjfa-20693	142	13	.	.	PUNCT
cjfa-20693	143	1	the	the	DET
cjfa-20693	143	2	dividend	dividend	NOUN
cjfa-20693	143	3	distribution	distribution	NOUN
cjfa-20693	143	4	is	be	AUX
cjfa-20693	143	5	not	not	PART
cjfa-20693	143	6	only	only	ADV
cjfa-20693	143	7	affected	affect	VERB
cjfa-20693	143	8	by	by	ADP
cjfa-20693	143	9	the	the	DET
cjfa-20693	143	10	net	net	ADJ
cjfa-20693	143	11	profit	profit	NOUN
cjfa-20693	143	12	of	of	ADP
cjfa-20693	143	13	the	the	DET
cjfa-20693	143	14	enterprise	enterprise	NOUN
cjfa-20693	143	15	,	,	PUNCT
cjfa-20693	143	16	but	but	CCONJ
cjfa-20693	143	17	also	also	ADV
cjfa-20693	143	18	by	by	ADP
cjfa-20693	143	19	the	the	DET
cjfa-20693	143	20	supervision	supervision	NOUN
cjfa-20693	143	21	of	of	ADP
cjfa-20693	143	22	shareholders	shareholder	NOUN
cjfa-20693	143	23	.	.	PUNCT
cjfa-20693	144	1	driven	drive	VERB
cjfa-20693	144	2	by	by	ADP
cjfa-20693	144	3	opportunism	opportunism	NOUN
cjfa-20693	144	4	,	,	PUNCT
cjfa-20693	144	5	it	it	PRON
cjfa-20693	144	6	is	be	AUX
cjfa-20693	144	7	uncertain	uncertain	ADJ
cjfa-20693	144	8	whether	whether	SCONJ
cjfa-20693	144	9	executives	executive	NOUN
cjfa-20693	144	10	will	will	AUX
cjfa-20693	144	11	pay	pay	VERB
cjfa-20693	144	12	dividends	dividend	NOUN
cjfa-20693	144	13	or	or	CCONJ
cjfa-20693	144	14	not	not	PART
cjfa-20693	144	15	.	.	PUNCT
cjfa-20693	145	1	thus	thus	ADV
cjfa-20693	145	2	,	,	PUNCT
cjfa-20693	145	3	there	there	PRON
cjfa-20693	145	4	is	be	VERB
cjfa-20693	145	5	a	a	DET
cjfa-20693	145	6	typical	typical	ADJ
cjfa-20693	145	7	mixed	mixed	ADJ
cjfa-20693	145	8	strategy	strategy	NOUN
cjfa-20693	145	9	game	game	NOUN
cjfa-20693	145	10	between	between	ADP
cjfa-20693	145	11	executives	executive	NOUN
cjfa-20693	145	12	and	and	CCONJ
cjfa-20693	145	13	shareholders	shareholder	NOUN
cjfa-20693	145	14	.	.	PUNCT
cjfa-20693	146	1	1	1	X
cjfa-20693	146	2	.	.	X
cjfa-20693	146	3	model	model	NOUN
cjfa-20693	146	4	thought	think	VERB
cjfa-20693	146	5	although	although	SCONJ
cjfa-20693	146	6	mandatory	mandatory	ADJ
cjfa-20693	146	7	dividend	dividend	NOUN
cjfa-20693	146	8	policy	policy	NOUN
cjfa-20693	146	9	can	can	AUX
cjfa-20693	146	10	effectively	effectively	ADV
cjfa-20693	146	11	reduce	reduce	VERB
cjfa-20693	146	12	the	the	DET
cjfa-20693	146	13	agency	agency	NOUN
cjfa-20693	146	14	cost	cost	NOUN
cjfa-20693	146	15	of	of	ADP
cjfa-20693	146	16	listed	list	VERB
cjfa-20693	146	17	companies	company	NOUN
cjfa-20693	146	18	in	in	ADP
cjfa-20693	146	19	general	general	ADJ
cjfa-20693	146	20	,	,	PUNCT
cjfa-20693	146	21	it	it	PRON
cjfa-20693	146	22	seriously	seriously	ADV
cjfa-20693	146	23	deviates	deviate	VERB
cjfa-20693	146	24	from	from	ADP
cjfa-20693	146	25	the	the	DET
cjfa-20693	146	26	spirit	spirit	NOUN
cjfa-20693	146	27	of	of	ADP
cjfa-20693	146	28	market	market	NOUN
cjfa-20693	146	29	contract	contract	NOUN
cjfa-20693	146	30	in	in	ADP
cjfa-20693	146	31	the	the	DET
cjfa-20693	146	32	decentralized	decentralize	VERB
cjfa-20693	146	33	decision	decision	NOUN
cjfa-20693	146	34	-	-	PUNCT
cjfa-20693	146	35	making	making	NOUN
cjfa-20693	146	36	of	of	ADP
cjfa-20693	146	37	dividend	dividend	NOUN
cjfa-20693	146	38	policy	policy	NOUN
cjfa-20693	146	39	,	,	PUNCT
cjfa-20693	146	40	and	and	CCONJ
cjfa-20693	146	41	will	will	AUX
cjfa-20693	146	42	inevitably	inevitably	ADV
cjfa-20693	146	43	encounter	encounter	VERB
cjfa-20693	146	44	negative	negative	ADJ
cjfa-20693	146	45	resistance	resistance	NOUN
cjfa-20693	146	46	from	from	ADP
cjfa-20693	146	47	capital	capital	NOUN
cjfa-20693	146	48	market	market	NOUN
cjfa-20693	146	49	.	.	PUNCT
cjfa-20693	147	1	therefore	therefore	ADV
cjfa-20693	147	2	,	,	PUNCT
cjfa-20693	147	3	the	the	DET
cjfa-20693	147	4	effect	effect	NOUN
cjfa-20693	147	5	of	of	ADP
cjfa-20693	147	6	policy	policy	NOUN
cjfa-20693	147	7	implementation	implementation	NOUN
cjfa-20693	147	8	will	will	AUX
cjfa-20693	147	9	be	be	AUX
cjfa-20693	147	10	greatly	greatly	ADV
cjfa-20693	147	11	reduced	reduce	VERB
cjfa-20693	147	12	and	and	CCONJ
cjfa-20693	147	13	deviate	deviate	VERB
cjfa-20693	147	14	from	from	ADP
cjfa-20693	147	15	the	the	DET
cjfa-20693	147	16	expected	expect	VERB
cjfa-20693	147	17	goal	goal	NOUN
cjfa-20693	147	18	of	of	ADP
cjfa-20693	147	19	policy	policy	NOUN
cjfa-20693	147	20	designers	designer	NOUN
cjfa-20693	147	21	.	.	PUNCT
cjfa-20693	148	1	firstly	firstly	ADV
cjfa-20693	148	2	,	,	PUNCT
cjfa-20693	148	3	the	the	DET
cjfa-20693	148	4	restraining	restraining	NOUN
cjfa-20693	148	5	effect	effect	NOUN
cjfa-20693	148	6	of	of	ADP
cjfa-20693	148	7	mandatory	mandatory	ADJ
cjfa-20693	148	8	dividend	dividend	NOUN
cjfa-20693	148	9	policy	policy	NOUN
cjfa-20693	148	10	on	on	ADP
cjfa-20693	148	11	agency	agency	NOUN
cjfa-20693	148	12	cost	cost	NOUN
cjfa-20693	148	13	of	of	ADP
cjfa-20693	148	14	listed	list	VERB
cjfa-20693	148	15	companies	company	NOUN
cjfa-20693	148	16	is	be	AUX
cjfa-20693	148	17	expected	expect	VERB
cjfa-20693	148	18	.	.	PUNCT
cjfa-20693	149	1	on	on	ADP
cjfa-20693	149	2	the	the	DET
cjfa-20693	149	3	one	one	NUM
cjfa-20693	149	4	hand	hand	NOUN
cjfa-20693	149	5	,	,	PUNCT
cjfa-20693	149	6	the	the	DET
cjfa-20693	149	7	mandatory	mandatory	ADJ
cjfa-20693	149	8	dividend	dividend	NOUN
cjfa-20693	149	9	policy	policy	NOUN
cjfa-20693	149	10	can	can	AUX
cjfa-20693	149	11	eliminate	eliminate	VERB
cjfa-20693	149	12	the	the	DET
cjfa-20693	149	13	uncertainty	uncertainty	NOUN
cjfa-20693	149	14	of	of	ADP
cjfa-20693	149	15	cash	cash	NOUN
cjfa-20693	149	16	dividend	dividend	NOUN
cjfa-20693	149	17	,	,	PUNCT
cjfa-20693	149	18	ensure	ensure	VERB
cjfa-20693	149	19	that	that	SCONJ
cjfa-20693	149	20	shareholders	shareholder	NOUN
cjfa-20693	149	21	can	can	AUX
cjfa-20693	149	22	not	not	PART
cjfa-20693	149	23	only	only	ADV
cjfa-20693	149	24	obtain	obtain	VERB
cjfa-20693	149	25	a	a	DET
cjfa-20693	149	26	stable	stable	ADJ
cjfa-20693	149	27	expected	expect	VERB
cjfa-20693	149	28	return	return	NOUN
cjfa-20693	149	29	,	,	PUNCT
cjfa-20693	149	30	but	but	CCONJ
cjfa-20693	149	31	also	also	ADV
cjfa-20693	149	32	generate	generate	VERB
cjfa-20693	149	33	the	the	DET
cjfa-20693	149	34	impulse	impulse	NOUN
cjfa-20693	149	35	to	to	PART
cjfa-20693	149	36	increase	increase	VERB
cjfa-20693	149	37	their	their	PRON
cjfa-20693	149	38	holdings	holding	NOUN
cjfa-20693	149	39	,	,	PUNCT
cjfa-20693	149	40	which	which	PRON
cjfa-20693	149	41	will	will	AUX
cjfa-20693	149	42	naturally	naturally	ADV
cjfa-20693	149	43	lead	lead	VERB
cjfa-20693	149	44	to	to	ADP
cjfa-20693	149	45	significant	significant	ADJ
cjfa-20693	149	46	changes	change	NOUN
cjfa-20693	149	47	in	in	ADP
cjfa-20693	149	48	the	the	DET
cjfa-20693	149	49	balance	balance	NOUN
cjfa-20693	149	50	of	of	ADP
cjfa-20693	149	51	supply	supply	NOUN
cjfa-20693	149	52	and	and	CCONJ
cjfa-20693	149	53	demand	demand	NOUN
cjfa-20693	149	54	of	of	ADP
cjfa-20693	149	55	the	the	DET
cjfa-20693	149	56	company	company	NOUN
cjfa-20693	149	57	’s	’s	PART
cjfa-20693	149	58	stocks	stock	NOUN
cjfa-20693	149	59	,	,	PUNCT
cjfa-20693	149	60	so	so	SCONJ
cjfa-20693	149	61	that	that	SCONJ
cjfa-20693	149	62	the	the	DET
cjfa-20693	149	63	stock	stock	NOUN
cjfa-20693	149	64	supply	supply	NOUN
cjfa-20693	149	65	exceeds	exceed	VERB
cjfa-20693	149	66	demand	demand	NOUN
cjfa-20693	149	67	and	and	CCONJ
cjfa-20693	149	68	the	the	DET
cjfa-20693	149	69	stock	stock	NOUN
cjfa-20693	149	70	price	price	NOUN
cjfa-20693	149	71	rises	rise	VERB
cjfa-20693	149	72	significantly	significantly	ADV
cjfa-20693	149	73	.	.	PUNCT
cjfa-20693	150	1	on	on	ADP
cjfa-20693	150	2	the	the	DET
cjfa-20693	150	3	other	other	ADJ
cjfa-20693	150	4	hand	hand	NOUN
cjfa-20693	150	5	,	,	PUNCT
cjfa-20693	150	6	under	under	ADP
cjfa-20693	150	7	the	the	DET
cjfa-20693	150	8	incentive	incentive	NOUN
cjfa-20693	150	9	of	of	ADP
cjfa-20693	150	10	shareholder	shareholder	NOUN
cjfa-20693	150	11	increase	increase	NOUN
cjfa-20693	150	12	and	and	CCONJ
cjfa-20693	150	13	stock	stock	NOUN
cjfa-20693	150	14	price	price	NOUN
cjfa-20693	150	15	rise	rise	NOUN
cjfa-20693	150	16	,	,	PUNCT
cjfa-20693	150	17	executives	executive	NOUN
cjfa-20693	150	18	will	will	AUX
cjfa-20693	150	19	qin	qin	PROPN
cjfa-20693	150	20	hailin	hailin	PROPN
cjfa-20693	150	21	,	,	PUNCT
cjfa-20693	150	22	zhang	zhang	PROPN
cjfa-20693	150	23	jingxu70	jingxu70	PROPN
cjfa-20693	150	24	inevitably	inevitably	ADV
cjfa-20693	150	25	work	work	VERB
cjfa-20693	150	26	hard	hard	ADV
cjfa-20693	150	27	to	to	PART
cjfa-20693	150	28	improve	improve	VERB
cjfa-20693	150	29	the	the	DET
cjfa-20693	150	30	expected	expect	VERB
cjfa-20693	150	31	return	return	NOUN
cjfa-20693	150	32	on	on	ADP
cjfa-20693	150	33	investment	investment	NOUN
cjfa-20693	150	34	projects	project	NOUN
cjfa-20693	150	35	and	and	CCONJ
cjfa-20693	150	36	provide	provide	VERB
cjfa-20693	150	37	abundant	abundant	ADJ
cjfa-20693	150	38	cash	cash	NOUN
cjfa-20693	150	39	flow	flow	NOUN
cjfa-20693	150	40	for	for	ADP
cjfa-20693	150	41	cash	cash	NOUN
cjfa-20693	150	42	dividends	dividend	NOUN
cjfa-20693	150	43	.	.	PUNCT
cjfa-20693	151	1	secondly	secondly	ADV
cjfa-20693	151	2	,	,	PUNCT
cjfa-20693	151	3	mandatory	mandatory	ADJ
cjfa-20693	151	4	dividend	dividend	NOUN
cjfa-20693	151	5	policy	policy	NOUN
cjfa-20693	151	6	not	not	PART
cjfa-20693	151	7	only	only	ADV
cjfa-20693	151	8	challenges	challenge	VERB
cjfa-20693	151	9	the	the	DET
cjfa-20693	151	10	independence	independence	NOUN
cjfa-20693	151	11	and	and	CCONJ
cjfa-20693	151	12	autonomy	autonomy	NOUN
cjfa-20693	151	13	of	of	ADP
cjfa-20693	151	14	decentralized	decentralized	ADJ
cjfa-20693	151	15	decision	decision	NOUN
cjfa-20693	151	16	-	-	PUNCT
cjfa-20693	151	17	making	making	NOUN
cjfa-20693	151	18	of	of	ADP
cjfa-20693	151	19	listed	list	VERB
cjfa-20693	151	20	companies	company	NOUN
cjfa-20693	151	21	,	,	PUNCT
cjfa-20693	151	22	but	but	CCONJ
cjfa-20693	151	23	also	also	ADV
cjfa-20693	151	24	impairs	impair	VERB
cjfa-20693	151	25	the	the	DET
cjfa-20693	151	26	private	private	ADJ
cjfa-20693	151	27	benefits	benefit	NOUN
cjfa-20693	151	28	of	of	ADP
cjfa-20693	151	29	executives	executive	NOUN
cjfa-20693	151	30	objectively	objectively	ADV
cjfa-20693	151	31	.	.	PUNCT
cjfa-20693	152	1	therefore	therefore	ADV
cjfa-20693	152	2	,	,	PUNCT
cjfa-20693	152	3	it	it	PRON
cjfa-20693	152	4	will	will	AUX
cjfa-20693	152	5	inevitably	inevitably	ADV
cjfa-20693	152	6	be	be	AUX
cjfa-20693	152	7	resisted	resist	VERB
cjfa-20693	152	8	negatively	negatively	ADV
cjfa-20693	152	9	.	.	PUNCT
cjfa-20693	153	1	for	for	ADP
cjfa-20693	153	2	example	example	NOUN
cjfa-20693	153	3	,	,	PUNCT
cjfa-20693	153	4	listed	list	VERB
cjfa-20693	153	5	companies	company	NOUN
cjfa-20693	153	6	cater	cater	VERB
cjfa-20693	153	7	to	to	ADP
cjfa-20693	153	8	the	the	DET
cjfa-20693	153	9	needs	need	NOUN
cjfa-20693	153	10	of	of	ADP
cjfa-20693	153	11	regulatory	regulatory	ADJ
cjfa-20693	153	12	departments	department	NOUN
cjfa-20693	153	13	by	by	ADP
cjfa-20693	153	14	increasing	increase	VERB
cjfa-20693	153	15	annual	annual	ADJ
cjfa-20693	153	16	dividend	dividend	NOUN
cjfa-20693	153	17	-	-	PUNCT
cjfa-20693	153	18	sharing	share	VERB
cjfa-20693	153	19	frequency	frequency	NOUN
cjfa-20693	153	20	,	,	PUNCT
cjfa-20693	153	21	but	but	CCONJ
cjfa-20693	153	22	also	also	ADV
cjfa-20693	153	23	secretly	secretly	ADV
cjfa-20693	153	24	reduce	reduce	VERB
cjfa-20693	153	25	the	the	DET
cjfa-20693	153	26	cash	cash	NOUN
cjfa-20693	153	27	dividend	dividend	NOUN
cjfa-20693	153	28	per	per	ADP
cjfa-20693	153	29	share	share	NOUN
cjfa-20693	153	30	to	to	PART
cjfa-20693	153	31	protect	protect	VERB
cjfa-20693	153	32	private	private	ADJ
cjfa-20693	153	33	earnings	earning	NOUN
cjfa-20693	153	34	.	.	PUNCT
cjfa-20693	154	1	eroded	erode	VERB
cjfa-20693	154	2	.	.	PUNCT
cjfa-20693	155	1	that	that	PRON
cjfa-20693	155	2	is	be	AUX
cjfa-20693	155	3	to	to	PART
cjfa-20693	155	4	say	say	VERB
cjfa-20693	155	5	,	,	PUNCT
cjfa-20693	155	6	there	there	PRON
cjfa-20693	155	7	are	be	VERB
cjfa-20693	155	8	policies	policy	NOUN
cjfa-20693	155	9	on	on	ADP
cjfa-20693	155	10	the	the	DET
cjfa-20693	155	11	one	one	NUM
cjfa-20693	155	12	hand	hand	NOUN
cjfa-20693	155	13	and	and	CCONJ
cjfa-20693	155	14	countermeasures	countermeasure	NOUN
cjfa-20693	155	15	on	on	ADP
cjfa-20693	155	16	the	the	DET
cjfa-20693	155	17	other	other	ADJ
cjfa-20693	155	18	.	.	PUNCT
cjfa-20693	156	1	2	2	X
cjfa-20693	156	2	.	.	X
cjfa-20693	156	3	model	model	NOUN
cjfa-20693	156	4	assumptions	assumption	NOUN
cjfa-20693	156	5	assumption	assumption	NOUN
cjfa-20693	156	6	1	1	NUM
cjfa-20693	156	7	:	:	PUNCT
cjfa-20693	156	8	the	the	DET
cjfa-20693	156	9	cash	cash	NOUN
cjfa-20693	156	10	dividends	dividend	NOUN
cjfa-20693	156	11	available	available	ADJ
cjfa-20693	156	12	to	to	ADP
cjfa-20693	156	13	listed	list	VERB
cjfa-20693	156	14	companies	company	NOUN
cjfa-20693	156	15	are	be	AUX
cjfa-20693	156	16	positively	positively	ADV
cjfa-20693	156	17	correlated	correlate	VERB
cjfa-20693	156	18	with	with	ADP
cjfa-20693	156	19	managers	manager	NOUN
cjfa-20693	156	20	’	’	PART
cjfa-20693	156	21	work	work	NOUN
cjfa-20693	156	22	effort	effort	NOUN
cjfa-20693	156	23	e	e	NOUN
cjfa-20693	156	24	,	,	PUNCT
cjfa-20693	156	25	so	so	ADV
cjfa-20693	156	26	the	the	DET
cjfa-20693	156	27	current	current	ADJ
cjfa-20693	156	28	cash	cash	NOUN
cjfa-20693	156	29	dividends	dividend	NOUN
cjfa-20693	156	30	can	can	AUX
cjfa-20693	156	31	be	be	AUX
cjfa-20693	156	32	expressed	express	VERB
cjfa-20693	156	33	by	by	ADP
cjfa-20693	156	34	αe	αe	PROPN
cjfa-20693	156	35	.	.	PUNCT
cjfa-20693	157	1	α	α	PROPN
cjfa-20693	157	2	is	be	AUX
cjfa-20693	157	3	a	a	DET
cjfa-20693	157	4	coefficient	coefficient	NOUN
cjfa-20693	157	5	not	not	PART
cjfa-20693	157	6	less	less	ADJ
cjfa-20693	157	7	than	than	ADP
cjfa-20693	157	8	zero	zero	NUM
cjfa-20693	157	9	,	,	PUNCT
cjfa-20693	157	10	which	which	PRON
cjfa-20693	157	11	describes	describe	VERB
cjfa-20693	157	12	the	the	DET
cjfa-20693	157	13	willingness	willingness	NOUN
cjfa-20693	157	14	and	and	CCONJ
cjfa-20693	157	15	level	level	NOUN
cjfa-20693	157	16	of	of	ADP
cjfa-20693	157	17	dividend	dividend	NOUN
cjfa-20693	157	18	distribution	distribution	NOUN
cjfa-20693	157	19	;	;	PUNCT
cjfa-20693	157	20	if	if	SCONJ
cjfa-20693	157	21	it	it	PRON
cjfa-20693	157	22	is	be	AUX
cjfa-20693	157	23	zero	zero	NUM
cjfa-20693	157	24	,	,	PUNCT
cjfa-20693	157	25	it	it	PRON
cjfa-20693	157	26	means	mean	VERB
cjfa-20693	157	27	that	that	SCONJ
cjfa-20693	157	28	the	the	DET
cjfa-20693	157	29	company	company	NOUN
cjfa-20693	157	30	has	have	VERB
cjfa-20693	157	31	no	no	DET
cjfa-20693	157	32	willingness	willingness	NOUN
cjfa-20693	157	33	to	to	PART
cjfa-20693	157	34	pay	pay	VERB
cjfa-20693	157	35	dividends	dividend	NOUN
cjfa-20693	157	36	.	.	PUNCT
cjfa-20693	158	1	assumption	assumption	NOUN
cjfa-20693	158	2	2	2	NUM
cjfa-20693	158	3	:	:	PUNCT
cjfa-20693	158	4	all	all	DET
cjfa-20693	158	5	shareholders	shareholder	NOUN
cjfa-20693	158	6	are	be	AUX
cjfa-20693	158	7	homogeneous	homogeneous	ADJ
cjfa-20693	158	8	and	and	CCONJ
cjfa-20693	158	9	hold	hold	VERB
cjfa-20693	158	10	one	one	NUM
cjfa-20693	158	11	unit	unit	NOUN
cjfa-20693	158	12	of	of	ADP
cjfa-20693	158	13	company	company	NOUN
cjfa-20693	158	14	stock	stock	NOUN
cjfa-20693	158	15	.	.	PUNCT
cjfa-20693	159	1	they	they	PRON
cjfa-20693	159	2	know	know	VERB
cjfa-20693	159	3	nothing	nothing	PRON
cjfa-20693	159	4	about	about	ADP
cjfa-20693	159	5	the	the	DET
cjfa-20693	159	6	internal	internal	ADJ
cjfa-20693	159	7	situation	situation	NOUN
cjfa-20693	159	8	of	of	ADP
cjfa-20693	159	9	the	the	DET
cjfa-20693	159	10	company	company	NOUN
cjfa-20693	159	11	’s	’s	PART
cjfa-20693	159	12	operating	operating	NOUN
cjfa-20693	159	13	performance	performance	NOUN
cjfa-20693	159	14	,	,	PUNCT
cjfa-20693	159	15	and	and	CCONJ
cjfa-20693	159	16	only	only	ADV
cjfa-20693	159	17	decide	decide	VERB
cjfa-20693	159	18	whether	whether	SCONJ
cjfa-20693	159	19	to	to	PART
cjfa-20693	159	20	increase	increase	VERB
cjfa-20693	159	21	the	the	DET
cjfa-20693	159	22	company	company	NOUN
cjfa-20693	159	23	’s	’s	PART
cjfa-20693	159	24	stock	stock	NOUN
cjfa-20693	159	25	according	accord	VERB
cjfa-20693	159	26	to	to	ADP
cjfa-20693	159	27	the	the	DET
cjfa-20693	159	28	dividend	dividend	NOUN
cjfa-20693	159	29	or	or	CCONJ
cjfa-20693	159	30	not	not	PART
cjfa-20693	159	31	.	.	PUNCT
cjfa-20693	160	1	at	at	ADP
cjfa-20693	160	2	the	the	DET
cjfa-20693	160	3	same	same	ADJ
cjfa-20693	160	4	time	time	NOUN
cjfa-20693	160	5	,	,	PUNCT
cjfa-20693	160	6	in	in	ADP
cjfa-20693	160	7	order	order	NOUN
cjfa-20693	160	8	to	to	PART
cjfa-20693	160	9	simplify	simplify	VERB
cjfa-20693	160	10	the	the	DET
cjfa-20693	160	11	complexity	complexity	NOUN
cjfa-20693	160	12	of	of	ADP
cjfa-20693	160	13	game	game	NOUN
cjfa-20693	160	14	equilibrium	equilibrium	NOUN
cjfa-20693	160	15	solution	solution	NOUN
cjfa-20693	160	16	,	,	PUNCT
cjfa-20693	160	17	it	it	PRON
cjfa-20693	160	18	is	be	AUX
cjfa-20693	160	19	assumed	assume	VERB
cjfa-20693	160	20	that	that	SCONJ
cjfa-20693	160	21	the	the	DET
cjfa-20693	160	22	proportion	proportion	NOUN
cjfa-20693	160	23	of	of	ADP
cjfa-20693	160	24	increase	increase	NOUN
cjfa-20693	160	25	and	and	CCONJ
cjfa-20693	160	26	decrease	decrease	NOUN
cjfa-20693	160	27	is	be	AUX
cjfa-20693	160	28	π	π	PROPN
cjfa-20693	160	29	,	,	PUNCT
cjfa-20693	160	30	and	and	CCONJ
cjfa-20693	160	31	the	the	DET
cjfa-20693	160	32	capital	capital	NOUN
cjfa-20693	160	33	gains	gain	NOUN
cjfa-20693	160	34	obtained	obtain	VERB
cjfa-20693	160	35	are	be	AUX
cjfa-20693	160	36	all	all	ADV
cjfa-20693	160	37	β	β	NOUN
cjfa-20693	160	38	,	,	PUNCT
cjfa-20693	160	39	and	and	CCONJ
cjfa-20693	160	40	there	there	PRON
cjfa-20693	160	41	are	be	VERB
cjfa-20693	160	42	π	π	PROPN
cjfa-20693	160	43	 	 	SPACE
cjfa-20693	160	44	>	>	PUNCT
cjfa-20693	160	45	 	 	SPACE
cjfa-20693	160	46	0	0	PUNCT
cjfa-20693	160	47	and	and	CCONJ
cjfa-20693	160	48	β	β	X
cjfa-20693	160	49	 	 	SPACE
cjfa-20693	160	50	>	>	X
cjfa-20693	160	51	 	 	SPACE
cjfa-20693	160	52	0	0	NUM
cjfa-20693	160	53	.	.	PUNCT
cjfa-20693	161	1	obviously	obviously	ADV
cjfa-20693	161	2	,	,	PUNCT
cjfa-20693	161	3	β	β	NOUN
cjfa-20693	161	4	 	 	SPACE
cjfa-20693	161	5	>	>	X
cjfa-20693	161	6	 	 	SPACE
cjfa-20693	161	7	0	0	PUNCT
cjfa-20693	161	8	may	may	AUX
cjfa-20693	161	9	not	not	PART
cjfa-20693	161	10	only	only	ADV
cjfa-20693	161	11	be	be	AUX
cjfa-20693	161	12	the	the	DET
cjfa-20693	161	13	reason	reason	NOUN
cjfa-20693	161	14	for	for	ADP
cjfa-20693	161	15	executive	executive	ADJ
cjfa-20693	161	16	dividend	dividend	NOUN
cjfa-20693	161	17	,	,	PUNCT
cjfa-20693	161	18	that	that	ADV
cjfa-20693	161	19	is	is	ADV
cjfa-20693	161	20	,	,	PUNCT
cjfa-20693	161	21	for	for	ADP
cjfa-20693	161	22	mature	mature	ADJ
cjfa-20693	161	23	companies	company	NOUN
cjfa-20693	161	24	,	,	PUNCT
cjfa-20693	161	25	rising	rise	VERB
cjfa-20693	161	26	stock	stock	NOUN
cjfa-20693	161	27	prices	price	NOUN
cjfa-20693	161	28	usually	usually	ADV
cjfa-20693	161	29	mean	mean	VERB
cjfa-20693	161	30	that	that	SCONJ
cjfa-20693	161	31	companies	company	NOUN
cjfa-20693	161	32	have	have	VERB
cjfa-20693	161	33	the	the	DET
cjfa-20693	161	34	ability	ability	NOUN
cjfa-20693	161	35	to	to	PART
cjfa-20693	161	36	generate	generate	VERB
cjfa-20693	161	37	after	after	ADP
cjfa-20693	161	38	-	-	PUNCT
cjfa-20693	161	39	tax	tax	NOUN
cjfa-20693	161	40	profits	profit	NOUN
cjfa-20693	161	41	to	to	PART
cjfa-20693	161	42	fund	fund	VERB
cjfa-20693	161	43	cash	cash	NOUN
cjfa-20693	161	44	dividends	dividend	NOUN
cjfa-20693	161	45	,	,	PUNCT
cjfa-20693	161	46	but	but	CCONJ
cjfa-20693	161	47	also	also	ADV
cjfa-20693	161	48	the	the	DET
cjfa-20693	161	49	basis	basis	NOUN
cjfa-20693	161	50	for	for	ADP
cjfa-20693	161	51	dividend	dividend	NOUN
cjfa-20693	161	52	-	-	PUNCT
cjfa-20693	161	53	sharing	sharing	NOUN
cjfa-20693	161	54	,	,	PUNCT
cjfa-20693	161	55	that	that	ADV
cjfa-20693	161	56	is	is	ADV
cjfa-20693	161	57	,	,	PUNCT
cjfa-20693	161	58	for	for	ADP
cjfa-20693	161	59	growth	growth	NOUN
cjfa-20693	161	60	companies	company	NOUN
cjfa-20693	161	61	,	,	PUNCT
cjfa-20693	161	62	even	even	ADV
cjfa-20693	161	63	without	without	ADP
cjfa-20693	161	64	dividends	dividend	NOUN
cjfa-20693	161	65	,	,	PUNCT
cjfa-20693	161	66	stock	stock	NOUN
cjfa-20693	161	67	prices	price	NOUN
cjfa-20693	161	68	will	will	AUX
cjfa-20693	161	69	rise	rise	VERB
cjfa-20693	161	70	.	.	PUNCT
cjfa-20693	162	1	at	at	ADP
cjfa-20693	162	2	the	the	DET
cjfa-20693	162	3	same	same	ADJ
cjfa-20693	162	4	time	time	NOUN
cjfa-20693	162	5	,	,	PUNCT
cjfa-20693	162	6	for	for	ADP
cjfa-20693	162	7	shareholders	shareholder	NOUN
cjfa-20693	162	8	,	,	PUNCT
cjfa-20693	162	9	only	only	ADV
cjfa-20693	162	10	when	when	SCONJ
cjfa-20693	162	11	the	the	DET
cjfa-20693	162	12	capital	capital	NOUN
cjfa-20693	162	13	gains	gain	NOUN
cjfa-20693	162	14	are	be	AUX
cjfa-20693	162	15	positive	positive	ADJ
cjfa-20693	162	16	,	,	PUNCT
cjfa-20693	162	17	can	can	AUX
cjfa-20693	162	18	he	he	PRON
cjfa-20693	162	19	have	have	VERB
cjfa-20693	162	20	the	the	DET
cjfa-20693	162	21	motivation	motivation	NOUN
cjfa-20693	162	22	to	to	PART
cjfa-20693	162	23	reduce	reduce	VERB
cjfa-20693	162	24	the	the	DET
cjfa-20693	162	25	company	company	NOUN
cjfa-20693	162	26	’s	’s	PART
cjfa-20693	162	27	shares	share	NOUN
cjfa-20693	162	28	without	without	ADP
cjfa-20693	162	29	dividends	dividend	NOUN
cjfa-20693	162	30	or	or	CCONJ
cjfa-20693	162	31	when	when	SCONJ
cjfa-20693	162	32	the	the	DET
cjfa-20693	162	33	company	company	NOUN
cjfa-20693	162	34	’s	’s	PART
cjfa-20693	162	35	development	development	NOUN
cjfa-20693	162	36	prospects	prospect	NOUN
cjfa-20693	162	37	are	be	AUX
cjfa-20693	162	38	not	not	PART
cjfa-20693	162	39	optimistic	optimistic	ADJ
cjfa-20693	162	40	;	;	PUNCT
cjfa-20693	162	41	otherwise	otherwise	ADV
cjfa-20693	162	42	,	,	PUNCT
cjfa-20693	162	43	he	he	PRON
cjfa-20693	162	44	should	should	AUX
cjfa-20693	162	45	continue	continue	VERB
cjfa-20693	162	46	to	to	PART
cjfa-20693	162	47	hold	hold	VERB
cjfa-20693	162	48	in	in	ADP
cjfa-20693	162	49	order	order	NOUN
cjfa-20693	162	50	to	to	PART
cjfa-20693	162	51	obtain	obtain	VERB
cjfa-20693	162	52	a	a	DET
cjfa-20693	162	53	higher	high	ADJ
cjfa-20693	162	54	positive	positive	ADJ
cjfa-20693	162	55	return	return	NOUN
cjfa-20693	162	56	on	on	ADP
cjfa-20693	162	57	investment	investment	NOUN
cjfa-20693	162	58	.	.	PUNCT
cjfa-20693	163	1	this	this	PRON
cjfa-20693	163	2	is	be	AUX
cjfa-20693	163	3	very	very	ADV
cjfa-20693	163	4	consistent	consistent	ADJ
cjfa-20693	163	5	with	with	ADP
cjfa-20693	163	6	the	the	DET
cjfa-20693	163	7	phenomenon	phenomenon	NOUN
cjfa-20693	163	8	that	that	SCONJ
cjfa-20693	163	9	many	many	ADJ
cjfa-20693	163	10	investors	investor	NOUN
cjfa-20693	163	11	in	in	ADP
cjfa-20693	163	12	the	the	DET
cjfa-20693	163	13	stock	stock	NOUN
cjfa-20693	163	14	market	market	NOUN
cjfa-20693	163	15	have	have	AUX
cjfa-20693	163	16	been	be	AUX
cjfa-20693	163	17	held	hold	VERB
cjfa-20693	163	18	up	up	ADP
cjfa-20693	163	19	for	for	ADP
cjfa-20693	163	20	a	a	DET
cjfa-20693	163	21	long	long	ADJ
cjfa-20693	163	22	time	time	NOUN
cjfa-20693	163	23	.	.	PUNCT
cjfa-20693	164	1	assumption	assumption	NOUN
cjfa-20693	164	2	3	3	NUM
cjfa-20693	164	3	:	:	PUNCT
cjfa-20693	164	4	suppose	suppose	VERB
cjfa-20693	164	5	that	that	SCONJ
cjfa-20693	164	6	the	the	DET
cjfa-20693	164	7	executive	executive	NOUN
cjfa-20693	164	8	’s	’s	PART
cjfa-20693	164	9	income	income	NOUN
cjfa-20693	164	10	is	be	AUX
cjfa-20693	164	11	a	a	DET
cjfa-20693	164	12	function	function	NOUN
cjfa-20693	164	13	of	of	ADP
cjfa-20693	164	14	effort	effort	NOUN
cjfa-20693	164	15	,	,	PUNCT
cjfa-20693	164	16	and	and	CCONJ
cjfa-20693	164	17	the	the	DET
cjfa-20693	164	18	executive	executive	NOUN
cjfa-20693	164	19	’s	’s	PART
cjfa-20693	164	20	income	income	NOUN
cjfa-20693	164	21	consists	consist	VERB
cjfa-20693	164	22	of	of	ADP
cjfa-20693	164	23	salary	salary	NOUN
cjfa-20693	164	24	income	income	NOUN
cjfa-20693	164	25	and	and	CCONJ
cjfa-20693	164	26	private	private	ADJ
cjfa-20693	164	27	income	income	NOUN
cjfa-20693	164	28	.	.	PUNCT
cjfa-20693	165	1	can	can	AUX
cjfa-20693	165	2	mandatory	mandatory	ADJ
cjfa-20693	165	3	dividend	dividend	NOUN
cjfa-20693	165	4	policy	policy	NOUN
cjfa-20693	165	5	reduce	reduce	VERB
cjfa-20693	165	6	…	…	PUNCT
cjfa-20693	165	7	71	71	NUM
cjfa-20693	165	8	the	the	PRON
cjfa-20693	165	9	harder	hard	ADJ
cjfa-20693	165	10	an	an	DET
cjfa-20693	165	11	executive	executive	ADJ
cjfa-20693	165	12	works	work	NOUN
cjfa-20693	165	13	,	,	PUNCT
cjfa-20693	165	14	the	the	PRON
cjfa-20693	165	15	higher	high	ADJ
cjfa-20693	165	16	his	his	PRON
cjfa-20693	165	17	wage	wage	NOUN
cjfa-20693	165	18	earnings	earning	NOUN
cjfa-20693	165	19	;	;	PUNCT
cjfa-20693	165	20	while	while	SCONJ
cjfa-20693	165	21	private	private	ADJ
cjfa-20693	165	22	earnings	earning	NOUN
cjfa-20693	165	23	increase	increase	VERB
cjfa-20693	165	24	the	the	DET
cjfa-20693	165	25	effectiveness	effectiveness	NOUN
cjfa-20693	165	26	of	of	ADP
cjfa-20693	165	27	an	an	DET
cjfa-20693	165	28	executive	executive	NOUN
cjfa-20693	165	29	,	,	PUNCT
cjfa-20693	165	30	they	they	PRON
cjfa-20693	165	31	reduce	reduce	VERB
cjfa-20693	165	32	shareholder	shareholder	NOUN
cjfa-20693	165	33	dividend	dividend	NOUN
cjfa-20693	165	34	earnings	earning	NOUN
cjfa-20693	165	35	.	.	PUNCT
cjfa-20693	166	1	therefore	therefore	ADV
cjfa-20693	166	2	,	,	PUNCT
cjfa-20693	166	3	the	the	DET
cjfa-20693	166	4	executive	executive	NOUN
cjfa-20693	166	5	’s	’s	PART
cjfa-20693	166	6	earnings	earning	NOUN
cjfa-20693	166	7	function	function	NOUN
cjfa-20693	166	8	can	can	AUX
cjfa-20693	166	9	be	be	AUX
cjfa-20693	166	10	expressed	express	VERB
cjfa-20693	166	11	as	as	SCONJ
cjfa-20693	166	12	follows	follow	VERB
cjfa-20693	166	13	:	:	PUNCT
cjfa-20693	166	14	the	the	PRON
cjfa-20693	166	15	harder	hard	ADJ
cjfa-20693	166	16	an	an	DET
cjfa-20693	166	17	executive	executive	ADJ
cjfa-20693	166	18	works	work	NOUN
cjfa-20693	166	19	,	,	PUNCT
cjfa-20693	166	20	the	the	PRON
cjfa-20693	166	21	higher	high	ADJ
cjfa-20693	166	22	his	his	PRON
cjfa-20693	166	23	wage	wage	NOUN
cjfa-20693	166	24	earnings	earning	NOUN
cjfa-20693	166	25	;	;	PUNCT
cjfa-20693	166	26	while	while	SCONJ
cjfa-20693	166	27	private	private	ADJ
cjfa-20693	166	28	earnings	earning	NOUN
cjfa-20693	166	29	increase	increase	VERB
cjfa-20693	166	30	the	the	DET
cjfa-20693	166	31	effectiveness	effectiveness	NOUN
cjfa-20693	166	32	of	of	ADP
cjfa-20693	166	33	an	an	DET
cjfa-20693	166	34	executive	executive	NOUN
cjfa-20693	166	35	,	,	PUNCT
cjfa-20693	166	36	they	they	PRON
cjfa-20693	166	37	reduce	reduce	VERB
cjfa-20693	166	38	shareholder	shareholder	NOUN
cjfa-20693	166	39	dividend	dividend	NOUN
cjfa-20693	166	40	earnings	earning	NOUN
cjfa-20693	166	41	.	.	PUNCT
cjfa-20693	167	1	therefore	therefore	ADV
cjfa-20693	167	2	,	,	PUNCT
cjfa-20693	167	3	the	the	DET
cjfa-20693	167	4	executive	executive	NOUN
cjfa-20693	167	5	's	's	PART
cjfa-20693	167	6	earnings	earning	NOUN
cjfa-20693	167	7	function	function	NOUN
cjfa-20693	167	8	can	can	AUX
cjfa-20693	167	9	be	be	AUX
cjfa-20693	167	10	expressed	express	VERB
cjfa-20693	167	11	as	as	SCONJ
cjfa-20693	167	12	follows	follow	VERB
cjfa-20693	167	13	:	:	PUNCT
cjfa-20693	167	14	�	�	PROPN
cjfa-20693	167	15	�	�	PROPN
cjfa-20693	167	16	�	�	PROPN
cjfa-20693	167	17	�	�	PROPN
cjfa-20693	167	18	�	�	PROPN
cjfa-20693	167	19	�	�	PROPN
cjfa-20693	167	20	�	�	PROPN
cjfa-20693	167	21	�	�	PROPN
cjfa-20693	167	22	�	�	PROPN
cjfa-20693	167	23	�	�	PROPN
cjfa-20693	167	24	�	�	PROPN
cjfa-20693	167	25	(	(	PUNCT
cjfa-20693	167	26	1	1	X
cjfa-20693	167	27	)	)	PUNCT
cjfa-20693	167	28	the	the	DET
cjfa-20693	167	29	coefficients	coefficient	NOUN
cjfa-20693	167	30	a	a	PRON
cjfa-20693	167	31	and	and	CCONJ
cjfa-20693	167	32	b	b	NOUN
cjfa-20693	167	33	are	be	AUX
cjfa-20693	167	34	all	all	ADV
cjfa-20693	167	35	positive	positive	ADJ
cjfa-20693	167	36	.	.	PUNCT
cjfa-20693	168	1	�	�	PROPN
cjfa-20693	168	2	�	�	PROPN
cjfa-20693	168	3	�	�	PROPN
cjfa-20693	168	4	�	�	PROPN
cjfa-20693	168	5	�	�	PROPN
cjfa-20693	168	6	�	�	PROPN
cjfa-20693	168	7	is	be	AUX
cjfa-20693	168	8	the	the	DET
cjfa-20693	168	9	salary	salary	NOUN
cjfa-20693	168	10	income	income	NOUN
cjfa-20693	168	11	of	of	ADP
cjfa-20693	168	12	senior	senior	ADJ
cjfa-20693	168	13	managers	manager	NOUN
cjfa-20693	168	14	,	,	PUNCT
cjfa-20693	168	15	e	e	X
cjfa-20693	168	16	is	be	AUX
cjfa-20693	168	17	the	the	DET
cjfa-20693	168	18	effort	effort	NOUN
cjfa-20693	168	19	level	level	NOUN
cjfa-20693	168	20	of	of	ADP
cjfa-20693	168	21	senior	senior	ADJ
cjfa-20693	168	22	managers	manager	NOUN
cjfa-20693	168	23	.	.	PUNCT
cjfa-20693	169	1	the	the	DET
cjfa-20693	169	2	economic	economic	ADJ
cjfa-20693	169	3	meaning	meaning	NOUN
cjfa-20693	169	4	of	of	ADP
cjfa-20693	169	5	the	the	DET
cjfa-20693	169	6	salary	salary	NOUN
cjfa-20693	169	7	income	income	NOUN
cjfa-20693	169	8	function	function	NOUN
cjfa-20693	169	9	is	be	AUX
cjfa-20693	169	10	that	that	SCONJ
cjfa-20693	169	11	shareholders	shareholder	NOUN
cjfa-20693	169	12	pay	pay	VERB
cjfa-20693	169	13	executives	executive	NOUN
cjfa-20693	169	14	'	'	PART
cjfa-20693	169	15	salaries	salary	NOUN
cjfa-20693	169	16	according	accord	VERB
cjfa-20693	169	17	to	to	ADP
cjfa-20693	169	18	their	their	PRON
cjfa-20693	169	19	efforts	effort	NOUN
cjfa-20693	169	20	,	,	PUNCT
cjfa-20693	169	21	and	and	CCONJ
cjfa-20693	169	22	executives	executive	NOUN
cjfa-20693	169	23	'	'	PART
cjfa-20693	169	24	salaries	salary	NOUN
cjfa-20693	169	25	are	be	AUX
cjfa-20693	169	26	concave	concave	NOUN
cjfa-20693	169	27	functions	function	NOUN
cjfa-20693	169	28	of	of	ADP
cjfa-20693	169	29	their	their	PRON
cjfa-20693	169	30	efforts	effort	NOUN
cjfa-20693	169	31	;	;	PUNCT
cjfa-20693	169	32	c	c	X
cjfa-20693	169	33	is	be	AUX
cjfa-20693	169	34	the	the	DET
cjfa-20693	169	35	private	private	ADJ
cjfa-20693	169	36	benefits	benefit	NOUN
cjfa-20693	169	37	of	of	ADP
cjfa-20693	169	38	executives	executive	NOUN
cjfa-20693	169	39	,	,	PUNCT
cjfa-20693	169	40	because	because	SCONJ
cjfa-20693	169	41	executives	executive	NOUN
cjfa-20693	169	42	have	have	VERB
cjfa-20693	169	43	no	no	DET
cjfa-20693	169	44	residual	residual	ADJ
cjfa-20693	169	45	claim	claim	NOUN
cjfa-20693	169	46	,	,	PUNCT
cjfa-20693	169	47	so	so	SCONJ
cjfa-20693	169	48	there	there	PRON
cjfa-20693	169	49	will	will	AUX
cjfa-20693	169	50	be	be	AUX
cjfa-20693	169	51	indisputable	indisputable	ADJ
cjfa-20693	169	52	opportunistic	opportunistic	ADJ
cjfa-20693	169	53	behavior	behavior	NOUN
cjfa-20693	169	54	of	of	ADP
cjfa-20693	169	55	executives	executive	NOUN
cjfa-20693	169	56	.	.	PUNCT
cjfa-20693	170	1	if	if	SCONJ
cjfa-20693	170	2	the	the	DET
cjfa-20693	170	3	executive	executive	PROPN
cjfa-20693	170	4	compensation	compensation	NOUN
cjfa-20693	170	5	at	at	ADP
cjfa-20693	170	6	this	this	DET
cjfa-20693	170	7	time	time	NOUN
cjfa-20693	170	8	is	be	AUX
cjfa-20693	170	9	not	not	PART
cjfa-20693	170	10	enough	enough	ADJ
cjfa-20693	170	11	to	to	PART
cjfa-20693	170	12	compensate	compensate	VERB
cjfa-20693	170	13	for	for	ADP
cjfa-20693	170	14	the	the	DET
cjfa-20693	170	15	negative	negative	ADJ
cjfa-20693	170	16	effects	effect	NOUN
cjfa-20693	170	17	of	of	ADP
cjfa-20693	170	18	hard	hard	ADJ
cjfa-20693	170	19	work	work	NOUN
cjfa-20693	170	20	when	when	SCONJ
cjfa-20693	170	21	creating	create	VERB
cjfa-20693	170	22	value	value	NOUN
cjfa-20693	170	23	for	for	ADP
cjfa-20693	170	24	shareholders	shareholder	NOUN
cjfa-20693	170	25	,	,	PUNCT
cjfa-20693	170	26	they	they	PRON
cjfa-20693	170	27	will	will	AUX
cjfa-20693	170	28	choose	choose	VERB
cjfa-20693	170	29	on	on	ADP
cjfa-20693	170	30	-	-	PUNCT
cjfa-20693	170	31	the	the	DET
cjfa-20693	170	32	-	-	PUNCT
cjfa-20693	170	33	job	job	NOUN
cjfa-20693	170	34	consumption	consumption	NOUN
cjfa-20693	170	35	and	and	CCONJ
cjfa-20693	170	36	related	relate	VERB
cjfa-20693	170	37	transactions	transaction	NOUN
cjfa-20693	170	38	to	to	PART
cjfa-20693	170	39	indirectly	indirectly	ADV
cjfa-20693	170	40	compensate	compensate	VERB
cjfa-20693	170	41	for	for	ADP
cjfa-20693	170	42	their	their	PRON
cjfa-20693	170	43	negative	negative	ADJ
cjfa-20693	170	44	effects	effect	NOUN
cjfa-20693	170	45	.	.	PUNCT
cjfa-20693	171	1	assumption	assumption	NOUN
cjfa-20693	171	2	4	4	NUM
cjfa-20693	171	3	:	:	PUNCT
cjfa-20693	171	4	according	accord	VERB
cjfa-20693	171	5	to	to	ADP
cjfa-20693	171	6	the	the	DET
cjfa-20693	171	7	dividend	dividend	NOUN
cjfa-20693	171	8	model	model	NOUN
cjfa-20693	171	9	,	,	PUNCT
cjfa-20693	171	10	it	it	PRON
cjfa-20693	171	11	is	be	AUX
cjfa-20693	171	12	assumed	assume	VERB
cjfa-20693	171	13	that	that	SCONJ
cjfa-20693	171	14	shareholders	shareholder	NOUN
cjfa-20693	171	15	'	'	PART
cjfa-20693	171	16	earnings	earning	NOUN
cjfa-20693	171	17	consist	consist	NOUN
cjfa-20693	171	18	of	of	ADP
cjfa-20693	171	19	cash	cash	NOUN
cjfa-20693	171	20	dividends	dividend	NOUN
cjfa-20693	171	21	and	and	CCONJ
cjfa-20693	171	22	capital	capital	NOUN
cjfa-20693	171	23	gains	gain	NOUN
cjfa-20693	171	24	,	,	PUNCT
cjfa-20693	171	25	and	and	CCONJ
cjfa-20693	171	26	that	that	SCONJ
cjfa-20693	171	27	dividend	dividend	NOUN
cjfa-20693	171	28	gains	gain	NOUN
cjfa-20693	171	29	should	should	AUX
cjfa-20693	171	30	be	be	AUX
cjfa-20693	171	31	mainly	mainly	ADV
cjfa-20693	171	32	a	a	DET
cjfa-20693	171	33	function	function	NOUN
cjfa-20693	171	34	of	of	ADP
cjfa-20693	171	35	managers	manager	NOUN
cjfa-20693	171	36	'	'	PART
cjfa-20693	171	37	efforts	effort	NOUN
cjfa-20693	171	38	.	.	PUNCT
cjfa-20693	172	1	in	in	ADP
cjfa-20693	172	2	other	other	ADJ
cjfa-20693	172	3	words	word	NOUN
cjfa-20693	172	4	,	,	PUNCT
cjfa-20693	172	5	the	the	DET
cjfa-20693	172	6	efforts	effort	NOUN
cjfa-20693	172	7	of	of	ADP
cjfa-20693	172	8	executives	executive	NOUN
cjfa-20693	172	9	will	will	AUX
cjfa-20693	172	10	create	create	VERB
cjfa-20693	172	11	more	more	ADJ
cjfa-20693	172	12	corporate	corporate	ADJ
cjfa-20693	172	13	surplus	surplus	NOUN
cjfa-20693	172	14	,	,	PUNCT
cjfa-20693	172	15	increase	increase	VERB
cjfa-20693	172	16	cash	cash	NOUN
cjfa-20693	172	17	dividends	dividend	NOUN
cjfa-20693	172	18	that	that	PRON
cjfa-20693	172	19	can	can	AUX
cjfa-20693	172	20	be	be	AUX
cjfa-20693	172	21	allocated	allocate	VERB
cjfa-20693	172	22	to	to	ADP
cjfa-20693	172	23	shareholders	shareholder	NOUN
cjfa-20693	172	24	,	,	PUNCT
cjfa-20693	172	25	and	and	CCONJ
cjfa-20693	172	26	also	also	ADV
cjfa-20693	172	27	release	release	VERB
cjfa-20693	172	28	a	a	DET
cjfa-20693	172	29	signal	signal	NOUN
cjfa-20693	172	30	that	that	SCONJ
cjfa-20693	172	31	the	the	DET
cjfa-20693	172	32	business	business	NOUN
cjfa-20693	172	33	is	be	AUX
cjfa-20693	172	34	doing	do	VERB
cjfa-20693	172	35	well	well	ADV
cjfa-20693	172	36	.	.	PUNCT
cjfa-20693	173	1	thus	thus	ADV
cjfa-20693	173	2	,	,	PUNCT
cjfa-20693	173	3	the	the	DET
cjfa-20693	173	4	return	return	NOUN
cjfa-20693	173	5	function	function	NOUN
cjfa-20693	173	6	of	of	ADP
cjfa-20693	173	7	holding	hold	VERB
cjfa-20693	173	8	a	a	DET
cjfa-20693	173	9	unit	unit	NOUN
cjfa-20693	173	10	of	of	ADP
cjfa-20693	173	11	stock	stock	NOUN
cjfa-20693	173	12	can	can	AUX
cjfa-20693	173	13	be	be	AUX
cjfa-20693	173	14	expressed	express	VERB
cjfa-20693	173	15	as	as	SCONJ
cjfa-20693	173	16	follows	follow	VERB
cjfa-20693	173	17	in	in	ADP
cjfa-20693	173	18	other	other	ADJ
cjfa-20693	173	19	words	word	NOUN
cjfa-20693	173	20	,	,	PUNCT
cjfa-20693	173	21	the	the	DET
cjfa-20693	173	22	efforts	effort	NOUN
cjfa-20693	173	23	of	of	ADP
cjfa-20693	173	24	executives	executive	NOUN
cjfa-20693	173	25	will	will	AUX
cjfa-20693	173	26	create	create	VERB
cjfa-20693	173	27	more	more	ADJ
cjfa-20693	173	28	corporate	corporate	ADJ
cjfa-20693	173	29	surplus	surplus	NOUN
cjfa-20693	173	30	,	,	PUNCT
cjfa-20693	173	31	increase	increase	VERB
cjfa-20693	173	32	cash	cash	NOUN
cjfa-20693	173	33	dividends	dividend	NOUN
cjfa-20693	173	34	that	that	PRON
cjfa-20693	173	35	can	can	AUX
cjfa-20693	173	36	be	be	AUX
cjfa-20693	173	37	allocated	allocate	VERB
cjfa-20693	173	38	to	to	ADP
cjfa-20693	173	39	shareholders	shareholder	NOUN
cjfa-20693	173	40	,	,	PUNCT
cjfa-20693	173	41	and	and	CCONJ
cjfa-20693	173	42	also	also	ADV
cjfa-20693	173	43	release	release	VERB
cjfa-20693	173	44	a	a	DET
cjfa-20693	173	45	signal	signal	NOUN
cjfa-20693	173	46	that	that	SCONJ
cjfa-20693	173	47	the	the	DET
cjfa-20693	173	48	business	business	NOUN
cjfa-20693	173	49	is	be	AUX
cjfa-20693	173	50	doing	do	VERB
cjfa-20693	173	51	well	well	ADV
cjfa-20693	173	52	.	.	PUNCT
cjfa-20693	174	1	thus	thus	ADV
cjfa-20693	174	2	,	,	PUNCT
cjfa-20693	174	3	the	the	DET
cjfa-20693	174	4	return	return	NOUN
cjfa-20693	174	5	function	function	NOUN
cjfa-20693	174	6	of	of	ADP
cjfa-20693	174	7	holding	hold	VERB
cjfa-20693	174	8	one	one	NUM
cjfa-20693	174	9	unit	unit	NOUN
cjfa-20693	174	10	of	of	ADP
cjfa-20693	174	11	stock	stock	NOUN
cjfa-20693	174	12	can	can	AUX
cjfa-20693	174	13	be	be	AUX
cjfa-20693	174	14	expressed	express	VERB
cjfa-20693	174	15	as	as	SCONJ
cjfa-20693	174	16	follows	follow	VERB
cjfa-20693	174	17	:	:	PUNCT
cjfa-20693	174	18	u	u	NOUN
cjfa-20693	174	19	�	�	PROPN
cjfa-20693	174	20	�	�	PROPN
cjfa-20693	174	21	�	�	PROPN
cjfa-20693	174	22	�	�	PROPN
cjfa-20693	174	23	�	�	PROPN
cjfa-20693	174	24	�	�	PROPN
cjfa-20693	174	25	�	�	PROPN
cjfa-20693	174	26	�	�	PROPN
cjfa-20693	174	27	�	�	PROPN
cjfa-20693	174	28	�	�	PROPN
cjfa-20693	174	29	�	�	PROPN
cjfa-20693	174	30	�	�	PROPN
cjfa-20693	174	31	�	�	PROPN
cjfa-20693	174	32	�	�	PROPN
cjfa-20693	174	33	�	�	PROPN
cjfa-20693	174	34	�	�	PROPN
cjfa-20693	174	35	(	(	PUNCT
cjfa-20693	174	36	2	2	NUM
cjfa-20693	174	37	)	)	PUNCT
cjfa-20693	174	38	among	among	ADP
cjfa-20693	174	39	them	they	PRON
cjfa-20693	174	40	,	,	PUNCT
cjfa-20693	174	41	the	the	DET
cjfa-20693	174	42	coefficients	coefficients	PROPN
cjfa-20693	174	43	and	and	CCONJ
cjfa-20693	174	44			PROPN
cjfa-20693	174	45	are	be	AUX
cjfa-20693	174	46	positive	positive	ADJ
cjfa-20693	174	47	;	;	PUNCT
cjfa-20693	174	48	�	�	PROPN
cjfa-20693	174	49	�	�	PROPN
cjfa-20693	174	50	is	be	AUX
cjfa-20693	174	51	the	the	DET
cjfa-20693	174	52	cash	cash	NOUN
cjfa-20693	174	53	dividend	dividend	NOUN
cjfa-20693	174	54	of	of	ADP
cjfa-20693	174	55	the	the	DET
cjfa-20693	174	56	current	current	ADJ
cjfa-20693	174	57	period	period	NOUN
cjfa-20693	174	58	,	,	PUNCT
cjfa-20693	174	59	�	�	PROPN
cjfa-20693	174	60	�	�	PROPN
cjfa-20693	174	61	�	�	PROPN
cjfa-20693	174	62	�	�	PROPN
cjfa-20693	174	63	�	�	PROPN
cjfa-20693	174	64	is	be	AUX
cjfa-20693	174	65	the	the	DET
cjfa-20693	174	66	sum	sum	NOUN
cjfa-20693	174	67	of	of	ADP
cjfa-20693	174	68	the	the	DET
cjfa-20693	174	69	discounted	discount	VERB
cjfa-20693	174	70	value	value	NOUN
cjfa-20693	174	71	of	of	ADP
cjfa-20693	174	72	dividends	dividend	NOUN
cjfa-20693	174	73	obtained	obtain	VERB
cjfa-20693	174	74	by	by	ADP
cjfa-20693	174	75	shareholders	shareholder	NOUN
cjfa-20693	174	76	when	when	SCONJ
cjfa-20693	174	77	they	they	PRON
cjfa-20693	174	78	choose	choose	VERB
cjfa-20693	174	79	to	to	PART
cjfa-20693	174	80	hold	hold	VERB
cjfa-20693	174	81	them	they	PRON
cjfa-20693	174	82	for	for	ADP
cjfa-20693	174	83	a	a	DET
cjfa-20693	174	84	long	long	ADJ
cjfa-20693	174	85	time	time	NOUN
cjfa-20693	174	86	,	,	PUNCT
cjfa-20693	174	87	�	�	PROPN
cjfa-20693	174	88	is	be	AUX
cjfa-20693	174	89	the	the	DET
cjfa-20693	174	90	present	present	ADJ
cjfa-20693	174	91	value	value	NOUN
cjfa-20693	174	92	of	of	ADP
cjfa-20693	174	93	capital	capital	NOUN
cjfa-20693	174	94	gains	gain	NOUN
cjfa-20693	174	95	obtained	obtain	VERB
cjfa-20693	174	96	by	by	ADP
cjfa-20693	174	97	one	one	NUM
cjfa-20693	174	98	-	-	PUNCT
cjfa-20693	174	99	time	time	NOUN
cjfa-20693	174	100	transactions	transaction	NOUN
cjfa-20693	174	101	,	,	PUNCT
cjfa-20693	174	102	r	r	NOUN
cjfa-20693	174	103	is	be	AUX
cjfa-20693	174	104	the	the	DET
cjfa-20693	174	105	present	present	ADJ
cjfa-20693	174	106	value	value	NOUN
cjfa-20693	174	107	of	of	ADP
cjfa-20693	174	108	capital	capital	NOUN
cjfa-20693	174	109	gains	gain	NOUN
cjfa-20693	174	110	obtained	obtain	VERB
cjfa-20693	174	111	by	by	ADP
cjfa-20693	174	112	one	one	NUM
cjfa-20693	174	113	-	-	PUNCT
cjfa-20693	174	114	time	time	NOUN
cjfa-20693	174	115	transactions	transaction	NOUN
cjfa-20693	174	116	,	,	PUNCT
cjfa-20693	174	117	r	r	NOUN
cjfa-20693	174	118	is	be	AUX
cjfa-20693	174	119	the	the	DET
cjfa-20693	174	120	discounted	discount	VERB
cjfa-20693	174	121	value	value	NOUN
cjfa-20693	174	122	,	,	PUNCT
cjfa-20693	174	123	and	and	CCONJ
cjfa-20693	174	124	g	g	NOUN
cjfa-20693	174	125	is	be	AUX
cjfa-20693	174	126	the	the	DET
cjfa-20693	174	127	growth	growth	NOUN
cjfa-20693	174	128	rate	rate	NOUN
cjfa-20693	174	129	of	of	ADP
cjfa-20693	174	130	dividends	dividend	NOUN
cjfa-20693	174	131	,	,	PUNCT
cjfa-20693	174	132	in	in	ADP
cjfa-20693	174	133	which	which	PRON
cjfa-20693	174	134	cash	cash	NOUN
cjfa-20693	174	135	dividends	dividend	NOUN
cjfa-20693	174	136	are	be	AUX
cjfa-20693	174	137	the	the	DET
cjfa-20693	174	138	function	function	NOUN
cjfa-20693	174	139	of	of	ADP
cjfa-20693	174	140	managers	manager	NOUN
cjfa-20693	174	141	'	'	PART
cjfa-20693	174	142	efforts	effort	NOUN
cjfa-20693	174	143	,	,	PUNCT
cjfa-20693	174	144	while	while	SCONJ
cjfa-20693	174	145	the	the	DET
cjfa-20693	174	146	present	present	ADJ
cjfa-20693	174	147	value	value	NOUN
cjfa-20693	174	148	of	of	ADP
cjfa-20693	174	149	capital	capital	NOUN
cjfa-20693	174	150	gains	gain	NOUN
cjfa-20693	174	151	obtained	obtain	VERB
cjfa-20693	174	152	by	by	ADP
cjfa-20693	174	153	one	one	NUM
cjfa-20693	174	154	-	-	PUNCT
cjfa-20693	174	155	time	time	NOUN
cjfa-20693	174	156	transactions	transaction	NOUN
cjfa-20693	174	157	is	be	AUX
cjfa-20693	174	158	constant	constant	ADJ
cjfa-20693	174	159	.	.	PUNCT
cjfa-20693	175	1	4	4	X
cjfa-20693	175	2	.	.	X
cjfa-20693	175	3	strategy	strategy	NOUN
cjfa-20693	175	4	and	and	CCONJ
cjfa-20693	175	5	payment	payment	NOUN
cjfa-20693	175	6	matrix	matrix	NOUN
cjfa-20693	175	7	of	of	ADP
cjfa-20693	175	8	game	game	NOUN
cjfa-20693	175	9	parties	party	NOUN
cjfa-20693	175	10	(	(	PUNCT
cjfa-20693	175	11	1	1	X
cjfa-20693	175	12	)	)	PUNCT
cjfa-20693	175	13	the	the	DET
cjfa-20693	175	14	coefficients	coefficient	NOUN
cjfa-20693	175	15	a	a	PRON
cjfa-20693	175	16	and	and	CCONJ
cjfa-20693	175	17	b	b	NOUN
cjfa-20693	175	18	are	be	AUX
cjfa-20693	175	19	all	all	ADV
cjfa-20693	175	20	positive	positive	ADJ
cjfa-20693	175	21	.	.	PUNCT
cjfa-20693	176	1	ae	ae	PROPN
cjfa-20693	176	2	–	–	PUNCT
cjfa-20693	176	3	be2	be2	PROPN
cjfa-20693	176	4	is	be	AUX
cjfa-20693	176	5	the	the	DET
cjfa-20693	176	6	salary	salary	NOUN
cjfa-20693	176	7	income	income	NOUN
cjfa-20693	176	8	of	of	ADP
cjfa-20693	176	9	senior	senior	ADJ
cjfa-20693	176	10	managers	manager	NOUN
cjfa-20693	176	11	,	,	PUNCT
cjfa-20693	176	12	e	e	X
cjfa-20693	176	13	is	be	AUX
cjfa-20693	176	14	the	the	DET
cjfa-20693	176	15	effort	effort	NOUN
cjfa-20693	176	16	level	level	NOUN
cjfa-20693	176	17	of	of	ADP
cjfa-20693	176	18	senior	senior	ADJ
cjfa-20693	176	19	managers	manager	NOUN
cjfa-20693	176	20	.	.	PUNCT
cjfa-20693	177	1	the	the	DET
cjfa-20693	177	2	economic	economic	ADJ
cjfa-20693	177	3	meaning	meaning	NOUN
cjfa-20693	177	4	of	of	ADP
cjfa-20693	177	5	the	the	DET
cjfa-20693	177	6	salary	salary	NOUN
cjfa-20693	177	7	income	income	NOUN
cjfa-20693	177	8	function	function	NOUN
cjfa-20693	177	9	is	be	AUX
cjfa-20693	177	10	that	that	SCONJ
cjfa-20693	177	11	shareholders	shareholder	NOUN
cjfa-20693	177	12	pay	pay	VERB
cjfa-20693	177	13	executives	executive	NOUN
cjfa-20693	177	14	‘	'	PUNCT
cjfa-20693	177	15	salaries	salary	NOUN
cjfa-20693	177	16	according	accord	VERB
cjfa-20693	177	17	to	to	ADP
cjfa-20693	177	18	their	their	PRON
cjfa-20693	177	19	efforts	effort	NOUN
cjfa-20693	177	20	,	,	PUNCT
cjfa-20693	177	21	and	and	CCONJ
cjfa-20693	177	22	executives	executive	NOUN
cjfa-20693	177	23	’	'	PUNCT
cjfa-20693	177	24	salaries	salary	NOUN
cjfa-20693	177	25	are	be	AUX
cjfa-20693	177	26	concave	concave	NOUN
cjfa-20693	177	27	functions	function	NOUN
cjfa-20693	177	28	of	of	ADP
cjfa-20693	177	29	their	their	PRON
cjfa-20693	177	30	efforts	effort	NOUN
cjfa-20693	177	31	;	;	PUNCT
cjfa-20693	177	32	c	c	X
cjfa-20693	177	33	is	be	AUX
cjfa-20693	177	34	the	the	DET
cjfa-20693	177	35	private	private	ADJ
cjfa-20693	177	36	benefits	benefit	NOUN
cjfa-20693	177	37	of	of	ADP
cjfa-20693	177	38	executives	executive	NOUN
cjfa-20693	177	39	,	,	PUNCT
cjfa-20693	177	40	because	because	SCONJ
cjfa-20693	177	41	executives	executive	NOUN
cjfa-20693	177	42	have	have	VERB
cjfa-20693	177	43	no	no	DET
cjfa-20693	177	44	residual	residual	ADJ
cjfa-20693	177	45	claim	claim	NOUN
cjfa-20693	177	46	,	,	PUNCT
cjfa-20693	177	47	so	so	SCONJ
cjfa-20693	177	48	there	there	PRON
cjfa-20693	177	49	will	will	AUX
cjfa-20693	177	50	be	be	AUX
cjfa-20693	177	51	indisputable	indisputable	ADJ
cjfa-20693	177	52	opportunistic	opportunistic	ADJ
cjfa-20693	177	53	behavior	behavior	NOUN
cjfa-20693	177	54	of	of	ADP
cjfa-20693	177	55	executives	executive	NOUN
cjfa-20693	177	56	.	.	PUNCT
cjfa-20693	178	1	if	if	SCONJ
cjfa-20693	178	2	the	the	DET
cjfa-20693	178	3	executive	executive	PROPN
cjfa-20693	178	4	compensation	compensation	NOUN
cjfa-20693	178	5	at	at	ADP
cjfa-20693	178	6	this	this	DET
cjfa-20693	178	7	time	time	NOUN
cjfa-20693	178	8	is	be	AUX
cjfa-20693	178	9	not	not	PART
cjfa-20693	178	10	enough	enough	ADJ
cjfa-20693	178	11	to	to	PART
cjfa-20693	178	12	compensate	compensate	VERB
cjfa-20693	178	13	for	for	ADP
cjfa-20693	178	14	the	the	DET
cjfa-20693	178	15	negative	negative	ADJ
cjfa-20693	178	16	effects	effect	NOUN
cjfa-20693	178	17	of	of	ADP
cjfa-20693	178	18	hard	hard	ADJ
cjfa-20693	178	19	work	work	NOUN
cjfa-20693	178	20	when	when	SCONJ
cjfa-20693	178	21	creating	create	VERB
cjfa-20693	178	22	value	value	NOUN
cjfa-20693	178	23	for	for	ADP
cjfa-20693	178	24	shareholders	shareholder	NOUN
cjfa-20693	178	25	,	,	PUNCT
cjfa-20693	178	26	they	they	PRON
cjfa-20693	178	27	will	will	AUX
cjfa-20693	178	28	choose	choose	VERB
cjfa-20693	178	29	on	on	ADP
cjfa-20693	178	30	-	-	PUNCT
cjfa-20693	178	31	the	the	DET
cjfa-20693	178	32	-	-	PUNCT
cjfa-20693	178	33	job	job	NOUN
cjfa-20693	178	34	consumption	consumption	NOUN
cjfa-20693	178	35	and	and	CCONJ
cjfa-20693	178	36	related	relate	VERB
cjfa-20693	178	37	transactions	transaction	NOUN
cjfa-20693	178	38	to	to	PART
cjfa-20693	178	39	indirectly	indirectly	ADV
cjfa-20693	178	40	compensate	compensate	VERB
cjfa-20693	178	41	for	for	ADP
cjfa-20693	178	42	their	their	PRON
cjfa-20693	178	43	negative	negative	ADJ
cjfa-20693	178	44	effects	effect	NOUN
cjfa-20693	178	45	.	.	PUNCT
cjfa-20693	179	1	assumption	assumption	NOUN
cjfa-20693	179	2	4	4	NUM
cjfa-20693	179	3	:	:	PUNCT
cjfa-20693	179	4	according	accord	VERB
cjfa-20693	179	5	to	to	ADP
cjfa-20693	179	6	the	the	DET
cjfa-20693	179	7	dividend	dividend	NOUN
cjfa-20693	179	8	model	model	NOUN
cjfa-20693	179	9	,	,	PUNCT
cjfa-20693	179	10	it	it	PRON
cjfa-20693	179	11	is	be	AUX
cjfa-20693	179	12	assumed	assume	VERB
cjfa-20693	179	13	that	that	SCONJ
cjfa-20693	179	14	shareholders	shareholder	NOUN
cjfa-20693	179	15	’	'	PUNCT
cjfa-20693	179	16	earnings	earning	NOUN
cjfa-20693	179	17	consist	consist	NOUN
cjfa-20693	179	18	of	of	ADP
cjfa-20693	179	19	cash	cash	NOUN
cjfa-20693	179	20	dividends	dividend	NOUN
cjfa-20693	179	21	and	and	CCONJ
cjfa-20693	179	22	capital	capital	NOUN
cjfa-20693	179	23	gains	gain	NOUN
cjfa-20693	179	24	,	,	PUNCT
cjfa-20693	179	25	and	and	CCONJ
cjfa-20693	179	26	that	that	SCONJ
cjfa-20693	179	27	dividend	dividend	NOUN
cjfa-20693	179	28	gains	gain	NOUN
cjfa-20693	179	29	should	should	AUX
cjfa-20693	179	30	be	be	AUX
cjfa-20693	179	31	mainly	mainly	ADV
cjfa-20693	179	32	a	a	DET
cjfa-20693	179	33	function	function	NOUN
cjfa-20693	179	34	of	of	ADP
cjfa-20693	179	35	managers	manager	NOUN
cjfa-20693	179	36	’	’	PART
cjfa-20693	179	37	efforts	effort	NOUN
cjfa-20693	179	38	.	.	PUNCT
cjfa-20693	180	1	in	in	ADP
cjfa-20693	180	2	other	other	ADJ
cjfa-20693	180	3	words	word	NOUN
cjfa-20693	180	4	,	,	PUNCT
cjfa-20693	180	5	the	the	DET
cjfa-20693	180	6	efforts	effort	NOUN
cjfa-20693	180	7	of	of	ADP
cjfa-20693	180	8	executives	executive	NOUN
cjfa-20693	180	9	will	will	AUX
cjfa-20693	180	10	create	create	VERB
cjfa-20693	180	11	more	more	ADJ
cjfa-20693	180	12	corporate	corporate	ADJ
cjfa-20693	180	13	surplus	surplus	NOUN
cjfa-20693	180	14	,	,	PUNCT
cjfa-20693	180	15	increase	increase	VERB
cjfa-20693	180	16	cash	cash	NOUN
cjfa-20693	180	17	dividends	dividend	NOUN
cjfa-20693	180	18	that	that	PRON
cjfa-20693	180	19	can	can	AUX
cjfa-20693	180	20	be	be	AUX
cjfa-20693	180	21	allocated	allocate	VERB
cjfa-20693	180	22	to	to	ADP
cjfa-20693	180	23	shareholders	shareholder	NOUN
cjfa-20693	180	24	,	,	PUNCT
cjfa-20693	180	25	and	and	CCONJ
cjfa-20693	180	26	also	also	ADV
cjfa-20693	180	27	release	release	VERB
cjfa-20693	180	28	a	a	DET
cjfa-20693	180	29	signal	signal	NOUN
cjfa-20693	180	30	that	that	SCONJ
cjfa-20693	180	31	the	the	DET
cjfa-20693	180	32	business	business	NOUN
cjfa-20693	180	33	is	be	AUX
cjfa-20693	180	34	doing	do	VERB
cjfa-20693	180	35	well	well	ADV
cjfa-20693	180	36	.	.	PUNCT
cjfa-20693	181	1	thus	thus	ADV
cjfa-20693	181	2	,	,	PUNCT
cjfa-20693	181	3	the	the	DET
cjfa-20693	181	4	return	return	NOUN
cjfa-20693	181	5	function	function	NOUN
cjfa-20693	181	6	of	of	ADP
cjfa-20693	181	7	holding	hold	VERB
cjfa-20693	181	8	a	a	DET
cjfa-20693	181	9	unit	unit	NOUN
cjfa-20693	181	10	of	of	ADP
cjfa-20693	181	11	stock	stock	NOUN
cjfa-20693	181	12	can	can	AUX
cjfa-20693	181	13	be	be	AUX
cjfa-20693	181	14	expressed	express	VERB
cjfa-20693	181	15	as	as	SCONJ
cjfa-20693	181	16	follows	follow	VERB
cjfa-20693	181	17	in	in	ADP
cjfa-20693	181	18	other	other	ADJ
cjfa-20693	181	19	words	word	NOUN
cjfa-20693	181	20	,	,	PUNCT
cjfa-20693	181	21	the	the	DET
cjfa-20693	181	22	efforts	effort	NOUN
cjfa-20693	181	23	of	of	ADP
cjfa-20693	181	24	executives	executive	NOUN
cjfa-20693	181	25	will	will	AUX
cjfa-20693	181	26	create	create	VERB
cjfa-20693	181	27	more	more	ADJ
cjfa-20693	181	28	corporate	corporate	ADJ
cjfa-20693	181	29	surplus	surplus	NOUN
cjfa-20693	181	30	,	,	PUNCT
cjfa-20693	181	31	increase	increase	VERB
cjfa-20693	181	32	cash	cash	NOUN
cjfa-20693	181	33	dividends	dividend	NOUN
cjfa-20693	181	34	that	that	PRON
cjfa-20693	181	35	can	can	AUX
cjfa-20693	181	36	be	be	AUX
cjfa-20693	181	37	allocated	allocate	VERB
cjfa-20693	181	38	to	to	ADP
cjfa-20693	181	39	shareholders	shareholder	NOUN
cjfa-20693	181	40	,	,	PUNCT
cjfa-20693	181	41	and	and	CCONJ
cjfa-20693	181	42	also	also	ADV
cjfa-20693	181	43	release	release	VERB
cjfa-20693	181	44	a	a	DET
cjfa-20693	181	45	signal	signal	NOUN
cjfa-20693	181	46	that	that	SCONJ
cjfa-20693	181	47	the	the	DET
cjfa-20693	181	48	business	business	NOUN
cjfa-20693	181	49	is	be	AUX
cjfa-20693	181	50	doing	do	VERB
cjfa-20693	181	51	well	well	ADV
cjfa-20693	181	52	.	.	PUNCT
cjfa-20693	182	1	thus	thus	ADV
cjfa-20693	182	2	,	,	PUNCT
cjfa-20693	182	3	the	the	DET
cjfa-20693	182	4	return	return	NOUN
cjfa-20693	182	5	function	function	NOUN
cjfa-20693	182	6	of	of	ADP
cjfa-20693	182	7	holding	hold	VERB
cjfa-20693	182	8	one	one	NUM
cjfa-20693	182	9	unit	unit	NOUN
cjfa-20693	182	10	of	of	ADP
cjfa-20693	182	11	stock	stock	NOUN
cjfa-20693	182	12	can	can	AUX
cjfa-20693	182	13	be	be	AUX
cjfa-20693	182	14	expressed	express	VERB
cjfa-20693	182	15	as	as	SCONJ
cjfa-20693	182	16	follows	follow	VERB
cjfa-20693	182	17	:	:	PUNCT
cjfa-20693	182	18	the	the	PRON
cjfa-20693	182	19	harder	hard	ADJ
cjfa-20693	182	20	an	an	DET
cjfa-20693	182	21	executive	executive	ADJ
cjfa-20693	182	22	works	work	NOUN
cjfa-20693	182	23	,	,	PUNCT
cjfa-20693	182	24	the	the	PRON
cjfa-20693	182	25	higher	high	ADJ
cjfa-20693	182	26	his	his	PRON
cjfa-20693	182	27	wage	wage	NOUN
cjfa-20693	182	28	earnings	earning	NOUN
cjfa-20693	182	29	;	;	PUNCT
cjfa-20693	182	30	while	while	SCONJ
cjfa-20693	182	31	private	private	ADJ
cjfa-20693	182	32	earnings	earning	NOUN
cjfa-20693	182	33	increase	increase	VERB
cjfa-20693	182	34	the	the	DET
cjfa-20693	182	35	effectiveness	effectiveness	NOUN
cjfa-20693	182	36	of	of	ADP
cjfa-20693	182	37	an	an	DET
cjfa-20693	182	38	executive	executive	NOUN
cjfa-20693	182	39	,	,	PUNCT
cjfa-20693	182	40	they	they	PRON
cjfa-20693	182	41	reduce	reduce	VERB
cjfa-20693	182	42	shareholder	shareholder	NOUN
cjfa-20693	182	43	dividend	dividend	NOUN
cjfa-20693	182	44	earnings	earning	NOUN
cjfa-20693	182	45	.	.	PUNCT
cjfa-20693	183	1	therefore	therefore	ADV
cjfa-20693	183	2	,	,	PUNCT
cjfa-20693	183	3	the	the	DET
cjfa-20693	183	4	executive	executive	NOUN
cjfa-20693	183	5	's	's	PART
cjfa-20693	183	6	earnings	earning	NOUN
cjfa-20693	183	7	function	function	NOUN
cjfa-20693	183	8	can	can	AUX
cjfa-20693	183	9	be	be	AUX
cjfa-20693	183	10	expressed	express	VERB
cjfa-20693	183	11	as	as	SCONJ
cjfa-20693	183	12	follows	follow	VERB
cjfa-20693	183	13	:	:	PUNCT
cjfa-20693	183	14	�	�	PROPN
cjfa-20693	183	15	�	�	PROPN
cjfa-20693	183	16	�	�	PROPN
cjfa-20693	183	17	�	�	PROPN
cjfa-20693	183	18	�	�	PROPN
cjfa-20693	183	19	�	�	PROPN
cjfa-20693	183	20	�	�	PROPN
cjfa-20693	183	21	�	�	PROPN
cjfa-20693	183	22	�	�	PROPN
cjfa-20693	183	23	�	�	PROPN
cjfa-20693	183	24	�	�	PROPN
cjfa-20693	183	25	(	(	PUNCT
cjfa-20693	183	26	1	1	X
cjfa-20693	183	27	)	)	PUNCT
cjfa-20693	183	28	the	the	DET
cjfa-20693	183	29	coefficients	coefficient	NOUN
cjfa-20693	183	30	a	a	PRON
cjfa-20693	183	31	and	and	CCONJ
cjfa-20693	183	32	b	b	NOUN
cjfa-20693	183	33	are	be	AUX
cjfa-20693	183	34	all	all	ADV
cjfa-20693	183	35	positive	positive	ADJ
cjfa-20693	183	36	.	.	PUNCT
cjfa-20693	184	1	�	�	PROPN
cjfa-20693	184	2	�	�	PROPN
cjfa-20693	184	3	�	�	PROPN
cjfa-20693	184	4	�	�	PROPN
cjfa-20693	184	5	�	�	PROPN
cjfa-20693	184	6	�	�	PROPN
cjfa-20693	184	7	is	be	AUX
cjfa-20693	184	8	the	the	DET
cjfa-20693	184	9	salary	salary	NOUN
cjfa-20693	184	10	income	income	NOUN
cjfa-20693	184	11	of	of	ADP
cjfa-20693	184	12	senior	senior	ADJ
cjfa-20693	184	13	managers	manager	NOUN
cjfa-20693	184	14	,	,	PUNCT
cjfa-20693	184	15	e	e	X
cjfa-20693	184	16	is	be	AUX
cjfa-20693	184	17	the	the	DET
cjfa-20693	184	18	effort	effort	NOUN
cjfa-20693	184	19	level	level	NOUN
cjfa-20693	184	20	of	of	ADP
cjfa-20693	184	21	senior	senior	ADJ
cjfa-20693	184	22	managers	manager	NOUN
cjfa-20693	184	23	.	.	PUNCT
cjfa-20693	185	1	the	the	DET
cjfa-20693	185	2	economic	economic	ADJ
cjfa-20693	185	3	meaning	meaning	NOUN
cjfa-20693	185	4	of	of	ADP
cjfa-20693	185	5	the	the	DET
cjfa-20693	185	6	salary	salary	NOUN
cjfa-20693	185	7	income	income	NOUN
cjfa-20693	185	8	function	function	NOUN
cjfa-20693	185	9	is	be	AUX
cjfa-20693	185	10	that	that	SCONJ
cjfa-20693	185	11	shareholders	shareholder	NOUN
cjfa-20693	185	12	pay	pay	VERB
cjfa-20693	185	13	executives	executive	NOUN
cjfa-20693	185	14	'	'	PART
cjfa-20693	185	15	salaries	salary	NOUN
cjfa-20693	185	16	according	accord	VERB
cjfa-20693	185	17	to	to	ADP
cjfa-20693	185	18	their	their	PRON
cjfa-20693	185	19	efforts	effort	NOUN
cjfa-20693	185	20	,	,	PUNCT
cjfa-20693	185	21	and	and	CCONJ
cjfa-20693	185	22	executives	executive	NOUN
cjfa-20693	185	23	'	'	PART
cjfa-20693	185	24	salaries	salary	NOUN
cjfa-20693	185	25	are	be	AUX
cjfa-20693	185	26	concave	concave	NOUN
cjfa-20693	185	27	functions	function	NOUN
cjfa-20693	185	28	of	of	ADP
cjfa-20693	185	29	their	their	PRON
cjfa-20693	185	30	efforts	effort	NOUN
cjfa-20693	185	31	;	;	PUNCT
cjfa-20693	185	32	c	c	X
cjfa-20693	185	33	is	be	AUX
cjfa-20693	185	34	the	the	DET
cjfa-20693	185	35	private	private	ADJ
cjfa-20693	185	36	benefits	benefit	NOUN
cjfa-20693	185	37	of	of	ADP
cjfa-20693	185	38	executives	executive	NOUN
cjfa-20693	185	39	,	,	PUNCT
cjfa-20693	185	40	because	because	SCONJ
cjfa-20693	185	41	executives	executive	NOUN
cjfa-20693	185	42	have	have	VERB
cjfa-20693	185	43	no	no	DET
cjfa-20693	185	44	residual	residual	ADJ
cjfa-20693	185	45	claim	claim	NOUN
cjfa-20693	185	46	,	,	PUNCT
cjfa-20693	185	47	so	so	SCONJ
cjfa-20693	185	48	there	there	PRON
cjfa-20693	185	49	will	will	AUX
cjfa-20693	185	50	be	be	AUX
cjfa-20693	185	51	indisputable	indisputable	ADJ
cjfa-20693	185	52	opportunistic	opportunistic	ADJ
cjfa-20693	185	53	behavior	behavior	NOUN
cjfa-20693	185	54	of	of	ADP
cjfa-20693	185	55	executives	executive	NOUN
cjfa-20693	185	56	.	.	PUNCT
cjfa-20693	186	1	if	if	SCONJ
cjfa-20693	186	2	the	the	DET
cjfa-20693	186	3	executive	executive	PROPN
cjfa-20693	186	4	compensation	compensation	NOUN
cjfa-20693	186	5	at	at	ADP
cjfa-20693	186	6	this	this	DET
cjfa-20693	186	7	time	time	NOUN
cjfa-20693	186	8	is	be	AUX
cjfa-20693	186	9	not	not	PART
cjfa-20693	186	10	enough	enough	ADJ
cjfa-20693	186	11	to	to	PART
cjfa-20693	186	12	compensate	compensate	VERB
cjfa-20693	186	13	for	for	ADP
cjfa-20693	186	14	the	the	DET
cjfa-20693	186	15	negative	negative	ADJ
cjfa-20693	186	16	effects	effect	NOUN
cjfa-20693	186	17	of	of	ADP
cjfa-20693	186	18	hard	hard	ADJ
cjfa-20693	186	19	work	work	NOUN
cjfa-20693	186	20	when	when	SCONJ
cjfa-20693	186	21	creating	create	VERB
cjfa-20693	186	22	value	value	NOUN
cjfa-20693	186	23	for	for	ADP
cjfa-20693	186	24	shareholders	shareholder	NOUN
cjfa-20693	186	25	,	,	PUNCT
cjfa-20693	186	26	they	they	PRON
cjfa-20693	186	27	will	will	AUX
cjfa-20693	186	28	choose	choose	VERB
cjfa-20693	186	29	on	on	ADP
cjfa-20693	186	30	-	-	PUNCT
cjfa-20693	186	31	the	the	DET
cjfa-20693	186	32	-	-	PUNCT
cjfa-20693	186	33	job	job	NOUN
cjfa-20693	186	34	consumption	consumption	NOUN
cjfa-20693	186	35	and	and	CCONJ
cjfa-20693	186	36	related	relate	VERB
cjfa-20693	186	37	transactions	transaction	NOUN
cjfa-20693	186	38	to	to	PART
cjfa-20693	186	39	indirectly	indirectly	ADV
cjfa-20693	186	40	compensate	compensate	VERB
cjfa-20693	186	41	for	for	ADP
cjfa-20693	186	42	their	their	PRON
cjfa-20693	186	43	negative	negative	ADJ
cjfa-20693	186	44	effects	effect	NOUN
cjfa-20693	186	45	.	.	PUNCT
cjfa-20693	187	1	assumption	assumption	NOUN
cjfa-20693	187	2	4	4	NUM
cjfa-20693	187	3	:	:	PUNCT
cjfa-20693	187	4	according	accord	VERB
cjfa-20693	187	5	to	to	ADP
cjfa-20693	187	6	the	the	DET
cjfa-20693	187	7	dividend	dividend	NOUN
cjfa-20693	187	8	model	model	NOUN
cjfa-20693	187	9	,	,	PUNCT
cjfa-20693	187	10	it	it	PRON
cjfa-20693	187	11	is	be	AUX
cjfa-20693	187	12	assumed	assume	VERB
cjfa-20693	187	13	that	that	SCONJ
cjfa-20693	187	14	shareholders	shareholder	NOUN
cjfa-20693	187	15	'	'	PART
cjfa-20693	187	16	earnings	earning	NOUN
cjfa-20693	187	17	consist	consist	NOUN
cjfa-20693	187	18	of	of	ADP
cjfa-20693	187	19	cash	cash	NOUN
cjfa-20693	187	20	dividends	dividend	NOUN
cjfa-20693	187	21	and	and	CCONJ
cjfa-20693	187	22	capital	capital	NOUN
cjfa-20693	187	23	gains	gain	NOUN
cjfa-20693	187	24	,	,	PUNCT
cjfa-20693	187	25	and	and	CCONJ
cjfa-20693	187	26	that	that	SCONJ
cjfa-20693	187	27	dividend	dividend	NOUN
cjfa-20693	187	28	gains	gain	NOUN
cjfa-20693	187	29	should	should	AUX
cjfa-20693	187	30	be	be	AUX
cjfa-20693	187	31	mainly	mainly	ADV
cjfa-20693	187	32	a	a	DET
cjfa-20693	187	33	function	function	NOUN
cjfa-20693	187	34	of	of	ADP
cjfa-20693	187	35	managers	manager	NOUN
cjfa-20693	187	36	'	'	PART
cjfa-20693	187	37	efforts	effort	NOUN
cjfa-20693	187	38	.	.	PUNCT
cjfa-20693	188	1	in	in	ADP
cjfa-20693	188	2	other	other	ADJ
cjfa-20693	188	3	words	word	NOUN
cjfa-20693	188	4	,	,	PUNCT
cjfa-20693	188	5	the	the	DET
cjfa-20693	188	6	efforts	effort	NOUN
cjfa-20693	188	7	of	of	ADP
cjfa-20693	188	8	executives	executive	NOUN
cjfa-20693	188	9	will	will	AUX
cjfa-20693	188	10	create	create	VERB
cjfa-20693	188	11	more	more	ADJ
cjfa-20693	188	12	corporate	corporate	ADJ
cjfa-20693	188	13	surplus	surplus	NOUN
cjfa-20693	188	14	,	,	PUNCT
cjfa-20693	188	15	increase	increase	VERB
cjfa-20693	188	16	cash	cash	NOUN
cjfa-20693	188	17	dividends	dividend	NOUN
cjfa-20693	188	18	that	that	PRON
cjfa-20693	188	19	can	can	AUX
cjfa-20693	188	20	be	be	AUX
cjfa-20693	188	21	allocated	allocate	VERB
cjfa-20693	188	22	to	to	ADP
cjfa-20693	188	23	shareholders	shareholder	NOUN
cjfa-20693	188	24	,	,	PUNCT
cjfa-20693	188	25	and	and	CCONJ
cjfa-20693	188	26	also	also	ADV
cjfa-20693	188	27	release	release	VERB
cjfa-20693	188	28	a	a	DET
cjfa-20693	188	29	signal	signal	NOUN
cjfa-20693	188	30	that	that	SCONJ
cjfa-20693	188	31	the	the	DET
cjfa-20693	188	32	business	business	NOUN
cjfa-20693	188	33	is	be	AUX
cjfa-20693	188	34	doing	do	VERB
cjfa-20693	188	35	well	well	ADV
cjfa-20693	188	36	.	.	PUNCT
cjfa-20693	189	1	thus	thus	ADV
cjfa-20693	189	2	,	,	PUNCT
cjfa-20693	189	3	the	the	DET
cjfa-20693	189	4	return	return	NOUN
cjfa-20693	189	5	function	function	NOUN
cjfa-20693	189	6	of	of	ADP
cjfa-20693	189	7	holding	hold	VERB
cjfa-20693	189	8	a	a	DET
cjfa-20693	189	9	unit	unit	NOUN
cjfa-20693	189	10	of	of	ADP
cjfa-20693	189	11	stock	stock	NOUN
cjfa-20693	189	12	can	can	AUX
cjfa-20693	189	13	be	be	AUX
cjfa-20693	189	14	expressed	express	VERB
cjfa-20693	189	15	as	as	SCONJ
cjfa-20693	189	16	follows	follow	VERB
cjfa-20693	189	17	in	in	ADP
cjfa-20693	189	18	other	other	ADJ
cjfa-20693	189	19	words	word	NOUN
cjfa-20693	189	20	,	,	PUNCT
cjfa-20693	189	21	the	the	DET
cjfa-20693	189	22	efforts	effort	NOUN
cjfa-20693	189	23	of	of	ADP
cjfa-20693	189	24	executives	executive	NOUN
cjfa-20693	189	25	will	will	AUX
cjfa-20693	189	26	create	create	VERB
cjfa-20693	189	27	more	more	ADJ
cjfa-20693	189	28	corporate	corporate	ADJ
cjfa-20693	189	29	surplus	surplus	NOUN
cjfa-20693	189	30	,	,	PUNCT
cjfa-20693	189	31	increase	increase	VERB
cjfa-20693	189	32	cash	cash	NOUN
cjfa-20693	189	33	dividends	dividend	NOUN
cjfa-20693	189	34	that	that	PRON
cjfa-20693	189	35	can	can	AUX
cjfa-20693	189	36	be	be	AUX
cjfa-20693	189	37	allocated	allocate	VERB
cjfa-20693	189	38	to	to	ADP
cjfa-20693	189	39	shareholders	shareholder	NOUN
cjfa-20693	189	40	,	,	PUNCT
cjfa-20693	189	41	and	and	CCONJ
cjfa-20693	189	42	also	also	ADV
cjfa-20693	189	43	release	release	VERB
cjfa-20693	189	44	a	a	DET
cjfa-20693	189	45	signal	signal	NOUN
cjfa-20693	189	46	that	that	SCONJ
cjfa-20693	189	47	the	the	DET
cjfa-20693	189	48	business	business	NOUN
cjfa-20693	189	49	is	be	AUX
cjfa-20693	189	50	doing	do	VERB
cjfa-20693	189	51	well	well	ADV
cjfa-20693	189	52	.	.	PUNCT
cjfa-20693	190	1	thus	thus	ADV
cjfa-20693	190	2	,	,	PUNCT
cjfa-20693	190	3	the	the	DET
cjfa-20693	190	4	return	return	NOUN
cjfa-20693	190	5	function	function	NOUN
cjfa-20693	190	6	of	of	ADP
cjfa-20693	190	7	holding	hold	VERB
cjfa-20693	190	8	one	one	NUM
cjfa-20693	190	9	unit	unit	NOUN
cjfa-20693	190	10	of	of	ADP
cjfa-20693	190	11	stock	stock	NOUN
cjfa-20693	190	12	can	can	AUX
cjfa-20693	190	13	be	be	AUX
cjfa-20693	190	14	expressed	express	VERB
cjfa-20693	190	15	as	as	SCONJ
cjfa-20693	190	16	follows	follow	VERB
cjfa-20693	190	17	:	:	PUNCT
cjfa-20693	190	18	u	u	NOUN
cjfa-20693	190	19	�	�	PROPN
cjfa-20693	190	20	�	�	PROPN
cjfa-20693	190	21	�	�	PROPN
cjfa-20693	190	22	�	�	PROPN
cjfa-20693	190	23	�	�	PROPN
cjfa-20693	190	24	�	�	PROPN
cjfa-20693	190	25	�	�	PROPN
cjfa-20693	190	26	�	�	PROPN
cjfa-20693	190	27	�	�	PROPN
cjfa-20693	190	28	�	�	PROPN
cjfa-20693	190	29	�	�	PROPN
cjfa-20693	190	30	�	�	PROPN
cjfa-20693	190	31	�	�	PROPN
cjfa-20693	190	32	�	�	PROPN
cjfa-20693	190	33	�	�	PROPN
cjfa-20693	190	34	�	�	PROPN
cjfa-20693	190	35	(	(	PUNCT
cjfa-20693	190	36	2	2	NUM
cjfa-20693	190	37	)	)	PUNCT
cjfa-20693	190	38	among	among	ADP
cjfa-20693	190	39	them	they	PRON
cjfa-20693	190	40	,	,	PUNCT
cjfa-20693	190	41	the	the	DET
cjfa-20693	190	42	coefficients	coefficients	PROPN
cjfa-20693	190	43	and	and	CCONJ
cjfa-20693	190	44			PROPN
cjfa-20693	190	45	are	be	AUX
cjfa-20693	190	46	positive	positive	ADJ
cjfa-20693	190	47	;	;	PUNCT
cjfa-20693	190	48	�	�	PROPN
cjfa-20693	190	49	�	�	PROPN
cjfa-20693	190	50	is	be	AUX
cjfa-20693	190	51	the	the	DET
cjfa-20693	190	52	cash	cash	NOUN
cjfa-20693	190	53	dividend	dividend	NOUN
cjfa-20693	190	54	of	of	ADP
cjfa-20693	190	55	the	the	DET
cjfa-20693	190	56	current	current	ADJ
cjfa-20693	190	57	period	period	NOUN
cjfa-20693	190	58	,	,	PUNCT
cjfa-20693	190	59	�	�	PROPN
cjfa-20693	190	60	�	�	PROPN
cjfa-20693	190	61	�	�	PROPN
cjfa-20693	190	62	�	�	PROPN
cjfa-20693	190	63	�	�	PROPN
cjfa-20693	190	64	is	be	AUX
cjfa-20693	190	65	the	the	DET
cjfa-20693	190	66	sum	sum	NOUN
cjfa-20693	190	67	of	of	ADP
cjfa-20693	190	68	the	the	DET
cjfa-20693	190	69	discounted	discount	VERB
cjfa-20693	190	70	value	value	NOUN
cjfa-20693	190	71	of	of	ADP
cjfa-20693	190	72	dividends	dividend	NOUN
cjfa-20693	190	73	obtained	obtain	VERB
cjfa-20693	190	74	by	by	ADP
cjfa-20693	190	75	shareholders	shareholder	NOUN
cjfa-20693	190	76	when	when	SCONJ
cjfa-20693	190	77	they	they	PRON
cjfa-20693	190	78	choose	choose	VERB
cjfa-20693	190	79	to	to	PART
cjfa-20693	190	80	hold	hold	VERB
cjfa-20693	190	81	them	they	PRON
cjfa-20693	190	82	for	for	ADP
cjfa-20693	190	83	a	a	DET
cjfa-20693	190	84	long	long	ADJ
cjfa-20693	190	85	time	time	NOUN
cjfa-20693	190	86	,	,	PUNCT
cjfa-20693	190	87	�	�	PROPN
cjfa-20693	190	88	is	be	AUX
cjfa-20693	190	89	the	the	DET
cjfa-20693	190	90	present	present	ADJ
cjfa-20693	190	91	value	value	NOUN
cjfa-20693	190	92	of	of	ADP
cjfa-20693	190	93	capital	capital	NOUN
cjfa-20693	190	94	gains	gain	NOUN
cjfa-20693	190	95	obtained	obtain	VERB
cjfa-20693	190	96	by	by	ADP
cjfa-20693	190	97	one	one	NUM
cjfa-20693	190	98	-	-	PUNCT
cjfa-20693	190	99	time	time	NOUN
cjfa-20693	190	100	transactions	transaction	NOUN
cjfa-20693	190	101	,	,	PUNCT
cjfa-20693	190	102	r	r	NOUN
cjfa-20693	190	103	is	be	AUX
cjfa-20693	190	104	the	the	DET
cjfa-20693	190	105	present	present	ADJ
cjfa-20693	190	106	value	value	NOUN
cjfa-20693	190	107	of	of	ADP
cjfa-20693	190	108	capital	capital	NOUN
cjfa-20693	190	109	gains	gain	NOUN
cjfa-20693	190	110	obtained	obtain	VERB
cjfa-20693	190	111	by	by	ADP
cjfa-20693	190	112	one	one	NUM
cjfa-20693	190	113	-	-	PUNCT
cjfa-20693	190	114	time	time	NOUN
cjfa-20693	190	115	transactions	transaction	NOUN
cjfa-20693	190	116	,	,	PUNCT
cjfa-20693	190	117	r	r	NOUN
cjfa-20693	190	118	is	be	AUX
cjfa-20693	190	119	the	the	DET
cjfa-20693	190	120	discounted	discount	VERB
cjfa-20693	190	121	value	value	NOUN
cjfa-20693	190	122	,	,	PUNCT
cjfa-20693	190	123	and	and	CCONJ
cjfa-20693	190	124	g	g	NOUN
cjfa-20693	190	125	is	be	AUX
cjfa-20693	190	126	the	the	DET
cjfa-20693	190	127	growth	growth	NOUN
cjfa-20693	190	128	rate	rate	NOUN
cjfa-20693	190	129	of	of	ADP
cjfa-20693	190	130	dividends	dividend	NOUN
cjfa-20693	190	131	,	,	PUNCT
cjfa-20693	190	132	in	in	ADP
cjfa-20693	190	133	which	which	PRON
cjfa-20693	190	134	cash	cash	NOUN
cjfa-20693	190	135	dividends	dividend	NOUN
cjfa-20693	190	136	are	be	AUX
cjfa-20693	190	137	the	the	DET
cjfa-20693	190	138	function	function	NOUN
cjfa-20693	190	139	of	of	ADP
cjfa-20693	190	140	managers	manager	NOUN
cjfa-20693	190	141	'	'	PART
cjfa-20693	190	142	efforts	effort	NOUN
cjfa-20693	190	143	,	,	PUNCT
cjfa-20693	190	144	while	while	SCONJ
cjfa-20693	190	145	the	the	DET
cjfa-20693	190	146	present	present	ADJ
cjfa-20693	190	147	value	value	NOUN
cjfa-20693	190	148	of	of	ADP
cjfa-20693	190	149	capital	capital	NOUN
cjfa-20693	190	150	gains	gain	NOUN
cjfa-20693	190	151	obtained	obtain	VERB
cjfa-20693	190	152	by	by	ADP
cjfa-20693	190	153	one	one	NUM
cjfa-20693	190	154	-	-	PUNCT
cjfa-20693	190	155	time	time	NOUN
cjfa-20693	190	156	transactions	transaction	NOUN
cjfa-20693	190	157	is	be	AUX
cjfa-20693	190	158	constant	constant	ADJ
cjfa-20693	190	159	.	.	PUNCT
cjfa-20693	191	1	4	4	X
cjfa-20693	191	2	.	.	X
cjfa-20693	191	3	strategy	strategy	NOUN
cjfa-20693	191	4	and	and	CCONJ
cjfa-20693	191	5	payment	payment	NOUN
cjfa-20693	191	6	matrix	matrix	NOUN
cjfa-20693	191	7	of	of	ADP
cjfa-20693	191	8	game	game	NOUN
cjfa-20693	191	9	parties	party	NOUN
cjfa-20693	191	10	(	(	PUNCT
cjfa-20693	191	11	2	2	NUM
cjfa-20693	191	12	)	)	PUNCT
cjfa-20693	191	13	among	among	ADP
cjfa-20693	191	14	them	they	PRON
cjfa-20693	191	15	,	,	PUNCT
cjfa-20693	191	16	the	the	DET
cjfa-20693	191	17	coefficients	coefficient	NOUN
cjfa-20693	191	18	α	α	PROPN
cjfa-20693	191	19	and	and	CCONJ
cjfa-20693	191	20	β	β	X
cjfa-20693	191	21	are	be	AUX
cjfa-20693	191	22	positive	positive	ADJ
cjfa-20693	191	23	;	;	PUNCT
cjfa-20693	191	24	αe	αe	X
cjfa-20693	191	25	is	be	AUX
cjfa-20693	191	26	the	the	DET
cjfa-20693	191	27	cash	cash	NOUN
cjfa-20693	191	28	dividend	dividend	NOUN
cjfa-20693	191	29	of	of	ADP
cjfa-20693	191	30	the	the	DET
cjfa-20693	191	31	current	current	ADJ
cjfa-20693	191	32	period	period	NOUN
cjfa-20693	191	33	,	,	PUNCT
cjfa-20693	191	34	the	the	PRON
cjfa-20693	191	35	harder	hard	ADJ
cjfa-20693	191	36	an	an	DET
cjfa-20693	191	37	executive	executive	ADJ
cjfa-20693	191	38	works	work	NOUN
cjfa-20693	191	39	,	,	PUNCT
cjfa-20693	191	40	the	the	PRON
cjfa-20693	191	41	higher	high	ADJ
cjfa-20693	191	42	his	his	PRON
cjfa-20693	191	43	wage	wage	NOUN
cjfa-20693	191	44	earnings	earning	NOUN
cjfa-20693	191	45	;	;	PUNCT
cjfa-20693	191	46	while	while	SCONJ
cjfa-20693	191	47	private	private	ADJ
cjfa-20693	191	48	earnings	earning	NOUN
cjfa-20693	191	49	increase	increase	VERB
cjfa-20693	191	50	the	the	DET
cjfa-20693	191	51	effectiveness	effectiveness	NOUN
cjfa-20693	191	52	of	of	ADP
cjfa-20693	191	53	an	an	DET
cjfa-20693	191	54	executive	executive	NOUN
cjfa-20693	191	55	,	,	PUNCT
cjfa-20693	191	56	they	they	PRON
cjfa-20693	191	57	reduce	reduce	VERB
cjfa-20693	191	58	shareholder	shareholder	NOUN
cjfa-20693	191	59	dividend	dividend	NOUN
cjfa-20693	191	60	earnings	earning	NOUN
cjfa-20693	191	61	.	.	PUNCT
cjfa-20693	192	1	therefore	therefore	ADV
cjfa-20693	192	2	,	,	PUNCT
cjfa-20693	192	3	the	the	DET
cjfa-20693	192	4	executive	executive	NOUN
cjfa-20693	192	5	's	's	PART
cjfa-20693	192	6	earnings	earning	NOUN
cjfa-20693	192	7	function	function	NOUN
cjfa-20693	192	8	can	can	AUX
cjfa-20693	192	9	be	be	AUX
cjfa-20693	192	10	expressed	express	VERB
cjfa-20693	192	11	as	as	SCONJ
cjfa-20693	192	12	follows	follow	VERB
cjfa-20693	192	13	:	:	PUNCT
cjfa-20693	192	14	�	�	PROPN
cjfa-20693	192	15	�	�	PROPN
cjfa-20693	192	16	�	�	PROPN
cjfa-20693	192	17	�	�	PROPN
cjfa-20693	192	18	�	�	PROPN
cjfa-20693	192	19	�	�	PROPN
cjfa-20693	192	20	�	�	PROPN
cjfa-20693	192	21	�	�	PROPN
cjfa-20693	192	22	�	�	PROPN
cjfa-20693	192	23	�	�	PROPN
cjfa-20693	192	24	�	�	PROPN
cjfa-20693	192	25	(	(	PUNCT
cjfa-20693	192	26	1	1	X
cjfa-20693	192	27	)	)	PUNCT
cjfa-20693	192	28	the	the	DET
cjfa-20693	192	29	coefficients	coefficient	NOUN
cjfa-20693	192	30	a	a	PRON
cjfa-20693	192	31	and	and	CCONJ
cjfa-20693	192	32	b	b	NOUN
cjfa-20693	192	33	are	be	AUX
cjfa-20693	192	34	all	all	ADV
cjfa-20693	192	35	positive	positive	ADJ
cjfa-20693	192	36	.	.	PUNCT
cjfa-20693	193	1	�	�	PROPN
cjfa-20693	193	2	�	�	PROPN
cjfa-20693	193	3	�	�	PROPN
cjfa-20693	193	4	�	�	PROPN
cjfa-20693	193	5	�	�	PROPN
cjfa-20693	193	6	�	�	PROPN
cjfa-20693	193	7	is	be	AUX
cjfa-20693	193	8	the	the	DET
cjfa-20693	193	9	salary	salary	NOUN
cjfa-20693	193	10	income	income	NOUN
cjfa-20693	193	11	of	of	ADP
cjfa-20693	193	12	senior	senior	ADJ
cjfa-20693	193	13	managers	manager	NOUN
cjfa-20693	193	14	,	,	PUNCT
cjfa-20693	193	15	e	e	X
cjfa-20693	193	16	is	be	AUX
cjfa-20693	193	17	the	the	DET
cjfa-20693	193	18	effort	effort	NOUN
cjfa-20693	193	19	level	level	NOUN
cjfa-20693	193	20	of	of	ADP
cjfa-20693	193	21	senior	senior	ADJ
cjfa-20693	193	22	managers	manager	NOUN
cjfa-20693	193	23	.	.	PUNCT
cjfa-20693	194	1	the	the	DET
cjfa-20693	194	2	economic	economic	ADJ
cjfa-20693	194	3	meaning	meaning	NOUN
cjfa-20693	194	4	of	of	ADP
cjfa-20693	194	5	the	the	DET
cjfa-20693	194	6	salary	salary	NOUN
cjfa-20693	194	7	income	income	NOUN
cjfa-20693	194	8	function	function	NOUN
cjfa-20693	194	9	is	be	AUX
cjfa-20693	194	10	that	that	SCONJ
cjfa-20693	194	11	shareholders	shareholder	NOUN
cjfa-20693	194	12	pay	pay	VERB
cjfa-20693	194	13	executives	executive	NOUN
cjfa-20693	194	14	'	'	PART
cjfa-20693	194	15	salaries	salary	NOUN
cjfa-20693	194	16	according	accord	VERB
cjfa-20693	194	17	to	to	ADP
cjfa-20693	194	18	their	their	PRON
cjfa-20693	194	19	efforts	effort	NOUN
cjfa-20693	194	20	,	,	PUNCT
cjfa-20693	194	21	and	and	CCONJ
cjfa-20693	194	22	executives	executive	NOUN
cjfa-20693	194	23	'	'	PART
cjfa-20693	194	24	salaries	salary	NOUN
cjfa-20693	194	25	are	be	AUX
cjfa-20693	194	26	concave	concave	NOUN
cjfa-20693	194	27	functions	function	NOUN
cjfa-20693	194	28	of	of	ADP
cjfa-20693	194	29	their	their	PRON
cjfa-20693	194	30	efforts	effort	NOUN
cjfa-20693	194	31	;	;	PUNCT
cjfa-20693	194	32	c	c	X
cjfa-20693	194	33	is	be	AUX
cjfa-20693	194	34	the	the	DET
cjfa-20693	194	35	private	private	ADJ
cjfa-20693	194	36	benefits	benefit	NOUN
cjfa-20693	194	37	of	of	ADP
cjfa-20693	194	38	executives	executive	NOUN
cjfa-20693	194	39	,	,	PUNCT
cjfa-20693	194	40	because	because	SCONJ
cjfa-20693	194	41	executives	executive	NOUN
cjfa-20693	194	42	have	have	VERB
cjfa-20693	194	43	no	no	DET
cjfa-20693	194	44	residual	residual	ADJ
cjfa-20693	194	45	claim	claim	NOUN
cjfa-20693	194	46	,	,	PUNCT
cjfa-20693	194	47	so	so	SCONJ
cjfa-20693	194	48	there	there	PRON
cjfa-20693	194	49	will	will	AUX
cjfa-20693	194	50	be	be	AUX
cjfa-20693	194	51	indisputable	indisputable	ADJ
cjfa-20693	194	52	opportunistic	opportunistic	ADJ
cjfa-20693	194	53	behavior	behavior	NOUN
cjfa-20693	194	54	of	of	ADP
cjfa-20693	194	55	executives	executive	NOUN
cjfa-20693	194	56	.	.	PUNCT
cjfa-20693	195	1	if	if	SCONJ
cjfa-20693	195	2	the	the	DET
cjfa-20693	195	3	executive	executive	PROPN
cjfa-20693	195	4	compensation	compensation	NOUN
cjfa-20693	195	5	at	at	ADP
cjfa-20693	195	6	this	this	DET
cjfa-20693	195	7	time	time	NOUN
cjfa-20693	195	8	is	be	AUX
cjfa-20693	195	9	not	not	PART
cjfa-20693	195	10	enough	enough	ADJ
cjfa-20693	195	11	to	to	PART
cjfa-20693	195	12	compensate	compensate	VERB
cjfa-20693	195	13	for	for	ADP
cjfa-20693	195	14	the	the	DET
cjfa-20693	195	15	negative	negative	ADJ
cjfa-20693	195	16	effects	effect	NOUN
cjfa-20693	195	17	of	of	ADP
cjfa-20693	195	18	hard	hard	ADJ
cjfa-20693	195	19	work	work	NOUN
cjfa-20693	195	20	when	when	SCONJ
cjfa-20693	195	21	creating	create	VERB
cjfa-20693	195	22	value	value	NOUN
cjfa-20693	195	23	for	for	ADP
cjfa-20693	195	24	shareholders	shareholder	NOUN
cjfa-20693	195	25	,	,	PUNCT
cjfa-20693	195	26	they	they	PRON
cjfa-20693	195	27	will	will	AUX
cjfa-20693	195	28	choose	choose	VERB
cjfa-20693	195	29	on	on	ADP
cjfa-20693	195	30	-	-	PUNCT
cjfa-20693	195	31	the	the	DET
cjfa-20693	195	32	-	-	PUNCT
cjfa-20693	195	33	job	job	NOUN
cjfa-20693	195	34	consumption	consumption	NOUN
cjfa-20693	195	35	and	and	CCONJ
cjfa-20693	195	36	related	relate	VERB
cjfa-20693	195	37	transactions	transaction	NOUN
cjfa-20693	195	38	to	to	PART
cjfa-20693	195	39	indirectly	indirectly	ADV
cjfa-20693	195	40	compensate	compensate	VERB
cjfa-20693	195	41	for	for	ADP
cjfa-20693	195	42	their	their	PRON
cjfa-20693	195	43	negative	negative	ADJ
cjfa-20693	195	44	effects	effect	NOUN
cjfa-20693	195	45	.	.	PUNCT
cjfa-20693	196	1	assumption	assumption	NOUN
cjfa-20693	196	2	4	4	NUM
cjfa-20693	196	3	:	:	PUNCT
cjfa-20693	196	4	according	accord	VERB
cjfa-20693	196	5	to	to	ADP
cjfa-20693	196	6	the	the	DET
cjfa-20693	196	7	dividend	dividend	NOUN
cjfa-20693	196	8	model	model	NOUN
cjfa-20693	196	9	,	,	PUNCT
cjfa-20693	196	10	it	it	PRON
cjfa-20693	196	11	is	be	AUX
cjfa-20693	196	12	assumed	assume	VERB
cjfa-20693	196	13	that	that	SCONJ
cjfa-20693	196	14	shareholders	shareholder	NOUN
cjfa-20693	196	15	'	'	PART
cjfa-20693	196	16	earnings	earning	NOUN
cjfa-20693	196	17	consist	consist	NOUN
cjfa-20693	196	18	of	of	ADP
cjfa-20693	196	19	cash	cash	NOUN
cjfa-20693	196	20	dividends	dividend	NOUN
cjfa-20693	196	21	and	and	CCONJ
cjfa-20693	196	22	capital	capital	NOUN
cjfa-20693	196	23	gains	gain	NOUN
cjfa-20693	196	24	,	,	PUNCT
cjfa-20693	196	25	and	and	CCONJ
cjfa-20693	196	26	that	that	SCONJ
cjfa-20693	196	27	dividend	dividend	NOUN
cjfa-20693	196	28	gains	gain	NOUN
cjfa-20693	196	29	should	should	AUX
cjfa-20693	196	30	be	be	AUX
cjfa-20693	196	31	mainly	mainly	ADV
cjfa-20693	196	32	a	a	DET
cjfa-20693	196	33	function	function	NOUN
cjfa-20693	196	34	of	of	ADP
cjfa-20693	196	35	managers	manager	NOUN
cjfa-20693	196	36	'	'	PART
cjfa-20693	196	37	efforts	effort	NOUN
cjfa-20693	196	38	.	.	PUNCT
cjfa-20693	197	1	in	in	ADP
cjfa-20693	197	2	other	other	ADJ
cjfa-20693	197	3	words	word	NOUN
cjfa-20693	197	4	,	,	PUNCT
cjfa-20693	197	5	the	the	DET
cjfa-20693	197	6	efforts	effort	NOUN
cjfa-20693	197	7	of	of	ADP
cjfa-20693	197	8	executives	executive	NOUN
cjfa-20693	197	9	will	will	AUX
cjfa-20693	197	10	create	create	VERB
cjfa-20693	197	11	more	more	ADJ
cjfa-20693	197	12	corporate	corporate	ADJ
cjfa-20693	197	13	surplus	surplus	NOUN
cjfa-20693	197	14	,	,	PUNCT
cjfa-20693	197	15	increase	increase	VERB
cjfa-20693	197	16	cash	cash	NOUN
cjfa-20693	197	17	dividends	dividend	NOUN
cjfa-20693	197	18	that	that	PRON
cjfa-20693	197	19	can	can	AUX
cjfa-20693	197	20	be	be	AUX
cjfa-20693	197	21	allocated	allocate	VERB
cjfa-20693	197	22	to	to	ADP
cjfa-20693	197	23	shareholders	shareholder	NOUN
cjfa-20693	197	24	,	,	PUNCT
cjfa-20693	197	25	and	and	CCONJ
cjfa-20693	197	26	also	also	ADV
cjfa-20693	197	27	release	release	VERB
cjfa-20693	197	28	a	a	DET
cjfa-20693	197	29	signal	signal	NOUN
cjfa-20693	197	30	that	that	SCONJ
cjfa-20693	197	31	the	the	DET
cjfa-20693	197	32	business	business	NOUN
cjfa-20693	197	33	is	be	AUX
cjfa-20693	197	34	doing	do	VERB
cjfa-20693	197	35	well	well	ADV
cjfa-20693	197	36	.	.	PUNCT
cjfa-20693	198	1	thus	thus	ADV
cjfa-20693	198	2	,	,	PUNCT
cjfa-20693	198	3	the	the	DET
cjfa-20693	198	4	return	return	NOUN
cjfa-20693	198	5	function	function	NOUN
cjfa-20693	198	6	of	of	ADP
cjfa-20693	198	7	holding	hold	VERB
cjfa-20693	198	8	a	a	DET
cjfa-20693	198	9	unit	unit	NOUN
cjfa-20693	198	10	of	of	ADP
cjfa-20693	198	11	stock	stock	NOUN
cjfa-20693	198	12	can	can	AUX
cjfa-20693	198	13	be	be	AUX
cjfa-20693	198	14	expressed	express	VERB
cjfa-20693	198	15	as	as	SCONJ
cjfa-20693	198	16	follows	follow	VERB
cjfa-20693	198	17	in	in	ADP
cjfa-20693	198	18	other	other	ADJ
cjfa-20693	198	19	words	word	NOUN
cjfa-20693	198	20	,	,	PUNCT
cjfa-20693	198	21	the	the	DET
cjfa-20693	198	22	efforts	effort	NOUN
cjfa-20693	198	23	of	of	ADP
cjfa-20693	198	24	executives	executive	NOUN
cjfa-20693	198	25	will	will	AUX
cjfa-20693	198	26	create	create	VERB
cjfa-20693	198	27	more	more	ADJ
cjfa-20693	198	28	corporate	corporate	ADJ
cjfa-20693	198	29	surplus	surplus	NOUN
cjfa-20693	198	30	,	,	PUNCT
cjfa-20693	198	31	increase	increase	VERB
cjfa-20693	198	32	cash	cash	NOUN
cjfa-20693	198	33	dividends	dividend	NOUN
cjfa-20693	198	34	that	that	PRON
cjfa-20693	198	35	can	can	AUX
cjfa-20693	198	36	be	be	AUX
cjfa-20693	198	37	allocated	allocate	VERB
cjfa-20693	198	38	to	to	ADP
cjfa-20693	198	39	shareholders	shareholder	NOUN
cjfa-20693	198	40	,	,	PUNCT
cjfa-20693	198	41	and	and	CCONJ
cjfa-20693	198	42	also	also	ADV
cjfa-20693	198	43	release	release	VERB
cjfa-20693	198	44	a	a	DET
cjfa-20693	198	45	signal	signal	NOUN
cjfa-20693	198	46	that	that	SCONJ
cjfa-20693	198	47	the	the	DET
cjfa-20693	198	48	business	business	NOUN
cjfa-20693	198	49	is	be	AUX
cjfa-20693	198	50	doing	do	VERB
cjfa-20693	198	51	well	well	ADV
cjfa-20693	198	52	.	.	PUNCT
cjfa-20693	199	1	thus	thus	ADV
cjfa-20693	199	2	,	,	PUNCT
cjfa-20693	199	3	the	the	DET
cjfa-20693	199	4	return	return	NOUN
cjfa-20693	199	5	function	function	NOUN
cjfa-20693	199	6	of	of	ADP
cjfa-20693	199	7	holding	hold	VERB
cjfa-20693	199	8	one	one	NUM
cjfa-20693	199	9	unit	unit	NOUN
cjfa-20693	199	10	of	of	ADP
cjfa-20693	199	11	stock	stock	NOUN
cjfa-20693	199	12	can	can	AUX
cjfa-20693	199	13	be	be	AUX
cjfa-20693	199	14	expressed	express	VERB
cjfa-20693	199	15	as	as	SCONJ
cjfa-20693	199	16	follows	follow	VERB
cjfa-20693	199	17	:	:	PUNCT
cjfa-20693	199	18	u	u	NOUN
cjfa-20693	199	19	�	�	PROPN
cjfa-20693	199	20	�	�	PROPN
cjfa-20693	199	21	�	�	PROPN
cjfa-20693	199	22	�	�	PROPN
cjfa-20693	199	23	�	�	PROPN
cjfa-20693	199	24	�	�	PROPN
cjfa-20693	199	25	�	�	PROPN
cjfa-20693	199	26	�	�	PROPN
cjfa-20693	199	27	�	�	PROPN
cjfa-20693	199	28	�	�	PROPN
cjfa-20693	199	29	�	�	PROPN
cjfa-20693	199	30	�	�	PROPN
cjfa-20693	199	31	�	�	PROPN
cjfa-20693	199	32	�	�	PROPN
cjfa-20693	199	33	�	�	PROPN
cjfa-20693	199	34	�	�	PROPN
cjfa-20693	199	35	(	(	PUNCT
cjfa-20693	199	36	2	2	NUM
cjfa-20693	199	37	)	)	PUNCT
cjfa-20693	199	38	among	among	ADP
cjfa-20693	199	39	them	they	PRON
cjfa-20693	199	40	,	,	PUNCT
cjfa-20693	199	41	the	the	DET
cjfa-20693	199	42	coefficients	coefficients	PROPN
cjfa-20693	199	43	and	and	CCONJ
cjfa-20693	199	44			PROPN
cjfa-20693	199	45	are	be	AUX
cjfa-20693	199	46	positive	positive	ADJ
cjfa-20693	199	47	;	;	PUNCT
cjfa-20693	199	48	�	�	PROPN
cjfa-20693	199	49	�	�	PROPN
cjfa-20693	199	50	is	be	AUX
cjfa-20693	199	51	the	the	DET
cjfa-20693	199	52	cash	cash	NOUN
cjfa-20693	199	53	dividend	dividend	NOUN
cjfa-20693	199	54	of	of	ADP
cjfa-20693	199	55	the	the	DET
cjfa-20693	199	56	current	current	ADJ
cjfa-20693	199	57	period	period	NOUN
cjfa-20693	199	58	,	,	PUNCT
cjfa-20693	199	59	�	�	PROPN
cjfa-20693	199	60	�	�	PROPN
cjfa-20693	199	61	�	�	PROPN
cjfa-20693	199	62	�	�	PROPN
cjfa-20693	199	63	�	�	PROPN
cjfa-20693	199	64	is	be	AUX
cjfa-20693	199	65	the	the	DET
cjfa-20693	199	66	sum	sum	NOUN
cjfa-20693	199	67	of	of	ADP
cjfa-20693	199	68	the	the	DET
cjfa-20693	199	69	discounted	discount	VERB
cjfa-20693	199	70	value	value	NOUN
cjfa-20693	199	71	of	of	ADP
cjfa-20693	199	72	dividends	dividend	NOUN
cjfa-20693	199	73	obtained	obtain	VERB
cjfa-20693	199	74	by	by	ADP
cjfa-20693	199	75	shareholders	shareholder	NOUN
cjfa-20693	199	76	when	when	SCONJ
cjfa-20693	199	77	they	they	PRON
cjfa-20693	199	78	choose	choose	VERB
cjfa-20693	199	79	to	to	PART
cjfa-20693	199	80	hold	hold	VERB
cjfa-20693	199	81	them	they	PRON
cjfa-20693	199	82	for	for	ADP
cjfa-20693	199	83	a	a	DET
cjfa-20693	199	84	long	long	ADJ
cjfa-20693	199	85	time	time	NOUN
cjfa-20693	199	86	,	,	PUNCT
cjfa-20693	199	87	�	�	PROPN
cjfa-20693	199	88	is	be	AUX
cjfa-20693	199	89	the	the	DET
cjfa-20693	199	90	present	present	ADJ
cjfa-20693	199	91	value	value	NOUN
cjfa-20693	199	92	of	of	ADP
cjfa-20693	199	93	capital	capital	NOUN
cjfa-20693	199	94	gains	gain	NOUN
cjfa-20693	199	95	obtained	obtain	VERB
cjfa-20693	199	96	by	by	ADP
cjfa-20693	199	97	one	one	NUM
cjfa-20693	199	98	-	-	PUNCT
cjfa-20693	199	99	time	time	NOUN
cjfa-20693	199	100	transactions	transaction	NOUN
cjfa-20693	199	101	,	,	PUNCT
cjfa-20693	199	102	r	r	NOUN
cjfa-20693	199	103	is	be	AUX
cjfa-20693	199	104	the	the	DET
cjfa-20693	199	105	present	present	ADJ
cjfa-20693	199	106	value	value	NOUN
cjfa-20693	199	107	of	of	ADP
cjfa-20693	199	108	capital	capital	NOUN
cjfa-20693	199	109	gains	gain	NOUN
cjfa-20693	199	110	obtained	obtain	VERB
cjfa-20693	199	111	by	by	ADP
cjfa-20693	199	112	one	one	NUM
cjfa-20693	199	113	-	-	PUNCT
cjfa-20693	199	114	time	time	NOUN
cjfa-20693	199	115	transactions	transaction	NOUN
cjfa-20693	199	116	,	,	PUNCT
cjfa-20693	199	117	r	r	NOUN
cjfa-20693	199	118	is	be	AUX
cjfa-20693	199	119	the	the	DET
cjfa-20693	199	120	discounted	discount	VERB
cjfa-20693	199	121	value	value	NOUN
cjfa-20693	199	122	,	,	PUNCT
cjfa-20693	199	123	and	and	CCONJ
cjfa-20693	199	124	g	g	NOUN
cjfa-20693	199	125	is	be	AUX
cjfa-20693	199	126	the	the	DET
cjfa-20693	199	127	growth	growth	NOUN
cjfa-20693	199	128	rate	rate	NOUN
cjfa-20693	199	129	of	of	ADP
cjfa-20693	199	130	dividends	dividend	NOUN
cjfa-20693	199	131	,	,	PUNCT
cjfa-20693	199	132	in	in	ADP
cjfa-20693	199	133	which	which	PRON
cjfa-20693	199	134	cash	cash	NOUN
cjfa-20693	199	135	dividends	dividend	NOUN
cjfa-20693	199	136	are	be	AUX
cjfa-20693	199	137	the	the	DET
cjfa-20693	199	138	function	function	NOUN
cjfa-20693	199	139	of	of	ADP
cjfa-20693	199	140	managers	manager	NOUN
cjfa-20693	199	141	'	'	PART
cjfa-20693	199	142	efforts	effort	NOUN
cjfa-20693	199	143	,	,	PUNCT
cjfa-20693	199	144	while	while	SCONJ
cjfa-20693	199	145	the	the	DET
cjfa-20693	199	146	present	present	ADJ
cjfa-20693	199	147	value	value	NOUN
cjfa-20693	199	148	of	of	ADP
cjfa-20693	199	149	capital	capital	NOUN
cjfa-20693	199	150	gains	gain	NOUN
cjfa-20693	199	151	obtained	obtain	VERB
cjfa-20693	199	152	by	by	ADP
cjfa-20693	199	153	one	one	NUM
cjfa-20693	199	154	-	-	PUNCT
cjfa-20693	199	155	time	time	NOUN
cjfa-20693	199	156	transactions	transaction	NOUN
cjfa-20693	199	157	is	be	AUX
cjfa-20693	199	158	constant	constant	ADJ
cjfa-20693	199	159	.	.	PUNCT
cjfa-20693	200	1	4	4	X
cjfa-20693	200	2	.	.	X
cjfa-20693	200	3	strategy	strategy	NOUN
cjfa-20693	200	4	and	and	CCONJ
cjfa-20693	200	5	payment	payment	NOUN
cjfa-20693	200	6	matrix	matrix	NOUN
cjfa-20693	200	7	of	of	ADP
cjfa-20693	200	8	game	game	NOUN
cjfa-20693	200	9	parties	party	NOUN
cjfa-20693	200	10	is	be	AUX
cjfa-20693	200	11	the	the	DET
cjfa-20693	200	12	sum	sum	NOUN
cjfa-20693	200	13	of	of	ADP
cjfa-20693	200	14	the	the	DET
cjfa-20693	200	15	discounted	discount	VERB
cjfa-20693	200	16	value	value	NOUN
cjfa-20693	200	17	of	of	ADP
cjfa-20693	200	18	dividends	dividend	NOUN
cjfa-20693	200	19	obtained	obtain	VERB
cjfa-20693	200	20	by	by	ADP
cjfa-20693	200	21	shareholders	shareholder	NOUN
cjfa-20693	200	22	when	when	SCONJ
cjfa-20693	200	23	they	they	PRON
cjfa-20693	200	24	choose	choose	VERB
cjfa-20693	200	25	to	to	PART
cjfa-20693	200	26	hold	hold	VERB
cjfa-20693	200	27	them	they	PRON
cjfa-20693	200	28	for	for	ADP
cjfa-20693	200	29	a	a	DET
cjfa-20693	200	30	long	long	ADJ
cjfa-20693	200	31	time	time	NOUN
cjfa-20693	200	32	,	,	PUNCT
cjfa-20693	200	33	β	β	X
cjfa-20693	200	34	is	be	AUX
cjfa-20693	200	35	the	the	DET
cjfa-20693	200	36	present	present	ADJ
cjfa-20693	200	37	value	value	NOUN
cjfa-20693	200	38	of	of	ADP
cjfa-20693	200	39	capital	capital	NOUN
cjfa-20693	200	40	gains	gain	NOUN
cjfa-20693	200	41	obtained	obtain	VERB
cjfa-20693	200	42	by	by	ADP
cjfa-20693	200	43	one	one	NUM
cjfa-20693	200	44	-	-	PUNCT
cjfa-20693	200	45	time	time	NOUN
cjfa-20693	200	46	transactions	transaction	NOUN
cjfa-20693	200	47	,	,	PUNCT
cjfa-20693	200	48	r	r	NOUN
cjfa-20693	200	49	is	be	AUX
cjfa-20693	200	50	the	the	DET
cjfa-20693	200	51	present	present	ADJ
cjfa-20693	200	52	value	value	NOUN
cjfa-20693	200	53	of	of	ADP
cjfa-20693	200	54	capital	capital	NOUN
cjfa-20693	200	55	gains	gain	NOUN
cjfa-20693	200	56	obtained	obtain	VERB
cjfa-20693	200	57	by	by	ADP
cjfa-20693	200	58	one	one	NUM
cjfa-20693	200	59	-	-	PUNCT
cjfa-20693	200	60	time	time	NOUN
cjfa-20693	200	61	transactions	transaction	NOUN
cjfa-20693	200	62	,	,	PUNCT
cjfa-20693	200	63	r	r	NOUN
cjfa-20693	200	64	is	be	AUX
cjfa-20693	200	65	the	the	DET
cjfa-20693	200	66	discountqin	discountqin	NOUN
cjfa-20693	200	67	hailin	hailin	PROPN
cjfa-20693	200	68	,	,	PUNCT
cjfa-20693	200	69	zhang	zhang	PROPN
cjfa-20693	200	70	jingxu72	jingxu72	PROPN
cjfa-20693	200	71	ed	ed	NOUN
cjfa-20693	200	72	value	value	NOUN
cjfa-20693	200	73	,	,	PUNCT
cjfa-20693	200	74	and	and	CCONJ
cjfa-20693	200	75	g	g	NOUN
cjfa-20693	200	76	is	be	AUX
cjfa-20693	200	77	the	the	DET
cjfa-20693	200	78	growth	growth	NOUN
cjfa-20693	200	79	rate	rate	NOUN
cjfa-20693	200	80	of	of	ADP
cjfa-20693	200	81	dividends	dividend	NOUN
cjfa-20693	200	82	,	,	PUNCT
cjfa-20693	200	83	in	in	ADP
cjfa-20693	200	84	which	which	PRON
cjfa-20693	200	85	cash	cash	NOUN
cjfa-20693	200	86	dividends	dividend	NOUN
cjfa-20693	200	87	are	be	AUX
cjfa-20693	200	88	the	the	DET
cjfa-20693	200	89	function	function	NOUN
cjfa-20693	200	90	of	of	ADP
cjfa-20693	200	91	managers	manager	NOUN
cjfa-20693	200	92	’	’	PART
cjfa-20693	200	93	efforts	effort	NOUN
cjfa-20693	200	94	,	,	PUNCT
cjfa-20693	200	95	while	while	SCONJ
cjfa-20693	200	96	the	the	DET
cjfa-20693	200	97	present	present	ADJ
cjfa-20693	200	98	value	value	NOUN
cjfa-20693	200	99	of	of	ADP
cjfa-20693	200	100	capital	capital	NOUN
cjfa-20693	200	101	gains	gain	NOUN
cjfa-20693	200	102	obtained	obtain	VERB
cjfa-20693	200	103	by	by	ADP
cjfa-20693	200	104	one	one	NUM
cjfa-20693	200	105	-	-	PUNCT
cjfa-20693	200	106	time	time	NOUN
cjfa-20693	200	107	transactions	transaction	NOUN
cjfa-20693	200	108	is	be	AUX
cjfa-20693	200	109	constant	constant	ADJ
cjfa-20693	200	110	.	.	PUNCT
cjfa-20693	201	1	4	4	X
cjfa-20693	201	2	.	.	X
cjfa-20693	201	3	strategy	strategy	NOUN
cjfa-20693	201	4	and	and	CCONJ
cjfa-20693	201	5	payment	payment	NOUN
cjfa-20693	201	6	matrix	matrix	NOUN
cjfa-20693	201	7	of	of	ADP
cjfa-20693	201	8	game	game	NOUN
cjfa-20693	201	9	parties	party	NOUN
cjfa-20693	201	10	as	as	SCONJ
cjfa-20693	201	11	mentioned	mention	VERB
cjfa-20693	201	12	above	above	ADV
cjfa-20693	201	13	,	,	PUNCT
cjfa-20693	201	14	according	accord	VERB
cjfa-20693	201	15	to	to	ADP
cjfa-20693	201	16	the	the	DET
cjfa-20693	201	17	strategies	strategy	NOUN
cjfa-20693	201	18	of	of	ADP
cjfa-20693	201	19	both	both	DET
cjfa-20693	201	20	players	player	NOUN
cjfa-20693	201	21	,	,	PUNCT
cjfa-20693	201	22	the	the	DET
cjfa-20693	201	23	profit	profit	NOUN
cjfa-20693	201	24	functions	function	NOUN
cjfa-20693	201	25	of	of	ADP
cjfa-20693	201	26	both	both	DET
cjfa-20693	201	27	players	player	NOUN
cjfa-20693	201	28	can	can	AUX
cjfa-20693	201	29	be	be	AUX
cjfa-20693	201	30	expressed	express	VERB
cjfa-20693	201	31	as	as	SCONJ
cjfa-20693	201	32	follows	follow	VERB
cjfa-20693	201	33	:	:	PUNCT
cjfa-20693	201	34	table	table	NOUN
cjfa-20693	201	35	1	1	NUM
cjfa-20693	201	36	.	.	PUNCT
cjfa-20693	201	37	payoff	payoff	NOUN
cjfa-20693	201	38	matrix	matrix	NOUN
cjfa-20693	201	39	as	as	SCONJ
cjfa-20693	201	40	mentioned	mention	VERB
cjfa-20693	201	41	above	above	ADV
cjfa-20693	201	42	,	,	PUNCT
cjfa-20693	201	43	according	accord	VERB
cjfa-20693	201	44	to	to	ADP
cjfa-20693	201	45	the	the	DET
cjfa-20693	201	46	strategies	strategy	NOUN
cjfa-20693	201	47	of	of	ADP
cjfa-20693	201	48	both	both	DET
cjfa-20693	201	49	players	player	NOUN
cjfa-20693	201	50	,	,	PUNCT
cjfa-20693	201	51	the	the	DET
cjfa-20693	201	52	profit	profit	NOUN
cjfa-20693	201	53	functions	function	NOUN
cjfa-20693	201	54	of	of	ADP
cjfa-20693	201	55	both	both	DET
cjfa-20693	201	56	players	player	NOUN
cjfa-20693	201	57	can	can	AUX
cjfa-20693	201	58	be	be	AUX
cjfa-20693	201	59	expressed	express	VERB
cjfa-20693	201	60	as	as	SCONJ
cjfa-20693	201	61	follows	follow	VERB
cjfa-20693	201	62	:	:	PUNCT
cjfa-20693	201	63	table	table	NOUN
cjfa-20693	201	64	1	1	NUM
cjfa-20693	201	65	.	.	PUNCT
cjfa-20693	201	66	payoff	payoff	NOUN
cjfa-20693	201	67	matrix	matrix	NOUN
cjfa-20693	201	68	decrease	decrease	NOUN
cjfa-20693	201	69	（	（	PUNCT
cjfa-20693	201	70	1	1	NUM
cjfa-20693	201	71	-	-	SYM
cjfa-20693	201	72	q	q	NOUN
cjfa-20693	201	73	）	）	NOUN
cjfa-20693	201	74	increase	increase	NOUN
cjfa-20693	201	75	（	（	PUNCT
cjfa-20693	202	1	q	q	X
cjfa-20693	202	2	）	）	PUNCT
cjfa-20693	202	3	not	not	PART
cjfa-20693	202	4	to	to	PART
cjfa-20693	202	5	pay	pay	VERB
cjfa-20693	202	6	（	（	NOUN
cjfa-20693	202	7	1	1	NUM
cjfa-20693	202	8	-	-	SYM
cjfa-20693	202	9	p	p	X
cjfa-20693	202	10	）	）	NOUN
cjfa-20693	202	11	0，	0，	NOUN
cjfa-20693	202	12	�	�	NOUN
cjfa-20693	202	13	1	1	NUM
cjfa-20693	202	14	−	−	PROPN
cjfa-20693	202	15	π	π	PROPN
cjfa-20693	202	16	�	�	PROPN
cjfa-20693	202	17	�	�	PROPN
cjfa-20693	202	18	�	�	PROPN
cjfa-20693	202	19	�	�	PROPN
cjfa-20693	202	20	�	�	PROPN
cjfa-20693	202	21	�	�	PROPN
cjfa-20693	202	22	�	�	PROPN
cjfa-20693	202	23	�	�	PROPN
cjfa-20693	202	24	�	�	PROPN
cjfa-20693	202	25	+	+	CCONJ
cjfa-20693	202	26	πβ	πβ	PROPN
cjfa-20693	202	27	�	�	PROPN
cjfa-20693	202	28	�	�	PROPN
cjfa-20693	202	29	�	�	PROPN
cjfa-20693	202	30	�	�	PROPN
cjfa-20693	202	31	�	�	PROPN
cjfa-20693	202	32	�	�	PROPN
cjfa-20693	202	33	�	�	PROPN
cjfa-20693	202	34	�	�	PROPN
cjfa-20693	202	35	�	�	PROPN
cjfa-20693	202	36	，	，	PROPN
cjfa-20693	202	37	�	�	PROPN
cjfa-20693	202	38	1	1	NUM
cjfa-20693	202	39	+	+	SYM
cjfa-20693	202	40	π	π	PROPN
cjfa-20693	202	41	�	�	PROPN
cjfa-20693	202	42	�	�	PROPN
cjfa-20693	202	43	�	�	PROPN
cjfa-20693	202	44	�	�	PROPN
cjfa-20693	202	45	�	�	PROPN
cjfa-20693	202	46	�	�	PROPN
cjfa-20693	202	47	�	�	PROPN
cjfa-20693	202	48	�	�	PROPN
cjfa-20693	202	49	�	�	PROPN
cjfa-20693	202	50	�	�	PROPN
cjfa-20693	202	51	�	�	PROPN
cjfa-20693	202	52	�	�	PROPN
cjfa-20693	202	53	�	�	PROPN
cjfa-20693	202	54	pay	pay	VERB
cjfa-20693	202	55	（	（	PROPN
cjfa-20693	202	56	p	p	X
cjfa-20693	202	57	）	）	PUNCT
cjfa-20693	202	58	ae	ae	PROPN
cjfa-20693	202	59	−	−	PROPN
cjfa-20693	202	60	be	be	AUX
cjfa-20693	202	61	�	�	NOUN
cjfa-20693	202	62	−	−	NOUN
cjfa-20693	202	63	c，πβ	c，πβ	X
cjfa-20693	203	1	+	+	PUNCT
cjfa-20693	203	2	π	π	PROPN
cjfa-20693	203	3	�	�	PROPN
cjfa-20693	203	4	�	�	PROPN
cjfa-20693	203	5	+	+	SYM
cjfa-20693	203	6	�	�	PROPN
cjfa-20693	203	7	�	�	PROPN
cjfa-20693	203	8	�	�	PROPN
cjfa-20693	203	9	�	�	PROPN
cjfa-20693	203	10	�	�	PROPN
cjfa-20693	203	11	�	�	PROPN
cjfa-20693	203	12	�	�	PROPN
cjfa-20693	203	13	�	�	PROPN
cjfa-20693	203	14	�	�	PROPN
cjfa-20693	203	15	�	�	PROPN
cjfa-20693	203	16	�	�	PROPN
cjfa-20693	203	17	�	�	PROPN
cjfa-20693	203	18	�	�	PROPN
cjfa-20693	203	19	�	�	PROPN
cjfa-20693	203	20	�	�	PROPN
cjfa-20693	203	21	�	�	PROPN
cjfa-20693	203	22	�	�	PROPN
cjfa-20693	203	23	，	，	PROPN
cjfa-20693	203	24	�	�	PROPN
cjfa-20693	203	25	�	�	PROPN
cjfa-20693	203	26	+	+	SYM
cjfa-20693	203	27	�	�	PROPN
cjfa-20693	203	28	�	�	PROPN
cjfa-20693	203	29	�	�	PROPN
cjfa-20693	203	30	�	�	PROPN
cjfa-20693	203	31	�	�	PROPN
cjfa-20693	203	32	�	�	PROPN
cjfa-20693	203	33	�	�	PROPN
cjfa-20693	203	34	�	�	PROPN
cjfa-20693	203	35	�	�	PROPN
cjfa-20693	203	36	�	�	PROPN
cjfa-20693	203	37	�	�	PROPN
cjfa-20693	203	38	�	�	PROPN
cjfa-20693	203	39	source	source	NOUN
cjfa-20693	203	40	:	:	PUNCT
cjfa-20693	203	41	author	author	PROPN
cjfa-20693	203	42	’s	’s	PART
cjfa-20693	203	43	mathematical	mathematical	ADJ
cjfa-20693	203	44	deduction	deduction	NOUN
cjfa-20693	203	45	.	.	PUNCT
cjfa-20693	204	1	among	among	ADP
cjfa-20693	204	2	them	they	PRON
cjfa-20693	204	3	,	,	PUNCT
cjfa-20693	204	4	�	�	PROPN
cjfa-20693	204	5	means	mean	VERB
cjfa-20693	204	6	to	to	PART
cjfa-20693	204	7	increase	increase	VERB
cjfa-20693	204	8	the	the	DET
cjfa-20693	204	9	holding	holding	NOUN
cjfa-20693	204	10	of	of	ADP
cjfa-20693	204	11	listed	list	VERB
cjfa-20693	204	12	companies'stock	companies'stock	ADJ
cjfa-20693	204	13	units	unit	NOUN
cjfa-20693	204	14	,	,	PUNCT
cjfa-20693	204	15	and	and	CCONJ
cjfa-20693	204	16	the	the	DET
cjfa-20693	204	17	other	other	ADJ
cjfa-20693	204	18	variables	variable	NOUN
cjfa-20693	204	19	are	be	AUX
cjfa-20693	204	20	consistent	consistent	ADJ
cjfa-20693	204	21	with	with	ADP
cjfa-20693	204	22	the	the	DET
cjfa-20693	204	23	above	above	ADJ
cjfa-20693	204	24	.	.	PUNCT
cjfa-20693	205	1	the	the	DET
cjfa-20693	205	2	economic	economic	ADJ
cjfa-20693	205	3	implications	implication	NOUN
cjfa-20693	205	4	of	of	ADP
cjfa-20693	205	5	this	this	DET
cjfa-20693	205	6	matrix	matrix	NOUN
cjfa-20693	205	7	are	be	AUX
cjfa-20693	205	8	as	as	SCONJ
cjfa-20693	205	9	follows	follow	VERB
cjfa-20693	205	10	:	:	PUNCT
cjfa-20693	205	11	(	(	PUNCT
cjfa-20693	205	12	1	1	X
cjfa-20693	205	13	)	)	PUNCT
cjfa-20693	205	14	the	the	DET
cjfa-20693	205	15	upper	upper	ADJ
cjfa-20693	205	16	left	left	NOUN
cjfa-20693	205	17	chooses	choose	VERB
cjfa-20693	205	18	the	the	DET
cjfa-20693	205	19	profit	profit	NOUN
cjfa-20693	205	20	function	function	NOUN
cjfa-20693	205	21	of	of	ADP
cjfa-20693	205	22	both	both	DET
cjfa-20693	205	23	sides	side	NOUN
cjfa-20693	205	24	when	when	SCONJ
cjfa-20693	205	25	executives	executive	NOUN
cjfa-20693	205	26	choose	choose	VERB
cjfa-20693	205	27	no	no	DET
cjfa-20693	205	28	dividend	dividend	NOUN
cjfa-20693	205	29	and	and	CCONJ
cjfa-20693	205	30	shareholders	shareholder	NOUN
cjfa-20693	205	31	choose	choose	VERB
cjfa-20693	205	32	to	to	PART
cjfa-20693	205	33	reduce	reduce	VERB
cjfa-20693	205	34	their	their	PRON
cjfa-20693	205	35	holdings	holding	NOUN
cjfa-20693	205	36	.	.	PUNCT
cjfa-20693	206	1	firstly	firstly	ADV
cjfa-20693	206	2	,	,	PUNCT
cjfa-20693	206	3	for	for	ADP
cjfa-20693	206	4	executives	executive	NOUN
cjfa-20693	206	5	,	,	PUNCT
cjfa-20693	206	6	if	if	SCONJ
cjfa-20693	206	7	shareholders	shareholder	NOUN
cjfa-20693	206	8	choose	choose	VERB
cjfa-20693	206	9	to	to	PART
cjfa-20693	206	10	reduce	reduce	VERB
cjfa-20693	206	11	their	their	PRON
cjfa-20693	206	12	holdings	holding	NOUN
cjfa-20693	206	13	because	because	SCONJ
cjfa-20693	206	14	the	the	DET
cjfa-20693	206	15	company	company	NOUN
cjfa-20693	206	16	does	do	AUX
cjfa-20693	206	17	not	not	PART
cjfa-20693	206	18	pay	pay	VERB
cjfa-20693	206	19	dividends	dividend	NOUN
cjfa-20693	206	20	,	,	PUNCT
cjfa-20693	206	21	the	the	DET
cjfa-20693	206	22	reduction	reduction	NOUN
cjfa-20693	206	23	will	will	AUX
cjfa-20693	206	24	cause	cause	VERB
cjfa-20693	206	25	the	the	DET
cjfa-20693	206	26	company	company	NOUN
cjfa-20693	206	27	's	's	PART
cjfa-20693	206	28	stock	stock	NOUN
cjfa-20693	206	29	price	price	NOUN
cjfa-20693	206	30	to	to	PART
cjfa-20693	206	31	decline	decline	VERB
cjfa-20693	206	32	,	,	PUNCT
cjfa-20693	206	33	then	then	ADV
cjfa-20693	206	34	executives	executive	NOUN
cjfa-20693	206	35	will	will	AUX
cjfa-20693	206	36	face	face	VERB
cjfa-20693	206	37	the	the	DET
cjfa-20693	206	38	fate	fate	NOUN
cjfa-20693	206	39	of	of	ADP
cjfa-20693	206	40	impeachment	impeachment	NOUN
cjfa-20693	206	41	and	and	CCONJ
cjfa-20693	206	42	dismissal	dismissal	NOUN
cjfa-20693	206	43	,	,	PUNCT
cjfa-20693	206	44	so	so	SCONJ
cjfa-20693	206	45	the	the	DET
cjfa-20693	206	46	current	current	ADJ
cjfa-20693	206	47	income	income	NOUN
cjfa-20693	206	48	of	of	ADP
cjfa-20693	206	49	executives	executive	NOUN
cjfa-20693	206	50	is	be	AUX
cjfa-20693	206	51	0	0	NUM
cjfa-20693	206	52	,	,	PUNCT
cjfa-20693	206	53	that	that	ADV
cjfa-20693	206	54	is	is	ADV
cjfa-20693	206	55	,	,	PUNCT
cjfa-20693	206	56	unemployment	unemployment	NOUN
cjfa-20693	206	57	will	will	AUX
cjfa-20693	206	58	offset	offset	VERB
cjfa-20693	206	59	his	his	PRON
cjfa-20693	206	60	wage	wage	NOUN
cjfa-20693	206	61	income	income	NOUN
cjfa-20693	206	62	.	.	PUNCT
cjfa-20693	207	1	secondly	secondly	ADV
cjfa-20693	207	2	,	,	PUNCT
cjfa-20693	207	3	for	for	ADP
cjfa-20693	207	4	shareholders	shareholder	NOUN
cjfa-20693	207	5	,	,	PUNCT
cjfa-20693	207	6	if	if	SCONJ
cjfa-20693	207	7	they	they	PRON
cjfa-20693	207	8	disagree	disagree	VERB
cjfa-20693	207	9	with	with	ADP
cjfa-20693	207	10	the	the	DET
cjfa-20693	207	11	company	company	NOUN
cjfa-20693	207	12	's	's	PART
cjfa-20693	207	13	non	non	ADJ
cjfa-20693	207	14	-	-	ADJ
cjfa-20693	207	15	dividend	dividend	ADJ
cjfa-20693	207	16	policy	policy	NOUN
cjfa-20693	207	17	or	or	CCONJ
cjfa-20693	207	18	are	be	AUX
cjfa-20693	207	19	not	not	PART
cjfa-20693	207	20	optimistic	optimistic	ADJ
cjfa-20693	207	21	about	about	ADP
cjfa-20693	207	22	the	the	DET
cjfa-20693	207	23	company	company	NOUN
cjfa-20693	207	24	's	's	PART
cjfa-20693	207	25	development	development	NOUN
cjfa-20693	207	26	prospects	prospect	NOUN
cjfa-20693	207	27	,	,	PUNCT
cjfa-20693	207	28	they	they	PRON
cjfa-20693	207	29	can	can	AUX
cjfa-20693	207	30	take	take	VERB
cjfa-20693	207	31	a	a	DET
cjfa-20693	207	32	foot	foot	NOUN
cjfa-20693	207	33	-	-	PUNCT
cjfa-20693	207	34	to	to	ADP
cjfa-20693	207	35	-	-	PUNCT
cjfa-20693	207	36	foot	foot	NOUN
cjfa-20693	207	37	vote	vote	NOUN
cjfa-20693	207	38	to	to	PART
cjfa-20693	207	39	reduce	reduce	VERB
cjfa-20693	207	40	their	their	PRON
cjfa-20693	207	41	holdings	holding	NOUN
cjfa-20693	207	42	of	of	ADP
cjfa-20693	207	43	the	the	DET
cjfa-20693	207	44	company	company	NOUN
cjfa-20693	207	45	's	's	PART
cjfa-20693	207	46	shares	share	NOUN
cjfa-20693	207	47	.	.	PUNCT
cjfa-20693	208	1	at	at	ADP
cjfa-20693	208	2	this	this	DET
cjfa-20693	208	3	time	time	NOUN
cjfa-20693	208	4	,	,	PUNCT
cjfa-20693	208	5	the	the	DET
cjfa-20693	208	6	earnings	earning	NOUN
cjfa-20693	208	7	consist	consist	NOUN
cjfa-20693	208	8	of	of	ADP
cjfa-20693	208	9	two	two	NUM
cjfa-20693	208	10	parts	part	NOUN
cjfa-20693	208	11	:	:	PUNCT
cjfa-20693	208	12	the	the	DET
cjfa-20693	208	13	shareholders	shareholder	NOUN
cjfa-20693	208	14	get	get	VERB
cjfa-20693	208	15	the	the	DET
cjfa-20693	208	16	capital	capital	NOUN
cjfa-20693	208	17	gains	gain	NOUN
cjfa-20693	208	18	�	�	NOUN
cjfa-20693	208	19	�	�	PROPN
cjfa-20693	208	20	of	of	ADP
cjfa-20693	208	21	the	the	DET
cjfa-20693	208	22	current	current	ADJ
cjfa-20693	208	23	reduction	reduction	NOUN
cjfa-20693	208	24	and	and	CCONJ
cjfa-20693	208	25	the	the	DET
cjfa-20693	208	26	discount	discount	NOUN
cjfa-20693	208	27	�	�	PROPN
cjfa-20693	208	28	1	1	NUM
cjfa-20693	208	29	−	−	PROPN
cjfa-20693	208	30	�	�	PROPN
cjfa-20693	208	31	�	�	PROPN
cjfa-20693	208	32	�	�	PROPN
cjfa-20693	208	33	�	�	PROPN
cjfa-20693	208	34	�	�	PROPN
cjfa-20693	208	35	�	�	PROPN
cjfa-20693	208	36	�	�	PROPN
cjfa-20693	208	37	�	�	PROPN
cjfa-20693	208	38	�	�	PROPN
cjfa-20693	208	39	�	�	PROPN
cjfa-20693	208	40	�	�	PROPN
cjfa-20693	208	41	�	�	PROPN
cjfa-20693	208	42	�	�	PROPN
cjfa-20693	208	43	�	�	PROPN
cjfa-20693	208	44	�	�	PROPN
cjfa-20693	208	45	�	�	PROPN
cjfa-20693	208	46	�	�	PROPN
cjfa-20693	208	47	�	�	PROPN
cjfa-20693	208	48	of	of	ADP
cjfa-20693	208	49	accumulated	accumulate	VERB
cjfa-20693	208	50	undistributed	undistributed	ADJ
cjfa-20693	208	51	dividends	dividend	NOUN
cjfa-20693	208	52	obtained	obtain	VERB
cjfa-20693	208	53	by	by	ADP
cjfa-20693	208	54	continuing	continue	VERB
cjfa-20693	208	55	to	to	PART
cjfa-20693	208	56	hold	hold	VERB
cjfa-20693	208	57	�	�	PROPN
cjfa-20693	208	58	1	1	NUM
cjfa-20693	208	59	−	−	PROPN
cjfa-20693	208	60	�	�	PROPN
cjfa-20693	208	61	�	�	PROPN
cjfa-20693	208	62	unit	unit	NOUN
cjfa-20693	208	63	stock.when	stock.when	ADP
cjfa-20693	208	64	n	n	PROPN
cjfa-20693	208	65	→	→	SYM
cjfa-20693	208	66	∞	∞	PROPN
cjfa-20693	208	67	,	,	PUNCT
cjfa-20693	208	68	the	the	DET
cjfa-20693	208	69	limit	limit	NOUN
cjfa-20693	208	70	of	of	ADP
cjfa-20693	208	71	�	�	PROPN
cjfa-20693	208	72	1	1	NUM
cjfa-20693	208	73	−	−	PROPN
cjfa-20693	208	74	�	�	PROPN
cjfa-20693	208	75	�	�	PROPN
cjfa-20693	208	76	�	�	PROPN
cjfa-20693	208	77	�	�	PROPN
cjfa-20693	208	78	�	�	PROPN
cjfa-20693	208	79	�	�	PROPN
cjfa-20693	208	80	�	�	PROPN
cjfa-20693	208	81	�	�	PROPN
cjfa-20693	208	82	�	�	PROPN
cjfa-20693	208	83	�	�	PROPN
cjfa-20693	208	84	�	�	PROPN
cjfa-20693	208	85	�	�	PROPN
cjfa-20693	208	86	�	�	PROPN
cjfa-20693	208	87	�	�	PROPN
cjfa-20693	208	88	�	�	PROPN
cjfa-20693	208	89	�	�	PROPN
cjfa-20693	208	90	�	�	PROPN
cjfa-20693	208	91	�	�	PROPN
cjfa-20693	208	92	is	be	AUX
cjfa-20693	208	93	�	�	PROPN
cjfa-20693	208	94	1	1	NUM
cjfa-20693	208	95	−	−	PROPN
cjfa-20693	208	96	�	�	PROPN
cjfa-20693	208	97	�	�	PROPN
cjfa-20693	208	98	�	�	PROPN
cjfa-20693	208	99	�	�	PROPN
cjfa-20693	208	100	�	�	PROPN
cjfa-20693	208	101	�	�	PROPN
cjfa-20693	208	102	�	�	PROPN
cjfa-20693	208	103	�	�	PROPN
cjfa-20693	208	104	�	�	PROPN
cjfa-20693	208	105	�	�	PROPN
cjfa-20693	208	106	,	,	PUNCT
cjfa-20693	208	107	so	so	CCONJ
cjfa-20693	208	108	the	the	DET
cjfa-20693	208	109	total	total	ADJ
cjfa-20693	208	110	earnings	earning	NOUN
cjfa-20693	208	111	of	of	ADP
cjfa-20693	208	112	the	the	DET
cjfa-20693	208	113	shareholder	shareholder	NOUN
cjfa-20693	208	114	is	be	AUX
cjfa-20693	208	115	�	�	PROPN
cjfa-20693	208	116	1	1	NUM
cjfa-20693	208	117	−	−	PROPN
cjfa-20693	208	118	�	�	PROPN
cjfa-20693	208	119	�	�	PROPN
cjfa-20693	208	120	�	�	PROPN
cjfa-20693	208	121	�	�	PROPN
cjfa-20693	208	122	�	�	PROPN
cjfa-20693	208	123	�	�	PROPN
cjfa-20693	208	124	�	�	PROPN
cjfa-20693	208	125	�	�	PROPN
cjfa-20693	208	126	�	�	PROPN
cjfa-20693	208	127	�	�	PROPN
cjfa-20693	208	128	+	+	SYM
cjfa-20693	208	129	�	�	PROPN
cjfa-20693	208	130	�	�	PROPN
cjfa-20693	208	131	.	.	PUNCT
cjfa-20693	209	1	(	(	PUNCT
cjfa-20693	209	2	2	2	X
cjfa-20693	209	3	)	)	PUNCT
cjfa-20693	209	4	the	the	DET
cjfa-20693	209	5	upper	upper	ADJ
cjfa-20693	209	6	right	right	NOUN
cjfa-20693	209	7	chooses	choose	VERB
cjfa-20693	209	8	the	the	DET
cjfa-20693	209	9	profit	profit	NOUN
cjfa-20693	209	10	function	function	NOUN
cjfa-20693	209	11	of	of	ADP
cjfa-20693	209	12	the	the	DET
cjfa-20693	209	13	two	two	NUM
cjfa-20693	209	14	sides	side	NOUN
cjfa-20693	209	15	when	when	SCONJ
cjfa-20693	209	16	the	the	DET
cjfa-20693	209	17	executive	executive	NOUN
cjfa-20693	209	18	chooses	choose	VERB
cjfa-20693	209	19	not	not	PART
cjfa-20693	209	20	to	to	PART
cjfa-20693	209	21	dividend	dividend	VERB
cjfa-20693	209	22	and	and	CCONJ
cjfa-20693	209	23	the	the	DET
cjfa-20693	209	24	shareholder	shareholder	NOUN
cjfa-20693	209	25	chooses	choose	VERB
cjfa-20693	209	26	to	to	PART
cjfa-20693	209	27	increase	increase	VERB
cjfa-20693	209	28	the	the	DET
cjfa-20693	209	29	ownership	ownership	NOUN
cjfa-20693	209	30	.	.	PUNCT
cjfa-20693	210	1	firstly	firstly	ADV
cjfa-20693	210	2	,	,	PUNCT
cjfa-20693	210	3	for	for	ADP
cjfa-20693	210	4	executives	executive	NOUN
cjfa-20693	210	5	,	,	PUNCT
cjfa-20693	210	6	if	if	SCONJ
cjfa-20693	210	7	executives	executive	NOUN
cjfa-20693	210	8	choose	choose	VERB
cjfa-20693	210	9	not	not	PART
cjfa-20693	210	10	to	to	PART
cjfa-20693	210	11	pay	pay	VERB
cjfa-20693	210	12	dividends	dividend	NOUN
cjfa-20693	210	13	and	and	CCONJ
cjfa-20693	210	14	shareholders	shareholder	NOUN
cjfa-20693	210	15	choose	choose	VERB
cjfa-20693	210	16	to	to	PART
cjfa-20693	210	17	continue	continue	VERB
cjfa-20693	210	18	holding	hold	VERB
cjfa-20693	210	19	,	,	PUNCT
cjfa-20693	210	20	this	this	PRON
cjfa-20693	210	21	shows	show	VERB
cjfa-20693	210	22	that	that	SCONJ
cjfa-20693	210	23	the	the	DET
cjfa-20693	210	24	company	company	NOUN
cjfa-20693	210	25	's	's	PART
cjfa-20693	210	26	non	non	ADJ
cjfa-20693	210	27	-	-	ADJ
cjfa-20693	210	28	dividend	dividend	ADJ
cjfa-20693	210	29	behavior	behavior	NOUN
cjfa-20693	210	30	has	have	AUX
cjfa-20693	210	31	been	be	AUX
cjfa-20693	210	32	recognized	recognize	VERB
cjfa-20693	210	33	by	by	ADP
cjfa-20693	210	34	shareholders	shareholder	NOUN
cjfa-20693	210	35	.	.	PUNCT
cjfa-20693	211	1	so	so	ADV
cjfa-20693	211	2	they	they	PRON
cjfa-20693	211	3	will	will	AUX
cjfa-20693	211	4	get	get	VERB
cjfa-20693	211	5	the	the	DET
cjfa-20693	211	6	salary	salary	NOUN
cjfa-20693	211	7	of	of	ADP
cjfa-20693	211	8	ae	ae	PROPN
cjfa-20693	211	9	−	−	PROPN
cjfa-20693	211	10	be	be	VERB
cjfa-20693	211	11	�	�	ADJ
cjfa-20693	211	12	and	and	CCONJ
cjfa-20693	211	13	private	private	ADJ
cjfa-20693	211	14	interest	interest	NOUN
cjfa-20693	211	15	c	c	NOUN
cjfa-20693	211	16	,	,	PUNCT
cjfa-20693	211	17	i.e.	i.e.	X
cjfa-20693	211	18	,	,	PUNCT
cjfa-20693	211	19	his	his	PRON
cjfa-20693	211	20	s	s	NOUN
cjfa-20693	211	21	o	o	NOUN
cjfa-20693	211	22	u	u	NOUN
cjfa-20693	211	23	r	r	NOUN
cjfa-20693	211	24	c	c	NOUN
cjfa-20693	211	25	e	e	NOUN
cjfa-20693	211	26	:	:	PUNCT
cjfa-20693	211	27	author	author	PROPN
cjfa-20693	211	28	’s	’s	PART
cjfa-20693	211	29	mathematical	mathematical	ADJ
cjfa-20693	211	30	deduction	deduction	NOUN
cjfa-20693	211	31	.	.	PUNCT
cjfa-20693	212	1	among	among	ADP
cjfa-20693	212	2	them	they	PRON
cjfa-20693	212	3	,	,	PUNCT
cjfa-20693	212	4	means	mean	VERB
cjfa-20693	212	5	to	to	PART
cjfa-20693	212	6	increase	increase	VERB
cjfa-20693	212	7	the	the	DET
cjfa-20693	212	8	holding	holding	NOUN
cjfa-20693	212	9	of	of	ADP
cjfa-20693	212	10	listed	list	VERB
cjfa-20693	212	11	companies’stock	companies’stock	NOUN
cjfa-20693	212	12	units	unit	NOUN
cjfa-20693	212	13	,	,	PUNCT
cjfa-20693	212	14	and	and	CCONJ
cjfa-20693	212	15	the	the	DET
cjfa-20693	212	16	other	other	ADJ
cjfa-20693	212	17	variables	variable	NOUN
cjfa-20693	212	18	are	be	AUX
cjfa-20693	212	19	consistent	consistent	ADJ
cjfa-20693	212	20	with	with	ADP
cjfa-20693	212	21	the	the	DET
cjfa-20693	212	22	above	above	ADJ
cjfa-20693	212	23	.	.	PUNCT
cjfa-20693	213	1	the	the	DET
cjfa-20693	213	2	economic	economic	ADJ
cjfa-20693	213	3	implications	implication	NOUN
cjfa-20693	213	4	of	of	ADP
cjfa-20693	213	5	this	this	DET
cjfa-20693	213	6	matrix	matrix	NOUN
cjfa-20693	213	7	are	be	AUX
cjfa-20693	213	8	as	as	SCONJ
cjfa-20693	213	9	follows	follow	VERB
cjfa-20693	213	10	:	:	PUNCT
cjfa-20693	213	11	(	(	PUNCT
cjfa-20693	213	12	1	1	X
cjfa-20693	213	13	)	)	PUNCT
cjfa-20693	213	14	the	the	DET
cjfa-20693	213	15	upper	upper	ADJ
cjfa-20693	213	16	left	left	NOUN
cjfa-20693	213	17	chooses	choose	VERB
cjfa-20693	213	18	the	the	DET
cjfa-20693	213	19	profit	profit	NOUN
cjfa-20693	213	20	function	function	NOUN
cjfa-20693	213	21	of	of	ADP
cjfa-20693	213	22	both	both	DET
cjfa-20693	213	23	sides	side	NOUN
cjfa-20693	213	24	when	when	SCONJ
cjfa-20693	213	25	executives	executive	NOUN
cjfa-20693	213	26	choose	choose	VERB
cjfa-20693	213	27	no	no	DET
cjfa-20693	213	28	dividend	dividend	NOUN
cjfa-20693	213	29	and	and	CCONJ
cjfa-20693	213	30	shareholders	shareholder	NOUN
cjfa-20693	213	31	choose	choose	VERB
cjfa-20693	213	32	to	to	PART
cjfa-20693	213	33	reduce	reduce	VERB
cjfa-20693	213	34	their	their	PRON
cjfa-20693	213	35	holdings	holding	NOUN
cjfa-20693	213	36	.	.	PUNCT
cjfa-20693	214	1	firstly	firstly	ADV
cjfa-20693	214	2	,	,	PUNCT
cjfa-20693	214	3	for	for	ADP
cjfa-20693	214	4	executives	executive	NOUN
cjfa-20693	214	5	,	,	PUNCT
cjfa-20693	214	6	if	if	SCONJ
cjfa-20693	214	7	shareholders	shareholder	NOUN
cjfa-20693	214	8	choose	choose	VERB
cjfa-20693	214	9	to	to	PART
cjfa-20693	214	10	reduce	reduce	VERB
cjfa-20693	214	11	their	their	PRON
cjfa-20693	214	12	holdings	holding	NOUN
cjfa-20693	214	13	because	because	SCONJ
cjfa-20693	214	14	the	the	DET
cjfa-20693	214	15	company	company	NOUN
cjfa-20693	214	16	does	do	AUX
cjfa-20693	214	17	not	not	PART
cjfa-20693	214	18	pay	pay	VERB
cjfa-20693	214	19	dividends	dividend	NOUN
cjfa-20693	214	20	,	,	PUNCT
cjfa-20693	214	21	the	the	DET
cjfa-20693	214	22	reduction	reduction	NOUN
cjfa-20693	214	23	will	will	AUX
cjfa-20693	214	24	cause	cause	VERB
cjfa-20693	214	25	the	the	DET
cjfa-20693	214	26	company	company	NOUN
cjfa-20693	214	27	’s	’s	PART
cjfa-20693	214	28	stock	stock	NOUN
cjfa-20693	214	29	price	price	NOUN
cjfa-20693	214	30	to	to	PART
cjfa-20693	214	31	decline	decline	VERB
cjfa-20693	214	32	,	,	PUNCT
cjfa-20693	214	33	then	then	ADV
cjfa-20693	214	34	executives	executive	NOUN
cjfa-20693	214	35	will	will	AUX
cjfa-20693	214	36	face	face	VERB
cjfa-20693	214	37	the	the	DET
cjfa-20693	214	38	fate	fate	NOUN
cjfa-20693	214	39	of	of	ADP
cjfa-20693	214	40	impeachment	impeachment	NOUN
cjfa-20693	214	41	and	and	CCONJ
cjfa-20693	214	42	dismissal	dismissal	NOUN
cjfa-20693	214	43	,	,	PUNCT
cjfa-20693	214	44	so	so	SCONJ
cjfa-20693	214	45	the	the	DET
cjfa-20693	214	46	current	current	ADJ
cjfa-20693	214	47	income	income	NOUN
cjfa-20693	214	48	of	of	ADP
cjfa-20693	214	49	executives	executive	NOUN
cjfa-20693	214	50	is	be	AUX
cjfa-20693	214	51	0	0	NUM
cjfa-20693	214	52	,	,	PUNCT
cjfa-20693	214	53	that	that	ADV
cjfa-20693	214	54	is	is	ADV
cjfa-20693	214	55	,	,	PUNCT
cjfa-20693	214	56	unemployment	unemployment	NOUN
cjfa-20693	214	57	will	will	AUX
cjfa-20693	214	58	offset	offset	VERB
cjfa-20693	214	59	his	his	PRON
cjfa-20693	214	60	wage	wage	NOUN
cjfa-20693	214	61	income	income	NOUN
cjfa-20693	214	62	.	.	PUNCT
cjfa-20693	215	1	secondly	secondly	ADV
cjfa-20693	215	2	,	,	PUNCT
cjfa-20693	215	3	for	for	ADP
cjfa-20693	215	4	shareholders	shareholder	NOUN
cjfa-20693	215	5	,	,	PUNCT
cjfa-20693	215	6	if	if	SCONJ
cjfa-20693	215	7	they	they	PRON
cjfa-20693	215	8	disagree	disagree	VERB
cjfa-20693	215	9	with	with	ADP
cjfa-20693	215	10	the	the	DET
cjfa-20693	215	11	company	company	NOUN
cjfa-20693	215	12	’s	’s	PART
cjfa-20693	215	13	non	non	ADJ
cjfa-20693	215	14	-	-	ADJ
cjfa-20693	215	15	dividend	dividend	ADJ
cjfa-20693	215	16	policy	policy	NOUN
cjfa-20693	215	17	or	or	CCONJ
cjfa-20693	215	18	are	be	AUX
cjfa-20693	215	19	not	not	PART
cjfa-20693	215	20	optimistic	optimistic	ADJ
cjfa-20693	215	21	about	about	ADP
cjfa-20693	215	22	the	the	DET
cjfa-20693	215	23	company	company	NOUN
cjfa-20693	215	24	’s	’s	PART
cjfa-20693	215	25	development	development	NOUN
cjfa-20693	215	26	prospects	prospect	NOUN
cjfa-20693	215	27	,	,	PUNCT
cjfa-20693	215	28	they	they	PRON
cjfa-20693	215	29	can	can	AUX
cjfa-20693	215	30	take	take	VERB
cjfa-20693	215	31	a	a	DET
cjfa-20693	215	32	foot	foot	NOUN
cjfa-20693	215	33	-	-	PUNCT
cjfa-20693	215	34	to	to	ADP
cjfa-20693	215	35	-	-	PUNCT
cjfa-20693	215	36	foot	foot	NOUN
cjfa-20693	215	37	vote	vote	NOUN
cjfa-20693	215	38	to	to	PART
cjfa-20693	215	39	reduce	reduce	VERB
cjfa-20693	215	40	their	their	PRON
cjfa-20693	215	41	holdings	holding	NOUN
cjfa-20693	215	42	of	of	ADP
cjfa-20693	215	43	the	the	DET
cjfa-20693	215	44	company	company	NOUN
cjfa-20693	215	45	’s	’s	PART
cjfa-20693	215	46	shares	share	NOUN
cjfa-20693	215	47	.	.	PUNCT
cjfa-20693	216	1	at	at	ADP
cjfa-20693	216	2	this	this	DET
cjfa-20693	216	3	time	time	NOUN
cjfa-20693	216	4	,	,	PUNCT
cjfa-20693	216	5	the	the	DET
cjfa-20693	216	6	earnings	earning	NOUN
cjfa-20693	216	7	consist	consist	NOUN
cjfa-20693	216	8	of	of	ADP
cjfa-20693	216	9	two	two	NUM
cjfa-20693	216	10	parts	part	NOUN
cjfa-20693	216	11	:	:	PUNCT
cjfa-20693	216	12	the	the	DET
cjfa-20693	216	13	shareholders	shareholder	NOUN
cjfa-20693	216	14	get	get	VERB
cjfa-20693	216	15	the	the	DET
cjfa-20693	216	16	capital	capital	NOUN
cjfa-20693	216	17	gains	gain	NOUN
cjfa-20693	216	18	πβ	πβ	ADP
cjfa-20693	216	19	of	of	ADP
cjfa-20693	216	20	the	the	DET
cjfa-20693	216	21	current	current	ADJ
cjfa-20693	216	22	reduction	reduction	NOUN
cjfa-20693	216	23	and	and	CCONJ
cjfa-20693	216	24	the	the	DET
cjfa-20693	216	25	discount	discount	NOUN
cjfa-20693	216	26	as	as	SCONJ
cjfa-20693	216	27	mentioned	mention	VERB
cjfa-20693	216	28	above	above	ADV
cjfa-20693	216	29	,	,	PUNCT
cjfa-20693	216	30	according	accord	VERB
cjfa-20693	216	31	to	to	ADP
cjfa-20693	216	32	the	the	DET
cjfa-20693	216	33	strategies	strategy	NOUN
cjfa-20693	216	34	of	of	ADP
cjfa-20693	216	35	both	both	DET
cjfa-20693	216	36	players	player	NOUN
cjfa-20693	216	37	,	,	PUNCT
cjfa-20693	216	38	the	the	DET
cjfa-20693	216	39	profit	profit	NOUN
cjfa-20693	216	40	functions	function	NOUN
cjfa-20693	216	41	of	of	ADP
cjfa-20693	216	42	both	both	DET
cjfa-20693	216	43	players	player	NOUN
cjfa-20693	216	44	can	can	AUX
cjfa-20693	216	45	be	be	AUX
cjfa-20693	216	46	expressed	express	VERB
cjfa-20693	216	47	as	as	SCONJ
cjfa-20693	216	48	follows	follow	VERB
cjfa-20693	216	49	:	:	PUNCT
cjfa-20693	216	50	table	table	NOUN
cjfa-20693	216	51	1	1	NUM
cjfa-20693	216	52	.	.	PUNCT
cjfa-20693	216	53	payoff	payoff	NOUN
cjfa-20693	216	54	matrix	matrix	NOUN
cjfa-20693	216	55	decrease	decrease	NOUN
cjfa-20693	216	56	（	（	PUNCT
cjfa-20693	216	57	1	1	NUM
cjfa-20693	216	58	-	-	SYM
cjfa-20693	216	59	q	q	NOUN
cjfa-20693	216	60	）	）	NOUN
cjfa-20693	216	61	increase	increase	NOUN
cjfa-20693	216	62	（	（	PUNCT
cjfa-20693	216	63	q	q	X
cjfa-20693	216	64	）	）	PUNCT
cjfa-20693	216	65	not	not	PART
cjfa-20693	216	66	to	to	PART
cjfa-20693	216	67	pay	pay	VERB
cjfa-20693	216	68	（	（	NOUN
cjfa-20693	216	69	1	1	NUM
cjfa-20693	216	70	-	-	SYM
cjfa-20693	216	71	p	p	X
cjfa-20693	216	72	）	）	NOUN
cjfa-20693	216	73	0，	0，	NOUN
cjfa-20693	216	74	�	�	NOUN
cjfa-20693	216	75	1	1	NUM
cjfa-20693	217	1	−	−	PROPN
cjfa-20693	217	2	π	π	PROPN
cjfa-20693	217	3	�	�	PROPN
cjfa-20693	217	4	�	�	PROPN
cjfa-20693	217	5	�	�	PROPN
cjfa-20693	217	6	�	�	PROPN
cjfa-20693	217	7	�	�	PROPN
cjfa-20693	217	8	�	�	PROPN
cjfa-20693	217	9	�	�	PROPN
cjfa-20693	217	10	�	�	PROPN
cjfa-20693	217	11	�	�	PROPN
cjfa-20693	217	12	+	+	CCONJ
cjfa-20693	217	13	πβ	πβ	PROPN
cjfa-20693	217	14	�	�	PROPN
cjfa-20693	217	15	�	�	PROPN
cjfa-20693	217	16	�	�	PROPN
cjfa-20693	217	17	�	�	PROPN
cjfa-20693	217	18	�	�	PROPN
cjfa-20693	217	19	�	�	PROPN
cjfa-20693	217	20	�	�	PROPN
cjfa-20693	217	21	�	�	PROPN
cjfa-20693	217	22	�	�	PROPN
cjfa-20693	217	23	，	，	PROPN
cjfa-20693	217	24	�	�	PROPN
cjfa-20693	217	25	1	1	NUM
cjfa-20693	217	26	+	+	SYM
cjfa-20693	217	27	π	π	PROPN
cjfa-20693	217	28	�	�	PROPN
cjfa-20693	217	29	�	�	PROPN
cjfa-20693	217	30	�	�	PROPN
cjfa-20693	217	31	�	�	PROPN
cjfa-20693	217	32	�	�	PROPN
cjfa-20693	217	33	�	�	PROPN
cjfa-20693	217	34	�	�	PROPN
cjfa-20693	217	35	�	�	PROPN
cjfa-20693	217	36	�	�	PROPN
cjfa-20693	217	37	�	�	PROPN
cjfa-20693	217	38	�	�	PROPN
cjfa-20693	217	39	�	�	PROPN
cjfa-20693	217	40	�	�	PROPN
cjfa-20693	217	41	pay	pay	VERB
cjfa-20693	217	42	（	（	PROPN
cjfa-20693	218	1	p	p	X
cjfa-20693	218	2	）	）	PUNCT
cjfa-20693	218	3	ae	ae	PROPN
cjfa-20693	218	4	−	−	PROPN
cjfa-20693	218	5	be	be	AUX
cjfa-20693	218	6	�	�	NOUN
cjfa-20693	218	7	−	−	NOUN
cjfa-20693	218	8	c，πβ	c，πβ	X
cjfa-20693	219	1	+	+	PUNCT
cjfa-20693	219	2	π	π	PROPN
cjfa-20693	219	3	�	�	PROPN
cjfa-20693	219	4	�	�	PROPN
cjfa-20693	219	5	+	+	SYM
cjfa-20693	219	6	�	�	PROPN
cjfa-20693	219	7	�	�	PROPN
cjfa-20693	219	8	�	�	PROPN
cjfa-20693	219	9	�	�	PROPN
cjfa-20693	219	10	�	�	PROPN
cjfa-20693	219	11	�	�	PROPN
cjfa-20693	219	12	�	�	PROPN
cjfa-20693	219	13	�	�	PROPN
cjfa-20693	219	14	�	�	PROPN
cjfa-20693	219	15	�	�	PROPN
cjfa-20693	219	16	�	�	PROPN
cjfa-20693	219	17	�	�	PROPN
cjfa-20693	219	18	�	�	PROPN
cjfa-20693	219	19	�	�	PROPN
cjfa-20693	219	20	�	�	PROPN
cjfa-20693	219	21	�	�	PROPN
cjfa-20693	219	22	�	�	PROPN
cjfa-20693	219	23	，	，	PROPN
cjfa-20693	219	24	�	�	PROPN
cjfa-20693	219	25	�	�	PROPN
cjfa-20693	219	26	+	+	SYM
cjfa-20693	219	27	�	�	PROPN
cjfa-20693	219	28	�	�	PROPN
cjfa-20693	219	29	�	�	PROPN
cjfa-20693	219	30	�	�	PROPN
cjfa-20693	219	31	�	�	PROPN
cjfa-20693	219	32	�	�	PROPN
cjfa-20693	219	33	�	�	PROPN
cjfa-20693	219	34	�	�	PROPN
cjfa-20693	219	35	�	�	PROPN
cjfa-20693	219	36	�	�	PROPN
cjfa-20693	219	37	�	�	PROPN
cjfa-20693	219	38	�	�	PROPN
cjfa-20693	219	39	source	source	NOUN
cjfa-20693	219	40	:	:	PUNCT
cjfa-20693	219	41	author	author	PROPN
cjfa-20693	219	42	’s	’s	PART
cjfa-20693	219	43	mathematical	mathematical	ADJ
cjfa-20693	219	44	deduction	deduction	NOUN
cjfa-20693	219	45	.	.	PUNCT
cjfa-20693	220	1	among	among	ADP
cjfa-20693	220	2	them	they	PRON
cjfa-20693	220	3	,	,	PUNCT
cjfa-20693	220	4	�	�	PROPN
cjfa-20693	220	5	means	mean	VERB
cjfa-20693	220	6	to	to	PART
cjfa-20693	220	7	increase	increase	VERB
cjfa-20693	220	8	the	the	DET
cjfa-20693	220	9	holding	holding	NOUN
cjfa-20693	220	10	of	of	ADP
cjfa-20693	220	11	listed	list	VERB
cjfa-20693	220	12	companies'stock	companies'stock	ADJ
cjfa-20693	220	13	units	unit	NOUN
cjfa-20693	220	14	,	,	PUNCT
cjfa-20693	220	15	and	and	CCONJ
cjfa-20693	220	16	the	the	DET
cjfa-20693	220	17	other	other	ADJ
cjfa-20693	220	18	variables	variable	NOUN
cjfa-20693	220	19	are	be	AUX
cjfa-20693	220	20	consistent	consistent	ADJ
cjfa-20693	220	21	with	with	ADP
cjfa-20693	220	22	the	the	DET
cjfa-20693	220	23	above	above	ADJ
cjfa-20693	220	24	.	.	PUNCT
cjfa-20693	221	1	the	the	DET
cjfa-20693	221	2	economic	economic	ADJ
cjfa-20693	221	3	implications	implication	NOUN
cjfa-20693	221	4	of	of	ADP
cjfa-20693	221	5	this	this	DET
cjfa-20693	221	6	matrix	matrix	NOUN
cjfa-20693	221	7	are	be	AUX
cjfa-20693	221	8	as	as	SCONJ
cjfa-20693	221	9	follows	follow	VERB
cjfa-20693	221	10	:	:	PUNCT
cjfa-20693	221	11	(	(	PUNCT
cjfa-20693	221	12	1	1	X
cjfa-20693	221	13	)	)	PUNCT
cjfa-20693	221	14	the	the	DET
cjfa-20693	221	15	upper	upper	ADJ
cjfa-20693	221	16	left	left	NOUN
cjfa-20693	221	17	chooses	choose	VERB
cjfa-20693	221	18	the	the	DET
cjfa-20693	221	19	profit	profit	NOUN
cjfa-20693	221	20	function	function	NOUN
cjfa-20693	221	21	of	of	ADP
cjfa-20693	221	22	both	both	DET
cjfa-20693	221	23	sides	side	NOUN
cjfa-20693	221	24	when	when	SCONJ
cjfa-20693	221	25	executives	executive	NOUN
cjfa-20693	221	26	choose	choose	VERB
cjfa-20693	221	27	no	no	DET
cjfa-20693	221	28	dividend	dividend	NOUN
cjfa-20693	221	29	and	and	CCONJ
cjfa-20693	221	30	shareholders	shareholder	NOUN
cjfa-20693	221	31	choose	choose	VERB
cjfa-20693	221	32	to	to	PART
cjfa-20693	221	33	reduce	reduce	VERB
cjfa-20693	221	34	their	their	PRON
cjfa-20693	221	35	holdings	holding	NOUN
cjfa-20693	221	36	.	.	PUNCT
cjfa-20693	222	1	firstly	firstly	ADV
cjfa-20693	222	2	,	,	PUNCT
cjfa-20693	222	3	for	for	ADP
cjfa-20693	222	4	executives	executive	NOUN
cjfa-20693	222	5	,	,	PUNCT
cjfa-20693	222	6	if	if	SCONJ
cjfa-20693	222	7	shareholders	shareholder	NOUN
cjfa-20693	222	8	choose	choose	VERB
cjfa-20693	222	9	to	to	PART
cjfa-20693	222	10	reduce	reduce	VERB
cjfa-20693	222	11	their	their	PRON
cjfa-20693	222	12	holdings	holding	NOUN
cjfa-20693	222	13	because	because	SCONJ
cjfa-20693	222	14	the	the	DET
cjfa-20693	222	15	company	company	NOUN
cjfa-20693	222	16	does	do	AUX
cjfa-20693	222	17	not	not	PART
cjfa-20693	222	18	pay	pay	VERB
cjfa-20693	222	19	dividends	dividend	NOUN
cjfa-20693	222	20	,	,	PUNCT
cjfa-20693	222	21	the	the	DET
cjfa-20693	222	22	reduction	reduction	NOUN
cjfa-20693	222	23	will	will	AUX
cjfa-20693	222	24	cause	cause	VERB
cjfa-20693	222	25	the	the	DET
cjfa-20693	222	26	company	company	NOUN
cjfa-20693	222	27	's	's	PART
cjfa-20693	222	28	stock	stock	NOUN
cjfa-20693	222	29	price	price	NOUN
cjfa-20693	222	30	to	to	PART
cjfa-20693	222	31	decline	decline	VERB
cjfa-20693	222	32	,	,	PUNCT
cjfa-20693	222	33	then	then	ADV
cjfa-20693	222	34	executives	executive	NOUN
cjfa-20693	222	35	will	will	AUX
cjfa-20693	222	36	face	face	VERB
cjfa-20693	222	37	the	the	DET
cjfa-20693	222	38	fate	fate	NOUN
cjfa-20693	222	39	of	of	ADP
cjfa-20693	222	40	impeachment	impeachment	NOUN
cjfa-20693	222	41	and	and	CCONJ
cjfa-20693	222	42	dismissal	dismissal	NOUN
cjfa-20693	222	43	,	,	PUNCT
cjfa-20693	222	44	so	so	SCONJ
cjfa-20693	222	45	the	the	DET
cjfa-20693	222	46	current	current	ADJ
cjfa-20693	222	47	income	income	NOUN
cjfa-20693	222	48	of	of	ADP
cjfa-20693	222	49	executives	executive	NOUN
cjfa-20693	222	50	is	be	AUX
cjfa-20693	222	51	0	0	NUM
cjfa-20693	222	52	,	,	PUNCT
cjfa-20693	222	53	that	that	ADV
cjfa-20693	222	54	is	is	ADV
cjfa-20693	222	55	,	,	PUNCT
cjfa-20693	222	56	unemployment	unemployment	NOUN
cjfa-20693	222	57	will	will	AUX
cjfa-20693	222	58	offset	offset	VERB
cjfa-20693	222	59	his	his	PRON
cjfa-20693	222	60	wage	wage	NOUN
cjfa-20693	222	61	income	income	NOUN
cjfa-20693	222	62	.	.	PUNCT
cjfa-20693	223	1	secondly	secondly	ADV
cjfa-20693	223	2	,	,	PUNCT
cjfa-20693	223	3	for	for	ADP
cjfa-20693	223	4	shareholders	shareholder	NOUN
cjfa-20693	223	5	,	,	PUNCT
cjfa-20693	223	6	if	if	SCONJ
cjfa-20693	223	7	they	they	PRON
cjfa-20693	223	8	disagree	disagree	VERB
cjfa-20693	223	9	with	with	ADP
cjfa-20693	223	10	the	the	DET
cjfa-20693	223	11	company	company	NOUN
cjfa-20693	223	12	's	's	PART
cjfa-20693	223	13	non	non	ADJ
cjfa-20693	223	14	-	-	ADJ
cjfa-20693	223	15	dividend	dividend	ADJ
cjfa-20693	223	16	policy	policy	NOUN
cjfa-20693	223	17	or	or	CCONJ
cjfa-20693	223	18	are	be	AUX
cjfa-20693	223	19	not	not	PART
cjfa-20693	223	20	optimistic	optimistic	ADJ
cjfa-20693	223	21	about	about	ADP
cjfa-20693	223	22	the	the	DET
cjfa-20693	223	23	company	company	NOUN
cjfa-20693	223	24	's	's	PART
cjfa-20693	223	25	development	development	NOUN
cjfa-20693	223	26	prospects	prospect	NOUN
cjfa-20693	223	27	,	,	PUNCT
cjfa-20693	223	28	they	they	PRON
cjfa-20693	223	29	can	can	AUX
cjfa-20693	223	30	take	take	VERB
cjfa-20693	223	31	a	a	DET
cjfa-20693	223	32	foot	foot	NOUN
cjfa-20693	223	33	-	-	PUNCT
cjfa-20693	223	34	to	to	ADP
cjfa-20693	223	35	-	-	PUNCT
cjfa-20693	223	36	foot	foot	NOUN
cjfa-20693	223	37	vote	vote	NOUN
cjfa-20693	223	38	to	to	PART
cjfa-20693	223	39	reduce	reduce	VERB
cjfa-20693	223	40	their	their	PRON
cjfa-20693	223	41	holdings	holding	NOUN
cjfa-20693	223	42	of	of	ADP
cjfa-20693	223	43	the	the	DET
cjfa-20693	223	44	company	company	NOUN
cjfa-20693	223	45	's	's	PART
cjfa-20693	223	46	shares	share	NOUN
cjfa-20693	223	47	.	.	PUNCT
cjfa-20693	224	1	at	at	ADP
cjfa-20693	224	2	this	this	DET
cjfa-20693	224	3	time	time	NOUN
cjfa-20693	224	4	,	,	PUNCT
cjfa-20693	224	5	the	the	DET
cjfa-20693	224	6	earnings	earning	NOUN
cjfa-20693	224	7	consist	consist	NOUN
cjfa-20693	224	8	of	of	ADP
cjfa-20693	224	9	two	two	NUM
cjfa-20693	224	10	parts	part	NOUN
cjfa-20693	224	11	:	:	PUNCT
cjfa-20693	224	12	the	the	DET
cjfa-20693	224	13	shareholders	shareholder	NOUN
cjfa-20693	224	14	get	get	VERB
cjfa-20693	224	15	the	the	DET
cjfa-20693	224	16	capital	capital	NOUN
cjfa-20693	224	17	gains	gain	NOUN
cjfa-20693	224	18	�	�	NOUN
cjfa-20693	224	19	�	�	PROPN
cjfa-20693	224	20	of	of	ADP
cjfa-20693	224	21	the	the	DET
cjfa-20693	224	22	current	current	ADJ
cjfa-20693	224	23	reduction	reduction	NOUN
cjfa-20693	224	24	and	and	CCONJ
cjfa-20693	224	25	the	the	DET
cjfa-20693	224	26	discount	discount	NOUN
cjfa-20693	224	27	�	�	PROPN
cjfa-20693	224	28	1	1	NUM
cjfa-20693	224	29	−	−	PROPN
cjfa-20693	224	30	�	�	PROPN
cjfa-20693	224	31	�	�	PROPN
cjfa-20693	224	32	�	�	PROPN
cjfa-20693	224	33	�	�	PROPN
cjfa-20693	224	34	�	�	PROPN
cjfa-20693	224	35	�	�	PROPN
cjfa-20693	224	36	�	�	PROPN
cjfa-20693	224	37	�	�	PROPN
cjfa-20693	224	38	�	�	PROPN
cjfa-20693	224	39	�	�	PROPN
cjfa-20693	224	40	�	�	PROPN
cjfa-20693	224	41	�	�	PROPN
cjfa-20693	224	42	�	�	PROPN
cjfa-20693	224	43	�	�	PROPN
cjfa-20693	224	44	�	�	PROPN
cjfa-20693	224	45	�	�	PROPN
cjfa-20693	224	46	�	�	PROPN
cjfa-20693	224	47	�	�	PROPN
cjfa-20693	224	48	of	of	ADP
cjfa-20693	224	49	accumulated	accumulate	VERB
cjfa-20693	224	50	undistributed	undistributed	ADJ
cjfa-20693	224	51	dividends	dividend	NOUN
cjfa-20693	224	52	obtained	obtain	VERB
cjfa-20693	224	53	by	by	ADP
cjfa-20693	224	54	continuing	continue	VERB
cjfa-20693	224	55	to	to	PART
cjfa-20693	224	56	hold	hold	VERB
cjfa-20693	224	57	�	�	PROPN
cjfa-20693	224	58	1	1	NUM
cjfa-20693	224	59	−	−	PROPN
cjfa-20693	224	60	�	�	PROPN
cjfa-20693	224	61	�	�	PROPN
cjfa-20693	224	62	unit	unit	NOUN
cjfa-20693	224	63	stock.when	stock.when	ADP
cjfa-20693	224	64	n	n	PROPN
cjfa-20693	224	65	→	→	SYM
cjfa-20693	224	66	∞	∞	PROPN
cjfa-20693	224	67	,	,	PUNCT
cjfa-20693	224	68	the	the	DET
cjfa-20693	224	69	limit	limit	NOUN
cjfa-20693	224	70	of	of	ADP
cjfa-20693	224	71	�	�	PROPN
cjfa-20693	224	72	1	1	NUM
cjfa-20693	224	73	−	−	PROPN
cjfa-20693	224	74	�	�	PROPN
cjfa-20693	224	75	�	�	PROPN
cjfa-20693	224	76	�	�	PROPN
cjfa-20693	224	77	�	�	PROPN
cjfa-20693	224	78	�	�	PROPN
cjfa-20693	224	79	�	�	PROPN
cjfa-20693	224	80	�	�	PROPN
cjfa-20693	224	81	�	�	PROPN
cjfa-20693	224	82	�	�	PROPN
cjfa-20693	224	83	�	�	PROPN
cjfa-20693	224	84	�	�	PROPN
cjfa-20693	224	85	�	�	PROPN
cjfa-20693	224	86	�	�	PROPN
cjfa-20693	224	87	�	�	PROPN
cjfa-20693	224	88	�	�	PROPN
cjfa-20693	224	89	�	�	PROPN
cjfa-20693	224	90	�	�	PROPN
cjfa-20693	224	91	�	�	PROPN
cjfa-20693	224	92	is	be	AUX
cjfa-20693	224	93	�	�	PROPN
cjfa-20693	224	94	1	1	NUM
cjfa-20693	224	95	−	−	PROPN
cjfa-20693	224	96	�	�	PROPN
cjfa-20693	224	97	�	�	PROPN
cjfa-20693	224	98	�	�	PROPN
cjfa-20693	224	99	�	�	PROPN
cjfa-20693	224	100	�	�	PROPN
cjfa-20693	224	101	�	�	PROPN
cjfa-20693	224	102	�	�	PROPN
cjfa-20693	224	103	�	�	PROPN
cjfa-20693	224	104	�	�	PROPN
cjfa-20693	224	105	�	�	PROPN
cjfa-20693	224	106	,	,	PUNCT
cjfa-20693	224	107	so	so	CCONJ
cjfa-20693	224	108	the	the	DET
cjfa-20693	224	109	total	total	ADJ
cjfa-20693	224	110	earnings	earning	NOUN
cjfa-20693	224	111	of	of	ADP
cjfa-20693	224	112	the	the	DET
cjfa-20693	224	113	shareholder	shareholder	NOUN
cjfa-20693	224	114	is	be	AUX
cjfa-20693	224	115	�	�	PROPN
cjfa-20693	224	116	1	1	NUM
cjfa-20693	224	117	−	−	PROPN
cjfa-20693	224	118	�	�	PROPN
cjfa-20693	224	119	�	�	PROPN
cjfa-20693	224	120	�	�	PROPN
cjfa-20693	224	121	�	�	PROPN
cjfa-20693	224	122	�	�	PROPN
cjfa-20693	224	123	�	�	PROPN
cjfa-20693	224	124	�	�	PROPN
cjfa-20693	224	125	�	�	PROPN
cjfa-20693	224	126	�	�	PROPN
cjfa-20693	224	127	�	�	PROPN
cjfa-20693	224	128	+	+	SYM
cjfa-20693	224	129	�	�	PROPN
cjfa-20693	224	130	�	�	PROPN
cjfa-20693	224	131	.	.	PUNCT
cjfa-20693	225	1	(	(	PUNCT
cjfa-20693	225	2	2	2	X
cjfa-20693	225	3	)	)	PUNCT
cjfa-20693	225	4	the	the	DET
cjfa-20693	225	5	upper	upper	ADJ
cjfa-20693	225	6	right	right	NOUN
cjfa-20693	225	7	chooses	choose	VERB
cjfa-20693	225	8	the	the	DET
cjfa-20693	225	9	profit	profit	NOUN
cjfa-20693	225	10	function	function	NOUN
cjfa-20693	225	11	of	of	ADP
cjfa-20693	225	12	the	the	DET
cjfa-20693	225	13	two	two	NUM
cjfa-20693	225	14	sides	side	NOUN
cjfa-20693	225	15	when	when	SCONJ
cjfa-20693	225	16	the	the	DET
cjfa-20693	225	17	executive	executive	NOUN
cjfa-20693	225	18	chooses	choose	VERB
cjfa-20693	225	19	not	not	PART
cjfa-20693	225	20	to	to	PART
cjfa-20693	225	21	dividend	dividend	VERB
cjfa-20693	225	22	and	and	CCONJ
cjfa-20693	225	23	the	the	DET
cjfa-20693	225	24	shareholder	shareholder	NOUN
cjfa-20693	225	25	chooses	choose	VERB
cjfa-20693	225	26	to	to	PART
cjfa-20693	225	27	increase	increase	VERB
cjfa-20693	225	28	the	the	DET
cjfa-20693	225	29	ownership	ownership	NOUN
cjfa-20693	225	30	.	.	PUNCT
cjfa-20693	226	1	firstly	firstly	ADV
cjfa-20693	226	2	,	,	PUNCT
cjfa-20693	226	3	for	for	ADP
cjfa-20693	226	4	executives	executive	NOUN
cjfa-20693	226	5	,	,	PUNCT
cjfa-20693	226	6	if	if	SCONJ
cjfa-20693	226	7	executives	executive	NOUN
cjfa-20693	226	8	choose	choose	VERB
cjfa-20693	226	9	not	not	PART
cjfa-20693	226	10	to	to	PART
cjfa-20693	226	11	pay	pay	VERB
cjfa-20693	226	12	dividends	dividend	NOUN
cjfa-20693	226	13	and	and	CCONJ
cjfa-20693	226	14	shareholders	shareholder	NOUN
cjfa-20693	226	15	choose	choose	VERB
cjfa-20693	226	16	to	to	PART
cjfa-20693	226	17	continue	continue	VERB
cjfa-20693	226	18	holding	hold	VERB
cjfa-20693	226	19	,	,	PUNCT
cjfa-20693	226	20	this	this	PRON
cjfa-20693	226	21	shows	show	VERB
cjfa-20693	226	22	that	that	SCONJ
cjfa-20693	226	23	the	the	DET
cjfa-20693	226	24	company	company	NOUN
cjfa-20693	226	25	's	's	PART
cjfa-20693	226	26	non	non	ADJ
cjfa-20693	226	27	-	-	ADJ
cjfa-20693	226	28	dividend	dividend	ADJ
cjfa-20693	226	29	behavior	behavior	NOUN
cjfa-20693	226	30	has	have	AUX
cjfa-20693	226	31	been	be	AUX
cjfa-20693	226	32	recognized	recognize	VERB
cjfa-20693	226	33	by	by	ADP
cjfa-20693	226	34	shareholders	shareholder	NOUN
cjfa-20693	226	35	.	.	PUNCT
cjfa-20693	227	1	so	so	ADV
cjfa-20693	227	2	they	they	PRON
cjfa-20693	227	3	will	will	AUX
cjfa-20693	227	4	get	get	VERB
cjfa-20693	227	5	the	the	DET
cjfa-20693	227	6	salary	salary	NOUN
cjfa-20693	227	7	of	of	ADP
cjfa-20693	227	8	ae	ae	PROPN
cjfa-20693	227	9	−	−	PROPN
cjfa-20693	227	10	be	be	VERB
cjfa-20693	227	11	�	�	ADJ
cjfa-20693	227	12	and	and	CCONJ
cjfa-20693	227	13	private	private	ADJ
cjfa-20693	227	14	interest	interest	NOUN
cjfa-20693	227	15	c	c	NOUN
cjfa-20693	227	16	,	,	PUNCT
cjfa-20693	227	17	i.e.	i.e.	X
cjfa-20693	227	18	,	,	PUNCT
cjfa-20693	227	19	his	his	PRON
cjfa-20693	227	20	of	of	ADP
cjfa-20693	227	21	accumulated	accumulate	VERB
cjfa-20693	227	22	undistributed	undistributed	ADJ
cjfa-20693	227	23	dividends	dividend	NOUN
cjfa-20693	227	24	obtained	obtain	VERB
cjfa-20693	227	25	by	by	ADP
cjfa-20693	227	26	continuing	continue	VERB
cjfa-20693	227	27	to	to	PART
cjfa-20693	227	28	hold	hold	VERB
cjfa-20693	227	29	as	as	SCONJ
cjfa-20693	227	30	mentioned	mention	VERB
cjfa-20693	227	31	above	above	ADV
cjfa-20693	227	32	,	,	PUNCT
cjfa-20693	227	33	according	accord	VERB
cjfa-20693	227	34	to	to	ADP
cjfa-20693	227	35	the	the	DET
cjfa-20693	227	36	strategies	strategy	NOUN
cjfa-20693	227	37	of	of	ADP
cjfa-20693	227	38	both	both	DET
cjfa-20693	227	39	players	player	NOUN
cjfa-20693	227	40	,	,	PUNCT
cjfa-20693	227	41	the	the	DET
cjfa-20693	227	42	profit	profit	NOUN
cjfa-20693	227	43	functions	function	NOUN
cjfa-20693	227	44	of	of	ADP
cjfa-20693	227	45	both	both	DET
cjfa-20693	227	46	players	player	NOUN
cjfa-20693	227	47	can	can	AUX
cjfa-20693	227	48	be	be	AUX
cjfa-20693	227	49	expressed	express	VERB
cjfa-20693	227	50	as	as	SCONJ
cjfa-20693	227	51	follows	follow	VERB
cjfa-20693	227	52	:	:	PUNCT
cjfa-20693	227	53	table	table	NOUN
cjfa-20693	227	54	1	1	NUM
cjfa-20693	227	55	.	.	PUNCT
cjfa-20693	227	56	payoff	payoff	NOUN
cjfa-20693	227	57	matrix	matrix	NOUN
cjfa-20693	227	58	decrease	decrease	NOUN
cjfa-20693	227	59	（	（	PUNCT
cjfa-20693	227	60	1	1	NUM
cjfa-20693	227	61	-	-	SYM
cjfa-20693	227	62	q	q	NOUN
cjfa-20693	227	63	）	）	NOUN
cjfa-20693	227	64	increase	increase	NOUN
cjfa-20693	227	65	（	（	PUNCT
cjfa-20693	227	66	q	q	X
cjfa-20693	227	67	）	）	PUNCT
cjfa-20693	227	68	not	not	PART
cjfa-20693	227	69	to	to	PART
cjfa-20693	227	70	pay	pay	VERB
cjfa-20693	227	71	（	（	NOUN
cjfa-20693	227	72	1	1	NUM
cjfa-20693	227	73	-	-	SYM
cjfa-20693	227	74	p	p	X
cjfa-20693	227	75	）	）	NOUN
cjfa-20693	227	76	0，	0，	NOUN
cjfa-20693	227	77	�	�	NOUN
cjfa-20693	227	78	1	1	NUM
cjfa-20693	227	79	−	−	PROPN
cjfa-20693	227	80	π	π	PROPN
cjfa-20693	227	81	�	�	PROPN
cjfa-20693	227	82	�	�	PROPN
cjfa-20693	227	83	�	�	PROPN
cjfa-20693	227	84	�	�	PROPN
cjfa-20693	227	85	�	�	PROPN
cjfa-20693	227	86	�	�	PROPN
cjfa-20693	227	87	�	�	PROPN
cjfa-20693	227	88	�	�	PROPN
cjfa-20693	227	89	�	�	PROPN
cjfa-20693	227	90	+	+	CCONJ
cjfa-20693	227	91	πβ	πβ	PROPN
cjfa-20693	227	92	�	�	PROPN
cjfa-20693	227	93	�	�	PROPN
cjfa-20693	227	94	�	�	PROPN
cjfa-20693	227	95	�	�	PROPN
cjfa-20693	227	96	�	�	PROPN
cjfa-20693	227	97	�	�	PROPN
cjfa-20693	227	98	�	�	PROPN
cjfa-20693	227	99	�	�	PROPN
cjfa-20693	227	100	�	�	PROPN
cjfa-20693	227	101	，	，	PROPN
cjfa-20693	227	102	�	�	PROPN
cjfa-20693	227	103	1	1	NUM
cjfa-20693	227	104	+	+	SYM
cjfa-20693	227	105	π	π	PROPN
cjfa-20693	227	106	�	�	PROPN
cjfa-20693	227	107	�	�	PROPN
cjfa-20693	227	108	�	�	PROPN
cjfa-20693	227	109	�	�	PROPN
cjfa-20693	227	110	�	�	PROPN
cjfa-20693	227	111	�	�	PROPN
cjfa-20693	227	112	�	�	PROPN
cjfa-20693	227	113	�	�	PROPN
cjfa-20693	227	114	�	�	PROPN
cjfa-20693	227	115	�	�	PROPN
cjfa-20693	227	116	�	�	PROPN
cjfa-20693	227	117	�	�	PROPN
cjfa-20693	227	118	�	�	PROPN
cjfa-20693	227	119	pay	pay	VERB
cjfa-20693	227	120	（	（	PROPN
cjfa-20693	228	1	p	p	X
cjfa-20693	228	2	）	）	PUNCT
cjfa-20693	228	3	ae	ae	PROPN
cjfa-20693	228	4	−	−	PROPN
cjfa-20693	228	5	be	be	AUX
cjfa-20693	228	6	�	�	NOUN
cjfa-20693	228	7	−	−	NOUN
cjfa-20693	228	8	c，πβ	c，πβ	X
cjfa-20693	229	1	+	+	PUNCT
cjfa-20693	229	2	π	π	PROPN
cjfa-20693	229	3	�	�	PROPN
cjfa-20693	229	4	�	�	PROPN
cjfa-20693	229	5	+	+	SYM
cjfa-20693	229	6	�	�	PROPN
cjfa-20693	229	7	�	�	PROPN
cjfa-20693	229	8	�	�	PROPN
cjfa-20693	229	9	�	�	PROPN
cjfa-20693	229	10	�	�	PROPN
cjfa-20693	229	11	�	�	PROPN
cjfa-20693	229	12	�	�	PROPN
cjfa-20693	229	13	�	�	PROPN
cjfa-20693	229	14	�	�	PROPN
cjfa-20693	229	15	�	�	PROPN
cjfa-20693	229	16	�	�	PROPN
cjfa-20693	229	17	�	�	PROPN
cjfa-20693	229	18	�	�	PROPN
cjfa-20693	229	19	�	�	PROPN
cjfa-20693	229	20	�	�	PROPN
cjfa-20693	229	21	�	�	PROPN
cjfa-20693	229	22	�	�	PROPN
cjfa-20693	229	23	，	，	PROPN
cjfa-20693	229	24	�	�	PROPN
cjfa-20693	229	25	�	�	PROPN
cjfa-20693	229	26	+	+	SYM
cjfa-20693	229	27	�	�	PROPN
cjfa-20693	229	28	�	�	PROPN
cjfa-20693	229	29	�	�	PROPN
cjfa-20693	229	30	�	�	PROPN
cjfa-20693	229	31	�	�	PROPN
cjfa-20693	229	32	�	�	PROPN
cjfa-20693	229	33	�	�	PROPN
cjfa-20693	229	34	�	�	PROPN
cjfa-20693	229	35	�	�	PROPN
cjfa-20693	229	36	�	�	PROPN
cjfa-20693	229	37	�	�	PROPN
cjfa-20693	229	38	�	�	PROPN
cjfa-20693	229	39	source	source	NOUN
cjfa-20693	229	40	:	:	PUNCT
cjfa-20693	229	41	author	author	PROPN
cjfa-20693	229	42	’s	’s	PART
cjfa-20693	229	43	mathematical	mathematical	ADJ
cjfa-20693	229	44	deduction	deduction	NOUN
cjfa-20693	229	45	.	.	PUNCT
cjfa-20693	230	1	among	among	ADP
cjfa-20693	230	2	them	they	PRON
cjfa-20693	230	3	,	,	PUNCT
cjfa-20693	230	4	�	�	PROPN
cjfa-20693	230	5	means	mean	VERB
cjfa-20693	230	6	to	to	PART
cjfa-20693	230	7	increase	increase	VERB
cjfa-20693	230	8	the	the	DET
cjfa-20693	230	9	holding	holding	NOUN
cjfa-20693	230	10	of	of	ADP
cjfa-20693	230	11	listed	list	VERB
cjfa-20693	230	12	companies'stock	companies'stock	ADJ
cjfa-20693	230	13	units	unit	NOUN
cjfa-20693	230	14	,	,	PUNCT
cjfa-20693	230	15	and	and	CCONJ
cjfa-20693	230	16	the	the	DET
cjfa-20693	230	17	other	other	ADJ
cjfa-20693	230	18	variables	variable	NOUN
cjfa-20693	230	19	are	be	AUX
cjfa-20693	230	20	consistent	consistent	ADJ
cjfa-20693	230	21	with	with	ADP
cjfa-20693	230	22	the	the	DET
cjfa-20693	230	23	above	above	ADJ
cjfa-20693	230	24	.	.	PUNCT
cjfa-20693	231	1	the	the	DET
cjfa-20693	231	2	economic	economic	ADJ
cjfa-20693	231	3	implications	implication	NOUN
cjfa-20693	231	4	of	of	ADP
cjfa-20693	231	5	this	this	DET
cjfa-20693	231	6	matrix	matrix	NOUN
cjfa-20693	231	7	are	be	AUX
cjfa-20693	231	8	as	as	SCONJ
cjfa-20693	231	9	follows	follow	VERB
cjfa-20693	231	10	:	:	PUNCT
cjfa-20693	231	11	(	(	PUNCT
cjfa-20693	231	12	1	1	X
cjfa-20693	231	13	)	)	PUNCT
cjfa-20693	231	14	the	the	DET
cjfa-20693	231	15	upper	upper	ADJ
cjfa-20693	231	16	left	left	NOUN
cjfa-20693	231	17	chooses	choose	VERB
cjfa-20693	231	18	the	the	DET
cjfa-20693	231	19	profit	profit	NOUN
cjfa-20693	231	20	function	function	NOUN
cjfa-20693	231	21	of	of	ADP
cjfa-20693	231	22	both	both	DET
cjfa-20693	231	23	sides	side	NOUN
cjfa-20693	231	24	when	when	SCONJ
cjfa-20693	231	25	executives	executive	NOUN
cjfa-20693	231	26	choose	choose	VERB
cjfa-20693	231	27	no	no	DET
cjfa-20693	231	28	dividend	dividend	NOUN
cjfa-20693	231	29	and	and	CCONJ
cjfa-20693	231	30	shareholders	shareholder	NOUN
cjfa-20693	231	31	choose	choose	VERB
cjfa-20693	231	32	to	to	PART
cjfa-20693	231	33	reduce	reduce	VERB
cjfa-20693	231	34	their	their	PRON
cjfa-20693	231	35	holdings	holding	NOUN
cjfa-20693	231	36	.	.	PUNCT
cjfa-20693	232	1	firstly	firstly	ADV
cjfa-20693	232	2	,	,	PUNCT
cjfa-20693	232	3	for	for	ADP
cjfa-20693	232	4	executives	executive	NOUN
cjfa-20693	232	5	,	,	PUNCT
cjfa-20693	232	6	if	if	SCONJ
cjfa-20693	232	7	shareholders	shareholder	NOUN
cjfa-20693	232	8	choose	choose	VERB
cjfa-20693	232	9	to	to	PART
cjfa-20693	232	10	reduce	reduce	VERB
cjfa-20693	232	11	their	their	PRON
cjfa-20693	232	12	holdings	holding	NOUN
cjfa-20693	232	13	because	because	SCONJ
cjfa-20693	232	14	the	the	DET
cjfa-20693	232	15	company	company	NOUN
cjfa-20693	232	16	does	do	AUX
cjfa-20693	232	17	not	not	PART
cjfa-20693	232	18	pay	pay	VERB
cjfa-20693	232	19	dividends	dividend	NOUN
cjfa-20693	232	20	,	,	PUNCT
cjfa-20693	232	21	the	the	DET
cjfa-20693	232	22	reduction	reduction	NOUN
cjfa-20693	232	23	will	will	AUX
cjfa-20693	232	24	cause	cause	VERB
cjfa-20693	232	25	the	the	DET
cjfa-20693	232	26	company	company	NOUN
cjfa-20693	232	27	's	's	PART
cjfa-20693	232	28	stock	stock	NOUN
cjfa-20693	232	29	price	price	NOUN
cjfa-20693	232	30	to	to	PART
cjfa-20693	232	31	decline	decline	VERB
cjfa-20693	232	32	,	,	PUNCT
cjfa-20693	232	33	then	then	ADV
cjfa-20693	232	34	executives	executive	NOUN
cjfa-20693	232	35	will	will	AUX
cjfa-20693	232	36	face	face	VERB
cjfa-20693	232	37	the	the	DET
cjfa-20693	232	38	fate	fate	NOUN
cjfa-20693	232	39	of	of	ADP
cjfa-20693	232	40	impeachment	impeachment	NOUN
cjfa-20693	232	41	and	and	CCONJ
cjfa-20693	232	42	dismissal	dismissal	NOUN
cjfa-20693	232	43	,	,	PUNCT
cjfa-20693	232	44	so	so	SCONJ
cjfa-20693	232	45	the	the	DET
cjfa-20693	232	46	current	current	ADJ
cjfa-20693	232	47	income	income	NOUN
cjfa-20693	232	48	of	of	ADP
cjfa-20693	232	49	executives	executive	NOUN
cjfa-20693	232	50	is	be	AUX
cjfa-20693	232	51	0	0	NUM
cjfa-20693	232	52	,	,	PUNCT
cjfa-20693	232	53	that	that	ADV
cjfa-20693	232	54	is	is	ADV
cjfa-20693	232	55	,	,	PUNCT
cjfa-20693	232	56	unemployment	unemployment	NOUN
cjfa-20693	232	57	will	will	AUX
cjfa-20693	232	58	offset	offset	VERB
cjfa-20693	232	59	his	his	PRON
cjfa-20693	232	60	wage	wage	NOUN
cjfa-20693	232	61	income	income	NOUN
cjfa-20693	232	62	.	.	PUNCT
cjfa-20693	233	1	secondly	secondly	ADV
cjfa-20693	233	2	,	,	PUNCT
cjfa-20693	233	3	for	for	ADP
cjfa-20693	233	4	shareholders	shareholder	NOUN
cjfa-20693	233	5	,	,	PUNCT
cjfa-20693	233	6	if	if	SCONJ
cjfa-20693	233	7	they	they	PRON
cjfa-20693	233	8	disagree	disagree	VERB
cjfa-20693	233	9	with	with	ADP
cjfa-20693	233	10	the	the	DET
cjfa-20693	233	11	company	company	NOUN
cjfa-20693	233	12	's	's	PART
cjfa-20693	233	13	non	non	ADJ
cjfa-20693	233	14	-	-	ADJ
cjfa-20693	233	15	dividend	dividend	ADJ
cjfa-20693	233	16	policy	policy	NOUN
cjfa-20693	233	17	or	or	CCONJ
cjfa-20693	233	18	are	be	AUX
cjfa-20693	233	19	not	not	PART
cjfa-20693	233	20	optimistic	optimistic	ADJ
cjfa-20693	233	21	about	about	ADP
cjfa-20693	233	22	the	the	DET
cjfa-20693	233	23	company	company	NOUN
cjfa-20693	233	24	's	's	PART
cjfa-20693	233	25	development	development	NOUN
cjfa-20693	233	26	prospects	prospect	NOUN
cjfa-20693	233	27	,	,	PUNCT
cjfa-20693	233	28	they	they	PRON
cjfa-20693	233	29	can	can	AUX
cjfa-20693	233	30	take	take	VERB
cjfa-20693	233	31	a	a	DET
cjfa-20693	233	32	foot	foot	NOUN
cjfa-20693	233	33	-	-	PUNCT
cjfa-20693	233	34	to	to	ADP
cjfa-20693	233	35	-	-	PUNCT
cjfa-20693	233	36	foot	foot	NOUN
cjfa-20693	233	37	vote	vote	NOUN
cjfa-20693	233	38	to	to	PART
cjfa-20693	233	39	reduce	reduce	VERB
cjfa-20693	233	40	their	their	PRON
cjfa-20693	233	41	holdings	holding	NOUN
cjfa-20693	233	42	of	of	ADP
cjfa-20693	233	43	the	the	DET
cjfa-20693	233	44	company	company	NOUN
cjfa-20693	233	45	's	's	PART
cjfa-20693	233	46	shares	share	NOUN
cjfa-20693	233	47	.	.	PUNCT
cjfa-20693	234	1	at	at	ADP
cjfa-20693	234	2	this	this	DET
cjfa-20693	234	3	time	time	NOUN
cjfa-20693	234	4	,	,	PUNCT
cjfa-20693	234	5	the	the	DET
cjfa-20693	234	6	earnings	earning	NOUN
cjfa-20693	234	7	consist	consist	NOUN
cjfa-20693	234	8	of	of	ADP
cjfa-20693	234	9	two	two	NUM
cjfa-20693	234	10	parts	part	NOUN
cjfa-20693	234	11	:	:	PUNCT
cjfa-20693	234	12	the	the	DET
cjfa-20693	234	13	shareholders	shareholder	NOUN
cjfa-20693	234	14	get	get	VERB
cjfa-20693	234	15	the	the	DET
cjfa-20693	234	16	capital	capital	NOUN
cjfa-20693	234	17	gains	gain	NOUN
cjfa-20693	234	18	�	�	NOUN
cjfa-20693	234	19	�	�	PROPN
cjfa-20693	234	20	of	of	ADP
cjfa-20693	234	21	the	the	DET
cjfa-20693	234	22	current	current	ADJ
cjfa-20693	234	23	reduction	reduction	NOUN
cjfa-20693	234	24	and	and	CCONJ
cjfa-20693	234	25	the	the	DET
cjfa-20693	234	26	discount	discount	NOUN
cjfa-20693	234	27	�	�	PROPN
cjfa-20693	234	28	1	1	NUM
cjfa-20693	234	29	−	−	PROPN
cjfa-20693	234	30	�	�	PROPN
cjfa-20693	234	31	�	�	PROPN
cjfa-20693	234	32	�	�	PROPN
cjfa-20693	234	33	�	�	PROPN
cjfa-20693	234	34	�	�	PROPN
cjfa-20693	234	35	�	�	PROPN
cjfa-20693	234	36	�	�	PROPN
cjfa-20693	234	37	�	�	PROPN
cjfa-20693	234	38	�	�	PROPN
cjfa-20693	234	39	�	�	PROPN
cjfa-20693	234	40	�	�	PROPN
cjfa-20693	234	41	�	�	PROPN
cjfa-20693	234	42	�	�	PROPN
cjfa-20693	234	43	�	�	PROPN
cjfa-20693	234	44	�	�	PROPN
cjfa-20693	234	45	�	�	PROPN
cjfa-20693	234	46	�	�	PROPN
cjfa-20693	234	47	�	�	PROPN
cjfa-20693	234	48	of	of	ADP
cjfa-20693	234	49	accumulated	accumulate	VERB
cjfa-20693	234	50	undistributed	undistributed	ADJ
cjfa-20693	234	51	dividends	dividend	NOUN
cjfa-20693	234	52	obtained	obtain	VERB
cjfa-20693	234	53	by	by	ADP
cjfa-20693	234	54	continuing	continue	VERB
cjfa-20693	234	55	to	to	PART
cjfa-20693	234	56	hold	hold	VERB
cjfa-20693	234	57	�	�	PROPN
cjfa-20693	234	58	1	1	NUM
cjfa-20693	234	59	−	−	PROPN
cjfa-20693	234	60	�	�	PROPN
cjfa-20693	234	61	�	�	PROPN
cjfa-20693	234	62	unit	unit	NOUN
cjfa-20693	234	63	stock.when	stock.when	ADP
cjfa-20693	234	64	n	n	PROPN
cjfa-20693	234	65	→	→	SYM
cjfa-20693	234	66	∞	∞	PROPN
cjfa-20693	234	67	,	,	PUNCT
cjfa-20693	234	68	the	the	DET
cjfa-20693	234	69	limit	limit	NOUN
cjfa-20693	234	70	of	of	ADP
cjfa-20693	234	71	�	�	PROPN
cjfa-20693	234	72	1	1	NUM
cjfa-20693	234	73	−	−	PROPN
cjfa-20693	234	74	�	�	PROPN
cjfa-20693	234	75	�	�	PROPN
cjfa-20693	234	76	�	�	PROPN
cjfa-20693	234	77	�	�	PROPN
cjfa-20693	234	78	�	�	PROPN
cjfa-20693	234	79	�	�	PROPN
cjfa-20693	234	80	�	�	PROPN
cjfa-20693	234	81	�	�	PROPN
cjfa-20693	234	82	�	�	PROPN
cjfa-20693	234	83	�	�	PROPN
cjfa-20693	234	84	�	�	PROPN
cjfa-20693	234	85	�	�	PROPN
cjfa-20693	234	86	�	�	PROPN
cjfa-20693	234	87	�	�	PROPN
cjfa-20693	234	88	�	�	PROPN
cjfa-20693	234	89	�	�	PROPN
cjfa-20693	234	90	�	�	PROPN
cjfa-20693	234	91	�	�	PROPN
cjfa-20693	234	92	is	be	AUX
cjfa-20693	234	93	�	�	PROPN
cjfa-20693	234	94	1	1	NUM
cjfa-20693	234	95	−	−	PROPN
cjfa-20693	234	96	�	�	PROPN
cjfa-20693	234	97	�	�	PROPN
cjfa-20693	234	98	�	�	PROPN
cjfa-20693	234	99	�	�	PROPN
cjfa-20693	234	100	�	�	PROPN
cjfa-20693	234	101	�	�	PROPN
cjfa-20693	234	102	�	�	PROPN
cjfa-20693	234	103	�	�	PROPN
cjfa-20693	234	104	�	�	PROPN
cjfa-20693	234	105	�	�	PROPN
cjfa-20693	234	106	,	,	PUNCT
cjfa-20693	234	107	so	so	CCONJ
cjfa-20693	234	108	the	the	DET
cjfa-20693	234	109	total	total	ADJ
cjfa-20693	234	110	earnings	earning	NOUN
cjfa-20693	234	111	of	of	ADP
cjfa-20693	234	112	the	the	DET
cjfa-20693	234	113	shareholder	shareholder	NOUN
cjfa-20693	234	114	is	be	AUX
cjfa-20693	234	115	�	�	PROPN
cjfa-20693	234	116	1	1	NUM
cjfa-20693	234	117	−	−	PROPN
cjfa-20693	234	118	�	�	PROPN
cjfa-20693	234	119	�	�	PROPN
cjfa-20693	234	120	�	�	PROPN
cjfa-20693	234	121	�	�	PROPN
cjfa-20693	234	122	�	�	PROPN
cjfa-20693	234	123	�	�	PROPN
cjfa-20693	234	124	�	�	PROPN
cjfa-20693	234	125	�	�	PROPN
cjfa-20693	234	126	�	�	PROPN
cjfa-20693	234	127	�	�	PROPN
cjfa-20693	234	128	+	+	SYM
cjfa-20693	234	129	�	�	PROPN
cjfa-20693	234	130	�	�	PROPN
cjfa-20693	234	131	.	.	PUNCT
cjfa-20693	235	1	(	(	PUNCT
cjfa-20693	235	2	2	2	X
cjfa-20693	235	3	)	)	PUNCT
cjfa-20693	235	4	the	the	DET
cjfa-20693	235	5	upper	upper	ADJ
cjfa-20693	235	6	right	right	NOUN
cjfa-20693	235	7	chooses	choose	VERB
cjfa-20693	235	8	the	the	DET
cjfa-20693	235	9	profit	profit	NOUN
cjfa-20693	235	10	function	function	NOUN
cjfa-20693	235	11	of	of	ADP
cjfa-20693	235	12	the	the	DET
cjfa-20693	235	13	two	two	NUM
cjfa-20693	235	14	sides	side	NOUN
cjfa-20693	235	15	when	when	SCONJ
cjfa-20693	235	16	the	the	DET
cjfa-20693	235	17	executive	executive	NOUN
cjfa-20693	235	18	chooses	choose	VERB
cjfa-20693	235	19	not	not	PART
cjfa-20693	235	20	to	to	PART
cjfa-20693	235	21	dividend	dividend	VERB
cjfa-20693	235	22	and	and	CCONJ
cjfa-20693	235	23	the	the	DET
cjfa-20693	235	24	shareholder	shareholder	NOUN
cjfa-20693	235	25	chooses	choose	VERB
cjfa-20693	235	26	to	to	PART
cjfa-20693	235	27	increase	increase	VERB
cjfa-20693	235	28	the	the	DET
cjfa-20693	235	29	ownership	ownership	NOUN
cjfa-20693	235	30	.	.	PUNCT
cjfa-20693	236	1	firstly	firstly	ADV
cjfa-20693	236	2	,	,	PUNCT
cjfa-20693	236	3	for	for	ADP
cjfa-20693	236	4	executives	executive	NOUN
cjfa-20693	236	5	,	,	PUNCT
cjfa-20693	236	6	if	if	SCONJ
cjfa-20693	236	7	executives	executive	NOUN
cjfa-20693	236	8	choose	choose	VERB
cjfa-20693	236	9	not	not	PART
cjfa-20693	236	10	to	to	PART
cjfa-20693	236	11	pay	pay	VERB
cjfa-20693	236	12	dividends	dividend	NOUN
cjfa-20693	236	13	and	and	CCONJ
cjfa-20693	236	14	shareholders	shareholder	NOUN
cjfa-20693	236	15	choose	choose	VERB
cjfa-20693	236	16	to	to	PART
cjfa-20693	236	17	continue	continue	VERB
cjfa-20693	236	18	holding	hold	VERB
cjfa-20693	236	19	,	,	PUNCT
cjfa-20693	236	20	this	this	PRON
cjfa-20693	236	21	shows	show	VERB
cjfa-20693	236	22	that	that	SCONJ
cjfa-20693	236	23	the	the	DET
cjfa-20693	236	24	company	company	NOUN
cjfa-20693	236	25	's	's	PART
cjfa-20693	236	26	non	non	ADJ
cjfa-20693	236	27	-	-	ADJ
cjfa-20693	236	28	dividend	dividend	ADJ
cjfa-20693	236	29	behavior	behavior	NOUN
cjfa-20693	236	30	has	have	AUX
cjfa-20693	236	31	been	be	AUX
cjfa-20693	236	32	recognized	recognize	VERB
cjfa-20693	236	33	by	by	ADP
cjfa-20693	236	34	shareholders	shareholder	NOUN
cjfa-20693	236	35	.	.	PUNCT
cjfa-20693	237	1	so	so	ADV
cjfa-20693	237	2	they	they	PRON
cjfa-20693	237	3	will	will	AUX
cjfa-20693	237	4	get	get	VERB
cjfa-20693	237	5	the	the	DET
cjfa-20693	237	6	salary	salary	NOUN
cjfa-20693	237	7	of	of	ADP
cjfa-20693	237	8	ae	ae	PROPN
cjfa-20693	237	9	−	−	PROPN
cjfa-20693	237	10	be	be	VERB
cjfa-20693	237	11	�	�	ADJ
cjfa-20693	237	12	and	and	CCONJ
cjfa-20693	237	13	private	private	ADJ
cjfa-20693	237	14	interest	interest	NOUN
cjfa-20693	237	15	c	c	NOUN
cjfa-20693	237	16	,	,	PUNCT
cjfa-20693	237	17	i.e.	i.e.	X
cjfa-20693	237	18	,	,	PUNCT
cjfa-20693	237	19	his	his	PRON
cjfa-20693	237	20	unit	unit	NOUN
cjfa-20693	237	21	stock	stock	NOUN
cjfa-20693	237	22	.	.	PUNCT
cjfa-20693	238	1	when	when	SCONJ
cjfa-20693	238	2	n	n	X
cjfa-20693	238	3	→	→	SYM
cjfa-20693	238	4	∞	∞	PROPN
cjfa-20693	238	5	,	,	PUNCT
cjfa-20693	238	6	the	the	DET
cjfa-20693	238	7	limit	limit	NOUN
cjfa-20693	238	8	of	of	ADP
cjfa-20693	238	9	can	can	AUX
cjfa-20693	238	10	mandatory	mandatory	ADJ
cjfa-20693	238	11	dividend	dividend	NOUN
cjfa-20693	238	12	policy	policy	NOUN
cjfa-20693	238	13	reduce	reduce	VERB
cjfa-20693	238	14	…	…	PUNCT
cjfa-20693	238	15	73	73	NUM
cjfa-20693	238	16	as	as	SCONJ
cjfa-20693	238	17	mentioned	mention	VERB
cjfa-20693	238	18	above	above	ADV
cjfa-20693	238	19	,	,	PUNCT
cjfa-20693	238	20	according	accord	VERB
cjfa-20693	238	21	to	to	ADP
cjfa-20693	238	22	the	the	DET
cjfa-20693	238	23	strategies	strategy	NOUN
cjfa-20693	238	24	of	of	ADP
cjfa-20693	238	25	both	both	DET
cjfa-20693	238	26	players	player	NOUN
cjfa-20693	238	27	,	,	PUNCT
cjfa-20693	238	28	the	the	DET
cjfa-20693	238	29	profit	profit	NOUN
cjfa-20693	238	30	functions	function	NOUN
cjfa-20693	238	31	of	of	ADP
cjfa-20693	238	32	both	both	DET
cjfa-20693	238	33	players	player	NOUN
cjfa-20693	238	34	can	can	AUX
cjfa-20693	238	35	be	be	AUX
cjfa-20693	238	36	expressed	express	VERB
cjfa-20693	238	37	as	as	SCONJ
cjfa-20693	238	38	follows	follow	VERB
cjfa-20693	238	39	:	:	PUNCT
cjfa-20693	238	40	table	table	NOUN
cjfa-20693	238	41	1	1	NUM
cjfa-20693	238	42	.	.	PUNCT
cjfa-20693	238	43	payoff	payoff	NOUN
cjfa-20693	238	44	matrix	matrix	NOUN
cjfa-20693	238	45	decrease	decrease	NOUN
cjfa-20693	238	46	（	（	PUNCT
cjfa-20693	238	47	1	1	NUM
cjfa-20693	238	48	-	-	SYM
cjfa-20693	238	49	q	q	NOUN
cjfa-20693	238	50	）	）	NOUN
cjfa-20693	238	51	increase	increase	NOUN
cjfa-20693	238	52	（	（	PUNCT
cjfa-20693	239	1	q	q	X
cjfa-20693	239	2	）	）	PUNCT
cjfa-20693	239	3	not	not	PART
cjfa-20693	239	4	to	to	PART
cjfa-20693	239	5	pay	pay	VERB
cjfa-20693	239	6	（	（	NOUN
cjfa-20693	239	7	1	1	NUM
cjfa-20693	239	8	-	-	SYM
cjfa-20693	239	9	p	p	X
cjfa-20693	239	10	）	）	NOUN
cjfa-20693	239	11	0，	0，	NOUN
cjfa-20693	239	12	�	�	NOUN
cjfa-20693	239	13	1	1	NUM
cjfa-20693	239	14	−	−	PROPN
cjfa-20693	239	15	π	π	PROPN
cjfa-20693	239	16	�	�	PROPN
cjfa-20693	239	17	�	�	PROPN
cjfa-20693	239	18	�	�	PROPN
cjfa-20693	239	19	�	�	PROPN
cjfa-20693	239	20	�	�	PROPN
cjfa-20693	239	21	�	�	PROPN
cjfa-20693	239	22	�	�	PROPN
cjfa-20693	239	23	�	�	PROPN
cjfa-20693	239	24	�	�	PROPN
cjfa-20693	239	25	+	+	CCONJ
cjfa-20693	239	26	πβ	πβ	PROPN
cjfa-20693	239	27	�	�	PROPN
cjfa-20693	239	28	�	�	PROPN
cjfa-20693	239	29	�	�	PROPN
cjfa-20693	239	30	�	�	PROPN
cjfa-20693	239	31	�	�	PROPN
cjfa-20693	239	32	�	�	PROPN
cjfa-20693	239	33	�	�	PROPN
cjfa-20693	239	34	�	�	PROPN
cjfa-20693	239	35	�	�	PROPN
cjfa-20693	239	36	，	，	PROPN
cjfa-20693	239	37	�	�	PROPN
cjfa-20693	239	38	1	1	NUM
cjfa-20693	239	39	+	+	SYM
cjfa-20693	239	40	π	π	PROPN
cjfa-20693	239	41	�	�	PROPN
cjfa-20693	239	42	�	�	PROPN
cjfa-20693	239	43	�	�	PROPN
cjfa-20693	239	44	�	�	PROPN
cjfa-20693	239	45	�	�	PROPN
cjfa-20693	239	46	�	�	PROPN
cjfa-20693	239	47	�	�	PROPN
cjfa-20693	239	48	�	�	PROPN
cjfa-20693	239	49	�	�	PROPN
cjfa-20693	239	50	�	�	PROPN
cjfa-20693	239	51	�	�	PROPN
cjfa-20693	239	52	�	�	PROPN
cjfa-20693	239	53	�	�	PROPN
cjfa-20693	239	54	pay	pay	VERB
cjfa-20693	239	55	（	（	PROPN
cjfa-20693	239	56	p	p	X
cjfa-20693	239	57	）	）	PUNCT
cjfa-20693	239	58	ae	ae	PROPN
cjfa-20693	239	59	−	−	PROPN
cjfa-20693	239	60	be	be	AUX
cjfa-20693	239	61	�	�	NOUN
cjfa-20693	239	62	−	−	NOUN
cjfa-20693	239	63	c，πβ	c，πβ	X
cjfa-20693	240	1	+	+	PUNCT
cjfa-20693	240	2	π	π	PROPN
cjfa-20693	240	3	�	�	PROPN
cjfa-20693	240	4	�	�	PROPN
cjfa-20693	240	5	+	+	SYM
cjfa-20693	240	6	�	�	PROPN
cjfa-20693	240	7	�	�	PROPN
cjfa-20693	240	8	�	�	PROPN
cjfa-20693	240	9	�	�	PROPN
cjfa-20693	240	10	�	�	PROPN
cjfa-20693	240	11	�	�	PROPN
cjfa-20693	240	12	�	�	PROPN
cjfa-20693	240	13	�	�	PROPN
cjfa-20693	240	14	�	�	PROPN
cjfa-20693	240	15	�	�	PROPN
cjfa-20693	240	16	�	�	PROPN
cjfa-20693	240	17	�	�	PROPN
cjfa-20693	240	18	�	�	PROPN
cjfa-20693	240	19	�	�	PROPN
cjfa-20693	240	20	�	�	PROPN
cjfa-20693	240	21	�	�	PROPN
cjfa-20693	240	22	�	�	PROPN
cjfa-20693	240	23	，	，	PROPN
cjfa-20693	240	24	�	�	PROPN
cjfa-20693	240	25	�	�	PROPN
cjfa-20693	240	26	+	+	SYM
cjfa-20693	240	27	�	�	PROPN
cjfa-20693	240	28	�	�	PROPN
cjfa-20693	240	29	�	�	PROPN
cjfa-20693	240	30	�	�	PROPN
cjfa-20693	240	31	�	�	PROPN
cjfa-20693	240	32	�	�	PROPN
cjfa-20693	240	33	�	�	PROPN
cjfa-20693	240	34	�	�	PROPN
cjfa-20693	240	35	�	�	PROPN
cjfa-20693	240	36	�	�	PROPN
cjfa-20693	240	37	�	�	PROPN
cjfa-20693	240	38	�	�	PROPN
cjfa-20693	240	39	source	source	NOUN
cjfa-20693	240	40	:	:	PUNCT
cjfa-20693	240	41	author	author	PROPN
cjfa-20693	240	42	’s	’s	PART
cjfa-20693	240	43	mathematical	mathematical	ADJ
cjfa-20693	240	44	deduction	deduction	NOUN
cjfa-20693	240	45	.	.	PUNCT
cjfa-20693	241	1	among	among	ADP
cjfa-20693	241	2	them	they	PRON
cjfa-20693	241	3	,	,	PUNCT
cjfa-20693	241	4	�	�	PROPN
cjfa-20693	241	5	means	mean	VERB
cjfa-20693	241	6	to	to	PART
cjfa-20693	241	7	increase	increase	VERB
cjfa-20693	241	8	the	the	DET
cjfa-20693	241	9	holding	holding	NOUN
cjfa-20693	241	10	of	of	ADP
cjfa-20693	241	11	listed	list	VERB
cjfa-20693	241	12	companies'stock	companies'stock	ADJ
cjfa-20693	241	13	units	unit	NOUN
cjfa-20693	241	14	,	,	PUNCT
cjfa-20693	241	15	and	and	CCONJ
cjfa-20693	241	16	the	the	DET
cjfa-20693	241	17	other	other	ADJ
cjfa-20693	241	18	variables	variable	NOUN
cjfa-20693	241	19	are	be	AUX
cjfa-20693	241	20	consistent	consistent	ADJ
cjfa-20693	241	21	with	with	ADP
cjfa-20693	241	22	the	the	DET
cjfa-20693	241	23	above	above	ADJ
cjfa-20693	241	24	.	.	PUNCT
cjfa-20693	242	1	the	the	DET
cjfa-20693	242	2	economic	economic	ADJ
cjfa-20693	242	3	implications	implication	NOUN
cjfa-20693	242	4	of	of	ADP
cjfa-20693	242	5	this	this	DET
cjfa-20693	242	6	matrix	matrix	NOUN
cjfa-20693	242	7	are	be	AUX
cjfa-20693	242	8	as	as	SCONJ
cjfa-20693	242	9	follows	follow	VERB
cjfa-20693	242	10	:	:	PUNCT
cjfa-20693	242	11	(	(	PUNCT
cjfa-20693	242	12	1	1	X
cjfa-20693	242	13	)	)	PUNCT
cjfa-20693	242	14	the	the	DET
cjfa-20693	242	15	upper	upper	ADJ
cjfa-20693	242	16	left	left	NOUN
cjfa-20693	242	17	chooses	choose	VERB
cjfa-20693	242	18	the	the	DET
cjfa-20693	242	19	profit	profit	NOUN
cjfa-20693	242	20	function	function	NOUN
cjfa-20693	242	21	of	of	ADP
cjfa-20693	242	22	both	both	DET
cjfa-20693	242	23	sides	side	NOUN
cjfa-20693	242	24	when	when	SCONJ
cjfa-20693	242	25	executives	executive	NOUN
cjfa-20693	242	26	choose	choose	VERB
cjfa-20693	242	27	no	no	DET
cjfa-20693	242	28	dividend	dividend	NOUN
cjfa-20693	242	29	and	and	CCONJ
cjfa-20693	242	30	shareholders	shareholder	NOUN
cjfa-20693	242	31	choose	choose	VERB
cjfa-20693	242	32	to	to	PART
cjfa-20693	242	33	reduce	reduce	VERB
cjfa-20693	242	34	their	their	PRON
cjfa-20693	242	35	holdings	holding	NOUN
cjfa-20693	242	36	.	.	PUNCT
cjfa-20693	243	1	firstly	firstly	ADV
cjfa-20693	243	2	,	,	PUNCT
cjfa-20693	243	3	for	for	ADP
cjfa-20693	243	4	executives	executive	NOUN
cjfa-20693	243	5	,	,	PUNCT
cjfa-20693	243	6	if	if	SCONJ
cjfa-20693	243	7	shareholders	shareholder	NOUN
cjfa-20693	243	8	choose	choose	VERB
cjfa-20693	243	9	to	to	PART
cjfa-20693	243	10	reduce	reduce	VERB
cjfa-20693	243	11	their	their	PRON
cjfa-20693	243	12	holdings	holding	NOUN
cjfa-20693	243	13	because	because	SCONJ
cjfa-20693	243	14	the	the	DET
cjfa-20693	243	15	company	company	NOUN
cjfa-20693	243	16	does	do	AUX
cjfa-20693	243	17	not	not	PART
cjfa-20693	243	18	pay	pay	VERB
cjfa-20693	243	19	dividends	dividend	NOUN
cjfa-20693	243	20	,	,	PUNCT
cjfa-20693	243	21	the	the	DET
cjfa-20693	243	22	reduction	reduction	NOUN
cjfa-20693	243	23	will	will	AUX
cjfa-20693	243	24	cause	cause	VERB
cjfa-20693	243	25	the	the	DET
cjfa-20693	243	26	company	company	NOUN
cjfa-20693	243	27	's	's	PART
cjfa-20693	243	28	stock	stock	NOUN
cjfa-20693	243	29	price	price	NOUN
cjfa-20693	243	30	to	to	PART
cjfa-20693	243	31	decline	decline	VERB
cjfa-20693	243	32	,	,	PUNCT
cjfa-20693	243	33	then	then	ADV
cjfa-20693	243	34	executives	executive	NOUN
cjfa-20693	243	35	will	will	AUX
cjfa-20693	243	36	face	face	VERB
cjfa-20693	243	37	the	the	DET
cjfa-20693	243	38	fate	fate	NOUN
cjfa-20693	243	39	of	of	ADP
cjfa-20693	243	40	impeachment	impeachment	NOUN
cjfa-20693	243	41	and	and	CCONJ
cjfa-20693	243	42	dismissal	dismissal	NOUN
cjfa-20693	243	43	,	,	PUNCT
cjfa-20693	243	44	so	so	SCONJ
cjfa-20693	243	45	the	the	DET
cjfa-20693	243	46	current	current	ADJ
cjfa-20693	243	47	income	income	NOUN
cjfa-20693	243	48	of	of	ADP
cjfa-20693	243	49	executives	executive	NOUN
cjfa-20693	243	50	is	be	AUX
cjfa-20693	243	51	0	0	NUM
cjfa-20693	243	52	,	,	PUNCT
cjfa-20693	243	53	that	that	ADV
cjfa-20693	243	54	is	is	ADV
cjfa-20693	243	55	,	,	PUNCT
cjfa-20693	243	56	unemployment	unemployment	NOUN
cjfa-20693	243	57	will	will	AUX
cjfa-20693	243	58	offset	offset	VERB
cjfa-20693	243	59	his	his	PRON
cjfa-20693	243	60	wage	wage	NOUN
cjfa-20693	243	61	income	income	NOUN
cjfa-20693	243	62	.	.	PUNCT
cjfa-20693	244	1	secondly	secondly	ADV
cjfa-20693	244	2	,	,	PUNCT
cjfa-20693	244	3	for	for	ADP
cjfa-20693	244	4	shareholders	shareholder	NOUN
cjfa-20693	244	5	,	,	PUNCT
cjfa-20693	244	6	if	if	SCONJ
cjfa-20693	244	7	they	they	PRON
cjfa-20693	244	8	disagree	disagree	VERB
cjfa-20693	244	9	with	with	ADP
cjfa-20693	244	10	the	the	DET
cjfa-20693	244	11	company	company	NOUN
cjfa-20693	244	12	's	's	PART
cjfa-20693	244	13	non	non	ADJ
cjfa-20693	244	14	-	-	ADJ
cjfa-20693	244	15	dividend	dividend	ADJ
cjfa-20693	244	16	policy	policy	NOUN
cjfa-20693	244	17	or	or	CCONJ
cjfa-20693	244	18	are	be	AUX
cjfa-20693	244	19	not	not	PART
cjfa-20693	244	20	optimistic	optimistic	ADJ
cjfa-20693	244	21	about	about	ADP
cjfa-20693	244	22	the	the	DET
cjfa-20693	244	23	company	company	NOUN
cjfa-20693	244	24	's	's	PART
cjfa-20693	244	25	development	development	NOUN
cjfa-20693	244	26	prospects	prospect	NOUN
cjfa-20693	244	27	,	,	PUNCT
cjfa-20693	244	28	they	they	PRON
cjfa-20693	244	29	can	can	AUX
cjfa-20693	244	30	take	take	VERB
cjfa-20693	244	31	a	a	DET
cjfa-20693	244	32	foot	foot	NOUN
cjfa-20693	244	33	-	-	PUNCT
cjfa-20693	244	34	to	to	ADP
cjfa-20693	244	35	-	-	PUNCT
cjfa-20693	244	36	foot	foot	NOUN
cjfa-20693	244	37	vote	vote	NOUN
cjfa-20693	244	38	to	to	PART
cjfa-20693	244	39	reduce	reduce	VERB
cjfa-20693	244	40	their	their	PRON
cjfa-20693	244	41	holdings	holding	NOUN
cjfa-20693	244	42	of	of	ADP
cjfa-20693	244	43	the	the	DET
cjfa-20693	244	44	company	company	NOUN
cjfa-20693	244	45	's	's	PART
cjfa-20693	244	46	shares	share	NOUN
cjfa-20693	244	47	.	.	PUNCT
cjfa-20693	245	1	at	at	ADP
cjfa-20693	245	2	this	this	DET
cjfa-20693	245	3	time	time	NOUN
cjfa-20693	245	4	,	,	PUNCT
cjfa-20693	245	5	the	the	DET
cjfa-20693	245	6	earnings	earning	NOUN
cjfa-20693	245	7	consist	consist	NOUN
cjfa-20693	245	8	of	of	ADP
cjfa-20693	245	9	two	two	NUM
cjfa-20693	245	10	parts	part	NOUN
cjfa-20693	245	11	:	:	PUNCT
cjfa-20693	245	12	the	the	DET
cjfa-20693	245	13	shareholders	shareholder	NOUN
cjfa-20693	245	14	get	get	VERB
cjfa-20693	245	15	the	the	DET
cjfa-20693	245	16	capital	capital	NOUN
cjfa-20693	245	17	gains	gain	NOUN
cjfa-20693	245	18	�	�	NOUN
cjfa-20693	245	19	�	�	PROPN
cjfa-20693	245	20	of	of	ADP
cjfa-20693	245	21	the	the	DET
cjfa-20693	245	22	current	current	ADJ
cjfa-20693	245	23	reduction	reduction	NOUN
cjfa-20693	245	24	and	and	CCONJ
cjfa-20693	245	25	the	the	DET
cjfa-20693	245	26	discount	discount	NOUN
cjfa-20693	245	27	�	�	PROPN
cjfa-20693	245	28	1	1	NUM
cjfa-20693	245	29	−	−	PROPN
cjfa-20693	245	30	�	�	PROPN
cjfa-20693	245	31	�	�	PROPN
cjfa-20693	245	32	�	�	PROPN
cjfa-20693	245	33	�	�	PROPN
cjfa-20693	245	34	�	�	PROPN
cjfa-20693	245	35	�	�	PROPN
cjfa-20693	245	36	�	�	PROPN
cjfa-20693	245	37	�	�	PROPN
cjfa-20693	245	38	�	�	PROPN
cjfa-20693	245	39	�	�	PROPN
cjfa-20693	245	40	�	�	PROPN
cjfa-20693	245	41	�	�	PROPN
cjfa-20693	245	42	�	�	PROPN
cjfa-20693	245	43	�	�	PROPN
cjfa-20693	245	44	�	�	PROPN
cjfa-20693	245	45	�	�	PROPN
cjfa-20693	245	46	�	�	PROPN
cjfa-20693	245	47	�	�	PROPN
cjfa-20693	245	48	of	of	ADP
cjfa-20693	245	49	accumulated	accumulate	VERB
cjfa-20693	245	50	undistributed	undistributed	ADJ
cjfa-20693	245	51	dividends	dividend	NOUN
cjfa-20693	245	52	obtained	obtain	VERB
cjfa-20693	245	53	by	by	ADP
cjfa-20693	245	54	continuing	continue	VERB
cjfa-20693	245	55	to	to	PART
cjfa-20693	245	56	hold	hold	VERB
cjfa-20693	245	57	�	�	PROPN
cjfa-20693	245	58	1	1	NUM
cjfa-20693	245	59	−	−	PROPN
cjfa-20693	245	60	�	�	PROPN
cjfa-20693	245	61	�	�	PROPN
cjfa-20693	245	62	unit	unit	NOUN
cjfa-20693	245	63	stock.when	stock.when	ADP
cjfa-20693	245	64	n	n	PROPN
cjfa-20693	245	65	→	→	SYM
cjfa-20693	245	66	∞	∞	PROPN
cjfa-20693	245	67	,	,	PUNCT
cjfa-20693	245	68	the	the	DET
cjfa-20693	245	69	limit	limit	NOUN
cjfa-20693	245	70	of	of	ADP
cjfa-20693	245	71	�	�	PROPN
cjfa-20693	245	72	1	1	NUM
cjfa-20693	245	73	−	−	PROPN
cjfa-20693	245	74	�	�	PROPN
cjfa-20693	245	75	�	�	PROPN
cjfa-20693	245	76	�	�	PROPN
cjfa-20693	245	77	�	�	PROPN
cjfa-20693	245	78	�	�	PROPN
cjfa-20693	245	79	�	�	PROPN
cjfa-20693	245	80	�	�	PROPN
cjfa-20693	245	81	�	�	PROPN
cjfa-20693	245	82	�	�	PROPN
cjfa-20693	245	83	�	�	PROPN
cjfa-20693	245	84	�	�	PROPN
cjfa-20693	245	85	�	�	PROPN
cjfa-20693	245	86	�	�	PROPN
cjfa-20693	245	87	�	�	PROPN
cjfa-20693	245	88	�	�	PROPN
cjfa-20693	245	89	�	�	PROPN
cjfa-20693	245	90	�	�	PROPN
cjfa-20693	245	91	�	�	PROPN
cjfa-20693	245	92	is	be	AUX
cjfa-20693	245	93	�	�	PROPN
cjfa-20693	245	94	1	1	NUM
cjfa-20693	245	95	−	−	PROPN
cjfa-20693	245	96	�	�	PROPN
cjfa-20693	245	97	�	�	PROPN
cjfa-20693	245	98	�	�	PROPN
cjfa-20693	245	99	�	�	PROPN
cjfa-20693	245	100	�	�	PROPN
cjfa-20693	245	101	�	�	PROPN
cjfa-20693	245	102	�	�	PROPN
cjfa-20693	245	103	�	�	PROPN
cjfa-20693	245	104	�	�	PROPN
cjfa-20693	245	105	�	�	PROPN
cjfa-20693	245	106	,	,	PUNCT
cjfa-20693	245	107	so	so	CCONJ
cjfa-20693	245	108	the	the	DET
cjfa-20693	245	109	total	total	ADJ
cjfa-20693	245	110	earnings	earning	NOUN
cjfa-20693	245	111	of	of	ADP
cjfa-20693	245	112	the	the	DET
cjfa-20693	245	113	shareholder	shareholder	NOUN
cjfa-20693	245	114	is	be	AUX
cjfa-20693	245	115	�	�	PROPN
cjfa-20693	245	116	1	1	NUM
cjfa-20693	245	117	−	−	PROPN
cjfa-20693	245	118	�	�	PROPN
cjfa-20693	245	119	�	�	PROPN
cjfa-20693	245	120	�	�	PROPN
cjfa-20693	245	121	�	�	PROPN
cjfa-20693	245	122	�	�	PROPN
cjfa-20693	245	123	�	�	PROPN
cjfa-20693	245	124	�	�	PROPN
cjfa-20693	245	125	�	�	PROPN
cjfa-20693	245	126	�	�	PROPN
cjfa-20693	245	127	�	�	PROPN
cjfa-20693	245	128	+	+	SYM
cjfa-20693	245	129	�	�	PROPN
cjfa-20693	245	130	�	�	PROPN
cjfa-20693	245	131	.	.	PUNCT
cjfa-20693	246	1	(	(	PUNCT
cjfa-20693	246	2	2	2	X
cjfa-20693	246	3	)	)	PUNCT
cjfa-20693	246	4	the	the	DET
cjfa-20693	246	5	upper	upper	ADJ
cjfa-20693	246	6	right	right	NOUN
cjfa-20693	246	7	chooses	choose	VERB
cjfa-20693	246	8	the	the	DET
cjfa-20693	246	9	profit	profit	NOUN
cjfa-20693	246	10	function	function	NOUN
cjfa-20693	246	11	of	of	ADP
cjfa-20693	246	12	the	the	DET
cjfa-20693	246	13	two	two	NUM
cjfa-20693	246	14	sides	side	NOUN
cjfa-20693	246	15	when	when	SCONJ
cjfa-20693	246	16	the	the	DET
cjfa-20693	246	17	executive	executive	NOUN
cjfa-20693	246	18	chooses	choose	VERB
cjfa-20693	246	19	not	not	PART
cjfa-20693	246	20	to	to	PART
cjfa-20693	246	21	dividend	dividend	VERB
cjfa-20693	246	22	and	and	CCONJ
cjfa-20693	246	23	the	the	DET
cjfa-20693	246	24	shareholder	shareholder	NOUN
cjfa-20693	246	25	chooses	choose	VERB
cjfa-20693	246	26	to	to	PART
cjfa-20693	246	27	increase	increase	VERB
cjfa-20693	246	28	the	the	DET
cjfa-20693	246	29	ownership	ownership	NOUN
cjfa-20693	246	30	.	.	PUNCT
cjfa-20693	247	1	firstly	firstly	ADV
cjfa-20693	247	2	,	,	PUNCT
cjfa-20693	247	3	for	for	ADP
cjfa-20693	247	4	executives	executive	NOUN
cjfa-20693	247	5	,	,	PUNCT
cjfa-20693	247	6	if	if	SCONJ
cjfa-20693	247	7	executives	executive	NOUN
cjfa-20693	247	8	choose	choose	VERB
cjfa-20693	247	9	not	not	PART
cjfa-20693	247	10	to	to	PART
cjfa-20693	247	11	pay	pay	VERB
cjfa-20693	247	12	dividends	dividend	NOUN
cjfa-20693	247	13	and	and	CCONJ
cjfa-20693	247	14	shareholders	shareholder	NOUN
cjfa-20693	247	15	choose	choose	VERB
cjfa-20693	247	16	to	to	PART
cjfa-20693	247	17	continue	continue	VERB
cjfa-20693	247	18	holding	hold	VERB
cjfa-20693	247	19	,	,	PUNCT
cjfa-20693	247	20	this	this	PRON
cjfa-20693	247	21	shows	show	VERB
cjfa-20693	247	22	that	that	SCONJ
cjfa-20693	247	23	the	the	DET
cjfa-20693	247	24	company	company	NOUN
cjfa-20693	247	25	's	's	PART
cjfa-20693	247	26	non	non	ADJ
cjfa-20693	247	27	-	-	ADJ
cjfa-20693	247	28	dividend	dividend	ADJ
cjfa-20693	247	29	behavior	behavior	NOUN
cjfa-20693	247	30	has	have	AUX
cjfa-20693	247	31	been	be	AUX
cjfa-20693	247	32	recognized	recognize	VERB
cjfa-20693	247	33	by	by	ADP
cjfa-20693	247	34	shareholders	shareholder	NOUN
cjfa-20693	247	35	.	.	PUNCT
cjfa-20693	248	1	so	so	ADV
cjfa-20693	248	2	they	they	PRON
cjfa-20693	248	3	will	will	AUX
cjfa-20693	248	4	get	get	VERB
cjfa-20693	248	5	the	the	DET
cjfa-20693	248	6	salary	salary	NOUN
cjfa-20693	248	7	of	of	ADP
cjfa-20693	248	8	ae	ae	PROPN
cjfa-20693	248	9	−	−	PROPN
cjfa-20693	248	10	be	be	VERB
cjfa-20693	248	11	�	�	ADJ
cjfa-20693	248	12	and	and	CCONJ
cjfa-20693	248	13	private	private	ADJ
cjfa-20693	248	14	interest	interest	NOUN
cjfa-20693	248	15	c	c	NOUN
cjfa-20693	248	16	,	,	PUNCT
cjfa-20693	248	17	i.e.	i.e.	X
cjfa-20693	248	18	,	,	PUNCT
cjfa-20693	248	19	his	his	PRON
cjfa-20693	248	20	is	be	AUX
cjfa-20693	248	21	as	as	SCONJ
cjfa-20693	248	22	mentioned	mention	VERB
cjfa-20693	248	23	above	above	ADV
cjfa-20693	248	24	,	,	PUNCT
cjfa-20693	248	25	according	accord	VERB
cjfa-20693	248	26	to	to	ADP
cjfa-20693	248	27	the	the	DET
cjfa-20693	248	28	strategies	strategy	NOUN
cjfa-20693	248	29	of	of	ADP
cjfa-20693	248	30	both	both	DET
cjfa-20693	248	31	players	player	NOUN
cjfa-20693	248	32	,	,	PUNCT
cjfa-20693	248	33	the	the	DET
cjfa-20693	248	34	profit	profit	NOUN
cjfa-20693	248	35	functions	function	NOUN
cjfa-20693	248	36	of	of	ADP
cjfa-20693	248	37	both	both	DET
cjfa-20693	248	38	players	player	NOUN
cjfa-20693	248	39	can	can	AUX
cjfa-20693	248	40	be	be	AUX
cjfa-20693	248	41	expressed	express	VERB
cjfa-20693	248	42	as	as	SCONJ
cjfa-20693	248	43	follows	follow	VERB
cjfa-20693	248	44	:	:	PUNCT
cjfa-20693	248	45	table	table	NOUN
cjfa-20693	248	46	1	1	NUM
cjfa-20693	248	47	.	.	PUNCT
cjfa-20693	248	48	payoff	payoff	NOUN
cjfa-20693	248	49	matrix	matrix	NOUN
cjfa-20693	248	50	decrease	decrease	NOUN
cjfa-20693	248	51	（	（	PUNCT
cjfa-20693	248	52	1	1	NUM
cjfa-20693	248	53	-	-	SYM
cjfa-20693	248	54	q	q	NOUN
cjfa-20693	248	55	）	）	NOUN
cjfa-20693	248	56	increase	increase	NOUN
cjfa-20693	248	57	（	（	PUNCT
cjfa-20693	249	1	q	q	X
cjfa-20693	249	2	）	）	PUNCT
cjfa-20693	249	3	not	not	PART
cjfa-20693	249	4	to	to	PART
cjfa-20693	249	5	pay	pay	VERB
cjfa-20693	249	6	（	（	NOUN
cjfa-20693	249	7	1	1	NUM
cjfa-20693	249	8	-	-	SYM
cjfa-20693	249	9	p	p	X
cjfa-20693	249	10	）	）	NOUN
cjfa-20693	249	11	0，	0，	NOUN
cjfa-20693	249	12	�	�	NOUN
cjfa-20693	249	13	1	1	NUM
cjfa-20693	249	14	−	−	PROPN
cjfa-20693	249	15	π	π	PROPN
cjfa-20693	249	16	�	�	PROPN
cjfa-20693	249	17	�	�	PROPN
cjfa-20693	249	18	�	�	PROPN
cjfa-20693	249	19	�	�	PROPN
cjfa-20693	249	20	�	�	PROPN
cjfa-20693	249	21	�	�	PROPN
cjfa-20693	249	22	�	�	PROPN
cjfa-20693	249	23	�	�	PROPN
cjfa-20693	249	24	�	�	PROPN
cjfa-20693	249	25	+	+	CCONJ
cjfa-20693	249	26	πβ	πβ	PROPN
cjfa-20693	249	27	�	�	PROPN
cjfa-20693	249	28	�	�	PROPN
cjfa-20693	249	29	�	�	PROPN
cjfa-20693	249	30	�	�	PROPN
cjfa-20693	249	31	�	�	PROPN
cjfa-20693	249	32	�	�	PROPN
cjfa-20693	249	33	�	�	PROPN
cjfa-20693	249	34	�	�	PROPN
cjfa-20693	249	35	�	�	PROPN
cjfa-20693	249	36	，	，	PROPN
cjfa-20693	249	37	�	�	PROPN
cjfa-20693	249	38	1	1	NUM
cjfa-20693	249	39	+	+	SYM
cjfa-20693	249	40	π	π	PROPN
cjfa-20693	249	41	�	�	PROPN
cjfa-20693	249	42	�	�	PROPN
cjfa-20693	249	43	�	�	PROPN
cjfa-20693	249	44	�	�	PROPN
cjfa-20693	249	45	�	�	PROPN
cjfa-20693	249	46	�	�	PROPN
cjfa-20693	249	47	�	�	PROPN
cjfa-20693	249	48	�	�	PROPN
cjfa-20693	249	49	�	�	PROPN
cjfa-20693	249	50	�	�	PROPN
cjfa-20693	249	51	�	�	PROPN
cjfa-20693	249	52	�	�	PROPN
cjfa-20693	249	53	�	�	PROPN
cjfa-20693	249	54	pay	pay	VERB
cjfa-20693	249	55	（	（	PROPN
cjfa-20693	249	56	p	p	X
cjfa-20693	249	57	）	）	PUNCT
cjfa-20693	249	58	ae	ae	PROPN
cjfa-20693	249	59	−	−	PROPN
cjfa-20693	249	60	be	be	AUX
cjfa-20693	249	61	�	�	NOUN
cjfa-20693	249	62	−	−	NOUN
cjfa-20693	249	63	c，πβ	c，πβ	X
cjfa-20693	250	1	+	+	PUNCT
cjfa-20693	250	2	π	π	PROPN
cjfa-20693	250	3	�	�	PROPN
cjfa-20693	250	4	�	�	PROPN
cjfa-20693	250	5	+	+	SYM
cjfa-20693	250	6	�	�	PROPN
cjfa-20693	250	7	�	�	PROPN
cjfa-20693	250	8	�	�	PROPN
cjfa-20693	250	9	�	�	PROPN
cjfa-20693	250	10	�	�	PROPN
cjfa-20693	250	11	�	�	PROPN
cjfa-20693	250	12	�	�	PROPN
cjfa-20693	250	13	�	�	PROPN
cjfa-20693	250	14	�	�	PROPN
cjfa-20693	250	15	�	�	PROPN
cjfa-20693	250	16	�	�	PROPN
cjfa-20693	250	17	�	�	PROPN
cjfa-20693	250	18	�	�	PROPN
cjfa-20693	250	19	�	�	PROPN
cjfa-20693	250	20	�	�	PROPN
cjfa-20693	250	21	�	�	PROPN
cjfa-20693	250	22	�	�	PROPN
cjfa-20693	250	23	，	，	PROPN
cjfa-20693	250	24	�	�	PROPN
cjfa-20693	250	25	�	�	PROPN
cjfa-20693	250	26	+	+	SYM
cjfa-20693	250	27	�	�	PROPN
cjfa-20693	250	28	�	�	PROPN
cjfa-20693	250	29	�	�	PROPN
cjfa-20693	250	30	�	�	PROPN
cjfa-20693	250	31	�	�	PROPN
cjfa-20693	250	32	�	�	PROPN
cjfa-20693	250	33	�	�	PROPN
cjfa-20693	250	34	�	�	PROPN
cjfa-20693	250	35	�	�	PROPN
cjfa-20693	250	36	�	�	PROPN
cjfa-20693	250	37	�	�	PROPN
cjfa-20693	250	38	�	�	PROPN
cjfa-20693	250	39	source	source	NOUN
cjfa-20693	250	40	:	:	PUNCT
cjfa-20693	250	41	author	author	PROPN
cjfa-20693	250	42	’s	’s	PART
cjfa-20693	250	43	mathematical	mathematical	ADJ
cjfa-20693	250	44	deduction	deduction	NOUN
cjfa-20693	250	45	.	.	PUNCT
cjfa-20693	251	1	among	among	ADP
cjfa-20693	251	2	them	they	PRON
cjfa-20693	251	3	,	,	PUNCT
cjfa-20693	251	4	�	�	PROPN
cjfa-20693	251	5	means	mean	VERB
cjfa-20693	251	6	to	to	PART
cjfa-20693	251	7	increase	increase	VERB
cjfa-20693	251	8	the	the	DET
cjfa-20693	251	9	holding	holding	NOUN
cjfa-20693	251	10	of	of	ADP
cjfa-20693	251	11	listed	list	VERB
cjfa-20693	251	12	companies'stock	companies'stock	ADJ
cjfa-20693	251	13	units	unit	NOUN
cjfa-20693	251	14	,	,	PUNCT
cjfa-20693	251	15	and	and	CCONJ
cjfa-20693	251	16	the	the	DET
cjfa-20693	251	17	other	other	ADJ
cjfa-20693	251	18	variables	variable	NOUN
cjfa-20693	251	19	are	be	AUX
cjfa-20693	251	20	consistent	consistent	ADJ
cjfa-20693	251	21	with	with	ADP
cjfa-20693	251	22	the	the	DET
cjfa-20693	251	23	above	above	ADJ
cjfa-20693	251	24	.	.	PUNCT
cjfa-20693	252	1	the	the	DET
cjfa-20693	252	2	economic	economic	ADJ
cjfa-20693	252	3	implications	implication	NOUN
cjfa-20693	252	4	of	of	ADP
cjfa-20693	252	5	this	this	DET
cjfa-20693	252	6	matrix	matrix	NOUN
cjfa-20693	252	7	are	be	AUX
cjfa-20693	252	8	as	as	SCONJ
cjfa-20693	252	9	follows	follow	VERB
cjfa-20693	252	10	:	:	PUNCT
cjfa-20693	252	11	(	(	PUNCT
cjfa-20693	252	12	1	1	X
cjfa-20693	252	13	)	)	PUNCT
cjfa-20693	252	14	the	the	DET
cjfa-20693	252	15	upper	upper	ADJ
cjfa-20693	252	16	left	left	NOUN
cjfa-20693	252	17	chooses	choose	VERB
cjfa-20693	252	18	the	the	DET
cjfa-20693	252	19	profit	profit	NOUN
cjfa-20693	252	20	function	function	NOUN
cjfa-20693	252	21	of	of	ADP
cjfa-20693	252	22	both	both	DET
cjfa-20693	252	23	sides	side	NOUN
cjfa-20693	252	24	when	when	SCONJ
cjfa-20693	252	25	executives	executive	NOUN
cjfa-20693	252	26	choose	choose	VERB
cjfa-20693	252	27	no	no	DET
cjfa-20693	252	28	dividend	dividend	NOUN
cjfa-20693	252	29	and	and	CCONJ
cjfa-20693	252	30	shareholders	shareholder	NOUN
cjfa-20693	252	31	choose	choose	VERB
cjfa-20693	252	32	to	to	PART
cjfa-20693	252	33	reduce	reduce	VERB
cjfa-20693	252	34	their	their	PRON
cjfa-20693	252	35	holdings	holding	NOUN
cjfa-20693	252	36	.	.	PUNCT
cjfa-20693	253	1	firstly	firstly	ADV
cjfa-20693	253	2	,	,	PUNCT
cjfa-20693	253	3	for	for	ADP
cjfa-20693	253	4	executives	executive	NOUN
cjfa-20693	253	5	,	,	PUNCT
cjfa-20693	253	6	if	if	SCONJ
cjfa-20693	253	7	shareholders	shareholder	NOUN
cjfa-20693	253	8	choose	choose	VERB
cjfa-20693	253	9	to	to	PART
cjfa-20693	253	10	reduce	reduce	VERB
cjfa-20693	253	11	their	their	PRON
cjfa-20693	253	12	holdings	holding	NOUN
cjfa-20693	253	13	because	because	SCONJ
cjfa-20693	253	14	the	the	DET
cjfa-20693	253	15	company	company	NOUN
cjfa-20693	253	16	does	do	AUX
cjfa-20693	253	17	not	not	PART
cjfa-20693	253	18	pay	pay	VERB
cjfa-20693	253	19	dividends	dividend	NOUN
cjfa-20693	253	20	,	,	PUNCT
cjfa-20693	253	21	the	the	DET
cjfa-20693	253	22	reduction	reduction	NOUN
cjfa-20693	253	23	will	will	AUX
cjfa-20693	253	24	cause	cause	VERB
cjfa-20693	253	25	the	the	DET
cjfa-20693	253	26	company	company	NOUN
cjfa-20693	253	27	's	's	PART
cjfa-20693	253	28	stock	stock	NOUN
cjfa-20693	253	29	price	price	NOUN
cjfa-20693	253	30	to	to	PART
cjfa-20693	253	31	decline	decline	VERB
cjfa-20693	253	32	,	,	PUNCT
cjfa-20693	253	33	then	then	ADV
cjfa-20693	253	34	executives	executive	NOUN
cjfa-20693	253	35	will	will	AUX
cjfa-20693	253	36	face	face	VERB
cjfa-20693	253	37	the	the	DET
cjfa-20693	253	38	fate	fate	NOUN
cjfa-20693	253	39	of	of	ADP
cjfa-20693	253	40	impeachment	impeachment	NOUN
cjfa-20693	253	41	and	and	CCONJ
cjfa-20693	253	42	dismissal	dismissal	NOUN
cjfa-20693	253	43	,	,	PUNCT
cjfa-20693	253	44	so	so	SCONJ
cjfa-20693	253	45	the	the	DET
cjfa-20693	253	46	current	current	ADJ
cjfa-20693	253	47	income	income	NOUN
cjfa-20693	253	48	of	of	ADP
cjfa-20693	253	49	executives	executive	NOUN
cjfa-20693	253	50	is	be	AUX
cjfa-20693	253	51	0	0	NUM
cjfa-20693	253	52	,	,	PUNCT
cjfa-20693	253	53	that	that	ADV
cjfa-20693	253	54	is	is	ADV
cjfa-20693	253	55	,	,	PUNCT
cjfa-20693	253	56	unemployment	unemployment	NOUN
cjfa-20693	253	57	will	will	AUX
cjfa-20693	253	58	offset	offset	VERB
cjfa-20693	253	59	his	his	PRON
cjfa-20693	253	60	wage	wage	NOUN
cjfa-20693	253	61	income	income	NOUN
cjfa-20693	253	62	.	.	PUNCT
cjfa-20693	254	1	secondly	secondly	ADV
cjfa-20693	254	2	,	,	PUNCT
cjfa-20693	254	3	for	for	ADP
cjfa-20693	254	4	shareholders	shareholder	NOUN
cjfa-20693	254	5	,	,	PUNCT
cjfa-20693	254	6	if	if	SCONJ
cjfa-20693	254	7	they	they	PRON
cjfa-20693	254	8	disagree	disagree	VERB
cjfa-20693	254	9	with	with	ADP
cjfa-20693	254	10	the	the	DET
cjfa-20693	254	11	company	company	NOUN
cjfa-20693	254	12	's	's	PART
cjfa-20693	254	13	non	non	ADJ
cjfa-20693	254	14	-	-	ADJ
cjfa-20693	254	15	dividend	dividend	ADJ
cjfa-20693	254	16	policy	policy	NOUN
cjfa-20693	254	17	or	or	CCONJ
cjfa-20693	254	18	are	be	AUX
cjfa-20693	254	19	not	not	PART
cjfa-20693	254	20	optimistic	optimistic	ADJ
cjfa-20693	254	21	about	about	ADP
cjfa-20693	254	22	the	the	DET
cjfa-20693	254	23	company	company	NOUN
cjfa-20693	254	24	's	's	PART
cjfa-20693	254	25	development	development	NOUN
cjfa-20693	254	26	prospects	prospect	NOUN
cjfa-20693	254	27	,	,	PUNCT
cjfa-20693	254	28	they	they	PRON
cjfa-20693	254	29	can	can	AUX
cjfa-20693	254	30	take	take	VERB
cjfa-20693	254	31	a	a	DET
cjfa-20693	254	32	foot	foot	NOUN
cjfa-20693	254	33	-	-	PUNCT
cjfa-20693	254	34	to	to	ADP
cjfa-20693	254	35	-	-	PUNCT
cjfa-20693	254	36	foot	foot	NOUN
cjfa-20693	254	37	vote	vote	NOUN
cjfa-20693	254	38	to	to	PART
cjfa-20693	254	39	reduce	reduce	VERB
cjfa-20693	254	40	their	their	PRON
cjfa-20693	254	41	holdings	holding	NOUN
cjfa-20693	254	42	of	of	ADP
cjfa-20693	254	43	the	the	DET
cjfa-20693	254	44	company	company	NOUN
cjfa-20693	254	45	's	's	PART
cjfa-20693	254	46	shares	share	NOUN
cjfa-20693	254	47	.	.	PUNCT
cjfa-20693	255	1	at	at	ADP
cjfa-20693	255	2	this	this	DET
cjfa-20693	255	3	time	time	NOUN
cjfa-20693	255	4	,	,	PUNCT
cjfa-20693	255	5	the	the	DET
cjfa-20693	255	6	earnings	earning	NOUN
cjfa-20693	255	7	consist	consist	NOUN
cjfa-20693	255	8	of	of	ADP
cjfa-20693	255	9	two	two	NUM
cjfa-20693	255	10	parts	part	NOUN
cjfa-20693	255	11	:	:	PUNCT
cjfa-20693	255	12	the	the	DET
cjfa-20693	255	13	shareholders	shareholder	NOUN
cjfa-20693	255	14	get	get	VERB
cjfa-20693	255	15	the	the	DET
cjfa-20693	255	16	capital	capital	NOUN
cjfa-20693	255	17	gains	gain	NOUN
cjfa-20693	255	18	�	�	NOUN
cjfa-20693	255	19	�	�	PROPN
cjfa-20693	255	20	of	of	ADP
cjfa-20693	255	21	the	the	DET
cjfa-20693	255	22	current	current	ADJ
cjfa-20693	255	23	reduction	reduction	NOUN
cjfa-20693	255	24	and	and	CCONJ
cjfa-20693	255	25	the	the	DET
cjfa-20693	255	26	discount	discount	NOUN
cjfa-20693	255	27	�	�	PROPN
cjfa-20693	255	28	1	1	NUM
cjfa-20693	255	29	−	−	PROPN
cjfa-20693	255	30	�	�	PROPN
cjfa-20693	255	31	�	�	PROPN
cjfa-20693	255	32	�	�	PROPN
cjfa-20693	255	33	�	�	PROPN
cjfa-20693	255	34	�	�	PROPN
cjfa-20693	255	35	�	�	PROPN
cjfa-20693	255	36	�	�	PROPN
cjfa-20693	255	37	�	�	PROPN
cjfa-20693	255	38	�	�	PROPN
cjfa-20693	255	39	�	�	PROPN
cjfa-20693	255	40	�	�	PROPN
cjfa-20693	255	41	�	�	PROPN
cjfa-20693	255	42	�	�	PROPN
cjfa-20693	255	43	�	�	PROPN
cjfa-20693	255	44	�	�	PROPN
cjfa-20693	255	45	�	�	PROPN
cjfa-20693	255	46	�	�	PROPN
cjfa-20693	255	47	�	�	PROPN
cjfa-20693	255	48	of	of	ADP
cjfa-20693	255	49	accumulated	accumulate	VERB
cjfa-20693	255	50	undistributed	undistributed	ADJ
cjfa-20693	255	51	dividends	dividend	NOUN
cjfa-20693	255	52	obtained	obtain	VERB
cjfa-20693	255	53	by	by	ADP
cjfa-20693	255	54	continuing	continue	VERB
cjfa-20693	255	55	to	to	PART
cjfa-20693	255	56	hold	hold	VERB
cjfa-20693	255	57	�	�	PROPN
cjfa-20693	255	58	1	1	NUM
cjfa-20693	255	59	−	−	PROPN
cjfa-20693	255	60	�	�	PROPN
cjfa-20693	255	61	�	�	PROPN
cjfa-20693	255	62	unit	unit	NOUN
cjfa-20693	255	63	stock.when	stock.when	ADP
cjfa-20693	255	64	n	n	PROPN
cjfa-20693	255	65	→	→	SYM
cjfa-20693	255	66	∞	∞	PROPN
cjfa-20693	255	67	,	,	PUNCT
cjfa-20693	255	68	the	the	DET
cjfa-20693	255	69	limit	limit	NOUN
cjfa-20693	255	70	of	of	ADP
cjfa-20693	255	71	�	�	PROPN
cjfa-20693	255	72	1	1	NUM
cjfa-20693	255	73	−	−	PROPN
cjfa-20693	255	74	�	�	PROPN
cjfa-20693	255	75	�	�	PROPN
cjfa-20693	255	76	�	�	PROPN
cjfa-20693	255	77	�	�	PROPN
cjfa-20693	255	78	�	�	PROPN
cjfa-20693	255	79	�	�	PROPN
cjfa-20693	255	80	�	�	PROPN
cjfa-20693	255	81	�	�	PROPN
cjfa-20693	255	82	�	�	PROPN
cjfa-20693	255	83	�	�	PROPN
cjfa-20693	255	84	�	�	PROPN
cjfa-20693	255	85	�	�	PROPN
cjfa-20693	255	86	�	�	PROPN
cjfa-20693	255	87	�	�	PROPN
cjfa-20693	255	88	�	�	PROPN
cjfa-20693	255	89	�	�	PROPN
cjfa-20693	255	90	�	�	PROPN
cjfa-20693	255	91	�	�	PROPN
cjfa-20693	255	92	is	be	AUX
cjfa-20693	255	93	�	�	PROPN
cjfa-20693	255	94	1	1	NUM
cjfa-20693	255	95	−	−	PROPN
cjfa-20693	255	96	�	�	PROPN
cjfa-20693	255	97	�	�	PROPN
cjfa-20693	255	98	�	�	PROPN
cjfa-20693	255	99	�	�	PROPN
cjfa-20693	255	100	�	�	PROPN
cjfa-20693	255	101	�	�	PROPN
cjfa-20693	255	102	�	�	PROPN
cjfa-20693	255	103	�	�	PROPN
cjfa-20693	255	104	�	�	PROPN
cjfa-20693	255	105	�	�	PROPN
cjfa-20693	255	106	,	,	PUNCT
cjfa-20693	255	107	so	so	CCONJ
cjfa-20693	255	108	the	the	DET
cjfa-20693	255	109	total	total	ADJ
cjfa-20693	255	110	earnings	earning	NOUN
cjfa-20693	255	111	of	of	ADP
cjfa-20693	255	112	the	the	DET
cjfa-20693	255	113	shareholder	shareholder	NOUN
cjfa-20693	255	114	is	be	AUX
cjfa-20693	255	115	�	�	PROPN
cjfa-20693	255	116	1	1	NUM
cjfa-20693	255	117	−	−	PROPN
cjfa-20693	255	118	�	�	PROPN
cjfa-20693	255	119	�	�	PROPN
cjfa-20693	255	120	�	�	PROPN
cjfa-20693	255	121	�	�	PROPN
cjfa-20693	255	122	�	�	PROPN
cjfa-20693	255	123	�	�	PROPN
cjfa-20693	255	124	�	�	PROPN
cjfa-20693	255	125	�	�	PROPN
cjfa-20693	255	126	�	�	PROPN
cjfa-20693	255	127	�	�	PROPN
cjfa-20693	255	128	+	+	SYM
cjfa-20693	255	129	�	�	PROPN
cjfa-20693	255	130	�	�	PROPN
cjfa-20693	255	131	.	.	PUNCT
cjfa-20693	256	1	(	(	PUNCT
cjfa-20693	256	2	2	2	X
cjfa-20693	256	3	)	)	PUNCT
cjfa-20693	256	4	the	the	DET
cjfa-20693	256	5	upper	upper	ADJ
cjfa-20693	256	6	right	right	NOUN
cjfa-20693	256	7	chooses	choose	VERB
cjfa-20693	256	8	the	the	DET
cjfa-20693	256	9	profit	profit	NOUN
cjfa-20693	256	10	function	function	NOUN
cjfa-20693	256	11	of	of	ADP
cjfa-20693	256	12	the	the	DET
cjfa-20693	256	13	two	two	NUM
cjfa-20693	256	14	sides	side	NOUN
cjfa-20693	256	15	when	when	SCONJ
cjfa-20693	256	16	the	the	DET
cjfa-20693	256	17	executive	executive	NOUN
cjfa-20693	256	18	chooses	choose	VERB
cjfa-20693	256	19	not	not	PART
cjfa-20693	256	20	to	to	PART
cjfa-20693	256	21	dividend	dividend	VERB
cjfa-20693	256	22	and	and	CCONJ
cjfa-20693	256	23	the	the	DET
cjfa-20693	256	24	shareholder	shareholder	NOUN
cjfa-20693	256	25	chooses	choose	VERB
cjfa-20693	256	26	to	to	PART
cjfa-20693	256	27	increase	increase	VERB
cjfa-20693	256	28	the	the	DET
cjfa-20693	256	29	ownership	ownership	NOUN
cjfa-20693	256	30	.	.	PUNCT
cjfa-20693	257	1	firstly	firstly	ADV
cjfa-20693	257	2	,	,	PUNCT
cjfa-20693	257	3	for	for	ADP
cjfa-20693	257	4	executives	executive	NOUN
cjfa-20693	257	5	,	,	PUNCT
cjfa-20693	257	6	if	if	SCONJ
cjfa-20693	257	7	executives	executive	NOUN
cjfa-20693	257	8	choose	choose	VERB
cjfa-20693	257	9	not	not	PART
cjfa-20693	257	10	to	to	PART
cjfa-20693	257	11	pay	pay	VERB
cjfa-20693	257	12	dividends	dividend	NOUN
cjfa-20693	257	13	and	and	CCONJ
cjfa-20693	257	14	shareholders	shareholder	NOUN
cjfa-20693	257	15	choose	choose	VERB
cjfa-20693	257	16	to	to	PART
cjfa-20693	257	17	continue	continue	VERB
cjfa-20693	257	18	holding	hold	VERB
cjfa-20693	257	19	,	,	PUNCT
cjfa-20693	257	20	this	this	PRON
cjfa-20693	257	21	shows	show	VERB
cjfa-20693	257	22	that	that	SCONJ
cjfa-20693	257	23	the	the	DET
cjfa-20693	257	24	company	company	NOUN
cjfa-20693	257	25	's	's	PART
cjfa-20693	257	26	non	non	ADJ
cjfa-20693	257	27	-	-	ADJ
cjfa-20693	257	28	dividend	dividend	ADJ
cjfa-20693	257	29	behavior	behavior	NOUN
cjfa-20693	257	30	has	have	AUX
cjfa-20693	257	31	been	be	AUX
cjfa-20693	257	32	recognized	recognize	VERB
cjfa-20693	257	33	by	by	ADP
cjfa-20693	257	34	shareholders	shareholder	NOUN
cjfa-20693	257	35	.	.	PUNCT
cjfa-20693	258	1	so	so	ADV
cjfa-20693	258	2	they	they	PRON
cjfa-20693	258	3	will	will	AUX
cjfa-20693	258	4	get	get	VERB
cjfa-20693	258	5	the	the	DET
cjfa-20693	258	6	salary	salary	NOUN
cjfa-20693	258	7	of	of	ADP
cjfa-20693	258	8	ae	ae	PROPN
cjfa-20693	258	9	−	−	PROPN
cjfa-20693	258	10	be	be	VERB
cjfa-20693	258	11	�	�	ADJ
cjfa-20693	258	12	and	and	CCONJ
cjfa-20693	258	13	private	private	ADJ
cjfa-20693	258	14	interest	interest	NOUN
cjfa-20693	258	15	c	c	NOUN
cjfa-20693	258	16	,	,	PUNCT
cjfa-20693	258	17	i.e.	i.e.	X
cjfa-20693	258	18	,	,	PUNCT
cjfa-20693	258	19	his	his	PRON
cjfa-20693	258	20	,	,	PUNCT
cjfa-20693	258	21	so	so	CCONJ
cjfa-20693	258	22	the	the	DET
cjfa-20693	258	23	total	total	ADJ
cjfa-20693	258	24	earnings	earning	NOUN
cjfa-20693	258	25	of	of	ADP
cjfa-20693	258	26	the	the	DET
cjfa-20693	258	27	shareholder	shareholder	NOUN
cjfa-20693	258	28	is	be	AUX
cjfa-20693	258	29	as	as	SCONJ
cjfa-20693	258	30	mentioned	mention	VERB
cjfa-20693	258	31	above	above	ADV
cjfa-20693	258	32	,	,	PUNCT
cjfa-20693	258	33	according	accord	VERB
cjfa-20693	258	34	to	to	ADP
cjfa-20693	258	35	the	the	DET
cjfa-20693	258	36	strategies	strategy	NOUN
cjfa-20693	258	37	of	of	ADP
cjfa-20693	258	38	both	both	DET
cjfa-20693	258	39	players	player	NOUN
cjfa-20693	258	40	,	,	PUNCT
cjfa-20693	258	41	the	the	DET
cjfa-20693	258	42	profit	profit	NOUN
cjfa-20693	258	43	functions	function	NOUN
cjfa-20693	258	44	of	of	ADP
cjfa-20693	258	45	both	both	DET
cjfa-20693	258	46	players	player	NOUN
cjfa-20693	258	47	can	can	AUX
cjfa-20693	258	48	be	be	AUX
cjfa-20693	258	49	expressed	express	VERB
cjfa-20693	258	50	as	as	SCONJ
cjfa-20693	258	51	follows	follow	VERB
cjfa-20693	258	52	:	:	PUNCT
cjfa-20693	258	53	table	table	NOUN
cjfa-20693	258	54	1	1	NUM
cjfa-20693	258	55	.	.	PUNCT
cjfa-20693	258	56	payoff	payoff	NOUN
cjfa-20693	258	57	matrix	matrix	NOUN
cjfa-20693	258	58	decrease	decrease	NOUN
cjfa-20693	258	59	（	（	PUNCT
cjfa-20693	258	60	1	1	NUM
cjfa-20693	258	61	-	-	SYM
cjfa-20693	258	62	q	q	NOUN
cjfa-20693	258	63	）	）	NOUN
cjfa-20693	258	64	increase	increase	NOUN
cjfa-20693	258	65	（	（	PUNCT
cjfa-20693	259	1	q	q	X
cjfa-20693	259	2	）	）	PUNCT
cjfa-20693	259	3	not	not	PART
cjfa-20693	259	4	to	to	PART
cjfa-20693	259	5	pay	pay	VERB
cjfa-20693	259	6	（	（	NOUN
cjfa-20693	259	7	1	1	NUM
cjfa-20693	259	8	-	-	SYM
cjfa-20693	259	9	p	p	X
cjfa-20693	259	10	）	）	NOUN
cjfa-20693	259	11	0，	0，	NOUN
cjfa-20693	259	12	�	�	NOUN
cjfa-20693	259	13	1	1	NUM
cjfa-20693	259	14	−	−	PROPN
cjfa-20693	259	15	π	π	PROPN
cjfa-20693	259	16	�	�	PROPN
cjfa-20693	259	17	�	�	PROPN
cjfa-20693	259	18	�	�	PROPN
cjfa-20693	259	19	�	�	PROPN
cjfa-20693	259	20	�	�	PROPN
cjfa-20693	259	21	�	�	PROPN
cjfa-20693	259	22	�	�	PROPN
cjfa-20693	259	23	�	�	PROPN
cjfa-20693	259	24	�	�	PROPN
cjfa-20693	259	25	+	+	CCONJ
cjfa-20693	259	26	πβ	πβ	PROPN
cjfa-20693	259	27	�	�	PROPN
cjfa-20693	259	28	�	�	PROPN
cjfa-20693	259	29	�	�	PROPN
cjfa-20693	259	30	�	�	PROPN
cjfa-20693	259	31	�	�	PROPN
cjfa-20693	259	32	�	�	PROPN
cjfa-20693	259	33	�	�	PROPN
cjfa-20693	259	34	�	�	PROPN
cjfa-20693	259	35	�	�	PROPN
cjfa-20693	259	36	，	，	PROPN
cjfa-20693	259	37	�	�	PROPN
cjfa-20693	259	38	1	1	NUM
cjfa-20693	259	39	+	+	SYM
cjfa-20693	259	40	π	π	PROPN
cjfa-20693	259	41	�	�	PROPN
cjfa-20693	259	42	�	�	PROPN
cjfa-20693	259	43	�	�	PROPN
cjfa-20693	259	44	�	�	PROPN
cjfa-20693	259	45	�	�	PROPN
cjfa-20693	259	46	�	�	PROPN
cjfa-20693	259	47	�	�	PROPN
cjfa-20693	259	48	�	�	PROPN
cjfa-20693	259	49	�	�	PROPN
cjfa-20693	259	50	�	�	PROPN
cjfa-20693	259	51	�	�	PROPN
cjfa-20693	259	52	�	�	PROPN
cjfa-20693	259	53	�	�	PROPN
cjfa-20693	259	54	pay	pay	VERB
cjfa-20693	259	55	（	（	PROPN
cjfa-20693	259	56	p	p	X
cjfa-20693	259	57	）	）	PUNCT
cjfa-20693	259	58	ae	ae	PROPN
cjfa-20693	259	59	−	−	PROPN
cjfa-20693	259	60	be	be	AUX
cjfa-20693	259	61	�	�	NOUN
cjfa-20693	259	62	−	−	NOUN
cjfa-20693	259	63	c，πβ	c，πβ	X
cjfa-20693	260	1	+	+	PUNCT
cjfa-20693	260	2	π	π	PROPN
cjfa-20693	260	3	�	�	PROPN
cjfa-20693	260	4	�	�	PROPN
cjfa-20693	260	5	+	+	SYM
cjfa-20693	260	6	�	�	PROPN
cjfa-20693	260	7	�	�	PROPN
cjfa-20693	260	8	�	�	PROPN
cjfa-20693	260	9	�	�	PROPN
cjfa-20693	260	10	�	�	PROPN
cjfa-20693	260	11	�	�	PROPN
cjfa-20693	260	12	�	�	PROPN
cjfa-20693	260	13	�	�	PROPN
cjfa-20693	260	14	�	�	PROPN
cjfa-20693	260	15	�	�	PROPN
cjfa-20693	260	16	�	�	PROPN
cjfa-20693	260	17	�	�	PROPN
cjfa-20693	260	18	�	�	PROPN
cjfa-20693	260	19	�	�	PROPN
cjfa-20693	260	20	�	�	PROPN
cjfa-20693	260	21	�	�	PROPN
cjfa-20693	260	22	�	�	PROPN
cjfa-20693	260	23	，	，	PROPN
cjfa-20693	260	24	�	�	PROPN
cjfa-20693	260	25	�	�	PROPN
cjfa-20693	260	26	+	+	SYM
cjfa-20693	260	27	�	�	PROPN
cjfa-20693	260	28	�	�	PROPN
cjfa-20693	260	29	�	�	PROPN
cjfa-20693	260	30	�	�	PROPN
cjfa-20693	260	31	�	�	PROPN
cjfa-20693	260	32	�	�	PROPN
cjfa-20693	260	33	�	�	PROPN
cjfa-20693	260	34	�	�	PROPN
cjfa-20693	260	35	�	�	PROPN
cjfa-20693	260	36	�	�	PROPN
cjfa-20693	260	37	�	�	PROPN
cjfa-20693	260	38	�	�	PROPN
cjfa-20693	260	39	source	source	NOUN
cjfa-20693	260	40	:	:	PUNCT
cjfa-20693	260	41	author	author	PROPN
cjfa-20693	260	42	’s	’s	PART
cjfa-20693	260	43	mathematical	mathematical	ADJ
cjfa-20693	260	44	deduction	deduction	NOUN
cjfa-20693	260	45	.	.	PUNCT
cjfa-20693	261	1	among	among	ADP
cjfa-20693	261	2	them	they	PRON
cjfa-20693	261	3	,	,	PUNCT
cjfa-20693	261	4	�	�	PROPN
cjfa-20693	261	5	means	mean	VERB
cjfa-20693	261	6	to	to	PART
cjfa-20693	261	7	increase	increase	VERB
cjfa-20693	261	8	the	the	DET
cjfa-20693	261	9	holding	holding	NOUN
cjfa-20693	261	10	of	of	ADP
cjfa-20693	261	11	listed	list	VERB
cjfa-20693	261	12	companies'stock	companies'stock	ADJ
cjfa-20693	261	13	units	unit	NOUN
cjfa-20693	261	14	,	,	PUNCT
cjfa-20693	261	15	and	and	CCONJ
cjfa-20693	261	16	the	the	DET
cjfa-20693	261	17	other	other	ADJ
cjfa-20693	261	18	variables	variable	NOUN
cjfa-20693	261	19	are	be	AUX
cjfa-20693	261	20	consistent	consistent	ADJ
cjfa-20693	261	21	with	with	ADP
cjfa-20693	261	22	the	the	DET
cjfa-20693	261	23	above	above	ADJ
cjfa-20693	261	24	.	.	PUNCT
cjfa-20693	262	1	the	the	DET
cjfa-20693	262	2	economic	economic	ADJ
cjfa-20693	262	3	implications	implication	NOUN
cjfa-20693	262	4	of	of	ADP
cjfa-20693	262	5	this	this	DET
cjfa-20693	262	6	matrix	matrix	NOUN
cjfa-20693	262	7	are	be	AUX
cjfa-20693	262	8	as	as	SCONJ
cjfa-20693	262	9	follows	follow	VERB
cjfa-20693	262	10	:	:	PUNCT
cjfa-20693	262	11	(	(	PUNCT
cjfa-20693	262	12	1	1	X
cjfa-20693	262	13	)	)	PUNCT
cjfa-20693	262	14	the	the	DET
cjfa-20693	262	15	upper	upper	ADJ
cjfa-20693	262	16	left	left	NOUN
cjfa-20693	262	17	chooses	choose	VERB
cjfa-20693	262	18	the	the	DET
cjfa-20693	262	19	profit	profit	NOUN
cjfa-20693	262	20	function	function	NOUN
cjfa-20693	262	21	of	of	ADP
cjfa-20693	262	22	both	both	DET
cjfa-20693	262	23	sides	side	NOUN
cjfa-20693	262	24	when	when	SCONJ
cjfa-20693	262	25	executives	executive	NOUN
cjfa-20693	262	26	choose	choose	VERB
cjfa-20693	262	27	no	no	DET
cjfa-20693	262	28	dividend	dividend	NOUN
cjfa-20693	262	29	and	and	CCONJ
cjfa-20693	262	30	shareholders	shareholder	NOUN
cjfa-20693	262	31	choose	choose	VERB
cjfa-20693	262	32	to	to	PART
cjfa-20693	262	33	reduce	reduce	VERB
cjfa-20693	262	34	their	their	PRON
cjfa-20693	262	35	holdings	holding	NOUN
cjfa-20693	262	36	.	.	PUNCT
cjfa-20693	263	1	firstly	firstly	ADV
cjfa-20693	263	2	,	,	PUNCT
cjfa-20693	263	3	for	for	ADP
cjfa-20693	263	4	executives	executive	NOUN
cjfa-20693	263	5	,	,	PUNCT
cjfa-20693	263	6	if	if	SCONJ
cjfa-20693	263	7	shareholders	shareholder	NOUN
cjfa-20693	263	8	choose	choose	VERB
cjfa-20693	263	9	to	to	PART
cjfa-20693	263	10	reduce	reduce	VERB
cjfa-20693	263	11	their	their	PRON
cjfa-20693	263	12	holdings	holding	NOUN
cjfa-20693	263	13	because	because	SCONJ
cjfa-20693	263	14	the	the	DET
cjfa-20693	263	15	company	company	NOUN
cjfa-20693	263	16	does	do	AUX
cjfa-20693	263	17	not	not	PART
cjfa-20693	263	18	pay	pay	VERB
cjfa-20693	263	19	dividends	dividend	NOUN
cjfa-20693	263	20	,	,	PUNCT
cjfa-20693	263	21	the	the	DET
cjfa-20693	263	22	reduction	reduction	NOUN
cjfa-20693	263	23	will	will	AUX
cjfa-20693	263	24	cause	cause	VERB
cjfa-20693	263	25	the	the	DET
cjfa-20693	263	26	company	company	NOUN
cjfa-20693	263	27	's	's	PART
cjfa-20693	263	28	stock	stock	NOUN
cjfa-20693	263	29	price	price	NOUN
cjfa-20693	263	30	to	to	PART
cjfa-20693	263	31	decline	decline	VERB
cjfa-20693	263	32	,	,	PUNCT
cjfa-20693	263	33	then	then	ADV
cjfa-20693	263	34	executives	executive	NOUN
cjfa-20693	263	35	will	will	AUX
cjfa-20693	263	36	face	face	VERB
cjfa-20693	263	37	the	the	DET
cjfa-20693	263	38	fate	fate	NOUN
cjfa-20693	263	39	of	of	ADP
cjfa-20693	263	40	impeachment	impeachment	NOUN
cjfa-20693	263	41	and	and	CCONJ
cjfa-20693	263	42	dismissal	dismissal	NOUN
cjfa-20693	263	43	,	,	PUNCT
cjfa-20693	263	44	so	so	SCONJ
cjfa-20693	263	45	the	the	DET
cjfa-20693	263	46	current	current	ADJ
cjfa-20693	263	47	income	income	NOUN
cjfa-20693	263	48	of	of	ADP
cjfa-20693	263	49	executives	executive	NOUN
cjfa-20693	263	50	is	be	AUX
cjfa-20693	263	51	0	0	NUM
cjfa-20693	263	52	,	,	PUNCT
cjfa-20693	263	53	that	that	ADV
cjfa-20693	263	54	is	is	ADV
cjfa-20693	263	55	,	,	PUNCT
cjfa-20693	263	56	unemployment	unemployment	NOUN
cjfa-20693	263	57	will	will	AUX
cjfa-20693	263	58	offset	offset	VERB
cjfa-20693	263	59	his	his	PRON
cjfa-20693	263	60	wage	wage	NOUN
cjfa-20693	263	61	income	income	NOUN
cjfa-20693	263	62	.	.	PUNCT
cjfa-20693	264	1	secondly	secondly	ADV
cjfa-20693	264	2	,	,	PUNCT
cjfa-20693	264	3	for	for	ADP
cjfa-20693	264	4	shareholders	shareholder	NOUN
cjfa-20693	264	5	,	,	PUNCT
cjfa-20693	264	6	if	if	SCONJ
cjfa-20693	264	7	they	they	PRON
cjfa-20693	264	8	disagree	disagree	VERB
cjfa-20693	264	9	with	with	ADP
cjfa-20693	264	10	the	the	DET
cjfa-20693	264	11	company	company	NOUN
cjfa-20693	264	12	's	's	PART
cjfa-20693	264	13	non	non	ADJ
cjfa-20693	264	14	-	-	ADJ
cjfa-20693	264	15	dividend	dividend	ADJ
cjfa-20693	264	16	policy	policy	NOUN
cjfa-20693	264	17	or	or	CCONJ
cjfa-20693	264	18	are	be	AUX
cjfa-20693	264	19	not	not	PART
cjfa-20693	264	20	optimistic	optimistic	ADJ
cjfa-20693	264	21	about	about	ADP
cjfa-20693	264	22	the	the	DET
cjfa-20693	264	23	company	company	NOUN
cjfa-20693	264	24	's	's	PART
cjfa-20693	264	25	development	development	NOUN
cjfa-20693	264	26	prospects	prospect	NOUN
cjfa-20693	264	27	,	,	PUNCT
cjfa-20693	264	28	they	they	PRON
cjfa-20693	264	29	can	can	AUX
cjfa-20693	264	30	take	take	VERB
cjfa-20693	264	31	a	a	DET
cjfa-20693	264	32	foot	foot	NOUN
cjfa-20693	264	33	-	-	PUNCT
cjfa-20693	264	34	to	to	ADP
cjfa-20693	264	35	-	-	PUNCT
cjfa-20693	264	36	foot	foot	NOUN
cjfa-20693	264	37	vote	vote	NOUN
cjfa-20693	264	38	to	to	PART
cjfa-20693	264	39	reduce	reduce	VERB
cjfa-20693	264	40	their	their	PRON
cjfa-20693	264	41	holdings	holding	NOUN
cjfa-20693	264	42	of	of	ADP
cjfa-20693	264	43	the	the	DET
cjfa-20693	264	44	company	company	NOUN
cjfa-20693	264	45	's	's	PART
cjfa-20693	264	46	shares	share	NOUN
cjfa-20693	264	47	.	.	PUNCT
cjfa-20693	265	1	at	at	ADP
cjfa-20693	265	2	this	this	DET
cjfa-20693	265	3	time	time	NOUN
cjfa-20693	265	4	,	,	PUNCT
cjfa-20693	265	5	the	the	DET
cjfa-20693	265	6	earnings	earning	NOUN
cjfa-20693	265	7	consist	consist	NOUN
cjfa-20693	265	8	of	of	ADP
cjfa-20693	265	9	two	two	NUM
cjfa-20693	265	10	parts	part	NOUN
cjfa-20693	265	11	:	:	PUNCT
cjfa-20693	265	12	the	the	DET
cjfa-20693	265	13	shareholders	shareholder	NOUN
cjfa-20693	265	14	get	get	VERB
cjfa-20693	265	15	the	the	DET
cjfa-20693	265	16	capital	capital	NOUN
cjfa-20693	265	17	gains	gain	NOUN
cjfa-20693	265	18	�	�	NOUN
cjfa-20693	265	19	�	�	PROPN
cjfa-20693	265	20	of	of	ADP
cjfa-20693	265	21	the	the	DET
cjfa-20693	265	22	current	current	ADJ
cjfa-20693	265	23	reduction	reduction	NOUN
cjfa-20693	265	24	and	and	CCONJ
cjfa-20693	265	25	the	the	DET
cjfa-20693	265	26	discount	discount	NOUN
cjfa-20693	265	27	�	�	PROPN
cjfa-20693	265	28	1	1	NUM
cjfa-20693	265	29	−	−	PROPN
cjfa-20693	265	30	�	�	PROPN
cjfa-20693	265	31	�	�	PROPN
cjfa-20693	265	32	�	�	PROPN
cjfa-20693	265	33	�	�	PROPN
cjfa-20693	265	34	�	�	PROPN
cjfa-20693	265	35	�	�	PROPN
cjfa-20693	265	36	�	�	PROPN
cjfa-20693	265	37	�	�	PROPN
cjfa-20693	265	38	�	�	PROPN
cjfa-20693	265	39	�	�	PROPN
cjfa-20693	265	40	�	�	PROPN
cjfa-20693	265	41	�	�	PROPN
cjfa-20693	265	42	�	�	PROPN
cjfa-20693	265	43	�	�	PROPN
cjfa-20693	265	44	�	�	PROPN
cjfa-20693	265	45	�	�	PROPN
cjfa-20693	265	46	�	�	PROPN
cjfa-20693	265	47	�	�	PROPN
cjfa-20693	265	48	of	of	ADP
cjfa-20693	265	49	accumulated	accumulate	VERB
cjfa-20693	265	50	undistributed	undistributed	ADJ
cjfa-20693	265	51	dividends	dividend	NOUN
cjfa-20693	265	52	obtained	obtain	VERB
cjfa-20693	265	53	by	by	ADP
cjfa-20693	265	54	continuing	continue	VERB
cjfa-20693	265	55	to	to	PART
cjfa-20693	265	56	hold	hold	VERB
cjfa-20693	265	57	�	�	PROPN
cjfa-20693	265	58	1	1	NUM
cjfa-20693	265	59	−	−	PROPN
cjfa-20693	265	60	�	�	PROPN
cjfa-20693	265	61	�	�	PROPN
cjfa-20693	265	62	unit	unit	NOUN
cjfa-20693	265	63	stock.when	stock.when	ADP
cjfa-20693	265	64	n	n	PROPN
cjfa-20693	265	65	→	→	SYM
cjfa-20693	265	66	∞	∞	PROPN
cjfa-20693	265	67	,	,	PUNCT
cjfa-20693	265	68	the	the	DET
cjfa-20693	265	69	limit	limit	NOUN
cjfa-20693	265	70	of	of	ADP
cjfa-20693	265	71	�	�	PROPN
cjfa-20693	265	72	1	1	NUM
cjfa-20693	265	73	−	−	PROPN
cjfa-20693	265	74	�	�	PROPN
cjfa-20693	265	75	�	�	PROPN
cjfa-20693	265	76	�	�	PROPN
cjfa-20693	265	77	�	�	PROPN
cjfa-20693	265	78	�	�	PROPN
cjfa-20693	265	79	�	�	PROPN
cjfa-20693	265	80	�	�	PROPN
cjfa-20693	265	81	�	�	PROPN
cjfa-20693	265	82	�	�	PROPN
cjfa-20693	265	83	�	�	PROPN
cjfa-20693	265	84	�	�	PROPN
cjfa-20693	265	85	�	�	PROPN
cjfa-20693	265	86	�	�	PROPN
cjfa-20693	265	87	�	�	PROPN
cjfa-20693	265	88	�	�	PROPN
cjfa-20693	265	89	�	�	PROPN
cjfa-20693	265	90	�	�	PROPN
cjfa-20693	265	91	�	�	PROPN
cjfa-20693	265	92	is	be	AUX
cjfa-20693	265	93	�	�	PROPN
cjfa-20693	265	94	1	1	NUM
cjfa-20693	265	95	−	−	PROPN
cjfa-20693	265	96	�	�	PROPN
cjfa-20693	265	97	�	�	PROPN
cjfa-20693	265	98	�	�	PROPN
cjfa-20693	265	99	�	�	PROPN
cjfa-20693	265	100	�	�	PROPN
cjfa-20693	265	101	�	�	PROPN
cjfa-20693	265	102	�	�	PROPN
cjfa-20693	265	103	�	�	PROPN
cjfa-20693	265	104	�	�	PROPN
cjfa-20693	265	105	�	�	PROPN
cjfa-20693	265	106	,	,	PUNCT
cjfa-20693	265	107	so	so	CCONJ
cjfa-20693	265	108	the	the	DET
cjfa-20693	265	109	total	total	ADJ
cjfa-20693	265	110	earnings	earning	NOUN
cjfa-20693	265	111	of	of	ADP
cjfa-20693	265	112	the	the	DET
cjfa-20693	265	113	shareholder	shareholder	NOUN
cjfa-20693	265	114	is	be	AUX
cjfa-20693	265	115	�	�	PROPN
cjfa-20693	265	116	1	1	NUM
cjfa-20693	265	117	−	−	PROPN
cjfa-20693	265	118	�	�	PROPN
cjfa-20693	265	119	�	�	PROPN
cjfa-20693	265	120	�	�	PROPN
cjfa-20693	265	121	�	�	PROPN
cjfa-20693	265	122	�	�	PROPN
cjfa-20693	265	123	�	�	PROPN
cjfa-20693	265	124	�	�	PROPN
cjfa-20693	265	125	�	�	PROPN
cjfa-20693	265	126	�	�	PROPN
cjfa-20693	265	127	�	�	PROPN
cjfa-20693	265	128	+	+	SYM
cjfa-20693	265	129	�	�	PROPN
cjfa-20693	265	130	�	�	PROPN
cjfa-20693	265	131	.	.	PUNCT
cjfa-20693	266	1	(	(	PUNCT
cjfa-20693	266	2	2	2	X
cjfa-20693	266	3	)	)	PUNCT
cjfa-20693	266	4	the	the	DET
cjfa-20693	266	5	upper	upper	ADJ
cjfa-20693	266	6	right	right	NOUN
cjfa-20693	266	7	chooses	choose	VERB
cjfa-20693	266	8	the	the	DET
cjfa-20693	266	9	profit	profit	NOUN
cjfa-20693	266	10	function	function	NOUN
cjfa-20693	266	11	of	of	ADP
cjfa-20693	266	12	the	the	DET
cjfa-20693	266	13	two	two	NUM
cjfa-20693	266	14	sides	side	NOUN
cjfa-20693	266	15	when	when	SCONJ
cjfa-20693	266	16	the	the	DET
cjfa-20693	266	17	executive	executive	NOUN
cjfa-20693	266	18	chooses	choose	VERB
cjfa-20693	266	19	not	not	PART
cjfa-20693	266	20	to	to	PART
cjfa-20693	266	21	dividend	dividend	VERB
cjfa-20693	266	22	and	and	CCONJ
cjfa-20693	266	23	the	the	DET
cjfa-20693	266	24	shareholder	shareholder	NOUN
cjfa-20693	266	25	chooses	choose	VERB
cjfa-20693	266	26	to	to	PART
cjfa-20693	266	27	increase	increase	VERB
cjfa-20693	266	28	the	the	DET
cjfa-20693	266	29	ownership	ownership	NOUN
cjfa-20693	266	30	.	.	PUNCT
cjfa-20693	267	1	firstly	firstly	ADV
cjfa-20693	267	2	,	,	PUNCT
cjfa-20693	267	3	for	for	ADP
cjfa-20693	267	4	executives	executive	NOUN
cjfa-20693	267	5	,	,	PUNCT
cjfa-20693	267	6	if	if	SCONJ
cjfa-20693	267	7	executives	executive	NOUN
cjfa-20693	267	8	choose	choose	VERB
cjfa-20693	267	9	not	not	PART
cjfa-20693	267	10	to	to	PART
cjfa-20693	267	11	pay	pay	VERB
cjfa-20693	267	12	dividends	dividend	NOUN
cjfa-20693	267	13	and	and	CCONJ
cjfa-20693	267	14	shareholders	shareholder	NOUN
cjfa-20693	267	15	choose	choose	VERB
cjfa-20693	267	16	to	to	PART
cjfa-20693	267	17	continue	continue	VERB
cjfa-20693	267	18	holding	hold	VERB
cjfa-20693	267	19	,	,	PUNCT
cjfa-20693	267	20	this	this	PRON
cjfa-20693	267	21	shows	show	VERB
cjfa-20693	267	22	that	that	SCONJ
cjfa-20693	267	23	the	the	DET
cjfa-20693	267	24	company	company	NOUN
cjfa-20693	267	25	's	's	PART
cjfa-20693	267	26	non	non	ADJ
cjfa-20693	267	27	-	-	ADJ
cjfa-20693	267	28	dividend	dividend	ADJ
cjfa-20693	267	29	behavior	behavior	NOUN
cjfa-20693	267	30	has	have	AUX
cjfa-20693	267	31	been	be	AUX
cjfa-20693	267	32	recognized	recognize	VERB
cjfa-20693	267	33	by	by	ADP
cjfa-20693	267	34	shareholders	shareholder	NOUN
cjfa-20693	267	35	.	.	PUNCT
cjfa-20693	268	1	so	so	ADV
cjfa-20693	268	2	they	they	PRON
cjfa-20693	268	3	will	will	AUX
cjfa-20693	268	4	get	get	VERB
cjfa-20693	268	5	the	the	DET
cjfa-20693	268	6	salary	salary	NOUN
cjfa-20693	268	7	of	of	ADP
cjfa-20693	268	8	ae	ae	PROPN
cjfa-20693	268	9	−	−	PROPN
cjfa-20693	268	10	be	be	VERB
cjfa-20693	268	11	�	�	ADJ
cjfa-20693	268	12	and	and	CCONJ
cjfa-20693	268	13	private	private	ADJ
cjfa-20693	268	14	interest	interest	NOUN
cjfa-20693	268	15	c	c	NOUN
cjfa-20693	268	16	,	,	PUNCT
cjfa-20693	268	17	i.e.	i.e.	X
cjfa-20693	268	18	,	,	PUNCT
cjfa-20693	268	19	his	his	PRON
cjfa-20693	268	20	.	.	PUNCT
cjfa-20693	269	1	(	(	PUNCT
cjfa-20693	269	2	2	2	X
cjfa-20693	269	3	)	)	PUNCT
cjfa-20693	269	4	the	the	DET
cjfa-20693	269	5	upper	upper	ADJ
cjfa-20693	269	6	right	right	NOUN
cjfa-20693	269	7	chooses	choose	VERB
cjfa-20693	269	8	the	the	DET
cjfa-20693	269	9	profit	profit	NOUN
cjfa-20693	269	10	function	function	NOUN
cjfa-20693	269	11	of	of	ADP
cjfa-20693	269	12	the	the	DET
cjfa-20693	269	13	two	two	NUM
cjfa-20693	269	14	sides	side	NOUN
cjfa-20693	269	15	when	when	SCONJ
cjfa-20693	269	16	the	the	DET
cjfa-20693	269	17	executive	executive	NOUN
cjfa-20693	269	18	chooses	choose	VERB
cjfa-20693	269	19	not	not	PART
cjfa-20693	269	20	to	to	PART
cjfa-20693	269	21	dividend	dividend	VERB
cjfa-20693	269	22	and	and	CCONJ
cjfa-20693	269	23	the	the	DET
cjfa-20693	269	24	shareholder	shareholder	NOUN
cjfa-20693	269	25	chooses	choose	VERB
cjfa-20693	269	26	to	to	PART
cjfa-20693	269	27	increase	increase	VERB
cjfa-20693	269	28	the	the	DET
cjfa-20693	269	29	ownership	ownership	NOUN
cjfa-20693	269	30	.	.	PUNCT
cjfa-20693	270	1	firstly	firstly	ADV
cjfa-20693	270	2	,	,	PUNCT
cjfa-20693	270	3	for	for	ADP
cjfa-20693	270	4	executives	executive	NOUN
cjfa-20693	270	5	,	,	PUNCT
cjfa-20693	270	6	if	if	SCONJ
cjfa-20693	270	7	executives	executive	NOUN
cjfa-20693	270	8	choose	choose	VERB
cjfa-20693	270	9	not	not	PART
cjfa-20693	270	10	to	to	PART
cjfa-20693	270	11	pay	pay	VERB
cjfa-20693	270	12	dividends	dividend	NOUN
cjfa-20693	270	13	and	and	CCONJ
cjfa-20693	270	14	shareholders	shareholder	NOUN
cjfa-20693	270	15	choose	choose	VERB
cjfa-20693	270	16	to	to	PART
cjfa-20693	270	17	continue	continue	VERB
cjfa-20693	270	18	holding	hold	VERB
cjfa-20693	270	19	,	,	PUNCT
cjfa-20693	270	20	this	this	PRON
cjfa-20693	270	21	shows	show	VERB
cjfa-20693	270	22	that	that	SCONJ
cjfa-20693	270	23	the	the	DET
cjfa-20693	270	24	company	company	NOUN
cjfa-20693	270	25	’s	’s	PART
cjfa-20693	270	26	nondividend	nondividend	NOUN
cjfa-20693	270	27	behavior	behavior	NOUN
cjfa-20693	270	28	has	have	AUX
cjfa-20693	270	29	been	be	AUX
cjfa-20693	270	30	recognized	recognize	VERB
cjfa-20693	270	31	by	by	ADP
cjfa-20693	270	32	shareholders	shareholder	NOUN
cjfa-20693	270	33	.	.	PUNCT
cjfa-20693	271	1	so	so	ADV
cjfa-20693	271	2	they	they	PRON
cjfa-20693	271	3	will	will	AUX
cjfa-20693	271	4	get	get	VERB
cjfa-20693	271	5	the	the	DET
cjfa-20693	271	6	salary	salary	NOUN
cjfa-20693	271	7	of	of	ADP
cjfa-20693	271	8	ae	ae	PROPN
cjfa-20693	271	9	−	−	PROPN
cjfa-20693	271	10	be2	be2	PROPN
cjfa-20693	271	11	and	and	CCONJ
cjfa-20693	271	12	private	private	ADJ
cjfa-20693	271	13	interest	interest	NOUN
cjfa-20693	271	14	c	c	NOUN
cjfa-20693	271	15	,	,	PUNCT
cjfa-20693	271	16	i.e.	i.e.	X
cjfa-20693	271	17	,	,	PUNCT
cjfa-20693	271	18	his	his	PRON
cjfa-20693	271	19	discounted	discount	VERB
cjfa-20693	271	20	income	income	NOUN
cjfa-20693	271	21	from	from	ADP
cjfa-20693	271	22	future	future	ADJ
cjfa-20693	271	23	periods	period	NOUN
cjfa-20693	271	24	should	should	AUX
cjfa-20693	271	25	be	be	AUX
cjfa-20693	271	26	discounted	discount	VERB
cjfa-20693	271	27	income	income	NOUN
cjfa-20693	271	28	from	from	ADP
cjfa-20693	271	29	future	future	ADJ
cjfa-20693	271	30	periods	period	NOUN
cjfa-20693	271	31	should	should	AUX
cjfa-20693	271	32	be	be	AUX
cjfa-20693	271	33	�	�	PROPN
cjfa-20693	271	34	�	�	PROPN
cjfa-20693	271	35	�	�	PROPN
cjfa-20693	271	36	�	�	PROPN
cjfa-20693	271	37	�	�	PROPN
cjfa-20693	271	38	�	�	PROPN
cjfa-20693	271	39	�	�	PROPN
cjfa-20693	271	40	�	�	PROPN
cjfa-20693	271	41	�	�	PROPN
cjfa-20693	271	42	.	.	PUNCT
cjfa-20693	272	1	secondly	secondly	ADV
cjfa-20693	272	2	,	,	PUNCT
cjfa-20693	272	3	for	for	ADP
cjfa-20693	272	4	shareholders	shareholder	NOUN
cjfa-20693	272	5	,	,	PUNCT
cjfa-20693	272	6	since	since	SCONJ
cjfa-20693	272	7	they	they	PRON
cjfa-20693	272	8	agree	agree	VERB
cjfa-20693	272	9	with	with	ADP
cjfa-20693	272	10	the	the	DET
cjfa-20693	272	11	dividend	dividend	NOUN
cjfa-20693	272	12	-	-	PUNCT
cjfa-20693	272	13	free	free	ADJ
cjfa-20693	272	14	strategy	strategy	NOUN
cjfa-20693	272	15	of	of	ADP
cjfa-20693	272	16	senior	senior	ADJ
cjfa-20693	272	17	managers	manager	NOUN
cjfa-20693	272	18	,	,	PUNCT
cjfa-20693	272	19	they	they	PRON
cjfa-20693	272	20	have	have	VERB
cjfa-20693	272	21	reason	reason	NOUN
cjfa-20693	272	22	to	to	PART
cjfa-20693	272	23	believe	believe	VERB
cjfa-20693	272	24	that	that	SCONJ
cjfa-20693	272	25	long	long	ADJ
cjfa-20693	272	26	-	-	PUNCT
cjfa-20693	272	27	term	term	NOUN
cjfa-20693	272	28	holding	holding	NOUN
cjfa-20693	272	29	of	of	ADP
cjfa-20693	272	30	company	company	NOUN
cjfa-20693	272	31	stocks	stock	NOUN
cjfa-20693	272	32	may	may	AUX
cjfa-20693	272	33	lead	lead	VERB
cjfa-20693	272	34	to	to	ADP
cjfa-20693	272	35	accumulated	accumulate	VERB
cjfa-20693	272	36	undistributed	undistributed	ADJ
cjfa-20693	272	37	dividends	dividend	NOUN
cjfa-20693	272	38	in	in	ADP
cjfa-20693	272	39	a	a	DET
cjfa-20693	272	40	future	future	ADJ
cjfa-20693	272	41	period	period	NOUN
cjfa-20693	272	42	,	,	PUNCT
cjfa-20693	272	43	i.e.	i.e.	X
cjfa-20693	272	44	a	a	DET
cjfa-20693	272	45	huge	huge	ADJ
cjfa-20693	272	46	capital	capital	NOUN
cjfa-20693	272	47	gain	gain	NOUN
cjfa-20693	272	48	.	.	PUNCT
cjfa-20693	273	1	therefore	therefore	ADV
cjfa-20693	273	2	,	,	PUNCT
cjfa-20693	273	3	they	they	PRON
cjfa-20693	273	4	will	will	AUX
cjfa-20693	273	5	choose	choose	VERB
cjfa-20693	273	6	to	to	PART
cjfa-20693	273	7	increase	increase	VERB
cjfa-20693	273	8	their	their	PRON
cjfa-20693	273	9	holding	holding	NOUN
cjfa-20693	273	10	of	of	ADP
cjfa-20693	273	11	π	π	PROPN
cjfa-20693	273	12	unit	unit	NOUN
cjfa-20693	273	13	stocks	stock	NOUN
cjfa-20693	273	14	with	with	ADP
cjfa-20693	273	15	the	the	DET
cjfa-20693	273	16	discount	discount	NOUN
cjfa-20693	273	17	value	value	NOUN
cjfa-20693	273	18	of	of	ADP
cjfa-20693	273	19	their	their	PRON
cjfa-20693	273	20	total	total	ADJ
cjfa-20693	273	21	earnings	earning	NOUN
cjfa-20693	273	22	.	.	PUNCT
cjfa-20693	274	1	the	the	DET
cjfa-20693	274	2	discount	discount	NOUN
cjfa-20693	274	3	value	value	NOUN
cjfa-20693	274	4	of	of	ADP
cjfa-20693	274	5	its	its	PRON
cjfa-20693	274	6	total	total	ADJ
cjfa-20693	274	7	income	income	NOUN
cjfa-20693	274	8	is	be	AUX
cjfa-20693	274	9	�	�	NOUN
cjfa-20693	274	10	1	1	NUM
cjfa-20693	274	11	+	+	NUM
cjfa-20693	274	12	�	�	PROPN
cjfa-20693	274	13	�	�	PROPN
cjfa-20693	274	14	�	�	PROPN
cjfa-20693	274	15	�	�	PROPN
cjfa-20693	274	16	�	�	PROPN
cjfa-20693	274	17	�	�	PROPN
cjfa-20693	274	18	�	�	PROPN
cjfa-20693	274	19	�	�	PROPN
cjfa-20693	274	20	�	�	PROPN
cjfa-20693	274	21	�	�	PROPN
cjfa-20693	274	22	�	�	PROPN
cjfa-20693	274	23	�	�	PROPN
cjfa-20693	274	24	�	�	PROPN
cjfa-20693	274	25	�	�	PROPN
cjfa-20693	274	26	�	�	PROPN
cjfa-20693	274	27	�	�	PROPN
cjfa-20693	274	28	�	�	PROPN
cjfa-20693	274	29	�	�	PROPN
cjfa-20693	274	30	�	�	PROPN
cjfa-20693	274	31	�	�	PROPN
cjfa-20693	274	32	�	�	PROPN
cjfa-20693	274	33	�	�	PROPN
cjfa-20693	274	34	�	�	PROPN
cjfa-20693	274	35	�	�	PROPN
cjfa-20693	274	36	�	�	PROPN
cjfa-20693	274	37	.	.	PUNCT
cjfa-20693	275	1	when	when	SCONJ
cjfa-20693	275	2	�	�	PROPN
cjfa-20693	275	3	�	�	PROPN
cjfa-20693	275	4	�	�	PROPN
cjfa-20693	275	5	,	,	PUNCT
cjfa-20693	275	6	it	it	PRON
cjfa-20693	275	7	is	be	AUX
cjfa-20693	275	8	�	�	PROPN
cjfa-20693	275	9	1	1	NUM
cjfa-20693	275	10	+	+	NUM
cjfa-20693	275	11	�	�	PROPN
cjfa-20693	275	12	�	�	PROPN
cjfa-20693	275	13	�	�	PROPN
cjfa-20693	275	14	�	�	PROPN
cjfa-20693	275	15	�	�	PROPN
cjfa-20693	275	16	�	�	PROPN
cjfa-20693	275	17	�	�	PROPN
cjfa-20693	275	18	�	�	PROPN
cjfa-20693	275	19	�	�	PROPN
cjfa-20693	275	20	�	�	PROPN
cjfa-20693	275	21	�	�	PROPN
cjfa-20693	275	22	�	�	PROPN
cjfa-20693	275	23	�	�	PROPN
cjfa-20693	275	24	�	�	PROPN
cjfa-20693	275	25	for	for	ADP
cjfa-20693	275	26	limit	limit	NOUN
cjfa-20693	275	27	of	of	ADP
cjfa-20693	275	28	the	the	DET
cjfa-20693	275	29	discount	discount	NOUN
cjfa-20693	275	30	value	value	NOUN
cjfa-20693	275	31	of	of	ADP
cjfa-20693	275	32	�	�	PROPN
cjfa-20693	275	33	1	1	NUM
cjfa-20693	275	34	+	+	NUM
cjfa-20693	275	35	�	�	PROPN
cjfa-20693	275	36	�	�	PROPN
cjfa-20693	275	37	the	the	DET
cjfa-20693	275	38	long	long	ADJ
cjfa-20693	275	39	-	-	PUNCT
cjfa-20693	275	40	term	term	NOUN
cjfa-20693	275	41	shareholder	shareholder	NOUN
cjfa-20693	275	42	's	's	PART
cjfa-20693	275	43	shares	share	NOUN
cjfa-20693	275	44	.	.	PUNCT
cjfa-20693	276	1	（	（	PUNCT
cjfa-20693	276	2	3）the	3）the	DET
cjfa-20693	276	3	bottom	bottom	NOUN
cjfa-20693	276	4	left	leave	VERB
cjfa-20693	276	5	is	be	AUX
cjfa-20693	276	6	the	the	DET
cjfa-20693	276	7	earnings	earning	NOUN
cjfa-20693	276	8	function	function	NOUN
cjfa-20693	276	9	of	of	ADP
cjfa-20693	276	10	both	both	DET
cjfa-20693	276	11	sides	side	NOUN
cjfa-20693	276	12	when	when	SCONJ
cjfa-20693	276	13	executives	executive	NOUN
cjfa-20693	276	14	choose	choose	VERB
cjfa-20693	276	15	dividends	dividend	NOUN
cjfa-20693	276	16	and	and	CCONJ
cjfa-20693	276	17	shareholders	shareholder	NOUN
cjfa-20693	276	18	choose	choose	VERB
cjfa-20693	276	19	to	to	PART
cjfa-20693	276	20	reduce	reduce	VERB
cjfa-20693	276	21	their	their	PRON
cjfa-20693	276	22	holdings	holding	NOUN
cjfa-20693	276	23	.	.	PUNCT
cjfa-20693	277	1	executives	executive	NOUN
cjfa-20693	277	2	choose	choose	VERB
cjfa-20693	277	3	to	to	PART
cjfa-20693	277	4	pay	pay	VERB
cjfa-20693	277	5	dividends	dividend	NOUN
cjfa-20693	277	6	,	,	PUNCT
cjfa-20693	277	7	but	but	CCONJ
cjfa-20693	277	8	suffer	suffer	VERB
cjfa-20693	277	9	from	from	ADP
cjfa-20693	277	10	shareholders	shareholder	NOUN
cjfa-20693	277	11	'	'	PART
cjfa-20693	277	12	reduction	reduction	NOUN
cjfa-20693	277	13	.	.	PUNCT
cjfa-20693	278	1	this	this	PRON
cjfa-20693	278	2	makes	make	VERB
cjfa-20693	278	3	executives	executive	NOUN
cjfa-20693	278	4	bear	bear	VERB
cjfa-20693	278	5	double	double	ADJ
cjfa-20693	278	6	losses	loss	NOUN
cjfa-20693	278	7	psychologically	psychologically	ADV
cjfa-20693	278	8	,	,	PUNCT
cjfa-20693	278	9	that	that	ADV
cjfa-20693	278	10	is	is	ADV
cjfa-20693	278	11	,	,	PUNCT
cjfa-20693	278	12	not	not	PART
cjfa-20693	278	13	only	only	ADV
cjfa-20693	278	14	do	do	AUX
cjfa-20693	278	15	they	they	PRON
cjfa-20693	278	16	not	not	PART
cjfa-20693	278	17	gain	gain	VERB
cjfa-20693	278	18	potential	potential	ADJ
cjfa-20693	278	19	private	private	ADJ
cjfa-20693	278	20	benefits	benefit	NOUN
cjfa-20693	278	21	,	,	PUNCT
cjfa-20693	278	22	but	but	CCONJ
cjfa-20693	278	23	also	also	ADV
cjfa-20693	278	24	lose	lose	VERB
cjfa-20693	278	25	disposable	disposable	ADJ
cjfa-20693	278	26	free	free	ADJ
cjfa-20693	278	27	cash	cash	NOUN
cjfa-20693	278	28	flow	flow	NOUN
cjfa-20693	278	29	,	,	PUNCT
cjfa-20693	278	30	so	so	CCONJ
cjfa-20693	278	31	their	their	PRON
cjfa-20693	278	32	earnings	earning	NOUN
cjfa-20693	278	33	are	be	AUX
cjfa-20693	278	34	�	�	NOUN
cjfa-20693	278	35	�	�	PROPN
cjfa-20693	278	36	−	−	PROPN
cjfa-20693	278	37	�	�	PROPN
cjfa-20693	278	38	�	�	PROPN
cjfa-20693	278	39	�	�	PROPN
cjfa-20693	278	40	−	−	PROPN
cjfa-20693	278	41	�	�	PROPN
cjfa-20693	278	42	.	.	PUNCT
cjfa-20693	279	1	it	it	PRON
cjfa-20693	279	2	should	should	AUX
cjfa-20693	279	3	be	be	AUX
cjfa-20693	279	4	pointed	point	VERB
cjfa-20693	279	5	out	out	ADP
cjfa-20693	279	6	in	in	ADP
cjfa-20693	279	7	particular	particular	ADJ
cjfa-20693	279	8	that	that	SCONJ
cjfa-20693	279	9	because	because	SCONJ
cjfa-20693	279	10	of	of	ADP
cjfa-20693	279	11	the	the	DET
cjfa-20693	279	12	influence	influence	NOUN
cjfa-20693	279	13	of	of	ADP
cjfa-20693	279	14	tenure	tenure	NOUN
cjfa-20693	279	15	system	system	NOUN
cjfa-20693	279	16	and	and	CCONJ
cjfa-20693	279	17	managers	manager	NOUN
cjfa-20693	279	18	'	'	PART
cjfa-20693	279	19	market	market	NOUN
cjfa-20693	279	20	competition	competition	NOUN
cjfa-20693	279	21	,	,	PUNCT
cjfa-20693	279	22	senior	senior	ADJ
cjfa-20693	279	23	managers	manager	NOUN
cjfa-20693	279	24	are	be	AUX
cjfa-20693	279	25	not	not	PART
cjfa-20693	279	26	discounted	discount	VERB
cjfa-20693	279	27	here	here	ADV
cjfa-20693	279	28	.	.	PUNCT
cjfa-20693	280	1	for	for	ADP
cjfa-20693	280	2	shareholders	shareholder	NOUN
cjfa-20693	280	3	,	,	PUNCT
cjfa-20693	280	4	reduction	reduction	NOUN
cjfa-20693	280	5	can	can	AUX
cjfa-20693	280	6	not	not	PART
cjfa-20693	280	7	only	only	ADV
cjfa-20693	280	8	obtain	obtain	VERB
cjfa-20693	280	9	current	current	ADJ
cjfa-20693	280	10	capital	capital	NOUN
cjfa-20693	280	11	gains	gain	NOUN
cjfa-20693	280	12	,	,	PUNCT
cjfa-20693	280	13	but	but	CCONJ
cjfa-20693	280	14	also	also	ADV
cjfa-20693	280	15	obtain	obtain	VERB
cjfa-20693	280	16	discount	discount	NOUN
cjfa-20693	280	17	income	income	NOUN
cjfa-20693	280	18	from	from	ADP
cjfa-20693	280	19	the	the	DET
cjfa-20693	280	20	sum	sum	NOUN
cjfa-20693	280	21	of	of	ADP
cjfa-20693	280	22	dividends	dividend	NOUN
cjfa-20693	280	23	�	�	PROPN
cjfa-20693	280	24	1	1	NUM
cjfa-20693	280	25	−	−	PROPN
cjfa-20693	280	26	π	π	PROPN
cjfa-20693	280	27	�	�	PROPN
cjfa-20693	280	28	and	and	CCONJ
cjfa-20693	280	29	continue	continue	VERB
cjfa-20693	280	30	to	to	PART
cjfa-20693	280	31	hold	hold	VERB
cjfa-20693	280	32	them	they	PRON
cjfa-20693	280	33	,	,	PUNCT
cjfa-20693	280	34	�	�	PROPN
cjfa-20693	280	35	�	�	PROPN
cjfa-20693	280	36	+	+	CCONJ
cjfa-20693	280	37	�	�	PROPN
cjfa-20693	280	38	�	�	PROPN
cjfa-20693	280	39	�	�	PROPN
cjfa-20693	280	40	+	+	SYM
cjfa-20693	280	41	�	�	PROPN
cjfa-20693	280	42	�	�	PROPN
cjfa-20693	280	43	�	�	PROPN
cjfa-20693	280	44	�	�	PROPN
cjfa-20693	280	45	�	�	PROPN
cjfa-20693	280	46	�	�	PROPN
cjfa-20693	280	47	�	�	PROPN
cjfa-20693	280	48	�	�	PROPN
cjfa-20693	280	49	.	.	PUNCT
cjfa-20693	281	1	（	（	PUNCT
cjfa-20693	282	1	4）the	4）the	DET
cjfa-20693	282	2	bottom	bottom	ADJ
cjfa-20693	282	3	right	right	NOUN
cjfa-20693	282	4	is	be	AUX
cjfa-20693	282	5	the	the	DET
cjfa-20693	282	6	profit	profit	NOUN
cjfa-20693	282	7	function	function	NOUN
cjfa-20693	282	8	of	of	ADP
cjfa-20693	282	9	both	both	DET
cjfa-20693	282	10	sides	side	NOUN
cjfa-20693	282	11	when	when	SCONJ
cjfa-20693	282	12	executives	executive	NOUN
cjfa-20693	282	13	choose	choose	VERB
cjfa-20693	282	14	dividends	dividend	NOUN
cjfa-20693	282	15	and	and	CCONJ
cjfa-20693	282	16	shareholders	shareholder	NOUN
cjfa-20693	282	17	choose	choose	VERB
cjfa-20693	282	18	to	to	PART
cjfa-20693	282	19	increase	increase	VERB
cjfa-20693	282	20	their	their	PRON
cjfa-20693	282	21	holdings	holding	NOUN
cjfa-20693	282	22	.	.	PUNCT
cjfa-20693	283	1	first	first	ADV
cjfa-20693	283	2	,	,	PUNCT
cjfa-20693	283	3	for	for	ADP
cjfa-20693	283	4	senior	senior	ADJ
cjfa-20693	283	5	managers	manager	NOUN
cjfa-20693	283	6	,	,	PUNCT
cjfa-20693	283	7	choosing	choose	VERB
cjfa-20693	283	8	to	to	PART
cjfa-20693	283	9	dividend	dividend	VERB
cjfa-20693	283	10	and	and	CCONJ
cjfa-20693	283	11	let	let	VERB
cjfa-20693	283	12	the	the	DET
cjfa-20693	283	13	dividend	dividend	NOUN
cjfa-20693	283	14	grow	grow	VERB
cjfa-20693	283	15	at	at	ADP
cjfa-20693	283	16	a	a	DET
cjfa-20693	283	17	fixed	fix	VERB
cjfa-20693	283	18	rate	rate	NOUN
cjfa-20693	283	19	g	g	PROPN
cjfa-20693	283	20	will	will	AUX
cjfa-20693	283	21	enable	enable	VERB
cjfa-20693	283	22	them	they	PRON
cjfa-20693	283	23	to	to	PART
cjfa-20693	283	24	reach	reach	VERB
cjfa-20693	283	25	tacit	tacit	ADJ
cjfa-20693	283	26	understanding	understanding	NOUN
cjfa-20693	283	27	with	with	ADP
cjfa-20693	283	28	shareholders	shareholder	NOUN
cjfa-20693	283	29	and	and	CCONJ
cjfa-20693	283	30	agree	agree	VERB
cjfa-20693	283	31	with	with	ADP
cjfa-20693	283	32	each	each	DET
cjfa-20693	283	33	other	other	ADJ
cjfa-20693	283	34	.	.	PUNCT
cjfa-20693	284	1	at	at	ADP
cjfa-20693	284	2	this	this	DET
cjfa-20693	284	3	time	time	NOUN
cjfa-20693	284	4	,	,	PUNCT
cjfa-20693	284	5	although	although	SCONJ
cjfa-20693	284	6	the	the	DET
cjfa-20693	284	7	choice	choice	NOUN
cjfa-20693	284	8	of	of	ADP
cjfa-20693	284	9	dividends	dividend	NOUN
cjfa-20693	284	10	abandons	abandon	VERB
cjfa-20693	284	11	the	the	DET
cjfa-20693	284	12	possibility	possibility	NOUN
cjfa-20693	284	13	of	of	ADP
cjfa-20693	284	14	obtaining	obtain	VERB
cjfa-20693	284	15	private	private	ADJ
cjfa-20693	284	16	benefits	benefit	NOUN
cjfa-20693	284	17	,	,	PUNCT
cjfa-20693	284	18	the	the	DET
cjfa-20693	284	19	positive	positive	ADJ
cjfa-20693	284	20	signals	signal	NOUN
cjfa-20693	284	21	released	release	VERB
cjfa-20693	284	22	by	by	ADP
cjfa-20693	284	23	dividends	dividend	NOUN
cjfa-20693	284	24	make	make	VERB
cjfa-20693	284	25	the	the	DET
cjfa-20693	284	26	status	status	NOUN
cjfa-20693	284	27	of	of	ADP
cjfa-20693	284	28	executives	executive	NOUN
cjfa-20693	284	29	not	not	PART
cjfa-20693	284	30	threatened	threaten	VERB
cjfa-20693	284	31	,	,	PUNCT
cjfa-20693	284	32	and	and	CCONJ
cjfa-20693	284	33	can	can	AUX
cjfa-20693	284	34	continue	continue	VERB
cjfa-20693	284	35	to	to	PART
cjfa-20693	284	36	obtain	obtain	VERB
cjfa-20693	284	37	the	the	DET
cjfa-20693	284	38	discounted	discount	VERB
cjfa-20693	284	39	value	value	NOUN
cjfa-20693	284	40	�	�	PROPN
cjfa-20693	284	41	�	�	PROPN
cjfa-20693	284	42	�	�	PROPN
cjfa-20693	284	43	�	�	PROPN
cjfa-20693	284	44	�	�	PROPN
cjfa-20693	284	45	�	�	PROPN
cjfa-20693	284	46	�	�	PROPN
cjfa-20693	284	47	�	�	PROPN
cjfa-20693	284	48	�	�	PROPN
cjfa-20693	284	49	of	of	ADP
cjfa-20693	284	50	salary	salary	NOUN
cjfa-20693	284	51	income	income	NOUN
cjfa-20693	284	52	that	that	PRON
cjfa-20693	284	53	the	the	DET
cjfa-20693	284	54	future	future	ADJ
cjfa-20693	284	55	operating	operate	VERB
cjfa-20693	284	56	company	company	NOUN
cjfa-20693	284	57	can	can	AUX
cjfa-20693	284	58	bring	bring	VERB
cjfa-20693	284	59	for	for	ADP
cjfa-20693	284	60	a	a	DET
cjfa-20693	284	61	continuous	continuous	ADJ
cjfa-20693	284	62	term	term	NOUN
cjfa-20693	284	63	of	of	ADP
cjfa-20693	284	64	office	office	NOUN
cjfa-20693	284	65	,	,	PUNCT
cjfa-20693	284	66	the	the	DET
cjfa-20693	284	67	reason	reason	NOUN
cjfa-20693	284	68	why	why	SCONJ
cjfa-20693	284	69	r	r	X
cjfa-20693	284	70	-	-	PUNCT
cjfa-20693	284	71	g	g	NOUN
cjfa-20693	284	72	is	be	AUX
cjfa-20693	284	73	chosen	choose	VERB
cjfa-20693	284	74	as	as	ADP
cjfa-20693	284	75	the	the	DET
cjfa-20693	284	76	discount	discount	NOUN
cjfa-20693	284	77	rate	rate	NOUN
cjfa-20693	284	78	of	of	ADP
cjfa-20693	284	79	executive	executive	NOUN
cjfa-20693	284	80	's	's	PART
cjfa-20693	284	81	salary	salary	NOUN
cjfa-20693	284	82	income	income	NOUN
cjfa-20693	284	83	is	be	AUX
cjfa-20693	284	84	that	that	SCONJ
cjfa-20693	284	85	the	the	DET
cjfa-20693	284	86	executive	executive	NOUN
cjfa-20693	284	87	can	can	AUX
cjfa-20693	284	88	completely	completely	ADV
cjfa-20693	284	89	convert	convert	VERB
cjfa-20693	284	90	his	his	PRON
cjfa-20693	284	91	salary	salary	NOUN
cjfa-20693	284	92	income	income	NOUN
cjfa-20693	284	93	into	into	ADP
cjfa-20693	284	94	stock	stock	NOUN
cjfa-20693	284	95	in	in	ADP
cjfa-20693	284	96	order	order	NOUN
cjfa-20693	284	97	to	to	PART
cjfa-20693	284	98	obtain	obtain	VERB
cjfa-20693	284	99	the	the	DET
cjfa-20693	284	100	potential	potential	ADJ
cjfa-20693	284	101	income	income	NOUN
cjfa-20693	284	102	of	of	ADP
cjfa-20693	284	103	the	the	DET
cjfa-20693	284	104	company	company	NOUN
cjfa-20693	284	105	's	's	PART
cjfa-20693	284	106	growth	growth	NOUN
cjfa-20693	284	107	.	.	PUNCT
cjfa-20693	285	1	as	as	ADV
cjfa-20693	285	2	far	far	ADV
cjfa-20693	285	3	as	as	SCONJ
cjfa-20693	285	4	shareholders	shareholder	NOUN
cjfa-20693	285	5	are	be	AUX
cjfa-20693	285	6	concerned	concern	VERB
cjfa-20693	285	7	,	,	PUNCT
cjfa-20693	285	8	the	the	DET
cjfa-20693	285	9	rational	rational	ADJ
cjfa-20693	285	10	choice	choice	NOUN
cjfa-20693	285	11	at	at	ADP
cjfa-20693	285	12	this	this	DET
cjfa-20693	285	13	time	time	NOUN
cjfa-20693	285	14	is	be	AUX
cjfa-20693	285	15	to	to	PART
cjfa-20693	285	16	increase	increase	VERB
cjfa-20693	285	17	the	the	DET
cjfa-20693	285	18	holding	holding	NOUN
cjfa-20693	285	19	of	of	ADP
cjfa-20693	285	20	company	company	NOUN
cjfa-20693	285	21	stocks	stock	NOUN
cjfa-20693	285	22	,	,	PUNCT
cjfa-20693	285	23	not	not	PART
cjfa-20693	285	24	only	only	ADV
cjfa-20693	285	25	to	to	PART
cjfa-20693	285	26	obtain	obtain	VERB
cjfa-20693	285	27	the	the	DET
cjfa-20693	285	28	dividend	dividend	NOUN
cjfa-20693	285	29	income	income	NOUN
cjfa-20693	285	30	of	of	ADP
cjfa-20693	285	31	the	the	DET
cjfa-20693	285	32	current	current	ADJ
cjfa-20693	285	33	period	period	NOUN
cjfa-20693	285	34	,	,	PUNCT
cjfa-20693	285	35	but	but	CCONJ
cjfa-20693	285	36	also	also	ADV
cjfa-20693	285	37	to	to	PART
cjfa-20693	285	38	obtain	obtain	VERB
cjfa-20693	285	39	all	all	DET
cjfa-20693	285	40	the	the	DET
cjfa-20693	285	41	intrinsic	intrinsic	ADJ
cjfa-20693	285	42	value	value	NOUN
cjfa-20693	285	43	of	of	ADP
cjfa-20693	285	44	stocks	stock	NOUN
cjfa-20693	285	45	when	when	SCONJ
cjfa-20693	285	46	they	they	PRON
cjfa-20693	285	47	hold	hold	VERB
cjfa-20693	285	48	stocks	stock	NOUN
cjfa-20693	285	49	for	for	ADP
cjfa-20693	285	50	a	a	DET
cjfa-20693	285	51	long	long	ADJ
cjfa-20693	285	52	time	time	NOUN
cjfa-20693	285	53	,	,	PUNCT
cjfa-20693	285	54	so	so	CCONJ
cjfa-20693	285	55	the	the	DET
cjfa-20693	285	56	total	total	ADJ
cjfa-20693	285	57	income	income	NOUN
cjfa-20693	285	58	of	of	ADP
cjfa-20693	285	59	shareholders	shareholder	NOUN
cjfa-20693	285	60	at	at	ADP
cjfa-20693	285	61	this	this	DET
cjfa-20693	285	62	time	time	NOUN
cjfa-20693	285	63	is	be	AUX
cjfa-20693	285	64	:	:	PUNCT
cjfa-20693	285	65	αe	αe	PROPN
cjfa-20693	285	66	+	+	PROPN
cjfa-20693	285	67	�	�	PROPN
cjfa-20693	285	68	�	�	PROPN
cjfa-20693	285	69	�	�	PROPN
cjfa-20693	285	70	�	�	PROPN
cjfa-20693	285	71	�	�	PROPN
cjfa-20693	285	72	�	�	PROPN
cjfa-20693	285	73	�	�	PROPN
cjfa-20693	285	74	�	�	PROPN
cjfa-20693	285	75	�	�	PROPN
cjfa-20693	285	76	�	�	PROPN
cjfa-20693	285	77	�	�	PROPN
cjfa-20693	285	78	�	�	PROPN
cjfa-20693	285	79	.	.	PUNCT
cjfa-20693	285	80	.	.	PUNCT
cjfa-20693	286	1	secondly	secondly	ADV
cjfa-20693	286	2	,	,	PUNCT
cjfa-20693	286	3	for	for	ADP
cjfa-20693	286	4	shareholders	shareholder	NOUN
cjfa-20693	286	5	,	,	PUNCT
cjfa-20693	286	6	since	since	SCONJ
cjfa-20693	286	7	they	they	PRON
cjfa-20693	286	8	agree	agree	VERB
cjfa-20693	286	9	with	with	ADP
cjfa-20693	286	10	the	the	DET
cjfa-20693	286	11	dividend	dividend	NOUN
cjfa-20693	286	12	-	-	PUNCT
cjfa-20693	286	13	free	free	ADJ
cjfa-20693	286	14	strategy	strategy	NOUN
cjfa-20693	286	15	of	of	ADP
cjfa-20693	286	16	senior	senior	ADJ
cjfa-20693	286	17	managers	manager	NOUN
cjfa-20693	286	18	,	,	PUNCT
cjfa-20693	286	19	they	they	PRON
cjfa-20693	286	20	have	have	VERB
cjfa-20693	286	21	reason	reason	NOUN
cjfa-20693	286	22	to	to	PART
cjfa-20693	286	23	believe	believe	VERB
cjfa-20693	286	24	that	that	SCONJ
cjfa-20693	286	25	long	long	ADJ
cjfa-20693	286	26	-	-	PUNCT
cjfa-20693	286	27	term	term	NOUN
cjfa-20693	286	28	holding	holding	NOUN
cjfa-20693	286	29	of	of	ADP
cjfa-20693	286	30	company	company	NOUN
cjfa-20693	286	31	stocks	stock	NOUN
cjfa-20693	286	32	may	may	AUX
cjfa-20693	286	33	lead	lead	VERB
cjfa-20693	286	34	to	to	ADP
cjfa-20693	286	35	accumulated	accumulate	VERB
cjfa-20693	286	36	undistributed	undistributed	ADJ
cjfa-20693	286	37	dividends	dividend	NOUN
cjfa-20693	286	38	in	in	ADP
cjfa-20693	286	39	a	a	DET
cjfa-20693	286	40	future	future	ADJ
cjfa-20693	286	41	period	period	NOUN
cjfa-20693	286	42	,	,	PUNCT
cjfa-20693	286	43	i.e.	i.e.	X
cjfa-20693	286	44	a	a	DET
cjfa-20693	286	45	huge	huge	ADJ
cjfa-20693	286	46	capital	capital	NOUN
cjfa-20693	286	47	gain	gain	NOUN
cjfa-20693	286	48	.	.	PUNCT
cjfa-20693	287	1	therefore	therefore	ADV
cjfa-20693	287	2	,	,	PUNCT
cjfa-20693	287	3	they	they	PRON
cjfa-20693	287	4	will	will	AUX
cjfa-20693	287	5	choose	choose	VERB
cjfa-20693	287	6	to	to	PART
cjfa-20693	287	7	increase	increase	VERB
cjfa-20693	287	8	their	their	PRON
cjfa-20693	287	9	holding	holding	NOUN
cjfa-20693	287	10	of	of	ADP
cjfa-20693	287	11	unit	unit	NOUN
cjfa-20693	287	12	stocks	stock	NOUN
cjfa-20693	287	13	with	with	ADP
cjfa-20693	287	14	the	the	DET
cjfa-20693	287	15	discount	discount	NOUN
cjfa-20693	287	16	value	value	NOUN
cjfa-20693	287	17	of	of	ADP
cjfa-20693	287	18	their	their	PRON
cjfa-20693	287	19	total	total	ADJ
cjfa-20693	287	20	earnings	earning	NOUN
cjfa-20693	287	21	.	.	PUNCT
cjfa-20693	288	1	the	the	DET
cjfa-20693	288	2	discount	discount	NOUN
cjfa-20693	288	3	value	value	NOUN
cjfa-20693	288	4	of	of	ADP
cjfa-20693	288	5	its	its	PRON
cjfa-20693	288	6	total	total	ADJ
cjfa-20693	288	7	income	income	NOUN
cjfa-20693	288	8	is	be	AUX
cjfa-20693	288	9	discounted	discount	VERB
cjfa-20693	288	10	income	income	NOUN
cjfa-20693	288	11	from	from	ADP
cjfa-20693	288	12	future	future	ADJ
cjfa-20693	288	13	periods	period	NOUN
cjfa-20693	288	14	should	should	AUX
cjfa-20693	288	15	be	be	AUX
cjfa-20693	288	16	�	�	PROPN
cjfa-20693	288	17	�	�	PROPN
cjfa-20693	288	18	�	�	PROPN
cjfa-20693	288	19	�	�	PROPN
cjfa-20693	288	20	�	�	PROPN
cjfa-20693	288	21	�	�	PROPN
cjfa-20693	288	22	�	�	PROPN
cjfa-20693	288	23	�	�	PROPN
cjfa-20693	288	24	�	�	PROPN
cjfa-20693	288	25	.	.	PUNCT
cjfa-20693	289	1	secondly	secondly	ADV
cjfa-20693	289	2	,	,	PUNCT
cjfa-20693	289	3	for	for	ADP
cjfa-20693	289	4	shareholders	shareholder	NOUN
cjfa-20693	289	5	,	,	PUNCT
cjfa-20693	289	6	since	since	SCONJ
cjfa-20693	289	7	they	they	PRON
cjfa-20693	289	8	agree	agree	VERB
cjfa-20693	289	9	with	with	ADP
cjfa-20693	289	10	the	the	DET
cjfa-20693	289	11	dividend	dividend	NOUN
cjfa-20693	289	12	-	-	PUNCT
cjfa-20693	289	13	free	free	ADJ
cjfa-20693	289	14	strategy	strategy	NOUN
cjfa-20693	289	15	of	of	ADP
cjfa-20693	289	16	senior	senior	ADJ
cjfa-20693	289	17	managers	manager	NOUN
cjfa-20693	289	18	,	,	PUNCT
cjfa-20693	289	19	they	they	PRON
cjfa-20693	289	20	have	have	VERB
cjfa-20693	289	21	reason	reason	NOUN
cjfa-20693	289	22	to	to	PART
cjfa-20693	289	23	believe	believe	VERB
cjfa-20693	289	24	that	that	SCONJ
cjfa-20693	289	25	long	long	ADJ
cjfa-20693	289	26	-	-	PUNCT
cjfa-20693	289	27	term	term	NOUN
cjfa-20693	289	28	holding	holding	NOUN
cjfa-20693	289	29	of	of	ADP
cjfa-20693	289	30	company	company	NOUN
cjfa-20693	289	31	stocks	stock	NOUN
cjfa-20693	289	32	may	may	AUX
cjfa-20693	289	33	lead	lead	VERB
cjfa-20693	289	34	to	to	ADP
cjfa-20693	289	35	accumulated	accumulate	VERB
cjfa-20693	289	36	undistributed	undistributed	ADJ
cjfa-20693	289	37	dividends	dividend	NOUN
cjfa-20693	289	38	in	in	ADP
cjfa-20693	289	39	a	a	DET
cjfa-20693	289	40	future	future	ADJ
cjfa-20693	289	41	period	period	NOUN
cjfa-20693	289	42	,	,	PUNCT
cjfa-20693	289	43	i.e.	i.e.	X
cjfa-20693	289	44	a	a	DET
cjfa-20693	289	45	huge	huge	ADJ
cjfa-20693	289	46	capital	capital	NOUN
cjfa-20693	289	47	gain	gain	NOUN
cjfa-20693	289	48	.	.	PUNCT
cjfa-20693	290	1	therefore	therefore	ADV
cjfa-20693	290	2	,	,	PUNCT
cjfa-20693	290	3	they	they	PRON
cjfa-20693	290	4	will	will	AUX
cjfa-20693	290	5	choose	choose	VERB
cjfa-20693	290	6	to	to	PART
cjfa-20693	290	7	increase	increase	VERB
cjfa-20693	290	8	their	their	PRON
cjfa-20693	290	9	holding	holding	NOUN
cjfa-20693	290	10	of	of	ADP
cjfa-20693	290	11	π	π	PROPN
cjfa-20693	290	12	unit	unit	NOUN
cjfa-20693	290	13	stocks	stock	NOUN
cjfa-20693	290	14	with	with	ADP
cjfa-20693	290	15	the	the	DET
cjfa-20693	290	16	discount	discount	NOUN
cjfa-20693	290	17	value	value	NOUN
cjfa-20693	290	18	of	of	ADP
cjfa-20693	290	19	their	their	PRON
cjfa-20693	290	20	total	total	ADJ
cjfa-20693	290	21	earnings	earning	NOUN
cjfa-20693	290	22	.	.	PUNCT
cjfa-20693	291	1	the	the	DET
cjfa-20693	291	2	discount	discount	NOUN
cjfa-20693	291	3	value	value	NOUN
cjfa-20693	291	4	of	of	ADP
cjfa-20693	291	5	its	its	PRON
cjfa-20693	291	6	total	total	ADJ
cjfa-20693	291	7	income	income	NOUN
cjfa-20693	291	8	is	be	AUX
cjfa-20693	291	9	�	�	NOUN
cjfa-20693	291	10	1	1	NUM
cjfa-20693	291	11	+	+	NUM
cjfa-20693	291	12	�	�	PROPN
cjfa-20693	291	13	�	�	PROPN
cjfa-20693	291	14	�	�	PROPN
cjfa-20693	291	15	�	�	PROPN
cjfa-20693	291	16	�	�	PROPN
cjfa-20693	291	17	�	�	PROPN
cjfa-20693	291	18	�	�	PROPN
cjfa-20693	291	19	�	�	PROPN
cjfa-20693	291	20	�	�	PROPN
cjfa-20693	291	21	�	�	PROPN
cjfa-20693	291	22	�	�	PROPN
cjfa-20693	291	23	�	�	PROPN
cjfa-20693	291	24	�	�	PROPN
cjfa-20693	291	25	�	�	PROPN
cjfa-20693	291	26	�	�	PROPN
cjfa-20693	291	27	�	�	PROPN
cjfa-20693	291	28	�	�	PROPN
cjfa-20693	291	29	�	�	PROPN
cjfa-20693	291	30	�	�	PROPN
cjfa-20693	291	31	�	�	PROPN
cjfa-20693	291	32	�	�	PROPN
cjfa-20693	291	33	�	�	PROPN
cjfa-20693	291	34	�	�	PROPN
cjfa-20693	291	35	�	�	PROPN
cjfa-20693	291	36	�	�	PROPN
cjfa-20693	291	37	.	.	PUNCT
cjfa-20693	292	1	when	when	SCONJ
cjfa-20693	292	2	�	�	PROPN
cjfa-20693	292	3	�	�	PROPN
cjfa-20693	292	4	�	�	PROPN
cjfa-20693	292	5	,	,	PUNCT
cjfa-20693	292	6	it	it	PRON
cjfa-20693	292	7	is	be	AUX
cjfa-20693	292	8	�	�	PROPN
cjfa-20693	292	9	1	1	NUM
cjfa-20693	292	10	+	+	NUM
cjfa-20693	292	11	�	�	PROPN
cjfa-20693	292	12	�	�	PROPN
cjfa-20693	292	13	�	�	PROPN
cjfa-20693	292	14	�	�	PROPN
cjfa-20693	292	15	�	�	PROPN
cjfa-20693	292	16	�	�	PROPN
cjfa-20693	292	17	�	�	PROPN
cjfa-20693	292	18	�	�	PROPN
cjfa-20693	292	19	�	�	PROPN
cjfa-20693	292	20	�	�	PROPN
cjfa-20693	292	21	�	�	PROPN
cjfa-20693	292	22	�	�	PROPN
cjfa-20693	292	23	�	�	PROPN
cjfa-20693	292	24	�	�	PROPN
cjfa-20693	292	25	for	for	ADP
cjfa-20693	292	26	limit	limit	NOUN
cjfa-20693	292	27	of	of	ADP
cjfa-20693	292	28	the	the	DET
cjfa-20693	292	29	discount	discount	NOUN
cjfa-20693	292	30	value	value	NOUN
cjfa-20693	292	31	of	of	ADP
cjfa-20693	292	32	�	�	PROPN
cjfa-20693	292	33	1	1	NUM
cjfa-20693	292	34	+	+	NUM
cjfa-20693	292	35	�	�	PROPN
cjfa-20693	292	36	�	�	PROPN
cjfa-20693	292	37	the	the	DET
cjfa-20693	292	38	long	long	ADJ
cjfa-20693	292	39	-	-	PUNCT
cjfa-20693	292	40	term	term	NOUN
cjfa-20693	292	41	shareholder	shareholder	NOUN
cjfa-20693	292	42	's	's	PART
cjfa-20693	292	43	shares	share	NOUN
cjfa-20693	292	44	.	.	PUNCT
cjfa-20693	293	1	（	（	PUNCT
cjfa-20693	293	2	3）the	3）the	DET
cjfa-20693	293	3	bottom	bottom	NOUN
cjfa-20693	293	4	left	leave	VERB
cjfa-20693	293	5	is	be	AUX
cjfa-20693	293	6	the	the	DET
cjfa-20693	293	7	earnings	earning	NOUN
cjfa-20693	293	8	function	function	NOUN
cjfa-20693	293	9	of	of	ADP
cjfa-20693	293	10	both	both	DET
cjfa-20693	293	11	sides	side	NOUN
cjfa-20693	293	12	when	when	SCONJ
cjfa-20693	293	13	executives	executive	NOUN
cjfa-20693	293	14	choose	choose	VERB
cjfa-20693	293	15	dividends	dividend	NOUN
cjfa-20693	293	16	and	and	CCONJ
cjfa-20693	293	17	shareholders	shareholder	NOUN
cjfa-20693	293	18	choose	choose	VERB
cjfa-20693	293	19	to	to	PART
cjfa-20693	293	20	reduce	reduce	VERB
cjfa-20693	293	21	their	their	PRON
cjfa-20693	293	22	holdings	holding	NOUN
cjfa-20693	293	23	.	.	PUNCT
cjfa-20693	294	1	executives	executive	NOUN
cjfa-20693	294	2	choose	choose	VERB
cjfa-20693	294	3	to	to	PART
cjfa-20693	294	4	pay	pay	VERB
cjfa-20693	294	5	dividends	dividend	NOUN
cjfa-20693	294	6	,	,	PUNCT
cjfa-20693	294	7	but	but	CCONJ
cjfa-20693	294	8	suffer	suffer	VERB
cjfa-20693	294	9	from	from	ADP
cjfa-20693	294	10	shareholders	shareholder	NOUN
cjfa-20693	294	11	'	'	PART
cjfa-20693	294	12	reduction	reduction	NOUN
cjfa-20693	294	13	.	.	PUNCT
cjfa-20693	295	1	this	this	PRON
cjfa-20693	295	2	makes	make	VERB
cjfa-20693	295	3	executives	executive	NOUN
cjfa-20693	295	4	bear	bear	VERB
cjfa-20693	295	5	double	double	ADJ
cjfa-20693	295	6	losses	loss	NOUN
cjfa-20693	295	7	psychologically	psychologically	ADV
cjfa-20693	295	8	,	,	PUNCT
cjfa-20693	295	9	that	that	ADV
cjfa-20693	295	10	is	is	ADV
cjfa-20693	295	11	,	,	PUNCT
cjfa-20693	295	12	not	not	PART
cjfa-20693	295	13	only	only	ADV
cjfa-20693	295	14	do	do	AUX
cjfa-20693	295	15	they	they	PRON
cjfa-20693	295	16	not	not	PART
cjfa-20693	295	17	gain	gain	VERB
cjfa-20693	295	18	potential	potential	ADJ
cjfa-20693	295	19	private	private	ADJ
cjfa-20693	295	20	benefits	benefit	NOUN
cjfa-20693	295	21	,	,	PUNCT
cjfa-20693	295	22	but	but	CCONJ
cjfa-20693	295	23	also	also	ADV
cjfa-20693	295	24	lose	lose	VERB
cjfa-20693	295	25	disposable	disposable	ADJ
cjfa-20693	295	26	free	free	ADJ
cjfa-20693	295	27	cash	cash	NOUN
cjfa-20693	295	28	flow	flow	NOUN
cjfa-20693	295	29	,	,	PUNCT
cjfa-20693	295	30	so	so	CCONJ
cjfa-20693	295	31	their	their	PRON
cjfa-20693	295	32	earnings	earning	NOUN
cjfa-20693	295	33	are	be	AUX
cjfa-20693	295	34	�	�	NOUN
cjfa-20693	295	35	�	�	PROPN
cjfa-20693	295	36	−	−	PROPN
cjfa-20693	295	37	�	�	PROPN
cjfa-20693	295	38	�	�	PROPN
cjfa-20693	295	39	�	�	PROPN
cjfa-20693	295	40	−	−	PROPN
cjfa-20693	295	41	�	�	PROPN
cjfa-20693	295	42	.	.	PUNCT
cjfa-20693	296	1	it	it	PRON
cjfa-20693	296	2	should	should	AUX
cjfa-20693	296	3	be	be	AUX
cjfa-20693	296	4	pointed	point	VERB
cjfa-20693	296	5	out	out	ADP
cjfa-20693	296	6	in	in	ADP
cjfa-20693	296	7	particular	particular	ADJ
cjfa-20693	296	8	that	that	SCONJ
cjfa-20693	296	9	because	because	SCONJ
cjfa-20693	296	10	of	of	ADP
cjfa-20693	296	11	the	the	DET
cjfa-20693	296	12	influence	influence	NOUN
cjfa-20693	296	13	of	of	ADP
cjfa-20693	296	14	tenure	tenure	NOUN
cjfa-20693	296	15	system	system	NOUN
cjfa-20693	296	16	and	and	CCONJ
cjfa-20693	296	17	managers	manager	NOUN
cjfa-20693	296	18	'	'	PART
cjfa-20693	296	19	market	market	NOUN
cjfa-20693	296	20	competition	competition	NOUN
cjfa-20693	296	21	,	,	PUNCT
cjfa-20693	296	22	senior	senior	ADJ
cjfa-20693	296	23	managers	manager	NOUN
cjfa-20693	296	24	are	be	AUX
cjfa-20693	296	25	not	not	PART
cjfa-20693	296	26	discounted	discount	VERB
cjfa-20693	296	27	here	here	ADV
cjfa-20693	296	28	.	.	PUNCT
cjfa-20693	297	1	for	for	ADP
cjfa-20693	297	2	shareholders	shareholder	NOUN
cjfa-20693	297	3	,	,	PUNCT
cjfa-20693	297	4	reduction	reduction	NOUN
cjfa-20693	297	5	can	can	AUX
cjfa-20693	297	6	not	not	PART
cjfa-20693	297	7	only	only	ADV
cjfa-20693	297	8	obtain	obtain	VERB
cjfa-20693	297	9	current	current	ADJ
cjfa-20693	297	10	capital	capital	NOUN
cjfa-20693	297	11	gains	gain	NOUN
cjfa-20693	297	12	,	,	PUNCT
cjfa-20693	297	13	but	but	CCONJ
cjfa-20693	297	14	also	also	ADV
cjfa-20693	297	15	obtain	obtain	VERB
cjfa-20693	297	16	discount	discount	NOUN
cjfa-20693	297	17	income	income	NOUN
cjfa-20693	297	18	from	from	ADP
cjfa-20693	297	19	the	the	DET
cjfa-20693	297	20	sum	sum	NOUN
cjfa-20693	297	21	of	of	ADP
cjfa-20693	297	22	dividends	dividend	NOUN
cjfa-20693	297	23	�	�	PROPN
cjfa-20693	297	24	1	1	NUM
cjfa-20693	297	25	−	−	PROPN
cjfa-20693	297	26	π	π	PROPN
cjfa-20693	297	27	�	�	PROPN
cjfa-20693	297	28	and	and	CCONJ
cjfa-20693	297	29	continue	continue	VERB
cjfa-20693	297	30	to	to	PART
cjfa-20693	297	31	hold	hold	VERB
cjfa-20693	297	32	them	they	PRON
cjfa-20693	297	33	,	,	PUNCT
cjfa-20693	297	34	�	�	PROPN
cjfa-20693	297	35	�	�	PROPN
cjfa-20693	297	36	+	+	CCONJ
cjfa-20693	297	37	�	�	PROPN
cjfa-20693	297	38	�	�	PROPN
cjfa-20693	297	39	�	�	PROPN
cjfa-20693	297	40	+	+	SYM
cjfa-20693	297	41	�	�	PROPN
cjfa-20693	297	42	�	�	PROPN
cjfa-20693	297	43	�	�	PROPN
cjfa-20693	297	44	�	�	PROPN
cjfa-20693	297	45	�	�	PROPN
cjfa-20693	297	46	�	�	PROPN
cjfa-20693	297	47	�	�	PROPN
cjfa-20693	297	48	�	�	PROPN
cjfa-20693	297	49	.	.	PUNCT
cjfa-20693	298	1	（	（	PUNCT
cjfa-20693	299	1	4）the	4）the	DET
cjfa-20693	299	2	bottom	bottom	ADJ
cjfa-20693	299	3	right	right	NOUN
cjfa-20693	299	4	is	be	AUX
cjfa-20693	299	5	the	the	DET
cjfa-20693	299	6	profit	profit	NOUN
cjfa-20693	299	7	function	function	NOUN
cjfa-20693	299	8	of	of	ADP
cjfa-20693	299	9	both	both	DET
cjfa-20693	299	10	sides	side	NOUN
cjfa-20693	299	11	when	when	SCONJ
cjfa-20693	299	12	executives	executive	NOUN
cjfa-20693	299	13	choose	choose	VERB
cjfa-20693	299	14	dividends	dividend	NOUN
cjfa-20693	299	15	and	and	CCONJ
cjfa-20693	299	16	shareholders	shareholder	NOUN
cjfa-20693	299	17	choose	choose	VERB
cjfa-20693	299	18	to	to	PART
cjfa-20693	299	19	increase	increase	VERB
cjfa-20693	299	20	their	their	PRON
cjfa-20693	299	21	holdings	holding	NOUN
cjfa-20693	299	22	.	.	PUNCT
cjfa-20693	300	1	first	first	ADV
cjfa-20693	300	2	,	,	PUNCT
cjfa-20693	300	3	for	for	ADP
cjfa-20693	300	4	senior	senior	ADJ
cjfa-20693	300	5	managers	manager	NOUN
cjfa-20693	300	6	,	,	PUNCT
cjfa-20693	300	7	choosing	choose	VERB
cjfa-20693	300	8	to	to	PART
cjfa-20693	300	9	dividend	dividend	VERB
cjfa-20693	300	10	and	and	CCONJ
cjfa-20693	300	11	let	let	VERB
cjfa-20693	300	12	the	the	DET
cjfa-20693	300	13	dividend	dividend	NOUN
cjfa-20693	300	14	grow	grow	VERB
cjfa-20693	300	15	at	at	ADP
cjfa-20693	300	16	a	a	DET
cjfa-20693	300	17	fixed	fix	VERB
cjfa-20693	300	18	rate	rate	NOUN
cjfa-20693	300	19	g	g	PROPN
cjfa-20693	300	20	will	will	AUX
cjfa-20693	300	21	enable	enable	VERB
cjfa-20693	300	22	them	they	PRON
cjfa-20693	300	23	to	to	PART
cjfa-20693	300	24	reach	reach	VERB
cjfa-20693	300	25	tacit	tacit	ADJ
cjfa-20693	300	26	understanding	understanding	NOUN
cjfa-20693	300	27	with	with	ADP
cjfa-20693	300	28	shareholders	shareholder	NOUN
cjfa-20693	300	29	and	and	CCONJ
cjfa-20693	300	30	agree	agree	VERB
cjfa-20693	300	31	with	with	ADP
cjfa-20693	300	32	each	each	DET
cjfa-20693	300	33	other	other	ADJ
cjfa-20693	300	34	.	.	PUNCT
cjfa-20693	301	1	at	at	ADP
cjfa-20693	301	2	this	this	DET
cjfa-20693	301	3	time	time	NOUN
cjfa-20693	301	4	,	,	PUNCT
cjfa-20693	301	5	although	although	SCONJ
cjfa-20693	301	6	the	the	DET
cjfa-20693	301	7	choice	choice	NOUN
cjfa-20693	301	8	of	of	ADP
cjfa-20693	301	9	dividends	dividend	NOUN
cjfa-20693	301	10	abandons	abandon	VERB
cjfa-20693	301	11	the	the	DET
cjfa-20693	301	12	possibility	possibility	NOUN
cjfa-20693	301	13	of	of	ADP
cjfa-20693	301	14	obtaining	obtain	VERB
cjfa-20693	301	15	private	private	ADJ
cjfa-20693	301	16	benefits	benefit	NOUN
cjfa-20693	301	17	,	,	PUNCT
cjfa-20693	301	18	the	the	DET
cjfa-20693	301	19	positive	positive	ADJ
cjfa-20693	301	20	signals	signal	NOUN
cjfa-20693	301	21	released	release	VERB
cjfa-20693	301	22	by	by	ADP
cjfa-20693	301	23	dividends	dividend	NOUN
cjfa-20693	301	24	make	make	VERB
cjfa-20693	301	25	the	the	DET
cjfa-20693	301	26	status	status	NOUN
cjfa-20693	301	27	of	of	ADP
cjfa-20693	301	28	executives	executive	NOUN
cjfa-20693	301	29	not	not	PART
cjfa-20693	301	30	threatened	threaten	VERB
cjfa-20693	301	31	,	,	PUNCT
cjfa-20693	301	32	and	and	CCONJ
cjfa-20693	301	33	can	can	AUX
cjfa-20693	301	34	continue	continue	VERB
cjfa-20693	301	35	to	to	PART
cjfa-20693	301	36	obtain	obtain	VERB
cjfa-20693	301	37	the	the	DET
cjfa-20693	301	38	discounted	discount	VERB
cjfa-20693	301	39	value	value	NOUN
cjfa-20693	301	40	�	�	PROPN
cjfa-20693	301	41	�	�	PROPN
cjfa-20693	301	42	�	�	PROPN
cjfa-20693	301	43	�	�	PROPN
cjfa-20693	301	44	�	�	PROPN
cjfa-20693	301	45	�	�	PROPN
cjfa-20693	301	46	�	�	PROPN
cjfa-20693	301	47	�	�	PROPN
cjfa-20693	301	48	�	�	PROPN
cjfa-20693	301	49	of	of	ADP
cjfa-20693	301	50	salary	salary	NOUN
cjfa-20693	301	51	income	income	NOUN
cjfa-20693	301	52	that	that	PRON
cjfa-20693	301	53	the	the	DET
cjfa-20693	301	54	future	future	ADJ
cjfa-20693	301	55	operating	operate	VERB
cjfa-20693	301	56	company	company	NOUN
cjfa-20693	301	57	can	can	AUX
cjfa-20693	301	58	bring	bring	VERB
cjfa-20693	301	59	for	for	ADP
cjfa-20693	301	60	a	a	DET
cjfa-20693	301	61	continuous	continuous	ADJ
cjfa-20693	301	62	term	term	NOUN
cjfa-20693	301	63	of	of	ADP
cjfa-20693	301	64	office	office	NOUN
cjfa-20693	301	65	,	,	PUNCT
cjfa-20693	301	66	the	the	DET
cjfa-20693	301	67	reason	reason	NOUN
cjfa-20693	301	68	why	why	SCONJ
cjfa-20693	301	69	r	r	X
cjfa-20693	301	70	-	-	PUNCT
cjfa-20693	301	71	g	g	NOUN
cjfa-20693	301	72	is	be	AUX
cjfa-20693	301	73	chosen	choose	VERB
cjfa-20693	301	74	as	as	ADP
cjfa-20693	301	75	the	the	DET
cjfa-20693	301	76	discount	discount	NOUN
cjfa-20693	301	77	rate	rate	NOUN
cjfa-20693	301	78	of	of	ADP
cjfa-20693	301	79	executive	executive	NOUN
cjfa-20693	301	80	's	's	PART
cjfa-20693	301	81	salary	salary	NOUN
cjfa-20693	301	82	income	income	NOUN
cjfa-20693	301	83	is	be	AUX
cjfa-20693	301	84	that	that	SCONJ
cjfa-20693	301	85	the	the	DET
cjfa-20693	301	86	executive	executive	NOUN
cjfa-20693	301	87	can	can	AUX
cjfa-20693	301	88	completely	completely	ADV
cjfa-20693	301	89	convert	convert	VERB
cjfa-20693	301	90	his	his	PRON
cjfa-20693	301	91	salary	salary	NOUN
cjfa-20693	301	92	income	income	NOUN
cjfa-20693	301	93	into	into	ADP
cjfa-20693	301	94	stock	stock	NOUN
cjfa-20693	301	95	in	in	ADP
cjfa-20693	301	96	order	order	NOUN
cjfa-20693	301	97	to	to	PART
cjfa-20693	301	98	obtain	obtain	VERB
cjfa-20693	301	99	the	the	DET
cjfa-20693	301	100	potential	potential	ADJ
cjfa-20693	301	101	income	income	NOUN
cjfa-20693	301	102	of	of	ADP
cjfa-20693	301	103	the	the	DET
cjfa-20693	301	104	company	company	NOUN
cjfa-20693	301	105	's	's	PART
cjfa-20693	301	106	growth	growth	NOUN
cjfa-20693	301	107	.	.	PUNCT
cjfa-20693	302	1	as	as	ADV
cjfa-20693	302	2	far	far	ADV
cjfa-20693	302	3	as	as	SCONJ
cjfa-20693	302	4	shareholders	shareholder	NOUN
cjfa-20693	302	5	are	be	AUX
cjfa-20693	302	6	concerned	concern	VERB
cjfa-20693	302	7	,	,	PUNCT
cjfa-20693	302	8	the	the	DET
cjfa-20693	302	9	rational	rational	ADJ
cjfa-20693	302	10	choice	choice	NOUN
cjfa-20693	302	11	at	at	ADP
cjfa-20693	302	12	this	this	DET
cjfa-20693	302	13	time	time	NOUN
cjfa-20693	302	14	is	be	AUX
cjfa-20693	302	15	to	to	PART
cjfa-20693	302	16	increase	increase	VERB
cjfa-20693	302	17	the	the	DET
cjfa-20693	302	18	holding	holding	NOUN
cjfa-20693	302	19	of	of	ADP
cjfa-20693	302	20	company	company	NOUN
cjfa-20693	302	21	stocks	stock	NOUN
cjfa-20693	302	22	,	,	PUNCT
cjfa-20693	302	23	not	not	PART
cjfa-20693	302	24	only	only	ADV
cjfa-20693	302	25	to	to	PART
cjfa-20693	302	26	obtain	obtain	VERB
cjfa-20693	302	27	the	the	DET
cjfa-20693	302	28	dividend	dividend	NOUN
cjfa-20693	302	29	income	income	NOUN
cjfa-20693	302	30	of	of	ADP
cjfa-20693	302	31	the	the	DET
cjfa-20693	302	32	current	current	ADJ
cjfa-20693	302	33	period	period	NOUN
cjfa-20693	302	34	,	,	PUNCT
cjfa-20693	302	35	but	but	CCONJ
cjfa-20693	302	36	also	also	ADV
cjfa-20693	302	37	to	to	PART
cjfa-20693	302	38	obtain	obtain	VERB
cjfa-20693	302	39	all	all	DET
cjfa-20693	302	40	the	the	DET
cjfa-20693	302	41	intrinsic	intrinsic	ADJ
cjfa-20693	302	42	value	value	NOUN
cjfa-20693	302	43	of	of	ADP
cjfa-20693	302	44	stocks	stock	NOUN
cjfa-20693	302	45	when	when	SCONJ
cjfa-20693	302	46	they	they	PRON
cjfa-20693	302	47	hold	hold	VERB
cjfa-20693	302	48	stocks	stock	NOUN
cjfa-20693	302	49	for	for	ADP
cjfa-20693	302	50	a	a	DET
cjfa-20693	302	51	long	long	ADJ
cjfa-20693	302	52	time	time	NOUN
cjfa-20693	302	53	,	,	PUNCT
cjfa-20693	302	54	so	so	CCONJ
cjfa-20693	302	55	the	the	DET
cjfa-20693	302	56	total	total	ADJ
cjfa-20693	302	57	income	income	NOUN
cjfa-20693	302	58	of	of	ADP
cjfa-20693	302	59	shareholders	shareholder	NOUN
cjfa-20693	302	60	at	at	ADP
cjfa-20693	302	61	this	this	DET
cjfa-20693	302	62	time	time	NOUN
cjfa-20693	302	63	is	be	AUX
cjfa-20693	302	64	:	:	PUNCT
cjfa-20693	302	65	αe	αe	PROPN
cjfa-20693	302	66	+	+	PROPN
cjfa-20693	302	67	�	�	PROPN
cjfa-20693	302	68	�	�	PROPN
cjfa-20693	302	69	�	�	PROPN
cjfa-20693	302	70	�	�	PROPN
cjfa-20693	302	71	�	�	PROPN
cjfa-20693	302	72	�	�	PROPN
cjfa-20693	302	73	�	�	PROPN
cjfa-20693	302	74	�	�	PROPN
cjfa-20693	302	75	�	�	PROPN
cjfa-20693	302	76	�	�	PROPN
cjfa-20693	302	77	�	�	PROPN
cjfa-20693	302	78	�	�	PROPN
cjfa-20693	302	79	.	.	PUNCT
cjfa-20693	302	80	.	.	PUNCT
cjfa-20693	303	1	when	when	SCONJ
cjfa-20693	303	2	n	n	CCONJ
cjfa-20693	303	3	 	 	SPACE
cjfa-20693	303	4	→	→	NOUN
cjfa-20693	303	5	 	 	SPACE
cjfa-20693	303	6	∞	∞	NOUN
cjfa-20693	303	7	,	,	PUNCT
cjfa-20693	303	8	it	it	PRON
cjfa-20693	303	9	is	be	AUX
cjfa-20693	303	10	discounted	discount	VERB
cjfa-20693	303	11	income	income	NOUN
cjfa-20693	303	12	from	from	ADP
cjfa-20693	303	13	future	future	ADJ
cjfa-20693	303	14	periods	period	NOUN
cjfa-20693	303	15	should	should	AUX
cjfa-20693	303	16	be	be	AUX
cjfa-20693	303	17	�	�	PROPN
cjfa-20693	303	18	�	�	PROPN
cjfa-20693	303	19	�	�	PROPN
cjfa-20693	303	20	�	�	PROPN
cjfa-20693	303	21	�	�	PROPN
cjfa-20693	303	22	�	�	PROPN
cjfa-20693	303	23	�	�	PROPN
cjfa-20693	303	24	�	�	PROPN
cjfa-20693	303	25	�	�	PROPN
cjfa-20693	303	26	.	.	PUNCT
cjfa-20693	304	1	secondly	secondly	ADV
cjfa-20693	304	2	,	,	PUNCT
cjfa-20693	304	3	for	for	ADP
cjfa-20693	304	4	shareholders	shareholder	NOUN
cjfa-20693	304	5	,	,	PUNCT
cjfa-20693	304	6	since	since	SCONJ
cjfa-20693	304	7	they	they	PRON
cjfa-20693	304	8	agree	agree	VERB
cjfa-20693	304	9	with	with	ADP
cjfa-20693	304	10	the	the	DET
cjfa-20693	304	11	dividend	dividend	NOUN
cjfa-20693	304	12	-	-	PUNCT
cjfa-20693	304	13	free	free	ADJ
cjfa-20693	304	14	strategy	strategy	NOUN
cjfa-20693	304	15	of	of	ADP
cjfa-20693	304	16	senior	senior	ADJ
cjfa-20693	304	17	managers	manager	NOUN
cjfa-20693	304	18	,	,	PUNCT
cjfa-20693	304	19	they	they	PRON
cjfa-20693	304	20	have	have	VERB
cjfa-20693	304	21	reason	reason	NOUN
cjfa-20693	304	22	to	to	PART
cjfa-20693	304	23	believe	believe	VERB
cjfa-20693	304	24	that	that	SCONJ
cjfa-20693	304	25	long	long	ADJ
cjfa-20693	304	26	-	-	PUNCT
cjfa-20693	304	27	term	term	NOUN
cjfa-20693	304	28	holding	holding	NOUN
cjfa-20693	304	29	of	of	ADP
cjfa-20693	304	30	company	company	NOUN
cjfa-20693	304	31	stocks	stock	NOUN
cjfa-20693	304	32	may	may	AUX
cjfa-20693	304	33	lead	lead	VERB
cjfa-20693	304	34	to	to	ADP
cjfa-20693	304	35	accumulated	accumulate	VERB
cjfa-20693	304	36	undistributed	undistributed	ADJ
cjfa-20693	304	37	dividends	dividend	NOUN
cjfa-20693	304	38	in	in	ADP
cjfa-20693	304	39	a	a	DET
cjfa-20693	304	40	future	future	ADJ
cjfa-20693	304	41	period	period	NOUN
cjfa-20693	304	42	,	,	PUNCT
cjfa-20693	304	43	i.e.	i.e.	X
cjfa-20693	304	44	a	a	DET
cjfa-20693	304	45	huge	huge	ADJ
cjfa-20693	304	46	capital	capital	NOUN
cjfa-20693	304	47	gain	gain	NOUN
cjfa-20693	304	48	.	.	PUNCT
cjfa-20693	305	1	therefore	therefore	ADV
cjfa-20693	305	2	,	,	PUNCT
cjfa-20693	305	3	they	they	PRON
cjfa-20693	305	4	will	will	AUX
cjfa-20693	305	5	choose	choose	VERB
cjfa-20693	305	6	to	to	PART
cjfa-20693	305	7	increase	increase	VERB
cjfa-20693	305	8	their	their	PRON
cjfa-20693	305	9	holding	holding	NOUN
cjfa-20693	305	10	of	of	ADP
cjfa-20693	305	11	π	π	PROPN
cjfa-20693	305	12	unit	unit	NOUN
cjfa-20693	305	13	stocks	stock	NOUN
cjfa-20693	305	14	with	with	ADP
cjfa-20693	305	15	the	the	DET
cjfa-20693	305	16	discount	discount	NOUN
cjfa-20693	305	17	value	value	NOUN
cjfa-20693	305	18	of	of	ADP
cjfa-20693	305	19	their	their	PRON
cjfa-20693	305	20	total	total	ADJ
cjfa-20693	305	21	earnings	earning	NOUN
cjfa-20693	305	22	.	.	PUNCT
cjfa-20693	306	1	the	the	DET
cjfa-20693	306	2	discount	discount	NOUN
cjfa-20693	306	3	value	value	NOUN
cjfa-20693	306	4	of	of	ADP
cjfa-20693	306	5	its	its	PRON
cjfa-20693	306	6	total	total	ADJ
cjfa-20693	306	7	income	income	NOUN
cjfa-20693	306	8	is	be	AUX
cjfa-20693	306	9	�	�	NOUN
cjfa-20693	306	10	1	1	NUM
cjfa-20693	306	11	+	+	NUM
cjfa-20693	306	12	�	�	PROPN
cjfa-20693	306	13	�	�	PROPN
cjfa-20693	306	14	�	�	PROPN
cjfa-20693	306	15	�	�	PROPN
cjfa-20693	306	16	�	�	PROPN
cjfa-20693	306	17	�	�	PROPN
cjfa-20693	306	18	�	�	PROPN
cjfa-20693	306	19	�	�	PROPN
cjfa-20693	306	20	�	�	PROPN
cjfa-20693	306	21	�	�	PROPN
cjfa-20693	306	22	�	�	PROPN
cjfa-20693	306	23	�	�	PROPN
cjfa-20693	306	24	�	�	PROPN
cjfa-20693	306	25	�	�	PROPN
cjfa-20693	306	26	�	�	PROPN
cjfa-20693	306	27	�	�	PROPN
cjfa-20693	306	28	�	�	PROPN
cjfa-20693	306	29	�	�	PROPN
cjfa-20693	306	30	�	�	PROPN
cjfa-20693	306	31	�	�	PROPN
cjfa-20693	306	32	�	�	PROPN
cjfa-20693	306	33	�	�	PROPN
cjfa-20693	306	34	�	�	PROPN
cjfa-20693	306	35	�	�	PROPN
cjfa-20693	306	36	�	�	PROPN
cjfa-20693	306	37	.	.	PUNCT
cjfa-20693	307	1	when	when	SCONJ
cjfa-20693	307	2	�	�	PROPN
cjfa-20693	307	3	�	�	PROPN
cjfa-20693	307	4	�	�	PROPN
cjfa-20693	307	5	,	,	PUNCT
cjfa-20693	307	6	it	it	PRON
cjfa-20693	307	7	is	be	AUX
cjfa-20693	307	8	�	�	PROPN
cjfa-20693	307	9	1	1	NUM
cjfa-20693	307	10	+	+	NUM
cjfa-20693	307	11	�	�	PROPN
cjfa-20693	307	12	�	�	PROPN
cjfa-20693	307	13	�	�	PROPN
cjfa-20693	307	14	�	�	PROPN
cjfa-20693	307	15	�	�	PROPN
cjfa-20693	307	16	�	�	PROPN
cjfa-20693	307	17	�	�	PROPN
cjfa-20693	307	18	�	�	PROPN
cjfa-20693	307	19	�	�	PROPN
cjfa-20693	307	20	�	�	PROPN
cjfa-20693	307	21	�	�	PROPN
cjfa-20693	307	22	�	�	PROPN
cjfa-20693	307	23	�	�	PROPN
cjfa-20693	307	24	�	�	PROPN
cjfa-20693	307	25	for	for	ADP
cjfa-20693	307	26	limit	limit	NOUN
cjfa-20693	307	27	of	of	ADP
cjfa-20693	307	28	the	the	DET
cjfa-20693	307	29	discount	discount	NOUN
cjfa-20693	307	30	value	value	NOUN
cjfa-20693	307	31	of	of	ADP
cjfa-20693	307	32	�	�	PROPN
cjfa-20693	307	33	1	1	NUM
cjfa-20693	307	34	+	+	NUM
cjfa-20693	307	35	�	�	PROPN
cjfa-20693	307	36	�	�	PROPN
cjfa-20693	307	37	the	the	DET
cjfa-20693	307	38	long	long	ADJ
cjfa-20693	307	39	-	-	PUNCT
cjfa-20693	307	40	term	term	NOUN
cjfa-20693	307	41	shareholder	shareholder	NOUN
cjfa-20693	307	42	's	's	PART
cjfa-20693	307	43	shares	share	NOUN
cjfa-20693	307	44	.	.	PUNCT
cjfa-20693	308	1	（	（	PUNCT
cjfa-20693	308	2	3）the	3）the	DET
cjfa-20693	308	3	bottom	bottom	NOUN
cjfa-20693	308	4	left	leave	VERB
cjfa-20693	308	5	is	be	AUX
cjfa-20693	308	6	the	the	DET
cjfa-20693	308	7	earnings	earning	NOUN
cjfa-20693	308	8	function	function	NOUN
cjfa-20693	308	9	of	of	ADP
cjfa-20693	308	10	both	both	DET
cjfa-20693	308	11	sides	side	NOUN
cjfa-20693	308	12	when	when	SCONJ
cjfa-20693	308	13	executives	executive	NOUN
cjfa-20693	308	14	choose	choose	VERB
cjfa-20693	308	15	dividends	dividend	NOUN
cjfa-20693	308	16	and	and	CCONJ
cjfa-20693	308	17	shareholders	shareholder	NOUN
cjfa-20693	308	18	choose	choose	VERB
cjfa-20693	308	19	to	to	PART
cjfa-20693	308	20	reduce	reduce	VERB
cjfa-20693	308	21	their	their	PRON
cjfa-20693	308	22	holdings	holding	NOUN
cjfa-20693	308	23	.	.	PUNCT
cjfa-20693	309	1	executives	executive	NOUN
cjfa-20693	309	2	choose	choose	VERB
cjfa-20693	309	3	to	to	PART
cjfa-20693	309	4	pay	pay	VERB
cjfa-20693	309	5	dividends	dividend	NOUN
cjfa-20693	309	6	,	,	PUNCT
cjfa-20693	309	7	but	but	CCONJ
cjfa-20693	309	8	suffer	suffer	VERB
cjfa-20693	309	9	from	from	ADP
cjfa-20693	309	10	shareholders	shareholder	NOUN
cjfa-20693	309	11	'	'	PART
cjfa-20693	309	12	reduction	reduction	NOUN
cjfa-20693	309	13	.	.	PUNCT
cjfa-20693	310	1	this	this	PRON
cjfa-20693	310	2	makes	make	VERB
cjfa-20693	310	3	executives	executive	NOUN
cjfa-20693	310	4	bear	bear	VERB
cjfa-20693	310	5	double	double	ADJ
cjfa-20693	310	6	losses	loss	NOUN
cjfa-20693	310	7	psychologically	psychologically	ADV
cjfa-20693	310	8	,	,	PUNCT
cjfa-20693	310	9	that	that	ADV
cjfa-20693	310	10	is	is	ADV
cjfa-20693	310	11	,	,	PUNCT
cjfa-20693	310	12	not	not	PART
cjfa-20693	310	13	only	only	ADV
cjfa-20693	310	14	do	do	AUX
cjfa-20693	310	15	they	they	PRON
cjfa-20693	310	16	not	not	PART
cjfa-20693	310	17	gain	gain	VERB
cjfa-20693	310	18	potential	potential	ADJ
cjfa-20693	310	19	private	private	ADJ
cjfa-20693	310	20	benefits	benefit	NOUN
cjfa-20693	310	21	,	,	PUNCT
cjfa-20693	310	22	but	but	CCONJ
cjfa-20693	310	23	also	also	ADV
cjfa-20693	310	24	lose	lose	VERB
cjfa-20693	310	25	disposable	disposable	ADJ
cjfa-20693	310	26	free	free	ADJ
cjfa-20693	310	27	cash	cash	NOUN
cjfa-20693	310	28	flow	flow	NOUN
cjfa-20693	310	29	,	,	PUNCT
cjfa-20693	310	30	so	so	CCONJ
cjfa-20693	310	31	their	their	PRON
cjfa-20693	310	32	earnings	earning	NOUN
cjfa-20693	310	33	are	be	AUX
cjfa-20693	310	34	�	�	NOUN
cjfa-20693	310	35	�	�	PROPN
cjfa-20693	310	36	−	−	PROPN
cjfa-20693	310	37	�	�	PROPN
cjfa-20693	310	38	�	�	PROPN
cjfa-20693	310	39	�	�	PROPN
cjfa-20693	310	40	−	−	PROPN
cjfa-20693	310	41	�	�	PROPN
cjfa-20693	310	42	.	.	PUNCT
cjfa-20693	311	1	it	it	PRON
cjfa-20693	311	2	should	should	AUX
cjfa-20693	311	3	be	be	AUX
cjfa-20693	311	4	pointed	point	VERB
cjfa-20693	311	5	out	out	ADP
cjfa-20693	311	6	in	in	ADP
cjfa-20693	311	7	particular	particular	ADJ
cjfa-20693	311	8	that	that	SCONJ
cjfa-20693	311	9	because	because	SCONJ
cjfa-20693	311	10	of	of	ADP
cjfa-20693	311	11	the	the	DET
cjfa-20693	311	12	influence	influence	NOUN
cjfa-20693	311	13	of	of	ADP
cjfa-20693	311	14	tenure	tenure	NOUN
cjfa-20693	311	15	system	system	NOUN
cjfa-20693	311	16	and	and	CCONJ
cjfa-20693	311	17	managers	manager	NOUN
cjfa-20693	311	18	'	'	PART
cjfa-20693	311	19	market	market	NOUN
cjfa-20693	311	20	competition	competition	NOUN
cjfa-20693	311	21	,	,	PUNCT
cjfa-20693	311	22	senior	senior	ADJ
cjfa-20693	311	23	managers	manager	NOUN
cjfa-20693	311	24	are	be	AUX
cjfa-20693	311	25	not	not	PART
cjfa-20693	311	26	discounted	discount	VERB
cjfa-20693	311	27	here	here	ADV
cjfa-20693	311	28	.	.	PUNCT
cjfa-20693	312	1	for	for	ADP
cjfa-20693	312	2	shareholders	shareholder	NOUN
cjfa-20693	312	3	,	,	PUNCT
cjfa-20693	312	4	reduction	reduction	NOUN
cjfa-20693	312	5	can	can	AUX
cjfa-20693	312	6	not	not	PART
cjfa-20693	312	7	only	only	ADV
cjfa-20693	312	8	obtain	obtain	VERB
cjfa-20693	312	9	current	current	ADJ
cjfa-20693	312	10	capital	capital	NOUN
cjfa-20693	312	11	gains	gain	NOUN
cjfa-20693	312	12	,	,	PUNCT
cjfa-20693	312	13	but	but	CCONJ
cjfa-20693	312	14	also	also	ADV
cjfa-20693	312	15	obtain	obtain	VERB
cjfa-20693	312	16	discount	discount	NOUN
cjfa-20693	312	17	income	income	NOUN
cjfa-20693	312	18	from	from	ADP
cjfa-20693	312	19	the	the	DET
cjfa-20693	312	20	sum	sum	NOUN
cjfa-20693	312	21	of	of	ADP
cjfa-20693	312	22	dividends	dividend	NOUN
cjfa-20693	312	23	�	�	PROPN
cjfa-20693	312	24	1	1	NUM
cjfa-20693	312	25	−	−	PROPN
cjfa-20693	312	26	π	π	PROPN
cjfa-20693	312	27	�	�	PROPN
cjfa-20693	312	28	and	and	CCONJ
cjfa-20693	312	29	continue	continue	VERB
cjfa-20693	312	30	to	to	PART
cjfa-20693	312	31	hold	hold	VERB
cjfa-20693	312	32	them	they	PRON
cjfa-20693	312	33	,	,	PUNCT
cjfa-20693	312	34	�	�	PROPN
cjfa-20693	312	35	�	�	PROPN
cjfa-20693	312	36	+	+	CCONJ
cjfa-20693	312	37	�	�	PROPN
cjfa-20693	312	38	�	�	PROPN
cjfa-20693	312	39	�	�	PROPN
cjfa-20693	312	40	+	+	SYM
cjfa-20693	312	41	�	�	PROPN
cjfa-20693	312	42	�	�	PROPN
cjfa-20693	312	43	�	�	PROPN
cjfa-20693	312	44	�	�	PROPN
cjfa-20693	312	45	�	�	PROPN
cjfa-20693	312	46	�	�	PROPN
cjfa-20693	312	47	�	�	PROPN
cjfa-20693	312	48	�	�	PROPN
cjfa-20693	312	49	.	.	PUNCT
cjfa-20693	313	1	（	（	PUNCT
cjfa-20693	314	1	4）the	4）the	DET
cjfa-20693	314	2	bottom	bottom	ADJ
cjfa-20693	314	3	right	right	NOUN
cjfa-20693	314	4	is	be	AUX
cjfa-20693	314	5	the	the	DET
cjfa-20693	314	6	profit	profit	NOUN
cjfa-20693	314	7	function	function	NOUN
cjfa-20693	314	8	of	of	ADP
cjfa-20693	314	9	both	both	DET
cjfa-20693	314	10	sides	side	NOUN
cjfa-20693	314	11	when	when	SCONJ
cjfa-20693	314	12	executives	executive	NOUN
cjfa-20693	314	13	choose	choose	VERB
cjfa-20693	314	14	dividends	dividend	NOUN
cjfa-20693	314	15	and	and	CCONJ
cjfa-20693	314	16	shareholders	shareholder	NOUN
cjfa-20693	314	17	choose	choose	VERB
cjfa-20693	314	18	to	to	PART
cjfa-20693	314	19	increase	increase	VERB
cjfa-20693	314	20	their	their	PRON
cjfa-20693	314	21	holdings	holding	NOUN
cjfa-20693	314	22	.	.	PUNCT
cjfa-20693	315	1	first	first	ADV
cjfa-20693	315	2	,	,	PUNCT
cjfa-20693	315	3	for	for	ADP
cjfa-20693	315	4	senior	senior	ADJ
cjfa-20693	315	5	managers	manager	NOUN
cjfa-20693	315	6	,	,	PUNCT
cjfa-20693	315	7	choosing	choose	VERB
cjfa-20693	315	8	to	to	PART
cjfa-20693	315	9	dividend	dividend	VERB
cjfa-20693	315	10	and	and	CCONJ
cjfa-20693	315	11	let	let	VERB
cjfa-20693	315	12	the	the	DET
cjfa-20693	315	13	dividend	dividend	NOUN
cjfa-20693	315	14	grow	grow	VERB
cjfa-20693	315	15	at	at	ADP
cjfa-20693	315	16	a	a	DET
cjfa-20693	315	17	fixed	fix	VERB
cjfa-20693	315	18	rate	rate	NOUN
cjfa-20693	315	19	g	g	PROPN
cjfa-20693	315	20	will	will	AUX
cjfa-20693	315	21	enable	enable	VERB
cjfa-20693	315	22	them	they	PRON
cjfa-20693	315	23	to	to	PART
cjfa-20693	315	24	reach	reach	VERB
cjfa-20693	315	25	tacit	tacit	ADJ
cjfa-20693	315	26	understanding	understanding	NOUN
cjfa-20693	315	27	with	with	ADP
cjfa-20693	315	28	shareholders	shareholder	NOUN
cjfa-20693	315	29	and	and	CCONJ
cjfa-20693	315	30	agree	agree	VERB
cjfa-20693	315	31	with	with	ADP
cjfa-20693	315	32	each	each	DET
cjfa-20693	315	33	other	other	ADJ
cjfa-20693	315	34	.	.	PUNCT
cjfa-20693	316	1	at	at	ADP
cjfa-20693	316	2	this	this	DET
cjfa-20693	316	3	time	time	NOUN
cjfa-20693	316	4	,	,	PUNCT
cjfa-20693	316	5	although	although	SCONJ
cjfa-20693	316	6	the	the	DET
cjfa-20693	316	7	choice	choice	NOUN
cjfa-20693	316	8	of	of	ADP
cjfa-20693	316	9	dividends	dividend	NOUN
cjfa-20693	316	10	abandons	abandon	VERB
cjfa-20693	316	11	the	the	DET
cjfa-20693	316	12	possibility	possibility	NOUN
cjfa-20693	316	13	of	of	ADP
cjfa-20693	316	14	obtaining	obtain	VERB
cjfa-20693	316	15	private	private	ADJ
cjfa-20693	316	16	benefits	benefit	NOUN
cjfa-20693	316	17	,	,	PUNCT
cjfa-20693	316	18	the	the	DET
cjfa-20693	316	19	positive	positive	ADJ
cjfa-20693	316	20	signals	signal	NOUN
cjfa-20693	316	21	released	release	VERB
cjfa-20693	316	22	by	by	ADP
cjfa-20693	316	23	dividends	dividend	NOUN
cjfa-20693	316	24	make	make	VERB
cjfa-20693	316	25	the	the	DET
cjfa-20693	316	26	status	status	NOUN
cjfa-20693	316	27	of	of	ADP
cjfa-20693	316	28	executives	executive	NOUN
cjfa-20693	316	29	not	not	PART
cjfa-20693	316	30	threatened	threaten	VERB
cjfa-20693	316	31	,	,	PUNCT
cjfa-20693	316	32	and	and	CCONJ
cjfa-20693	316	33	can	can	AUX
cjfa-20693	316	34	continue	continue	VERB
cjfa-20693	316	35	to	to	PART
cjfa-20693	316	36	obtain	obtain	VERB
cjfa-20693	316	37	the	the	DET
cjfa-20693	316	38	discounted	discount	VERB
cjfa-20693	316	39	value	value	NOUN
cjfa-20693	316	40	�	�	PROPN
cjfa-20693	316	41	�	�	PROPN
cjfa-20693	316	42	�	�	PROPN
cjfa-20693	316	43	�	�	PROPN
cjfa-20693	316	44	�	�	PROPN
cjfa-20693	316	45	�	�	PROPN
cjfa-20693	316	46	�	�	PROPN
cjfa-20693	316	47	�	�	PROPN
cjfa-20693	316	48	�	�	PROPN
cjfa-20693	316	49	of	of	ADP
cjfa-20693	316	50	salary	salary	NOUN
cjfa-20693	316	51	income	income	NOUN
cjfa-20693	316	52	that	that	PRON
cjfa-20693	316	53	the	the	DET
cjfa-20693	316	54	future	future	ADJ
cjfa-20693	316	55	operating	operate	VERB
cjfa-20693	316	56	company	company	NOUN
cjfa-20693	316	57	can	can	AUX
cjfa-20693	316	58	bring	bring	VERB
cjfa-20693	316	59	for	for	ADP
cjfa-20693	316	60	a	a	DET
cjfa-20693	316	61	continuous	continuous	ADJ
cjfa-20693	316	62	term	term	NOUN
cjfa-20693	316	63	of	of	ADP
cjfa-20693	316	64	office	office	NOUN
cjfa-20693	316	65	,	,	PUNCT
cjfa-20693	316	66	the	the	DET
cjfa-20693	316	67	reason	reason	NOUN
cjfa-20693	316	68	why	why	SCONJ
cjfa-20693	316	69	r	r	X
cjfa-20693	316	70	-	-	PUNCT
cjfa-20693	316	71	g	g	NOUN
cjfa-20693	316	72	is	be	AUX
cjfa-20693	316	73	chosen	choose	VERB
cjfa-20693	316	74	as	as	ADP
cjfa-20693	316	75	the	the	DET
cjfa-20693	316	76	discount	discount	NOUN
cjfa-20693	316	77	rate	rate	NOUN
cjfa-20693	316	78	of	of	ADP
cjfa-20693	316	79	executive	executive	NOUN
cjfa-20693	316	80	's	's	PART
cjfa-20693	316	81	salary	salary	NOUN
cjfa-20693	316	82	income	income	NOUN
cjfa-20693	316	83	is	be	AUX
cjfa-20693	316	84	that	that	SCONJ
cjfa-20693	316	85	the	the	DET
cjfa-20693	316	86	executive	executive	NOUN
cjfa-20693	316	87	can	can	AUX
cjfa-20693	316	88	completely	completely	ADV
cjfa-20693	316	89	convert	convert	VERB
cjfa-20693	316	90	his	his	PRON
cjfa-20693	316	91	salary	salary	NOUN
cjfa-20693	316	92	income	income	NOUN
cjfa-20693	316	93	into	into	ADP
cjfa-20693	316	94	stock	stock	NOUN
cjfa-20693	316	95	in	in	ADP
cjfa-20693	316	96	order	order	NOUN
cjfa-20693	316	97	to	to	PART
cjfa-20693	316	98	obtain	obtain	VERB
cjfa-20693	316	99	the	the	DET
cjfa-20693	316	100	potential	potential	ADJ
cjfa-20693	316	101	income	income	NOUN
cjfa-20693	316	102	of	of	ADP
cjfa-20693	316	103	the	the	DET
cjfa-20693	316	104	company	company	NOUN
cjfa-20693	316	105	's	's	PART
cjfa-20693	316	106	growth	growth	NOUN
cjfa-20693	316	107	.	.	PUNCT
cjfa-20693	317	1	as	as	ADV
cjfa-20693	317	2	far	far	ADV
cjfa-20693	317	3	as	as	SCONJ
cjfa-20693	317	4	shareholders	shareholder	NOUN
cjfa-20693	317	5	are	be	AUX
cjfa-20693	317	6	concerned	concern	VERB
cjfa-20693	317	7	,	,	PUNCT
cjfa-20693	317	8	the	the	DET
cjfa-20693	317	9	rational	rational	ADJ
cjfa-20693	317	10	choice	choice	NOUN
cjfa-20693	317	11	at	at	ADP
cjfa-20693	317	12	this	this	DET
cjfa-20693	317	13	time	time	NOUN
cjfa-20693	317	14	is	be	AUX
cjfa-20693	317	15	to	to	PART
cjfa-20693	317	16	increase	increase	VERB
cjfa-20693	317	17	the	the	DET
cjfa-20693	317	18	holding	holding	NOUN
cjfa-20693	317	19	of	of	ADP
cjfa-20693	317	20	company	company	NOUN
cjfa-20693	317	21	stocks	stock	NOUN
cjfa-20693	317	22	,	,	PUNCT
cjfa-20693	317	23	not	not	PART
cjfa-20693	317	24	only	only	ADV
cjfa-20693	317	25	to	to	PART
cjfa-20693	317	26	obtain	obtain	VERB
cjfa-20693	317	27	the	the	DET
cjfa-20693	317	28	dividend	dividend	NOUN
cjfa-20693	317	29	income	income	NOUN
cjfa-20693	317	30	of	of	ADP
cjfa-20693	317	31	the	the	DET
cjfa-20693	317	32	current	current	ADJ
cjfa-20693	317	33	period	period	NOUN
cjfa-20693	317	34	,	,	PUNCT
cjfa-20693	317	35	but	but	CCONJ
cjfa-20693	317	36	also	also	ADV
cjfa-20693	317	37	to	to	PART
cjfa-20693	317	38	obtain	obtain	VERB
cjfa-20693	317	39	all	all	DET
cjfa-20693	317	40	the	the	DET
cjfa-20693	317	41	intrinsic	intrinsic	ADJ
cjfa-20693	317	42	value	value	NOUN
cjfa-20693	317	43	of	of	ADP
cjfa-20693	317	44	stocks	stock	NOUN
cjfa-20693	317	45	when	when	SCONJ
cjfa-20693	317	46	they	they	PRON
cjfa-20693	317	47	hold	hold	VERB
cjfa-20693	317	48	stocks	stock	NOUN
cjfa-20693	317	49	for	for	ADP
cjfa-20693	317	50	a	a	DET
cjfa-20693	317	51	long	long	ADJ
cjfa-20693	317	52	time	time	NOUN
cjfa-20693	317	53	,	,	PUNCT
cjfa-20693	317	54	so	so	CCONJ
cjfa-20693	317	55	the	the	DET
cjfa-20693	317	56	total	total	ADJ
cjfa-20693	317	57	income	income	NOUN
cjfa-20693	317	58	of	of	ADP
cjfa-20693	317	59	shareholders	shareholder	NOUN
cjfa-20693	317	60	at	at	ADP
cjfa-20693	317	61	this	this	DET
cjfa-20693	317	62	time	time	NOUN
cjfa-20693	317	63	is	be	AUX
cjfa-20693	317	64	:	:	PUNCT
cjfa-20693	317	65	αe	αe	PROPN
cjfa-20693	317	66	+	+	PROPN
cjfa-20693	317	67	�	�	PROPN
cjfa-20693	317	68	�	�	PROPN
cjfa-20693	317	69	�	�	PROPN
cjfa-20693	317	70	�	�	PROPN
cjfa-20693	317	71	�	�	PROPN
cjfa-20693	317	72	�	�	PROPN
cjfa-20693	317	73	�	�	PROPN
cjfa-20693	317	74	�	�	PROPN
cjfa-20693	317	75	�	�	PROPN
cjfa-20693	317	76	�	�	PROPN
cjfa-20693	317	77	�	�	PROPN
cjfa-20693	317	78	�	�	PROPN
cjfa-20693	317	79	.	.	PUNCT
cjfa-20693	318	1	for	for	ADP
cjfa-20693	318	2	limit	limit	NOUN
cjfa-20693	318	3	of	of	ADP
cjfa-20693	318	4	the	the	DET
cjfa-20693	318	5	discount	discount	NOUN
cjfa-20693	318	6	value	value	NOUN
cjfa-20693	318	7	of	of	ADP
cjfa-20693	318	8	(	(	PUNCT
cjfa-20693	318	9	1	1	NUM
cjfa-20693	318	10	 	 	SPACE
cjfa-20693	318	11	+	+	ADJ
cjfa-20693	318	12	 	 	SPACE
cjfa-20693	318	13	π	π	X
cjfa-20693	318	14	)	)	PUNCT
cjfa-20693	318	15	the	the	DET
cjfa-20693	318	16	longterm	longterm	PROPN
cjfa-20693	318	17	shareholder	shareholder	NOUN
cjfa-20693	318	18	’s	’s	PART
cjfa-20693	318	19	shares	share	NOUN
cjfa-20693	318	20	.	.	PUNCT
cjfa-20693	319	1	(	(	PUNCT
cjfa-20693	319	2	3	3	X
cjfa-20693	319	3	)	)	PUNCT
cjfa-20693	319	4	the	the	DET
cjfa-20693	319	5	bottom	bottom	NOUN
cjfa-20693	319	6	left	leave	VERB
cjfa-20693	319	7	is	be	AUX
cjfa-20693	319	8	the	the	DET
cjfa-20693	319	9	earnings	earning	NOUN
cjfa-20693	319	10	function	function	NOUN
cjfa-20693	319	11	of	of	ADP
cjfa-20693	319	12	both	both	DET
cjfa-20693	319	13	sides	side	NOUN
cjfa-20693	319	14	when	when	SCONJ
cjfa-20693	319	15	executives	executive	NOUN
cjfa-20693	319	16	choose	choose	VERB
cjfa-20693	319	17	dividends	dividend	NOUN
cjfa-20693	319	18	and	and	CCONJ
cjfa-20693	319	19	shareholders	shareholder	NOUN
cjfa-20693	319	20	choose	choose	VERB
cjfa-20693	319	21	to	to	PART
cjfa-20693	319	22	reduce	reduce	VERB
cjfa-20693	319	23	their	their	PRON
cjfa-20693	319	24	holdings	holding	NOUN
cjfa-20693	319	25	.	.	PUNCT
cjfa-20693	320	1	executives	executive	NOUN
cjfa-20693	320	2	choose	choose	VERB
cjfa-20693	320	3	to	to	PART
cjfa-20693	320	4	pay	pay	VERB
cjfa-20693	320	5	dividends	dividend	NOUN
cjfa-20693	320	6	,	,	PUNCT
cjfa-20693	320	7	but	but	CCONJ
cjfa-20693	320	8	suffer	suffer	VERB
cjfa-20693	320	9	from	from	ADP
cjfa-20693	320	10	shareholders	shareholder	NOUN
cjfa-20693	320	11	’	'	PUNCT
cjfa-20693	320	12	reduction	reduction	NOUN
cjfa-20693	320	13	.	.	PUNCT
cjfa-20693	321	1	this	this	PRON
cjfa-20693	321	2	makes	make	VERB
cjfa-20693	321	3	executives	executive	NOUN
cjfa-20693	321	4	bear	bear	VERB
cjfa-20693	321	5	double	double	ADJ
cjfa-20693	321	6	losses	loss	NOUN
cjfa-20693	321	7	psychologically	psychologically	ADV
cjfa-20693	321	8	,	,	PUNCT
cjfa-20693	321	9	that	that	ADV
cjfa-20693	321	10	is	is	ADV
cjfa-20693	321	11	,	,	PUNCT
cjfa-20693	321	12	not	not	PART
cjfa-20693	321	13	only	only	ADV
cjfa-20693	321	14	do	do	AUX
cjfa-20693	321	15	they	they	PRON
cjfa-20693	321	16	not	not	PART
cjfa-20693	321	17	gain	gain	VERB
cjfa-20693	321	18	potential	potential	ADJ
cjfa-20693	321	19	private	private	ADJ
cjfa-20693	321	20	benefits	benefit	NOUN
cjfa-20693	321	21	,	,	PUNCT
cjfa-20693	321	22	but	but	CCONJ
cjfa-20693	321	23	also	also	ADV
cjfa-20693	321	24	lose	lose	VERB
cjfa-20693	321	25	disposable	disposable	ADJ
cjfa-20693	321	26	free	free	ADJ
cjfa-20693	321	27	cash	cash	NOUN
cjfa-20693	321	28	flow	flow	NOUN
cjfa-20693	321	29	,	,	PUNCT
cjfa-20693	321	30	so	so	CCONJ
cjfa-20693	321	31	their	their	PRON
cjfa-20693	321	32	earnings	earning	NOUN
cjfa-20693	321	33	are	be	AUX
cjfa-20693	321	34	ae	ae	PROPN
cjfa-20693	321	35	–	–	PUNCT
cjfa-20693	321	36	be2	be2	PROPN
cjfa-20693	321	37	–	–	PUNCT
cjfa-20693	321	38	c.	c.	PROPN
cjfa-20693	322	1	it	it	PRON
cjfa-20693	322	2	should	should	AUX
cjfa-20693	322	3	be	be	AUX
cjfa-20693	322	4	pointed	point	VERB
cjfa-20693	322	5	out	out	ADP
cjfa-20693	322	6	in	in	ADP
cjfa-20693	322	7	particular	particular	ADJ
cjfa-20693	322	8	that	that	SCONJ
cjfa-20693	322	9	because	because	SCONJ
cjfa-20693	322	10	of	of	ADP
cjfa-20693	322	11	the	the	DET
cjfa-20693	322	12	influence	influence	NOUN
cjfa-20693	322	13	of	of	ADP
cjfa-20693	322	14	tenure	tenure	NOUN
cjfa-20693	322	15	system	system	NOUN
cjfa-20693	322	16	and	and	CCONJ
cjfa-20693	322	17	managers	manager	NOUN
cjfa-20693	322	18	’	’	PART
cjfa-20693	322	19	market	market	NOUN
cjfa-20693	322	20	competition	competition	NOUN
cjfa-20693	322	21	,	,	PUNCT
cjfa-20693	322	22	senior	senior	ADJ
cjfa-20693	322	23	managers	manager	NOUN
cjfa-20693	322	24	are	be	AUX
cjfa-20693	322	25	not	not	PART
cjfa-20693	322	26	discounted	discount	VERB
cjfa-20693	322	27	here	here	ADV
cjfa-20693	322	28	.	.	PUNCT
cjfa-20693	323	1	for	for	ADP
cjfa-20693	323	2	shareholders	shareholder	NOUN
cjfa-20693	323	3	,	,	PUNCT
cjfa-20693	323	4	reduction	reduction	NOUN
cjfa-20693	323	5	can	can	AUX
cjfa-20693	323	6	not	not	PART
cjfa-20693	323	7	only	only	ADV
cjfa-20693	323	8	obtain	obtain	VERB
cjfa-20693	323	9	current	current	ADJ
cjfa-20693	323	10	capital	capital	NOUN
cjfa-20693	323	11	gains	gain	NOUN
cjfa-20693	323	12	,	,	PUNCT
cjfa-20693	323	13	but	but	CCONJ
cjfa-20693	323	14	also	also	ADV
cjfa-20693	323	15	obtain	obtain	VERB
cjfa-20693	323	16	discount	discount	NOUN
cjfa-20693	323	17	income	income	NOUN
cjfa-20693	323	18	from	from	ADP
cjfa-20693	323	19	the	the	DET
cjfa-20693	323	20	sum	sum	NOUN
cjfa-20693	323	21	of	of	ADP
cjfa-20693	323	22	dividends	dividend	NOUN
cjfa-20693	323	23	(	(	PUNCT
cjfa-20693	323	24	1	1	NUM
cjfa-20693	323	25	–	–	PUNCT
cjfa-20693	323	26	π	π	NOUN
cjfa-20693	323	27	)	)	PUNCT
cjfa-20693	323	28	and	and	CCONJ
cjfa-20693	323	29	continue	continue	VERB
cjfa-20693	323	30	to	to	PART
cjfa-20693	323	31	hold	hold	VERB
cjfa-20693	323	32	them	they	PRON
cjfa-20693	323	33	,	,	PUNCT
cjfa-20693	323	34	discounted	discount	VERB
cjfa-20693	323	35	income	income	NOUN
cjfa-20693	323	36	from	from	ADP
cjfa-20693	323	37	future	future	ADJ
cjfa-20693	323	38	periods	period	NOUN
cjfa-20693	323	39	should	should	AUX
cjfa-20693	323	40	be	be	AUX
cjfa-20693	323	41	�	�	PROPN
cjfa-20693	323	42	�	�	PROPN
cjfa-20693	323	43	�	�	PROPN
cjfa-20693	323	44	�	�	PROPN
cjfa-20693	323	45	�	�	PROPN
cjfa-20693	323	46	�	�	PROPN
cjfa-20693	323	47	�	�	PROPN
cjfa-20693	323	48	�	�	PROPN
cjfa-20693	323	49	�	�	PROPN
cjfa-20693	323	50	.	.	PUNCT
cjfa-20693	324	1	secondly	secondly	ADV
cjfa-20693	324	2	,	,	PUNCT
cjfa-20693	324	3	for	for	ADP
cjfa-20693	324	4	shareholders	shareholder	NOUN
cjfa-20693	324	5	,	,	PUNCT
cjfa-20693	324	6	since	since	SCONJ
cjfa-20693	324	7	they	they	PRON
cjfa-20693	324	8	agree	agree	VERB
cjfa-20693	324	9	with	with	ADP
cjfa-20693	324	10	the	the	DET
cjfa-20693	324	11	dividend	dividend	NOUN
cjfa-20693	324	12	-	-	PUNCT
cjfa-20693	324	13	free	free	ADJ
cjfa-20693	324	14	strategy	strategy	NOUN
cjfa-20693	324	15	of	of	ADP
cjfa-20693	324	16	senior	senior	ADJ
cjfa-20693	324	17	managers	manager	NOUN
cjfa-20693	324	18	,	,	PUNCT
cjfa-20693	324	19	they	they	PRON
cjfa-20693	324	20	have	have	VERB
cjfa-20693	324	21	reason	reason	NOUN
cjfa-20693	324	22	to	to	PART
cjfa-20693	324	23	believe	believe	VERB
cjfa-20693	324	24	that	that	SCONJ
cjfa-20693	324	25	long	long	ADJ
cjfa-20693	324	26	-	-	PUNCT
cjfa-20693	324	27	term	term	NOUN
cjfa-20693	324	28	holding	holding	NOUN
cjfa-20693	324	29	of	of	ADP
cjfa-20693	324	30	company	company	NOUN
cjfa-20693	324	31	stocks	stock	NOUN
cjfa-20693	324	32	may	may	AUX
cjfa-20693	324	33	lead	lead	VERB
cjfa-20693	324	34	to	to	ADP
cjfa-20693	324	35	accumulated	accumulate	VERB
cjfa-20693	324	36	undistributed	undistributed	ADJ
cjfa-20693	324	37	dividends	dividend	NOUN
cjfa-20693	324	38	in	in	ADP
cjfa-20693	324	39	a	a	DET
cjfa-20693	324	40	future	future	ADJ
cjfa-20693	324	41	period	period	NOUN
cjfa-20693	324	42	,	,	PUNCT
cjfa-20693	324	43	i.e.	i.e.	X
cjfa-20693	324	44	a	a	DET
cjfa-20693	324	45	huge	huge	ADJ
cjfa-20693	324	46	capital	capital	NOUN
cjfa-20693	324	47	gain	gain	NOUN
cjfa-20693	324	48	.	.	PUNCT
cjfa-20693	325	1	therefore	therefore	ADV
cjfa-20693	325	2	,	,	PUNCT
cjfa-20693	325	3	they	they	PRON
cjfa-20693	325	4	will	will	AUX
cjfa-20693	325	5	choose	choose	VERB
cjfa-20693	325	6	to	to	PART
cjfa-20693	325	7	increase	increase	VERB
cjfa-20693	325	8	their	their	PRON
cjfa-20693	325	9	holding	holding	NOUN
cjfa-20693	325	10	of	of	ADP
cjfa-20693	325	11	π	π	PROPN
cjfa-20693	325	12	unit	unit	NOUN
cjfa-20693	325	13	stocks	stock	NOUN
cjfa-20693	325	14	with	with	ADP
cjfa-20693	325	15	the	the	DET
cjfa-20693	325	16	discount	discount	NOUN
cjfa-20693	325	17	value	value	NOUN
cjfa-20693	325	18	of	of	ADP
cjfa-20693	325	19	their	their	PRON
cjfa-20693	325	20	total	total	ADJ
cjfa-20693	325	21	earnings	earning	NOUN
cjfa-20693	325	22	.	.	PUNCT
cjfa-20693	326	1	the	the	DET
cjfa-20693	326	2	discount	discount	NOUN
cjfa-20693	326	3	value	value	NOUN
cjfa-20693	326	4	of	of	ADP
cjfa-20693	326	5	its	its	PRON
cjfa-20693	326	6	total	total	ADJ
cjfa-20693	326	7	income	income	NOUN
cjfa-20693	326	8	is	be	AUX
cjfa-20693	326	9	�	�	NOUN
cjfa-20693	326	10	1	1	NUM
cjfa-20693	326	11	+	+	NUM
cjfa-20693	326	12	�	�	PROPN
cjfa-20693	326	13	�	�	PROPN
cjfa-20693	326	14	�	�	PROPN
cjfa-20693	326	15	�	�	PROPN
cjfa-20693	326	16	�	�	PROPN
cjfa-20693	326	17	�	�	PROPN
cjfa-20693	326	18	�	�	PROPN
cjfa-20693	326	19	�	�	PROPN
cjfa-20693	326	20	�	�	PROPN
cjfa-20693	326	21	�	�	PROPN
cjfa-20693	326	22	�	�	PROPN
cjfa-20693	326	23	�	�	PROPN
cjfa-20693	326	24	�	�	PROPN
cjfa-20693	326	25	�	�	PROPN
cjfa-20693	326	26	�	�	PROPN
cjfa-20693	326	27	�	�	PROPN
cjfa-20693	326	28	�	�	PROPN
cjfa-20693	326	29	�	�	PROPN
cjfa-20693	326	30	�	�	PROPN
cjfa-20693	326	31	�	�	PROPN
cjfa-20693	326	32	�	�	PROPN
cjfa-20693	326	33	�	�	PROPN
cjfa-20693	326	34	�	�	PROPN
cjfa-20693	326	35	�	�	PROPN
cjfa-20693	326	36	�	�	PROPN
cjfa-20693	326	37	.	.	PUNCT
cjfa-20693	327	1	when	when	SCONJ
cjfa-20693	327	2	�	�	PROPN
cjfa-20693	327	3	�	�	PROPN
cjfa-20693	327	4	�	�	PROPN
cjfa-20693	327	5	,	,	PUNCT
cjfa-20693	327	6	it	it	PRON
cjfa-20693	327	7	is	be	AUX
cjfa-20693	327	8	�	�	PROPN
cjfa-20693	327	9	1	1	NUM
cjfa-20693	327	10	+	+	NUM
cjfa-20693	327	11	�	�	PROPN
cjfa-20693	327	12	�	�	PROPN
cjfa-20693	327	13	�	�	PROPN
cjfa-20693	327	14	�	�	PROPN
cjfa-20693	327	15	�	�	PROPN
cjfa-20693	327	16	�	�	PROPN
cjfa-20693	327	17	�	�	PROPN
cjfa-20693	327	18	�	�	PROPN
cjfa-20693	327	19	�	�	PROPN
cjfa-20693	327	20	�	�	PROPN
cjfa-20693	327	21	�	�	PROPN
cjfa-20693	327	22	�	�	PROPN
cjfa-20693	327	23	�	�	PROPN
cjfa-20693	327	24	�	�	PROPN
cjfa-20693	327	25	for	for	ADP
cjfa-20693	327	26	limit	limit	NOUN
cjfa-20693	327	27	of	of	ADP
cjfa-20693	327	28	the	the	DET
cjfa-20693	327	29	discount	discount	NOUN
cjfa-20693	327	30	value	value	NOUN
cjfa-20693	327	31	of	of	ADP
cjfa-20693	327	32	�	�	PROPN
cjfa-20693	327	33	1	1	NUM
cjfa-20693	327	34	+	+	NUM
cjfa-20693	327	35	�	�	PROPN
cjfa-20693	327	36	�	�	PROPN
cjfa-20693	327	37	the	the	DET
cjfa-20693	327	38	long	long	ADJ
cjfa-20693	327	39	-	-	PUNCT
cjfa-20693	327	40	term	term	NOUN
cjfa-20693	327	41	shareholder	shareholder	NOUN
cjfa-20693	327	42	's	's	PART
cjfa-20693	327	43	shares	share	NOUN
cjfa-20693	327	44	.	.	PUNCT
cjfa-20693	328	1	（	（	PUNCT
cjfa-20693	328	2	3）the	3）the	DET
cjfa-20693	328	3	bottom	bottom	NOUN
cjfa-20693	328	4	left	leave	VERB
cjfa-20693	328	5	is	be	AUX
cjfa-20693	328	6	the	the	DET
cjfa-20693	328	7	earnings	earning	NOUN
cjfa-20693	328	8	function	function	NOUN
cjfa-20693	328	9	of	of	ADP
cjfa-20693	328	10	both	both	DET
cjfa-20693	328	11	sides	side	NOUN
cjfa-20693	328	12	when	when	SCONJ
cjfa-20693	328	13	executives	executive	NOUN
cjfa-20693	328	14	choose	choose	VERB
cjfa-20693	328	15	dividends	dividend	NOUN
cjfa-20693	328	16	and	and	CCONJ
cjfa-20693	328	17	shareholders	shareholder	NOUN
cjfa-20693	328	18	choose	choose	VERB
cjfa-20693	328	19	to	to	PART
cjfa-20693	328	20	reduce	reduce	VERB
cjfa-20693	328	21	their	their	PRON
cjfa-20693	328	22	holdings	holding	NOUN
cjfa-20693	328	23	.	.	PUNCT
cjfa-20693	329	1	executives	executive	NOUN
cjfa-20693	329	2	choose	choose	VERB
cjfa-20693	329	3	to	to	PART
cjfa-20693	329	4	pay	pay	VERB
cjfa-20693	329	5	dividends	dividend	NOUN
cjfa-20693	329	6	,	,	PUNCT
cjfa-20693	329	7	but	but	CCONJ
cjfa-20693	329	8	suffer	suffer	VERB
cjfa-20693	329	9	from	from	ADP
cjfa-20693	329	10	shareholders	shareholder	NOUN
cjfa-20693	329	11	'	'	PART
cjfa-20693	329	12	reduction	reduction	NOUN
cjfa-20693	329	13	.	.	PUNCT
cjfa-20693	330	1	this	this	PRON
cjfa-20693	330	2	makes	make	VERB
cjfa-20693	330	3	executives	executive	NOUN
cjfa-20693	330	4	bear	bear	VERB
cjfa-20693	330	5	double	double	ADJ
cjfa-20693	330	6	losses	loss	NOUN
cjfa-20693	330	7	psychologically	psychologically	ADV
cjfa-20693	330	8	,	,	PUNCT
cjfa-20693	330	9	that	that	ADV
cjfa-20693	330	10	is	is	ADV
cjfa-20693	330	11	,	,	PUNCT
cjfa-20693	330	12	not	not	PART
cjfa-20693	330	13	only	only	ADV
cjfa-20693	330	14	do	do	AUX
cjfa-20693	330	15	they	they	PRON
cjfa-20693	330	16	not	not	PART
cjfa-20693	330	17	gain	gain	VERB
cjfa-20693	330	18	potential	potential	ADJ
cjfa-20693	330	19	private	private	ADJ
cjfa-20693	330	20	benefits	benefit	NOUN
cjfa-20693	330	21	,	,	PUNCT
cjfa-20693	330	22	but	but	CCONJ
cjfa-20693	330	23	also	also	ADV
cjfa-20693	330	24	lose	lose	VERB
cjfa-20693	330	25	disposable	disposable	ADJ
cjfa-20693	330	26	free	free	ADJ
cjfa-20693	330	27	cash	cash	NOUN
cjfa-20693	330	28	flow	flow	NOUN
cjfa-20693	330	29	,	,	PUNCT
cjfa-20693	330	30	so	so	CCONJ
cjfa-20693	330	31	their	their	PRON
cjfa-20693	330	32	earnings	earning	NOUN
cjfa-20693	330	33	are	be	AUX
cjfa-20693	330	34	�	�	NOUN
cjfa-20693	330	35	�	�	PROPN
cjfa-20693	330	36	−	−	PROPN
cjfa-20693	330	37	�	�	PROPN
cjfa-20693	330	38	�	�	PROPN
cjfa-20693	330	39	�	�	PROPN
cjfa-20693	330	40	−	−	PROPN
cjfa-20693	330	41	�	�	PROPN
cjfa-20693	330	42	.	.	PUNCT
cjfa-20693	331	1	it	it	PRON
cjfa-20693	331	2	should	should	AUX
cjfa-20693	331	3	be	be	AUX
cjfa-20693	331	4	pointed	point	VERB
cjfa-20693	331	5	out	out	ADP
cjfa-20693	331	6	in	in	ADP
cjfa-20693	331	7	particular	particular	ADJ
cjfa-20693	331	8	that	that	SCONJ
cjfa-20693	331	9	because	because	SCONJ
cjfa-20693	331	10	of	of	ADP
cjfa-20693	331	11	the	the	DET
cjfa-20693	331	12	influence	influence	NOUN
cjfa-20693	331	13	of	of	ADP
cjfa-20693	331	14	tenure	tenure	NOUN
cjfa-20693	331	15	system	system	NOUN
cjfa-20693	331	16	and	and	CCONJ
cjfa-20693	331	17	managers	manager	NOUN
cjfa-20693	331	18	'	'	PART
cjfa-20693	331	19	market	market	NOUN
cjfa-20693	331	20	competition	competition	NOUN
cjfa-20693	331	21	,	,	PUNCT
cjfa-20693	331	22	senior	senior	ADJ
cjfa-20693	331	23	managers	manager	NOUN
cjfa-20693	331	24	are	be	AUX
cjfa-20693	331	25	not	not	PART
cjfa-20693	331	26	discounted	discount	VERB
cjfa-20693	331	27	here	here	ADV
cjfa-20693	331	28	.	.	PUNCT
cjfa-20693	332	1	for	for	ADP
cjfa-20693	332	2	shareholders	shareholder	NOUN
cjfa-20693	332	3	,	,	PUNCT
cjfa-20693	332	4	reduction	reduction	NOUN
cjfa-20693	332	5	can	can	AUX
cjfa-20693	332	6	not	not	PART
cjfa-20693	332	7	only	only	ADV
cjfa-20693	332	8	obtain	obtain	VERB
cjfa-20693	332	9	current	current	ADJ
cjfa-20693	332	10	capital	capital	NOUN
cjfa-20693	332	11	gains	gain	NOUN
cjfa-20693	332	12	,	,	PUNCT
cjfa-20693	332	13	but	but	CCONJ
cjfa-20693	332	14	also	also	ADV
cjfa-20693	332	15	obtain	obtain	VERB
cjfa-20693	332	16	discount	discount	NOUN
cjfa-20693	332	17	income	income	NOUN
cjfa-20693	332	18	from	from	ADP
cjfa-20693	332	19	the	the	DET
cjfa-20693	332	20	sum	sum	NOUN
cjfa-20693	332	21	of	of	ADP
cjfa-20693	332	22	dividends	dividend	NOUN
cjfa-20693	332	23	�	�	PROPN
cjfa-20693	332	24	1	1	NUM
cjfa-20693	332	25	−	−	PROPN
cjfa-20693	332	26	π	π	PROPN
cjfa-20693	332	27	�	�	PROPN
cjfa-20693	332	28	and	and	CCONJ
cjfa-20693	332	29	continue	continue	VERB
cjfa-20693	332	30	to	to	PART
cjfa-20693	332	31	hold	hold	VERB
cjfa-20693	332	32	them	they	PRON
cjfa-20693	332	33	,	,	PUNCT
cjfa-20693	332	34	�	�	PROPN
cjfa-20693	332	35	�	�	PROPN
cjfa-20693	332	36	+	+	CCONJ
cjfa-20693	332	37	�	�	PROPN
cjfa-20693	332	38	�	�	PROPN
cjfa-20693	332	39	�	�	PROPN
cjfa-20693	332	40	+	+	SYM
cjfa-20693	332	41	�	�	PROPN
cjfa-20693	332	42	�	�	PROPN
cjfa-20693	332	43	�	�	PROPN
cjfa-20693	332	44	�	�	PROPN
cjfa-20693	332	45	�	�	PROPN
cjfa-20693	332	46	�	�	PROPN
cjfa-20693	332	47	�	�	PROPN
cjfa-20693	332	48	�	�	PROPN
cjfa-20693	332	49	.	.	PUNCT
cjfa-20693	333	1	（	（	PUNCT
cjfa-20693	334	1	4）the	4）the	DET
cjfa-20693	334	2	bottom	bottom	ADJ
cjfa-20693	334	3	right	right	NOUN
cjfa-20693	334	4	is	be	AUX
cjfa-20693	334	5	the	the	DET
cjfa-20693	334	6	profit	profit	NOUN
cjfa-20693	334	7	function	function	NOUN
cjfa-20693	334	8	of	of	ADP
cjfa-20693	334	9	both	both	DET
cjfa-20693	334	10	sides	side	NOUN
cjfa-20693	334	11	when	when	SCONJ
cjfa-20693	334	12	executives	executive	NOUN
cjfa-20693	334	13	choose	choose	VERB
cjfa-20693	334	14	dividends	dividend	NOUN
cjfa-20693	334	15	and	and	CCONJ
cjfa-20693	334	16	shareholders	shareholder	NOUN
cjfa-20693	334	17	choose	choose	VERB
cjfa-20693	334	18	to	to	PART
cjfa-20693	334	19	increase	increase	VERB
cjfa-20693	334	20	their	their	PRON
cjfa-20693	334	21	holdings	holding	NOUN
cjfa-20693	334	22	.	.	PUNCT
cjfa-20693	335	1	first	first	ADV
cjfa-20693	335	2	,	,	PUNCT
cjfa-20693	335	3	for	for	ADP
cjfa-20693	335	4	senior	senior	ADJ
cjfa-20693	335	5	managers	manager	NOUN
cjfa-20693	335	6	,	,	PUNCT
cjfa-20693	335	7	choosing	choose	VERB
cjfa-20693	335	8	to	to	PART
cjfa-20693	335	9	dividend	dividend	VERB
cjfa-20693	335	10	and	and	CCONJ
cjfa-20693	335	11	let	let	VERB
cjfa-20693	335	12	the	the	DET
cjfa-20693	335	13	dividend	dividend	NOUN
cjfa-20693	335	14	grow	grow	VERB
cjfa-20693	335	15	at	at	ADP
cjfa-20693	335	16	a	a	DET
cjfa-20693	335	17	fixed	fix	VERB
cjfa-20693	335	18	rate	rate	NOUN
cjfa-20693	335	19	g	g	PROPN
cjfa-20693	335	20	will	will	AUX
cjfa-20693	335	21	enable	enable	VERB
cjfa-20693	335	22	them	they	PRON
cjfa-20693	335	23	to	to	PART
cjfa-20693	335	24	reach	reach	VERB
cjfa-20693	335	25	tacit	tacit	ADJ
cjfa-20693	335	26	understanding	understanding	NOUN
cjfa-20693	335	27	with	with	ADP
cjfa-20693	335	28	shareholders	shareholder	NOUN
cjfa-20693	335	29	and	and	CCONJ
cjfa-20693	335	30	agree	agree	VERB
cjfa-20693	335	31	with	with	ADP
cjfa-20693	335	32	each	each	DET
cjfa-20693	335	33	other	other	ADJ
cjfa-20693	335	34	.	.	PUNCT
cjfa-20693	336	1	at	at	ADP
cjfa-20693	336	2	this	this	DET
cjfa-20693	336	3	time	time	NOUN
cjfa-20693	336	4	,	,	PUNCT
cjfa-20693	336	5	although	although	SCONJ
cjfa-20693	336	6	the	the	DET
cjfa-20693	336	7	choice	choice	NOUN
cjfa-20693	336	8	of	of	ADP
cjfa-20693	336	9	dividends	dividend	NOUN
cjfa-20693	336	10	abandons	abandon	VERB
cjfa-20693	336	11	the	the	DET
cjfa-20693	336	12	possibility	possibility	NOUN
cjfa-20693	336	13	of	of	ADP
cjfa-20693	336	14	obtaining	obtain	VERB
cjfa-20693	336	15	private	private	ADJ
cjfa-20693	336	16	benefits	benefit	NOUN
cjfa-20693	336	17	,	,	PUNCT
cjfa-20693	336	18	the	the	DET
cjfa-20693	336	19	positive	positive	ADJ
cjfa-20693	336	20	signals	signal	NOUN
cjfa-20693	336	21	released	release	VERB
cjfa-20693	336	22	by	by	ADP
cjfa-20693	336	23	dividends	dividend	NOUN
cjfa-20693	336	24	make	make	VERB
cjfa-20693	336	25	the	the	DET
cjfa-20693	336	26	status	status	NOUN
cjfa-20693	336	27	of	of	ADP
cjfa-20693	336	28	executives	executive	NOUN
cjfa-20693	336	29	not	not	PART
cjfa-20693	336	30	threatened	threaten	VERB
cjfa-20693	336	31	,	,	PUNCT
cjfa-20693	336	32	and	and	CCONJ
cjfa-20693	336	33	can	can	AUX
cjfa-20693	336	34	continue	continue	VERB
cjfa-20693	336	35	to	to	PART
cjfa-20693	336	36	obtain	obtain	VERB
cjfa-20693	336	37	the	the	DET
cjfa-20693	336	38	discounted	discount	VERB
cjfa-20693	336	39	value	value	NOUN
cjfa-20693	336	40	�	�	PROPN
cjfa-20693	336	41	�	�	PROPN
cjfa-20693	336	42	�	�	PROPN
cjfa-20693	336	43	�	�	PROPN
cjfa-20693	336	44	�	�	PROPN
cjfa-20693	336	45	�	�	PROPN
cjfa-20693	336	46	�	�	PROPN
cjfa-20693	336	47	�	�	PROPN
cjfa-20693	336	48	�	�	PROPN
cjfa-20693	336	49	of	of	ADP
cjfa-20693	336	50	salary	salary	NOUN
cjfa-20693	336	51	income	income	NOUN
cjfa-20693	336	52	that	that	PRON
cjfa-20693	336	53	the	the	DET
cjfa-20693	336	54	future	future	ADJ
cjfa-20693	336	55	operating	operate	VERB
cjfa-20693	336	56	company	company	NOUN
cjfa-20693	336	57	can	can	AUX
cjfa-20693	336	58	bring	bring	VERB
cjfa-20693	336	59	for	for	ADP
cjfa-20693	336	60	a	a	DET
cjfa-20693	336	61	continuous	continuous	ADJ
cjfa-20693	336	62	term	term	NOUN
cjfa-20693	336	63	of	of	ADP
cjfa-20693	336	64	office	office	NOUN
cjfa-20693	336	65	,	,	PUNCT
cjfa-20693	336	66	the	the	DET
cjfa-20693	336	67	reason	reason	NOUN
cjfa-20693	336	68	why	why	SCONJ
cjfa-20693	336	69	r	r	X
cjfa-20693	336	70	-	-	PUNCT
cjfa-20693	336	71	g	g	NOUN
cjfa-20693	336	72	is	be	AUX
cjfa-20693	336	73	chosen	choose	VERB
cjfa-20693	336	74	as	as	ADP
cjfa-20693	336	75	the	the	DET
cjfa-20693	336	76	discount	discount	NOUN
cjfa-20693	336	77	rate	rate	NOUN
cjfa-20693	336	78	of	of	ADP
cjfa-20693	336	79	executive	executive	NOUN
cjfa-20693	336	80	's	's	PART
cjfa-20693	336	81	salary	salary	NOUN
cjfa-20693	336	82	income	income	NOUN
cjfa-20693	336	83	is	be	AUX
cjfa-20693	336	84	that	that	SCONJ
cjfa-20693	336	85	the	the	DET
cjfa-20693	336	86	executive	executive	NOUN
cjfa-20693	336	87	can	can	AUX
cjfa-20693	336	88	completely	completely	ADV
cjfa-20693	336	89	convert	convert	VERB
cjfa-20693	336	90	his	his	PRON
cjfa-20693	336	91	salary	salary	NOUN
cjfa-20693	336	92	income	income	NOUN
cjfa-20693	336	93	into	into	ADP
cjfa-20693	336	94	stock	stock	NOUN
cjfa-20693	336	95	in	in	ADP
cjfa-20693	336	96	order	order	NOUN
cjfa-20693	336	97	to	to	PART
cjfa-20693	336	98	obtain	obtain	VERB
cjfa-20693	336	99	the	the	DET
cjfa-20693	336	100	potential	potential	ADJ
cjfa-20693	336	101	income	income	NOUN
cjfa-20693	336	102	of	of	ADP
cjfa-20693	336	103	the	the	DET
cjfa-20693	336	104	company	company	NOUN
cjfa-20693	336	105	's	's	PART
cjfa-20693	336	106	growth	growth	NOUN
cjfa-20693	336	107	.	.	PUNCT
cjfa-20693	337	1	as	as	ADV
cjfa-20693	337	2	far	far	ADV
cjfa-20693	337	3	as	as	SCONJ
cjfa-20693	337	4	shareholders	shareholder	NOUN
cjfa-20693	337	5	are	be	AUX
cjfa-20693	337	6	concerned	concern	VERB
cjfa-20693	337	7	,	,	PUNCT
cjfa-20693	337	8	the	the	DET
cjfa-20693	337	9	rational	rational	ADJ
cjfa-20693	337	10	choice	choice	NOUN
cjfa-20693	337	11	at	at	ADP
cjfa-20693	337	12	this	this	DET
cjfa-20693	337	13	time	time	NOUN
cjfa-20693	337	14	is	be	AUX
cjfa-20693	337	15	to	to	PART
cjfa-20693	337	16	increase	increase	VERB
cjfa-20693	337	17	the	the	DET
cjfa-20693	337	18	holding	holding	NOUN
cjfa-20693	337	19	of	of	ADP
cjfa-20693	337	20	company	company	NOUN
cjfa-20693	337	21	stocks	stock	NOUN
cjfa-20693	337	22	,	,	PUNCT
cjfa-20693	337	23	not	not	PART
cjfa-20693	337	24	only	only	ADV
cjfa-20693	337	25	to	to	PART
cjfa-20693	337	26	obtain	obtain	VERB
cjfa-20693	337	27	the	the	DET
cjfa-20693	337	28	dividend	dividend	NOUN
cjfa-20693	337	29	income	income	NOUN
cjfa-20693	337	30	of	of	ADP
cjfa-20693	337	31	the	the	DET
cjfa-20693	337	32	current	current	ADJ
cjfa-20693	337	33	period	period	NOUN
cjfa-20693	337	34	,	,	PUNCT
cjfa-20693	337	35	but	but	CCONJ
cjfa-20693	337	36	also	also	ADV
cjfa-20693	337	37	to	to	PART
cjfa-20693	337	38	obtain	obtain	VERB
cjfa-20693	337	39	all	all	DET
cjfa-20693	337	40	the	the	DET
cjfa-20693	337	41	intrinsic	intrinsic	ADJ
cjfa-20693	337	42	value	value	NOUN
cjfa-20693	337	43	of	of	ADP
cjfa-20693	337	44	stocks	stock	NOUN
cjfa-20693	337	45	when	when	SCONJ
cjfa-20693	337	46	they	they	PRON
cjfa-20693	337	47	hold	hold	VERB
cjfa-20693	337	48	stocks	stock	NOUN
cjfa-20693	337	49	for	for	ADP
cjfa-20693	337	50	a	a	DET
cjfa-20693	337	51	long	long	ADJ
cjfa-20693	337	52	time	time	NOUN
cjfa-20693	337	53	,	,	PUNCT
cjfa-20693	337	54	so	so	CCONJ
cjfa-20693	337	55	the	the	DET
cjfa-20693	337	56	total	total	ADJ
cjfa-20693	337	57	income	income	NOUN
cjfa-20693	337	58	of	of	ADP
cjfa-20693	337	59	shareholders	shareholder	NOUN
cjfa-20693	337	60	at	at	ADP
cjfa-20693	337	61	this	this	DET
cjfa-20693	337	62	time	time	NOUN
cjfa-20693	337	63	is	be	AUX
cjfa-20693	337	64	:	:	PUNCT
cjfa-20693	337	65	αe	αe	PROPN
cjfa-20693	337	66	+	+	PROPN
cjfa-20693	337	67	�	�	PROPN
cjfa-20693	337	68	�	�	PROPN
cjfa-20693	337	69	�	�	PROPN
cjfa-20693	337	70	�	�	PROPN
cjfa-20693	337	71	�	�	PROPN
cjfa-20693	337	72	�	�	PROPN
cjfa-20693	337	73	�	�	PROPN
cjfa-20693	337	74	�	�	PROPN
cjfa-20693	337	75	�	�	PROPN
cjfa-20693	337	76	�	�	PROPN
cjfa-20693	337	77	�	�	PROPN
cjfa-20693	337	78	�	�	PROPN
cjfa-20693	337	79	.	.	PUNCT
cjfa-20693	337	80	.	.	PUNCT
cjfa-20693	338	1	(	(	PUNCT
cjfa-20693	338	2	4	4	X
cjfa-20693	338	3	)	)	PUNCT
cjfa-20693	338	4	the	the	DET
cjfa-20693	338	5	bottom	bottom	ADJ
cjfa-20693	338	6	right	right	NOUN
cjfa-20693	338	7	is	be	AUX
cjfa-20693	338	8	the	the	DET
cjfa-20693	338	9	profit	profit	NOUN
cjfa-20693	338	10	function	function	NOUN
cjfa-20693	338	11	of	of	ADP
cjfa-20693	338	12	both	both	DET
cjfa-20693	338	13	sides	side	NOUN
cjfa-20693	338	14	when	when	SCONJ
cjfa-20693	338	15	executives	executive	NOUN
cjfa-20693	338	16	choose	choose	VERB
cjfa-20693	338	17	dividends	dividend	NOUN
cjfa-20693	338	18	and	and	CCONJ
cjfa-20693	338	19	shareholders	shareholder	NOUN
cjfa-20693	338	20	choose	choose	VERB
cjfa-20693	338	21	to	to	PART
cjfa-20693	338	22	increase	increase	VERB
cjfa-20693	338	23	their	their	PRON
cjfa-20693	338	24	holdings	holding	NOUN
cjfa-20693	338	25	.	.	PUNCT
cjfa-20693	339	1	first	first	ADV
cjfa-20693	339	2	,	,	PUNCT
cjfa-20693	339	3	for	for	ADP
cjfa-20693	339	4	qin	qin	PROPN
cjfa-20693	339	5	hailin	hailin	PROPN
cjfa-20693	339	6	,	,	PUNCT
cjfa-20693	339	7	zhang	zhang	PROPN
cjfa-20693	339	8	jingxu74	jingxu74	PROPN
cjfa-20693	339	9	senior	senior	ADJ
cjfa-20693	339	10	managers	manager	NOUN
cjfa-20693	339	11	,	,	PUNCT
cjfa-20693	339	12	choosing	choose	VERB
cjfa-20693	339	13	to	to	PART
cjfa-20693	339	14	dividend	dividend	VERB
cjfa-20693	339	15	and	and	CCONJ
cjfa-20693	339	16	let	let	VERB
cjfa-20693	339	17	the	the	DET
cjfa-20693	339	18	dividend	dividend	NOUN
cjfa-20693	339	19	grow	grow	VERB
cjfa-20693	339	20	at	at	ADP
cjfa-20693	339	21	a	a	DET
cjfa-20693	339	22	fixed	fix	VERB
cjfa-20693	339	23	rate	rate	NOUN
cjfa-20693	339	24	g	g	PROPN
cjfa-20693	339	25	will	will	AUX
cjfa-20693	339	26	enable	enable	VERB
cjfa-20693	339	27	them	they	PRON
cjfa-20693	339	28	to	to	PART
cjfa-20693	339	29	reach	reach	VERB
cjfa-20693	339	30	tacit	tacit	ADJ
cjfa-20693	339	31	understanding	understanding	NOUN
cjfa-20693	339	32	with	with	ADP
cjfa-20693	339	33	shareholders	shareholder	NOUN
cjfa-20693	339	34	and	and	CCONJ
cjfa-20693	339	35	agree	agree	VERB
cjfa-20693	339	36	with	with	ADP
cjfa-20693	339	37	each	each	DET
cjfa-20693	339	38	other	other	ADJ
cjfa-20693	339	39	.	.	PUNCT
cjfa-20693	340	1	at	at	ADP
cjfa-20693	340	2	this	this	DET
cjfa-20693	340	3	time	time	NOUN
cjfa-20693	340	4	,	,	PUNCT
cjfa-20693	340	5	although	although	SCONJ
cjfa-20693	340	6	the	the	DET
cjfa-20693	340	7	choice	choice	NOUN
cjfa-20693	340	8	of	of	ADP
cjfa-20693	340	9	dividends	dividend	NOUN
cjfa-20693	340	10	abandons	abandon	VERB
cjfa-20693	340	11	the	the	DET
cjfa-20693	340	12	possibility	possibility	NOUN
cjfa-20693	340	13	of	of	ADP
cjfa-20693	340	14	obtaining	obtain	VERB
cjfa-20693	340	15	private	private	ADJ
cjfa-20693	340	16	benefits	benefit	NOUN
cjfa-20693	340	17	,	,	PUNCT
cjfa-20693	340	18	the	the	DET
cjfa-20693	340	19	positive	positive	ADJ
cjfa-20693	340	20	signals	signal	NOUN
cjfa-20693	340	21	released	release	VERB
cjfa-20693	340	22	by	by	ADP
cjfa-20693	340	23	dividends	dividend	NOUN
cjfa-20693	340	24	make	make	VERB
cjfa-20693	340	25	the	the	DET
cjfa-20693	340	26	status	status	NOUN
cjfa-20693	340	27	of	of	ADP
cjfa-20693	340	28	executives	executive	NOUN
cjfa-20693	340	29	not	not	PART
cjfa-20693	340	30	threatened	threaten	VERB
cjfa-20693	340	31	,	,	PUNCT
cjfa-20693	340	32	and	and	CCONJ
cjfa-20693	340	33	can	can	AUX
cjfa-20693	340	34	continue	continue	VERB
cjfa-20693	340	35	to	to	PART
cjfa-20693	340	36	obtain	obtain	VERB
cjfa-20693	340	37	the	the	DET
cjfa-20693	340	38	discounted	discount	VERB
cjfa-20693	340	39	value	value	NOUN
cjfa-20693	340	40	discounted	discount	VERB
cjfa-20693	340	41	income	income	NOUN
cjfa-20693	340	42	from	from	ADP
cjfa-20693	340	43	future	future	ADJ
cjfa-20693	340	44	periods	period	NOUN
cjfa-20693	340	45	should	should	AUX
cjfa-20693	340	46	be	be	AUX
cjfa-20693	340	47	�	�	PROPN
cjfa-20693	340	48	�	�	PROPN
cjfa-20693	340	49	�	�	PROPN
cjfa-20693	340	50	�	�	PROPN
cjfa-20693	340	51	�	�	PROPN
cjfa-20693	340	52	�	�	PROPN
cjfa-20693	340	53	�	�	PROPN
cjfa-20693	340	54	�	�	PROPN
cjfa-20693	340	55	�	�	PROPN
cjfa-20693	340	56	.	.	PUNCT
cjfa-20693	341	1	secondly	secondly	ADV
cjfa-20693	341	2	,	,	PUNCT
cjfa-20693	341	3	for	for	ADP
cjfa-20693	341	4	shareholders	shareholder	NOUN
cjfa-20693	341	5	,	,	PUNCT
cjfa-20693	341	6	since	since	SCONJ
cjfa-20693	341	7	they	they	PRON
cjfa-20693	341	8	agree	agree	VERB
cjfa-20693	341	9	with	with	ADP
cjfa-20693	341	10	the	the	DET
cjfa-20693	341	11	dividend	dividend	NOUN
cjfa-20693	341	12	-	-	PUNCT
cjfa-20693	341	13	free	free	ADJ
cjfa-20693	341	14	strategy	strategy	NOUN
cjfa-20693	341	15	of	of	ADP
cjfa-20693	341	16	senior	senior	ADJ
cjfa-20693	341	17	managers	manager	NOUN
cjfa-20693	341	18	,	,	PUNCT
cjfa-20693	341	19	they	they	PRON
cjfa-20693	341	20	have	have	VERB
cjfa-20693	341	21	reason	reason	NOUN
cjfa-20693	341	22	to	to	PART
cjfa-20693	341	23	believe	believe	VERB
cjfa-20693	341	24	that	that	SCONJ
cjfa-20693	341	25	long	long	ADJ
cjfa-20693	341	26	-	-	PUNCT
cjfa-20693	341	27	term	term	NOUN
cjfa-20693	341	28	holding	holding	NOUN
cjfa-20693	341	29	of	of	ADP
cjfa-20693	341	30	company	company	NOUN
cjfa-20693	341	31	stocks	stock	NOUN
cjfa-20693	341	32	may	may	AUX
cjfa-20693	341	33	lead	lead	VERB
cjfa-20693	341	34	to	to	ADP
cjfa-20693	341	35	accumulated	accumulate	VERB
cjfa-20693	341	36	undistributed	undistributed	ADJ
cjfa-20693	341	37	dividends	dividend	NOUN
cjfa-20693	341	38	in	in	ADP
cjfa-20693	341	39	a	a	DET
cjfa-20693	341	40	future	future	ADJ
cjfa-20693	341	41	period	period	NOUN
cjfa-20693	341	42	,	,	PUNCT
cjfa-20693	341	43	i.e.	i.e.	X
cjfa-20693	341	44	a	a	DET
cjfa-20693	341	45	huge	huge	ADJ
cjfa-20693	341	46	capital	capital	NOUN
cjfa-20693	341	47	gain	gain	NOUN
cjfa-20693	341	48	.	.	PUNCT
cjfa-20693	342	1	therefore	therefore	ADV
cjfa-20693	342	2	,	,	PUNCT
cjfa-20693	342	3	they	they	PRON
cjfa-20693	342	4	will	will	AUX
cjfa-20693	342	5	choose	choose	VERB
cjfa-20693	342	6	to	to	PART
cjfa-20693	342	7	increase	increase	VERB
cjfa-20693	342	8	their	their	PRON
cjfa-20693	342	9	holding	holding	NOUN
cjfa-20693	342	10	of	of	ADP
cjfa-20693	342	11	π	π	PROPN
cjfa-20693	342	12	unit	unit	NOUN
cjfa-20693	342	13	stocks	stock	NOUN
cjfa-20693	342	14	with	with	ADP
cjfa-20693	342	15	the	the	DET
cjfa-20693	342	16	discount	discount	NOUN
cjfa-20693	342	17	value	value	NOUN
cjfa-20693	342	18	of	of	ADP
cjfa-20693	342	19	their	their	PRON
cjfa-20693	342	20	total	total	ADJ
cjfa-20693	342	21	earnings	earning	NOUN
cjfa-20693	342	22	.	.	PUNCT
cjfa-20693	343	1	the	the	DET
cjfa-20693	343	2	discount	discount	NOUN
cjfa-20693	343	3	value	value	NOUN
cjfa-20693	343	4	of	of	ADP
cjfa-20693	343	5	its	its	PRON
cjfa-20693	343	6	total	total	ADJ
cjfa-20693	343	7	income	income	NOUN
cjfa-20693	343	8	is	be	AUX
cjfa-20693	343	9	�	�	NOUN
cjfa-20693	343	10	1	1	NUM
cjfa-20693	343	11	+	+	NUM
cjfa-20693	343	12	�	�	PROPN
cjfa-20693	343	13	�	�	PROPN
cjfa-20693	343	14	�	�	PROPN
cjfa-20693	343	15	�	�	PROPN
cjfa-20693	343	16	�	�	PROPN
cjfa-20693	343	17	�	�	PROPN
cjfa-20693	343	18	�	�	PROPN
cjfa-20693	343	19	�	�	PROPN
cjfa-20693	343	20	�	�	PROPN
cjfa-20693	343	21	�	�	PROPN
cjfa-20693	343	22	�	�	PROPN
cjfa-20693	343	23	�	�	PROPN
cjfa-20693	343	24	�	�	PROPN
cjfa-20693	343	25	�	�	PROPN
cjfa-20693	343	26	�	�	PROPN
cjfa-20693	343	27	�	�	PROPN
cjfa-20693	343	28	�	�	PROPN
cjfa-20693	343	29	�	�	PROPN
cjfa-20693	343	30	�	�	PROPN
cjfa-20693	343	31	�	�	PROPN
cjfa-20693	343	32	�	�	PROPN
cjfa-20693	343	33	�	�	PROPN
cjfa-20693	343	34	�	�	PROPN
cjfa-20693	343	35	�	�	PROPN
cjfa-20693	343	36	�	�	PROPN
cjfa-20693	343	37	.	.	PUNCT
cjfa-20693	344	1	when	when	SCONJ
cjfa-20693	344	2	�	�	PROPN
cjfa-20693	344	3	�	�	PROPN
cjfa-20693	344	4	�	�	PROPN
cjfa-20693	344	5	,	,	PUNCT
cjfa-20693	344	6	it	it	PRON
cjfa-20693	344	7	is	be	AUX
cjfa-20693	344	8	�	�	PROPN
cjfa-20693	344	9	1	1	NUM
cjfa-20693	344	10	+	+	NUM
cjfa-20693	344	11	�	�	PROPN
cjfa-20693	344	12	�	�	PROPN
cjfa-20693	344	13	�	�	PROPN
cjfa-20693	344	14	�	�	PROPN
cjfa-20693	344	15	�	�	PROPN
cjfa-20693	344	16	�	�	PROPN
cjfa-20693	344	17	�	�	PROPN
cjfa-20693	344	18	�	�	PROPN
cjfa-20693	344	19	�	�	PROPN
cjfa-20693	344	20	�	�	PROPN
cjfa-20693	344	21	�	�	PROPN
cjfa-20693	344	22	�	�	PROPN
cjfa-20693	344	23	�	�	PROPN
cjfa-20693	344	24	�	�	PROPN
cjfa-20693	344	25	for	for	ADP
cjfa-20693	344	26	limit	limit	NOUN
cjfa-20693	344	27	of	of	ADP
cjfa-20693	344	28	the	the	DET
cjfa-20693	344	29	discount	discount	NOUN
cjfa-20693	344	30	value	value	NOUN
cjfa-20693	344	31	of	of	ADP
cjfa-20693	344	32	�	�	PROPN
cjfa-20693	344	33	1	1	NUM
cjfa-20693	344	34	+	+	NUM
cjfa-20693	344	35	�	�	PROPN
cjfa-20693	344	36	�	�	PROPN
cjfa-20693	344	37	the	the	DET
cjfa-20693	344	38	long	long	ADJ
cjfa-20693	344	39	-	-	PUNCT
cjfa-20693	344	40	term	term	NOUN
cjfa-20693	344	41	shareholder	shareholder	NOUN
cjfa-20693	344	42	's	's	PART
cjfa-20693	344	43	shares	share	NOUN
cjfa-20693	344	44	.	.	PUNCT
cjfa-20693	345	1	（	（	PUNCT
cjfa-20693	345	2	3）the	3）the	DET
cjfa-20693	345	3	bottom	bottom	NOUN
cjfa-20693	345	4	left	leave	VERB
cjfa-20693	345	5	is	be	AUX
cjfa-20693	345	6	the	the	DET
cjfa-20693	345	7	earnings	earning	NOUN
cjfa-20693	345	8	function	function	NOUN
cjfa-20693	345	9	of	of	ADP
cjfa-20693	345	10	both	both	DET
cjfa-20693	345	11	sides	side	NOUN
cjfa-20693	345	12	when	when	SCONJ
cjfa-20693	345	13	executives	executive	NOUN
cjfa-20693	345	14	choose	choose	VERB
cjfa-20693	345	15	dividends	dividend	NOUN
cjfa-20693	345	16	and	and	CCONJ
cjfa-20693	345	17	shareholders	shareholder	NOUN
cjfa-20693	345	18	choose	choose	VERB
cjfa-20693	345	19	to	to	PART
cjfa-20693	345	20	reduce	reduce	VERB
cjfa-20693	345	21	their	their	PRON
cjfa-20693	345	22	holdings	holding	NOUN
cjfa-20693	345	23	.	.	PUNCT
cjfa-20693	346	1	executives	executive	NOUN
cjfa-20693	346	2	choose	choose	VERB
cjfa-20693	346	3	to	to	PART
cjfa-20693	346	4	pay	pay	VERB
cjfa-20693	346	5	dividends	dividend	NOUN
cjfa-20693	346	6	,	,	PUNCT
cjfa-20693	346	7	but	but	CCONJ
cjfa-20693	346	8	suffer	suffer	VERB
cjfa-20693	346	9	from	from	ADP
cjfa-20693	346	10	shareholders	shareholder	NOUN
cjfa-20693	346	11	'	'	PART
cjfa-20693	346	12	reduction	reduction	NOUN
cjfa-20693	346	13	.	.	PUNCT
cjfa-20693	347	1	this	this	PRON
cjfa-20693	347	2	makes	make	VERB
cjfa-20693	347	3	executives	executive	NOUN
cjfa-20693	347	4	bear	bear	VERB
cjfa-20693	347	5	double	double	ADJ
cjfa-20693	347	6	losses	loss	NOUN
cjfa-20693	347	7	psychologically	psychologically	ADV
cjfa-20693	347	8	,	,	PUNCT
cjfa-20693	347	9	that	that	ADV
cjfa-20693	347	10	is	is	ADV
cjfa-20693	347	11	,	,	PUNCT
cjfa-20693	347	12	not	not	PART
cjfa-20693	347	13	only	only	ADV
cjfa-20693	347	14	do	do	AUX
cjfa-20693	347	15	they	they	PRON
cjfa-20693	347	16	not	not	PART
cjfa-20693	347	17	gain	gain	VERB
cjfa-20693	347	18	potential	potential	ADJ
cjfa-20693	347	19	private	private	ADJ
cjfa-20693	347	20	benefits	benefit	NOUN
cjfa-20693	347	21	,	,	PUNCT
cjfa-20693	347	22	but	but	CCONJ
cjfa-20693	347	23	also	also	ADV
cjfa-20693	347	24	lose	lose	VERB
cjfa-20693	347	25	disposable	disposable	ADJ
cjfa-20693	347	26	free	free	ADJ
cjfa-20693	347	27	cash	cash	NOUN
cjfa-20693	347	28	flow	flow	NOUN
cjfa-20693	347	29	,	,	PUNCT
cjfa-20693	347	30	so	so	CCONJ
cjfa-20693	347	31	their	their	PRON
cjfa-20693	347	32	earnings	earning	NOUN
cjfa-20693	347	33	are	be	AUX
cjfa-20693	347	34	�	�	NOUN
cjfa-20693	347	35	�	�	PROPN
cjfa-20693	347	36	−	−	PROPN
cjfa-20693	347	37	�	�	PROPN
cjfa-20693	347	38	�	�	PROPN
cjfa-20693	347	39	�	�	PROPN
cjfa-20693	347	40	−	−	PROPN
cjfa-20693	347	41	�	�	PROPN
cjfa-20693	347	42	.	.	PUNCT
cjfa-20693	348	1	it	it	PRON
cjfa-20693	348	2	should	should	AUX
cjfa-20693	348	3	be	be	AUX
cjfa-20693	348	4	pointed	point	VERB
cjfa-20693	348	5	out	out	ADP
cjfa-20693	348	6	in	in	ADP
cjfa-20693	348	7	particular	particular	ADJ
cjfa-20693	348	8	that	that	SCONJ
cjfa-20693	348	9	because	because	SCONJ
cjfa-20693	348	10	of	of	ADP
cjfa-20693	348	11	the	the	DET
cjfa-20693	348	12	influence	influence	NOUN
cjfa-20693	348	13	of	of	ADP
cjfa-20693	348	14	tenure	tenure	NOUN
cjfa-20693	348	15	system	system	NOUN
cjfa-20693	348	16	and	and	CCONJ
cjfa-20693	348	17	managers	manager	NOUN
cjfa-20693	348	18	'	'	PART
cjfa-20693	348	19	market	market	NOUN
cjfa-20693	348	20	competition	competition	NOUN
cjfa-20693	348	21	,	,	PUNCT
cjfa-20693	348	22	senior	senior	ADJ
cjfa-20693	348	23	managers	manager	NOUN
cjfa-20693	348	24	are	be	AUX
cjfa-20693	348	25	not	not	PART
cjfa-20693	348	26	discounted	discount	VERB
cjfa-20693	348	27	here	here	ADV
cjfa-20693	348	28	.	.	PUNCT
cjfa-20693	349	1	for	for	ADP
cjfa-20693	349	2	shareholders	shareholder	NOUN
cjfa-20693	349	3	,	,	PUNCT
cjfa-20693	349	4	reduction	reduction	NOUN
cjfa-20693	349	5	can	can	AUX
cjfa-20693	349	6	not	not	PART
cjfa-20693	349	7	only	only	ADV
cjfa-20693	349	8	obtain	obtain	VERB
cjfa-20693	349	9	current	current	ADJ
cjfa-20693	349	10	capital	capital	NOUN
cjfa-20693	349	11	gains	gain	NOUN
cjfa-20693	349	12	,	,	PUNCT
cjfa-20693	349	13	but	but	CCONJ
cjfa-20693	349	14	also	also	ADV
cjfa-20693	349	15	obtain	obtain	VERB
cjfa-20693	349	16	discount	discount	NOUN
cjfa-20693	349	17	income	income	NOUN
cjfa-20693	349	18	from	from	ADP
cjfa-20693	349	19	the	the	DET
cjfa-20693	349	20	sum	sum	NOUN
cjfa-20693	349	21	of	of	ADP
cjfa-20693	349	22	dividends	dividend	NOUN
cjfa-20693	349	23	�	�	PROPN
cjfa-20693	349	24	1	1	NUM
cjfa-20693	349	25	−	−	PROPN
cjfa-20693	349	26	π	π	PROPN
cjfa-20693	349	27	�	�	PROPN
cjfa-20693	349	28	and	and	CCONJ
cjfa-20693	349	29	continue	continue	VERB
cjfa-20693	349	30	to	to	PART
cjfa-20693	349	31	hold	hold	VERB
cjfa-20693	349	32	them	they	PRON
cjfa-20693	349	33	,	,	PUNCT
cjfa-20693	349	34	�	�	PROPN
cjfa-20693	349	35	�	�	PROPN
cjfa-20693	349	36	+	+	CCONJ
cjfa-20693	349	37	�	�	PROPN
cjfa-20693	349	38	�	�	PROPN
cjfa-20693	349	39	�	�	PROPN
cjfa-20693	349	40	+	+	SYM
cjfa-20693	349	41	�	�	PROPN
cjfa-20693	349	42	�	�	PROPN
cjfa-20693	349	43	�	�	PROPN
cjfa-20693	349	44	�	�	PROPN
cjfa-20693	349	45	�	�	PROPN
cjfa-20693	349	46	�	�	PROPN
cjfa-20693	349	47	�	�	PROPN
cjfa-20693	349	48	�	�	PROPN
cjfa-20693	349	49	.	.	PUNCT
cjfa-20693	350	1	（	（	PUNCT
cjfa-20693	351	1	4）the	4）the	DET
cjfa-20693	351	2	bottom	bottom	ADJ
cjfa-20693	351	3	right	right	NOUN
cjfa-20693	351	4	is	be	AUX
cjfa-20693	351	5	the	the	DET
cjfa-20693	351	6	profit	profit	NOUN
cjfa-20693	351	7	function	function	NOUN
cjfa-20693	351	8	of	of	ADP
cjfa-20693	351	9	both	both	DET
cjfa-20693	351	10	sides	side	NOUN
cjfa-20693	351	11	when	when	SCONJ
cjfa-20693	351	12	executives	executive	NOUN
cjfa-20693	351	13	choose	choose	VERB
cjfa-20693	351	14	dividends	dividend	NOUN
cjfa-20693	351	15	and	and	CCONJ
cjfa-20693	351	16	shareholders	shareholder	NOUN
cjfa-20693	351	17	choose	choose	VERB
cjfa-20693	351	18	to	to	PART
cjfa-20693	351	19	increase	increase	VERB
cjfa-20693	351	20	their	their	PRON
cjfa-20693	351	21	holdings	holding	NOUN
cjfa-20693	351	22	.	.	PUNCT
cjfa-20693	352	1	first	first	ADV
cjfa-20693	352	2	,	,	PUNCT
cjfa-20693	352	3	for	for	ADP
cjfa-20693	352	4	senior	senior	ADJ
cjfa-20693	352	5	managers	manager	NOUN
cjfa-20693	352	6	,	,	PUNCT
cjfa-20693	352	7	choosing	choose	VERB
cjfa-20693	352	8	to	to	PART
cjfa-20693	352	9	dividend	dividend	VERB
cjfa-20693	352	10	and	and	CCONJ
cjfa-20693	352	11	let	let	VERB
cjfa-20693	352	12	the	the	DET
cjfa-20693	352	13	dividend	dividend	NOUN
cjfa-20693	352	14	grow	grow	VERB
cjfa-20693	352	15	at	at	ADP
cjfa-20693	352	16	a	a	DET
cjfa-20693	352	17	fixed	fix	VERB
cjfa-20693	352	18	rate	rate	NOUN
cjfa-20693	352	19	g	g	PROPN
cjfa-20693	352	20	will	will	AUX
cjfa-20693	352	21	enable	enable	VERB
cjfa-20693	352	22	them	they	PRON
cjfa-20693	352	23	to	to	PART
cjfa-20693	352	24	reach	reach	VERB
cjfa-20693	352	25	tacit	tacit	ADJ
cjfa-20693	352	26	understanding	understanding	NOUN
cjfa-20693	352	27	with	with	ADP
cjfa-20693	352	28	shareholders	shareholder	NOUN
cjfa-20693	352	29	and	and	CCONJ
cjfa-20693	352	30	agree	agree	VERB
cjfa-20693	352	31	with	with	ADP
cjfa-20693	352	32	each	each	DET
cjfa-20693	352	33	other	other	ADJ
cjfa-20693	352	34	.	.	PUNCT
cjfa-20693	353	1	at	at	ADP
cjfa-20693	353	2	this	this	DET
cjfa-20693	353	3	time	time	NOUN
cjfa-20693	353	4	,	,	PUNCT
cjfa-20693	353	5	although	although	SCONJ
cjfa-20693	353	6	the	the	DET
cjfa-20693	353	7	choice	choice	NOUN
cjfa-20693	353	8	of	of	ADP
cjfa-20693	353	9	dividends	dividend	NOUN
cjfa-20693	353	10	abandons	abandon	VERB
cjfa-20693	353	11	the	the	DET
cjfa-20693	353	12	possibility	possibility	NOUN
cjfa-20693	353	13	of	of	ADP
cjfa-20693	353	14	obtaining	obtain	VERB
cjfa-20693	353	15	private	private	ADJ
cjfa-20693	353	16	benefits	benefit	NOUN
cjfa-20693	353	17	,	,	PUNCT
cjfa-20693	353	18	the	the	DET
cjfa-20693	353	19	positive	positive	ADJ
cjfa-20693	353	20	signals	signal	NOUN
cjfa-20693	353	21	released	release	VERB
cjfa-20693	353	22	by	by	ADP
cjfa-20693	353	23	dividends	dividend	NOUN
cjfa-20693	353	24	make	make	VERB
cjfa-20693	353	25	the	the	DET
cjfa-20693	353	26	status	status	NOUN
cjfa-20693	353	27	of	of	ADP
cjfa-20693	353	28	executives	executive	NOUN
cjfa-20693	353	29	not	not	PART
cjfa-20693	353	30	threatened	threaten	VERB
cjfa-20693	353	31	,	,	PUNCT
cjfa-20693	353	32	and	and	CCONJ
cjfa-20693	353	33	can	can	AUX
cjfa-20693	353	34	continue	continue	VERB
cjfa-20693	353	35	to	to	PART
cjfa-20693	353	36	obtain	obtain	VERB
cjfa-20693	353	37	the	the	DET
cjfa-20693	353	38	discounted	discount	VERB
cjfa-20693	353	39	value	value	NOUN
cjfa-20693	353	40	�	�	PROPN
cjfa-20693	353	41	�	�	PROPN
cjfa-20693	353	42	�	�	PROPN
cjfa-20693	353	43	�	�	PROPN
cjfa-20693	353	44	�	�	PROPN
cjfa-20693	353	45	�	�	PROPN
cjfa-20693	353	46	�	�	PROPN
cjfa-20693	353	47	�	�	PROPN
cjfa-20693	353	48	�	�	PROPN
cjfa-20693	353	49	of	of	ADP
cjfa-20693	353	50	salary	salary	NOUN
cjfa-20693	353	51	income	income	NOUN
cjfa-20693	353	52	that	that	PRON
cjfa-20693	353	53	the	the	DET
cjfa-20693	353	54	future	future	ADJ
cjfa-20693	353	55	operating	operate	VERB
cjfa-20693	353	56	company	company	NOUN
cjfa-20693	353	57	can	can	AUX
cjfa-20693	353	58	bring	bring	VERB
cjfa-20693	353	59	for	for	ADP
cjfa-20693	353	60	a	a	DET
cjfa-20693	353	61	continuous	continuous	ADJ
cjfa-20693	353	62	term	term	NOUN
cjfa-20693	353	63	of	of	ADP
cjfa-20693	353	64	office	office	NOUN
cjfa-20693	353	65	,	,	PUNCT
cjfa-20693	353	66	the	the	DET
cjfa-20693	353	67	reason	reason	NOUN
cjfa-20693	353	68	why	why	SCONJ
cjfa-20693	353	69	r	r	X
cjfa-20693	353	70	-	-	PUNCT
cjfa-20693	353	71	g	g	NOUN
cjfa-20693	353	72	is	be	AUX
cjfa-20693	353	73	chosen	choose	VERB
cjfa-20693	353	74	as	as	ADP
cjfa-20693	353	75	the	the	DET
cjfa-20693	353	76	discount	discount	NOUN
cjfa-20693	353	77	rate	rate	NOUN
cjfa-20693	353	78	of	of	ADP
cjfa-20693	353	79	executive	executive	NOUN
cjfa-20693	353	80	's	's	PART
cjfa-20693	353	81	salary	salary	NOUN
cjfa-20693	353	82	income	income	NOUN
cjfa-20693	353	83	is	be	AUX
cjfa-20693	353	84	that	that	SCONJ
cjfa-20693	353	85	the	the	DET
cjfa-20693	353	86	executive	executive	NOUN
cjfa-20693	353	87	can	can	AUX
cjfa-20693	353	88	completely	completely	ADV
cjfa-20693	353	89	convert	convert	VERB
cjfa-20693	353	90	his	his	PRON
cjfa-20693	353	91	salary	salary	NOUN
cjfa-20693	353	92	income	income	NOUN
cjfa-20693	353	93	into	into	ADP
cjfa-20693	353	94	stock	stock	NOUN
cjfa-20693	353	95	in	in	ADP
cjfa-20693	353	96	order	order	NOUN
cjfa-20693	353	97	to	to	PART
cjfa-20693	353	98	obtain	obtain	VERB
cjfa-20693	353	99	the	the	DET
cjfa-20693	353	100	potential	potential	ADJ
cjfa-20693	353	101	income	income	NOUN
cjfa-20693	353	102	of	of	ADP
cjfa-20693	353	103	the	the	DET
cjfa-20693	353	104	company	company	NOUN
cjfa-20693	353	105	's	's	PART
cjfa-20693	353	106	growth	growth	NOUN
cjfa-20693	353	107	.	.	PUNCT
cjfa-20693	354	1	as	as	ADV
cjfa-20693	354	2	far	far	ADV
cjfa-20693	354	3	as	as	SCONJ
cjfa-20693	354	4	shareholders	shareholder	NOUN
cjfa-20693	354	5	are	be	AUX
cjfa-20693	354	6	concerned	concern	VERB
cjfa-20693	354	7	,	,	PUNCT
cjfa-20693	354	8	the	the	DET
cjfa-20693	354	9	rational	rational	ADJ
cjfa-20693	354	10	choice	choice	NOUN
cjfa-20693	354	11	at	at	ADP
cjfa-20693	354	12	this	this	DET
cjfa-20693	354	13	time	time	NOUN
cjfa-20693	354	14	is	be	AUX
cjfa-20693	354	15	to	to	PART
cjfa-20693	354	16	increase	increase	VERB
cjfa-20693	354	17	the	the	DET
cjfa-20693	354	18	holding	holding	NOUN
cjfa-20693	354	19	of	of	ADP
cjfa-20693	354	20	company	company	NOUN
cjfa-20693	354	21	stocks	stock	NOUN
cjfa-20693	354	22	,	,	PUNCT
cjfa-20693	354	23	not	not	PART
cjfa-20693	354	24	only	only	ADV
cjfa-20693	354	25	to	to	PART
cjfa-20693	354	26	obtain	obtain	VERB
cjfa-20693	354	27	the	the	DET
cjfa-20693	354	28	dividend	dividend	NOUN
cjfa-20693	354	29	income	income	NOUN
cjfa-20693	354	30	of	of	ADP
cjfa-20693	354	31	the	the	DET
cjfa-20693	354	32	current	current	ADJ
cjfa-20693	354	33	period	period	NOUN
cjfa-20693	354	34	,	,	PUNCT
cjfa-20693	354	35	but	but	CCONJ
cjfa-20693	354	36	also	also	ADV
cjfa-20693	354	37	to	to	PART
cjfa-20693	354	38	obtain	obtain	VERB
cjfa-20693	354	39	all	all	DET
cjfa-20693	354	40	the	the	DET
cjfa-20693	354	41	intrinsic	intrinsic	ADJ
cjfa-20693	354	42	value	value	NOUN
cjfa-20693	354	43	of	of	ADP
cjfa-20693	354	44	stocks	stock	NOUN
cjfa-20693	354	45	when	when	SCONJ
cjfa-20693	354	46	they	they	PRON
cjfa-20693	354	47	hold	hold	VERB
cjfa-20693	354	48	stocks	stock	NOUN
cjfa-20693	354	49	for	for	ADP
cjfa-20693	354	50	a	a	DET
cjfa-20693	354	51	long	long	ADJ
cjfa-20693	354	52	time	time	NOUN
cjfa-20693	354	53	,	,	PUNCT
cjfa-20693	354	54	so	so	CCONJ
cjfa-20693	354	55	the	the	DET
cjfa-20693	354	56	total	total	ADJ
cjfa-20693	354	57	income	income	NOUN
cjfa-20693	354	58	of	of	ADP
cjfa-20693	354	59	shareholders	shareholder	NOUN
cjfa-20693	354	60	at	at	ADP
cjfa-20693	354	61	this	this	DET
cjfa-20693	354	62	time	time	NOUN
cjfa-20693	354	63	is	be	AUX
cjfa-20693	354	64	:	:	PUNCT
cjfa-20693	354	65	αe	αe	PROPN
cjfa-20693	354	66	+	+	PROPN
cjfa-20693	354	67	�	�	PROPN
cjfa-20693	354	68	�	�	PROPN
cjfa-20693	354	69	�	�	PROPN
cjfa-20693	354	70	�	�	PROPN
cjfa-20693	354	71	�	�	PROPN
cjfa-20693	354	72	�	�	PROPN
cjfa-20693	354	73	�	�	PROPN
cjfa-20693	354	74	�	�	PROPN
cjfa-20693	354	75	�	�	PROPN
cjfa-20693	354	76	�	�	PROPN
cjfa-20693	354	77	�	�	PROPN
cjfa-20693	354	78	�	�	PROPN
cjfa-20693	354	79	.	.	PUNCT
cjfa-20693	355	1	of	of	ADP
cjfa-20693	355	2	salary	salary	NOUN
cjfa-20693	355	3	income	income	NOUN
cjfa-20693	355	4	that	that	PRON
cjfa-20693	355	5	the	the	DET
cjfa-20693	355	6	future	future	ADJ
cjfa-20693	355	7	operating	operate	VERB
cjfa-20693	355	8	company	company	NOUN
cjfa-20693	355	9	can	can	AUX
cjfa-20693	355	10	bring	bring	VERB
cjfa-20693	355	11	for	for	ADP
cjfa-20693	355	12	a	a	DET
cjfa-20693	355	13	continuous	continuous	ADJ
cjfa-20693	355	14	term	term	NOUN
cjfa-20693	355	15	of	of	ADP
cjfa-20693	355	16	office	office	NOUN
cjfa-20693	355	17	,	,	PUNCT
cjfa-20693	355	18	the	the	DET
cjfa-20693	355	19	reason	reason	NOUN
cjfa-20693	355	20	why	why	SCONJ
cjfa-20693	355	21	r	r	X
cjfa-20693	355	22	-	-	PUNCT
cjfa-20693	355	23	g	g	NOUN
cjfa-20693	355	24	is	be	AUX
cjfa-20693	355	25	chosen	choose	VERB
cjfa-20693	355	26	as	as	ADP
cjfa-20693	355	27	the	the	DET
cjfa-20693	355	28	discount	discount	NOUN
cjfa-20693	355	29	rate	rate	NOUN
cjfa-20693	355	30	of	of	ADP
cjfa-20693	355	31	executive	executive	NOUN
cjfa-20693	355	32	’s	’s	PART
cjfa-20693	355	33	salary	salary	NOUN
cjfa-20693	355	34	income	income	NOUN
cjfa-20693	355	35	is	be	AUX
cjfa-20693	355	36	that	that	SCONJ
cjfa-20693	355	37	the	the	DET
cjfa-20693	355	38	executive	executive	NOUN
cjfa-20693	355	39	can	can	AUX
cjfa-20693	355	40	completely	completely	ADV
cjfa-20693	355	41	convert	convert	VERB
cjfa-20693	355	42	his	his	PRON
cjfa-20693	355	43	salary	salary	NOUN
cjfa-20693	355	44	income	income	NOUN
cjfa-20693	355	45	into	into	ADP
cjfa-20693	355	46	stock	stock	NOUN
cjfa-20693	355	47	in	in	ADP
cjfa-20693	355	48	order	order	NOUN
cjfa-20693	355	49	to	to	PART
cjfa-20693	355	50	obtain	obtain	VERB
cjfa-20693	355	51	the	the	DET
cjfa-20693	355	52	potential	potential	ADJ
cjfa-20693	355	53	income	income	NOUN
cjfa-20693	355	54	of	of	ADP
cjfa-20693	355	55	the	the	DET
cjfa-20693	355	56	company	company	NOUN
cjfa-20693	355	57	’s	’s	PART
cjfa-20693	355	58	growth	growth	NOUN
cjfa-20693	355	59	.	.	PUNCT
cjfa-20693	356	1	as	as	ADV
cjfa-20693	356	2	far	far	ADV
cjfa-20693	356	3	as	as	SCONJ
cjfa-20693	356	4	shareholders	shareholder	NOUN
cjfa-20693	356	5	are	be	AUX
cjfa-20693	356	6	concerned	concern	VERB
cjfa-20693	356	7	,	,	PUNCT
cjfa-20693	356	8	the	the	DET
cjfa-20693	356	9	rational	rational	ADJ
cjfa-20693	356	10	choice	choice	NOUN
cjfa-20693	356	11	at	at	ADP
cjfa-20693	356	12	this	this	DET
cjfa-20693	356	13	time	time	NOUN
cjfa-20693	356	14	is	be	AUX
cjfa-20693	356	15	to	to	PART
cjfa-20693	356	16	increase	increase	VERB
cjfa-20693	356	17	the	the	DET
cjfa-20693	356	18	holding	holding	NOUN
cjfa-20693	356	19	of	of	ADP
cjfa-20693	356	20	company	company	NOUN
cjfa-20693	356	21	stocks	stock	NOUN
cjfa-20693	356	22	,	,	PUNCT
cjfa-20693	356	23	not	not	PART
cjfa-20693	356	24	only	only	ADV
cjfa-20693	356	25	to	to	PART
cjfa-20693	356	26	obtain	obtain	VERB
cjfa-20693	356	27	the	the	DET
cjfa-20693	356	28	dividend	dividend	NOUN
cjfa-20693	356	29	income	income	NOUN
cjfa-20693	356	30	of	of	ADP
cjfa-20693	356	31	the	the	DET
cjfa-20693	356	32	current	current	ADJ
cjfa-20693	356	33	period	period	NOUN
cjfa-20693	356	34	,	,	PUNCT
cjfa-20693	356	35	but	but	CCONJ
cjfa-20693	356	36	also	also	ADV
cjfa-20693	356	37	to	to	PART
cjfa-20693	356	38	obtain	obtain	VERB
cjfa-20693	356	39	all	all	DET
cjfa-20693	356	40	the	the	DET
cjfa-20693	356	41	intrinsic	intrinsic	ADJ
cjfa-20693	356	42	value	value	NOUN
cjfa-20693	356	43	of	of	ADP
cjfa-20693	356	44	stocks	stock	NOUN
cjfa-20693	356	45	when	when	SCONJ
cjfa-20693	356	46	they	they	PRON
cjfa-20693	356	47	hold	hold	VERB
cjfa-20693	356	48	stocks	stock	NOUN
cjfa-20693	356	49	for	for	ADP
cjfa-20693	356	50	a	a	DET
cjfa-20693	356	51	long	long	ADJ
cjfa-20693	356	52	time	time	NOUN
cjfa-20693	356	53	,	,	PUNCT
cjfa-20693	356	54	so	so	CCONJ
cjfa-20693	356	55	the	the	DET
cjfa-20693	356	56	total	total	ADJ
cjfa-20693	356	57	income	income	NOUN
cjfa-20693	356	58	of	of	ADP
cjfa-20693	356	59	shareholders	shareholder	NOUN
cjfa-20693	356	60	at	at	ADP
cjfa-20693	356	61	this	this	DET
cjfa-20693	356	62	time	time	NOUN
cjfa-20693	356	63	is	be	AUX
cjfa-20693	356	64	:	:	PUNCT
cjfa-20693	356	65	discounted	discount	VERB
cjfa-20693	356	66	income	income	NOUN
cjfa-20693	356	67	from	from	ADP
cjfa-20693	356	68	future	future	ADJ
cjfa-20693	356	69	periods	period	NOUN
cjfa-20693	356	70	should	should	AUX
cjfa-20693	356	71	be	be	AUX
cjfa-20693	356	72	�	�	PROPN
cjfa-20693	356	73	�	�	PROPN
cjfa-20693	356	74	�	�	PROPN
cjfa-20693	356	75	�	�	PROPN
cjfa-20693	356	76	�	�	PROPN
cjfa-20693	356	77	�	�	PROPN
cjfa-20693	356	78	�	�	PROPN
cjfa-20693	356	79	�	�	PROPN
cjfa-20693	356	80	�	�	PROPN
cjfa-20693	356	81	.	.	PUNCT
cjfa-20693	357	1	secondly	secondly	ADV
cjfa-20693	357	2	,	,	PUNCT
cjfa-20693	357	3	for	for	ADP
cjfa-20693	357	4	shareholders	shareholder	NOUN
cjfa-20693	357	5	,	,	PUNCT
cjfa-20693	357	6	since	since	SCONJ
cjfa-20693	357	7	they	they	PRON
cjfa-20693	357	8	agree	agree	VERB
cjfa-20693	357	9	with	with	ADP
cjfa-20693	357	10	the	the	DET
cjfa-20693	357	11	dividend	dividend	NOUN
cjfa-20693	357	12	-	-	PUNCT
cjfa-20693	357	13	free	free	ADJ
cjfa-20693	357	14	strategy	strategy	NOUN
cjfa-20693	357	15	of	of	ADP
cjfa-20693	357	16	senior	senior	ADJ
cjfa-20693	357	17	managers	manager	NOUN
cjfa-20693	357	18	,	,	PUNCT
cjfa-20693	357	19	they	they	PRON
cjfa-20693	357	20	have	have	VERB
cjfa-20693	357	21	reason	reason	NOUN
cjfa-20693	357	22	to	to	PART
cjfa-20693	357	23	believe	believe	VERB
cjfa-20693	357	24	that	that	SCONJ
cjfa-20693	357	25	long	long	ADJ
cjfa-20693	357	26	-	-	PUNCT
cjfa-20693	357	27	term	term	NOUN
cjfa-20693	357	28	holding	holding	NOUN
cjfa-20693	357	29	of	of	ADP
cjfa-20693	357	30	company	company	NOUN
cjfa-20693	357	31	stocks	stock	NOUN
cjfa-20693	357	32	may	may	AUX
cjfa-20693	357	33	lead	lead	VERB
cjfa-20693	357	34	to	to	ADP
cjfa-20693	357	35	accumulated	accumulate	VERB
cjfa-20693	357	36	undistributed	undistributed	ADJ
cjfa-20693	357	37	dividends	dividend	NOUN
cjfa-20693	357	38	in	in	ADP
cjfa-20693	357	39	a	a	DET
cjfa-20693	357	40	future	future	ADJ
cjfa-20693	357	41	period	period	NOUN
cjfa-20693	357	42	,	,	PUNCT
cjfa-20693	357	43	i.e.	i.e.	X
cjfa-20693	357	44	a	a	DET
cjfa-20693	357	45	huge	huge	ADJ
cjfa-20693	357	46	capital	capital	NOUN
cjfa-20693	357	47	gain	gain	NOUN
cjfa-20693	357	48	.	.	PUNCT
cjfa-20693	358	1	therefore	therefore	ADV
cjfa-20693	358	2	,	,	PUNCT
cjfa-20693	358	3	they	they	PRON
cjfa-20693	358	4	will	will	AUX
cjfa-20693	358	5	choose	choose	VERB
cjfa-20693	358	6	to	to	PART
cjfa-20693	358	7	increase	increase	VERB
cjfa-20693	358	8	their	their	PRON
cjfa-20693	358	9	holding	holding	NOUN
cjfa-20693	358	10	of	of	ADP
cjfa-20693	358	11	π	π	PROPN
cjfa-20693	358	12	unit	unit	NOUN
cjfa-20693	358	13	stocks	stock	NOUN
cjfa-20693	358	14	with	with	ADP
cjfa-20693	358	15	the	the	DET
cjfa-20693	358	16	discount	discount	NOUN
cjfa-20693	358	17	value	value	NOUN
cjfa-20693	358	18	of	of	ADP
cjfa-20693	358	19	their	their	PRON
cjfa-20693	358	20	total	total	ADJ
cjfa-20693	358	21	earnings	earning	NOUN
cjfa-20693	358	22	.	.	PUNCT
cjfa-20693	359	1	the	the	DET
cjfa-20693	359	2	discount	discount	NOUN
cjfa-20693	359	3	value	value	NOUN
cjfa-20693	359	4	of	of	ADP
cjfa-20693	359	5	its	its	PRON
cjfa-20693	359	6	total	total	ADJ
cjfa-20693	359	7	income	income	NOUN
cjfa-20693	359	8	is	be	AUX
cjfa-20693	359	9	�	�	NOUN
cjfa-20693	359	10	1	1	NUM
cjfa-20693	359	11	+	+	NUM
cjfa-20693	359	12	�	�	PROPN
cjfa-20693	359	13	�	�	PROPN
cjfa-20693	359	14	�	�	PROPN
cjfa-20693	359	15	�	�	PROPN
cjfa-20693	359	16	�	�	PROPN
cjfa-20693	359	17	�	�	PROPN
cjfa-20693	359	18	�	�	PROPN
cjfa-20693	359	19	�	�	PROPN
cjfa-20693	359	20	�	�	PROPN
cjfa-20693	359	21	�	�	PROPN
cjfa-20693	359	22	�	�	PROPN
cjfa-20693	359	23	�	�	PROPN
cjfa-20693	359	24	�	�	PROPN
cjfa-20693	359	25	�	�	PROPN
cjfa-20693	359	26	�	�	PROPN
cjfa-20693	359	27	�	�	PROPN
cjfa-20693	359	28	�	�	PROPN
cjfa-20693	359	29	�	�	PROPN
cjfa-20693	359	30	�	�	PROPN
cjfa-20693	359	31	�	�	PROPN
cjfa-20693	359	32	�	�	PROPN
cjfa-20693	359	33	�	�	PROPN
cjfa-20693	359	34	�	�	PROPN
cjfa-20693	359	35	�	�	PROPN
cjfa-20693	359	36	�	�	PROPN
cjfa-20693	359	37	.	.	PUNCT
cjfa-20693	360	1	when	when	SCONJ
cjfa-20693	360	2	�	�	PROPN
cjfa-20693	360	3	�	�	PROPN
cjfa-20693	360	4	�	�	PROPN
cjfa-20693	360	5	,	,	PUNCT
cjfa-20693	360	6	it	it	PRON
cjfa-20693	360	7	is	be	AUX
cjfa-20693	360	8	�	�	PROPN
cjfa-20693	360	9	1	1	NUM
cjfa-20693	360	10	+	+	NUM
cjfa-20693	360	11	�	�	PROPN
cjfa-20693	360	12	�	�	PROPN
cjfa-20693	360	13	�	�	PROPN
cjfa-20693	360	14	�	�	PROPN
cjfa-20693	360	15	�	�	PROPN
cjfa-20693	360	16	�	�	PROPN
cjfa-20693	360	17	�	�	PROPN
cjfa-20693	360	18	�	�	PROPN
cjfa-20693	360	19	�	�	PROPN
cjfa-20693	360	20	�	�	PROPN
cjfa-20693	360	21	�	�	PROPN
cjfa-20693	360	22	�	�	PROPN
cjfa-20693	360	23	�	�	PROPN
cjfa-20693	360	24	�	�	PROPN
cjfa-20693	360	25	for	for	ADP
cjfa-20693	360	26	limit	limit	NOUN
cjfa-20693	360	27	of	of	ADP
cjfa-20693	360	28	the	the	DET
cjfa-20693	360	29	discount	discount	NOUN
cjfa-20693	360	30	value	value	NOUN
cjfa-20693	360	31	of	of	ADP
cjfa-20693	360	32	�	�	PROPN
cjfa-20693	360	33	1	1	NUM
cjfa-20693	360	34	+	+	NUM
cjfa-20693	360	35	�	�	PROPN
cjfa-20693	360	36	�	�	PROPN
cjfa-20693	360	37	the	the	DET
cjfa-20693	360	38	long	long	ADJ
cjfa-20693	360	39	-	-	PUNCT
cjfa-20693	360	40	term	term	NOUN
cjfa-20693	360	41	shareholder	shareholder	NOUN
cjfa-20693	360	42	's	's	PART
cjfa-20693	360	43	shares	share	NOUN
cjfa-20693	360	44	.	.	PUNCT
cjfa-20693	361	1	（	（	PUNCT
cjfa-20693	361	2	3）the	3）the	DET
cjfa-20693	361	3	bottom	bottom	NOUN
cjfa-20693	361	4	left	leave	VERB
cjfa-20693	361	5	is	be	AUX
cjfa-20693	361	6	the	the	DET
cjfa-20693	361	7	earnings	earning	NOUN
cjfa-20693	361	8	function	function	NOUN
cjfa-20693	361	9	of	of	ADP
cjfa-20693	361	10	both	both	DET
cjfa-20693	361	11	sides	side	NOUN
cjfa-20693	361	12	when	when	SCONJ
cjfa-20693	361	13	executives	executive	NOUN
cjfa-20693	361	14	choose	choose	VERB
cjfa-20693	361	15	dividends	dividend	NOUN
cjfa-20693	361	16	and	and	CCONJ
cjfa-20693	361	17	shareholders	shareholder	NOUN
cjfa-20693	361	18	choose	choose	VERB
cjfa-20693	361	19	to	to	PART
cjfa-20693	361	20	reduce	reduce	VERB
cjfa-20693	361	21	their	their	PRON
cjfa-20693	361	22	holdings	holding	NOUN
cjfa-20693	361	23	.	.	PUNCT
cjfa-20693	362	1	executives	executive	NOUN
cjfa-20693	362	2	choose	choose	VERB
cjfa-20693	362	3	to	to	PART
cjfa-20693	362	4	pay	pay	VERB
cjfa-20693	362	5	dividends	dividend	NOUN
cjfa-20693	362	6	,	,	PUNCT
cjfa-20693	362	7	but	but	CCONJ
cjfa-20693	362	8	suffer	suffer	VERB
cjfa-20693	362	9	from	from	ADP
cjfa-20693	362	10	shareholders	shareholder	NOUN
cjfa-20693	362	11	'	'	PART
cjfa-20693	362	12	reduction	reduction	NOUN
cjfa-20693	362	13	.	.	PUNCT
cjfa-20693	363	1	this	this	PRON
cjfa-20693	363	2	makes	make	VERB
cjfa-20693	363	3	executives	executive	NOUN
cjfa-20693	363	4	bear	bear	VERB
cjfa-20693	363	5	double	double	ADJ
cjfa-20693	363	6	losses	loss	NOUN
cjfa-20693	363	7	psychologically	psychologically	ADV
cjfa-20693	363	8	,	,	PUNCT
cjfa-20693	363	9	that	that	ADV
cjfa-20693	363	10	is	is	ADV
cjfa-20693	363	11	,	,	PUNCT
cjfa-20693	363	12	not	not	PART
cjfa-20693	363	13	only	only	ADV
cjfa-20693	363	14	do	do	AUX
cjfa-20693	363	15	they	they	PRON
cjfa-20693	363	16	not	not	PART
cjfa-20693	363	17	gain	gain	VERB
cjfa-20693	363	18	potential	potential	ADJ
cjfa-20693	363	19	private	private	ADJ
cjfa-20693	363	20	benefits	benefit	NOUN
cjfa-20693	363	21	,	,	PUNCT
cjfa-20693	363	22	but	but	CCONJ
cjfa-20693	363	23	also	also	ADV
cjfa-20693	363	24	lose	lose	VERB
cjfa-20693	363	25	disposable	disposable	ADJ
cjfa-20693	363	26	free	free	ADJ
cjfa-20693	363	27	cash	cash	NOUN
cjfa-20693	363	28	flow	flow	NOUN
cjfa-20693	363	29	,	,	PUNCT
cjfa-20693	363	30	so	so	CCONJ
cjfa-20693	363	31	their	their	PRON
cjfa-20693	363	32	earnings	earning	NOUN
cjfa-20693	363	33	are	be	AUX
cjfa-20693	363	34	�	�	NOUN
cjfa-20693	363	35	�	�	PROPN
cjfa-20693	363	36	−	−	PROPN
cjfa-20693	363	37	�	�	PROPN
cjfa-20693	363	38	�	�	PROPN
cjfa-20693	363	39	�	�	PROPN
cjfa-20693	363	40	−	−	PROPN
cjfa-20693	363	41	�	�	PROPN
cjfa-20693	363	42	.	.	PUNCT
cjfa-20693	364	1	it	it	PRON
cjfa-20693	364	2	should	should	AUX
cjfa-20693	364	3	be	be	AUX
cjfa-20693	364	4	pointed	point	VERB
cjfa-20693	364	5	out	out	ADP
cjfa-20693	364	6	in	in	ADP
cjfa-20693	364	7	particular	particular	ADJ
cjfa-20693	364	8	that	that	SCONJ
cjfa-20693	364	9	because	because	SCONJ
cjfa-20693	364	10	of	of	ADP
cjfa-20693	364	11	the	the	DET
cjfa-20693	364	12	influence	influence	NOUN
cjfa-20693	364	13	of	of	ADP
cjfa-20693	364	14	tenure	tenure	NOUN
cjfa-20693	364	15	system	system	NOUN
cjfa-20693	364	16	and	and	CCONJ
cjfa-20693	364	17	managers	manager	NOUN
cjfa-20693	364	18	'	'	PART
cjfa-20693	364	19	market	market	NOUN
cjfa-20693	364	20	competition	competition	NOUN
cjfa-20693	364	21	,	,	PUNCT
cjfa-20693	364	22	senior	senior	ADJ
cjfa-20693	364	23	managers	manager	NOUN
cjfa-20693	364	24	are	be	AUX
cjfa-20693	364	25	not	not	PART
cjfa-20693	364	26	discounted	discount	VERB
cjfa-20693	364	27	here	here	ADV
cjfa-20693	364	28	.	.	PUNCT
cjfa-20693	365	1	for	for	ADP
cjfa-20693	365	2	shareholders	shareholder	NOUN
cjfa-20693	365	3	,	,	PUNCT
cjfa-20693	365	4	reduction	reduction	NOUN
cjfa-20693	365	5	can	can	AUX
cjfa-20693	365	6	not	not	PART
cjfa-20693	365	7	only	only	ADV
cjfa-20693	365	8	obtain	obtain	VERB
cjfa-20693	365	9	current	current	ADJ
cjfa-20693	365	10	capital	capital	NOUN
cjfa-20693	365	11	gains	gain	NOUN
cjfa-20693	365	12	,	,	PUNCT
cjfa-20693	365	13	but	but	CCONJ
cjfa-20693	365	14	also	also	ADV
cjfa-20693	365	15	obtain	obtain	VERB
cjfa-20693	365	16	discount	discount	NOUN
cjfa-20693	365	17	income	income	NOUN
cjfa-20693	365	18	from	from	ADP
cjfa-20693	365	19	the	the	DET
cjfa-20693	365	20	sum	sum	NOUN
cjfa-20693	365	21	of	of	ADP
cjfa-20693	365	22	dividends	dividend	NOUN
cjfa-20693	365	23	�	�	PROPN
cjfa-20693	365	24	1	1	NUM
cjfa-20693	365	25	−	−	PROPN
cjfa-20693	365	26	π	π	PROPN
cjfa-20693	365	27	�	�	PROPN
cjfa-20693	365	28	and	and	CCONJ
cjfa-20693	365	29	continue	continue	VERB
cjfa-20693	365	30	to	to	PART
cjfa-20693	365	31	hold	hold	VERB
cjfa-20693	365	32	them	they	PRON
cjfa-20693	365	33	,	,	PUNCT
cjfa-20693	365	34	�	�	PROPN
cjfa-20693	365	35	�	�	PROPN
cjfa-20693	365	36	+	+	CCONJ
cjfa-20693	365	37	�	�	PROPN
cjfa-20693	365	38	�	�	PROPN
cjfa-20693	365	39	�	�	PROPN
cjfa-20693	365	40	+	+	SYM
cjfa-20693	365	41	�	�	PROPN
cjfa-20693	365	42	�	�	PROPN
cjfa-20693	365	43	�	�	PROPN
cjfa-20693	365	44	�	�	PROPN
cjfa-20693	365	45	�	�	PROPN
cjfa-20693	365	46	�	�	PROPN
cjfa-20693	365	47	�	�	PROPN
cjfa-20693	365	48	�	�	PROPN
cjfa-20693	365	49	.	.	PUNCT
cjfa-20693	366	1	（	（	PUNCT
cjfa-20693	367	1	4）the	4）the	DET
cjfa-20693	367	2	bottom	bottom	ADJ
cjfa-20693	367	3	right	right	NOUN
cjfa-20693	367	4	is	be	AUX
cjfa-20693	367	5	the	the	DET
cjfa-20693	367	6	profit	profit	NOUN
cjfa-20693	367	7	function	function	NOUN
cjfa-20693	367	8	of	of	ADP
cjfa-20693	367	9	both	both	DET
cjfa-20693	367	10	sides	side	NOUN
cjfa-20693	367	11	when	when	SCONJ
cjfa-20693	367	12	executives	executive	NOUN
cjfa-20693	367	13	choose	choose	VERB
cjfa-20693	367	14	dividends	dividend	NOUN
cjfa-20693	367	15	and	and	CCONJ
cjfa-20693	367	16	shareholders	shareholder	NOUN
cjfa-20693	367	17	choose	choose	VERB
cjfa-20693	367	18	to	to	PART
cjfa-20693	367	19	increase	increase	VERB
cjfa-20693	367	20	their	their	PRON
cjfa-20693	367	21	holdings	holding	NOUN
cjfa-20693	367	22	.	.	PUNCT
cjfa-20693	368	1	first	first	ADV
cjfa-20693	368	2	,	,	PUNCT
cjfa-20693	368	3	for	for	ADP
cjfa-20693	368	4	senior	senior	ADJ
cjfa-20693	368	5	managers	manager	NOUN
cjfa-20693	368	6	,	,	PUNCT
cjfa-20693	368	7	choosing	choose	VERB
cjfa-20693	368	8	to	to	PART
cjfa-20693	368	9	dividend	dividend	VERB
cjfa-20693	368	10	and	and	CCONJ
cjfa-20693	368	11	let	let	VERB
cjfa-20693	368	12	the	the	DET
cjfa-20693	368	13	dividend	dividend	NOUN
cjfa-20693	368	14	grow	grow	VERB
cjfa-20693	368	15	at	at	ADP
cjfa-20693	368	16	a	a	DET
cjfa-20693	368	17	fixed	fix	VERB
cjfa-20693	368	18	rate	rate	NOUN
cjfa-20693	368	19	g	g	PROPN
cjfa-20693	368	20	will	will	AUX
cjfa-20693	368	21	enable	enable	VERB
cjfa-20693	368	22	them	they	PRON
cjfa-20693	368	23	to	to	PART
cjfa-20693	368	24	reach	reach	VERB
cjfa-20693	368	25	tacit	tacit	ADJ
cjfa-20693	368	26	understanding	understanding	NOUN
cjfa-20693	368	27	with	with	ADP
cjfa-20693	368	28	shareholders	shareholder	NOUN
cjfa-20693	368	29	and	and	CCONJ
cjfa-20693	368	30	agree	agree	VERB
cjfa-20693	368	31	with	with	ADP
cjfa-20693	368	32	each	each	DET
cjfa-20693	368	33	other	other	ADJ
cjfa-20693	368	34	.	.	PUNCT
cjfa-20693	369	1	at	at	ADP
cjfa-20693	369	2	this	this	DET
cjfa-20693	369	3	time	time	NOUN
cjfa-20693	369	4	,	,	PUNCT
cjfa-20693	369	5	although	although	SCONJ
cjfa-20693	369	6	the	the	DET
cjfa-20693	369	7	choice	choice	NOUN
cjfa-20693	369	8	of	of	ADP
cjfa-20693	369	9	dividends	dividend	NOUN
cjfa-20693	369	10	abandons	abandon	VERB
cjfa-20693	369	11	the	the	DET
cjfa-20693	369	12	possibility	possibility	NOUN
cjfa-20693	369	13	of	of	ADP
cjfa-20693	369	14	obtaining	obtain	VERB
cjfa-20693	369	15	private	private	ADJ
cjfa-20693	369	16	benefits	benefit	NOUN
cjfa-20693	369	17	,	,	PUNCT
cjfa-20693	369	18	the	the	DET
cjfa-20693	369	19	positive	positive	ADJ
cjfa-20693	369	20	signals	signal	NOUN
cjfa-20693	369	21	released	release	VERB
cjfa-20693	369	22	by	by	ADP
cjfa-20693	369	23	dividends	dividend	NOUN
cjfa-20693	369	24	make	make	VERB
cjfa-20693	369	25	the	the	DET
cjfa-20693	369	26	status	status	NOUN
cjfa-20693	369	27	of	of	ADP
cjfa-20693	369	28	executives	executive	NOUN
cjfa-20693	369	29	not	not	PART
cjfa-20693	369	30	threatened	threaten	VERB
cjfa-20693	369	31	,	,	PUNCT
cjfa-20693	369	32	and	and	CCONJ
cjfa-20693	369	33	can	can	AUX
cjfa-20693	369	34	continue	continue	VERB
cjfa-20693	369	35	to	to	PART
cjfa-20693	369	36	obtain	obtain	VERB
cjfa-20693	369	37	the	the	DET
cjfa-20693	369	38	discounted	discount	VERB
cjfa-20693	369	39	value	value	NOUN
cjfa-20693	369	40	�	�	PROPN
cjfa-20693	369	41	�	�	PROPN
cjfa-20693	369	42	�	�	PROPN
cjfa-20693	369	43	�	�	PROPN
cjfa-20693	369	44	�	�	PROPN
cjfa-20693	369	45	�	�	PROPN
cjfa-20693	369	46	�	�	PROPN
cjfa-20693	369	47	�	�	PROPN
cjfa-20693	369	48	�	�	PROPN
cjfa-20693	369	49	of	of	ADP
cjfa-20693	369	50	salary	salary	NOUN
cjfa-20693	369	51	income	income	NOUN
cjfa-20693	369	52	that	that	PRON
cjfa-20693	369	53	the	the	DET
cjfa-20693	369	54	future	future	ADJ
cjfa-20693	369	55	operating	operate	VERB
cjfa-20693	369	56	company	company	NOUN
cjfa-20693	369	57	can	can	AUX
cjfa-20693	369	58	bring	bring	VERB
cjfa-20693	369	59	for	for	ADP
cjfa-20693	369	60	a	a	DET
cjfa-20693	369	61	continuous	continuous	ADJ
cjfa-20693	369	62	term	term	NOUN
cjfa-20693	369	63	of	of	ADP
cjfa-20693	369	64	office	office	NOUN
cjfa-20693	369	65	,	,	PUNCT
cjfa-20693	369	66	the	the	DET
cjfa-20693	369	67	reason	reason	NOUN
cjfa-20693	369	68	why	why	SCONJ
cjfa-20693	369	69	r	r	X
cjfa-20693	369	70	-	-	PUNCT
cjfa-20693	369	71	g	g	NOUN
cjfa-20693	369	72	is	be	AUX
cjfa-20693	369	73	chosen	choose	VERB
cjfa-20693	369	74	as	as	ADP
cjfa-20693	369	75	the	the	DET
cjfa-20693	369	76	discount	discount	NOUN
cjfa-20693	369	77	rate	rate	NOUN
cjfa-20693	369	78	of	of	ADP
cjfa-20693	369	79	executive	executive	NOUN
cjfa-20693	369	80	's	's	PART
cjfa-20693	369	81	salary	salary	NOUN
cjfa-20693	369	82	income	income	NOUN
cjfa-20693	369	83	is	be	AUX
cjfa-20693	369	84	that	that	SCONJ
cjfa-20693	369	85	the	the	DET
cjfa-20693	369	86	executive	executive	NOUN
cjfa-20693	369	87	can	can	AUX
cjfa-20693	369	88	completely	completely	ADV
cjfa-20693	369	89	convert	convert	VERB
cjfa-20693	369	90	his	his	PRON
cjfa-20693	369	91	salary	salary	NOUN
cjfa-20693	369	92	income	income	NOUN
cjfa-20693	369	93	into	into	ADP
cjfa-20693	369	94	stock	stock	NOUN
cjfa-20693	369	95	in	in	ADP
cjfa-20693	369	96	order	order	NOUN
cjfa-20693	369	97	to	to	PART
cjfa-20693	369	98	obtain	obtain	VERB
cjfa-20693	369	99	the	the	DET
cjfa-20693	369	100	potential	potential	ADJ
cjfa-20693	369	101	income	income	NOUN
cjfa-20693	369	102	of	of	ADP
cjfa-20693	369	103	the	the	DET
cjfa-20693	369	104	company	company	NOUN
cjfa-20693	369	105	's	's	PART
cjfa-20693	369	106	growth	growth	NOUN
cjfa-20693	369	107	.	.	PUNCT
cjfa-20693	370	1	as	as	ADV
cjfa-20693	370	2	far	far	ADV
cjfa-20693	370	3	as	as	SCONJ
cjfa-20693	370	4	shareholders	shareholder	NOUN
cjfa-20693	370	5	are	be	AUX
cjfa-20693	370	6	concerned	concern	VERB
cjfa-20693	370	7	,	,	PUNCT
cjfa-20693	370	8	the	the	DET
cjfa-20693	370	9	rational	rational	ADJ
cjfa-20693	370	10	choice	choice	NOUN
cjfa-20693	370	11	at	at	ADP
cjfa-20693	370	12	this	this	DET
cjfa-20693	370	13	time	time	NOUN
cjfa-20693	370	14	is	be	AUX
cjfa-20693	370	15	to	to	PART
cjfa-20693	370	16	increase	increase	VERB
cjfa-20693	370	17	the	the	DET
cjfa-20693	370	18	holding	holding	NOUN
cjfa-20693	370	19	of	of	ADP
cjfa-20693	370	20	company	company	NOUN
cjfa-20693	370	21	stocks	stock	NOUN
cjfa-20693	370	22	,	,	PUNCT
cjfa-20693	370	23	not	not	PART
cjfa-20693	370	24	only	only	ADV
cjfa-20693	370	25	to	to	PART
cjfa-20693	370	26	obtain	obtain	VERB
cjfa-20693	370	27	the	the	DET
cjfa-20693	370	28	dividend	dividend	NOUN
cjfa-20693	370	29	income	income	NOUN
cjfa-20693	370	30	of	of	ADP
cjfa-20693	370	31	the	the	DET
cjfa-20693	370	32	current	current	ADJ
cjfa-20693	370	33	period	period	NOUN
cjfa-20693	370	34	,	,	PUNCT
cjfa-20693	370	35	but	but	CCONJ
cjfa-20693	370	36	also	also	ADV
cjfa-20693	370	37	to	to	PART
cjfa-20693	370	38	obtain	obtain	VERB
cjfa-20693	370	39	all	all	DET
cjfa-20693	370	40	the	the	DET
cjfa-20693	370	41	intrinsic	intrinsic	ADJ
cjfa-20693	370	42	value	value	NOUN
cjfa-20693	370	43	of	of	ADP
cjfa-20693	370	44	stocks	stock	NOUN
cjfa-20693	370	45	when	when	SCONJ
cjfa-20693	370	46	they	they	PRON
cjfa-20693	370	47	hold	hold	VERB
cjfa-20693	370	48	stocks	stock	NOUN
cjfa-20693	370	49	for	for	ADP
cjfa-20693	370	50	a	a	DET
cjfa-20693	370	51	long	long	ADJ
cjfa-20693	370	52	time	time	NOUN
cjfa-20693	370	53	,	,	PUNCT
cjfa-20693	370	54	so	so	CCONJ
cjfa-20693	370	55	the	the	DET
cjfa-20693	370	56	total	total	ADJ
cjfa-20693	370	57	income	income	NOUN
cjfa-20693	370	58	of	of	ADP
cjfa-20693	370	59	shareholders	shareholder	NOUN
cjfa-20693	370	60	at	at	ADP
cjfa-20693	370	61	this	this	DET
cjfa-20693	370	62	time	time	NOUN
cjfa-20693	370	63	is	be	AUX
cjfa-20693	370	64	:	:	PUNCT
cjfa-20693	370	65	αe	αe	PROPN
cjfa-20693	370	66	+	+	PROPN
cjfa-20693	370	67	�	�	PROPN
cjfa-20693	370	68	�	�	PROPN
cjfa-20693	370	69	�	�	PROPN
cjfa-20693	370	70	�	�	PROPN
cjfa-20693	370	71	�	�	PROPN
cjfa-20693	370	72	�	�	PROPN
cjfa-20693	370	73	�	�	PROPN
cjfa-20693	370	74	�	�	PROPN
cjfa-20693	370	75	�	�	PROPN
cjfa-20693	370	76	�	�	PROPN
cjfa-20693	370	77	�	�	PROPN
cjfa-20693	370	78	�	�	PROPN
cjfa-20693	370	79	.	.	PUNCT
cjfa-20693	370	80	.	.	PUNCT
cjfa-20693	371	1	4	4	X
cjfa-20693	371	2	.	.	X
cjfa-20693	371	3	equilibrium	equilibrium	NOUN
cjfa-20693	371	4	analysis	analysis	NOUN
cjfa-20693	371	5	of	of	ADP
cjfa-20693	371	6	game	game	NOUN
cjfa-20693	371	7	(	(	PUNCT
cjfa-20693	371	8	1	1	NUM
cjfa-20693	371	9	)	)	PUNCT
cjfa-20693	371	10	equilibrium	equilibrium	NOUN
cjfa-20693	371	11	of	of	ADP
cjfa-20693	371	12	executives	executive	NOUN
cjfa-20693	371	13	given	give	VERB
cjfa-20693	371	14	the	the	DET
cjfa-20693	371	15	shareholder	shareholder	NOUN
cjfa-20693	371	16	’s	’s	PART
cjfa-20693	371	17	holding	hold	VERB
cjfa-20693	371	18	probability	probability	NOUN
cjfa-20693	371	19	q	q	NOUN
cjfa-20693	371	20	,	,	PUNCT
cjfa-20693	371	21	the	the	DET
cjfa-20693	371	22	expected	expect	VERB
cjfa-20693	371	23	earnings	earning	NOUN
cjfa-20693	371	24	of	of	ADP
cjfa-20693	371	25	executives	executive	NOUN
cjfa-20693	371	26	when	when	SCONJ
cjfa-20693	371	27	they	they	PRON
cjfa-20693	371	28	choose	choose	VERB
cjfa-20693	371	29	to	to	PART
cjfa-20693	371	30	dividend	dividend	VERB
cjfa-20693	371	31	and	and	CCONJ
cjfa-20693	371	32	non	non	ADJ
cjfa-20693	371	33	-	-	ADJ
cjfa-20693	371	34	dividend	dividend	NOUN
cjfa-20693	371	35	are	be	AUX
cjfa-20693	371	36	respectively	respectively	ADV
cjfa-20693	371	37	.	.	PUNCT
cjfa-20693	372	1	4	4	X
cjfa-20693	372	2	.	.	X
cjfa-20693	372	3	equilibrium	equilibrium	NOUN
cjfa-20693	372	4	analysis	analysis	NOUN
cjfa-20693	372	5	of	of	ADP
cjfa-20693	372	6	game	game	NOUN
cjfa-20693	372	7	(	(	PUNCT
cjfa-20693	372	8	1)equilibrium	1)equilibrium	NUM
cjfa-20693	372	9	of	of	ADP
cjfa-20693	372	10	executives	executive	NOUN
cjfa-20693	372	11	given	give	VERB
cjfa-20693	372	12	the	the	DET
cjfa-20693	372	13	shareholder	shareholder	NOUN
cjfa-20693	372	14	's	's	PART
cjfa-20693	372	15	holding	hold	VERB
cjfa-20693	372	16	probability	probability	NOUN
cjfa-20693	372	17	q	q	NOUN
cjfa-20693	372	18	,	,	PUNCT
cjfa-20693	372	19	the	the	DET
cjfa-20693	372	20	expected	expect	VERB
cjfa-20693	372	21	earnings	earning	NOUN
cjfa-20693	372	22	of	of	ADP
cjfa-20693	372	23	executives	executive	NOUN
cjfa-20693	372	24	when	when	SCONJ
cjfa-20693	372	25	they	they	PRON
cjfa-20693	372	26	choose	choose	VERB
cjfa-20693	372	27	to	to	PART
cjfa-20693	372	28	dividend	dividend	VERB
cjfa-20693	372	29	and	and	CCONJ
cjfa-20693	372	30	non	non	ADJ
cjfa-20693	372	31	-	-	ADJ
cjfa-20693	372	32	dividend	dividend	NOUN
cjfa-20693	372	33	are	be	AUX
cjfa-20693	372	34	respectively	respectively	ADV
cjfa-20693	372	35	.	.	PUNCT
cjfa-20693	373	1	�	�	PROPN
cjfa-20693	373	2	(	(	PUNCT
cjfa-20693	373	3	�	�	PROPN
cjfa-20693	373	4	�	�	PROPN
cjfa-20693	373	5	�	�	PROPN
cjfa-20693	373	6	)	)	PUNCT
cjfa-20693	373	7	=	=	PUNCT
cjfa-20693	373	8	(	(	PUNCT
cjfa-20693	373	9	1	1	NUM
cjfa-20693	373	10	−	−	PROPN
cjfa-20693	373	11	�	�	PROPN
cjfa-20693	373	12	)	)	PUNCT
cjfa-20693	373	13	(	(	PUNCT
cjfa-20693	373	14	�	�	PROPN
cjfa-20693	373	15	�	�	PROPN
cjfa-20693	373	16	−	−	PROPN
cjfa-20693	373	17	�	�	PROPN
cjfa-20693	373	18	�	�	PROPN
cjfa-20693	373	19	�	�	PROPN
cjfa-20693	373	20	−	−	PROPN
cjfa-20693	373	21	�	�	PROPN
cjfa-20693	373	22	)	)	PUNCT
cjfa-20693	373	23	�	�	PROPN
cjfa-20693	373	24	�	�	PROPN
cjfa-20693	373	25	�	�	PROPN
cjfa-20693	373	26	�	�	PROPN
cjfa-20693	373	27	�	�	PROPN
cjfa-20693	373	28	�	�	PROPN
cjfa-20693	373	29	�	�	PROPN
cjfa-20693	373	30	�	�	PROPN
cjfa-20693	373	31	�	�	PROPN
cjfa-20693	373	32	�	�	PROPN
cjfa-20693	373	33	�	�	PROPN
cjfa-20693	373	34	�	�	PROPN
cjfa-20693	373	35	�	�	PROPN
cjfa-20693	373	36	�	�	PROPN
cjfa-20693	373	37	(	(	PUNCT
cjfa-20693	373	38	3	3	NUM
cjfa-20693	373	39	)	)	PUNCT
cjfa-20693	373	40	�	�	PROPN
cjfa-20693	373	41	(	(	PUNCT
cjfa-20693	373	42	�	�	PROPN
cjfa-20693	373	43	�	�	PROPN
cjfa-20693	373	44	�	�	PROPN
cjfa-20693	373	45	�	�	PROPN
cjfa-20693	373	46	�	�	PROPN
cjfa-20693	373	47	�	�	PROPN
cjfa-20693	373	48	�	�	PROPN
cjfa-20693	373	49	)	)	PUNCT
cjfa-20693	373	50	=	=	PUNCT
cjfa-20693	373	51	(	(	PUNCT
cjfa-20693	373	52	1	1	NUM
cjfa-20693	373	53	−	−	PROPN
cjfa-20693	373	54	�	�	NOUN
cjfa-20693	373	55	)	)	PUNCT
cjfa-20693	373	56	(	(	PUNCT
cjfa-20693	373	57	0	0	NUM
cjfa-20693	373	58	)	)	PUNCT
cjfa-20693	373	59	�	�	PROPN
cjfa-20693	373	60	�	�	PROPN
cjfa-20693	373	61	�	�	PROPN
cjfa-20693	373	62	�	�	PROPN
cjfa-20693	373	63	�	�	PROPN
cjfa-20693	373	64	�	�	PROPN
cjfa-20693	373	65	�	�	PROPN
cjfa-20693	373	66	�	�	PROPN
cjfa-20693	373	67	�	�	PROPN
cjfa-20693	373	68	�	�	PROPN
cjfa-20693	373	69	�	�	PROPN
cjfa-20693	373	70	�	�	PROPN
cjfa-20693	373	71	�	�	PROPN
cjfa-20693	373	72	（	（	PROPN
cjfa-20693	373	73	4	4	NUM
cjfa-20693	373	74	）	）	PUNCT
cjfa-20693	373	75	therefore	therefore	ADV
cjfa-20693	373	76	,	,	PUNCT
cjfa-20693	373	77	let	let	VERB
cjfa-20693	373	78	e	e	X
cjfa-20693	373	79	(	(	PUNCT
cjfa-20693	373	80	pay	pay	VERB
cjfa-20693	373	81	dividend	dividend	NOUN
cjfa-20693	373	82	)	)	PUNCT
cjfa-20693	374	1	=	=	PUNCT
cjfa-20693	374	2	e	e	X
cjfa-20693	374	3	(	(	PUNCT
cjfa-20693	374	4	pass	pass	VERB
cjfa-20693	374	5	dividend	dividend	NOUN
cjfa-20693	374	6	)	)	PUNCT
cjfa-20693	374	7	,	,	PUNCT
cjfa-20693	374	8	after	after	ADP
cjfa-20693	374	9	a	a	DET
cjfa-20693	374	10	series	series	NOUN
cjfa-20693	374	11	of	of	ADP
cjfa-20693	374	12	algebraic	algebraic	ADJ
cjfa-20693	374	13	operations	operation	NOUN
cjfa-20693	374	14	,	,	PUNCT
cjfa-20693	374	15	�	�	PROPN
cjfa-20693	374	16	=	=	SYM
cjfa-20693	374	17	�	�	PROPN
cjfa-20693	374	18	(	(	PUNCT
cjfa-20693	374	19	�	�	PROPN
cjfa-20693	374	20	�	�	PROPN
cjfa-20693	374	21	�	�	PROPN
cjfa-20693	374	22	)	)	PUNCT
cjfa-20693	374	23	(	(	PUNCT
cjfa-20693	374	24	�	�	PROPN
cjfa-20693	374	25	�	�	PROPN
cjfa-20693	374	26	�	�	PROPN
cjfa-20693	374	27	�	�	PROPN
cjfa-20693	374	28	�	�	PROPN
cjfa-20693	374	29	�	�	PROPN
cjfa-20693	374	30	�	�	PROPN
cjfa-20693	374	31	)	)	PUNCT
cjfa-20693	374	32	�	�	PROPN
cjfa-20693	374	33	�	�	PROPN
cjfa-20693	374	34	�	�	PROPN
cjfa-20693	374	35	(	(	PUNCT
cjfa-20693	374	36	�	�	PROPN
cjfa-20693	374	37	�	�	PROPN
cjfa-20693	374	38	�	�	PROPN
cjfa-20693	374	39	�	�	PROPN
cjfa-20693	374	40	�	�	PROPN
cjfa-20693	374	41	�	�	PROPN
cjfa-20693	374	42	�	�	PROPN
cjfa-20693	374	43	)	)	PUNCT
cjfa-20693	374	44	�	�	PROPN
cjfa-20693	374	45	�	�	PROPN
cjfa-20693	374	46	(	(	PUNCT
cjfa-20693	374	47	�	�	PROPN
cjfa-20693	374	48	�	�	PROPN
cjfa-20693	374	49	�	�	PROPN
cjfa-20693	374	50	)	)	PUNCT
cjfa-20693	374	51	(	(	PUNCT
cjfa-20693	374	52	�	�	PROPN
cjfa-20693	374	53	�	�	PROPN
cjfa-20693	374	54	�	�	PROPN
cjfa-20693	374	55	�	�	PROPN
cjfa-20693	374	56	�	�	PROPN
cjfa-20693	374	57	�	�	PROPN
cjfa-20693	374	58	�	�	PROPN
cjfa-20693	374	59	)	)	PUNCT
cjfa-20693	374	60	（	（	PUNCT
cjfa-20693	374	61	5	5	NUM
cjfa-20693	374	62	）	）	PUNCT
cjfa-20693	374	63	according	accord	VERB
cjfa-20693	374	64	to	to	ADP
cjfa-20693	374	65	the	the	DET
cjfa-20693	374	66	principle	principle	NOUN
cjfa-20693	374	67	of	of	ADP
cjfa-20693	374	68	equal	equal	ADJ
cjfa-20693	374	69	expectation	expectation	NOUN
cjfa-20693	374	70	payment	payment	NOUN
cjfa-20693	374	71	,	,	PUNCT
cjfa-20693	374	72	there	there	PRON
cjfa-20693	374	73	should	should	AUX
cjfa-20693	374	74	be	be	AUX
cjfa-20693	374	75	no	no	DET
cjfa-20693	374	76	difference	difference	NOUN
cjfa-20693	374	77	between	between	ADP
cjfa-20693	374	78	the	the	DET
cjfa-20693	374	79	expected	expect	VERB
cjfa-20693	374	80	returns	return	NOUN
cjfa-20693	374	81	of	of	ADP
cjfa-20693	374	82	dividend	dividend	NOUN
cjfa-20693	374	83	-	-	PUNCT
cjfa-20693	374	84	sharing	sharing	NOUN
cjfa-20693	374	85	and	and	CCONJ
cjfa-20693	374	86	non	non	ADJ
cjfa-20693	374	87	-	-	ADJ
cjfa-20693	374	88	dividend	dividend	NOUN
cjfa-20693	374	89	-	-	PUNCT
cjfa-20693	374	90	sharing	sharing	NOUN
cjfa-20693	374	91	for	for	ADP
cjfa-20693	374	92	executives	executive	NOUN
cjfa-20693	374	93	at	at	ADP
cjfa-20693	374	94	the	the	DET
cjfa-20693	374	95	nash	nash	ADJ
cjfa-20693	374	96	equilibrium	equilibrium	NOUN
cjfa-20693	374	97	of	of	ADP
cjfa-20693	374	98	mixed	mixed	ADJ
cjfa-20693	374	99	strategy	strategy	NOUN
cjfa-20693	374	100	in	in	ADP
cjfa-20693	374	101	game	game	NOUN
cjfa-20693	374	102	theory	theory	NOUN
cjfa-20693	374	103	.	.	PUNCT
cjfa-20693	375	1	equation	equation	NOUN
cjfa-20693	375	2	(	(	PUNCT
cjfa-20693	375	3	5	5	X
cjfa-20693	375	4	)	)	PUNCT
cjfa-20693	375	5	shows	show	VERB
cjfa-20693	375	6	that	that	SCONJ
cjfa-20693	375	7	whether	whether	SCONJ
cjfa-20693	375	8	shareholders	shareholder	NOUN
cjfa-20693	375	9	hold	hold	VERB
cjfa-20693	375	10	shares	share	NOUN
cjfa-20693	375	11	of	of	ADP
cjfa-20693	375	12	listed	list	VERB
cjfa-20693	375	13	companies	company	NOUN
cjfa-20693	375	14	depends	depend	VERB
cjfa-20693	375	15	mainly	mainly	ADV
cjfa-20693	375	16	on	on	ADP
cjfa-20693	375	17	discount	discount	NOUN
cjfa-20693	375	18	rate	rate	NOUN
cjfa-20693	375	19	r	r	NOUN
cjfa-20693	375	20	,	,	PUNCT
cjfa-20693	375	21	dividend	dividend	NOUN
cjfa-20693	375	22	growth	growth	NOUN
cjfa-20693	375	23	rate	rate	NOUN
cjfa-20693	375	24	g	g	NOUN
cjfa-20693	375	25	and	and	CCONJ
cjfa-20693	375	26	dividend	dividend	NOUN
cjfa-20693	375	27	per	per	ADP
cjfa-20693	375	28	share	share	NOUN
cjfa-20693	375	29	d.	d.	PROPN
cjfa-20693	375	30	(	(	PUNCT
cjfa-20693	375	31	2)equilibrium	2)equilibrium	NUM
cjfa-20693	375	32	of	of	ADP
cjfa-20693	375	33	shareholders	shareholder	NOUN
cjfa-20693	375	34	according	accord	VERB
cjfa-20693	375	35	to	to	ADP
cjfa-20693	375	36	the	the	DET
cjfa-20693	375	37	matrix	matrix	NOUN
cjfa-20693	375	38	,	,	PUNCT
cjfa-20693	375	39	given	give	VERB
cjfa-20693	375	40	the	the	DET
cjfa-20693	375	41	dividend	dividend	NOUN
cjfa-20693	375	42	probability	probability	NOUN
cjfa-20693	375	43	q	q	PROPN
cjfa-20693	375	44	of	of	ADP
cjfa-20693	375	45	executives	executive	NOUN
cjfa-20693	375	46	,	,	PUNCT
cjfa-20693	375	47	the	the	DET
cjfa-20693	375	48	expected	expect	VERB
cjfa-20693	375	49	returns	return	NOUN
cjfa-20693	375	50	of	of	ADP
cjfa-20693	375	51	shareholders	shareholder	NOUN
cjfa-20693	375	52	when	when	SCONJ
cjfa-20693	375	53	they	they	PRON
cjfa-20693	375	54	choose	choose	VERB
cjfa-20693	375	55	to	to	PART
cjfa-20693	375	56	hold	hold	VERB
cjfa-20693	375	57	or	or	CCONJ
cjfa-20693	375	58	not	not	PART
cjfa-20693	375	59	are	be	AUX
cjfa-20693	375	60	respectively	respectively	ADV
cjfa-20693	375	61	:	:	PUNCT
cjfa-20693	375	62	�	�	PROPN
cjfa-20693	375	63	(	(	PUNCT
cjfa-20693	375	64	�	�	PROPN
cjfa-20693	375	65	�	�	PROPN
cjfa-20693	375	66	�	�	PROPN
cjfa-20693	375	67	�	�	PROPN
cjfa-20693	375	68	�	�	PROPN
cjfa-20693	375	69	�	�	PROPN
cjfa-20693	375	70	�	�	PROPN
cjfa-20693	375	71	�	�	PROPN
cjfa-20693	375	72	)	)	PUNCT
cjfa-20693	375	73	=	=	PUNCT
cjfa-20693	375	74	(	(	PUNCT
cjfa-20693	375	75	1	1	NUM
cjfa-20693	375	76	−	−	PROPN
cjfa-20693	375	77	�	�	PROPN
cjfa-20693	375	78	)	)	PUNCT
cjfa-20693	375	79	�	�	PROPN
cjfa-20693	375	80	(	(	PUNCT
cjfa-20693	375	81	1	1	NUM
cjfa-20693	375	82	�	�	PROPN
cjfa-20693	375	83	�	�	PROPN
cjfa-20693	375	84	)	)	PUNCT
cjfa-20693	375	85	�	�	PROPN
cjfa-20693	375	86	�	�	PROPN
cjfa-20693	375	87	(	(	PUNCT
cjfa-20693	375	88	�	�	PROPN
cjfa-20693	375	89	�	�	PROPN
cjfa-20693	375	90	�	�	PROPN
cjfa-20693	375	91	)	)	PUNCT
cjfa-20693	375	92	(	(	PUNCT
cjfa-20693	375	93	�	�	PROPN
cjfa-20693	375	94	�	�	PROPN
cjfa-20693	375	95	�	�	PROPN
cjfa-20693	375	96	)	)	PUNCT
cjfa-20693	375	97	�	�	PROPN
cjfa-20693	375	98	�	�	PROPN
cjfa-20693	375	99	�	�	PROPN
cjfa-20693	375	100	�	�	PROPN
cjfa-20693	375	101	�	�	PROPN
cjfa-20693	375	102	�	�	PROPN
cjfa-20693	375	103	�	�	PROPN
cjfa-20693	375	104	(	(	PUNCT
cjfa-20693	375	105	�	�	PROPN
cjfa-20693	375	106	�	�	PROPN
cjfa-20693	375	107	�	�	PROPN
cjfa-20693	375	108	)	)	PUNCT
cjfa-20693	375	109	�	�	PROPN
cjfa-20693	375	110	�	�	PROPN
cjfa-20693	375	111	(	(	PUNCT
cjfa-20693	375	112	�	�	PROPN
cjfa-20693	375	113	�	�	PROPN
cjfa-20693	375	114	�	�	PROPN
cjfa-20693	375	115	)	)	PUNCT
cjfa-20693	375	116	�	�	PROPN
cjfa-20693	375	117	（	（	PUNCT
cjfa-20693	375	118	6	6	NUM
cjfa-20693	375	119	）	）	SYM
cjfa-20693	375	120	�	�	PROPN
cjfa-20693	375	121	(	(	PUNCT
cjfa-20693	375	122	�	�	PROPN
cjfa-20693	375	123	�	�	PROPN
cjfa-20693	375	124	�	�	PROPN
cjfa-20693	375	125	�	�	PROPN
cjfa-20693	375	126	�	�	PROPN
cjfa-20693	375	127	�	�	PROPN
cjfa-20693	375	128	�	�	PROPN
cjfa-20693	375	129	�	�	PROPN
cjfa-20693	375	130	)	)	PUNCT
cjfa-20693	375	131	=	=	PUNCT
cjfa-20693	375	132	(	(	PUNCT
cjfa-20693	375	133	1	1	NUM
cjfa-20693	375	134	−	−	PROPN
cjfa-20693	375	135	�	�	PROPN
cjfa-20693	375	136	)	)	PUNCT
cjfa-20693	375	137	�	�	PROPN
cjfa-20693	375	138	(	(	PUNCT
cjfa-20693	375	139	1	1	NUM
cjfa-20693	375	140	−	−	PROPN
cjfa-20693	375	141	�	�	PROPN
cjfa-20693	375	142	)	)	PUNCT
cjfa-20693	375	143	�	�	PROPN
cjfa-20693	375	144	�	�	PROPN
cjfa-20693	375	145	(	(	PUNCT
cjfa-20693	375	146	�	�	PROPN
cjfa-20693	375	147	�	�	PROPN
cjfa-20693	375	148	�	�	PROPN
cjfa-20693	375	149	)	)	PUNCT
cjfa-20693	375	150	�	�	PROPN
cjfa-20693	375	151	�	�	PROPN
cjfa-20693	375	152	�	�	PROPN
cjfa-20693	375	153	�	�	PROPN
cjfa-20693	375	154	�	�	PROPN
cjfa-20693	375	155	�	�	PROPN
cjfa-20693	375	156	�	�	PROPN
cjfa-20693	375	157	�	�	PROPN
cjfa-20693	375	158	�	�	PROPN
cjfa-20693	375	159	�	�	PROPN
cjfa-20693	375	160	�	�	PROPN
cjfa-20693	375	161	�	�	PROPN
cjfa-20693	375	162	�	�	PROPN
cjfa-20693	375	163	�	�	PROPN
cjfa-20693	375	164	�	�	PROPN
cjfa-20693	375	165	�	�	PROPN
cjfa-20693	375	166	(	(	PUNCT
cjfa-20693	375	167	�	�	PROPN
cjfa-20693	375	168	�	�	PROPN
cjfa-20693	375	169	�	�	PROPN
cjfa-20693	375	170	)	)	PUNCT
cjfa-20693	375	171	�	�	PROPN
cjfa-20693	375	172	�	�	PROPN
cjfa-20693	375	173	�	�	PROPN
cjfa-20693	375	174	�	�	PROPN
cjfa-20693	375	175	（	（	PROPN
cjfa-20693	375	176	7	7	NUM
cjfa-20693	375	177	）	）	PUNCT
cjfa-20693	375	178	based	base	VERB
cjfa-20693	375	179	on	on	ADP
cjfa-20693	375	180	the	the	DET
cjfa-20693	375	181	principle	principle	NOUN
cjfa-20693	375	182	of	of	ADP
cjfa-20693	375	183	equal	equal	ADJ
cjfa-20693	375	184	expectation	expectation	NOUN
cjfa-20693	375	185	payment	payment	NOUN
cjfa-20693	375	186	,	,	PUNCT
cjfa-20693	375	187	there	there	PRON
cjfa-20693	375	188	should	should	AUX
cjfa-20693	375	189	be	be	AUX
cjfa-20693	375	190	no	no	DET
cjfa-20693	375	191	difference	difference	NOUN
cjfa-20693	375	192	between	between	ADP
cjfa-20693	375	193	the	the	DET
cjfa-20693	375	194	expected	expect	VERB
cjfa-20693	375	195	returns	return	NOUN
cjfa-20693	375	196	of	of	ADP
cjfa-20693	375	197	shareholders	shareholder	NOUN
cjfa-20693	375	198	who	who	PRON
cjfa-20693	375	199	choose	choose	VERB
cjfa-20693	375	200	to	to	PART
cjfa-20693	375	201	hold	hold	VERB
cjfa-20693	375	202	and	and	CCONJ
cjfa-20693	375	203	not	not	PART
cjfa-20693	375	204	hold	hold	VERB
cjfa-20693	375	205	on	on	ADP
cjfa-20693	375	206	the	the	DET
cjfa-20693	375	207	nash	nash	ADJ
cjfa-20693	375	208	equilibrium	equilibrium	NOUN
cjfa-20693	375	209	of	of	ADP
cjfa-20693	375	210	mixed	mixed	ADJ
cjfa-20693	375	211	strategy	strategy	NOUN
cjfa-20693	375	212	.	.	PUNCT
cjfa-20693	376	1	therefore	therefore	ADV
cjfa-20693	376	2	,	,	PUNCT
cjfa-20693	376	3	let	let	VERB
cjfa-20693	376	4	e(hold)=e(not	e(hold)=e(not	PRON
cjfa-20693	376	5	hold	hold	VERB
cjfa-20693	376	6	)	)	PUNCT
cjfa-20693	376	7	,	,	PUNCT
cjfa-20693	376	8	it	it	PRON
cjfa-20693	376	9	is	be	AUX
cjfa-20693	376	10	�	�	PROPN
cjfa-20693	376	11	=	=	SYM
cjfa-20693	376	12	1	1	NUM
cjfa-20693	376	13	−	−	PROPN
cjfa-20693	376	14	�	�	PROPN
cjfa-20693	376	15	�	�	PROPN
cjfa-20693	376	16	�	�	PROPN
cjfa-20693	376	17	�	�	PROPN
cjfa-20693	376	18	�	�	PROPN
cjfa-20693	376	19	�	�	PROPN
cjfa-20693	376	20	(	(	PUNCT
cjfa-20693	376	21	�	�	PROPN
cjfa-20693	376	22	�	�	PROPN
cjfa-20693	376	23	�	�	PROPN
cjfa-20693	376	24	)	)	PUNCT
cjfa-20693	376	25	�	�	PROPN
cjfa-20693	376	26	�	�	PROPN
cjfa-20693	376	27	(	(	PUNCT
cjfa-20693	376	28	�	�	PROPN
cjfa-20693	376	29	�	�	PROPN
cjfa-20693	376	30	�	�	PROPN
cjfa-20693	376	31	)	)	PUNCT
cjfa-20693	376	32	(	(	PUNCT
cjfa-20693	376	33	�	�	PROPN
cjfa-20693	376	34	�	�	PROPN
cjfa-20693	376	35	�	�	PROPN
cjfa-20693	376	36	)	)	PUNCT
cjfa-20693	376	37	�	�	PROPN
cjfa-20693	376	38	�	�	PROPN
cjfa-20693	376	39	�	�	PROPN
cjfa-20693	376	40	(	(	PUNCT
cjfa-20693	376	41	�	�	PROPN
cjfa-20693	376	42	�	�	PROPN
cjfa-20693	376	43	�	�	PROPN
cjfa-20693	376	44	)	)	PUNCT
cjfa-20693	376	45	�	�	PROPN
cjfa-20693	376	46	(	(	PUNCT
cjfa-20693	376	47	�	�	PROPN
cjfa-20693	376	48	�	�	PROPN
cjfa-20693	376	49	�	�	PROPN
cjfa-20693	376	50	)	)	PUNCT
cjfa-20693	376	51	�	�	PROPN
cjfa-20693	376	52	(	(	PUNCT
cjfa-20693	376	53	�	�	PROPN
cjfa-20693	376	54	�	�	PROPN
cjfa-20693	376	55	�	�	PROPN
cjfa-20693	376	56	)	)	PUNCT
cjfa-20693	376	57	（	（	PUNCT
cjfa-20693	377	1	8	8	NUM
cjfa-20693	377	2	）	）	PUNCT
cjfa-20693	377	3	(	(	PUNCT
cjfa-20693	377	4	3)nash	3)nash	NUM
cjfa-20693	377	5	equilibrium	equilibrium	NOUN
cjfa-20693	377	6	and	and	CCONJ
cjfa-20693	377	7	mandatory	mandatory	ADJ
cjfa-20693	377	8	dividend	dividend	NOUN
cjfa-20693	377	9	policy	policy	NOUN
cjfa-20693	377	10	according	accord	VERB
cjfa-20693	377	11	to	to	ADP
cjfa-20693	377	12	equation	equation	NOUN
cjfa-20693	377	13	(	(	PUNCT
cjfa-20693	377	14	3	3	NUM
cjfa-20693	377	15	)	)	PUNCT
cjfa-20693	377	16	and	and	CCONJ
cjfa-20693	377	17	(	(	PUNCT
cjfa-20693	377	18	5	5	NUM
cjfa-20693	377	19	)	)	PUNCT
cjfa-20693	377	20	,	,	PUNCT
cjfa-20693	377	21	the	the	DET
cjfa-20693	377	22	mixed	mixed	ADJ
cjfa-20693	377	23	strategy	strategy	NOUN
cjfa-20693	377	24	nash	nash	PROPN
cjfa-20693	377	25	equilibrium	equilibrium	NOUN
cjfa-20693	377	26	(	(	PUNCT
cjfa-20693	377	27	p	p	X
cjfa-20693	377	28	,	,	PUNCT
cjfa-20693	377	29	q	q	NOUN
cjfa-20693	377	30	)	)	PUNCT
cjfa-20693	377	31	of	of	ADP
cjfa-20693	377	32	the	the	DET
cjfa-20693	377	33	complete	complete	ADJ
cjfa-20693	377	34	information	information	NOUN
cjfa-20693	377	35	static	static	ADJ
cjfa-20693	377	36	game	game	NOUN
cjfa-20693	377	37	is	be	AUX
cjfa-20693	377	38	obtained	obtain	VERB
cjfa-20693	377	39	.	.	PUNCT
cjfa-20693	378	1	(	(	PUNCT
cjfa-20693	378	2	1	1	NUM
cjfa-20693	378	3	−	−	PROPN
cjfa-20693	378	4	�	�	PROPN
cjfa-20693	378	5	�	�	PROPN
cjfa-20693	378	6	�	�	PROPN
cjfa-20693	378	7	�	�	PROPN
cjfa-20693	378	8	�	�	PROPN
cjfa-20693	378	9	�	�	PROPN
cjfa-20693	378	10	(	(	PUNCT
cjfa-20693	378	11	�	�	PROPN
cjfa-20693	378	12	�	�	PROPN
cjfa-20693	378	13	�	�	PROPN
cjfa-20693	378	14	)	)	PUNCT
cjfa-20693	378	15	�	�	PROPN
cjfa-20693	378	16	�	�	PROPN
cjfa-20693	378	17	(	(	PUNCT
cjfa-20693	378	18	�	�	PROPN
cjfa-20693	378	19	�	�	PROPN
cjfa-20693	378	20	�	�	PROPN
cjfa-20693	378	21	)	)	PUNCT
cjfa-20693	378	22	(	(	PUNCT
cjfa-20693	378	23	�	�	PROPN
cjfa-20693	378	24	�	�	PROPN
cjfa-20693	378	25	�	�	PROPN
cjfa-20693	378	26	)	)	PUNCT
cjfa-20693	378	27	�	�	PROPN
cjfa-20693	378	28	�	�	PROPN
cjfa-20693	378	29	�	�	PROPN
cjfa-20693	378	30	(	(	PUNCT
cjfa-20693	378	31	�	�	PROPN
cjfa-20693	378	32	�	�	PROPN
cjfa-20693	378	33	�	�	PROPN
cjfa-20693	378	34	)	)	PUNCT
cjfa-20693	378	35	�	�	PROPN
cjfa-20693	378	36	(	(	PUNCT
cjfa-20693	378	37	�	�	PROPN
cjfa-20693	378	38	�	�	PROPN
cjfa-20693	378	39	�	�	PROPN
cjfa-20693	378	40	)	)	PUNCT
cjfa-20693	378	41	�	�	PROPN
cjfa-20693	378	42	(	(	PUNCT
cjfa-20693	378	43	�	�	PROPN
cjfa-20693	378	44	�	�	PROPN
cjfa-20693	378	45	�	�	PROPN
cjfa-20693	378	46	)	)	PUNCT
cjfa-20693	378	47	,	,	PUNCT
cjfa-20693	378	48	�	�	PROPN
cjfa-20693	378	49	(	(	PUNCT
cjfa-20693	378	50	�	�	PROPN
cjfa-20693	378	51	�	�	PROPN
cjfa-20693	378	52	�	�	PROPN
cjfa-20693	378	53	)	)	PUNCT
cjfa-20693	378	54	(	(	PUNCT
cjfa-20693	378	55	�	�	PROPN
cjfa-20693	378	56	�	�	PROPN
cjfa-20693	378	57	�	�	PROPN
cjfa-20693	378	58	�	�	PROPN
cjfa-20693	378	59	�	�	PROPN
cjfa-20693	378	60	�	�	PROPN
cjfa-20693	378	61	�	�	PROPN
cjfa-20693	378	62	)	)	PUNCT
cjfa-20693	378	63	�	�	PROPN
cjfa-20693	378	64	�	�	PROPN
cjfa-20693	378	65	�	�	PROPN
cjfa-20693	378	66	(	(	PUNCT
cjfa-20693	378	67	�	�	PROPN
cjfa-20693	378	68	�	�	PROPN
cjfa-20693	378	69	�	�	PROPN
cjfa-20693	378	70	�	�	PROPN
cjfa-20693	378	71	�	�	PROPN
cjfa-20693	378	72	�	�	PROPN
cjfa-20693	378	73	�	�	PROPN
cjfa-20693	378	74	)	)	PUNCT
cjfa-20693	378	75	�	�	PROPN
cjfa-20693	378	76	�	�	PROPN
cjfa-20693	378	77	(	(	PUNCT
cjfa-20693	378	78	�	�	PROPN
cjfa-20693	378	79	�	�	PROPN
cjfa-20693	378	80	�	�	PROPN
cjfa-20693	378	81	)	)	PUNCT
cjfa-20693	378	82	(	(	PUNCT
cjfa-20693	378	83	�	�	PROPN
cjfa-20693	378	84	�	�	PROPN
cjfa-20693	378	85	�	�	PROPN
cjfa-20693	378	86	�	�	PROPN
cjfa-20693	378	87	�	�	PROPN
cjfa-20693	378	88	�	�	PROPN
cjfa-20693	378	89	�	�	PROPN
cjfa-20693	378	90	)	)	PUNCT
cjfa-20693	378	91	)	)	PUNCT
cjfa-20693	378	92	(	(	PUNCT
cjfa-20693	378	93	3	3	X
cjfa-20693	378	94	)	)	PUNCT
cjfa-20693	378	95	4	4	NUM
cjfa-20693	378	96	.	.	PUNCT
cjfa-20693	378	97	equilibrium	equilibrium	NOUN
cjfa-20693	378	98	analysis	analysis	NOUN
cjfa-20693	378	99	of	of	ADP
cjfa-20693	378	100	game	game	NOUN
cjfa-20693	378	101	(	(	PUNCT
cjfa-20693	378	102	1)equilibrium	1)equilibrium	NUM
cjfa-20693	378	103	of	of	ADP
cjfa-20693	378	104	executives	executive	NOUN
cjfa-20693	378	105	given	give	VERB
cjfa-20693	378	106	the	the	DET
cjfa-20693	378	107	shareholder	shareholder	NOUN
cjfa-20693	378	108	's	's	PART
cjfa-20693	378	109	holding	hold	VERB
cjfa-20693	378	110	probability	probability	NOUN
cjfa-20693	379	1	q	q	NOUN
cjfa-20693	379	2	,	,	PUNCT
cjfa-20693	379	3	the	the	DET
cjfa-20693	379	4	expected	expect	VERB
cjfa-20693	379	5	earnings	earning	NOUN
cjfa-20693	379	6	of	of	ADP
cjfa-20693	379	7	executives	executive	NOUN
cjfa-20693	379	8	when	when	SCONJ
cjfa-20693	379	9	they	they	PRON
cjfa-20693	379	10	choose	choose	VERB
cjfa-20693	379	11	to	to	PART
cjfa-20693	379	12	dividend	dividend	VERB
cjfa-20693	379	13	and	and	CCONJ
cjfa-20693	379	14	non	non	ADJ
cjfa-20693	379	15	-	-	ADJ
cjfa-20693	379	16	dividend	dividend	NOUN
cjfa-20693	379	17	are	be	AUX
cjfa-20693	379	18	respectively	respectively	ADV
cjfa-20693	379	19	.	.	PUNCT
cjfa-20693	380	1	�	�	PROPN
cjfa-20693	380	2	(	(	PUNCT
cjfa-20693	380	3	�	�	PROPN
cjfa-20693	380	4	�	�	PROPN
cjfa-20693	380	5	�	�	PROPN
cjfa-20693	380	6	)	)	PUNCT
cjfa-20693	380	7	=	=	PUNCT
cjfa-20693	380	8	(	(	PUNCT
cjfa-20693	380	9	1	1	NUM
cjfa-20693	380	10	−	−	PROPN
cjfa-20693	380	11	�	�	PROPN
cjfa-20693	380	12	)	)	PUNCT
cjfa-20693	380	13	(	(	PUNCT
cjfa-20693	380	14	�	�	PROPN
cjfa-20693	380	15	�	�	PROPN
cjfa-20693	380	16	−	−	PROPN
cjfa-20693	380	17	�	�	PROPN
cjfa-20693	380	18	�	�	PROPN
cjfa-20693	380	19	�	�	PROPN
cjfa-20693	380	20	−	−	PROPN
cjfa-20693	380	21	�	�	PROPN
cjfa-20693	380	22	)	)	PUNCT
cjfa-20693	380	23	�	�	PROPN
cjfa-20693	380	24	�	�	PROPN
cjfa-20693	380	25	�	�	PROPN
cjfa-20693	380	26	�	�	PROPN
cjfa-20693	380	27	�	�	PROPN
cjfa-20693	380	28	�	�	PROPN
cjfa-20693	380	29	�	�	PROPN
cjfa-20693	380	30	�	�	PROPN
cjfa-20693	380	31	�	�	PROPN
cjfa-20693	380	32	�	�	PROPN
cjfa-20693	380	33	�	�	PROPN
cjfa-20693	380	34	�	�	PROPN
cjfa-20693	380	35	�	�	PROPN
cjfa-20693	380	36	�	�	PROPN
cjfa-20693	380	37	(	(	PUNCT
cjfa-20693	380	38	3	3	NUM
cjfa-20693	380	39	)	)	PUNCT
cjfa-20693	380	40	�	�	PROPN
cjfa-20693	380	41	(	(	PUNCT
cjfa-20693	380	42	�	�	PROPN
cjfa-20693	380	43	�	�	PROPN
cjfa-20693	380	44	�	�	PROPN
cjfa-20693	380	45	�	�	PROPN
cjfa-20693	380	46	�	�	PROPN
cjfa-20693	380	47	�	�	PROPN
cjfa-20693	380	48	�	�	PROPN
cjfa-20693	380	49	)	)	PUNCT
cjfa-20693	380	50	=	=	PUNCT
cjfa-20693	380	51	(	(	PUNCT
cjfa-20693	380	52	1	1	NUM
cjfa-20693	380	53	−	−	PROPN
cjfa-20693	380	54	�	�	NOUN
cjfa-20693	380	55	)	)	PUNCT
cjfa-20693	380	56	(	(	PUNCT
cjfa-20693	380	57	0	0	NUM
cjfa-20693	380	58	)	)	PUNCT
cjfa-20693	380	59	�	�	PROPN
cjfa-20693	380	60	�	�	PROPN
cjfa-20693	380	61	�	�	PROPN
cjfa-20693	380	62	�	�	PROPN
cjfa-20693	380	63	�	�	PROPN
cjfa-20693	380	64	�	�	PROPN
cjfa-20693	380	65	�	�	PROPN
cjfa-20693	380	66	�	�	PROPN
cjfa-20693	380	67	�	�	PROPN
cjfa-20693	380	68	�	�	PROPN
cjfa-20693	380	69	�	�	PROPN
cjfa-20693	380	70	�	�	PROPN
cjfa-20693	380	71	�	�	PROPN
cjfa-20693	380	72	（	（	PROPN
cjfa-20693	380	73	4	4	NUM
cjfa-20693	380	74	）	）	PUNCT
cjfa-20693	380	75	therefore	therefore	ADV
cjfa-20693	380	76	,	,	PUNCT
cjfa-20693	380	77	let	let	VERB
cjfa-20693	380	78	e	e	X
cjfa-20693	380	79	(	(	PUNCT
cjfa-20693	380	80	pay	pay	VERB
cjfa-20693	380	81	dividend	dividend	NOUN
cjfa-20693	380	82	)	)	PUNCT
cjfa-20693	381	1	=	=	PUNCT
cjfa-20693	381	2	e	e	X
cjfa-20693	381	3	(	(	PUNCT
cjfa-20693	381	4	pass	pass	VERB
cjfa-20693	381	5	dividend	dividend	NOUN
cjfa-20693	381	6	)	)	PUNCT
cjfa-20693	381	7	,	,	PUNCT
cjfa-20693	381	8	after	after	ADP
cjfa-20693	381	9	a	a	DET
cjfa-20693	381	10	series	series	NOUN
cjfa-20693	381	11	of	of	ADP
cjfa-20693	381	12	algebraic	algebraic	ADJ
cjfa-20693	381	13	operations	operation	NOUN
cjfa-20693	381	14	,	,	PUNCT
cjfa-20693	381	15	�	�	PROPN
cjfa-20693	381	16	=	=	SYM
cjfa-20693	381	17	�	�	PROPN
cjfa-20693	381	18	(	(	PUNCT
cjfa-20693	381	19	�	�	PROPN
cjfa-20693	381	20	�	�	PROPN
cjfa-20693	381	21	�	�	PROPN
cjfa-20693	381	22	)	)	PUNCT
cjfa-20693	381	23	(	(	PUNCT
cjfa-20693	381	24	�	�	PROPN
cjfa-20693	381	25	�	�	PROPN
cjfa-20693	381	26	�	�	PROPN
cjfa-20693	381	27	�	�	PROPN
cjfa-20693	381	28	�	�	PROPN
cjfa-20693	381	29	�	�	PROPN
cjfa-20693	381	30	�	�	PROPN
cjfa-20693	381	31	)	)	PUNCT
cjfa-20693	381	32	�	�	PROPN
cjfa-20693	381	33	�	�	PROPN
cjfa-20693	381	34	�	�	PROPN
cjfa-20693	381	35	(	(	PUNCT
cjfa-20693	381	36	�	�	PROPN
cjfa-20693	381	37	�	�	PROPN
cjfa-20693	381	38	�	�	PROPN
cjfa-20693	381	39	�	�	PROPN
cjfa-20693	381	40	�	�	PROPN
cjfa-20693	381	41	�	�	PROPN
cjfa-20693	381	42	�	�	PROPN
cjfa-20693	381	43	)	)	PUNCT
cjfa-20693	381	44	�	�	PROPN
cjfa-20693	381	45	�	�	PROPN
cjfa-20693	381	46	(	(	PUNCT
cjfa-20693	381	47	�	�	PROPN
cjfa-20693	381	48	�	�	PROPN
cjfa-20693	381	49	�	�	PROPN
cjfa-20693	381	50	)	)	PUNCT
cjfa-20693	381	51	(	(	PUNCT
cjfa-20693	381	52	�	�	PROPN
cjfa-20693	381	53	�	�	PROPN
cjfa-20693	381	54	�	�	PROPN
cjfa-20693	381	55	�	�	PROPN
cjfa-20693	381	56	�	�	PROPN
cjfa-20693	381	57	�	�	PROPN
cjfa-20693	381	58	�	�	PROPN
cjfa-20693	381	59	)	)	PUNCT
cjfa-20693	381	60	（	（	PUNCT
cjfa-20693	381	61	5	5	NUM
cjfa-20693	381	62	）	）	PUNCT
cjfa-20693	381	63	according	accord	VERB
cjfa-20693	381	64	to	to	ADP
cjfa-20693	381	65	the	the	DET
cjfa-20693	381	66	principle	principle	NOUN
cjfa-20693	381	67	of	of	ADP
cjfa-20693	381	68	equal	equal	ADJ
cjfa-20693	381	69	expectation	expectation	NOUN
cjfa-20693	381	70	payment	payment	NOUN
cjfa-20693	381	71	,	,	PUNCT
cjfa-20693	381	72	there	there	PRON
cjfa-20693	381	73	should	should	AUX
cjfa-20693	381	74	be	be	AUX
cjfa-20693	381	75	no	no	DET
cjfa-20693	381	76	difference	difference	NOUN
cjfa-20693	381	77	between	between	ADP
cjfa-20693	381	78	the	the	DET
cjfa-20693	381	79	expected	expect	VERB
cjfa-20693	381	80	returns	return	NOUN
cjfa-20693	381	81	of	of	ADP
cjfa-20693	381	82	dividend	dividend	NOUN
cjfa-20693	381	83	-	-	PUNCT
cjfa-20693	381	84	sharing	sharing	NOUN
cjfa-20693	381	85	and	and	CCONJ
cjfa-20693	381	86	non	non	ADJ
cjfa-20693	381	87	-	-	ADJ
cjfa-20693	381	88	dividend	dividend	NOUN
cjfa-20693	381	89	-	-	PUNCT
cjfa-20693	381	90	sharing	sharing	NOUN
cjfa-20693	381	91	for	for	ADP
cjfa-20693	381	92	executives	executive	NOUN
cjfa-20693	381	93	at	at	ADP
cjfa-20693	381	94	the	the	DET
cjfa-20693	381	95	nash	nash	ADJ
cjfa-20693	381	96	equilibrium	equilibrium	NOUN
cjfa-20693	381	97	of	of	ADP
cjfa-20693	381	98	mixed	mixed	ADJ
cjfa-20693	381	99	strategy	strategy	NOUN
cjfa-20693	381	100	in	in	ADP
cjfa-20693	381	101	game	game	NOUN
cjfa-20693	381	102	theory	theory	NOUN
cjfa-20693	381	103	.	.	PUNCT
cjfa-20693	382	1	equation	equation	NOUN
cjfa-20693	382	2	(	(	PUNCT
cjfa-20693	382	3	5	5	X
cjfa-20693	382	4	)	)	PUNCT
cjfa-20693	382	5	shows	show	VERB
cjfa-20693	382	6	that	that	SCONJ
cjfa-20693	382	7	whether	whether	SCONJ
cjfa-20693	382	8	shareholders	shareholder	NOUN
cjfa-20693	382	9	hold	hold	VERB
cjfa-20693	382	10	shares	share	NOUN
cjfa-20693	382	11	of	of	ADP
cjfa-20693	382	12	listed	list	VERB
cjfa-20693	382	13	companies	company	NOUN
cjfa-20693	382	14	depends	depend	VERB
cjfa-20693	382	15	mainly	mainly	ADV
cjfa-20693	382	16	on	on	ADP
cjfa-20693	382	17	discount	discount	NOUN
cjfa-20693	382	18	rate	rate	NOUN
cjfa-20693	382	19	r	r	NOUN
cjfa-20693	382	20	,	,	PUNCT
cjfa-20693	382	21	dividend	dividend	NOUN
cjfa-20693	382	22	growth	growth	NOUN
cjfa-20693	382	23	rate	rate	NOUN
cjfa-20693	382	24	g	g	NOUN
cjfa-20693	382	25	and	and	CCONJ
cjfa-20693	382	26	dividend	dividend	NOUN
cjfa-20693	382	27	per	per	ADP
cjfa-20693	382	28	share	share	NOUN
cjfa-20693	382	29	d.	d.	PROPN
cjfa-20693	382	30	(	(	PUNCT
cjfa-20693	382	31	2)equilibrium	2)equilibrium	NUM
cjfa-20693	382	32	of	of	ADP
cjfa-20693	382	33	shareholders	shareholder	NOUN
cjfa-20693	382	34	according	accord	VERB
cjfa-20693	382	35	to	to	ADP
cjfa-20693	382	36	the	the	DET
cjfa-20693	382	37	matrix	matrix	NOUN
cjfa-20693	382	38	,	,	PUNCT
cjfa-20693	382	39	given	give	VERB
cjfa-20693	382	40	the	the	DET
cjfa-20693	382	41	dividend	dividend	NOUN
cjfa-20693	382	42	probability	probability	NOUN
cjfa-20693	382	43	q	q	PROPN
cjfa-20693	382	44	of	of	ADP
cjfa-20693	382	45	executives	executive	NOUN
cjfa-20693	382	46	,	,	PUNCT
cjfa-20693	382	47	the	the	DET
cjfa-20693	382	48	expected	expect	VERB
cjfa-20693	382	49	returns	return	NOUN
cjfa-20693	382	50	of	of	ADP
cjfa-20693	382	51	shareholders	shareholder	NOUN
cjfa-20693	382	52	when	when	SCONJ
cjfa-20693	382	53	they	they	PRON
cjfa-20693	382	54	choose	choose	VERB
cjfa-20693	382	55	to	to	PART
cjfa-20693	382	56	hold	hold	VERB
cjfa-20693	382	57	or	or	CCONJ
cjfa-20693	382	58	not	not	PART
cjfa-20693	382	59	are	be	AUX
cjfa-20693	382	60	respectively	respectively	ADV
cjfa-20693	382	61	:	:	PUNCT
cjfa-20693	382	62	�	�	PROPN
cjfa-20693	382	63	(	(	PUNCT
cjfa-20693	382	64	�	�	PROPN
cjfa-20693	382	65	�	�	PROPN
cjfa-20693	382	66	�	�	PROPN
cjfa-20693	382	67	�	�	PROPN
cjfa-20693	382	68	�	�	PROPN
cjfa-20693	382	69	�	�	PROPN
cjfa-20693	382	70	�	�	PROPN
cjfa-20693	382	71	�	�	PROPN
cjfa-20693	382	72	)	)	PUNCT
cjfa-20693	382	73	=	=	PUNCT
cjfa-20693	382	74	(	(	PUNCT
cjfa-20693	382	75	1	1	NUM
cjfa-20693	382	76	−	−	PROPN
cjfa-20693	382	77	�	�	PROPN
cjfa-20693	382	78	)	)	PUNCT
cjfa-20693	382	79	�	�	PROPN
cjfa-20693	382	80	(	(	PUNCT
cjfa-20693	382	81	1	1	NUM
cjfa-20693	382	82	�	�	PROPN
cjfa-20693	382	83	�	�	PROPN
cjfa-20693	382	84	)	)	PUNCT
cjfa-20693	382	85	�	�	PROPN
cjfa-20693	382	86	�	�	PROPN
cjfa-20693	382	87	(	(	PUNCT
cjfa-20693	382	88	�	�	PROPN
cjfa-20693	382	89	�	�	PROPN
cjfa-20693	382	90	�	�	PROPN
cjfa-20693	382	91	)	)	PUNCT
cjfa-20693	382	92	(	(	PUNCT
cjfa-20693	382	93	�	�	PROPN
cjfa-20693	382	94	�	�	PROPN
cjfa-20693	382	95	�	�	PROPN
cjfa-20693	382	96	)	)	PUNCT
cjfa-20693	382	97	�	�	PROPN
cjfa-20693	382	98	�	�	PROPN
cjfa-20693	382	99	�	�	PROPN
cjfa-20693	382	100	�	�	PROPN
cjfa-20693	382	101	�	�	PROPN
cjfa-20693	382	102	�	�	PROPN
cjfa-20693	382	103	�	�	PROPN
cjfa-20693	382	104	(	(	PUNCT
cjfa-20693	382	105	�	�	PROPN
cjfa-20693	382	106	�	�	PROPN
cjfa-20693	382	107	�	�	PROPN
cjfa-20693	382	108	)	)	PUNCT
cjfa-20693	382	109	�	�	PROPN
cjfa-20693	382	110	�	�	PROPN
cjfa-20693	382	111	(	(	PUNCT
cjfa-20693	382	112	�	�	PROPN
cjfa-20693	382	113	�	�	PROPN
cjfa-20693	382	114	�	�	PROPN
cjfa-20693	382	115	)	)	PUNCT
cjfa-20693	382	116	�	�	PROPN
cjfa-20693	382	117	（	（	PUNCT
cjfa-20693	382	118	6	6	NUM
cjfa-20693	382	119	）	）	SYM
cjfa-20693	382	120	�	�	PROPN
cjfa-20693	382	121	(	(	PUNCT
cjfa-20693	382	122	�	�	PROPN
cjfa-20693	382	123	�	�	PROPN
cjfa-20693	382	124	�	�	PROPN
cjfa-20693	382	125	�	�	PROPN
cjfa-20693	382	126	�	�	PROPN
cjfa-20693	382	127	�	�	PROPN
cjfa-20693	382	128	�	�	PROPN
cjfa-20693	382	129	�	�	PROPN
cjfa-20693	382	130	)	)	PUNCT
cjfa-20693	382	131	=	=	PUNCT
cjfa-20693	382	132	(	(	PUNCT
cjfa-20693	382	133	1	1	NUM
cjfa-20693	382	134	−	−	PROPN
cjfa-20693	382	135	�	�	PROPN
cjfa-20693	382	136	)	)	PUNCT
cjfa-20693	382	137	�	�	PROPN
cjfa-20693	382	138	(	(	PUNCT
cjfa-20693	382	139	1	1	NUM
cjfa-20693	382	140	−	−	PROPN
cjfa-20693	382	141	�	�	PROPN
cjfa-20693	382	142	)	)	PUNCT
cjfa-20693	382	143	�	�	PROPN
cjfa-20693	382	144	�	�	PROPN
cjfa-20693	382	145	(	(	PUNCT
cjfa-20693	382	146	�	�	PROPN
cjfa-20693	382	147	�	�	PROPN
cjfa-20693	382	148	�	�	PROPN
cjfa-20693	382	149	)	)	PUNCT
cjfa-20693	382	150	�	�	PROPN
cjfa-20693	382	151	�	�	PROPN
cjfa-20693	382	152	�	�	PROPN
cjfa-20693	382	153	�	�	PROPN
cjfa-20693	382	154	�	�	PROPN
cjfa-20693	382	155	�	�	PROPN
cjfa-20693	382	156	�	�	PROPN
cjfa-20693	382	157	�	�	PROPN
cjfa-20693	382	158	�	�	PROPN
cjfa-20693	382	159	�	�	PROPN
cjfa-20693	382	160	�	�	PROPN
cjfa-20693	382	161	�	�	PROPN
cjfa-20693	382	162	�	�	PROPN
cjfa-20693	382	163	�	�	PROPN
cjfa-20693	382	164	�	�	PROPN
cjfa-20693	382	165	�	�	PROPN
cjfa-20693	382	166	(	(	PUNCT
cjfa-20693	382	167	�	�	PROPN
cjfa-20693	382	168	�	�	PROPN
cjfa-20693	382	169	�	�	PROPN
cjfa-20693	382	170	)	)	PUNCT
cjfa-20693	382	171	�	�	PROPN
cjfa-20693	382	172	�	�	PROPN
cjfa-20693	382	173	�	�	PROPN
cjfa-20693	382	174	�	�	PROPN
cjfa-20693	382	175	（	（	PROPN
cjfa-20693	382	176	7	7	NUM
cjfa-20693	382	177	）	）	PUNCT
cjfa-20693	382	178	based	base	VERB
cjfa-20693	382	179	on	on	ADP
cjfa-20693	382	180	the	the	DET
cjfa-20693	382	181	principle	principle	NOUN
cjfa-20693	382	182	of	of	ADP
cjfa-20693	382	183	equal	equal	ADJ
cjfa-20693	382	184	expectation	expectation	NOUN
cjfa-20693	382	185	payment	payment	NOUN
cjfa-20693	382	186	,	,	PUNCT
cjfa-20693	382	187	there	there	PRON
cjfa-20693	382	188	should	should	AUX
cjfa-20693	382	189	be	be	AUX
cjfa-20693	382	190	no	no	DET
cjfa-20693	382	191	difference	difference	NOUN
cjfa-20693	382	192	between	between	ADP
cjfa-20693	382	193	the	the	DET
cjfa-20693	382	194	expected	expect	VERB
cjfa-20693	382	195	returns	return	NOUN
cjfa-20693	382	196	of	of	ADP
cjfa-20693	382	197	shareholders	shareholder	NOUN
cjfa-20693	382	198	who	who	PRON
cjfa-20693	382	199	choose	choose	VERB
cjfa-20693	382	200	to	to	PART
cjfa-20693	382	201	hold	hold	VERB
cjfa-20693	382	202	and	and	CCONJ
cjfa-20693	382	203	not	not	PART
cjfa-20693	382	204	hold	hold	VERB
cjfa-20693	382	205	on	on	ADP
cjfa-20693	382	206	the	the	DET
cjfa-20693	382	207	nash	nash	ADJ
cjfa-20693	382	208	equilibrium	equilibrium	NOUN
cjfa-20693	382	209	of	of	ADP
cjfa-20693	382	210	mixed	mixed	ADJ
cjfa-20693	382	211	strategy	strategy	NOUN
cjfa-20693	382	212	.	.	PUNCT
cjfa-20693	383	1	therefore	therefore	ADV
cjfa-20693	383	2	,	,	PUNCT
cjfa-20693	383	3	let	let	VERB
cjfa-20693	383	4	e(hold)=e(not	e(hold)=e(not	PRON
cjfa-20693	383	5	hold	hold	VERB
cjfa-20693	383	6	)	)	PUNCT
cjfa-20693	383	7	,	,	PUNCT
cjfa-20693	383	8	it	it	PRON
cjfa-20693	383	9	is	be	AUX
cjfa-20693	383	10	�	�	PROPN
cjfa-20693	383	11	=	=	SYM
cjfa-20693	383	12	1	1	NUM
cjfa-20693	383	13	−	−	PROPN
cjfa-20693	383	14	�	�	PROPN
cjfa-20693	383	15	�	�	PROPN
cjfa-20693	383	16	�	�	PROPN
cjfa-20693	383	17	�	�	PROPN
cjfa-20693	383	18	�	�	PROPN
cjfa-20693	383	19	�	�	PROPN
cjfa-20693	383	20	(	(	PUNCT
cjfa-20693	383	21	�	�	PROPN
cjfa-20693	383	22	�	�	PROPN
cjfa-20693	383	23	�	�	PROPN
cjfa-20693	383	24	)	)	PUNCT
cjfa-20693	383	25	�	�	PROPN
cjfa-20693	383	26	�	�	PROPN
cjfa-20693	383	27	(	(	PUNCT
cjfa-20693	383	28	�	�	PROPN
cjfa-20693	383	29	�	�	PROPN
cjfa-20693	383	30	�	�	PROPN
cjfa-20693	383	31	)	)	PUNCT
cjfa-20693	383	32	(	(	PUNCT
cjfa-20693	383	33	�	�	PROPN
cjfa-20693	383	34	�	�	PROPN
cjfa-20693	383	35	�	�	PROPN
cjfa-20693	383	36	)	)	PUNCT
cjfa-20693	383	37	�	�	PROPN
cjfa-20693	383	38	�	�	PROPN
cjfa-20693	383	39	�	�	PROPN
cjfa-20693	383	40	(	(	PUNCT
cjfa-20693	383	41	�	�	PROPN
cjfa-20693	383	42	�	�	PROPN
cjfa-20693	383	43	�	�	PROPN
cjfa-20693	383	44	)	)	PUNCT
cjfa-20693	383	45	�	�	PROPN
cjfa-20693	383	46	(	(	PUNCT
cjfa-20693	383	47	�	�	PROPN
cjfa-20693	383	48	�	�	PROPN
cjfa-20693	383	49	�	�	PROPN
cjfa-20693	383	50	)	)	PUNCT
cjfa-20693	383	51	�	�	PROPN
cjfa-20693	383	52	(	(	PUNCT
cjfa-20693	383	53	�	�	PROPN
cjfa-20693	383	54	�	�	PROPN
cjfa-20693	383	55	�	�	PROPN
cjfa-20693	383	56	)	)	PUNCT
cjfa-20693	383	57	（	（	PUNCT
cjfa-20693	384	1	8	8	NUM
cjfa-20693	384	2	）	）	PUNCT
cjfa-20693	384	3	(	(	PUNCT
cjfa-20693	384	4	3)nash	3)nash	NUM
cjfa-20693	384	5	equilibrium	equilibrium	NOUN
cjfa-20693	384	6	and	and	CCONJ
cjfa-20693	384	7	mandatory	mandatory	ADJ
cjfa-20693	384	8	dividend	dividend	NOUN
cjfa-20693	384	9	policy	policy	NOUN
cjfa-20693	384	10	according	accord	VERB
cjfa-20693	384	11	to	to	ADP
cjfa-20693	384	12	equation	equation	NOUN
cjfa-20693	384	13	(	(	PUNCT
cjfa-20693	384	14	3	3	NUM
cjfa-20693	384	15	)	)	PUNCT
cjfa-20693	384	16	and	and	CCONJ
cjfa-20693	384	17	(	(	PUNCT
cjfa-20693	384	18	5	5	NUM
cjfa-20693	384	19	)	)	PUNCT
cjfa-20693	384	20	,	,	PUNCT
cjfa-20693	384	21	the	the	DET
cjfa-20693	384	22	mixed	mixed	ADJ
cjfa-20693	384	23	strategy	strategy	NOUN
cjfa-20693	384	24	nash	nash	PROPN
cjfa-20693	384	25	equilibrium	equilibrium	NOUN
cjfa-20693	384	26	(	(	PUNCT
cjfa-20693	384	27	p	p	X
cjfa-20693	384	28	,	,	PUNCT
cjfa-20693	384	29	q	q	NOUN
cjfa-20693	384	30	)	)	PUNCT
cjfa-20693	384	31	of	of	ADP
cjfa-20693	384	32	the	the	DET
cjfa-20693	384	33	complete	complete	ADJ
cjfa-20693	384	34	information	information	NOUN
cjfa-20693	384	35	static	static	ADJ
cjfa-20693	384	36	game	game	NOUN
cjfa-20693	384	37	is	be	AUX
cjfa-20693	384	38	obtained	obtain	VERB
cjfa-20693	384	39	.	.	PUNCT
cjfa-20693	385	1	(	(	PUNCT
cjfa-20693	385	2	1	1	NUM
cjfa-20693	385	3	−	−	PROPN
cjfa-20693	385	4	�	�	PROPN
cjfa-20693	385	5	�	�	PROPN
cjfa-20693	385	6	�	�	PROPN
cjfa-20693	385	7	�	�	PROPN
cjfa-20693	385	8	�	�	PROPN
cjfa-20693	385	9	�	�	PROPN
cjfa-20693	385	10	(	(	PUNCT
cjfa-20693	385	11	�	�	PROPN
cjfa-20693	385	12	�	�	PROPN
cjfa-20693	385	13	�	�	PROPN
cjfa-20693	385	14	)	)	PUNCT
cjfa-20693	385	15	�	�	PROPN
cjfa-20693	385	16	�	�	PROPN
cjfa-20693	385	17	(	(	PUNCT
cjfa-20693	385	18	�	�	PROPN
cjfa-20693	385	19	�	�	PROPN
cjfa-20693	385	20	�	�	PROPN
cjfa-20693	385	21	)	)	PUNCT
cjfa-20693	385	22	(	(	PUNCT
cjfa-20693	385	23	�	�	PROPN
cjfa-20693	385	24	�	�	PROPN
cjfa-20693	385	25	�	�	PROPN
cjfa-20693	385	26	)	)	PUNCT
cjfa-20693	385	27	�	�	PROPN
cjfa-20693	385	28	�	�	PROPN
cjfa-20693	385	29	�	�	PROPN
cjfa-20693	385	30	(	(	PUNCT
cjfa-20693	385	31	�	�	PROPN
cjfa-20693	385	32	�	�	PROPN
cjfa-20693	385	33	�	�	PROPN
cjfa-20693	385	34	)	)	PUNCT
cjfa-20693	385	35	�	�	PROPN
cjfa-20693	385	36	(	(	PUNCT
cjfa-20693	385	37	�	�	PROPN
cjfa-20693	385	38	�	�	PROPN
cjfa-20693	385	39	�	�	PROPN
cjfa-20693	385	40	)	)	PUNCT
cjfa-20693	385	41	�	�	PROPN
cjfa-20693	385	42	(	(	PUNCT
cjfa-20693	385	43	�	�	PROPN
cjfa-20693	385	44	�	�	PROPN
cjfa-20693	385	45	�	�	PROPN
cjfa-20693	385	46	)	)	PUNCT
cjfa-20693	385	47	,	,	PUNCT
cjfa-20693	385	48	�	�	PROPN
cjfa-20693	385	49	(	(	PUNCT
cjfa-20693	385	50	�	�	PROPN
cjfa-20693	385	51	�	�	PROPN
cjfa-20693	385	52	�	�	PROPN
cjfa-20693	385	53	)	)	PUNCT
cjfa-20693	385	54	(	(	PUNCT
cjfa-20693	385	55	�	�	PROPN
cjfa-20693	385	56	�	�	PROPN
cjfa-20693	385	57	�	�	PROPN
cjfa-20693	385	58	�	�	PROPN
cjfa-20693	385	59	�	�	PROPN
cjfa-20693	385	60	�	�	PROPN
cjfa-20693	385	61	�	�	PROPN
cjfa-20693	385	62	)	)	PUNCT
cjfa-20693	385	63	�	�	PROPN
cjfa-20693	385	64	�	�	PROPN
cjfa-20693	385	65	�	�	PROPN
cjfa-20693	385	66	(	(	PUNCT
cjfa-20693	385	67	�	�	PROPN
cjfa-20693	385	68	�	�	PROPN
cjfa-20693	385	69	�	�	PROPN
cjfa-20693	385	70	�	�	PROPN
cjfa-20693	385	71	�	�	PROPN
cjfa-20693	385	72	�	�	PROPN
cjfa-20693	385	73	�	�	PROPN
cjfa-20693	385	74	)	)	PUNCT
cjfa-20693	385	75	�	�	PROPN
cjfa-20693	385	76	�	�	PROPN
cjfa-20693	385	77	(	(	PUNCT
cjfa-20693	385	78	�	�	PROPN
cjfa-20693	385	79	�	�	PROPN
cjfa-20693	385	80	�	�	PROPN
cjfa-20693	385	81	)	)	PUNCT
cjfa-20693	385	82	(	(	PUNCT
cjfa-20693	385	83	�	�	PROPN
cjfa-20693	385	84	�	�	PROPN
cjfa-20693	385	85	�	�	PROPN
cjfa-20693	385	86	�	�	PROPN
cjfa-20693	385	87	�	�	PROPN
cjfa-20693	385	88	�	�	PROPN
cjfa-20693	385	89	�	�	PROPN
cjfa-20693	385	90	)	)	PUNCT
cjfa-20693	385	91	)	)	PUNCT
cjfa-20693	385	92	(	(	PUNCT
cjfa-20693	385	93	4	4	X
cjfa-20693	385	94	)	)	PUNCT
cjfa-20693	385	95	therefore	therefore	ADV
cjfa-20693	385	96	,	,	PUNCT
cjfa-20693	385	97	let	let	VERB
cjfa-20693	385	98	e	e	X
cjfa-20693	385	99	(	(	PUNCT
cjfa-20693	385	100	pay	pay	VERB
cjfa-20693	385	101	dividend	dividend	NOUN
cjfa-20693	385	102	)	)	PUNCT
cjfa-20693	386	1	=	=	PUNCT
cjfa-20693	386	2	e	e	X
cjfa-20693	386	3	(	(	PUNCT
cjfa-20693	386	4	pass	pass	VERB
cjfa-20693	386	5	dividend	dividend	NOUN
cjfa-20693	386	6	)	)	PUNCT
cjfa-20693	386	7	,	,	PUNCT
cjfa-20693	386	8	after	after	ADP
cjfa-20693	386	9	a	a	DET
cjfa-20693	386	10	series	series	NOUN
cjfa-20693	386	11	of	of	ADP
cjfa-20693	386	12	algebraic	algebraic	ADJ
cjfa-20693	386	13	operations	operation	NOUN
cjfa-20693	386	14	,	,	PUNCT
cjfa-20693	386	15	4	4	NUM
cjfa-20693	386	16	.	.	PUNCT
cjfa-20693	386	17	equilibrium	equilibrium	NOUN
cjfa-20693	386	18	analysis	analysis	NOUN
cjfa-20693	386	19	of	of	ADP
cjfa-20693	386	20	game	game	NOUN
cjfa-20693	386	21	(	(	PUNCT
cjfa-20693	386	22	1)equilibrium	1)equilibrium	NUM
cjfa-20693	386	23	of	of	ADP
cjfa-20693	386	24	executives	executive	NOUN
cjfa-20693	386	25	given	give	VERB
cjfa-20693	386	26	the	the	DET
cjfa-20693	386	27	shareholder	shareholder	NOUN
cjfa-20693	386	28	's	's	PART
cjfa-20693	386	29	holding	hold	VERB
cjfa-20693	386	30	probability	probability	NOUN
cjfa-20693	386	31	q	q	NOUN
cjfa-20693	386	32	,	,	PUNCT
cjfa-20693	386	33	the	the	DET
cjfa-20693	386	34	expected	expect	VERB
cjfa-20693	386	35	earnings	earning	NOUN
cjfa-20693	386	36	of	of	ADP
cjfa-20693	386	37	executives	executive	NOUN
cjfa-20693	386	38	when	when	SCONJ
cjfa-20693	386	39	they	they	PRON
cjfa-20693	386	40	choose	choose	VERB
cjfa-20693	386	41	to	to	PART
cjfa-20693	386	42	dividend	dividend	VERB
cjfa-20693	386	43	and	and	CCONJ
cjfa-20693	386	44	non	non	ADJ
cjfa-20693	386	45	-	-	ADJ
cjfa-20693	386	46	dividend	dividend	NOUN
cjfa-20693	386	47	are	be	AUX
cjfa-20693	386	48	respectively	respectively	ADV
cjfa-20693	386	49	.	.	PUNCT
cjfa-20693	387	1	�	�	PROPN
cjfa-20693	387	2	(	(	PUNCT
cjfa-20693	387	3	�	�	PROPN
cjfa-20693	387	4	�	�	PROPN
cjfa-20693	387	5	�	�	PROPN
cjfa-20693	387	6	)	)	PUNCT
cjfa-20693	387	7	=	=	PUNCT
cjfa-20693	387	8	(	(	PUNCT
cjfa-20693	387	9	1	1	NUM
cjfa-20693	387	10	−	−	PROPN
cjfa-20693	387	11	�	�	PROPN
cjfa-20693	387	12	)	)	PUNCT
cjfa-20693	387	13	(	(	PUNCT
cjfa-20693	387	14	�	�	PROPN
cjfa-20693	387	15	�	�	PROPN
cjfa-20693	387	16	−	−	PROPN
cjfa-20693	387	17	�	�	PROPN
cjfa-20693	387	18	�	�	PROPN
cjfa-20693	387	19	�	�	PROPN
cjfa-20693	387	20	−	−	PROPN
cjfa-20693	387	21	�	�	PROPN
cjfa-20693	387	22	)	)	PUNCT
cjfa-20693	387	23	�	�	PROPN
cjfa-20693	387	24	�	�	PROPN
cjfa-20693	387	25	�	�	PROPN
cjfa-20693	387	26	�	�	PROPN
cjfa-20693	387	27	�	�	PROPN
cjfa-20693	387	28	�	�	PROPN
cjfa-20693	387	29	�	�	PROPN
cjfa-20693	387	30	�	�	PROPN
cjfa-20693	387	31	�	�	PROPN
cjfa-20693	387	32	�	�	PROPN
cjfa-20693	387	33	�	�	PROPN
cjfa-20693	387	34	�	�	PROPN
cjfa-20693	387	35	�	�	PROPN
cjfa-20693	387	36	�	�	PROPN
cjfa-20693	387	37	(	(	PUNCT
cjfa-20693	387	38	3	3	NUM
cjfa-20693	387	39	)	)	PUNCT
cjfa-20693	387	40	�	�	PROPN
cjfa-20693	387	41	(	(	PUNCT
cjfa-20693	387	42	�	�	PROPN
cjfa-20693	387	43	�	�	PROPN
cjfa-20693	387	44	�	�	PROPN
cjfa-20693	387	45	�	�	PROPN
cjfa-20693	387	46	�	�	PROPN
cjfa-20693	387	47	�	�	PROPN
cjfa-20693	387	48	�	�	PROPN
cjfa-20693	387	49	)	)	PUNCT
cjfa-20693	387	50	=	=	PUNCT
cjfa-20693	387	51	(	(	PUNCT
cjfa-20693	387	52	1	1	NUM
cjfa-20693	387	53	−	−	PROPN
cjfa-20693	387	54	�	�	NOUN
cjfa-20693	387	55	)	)	PUNCT
cjfa-20693	387	56	(	(	PUNCT
cjfa-20693	387	57	0	0	NUM
cjfa-20693	387	58	)	)	PUNCT
cjfa-20693	387	59	�	�	PROPN
cjfa-20693	387	60	�	�	PROPN
cjfa-20693	387	61	�	�	PROPN
cjfa-20693	387	62	�	�	PROPN
cjfa-20693	387	63	�	�	PROPN
cjfa-20693	387	64	�	�	PROPN
cjfa-20693	387	65	�	�	PROPN
cjfa-20693	387	66	�	�	PROPN
cjfa-20693	387	67	�	�	PROPN
cjfa-20693	387	68	�	�	PROPN
cjfa-20693	387	69	�	�	PROPN
cjfa-20693	387	70	�	�	PROPN
cjfa-20693	387	71	�	�	PROPN
cjfa-20693	387	72	（	（	PROPN
cjfa-20693	387	73	4	4	NUM
cjfa-20693	387	74	）	）	PUNCT
cjfa-20693	387	75	therefore	therefore	ADV
cjfa-20693	387	76	,	,	PUNCT
cjfa-20693	387	77	let	let	VERB
cjfa-20693	387	78	e	e	X
cjfa-20693	387	79	(	(	PUNCT
cjfa-20693	387	80	pay	pay	VERB
cjfa-20693	387	81	dividend	dividend	NOUN
cjfa-20693	387	82	)	)	PUNCT
cjfa-20693	388	1	=	=	PUNCT
cjfa-20693	388	2	e	e	X
cjfa-20693	388	3	(	(	PUNCT
cjfa-20693	388	4	pass	pass	VERB
cjfa-20693	388	5	dividend	dividend	NOUN
cjfa-20693	388	6	)	)	PUNCT
cjfa-20693	388	7	,	,	PUNCT
cjfa-20693	388	8	after	after	ADP
cjfa-20693	388	9	a	a	DET
cjfa-20693	388	10	series	series	NOUN
cjfa-20693	388	11	of	of	ADP
cjfa-20693	388	12	algebraic	algebraic	ADJ
cjfa-20693	388	13	operations	operation	NOUN
cjfa-20693	388	14	,	,	PUNCT
cjfa-20693	388	15	�	�	PROPN
cjfa-20693	388	16	=	=	SYM
cjfa-20693	388	17	�	�	PROPN
cjfa-20693	388	18	(	(	PUNCT
cjfa-20693	388	19	�	�	PROPN
cjfa-20693	388	20	�	�	PROPN
cjfa-20693	388	21	�	�	PROPN
cjfa-20693	388	22	)	)	PUNCT
cjfa-20693	388	23	(	(	PUNCT
cjfa-20693	388	24	�	�	PROPN
cjfa-20693	388	25	�	�	PROPN
cjfa-20693	388	26	�	�	PROPN
cjfa-20693	388	27	�	�	PROPN
cjfa-20693	388	28	�	�	PROPN
cjfa-20693	388	29	�	�	PROPN
cjfa-20693	388	30	�	�	PROPN
cjfa-20693	388	31	)	)	PUNCT
cjfa-20693	388	32	�	�	PROPN
cjfa-20693	388	33	�	�	PROPN
cjfa-20693	388	34	�	�	PROPN
cjfa-20693	388	35	(	(	PUNCT
cjfa-20693	388	36	�	�	PROPN
cjfa-20693	388	37	�	�	PROPN
cjfa-20693	388	38	�	�	PROPN
cjfa-20693	388	39	�	�	PROPN
cjfa-20693	388	40	�	�	PROPN
cjfa-20693	388	41	�	�	PROPN
cjfa-20693	388	42	�	�	PROPN
cjfa-20693	388	43	)	)	PUNCT
cjfa-20693	388	44	�	�	PROPN
cjfa-20693	388	45	�	�	PROPN
cjfa-20693	388	46	(	(	PUNCT
cjfa-20693	388	47	�	�	PROPN
cjfa-20693	388	48	�	�	PROPN
cjfa-20693	388	49	�	�	PROPN
cjfa-20693	388	50	)	)	PUNCT
cjfa-20693	388	51	(	(	PUNCT
cjfa-20693	388	52	�	�	PROPN
cjfa-20693	388	53	�	�	PROPN
cjfa-20693	388	54	�	�	PROPN
cjfa-20693	388	55	�	�	PROPN
cjfa-20693	388	56	�	�	PROPN
cjfa-20693	388	57	�	�	PROPN
cjfa-20693	388	58	�	�	PROPN
cjfa-20693	388	59	)	)	PUNCT
cjfa-20693	388	60	（	（	PUNCT
cjfa-20693	388	61	5	5	NUM
cjfa-20693	388	62	）	）	PUNCT
cjfa-20693	388	63	according	accord	VERB
cjfa-20693	388	64	to	to	ADP
cjfa-20693	388	65	the	the	DET
cjfa-20693	388	66	principle	principle	NOUN
cjfa-20693	388	67	of	of	ADP
cjfa-20693	388	68	equal	equal	ADJ
cjfa-20693	388	69	expectation	expectation	NOUN
cjfa-20693	388	70	payment	payment	NOUN
cjfa-20693	388	71	,	,	PUNCT
cjfa-20693	388	72	there	there	PRON
cjfa-20693	388	73	should	should	AUX
cjfa-20693	388	74	be	be	AUX
cjfa-20693	388	75	no	no	DET
cjfa-20693	388	76	difference	difference	NOUN
cjfa-20693	388	77	between	between	ADP
cjfa-20693	388	78	the	the	DET
cjfa-20693	388	79	expected	expect	VERB
cjfa-20693	388	80	returns	return	NOUN
cjfa-20693	388	81	of	of	ADP
cjfa-20693	388	82	dividend	dividend	NOUN
cjfa-20693	388	83	-	-	PUNCT
cjfa-20693	388	84	sharing	sharing	NOUN
cjfa-20693	388	85	and	and	CCONJ
cjfa-20693	388	86	non	non	ADJ
cjfa-20693	388	87	-	-	ADJ
cjfa-20693	388	88	dividend	dividend	NOUN
cjfa-20693	388	89	-	-	PUNCT
cjfa-20693	388	90	sharing	sharing	NOUN
cjfa-20693	388	91	for	for	ADP
cjfa-20693	388	92	executives	executive	NOUN
cjfa-20693	388	93	at	at	ADP
cjfa-20693	388	94	the	the	DET
cjfa-20693	388	95	nash	nash	ADJ
cjfa-20693	388	96	equilibrium	equilibrium	NOUN
cjfa-20693	388	97	of	of	ADP
cjfa-20693	388	98	mixed	mixed	ADJ
cjfa-20693	388	99	strategy	strategy	NOUN
cjfa-20693	388	100	in	in	ADP
cjfa-20693	388	101	game	game	NOUN
cjfa-20693	388	102	theory	theory	NOUN
cjfa-20693	388	103	.	.	PUNCT
cjfa-20693	389	1	equation	equation	NOUN
cjfa-20693	389	2	(	(	PUNCT
cjfa-20693	389	3	5	5	X
cjfa-20693	389	4	)	)	PUNCT
cjfa-20693	389	5	shows	show	VERB
cjfa-20693	389	6	that	that	SCONJ
cjfa-20693	389	7	whether	whether	SCONJ
cjfa-20693	389	8	shareholders	shareholder	NOUN
cjfa-20693	389	9	hold	hold	VERB
cjfa-20693	389	10	shares	share	NOUN
cjfa-20693	389	11	of	of	ADP
cjfa-20693	389	12	listed	list	VERB
cjfa-20693	389	13	companies	company	NOUN
cjfa-20693	389	14	depends	depend	VERB
cjfa-20693	389	15	mainly	mainly	ADV
cjfa-20693	389	16	on	on	ADP
cjfa-20693	389	17	discount	discount	NOUN
cjfa-20693	389	18	rate	rate	NOUN
cjfa-20693	389	19	r	r	NOUN
cjfa-20693	389	20	,	,	PUNCT
cjfa-20693	389	21	dividend	dividend	NOUN
cjfa-20693	389	22	growth	growth	NOUN
cjfa-20693	389	23	rate	rate	NOUN
cjfa-20693	389	24	g	g	NOUN
cjfa-20693	389	25	and	and	CCONJ
cjfa-20693	389	26	dividend	dividend	NOUN
cjfa-20693	389	27	per	per	ADP
cjfa-20693	389	28	share	share	NOUN
cjfa-20693	389	29	d.	d.	PROPN
cjfa-20693	389	30	(	(	PUNCT
cjfa-20693	389	31	2)equilibrium	2)equilibrium	NUM
cjfa-20693	389	32	of	of	ADP
cjfa-20693	389	33	shareholders	shareholder	NOUN
cjfa-20693	389	34	according	accord	VERB
cjfa-20693	389	35	to	to	ADP
cjfa-20693	389	36	the	the	DET
cjfa-20693	389	37	matrix	matrix	NOUN
cjfa-20693	389	38	,	,	PUNCT
cjfa-20693	389	39	given	give	VERB
cjfa-20693	389	40	the	the	DET
cjfa-20693	389	41	dividend	dividend	NOUN
cjfa-20693	389	42	probability	probability	NOUN
cjfa-20693	389	43	q	q	PROPN
cjfa-20693	389	44	of	of	ADP
cjfa-20693	389	45	executives	executive	NOUN
cjfa-20693	389	46	,	,	PUNCT
cjfa-20693	389	47	the	the	DET
cjfa-20693	389	48	expected	expect	VERB
cjfa-20693	389	49	returns	return	NOUN
cjfa-20693	389	50	of	of	ADP
cjfa-20693	389	51	shareholders	shareholder	NOUN
cjfa-20693	389	52	when	when	SCONJ
cjfa-20693	389	53	they	they	PRON
cjfa-20693	389	54	choose	choose	VERB
cjfa-20693	389	55	to	to	PART
cjfa-20693	389	56	hold	hold	VERB
cjfa-20693	389	57	or	or	CCONJ
cjfa-20693	389	58	not	not	PART
cjfa-20693	389	59	are	be	AUX
cjfa-20693	389	60	respectively	respectively	ADV
cjfa-20693	389	61	:	:	PUNCT
cjfa-20693	389	62	�	�	PROPN
cjfa-20693	389	63	(	(	PUNCT
cjfa-20693	389	64	�	�	PROPN
cjfa-20693	389	65	�	�	PROPN
cjfa-20693	389	66	�	�	PROPN
cjfa-20693	389	67	�	�	PROPN
cjfa-20693	389	68	�	�	PROPN
cjfa-20693	389	69	�	�	PROPN
cjfa-20693	389	70	�	�	PROPN
cjfa-20693	389	71	�	�	PROPN
cjfa-20693	389	72	)	)	PUNCT
cjfa-20693	389	73	=	=	PUNCT
cjfa-20693	389	74	(	(	PUNCT
cjfa-20693	389	75	1	1	NUM
cjfa-20693	389	76	−	−	PROPN
cjfa-20693	389	77	�	�	PROPN
cjfa-20693	389	78	)	)	PUNCT
cjfa-20693	389	79	�	�	PROPN
cjfa-20693	389	80	(	(	PUNCT
cjfa-20693	389	81	1	1	NUM
cjfa-20693	389	82	�	�	PROPN
cjfa-20693	389	83	�	�	PROPN
cjfa-20693	389	84	)	)	PUNCT
cjfa-20693	389	85	�	�	PROPN
cjfa-20693	389	86	�	�	PROPN
cjfa-20693	389	87	(	(	PUNCT
cjfa-20693	389	88	�	�	PROPN
cjfa-20693	389	89	�	�	PROPN
cjfa-20693	389	90	�	�	PROPN
cjfa-20693	389	91	)	)	PUNCT
cjfa-20693	389	92	(	(	PUNCT
cjfa-20693	389	93	�	�	PROPN
cjfa-20693	389	94	�	�	PROPN
cjfa-20693	389	95	�	�	PROPN
cjfa-20693	389	96	)	)	PUNCT
cjfa-20693	389	97	�	�	PROPN
cjfa-20693	389	98	�	�	PROPN
cjfa-20693	389	99	�	�	PROPN
cjfa-20693	389	100	�	�	PROPN
cjfa-20693	389	101	�	�	PROPN
cjfa-20693	389	102	�	�	PROPN
cjfa-20693	389	103	�	�	PROPN
cjfa-20693	389	104	(	(	PUNCT
cjfa-20693	389	105	�	�	PROPN
cjfa-20693	389	106	�	�	PROPN
cjfa-20693	389	107	�	�	PROPN
cjfa-20693	389	108	)	)	PUNCT
cjfa-20693	389	109	�	�	PROPN
cjfa-20693	389	110	�	�	PROPN
cjfa-20693	389	111	(	(	PUNCT
cjfa-20693	389	112	�	�	PROPN
cjfa-20693	389	113	�	�	PROPN
cjfa-20693	389	114	�	�	PROPN
cjfa-20693	389	115	)	)	PUNCT
cjfa-20693	389	116	�	�	PROPN
cjfa-20693	389	117	（	（	PUNCT
cjfa-20693	389	118	6	6	NUM
cjfa-20693	389	119	）	）	SYM
cjfa-20693	389	120	�	�	PROPN
cjfa-20693	389	121	(	(	PUNCT
cjfa-20693	389	122	�	�	PROPN
cjfa-20693	389	123	�	�	PROPN
cjfa-20693	389	124	�	�	PROPN
cjfa-20693	389	125	�	�	PROPN
cjfa-20693	389	126	�	�	PROPN
cjfa-20693	389	127	�	�	PROPN
cjfa-20693	389	128	�	�	PROPN
cjfa-20693	389	129	�	�	PROPN
cjfa-20693	389	130	)	)	PUNCT
cjfa-20693	389	131	=	=	PUNCT
cjfa-20693	389	132	(	(	PUNCT
cjfa-20693	389	133	1	1	NUM
cjfa-20693	389	134	−	−	PROPN
cjfa-20693	389	135	�	�	PROPN
cjfa-20693	389	136	)	)	PUNCT
cjfa-20693	389	137	�	�	PROPN
cjfa-20693	389	138	(	(	PUNCT
cjfa-20693	389	139	1	1	NUM
cjfa-20693	389	140	−	−	PROPN
cjfa-20693	389	141	�	�	PROPN
cjfa-20693	389	142	)	)	PUNCT
cjfa-20693	389	143	�	�	PROPN
cjfa-20693	389	144	�	�	PROPN
cjfa-20693	389	145	(	(	PUNCT
cjfa-20693	389	146	�	�	PROPN
cjfa-20693	389	147	�	�	PROPN
cjfa-20693	389	148	�	�	PROPN
cjfa-20693	389	149	)	)	PUNCT
cjfa-20693	389	150	�	�	PROPN
cjfa-20693	389	151	�	�	PROPN
cjfa-20693	389	152	�	�	PROPN
cjfa-20693	389	153	�	�	PROPN
cjfa-20693	389	154	�	�	PROPN
cjfa-20693	389	155	�	�	PROPN
cjfa-20693	389	156	�	�	PROPN
cjfa-20693	389	157	�	�	PROPN
cjfa-20693	389	158	�	�	PROPN
cjfa-20693	389	159	�	�	PROPN
cjfa-20693	389	160	�	�	PROPN
cjfa-20693	389	161	�	�	PROPN
cjfa-20693	389	162	�	�	PROPN
cjfa-20693	389	163	�	�	PROPN
cjfa-20693	389	164	�	�	PROPN
cjfa-20693	389	165	�	�	PROPN
cjfa-20693	389	166	(	(	PUNCT
cjfa-20693	389	167	�	�	PROPN
cjfa-20693	389	168	�	�	PROPN
cjfa-20693	389	169	�	�	PROPN
cjfa-20693	389	170	)	)	PUNCT
cjfa-20693	389	171	�	�	PROPN
cjfa-20693	389	172	�	�	PROPN
cjfa-20693	389	173	�	�	PROPN
cjfa-20693	389	174	�	�	PROPN
cjfa-20693	389	175	（	（	PROPN
cjfa-20693	389	176	7	7	NUM
cjfa-20693	389	177	）	）	PUNCT
cjfa-20693	389	178	based	base	VERB
cjfa-20693	389	179	on	on	ADP
cjfa-20693	389	180	the	the	DET
cjfa-20693	389	181	principle	principle	NOUN
cjfa-20693	389	182	of	of	ADP
cjfa-20693	389	183	equal	equal	ADJ
cjfa-20693	389	184	expectation	expectation	NOUN
cjfa-20693	389	185	payment	payment	NOUN
cjfa-20693	389	186	,	,	PUNCT
cjfa-20693	389	187	there	there	PRON
cjfa-20693	389	188	should	should	AUX
cjfa-20693	389	189	be	be	AUX
cjfa-20693	389	190	no	no	DET
cjfa-20693	389	191	difference	difference	NOUN
cjfa-20693	389	192	between	between	ADP
cjfa-20693	389	193	the	the	DET
cjfa-20693	389	194	expected	expect	VERB
cjfa-20693	389	195	returns	return	NOUN
cjfa-20693	389	196	of	of	ADP
cjfa-20693	389	197	shareholders	shareholder	NOUN
cjfa-20693	389	198	who	who	PRON
cjfa-20693	389	199	choose	choose	VERB
cjfa-20693	389	200	to	to	PART
cjfa-20693	389	201	hold	hold	VERB
cjfa-20693	389	202	and	and	CCONJ
cjfa-20693	389	203	not	not	PART
cjfa-20693	389	204	hold	hold	VERB
cjfa-20693	389	205	on	on	ADP
cjfa-20693	389	206	the	the	DET
cjfa-20693	389	207	nash	nash	ADJ
cjfa-20693	389	208	equilibrium	equilibrium	NOUN
cjfa-20693	389	209	of	of	ADP
cjfa-20693	389	210	mixed	mixed	ADJ
cjfa-20693	389	211	strategy	strategy	NOUN
cjfa-20693	389	212	.	.	PUNCT
cjfa-20693	390	1	therefore	therefore	ADV
cjfa-20693	390	2	,	,	PUNCT
cjfa-20693	390	3	let	let	VERB
cjfa-20693	390	4	e(hold)=e(not	e(hold)=e(not	PRON
cjfa-20693	390	5	hold	hold	VERB
cjfa-20693	390	6	)	)	PUNCT
cjfa-20693	390	7	,	,	PUNCT
cjfa-20693	390	8	it	it	PRON
cjfa-20693	390	9	is	be	AUX
cjfa-20693	390	10	�	�	PROPN
cjfa-20693	390	11	=	=	SYM
cjfa-20693	390	12	1	1	NUM
cjfa-20693	390	13	−	−	PROPN
cjfa-20693	390	14	�	�	PROPN
cjfa-20693	390	15	�	�	PROPN
cjfa-20693	390	16	�	�	PROPN
cjfa-20693	390	17	�	�	PROPN
cjfa-20693	390	18	�	�	PROPN
cjfa-20693	390	19	�	�	PROPN
cjfa-20693	390	20	(	(	PUNCT
cjfa-20693	390	21	�	�	PROPN
cjfa-20693	390	22	�	�	PROPN
cjfa-20693	390	23	�	�	PROPN
cjfa-20693	390	24	)	)	PUNCT
cjfa-20693	390	25	�	�	PROPN
cjfa-20693	390	26	�	�	PROPN
cjfa-20693	390	27	(	(	PUNCT
cjfa-20693	390	28	�	�	PROPN
cjfa-20693	390	29	�	�	PROPN
cjfa-20693	390	30	�	�	PROPN
cjfa-20693	390	31	)	)	PUNCT
cjfa-20693	390	32	(	(	PUNCT
cjfa-20693	390	33	�	�	PROPN
cjfa-20693	390	34	�	�	PROPN
cjfa-20693	390	35	�	�	PROPN
cjfa-20693	390	36	)	)	PUNCT
cjfa-20693	390	37	�	�	PROPN
cjfa-20693	390	38	�	�	PROPN
cjfa-20693	390	39	�	�	PROPN
cjfa-20693	390	40	(	(	PUNCT
cjfa-20693	390	41	�	�	PROPN
cjfa-20693	390	42	�	�	PROPN
cjfa-20693	390	43	�	�	PROPN
cjfa-20693	390	44	)	)	PUNCT
cjfa-20693	390	45	�	�	PROPN
cjfa-20693	390	46	(	(	PUNCT
cjfa-20693	390	47	�	�	PROPN
cjfa-20693	390	48	�	�	PROPN
cjfa-20693	390	49	�	�	PROPN
cjfa-20693	390	50	)	)	PUNCT
cjfa-20693	390	51	�	�	PROPN
cjfa-20693	390	52	(	(	PUNCT
cjfa-20693	390	53	�	�	PROPN
cjfa-20693	390	54	�	�	PROPN
cjfa-20693	390	55	�	�	PROPN
cjfa-20693	390	56	)	)	PUNCT
cjfa-20693	390	57	（	（	PUNCT
cjfa-20693	391	1	8	8	NUM
cjfa-20693	391	2	）	）	PUNCT
cjfa-20693	391	3	(	(	PUNCT
cjfa-20693	391	4	3)nash	3)nash	NUM
cjfa-20693	391	5	equilibrium	equilibrium	NOUN
cjfa-20693	391	6	and	and	CCONJ
cjfa-20693	391	7	mandatory	mandatory	ADJ
cjfa-20693	391	8	dividend	dividend	NOUN
cjfa-20693	391	9	policy	policy	NOUN
cjfa-20693	391	10	according	accord	VERB
cjfa-20693	391	11	to	to	ADP
cjfa-20693	391	12	equation	equation	NOUN
cjfa-20693	391	13	(	(	PUNCT
cjfa-20693	391	14	3	3	NUM
cjfa-20693	391	15	)	)	PUNCT
cjfa-20693	391	16	and	and	CCONJ
cjfa-20693	391	17	(	(	PUNCT
cjfa-20693	391	18	5	5	NUM
cjfa-20693	391	19	)	)	PUNCT
cjfa-20693	391	20	,	,	PUNCT
cjfa-20693	391	21	the	the	DET
cjfa-20693	391	22	mixed	mixed	ADJ
cjfa-20693	391	23	strategy	strategy	NOUN
cjfa-20693	391	24	nash	nash	PROPN
cjfa-20693	391	25	equilibrium	equilibrium	NOUN
cjfa-20693	391	26	(	(	PUNCT
cjfa-20693	391	27	p	p	X
cjfa-20693	391	28	,	,	PUNCT
cjfa-20693	391	29	q	q	NOUN
cjfa-20693	391	30	)	)	PUNCT
cjfa-20693	391	31	of	of	ADP
cjfa-20693	391	32	the	the	DET
cjfa-20693	391	33	complete	complete	ADJ
cjfa-20693	391	34	information	information	NOUN
cjfa-20693	391	35	static	static	ADJ
cjfa-20693	391	36	game	game	NOUN
cjfa-20693	391	37	is	be	AUX
cjfa-20693	391	38	obtained	obtain	VERB
cjfa-20693	391	39	.	.	PUNCT
cjfa-20693	392	1	(	(	PUNCT
cjfa-20693	392	2	1	1	NUM
cjfa-20693	392	3	−	−	PROPN
cjfa-20693	392	4	�	�	PROPN
cjfa-20693	392	5	�	�	PROPN
cjfa-20693	392	6	�	�	PROPN
cjfa-20693	392	7	�	�	PROPN
cjfa-20693	392	8	�	�	PROPN
cjfa-20693	392	9	�	�	PROPN
cjfa-20693	392	10	(	(	PUNCT
cjfa-20693	392	11	�	�	PROPN
cjfa-20693	392	12	�	�	PROPN
cjfa-20693	392	13	�	�	PROPN
cjfa-20693	392	14	)	)	PUNCT
cjfa-20693	392	15	�	�	PROPN
cjfa-20693	392	16	�	�	PROPN
cjfa-20693	392	17	(	(	PUNCT
cjfa-20693	392	18	�	�	PROPN
cjfa-20693	392	19	�	�	PROPN
cjfa-20693	392	20	�	�	PROPN
cjfa-20693	392	21	)	)	PUNCT
cjfa-20693	392	22	(	(	PUNCT
cjfa-20693	392	23	�	�	PROPN
cjfa-20693	392	24	�	�	PROPN
cjfa-20693	392	25	�	�	PROPN
cjfa-20693	392	26	)	)	PUNCT
cjfa-20693	392	27	�	�	PROPN
cjfa-20693	392	28	�	�	PROPN
cjfa-20693	392	29	�	�	PROPN
cjfa-20693	392	30	(	(	PUNCT
cjfa-20693	392	31	�	�	PROPN
cjfa-20693	392	32	�	�	PROPN
cjfa-20693	392	33	�	�	PROPN
cjfa-20693	392	34	)	)	PUNCT
cjfa-20693	392	35	�	�	PROPN
cjfa-20693	392	36	(	(	PUNCT
cjfa-20693	392	37	�	�	PROPN
cjfa-20693	392	38	�	�	PROPN
cjfa-20693	392	39	�	�	PROPN
cjfa-20693	392	40	)	)	PUNCT
cjfa-20693	392	41	�	�	PROPN
cjfa-20693	392	42	(	(	PUNCT
cjfa-20693	392	43	�	�	PROPN
cjfa-20693	392	44	�	�	PROPN
cjfa-20693	392	45	�	�	PROPN
cjfa-20693	392	46	)	)	PUNCT
cjfa-20693	392	47	,	,	PUNCT
cjfa-20693	392	48	�	�	PROPN
cjfa-20693	392	49	(	(	PUNCT
cjfa-20693	392	50	�	�	PROPN
cjfa-20693	392	51	�	�	PROPN
cjfa-20693	392	52	�	�	PROPN
cjfa-20693	392	53	)	)	PUNCT
cjfa-20693	392	54	(	(	PUNCT
cjfa-20693	392	55	�	�	PROPN
cjfa-20693	392	56	�	�	PROPN
cjfa-20693	392	57	�	�	PROPN
cjfa-20693	392	58	�	�	PROPN
cjfa-20693	392	59	�	�	PROPN
cjfa-20693	392	60	�	�	PROPN
cjfa-20693	392	61	�	�	PROPN
cjfa-20693	392	62	)	)	PUNCT
cjfa-20693	392	63	�	�	PROPN
cjfa-20693	392	64	�	�	PROPN
cjfa-20693	392	65	�	�	PROPN
cjfa-20693	392	66	(	(	PUNCT
cjfa-20693	392	67	�	�	PROPN
cjfa-20693	392	68	�	�	PROPN
cjfa-20693	392	69	�	�	PROPN
cjfa-20693	392	70	�	�	PROPN
cjfa-20693	392	71	�	�	PROPN
cjfa-20693	392	72	�	�	PROPN
cjfa-20693	392	73	�	�	PROPN
cjfa-20693	392	74	)	)	PUNCT
cjfa-20693	392	75	�	�	PROPN
cjfa-20693	392	76	�	�	PROPN
cjfa-20693	392	77	(	(	PUNCT
cjfa-20693	392	78	�	�	PROPN
cjfa-20693	392	79	�	�	PROPN
cjfa-20693	392	80	�	�	PROPN
cjfa-20693	392	81	)	)	PUNCT
cjfa-20693	392	82	(	(	PUNCT
cjfa-20693	392	83	�	�	PROPN
cjfa-20693	392	84	�	�	PROPN
cjfa-20693	392	85	�	�	PROPN
cjfa-20693	392	86	�	�	PROPN
cjfa-20693	392	87	�	�	PROPN
cjfa-20693	392	88	�	�	PROPN
cjfa-20693	392	89	�	�	PROPN
cjfa-20693	392	90	)	)	PUNCT
cjfa-20693	392	91	)	)	PUNCT
cjfa-20693	392	92	(	(	PUNCT
cjfa-20693	393	1	5	5	NUM
cjfa-20693	393	2	)	)	PUNCT
cjfa-20693	393	3	according	accord	VERB
cjfa-20693	393	4	to	to	ADP
cjfa-20693	393	5	the	the	DET
cjfa-20693	393	6	principle	principle	NOUN
cjfa-20693	393	7	of	of	ADP
cjfa-20693	393	8	equal	equal	ADJ
cjfa-20693	393	9	expectation	expectation	NOUN
cjfa-20693	393	10	payment	payment	NOUN
cjfa-20693	393	11	,	,	PUNCT
cjfa-20693	393	12	there	there	PRON
cjfa-20693	393	13	should	should	AUX
cjfa-20693	393	14	be	be	AUX
cjfa-20693	393	15	no	no	DET
cjfa-20693	393	16	difference	difference	NOUN
cjfa-20693	393	17	between	between	ADP
cjfa-20693	393	18	the	the	DET
cjfa-20693	393	19	expected	expect	VERB
cjfa-20693	393	20	returns	return	NOUN
cjfa-20693	393	21	of	of	ADP
cjfa-20693	393	22	dividend	dividend	NOUN
cjfa-20693	393	23	-	-	PUNCT
cjfa-20693	393	24	sharing	sharing	NOUN
cjfa-20693	393	25	and	and	CCONJ
cjfa-20693	393	26	non	non	NOUN
cjfa-20693	393	27	-	-	PROPN
cjfa-20693	393	28	divi	divi	PROPN
cjfa-20693	393	29	can	can	AUX
cjfa-20693	393	30	mandatory	mandatory	ADJ
cjfa-20693	393	31	dividend	dividend	NOUN
cjfa-20693	393	32	policy	policy	NOUN
cjfa-20693	393	33	reduce	reduce	VERB
cjfa-20693	393	34	…	…	PUNCT
cjfa-20693	393	35	75	75	NUM
cjfa-20693	393	36	dend	dend	NOUN
cjfa-20693	393	37	-	-	PUNCT
cjfa-20693	393	38	sharing	sharing	NOUN
cjfa-20693	393	39	for	for	ADP
cjfa-20693	393	40	executives	executive	NOUN
cjfa-20693	393	41	at	at	ADP
cjfa-20693	393	42	the	the	DET
cjfa-20693	393	43	nash	nash	ADJ
cjfa-20693	393	44	equilibrium	equilibrium	NOUN
cjfa-20693	393	45	of	of	ADP
cjfa-20693	393	46	mixed	mixed	ADJ
cjfa-20693	393	47	strategy	strategy	NOUN
cjfa-20693	393	48	in	in	ADP
cjfa-20693	393	49	game	game	NOUN
cjfa-20693	393	50	theory	theory	NOUN
cjfa-20693	393	51	.	.	PUNCT
cjfa-20693	394	1	equation	equation	NOUN
cjfa-20693	394	2	(	(	PUNCT
cjfa-20693	394	3	5	5	X
cjfa-20693	394	4	)	)	PUNCT
cjfa-20693	394	5	shows	show	VERB
cjfa-20693	394	6	that	that	SCONJ
cjfa-20693	394	7	whether	whether	SCONJ
cjfa-20693	394	8	shareholders	shareholder	NOUN
cjfa-20693	394	9	hold	hold	VERB
cjfa-20693	394	10	shares	share	NOUN
cjfa-20693	394	11	of	of	ADP
cjfa-20693	394	12	listed	list	VERB
cjfa-20693	394	13	companies	company	NOUN
cjfa-20693	394	14	depends	depend	VERB
cjfa-20693	394	15	mainly	mainly	ADV
cjfa-20693	394	16	on	on	ADP
cjfa-20693	394	17	discount	discount	NOUN
cjfa-20693	394	18	rate	rate	NOUN
cjfa-20693	394	19	r	r	NOUN
cjfa-20693	394	20	,	,	PUNCT
cjfa-20693	394	21	dividend	dividend	NOUN
cjfa-20693	394	22	growth	growth	NOUN
cjfa-20693	394	23	rate	rate	NOUN
cjfa-20693	394	24	g	g	NOUN
cjfa-20693	394	25	and	and	CCONJ
cjfa-20693	394	26	dividend	dividend	NOUN
cjfa-20693	394	27	per	per	ADP
cjfa-20693	394	28	share	share	NOUN
cjfa-20693	394	29	d.	d.	PROPN
cjfa-20693	394	30	(	(	PUNCT
cjfa-20693	394	31	2	2	NUM
cjfa-20693	394	32	)	)	PUNCT
cjfa-20693	394	33	equilibrium	equilibrium	NOUN
cjfa-20693	394	34	of	of	ADP
cjfa-20693	394	35	shareholders	shareholder	NOUN
cjfa-20693	394	36	according	accord	VERB
cjfa-20693	394	37	to	to	ADP
cjfa-20693	394	38	the	the	DET
cjfa-20693	394	39	matrix	matrix	NOUN
cjfa-20693	394	40	,	,	PUNCT
cjfa-20693	394	41	given	give	VERB
cjfa-20693	394	42	the	the	DET
cjfa-20693	394	43	dividend	dividend	NOUN
cjfa-20693	394	44	probability	probability	NOUN
cjfa-20693	394	45	q	q	PROPN
cjfa-20693	394	46	of	of	ADP
cjfa-20693	394	47	executives	executive	NOUN
cjfa-20693	394	48	,	,	PUNCT
cjfa-20693	394	49	the	the	DET
cjfa-20693	394	50	expected	expect	VERB
cjfa-20693	394	51	returns	return	NOUN
cjfa-20693	394	52	of	of	ADP
cjfa-20693	394	53	shareholders	shareholder	NOUN
cjfa-20693	394	54	when	when	SCONJ
cjfa-20693	394	55	they	they	PRON
cjfa-20693	394	56	choose	choose	VERB
cjfa-20693	394	57	to	to	PART
cjfa-20693	394	58	hold	hold	VERB
cjfa-20693	394	59	or	or	CCONJ
cjfa-20693	394	60	not	not	PART
cjfa-20693	394	61	are	be	AUX
cjfa-20693	394	62	respectively	respectively	ADV
cjfa-20693	394	63	:	:	PUNCT
cjfa-20693	394	64	4	4	NUM
cjfa-20693	394	65	.	.	NOUN
cjfa-20693	394	66	equilibrium	equilibrium	NOUN
cjfa-20693	394	67	analysis	analysis	NOUN
cjfa-20693	394	68	of	of	ADP
cjfa-20693	394	69	game	game	NOUN
cjfa-20693	394	70	(	(	PUNCT
cjfa-20693	394	71	1)equilibrium	1)equilibrium	NUM
cjfa-20693	394	72	of	of	ADP
cjfa-20693	394	73	executives	executive	NOUN
cjfa-20693	394	74	given	give	VERB
cjfa-20693	394	75	the	the	DET
cjfa-20693	394	76	shareholder	shareholder	NOUN
cjfa-20693	394	77	's	's	PART
cjfa-20693	394	78	holding	hold	VERB
cjfa-20693	394	79	probability	probability	NOUN
cjfa-20693	394	80	q	q	NOUN
cjfa-20693	394	81	,	,	PUNCT
cjfa-20693	394	82	the	the	DET
cjfa-20693	394	83	expected	expect	VERB
cjfa-20693	394	84	earnings	earning	NOUN
cjfa-20693	394	85	of	of	ADP
cjfa-20693	394	86	executives	executive	NOUN
cjfa-20693	394	87	when	when	SCONJ
cjfa-20693	394	88	they	they	PRON
cjfa-20693	394	89	choose	choose	VERB
cjfa-20693	394	90	to	to	PART
cjfa-20693	394	91	dividend	dividend	VERB
cjfa-20693	394	92	and	and	CCONJ
cjfa-20693	394	93	non	non	ADJ
cjfa-20693	394	94	-	-	ADJ
cjfa-20693	394	95	dividend	dividend	NOUN
cjfa-20693	394	96	are	be	AUX
cjfa-20693	394	97	respectively	respectively	ADV
cjfa-20693	394	98	.	.	PUNCT
cjfa-20693	395	1	�	�	PROPN
cjfa-20693	395	2	(	(	PUNCT
cjfa-20693	395	3	�	�	PROPN
cjfa-20693	395	4	�	�	PROPN
cjfa-20693	395	5	�	�	PROPN
cjfa-20693	395	6	)	)	PUNCT
cjfa-20693	395	7	=	=	PUNCT
cjfa-20693	395	8	(	(	PUNCT
cjfa-20693	395	9	1	1	NUM
cjfa-20693	395	10	−	−	PROPN
cjfa-20693	395	11	�	�	PROPN
cjfa-20693	395	12	)	)	PUNCT
cjfa-20693	395	13	(	(	PUNCT
cjfa-20693	395	14	�	�	PROPN
cjfa-20693	395	15	�	�	PROPN
cjfa-20693	395	16	−	−	PROPN
cjfa-20693	395	17	�	�	PROPN
cjfa-20693	395	18	�	�	PROPN
cjfa-20693	395	19	�	�	PROPN
cjfa-20693	395	20	−	−	PROPN
cjfa-20693	395	21	�	�	PROPN
cjfa-20693	395	22	)	)	PUNCT
cjfa-20693	395	23	�	�	PROPN
cjfa-20693	395	24	�	�	PROPN
cjfa-20693	395	25	�	�	PROPN
cjfa-20693	395	26	�	�	PROPN
cjfa-20693	395	27	�	�	PROPN
cjfa-20693	395	28	�	�	PROPN
cjfa-20693	395	29	�	�	PROPN
cjfa-20693	395	30	�	�	PROPN
cjfa-20693	395	31	�	�	PROPN
cjfa-20693	395	32	�	�	PROPN
cjfa-20693	395	33	�	�	PROPN
cjfa-20693	395	34	�	�	PROPN
cjfa-20693	395	35	�	�	PROPN
cjfa-20693	395	36	�	�	PROPN
cjfa-20693	395	37	(	(	PUNCT
cjfa-20693	395	38	3	3	NUM
cjfa-20693	395	39	)	)	PUNCT
cjfa-20693	395	40	�	�	PROPN
cjfa-20693	395	41	(	(	PUNCT
cjfa-20693	395	42	�	�	PROPN
cjfa-20693	395	43	�	�	PROPN
cjfa-20693	395	44	�	�	PROPN
cjfa-20693	395	45	�	�	PROPN
cjfa-20693	395	46	�	�	PROPN
cjfa-20693	395	47	�	�	PROPN
cjfa-20693	395	48	�	�	PROPN
cjfa-20693	395	49	)	)	PUNCT
cjfa-20693	395	50	=	=	PUNCT
cjfa-20693	395	51	(	(	PUNCT
cjfa-20693	395	52	1	1	NUM
cjfa-20693	395	53	−	−	PROPN
cjfa-20693	395	54	�	�	NOUN
cjfa-20693	395	55	)	)	PUNCT
cjfa-20693	395	56	(	(	PUNCT
cjfa-20693	395	57	0	0	NUM
cjfa-20693	395	58	)	)	PUNCT
cjfa-20693	395	59	�	�	PROPN
cjfa-20693	395	60	�	�	PROPN
cjfa-20693	395	61	�	�	PROPN
cjfa-20693	395	62	�	�	PROPN
cjfa-20693	395	63	�	�	PROPN
cjfa-20693	395	64	�	�	PROPN
cjfa-20693	395	65	�	�	PROPN
cjfa-20693	395	66	�	�	PROPN
cjfa-20693	395	67	�	�	PROPN
cjfa-20693	395	68	�	�	PROPN
cjfa-20693	395	69	�	�	PROPN
cjfa-20693	395	70	�	�	PROPN
cjfa-20693	395	71	�	�	PROPN
cjfa-20693	395	72	（	（	PROPN
cjfa-20693	395	73	4	4	NUM
cjfa-20693	395	74	）	）	PUNCT
cjfa-20693	395	75	therefore	therefore	ADV
cjfa-20693	395	76	,	,	PUNCT
cjfa-20693	395	77	let	let	VERB
cjfa-20693	395	78	e	e	X
cjfa-20693	395	79	(	(	PUNCT
cjfa-20693	395	80	pay	pay	VERB
cjfa-20693	395	81	dividend	dividend	NOUN
cjfa-20693	395	82	)	)	PUNCT
cjfa-20693	396	1	=	=	PUNCT
cjfa-20693	396	2	e	e	X
cjfa-20693	396	3	(	(	PUNCT
cjfa-20693	396	4	pass	pass	VERB
cjfa-20693	396	5	dividend	dividend	NOUN
cjfa-20693	396	6	)	)	PUNCT
cjfa-20693	396	7	,	,	PUNCT
cjfa-20693	396	8	after	after	ADP
cjfa-20693	396	9	a	a	DET
cjfa-20693	396	10	series	series	NOUN
cjfa-20693	396	11	of	of	ADP
cjfa-20693	396	12	algebraic	algebraic	ADJ
cjfa-20693	396	13	operations	operation	NOUN
cjfa-20693	396	14	,	,	PUNCT
cjfa-20693	396	15	�	�	PROPN
cjfa-20693	396	16	=	=	SYM
cjfa-20693	396	17	�	�	PROPN
cjfa-20693	396	18	(	(	PUNCT
cjfa-20693	396	19	�	�	PROPN
cjfa-20693	396	20	�	�	PROPN
cjfa-20693	396	21	�	�	PROPN
cjfa-20693	396	22	)	)	PUNCT
cjfa-20693	396	23	(	(	PUNCT
cjfa-20693	396	24	�	�	PROPN
cjfa-20693	396	25	�	�	PROPN
cjfa-20693	396	26	�	�	PROPN
cjfa-20693	396	27	�	�	PROPN
cjfa-20693	396	28	�	�	PROPN
cjfa-20693	396	29	�	�	PROPN
cjfa-20693	396	30	�	�	PROPN
cjfa-20693	396	31	)	)	PUNCT
cjfa-20693	396	32	�	�	PROPN
cjfa-20693	396	33	�	�	PROPN
cjfa-20693	396	34	�	�	PROPN
cjfa-20693	396	35	(	(	PUNCT
cjfa-20693	396	36	�	�	PROPN
cjfa-20693	396	37	�	�	PROPN
cjfa-20693	396	38	�	�	PROPN
cjfa-20693	396	39	�	�	PROPN
cjfa-20693	396	40	�	�	PROPN
cjfa-20693	396	41	�	�	PROPN
cjfa-20693	396	42	�	�	PROPN
cjfa-20693	396	43	)	)	PUNCT
cjfa-20693	396	44	�	�	PROPN
cjfa-20693	396	45	�	�	PROPN
cjfa-20693	396	46	(	(	PUNCT
cjfa-20693	396	47	�	�	PROPN
cjfa-20693	396	48	�	�	PROPN
cjfa-20693	396	49	�	�	PROPN
cjfa-20693	396	50	)	)	PUNCT
cjfa-20693	396	51	(	(	PUNCT
cjfa-20693	396	52	�	�	PROPN
cjfa-20693	396	53	�	�	PROPN
cjfa-20693	396	54	�	�	PROPN
cjfa-20693	396	55	�	�	PROPN
cjfa-20693	396	56	�	�	PROPN
cjfa-20693	396	57	�	�	PROPN
cjfa-20693	396	58	�	�	PROPN
cjfa-20693	396	59	)	)	PUNCT
cjfa-20693	396	60	（	（	PUNCT
cjfa-20693	396	61	5	5	NUM
cjfa-20693	396	62	）	）	PUNCT
cjfa-20693	396	63	according	accord	VERB
cjfa-20693	396	64	to	to	ADP
cjfa-20693	396	65	the	the	DET
cjfa-20693	396	66	principle	principle	NOUN
cjfa-20693	396	67	of	of	ADP
cjfa-20693	396	68	equal	equal	ADJ
cjfa-20693	396	69	expectation	expectation	NOUN
cjfa-20693	396	70	payment	payment	NOUN
cjfa-20693	396	71	,	,	PUNCT
cjfa-20693	396	72	there	there	PRON
cjfa-20693	396	73	should	should	AUX
cjfa-20693	396	74	be	be	AUX
cjfa-20693	396	75	no	no	DET
cjfa-20693	396	76	difference	difference	NOUN
cjfa-20693	396	77	between	between	ADP
cjfa-20693	396	78	the	the	DET
cjfa-20693	396	79	expected	expect	VERB
cjfa-20693	396	80	returns	return	NOUN
cjfa-20693	396	81	of	of	ADP
cjfa-20693	396	82	dividend	dividend	NOUN
cjfa-20693	396	83	-	-	PUNCT
cjfa-20693	396	84	sharing	sharing	NOUN
cjfa-20693	396	85	and	and	CCONJ
cjfa-20693	396	86	non	non	ADJ
cjfa-20693	396	87	-	-	ADJ
cjfa-20693	396	88	dividend	dividend	NOUN
cjfa-20693	396	89	-	-	PUNCT
cjfa-20693	396	90	sharing	sharing	NOUN
cjfa-20693	396	91	for	for	ADP
cjfa-20693	396	92	executives	executive	NOUN
cjfa-20693	396	93	at	at	ADP
cjfa-20693	396	94	the	the	DET
cjfa-20693	396	95	nash	nash	ADJ
cjfa-20693	396	96	equilibrium	equilibrium	NOUN
cjfa-20693	396	97	of	of	ADP
cjfa-20693	396	98	mixed	mixed	ADJ
cjfa-20693	396	99	strategy	strategy	NOUN
cjfa-20693	396	100	in	in	ADP
cjfa-20693	396	101	game	game	NOUN
cjfa-20693	396	102	theory	theory	NOUN
cjfa-20693	396	103	.	.	PUNCT
cjfa-20693	397	1	equation	equation	NOUN
cjfa-20693	397	2	(	(	PUNCT
cjfa-20693	397	3	5	5	X
cjfa-20693	397	4	)	)	PUNCT
cjfa-20693	397	5	shows	show	VERB
cjfa-20693	397	6	that	that	SCONJ
cjfa-20693	397	7	whether	whether	SCONJ
cjfa-20693	397	8	shareholders	shareholder	NOUN
cjfa-20693	397	9	hold	hold	VERB
cjfa-20693	397	10	shares	share	NOUN
cjfa-20693	397	11	of	of	ADP
cjfa-20693	397	12	listed	list	VERB
cjfa-20693	397	13	companies	company	NOUN
cjfa-20693	397	14	depends	depend	VERB
cjfa-20693	397	15	mainly	mainly	ADV
cjfa-20693	397	16	on	on	ADP
cjfa-20693	397	17	discount	discount	NOUN
cjfa-20693	397	18	rate	rate	NOUN
cjfa-20693	397	19	r	r	NOUN
cjfa-20693	397	20	,	,	PUNCT
cjfa-20693	397	21	dividend	dividend	NOUN
cjfa-20693	397	22	growth	growth	NOUN
cjfa-20693	397	23	rate	rate	NOUN
cjfa-20693	397	24	g	g	NOUN
cjfa-20693	397	25	and	and	CCONJ
cjfa-20693	397	26	dividend	dividend	NOUN
cjfa-20693	397	27	per	per	ADP
cjfa-20693	397	28	share	share	NOUN
cjfa-20693	397	29	d.	d.	PROPN
cjfa-20693	397	30	(	(	PUNCT
cjfa-20693	397	31	2)equilibrium	2)equilibrium	NUM
cjfa-20693	397	32	of	of	ADP
cjfa-20693	397	33	shareholders	shareholder	NOUN
cjfa-20693	397	34	according	accord	VERB
cjfa-20693	397	35	to	to	ADP
cjfa-20693	397	36	the	the	DET
cjfa-20693	397	37	matrix	matrix	NOUN
cjfa-20693	397	38	,	,	PUNCT
cjfa-20693	397	39	given	give	VERB
cjfa-20693	397	40	the	the	DET
cjfa-20693	397	41	dividend	dividend	NOUN
cjfa-20693	397	42	probability	probability	NOUN
cjfa-20693	397	43	q	q	PROPN
cjfa-20693	397	44	of	of	ADP
cjfa-20693	397	45	executives	executive	NOUN
cjfa-20693	397	46	,	,	PUNCT
cjfa-20693	397	47	the	the	DET
cjfa-20693	397	48	expected	expect	VERB
cjfa-20693	397	49	returns	return	NOUN
cjfa-20693	397	50	of	of	ADP
cjfa-20693	397	51	shareholders	shareholder	NOUN
cjfa-20693	397	52	when	when	SCONJ
cjfa-20693	397	53	they	they	PRON
cjfa-20693	397	54	choose	choose	VERB
cjfa-20693	397	55	to	to	PART
cjfa-20693	397	56	hold	hold	VERB
cjfa-20693	397	57	or	or	CCONJ
cjfa-20693	397	58	not	not	PART
cjfa-20693	397	59	are	be	AUX
cjfa-20693	397	60	respectively	respectively	ADV
cjfa-20693	397	61	:	:	PUNCT
cjfa-20693	397	62	�	�	PROPN
cjfa-20693	397	63	(	(	PUNCT
cjfa-20693	397	64	�	�	PROPN
cjfa-20693	397	65	�	�	PROPN
cjfa-20693	397	66	�	�	PROPN
cjfa-20693	397	67	�	�	PROPN
cjfa-20693	397	68	�	�	PROPN
cjfa-20693	397	69	�	�	PROPN
cjfa-20693	397	70	�	�	PROPN
cjfa-20693	397	71	�	�	PROPN
cjfa-20693	397	72	)	)	PUNCT
cjfa-20693	397	73	=	=	PUNCT
cjfa-20693	397	74	(	(	PUNCT
cjfa-20693	397	75	1	1	NUM
cjfa-20693	397	76	−	−	PROPN
cjfa-20693	397	77	�	�	PROPN
cjfa-20693	397	78	)	)	PUNCT
cjfa-20693	397	79	�	�	PROPN
cjfa-20693	397	80	(	(	PUNCT
cjfa-20693	397	81	1	1	NUM
cjfa-20693	397	82	�	�	PROPN
cjfa-20693	397	83	�	�	PROPN
cjfa-20693	397	84	)	)	PUNCT
cjfa-20693	397	85	�	�	PROPN
cjfa-20693	397	86	�	�	PROPN
cjfa-20693	397	87	(	(	PUNCT
cjfa-20693	397	88	�	�	PROPN
cjfa-20693	397	89	�	�	PROPN
cjfa-20693	397	90	�	�	PROPN
cjfa-20693	397	91	)	)	PUNCT
cjfa-20693	397	92	(	(	PUNCT
cjfa-20693	397	93	�	�	PROPN
cjfa-20693	397	94	�	�	PROPN
cjfa-20693	397	95	�	�	PROPN
cjfa-20693	397	96	)	)	PUNCT
cjfa-20693	397	97	�	�	PROPN
cjfa-20693	397	98	�	�	PROPN
cjfa-20693	397	99	�	�	PROPN
cjfa-20693	397	100	�	�	PROPN
cjfa-20693	397	101	�	�	PROPN
cjfa-20693	397	102	�	�	PROPN
cjfa-20693	397	103	�	�	PROPN
cjfa-20693	397	104	(	(	PUNCT
cjfa-20693	397	105	�	�	PROPN
cjfa-20693	397	106	�	�	PROPN
cjfa-20693	397	107	�	�	PROPN
cjfa-20693	397	108	)	)	PUNCT
cjfa-20693	397	109	�	�	PROPN
cjfa-20693	397	110	�	�	PROPN
cjfa-20693	397	111	(	(	PUNCT
cjfa-20693	397	112	�	�	PROPN
cjfa-20693	397	113	�	�	PROPN
cjfa-20693	397	114	�	�	PROPN
cjfa-20693	397	115	)	)	PUNCT
cjfa-20693	397	116	�	�	PROPN
cjfa-20693	397	117	（	（	PUNCT
cjfa-20693	397	118	6	6	NUM
cjfa-20693	397	119	）	）	SYM
cjfa-20693	397	120	�	�	PROPN
cjfa-20693	397	121	(	(	PUNCT
cjfa-20693	397	122	�	�	PROPN
cjfa-20693	397	123	�	�	PROPN
cjfa-20693	397	124	�	�	PROPN
cjfa-20693	397	125	�	�	PROPN
cjfa-20693	397	126	�	�	PROPN
cjfa-20693	397	127	�	�	PROPN
cjfa-20693	397	128	�	�	PROPN
cjfa-20693	397	129	�	�	PROPN
cjfa-20693	397	130	)	)	PUNCT
cjfa-20693	397	131	=	=	PUNCT
cjfa-20693	397	132	(	(	PUNCT
cjfa-20693	397	133	1	1	NUM
cjfa-20693	397	134	−	−	PROPN
cjfa-20693	397	135	�	�	PROPN
cjfa-20693	397	136	)	)	PUNCT
cjfa-20693	397	137	�	�	PROPN
cjfa-20693	397	138	(	(	PUNCT
cjfa-20693	397	139	1	1	NUM
cjfa-20693	397	140	−	−	PROPN
cjfa-20693	397	141	�	�	PROPN
cjfa-20693	397	142	)	)	PUNCT
cjfa-20693	397	143	�	�	PROPN
cjfa-20693	397	144	�	�	PROPN
cjfa-20693	397	145	(	(	PUNCT
cjfa-20693	397	146	�	�	PROPN
cjfa-20693	397	147	�	�	PROPN
cjfa-20693	397	148	�	�	PROPN
cjfa-20693	397	149	)	)	PUNCT
cjfa-20693	397	150	�	�	PROPN
cjfa-20693	397	151	�	�	PROPN
cjfa-20693	397	152	�	�	PROPN
cjfa-20693	397	153	�	�	PROPN
cjfa-20693	397	154	�	�	PROPN
cjfa-20693	397	155	�	�	PROPN
cjfa-20693	397	156	�	�	PROPN
cjfa-20693	397	157	�	�	PROPN
cjfa-20693	397	158	�	�	PROPN
cjfa-20693	397	159	�	�	PROPN
cjfa-20693	397	160	�	�	PROPN
cjfa-20693	397	161	�	�	PROPN
cjfa-20693	397	162	�	�	PROPN
cjfa-20693	397	163	�	�	PROPN
cjfa-20693	397	164	�	�	PROPN
cjfa-20693	397	165	�	�	PROPN
cjfa-20693	397	166	(	(	PUNCT
cjfa-20693	397	167	�	�	PROPN
cjfa-20693	397	168	�	�	PROPN
cjfa-20693	397	169	�	�	PROPN
cjfa-20693	397	170	)	)	PUNCT
cjfa-20693	397	171	�	�	PROPN
cjfa-20693	397	172	�	�	PROPN
cjfa-20693	397	173	�	�	PROPN
cjfa-20693	397	174	�	�	PROPN
cjfa-20693	397	175	（	（	PROPN
cjfa-20693	397	176	7	7	NUM
cjfa-20693	397	177	）	）	PUNCT
cjfa-20693	397	178	based	base	VERB
cjfa-20693	397	179	on	on	ADP
cjfa-20693	397	180	the	the	DET
cjfa-20693	397	181	principle	principle	NOUN
cjfa-20693	397	182	of	of	ADP
cjfa-20693	397	183	equal	equal	ADJ
cjfa-20693	397	184	expectation	expectation	NOUN
cjfa-20693	397	185	payment	payment	NOUN
cjfa-20693	397	186	,	,	PUNCT
cjfa-20693	397	187	there	there	PRON
cjfa-20693	397	188	should	should	AUX
cjfa-20693	397	189	be	be	AUX
cjfa-20693	397	190	no	no	DET
cjfa-20693	397	191	difference	difference	NOUN
cjfa-20693	397	192	between	between	ADP
cjfa-20693	397	193	the	the	DET
cjfa-20693	397	194	expected	expect	VERB
cjfa-20693	397	195	returns	return	NOUN
cjfa-20693	397	196	of	of	ADP
cjfa-20693	397	197	shareholders	shareholder	NOUN
cjfa-20693	397	198	who	who	PRON
cjfa-20693	397	199	choose	choose	VERB
cjfa-20693	397	200	to	to	PART
cjfa-20693	397	201	hold	hold	VERB
cjfa-20693	397	202	and	and	CCONJ
cjfa-20693	397	203	not	not	PART
cjfa-20693	397	204	hold	hold	VERB
cjfa-20693	397	205	on	on	ADP
cjfa-20693	397	206	the	the	DET
cjfa-20693	397	207	nash	nash	ADJ
cjfa-20693	397	208	equilibrium	equilibrium	NOUN
cjfa-20693	397	209	of	of	ADP
cjfa-20693	397	210	mixed	mixed	ADJ
cjfa-20693	397	211	strategy	strategy	NOUN
cjfa-20693	397	212	.	.	PUNCT
cjfa-20693	398	1	therefore	therefore	ADV
cjfa-20693	398	2	,	,	PUNCT
cjfa-20693	398	3	let	let	VERB
cjfa-20693	398	4	e(hold)=e(not	e(hold)=e(not	PRON
cjfa-20693	398	5	hold	hold	VERB
cjfa-20693	398	6	)	)	PUNCT
cjfa-20693	398	7	,	,	PUNCT
cjfa-20693	398	8	it	it	PRON
cjfa-20693	398	9	is	be	AUX
cjfa-20693	398	10	�	�	PROPN
cjfa-20693	398	11	=	=	SYM
cjfa-20693	398	12	1	1	NUM
cjfa-20693	398	13	−	−	PROPN
cjfa-20693	398	14	�	�	PROPN
cjfa-20693	398	15	�	�	PROPN
cjfa-20693	398	16	�	�	PROPN
cjfa-20693	398	17	�	�	PROPN
cjfa-20693	398	18	�	�	PROPN
cjfa-20693	398	19	�	�	PROPN
cjfa-20693	398	20	(	(	PUNCT
cjfa-20693	398	21	�	�	PROPN
cjfa-20693	398	22	�	�	PROPN
cjfa-20693	398	23	�	�	PROPN
cjfa-20693	398	24	)	)	PUNCT
cjfa-20693	398	25	�	�	PROPN
cjfa-20693	398	26	�	�	PROPN
cjfa-20693	398	27	(	(	PUNCT
cjfa-20693	398	28	�	�	PROPN
cjfa-20693	398	29	�	�	PROPN
cjfa-20693	398	30	�	�	PROPN
cjfa-20693	398	31	)	)	PUNCT
cjfa-20693	398	32	(	(	PUNCT
cjfa-20693	398	33	�	�	PROPN
cjfa-20693	398	34	�	�	PROPN
cjfa-20693	398	35	�	�	PROPN
cjfa-20693	398	36	)	)	PUNCT
cjfa-20693	398	37	�	�	PROPN
cjfa-20693	398	38	�	�	PROPN
cjfa-20693	398	39	�	�	PROPN
cjfa-20693	398	40	(	(	PUNCT
cjfa-20693	398	41	�	�	PROPN
cjfa-20693	398	42	�	�	PROPN
cjfa-20693	398	43	�	�	PROPN
cjfa-20693	398	44	)	)	PUNCT
cjfa-20693	398	45	�	�	PROPN
cjfa-20693	398	46	(	(	PUNCT
cjfa-20693	398	47	�	�	PROPN
cjfa-20693	398	48	�	�	PROPN
cjfa-20693	398	49	�	�	PROPN
cjfa-20693	398	50	)	)	PUNCT
cjfa-20693	398	51	�	�	PROPN
cjfa-20693	398	52	(	(	PUNCT
cjfa-20693	398	53	�	�	PROPN
cjfa-20693	398	54	�	�	PROPN
cjfa-20693	398	55	�	�	PROPN
cjfa-20693	398	56	)	)	PUNCT
cjfa-20693	398	57	（	（	PUNCT
cjfa-20693	399	1	8	8	NUM
cjfa-20693	399	2	）	）	PUNCT
cjfa-20693	399	3	(	(	PUNCT
cjfa-20693	399	4	3)nash	3)nash	NUM
cjfa-20693	399	5	equilibrium	equilibrium	NOUN
cjfa-20693	399	6	and	and	CCONJ
cjfa-20693	399	7	mandatory	mandatory	ADJ
cjfa-20693	399	8	dividend	dividend	NOUN
cjfa-20693	399	9	policy	policy	NOUN
cjfa-20693	399	10	according	accord	VERB
cjfa-20693	399	11	to	to	ADP
cjfa-20693	399	12	equation	equation	NOUN
cjfa-20693	399	13	(	(	PUNCT
cjfa-20693	399	14	3	3	NUM
cjfa-20693	399	15	)	)	PUNCT
cjfa-20693	399	16	and	and	CCONJ
cjfa-20693	399	17	(	(	PUNCT
cjfa-20693	399	18	5	5	NUM
cjfa-20693	399	19	)	)	PUNCT
cjfa-20693	399	20	,	,	PUNCT
cjfa-20693	399	21	the	the	DET
cjfa-20693	399	22	mixed	mixed	ADJ
cjfa-20693	399	23	strategy	strategy	NOUN
cjfa-20693	399	24	nash	nash	PROPN
cjfa-20693	399	25	equilibrium	equilibrium	NOUN
cjfa-20693	399	26	(	(	PUNCT
cjfa-20693	399	27	p	p	X
cjfa-20693	399	28	,	,	PUNCT
cjfa-20693	399	29	q	q	NOUN
cjfa-20693	399	30	)	)	PUNCT
cjfa-20693	399	31	of	of	ADP
cjfa-20693	399	32	the	the	DET
cjfa-20693	399	33	complete	complete	ADJ
cjfa-20693	399	34	information	information	NOUN
cjfa-20693	399	35	static	static	ADJ
cjfa-20693	399	36	game	game	NOUN
cjfa-20693	399	37	is	be	AUX
cjfa-20693	399	38	obtained	obtain	VERB
cjfa-20693	399	39	.	.	PUNCT
cjfa-20693	400	1	(	(	PUNCT
cjfa-20693	400	2	1	1	NUM
cjfa-20693	400	3	−	−	PROPN
cjfa-20693	400	4	�	�	PROPN
cjfa-20693	400	5	�	�	PROPN
cjfa-20693	400	6	�	�	PROPN
cjfa-20693	400	7	�	�	PROPN
cjfa-20693	400	8	�	�	PROPN
cjfa-20693	400	9	�	�	PROPN
cjfa-20693	400	10	(	(	PUNCT
cjfa-20693	400	11	�	�	PROPN
cjfa-20693	400	12	�	�	PROPN
cjfa-20693	400	13	�	�	PROPN
cjfa-20693	400	14	)	)	PUNCT
cjfa-20693	400	15	�	�	PROPN
cjfa-20693	400	16	�	�	PROPN
cjfa-20693	400	17	(	(	PUNCT
cjfa-20693	400	18	�	�	PROPN
cjfa-20693	400	19	�	�	PROPN
cjfa-20693	400	20	�	�	PROPN
cjfa-20693	400	21	)	)	PUNCT
cjfa-20693	400	22	(	(	PUNCT
cjfa-20693	400	23	�	�	PROPN
cjfa-20693	400	24	�	�	PROPN
cjfa-20693	400	25	�	�	PROPN
cjfa-20693	400	26	)	)	PUNCT
cjfa-20693	400	27	�	�	PROPN
cjfa-20693	400	28	�	�	PROPN
cjfa-20693	400	29	�	�	PROPN
cjfa-20693	400	30	(	(	PUNCT
cjfa-20693	400	31	�	�	PROPN
cjfa-20693	400	32	�	�	PROPN
cjfa-20693	400	33	�	�	PROPN
cjfa-20693	400	34	)	)	PUNCT
cjfa-20693	400	35	�	�	PROPN
cjfa-20693	400	36	(	(	PUNCT
cjfa-20693	400	37	�	�	PROPN
cjfa-20693	400	38	�	�	PROPN
cjfa-20693	400	39	�	�	PROPN
cjfa-20693	400	40	)	)	PUNCT
cjfa-20693	400	41	�	�	PROPN
cjfa-20693	400	42	(	(	PUNCT
cjfa-20693	400	43	�	�	PROPN
cjfa-20693	400	44	�	�	PROPN
cjfa-20693	400	45	�	�	PROPN
cjfa-20693	400	46	)	)	PUNCT
cjfa-20693	400	47	,	,	PUNCT
cjfa-20693	400	48	�	�	PROPN
cjfa-20693	400	49	(	(	PUNCT
cjfa-20693	400	50	�	�	PROPN
cjfa-20693	400	51	�	�	PROPN
cjfa-20693	400	52	�	�	PROPN
cjfa-20693	400	53	)	)	PUNCT
cjfa-20693	400	54	(	(	PUNCT
cjfa-20693	400	55	�	�	PROPN
cjfa-20693	400	56	�	�	PROPN
cjfa-20693	400	57	�	�	PROPN
cjfa-20693	400	58	�	�	PROPN
cjfa-20693	400	59	�	�	PROPN
cjfa-20693	400	60	�	�	PROPN
cjfa-20693	400	61	�	�	PROPN
cjfa-20693	400	62	)	)	PUNCT
cjfa-20693	400	63	�	�	PROPN
cjfa-20693	400	64	�	�	PROPN
cjfa-20693	400	65	�	�	PROPN
cjfa-20693	400	66	(	(	PUNCT
cjfa-20693	400	67	�	�	PROPN
cjfa-20693	400	68	�	�	PROPN
cjfa-20693	400	69	�	�	PROPN
cjfa-20693	400	70	�	�	PROPN
cjfa-20693	400	71	�	�	PROPN
cjfa-20693	400	72	�	�	PROPN
cjfa-20693	400	73	�	�	PROPN
cjfa-20693	400	74	)	)	PUNCT
cjfa-20693	400	75	�	�	PROPN
cjfa-20693	400	76	�	�	PROPN
cjfa-20693	400	77	(	(	PUNCT
cjfa-20693	400	78	�	�	PROPN
cjfa-20693	400	79	�	�	PROPN
cjfa-20693	400	80	�	�	PROPN
cjfa-20693	400	81	)	)	PUNCT
cjfa-20693	400	82	(	(	PUNCT
cjfa-20693	400	83	�	�	PROPN
cjfa-20693	400	84	�	�	PROPN
cjfa-20693	400	85	�	�	PROPN
cjfa-20693	400	86	�	�	PROPN
cjfa-20693	400	87	�	�	PROPN
cjfa-20693	400	88	�	�	PROPN
cjfa-20693	400	89	�	�	PROPN
cjfa-20693	400	90	)	)	PUNCT
cjfa-20693	400	91	)	)	PUNCT
cjfa-20693	400	92	(	(	PUNCT
cjfa-20693	400	93	6	6	NUM
cjfa-20693	400	94	)	)	SYM
cjfa-20693	400	95	4	4	NUM
cjfa-20693	400	96	.	.	PUNCT
cjfa-20693	400	97	equilibrium	equilibrium	NOUN
cjfa-20693	400	98	analysis	analysis	NOUN
cjfa-20693	400	99	of	of	ADP
cjfa-20693	400	100	game	game	NOUN
cjfa-20693	400	101	(	(	PUNCT
cjfa-20693	400	102	1)equilibrium	1)equilibrium	NUM
cjfa-20693	400	103	of	of	ADP
cjfa-20693	400	104	executives	executive	NOUN
cjfa-20693	400	105	given	give	VERB
cjfa-20693	400	106	the	the	DET
cjfa-20693	400	107	shareholder	shareholder	NOUN
cjfa-20693	400	108	's	's	PART
cjfa-20693	400	109	holding	hold	VERB
cjfa-20693	400	110	probability	probability	NOUN
cjfa-20693	400	111	q	q	NOUN
cjfa-20693	400	112	,	,	PUNCT
cjfa-20693	400	113	the	the	DET
cjfa-20693	400	114	expected	expect	VERB
cjfa-20693	400	115	earnings	earning	NOUN
cjfa-20693	400	116	of	of	ADP
cjfa-20693	400	117	executives	executive	NOUN
cjfa-20693	400	118	when	when	SCONJ
cjfa-20693	400	119	they	they	PRON
cjfa-20693	400	120	choose	choose	VERB
cjfa-20693	400	121	to	to	PART
cjfa-20693	400	122	dividend	dividend	VERB
cjfa-20693	400	123	and	and	CCONJ
cjfa-20693	400	124	non	non	ADJ
cjfa-20693	400	125	-	-	ADJ
cjfa-20693	400	126	dividend	dividend	NOUN
cjfa-20693	400	127	are	be	AUX
cjfa-20693	400	128	respectively	respectively	ADV
cjfa-20693	400	129	.	.	PUNCT
cjfa-20693	401	1	�	�	PROPN
cjfa-20693	401	2	(	(	PUNCT
cjfa-20693	401	3	�	�	PROPN
cjfa-20693	401	4	�	�	PROPN
cjfa-20693	401	5	�	�	PROPN
cjfa-20693	401	6	)	)	PUNCT
cjfa-20693	401	7	=	=	PUNCT
cjfa-20693	401	8	(	(	PUNCT
cjfa-20693	401	9	1	1	NUM
cjfa-20693	401	10	−	−	PROPN
cjfa-20693	401	11	�	�	PROPN
cjfa-20693	401	12	)	)	PUNCT
cjfa-20693	401	13	(	(	PUNCT
cjfa-20693	401	14	�	�	PROPN
cjfa-20693	401	15	�	�	PROPN
cjfa-20693	401	16	−	−	PROPN
cjfa-20693	401	17	�	�	PROPN
cjfa-20693	401	18	�	�	PROPN
cjfa-20693	401	19	�	�	PROPN
cjfa-20693	401	20	−	−	PROPN
cjfa-20693	401	21	�	�	PROPN
cjfa-20693	401	22	)	)	PUNCT
cjfa-20693	401	23	�	�	PROPN
cjfa-20693	401	24	�	�	PROPN
cjfa-20693	401	25	�	�	PROPN
cjfa-20693	401	26	�	�	PROPN
cjfa-20693	401	27	�	�	PROPN
cjfa-20693	401	28	�	�	PROPN
cjfa-20693	401	29	�	�	PROPN
cjfa-20693	401	30	�	�	PROPN
cjfa-20693	401	31	�	�	PROPN
cjfa-20693	401	32	�	�	PROPN
cjfa-20693	401	33	�	�	PROPN
cjfa-20693	401	34	�	�	PROPN
cjfa-20693	401	35	�	�	PROPN
cjfa-20693	401	36	�	�	PROPN
cjfa-20693	401	37	(	(	PUNCT
cjfa-20693	401	38	3	3	NUM
cjfa-20693	401	39	)	)	PUNCT
cjfa-20693	401	40	�	�	PROPN
cjfa-20693	401	41	(	(	PUNCT
cjfa-20693	401	42	�	�	PROPN
cjfa-20693	401	43	�	�	PROPN
cjfa-20693	401	44	�	�	PROPN
cjfa-20693	401	45	�	�	PROPN
cjfa-20693	401	46	�	�	PROPN
cjfa-20693	401	47	�	�	PROPN
cjfa-20693	401	48	�	�	PROPN
cjfa-20693	401	49	)	)	PUNCT
cjfa-20693	401	50	=	=	PUNCT
cjfa-20693	401	51	(	(	PUNCT
cjfa-20693	401	52	1	1	NUM
cjfa-20693	401	53	−	−	PROPN
cjfa-20693	401	54	�	�	NOUN
cjfa-20693	401	55	)	)	PUNCT
cjfa-20693	401	56	(	(	PUNCT
cjfa-20693	401	57	0	0	NUM
cjfa-20693	401	58	)	)	PUNCT
cjfa-20693	401	59	�	�	PROPN
cjfa-20693	401	60	�	�	PROPN
cjfa-20693	401	61	�	�	PROPN
cjfa-20693	401	62	�	�	PROPN
cjfa-20693	401	63	�	�	PROPN
cjfa-20693	401	64	�	�	PROPN
cjfa-20693	401	65	�	�	PROPN
cjfa-20693	401	66	�	�	PROPN
cjfa-20693	401	67	�	�	PROPN
cjfa-20693	401	68	�	�	PROPN
cjfa-20693	401	69	�	�	PROPN
cjfa-20693	401	70	�	�	PROPN
cjfa-20693	401	71	�	�	PROPN
cjfa-20693	401	72	（	（	PROPN
cjfa-20693	401	73	4	4	NUM
cjfa-20693	401	74	）	）	PUNCT
cjfa-20693	401	75	therefore	therefore	ADV
cjfa-20693	401	76	,	,	PUNCT
cjfa-20693	401	77	let	let	VERB
cjfa-20693	401	78	e	e	X
cjfa-20693	401	79	(	(	PUNCT
cjfa-20693	401	80	pay	pay	VERB
cjfa-20693	401	81	dividend	dividend	NOUN
cjfa-20693	401	82	)	)	PUNCT
cjfa-20693	402	1	=	=	PUNCT
cjfa-20693	402	2	e	e	X
cjfa-20693	402	3	(	(	PUNCT
cjfa-20693	402	4	pass	pass	VERB
cjfa-20693	402	5	dividend	dividend	NOUN
cjfa-20693	402	6	)	)	PUNCT
cjfa-20693	402	7	,	,	PUNCT
cjfa-20693	402	8	after	after	ADP
cjfa-20693	402	9	a	a	DET
cjfa-20693	402	10	series	series	NOUN
cjfa-20693	402	11	of	of	ADP
cjfa-20693	402	12	algebraic	algebraic	ADJ
cjfa-20693	402	13	operations	operation	NOUN
cjfa-20693	402	14	,	,	PUNCT
cjfa-20693	402	15	�	�	PROPN
cjfa-20693	402	16	=	=	SYM
cjfa-20693	402	17	�	�	PROPN
cjfa-20693	402	18	(	(	PUNCT
cjfa-20693	402	19	�	�	PROPN
cjfa-20693	402	20	�	�	PROPN
cjfa-20693	402	21	�	�	PROPN
cjfa-20693	402	22	)	)	PUNCT
cjfa-20693	402	23	(	(	PUNCT
cjfa-20693	402	24	�	�	PROPN
cjfa-20693	402	25	�	�	PROPN
cjfa-20693	402	26	�	�	PROPN
cjfa-20693	402	27	�	�	PROPN
cjfa-20693	402	28	�	�	PROPN
cjfa-20693	402	29	�	�	PROPN
cjfa-20693	402	30	�	�	PROPN
cjfa-20693	402	31	)	)	PUNCT
cjfa-20693	402	32	�	�	PROPN
cjfa-20693	402	33	�	�	PROPN
cjfa-20693	402	34	�	�	PROPN
cjfa-20693	402	35	(	(	PUNCT
cjfa-20693	402	36	�	�	PROPN
cjfa-20693	402	37	�	�	PROPN
cjfa-20693	402	38	�	�	PROPN
cjfa-20693	402	39	�	�	PROPN
cjfa-20693	402	40	�	�	PROPN
cjfa-20693	402	41	�	�	PROPN
cjfa-20693	402	42	�	�	PROPN
cjfa-20693	402	43	)	)	PUNCT
cjfa-20693	402	44	�	�	PROPN
cjfa-20693	402	45	�	�	PROPN
cjfa-20693	402	46	(	(	PUNCT
cjfa-20693	402	47	�	�	PROPN
cjfa-20693	402	48	�	�	PROPN
cjfa-20693	402	49	�	�	PROPN
cjfa-20693	402	50	)	)	PUNCT
cjfa-20693	402	51	(	(	PUNCT
cjfa-20693	402	52	�	�	PROPN
cjfa-20693	402	53	�	�	PROPN
cjfa-20693	402	54	�	�	PROPN
cjfa-20693	402	55	�	�	PROPN
cjfa-20693	402	56	�	�	PROPN
cjfa-20693	402	57	�	�	PROPN
cjfa-20693	402	58	�	�	PROPN
cjfa-20693	402	59	)	)	PUNCT
cjfa-20693	402	60	（	（	PUNCT
cjfa-20693	402	61	5	5	NUM
cjfa-20693	402	62	）	）	PUNCT
cjfa-20693	402	63	according	accord	VERB
cjfa-20693	402	64	to	to	ADP
cjfa-20693	402	65	the	the	DET
cjfa-20693	402	66	principle	principle	NOUN
cjfa-20693	402	67	of	of	ADP
cjfa-20693	402	68	equal	equal	ADJ
cjfa-20693	402	69	expectation	expectation	NOUN
cjfa-20693	402	70	payment	payment	NOUN
cjfa-20693	402	71	,	,	PUNCT
cjfa-20693	402	72	there	there	PRON
cjfa-20693	402	73	should	should	AUX
cjfa-20693	402	74	be	be	AUX
cjfa-20693	402	75	no	no	DET
cjfa-20693	402	76	difference	difference	NOUN
cjfa-20693	402	77	between	between	ADP
cjfa-20693	402	78	the	the	DET
cjfa-20693	402	79	expected	expect	VERB
cjfa-20693	402	80	returns	return	NOUN
cjfa-20693	402	81	of	of	ADP
cjfa-20693	402	82	dividend	dividend	NOUN
cjfa-20693	402	83	-	-	PUNCT
cjfa-20693	402	84	sharing	sharing	NOUN
cjfa-20693	402	85	and	and	CCONJ
cjfa-20693	402	86	non	non	ADJ
cjfa-20693	402	87	-	-	ADJ
cjfa-20693	402	88	dividend	dividend	NOUN
cjfa-20693	402	89	-	-	PUNCT
cjfa-20693	402	90	sharing	sharing	NOUN
cjfa-20693	402	91	for	for	ADP
cjfa-20693	402	92	executives	executive	NOUN
cjfa-20693	402	93	at	at	ADP
cjfa-20693	402	94	the	the	DET
cjfa-20693	402	95	nash	nash	ADJ
cjfa-20693	402	96	equilibrium	equilibrium	NOUN
cjfa-20693	402	97	of	of	ADP
cjfa-20693	402	98	mixed	mixed	ADJ
cjfa-20693	402	99	strategy	strategy	NOUN
cjfa-20693	402	100	in	in	ADP
cjfa-20693	402	101	game	game	NOUN
cjfa-20693	402	102	theory	theory	NOUN
cjfa-20693	402	103	.	.	PUNCT
cjfa-20693	403	1	equation	equation	NOUN
cjfa-20693	403	2	(	(	PUNCT
cjfa-20693	403	3	5	5	X
cjfa-20693	403	4	)	)	PUNCT
cjfa-20693	403	5	shows	show	VERB
cjfa-20693	403	6	that	that	SCONJ
cjfa-20693	403	7	whether	whether	SCONJ
cjfa-20693	403	8	shareholders	shareholder	NOUN
cjfa-20693	403	9	hold	hold	VERB
cjfa-20693	403	10	shares	share	NOUN
cjfa-20693	403	11	of	of	ADP
cjfa-20693	403	12	listed	list	VERB
cjfa-20693	403	13	companies	company	NOUN
cjfa-20693	403	14	depends	depend	VERB
cjfa-20693	403	15	mainly	mainly	ADV
cjfa-20693	403	16	on	on	ADP
cjfa-20693	403	17	discount	discount	NOUN
cjfa-20693	403	18	rate	rate	NOUN
cjfa-20693	403	19	r	r	NOUN
cjfa-20693	403	20	,	,	PUNCT
cjfa-20693	403	21	dividend	dividend	NOUN
cjfa-20693	403	22	growth	growth	NOUN
cjfa-20693	403	23	rate	rate	NOUN
cjfa-20693	403	24	g	g	NOUN
cjfa-20693	403	25	and	and	CCONJ
cjfa-20693	403	26	dividend	dividend	NOUN
cjfa-20693	403	27	per	per	ADP
cjfa-20693	403	28	share	share	NOUN
cjfa-20693	403	29	d.	d.	PROPN
cjfa-20693	403	30	(	(	PUNCT
cjfa-20693	403	31	2)equilibrium	2)equilibrium	NUM
cjfa-20693	403	32	of	of	ADP
cjfa-20693	403	33	shareholders	shareholder	NOUN
cjfa-20693	403	34	according	accord	VERB
cjfa-20693	403	35	to	to	ADP
cjfa-20693	403	36	the	the	DET
cjfa-20693	403	37	matrix	matrix	NOUN
cjfa-20693	403	38	,	,	PUNCT
cjfa-20693	403	39	given	give	VERB
cjfa-20693	403	40	the	the	DET
cjfa-20693	403	41	dividend	dividend	NOUN
cjfa-20693	403	42	probability	probability	NOUN
cjfa-20693	403	43	q	q	PROPN
cjfa-20693	403	44	of	of	ADP
cjfa-20693	403	45	executives	executive	NOUN
cjfa-20693	403	46	,	,	PUNCT
cjfa-20693	403	47	the	the	DET
cjfa-20693	403	48	expected	expect	VERB
cjfa-20693	403	49	returns	return	NOUN
cjfa-20693	403	50	of	of	ADP
cjfa-20693	403	51	shareholders	shareholder	NOUN
cjfa-20693	403	52	when	when	SCONJ
cjfa-20693	403	53	they	they	PRON
cjfa-20693	403	54	choose	choose	VERB
cjfa-20693	403	55	to	to	PART
cjfa-20693	403	56	hold	hold	VERB
cjfa-20693	403	57	or	or	CCONJ
cjfa-20693	403	58	not	not	PART
cjfa-20693	403	59	are	be	AUX
cjfa-20693	403	60	respectively	respectively	ADV
cjfa-20693	403	61	:	:	PUNCT
cjfa-20693	403	62	�	�	PROPN
cjfa-20693	403	63	(	(	PUNCT
cjfa-20693	403	64	�	�	PROPN
cjfa-20693	403	65	�	�	PROPN
cjfa-20693	403	66	�	�	PROPN
cjfa-20693	403	67	�	�	PROPN
cjfa-20693	403	68	�	�	PROPN
cjfa-20693	403	69	�	�	PROPN
cjfa-20693	403	70	�	�	PROPN
cjfa-20693	403	71	�	�	PROPN
cjfa-20693	403	72	)	)	PUNCT
cjfa-20693	403	73	=	=	PUNCT
cjfa-20693	403	74	(	(	PUNCT
cjfa-20693	403	75	1	1	NUM
cjfa-20693	403	76	−	−	PROPN
cjfa-20693	403	77	�	�	PROPN
cjfa-20693	403	78	)	)	PUNCT
cjfa-20693	403	79	�	�	PROPN
cjfa-20693	403	80	(	(	PUNCT
cjfa-20693	403	81	1	1	NUM
cjfa-20693	403	82	�	�	PROPN
cjfa-20693	403	83	�	�	PROPN
cjfa-20693	403	84	)	)	PUNCT
cjfa-20693	403	85	�	�	PROPN
cjfa-20693	403	86	�	�	PROPN
cjfa-20693	403	87	(	(	PUNCT
cjfa-20693	403	88	�	�	PROPN
cjfa-20693	403	89	�	�	PROPN
cjfa-20693	403	90	�	�	PROPN
cjfa-20693	403	91	)	)	PUNCT
cjfa-20693	403	92	(	(	PUNCT
cjfa-20693	403	93	�	�	PROPN
cjfa-20693	403	94	�	�	PROPN
cjfa-20693	403	95	�	�	PROPN
cjfa-20693	403	96	)	)	PUNCT
cjfa-20693	403	97	�	�	PROPN
cjfa-20693	403	98	�	�	PROPN
cjfa-20693	403	99	�	�	PROPN
cjfa-20693	403	100	�	�	PROPN
cjfa-20693	403	101	�	�	PROPN
cjfa-20693	403	102	�	�	PROPN
cjfa-20693	403	103	�	�	PROPN
cjfa-20693	403	104	(	(	PUNCT
cjfa-20693	403	105	�	�	PROPN
cjfa-20693	403	106	�	�	PROPN
cjfa-20693	403	107	�	�	PROPN
cjfa-20693	403	108	)	)	PUNCT
cjfa-20693	403	109	�	�	PROPN
cjfa-20693	403	110	�	�	PROPN
cjfa-20693	403	111	(	(	PUNCT
cjfa-20693	403	112	�	�	PROPN
cjfa-20693	403	113	�	�	PROPN
cjfa-20693	403	114	�	�	PROPN
cjfa-20693	403	115	)	)	PUNCT
cjfa-20693	403	116	�	�	PROPN
cjfa-20693	403	117	（	（	PUNCT
cjfa-20693	403	118	6	6	NUM
cjfa-20693	403	119	）	）	SYM
cjfa-20693	403	120	�	�	PROPN
cjfa-20693	403	121	(	(	PUNCT
cjfa-20693	403	122	�	�	PROPN
cjfa-20693	403	123	�	�	PROPN
cjfa-20693	403	124	�	�	PROPN
cjfa-20693	403	125	�	�	PROPN
cjfa-20693	403	126	�	�	PROPN
cjfa-20693	403	127	�	�	PROPN
cjfa-20693	403	128	�	�	PROPN
cjfa-20693	403	129	�	�	PROPN
cjfa-20693	403	130	)	)	PUNCT
cjfa-20693	403	131	=	=	PUNCT
cjfa-20693	403	132	(	(	PUNCT
cjfa-20693	403	133	1	1	NUM
cjfa-20693	403	134	−	−	PROPN
cjfa-20693	403	135	�	�	PROPN
cjfa-20693	403	136	)	)	PUNCT
cjfa-20693	403	137	�	�	PROPN
cjfa-20693	403	138	(	(	PUNCT
cjfa-20693	403	139	1	1	NUM
cjfa-20693	403	140	−	−	PROPN
cjfa-20693	403	141	�	�	PROPN
cjfa-20693	403	142	)	)	PUNCT
cjfa-20693	403	143	�	�	PROPN
cjfa-20693	403	144	�	�	PROPN
cjfa-20693	403	145	(	(	PUNCT
cjfa-20693	403	146	�	�	PROPN
cjfa-20693	403	147	�	�	PROPN
cjfa-20693	403	148	�	�	PROPN
cjfa-20693	403	149	)	)	PUNCT
cjfa-20693	403	150	�	�	PROPN
cjfa-20693	403	151	�	�	PROPN
cjfa-20693	403	152	�	�	PROPN
cjfa-20693	403	153	�	�	PROPN
cjfa-20693	403	154	�	�	PROPN
cjfa-20693	403	155	�	�	PROPN
cjfa-20693	403	156	�	�	PROPN
cjfa-20693	403	157	�	�	PROPN
cjfa-20693	403	158	�	�	PROPN
cjfa-20693	403	159	�	�	PROPN
cjfa-20693	403	160	�	�	PROPN
cjfa-20693	403	161	�	�	PROPN
cjfa-20693	403	162	�	�	PROPN
cjfa-20693	403	163	�	�	PROPN
cjfa-20693	403	164	�	�	PROPN
cjfa-20693	403	165	�	�	PROPN
cjfa-20693	403	166	(	(	PUNCT
cjfa-20693	403	167	�	�	PROPN
cjfa-20693	403	168	�	�	PROPN
cjfa-20693	403	169	�	�	PROPN
cjfa-20693	403	170	)	)	PUNCT
cjfa-20693	403	171	�	�	PROPN
cjfa-20693	403	172	�	�	PROPN
cjfa-20693	403	173	�	�	PROPN
cjfa-20693	403	174	�	�	PROPN
cjfa-20693	403	175	（	（	PROPN
cjfa-20693	403	176	7	7	NUM
cjfa-20693	403	177	）	）	PUNCT
cjfa-20693	403	178	based	base	VERB
cjfa-20693	403	179	on	on	ADP
cjfa-20693	403	180	the	the	DET
cjfa-20693	403	181	principle	principle	NOUN
cjfa-20693	403	182	of	of	ADP
cjfa-20693	403	183	equal	equal	ADJ
cjfa-20693	403	184	expectation	expectation	NOUN
cjfa-20693	403	185	payment	payment	NOUN
cjfa-20693	403	186	,	,	PUNCT
cjfa-20693	403	187	there	there	PRON
cjfa-20693	403	188	should	should	AUX
cjfa-20693	403	189	be	be	AUX
cjfa-20693	403	190	no	no	DET
cjfa-20693	403	191	difference	difference	NOUN
cjfa-20693	403	192	between	between	ADP
cjfa-20693	403	193	the	the	DET
cjfa-20693	403	194	expected	expect	VERB
cjfa-20693	403	195	returns	return	NOUN
cjfa-20693	403	196	of	of	ADP
cjfa-20693	403	197	shareholders	shareholder	NOUN
cjfa-20693	403	198	who	who	PRON
cjfa-20693	403	199	choose	choose	VERB
cjfa-20693	403	200	to	to	PART
cjfa-20693	403	201	hold	hold	VERB
cjfa-20693	403	202	and	and	CCONJ
cjfa-20693	403	203	not	not	PART
cjfa-20693	403	204	hold	hold	VERB
cjfa-20693	403	205	on	on	ADP
cjfa-20693	403	206	the	the	DET
cjfa-20693	403	207	nash	nash	ADJ
cjfa-20693	403	208	equilibrium	equilibrium	NOUN
cjfa-20693	403	209	of	of	ADP
cjfa-20693	403	210	mixed	mixed	ADJ
cjfa-20693	403	211	strategy	strategy	NOUN
cjfa-20693	403	212	.	.	PUNCT
cjfa-20693	404	1	therefore	therefore	ADV
cjfa-20693	404	2	,	,	PUNCT
cjfa-20693	404	3	let	let	VERB
cjfa-20693	404	4	e(hold)=e(not	e(hold)=e(not	PRON
cjfa-20693	404	5	hold	hold	VERB
cjfa-20693	404	6	)	)	PUNCT
cjfa-20693	404	7	,	,	PUNCT
cjfa-20693	404	8	it	it	PRON
cjfa-20693	404	9	is	be	AUX
cjfa-20693	404	10	�	�	PROPN
cjfa-20693	404	11	=	=	SYM
cjfa-20693	404	12	1	1	NUM
cjfa-20693	404	13	−	−	PROPN
cjfa-20693	404	14	�	�	PROPN
cjfa-20693	404	15	�	�	PROPN
cjfa-20693	404	16	�	�	PROPN
cjfa-20693	404	17	�	�	PROPN
cjfa-20693	404	18	�	�	PROPN
cjfa-20693	404	19	�	�	PROPN
cjfa-20693	404	20	(	(	PUNCT
cjfa-20693	404	21	�	�	PROPN
cjfa-20693	404	22	�	�	PROPN
cjfa-20693	404	23	�	�	PROPN
cjfa-20693	404	24	)	)	PUNCT
cjfa-20693	404	25	�	�	PROPN
cjfa-20693	404	26	�	�	PROPN
cjfa-20693	404	27	(	(	PUNCT
cjfa-20693	404	28	�	�	PROPN
cjfa-20693	404	29	�	�	PROPN
cjfa-20693	404	30	�	�	PROPN
cjfa-20693	404	31	)	)	PUNCT
cjfa-20693	404	32	(	(	PUNCT
cjfa-20693	404	33	�	�	PROPN
cjfa-20693	404	34	�	�	PROPN
cjfa-20693	404	35	�	�	PROPN
cjfa-20693	404	36	)	)	PUNCT
cjfa-20693	404	37	�	�	PROPN
cjfa-20693	404	38	�	�	PROPN
cjfa-20693	404	39	�	�	PROPN
cjfa-20693	404	40	(	(	PUNCT
cjfa-20693	404	41	�	�	PROPN
cjfa-20693	404	42	�	�	PROPN
cjfa-20693	404	43	�	�	PROPN
cjfa-20693	404	44	)	)	PUNCT
cjfa-20693	404	45	�	�	PROPN
cjfa-20693	404	46	(	(	PUNCT
cjfa-20693	404	47	�	�	PROPN
cjfa-20693	404	48	�	�	PROPN
cjfa-20693	404	49	�	�	PROPN
cjfa-20693	404	50	)	)	PUNCT
cjfa-20693	404	51	�	�	PROPN
cjfa-20693	404	52	(	(	PUNCT
cjfa-20693	404	53	�	�	PROPN
cjfa-20693	404	54	�	�	PROPN
cjfa-20693	404	55	�	�	PROPN
cjfa-20693	404	56	)	)	PUNCT
cjfa-20693	404	57	（	（	PUNCT
cjfa-20693	405	1	8	8	NUM
cjfa-20693	405	2	）	）	PUNCT
cjfa-20693	405	3	(	(	PUNCT
cjfa-20693	405	4	3)nash	3)nash	NUM
cjfa-20693	405	5	equilibrium	equilibrium	NOUN
cjfa-20693	405	6	and	and	CCONJ
cjfa-20693	405	7	mandatory	mandatory	ADJ
cjfa-20693	405	8	dividend	dividend	NOUN
cjfa-20693	405	9	policy	policy	NOUN
cjfa-20693	405	10	according	accord	VERB
cjfa-20693	405	11	to	to	ADP
cjfa-20693	405	12	equation	equation	NOUN
cjfa-20693	405	13	(	(	PUNCT
cjfa-20693	405	14	3	3	NUM
cjfa-20693	405	15	)	)	PUNCT
cjfa-20693	405	16	and	and	CCONJ
cjfa-20693	405	17	(	(	PUNCT
cjfa-20693	405	18	5	5	NUM
cjfa-20693	405	19	)	)	PUNCT
cjfa-20693	405	20	,	,	PUNCT
cjfa-20693	405	21	the	the	DET
cjfa-20693	405	22	mixed	mixed	ADJ
cjfa-20693	405	23	strategy	strategy	NOUN
cjfa-20693	405	24	nash	nash	PROPN
cjfa-20693	405	25	equilibrium	equilibrium	NOUN
cjfa-20693	405	26	(	(	PUNCT
cjfa-20693	405	27	p	p	X
cjfa-20693	405	28	,	,	PUNCT
cjfa-20693	405	29	q	q	NOUN
cjfa-20693	405	30	)	)	PUNCT
cjfa-20693	405	31	of	of	ADP
cjfa-20693	405	32	the	the	DET
cjfa-20693	405	33	complete	complete	ADJ
cjfa-20693	405	34	information	information	NOUN
cjfa-20693	405	35	static	static	ADJ
cjfa-20693	405	36	game	game	NOUN
cjfa-20693	405	37	is	be	AUX
cjfa-20693	405	38	obtained	obtain	VERB
cjfa-20693	405	39	.	.	PUNCT
cjfa-20693	406	1	(	(	PUNCT
cjfa-20693	406	2	1	1	NUM
cjfa-20693	406	3	−	−	PROPN
cjfa-20693	406	4	�	�	PROPN
cjfa-20693	406	5	�	�	PROPN
cjfa-20693	406	6	�	�	PROPN
cjfa-20693	406	7	�	�	PROPN
cjfa-20693	406	8	�	�	PROPN
cjfa-20693	406	9	�	�	PROPN
cjfa-20693	406	10	(	(	PUNCT
cjfa-20693	406	11	�	�	PROPN
cjfa-20693	406	12	�	�	PROPN
cjfa-20693	406	13	�	�	PROPN
cjfa-20693	406	14	)	)	PUNCT
cjfa-20693	406	15	�	�	PROPN
cjfa-20693	406	16	�	�	PROPN
cjfa-20693	406	17	(	(	PUNCT
cjfa-20693	406	18	�	�	PROPN
cjfa-20693	406	19	�	�	PROPN
cjfa-20693	406	20	�	�	PROPN
cjfa-20693	406	21	)	)	PUNCT
cjfa-20693	406	22	(	(	PUNCT
cjfa-20693	406	23	�	�	PROPN
cjfa-20693	406	24	�	�	PROPN
cjfa-20693	406	25	�	�	PROPN
cjfa-20693	406	26	)	)	PUNCT
cjfa-20693	406	27	�	�	PROPN
cjfa-20693	406	28	�	�	PROPN
cjfa-20693	406	29	�	�	PROPN
cjfa-20693	406	30	(	(	PUNCT
cjfa-20693	406	31	�	�	PROPN
cjfa-20693	406	32	�	�	PROPN
cjfa-20693	406	33	�	�	PROPN
cjfa-20693	406	34	)	)	PUNCT
cjfa-20693	406	35	�	�	PROPN
cjfa-20693	406	36	(	(	PUNCT
cjfa-20693	406	37	�	�	PROPN
cjfa-20693	406	38	�	�	PROPN
cjfa-20693	406	39	�	�	PROPN
cjfa-20693	406	40	)	)	PUNCT
cjfa-20693	406	41	�	�	PROPN
cjfa-20693	406	42	(	(	PUNCT
cjfa-20693	406	43	�	�	PROPN
cjfa-20693	406	44	�	�	PROPN
cjfa-20693	406	45	�	�	PROPN
cjfa-20693	406	46	)	)	PUNCT
cjfa-20693	406	47	,	,	PUNCT
cjfa-20693	406	48	�	�	PROPN
cjfa-20693	406	49	(	(	PUNCT
cjfa-20693	406	50	�	�	PROPN
cjfa-20693	406	51	�	�	PROPN
cjfa-20693	406	52	�	�	PROPN
cjfa-20693	406	53	)	)	PUNCT
cjfa-20693	406	54	(	(	PUNCT
cjfa-20693	406	55	�	�	PROPN
cjfa-20693	406	56	�	�	PROPN
cjfa-20693	406	57	�	�	PROPN
cjfa-20693	406	58	�	�	PROPN
cjfa-20693	406	59	�	�	PROPN
cjfa-20693	406	60	�	�	PROPN
cjfa-20693	406	61	�	�	PROPN
cjfa-20693	406	62	)	)	PUNCT
cjfa-20693	406	63	�	�	PROPN
cjfa-20693	406	64	�	�	PROPN
cjfa-20693	406	65	�	�	PROPN
cjfa-20693	406	66	(	(	PUNCT
cjfa-20693	406	67	�	�	PROPN
cjfa-20693	406	68	�	�	PROPN
cjfa-20693	406	69	�	�	PROPN
cjfa-20693	406	70	�	�	PROPN
cjfa-20693	406	71	�	�	PROPN
cjfa-20693	406	72	�	�	PROPN
cjfa-20693	406	73	�	�	PROPN
cjfa-20693	406	74	)	)	PUNCT
cjfa-20693	406	75	�	�	PROPN
cjfa-20693	406	76	�	�	PROPN
cjfa-20693	406	77	(	(	PUNCT
cjfa-20693	406	78	�	�	PROPN
cjfa-20693	406	79	�	�	PROPN
cjfa-20693	406	80	�	�	PROPN
cjfa-20693	406	81	)	)	PUNCT
cjfa-20693	406	82	(	(	PUNCT
cjfa-20693	406	83	�	�	PROPN
cjfa-20693	406	84	�	�	PROPN
cjfa-20693	406	85	�	�	PROPN
cjfa-20693	406	86	�	�	PROPN
cjfa-20693	406	87	�	�	PROPN
cjfa-20693	406	88	�	�	PROPN
cjfa-20693	406	89	�	�	PROPN
cjfa-20693	406	90	)	)	PUNCT
cjfa-20693	406	91	)	)	PUNCT
cjfa-20693	406	92	(	(	PUNCT
cjfa-20693	406	93	7	7	X
cjfa-20693	406	94	)	)	PUNCT
cjfa-20693	406	95	based	base	VERB
cjfa-20693	406	96	on	on	ADP
cjfa-20693	406	97	the	the	DET
cjfa-20693	406	98	principle	principle	NOUN
cjfa-20693	406	99	of	of	ADP
cjfa-20693	406	100	equal	equal	ADJ
cjfa-20693	406	101	expectation	expectation	NOUN
cjfa-20693	406	102	payment	payment	NOUN
cjfa-20693	406	103	,	,	PUNCT
cjfa-20693	406	104	there	there	PRON
cjfa-20693	406	105	should	should	AUX
cjfa-20693	406	106	be	be	AUX
cjfa-20693	406	107	no	no	DET
cjfa-20693	406	108	difference	difference	NOUN
cjfa-20693	406	109	between	between	ADP
cjfa-20693	406	110	the	the	DET
cjfa-20693	406	111	expected	expect	VERB
cjfa-20693	406	112	returns	return	NOUN
cjfa-20693	406	113	of	of	ADP
cjfa-20693	406	114	shareholders	shareholder	NOUN
cjfa-20693	406	115	who	who	PRON
cjfa-20693	406	116	choose	choose	VERB
cjfa-20693	406	117	to	to	PART
cjfa-20693	406	118	hold	hold	VERB
cjfa-20693	406	119	and	and	CCONJ
cjfa-20693	406	120	not	not	PART
cjfa-20693	406	121	hold	hold	VERB
cjfa-20693	406	122	on	on	ADP
cjfa-20693	406	123	the	the	DET
cjfa-20693	406	124	nash	nash	ADJ
cjfa-20693	406	125	equilibrium	equilibrium	NOUN
cjfa-20693	406	126	of	of	ADP
cjfa-20693	406	127	mixed	mixed	ADJ
cjfa-20693	406	128	strategy	strategy	NOUN
cjfa-20693	406	129	.	.	PUNCT
cjfa-20693	407	1	therefore	therefore	ADV
cjfa-20693	407	2	,	,	PUNCT
cjfa-20693	407	3	let	let	VERB
cjfa-20693	407	4	e(hold)=e(not	e(hold)=e(not	PRON
cjfa-20693	407	5	hold	hold	VERB
cjfa-20693	407	6	)	)	PUNCT
cjfa-20693	407	7	,	,	PUNCT
cjfa-20693	407	8	it	it	PRON
cjfa-20693	407	9	is	be	AUX
cjfa-20693	407	10	4	4	NUM
cjfa-20693	407	11	.	.	PUNCT
cjfa-20693	407	12	equilibrium	equilibrium	NOUN
cjfa-20693	407	13	analysis	analysis	NOUN
cjfa-20693	407	14	of	of	ADP
cjfa-20693	407	15	game	game	NOUN
cjfa-20693	407	16	(	(	PUNCT
cjfa-20693	407	17	1)equilibrium	1)equilibrium	NUM
cjfa-20693	407	18	of	of	ADP
cjfa-20693	407	19	executives	executive	NOUN
cjfa-20693	407	20	given	give	VERB
cjfa-20693	407	21	the	the	DET
cjfa-20693	407	22	shareholder	shareholder	NOUN
cjfa-20693	407	23	's	's	PART
cjfa-20693	407	24	holding	hold	VERB
cjfa-20693	407	25	probability	probability	NOUN
cjfa-20693	407	26	q	q	NOUN
cjfa-20693	407	27	,	,	PUNCT
cjfa-20693	407	28	the	the	DET
cjfa-20693	407	29	expected	expect	VERB
cjfa-20693	407	30	earnings	earning	NOUN
cjfa-20693	407	31	of	of	ADP
cjfa-20693	407	32	executives	executive	NOUN
cjfa-20693	407	33	when	when	SCONJ
cjfa-20693	407	34	they	they	PRON
cjfa-20693	407	35	choose	choose	VERB
cjfa-20693	407	36	to	to	PART
cjfa-20693	407	37	dividend	dividend	VERB
cjfa-20693	407	38	and	and	CCONJ
cjfa-20693	407	39	non	non	ADJ
cjfa-20693	407	40	-	-	ADJ
cjfa-20693	407	41	dividend	dividend	NOUN
cjfa-20693	407	42	are	be	AUX
cjfa-20693	407	43	respectively	respectively	ADV
cjfa-20693	407	44	.	.	PUNCT
cjfa-20693	408	1	�	�	PROPN
cjfa-20693	408	2	(	(	PUNCT
cjfa-20693	408	3	�	�	PROPN
cjfa-20693	408	4	�	�	PROPN
cjfa-20693	408	5	�	�	PROPN
cjfa-20693	408	6	)	)	PUNCT
cjfa-20693	408	7	=	=	PUNCT
cjfa-20693	408	8	(	(	PUNCT
cjfa-20693	408	9	1	1	NUM
cjfa-20693	408	10	−	−	PROPN
cjfa-20693	408	11	�	�	PROPN
cjfa-20693	408	12	)	)	PUNCT
cjfa-20693	408	13	(	(	PUNCT
cjfa-20693	408	14	�	�	PROPN
cjfa-20693	408	15	�	�	PROPN
cjfa-20693	408	16	−	−	PROPN
cjfa-20693	408	17	�	�	PROPN
cjfa-20693	408	18	�	�	PROPN
cjfa-20693	408	19	�	�	PROPN
cjfa-20693	408	20	−	−	PROPN
cjfa-20693	408	21	�	�	PROPN
cjfa-20693	408	22	)	)	PUNCT
cjfa-20693	408	23	�	�	PROPN
cjfa-20693	408	24	�	�	PROPN
cjfa-20693	408	25	�	�	PROPN
cjfa-20693	408	26	�	�	PROPN
cjfa-20693	408	27	�	�	PROPN
cjfa-20693	408	28	�	�	PROPN
cjfa-20693	408	29	�	�	PROPN
cjfa-20693	408	30	�	�	PROPN
cjfa-20693	408	31	�	�	PROPN
cjfa-20693	408	32	�	�	PROPN
cjfa-20693	408	33	�	�	PROPN
cjfa-20693	408	34	�	�	PROPN
cjfa-20693	408	35	�	�	PROPN
cjfa-20693	408	36	�	�	PROPN
cjfa-20693	408	37	(	(	PUNCT
cjfa-20693	408	38	3	3	NUM
cjfa-20693	408	39	)	)	PUNCT
cjfa-20693	408	40	�	�	PROPN
cjfa-20693	408	41	(	(	PUNCT
cjfa-20693	408	42	�	�	PROPN
cjfa-20693	408	43	�	�	PROPN
cjfa-20693	408	44	�	�	PROPN
cjfa-20693	408	45	�	�	PROPN
cjfa-20693	408	46	�	�	PROPN
cjfa-20693	408	47	�	�	PROPN
cjfa-20693	408	48	�	�	PROPN
cjfa-20693	408	49	)	)	PUNCT
cjfa-20693	408	50	=	=	PUNCT
cjfa-20693	408	51	(	(	PUNCT
cjfa-20693	408	52	1	1	NUM
cjfa-20693	408	53	−	−	PROPN
cjfa-20693	408	54	�	�	NOUN
cjfa-20693	408	55	)	)	PUNCT
cjfa-20693	408	56	(	(	PUNCT
cjfa-20693	408	57	0	0	NUM
cjfa-20693	408	58	)	)	PUNCT
cjfa-20693	408	59	�	�	PROPN
cjfa-20693	408	60	�	�	PROPN
cjfa-20693	408	61	�	�	PROPN
cjfa-20693	408	62	�	�	PROPN
cjfa-20693	408	63	�	�	PROPN
cjfa-20693	408	64	�	�	PROPN
cjfa-20693	408	65	�	�	PROPN
cjfa-20693	408	66	�	�	PROPN
cjfa-20693	408	67	�	�	PROPN
cjfa-20693	408	68	�	�	PROPN
cjfa-20693	408	69	�	�	PROPN
cjfa-20693	408	70	�	�	PROPN
cjfa-20693	408	71	�	�	PROPN
cjfa-20693	408	72	（	（	PROPN
cjfa-20693	408	73	4	4	NUM
cjfa-20693	408	74	）	）	PUNCT
cjfa-20693	408	75	therefore	therefore	ADV
cjfa-20693	408	76	,	,	PUNCT
cjfa-20693	408	77	let	let	VERB
cjfa-20693	408	78	e	e	X
cjfa-20693	408	79	(	(	PUNCT
cjfa-20693	408	80	pay	pay	VERB
cjfa-20693	408	81	dividend	dividend	NOUN
cjfa-20693	408	82	)	)	PUNCT
cjfa-20693	409	1	=	=	PUNCT
cjfa-20693	409	2	e	e	X
cjfa-20693	409	3	(	(	PUNCT
cjfa-20693	409	4	pass	pass	VERB
cjfa-20693	409	5	dividend	dividend	NOUN
cjfa-20693	409	6	)	)	PUNCT
cjfa-20693	409	7	,	,	PUNCT
cjfa-20693	409	8	after	after	ADP
cjfa-20693	409	9	a	a	DET
cjfa-20693	409	10	series	series	NOUN
cjfa-20693	409	11	of	of	ADP
cjfa-20693	409	12	algebraic	algebraic	ADJ
cjfa-20693	409	13	operations	operation	NOUN
cjfa-20693	409	14	,	,	PUNCT
cjfa-20693	409	15	�	�	PROPN
cjfa-20693	409	16	=	=	SYM
cjfa-20693	409	17	�	�	PROPN
cjfa-20693	409	18	(	(	PUNCT
cjfa-20693	409	19	�	�	PROPN
cjfa-20693	409	20	�	�	PROPN
cjfa-20693	409	21	�	�	PROPN
cjfa-20693	409	22	)	)	PUNCT
cjfa-20693	409	23	(	(	PUNCT
cjfa-20693	409	24	�	�	PROPN
cjfa-20693	409	25	�	�	PROPN
cjfa-20693	409	26	�	�	PROPN
cjfa-20693	409	27	�	�	PROPN
cjfa-20693	409	28	�	�	PROPN
cjfa-20693	409	29	�	�	PROPN
cjfa-20693	409	30	�	�	PROPN
cjfa-20693	409	31	)	)	PUNCT
cjfa-20693	409	32	�	�	PROPN
cjfa-20693	409	33	�	�	PROPN
cjfa-20693	409	34	�	�	PROPN
cjfa-20693	409	35	(	(	PUNCT
cjfa-20693	409	36	�	�	PROPN
cjfa-20693	409	37	�	�	PROPN
cjfa-20693	409	38	�	�	PROPN
cjfa-20693	409	39	�	�	PROPN
cjfa-20693	409	40	�	�	PROPN
cjfa-20693	409	41	�	�	PROPN
cjfa-20693	409	42	�	�	PROPN
cjfa-20693	409	43	)	)	PUNCT
cjfa-20693	409	44	�	�	PROPN
cjfa-20693	409	45	�	�	PROPN
cjfa-20693	409	46	(	(	PUNCT
cjfa-20693	409	47	�	�	PROPN
cjfa-20693	409	48	�	�	PROPN
cjfa-20693	409	49	�	�	PROPN
cjfa-20693	409	50	)	)	PUNCT
cjfa-20693	409	51	(	(	PUNCT
cjfa-20693	409	52	�	�	PROPN
cjfa-20693	409	53	�	�	PROPN
cjfa-20693	409	54	�	�	PROPN
cjfa-20693	409	55	�	�	PROPN
cjfa-20693	409	56	�	�	PROPN
cjfa-20693	409	57	�	�	PROPN
cjfa-20693	409	58	�	�	PROPN
cjfa-20693	409	59	)	)	PUNCT
cjfa-20693	409	60	（	（	PUNCT
cjfa-20693	409	61	5	5	NUM
cjfa-20693	409	62	）	）	PUNCT
cjfa-20693	409	63	according	accord	VERB
cjfa-20693	409	64	to	to	ADP
cjfa-20693	409	65	the	the	DET
cjfa-20693	409	66	principle	principle	NOUN
cjfa-20693	409	67	of	of	ADP
cjfa-20693	409	68	equal	equal	ADJ
cjfa-20693	409	69	expectation	expectation	NOUN
cjfa-20693	409	70	payment	payment	NOUN
cjfa-20693	409	71	,	,	PUNCT
cjfa-20693	409	72	there	there	PRON
cjfa-20693	409	73	should	should	AUX
cjfa-20693	409	74	be	be	AUX
cjfa-20693	409	75	no	no	DET
cjfa-20693	409	76	difference	difference	NOUN
cjfa-20693	409	77	between	between	ADP
cjfa-20693	409	78	the	the	DET
cjfa-20693	409	79	expected	expect	VERB
cjfa-20693	409	80	returns	return	NOUN
cjfa-20693	409	81	of	of	ADP
cjfa-20693	409	82	dividend	dividend	NOUN
cjfa-20693	409	83	-	-	PUNCT
cjfa-20693	409	84	sharing	sharing	NOUN
cjfa-20693	409	85	and	and	CCONJ
cjfa-20693	409	86	non	non	ADJ
cjfa-20693	409	87	-	-	ADJ
cjfa-20693	409	88	dividend	dividend	NOUN
cjfa-20693	409	89	-	-	PUNCT
cjfa-20693	409	90	sharing	sharing	NOUN
cjfa-20693	409	91	for	for	ADP
cjfa-20693	409	92	executives	executive	NOUN
cjfa-20693	409	93	at	at	ADP
cjfa-20693	409	94	the	the	DET
cjfa-20693	409	95	nash	nash	ADJ
cjfa-20693	409	96	equilibrium	equilibrium	NOUN
cjfa-20693	409	97	of	of	ADP
cjfa-20693	409	98	mixed	mixed	ADJ
cjfa-20693	409	99	strategy	strategy	NOUN
cjfa-20693	409	100	in	in	ADP
cjfa-20693	409	101	game	game	NOUN
cjfa-20693	409	102	theory	theory	NOUN
cjfa-20693	409	103	.	.	PUNCT
cjfa-20693	410	1	equation	equation	NOUN
cjfa-20693	410	2	(	(	PUNCT
cjfa-20693	410	3	5	5	X
cjfa-20693	410	4	)	)	PUNCT
cjfa-20693	410	5	shows	show	VERB
cjfa-20693	410	6	that	that	SCONJ
cjfa-20693	410	7	whether	whether	SCONJ
cjfa-20693	410	8	shareholders	shareholder	NOUN
cjfa-20693	410	9	hold	hold	VERB
cjfa-20693	410	10	shares	share	NOUN
cjfa-20693	410	11	of	of	ADP
cjfa-20693	410	12	listed	list	VERB
cjfa-20693	410	13	companies	company	NOUN
cjfa-20693	410	14	depends	depend	VERB
cjfa-20693	410	15	mainly	mainly	ADV
cjfa-20693	410	16	on	on	ADP
cjfa-20693	410	17	discount	discount	NOUN
cjfa-20693	410	18	rate	rate	NOUN
cjfa-20693	410	19	r	r	NOUN
cjfa-20693	410	20	,	,	PUNCT
cjfa-20693	410	21	dividend	dividend	NOUN
cjfa-20693	410	22	growth	growth	NOUN
cjfa-20693	410	23	rate	rate	NOUN
cjfa-20693	410	24	g	g	NOUN
cjfa-20693	410	25	and	and	CCONJ
cjfa-20693	410	26	dividend	dividend	NOUN
cjfa-20693	410	27	per	per	ADP
cjfa-20693	410	28	share	share	NOUN
cjfa-20693	410	29	d.	d.	PROPN
cjfa-20693	410	30	(	(	PUNCT
cjfa-20693	410	31	2)equilibrium	2)equilibrium	NUM
cjfa-20693	410	32	of	of	ADP
cjfa-20693	410	33	shareholders	shareholder	NOUN
cjfa-20693	410	34	according	accord	VERB
cjfa-20693	410	35	to	to	ADP
cjfa-20693	410	36	the	the	DET
cjfa-20693	410	37	matrix	matrix	NOUN
cjfa-20693	410	38	,	,	PUNCT
cjfa-20693	410	39	given	give	VERB
cjfa-20693	410	40	the	the	DET
cjfa-20693	410	41	dividend	dividend	NOUN
cjfa-20693	410	42	probability	probability	NOUN
cjfa-20693	410	43	q	q	PROPN
cjfa-20693	410	44	of	of	ADP
cjfa-20693	410	45	executives	executive	NOUN
cjfa-20693	410	46	,	,	PUNCT
cjfa-20693	410	47	the	the	DET
cjfa-20693	410	48	expected	expect	VERB
cjfa-20693	410	49	returns	return	NOUN
cjfa-20693	410	50	of	of	ADP
cjfa-20693	410	51	shareholders	shareholder	NOUN
cjfa-20693	410	52	when	when	SCONJ
cjfa-20693	410	53	they	they	PRON
cjfa-20693	410	54	choose	choose	VERB
cjfa-20693	410	55	to	to	PART
cjfa-20693	410	56	hold	hold	VERB
cjfa-20693	410	57	or	or	CCONJ
cjfa-20693	410	58	not	not	PART
cjfa-20693	410	59	are	be	AUX
cjfa-20693	410	60	respectively	respectively	ADV
cjfa-20693	410	61	:	:	PUNCT
cjfa-20693	410	62	�	�	PROPN
cjfa-20693	410	63	(	(	PUNCT
cjfa-20693	410	64	�	�	PROPN
cjfa-20693	410	65	�	�	PROPN
cjfa-20693	410	66	�	�	PROPN
cjfa-20693	410	67	�	�	PROPN
cjfa-20693	410	68	�	�	PROPN
cjfa-20693	410	69	�	�	PROPN
cjfa-20693	410	70	�	�	PROPN
cjfa-20693	410	71	�	�	PROPN
cjfa-20693	410	72	)	)	PUNCT
cjfa-20693	410	73	=	=	PUNCT
cjfa-20693	410	74	(	(	PUNCT
cjfa-20693	410	75	1	1	NUM
cjfa-20693	410	76	−	−	PROPN
cjfa-20693	410	77	�	�	PROPN
cjfa-20693	410	78	)	)	PUNCT
cjfa-20693	410	79	�	�	PROPN
cjfa-20693	410	80	(	(	PUNCT
cjfa-20693	410	81	1	1	NUM
cjfa-20693	410	82	�	�	PROPN
cjfa-20693	410	83	�	�	PROPN
cjfa-20693	410	84	)	)	PUNCT
cjfa-20693	410	85	�	�	PROPN
cjfa-20693	410	86	�	�	PROPN
cjfa-20693	410	87	(	(	PUNCT
cjfa-20693	410	88	�	�	PROPN
cjfa-20693	410	89	�	�	PROPN
cjfa-20693	410	90	�	�	PROPN
cjfa-20693	410	91	)	)	PUNCT
cjfa-20693	410	92	(	(	PUNCT
cjfa-20693	410	93	�	�	PROPN
cjfa-20693	410	94	�	�	PROPN
cjfa-20693	410	95	�	�	PROPN
cjfa-20693	410	96	)	)	PUNCT
cjfa-20693	410	97	�	�	PROPN
cjfa-20693	410	98	�	�	PROPN
cjfa-20693	410	99	�	�	PROPN
cjfa-20693	410	100	�	�	PROPN
cjfa-20693	410	101	�	�	PROPN
cjfa-20693	410	102	�	�	PROPN
cjfa-20693	410	103	�	�	PROPN
cjfa-20693	410	104	(	(	PUNCT
cjfa-20693	410	105	�	�	PROPN
cjfa-20693	410	106	�	�	PROPN
cjfa-20693	410	107	�	�	PROPN
cjfa-20693	410	108	)	)	PUNCT
cjfa-20693	410	109	�	�	PROPN
cjfa-20693	410	110	�	�	PROPN
cjfa-20693	410	111	(	(	PUNCT
cjfa-20693	410	112	�	�	PROPN
cjfa-20693	410	113	�	�	PROPN
cjfa-20693	410	114	�	�	PROPN
cjfa-20693	410	115	)	)	PUNCT
cjfa-20693	410	116	�	�	PROPN
cjfa-20693	410	117	（	（	PUNCT
cjfa-20693	410	118	6	6	NUM
cjfa-20693	410	119	）	）	SYM
cjfa-20693	410	120	�	�	PROPN
cjfa-20693	410	121	(	(	PUNCT
cjfa-20693	410	122	�	�	PROPN
cjfa-20693	410	123	�	�	PROPN
cjfa-20693	410	124	�	�	PROPN
cjfa-20693	410	125	�	�	PROPN
cjfa-20693	410	126	�	�	PROPN
cjfa-20693	410	127	�	�	PROPN
cjfa-20693	410	128	�	�	PROPN
cjfa-20693	410	129	�	�	PROPN
cjfa-20693	410	130	)	)	PUNCT
cjfa-20693	410	131	=	=	PUNCT
cjfa-20693	410	132	(	(	PUNCT
cjfa-20693	410	133	1	1	NUM
cjfa-20693	410	134	−	−	PROPN
cjfa-20693	410	135	�	�	PROPN
cjfa-20693	410	136	)	)	PUNCT
cjfa-20693	410	137	�	�	PROPN
cjfa-20693	410	138	(	(	PUNCT
cjfa-20693	410	139	1	1	NUM
cjfa-20693	410	140	−	−	PROPN
cjfa-20693	410	141	�	�	PROPN
cjfa-20693	410	142	)	)	PUNCT
cjfa-20693	410	143	�	�	PROPN
cjfa-20693	410	144	�	�	PROPN
cjfa-20693	410	145	(	(	PUNCT
cjfa-20693	410	146	�	�	PROPN
cjfa-20693	410	147	�	�	PROPN
cjfa-20693	410	148	�	�	PROPN
cjfa-20693	410	149	)	)	PUNCT
cjfa-20693	410	150	�	�	PROPN
cjfa-20693	410	151	�	�	PROPN
cjfa-20693	410	152	�	�	PROPN
cjfa-20693	410	153	�	�	PROPN
cjfa-20693	410	154	�	�	PROPN
cjfa-20693	410	155	�	�	PROPN
cjfa-20693	410	156	�	�	PROPN
cjfa-20693	410	157	�	�	PROPN
cjfa-20693	410	158	�	�	PROPN
cjfa-20693	410	159	�	�	PROPN
cjfa-20693	410	160	�	�	PROPN
cjfa-20693	410	161	�	�	PROPN
cjfa-20693	410	162	�	�	PROPN
cjfa-20693	410	163	�	�	PROPN
cjfa-20693	410	164	�	�	PROPN
cjfa-20693	410	165	�	�	PROPN
cjfa-20693	410	166	(	(	PUNCT
cjfa-20693	410	167	�	�	PROPN
cjfa-20693	410	168	�	�	PROPN
cjfa-20693	410	169	�	�	PROPN
cjfa-20693	410	170	)	)	PUNCT
cjfa-20693	410	171	�	�	PROPN
cjfa-20693	410	172	�	�	PROPN
cjfa-20693	410	173	�	�	PROPN
cjfa-20693	410	174	�	�	PROPN
cjfa-20693	410	175	（	（	PROPN
cjfa-20693	410	176	7	7	NUM
cjfa-20693	410	177	）	）	PUNCT
cjfa-20693	410	178	based	base	VERB
cjfa-20693	410	179	on	on	ADP
cjfa-20693	410	180	the	the	DET
cjfa-20693	410	181	principle	principle	NOUN
cjfa-20693	410	182	of	of	ADP
cjfa-20693	410	183	equal	equal	ADJ
cjfa-20693	410	184	expectation	expectation	NOUN
cjfa-20693	410	185	payment	payment	NOUN
cjfa-20693	410	186	,	,	PUNCT
cjfa-20693	410	187	there	there	PRON
cjfa-20693	410	188	should	should	AUX
cjfa-20693	410	189	be	be	AUX
cjfa-20693	410	190	no	no	DET
cjfa-20693	410	191	difference	difference	NOUN
cjfa-20693	410	192	between	between	ADP
cjfa-20693	410	193	the	the	DET
cjfa-20693	410	194	expected	expect	VERB
cjfa-20693	410	195	returns	return	NOUN
cjfa-20693	410	196	of	of	ADP
cjfa-20693	410	197	shareholders	shareholder	NOUN
cjfa-20693	410	198	who	who	PRON
cjfa-20693	410	199	choose	choose	VERB
cjfa-20693	410	200	to	to	PART
cjfa-20693	410	201	hold	hold	VERB
cjfa-20693	410	202	and	and	CCONJ
cjfa-20693	410	203	not	not	PART
cjfa-20693	410	204	hold	hold	VERB
cjfa-20693	410	205	on	on	ADP
cjfa-20693	410	206	the	the	DET
cjfa-20693	410	207	nash	nash	ADJ
cjfa-20693	410	208	equilibrium	equilibrium	NOUN
cjfa-20693	410	209	of	of	ADP
cjfa-20693	410	210	mixed	mixed	ADJ
cjfa-20693	410	211	strategy	strategy	NOUN
cjfa-20693	410	212	.	.	PUNCT
cjfa-20693	411	1	therefore	therefore	ADV
cjfa-20693	411	2	,	,	PUNCT
cjfa-20693	411	3	let	let	VERB
cjfa-20693	411	4	e(hold)=e(not	e(hold)=e(not	PRON
cjfa-20693	411	5	hold	hold	VERB
cjfa-20693	411	6	)	)	PUNCT
cjfa-20693	411	7	,	,	PUNCT
cjfa-20693	411	8	it	it	PRON
cjfa-20693	411	9	is	be	AUX
cjfa-20693	411	10	�	�	PROPN
cjfa-20693	411	11	=	=	SYM
cjfa-20693	411	12	1	1	NUM
cjfa-20693	411	13	−	−	PROPN
cjfa-20693	411	14	�	�	PROPN
cjfa-20693	411	15	�	�	PROPN
cjfa-20693	411	16	�	�	PROPN
cjfa-20693	411	17	�	�	PROPN
cjfa-20693	411	18	�	�	PROPN
cjfa-20693	411	19	�	�	PROPN
cjfa-20693	411	20	(	(	PUNCT
cjfa-20693	411	21	�	�	PROPN
cjfa-20693	411	22	�	�	PROPN
cjfa-20693	411	23	�	�	PROPN
cjfa-20693	411	24	)	)	PUNCT
cjfa-20693	411	25	�	�	PROPN
cjfa-20693	411	26	�	�	PROPN
cjfa-20693	411	27	(	(	PUNCT
cjfa-20693	411	28	�	�	PROPN
cjfa-20693	411	29	�	�	PROPN
cjfa-20693	411	30	�	�	PROPN
cjfa-20693	411	31	)	)	PUNCT
cjfa-20693	411	32	(	(	PUNCT
cjfa-20693	411	33	�	�	PROPN
cjfa-20693	411	34	�	�	PROPN
cjfa-20693	411	35	�	�	PROPN
cjfa-20693	411	36	)	)	PUNCT
cjfa-20693	411	37	�	�	PROPN
cjfa-20693	411	38	�	�	PROPN
cjfa-20693	411	39	�	�	PROPN
cjfa-20693	411	40	(	(	PUNCT
cjfa-20693	411	41	�	�	PROPN
cjfa-20693	411	42	�	�	PROPN
cjfa-20693	411	43	�	�	PROPN
cjfa-20693	411	44	)	)	PUNCT
cjfa-20693	411	45	�	�	PROPN
cjfa-20693	411	46	(	(	PUNCT
cjfa-20693	411	47	�	�	PROPN
cjfa-20693	411	48	�	�	PROPN
cjfa-20693	411	49	�	�	PROPN
cjfa-20693	411	50	)	)	PUNCT
cjfa-20693	411	51	�	�	PROPN
cjfa-20693	411	52	(	(	PUNCT
cjfa-20693	411	53	�	�	PROPN
cjfa-20693	411	54	�	�	PROPN
cjfa-20693	411	55	�	�	PROPN
cjfa-20693	411	56	)	)	PUNCT
cjfa-20693	411	57	（	（	PUNCT
cjfa-20693	412	1	8	8	NUM
cjfa-20693	412	2	）	）	PUNCT
cjfa-20693	412	3	(	(	PUNCT
cjfa-20693	412	4	3)nash	3)nash	NUM
cjfa-20693	412	5	equilibrium	equilibrium	NOUN
cjfa-20693	412	6	and	and	CCONJ
cjfa-20693	412	7	mandatory	mandatory	ADJ
cjfa-20693	412	8	dividend	dividend	NOUN
cjfa-20693	412	9	policy	policy	NOUN
cjfa-20693	412	10	according	accord	VERB
cjfa-20693	412	11	to	to	ADP
cjfa-20693	412	12	equation	equation	NOUN
cjfa-20693	412	13	(	(	PUNCT
cjfa-20693	412	14	3	3	NUM
cjfa-20693	412	15	)	)	PUNCT
cjfa-20693	412	16	and	and	CCONJ
cjfa-20693	412	17	(	(	PUNCT
cjfa-20693	412	18	5	5	NUM
cjfa-20693	412	19	)	)	PUNCT
cjfa-20693	412	20	,	,	PUNCT
cjfa-20693	412	21	the	the	DET
cjfa-20693	412	22	mixed	mixed	ADJ
cjfa-20693	412	23	strategy	strategy	NOUN
cjfa-20693	412	24	nash	nash	PROPN
cjfa-20693	412	25	equilibrium	equilibrium	NOUN
cjfa-20693	412	26	(	(	PUNCT
cjfa-20693	412	27	p	p	X
cjfa-20693	412	28	,	,	PUNCT
cjfa-20693	412	29	q	q	NOUN
cjfa-20693	412	30	)	)	PUNCT
cjfa-20693	412	31	of	of	ADP
cjfa-20693	412	32	the	the	DET
cjfa-20693	412	33	complete	complete	ADJ
cjfa-20693	412	34	information	information	NOUN
cjfa-20693	412	35	static	static	ADJ
cjfa-20693	412	36	game	game	NOUN
cjfa-20693	412	37	is	be	AUX
cjfa-20693	412	38	obtained	obtain	VERB
cjfa-20693	412	39	.	.	PUNCT
cjfa-20693	413	1	(	(	PUNCT
cjfa-20693	413	2	1	1	NUM
cjfa-20693	413	3	−	−	PROPN
cjfa-20693	413	4	�	�	PROPN
cjfa-20693	413	5	�	�	PROPN
cjfa-20693	413	6	�	�	PROPN
cjfa-20693	413	7	�	�	PROPN
cjfa-20693	413	8	�	�	PROPN
cjfa-20693	413	9	�	�	PROPN
cjfa-20693	413	10	(	(	PUNCT
cjfa-20693	413	11	�	�	PROPN
cjfa-20693	413	12	�	�	PROPN
cjfa-20693	413	13	�	�	PROPN
cjfa-20693	413	14	)	)	PUNCT
cjfa-20693	413	15	�	�	PROPN
cjfa-20693	413	16	�	�	PROPN
cjfa-20693	413	17	(	(	PUNCT
cjfa-20693	413	18	�	�	PROPN
cjfa-20693	413	19	�	�	PROPN
cjfa-20693	413	20	�	�	PROPN
cjfa-20693	413	21	)	)	PUNCT
cjfa-20693	413	22	(	(	PUNCT
cjfa-20693	413	23	�	�	PROPN
cjfa-20693	413	24	�	�	PROPN
cjfa-20693	413	25	�	�	PROPN
cjfa-20693	413	26	)	)	PUNCT
cjfa-20693	413	27	�	�	PROPN
cjfa-20693	413	28	�	�	PROPN
cjfa-20693	413	29	�	�	PROPN
cjfa-20693	413	30	(	(	PUNCT
cjfa-20693	413	31	�	�	PROPN
cjfa-20693	413	32	�	�	PROPN
cjfa-20693	413	33	�	�	PROPN
cjfa-20693	413	34	)	)	PUNCT
cjfa-20693	413	35	�	�	PROPN
cjfa-20693	413	36	(	(	PUNCT
cjfa-20693	413	37	�	�	PROPN
cjfa-20693	413	38	�	�	PROPN
cjfa-20693	413	39	�	�	PROPN
cjfa-20693	413	40	)	)	PUNCT
cjfa-20693	413	41	�	�	PROPN
cjfa-20693	413	42	(	(	PUNCT
cjfa-20693	413	43	�	�	PROPN
cjfa-20693	413	44	�	�	PROPN
cjfa-20693	413	45	�	�	PROPN
cjfa-20693	413	46	)	)	PUNCT
cjfa-20693	413	47	,	,	PUNCT
cjfa-20693	413	48	�	�	PROPN
cjfa-20693	413	49	(	(	PUNCT
cjfa-20693	413	50	�	�	PROPN
cjfa-20693	413	51	�	�	PROPN
cjfa-20693	413	52	�	�	PROPN
cjfa-20693	413	53	)	)	PUNCT
cjfa-20693	413	54	(	(	PUNCT
cjfa-20693	413	55	�	�	PROPN
cjfa-20693	413	56	�	�	PROPN
cjfa-20693	413	57	�	�	PROPN
cjfa-20693	413	58	�	�	PROPN
cjfa-20693	413	59	�	�	PROPN
cjfa-20693	413	60	�	�	PROPN
cjfa-20693	413	61	�	�	PROPN
cjfa-20693	413	62	)	)	PUNCT
cjfa-20693	413	63	�	�	PROPN
cjfa-20693	413	64	�	�	PROPN
cjfa-20693	413	65	�	�	PROPN
cjfa-20693	413	66	(	(	PUNCT
cjfa-20693	413	67	�	�	PROPN
cjfa-20693	413	68	�	�	PROPN
cjfa-20693	413	69	�	�	PROPN
cjfa-20693	413	70	�	�	PROPN
cjfa-20693	413	71	�	�	PROPN
cjfa-20693	413	72	�	�	PROPN
cjfa-20693	413	73	�	�	PROPN
cjfa-20693	413	74	)	)	PUNCT
cjfa-20693	413	75	�	�	PROPN
cjfa-20693	413	76	�	�	PROPN
cjfa-20693	413	77	(	(	PUNCT
cjfa-20693	413	78	�	�	PROPN
cjfa-20693	413	79	�	�	PROPN
cjfa-20693	413	80	�	�	PROPN
cjfa-20693	413	81	)	)	PUNCT
cjfa-20693	413	82	(	(	PUNCT
cjfa-20693	413	83	�	�	PROPN
cjfa-20693	413	84	�	�	PROPN
cjfa-20693	413	85	�	�	PROPN
cjfa-20693	413	86	�	�	PROPN
cjfa-20693	413	87	�	�	PROPN
cjfa-20693	413	88	�	�	PROPN
cjfa-20693	413	89	�	�	PROPN
cjfa-20693	413	90	)	)	PUNCT
cjfa-20693	413	91	)	)	PUNCT
cjfa-20693	413	92	(	(	PUNCT
cjfa-20693	413	93	8)	8)	NUM
cjfa-20693	413	94	(	(	PUNCT
cjfa-20693	413	95	3	3	NUM
cjfa-20693	413	96	)	)	PUNCT
cjfa-20693	413	97	nash	nash	NOUN
cjfa-20693	413	98	equilibrium	equilibrium	NOUN
cjfa-20693	413	99	and	and	CCONJ
cjfa-20693	413	100	mandatory	mandatory	ADJ
cjfa-20693	413	101	dividend	dividend	NOUN
cjfa-20693	413	102	policy	policy	NOUN
cjfa-20693	413	103	according	accord	VERB
cjfa-20693	413	104	to	to	ADP
cjfa-20693	413	105	equation	equation	NOUN
cjfa-20693	413	106	(	(	PUNCT
cjfa-20693	413	107	3	3	NUM
cjfa-20693	413	108	)	)	PUNCT
cjfa-20693	413	109	and	and	CCONJ
cjfa-20693	413	110	(	(	PUNCT
cjfa-20693	413	111	5	5	NUM
cjfa-20693	413	112	)	)	PUNCT
cjfa-20693	413	113	,	,	PUNCT
cjfa-20693	413	114	the	the	DET
cjfa-20693	413	115	mixed	mixed	ADJ
cjfa-20693	413	116	strategy	strategy	NOUN
cjfa-20693	413	117	nash	nash	PROPN
cjfa-20693	413	118	equilibrium	equilibrium	NOUN
cjfa-20693	413	119	(	(	PUNCT
cjfa-20693	413	120	p	p	X
cjfa-20693	413	121	,	,	PUNCT
cjfa-20693	413	122	q	q	NOUN
cjfa-20693	413	123	)	)	PUNCT
cjfa-20693	413	124	of	of	ADP
cjfa-20693	413	125	the	the	DET
cjfa-20693	413	126	complete	complete	ADJ
cjfa-20693	413	127	information	information	NOUN
cjfa-20693	413	128	static	static	ADJ
cjfa-20693	413	129	game	game	NOUN
cjfa-20693	413	130	is	be	AUX
cjfa-20693	413	131	obtained	obtain	VERB
cjfa-20693	413	132	.	.	PUNCT
cjfa-20693	414	1	4	4	NUM
cjfa-20693	414	2	.	.	X
cjfa-20693	414	3	equilibrium	equilibrium	NOUN
cjfa-20693	414	4	analysis	analysis	NOUN
cjfa-20693	414	5	of	of	ADP
cjfa-20693	414	6	game	game	NOUN
cjfa-20693	414	7	(	(	PUNCT
cjfa-20693	414	8	1)equilibrium	1)equilibrium	NUM
cjfa-20693	414	9	of	of	ADP
cjfa-20693	414	10	executives	executive	NOUN
cjfa-20693	414	11	given	give	VERB
cjfa-20693	414	12	the	the	DET
cjfa-20693	414	13	shareholder	shareholder	NOUN
cjfa-20693	414	14	's	's	PART
cjfa-20693	414	15	holding	hold	VERB
cjfa-20693	414	16	probability	probability	NOUN
cjfa-20693	415	1	q	q	NOUN
cjfa-20693	415	2	,	,	PUNCT
cjfa-20693	415	3	the	the	DET
cjfa-20693	415	4	expected	expect	VERB
cjfa-20693	415	5	earnings	earning	NOUN
cjfa-20693	415	6	of	of	ADP
cjfa-20693	415	7	executives	executive	NOUN
cjfa-20693	415	8	when	when	SCONJ
cjfa-20693	415	9	they	they	PRON
cjfa-20693	415	10	choose	choose	VERB
cjfa-20693	415	11	to	to	PART
cjfa-20693	415	12	dividend	dividend	VERB
cjfa-20693	415	13	and	and	CCONJ
cjfa-20693	415	14	non	non	ADJ
cjfa-20693	415	15	-	-	ADJ
cjfa-20693	415	16	dividend	dividend	NOUN
cjfa-20693	415	17	are	be	AUX
cjfa-20693	415	18	respectively	respectively	ADV
cjfa-20693	415	19	.	.	PUNCT
cjfa-20693	416	1	�	�	PROPN
cjfa-20693	416	2	(	(	PUNCT
cjfa-20693	416	3	�	�	PROPN
cjfa-20693	416	4	�	�	PROPN
cjfa-20693	416	5	�	�	PROPN
cjfa-20693	416	6	)	)	PUNCT
cjfa-20693	416	7	=	=	PUNCT
cjfa-20693	416	8	(	(	PUNCT
cjfa-20693	416	9	1	1	NUM
cjfa-20693	416	10	−	−	PROPN
cjfa-20693	416	11	�	�	PROPN
cjfa-20693	416	12	)	)	PUNCT
cjfa-20693	416	13	(	(	PUNCT
cjfa-20693	416	14	�	�	PROPN
cjfa-20693	416	15	�	�	PROPN
cjfa-20693	416	16	−	−	PROPN
cjfa-20693	416	17	�	�	PROPN
cjfa-20693	416	18	�	�	PROPN
cjfa-20693	416	19	�	�	PROPN
cjfa-20693	416	20	−	−	PROPN
cjfa-20693	416	21	�	�	PROPN
cjfa-20693	416	22	)	)	PUNCT
cjfa-20693	416	23	�	�	PROPN
cjfa-20693	416	24	�	�	PROPN
cjfa-20693	416	25	�	�	PROPN
cjfa-20693	416	26	�	�	PROPN
cjfa-20693	416	27	�	�	PROPN
cjfa-20693	416	28	�	�	PROPN
cjfa-20693	416	29	�	�	PROPN
cjfa-20693	416	30	�	�	PROPN
cjfa-20693	416	31	�	�	PROPN
cjfa-20693	416	32	�	�	PROPN
cjfa-20693	416	33	�	�	PROPN
cjfa-20693	416	34	�	�	PROPN
cjfa-20693	416	35	�	�	PROPN
cjfa-20693	416	36	�	�	PROPN
cjfa-20693	416	37	(	(	PUNCT
cjfa-20693	416	38	3	3	NUM
cjfa-20693	416	39	)	)	PUNCT
cjfa-20693	416	40	�	�	PROPN
cjfa-20693	416	41	(	(	PUNCT
cjfa-20693	416	42	�	�	PROPN
cjfa-20693	416	43	�	�	PROPN
cjfa-20693	416	44	�	�	PROPN
cjfa-20693	416	45	�	�	PROPN
cjfa-20693	416	46	�	�	PROPN
cjfa-20693	416	47	�	�	PROPN
cjfa-20693	416	48	�	�	PROPN
cjfa-20693	416	49	)	)	PUNCT
cjfa-20693	416	50	=	=	PUNCT
cjfa-20693	416	51	(	(	PUNCT
cjfa-20693	416	52	1	1	NUM
cjfa-20693	416	53	−	−	PROPN
cjfa-20693	416	54	�	�	NOUN
cjfa-20693	416	55	)	)	PUNCT
cjfa-20693	416	56	(	(	PUNCT
cjfa-20693	416	57	0	0	NUM
cjfa-20693	416	58	)	)	PUNCT
cjfa-20693	416	59	�	�	PROPN
cjfa-20693	416	60	�	�	PROPN
cjfa-20693	416	61	�	�	PROPN
cjfa-20693	416	62	�	�	PROPN
cjfa-20693	416	63	�	�	PROPN
cjfa-20693	416	64	�	�	PROPN
cjfa-20693	416	65	�	�	PROPN
cjfa-20693	416	66	�	�	PROPN
cjfa-20693	416	67	�	�	PROPN
cjfa-20693	416	68	�	�	PROPN
cjfa-20693	416	69	�	�	PROPN
cjfa-20693	416	70	�	�	PROPN
cjfa-20693	416	71	�	�	PROPN
cjfa-20693	416	72	（	（	PROPN
cjfa-20693	416	73	4	4	NUM
cjfa-20693	416	74	）	）	PUNCT
cjfa-20693	416	75	therefore	therefore	ADV
cjfa-20693	416	76	,	,	PUNCT
cjfa-20693	416	77	let	let	VERB
cjfa-20693	416	78	e	e	X
cjfa-20693	416	79	(	(	PUNCT
cjfa-20693	416	80	pay	pay	VERB
cjfa-20693	416	81	dividend	dividend	NOUN
cjfa-20693	416	82	)	)	PUNCT
cjfa-20693	417	1	=	=	PUNCT
cjfa-20693	417	2	e	e	X
cjfa-20693	417	3	(	(	PUNCT
cjfa-20693	417	4	pass	pass	VERB
cjfa-20693	417	5	dividend	dividend	NOUN
cjfa-20693	417	6	)	)	PUNCT
cjfa-20693	417	7	,	,	PUNCT
cjfa-20693	417	8	after	after	ADP
cjfa-20693	417	9	a	a	DET
cjfa-20693	417	10	series	series	NOUN
cjfa-20693	417	11	of	of	ADP
cjfa-20693	417	12	algebraic	algebraic	ADJ
cjfa-20693	417	13	operations	operation	NOUN
cjfa-20693	417	14	,	,	PUNCT
cjfa-20693	417	15	�	�	PROPN
cjfa-20693	417	16	=	=	SYM
cjfa-20693	417	17	�	�	PROPN
cjfa-20693	417	18	(	(	PUNCT
cjfa-20693	417	19	�	�	PROPN
cjfa-20693	417	20	�	�	PROPN
cjfa-20693	417	21	�	�	PROPN
cjfa-20693	417	22	)	)	PUNCT
cjfa-20693	417	23	(	(	PUNCT
cjfa-20693	417	24	�	�	PROPN
cjfa-20693	417	25	�	�	PROPN
cjfa-20693	417	26	�	�	PROPN
cjfa-20693	417	27	�	�	PROPN
cjfa-20693	417	28	�	�	PROPN
cjfa-20693	417	29	�	�	PROPN
cjfa-20693	417	30	�	�	PROPN
cjfa-20693	417	31	)	)	PUNCT
cjfa-20693	417	32	�	�	PROPN
cjfa-20693	417	33	�	�	PROPN
cjfa-20693	417	34	�	�	PROPN
cjfa-20693	417	35	(	(	PUNCT
cjfa-20693	417	36	�	�	PROPN
cjfa-20693	417	37	�	�	PROPN
cjfa-20693	417	38	�	�	PROPN
cjfa-20693	417	39	�	�	PROPN
cjfa-20693	417	40	�	�	PROPN
cjfa-20693	417	41	�	�	PROPN
cjfa-20693	417	42	�	�	PROPN
cjfa-20693	417	43	)	)	PUNCT
cjfa-20693	417	44	�	�	PROPN
cjfa-20693	417	45	�	�	PROPN
cjfa-20693	417	46	(	(	PUNCT
cjfa-20693	417	47	�	�	PROPN
cjfa-20693	417	48	�	�	PROPN
cjfa-20693	417	49	�	�	PROPN
cjfa-20693	417	50	)	)	PUNCT
cjfa-20693	417	51	(	(	PUNCT
cjfa-20693	417	52	�	�	PROPN
cjfa-20693	417	53	�	�	PROPN
cjfa-20693	417	54	�	�	PROPN
cjfa-20693	417	55	�	�	PROPN
cjfa-20693	417	56	�	�	PROPN
cjfa-20693	417	57	�	�	PROPN
cjfa-20693	417	58	�	�	PROPN
cjfa-20693	417	59	)	)	PUNCT
cjfa-20693	417	60	（	（	PUNCT
cjfa-20693	417	61	5	5	NUM
cjfa-20693	417	62	）	）	PUNCT
cjfa-20693	417	63	according	accord	VERB
cjfa-20693	417	64	to	to	ADP
cjfa-20693	417	65	the	the	DET
cjfa-20693	417	66	principle	principle	NOUN
cjfa-20693	417	67	of	of	ADP
cjfa-20693	417	68	equal	equal	ADJ
cjfa-20693	417	69	expectation	expectation	NOUN
cjfa-20693	417	70	payment	payment	NOUN
cjfa-20693	417	71	,	,	PUNCT
cjfa-20693	417	72	there	there	PRON
cjfa-20693	417	73	should	should	AUX
cjfa-20693	417	74	be	be	AUX
cjfa-20693	417	75	no	no	DET
cjfa-20693	417	76	difference	difference	NOUN
cjfa-20693	417	77	between	between	ADP
cjfa-20693	417	78	the	the	DET
cjfa-20693	417	79	expected	expect	VERB
cjfa-20693	417	80	returns	return	NOUN
cjfa-20693	417	81	of	of	ADP
cjfa-20693	417	82	dividend	dividend	NOUN
cjfa-20693	417	83	-	-	PUNCT
cjfa-20693	417	84	sharing	sharing	NOUN
cjfa-20693	417	85	and	and	CCONJ
cjfa-20693	417	86	non	non	ADJ
cjfa-20693	417	87	-	-	ADJ
cjfa-20693	417	88	dividend	dividend	NOUN
cjfa-20693	417	89	-	-	PUNCT
cjfa-20693	417	90	sharing	sharing	NOUN
cjfa-20693	417	91	for	for	ADP
cjfa-20693	417	92	executives	executive	NOUN
cjfa-20693	417	93	at	at	ADP
cjfa-20693	417	94	the	the	DET
cjfa-20693	417	95	nash	nash	ADJ
cjfa-20693	417	96	equilibrium	equilibrium	NOUN
cjfa-20693	417	97	of	of	ADP
cjfa-20693	417	98	mixed	mixed	ADJ
cjfa-20693	417	99	strategy	strategy	NOUN
cjfa-20693	417	100	in	in	ADP
cjfa-20693	417	101	game	game	NOUN
cjfa-20693	417	102	theory	theory	NOUN
cjfa-20693	417	103	.	.	PUNCT
cjfa-20693	418	1	equation	equation	NOUN
cjfa-20693	418	2	(	(	PUNCT
cjfa-20693	418	3	5	5	X
cjfa-20693	418	4	)	)	PUNCT
cjfa-20693	418	5	shows	show	VERB
cjfa-20693	418	6	that	that	SCONJ
cjfa-20693	418	7	whether	whether	SCONJ
cjfa-20693	418	8	shareholders	shareholder	NOUN
cjfa-20693	418	9	hold	hold	VERB
cjfa-20693	418	10	shares	share	NOUN
cjfa-20693	418	11	of	of	ADP
cjfa-20693	418	12	listed	list	VERB
cjfa-20693	418	13	companies	company	NOUN
cjfa-20693	418	14	depends	depend	VERB
cjfa-20693	418	15	mainly	mainly	ADV
cjfa-20693	418	16	on	on	ADP
cjfa-20693	418	17	discount	discount	NOUN
cjfa-20693	418	18	rate	rate	NOUN
cjfa-20693	418	19	r	r	NOUN
cjfa-20693	418	20	,	,	PUNCT
cjfa-20693	418	21	dividend	dividend	NOUN
cjfa-20693	418	22	growth	growth	NOUN
cjfa-20693	418	23	rate	rate	NOUN
cjfa-20693	418	24	g	g	NOUN
cjfa-20693	418	25	and	and	CCONJ
cjfa-20693	418	26	dividend	dividend	NOUN
cjfa-20693	418	27	per	per	ADP
cjfa-20693	418	28	share	share	NOUN
cjfa-20693	418	29	d.	d.	PROPN
cjfa-20693	418	30	(	(	PUNCT
cjfa-20693	418	31	2)equilibrium	2)equilibrium	NUM
cjfa-20693	418	32	of	of	ADP
cjfa-20693	418	33	shareholders	shareholder	NOUN
cjfa-20693	418	34	according	accord	VERB
cjfa-20693	418	35	to	to	ADP
cjfa-20693	418	36	the	the	DET
cjfa-20693	418	37	matrix	matrix	NOUN
cjfa-20693	418	38	,	,	PUNCT
cjfa-20693	418	39	given	give	VERB
cjfa-20693	418	40	the	the	DET
cjfa-20693	418	41	dividend	dividend	NOUN
cjfa-20693	418	42	probability	probability	NOUN
cjfa-20693	418	43	q	q	PROPN
cjfa-20693	418	44	of	of	ADP
cjfa-20693	418	45	executives	executive	NOUN
cjfa-20693	418	46	,	,	PUNCT
cjfa-20693	418	47	the	the	DET
cjfa-20693	418	48	expected	expect	VERB
cjfa-20693	418	49	returns	return	NOUN
cjfa-20693	418	50	of	of	ADP
cjfa-20693	418	51	shareholders	shareholder	NOUN
cjfa-20693	418	52	when	when	SCONJ
cjfa-20693	418	53	they	they	PRON
cjfa-20693	418	54	choose	choose	VERB
cjfa-20693	418	55	to	to	PART
cjfa-20693	418	56	hold	hold	VERB
cjfa-20693	418	57	or	or	CCONJ
cjfa-20693	418	58	not	not	PART
cjfa-20693	418	59	are	be	AUX
cjfa-20693	418	60	respectively	respectively	ADV
cjfa-20693	418	61	:	:	PUNCT
cjfa-20693	418	62	�	�	PROPN
cjfa-20693	418	63	(	(	PUNCT
cjfa-20693	418	64	�	�	PROPN
cjfa-20693	418	65	�	�	PROPN
cjfa-20693	418	66	�	�	PROPN
cjfa-20693	418	67	�	�	PROPN
cjfa-20693	418	68	�	�	PROPN
cjfa-20693	418	69	�	�	PROPN
cjfa-20693	418	70	�	�	PROPN
cjfa-20693	418	71	�	�	PROPN
cjfa-20693	418	72	)	)	PUNCT
cjfa-20693	418	73	=	=	PUNCT
cjfa-20693	418	74	(	(	PUNCT
cjfa-20693	418	75	1	1	NUM
cjfa-20693	418	76	−	−	PROPN
cjfa-20693	418	77	�	�	PROPN
cjfa-20693	418	78	)	)	PUNCT
cjfa-20693	418	79	�	�	PROPN
cjfa-20693	418	80	(	(	PUNCT
cjfa-20693	418	81	1	1	NUM
cjfa-20693	418	82	�	�	PROPN
cjfa-20693	418	83	�	�	PROPN
cjfa-20693	418	84	)	)	PUNCT
cjfa-20693	418	85	�	�	PROPN
cjfa-20693	418	86	�	�	PROPN
cjfa-20693	418	87	(	(	PUNCT
cjfa-20693	418	88	�	�	PROPN
cjfa-20693	418	89	�	�	PROPN
cjfa-20693	418	90	�	�	PROPN
cjfa-20693	418	91	)	)	PUNCT
cjfa-20693	418	92	(	(	PUNCT
cjfa-20693	418	93	�	�	PROPN
cjfa-20693	418	94	�	�	PROPN
cjfa-20693	418	95	�	�	PROPN
cjfa-20693	418	96	)	)	PUNCT
cjfa-20693	418	97	�	�	PROPN
cjfa-20693	418	98	�	�	PROPN
cjfa-20693	418	99	�	�	PROPN
cjfa-20693	418	100	�	�	PROPN
cjfa-20693	418	101	�	�	PROPN
cjfa-20693	418	102	�	�	PROPN
cjfa-20693	418	103	�	�	PROPN
cjfa-20693	418	104	(	(	PUNCT
cjfa-20693	418	105	�	�	PROPN
cjfa-20693	418	106	�	�	PROPN
cjfa-20693	418	107	�	�	PROPN
cjfa-20693	418	108	)	)	PUNCT
cjfa-20693	418	109	�	�	PROPN
cjfa-20693	418	110	�	�	PROPN
cjfa-20693	418	111	(	(	PUNCT
cjfa-20693	418	112	�	�	PROPN
cjfa-20693	418	113	�	�	PROPN
cjfa-20693	418	114	�	�	PROPN
cjfa-20693	418	115	)	)	PUNCT
cjfa-20693	418	116	�	�	PROPN
cjfa-20693	418	117	（	（	PUNCT
cjfa-20693	418	118	6	6	NUM
cjfa-20693	418	119	）	）	SYM
cjfa-20693	418	120	�	�	PROPN
cjfa-20693	418	121	(	(	PUNCT
cjfa-20693	418	122	�	�	PROPN
cjfa-20693	418	123	�	�	PROPN
cjfa-20693	418	124	�	�	PROPN
cjfa-20693	418	125	�	�	PROPN
cjfa-20693	418	126	�	�	PROPN
cjfa-20693	418	127	�	�	PROPN
cjfa-20693	418	128	�	�	PROPN
cjfa-20693	418	129	�	�	PROPN
cjfa-20693	418	130	)	)	PUNCT
cjfa-20693	418	131	=	=	PUNCT
cjfa-20693	418	132	(	(	PUNCT
cjfa-20693	418	133	1	1	NUM
cjfa-20693	418	134	−	−	PROPN
cjfa-20693	418	135	�	�	PROPN
cjfa-20693	418	136	)	)	PUNCT
cjfa-20693	418	137	�	�	PROPN
cjfa-20693	418	138	(	(	PUNCT
cjfa-20693	418	139	1	1	NUM
cjfa-20693	418	140	−	−	PROPN
cjfa-20693	418	141	�	�	PROPN
cjfa-20693	418	142	)	)	PUNCT
cjfa-20693	418	143	�	�	PROPN
cjfa-20693	418	144	�	�	PROPN
cjfa-20693	418	145	(	(	PUNCT
cjfa-20693	418	146	�	�	PROPN
cjfa-20693	418	147	�	�	PROPN
cjfa-20693	418	148	�	�	PROPN
cjfa-20693	418	149	)	)	PUNCT
cjfa-20693	418	150	�	�	PROPN
cjfa-20693	418	151	�	�	PROPN
cjfa-20693	418	152	�	�	PROPN
cjfa-20693	418	153	�	�	PROPN
cjfa-20693	418	154	�	�	PROPN
cjfa-20693	418	155	�	�	PROPN
cjfa-20693	418	156	�	�	PROPN
cjfa-20693	418	157	�	�	PROPN
cjfa-20693	418	158	�	�	PROPN
cjfa-20693	418	159	�	�	PROPN
cjfa-20693	418	160	�	�	PROPN
cjfa-20693	418	161	�	�	PROPN
cjfa-20693	418	162	�	�	PROPN
cjfa-20693	418	163	�	�	PROPN
cjfa-20693	418	164	�	�	PROPN
cjfa-20693	418	165	�	�	PROPN
cjfa-20693	418	166	(	(	PUNCT
cjfa-20693	418	167	�	�	PROPN
cjfa-20693	418	168	�	�	PROPN
cjfa-20693	418	169	�	�	PROPN
cjfa-20693	418	170	)	)	PUNCT
cjfa-20693	418	171	�	�	PROPN
cjfa-20693	418	172	�	�	PROPN
cjfa-20693	418	173	�	�	PROPN
cjfa-20693	418	174	�	�	PROPN
cjfa-20693	418	175	（	（	PROPN
cjfa-20693	418	176	7	7	NUM
cjfa-20693	418	177	）	）	PUNCT
cjfa-20693	418	178	based	base	VERB
cjfa-20693	418	179	on	on	ADP
cjfa-20693	418	180	the	the	DET
cjfa-20693	418	181	principle	principle	NOUN
cjfa-20693	418	182	of	of	ADP
cjfa-20693	418	183	equal	equal	ADJ
cjfa-20693	418	184	expectation	expectation	NOUN
cjfa-20693	418	185	payment	payment	NOUN
cjfa-20693	418	186	,	,	PUNCT
cjfa-20693	418	187	there	there	PRON
cjfa-20693	418	188	should	should	AUX
cjfa-20693	418	189	be	be	AUX
cjfa-20693	418	190	no	no	DET
cjfa-20693	418	191	difference	difference	NOUN
cjfa-20693	418	192	between	between	ADP
cjfa-20693	418	193	the	the	DET
cjfa-20693	418	194	expected	expect	VERB
cjfa-20693	418	195	returns	return	NOUN
cjfa-20693	418	196	of	of	ADP
cjfa-20693	418	197	shareholders	shareholder	NOUN
cjfa-20693	418	198	who	who	PRON
cjfa-20693	418	199	choose	choose	VERB
cjfa-20693	418	200	to	to	PART
cjfa-20693	418	201	hold	hold	VERB
cjfa-20693	418	202	and	and	CCONJ
cjfa-20693	418	203	not	not	PART
cjfa-20693	418	204	hold	hold	VERB
cjfa-20693	418	205	on	on	ADP
cjfa-20693	418	206	the	the	DET
cjfa-20693	418	207	nash	nash	ADJ
cjfa-20693	418	208	equilibrium	equilibrium	NOUN
cjfa-20693	418	209	of	of	ADP
cjfa-20693	418	210	mixed	mixed	ADJ
cjfa-20693	418	211	strategy	strategy	NOUN
cjfa-20693	418	212	.	.	PUNCT
cjfa-20693	419	1	therefore	therefore	ADV
cjfa-20693	419	2	,	,	PUNCT
cjfa-20693	419	3	let	let	VERB
cjfa-20693	419	4	e(hold)=e(not	e(hold)=e(not	PRON
cjfa-20693	419	5	hold	hold	VERB
cjfa-20693	419	6	)	)	PUNCT
cjfa-20693	419	7	,	,	PUNCT
cjfa-20693	419	8	it	it	PRON
cjfa-20693	419	9	is	be	AUX
cjfa-20693	419	10	�	�	PROPN
cjfa-20693	419	11	=	=	SYM
cjfa-20693	419	12	1	1	NUM
cjfa-20693	419	13	−	−	PROPN
cjfa-20693	419	14	�	�	PROPN
cjfa-20693	419	15	�	�	PROPN
cjfa-20693	419	16	�	�	PROPN
cjfa-20693	419	17	�	�	PROPN
cjfa-20693	419	18	�	�	PROPN
cjfa-20693	419	19	�	�	PROPN
cjfa-20693	419	20	(	(	PUNCT
cjfa-20693	419	21	�	�	PROPN
cjfa-20693	419	22	�	�	PROPN
cjfa-20693	419	23	�	�	PROPN
cjfa-20693	419	24	)	)	PUNCT
cjfa-20693	419	25	�	�	PROPN
cjfa-20693	419	26	�	�	PROPN
cjfa-20693	419	27	(	(	PUNCT
cjfa-20693	419	28	�	�	PROPN
cjfa-20693	419	29	�	�	PROPN
cjfa-20693	419	30	�	�	PROPN
cjfa-20693	419	31	)	)	PUNCT
cjfa-20693	419	32	(	(	PUNCT
cjfa-20693	419	33	�	�	PROPN
cjfa-20693	419	34	�	�	PROPN
cjfa-20693	419	35	�	�	PROPN
cjfa-20693	419	36	)	)	PUNCT
cjfa-20693	419	37	�	�	PROPN
cjfa-20693	419	38	�	�	PROPN
cjfa-20693	419	39	�	�	PROPN
cjfa-20693	419	40	(	(	PUNCT
cjfa-20693	419	41	�	�	PROPN
cjfa-20693	419	42	�	�	PROPN
cjfa-20693	419	43	�	�	PROPN
cjfa-20693	419	44	)	)	PUNCT
cjfa-20693	419	45	�	�	PROPN
cjfa-20693	419	46	(	(	PUNCT
cjfa-20693	419	47	�	�	PROPN
cjfa-20693	419	48	�	�	PROPN
cjfa-20693	419	49	�	�	PROPN
cjfa-20693	419	50	)	)	PUNCT
cjfa-20693	419	51	�	�	PROPN
cjfa-20693	419	52	(	(	PUNCT
cjfa-20693	419	53	�	�	PROPN
cjfa-20693	419	54	�	�	PROPN
cjfa-20693	419	55	�	�	PROPN
cjfa-20693	419	56	)	)	PUNCT
cjfa-20693	419	57	（	（	PUNCT
cjfa-20693	420	1	8	8	NUM
cjfa-20693	420	2	）	）	PUNCT
cjfa-20693	420	3	(	(	PUNCT
cjfa-20693	420	4	3)nash	3)nash	NUM
cjfa-20693	420	5	equilibrium	equilibrium	NOUN
cjfa-20693	420	6	and	and	CCONJ
cjfa-20693	420	7	mandatory	mandatory	ADJ
cjfa-20693	420	8	dividend	dividend	NOUN
cjfa-20693	420	9	policy	policy	NOUN
cjfa-20693	420	10	according	accord	VERB
cjfa-20693	420	11	to	to	ADP
cjfa-20693	420	12	equation	equation	NOUN
cjfa-20693	420	13	(	(	PUNCT
cjfa-20693	420	14	3	3	NUM
cjfa-20693	420	15	)	)	PUNCT
cjfa-20693	420	16	and	and	CCONJ
cjfa-20693	420	17	(	(	PUNCT
cjfa-20693	420	18	5	5	NUM
cjfa-20693	420	19	)	)	PUNCT
cjfa-20693	420	20	,	,	PUNCT
cjfa-20693	420	21	the	the	DET
cjfa-20693	420	22	mixed	mixed	ADJ
cjfa-20693	420	23	strategy	strategy	NOUN
cjfa-20693	420	24	nash	nash	PROPN
cjfa-20693	420	25	equilibrium	equilibrium	NOUN
cjfa-20693	420	26	(	(	PUNCT
cjfa-20693	420	27	p	p	X
cjfa-20693	420	28	,	,	PUNCT
cjfa-20693	420	29	q	q	NOUN
cjfa-20693	420	30	)	)	PUNCT
cjfa-20693	420	31	of	of	ADP
cjfa-20693	420	32	the	the	DET
cjfa-20693	420	33	complete	complete	ADJ
cjfa-20693	420	34	information	information	NOUN
cjfa-20693	420	35	static	static	ADJ
cjfa-20693	420	36	game	game	NOUN
cjfa-20693	420	37	is	be	AUX
cjfa-20693	420	38	obtained	obtain	VERB
cjfa-20693	420	39	.	.	PUNCT
cjfa-20693	421	1	(	(	PUNCT
cjfa-20693	421	2	1	1	NUM
cjfa-20693	421	3	−	−	PROPN
cjfa-20693	421	4	�	�	PROPN
cjfa-20693	421	5	�	�	PROPN
cjfa-20693	421	6	�	�	PROPN
cjfa-20693	421	7	�	�	PROPN
cjfa-20693	421	8	�	�	PROPN
cjfa-20693	421	9	�	�	PROPN
cjfa-20693	421	10	(	(	PUNCT
cjfa-20693	421	11	�	�	PROPN
cjfa-20693	421	12	�	�	PROPN
cjfa-20693	421	13	�	�	PROPN
cjfa-20693	421	14	)	)	PUNCT
cjfa-20693	421	15	�	�	PROPN
cjfa-20693	421	16	�	�	PROPN
cjfa-20693	421	17	(	(	PUNCT
cjfa-20693	421	18	�	�	PROPN
cjfa-20693	421	19	�	�	PROPN
cjfa-20693	421	20	�	�	PROPN
cjfa-20693	421	21	)	)	PUNCT
cjfa-20693	421	22	(	(	PUNCT
cjfa-20693	421	23	�	�	PROPN
cjfa-20693	421	24	�	�	PROPN
cjfa-20693	421	25	�	�	PROPN
cjfa-20693	421	26	)	)	PUNCT
cjfa-20693	421	27	�	�	PROPN
cjfa-20693	421	28	�	�	PROPN
cjfa-20693	421	29	�	�	PROPN
cjfa-20693	421	30	(	(	PUNCT
cjfa-20693	421	31	�	�	PROPN
cjfa-20693	421	32	�	�	PROPN
cjfa-20693	421	33	�	�	PROPN
cjfa-20693	421	34	)	)	PUNCT
cjfa-20693	421	35	�	�	PROPN
cjfa-20693	421	36	(	(	PUNCT
cjfa-20693	421	37	�	�	PROPN
cjfa-20693	421	38	�	�	PROPN
cjfa-20693	421	39	�	�	PROPN
cjfa-20693	421	40	)	)	PUNCT
cjfa-20693	421	41	�	�	PROPN
cjfa-20693	421	42	(	(	PUNCT
cjfa-20693	421	43	�	�	PROPN
cjfa-20693	421	44	�	�	PROPN
cjfa-20693	421	45	�	�	PROPN
cjfa-20693	421	46	)	)	PUNCT
cjfa-20693	421	47	,	,	PUNCT
cjfa-20693	421	48	�	�	PROPN
cjfa-20693	421	49	(	(	PUNCT
cjfa-20693	421	50	�	�	PROPN
cjfa-20693	421	51	�	�	PROPN
cjfa-20693	421	52	�	�	PROPN
cjfa-20693	421	53	)	)	PUNCT
cjfa-20693	421	54	(	(	PUNCT
cjfa-20693	421	55	�	�	PROPN
cjfa-20693	421	56	�	�	PROPN
cjfa-20693	421	57	�	�	PROPN
cjfa-20693	421	58	�	�	PROPN
cjfa-20693	421	59	�	�	PROPN
cjfa-20693	421	60	�	�	PROPN
cjfa-20693	421	61	�	�	PROPN
cjfa-20693	421	62	)	)	PUNCT
cjfa-20693	421	63	�	�	PROPN
cjfa-20693	421	64	�	�	PROPN
cjfa-20693	421	65	�	�	PROPN
cjfa-20693	421	66	(	(	PUNCT
cjfa-20693	421	67	�	�	PROPN
cjfa-20693	421	68	�	�	PROPN
cjfa-20693	421	69	�	�	PROPN
cjfa-20693	421	70	�	�	PROPN
cjfa-20693	421	71	�	�	PROPN
cjfa-20693	421	72	�	�	PROPN
cjfa-20693	421	73	�	�	PROPN
cjfa-20693	421	74	)	)	PUNCT
cjfa-20693	421	75	�	�	PROPN
cjfa-20693	421	76	�	�	PROPN
cjfa-20693	421	77	(	(	PUNCT
cjfa-20693	421	78	�	�	PROPN
cjfa-20693	421	79	�	�	PROPN
cjfa-20693	421	80	�	�	PROPN
cjfa-20693	421	81	)	)	PUNCT
cjfa-20693	421	82	(	(	PUNCT
cjfa-20693	421	83	�	�	PROPN
cjfa-20693	421	84	�	�	PROPN
cjfa-20693	421	85	�	�	PROPN
cjfa-20693	421	86	�	�	PROPN
cjfa-20693	421	87	�	�	PROPN
cjfa-20693	421	88	�	�	PROPN
cjfa-20693	421	89	�	�	PROPN
cjfa-20693	421	90	)	)	PUNCT
cjfa-20693	421	91	)	)	PUNCT
cjfa-20693	421	92	at	at	ADP
cjfa-20693	421	93	this	this	DET
cjfa-20693	421	94	time	time	NOUN
cjfa-20693	421	95	,	,	PUNCT
cjfa-20693	421	96	for	for	ADP
cjfa-20693	421	97	shareholders	shareholder	NOUN
cjfa-20693	421	98	,	,	PUNCT
cjfa-20693	421	99	if	if	SCONJ
cjfa-20693	421	100	the	the	DET
cjfa-20693	421	101	compulsory	compulsory	ADJ
cjfa-20693	421	102	dividend	dividend	NOUN
cjfa-20693	421	103	system	system	NOUN
cjfa-20693	421	104	is	be	AUX
cjfa-20693	421	105	implemented	implement	VERB
cjfa-20693	421	106	,	,	PUNCT
cjfa-20693	421	107	the	the	DET
cjfa-20693	421	108	dividend	dividend	NOUN
cjfa-20693	421	109	probability	probability	NOUN
cjfa-20693	421	110	p	p	X
cjfa-20693	421	111	=	=	SYM
cjfa-20693	421	112	1	1	NUM
cjfa-20693	421	113	is	be	AUX
cjfa-20693	421	114	always	always	ADV
cjfa-20693	421	115	valid	valid	ADJ
cjfa-20693	421	116	on	on	ADP
cjfa-20693	421	117	nash	nash	PROPN
cjfa-20693	421	118	equilibrium	equilibrium	NOUN
cjfa-20693	421	119	,	,	PUNCT
cjfa-20693	421	120	and	and	CCONJ
cjfa-20693	421	121	this	this	DET
cjfa-20693	421	122	result	result	NOUN
cjfa-20693	421	123	can	can	AUX
cjfa-20693	421	124	be	be	AUX
cjfa-20693	421	125	brought	bring	VERB
cjfa-20693	421	126	into	into	ADP
cjfa-20693	421	127	equilibrium	equilibrium	NOUN
cjfa-20693	421	128	conditions	condition	NOUN
cjfa-20693	421	129	.	.	PUNCT
cjfa-20693	422	1	qin	qin	PROPN
cjfa-20693	422	2	hailin	hailin	PROPN
cjfa-20693	422	3	,	,	PUNCT
cjfa-20693	422	4	zhang	zhang	PROPN
cjfa-20693	422	5	jingxu76	jingxu76	PROPN
cjfa-20693	422	6	at	at	ADP
cjfa-20693	422	7	this	this	DET
cjfa-20693	422	8	time	time	NOUN
cjfa-20693	422	9	,	,	PUNCT
cjfa-20693	422	10	for	for	ADP
cjfa-20693	422	11	shareholders	shareholder	NOUN
cjfa-20693	422	12	,	,	PUNCT
cjfa-20693	422	13	if	if	SCONJ
cjfa-20693	422	14	the	the	DET
cjfa-20693	422	15	compulsory	compulsory	ADJ
cjfa-20693	422	16	dividend	dividend	NOUN
cjfa-20693	422	17	system	system	NOUN
cjfa-20693	422	18	is	be	AUX
cjfa-20693	422	19	implemented	implement	VERB
cjfa-20693	422	20	,	,	PUNCT
cjfa-20693	422	21	the	the	DET
cjfa-20693	422	22	dividend	dividend	NOUN
cjfa-20693	422	23	probability	probability	NOUN
cjfa-20693	422	24	p	p	X
cjfa-20693	422	25	=	=	SYM
cjfa-20693	422	26	1	1	NUM
cjfa-20693	422	27	is	be	AUX
cjfa-20693	422	28	always	always	ADV
cjfa-20693	422	29	valid	valid	ADJ
cjfa-20693	422	30	on	on	ADP
cjfa-20693	422	31	nash	nash	PROPN
cjfa-20693	422	32	equilibrium	equilibrium	NOUN
cjfa-20693	422	33	,	,	PUNCT
cjfa-20693	422	34	and	and	CCONJ
cjfa-20693	422	35	this	this	DET
cjfa-20693	422	36	result	result	NOUN
cjfa-20693	422	37	can	can	AUX
cjfa-20693	422	38	be	be	AUX
cjfa-20693	422	39	brought	bring	VERB
cjfa-20693	422	40	into	into	ADP
cjfa-20693	422	41	equilibrium	equilibrium	NOUN
cjfa-20693	422	42	conditions	condition	NOUN
cjfa-20693	422	43	.	.	PUNCT
cjfa-20693	423	1	�	�	PROPN
cjfa-20693	423	2	=	=	SYM
cjfa-20693	423	3	�	�	PROPN
cjfa-20693	423	4	�	�	PROPN
cjfa-20693	423	5	�	�	PROPN
cjfa-20693	423	6	(	(	PUNCT
cjfa-20693	423	7	�	�	PROPN
cjfa-20693	423	8	�	�	PROPN
cjfa-20693	423	9	�	�	PROPN
cjfa-20693	423	10	�	�	PROPN
cjfa-20693	423	11	�	�	PROPN
cjfa-20693	423	12	�	�	PROPN
cjfa-20693	423	13	�	�	PROPN
cjfa-20693	423	14	�	�	PROPN
cjfa-20693	423	15	�	�	PROPN
cjfa-20693	423	16	�	�	PROPN
cjfa-20693	423	17	�	�	PROPN
cjfa-20693	423	18	�	�	PROPN
cjfa-20693	423	19	�	�	PROPN
cjfa-20693	423	20	�	�	PROPN
cjfa-20693	423	21	�	�	PROPN
cjfa-20693	423	22	)	)	PUNCT
cjfa-20693	423	23	（	（	PUNCT
cjfa-20693	424	1	9	9	NUM
cjfa-20693	424	2	）	）	SYM
cjfa-20693	424	3	this	this	PRON
cjfa-20693	424	4	means	mean	VERB
cjfa-20693	424	5	that	that	SCONJ
cjfa-20693	424	6	,	,	PUNCT
cjfa-20693	424	7	under	under	ADP
cjfa-20693	424	8	the	the	DET
cjfa-20693	424	9	influence	influence	NOUN
cjfa-20693	424	10	of	of	ADP
cjfa-20693	424	11	mandatory	mandatory	ADJ
cjfa-20693	424	12	dividend	dividend	NOUN
cjfa-20693	424	13	policy	policy	NOUN
cjfa-20693	424	14	,	,	PUNCT
cjfa-20693	424	15	the	the	DET
cjfa-20693	424	16	degree	degree	NOUN
cjfa-20693	424	17	of	of	ADP
cjfa-20693	424	18	executives	executive	NOUN
cjfa-20693	424	19	'	'	PART
cjfa-20693	424	20	work	work	NOUN
cjfa-20693	424	21	effort	effort	NOUN
cjfa-20693	424	22	e	e	NOUN
cjfa-20693	424	23	depends	depend	VERB
cjfa-20693	424	24	on	on	ADP
cjfa-20693	424	25	the	the	DET
cjfa-20693	424	26	discount	discount	NOUN
cjfa-20693	424	27	rate	rate	NOUN
cjfa-20693	424	28	r	r	NOUN
cjfa-20693	424	29	,	,	PUNCT
cjfa-20693	424	30	the	the	DET
cjfa-20693	424	31	current	current	ADJ
cjfa-20693	424	32	capital	capital	NOUN
cjfa-20693	424	33	gain	gain	VERB
cjfa-20693	424	34	�	�	PROPN
cjfa-20693	424	35	of	of	ADP
cjfa-20693	424	36	the	the	DET
cjfa-20693	424	37	company	company	NOUN
cjfa-20693	424	38	's	's	PART
cjfa-20693	424	39	stock	stock	NOUN
cjfa-20693	424	40	and	and	CCONJ
cjfa-20693	424	41	the	the	DET
cjfa-20693	424	42	shareholder	shareholder	NOUN
cjfa-20693	424	43	's	's	PART
cjfa-20693	424	44	increase	increase	NOUN
cjfa-20693	424	45	ratio	ratio	NOUN
cjfa-20693	424	46	�	�	PROPN
cjfa-20693	424	47	,	,	PUNCT
cjfa-20693	424	48	the	the	DET
cjfa-20693	424	49	dividend	dividend	NOUN
cjfa-20693	424	50	growth	growth	NOUN
cjfa-20693	424	51	rate	rate	NOUN
cjfa-20693	424	52	g	g	PROPN
cjfa-20693	424	53	,	,	PUNCT
cjfa-20693	424	54	the	the	DET
cjfa-20693	424	55	dividend	dividend	NOUN
cjfa-20693	424	56	distribution	distribution	NOUN
cjfa-20693	424	57	ratio	ratio	NOUN
cjfa-20693	424	58	�	�	PROPN
cjfa-20693	424	59	,	,	PUNCT
cjfa-20693	424	60	etc	etc	X
cjfa-20693	424	61	.	.	X
cjfa-20693	424	62	(	(	PUNCT
cjfa-20693	424	63	i	i	NOUN
cjfa-20693	424	64	)	)	PUNCT
cjfa-20693	424	65	under	under	ADP
cjfa-20693	424	66	the	the	DET
cjfa-20693	424	67	assumption	assumption	NOUN
cjfa-20693	424	68	of	of	ADP
cjfa-20693	424	69	continuous	continuous	ADJ
cjfa-20693	424	70	derivability	derivability	NOUN
cjfa-20693	424	71	,	,	PUNCT
cjfa-20693	424	72	the	the	DET
cjfa-20693	424	73	first	first	ADJ
cjfa-20693	424	74	-	-	PUNCT
cjfa-20693	424	75	order	order	NOUN
cjfa-20693	424	76	partial	partial	ADJ
cjfa-20693	424	77	derivative	derivative	NOUN
cjfa-20693	424	78	of	of	ADP
cjfa-20693	424	79	executive	executive	ADJ
cjfa-20693	424	80	effort	effort	NOUN
cjfa-20693	424	81	e	e	X
cjfa-20693	424	82	to	to	PART
cjfa-20693	424	83	dividend	dividend	VERB
cjfa-20693	424	84	ratio	ratio	NOUN
cjfa-20693	424	85	can	can	AUX
cjfa-20693	424	86	be	be	AUX
cjfa-20693	424	87	obtained	obtain	VERB
cjfa-20693	424	88	.	.	PUNCT
cjfa-20693	424	89	�	�	PROPN
cjfa-20693	424	90	�	�	PROPN
cjfa-20693	424	91	�	�	PROPN
cjfa-20693	424	92	�	�	PROPN
cjfa-20693	424	93	=	=	SYM
cjfa-20693	424	94	�	�	PROPN
cjfa-20693	424	95	�	�	PROPN
cjfa-20693	424	96	�	�	PROPN
cjfa-20693	424	97	�	�	PROPN
cjfa-20693	424	98	(	(	PUNCT
cjfa-20693	424	99	�	�	PROPN
cjfa-20693	424	100	�	�	PROPN
cjfa-20693	424	101	�	�	PROPN
cjfa-20693	424	102	�	�	PROPN
cjfa-20693	424	103	�	�	PROPN
cjfa-20693	424	104	�	�	PROPN
cjfa-20693	424	105	�	�	PROPN
cjfa-20693	424	106	�	�	PROPN
cjfa-20693	424	107	�	�	PROPN
cjfa-20693	424	108	�	�	PROPN
cjfa-20693	424	109	�	�	PROPN
cjfa-20693	424	110	�	�	PROPN
cjfa-20693	424	111	�	�	PROPN
cjfa-20693	424	112	�	�	PROPN
cjfa-20693	424	113	�	�	PROPN
cjfa-20693	424	114	)	)	PUNCT
cjfa-20693	424	115	�	�	PROPN
cjfa-20693	424	116	�	�	PROPN
cjfa-20693	424	117	�	�	PROPN
cjfa-20693	424	118	�	�	PROPN
cjfa-20693	424	119	�	�	PROPN
cjfa-20693	424	120	(	(	PUNCT
cjfa-20693	424	121	�	�	PROPN
cjfa-20693	424	122	�	�	PROPN
cjfa-20693	424	123	�	�	PROPN
cjfa-20693	424	124	)	)	PUNCT
cjfa-20693	424	125	�	�	PROPN
cjfa-20693	424	126	−	−	PROPN
cjfa-20693	424	127	�	�	PROPN
cjfa-20693	424	128	�	�	PROPN
cjfa-20693	424	129	�	�	PROPN
cjfa-20693	424	130	�	�	PROPN
cjfa-20693	424	131	�	�	PROPN
cjfa-20693	424	132	�	�	PROPN
cjfa-20693	424	133	>	>	X
cjfa-20693	424	134	0	0	NUM
cjfa-20693	424	135	（	（	PUNCT
cjfa-20693	424	136	10	10	NUM
cjfa-20693	424	137	）	）	PUNCT
cjfa-20693	424	138	according	accord	VERB
cjfa-20693	424	139	to	to	ADP
cjfa-20693	424	140	the	the	DET
cjfa-20693	424	141	assumption	assumption	NOUN
cjfa-20693	424	142	of	of	ADP
cjfa-20693	424	143	the	the	DET
cjfa-20693	424	144	model	model	NOUN
cjfa-20693	424	145	,	,	PUNCT
cjfa-20693	424	146	the	the	DET
cjfa-20693	424	147	upper	upper	ADJ
cjfa-20693	424	148	formula	formula	NOUN
cjfa-20693	424	149	is	be	AUX
cjfa-20693	424	150	always	always	ADV
cjfa-20693	424	151	positive	positive	ADJ
cjfa-20693	424	152	.	.	PUNCT
cjfa-20693	425	1	this	this	PRON
cjfa-20693	425	2	means	mean	VERB
cjfa-20693	425	3	that	that	SCONJ
cjfa-20693	425	4	at	at	ADP
cjfa-20693	425	5	the	the	DET
cjfa-20693	425	6	nash	nash	ADJ
cjfa-20693	425	7	equilibrium	equilibrium	NOUN
cjfa-20693	425	8	of	of	ADP
cjfa-20693	425	9	mixed	mixed	ADJ
cjfa-20693	425	10	strategy	strategy	NOUN
cjfa-20693	425	11	,	,	PUNCT
cjfa-20693	425	12	the	the	PRON
cjfa-20693	425	13	higher	high	ADJ
cjfa-20693	425	14	the	the	DET
cjfa-20693	425	15	discount	discount	NOUN
cjfa-20693	425	16	rate	rate	NOUN
cjfa-20693	425	17	,	,	PUNCT
cjfa-20693	425	18	i.e.	i.e.	X
cjfa-20693	425	19	the	the	DET
cjfa-20693	425	20	reward	reward	NOUN
cjfa-20693	425	21	rate	rate	NOUN
cjfa-20693	425	22	necessary	necessary	ADJ
cjfa-20693	425	23	for	for	ADP
cjfa-20693	425	24	a	a	DET
cjfa-20693	425	25	company	company	NOUN
cjfa-20693	425	26	's	's	PART
cjfa-20693	425	27	investment	investment	NOUN
cjfa-20693	425	28	project	project	NOUN
cjfa-20693	425	29	,	,	PUNCT
cjfa-20693	425	30	the	the	PRON
cjfa-20693	425	31	higher	high	ADJ
cjfa-20693	425	32	the	the	DET
cjfa-20693	425	33	level	level	NOUN
cjfa-20693	425	34	of	of	ADP
cjfa-20693	425	35	hard	hard	ADJ
cjfa-20693	425	36	work	work	NOUN
cjfa-20693	425	37	of	of	ADP
cjfa-20693	425	38	executives	executive	NOUN
cjfa-20693	425	39	.	.	PUNCT
cjfa-20693	426	1	at	at	ADP
cjfa-20693	426	2	this	this	DET
cjfa-20693	426	3	time	time	NOUN
cjfa-20693	426	4	,	,	PUNCT
cjfa-20693	426	5	the	the	DET
cjfa-20693	426	6	high	high	ADJ
cjfa-20693	426	7	rate	rate	NOUN
cjfa-20693	426	8	of	of	ADP
cjfa-20693	426	9	return	return	NOUN
cjfa-20693	426	10	on	on	ADP
cjfa-20693	426	11	investment	investment	NOUN
cjfa-20693	426	12	projects	project	NOUN
cjfa-20693	426	13	can	can	AUX
cjfa-20693	426	14	ensure	ensure	VERB
cjfa-20693	426	15	that	that	SCONJ
cjfa-20693	426	16	the	the	DET
cjfa-20693	426	17	company	company	NOUN
cjfa-20693	426	18	produces	produce	VERB
cjfa-20693	426	19	enough	enough	ADJ
cjfa-20693	426	20	cash	cash	NOUN
cjfa-20693	426	21	flow	flow	NOUN
cjfa-20693	426	22	to	to	PART
cjfa-20693	426	23	pay	pay	VERB
cjfa-20693	426	24	dividends	dividend	NOUN
cjfa-20693	426	25	,	,	PUNCT
cjfa-20693	426	26	so	so	SCONJ
cjfa-20693	426	27	executives	executive	NOUN
cjfa-20693	426	28	are	be	AUX
cjfa-20693	426	29	not	not	PART
cjfa-20693	426	30	afraid	afraid	ADJ
cjfa-20693	426	31	of	of	ADP
cjfa-20693	426	32	the	the	DET
cjfa-20693	426	33	policy	policy	NOUN
cjfa-20693	426	34	assessment	assessment	NOUN
cjfa-20693	426	35	of	of	ADP
cjfa-20693	426	36	regulatory	regulatory	ADJ
cjfa-20693	426	37	authorities	authority	NOUN
cjfa-20693	426	38	,	,	PUNCT
cjfa-20693	426	39	nor	nor	CCONJ
cjfa-20693	426	40	the	the	DET
cjfa-20693	426	41	benchmarking	benchmarke	VERB
cjfa-20693	426	42	effect	effect	NOUN
cjfa-20693	426	43	of	of	ADP
cjfa-20693	426	44	peers	peer	NOUN
cjfa-20693	426	45	and	and	CCONJ
cjfa-20693	426	46	competitive	competitive	ADJ
cjfa-20693	426	47	pressures	pressure	NOUN
cjfa-20693	426	48	,	,	PUNCT
cjfa-20693	426	49	thus	thus	ADV
cjfa-20693	426	50	feeling	feel	VERB
cjfa-20693	426	51	a	a	DET
cjfa-20693	426	52	bright	bright	ADJ
cjfa-20693	426	53	future	future	NOUN
cjfa-20693	426	54	and	and	CCONJ
cjfa-20693	426	55	full	full	ADJ
cjfa-20693	426	56	of	of	ADP
cjfa-20693	426	57	energy	energy	NOUN
cjfa-20693	426	58	.	.	PUNCT
cjfa-20693	427	1	(	(	PUNCT
cjfa-20693	427	2	ii	ii	NOUN
cjfa-20693	427	3	)	)	PUNCT
cjfa-20693	427	4	under	under	ADP
cjfa-20693	427	5	the	the	DET
cjfa-20693	427	6	assumption	assumption	NOUN
cjfa-20693	427	7	of	of	ADP
cjfa-20693	427	8	continuous	continuous	ADJ
cjfa-20693	427	9	derivability	derivability	NOUN
cjfa-20693	427	10	,	,	PUNCT
cjfa-20693	427	11	the	the	DET
cjfa-20693	427	12	first	first	ADJ
cjfa-20693	427	13	-	-	PUNCT
cjfa-20693	427	14	order	order	NOUN
cjfa-20693	427	15	partial	partial	ADJ
cjfa-20693	427	16	derivative	derivative	NOUN
cjfa-20693	427	17	of	of	ADP
cjfa-20693	427	18	managerial	managerial	ADJ
cjfa-20693	427	19	effort	effort	NOUN
cjfa-20693	427	20	e	e	NOUN
cjfa-20693	427	21	to	to	ADP
cjfa-20693	427	22	current	current	ADJ
cjfa-20693	427	23	capital	capital	NOUN
cjfa-20693	427	24	gain	gain	NOUN
cjfa-20693	427	25	�	�	PROPN
cjfa-20693	427	26	can	can	AUX
cjfa-20693	427	27	be	be	AUX
cjfa-20693	427	28	obtained	obtain	VERB
cjfa-20693	427	29	:	:	PUNCT
cjfa-20693	427	30	�	�	PROPN
cjfa-20693	427	31	�	�	PROPN
cjfa-20693	427	32	�	�	PROPN
cjfa-20693	427	33	�	�	PROPN
cjfa-20693	427	34	=	=	SYM
cjfa-20693	427	35	�	�	PROPN
cjfa-20693	427	36	�	�	PROPN
cjfa-20693	427	37	�	�	PROPN
cjfa-20693	427	38	�	�	PROPN
cjfa-20693	427	39	�	�	PROPN
cjfa-20693	427	40	�	�	PROPN
cjfa-20693	427	41	�	�	PROPN
cjfa-20693	427	42	�	�	PROPN
cjfa-20693	427	43	�	�	PROPN
cjfa-20693	427	44	�	�	PROPN
cjfa-20693	427	45	�	�	PROPN
cjfa-20693	427	46	�	�	PROPN
cjfa-20693	427	47	�	�	PROPN
cjfa-20693	427	48	�	�	PROPN
cjfa-20693	427	49	�	�	PROPN
cjfa-20693	427	50	�	�	PROPN
cjfa-20693	427	51	�	�	PROPN
cjfa-20693	427	52	�	�	PROPN
cjfa-20693	427	53	>	>	X
cjfa-20693	427	54	0	0	PUNCT
cjfa-20693	428	1	（	（	PUNCT
cjfa-20693	428	2	11	11	NUM
cjfa-20693	428	3	）	）	NOUN
cjfa-20693	428	4	this	this	PRON
cjfa-20693	428	5	shows	show	VERB
cjfa-20693	428	6	that	that	SCONJ
cjfa-20693	428	7	the	the	DET
cjfa-20693	428	8	market	market	NOUN
cjfa-20693	428	9	performance	performance	NOUN
cjfa-20693	428	10	of	of	ADP
cjfa-20693	428	11	corporate	corporate	ADJ
cjfa-20693	428	12	stock	stock	NOUN
cjfa-20693	428	13	is	be	AUX
cjfa-20693	428	14	positively	positively	ADV
cjfa-20693	428	15	correlated	correlate	VERB
cjfa-20693	428	16	with	with	ADP
cjfa-20693	428	17	the	the	DET
cjfa-20693	428	18	managers	manager	NOUN
cjfa-20693	428	19	'	'	PART
cjfa-20693	428	20	hard	hard	ADJ
cjfa-20693	428	21	work	work	NOUN
cjfa-20693	428	22	,	,	PUNCT
cjfa-20693	428	23	that	that	ADV
cjfa-20693	428	24	is	is	ADV
cjfa-20693	428	25	,	,	PUNCT
cjfa-20693	428	26	the	the	PRON
cjfa-20693	428	27	higher	high	ADJ
cjfa-20693	428	28	the	the	DET
cjfa-20693	428	29	stock	stock	NOUN
cjfa-20693	428	30	price	price	NOUN
cjfa-20693	428	31	,	,	PUNCT
cjfa-20693	428	32	the	the	DET
cjfa-20693	428	33	more	more	ADJ
cjfa-20693	428	34	incentive	incentive	NOUN
cjfa-20693	428	35	the	the	DET
cjfa-20693	428	36	managers	manager	NOUN
cjfa-20693	428	37	to	to	PART
cjfa-20693	428	38	work	work	VERB
cjfa-20693	428	39	hard	hard	ADV
cjfa-20693	428	40	,	,	PUNCT
cjfa-20693	428	41	because	because	SCONJ
cjfa-20693	428	42	not	not	PART
cjfa-20693	428	43	only	only	ADV
cjfa-20693	428	44	their	their	PRON
cjfa-20693	428	45	work	work	NOUN
cjfa-20693	428	46	can	can	AUX
cjfa-20693	428	47	be	be	AUX
cjfa-20693	428	48	affirmed	affirm	VERB
cjfa-20693	428	49	by	by	ADP
cjfa-20693	428	50	the	the	DET
cjfa-20693	428	51	market	market	NOUN
cjfa-20693	428	52	,	,	PUNCT
cjfa-20693	428	53	but	but	CCONJ
cjfa-20693	428	54	also	also	ADV
cjfa-20693	428	55	the	the	DET
cjfa-20693	428	56	stock	stock	NOUN
cjfa-20693	428	57	price	price	NOUN
cjfa-20693	428	58	rise	rise	NOUN
cjfa-20693	428	59	can	can	AUX
cjfa-20693	428	60	attract	attract	VERB
cjfa-20693	428	61	more	more	ADJ
cjfa-20693	428	62	investors	investor	NOUN
cjfa-20693	428	63	to	to	PART
cjfa-20693	428	64	hold	hold	VERB
cjfa-20693	428	65	corporate	corporate	ADJ
cjfa-20693	428	66	stock	stock	NOUN
cjfa-20693	428	67	.	.	PUNCT
cjfa-20693	429	1	at	at	ADP
cjfa-20693	429	2	the	the	DET
cjfa-20693	429	3	same	same	ADJ
cjfa-20693	429	4	time	time	NOUN
cjfa-20693	429	5	,	,	PUNCT
cjfa-20693	429	6	since	since	SCONJ
cjfa-20693	429	7	the	the	DET
cjfa-20693	429	8	stock	stock	NOUN
cjfa-20693	429	9	price	price	NOUN
cjfa-20693	429	10	is	be	AUX
cjfa-20693	429	11	based	base	VERB
cjfa-20693	429	12	on	on	ADP
cjfa-20693	429	13	the	the	DET
cjfa-20693	429	14	company	company	NOUN
cjfa-20693	429	15	's	's	PART
cjfa-20693	429	16	performance	performance	NOUN
cjfa-20693	429	17	,	,	PUNCT
cjfa-20693	429	18	which	which	PRON
cjfa-20693	429	19	means	mean	VERB
cjfa-20693	429	20	that	that	SCONJ
cjfa-20693	429	21	the	the	DET
cjfa-20693	429	22	company	company	NOUN
cjfa-20693	429	23	can	can	AUX
cjfa-20693	429	24	provide	provide	VERB
cjfa-20693	429	25	enough	enough	ADJ
cjfa-20693	429	26	cash	cash	NOUN
cjfa-20693	429	27	flow	flow	NOUN
cjfa-20693	429	28	for	for	ADP
cjfa-20693	429	29	cash	cash	NOUN
cjfa-20693	429	30	dividend	dividend	NOUN
cjfa-20693	429	31	,	,	PUNCT
cjfa-20693	429	32	so	so	SCONJ
cjfa-20693	429	33	executives	executive	NOUN
cjfa-20693	429	34	need	need	AUX
cjfa-20693	429	35	not	not	PART
cjfa-20693	429	36	worry	worry	VERB
cjfa-20693	429	37	about	about	ADP
cjfa-20693	429	38	their	their	PRON
cjfa-20693	429	39	own	own	ADJ
cjfa-20693	429	40	dividend	dividend	NOUN
cjfa-20693	429	41	pressure	pressure	NOUN
cjfa-20693	429	42	,	,	PUNCT
cjfa-20693	429	43	so	so	SCONJ
cjfa-20693	429	44	they	they	PRON
cjfa-20693	429	45	can	can	AUX
cjfa-20693	429	46	be	be	AUX
cjfa-20693	429	47	light	light	ADV
cjfa-20693	429	48	-	-	PUNCT
cjfa-20693	429	49	loaded	load	VERB
cjfa-20693	429	50	,	,	PUNCT
cjfa-20693	429	51	without	without	ADP
cjfa-20693	429	52	worries	worry	NOUN
cjfa-20693	429	53	,	,	PUNCT
cjfa-20693	429	54	and	and	CCONJ
cjfa-20693	429	55	work	work	VERB
cjfa-20693	429	56	hard	hard	ADV
cjfa-20693	429	57	with	with	ADP
cjfa-20693	429	58	all	all	DET
cjfa-20693	429	59	their	their	PRON
cjfa-20693	429	60	heart	heart	NOUN
cjfa-20693	429	61	and	and	CCONJ
cjfa-20693	429	62	soul	soul	NOUN
cjfa-20693	429	63	.	.	PUNCT
cjfa-20693	430	1	(	(	PUNCT
cjfa-20693	430	2	iii	iii	NOUN
cjfa-20693	430	3	)	)	PUNCT
cjfa-20693	430	4	under	under	ADP
cjfa-20693	430	5	the	the	DET
cjfa-20693	430	6	assumption	assumption	NOUN
cjfa-20693	430	7	of	of	ADP
cjfa-20693	430	8	continuous	continuous	ADJ
cjfa-20693	430	9	differentiability	differentiability	NOUN
cjfa-20693	430	10	,	,	PUNCT
cjfa-20693	430	11	the	the	DET
cjfa-20693	430	12	partial	partial	ADJ
cjfa-20693	430	13	derivative	derivative	NOUN
cjfa-20693	430	14	of	of	ADP
cjfa-20693	430	15	managerial	managerial	ADJ
cjfa-20693	430	16	effort	effort	NOUN
cjfa-20693	430	17	degree	degree	NOUN
cjfa-20693	430	18	e	e	NOUN
cjfa-20693	430	19	to	to	PART
cjfa-20693	430	20	shareholder	shareholder	NOUN
cjfa-20693	430	21	increase	increase	VERB
cjfa-20693	430	22	ratio	ratio	NOUN
cjfa-20693	430	23	�	�	PROPN
cjfa-20693	430	24	can	can	AUX
cjfa-20693	430	25	be	be	AUX
cjfa-20693	430	26	obtained	obtain	VERB
cjfa-20693	430	27	.	.	PUNCT
cjfa-20693	431	1	(	(	PUNCT
cjfa-20693	431	2	9	9	X
cjfa-20693	431	3	)	)	PUNCT
cjfa-20693	431	4	this	this	PRON
cjfa-20693	431	5	means	mean	VERB
cjfa-20693	431	6	that	that	SCONJ
cjfa-20693	431	7	,	,	PUNCT
cjfa-20693	431	8	under	under	ADP
cjfa-20693	431	9	the	the	DET
cjfa-20693	431	10	influence	influence	NOUN
cjfa-20693	431	11	of	of	ADP
cjfa-20693	431	12	mandatory	mandatory	ADJ
cjfa-20693	431	13	dividend	dividend	NOUN
cjfa-20693	431	14	policy	policy	NOUN
cjfa-20693	431	15	,	,	PUNCT
cjfa-20693	431	16	the	the	DET
cjfa-20693	431	17	degree	degree	NOUN
cjfa-20693	431	18	of	of	ADP
cjfa-20693	431	19	executives	executive	NOUN
cjfa-20693	431	20	’	’	PART
cjfa-20693	431	21	work	work	NOUN
cjfa-20693	431	22	effort	effort	NOUN
cjfa-20693	431	23	e	e	NOUN
cjfa-20693	431	24	depends	depend	VERB
cjfa-20693	431	25	on	on	ADP
cjfa-20693	431	26	the	the	DET
cjfa-20693	431	27	discount	discount	NOUN
cjfa-20693	431	28	rate	rate	NOUN
cjfa-20693	431	29	r	r	NOUN
cjfa-20693	431	30	,	,	PUNCT
cjfa-20693	431	31	the	the	DET
cjfa-20693	431	32	current	current	ADJ
cjfa-20693	431	33	capital	capital	NOUN
cjfa-20693	431	34	gain	gain	VERB
cjfa-20693	431	35	β	β	PROPN
cjfa-20693	431	36	of	of	ADP
cjfa-20693	431	37	the	the	DET
cjfa-20693	431	38	company	company	NOUN
cjfa-20693	431	39	’s	’s	PART
cjfa-20693	431	40	stock	stock	NOUN
cjfa-20693	431	41	and	and	CCONJ
cjfa-20693	431	42	the	the	DET
cjfa-20693	431	43	shareholder	shareholder	NOUN
cjfa-20693	431	44	’s	’s	PART
cjfa-20693	431	45	increase	increase	NOUN
cjfa-20693	431	46	ratio	ratio	PROPN
cjfa-20693	431	47	π	π	PROPN
cjfa-20693	431	48	,	,	PUNCT
cjfa-20693	431	49	the	the	DET
cjfa-20693	431	50	dividend	dividend	NOUN
cjfa-20693	431	51	growth	growth	NOUN
cjfa-20693	431	52	rate	rate	NOUN
cjfa-20693	431	53	g	g	PROPN
cjfa-20693	431	54	,	,	PUNCT
cjfa-20693	431	55	the	the	DET
cjfa-20693	431	56	dividend	dividend	NOUN
cjfa-20693	431	57	distribution	distribution	NOUN
cjfa-20693	431	58	ratio	ratio	NOUN
cjfa-20693	431	59	α	α	NOUN
cjfa-20693	431	60	,	,	PUNCT
cjfa-20693	431	61	etc	etc	X
cjfa-20693	431	62	.	.	X
cjfa-20693	432	1	(	(	PUNCT
cjfa-20693	432	2	i	i	NOUN
cjfa-20693	432	3	)	)	PUNCT
cjfa-20693	432	4	under	under	ADP
cjfa-20693	432	5	the	the	DET
cjfa-20693	432	6	assumption	assumption	NOUN
cjfa-20693	432	7	of	of	ADP
cjfa-20693	432	8	continuous	continuous	ADJ
cjfa-20693	432	9	derivability	derivability	NOUN
cjfa-20693	432	10	,	,	PUNCT
cjfa-20693	432	11	the	the	DET
cjfa-20693	432	12	first	first	ADJ
cjfa-20693	432	13	-	-	PUNCT
cjfa-20693	432	14	order	order	NOUN
cjfa-20693	432	15	partial	partial	ADJ
cjfa-20693	432	16	derivative	derivative	NOUN
cjfa-20693	432	17	of	of	ADP
cjfa-20693	432	18	executive	executive	ADJ
cjfa-20693	432	19	effort	effort	NOUN
cjfa-20693	432	20	e	e	X
cjfa-20693	432	21	to	to	PART
cjfa-20693	432	22	dividend	dividend	VERB
cjfa-20693	432	23	ratioα	ratioα	NOUN
cjfa-20693	432	24	can	can	AUX
cjfa-20693	432	25	be	be	AUX
cjfa-20693	432	26	obtained	obtain	VERB
cjfa-20693	432	27	.	.	PUNCT
cjfa-20693	433	1	at	at	ADP
cjfa-20693	433	2	this	this	DET
cjfa-20693	433	3	time	time	NOUN
cjfa-20693	433	4	,	,	PUNCT
cjfa-20693	433	5	for	for	ADP
cjfa-20693	433	6	shareholders	shareholder	NOUN
cjfa-20693	433	7	,	,	PUNCT
cjfa-20693	433	8	if	if	SCONJ
cjfa-20693	433	9	the	the	DET
cjfa-20693	433	10	compulsory	compulsory	ADJ
cjfa-20693	433	11	dividend	dividend	NOUN
cjfa-20693	433	12	system	system	NOUN
cjfa-20693	433	13	is	be	AUX
cjfa-20693	433	14	implemented	implement	VERB
cjfa-20693	433	15	,	,	PUNCT
cjfa-20693	434	1	the	the	DET
cjfa-20693	434	2	dividend	dividend	NOUN
cjfa-20693	434	3	probability	probability	NOUN
cjfa-20693	434	4	p	p	X
cjfa-20693	434	5	=	=	SYM
cjfa-20693	434	6	1	1	NUM
cjfa-20693	434	7	is	be	AUX
cjfa-20693	434	8	always	always	ADV
cjfa-20693	434	9	valid	valid	ADJ
cjfa-20693	434	10	on	on	ADP
cjfa-20693	434	11	nash	nash	PROPN
cjfa-20693	434	12	equilibrium	equilibrium	NOUN
cjfa-20693	434	13	,	,	PUNCT
cjfa-20693	434	14	and	and	CCONJ
cjfa-20693	434	15	this	this	DET
cjfa-20693	434	16	result	result	NOUN
cjfa-20693	434	17	can	can	AUX
cjfa-20693	434	18	be	be	AUX
cjfa-20693	434	19	brought	bring	VERB
cjfa-20693	434	20	into	into	ADP
cjfa-20693	434	21	equilibrium	equilibrium	NOUN
cjfa-20693	434	22	conditions	condition	NOUN
cjfa-20693	434	23	.	.	PUNCT
cjfa-20693	435	1	�	�	PROPN
cjfa-20693	435	2	=	=	SYM
cjfa-20693	435	3	�	�	PROPN
cjfa-20693	435	4	�	�	PROPN
cjfa-20693	435	5	�	�	PROPN
cjfa-20693	435	6	(	(	PUNCT
cjfa-20693	435	7	�	�	PROPN
cjfa-20693	435	8	�	�	PROPN
cjfa-20693	435	9	�	�	PROPN
cjfa-20693	435	10	�	�	PROPN
cjfa-20693	435	11	�	�	PROPN
cjfa-20693	435	12	�	�	PROPN
cjfa-20693	435	13	�	�	PROPN
cjfa-20693	435	14	�	�	PROPN
cjfa-20693	435	15	�	�	PROPN
cjfa-20693	435	16	�	�	PROPN
cjfa-20693	435	17	�	�	PROPN
cjfa-20693	435	18	�	�	PROPN
cjfa-20693	435	19	�	�	PROPN
cjfa-20693	435	20	�	�	PROPN
cjfa-20693	435	21	�	�	PROPN
cjfa-20693	435	22	)	)	PUNCT
cjfa-20693	435	23	（	（	PUNCT
cjfa-20693	436	1	9	9	NUM
cjfa-20693	436	2	）	）	SYM
cjfa-20693	436	3	this	this	PRON
cjfa-20693	436	4	means	mean	VERB
cjfa-20693	436	5	that	that	SCONJ
cjfa-20693	436	6	,	,	PUNCT
cjfa-20693	436	7	under	under	ADP
cjfa-20693	436	8	the	the	DET
cjfa-20693	436	9	influence	influence	NOUN
cjfa-20693	436	10	of	of	ADP
cjfa-20693	436	11	mandatory	mandatory	ADJ
cjfa-20693	436	12	dividend	dividend	NOUN
cjfa-20693	436	13	policy	policy	NOUN
cjfa-20693	436	14	,	,	PUNCT
cjfa-20693	436	15	the	the	DET
cjfa-20693	436	16	degree	degree	NOUN
cjfa-20693	436	17	of	of	ADP
cjfa-20693	436	18	executives	executive	NOUN
cjfa-20693	436	19	'	'	PART
cjfa-20693	436	20	work	work	NOUN
cjfa-20693	436	21	effort	effort	NOUN
cjfa-20693	436	22	e	e	NOUN
cjfa-20693	436	23	depends	depend	VERB
cjfa-20693	436	24	on	on	ADP
cjfa-20693	436	25	the	the	DET
cjfa-20693	436	26	discount	discount	NOUN
cjfa-20693	436	27	rate	rate	NOUN
cjfa-20693	436	28	r	r	NOUN
cjfa-20693	436	29	,	,	PUNCT
cjfa-20693	436	30	the	the	DET
cjfa-20693	436	31	current	current	ADJ
cjfa-20693	436	32	capital	capital	NOUN
cjfa-20693	436	33	gain	gain	VERB
cjfa-20693	436	34	�	�	PROPN
cjfa-20693	436	35	of	of	ADP
cjfa-20693	436	36	the	the	DET
cjfa-20693	436	37	company	company	NOUN
cjfa-20693	436	38	's	's	PART
cjfa-20693	436	39	stock	stock	NOUN
cjfa-20693	436	40	and	and	CCONJ
cjfa-20693	436	41	the	the	DET
cjfa-20693	436	42	shareholder	shareholder	NOUN
cjfa-20693	436	43	's	's	PART
cjfa-20693	436	44	increase	increase	NOUN
cjfa-20693	436	45	ratio	ratio	NOUN
cjfa-20693	436	46	�	�	PROPN
cjfa-20693	436	47	,	,	PUNCT
cjfa-20693	436	48	the	the	DET
cjfa-20693	436	49	dividend	dividend	NOUN
cjfa-20693	436	50	growth	growth	NOUN
cjfa-20693	436	51	rate	rate	NOUN
cjfa-20693	436	52	g	g	PROPN
cjfa-20693	436	53	,	,	PUNCT
cjfa-20693	436	54	the	the	DET
cjfa-20693	436	55	dividend	dividend	NOUN
cjfa-20693	436	56	distribution	distribution	NOUN
cjfa-20693	436	57	ratio	ratio	NOUN
cjfa-20693	436	58	�	�	PROPN
cjfa-20693	436	59	,	,	PUNCT
cjfa-20693	436	60	etc	etc	X
cjfa-20693	436	61	.	.	X
cjfa-20693	436	62	(	(	PUNCT
cjfa-20693	436	63	i	i	NOUN
cjfa-20693	436	64	)	)	PUNCT
cjfa-20693	436	65	under	under	ADP
cjfa-20693	436	66	the	the	DET
cjfa-20693	436	67	assumption	assumption	NOUN
cjfa-20693	436	68	of	of	ADP
cjfa-20693	436	69	continuous	continuous	ADJ
cjfa-20693	436	70	derivability	derivability	NOUN
cjfa-20693	436	71	,	,	PUNCT
cjfa-20693	436	72	the	the	DET
cjfa-20693	436	73	first	first	ADJ
cjfa-20693	436	74	-	-	PUNCT
cjfa-20693	436	75	order	order	NOUN
cjfa-20693	436	76	partial	partial	ADJ
cjfa-20693	436	77	derivative	derivative	NOUN
cjfa-20693	436	78	of	of	ADP
cjfa-20693	436	79	executive	executive	ADJ
cjfa-20693	436	80	effort	effort	NOUN
cjfa-20693	436	81	e	e	X
cjfa-20693	436	82	to	to	PART
cjfa-20693	436	83	dividend	dividend	VERB
cjfa-20693	436	84	ratio	ratio	NOUN
cjfa-20693	436	85	can	can	AUX
cjfa-20693	436	86	be	be	AUX
cjfa-20693	436	87	obtained	obtain	VERB
cjfa-20693	436	88	.	.	PUNCT
cjfa-20693	436	89	�	�	PROPN
cjfa-20693	436	90	�	�	PROPN
cjfa-20693	436	91	�	�	PROPN
cjfa-20693	436	92	�	�	PROPN
cjfa-20693	436	93	=	=	SYM
cjfa-20693	436	94	�	�	PROPN
cjfa-20693	436	95	�	�	PROPN
cjfa-20693	436	96	�	�	PROPN
cjfa-20693	436	97	�	�	PROPN
cjfa-20693	436	98	(	(	PUNCT
cjfa-20693	436	99	�	�	PROPN
cjfa-20693	436	100	�	�	PROPN
cjfa-20693	436	101	�	�	PROPN
cjfa-20693	436	102	�	�	PROPN
cjfa-20693	436	103	�	�	PROPN
cjfa-20693	436	104	�	�	PROPN
cjfa-20693	436	105	�	�	PROPN
cjfa-20693	436	106	�	�	PROPN
cjfa-20693	436	107	�	�	PROPN
cjfa-20693	436	108	�	�	PROPN
cjfa-20693	436	109	�	�	PROPN
cjfa-20693	436	110	�	�	PROPN
cjfa-20693	436	111	�	�	PROPN
cjfa-20693	436	112	�	�	PROPN
cjfa-20693	436	113	�	�	PROPN
cjfa-20693	436	114	)	)	PUNCT
cjfa-20693	436	115	�	�	PROPN
cjfa-20693	436	116	�	�	PROPN
cjfa-20693	436	117	�	�	PROPN
cjfa-20693	436	118	�	�	PROPN
cjfa-20693	436	119	�	�	PROPN
cjfa-20693	436	120	(	(	PUNCT
cjfa-20693	436	121	�	�	PROPN
cjfa-20693	436	122	�	�	PROPN
cjfa-20693	436	123	�	�	PROPN
cjfa-20693	436	124	)	)	PUNCT
cjfa-20693	436	125	�	�	PROPN
cjfa-20693	436	126	−	−	PROPN
cjfa-20693	436	127	�	�	PROPN
cjfa-20693	436	128	�	�	PROPN
cjfa-20693	436	129	�	�	PROPN
cjfa-20693	436	130	�	�	PROPN
cjfa-20693	436	131	�	�	PROPN
cjfa-20693	436	132	�	�	PROPN
cjfa-20693	436	133	>	>	X
cjfa-20693	436	134	0	0	NUM
cjfa-20693	436	135	（	（	PUNCT
cjfa-20693	436	136	10	10	NUM
cjfa-20693	436	137	）	）	PUNCT
cjfa-20693	436	138	according	accord	VERB
cjfa-20693	436	139	to	to	ADP
cjfa-20693	436	140	the	the	DET
cjfa-20693	436	141	assumption	assumption	NOUN
cjfa-20693	436	142	of	of	ADP
cjfa-20693	436	143	the	the	DET
cjfa-20693	436	144	model	model	NOUN
cjfa-20693	436	145	,	,	PUNCT
cjfa-20693	436	146	the	the	DET
cjfa-20693	436	147	upper	upper	ADJ
cjfa-20693	436	148	formula	formula	NOUN
cjfa-20693	436	149	is	be	AUX
cjfa-20693	436	150	always	always	ADV
cjfa-20693	436	151	positive	positive	ADJ
cjfa-20693	436	152	.	.	PUNCT
cjfa-20693	437	1	this	this	PRON
cjfa-20693	437	2	means	mean	VERB
cjfa-20693	437	3	that	that	SCONJ
cjfa-20693	437	4	at	at	ADP
cjfa-20693	437	5	the	the	DET
cjfa-20693	437	6	nash	nash	ADJ
cjfa-20693	437	7	equilibrium	equilibrium	NOUN
cjfa-20693	437	8	of	of	ADP
cjfa-20693	437	9	mixed	mixed	ADJ
cjfa-20693	437	10	strategy	strategy	NOUN
cjfa-20693	437	11	,	,	PUNCT
cjfa-20693	437	12	the	the	PRON
cjfa-20693	437	13	higher	high	ADJ
cjfa-20693	437	14	the	the	DET
cjfa-20693	437	15	discount	discount	NOUN
cjfa-20693	437	16	rate	rate	NOUN
cjfa-20693	437	17	,	,	PUNCT
cjfa-20693	437	18	i.e.	i.e.	X
cjfa-20693	437	19	the	the	DET
cjfa-20693	437	20	reward	reward	NOUN
cjfa-20693	437	21	rate	rate	NOUN
cjfa-20693	437	22	necessary	necessary	ADJ
cjfa-20693	437	23	for	for	ADP
cjfa-20693	437	24	a	a	DET
cjfa-20693	437	25	company	company	NOUN
cjfa-20693	437	26	's	's	PART
cjfa-20693	437	27	investment	investment	NOUN
cjfa-20693	437	28	project	project	NOUN
cjfa-20693	437	29	,	,	PUNCT
cjfa-20693	437	30	the	the	PRON
cjfa-20693	437	31	higher	high	ADJ
cjfa-20693	437	32	the	the	DET
cjfa-20693	437	33	level	level	NOUN
cjfa-20693	437	34	of	of	ADP
cjfa-20693	437	35	hard	hard	ADJ
cjfa-20693	437	36	work	work	NOUN
cjfa-20693	437	37	of	of	ADP
cjfa-20693	437	38	executives	executive	NOUN
cjfa-20693	437	39	.	.	PUNCT
cjfa-20693	438	1	at	at	ADP
cjfa-20693	438	2	this	this	DET
cjfa-20693	438	3	time	time	NOUN
cjfa-20693	438	4	,	,	PUNCT
cjfa-20693	438	5	the	the	DET
cjfa-20693	438	6	high	high	ADJ
cjfa-20693	438	7	rate	rate	NOUN
cjfa-20693	438	8	of	of	ADP
cjfa-20693	438	9	return	return	NOUN
cjfa-20693	438	10	on	on	ADP
cjfa-20693	438	11	investment	investment	NOUN
cjfa-20693	438	12	projects	project	NOUN
cjfa-20693	438	13	can	can	AUX
cjfa-20693	438	14	ensure	ensure	VERB
cjfa-20693	438	15	that	that	SCONJ
cjfa-20693	438	16	the	the	DET
cjfa-20693	438	17	company	company	NOUN
cjfa-20693	438	18	produces	produce	VERB
cjfa-20693	438	19	enough	enough	ADJ
cjfa-20693	438	20	cash	cash	NOUN
cjfa-20693	438	21	flow	flow	NOUN
cjfa-20693	438	22	to	to	PART
cjfa-20693	438	23	pay	pay	VERB
cjfa-20693	438	24	dividends	dividend	NOUN
cjfa-20693	438	25	,	,	PUNCT
cjfa-20693	438	26	so	so	SCONJ
cjfa-20693	438	27	executives	executive	NOUN
cjfa-20693	438	28	are	be	AUX
cjfa-20693	438	29	not	not	PART
cjfa-20693	438	30	afraid	afraid	ADJ
cjfa-20693	438	31	of	of	ADP
cjfa-20693	438	32	the	the	DET
cjfa-20693	438	33	policy	policy	NOUN
cjfa-20693	438	34	assessment	assessment	NOUN
cjfa-20693	438	35	of	of	ADP
cjfa-20693	438	36	regulatory	regulatory	ADJ
cjfa-20693	438	37	authorities	authority	NOUN
cjfa-20693	438	38	,	,	PUNCT
cjfa-20693	438	39	nor	nor	CCONJ
cjfa-20693	438	40	the	the	DET
cjfa-20693	438	41	benchmarking	benchmarke	VERB
cjfa-20693	438	42	effect	effect	NOUN
cjfa-20693	438	43	of	of	ADP
cjfa-20693	438	44	peers	peer	NOUN
cjfa-20693	438	45	and	and	CCONJ
cjfa-20693	438	46	competitive	competitive	ADJ
cjfa-20693	438	47	pressures	pressure	NOUN
cjfa-20693	438	48	,	,	PUNCT
cjfa-20693	438	49	thus	thus	ADV
cjfa-20693	438	50	feeling	feel	VERB
cjfa-20693	438	51	a	a	DET
cjfa-20693	438	52	bright	bright	ADJ
cjfa-20693	438	53	future	future	NOUN
cjfa-20693	438	54	and	and	CCONJ
cjfa-20693	438	55	full	full	ADJ
cjfa-20693	438	56	of	of	ADP
cjfa-20693	438	57	energy	energy	NOUN
cjfa-20693	438	58	.	.	PUNCT
cjfa-20693	439	1	(	(	PUNCT
cjfa-20693	439	2	ii	ii	NOUN
cjfa-20693	439	3	)	)	PUNCT
cjfa-20693	439	4	under	under	ADP
cjfa-20693	439	5	the	the	DET
cjfa-20693	439	6	assumption	assumption	NOUN
cjfa-20693	439	7	of	of	ADP
cjfa-20693	439	8	continuous	continuous	ADJ
cjfa-20693	439	9	derivability	derivability	NOUN
cjfa-20693	439	10	,	,	PUNCT
cjfa-20693	439	11	the	the	DET
cjfa-20693	439	12	first	first	ADJ
cjfa-20693	439	13	-	-	PUNCT
cjfa-20693	439	14	order	order	NOUN
cjfa-20693	439	15	partial	partial	ADJ
cjfa-20693	439	16	derivative	derivative	NOUN
cjfa-20693	439	17	of	of	ADP
cjfa-20693	439	18	managerial	managerial	ADJ
cjfa-20693	439	19	effort	effort	NOUN
cjfa-20693	439	20	e	e	NOUN
cjfa-20693	439	21	to	to	ADP
cjfa-20693	439	22	current	current	ADJ
cjfa-20693	439	23	capital	capital	NOUN
cjfa-20693	439	24	gain	gain	NOUN
cjfa-20693	439	25	�	�	PROPN
cjfa-20693	439	26	can	can	AUX
cjfa-20693	439	27	be	be	AUX
cjfa-20693	439	28	obtained	obtain	VERB
cjfa-20693	439	29	:	:	PUNCT
cjfa-20693	439	30	�	�	PROPN
cjfa-20693	439	31	�	�	PROPN
cjfa-20693	439	32	�	�	PROPN
cjfa-20693	439	33	�	�	PROPN
cjfa-20693	439	34	=	=	SYM
cjfa-20693	439	35	�	�	PROPN
cjfa-20693	439	36	�	�	PROPN
cjfa-20693	439	37	�	�	PROPN
cjfa-20693	439	38	�	�	PROPN
cjfa-20693	439	39	�	�	PROPN
cjfa-20693	439	40	�	�	PROPN
cjfa-20693	439	41	�	�	PROPN
cjfa-20693	439	42	�	�	PROPN
cjfa-20693	439	43	�	�	PROPN
cjfa-20693	439	44	�	�	PROPN
cjfa-20693	439	45	�	�	PROPN
cjfa-20693	439	46	�	�	PROPN
cjfa-20693	439	47	�	�	PROPN
cjfa-20693	439	48	�	�	PROPN
cjfa-20693	439	49	�	�	PROPN
cjfa-20693	439	50	�	�	PROPN
cjfa-20693	439	51	�	�	PROPN
cjfa-20693	439	52	�	�	PROPN
cjfa-20693	439	53	>	>	X
cjfa-20693	439	54	0	0	PUNCT
cjfa-20693	440	1	（	（	PUNCT
cjfa-20693	440	2	11	11	NUM
cjfa-20693	440	3	）	）	NOUN
cjfa-20693	440	4	this	this	PRON
cjfa-20693	440	5	shows	show	VERB
cjfa-20693	440	6	that	that	SCONJ
cjfa-20693	440	7	the	the	DET
cjfa-20693	440	8	market	market	NOUN
cjfa-20693	440	9	performance	performance	NOUN
cjfa-20693	440	10	of	of	ADP
cjfa-20693	440	11	corporate	corporate	ADJ
cjfa-20693	440	12	stock	stock	NOUN
cjfa-20693	440	13	is	be	AUX
cjfa-20693	440	14	positively	positively	ADV
cjfa-20693	440	15	correlated	correlate	VERB
cjfa-20693	440	16	with	with	ADP
cjfa-20693	440	17	the	the	DET
cjfa-20693	440	18	managers	manager	NOUN
cjfa-20693	440	19	'	'	PART
cjfa-20693	440	20	hard	hard	ADJ
cjfa-20693	440	21	work	work	NOUN
cjfa-20693	440	22	,	,	PUNCT
cjfa-20693	440	23	that	that	ADV
cjfa-20693	440	24	is	is	ADV
cjfa-20693	440	25	,	,	PUNCT
cjfa-20693	440	26	the	the	PRON
cjfa-20693	440	27	higher	high	ADJ
cjfa-20693	440	28	the	the	DET
cjfa-20693	440	29	stock	stock	NOUN
cjfa-20693	440	30	price	price	NOUN
cjfa-20693	440	31	,	,	PUNCT
cjfa-20693	440	32	the	the	DET
cjfa-20693	440	33	more	more	ADJ
cjfa-20693	440	34	incentive	incentive	NOUN
cjfa-20693	440	35	the	the	DET
cjfa-20693	440	36	managers	manager	NOUN
cjfa-20693	440	37	to	to	PART
cjfa-20693	440	38	work	work	VERB
cjfa-20693	440	39	hard	hard	ADV
cjfa-20693	440	40	,	,	PUNCT
cjfa-20693	440	41	because	because	SCONJ
cjfa-20693	440	42	not	not	PART
cjfa-20693	440	43	only	only	ADV
cjfa-20693	440	44	their	their	PRON
cjfa-20693	440	45	work	work	NOUN
cjfa-20693	440	46	can	can	AUX
cjfa-20693	440	47	be	be	AUX
cjfa-20693	440	48	affirmed	affirm	VERB
cjfa-20693	440	49	by	by	ADP
cjfa-20693	440	50	the	the	DET
cjfa-20693	440	51	market	market	NOUN
cjfa-20693	440	52	,	,	PUNCT
cjfa-20693	440	53	but	but	CCONJ
cjfa-20693	440	54	also	also	ADV
cjfa-20693	440	55	the	the	DET
cjfa-20693	440	56	stock	stock	NOUN
cjfa-20693	440	57	price	price	NOUN
cjfa-20693	440	58	rise	rise	NOUN
cjfa-20693	440	59	can	can	AUX
cjfa-20693	440	60	attract	attract	VERB
cjfa-20693	440	61	more	more	ADJ
cjfa-20693	440	62	investors	investor	NOUN
cjfa-20693	440	63	to	to	PART
cjfa-20693	440	64	hold	hold	VERB
cjfa-20693	440	65	corporate	corporate	ADJ
cjfa-20693	440	66	stock	stock	NOUN
cjfa-20693	440	67	.	.	PUNCT
cjfa-20693	441	1	at	at	ADP
cjfa-20693	441	2	the	the	DET
cjfa-20693	441	3	same	same	ADJ
cjfa-20693	441	4	time	time	NOUN
cjfa-20693	441	5	,	,	PUNCT
cjfa-20693	441	6	since	since	SCONJ
cjfa-20693	441	7	the	the	DET
cjfa-20693	441	8	stock	stock	NOUN
cjfa-20693	441	9	price	price	NOUN
cjfa-20693	441	10	is	be	AUX
cjfa-20693	441	11	based	base	VERB
cjfa-20693	441	12	on	on	ADP
cjfa-20693	441	13	the	the	DET
cjfa-20693	441	14	company	company	NOUN
cjfa-20693	441	15	's	's	PART
cjfa-20693	441	16	performance	performance	NOUN
cjfa-20693	441	17	,	,	PUNCT
cjfa-20693	441	18	which	which	PRON
cjfa-20693	441	19	means	mean	VERB
cjfa-20693	441	20	that	that	SCONJ
cjfa-20693	441	21	the	the	DET
cjfa-20693	441	22	company	company	NOUN
cjfa-20693	441	23	can	can	AUX
cjfa-20693	441	24	provide	provide	VERB
cjfa-20693	441	25	enough	enough	ADJ
cjfa-20693	441	26	cash	cash	NOUN
cjfa-20693	441	27	flow	flow	NOUN
cjfa-20693	441	28	for	for	ADP
cjfa-20693	441	29	cash	cash	NOUN
cjfa-20693	441	30	dividend	dividend	NOUN
cjfa-20693	441	31	,	,	PUNCT
cjfa-20693	441	32	so	so	SCONJ
cjfa-20693	441	33	executives	executive	NOUN
cjfa-20693	441	34	need	need	AUX
cjfa-20693	441	35	not	not	PART
cjfa-20693	441	36	worry	worry	VERB
cjfa-20693	441	37	about	about	ADP
cjfa-20693	441	38	their	their	PRON
cjfa-20693	441	39	own	own	ADJ
cjfa-20693	441	40	dividend	dividend	NOUN
cjfa-20693	441	41	pressure	pressure	NOUN
cjfa-20693	441	42	,	,	PUNCT
cjfa-20693	441	43	so	so	SCONJ
cjfa-20693	441	44	they	they	PRON
cjfa-20693	441	45	can	can	AUX
cjfa-20693	441	46	be	be	AUX
cjfa-20693	441	47	light	light	ADV
cjfa-20693	441	48	-	-	PUNCT
cjfa-20693	441	49	loaded	load	VERB
cjfa-20693	441	50	,	,	PUNCT
cjfa-20693	441	51	without	without	ADP
cjfa-20693	441	52	worries	worry	NOUN
cjfa-20693	441	53	,	,	PUNCT
cjfa-20693	441	54	and	and	CCONJ
cjfa-20693	441	55	work	work	VERB
cjfa-20693	441	56	hard	hard	ADV
cjfa-20693	441	57	with	with	ADP
cjfa-20693	441	58	all	all	DET
cjfa-20693	441	59	their	their	PRON
cjfa-20693	441	60	heart	heart	NOUN
cjfa-20693	441	61	and	and	CCONJ
cjfa-20693	441	62	soul	soul	NOUN
cjfa-20693	441	63	.	.	PUNCT
cjfa-20693	442	1	(	(	PUNCT
cjfa-20693	442	2	iii	iii	NOUN
cjfa-20693	442	3	)	)	PUNCT
cjfa-20693	442	4	under	under	ADP
cjfa-20693	442	5	the	the	DET
cjfa-20693	442	6	assumption	assumption	NOUN
cjfa-20693	442	7	of	of	ADP
cjfa-20693	442	8	continuous	continuous	ADJ
cjfa-20693	442	9	differentiability	differentiability	NOUN
cjfa-20693	442	10	,	,	PUNCT
cjfa-20693	442	11	the	the	DET
cjfa-20693	442	12	partial	partial	ADJ
cjfa-20693	442	13	derivative	derivative	NOUN
cjfa-20693	442	14	of	of	ADP
cjfa-20693	442	15	managerial	managerial	ADJ
cjfa-20693	442	16	effort	effort	NOUN
cjfa-20693	442	17	degree	degree	NOUN
cjfa-20693	442	18	e	e	NOUN
cjfa-20693	442	19	to	to	PART
cjfa-20693	442	20	shareholder	shareholder	NOUN
cjfa-20693	442	21	increase	increase	VERB
cjfa-20693	442	22	ratio	ratio	NOUN
cjfa-20693	442	23	�	�	PROPN
cjfa-20693	442	24	can	can	AUX
cjfa-20693	442	25	be	be	AUX
cjfa-20693	442	26	obtained	obtain	VERB
cjfa-20693	442	27	.	.	PUNCT
cjfa-20693	443	1	(	(	PUNCT
cjfa-20693	443	2	10	10	NUM
cjfa-20693	443	3	)	)	PUNCT
cjfa-20693	443	4	according	accord	VERB
cjfa-20693	443	5	to	to	ADP
cjfa-20693	443	6	the	the	DET
cjfa-20693	443	7	assumption	assumption	NOUN
cjfa-20693	443	8	of	of	ADP
cjfa-20693	443	9	the	the	DET
cjfa-20693	443	10	model	model	NOUN
cjfa-20693	443	11	,	,	PUNCT
cjfa-20693	443	12	the	the	DET
cjfa-20693	443	13	upper	upper	ADJ
cjfa-20693	443	14	formula	formula	NOUN
cjfa-20693	443	15	is	be	AUX
cjfa-20693	443	16	always	always	ADV
cjfa-20693	443	17	positive	positive	ADJ
cjfa-20693	443	18	.	.	PUNCT
cjfa-20693	444	1	this	this	PRON
cjfa-20693	444	2	means	mean	VERB
cjfa-20693	444	3	that	that	SCONJ
cjfa-20693	444	4	at	at	ADP
cjfa-20693	444	5	the	the	DET
cjfa-20693	444	6	nash	nash	ADJ
cjfa-20693	444	7	equilibrium	equilibrium	NOUN
cjfa-20693	444	8	of	of	ADP
cjfa-20693	444	9	mixed	mixed	ADJ
cjfa-20693	444	10	strategy	strategy	NOUN
cjfa-20693	444	11	,	,	PUNCT
cjfa-20693	444	12	the	the	PRON
cjfa-20693	444	13	higher	high	ADJ
cjfa-20693	444	14	the	the	DET
cjfa-20693	444	15	discount	discount	NOUN
cjfa-20693	444	16	rate	rate	NOUN
cjfa-20693	444	17	,	,	PUNCT
cjfa-20693	444	18	i.e.	i.e.	X
cjfa-20693	444	19	the	the	DET
cjfa-20693	444	20	reward	reward	NOUN
cjfa-20693	444	21	rate	rate	NOUN
cjfa-20693	444	22	necessary	necessary	ADJ
cjfa-20693	444	23	for	for	ADP
cjfa-20693	444	24	a	a	DET
cjfa-20693	444	25	company	company	NOUN
cjfa-20693	444	26	’s	’s	PART
cjfa-20693	444	27	investment	investment	NOUN
cjfa-20693	444	28	project	project	NOUN
cjfa-20693	444	29	,	,	PUNCT
cjfa-20693	444	30	the	the	PRON
cjfa-20693	444	31	higher	high	ADJ
cjfa-20693	444	32	the	the	DET
cjfa-20693	444	33	level	level	NOUN
cjfa-20693	444	34	of	of	ADP
cjfa-20693	444	35	hard	hard	ADJ
cjfa-20693	444	36	work	work	NOUN
cjfa-20693	444	37	of	of	ADP
cjfa-20693	444	38	executives	executive	NOUN
cjfa-20693	444	39	.	.	PUNCT
cjfa-20693	445	1	at	at	ADP
cjfa-20693	445	2	this	this	DET
cjfa-20693	445	3	time	time	NOUN
cjfa-20693	445	4	,	,	PUNCT
cjfa-20693	445	5	the	the	DET
cjfa-20693	445	6	high	high	ADJ
cjfa-20693	445	7	rate	rate	NOUN
cjfa-20693	445	8	of	of	ADP
cjfa-20693	445	9	return	return	NOUN
cjfa-20693	445	10	on	on	ADP
cjfa-20693	445	11	investment	investment	NOUN
cjfa-20693	445	12	projects	project	NOUN
cjfa-20693	445	13	can	can	AUX
cjfa-20693	445	14	ensure	ensure	VERB
cjfa-20693	445	15	that	that	SCONJ
cjfa-20693	445	16	the	the	DET
cjfa-20693	445	17	company	company	NOUN
cjfa-20693	445	18	produces	produce	VERB
cjfa-20693	445	19	enough	enough	ADJ
cjfa-20693	445	20	cash	cash	NOUN
cjfa-20693	445	21	flow	flow	NOUN
cjfa-20693	445	22	to	to	PART
cjfa-20693	445	23	pay	pay	VERB
cjfa-20693	445	24	dividends	dividend	NOUN
cjfa-20693	445	25	,	,	PUNCT
cjfa-20693	445	26	so	so	SCONJ
cjfa-20693	445	27	executives	executive	NOUN
cjfa-20693	445	28	are	be	AUX
cjfa-20693	445	29	not	not	PART
cjfa-20693	445	30	afraid	afraid	ADJ
cjfa-20693	445	31	of	of	ADP
cjfa-20693	445	32	the	the	DET
cjfa-20693	445	33	policy	policy	NOUN
cjfa-20693	445	34	assessment	assessment	NOUN
cjfa-20693	445	35	of	of	ADP
cjfa-20693	445	36	regulatory	regulatory	ADJ
cjfa-20693	445	37	authorities	authority	NOUN
cjfa-20693	445	38	,	,	PUNCT
cjfa-20693	445	39	nor	nor	CCONJ
cjfa-20693	445	40	the	the	DET
cjfa-20693	445	41	benchmarking	benchmarke	VERB
cjfa-20693	445	42	effect	effect	NOUN
cjfa-20693	445	43	of	of	ADP
cjfa-20693	445	44	peers	peer	NOUN
cjfa-20693	445	45	and	and	CCONJ
cjfa-20693	445	46	competitive	competitive	ADJ
cjfa-20693	445	47	pressures	pressure	NOUN
cjfa-20693	445	48	,	,	PUNCT
cjfa-20693	445	49	thus	thus	ADV
cjfa-20693	445	50	feeling	feel	VERB
cjfa-20693	445	51	a	a	DET
cjfa-20693	445	52	bright	bright	ADJ
cjfa-20693	445	53	future	future	NOUN
cjfa-20693	445	54	and	and	CCONJ
cjfa-20693	445	55	full	full	ADJ
cjfa-20693	445	56	of	of	ADP
cjfa-20693	445	57	energy	energy	NOUN
cjfa-20693	445	58	.	.	PUNCT
cjfa-20693	446	1	(	(	PUNCT
cjfa-20693	446	2	ii	ii	NOUN
cjfa-20693	446	3	)	)	PUNCT
cjfa-20693	446	4	under	under	ADP
cjfa-20693	446	5	the	the	DET
cjfa-20693	446	6	assumption	assumption	NOUN
cjfa-20693	446	7	of	of	ADP
cjfa-20693	446	8	continuous	continuous	ADJ
cjfa-20693	446	9	derivability	derivability	NOUN
cjfa-20693	446	10	,	,	PUNCT
cjfa-20693	446	11	the	the	DET
cjfa-20693	446	12	first	first	ADJ
cjfa-20693	446	13	-	-	PUNCT
cjfa-20693	446	14	order	order	NOUN
cjfa-20693	446	15	partial	partial	ADJ
cjfa-20693	446	16	derivative	derivative	NOUN
cjfa-20693	446	17	of	of	ADP
cjfa-20693	446	18	managerial	managerial	ADJ
cjfa-20693	446	19	effort	effort	NOUN
cjfa-20693	446	20	e	e	NOUN
cjfa-20693	446	21	to	to	ADP
cjfa-20693	446	22	current	current	ADJ
cjfa-20693	446	23	capital	capital	NOUN
cjfa-20693	446	24	gain	gain	NOUN
cjfa-20693	446	25	β	β	NOUN
cjfa-20693	446	26	can	can	AUX
cjfa-20693	446	27	be	be	AUX
cjfa-20693	446	28	obtained	obtain	VERB
cjfa-20693	446	29	:	:	PUNCT
cjfa-20693	446	30	at	at	ADP
cjfa-20693	446	31	this	this	DET
cjfa-20693	446	32	time	time	NOUN
cjfa-20693	446	33	,	,	PUNCT
cjfa-20693	446	34	for	for	ADP
cjfa-20693	446	35	shareholders	shareholder	NOUN
cjfa-20693	446	36	,	,	PUNCT
cjfa-20693	446	37	if	if	SCONJ
cjfa-20693	446	38	the	the	DET
cjfa-20693	446	39	compulsory	compulsory	ADJ
cjfa-20693	446	40	dividend	dividend	NOUN
cjfa-20693	446	41	system	system	NOUN
cjfa-20693	446	42	is	be	AUX
cjfa-20693	446	43	implemented	implement	VERB
cjfa-20693	446	44	,	,	PUNCT
cjfa-20693	447	1	the	the	DET
cjfa-20693	447	2	dividend	dividend	NOUN
cjfa-20693	447	3	probability	probability	NOUN
cjfa-20693	447	4	p	p	X
cjfa-20693	447	5	=	=	SYM
cjfa-20693	447	6	1	1	NUM
cjfa-20693	447	7	is	be	AUX
cjfa-20693	447	8	always	always	ADV
cjfa-20693	447	9	valid	valid	ADJ
cjfa-20693	447	10	on	on	ADP
cjfa-20693	447	11	nash	nash	PROPN
cjfa-20693	447	12	equilibrium	equilibrium	NOUN
cjfa-20693	447	13	,	,	PUNCT
cjfa-20693	447	14	and	and	CCONJ
cjfa-20693	447	15	this	this	DET
cjfa-20693	447	16	result	result	NOUN
cjfa-20693	447	17	can	can	AUX
cjfa-20693	447	18	be	be	AUX
cjfa-20693	447	19	brought	bring	VERB
cjfa-20693	447	20	into	into	ADP
cjfa-20693	447	21	equilibrium	equilibrium	NOUN
cjfa-20693	447	22	conditions	condition	NOUN
cjfa-20693	447	23	.	.	PUNCT
cjfa-20693	448	1	�	�	PROPN
cjfa-20693	448	2	=	=	SYM
cjfa-20693	448	3	�	�	PROPN
cjfa-20693	448	4	�	�	PROPN
cjfa-20693	448	5	�	�	PROPN
cjfa-20693	448	6	(	(	PUNCT
cjfa-20693	448	7	�	�	PROPN
cjfa-20693	448	8	�	�	PROPN
cjfa-20693	448	9	�	�	PROPN
cjfa-20693	448	10	�	�	PROPN
cjfa-20693	448	11	�	�	PROPN
cjfa-20693	448	12	�	�	PROPN
cjfa-20693	448	13	�	�	PROPN
cjfa-20693	448	14	�	�	PROPN
cjfa-20693	448	15	�	�	PROPN
cjfa-20693	448	16	�	�	PROPN
cjfa-20693	448	17	�	�	PROPN
cjfa-20693	448	18	�	�	PROPN
cjfa-20693	448	19	�	�	PROPN
cjfa-20693	448	20	�	�	PROPN
cjfa-20693	448	21	�	�	PROPN
cjfa-20693	448	22	)	)	PUNCT
cjfa-20693	448	23	（	（	PUNCT
cjfa-20693	449	1	9	9	NUM
cjfa-20693	449	2	）	）	SYM
cjfa-20693	449	3	this	this	PRON
cjfa-20693	449	4	means	mean	VERB
cjfa-20693	449	5	that	that	SCONJ
cjfa-20693	449	6	,	,	PUNCT
cjfa-20693	449	7	under	under	ADP
cjfa-20693	449	8	the	the	DET
cjfa-20693	449	9	influence	influence	NOUN
cjfa-20693	449	10	of	of	ADP
cjfa-20693	449	11	mandatory	mandatory	ADJ
cjfa-20693	449	12	dividend	dividend	NOUN
cjfa-20693	449	13	policy	policy	NOUN
cjfa-20693	449	14	,	,	PUNCT
cjfa-20693	449	15	the	the	DET
cjfa-20693	449	16	degree	degree	NOUN
cjfa-20693	449	17	of	of	ADP
cjfa-20693	449	18	executives	executive	NOUN
cjfa-20693	449	19	'	'	PART
cjfa-20693	449	20	work	work	NOUN
cjfa-20693	449	21	effort	effort	NOUN
cjfa-20693	449	22	e	e	NOUN
cjfa-20693	449	23	depends	depend	VERB
cjfa-20693	449	24	on	on	ADP
cjfa-20693	449	25	the	the	DET
cjfa-20693	449	26	discount	discount	NOUN
cjfa-20693	449	27	rate	rate	NOUN
cjfa-20693	449	28	r	r	NOUN
cjfa-20693	449	29	,	,	PUNCT
cjfa-20693	449	30	the	the	DET
cjfa-20693	449	31	current	current	ADJ
cjfa-20693	449	32	capital	capital	NOUN
cjfa-20693	449	33	gain	gain	VERB
cjfa-20693	449	34	�	�	PROPN
cjfa-20693	449	35	of	of	ADP
cjfa-20693	449	36	the	the	DET
cjfa-20693	449	37	company	company	NOUN
cjfa-20693	449	38	's	's	PART
cjfa-20693	449	39	stock	stock	NOUN
cjfa-20693	449	40	and	and	CCONJ
cjfa-20693	449	41	the	the	DET
cjfa-20693	449	42	shareholder	shareholder	NOUN
cjfa-20693	449	43	's	's	PART
cjfa-20693	449	44	increase	increase	NOUN
cjfa-20693	449	45	ratio	ratio	NOUN
cjfa-20693	449	46	�	�	PROPN
cjfa-20693	449	47	,	,	PUNCT
cjfa-20693	449	48	the	the	DET
cjfa-20693	449	49	dividend	dividend	NOUN
cjfa-20693	449	50	growth	growth	NOUN
cjfa-20693	449	51	rate	rate	NOUN
cjfa-20693	449	52	g	g	PROPN
cjfa-20693	449	53	,	,	PUNCT
cjfa-20693	449	54	the	the	DET
cjfa-20693	449	55	dividend	dividend	NOUN
cjfa-20693	449	56	distribution	distribution	NOUN
cjfa-20693	449	57	ratio	ratio	NOUN
cjfa-20693	449	58	�	�	PROPN
cjfa-20693	449	59	,	,	PUNCT
cjfa-20693	449	60	etc	etc	X
cjfa-20693	449	61	.	.	X
cjfa-20693	449	62	(	(	PUNCT
cjfa-20693	449	63	i	i	NOUN
cjfa-20693	449	64	)	)	PUNCT
cjfa-20693	449	65	under	under	ADP
cjfa-20693	449	66	the	the	DET
cjfa-20693	449	67	assumption	assumption	NOUN
cjfa-20693	449	68	of	of	ADP
cjfa-20693	449	69	continuous	continuous	ADJ
cjfa-20693	449	70	derivability	derivability	NOUN
cjfa-20693	449	71	,	,	PUNCT
cjfa-20693	449	72	the	the	DET
cjfa-20693	449	73	first	first	ADJ
cjfa-20693	449	74	-	-	PUNCT
cjfa-20693	449	75	order	order	NOUN
cjfa-20693	449	76	partial	partial	ADJ
cjfa-20693	449	77	derivative	derivative	NOUN
cjfa-20693	449	78	of	of	ADP
cjfa-20693	449	79	executive	executive	ADJ
cjfa-20693	449	80	effort	effort	NOUN
cjfa-20693	449	81	e	e	X
cjfa-20693	449	82	to	to	PART
cjfa-20693	449	83	dividend	dividend	VERB
cjfa-20693	449	84	ratio	ratio	NOUN
cjfa-20693	449	85	can	can	AUX
cjfa-20693	449	86	be	be	AUX
cjfa-20693	449	87	obtained	obtain	VERB
cjfa-20693	449	88	.	.	PUNCT
cjfa-20693	449	89	�	�	PROPN
cjfa-20693	449	90	�	�	PROPN
cjfa-20693	449	91	�	�	PROPN
cjfa-20693	449	92	�	�	PROPN
cjfa-20693	449	93	=	=	SYM
cjfa-20693	449	94	�	�	PROPN
cjfa-20693	449	95	�	�	PROPN
cjfa-20693	449	96	�	�	PROPN
cjfa-20693	449	97	�	�	PROPN
cjfa-20693	449	98	(	(	PUNCT
cjfa-20693	449	99	�	�	PROPN
cjfa-20693	449	100	�	�	PROPN
cjfa-20693	449	101	�	�	PROPN
cjfa-20693	449	102	�	�	PROPN
cjfa-20693	449	103	�	�	PROPN
cjfa-20693	449	104	�	�	PROPN
cjfa-20693	449	105	�	�	PROPN
cjfa-20693	449	106	�	�	PROPN
cjfa-20693	449	107	�	�	PROPN
cjfa-20693	449	108	�	�	PROPN
cjfa-20693	449	109	�	�	PROPN
cjfa-20693	449	110	�	�	PROPN
cjfa-20693	449	111	�	�	PROPN
cjfa-20693	449	112	�	�	PROPN
cjfa-20693	449	113	�	�	PROPN
cjfa-20693	449	114	)	)	PUNCT
cjfa-20693	449	115	�	�	PROPN
cjfa-20693	449	116	�	�	PROPN
cjfa-20693	449	117	�	�	PROPN
cjfa-20693	449	118	�	�	PROPN
cjfa-20693	449	119	�	�	PROPN
cjfa-20693	449	120	(	(	PUNCT
cjfa-20693	449	121	�	�	PROPN
cjfa-20693	449	122	�	�	PROPN
cjfa-20693	449	123	�	�	PROPN
cjfa-20693	449	124	)	)	PUNCT
cjfa-20693	449	125	�	�	PROPN
cjfa-20693	449	126	−	−	PROPN
cjfa-20693	449	127	�	�	PROPN
cjfa-20693	449	128	�	�	PROPN
cjfa-20693	449	129	�	�	PROPN
cjfa-20693	449	130	�	�	PROPN
cjfa-20693	449	131	�	�	PROPN
cjfa-20693	449	132	�	�	PROPN
cjfa-20693	449	133	>	>	X
cjfa-20693	449	134	0	0	NUM
cjfa-20693	449	135	（	（	PUNCT
cjfa-20693	449	136	10	10	NUM
cjfa-20693	449	137	）	）	PUNCT
cjfa-20693	449	138	according	accord	VERB
cjfa-20693	449	139	to	to	ADP
cjfa-20693	449	140	the	the	DET
cjfa-20693	449	141	assumption	assumption	NOUN
cjfa-20693	449	142	of	of	ADP
cjfa-20693	449	143	the	the	DET
cjfa-20693	449	144	model	model	NOUN
cjfa-20693	449	145	,	,	PUNCT
cjfa-20693	449	146	the	the	DET
cjfa-20693	449	147	upper	upper	ADJ
cjfa-20693	449	148	formula	formula	NOUN
cjfa-20693	449	149	is	be	AUX
cjfa-20693	449	150	always	always	ADV
cjfa-20693	449	151	positive	positive	ADJ
cjfa-20693	449	152	.	.	PUNCT
cjfa-20693	450	1	this	this	PRON
cjfa-20693	450	2	means	mean	VERB
cjfa-20693	450	3	that	that	SCONJ
cjfa-20693	450	4	at	at	ADP
cjfa-20693	450	5	the	the	DET
cjfa-20693	450	6	nash	nash	ADJ
cjfa-20693	450	7	equilibrium	equilibrium	NOUN
cjfa-20693	450	8	of	of	ADP
cjfa-20693	450	9	mixed	mixed	ADJ
cjfa-20693	450	10	strategy	strategy	NOUN
cjfa-20693	450	11	,	,	PUNCT
cjfa-20693	450	12	the	the	PRON
cjfa-20693	450	13	higher	high	ADJ
cjfa-20693	450	14	the	the	DET
cjfa-20693	450	15	discount	discount	NOUN
cjfa-20693	450	16	rate	rate	NOUN
cjfa-20693	450	17	,	,	PUNCT
cjfa-20693	450	18	i.e.	i.e.	X
cjfa-20693	450	19	the	the	DET
cjfa-20693	450	20	reward	reward	NOUN
cjfa-20693	450	21	rate	rate	NOUN
cjfa-20693	450	22	necessary	necessary	ADJ
cjfa-20693	450	23	for	for	ADP
cjfa-20693	450	24	a	a	DET
cjfa-20693	450	25	company	company	NOUN
cjfa-20693	450	26	's	's	PART
cjfa-20693	450	27	investment	investment	NOUN
cjfa-20693	450	28	project	project	NOUN
cjfa-20693	450	29	,	,	PUNCT
cjfa-20693	450	30	the	the	PRON
cjfa-20693	450	31	higher	high	ADJ
cjfa-20693	450	32	the	the	DET
cjfa-20693	450	33	level	level	NOUN
cjfa-20693	450	34	of	of	ADP
cjfa-20693	450	35	hard	hard	ADJ
cjfa-20693	450	36	work	work	NOUN
cjfa-20693	450	37	of	of	ADP
cjfa-20693	450	38	executives	executive	NOUN
cjfa-20693	450	39	.	.	PUNCT
cjfa-20693	451	1	at	at	ADP
cjfa-20693	451	2	this	this	DET
cjfa-20693	451	3	time	time	NOUN
cjfa-20693	451	4	,	,	PUNCT
cjfa-20693	451	5	the	the	DET
cjfa-20693	451	6	high	high	ADJ
cjfa-20693	451	7	rate	rate	NOUN
cjfa-20693	451	8	of	of	ADP
cjfa-20693	451	9	return	return	NOUN
cjfa-20693	451	10	on	on	ADP
cjfa-20693	451	11	investment	investment	NOUN
cjfa-20693	451	12	projects	project	NOUN
cjfa-20693	451	13	can	can	AUX
cjfa-20693	451	14	ensure	ensure	VERB
cjfa-20693	451	15	that	that	SCONJ
cjfa-20693	451	16	the	the	DET
cjfa-20693	451	17	company	company	NOUN
cjfa-20693	451	18	produces	produce	VERB
cjfa-20693	451	19	enough	enough	ADJ
cjfa-20693	451	20	cash	cash	NOUN
cjfa-20693	451	21	flow	flow	NOUN
cjfa-20693	451	22	to	to	PART
cjfa-20693	451	23	pay	pay	VERB
cjfa-20693	451	24	dividends	dividend	NOUN
cjfa-20693	451	25	,	,	PUNCT
cjfa-20693	451	26	so	so	SCONJ
cjfa-20693	451	27	executives	executive	NOUN
cjfa-20693	451	28	are	be	AUX
cjfa-20693	451	29	not	not	PART
cjfa-20693	451	30	afraid	afraid	ADJ
cjfa-20693	451	31	of	of	ADP
cjfa-20693	451	32	the	the	DET
cjfa-20693	451	33	policy	policy	NOUN
cjfa-20693	451	34	assessment	assessment	NOUN
cjfa-20693	451	35	of	of	ADP
cjfa-20693	451	36	regulatory	regulatory	ADJ
cjfa-20693	451	37	authorities	authority	NOUN
cjfa-20693	451	38	,	,	PUNCT
cjfa-20693	451	39	nor	nor	CCONJ
cjfa-20693	451	40	the	the	DET
cjfa-20693	451	41	benchmarking	benchmarke	VERB
cjfa-20693	451	42	effect	effect	NOUN
cjfa-20693	451	43	of	of	ADP
cjfa-20693	451	44	peers	peer	NOUN
cjfa-20693	451	45	and	and	CCONJ
cjfa-20693	451	46	competitive	competitive	ADJ
cjfa-20693	451	47	pressures	pressure	NOUN
cjfa-20693	451	48	,	,	PUNCT
cjfa-20693	451	49	thus	thus	ADV
cjfa-20693	451	50	feeling	feel	VERB
cjfa-20693	451	51	a	a	DET
cjfa-20693	451	52	bright	bright	ADJ
cjfa-20693	451	53	future	future	NOUN
cjfa-20693	451	54	and	and	CCONJ
cjfa-20693	451	55	full	full	ADJ
cjfa-20693	451	56	of	of	ADP
cjfa-20693	451	57	energy	energy	NOUN
cjfa-20693	451	58	.	.	PUNCT
cjfa-20693	452	1	(	(	PUNCT
cjfa-20693	452	2	ii	ii	NOUN
cjfa-20693	452	3	)	)	PUNCT
cjfa-20693	452	4	under	under	ADP
cjfa-20693	452	5	the	the	DET
cjfa-20693	452	6	assumption	assumption	NOUN
cjfa-20693	452	7	of	of	ADP
cjfa-20693	452	8	continuous	continuous	ADJ
cjfa-20693	452	9	derivability	derivability	NOUN
cjfa-20693	452	10	,	,	PUNCT
cjfa-20693	452	11	the	the	DET
cjfa-20693	452	12	first	first	ADJ
cjfa-20693	452	13	-	-	PUNCT
cjfa-20693	452	14	order	order	NOUN
cjfa-20693	452	15	partial	partial	ADJ
cjfa-20693	452	16	derivative	derivative	NOUN
cjfa-20693	452	17	of	of	ADP
cjfa-20693	452	18	managerial	managerial	ADJ
cjfa-20693	452	19	effort	effort	NOUN
cjfa-20693	452	20	e	e	NOUN
cjfa-20693	452	21	to	to	ADP
cjfa-20693	452	22	current	current	ADJ
cjfa-20693	452	23	capital	capital	NOUN
cjfa-20693	452	24	gain	gain	NOUN
cjfa-20693	452	25	�	�	PROPN
cjfa-20693	452	26	can	can	AUX
cjfa-20693	452	27	be	be	AUX
cjfa-20693	452	28	obtained	obtain	VERB
cjfa-20693	452	29	:	:	PUNCT
cjfa-20693	452	30	�	�	PROPN
cjfa-20693	452	31	�	�	PROPN
cjfa-20693	452	32	�	�	PROPN
cjfa-20693	452	33	�	�	PROPN
cjfa-20693	452	34	=	=	SYM
cjfa-20693	452	35	�	�	PROPN
cjfa-20693	452	36	�	�	PROPN
cjfa-20693	452	37	�	�	PROPN
cjfa-20693	452	38	�	�	PROPN
cjfa-20693	452	39	�	�	PROPN
cjfa-20693	452	40	�	�	PROPN
cjfa-20693	452	41	�	�	PROPN
cjfa-20693	452	42	�	�	PROPN
cjfa-20693	452	43	�	�	PROPN
cjfa-20693	452	44	�	�	PROPN
cjfa-20693	452	45	�	�	PROPN
cjfa-20693	452	46	�	�	PROPN
cjfa-20693	452	47	�	�	PROPN
cjfa-20693	452	48	�	�	PROPN
cjfa-20693	452	49	�	�	PROPN
cjfa-20693	452	50	�	�	PROPN
cjfa-20693	452	51	�	�	PROPN
cjfa-20693	452	52	�	�	PROPN
cjfa-20693	452	53	>	>	X
cjfa-20693	452	54	0	0	PUNCT
cjfa-20693	453	1	（	（	PUNCT
cjfa-20693	453	2	11	11	NUM
cjfa-20693	453	3	）	）	NOUN
cjfa-20693	453	4	this	this	PRON
cjfa-20693	453	5	shows	show	VERB
cjfa-20693	453	6	that	that	SCONJ
cjfa-20693	453	7	the	the	DET
cjfa-20693	453	8	market	market	NOUN
cjfa-20693	453	9	performance	performance	NOUN
cjfa-20693	453	10	of	of	ADP
cjfa-20693	453	11	corporate	corporate	ADJ
cjfa-20693	453	12	stock	stock	NOUN
cjfa-20693	453	13	is	be	AUX
cjfa-20693	453	14	positively	positively	ADV
cjfa-20693	453	15	correlated	correlate	VERB
cjfa-20693	453	16	with	with	ADP
cjfa-20693	453	17	the	the	DET
cjfa-20693	453	18	managers	manager	NOUN
cjfa-20693	453	19	'	'	PART
cjfa-20693	453	20	hard	hard	ADJ
cjfa-20693	453	21	work	work	NOUN
cjfa-20693	453	22	,	,	PUNCT
cjfa-20693	453	23	that	that	ADV
cjfa-20693	453	24	is	is	ADV
cjfa-20693	453	25	,	,	PUNCT
cjfa-20693	453	26	the	the	PRON
cjfa-20693	453	27	higher	high	ADJ
cjfa-20693	453	28	the	the	DET
cjfa-20693	453	29	stock	stock	NOUN
cjfa-20693	453	30	price	price	NOUN
cjfa-20693	453	31	,	,	PUNCT
cjfa-20693	453	32	the	the	DET
cjfa-20693	453	33	more	more	ADJ
cjfa-20693	453	34	incentive	incentive	NOUN
cjfa-20693	453	35	the	the	DET
cjfa-20693	453	36	managers	manager	NOUN
cjfa-20693	453	37	to	to	PART
cjfa-20693	453	38	work	work	VERB
cjfa-20693	453	39	hard	hard	ADV
cjfa-20693	453	40	,	,	PUNCT
cjfa-20693	453	41	because	because	SCONJ
cjfa-20693	453	42	not	not	PART
cjfa-20693	453	43	only	only	ADV
cjfa-20693	453	44	their	their	PRON
cjfa-20693	453	45	work	work	NOUN
cjfa-20693	453	46	can	can	AUX
cjfa-20693	453	47	be	be	AUX
cjfa-20693	453	48	affirmed	affirm	VERB
cjfa-20693	453	49	by	by	ADP
cjfa-20693	453	50	the	the	DET
cjfa-20693	453	51	market	market	NOUN
cjfa-20693	453	52	,	,	PUNCT
cjfa-20693	453	53	but	but	CCONJ
cjfa-20693	453	54	also	also	ADV
cjfa-20693	453	55	the	the	DET
cjfa-20693	453	56	stock	stock	NOUN
cjfa-20693	453	57	price	price	NOUN
cjfa-20693	453	58	rise	rise	NOUN
cjfa-20693	453	59	can	can	AUX
cjfa-20693	453	60	attract	attract	VERB
cjfa-20693	453	61	more	more	ADJ
cjfa-20693	453	62	investors	investor	NOUN
cjfa-20693	453	63	to	to	PART
cjfa-20693	453	64	hold	hold	VERB
cjfa-20693	453	65	corporate	corporate	ADJ
cjfa-20693	453	66	stock	stock	NOUN
cjfa-20693	453	67	.	.	PUNCT
cjfa-20693	454	1	at	at	ADP
cjfa-20693	454	2	the	the	DET
cjfa-20693	454	3	same	same	ADJ
cjfa-20693	454	4	time	time	NOUN
cjfa-20693	454	5	,	,	PUNCT
cjfa-20693	454	6	since	since	SCONJ
cjfa-20693	454	7	the	the	DET
cjfa-20693	454	8	stock	stock	NOUN
cjfa-20693	454	9	price	price	NOUN
cjfa-20693	454	10	is	be	AUX
cjfa-20693	454	11	based	base	VERB
cjfa-20693	454	12	on	on	ADP
cjfa-20693	454	13	the	the	DET
cjfa-20693	454	14	company	company	NOUN
cjfa-20693	454	15	's	's	PART
cjfa-20693	454	16	performance	performance	NOUN
cjfa-20693	454	17	,	,	PUNCT
cjfa-20693	454	18	which	which	PRON
cjfa-20693	454	19	means	mean	VERB
cjfa-20693	454	20	that	that	SCONJ
cjfa-20693	454	21	the	the	DET
cjfa-20693	454	22	company	company	NOUN
cjfa-20693	454	23	can	can	AUX
cjfa-20693	454	24	provide	provide	VERB
cjfa-20693	454	25	enough	enough	ADJ
cjfa-20693	454	26	cash	cash	NOUN
cjfa-20693	454	27	flow	flow	NOUN
cjfa-20693	454	28	for	for	ADP
cjfa-20693	454	29	cash	cash	NOUN
cjfa-20693	454	30	dividend	dividend	NOUN
cjfa-20693	454	31	,	,	PUNCT
cjfa-20693	454	32	so	so	SCONJ
cjfa-20693	454	33	executives	executive	NOUN
cjfa-20693	454	34	need	need	AUX
cjfa-20693	454	35	not	not	PART
cjfa-20693	454	36	worry	worry	VERB
cjfa-20693	454	37	about	about	ADP
cjfa-20693	454	38	their	their	PRON
cjfa-20693	454	39	own	own	ADJ
cjfa-20693	454	40	dividend	dividend	NOUN
cjfa-20693	454	41	pressure	pressure	NOUN
cjfa-20693	454	42	,	,	PUNCT
cjfa-20693	454	43	so	so	SCONJ
cjfa-20693	454	44	they	they	PRON
cjfa-20693	454	45	can	can	AUX
cjfa-20693	454	46	be	be	AUX
cjfa-20693	454	47	light	light	ADV
cjfa-20693	454	48	-	-	PUNCT
cjfa-20693	454	49	loaded	load	VERB
cjfa-20693	454	50	,	,	PUNCT
cjfa-20693	454	51	without	without	ADP
cjfa-20693	454	52	worries	worry	NOUN
cjfa-20693	454	53	,	,	PUNCT
cjfa-20693	454	54	and	and	CCONJ
cjfa-20693	454	55	work	work	VERB
cjfa-20693	454	56	hard	hard	ADV
cjfa-20693	454	57	with	with	ADP
cjfa-20693	454	58	all	all	DET
cjfa-20693	454	59	their	their	PRON
cjfa-20693	454	60	heart	heart	NOUN
cjfa-20693	454	61	and	and	CCONJ
cjfa-20693	454	62	soul	soul	NOUN
cjfa-20693	454	63	.	.	PUNCT
cjfa-20693	455	1	(	(	PUNCT
cjfa-20693	455	2	iii	iii	NOUN
cjfa-20693	455	3	)	)	PUNCT
cjfa-20693	455	4	under	under	ADP
cjfa-20693	455	5	the	the	DET
cjfa-20693	455	6	assumption	assumption	NOUN
cjfa-20693	455	7	of	of	ADP
cjfa-20693	455	8	continuous	continuous	ADJ
cjfa-20693	455	9	differentiability	differentiability	NOUN
cjfa-20693	455	10	,	,	PUNCT
cjfa-20693	455	11	the	the	DET
cjfa-20693	455	12	partial	partial	ADJ
cjfa-20693	455	13	derivative	derivative	NOUN
cjfa-20693	455	14	of	of	ADP
cjfa-20693	455	15	managerial	managerial	ADJ
cjfa-20693	455	16	effort	effort	NOUN
cjfa-20693	455	17	degree	degree	NOUN
cjfa-20693	455	18	e	e	NOUN
cjfa-20693	455	19	to	to	PART
cjfa-20693	455	20	shareholder	shareholder	NOUN
cjfa-20693	455	21	increase	increase	VERB
cjfa-20693	455	22	ratio	ratio	NOUN
cjfa-20693	455	23	�	�	PROPN
cjfa-20693	455	24	can	can	AUX
cjfa-20693	455	25	be	be	AUX
cjfa-20693	455	26	obtained	obtain	VERB
cjfa-20693	455	27	.	.	PUNCT
cjfa-20693	456	1	(	(	PUNCT
cjfa-20693	456	2	11	11	NUM
cjfa-20693	456	3	)	)	PUNCT
cjfa-20693	456	4	this	this	PRON
cjfa-20693	456	5	shows	show	VERB
cjfa-20693	456	6	that	that	SCONJ
cjfa-20693	456	7	the	the	DET
cjfa-20693	456	8	market	market	NOUN
cjfa-20693	456	9	performance	performance	NOUN
cjfa-20693	456	10	of	of	ADP
cjfa-20693	456	11	corporate	corporate	ADJ
cjfa-20693	456	12	stock	stock	NOUN
cjfa-20693	456	13	is	be	AUX
cjfa-20693	456	14	positively	positively	ADV
cjfa-20693	456	15	correlated	correlate	VERB
cjfa-20693	456	16	with	with	ADP
cjfa-20693	456	17	the	the	DET
cjfa-20693	456	18	managers	manager	NOUN
cjfa-20693	456	19	‘	'	PUNCT
cjfa-20693	456	20	hard	hard	ADJ
cjfa-20693	456	21	work	work	NOUN
cjfa-20693	456	22	,	,	PUNCT
cjfa-20693	456	23	that	that	ADV
cjfa-20693	456	24	is	is	ADV
cjfa-20693	456	25	,	,	PUNCT
cjfa-20693	456	26	the	the	PRON
cjfa-20693	456	27	higher	high	ADJ
cjfa-20693	456	28	the	the	DET
cjfa-20693	456	29	stock	stock	NOUN
cjfa-20693	456	30	price	price	NOUN
cjfa-20693	456	31	,	,	PUNCT
cjfa-20693	456	32	the	the	DET
cjfa-20693	456	33	more	more	ADJ
cjfa-20693	456	34	incentive	incentive	NOUN
cjfa-20693	456	35	the	the	DET
cjfa-20693	456	36	managers	manager	NOUN
cjfa-20693	456	37	to	to	PART
cjfa-20693	456	38	work	work	VERB
cjfa-20693	456	39	hard	hard	ADV
cjfa-20693	456	40	,	,	PUNCT
cjfa-20693	456	41	because	because	SCONJ
cjfa-20693	456	42	not	not	PART
cjfa-20693	456	43	only	only	ADV
cjfa-20693	456	44	their	their	PRON
cjfa-20693	456	45	work	work	NOUN
cjfa-20693	456	46	can	can	AUX
cjfa-20693	456	47	be	be	AUX
cjfa-20693	456	48	affirmed	affirm	VERB
cjfa-20693	456	49	by	by	ADP
cjfa-20693	456	50	the	the	DET
cjfa-20693	456	51	market	market	NOUN
cjfa-20693	456	52	,	,	PUNCT
cjfa-20693	456	53	but	but	CCONJ
cjfa-20693	456	54	also	also	ADV
cjfa-20693	456	55	the	the	DET
cjfa-20693	456	56	stock	stock	NOUN
cjfa-20693	456	57	price	price	NOUN
cjfa-20693	456	58	rise	rise	NOUN
cjfa-20693	456	59	can	can	AUX
cjfa-20693	456	60	attract	attract	VERB
cjfa-20693	456	61	more	more	ADJ
cjfa-20693	456	62	investors	investor	NOUN
cjfa-20693	456	63	to	to	PART
cjfa-20693	456	64	hold	hold	VERB
cjfa-20693	456	65	corporate	corporate	ADJ
cjfa-20693	456	66	stock	stock	NOUN
cjfa-20693	456	67	.	.	PUNCT
cjfa-20693	457	1	at	at	ADP
cjfa-20693	457	2	the	the	DET
cjfa-20693	457	3	same	same	ADJ
cjfa-20693	457	4	time	time	NOUN
cjfa-20693	457	5	,	,	PUNCT
cjfa-20693	457	6	since	since	SCONJ
cjfa-20693	457	7	the	the	DET
cjfa-20693	457	8	stock	stock	NOUN
cjfa-20693	457	9	price	price	NOUN
cjfa-20693	457	10	is	be	AUX
cjfa-20693	457	11	based	base	VERB
cjfa-20693	457	12	on	on	ADP
cjfa-20693	457	13	the	the	DET
cjfa-20693	457	14	company	company	NOUN
cjfa-20693	457	15	’s	’s	PART
cjfa-20693	457	16	performance	performance	NOUN
cjfa-20693	457	17	,	,	PUNCT
cjfa-20693	457	18	which	which	PRON
cjfa-20693	457	19	means	mean	VERB
cjfa-20693	457	20	that	that	SCONJ
cjfa-20693	457	21	the	the	DET
cjfa-20693	457	22	company	company	NOUN
cjfa-20693	457	23	can	can	AUX
cjfa-20693	457	24	provide	provide	VERB
cjfa-20693	457	25	enough	enough	ADJ
cjfa-20693	457	26	cash	cash	NOUN
cjfa-20693	457	27	flow	flow	NOUN
cjfa-20693	457	28	for	for	ADP
cjfa-20693	457	29	cash	cash	NOUN
cjfa-20693	457	30	dividend	dividend	NOUN
cjfa-20693	457	31	,	,	PUNCT
cjfa-20693	457	32	so	so	SCONJ
cjfa-20693	457	33	executives	executive	NOUN
cjfa-20693	457	34	need	need	AUX
cjfa-20693	457	35	not	not	PART
cjfa-20693	457	36	worry	worry	VERB
cjfa-20693	457	37	about	about	ADP
cjfa-20693	457	38	their	their	PRON
cjfa-20693	457	39	own	own	ADJ
cjfa-20693	457	40	dividend	dividend	NOUN
cjfa-20693	457	41	pressure	pressure	NOUN
cjfa-20693	457	42	,	,	PUNCT
cjfa-20693	457	43	so	so	SCONJ
cjfa-20693	457	44	they	they	PRON
cjfa-20693	457	45	can	can	AUX
cjfa-20693	457	46	be	be	AUX
cjfa-20693	457	47	light	light	ADV
cjfa-20693	457	48	-	-	PUNCT
cjfa-20693	457	49	loaded	load	VERB
cjfa-20693	457	50	,	,	PUNCT
cjfa-20693	457	51	without	without	ADP
cjfa-20693	457	52	worries	worry	NOUN
cjfa-20693	457	53	,	,	PUNCT
cjfa-20693	457	54	and	and	CCONJ
cjfa-20693	457	55	work	work	VERB
cjfa-20693	457	56	hard	hard	ADV
cjfa-20693	457	57	with	with	ADP
cjfa-20693	457	58	all	all	DET
cjfa-20693	457	59	their	their	PRON
cjfa-20693	457	60	heart	heart	NOUN
cjfa-20693	457	61	and	and	CCONJ
cjfa-20693	457	62	soul	soul	NOUN
cjfa-20693	457	63	.	.	PUNCT
cjfa-20693	458	1	can	can	AUX
cjfa-20693	458	2	mandatory	mandatory	ADJ
cjfa-20693	458	3	dividend	dividend	NOUN
cjfa-20693	458	4	policy	policy	NOUN
cjfa-20693	458	5	reduce	reduce	VERB
cjfa-20693	458	6	…	…	PUNCT
cjfa-20693	458	7	77	77	NUM
cjfa-20693	458	8	(	(	PUNCT
cjfa-20693	458	9	iii	iii	NOUN
cjfa-20693	458	10	)	)	PUNCT
cjfa-20693	458	11	under	under	ADP
cjfa-20693	458	12	the	the	DET
cjfa-20693	458	13	assumption	assumption	NOUN
cjfa-20693	458	14	of	of	ADP
cjfa-20693	458	15	continuous	continuous	ADJ
cjfa-20693	458	16	differentiability	differentiability	NOUN
cjfa-20693	458	17	,	,	PUNCT
cjfa-20693	458	18	the	the	DET
cjfa-20693	458	19	partial	partial	ADJ
cjfa-20693	458	20	derivative	derivative	NOUN
cjfa-20693	458	21	of	of	ADP
cjfa-20693	458	22	managerial	managerial	ADJ
cjfa-20693	458	23	effort	effort	NOUN
cjfa-20693	458	24	degree	degree	NOUN
cjfa-20693	458	25	e	e	NOUN
cjfa-20693	458	26	to	to	PART
cjfa-20693	458	27	shareholder	shareholder	NOUN
cjfa-20693	458	28	increase	increase	NOUN
cjfa-20693	458	29	ratio	ratio	NOUN
cjfa-20693	458	30	π	π	PROPN
cjfa-20693	458	31	can	can	AUX
cjfa-20693	458	32	be	be	AUX
cjfa-20693	458	33	obtained	obtain	VERB
cjfa-20693	458	34	.	.	PUNCT
cjfa-20693	459	1	�	�	PROPN
cjfa-20693	459	2	�	�	PROPN
cjfa-20693	459	3	�	�	PROPN
cjfa-20693	459	4	�	�	PROPN
cjfa-20693	459	5	=	=	SYM
cjfa-20693	459	6	=	=	PROPN
cjfa-20693	459	7	�	�	PROPN
cjfa-20693	459	8	�	�	PROPN
cjfa-20693	459	9	�	�	PROPN
cjfa-20693	459	10	�	�	PROPN
cjfa-20693	459	11	�	�	PROPN
cjfa-20693	459	12	�	�	PROPN
cjfa-20693	459	13	�	�	PROPN
cjfa-20693	459	14	�	�	PROPN
cjfa-20693	459	15	�	�	PROPN
cjfa-20693	459	16	�	�	PROPN
cjfa-20693	459	17	�	�	PROPN
cjfa-20693	459	18	�	�	PROPN
cjfa-20693	459	19	�	�	PROPN
cjfa-20693	459	20	�	�	PROPN
cjfa-20693	459	21	�	�	PROPN
cjfa-20693	459	22	�	�	PROPN
cjfa-20693	459	23	�	�	PROPN
cjfa-20693	459	24	�	�	PROPN
cjfa-20693	459	25	�	�	PROPN
cjfa-20693	459	26	�	�	PROPN
cjfa-20693	459	27	�	�	PROPN
cjfa-20693	459	28	�	�	PROPN
cjfa-20693	459	29	�	�	PROPN
cjfa-20693	459	30	�	�	PROPN
cjfa-20693	459	31	�	�	PROPN
cjfa-20693	459	32	�	�	PROPN
cjfa-20693	459	33	�	�	PROPN
cjfa-20693	459	34	�	�	PROPN
cjfa-20693	459	35	�	�	PROPN
cjfa-20693	459	36	�	�	PROPN
cjfa-20693	459	37	>	>	X
cjfa-20693	459	38	0	0	NUM
cjfa-20693	460	1	（	（	PUNCT
cjfa-20693	460	2	12	12	NUM
cjfa-20693	460	3	）	）	PUNCT
cjfa-20693	460	4	according	accord	VERB
cjfa-20693	460	5	to	to	ADP
cjfa-20693	460	6	the	the	DET
cjfa-20693	460	7	previous	previous	ADJ
cjfa-20693	460	8	assumption	assumption	NOUN
cjfa-20693	460	9	,	,	PUNCT
cjfa-20693	460	10	given	give	VERB
cjfa-20693	460	11	the	the	DET
cjfa-20693	460	12	dividend	dividend	NOUN
cjfa-20693	460	13	discount	discount	NOUN
cjfa-20693	460	14	rate	rate	NOUN
cjfa-20693	460	15	r	r	NOUN
cjfa-20693	460	16	and	and	CCONJ
cjfa-20693	460	17	dividend	dividend	NOUN
cjfa-20693	460	18	growth	growth	NOUN
cjfa-20693	460	19	rate	rate	NOUN
cjfa-20693	460	20	g	g	PROPN
cjfa-20693	460	21	,	,	PUNCT
cjfa-20693	460	22	�	�	PROPN
cjfa-20693	460	23	�	�	PROPN
cjfa-20693	460	24	�	�	PROPN
cjfa-20693	460	25	�	�	PROPN
cjfa-20693	460	26	>	>	X
cjfa-20693	460	27	0	0	NUM
cjfa-20693	460	28	is	be	AUX
cjfa-20693	460	29	always	always	ADV
cjfa-20693	460	30	valid	valid	ADJ
cjfa-20693	460	31	.	.	PUNCT
cjfa-20693	461	1	as	as	ADV
cjfa-20693	461	2	long	long	ADV
cjfa-20693	461	3	as	as	SCONJ
cjfa-20693	461	4	the	the	DET
cjfa-20693	461	5	shareholders	shareholder	NOUN
cjfa-20693	461	6	'	'	PART
cjfa-20693	461	7	meeting	meeting	NOUN
cjfa-20693	461	8	becomes	become	VERB
cjfa-20693	461	9	a	a	DET
cjfa-20693	461	10	loyal	loyal	ADJ
cjfa-20693	461	11	supporter	supporter	NOUN
cjfa-20693	461	12	of	of	ADP
cjfa-20693	461	13	the	the	DET
cjfa-20693	461	14	senior	senior	ADJ
cjfa-20693	461	15	managers	manager	NOUN
cjfa-20693	461	16	,	,	PUNCT
cjfa-20693	461	17	keeps	keep	VERB
cjfa-20693	461	18	increasing	increase	VERB
cjfa-20693	461	19	the	the	DET
cjfa-20693	461	20	stock	stock	NOUN
cjfa-20693	461	21	holdings	holding	NOUN
cjfa-20693	461	22	of	of	ADP
cjfa-20693	461	23	the	the	DET
cjfa-20693	461	24	company	company	NOUN
cjfa-20693	461	25	,	,	PUNCT
cjfa-20693	461	26	and	and	CCONJ
cjfa-20693	461	27	continuously	continuously	ADV
cjfa-20693	461	28	makes	make	VERB
cjfa-20693	461	29	a	a	DET
cjfa-20693	461	30	positive	positive	ADJ
cjfa-20693	461	31	evaluation	evaluation	NOUN
cjfa-20693	461	32	of	of	ADP
cjfa-20693	461	33	the	the	DET
cjfa-20693	461	34	company	company	NOUN
cjfa-20693	461	35	's	's	PART
cjfa-20693	461	36	performance	performance	NOUN
cjfa-20693	461	37	,	,	PUNCT
cjfa-20693	461	38	the	the	DET
cjfa-20693	461	39	senior	senior	ADJ
cjfa-20693	461	40	managers	manager	NOUN
cjfa-20693	461	41	will	will	AUX
cjfa-20693	461	42	work	work	VERB
cjfa-20693	461	43	hard	hard	ADV
cjfa-20693	461	44	without	without	ADP
cjfa-20693	461	45	hesitation	hesitation	NOUN
cjfa-20693	461	46	,	,	PUNCT
cjfa-20693	461	47	so	so	SCONJ
cjfa-20693	461	48	that	that	SCONJ
cjfa-20693	461	49	the	the	DET
cjfa-20693	461	50	company	company	NOUN
cjfa-20693	461	51	can	can	AUX
cjfa-20693	461	52	achieve	achieve	VERB
cjfa-20693	461	53	profitability	profitability	NOUN
cjfa-20693	461	54	and	and	CCONJ
cjfa-20693	461	55	continuously	continuously	ADV
cjfa-20693	461	56	improve	improve	VERB
cjfa-20693	461	57	the	the	DET
cjfa-20693	461	58	dividend	dividend	NOUN
cjfa-20693	461	59	level	level	NOUN
cjfa-20693	461	60	,	,	PUNCT
cjfa-20693	461	61	thereby	thereby	ADV
cjfa-20693	461	62	improving	improve	VERB
cjfa-20693	461	63	the	the	DET
cjfa-20693	461	64	earnings	earning	NOUN
cjfa-20693	461	65	of	of	ADP
cjfa-20693	461	66	the	the	DET
cjfa-20693	461	67	shareholders	shareholder	NOUN
cjfa-20693	461	68	and	and	CCONJ
cjfa-20693	461	69	senior	senior	ADJ
cjfa-20693	461	70	managers	manager	NOUN
cjfa-20693	461	71	.	.	PUNCT
cjfa-20693	462	1	this	this	PRON
cjfa-20693	462	2	is	be	AUX
cjfa-20693	462	3	a	a	DET
cjfa-20693	462	4	win	win	NOUN
cjfa-20693	462	5	-	-	PUNCT
cjfa-20693	462	6	win	win	NOUN
cjfa-20693	462	7	and	and	CCONJ
cjfa-20693	462	8	mutually	mutually	ADV
cjfa-20693	462	9	beneficial	beneficial	ADJ
cjfa-20693	462	10	strategic	strategic	ADJ
cjfa-20693	462	11	interaction	interaction	NOUN
cjfa-20693	462	12	.	.	PUNCT
cjfa-20693	463	1	(	(	PUNCT
cjfa-20693	463	2	iv	iv	X
cjfa-20693	463	3	)	)	PUNCT
cjfa-20693	463	4	under	under	ADP
cjfa-20693	463	5	the	the	DET
cjfa-20693	463	6	assumption	assumption	NOUN
cjfa-20693	463	7	of	of	ADP
cjfa-20693	463	8	continuous	continuous	ADJ
cjfa-20693	463	9	derivability	derivability	NOUN
cjfa-20693	463	10	,	,	PUNCT
cjfa-20693	463	11	the	the	DET
cjfa-20693	463	12	first	first	ADJ
cjfa-20693	463	13	-	-	PUNCT
cjfa-20693	463	14	order	order	NOUN
cjfa-20693	463	15	partial	partial	ADJ
cjfa-20693	463	16	derivative	derivative	NOUN
cjfa-20693	463	17	of	of	ADP
cjfa-20693	463	18	executive	executive	ADJ
cjfa-20693	463	19	effort	effort	NOUN
cjfa-20693	463	20	e	e	X
cjfa-20693	463	21	to	to	PART
cjfa-20693	463	22	dividend	dividend	VERB
cjfa-20693	463	23	growth	growth	NOUN
cjfa-20693	463	24	rate	rate	NOUN
cjfa-20693	463	25	g	g	NOUN
cjfa-20693	463	26	is	be	AUX
cjfa-20693	463	27	obtained	obtain	VERB
cjfa-20693	463	28	.	.	PUNCT
cjfa-20693	464	1	�	�	PROPN
cjfa-20693	464	2	�	�	PROPN
cjfa-20693	464	3	�	�	PROPN
cjfa-20693	464	4	�	�	PROPN
cjfa-20693	464	5	=	=	PUNCT
cjfa-20693	464	6	−	−	PROPN
cjfa-20693	464	7	�	�	PROPN
cjfa-20693	464	8	�	�	PROPN
cjfa-20693	464	9	�	�	PROPN
cjfa-20693	464	10	�	�	PROPN
cjfa-20693	464	11	�	�	PROPN
cjfa-20693	464	12	�	�	PROPN
cjfa-20693	464	13	�	�	PROPN
cjfa-20693	464	14	�	�	PROPN
cjfa-20693	464	15	�	�	PROPN
cjfa-20693	464	16	�	�	PROPN
cjfa-20693	464	17	�	�	PROPN
cjfa-20693	464	18	�	�	PROPN
cjfa-20693	464	19	�	�	PROPN
cjfa-20693	464	20	�	�	PROPN
cjfa-20693	464	21	�	�	PROPN
cjfa-20693	464	22	�	�	PROPN
cjfa-20693	464	23	�	�	PROPN
cjfa-20693	464	24	�	�	PROPN
cjfa-20693	464	25	�	�	PROPN
cjfa-20693	464	26	�	�	PROPN
cjfa-20693	464	27	�	�	PROPN
cjfa-20693	464	28	�	�	PROPN
cjfa-20693	464	29	�	�	PROPN
cjfa-20693	464	30	�	�	PROPN
cjfa-20693	464	31	�	�	PROPN
cjfa-20693	464	32	(	(	PUNCT
cjfa-20693	464	33	�	�	PROPN
cjfa-20693	464	34	�	�	PROPN
cjfa-20693	464	35	�	�	PROPN
cjfa-20693	464	36	)	)	PUNCT
cjfa-20693	464	37	�	�	PROPN
cjfa-20693	464	38	<	<	X
cjfa-20693	464	39	0	0	NUM
cjfa-20693	464	40	（	（	SYM
cjfa-20693	464	41	13	13	NUM
cjfa-20693	464	42	）	）	PUNCT
cjfa-20693	464	43	under	under	ADP
cjfa-20693	464	44	the	the	DET
cjfa-20693	464	45	assumption	assumption	NOUN
cjfa-20693	464	46	of	of	ADP
cjfa-20693	464	47	continuous	continuous	ADJ
cjfa-20693	464	48	derivability	derivability	NOUN
cjfa-20693	464	49	,	,	PUNCT
cjfa-20693	464	50	the	the	DET
cjfa-20693	464	51	first	first	ADJ
cjfa-20693	464	52	-	-	PUNCT
cjfa-20693	464	53	order	order	NOUN
cjfa-20693	464	54	partial	partial	ADJ
cjfa-20693	464	55	derivative	derivative	NOUN
cjfa-20693	464	56	of	of	ADP
cjfa-20693	464	57	executive	executive	ADJ
cjfa-20693	464	58	effort	effort	NOUN
cjfa-20693	464	59	e	e	X
cjfa-20693	464	60	to	to	PART
cjfa-20693	464	61	dividend	dividend	VERB
cjfa-20693	464	62	growth	growth	NOUN
cjfa-20693	464	63	rate	rate	NOUN
cjfa-20693	464	64	g	g	PROPN
cjfa-20693	464	65	can	can	AUX
cjfa-20693	464	66	be	be	AUX
cjfa-20693	464	67	obtained	obtain	VERB
cjfa-20693	464	68	,	,	PUNCT
cjfa-20693	464	69	which	which	PRON
cjfa-20693	464	70	shows	show	VERB
cjfa-20693	464	71	that	that	SCONJ
cjfa-20693	464	72	the	the	DET
cjfa-20693	464	73	growth	growth	NOUN
cjfa-20693	464	74	of	of	ADP
cjfa-20693	464	75	dividend	dividend	NOUN
cjfa-20693	464	76	growth	growth	NOUN
cjfa-20693	464	77	rate	rate	NOUN
cjfa-20693	464	78	g	g	PROPN
cjfa-20693	464	79	will	will	AUX
cjfa-20693	464	80	inhibit	inhibit	VERB
cjfa-20693	464	81	the	the	DET
cjfa-20693	464	82	enthusiasm	enthusiasm	NOUN
cjfa-20693	464	83	and	and	CCONJ
cjfa-20693	464	84	effort	effort	NOUN
cjfa-20693	464	85	of	of	ADP
cjfa-20693	464	86	executives	executive	NOUN
cjfa-20693	464	87	.	.	PUNCT
cjfa-20693	465	1	this	this	PRON
cjfa-20693	465	2	is	be	AUX
cjfa-20693	465	3	because	because	SCONJ
cjfa-20693	465	4	the	the	DET
cjfa-20693	465	5	mandatory	mandatory	ADJ
cjfa-20693	465	6	dividend	dividend	NOUN
cjfa-20693	465	7	policy	policy	NOUN
cjfa-20693	465	8	has	have	AUX
cjfa-20693	465	9	formed	form	VERB
cjfa-20693	465	10	a	a	DET
cjfa-20693	465	11	stable	stable	ADJ
cjfa-20693	465	12	expectation	expectation	NOUN
cjfa-20693	465	13	of	of	ADP
cjfa-20693	465	14	cash	cash	NOUN
cjfa-20693	465	15	dividends	dividend	NOUN
cjfa-20693	465	16	.	.	PUNCT
cjfa-20693	466	1	if	if	SCONJ
cjfa-20693	466	2	the	the	DET
cjfa-20693	466	3	dividends	dividend	NOUN
cjfa-20693	466	4	continue	continue	VERB
cjfa-20693	466	5	to	to	PART
cjfa-20693	466	6	grow	grow	VERB
cjfa-20693	466	7	,	,	PUNCT
cjfa-20693	466	8	the	the	DET
cjfa-20693	466	9	dividends	dividend	NOUN
cjfa-20693	466	10	in	in	ADP
cjfa-20693	466	11	the	the	DET
cjfa-20693	466	12	distant	distant	ADJ
cjfa-20693	466	13	future	future	NOUN
cjfa-20693	466	14	will	will	AUX
cjfa-20693	466	15	become	become	VERB
cjfa-20693	466	16	more	more	ADV
cjfa-20693	466	17	and	and	CCONJ
cjfa-20693	466	18	more	more	ADV
cjfa-20693	466	19	,	,	PUNCT
cjfa-20693	466	20	which	which	PRON
cjfa-20693	466	21	will	will	AUX
cjfa-20693	466	22	make	make	VERB
cjfa-20693	466	23	executives	executive	NOUN
cjfa-20693	466	24	overwhelmed	overwhelmed	ADJ
cjfa-20693	466	25	unless	unless	SCONJ
cjfa-20693	466	26	the	the	DET
cjfa-20693	466	27	company	company	NOUN
cjfa-20693	466	28	's	's	PART
cjfa-20693	466	29	dividends	dividend	NOUN
cjfa-20693	466	30	can	can	AUX
cjfa-20693	466	31	be	be	AUX
cjfa-20693	466	32	distributed	distribute	VERB
cjfa-20693	466	33	continue	continue	VERB
cjfa-20693	466	34	to	to	PART
cjfa-20693	466	35	grow	grow	VERB
cjfa-20693	466	36	at	at	ADP
cjfa-20693	466	37	the	the	DET
cjfa-20693	466	38	rate	rate	NOUN
cjfa-20693	466	39	of	of	ADP
cjfa-20693	466	40	r.	r.	PROPN
cjfa-20693	466	41	obviously	obviously	ADV
cjfa-20693	466	42	,	,	PUNCT
cjfa-20693	466	43	this	this	PRON
cjfa-20693	466	44	is	be	AUX
cjfa-20693	466	45	a	a	DET
cjfa-20693	466	46	very	very	ADV
cjfa-20693	466	47	strict	strict	ADJ
cjfa-20693	466	48	and	and	CCONJ
cjfa-20693	466	49	unrealistic	unrealistic	ADJ
cjfa-20693	466	50	assumption	assumption	NOUN
cjfa-20693	466	51	that	that	SCONJ
cjfa-20693	466	52	there	there	PRON
cjfa-20693	466	53	can	can	AUX
cjfa-20693	466	54	be	be	AUX
cjfa-20693	466	55	no	no	DET
cjfa-20693	466	56	fluctuation	fluctuation	NOUN
cjfa-20693	466	57	in	in	ADP
cjfa-20693	466	58	company	company	NOUN
cjfa-20693	466	59	performance	performance	NOUN
cjfa-20693	466	60	.	.	PUNCT
cjfa-20693	467	1	in	in	ADP
cjfa-20693	467	2	this	this	DET
cjfa-20693	467	3	way	way	NOUN
cjfa-20693	467	4	,	,	PUNCT
cjfa-20693	467	5	dividend	dividend	NOUN
cjfa-20693	467	6	growth	growth	NOUN
cjfa-20693	467	7	rate	rate	NOUN
cjfa-20693	467	8	g	g	PROPN
cjfa-20693	467	9	may	may	AUX
cjfa-20693	467	10	not	not	PART
cjfa-20693	467	11	be	be	AUX
cjfa-20693	467	12	enough	enough	ADJ
cjfa-20693	467	13	to	to	PART
cjfa-20693	467	14	worry	worry	VERB
cjfa-20693	467	15	about	about	ADP
cjfa-20693	467	16	in	in	ADP
cjfa-20693	467	17	the	the	DET
cjfa-20693	467	18	short	short	ADJ
cjfa-20693	467	19	term	term	NOUN
cjfa-20693	467	20	,	,	PUNCT
cjfa-20693	467	21	but	but	CCONJ
cjfa-20693	467	22	it	it	PRON
cjfa-20693	467	23	will	will	AUX
cjfa-20693	467	24	be	be	AUX
cjfa-20693	467	25	the	the	DET
cjfa-20693	467	26	last	last	ADJ
cjfa-20693	467	27	straw	straw	NOUN
cjfa-20693	467	28	to	to	PART
cjfa-20693	467	29	crush	crush	VERB
cjfa-20693	467	30	the	the	DET
cjfa-20693	467	31	camels	camel	NOUN
cjfa-20693	467	32	in	in	ADP
cjfa-20693	467	33	the	the	DET
cjfa-20693	467	34	long	long	ADJ
cjfa-20693	467	35	run	run	NOUN
cjfa-20693	467	36	,	,	PUNCT
cjfa-20693	467	37	which	which	PRON
cjfa-20693	467	38	will	will	AUX
cjfa-20693	467	39	cause	cause	VERB
cjfa-20693	467	40	a	a	DET
cjfa-20693	467	41	heavy	heavy	ADJ
cjfa-20693	467	42	blow	blow	NOUN
cjfa-20693	467	43	to	to	ADP
cjfa-20693	467	44	the	the	DET
cjfa-20693	467	45	enthusiasm	enthusiasm	NOUN
cjfa-20693	467	46	of	of	ADP
cjfa-20693	467	47	executives	executive	NOUN
cjfa-20693	467	48	.	.	PUNCT
cjfa-20693	468	1	(	(	PUNCT
cjfa-20693	468	2	v	v	NOUN
cjfa-20693	468	3	)	)	PUNCT
cjfa-20693	468	4	under	under	ADP
cjfa-20693	468	5	the	the	DET
cjfa-20693	468	6	assumption	assumption	NOUN
cjfa-20693	468	7	of	of	ADP
cjfa-20693	468	8	continuous	continuous	ADJ
cjfa-20693	468	9	derivability	derivability	NOUN
cjfa-20693	468	10	,	,	PUNCT
cjfa-20693	468	11	the	the	DET
cjfa-20693	468	12	first	first	ADJ
cjfa-20693	468	13	-	-	PUNCT
cjfa-20693	468	14	order	order	NOUN
cjfa-20693	468	15	partial	partial	ADJ
cjfa-20693	468	16	derivative	derivative	NOUN
cjfa-20693	468	17	of	of	ADP
cjfa-20693	468	18	executive	executive	ADJ
cjfa-20693	468	19	effort	effort	NOUN
cjfa-20693	468	20	e	e	X
cjfa-20693	468	21	to	to	PART
cjfa-20693	468	22	dividend	dividend	VERB
cjfa-20693	468	23	ratio	ratio	NOUN
cjfa-20693	468	24			PROPN
cjfa-20693	468	25	is	be	AUX
cjfa-20693	468	26	obtained	obtain	VERB
cjfa-20693	468	27	.	.	PUNCT
cjfa-20693	469	1	�	�	PROPN
cjfa-20693	469	2	�	�	PROPN
cjfa-20693	469	3	�	�	PROPN
cjfa-20693	469	4	�	�	PROPN
cjfa-20693	469	5	=	=	SYM
cjfa-20693	469	6	−	−	PROPN
cjfa-20693	469	7	�	�	PROPN
cjfa-20693	469	8	�	�	PROPN
cjfa-20693	469	9	�	�	PROPN
cjfa-20693	469	10	�	�	PROPN
cjfa-20693	469	11	(	(	PUNCT
cjfa-20693	469	12	�	�	PROPN
cjfa-20693	469	13	�	�	PROPN
cjfa-20693	469	14	�	�	PROPN
cjfa-20693	469	15	�	�	PROPN
cjfa-20693	469	16	�	�	PROPN
cjfa-20693	469	17	�	�	PROPN
cjfa-20693	469	18	�	�	PROPN
cjfa-20693	469	19	�	�	PROPN
cjfa-20693	469	20	�	�	PROPN
cjfa-20693	469	21	�	�	PROPN
cjfa-20693	469	22	�	�	PROPN
cjfa-20693	469	23	�	�	PROPN
cjfa-20693	469	24	�	�	PROPN
cjfa-20693	469	25	�	�	PROPN
cjfa-20693	469	26	�	�	PROPN
cjfa-20693	469	27	)	)	PUNCT
cjfa-20693	469	28	<	<	X
cjfa-20693	469	29	0	0	NUM
cjfa-20693	470	1	（	（	SYM
cjfa-20693	470	2	14	14	NUM
cjfa-20693	470	3	）	）	PUNCT
cjfa-20693	470	4	according	accord	VERB
cjfa-20693	470	5	to	to	ADP
cjfa-20693	470	6	equation	equation	NOUN
cjfa-20693	470	7	(	(	PUNCT
cjfa-20693	470	8	14	14	NUM
cjfa-20693	470	9	)	)	PUNCT
cjfa-20693	470	10	,	,	PUNCT
cjfa-20693	470	11	it	it	PRON
cjfa-20693	470	12	can	can	AUX
cjfa-20693	470	13	be	be	AUX
cjfa-20693	470	14	found	find	VERB
cjfa-20693	470	15	that	that	SCONJ
cjfa-20693	470	16	the	the	DET
cjfa-20693	470	17	degree	degree	NOUN
cjfa-20693	470	18	of	of	ADP
cjfa-20693	470	19	efforts	effort	NOUN
cjfa-20693	470	20	of	of	ADP
cjfa-20693	470	21	executives	executive	NOUN
cjfa-20693	470	22	is	be	AUX
cjfa-20693	470	23	inversely	inversely	ADV
cjfa-20693	470	24	proportional	proportional	ADJ
cjfa-20693	470	25	to	to	ADP
cjfa-20693	470	26	their	their	PRON
cjfa-20693	470	27	dividend	dividend	NOUN
cjfa-20693	470	28	-	-	PUNCT
cjfa-20693	470	29	sharing	sharing	NOUN
cjfa-20693	470	30	ratio	ratio	NOUN
cjfa-20693	470	31	.	.	PUNCT
cjfa-20693	471	1	the	the	DET
cjfa-20693	471	2	economic	economic	ADJ
cjfa-20693	471	3	logic	logic	NOUN
cjfa-20693	471	4	behind	behind	ADP
cjfa-20693	471	5	it	it	PRON
cjfa-20693	471	6	:	:	PUNCT
cjfa-20693	471	7	with	with	ADP
cjfa-20693	471	8	the	the	DET
cjfa-20693	471	9	increase	increase	NOUN
cjfa-20693	471	10	of	of	ADP
cjfa-20693	471	11	the	the	DET
cjfa-20693	471	12	dividend	dividend	NOUN
cjfa-20693	471	13	proportion	proportion	NOUN
cjfa-20693	471	14	,	,	PUNCT
cjfa-20693	471	15	the	the	DET
cjfa-20693	471	16	company	company	NOUN
cjfa-20693	471	17	's	's	PART
cjfa-20693	471	18	disposable	disposable	ADJ
cjfa-20693	471	19	free	free	ADJ
cjfa-20693	471	20	cash	cash	NOUN
cjfa-20693	471	21	flow	flow	NOUN
cjfa-20693	471	22	will	will	AUX
cjfa-20693	471	23	decrease	decrease	VERB
cjfa-20693	471	24	accordingly	accordingly	ADV
cjfa-20693	471	25	,	,	PUNCT
cjfa-20693	471	26	which	which	PRON
cjfa-20693	471	27	will	will	AUX
cjfa-20693	471	28	not	not	PART
cjfa-20693	471	29	only	only	ADV
cjfa-20693	471	30	hinder	hinder	VERB
cjfa-20693	471	31	executives	executive	NOUN
cjfa-20693	471	32	from	from	ADP
cjfa-20693	471	33	increasing	increase	VERB
cjfa-20693	471	34	their	their	PRON
cjfa-20693	471	35	private	private	ADJ
cjfa-20693	471	36	benefits	benefit	NOUN
cjfa-20693	471	37	,	,	PUNCT
cjfa-20693	471	38	but	but	CCONJ
cjfa-20693	471	39	also	also	ADV
cjfa-20693	471	40	make	make	VERB
cjfa-20693	471	41	the	the	DET
cjfa-20693	471	42	dividend	dividend	NOUN
cjfa-20693	471	43	distribution	distribution	NOUN
cjfa-20693	471	44	system	system	NOUN
cjfa-20693	471	45	produce	produce	VERB
cjfa-20693	471	46	an	an	DET
cjfa-20693	471	47	unbalanced	unbalanced	ADJ
cjfa-20693	471	48	mentality	mentality	NOUN
cjfa-20693	471	49	,	,	PUNCT
cjfa-20693	471	50	that	that	ADV
cjfa-20693	471	51	is	is	ADV
cjfa-20693	471	52	,	,	PUNCT
cjfa-20693	471	53	shareholders	shareholder	NOUN
cjfa-20693	471	54	gain	gain	VERB
cjfa-20693	471	55	nothing	nothing	PRON
cjfa-20693	471	56	without	without	ADP
cjfa-20693	471	57	any	any	DET
cjfa-20693	471	58	reason	reason	NOUN
cjfa-20693	471	59	,	,	PUNCT
cjfa-20693	471	60	using	use	VERB
cjfa-20693	471	61	the	the	DET
cjfa-20693	471	62	identity	identity	NOUN
cjfa-20693	471	63	of	of	ADP
cjfa-20693	471	64	the	the	DET
cjfa-20693	471	65	capital	capital	NOUN
cjfa-20693	471	66	owner	owner	PROPN
cjfa-20693	471	67	�	�	PROPN
cjfa-20693	471	68	�	�	PROPN
cjfa-20693	471	69	�	�	PROPN
cjfa-20693	471	70	�	�	PROPN
cjfa-20693	471	71	=	=	SYM
cjfa-20693	471	72	=	=	PROPN
cjfa-20693	471	73	�	�	PROPN
cjfa-20693	471	74	�	�	PROPN
cjfa-20693	471	75	�	�	PROPN
cjfa-20693	471	76	�	�	PROPN
cjfa-20693	471	77	�	�	PROPN
cjfa-20693	471	78	�	�	PROPN
cjfa-20693	471	79	�	�	PROPN
cjfa-20693	471	80	�	�	PROPN
cjfa-20693	471	81	�	�	PROPN
cjfa-20693	471	82	�	�	PROPN
cjfa-20693	471	83	�	�	PROPN
cjfa-20693	471	84	�	�	PROPN
cjfa-20693	471	85	�	�	PROPN
cjfa-20693	471	86	�	�	PROPN
cjfa-20693	471	87	�	�	PROPN
cjfa-20693	471	88	�	�	PROPN
cjfa-20693	471	89	�	�	PROPN
cjfa-20693	471	90	�	�	PROPN
cjfa-20693	471	91	�	�	PROPN
cjfa-20693	471	92	�	�	PROPN
cjfa-20693	471	93	�	�	PROPN
cjfa-20693	471	94	�	�	PROPN
cjfa-20693	471	95	�	�	PROPN
cjfa-20693	471	96	�	�	PROPN
cjfa-20693	471	97	�	�	PROPN
cjfa-20693	471	98	�	�	PROPN
cjfa-20693	471	99	�	�	PROPN
cjfa-20693	471	100	�	�	PROPN
cjfa-20693	471	101	�	�	PROPN
cjfa-20693	471	102	�	�	PROPN
cjfa-20693	471	103	>	>	X
cjfa-20693	471	104	0	0	NUM
cjfa-20693	472	1	（	（	PUNCT
cjfa-20693	472	2	12	12	NUM
cjfa-20693	472	3	）	）	PUNCT
cjfa-20693	472	4	according	accord	VERB
cjfa-20693	472	5	to	to	ADP
cjfa-20693	472	6	the	the	DET
cjfa-20693	472	7	previous	previous	ADJ
cjfa-20693	472	8	assumption	assumption	NOUN
cjfa-20693	472	9	,	,	PUNCT
cjfa-20693	472	10	given	give	VERB
cjfa-20693	472	11	the	the	DET
cjfa-20693	472	12	dividend	dividend	NOUN
cjfa-20693	472	13	discount	discount	NOUN
cjfa-20693	472	14	rate	rate	NOUN
cjfa-20693	472	15	r	r	NOUN
cjfa-20693	472	16	and	and	CCONJ
cjfa-20693	472	17	dividend	dividend	NOUN
cjfa-20693	472	18	growth	growth	NOUN
cjfa-20693	472	19	rate	rate	NOUN
cjfa-20693	472	20	g	g	PROPN
cjfa-20693	472	21	,	,	PUNCT
cjfa-20693	472	22	�	�	PROPN
cjfa-20693	472	23	�	�	PROPN
cjfa-20693	472	24	�	�	PROPN
cjfa-20693	472	25	�	�	PROPN
cjfa-20693	472	26	>	>	X
cjfa-20693	472	27	0	0	NUM
cjfa-20693	472	28	is	be	AUX
cjfa-20693	472	29	always	always	ADV
cjfa-20693	472	30	valid	valid	ADJ
cjfa-20693	472	31	.	.	PUNCT
cjfa-20693	473	1	as	as	ADV
cjfa-20693	473	2	long	long	ADV
cjfa-20693	473	3	as	as	SCONJ
cjfa-20693	473	4	the	the	DET
cjfa-20693	473	5	shareholders	shareholder	NOUN
cjfa-20693	473	6	'	'	PART
cjfa-20693	473	7	meeting	meeting	NOUN
cjfa-20693	473	8	becomes	become	VERB
cjfa-20693	473	9	a	a	DET
cjfa-20693	473	10	loyal	loyal	ADJ
cjfa-20693	473	11	supporter	supporter	NOUN
cjfa-20693	473	12	of	of	ADP
cjfa-20693	473	13	the	the	DET
cjfa-20693	473	14	senior	senior	ADJ
cjfa-20693	473	15	managers	manager	NOUN
cjfa-20693	473	16	,	,	PUNCT
cjfa-20693	473	17	keeps	keep	VERB
cjfa-20693	473	18	increasing	increase	VERB
cjfa-20693	473	19	the	the	DET
cjfa-20693	473	20	stock	stock	NOUN
cjfa-20693	473	21	holdings	holding	NOUN
cjfa-20693	473	22	of	of	ADP
cjfa-20693	473	23	the	the	DET
cjfa-20693	473	24	company	company	NOUN
cjfa-20693	473	25	,	,	PUNCT
cjfa-20693	473	26	and	and	CCONJ
cjfa-20693	473	27	continuously	continuously	ADV
cjfa-20693	473	28	makes	make	VERB
cjfa-20693	473	29	a	a	DET
cjfa-20693	473	30	positive	positive	ADJ
cjfa-20693	473	31	evaluation	evaluation	NOUN
cjfa-20693	473	32	of	of	ADP
cjfa-20693	473	33	the	the	DET
cjfa-20693	473	34	company	company	NOUN
cjfa-20693	473	35	's	's	PART
cjfa-20693	473	36	performance	performance	NOUN
cjfa-20693	473	37	,	,	PUNCT
cjfa-20693	473	38	the	the	DET
cjfa-20693	473	39	senior	senior	ADJ
cjfa-20693	473	40	managers	manager	NOUN
cjfa-20693	473	41	will	will	AUX
cjfa-20693	473	42	work	work	VERB
cjfa-20693	473	43	hard	hard	ADV
cjfa-20693	473	44	without	without	ADP
cjfa-20693	473	45	hesitation	hesitation	NOUN
cjfa-20693	473	46	,	,	PUNCT
cjfa-20693	473	47	so	so	SCONJ
cjfa-20693	473	48	that	that	SCONJ
cjfa-20693	473	49	the	the	DET
cjfa-20693	473	50	company	company	NOUN
cjfa-20693	473	51	can	can	AUX
cjfa-20693	473	52	achieve	achieve	VERB
cjfa-20693	473	53	profitability	profitability	NOUN
cjfa-20693	473	54	and	and	CCONJ
cjfa-20693	473	55	continuously	continuously	ADV
cjfa-20693	473	56	improve	improve	VERB
cjfa-20693	473	57	the	the	DET
cjfa-20693	473	58	dividend	dividend	NOUN
cjfa-20693	473	59	level	level	NOUN
cjfa-20693	473	60	,	,	PUNCT
cjfa-20693	473	61	thereby	thereby	ADV
cjfa-20693	473	62	improving	improve	VERB
cjfa-20693	473	63	the	the	DET
cjfa-20693	473	64	earnings	earning	NOUN
cjfa-20693	473	65	of	of	ADP
cjfa-20693	473	66	the	the	DET
cjfa-20693	473	67	shareholders	shareholder	NOUN
cjfa-20693	473	68	and	and	CCONJ
cjfa-20693	473	69	senior	senior	ADJ
cjfa-20693	473	70	managers	manager	NOUN
cjfa-20693	473	71	.	.	PUNCT
cjfa-20693	474	1	this	this	PRON
cjfa-20693	474	2	is	be	AUX
cjfa-20693	474	3	a	a	DET
cjfa-20693	474	4	win	win	NOUN
cjfa-20693	474	5	-	-	PUNCT
cjfa-20693	474	6	win	win	NOUN
cjfa-20693	474	7	and	and	CCONJ
cjfa-20693	474	8	mutually	mutually	ADV
cjfa-20693	474	9	beneficial	beneficial	ADJ
cjfa-20693	474	10	strategic	strategic	ADJ
cjfa-20693	474	11	interaction	interaction	NOUN
cjfa-20693	474	12	.	.	PUNCT
cjfa-20693	475	1	(	(	PUNCT
cjfa-20693	475	2	iv	iv	X
cjfa-20693	475	3	)	)	PUNCT
cjfa-20693	475	4	under	under	ADP
cjfa-20693	475	5	the	the	DET
cjfa-20693	475	6	assumption	assumption	NOUN
cjfa-20693	475	7	of	of	ADP
cjfa-20693	475	8	continuous	continuous	ADJ
cjfa-20693	475	9	derivability	derivability	NOUN
cjfa-20693	475	10	,	,	PUNCT
cjfa-20693	475	11	the	the	DET
cjfa-20693	475	12	first	first	ADJ
cjfa-20693	475	13	-	-	PUNCT
cjfa-20693	475	14	order	order	NOUN
cjfa-20693	475	15	partial	partial	ADJ
cjfa-20693	475	16	derivative	derivative	NOUN
cjfa-20693	475	17	of	of	ADP
cjfa-20693	475	18	executive	executive	ADJ
cjfa-20693	475	19	effort	effort	NOUN
cjfa-20693	475	20	e	e	X
cjfa-20693	475	21	to	to	PART
cjfa-20693	475	22	dividend	dividend	VERB
cjfa-20693	475	23	growth	growth	NOUN
cjfa-20693	475	24	rate	rate	NOUN
cjfa-20693	475	25	g	g	NOUN
cjfa-20693	475	26	is	be	AUX
cjfa-20693	475	27	obtained	obtain	VERB
cjfa-20693	475	28	.	.	PUNCT
cjfa-20693	476	1	�	�	PROPN
cjfa-20693	476	2	�	�	PROPN
cjfa-20693	476	3	�	�	PROPN
cjfa-20693	476	4	�	�	PROPN
cjfa-20693	476	5	=	=	PUNCT
cjfa-20693	476	6	−	−	PROPN
cjfa-20693	476	7	�	�	PROPN
cjfa-20693	476	8	�	�	PROPN
cjfa-20693	476	9	�	�	PROPN
cjfa-20693	476	10	�	�	PROPN
cjfa-20693	476	11	�	�	PROPN
cjfa-20693	476	12	�	�	PROPN
cjfa-20693	476	13	�	�	PROPN
cjfa-20693	476	14	�	�	PROPN
cjfa-20693	476	15	�	�	PROPN
cjfa-20693	476	16	�	�	PROPN
cjfa-20693	476	17	�	�	PROPN
cjfa-20693	476	18	�	�	PROPN
cjfa-20693	476	19	�	�	PROPN
cjfa-20693	476	20	�	�	PROPN
cjfa-20693	476	21	�	�	PROPN
cjfa-20693	476	22	�	�	PROPN
cjfa-20693	476	23	�	�	PROPN
cjfa-20693	476	24	�	�	PROPN
cjfa-20693	476	25	�	�	PROPN
cjfa-20693	476	26	�	�	PROPN
cjfa-20693	476	27	�	�	PROPN
cjfa-20693	476	28	�	�	PROPN
cjfa-20693	476	29	�	�	PROPN
cjfa-20693	476	30	�	�	PROPN
cjfa-20693	476	31	�	�	PROPN
cjfa-20693	476	32	(	(	PUNCT
cjfa-20693	476	33	�	�	PROPN
cjfa-20693	476	34	�	�	PROPN
cjfa-20693	476	35	�	�	PROPN
cjfa-20693	476	36	)	)	PUNCT
cjfa-20693	476	37	�	�	PROPN
cjfa-20693	476	38	<	<	X
cjfa-20693	476	39	0	0	NUM
cjfa-20693	476	40	（	（	SYM
cjfa-20693	476	41	13	13	NUM
cjfa-20693	476	42	）	）	PUNCT
cjfa-20693	476	43	under	under	ADP
cjfa-20693	476	44	the	the	DET
cjfa-20693	476	45	assumption	assumption	NOUN
cjfa-20693	476	46	of	of	ADP
cjfa-20693	476	47	continuous	continuous	ADJ
cjfa-20693	476	48	derivability	derivability	NOUN
cjfa-20693	476	49	,	,	PUNCT
cjfa-20693	476	50	the	the	DET
cjfa-20693	476	51	first	first	ADJ
cjfa-20693	476	52	-	-	PUNCT
cjfa-20693	476	53	order	order	NOUN
cjfa-20693	476	54	partial	partial	ADJ
cjfa-20693	476	55	derivative	derivative	NOUN
cjfa-20693	476	56	of	of	ADP
cjfa-20693	476	57	executive	executive	ADJ
cjfa-20693	476	58	effort	effort	NOUN
cjfa-20693	476	59	e	e	X
cjfa-20693	476	60	to	to	PART
cjfa-20693	476	61	dividend	dividend	VERB
cjfa-20693	476	62	growth	growth	NOUN
cjfa-20693	476	63	rate	rate	NOUN
cjfa-20693	476	64	g	g	PROPN
cjfa-20693	476	65	can	can	AUX
cjfa-20693	476	66	be	be	AUX
cjfa-20693	476	67	obtained	obtain	VERB
cjfa-20693	476	68	,	,	PUNCT
cjfa-20693	476	69	which	which	PRON
cjfa-20693	476	70	shows	show	VERB
cjfa-20693	476	71	that	that	SCONJ
cjfa-20693	476	72	the	the	DET
cjfa-20693	476	73	growth	growth	NOUN
cjfa-20693	476	74	of	of	ADP
cjfa-20693	476	75	dividend	dividend	NOUN
cjfa-20693	476	76	growth	growth	NOUN
cjfa-20693	476	77	rate	rate	NOUN
cjfa-20693	476	78	g	g	PROPN
cjfa-20693	476	79	will	will	AUX
cjfa-20693	476	80	inhibit	inhibit	VERB
cjfa-20693	476	81	the	the	DET
cjfa-20693	476	82	enthusiasm	enthusiasm	NOUN
cjfa-20693	476	83	and	and	CCONJ
cjfa-20693	476	84	effort	effort	NOUN
cjfa-20693	476	85	of	of	ADP
cjfa-20693	476	86	executives	executive	NOUN
cjfa-20693	476	87	.	.	PUNCT
cjfa-20693	477	1	this	this	PRON
cjfa-20693	477	2	is	be	AUX
cjfa-20693	477	3	because	because	SCONJ
cjfa-20693	477	4	the	the	DET
cjfa-20693	477	5	mandatory	mandatory	ADJ
cjfa-20693	477	6	dividend	dividend	NOUN
cjfa-20693	477	7	policy	policy	NOUN
cjfa-20693	477	8	has	have	AUX
cjfa-20693	477	9	formed	form	VERB
cjfa-20693	477	10	a	a	DET
cjfa-20693	477	11	stable	stable	ADJ
cjfa-20693	477	12	expectation	expectation	NOUN
cjfa-20693	477	13	of	of	ADP
cjfa-20693	477	14	cash	cash	NOUN
cjfa-20693	477	15	dividends	dividend	NOUN
cjfa-20693	477	16	.	.	PUNCT
cjfa-20693	478	1	if	if	SCONJ
cjfa-20693	478	2	the	the	DET
cjfa-20693	478	3	dividends	dividend	NOUN
cjfa-20693	478	4	continue	continue	VERB
cjfa-20693	478	5	to	to	PART
cjfa-20693	478	6	grow	grow	VERB
cjfa-20693	478	7	,	,	PUNCT
cjfa-20693	478	8	the	the	DET
cjfa-20693	478	9	dividends	dividend	NOUN
cjfa-20693	478	10	in	in	ADP
cjfa-20693	478	11	the	the	DET
cjfa-20693	478	12	distant	distant	ADJ
cjfa-20693	478	13	future	future	NOUN
cjfa-20693	478	14	will	will	AUX
cjfa-20693	478	15	become	become	VERB
cjfa-20693	478	16	more	more	ADV
cjfa-20693	478	17	and	and	CCONJ
cjfa-20693	478	18	more	more	ADV
cjfa-20693	478	19	,	,	PUNCT
cjfa-20693	478	20	which	which	PRON
cjfa-20693	478	21	will	will	AUX
cjfa-20693	478	22	make	make	VERB
cjfa-20693	478	23	executives	executive	NOUN
cjfa-20693	478	24	overwhelmed	overwhelmed	ADJ
cjfa-20693	478	25	unless	unless	SCONJ
cjfa-20693	478	26	the	the	DET
cjfa-20693	478	27	company	company	NOUN
cjfa-20693	478	28	's	's	PART
cjfa-20693	478	29	dividends	dividend	NOUN
cjfa-20693	478	30	can	can	AUX
cjfa-20693	478	31	be	be	AUX
cjfa-20693	478	32	distributed	distribute	VERB
cjfa-20693	478	33	continue	continue	VERB
cjfa-20693	478	34	to	to	PART
cjfa-20693	478	35	grow	grow	VERB
cjfa-20693	478	36	at	at	ADP
cjfa-20693	478	37	the	the	DET
cjfa-20693	478	38	rate	rate	NOUN
cjfa-20693	478	39	of	of	ADP
cjfa-20693	478	40	r.	r.	PROPN
cjfa-20693	478	41	obviously	obviously	ADV
cjfa-20693	478	42	,	,	PUNCT
cjfa-20693	478	43	this	this	PRON
cjfa-20693	478	44	is	be	AUX
cjfa-20693	478	45	a	a	DET
cjfa-20693	478	46	very	very	ADV
cjfa-20693	478	47	strict	strict	ADJ
cjfa-20693	478	48	and	and	CCONJ
cjfa-20693	478	49	unrealistic	unrealistic	ADJ
cjfa-20693	478	50	assumption	assumption	NOUN
cjfa-20693	478	51	that	that	SCONJ
cjfa-20693	478	52	there	there	PRON
cjfa-20693	478	53	can	can	AUX
cjfa-20693	478	54	be	be	AUX
cjfa-20693	478	55	no	no	DET
cjfa-20693	478	56	fluctuation	fluctuation	NOUN
cjfa-20693	478	57	in	in	ADP
cjfa-20693	478	58	company	company	NOUN
cjfa-20693	478	59	performance	performance	NOUN
cjfa-20693	478	60	.	.	PUNCT
cjfa-20693	479	1	in	in	ADP
cjfa-20693	479	2	this	this	DET
cjfa-20693	479	3	way	way	NOUN
cjfa-20693	479	4	,	,	PUNCT
cjfa-20693	479	5	dividend	dividend	NOUN
cjfa-20693	479	6	growth	growth	NOUN
cjfa-20693	479	7	rate	rate	NOUN
cjfa-20693	479	8	g	g	PROPN
cjfa-20693	479	9	may	may	AUX
cjfa-20693	479	10	not	not	PART
cjfa-20693	479	11	be	be	AUX
cjfa-20693	479	12	enough	enough	ADJ
cjfa-20693	479	13	to	to	PART
cjfa-20693	479	14	worry	worry	VERB
cjfa-20693	479	15	about	about	ADP
cjfa-20693	479	16	in	in	ADP
cjfa-20693	479	17	the	the	DET
cjfa-20693	479	18	short	short	ADJ
cjfa-20693	479	19	term	term	NOUN
cjfa-20693	479	20	,	,	PUNCT
cjfa-20693	479	21	but	but	CCONJ
cjfa-20693	479	22	it	it	PRON
cjfa-20693	479	23	will	will	AUX
cjfa-20693	479	24	be	be	AUX
cjfa-20693	479	25	the	the	DET
cjfa-20693	479	26	last	last	ADJ
cjfa-20693	479	27	straw	straw	NOUN
cjfa-20693	479	28	to	to	PART
cjfa-20693	479	29	crush	crush	VERB
cjfa-20693	479	30	the	the	DET
cjfa-20693	479	31	camels	camel	NOUN
cjfa-20693	479	32	in	in	ADP
cjfa-20693	479	33	the	the	DET
cjfa-20693	479	34	long	long	ADJ
cjfa-20693	479	35	run	run	NOUN
cjfa-20693	479	36	,	,	PUNCT
cjfa-20693	479	37	which	which	PRON
cjfa-20693	479	38	will	will	AUX
cjfa-20693	479	39	cause	cause	VERB
cjfa-20693	479	40	a	a	DET
cjfa-20693	479	41	heavy	heavy	ADJ
cjfa-20693	479	42	blow	blow	NOUN
cjfa-20693	479	43	to	to	ADP
cjfa-20693	479	44	the	the	DET
cjfa-20693	479	45	enthusiasm	enthusiasm	NOUN
cjfa-20693	479	46	of	of	ADP
cjfa-20693	479	47	executives	executive	NOUN
cjfa-20693	479	48	.	.	PUNCT
cjfa-20693	480	1	(	(	PUNCT
cjfa-20693	480	2	v	v	NOUN
cjfa-20693	480	3	)	)	PUNCT
cjfa-20693	480	4	under	under	ADP
cjfa-20693	480	5	the	the	DET
cjfa-20693	480	6	assumption	assumption	NOUN
cjfa-20693	480	7	of	of	ADP
cjfa-20693	480	8	continuous	continuous	ADJ
cjfa-20693	480	9	derivability	derivability	NOUN
cjfa-20693	480	10	,	,	PUNCT
cjfa-20693	480	11	the	the	DET
cjfa-20693	480	12	first	first	ADJ
cjfa-20693	480	13	-	-	PUNCT
cjfa-20693	480	14	order	order	NOUN
cjfa-20693	480	15	partial	partial	ADJ
cjfa-20693	480	16	derivative	derivative	NOUN
cjfa-20693	480	17	of	of	ADP
cjfa-20693	480	18	executive	executive	ADJ
cjfa-20693	480	19	effort	effort	NOUN
cjfa-20693	480	20	e	e	X
cjfa-20693	480	21	to	to	PART
cjfa-20693	480	22	dividend	dividend	VERB
cjfa-20693	480	23	ratio	ratio	NOUN
cjfa-20693	480	24			PROPN
cjfa-20693	480	25	is	be	AUX
cjfa-20693	480	26	obtained	obtain	VERB
cjfa-20693	480	27	.	.	PUNCT
cjfa-20693	481	1	�	�	PROPN
cjfa-20693	481	2	�	�	PROPN
cjfa-20693	481	3	�	�	PROPN
cjfa-20693	481	4	�	�	PROPN
cjfa-20693	481	5	=	=	SYM
cjfa-20693	481	6	−	−	PROPN
cjfa-20693	481	7	�	�	PROPN
cjfa-20693	481	8	�	�	PROPN
cjfa-20693	481	9	�	�	PROPN
cjfa-20693	481	10	�	�	PROPN
cjfa-20693	481	11	(	(	PUNCT
cjfa-20693	481	12	�	�	PROPN
cjfa-20693	481	13	�	�	PROPN
cjfa-20693	481	14	�	�	PROPN
cjfa-20693	481	15	�	�	PROPN
cjfa-20693	481	16	�	�	PROPN
cjfa-20693	481	17	�	�	PROPN
cjfa-20693	481	18	�	�	PROPN
cjfa-20693	481	19	�	�	PROPN
cjfa-20693	481	20	�	�	PROPN
cjfa-20693	481	21	�	�	PROPN
cjfa-20693	481	22	�	�	PROPN
cjfa-20693	481	23	�	�	PROPN
cjfa-20693	481	24	�	�	PROPN
cjfa-20693	481	25	�	�	PROPN
cjfa-20693	481	26	�	�	PROPN
cjfa-20693	481	27	)	)	PUNCT
cjfa-20693	481	28	<	<	X
cjfa-20693	481	29	0	0	NUM
cjfa-20693	482	1	（	（	SYM
cjfa-20693	482	2	14	14	NUM
cjfa-20693	482	3	）	）	PUNCT
cjfa-20693	482	4	according	accord	VERB
cjfa-20693	482	5	to	to	ADP
cjfa-20693	482	6	equation	equation	NOUN
cjfa-20693	482	7	(	(	PUNCT
cjfa-20693	482	8	14	14	NUM
cjfa-20693	482	9	)	)	PUNCT
cjfa-20693	482	10	,	,	PUNCT
cjfa-20693	482	11	it	it	PRON
cjfa-20693	482	12	can	can	AUX
cjfa-20693	482	13	be	be	AUX
cjfa-20693	482	14	found	find	VERB
cjfa-20693	482	15	that	that	SCONJ
cjfa-20693	482	16	the	the	DET
cjfa-20693	482	17	degree	degree	NOUN
cjfa-20693	482	18	of	of	ADP
cjfa-20693	482	19	efforts	effort	NOUN
cjfa-20693	482	20	of	of	ADP
cjfa-20693	482	21	executives	executive	NOUN
cjfa-20693	482	22	is	be	AUX
cjfa-20693	482	23	inversely	inversely	ADV
cjfa-20693	482	24	proportional	proportional	ADJ
cjfa-20693	482	25	to	to	ADP
cjfa-20693	482	26	their	their	PRON
cjfa-20693	482	27	dividend	dividend	NOUN
cjfa-20693	482	28	-	-	PUNCT
cjfa-20693	482	29	sharing	sharing	NOUN
cjfa-20693	482	30	ratio	ratio	NOUN
cjfa-20693	482	31	.	.	PUNCT
cjfa-20693	483	1	the	the	DET
cjfa-20693	483	2	economic	economic	ADJ
cjfa-20693	483	3	logic	logic	NOUN
cjfa-20693	483	4	behind	behind	ADP
cjfa-20693	483	5	it	it	PRON
cjfa-20693	483	6	:	:	PUNCT
cjfa-20693	483	7	with	with	ADP
cjfa-20693	483	8	the	the	DET
cjfa-20693	483	9	increase	increase	NOUN
cjfa-20693	483	10	of	of	ADP
cjfa-20693	483	11	the	the	DET
cjfa-20693	483	12	dividend	dividend	NOUN
cjfa-20693	483	13	proportion	proportion	NOUN
cjfa-20693	483	14	,	,	PUNCT
cjfa-20693	483	15	the	the	DET
cjfa-20693	483	16	company	company	NOUN
cjfa-20693	483	17	's	's	PART
cjfa-20693	483	18	disposable	disposable	ADJ
cjfa-20693	483	19	free	free	ADJ
cjfa-20693	483	20	cash	cash	NOUN
cjfa-20693	483	21	flow	flow	NOUN
cjfa-20693	483	22	will	will	AUX
cjfa-20693	483	23	decrease	decrease	VERB
cjfa-20693	483	24	accordingly	accordingly	ADV
cjfa-20693	483	25	,	,	PUNCT
cjfa-20693	483	26	which	which	PRON
cjfa-20693	483	27	will	will	AUX
cjfa-20693	483	28	not	not	PART
cjfa-20693	483	29	only	only	ADV
cjfa-20693	483	30	hinder	hinder	VERB
cjfa-20693	483	31	executives	executive	NOUN
cjfa-20693	483	32	from	from	ADP
cjfa-20693	483	33	increasing	increase	VERB
cjfa-20693	483	34	their	their	PRON
cjfa-20693	483	35	private	private	ADJ
cjfa-20693	483	36	benefits	benefit	NOUN
cjfa-20693	483	37	,	,	PUNCT
cjfa-20693	483	38	but	but	CCONJ
cjfa-20693	483	39	also	also	ADV
cjfa-20693	483	40	make	make	VERB
cjfa-20693	483	41	the	the	DET
cjfa-20693	483	42	dividend	dividend	NOUN
cjfa-20693	483	43	distribution	distribution	NOUN
cjfa-20693	483	44	system	system	NOUN
cjfa-20693	483	45	produce	produce	VERB
cjfa-20693	483	46	an	an	DET
cjfa-20693	483	47	unbalanced	unbalanced	ADJ
cjfa-20693	483	48	mentality	mentality	NOUN
cjfa-20693	483	49	,	,	PUNCT
cjfa-20693	483	50	that	that	ADV
cjfa-20693	483	51	is	is	ADV
cjfa-20693	483	52	,	,	PUNCT
cjfa-20693	483	53	shareholders	shareholder	NOUN
cjfa-20693	483	54	gain	gain	VERB
cjfa-20693	483	55	nothing	nothing	PRON
cjfa-20693	483	56	without	without	ADP
cjfa-20693	483	57	any	any	DET
cjfa-20693	483	58	reason	reason	NOUN
cjfa-20693	483	59	,	,	PUNCT
cjfa-20693	483	60	using	use	VERB
cjfa-20693	483	61	the	the	DET
cjfa-20693	483	62	identity	identity	NOUN
cjfa-20693	483	63	of	of	ADP
cjfa-20693	483	64	the	the	DET
cjfa-20693	483	65	capital	capital	NOUN
cjfa-20693	483	66	owner	owner	NOUN
cjfa-20693	483	67	(	(	PUNCT
cjfa-20693	483	68	12	12	NUM
cjfa-20693	483	69	)	)	PUNCT
cjfa-20693	483	70	according	accord	VERB
cjfa-20693	483	71	to	to	ADP
cjfa-20693	483	72	the	the	DET
cjfa-20693	483	73	previous	previous	ADJ
cjfa-20693	483	74	assumption	assumption	NOUN
cjfa-20693	483	75	,	,	PUNCT
cjfa-20693	483	76	given	give	VERB
cjfa-20693	483	77	the	the	DET
cjfa-20693	483	78	dividend	dividend	NOUN
cjfa-20693	483	79	discount	discount	NOUN
cjfa-20693	483	80	rate	rate	NOUN
cjfa-20693	483	81	r	r	NOUN
cjfa-20693	483	82	and	and	CCONJ
cjfa-20693	483	83	dividend	dividend	NOUN
cjfa-20693	483	84	growth	growth	NOUN
cjfa-20693	483	85	rate	rate	NOUN
cjfa-20693	483	86	�	�	PROPN
cjfa-20693	483	87	�	�	PROPN
cjfa-20693	483	88	�	�	PROPN
cjfa-20693	483	89	�	�	PROPN
cjfa-20693	483	90	=	=	SYM
cjfa-20693	483	91	=	=	PROPN
cjfa-20693	483	92	�	�	PROPN
cjfa-20693	483	93	�	�	PROPN
cjfa-20693	483	94	�	�	PROPN
cjfa-20693	483	95	�	�	PROPN
cjfa-20693	483	96	�	�	PROPN
cjfa-20693	483	97	�	�	PROPN
cjfa-20693	483	98	�	�	PROPN
cjfa-20693	483	99	�	�	PROPN
cjfa-20693	483	100	�	�	PROPN
cjfa-20693	483	101	�	�	PROPN
cjfa-20693	483	102	�	�	PROPN
cjfa-20693	483	103	�	�	PROPN
cjfa-20693	483	104	�	�	PROPN
cjfa-20693	483	105	�	�	PROPN
cjfa-20693	483	106	�	�	PROPN
cjfa-20693	483	107	�	�	PROPN
cjfa-20693	483	108	�	�	PROPN
cjfa-20693	483	109	�	�	PROPN
cjfa-20693	483	110	�	�	PROPN
cjfa-20693	483	111	�	�	PROPN
cjfa-20693	483	112	�	�	PROPN
cjfa-20693	483	113	�	�	PROPN
cjfa-20693	483	114	�	�	PROPN
cjfa-20693	483	115	�	�	PROPN
cjfa-20693	483	116	�	�	PROPN
cjfa-20693	483	117	�	�	PROPN
cjfa-20693	483	118	�	�	PROPN
cjfa-20693	483	119	�	�	PROPN
cjfa-20693	483	120	�	�	PROPN
cjfa-20693	483	121	�	�	PROPN
cjfa-20693	483	122	>	>	X
cjfa-20693	483	123	0	0	NUM
cjfa-20693	484	1	（	（	PUNCT
cjfa-20693	484	2	12	12	NUM
cjfa-20693	484	3	）	）	PUNCT
cjfa-20693	484	4	according	accord	VERB
cjfa-20693	484	5	to	to	ADP
cjfa-20693	484	6	the	the	DET
cjfa-20693	484	7	previous	previous	ADJ
cjfa-20693	484	8	assumption	assumption	NOUN
cjfa-20693	484	9	,	,	PUNCT
cjfa-20693	484	10	given	give	VERB
cjfa-20693	484	11	the	the	DET
cjfa-20693	484	12	dividend	dividend	NOUN
cjfa-20693	484	13	discount	discount	NOUN
cjfa-20693	484	14	rate	rate	NOUN
cjfa-20693	484	15	r	r	NOUN
cjfa-20693	484	16	and	and	CCONJ
cjfa-20693	484	17	dividend	dividend	NOUN
cjfa-20693	484	18	growth	growth	NOUN
cjfa-20693	484	19	rate	rate	NOUN
cjfa-20693	484	20	g	g	PROPN
cjfa-20693	484	21	,	,	PUNCT
cjfa-20693	484	22	�	�	PROPN
cjfa-20693	484	23	�	�	PROPN
cjfa-20693	484	24	�	�	PROPN
cjfa-20693	484	25	�	�	PROPN
cjfa-20693	484	26	>	>	X
cjfa-20693	484	27	0	0	NUM
cjfa-20693	484	28	is	be	AUX
cjfa-20693	484	29	always	always	ADV
cjfa-20693	484	30	valid	valid	ADJ
cjfa-20693	484	31	.	.	PUNCT
cjfa-20693	485	1	as	as	ADV
cjfa-20693	485	2	long	long	ADV
cjfa-20693	485	3	as	as	SCONJ
cjfa-20693	485	4	the	the	DET
cjfa-20693	485	5	shareholders	shareholder	NOUN
cjfa-20693	485	6	'	'	PART
cjfa-20693	485	7	meeting	meeting	NOUN
cjfa-20693	485	8	becomes	become	VERB
cjfa-20693	485	9	a	a	DET
cjfa-20693	485	10	loyal	loyal	ADJ
cjfa-20693	485	11	supporter	supporter	NOUN
cjfa-20693	485	12	of	of	ADP
cjfa-20693	485	13	the	the	DET
cjfa-20693	485	14	senior	senior	ADJ
cjfa-20693	485	15	managers	manager	NOUN
cjfa-20693	485	16	,	,	PUNCT
cjfa-20693	485	17	keeps	keep	VERB
cjfa-20693	485	18	increasing	increase	VERB
cjfa-20693	485	19	the	the	DET
cjfa-20693	485	20	stock	stock	NOUN
cjfa-20693	485	21	holdings	holding	NOUN
cjfa-20693	485	22	of	of	ADP
cjfa-20693	485	23	the	the	DET
cjfa-20693	485	24	company	company	NOUN
cjfa-20693	485	25	,	,	PUNCT
cjfa-20693	485	26	and	and	CCONJ
cjfa-20693	485	27	continuously	continuously	ADV
cjfa-20693	485	28	makes	make	VERB
cjfa-20693	485	29	a	a	DET
cjfa-20693	485	30	positive	positive	ADJ
cjfa-20693	485	31	evaluation	evaluation	NOUN
cjfa-20693	485	32	of	of	ADP
cjfa-20693	485	33	the	the	DET
cjfa-20693	485	34	company	company	NOUN
cjfa-20693	485	35	's	's	PART
cjfa-20693	485	36	performance	performance	NOUN
cjfa-20693	485	37	,	,	PUNCT
cjfa-20693	485	38	the	the	DET
cjfa-20693	485	39	senior	senior	ADJ
cjfa-20693	485	40	managers	manager	NOUN
cjfa-20693	485	41	will	will	AUX
cjfa-20693	485	42	work	work	VERB
cjfa-20693	485	43	hard	hard	ADV
cjfa-20693	485	44	without	without	ADP
cjfa-20693	485	45	hesitation	hesitation	NOUN
cjfa-20693	485	46	,	,	PUNCT
cjfa-20693	485	47	so	so	SCONJ
cjfa-20693	485	48	that	that	SCONJ
cjfa-20693	485	49	the	the	DET
cjfa-20693	485	50	company	company	NOUN
cjfa-20693	485	51	can	can	AUX
cjfa-20693	485	52	achieve	achieve	VERB
cjfa-20693	485	53	profitability	profitability	NOUN
cjfa-20693	485	54	and	and	CCONJ
cjfa-20693	485	55	continuously	continuously	ADV
cjfa-20693	485	56	improve	improve	VERB
cjfa-20693	485	57	the	the	DET
cjfa-20693	485	58	dividend	dividend	NOUN
cjfa-20693	485	59	level	level	NOUN
cjfa-20693	485	60	,	,	PUNCT
cjfa-20693	485	61	thereby	thereby	ADV
cjfa-20693	485	62	improving	improve	VERB
cjfa-20693	485	63	the	the	DET
cjfa-20693	485	64	earnings	earning	NOUN
cjfa-20693	485	65	of	of	ADP
cjfa-20693	485	66	the	the	DET
cjfa-20693	485	67	shareholders	shareholder	NOUN
cjfa-20693	485	68	and	and	CCONJ
cjfa-20693	485	69	senior	senior	ADJ
cjfa-20693	485	70	managers	manager	NOUN
cjfa-20693	485	71	.	.	PUNCT
cjfa-20693	486	1	this	this	PRON
cjfa-20693	486	2	is	be	AUX
cjfa-20693	486	3	a	a	DET
cjfa-20693	486	4	win	win	NOUN
cjfa-20693	486	5	-	-	PUNCT
cjfa-20693	486	6	win	win	NOUN
cjfa-20693	486	7	and	and	CCONJ
cjfa-20693	486	8	mutually	mutually	ADV
cjfa-20693	486	9	beneficial	beneficial	ADJ
cjfa-20693	486	10	strategic	strategic	ADJ
cjfa-20693	486	11	interaction	interaction	NOUN
cjfa-20693	486	12	.	.	PUNCT
cjfa-20693	487	1	(	(	PUNCT
cjfa-20693	487	2	iv	iv	X
cjfa-20693	487	3	)	)	PUNCT
cjfa-20693	487	4	under	under	ADP
cjfa-20693	487	5	the	the	DET
cjfa-20693	487	6	assumption	assumption	NOUN
cjfa-20693	487	7	of	of	ADP
cjfa-20693	487	8	continuous	continuous	ADJ
cjfa-20693	487	9	derivability	derivability	NOUN
cjfa-20693	487	10	,	,	PUNCT
cjfa-20693	487	11	the	the	DET
cjfa-20693	487	12	first	first	ADJ
cjfa-20693	487	13	-	-	PUNCT
cjfa-20693	487	14	order	order	NOUN
cjfa-20693	487	15	partial	partial	ADJ
cjfa-20693	487	16	derivative	derivative	NOUN
cjfa-20693	487	17	of	of	ADP
cjfa-20693	487	18	executive	executive	ADJ
cjfa-20693	487	19	effort	effort	NOUN
cjfa-20693	487	20	e	e	X
cjfa-20693	487	21	to	to	PART
cjfa-20693	487	22	dividend	dividend	VERB
cjfa-20693	487	23	growth	growth	NOUN
cjfa-20693	487	24	rate	rate	NOUN
cjfa-20693	487	25	g	g	NOUN
cjfa-20693	487	26	is	be	AUX
cjfa-20693	487	27	obtained	obtain	VERB
cjfa-20693	487	28	.	.	PUNCT
cjfa-20693	488	1	�	�	PROPN
cjfa-20693	488	2	�	�	PROPN
cjfa-20693	488	3	�	�	PROPN
cjfa-20693	488	4	�	�	PROPN
cjfa-20693	488	5	=	=	PUNCT
cjfa-20693	488	6	−	−	PROPN
cjfa-20693	488	7	�	�	PROPN
cjfa-20693	488	8	�	�	PROPN
cjfa-20693	488	9	�	�	PROPN
cjfa-20693	488	10	�	�	PROPN
cjfa-20693	488	11	�	�	PROPN
cjfa-20693	488	12	�	�	PROPN
cjfa-20693	488	13	�	�	PROPN
cjfa-20693	488	14	�	�	PROPN
cjfa-20693	488	15	�	�	PROPN
cjfa-20693	488	16	�	�	PROPN
cjfa-20693	488	17	�	�	PROPN
cjfa-20693	488	18	�	�	PROPN
cjfa-20693	488	19	�	�	PROPN
cjfa-20693	488	20	�	�	PROPN
cjfa-20693	488	21	�	�	PROPN
cjfa-20693	488	22	�	�	PROPN
cjfa-20693	488	23	�	�	PROPN
cjfa-20693	488	24	�	�	PROPN
cjfa-20693	488	25	�	�	PROPN
cjfa-20693	488	26	�	�	PROPN
cjfa-20693	488	27	�	�	PROPN
cjfa-20693	488	28	�	�	PROPN
cjfa-20693	488	29	�	�	PROPN
cjfa-20693	488	30	�	�	PROPN
cjfa-20693	488	31	�	�	PROPN
cjfa-20693	488	32	(	(	PUNCT
cjfa-20693	488	33	�	�	PROPN
cjfa-20693	488	34	�	�	PROPN
cjfa-20693	488	35	�	�	PROPN
cjfa-20693	488	36	)	)	PUNCT
cjfa-20693	488	37	�	�	PROPN
cjfa-20693	488	38	<	<	X
cjfa-20693	488	39	0	0	NUM
cjfa-20693	488	40	（	（	SYM
cjfa-20693	488	41	13	13	NUM
cjfa-20693	488	42	）	）	PUNCT
cjfa-20693	488	43	under	under	ADP
cjfa-20693	488	44	the	the	DET
cjfa-20693	488	45	assumption	assumption	NOUN
cjfa-20693	488	46	of	of	ADP
cjfa-20693	488	47	continuous	continuous	ADJ
cjfa-20693	488	48	derivability	derivability	NOUN
cjfa-20693	488	49	,	,	PUNCT
cjfa-20693	488	50	the	the	DET
cjfa-20693	488	51	first	first	ADJ
cjfa-20693	488	52	-	-	PUNCT
cjfa-20693	488	53	order	order	NOUN
cjfa-20693	488	54	partial	partial	ADJ
cjfa-20693	488	55	derivative	derivative	NOUN
cjfa-20693	488	56	of	of	ADP
cjfa-20693	488	57	executive	executive	ADJ
cjfa-20693	488	58	effort	effort	NOUN
cjfa-20693	488	59	e	e	X
cjfa-20693	488	60	to	to	PART
cjfa-20693	488	61	dividend	dividend	VERB
cjfa-20693	488	62	growth	growth	NOUN
cjfa-20693	488	63	rate	rate	NOUN
cjfa-20693	488	64	g	g	PROPN
cjfa-20693	488	65	can	can	AUX
cjfa-20693	488	66	be	be	AUX
cjfa-20693	488	67	obtained	obtain	VERB
cjfa-20693	488	68	,	,	PUNCT
cjfa-20693	488	69	which	which	PRON
cjfa-20693	488	70	shows	show	VERB
cjfa-20693	488	71	that	that	SCONJ
cjfa-20693	488	72	the	the	DET
cjfa-20693	488	73	growth	growth	NOUN
cjfa-20693	488	74	of	of	ADP
cjfa-20693	488	75	dividend	dividend	NOUN
cjfa-20693	488	76	growth	growth	NOUN
cjfa-20693	488	77	rate	rate	NOUN
cjfa-20693	488	78	g	g	PROPN
cjfa-20693	488	79	will	will	AUX
cjfa-20693	488	80	inhibit	inhibit	VERB
cjfa-20693	488	81	the	the	DET
cjfa-20693	488	82	enthusiasm	enthusiasm	NOUN
cjfa-20693	488	83	and	and	CCONJ
cjfa-20693	488	84	effort	effort	NOUN
cjfa-20693	488	85	of	of	ADP
cjfa-20693	488	86	executives	executive	NOUN
cjfa-20693	488	87	.	.	PUNCT
cjfa-20693	489	1	this	this	PRON
cjfa-20693	489	2	is	be	AUX
cjfa-20693	489	3	because	because	SCONJ
cjfa-20693	489	4	the	the	DET
cjfa-20693	489	5	mandatory	mandatory	ADJ
cjfa-20693	489	6	dividend	dividend	NOUN
cjfa-20693	489	7	policy	policy	NOUN
cjfa-20693	489	8	has	have	AUX
cjfa-20693	489	9	formed	form	VERB
cjfa-20693	489	10	a	a	DET
cjfa-20693	489	11	stable	stable	ADJ
cjfa-20693	489	12	expectation	expectation	NOUN
cjfa-20693	489	13	of	of	ADP
cjfa-20693	489	14	cash	cash	NOUN
cjfa-20693	489	15	dividends	dividend	NOUN
cjfa-20693	489	16	.	.	PUNCT
cjfa-20693	490	1	if	if	SCONJ
cjfa-20693	490	2	the	the	DET
cjfa-20693	490	3	dividends	dividend	NOUN
cjfa-20693	490	4	continue	continue	VERB
cjfa-20693	490	5	to	to	PART
cjfa-20693	490	6	grow	grow	VERB
cjfa-20693	490	7	,	,	PUNCT
cjfa-20693	490	8	the	the	DET
cjfa-20693	490	9	dividends	dividend	NOUN
cjfa-20693	490	10	in	in	ADP
cjfa-20693	490	11	the	the	DET
cjfa-20693	490	12	distant	distant	ADJ
cjfa-20693	490	13	future	future	NOUN
cjfa-20693	490	14	will	will	AUX
cjfa-20693	490	15	become	become	VERB
cjfa-20693	490	16	more	more	ADV
cjfa-20693	490	17	and	and	CCONJ
cjfa-20693	490	18	more	more	ADV
cjfa-20693	490	19	,	,	PUNCT
cjfa-20693	490	20	which	which	PRON
cjfa-20693	490	21	will	will	AUX
cjfa-20693	490	22	make	make	VERB
cjfa-20693	490	23	executives	executive	NOUN
cjfa-20693	490	24	overwhelmed	overwhelmed	ADJ
cjfa-20693	490	25	unless	unless	SCONJ
cjfa-20693	490	26	the	the	DET
cjfa-20693	490	27	company	company	NOUN
cjfa-20693	490	28	's	's	PART
cjfa-20693	490	29	dividends	dividend	NOUN
cjfa-20693	490	30	can	can	AUX
cjfa-20693	490	31	be	be	AUX
cjfa-20693	490	32	distributed	distribute	VERB
cjfa-20693	490	33	continue	continue	VERB
cjfa-20693	490	34	to	to	PART
cjfa-20693	490	35	grow	grow	VERB
cjfa-20693	490	36	at	at	ADP
cjfa-20693	490	37	the	the	DET
cjfa-20693	490	38	rate	rate	NOUN
cjfa-20693	490	39	of	of	ADP
cjfa-20693	490	40	r.	r.	PROPN
cjfa-20693	490	41	obviously	obviously	ADV
cjfa-20693	490	42	,	,	PUNCT
cjfa-20693	490	43	this	this	PRON
cjfa-20693	490	44	is	be	AUX
cjfa-20693	490	45	a	a	DET
cjfa-20693	490	46	very	very	ADV
cjfa-20693	490	47	strict	strict	ADJ
cjfa-20693	490	48	and	and	CCONJ
cjfa-20693	490	49	unrealistic	unrealistic	ADJ
cjfa-20693	490	50	assumption	assumption	NOUN
cjfa-20693	490	51	that	that	SCONJ
cjfa-20693	490	52	there	there	PRON
cjfa-20693	490	53	can	can	AUX
cjfa-20693	490	54	be	be	AUX
cjfa-20693	490	55	no	no	DET
cjfa-20693	490	56	fluctuation	fluctuation	NOUN
cjfa-20693	490	57	in	in	ADP
cjfa-20693	490	58	company	company	NOUN
cjfa-20693	490	59	performance	performance	NOUN
cjfa-20693	490	60	.	.	PUNCT
cjfa-20693	491	1	in	in	ADP
cjfa-20693	491	2	this	this	DET
cjfa-20693	491	3	way	way	NOUN
cjfa-20693	491	4	,	,	PUNCT
cjfa-20693	491	5	dividend	dividend	NOUN
cjfa-20693	491	6	growth	growth	NOUN
cjfa-20693	491	7	rate	rate	NOUN
cjfa-20693	491	8	g	g	PROPN
cjfa-20693	491	9	may	may	AUX
cjfa-20693	491	10	not	not	PART
cjfa-20693	491	11	be	be	AUX
cjfa-20693	491	12	enough	enough	ADJ
cjfa-20693	491	13	to	to	PART
cjfa-20693	491	14	worry	worry	VERB
cjfa-20693	491	15	about	about	ADP
cjfa-20693	491	16	in	in	ADP
cjfa-20693	491	17	the	the	DET
cjfa-20693	491	18	short	short	ADJ
cjfa-20693	491	19	term	term	NOUN
cjfa-20693	491	20	,	,	PUNCT
cjfa-20693	491	21	but	but	CCONJ
cjfa-20693	491	22	it	it	PRON
cjfa-20693	491	23	will	will	AUX
cjfa-20693	491	24	be	be	AUX
cjfa-20693	491	25	the	the	DET
cjfa-20693	491	26	last	last	ADJ
cjfa-20693	491	27	straw	straw	NOUN
cjfa-20693	491	28	to	to	PART
cjfa-20693	491	29	crush	crush	VERB
cjfa-20693	491	30	the	the	DET
cjfa-20693	491	31	camels	camel	NOUN
cjfa-20693	491	32	in	in	ADP
cjfa-20693	491	33	the	the	DET
cjfa-20693	491	34	long	long	ADJ
cjfa-20693	491	35	run	run	NOUN
cjfa-20693	491	36	,	,	PUNCT
cjfa-20693	491	37	which	which	PRON
cjfa-20693	491	38	will	will	AUX
cjfa-20693	491	39	cause	cause	VERB
cjfa-20693	491	40	a	a	DET
cjfa-20693	491	41	heavy	heavy	ADJ
cjfa-20693	491	42	blow	blow	NOUN
cjfa-20693	491	43	to	to	ADP
cjfa-20693	491	44	the	the	DET
cjfa-20693	491	45	enthusiasm	enthusiasm	NOUN
cjfa-20693	491	46	of	of	ADP
cjfa-20693	491	47	executives	executive	NOUN
cjfa-20693	491	48	.	.	PUNCT
cjfa-20693	492	1	(	(	PUNCT
cjfa-20693	492	2	v	v	NOUN
cjfa-20693	492	3	)	)	PUNCT
cjfa-20693	492	4	under	under	ADP
cjfa-20693	492	5	the	the	DET
cjfa-20693	492	6	assumption	assumption	NOUN
cjfa-20693	492	7	of	of	ADP
cjfa-20693	492	8	continuous	continuous	ADJ
cjfa-20693	492	9	derivability	derivability	NOUN
cjfa-20693	492	10	,	,	PUNCT
cjfa-20693	492	11	the	the	DET
cjfa-20693	492	12	first	first	ADJ
cjfa-20693	492	13	-	-	PUNCT
cjfa-20693	492	14	order	order	NOUN
cjfa-20693	492	15	partial	partial	ADJ
cjfa-20693	492	16	derivative	derivative	NOUN
cjfa-20693	492	17	of	of	ADP
cjfa-20693	492	18	executive	executive	ADJ
cjfa-20693	492	19	effort	effort	NOUN
cjfa-20693	492	20	e	e	X
cjfa-20693	492	21	to	to	PART
cjfa-20693	492	22	dividend	dividend	VERB
cjfa-20693	492	23	ratio	ratio	NOUN
cjfa-20693	492	24			PROPN
cjfa-20693	492	25	is	be	AUX
cjfa-20693	492	26	obtained	obtain	VERB
cjfa-20693	492	27	.	.	PUNCT
cjfa-20693	493	1	�	�	PROPN
cjfa-20693	493	2	�	�	PROPN
cjfa-20693	493	3	�	�	PROPN
cjfa-20693	493	4	�	�	PROPN
cjfa-20693	493	5	=	=	SYM
cjfa-20693	493	6	−	−	PROPN
cjfa-20693	493	7	�	�	PROPN
cjfa-20693	493	8	�	�	PROPN
cjfa-20693	493	9	�	�	PROPN
cjfa-20693	493	10	�	�	PROPN
cjfa-20693	493	11	(	(	PUNCT
cjfa-20693	493	12	�	�	PROPN
cjfa-20693	493	13	�	�	PROPN
cjfa-20693	493	14	�	�	PROPN
cjfa-20693	493	15	�	�	PROPN
cjfa-20693	493	16	�	�	PROPN
cjfa-20693	493	17	�	�	PROPN
cjfa-20693	493	18	�	�	PROPN
cjfa-20693	493	19	�	�	PROPN
cjfa-20693	493	20	�	�	PROPN
cjfa-20693	493	21	�	�	PROPN
cjfa-20693	493	22	�	�	PROPN
cjfa-20693	493	23	�	�	PROPN
cjfa-20693	493	24	�	�	PROPN
cjfa-20693	493	25	�	�	PROPN
cjfa-20693	493	26	�	�	PROPN
cjfa-20693	493	27	)	)	PUNCT
cjfa-20693	493	28	<	<	X
cjfa-20693	493	29	0	0	NUM
cjfa-20693	494	1	（	（	SYM
cjfa-20693	494	2	14	14	NUM
cjfa-20693	494	3	）	）	PUNCT
cjfa-20693	494	4	according	accord	VERB
cjfa-20693	494	5	to	to	ADP
cjfa-20693	494	6	equation	equation	NOUN
cjfa-20693	494	7	(	(	PUNCT
cjfa-20693	494	8	14	14	NUM
cjfa-20693	494	9	)	)	PUNCT
cjfa-20693	494	10	,	,	PUNCT
cjfa-20693	494	11	it	it	PRON
cjfa-20693	494	12	can	can	AUX
cjfa-20693	494	13	be	be	AUX
cjfa-20693	494	14	found	find	VERB
cjfa-20693	494	15	that	that	SCONJ
cjfa-20693	494	16	the	the	DET
cjfa-20693	494	17	degree	degree	NOUN
cjfa-20693	494	18	of	of	ADP
cjfa-20693	494	19	efforts	effort	NOUN
cjfa-20693	494	20	of	of	ADP
cjfa-20693	494	21	executives	executive	NOUN
cjfa-20693	494	22	is	be	AUX
cjfa-20693	494	23	inversely	inversely	ADV
cjfa-20693	494	24	proportional	proportional	ADJ
cjfa-20693	494	25	to	to	ADP
cjfa-20693	494	26	their	their	PRON
cjfa-20693	494	27	dividend	dividend	NOUN
cjfa-20693	494	28	-	-	PUNCT
cjfa-20693	494	29	sharing	sharing	NOUN
cjfa-20693	494	30	ratio	ratio	NOUN
cjfa-20693	494	31	.	.	PUNCT
cjfa-20693	495	1	the	the	DET
cjfa-20693	495	2	economic	economic	ADJ
cjfa-20693	495	3	logic	logic	NOUN
cjfa-20693	495	4	behind	behind	ADP
cjfa-20693	495	5	it	it	PRON
cjfa-20693	495	6	:	:	PUNCT
cjfa-20693	495	7	with	with	ADP
cjfa-20693	495	8	the	the	DET
cjfa-20693	495	9	increase	increase	NOUN
cjfa-20693	495	10	of	of	ADP
cjfa-20693	495	11	the	the	DET
cjfa-20693	495	12	dividend	dividend	NOUN
cjfa-20693	495	13	proportion	proportion	NOUN
cjfa-20693	495	14	,	,	PUNCT
cjfa-20693	495	15	the	the	DET
cjfa-20693	495	16	company	company	NOUN
cjfa-20693	495	17	's	's	PART
cjfa-20693	495	18	disposable	disposable	ADJ
cjfa-20693	495	19	free	free	ADJ
cjfa-20693	495	20	cash	cash	NOUN
cjfa-20693	495	21	flow	flow	NOUN
cjfa-20693	495	22	will	will	AUX
cjfa-20693	495	23	decrease	decrease	VERB
cjfa-20693	495	24	accordingly	accordingly	ADV
cjfa-20693	495	25	,	,	PUNCT
cjfa-20693	495	26	which	which	PRON
cjfa-20693	495	27	will	will	AUX
cjfa-20693	495	28	not	not	PART
cjfa-20693	495	29	only	only	ADV
cjfa-20693	495	30	hinder	hinder	VERB
cjfa-20693	495	31	executives	executive	NOUN
cjfa-20693	495	32	from	from	ADP
cjfa-20693	495	33	increasing	increase	VERB
cjfa-20693	495	34	their	their	PRON
cjfa-20693	495	35	private	private	ADJ
cjfa-20693	495	36	benefits	benefit	NOUN
cjfa-20693	495	37	,	,	PUNCT
cjfa-20693	495	38	but	but	CCONJ
cjfa-20693	495	39	also	also	ADV
cjfa-20693	495	40	make	make	VERB
cjfa-20693	495	41	the	the	DET
cjfa-20693	495	42	dividend	dividend	NOUN
cjfa-20693	495	43	distribution	distribution	NOUN
cjfa-20693	495	44	system	system	NOUN
cjfa-20693	495	45	produce	produce	VERB
cjfa-20693	495	46	an	an	DET
cjfa-20693	495	47	unbalanced	unbalanced	ADJ
cjfa-20693	495	48	mentality	mentality	NOUN
cjfa-20693	495	49	,	,	PUNCT
cjfa-20693	495	50	that	that	ADV
cjfa-20693	495	51	is	is	ADV
cjfa-20693	495	52	,	,	PUNCT
cjfa-20693	495	53	shareholders	shareholder	NOUN
cjfa-20693	495	54	gain	gain	VERB
cjfa-20693	495	55	nothing	nothing	PRON
cjfa-20693	495	56	without	without	ADP
cjfa-20693	495	57	any	any	DET
cjfa-20693	495	58	reason	reason	NOUN
cjfa-20693	495	59	,	,	PUNCT
cjfa-20693	495	60	using	use	VERB
cjfa-20693	495	61	the	the	DET
cjfa-20693	495	62	identity	identity	NOUN
cjfa-20693	495	63	of	of	ADP
cjfa-20693	495	64	the	the	DET
cjfa-20693	495	65	capital	capital	NOUN
cjfa-20693	495	66	owner	owner	NOUN
cjfa-20693	495	67	,	,	PUNCT
cjfa-20693	495	68	is	be	AUX
cjfa-20693	495	69	always	always	ADV
cjfa-20693	495	70	valid	valid	ADJ
cjfa-20693	495	71	.	.	PUNCT
cjfa-20693	496	1	as	as	ADV
cjfa-20693	496	2	long	long	ADV
cjfa-20693	496	3	as	as	SCONJ
cjfa-20693	496	4	the	the	DET
cjfa-20693	496	5	shareholders	shareholder	NOUN
cjfa-20693	496	6	’	’	PART
cjfa-20693	496	7	meeting	meeting	NOUN
cjfa-20693	496	8	becomes	become	VERB
cjfa-20693	496	9	a	a	DET
cjfa-20693	496	10	loyal	loyal	ADJ
cjfa-20693	496	11	supporter	supporter	NOUN
cjfa-20693	496	12	of	of	ADP
cjfa-20693	496	13	the	the	DET
cjfa-20693	496	14	senior	senior	ADJ
cjfa-20693	496	15	managers	manager	NOUN
cjfa-20693	496	16	,	,	PUNCT
cjfa-20693	496	17	keeps	keep	VERB
cjfa-20693	496	18	increasing	increase	VERB
cjfa-20693	496	19	the	the	DET
cjfa-20693	496	20	stock	stock	NOUN
cjfa-20693	496	21	holdings	holding	NOUN
cjfa-20693	496	22	of	of	ADP
cjfa-20693	496	23	the	the	DET
cjfa-20693	496	24	company	company	NOUN
cjfa-20693	496	25	,	,	PUNCT
cjfa-20693	496	26	and	and	CCONJ
cjfa-20693	496	27	continuously	continuously	ADV
cjfa-20693	496	28	makes	make	VERB
cjfa-20693	496	29	a	a	DET
cjfa-20693	496	30	positive	positive	ADJ
cjfa-20693	496	31	evaluation	evaluation	NOUN
cjfa-20693	496	32	of	of	ADP
cjfa-20693	496	33	the	the	DET
cjfa-20693	496	34	company	company	NOUN
cjfa-20693	496	35	’s	’s	PART
cjfa-20693	496	36	performance	performance	NOUN
cjfa-20693	496	37	,	,	PUNCT
cjfa-20693	496	38	the	the	DET
cjfa-20693	496	39	senior	senior	ADJ
cjfa-20693	496	40	managers	manager	NOUN
cjfa-20693	496	41	will	will	AUX
cjfa-20693	496	42	work	work	VERB
cjfa-20693	496	43	hard	hard	ADV
cjfa-20693	496	44	without	without	ADP
cjfa-20693	496	45	hesitation	hesitation	NOUN
cjfa-20693	496	46	,	,	PUNCT
cjfa-20693	496	47	so	so	SCONJ
cjfa-20693	496	48	that	that	SCONJ
cjfa-20693	496	49	the	the	DET
cjfa-20693	496	50	company	company	NOUN
cjfa-20693	496	51	can	can	AUX
cjfa-20693	496	52	achieve	achieve	VERB
cjfa-20693	496	53	profitability	profitability	NOUN
cjfa-20693	496	54	and	and	CCONJ
cjfa-20693	496	55	continuously	continuously	ADV
cjfa-20693	496	56	improve	improve	VERB
cjfa-20693	496	57	the	the	DET
cjfa-20693	496	58	dividend	dividend	NOUN
cjfa-20693	496	59	level	level	NOUN
cjfa-20693	496	60	,	,	PUNCT
cjfa-20693	496	61	thereby	thereby	ADV
cjfa-20693	496	62	improving	improve	VERB
cjfa-20693	496	63	the	the	DET
cjfa-20693	496	64	earnings	earning	NOUN
cjfa-20693	496	65	of	of	ADP
cjfa-20693	496	66	the	the	DET
cjfa-20693	496	67	shareholders	shareholder	NOUN
cjfa-20693	496	68	and	and	CCONJ
cjfa-20693	496	69	senior	senior	ADJ
cjfa-20693	496	70	managers	manager	NOUN
cjfa-20693	496	71	.	.	PUNCT
cjfa-20693	497	1	this	this	PRON
cjfa-20693	497	2	is	be	AUX
cjfa-20693	497	3	a	a	DET
cjfa-20693	497	4	win	win	NOUN
cjfa-20693	497	5	-	-	PUNCT
cjfa-20693	497	6	win	win	NOUN
cjfa-20693	497	7	and	and	CCONJ
cjfa-20693	497	8	mutually	mutually	ADV
cjfa-20693	497	9	beneficial	beneficial	ADJ
cjfa-20693	497	10	strategic	strategic	ADJ
cjfa-20693	497	11	interaction	interaction	NOUN
cjfa-20693	497	12	.	.	PUNCT
cjfa-20693	498	1	(	(	PUNCT
cjfa-20693	498	2	iv	iv	X
cjfa-20693	498	3	)	)	PUNCT
cjfa-20693	498	4	under	under	ADP
cjfa-20693	498	5	the	the	DET
cjfa-20693	498	6	assumption	assumption	NOUN
cjfa-20693	498	7	of	of	ADP
cjfa-20693	498	8	continuous	continuous	ADJ
cjfa-20693	498	9	derivability	derivability	NOUN
cjfa-20693	498	10	,	,	PUNCT
cjfa-20693	498	11	the	the	DET
cjfa-20693	498	12	first	first	ADJ
cjfa-20693	498	13	-	-	PUNCT
cjfa-20693	498	14	order	order	NOUN
cjfa-20693	498	15	partial	partial	ADJ
cjfa-20693	498	16	derivative	derivative	NOUN
cjfa-20693	498	17	of	of	ADP
cjfa-20693	498	18	executive	executive	ADJ
cjfa-20693	498	19	effort	effort	NOUN
cjfa-20693	498	20	e	e	X
cjfa-20693	498	21	to	to	PART
cjfa-20693	498	22	dividend	dividend	VERB
cjfa-20693	498	23	growth	growth	NOUN
cjfa-20693	498	24	rate	rate	NOUN
cjfa-20693	498	25	g	g	NOUN
cjfa-20693	498	26	is	be	AUX
cjfa-20693	498	27	obtained	obtain	VERB
cjfa-20693	498	28	.	.	PUNCT
cjfa-20693	499	1	�	�	PROPN
cjfa-20693	499	2	�	�	PROPN
cjfa-20693	499	3	�	�	PROPN
cjfa-20693	499	4	�	�	PROPN
cjfa-20693	499	5	=	=	SYM
cjfa-20693	499	6	=	=	PROPN
cjfa-20693	499	7	�	�	PROPN
cjfa-20693	499	8	�	�	PROPN
cjfa-20693	499	9	�	�	PROPN
cjfa-20693	499	10	�	�	PROPN
cjfa-20693	499	11	�	�	PROPN
cjfa-20693	499	12	�	�	PROPN
cjfa-20693	499	13	�	�	PROPN
cjfa-20693	499	14	�	�	PROPN
cjfa-20693	499	15	�	�	PROPN
cjfa-20693	499	16	�	�	PROPN
cjfa-20693	499	17	�	�	PROPN
cjfa-20693	499	18	�	�	PROPN
cjfa-20693	499	19	�	�	PROPN
cjfa-20693	499	20	�	�	PROPN
cjfa-20693	499	21	�	�	PROPN
cjfa-20693	499	22	�	�	PROPN
cjfa-20693	499	23	�	�	PROPN
cjfa-20693	499	24	�	�	PROPN
cjfa-20693	499	25	�	�	PROPN
cjfa-20693	499	26	�	�	PROPN
cjfa-20693	499	27	�	�	PROPN
cjfa-20693	499	28	�	�	PROPN
cjfa-20693	499	29	�	�	PROPN
cjfa-20693	499	30	�	�	PROPN
cjfa-20693	499	31	�	�	PROPN
cjfa-20693	499	32	�	�	PROPN
cjfa-20693	499	33	�	�	PROPN
cjfa-20693	499	34	�	�	PROPN
cjfa-20693	499	35	�	�	PROPN
cjfa-20693	499	36	�	�	PROPN
cjfa-20693	499	37	>	>	X
cjfa-20693	499	38	0	0	NUM
cjfa-20693	500	1	（	（	PUNCT
cjfa-20693	500	2	12	12	NUM
cjfa-20693	500	3	）	）	PUNCT
cjfa-20693	500	4	according	accord	VERB
cjfa-20693	500	5	to	to	ADP
cjfa-20693	500	6	the	the	DET
cjfa-20693	500	7	previous	previous	ADJ
cjfa-20693	500	8	assumption	assumption	NOUN
cjfa-20693	500	9	,	,	PUNCT
cjfa-20693	500	10	given	give	VERB
cjfa-20693	500	11	the	the	DET
cjfa-20693	500	12	dividend	dividend	NOUN
cjfa-20693	500	13	discount	discount	NOUN
cjfa-20693	500	14	rate	rate	NOUN
cjfa-20693	500	15	r	r	NOUN
cjfa-20693	500	16	and	and	CCONJ
cjfa-20693	500	17	dividend	dividend	NOUN
cjfa-20693	500	18	growth	growth	NOUN
cjfa-20693	500	19	rate	rate	NOUN
cjfa-20693	500	20	g	g	PROPN
cjfa-20693	500	21	,	,	PUNCT
cjfa-20693	500	22	�	�	PROPN
cjfa-20693	500	23	�	�	PROPN
cjfa-20693	500	24	�	�	PROPN
cjfa-20693	500	25	�	�	PROPN
cjfa-20693	500	26	>	>	X
cjfa-20693	500	27	0	0	NUM
cjfa-20693	500	28	is	be	AUX
cjfa-20693	500	29	always	always	ADV
cjfa-20693	500	30	valid	valid	ADJ
cjfa-20693	500	31	.	.	PUNCT
cjfa-20693	501	1	as	as	ADV
cjfa-20693	501	2	long	long	ADV
cjfa-20693	501	3	as	as	SCONJ
cjfa-20693	501	4	the	the	DET
cjfa-20693	501	5	shareholders	shareholder	NOUN
cjfa-20693	501	6	'	'	PART
cjfa-20693	501	7	meeting	meeting	NOUN
cjfa-20693	501	8	becomes	become	VERB
cjfa-20693	501	9	a	a	DET
cjfa-20693	501	10	loyal	loyal	ADJ
cjfa-20693	501	11	supporter	supporter	NOUN
cjfa-20693	501	12	of	of	ADP
cjfa-20693	501	13	the	the	DET
cjfa-20693	501	14	senior	senior	ADJ
cjfa-20693	501	15	managers	manager	NOUN
cjfa-20693	501	16	,	,	PUNCT
cjfa-20693	501	17	keeps	keep	VERB
cjfa-20693	501	18	increasing	increase	VERB
cjfa-20693	501	19	the	the	DET
cjfa-20693	501	20	stock	stock	NOUN
cjfa-20693	501	21	holdings	holding	NOUN
cjfa-20693	501	22	of	of	ADP
cjfa-20693	501	23	the	the	DET
cjfa-20693	501	24	company	company	NOUN
cjfa-20693	501	25	,	,	PUNCT
cjfa-20693	501	26	and	and	CCONJ
cjfa-20693	501	27	continuously	continuously	ADV
cjfa-20693	501	28	makes	make	VERB
cjfa-20693	501	29	a	a	DET
cjfa-20693	501	30	positive	positive	ADJ
cjfa-20693	501	31	evaluation	evaluation	NOUN
cjfa-20693	501	32	of	of	ADP
cjfa-20693	501	33	the	the	DET
cjfa-20693	501	34	company	company	NOUN
cjfa-20693	501	35	's	's	PART
cjfa-20693	501	36	performance	performance	NOUN
cjfa-20693	501	37	,	,	PUNCT
cjfa-20693	501	38	the	the	DET
cjfa-20693	501	39	senior	senior	ADJ
cjfa-20693	501	40	managers	manager	NOUN
cjfa-20693	501	41	will	will	AUX
cjfa-20693	501	42	work	work	VERB
cjfa-20693	501	43	hard	hard	ADV
cjfa-20693	501	44	without	without	ADP
cjfa-20693	501	45	hesitation	hesitation	NOUN
cjfa-20693	501	46	,	,	PUNCT
cjfa-20693	501	47	so	so	SCONJ
cjfa-20693	501	48	that	that	SCONJ
cjfa-20693	501	49	the	the	DET
cjfa-20693	501	50	company	company	NOUN
cjfa-20693	501	51	can	can	AUX
cjfa-20693	501	52	achieve	achieve	VERB
cjfa-20693	501	53	profitability	profitability	NOUN
cjfa-20693	501	54	and	and	CCONJ
cjfa-20693	501	55	continuously	continuously	ADV
cjfa-20693	501	56	improve	improve	VERB
cjfa-20693	501	57	the	the	DET
cjfa-20693	501	58	dividend	dividend	NOUN
cjfa-20693	501	59	level	level	NOUN
cjfa-20693	501	60	,	,	PUNCT
cjfa-20693	501	61	thereby	thereby	ADV
cjfa-20693	501	62	improving	improve	VERB
cjfa-20693	501	63	the	the	DET
cjfa-20693	501	64	earnings	earning	NOUN
cjfa-20693	501	65	of	of	ADP
cjfa-20693	501	66	the	the	DET
cjfa-20693	501	67	shareholders	shareholder	NOUN
cjfa-20693	501	68	and	and	CCONJ
cjfa-20693	501	69	senior	senior	ADJ
cjfa-20693	501	70	managers	manager	NOUN
cjfa-20693	501	71	.	.	PUNCT
cjfa-20693	502	1	this	this	PRON
cjfa-20693	502	2	is	be	AUX
cjfa-20693	502	3	a	a	DET
cjfa-20693	502	4	win	win	NOUN
cjfa-20693	502	5	-	-	PUNCT
cjfa-20693	502	6	win	win	NOUN
cjfa-20693	502	7	and	and	CCONJ
cjfa-20693	502	8	mutually	mutually	ADV
cjfa-20693	502	9	beneficial	beneficial	ADJ
cjfa-20693	502	10	strategic	strategic	ADJ
cjfa-20693	502	11	interaction	interaction	NOUN
cjfa-20693	502	12	.	.	PUNCT
cjfa-20693	503	1	(	(	PUNCT
cjfa-20693	503	2	iv	iv	X
cjfa-20693	503	3	)	)	PUNCT
cjfa-20693	503	4	under	under	ADP
cjfa-20693	503	5	the	the	DET
cjfa-20693	503	6	assumption	assumption	NOUN
cjfa-20693	503	7	of	of	ADP
cjfa-20693	503	8	continuous	continuous	ADJ
cjfa-20693	503	9	derivability	derivability	NOUN
cjfa-20693	503	10	,	,	PUNCT
cjfa-20693	503	11	the	the	DET
cjfa-20693	503	12	first	first	ADJ
cjfa-20693	503	13	-	-	PUNCT
cjfa-20693	503	14	order	order	NOUN
cjfa-20693	503	15	partial	partial	ADJ
cjfa-20693	503	16	derivative	derivative	NOUN
cjfa-20693	503	17	of	of	ADP
cjfa-20693	503	18	executive	executive	ADJ
cjfa-20693	503	19	effort	effort	NOUN
cjfa-20693	503	20	e	e	X
cjfa-20693	503	21	to	to	PART
cjfa-20693	503	22	dividend	dividend	VERB
cjfa-20693	503	23	growth	growth	NOUN
cjfa-20693	503	24	rate	rate	NOUN
cjfa-20693	503	25	g	g	NOUN
cjfa-20693	503	26	is	be	AUX
cjfa-20693	503	27	obtained	obtain	VERB
cjfa-20693	503	28	.	.	PUNCT
cjfa-20693	504	1	�	�	PROPN
cjfa-20693	504	2	�	�	PROPN
cjfa-20693	504	3	�	�	PROPN
cjfa-20693	504	4	�	�	PROPN
cjfa-20693	504	5	=	=	PUNCT
cjfa-20693	504	6	−	−	PROPN
cjfa-20693	504	7	�	�	PROPN
cjfa-20693	504	8	�	�	PROPN
cjfa-20693	504	9	�	�	PROPN
cjfa-20693	504	10	�	�	PROPN
cjfa-20693	504	11	�	�	PROPN
cjfa-20693	504	12	�	�	PROPN
cjfa-20693	504	13	�	�	PROPN
cjfa-20693	504	14	�	�	PROPN
cjfa-20693	504	15	�	�	PROPN
cjfa-20693	504	16	�	�	PROPN
cjfa-20693	504	17	�	�	PROPN
cjfa-20693	504	18	�	�	PROPN
cjfa-20693	504	19	�	�	PROPN
cjfa-20693	504	20	�	�	PROPN
cjfa-20693	504	21	�	�	PROPN
cjfa-20693	504	22	�	�	PROPN
cjfa-20693	504	23	�	�	PROPN
cjfa-20693	504	24	�	�	PROPN
cjfa-20693	504	25	�	�	PROPN
cjfa-20693	504	26	�	�	PROPN
cjfa-20693	504	27	�	�	PROPN
cjfa-20693	504	28	�	�	PROPN
cjfa-20693	504	29	�	�	PROPN
cjfa-20693	504	30	�	�	PROPN
cjfa-20693	504	31	�	�	PROPN
cjfa-20693	504	32	(	(	PUNCT
cjfa-20693	504	33	�	�	PROPN
cjfa-20693	504	34	�	�	PROPN
cjfa-20693	504	35	�	�	PROPN
cjfa-20693	504	36	)	)	PUNCT
cjfa-20693	504	37	�	�	PROPN
cjfa-20693	504	38	<	<	X
cjfa-20693	504	39	0	0	NUM
cjfa-20693	504	40	（	（	SYM
cjfa-20693	504	41	13	13	NUM
cjfa-20693	504	42	）	）	PUNCT
cjfa-20693	504	43	under	under	ADP
cjfa-20693	504	44	the	the	DET
cjfa-20693	504	45	assumption	assumption	NOUN
cjfa-20693	504	46	of	of	ADP
cjfa-20693	504	47	continuous	continuous	ADJ
cjfa-20693	504	48	derivability	derivability	NOUN
cjfa-20693	504	49	,	,	PUNCT
cjfa-20693	504	50	the	the	DET
cjfa-20693	504	51	first	first	ADJ
cjfa-20693	504	52	-	-	PUNCT
cjfa-20693	504	53	order	order	NOUN
cjfa-20693	504	54	partial	partial	ADJ
cjfa-20693	504	55	derivative	derivative	NOUN
cjfa-20693	504	56	of	of	ADP
cjfa-20693	504	57	executive	executive	ADJ
cjfa-20693	504	58	effort	effort	NOUN
cjfa-20693	504	59	e	e	X
cjfa-20693	504	60	to	to	PART
cjfa-20693	504	61	dividend	dividend	VERB
cjfa-20693	504	62	growth	growth	NOUN
cjfa-20693	504	63	rate	rate	NOUN
cjfa-20693	504	64	g	g	PROPN
cjfa-20693	504	65	can	can	AUX
cjfa-20693	504	66	be	be	AUX
cjfa-20693	504	67	obtained	obtain	VERB
cjfa-20693	504	68	,	,	PUNCT
cjfa-20693	504	69	which	which	PRON
cjfa-20693	504	70	shows	show	VERB
cjfa-20693	504	71	that	that	SCONJ
cjfa-20693	504	72	the	the	DET
cjfa-20693	504	73	growth	growth	NOUN
cjfa-20693	504	74	of	of	ADP
cjfa-20693	504	75	dividend	dividend	NOUN
cjfa-20693	504	76	growth	growth	NOUN
cjfa-20693	504	77	rate	rate	NOUN
cjfa-20693	504	78	g	g	PROPN
cjfa-20693	504	79	will	will	AUX
cjfa-20693	504	80	inhibit	inhibit	VERB
cjfa-20693	504	81	the	the	DET
cjfa-20693	504	82	enthusiasm	enthusiasm	NOUN
cjfa-20693	504	83	and	and	CCONJ
cjfa-20693	504	84	effort	effort	NOUN
cjfa-20693	504	85	of	of	ADP
cjfa-20693	504	86	executives	executive	NOUN
cjfa-20693	504	87	.	.	PUNCT
cjfa-20693	505	1	this	this	PRON
cjfa-20693	505	2	is	be	AUX
cjfa-20693	505	3	because	because	SCONJ
cjfa-20693	505	4	the	the	DET
cjfa-20693	505	5	mandatory	mandatory	ADJ
cjfa-20693	505	6	dividend	dividend	NOUN
cjfa-20693	505	7	policy	policy	NOUN
cjfa-20693	505	8	has	have	AUX
cjfa-20693	505	9	formed	form	VERB
cjfa-20693	505	10	a	a	DET
cjfa-20693	505	11	stable	stable	ADJ
cjfa-20693	505	12	expectation	expectation	NOUN
cjfa-20693	505	13	of	of	ADP
cjfa-20693	505	14	cash	cash	NOUN
cjfa-20693	505	15	dividends	dividend	NOUN
cjfa-20693	505	16	.	.	PUNCT
cjfa-20693	506	1	if	if	SCONJ
cjfa-20693	506	2	the	the	DET
cjfa-20693	506	3	dividends	dividend	NOUN
cjfa-20693	506	4	continue	continue	VERB
cjfa-20693	506	5	to	to	PART
cjfa-20693	506	6	grow	grow	VERB
cjfa-20693	506	7	,	,	PUNCT
cjfa-20693	506	8	the	the	DET
cjfa-20693	506	9	dividends	dividend	NOUN
cjfa-20693	506	10	in	in	ADP
cjfa-20693	506	11	the	the	DET
cjfa-20693	506	12	distant	distant	ADJ
cjfa-20693	506	13	future	future	NOUN
cjfa-20693	506	14	will	will	AUX
cjfa-20693	506	15	become	become	VERB
cjfa-20693	506	16	more	more	ADV
cjfa-20693	506	17	and	and	CCONJ
cjfa-20693	506	18	more	more	ADV
cjfa-20693	506	19	,	,	PUNCT
cjfa-20693	506	20	which	which	PRON
cjfa-20693	506	21	will	will	AUX
cjfa-20693	506	22	make	make	VERB
cjfa-20693	506	23	executives	executive	NOUN
cjfa-20693	506	24	overwhelmed	overwhelmed	ADJ
cjfa-20693	506	25	unless	unless	SCONJ
cjfa-20693	506	26	the	the	DET
cjfa-20693	506	27	company	company	NOUN
cjfa-20693	506	28	's	's	PART
cjfa-20693	506	29	dividends	dividend	NOUN
cjfa-20693	506	30	can	can	AUX
cjfa-20693	506	31	be	be	AUX
cjfa-20693	506	32	distributed	distribute	VERB
cjfa-20693	506	33	continue	continue	VERB
cjfa-20693	506	34	to	to	PART
cjfa-20693	506	35	grow	grow	VERB
cjfa-20693	506	36	at	at	ADP
cjfa-20693	506	37	the	the	DET
cjfa-20693	506	38	rate	rate	NOUN
cjfa-20693	506	39	of	of	ADP
cjfa-20693	506	40	r.	r.	PROPN
cjfa-20693	506	41	obviously	obviously	ADV
cjfa-20693	506	42	,	,	PUNCT
cjfa-20693	506	43	this	this	PRON
cjfa-20693	506	44	is	be	AUX
cjfa-20693	506	45	a	a	DET
cjfa-20693	506	46	very	very	ADV
cjfa-20693	506	47	strict	strict	ADJ
cjfa-20693	506	48	and	and	CCONJ
cjfa-20693	506	49	unrealistic	unrealistic	ADJ
cjfa-20693	506	50	assumption	assumption	NOUN
cjfa-20693	506	51	that	that	SCONJ
cjfa-20693	506	52	there	there	PRON
cjfa-20693	506	53	can	can	AUX
cjfa-20693	506	54	be	be	AUX
cjfa-20693	506	55	no	no	DET
cjfa-20693	506	56	fluctuation	fluctuation	NOUN
cjfa-20693	506	57	in	in	ADP
cjfa-20693	506	58	company	company	NOUN
cjfa-20693	506	59	performance	performance	NOUN
cjfa-20693	506	60	.	.	PUNCT
cjfa-20693	507	1	in	in	ADP
cjfa-20693	507	2	this	this	DET
cjfa-20693	507	3	way	way	NOUN
cjfa-20693	507	4	,	,	PUNCT
cjfa-20693	507	5	dividend	dividend	NOUN
cjfa-20693	507	6	growth	growth	NOUN
cjfa-20693	507	7	rate	rate	NOUN
cjfa-20693	507	8	g	g	PROPN
cjfa-20693	507	9	may	may	AUX
cjfa-20693	507	10	not	not	PART
cjfa-20693	507	11	be	be	AUX
cjfa-20693	507	12	enough	enough	ADJ
cjfa-20693	507	13	to	to	PART
cjfa-20693	507	14	worry	worry	VERB
cjfa-20693	507	15	about	about	ADP
cjfa-20693	507	16	in	in	ADP
cjfa-20693	507	17	the	the	DET
cjfa-20693	507	18	short	short	ADJ
cjfa-20693	507	19	term	term	NOUN
cjfa-20693	507	20	,	,	PUNCT
cjfa-20693	507	21	but	but	CCONJ
cjfa-20693	507	22	it	it	PRON
cjfa-20693	507	23	will	will	AUX
cjfa-20693	507	24	be	be	AUX
cjfa-20693	507	25	the	the	DET
cjfa-20693	507	26	last	last	ADJ
cjfa-20693	507	27	straw	straw	NOUN
cjfa-20693	507	28	to	to	PART
cjfa-20693	507	29	crush	crush	VERB
cjfa-20693	507	30	the	the	DET
cjfa-20693	507	31	camels	camel	NOUN
cjfa-20693	507	32	in	in	ADP
cjfa-20693	507	33	the	the	DET
cjfa-20693	507	34	long	long	ADJ
cjfa-20693	507	35	run	run	NOUN
cjfa-20693	507	36	,	,	PUNCT
cjfa-20693	507	37	which	which	PRON
cjfa-20693	507	38	will	will	AUX
cjfa-20693	507	39	cause	cause	VERB
cjfa-20693	507	40	a	a	DET
cjfa-20693	507	41	heavy	heavy	ADJ
cjfa-20693	507	42	blow	blow	NOUN
cjfa-20693	507	43	to	to	ADP
cjfa-20693	507	44	the	the	DET
cjfa-20693	507	45	enthusiasm	enthusiasm	NOUN
cjfa-20693	507	46	of	of	ADP
cjfa-20693	507	47	executives	executive	NOUN
cjfa-20693	507	48	.	.	PUNCT
cjfa-20693	508	1	(	(	PUNCT
cjfa-20693	508	2	v	v	NOUN
cjfa-20693	508	3	)	)	PUNCT
cjfa-20693	508	4	under	under	ADP
cjfa-20693	508	5	the	the	DET
cjfa-20693	508	6	assumption	assumption	NOUN
cjfa-20693	508	7	of	of	ADP
cjfa-20693	508	8	continuous	continuous	ADJ
cjfa-20693	508	9	derivability	derivability	NOUN
cjfa-20693	508	10	,	,	PUNCT
cjfa-20693	508	11	the	the	DET
cjfa-20693	508	12	first	first	ADJ
cjfa-20693	508	13	-	-	PUNCT
cjfa-20693	508	14	order	order	NOUN
cjfa-20693	508	15	partial	partial	ADJ
cjfa-20693	508	16	derivative	derivative	NOUN
cjfa-20693	508	17	of	of	ADP
cjfa-20693	508	18	executive	executive	ADJ
cjfa-20693	508	19	effort	effort	NOUN
cjfa-20693	508	20	e	e	X
cjfa-20693	508	21	to	to	PART
cjfa-20693	508	22	dividend	dividend	VERB
cjfa-20693	508	23	ratio	ratio	NOUN
cjfa-20693	508	24			PROPN
cjfa-20693	508	25	is	be	AUX
cjfa-20693	508	26	obtained	obtain	VERB
cjfa-20693	508	27	.	.	PUNCT
cjfa-20693	509	1	�	�	PROPN
cjfa-20693	509	2	�	�	PROPN
cjfa-20693	509	3	�	�	PROPN
cjfa-20693	509	4	�	�	PROPN
cjfa-20693	509	5	=	=	SYM
cjfa-20693	509	6	−	−	PROPN
cjfa-20693	509	7	�	�	PROPN
cjfa-20693	509	8	�	�	PROPN
cjfa-20693	509	9	�	�	PROPN
cjfa-20693	509	10	�	�	PROPN
cjfa-20693	509	11	(	(	PUNCT
cjfa-20693	509	12	�	�	PROPN
cjfa-20693	509	13	�	�	PROPN
cjfa-20693	509	14	�	�	PROPN
cjfa-20693	509	15	�	�	PROPN
cjfa-20693	509	16	�	�	PROPN
cjfa-20693	509	17	�	�	PROPN
cjfa-20693	509	18	�	�	PROPN
cjfa-20693	509	19	�	�	PROPN
cjfa-20693	509	20	�	�	PROPN
cjfa-20693	509	21	�	�	PROPN
cjfa-20693	509	22	�	�	PROPN
cjfa-20693	509	23	�	�	PROPN
cjfa-20693	509	24	�	�	PROPN
cjfa-20693	509	25	�	�	PROPN
cjfa-20693	509	26	�	�	PROPN
cjfa-20693	509	27	)	)	PUNCT
cjfa-20693	509	28	<	<	X
cjfa-20693	509	29	0	0	NUM
cjfa-20693	510	1	（	（	SYM
cjfa-20693	510	2	14	14	NUM
cjfa-20693	510	3	）	）	PUNCT
cjfa-20693	510	4	according	accord	VERB
cjfa-20693	510	5	to	to	ADP
cjfa-20693	510	6	equation	equation	NOUN
cjfa-20693	510	7	(	(	PUNCT
cjfa-20693	510	8	14	14	NUM
cjfa-20693	510	9	)	)	PUNCT
cjfa-20693	510	10	,	,	PUNCT
cjfa-20693	510	11	it	it	PRON
cjfa-20693	510	12	can	can	AUX
cjfa-20693	510	13	be	be	AUX
cjfa-20693	510	14	found	find	VERB
cjfa-20693	510	15	that	that	SCONJ
cjfa-20693	510	16	the	the	DET
cjfa-20693	510	17	degree	degree	NOUN
cjfa-20693	510	18	of	of	ADP
cjfa-20693	510	19	efforts	effort	NOUN
cjfa-20693	510	20	of	of	ADP
cjfa-20693	510	21	executives	executive	NOUN
cjfa-20693	510	22	is	be	AUX
cjfa-20693	510	23	inversely	inversely	ADV
cjfa-20693	510	24	proportional	proportional	ADJ
cjfa-20693	510	25	to	to	ADP
cjfa-20693	510	26	their	their	PRON
cjfa-20693	510	27	dividend	dividend	NOUN
cjfa-20693	510	28	-	-	PUNCT
cjfa-20693	510	29	sharing	sharing	NOUN
cjfa-20693	510	30	ratio	ratio	NOUN
cjfa-20693	510	31	.	.	PUNCT
cjfa-20693	511	1	the	the	DET
cjfa-20693	511	2	economic	economic	ADJ
cjfa-20693	511	3	logic	logic	NOUN
cjfa-20693	511	4	behind	behind	ADP
cjfa-20693	511	5	it	it	PRON
cjfa-20693	511	6	:	:	PUNCT
cjfa-20693	511	7	with	with	ADP
cjfa-20693	511	8	the	the	DET
cjfa-20693	511	9	increase	increase	NOUN
cjfa-20693	511	10	of	of	ADP
cjfa-20693	511	11	the	the	DET
cjfa-20693	511	12	dividend	dividend	NOUN
cjfa-20693	511	13	proportion	proportion	NOUN
cjfa-20693	511	14	,	,	PUNCT
cjfa-20693	511	15	the	the	DET
cjfa-20693	511	16	company	company	NOUN
cjfa-20693	511	17	's	's	PART
cjfa-20693	511	18	disposable	disposable	ADJ
cjfa-20693	511	19	free	free	ADJ
cjfa-20693	511	20	cash	cash	NOUN
cjfa-20693	511	21	flow	flow	NOUN
cjfa-20693	511	22	will	will	AUX
cjfa-20693	511	23	decrease	decrease	VERB
cjfa-20693	511	24	accordingly	accordingly	ADV
cjfa-20693	511	25	,	,	PUNCT
cjfa-20693	511	26	which	which	PRON
cjfa-20693	511	27	will	will	AUX
cjfa-20693	511	28	not	not	PART
cjfa-20693	511	29	only	only	ADV
cjfa-20693	511	30	hinder	hinder	VERB
cjfa-20693	511	31	executives	executive	NOUN
cjfa-20693	511	32	from	from	ADP
cjfa-20693	511	33	increasing	increase	VERB
cjfa-20693	511	34	their	their	PRON
cjfa-20693	511	35	private	private	ADJ
cjfa-20693	511	36	benefits	benefit	NOUN
cjfa-20693	511	37	,	,	PUNCT
cjfa-20693	511	38	but	but	CCONJ
cjfa-20693	511	39	also	also	ADV
cjfa-20693	511	40	make	make	VERB
cjfa-20693	511	41	the	the	DET
cjfa-20693	511	42	dividend	dividend	NOUN
cjfa-20693	511	43	distribution	distribution	NOUN
cjfa-20693	511	44	system	system	NOUN
cjfa-20693	511	45	produce	produce	VERB
cjfa-20693	511	46	an	an	DET
cjfa-20693	511	47	unbalanced	unbalanced	ADJ
cjfa-20693	511	48	mentality	mentality	NOUN
cjfa-20693	511	49	,	,	PUNCT
cjfa-20693	511	50	that	that	ADV
cjfa-20693	511	51	is	is	ADV
cjfa-20693	511	52	,	,	PUNCT
cjfa-20693	511	53	shareholders	shareholder	NOUN
cjfa-20693	511	54	gain	gain	VERB
cjfa-20693	511	55	nothing	nothing	PRON
cjfa-20693	511	56	without	without	ADP
cjfa-20693	511	57	any	any	DET
cjfa-20693	511	58	reason	reason	NOUN
cjfa-20693	511	59	,	,	PUNCT
cjfa-20693	511	60	using	use	VERB
cjfa-20693	511	61	the	the	DET
cjfa-20693	511	62	identity	identity	NOUN
cjfa-20693	511	63	of	of	ADP
cjfa-20693	511	64	the	the	DET
cjfa-20693	511	65	capital	capital	NOUN
cjfa-20693	511	66	owner	owner	NOUN
cjfa-20693	511	67	(	(	PUNCT
cjfa-20693	511	68	13	13	NUM
cjfa-20693	511	69	)	)	PUNCT
cjfa-20693	511	70	under	under	ADP
cjfa-20693	511	71	the	the	DET
cjfa-20693	511	72	assumption	assumption	NOUN
cjfa-20693	511	73	of	of	ADP
cjfa-20693	511	74	continuous	continuous	ADJ
cjfa-20693	511	75	derivability	derivability	NOUN
cjfa-20693	511	76	,	,	PUNCT
cjfa-20693	511	77	the	the	DET
cjfa-20693	511	78	first	first	ADJ
cjfa-20693	511	79	-	-	PUNCT
cjfa-20693	511	80	order	order	NOUN
cjfa-20693	511	81	partial	partial	ADJ
cjfa-20693	511	82	derivative	derivative	NOUN
cjfa-20693	511	83	of	of	ADP
cjfa-20693	511	84	executive	executive	ADJ
cjfa-20693	511	85	effort	effort	NOUN
cjfa-20693	511	86	e	e	X
cjfa-20693	511	87	to	to	PART
cjfa-20693	511	88	dividend	dividend	VERB
cjfa-20693	511	89	growth	growth	NOUN
cjfa-20693	511	90	rate	rate	NOUN
cjfa-20693	511	91	g	g	PROPN
cjfa-20693	511	92	can	can	AUX
cjfa-20693	511	93	be	be	AUX
cjfa-20693	511	94	obtained	obtain	VERB
cjfa-20693	511	95	,	,	PUNCT
cjfa-20693	511	96	which	which	PRON
cjfa-20693	511	97	shows	show	VERB
cjfa-20693	511	98	that	that	SCONJ
cjfa-20693	511	99	the	the	DET
cjfa-20693	511	100	growth	growth	NOUN
cjfa-20693	511	101	of	of	ADP
cjfa-20693	511	102	dividend	dividend	NOUN
cjfa-20693	511	103	growth	growth	NOUN
cjfa-20693	511	104	rate	rate	NOUN
cjfa-20693	511	105	g	g	PROPN
cjfa-20693	511	106	will	will	AUX
cjfa-20693	511	107	inhibit	inhibit	VERB
cjfa-20693	511	108	the	the	DET
cjfa-20693	511	109	enthusiasm	enthusiasm	NOUN
cjfa-20693	511	110	and	and	CCONJ
cjfa-20693	511	111	effort	effort	NOUN
cjfa-20693	511	112	of	of	ADP
cjfa-20693	511	113	executives	executive	NOUN
cjfa-20693	511	114	.	.	PUNCT
cjfa-20693	512	1	this	this	PRON
cjfa-20693	512	2	is	be	AUX
cjfa-20693	512	3	because	because	SCONJ
cjfa-20693	512	4	the	the	DET
cjfa-20693	512	5	mandatory	mandatory	ADJ
cjfa-20693	512	6	dividend	dividend	NOUN
cjfa-20693	512	7	policy	policy	NOUN
cjfa-20693	512	8	has	have	AUX
cjfa-20693	512	9	formed	form	VERB
cjfa-20693	512	10	a	a	DET
cjfa-20693	512	11	stable	stable	ADJ
cjfa-20693	512	12	expectation	expectation	NOUN
cjfa-20693	512	13	of	of	ADP
cjfa-20693	512	14	cash	cash	NOUN
cjfa-20693	512	15	dividends	dividend	NOUN
cjfa-20693	512	16	.	.	PUNCT
cjfa-20693	513	1	if	if	SCONJ
cjfa-20693	513	2	the	the	DET
cjfa-20693	513	3	dividends	dividend	NOUN
cjfa-20693	513	4	continue	continue	VERB
cjfa-20693	513	5	to	to	PART
cjfa-20693	513	6	grow	grow	VERB
cjfa-20693	513	7	,	,	PUNCT
cjfa-20693	513	8	the	the	DET
cjfa-20693	513	9	dividends	dividend	NOUN
cjfa-20693	513	10	in	in	ADP
cjfa-20693	513	11	the	the	DET
cjfa-20693	513	12	distant	distant	ADJ
cjfa-20693	513	13	future	future	NOUN
cjfa-20693	513	14	will	will	AUX
cjfa-20693	513	15	become	become	VERB
cjfa-20693	513	16	more	more	ADV
cjfa-20693	513	17	and	and	CCONJ
cjfa-20693	513	18	more	more	ADV
cjfa-20693	513	19	,	,	PUNCT
cjfa-20693	513	20	which	which	PRON
cjfa-20693	513	21	will	will	AUX
cjfa-20693	513	22	make	make	VERB
cjfa-20693	513	23	executives	executive	NOUN
cjfa-20693	513	24	overwhelmed	overwhelmed	ADJ
cjfa-20693	513	25	unless	unless	SCONJ
cjfa-20693	513	26	the	the	DET
cjfa-20693	513	27	company	company	NOUN
cjfa-20693	513	28	’s	’s	PART
cjfa-20693	513	29	dividends	dividend	NOUN
cjfa-20693	513	30	can	can	AUX
cjfa-20693	513	31	be	be	AUX
cjfa-20693	513	32	distributed	distribute	VERB
cjfa-20693	513	33	continue	continue	VERB
cjfa-20693	513	34	to	to	PART
cjfa-20693	513	35	grow	grow	VERB
cjfa-20693	513	36	at	at	ADP
cjfa-20693	513	37	the	the	DET
cjfa-20693	513	38	rate	rate	NOUN
cjfa-20693	513	39	of	of	ADP
cjfa-20693	513	40	r.	r.	PROPN
cjfa-20693	513	41	obviously	obviously	ADV
cjfa-20693	513	42	,	,	PUNCT
cjfa-20693	513	43	this	this	PRON
cjfa-20693	513	44	is	be	AUX
cjfa-20693	513	45	a	a	DET
cjfa-20693	513	46	very	very	ADV
cjfa-20693	513	47	strict	strict	ADJ
cjfa-20693	513	48	and	and	CCONJ
cjfa-20693	513	49	unrealistic	unrealistic	ADJ
cjfa-20693	513	50	assumption	assumption	NOUN
cjfa-20693	513	51	that	that	SCONJ
cjfa-20693	513	52	there	there	PRON
cjfa-20693	513	53	can	can	AUX
cjfa-20693	513	54	be	be	AUX
cjfa-20693	513	55	no	no	DET
cjfa-20693	513	56	fluctuation	fluctuation	NOUN
cjfa-20693	513	57	in	in	ADP
cjfa-20693	513	58	company	company	NOUN
cjfa-20693	513	59	performance	performance	NOUN
cjfa-20693	513	60	.	.	PUNCT
cjfa-20693	514	1	in	in	ADP
cjfa-20693	514	2	this	this	DET
cjfa-20693	514	3	way	way	NOUN
cjfa-20693	514	4	,	,	PUNCT
cjfa-20693	514	5	dividend	dividend	NOUN
cjfa-20693	514	6	growth	growth	NOUN
cjfa-20693	514	7	rate	rate	NOUN
cjfa-20693	514	8	g	g	PROPN
cjfa-20693	514	9	may	may	AUX
cjfa-20693	514	10	not	not	PART
cjfa-20693	514	11	be	be	AUX
cjfa-20693	514	12	enough	enough	ADJ
cjfa-20693	514	13	to	to	PART
cjfa-20693	514	14	worry	worry	VERB
cjfa-20693	514	15	about	about	ADP
cjfa-20693	514	16	in	in	ADP
cjfa-20693	514	17	the	the	DET
cjfa-20693	514	18	short	short	ADJ
cjfa-20693	514	19	term	term	NOUN
cjfa-20693	514	20	,	,	PUNCT
cjfa-20693	514	21	but	but	CCONJ
cjfa-20693	514	22	it	it	PRON
cjfa-20693	514	23	will	will	AUX
cjfa-20693	514	24	be	be	AUX
cjfa-20693	514	25	the	the	DET
cjfa-20693	514	26	last	last	ADJ
cjfa-20693	514	27	straw	straw	NOUN
cjfa-20693	514	28	to	to	PART
cjfa-20693	514	29	crush	crush	VERB
cjfa-20693	514	30	the	the	DET
cjfa-20693	514	31	camels	camel	NOUN
cjfa-20693	514	32	in	in	ADP
cjfa-20693	514	33	the	the	DET
cjfa-20693	514	34	long	long	ADJ
cjfa-20693	514	35	run	run	NOUN
cjfa-20693	514	36	,	,	PUNCT
cjfa-20693	514	37	which	which	PRON
cjfa-20693	514	38	will	will	AUX
cjfa-20693	514	39	cause	cause	VERB
cjfa-20693	514	40	a	a	DET
cjfa-20693	514	41	heavy	heavy	ADJ
cjfa-20693	514	42	blow	blow	NOUN
cjfa-20693	514	43	to	to	ADP
cjfa-20693	514	44	the	the	DET
cjfa-20693	514	45	enthusiasm	enthusiasm	NOUN
cjfa-20693	514	46	of	of	ADP
cjfa-20693	514	47	executives	executive	NOUN
cjfa-20693	514	48	.	.	PUNCT
cjfa-20693	515	1	(	(	PUNCT
cjfa-20693	515	2	v	v	NOUN
cjfa-20693	515	3	)	)	PUNCT
cjfa-20693	515	4	under	under	ADP
cjfa-20693	515	5	the	the	DET
cjfa-20693	515	6	assumption	assumption	NOUN
cjfa-20693	515	7	of	of	ADP
cjfa-20693	515	8	continuous	continuous	ADJ
cjfa-20693	515	9	derivability	derivability	NOUN
cjfa-20693	515	10	,	,	PUNCT
cjfa-20693	515	11	the	the	DET
cjfa-20693	515	12	first	first	ADJ
cjfa-20693	515	13	-	-	PUNCT
cjfa-20693	515	14	order	order	NOUN
cjfa-20693	515	15	partial	partial	ADJ
cjfa-20693	515	16	derivative	derivative	NOUN
cjfa-20693	515	17	of	of	ADP
cjfa-20693	515	18	executive	executive	ADJ
cjfa-20693	515	19	effort	effort	NOUN
cjfa-20693	515	20	e	e	X
cjfa-20693	515	21	to	to	PART
cjfa-20693	515	22	dividend	dividend	VERB
cjfa-20693	515	23	ratio	ratio	NOUN
cjfa-20693	515	24	α	α	PROPN
cjfa-20693	515	25	is	be	AUX
cjfa-20693	515	26	obtained	obtain	VERB
cjfa-20693	515	27	.	.	PUNCT
cjfa-20693	516	1	qin	qin	PROPN
cjfa-20693	516	2	hailin	hailin	PROPN
cjfa-20693	516	3	,	,	PUNCT
cjfa-20693	516	4	zhang	zhang	PROPN
cjfa-20693	516	5	jingxu78	jingxu78	PROPN
cjfa-20693	516	6	�	�	PROPN
cjfa-20693	516	7	�	�	PROPN
cjfa-20693	516	8	�	�	PROPN
cjfa-20693	516	9	�	�	PROPN
cjfa-20693	516	10	=	=	SYM
cjfa-20693	516	11	=	=	PROPN
cjfa-20693	516	12	�	�	PROPN
cjfa-20693	516	13	�	�	PROPN
cjfa-20693	516	14	�	�	PROPN
cjfa-20693	516	15	�	�	PROPN
cjfa-20693	516	16	�	�	PROPN
cjfa-20693	516	17	�	�	PROPN
cjfa-20693	516	18	�	�	PROPN
cjfa-20693	516	19	�	�	PROPN
cjfa-20693	516	20	�	�	PROPN
cjfa-20693	516	21	�	�	PROPN
cjfa-20693	516	22	�	�	PROPN
cjfa-20693	516	23	�	�	PROPN
cjfa-20693	516	24	�	�	PROPN
cjfa-20693	516	25	�	�	PROPN
cjfa-20693	516	26	�	�	PROPN
cjfa-20693	516	27	�	�	PROPN
cjfa-20693	516	28	�	�	PROPN
cjfa-20693	516	29	�	�	PROPN
cjfa-20693	516	30	�	�	PROPN
cjfa-20693	516	31	�	�	PROPN
cjfa-20693	516	32	�	�	PROPN
cjfa-20693	516	33	�	�	PROPN
cjfa-20693	516	34	�	�	PROPN
cjfa-20693	516	35	�	�	PROPN
cjfa-20693	516	36	�	�	PROPN
cjfa-20693	516	37	�	�	PROPN
cjfa-20693	516	38	�	�	PROPN
cjfa-20693	516	39	�	�	PROPN
cjfa-20693	516	40	�	�	PROPN
cjfa-20693	516	41	�	�	PROPN
cjfa-20693	516	42	>	>	X
cjfa-20693	516	43	0	0	NUM
cjfa-20693	517	1	（	（	PUNCT
cjfa-20693	517	2	12	12	NUM
cjfa-20693	517	3	）	）	PUNCT
cjfa-20693	517	4	according	accord	VERB
cjfa-20693	517	5	to	to	ADP
cjfa-20693	517	6	the	the	DET
cjfa-20693	517	7	previous	previous	ADJ
cjfa-20693	517	8	assumption	assumption	NOUN
cjfa-20693	517	9	,	,	PUNCT
cjfa-20693	517	10	given	give	VERB
cjfa-20693	517	11	the	the	DET
cjfa-20693	517	12	dividend	dividend	NOUN
cjfa-20693	517	13	discount	discount	NOUN
cjfa-20693	517	14	rate	rate	NOUN
cjfa-20693	517	15	r	r	NOUN
cjfa-20693	517	16	and	and	CCONJ
cjfa-20693	517	17	dividend	dividend	NOUN
cjfa-20693	517	18	growth	growth	NOUN
cjfa-20693	517	19	rate	rate	NOUN
cjfa-20693	517	20	g	g	PROPN
cjfa-20693	517	21	,	,	PUNCT
cjfa-20693	517	22	�	�	PROPN
cjfa-20693	517	23	�	�	PROPN
cjfa-20693	517	24	�	�	PROPN
cjfa-20693	517	25	�	�	PROPN
cjfa-20693	517	26	>	>	X
cjfa-20693	517	27	0	0	NUM
cjfa-20693	517	28	is	be	AUX
cjfa-20693	517	29	always	always	ADV
cjfa-20693	517	30	valid	valid	ADJ
cjfa-20693	517	31	.	.	PUNCT
cjfa-20693	518	1	as	as	ADV
cjfa-20693	518	2	long	long	ADV
cjfa-20693	518	3	as	as	SCONJ
cjfa-20693	518	4	the	the	DET
cjfa-20693	518	5	shareholders	shareholder	NOUN
cjfa-20693	518	6	'	'	PART
cjfa-20693	518	7	meeting	meeting	NOUN
cjfa-20693	518	8	becomes	become	VERB
cjfa-20693	518	9	a	a	DET
cjfa-20693	518	10	loyal	loyal	ADJ
cjfa-20693	518	11	supporter	supporter	NOUN
cjfa-20693	518	12	of	of	ADP
cjfa-20693	518	13	the	the	DET
cjfa-20693	518	14	senior	senior	ADJ
cjfa-20693	518	15	managers	manager	NOUN
cjfa-20693	518	16	,	,	PUNCT
cjfa-20693	518	17	keeps	keep	VERB
cjfa-20693	518	18	increasing	increase	VERB
cjfa-20693	518	19	the	the	DET
cjfa-20693	518	20	stock	stock	NOUN
cjfa-20693	518	21	holdings	holding	NOUN
cjfa-20693	518	22	of	of	ADP
cjfa-20693	518	23	the	the	DET
cjfa-20693	518	24	company	company	NOUN
cjfa-20693	518	25	,	,	PUNCT
cjfa-20693	518	26	and	and	CCONJ
cjfa-20693	518	27	continuously	continuously	ADV
cjfa-20693	518	28	makes	make	VERB
cjfa-20693	518	29	a	a	DET
cjfa-20693	518	30	positive	positive	ADJ
cjfa-20693	518	31	evaluation	evaluation	NOUN
cjfa-20693	518	32	of	of	ADP
cjfa-20693	518	33	the	the	DET
cjfa-20693	518	34	company	company	NOUN
cjfa-20693	518	35	's	's	PART
cjfa-20693	518	36	performance	performance	NOUN
cjfa-20693	518	37	,	,	PUNCT
cjfa-20693	518	38	the	the	DET
cjfa-20693	518	39	senior	senior	ADJ
cjfa-20693	518	40	managers	manager	NOUN
cjfa-20693	518	41	will	will	AUX
cjfa-20693	518	42	work	work	VERB
cjfa-20693	518	43	hard	hard	ADV
cjfa-20693	518	44	without	without	ADP
cjfa-20693	518	45	hesitation	hesitation	NOUN
cjfa-20693	518	46	,	,	PUNCT
cjfa-20693	518	47	so	so	SCONJ
cjfa-20693	518	48	that	that	SCONJ
cjfa-20693	518	49	the	the	DET
cjfa-20693	518	50	company	company	NOUN
cjfa-20693	518	51	can	can	AUX
cjfa-20693	518	52	achieve	achieve	VERB
cjfa-20693	518	53	profitability	profitability	NOUN
cjfa-20693	518	54	and	and	CCONJ
cjfa-20693	518	55	continuously	continuously	ADV
cjfa-20693	518	56	improve	improve	VERB
cjfa-20693	518	57	the	the	DET
cjfa-20693	518	58	dividend	dividend	NOUN
cjfa-20693	518	59	level	level	NOUN
cjfa-20693	518	60	,	,	PUNCT
cjfa-20693	518	61	thereby	thereby	ADV
cjfa-20693	518	62	improving	improve	VERB
cjfa-20693	518	63	the	the	DET
cjfa-20693	518	64	earnings	earning	NOUN
cjfa-20693	518	65	of	of	ADP
cjfa-20693	518	66	the	the	DET
cjfa-20693	518	67	shareholders	shareholder	NOUN
cjfa-20693	518	68	and	and	CCONJ
cjfa-20693	518	69	senior	senior	ADJ
cjfa-20693	518	70	managers	manager	NOUN
cjfa-20693	518	71	.	.	PUNCT
cjfa-20693	519	1	this	this	PRON
cjfa-20693	519	2	is	be	AUX
cjfa-20693	519	3	a	a	DET
cjfa-20693	519	4	win	win	NOUN
cjfa-20693	519	5	-	-	PUNCT
cjfa-20693	519	6	win	win	NOUN
cjfa-20693	519	7	and	and	CCONJ
cjfa-20693	519	8	mutually	mutually	ADV
cjfa-20693	519	9	beneficial	beneficial	ADJ
cjfa-20693	519	10	strategic	strategic	ADJ
cjfa-20693	519	11	interaction	interaction	NOUN
cjfa-20693	519	12	.	.	PUNCT
cjfa-20693	520	1	(	(	PUNCT
cjfa-20693	520	2	iv	iv	X
cjfa-20693	520	3	)	)	PUNCT
cjfa-20693	520	4	under	under	ADP
cjfa-20693	520	5	the	the	DET
cjfa-20693	520	6	assumption	assumption	NOUN
cjfa-20693	520	7	of	of	ADP
cjfa-20693	520	8	continuous	continuous	ADJ
cjfa-20693	520	9	derivability	derivability	NOUN
cjfa-20693	520	10	,	,	PUNCT
cjfa-20693	520	11	the	the	DET
cjfa-20693	520	12	first	first	ADJ
cjfa-20693	520	13	-	-	PUNCT
cjfa-20693	520	14	order	order	NOUN
cjfa-20693	520	15	partial	partial	ADJ
cjfa-20693	520	16	derivative	derivative	NOUN
cjfa-20693	520	17	of	of	ADP
cjfa-20693	520	18	executive	executive	ADJ
cjfa-20693	520	19	effort	effort	NOUN
cjfa-20693	520	20	e	e	X
cjfa-20693	520	21	to	to	PART
cjfa-20693	520	22	dividend	dividend	VERB
cjfa-20693	520	23	growth	growth	NOUN
cjfa-20693	520	24	rate	rate	NOUN
cjfa-20693	520	25	g	g	NOUN
cjfa-20693	520	26	is	be	AUX
cjfa-20693	520	27	obtained	obtain	VERB
cjfa-20693	520	28	.	.	PUNCT
cjfa-20693	521	1	�	�	PROPN
cjfa-20693	521	2	�	�	PROPN
cjfa-20693	521	3	�	�	PROPN
cjfa-20693	521	4	�	�	PROPN
cjfa-20693	521	5	=	=	PUNCT
cjfa-20693	521	6	−	−	PROPN
cjfa-20693	521	7	�	�	PROPN
cjfa-20693	521	8	�	�	PROPN
cjfa-20693	521	9	�	�	PROPN
cjfa-20693	521	10	�	�	PROPN
cjfa-20693	521	11	�	�	PROPN
cjfa-20693	521	12	�	�	PROPN
cjfa-20693	521	13	�	�	PROPN
cjfa-20693	521	14	�	�	PROPN
cjfa-20693	521	15	�	�	PROPN
cjfa-20693	521	16	�	�	PROPN
cjfa-20693	521	17	�	�	PROPN
cjfa-20693	521	18	�	�	PROPN
cjfa-20693	521	19	�	�	PROPN
cjfa-20693	521	20	�	�	PROPN
cjfa-20693	521	21	�	�	PROPN
cjfa-20693	521	22	�	�	PROPN
cjfa-20693	521	23	�	�	PROPN
cjfa-20693	521	24	�	�	PROPN
cjfa-20693	521	25	�	�	PROPN
cjfa-20693	521	26	�	�	PROPN
cjfa-20693	521	27	�	�	PROPN
cjfa-20693	521	28	�	�	PROPN
cjfa-20693	521	29	�	�	PROPN
cjfa-20693	521	30	�	�	PROPN
cjfa-20693	521	31	�	�	PROPN
cjfa-20693	521	32	(	(	PUNCT
cjfa-20693	521	33	�	�	PROPN
cjfa-20693	521	34	�	�	PROPN
cjfa-20693	521	35	�	�	PROPN
cjfa-20693	521	36	)	)	PUNCT
cjfa-20693	521	37	�	�	PROPN
cjfa-20693	521	38	<	<	X
cjfa-20693	521	39	0	0	NUM
cjfa-20693	521	40	（	（	SYM
cjfa-20693	521	41	13	13	NUM
cjfa-20693	521	42	）	）	PUNCT
cjfa-20693	521	43	under	under	ADP
cjfa-20693	521	44	the	the	DET
cjfa-20693	521	45	assumption	assumption	NOUN
cjfa-20693	521	46	of	of	ADP
cjfa-20693	521	47	continuous	continuous	ADJ
cjfa-20693	521	48	derivability	derivability	NOUN
cjfa-20693	521	49	,	,	PUNCT
cjfa-20693	521	50	the	the	DET
cjfa-20693	521	51	first	first	ADJ
cjfa-20693	521	52	-	-	PUNCT
cjfa-20693	521	53	order	order	NOUN
cjfa-20693	521	54	partial	partial	ADJ
cjfa-20693	521	55	derivative	derivative	NOUN
cjfa-20693	521	56	of	of	ADP
cjfa-20693	521	57	executive	executive	ADJ
cjfa-20693	521	58	effort	effort	NOUN
cjfa-20693	521	59	e	e	X
cjfa-20693	521	60	to	to	PART
cjfa-20693	521	61	dividend	dividend	VERB
cjfa-20693	521	62	growth	growth	NOUN
cjfa-20693	521	63	rate	rate	NOUN
cjfa-20693	521	64	g	g	PROPN
cjfa-20693	521	65	can	can	AUX
cjfa-20693	521	66	be	be	AUX
cjfa-20693	521	67	obtained	obtain	VERB
cjfa-20693	521	68	,	,	PUNCT
cjfa-20693	521	69	which	which	PRON
cjfa-20693	521	70	shows	show	VERB
cjfa-20693	521	71	that	that	SCONJ
cjfa-20693	521	72	the	the	DET
cjfa-20693	521	73	growth	growth	NOUN
cjfa-20693	521	74	of	of	ADP
cjfa-20693	521	75	dividend	dividend	NOUN
cjfa-20693	521	76	growth	growth	NOUN
cjfa-20693	521	77	rate	rate	NOUN
cjfa-20693	521	78	g	g	PROPN
cjfa-20693	521	79	will	will	AUX
cjfa-20693	521	80	inhibit	inhibit	VERB
cjfa-20693	521	81	the	the	DET
cjfa-20693	521	82	enthusiasm	enthusiasm	NOUN
cjfa-20693	521	83	and	and	CCONJ
cjfa-20693	521	84	effort	effort	NOUN
cjfa-20693	521	85	of	of	ADP
cjfa-20693	521	86	executives	executive	NOUN
cjfa-20693	521	87	.	.	PUNCT
cjfa-20693	522	1	this	this	PRON
cjfa-20693	522	2	is	be	AUX
cjfa-20693	522	3	because	because	SCONJ
cjfa-20693	522	4	the	the	DET
cjfa-20693	522	5	mandatory	mandatory	ADJ
cjfa-20693	522	6	dividend	dividend	NOUN
cjfa-20693	522	7	policy	policy	NOUN
cjfa-20693	522	8	has	have	AUX
cjfa-20693	522	9	formed	form	VERB
cjfa-20693	522	10	a	a	DET
cjfa-20693	522	11	stable	stable	ADJ
cjfa-20693	522	12	expectation	expectation	NOUN
cjfa-20693	522	13	of	of	ADP
cjfa-20693	522	14	cash	cash	NOUN
cjfa-20693	522	15	dividends	dividend	NOUN
cjfa-20693	522	16	.	.	PUNCT
cjfa-20693	523	1	if	if	SCONJ
cjfa-20693	523	2	the	the	DET
cjfa-20693	523	3	dividends	dividend	NOUN
cjfa-20693	523	4	continue	continue	VERB
cjfa-20693	523	5	to	to	PART
cjfa-20693	523	6	grow	grow	VERB
cjfa-20693	523	7	,	,	PUNCT
cjfa-20693	523	8	the	the	DET
cjfa-20693	523	9	dividends	dividend	NOUN
cjfa-20693	523	10	in	in	ADP
cjfa-20693	523	11	the	the	DET
cjfa-20693	523	12	distant	distant	ADJ
cjfa-20693	523	13	future	future	NOUN
cjfa-20693	523	14	will	will	AUX
cjfa-20693	523	15	become	become	VERB
cjfa-20693	523	16	more	more	ADV
cjfa-20693	523	17	and	and	CCONJ
cjfa-20693	523	18	more	more	ADV
cjfa-20693	523	19	,	,	PUNCT
cjfa-20693	523	20	which	which	PRON
cjfa-20693	523	21	will	will	AUX
cjfa-20693	523	22	make	make	VERB
cjfa-20693	523	23	executives	executive	NOUN
cjfa-20693	523	24	overwhelmed	overwhelmed	ADJ
cjfa-20693	523	25	unless	unless	SCONJ
cjfa-20693	523	26	the	the	DET
cjfa-20693	523	27	company	company	NOUN
cjfa-20693	523	28	's	's	PART
cjfa-20693	523	29	dividends	dividend	NOUN
cjfa-20693	523	30	can	can	AUX
cjfa-20693	523	31	be	be	AUX
cjfa-20693	523	32	distributed	distribute	VERB
cjfa-20693	523	33	continue	continue	VERB
cjfa-20693	523	34	to	to	PART
cjfa-20693	523	35	grow	grow	VERB
cjfa-20693	523	36	at	at	ADP
cjfa-20693	523	37	the	the	DET
cjfa-20693	523	38	rate	rate	NOUN
cjfa-20693	523	39	of	of	ADP
cjfa-20693	523	40	r.	r.	PROPN
cjfa-20693	523	41	obviously	obviously	ADV
cjfa-20693	523	42	,	,	PUNCT
cjfa-20693	523	43	this	this	PRON
cjfa-20693	523	44	is	be	AUX
cjfa-20693	523	45	a	a	DET
cjfa-20693	523	46	very	very	ADV
cjfa-20693	523	47	strict	strict	ADJ
cjfa-20693	523	48	and	and	CCONJ
cjfa-20693	523	49	unrealistic	unrealistic	ADJ
cjfa-20693	523	50	assumption	assumption	NOUN
cjfa-20693	523	51	that	that	SCONJ
cjfa-20693	523	52	there	there	PRON
cjfa-20693	523	53	can	can	AUX
cjfa-20693	523	54	be	be	AUX
cjfa-20693	523	55	no	no	DET
cjfa-20693	523	56	fluctuation	fluctuation	NOUN
cjfa-20693	523	57	in	in	ADP
cjfa-20693	523	58	company	company	NOUN
cjfa-20693	523	59	performance	performance	NOUN
cjfa-20693	523	60	.	.	PUNCT
cjfa-20693	524	1	in	in	ADP
cjfa-20693	524	2	this	this	DET
cjfa-20693	524	3	way	way	NOUN
cjfa-20693	524	4	,	,	PUNCT
cjfa-20693	524	5	dividend	dividend	NOUN
cjfa-20693	524	6	growth	growth	NOUN
cjfa-20693	524	7	rate	rate	NOUN
cjfa-20693	524	8	g	g	PROPN
cjfa-20693	524	9	may	may	AUX
cjfa-20693	524	10	not	not	PART
cjfa-20693	524	11	be	be	AUX
cjfa-20693	524	12	enough	enough	ADJ
cjfa-20693	524	13	to	to	PART
cjfa-20693	524	14	worry	worry	VERB
cjfa-20693	524	15	about	about	ADP
cjfa-20693	524	16	in	in	ADP
cjfa-20693	524	17	the	the	DET
cjfa-20693	524	18	short	short	ADJ
cjfa-20693	524	19	term	term	NOUN
cjfa-20693	524	20	,	,	PUNCT
cjfa-20693	524	21	but	but	CCONJ
cjfa-20693	524	22	it	it	PRON
cjfa-20693	524	23	will	will	AUX
cjfa-20693	524	24	be	be	AUX
cjfa-20693	524	25	the	the	DET
cjfa-20693	524	26	last	last	ADJ
cjfa-20693	524	27	straw	straw	NOUN
cjfa-20693	524	28	to	to	PART
cjfa-20693	524	29	crush	crush	VERB
cjfa-20693	524	30	the	the	DET
cjfa-20693	524	31	camels	camel	NOUN
cjfa-20693	524	32	in	in	ADP
cjfa-20693	524	33	the	the	DET
cjfa-20693	524	34	long	long	ADJ
cjfa-20693	524	35	run	run	NOUN
cjfa-20693	524	36	,	,	PUNCT
cjfa-20693	524	37	which	which	PRON
cjfa-20693	524	38	will	will	AUX
cjfa-20693	524	39	cause	cause	VERB
cjfa-20693	524	40	a	a	DET
cjfa-20693	524	41	heavy	heavy	ADJ
cjfa-20693	524	42	blow	blow	NOUN
cjfa-20693	524	43	to	to	ADP
cjfa-20693	524	44	the	the	DET
cjfa-20693	524	45	enthusiasm	enthusiasm	NOUN
cjfa-20693	524	46	of	of	ADP
cjfa-20693	524	47	executives	executive	NOUN
cjfa-20693	524	48	.	.	PUNCT
cjfa-20693	525	1	(	(	PUNCT
cjfa-20693	525	2	v	v	NOUN
cjfa-20693	525	3	)	)	PUNCT
cjfa-20693	525	4	under	under	ADP
cjfa-20693	525	5	the	the	DET
cjfa-20693	525	6	assumption	assumption	NOUN
cjfa-20693	525	7	of	of	ADP
cjfa-20693	525	8	continuous	continuous	ADJ
cjfa-20693	525	9	derivability	derivability	NOUN
cjfa-20693	525	10	,	,	PUNCT
cjfa-20693	525	11	the	the	DET
cjfa-20693	525	12	first	first	ADJ
cjfa-20693	525	13	-	-	PUNCT
cjfa-20693	525	14	order	order	NOUN
cjfa-20693	525	15	partial	partial	ADJ
cjfa-20693	525	16	derivative	derivative	NOUN
cjfa-20693	525	17	of	of	ADP
cjfa-20693	525	18	executive	executive	ADJ
cjfa-20693	525	19	effort	effort	NOUN
cjfa-20693	525	20	e	e	X
cjfa-20693	525	21	to	to	PART
cjfa-20693	525	22	dividend	dividend	VERB
cjfa-20693	525	23	ratio	ratio	NOUN
cjfa-20693	525	24			PROPN
cjfa-20693	525	25	is	be	AUX
cjfa-20693	525	26	obtained	obtain	VERB
cjfa-20693	525	27	.	.	PUNCT
cjfa-20693	526	1	�	�	PROPN
cjfa-20693	526	2	�	�	PROPN
cjfa-20693	526	3	�	�	PROPN
cjfa-20693	526	4	�	�	PROPN
cjfa-20693	526	5	=	=	SYM
cjfa-20693	526	6	−	−	PROPN
cjfa-20693	526	7	�	�	PROPN
cjfa-20693	526	8	�	�	PROPN
cjfa-20693	526	9	�	�	PROPN
cjfa-20693	526	10	�	�	PROPN
cjfa-20693	526	11	(	(	PUNCT
cjfa-20693	526	12	�	�	PROPN
cjfa-20693	526	13	�	�	PROPN
cjfa-20693	526	14	�	�	PROPN
cjfa-20693	526	15	�	�	PROPN
cjfa-20693	526	16	�	�	PROPN
cjfa-20693	526	17	�	�	PROPN
cjfa-20693	526	18	�	�	PROPN
cjfa-20693	526	19	�	�	PROPN
cjfa-20693	526	20	�	�	PROPN
cjfa-20693	526	21	�	�	PROPN
cjfa-20693	526	22	�	�	PROPN
cjfa-20693	526	23	�	�	PROPN
cjfa-20693	526	24	�	�	PROPN
cjfa-20693	526	25	�	�	PROPN
cjfa-20693	526	26	�	�	PROPN
cjfa-20693	526	27	)	)	PUNCT
cjfa-20693	526	28	<	<	X
cjfa-20693	526	29	0	0	NUM
cjfa-20693	527	1	（	（	SYM
cjfa-20693	527	2	14	14	NUM
cjfa-20693	527	3	）	）	PUNCT
cjfa-20693	527	4	according	accord	VERB
cjfa-20693	527	5	to	to	ADP
cjfa-20693	527	6	equation	equation	NOUN
cjfa-20693	527	7	(	(	PUNCT
cjfa-20693	527	8	14	14	NUM
cjfa-20693	527	9	)	)	PUNCT
cjfa-20693	527	10	,	,	PUNCT
cjfa-20693	527	11	it	it	PRON
cjfa-20693	527	12	can	can	AUX
cjfa-20693	527	13	be	be	AUX
cjfa-20693	527	14	found	find	VERB
cjfa-20693	527	15	that	that	SCONJ
cjfa-20693	527	16	the	the	DET
cjfa-20693	527	17	degree	degree	NOUN
cjfa-20693	527	18	of	of	ADP
cjfa-20693	527	19	efforts	effort	NOUN
cjfa-20693	527	20	of	of	ADP
cjfa-20693	527	21	executives	executive	NOUN
cjfa-20693	527	22	is	be	AUX
cjfa-20693	527	23	inversely	inversely	ADV
cjfa-20693	527	24	proportional	proportional	ADJ
cjfa-20693	527	25	to	to	ADP
cjfa-20693	527	26	their	their	PRON
cjfa-20693	527	27	dividend	dividend	NOUN
cjfa-20693	527	28	-	-	PUNCT
cjfa-20693	527	29	sharing	sharing	NOUN
cjfa-20693	527	30	ratio	ratio	NOUN
cjfa-20693	527	31	.	.	PUNCT
cjfa-20693	528	1	the	the	DET
cjfa-20693	528	2	economic	economic	ADJ
cjfa-20693	528	3	logic	logic	NOUN
cjfa-20693	528	4	behind	behind	ADP
cjfa-20693	528	5	it	it	PRON
cjfa-20693	528	6	:	:	PUNCT
cjfa-20693	528	7	with	with	ADP
cjfa-20693	528	8	the	the	DET
cjfa-20693	528	9	increase	increase	NOUN
cjfa-20693	528	10	of	of	ADP
cjfa-20693	528	11	the	the	DET
cjfa-20693	528	12	dividend	dividend	NOUN
cjfa-20693	528	13	proportion	proportion	NOUN
cjfa-20693	528	14	,	,	PUNCT
cjfa-20693	528	15	the	the	DET
cjfa-20693	528	16	company	company	NOUN
cjfa-20693	528	17	's	's	PART
cjfa-20693	528	18	disposable	disposable	ADJ
cjfa-20693	528	19	free	free	ADJ
cjfa-20693	528	20	cash	cash	NOUN
cjfa-20693	528	21	flow	flow	NOUN
cjfa-20693	528	22	will	will	AUX
cjfa-20693	528	23	decrease	decrease	VERB
cjfa-20693	528	24	accordingly	accordingly	ADV
cjfa-20693	528	25	,	,	PUNCT
cjfa-20693	528	26	which	which	PRON
cjfa-20693	528	27	will	will	AUX
cjfa-20693	528	28	not	not	PART
cjfa-20693	528	29	only	only	ADV
cjfa-20693	528	30	hinder	hinder	VERB
cjfa-20693	528	31	executives	executive	NOUN
cjfa-20693	528	32	from	from	ADP
cjfa-20693	528	33	increasing	increase	VERB
cjfa-20693	528	34	their	their	PRON
cjfa-20693	528	35	private	private	ADJ
cjfa-20693	528	36	benefits	benefit	NOUN
cjfa-20693	528	37	,	,	PUNCT
cjfa-20693	528	38	but	but	CCONJ
cjfa-20693	528	39	also	also	ADV
cjfa-20693	528	40	make	make	VERB
cjfa-20693	528	41	the	the	DET
cjfa-20693	528	42	dividend	dividend	NOUN
cjfa-20693	528	43	distribution	distribution	NOUN
cjfa-20693	528	44	system	system	NOUN
cjfa-20693	528	45	produce	produce	VERB
cjfa-20693	528	46	an	an	DET
cjfa-20693	528	47	unbalanced	unbalanced	ADJ
cjfa-20693	528	48	mentality	mentality	NOUN
cjfa-20693	528	49	,	,	PUNCT
cjfa-20693	528	50	that	that	ADV
cjfa-20693	528	51	is	is	ADV
cjfa-20693	528	52	,	,	PUNCT
cjfa-20693	528	53	shareholders	shareholder	NOUN
cjfa-20693	528	54	gain	gain	VERB
cjfa-20693	528	55	nothing	nothing	PRON
cjfa-20693	528	56	without	without	ADP
cjfa-20693	528	57	any	any	DET
cjfa-20693	528	58	reason	reason	NOUN
cjfa-20693	528	59	,	,	PUNCT
cjfa-20693	528	60	using	use	VERB
cjfa-20693	528	61	the	the	DET
cjfa-20693	528	62	identity	identity	NOUN
cjfa-20693	528	63	of	of	ADP
cjfa-20693	528	64	the	the	DET
cjfa-20693	528	65	capital	capital	NOUN
cjfa-20693	528	66	owner	owner	NOUN
cjfa-20693	528	67	(	(	PUNCT
cjfa-20693	528	68	14	14	NUM
cjfa-20693	528	69	)	)	PUNCT
cjfa-20693	528	70	according	accord	VERB
cjfa-20693	528	71	to	to	ADP
cjfa-20693	528	72	equation	equation	NOUN
cjfa-20693	528	73	(	(	PUNCT
cjfa-20693	528	74	14	14	NUM
cjfa-20693	528	75	)	)	PUNCT
cjfa-20693	528	76	,	,	PUNCT
cjfa-20693	528	77	it	it	PRON
cjfa-20693	528	78	can	can	AUX
cjfa-20693	528	79	be	be	AUX
cjfa-20693	528	80	found	find	VERB
cjfa-20693	528	81	that	that	SCONJ
cjfa-20693	528	82	the	the	DET
cjfa-20693	528	83	degree	degree	NOUN
cjfa-20693	528	84	of	of	ADP
cjfa-20693	528	85	efforts	effort	NOUN
cjfa-20693	528	86	of	of	ADP
cjfa-20693	528	87	executives	executive	NOUN
cjfa-20693	528	88	is	be	AUX
cjfa-20693	528	89	inversely	inversely	ADV
cjfa-20693	528	90	proportional	proportional	ADJ
cjfa-20693	528	91	to	to	ADP
cjfa-20693	528	92	their	their	PRON
cjfa-20693	528	93	dividend	dividend	NOUN
cjfa-20693	528	94	-	-	PUNCT
cjfa-20693	528	95	sharing	sharing	NOUN
cjfa-20693	528	96	ratio	ratio	NOUN
cjfa-20693	528	97	.	.	PUNCT
cjfa-20693	529	1	the	the	DET
cjfa-20693	529	2	economic	economic	ADJ
cjfa-20693	529	3	logic	logic	NOUN
cjfa-20693	529	4	behind	behind	ADP
cjfa-20693	529	5	it	it	PRON
cjfa-20693	529	6	:	:	PUNCT
cjfa-20693	529	7	with	with	ADP
cjfa-20693	529	8	the	the	DET
cjfa-20693	529	9	increase	increase	NOUN
cjfa-20693	529	10	of	of	ADP
cjfa-20693	529	11	the	the	DET
cjfa-20693	529	12	dividend	dividend	NOUN
cjfa-20693	529	13	proportion	proportion	NOUN
cjfa-20693	529	14	,	,	PUNCT
cjfa-20693	529	15	the	the	DET
cjfa-20693	529	16	company	company	NOUN
cjfa-20693	529	17	’s	’s	PART
cjfa-20693	529	18	disposable	disposable	ADJ
cjfa-20693	529	19	free	free	ADJ
cjfa-20693	529	20	cash	cash	NOUN
cjfa-20693	529	21	flow	flow	NOUN
cjfa-20693	529	22	will	will	AUX
cjfa-20693	529	23	decrease	decrease	VERB
cjfa-20693	529	24	accordingly	accordingly	ADV
cjfa-20693	529	25	,	,	PUNCT
cjfa-20693	529	26	which	which	PRON
cjfa-20693	529	27	will	will	AUX
cjfa-20693	529	28	not	not	PART
cjfa-20693	529	29	only	only	ADV
cjfa-20693	529	30	hinder	hinder	VERB
cjfa-20693	529	31	executives	executive	NOUN
cjfa-20693	529	32	from	from	ADP
cjfa-20693	529	33	increasing	increase	VERB
cjfa-20693	529	34	their	their	PRON
cjfa-20693	529	35	private	private	ADJ
cjfa-20693	529	36	benefits	benefit	NOUN
cjfa-20693	529	37	,	,	PUNCT
cjfa-20693	529	38	but	but	CCONJ
cjfa-20693	529	39	also	also	ADV
cjfa-20693	529	40	make	make	VERB
cjfa-20693	529	41	the	the	DET
cjfa-20693	529	42	dividend	dividend	NOUN
cjfa-20693	529	43	distribution	distribution	NOUN
cjfa-20693	529	44	system	system	NOUN
cjfa-20693	529	45	produce	produce	VERB
cjfa-20693	529	46	an	an	DET
cjfa-20693	529	47	unbalanced	unbalanced	ADJ
cjfa-20693	529	48	mentality	mentality	NOUN
cjfa-20693	529	49	,	,	PUNCT
cjfa-20693	529	50	that	that	ADV
cjfa-20693	529	51	is	is	ADV
cjfa-20693	529	52	,	,	PUNCT
cjfa-20693	529	53	shareholders	shareholder	NOUN
cjfa-20693	529	54	gain	gain	VERB
cjfa-20693	529	55	nothing	nothing	PRON
cjfa-20693	529	56	without	without	ADP
cjfa-20693	529	57	any	any	DET
cjfa-20693	529	58	reason	reason	NOUN
cjfa-20693	529	59	,	,	PUNCT
cjfa-20693	529	60	using	use	VERB
cjfa-20693	529	61	the	the	DET
cjfa-20693	529	62	identity	identity	NOUN
cjfa-20693	529	63	of	of	ADP
cjfa-20693	529	64	the	the	DET
cjfa-20693	529	65	capital	capital	NOUN
cjfa-20693	529	66	owner	owner	NOUN
cjfa-20693	529	67	to	to	PART
cjfa-20693	529	68	embezzle	embezzle	VERB
cjfa-20693	529	69	their	their	PRON
cjfa-20693	529	70	own	own	ADJ
cjfa-20693	529	71	labor	labor	NOUN
cjfa-20693	529	72	results	result	NOUN
cjfa-20693	529	73	.	.	PUNCT
cjfa-20693	530	1	therefore	therefore	ADV
cjfa-20693	530	2	,	,	PUNCT
cjfa-20693	530	3	it	it	PRON
cjfa-20693	530	4	is	be	AUX
cjfa-20693	530	5	self	self	NOUN
cjfa-20693	530	6	-	-	PUNCT
cjfa-20693	530	7	evident	evident	ADJ
cjfa-20693	530	8	that	that	SCONJ
cjfa-20693	530	9	the	the	DET
cjfa-20693	530	10	executive	executive	NOUN
cjfa-20693	530	11	’s	’s	PART
cjfa-20693	530	12	work	work	NOUN
cjfa-20693	530	13	effort	effort	NOUN
cjfa-20693	530	14	e	e	NOUN
cjfa-20693	530	15	decreases	decrease	VERB
cjfa-20693	530	16	with	with	ADP
cjfa-20693	530	17	the	the	DET
cjfa-20693	530	18	increase	increase	NOUN
cjfa-20693	530	19	of	of	ADP
cjfa-20693	530	20	the	the	DET
cjfa-20693	530	21	dividend	dividend	NOUN
cjfa-20693	530	22	ratio	ratio	NOUN
cjfa-20693	530	23	α	α	NOUN
cjfa-20693	530	24	.	.	PROPN
cjfa-20693	531	1	5	5	NUM
cjfa-20693	531	2	.	.	PUNCT
cjfa-20693	531	3	model	model	NOUN
cjfa-20693	531	4	conclusion	conclusion	NOUN
cjfa-20693	531	5	first	first	ADV
cjfa-20693	531	6	of	of	ADP
cjfa-20693	531	7	all	all	PRON
cjfa-20693	531	8	,	,	PUNCT
cjfa-20693	531	9	needless	needless	ADJ
cjfa-20693	531	10	to	to	PART
cjfa-20693	531	11	say	say	VERB
cjfa-20693	531	12	,	,	PUNCT
cjfa-20693	531	13	since	since	SCONJ
cjfa-20693	531	14	it	it	PRON
cjfa-20693	531	15	is	be	AUX
cjfa-20693	531	16	a	a	DET
cjfa-20693	531	17	mandatory	mandatory	ADJ
cjfa-20693	531	18	dividend	dividend	NOUN
cjfa-20693	531	19	policy	policy	NOUN
cjfa-20693	531	20	,	,	PUNCT
cjfa-20693	531	21	whether	whether	SCONJ
cjfa-20693	531	22	or	or	CCONJ
cjfa-20693	531	23	not	not	PART
cjfa-20693	531	24	out	out	ADP
cjfa-20693	531	25	of	of	ADP
cjfa-20693	531	26	sincerity	sincerity	NOUN
cjfa-20693	531	27	,	,	PUNCT
cjfa-20693	531	28	listed	list	VERB
cjfa-20693	531	29	companies	company	NOUN
cjfa-20693	531	30	will	will	AUX
cjfa-20693	531	31	show	show	VERB
cjfa-20693	531	32	a	a	DET
cjfa-20693	531	33	significantly	significantly	ADV
cjfa-20693	531	34	higher	high	ADJ
cjfa-20693	531	35	willingness	willingness	NOUN
cjfa-20693	531	36	to	to	PART
cjfa-20693	531	37	pay	pay	VERB
cjfa-20693	531	38	dividends	dividend	NOUN
cjfa-20693	531	39	than	than	ADP
cjfa-20693	531	40	before	before	ADV
cjfa-20693	531	41	.	.	PUNCT
cjfa-20693	532	1	secondly	secondly	ADV
cjfa-20693	532	2	,	,	PUNCT
cjfa-20693	532	3	according	accord	VERB
cjfa-20693	532	4	to	to	ADP
cjfa-20693	532	5	equation	equation	NOUN
cjfa-20693	532	6	(	(	PUNCT
cjfa-20693	532	7	10)–(12	10)–(12	NUM
cjfa-20693	532	8	)	)	PUNCT
cjfa-20693	532	9	,	,	PUNCT
cjfa-20693	532	10	the	the	DET
cjfa-20693	532	11	implementation	implementation	NOUN
cjfa-20693	532	12	of	of	ADP
cjfa-20693	532	13	mandatory	mandatory	ADJ
cjfa-20693	532	14	dividend	dividend	NOUN
cjfa-20693	532	15	policy	policy	NOUN
cjfa-20693	532	16	will	will	AUX
cjfa-20693	532	17	significantly	significantly	ADV
cjfa-20693	532	18	encourage	encourage	VERB
cjfa-20693	532	19	executives	executive	NOUN
cjfa-20693	532	20	to	to	PART
cjfa-20693	532	21	work	work	VERB
cjfa-20693	532	22	hard	hard	ADV
cjfa-20693	532	23	and	and	CCONJ
cjfa-20693	532	24	reduce	reduce	VERB
cjfa-20693	532	25	the	the	DET
cjfa-20693	532	26	agency	agency	NOUN
cjfa-20693	532	27	cost	cost	NOUN
cjfa-20693	532	28	of	of	ADP
cjfa-20693	532	29	corporate	corporate	ADJ
cjfa-20693	532	30	governance	governance	NOUN
cjfa-20693	532	31	.	.	PUNCT
cjfa-20693	533	1	on	on	ADP
cjfa-20693	533	2	the	the	DET
cjfa-20693	533	3	one	one	NUM
cjfa-20693	533	4	hand	hand	NOUN
cjfa-20693	533	5	,	,	PUNCT
cjfa-20693	533	6	the	the	DET
cjfa-20693	533	7	mandatory	mandatory	ADJ
cjfa-20693	533	8	dividend	dividend	NOUN
cjfa-20693	533	9	policy	policy	NOUN
cjfa-20693	533	10	will	will	AUX
cjfa-20693	533	11	undoubtedly	undoubtedly	ADV
cjfa-20693	533	12	increase	increase	VERB
cjfa-20693	533	13	the	the	DET
cjfa-20693	533	14	expected	expect	VERB
cjfa-20693	533	15	returns	return	NOUN
cjfa-20693	533	16	of	of	ADP
cjfa-20693	533	17	investors	investor	NOUN
cjfa-20693	533	18	,	,	PUNCT
cjfa-20693	533	19	which	which	PRON
cjfa-20693	533	20	will	will	AUX
cjfa-20693	533	21	naturally	naturally	ADV
cjfa-20693	533	22	stimulate	stimulate	VERB
cjfa-20693	533	23	investors	investor	NOUN
cjfa-20693	533	24	to	to	PART
cjfa-20693	533	25	increase	increase	VERB
cjfa-20693	533	26	their	their	PRON
cjfa-20693	533	27	ownership	ownership	NOUN
cjfa-20693	533	28	of	of	ADP
cjfa-20693	533	29	company	company	NOUN
cjfa-20693	533	30	stocks	stock	NOUN
cjfa-20693	533	31	,	,	PUNCT
cjfa-20693	533	32	which	which	PRON
cjfa-20693	533	33	will	will	AUX
cjfa-20693	533	34	change	change	VERB
cjfa-20693	533	35	the	the	DET
cjfa-20693	533	36	balance	balance	NOUN
cjfa-20693	533	37	between	between	ADP
cjfa-20693	533	38	supply	supply	NOUN
cjfa-20693	533	39	and	and	CCONJ
cjfa-20693	533	40	demand	demand	NOUN
cjfa-20693	533	41	of	of	ADP
cjfa-20693	533	42	company	company	NOUN
cjfa-20693	533	43	stocks	stock	NOUN
cjfa-20693	533	44	,	,	PUNCT
cjfa-20693	533	45	further	far	ADV
cjfa-20693	533	46	boost	boost	VERB
cjfa-20693	533	47	the	the	DET
cjfa-20693	533	48	rise	rise	NOUN
cjfa-20693	533	49	of	of	ADP
cjfa-20693	533	50	company	company	NOUN
cjfa-20693	533	51	stock	stock	NOUN
cjfa-20693	533	52	prices	price	NOUN
cjfa-20693	533	53	,	,	PUNCT
cjfa-20693	533	54	so	so	SCONJ
cjfa-20693	533	55	that	that	SCONJ
cjfa-20693	533	56	executives	executive	NOUN
cjfa-20693	533	57	will	will	AUX
cjfa-20693	533	58	be	be	AUX
cjfa-20693	533	59	motivated	motivate	VERB
cjfa-20693	533	60	by	by	ADP
cjfa-20693	533	61	both	both	DET
cjfa-20693	533	62	shareholder	shareholder	NOUN
cjfa-20693	533	63	ownership	ownership	NOUN
cjfa-20693	533	64	and	and	CCONJ
cjfa-20693	533	65	stock	stock	NOUN
cjfa-20693	533	66	price	price	NOUN
cjfa-20693	533	67	rise	rise	NOUN
cjfa-20693	533	68	,	,	PUNCT
cjfa-20693	533	69	and	and	CCONJ
cjfa-20693	533	70	work	work	VERB
cjfa-20693	533	71	harder	hard	ADV
cjfa-20693	533	72	.	.	PUNCT
cjfa-20693	534	1	on	on	ADP
cjfa-20693	534	2	the	the	DET
cjfa-20693	534	3	other	other	ADJ
cjfa-20693	534	4	hand	hand	NOUN
cjfa-20693	534	5	,	,	PUNCT
cjfa-20693	534	6	since	since	SCONJ
cjfa-20693	534	7	executives	executive	NOUN
cjfa-20693	534	8	are	be	AUX
cjfa-20693	534	9	willing	willing	ADJ
cjfa-20693	534	10	to	to	PART
cjfa-20693	534	11	work	work	VERB
cjfa-20693	534	12	harder	hard	ADV
cjfa-20693	534	13	,	,	PUNCT
cjfa-20693	534	14	the	the	DET
cjfa-20693	534	15	expected	expect	VERB
cjfa-20693	534	16	return	return	NOUN
cjfa-20693	534	17	on	on	ADP
cjfa-20693	534	18	investment	investment	NOUN
cjfa-20693	534	19	projects	project	NOUN
cjfa-20693	534	20	will	will	AUX
cjfa-20693	534	21	naturally	naturally	ADV
cjfa-20693	534	22	rise	rise	VERB
cjfa-20693	534	23	.	.	PUNCT
cjfa-20693	535	1	in	in	ADP
cjfa-20693	535	2	this	this	DET
cjfa-20693	535	3	way	way	NOUN
cjfa-20693	535	4	,	,	PUNCT
cjfa-20693	535	5	executives	executive	NOUN
cjfa-20693	535	6	can	can	AUX
cjfa-20693	535	7	provide	provide	VERB
cjfa-20693	535	8	a	a	DET
cjfa-20693	535	9	steady	steady	ADJ
cjfa-20693	535	10	stream	stream	NOUN
cjfa-20693	535	11	of	of	ADP
cjfa-20693	535	12	cash	cash	NOUN
cjfa-20693	535	13	flow	flow	NOUN
cjfa-20693	535	14	for	for	ADP
cjfa-20693	535	15	cash	cash	NOUN
cjfa-20693	535	16	dividends	dividend	NOUN
cjfa-20693	535	17	.	.	PUNCT
cjfa-20693	536	1	it	it	PRON
cjfa-20693	536	2	is	be	AUX
cjfa-20693	536	3	selfevident	selfevident	NOUN
cjfa-20693	536	4	that	that	SCONJ
cjfa-20693	536	5	the	the	DET
cjfa-20693	536	6	exogenous	exogenous	ADJ
cjfa-20693	536	7	impact	impact	NOUN
cjfa-20693	536	8	of	of	ADP
cjfa-20693	536	9	mandatory	mandatory	ADJ
cjfa-20693	536	10	dividend	dividend	NOUN
cjfa-20693	536	11	policy	policy	NOUN
cjfa-20693	536	12	can	can	AUX
cjfa-20693	536	13	construct	construct	VERB
cjfa-20693	536	14	a	a	DET
cjfa-20693	536	15	virtuous	virtuous	ADJ
cjfa-20693	536	16	circle	circle	NOUN
cjfa-20693	536	17	between	between	ADP
cjfa-20693	536	18	executives	executive	NOUN
cjfa-20693	536	19	and	and	CCONJ
cjfa-20693	536	20	shareholders	shareholder	NOUN
cjfa-20693	536	21	:	:	PUNCT
cjfa-20693	536	22	mandatory	mandatory	ADJ
cjfa-20693	536	23	dividend	dividend	NOUN
cjfa-20693	536	24	policy	policy	NOUN
cjfa-20693	536	25	–	–	PUNCT
cjfa-20693	536	26	cash	cash	NOUN
cjfa-20693	536	27	dividend	dividend	NOUN
cjfa-20693	536	28	of	of	ADP
cjfa-20693	536	29	the	the	DET
cjfa-20693	536	30	company	company	NOUN
cjfa-20693	536	31	–	–	PUNCT
cjfa-20693	536	32	shareholders	shareholder	NOUN
cjfa-20693	536	33	and	and	CCONJ
cjfa-20693	536	34	investors	investor	NOUN
cjfa-20693	536	35	holding	hold	VERB
cjfa-20693	536	36	more	more	ADJ
cjfa-20693	536	37	shares	share	NOUN
cjfa-20693	536	38	of	of	ADP
cjfa-20693	536	39	the	the	DET
cjfa-20693	536	40	company	company	NOUN
cjfa-20693	536	41	–	–	PUNCT
cjfa-20693	536	42	stock	stock	NOUN
cjfa-20693	536	43	price	price	NOUN
cjfa-20693	536	44	rise	rise	NOUN
cjfa-20693	536	45	–	–	PUNCT
cjfa-20693	536	46	executives	executive	NOUN
cjfa-20693	536	47	working	work	VERB
cjfa-20693	536	48	hard	hard	ADV
cjfa-20693	536	49	–	–	PUNCT
cjfa-20693	536	50	the	the	DET
cjfa-20693	536	51	next	next	ADJ
cjfa-20693	536	52	round	round	NOUN
cjfa-20693	536	53	of	of	ADP
cjfa-20693	536	54	cash	cash	NOUN
cjfa-20693	536	55	.	.	PUNCT
cjfa-20693	537	1	unexpectedly	unexpectedly	ADV
cjfa-20693	537	2	,	,	PUNCT
cjfa-20693	537	3	this	this	DET
cjfa-20693	537	4	cycle	cycle	NOUN
cjfa-20693	537	5	will	will	AUX
cjfa-20693	537	6	start	start	VERB
cjfa-20693	537	7	again	again	ADV
cjfa-20693	537	8	and	and	CCONJ
cjfa-20693	537	9	again	again	ADV
cjfa-20693	537	10	.	.	PUNCT
cjfa-20693	538	1	finally	finally	ADV
cjfa-20693	538	2	,	,	PUNCT
cjfa-20693	538	3	according	accord	VERB
cjfa-20693	538	4	to	to	ADP
cjfa-20693	538	5	equation	equation	NOUN
cjfa-20693	538	6	(	(	PUNCT
cjfa-20693	538	7	13	13	NUM
cjfa-20693	538	8	)	)	PUNCT
cjfa-20693	538	9	and	and	CCONJ
cjfa-20693	538	10	(	(	PUNCT
cjfa-20693	538	11	14	14	NUM
cjfa-20693	538	12	)	)	PUNCT
cjfa-20693	538	13	,	,	PUNCT
cjfa-20693	538	14	some	some	DET
cjfa-20693	538	15	factors	factor	NOUN
cjfa-20693	538	16	of	of	ADP
cjfa-20693	538	17	corporate	corporate	ADJ
cjfa-20693	538	18	dividend	dividend	NOUN
cjfa-20693	538	19	policy	policy	NOUN
cjfa-20693	538	20	itself	itself	PRON
cjfa-20693	538	21	will	will	AUX
cjfa-20693	538	22	lead	lead	VERB
cjfa-20693	538	23	to	to	ADP
cjfa-20693	538	24	the	the	DET
cjfa-20693	538	25	actual	actual	ADJ
cjfa-20693	538	26	effect	effect	NOUN
cjfa-20693	538	27	of	of	ADP
cjfa-20693	538	28	mandatory	mandatory	ADJ
cjfa-20693	538	29	dividend	dividend	NOUN
cjfa-20693	538	30	policy	policy	NOUN
cjfa-20693	538	31	deviating	deviate	VERB
cjfa-20693	538	32	from	from	ADP
cjfa-20693	538	33	the	the	DET
cjfa-20693	538	34	expected	expect	VERB
cjfa-20693	538	35	goal	goal	NOUN
cjfa-20693	538	36	of	of	ADP
cjfa-20693	538	37	the	the	DET
cjfa-20693	538	38	policy	policy	NOUN
cjfa-20693	538	39	.	.	PUNCT
cjfa-20693	539	1	specifically	specifically	ADV
cjfa-20693	539	2	,	,	PUNCT
cjfa-20693	539	3	whether	whether	SCONJ
cjfa-20693	539	4	it	it	PRON
cjfa-20693	539	5	is	be	AUX
cjfa-20693	539	6	cash	cash	NOUN
cjfa-20693	539	7	can	can	AUX
cjfa-20693	539	8	mandatory	mandatory	ADJ
cjfa-20693	539	9	dividend	dividend	NOUN
cjfa-20693	539	10	policy	policy	NOUN
cjfa-20693	539	11	reduce	reduce	VERB
cjfa-20693	539	12	…	…	PUNCT
cjfa-20693	539	13	79	79	NUM
cjfa-20693	539	14	dividend	dividend	NOUN
cjfa-20693	539	15	ratio	ratio	NOUN
cjfa-20693	539	16	or	or	CCONJ
cjfa-20693	539	17	dividend	dividend	NOUN
cjfa-20693	539	18	growth	growth	NOUN
cjfa-20693	539	19	rate	rate	NOUN
cjfa-20693	539	20	,	,	PUNCT
cjfa-20693	539	21	it	it	PRON
cjfa-20693	539	22	will	will	AUX
cjfa-20693	539	23	create	create	VERB
cjfa-20693	539	24	pressure	pressure	NOUN
cjfa-20693	539	25	and	and	CCONJ
cjfa-20693	539	26	threat	threat	NOUN
cjfa-20693	539	27	to	to	ADP
cjfa-20693	539	28	the	the	DET
cjfa-20693	539	29	performance	performance	NOUN
cjfa-20693	539	30	of	of	ADP
cjfa-20693	539	31	executives	executive	NOUN
cjfa-20693	539	32	in	in	ADP
cjfa-20693	539	33	the	the	DET
cjfa-20693	539	34	long	long	ADJ
cjfa-20693	539	35	run	run	NOUN
cjfa-20693	539	36	.	.	PUNCT
cjfa-20693	540	1	therefore	therefore	ADV
cjfa-20693	540	2	,	,	PUNCT
cjfa-20693	540	3	as	as	ADP
cjfa-20693	540	4	a	a	DET
cjfa-20693	540	5	rational	rational	ADJ
cjfa-20693	540	6	economic	economic	ADJ
cjfa-20693	540	7	man	man	NOUN
cjfa-20693	540	8	,	,	PUNCT
cjfa-20693	540	9	executives	executive	NOUN
cjfa-20693	540	10	may	may	AUX
cjfa-20693	540	11	take	take	VERB
cjfa-20693	540	12	a	a	DET
cjfa-20693	540	13	negative	negative	ADJ
cjfa-20693	540	14	resistance	resistance	NOUN
cjfa-20693	540	15	strategy	strategy	NOUN
cjfa-20693	540	16	at	at	ADP
cjfa-20693	540	17	the	the	DET
cjfa-20693	540	18	beginning	beginning	NOUN
cjfa-20693	540	19	to	to	PART
cjfa-20693	540	20	create	create	VERB
cjfa-20693	540	21	a	a	DET
cjfa-20693	540	22	buffer	buffer	NOUN
cjfa-20693	540	23	space	space	NOUN
cjfa-20693	540	24	for	for	ADP
cjfa-20693	540	25	their	their	PRON
cjfa-20693	540	26	future	future	ADJ
cjfa-20693	540	27	strategic	strategic	ADJ
cjfa-20693	540	28	adjustment	adjustment	NOUN
cjfa-20693	540	29	,	,	PUNCT
cjfa-20693	540	30	such	such	ADJ
cjfa-20693	540	31	as	as	ADP
cjfa-20693	540	32	deliberately	deliberately	ADV
cjfa-20693	540	33	lowering	lower	VERB
cjfa-20693	540	34	the	the	DET
cjfa-20693	540	35	cash	cash	NOUN
cjfa-20693	540	36	dividend	dividend	NOUN
cjfa-20693	540	37	ratio	ratio	NOUN
cjfa-20693	540	38	and	and	CCONJ
cjfa-20693	540	39	setting	set	VERB
cjfa-20693	540	40	a	a	DET
cjfa-20693	540	41	close	close	ADJ
cjfa-20693	540	42	approach	approach	NOUN
cjfa-20693	540	43	.	.	PUNCT
cjfa-20693	541	1	dividend	dividend	NOUN
cjfa-20693	541	2	growth	growth	NOUN
cjfa-20693	541	3	rate	rate	NOUN
cjfa-20693	541	4	at	at	ADP
cjfa-20693	541	5	0	0	NUM
cjfa-20693	541	6	,	,	PUNCT
cjfa-20693	541	7	etc	etc	X
cjfa-20693	541	8	.	.	X
cjfa-20693	542	1	however	however	ADV
cjfa-20693	542	2	,	,	PUNCT
cjfa-20693	542	3	in	in	ADP
cjfa-20693	542	4	this	this	DET
cjfa-20693	542	5	way	way	NOUN
cjfa-20693	542	6	,	,	PUNCT
cjfa-20693	542	7	the	the	DET
cjfa-20693	542	8	effect	effect	NOUN
cjfa-20693	542	9	of	of	ADP
cjfa-20693	542	10	mandatory	mandatory	ADJ
cjfa-20693	542	11	dividend	dividend	NOUN
cjfa-20693	542	12	policy	policy	NOUN
cjfa-20693	542	13	will	will	AUX
cjfa-20693	542	14	be	be	AUX
cjfa-20693	542	15	weakened	weaken	VERB
cjfa-20693	542	16	invisibly	invisibly	ADV
cjfa-20693	542	17	.	.	PUNCT
cjfa-20693	543	1	research	research	NOUN
cjfa-20693	543	2	design	design	NOUN
cjfa-20693	543	3	1	1	NUM
cjfa-20693	543	4	.	.	PUNCT
cjfa-20693	543	5	selection	selection	NOUN
cjfa-20693	543	6	of	of	ADP
cjfa-20693	543	7	empirical	empirical	ADJ
cjfa-20693	543	8	model	model	NOUN
cjfa-20693	543	9	(	(	PUNCT
cjfa-20693	543	10	1	1	NUM
cjfa-20693	543	11	)	)	PUNCT
cjfa-20693	543	12	difference	difference	NOUN
cjfa-20693	543	13	-	-	PUNCT
cjfa-20693	543	14	difference	difference	NOUN
cjfa-20693	543	15	model	model	NOUN
cjfa-20693	543	16	(	(	PUNCT
cjfa-20693	543	17	did	do	AUX
cjfa-20693	543	18	)	)	PUNCT
cjfa-20693	543	19	the	the	DET
cjfa-20693	543	20	difference	difference	NOUN
cjfa-20693	543	21	-	-	PUNCT
cjfa-20693	543	22	difference	difference	NOUN
cjfa-20693	543	23	model	model	NOUN
cjfa-20693	543	24	can	can	AUX
cjfa-20693	543	25	be	be	AUX
cjfa-20693	543	26	used	use	VERB
cjfa-20693	543	27	to	to	PART
cjfa-20693	543	28	test	test	VERB
cjfa-20693	543	29	the	the	DET
cjfa-20693	543	30	effectiveness	effectiveness	NOUN
cjfa-20693	543	31	of	of	ADP
cjfa-20693	543	32	policy	policy	NOUN
cjfa-20693	543	33	.	.	PUNCT
cjfa-20693	544	1	using	use	VERB
cjfa-20693	544	2	exogenous	exogenous	ADJ
cjfa-20693	544	3	policy	policy	NOUN
cjfa-20693	544	4	shocks	shock	NOUN
cjfa-20693	544	5	to	to	PART
cjfa-20693	544	6	do	do	VERB
cjfa-20693	544	7	quasi	quasi	ADJ
cjfa-20693	544	8	-	-	ADJ
cjfa-20693	544	9	natural	natural	ADJ
cjfa-20693	544	10	experiments	experiment	NOUN
cjfa-20693	544	11	,	,	PUNCT
cjfa-20693	544	12	the	the	DET
cjfa-20693	544	13	double	double	ADJ
cjfa-20693	544	14	difference	difference	NOUN
cjfa-20693	544	15	can	can	AUX
cjfa-20693	544	16	overcome	overcome	VERB
cjfa-20693	544	17	the	the	DET
cjfa-20693	544	18	influence	influence	NOUN
cjfa-20693	544	19	of	of	ADP
cjfa-20693	544	20	other	other	ADJ
cjfa-20693	544	21	factors	factor	NOUN
cjfa-20693	544	22	on	on	ADP
cjfa-20693	544	23	the	the	DET
cjfa-20693	544	24	results	result	NOUN
cjfa-20693	544	25	,	,	PUNCT
cjfa-20693	544	26	so	so	CCONJ
cjfa-20693	544	27	the	the	DET
cjfa-20693	544	28	net	net	ADJ
cjfa-20693	544	29	impact	impact	NOUN
cjfa-20693	544	30	of	of	ADP
cjfa-20693	544	31	policy	policy	NOUN
cjfa-20693	544	32	shocks	shock	NOUN
cjfa-20693	544	33	can	can	AUX
cjfa-20693	544	34	be	be	AUX
cjfa-20693	544	35	obtained	obtain	VERB
cjfa-20693	544	36	.	.	PUNCT
cjfa-20693	545	1	because	because	SCONJ
cjfa-20693	545	2	of	of	ADP
cjfa-20693	545	3	the	the	DET
cjfa-20693	545	4	exogenous	exogenous	ADJ
cjfa-20693	545	5	nature	nature	NOUN
cjfa-20693	545	6	of	of	ADP
cjfa-20693	545	7	policy	policy	NOUN
cjfa-20693	545	8	shocks	shock	NOUN
cjfa-20693	545	9	and	and	CCONJ
cjfa-20693	545	10	the	the	DET
cjfa-20693	545	11	diversity	diversity	NOUN
cjfa-20693	545	12	of	of	ADP
cjfa-20693	545	13	policy	policy	NOUN
cjfa-20693	545	14	objects	object	NOUN
cjfa-20693	545	15	,	,	PUNCT
cjfa-20693	545	16	there	there	PRON
cjfa-20693	545	17	will	will	AUX
cjfa-20693	545	18	be	be	AUX
cjfa-20693	545	19	treatment	treatment	NOUN
cjfa-20693	545	20	groups	group	NOUN
cjfa-20693	545	21	affected	affect	VERB
cjfa-20693	545	22	by	by	ADP
cjfa-20693	545	23	policies	policy	NOUN
cjfa-20693	545	24	and	and	CCONJ
cjfa-20693	545	25	control	control	NOUN
cjfa-20693	545	26	groups	group	NOUN
cjfa-20693	545	27	not	not	PART
cjfa-20693	545	28	affected	affect	VERB
cjfa-20693	545	29	by	by	ADP
cjfa-20693	545	30	policies	policy	NOUN
cjfa-20693	545	31	.	.	PUNCT
cjfa-20693	546	1	the	the	DET
cjfa-20693	546	2	did	did	ADJ
cjfa-20693	546	3	model	model	NOUN
cjfa-20693	546	4	is	be	AUX
cjfa-20693	546	5	to	to	PART
cjfa-20693	546	6	test	test	VERB
cjfa-20693	546	7	the	the	DET
cjfa-20693	546	8	effect	effect	NOUN
cjfa-20693	546	9	of	of	ADP
cjfa-20693	546	10	the	the	DET
cjfa-20693	546	11	policy	policy	NOUN
cjfa-20693	546	12	by	by	ADP
cjfa-20693	546	13	comparing	compare	VERB
cjfa-20693	546	14	the	the	DET
cjfa-20693	546	15	changes	change	NOUN
cjfa-20693	546	16	of	of	ADP
cjfa-20693	546	17	the	the	DET
cjfa-20693	546	18	experimental	experimental	ADJ
cjfa-20693	546	19	group	group	NOUN
cjfa-20693	546	20	and	and	CCONJ
cjfa-20693	546	21	the	the	DET
cjfa-20693	546	22	control	control	NOUN
cjfa-20693	546	23	group	group	NOUN
cjfa-20693	546	24	before	before	ADP
cjfa-20693	546	25	and	and	CCONJ
cjfa-20693	546	26	after	after	ADP
cjfa-20693	546	27	controlling	control	VERB
cjfa-20693	546	28	other	other	ADJ
cjfa-20693	546	29	factors	factor	NOUN
cjfa-20693	546	30	.	.	PUNCT
cjfa-20693	547	1	in	in	ADP
cjfa-20693	547	2	order	order	NOUN
cjfa-20693	547	3	to	to	PART
cjfa-20693	547	4	test	test	VERB
cjfa-20693	547	5	the	the	DET
cjfa-20693	547	6	impact	impact	NOUN
cjfa-20693	547	7	of	of	ADP
cjfa-20693	547	8	mandatory	mandatory	ADJ
cjfa-20693	547	9	dividend	dividend	NOUN
cjfa-20693	547	10	policy	policy	NOUN
cjfa-20693	547	11	on	on	ADP
cjfa-20693	547	12	agency	agency	NOUN
cjfa-20693	547	13	cost	cost	NOUN
cjfa-20693	547	14	,	,	PUNCT
cjfa-20693	547	15	this	this	DET
cjfa-20693	547	16	paper	paper	NOUN
cjfa-20693	547	17	makes	make	VERB
cjfa-20693	547	18	a	a	DET
cjfa-20693	547	19	quasi	quasi	ADJ
cjfa-20693	547	20	-	-	ADJ
cjfa-20693	547	21	natural	natural	ADJ
cjfa-20693	547	22	experiment	experiment	NOUN
cjfa-20693	547	23	on	on	ADP
cjfa-20693	547	24	the	the	DET
cjfa-20693	547	25	implementation	implementation	NOUN
cjfa-20693	547	26	of	of	ADP
cjfa-20693	547	27	mandatory	mandatory	ADJ
cjfa-20693	547	28	dividend	dividend	NOUN
cjfa-20693	547	29	policy	policy	NOUN
cjfa-20693	547	30	,	,	PUNCT
cjfa-20693	547	31	uses	use	VERB
cjfa-20693	547	32	did	do	AUX
cjfa-20693	547	33	method	method	VERB
cjfa-20693	547	34	to	to	PART
cjfa-20693	547	35	identify	identify	VERB
cjfa-20693	547	36	causality	causality	NOUN
cjfa-20693	547	37	.	.	PUNCT
cjfa-20693	548	1	according	accord	VERB
cjfa-20693	548	2	to	to	ADP
cjfa-20693	548	3	the	the	DET
cjfa-20693	548	4	external	external	ADJ
cjfa-20693	548	5	impact	impact	NOUN
cjfa-20693	548	6	of	of	ADP
cjfa-20693	548	7	“	"	PUNCT
cjfa-20693	548	8	mandatory	mandatory	ADJ
cjfa-20693	548	9	dividend	dividend	NOUN
cjfa-20693	548	10	policy	policy	NOUN
cjfa-20693	548	11	”	"	PUNCT
cjfa-20693	548	12	,	,	PUNCT
cjfa-20693	548	13	we	we	PRON
cjfa-20693	548	14	compare	compare	VERB
cjfa-20693	548	15	the	the	DET
cjfa-20693	548	16	policy	policy	NOUN
cjfa-20693	548	17	effects	effect	NOUN
cjfa-20693	548	18	before	before	ADP
cjfa-20693	548	19	and	and	CCONJ
cjfa-20693	548	20	after	after	ADP
cjfa-20693	548	21	the	the	DET
cjfa-20693	548	22	external	external	ADJ
cjfa-20693	548	23	impact	impact	NOUN
cjfa-20693	548	24	,	,	PUNCT
cjfa-20693	548	25	and	and	CCONJ
cjfa-20693	548	26	then	then	ADV
cjfa-20693	548	27	analyze	analyze	VERB
cjfa-20693	548	28	whether	whether	SCONJ
cjfa-20693	548	29	the	the	DET
cjfa-20693	548	30	mandatory	mandatory	ADJ
cjfa-20693	548	31	dividend	dividend	NOUN
cjfa-20693	548	32	policy	policy	NOUN
cjfa-20693	548	33	will	will	AUX
cjfa-20693	548	34	reduce	reduce	VERB
cjfa-20693	548	35	the	the	DET
cjfa-20693	548	36	agency	agency	NOUN
cjfa-20693	548	37	cost	cost	NOUN
cjfa-20693	548	38	of	of	ADP
cjfa-20693	548	39	listed	list	VERB
cjfa-20693	548	40	companies	company	NOUN
cjfa-20693	548	41	.	.	PUNCT
cjfa-20693	549	1	on	on	ADP
cjfa-20693	549	2	november	november	PROPN
cjfa-20693	549	3	9	9	NUM
cjfa-20693	549	4	,	,	PUNCT
cjfa-20693	549	5	2011	2011	NUM
cjfa-20693	549	6	,	,	PUNCT
cjfa-20693	549	7	guo	guo	PROPN
cjfa-20693	549	8	shuqing	shuqing	NOUN
cjfa-20693	549	9	,	,	PUNCT
cjfa-20693	549	10	chairman	chairman	NOUN
cjfa-20693	549	11	of	of	ADP
cjfa-20693	549	12	the	the	DET
cjfa-20693	549	13	cscr	cscr	NOUN
cjfa-20693	549	14	,	,	PUNCT
cjfa-20693	549	15	proposed	propose	VERB
cjfa-20693	549	16	that	that	SCONJ
cjfa-20693	549	17	listed	list	VERB
cjfa-20693	549	18	companies	company	NOUN
cjfa-20693	549	19	should	should	AUX
cjfa-20693	549	20	pay	pay	VERB
cjfa-20693	549	21	dividends	dividend	NOUN
cjfa-20693	549	22	.	.	PUNCT
cjfa-20693	550	1	on	on	ADP
cjfa-20693	550	2	november	november	PROPN
cjfa-20693	550	3	9	9	NUM
cjfa-20693	550	4	,	,	PUNCT
cjfa-20693	550	5	2011	2011	NUM
cjfa-20693	550	6	,	,	PUNCT
cjfa-20693	550	7	the	the	DET
cjfa-20693	550	8	“	"	PUNCT
cjfa-20693	550	9	mandatory	mandatory	ADJ
cjfa-20693	550	10	dividend	dividend	NOUN
cjfa-20693	550	11	”	"	PUNCT
cjfa-20693	550	12	incident	incident	NOUN
cjfa-20693	550	13	affected	affect	VERB
cjfa-20693	550	14	the	the	DET
cjfa-20693	550	15	whole	whole	ADJ
cjfa-20693	550	16	stock	stock	NOUN
cjfa-20693	550	17	market	market	NOUN
cjfa-20693	550	18	:	:	PUNCT
cjfa-20693	550	19	after	after	ADP
cjfa-20693	550	20	2012	2012	NUM
cjfa-20693	550	21	,	,	PUNCT
cjfa-20693	550	22	the	the	DET
cjfa-20693	550	23	dividend	dividend	NOUN
cjfa-20693	550	24	rate	rate	NOUN
cjfa-20693	550	25	of	of	ADP
cjfa-20693	550	26	the	the	DET
cjfa-20693	550	27	stock	stock	NOUN
cjfa-20693	550	28	market	market	NOUN
cjfa-20693	550	29	further	far	ADV
cjfa-20693	550	30	increased	increase	VERB
cjfa-20693	550	31	,	,	PUNCT
cjfa-20693	550	32	after	after	ADP
cjfa-20693	550	33	2015	2015	NUM
cjfa-20693	550	34	,	,	PUNCT
cjfa-20693	550	35	the	the	DET
cjfa-20693	550	36	dividend	dividend	NOUN
cjfa-20693	550	37	of	of	ADP
cjfa-20693	550	38	listed	list	VERB
cjfa-20693	550	39	companies	company	NOUN
cjfa-20693	550	40	increased	increase	VERB
cjfa-20693	550	41	substantially	substantially	ADV
cjfa-20693	550	42	,	,	PUNCT
cjfa-20693	550	43	and	and	CCONJ
cjfa-20693	550	44	by	by	ADP
cjfa-20693	550	45	2017	2017	NUM
cjfa-20693	550	46	,	,	PUNCT
cjfa-20693	550	47	about	about	ADV
cjfa-20693	550	48	80	80	NUM
cjfa-20693	550	49	%	%	NOUN
cjfa-20693	550	50	of	of	ADP
cjfa-20693	550	51	listed	list	VERB
cjfa-20693	550	52	companies	company	NOUN
cjfa-20693	550	53	had	have	VERB
cjfa-20693	550	54	dividends	dividend	NOUN
cjfa-20693	550	55	.	.	PUNCT
cjfa-20693	551	1	therefore	therefore	ADV
cjfa-20693	551	2	,	,	PUNCT
cjfa-20693	551	3	the	the	DET
cjfa-20693	551	4	dividend	dividend	NOUN
cjfa-20693	551	5	distribution	distribution	NOUN
cjfa-20693	551	6	of	of	ADP
cjfa-20693	551	7	many	many	ADJ
cjfa-20693	551	8	companies	company	NOUN
cjfa-20693	551	9	is	be	AUX
cjfa-20693	551	10	affected	affect	VERB
cjfa-20693	551	11	by	by	ADP
cjfa-20693	551	12	the	the	DET
cjfa-20693	551	13	sudden	sudden	ADJ
cjfa-20693	551	14	impact	impact	NOUN
cjfa-20693	551	15	of	of	ADP
cjfa-20693	551	16	this	this	DET
cjfa-20693	551	17	policy	policy	NOUN
cjfa-20693	551	18	,	,	PUNCT
cjfa-20693	551	19	which	which	PRON
cjfa-20693	551	20	provides	provide	VERB
cjfa-20693	551	21	us	we	PRON
cjfa-20693	551	22	with	with	ADP
cjfa-20693	551	23	good	good	ADJ
cjfa-20693	551	24	quasi	quasi	ADJ
cjfa-20693	551	25	-	-	ADJ
cjfa-20693	551	26	natural	natural	ADJ
cjfa-20693	551	27	experimental	experimental	ADJ
cjfa-20693	551	28	conditions	condition	NOUN
cjfa-20693	551	29	.	.	PUNCT
cjfa-20693	552	1	according	accord	VERB
cjfa-20693	552	2	to	to	ADP
cjfa-20693	552	3	the	the	DET
cjfa-20693	552	4	did	did	NOUN
cjfa-20693	552	5	model	model	NOUN
cjfa-20693	552	6	,	,	PUNCT
cjfa-20693	552	7	this	this	DET
cjfa-20693	552	8	paper	paper	NOUN
cjfa-20693	552	9	constructs	construct	VERB
cjfa-20693	552	10	a	a	DET
cjfa-20693	552	11	model	model	NOUN
cjfa-20693	552	12	(	(	PUNCT
cjfa-20693	552	13	1	1	NUM
cjfa-20693	552	14	)	)	PUNCT
cjfa-20693	552	15	based	base	VERB
cjfa-20693	552	16	on	on	ADP
cjfa-20693	552	17	did	did	PROPN
cjfa-20693	552	18	:	:	PUNCT
cjfa-20693	552	19	qin	qin	PROPN
cjfa-20693	552	20	hailin	hailin	PROPN
cjfa-20693	552	21	,	,	PUNCT
cjfa-20693	552	22	zhang	zhang	PROPN
cjfa-20693	552	23	jingxu80	jingxu80	VERB
cjfa-20693	552	24	the	the	DET
cjfa-20693	552	25	difference	difference	NOUN
cjfa-20693	552	26	-	-	PUNCT
cjfa-20693	552	27	difference	difference	NOUN
cjfa-20693	552	28	model	model	NOUN
cjfa-20693	552	29	can	can	AUX
cjfa-20693	552	30	be	be	AUX
cjfa-20693	552	31	used	use	VERB
cjfa-20693	552	32	to	to	PART
cjfa-20693	552	33	test	test	VERB
cjfa-20693	552	34	the	the	DET
cjfa-20693	552	35	effectiveness	effectiveness	NOUN
cjfa-20693	552	36	of	of	ADP
cjfa-20693	552	37	policy	policy	NOUN
cjfa-20693	552	38	.	.	PUNCT
cjfa-20693	553	1	using	use	VERB
cjfa-20693	553	2	exogenous	exogenous	ADJ
cjfa-20693	553	3	policy	policy	NOUN
cjfa-20693	553	4	shocks	shock	NOUN
cjfa-20693	553	5	to	to	PART
cjfa-20693	553	6	do	do	VERB
cjfa-20693	553	7	quasi	quasi	ADJ
cjfa-20693	553	8	-	-	ADJ
cjfa-20693	553	9	natural	natural	ADJ
cjfa-20693	553	10	experiments	experiment	NOUN
cjfa-20693	553	11	,	,	PUNCT
cjfa-20693	553	12	the	the	DET
cjfa-20693	553	13	double	double	ADJ
cjfa-20693	553	14	difference	difference	NOUN
cjfa-20693	553	15	can	can	AUX
cjfa-20693	553	16	overcome	overcome	VERB
cjfa-20693	553	17	the	the	DET
cjfa-20693	553	18	influence	influence	NOUN
cjfa-20693	553	19	of	of	ADP
cjfa-20693	553	20	other	other	ADJ
cjfa-20693	553	21	factors	factor	NOUN
cjfa-20693	553	22	on	on	ADP
cjfa-20693	553	23	the	the	DET
cjfa-20693	553	24	results	result	NOUN
cjfa-20693	553	25	,	,	PUNCT
cjfa-20693	553	26	so	so	CCONJ
cjfa-20693	553	27	the	the	DET
cjfa-20693	553	28	net	net	ADJ
cjfa-20693	553	29	impact	impact	NOUN
cjfa-20693	553	30	of	of	ADP
cjfa-20693	553	31	policy	policy	NOUN
cjfa-20693	553	32	shocks	shock	NOUN
cjfa-20693	553	33	can	can	AUX
cjfa-20693	553	34	be	be	AUX
cjfa-20693	553	35	obtained	obtain	VERB
cjfa-20693	553	36	.	.	PUNCT
cjfa-20693	554	1	because	because	SCONJ
cjfa-20693	554	2	of	of	ADP
cjfa-20693	554	3	the	the	DET
cjfa-20693	554	4	exogenous	exogenous	ADJ
cjfa-20693	554	5	nature	nature	NOUN
cjfa-20693	554	6	of	of	ADP
cjfa-20693	554	7	policy	policy	NOUN
cjfa-20693	554	8	shocks	shock	NOUN
cjfa-20693	554	9	and	and	CCONJ
cjfa-20693	554	10	the	the	DET
cjfa-20693	554	11	diversity	diversity	NOUN
cjfa-20693	554	12	of	of	ADP
cjfa-20693	554	13	policy	policy	NOUN
cjfa-20693	554	14	objects	object	NOUN
cjfa-20693	554	15	,	,	PUNCT
cjfa-20693	554	16	there	there	PRON
cjfa-20693	554	17	will	will	AUX
cjfa-20693	554	18	be	be	AUX
cjfa-20693	554	19	treatment	treatment	NOUN
cjfa-20693	554	20	groups	group	NOUN
cjfa-20693	554	21	affected	affect	VERB
cjfa-20693	554	22	by	by	ADP
cjfa-20693	554	23	policies	policy	NOUN
cjfa-20693	554	24	and	and	CCONJ
cjfa-20693	554	25	control	control	NOUN
cjfa-20693	554	26	groups	group	NOUN
cjfa-20693	554	27	not	not	PART
cjfa-20693	554	28	affected	affect	VERB
cjfa-20693	554	29	by	by	ADP
cjfa-20693	554	30	policies	policy	NOUN
cjfa-20693	554	31	.	.	PUNCT
cjfa-20693	555	1	the	the	DET
cjfa-20693	555	2	did	did	ADJ
cjfa-20693	555	3	model	model	NOUN
cjfa-20693	555	4	is	be	AUX
cjfa-20693	555	5	to	to	PART
cjfa-20693	555	6	test	test	VERB
cjfa-20693	555	7	the	the	DET
cjfa-20693	555	8	effect	effect	NOUN
cjfa-20693	555	9	of	of	ADP
cjfa-20693	555	10	the	the	DET
cjfa-20693	555	11	policy	policy	NOUN
cjfa-20693	555	12	by	by	ADP
cjfa-20693	555	13	comparing	compare	VERB
cjfa-20693	555	14	the	the	DET
cjfa-20693	555	15	changes	change	NOUN
cjfa-20693	555	16	of	of	ADP
cjfa-20693	555	17	the	the	DET
cjfa-20693	555	18	experimental	experimental	ADJ
cjfa-20693	555	19	group	group	NOUN
cjfa-20693	555	20	and	and	CCONJ
cjfa-20693	555	21	the	the	DET
cjfa-20693	555	22	control	control	NOUN
cjfa-20693	555	23	group	group	NOUN
cjfa-20693	555	24	before	before	ADP
cjfa-20693	555	25	and	and	CCONJ
cjfa-20693	555	26	after	after	ADP
cjfa-20693	555	27	controlling	control	VERB
cjfa-20693	555	28	other	other	ADJ
cjfa-20693	555	29	factors	factor	NOUN
cjfa-20693	555	30	.	.	PUNCT
cjfa-20693	556	1	in	in	ADP
cjfa-20693	556	2	order	order	NOUN
cjfa-20693	556	3	to	to	PART
cjfa-20693	556	4	test	test	VERB
cjfa-20693	556	5	the	the	DET
cjfa-20693	556	6	impact	impact	NOUN
cjfa-20693	556	7	of	of	ADP
cjfa-20693	556	8	mandatory	mandatory	ADJ
cjfa-20693	556	9	dividend	dividend	NOUN
cjfa-20693	556	10	policy	policy	NOUN
cjfa-20693	556	11	on	on	ADP
cjfa-20693	556	12	agency	agency	NOUN
cjfa-20693	556	13	cost	cost	NOUN
cjfa-20693	556	14	,	,	PUNCT
cjfa-20693	556	15	this	this	DET
cjfa-20693	556	16	paper	paper	NOUN
cjfa-20693	556	17	makes	make	VERB
cjfa-20693	556	18	a	a	DET
cjfa-20693	556	19	quasi	quasi	ADJ
cjfa-20693	556	20	-	-	ADJ
cjfa-20693	556	21	natural	natural	ADJ
cjfa-20693	556	22	experiment	experiment	NOUN
cjfa-20693	556	23	on	on	ADP
cjfa-20693	556	24	the	the	DET
cjfa-20693	556	25	implementation	implementation	NOUN
cjfa-20693	556	26	of	of	ADP
cjfa-20693	556	27	mandatory	mandatory	ADJ
cjfa-20693	556	28	dividend	dividend	NOUN
cjfa-20693	556	29	policy	policy	NOUN
cjfa-20693	556	30	,	,	PUNCT
cjfa-20693	556	31	uses	use	VERB
cjfa-20693	556	32	did	do	AUX
cjfa-20693	556	33	method	method	VERB
cjfa-20693	556	34	to	to	PART
cjfa-20693	556	35	identify	identify	VERB
cjfa-20693	556	36	causality	causality	NOUN
cjfa-20693	556	37	.	.	PUNCT
cjfa-20693	557	1	according	accord	VERB
cjfa-20693	557	2	to	to	ADP
cjfa-20693	557	3	the	the	DET
cjfa-20693	557	4	external	external	ADJ
cjfa-20693	557	5	impact	impact	NOUN
cjfa-20693	557	6	of	of	ADP
cjfa-20693	557	7	"	"	PUNCT
cjfa-20693	557	8	mandatory	mandatory	ADJ
cjfa-20693	557	9	dividend	dividend	NOUN
cjfa-20693	557	10	policy	policy	NOUN
cjfa-20693	557	11	"	"	PUNCT
cjfa-20693	557	12	,	,	PUNCT
cjfa-20693	557	13	we	we	PRON
cjfa-20693	557	14	compare	compare	VERB
cjfa-20693	557	15	the	the	DET
cjfa-20693	557	16	policy	policy	NOUN
cjfa-20693	557	17	effects	effect	NOUN
cjfa-20693	557	18	before	before	ADP
cjfa-20693	557	19	and	and	CCONJ
cjfa-20693	557	20	after	after	ADP
cjfa-20693	557	21	the	the	DET
cjfa-20693	557	22	external	external	ADJ
cjfa-20693	557	23	impact	impact	NOUN
cjfa-20693	557	24	,	,	PUNCT
cjfa-20693	557	25	and	and	CCONJ
cjfa-20693	557	26	then	then	ADV
cjfa-20693	557	27	analyze	analyze	VERB
cjfa-20693	557	28	whether	whether	SCONJ
cjfa-20693	557	29	the	the	DET
cjfa-20693	557	30	mandatory	mandatory	ADJ
cjfa-20693	557	31	dividend	dividend	NOUN
cjfa-20693	557	32	policy	policy	NOUN
cjfa-20693	557	33	will	will	AUX
cjfa-20693	557	34	reduce	reduce	VERB
cjfa-20693	557	35	the	the	DET
cjfa-20693	557	36	agency	agency	NOUN
cjfa-20693	557	37	cost	cost	NOUN
cjfa-20693	557	38	of	of	ADP
cjfa-20693	557	39	listed	list	VERB
cjfa-20693	557	40	companies	company	NOUN
cjfa-20693	557	41	.	.	PUNCT
cjfa-20693	558	1	on	on	ADP
cjfa-20693	558	2	november	november	PROPN
cjfa-20693	558	3	9	9	NUM
cjfa-20693	558	4	,	,	PUNCT
cjfa-20693	558	5	2011	2011	NUM
cjfa-20693	558	6	,	,	PUNCT
cjfa-20693	558	7	guo	guo	PROPN
cjfa-20693	558	8	shuqing	shuqing	NOUN
cjfa-20693	558	9	,	,	PUNCT
cjfa-20693	558	10	chairman	chairman	NOUN
cjfa-20693	558	11	of	of	ADP
cjfa-20693	558	12	the	the	DET
cjfa-20693	558	13	cscr	cscr	NOUN
cjfa-20693	558	14	,	,	PUNCT
cjfa-20693	558	15	proposed	propose	VERB
cjfa-20693	558	16	that	that	SCONJ
cjfa-20693	558	17	listed	list	VERB
cjfa-20693	558	18	companies	company	NOUN
cjfa-20693	558	19	should	should	AUX
cjfa-20693	558	20	pay	pay	VERB
cjfa-20693	558	21	dividends	dividend	NOUN
cjfa-20693	558	22	.	.	PUNCT
cjfa-20693	559	1	on	on	ADP
cjfa-20693	559	2	november	november	PROPN
cjfa-20693	559	3	9	9	NUM
cjfa-20693	559	4	,	,	PUNCT
cjfa-20693	559	5	2011	2011	NUM
cjfa-20693	559	6	,	,	PUNCT
cjfa-20693	559	7	the	the	DET
cjfa-20693	559	8	"	"	PUNCT
cjfa-20693	559	9	mandatory	mandatory	ADJ
cjfa-20693	559	10	dividend	dividend	NOUN
cjfa-20693	559	11	"	"	PUNCT
cjfa-20693	559	12	incident	incident	NOUN
cjfa-20693	559	13	affected	affect	VERB
cjfa-20693	559	14	the	the	DET
cjfa-20693	559	15	whole	whole	ADJ
cjfa-20693	559	16	stock	stock	NOUN
cjfa-20693	559	17	market	market	NOUN
cjfa-20693	559	18	:	:	PUNCT
cjfa-20693	559	19	after	after	ADP
cjfa-20693	559	20	2012	2012	NUM
cjfa-20693	559	21	,	,	PUNCT
cjfa-20693	559	22	the	the	DET
cjfa-20693	559	23	dividend	dividend	NOUN
cjfa-20693	559	24	rate	rate	NOUN
cjfa-20693	559	25	of	of	ADP
cjfa-20693	559	26	the	the	DET
cjfa-20693	559	27	stock	stock	NOUN
cjfa-20693	559	28	market	market	NOUN
cjfa-20693	559	29	further	far	ADV
cjfa-20693	559	30	increased	increase	VERB
cjfa-20693	559	31	,	,	PUNCT
cjfa-20693	559	32	after	after	ADP
cjfa-20693	559	33	2015	2015	NUM
cjfa-20693	559	34	,	,	PUNCT
cjfa-20693	559	35	the	the	DET
cjfa-20693	559	36	dividend	dividend	NOUN
cjfa-20693	559	37	of	of	ADP
cjfa-20693	559	38	listed	list	VERB
cjfa-20693	559	39	companies	company	NOUN
cjfa-20693	559	40	increased	increase	VERB
cjfa-20693	559	41	substantially	substantially	ADV
cjfa-20693	559	42	,	,	PUNCT
cjfa-20693	559	43	and	and	CCONJ
cjfa-20693	559	44	by	by	ADP
cjfa-20693	559	45	2017	2017	NUM
cjfa-20693	559	46	,	,	PUNCT
cjfa-20693	559	47	about	about	ADV
cjfa-20693	559	48	80	80	NUM
cjfa-20693	559	49	%	%	NOUN
cjfa-20693	559	50	of	of	ADP
cjfa-20693	559	51	listed	list	VERB
cjfa-20693	559	52	companies	company	NOUN
cjfa-20693	559	53	had	have	VERB
cjfa-20693	559	54	dividends	dividend	NOUN
cjfa-20693	559	55	.	.	PUNCT
cjfa-20693	560	1	therefore	therefore	ADV
cjfa-20693	560	2	,	,	PUNCT
cjfa-20693	560	3	the	the	DET
cjfa-20693	560	4	dividend	dividend	NOUN
cjfa-20693	560	5	distribution	distribution	NOUN
cjfa-20693	560	6	of	of	ADP
cjfa-20693	560	7	many	many	ADJ
cjfa-20693	560	8	companies	company	NOUN
cjfa-20693	560	9	is	be	AUX
cjfa-20693	560	10	affected	affect	VERB
cjfa-20693	560	11	by	by	ADP
cjfa-20693	560	12	the	the	DET
cjfa-20693	560	13	sudden	sudden	ADJ
cjfa-20693	560	14	impact	impact	NOUN
cjfa-20693	560	15	of	of	ADP
cjfa-20693	560	16	this	this	DET
cjfa-20693	560	17	policy	policy	NOUN
cjfa-20693	560	18	,	,	PUNCT
cjfa-20693	560	19	which	which	PRON
cjfa-20693	560	20	provides	provide	VERB
cjfa-20693	560	21	us	we	PRON
cjfa-20693	560	22	with	with	ADP
cjfa-20693	560	23	good	good	ADJ
cjfa-20693	560	24	quasi	quasi	ADJ
cjfa-20693	560	25	-	-	ADJ
cjfa-20693	560	26	natural	natural	ADJ
cjfa-20693	560	27	experimental	experimental	ADJ
cjfa-20693	560	28	conditions	condition	NOUN
cjfa-20693	560	29	.	.	PUNCT
cjfa-20693	561	1	according	accord	VERB
cjfa-20693	561	2	to	to	ADP
cjfa-20693	561	3	the	the	DET
cjfa-20693	561	4	did	did	NOUN
cjfa-20693	561	5	model	model	NOUN
cjfa-20693	561	6	,	,	PUNCT
cjfa-20693	561	7	this	this	DET
cjfa-20693	561	8	paper	paper	NOUN
cjfa-20693	561	9	constructs	construct	VERB
cjfa-20693	561	10	a	a	DET
cjfa-20693	561	11	model	model	NOUN
cjfa-20693	561	12	(	(	PUNCT
cjfa-20693	561	13	1	1	NUM
cjfa-20693	561	14	)	)	PUNCT
cjfa-20693	561	15	based	base	VERB
cjfa-20693	561	16	on	on	ADP
cjfa-20693	561	17	did	did	PROPN
cjfa-20693	561	18	:	:	PUNCT
cjfa-20693	561	19	�	�	PROPN
cjfa-20693	561	20	�	�	PROPN
cjfa-20693	561	21	�	�	PROPN
cjfa-20693	561	22	�	�	PROPN
cjfa-20693	561	23	�	�	PROPN
cjfa-20693	561	24	�	�	PROPN
cjfa-20693	561	25	�	�	PROPN
cjfa-20693	561	26	�	�	PROPN
cjfa-20693	561	27	�	�	PROPN
cjfa-20693	561	28	+	+	CCONJ
cjfa-20693	561	29	�	�	PROPN
cjfa-20693	561	30	�	�	PROPN
cjfa-20693	561	31	�	�	PROPN
cjfa-20693	561	32	�	�	PROPN
cjfa-20693	561	33	�	�	PROPN
cjfa-20693	561	34	�	�	PROPN
cjfa-20693	561	35	�	�	PROPN
cjfa-20693	561	36	�	�	PROPN
cjfa-20693	561	37	�	�	PROPN
cjfa-20693	561	38	+	+	SYM
cjfa-20693	561	39	�	�	PROPN
cjfa-20693	561	40	�	�	PROPN
cjfa-20693	561	41	�	�	PROPN
cjfa-20693	561	42	�	�	PROPN
cjfa-20693	561	43	�	�	PROPN
cjfa-20693	561	44	�	�	PROPN
cjfa-20693	561	45	�	�	PROPN
cjfa-20693	561	46	+	+	PROPN
cjfa-20693	561	47	�	�	PROPN
cjfa-20693	561	48	�	�	PROPN
cjfa-20693	561	49	�	�	PROPN
cjfa-20693	561	50	�	�	PROPN
cjfa-20693	561	51	�	�	PROPN
cjfa-20693	561	52	�	�	PROPN
cjfa-20693	561	53	�	�	PROPN
cjfa-20693	561	54	�	�	PROPN
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cjfa-20693	561	56	�	�	PROPN
cjfa-20693	561	57	�	�	PROPN
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cjfa-20693	561	62	+	+	SYM
cjfa-20693	561	63	�	�	PROPN
cjfa-20693	561	64	�	�	PROPN
cjfa-20693	561	65	�	�	PROPN
cjfa-20693	561	66	�	�	PROPN
cjfa-20693	561	67	�	�	PROPN
cjfa-20693	561	68	�	�	PROPN
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cjfa-20693	561	70	+	+	SYM
cjfa-20693	561	71	�	�	PROPN
cjfa-20693	561	72	�	�	PROPN
cjfa-20693	561	73	�	�	PROPN
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cjfa-20693	561	76	�	�	PROPN
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cjfa-20693	561	78	+	+	SYM
cjfa-20693	561	79	�	�	PROPN
cjfa-20693	561	80	�	�	PROPN
cjfa-20693	561	81	�	�	PROPN
cjfa-20693	561	82	�	�	PROPN
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cjfa-20693	561	86	+	+	SYM
cjfa-20693	561	87	�	�	PROPN
cjfa-20693	561	88	�	�	PROPN
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cjfa-20693	561	90	�	�	PROPN
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cjfa-20693	561	92	�	�	PROPN
cjfa-20693	561	93	�	�	PROPN
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cjfa-20693	561	95	�	�	PROPN
cjfa-20693	561	96	�	�	PROPN
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cjfa-20693	561	98	�	�	PROPN
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cjfa-20693	561	100	�	�	PROPN
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cjfa-20693	561	102	+	+	SYM
cjfa-20693	561	103	�	�	PROPN
cjfa-20693	561	104	�	�	PROPN
cjfa-20693	561	105	�	�	PROPN
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cjfa-20693	561	107	�	�	PROPN
cjfa-20693	561	108	�	�	PROPN
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cjfa-20693	561	110	+	+	SYM
cjfa-20693	561	111	�	�	PROPN
cjfa-20693	561	112	�	�	PROPN
cjfa-20693	561	113	�	�	PROPN
cjfa-20693	561	114	�	�	PROPN
cjfa-20693	561	115	�	�	PROPN
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cjfa-20693	561	121	�	�	PROPN
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cjfa-20693	561	124	+	+	SYM
cjfa-20693	561	125	�	�	PROPN
cjfa-20693	561	126	�	�	PROPN
cjfa-20693	561	127	�	�	PROPN
cjfa-20693	561	128	�	�	PROPN
cjfa-20693	561	129	�	�	PROPN
cjfa-20693	561	130	�	�	PROPN
cjfa-20693	561	131	�	�	PROPN
cjfa-20693	561	132	�	�	PROPN
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cjfa-20693	561	134	+	+	SYM
cjfa-20693	561	135	�	�	PROPN
cjfa-20693	561	136	�	�	PROPN
cjfa-20693	561	137	�	�	PROPN
cjfa-20693	561	138	�	�	PROPN
cjfa-20693	561	139	�	�	PROPN
cjfa-20693	561	140	�	�	PROPN
cjfa-20693	561	141	�	�	PROPN
cjfa-20693	561	142	�	�	PROPN
cjfa-20693	561	143	�	�	PROPN
cjfa-20693	561	144	�	�	PROPN
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cjfa-20693	561	146	�	�	PROPN
cjfa-20693	561	147	+	+	CCONJ
cjfa-20693	561	148	+	+	PROPN
cjfa-20693	561	149	�	�	PROPN
cjfa-20693	561	150	�	�	PROPN
cjfa-20693	561	151	�	�	PROPN
cjfa-20693	561	152	�	�	PROPN
cjfa-20693	561	153	�	�	PROPN
cjfa-20693	561	154	�	�	PROPN
cjfa-20693	561	155	�	�	PROPN
cjfa-20693	561	156	�	�	PROPN
cjfa-20693	561	157	�	�	PROPN
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cjfa-20693	561	159	�	�	PROPN
cjfa-20693	561	160	�	�	PROPN
cjfa-20693	561	161	�	�	PROPN
cjfa-20693	561	162	�	�	PROPN
cjfa-20693	561	163	�	�	PROPN
cjfa-20693	561	164	�	�	PROPN
cjfa-20693	561	165	�	�	PROPN
cjfa-20693	561	166	�	�	PROPN
cjfa-20693	561	167	�	�	PROPN
cjfa-20693	561	168	�	�	PROPN
cjfa-20693	561	169	+	+	SYM
cjfa-20693	561	170	�	�	PROPN
cjfa-20693	561	171	�	�	PROPN
cjfa-20693	561	172	�	�	PROPN
cjfa-20693	561	173	�	�	PROPN
cjfa-20693	561	174	�	�	PROPN
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cjfa-20693	561	179	�	�	PROPN
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cjfa-20693	561	185	�	�	PROPN
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cjfa-20693	561	189	�	�	PROPN
cjfa-20693	561	190	�	�	PROPN
cjfa-20693	561	191	�	�	PROPN
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cjfa-20693	561	193	�	�	PROPN
cjfa-20693	561	194	�	�	PROPN
cjfa-20693	561	195	�	�	PROPN
cjfa-20693	561	196	�	�	PROPN
cjfa-20693	561	197	�	�	PROPN
cjfa-20693	561	198	�	�	PROPN
cjfa-20693	561	199	�	�	PROPN
cjfa-20693	561	200	�	�	PROPN
cjfa-20693	561	201	�	�	PROPN
cjfa-20693	561	202	�	�	PROPN
cjfa-20693	561	203	+	+	CCONJ
cjfa-20693	561	204	�	�	PROPN
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cjfa-20693	561	207	(	(	PUNCT
cjfa-20693	561	208	15	15	NUM
cjfa-20693	561	209	)	)	PUNCT
cjfa-20693	561	210	among	among	ADP
cjfa-20693	561	211	them	they	PRON
cjfa-20693	561	212	,	,	PUNCT
cjfa-20693	561	213	agentit	agentit	PROPN
cjfa-20693	561	214	is	be	AUX
cjfa-20693	561	215	agency	agency	NOUN
cjfa-20693	561	216	cost	cost	NOUN
cjfa-20693	561	217	of	of	ADP
cjfa-20693	561	218	company	company	NOUN
cjfa-20693	561	219	i	i	PRON
cjfa-20693	561	220	at	at	ADP
cjfa-20693	561	221	time	time	NOUN
cjfa-20693	561	222	t	t	PROPN
cjfa-20693	561	223	；	；	PROPN
cjfa-20693	561	224	treat	treat	NOUN
cjfa-20693	561	225	stands	stand	VERB
cjfa-20693	561	226	for	for	ADP
cjfa-20693	561	227	dummy	dummy	ADJ
cjfa-20693	561	228	variables	variable	NOUN
cjfa-20693	561	229	in	in	ADP
cjfa-20693	561	230	experimental	experimental	ADJ
cjfa-20693	561	231	group(the	group(the	PROPN
cjfa-20693	561	232	iron	iron	NOUN
cjfa-20693	561	233	cock	cock	NOUN
cjfa-20693	561	234	company	company	NOUN
cjfa-20693	561	235	,	,	PUNCT
cjfa-20693	561	236	which	which	PRON
cjfa-20693	561	237	did	do	AUX
cjfa-20693	561	238	not	not	PART
cjfa-20693	561	239	pay	pay	VERB
cjfa-20693	561	240	dividends	dividend	NOUN
cjfa-20693	561	241	for	for	ADP
cjfa-20693	561	242	three	three	NUM
cjfa-20693	561	243	consecutive	consecutive	ADJ
cjfa-20693	561	244	years	year	NOUN
cjfa-20693	561	245	before	before	SCONJ
cjfa-20693	561	246	the	the	DET
cjfa-20693	561	247	policy	policy	NOUN
cjfa-20693	561	248	was	be	AUX
cjfa-20693	561	249	introduced	introduce	VERB
cjfa-20693	561	250	,	,	PUNCT
cjfa-20693	561	251	was	be	AUX
cjfa-20693	561	252	the	the	DET
cjfa-20693	561	253	first	first	ADJ
cjfa-20693	561	254	to	to	PART
cjfa-20693	561	255	be	be	AUX
cjfa-20693	561	256	affected	affect	VERB
cjfa-20693	561	257	by	by	ADP
cjfa-20693	561	258	the	the	DET
cjfa-20693	561	259	policy	policy	NOUN
cjfa-20693	561	260	of	of	ADP
cjfa-20693	561	261	"	"	PUNCT
cjfa-20693	561	262	mandatory	mandatory	ADJ
cjfa-20693	561	263	dividend	dividend	NOUN
cjfa-20693	561	264	policy	policy	NOUN
cjfa-20693	561	265	"	"	PUNCT
cjfa-20693	561	266	.	.	PUNCT
cjfa-20693	562	1	the	the	DET
cjfa-20693	562	2	treat	treat	NOUN
cjfa-20693	562	3	is	be	AUX
cjfa-20693	562	4	1	1	NUM
cjfa-20693	562	5	,	,	PUNCT
cjfa-20693	562	6	which	which	PRON
cjfa-20693	562	7	indicates	indicate	VERB
cjfa-20693	562	8	that	that	SCONJ
cjfa-20693	562	9	listed	list	VERB
cjfa-20693	562	10	companies	company	NOUN
cjfa-20693	562	11	are	be	AUX
cjfa-20693	562	12	affected	affect	VERB
cjfa-20693	562	13	by	by	ADP
cjfa-20693	562	14	policy	policy	NOUN
cjfa-20693	562	15	shocks	shock	NOUN
cjfa-20693	562	16	;	;	PUNCT
cjfa-20693	562	17	otherwise	otherwise	ADV
cjfa-20693	562	18	,	,	PUNCT
cjfa-20693	562	19	0	0	NUM
cjfa-20693	562	20	;	;	PUNCT
cjfa-20693	562	21	law	law	NOUN
cjfa-20693	562	22	is	be	AUX
cjfa-20693	562	23	a	a	DET
cjfa-20693	562	24	policy	policy	NOUN
cjfa-20693	562	25	time	time	NOUN
cjfa-20693	562	26	variable	variable	NOUN
cjfa-20693	562	27	,	,	PUNCT
cjfa-20693	562	28	with	with	ADP
cjfa-20693	562	29	0	0	NUM
cjfa-20693	562	30	before	before	ADP
cjfa-20693	562	31	policy	policy	NOUN
cjfa-20693	562	32	and	and	CCONJ
cjfa-20693	562	33	1	1	NUM
cjfa-20693	562	34	after	after	ADP
cjfa-20693	562	35	policy	policy	NOUN
cjfa-20693	562	36	;	;	PUNCT
cjfa-20693	562	37	and	and	CCONJ
cjfa-20693	562	38	coefficient	coefficient	NOUN
cjfa-20693	562	39	of	of	ADP
cjfa-20693	562	40	3	3	NOUN
cjfa-20693	562	41	describes	describe	VERB
cjfa-20693	562	42	the	the	DET
cjfa-20693	562	43	impact	impact	NOUN
cjfa-20693	562	44	of	of	ADP
cjfa-20693	562	45	mandatory	mandatory	ADJ
cjfa-20693	562	46	dividend	dividend	NOUN
cjfa-20693	562	47	policy	policy	NOUN
cjfa-20693	562	48	on	on	ADP
cjfa-20693	562	49	agency	agency	NOUN
cjfa-20693	562	50	costs	cost	NOUN
cjfa-20693	562	51	,	,	PUNCT
cjfa-20693	562	52	which	which	PRON
cjfa-20693	562	53	is	be	AUX
cjfa-20693	562	54	the	the	DET
cjfa-20693	562	55	focus	focus	NOUN
cjfa-20693	562	56	of	of	ADP
cjfa-20693	562	57	this	this	DET
cjfa-20693	562	58	research	research	NOUN
cjfa-20693	562	59	.	.	PUNCT
cjfa-20693	563	1	table	table	NOUN
cjfa-20693	563	2	2	2	NUM
cjfa-20693	563	3	.	.	PUNCT
cjfa-20693	563	4	did	do	VERB
cjfa-20693	563	5	subgroup	subgroup	NOUN
cjfa-20693	563	6	before	before	ADP
cjfa-20693	563	7	policy	policy	NOUN
cjfa-20693	563	8	after	after	ADP
cjfa-20693	563	9	policy	policy	NOUN
cjfa-20693	563	10	total	total	NOUN
cjfa-20693	563	11	controlling	control	VERB
cjfa-20693	563	12	group	group	NOUN
cjfa-20693	563	13	6141	6141	NUM
cjfa-20693	563	14	10312	10312	NUM
cjfa-20693	563	15	16453	16453	NUM
cjfa-20693	563	16	the	the	DET
cjfa-20693	563	17	difference	difference	NOUN
cjfa-20693	563	18	-	-	PUNCT
cjfa-20693	563	19	difference	difference	NOUN
cjfa-20693	563	20	model	model	NOUN
cjfa-20693	563	21	can	can	AUX
cjfa-20693	563	22	be	be	AUX
cjfa-20693	563	23	used	use	VERB
cjfa-20693	563	24	to	to	PART
cjfa-20693	563	25	test	test	VERB
cjfa-20693	563	26	the	the	DET
cjfa-20693	563	27	effectiveness	effectiveness	NOUN
cjfa-20693	563	28	of	of	ADP
cjfa-20693	563	29	policy	policy	NOUN
cjfa-20693	563	30	.	.	PUNCT
cjfa-20693	564	1	using	use	VERB
cjfa-20693	564	2	exogenous	exogenous	ADJ
cjfa-20693	564	3	policy	policy	NOUN
cjfa-20693	564	4	shocks	shock	NOUN
cjfa-20693	564	5	to	to	PART
cjfa-20693	564	6	do	do	VERB
cjfa-20693	564	7	quasi	quasi	ADJ
cjfa-20693	564	8	-	-	ADJ
cjfa-20693	564	9	natural	natural	ADJ
cjfa-20693	564	10	experiments	experiment	NOUN
cjfa-20693	564	11	,	,	PUNCT
cjfa-20693	564	12	the	the	DET
cjfa-20693	564	13	double	double	ADJ
cjfa-20693	564	14	difference	difference	NOUN
cjfa-20693	564	15	can	can	AUX
cjfa-20693	564	16	overcome	overcome	VERB
cjfa-20693	564	17	the	the	DET
cjfa-20693	564	18	influence	influence	NOUN
cjfa-20693	564	19	of	of	ADP
cjfa-20693	564	20	other	other	ADJ
cjfa-20693	564	21	factors	factor	NOUN
cjfa-20693	564	22	on	on	ADP
cjfa-20693	564	23	the	the	DET
cjfa-20693	564	24	results	result	NOUN
cjfa-20693	564	25	,	,	PUNCT
cjfa-20693	564	26	so	so	CCONJ
cjfa-20693	564	27	the	the	DET
cjfa-20693	564	28	net	net	ADJ
cjfa-20693	564	29	impact	impact	NOUN
cjfa-20693	564	30	of	of	ADP
cjfa-20693	564	31	policy	policy	NOUN
cjfa-20693	564	32	shocks	shock	NOUN
cjfa-20693	564	33	can	can	AUX
cjfa-20693	564	34	be	be	AUX
cjfa-20693	564	35	obtained	obtain	VERB
cjfa-20693	564	36	.	.	PUNCT
cjfa-20693	565	1	because	because	SCONJ
cjfa-20693	565	2	of	of	ADP
cjfa-20693	565	3	the	the	DET
cjfa-20693	565	4	exogenous	exogenous	ADJ
cjfa-20693	565	5	nature	nature	NOUN
cjfa-20693	565	6	of	of	ADP
cjfa-20693	565	7	policy	policy	NOUN
cjfa-20693	565	8	shocks	shock	NOUN
cjfa-20693	565	9	and	and	CCONJ
cjfa-20693	565	10	the	the	DET
cjfa-20693	565	11	diversity	diversity	NOUN
cjfa-20693	565	12	of	of	ADP
cjfa-20693	565	13	policy	policy	NOUN
cjfa-20693	565	14	objects	object	NOUN
cjfa-20693	565	15	,	,	PUNCT
cjfa-20693	565	16	there	there	PRON
cjfa-20693	565	17	will	will	AUX
cjfa-20693	565	18	be	be	AUX
cjfa-20693	565	19	treatment	treatment	NOUN
cjfa-20693	565	20	groups	group	NOUN
cjfa-20693	565	21	affected	affect	VERB
cjfa-20693	565	22	by	by	ADP
cjfa-20693	565	23	policies	policy	NOUN
cjfa-20693	565	24	and	and	CCONJ
cjfa-20693	565	25	control	control	NOUN
cjfa-20693	565	26	groups	group	NOUN
cjfa-20693	565	27	not	not	PART
cjfa-20693	565	28	affected	affect	VERB
cjfa-20693	565	29	by	by	ADP
cjfa-20693	565	30	policies	policy	NOUN
cjfa-20693	565	31	.	.	PUNCT
cjfa-20693	566	1	the	the	DET
cjfa-20693	566	2	did	did	ADJ
cjfa-20693	566	3	model	model	NOUN
cjfa-20693	566	4	is	be	AUX
cjfa-20693	566	5	to	to	PART
cjfa-20693	566	6	test	test	VERB
cjfa-20693	566	7	the	the	DET
cjfa-20693	566	8	effect	effect	NOUN
cjfa-20693	566	9	of	of	ADP
cjfa-20693	566	10	the	the	DET
cjfa-20693	566	11	policy	policy	NOUN
cjfa-20693	566	12	by	by	ADP
cjfa-20693	566	13	comparing	compare	VERB
cjfa-20693	566	14	the	the	DET
cjfa-20693	566	15	changes	change	NOUN
cjfa-20693	566	16	of	of	ADP
cjfa-20693	566	17	the	the	DET
cjfa-20693	566	18	experimental	experimental	ADJ
cjfa-20693	566	19	group	group	NOUN
cjfa-20693	566	20	and	and	CCONJ
cjfa-20693	566	21	the	the	DET
cjfa-20693	566	22	control	control	NOUN
cjfa-20693	566	23	group	group	NOUN
cjfa-20693	566	24	before	before	ADP
cjfa-20693	566	25	and	and	CCONJ
cjfa-20693	566	26	after	after	ADP
cjfa-20693	566	27	controlling	control	VERB
cjfa-20693	566	28	other	other	ADJ
cjfa-20693	566	29	factors	factor	NOUN
cjfa-20693	566	30	.	.	PUNCT
cjfa-20693	567	1	in	in	ADP
cjfa-20693	567	2	order	order	NOUN
cjfa-20693	567	3	to	to	PART
cjfa-20693	567	4	test	test	VERB
cjfa-20693	567	5	the	the	DET
cjfa-20693	567	6	impact	impact	NOUN
cjfa-20693	567	7	of	of	ADP
cjfa-20693	567	8	mandatory	mandatory	ADJ
cjfa-20693	567	9	dividend	dividend	NOUN
cjfa-20693	567	10	policy	policy	NOUN
cjfa-20693	567	11	on	on	ADP
cjfa-20693	567	12	agency	agency	NOUN
cjfa-20693	567	13	cost	cost	NOUN
cjfa-20693	567	14	,	,	PUNCT
cjfa-20693	567	15	this	this	DET
cjfa-20693	567	16	paper	paper	NOUN
cjfa-20693	567	17	makes	make	VERB
cjfa-20693	567	18	a	a	DET
cjfa-20693	567	19	quasi	quasi	ADJ
cjfa-20693	567	20	-	-	ADJ
cjfa-20693	567	21	natural	natural	ADJ
cjfa-20693	567	22	experiment	experiment	NOUN
cjfa-20693	567	23	on	on	ADP
cjfa-20693	567	24	the	the	DET
cjfa-20693	567	25	implementation	implementation	NOUN
cjfa-20693	567	26	of	of	ADP
cjfa-20693	567	27	mandatory	mandatory	ADJ
cjfa-20693	567	28	dividend	dividend	NOUN
cjfa-20693	567	29	policy	policy	NOUN
cjfa-20693	567	30	,	,	PUNCT
cjfa-20693	567	31	uses	use	VERB
cjfa-20693	567	32	did	do	AUX
cjfa-20693	567	33	method	method	VERB
cjfa-20693	567	34	to	to	PART
cjfa-20693	567	35	identify	identify	VERB
cjfa-20693	567	36	causality	causality	NOUN
cjfa-20693	567	37	.	.	PUNCT
cjfa-20693	568	1	according	accord	VERB
cjfa-20693	568	2	to	to	ADP
cjfa-20693	568	3	the	the	DET
cjfa-20693	568	4	external	external	ADJ
cjfa-20693	568	5	impact	impact	NOUN
cjfa-20693	568	6	of	of	ADP
cjfa-20693	568	7	"	"	PUNCT
cjfa-20693	568	8	mandatory	mandatory	ADJ
cjfa-20693	568	9	dividend	dividend	NOUN
cjfa-20693	568	10	policy	policy	NOUN
cjfa-20693	568	11	"	"	PUNCT
cjfa-20693	568	12	,	,	PUNCT
cjfa-20693	568	13	we	we	PRON
cjfa-20693	568	14	compare	compare	VERB
cjfa-20693	568	15	the	the	DET
cjfa-20693	568	16	policy	policy	NOUN
cjfa-20693	568	17	effects	effect	NOUN
cjfa-20693	568	18	before	before	ADP
cjfa-20693	568	19	and	and	CCONJ
cjfa-20693	568	20	after	after	ADP
cjfa-20693	568	21	the	the	DET
cjfa-20693	568	22	external	external	ADJ
cjfa-20693	568	23	impact	impact	NOUN
cjfa-20693	568	24	,	,	PUNCT
cjfa-20693	568	25	and	and	CCONJ
cjfa-20693	568	26	then	then	ADV
cjfa-20693	568	27	analyze	analyze	VERB
cjfa-20693	568	28	whether	whether	SCONJ
cjfa-20693	568	29	the	the	DET
cjfa-20693	568	30	mandatory	mandatory	ADJ
cjfa-20693	568	31	dividend	dividend	NOUN
cjfa-20693	568	32	policy	policy	NOUN
cjfa-20693	568	33	will	will	AUX
cjfa-20693	568	34	reduce	reduce	VERB
cjfa-20693	568	35	the	the	DET
cjfa-20693	568	36	agency	agency	NOUN
cjfa-20693	568	37	cost	cost	NOUN
cjfa-20693	568	38	of	of	ADP
cjfa-20693	568	39	listed	list	VERB
cjfa-20693	568	40	companies	company	NOUN
cjfa-20693	568	41	.	.	PUNCT
cjfa-20693	569	1	on	on	ADP
cjfa-20693	569	2	november	november	PROPN
cjfa-20693	569	3	9	9	NUM
cjfa-20693	569	4	,	,	PUNCT
cjfa-20693	569	5	2011	2011	NUM
cjfa-20693	569	6	,	,	PUNCT
cjfa-20693	569	7	guo	guo	PROPN
cjfa-20693	569	8	shuqing	shuqing	NOUN
cjfa-20693	569	9	,	,	PUNCT
cjfa-20693	569	10	chairman	chairman	NOUN
cjfa-20693	569	11	of	of	ADP
cjfa-20693	569	12	the	the	DET
cjfa-20693	569	13	cscr	cscr	NOUN
cjfa-20693	569	14	,	,	PUNCT
cjfa-20693	569	15	proposed	propose	VERB
cjfa-20693	569	16	that	that	SCONJ
cjfa-20693	569	17	listed	list	VERB
cjfa-20693	569	18	companies	company	NOUN
cjfa-20693	569	19	should	should	AUX
cjfa-20693	569	20	pay	pay	VERB
cjfa-20693	569	21	dividends	dividend	NOUN
cjfa-20693	569	22	.	.	PUNCT
cjfa-20693	570	1	on	on	ADP
cjfa-20693	570	2	november	november	PROPN
cjfa-20693	570	3	9	9	NUM
cjfa-20693	570	4	,	,	PUNCT
cjfa-20693	570	5	2011	2011	NUM
cjfa-20693	570	6	,	,	PUNCT
cjfa-20693	570	7	the	the	DET
cjfa-20693	570	8	"	"	PUNCT
cjfa-20693	570	9	mandatory	mandatory	ADJ
cjfa-20693	570	10	dividend	dividend	NOUN
cjfa-20693	570	11	"	"	PUNCT
cjfa-20693	570	12	incident	incident	NOUN
cjfa-20693	570	13	affected	affect	VERB
cjfa-20693	570	14	the	the	DET
cjfa-20693	570	15	whole	whole	ADJ
cjfa-20693	570	16	stock	stock	NOUN
cjfa-20693	570	17	market	market	NOUN
cjfa-20693	570	18	:	:	PUNCT
cjfa-20693	570	19	after	after	ADP
cjfa-20693	570	20	2012	2012	NUM
cjfa-20693	570	21	,	,	PUNCT
cjfa-20693	570	22	the	the	DET
cjfa-20693	570	23	dividend	dividend	NOUN
cjfa-20693	570	24	rate	rate	NOUN
cjfa-20693	570	25	of	of	ADP
cjfa-20693	570	26	the	the	DET
cjfa-20693	570	27	stock	stock	NOUN
cjfa-20693	570	28	market	market	NOUN
cjfa-20693	570	29	further	far	ADV
cjfa-20693	570	30	increased	increase	VERB
cjfa-20693	570	31	,	,	PUNCT
cjfa-20693	570	32	after	after	ADP
cjfa-20693	570	33	2015	2015	NUM
cjfa-20693	570	34	,	,	PUNCT
cjfa-20693	570	35	the	the	DET
cjfa-20693	570	36	dividend	dividend	NOUN
cjfa-20693	570	37	of	of	ADP
cjfa-20693	570	38	listed	list	VERB
cjfa-20693	570	39	companies	company	NOUN
cjfa-20693	570	40	increased	increase	VERB
cjfa-20693	570	41	substantially	substantially	ADV
cjfa-20693	570	42	,	,	PUNCT
cjfa-20693	570	43	and	and	CCONJ
cjfa-20693	570	44	by	by	ADP
cjfa-20693	570	45	2017	2017	NUM
cjfa-20693	570	46	,	,	PUNCT
cjfa-20693	570	47	about	about	ADV
cjfa-20693	570	48	80	80	NUM
cjfa-20693	570	49	%	%	NOUN
cjfa-20693	570	50	of	of	ADP
cjfa-20693	570	51	listed	list	VERB
cjfa-20693	570	52	companies	company	NOUN
cjfa-20693	570	53	had	have	VERB
cjfa-20693	570	54	dividends	dividend	NOUN
cjfa-20693	570	55	.	.	PUNCT
cjfa-20693	571	1	therefore	therefore	ADV
cjfa-20693	571	2	,	,	PUNCT
cjfa-20693	571	3	the	the	DET
cjfa-20693	571	4	dividend	dividend	NOUN
cjfa-20693	571	5	distribution	distribution	NOUN
cjfa-20693	571	6	of	of	ADP
cjfa-20693	571	7	many	many	ADJ
cjfa-20693	571	8	companies	company	NOUN
cjfa-20693	571	9	is	be	AUX
cjfa-20693	571	10	affected	affect	VERB
cjfa-20693	571	11	by	by	ADP
cjfa-20693	571	12	the	the	DET
cjfa-20693	571	13	sudden	sudden	ADJ
cjfa-20693	571	14	impact	impact	NOUN
cjfa-20693	571	15	of	of	ADP
cjfa-20693	571	16	this	this	DET
cjfa-20693	571	17	policy	policy	NOUN
cjfa-20693	571	18	,	,	PUNCT
cjfa-20693	571	19	which	which	PRON
cjfa-20693	571	20	provides	provide	VERB
cjfa-20693	571	21	us	we	PRON
cjfa-20693	571	22	with	with	ADP
cjfa-20693	571	23	good	good	ADJ
cjfa-20693	571	24	quasi	quasi	ADJ
cjfa-20693	571	25	-	-	ADJ
cjfa-20693	571	26	natural	natural	ADJ
cjfa-20693	571	27	experimental	experimental	ADJ
cjfa-20693	571	28	conditions	condition	NOUN
cjfa-20693	571	29	.	.	PUNCT
cjfa-20693	572	1	according	accord	VERB
cjfa-20693	572	2	to	to	ADP
cjfa-20693	572	3	the	the	DET
cjfa-20693	572	4	did	did	NOUN
cjfa-20693	572	5	model	model	NOUN
cjfa-20693	572	6	,	,	PUNCT
cjfa-20693	572	7	this	this	DET
cjfa-20693	572	8	paper	paper	NOUN
cjfa-20693	572	9	constructs	construct	VERB
cjfa-20693	572	10	a	a	DET
cjfa-20693	572	11	model	model	NOUN
cjfa-20693	572	12	(	(	PUNCT
cjfa-20693	572	13	1	1	NUM
cjfa-20693	572	14	)	)	PUNCT
cjfa-20693	572	15	based	base	VERB
cjfa-20693	572	16	on	on	ADP
cjfa-20693	572	17	did	did	PROPN
cjfa-20693	572	18	:	:	PUNCT
cjfa-20693	572	19	�	�	PROPN
cjfa-20693	572	20	�	�	PROPN
cjfa-20693	572	21	�	�	PROPN
cjfa-20693	572	22	�	�	PROPN
cjfa-20693	572	23	�	�	PROPN
cjfa-20693	572	24	�	�	PROPN
cjfa-20693	572	25	�	�	PROPN
cjfa-20693	572	26	�	�	PROPN
cjfa-20693	572	27	�	�	PROPN
cjfa-20693	572	28	+	+	CCONJ
cjfa-20693	572	29	�	�	PROPN
cjfa-20693	572	30	�	�	PROPN
cjfa-20693	572	31	�	�	PROPN
cjfa-20693	572	32	�	�	PROPN
cjfa-20693	572	33	�	�	PROPN
cjfa-20693	572	34	�	�	PROPN
cjfa-20693	572	35	�	�	PROPN
cjfa-20693	572	36	�	�	PROPN
cjfa-20693	572	37	�	�	PROPN
cjfa-20693	572	38	+	+	SYM
cjfa-20693	572	39	�	�	PROPN
cjfa-20693	572	40	�	�	PROPN
cjfa-20693	572	41	�	�	PROPN
cjfa-20693	572	42	�	�	PROPN
cjfa-20693	572	43	�	�	PROPN
cjfa-20693	572	44	�	�	PROPN
cjfa-20693	572	45	�	�	PROPN
cjfa-20693	572	46	+	+	PROPN
cjfa-20693	572	47	�	�	PROPN
cjfa-20693	572	48	�	�	PROPN
cjfa-20693	572	49	�	�	PROPN
cjfa-20693	572	50	�	�	PROPN
cjfa-20693	572	51	�	�	PROPN
cjfa-20693	572	52	�	�	PROPN
cjfa-20693	572	53	�	�	PROPN
cjfa-20693	572	54	�	�	PROPN
cjfa-20693	572	55	�	�	PROPN
cjfa-20693	572	56	�	�	PROPN
cjfa-20693	572	57	�	�	PROPN
cjfa-20693	572	58	�	�	PROPN
cjfa-20693	572	59	�	�	PROPN
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cjfa-20693	572	61	�	�	PROPN
cjfa-20693	572	62	+	+	SYM
cjfa-20693	572	63	�	�	PROPN
cjfa-20693	572	64	�	�	PROPN
cjfa-20693	572	65	�	�	PROPN
cjfa-20693	572	66	�	�	PROPN
cjfa-20693	572	67	�	�	PROPN
cjfa-20693	572	68	�	�	PROPN
cjfa-20693	572	69	�	�	PROPN
cjfa-20693	572	70	+	+	SYM
cjfa-20693	572	71	�	�	PROPN
cjfa-20693	572	72	�	�	PROPN
cjfa-20693	572	73	�	�	PROPN
cjfa-20693	572	74	�	�	PROPN
cjfa-20693	572	75	�	�	PROPN
cjfa-20693	572	76	�	�	PROPN
cjfa-20693	572	77	�	�	PROPN
cjfa-20693	572	78	+	+	SYM
cjfa-20693	572	79	�	�	PROPN
cjfa-20693	572	80	�	�	PROPN
cjfa-20693	572	81	�	�	PROPN
cjfa-20693	572	82	�	�	PROPN
cjfa-20693	572	83	�	�	PROPN
cjfa-20693	572	84	�	�	PROPN
cjfa-20693	572	85	�	�	PROPN
cjfa-20693	572	86	+	+	SYM
cjfa-20693	572	87	�	�	PROPN
cjfa-20693	572	88	�	�	PROPN
cjfa-20693	572	89	�	�	PROPN
cjfa-20693	572	90	�	�	PROPN
cjfa-20693	572	91	�	�	PROPN
cjfa-20693	572	92	�	�	PROPN
cjfa-20693	572	93	�	�	PROPN
cjfa-20693	572	94	�	�	PROPN
cjfa-20693	572	95	�	�	PROPN
cjfa-20693	572	96	�	�	PROPN
cjfa-20693	572	97	�	�	PROPN
cjfa-20693	572	98	�	�	PROPN
cjfa-20693	572	99	�	�	PROPN
cjfa-20693	572	100	�	�	PROPN
cjfa-20693	572	101	�	�	PROPN
cjfa-20693	572	102	+	+	SYM
cjfa-20693	572	103	�	�	PROPN
cjfa-20693	572	104	�	�	PROPN
cjfa-20693	572	105	�	�	PROPN
cjfa-20693	572	106	�	�	PROPN
cjfa-20693	572	107	�	�	PROPN
cjfa-20693	572	108	�	�	PROPN
cjfa-20693	572	109	�	�	PROPN
cjfa-20693	572	110	+	+	SYM
cjfa-20693	572	111	�	�	PROPN
cjfa-20693	572	112	�	�	PROPN
cjfa-20693	572	113	�	�	PROPN
cjfa-20693	572	114	�	�	PROPN
cjfa-20693	572	115	�	�	PROPN
cjfa-20693	572	116	�	�	PROPN
cjfa-20693	572	117	�	�	PROPN
cjfa-20693	572	118	�	�	PROPN
cjfa-20693	572	119	�	�	PROPN
cjfa-20693	572	120	�	�	PROPN
cjfa-20693	572	121	�	�	PROPN
cjfa-20693	572	122	�	�	PROPN
cjfa-20693	572	123	�	�	PROPN
cjfa-20693	572	124	+	+	SYM
cjfa-20693	572	125	�	�	PROPN
cjfa-20693	572	126	�	�	PROPN
cjfa-20693	572	127	�	�	PROPN
cjfa-20693	572	128	�	�	PROPN
cjfa-20693	572	129	�	�	PROPN
cjfa-20693	572	130	�	�	PROPN
cjfa-20693	572	131	�	�	PROPN
cjfa-20693	572	132	�	�	PROPN
cjfa-20693	572	133	�	�	PROPN
cjfa-20693	572	134	+	+	SYM
cjfa-20693	572	135	�	�	PROPN
cjfa-20693	572	136	�	�	PROPN
cjfa-20693	572	137	�	�	PROPN
cjfa-20693	572	138	�	�	PROPN
cjfa-20693	572	139	�	�	PROPN
cjfa-20693	572	140	�	�	PROPN
cjfa-20693	572	141	�	�	PROPN
cjfa-20693	572	142	�	�	PROPN
cjfa-20693	572	143	�	�	PROPN
cjfa-20693	572	144	�	�	PROPN
cjfa-20693	572	145	�	�	PROPN
cjfa-20693	572	146	�	�	PROPN
cjfa-20693	572	147	+	+	CCONJ
cjfa-20693	572	148	+	+	PROPN
cjfa-20693	572	149	�	�	PROPN
cjfa-20693	572	150	�	�	PROPN
cjfa-20693	572	151	�	�	PROPN
cjfa-20693	572	152	�	�	PROPN
cjfa-20693	572	153	�	�	PROPN
cjfa-20693	572	154	�	�	PROPN
cjfa-20693	572	155	�	�	PROPN
cjfa-20693	572	156	�	�	PROPN
cjfa-20693	572	157	�	�	PROPN
cjfa-20693	572	158	+	+	PROPN
cjfa-20693	572	159	�	�	PROPN
cjfa-20693	572	160	�	�	PROPN
cjfa-20693	572	161	�	�	PROPN
cjfa-20693	572	162	�	�	PROPN
cjfa-20693	572	163	�	�	PROPN
cjfa-20693	572	164	�	�	PROPN
cjfa-20693	572	165	�	�	PROPN
cjfa-20693	572	166	�	�	PROPN
cjfa-20693	572	167	�	�	PROPN
cjfa-20693	572	168	�	�	PROPN
cjfa-20693	572	169	+	+	SYM
cjfa-20693	572	170	�	�	PROPN
cjfa-20693	572	171	�	�	PROPN
cjfa-20693	572	172	�	�	PROPN
cjfa-20693	572	173	�	�	PROPN
cjfa-20693	572	174	�	�	PROPN
cjfa-20693	572	175	�	�	PROPN
cjfa-20693	572	176	�	�	PROPN
cjfa-20693	572	177	�	�	PROPN
cjfa-20693	572	178	+	+	SYM
cjfa-20693	572	179	�	�	PROPN
cjfa-20693	572	180	�	�	PROPN
cjfa-20693	572	181	�	�	PROPN
cjfa-20693	572	182	�	�	PROPN
cjfa-20693	572	183	�	�	PROPN
cjfa-20693	572	184	�	�	PROPN
cjfa-20693	572	185	�	�	PROPN
cjfa-20693	572	186	�	�	PROPN
cjfa-20693	572	187	�	�	PROPN
cjfa-20693	572	188	+	+	SYM
cjfa-20693	572	189	�	�	PROPN
cjfa-20693	572	190	�	�	PROPN
cjfa-20693	572	191	�	�	PROPN
cjfa-20693	572	192	�	�	PROPN
cjfa-20693	572	193	�	�	PROPN
cjfa-20693	572	194	�	�	PROPN
cjfa-20693	572	195	�	�	PROPN
cjfa-20693	572	196	�	�	PROPN
cjfa-20693	572	197	�	�	PROPN
cjfa-20693	572	198	�	�	PROPN
cjfa-20693	572	199	�	�	PROPN
cjfa-20693	572	200	�	�	PROPN
cjfa-20693	572	201	�	�	PROPN
cjfa-20693	572	202	�	�	PROPN
cjfa-20693	572	203	+	+	CCONJ
cjfa-20693	572	204	�	�	PROPN
cjfa-20693	572	205	�	�	PROPN
cjfa-20693	572	206	�	�	PROPN
cjfa-20693	572	207	(	(	PUNCT
cjfa-20693	572	208	15	15	NUM
cjfa-20693	572	209	)	)	PUNCT
cjfa-20693	572	210	among	among	ADP
cjfa-20693	572	211	them	they	PRON
cjfa-20693	572	212	,	,	PUNCT
cjfa-20693	572	213	agentit	agentit	PROPN
cjfa-20693	572	214	is	be	AUX
cjfa-20693	572	215	agency	agency	NOUN
cjfa-20693	572	216	cost	cost	NOUN
cjfa-20693	572	217	of	of	ADP
cjfa-20693	572	218	company	company	NOUN
cjfa-20693	572	219	i	i	PRON
cjfa-20693	572	220	at	at	ADP
cjfa-20693	572	221	time	time	NOUN
cjfa-20693	572	222	t	t	PROPN
cjfa-20693	572	223	；	；	PROPN
cjfa-20693	572	224	treat	treat	NOUN
cjfa-20693	572	225	stands	stand	VERB
cjfa-20693	572	226	for	for	ADP
cjfa-20693	572	227	dummy	dummy	ADJ
cjfa-20693	572	228	variables	variable	NOUN
cjfa-20693	572	229	in	in	ADP
cjfa-20693	572	230	experimental	experimental	ADJ
cjfa-20693	572	231	group(the	group(the	PROPN
cjfa-20693	572	232	iron	iron	NOUN
cjfa-20693	572	233	cock	cock	NOUN
cjfa-20693	572	234	company	company	NOUN
cjfa-20693	572	235	,	,	PUNCT
cjfa-20693	572	236	which	which	PRON
cjfa-20693	572	237	did	do	AUX
cjfa-20693	572	238	not	not	PART
cjfa-20693	572	239	pay	pay	VERB
cjfa-20693	572	240	dividends	dividend	NOUN
cjfa-20693	572	241	for	for	ADP
cjfa-20693	572	242	three	three	NUM
cjfa-20693	572	243	consecutive	consecutive	ADJ
cjfa-20693	572	244	years	year	NOUN
cjfa-20693	572	245	before	before	SCONJ
cjfa-20693	572	246	the	the	DET
cjfa-20693	572	247	policy	policy	NOUN
cjfa-20693	572	248	was	be	AUX
cjfa-20693	572	249	introduced	introduce	VERB
cjfa-20693	572	250	,	,	PUNCT
cjfa-20693	572	251	was	be	AUX
cjfa-20693	572	252	the	the	DET
cjfa-20693	572	253	first	first	ADJ
cjfa-20693	572	254	to	to	PART
cjfa-20693	572	255	be	be	AUX
cjfa-20693	572	256	affected	affect	VERB
cjfa-20693	572	257	by	by	ADP
cjfa-20693	572	258	the	the	DET
cjfa-20693	572	259	policy	policy	NOUN
cjfa-20693	572	260	of	of	ADP
cjfa-20693	572	261	"	"	PUNCT
cjfa-20693	572	262	mandatory	mandatory	ADJ
cjfa-20693	572	263	dividend	dividend	NOUN
cjfa-20693	572	264	policy	policy	NOUN
cjfa-20693	572	265	"	"	PUNCT
cjfa-20693	572	266	.	.	PUNCT
cjfa-20693	573	1	the	the	DET
cjfa-20693	573	2	treat	treat	NOUN
cjfa-20693	573	3	is	be	AUX
cjfa-20693	573	4	1	1	NUM
cjfa-20693	573	5	,	,	PUNCT
cjfa-20693	573	6	which	which	PRON
cjfa-20693	573	7	indicates	indicate	VERB
cjfa-20693	573	8	that	that	SCONJ
cjfa-20693	573	9	listed	list	VERB
cjfa-20693	573	10	companies	company	NOUN
cjfa-20693	573	11	are	be	AUX
cjfa-20693	573	12	affected	affect	VERB
cjfa-20693	573	13	by	by	ADP
cjfa-20693	573	14	policy	policy	NOUN
cjfa-20693	573	15	shocks	shock	NOUN
cjfa-20693	573	16	;	;	PUNCT
cjfa-20693	573	17	otherwise	otherwise	ADV
cjfa-20693	573	18	,	,	PUNCT
cjfa-20693	573	19	0	0	NUM
cjfa-20693	573	20	;	;	PUNCT
cjfa-20693	573	21	law	law	NOUN
cjfa-20693	573	22	is	be	AUX
cjfa-20693	573	23	a	a	DET
cjfa-20693	573	24	policy	policy	NOUN
cjfa-20693	573	25	time	time	NOUN
cjfa-20693	573	26	variable	variable	NOUN
cjfa-20693	573	27	,	,	PUNCT
cjfa-20693	573	28	with	with	ADP
cjfa-20693	573	29	0	0	NUM
cjfa-20693	573	30	before	before	ADP
cjfa-20693	573	31	policy	policy	NOUN
cjfa-20693	573	32	and	and	CCONJ
cjfa-20693	573	33	1	1	NUM
cjfa-20693	573	34	after	after	ADP
cjfa-20693	573	35	policy	policy	NOUN
cjfa-20693	573	36	;	;	PUNCT
cjfa-20693	573	37	and	and	CCONJ
cjfa-20693	573	38	coefficient	coefficient	NOUN
cjfa-20693	573	39	of	of	ADP
cjfa-20693	573	40	3	3	NOUN
cjfa-20693	573	41	describes	describe	VERB
cjfa-20693	573	42	the	the	DET
cjfa-20693	573	43	impact	impact	NOUN
cjfa-20693	573	44	of	of	ADP
cjfa-20693	573	45	mandatory	mandatory	ADJ
cjfa-20693	573	46	dividend	dividend	NOUN
cjfa-20693	573	47	policy	policy	NOUN
cjfa-20693	573	48	on	on	ADP
cjfa-20693	573	49	agency	agency	NOUN
cjfa-20693	573	50	costs	cost	NOUN
cjfa-20693	573	51	,	,	PUNCT
cjfa-20693	573	52	which	which	PRON
cjfa-20693	573	53	is	be	AUX
cjfa-20693	573	54	the	the	DET
cjfa-20693	573	55	focus	focus	NOUN
cjfa-20693	573	56	of	of	ADP
cjfa-20693	573	57	this	this	DET
cjfa-20693	573	58	research	research	NOUN
cjfa-20693	573	59	.	.	PUNCT
cjfa-20693	574	1	table	table	NOUN
cjfa-20693	574	2	2	2	NUM
cjfa-20693	574	3	.	.	PUNCT
cjfa-20693	574	4	did	do	VERB
cjfa-20693	574	5	subgroup	subgroup	NOUN
cjfa-20693	574	6	before	before	ADP
cjfa-20693	574	7	policy	policy	NOUN
cjfa-20693	574	8	after	after	ADP
cjfa-20693	574	9	policy	policy	NOUN
cjfa-20693	574	10	total	total	NOUN
cjfa-20693	574	11	controlling	control	VERB
cjfa-20693	574	12	group	group	NOUN
cjfa-20693	574	13	6141	6141	NUM
cjfa-20693	574	14	10312	10312	NUM
cjfa-20693	574	15	16453	16453	NUM
cjfa-20693	574	16	the	the	DET
cjfa-20693	574	17	difference	difference	NOUN
cjfa-20693	574	18	-	-	PUNCT
cjfa-20693	574	19	difference	difference	NOUN
cjfa-20693	574	20	model	model	NOUN
cjfa-20693	574	21	can	can	AUX
cjfa-20693	574	22	be	be	AUX
cjfa-20693	574	23	used	use	VERB
cjfa-20693	574	24	to	to	PART
cjfa-20693	574	25	test	test	VERB
cjfa-20693	574	26	the	the	DET
cjfa-20693	574	27	effectiveness	effectiveness	NOUN
cjfa-20693	574	28	of	of	ADP
cjfa-20693	574	29	policy	policy	NOUN
cjfa-20693	574	30	.	.	PUNCT
cjfa-20693	575	1	using	use	VERB
cjfa-20693	575	2	exogenous	exogenous	ADJ
cjfa-20693	575	3	policy	policy	NOUN
cjfa-20693	575	4	shocks	shock	NOUN
cjfa-20693	575	5	to	to	PART
cjfa-20693	575	6	do	do	VERB
cjfa-20693	575	7	quasi	quasi	ADJ
cjfa-20693	575	8	-	-	ADJ
cjfa-20693	575	9	natural	natural	ADJ
cjfa-20693	575	10	experiments	experiment	NOUN
cjfa-20693	575	11	,	,	PUNCT
cjfa-20693	575	12	the	the	DET
cjfa-20693	575	13	double	double	ADJ
cjfa-20693	575	14	difference	difference	NOUN
cjfa-20693	575	15	can	can	AUX
cjfa-20693	575	16	overcome	overcome	VERB
cjfa-20693	575	17	the	the	DET
cjfa-20693	575	18	influence	influence	NOUN
cjfa-20693	575	19	of	of	ADP
cjfa-20693	575	20	other	other	ADJ
cjfa-20693	575	21	factors	factor	NOUN
cjfa-20693	575	22	on	on	ADP
cjfa-20693	575	23	the	the	DET
cjfa-20693	575	24	results	result	NOUN
cjfa-20693	575	25	,	,	PUNCT
cjfa-20693	575	26	so	so	CCONJ
cjfa-20693	575	27	the	the	DET
cjfa-20693	575	28	net	net	ADJ
cjfa-20693	575	29	impact	impact	NOUN
cjfa-20693	575	30	of	of	ADP
cjfa-20693	575	31	policy	policy	NOUN
cjfa-20693	575	32	shocks	shock	NOUN
cjfa-20693	575	33	can	can	AUX
cjfa-20693	575	34	be	be	AUX
cjfa-20693	575	35	obtained	obtain	VERB
cjfa-20693	575	36	.	.	PUNCT
cjfa-20693	576	1	because	because	SCONJ
cjfa-20693	576	2	of	of	ADP
cjfa-20693	576	3	the	the	DET
cjfa-20693	576	4	exogenous	exogenous	ADJ
cjfa-20693	576	5	nature	nature	NOUN
cjfa-20693	576	6	of	of	ADP
cjfa-20693	576	7	policy	policy	NOUN
cjfa-20693	576	8	shocks	shock	NOUN
cjfa-20693	576	9	and	and	CCONJ
cjfa-20693	576	10	the	the	DET
cjfa-20693	576	11	diversity	diversity	NOUN
cjfa-20693	576	12	of	of	ADP
cjfa-20693	576	13	policy	policy	NOUN
cjfa-20693	576	14	objects	object	NOUN
cjfa-20693	576	15	,	,	PUNCT
cjfa-20693	576	16	there	there	PRON
cjfa-20693	576	17	will	will	AUX
cjfa-20693	576	18	be	be	AUX
cjfa-20693	576	19	treatment	treatment	NOUN
cjfa-20693	576	20	groups	group	NOUN
cjfa-20693	576	21	affected	affect	VERB
cjfa-20693	576	22	by	by	ADP
cjfa-20693	576	23	policies	policy	NOUN
cjfa-20693	576	24	and	and	CCONJ
cjfa-20693	576	25	control	control	NOUN
cjfa-20693	576	26	groups	group	NOUN
cjfa-20693	576	27	not	not	PART
cjfa-20693	576	28	affected	affect	VERB
cjfa-20693	576	29	by	by	ADP
cjfa-20693	576	30	policies	policy	NOUN
cjfa-20693	576	31	.	.	PUNCT
cjfa-20693	577	1	the	the	DET
cjfa-20693	577	2	did	did	ADJ
cjfa-20693	577	3	model	model	NOUN
cjfa-20693	577	4	is	be	AUX
cjfa-20693	577	5	to	to	PART
cjfa-20693	577	6	test	test	VERB
cjfa-20693	577	7	the	the	DET
cjfa-20693	577	8	effect	effect	NOUN
cjfa-20693	577	9	of	of	ADP
cjfa-20693	577	10	the	the	DET
cjfa-20693	577	11	policy	policy	NOUN
cjfa-20693	577	12	by	by	ADP
cjfa-20693	577	13	comparing	compare	VERB
cjfa-20693	577	14	the	the	DET
cjfa-20693	577	15	changes	change	NOUN
cjfa-20693	577	16	of	of	ADP
cjfa-20693	577	17	the	the	DET
cjfa-20693	577	18	experimental	experimental	ADJ
cjfa-20693	577	19	group	group	NOUN
cjfa-20693	577	20	and	and	CCONJ
cjfa-20693	577	21	the	the	DET
cjfa-20693	577	22	control	control	NOUN
cjfa-20693	577	23	group	group	NOUN
cjfa-20693	577	24	before	before	ADP
cjfa-20693	577	25	and	and	CCONJ
cjfa-20693	577	26	after	after	ADP
cjfa-20693	577	27	controlling	control	VERB
cjfa-20693	577	28	other	other	ADJ
cjfa-20693	577	29	factors	factor	NOUN
cjfa-20693	577	30	.	.	PUNCT
cjfa-20693	578	1	in	in	ADP
cjfa-20693	578	2	order	order	NOUN
cjfa-20693	578	3	to	to	PART
cjfa-20693	578	4	test	test	VERB
cjfa-20693	578	5	the	the	DET
cjfa-20693	578	6	impact	impact	NOUN
cjfa-20693	578	7	of	of	ADP
cjfa-20693	578	8	mandatory	mandatory	ADJ
cjfa-20693	578	9	dividend	dividend	NOUN
cjfa-20693	578	10	policy	policy	NOUN
cjfa-20693	578	11	on	on	ADP
cjfa-20693	578	12	agency	agency	NOUN
cjfa-20693	578	13	cost	cost	NOUN
cjfa-20693	578	14	,	,	PUNCT
cjfa-20693	578	15	this	this	DET
cjfa-20693	578	16	paper	paper	NOUN
cjfa-20693	578	17	makes	make	VERB
cjfa-20693	578	18	a	a	DET
cjfa-20693	578	19	quasi	quasi	ADJ
cjfa-20693	578	20	-	-	ADJ
cjfa-20693	578	21	natural	natural	ADJ
cjfa-20693	578	22	experiment	experiment	NOUN
cjfa-20693	578	23	on	on	ADP
cjfa-20693	578	24	the	the	DET
cjfa-20693	578	25	implementation	implementation	NOUN
cjfa-20693	578	26	of	of	ADP
cjfa-20693	578	27	mandatory	mandatory	ADJ
cjfa-20693	578	28	dividend	dividend	NOUN
cjfa-20693	578	29	policy	policy	NOUN
cjfa-20693	578	30	,	,	PUNCT
cjfa-20693	578	31	uses	use	VERB
cjfa-20693	578	32	did	do	AUX
cjfa-20693	578	33	method	method	VERB
cjfa-20693	578	34	to	to	PART
cjfa-20693	578	35	identify	identify	VERB
cjfa-20693	578	36	causality	causality	NOUN
cjfa-20693	578	37	.	.	PUNCT
cjfa-20693	579	1	according	accord	VERB
cjfa-20693	579	2	to	to	ADP
cjfa-20693	579	3	the	the	DET
cjfa-20693	579	4	external	external	ADJ
cjfa-20693	579	5	impact	impact	NOUN
cjfa-20693	579	6	of	of	ADP
cjfa-20693	579	7	"	"	PUNCT
cjfa-20693	579	8	mandatory	mandatory	ADJ
cjfa-20693	579	9	dividend	dividend	NOUN
cjfa-20693	579	10	policy	policy	NOUN
cjfa-20693	579	11	"	"	PUNCT
cjfa-20693	579	12	,	,	PUNCT
cjfa-20693	579	13	we	we	PRON
cjfa-20693	579	14	compare	compare	VERB
cjfa-20693	579	15	the	the	DET
cjfa-20693	579	16	policy	policy	NOUN
cjfa-20693	579	17	effects	effect	NOUN
cjfa-20693	579	18	before	before	ADP
cjfa-20693	579	19	and	and	CCONJ
cjfa-20693	579	20	after	after	ADP
cjfa-20693	579	21	the	the	DET
cjfa-20693	579	22	external	external	ADJ
cjfa-20693	579	23	impact	impact	NOUN
cjfa-20693	579	24	,	,	PUNCT
cjfa-20693	579	25	and	and	CCONJ
cjfa-20693	579	26	then	then	ADV
cjfa-20693	579	27	analyze	analyze	VERB
cjfa-20693	579	28	whether	whether	SCONJ
cjfa-20693	579	29	the	the	DET
cjfa-20693	579	30	mandatory	mandatory	ADJ
cjfa-20693	579	31	dividend	dividend	NOUN
cjfa-20693	579	32	policy	policy	NOUN
cjfa-20693	579	33	will	will	AUX
cjfa-20693	579	34	reduce	reduce	VERB
cjfa-20693	579	35	the	the	DET
cjfa-20693	579	36	agency	agency	NOUN
cjfa-20693	579	37	cost	cost	NOUN
cjfa-20693	579	38	of	of	ADP
cjfa-20693	579	39	listed	list	VERB
cjfa-20693	579	40	companies	company	NOUN
cjfa-20693	579	41	.	.	PUNCT
cjfa-20693	580	1	on	on	ADP
cjfa-20693	580	2	november	november	PROPN
cjfa-20693	580	3	9	9	NUM
cjfa-20693	580	4	,	,	PUNCT
cjfa-20693	580	5	2011	2011	NUM
cjfa-20693	580	6	,	,	PUNCT
cjfa-20693	580	7	guo	guo	PROPN
cjfa-20693	580	8	shuqing	shuqing	NOUN
cjfa-20693	580	9	,	,	PUNCT
cjfa-20693	580	10	chairman	chairman	NOUN
cjfa-20693	580	11	of	of	ADP
cjfa-20693	580	12	the	the	DET
cjfa-20693	580	13	cscr	cscr	NOUN
cjfa-20693	580	14	,	,	PUNCT
cjfa-20693	580	15	proposed	propose	VERB
cjfa-20693	580	16	that	that	SCONJ
cjfa-20693	580	17	listed	list	VERB
cjfa-20693	580	18	companies	company	NOUN
cjfa-20693	580	19	should	should	AUX
cjfa-20693	580	20	pay	pay	VERB
cjfa-20693	580	21	dividends	dividend	NOUN
cjfa-20693	580	22	.	.	PUNCT
cjfa-20693	581	1	on	on	ADP
cjfa-20693	581	2	november	november	PROPN
cjfa-20693	581	3	9	9	NUM
cjfa-20693	581	4	,	,	PUNCT
cjfa-20693	581	5	2011	2011	NUM
cjfa-20693	581	6	,	,	PUNCT
cjfa-20693	581	7	the	the	DET
cjfa-20693	581	8	"	"	PUNCT
cjfa-20693	581	9	mandatory	mandatory	ADJ
cjfa-20693	581	10	dividend	dividend	NOUN
cjfa-20693	581	11	"	"	PUNCT
cjfa-20693	581	12	incident	incident	NOUN
cjfa-20693	581	13	affected	affect	VERB
cjfa-20693	581	14	the	the	DET
cjfa-20693	581	15	whole	whole	ADJ
cjfa-20693	581	16	stock	stock	NOUN
cjfa-20693	581	17	market	market	NOUN
cjfa-20693	581	18	:	:	PUNCT
cjfa-20693	581	19	after	after	ADP
cjfa-20693	581	20	2012	2012	NUM
cjfa-20693	581	21	,	,	PUNCT
cjfa-20693	581	22	the	the	DET
cjfa-20693	581	23	dividend	dividend	NOUN
cjfa-20693	581	24	rate	rate	NOUN
cjfa-20693	581	25	of	of	ADP
cjfa-20693	581	26	the	the	DET
cjfa-20693	581	27	stock	stock	NOUN
cjfa-20693	581	28	market	market	NOUN
cjfa-20693	581	29	further	far	ADV
cjfa-20693	581	30	increased	increase	VERB
cjfa-20693	581	31	,	,	PUNCT
cjfa-20693	581	32	after	after	ADP
cjfa-20693	581	33	2015	2015	NUM
cjfa-20693	581	34	,	,	PUNCT
cjfa-20693	581	35	the	the	DET
cjfa-20693	581	36	dividend	dividend	NOUN
cjfa-20693	581	37	of	of	ADP
cjfa-20693	581	38	listed	list	VERB
cjfa-20693	581	39	companies	company	NOUN
cjfa-20693	581	40	increased	increase	VERB
cjfa-20693	581	41	substantially	substantially	ADV
cjfa-20693	581	42	,	,	PUNCT
cjfa-20693	581	43	and	and	CCONJ
cjfa-20693	581	44	by	by	ADP
cjfa-20693	581	45	2017	2017	NUM
cjfa-20693	581	46	,	,	PUNCT
cjfa-20693	581	47	about	about	ADV
cjfa-20693	581	48	80	80	NUM
cjfa-20693	581	49	%	%	NOUN
cjfa-20693	581	50	of	of	ADP
cjfa-20693	581	51	listed	list	VERB
cjfa-20693	581	52	companies	company	NOUN
cjfa-20693	581	53	had	have	VERB
cjfa-20693	581	54	dividends	dividend	NOUN
cjfa-20693	581	55	.	.	PUNCT
cjfa-20693	582	1	therefore	therefore	ADV
cjfa-20693	582	2	,	,	PUNCT
cjfa-20693	582	3	the	the	DET
cjfa-20693	582	4	dividend	dividend	NOUN
cjfa-20693	582	5	distribution	distribution	NOUN
cjfa-20693	582	6	of	of	ADP
cjfa-20693	582	7	many	many	ADJ
cjfa-20693	582	8	companies	company	NOUN
cjfa-20693	582	9	is	be	AUX
cjfa-20693	582	10	affected	affect	VERB
cjfa-20693	582	11	by	by	ADP
cjfa-20693	582	12	the	the	DET
cjfa-20693	582	13	sudden	sudden	ADJ
cjfa-20693	582	14	impact	impact	NOUN
cjfa-20693	582	15	of	of	ADP
cjfa-20693	582	16	this	this	DET
cjfa-20693	582	17	policy	policy	NOUN
cjfa-20693	582	18	,	,	PUNCT
cjfa-20693	582	19	which	which	PRON
cjfa-20693	582	20	provides	provide	VERB
cjfa-20693	582	21	us	we	PRON
cjfa-20693	582	22	with	with	ADP
cjfa-20693	582	23	good	good	ADJ
cjfa-20693	582	24	quasi	quasi	ADJ
cjfa-20693	582	25	-	-	ADJ
cjfa-20693	582	26	natural	natural	ADJ
cjfa-20693	582	27	experimental	experimental	ADJ
cjfa-20693	582	28	conditions	condition	NOUN
cjfa-20693	582	29	.	.	PUNCT
cjfa-20693	583	1	according	accord	VERB
cjfa-20693	583	2	to	to	ADP
cjfa-20693	583	3	the	the	DET
cjfa-20693	583	4	did	did	NOUN
cjfa-20693	583	5	model	model	NOUN
cjfa-20693	583	6	,	,	PUNCT
cjfa-20693	583	7	this	this	DET
cjfa-20693	583	8	paper	paper	NOUN
cjfa-20693	583	9	constructs	construct	VERB
cjfa-20693	583	10	a	a	DET
cjfa-20693	583	11	model	model	NOUN
cjfa-20693	583	12	(	(	PUNCT
cjfa-20693	583	13	1	1	NUM
cjfa-20693	583	14	)	)	PUNCT
cjfa-20693	583	15	based	base	VERB
cjfa-20693	583	16	on	on	ADP
cjfa-20693	583	17	did	did	PROPN
cjfa-20693	583	18	:	:	PUNCT
cjfa-20693	583	19	�	�	PROPN
cjfa-20693	583	20	�	�	PROPN
cjfa-20693	583	21	�	�	PROPN
cjfa-20693	583	22	�	�	PROPN
cjfa-20693	583	23	�	�	PROPN
cjfa-20693	583	24	�	�	PROPN
cjfa-20693	583	25	�	�	PROPN
cjfa-20693	583	26	�	�	PROPN
cjfa-20693	583	27	�	�	PROPN
cjfa-20693	583	28	+	+	CCONJ
cjfa-20693	583	29	�	�	PROPN
cjfa-20693	583	30	�	�	PROPN
cjfa-20693	583	31	�	�	PROPN
cjfa-20693	583	32	�	�	PROPN
cjfa-20693	583	33	�	�	PROPN
cjfa-20693	583	34	�	�	PROPN
cjfa-20693	583	35	�	�	PROPN
cjfa-20693	583	36	�	�	PROPN
cjfa-20693	583	37	�	�	PROPN
cjfa-20693	583	38	+	+	SYM
cjfa-20693	583	39	�	�	PROPN
cjfa-20693	583	40	�	�	PROPN
cjfa-20693	583	41	�	�	PROPN
cjfa-20693	583	42	�	�	PROPN
cjfa-20693	583	43	�	�	PROPN
cjfa-20693	583	44	�	�	PROPN
cjfa-20693	583	45	�	�	PROPN
cjfa-20693	583	46	+	+	PROPN
cjfa-20693	583	47	�	�	PROPN
cjfa-20693	583	48	�	�	PROPN
cjfa-20693	583	49	�	�	PROPN
cjfa-20693	583	50	�	�	PROPN
cjfa-20693	583	51	�	�	PROPN
cjfa-20693	583	52	�	�	PROPN
cjfa-20693	583	53	�	�	PROPN
cjfa-20693	583	54	�	�	PROPN
cjfa-20693	583	55	�	�	PROPN
cjfa-20693	583	56	�	�	PROPN
cjfa-20693	583	57	�	�	PROPN
cjfa-20693	583	58	�	�	PROPN
cjfa-20693	583	59	�	�	PROPN
cjfa-20693	583	60	�	�	PROPN
cjfa-20693	583	61	�	�	PROPN
cjfa-20693	583	62	+	+	SYM
cjfa-20693	583	63	�	�	PROPN
cjfa-20693	583	64	�	�	PROPN
cjfa-20693	583	65	�	�	PROPN
cjfa-20693	583	66	�	�	PROPN
cjfa-20693	583	67	�	�	PROPN
cjfa-20693	583	68	�	�	PROPN
cjfa-20693	583	69	�	�	PROPN
cjfa-20693	583	70	+	+	SYM
cjfa-20693	583	71	�	�	PROPN
cjfa-20693	583	72	�	�	PROPN
cjfa-20693	583	73	�	�	PROPN
cjfa-20693	583	74	�	�	PROPN
cjfa-20693	583	75	�	�	PROPN
cjfa-20693	583	76	�	�	PROPN
cjfa-20693	583	77	�	�	PROPN
cjfa-20693	583	78	+	+	SYM
cjfa-20693	583	79	�	�	PROPN
cjfa-20693	583	80	�	�	PROPN
cjfa-20693	583	81	�	�	PROPN
cjfa-20693	583	82	�	�	PROPN
cjfa-20693	583	83	�	�	PROPN
cjfa-20693	583	84	�	�	PROPN
cjfa-20693	583	85	�	�	PROPN
cjfa-20693	583	86	+	+	SYM
cjfa-20693	583	87	�	�	PROPN
cjfa-20693	583	88	�	�	PROPN
cjfa-20693	583	89	�	�	PROPN
cjfa-20693	583	90	�	�	PROPN
cjfa-20693	583	91	�	�	PROPN
cjfa-20693	583	92	�	�	PROPN
cjfa-20693	583	93	�	�	PROPN
cjfa-20693	583	94	�	�	PROPN
cjfa-20693	583	95	�	�	PROPN
cjfa-20693	583	96	�	�	PROPN
cjfa-20693	583	97	�	�	PROPN
cjfa-20693	583	98	�	�	PROPN
cjfa-20693	583	99	�	�	PROPN
cjfa-20693	583	100	�	�	PROPN
cjfa-20693	583	101	�	�	PROPN
cjfa-20693	583	102	+	+	SYM
cjfa-20693	583	103	�	�	PROPN
cjfa-20693	583	104	�	�	PROPN
cjfa-20693	583	105	�	�	PROPN
cjfa-20693	583	106	�	�	PROPN
cjfa-20693	583	107	�	�	PROPN
cjfa-20693	583	108	�	�	PROPN
cjfa-20693	583	109	�	�	PROPN
cjfa-20693	583	110	+	+	SYM
cjfa-20693	583	111	�	�	PROPN
cjfa-20693	583	112	�	�	PROPN
cjfa-20693	583	113	�	�	PROPN
cjfa-20693	583	114	�	�	PROPN
cjfa-20693	583	115	�	�	PROPN
cjfa-20693	583	116	�	�	PROPN
cjfa-20693	583	117	�	�	PROPN
cjfa-20693	583	118	�	�	PROPN
cjfa-20693	583	119	�	�	PROPN
cjfa-20693	583	120	�	�	PROPN
cjfa-20693	583	121	�	�	PROPN
cjfa-20693	583	122	�	�	PROPN
cjfa-20693	583	123	�	�	PROPN
cjfa-20693	583	124	+	+	SYM
cjfa-20693	583	125	�	�	PROPN
cjfa-20693	583	126	�	�	PROPN
cjfa-20693	583	127	�	�	PROPN
cjfa-20693	583	128	�	�	PROPN
cjfa-20693	583	129	�	�	PROPN
cjfa-20693	583	130	�	�	PROPN
cjfa-20693	583	131	�	�	PROPN
cjfa-20693	583	132	�	�	PROPN
cjfa-20693	583	133	�	�	PROPN
cjfa-20693	583	134	+	+	SYM
cjfa-20693	583	135	�	�	PROPN
cjfa-20693	583	136	�	�	PROPN
cjfa-20693	583	137	�	�	PROPN
cjfa-20693	583	138	�	�	PROPN
cjfa-20693	583	139	�	�	PROPN
cjfa-20693	583	140	�	�	PROPN
cjfa-20693	583	141	�	�	PROPN
cjfa-20693	583	142	�	�	PROPN
cjfa-20693	583	143	�	�	PROPN
cjfa-20693	583	144	�	�	PROPN
cjfa-20693	583	145	�	�	PROPN
cjfa-20693	583	146	�	�	PROPN
cjfa-20693	583	147	+	+	CCONJ
cjfa-20693	583	148	+	+	PROPN
cjfa-20693	583	149	�	�	PROPN
cjfa-20693	583	150	�	�	PROPN
cjfa-20693	583	151	�	�	PROPN
cjfa-20693	583	152	�	�	PROPN
cjfa-20693	583	153	�	�	PROPN
cjfa-20693	583	154	�	�	PROPN
cjfa-20693	583	155	�	�	PROPN
cjfa-20693	583	156	�	�	PROPN
cjfa-20693	583	157	�	�	PROPN
cjfa-20693	583	158	+	+	PROPN
cjfa-20693	583	159	�	�	PROPN
cjfa-20693	583	160	�	�	PROPN
cjfa-20693	583	161	�	�	PROPN
cjfa-20693	583	162	�	�	PROPN
cjfa-20693	583	163	�	�	PROPN
cjfa-20693	583	164	�	�	PROPN
cjfa-20693	583	165	�	�	PROPN
cjfa-20693	583	166	�	�	PROPN
cjfa-20693	583	167	�	�	PROPN
cjfa-20693	583	168	�	�	PROPN
cjfa-20693	583	169	+	+	SYM
cjfa-20693	583	170	�	�	PROPN
cjfa-20693	583	171	�	�	PROPN
cjfa-20693	583	172	�	�	PROPN
cjfa-20693	583	173	�	�	PROPN
cjfa-20693	583	174	�	�	PROPN
cjfa-20693	583	175	�	�	PROPN
cjfa-20693	583	176	�	�	PROPN
cjfa-20693	583	177	�	�	PROPN
cjfa-20693	583	178	+	+	SYM
cjfa-20693	583	179	�	�	PROPN
cjfa-20693	583	180	�	�	PROPN
cjfa-20693	583	181	�	�	PROPN
cjfa-20693	583	182	�	�	PROPN
cjfa-20693	583	183	�	�	PROPN
cjfa-20693	583	184	�	�	PROPN
cjfa-20693	583	185	�	�	PROPN
cjfa-20693	583	186	�	�	PROPN
cjfa-20693	583	187	�	�	PROPN
cjfa-20693	583	188	+	+	SYM
cjfa-20693	583	189	�	�	PROPN
cjfa-20693	583	190	�	�	PROPN
cjfa-20693	583	191	�	�	PROPN
cjfa-20693	583	192	�	�	PROPN
cjfa-20693	583	193	�	�	PROPN
cjfa-20693	583	194	�	�	PROPN
cjfa-20693	583	195	�	�	PROPN
cjfa-20693	583	196	�	�	PROPN
cjfa-20693	583	197	�	�	PROPN
cjfa-20693	583	198	�	�	PROPN
cjfa-20693	583	199	�	�	PROPN
cjfa-20693	583	200	�	�	PROPN
cjfa-20693	583	201	�	�	PROPN
cjfa-20693	583	202	�	�	PROPN
cjfa-20693	583	203	+	+	CCONJ
cjfa-20693	583	204	�	�	PROPN
cjfa-20693	583	205	�	�	PROPN
cjfa-20693	583	206	�	�	PROPN
cjfa-20693	583	207	(	(	PUNCT
cjfa-20693	583	208	15	15	NUM
cjfa-20693	583	209	)	)	PUNCT
cjfa-20693	583	210	among	among	ADP
cjfa-20693	583	211	them	they	PRON
cjfa-20693	583	212	,	,	PUNCT
cjfa-20693	583	213	agentit	agentit	PROPN
cjfa-20693	583	214	is	be	AUX
cjfa-20693	583	215	agency	agency	NOUN
cjfa-20693	583	216	cost	cost	NOUN
cjfa-20693	583	217	of	of	ADP
cjfa-20693	583	218	company	company	NOUN
cjfa-20693	583	219	i	i	PRON
cjfa-20693	583	220	at	at	ADP
cjfa-20693	583	221	time	time	NOUN
cjfa-20693	583	222	t	t	PROPN
cjfa-20693	583	223	；	；	PROPN
cjfa-20693	583	224	treat	treat	NOUN
cjfa-20693	583	225	stands	stand	VERB
cjfa-20693	583	226	for	for	ADP
cjfa-20693	583	227	dummy	dummy	ADJ
cjfa-20693	583	228	variables	variable	NOUN
cjfa-20693	583	229	in	in	ADP
cjfa-20693	583	230	experimental	experimental	ADJ
cjfa-20693	583	231	group(the	group(the	PROPN
cjfa-20693	583	232	iron	iron	NOUN
cjfa-20693	583	233	cock	cock	NOUN
cjfa-20693	583	234	company	company	NOUN
cjfa-20693	583	235	,	,	PUNCT
cjfa-20693	583	236	which	which	PRON
cjfa-20693	583	237	did	do	AUX
cjfa-20693	583	238	not	not	PART
cjfa-20693	583	239	pay	pay	VERB
cjfa-20693	583	240	dividends	dividend	NOUN
cjfa-20693	583	241	for	for	ADP
cjfa-20693	583	242	three	three	NUM
cjfa-20693	583	243	consecutive	consecutive	ADJ
cjfa-20693	583	244	years	year	NOUN
cjfa-20693	583	245	before	before	SCONJ
cjfa-20693	583	246	the	the	DET
cjfa-20693	583	247	policy	policy	NOUN
cjfa-20693	583	248	was	be	AUX
cjfa-20693	583	249	introduced	introduce	VERB
cjfa-20693	583	250	,	,	PUNCT
cjfa-20693	583	251	was	be	AUX
cjfa-20693	583	252	the	the	DET
cjfa-20693	583	253	first	first	ADJ
cjfa-20693	583	254	to	to	PART
cjfa-20693	583	255	be	be	AUX
cjfa-20693	583	256	affected	affect	VERB
cjfa-20693	583	257	by	by	ADP
cjfa-20693	583	258	the	the	DET
cjfa-20693	583	259	policy	policy	NOUN
cjfa-20693	583	260	of	of	ADP
cjfa-20693	583	261	"	"	PUNCT
cjfa-20693	583	262	mandatory	mandatory	ADJ
cjfa-20693	583	263	dividend	dividend	NOUN
cjfa-20693	583	264	policy	policy	NOUN
cjfa-20693	583	265	"	"	PUNCT
cjfa-20693	583	266	.	.	PUNCT
cjfa-20693	584	1	the	the	DET
cjfa-20693	584	2	treat	treat	NOUN
cjfa-20693	584	3	is	be	AUX
cjfa-20693	584	4	1	1	NUM
cjfa-20693	584	5	,	,	PUNCT
cjfa-20693	584	6	which	which	PRON
cjfa-20693	584	7	indicates	indicate	VERB
cjfa-20693	584	8	that	that	SCONJ
cjfa-20693	584	9	listed	list	VERB
cjfa-20693	584	10	companies	company	NOUN
cjfa-20693	584	11	are	be	AUX
cjfa-20693	584	12	affected	affect	VERB
cjfa-20693	584	13	by	by	ADP
cjfa-20693	584	14	policy	policy	NOUN
cjfa-20693	584	15	shocks	shock	NOUN
cjfa-20693	584	16	;	;	PUNCT
cjfa-20693	584	17	otherwise	otherwise	ADV
cjfa-20693	584	18	,	,	PUNCT
cjfa-20693	584	19	0	0	NUM
cjfa-20693	584	20	;	;	PUNCT
cjfa-20693	584	21	law	law	NOUN
cjfa-20693	584	22	is	be	AUX
cjfa-20693	584	23	a	a	DET
cjfa-20693	584	24	policy	policy	NOUN
cjfa-20693	584	25	time	time	NOUN
cjfa-20693	584	26	variable	variable	NOUN
cjfa-20693	584	27	,	,	PUNCT
cjfa-20693	584	28	with	with	ADP
cjfa-20693	584	29	0	0	NUM
cjfa-20693	584	30	before	before	ADP
cjfa-20693	584	31	policy	policy	NOUN
cjfa-20693	584	32	and	and	CCONJ
cjfa-20693	584	33	1	1	NUM
cjfa-20693	584	34	after	after	ADP
cjfa-20693	584	35	policy	policy	NOUN
cjfa-20693	584	36	;	;	PUNCT
cjfa-20693	584	37	and	and	CCONJ
cjfa-20693	584	38	coefficient	coefficient	NOUN
cjfa-20693	584	39	of	of	ADP
cjfa-20693	584	40	3	3	NOUN
cjfa-20693	584	41	describes	describe	VERB
cjfa-20693	584	42	the	the	DET
cjfa-20693	584	43	impact	impact	NOUN
cjfa-20693	584	44	of	of	ADP
cjfa-20693	584	45	mandatory	mandatory	ADJ
cjfa-20693	584	46	dividend	dividend	NOUN
cjfa-20693	584	47	policy	policy	NOUN
cjfa-20693	584	48	on	on	ADP
cjfa-20693	584	49	agency	agency	NOUN
cjfa-20693	584	50	costs	cost	NOUN
cjfa-20693	584	51	,	,	PUNCT
cjfa-20693	584	52	which	which	PRON
cjfa-20693	584	53	is	be	AUX
cjfa-20693	584	54	the	the	DET
cjfa-20693	584	55	focus	focus	NOUN
cjfa-20693	584	56	of	of	ADP
cjfa-20693	584	57	this	this	DET
cjfa-20693	584	58	research	research	NOUN
cjfa-20693	584	59	.	.	PUNCT
cjfa-20693	585	1	table	table	NOUN
cjfa-20693	585	2	2	2	NUM
cjfa-20693	585	3	.	.	PUNCT
cjfa-20693	585	4	did	do	VERB
cjfa-20693	585	5	subgroup	subgroup	NOUN
cjfa-20693	585	6	before	before	ADP
cjfa-20693	585	7	policy	policy	NOUN
cjfa-20693	585	8	after	after	ADP
cjfa-20693	585	9	policy	policy	NOUN
cjfa-20693	585	10	total	total	NOUN
cjfa-20693	585	11	controlling	control	VERB
cjfa-20693	585	12	group	group	NOUN
cjfa-20693	585	13	6141	6141	NUM
cjfa-20693	585	14	10312	10312	NUM
cjfa-20693	585	15	16453	16453	NUM
cjfa-20693	585	16	the	the	DET
cjfa-20693	585	17	difference	difference	NOUN
cjfa-20693	585	18	-	-	PUNCT
cjfa-20693	585	19	difference	difference	NOUN
cjfa-20693	585	20	model	model	NOUN
cjfa-20693	585	21	can	can	AUX
cjfa-20693	585	22	be	be	AUX
cjfa-20693	585	23	used	use	VERB
cjfa-20693	585	24	to	to	PART
cjfa-20693	585	25	test	test	VERB
cjfa-20693	585	26	the	the	DET
cjfa-20693	585	27	effectiveness	effectiveness	NOUN
cjfa-20693	585	28	of	of	ADP
cjfa-20693	585	29	policy	policy	NOUN
cjfa-20693	585	30	.	.	PUNCT
cjfa-20693	586	1	using	use	VERB
cjfa-20693	586	2	exogenous	exogenous	ADJ
cjfa-20693	586	3	policy	policy	NOUN
cjfa-20693	586	4	shocks	shock	NOUN
cjfa-20693	586	5	to	to	PART
cjfa-20693	586	6	do	do	VERB
cjfa-20693	586	7	quasi	quasi	ADJ
cjfa-20693	586	8	-	-	ADJ
cjfa-20693	586	9	natural	natural	ADJ
cjfa-20693	586	10	experiments	experiment	NOUN
cjfa-20693	586	11	,	,	PUNCT
cjfa-20693	586	12	the	the	DET
cjfa-20693	586	13	double	double	ADJ
cjfa-20693	586	14	difference	difference	NOUN
cjfa-20693	586	15	can	can	AUX
cjfa-20693	586	16	overcome	overcome	VERB
cjfa-20693	586	17	the	the	DET
cjfa-20693	586	18	influence	influence	NOUN
cjfa-20693	586	19	of	of	ADP
cjfa-20693	586	20	other	other	ADJ
cjfa-20693	586	21	factors	factor	NOUN
cjfa-20693	586	22	on	on	ADP
cjfa-20693	586	23	the	the	DET
cjfa-20693	586	24	results	result	NOUN
cjfa-20693	586	25	,	,	PUNCT
cjfa-20693	586	26	so	so	CCONJ
cjfa-20693	586	27	the	the	DET
cjfa-20693	586	28	net	net	ADJ
cjfa-20693	586	29	impact	impact	NOUN
cjfa-20693	586	30	of	of	ADP
cjfa-20693	586	31	policy	policy	NOUN
cjfa-20693	586	32	shocks	shock	NOUN
cjfa-20693	586	33	can	can	AUX
cjfa-20693	586	34	be	be	AUX
cjfa-20693	586	35	obtained	obtain	VERB
cjfa-20693	586	36	.	.	PUNCT
cjfa-20693	587	1	because	because	SCONJ
cjfa-20693	587	2	of	of	ADP
cjfa-20693	587	3	the	the	DET
cjfa-20693	587	4	exogenous	exogenous	ADJ
cjfa-20693	587	5	nature	nature	NOUN
cjfa-20693	587	6	of	of	ADP
cjfa-20693	587	7	policy	policy	NOUN
cjfa-20693	587	8	shocks	shock	NOUN
cjfa-20693	587	9	and	and	CCONJ
cjfa-20693	587	10	the	the	DET
cjfa-20693	587	11	diversity	diversity	NOUN
cjfa-20693	587	12	of	of	ADP
cjfa-20693	587	13	policy	policy	NOUN
cjfa-20693	587	14	objects	object	NOUN
cjfa-20693	587	15	,	,	PUNCT
cjfa-20693	587	16	there	there	PRON
cjfa-20693	587	17	will	will	AUX
cjfa-20693	587	18	be	be	AUX
cjfa-20693	587	19	treatment	treatment	NOUN
cjfa-20693	587	20	groups	group	NOUN
cjfa-20693	587	21	affected	affect	VERB
cjfa-20693	587	22	by	by	ADP
cjfa-20693	587	23	policies	policy	NOUN
cjfa-20693	587	24	and	and	CCONJ
cjfa-20693	587	25	control	control	NOUN
cjfa-20693	587	26	groups	group	NOUN
cjfa-20693	587	27	not	not	PART
cjfa-20693	587	28	affected	affect	VERB
cjfa-20693	587	29	by	by	ADP
cjfa-20693	587	30	policies	policy	NOUN
cjfa-20693	587	31	.	.	PUNCT
cjfa-20693	588	1	the	the	DET
cjfa-20693	588	2	did	did	ADJ
cjfa-20693	588	3	model	model	NOUN
cjfa-20693	588	4	is	be	AUX
cjfa-20693	588	5	to	to	PART
cjfa-20693	588	6	test	test	VERB
cjfa-20693	588	7	the	the	DET
cjfa-20693	588	8	effect	effect	NOUN
cjfa-20693	588	9	of	of	ADP
cjfa-20693	588	10	the	the	DET
cjfa-20693	588	11	policy	policy	NOUN
cjfa-20693	588	12	by	by	ADP
cjfa-20693	588	13	comparing	compare	VERB
cjfa-20693	588	14	the	the	DET
cjfa-20693	588	15	changes	change	NOUN
cjfa-20693	588	16	of	of	ADP
cjfa-20693	588	17	the	the	DET
cjfa-20693	588	18	experimental	experimental	ADJ
cjfa-20693	588	19	group	group	NOUN
cjfa-20693	588	20	and	and	CCONJ
cjfa-20693	588	21	the	the	DET
cjfa-20693	588	22	control	control	NOUN
cjfa-20693	588	23	group	group	NOUN
cjfa-20693	588	24	before	before	ADP
cjfa-20693	588	25	and	and	CCONJ
cjfa-20693	588	26	after	after	ADP
cjfa-20693	588	27	controlling	control	VERB
cjfa-20693	588	28	other	other	ADJ
cjfa-20693	588	29	factors	factor	NOUN
cjfa-20693	588	30	.	.	PUNCT
cjfa-20693	589	1	in	in	ADP
cjfa-20693	589	2	order	order	NOUN
cjfa-20693	589	3	to	to	PART
cjfa-20693	589	4	test	test	VERB
cjfa-20693	589	5	the	the	DET
cjfa-20693	589	6	impact	impact	NOUN
cjfa-20693	589	7	of	of	ADP
cjfa-20693	589	8	mandatory	mandatory	ADJ
cjfa-20693	589	9	dividend	dividend	NOUN
cjfa-20693	589	10	policy	policy	NOUN
cjfa-20693	589	11	on	on	ADP
cjfa-20693	589	12	agency	agency	NOUN
cjfa-20693	589	13	cost	cost	NOUN
cjfa-20693	589	14	,	,	PUNCT
cjfa-20693	589	15	this	this	DET
cjfa-20693	589	16	paper	paper	NOUN
cjfa-20693	589	17	makes	make	VERB
cjfa-20693	589	18	a	a	DET
cjfa-20693	589	19	quasi	quasi	ADJ
cjfa-20693	589	20	-	-	ADJ
cjfa-20693	589	21	natural	natural	ADJ
cjfa-20693	589	22	experiment	experiment	NOUN
cjfa-20693	589	23	on	on	ADP
cjfa-20693	589	24	the	the	DET
cjfa-20693	589	25	implementation	implementation	NOUN
cjfa-20693	589	26	of	of	ADP
cjfa-20693	589	27	mandatory	mandatory	ADJ
cjfa-20693	589	28	dividend	dividend	NOUN
cjfa-20693	589	29	policy	policy	NOUN
cjfa-20693	589	30	,	,	PUNCT
cjfa-20693	589	31	uses	use	VERB
cjfa-20693	589	32	did	do	AUX
cjfa-20693	589	33	method	method	VERB
cjfa-20693	589	34	to	to	PART
cjfa-20693	589	35	identify	identify	VERB
cjfa-20693	589	36	causality	causality	NOUN
cjfa-20693	589	37	.	.	PUNCT
cjfa-20693	590	1	according	accord	VERB
cjfa-20693	590	2	to	to	ADP
cjfa-20693	590	3	the	the	DET
cjfa-20693	590	4	external	external	ADJ
cjfa-20693	590	5	impact	impact	NOUN
cjfa-20693	590	6	of	of	ADP
cjfa-20693	590	7	"	"	PUNCT
cjfa-20693	590	8	mandatory	mandatory	ADJ
cjfa-20693	590	9	dividend	dividend	NOUN
cjfa-20693	590	10	policy	policy	NOUN
cjfa-20693	590	11	"	"	PUNCT
cjfa-20693	590	12	,	,	PUNCT
cjfa-20693	590	13	we	we	PRON
cjfa-20693	590	14	compare	compare	VERB
cjfa-20693	590	15	the	the	DET
cjfa-20693	590	16	policy	policy	NOUN
cjfa-20693	590	17	effects	effect	NOUN
cjfa-20693	590	18	before	before	ADP
cjfa-20693	590	19	and	and	CCONJ
cjfa-20693	590	20	after	after	ADP
cjfa-20693	590	21	the	the	DET
cjfa-20693	590	22	external	external	ADJ
cjfa-20693	590	23	impact	impact	NOUN
cjfa-20693	590	24	,	,	PUNCT
cjfa-20693	590	25	and	and	CCONJ
cjfa-20693	590	26	then	then	ADV
cjfa-20693	590	27	analyze	analyze	VERB
cjfa-20693	590	28	whether	whether	SCONJ
cjfa-20693	590	29	the	the	DET
cjfa-20693	590	30	mandatory	mandatory	ADJ
cjfa-20693	590	31	dividend	dividend	NOUN
cjfa-20693	590	32	policy	policy	NOUN
cjfa-20693	590	33	will	will	AUX
cjfa-20693	590	34	reduce	reduce	VERB
cjfa-20693	590	35	the	the	DET
cjfa-20693	590	36	agency	agency	NOUN
cjfa-20693	590	37	cost	cost	NOUN
cjfa-20693	590	38	of	of	ADP
cjfa-20693	590	39	listed	list	VERB
cjfa-20693	590	40	companies	company	NOUN
cjfa-20693	590	41	.	.	PUNCT
cjfa-20693	591	1	on	on	ADP
cjfa-20693	591	2	november	november	PROPN
cjfa-20693	591	3	9	9	NUM
cjfa-20693	591	4	,	,	PUNCT
cjfa-20693	591	5	2011	2011	NUM
cjfa-20693	591	6	,	,	PUNCT
cjfa-20693	591	7	guo	guo	PROPN
cjfa-20693	591	8	shuqing	shuqing	NOUN
cjfa-20693	591	9	,	,	PUNCT
cjfa-20693	591	10	chairman	chairman	NOUN
cjfa-20693	591	11	of	of	ADP
cjfa-20693	591	12	the	the	DET
cjfa-20693	591	13	cscr	cscr	NOUN
cjfa-20693	591	14	,	,	PUNCT
cjfa-20693	591	15	proposed	propose	VERB
cjfa-20693	591	16	that	that	SCONJ
cjfa-20693	591	17	listed	list	VERB
cjfa-20693	591	18	companies	company	NOUN
cjfa-20693	591	19	should	should	AUX
cjfa-20693	591	20	pay	pay	VERB
cjfa-20693	591	21	dividends	dividend	NOUN
cjfa-20693	591	22	.	.	PUNCT
cjfa-20693	592	1	on	on	ADP
cjfa-20693	592	2	november	november	PROPN
cjfa-20693	592	3	9	9	NUM
cjfa-20693	592	4	,	,	PUNCT
cjfa-20693	592	5	2011	2011	NUM
cjfa-20693	592	6	,	,	PUNCT
cjfa-20693	592	7	the	the	DET
cjfa-20693	592	8	"	"	PUNCT
cjfa-20693	592	9	mandatory	mandatory	ADJ
cjfa-20693	592	10	dividend	dividend	NOUN
cjfa-20693	592	11	"	"	PUNCT
cjfa-20693	592	12	incident	incident	NOUN
cjfa-20693	592	13	affected	affect	VERB
cjfa-20693	592	14	the	the	DET
cjfa-20693	592	15	whole	whole	ADJ
cjfa-20693	592	16	stock	stock	NOUN
cjfa-20693	592	17	market	market	NOUN
cjfa-20693	592	18	:	:	PUNCT
cjfa-20693	592	19	after	after	ADP
cjfa-20693	592	20	2012	2012	NUM
cjfa-20693	592	21	,	,	PUNCT
cjfa-20693	592	22	the	the	DET
cjfa-20693	592	23	dividend	dividend	NOUN
cjfa-20693	592	24	rate	rate	NOUN
cjfa-20693	592	25	of	of	ADP
cjfa-20693	592	26	the	the	DET
cjfa-20693	592	27	stock	stock	NOUN
cjfa-20693	592	28	market	market	NOUN
cjfa-20693	592	29	further	far	ADV
cjfa-20693	592	30	increased	increase	VERB
cjfa-20693	592	31	,	,	PUNCT
cjfa-20693	592	32	after	after	ADP
cjfa-20693	592	33	2015	2015	NUM
cjfa-20693	592	34	,	,	PUNCT
cjfa-20693	592	35	the	the	DET
cjfa-20693	592	36	dividend	dividend	NOUN
cjfa-20693	592	37	of	of	ADP
cjfa-20693	592	38	listed	list	VERB
cjfa-20693	592	39	companies	company	NOUN
cjfa-20693	592	40	increased	increase	VERB
cjfa-20693	592	41	substantially	substantially	ADV
cjfa-20693	592	42	,	,	PUNCT
cjfa-20693	592	43	and	and	CCONJ
cjfa-20693	592	44	by	by	ADP
cjfa-20693	592	45	2017	2017	NUM
cjfa-20693	592	46	,	,	PUNCT
cjfa-20693	592	47	about	about	ADV
cjfa-20693	592	48	80	80	NUM
cjfa-20693	592	49	%	%	NOUN
cjfa-20693	592	50	of	of	ADP
cjfa-20693	592	51	listed	list	VERB
cjfa-20693	592	52	companies	company	NOUN
cjfa-20693	592	53	had	have	VERB
cjfa-20693	592	54	dividends	dividend	NOUN
cjfa-20693	592	55	.	.	PUNCT
cjfa-20693	593	1	therefore	therefore	ADV
cjfa-20693	593	2	,	,	PUNCT
cjfa-20693	593	3	the	the	DET
cjfa-20693	593	4	dividend	dividend	NOUN
cjfa-20693	593	5	distribution	distribution	NOUN
cjfa-20693	593	6	of	of	ADP
cjfa-20693	593	7	many	many	ADJ
cjfa-20693	593	8	companies	company	NOUN
cjfa-20693	593	9	is	be	AUX
cjfa-20693	593	10	affected	affect	VERB
cjfa-20693	593	11	by	by	ADP
cjfa-20693	593	12	the	the	DET
cjfa-20693	593	13	sudden	sudden	ADJ
cjfa-20693	593	14	impact	impact	NOUN
cjfa-20693	593	15	of	of	ADP
cjfa-20693	593	16	this	this	DET
cjfa-20693	593	17	policy	policy	NOUN
cjfa-20693	593	18	,	,	PUNCT
cjfa-20693	593	19	which	which	PRON
cjfa-20693	593	20	provides	provide	VERB
cjfa-20693	593	21	us	we	PRON
cjfa-20693	593	22	with	with	ADP
cjfa-20693	593	23	good	good	ADJ
cjfa-20693	593	24	quasi	quasi	ADJ
cjfa-20693	593	25	-	-	ADJ
cjfa-20693	593	26	natural	natural	ADJ
cjfa-20693	593	27	experimental	experimental	ADJ
cjfa-20693	593	28	conditions	condition	NOUN
cjfa-20693	593	29	.	.	PUNCT
cjfa-20693	594	1	according	accord	VERB
cjfa-20693	594	2	to	to	ADP
cjfa-20693	594	3	the	the	DET
cjfa-20693	594	4	did	did	NOUN
cjfa-20693	594	5	model	model	NOUN
cjfa-20693	594	6	,	,	PUNCT
cjfa-20693	594	7	this	this	DET
cjfa-20693	594	8	paper	paper	NOUN
cjfa-20693	594	9	constructs	construct	VERB
cjfa-20693	594	10	a	a	DET
cjfa-20693	594	11	model	model	NOUN
cjfa-20693	594	12	(	(	PUNCT
cjfa-20693	594	13	1	1	NUM
cjfa-20693	594	14	)	)	PUNCT
cjfa-20693	594	15	based	base	VERB
cjfa-20693	594	16	on	on	ADP
cjfa-20693	594	17	did	did	PROPN
cjfa-20693	594	18	:	:	PUNCT
cjfa-20693	594	19	�	�	PROPN
cjfa-20693	594	20	�	�	PROPN
cjfa-20693	594	21	�	�	PROPN
cjfa-20693	594	22	�	�	PROPN
cjfa-20693	594	23	�	�	PROPN
cjfa-20693	594	24	�	�	PROPN
cjfa-20693	594	25	�	�	PROPN
cjfa-20693	594	26	�	�	PROPN
cjfa-20693	594	27	�	�	PROPN
cjfa-20693	594	28	+	+	CCONJ
cjfa-20693	594	29	�	�	PROPN
cjfa-20693	594	30	�	�	PROPN
cjfa-20693	594	31	�	�	PROPN
cjfa-20693	594	32	�	�	PROPN
cjfa-20693	594	33	�	�	PROPN
cjfa-20693	594	34	�	�	PROPN
cjfa-20693	594	35	�	�	PROPN
cjfa-20693	594	36	�	�	PROPN
cjfa-20693	594	37	�	�	PROPN
cjfa-20693	594	38	+	+	SYM
cjfa-20693	594	39	�	�	PROPN
cjfa-20693	594	40	�	�	PROPN
cjfa-20693	594	41	�	�	PROPN
cjfa-20693	594	42	�	�	PROPN
cjfa-20693	594	43	�	�	PROPN
cjfa-20693	594	44	�	�	PROPN
cjfa-20693	594	45	�	�	PROPN
cjfa-20693	594	46	+	+	PROPN
cjfa-20693	594	47	�	�	PROPN
cjfa-20693	594	48	�	�	PROPN
cjfa-20693	594	49	�	�	PROPN
cjfa-20693	594	50	�	�	PROPN
cjfa-20693	594	51	�	�	PROPN
cjfa-20693	594	52	�	�	PROPN
cjfa-20693	594	53	�	�	PROPN
cjfa-20693	594	54	�	�	PROPN
cjfa-20693	594	55	�	�	PROPN
cjfa-20693	594	56	�	�	PROPN
cjfa-20693	594	57	�	�	PROPN
cjfa-20693	594	58	�	�	PROPN
cjfa-20693	594	59	�	�	PROPN
cjfa-20693	594	60	�	�	PROPN
cjfa-20693	594	61	�	�	PROPN
cjfa-20693	594	62	+	+	SYM
cjfa-20693	594	63	�	�	PROPN
cjfa-20693	594	64	�	�	PROPN
cjfa-20693	594	65	�	�	PROPN
cjfa-20693	594	66	�	�	PROPN
cjfa-20693	594	67	�	�	PROPN
cjfa-20693	594	68	�	�	PROPN
cjfa-20693	594	69	�	�	PROPN
cjfa-20693	594	70	+	+	SYM
cjfa-20693	594	71	�	�	PROPN
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cjfa-20693	594	74	�	�	PROPN
cjfa-20693	594	75	�	�	PROPN
cjfa-20693	594	76	�	�	PROPN
cjfa-20693	594	77	�	�	PROPN
cjfa-20693	594	78	+	+	SYM
cjfa-20693	594	79	�	�	PROPN
cjfa-20693	594	80	�	�	PROPN
cjfa-20693	594	81	�	�	PROPN
cjfa-20693	594	82	�	�	PROPN
cjfa-20693	594	83	�	�	PROPN
cjfa-20693	594	84	�	�	PROPN
cjfa-20693	594	85	�	�	PROPN
cjfa-20693	594	86	+	+	SYM
cjfa-20693	594	87	�	�	PROPN
cjfa-20693	594	88	�	�	PROPN
cjfa-20693	594	89	�	�	PROPN
cjfa-20693	594	90	�	�	PROPN
cjfa-20693	594	91	�	�	PROPN
cjfa-20693	594	92	�	�	PROPN
cjfa-20693	594	93	�	�	PROPN
cjfa-20693	594	94	�	�	PROPN
cjfa-20693	594	95	�	�	PROPN
cjfa-20693	594	96	�	�	PROPN
cjfa-20693	594	97	�	�	PROPN
cjfa-20693	594	98	�	�	PROPN
cjfa-20693	594	99	�	�	PROPN
cjfa-20693	594	100	�	�	PROPN
cjfa-20693	594	101	�	�	PROPN
cjfa-20693	594	102	+	+	SYM
cjfa-20693	594	103	�	�	PROPN
cjfa-20693	594	104	�	�	PROPN
cjfa-20693	594	105	�	�	PROPN
cjfa-20693	594	106	�	�	PROPN
cjfa-20693	594	107	�	�	PROPN
cjfa-20693	594	108	�	�	PROPN
cjfa-20693	594	109	�	�	PROPN
cjfa-20693	594	110	+	+	SYM
cjfa-20693	594	111	�	�	PROPN
cjfa-20693	594	112	�	�	PROPN
cjfa-20693	594	113	�	�	PROPN
cjfa-20693	594	114	�	�	PROPN
cjfa-20693	594	115	�	�	PROPN
cjfa-20693	594	116	�	�	PROPN
cjfa-20693	594	117	�	�	PROPN
cjfa-20693	594	118	�	�	PROPN
cjfa-20693	594	119	�	�	PROPN
cjfa-20693	594	120	�	�	PROPN
cjfa-20693	594	121	�	�	PROPN
cjfa-20693	594	122	�	�	PROPN
cjfa-20693	594	123	�	�	PROPN
cjfa-20693	594	124	+	+	SYM
cjfa-20693	594	125	�	�	PROPN
cjfa-20693	594	126	�	�	PROPN
cjfa-20693	594	127	�	�	PROPN
cjfa-20693	594	128	�	�	PROPN
cjfa-20693	594	129	�	�	PROPN
cjfa-20693	594	130	�	�	PROPN
cjfa-20693	594	131	�	�	PROPN
cjfa-20693	594	132	�	�	PROPN
cjfa-20693	594	133	�	�	PROPN
cjfa-20693	594	134	+	+	SYM
cjfa-20693	594	135	�	�	PROPN
cjfa-20693	594	136	�	�	PROPN
cjfa-20693	594	137	�	�	PROPN
cjfa-20693	594	138	�	�	PROPN
cjfa-20693	594	139	�	�	PROPN
cjfa-20693	594	140	�	�	PROPN
cjfa-20693	594	141	�	�	PROPN
cjfa-20693	594	142	�	�	PROPN
cjfa-20693	594	143	�	�	PROPN
cjfa-20693	594	144	�	�	PROPN
cjfa-20693	594	145	�	�	PROPN
cjfa-20693	594	146	�	�	PROPN
cjfa-20693	594	147	+	+	CCONJ
cjfa-20693	594	148	+	+	PROPN
cjfa-20693	594	149	�	�	PROPN
cjfa-20693	594	150	�	�	PROPN
cjfa-20693	594	151	�	�	PROPN
cjfa-20693	594	152	�	�	PROPN
cjfa-20693	594	153	�	�	PROPN
cjfa-20693	594	154	�	�	PROPN
cjfa-20693	594	155	�	�	PROPN
cjfa-20693	594	156	�	�	PROPN
cjfa-20693	594	157	�	�	PROPN
cjfa-20693	594	158	+	+	PROPN
cjfa-20693	594	159	�	�	PROPN
cjfa-20693	594	160	�	�	PROPN
cjfa-20693	594	161	�	�	PROPN
cjfa-20693	594	162	�	�	PROPN
cjfa-20693	594	163	�	�	PROPN
cjfa-20693	594	164	�	�	PROPN
cjfa-20693	594	165	�	�	PROPN
cjfa-20693	594	166	�	�	PROPN
cjfa-20693	594	167	�	�	PROPN
cjfa-20693	594	168	�	�	PROPN
cjfa-20693	594	169	+	+	SYM
cjfa-20693	594	170	�	�	PROPN
cjfa-20693	594	171	�	�	PROPN
cjfa-20693	594	172	�	�	PROPN
cjfa-20693	594	173	�	�	PROPN
cjfa-20693	594	174	�	�	PROPN
cjfa-20693	594	175	�	�	PROPN
cjfa-20693	594	176	�	�	PROPN
cjfa-20693	594	177	�	�	PROPN
cjfa-20693	594	178	+	+	SYM
cjfa-20693	594	179	�	�	PROPN
cjfa-20693	594	180	�	�	PROPN
cjfa-20693	594	181	�	�	PROPN
cjfa-20693	594	182	�	�	PROPN
cjfa-20693	594	183	�	�	PROPN
cjfa-20693	594	184	�	�	PROPN
cjfa-20693	594	185	�	�	PROPN
cjfa-20693	594	186	�	�	PROPN
cjfa-20693	594	187	�	�	PROPN
cjfa-20693	594	188	+	+	SYM
cjfa-20693	594	189	�	�	PROPN
cjfa-20693	594	190	�	�	PROPN
cjfa-20693	594	191	�	�	PROPN
cjfa-20693	594	192	�	�	PROPN
cjfa-20693	594	193	�	�	PROPN
cjfa-20693	594	194	�	�	PROPN
cjfa-20693	594	195	�	�	PROPN
cjfa-20693	594	196	�	�	PROPN
cjfa-20693	594	197	�	�	PROPN
cjfa-20693	594	198	�	�	PROPN
cjfa-20693	594	199	�	�	PROPN
cjfa-20693	594	200	�	�	PROPN
cjfa-20693	594	201	�	�	PROPN
cjfa-20693	594	202	�	�	PROPN
cjfa-20693	594	203	+	+	CCONJ
cjfa-20693	594	204	�	�	PROPN
cjfa-20693	594	205	�	�	PROPN
cjfa-20693	594	206	�	�	PROPN
cjfa-20693	594	207	(	(	PUNCT
cjfa-20693	594	208	15	15	NUM
cjfa-20693	594	209	)	)	PUNCT
cjfa-20693	594	210	among	among	ADP
cjfa-20693	594	211	them	they	PRON
cjfa-20693	594	212	,	,	PUNCT
cjfa-20693	594	213	agentit	agentit	PROPN
cjfa-20693	594	214	is	be	AUX
cjfa-20693	594	215	agency	agency	NOUN
cjfa-20693	594	216	cost	cost	NOUN
cjfa-20693	594	217	of	of	ADP
cjfa-20693	594	218	company	company	NOUN
cjfa-20693	594	219	i	i	PRON
cjfa-20693	594	220	at	at	ADP
cjfa-20693	594	221	time	time	NOUN
cjfa-20693	594	222	t	t	PROPN
cjfa-20693	594	223	；	；	PROPN
cjfa-20693	594	224	treat	treat	NOUN
cjfa-20693	594	225	stands	stand	VERB
cjfa-20693	594	226	for	for	ADP
cjfa-20693	594	227	dummy	dummy	ADJ
cjfa-20693	594	228	variables	variable	NOUN
cjfa-20693	594	229	in	in	ADP
cjfa-20693	594	230	experimental	experimental	ADJ
cjfa-20693	594	231	group(the	group(the	PROPN
cjfa-20693	594	232	iron	iron	NOUN
cjfa-20693	594	233	cock	cock	NOUN
cjfa-20693	594	234	company	company	NOUN
cjfa-20693	594	235	,	,	PUNCT
cjfa-20693	594	236	which	which	PRON
cjfa-20693	594	237	did	do	AUX
cjfa-20693	594	238	not	not	PART
cjfa-20693	594	239	pay	pay	VERB
cjfa-20693	594	240	dividends	dividend	NOUN
cjfa-20693	594	241	for	for	ADP
cjfa-20693	594	242	three	three	NUM
cjfa-20693	594	243	consecutive	consecutive	ADJ
cjfa-20693	594	244	years	year	NOUN
cjfa-20693	594	245	before	before	SCONJ
cjfa-20693	594	246	the	the	DET
cjfa-20693	594	247	policy	policy	NOUN
cjfa-20693	594	248	was	be	AUX
cjfa-20693	594	249	introduced	introduce	VERB
cjfa-20693	594	250	,	,	PUNCT
cjfa-20693	594	251	was	be	AUX
cjfa-20693	594	252	the	the	DET
cjfa-20693	594	253	first	first	ADJ
cjfa-20693	594	254	to	to	PART
cjfa-20693	594	255	be	be	AUX
cjfa-20693	594	256	affected	affect	VERB
cjfa-20693	594	257	by	by	ADP
cjfa-20693	594	258	the	the	DET
cjfa-20693	594	259	policy	policy	NOUN
cjfa-20693	594	260	of	of	ADP
cjfa-20693	594	261	"	"	PUNCT
cjfa-20693	594	262	mandatory	mandatory	ADJ
cjfa-20693	594	263	dividend	dividend	NOUN
cjfa-20693	594	264	policy	policy	NOUN
cjfa-20693	594	265	"	"	PUNCT
cjfa-20693	594	266	.	.	PUNCT
cjfa-20693	595	1	the	the	DET
cjfa-20693	595	2	treat	treat	NOUN
cjfa-20693	595	3	is	be	AUX
cjfa-20693	595	4	1	1	NUM
cjfa-20693	595	5	,	,	PUNCT
cjfa-20693	595	6	which	which	PRON
cjfa-20693	595	7	indicates	indicate	VERB
cjfa-20693	595	8	that	that	SCONJ
cjfa-20693	595	9	listed	list	VERB
cjfa-20693	595	10	companies	company	NOUN
cjfa-20693	595	11	are	be	AUX
cjfa-20693	595	12	affected	affect	VERB
cjfa-20693	595	13	by	by	ADP
cjfa-20693	595	14	policy	policy	NOUN
cjfa-20693	595	15	shocks	shock	NOUN
cjfa-20693	595	16	;	;	PUNCT
cjfa-20693	595	17	otherwise	otherwise	ADV
cjfa-20693	595	18	,	,	PUNCT
cjfa-20693	595	19	0	0	NUM
cjfa-20693	595	20	;	;	PUNCT
cjfa-20693	595	21	law	law	NOUN
cjfa-20693	595	22	is	be	AUX
cjfa-20693	595	23	a	a	DET
cjfa-20693	595	24	policy	policy	NOUN
cjfa-20693	595	25	time	time	NOUN
cjfa-20693	595	26	variable	variable	NOUN
cjfa-20693	595	27	,	,	PUNCT
cjfa-20693	595	28	with	with	ADP
cjfa-20693	595	29	0	0	NUM
cjfa-20693	595	30	before	before	ADP
cjfa-20693	595	31	policy	policy	NOUN
cjfa-20693	595	32	and	and	CCONJ
cjfa-20693	595	33	1	1	NUM
cjfa-20693	595	34	after	after	ADP
cjfa-20693	595	35	policy	policy	NOUN
cjfa-20693	595	36	;	;	PUNCT
cjfa-20693	595	37	and	and	CCONJ
cjfa-20693	595	38	coefficient	coefficient	NOUN
cjfa-20693	595	39	of	of	ADP
cjfa-20693	595	40	3	3	NOUN
cjfa-20693	595	41	describes	describe	VERB
cjfa-20693	595	42	the	the	DET
cjfa-20693	595	43	impact	impact	NOUN
cjfa-20693	595	44	of	of	ADP
cjfa-20693	595	45	mandatory	mandatory	ADJ
cjfa-20693	595	46	dividend	dividend	NOUN
cjfa-20693	595	47	policy	policy	NOUN
cjfa-20693	595	48	on	on	ADP
cjfa-20693	595	49	agency	agency	NOUN
cjfa-20693	595	50	costs	cost	NOUN
cjfa-20693	595	51	,	,	PUNCT
cjfa-20693	595	52	which	which	PRON
cjfa-20693	595	53	is	be	AUX
cjfa-20693	595	54	the	the	DET
cjfa-20693	595	55	focus	focus	NOUN
cjfa-20693	595	56	of	of	ADP
cjfa-20693	595	57	this	this	DET
cjfa-20693	595	58	research	research	NOUN
cjfa-20693	595	59	.	.	PUNCT
cjfa-20693	596	1	table	table	NOUN
cjfa-20693	596	2	2	2	NUM
cjfa-20693	596	3	.	.	PUNCT
cjfa-20693	596	4	did	do	AUX
cjfa-20693	596	5	subgroup	subgroup	NOUN
cjfa-20693	596	6	before	before	ADP
cjfa-20693	596	7	policy	policy	NOUN
cjfa-20693	596	8	after	after	ADP
cjfa-20693	596	9	policy	policy	NOUN
cjfa-20693	596	10	total	total	NOUN
cjfa-20693	596	11	controlling	control	VERB
cjfa-20693	596	12	group	group	NOUN
cjfa-20693	596	13	6141	6141	NUM
cjfa-20693	596	14	10312	10312	NUM
cjfa-20693	596	15	16453	16453	NUM
cjfa-20693	596	16	(	(	PUNCT
cjfa-20693	596	17	15	15	NUM
cjfa-20693	596	18	)	)	PUNCT
cjfa-20693	596	19	among	among	ADP
cjfa-20693	596	20	them	they	PRON
cjfa-20693	596	21	,	,	PUNCT
cjfa-20693	596	22	agentit	agentit	PROPN
cjfa-20693	596	23	is	be	AUX
cjfa-20693	596	24	agency	agency	NOUN
cjfa-20693	596	25	cost	cost	NOUN
cjfa-20693	596	26	of	of	ADP
cjfa-20693	596	27	company	company	NOUN
cjfa-20693	596	28	i	i	PRON
cjfa-20693	596	29	at	at	ADP
cjfa-20693	596	30	time	time	NOUN
cjfa-20693	596	31	t	t	PROPN
cjfa-20693	596	32	;	;	PUNCT
cjfa-20693	596	33	treat	treat	VERB
cjfa-20693	596	34	stands	stand	VERB
cjfa-20693	596	35	for	for	ADP
cjfa-20693	596	36	dummy	dummy	ADJ
cjfa-20693	596	37	variables	variable	NOUN
cjfa-20693	596	38	in	in	ADP
cjfa-20693	596	39	experimental	experimental	ADJ
cjfa-20693	596	40	group	group	NOUN
cjfa-20693	596	41	(	(	PUNCT
cjfa-20693	596	42	the	the	DET
cjfa-20693	596	43	iron	iron	NOUN
cjfa-20693	596	44	cock	cock	NOUN
cjfa-20693	596	45	company	company	NOUN
cjfa-20693	596	46	,	,	PUNCT
cjfa-20693	596	47	which	which	PRON
cjfa-20693	596	48	did	do	AUX
cjfa-20693	596	49	not	not	PART
cjfa-20693	596	50	pay	pay	VERB
cjfa-20693	596	51	dividends	dividend	NOUN
cjfa-20693	596	52	for	for	ADP
cjfa-20693	596	53	three	three	NUM
cjfa-20693	596	54	consecutive	consecutive	ADJ
cjfa-20693	596	55	years	year	NOUN
cjfa-20693	596	56	before	before	SCONJ
cjfa-20693	596	57	the	the	DET
cjfa-20693	596	58	policy	policy	NOUN
cjfa-20693	596	59	was	be	AUX
cjfa-20693	596	60	introduced	introduce	VERB
cjfa-20693	596	61	,	,	PUNCT
cjfa-20693	596	62	was	be	AUX
cjfa-20693	596	63	the	the	DET
cjfa-20693	596	64	first	first	ADJ
cjfa-20693	596	65	to	to	PART
cjfa-20693	596	66	be	be	AUX
cjfa-20693	596	67	affected	affect	VERB
cjfa-20693	596	68	by	by	ADP
cjfa-20693	596	69	the	the	DET
cjfa-20693	596	70	policy	policy	NOUN
cjfa-20693	596	71	of	of	ADP
cjfa-20693	596	72	“	"	PUNCT
cjfa-20693	596	73	mandatory	mandatory	ADJ
cjfa-20693	596	74	dividend	dividend	NOUN
cjfa-20693	596	75	policy	policy	NOUN
cjfa-20693	596	76	”	"	PUNCT
cjfa-20693	596	77	.	.	PUNCT
cjfa-20693	597	1	the	the	DET
cjfa-20693	597	2	treat	treat	NOUN
cjfa-20693	597	3	is	be	AUX
cjfa-20693	597	4	1	1	NUM
cjfa-20693	597	5	,	,	PUNCT
cjfa-20693	597	6	which	which	PRON
cjfa-20693	597	7	indicates	indicate	VERB
cjfa-20693	597	8	that	that	SCONJ
cjfa-20693	597	9	listed	list	VERB
cjfa-20693	597	10	companies	company	NOUN
cjfa-20693	597	11	are	be	AUX
cjfa-20693	597	12	affected	affect	VERB
cjfa-20693	597	13	by	by	ADP
cjfa-20693	597	14	policy	policy	NOUN
cjfa-20693	597	15	shocks	shock	NOUN
cjfa-20693	597	16	;	;	PUNCT
cjfa-20693	597	17	otherwise	otherwise	ADV
cjfa-20693	597	18	,	,	PUNCT
cjfa-20693	597	19	0	0	NUM
cjfa-20693	597	20	;	;	PUNCT
cjfa-20693	597	21	law	law	NOUN
cjfa-20693	597	22	is	be	AUX
cjfa-20693	597	23	a	a	DET
cjfa-20693	597	24	policy	policy	NOUN
cjfa-20693	597	25	time	time	NOUN
cjfa-20693	597	26	variable	variable	NOUN
cjfa-20693	597	27	,	,	PUNCT
cjfa-20693	597	28	with	with	ADP
cjfa-20693	597	29	0	0	NUM
cjfa-20693	597	30	before	before	ADP
cjfa-20693	597	31	policy	policy	NOUN
cjfa-20693	597	32	and	and	CCONJ
cjfa-20693	597	33	1	1	NUM
cjfa-20693	597	34	after	after	ADP
cjfa-20693	597	35	policy	policy	NOUN
cjfa-20693	597	36	;	;	PUNCT
cjfa-20693	597	37	and	and	CCONJ
cjfa-20693	597	38	coefficient	coefficient	NOUN
cjfa-20693	597	39	of	of	ADP
cjfa-20693	597	40	β3	β3	ADJ
cjfa-20693	597	41	describes	describe	VERB
cjfa-20693	597	42	the	the	DET
cjfa-20693	597	43	impact	impact	NOUN
cjfa-20693	597	44	of	of	ADP
cjfa-20693	597	45	mandatory	mandatory	ADJ
cjfa-20693	597	46	dividend	dividend	NOUN
cjfa-20693	597	47	policy	policy	NOUN
cjfa-20693	597	48	on	on	ADP
cjfa-20693	597	49	agency	agency	NOUN
cjfa-20693	597	50	costs	cost	NOUN
cjfa-20693	597	51	,	,	PUNCT
cjfa-20693	597	52	which	which	PRON
cjfa-20693	597	53	is	be	AUX
cjfa-20693	597	54	the	the	DET
cjfa-20693	597	55	focus	focus	NOUN
cjfa-20693	597	56	of	of	ADP
cjfa-20693	597	57	this	this	DET
cjfa-20693	597	58	research	research	NOUN
cjfa-20693	597	59	.	.	PUNCT
cjfa-20693	598	1	table	table	NOUN
cjfa-20693	598	2	2	2	NUM
cjfa-20693	598	3	.	.	PUNCT
cjfa-20693	598	4	did	do	VERB
cjfa-20693	598	5	subgroup	subgroup	NOUN
cjfa-20693	598	6	before	before	ADP
cjfa-20693	598	7	policy	policy	NOUN
cjfa-20693	598	8	after	after	ADP
cjfa-20693	598	9	policy	policy	NOUN
cjfa-20693	598	10	total	total	NOUN
cjfa-20693	598	11	controlling	control	VERB
cjfa-20693	598	12	group	group	NOUN
cjfa-20693	598	13	6141	6141	NUM
cjfa-20693	598	14	10312	10312	NUM
cjfa-20693	598	15	16453	16453	NUM
cjfa-20693	598	16	experimental	experimental	ADJ
cjfa-20693	598	17	group	group	NOUN
cjfa-20693	598	18	1345	1345	NUM
cjfa-20693	598	19	5001	5001	NUM
cjfa-20693	598	20	6346	6346	NUM
cjfa-20693	598	21	total	total	NOUN
cjfa-20693	598	22	7486	7486	NUM
cjfa-20693	598	23	15313	15313	NUM
cjfa-20693	598	24	s	s	PART
cjfa-20693	598	25	o	o	X
cjfa-20693	598	26	u	u	NOUN
cjfa-20693	598	27	r	r	NOUN
cjfa-20693	598	28	c	c	NOUN
cjfa-20693	598	29	e	e	NOUN
cjfa-20693	598	30	:	:	PUNCT
cjfa-20693	598	31	author	author	NOUN
cjfa-20693	598	32	’s	’s	PART
cjfa-20693	598	33	calculation	calculation	NOUN
cjfa-20693	598	34	based	base	VERB
cjfa-20693	598	35	upon	upon	SCONJ
cjfa-20693	598	36	the	the	DET
cjfa-20693	598	37	great	great	ADJ
cjfa-20693	598	38	intelligence	intelligence	NOUN
cjfa-20693	598	39	database	database	NOUN
cjfa-20693	598	40	in	in	ADP
cjfa-20693	598	41	china	china	PROPN
cjfa-20693	598	42	.	.	PUNCT
cjfa-20693	599	1	(	(	PUNCT
cjfa-20693	599	2	2	2	X
cjfa-20693	599	3	)	)	PUNCT
cjfa-20693	599	4	test	test	NOUN
cjfa-20693	599	5	of	of	ADP
cjfa-20693	599	6	parallel	parallel	ADJ
cjfa-20693	599	7	trend	trend	NOUN
cjfa-20693	599	8	hypothesis	hypothesis	NOUN
cjfa-20693	599	9	however	however	ADV
cjfa-20693	599	10	,	,	PUNCT
cjfa-20693	599	11	one	one	NUM
cjfa-20693	599	12	of	of	ADP
cjfa-20693	599	13	the	the	DET
cjfa-20693	599	14	prerequisites	prerequisite	NOUN
cjfa-20693	599	15	is	be	AUX
cjfa-20693	599	16	that	that	SCONJ
cjfa-20693	599	17	the	the	DET
cjfa-20693	599	18	parallel	parallel	ADJ
cjfa-20693	599	19	trend	trend	NOUN
cjfa-20693	599	20	hypothesis	hypothesis	NOUN
cjfa-20693	599	21	is	be	AUX
cjfa-20693	599	22	satisfied	satisfied	ADJ
cjfa-20693	599	23	between	between	ADP
cjfa-20693	599	24	the	the	DET
cjfa-20693	599	25	experimental	experimental	ADJ
cjfa-20693	599	26	group	group	NOUN
cjfa-20693	599	27	and	and	CCONJ
cjfa-20693	599	28	the	the	DET
cjfa-20693	599	29	control	control	NOUN
cjfa-20693	599	30	group	group	NOUN
cjfa-20693	599	31	for	for	ADP
cjfa-20693	599	32	unbiased	unbiased	ADJ
cjfa-20693	599	33	estimation	estimation	NOUN
cjfa-20693	599	34	results	result	NOUN
cjfa-20693	599	35	of	of	ADP
cjfa-20693	599	36	double	double	ADJ
cjfa-20693	599	37	difference	difference	NOUN
cjfa-20693	599	38	method	method	NOUN
cjfa-20693	599	39	,	,	PUNCT
cjfa-20693	599	40	that	that	ADV
cjfa-20693	599	41	is	is	ADV
cjfa-20693	599	42	,	,	PUNCT
cjfa-20693	599	43	the	the	DET
cjfa-20693	599	44	treatment	treatment	NOUN
cjfa-20693	599	45	group	group	NOUN
cjfa-20693	599	46	and	and	CCONJ
cjfa-20693	599	47	the	the	DET
cjfa-20693	599	48	control	control	NOUN
cjfa-20693	599	49	group	group	NOUN
cjfa-20693	599	50	should	should	AUX
cjfa-20693	599	51	have	have	VERB
cjfa-20693	599	52	the	the	DET
cjfa-20693	599	53	same	same	ADJ
cjfa-20693	599	54	change	change	NOUN
cjfa-20693	599	55	trend	trend	NOUN
cjfa-20693	599	56	before	before	SCONJ
cjfa-20693	599	57	the	the	DET
cjfa-20693	599	58	event	event	NOUN
cjfa-20693	599	59	occurs	occur	VERB
cjfa-20693	599	60	,	,	PUNCT
cjfa-20693	599	61	otherwise	otherwise	ADV
cjfa-20693	599	62	the	the	DET
cjfa-20693	599	63	double	double	ADJ
cjfa-20693	599	64	difference	difference	NOUN
cjfa-20693	599	65	method	method	NOUN
cjfa-20693	599	66	will	will	AUX
cjfa-20693	599	67	overestimate	overestimate	VERB
cjfa-20693	599	68	or	or	CCONJ
cjfa-20693	599	69	underestimate	underestimate	VERB
cjfa-20693	599	70	the	the	DET
cjfa-20693	599	71	effect	effect	NOUN
cjfa-20693	599	72	of	of	ADP
cjfa-20693	599	73	the	the	DET
cjfa-20693	599	74	event	event	NOUN
cjfa-20693	599	75	.	.	PUNCT
cjfa-20693	600	1	in	in	ADP
cjfa-20693	600	2	order	order	NOUN
cjfa-20693	600	3	to	to	PART
cjfa-20693	600	4	verify	verify	VERB
cjfa-20693	600	5	the	the	DET
cjfa-20693	600	6	hypothesis	hypothesis	NOUN
cjfa-20693	600	7	of	of	ADP
cjfa-20693	600	8	parallel	parallel	ADJ
cjfa-20693	600	9	trend	trend	NOUN
cjfa-20693	600	10	,	,	PUNCT
cjfa-20693	600	11	this	this	DET
cjfa-20693	600	12	paper	paper	NOUN
cjfa-20693	600	13	investigates	investigate	VERB
cjfa-20693	600	14	it	it	PRON
cjfa-20693	600	15	with	with	ADP
cjfa-20693	600	16	the	the	DET
cjfa-20693	600	17	aid	aid	NOUN
cjfa-20693	600	18	of	of	ADP
cjfa-20693	600	19	event	event	NOUN
cjfa-20693	600	20	study	study	NOUN
cjfa-20693	600	21	method	method	NOUN
cjfa-20693	600	22	.	.	PUNCT
cjfa-20693	601	1	if	if	SCONJ
cjfa-20693	601	2	the	the	DET
cjfa-20693	601	3	hypothesis	hypothesis	NOUN
cjfa-20693	601	4	of	of	ADP
cjfa-20693	601	5	parallel	parallel	ADJ
cjfa-20693	601	6	trend	trend	NOUN
cjfa-20693	601	7	holds	hold	VERB
cjfa-20693	601	8	,	,	PUNCT
cjfa-20693	601	9	then	then	ADV
cjfa-20693	601	10	the	the	DET
cjfa-20693	601	11	reduction	reduction	NOUN
cjfa-20693	601	12	of	of	ADP
cjfa-20693	601	13	agency	agency	NOUN
cjfa-20693	601	14	cost	cost	NOUN
cjfa-20693	601	15	of	of	ADP
cjfa-20693	601	16	iron	iron	NOUN
cjfa-20693	601	17	cock	cock	NOUN
cjfa-20693	601	18	company	company	NOUN
cjfa-20693	601	19	will	will	AUX
cjfa-20693	601	20	only	only	ADV
cjfa-20693	601	21	occur	occur	VERB
cjfa-20693	601	22	after	after	ADP
cjfa-20693	601	23	the	the	DET
cjfa-20693	601	24	mandatory	mandatory	ADJ
cjfa-20693	601	25	dividend	dividend	NOUN
cjfa-20693	601	26	policy	policy	NOUN
cjfa-20693	601	27	,	,	PUNCT
cjfa-20693	601	28	and	and	CCONJ
cjfa-20693	601	29	there	there	PRON
cjfa-20693	601	30	should	should	AUX
cjfa-20693	601	31	be	be	AUX
cjfa-20693	601	32	no	no	DET
cjfa-20693	601	33	significant	significant	ADJ
cjfa-20693	601	34	difference	difference	NOUN
cjfa-20693	601	35	between	between	ADP
cjfa-20693	601	36	the	the	DET
cjfa-20693	601	37	change	change	NOUN
cjfa-20693	601	38	trend	trend	NOUN
cjfa-20693	601	39	of	of	ADP
cjfa-20693	601	40	the	the	DET
cjfa-20693	601	41	experimental	experimental	ADJ
cjfa-20693	601	42	group	group	NOUN
cjfa-20693	601	43	and	and	CCONJ
cjfa-20693	601	44	the	the	DET
cjfa-20693	601	45	controlling	control	VERB
cjfa-20693	601	46	group	group	NOUN
cjfa-20693	601	47	before	before	ADP
cjfa-20693	601	48	that	that	PRON
cjfa-20693	601	49	.	.	PUNCT
cjfa-20693	602	1	the	the	DET
cjfa-20693	602	2	test	test	NOUN
cjfa-20693	602	3	of	of	ADP
cjfa-20693	602	4	parallel	parallel	ADJ
cjfa-20693	602	5	trend	trend	NOUN
cjfa-20693	602	6	hypothesis	hypothesis	NOUN
cjfa-20693	602	7	can	can	AUX
cjfa-20693	602	8	also	also	ADV
cjfa-20693	602	9	eliminate	eliminate	VERB
cjfa-20693	602	10	the	the	DET
cjfa-20693	602	11	problem	problem	NOUN
cjfa-20693	602	12	of	of	ADP
cjfa-20693	602	13	self	self	NOUN
cjfa-20693	602	14	-	-	PUNCT
cjfa-20693	602	15	selection	selection	NOUN
cjfa-20693	602	16	in	in	ADP
cjfa-20693	602	17	did	do	AUX
cjfa-20693	602	18	regression	regression	VERB
cjfa-20693	602	19	to	to	ADP
cjfa-20693	602	20	some	some	DET
cjfa-20693	602	21	extent	extent	NOUN
cjfa-20693	602	22	.	.	PUNCT
cjfa-20693	603	1	can	can	AUX
cjfa-20693	603	2	mandatory	mandatory	ADJ
cjfa-20693	603	3	dividend	dividend	NOUN
cjfa-20693	603	4	policy	policy	NOUN
cjfa-20693	603	5	reduce	reduce	VERB
cjfa-20693	603	6	…	…	PUNCT
cjfa-20693	603	7	81	81	NUM
cjfa-20693	603	8	table	table	NOUN
cjfa-20693	603	9	3	3	NUM
cjfa-20693	603	10	.	.	PUNCT
cjfa-20693	603	11	equilibrium	equilibrium	NOUN
cjfa-20693	603	12	trend	trend	NOUN
cjfa-20693	603	13	hypothesis	hypothesis	NOUN
cjfa-20693	603	14	test	test	NOUN
cjfa-20693	603	15	variable	variable	NOUN
cjfa-20693	603	16	2010	2010	NUM
cjfa-20693	603	17	2011	2011	NUM
cjfa-20693	603	18	2012	2012	NUM
cjfa-20693	603	19	2013	2013	NUM
cjfa-20693	603	20	2014	2014	NUM
cjfa-20693	603	21	2015–2017	2015–2017	NUM
cjfa-20693	603	22	agent	agent	NOUN
cjfa-20693	603	23	i	i	PRON
cjfa-20693	603	24	-0.006	-0.006	PROPN
cjfa-20693	603	25	(	(	PUNCT
cjfa-20693	603	26	-1.24	-1.24	NOUN
cjfa-20693	603	27	)	)	PUNCT
cjfa-20693	603	28	-0.006	-0.006	PROPN
cjfa-20693	603	29	(	(	PUNCT
cjfa-20693	603	30	-1.16	-1.16	NOUN
cjfa-20693	603	31	)	)	PUNCT
cjfa-20693	603	32	-0.016	-0.016	PUNCT
cjfa-20693	603	33	*	*	PUNCT
cjfa-20693	604	1	*	*	PUNCT
cjfa-20693	604	2	*	*	PUNCT
cjfa-20693	604	3	(	(	PUNCT
cjfa-20693	604	4	-3.37	-3.37	NOUN
cjfa-20693	604	5	)	)	PUNCT
cjfa-20693	604	6	-0.012	-0.012	NOUN
cjfa-20693	604	7	*	*	PUNCT
cjfa-20693	604	8	*	*	PUNCT
cjfa-20693	604	9	*	*	PUNCT
cjfa-20693	604	10	(	(	PUNCT
cjfa-20693	604	11	-2.57	-2.57	NUM
cjfa-20693	604	12	)	)	PUNCT
cjfa-20693	604	13	-0.011	-0.011	NOUN
cjfa-20693	605	1	*	*	PUNCT
cjfa-20693	605	2	*	*	PUNCT
cjfa-20693	605	3	(	(	PUNCT
cjfa-20693	605	4	-2.26	-2.26	X
cjfa-20693	605	5	)	)	PUNCT
cjfa-20693	605	6	-0.016	-0.016	NOUN
cjfa-20693	605	7	*	*	PUNCT
cjfa-20693	605	8	*	*	PUNCT
cjfa-20693	605	9	*	*	PUNCT
cjfa-20693	605	10	(	(	PUNCT
cjfa-20693	605	11	-4.24	-4.24	NOUN
cjfa-20693	605	12	)	)	PUNCT
cjfa-20693	605	13	controlling	control	VERB
cjfa-20693	605	14	variable	variable	ADJ
cjfa-20693	605	15	control	control	NOUN
cjfa-20693	605	16	control	control	PROPN
cjfa-20693	605	17	control	control	PROPN
cjfa-20693	605	18	control	control	PROPN
cjfa-20693	605	19	control	control	PROPN
cjfa-20693	605	20	control	control	PROPN
cjfa-20693	605	21	year	year	PROPN
cjfa-20693	605	22	control	control	PROPN
cjfa-20693	605	23	control	control	PROPN
cjfa-20693	605	24	control	control	PROPN
cjfa-20693	605	25	control	control	PROPN
cjfa-20693	605	26	control	control	PROPN
cjfa-20693	605	27	control	control	PROPN
cjfa-20693	605	28	industry	industry	NOUN
cjfa-20693	605	29	control	control	PROPN
cjfa-20693	605	30	control	control	PROPN
cjfa-20693	605	31	control	control	PROPN
cjfa-20693	605	32	control	control	PROPN
cjfa-20693	605	33	control	control	PROPN
cjfa-20693	605	34	control	control	PROPN
cjfa-20693	605	35	n	n	PROPN
cjfa-20693	605	36	23129	23129	NUM
cjfa-20693	605	37	23129	23129	NUM
cjfa-20693	605	38	23129	23129	NUM
cjfa-20693	605	39	23129	23129	NUM
cjfa-20693	605	40	23129	23129	NUM
cjfa-20693	605	41	23129	23129	NUM
cjfa-20693	605	42	note	note	NOUN
cjfa-20693	605	43	:	:	PUNCT
cjfa-20693	605	44	standard	standard	ADJ
cjfa-20693	605	45	errors	error	NOUN
cjfa-20693	605	46	in	in	ADP
cjfa-20693	605	47	parentheses	parenthesis	NOUN
cjfa-20693	605	48	.	.	PUNCT
cjfa-20693	606	1	*	*	PUNCT
cjfa-20693	606	2	*	*	PUNCT
cjfa-20693	606	3	*	*	PUNCT
cjfa-20693	606	4	p<0.01	p<0.01	PROPN
cjfa-20693	606	5	,	,	PUNCT
cjfa-20693	606	6	*	*	PUNCT
cjfa-20693	606	7	*	*	PUNCT
cjfa-20693	606	8	p<0.05	p<0.05	NOUN
cjfa-20693	606	9	,	,	PUNCT
cjfa-20693	606	10	*	*	PUNCT
cjfa-20693	606	11	p<0.1	p<0.1	NUM
cjfa-20693	606	12	s	s	NOUN
cjfa-20693	606	13	o	o	NOUN
cjfa-20693	606	14	u	u	NOUN
cjfa-20693	606	15	r	r	NOUN
cjfa-20693	606	16	c	c	NOUN
cjfa-20693	606	17	e	e	NOUN
cjfa-20693	606	18	:	:	PUNCT
cjfa-20693	606	19	author	author	NOUN
cjfa-20693	606	20	’s	’s	PART
cjfa-20693	606	21	calculation	calculation	NOUN
cjfa-20693	606	22	based	base	VERB
cjfa-20693	606	23	upon	upon	SCONJ
cjfa-20693	606	24	the	the	DET
cjfa-20693	606	25	great	great	ADJ
cjfa-20693	606	26	intelligence	intelligence	NOUN
cjfa-20693	606	27	database	database	NOUN
cjfa-20693	606	28	in	in	ADP
cjfa-20693	606	29	china	china	PROPN
cjfa-20693	606	30	.	.	PUNCT
cjfa-20693	607	1	according	accord	VERB
cjfa-20693	607	2	to	to	ADP
cjfa-20693	607	3	table	table	NOUN
cjfa-20693	607	4	3	3	NUM
cjfa-20693	607	5	,	,	PUNCT
cjfa-20693	607	6	we	we	PRON
cjfa-20693	607	7	can	can	AUX
cjfa-20693	607	8	see	see	VERB
cjfa-20693	607	9	that	that	SCONJ
cjfa-20693	607	10	the	the	DET
cjfa-20693	607	11	coefficients	coefficient	NOUN
cjfa-20693	607	12	of	of	ADP
cjfa-20693	607	13	before2	before2	NOUN
cjfa-20693	607	14	and	and	CCONJ
cjfa-20693	607	15	before1	before1	X
cjfa-20693	607	16	before	before	SCONJ
cjfa-20693	607	17	the	the	DET
cjfa-20693	607	18	policy	policy	NOUN
cjfa-20693	607	19	are	be	AUX
cjfa-20693	607	20	not	not	PART
cjfa-20693	607	21	significant	significant	ADJ
cjfa-20693	607	22	,	,	PUNCT
cjfa-20693	607	23	that	that	PRON
cjfa-20693	607	24	is	be	AUX
cjfa-20693	607	25	to	to	PART
cjfa-20693	607	26	say	say	VERB
cjfa-20693	607	27	,	,	PUNCT
cjfa-20693	607	28	there	there	PRON
cjfa-20693	607	29	is	be	VERB
cjfa-20693	607	30	no	no	DET
cjfa-20693	607	31	significant	significant	ADJ
cjfa-20693	607	32	difference	difference	NOUN
cjfa-20693	607	33	in	in	ADP
cjfa-20693	607	34	agency	agency	NOUN
cjfa-20693	607	35	costs	cost	NOUN
cjfa-20693	607	36	before	before	ADP
cjfa-20693	607	37	the	the	DET
cjfa-20693	607	38	policy	policy	NOUN
cjfa-20693	607	39	.	.	PUNCT
cjfa-20693	608	1	however	however	ADV
cjfa-20693	608	2	,	,	PUNCT
cjfa-20693	608	3	in	in	ADP
cjfa-20693	608	4	the	the	DET
cjfa-20693	608	5	current	current	ADJ
cjfa-20693	608	6	year	year	NOUN
cjfa-20693	608	7	,	,	PUNCT
cjfa-20693	608	8	the	the	DET
cjfa-20693	608	9	year	year	NOUN
cjfa-20693	608	10	after	after	ADP
cjfa-20693	608	11	the	the	DET
cjfa-20693	608	12	policy	policy	NOUN
cjfa-20693	608	13	and	and	CCONJ
cjfa-20693	608	14	the	the	DET
cjfa-20693	608	15	remaining	remain	VERB
cjfa-20693	608	16	three	three	NUM
cjfa-20693	608	17	years	year	NOUN
cjfa-20693	608	18	after	after	ADP
cjfa-20693	608	19	the	the	DET
cjfa-20693	608	20	policy	policy	NOUN
cjfa-20693	608	21	,	,	PUNCT
cjfa-20693	608	22	the	the	DET
cjfa-20693	608	23	coefficient	coefficient	NOUN
cjfa-20693	608	24	of	of	ADP
cjfa-20693	608	25	after2	after2	NOUN
cjfa-20693	608	26	is	be	AUX
cjfa-20693	608	27	1	1	NUM
cjfa-20693	608	28	%	%	NOUN
cjfa-20693	608	29	.	.	PUNCT
cjfa-20693	609	1	only	only	ADV
cjfa-20693	609	2	in	in	ADP
cjfa-20693	609	3	the	the	DET
cjfa-20693	609	4	two	two	NUM
cjfa-20693	609	5	years	year	NOUN
cjfa-20693	609	6	after	after	ADP
cjfa-20693	609	7	the	the	DET
cjfa-20693	609	8	policy	policy	NOUN
cjfa-20693	609	9	,	,	PUNCT
cjfa-20693	609	10	the	the	DET
cjfa-20693	609	11	level	level	NOUN
cjfa-20693	609	12	of	of	ADP
cjfa-20693	609	13	after2	after2	NOUN
cjfa-20693	609	14	is	be	AUX
cjfa-20693	609	15	5	5	NUM
cjfa-20693	609	16	%	%	NOUN
cjfa-20693	609	17	.	.	PUNCT
cjfa-20693	610	1	that	that	PRON
cjfa-20693	610	2	is	be	AUX
cjfa-20693	610	3	,	,	PUNCT
cjfa-20693	610	4	after	after	ADP
cjfa-20693	610	5	the	the	DET
cjfa-20693	610	6	policy	policy	NOUN
cjfa-20693	610	7	,	,	PUNCT
cjfa-20693	610	8	the	the	DET
cjfa-20693	610	9	proxy	proxy	NOUN
cjfa-20693	610	10	cost	cost	NOUN
cjfa-20693	610	11	decreases	decrease	NOUN
cjfa-20693	610	12	significantly	significantly	ADV
cjfa-20693	610	13	.	.	PUNCT
cjfa-20693	611	1	therefore	therefore	ADV
cjfa-20693	611	2	,	,	PUNCT
cjfa-20693	611	3	the	the	DET
cjfa-20693	611	4	parallel	parallel	ADJ
cjfa-20693	611	5	trend	trend	NOUN
cjfa-20693	611	6	assumption	assumption	NOUN
cjfa-20693	611	7	required	require	VERB
cjfa-20693	611	8	by	by	ADP
cjfa-20693	611	9	the	the	DET
cjfa-20693	611	10	double	double	ADJ
cjfa-20693	611	11	difference	difference	NOUN
cjfa-20693	611	12	model	model	NOUN
cjfa-20693	611	13	is	be	AUX
cjfa-20693	611	14	satisfied	satisfied	ADJ
cjfa-20693	611	15	.	.	PUNCT
cjfa-20693	612	1	2	2	X
cjfa-20693	612	2	.	.	X
cjfa-20693	612	3	definition	definition	NOUN
cjfa-20693	612	4	and	and	CCONJ
cjfa-20693	612	5	description	description	NOUN
cjfa-20693	612	6	of	of	ADP
cjfa-20693	612	7	variables	variable	NOUN
cjfa-20693	612	8	(	(	PUNCT
cjfa-20693	612	9	1	1	X
cjfa-20693	612	10	)	)	PUNCT
cjfa-20693	612	11	explained	explain	VERB
cjfa-20693	612	12	variables	variable	NOUN
cjfa-20693	612	13	agent	agent	NOUN
cjfa-20693	612	14	cost	cost	NOUN
cjfa-20693	612	15	.	.	PUNCT
cjfa-20693	613	1	referring	refer	VERB
cjfa-20693	613	2	to	to	ADP
cjfa-20693	613	3	wei	wei	PROPN
cjfa-20693	613	4	zhihua	zhihua	PROPN
cjfa-20693	613	5	,	,	PUNCT
cjfa-20693	613	6	wu	wu	PROPN
cjfa-20693	613	7	yuhui	yuhui	PROPN
cjfa-20693	613	8	and	and	CCONJ
cjfa-20693	613	9	li	li	PROPN
cjfa-20693	613	10	changqing	changqe	VERB
cjfa-20693	613	11	(	(	PUNCT
cjfa-20693	613	12	2012	2012	NUM
cjfa-20693	613	13	)	)	PUNCT
cjfa-20693	613	14	,	,	PUNCT
cjfa-20693	613	15	the	the	DET
cjfa-20693	613	16	agency	agency	NOUN
cjfa-20693	613	17	cost	cost	NOUN
cjfa-20693	613	18	rate	rate	NOUN
cjfa-20693	613	19	(	(	PUNCT
cjfa-20693	613	20	agent	agent	NOUN
cjfa-20693	613	21	,	,	PUNCT
cjfa-20693	613	22	management	management	NOUN
cjfa-20693	613	23	cost	cost	NOUN
cjfa-20693	613	24	/	/	SYM
cjfa-20693	613	25	operating	operate	VERB
cjfa-20693	613	26	income	income	NOUN
cjfa-20693	613	27	)	)	PUNCT
cjfa-20693	613	28	was	be	AUX
cjfa-20693	613	29	used	use	VERB
cjfa-20693	613	30	to	to	PART
cjfa-20693	613	31	measure	measure	VERB
cjfa-20693	613	32	the	the	DET
cjfa-20693	613	33	agency	agency	NOUN
cjfa-20693	613	34	cost	cost	NOUN
cjfa-20693	613	35	between	between	ADP
cjfa-20693	613	36	shareholders	shareholder	NOUN
cjfa-20693	613	37	and	and	CCONJ
cjfa-20693	613	38	managers	manager	NOUN
cjfa-20693	613	39	.	.	PUNCT
cjfa-20693	614	1	that	that	PRON
cjfa-20693	614	2	is	be	AUX
cjfa-20693	614	3	to	to	PART
cjfa-20693	614	4	say	say	VERB
cjfa-20693	614	5	,	,	PUNCT
cjfa-20693	614	6	the	the	PRON
cjfa-20693	614	7	higher	high	ADJ
cjfa-20693	614	8	the	the	DET
cjfa-20693	614	9	management	management	NOUN
cjfa-20693	614	10	fee	fee	NOUN
cjfa-20693	614	11	rate	rate	NOUN
cjfa-20693	614	12	is	be	AUX
cjfa-20693	614	13	,	,	PUNCT
cjfa-20693	614	14	the	the	PRON
cjfa-20693	614	15	higher	high	ADJ
cjfa-20693	614	16	the	the	DET
cjfa-20693	614	17	agency	agency	NOUN
cjfa-20693	614	18	cost	cost	NOUN
cjfa-20693	614	19	of	of	ADP
cjfa-20693	614	20	listed	list	VERB
cjfa-20693	614	21	companies	company	NOUN
cjfa-20693	614	22	is	be	AUX
cjfa-20693	614	23	.	.	PUNCT
cjfa-20693	615	1	(	(	PUNCT
cjfa-20693	615	2	2	2	X
cjfa-20693	615	3	)	)	PUNCT
cjfa-20693	615	4	explanation	explanation	NOUN
cjfa-20693	615	5	variables	variable	NOUN
cjfa-20693	615	6	and	and	CCONJ
cjfa-20693	615	7	control	control	NOUN
cjfa-20693	615	8	variables	variable	NOUN
cjfa-20693	615	9	the	the	DET
cjfa-20693	615	10	mandatory	mandatory	ADJ
cjfa-20693	615	11	dividend	dividend	NOUN
cjfa-20693	615	12	policy	policy	NOUN
cjfa-20693	615	13	(	(	PUNCT
cjfa-20693	615	14	law	law	NOUN
cjfa-20693	615	15	)	)	PUNCT
cjfa-20693	615	16	was	be	AUX
cjfa-20693	615	17	proposed	propose	VERB
cjfa-20693	615	18	on	on	ADP
cjfa-20693	615	19	november	november	PROPN
cjfa-20693	615	20	9	9	NUM
cjfa-20693	615	21	,	,	PUNCT
cjfa-20693	615	22	2011	2011	NUM
cjfa-20693	615	23	,	,	PUNCT
cjfa-20693	615	24	so	so	CCONJ
cjfa-20693	615	25	the	the	DET
cjfa-20693	615	26	mandatory	mandatory	ADJ
cjfa-20693	615	27	dividend	dividend	NOUN
cjfa-20693	615	28	policy	policy	NOUN
cjfa-20693	615	29	(	(	PUNCT
cjfa-20693	615	30	after	after	ADP
cjfa-20693	615	31	2012	2012	NUM
cjfa-20693	615	32	,	,	PUNCT
cjfa-20693	615	33	the	the	DET
cjfa-20693	615	34	value	value	NOUN
cjfa-20693	615	35	is	be	AUX
cjfa-20693	615	36	1	1	NUM
cjfa-20693	615	37	,	,	PUNCT
cjfa-20693	615	38	otherwise	otherwise	ADV
cjfa-20693	615	39	0	0	NUM
cjfa-20693	615	40	)	)	PUNCT
cjfa-20693	615	41	.	.	PUNCT
cjfa-20693	616	1	for	for	ADP
cjfa-20693	616	2	the	the	DET
cjfa-20693	616	3	control	control	NOUN
cjfa-20693	616	4	variables	variable	NOUN
cjfa-20693	616	5	,	,	PUNCT
cjfa-20693	616	6	using	use	VERB
cjfa-20693	616	7	the	the	DET
cjfa-20693	616	8	existing	exist	VERB
cjfa-20693	616	9	literature	literature	NOUN
cjfa-20693	616	10	for	for	ADP
cjfa-20693	616	11	reference	reference	NOUN
cjfa-20693	616	12	,	,	PUNCT
cjfa-20693	616	13	this	this	DET
cjfa-20693	616	14	paper	paper	NOUN
cjfa-20693	616	15	regards	regard	VERB
cjfa-20693	616	16	qin	qin	PROPN
cjfa-20693	616	17	hailin	hailin	PROPN
cjfa-20693	616	18	,	,	PUNCT
cjfa-20693	616	19	zhang	zhang	PROPN
cjfa-20693	616	20	jingxu82	jingxu82	PROPN
cjfa-20693	616	21	asset	asset	PROPN
cjfa-20693	616	22	-	-	PUNCT
cjfa-20693	616	23	liability	liability	NOUN
cjfa-20693	616	24	ratio	ratio	NOUN
cjfa-20693	616	25	(	(	PUNCT
cjfa-20693	616	26	lev	lev	NOUN
cjfa-20693	616	27	)	)	PUNCT
cjfa-20693	616	28	,	,	PUNCT
cjfa-20693	616	29	profitability	profitability	NOUN
cjfa-20693	616	30	(	(	PUNCT
cjfa-20693	616	31	roe	roe	NOUN
cjfa-20693	616	32	)	)	PUNCT
cjfa-20693	616	33	,	,	PUNCT
cjfa-20693	616	34	large	large	ADJ
cjfa-20693	616	35	shareholder	shareholder	NOUN
cjfa-20693	616	36	shareholding	shareholding	NOUN
cjfa-20693	616	37	ratio	ratio	NOUN
cjfa-20693	616	38	(	(	PUNCT
cjfa-20693	616	39	sh1	sh1	PROPN
cjfa-20693	616	40	)	)	PUNCT
cjfa-20693	616	41	,	,	PUNCT
cjfa-20693	616	42	enterprise	enterprise	NOUN
cjfa-20693	616	43	asset	asset	NOUN
cjfa-20693	616	44	investment	investment	NOUN
cjfa-20693	616	45	(	(	PUNCT
cjfa-20693	616	46	capex	capex	NOUN
cjfa-20693	616	47	)	)	PUNCT
cjfa-20693	616	48	,	,	PUNCT
cjfa-20693	616	49	year	year	NOUN
cjfa-20693	616	50	and	and	CCONJ
cjfa-20693	616	51	industry	industry	NOUN
cjfa-20693	616	52	dummy	dummy	ADJ
cjfa-20693	616	53	variables	variable	NOUN
cjfa-20693	616	54	as	as	ADP
cjfa-20693	616	55	control	control	NOUN
cjfa-20693	616	56	variables	variable	NOUN
cjfa-20693	616	57	.	.	PUNCT
cjfa-20693	617	1	specific	specific	ADJ
cjfa-20693	617	2	definitions	definition	NOUN
cjfa-20693	617	3	and	and	CCONJ
cjfa-20693	617	4	calculations	calculation	NOUN
cjfa-20693	617	5	of	of	ADP
cjfa-20693	617	6	each	each	DET
cjfa-20693	617	7	variable	variable	NOUN
cjfa-20693	617	8	are	be	AUX
cjfa-20693	617	9	shown	show	VERB
cjfa-20693	617	10	in	in	ADP
cjfa-20693	617	11	table	table	NOUN
cjfa-20693	617	12	3	3	NUM
cjfa-20693	617	13	.	.	PUNCT
cjfa-20693	617	14	table	table	NOUN
cjfa-20693	617	15	4	4	NUM
cjfa-20693	617	16	.	.	PUNCT
cjfa-20693	617	17	variable	variable	ADJ
cjfa-20693	617	18	definition	definition	NOUN
cjfa-20693	617	19	measure	measure	NOUN
cjfa-20693	617	20	agent	agent	NOUN
cjfa-20693	617	21	treat	treat	NOUN
cjfa-20693	617	22	div	div	PROPN
cjfa-20693	617	23	law	law	NOUN
cjfa-20693	617	24	roe	roe	NOUN
cjfa-20693	617	25	lev	lev	PROPN
cjfa-20693	617	26	sh1	sh1	PROPN
cjfa-20693	617	27	roa	roa	PROPN
cjfa-20693	617	28	firmage	firmage	NOUN
cjfa-20693	617	29	cash	cash	NOUN
cjfa-20693	617	30	bps	bps	NOUN
cjfa-20693	617	31	capex	capex	NOUN
cjfa-20693	617	32	retained	retain	VERB
cjfa-20693	617	33	gem	gem	NOUN
cjfa-20693	617	34	soe	soe	PROPN
cjfa-20693	617	35	dual	dual	ADJ
cjfa-20693	617	36	year	year	NOUN
cjfa-20693	617	37	industry	industry	NOUN
cjfa-20693	617	38	agent	agent	NOUN
cjfa-20693	617	39	cost	cost	NOUN
cjfa-20693	617	40	subgroup	subgroup	NOUN
cjfa-20693	617	41	variable	variable	ADJ
cjfa-20693	617	42	cash	cash	NOUN
cjfa-20693	617	43	dividend	dividend	NOUN
cjfa-20693	617	44	per	per	ADP
cjfa-20693	617	45	share	share	NOUN
cjfa-20693	617	46	policy	policy	NOUN
cjfa-20693	617	47	variable	variable	ADJ
cjfa-20693	617	48	profitability	profitability	NOUN
cjfa-20693	617	49	level	level	NOUN
cjfa-20693	617	50	asset	asset	NOUN
cjfa-20693	617	51	-	-	PUNCT
cjfa-20693	617	52	liability	liability	NOUN
cjfa-20693	617	53	ratio	ratio	NOUN
cjfa-20693	617	54	asset	asset	NOUN
cjfa-20693	617	55	-	-	PUNCT
cjfa-20693	617	56	liability	liability	NOUN
cjfa-20693	617	57	ratio	ratio	NOUN
cjfa-20693	617	58	shareholding	shareholding	NOUN
cjfa-20693	617	59	ratio	ratio	NOUN
cjfa-20693	617	60	of	of	ADP
cjfa-20693	617	61	the	the	DET
cjfa-20693	617	62	largest	large	ADJ
cjfa-20693	617	63	shareholder	shareholder	NOUN
cjfa-20693	617	64	profitability	profitability	NOUN
cjfa-20693	617	65	company	company	NOUN
cjfa-20693	617	66	age	age	NOUN
cjfa-20693	617	67	internal	internal	ADJ
cjfa-20693	617	68	cash	cash	NOUN
cjfa-20693	617	69	flow	flow	NOUN
cjfa-20693	617	70	net	net	ADJ
cjfa-20693	617	71	asset	asset	NOUN
cjfa-20693	617	72	value	value	NOUN
cjfa-20693	617	73	per	per	ADP
cjfa-20693	617	74	share	share	NOUN
cjfa-20693	617	75	capital	capital	NOUN
cjfa-20693	617	76	expenditure	expenditure	NOUN
cjfa-20693	617	77	retained	retain	VERB
cjfa-20693	617	78	earnings	earning	NOUN
cjfa-20693	617	79	per	per	ADP
cjfa-20693	617	80	share	share	NOUN
cjfa-20693	617	81	company	company	NOUN
cjfa-20693	617	82	’s	’s	PART
cjfa-20693	617	83	plate	plate	NOUN
cjfa-20693	617	84	the	the	DET
cjfa-20693	617	85	nature	nature	NOUN
cjfa-20693	617	86	of	of	ADP
cjfa-20693	617	87	enterprise	enterprise	NOUN
cjfa-20693	617	88	property	property	NOUN
cjfa-20693	617	89	rights	right	NOUN
cjfa-20693	617	90	integration	integration	NOUN
cjfa-20693	617	91	of	of	ADP
cjfa-20693	617	92	two	two	NUM
cjfa-20693	617	93	posts	post	NOUN
cjfa-20693	617	94	year	year	VERB
cjfa-20693	617	95	variable	variable	ADJ
cjfa-20693	617	96	industry	industry	NOUN
cjfa-20693	617	97	variable	variable	ADJ
cjfa-20693	617	98	management	management	NOUN
cjfa-20693	617	99	expenses	expense	NOUN
cjfa-20693	617	100	compared	compare	VERB
cjfa-20693	617	101	to	to	ADP
cjfa-20693	617	102	operating	operate	VERB
cjfa-20693	617	103	income	income	NOUN
cjfa-20693	617	104	when	when	SCONJ
cjfa-20693	617	105	the	the	DET
cjfa-20693	617	106	enterprise	enterprise	NOUN
cjfa-20693	617	107	does	do	AUX
cjfa-20693	617	108	not	not	PART
cjfa-20693	617	109	pay	pay	VERB
cjfa-20693	617	110	dividends	dividend	NOUN
cjfa-20693	617	111	for	for	ADP
cjfa-20693	617	112	three	three	NUM
cjfa-20693	617	113	consecutive	consecutive	ADJ
cjfa-20693	617	114	years	year	NOUN
cjfa-20693	617	115	,	,	PUNCT
cjfa-20693	617	116	the	the	DET
cjfa-20693	617	117	value	value	NOUN
cjfa-20693	617	118	is	be	AUX
cjfa-20693	617	119	1	1	NUM
cjfa-20693	617	120	,	,	PUNCT
cjfa-20693	617	121	that	that	ADV
cjfa-20693	617	122	is	is	ADV
cjfa-20693	617	123	,	,	PUNCT
cjfa-20693	617	124	iron	iron	NOUN
cjfa-20693	617	125	cock	cock	NOUN
cjfa-20693	617	126	company	company	NOUN
cjfa-20693	617	127	;	;	PUNCT
cjfa-20693	617	128	otherwise	otherwise	ADV
cjfa-20693	617	129	,	,	PUNCT
cjfa-20693	617	130	it	it	PRON
cjfa-20693	617	131	is	be	AUX
cjfa-20693	617	132	0	0	NUM
cjfa-20693	617	133	.	.	PUNCT
cjfa-20693	618	1	cash	cash	NOUN
cjfa-20693	618	2	dividend	dividend	NOUN
cjfa-20693	618	3	per	per	ADP
cjfa-20693	618	4	share	share	NOUN
cjfa-20693	618	5	dummy	dummy	ADJ
cjfa-20693	618	6	variables	variable	NOUN
cjfa-20693	618	7	,	,	PUNCT
cjfa-20693	618	8	1	1	NUM
cjfa-20693	618	9	before	before	ADP
cjfa-20693	618	10	2012	2012	NUM
cjfa-20693	618	11	,	,	PUNCT
cjfa-20693	618	12	or	or	CCONJ
cjfa-20693	618	13	0	0	NUM
cjfa-20693	618	14	return	return	NOUN
cjfa-20693	618	15	on	on	ADP
cjfa-20693	618	16	net	net	ADJ
cjfa-20693	618	17	assets	asset	NOUN
cjfa-20693	618	18	asset	asset	NOUN
cjfa-20693	618	19	-	-	PUNCT
cjfa-20693	618	20	liability	liability	NOUN
cjfa-20693	618	21	ratio	ratio	NOUN
cjfa-20693	618	22	number	number	NOUN
cjfa-20693	618	23	of	of	ADP
cjfa-20693	618	24	shares	share	NOUN
cjfa-20693	618	25	held	hold	VERB
cjfa-20693	618	26	by	by	ADP
cjfa-20693	618	27	the	the	DET
cjfa-20693	618	28	largest	large	ADJ
cjfa-20693	618	29	shareholder	shareholder	NOUN
cjfa-20693	618	30	/	/	SYM
cjfa-20693	618	31	total	total	NOUN
cjfa-20693	618	32	equity	equity	NOUN
cjfa-20693	618	33	return	return	NOUN
cjfa-20693	618	34	on	on	ADP
cjfa-20693	618	35	total	total	ADJ
cjfa-20693	618	36	assets	asset	NOUN
cjfa-20693	618	37	the	the	DET
cjfa-20693	618	38	natural	natural	ADJ
cjfa-20693	618	39	logarithm	logarithm	NOUN
cjfa-20693	618	40	of	of	ADP
cjfa-20693	618	41	the	the	DET
cjfa-20693	618	42	established	establish	VERB
cjfa-20693	618	43	years	year	NOUN
cjfa-20693	618	44	holding	hold	VERB
cjfa-20693	618	45	for	for	ADP
cjfa-20693	618	46	cash	cash	NOUN
cjfa-20693	618	47	,	,	PUNCT
cjfa-20693	618	48	i.e.	i.e.	X
cjfa-20693	618	49	cash	cash	NOUN
cjfa-20693	618	50	and	and	CCONJ
cjfa-20693	618	51	its	its	PRON
cjfa-20693	618	52	equivalents	equivalent	NOUN
cjfa-20693	618	53	/	/	SYM
cjfa-20693	618	54	total	total	ADJ
cjfa-20693	618	55	assets	asset	NOUN
cjfa-20693	618	56	net	net	ADJ
cjfa-20693	618	57	assets	asset	NOUN
cjfa-20693	618	58	/	/	SYM
cjfa-20693	618	59	total	total	ADJ
cjfa-20693	618	60	equity	equity	NOUN
cjfa-20693	618	61	cash	cash	NOUN
cjfa-20693	618	62	/	/	SYM
cjfa-20693	618	63	total	total	ADJ
cjfa-20693	618	64	assets	asset	NOUN
cjfa-20693	618	65	paid	pay	VERB
cjfa-20693	618	66	for	for	ADP
cjfa-20693	618	67	acquisition	acquisition	NOUN
cjfa-20693	618	68	and	and	CCONJ
cjfa-20693	618	69	construction	construction	NOUN
cjfa-20693	618	70	of	of	ADP
cjfa-20693	618	71	fixed	fix	VERB
cjfa-20693	618	72	assets	asset	NOUN
cjfa-20693	618	73	,	,	PUNCT
cjfa-20693	618	74	intangible	intangible	ADJ
cjfa-20693	618	75	assets	asset	NOUN
cjfa-20693	618	76	and	and	CCONJ
cjfa-20693	618	77	other	other	ADJ
cjfa-20693	618	78	long	long	ADJ
cjfa-20693	618	79	-	-	PUNCT
cjfa-20693	618	80	term	term	NOUN
cjfa-20693	618	81	assets	asset	NOUN
cjfa-20693	618	82	retained	retain	VERB
cjfa-20693	618	83	earnings	earning	NOUN
cjfa-20693	618	84	/	/	SYM
cjfa-20693	618	85	total	total	NOUN
cjfa-20693	618	86	equity	equity	NOUN
cjfa-20693	618	87	when	when	SCONJ
cjfa-20693	618	88	the	the	DET
cjfa-20693	618	89	enterprise	enterprise	NOUN
cjfa-20693	618	90	is	be	AUX
cjfa-20693	618	91	gem	gem	NOUN
cjfa-20693	618	92	,	,	PUNCT
cjfa-20693	618	93	the	the	DET
cjfa-20693	618	94	value	value	NOUN
cjfa-20693	618	95	is	be	AUX
cjfa-20693	618	96	1	1	NUM
cjfa-20693	618	97	;	;	PUNCT
cjfa-20693	618	98	otherwise	otherwise	ADV
cjfa-20693	618	99	it	it	PRON
cjfa-20693	618	100	is	be	AUX
cjfa-20693	618	101	0	0	NUM
cjfa-20693	618	102	.	.	PUNCT
cjfa-20693	619	1	when	when	SCONJ
cjfa-20693	619	2	the	the	DET
cjfa-20693	619	3	enterprise	enterprise	NOUN
cjfa-20693	619	4	is	be	AUX
cjfa-20693	619	5	a	a	DET
cjfa-20693	619	6	state	state	NOUN
cjfa-20693	619	7	-	-	PUNCT
cjfa-20693	619	8	owned	own	VERB
cjfa-20693	619	9	enterprise	enterprise	NOUN
cjfa-20693	619	10	,	,	PUNCT
cjfa-20693	619	11	the	the	DET
cjfa-20693	619	12	value	value	NOUN
cjfa-20693	619	13	is	be	AUX
cjfa-20693	619	14	1	1	NUM
cjfa-20693	619	15	;	;	PUNCT
cjfa-20693	619	16	otherwise	otherwise	ADV
cjfa-20693	619	17	,	,	PUNCT
cjfa-20693	619	18	it	it	PRON
cjfa-20693	619	19	is	be	AUX
cjfa-20693	619	20	0	0	NUM
cjfa-20693	619	21	.	.	PUNCT
cjfa-20693	620	1	the	the	DET
cjfa-20693	620	2	value	value	NOUN
cjfa-20693	620	3	of	of	ADP
cjfa-20693	620	4	dummy	dummy	ADJ
cjfa-20693	620	5	variable	variable	NOUN
cjfa-20693	620	6	is	be	AUX
cjfa-20693	620	7	1	1	NUM
cjfa-20693	620	8	when	when	SCONJ
cjfa-20693	620	9	the	the	DET
cjfa-20693	620	10	chairman	chairman	NOUN
cjfa-20693	620	11	and	and	CCONJ
cjfa-20693	620	12	general	general	ADJ
cjfa-20693	620	13	manager	manager	NOUN
cjfa-20693	620	14	are	be	AUX
cjfa-20693	620	15	the	the	DET
cjfa-20693	620	16	same	same	ADJ
cjfa-20693	620	17	person	person	NOUN
cjfa-20693	620	18	;	;	PUNCT
cjfa-20693	620	19	otherwise	otherwise	ADV
cjfa-20693	620	20	,	,	PUNCT
cjfa-20693	620	21	it	it	PRON
cjfa-20693	620	22	is	be	AUX
cjfa-20693	620	23	0	0	NUM
cjfa-20693	620	24	.	.	NOUN
cjfa-20693	620	25	time	time	NOUN
cjfa-20693	620	26	variables	variable	NOUN
cjfa-20693	620	27	from	from	ADP
cjfa-20693	620	28	2007	2007	NUM
cjfa-20693	620	29	to	to	ADP
cjfa-20693	620	30	2017	2017	NUM
cjfa-20693	620	31	the	the	DET
cjfa-20693	620	32	cscr	cscr	NOUN
cjfa-20693	620	33	industry	industry	NOUN
cjfa-20693	620	34	code	code	NOUN
cjfa-20693	620	35	sets	set	VERB
cjfa-20693	620	36	dummy	dummy	ADJ
cjfa-20693	620	37	variables	variable	NOUN
cjfa-20693	620	38	,	,	PUNCT
cjfa-20693	620	39	1	1	NUM
cjfa-20693	620	40	-	-	SYM
cjfa-20693	620	41	18	18	NUM
cjfa-20693	620	42	industry	industry	NOUN
cjfa-20693	620	43	classifications	classification	NOUN
cjfa-20693	620	44	s	s	PART
cjfa-20693	620	45	o	o	NOUN
cjfa-20693	620	46	u	u	NOUN
cjfa-20693	620	47	r	r	NOUN
cjfa-20693	620	48	c	c	NOUN
cjfa-20693	620	49	e	e	NOUN
cjfa-20693	620	50	:	:	PUNCT
cjfa-20693	620	51	author	author	NOUN
cjfa-20693	620	52	’s	’s	PART
cjfa-20693	620	53	collection	collection	NOUN
cjfa-20693	620	54	based	base	VERB
cjfa-20693	620	55	upon	upon	SCONJ
cjfa-20693	620	56	the	the	DET
cjfa-20693	620	57	great	great	ADJ
cjfa-20693	620	58	intelligence	intelligence	NOUN
cjfa-20693	620	59	database	database	NOUN
cjfa-20693	620	60	in	in	ADP
cjfa-20693	620	61	china	china	PROPN
cjfa-20693	620	62	.	.	PUNCT
cjfa-20693	621	1	3	3	X
cjfa-20693	621	2	.	.	X
cjfa-20693	621	3	descriptive	descriptive	ADJ
cjfa-20693	621	4	statistics	statistic	NOUN
cjfa-20693	621	5	of	of	ADP
cjfa-20693	621	6	main	main	ADJ
cjfa-20693	621	7	variables	variable	NOUN
cjfa-20693	621	8	table	table	NOUN
cjfa-20693	621	9	5	5	NUM
cjfa-20693	621	10	is	be	AUX
cjfa-20693	621	11	a	a	DET
cjfa-20693	621	12	descriptive	descriptive	ADJ
cjfa-20693	621	13	statistical	statistical	ADJ
cjfa-20693	621	14	analysis	analysis	NOUN
cjfa-20693	621	15	of	of	ADP
cjfa-20693	621	16	the	the	DET
cjfa-20693	621	17	main	main	ADJ
cjfa-20693	621	18	variables	variable	NOUN
cjfa-20693	621	19	.	.	PUNCT
cjfa-20693	622	1	during	during	ADP
cjfa-20693	622	2	the	the	DET
cjfa-20693	622	3	11	11	NUM
cjfa-20693	622	4	years	year	NOUN
cjfa-20693	622	5	,	,	PUNCT
cjfa-20693	622	6	the	the	DET
cjfa-20693	622	7	average	average	ADJ
cjfa-20693	622	8	dividend	dividend	NOUN
cjfa-20693	622	9	distribution	distribution	NOUN
cjfa-20693	622	10	of	of	ADP
cjfa-20693	622	11	listed	list	VERB
cjfa-20693	622	12	companies	company	NOUN
cjfa-20693	622	13	was	be	AUX
cjfa-20693	622	14	only	only	ADV
cjfa-20693	622	15	0.08	0.08	NUM
cjfa-20693	622	16	.	.	PUNCT
cjfa-20693	623	1	this	this	PRON
cjfa-20693	623	2	shows	show	VERB
cjfa-20693	623	3	that	that	SCONJ
cjfa-20693	623	4	the	the	DET
cjfa-20693	623	5	dividend	dividend	NOUN
cjfa-20693	623	6	distribution	distribution	NOUN
cjfa-20693	623	7	of	of	ADP
cjfa-20693	623	8	listed	list	VERB
cjfa-20693	623	9	companies	company	NOUN
cjfa-20693	623	10	is	be	AUX
cjfa-20693	623	11	not	not	PART
cjfa-20693	623	12	enough	enough	ADJ
cjfa-20693	623	13	.	.	PUNCT
cjfa-20693	624	1	the	the	DET
cjfa-20693	624	2	maximum	maximum	ADJ
cjfa-20693	624	3	cash	cash	NOUN
cjfa-20693	624	4	dividend	dividend	NOUN
cjfa-20693	624	5	per	per	ADP
cjfa-20693	624	6	share	share	NOUN
cjfa-20693	624	7	is	be	AUX
cjfa-20693	624	8	11	11	NUM
cjfa-20693	624	9	,	,	PUNCT
cjfa-20693	624	10	which	which	PRON
cjfa-20693	624	11	indicates	indicate	VERB
cjfa-20693	624	12	that	that	SCONJ
cjfa-20693	624	13	some	some	DET
cjfa-20693	624	14	companies	company	NOUN
cjfa-20693	624	15	with	with	ADP
cjfa-20693	624	16	high	high	ADJ
cjfa-20693	624	17	dividends	dividend	NOUN
cjfa-20693	624	18	have	have	AUX
cjfa-20693	624	19	raised	raise	VERB
cjfa-20693	624	20	the	the	DET
cjfa-20693	624	21	overall	overall	ADJ
cjfa-20693	624	22	average	average	ADJ
cjfa-20693	624	23	dividend	dividend	NOUN
cjfa-20693	624	24	distribution	distribution	NOUN
cjfa-20693	624	25	level	level	NOUN
cjfa-20693	624	26	.	.	PUNCT
cjfa-20693	625	1	the	the	DET
cjfa-20693	625	2	maximum	maximum	ADJ
cjfa-20693	625	3	value	value	NOUN
cjfa-20693	625	4	of	of	ADP
cjfa-20693	625	5	cash	cash	NOUN
cjfa-20693	625	6	to	to	ADP
cjfa-20693	625	7	total	total	ADJ
cjfa-20693	625	8	assets	asset	NOUN
cjfa-20693	625	9	ratio	ratio	NOUN
cjfa-20693	625	10	is	be	AUX
cjfa-20693	625	11	0.96	0.96	NUM
cjfa-20693	625	12	,	,	PUNCT
cjfa-20693	625	13	while	while	SCONJ
cjfa-20693	625	14	the	the	DET
cjfa-20693	625	15	minimum	minimum	ADJ
cjfa-20693	625	16	value	value	NOUN
cjfa-20693	625	17	is	be	AUX
cjfa-20693	625	18	-0.16	-0.16	ADJ
cjfa-20693	625	19	,	,	PUNCT
cjfa-20693	625	20	but	but	CCONJ
cjfa-20693	625	21	the	the	DET
cjfa-20693	625	22	average	average	ADJ
cjfa-20693	625	23	value	value	NOUN
cjfa-20693	625	24	is	be	AUX
cjfa-20693	625	25	0.18	0.18	NUM
cjfa-20693	625	26	,	,	PUNCT
cjfa-20693	625	27	which	which	PRON
cjfa-20693	625	28	indicates	indicate	VERB
cjfa-20693	625	29	that	that	SCONJ
cjfa-20693	625	30	there	there	PRON
cjfa-20693	625	31	are	be	VERB
cjfa-20693	625	32	two	two	NUM
cjfa-20693	625	33	extremes	extreme	NOUN
cjfa-20693	625	34	of	of	ADP
cjfa-20693	625	35	cash	cash	NOUN
cjfa-20693	625	36	.	.	PUNCT
cjfa-20693	626	1	for	for	ADP
cjfa-20693	626	2	cash	cash	NOUN
cjfa-20693	626	3	-	-	PUNCT
cjfa-20693	626	4	rich	rich	ADJ
cjfa-20693	626	5	enterprises	enterprise	NOUN
cjfa-20693	626	6	,	,	PUNCT
cjfa-20693	626	7	it	it	PRON
cjfa-20693	626	8	is	be	AUX
cjfa-20693	626	9	easy	easy	ADJ
cjfa-20693	626	10	to	to	PART
cjfa-20693	626	11	generate	generate	VERB
cjfa-20693	626	12	agen	agen	PROPN
cjfa-20693	626	13	can	can	AUX
cjfa-20693	626	14	mandatory	mandatory	ADJ
cjfa-20693	626	15	dividend	dividend	NOUN
cjfa-20693	626	16	policy	policy	NOUN
cjfa-20693	626	17	reduce	reduce	VERB
cjfa-20693	626	18	…	…	PUNCT
cjfa-20693	626	19	83	83	NUM
cjfa-20693	626	20	cy	cy	NOUN
cjfa-20693	626	21	costs	cost	NOUN
cjfa-20693	626	22	;	;	PUNCT
cjfa-20693	626	23	but	but	CCONJ
cjfa-20693	626	24	for	for	ADP
cjfa-20693	626	25	cash	cash	NOUN
cjfa-20693	626	26	-	-	PUNCT
cjfa-20693	626	27	negative	negative	ADJ
cjfa-20693	626	28	enterprises	enterprise	NOUN
cjfa-20693	626	29	,	,	PUNCT
cjfa-20693	626	30	it	it	PRON
cjfa-20693	626	31	means	mean	VERB
cjfa-20693	626	32	that	that	SCONJ
cjfa-20693	626	33	the	the	DET
cjfa-20693	626	34	operating	operate	VERB
cjfa-20693	626	35	performance	performance	NOUN
cjfa-20693	626	36	of	of	ADP
cjfa-20693	626	37	enterprises	enterprise	NOUN
cjfa-20693	626	38	is	be	AUX
cjfa-20693	626	39	not	not	PART
cjfa-20693	626	40	good	good	ADJ
cjfa-20693	626	41	.	.	PUNCT
cjfa-20693	627	1	if	if	SCONJ
cjfa-20693	627	2	such	such	ADJ
cjfa-20693	627	3	companies	company	NOUN
cjfa-20693	627	4	pay	pay	VERB
cjfa-20693	627	5	out	out	ADP
cjfa-20693	627	6	cash	cash	NOUN
cjfa-20693	627	7	,	,	PUNCT
cjfa-20693	627	8	large	large	ADJ
cjfa-20693	627	9	shareholders	shareholder	NOUN
cjfa-20693	627	10	will	will	AUX
cjfa-20693	627	11	empty	empty	VERB
cjfa-20693	627	12	the	the	DET
cjfa-20693	627	13	listed	list	VERB
cjfa-20693	627	14	companies	company	NOUN
cjfa-20693	627	15	.	.	PUNCT
cjfa-20693	628	1	this	this	PRON
cjfa-20693	628	2	may	may	AUX
cjfa-20693	628	3	result	result	VERB
cjfa-20693	628	4	in	in	ADP
cjfa-20693	628	5	agency	agency	NOUN
cjfa-20693	628	6	costs	cost	NOUN
cjfa-20693	628	7	.	.	PUNCT
cjfa-20693	629	1	the	the	DET
cjfa-20693	629	2	average	average	ADJ
cjfa-20693	629	3	value	value	NOUN
cjfa-20693	629	4	of	of	ADP
cjfa-20693	629	5	agency	agency	NOUN
cjfa-20693	629	6	cost	cost	NOUN
cjfa-20693	629	7	is	be	AUX
cjfa-20693	629	8	8	8	NUM
cjfa-20693	629	9	%	%	NOUN
cjfa-20693	629	10	,	,	PUNCT
cjfa-20693	629	11	and	and	CCONJ
cjfa-20693	629	12	its	its	PRON
cjfa-20693	629	13	maximum	maximum	ADJ
cjfa-20693	629	14	value	value	NOUN
cjfa-20693	629	15	is	be	AUX
cjfa-20693	629	16	0.99	0.99	NUM
cjfa-20693	629	17	,	,	PUNCT
cjfa-20693	629	18	which	which	PRON
cjfa-20693	629	19	means	mean	VERB
cjfa-20693	629	20	that	that	SCONJ
cjfa-20693	629	21	the	the	DET
cjfa-20693	629	22	management	management	NOUN
cjfa-20693	629	23	cost	cost	NOUN
cjfa-20693	629	24	accounts	account	NOUN
cjfa-20693	629	25	for	for	ADP
cjfa-20693	629	26	the	the	DET
cjfa-20693	629	27	whole	whole	ADJ
cjfa-20693	629	28	business	business	NOUN
cjfa-20693	629	29	income	income	NOUN
cjfa-20693	629	30	.	.	PUNCT
cjfa-20693	630	1	this	this	PRON
cjfa-20693	630	2	shows	show	VERB
cjfa-20693	630	3	that	that	SCONJ
cjfa-20693	630	4	the	the	DET
cjfa-20693	630	5	agency	agency	NOUN
cjfa-20693	630	6	cost	cost	NOUN
cjfa-20693	630	7	of	of	ADP
cjfa-20693	630	8	listed	list	VERB
cjfa-20693	630	9	companies	company	NOUN
cjfa-20693	630	10	is	be	AUX
cjfa-20693	630	11	higher	high	ADJ
cjfa-20693	630	12	.	.	PUNCT
cjfa-20693	631	1	the	the	DET
cjfa-20693	631	2	average	average	ADJ
cjfa-20693	631	3	share	share	NOUN
cjfa-20693	631	4	-	-	PUNCT
cjfa-20693	631	5	holding	hold	VERB
cjfa-20693	631	6	ratio	ratio	NOUN
cjfa-20693	631	7	of	of	ADP
cjfa-20693	631	8	the	the	DET
cjfa-20693	631	9	first	first	ADJ
cjfa-20693	631	10	largest	large	ADJ
cjfa-20693	631	11	shareholder	shareholder	NOUN
cjfa-20693	631	12	is	be	AUX
cjfa-20693	631	13	36	36	NUM
cjfa-20693	631	14	%	%	NOUN
cjfa-20693	631	15	,	,	PUNCT
cjfa-20693	631	16	which	which	PRON
cjfa-20693	631	17	indicates	indicate	VERB
cjfa-20693	631	18	that	that	SCONJ
cjfa-20693	631	19	the	the	DET
cjfa-20693	631	20	listed	list	VERB
cjfa-20693	631	21	companies	company	NOUN
cjfa-20693	631	22	in	in	ADP
cjfa-20693	631	23	china	china	PROPN
cjfa-20693	631	24	are	be	AUX
cjfa-20693	631	25	not	not	PART
cjfa-20693	631	26	decentralized	decentralize	VERB
cjfa-20693	631	27	shareholders	shareholder	NOUN
cjfa-20693	631	28	.	.	PUNCT
cjfa-20693	632	1	table	table	NOUN
cjfa-20693	632	2	5	5	NUM
cjfa-20693	632	3	.	.	PUNCT
cjfa-20693	632	4	descriptive	descriptive	ADJ
cjfa-20693	632	5	statistics	statistic	NOUN
cjfa-20693	632	6	of	of	ADP
cjfa-20693	632	7	main	main	ADJ
cjfa-20693	632	8	variables	variable	NOUN
cjfa-20693	632	9	variable	variable	NOUN
cjfa-20693	632	10	n	n	PRON
cjfa-20693	632	11	mean	mean	VERB
cjfa-20693	632	12	sd	sd	ADP
cjfa-20693	632	13	p50	p50	NOUN
cjfa-20693	632	14	min	min	PROPN
cjfa-20693	632	15	max	max	PROPN
cjfa-20693	632	16	agent	agent	NOUN
cjfa-20693	632	17	div	div	X
cjfa-20693	632	18	36135	36135	NUM
cjfa-20693	632	19	36135	36135	NUM
cjfa-20693	632	20	0.08	0.08	NUM
cjfa-20693	632	21	0.08	0.08	NUM
cjfa-20693	632	22	0.08	0.08	NUM
cjfa-20693	632	23	0.18	0.18	NUM
cjfa-20693	632	24	0.07	0.07	NUM
cjfa-20693	632	25	0	0	NUM
cjfa-20693	632	26	0	0	NUM
cjfa-20693	632	27	0	0	NUM
cjfa-20693	632	28	0.99	0.99	NUM
cjfa-20693	632	29	11	11	NUM
cjfa-20693	632	30	roa	roa	NOUN
cjfa-20693	632	31	30595	30595	NUM
cjfa-20693	632	32	0.10	0.10	NUM
cjfa-20693	632	33	0.09	0.09	NUM
cjfa-20693	632	34	0.08	0.08	NUM
cjfa-20693	632	35	-0.77	-0.77	NUM
cjfa-20693	632	36	1.79	1.79	NUM
cjfa-20693	632	37	roe	roe	NOUN
cjfa-20693	632	38	30468	30468	NUM
cjfa-20693	632	39	0.14	0.14	NUM
cjfa-20693	632	40	0.24	0.24	NUM
cjfa-20693	632	41	0.11	0.11	NUM
cjfa-20693	632	42	-28.29	-28.29	NUM
cjfa-20693	632	43	11.81	11.81	NUM
cjfa-20693	632	44	lev	lev	NOUN
cjfa-20693	632	45	30550	30550	NUM
cjfa-20693	632	46	0.44	0.44	NUM
cjfa-20693	632	47	0.20	0.20	NUM
cjfa-20693	632	48	0.44	0.44	NUM
cjfa-20693	632	49	0	0	NUM
cjfa-20693	632	50	1	1	NUM
cjfa-20693	632	51	sh1	sh1	X
cjfa-20693	632	52	23815	23815	NUM
cjfa-20693	632	53	0.36	0.36	NUM
cjfa-20693	632	54	0.15	0.15	NUM
cjfa-20693	632	55	0.34	0.34	NUM
cjfa-20693	632	56	0	0	NUM
cjfa-20693	632	57	1	1	NUM
cjfa-20693	632	58	bps	bps	NOUN
cjfa-20693	632	59	30483	30483	NUM
cjfa-20693	632	60	4.33	4.33	NUM
cjfa-20693	632	61	4.14	4.14	NUM
cjfa-20693	632	62	3.60	3.60	NUM
cjfa-20693	632	63	-0.09	-0.09	NUM
cjfa-20693	632	64	302.7	302.7	NUM
cjfa-20693	632	65	capex	capex	NOUN
cjfa-20693	632	66	30326	30326	NUM
cjfa-20693	632	67	0.06	0.06	NUM
cjfa-20693	632	68	0.06	0.06	NUM
cjfa-20693	632	69	0.05	0.05	NUM
cjfa-20693	632	70	0	0	NUM
cjfa-20693	633	1	0.68	0.68	NUM
cjfa-20693	633	2	sretained	sretaine	VERB
cjfa-20693	633	3	30571	30571	NUM
cjfa-20693	633	4	1.69	1.69	NUM
cjfa-20693	633	5	3.35	3.35	NUM
cjfa-20693	633	6	1.24	1.24	NUM
cjfa-20693	633	7	-17.78	-17.78	SYM
cjfa-20693	633	8	301.7	301.7	NUM
cjfa-20693	633	9	dual	dual	ADJ
cjfa-20693	633	10	36135	36135	NUM
cjfa-20693	633	11	0.30	0.30	NUM
cjfa-20693	633	12	0.46	0.46	NUM
cjfa-20693	633	13	0	0	NUM
cjfa-20693	633	14	0	0	NUM
cjfa-20693	633	15	1	1	NUM
cjfa-20693	633	16	cash	cash	NOUN
cjfa-20693	633	17	30330	30330	NUM
cjfa-20693	633	18	0.18	0.18	NUM
cjfa-20693	633	19	0.15	0.15	NUM
cjfa-20693	633	20	0.14	0.14	NUM
cjfa-20693	633	21	-0.16	-0.16	NUM
cjfa-20693	633	22	0.96	0.96	NUM
cjfa-20693	633	23	firmage	firmage	NOUN
cjfa-20693	633	24	36135	36135	NUM
cjfa-20693	633	25	2.93	2.93	NUM
cjfa-20693	633	26	0.30	0.30	NUM
cjfa-20693	633	27	2.94	2.94	NUM
cjfa-20693	633	28	1.10	1.10	NUM
cjfa-20693	633	29	4.09	4.09	NUM
cjfa-20693	633	30	soe	soe	PROPN
cjfa-20693	633	31	36135	36135	NUM
cjfa-20693	633	32	0.30	0.30	NUM
cjfa-20693	633	33	0.46	0.46	NUM
cjfa-20693	633	34	0	0	NUM
cjfa-20693	633	35	0	0	NUM
cjfa-20693	633	36	1	1	NUM
cjfa-20693	633	37	gem	gem	NOUN
cjfa-20693	633	38	36135	36135	NUM
cjfa-20693	633	39	0.22	0.22	NUM
cjfa-20693	633	40	0.41	0.41	NUM
cjfa-20693	633	41	0	0	NUM
cjfa-20693	633	42	0	0	NUM
cjfa-20693	633	43	1	1	NUM
cjfa-20693	633	44	industry	industry	NOUN
cjfa-20693	633	45	36135	36135	NUM
cjfa-20693	633	46	12.78	12.78	NUM
cjfa-20693	633	47	4.28	4.28	NUM
cjfa-20693	633	48	15	15	NUM
cjfa-20693	633	49	1	1	NUM
cjfa-20693	633	50	18	18	NUM
cjfa-20693	633	51	s	s	NOUN
cjfa-20693	633	52	o	o	NOUN
cjfa-20693	633	53	u	u	NOUN
cjfa-20693	633	54	r	r	NOUN
cjfa-20693	633	55	c	c	NOUN
cjfa-20693	633	56	e	e	NOUN
cjfa-20693	633	57	:	:	PUNCT
cjfa-20693	633	58	author	author	NOUN
cjfa-20693	633	59	’s	’s	PART
cjfa-20693	633	60	calculation	calculation	NOUN
cjfa-20693	633	61	based	base	VERB
cjfa-20693	633	62	upon	upon	SCONJ
cjfa-20693	633	63	the	the	DET
cjfa-20693	633	64	great	great	ADJ
cjfa-20693	633	65	intelligence	intelligence	NOUN
cjfa-20693	633	66	database	database	NOUN
cjfa-20693	633	67	in	in	ADP
cjfa-20693	633	68	china	china	PROPN
cjfa-20693	633	69	.	.	PUNCT
cjfa-20693	634	1	4	4	X
cjfa-20693	634	2	.	.	X
cjfa-20693	634	3	data	datum	NOUN
cjfa-20693	634	4	sources	source	NOUN
cjfa-20693	634	5	this	this	DET
cjfa-20693	634	6	paper	paper	NOUN
cjfa-20693	634	7	chooses	choose	VERB
cjfa-20693	634	8	a	a	DET
cjfa-20693	634	9	-	-	PUNCT
cjfa-20693	634	10	share	share	NOUN
cjfa-20693	634	11	companies	company	NOUN
cjfa-20693	634	12	in	in	ADP
cjfa-20693	634	13	shanghai	shanghai	PROPN
cjfa-20693	634	14	and	and	CCONJ
cjfa-20693	634	15	shenzhen	shenzhen	PROPN
cjfa-20693	634	16	stock	stock	PROPN
cjfa-20693	634	17	exchanges	exchange	NOUN
cjfa-20693	634	18	from	from	ADP
cjfa-20693	634	19	2007	2007	NUM
cjfa-20693	634	20	to	to	ADP
cjfa-20693	634	21	2017	2017	NUM
cjfa-20693	634	22	as	as	ADP
cjfa-20693	634	23	research	research	NOUN
cjfa-20693	634	24	samples	sample	NOUN
cjfa-20693	634	25	,	,	PUNCT
cjfa-20693	634	26	and	and	CCONJ
cjfa-20693	634	27	carries	carry	VERB
cjfa-20693	634	28	out	out	ADP
cjfa-20693	634	29	the	the	DET
cjfa-20693	634	30	following	follow	VERB
cjfa-20693	634	31	processing	processing	NOUN
cjfa-20693	634	32	:	:	PUNCT
cjfa-20693	634	33	excluding	exclude	VERB
cjfa-20693	634	34	financial	financial	ADJ
cjfa-20693	634	35	enterprises	enterprise	NOUN
cjfa-20693	634	36	,	,	PUNCT
cjfa-20693	634	37	st	st	PROPN
cjfa-20693	634	38	companies	company	NOUN
cjfa-20693	634	39	,	,	PUNCT
cjfa-20693	634	40	missing	miss	VERB
cjfa-20693	634	41	data	datum	NOUN
cjfa-20693	634	42	(	(	PUNCT
cjfa-20693	634	43	agency	agency	NOUN
cjfa-20693	634	44	cost	cost	VERB
cjfa-20693	634	45	missing	miss	VERB
cjfa-20693	634	46	data	datum	NOUN
cjfa-20693	634	47	and	and	CCONJ
cjfa-20693	634	48	new	new	ADJ
cjfa-20693	634	49	listed	list	VERB
cjfa-20693	634	50	companies	company	NOUN
cjfa-20693	634	51	in	in	ADP
cjfa-20693	634	52	2018	2018	NUM
cjfa-20693	634	53	)	)	PUNCT
cjfa-20693	634	54	,	,	PUNCT
cjfa-20693	634	55	excluding	exclude	VERB
cjfa-20693	634	56	listed	list	VERB
cjfa-20693	634	57	qin	qin	PROPN
cjfa-20693	634	58	hailin	hailin	PROPN
cjfa-20693	634	59	,	,	PUNCT
cjfa-20693	634	60	zhang	zhang	PROPN
cjfa-20693	634	61	jingxu84	jingxu84	PROPN
cjfa-20693	634	62	companies	company	NOUN
cjfa-20693	634	63	with	with	ADP
cjfa-20693	634	64	negative	negative	ADJ
cjfa-20693	634	65	ownership	ownership	NOUN
cjfa-20693	634	66	rights	right	NOUN
cjfa-20693	634	67	and	and	CCONJ
cjfa-20693	634	68	interests	interest	NOUN
cjfa-20693	634	69	.	.	PUNCT
cjfa-20693	635	1	a	a	DET
cjfa-20693	635	2	total	total	NOUN
cjfa-20693	635	3	of	of	ADP
cjfa-20693	635	4	36153	36153	NUM
cjfa-20693	635	5	valid	valid	ADJ
cjfa-20693	635	6	samples	sample	NOUN
cjfa-20693	635	7	were	be	AUX
cjfa-20693	635	8	obtained	obtain	VERB
cjfa-20693	635	9	.	.	PUNCT
cjfa-20693	636	1	the	the	DET
cjfa-20693	636	2	database	database	NOUN
cjfa-20693	636	3	used	use	VERB
cjfa-20693	636	4	in	in	ADP
cjfa-20693	636	5	this	this	DET
cjfa-20693	636	6	paper	paper	NOUN
cjfa-20693	636	7	is	be	AUX
cjfa-20693	636	8	from	from	ADP
cjfa-20693	636	9	the	the	DET
cjfa-20693	636	10	great	great	ADJ
cjfa-20693	636	11	intelligence	intelligence	NOUN
cjfa-20693	636	12	database	database	NOUN
cjfa-20693	636	13	.	.	PUNCT
cjfa-20693	637	1	the	the	DET
cjfa-20693	637	2	data	datum	NOUN
cjfa-20693	637	3	processing	processing	NOUN
cjfa-20693	637	4	in	in	ADP
cjfa-20693	637	5	this	this	DET
cjfa-20693	637	6	paper	paper	NOUN
cjfa-20693	637	7	is	be	AUX
cjfa-20693	637	8	completed	complete	VERB
cjfa-20693	637	9	by	by	ADP
cjfa-20693	637	10	stata13.0	stata13.0	NOUN
cjfa-20693	637	11	.	.	PUNCT
cjfa-20693	638	1	at	at	ADP
cjfa-20693	638	2	the	the	DET
cjfa-20693	638	3	research	research	NOUN
cjfa-20693	638	4	time	time	NOUN
cjfa-20693	638	5	point	point	NOUN
cjfa-20693	638	6	,	,	PUNCT
cjfa-20693	638	7	due	due	ADP
cjfa-20693	638	8	to	to	ADP
cjfa-20693	638	9	the	the	DET
cjfa-20693	638	10	mandatory	mandatory	ADJ
cjfa-20693	638	11	dividend	dividend	NOUN
cjfa-20693	638	12	policy	policy	NOUN
cjfa-20693	638	13	proposed	propose	VERB
cjfa-20693	638	14	on	on	ADP
cjfa-20693	638	15	november	november	PROPN
cjfa-20693	638	16	9	9	NUM
cjfa-20693	638	17	,	,	PUNCT
cjfa-20693	638	18	2011	2011	NUM
cjfa-20693	638	19	,	,	PUNCT
cjfa-20693	638	20	in	in	ADP
cjfa-20693	638	21	order	order	NOUN
cjfa-20693	638	22	to	to	PART
cjfa-20693	638	23	examine	examine	VERB
cjfa-20693	638	24	the	the	DET
cjfa-20693	638	25	impact	impact	NOUN
cjfa-20693	638	26	of	of	ADP
cjfa-20693	638	27	the	the	DET
cjfa-20693	638	28	policy	policy	NOUN
cjfa-20693	638	29	shocks	shock	NOUN
cjfa-20693	638	30	,	,	PUNCT
cjfa-20693	638	31	this	this	DET
cjfa-20693	638	32	paper	paper	NOUN
cjfa-20693	638	33	chooses	choose	VERB
cjfa-20693	638	34	2012	2012	NUM
cjfa-20693	638	35	as	as	ADP
cjfa-20693	638	36	the	the	DET
cjfa-20693	638	37	policy	policy	NOUN
cjfa-20693	638	38	deadline	deadline	NOUN
cjfa-20693	638	39	,	,	PUNCT
cjfa-20693	638	40	before	before	ADP
cjfa-20693	638	41	2012	2012	NUM
cjfa-20693	638	42	as	as	ADP
cjfa-20693	638	43	the	the	DET
cjfa-20693	638	44	variable	variable	NOUN
cjfa-20693	638	45	before	before	ADP
cjfa-20693	638	46	the	the	DET
cjfa-20693	638	47	policy	policy	NOUN
cjfa-20693	638	48	,	,	PUNCT
cjfa-20693	638	49	after	after	ADP
cjfa-20693	638	50	2012	2012	NUM
cjfa-20693	638	51	as	as	ADP
cjfa-20693	638	52	the	the	DET
cjfa-20693	638	53	variable	variable	ADJ
cjfa-20693	638	54	analysis	analysis	NOUN
cjfa-20693	638	55	after	after	ADP
cjfa-20693	638	56	the	the	DET
cjfa-20693	638	57	policy	policy	NOUN
cjfa-20693	638	58	,	,	PUNCT
cjfa-20693	638	59	so	so	SCONJ
cjfa-20693	638	60	as	as	SCONJ
cjfa-20693	638	61	to	to	PART
cjfa-20693	638	62	more	more	ADV
cjfa-20693	638	63	accurately	accurately	ADV
cjfa-20693	638	64	examine	examine	VERB
cjfa-20693	638	65	the	the	DET
cjfa-20693	638	66	impact	impact	NOUN
cjfa-20693	638	67	of	of	ADP
cjfa-20693	638	68	the	the	DET
cjfa-20693	638	69	policy	policy	NOUN
cjfa-20693	638	70	.	.	PUNCT
cjfa-20693	639	1	empirical	empirical	ADJ
cjfa-20693	639	2	results	result	NOUN
cjfa-20693	639	3	and	and	CCONJ
cjfa-20693	639	4	analysis	analysis	NOUN
cjfa-20693	639	5	this	this	DET
cjfa-20693	639	6	part	part	NOUN
cjfa-20693	639	7	mainly	mainly	ADV
cjfa-20693	639	8	examines	examine	VERB
cjfa-20693	639	9	whether	whether	SCONJ
cjfa-20693	639	10	mandatory	mandatory	ADJ
cjfa-20693	639	11	dividend	dividend	NOUN
cjfa-20693	639	12	policy	policy	NOUN
cjfa-20693	639	13	has	have	AUX
cjfa-20693	639	14	restrained	restrain	VERB
cjfa-20693	639	15	the	the	DET
cjfa-20693	639	16	agency	agency	NOUN
cjfa-20693	639	17	cost	cost	NOUN
cjfa-20693	639	18	before	before	ADV
cjfa-20693	639	19	and	and	CCONJ
cjfa-20693	639	20	after	after	ADP
cjfa-20693	639	21	the	the	DET
cjfa-20693	639	22	implementation	implementation	NOUN
cjfa-20693	639	23	of	of	ADP
cjfa-20693	639	24	the	the	DET
cjfa-20693	639	25	policy	policy	NOUN
cjfa-20693	639	26	,	,	PUNCT
cjfa-20693	639	27	and	and	CCONJ
cjfa-20693	639	28	through	through	ADP
cjfa-20693	639	29	the	the	DET
cjfa-20693	639	30	analysis	analysis	NOUN
cjfa-20693	639	31	of	of	ADP
cjfa-20693	639	32	intermediary	intermediary	ADJ
cjfa-20693	639	33	utility	utility	NOUN
cjfa-20693	639	34	,	,	PUNCT
cjfa-20693	639	35	further	further	ADJ
cjfa-20693	639	36	studies	study	NOUN
cjfa-20693	639	37	and	and	CCONJ
cjfa-20693	639	38	analysis	analysis	NOUN
cjfa-20693	639	39	find	find	VERB
cjfa-20693	639	40	that	that	SCONJ
cjfa-20693	639	41	the	the	DET
cjfa-20693	639	42	mandatory	mandatory	ADJ
cjfa-20693	639	43	dividend	dividend	NOUN
cjfa-20693	639	44	distribution	distribution	NOUN
cjfa-20693	639	45	policy	policy	NOUN
cjfa-20693	639	46	can	can	AUX
cjfa-20693	639	47	reduce	reduce	VERB
cjfa-20693	639	48	the	the	DET
cjfa-20693	639	49	agency	agency	NOUN
cjfa-20693	639	50	cost	cost	NOUN
cjfa-20693	639	51	of	of	ADP
cjfa-20693	639	52	enterprises	enterprise	NOUN
cjfa-20693	639	53	.	.	PUNCT
cjfa-20693	640	1	1	1	X
cjfa-20693	640	2	.	.	X
cjfa-20693	640	3	preliminary	preliminary	ADJ
cjfa-20693	640	4	testing	testing	NOUN
cjfa-20693	640	5	of	of	ADP
cjfa-20693	640	6	dividend	dividend	NOUN
cjfa-20693	640	7	willingness	willingness	NOUN
cjfa-20693	640	8	and	and	CCONJ
cjfa-20693	640	9	dividend	dividend	NOUN
cjfa-20693	640	10	level	level	NOUN
cjfa-20693	640	11	of	of	ADP
cjfa-20693	640	12	listed	list	VERB
cjfa-20693	640	13	companies	company	NOUN
cjfa-20693	640	14	table	table	VERB
cjfa-20693	640	15	6	6	NUM
cjfa-20693	640	16	the	the	DET
cjfa-20693	640	17	dividend	dividend	NOUN
cjfa-20693	640	18	distribution	distribution	NOUN
cjfa-20693	640	19	of	of	ADP
cjfa-20693	640	20	a	a	DET
cjfa-20693	640	21	-	-	PUNCT
cjfa-20693	640	22	share	share	NOUN
cjfa-20693	640	23	enterprises	enterprise	NOUN
cjfa-20693	640	24	in	in	ADP
cjfa-20693	640	25	shanghai	shanghai	PROPN
cjfa-20693	640	26	and	and	CCONJ
cjfa-20693	640	27	shenzhen	shenzhen	PROPN
cjfa-20693	640	28	stock	stock	PROPN
cjfa-20693	640	29	exchanges	exchange	NOUN
cjfa-20693	640	30	from	from	ADP
cjfa-20693	640	31	2007	2007	NUM
cjfa-20693	640	32	to	to	ADP
cjfa-20693	640	33	2017	2017	NUM
cjfa-20693	640	34	shows	show	VERB
cjfa-20693	640	35	that	that	SCONJ
cjfa-20693	640	36	the	the	DET
cjfa-20693	640	37	number	number	NOUN
cjfa-20693	640	38	of	of	ADP
cjfa-20693	640	39	dividendsharing	dividendshare	VERB
cjfa-20693	640	40	enterprises	enterprise	NOUN
cjfa-20693	640	41	as	as	ADP
cjfa-20693	640	42	a	a	DET
cjfa-20693	640	43	whole	whole	NOUN
cjfa-20693	640	44	is	be	AUX
cjfa-20693	640	45	increasing	increase	VERB
cjfa-20693	640	46	year	year	NOUN
cjfa-20693	640	47	by	by	ADP
cjfa-20693	640	48	year	year	NOUN
cjfa-20693	640	49	.	.	PUNCT
cjfa-20693	641	1	but	but	CCONJ
cjfa-20693	641	2	before	before	ADP
cjfa-20693	641	3	2015	2015	NUM
cjfa-20693	641	4	,	,	PUNCT
cjfa-20693	641	5	the	the	DET
cjfa-20693	641	6	number	number	NOUN
cjfa-20693	641	7	of	of	ADP
cjfa-20693	641	8	dividend	dividend	NOUN
cjfa-20693	641	9	-	-	PUNCT
cjfa-20693	641	10	sharing	share	VERB
cjfa-20693	641	11	enterprises	enterprise	NOUN
cjfa-20693	641	12	is	be	AUX
cjfa-20693	641	13	relatively	relatively	ADV
cjfa-20693	641	14	small	small	ADJ
cjfa-20693	641	15	,	,	PUNCT
cjfa-20693	641	16	and	and	CCONJ
cjfa-20693	641	17	after	after	ADP
cjfa-20693	641	18	2016	2016	NUM
cjfa-20693	641	19	,	,	PUNCT
cjfa-20693	641	20	the	the	DET
cjfa-20693	641	21	proportion	proportion	NOUN
cjfa-20693	641	22	of	of	ADP
cjfa-20693	641	23	dividend	dividend	NOUN
cjfa-20693	641	24	-	-	PUNCT
cjfa-20693	641	25	sharing	sharing	NOUN
cjfa-20693	641	26	has	have	AUX
cjfa-20693	641	27	increased	increase	VERB
cjfa-20693	641	28	to	to	ADP
cjfa-20693	641	29	70	70	NUM
cjfa-20693	641	30	%	%	NOUN
cjfa-20693	641	31	,	,	PUNCT
cjfa-20693	641	32	80	80	NUM
cjfa-20693	641	33	%	%	NOUN
cjfa-20693	641	34	,	,	PUNCT
cjfa-20693	641	35	indicating	indicate	VERB
cjfa-20693	641	36	that	that	SCONJ
cjfa-20693	641	37	the	the	DET
cjfa-20693	641	38	mandatory	mandatory	ADJ
cjfa-20693	641	39	dividend	dividend	NOUN
cjfa-20693	641	40	policy	policy	NOUN
cjfa-20693	641	41	has	have	VERB
cjfa-20693	641	42	a	a	DET
cjfa-20693	641	43	very	very	ADV
cjfa-20693	641	44	significant	significant	ADJ
cjfa-20693	641	45	effect	effect	NOUN
cjfa-20693	641	46	only	only	ADV
cjfa-20693	641	47	after	after	ADP
cjfa-20693	641	48	2015	2015	NUM
cjfa-20693	641	49	.	.	PUNCT
cjfa-20693	642	1	from	from	ADP
cjfa-20693	642	2	the	the	DET
cjfa-20693	642	3	proportion	proportion	NOUN
cjfa-20693	642	4	of	of	ADP
cjfa-20693	642	5	dividends	dividend	NOUN
cjfa-20693	642	6	,	,	PUNCT
cjfa-20693	642	7	although	although	SCONJ
cjfa-20693	642	8	the	the	DET
cjfa-20693	642	9	level	level	NOUN
cjfa-20693	642	10	of	of	ADP
cjfa-20693	642	11	dividends	dividend	NOUN
cjfa-20693	642	12	increased	increase	VERB
cjfa-20693	642	13	,	,	PUNCT
cjfa-20693	642	14	dividends	dividend	NOUN
cjfa-20693	642	15	only	only	ADV
cjfa-20693	642	16	accounted	account	VERB
cjfa-20693	642	17	for	for	ADP
cjfa-20693	642	18	about	about	ADV
cjfa-20693	642	19	30	30	NUM
cjfa-20693	642	20	%	%	NOUN
cjfa-20693	642	21	of	of	ADP
cjfa-20693	642	22	net	net	ADJ
cjfa-20693	642	23	profit	profit	NOUN
cjfa-20693	642	24	,	,	PUNCT
cjfa-20693	642	25	of	of	ADP
cjfa-20693	642	26	which	which	PRON
cjfa-20693	642	27	the	the	DET
cjfa-20693	642	28	dividend	dividend	NOUN
cjfa-20693	642	29	payment	payment	NOUN
cjfa-20693	642	30	rate	rate	NOUN
cjfa-20693	642	31	in	in	ADP
cjfa-20693	642	32	the	the	DET
cjfa-20693	642	33	2012	2012	NUM
cjfa-20693	642	34	policy	policy	NOUN
cjfa-20693	642	35	period	period	NOUN
cjfa-20693	642	36	was	be	AUX
cjfa-20693	642	37	41	41	NUM
cjfa-20693	642	38	%	%	NOUN
cjfa-20693	642	39	higher	high	ADJ
cjfa-20693	642	40	.	.	PUNCT
cjfa-20693	643	1	at	at	ADP
cjfa-20693	643	2	this	this	DET
cjfa-20693	643	3	time	time	NOUN
cjfa-20693	643	4	,	,	PUNCT
cjfa-20693	643	5	because	because	SCONJ
cjfa-20693	643	6	the	the	DET
cjfa-20693	643	7	policy	policy	NOUN
cjfa-20693	643	8	had	have	AUX
cjfa-20693	643	9	just	just	ADV
cjfa-20693	643	10	been	be	AUX
cjfa-20693	643	11	introduced	introduce	VERB
cjfa-20693	643	12	,	,	PUNCT
cjfa-20693	643	13	listed	list	VERB
cjfa-20693	643	14	companies	company	NOUN
cjfa-20693	643	15	had	have	VERB
cjfa-20693	643	16	the	the	DET
cjfa-20693	643	17	suspicion	suspicion	NOUN
cjfa-20693	643	18	of	of	ADP
cjfa-20693	643	19	catering	cater	VERB
cjfa-20693	643	20	to	to	ADP
cjfa-20693	643	21	the	the	DET
cjfa-20693	643	22	regulatory	regulatory	ADJ
cjfa-20693	643	23	authorities	authority	NOUN
cjfa-20693	643	24	.	.	PUNCT
cjfa-20693	644	1	in	in	ADP
cjfa-20693	644	2	a	a	DET
cjfa-20693	644	3	word	word	NOUN
cjfa-20693	644	4	,	,	PUNCT
cjfa-20693	644	5	the	the	DET
cjfa-20693	644	6	willingness	willingness	NOUN
cjfa-20693	644	7	to	to	PART
cjfa-20693	644	8	pay	pay	VERB
cjfa-20693	644	9	dividends	dividend	NOUN
cjfa-20693	644	10	of	of	ADP
cjfa-20693	644	11	chinese	chinese	ADJ
cjfa-20693	644	12	listed	list	VERB
cjfa-20693	644	13	companies	company	NOUN
cjfa-20693	644	14	is	be	AUX
cjfa-20693	644	15	rising	rise	VERB
cjfa-20693	644	16	,	,	PUNCT
cjfa-20693	644	17	but	but	CCONJ
cjfa-20693	644	18	the	the	DET
cjfa-20693	644	19	dividend	dividend	NOUN
cjfa-20693	644	20	level	level	NOUN
cjfa-20693	644	21	is	be	AUX
cjfa-20693	644	22	not	not	PART
cjfa-20693	644	23	very	very	ADV
cjfa-20693	644	24	high	high	ADJ
cjfa-20693	644	25	.	.	PUNCT
cjfa-20693	645	1	therefore	therefore	ADV
cjfa-20693	645	2	,	,	PUNCT
cjfa-20693	645	3	hypothesis	hypothesis	NOUN
cjfa-20693	645	4	1	1	NUM
cjfa-20693	645	5	is	be	AUX
cjfa-20693	645	6	proved	prove	VERB
cjfa-20693	645	7	.	.	PUNCT
cjfa-20693	646	1	can	can	AUX
cjfa-20693	646	2	mandatory	mandatory	ADJ
cjfa-20693	646	3	dividend	dividend	NOUN
cjfa-20693	646	4	policy	policy	NOUN
cjfa-20693	646	5	reduce	reduce	VERB
cjfa-20693	646	6	…	…	PUNCT
cjfa-20693	646	7	85	85	NUM
cjfa-20693	646	8	table	table	NOUN
cjfa-20693	646	9	6	6	NUM
cjfa-20693	646	10	.	.	PUNCT
cjfa-20693	647	1	dividend	dividend	NOUN
cjfa-20693	647	2	distribution	distribution	NOUN
cjfa-20693	647	3	of	of	ADP
cjfa-20693	647	4	a	a	DET
cjfa-20693	647	5	-	-	PUNCT
cjfa-20693	647	6	share	share	NOUN
cjfa-20693	647	7	enterprises	enterprise	NOUN
cjfa-20693	647	8	in	in	ADP
cjfa-20693	647	9	shanghai	shanghai	PROPN
cjfa-20693	647	10	and	and	CCONJ
cjfa-20693	647	11	shenzhen	shenzhen	PROPN
cjfa-20693	647	12	from	from	ADP
cjfa-20693	647	13	2007	2007	NUM
cjfa-20693	647	14	to	to	ADP
cjfa-20693	647	15	2017	2017	NUM
cjfa-20693	647	16	accounting	accounting	NOUN
cjfa-20693	647	17	year	year	NOUN
cjfa-20693	647	18	2007	2007	NUM
cjfa-20693	647	19	2008	2008	NUM
cjfa-20693	647	20	2009	2009	NUM
cjfa-20693	647	21	2010	2010	NUM
cjfa-20693	647	22	2011	2011	NUM
cjfa-20693	647	23	2012	2012	NUM
cjfa-20693	647	24	2013	2013	NUM
cjfa-20693	647	25	2014	2014	NUM
cjfa-20693	647	26	2015	2015	NUM
cjfa-20693	647	27	2016	2016	NUM
cjfa-20693	647	28	2017	2017	NUM
cjfa-20693	647	29	number	number	NOUN
cjfa-20693	647	30	of	of	ADP
cjfa-20693	647	31	dividendsharing	dividendshare	VERB
cjfa-20693	647	32	enterprises	enterprise	NOUN
cjfa-20693	647	33	735	735	NUM
cjfa-20693	647	34	772	772	NUM
cjfa-20693	647	35	932	932	NUM
cjfa-20693	647	36	1230	1230	NUM
cjfa-20693	647	37	1521	1521	NUM
cjfa-20693	647	38	1686	1686	NUM
cjfa-20693	647	39	1772	1772	NUM
cjfa-20693	647	40	1852	1852	NUM
cjfa-20693	647	41	1899	1899	NUM
cjfa-20693	647	42	2326	2326	NUM
cjfa-20693	647	43	2675	2675	NUM
cjfa-20693	648	1	the	the	DET
cjfa-20693	648	2	proportion	proportion	NOUN
cjfa-20693	648	3	of	of	ADP
cjfa-20693	648	4	dividend	dividend	NOUN
cjfa-20693	648	5	-	-	PUNCT
cjfa-20693	648	6	sharing	share	VERB
cjfa-20693	648	7	enterprises	enterprise	NOUN
cjfa-20693	648	8	21	21	NUM
cjfa-20693	648	9	23	23	NUM
cjfa-20693	648	10	28	28	NUM
cjfa-20693	648	11	37	37	NUM
cjfa-20693	648	12	45	45	NUM
cjfa-20693	648	13	50	50	NUM
cjfa-20693	648	14	53	53	NUM
cjfa-20693	648	15	55	55	NUM
cjfa-20693	648	16	56	56	NUM
cjfa-20693	648	17	69	69	NUM
cjfa-20693	648	18	80	80	NUM
cjfa-20693	648	19	mean	mean	NOUN
cjfa-20693	648	20	cash	cash	NOUN
cjfa-20693	648	21	dividend	dividend	NOUN
cjfa-20693	648	22	per	per	ADP
cjfa-20693	648	23	share	share	NOUN
cjfa-20693	648	24	0.16	0.16	NUM
cjfa-20693	648	25	0.15	0.15	NUM
cjfa-20693	648	26	0.16	0.16	NUM
cjfa-20693	648	27	0.2	0.2	NUM
cjfa-20693	648	28	0.18	0.18	NUM
cjfa-20693	648	29	0.16	0.16	NUM
cjfa-20693	648	30	0.14	0.14	NUM
cjfa-20693	648	31	0.15	0.15	NUM
cjfa-20693	648	32	0.14	0.14	NUM
cjfa-20693	648	33	0.16	0.16	NUM
cjfa-20693	648	34	0.18	0.18	NUM
cjfa-20693	648	35	mean	mean	NOUN
cjfa-20693	648	36	cash	cash	NOUN
cjfa-20693	648	37	dividend/	dividend/	NUM
cjfa-20693	648	38	net	net	ADJ
cjfa-20693	648	39	profit	profit	NOUN
cjfa-20693	648	40	0.37	0.37	NUM
cjfa-20693	648	41	0.43	0.43	NUM
cjfa-20693	648	42	0.36	0.36	NUM
cjfa-20693	648	43	0.35	0.35	NUM
cjfa-20693	648	44	0.35	0.35	NUM
cjfa-20693	648	45	0.41	0.41	NUM
cjfa-20693	648	46	0.39	0.39	NUM
cjfa-20693	648	47	0.36	0.36	NUM
cjfa-20693	648	48	0.37	0.37	NUM
cjfa-20693	648	49	0.35	0.35	NUM
cjfa-20693	648	50	0.36	0.36	NUM
cjfa-20693	648	51	s	s	NOUN
cjfa-20693	648	52	o	o	NOUN
cjfa-20693	648	53	u	u	NOUN
cjfa-20693	648	54	r	r	NOUN
cjfa-20693	648	55	c	c	NOUN
cjfa-20693	648	56	e	e	NOUN
cjfa-20693	648	57	:	:	PUNCT
cjfa-20693	648	58	author	author	NOUN
cjfa-20693	648	59	’s	’s	PART
cjfa-20693	648	60	calculation	calculation	NOUN
cjfa-20693	648	61	based	base	VERB
cjfa-20693	648	62	upon	upon	SCONJ
cjfa-20693	648	63	the	the	DET
cjfa-20693	648	64	great	great	ADJ
cjfa-20693	648	65	intelligence	intelligence	NOUN
cjfa-20693	648	66	database	database	NOUN
cjfa-20693	648	67	in	in	ADP
cjfa-20693	648	68	china	china	PROPN
cjfa-20693	648	69	.	.	PUNCT
cjfa-20693	649	1	2	2	X
cjfa-20693	649	2	.	.	X
cjfa-20693	649	3	the	the	DET
cjfa-20693	649	4	effect	effect	NOUN
cjfa-20693	649	5	of	of	ADP
cjfa-20693	649	6	mandatory	mandatory	ADJ
cjfa-20693	649	7	dividend	dividend	NOUN
cjfa-20693	649	8	policy	policy	NOUN
cjfa-20693	649	9	to	to	ADP
cjfa-20693	649	10	agency	agency	NOUN
cjfa-20693	649	11	cost	cost	NOUN
cjfa-20693	649	12	in	in	ADP
cjfa-20693	649	13	order	order	NOUN
cjfa-20693	649	14	to	to	PART
cjfa-20693	649	15	test	test	VERB
cjfa-20693	649	16	the	the	DET
cjfa-20693	649	17	inhibitory	inhibitory	ADJ
cjfa-20693	649	18	effect	effect	NOUN
cjfa-20693	649	19	of	of	ADP
cjfa-20693	649	20	mandatory	mandatory	ADJ
cjfa-20693	649	21	dividend	dividend	NOUN
cjfa-20693	649	22	policy	policy	NOUN
cjfa-20693	649	23	on	on	ADP
cjfa-20693	649	24	agency	agency	NOUN
cjfa-20693	649	25	cost	cost	NOUN
cjfa-20693	649	26	of	of	ADP
cjfa-20693	649	27	the	the	DET
cjfa-20693	649	28	experimental	experimental	ADJ
cjfa-20693	649	29	group	group	NOUN
cjfa-20693	649	30	and	and	CCONJ
cjfa-20693	649	31	the	the	DET
cjfa-20693	649	32	control	control	NOUN
cjfa-20693	649	33	group	group	NOUN
cjfa-20693	649	34	,	,	PUNCT
cjfa-20693	649	35	according	accord	VERB
cjfa-20693	649	36	to	to	ADP
cjfa-20693	649	37	did	do	AUX
cjfa-20693	649	38	model	model	NOUN
cjfa-20693	649	39	(	(	PUNCT
cjfa-20693	649	40	1	1	NUM
cjfa-20693	649	41	)	)	PUNCT
cjfa-20693	649	42	,	,	PUNCT
cjfa-20693	649	43	the	the	DET
cjfa-20693	649	44	effect	effect	NOUN
cjfa-20693	649	45	of	of	ADP
cjfa-20693	649	46	policy	policy	NOUN
cjfa-20693	649	47	implementation	implementation	NOUN
cjfa-20693	649	48	on	on	ADP
cjfa-20693	649	49	agency	agency	NOUN
cjfa-20693	649	50	cost	cost	NOUN
cjfa-20693	649	51	of	of	ADP
cjfa-20693	649	52	the	the	DET
cjfa-20693	649	53	company	company	NOUN
cjfa-20693	649	54	was	be	AUX
cjfa-20693	649	55	observed	observe	VERB
cjfa-20693	649	56	to	to	PART
cjfa-20693	649	57	test	test	VERB
cjfa-20693	649	58	hypothesis	hypothesis	NOUN
cjfa-20693	649	59	2	2	NUM
cjfa-20693	649	60	.	.	PUNCT
cjfa-20693	650	1	the	the	DET
cjfa-20693	650	2	estimated	estimate	VERB
cjfa-20693	650	3	results	result	NOUN
cjfa-20693	650	4	of	of	ADP
cjfa-20693	650	5	the	the	DET
cjfa-20693	650	6	double	double	ADJ
cjfa-20693	650	7	difference	difference	NOUN
cjfa-20693	650	8	model	model	NOUN
cjfa-20693	650	9	of	of	ADP
cjfa-20693	650	10	agency	agency	NOUN
cjfa-20693	650	11	cost	cost	NOUN
cjfa-20693	650	12	difference	difference	NOUN
cjfa-20693	650	13	between	between	ADP
cjfa-20693	650	14	the	the	DET
cjfa-20693	650	15	experimental	experimental	ADJ
cjfa-20693	650	16	group	group	NOUN
cjfa-20693	650	17	and	and	CCONJ
cjfa-20693	650	18	the	the	DET
cjfa-20693	650	19	control	control	NOUN
cjfa-20693	650	20	group	group	NOUN
cjfa-20693	650	21	are	be	AUX
cjfa-20693	650	22	shown	show	VERB
cjfa-20693	650	23	in	in	ADP
cjfa-20693	650	24	table	table	NOUN
cjfa-20693	650	25	7	7	NUM
cjfa-20693	650	26	.	.	PUNCT
cjfa-20693	650	27	table	table	NOUN
cjfa-20693	650	28	7	7	NUM
cjfa-20693	650	29	reports	report	NOUN
cjfa-20693	650	30	the	the	DET
cjfa-20693	650	31	regression	regression	NOUN
cjfa-20693	650	32	results	result	NOUN
cjfa-20693	650	33	of	of	ADP
cjfa-20693	650	34	the	the	DET
cjfa-20693	650	35	mandatory	mandatory	ADJ
cjfa-20693	650	36	dividend	dividend	NOUN
cjfa-20693	650	37	policy	policy	NOUN
cjfa-20693	650	38	to	to	PART
cjfa-20693	650	39	suppress	suppress	VERB
cjfa-20693	650	40	agency	agency	NOUN
cjfa-20693	650	41	costs	cost	NOUN
cjfa-20693	650	42	of	of	ADP
cjfa-20693	650	43	iron	iron	NOUN
cjfa-20693	650	44	cock	cock	NOUN
cjfa-20693	650	45	company	company	NOUN
cjfa-20693	650	46	.	.	PUNCT
cjfa-20693	651	1	column	column	NOUN
cjfa-20693	651	2	(	(	PUNCT
cjfa-20693	651	3	1	1	X
cjfa-20693	651	4	)	)	PUNCT
cjfa-20693	651	5	is	be	AUX
cjfa-20693	651	6	a	a	DET
cjfa-20693	651	7	simple	simple	ADJ
cjfa-20693	651	8	doubledifference	doubledifference	NOUN
cjfa-20693	651	9	model	model	NOUN
cjfa-20693	651	10	with	with	ADP
cjfa-20693	651	11	law*treatment	law*treatment	ADJ
cjfa-20693	651	12	coefficient	coefficient	NOUN
cjfa-20693	651	13	of	of	ADP
cjfa-20693	651	14	-0.0043	-0.0043	NOUN
cjfa-20693	651	15	and	and	CCONJ
cjfa-20693	651	16	significant	significant	ADJ
cjfa-20693	651	17	at	at	ADP
cjfa-20693	651	18	1	1	NUM
cjfa-20693	651	19	%	%	NOUN
cjfa-20693	651	20	level	level	NOUN
cjfa-20693	651	21	,	,	PUNCT
cjfa-20693	651	22	which	which	PRON
cjfa-20693	651	23	shows	show	VERB
cjfa-20693	651	24	that	that	SCONJ
cjfa-20693	651	25	the	the	DET
cjfa-20693	651	26	mandatory	mandatory	ADJ
cjfa-20693	651	27	dividend	dividend	NOUN
cjfa-20693	651	28	policy	policy	NOUN
cjfa-20693	651	29	significantly	significantly	ADV
cjfa-20693	651	30	reduces	reduce	VERB
cjfa-20693	651	31	the	the	DET
cjfa-20693	651	32	agency	agency	NOUN
cjfa-20693	651	33	cost	cost	NOUN
cjfa-20693	651	34	of	of	ADP
cjfa-20693	651	35	iron	iron	NOUN
cjfa-20693	651	36	cock	cock	NOUN
cjfa-20693	651	37	company	company	NOUN
cjfa-20693	651	38	.	.	PUNCT
cjfa-20693	652	1	on	on	ADP
cjfa-20693	652	2	this	this	DET
cjfa-20693	652	3	basis	basis	NOUN
cjfa-20693	652	4	,	,	PUNCT
cjfa-20693	652	5	we	we	PRON
cjfa-20693	652	6	continue	continue	VERB
cjfa-20693	652	7	to	to	PART
cjfa-20693	652	8	introduce	introduce	VERB
cjfa-20693	652	9	other	other	ADJ
cjfa-20693	652	10	control	control	NOUN
cjfa-20693	652	11	variables	variable	NOUN
cjfa-20693	652	12	at	at	ADP
cjfa-20693	652	13	the	the	DET
cjfa-20693	652	14	corporate	corporate	ADJ
cjfa-20693	652	15	level	level	NOUN
cjfa-20693	652	16	,	,	PUNCT
cjfa-20693	652	17	namely	namely	ADV
cjfa-20693	652	18	,	,	PUNCT
cjfa-20693	652	19	asset	asset	NOUN
cjfa-20693	652	20	-	-	PUNCT
cjfa-20693	652	21	liability	liability	NOUN
cjfa-20693	652	22	ratio	ratio	NOUN
cjfa-20693	652	23	(	(	PUNCT
cjfa-20693	652	24	lev	lev	NOUN
cjfa-20693	652	25	)	)	PUNCT
cjfa-20693	652	26	,	,	PUNCT
cjfa-20693	652	27	net	net	ADJ
cjfa-20693	652	28	assets	asset	NOUN
cjfa-20693	652	29	per	per	ADP
cjfa-20693	652	30	share	share	NOUN
cjfa-20693	652	31	(	(	PUNCT
cjfa-20693	652	32	bps	bps	NOUN
cjfa-20693	652	33	)	)	PUNCT
cjfa-20693	652	34	,	,	PUNCT
cjfa-20693	652	35	the	the	DET
cjfa-20693	652	36	largest	large	ADJ
cjfa-20693	652	37	shareholder	shareholder	NOUN
cjfa-20693	652	38	shareholding	shareholding	NOUN
cjfa-20693	652	39	ratio	ratio	NOUN
cjfa-20693	652	40	(	(	PUNCT
cjfa-20693	652	41	sh1	sh1	PROPN
cjfa-20693	652	42	)	)	PUNCT
cjfa-20693	652	43	,	,	PUNCT
cjfa-20693	652	44	capital	capital	NOUN
cjfa-20693	652	45	expenditure	expenditure	NOUN
cjfa-20693	652	46	(	(	PUNCT
cjfa-20693	652	47	capex	capex	NOUN
cjfa-20693	652	48	)	)	PUNCT
cjfa-20693	652	49	and	and	CCONJ
cjfa-20693	652	50	retained	retain	VERB
cjfa-20693	652	51	earnings	earning	NOUN
cjfa-20693	652	52	per	per	ADP
cjfa-20693	652	53	share	share	NOUN
cjfa-20693	652	54	(	(	PUNCT
cjfa-20693	652	55	sretained	sretaine	VERB
cjfa-20693	652	56	)	)	PUNCT
cjfa-20693	652	57	.	.	PUNCT
cjfa-20693	653	1	the	the	DET
cjfa-20693	653	2	regression	regression	NOUN
cjfa-20693	653	3	results	result	NOUN
cjfa-20693	653	4	show	show	VERB
cjfa-20693	653	5	that	that	SCONJ
cjfa-20693	653	6	the	the	DET
cjfa-20693	653	7	significance	significance	NOUN
cjfa-20693	653	8	of	of	ADP
cjfa-20693	653	9	law	law	NOUN
cjfa-20693	653	10	*	*	PUNCT
cjfa-20693	653	11	treatment	treatment	NOUN
cjfa-20693	653	12	has	have	AUX
cjfa-20693	653	13	not	not	PART
cjfa-20693	653	14	changed	change	VERB
cjfa-20693	653	15	,	,	PUNCT
cjfa-20693	653	16	but	but	CCONJ
cjfa-20693	653	17	the	the	DET
cjfa-20693	653	18	coefficient	coefficient	NOUN
cjfa-20693	653	19	has	have	AUX
cjfa-20693	653	20	further	far	ADV
cjfa-20693	653	21	doubled	double	VERB
cjfa-20693	653	22	.	.	PUNCT
cjfa-20693	654	1	on	on	ADP
cjfa-20693	654	2	the	the	DET
cjfa-20693	654	3	basis	basis	NOUN
cjfa-20693	654	4	of	of	ADP
cjfa-20693	654	5	column	column	NOUN
cjfa-20693	654	6	(	(	PUNCT
cjfa-20693	654	7	2	2	NUM
cjfa-20693	654	8	)	)	PUNCT
cjfa-20693	654	9	,	,	PUNCT
cjfa-20693	654	10	we	we	PRON
cjfa-20693	654	11	further	far	ADV
cjfa-20693	654	12	introduce	introduce	VERB
cjfa-20693	654	13	the	the	DET
cjfa-20693	654	14	situation	situation	NOUN
cjfa-20693	654	15	of	of	ADP
cjfa-20693	654	16	two	two	NUM
cjfa-20693	654	17	-	-	PUNCT
cjfa-20693	654	18	position	position	NOUN
cjfa-20693	654	19	integration	integration	NOUN
cjfa-20693	654	20	(	(	PUNCT
cjfa-20693	654	21	dual	dual	ADJ
cjfa-20693	654	22	)	)	PUNCT
cjfa-20693	654	23	,	,	PUNCT
cjfa-20693	654	24	firm	firm	ADJ
cjfa-20693	654	25	age	age	NOUN
cjfa-20693	654	26	,	,	PUNCT
cjfa-20693	654	27	cash	cash	NOUN
cjfa-20693	654	28	flow	flow	NOUN
cjfa-20693	654	29	,	,	PUNCT
cjfa-20693	654	30	property	property	NOUN
cjfa-20693	654	31	right	right	ADJ
cjfa-20693	654	32	nature	nature	NOUN
cjfa-20693	654	33	(	(	PUNCT
cjfa-20693	654	34	seo	seo	NOUN
cjfa-20693	654	35	)	)	PUNCT
cjfa-20693	654	36	and	and	CCONJ
cjfa-20693	654	37	gem	gem	NOUN
cjfa-20693	654	38	,	,	PUNCT
cjfa-20693	654	39	and	and	CCONJ
cjfa-20693	654	40	find	find	VERB
cjfa-20693	654	41	that	that	SCONJ
cjfa-20693	654	42	the	the	DET
cjfa-20693	654	43	coefficient	coefficient	NOUN
cjfa-20693	654	44	of	of	ADP
cjfa-20693	654	45	law	law	NOUN
cjfa-20693	654	46	*	*	PUNCT
cjfa-20693	654	47	treatment	treatment	NOUN
cjfa-20693	654	48	is	be	AUX
cjfa-20693	654	49	–	–	PUNCT
cjfa-20693	654	50	0.0117	0.0117	NUM
cjfa-20693	654	51	and	and	CCONJ
cjfa-20693	654	52	significant	significant	ADJ
cjfa-20693	654	53	at	at	ADP
cjfa-20693	654	54	1	1	NUM
cjfa-20693	654	55	%	%	NOUN
cjfa-20693	654	56	level	level	NOUN
cjfa-20693	654	57	.	.	PUNCT
cjfa-20693	655	1	among	among	ADP
cjfa-20693	655	2	them	they	PRON
cjfa-20693	655	3	,	,	PUNCT
cjfa-20693	655	4	the	the	DET
cjfa-20693	655	5	combination	combination	NOUN
cjfa-20693	655	6	of	of	ADP
cjfa-20693	655	7	two	two	NUM
cjfa-20693	655	8	positions	position	NOUN
cjfa-20693	655	9	,	,	PUNCT
cjfa-20693	655	10	the	the	DET
cjfa-20693	655	11	company	company	NOUN
cjfa-20693	655	12	’s	’s	PART
cjfa-20693	655	13	internal	internal	ADJ
cjfa-20693	655	14	cash	cash	NOUN
cjfa-20693	655	15	and	and	CCONJ
cjfa-20693	655	16	the	the	DET
cjfa-20693	655	17	company	company	NOUN
cjfa-20693	655	18	’s	’s	PART
cjfa-20693	655	19	establishment	establishment	NOUN
cjfa-20693	655	20	years	year	NOUN
cjfa-20693	655	21	will	will	AUX
cjfa-20693	655	22	significantly	significantly	ADV
cjfa-20693	655	23	increase	increase	VERB
cjfa-20693	655	24	the	the	DET
cjfa-20693	655	25	agency	agency	NOUN
cjfa-20693	655	26	cost	cost	NOUN
cjfa-20693	655	27	of	of	ADP
cjfa-20693	655	28	the	the	DET
cjfa-20693	655	29	enterprise	enterprise	NOUN
cjfa-20693	655	30	,	,	PUNCT
cjfa-20693	655	31	qin	qin	PROPN
cjfa-20693	655	32	hailin	hailin	PROPN
cjfa-20693	655	33	,	,	PUNCT
cjfa-20693	655	34	zhang	zhang	PROPN
cjfa-20693	655	35	jingxu86	jingxu86	PROPN
cjfa-20693	655	36	that	that	PRON
cjfa-20693	655	37	is	be	AUX
cjfa-20693	655	38	,	,	PUNCT
cjfa-20693	655	39	the	the	DET
cjfa-20693	655	40	concurrent	concurrent	ADJ
cjfa-20693	655	41	appointment	appointment	NOUN
cjfa-20693	655	42	of	of	ADP
cjfa-20693	655	43	the	the	DET
cjfa-20693	655	44	general	general	ADJ
cjfa-20693	655	45	manager	manager	NOUN
cjfa-20693	655	46	and	and	CCONJ
cjfa-20693	655	47	the	the	DET
cjfa-20693	655	48	chairman	chairman	NOUN
cjfa-20693	655	49	of	of	ADP
cjfa-20693	655	50	the	the	DET
cjfa-20693	655	51	board	board	NOUN
cjfa-20693	655	52	of	of	ADP
cjfa-20693	655	53	directors	director	NOUN
cjfa-20693	655	54	indicates	indicate	VERB
cjfa-20693	655	55	that	that	SCONJ
cjfa-20693	655	56	the	the	DET
cjfa-20693	655	57	general	general	ADJ
cjfa-20693	655	58	manager	manager	NOUN
cjfa-20693	655	59	has	have	VERB
cjfa-20693	655	60	greater	great	ADJ
cjfa-20693	655	61	rights	right	NOUN
cjfa-20693	655	62	,	,	PUNCT
cjfa-20693	655	63	and	and	CCONJ
cjfa-20693	655	64	opportunistic	opportunistic	ADJ
cjfa-20693	655	65	behavior	behavior	NOUN
cjfa-20693	655	66	will	will	AUX
cjfa-20693	655	67	occur	occur	VERB
cjfa-20693	655	68	at	at	ADP
cjfa-20693	655	69	this	this	DET
cjfa-20693	655	70	time	time	NOUN
cjfa-20693	655	71	;	;	PUNCT
cjfa-20693	655	72	the	the	DET
cjfa-20693	655	73	company	company	NOUN
cjfa-20693	655	74	’s	’s	PART
cjfa-20693	655	75	internal	internal	ADJ
cjfa-20693	655	76	cash	cash	NOUN
cjfa-20693	655	77	flow	flow	NOUN
cjfa-20693	655	78	will	will	AUX
cjfa-20693	655	79	also	also	ADV
cjfa-20693	655	80	increase	increase	VERB
cjfa-20693	655	81	the	the	DET
cjfa-20693	655	82	agency	agency	NOUN
cjfa-20693	655	83	cost	cost	NOUN
cjfa-20693	655	84	of	of	ADP
cjfa-20693	655	85	the	the	DET
cjfa-20693	655	86	company	company	NOUN
cjfa-20693	655	87	,	,	PUNCT
cjfa-20693	655	88	after	after	ADV
cjfa-20693	655	89	all	all	ADV
cjfa-20693	655	90	,	,	PUNCT
cjfa-20693	655	91	sufficient	sufficient	ADJ
cjfa-20693	655	92	cash	cash	NOUN
cjfa-20693	655	93	can	can	AUX
cjfa-20693	655	94	ensure	ensure	VERB
cjfa-20693	655	95	that	that	SCONJ
cjfa-20693	655	96	opportunistic	opportunistic	ADJ
cjfa-20693	655	97	behavior	behavior	NOUN
cjfa-20693	655	98	has	have	VERB
cjfa-20693	655	99	a	a	DET
cjfa-20693	655	100	definite	definite	ADJ
cjfa-20693	655	101	purpose	purpose	NOUN
cjfa-20693	655	102	.	.	PUNCT
cjfa-20693	656	1	if	if	SCONJ
cjfa-20693	656	2	the	the	DET
cjfa-20693	656	3	company	company	NOUN
cjfa-20693	656	4	is	be	AUX
cjfa-20693	656	5	established	establish	VERB
cjfa-20693	656	6	for	for	ADP
cjfa-20693	656	7	a	a	DET
cjfa-20693	656	8	long	long	ADJ
cjfa-20693	656	9	time	time	NOUN
cjfa-20693	656	10	,	,	PUNCT
cjfa-20693	656	11	its	its	PRON
cjfa-20693	656	12	internal	internal	ADJ
cjfa-20693	656	13	interests	interest	NOUN
cjfa-20693	656	14	will	will	AUX
cjfa-20693	656	15	be	be	AUX
cjfa-20693	656	16	solidified	solidify	VERB
cjfa-20693	656	17	easily	easily	ADV
cjfa-20693	656	18	,	,	PUNCT
cjfa-20693	656	19	which	which	PRON
cjfa-20693	656	20	will	will	AUX
cjfa-20693	656	21	further	far	ADV
cjfa-20693	656	22	increase	increase	VERB
cjfa-20693	656	23	the	the	DET
cjfa-20693	656	24	agency	agency	NOUN
cjfa-20693	656	25	cost	cost	NOUN
cjfa-20693	656	26	.	.	PUNCT
cjfa-20693	657	1	in	in	ADP
cjfa-20693	657	2	conclusion	conclusion	NOUN
cjfa-20693	657	3	,	,	PUNCT
cjfa-20693	657	4	the	the	DET
cjfa-20693	657	5	introduction	introduction	NOUN
cjfa-20693	657	6	of	of	ADP
cjfa-20693	657	7	the	the	DET
cjfa-20693	657	8	mandatory	mandatory	ADJ
cjfa-20693	657	9	dividend	dividend	NOUN
cjfa-20693	657	10	policy	policy	NOUN
cjfa-20693	657	11	in	in	ADP
cjfa-20693	657	12	2012	2012	NUM
cjfa-20693	657	13	has	have	AUX
cjfa-20693	657	14	indeed	indeed	ADV
cjfa-20693	657	15	reduced	reduce	VERB
cjfa-20693	657	16	the	the	DET
cjfa-20693	657	17	agency	agency	NOUN
cjfa-20693	657	18	cost	cost	NOUN
cjfa-20693	657	19	of	of	ADP
cjfa-20693	657	20	iron	iron	NOUN
cjfa-20693	657	21	cock	cock	NOUN
cjfa-20693	657	22	.	.	PUNCT
cjfa-20693	658	1	table	table	NOUN
cjfa-20693	658	2	7	7	NUM
cjfa-20693	658	3	.	.	PUNCT
cjfa-20693	659	1	regression	regression	NOUN
cjfa-20693	659	2	result	result	VERB
cjfa-20693	659	3	about	about	ADP
cjfa-20693	659	4	mandatory	mandatory	ADJ
cjfa-20693	659	5	dividend	dividend	NOUN
cjfa-20693	659	6	policy	policy	NOUN
cjfa-20693	659	7	reducing	reduce	VERB
cjfa-20693	659	8	agency	agency	NOUN
cjfa-20693	659	9	cost	cost	NOUN
cjfa-20693	659	10	equation	equation	NOUN
cjfa-20693	659	11	(	(	PUNCT
cjfa-20693	659	12	1	1	X
cjfa-20693	659	13	)	)	PUNCT
cjfa-20693	659	14	equation	equation	NOUN
cjfa-20693	659	15	(	(	PUNCT
cjfa-20693	659	16	2	2	NUM
cjfa-20693	659	17	)	)	PUNCT
cjfa-20693	659	18	equation	equation	NOUN
cjfa-20693	659	19	(	(	PUNCT
cjfa-20693	659	20	3	3	X
cjfa-20693	659	21	)	)	PUNCT
cjfa-20693	659	22	variables	variable	NOUN
cjfa-20693	659	23	agent	agent	NOUN
cjfa-20693	659	24	agent	agent	NOUN
cjfa-20693	659	25	agent	agent	NOUN
cjfa-20693	659	26	law*treat	law*treat	PROPN
cjfa-20693	659	27	-0.0043	-0.0043	PROPN
cjfa-20693	659	28	*	*	PUNCT
cjfa-20693	659	29	*	*	PUNCT
cjfa-20693	659	30	-0.0092	-0.0092	NOUN
cjfa-20693	659	31	*	*	PUNCT
cjfa-20693	659	32	*	*	PUNCT
cjfa-20693	659	33	*	*	PUNCT
cjfa-20693	660	1	-0.0117	-0.0117	ADJ
cjfa-20693	660	2	*	*	PUNCT
cjfa-20693	660	3	*	*	PUNCT
cjfa-20693	660	4	*	*	PUNCT
cjfa-20693	660	5	(	(	PUNCT
cjfa-20693	660	6	-2.4287	-2.4287	PROPN
cjfa-20693	660	7	)	)	PUNCT
cjfa-20693	660	8	(	(	PUNCT
cjfa-20693	660	9	-3.9710	-3.9710	ADJ
cjfa-20693	660	10	)	)	PUNCT
cjfa-20693	660	11	(	(	PUNCT
cjfa-20693	660	12	-5.0862	-5.0862	NOUN
cjfa-20693	660	13	)	)	PUNCT
cjfa-20693	660	14	treat	treat	VERB
cjfa-20693	660	15	0.0141	0.0141	NUM
cjfa-20693	660	16	*	*	PUNCT
cjfa-20693	660	17	*	*	PUNCT
cjfa-20693	660	18	*	*	PUNCT
cjfa-20693	661	1	0.0167	0.0167	NUM
cjfa-20693	661	2	*	*	PUNCT
cjfa-20693	661	3	*	*	PUNCT
cjfa-20693	661	4	*	*	PUNCT
cjfa-20693	661	5	0.0175	0.0175	NUM
cjfa-20693	661	6	*	*	PUNCT
cjfa-20693	661	7	*	*	PUNCT
cjfa-20693	661	8	*	*	PUNCT
cjfa-20693	661	9	(	(	PUNCT
cjfa-20693	661	10	9.6071	9.6071	NUM
cjfa-20693	661	11	)	)	PUNCT
cjfa-20693	661	12	(	(	PUNCT
cjfa-20693	661	13	8.3261	8.3261	NUM
cjfa-20693	661	14	)	)	PUNCT
cjfa-20693	661	15	(	(	PUNCT
cjfa-20693	661	16	8.7498	8.7498	NUM
cjfa-20693	661	17	)	)	PUNCT
cjfa-20693	661	18	law	law	NOUN
cjfa-20693	661	19	0.0188	0.0188	NUM
cjfa-20693	661	20	*	*	PUNCT
cjfa-20693	661	21	*	*	PUNCT
cjfa-20693	661	22	*	*	PUNCT
cjfa-20693	661	23	0.0157	0.0157	NUM
cjfa-20693	661	24	*	*	PUNCT
cjfa-20693	661	25	*	*	PUNCT
cjfa-20693	661	26	*	*	PUNCT
cjfa-20693	661	27	0.0142	0.0142	NUM
cjfa-20693	661	28	*	*	PUNCT
cjfa-20693	661	29	*	*	PUNCT
cjfa-20693	661	30	*	*	PUNCT
cjfa-20693	661	31	(	(	PUNCT
cjfa-20693	661	32	9.2095	9.2095	NUM
cjfa-20693	661	33	)	)	PUNCT
cjfa-20693	661	34	(	(	PUNCT
cjfa-20693	661	35	6.6637	6.6637	NUM
cjfa-20693	661	36	)	)	PUNCT
cjfa-20693	661	37	(	(	PUNCT
cjfa-20693	661	38	5.9801	5.9801	NUM
cjfa-20693	661	39	)	)	PUNCT
cjfa-20693	661	40	roe	roe	NOUN
cjfa-20693	661	41	-0.0200	-0.0200	PUNCT
cjfa-20693	662	1	*	*	PUNCT
cjfa-20693	662	2	*	*	PUNCT
cjfa-20693	662	3	*	*	PUNCT
cjfa-20693	662	4	-0.0276	-0.0276	NOUN
cjfa-20693	663	1	*	*	PUNCT
cjfa-20693	664	1	*	*	PUNCT
cjfa-20693	664	2	*	*	NOUN
cjfa-20693	664	3	-0.0287	-0.0287	X
cjfa-20693	665	1	*	*	PUNCT
cjfa-20693	665	2	*	*	PUNCT
cjfa-20693	665	3	*	*	PUNCT
cjfa-20693	665	4	(	(	PUNCT
cjfa-20693	665	5	-12.4464	-12.4464	NUM
cjfa-20693	665	6	)	)	PUNCT
cjfa-20693	665	7	(	(	PUNCT
cjfa-20693	665	8	-14.6638	-14.6638	NOUN
cjfa-20693	665	9	)	)	PUNCT
cjfa-20693	665	10	(	(	PUNCT
cjfa-20693	665	11	-15.3697	-15.3697	X
cjfa-20693	665	12	)	)	PUNCT
cjfa-20693	665	13	lev	lev	NOUN
cjfa-20693	665	14	-0.1055	-0.1055	NOUN
cjfa-20693	665	15	*	*	PUNCT
cjfa-20693	665	16	*	*	PUNCT
cjfa-20693	665	17	*	*	PUNCT
cjfa-20693	665	18	-0.0902	-0.0902	PUNCT
cjfa-20693	665	19	*	*	PUNCT
cjfa-20693	665	20	*	*	PUNCT
cjfa-20693	665	21	*	*	PUNCT
cjfa-20693	665	22	(	(	PUNCT
cjfa-20693	665	23	-44.7019	-44.7019	NUM
cjfa-20693	665	24	)	)	PUNCT
cjfa-20693	665	25	(	(	PUNCT
cjfa-20693	665	26	-33.9950	-33.9950	X
cjfa-20693	665	27	)	)	PUNCT
cjfa-20693	665	28	sh1	sh1	NOUN
cjfa-20693	665	29	-0.0475	-0.0475	PUNCT
cjfa-20693	666	1	*	*	PUNCT
cjfa-20693	666	2	*	*	PUNCT
cjfa-20693	666	3	*	*	NOUN
cjfa-20693	666	4	-0.0448	-0.0448	X
cjfa-20693	667	1	*	*	PUNCT
cjfa-20693	667	2	*	*	PUNCT
cjfa-20693	667	3	*	*	PUNCT
cjfa-20693	667	4	(	(	PUNCT
cjfa-20693	667	5	-16.4005	-16.4005	NUM
cjfa-20693	667	6	)	)	PUNCT
cjfa-20693	667	7	(	(	PUNCT
cjfa-20693	667	8	-15.1244	-15.1244	NUM
cjfa-20693	667	9	)	)	PUNCT
cjfa-20693	667	10	bps	bps	NOUN
cjfa-20693	667	11	-0.0016	-0.0016	NOUN
cjfa-20693	667	12	*	*	PUNCT
cjfa-20693	667	13	*	*	PUNCT
cjfa-20693	667	14	*	*	PUNCT
cjfa-20693	667	15	-0.0023	-0.0023	X
cjfa-20693	667	16	*	*	PUNCT
cjfa-20693	667	17	*	*	PUNCT
cjfa-20693	667	18	*	*	PUNCT
cjfa-20693	667	19	(	(	PUNCT
cjfa-20693	667	20	-6.8233	-6.8233	NOUN
cjfa-20693	667	21	)	)	PUNCT
cjfa-20693	667	22	(	(	PUNCT
cjfa-20693	667	23	-9.6156	-9.6156	NOUN
cjfa-20693	667	24	)	)	PUNCT
cjfa-20693	667	25	capex	capex	PROPN
cjfa-20693	667	26	-0.0082	-0.0082	PROPN
cjfa-20693	667	27	-0.0061	-0.0061	PROPN
cjfa-20693	667	28	(	(	PUNCT
cjfa-20693	667	29	-0.9536	-0.9536	NOUN
cjfa-20693	667	30	)	)	PUNCT
cjfa-20693	667	31	(	(	PUNCT
cjfa-20693	667	32	-0.7018	-0.7018	X
cjfa-20693	667	33	)	)	PUNCT
cjfa-20693	667	34	sretained	sretaine	VERB
cjfa-20693	667	35	-0.0022	-0.0022	NOUN
cjfa-20693	667	36	*	*	PUNCT
cjfa-20693	667	37	*	*	PROPN
cjfa-20693	667	38	*	*	NOUN
cjfa-20693	667	39	-0.0012	-0.0012	NOUN
cjfa-20693	667	40	*	*	PUNCT
cjfa-20693	667	41	*	*	PUNCT
cjfa-20693	667	42	*	*	PUNCT
cjfa-20693	667	43	(	(	PUNCT
cjfa-20693	667	44	-5.7340	-5.7340	ADJ
cjfa-20693	667	45	)	)	PUNCT
cjfa-20693	667	46	(	(	PUNCT
cjfa-20693	667	47	-3.1142	-3.1142	NOUN
cjfa-20693	667	48	)	)	PUNCT
cjfa-20693	667	49	dual	dual	ADJ
cjfa-20693	667	50	0.0091	0.0091	NUM
cjfa-20693	667	51	*	*	PUNCT
cjfa-20693	667	52	*	*	PUNCT
cjfa-20693	667	53	*	*	PUNCT
cjfa-20693	667	54	can	can	AUX
cjfa-20693	667	55	mandatory	mandatory	ADJ
cjfa-20693	667	56	dividend	dividend	NOUN
cjfa-20693	667	57	policy	policy	NOUN
cjfa-20693	667	58	reduce	reduce	VERB
cjfa-20693	667	59	…	…	PUNCT
cjfa-20693	667	60	87	87	NUM
cjfa-20693	667	61	equation	equation	NOUN
cjfa-20693	667	62	(	(	PUNCT
cjfa-20693	667	63	1	1	NUM
cjfa-20693	667	64	)	)	PUNCT
cjfa-20693	667	65	equation	equation	NOUN
cjfa-20693	667	66	(	(	PUNCT
cjfa-20693	667	67	2	2	NUM
cjfa-20693	667	68	)	)	PUNCT
cjfa-20693	667	69	equation	equation	NOUN
cjfa-20693	667	70	(	(	PUNCT
cjfa-20693	667	71	3	3	X
cjfa-20693	667	72	)	)	PUNCT
cjfa-20693	667	73	variables	variable	NOUN
cjfa-20693	667	74	agent	agent	NOUN
cjfa-20693	667	75	agent	agent	NOUN
cjfa-20693	667	76	agent	agent	NOUN
cjfa-20693	667	77	(	(	PUNCT
cjfa-20693	667	78	8.5294	8.5294	NUM
cjfa-20693	667	79	)	)	PUNCT
cjfa-20693	667	80	cash	cash	NOUN
cjfa-20693	667	81	0.0216	0.0216	NUM
cjfa-20693	667	82	*	*	PUNCT
cjfa-20693	667	83	*	*	PUNCT
cjfa-20693	667	84	*	*	PUNCT
cjfa-20693	667	85	(	(	PUNCT
cjfa-20693	667	86	5.9857	5.9857	NUM
cjfa-20693	667	87	)	)	PUNCT
cjfa-20693	667	88	firmage	firmage	NOUN
cjfa-20693	667	89	0.0035	0.0035	NUM
cjfa-20693	667	90	*	*	PUNCT
cjfa-20693	667	91	(	(	PUNCT
cjfa-20693	667	92	1.8419	1.8419	NUM
cjfa-20693	667	93	)	)	PUNCT
cjfa-20693	667	94	soe	soe	PROPN
cjfa-20693	667	95	0.0020	0.0020	NUM
cjfa-20693	667	96	*	*	SYM
cjfa-20693	667	97	(	(	PUNCT
cjfa-20693	667	98	1.9084	1.9084	NUM
cjfa-20693	667	99	)	)	PUNCT
cjfa-20693	667	100	gem	gem	NOUN
cjfa-20693	667	101	0.0211	0.0211	NUM
cjfa-20693	667	102	*	*	PUNCT
cjfa-20693	667	103	*	*	PUNCT
cjfa-20693	667	104	*	*	PUNCT
cjfa-20693	667	105	(	(	PUNCT
cjfa-20693	667	106	15.5302	15.5302	NUM
cjfa-20693	667	107	)	)	PUNCT
cjfa-20693	667	108	constant	constant	ADJ
cjfa-20693	667	109	0.0806	0.0806	NUM
cjfa-20693	667	110	*	*	PUNCT
cjfa-20693	667	111	*	*	PUNCT
cjfa-20693	667	112	*	*	NOUN
cjfa-20693	667	113	0.1660	0.1660	NUM
cjfa-20693	667	114	*	*	PUNCT
cjfa-20693	667	115	*	*	PUNCT
cjfa-20693	667	116	*	*	PUNCT
cjfa-20693	667	117	0.1442	0.1442	PUNCT
cjfa-20693	667	118	*	*	PUNCT
cjfa-20693	667	119	*	*	PUNCT
cjfa-20693	667	120	*	*	PUNCT
cjfa-20693	667	121	(	(	PUNCT
cjfa-20693	667	122	26.7714	26.7714	NUM
cjfa-20693	667	123	)	)	PUNCT
cjfa-20693	667	124	(	(	PUNCT
cjfa-20693	667	125	43.1766	43.1766	NUM
cjfa-20693	667	126	)	)	PUNCT
cjfa-20693	667	127	(	(	PUNCT
cjfa-20693	667	128	20.2600	20.2600	NUM
cjfa-20693	667	129	)	)	PUNCT
cjfa-20693	667	130	year	year	NOUN
cjfa-20693	667	131	industry	industry	NOUN
cjfa-20693	667	132	control	control	NOUN
cjfa-20693	667	133	control	control	PROPN
cjfa-20693	667	134	control	control	PROPN
cjfa-20693	667	135	control	control	PROPN
cjfa-20693	667	136	control	control	PROPN
cjfa-20693	667	137	control	control	PROPN
cjfa-20693	667	138	observations	observation	NOUN
cjfa-20693	667	139	30,468	30,468	NUM
cjfa-20693	667	140	22,800	22,800	NUM
cjfa-20693	667	141	22,799	22,799	NUM
cjfa-20693	667	142	r	r	NOUN
cjfa-20693	667	143	-	-	PUNCT
cjfa-20693	667	144	squared	square	VERB
cjfa-20693	667	145	0.1743	0.1743	NUM
cjfa-20693	667	146	0.2600	0.2600	NUM
cjfa-20693	668	1	0.2728	0.2728	NUM
cjfa-20693	668	2	f	f	NOUN
cjfa-20693	668	3	214.2	214.2	NUM
cjfa-20693	668	4	228.6	228.6	NUM
cjfa-20693	668	5	213.4	213.4	NUM
cjfa-20693	668	6	note	note	NOUN
cjfa-20693	668	7	:	:	PUNCT
cjfa-20693	668	8	standard	standard	ADJ
cjfa-20693	668	9	errors	error	NOUN
cjfa-20693	668	10	in	in	ADP
cjfa-20693	668	11	parentheses	parenthesis	NOUN
cjfa-20693	668	12	.	.	PUNCT
cjfa-20693	669	1	*	*	PUNCT
cjfa-20693	669	2	*	*	PUNCT
cjfa-20693	669	3	*	*	PUNCT
cjfa-20693	669	4	p<0.01	p<0.01	PROPN
cjfa-20693	669	5	,	,	PUNCT
cjfa-20693	669	6	*	*	PUNCT
cjfa-20693	669	7	*	*	PUNCT
cjfa-20693	669	8	p<0.05	p<0.05	NOUN
cjfa-20693	669	9	,	,	PUNCT
cjfa-20693	669	10	*	*	PUNCT
cjfa-20693	669	11	p<0.1	p<0.1	X
cjfa-20693	669	12	.	.	PUNCT
cjfa-20693	669	13	s	s	PART
cjfa-20693	669	14	o	o	X
cjfa-20693	669	15	u	u	NOUN
cjfa-20693	669	16	r	r	NOUN
cjfa-20693	669	17	c	c	NOUN
cjfa-20693	669	18	e	e	NOUN
cjfa-20693	669	19	:	:	PUNCT
cjfa-20693	669	20	author	author	PROPN
cjfa-20693	669	21	’s	’s	PART
cjfa-20693	669	22	regression	regression	NOUN
cjfa-20693	669	23	based	base	VERB
cjfa-20693	669	24	upon	upon	SCONJ
cjfa-20693	669	25	the	the	DET
cjfa-20693	669	26	great	great	ADJ
cjfa-20693	669	27	intelligence	intelligence	NOUN
cjfa-20693	669	28	database	database	NOUN
cjfa-20693	669	29	in	in	ADP
cjfa-20693	669	30	china	china	PROPN
cjfa-20693	669	31	,	,	PUNCT
cjfa-20693	669	32	using	use	VERB
cjfa-20693	669	33	stata	stata	NOUN
cjfa-20693	669	34	14.0	14.0	NUM
cjfa-20693	669	35	.	.	PUNCT
cjfa-20693	670	1	to	to	PART
cjfa-20693	670	2	get	get	VERB
cjfa-20693	670	3	net	net	ADJ
cjfa-20693	670	4	effect	effect	NOUN
cjfa-20693	670	5	of	of	ADP
cjfa-20693	670	6	mandatory	mandatory	ADJ
cjfa-20693	670	7	dividend	dividend	NOUN
cjfa-20693	670	8	on	on	ADP
cjfa-20693	670	9	experimental	experimental	ADJ
cjfa-20693	670	10	group	group	NOUN
cjfa-20693	670	11	and	and	CCONJ
cjfa-20693	670	12	controlling	controlling	NOUN
cjfa-20693	670	13	group	group	NOUN
cjfa-20693	670	14	,	,	PUNCT
cjfa-20693	670	15	the	the	DET
cjfa-20693	670	16	study	study	NOUN
cjfa-20693	670	17	adopts	adopt	VERB
cjfa-20693	670	18	difference	difference	NOUN
cjfa-20693	670	19	-	-	PUNCT
cjfa-20693	670	20	in	in	ADP
cjfa-20693	670	21	-	-	PUNCT
cjfa-20693	670	22	difference	difference	NOUN
cjfa-20693	670	23	model	model	NOUN
cjfa-20693	670	24	to	to	PART
cjfa-20693	670	25	estimate	estimate	VERB
cjfa-20693	670	26	average	average	ADJ
cjfa-20693	670	27	difference	difference	NOUN
cjfa-20693	670	28	of	of	ADP
cjfa-20693	670	29	agency	agency	NOUN
cjfa-20693	670	30	cost	cost	NOUN
cjfa-20693	670	31	for	for	ADP
cjfa-20693	670	32	the	the	DET
cjfa-20693	670	33	above	above	ADJ
cjfa-20693	670	34	group	group	NOUN
cjfa-20693	670	35	separately	separately	ADV
cjfa-20693	670	36	,	,	PUNCT
cjfa-20693	670	37	the	the	DET
cjfa-20693	670	38	result	result	NOUN
cjfa-20693	670	39	is	be	AUX
cjfa-20693	670	40	shown	show	VERB
cjfa-20693	670	41	in	in	ADP
cjfa-20693	670	42	table	table	NOUN
cjfa-20693	670	43	8	8	NUM
cjfa-20693	670	44	.	.	PUNCT
cjfa-20693	670	45	from	from	ADP
cjfa-20693	670	46	table	table	NOUN
cjfa-20693	670	47	8	8	NUM
cjfa-20693	670	48	,	,	PUNCT
cjfa-20693	670	49	we	we	PRON
cjfa-20693	670	50	can	can	AUX
cjfa-20693	670	51	see	see	VERB
cjfa-20693	670	52	that	that	SCONJ
cjfa-20693	670	53	the	the	DET
cjfa-20693	670	54	average	average	ADJ
cjfa-20693	670	55	agency	agency	NOUN
cjfa-20693	670	56	cost	cost	NOUN
cjfa-20693	670	57	of	of	ADP
cjfa-20693	670	58	the	the	DET
cjfa-20693	670	59	control	control	NOUN
cjfa-20693	670	60	group	group	NOUN
cjfa-20693	670	61	is	be	AUX
cjfa-20693	670	62	0.134	0.134	NUM
cjfa-20693	670	63	,	,	PUNCT
cjfa-20693	670	64	and	and	CCONJ
cjfa-20693	670	65	that	that	PRON
cjfa-20693	670	66	of	of	ADP
cjfa-20693	670	67	the	the	DET
cjfa-20693	670	68	experimental	experimental	ADJ
cjfa-20693	670	69	group	group	NOUN
cjfa-20693	670	70	is	be	AUX
cjfa-20693	670	71	0.154	0.154	NUM
cjfa-20693	670	72	.	.	PUNCT
cjfa-20693	671	1	the	the	DET
cjfa-20693	671	2	difference	difference	NOUN
cjfa-20693	671	3	is	be	AUX
cjfa-20693	671	4	0.019	0.019	NUM
cjfa-20693	671	5	,	,	PUNCT
cjfa-20693	671	6	which	which	PRON
cjfa-20693	671	7	shows	show	VERB
cjfa-20693	671	8	that	that	SCONJ
cjfa-20693	671	9	there	there	PRON
cjfa-20693	671	10	is	be	VERB
cjfa-20693	671	11	a	a	DET
cjfa-20693	671	12	significant	significant	ADJ
cjfa-20693	671	13	difference	difference	NOUN
cjfa-20693	671	14	between	between	ADP
cjfa-20693	671	15	the	the	DET
cjfa-20693	671	16	two	two	NUM
cjfa-20693	671	17	groups	group	NOUN
cjfa-20693	671	18	at	at	ADP
cjfa-20693	671	19	the	the	DET
cjfa-20693	671	20	1	1	NUM
cjfa-20693	671	21	%	%	NOUN
cjfa-20693	671	22	level	level	NOUN
cjfa-20693	671	23	.	.	PUNCT
cjfa-20693	672	1	the	the	DET
cjfa-20693	672	2	agency	agency	NOUN
cjfa-20693	672	3	cost	cost	NOUN
cjfa-20693	672	4	of	of	ADP
cjfa-20693	672	5	the	the	DET
cjfa-20693	672	6	experimental	experimental	ADJ
cjfa-20693	672	7	group	group	NOUN
cjfa-20693	672	8	is	be	AUX
cjfa-20693	672	9	higher	high	ADJ
cjfa-20693	672	10	.	.	PUNCT
cjfa-20693	673	1	however	however	ADV
cjfa-20693	673	2	,	,	PUNCT
cjfa-20693	673	3	after	after	ADP
cjfa-20693	673	4	the	the	DET
cjfa-20693	673	5	introduction	introduction	NOUN
cjfa-20693	673	6	of	of	ADP
cjfa-20693	673	7	mandatory	mandatory	ADJ
cjfa-20693	673	8	dividend	dividend	NOUN
cjfa-20693	673	9	policy	policy	NOUN
cjfa-20693	673	10	,	,	PUNCT
cjfa-20693	673	11	the	the	DET
cjfa-20693	673	12	average	average	ADJ
cjfa-20693	673	13	agency	agency	NOUN
cjfa-20693	673	14	cost	cost	NOUN
cjfa-20693	673	15	of	of	ADP
cjfa-20693	673	16	the	the	DET
cjfa-20693	673	17	experimental	experimental	ADJ
cjfa-20693	673	18	group	group	NOUN
cjfa-20693	673	19	was	be	AUX
cjfa-20693	673	20	0.156	0.156	NUM
cjfa-20693	673	21	,	,	PUNCT
cjfa-20693	673	22	while	while	SCONJ
cjfa-20693	673	23	that	that	PRON
cjfa-20693	673	24	of	of	ADP
cjfa-20693	673	25	the	the	DET
cjfa-20693	673	26	control	control	NOUN
cjfa-20693	673	27	group	group	NOUN
cjfa-20693	673	28	increased	increase	VERB
cjfa-20693	673	29	to	to	ADP
cjfa-20693	673	30	0.15	0.15	NUM
cjfa-20693	673	31	.	.	PUNCT
cjfa-20693	674	1	at	at	ADP
cjfa-20693	674	2	this	this	DET
cjfa-20693	674	3	time	time	NOUN
cjfa-20693	674	4	,	,	PUNCT
cjfa-20693	674	5	the	the	DET
cjfa-20693	674	6	average	average	ADJ
cjfa-20693	674	7	agency	agency	NOUN
cjfa-20693	674	8	cost	cost	NOUN
cjfa-20693	674	9	of	of	ADP
cjfa-20693	674	10	the	the	DET
cjfa-20693	674	11	experimental	experimental	ADJ
cjfa-20693	674	12	group	group	NOUN
cjfa-20693	674	13	is	be	AUX
cjfa-20693	674	14	almost	almost	ADV
cjfa-20693	674	15	the	the	DET
cjfa-20693	674	16	same	same	ADJ
cjfa-20693	674	17	as	as	ADP
cjfa-20693	674	18	that	that	PRON
cjfa-20693	674	19	of	of	ADP
cjfa-20693	674	20	the	the	DET
cjfa-20693	674	21	control	control	NOUN
cjfa-20693	674	22	group	group	NOUN
cjfa-20693	674	23	,	,	PUNCT
cjfa-20693	674	24	which	which	PRON
cjfa-20693	674	25	shows	show	VERB
cjfa-20693	674	26	that	that	DET
cjfa-20693	674	27	table	table	NOUN
cjfa-20693	674	28	7	7	NUM
cjfa-20693	674	29	.	.	PUNCT
cjfa-20693	675	1	regression	regression	NOUN
cjfa-20693	675	2	result	result	NOUN
cjfa-20693	675	3	…	…	PUNCT
cjfa-20693	675	4	qin	qin	PROPN
cjfa-20693	675	5	hailin	hailin	PROPN
cjfa-20693	675	6	,	,	PUNCT
cjfa-20693	675	7	zhang	zhang	PROPN
cjfa-20693	675	8	jingxu88	jingxu88	PROPN
cjfa-20693	675	9	the	the	DET
cjfa-20693	675	10	mandatory	mandatory	ADJ
cjfa-20693	675	11	dividend	dividend	NOUN
cjfa-20693	675	12	policy	policy	NOUN
cjfa-20693	675	13	significantly	significantly	ADV
cjfa-20693	675	14	reduces	reduce	VERB
cjfa-20693	675	15	the	the	DET
cjfa-20693	675	16	agency	agency	NOUN
cjfa-20693	675	17	cost	cost	NOUN
cjfa-20693	675	18	of	of	ADP
cjfa-20693	675	19	“	"	PUNCT
cjfa-20693	675	20	iron	iron	NOUN
cjfa-20693	675	21	cock	cock	NOUN
cjfa-20693	675	22	”	"	PUNCT
cjfa-20693	675	23	company	company	NOUN
cjfa-20693	675	24	by	by	ADP
cjfa-20693	675	25	improving	improve	VERB
cjfa-20693	675	26	the	the	DET
cjfa-20693	675	27	corporate	corporate	ADJ
cjfa-20693	675	28	governance	governance	NOUN
cjfa-20693	675	29	level	level	NOUN
cjfa-20693	675	30	.	.	PUNCT
cjfa-20693	676	1	finally	finally	ADV
cjfa-20693	676	2	,	,	PUNCT
cjfa-20693	676	3	the	the	DET
cjfa-20693	676	4	result	result	NOUN
cjfa-20693	676	5	of	of	ADP
cjfa-20693	676	6	double	double	ADJ
cjfa-20693	676	7	difference	difference	NOUN
cjfa-20693	676	8	is	be	AUX
cjfa-20693	676	9	-0.013	-0.013	PUNCT
cjfa-20693	676	10	(	(	PUNCT
cjfa-20693	676	11	significant	significant	ADJ
cjfa-20693	676	12	at	at	ADP
cjfa-20693	676	13	1	1	NUM
cjfa-20693	676	14	%	%	NOUN
cjfa-20693	676	15	)	)	PUNCT
cjfa-20693	676	16	.	.	PUNCT
cjfa-20693	677	1	thus	thus	ADV
cjfa-20693	677	2	,	,	PUNCT
cjfa-20693	677	3	the	the	DET
cjfa-20693	677	4	mandatory	mandatory	ADJ
cjfa-20693	677	5	dividend	dividend	NOUN
cjfa-20693	677	6	policy	policy	NOUN
cjfa-20693	677	7	reduced	reduce	VERB
cjfa-20693	677	8	the	the	DET
cjfa-20693	677	9	average	average	ADJ
cjfa-20693	677	10	agency	agency	NOUN
cjfa-20693	677	11	cost	cost	NOUN
cjfa-20693	677	12	of	of	ADP
cjfa-20693	677	13	the	the	DET
cjfa-20693	677	14	experimental	experimental	ADJ
cjfa-20693	677	15	group	group	NOUN
cjfa-20693	677	16	by	by	ADP
cjfa-20693	677	17	1.3	1.3	NUM
cjfa-20693	677	18	%	%	NOUN
cjfa-20693	677	19	compared	compare	VERB
cjfa-20693	677	20	with	with	ADP
cjfa-20693	677	21	the	the	DET
cjfa-20693	677	22	control	control	NOUN
cjfa-20693	677	23	group	group	NOUN
cjfa-20693	677	24	.	.	PUNCT
cjfa-20693	678	1	therefore	therefore	ADV
cjfa-20693	678	2	,	,	PUNCT
cjfa-20693	678	3	hypothesis	hypothesis	NOUN
cjfa-20693	678	4	2	2	NUM
cjfa-20693	678	5	is	be	AUX
cjfa-20693	678	6	proved	prove	VERB
cjfa-20693	678	7	.	.	PUNCT
cjfa-20693	679	1	table	table	NOUN
cjfa-20693	679	2	8	8	NUM
cjfa-20693	679	3	.	.	PUNCT
cjfa-20693	680	1	did	do	AUX
cjfa-20693	680	2	result	result	VERB
cjfa-20693	680	3	of	of	ADP
cjfa-20693	680	4	mandatory	mandatory	ADJ
cjfa-20693	680	5	dividend	dividend	NOUN
cjfa-20693	680	6	and	and	CCONJ
cjfa-20693	680	7	agency	agency	NOUN
cjfa-20693	680	8	cost	cost	NOUN
cjfa-20693	680	9	variable	variable	ADJ
cjfa-20693	680	10	time	time	NOUN
cjfa-20693	680	11	0	0	NUM
cjfa-20693	680	12	time	time	NOUN
cjfa-20693	680	13	1	1	NUM
cjfa-20693	680	14	didcontrol	didcontrol	NOUN
cjfa-20693	680	15	group	group	NOUN
cjfa-20693	680	16	experiement	experiement	NOUN
cjfa-20693	680	17	group	group	NOUN
cjfa-20693	680	18	difference	difference	NOUN
cjfa-20693	680	19	controlling	control	VERB
cjfa-20693	680	20	group	group	NOUN
cjfa-20693	680	21	experiement	experiement	ADJ
cjfa-20693	680	22	group	group	NOUN
cjfa-20693	680	23	difference	difference	NOUN
cjfa-20693	680	24	agency	agency	NOUN
cjfa-20693	680	25	cost	cost	VERB
cjfa-20693	680	26	0.134	0.134	NUM
cjfa-20693	680	27	0.154	0.154	NUM
cjfa-20693	680	28	0.019	0.019	NUM
cjfa-20693	680	29	*	*	PUNCT
cjfa-20693	680	30	*	*	PUNCT
cjfa-20693	680	31	*	*	PUNCT
cjfa-20693	680	32	(	(	PUNCT
cjfa-20693	680	33	8.12	8.12	NUM
cjfa-20693	680	34	)	)	PUNCT
cjfa-20693	680	35	0.150	0.150	NUM
cjfa-20693	680	36	0.156	0.156	NUM
cjfa-20693	680	37	0.006	0.006	NUM
cjfa-20693	680	38	*	*	PUNCT
cjfa-20693	680	39	*	*	PUNCT
cjfa-20693	680	40	*	*	PUNCT
cjfa-20693	680	41	(	(	PUNCT
cjfa-20693	680	42	4.89	4.89	NUM
cjfa-20693	680	43	)	)	PUNCT
cjfa-20693	680	44	-0.013	-0.013	PUNCT
cjfa-20693	680	45	*	*	PUNCT
cjfa-20693	680	46	*	*	PUNCT
cjfa-20693	680	47	*	*	PUNCT
cjfa-20693	680	48	(	(	PUNCT
cjfa-20693	680	49	4.57	4.57	NUM
cjfa-20693	680	50	)	)	PUNCT
cjfa-20693	680	51	note	note	NOUN
cjfa-20693	680	52	:	:	PUNCT
cjfa-20693	680	53	standard	standard	ADJ
cjfa-20693	680	54	errors	error	NOUN
cjfa-20693	680	55	in	in	ADP
cjfa-20693	680	56	parentheses	parenthesis	NOUN
cjfa-20693	680	57	.	.	PUNCT
cjfa-20693	681	1	*	*	PUNCT
cjfa-20693	681	2	*	*	PUNCT
cjfa-20693	681	3	*	*	PUNCT
cjfa-20693	681	4	p<0.01	p<0.01	PROPN
cjfa-20693	681	5	,	,	PUNCT
cjfa-20693	681	6	*	*	PUNCT
cjfa-20693	681	7	*	*	PUNCT
cjfa-20693	681	8	p<0.05	p<0.05	NOUN
cjfa-20693	681	9	,	,	PUNCT
cjfa-20693	681	10	*	*	PUNCT
cjfa-20693	681	11	p<0.1	p<0.1	X
cjfa-20693	681	12	.	.	PUNCT
cjfa-20693	681	13	s	s	PART
cjfa-20693	681	14	o	o	X
cjfa-20693	681	15	u	u	NOUN
cjfa-20693	681	16	r	r	NOUN
cjfa-20693	681	17	c	c	NOUN
cjfa-20693	681	18	e	e	NOUN
cjfa-20693	681	19	:	:	PUNCT
cjfa-20693	681	20	author	author	PROPN
cjfa-20693	681	21	’s	’s	PART
cjfa-20693	681	22	regression	regression	NOUN
cjfa-20693	681	23	based	base	VERB
cjfa-20693	681	24	upon	upon	SCONJ
cjfa-20693	681	25	the	the	DET
cjfa-20693	681	26	great	great	ADJ
cjfa-20693	681	27	intelligence	intelligence	NOUN
cjfa-20693	681	28	database	database	NOUN
cjfa-20693	681	29	in	in	ADP
cjfa-20693	681	30	china	china	PROPN
cjfa-20693	681	31	,	,	PUNCT
cjfa-20693	681	32	using	use	VERB
cjfa-20693	681	33	stata	stata	NOUN
cjfa-20693	681	34	14.0	14.0	NUM
cjfa-20693	681	35	.	.	PUNCT
cjfa-20693	682	1	3	3	X
cjfa-20693	682	2	.	.	X
cjfa-20693	682	3	mandatory	mandatory	ADJ
cjfa-20693	682	4	dividend	dividend	NOUN
cjfa-20693	682	5	policy	policy	NOUN
cjfa-20693	682	6	and	and	CCONJ
cjfa-20693	682	7	agency	agency	NOUN
cjfa-20693	682	8	cost	cost	NOUN
cjfa-20693	682	9	:	:	PUNCT
cjfa-20693	682	10	re	re	VERB
cjfa-20693	682	11	-	-	NOUN
cjfa-20693	682	12	test	test	NOUN
cjfa-20693	682	13	based	base	VERB
cjfa-20693	682	14	on	on	ADP
cjfa-20693	682	15	dividend	dividend	NOUN
cjfa-20693	682	16	payment	payment	NOUN
cjfa-20693	682	17	rate	rate	NOUN
cjfa-20693	682	18	and	and	CCONJ
cjfa-20693	682	19	plate	plate	NOUN
cjfa-20693	682	20	difference	difference	NOUN
cjfa-20693	682	21	in	in	ADP
cjfa-20693	682	22	order	order	NOUN
cjfa-20693	682	23	to	to	PART
cjfa-20693	682	24	obtain	obtain	VERB
cjfa-20693	682	25	more	more	ADJ
cjfa-20693	682	26	in	in	ADP
cjfa-20693	682	27	-	-	PUNCT
cjfa-20693	682	28	depth	depth	NOUN
cjfa-20693	682	29	suppression	suppression	NOUN
cjfa-20693	682	30	of	of	ADP
cjfa-20693	682	31	mandatory	mandatory	ADJ
cjfa-20693	682	32	dividend	dividend	NOUN
cjfa-20693	682	33	policy	policy	NOUN
cjfa-20693	682	34	on	on	ADP
cjfa-20693	682	35	agency	agency	NOUN
cjfa-20693	682	36	costs	cost	NOUN
cjfa-20693	682	37	of	of	ADP
cjfa-20693	682	38	enterprises	enterprise	NOUN
cjfa-20693	682	39	with	with	ADP
cjfa-20693	682	40	different	different	ADJ
cjfa-20693	682	41	dividend	dividend	NOUN
cjfa-20693	682	42	levels	level	NOUN
cjfa-20693	682	43	and	and	CCONJ
cjfa-20693	682	44	different	different	ADJ
cjfa-20693	682	45	sectors	sector	NOUN
cjfa-20693	682	46	.	.	PUNCT
cjfa-20693	683	1	this	this	DET
cjfa-20693	683	2	paper	paper	NOUN
cjfa-20693	683	3	dividends	dividend	VERB
cjfa-20693	683	4	the	the	DET
cjfa-20693	683	5	samples	sample	NOUN
cjfa-20693	683	6	according	accord	VERB
cjfa-20693	683	7	to	to	ADP
cjfa-20693	683	8	the	the	DET
cjfa-20693	683	9	dividend	dividend	NOUN
cjfa-20693	683	10	payment	payment	NOUN
cjfa-20693	683	11	criteria	criterion	NOUN
cjfa-20693	683	12	of	of	ADP
cjfa-20693	683	13	micro	micro	ADJ
cjfa-20693	683	14	-	-	NOUN
cjfa-20693	683	15	dividend	dividend	ADJ
cjfa-20693	683	16	companies	company	NOUN
cjfa-20693	683	17	and	and	CCONJ
cjfa-20693	683	18	listed	list	VERB
cjfa-20693	683	19	companies	company	NOUN
cjfa-20693	683	20	.	.	PUNCT
cjfa-20693	684	1	the	the	DET
cjfa-20693	684	2	regression	regression	NOUN
cjfa-20693	684	3	results	result	NOUN
cjfa-20693	684	4	of	of	ADP
cjfa-20693	684	5	the	the	DET
cjfa-20693	684	6	specific	specific	ADJ
cjfa-20693	684	7	grouping	grouping	NOUN
cjfa-20693	684	8	did	do	VERB
cjfa-20693	684	9	are	be	AUX
cjfa-20693	684	10	shown	show	VERB
cjfa-20693	684	11	in	in	ADP
cjfa-20693	684	12	table	table	NOUN
cjfa-20693	684	13	9	9	NUM
cjfa-20693	684	14	.	.	PUNCT
cjfa-20693	684	15	table	table	NOUN
cjfa-20693	684	16	9	9	NUM
cjfa-20693	684	17	.	.	PUNCT
cjfa-20693	685	1	did	do	VERB
cjfa-20693	685	2	subgroup	subgroup	NOUN
cjfa-20693	685	3	for	for	ADP
cjfa-20693	685	4	mandatory	mandatory	ADJ
cjfa-20693	685	5	dividend	dividend	NOUN
cjfa-20693	685	6	and	and	CCONJ
cjfa-20693	685	7	agency	agency	NOUN
cjfa-20693	685	8	cost	cost	PROPN
cjfa-20693	685	9	micro	micro	PROPN
cjfa-20693	685	10	dividend	dividend	NOUN
cjfa-20693	685	11	company	company	NOUN
cjfa-20693	685	12	policy	policy	NOUN
cjfa-20693	685	13	dividend	dividend	NOUN
cjfa-20693	685	14	company	company	NOUN
cjfa-20693	685	15	small	small	ADJ
cjfa-20693	685	16	and	and	CCONJ
cjfa-20693	685	17	medium	medium	NOUN
cjfa-20693	685	18	board	board	NOUN
cjfa-20693	685	19	company	company	NOUN
cjfa-20693	685	20	main	main	ADJ
cjfa-20693	685	21	board	board	NOUN
cjfa-20693	685	22	company	company	NOUN
cjfa-20693	685	23	before	before	ADP
cjfa-20693	685	24	the	the	DET
cjfa-20693	685	25	policy	policy	NOUN
cjfa-20693	685	26	after	after	ADP
cjfa-20693	685	27	the	the	DET
cjfa-20693	685	28	policy	policy	NOUN
cjfa-20693	685	29	before	before	ADP
cjfa-20693	685	30	the	the	DET
cjfa-20693	685	31	policy	policy	NOUN
cjfa-20693	685	32	after	after	ADP
cjfa-20693	685	33	the	the	DET
cjfa-20693	685	34	policy	policy	NOUN
cjfa-20693	685	35	before	before	ADP
cjfa-20693	685	36	the	the	DET
cjfa-20693	685	37	policy	policy	NOUN
cjfa-20693	685	38	after	after	ADP
cjfa-20693	685	39	the	the	DET
cjfa-20693	685	40	policy	policy	NOUN
cjfa-20693	685	41	before	before	ADP
cjfa-20693	685	42	the	the	DET
cjfa-20693	685	43	policy	policy	NOUN
cjfa-20693	685	44	after	after	ADP
cjfa-20693	685	45	the	the	DET
cjfa-20693	685	46	policy	policy	NOUN
cjfa-20693	685	47	controlling	control	VERB
cjfa-20693	685	48	group	group	NOUN
cjfa-20693	685	49	360	360	NUM
cjfa-20693	685	50	492	492	NUM
cjfa-20693	685	51	5781	5781	NUM
cjfa-20693	685	52	9820	9820	NUM
cjfa-20693	685	53	1767	1767	NUM
cjfa-20693	685	54	3549	3549	NUM
cjfa-20693	685	55	3864	3864	NUM
cjfa-20693	685	56	5073	5073	NUM
cjfa-20693	685	57	experimental	experimental	ADJ
cjfa-20693	685	58	group	group	NOUN
cjfa-20693	685	59	22	22	NUM
cjfa-20693	685	60	183	183	NUM
cjfa-20693	685	61	1323	1323	NUM
cjfa-20693	685	62	4818	4818	NUM
cjfa-20693	685	63	107	107	NUM
cjfa-20693	685	64	884	884	NUM
cjfa-20693	685	65	1209	1209	NUM
cjfa-20693	685	66	2846	2846	NUM
cjfa-20693	685	67	total	total	NOUN
cjfa-20693	685	68	382	382	NUM
cjfa-20693	685	69	675	675	NUM
cjfa-20693	685	70	7104	7104	NUM
cjfa-20693	685	71	14638	14638	NUM
cjfa-20693	685	72	1874	1874	NUM
cjfa-20693	685	73	4433	4433	NUM
cjfa-20693	685	74	5073	5073	NUM
cjfa-20693	685	75	7919	7919	NUM
cjfa-20693	685	76	s	s	PART
cjfa-20693	685	77	o	o	NOUN
cjfa-20693	685	78	u	u	NOUN
cjfa-20693	685	79	r	r	NOUN
cjfa-20693	685	80	c	c	NOUN
cjfa-20693	685	81	e	e	NOUN
cjfa-20693	685	82	:	:	PUNCT
cjfa-20693	685	83	author	author	PROPN
cjfa-20693	685	84	’s	’s	PART
cjfa-20693	685	85	regression	regression	NOUN
cjfa-20693	685	86	based	base	VERB
cjfa-20693	685	87	upon	upon	SCONJ
cjfa-20693	685	88	the	the	DET
cjfa-20693	685	89	great	great	ADJ
cjfa-20693	685	90	intelligence	intelligence	NOUN
cjfa-20693	685	91	database	database	NOUN
cjfa-20693	685	92	in	in	ADP
cjfa-20693	685	93	china	china	PROPN
cjfa-20693	685	94	,	,	PUNCT
cjfa-20693	685	95	using	use	VERB
cjfa-20693	685	96	stata	stata	NOUN
cjfa-20693	685	97	14.0	14.0	NUM
cjfa-20693	685	98	.	.	PUNCT
cjfa-20693	686	1	can	can	AUX
cjfa-20693	686	2	mandatory	mandatory	ADJ
cjfa-20693	686	3	dividend	dividend	NOUN
cjfa-20693	686	4	policy	policy	NOUN
cjfa-20693	686	5	reduce	reduce	VERB
cjfa-20693	686	6	…	…	PUNCT
cjfa-20693	686	7	89	89	NUM
cjfa-20693	686	8	from	from	ADP
cjfa-20693	686	9	the	the	DET
cjfa-20693	686	10	perspective	perspective	NOUN
cjfa-20693	686	11	of	of	ADP
cjfa-20693	686	12	dividend	dividend	NOUN
cjfa-20693	686	13	payment	payment	NOUN
cjfa-20693	686	14	rate	rate	NOUN
cjfa-20693	686	15	,	,	PUNCT
cjfa-20693	686	16	this	this	DET
cjfa-20693	686	17	paper	paper	NOUN
cjfa-20693	686	18	observes	observe	VERB
cjfa-20693	686	19	the	the	DET
cjfa-20693	686	20	restraining	restraining	NOUN
cjfa-20693	686	21	effect	effect	NOUN
cjfa-20693	686	22	of	of	ADP
cjfa-20693	686	23	policy	policy	NOUN
cjfa-20693	686	24	on	on	ADP
cjfa-20693	686	25	agency	agency	NOUN
cjfa-20693	686	26	cost	cost	NOUN
cjfa-20693	686	27	.	.	PUNCT
cjfa-20693	687	1	through	through	ADP
cjfa-20693	687	2	the	the	DET
cjfa-20693	687	3	table	table	NOUN
cjfa-20693	687	4	10	10	NUM
cjfa-20693	687	5	(	(	PUNCT
cjfa-20693	687	6	2	2	NUM
cjfa-20693	687	7	)	)	PUNCT
cjfa-20693	687	8	and	and	CCONJ
cjfa-20693	687	9	(	(	PUNCT
cjfa-20693	687	10	3	3	NUM
cjfa-20693	687	11	)	)	PUNCT
cjfa-20693	687	12	,	,	PUNCT
cjfa-20693	687	13	we	we	PRON
cjfa-20693	687	14	can	can	AUX
cjfa-20693	687	15	find	find	VERB
cjfa-20693	687	16	that	that	SCONJ
cjfa-20693	687	17	the	the	DET
cjfa-20693	687	18	double	double	ADJ
cjfa-20693	687	19	difference	difference	NOUN
cjfa-20693	687	20	of	of	ADP
cjfa-20693	687	21	agency	agency	NOUN
cjfa-20693	687	22	cost	cost	NOUN
cjfa-20693	687	23	of	of	ADP
cjfa-20693	687	24	normal	normal	ADJ
cjfa-20693	687	25	dividend	dividend	NOUN
cjfa-20693	687	26	company	company	NOUN
cjfa-20693	687	27	is	be	AUX
cjfa-20693	687	28	–	–	PUNCT
cjfa-20693	687	29	0.013	0.013	NUM
cjfa-20693	687	30	(	(	PUNCT
cjfa-20693	687	31	1	1	NUM
cjfa-20693	687	32	%	%	NOUN
cjfa-20693	687	33	level	level	NOUN
cjfa-20693	687	34	is	be	AUX
cjfa-20693	687	35	significant	significant	ADJ
cjfa-20693	687	36	)	)	PUNCT
cjfa-20693	687	37	,	,	PUNCT
cjfa-20693	687	38	which	which	PRON
cjfa-20693	687	39	shows	show	VERB
cjfa-20693	687	40	that	that	SCONJ
cjfa-20693	687	41	the	the	DET
cjfa-20693	687	42	mandatory	mandatory	ADJ
cjfa-20693	687	43	dividend	dividend	NOUN
cjfa-20693	687	44	policy	policy	NOUN
cjfa-20693	687	45	can	can	AUX
cjfa-20693	687	46	reduce	reduce	VERB
cjfa-20693	687	47	the	the	DET
cjfa-20693	687	48	agency	agency	NOUN
cjfa-20693	687	49	cost	cost	NOUN
cjfa-20693	687	50	of	of	ADP
cjfa-20693	687	51	normal	normal	ADJ
cjfa-20693	687	52	dividend	dividend	NOUN
cjfa-20693	687	53	company	company	NOUN
cjfa-20693	687	54	very	very	ADV
cjfa-20693	687	55	well	well	ADV
cjfa-20693	687	56	.	.	PUNCT
cjfa-20693	688	1	the	the	DET
cjfa-20693	688	2	economic	economic	ADJ
cjfa-20693	688	3	logic	logic	NOUN
cjfa-20693	688	4	behind	behind	ADP
cjfa-20693	688	5	it	it	PRON
cjfa-20693	688	6	:	:	PUNCT
cjfa-20693	688	7	for	for	ADP
cjfa-20693	688	8	the	the	DET
cjfa-20693	688	9	cash	cash	NOUN
cjfa-20693	688	10	dividend	dividend	NOUN
cjfa-20693	688	11	distribution	distribution	NOUN
cjfa-20693	688	12	according	accord	VERB
cjfa-20693	688	13	to	to	ADP
cjfa-20693	688	14	the	the	DET
cjfa-20693	688	15	requirements	requirement	NOUN
cjfa-20693	688	16	and	and	CCONJ
cjfa-20693	688	17	the	the	DET
cjfa-20693	688	18	specific	specific	ADJ
cjfa-20693	688	19	situation	situation	NOUN
cjfa-20693	688	20	of	of	ADP
cjfa-20693	688	21	the	the	DET
cjfa-20693	688	22	company	company	NOUN
cjfa-20693	688	23	,	,	PUNCT
cjfa-20693	688	24	we	we	PRON
cjfa-20693	688	25	can	can	AUX
cjfa-20693	688	26	reduce	reduce	VERB
cjfa-20693	688	27	the	the	DET
cjfa-20693	688	28	disposable	disposable	ADJ
cjfa-20693	688	29	cash	cash	NOUN
cjfa-20693	688	30	flow	flow	NOUN
cjfa-20693	688	31	of	of	ADP
cjfa-20693	688	32	the	the	DET
cjfa-20693	688	33	enterprise	enterprise	NOUN
cjfa-20693	688	34	,	,	PUNCT
cjfa-20693	688	35	thereby	thereby	ADV
cjfa-20693	688	36	reducing	reduce	VERB
cjfa-20693	688	37	agency	agency	NOUN
cjfa-20693	688	38	costs	cost	NOUN
cjfa-20693	688	39	and	and	CCONJ
cjfa-20693	688	40	improving	improve	VERB
cjfa-20693	688	41	corporate	corporate	ADJ
cjfa-20693	688	42	governance	governance	NOUN
cjfa-20693	688	43	mechanism	mechanism	NOUN
cjfa-20693	688	44	.	.	PUNCT
cjfa-20693	689	1	however	however	ADV
cjfa-20693	689	2	,	,	PUNCT
cjfa-20693	689	3	for	for	ADP
cjfa-20693	689	4	micro	micro	ADJ
cjfa-20693	689	5	-	-	ADJ
cjfa-20693	689	6	dividend	dividend	ADJ
cjfa-20693	689	7	companies	company	NOUN
cjfa-20693	689	8	,	,	PUNCT
cjfa-20693	689	9	the	the	DET
cjfa-20693	689	10	double	double	ADJ
cjfa-20693	689	11	difference	difference	NOUN
cjfa-20693	689	12	is	be	AUX
cjfa-20693	689	13	–	–	PUNCT
cjfa-20693	689	14	0.003	0.003	NUM
cjfa-20693	689	15	(	(	PUNCT
cjfa-20693	689	16	not	not	PART
cjfa-20693	689	17	significant	significant	ADJ
cjfa-20693	689	18	)	)	PUNCT
cjfa-20693	689	19	,	,	PUNCT
cjfa-20693	689	20	and	and	CCONJ
cjfa-20693	689	21	there	there	PRON
cjfa-20693	689	22	is	be	VERB
cjfa-20693	689	23	a	a	DET
cjfa-20693	689	24	“	"	PUNCT
cjfa-20693	689	25	regulatory	regulatory	ADJ
cjfa-20693	689	26	paradox	paradox	NOUN
cjfa-20693	689	27	”	"	PUNCT
cjfa-20693	689	28	with	with	ADP
cjfa-20693	689	29	countermeasures	countermeasure	NOUN
cjfa-20693	689	30	under	under	ADP
cjfa-20693	689	31	the	the	DET
cjfa-20693	689	32	policy	policy	NOUN
cjfa-20693	689	33	.	.	PUNCT
cjfa-20693	690	1	since	since	SCONJ
cjfa-20693	690	2	listed	list	VERB
cjfa-20693	690	3	companies	company	NOUN
cjfa-20693	690	4	dare	dare	AUX
cjfa-20693	690	5	not	not	PART
cjfa-20693	690	6	openly	openly	ADV
cjfa-20693	690	7	antagonize	antagonize	VERB
cjfa-20693	690	8	the	the	DET
cjfa-20693	690	9	sfc	sfc	NOUN
cjfa-20693	690	10	,	,	PUNCT
cjfa-20693	690	11	the	the	DET
cjfa-20693	690	12	company	company	NOUN
cjfa-20693	690	13	will	will	AUX
cjfa-20693	690	14	have	have	VERB
cjfa-20693	690	15	to	to	PART
cjfa-20693	690	16	submit	submit	VERB
cjfa-20693	690	17	,	,	PUNCT
cjfa-20693	690	18	but	but	CCONJ
cjfa-20693	690	19	the	the	DET
cjfa-20693	690	20	mandatory	mandatory	ADJ
cjfa-20693	690	21	dividend	dividend	NOUN
cjfa-20693	690	22	policy	policy	NOUN
cjfa-20693	690	23	seriously	seriously	ADV
cjfa-20693	690	24	violates	violate	VERB
cjfa-20693	690	25	the	the	DET
cjfa-20693	690	26	company	company	NOUN
cjfa-20693	690	27	’s	’s	PART
cjfa-20693	690	28	willingness	willingness	NOUN
cjfa-20693	690	29	to	to	PART
cjfa-20693	690	30	pay	pay	VERB
cjfa-20693	690	31	dividends	dividend	NOUN
cjfa-20693	690	32	,	,	PUNCT
cjfa-20693	690	33	so	so	SCONJ
cjfa-20693	690	34	the	the	DET
cjfa-20693	690	35	company	company	NOUN
cjfa-20693	690	36	will	will	AUX
cjfa-20693	690	37	adopt	adopt	VERB
cjfa-20693	690	38	a	a	DET
cjfa-20693	690	39	policy	policy	NOUN
cjfa-20693	690	40	of	of	ADP
cjfa-20693	690	41	passive	passive	ADJ
cjfa-20693	690	42	resistance	resistance	NOUN
cjfa-20693	690	43	,	,	PUNCT
cjfa-20693	690	44	that	that	ADV
cjfa-20693	690	45	is	is	ADV
cjfa-20693	690	46	,	,	PUNCT
cjfa-20693	690	47	the	the	DET
cjfa-20693	690	48	mandatory	mandatory	ADJ
cjfa-20693	690	49	dividend	dividend	NOUN
cjfa-20693	690	50	-	-	PUNCT
cjfa-20693	690	51	sharing	share	VERB
cjfa-20693	690	52	causes	cause	NOUN
cjfa-20693	690	53	listed	list	VERB
cjfa-20693	690	54	companies	company	NOUN
cjfa-20693	690	55	to	to	PART
cjfa-20693	690	56	choose	choose	VERB
cjfa-20693	690	57	a	a	DET
cjfa-20693	690	58	dividend	dividend	NOUN
cjfa-20693	690	59	per	per	ADP
cjfa-20693	690	60	share	share	NOUN
cjfa-20693	690	61	that	that	PRON
cjfa-20693	690	62	tends	tend	VERB
cjfa-20693	690	63	to	to	ADP
cjfa-20693	690	64	zero	zero	NUM
cjfa-20693	690	65	,	,	PUNCT
cjfa-20693	690	66	so	so	SCONJ
cjfa-20693	690	67	that	that	SCONJ
cjfa-20693	690	68	the	the	DET
cjfa-20693	690	69	regulatory	regulatory	ADJ
cjfa-20693	690	70	authorities	authority	NOUN
cjfa-20693	690	71	will	will	AUX
cjfa-20693	690	72	not	not	PART
cjfa-20693	690	73	say	say	VERB
cjfa-20693	690	74	a	a	DET
cjfa-20693	690	75	word	word	NOUN
cjfa-20693	690	76	.	.	PUNCT
cjfa-20693	691	1	however	however	ADV
cjfa-20693	691	2	,	,	PUNCT
cjfa-20693	691	3	the	the	DET
cjfa-20693	691	4	cash	cash	NOUN
cjfa-20693	691	5	dividend	dividend	NOUN
cjfa-20693	691	6	payment	payment	NOUN
cjfa-20693	691	7	rate	rate	NOUN
cjfa-20693	691	8	is	be	AUX
cjfa-20693	691	9	less	less	ADJ
cjfa-20693	691	10	than	than	ADP
cjfa-20693	691	11	0.1	0.1	NUM
cjfa-20693	691	12	,	,	PUNCT
cjfa-20693	691	13	which	which	PRON
cjfa-20693	691	14	is	be	AUX
cjfa-20693	691	15	similar	similar	ADJ
cjfa-20693	691	16	to	to	ADP
cjfa-20693	691	17	no	no	DET
cjfa-20693	691	18	dividend	dividend	NOUN
cjfa-20693	691	19	,	,	PUNCT
cjfa-20693	691	20	so	so	SCONJ
cjfa-20693	691	21	it	it	PRON
cjfa-20693	691	22	will	will	AUX
cjfa-20693	691	23	not	not	PART
cjfa-20693	691	24	have	have	VERB
cjfa-20693	691	25	any	any	DET
cjfa-20693	691	26	impact	impact	NOUN
cjfa-20693	691	27	on	on	ADP
cjfa-20693	691	28	the	the	DET
cjfa-20693	691	29	free	free	ADJ
cjfa-20693	691	30	cash	cash	NOUN
cjfa-20693	691	31	flow	flow	NOUN
cjfa-20693	691	32	of	of	ADP
cjfa-20693	691	33	enterprises	enterprise	NOUN
cjfa-20693	691	34	.	.	PUNCT
cjfa-20693	692	1	therefore	therefore	ADV
cjfa-20693	692	2	,	,	PUNCT
cjfa-20693	692	3	for	for	ADP
cjfa-20693	692	4	micro	micro	ADJ
cjfa-20693	692	5	-	-	ADJ
cjfa-20693	692	6	dividend	dividend	ADJ
cjfa-20693	692	7	companies	company	NOUN
cjfa-20693	692	8	,	,	PUNCT
cjfa-20693	692	9	the	the	DET
cjfa-20693	692	10	mandatory	mandatory	ADJ
cjfa-20693	692	11	dividend	dividend	NOUN
cjfa-20693	692	12	policy	policy	NOUN
cjfa-20693	692	13	does	do	AUX
cjfa-20693	692	14	not	not	PART
cjfa-20693	692	15	reduce	reduce	VERB
cjfa-20693	692	16	the	the	DET
cjfa-20693	692	17	agency	agency	NOUN
cjfa-20693	692	18	costs	cost	NOUN
cjfa-20693	692	19	of	of	ADP
cjfa-20693	692	20	such	such	ADJ
cjfa-20693	692	21	enterprises	enterprise	NOUN
cjfa-20693	692	22	,	,	PUNCT
cjfa-20693	692	23	so	so	CCONJ
cjfa-20693	692	24	hypothesis	hypothesis	NOUN
cjfa-20693	692	25	3	3	NUM
cjfa-20693	692	26	is	be	AUX
cjfa-20693	692	27	proved	prove	VERB
cjfa-20693	692	28	.	.	PUNCT
cjfa-20693	693	1	secondly	secondly	ADV
cjfa-20693	693	2	,	,	PUNCT
cjfa-20693	693	3	it	it	PRON
cjfa-20693	693	4	examines	examine	VERB
cjfa-20693	693	5	the	the	DET
cjfa-20693	693	6	effect	effect	NOUN
cjfa-20693	693	7	of	of	ADP
cjfa-20693	693	8	policies	policy	NOUN
cjfa-20693	693	9	on	on	ADP
cjfa-20693	693	10	agency	agency	NOUN
cjfa-20693	693	11	costs	cost	NOUN
cjfa-20693	693	12	from	from	ADP
cjfa-20693	693	13	different	different	ADJ
cjfa-20693	693	14	sectors	sector	NOUN
cjfa-20693	693	15	.	.	PUNCT
cjfa-20693	694	1	the	the	DET
cjfa-20693	694	2	results	result	NOUN
cjfa-20693	694	3	of	of	ADP
cjfa-20693	694	4	grouping	grouping	NOUN
cjfa-20693	694	5	did	do	VERB
cjfa-20693	694	6	in	in	ADP
cjfa-20693	694	7	different	different	ADJ
cjfa-20693	694	8	sectors	sector	NOUN
cjfa-20693	694	9	are	be	AUX
cjfa-20693	694	10	as	as	SCONJ
cjfa-20693	694	11	shown	show	VERB
cjfa-20693	694	12	in	in	ADP
cjfa-20693	694	13	table	table	NOUN
cjfa-20693	694	14	11	11	NUM
cjfa-20693	694	15	.	.	PUNCT
cjfa-20693	695	1	the	the	DET
cjfa-20693	695	2	mandatory	mandatory	ADJ
cjfa-20693	695	3	dividend	dividend	NOUN
cjfa-20693	695	4	policy	policy	NOUN
cjfa-20693	695	5	has	have	VERB
cjfa-20693	695	6	better	well	ADJ
cjfa-20693	695	7	effect	effect	NOUN
cjfa-20693	695	8	on	on	ADP
cjfa-20693	695	9	restraining	restrain	VERB
cjfa-20693	695	10	agency	agency	NOUN
cjfa-20693	695	11	costs	cost	NOUN
cjfa-20693	695	12	of	of	ADP
cjfa-20693	695	13	listed	list	VERB
cjfa-20693	695	14	companies	company	NOUN
cjfa-20693	695	15	on	on	ADP
cjfa-20693	695	16	the	the	DET
cjfa-20693	695	17	motherboard	motherboard	NOUN
cjfa-20693	695	18	,	,	PUNCT
cjfa-20693	695	19	but	but	CCONJ
cjfa-20693	695	20	has	have	VERB
cjfa-20693	695	21	no	no	DET
cjfa-20693	695	22	significant	significant	ADJ
cjfa-20693	695	23	effect	effect	NOUN
cjfa-20693	695	24	on	on	ADP
cjfa-20693	695	25	small	small	ADJ
cjfa-20693	695	26	and	and	CCONJ
cjfa-20693	695	27	medium	medium	ADJ
cjfa-20693	695	28	-	-	PUNCT
cjfa-20693	695	29	sized	sized	ADJ
cjfa-20693	695	30	boards	board	NOUN
cjfa-20693	695	31	.	.	PUNCT
cjfa-20693	696	1	the	the	DET
cjfa-20693	696	2	main	main	ADJ
cjfa-20693	696	3	reason	reason	NOUN
cjfa-20693	696	4	is	be	AUX
cjfa-20693	696	5	that	that	SCONJ
cjfa-20693	696	6	the	the	DET
cjfa-20693	696	7	company	company	NOUN
cjfa-20693	696	8	listed	list	VERB
cjfa-20693	696	9	on	on	ADP
cjfa-20693	696	10	the	the	DET
cjfa-20693	696	11	motherboard	motherboard	NOUN
cjfa-20693	696	12	has	have	AUX
cjfa-20693	696	13	been	be	AUX
cjfa-20693	696	14	established	establish	VERB
cjfa-20693	696	15	for	for	ADP
cjfa-20693	696	16	a	a	DET
cjfa-20693	696	17	long	long	ADJ
cjfa-20693	696	18	time	time	NOUN
cjfa-20693	696	19	,	,	PUNCT
cjfa-20693	696	20	mainly	mainly	ADV
cjfa-20693	696	21	by	by	ADP
cjfa-20693	696	22	stateowned	stateowne	VERB
cjfa-20693	696	23	enterprises	enterprise	NOUN
cjfa-20693	696	24	,	,	PUNCT
cjfa-20693	696	25	and	and	CCONJ
cjfa-20693	696	26	the	the	DET
cjfa-20693	696	27	agency	agency	NOUN
cjfa-20693	696	28	cost	cost	NOUN
cjfa-20693	696	29	is	be	AUX
cjfa-20693	696	30	more	more	ADV
cjfa-20693	696	31	serious	serious	ADJ
cjfa-20693	696	32	than	than	ADP
cjfa-20693	696	33	that	that	PRON
cjfa-20693	696	34	of	of	ADP
cjfa-20693	696	35	small	small	ADJ
cjfa-20693	696	36	and	and	CCONJ
cjfa-20693	696	37	medium	medium	ADJ
cjfa-20693	696	38	-	-	PUNCT
cjfa-20693	696	39	sized	sized	ADJ
cjfa-20693	696	40	boards	board	NOUN
cjfa-20693	696	41	.	.	PUNCT
cjfa-20693	697	1	therefore	therefore	ADV
cjfa-20693	697	2	,	,	PUNCT
cjfa-20693	697	3	the	the	DET
cjfa-20693	697	4	effect	effect	NOUN
cjfa-20693	697	5	of	of	ADP
cjfa-20693	697	6	mandatory	mandatory	ADJ
cjfa-20693	697	7	dividend	dividend	NOUN
cjfa-20693	697	8	policy	policy	NOUN
cjfa-20693	697	9	to	to	PART
cjfa-20693	697	10	reduce	reduce	VERB
cjfa-20693	697	11	the	the	DET
cjfa-20693	697	12	agency	agency	NOUN
cjfa-20693	697	13	cost	cost	NOUN
cjfa-20693	697	14	of	of	ADP
cjfa-20693	697	15	listed	list	VERB
cjfa-20693	697	16	companies	company	NOUN
cjfa-20693	697	17	on	on	ADP
cjfa-20693	697	18	the	the	DET
cjfa-20693	697	19	motherboard	motherboard	NOUN
cjfa-20693	697	20	is	be	AUX
cjfa-20693	697	21	remarkable	remarkable	ADJ
cjfa-20693	697	22	.	.	PUNCT
cjfa-20693	698	1	for	for	ADP
cjfa-20693	698	2	smes	sme	NOUN
cjfa-20693	698	3	listed	list	VERB
cjfa-20693	698	4	companies	company	NOUN
cjfa-20693	698	5	,	,	PUNCT
cjfa-20693	698	6	most	most	ADJ
cjfa-20693	698	7	of	of	ADP
cjfa-20693	698	8	them	they	PRON
cjfa-20693	698	9	are	be	AUX
cjfa-20693	698	10	in	in	ADP
cjfa-20693	698	11	the	the	DET
cjfa-20693	698	12	growth	growth	NOUN
cjfa-20693	698	13	of	of	ADP
cjfa-20693	698	14	enterprise	enterprise	NOUN
cjfa-20693	698	15	life	life	NOUN
cjfa-20693	698	16	cycle	cycle	NOUN
cjfa-20693	698	17	.	.	PUNCT
cjfa-20693	699	1	at	at	ADP
cjfa-20693	699	2	this	this	DET
cjfa-20693	699	3	time	time	NOUN
cjfa-20693	699	4	,	,	PUNCT
cjfa-20693	699	5	it	it	PRON
cjfa-20693	699	6	is	be	AUX
cjfa-20693	699	7	important	important	ADJ
cjfa-20693	699	8	to	to	PART
cjfa-20693	699	9	maintain	maintain	VERB
cjfa-20693	699	10	the	the	DET
cjfa-20693	699	11	internal	internal	ADJ
cjfa-20693	699	12	retained	retain	VERB
cjfa-20693	699	13	earnings	earning	NOUN
cjfa-20693	699	14	and	and	CCONJ
cjfa-20693	699	15	keep	keep	VERB
cjfa-20693	699	16	the	the	DET
cjfa-20693	699	17	momentum	momentum	NOUN
cjfa-20693	699	18	of	of	ADP
cjfa-20693	699	19	development	development	NOUN
cjfa-20693	699	20	,	,	PUNCT
cjfa-20693	699	21	rather	rather	ADV
cjfa-20693	699	22	than	than	SCONJ
cjfa-20693	699	23	to	to	PART
cjfa-20693	699	24	give	give	VERB
cjfa-20693	699	25	back	back	ADP
cjfa-20693	699	26	to	to	ADP
cjfa-20693	699	27	investors	investor	NOUN
cjfa-20693	699	28	.	.	PUNCT
cjfa-20693	700	1	therefore	therefore	ADV
cjfa-20693	700	2	,	,	PUNCT
cjfa-20693	700	3	the	the	DET
cjfa-20693	700	4	restraint	restraint	NOUN
cjfa-20693	700	5	of	of	ADP
cjfa-20693	700	6	mandatory	mandatory	ADJ
cjfa-20693	700	7	dividend	dividend	NOUN
cjfa-20693	700	8	policy	policy	NOUN
cjfa-20693	700	9	on	on	ADP
cjfa-20693	700	10	agency	agency	NOUN
cjfa-20693	700	11	costs	cost	NOUN
cjfa-20693	700	12	of	of	ADP
cjfa-20693	700	13	smes	sme	NOUN
cjfa-20693	700	14	listed	list	VERB
cjfa-20693	700	15	companies	company	NOUN
cjfa-20693	700	16	is	be	AUX
cjfa-20693	700	17	not	not	PART
cjfa-20693	700	18	significant	significant	ADJ
cjfa-20693	700	19	.	.	PUNCT
cjfa-20693	701	1	qin	qin	PROPN
cjfa-20693	701	2	hailin	hailin	PROPN
cjfa-20693	701	3	,	,	PUNCT
cjfa-20693	701	4	zhang	zhang	PROPN
cjfa-20693	701	5	jingxu90	jingxu90	PROPN
cjfa-20693	701	6	table	table	VERB
cjfa-20693	701	7	10	10	NUM
cjfa-20693	701	8	.	.	PUNCT
cjfa-20693	702	1	did	do	AUX
cjfa-20693	702	2	result	result	VERB
cjfa-20693	702	3	about	about	ADP
cjfa-20693	702	4	mandatory	mandatory	ADJ
cjfa-20693	702	5	dividend	dividend	NOUN
cjfa-20693	702	6	effect	effect	NOUN
cjfa-20693	702	7	agency	agency	NOUN
cjfa-20693	702	8	cost	cost	NOUN
cjfa-20693	702	9	from	from	ADP
cjfa-20693	702	10	the	the	DET
cjfa-20693	702	11	perspective	perspective	NOUN
cjfa-20693	702	12	of	of	ADP
cjfa-20693	702	13	dividend	dividend	NOUN
cjfa-20693	702	14	level	level	NOUN
cjfa-20693	702	15	and	and	CCONJ
cjfa-20693	702	16	boards	board	NOUN
cjfa-20693	702	17	micro	micro	VERB
cjfa-20693	702	18	dividend	dividend	VERB
cjfa-20693	702	19	normal	normal	ADJ
cjfa-20693	702	20	dividend	dividend	NOUN
cjfa-20693	702	21	main	main	PROPN
cjfa-20693	702	22	board	board	PROPN
cjfa-20693	702	23	sme	sme	PROPN
cjfa-20693	702	24	board	board	PROPN
cjfa-20693	702	25	agency	agency	PROPN
cjfa-20693	702	26	cost	cost	VERB
cjfa-20693	702	27	0.003	0.003	NUM
cjfa-20693	702	28	(	(	PUNCT
cjfa-20693	702	29	0.21	0.21	NUM
cjfa-20693	702	30	)	)	PUNCT
cjfa-20693	702	31	-0.013	-0.013	PUNCT
cjfa-20693	702	32	*	*	PUNCT
cjfa-20693	702	33	*	*	PUNCT
cjfa-20693	702	34	*	*	PUNCT
cjfa-20693	702	35	(	(	PUNCT
cjfa-20693	702	36	4.52	4.52	NUM
cjfa-20693	702	37	)	)	PUNCT
cjfa-20693	702	38	-0.009	-0.009	NOUN
cjfa-20693	703	1	*	*	PUNCT
cjfa-20693	703	2	*	*	PUNCT
cjfa-20693	703	3	*	*	PUNCT
cjfa-20693	703	4	(	(	PUNCT
cjfa-20693	703	5	2.75	2.75	NUM
cjfa-20693	703	6	)	)	PUNCT
cjfa-20693	703	7	-0.001	-0.001	PUNCT
cjfa-20693	703	8	(	(	PUNCT
cjfa-20693	703	9	0.22	0.22	NUM
cjfa-20693	703	10	)	)	PUNCT
cjfa-20693	703	11	note	note	NOUN
cjfa-20693	703	12	:	:	PUNCT
cjfa-20693	703	13	standard	standard	ADJ
cjfa-20693	703	14	errors	error	NOUN
cjfa-20693	703	15	in	in	ADP
cjfa-20693	703	16	parentheses	parenthesis	NOUN
cjfa-20693	703	17	.	.	PUNCT
cjfa-20693	704	1	*	*	PUNCT
cjfa-20693	704	2	*	*	PUNCT
cjfa-20693	704	3	*	*	PUNCT
cjfa-20693	704	4	p<0.01	p<0.01	PROPN
cjfa-20693	704	5	,	,	PUNCT
cjfa-20693	704	6	*	*	PUNCT
cjfa-20693	704	7	*	*	PUNCT
cjfa-20693	704	8	p<0.05	p<0.05	NOUN
cjfa-20693	704	9	,	,	PUNCT
cjfa-20693	704	10	*	*	PUNCT
cjfa-20693	704	11	p<0.1	p<0.1	X
cjfa-20693	704	12	.	.	PUNCT
cjfa-20693	704	13	s	s	PART
cjfa-20693	704	14	o	o	X
cjfa-20693	704	15	u	u	NOUN
cjfa-20693	704	16	r	r	NOUN
cjfa-20693	704	17	c	c	NOUN
cjfa-20693	704	18	e	e	NOUN
cjfa-20693	704	19	:	:	PUNCT
cjfa-20693	704	20	author	author	PROPN
cjfa-20693	704	21	’s	’s	PART
cjfa-20693	704	22	regression	regression	NOUN
cjfa-20693	704	23	based	base	VERB
cjfa-20693	704	24	upon	upon	SCONJ
cjfa-20693	704	25	the	the	DET
cjfa-20693	704	26	great	great	ADJ
cjfa-20693	704	27	intelligence	intelligence	NOUN
cjfa-20693	704	28	database	database	NOUN
cjfa-20693	704	29	in	in	ADP
cjfa-20693	704	30	china	china	PROPN
cjfa-20693	704	31	,	,	PUNCT
cjfa-20693	704	32	using	use	VERB
cjfa-20693	704	33	stata	stata	NOUN
cjfa-20693	704	34	14.0	14.0	NUM
cjfa-20693	704	35	.	.	PUNCT
cjfa-20693	705	1	in	in	ADP
cjfa-20693	705	2	short	short	ADJ
cjfa-20693	705	3	,	,	PUNCT
cjfa-20693	705	4	through	through	ADP
cjfa-20693	705	5	the	the	DET
cjfa-20693	705	6	heterogeneity	heterogeneity	NOUN
cjfa-20693	705	7	analysis	analysis	NOUN
cjfa-20693	705	8	of	of	ADP
cjfa-20693	705	9	enterprises	enterprise	NOUN
cjfa-20693	705	10	,	,	PUNCT
cjfa-20693	705	11	we	we	PRON
cjfa-20693	705	12	can	can	AUX
cjfa-20693	705	13	know	know	VERB
cjfa-20693	705	14	that	that	SCONJ
cjfa-20693	705	15	the	the	DET
cjfa-20693	705	16	mandatory	mandatory	ADJ
cjfa-20693	705	17	dividend	dividend	NOUN
cjfa-20693	705	18	policy	policy	NOUN
cjfa-20693	705	19	has	have	VERB
cjfa-20693	705	20	better	well	ADJ
cjfa-20693	705	21	effect	effect	NOUN
cjfa-20693	705	22	on	on	ADP
cjfa-20693	705	23	reducing	reduce	VERB
cjfa-20693	705	24	agency	agency	NOUN
cjfa-20693	705	25	costs	cost	NOUN
cjfa-20693	705	26	for	for	ADP
cjfa-20693	705	27	listed	list	VERB
cjfa-20693	705	28	companies	company	NOUN
cjfa-20693	705	29	on	on	ADP
cjfa-20693	705	30	the	the	DET
cjfa-20693	705	31	motherboard	motherboard	NOUN
cjfa-20693	705	32	and	and	CCONJ
cjfa-20693	705	33	those	those	PRON
cjfa-20693	705	34	with	with	ADP
cjfa-20693	705	35	normal	normal	ADJ
cjfa-20693	705	36	dividends	dividend	NOUN
cjfa-20693	705	37	,	,	PUNCT
cjfa-20693	705	38	but	but	CCONJ
cjfa-20693	705	39	it	it	PRON
cjfa-20693	705	40	has	have	VERB
cjfa-20693	705	41	no	no	DET
cjfa-20693	705	42	significant	significant	ADJ
cjfa-20693	705	43	effect	effect	NOUN
cjfa-20693	705	44	on	on	ADP
cjfa-20693	705	45	restraining	restrain	VERB
cjfa-20693	705	46	agency	agency	NOUN
cjfa-20693	705	47	costs	cost	NOUN
cjfa-20693	705	48	for	for	ADP
cjfa-20693	705	49	listed	list	VERB
cjfa-20693	705	50	companies	company	NOUN
cjfa-20693	705	51	with	with	ADP
cjfa-20693	705	52	micro	micro	NOUN
cjfa-20693	705	53	-	-	NOUN
cjfa-20693	705	54	dividends	dividend	NOUN
cjfa-20693	705	55	and	and	CCONJ
cjfa-20693	705	56	small	small	ADJ
cjfa-20693	705	57	and	and	CCONJ
cjfa-20693	705	58	medium	medium	ADJ
cjfa-20693	705	59	-	-	PUNCT
cjfa-20693	705	60	sized	sized	ADJ
cjfa-20693	705	61	boards	board	NOUN
cjfa-20693	705	62	.	.	PUNCT
cjfa-20693	706	1	4	4	X
cjfa-20693	706	2	.	.	X
cjfa-20693	706	3	mandatory	mandatory	ADJ
cjfa-20693	706	4	dividend	dividend	NOUN
cjfa-20693	706	5	policy	policy	NOUN
cjfa-20693	706	6	and	and	CCONJ
cjfa-20693	706	7	agency	agency	NOUN
cjfa-20693	706	8	cost	cost	NOUN
cjfa-20693	706	9	:	:	PUNCT
cjfa-20693	706	10	an	an	DET
cjfa-20693	706	11	analysis	analysis	NOUN
cjfa-20693	706	12	of	of	ADP
cjfa-20693	706	13	mediation	mediation	NOUN
cjfa-20693	706	14	effect	effect	NOUN
cjfa-20693	706	15	this	this	DET
cjfa-20693	706	16	paper	paper	NOUN
cjfa-20693	706	17	holds	hold	VERB
cjfa-20693	706	18	that	that	SCONJ
cjfa-20693	706	19	the	the	DET
cjfa-20693	706	20	return	return	NOUN
cjfa-20693	706	21	rate	rate	NOUN
cjfa-20693	706	22	of	of	ADP
cjfa-20693	706	23	total	total	ADJ
cjfa-20693	706	24	assets	asset	NOUN
cjfa-20693	706	25	of	of	ADP
cjfa-20693	706	26	enterprises	enterprise	NOUN
cjfa-20693	706	27	is	be	AUX
cjfa-20693	706	28	the	the	DET
cjfa-20693	706	29	intermediary	intermediary	ADJ
cjfa-20693	706	30	index	index	NOUN
cjfa-20693	706	31	of	of	ADP
cjfa-20693	706	32	reducing	reduce	VERB
cjfa-20693	706	33	agency	agency	NOUN
cjfa-20693	706	34	cost	cost	NOUN
cjfa-20693	706	35	by	by	ADP
cjfa-20693	706	36	mandatory	mandatory	ADJ
cjfa-20693	706	37	dividend	dividend	NOUN
cjfa-20693	706	38	policy	policy	NOUN
cjfa-20693	706	39	.	.	PUNCT
cjfa-20693	707	1	specifically	specifically	ADV
cjfa-20693	707	2	,	,	PUNCT
cjfa-20693	707	3	in	in	ADP
cjfa-20693	707	4	order	order	NOUN
cjfa-20693	707	5	to	to	PART
cjfa-20693	707	6	achieve	achieve	VERB
cjfa-20693	707	7	a	a	DET
cjfa-20693	707	8	long	long	ADJ
cjfa-20693	707	9	-	-	PUNCT
cjfa-20693	707	10	term	term	NOUN
cjfa-20693	707	11	stable	stable	ADJ
cjfa-20693	707	12	dividend	dividend	NOUN
cjfa-20693	707	13	target	target	NOUN
cjfa-20693	707	14	,	,	PUNCT
cjfa-20693	707	15	executives	executive	NOUN
cjfa-20693	707	16	have	have	VERB
cjfa-20693	707	17	to	to	PART
cjfa-20693	707	18	work	work	VERB
cjfa-20693	707	19	hard	hard	ADV
cjfa-20693	707	20	and	and	CCONJ
cjfa-20693	707	21	look	look	VERB
cjfa-20693	707	22	for	for	ADP
cjfa-20693	707	23	high	high	ADJ
cjfa-20693	707	24	-	-	PUNCT
cjfa-20693	707	25	yield	yield	NOUN
cjfa-20693	707	26	investment	investment	NOUN
cjfa-20693	707	27	projects	project	NOUN
cjfa-20693	707	28	,	,	PUNCT
cjfa-20693	707	29	that	that	ADV
cjfa-20693	707	30	is	is	ADV
cjfa-20693	707	31	,	,	PUNCT
cjfa-20693	707	32	executives	executive	NOUN
cjfa-20693	707	33	will	will	AUX
cjfa-20693	707	34	work	work	VERB
cjfa-20693	707	35	hard	hard	ADV
cjfa-20693	707	36	so	so	SCONJ
cjfa-20693	707	37	that	that	SCONJ
cjfa-20693	707	38	the	the	DET
cjfa-20693	707	39	company	company	NOUN
cjfa-20693	707	40	can	can	AUX
cjfa-20693	707	41	achieve	achieve	VERB
cjfa-20693	707	42	profitability	profitability	NOUN
cjfa-20693	707	43	and	and	CCONJ
cjfa-20693	707	44	continuously	continuously	ADV
cjfa-20693	707	45	improve	improve	VERB
cjfa-20693	707	46	the	the	DET
cjfa-20693	707	47	dividend	dividend	NOUN
cjfa-20693	707	48	level	level	NOUN
cjfa-20693	707	49	,	,	PUNCT
cjfa-20693	707	50	thereby	thereby	ADV
cjfa-20693	707	51	improving	improve	VERB
cjfa-20693	707	52	the	the	DET
cjfa-20693	707	53	returns	return	NOUN
cjfa-20693	707	54	of	of	ADP
cjfa-20693	707	55	shareholders	shareholder	NOUN
cjfa-20693	707	56	and	and	CCONJ
cjfa-20693	707	57	executives	executive	NOUN
cjfa-20693	707	58	.	.	PUNCT
cjfa-20693	708	1	in	in	ADP
cjfa-20693	708	2	this	this	DET
cjfa-20693	708	3	way	way	NOUN
cjfa-20693	708	4	,	,	PUNCT
cjfa-20693	708	5	not	not	PART
cjfa-20693	708	6	only	only	ADV
cjfa-20693	708	7	investors	investor	NOUN
cjfa-20693	708	8	‘	'	PUNCT
cjfa-20693	708	9	cash	cash	NOUN
cjfa-20693	708	10	dividends	dividend	NOUN
cjfa-20693	708	11	are	be	AUX
cjfa-20693	708	12	guaranteed	guarantee	VERB
cjfa-20693	708	13	,	,	PUNCT
cjfa-20693	708	14	but	but	CCONJ
cjfa-20693	708	15	also	also	ADV
cjfa-20693	708	16	in	in	ADP
cjfa-20693	708	17	order	order	NOUN
cjfa-20693	708	18	to	to	PART
cjfa-20693	708	19	provide	provide	VERB
cjfa-20693	708	20	cash	cash	NOUN
cjfa-20693	708	21	flow	flow	NOUN
cjfa-20693	708	22	for	for	ADP
cjfa-20693	708	23	cash	cash	NOUN
cjfa-20693	708	24	dividends	dividend	NOUN
cjfa-20693	708	25	,	,	PUNCT
cjfa-20693	708	26	company	company	NOUN
cjfa-20693	708	27	executives	executive	NOUN
cjfa-20693	708	28	have	have	VERB
cjfa-20693	708	29	to	to	PART
cjfa-20693	708	30	work	work	VERB
cjfa-20693	708	31	hard	hard	ADV
cjfa-20693	708	32	,	,	PUNCT
cjfa-20693	708	33	so	so	CCONJ
cjfa-20693	708	34	the	the	DET
cjfa-20693	708	35	company	company	NOUN
cjfa-20693	708	36	’s	’s	PART
cjfa-20693	708	37	total	total	ADJ
cjfa-20693	708	38	asset	asset	NOUN
cjfa-20693	708	39	return	return	NOUN
cjfa-20693	708	40	rate	rate	NOUN
cjfa-20693	708	41	will	will	AUX
cjfa-20693	708	42	increase	increase	VERB
cjfa-20693	708	43	.	.	PUNCT
cjfa-20693	709	1	increasing	increase	VERB
cjfa-20693	709	2	returns	return	NOUN
cjfa-20693	709	3	on	on	ADP
cjfa-20693	709	4	total	total	ADJ
cjfa-20693	709	5	assets	asset	NOUN
cjfa-20693	709	6	will	will	AUX
cjfa-20693	709	7	be	be	AUX
cjfa-20693	709	8	paid	pay	VERB
cjfa-20693	709	9	to	to	ADP
cjfa-20693	709	10	shareholders	shareholder	NOUN
cjfa-20693	709	11	in	in	ADP
cjfa-20693	709	12	the	the	DET
cjfa-20693	709	13	form	form	NOUN
cjfa-20693	709	14	of	of	ADP
cjfa-20693	709	15	cash	cash	NOUN
cjfa-20693	709	16	dividends	dividend	NOUN
cjfa-20693	709	17	,	,	PUNCT
cjfa-20693	709	18	not	not	PART
cjfa-20693	709	19	all	all	PRON
cjfa-20693	709	20	of	of	ADP
cjfa-20693	709	21	which	which	PRON
cjfa-20693	709	22	will	will	AUX
cjfa-20693	709	23	be	be	AUX
cjfa-20693	709	24	translated	translate	VERB
cjfa-20693	709	25	into	into	ADP
cjfa-20693	709	26	private	private	ADJ
cjfa-20693	709	27	gains	gain	NOUN
cjfa-20693	709	28	of	of	ADP
cjfa-20693	709	29	executives	executive	NOUN
cjfa-20693	709	30	.	.	PUNCT
cjfa-20693	710	1	therefore	therefore	ADV
cjfa-20693	710	2	,	,	PUNCT
cjfa-20693	710	3	mandatory	mandatory	ADJ
cjfa-20693	710	4	dividend	dividend	NOUN
cjfa-20693	710	5	policy	policy	NOUN
cjfa-20693	710	6	can	can	AUX
cjfa-20693	710	7	partly	partly	ADV
cjfa-20693	710	8	mediate	mediate	VERB
cjfa-20693	710	9	agency	agency	NOUN
cjfa-20693	710	10	costs	cost	NOUN
cjfa-20693	710	11	of	of	ADP
cjfa-20693	710	12	iron	iron	NOUN
cjfa-20693	710	13	cock	cock	NOUN
cjfa-20693	710	14	company	company	NOUN
cjfa-20693	710	15	through	through	ADP
cjfa-20693	710	16	total	total	ADJ
cjfa-20693	710	17	assets	asset	NOUN
cjfa-20693	710	18	returns	return	NOUN
cjfa-20693	710	19	.	.	PUNCT
cjfa-20693	711	1	to	to	PART
cjfa-20693	711	2	test	test	VERB
cjfa-20693	711	3	the	the	DET
cjfa-20693	711	4	intermediary	intermediary	ADJ
cjfa-20693	711	5	effect	effect	NOUN
cjfa-20693	711	6	of	of	ADP
cjfa-20693	711	7	the	the	DET
cjfa-20693	711	8	return	return	NOUN
cjfa-20693	711	9	on	on	ADP
cjfa-20693	711	10	total	total	ADJ
cjfa-20693	711	11	assets	asset	NOUN
cjfa-20693	711	12	of	of	ADP
cjfa-20693	711	13	an	an	DET
cjfa-20693	711	14	enterprise	enterprise	NOUN
cjfa-20693	711	15	,	,	PUNCT
cjfa-20693	711	16	the	the	DET
cjfa-20693	711	17	study	study	NOUN
cjfa-20693	711	18	designs	design	VERB
cjfa-20693	711	19	model	model	NOUN
cjfa-20693	711	20	(	(	PUNCT
cjfa-20693	711	21	16)–(18	16)–(18	NUM
cjfa-20693	711	22	)	)	PUNCT
cjfa-20693	711	23	to	to	PART
cjfa-20693	711	24	investigate	investigate	VERB
cjfa-20693	711	25	the	the	DET
cjfa-20693	711	26	mediating	mediate	VERB
cjfa-20693	711	27	role	role	NOUN
cjfa-20693	711	28	of	of	ADP
cjfa-20693	711	29	testing	testing	NOUN
cjfa-20693	711	30	return	return	NOUN
cjfa-20693	711	31	rate	rate	NOUN
cjfa-20693	711	32	of	of	ADP
cjfa-20693	711	33	total	total	ADJ
cjfa-20693	711	34	assets	asset	NOUN
cjfa-20693	711	35	this	this	DET
cjfa-20693	711	36	paper	paper	NOUN
cjfa-20693	711	37	holds	hold	VERB
cjfa-20693	711	38	that	that	SCONJ
cjfa-20693	711	39	the	the	DET
cjfa-20693	711	40	return	return	NOUN
cjfa-20693	711	41	rate	rate	NOUN
cjfa-20693	711	42	of	of	ADP
cjfa-20693	711	43	total	total	ADJ
cjfa-20693	711	44	assets	asset	NOUN
cjfa-20693	711	45	of	of	ADP
cjfa-20693	711	46	enterprises	enterprise	NOUN
cjfa-20693	711	47	is	be	AUX
cjfa-20693	711	48	the	the	DET
cjfa-20693	711	49	intermediary	intermediary	ADJ
cjfa-20693	711	50	index	index	NOUN
cjfa-20693	711	51	of	of	ADP
cjfa-20693	711	52	reducing	reduce	VERB
cjfa-20693	711	53	agency	agency	NOUN
cjfa-20693	711	54	cost	cost	NOUN
cjfa-20693	711	55	by	by	ADP
cjfa-20693	711	56	mandatory	mandatory	ADJ
cjfa-20693	711	57	dividend	dividend	NOUN
cjfa-20693	711	58	policy	policy	NOUN
cjfa-20693	711	59	.	.	PUNCT
cjfa-20693	712	1	specifically	specifically	ADV
cjfa-20693	712	2	,	,	PUNCT
cjfa-20693	712	3	in	in	ADP
cjfa-20693	712	4	order	order	NOUN
cjfa-20693	712	5	to	to	PART
cjfa-20693	712	6	achieve	achieve	VERB
cjfa-20693	712	7	a	a	DET
cjfa-20693	712	8	longterm	longterm	ADJ
cjfa-20693	712	9	stable	stable	ADJ
cjfa-20693	712	10	dividend	dividend	NOUN
cjfa-20693	712	11	target	target	NOUN
cjfa-20693	712	12	,	,	PUNCT
cjfa-20693	712	13	executives	executive	NOUN
cjfa-20693	712	14	have	have	VERB
cjfa-20693	712	15	to	to	PART
cjfa-20693	712	16	work	work	VERB
cjfa-20693	712	17	hard	hard	ADV
cjfa-20693	712	18	and	and	CCONJ
cjfa-20693	712	19	look	look	VERB
cjfa-20693	712	20	for	for	ADP
cjfa-20693	712	21	high	high	ADJ
cjfa-20693	712	22	-	-	PUNCT
cjfa-20693	712	23	yield	yield	NOUN
cjfa-20693	712	24	investment	investment	NOUN
cjfa-20693	712	25	projects	project	NOUN
cjfa-20693	712	26	,	,	PUNCT
cjfa-20693	712	27	that	that	ADV
cjfa-20693	712	28	is	is	ADV
cjfa-20693	712	29	,	,	PUNCT
cjfa-20693	712	30	executives	executive	NOUN
cjfa-20693	712	31	will	will	AUX
cjfa-20693	712	32	work	work	VERB
cjfa-20693	712	33	hard	hard	ADV
cjfa-20693	712	34	so	so	SCONJ
cjfa-20693	712	35	that	that	SCONJ
cjfa-20693	712	36	the	the	DET
cjfa-20693	712	37	company	company	NOUN
cjfa-20693	712	38	can	can	AUX
cjfa-20693	712	39	achieve	achieve	VERB
cjfa-20693	712	40	profitability	profitability	NOUN
cjfa-20693	712	41	and	and	CCONJ
cjfa-20693	712	42	continuously	continuously	ADV
cjfa-20693	712	43	improve	improve	VERB
cjfa-20693	712	44	the	the	DET
cjfa-20693	712	45	dividend	dividend	NOUN
cjfa-20693	712	46	level	level	NOUN
cjfa-20693	712	47	,	,	PUNCT
cjfa-20693	712	48	thereby	thereby	ADV
cjfa-20693	712	49	improving	improve	VERB
cjfa-20693	712	50	the	the	DET
cjfa-20693	712	51	returns	return	NOUN
cjfa-20693	712	52	of	of	ADP
cjfa-20693	712	53	shareholders	shareholder	NOUN
cjfa-20693	712	54	and	and	CCONJ
cjfa-20693	712	55	executives	executive	NOUN
cjfa-20693	712	56	.	.	PUNCT
cjfa-20693	713	1	in	in	ADP
cjfa-20693	713	2	this	this	DET
cjfa-20693	713	3	way	way	NOUN
cjfa-20693	713	4	,	,	PUNCT
cjfa-20693	713	5	not	not	PART
cjfa-20693	713	6	only	only	ADV
cjfa-20693	713	7	investors	investor	NOUN
cjfa-20693	713	8	'	'	PART
cjfa-20693	713	9	cash	cash	NOUN
cjfa-20693	713	10	dividends	dividend	NOUN
cjfa-20693	713	11	are	be	AUX
cjfa-20693	713	12	guaranteed	guarantee	VERB
cjfa-20693	713	13	,	,	PUNCT
cjfa-20693	713	14	but	but	CCONJ
cjfa-20693	713	15	also	also	ADV
cjfa-20693	713	16	in	in	ADP
cjfa-20693	713	17	order	order	NOUN
cjfa-20693	713	18	to	to	PART
cjfa-20693	713	19	provide	provide	VERB
cjfa-20693	713	20	cash	cash	NOUN
cjfa-20693	713	21	flow	flow	NOUN
cjfa-20693	713	22	for	for	ADP
cjfa-20693	713	23	cash	cash	NOUN
cjfa-20693	713	24	dividends	dividend	NOUN
cjfa-20693	713	25	,	,	PUNCT
cjfa-20693	713	26	company	company	NOUN
cjfa-20693	713	27	executives	executive	NOUN
cjfa-20693	713	28	have	have	VERB
cjfa-20693	713	29	to	to	PART
cjfa-20693	713	30	work	work	VERB
cjfa-20693	713	31	hard	hard	ADV
cjfa-20693	713	32	,	,	PUNCT
cjfa-20693	713	33	so	so	CCONJ
cjfa-20693	713	34	the	the	DET
cjfa-20693	713	35	company	company	NOUN
cjfa-20693	713	36	's	's	PART
cjfa-20693	713	37	total	total	ADJ
cjfa-20693	713	38	asset	asset	NOUN
cjfa-20693	713	39	return	return	NOUN
cjfa-20693	713	40	rate	rate	NOUN
cjfa-20693	713	41	will	will	AUX
cjfa-20693	713	42	increase	increase	VERB
cjfa-20693	713	43	.	.	PUNCT
cjfa-20693	714	1	increasing	increase	VERB
cjfa-20693	714	2	returns	return	NOUN
cjfa-20693	714	3	on	on	ADP
cjfa-20693	714	4	total	total	ADJ
cjfa-20693	714	5	assets	asset	NOUN
cjfa-20693	714	6	will	will	AUX
cjfa-20693	714	7	be	be	AUX
cjfa-20693	714	8	paid	pay	VERB
cjfa-20693	714	9	to	to	ADP
cjfa-20693	714	10	shareholders	shareholder	NOUN
cjfa-20693	714	11	in	in	ADP
cjfa-20693	714	12	the	the	DET
cjfa-20693	714	13	form	form	NOUN
cjfa-20693	714	14	of	of	ADP
cjfa-20693	714	15	cash	cash	NOUN
cjfa-20693	714	16	dividends	dividend	NOUN
cjfa-20693	714	17	,	,	PUNCT
cjfa-20693	714	18	not	not	PART
cjfa-20693	714	19	all	all	PRON
cjfa-20693	714	20	of	of	ADP
cjfa-20693	714	21	which	which	PRON
cjfa-20693	714	22	will	will	AUX
cjfa-20693	714	23	be	be	AUX
cjfa-20693	714	24	translated	translate	VERB
cjfa-20693	714	25	into	into	ADP
cjfa-20693	714	26	private	private	ADJ
cjfa-20693	714	27	gains	gain	NOUN
cjfa-20693	714	28	of	of	ADP
cjfa-20693	714	29	executives	executive	NOUN
cjfa-20693	714	30	.	.	PUNCT
cjfa-20693	715	1	therefore	therefore	ADV
cjfa-20693	715	2	,	,	PUNCT
cjfa-20693	715	3	mandatory	mandatory	ADJ
cjfa-20693	715	4	dividend	dividend	NOUN
cjfa-20693	715	5	policy	policy	NOUN
cjfa-20693	715	6	can	can	AUX
cjfa-20693	715	7	partly	partly	ADV
cjfa-20693	715	8	mediate	mediate	VERB
cjfa-20693	715	9	agency	agency	NOUN
cjfa-20693	715	10	costs	cost	NOUN
cjfa-20693	715	11	of	of	ADP
cjfa-20693	715	12	iron	iron	NOUN
cjfa-20693	715	13	cock	cock	NOUN
cjfa-20693	715	14	company	company	NOUN
cjfa-20693	715	15	through	through	ADP
cjfa-20693	715	16	total	total	ADJ
cjfa-20693	715	17	assets	asset	NOUN
cjfa-20693	715	18	returns	return	NOUN
cjfa-20693	715	19	.	.	PUNCT
cjfa-20693	716	1	to	to	PART
cjfa-20693	716	2	test	test	VERB
cjfa-20693	716	3	the	the	DET
cjfa-20693	716	4	intermediary	intermediary	ADJ
cjfa-20693	716	5	effect	effect	NOUN
cjfa-20693	716	6	of	of	ADP
cjfa-20693	716	7	the	the	DET
cjfa-20693	716	8	return	return	NOUN
cjfa-20693	716	9	on	on	ADP
cjfa-20693	716	10	total	total	ADJ
cjfa-20693	716	11	assets	asset	NOUN
cjfa-20693	716	12	of	of	ADP
cjfa-20693	716	13	an	an	DET
cjfa-20693	716	14	enterprise	enterprise	NOUN
cjfa-20693	716	15	,	,	PUNCT
cjfa-20693	716	16	the	the	DET
cjfa-20693	716	17	study	study	NOUN
cjfa-20693	716	18	designs	design	VERB
cjfa-20693	716	19	model	model	NOUN
cjfa-20693	716	20	(	(	PUNCT
cjfa-20693	716	21	16)-(18	16)-(18	NOUN
cjfa-20693	716	22	)	)	PUNCT
cjfa-20693	716	23	to	to	PART
cjfa-20693	716	24	investigate	investigate	VERB
cjfa-20693	716	25	the	the	DET
cjfa-20693	716	26	mediating	mediate	VERB
cjfa-20693	716	27	role	role	NOUN
cjfa-20693	716	28	of	of	ADP
cjfa-20693	716	29	testing	testing	NOUN
cjfa-20693	716	30	return	return	NOUN
cjfa-20693	716	31	rate	rate	NOUN
cjfa-20693	716	32	of	of	ADP
cjfa-20693	716	33	total	total	ADJ
cjfa-20693	716	34	assets	asset	NOUN
cjfa-20693	716	35	�	�	PROPN
cjfa-20693	716	36	�	�	PROPN
cjfa-20693	716	37	�	�	PROPN
cjfa-20693	716	38	�	�	PROPN
cjfa-20693	716	39	�	�	PROPN
cjfa-20693	716	40	�	�	PROPN
cjfa-20693	716	41	�	�	PROPN
cjfa-20693	716	42	�	�	PROPN
cjfa-20693	716	43	�	�	PROPN
cjfa-20693	716	44	+	+	CCONJ
cjfa-20693	716	45	�	�	PROPN
cjfa-20693	716	46	�	�	PROPN
cjfa-20693	716	47	�	�	PROPN
cjfa-20693	716	48	�	�	PROPN
cjfa-20693	716	49	�	�	PROPN
cjfa-20693	716	50	�	�	PROPN
cjfa-20693	716	51	�	�	PROPN
cjfa-20693	716	52	�	�	PROPN
cjfa-20693	716	53	�	�	PROPN
cjfa-20693	716	54	�	�	PROPN
cjfa-20693	716	55	�	�	PROPN
cjfa-20693	716	56	�	�	PROPN
cjfa-20693	716	57	�	�	PROPN
cjfa-20693	716	58	+	+	SYM
cjfa-20693	716	59	�	�	PROPN
cjfa-20693	716	60	�	�	PROPN
cjfa-20693	716	61	�	�	PROPN
cjfa-20693	716	62	�	�	PROPN
cjfa-20693	716	63	�	�	PROPN
cjfa-20693	716	64	�	�	PROPN
cjfa-20693	716	65	�	�	PROPN
cjfa-20693	716	66	�	�	PROPN
cjfa-20693	716	67	�	�	PROPN
cjfa-20693	716	68	+	+	SYM
cjfa-20693	716	69	�	�	PROPN
cjfa-20693	716	70	�	�	PROPN
cjfa-20693	716	71	�	�	PROPN
cjfa-20693	716	72	�	�	PROPN
cjfa-20693	716	73	�	�	PROPN
cjfa-20693	716	74	�	�	PROPN
cjfa-20693	716	75	�	�	PROPN
cjfa-20693	716	76	+	+	CCONJ
cjfa-20693	716	77	∑	∑	PROPN
cjfa-20693	716	78	�	�	PROPN
cjfa-20693	716	79	�	�	PROPN
cjfa-20693	716	80	�	�	PROPN
cjfa-20693	716	81	�	�	PROPN
cjfa-20693	716	82	�	�	PROPN
cjfa-20693	716	83	�	�	PROPN
cjfa-20693	716	84	�	�	PROPN
cjfa-20693	716	85	�	�	PROPN
cjfa-20693	716	86	�	�	PROPN
cjfa-20693	716	87	+	+	SYM
cjfa-20693	716	88	�	�	PROPN
cjfa-20693	716	89	�	�	PROPN
cjfa-20693	716	90	�	�	PROPN
cjfa-20693	716	91	（	（	PROPN
cjfa-20693	716	92	16	16	NUM
cjfa-20693	716	93	）	）	SYM
cjfa-20693	716	94	�	�	PROPN
cjfa-20693	716	95	�	�	PROPN
cjfa-20693	716	96	�	�	PROPN
cjfa-20693	716	97	�	�	PROPN
cjfa-20693	716	98	�	�	PROPN
cjfa-20693	716	99	�	�	PROPN
cjfa-20693	716	100	�	�	PROPN
cjfa-20693	716	101	+	+	CCONJ
cjfa-20693	716	102	�	�	PROPN
cjfa-20693	716	103	�	�	PROPN
cjfa-20693	716	104	�	�	PROPN
cjfa-20693	716	105	�	�	PROPN
cjfa-20693	716	106	�	�	PROPN
cjfa-20693	716	107	�	�	PROPN
cjfa-20693	716	108	�	�	PROPN
cjfa-20693	716	109	�	�	PROPN
cjfa-20693	716	110	�	�	PROPN
cjfa-20693	716	111	�	�	PROPN
cjfa-20693	716	112	�	�	PROPN
cjfa-20693	716	113	�	�	PROPN
cjfa-20693	716	114	�	�	PROPN
cjfa-20693	716	115	+	+	SYM
cjfa-20693	716	116	�	�	PROPN
cjfa-20693	716	117	�	�	PROPN
cjfa-20693	716	118	�	�	PROPN
cjfa-20693	716	119	�	�	PROPN
cjfa-20693	716	120	�	�	PROPN
cjfa-20693	716	121	�	�	PROPN
cjfa-20693	716	122	�	�	PROPN
cjfa-20693	716	123	�	�	PROPN
cjfa-20693	716	124	�	�	PROPN
cjfa-20693	716	125	+	+	SYM
cjfa-20693	716	126	�	�	PROPN
cjfa-20693	716	127	�	�	PROPN
cjfa-20693	716	128	�	�	PROPN
cjfa-20693	716	129	�	�	PROPN
cjfa-20693	716	130	�	�	PROPN
cjfa-20693	716	131	�	�	PROPN
cjfa-20693	716	132	�	�	PROPN
cjfa-20693	716	133	+	+	CCONJ
cjfa-20693	716	134	∑	∑	PROPN
cjfa-20693	716	135	�	�	PROPN
cjfa-20693	716	136	�	�	PROPN
cjfa-20693	716	137	�	�	PROPN
cjfa-20693	716	138	�	�	PROPN
cjfa-20693	716	139	�	�	PROPN
cjfa-20693	716	140	�	�	PROPN
cjfa-20693	716	141	�	�	PROPN
cjfa-20693	716	142	�	�	PROPN
cjfa-20693	716	143	�	�	PROPN
cjfa-20693	716	144	+	+	CCONJ
cjfa-20693	716	145	�	�	PROPN
cjfa-20693	716	146	�	�	PROPN
cjfa-20693	716	147	�	�	PROPN
cjfa-20693	716	148	（	（	PROPN
cjfa-20693	716	149	17	17	NUM
cjfa-20693	716	150	）	）	SYM
cjfa-20693	716	151	�	�	PROPN
cjfa-20693	716	152	�	�	PROPN
cjfa-20693	716	153	�	�	PROPN
cjfa-20693	716	154	�	�	PROPN
cjfa-20693	716	155	�	�	PROPN
cjfa-20693	716	156	�	�	PROPN
cjfa-20693	716	157	�	�	PROPN
cjfa-20693	716	158	�	�	PROPN
cjfa-20693	716	159	�	�	PROPN
cjfa-20693	716	160	+	+	CCONJ
cjfa-20693	716	161	�	�	PROPN
cjfa-20693	716	162	�	�	PROPN
cjfa-20693	716	163	�	�	PROPN
cjfa-20693	716	164	�	�	PROPN
cjfa-20693	716	165	�	�	PROPN
cjfa-20693	716	166	�	�	PROPN
cjfa-20693	716	167	�	�	PROPN
cjfa-20693	716	168	+	+	CCONJ
cjfa-20693	716	169	γ	γ	PROPN
cjfa-20693	716	170	�	�	PROPN
cjfa-20693	716	171	�	�	PROPN
cjfa-20693	716	172	�	�	PROPN
cjfa-20693	716	173	�	�	PROPN
cjfa-20693	716	174	�	�	PROPN
cjfa-20693	716	175	�	�	PROPN
cjfa-20693	716	176	�	�	PROPN
cjfa-20693	716	177	�	�	PROPN
cjfa-20693	716	178	�	�	PROPN
cjfa-20693	716	179	�	�	PROPN
cjfa-20693	716	180	�	�	PROPN
cjfa-20693	716	181	�	�	PROPN
cjfa-20693	716	182	+	+	SYM
cjfa-20693	716	183	�	�	PROPN
cjfa-20693	716	184	�	�	PROPN
cjfa-20693	716	185	�	�	PROPN
cjfa-20693	716	186	�	�	PROPN
cjfa-20693	716	187	�	�	PROPN
cjfa-20693	716	188	�	�	PROPN
cjfa-20693	716	189	�	�	PROPN
cjfa-20693	716	190	�	�	PROPN
cjfa-20693	716	191	�	�	PROPN
cjfa-20693	716	192	+	+	SYM
cjfa-20693	716	193	�	�	PROPN
cjfa-20693	716	194	�	�	PROPN
cjfa-20693	716	195	�	�	PROPN
cjfa-20693	716	196	�	�	PROPN
cjfa-20693	716	197	�	�	PROPN
cjfa-20693	716	198	�	�	PROPN
cjfa-20693	716	199	�	�	PROPN
cjfa-20693	716	200	+	+	CCONJ
cjfa-20693	716	201	∑	∑	PROPN
cjfa-20693	716	202	�	�	PROPN
cjfa-20693	716	203	�	�	PROPN
cjfa-20693	716	204	�	�	PROPN
cjfa-20693	716	205	�	�	PROPN
cjfa-20693	716	206	�	�	PROPN
cjfa-20693	716	207	�	�	PROPN
cjfa-20693	716	208	�	�	PROPN
cjfa-20693	716	209	�	�	PROPN
cjfa-20693	716	210	�	�	PROPN
cjfa-20693	716	211	+	+	CCONJ
cjfa-20693	716	212	�	�	PROPN
cjfa-20693	716	213	�	�	PROPN
cjfa-20693	716	214	�	�	PROPN
cjfa-20693	716	215	(	(	PUNCT
cjfa-20693	716	216	18	18	NUM
cjfa-20693	716	217	)	)	PUNCT
cjfa-20693	716	218	among	among	ADP
cjfa-20693	716	219	them	they	PRON
cjfa-20693	716	220	,	,	PUNCT
cjfa-20693	716	221	roa	roa	PROPN
cjfa-20693	716	222	means	mean	VERB
cjfa-20693	716	223	turnover	turnover	NOUN
cjfa-20693	716	224	.	.	PUNCT
cjfa-20693	717	1	according	accord	VERB
cjfa-20693	717	2	to	to	ADP
cjfa-20693	717	3	the	the	DET
cjfa-20693	717	4	test	test	NOUN
cjfa-20693	717	5	procedure	procedure	NOUN
cjfa-20693	717	6	of	of	ADP
cjfa-20693	717	7	intermediary	intermediary	ADJ
cjfa-20693	717	8	effect	effect	NOUN
cjfa-20693	717	9	,	,	PUNCT
cjfa-20693	717	10	model	model	NOUN
cjfa-20693	717	11	(	(	PUNCT
cjfa-20693	717	12	16	16	NUM
cjfa-20693	717	13	)	)	PUNCT
cjfa-20693	717	14	is	be	AUX
cjfa-20693	717	15	used	use	VERB
cjfa-20693	717	16	to	to	PART
cjfa-20693	717	17	test	test	VERB
cjfa-20693	717	18	the	the	DET
cjfa-20693	717	19	effect	effect	NOUN
cjfa-20693	717	20	of	of	ADP
cjfa-20693	717	21	mandatory	mandatory	ADJ
cjfa-20693	717	22	dividend	dividend	NOUN
cjfa-20693	717	23	policy	policy	NOUN
cjfa-20693	717	24	on	on	ADP
cjfa-20693	717	25	agency	agency	NOUN
cjfa-20693	717	26	cost	cost	NOUN
cjfa-20693	717	27	to	to	PART
cjfa-20693	717	28	see	see	VERB
cjfa-20693	717	29	if	if	SCONJ
cjfa-20693	717	30	1	1	NOUN
cjfa-20693	717	31	is	be	AUX
cjfa-20693	717	32	significant	significant	ADJ
cjfa-20693	717	33	.	.	PUNCT
cjfa-20693	718	1	if	if	SCONJ
cjfa-20693	718	2	it	it	PRON
cjfa-20693	718	3	is	be	AUX
cjfa-20693	718	4	,	,	PUNCT
cjfa-20693	718	5	model(17	model(17	PROPN
cjfa-20693	718	6	)	)	PUNCT
cjfa-20693	718	7	and	and	CCONJ
cjfa-20693	718	8	model(18	model(18	NOUN
cjfa-20693	718	9	)	)	PUNCT
cjfa-20693	718	10	will	will	AUX
cjfa-20693	718	11	be	be	AUX
cjfa-20693	718	12	tested	test	VERB
cjfa-20693	718	13	.	.	PUNCT
cjfa-20693	719	1	under	under	ADP
cjfa-20693	719	2	the	the	DET
cjfa-20693	719	3	condition	condition	NOUN
cjfa-20693	719	4	that	that	PRON
cjfa-20693	719	5	4	4	NOUN
cjfa-20693	719	6	和	和	X
cjfa-20693	719	7	are	be	AUX
cjfa-20693	719	8	significant	significant	ADJ
cjfa-20693	719	9	,	,	PUNCT
cjfa-20693	719	10	if	if	SCONJ
cjfa-20693	719	11	1	1	ADV
cjfa-20693	719	12	significant	significant	ADJ
cjfa-20693	719	13	,	,	PUNCT
cjfa-20693	719	14	it	it	PRON
cjfa-20693	719	15	shows	show	VERB
cjfa-20693	719	16	that	that	SCONJ
cjfa-20693	719	17	the	the	DET
cjfa-20693	719	18	total	total	ADJ
cjfa-20693	719	19	asset	asset	NOUN
cjfa-20693	719	20	return	return	NOUN
cjfa-20693	719	21	partly	partly	ADV
cjfa-20693	719	22	mediates	mediate	VERB
cjfa-20693	719	23	the	the	DET
cjfa-20693	719	24	mandatory	mandatory	ADJ
cjfa-20693	719	25	dividend	dividend	NOUN
cjfa-20693	719	26	policy	policy	NOUN
cjfa-20693	719	27	to	to	PART
cjfa-20693	719	28	restrain	restrain	VERB
cjfa-20693	719	29	agency	agency	NOUN
cjfa-20693	719	30	costs	cost	NOUN
cjfa-20693	719	31	.	.	PUNCT
cjfa-20693	720	1	among	among	ADP
cjfa-20693	720	2	,	,	PUNCT
cjfa-20693	720	3	roa	roa	PROPN
cjfa-20693	720	4	means	mean	VERB
cjfa-20693	720	5	turnover	turnover	NOUN
cjfa-20693	720	6	.	.	PUNCT
cjfa-20693	721	1	as	as	SCONJ
cjfa-20693	721	2	shown	show	VERB
cjfa-20693	721	3	in	in	ADP
cjfa-20693	721	4	table	table	NOUN
cjfa-20693	721	5	11	11	NUM
cjfa-20693	721	6	,	,	PUNCT
cjfa-20693	721	7	when	when	SCONJ
cjfa-20693	721	8	the	the	DET
cjfa-20693	721	9	agent	agent	NOUN
cjfa-20693	721	10	in	in	ADP
cjfa-20693	721	11	column	column	NOUN
cjfa-20693	721	12	(	(	PUNCT
cjfa-20693	721	13	1	1	X
cjfa-20693	721	14	)	)	PUNCT
cjfa-20693	721	15	is	be	AUX
cjfa-20693	721	16	the	the	DET
cjfa-20693	721	17	explanatory	explanatory	ADJ
cjfa-20693	721	18	variable	variable	NOUN
cjfa-20693	721	19	,	,	PUNCT
cjfa-20693	721	20	the	the	DET
cjfa-20693	721	21	compulsory	compulsory	ADJ
cjfa-20693	721	22	dividend	dividend	NOUN
cjfa-20693	721	23	policy	policy	NOUN
cjfa-20693	721	24	significantly	significantly	ADV
cjfa-20693	721	25	reduces	reduce	VERB
cjfa-20693	721	26	the	the	DET
cjfa-20693	721	27	agency	agency	NOUN
cjfa-20693	721	28	cost	cost	NOUN
cjfa-20693	721	29	of	of	ADP
cjfa-20693	721	30	"	"	PUNCT
cjfa-20693	721	31	iron	iron	NOUN
cjfa-20693	721	32	cock	cock	NOUN
cjfa-20693	721	33	"	"	PUNCT
cjfa-20693	721	34	enterprises	enterprise	NOUN
cjfa-20693	721	35	.	.	PUNCT
cjfa-20693	722	1	when	when	SCONJ
cjfa-20693	722	2	the	the	DET
cjfa-20693	722	3	agent	agent	NOUN
cjfa-20693	722	4	in	in	ADP
cjfa-20693	722	5	the	the	DET
cjfa-20693	722	6	column（2	column（2	PROPN
cjfa-20693	722	7	）	）	PROPN
cjfa-20693	722	8	is	be	AUX
cjfa-20693	722	9	the	the	DET
cjfa-20693	722	10	explanatory	explanatory	ADJ
cjfa-20693	722	11	variable	variable	NOUN
cjfa-20693	722	12	,	,	PUNCT
cjfa-20693	722	13	the	the	DET
cjfa-20693	722	14	compulsory	compulsory	ADJ
cjfa-20693	722	15	dividend	dividend	NOUN
cjfa-20693	722	16	policy	policy	NOUN
cjfa-20693	722	17	significantly	significantly	ADV
cjfa-20693	722	18	reduces	reduce	VERB
cjfa-20693	722	19	the	the	DET
cjfa-20693	722	20	agency	agency	NOUN
cjfa-20693	722	21	cost	cost	NOUN
cjfa-20693	722	22	of	of	ADP
cjfa-20693	722	23	the	the	DET
cjfa-20693	722	24	"	"	PUNCT
cjfa-20693	722	25	iron	iron	NOUN
cjfa-20693	722	26	cock	cock	NOUN
cjfa-20693	722	27	"	"	PUNCT
cjfa-20693	722	28	enterprises	enterprise	NOUN
cjfa-20693	722	29	.	.	PUNCT
cjfa-20693	723	1	when	when	SCONJ
cjfa-20693	723	2	the	the	DET
cjfa-20693	723	3	agent	agent	NOUN
cjfa-20693	723	4	is	be	AUX
cjfa-20693	723	5	the	the	DET
cjfa-20693	723	6	explanatory	explanatory	ADJ
cjfa-20693	723	7	variable	variable	NOUN
cjfa-20693	723	8	in	in	ADP
cjfa-20693	723	9	the	the	DET
cjfa-20693	723	10	column	column	NOUN
cjfa-20693	723	11	(	(	PUNCT
cjfa-20693	723	12	3	3	NUM
cjfa-20693	723	13	)	)	PUNCT
cjfa-20693	723	14	,	,	PUNCT
cjfa-20693	723	15	the	the	DET
cjfa-20693	723	16	coefficient	coefficient	NOUN
cjfa-20693	723	17	of	of	ADP
cjfa-20693	723	18	law	law	NOUN
cjfa-20693	723	19	*	*	PUNCT
cjfa-20693	723	20	treatment	treatment	NOUN
cjfa-20693	723	21	is	be	AUX
cjfa-20693	723	22	still	still	ADV
cjfa-20693	723	23	significantly	significantly	ADV
cjfa-20693	723	24	negative	negative	ADJ
cjfa-20693	723	25	after	after	ADP
cjfa-20693	723	26	controlling	control	VERB
cjfa-20693	723	27	the	the	DET
cjfa-20693	723	28	intermediate	intermediate	ADJ
cjfa-20693	723	29	variable	variable	NOUN
cjfa-20693	723	30	,	,	PUNCT
cjfa-20693	723	31	indicating	indicate	VERB
cjfa-20693	723	32	that	that	SCONJ
cjfa-20693	723	33	the	the	DET
cjfa-20693	723	34	total	total	ADJ
cjfa-20693	723	35	return	return	NOUN
cjfa-20693	723	36	on	on	ADP
cjfa-20693	723	37	assets	asset	NOUN
cjfa-20693	723	38	partly	partly	ADV
cjfa-20693	723	39	mediates	mediate	VERB
cjfa-20693	723	40	the	the	DET
cjfa-20693	723	41	mandatory	mandatory	ADJ
cjfa-20693	723	42	dividend	dividend	NOUN
cjfa-20693	723	43	policy	policy	NOUN
cjfa-20693	723	44	to	to	PART
cjfa-20693	723	45	reduce	reduce	VERB
cjfa-20693	723	46	agency	agency	NOUN
cjfa-20693	723	47	costs	cost	NOUN
cjfa-20693	723	48	.	.	PUNCT
cjfa-20693	724	1	in	in	ADP
cjfa-20693	724	2	addition	addition	NOUN
cjfa-20693	724	3	,	,	PUNCT
cjfa-20693	724	4	in	in	ADP
cjfa-20693	724	5	order	order	NOUN
cjfa-20693	724	6	to	to	PART
cjfa-20693	724	7	ensure	ensure	VERB
cjfa-20693	724	8	the	the	DET
cjfa-20693	724	9	reliability	reliability	NOUN
cjfa-20693	724	10	of	of	ADP
cjfa-20693	724	11	the	the	DET
cjfa-20693	724	12	results	result	NOUN
cjfa-20693	724	13	,	,	PUNCT
cjfa-20693	724	14	sobel	sobel	PROPN
cjfa-20693	724	15	z	z	PROPN
cjfa-20693	724	16	test	test	NOUN
cjfa-20693	724	17	is	be	AUX
cjfa-20693	724	18	conducted	conduct	VERB
cjfa-20693	724	19	again	again	ADV
cjfa-20693	724	20	for	for	ADP
cjfa-20693	724	21	the	the	DET
cjfa-20693	724	22	mediation	mediation	NOUN
cjfa-20693	724	23	effect	effect	NOUN
cjfa-20693	724	24	.	.	PUNCT
cjfa-20693	725	1	sobel	sobel	NOUN
cjfa-20693	725	2	z	z	PROPN
cjfa-20693	725	3	's	's	PART
cjfa-20693	725	4	statistic	statistic	NOUN
cjfa-20693	725	5	is	be	AUX
cjfa-20693	725	6	-4.329	-4.329	VERB
cjfa-20693	725	7	,	,	PUNCT
cjfa-20693	725	8	which	which	PRON
cjfa-20693	725	9	shows	show	VERB
cjfa-20693	725	10	that	that	SCONJ
cjfa-20693	725	11	the	the	DET
cjfa-20693	725	12	intermediary	intermediary	ADJ
cjfa-20693	725	13	effect	effect	NOUN
cjfa-20693	725	14	(	(	PUNCT
cjfa-20693	725	15	16	16	NUM
cjfa-20693	725	16	)	)	PUNCT
cjfa-20693	725	17	can	can	AUX
cjfa-20693	725	18	mandatory	mandatory	ADJ
cjfa-20693	725	19	dividend	dividend	NOUN
cjfa-20693	725	20	policy	policy	NOUN
cjfa-20693	725	21	reduce	reduce	VERB
cjfa-20693	725	22	…	…	PUNCT
cjfa-20693	725	23	91	91	NUM
cjfa-20693	725	24	this	this	DET
cjfa-20693	725	25	paper	paper	NOUN
cjfa-20693	725	26	holds	hold	VERB
cjfa-20693	725	27	that	that	SCONJ
cjfa-20693	725	28	the	the	DET
cjfa-20693	725	29	return	return	NOUN
cjfa-20693	725	30	rate	rate	NOUN
cjfa-20693	725	31	of	of	ADP
cjfa-20693	725	32	total	total	ADJ
cjfa-20693	725	33	assets	asset	NOUN
cjfa-20693	725	34	of	of	ADP
cjfa-20693	725	35	enterprises	enterprise	NOUN
cjfa-20693	725	36	is	be	AUX
cjfa-20693	725	37	the	the	DET
cjfa-20693	725	38	intermediary	intermediary	ADJ
cjfa-20693	725	39	index	index	NOUN
cjfa-20693	725	40	of	of	ADP
cjfa-20693	725	41	reducing	reduce	VERB
cjfa-20693	725	42	agency	agency	NOUN
cjfa-20693	725	43	cost	cost	NOUN
cjfa-20693	725	44	by	by	ADP
cjfa-20693	725	45	mandatory	mandatory	ADJ
cjfa-20693	725	46	dividend	dividend	NOUN
cjfa-20693	725	47	policy	policy	NOUN
cjfa-20693	725	48	.	.	PUNCT
cjfa-20693	726	1	specifically	specifically	ADV
cjfa-20693	726	2	,	,	PUNCT
cjfa-20693	726	3	in	in	ADP
cjfa-20693	726	4	order	order	NOUN
cjfa-20693	726	5	to	to	PART
cjfa-20693	726	6	achieve	achieve	VERB
cjfa-20693	726	7	a	a	DET
cjfa-20693	726	8	longterm	longterm	ADJ
cjfa-20693	726	9	stable	stable	ADJ
cjfa-20693	726	10	dividend	dividend	NOUN
cjfa-20693	726	11	target	target	NOUN
cjfa-20693	726	12	,	,	PUNCT
cjfa-20693	726	13	executives	executive	NOUN
cjfa-20693	726	14	have	have	VERB
cjfa-20693	726	15	to	to	PART
cjfa-20693	726	16	work	work	VERB
cjfa-20693	726	17	hard	hard	ADV
cjfa-20693	726	18	and	and	CCONJ
cjfa-20693	726	19	look	look	VERB
cjfa-20693	726	20	for	for	ADP
cjfa-20693	726	21	high	high	ADJ
cjfa-20693	726	22	-	-	PUNCT
cjfa-20693	726	23	yield	yield	NOUN
cjfa-20693	726	24	investment	investment	NOUN
cjfa-20693	726	25	projects	project	NOUN
cjfa-20693	726	26	,	,	PUNCT
cjfa-20693	726	27	that	that	ADV
cjfa-20693	726	28	is	is	ADV
cjfa-20693	726	29	,	,	PUNCT
cjfa-20693	726	30	executives	executive	NOUN
cjfa-20693	726	31	will	will	AUX
cjfa-20693	726	32	work	work	VERB
cjfa-20693	726	33	hard	hard	ADV
cjfa-20693	726	34	so	so	SCONJ
cjfa-20693	726	35	that	that	SCONJ
cjfa-20693	726	36	the	the	DET
cjfa-20693	726	37	company	company	NOUN
cjfa-20693	726	38	can	can	AUX
cjfa-20693	726	39	achieve	achieve	VERB
cjfa-20693	726	40	profitability	profitability	NOUN
cjfa-20693	726	41	and	and	CCONJ
cjfa-20693	726	42	continuously	continuously	ADV
cjfa-20693	726	43	improve	improve	VERB
cjfa-20693	726	44	the	the	DET
cjfa-20693	726	45	dividend	dividend	NOUN
cjfa-20693	726	46	level	level	NOUN
cjfa-20693	726	47	,	,	PUNCT
cjfa-20693	726	48	thereby	thereby	ADV
cjfa-20693	726	49	improving	improve	VERB
cjfa-20693	726	50	the	the	DET
cjfa-20693	726	51	returns	return	NOUN
cjfa-20693	726	52	of	of	ADP
cjfa-20693	726	53	shareholders	shareholder	NOUN
cjfa-20693	726	54	and	and	CCONJ
cjfa-20693	726	55	executives	executive	NOUN
cjfa-20693	726	56	.	.	PUNCT
cjfa-20693	727	1	in	in	ADP
cjfa-20693	727	2	this	this	DET
cjfa-20693	727	3	way	way	NOUN
cjfa-20693	727	4	,	,	PUNCT
cjfa-20693	727	5	not	not	PART
cjfa-20693	727	6	only	only	ADV
cjfa-20693	727	7	investors	investor	NOUN
cjfa-20693	727	8	'	'	PART
cjfa-20693	727	9	cash	cash	NOUN
cjfa-20693	727	10	dividends	dividend	NOUN
cjfa-20693	727	11	are	be	AUX
cjfa-20693	727	12	guaranteed	guarantee	VERB
cjfa-20693	727	13	,	,	PUNCT
cjfa-20693	727	14	but	but	CCONJ
cjfa-20693	727	15	also	also	ADV
cjfa-20693	727	16	in	in	ADP
cjfa-20693	727	17	order	order	NOUN
cjfa-20693	727	18	to	to	PART
cjfa-20693	727	19	provide	provide	VERB
cjfa-20693	727	20	cash	cash	NOUN
cjfa-20693	727	21	flow	flow	NOUN
cjfa-20693	727	22	for	for	ADP
cjfa-20693	727	23	cash	cash	NOUN
cjfa-20693	727	24	dividends	dividend	NOUN
cjfa-20693	727	25	,	,	PUNCT
cjfa-20693	727	26	company	company	NOUN
cjfa-20693	727	27	executives	executive	NOUN
cjfa-20693	727	28	have	have	VERB
cjfa-20693	727	29	to	to	PART
cjfa-20693	727	30	work	work	VERB
cjfa-20693	727	31	hard	hard	ADV
cjfa-20693	727	32	,	,	PUNCT
cjfa-20693	727	33	so	so	CCONJ
cjfa-20693	727	34	the	the	DET
cjfa-20693	727	35	company	company	NOUN
cjfa-20693	727	36	's	's	PART
cjfa-20693	727	37	total	total	ADJ
cjfa-20693	727	38	asset	asset	NOUN
cjfa-20693	727	39	return	return	NOUN
cjfa-20693	727	40	rate	rate	NOUN
cjfa-20693	727	41	will	will	AUX
cjfa-20693	727	42	increase	increase	VERB
cjfa-20693	727	43	.	.	PUNCT
cjfa-20693	728	1	increasing	increase	VERB
cjfa-20693	728	2	returns	return	NOUN
cjfa-20693	728	3	on	on	ADP
cjfa-20693	728	4	total	total	ADJ
cjfa-20693	728	5	assets	asset	NOUN
cjfa-20693	728	6	will	will	AUX
cjfa-20693	728	7	be	be	AUX
cjfa-20693	728	8	paid	pay	VERB
cjfa-20693	728	9	to	to	ADP
cjfa-20693	728	10	shareholders	shareholder	NOUN
cjfa-20693	728	11	in	in	ADP
cjfa-20693	728	12	the	the	DET
cjfa-20693	728	13	form	form	NOUN
cjfa-20693	728	14	of	of	ADP
cjfa-20693	728	15	cash	cash	NOUN
cjfa-20693	728	16	dividends	dividend	NOUN
cjfa-20693	728	17	,	,	PUNCT
cjfa-20693	728	18	not	not	PART
cjfa-20693	728	19	all	all	PRON
cjfa-20693	728	20	of	of	ADP
cjfa-20693	728	21	which	which	PRON
cjfa-20693	728	22	will	will	AUX
cjfa-20693	728	23	be	be	AUX
cjfa-20693	728	24	translated	translate	VERB
cjfa-20693	728	25	into	into	ADP
cjfa-20693	728	26	private	private	ADJ
cjfa-20693	728	27	gains	gain	NOUN
cjfa-20693	728	28	of	of	ADP
cjfa-20693	728	29	executives	executive	NOUN
cjfa-20693	728	30	.	.	PUNCT
cjfa-20693	729	1	therefore	therefore	ADV
cjfa-20693	729	2	,	,	PUNCT
cjfa-20693	729	3	mandatory	mandatory	ADJ
cjfa-20693	729	4	dividend	dividend	NOUN
cjfa-20693	729	5	policy	policy	NOUN
cjfa-20693	729	6	can	can	AUX
cjfa-20693	729	7	partly	partly	ADV
cjfa-20693	729	8	mediate	mediate	VERB
cjfa-20693	729	9	agency	agency	NOUN
cjfa-20693	729	10	costs	cost	NOUN
cjfa-20693	729	11	of	of	ADP
cjfa-20693	729	12	iron	iron	NOUN
cjfa-20693	729	13	cock	cock	NOUN
cjfa-20693	729	14	company	company	NOUN
cjfa-20693	729	15	through	through	ADP
cjfa-20693	729	16	total	total	ADJ
cjfa-20693	729	17	assets	asset	NOUN
cjfa-20693	729	18	returns	return	NOUN
cjfa-20693	729	19	.	.	PUNCT
cjfa-20693	730	1	to	to	PART
cjfa-20693	730	2	test	test	VERB
cjfa-20693	730	3	the	the	DET
cjfa-20693	730	4	intermediary	intermediary	ADJ
cjfa-20693	730	5	effect	effect	NOUN
cjfa-20693	730	6	of	of	ADP
cjfa-20693	730	7	the	the	DET
cjfa-20693	730	8	return	return	NOUN
cjfa-20693	730	9	on	on	ADP
cjfa-20693	730	10	total	total	ADJ
cjfa-20693	730	11	assets	asset	NOUN
cjfa-20693	730	12	of	of	ADP
cjfa-20693	730	13	an	an	DET
cjfa-20693	730	14	enterprise	enterprise	NOUN
cjfa-20693	730	15	,	,	PUNCT
cjfa-20693	730	16	the	the	DET
cjfa-20693	730	17	study	study	NOUN
cjfa-20693	730	18	designs	design	VERB
cjfa-20693	730	19	model	model	NOUN
cjfa-20693	730	20	(	(	PUNCT
cjfa-20693	730	21	16)-(18	16)-(18	NOUN
cjfa-20693	730	22	)	)	PUNCT
cjfa-20693	730	23	to	to	PART
cjfa-20693	730	24	investigate	investigate	VERB
cjfa-20693	730	25	the	the	DET
cjfa-20693	730	26	mediating	mediate	VERB
cjfa-20693	730	27	role	role	NOUN
cjfa-20693	730	28	of	of	ADP
cjfa-20693	730	29	testing	testing	NOUN
cjfa-20693	730	30	return	return	NOUN
cjfa-20693	730	31	rate	rate	NOUN
cjfa-20693	730	32	of	of	ADP
cjfa-20693	730	33	total	total	ADJ
cjfa-20693	730	34	assets	asset	NOUN
cjfa-20693	730	35	�	�	PROPN
cjfa-20693	730	36	�	�	PROPN
cjfa-20693	730	37	�	�	PROPN
cjfa-20693	730	38	�	�	PROPN
cjfa-20693	730	39	�	�	PROPN
cjfa-20693	730	40	�	�	PROPN
cjfa-20693	730	41	�	�	PROPN
cjfa-20693	730	42	�	�	PROPN
cjfa-20693	730	43	�	�	PROPN
cjfa-20693	730	44	+	+	CCONJ
cjfa-20693	730	45	�	�	PROPN
cjfa-20693	730	46	�	�	PROPN
cjfa-20693	730	47	�	�	PROPN
cjfa-20693	730	48	�	�	PROPN
cjfa-20693	730	49	�	�	PROPN
cjfa-20693	730	50	�	�	PROPN
cjfa-20693	730	51	�	�	PROPN
cjfa-20693	730	52	�	�	PROPN
cjfa-20693	730	53	�	�	PROPN
cjfa-20693	730	54	�	�	PROPN
cjfa-20693	730	55	�	�	PROPN
cjfa-20693	730	56	�	�	PROPN
cjfa-20693	730	57	�	�	PROPN
cjfa-20693	730	58	+	+	SYM
cjfa-20693	730	59	�	�	PROPN
cjfa-20693	730	60	�	�	PROPN
cjfa-20693	730	61	�	�	PROPN
cjfa-20693	730	62	�	�	PROPN
cjfa-20693	730	63	�	�	PROPN
cjfa-20693	730	64	�	�	PROPN
cjfa-20693	730	65	�	�	PROPN
cjfa-20693	730	66	�	�	PROPN
cjfa-20693	730	67	�	�	PROPN
cjfa-20693	730	68	+	+	SYM
cjfa-20693	730	69	�	�	PROPN
cjfa-20693	730	70	�	�	PROPN
cjfa-20693	730	71	�	�	PROPN
cjfa-20693	730	72	�	�	PROPN
cjfa-20693	730	73	�	�	PROPN
cjfa-20693	730	74	�	�	PROPN
cjfa-20693	730	75	�	�	PROPN
cjfa-20693	730	76	+	+	CCONJ
cjfa-20693	730	77	∑	∑	PROPN
cjfa-20693	730	78	�	�	PROPN
cjfa-20693	730	79	�	�	PROPN
cjfa-20693	730	80	�	�	PROPN
cjfa-20693	730	81	�	�	PROPN
cjfa-20693	730	82	�	�	PROPN
cjfa-20693	730	83	�	�	PROPN
cjfa-20693	730	84	�	�	PROPN
cjfa-20693	730	85	�	�	PROPN
cjfa-20693	730	86	�	�	PROPN
cjfa-20693	730	87	+	+	SYM
cjfa-20693	730	88	�	�	PROPN
cjfa-20693	730	89	�	�	PROPN
cjfa-20693	730	90	�	�	PROPN
cjfa-20693	730	91	（	（	PROPN
cjfa-20693	730	92	16	16	NUM
cjfa-20693	730	93	）	）	SYM
cjfa-20693	730	94	�	�	PROPN
cjfa-20693	730	95	�	�	PROPN
cjfa-20693	730	96	�	�	PROPN
cjfa-20693	730	97	�	�	PROPN
cjfa-20693	730	98	�	�	PROPN
cjfa-20693	730	99	�	�	PROPN
cjfa-20693	730	100	�	�	PROPN
cjfa-20693	730	101	+	+	CCONJ
cjfa-20693	730	102	�	�	PROPN
cjfa-20693	730	103	�	�	PROPN
cjfa-20693	730	104	�	�	PROPN
cjfa-20693	730	105	�	�	PROPN
cjfa-20693	730	106	�	�	PROPN
cjfa-20693	730	107	�	�	PROPN
cjfa-20693	730	108	�	�	PROPN
cjfa-20693	730	109	�	�	PROPN
cjfa-20693	730	110	�	�	PROPN
cjfa-20693	730	111	�	�	PROPN
cjfa-20693	730	112	�	�	PROPN
cjfa-20693	730	113	�	�	PROPN
cjfa-20693	730	114	�	�	PROPN
cjfa-20693	730	115	+	+	SYM
cjfa-20693	730	116	�	�	PROPN
cjfa-20693	730	117	�	�	PROPN
cjfa-20693	730	118	�	�	PROPN
cjfa-20693	730	119	�	�	PROPN
cjfa-20693	730	120	�	�	PROPN
cjfa-20693	730	121	�	�	PROPN
cjfa-20693	730	122	�	�	PROPN
cjfa-20693	730	123	�	�	PROPN
cjfa-20693	730	124	�	�	PROPN
cjfa-20693	730	125	+	+	SYM
cjfa-20693	730	126	�	�	PROPN
cjfa-20693	730	127	�	�	PROPN
cjfa-20693	730	128	�	�	PROPN
cjfa-20693	730	129	�	�	PROPN
cjfa-20693	730	130	�	�	PROPN
cjfa-20693	730	131	�	�	PROPN
cjfa-20693	730	132	�	�	PROPN
cjfa-20693	730	133	+	+	CCONJ
cjfa-20693	730	134	∑	∑	PROPN
cjfa-20693	730	135	�	�	PROPN
cjfa-20693	730	136	�	�	PROPN
cjfa-20693	730	137	�	�	PROPN
cjfa-20693	730	138	�	�	PROPN
cjfa-20693	730	139	�	�	PROPN
cjfa-20693	730	140	�	�	PROPN
cjfa-20693	730	141	�	�	PROPN
cjfa-20693	730	142	�	�	PROPN
cjfa-20693	730	143	�	�	PROPN
cjfa-20693	730	144	+	+	CCONJ
cjfa-20693	730	145	�	�	PROPN
cjfa-20693	730	146	�	�	PROPN
cjfa-20693	730	147	�	�	PROPN
cjfa-20693	730	148	（	（	PROPN
cjfa-20693	730	149	17	17	NUM
cjfa-20693	730	150	）	）	SYM
cjfa-20693	730	151	�	�	PROPN
cjfa-20693	730	152	�	�	PROPN
cjfa-20693	730	153	�	�	PROPN
cjfa-20693	730	154	�	�	PROPN
cjfa-20693	730	155	�	�	PROPN
cjfa-20693	730	156	�	�	PROPN
cjfa-20693	730	157	�	�	PROPN
cjfa-20693	730	158	�	�	PROPN
cjfa-20693	730	159	�	�	PROPN
cjfa-20693	730	160	+	+	CCONJ
cjfa-20693	730	161	�	�	PROPN
cjfa-20693	730	162	�	�	PROPN
cjfa-20693	730	163	�	�	PROPN
cjfa-20693	730	164	�	�	PROPN
cjfa-20693	730	165	�	�	PROPN
cjfa-20693	730	166	�	�	PROPN
cjfa-20693	730	167	�	�	PROPN
cjfa-20693	730	168	+	+	CCONJ
cjfa-20693	730	169	γ	γ	PROPN
cjfa-20693	730	170	�	�	PROPN
cjfa-20693	730	171	�	�	PROPN
cjfa-20693	730	172	�	�	PROPN
cjfa-20693	730	173	�	�	PROPN
cjfa-20693	730	174	�	�	PROPN
cjfa-20693	730	175	�	�	PROPN
cjfa-20693	730	176	�	�	PROPN
cjfa-20693	730	177	�	�	PROPN
cjfa-20693	730	178	�	�	PROPN
cjfa-20693	730	179	�	�	PROPN
cjfa-20693	730	180	�	�	PROPN
cjfa-20693	730	181	�	�	PROPN
cjfa-20693	730	182	+	+	SYM
cjfa-20693	730	183	�	�	PROPN
cjfa-20693	730	184	�	�	PROPN
cjfa-20693	730	185	�	�	PROPN
cjfa-20693	730	186	�	�	PROPN
cjfa-20693	730	187	�	�	PROPN
cjfa-20693	730	188	�	�	PROPN
cjfa-20693	730	189	�	�	PROPN
cjfa-20693	730	190	�	�	PROPN
cjfa-20693	730	191	�	�	PROPN
cjfa-20693	730	192	+	+	SYM
cjfa-20693	730	193	�	�	PROPN
cjfa-20693	730	194	�	�	PROPN
cjfa-20693	730	195	�	�	PROPN
cjfa-20693	730	196	�	�	PROPN
cjfa-20693	730	197	�	�	PROPN
cjfa-20693	730	198	�	�	PROPN
cjfa-20693	730	199	�	�	PROPN
cjfa-20693	730	200	+	+	CCONJ
cjfa-20693	730	201	∑	∑	PROPN
cjfa-20693	730	202	�	�	PROPN
cjfa-20693	730	203	�	�	PROPN
cjfa-20693	730	204	�	�	PROPN
cjfa-20693	730	205	�	�	PROPN
cjfa-20693	730	206	�	�	PROPN
cjfa-20693	730	207	�	�	PROPN
cjfa-20693	730	208	�	�	PROPN
cjfa-20693	730	209	�	�	PROPN
cjfa-20693	730	210	�	�	PROPN
cjfa-20693	730	211	+	+	CCONJ
cjfa-20693	730	212	�	�	PROPN
cjfa-20693	730	213	�	�	PROPN
cjfa-20693	730	214	�	�	PROPN
cjfa-20693	730	215	(	(	PUNCT
cjfa-20693	730	216	18	18	NUM
cjfa-20693	730	217	)	)	PUNCT
cjfa-20693	730	218	among	among	ADP
cjfa-20693	730	219	them	they	PRON
cjfa-20693	730	220	,	,	PUNCT
cjfa-20693	730	221	roa	roa	PROPN
cjfa-20693	730	222	means	mean	VERB
cjfa-20693	730	223	turnover	turnover	NOUN
cjfa-20693	730	224	.	.	PUNCT
cjfa-20693	731	1	according	accord	VERB
cjfa-20693	731	2	to	to	ADP
cjfa-20693	731	3	the	the	DET
cjfa-20693	731	4	test	test	NOUN
cjfa-20693	731	5	procedure	procedure	NOUN
cjfa-20693	731	6	of	of	ADP
cjfa-20693	731	7	intermediary	intermediary	ADJ
cjfa-20693	731	8	effect	effect	NOUN
cjfa-20693	731	9	,	,	PUNCT
cjfa-20693	731	10	model	model	NOUN
cjfa-20693	731	11	(	(	PUNCT
cjfa-20693	731	12	16	16	NUM
cjfa-20693	731	13	)	)	PUNCT
cjfa-20693	731	14	is	be	AUX
cjfa-20693	731	15	used	use	VERB
cjfa-20693	731	16	to	to	PART
cjfa-20693	731	17	test	test	VERB
cjfa-20693	731	18	the	the	DET
cjfa-20693	731	19	effect	effect	NOUN
cjfa-20693	731	20	of	of	ADP
cjfa-20693	731	21	mandatory	mandatory	ADJ
cjfa-20693	731	22	dividend	dividend	NOUN
cjfa-20693	731	23	policy	policy	NOUN
cjfa-20693	731	24	on	on	ADP
cjfa-20693	731	25	agency	agency	NOUN
cjfa-20693	731	26	cost	cost	NOUN
cjfa-20693	731	27	to	to	PART
cjfa-20693	731	28	see	see	VERB
cjfa-20693	731	29	if	if	SCONJ
cjfa-20693	731	30	1	1	NOUN
cjfa-20693	731	31	is	be	AUX
cjfa-20693	731	32	significant	significant	ADJ
cjfa-20693	731	33	.	.	PUNCT
cjfa-20693	732	1	if	if	SCONJ
cjfa-20693	732	2	it	it	PRON
cjfa-20693	732	3	is	be	AUX
cjfa-20693	732	4	,	,	PUNCT
cjfa-20693	732	5	model(17	model(17	PROPN
cjfa-20693	732	6	)	)	PUNCT
cjfa-20693	732	7	and	and	CCONJ
cjfa-20693	732	8	model(18	model(18	NOUN
cjfa-20693	732	9	)	)	PUNCT
cjfa-20693	732	10	will	will	AUX
cjfa-20693	732	11	be	be	AUX
cjfa-20693	732	12	tested	test	VERB
cjfa-20693	732	13	.	.	PUNCT
cjfa-20693	733	1	under	under	ADP
cjfa-20693	733	2	the	the	DET
cjfa-20693	733	3	condition	condition	NOUN
cjfa-20693	733	4	that	that	PRON
cjfa-20693	733	5	4	4	NOUN
cjfa-20693	733	6	和	和	X
cjfa-20693	733	7	are	be	AUX
cjfa-20693	733	8	significant	significant	ADJ
cjfa-20693	733	9	,	,	PUNCT
cjfa-20693	733	10	if	if	SCONJ
cjfa-20693	733	11	1	1	ADV
cjfa-20693	733	12	significant	significant	ADJ
cjfa-20693	733	13	,	,	PUNCT
cjfa-20693	733	14	it	it	PRON
cjfa-20693	733	15	shows	show	VERB
cjfa-20693	733	16	that	that	SCONJ
cjfa-20693	733	17	the	the	DET
cjfa-20693	733	18	total	total	ADJ
cjfa-20693	733	19	asset	asset	NOUN
cjfa-20693	733	20	return	return	NOUN
cjfa-20693	733	21	partly	partly	ADV
cjfa-20693	733	22	mediates	mediate	VERB
cjfa-20693	733	23	the	the	DET
cjfa-20693	733	24	mandatory	mandatory	ADJ
cjfa-20693	733	25	dividend	dividend	NOUN
cjfa-20693	733	26	policy	policy	NOUN
cjfa-20693	733	27	to	to	PART
cjfa-20693	733	28	restrain	restrain	VERB
cjfa-20693	733	29	agency	agency	NOUN
cjfa-20693	733	30	costs	cost	NOUN
cjfa-20693	733	31	.	.	PUNCT
cjfa-20693	734	1	among	among	ADP
cjfa-20693	734	2	,	,	PUNCT
cjfa-20693	734	3	roa	roa	PROPN
cjfa-20693	734	4	means	mean	VERB
cjfa-20693	734	5	turnover	turnover	NOUN
cjfa-20693	734	6	.	.	PUNCT
cjfa-20693	735	1	as	as	SCONJ
cjfa-20693	735	2	shown	show	VERB
cjfa-20693	735	3	in	in	ADP
cjfa-20693	735	4	table	table	NOUN
cjfa-20693	735	5	11	11	NUM
cjfa-20693	735	6	,	,	PUNCT
cjfa-20693	735	7	when	when	SCONJ
cjfa-20693	735	8	the	the	DET
cjfa-20693	735	9	agent	agent	NOUN
cjfa-20693	735	10	in	in	ADP
cjfa-20693	735	11	column	column	NOUN
cjfa-20693	735	12	(	(	PUNCT
cjfa-20693	735	13	1	1	X
cjfa-20693	735	14	)	)	PUNCT
cjfa-20693	735	15	is	be	AUX
cjfa-20693	735	16	the	the	DET
cjfa-20693	735	17	explanatory	explanatory	ADJ
cjfa-20693	735	18	variable	variable	NOUN
cjfa-20693	735	19	,	,	PUNCT
cjfa-20693	735	20	the	the	DET
cjfa-20693	735	21	compulsory	compulsory	ADJ
cjfa-20693	735	22	dividend	dividend	NOUN
cjfa-20693	735	23	policy	policy	NOUN
cjfa-20693	735	24	significantly	significantly	ADV
cjfa-20693	735	25	reduces	reduce	VERB
cjfa-20693	735	26	the	the	DET
cjfa-20693	735	27	agency	agency	NOUN
cjfa-20693	735	28	cost	cost	NOUN
cjfa-20693	735	29	of	of	ADP
cjfa-20693	735	30	"	"	PUNCT
cjfa-20693	735	31	iron	iron	NOUN
cjfa-20693	735	32	cock	cock	NOUN
cjfa-20693	735	33	"	"	PUNCT
cjfa-20693	735	34	enterprises	enterprise	NOUN
cjfa-20693	735	35	.	.	PUNCT
cjfa-20693	736	1	when	when	SCONJ
cjfa-20693	736	2	the	the	DET
cjfa-20693	736	3	agent	agent	NOUN
cjfa-20693	736	4	in	in	ADP
cjfa-20693	736	5	the	the	DET
cjfa-20693	736	6	column（2	column（2	PROPN
cjfa-20693	736	7	）	）	PROPN
cjfa-20693	736	8	is	be	AUX
cjfa-20693	736	9	the	the	DET
cjfa-20693	736	10	explanatory	explanatory	ADJ
cjfa-20693	736	11	variable	variable	NOUN
cjfa-20693	736	12	,	,	PUNCT
cjfa-20693	736	13	the	the	DET
cjfa-20693	736	14	compulsory	compulsory	ADJ
cjfa-20693	736	15	dividend	dividend	NOUN
cjfa-20693	736	16	policy	policy	NOUN
cjfa-20693	736	17	significantly	significantly	ADV
cjfa-20693	736	18	reduces	reduce	VERB
cjfa-20693	736	19	the	the	DET
cjfa-20693	736	20	agency	agency	NOUN
cjfa-20693	736	21	cost	cost	NOUN
cjfa-20693	736	22	of	of	ADP
cjfa-20693	736	23	the	the	DET
cjfa-20693	736	24	"	"	PUNCT
cjfa-20693	736	25	iron	iron	NOUN
cjfa-20693	736	26	cock	cock	NOUN
cjfa-20693	736	27	"	"	PUNCT
cjfa-20693	736	28	enterprises	enterprise	NOUN
cjfa-20693	736	29	.	.	PUNCT
cjfa-20693	737	1	when	when	SCONJ
cjfa-20693	737	2	the	the	DET
cjfa-20693	737	3	agent	agent	NOUN
cjfa-20693	737	4	is	be	AUX
cjfa-20693	737	5	the	the	DET
cjfa-20693	737	6	explanatory	explanatory	ADJ
cjfa-20693	737	7	variable	variable	NOUN
cjfa-20693	737	8	in	in	ADP
cjfa-20693	737	9	the	the	DET
cjfa-20693	737	10	column	column	NOUN
cjfa-20693	737	11	(	(	PUNCT
cjfa-20693	737	12	3	3	NUM
cjfa-20693	737	13	)	)	PUNCT
cjfa-20693	737	14	,	,	PUNCT
cjfa-20693	737	15	the	the	DET
cjfa-20693	737	16	coefficient	coefficient	NOUN
cjfa-20693	737	17	of	of	ADP
cjfa-20693	737	18	law	law	NOUN
cjfa-20693	737	19	*	*	PUNCT
cjfa-20693	737	20	treatment	treatment	NOUN
cjfa-20693	737	21	is	be	AUX
cjfa-20693	737	22	still	still	ADV
cjfa-20693	737	23	significantly	significantly	ADV
cjfa-20693	737	24	negative	negative	ADJ
cjfa-20693	737	25	after	after	ADP
cjfa-20693	737	26	controlling	control	VERB
cjfa-20693	737	27	the	the	DET
cjfa-20693	737	28	intermediate	intermediate	ADJ
cjfa-20693	737	29	variable	variable	NOUN
cjfa-20693	737	30	,	,	PUNCT
cjfa-20693	737	31	indicating	indicate	VERB
cjfa-20693	737	32	that	that	SCONJ
cjfa-20693	737	33	the	the	DET
cjfa-20693	737	34	total	total	ADJ
cjfa-20693	737	35	return	return	NOUN
cjfa-20693	737	36	on	on	ADP
cjfa-20693	737	37	assets	asset	NOUN
cjfa-20693	737	38	partly	partly	ADV
cjfa-20693	737	39	mediates	mediate	VERB
cjfa-20693	737	40	the	the	DET
cjfa-20693	737	41	mandatory	mandatory	ADJ
cjfa-20693	737	42	dividend	dividend	NOUN
cjfa-20693	737	43	policy	policy	NOUN
cjfa-20693	737	44	to	to	PART
cjfa-20693	737	45	reduce	reduce	VERB
cjfa-20693	737	46	agency	agency	NOUN
cjfa-20693	737	47	costs	cost	NOUN
cjfa-20693	737	48	.	.	PUNCT
cjfa-20693	738	1	in	in	ADP
cjfa-20693	738	2	addition	addition	NOUN
cjfa-20693	738	3	,	,	PUNCT
cjfa-20693	738	4	in	in	ADP
cjfa-20693	738	5	order	order	NOUN
cjfa-20693	738	6	to	to	PART
cjfa-20693	738	7	ensure	ensure	VERB
cjfa-20693	738	8	the	the	DET
cjfa-20693	738	9	reliability	reliability	NOUN
cjfa-20693	738	10	of	of	ADP
cjfa-20693	738	11	the	the	DET
cjfa-20693	738	12	results	result	NOUN
cjfa-20693	738	13	,	,	PUNCT
cjfa-20693	738	14	sobel	sobel	PROPN
cjfa-20693	738	15	z	z	PROPN
cjfa-20693	738	16	test	test	NOUN
cjfa-20693	738	17	is	be	AUX
cjfa-20693	738	18	conducted	conduct	VERB
cjfa-20693	738	19	again	again	ADV
cjfa-20693	738	20	for	for	ADP
cjfa-20693	738	21	the	the	DET
cjfa-20693	738	22	mediation	mediation	NOUN
cjfa-20693	738	23	effect	effect	NOUN
cjfa-20693	738	24	.	.	PUNCT
cjfa-20693	739	1	sobel	sobel	NOUN
cjfa-20693	739	2	z	z	PROPN
cjfa-20693	739	3	's	's	PART
cjfa-20693	739	4	statistic	statistic	NOUN
cjfa-20693	739	5	is	be	AUX
cjfa-20693	739	6	-4.329	-4.329	VERB
cjfa-20693	739	7	,	,	PUNCT
cjfa-20693	739	8	which	which	PRON
cjfa-20693	739	9	shows	show	VERB
cjfa-20693	739	10	that	that	SCONJ
cjfa-20693	739	11	the	the	DET
cjfa-20693	739	12	intermediary	intermediary	ADJ
cjfa-20693	739	13	effect	effect	NOUN
cjfa-20693	739	14	(	(	PUNCT
cjfa-20693	739	15	17	17	NUM
cjfa-20693	739	16	)	)	PUNCT
cjfa-20693	739	17	this	this	DET
cjfa-20693	739	18	paper	paper	NOUN
cjfa-20693	739	19	holds	hold	VERB
cjfa-20693	739	20	that	that	SCONJ
cjfa-20693	739	21	the	the	DET
cjfa-20693	739	22	return	return	NOUN
cjfa-20693	739	23	rate	rate	NOUN
cjfa-20693	739	24	of	of	ADP
cjfa-20693	739	25	total	total	ADJ
cjfa-20693	739	26	assets	asset	NOUN
cjfa-20693	739	27	of	of	ADP
cjfa-20693	739	28	enterprises	enterprise	NOUN
cjfa-20693	739	29	is	be	AUX
cjfa-20693	739	30	the	the	DET
cjfa-20693	739	31	intermediary	intermediary	ADJ
cjfa-20693	739	32	index	index	NOUN
cjfa-20693	739	33	of	of	ADP
cjfa-20693	739	34	reducing	reduce	VERB
cjfa-20693	739	35	agency	agency	NOUN
cjfa-20693	739	36	cost	cost	NOUN
cjfa-20693	739	37	by	by	ADP
cjfa-20693	739	38	mandatory	mandatory	ADJ
cjfa-20693	739	39	dividend	dividend	NOUN
cjfa-20693	739	40	policy	policy	NOUN
cjfa-20693	739	41	.	.	PUNCT
cjfa-20693	740	1	specifically	specifically	ADV
cjfa-20693	740	2	,	,	PUNCT
cjfa-20693	740	3	in	in	ADP
cjfa-20693	740	4	order	order	NOUN
cjfa-20693	740	5	to	to	PART
cjfa-20693	740	6	achieve	achieve	VERB
cjfa-20693	740	7	a	a	DET
cjfa-20693	740	8	longterm	longterm	ADJ
cjfa-20693	740	9	stable	stable	ADJ
cjfa-20693	740	10	dividend	dividend	NOUN
cjfa-20693	740	11	target	target	NOUN
cjfa-20693	740	12	,	,	PUNCT
cjfa-20693	740	13	executives	executive	NOUN
cjfa-20693	740	14	have	have	VERB
cjfa-20693	740	15	to	to	PART
cjfa-20693	740	16	work	work	VERB
cjfa-20693	740	17	hard	hard	ADV
cjfa-20693	740	18	and	and	CCONJ
cjfa-20693	740	19	look	look	VERB
cjfa-20693	740	20	for	for	ADP
cjfa-20693	740	21	high	high	ADJ
cjfa-20693	740	22	-	-	PUNCT
cjfa-20693	740	23	yield	yield	NOUN
cjfa-20693	740	24	investment	investment	NOUN
cjfa-20693	740	25	projects	project	NOUN
cjfa-20693	740	26	,	,	PUNCT
cjfa-20693	740	27	that	that	ADV
cjfa-20693	740	28	is	is	ADV
cjfa-20693	740	29	,	,	PUNCT
cjfa-20693	740	30	executives	executive	NOUN
cjfa-20693	740	31	will	will	AUX
cjfa-20693	740	32	work	work	VERB
cjfa-20693	740	33	hard	hard	ADV
cjfa-20693	740	34	so	so	SCONJ
cjfa-20693	740	35	that	that	SCONJ
cjfa-20693	740	36	the	the	DET
cjfa-20693	740	37	company	company	NOUN
cjfa-20693	740	38	can	can	AUX
cjfa-20693	740	39	achieve	achieve	VERB
cjfa-20693	740	40	profitability	profitability	NOUN
cjfa-20693	740	41	and	and	CCONJ
cjfa-20693	740	42	continuously	continuously	ADV
cjfa-20693	740	43	improve	improve	VERB
cjfa-20693	740	44	the	the	DET
cjfa-20693	740	45	dividend	dividend	NOUN
cjfa-20693	740	46	level	level	NOUN
cjfa-20693	740	47	,	,	PUNCT
cjfa-20693	740	48	thereby	thereby	ADV
cjfa-20693	740	49	improving	improve	VERB
cjfa-20693	740	50	the	the	DET
cjfa-20693	740	51	returns	return	NOUN
cjfa-20693	740	52	of	of	ADP
cjfa-20693	740	53	shareholders	shareholder	NOUN
cjfa-20693	740	54	and	and	CCONJ
cjfa-20693	740	55	executives	executive	NOUN
cjfa-20693	740	56	.	.	PUNCT
cjfa-20693	741	1	in	in	ADP
cjfa-20693	741	2	this	this	DET
cjfa-20693	741	3	way	way	NOUN
cjfa-20693	741	4	,	,	PUNCT
cjfa-20693	741	5	not	not	PART
cjfa-20693	741	6	only	only	ADV
cjfa-20693	741	7	investors	investor	NOUN
cjfa-20693	741	8	'	'	PART
cjfa-20693	741	9	cash	cash	NOUN
cjfa-20693	741	10	dividends	dividend	NOUN
cjfa-20693	741	11	are	be	AUX
cjfa-20693	741	12	guaranteed	guarantee	VERB
cjfa-20693	741	13	,	,	PUNCT
cjfa-20693	741	14	but	but	CCONJ
cjfa-20693	741	15	also	also	ADV
cjfa-20693	741	16	in	in	ADP
cjfa-20693	741	17	order	order	NOUN
cjfa-20693	741	18	to	to	PART
cjfa-20693	741	19	provide	provide	VERB
cjfa-20693	741	20	cash	cash	NOUN
cjfa-20693	741	21	flow	flow	NOUN
cjfa-20693	741	22	for	for	ADP
cjfa-20693	741	23	cash	cash	NOUN
cjfa-20693	741	24	dividends	dividend	NOUN
cjfa-20693	741	25	,	,	PUNCT
cjfa-20693	741	26	company	company	NOUN
cjfa-20693	741	27	executives	executive	NOUN
cjfa-20693	741	28	have	have	VERB
cjfa-20693	741	29	to	to	PART
cjfa-20693	741	30	work	work	VERB
cjfa-20693	741	31	hard	hard	ADV
cjfa-20693	741	32	,	,	PUNCT
cjfa-20693	741	33	so	so	CCONJ
cjfa-20693	741	34	the	the	DET
cjfa-20693	741	35	company	company	NOUN
cjfa-20693	741	36	's	's	PART
cjfa-20693	741	37	total	total	ADJ
cjfa-20693	741	38	asset	asset	NOUN
cjfa-20693	741	39	return	return	NOUN
cjfa-20693	741	40	rate	rate	NOUN
cjfa-20693	741	41	will	will	AUX
cjfa-20693	741	42	increase	increase	VERB
cjfa-20693	741	43	.	.	PUNCT
cjfa-20693	742	1	increasing	increase	VERB
cjfa-20693	742	2	returns	return	NOUN
cjfa-20693	742	3	on	on	ADP
cjfa-20693	742	4	total	total	ADJ
cjfa-20693	742	5	assets	asset	NOUN
cjfa-20693	742	6	will	will	AUX
cjfa-20693	742	7	be	be	AUX
cjfa-20693	742	8	paid	pay	VERB
cjfa-20693	742	9	to	to	ADP
cjfa-20693	742	10	shareholders	shareholder	NOUN
cjfa-20693	742	11	in	in	ADP
cjfa-20693	742	12	the	the	DET
cjfa-20693	742	13	form	form	NOUN
cjfa-20693	742	14	of	of	ADP
cjfa-20693	742	15	cash	cash	NOUN
cjfa-20693	742	16	dividends	dividend	NOUN
cjfa-20693	742	17	,	,	PUNCT
cjfa-20693	742	18	not	not	PART
cjfa-20693	742	19	all	all	PRON
cjfa-20693	742	20	of	of	ADP
cjfa-20693	742	21	which	which	PRON
cjfa-20693	742	22	will	will	AUX
cjfa-20693	742	23	be	be	AUX
cjfa-20693	742	24	translated	translate	VERB
cjfa-20693	742	25	into	into	ADP
cjfa-20693	742	26	private	private	ADJ
cjfa-20693	742	27	gains	gain	NOUN
cjfa-20693	742	28	of	of	ADP
cjfa-20693	742	29	executives	executive	NOUN
cjfa-20693	742	30	.	.	PUNCT
cjfa-20693	743	1	therefore	therefore	ADV
cjfa-20693	743	2	,	,	PUNCT
cjfa-20693	743	3	mandatory	mandatory	ADJ
cjfa-20693	743	4	dividend	dividend	NOUN
cjfa-20693	743	5	policy	policy	NOUN
cjfa-20693	743	6	can	can	AUX
cjfa-20693	743	7	partly	partly	ADV
cjfa-20693	743	8	mediate	mediate	VERB
cjfa-20693	743	9	agency	agency	NOUN
cjfa-20693	743	10	costs	cost	NOUN
cjfa-20693	743	11	of	of	ADP
cjfa-20693	743	12	iron	iron	NOUN
cjfa-20693	743	13	cock	cock	NOUN
cjfa-20693	743	14	company	company	NOUN
cjfa-20693	743	15	through	through	ADP
cjfa-20693	743	16	total	total	ADJ
cjfa-20693	743	17	assets	asset	NOUN
cjfa-20693	743	18	returns	return	NOUN
cjfa-20693	743	19	.	.	PUNCT
cjfa-20693	744	1	to	to	PART
cjfa-20693	744	2	test	test	VERB
cjfa-20693	744	3	the	the	DET
cjfa-20693	744	4	intermediary	intermediary	ADJ
cjfa-20693	744	5	effect	effect	NOUN
cjfa-20693	744	6	of	of	ADP
cjfa-20693	744	7	the	the	DET
cjfa-20693	744	8	return	return	NOUN
cjfa-20693	744	9	on	on	ADP
cjfa-20693	744	10	total	total	ADJ
cjfa-20693	744	11	assets	asset	NOUN
cjfa-20693	744	12	of	of	ADP
cjfa-20693	744	13	an	an	DET
cjfa-20693	744	14	enterprise	enterprise	NOUN
cjfa-20693	744	15	,	,	PUNCT
cjfa-20693	744	16	the	the	DET
cjfa-20693	744	17	study	study	NOUN
cjfa-20693	744	18	designs	design	VERB
cjfa-20693	744	19	model	model	NOUN
cjfa-20693	744	20	(	(	PUNCT
cjfa-20693	744	21	16)-(18	16)-(18	NOUN
cjfa-20693	744	22	)	)	PUNCT
cjfa-20693	744	23	to	to	PART
cjfa-20693	744	24	investigate	investigate	VERB
cjfa-20693	744	25	the	the	DET
cjfa-20693	744	26	mediating	mediate	VERB
cjfa-20693	744	27	role	role	NOUN
cjfa-20693	744	28	of	of	ADP
cjfa-20693	744	29	testing	testing	NOUN
cjfa-20693	744	30	return	return	NOUN
cjfa-20693	744	31	rate	rate	NOUN
cjfa-20693	744	32	of	of	ADP
cjfa-20693	744	33	total	total	ADJ
cjfa-20693	744	34	assets	asset	NOUN
cjfa-20693	744	35	�	�	PROPN
cjfa-20693	744	36	�	�	PROPN
cjfa-20693	744	37	�	�	PROPN
cjfa-20693	744	38	�	�	PROPN
cjfa-20693	744	39	�	�	PROPN
cjfa-20693	744	40	�	�	PROPN
cjfa-20693	744	41	�	�	PROPN
cjfa-20693	744	42	�	�	PROPN
cjfa-20693	744	43	�	�	PROPN
cjfa-20693	744	44	+	+	CCONJ
cjfa-20693	744	45	�	�	PROPN
cjfa-20693	744	46	�	�	PROPN
cjfa-20693	744	47	�	�	PROPN
cjfa-20693	744	48	�	�	PROPN
cjfa-20693	744	49	�	�	PROPN
cjfa-20693	744	50	�	�	PROPN
cjfa-20693	744	51	�	�	PROPN
cjfa-20693	744	52	�	�	PROPN
cjfa-20693	744	53	�	�	PROPN
cjfa-20693	744	54	�	�	PROPN
cjfa-20693	744	55	�	�	PROPN
cjfa-20693	744	56	�	�	PROPN
cjfa-20693	744	57	�	�	PROPN
cjfa-20693	744	58	+	+	SYM
cjfa-20693	744	59	�	�	PROPN
cjfa-20693	744	60	�	�	PROPN
cjfa-20693	744	61	�	�	PROPN
cjfa-20693	744	62	�	�	PROPN
cjfa-20693	744	63	�	�	PROPN
cjfa-20693	744	64	�	�	PROPN
cjfa-20693	744	65	�	�	PROPN
cjfa-20693	744	66	�	�	PROPN
cjfa-20693	744	67	�	�	PROPN
cjfa-20693	744	68	+	+	SYM
cjfa-20693	744	69	�	�	PROPN
cjfa-20693	744	70	�	�	PROPN
cjfa-20693	744	71	�	�	PROPN
cjfa-20693	744	72	�	�	PROPN
cjfa-20693	744	73	�	�	PROPN
cjfa-20693	744	74	�	�	PROPN
cjfa-20693	744	75	�	�	PROPN
cjfa-20693	744	76	+	+	CCONJ
cjfa-20693	744	77	∑	∑	PROPN
cjfa-20693	744	78	�	�	PROPN
cjfa-20693	744	79	�	�	PROPN
cjfa-20693	744	80	�	�	PROPN
cjfa-20693	744	81	�	�	PROPN
cjfa-20693	744	82	�	�	PROPN
cjfa-20693	744	83	�	�	PROPN
cjfa-20693	744	84	�	�	PROPN
cjfa-20693	744	85	�	�	PROPN
cjfa-20693	744	86	�	�	PROPN
cjfa-20693	744	87	+	+	SYM
cjfa-20693	744	88	�	�	PROPN
cjfa-20693	744	89	�	�	PROPN
cjfa-20693	744	90	�	�	PROPN
cjfa-20693	744	91	（	（	PROPN
cjfa-20693	744	92	16	16	NUM
cjfa-20693	744	93	）	）	SYM
cjfa-20693	744	94	�	�	PROPN
cjfa-20693	744	95	�	�	PROPN
cjfa-20693	744	96	�	�	PROPN
cjfa-20693	744	97	�	�	PROPN
cjfa-20693	744	98	�	�	PROPN
cjfa-20693	744	99	�	�	PROPN
cjfa-20693	744	100	�	�	PROPN
cjfa-20693	744	101	+	+	CCONJ
cjfa-20693	744	102	�	�	PROPN
cjfa-20693	744	103	�	�	PROPN
cjfa-20693	744	104	�	�	PROPN
cjfa-20693	744	105	�	�	PROPN
cjfa-20693	744	106	�	�	PROPN
cjfa-20693	744	107	�	�	PROPN
cjfa-20693	744	108	�	�	PROPN
cjfa-20693	744	109	�	�	PROPN
cjfa-20693	744	110	�	�	PROPN
cjfa-20693	744	111	�	�	PROPN
cjfa-20693	744	112	�	�	PROPN
cjfa-20693	744	113	�	�	PROPN
cjfa-20693	744	114	�	�	PROPN
cjfa-20693	744	115	+	+	SYM
cjfa-20693	744	116	�	�	PROPN
cjfa-20693	744	117	�	�	PROPN
cjfa-20693	744	118	�	�	PROPN
cjfa-20693	744	119	�	�	PROPN
cjfa-20693	744	120	�	�	PROPN
cjfa-20693	744	121	�	�	PROPN
cjfa-20693	744	122	�	�	PROPN
cjfa-20693	744	123	�	�	PROPN
cjfa-20693	744	124	�	�	PROPN
cjfa-20693	744	125	+	+	SYM
cjfa-20693	744	126	�	�	PROPN
cjfa-20693	744	127	�	�	PROPN
cjfa-20693	744	128	�	�	PROPN
cjfa-20693	744	129	�	�	PROPN
cjfa-20693	744	130	�	�	PROPN
cjfa-20693	744	131	�	�	PROPN
cjfa-20693	744	132	�	�	PROPN
cjfa-20693	744	133	+	+	CCONJ
cjfa-20693	744	134	∑	∑	PROPN
cjfa-20693	744	135	�	�	PROPN
cjfa-20693	744	136	�	�	PROPN
cjfa-20693	744	137	�	�	PROPN
cjfa-20693	744	138	�	�	PROPN
cjfa-20693	744	139	�	�	PROPN
cjfa-20693	744	140	�	�	PROPN
cjfa-20693	744	141	�	�	PROPN
cjfa-20693	744	142	�	�	PROPN
cjfa-20693	744	143	�	�	PROPN
cjfa-20693	744	144	+	+	CCONJ
cjfa-20693	744	145	�	�	PROPN
cjfa-20693	744	146	�	�	PROPN
cjfa-20693	744	147	�	�	PROPN
cjfa-20693	744	148	（	（	PROPN
cjfa-20693	744	149	17	17	NUM
cjfa-20693	744	150	）	）	SYM
cjfa-20693	744	151	�	�	PROPN
cjfa-20693	744	152	�	�	PROPN
cjfa-20693	744	153	�	�	PROPN
cjfa-20693	744	154	�	�	PROPN
cjfa-20693	744	155	�	�	PROPN
cjfa-20693	744	156	�	�	PROPN
cjfa-20693	744	157	�	�	PROPN
cjfa-20693	744	158	�	�	PROPN
cjfa-20693	744	159	�	�	PROPN
cjfa-20693	744	160	+	+	CCONJ
cjfa-20693	744	161	�	�	PROPN
cjfa-20693	744	162	�	�	PROPN
cjfa-20693	744	163	�	�	PROPN
cjfa-20693	744	164	�	�	PROPN
cjfa-20693	744	165	�	�	PROPN
cjfa-20693	744	166	�	�	PROPN
cjfa-20693	744	167	�	�	PROPN
cjfa-20693	744	168	+	+	CCONJ
cjfa-20693	744	169	γ	γ	PROPN
cjfa-20693	744	170	�	�	PROPN
cjfa-20693	744	171	�	�	PROPN
cjfa-20693	744	172	�	�	PROPN
cjfa-20693	744	173	�	�	PROPN
cjfa-20693	744	174	�	�	PROPN
cjfa-20693	744	175	�	�	PROPN
cjfa-20693	744	176	�	�	PROPN
cjfa-20693	744	177	�	�	PROPN
cjfa-20693	744	178	�	�	PROPN
cjfa-20693	744	179	�	�	PROPN
cjfa-20693	744	180	�	�	PROPN
cjfa-20693	744	181	�	�	PROPN
cjfa-20693	744	182	+	+	SYM
cjfa-20693	744	183	�	�	PROPN
cjfa-20693	744	184	�	�	PROPN
cjfa-20693	744	185	�	�	PROPN
cjfa-20693	744	186	�	�	PROPN
cjfa-20693	744	187	�	�	PROPN
cjfa-20693	744	188	�	�	PROPN
cjfa-20693	744	189	�	�	PROPN
cjfa-20693	744	190	�	�	PROPN
cjfa-20693	744	191	�	�	PROPN
cjfa-20693	744	192	+	+	SYM
cjfa-20693	744	193	�	�	PROPN
cjfa-20693	744	194	�	�	PROPN
cjfa-20693	744	195	�	�	PROPN
cjfa-20693	744	196	�	�	PROPN
cjfa-20693	744	197	�	�	PROPN
cjfa-20693	744	198	�	�	PROPN
cjfa-20693	744	199	�	�	PROPN
cjfa-20693	744	200	+	+	CCONJ
cjfa-20693	744	201	∑	∑	PROPN
cjfa-20693	744	202	�	�	PROPN
cjfa-20693	744	203	�	�	PROPN
cjfa-20693	744	204	�	�	PROPN
cjfa-20693	744	205	�	�	PROPN
cjfa-20693	744	206	�	�	PROPN
cjfa-20693	744	207	�	�	PROPN
cjfa-20693	744	208	�	�	PROPN
cjfa-20693	744	209	�	�	PROPN
cjfa-20693	744	210	�	�	PROPN
cjfa-20693	744	211	+	+	CCONJ
cjfa-20693	744	212	�	�	PROPN
cjfa-20693	744	213	�	�	PROPN
cjfa-20693	744	214	�	�	PROPN
cjfa-20693	744	215	(	(	PUNCT
cjfa-20693	744	216	18	18	NUM
cjfa-20693	744	217	)	)	PUNCT
cjfa-20693	744	218	among	among	ADP
cjfa-20693	744	219	them	they	PRON
cjfa-20693	744	220	,	,	PUNCT
cjfa-20693	744	221	roa	roa	PROPN
cjfa-20693	744	222	means	mean	VERB
cjfa-20693	744	223	turnover	turnover	NOUN
cjfa-20693	744	224	.	.	PUNCT
cjfa-20693	745	1	according	accord	VERB
cjfa-20693	745	2	to	to	ADP
cjfa-20693	745	3	the	the	DET
cjfa-20693	745	4	test	test	NOUN
cjfa-20693	745	5	procedure	procedure	NOUN
cjfa-20693	745	6	of	of	ADP
cjfa-20693	745	7	intermediary	intermediary	ADJ
cjfa-20693	745	8	effect	effect	NOUN
cjfa-20693	745	9	,	,	PUNCT
cjfa-20693	745	10	model	model	NOUN
cjfa-20693	745	11	(	(	PUNCT
cjfa-20693	745	12	16	16	NUM
cjfa-20693	745	13	)	)	PUNCT
cjfa-20693	745	14	is	be	AUX
cjfa-20693	745	15	used	use	VERB
cjfa-20693	745	16	to	to	PART
cjfa-20693	745	17	test	test	VERB
cjfa-20693	745	18	the	the	DET
cjfa-20693	745	19	effect	effect	NOUN
cjfa-20693	745	20	of	of	ADP
cjfa-20693	745	21	mandatory	mandatory	ADJ
cjfa-20693	745	22	dividend	dividend	NOUN
cjfa-20693	745	23	policy	policy	NOUN
cjfa-20693	745	24	on	on	ADP
cjfa-20693	745	25	agency	agency	NOUN
cjfa-20693	745	26	cost	cost	NOUN
cjfa-20693	745	27	to	to	PART
cjfa-20693	745	28	see	see	VERB
cjfa-20693	745	29	if	if	SCONJ
cjfa-20693	745	30	1	1	NOUN
cjfa-20693	745	31	is	be	AUX
cjfa-20693	745	32	significant	significant	ADJ
cjfa-20693	745	33	.	.	PUNCT
cjfa-20693	746	1	if	if	SCONJ
cjfa-20693	746	2	it	it	PRON
cjfa-20693	746	3	is	be	AUX
cjfa-20693	746	4	,	,	PUNCT
cjfa-20693	746	5	model(17	model(17	PROPN
cjfa-20693	746	6	)	)	PUNCT
cjfa-20693	746	7	and	and	CCONJ
cjfa-20693	746	8	model(18	model(18	NOUN
cjfa-20693	746	9	)	)	PUNCT
cjfa-20693	746	10	will	will	AUX
cjfa-20693	746	11	be	be	AUX
cjfa-20693	746	12	tested	test	VERB
cjfa-20693	746	13	.	.	PUNCT
cjfa-20693	747	1	under	under	ADP
cjfa-20693	747	2	the	the	DET
cjfa-20693	747	3	condition	condition	NOUN
cjfa-20693	747	4	that	that	PRON
cjfa-20693	747	5	4	4	NOUN
cjfa-20693	747	6	和	和	X
cjfa-20693	747	7	are	be	AUX
cjfa-20693	747	8	significant	significant	ADJ
cjfa-20693	747	9	,	,	PUNCT
cjfa-20693	747	10	if	if	SCONJ
cjfa-20693	747	11	1	1	ADV
cjfa-20693	747	12	significant	significant	ADJ
cjfa-20693	747	13	,	,	PUNCT
cjfa-20693	747	14	it	it	PRON
cjfa-20693	747	15	shows	show	VERB
cjfa-20693	747	16	that	that	SCONJ
cjfa-20693	747	17	the	the	DET
cjfa-20693	747	18	total	total	ADJ
cjfa-20693	747	19	asset	asset	NOUN
cjfa-20693	747	20	return	return	NOUN
cjfa-20693	747	21	partly	partly	ADV
cjfa-20693	747	22	mediates	mediate	VERB
cjfa-20693	747	23	the	the	DET
cjfa-20693	747	24	mandatory	mandatory	ADJ
cjfa-20693	747	25	dividend	dividend	NOUN
cjfa-20693	747	26	policy	policy	NOUN
cjfa-20693	747	27	to	to	PART
cjfa-20693	747	28	restrain	restrain	VERB
cjfa-20693	747	29	agency	agency	NOUN
cjfa-20693	747	30	costs	cost	NOUN
cjfa-20693	747	31	.	.	PUNCT
cjfa-20693	748	1	among	among	ADP
cjfa-20693	748	2	,	,	PUNCT
cjfa-20693	748	3	roa	roa	PROPN
cjfa-20693	748	4	means	mean	VERB
cjfa-20693	748	5	turnover	turnover	NOUN
cjfa-20693	748	6	.	.	PUNCT
cjfa-20693	749	1	as	as	SCONJ
cjfa-20693	749	2	shown	show	VERB
cjfa-20693	749	3	in	in	ADP
cjfa-20693	749	4	table	table	NOUN
cjfa-20693	749	5	11	11	NUM
cjfa-20693	749	6	,	,	PUNCT
cjfa-20693	749	7	when	when	SCONJ
cjfa-20693	749	8	the	the	DET
cjfa-20693	749	9	agent	agent	NOUN
cjfa-20693	749	10	in	in	ADP
cjfa-20693	749	11	column	column	NOUN
cjfa-20693	749	12	(	(	PUNCT
cjfa-20693	749	13	1	1	X
cjfa-20693	749	14	)	)	PUNCT
cjfa-20693	749	15	is	be	AUX
cjfa-20693	749	16	the	the	DET
cjfa-20693	749	17	explanatory	explanatory	ADJ
cjfa-20693	749	18	variable	variable	NOUN
cjfa-20693	749	19	,	,	PUNCT
cjfa-20693	749	20	the	the	DET
cjfa-20693	749	21	compulsory	compulsory	ADJ
cjfa-20693	749	22	dividend	dividend	NOUN
cjfa-20693	749	23	policy	policy	NOUN
cjfa-20693	749	24	significantly	significantly	ADV
cjfa-20693	749	25	reduces	reduce	VERB
cjfa-20693	749	26	the	the	DET
cjfa-20693	749	27	agency	agency	NOUN
cjfa-20693	749	28	cost	cost	NOUN
cjfa-20693	749	29	of	of	ADP
cjfa-20693	749	30	"	"	PUNCT
cjfa-20693	749	31	iron	iron	NOUN
cjfa-20693	749	32	cock	cock	NOUN
cjfa-20693	749	33	"	"	PUNCT
cjfa-20693	749	34	enterprises	enterprise	NOUN
cjfa-20693	749	35	.	.	PUNCT
cjfa-20693	750	1	when	when	SCONJ
cjfa-20693	750	2	the	the	DET
cjfa-20693	750	3	agent	agent	NOUN
cjfa-20693	750	4	in	in	ADP
cjfa-20693	750	5	the	the	DET
cjfa-20693	750	6	column（2	column（2	PROPN
cjfa-20693	750	7	）	）	PROPN
cjfa-20693	750	8	is	be	AUX
cjfa-20693	750	9	the	the	DET
cjfa-20693	750	10	explanatory	explanatory	ADJ
cjfa-20693	750	11	variable	variable	NOUN
cjfa-20693	750	12	,	,	PUNCT
cjfa-20693	750	13	the	the	DET
cjfa-20693	750	14	compulsory	compulsory	ADJ
cjfa-20693	750	15	dividend	dividend	NOUN
cjfa-20693	750	16	policy	policy	NOUN
cjfa-20693	750	17	significantly	significantly	ADV
cjfa-20693	750	18	reduces	reduce	VERB
cjfa-20693	750	19	the	the	DET
cjfa-20693	750	20	agency	agency	NOUN
cjfa-20693	750	21	cost	cost	NOUN
cjfa-20693	750	22	of	of	ADP
cjfa-20693	750	23	the	the	DET
cjfa-20693	750	24	"	"	PUNCT
cjfa-20693	750	25	iron	iron	NOUN
cjfa-20693	750	26	cock	cock	NOUN
cjfa-20693	750	27	"	"	PUNCT
cjfa-20693	750	28	enterprises	enterprise	NOUN
cjfa-20693	750	29	.	.	PUNCT
cjfa-20693	751	1	when	when	SCONJ
cjfa-20693	751	2	the	the	DET
cjfa-20693	751	3	agent	agent	NOUN
cjfa-20693	751	4	is	be	AUX
cjfa-20693	751	5	the	the	DET
cjfa-20693	751	6	explanatory	explanatory	ADJ
cjfa-20693	751	7	variable	variable	NOUN
cjfa-20693	751	8	in	in	ADP
cjfa-20693	751	9	the	the	DET
cjfa-20693	751	10	column	column	NOUN
cjfa-20693	751	11	(	(	PUNCT
cjfa-20693	751	12	3	3	NUM
cjfa-20693	751	13	)	)	PUNCT
cjfa-20693	751	14	,	,	PUNCT
cjfa-20693	751	15	the	the	DET
cjfa-20693	751	16	coefficient	coefficient	NOUN
cjfa-20693	751	17	of	of	ADP
cjfa-20693	751	18	law	law	NOUN
cjfa-20693	751	19	*	*	PUNCT
cjfa-20693	751	20	treatment	treatment	NOUN
cjfa-20693	751	21	is	be	AUX
cjfa-20693	751	22	still	still	ADV
cjfa-20693	751	23	significantly	significantly	ADV
cjfa-20693	751	24	negative	negative	ADJ
cjfa-20693	751	25	after	after	ADP
cjfa-20693	751	26	controlling	control	VERB
cjfa-20693	751	27	the	the	DET
cjfa-20693	751	28	intermediate	intermediate	ADJ
cjfa-20693	751	29	variable	variable	NOUN
cjfa-20693	751	30	,	,	PUNCT
cjfa-20693	751	31	indicating	indicate	VERB
cjfa-20693	751	32	that	that	SCONJ
cjfa-20693	751	33	the	the	DET
cjfa-20693	751	34	total	total	ADJ
cjfa-20693	751	35	return	return	NOUN
cjfa-20693	751	36	on	on	ADP
cjfa-20693	751	37	assets	asset	NOUN
cjfa-20693	751	38	partly	partly	ADV
cjfa-20693	751	39	mediates	mediate	VERB
cjfa-20693	751	40	the	the	DET
cjfa-20693	751	41	mandatory	mandatory	ADJ
cjfa-20693	751	42	dividend	dividend	NOUN
cjfa-20693	751	43	policy	policy	NOUN
cjfa-20693	751	44	to	to	PART
cjfa-20693	751	45	reduce	reduce	VERB
cjfa-20693	751	46	agency	agency	NOUN
cjfa-20693	751	47	costs	cost	NOUN
cjfa-20693	751	48	.	.	PUNCT
cjfa-20693	752	1	in	in	ADP
cjfa-20693	752	2	addition	addition	NOUN
cjfa-20693	752	3	,	,	PUNCT
cjfa-20693	752	4	in	in	ADP
cjfa-20693	752	5	order	order	NOUN
cjfa-20693	752	6	to	to	PART
cjfa-20693	752	7	ensure	ensure	VERB
cjfa-20693	752	8	the	the	DET
cjfa-20693	752	9	reliability	reliability	NOUN
cjfa-20693	752	10	of	of	ADP
cjfa-20693	752	11	the	the	DET
cjfa-20693	752	12	results	result	NOUN
cjfa-20693	752	13	,	,	PUNCT
cjfa-20693	752	14	sobel	sobel	PROPN
cjfa-20693	752	15	z	z	PROPN
cjfa-20693	752	16	test	test	NOUN
cjfa-20693	752	17	is	be	AUX
cjfa-20693	752	18	conducted	conduct	VERB
cjfa-20693	752	19	again	again	ADV
cjfa-20693	752	20	for	for	ADP
cjfa-20693	752	21	the	the	DET
cjfa-20693	752	22	mediation	mediation	NOUN
cjfa-20693	752	23	effect	effect	NOUN
cjfa-20693	752	24	.	.	PUNCT
cjfa-20693	753	1	sobel	sobel	NOUN
cjfa-20693	753	2	z	z	PROPN
cjfa-20693	753	3	's	's	PART
cjfa-20693	753	4	statistic	statistic	NOUN
cjfa-20693	753	5	is	be	AUX
cjfa-20693	753	6	-4.329	-4.329	VERB
cjfa-20693	753	7	,	,	PUNCT
cjfa-20693	753	8	which	which	PRON
cjfa-20693	753	9	shows	show	VERB
cjfa-20693	753	10	that	that	SCONJ
cjfa-20693	753	11	the	the	DET
cjfa-20693	753	12	intermediary	intermediary	ADJ
cjfa-20693	753	13	effect	effect	NOUN
cjfa-20693	753	14	this	this	DET
cjfa-20693	753	15	paper	paper	NOUN
cjfa-20693	753	16	holds	hold	VERB
cjfa-20693	753	17	that	that	SCONJ
cjfa-20693	753	18	the	the	DET
cjfa-20693	753	19	return	return	NOUN
cjfa-20693	753	20	rate	rate	NOUN
cjfa-20693	753	21	of	of	ADP
cjfa-20693	753	22	total	total	ADJ
cjfa-20693	753	23	assets	asset	NOUN
cjfa-20693	753	24	of	of	ADP
cjfa-20693	753	25	enterprises	enterprise	NOUN
cjfa-20693	753	26	is	be	AUX
cjfa-20693	753	27	the	the	DET
cjfa-20693	753	28	intermediary	intermediary	ADJ
cjfa-20693	753	29	index	index	NOUN
cjfa-20693	753	30	of	of	ADP
cjfa-20693	753	31	reducing	reduce	VERB
cjfa-20693	753	32	agency	agency	NOUN
cjfa-20693	753	33	cost	cost	NOUN
cjfa-20693	753	34	by	by	ADP
cjfa-20693	753	35	mandatory	mandatory	ADJ
cjfa-20693	753	36	dividend	dividend	NOUN
cjfa-20693	753	37	policy	policy	NOUN
cjfa-20693	753	38	.	.	PUNCT
cjfa-20693	754	1	specifically	specifically	ADV
cjfa-20693	754	2	,	,	PUNCT
cjfa-20693	754	3	in	in	ADP
cjfa-20693	754	4	order	order	NOUN
cjfa-20693	754	5	to	to	PART
cjfa-20693	754	6	achieve	achieve	VERB
cjfa-20693	754	7	a	a	DET
cjfa-20693	754	8	longterm	longterm	ADJ
cjfa-20693	754	9	stable	stable	ADJ
cjfa-20693	754	10	dividend	dividend	NOUN
cjfa-20693	754	11	target	target	NOUN
cjfa-20693	754	12	,	,	PUNCT
cjfa-20693	754	13	executives	executive	NOUN
cjfa-20693	754	14	have	have	VERB
cjfa-20693	754	15	to	to	PART
cjfa-20693	754	16	work	work	VERB
cjfa-20693	754	17	hard	hard	ADV
cjfa-20693	754	18	and	and	CCONJ
cjfa-20693	754	19	look	look	VERB
cjfa-20693	754	20	for	for	ADP
cjfa-20693	754	21	high	high	ADJ
cjfa-20693	754	22	-	-	PUNCT
cjfa-20693	754	23	yield	yield	NOUN
cjfa-20693	754	24	investment	investment	NOUN
cjfa-20693	754	25	projects	project	NOUN
cjfa-20693	754	26	,	,	PUNCT
cjfa-20693	754	27	that	that	ADV
cjfa-20693	754	28	is	is	ADV
cjfa-20693	754	29	,	,	PUNCT
cjfa-20693	754	30	executives	executive	NOUN
cjfa-20693	754	31	will	will	AUX
cjfa-20693	754	32	work	work	VERB
cjfa-20693	754	33	hard	hard	ADV
cjfa-20693	754	34	so	so	SCONJ
cjfa-20693	754	35	that	that	SCONJ
cjfa-20693	754	36	the	the	DET
cjfa-20693	754	37	company	company	NOUN
cjfa-20693	754	38	can	can	AUX
cjfa-20693	754	39	achieve	achieve	VERB
cjfa-20693	754	40	profitability	profitability	NOUN
cjfa-20693	754	41	and	and	CCONJ
cjfa-20693	754	42	continuously	continuously	ADV
cjfa-20693	754	43	improve	improve	VERB
cjfa-20693	754	44	the	the	DET
cjfa-20693	754	45	dividend	dividend	NOUN
cjfa-20693	754	46	level	level	NOUN
cjfa-20693	754	47	,	,	PUNCT
cjfa-20693	754	48	thereby	thereby	ADV
cjfa-20693	754	49	improving	improve	VERB
cjfa-20693	754	50	the	the	DET
cjfa-20693	754	51	returns	return	NOUN
cjfa-20693	754	52	of	of	ADP
cjfa-20693	754	53	shareholders	shareholder	NOUN
cjfa-20693	754	54	and	and	CCONJ
cjfa-20693	754	55	executives	executive	NOUN
cjfa-20693	754	56	.	.	PUNCT
cjfa-20693	755	1	in	in	ADP
cjfa-20693	755	2	this	this	DET
cjfa-20693	755	3	way	way	NOUN
cjfa-20693	755	4	,	,	PUNCT
cjfa-20693	755	5	not	not	PART
cjfa-20693	755	6	only	only	ADV
cjfa-20693	755	7	investors	investor	NOUN
cjfa-20693	755	8	'	'	PART
cjfa-20693	755	9	cash	cash	NOUN
cjfa-20693	755	10	dividends	dividend	NOUN
cjfa-20693	755	11	are	be	AUX
cjfa-20693	755	12	guaranteed	guarantee	VERB
cjfa-20693	755	13	,	,	PUNCT
cjfa-20693	755	14	but	but	CCONJ
cjfa-20693	755	15	also	also	ADV
cjfa-20693	755	16	in	in	ADP
cjfa-20693	755	17	order	order	NOUN
cjfa-20693	755	18	to	to	PART
cjfa-20693	755	19	provide	provide	VERB
cjfa-20693	755	20	cash	cash	NOUN
cjfa-20693	755	21	flow	flow	NOUN
cjfa-20693	755	22	for	for	ADP
cjfa-20693	755	23	cash	cash	NOUN
cjfa-20693	755	24	dividends	dividend	NOUN
cjfa-20693	755	25	,	,	PUNCT
cjfa-20693	755	26	company	company	NOUN
cjfa-20693	755	27	executives	executive	NOUN
cjfa-20693	755	28	have	have	VERB
cjfa-20693	755	29	to	to	PART
cjfa-20693	755	30	work	work	VERB
cjfa-20693	755	31	hard	hard	ADV
cjfa-20693	755	32	,	,	PUNCT
cjfa-20693	755	33	so	so	CCONJ
cjfa-20693	755	34	the	the	DET
cjfa-20693	755	35	company	company	NOUN
cjfa-20693	755	36	's	's	PART
cjfa-20693	755	37	total	total	ADJ
cjfa-20693	755	38	asset	asset	NOUN
cjfa-20693	755	39	return	return	NOUN
cjfa-20693	755	40	rate	rate	NOUN
cjfa-20693	755	41	will	will	AUX
cjfa-20693	755	42	increase	increase	VERB
cjfa-20693	755	43	.	.	PUNCT
cjfa-20693	756	1	increasing	increase	VERB
cjfa-20693	756	2	returns	return	NOUN
cjfa-20693	756	3	on	on	ADP
cjfa-20693	756	4	total	total	ADJ
cjfa-20693	756	5	assets	asset	NOUN
cjfa-20693	756	6	will	will	AUX
cjfa-20693	756	7	be	be	AUX
cjfa-20693	756	8	paid	pay	VERB
cjfa-20693	756	9	to	to	ADP
cjfa-20693	756	10	shareholders	shareholder	NOUN
cjfa-20693	756	11	in	in	ADP
cjfa-20693	756	12	the	the	DET
cjfa-20693	756	13	form	form	NOUN
cjfa-20693	756	14	of	of	ADP
cjfa-20693	756	15	cash	cash	NOUN
cjfa-20693	756	16	dividends	dividend	NOUN
cjfa-20693	756	17	,	,	PUNCT
cjfa-20693	756	18	not	not	PART
cjfa-20693	756	19	all	all	PRON
cjfa-20693	756	20	of	of	ADP
cjfa-20693	756	21	which	which	PRON
cjfa-20693	756	22	will	will	AUX
cjfa-20693	756	23	be	be	AUX
cjfa-20693	756	24	translated	translate	VERB
cjfa-20693	756	25	into	into	ADP
cjfa-20693	756	26	private	private	ADJ
cjfa-20693	756	27	gains	gain	NOUN
cjfa-20693	756	28	of	of	ADP
cjfa-20693	756	29	executives	executive	NOUN
cjfa-20693	756	30	.	.	PUNCT
cjfa-20693	757	1	therefore	therefore	ADV
cjfa-20693	757	2	,	,	PUNCT
cjfa-20693	757	3	mandatory	mandatory	ADJ
cjfa-20693	757	4	dividend	dividend	NOUN
cjfa-20693	757	5	policy	policy	NOUN
cjfa-20693	757	6	can	can	AUX
cjfa-20693	757	7	partly	partly	ADV
cjfa-20693	757	8	mediate	mediate	VERB
cjfa-20693	757	9	agency	agency	NOUN
cjfa-20693	757	10	costs	cost	NOUN
cjfa-20693	757	11	of	of	ADP
cjfa-20693	757	12	iron	iron	NOUN
cjfa-20693	757	13	cock	cock	NOUN
cjfa-20693	757	14	company	company	NOUN
cjfa-20693	757	15	through	through	ADP
cjfa-20693	757	16	total	total	ADJ
cjfa-20693	757	17	assets	asset	NOUN
cjfa-20693	757	18	returns	return	NOUN
cjfa-20693	757	19	.	.	PUNCT
cjfa-20693	758	1	to	to	PART
cjfa-20693	758	2	test	test	VERB
cjfa-20693	758	3	the	the	DET
cjfa-20693	758	4	intermediary	intermediary	ADJ
cjfa-20693	758	5	effect	effect	NOUN
cjfa-20693	758	6	of	of	ADP
cjfa-20693	758	7	the	the	DET
cjfa-20693	758	8	return	return	NOUN
cjfa-20693	758	9	on	on	ADP
cjfa-20693	758	10	total	total	ADJ
cjfa-20693	758	11	assets	asset	NOUN
cjfa-20693	758	12	of	of	ADP
cjfa-20693	758	13	an	an	DET
cjfa-20693	758	14	enterprise	enterprise	NOUN
cjfa-20693	758	15	,	,	PUNCT
cjfa-20693	758	16	the	the	DET
cjfa-20693	758	17	study	study	NOUN
cjfa-20693	758	18	designs	design	VERB
cjfa-20693	758	19	model	model	NOUN
cjfa-20693	758	20	(	(	PUNCT
cjfa-20693	758	21	16)-(18	16)-(18	NOUN
cjfa-20693	758	22	)	)	PUNCT
cjfa-20693	758	23	to	to	PART
cjfa-20693	758	24	investigate	investigate	VERB
cjfa-20693	758	25	the	the	DET
cjfa-20693	758	26	mediating	mediate	VERB
cjfa-20693	758	27	role	role	NOUN
cjfa-20693	758	28	of	of	ADP
cjfa-20693	758	29	testing	testing	NOUN
cjfa-20693	758	30	return	return	NOUN
cjfa-20693	758	31	rate	rate	NOUN
cjfa-20693	758	32	of	of	ADP
cjfa-20693	758	33	total	total	ADJ
cjfa-20693	758	34	assets	asset	NOUN
cjfa-20693	758	35	�	�	PROPN
cjfa-20693	758	36	�	�	PROPN
cjfa-20693	758	37	�	�	PROPN
cjfa-20693	758	38	�	�	PROPN
cjfa-20693	758	39	�	�	PROPN
cjfa-20693	758	40	�	�	PROPN
cjfa-20693	758	41	�	�	PROPN
cjfa-20693	758	42	�	�	PROPN
cjfa-20693	758	43	�	�	PROPN
cjfa-20693	758	44	+	+	CCONJ
cjfa-20693	758	45	�	�	PROPN
cjfa-20693	758	46	�	�	PROPN
cjfa-20693	758	47	�	�	PROPN
cjfa-20693	758	48	�	�	PROPN
cjfa-20693	758	49	�	�	PROPN
cjfa-20693	758	50	�	�	PROPN
cjfa-20693	758	51	�	�	PROPN
cjfa-20693	758	52	�	�	PROPN
cjfa-20693	758	53	�	�	PROPN
cjfa-20693	758	54	�	�	PROPN
cjfa-20693	758	55	�	�	PROPN
cjfa-20693	758	56	�	�	PROPN
cjfa-20693	758	57	�	�	PROPN
cjfa-20693	758	58	+	+	SYM
cjfa-20693	758	59	�	�	PROPN
cjfa-20693	758	60	�	�	PROPN
cjfa-20693	758	61	�	�	PROPN
cjfa-20693	758	62	�	�	PROPN
cjfa-20693	758	63	�	�	PROPN
cjfa-20693	758	64	�	�	PROPN
cjfa-20693	758	65	�	�	PROPN
cjfa-20693	758	66	�	�	PROPN
cjfa-20693	758	67	�	�	PROPN
cjfa-20693	758	68	+	+	SYM
cjfa-20693	758	69	�	�	PROPN
cjfa-20693	758	70	�	�	PROPN
cjfa-20693	758	71	�	�	PROPN
cjfa-20693	758	72	�	�	PROPN
cjfa-20693	758	73	�	�	PROPN
cjfa-20693	758	74	�	�	PROPN
cjfa-20693	758	75	�	�	PROPN
cjfa-20693	758	76	+	+	CCONJ
cjfa-20693	758	77	∑	∑	PROPN
cjfa-20693	758	78	�	�	PROPN
cjfa-20693	758	79	�	�	PROPN
cjfa-20693	758	80	�	�	PROPN
cjfa-20693	758	81	�	�	PROPN
cjfa-20693	758	82	�	�	PROPN
cjfa-20693	758	83	�	�	PROPN
cjfa-20693	758	84	�	�	PROPN
cjfa-20693	758	85	�	�	PROPN
cjfa-20693	758	86	�	�	PROPN
cjfa-20693	758	87	+	+	SYM
cjfa-20693	758	88	�	�	PROPN
cjfa-20693	758	89	�	�	PROPN
cjfa-20693	758	90	�	�	PROPN
cjfa-20693	758	91	（	（	PROPN
cjfa-20693	758	92	16	16	NUM
cjfa-20693	758	93	）	）	SYM
cjfa-20693	758	94	�	�	PROPN
cjfa-20693	758	95	�	�	PROPN
cjfa-20693	758	96	�	�	PROPN
cjfa-20693	758	97	�	�	PROPN
cjfa-20693	758	98	�	�	PROPN
cjfa-20693	758	99	�	�	PROPN
cjfa-20693	758	100	�	�	PROPN
cjfa-20693	758	101	+	+	CCONJ
cjfa-20693	758	102	�	�	PROPN
cjfa-20693	758	103	�	�	PROPN
cjfa-20693	758	104	�	�	PROPN
cjfa-20693	758	105	�	�	PROPN
cjfa-20693	758	106	�	�	PROPN
cjfa-20693	758	107	�	�	PROPN
cjfa-20693	758	108	�	�	PROPN
cjfa-20693	758	109	�	�	PROPN
cjfa-20693	758	110	�	�	PROPN
cjfa-20693	758	111	�	�	PROPN
cjfa-20693	758	112	�	�	PROPN
cjfa-20693	758	113	�	�	PROPN
cjfa-20693	758	114	�	�	PROPN
cjfa-20693	758	115	+	+	SYM
cjfa-20693	758	116	�	�	PROPN
cjfa-20693	758	117	�	�	PROPN
cjfa-20693	758	118	�	�	PROPN
cjfa-20693	758	119	�	�	PROPN
cjfa-20693	758	120	�	�	PROPN
cjfa-20693	758	121	�	�	PROPN
cjfa-20693	758	122	�	�	PROPN
cjfa-20693	758	123	�	�	PROPN
cjfa-20693	758	124	�	�	PROPN
cjfa-20693	758	125	+	+	SYM
cjfa-20693	758	126	�	�	PROPN
cjfa-20693	758	127	�	�	PROPN
cjfa-20693	758	128	�	�	PROPN
cjfa-20693	758	129	�	�	PROPN
cjfa-20693	758	130	�	�	PROPN
cjfa-20693	758	131	�	�	PROPN
cjfa-20693	758	132	�	�	PROPN
cjfa-20693	758	133	+	+	CCONJ
cjfa-20693	758	134	∑	∑	PROPN
cjfa-20693	758	135	�	�	PROPN
cjfa-20693	758	136	�	�	PROPN
cjfa-20693	758	137	�	�	PROPN
cjfa-20693	758	138	�	�	PROPN
cjfa-20693	758	139	�	�	PROPN
cjfa-20693	758	140	�	�	PROPN
cjfa-20693	758	141	�	�	PROPN
cjfa-20693	758	142	�	�	PROPN
cjfa-20693	758	143	�	�	PROPN
cjfa-20693	758	144	+	+	CCONJ
cjfa-20693	758	145	�	�	PROPN
cjfa-20693	758	146	�	�	PROPN
cjfa-20693	758	147	�	�	PROPN
cjfa-20693	758	148	（	（	PROPN
cjfa-20693	758	149	17	17	NUM
cjfa-20693	758	150	）	）	SYM
cjfa-20693	758	151	�	�	PROPN
cjfa-20693	758	152	�	�	PROPN
cjfa-20693	758	153	�	�	PROPN
cjfa-20693	758	154	�	�	PROPN
cjfa-20693	758	155	�	�	PROPN
cjfa-20693	758	156	�	�	PROPN
cjfa-20693	758	157	�	�	PROPN
cjfa-20693	758	158	�	�	PROPN
cjfa-20693	758	159	�	�	PROPN
cjfa-20693	758	160	+	+	CCONJ
cjfa-20693	758	161	�	�	PROPN
cjfa-20693	758	162	�	�	PROPN
cjfa-20693	758	163	�	�	PROPN
cjfa-20693	758	164	�	�	PROPN
cjfa-20693	758	165	�	�	PROPN
cjfa-20693	758	166	�	�	PROPN
cjfa-20693	758	167	�	�	PROPN
cjfa-20693	758	168	+	+	CCONJ
cjfa-20693	758	169	γ	γ	PROPN
cjfa-20693	758	170	�	�	PROPN
cjfa-20693	758	171	�	�	PROPN
cjfa-20693	758	172	�	�	PROPN
cjfa-20693	758	173	�	�	PROPN
cjfa-20693	758	174	�	�	PROPN
cjfa-20693	758	175	�	�	PROPN
cjfa-20693	758	176	�	�	PROPN
cjfa-20693	758	177	�	�	PROPN
cjfa-20693	758	178	�	�	PROPN
cjfa-20693	758	179	�	�	PROPN
cjfa-20693	758	180	�	�	PROPN
cjfa-20693	758	181	�	�	PROPN
cjfa-20693	758	182	+	+	SYM
cjfa-20693	758	183	�	�	PROPN
cjfa-20693	758	184	�	�	PROPN
cjfa-20693	758	185	�	�	PROPN
cjfa-20693	758	186	�	�	PROPN
cjfa-20693	758	187	�	�	PROPN
cjfa-20693	758	188	�	�	PROPN
cjfa-20693	758	189	�	�	PROPN
cjfa-20693	758	190	�	�	PROPN
cjfa-20693	758	191	�	�	PROPN
cjfa-20693	758	192	+	+	SYM
cjfa-20693	758	193	�	�	PROPN
cjfa-20693	758	194	�	�	PROPN
cjfa-20693	758	195	�	�	PROPN
cjfa-20693	758	196	�	�	PROPN
cjfa-20693	758	197	�	�	PROPN
cjfa-20693	758	198	�	�	PROPN
cjfa-20693	758	199	�	�	PROPN
cjfa-20693	758	200	+	+	CCONJ
cjfa-20693	758	201	∑	∑	PROPN
cjfa-20693	758	202	�	�	PROPN
cjfa-20693	758	203	�	�	PROPN
cjfa-20693	758	204	�	�	PROPN
cjfa-20693	758	205	�	�	PROPN
cjfa-20693	758	206	�	�	PROPN
cjfa-20693	758	207	�	�	PROPN
cjfa-20693	758	208	�	�	PROPN
cjfa-20693	758	209	�	�	PROPN
cjfa-20693	758	210	�	�	PROPN
cjfa-20693	758	211	+	+	CCONJ
cjfa-20693	758	212	�	�	PROPN
cjfa-20693	758	213	�	�	PROPN
cjfa-20693	758	214	�	�	PROPN
cjfa-20693	758	215	(	(	PUNCT
cjfa-20693	758	216	18	18	NUM
cjfa-20693	758	217	)	)	PUNCT
cjfa-20693	758	218	among	among	ADP
cjfa-20693	758	219	them	they	PRON
cjfa-20693	758	220	,	,	PUNCT
cjfa-20693	758	221	roa	roa	PROPN
cjfa-20693	758	222	means	mean	VERB
cjfa-20693	758	223	turnover	turnover	NOUN
cjfa-20693	758	224	.	.	PUNCT
cjfa-20693	759	1	according	accord	VERB
cjfa-20693	759	2	to	to	ADP
cjfa-20693	759	3	the	the	DET
cjfa-20693	759	4	test	test	NOUN
cjfa-20693	759	5	procedure	procedure	NOUN
cjfa-20693	759	6	of	of	ADP
cjfa-20693	759	7	intermediary	intermediary	ADJ
cjfa-20693	759	8	effect	effect	NOUN
cjfa-20693	759	9	,	,	PUNCT
cjfa-20693	759	10	model	model	NOUN
cjfa-20693	759	11	(	(	PUNCT
cjfa-20693	759	12	16	16	NUM
cjfa-20693	759	13	)	)	PUNCT
cjfa-20693	759	14	is	be	AUX
cjfa-20693	759	15	used	use	VERB
cjfa-20693	759	16	to	to	PART
cjfa-20693	759	17	test	test	VERB
cjfa-20693	759	18	the	the	DET
cjfa-20693	759	19	effect	effect	NOUN
cjfa-20693	759	20	of	of	ADP
cjfa-20693	759	21	mandatory	mandatory	ADJ
cjfa-20693	759	22	dividend	dividend	NOUN
cjfa-20693	759	23	policy	policy	NOUN
cjfa-20693	759	24	on	on	ADP
cjfa-20693	759	25	agency	agency	NOUN
cjfa-20693	759	26	cost	cost	NOUN
cjfa-20693	759	27	to	to	PART
cjfa-20693	759	28	see	see	VERB
cjfa-20693	759	29	if	if	SCONJ
cjfa-20693	759	30	1	1	NOUN
cjfa-20693	759	31	is	be	AUX
cjfa-20693	759	32	significant	significant	ADJ
cjfa-20693	759	33	.	.	PUNCT
cjfa-20693	760	1	if	if	SCONJ
cjfa-20693	760	2	it	it	PRON
cjfa-20693	760	3	is	be	AUX
cjfa-20693	760	4	,	,	PUNCT
cjfa-20693	760	5	model(17	model(17	PROPN
cjfa-20693	760	6	)	)	PUNCT
cjfa-20693	760	7	and	and	CCONJ
cjfa-20693	760	8	model(18	model(18	NOUN
cjfa-20693	760	9	)	)	PUNCT
cjfa-20693	760	10	will	will	AUX
cjfa-20693	760	11	be	be	AUX
cjfa-20693	760	12	tested	test	VERB
cjfa-20693	760	13	.	.	PUNCT
cjfa-20693	761	1	under	under	ADP
cjfa-20693	761	2	the	the	DET
cjfa-20693	761	3	condition	condition	NOUN
cjfa-20693	761	4	that	that	PRON
cjfa-20693	761	5	4	4	NOUN
cjfa-20693	761	6	和	和	X
cjfa-20693	761	7	are	be	AUX
cjfa-20693	761	8	significant	significant	ADJ
cjfa-20693	761	9	,	,	PUNCT
cjfa-20693	761	10	if	if	SCONJ
cjfa-20693	761	11	1	1	ADV
cjfa-20693	761	12	significant	significant	ADJ
cjfa-20693	761	13	,	,	PUNCT
cjfa-20693	761	14	it	it	PRON
cjfa-20693	761	15	shows	show	VERB
cjfa-20693	761	16	that	that	SCONJ
cjfa-20693	761	17	the	the	DET
cjfa-20693	761	18	total	total	ADJ
cjfa-20693	761	19	asset	asset	NOUN
cjfa-20693	761	20	return	return	NOUN
cjfa-20693	761	21	partly	partly	ADV
cjfa-20693	761	22	mediates	mediate	VERB
cjfa-20693	761	23	the	the	DET
cjfa-20693	761	24	mandatory	mandatory	ADJ
cjfa-20693	761	25	dividend	dividend	NOUN
cjfa-20693	761	26	policy	policy	NOUN
cjfa-20693	761	27	to	to	PART
cjfa-20693	761	28	restrain	restrain	VERB
cjfa-20693	761	29	agency	agency	NOUN
cjfa-20693	761	30	costs	cost	NOUN
cjfa-20693	761	31	.	.	PUNCT
cjfa-20693	762	1	among	among	ADP
cjfa-20693	762	2	,	,	PUNCT
cjfa-20693	762	3	roa	roa	PROPN
cjfa-20693	762	4	means	mean	VERB
cjfa-20693	762	5	turnover	turnover	NOUN
cjfa-20693	762	6	.	.	PUNCT
cjfa-20693	763	1	as	as	SCONJ
cjfa-20693	763	2	shown	show	VERB
cjfa-20693	763	3	in	in	ADP
cjfa-20693	763	4	table	table	NOUN
cjfa-20693	763	5	11	11	NUM
cjfa-20693	763	6	,	,	PUNCT
cjfa-20693	763	7	when	when	SCONJ
cjfa-20693	763	8	the	the	DET
cjfa-20693	763	9	agent	agent	NOUN
cjfa-20693	763	10	in	in	ADP
cjfa-20693	763	11	column	column	NOUN
cjfa-20693	763	12	(	(	PUNCT
cjfa-20693	763	13	1	1	X
cjfa-20693	763	14	)	)	PUNCT
cjfa-20693	763	15	is	be	AUX
cjfa-20693	763	16	the	the	DET
cjfa-20693	763	17	explanatory	explanatory	ADJ
cjfa-20693	763	18	variable	variable	NOUN
cjfa-20693	763	19	,	,	PUNCT
cjfa-20693	763	20	the	the	DET
cjfa-20693	763	21	compulsory	compulsory	ADJ
cjfa-20693	763	22	dividend	dividend	NOUN
cjfa-20693	763	23	policy	policy	NOUN
cjfa-20693	763	24	significantly	significantly	ADV
cjfa-20693	763	25	reduces	reduce	VERB
cjfa-20693	763	26	the	the	DET
cjfa-20693	763	27	agency	agency	NOUN
cjfa-20693	763	28	cost	cost	NOUN
cjfa-20693	763	29	of	of	ADP
cjfa-20693	763	30	"	"	PUNCT
cjfa-20693	763	31	iron	iron	NOUN
cjfa-20693	763	32	cock	cock	NOUN
cjfa-20693	763	33	"	"	PUNCT
cjfa-20693	763	34	enterprises	enterprise	NOUN
cjfa-20693	763	35	.	.	PUNCT
cjfa-20693	764	1	when	when	SCONJ
cjfa-20693	764	2	the	the	DET
cjfa-20693	764	3	agent	agent	NOUN
cjfa-20693	764	4	in	in	ADP
cjfa-20693	764	5	the	the	DET
cjfa-20693	764	6	column（2	column（2	PROPN
cjfa-20693	764	7	）	）	PROPN
cjfa-20693	764	8	is	be	AUX
cjfa-20693	764	9	the	the	DET
cjfa-20693	764	10	explanatory	explanatory	ADJ
cjfa-20693	764	11	variable	variable	NOUN
cjfa-20693	764	12	,	,	PUNCT
cjfa-20693	764	13	the	the	DET
cjfa-20693	764	14	compulsory	compulsory	ADJ
cjfa-20693	764	15	dividend	dividend	NOUN
cjfa-20693	764	16	policy	policy	NOUN
cjfa-20693	764	17	significantly	significantly	ADV
cjfa-20693	764	18	reduces	reduce	VERB
cjfa-20693	764	19	the	the	DET
cjfa-20693	764	20	agency	agency	NOUN
cjfa-20693	764	21	cost	cost	NOUN
cjfa-20693	764	22	of	of	ADP
cjfa-20693	764	23	the	the	DET
cjfa-20693	764	24	"	"	PUNCT
cjfa-20693	764	25	iron	iron	NOUN
cjfa-20693	764	26	cock	cock	NOUN
cjfa-20693	764	27	"	"	PUNCT
cjfa-20693	764	28	enterprises	enterprise	NOUN
cjfa-20693	764	29	.	.	PUNCT
cjfa-20693	765	1	when	when	SCONJ
cjfa-20693	765	2	the	the	DET
cjfa-20693	765	3	agent	agent	NOUN
cjfa-20693	765	4	is	be	AUX
cjfa-20693	765	5	the	the	DET
cjfa-20693	765	6	explanatory	explanatory	ADJ
cjfa-20693	765	7	variable	variable	NOUN
cjfa-20693	765	8	in	in	ADP
cjfa-20693	765	9	the	the	DET
cjfa-20693	765	10	column	column	NOUN
cjfa-20693	765	11	(	(	PUNCT
cjfa-20693	765	12	3	3	NUM
cjfa-20693	765	13	)	)	PUNCT
cjfa-20693	765	14	,	,	PUNCT
cjfa-20693	765	15	the	the	DET
cjfa-20693	765	16	coefficient	coefficient	NOUN
cjfa-20693	765	17	of	of	ADP
cjfa-20693	765	18	law	law	NOUN
cjfa-20693	765	19	*	*	PUNCT
cjfa-20693	765	20	treatment	treatment	NOUN
cjfa-20693	765	21	is	be	AUX
cjfa-20693	765	22	still	still	ADV
cjfa-20693	765	23	significantly	significantly	ADV
cjfa-20693	765	24	negative	negative	ADJ
cjfa-20693	765	25	after	after	ADP
cjfa-20693	765	26	controlling	control	VERB
cjfa-20693	765	27	the	the	DET
cjfa-20693	765	28	intermediate	intermediate	ADJ
cjfa-20693	765	29	variable	variable	NOUN
cjfa-20693	765	30	,	,	PUNCT
cjfa-20693	765	31	indicating	indicate	VERB
cjfa-20693	765	32	that	that	SCONJ
cjfa-20693	765	33	the	the	DET
cjfa-20693	765	34	total	total	ADJ
cjfa-20693	765	35	return	return	NOUN
cjfa-20693	765	36	on	on	ADP
cjfa-20693	765	37	assets	asset	NOUN
cjfa-20693	765	38	partly	partly	ADV
cjfa-20693	765	39	mediates	mediate	VERB
cjfa-20693	765	40	the	the	DET
cjfa-20693	765	41	mandatory	mandatory	ADJ
cjfa-20693	765	42	dividend	dividend	NOUN
cjfa-20693	765	43	policy	policy	NOUN
cjfa-20693	765	44	to	to	PART
cjfa-20693	765	45	reduce	reduce	VERB
cjfa-20693	765	46	agency	agency	NOUN
cjfa-20693	765	47	costs	cost	NOUN
cjfa-20693	765	48	.	.	PUNCT
cjfa-20693	766	1	in	in	ADP
cjfa-20693	766	2	addition	addition	NOUN
cjfa-20693	766	3	,	,	PUNCT
cjfa-20693	766	4	in	in	ADP
cjfa-20693	766	5	order	order	NOUN
cjfa-20693	766	6	to	to	PART
cjfa-20693	766	7	ensure	ensure	VERB
cjfa-20693	766	8	the	the	DET
cjfa-20693	766	9	reliability	reliability	NOUN
cjfa-20693	766	10	of	of	ADP
cjfa-20693	766	11	the	the	DET
cjfa-20693	766	12	results	result	NOUN
cjfa-20693	766	13	,	,	PUNCT
cjfa-20693	766	14	sobel	sobel	PROPN
cjfa-20693	766	15	z	z	PROPN
cjfa-20693	766	16	test	test	NOUN
cjfa-20693	766	17	is	be	AUX
cjfa-20693	766	18	conducted	conduct	VERB
cjfa-20693	766	19	again	again	ADV
cjfa-20693	766	20	for	for	ADP
cjfa-20693	766	21	the	the	DET
cjfa-20693	766	22	mediation	mediation	NOUN
cjfa-20693	766	23	effect	effect	NOUN
cjfa-20693	766	24	.	.	PUNCT
cjfa-20693	767	1	sobel	sobel	NOUN
cjfa-20693	767	2	z	z	PROPN
cjfa-20693	767	3	's	's	PART
cjfa-20693	767	4	statistic	statistic	NOUN
cjfa-20693	767	5	is	be	AUX
cjfa-20693	767	6	-4.329	-4.329	VERB
cjfa-20693	767	7	,	,	PUNCT
cjfa-20693	767	8	which	which	PRON
cjfa-20693	767	9	shows	show	VERB
cjfa-20693	767	10	that	that	SCONJ
cjfa-20693	767	11	the	the	DET
cjfa-20693	767	12	intermediary	intermediary	ADJ
cjfa-20693	767	13	effect	effect	NOUN
cjfa-20693	767	14	(	(	PUNCT
cjfa-20693	767	15	18	18	NUM
cjfa-20693	767	16	)	)	PUNCT
cjfa-20693	767	17	among	among	ADP
cjfa-20693	767	18	them	they	PRON
cjfa-20693	767	19	,	,	PUNCT
cjfa-20693	767	20	roa	roa	PROPN
cjfa-20693	767	21	means	mean	VERB
cjfa-20693	767	22	turnover	turnover	NOUN
cjfa-20693	767	23	.	.	PUNCT
cjfa-20693	768	1	according	accord	VERB
cjfa-20693	768	2	to	to	ADP
cjfa-20693	768	3	the	the	DET
cjfa-20693	768	4	test	test	NOUN
cjfa-20693	768	5	procedure	procedure	NOUN
cjfa-20693	768	6	of	of	ADP
cjfa-20693	768	7	intermediary	intermediary	ADJ
cjfa-20693	768	8	effect	effect	NOUN
cjfa-20693	768	9	,	,	PUNCT
cjfa-20693	768	10	model	model	NOUN
cjfa-20693	768	11	(	(	PUNCT
cjfa-20693	768	12	16	16	NUM
cjfa-20693	768	13	)	)	PUNCT
cjfa-20693	768	14	is	be	AUX
cjfa-20693	768	15	used	use	VERB
cjfa-20693	768	16	to	to	PART
cjfa-20693	768	17	test	test	VERB
cjfa-20693	768	18	the	the	DET
cjfa-20693	768	19	effect	effect	NOUN
cjfa-20693	768	20	of	of	ADP
cjfa-20693	768	21	mandatory	mandatory	ADJ
cjfa-20693	768	22	dividend	dividend	NOUN
cjfa-20693	768	23	policy	policy	NOUN
cjfa-20693	768	24	on	on	ADP
cjfa-20693	768	25	agency	agency	NOUN
cjfa-20693	768	26	cost	cost	NOUN
cjfa-20693	768	27	to	to	PART
cjfa-20693	768	28	see	see	VERB
cjfa-20693	768	29	if	if	SCONJ
cjfa-20693	768	30	β1	β1	PROPN
cjfa-20693	768	31	is	be	AUX
cjfa-20693	768	32	significant	significant	ADJ
cjfa-20693	768	33	.	.	PUNCT
cjfa-20693	769	1	if	if	SCONJ
cjfa-20693	769	2	it	it	PRON
cjfa-20693	769	3	is	be	AUX
cjfa-20693	769	4	,	,	PUNCT
cjfa-20693	769	5	model	model	NOUN
cjfa-20693	769	6	(	(	PUNCT
cjfa-20693	769	7	17	17	NUM
cjfa-20693	769	8	)	)	PUNCT
cjfa-20693	769	9	and	and	CCONJ
cjfa-20693	769	10	model	model	NOUN
cjfa-20693	769	11	(	(	PUNCT
cjfa-20693	769	12	18	18	NUM
cjfa-20693	769	13	)	)	PUNCT
cjfa-20693	769	14	will	will	AUX
cjfa-20693	769	15	be	be	AUX
cjfa-20693	769	16	tested	test	VERB
cjfa-20693	769	17	.	.	PUNCT
cjfa-20693	770	1	under	under	ADP
cjfa-20693	770	2	the	the	DET
cjfa-20693	770	3	condition	condition	NOUN
cjfa-20693	770	4	that	that	SCONJ
cjfa-20693	770	5	β4和β	β4和β	PUNCT
cjfa-20693	770	6	are	be	AUX
cjfa-20693	770	7	significant	significant	ADJ
cjfa-20693	770	8	,	,	PUNCT
cjfa-20693	770	9	if	if	SCONJ
cjfa-20693	770	10	γ1	γ1	PROPN
cjfa-20693	770	11	significant	significant	ADJ
cjfa-20693	770	12	,	,	PUNCT
cjfa-20693	770	13	it	it	PRON
cjfa-20693	770	14	shows	show	VERB
cjfa-20693	770	15	that	that	SCONJ
cjfa-20693	770	16	the	the	DET
cjfa-20693	770	17	total	total	ADJ
cjfa-20693	770	18	asset	asset	NOUN
cjfa-20693	770	19	return	return	NOUN
cjfa-20693	770	20	partly	partly	ADV
cjfa-20693	770	21	mediates	mediate	VERB
cjfa-20693	770	22	the	the	DET
cjfa-20693	770	23	mandatory	mandatory	ADJ
cjfa-20693	770	24	dividend	dividend	NOUN
cjfa-20693	770	25	policy	policy	NOUN
cjfa-20693	770	26	to	to	PART
cjfa-20693	770	27	restrain	restrain	VERB
cjfa-20693	770	28	agency	agency	NOUN
cjfa-20693	770	29	costs	cost	NOUN
cjfa-20693	770	30	.	.	PUNCT
cjfa-20693	771	1	among	among	ADP
cjfa-20693	771	2	,	,	PUNCT
cjfa-20693	771	3	roa	roa	PROPN
cjfa-20693	771	4	means	mean	VERB
cjfa-20693	771	5	turnover	turnover	NOUN
cjfa-20693	771	6	.	.	PUNCT
cjfa-20693	772	1	as	as	SCONJ
cjfa-20693	772	2	shown	show	VERB
cjfa-20693	772	3	in	in	ADP
cjfa-20693	772	4	table	table	NOUN
cjfa-20693	772	5	11	11	NUM
cjfa-20693	772	6	,	,	PUNCT
cjfa-20693	772	7	when	when	SCONJ
cjfa-20693	772	8	the	the	DET
cjfa-20693	772	9	agent	agent	NOUN
cjfa-20693	772	10	in	in	ADP
cjfa-20693	772	11	column	column	NOUN
cjfa-20693	772	12	(	(	PUNCT
cjfa-20693	772	13	1	1	X
cjfa-20693	772	14	)	)	PUNCT
cjfa-20693	772	15	is	be	AUX
cjfa-20693	772	16	the	the	DET
cjfa-20693	772	17	explanatory	explanatory	ADJ
cjfa-20693	772	18	variable	variable	NOUN
cjfa-20693	772	19	,	,	PUNCT
cjfa-20693	772	20	the	the	DET
cjfa-20693	772	21	compulsory	compulsory	ADJ
cjfa-20693	772	22	dividend	dividend	NOUN
cjfa-20693	772	23	policy	policy	NOUN
cjfa-20693	772	24	significantly	significantly	ADV
cjfa-20693	772	25	reduces	reduce	VERB
cjfa-20693	772	26	the	the	DET
cjfa-20693	772	27	agency	agency	NOUN
cjfa-20693	772	28	cost	cost	NOUN
cjfa-20693	772	29	of	of	ADP
cjfa-20693	772	30	“	"	PUNCT
cjfa-20693	772	31	iron	iron	NOUN
cjfa-20693	772	32	cock	cock	NOUN
cjfa-20693	772	33	”	"	PUNCT
cjfa-20693	772	34	enterprises	enterprise	NOUN
cjfa-20693	772	35	.	.	PUNCT
cjfa-20693	773	1	when	when	SCONJ
cjfa-20693	773	2	the	the	DET
cjfa-20693	773	3	agent	agent	NOUN
cjfa-20693	773	4	in	in	ADP
cjfa-20693	773	5	the	the	DET
cjfa-20693	773	6	column	column	NOUN
cjfa-20693	773	7	(	(	PUNCT
cjfa-20693	773	8	2	2	X
cjfa-20693	773	9	)	)	PUNCT
cjfa-20693	773	10	is	be	AUX
cjfa-20693	773	11	the	the	DET
cjfa-20693	773	12	explanatory	explanatory	ADJ
cjfa-20693	773	13	variable	variable	NOUN
cjfa-20693	773	14	,	,	PUNCT
cjfa-20693	773	15	the	the	DET
cjfa-20693	773	16	compulsory	compulsory	ADJ
cjfa-20693	773	17	dividend	dividend	NOUN
cjfa-20693	773	18	policy	policy	NOUN
cjfa-20693	773	19	significantly	significantly	ADV
cjfa-20693	773	20	reduces	reduce	VERB
cjfa-20693	773	21	the	the	DET
cjfa-20693	773	22	agency	agency	NOUN
cjfa-20693	773	23	cost	cost	NOUN
cjfa-20693	773	24	of	of	ADP
cjfa-20693	773	25	the	the	DET
cjfa-20693	773	26	“	"	PUNCT
cjfa-20693	773	27	iron	iron	NOUN
cjfa-20693	773	28	cock	cock	NOUN
cjfa-20693	773	29	”	"	PUNCT
cjfa-20693	773	30	enterprises	enterprise	NOUN
cjfa-20693	773	31	.	.	PUNCT
cjfa-20693	774	1	when	when	SCONJ
cjfa-20693	774	2	the	the	DET
cjfa-20693	774	3	agent	agent	NOUN
cjfa-20693	774	4	is	be	AUX
cjfa-20693	774	5	the	the	DET
cjfa-20693	774	6	explanatory	explanatory	ADJ
cjfa-20693	774	7	variable	variable	NOUN
cjfa-20693	774	8	in	in	ADP
cjfa-20693	774	9	the	the	DET
cjfa-20693	774	10	column	column	NOUN
cjfa-20693	774	11	(	(	PUNCT
cjfa-20693	774	12	3	3	NUM
cjfa-20693	774	13	)	)	PUNCT
cjfa-20693	774	14	,	,	PUNCT
cjfa-20693	774	15	the	the	DET
cjfa-20693	774	16	coefficient	coefficient	NOUN
cjfa-20693	774	17	of	of	ADP
cjfa-20693	774	18	law	law	NOUN
cjfa-20693	774	19	*	*	PUNCT
cjfa-20693	774	20	treatment	treatment	NOUN
cjfa-20693	774	21	is	be	AUX
cjfa-20693	774	22	still	still	ADV
cjfa-20693	774	23	significantly	significantly	ADV
cjfa-20693	774	24	negative	negative	ADJ
cjfa-20693	774	25	after	after	ADP
cjfa-20693	774	26	controlling	control	VERB
cjfa-20693	774	27	the	the	DET
cjfa-20693	774	28	intermediate	intermediate	ADJ
cjfa-20693	774	29	variable	variable	NOUN
cjfa-20693	774	30	,	,	PUNCT
cjfa-20693	774	31	indicating	indicate	VERB
cjfa-20693	774	32	that	that	SCONJ
cjfa-20693	774	33	the	the	DET
cjfa-20693	774	34	total	total	ADJ
cjfa-20693	774	35	return	return	NOUN
cjfa-20693	774	36	on	on	ADP
cjfa-20693	774	37	assets	asset	NOUN
cjfa-20693	774	38	partly	partly	ADV
cjfa-20693	774	39	mediates	mediate	VERB
cjfa-20693	774	40	the	the	DET
cjfa-20693	774	41	mandatory	mandatory	ADJ
cjfa-20693	774	42	dividend	dividend	NOUN
cjfa-20693	774	43	policy	policy	NOUN
cjfa-20693	774	44	to	to	PART
cjfa-20693	774	45	reduce	reduce	VERB
cjfa-20693	774	46	agency	agency	NOUN
cjfa-20693	774	47	costs	cost	NOUN
cjfa-20693	774	48	.	.	PUNCT
cjfa-20693	775	1	in	in	ADP
cjfa-20693	775	2	addition	addition	NOUN
cjfa-20693	775	3	,	,	PUNCT
cjfa-20693	775	4	in	in	ADP
cjfa-20693	775	5	order	order	NOUN
cjfa-20693	775	6	to	to	PART
cjfa-20693	775	7	ensure	ensure	VERB
cjfa-20693	775	8	the	the	DET
cjfa-20693	775	9	reliability	reliability	NOUN
cjfa-20693	775	10	of	of	ADP
cjfa-20693	775	11	the	the	DET
cjfa-20693	775	12	results	result	NOUN
cjfa-20693	775	13	,	,	PUNCT
cjfa-20693	775	14	sobel	sobel	PROPN
cjfa-20693	775	15	z	z	PROPN
cjfa-20693	775	16	test	test	NOUN
cjfa-20693	775	17	is	be	AUX
cjfa-20693	775	18	conducted	conduct	VERB
cjfa-20693	775	19	again	again	ADV
cjfa-20693	775	20	for	for	ADP
cjfa-20693	775	21	the	the	DET
cjfa-20693	775	22	mediation	mediation	NOUN
cjfa-20693	775	23	effect	effect	NOUN
cjfa-20693	775	24	.	.	PUNCT
cjfa-20693	776	1	sobel	sobel	PROPN
cjfa-20693	776	2	z	z	PROPN
cjfa-20693	776	3	’s	’s	PART
cjfa-20693	776	4	statistic	statistic	NOUN
cjfa-20693	776	5	is	be	AUX
cjfa-20693	776	6	-4.329	-4.329	VERB
cjfa-20693	776	7	,	,	PUNCT
cjfa-20693	776	8	which	which	PRON
cjfa-20693	776	9	shows	show	VERB
cjfa-20693	776	10	that	that	SCONJ
cjfa-20693	776	11	the	the	DET
cjfa-20693	776	12	intermediary	intermediary	ADJ
cjfa-20693	776	13	effect	effect	NOUN
cjfa-20693	776	14	is	be	AUX
cjfa-20693	776	15	significant	significant	ADJ
cjfa-20693	776	16	at	at	ADP
cjfa-20693	776	17	the	the	DET
cjfa-20693	776	18	level	level	NOUN
cjfa-20693	776	19	of	of	ADP
cjfa-20693	776	20	1	1	NUM
cjfa-20693	776	21	%	%	NOUN
cjfa-20693	776	22	.	.	PUNCT
cjfa-20693	777	1	that	that	PRON
cjfa-20693	777	2	is	be	AUX
cjfa-20693	777	3	to	to	PART
cjfa-20693	777	4	say	say	VERB
cjfa-20693	777	5	,	,	PUNCT
cjfa-20693	777	6	the	the	DET
cjfa-20693	777	7	rate	rate	NOUN
cjfa-20693	777	8	of	of	ADP
cjfa-20693	777	9	return	return	NOUN
cjfa-20693	777	10	on	on	ADP
cjfa-20693	777	11	total	total	ADJ
cjfa-20693	777	12	assets	asset	NOUN
cjfa-20693	777	13	of	of	ADP
cjfa-20693	777	14	enterprises	enterprise	NOUN
cjfa-20693	777	15	is	be	AUX
cjfa-20693	777	16	indeed	indeed	ADV
cjfa-20693	777	17	an	an	DET
cjfa-20693	777	18	important	important	ADJ
cjfa-20693	777	19	way	way	NOUN
cjfa-20693	777	20	to	to	PART
cjfa-20693	777	21	reduce	reduce	VERB
cjfa-20693	777	22	the	the	DET
cjfa-20693	777	23	agency	agency	NOUN
cjfa-20693	777	24	cost	cost	NOUN
cjfa-20693	777	25	of	of	ADP
cjfa-20693	777	26	“	"	PUNCT
cjfa-20693	777	27	iron	iron	NOUN
cjfa-20693	777	28	cock	cock	NOUN
cjfa-20693	777	29	”	"	PUNCT
cjfa-20693	777	30	enterprises	enterprise	NOUN
cjfa-20693	777	31	by	by	ADP
cjfa-20693	777	32	mandatory	mandatory	ADJ
cjfa-20693	777	33	dividend	dividend	NOUN
cjfa-20693	777	34	policy	policy	NOUN
cjfa-20693	777	35	.	.	PUNCT
cjfa-20693	778	1	table	table	NOUN
cjfa-20693	778	2	11	11	NUM
cjfa-20693	778	3	.	.	PUNCT
cjfa-20693	779	1	the	the	DET
cjfa-20693	779	2	mediating	mediate	VERB
cjfa-20693	779	3	effect	effect	NOUN
cjfa-20693	779	4	of	of	ADP
cjfa-20693	779	5	total	total	ADJ
cjfa-20693	779	6	asset	asset	NOUN
cjfa-20693	779	7	return	return	NOUN
cjfa-20693	779	8	rate	rate	NOUN
cjfa-20693	779	9	on	on	ADP
cjfa-20693	779	10	mandatory	mandatory	ADJ
cjfa-20693	779	11	dividend	dividend	NOUN
cjfa-20693	779	12	equation(1	equation(1	NOUN
cjfa-20693	779	13	)	)	PUNCT
cjfa-20693	779	14	equation(2	equation(2	ADJ
cjfa-20693	779	15	)	)	PUNCT
cjfa-20693	779	16	equation(3	equation(3	PROPN
cjfa-20693	779	17	)	)	PUNCT
cjfa-20693	779	18	variables	variable	VERB
cjfa-20693	779	19	agent	agent	NOUN
cjfa-20693	779	20	roa	roa	PROPN
cjfa-20693	779	21	agent	agent	PROPN
cjfa-20693	779	22	roa	roa	PROPN
cjfa-20693	779	23	-0.1923	-0.1923	PROPN
cjfa-20693	779	24	*	*	PUNCT
cjfa-20693	779	25	*	*	PUNCT
cjfa-20693	779	26	*	*	PUNCT
cjfa-20693	779	27	(	(	PUNCT
cjfa-20693	779	28	-24.0228	-24.0228	NUM
cjfa-20693	779	29	)	)	PUNCT
cjfa-20693	779	30	law*treat	law*treat	NOUN
cjfa-20693	779	31	-0.0117	-0.0117	NOUN
cjfa-20693	779	32	*	*	PUNCT
cjfa-20693	779	33	*	*	PUNCT
cjfa-20693	779	34	*	*	PUNCT
cjfa-20693	780	1	0.0281	0.0281	NUM
cjfa-20693	780	2	*	*	PUNCT
cjfa-20693	780	3	*	*	PUNCT
cjfa-20693	780	4	*	*	PUNCT
cjfa-20693	780	5	-0.0063	-0.0063	PUNCT
cjfa-20693	780	6	*	*	PUNCT
cjfa-20693	780	7	*	*	PUNCT
cjfa-20693	780	8	*	*	PUNCT
cjfa-20693	780	9	(	(	PUNCT
cjfa-20693	780	10	-5.0862	-5.0862	NOUN
cjfa-20693	780	11	)	)	PUNCT
cjfa-20693	780	12	(	(	PUNCT
cjfa-20693	780	13	14.8830	14.8830	NUM
cjfa-20693	780	14	)	)	PUNCT
cjfa-20693	780	15	(	(	PUNCT
cjfa-20693	780	16	-2.7667	-2.7667	NOUN
cjfa-20693	780	17	)	)	PUNCT
cjfa-20693	780	18	treat	treat	VERB
cjfa-20693	780	19	0.0175	0.0175	NUM
cjfa-20693	780	20	*	*	PUNCT
cjfa-20693	780	21	*	*	PUNCT
cjfa-20693	780	22	*	*	PUNCT
cjfa-20693	780	23	-0.0172	-0.0172	NOUN
cjfa-20693	780	24	*	*	PUNCT
cjfa-20693	780	25	*	*	PUNCT
cjfa-20693	780	26	*	*	PUNCT
cjfa-20693	780	27	0.0142	0.0142	NUM
cjfa-20693	780	28	*	*	PUNCT
cjfa-20693	780	29	*	*	PUNCT
cjfa-20693	780	30	*	*	PUNCT
cjfa-20693	780	31	(	(	PUNCT
cjfa-20693	780	32	8.7498	8.7498	NUM
cjfa-20693	780	33	)	)	PUNCT
cjfa-20693	780	34	(	(	PUNCT
cjfa-20693	780	35	-10.5316	-10.5316	NUM
cjfa-20693	780	36	)	)	PUNCT
cjfa-20693	780	37	(	(	PUNCT
cjfa-20693	780	38	7.1654	7.1654	NUM
cjfa-20693	780	39	)	)	PUNCT
cjfa-20693	780	40	qin	qin	PROPN
cjfa-20693	780	41	hailin	hailin	PROPN
cjfa-20693	780	42	,	,	PUNCT
cjfa-20693	780	43	zhang	zhang	PROPN
cjfa-20693	780	44	jingxu92	jingxu92	PROPN
cjfa-20693	780	45	equation(1	equation(1	PROPN
cjfa-20693	780	46	)	)	PUNCT
cjfa-20693	780	47	equation(2	equation(2	NOUN
cjfa-20693	780	48	)	)	PUNCT
cjfa-20693	780	49	equation(3	equation(3	PROPN
cjfa-20693	780	50	)	)	PUNCT
cjfa-20693	781	1	variables	variable	VERB
cjfa-20693	781	2	agent	agent	NOUN
cjfa-20693	781	3	roa	roa	PROPN
cjfa-20693	781	4	agent	agent	NOUN
cjfa-20693	781	5	law	law	NOUN
cjfa-20693	781	6	0.0142	0.0142	NUM
cjfa-20693	781	7	*	*	PUNCT
cjfa-20693	781	8	*	*	PUNCT
cjfa-20693	781	9	*	*	PUNCT
cjfa-20693	782	1	-0.0366	-0.0366	PUNCT
cjfa-20693	782	2	*	*	PUNCT
cjfa-20693	783	1	*	*	PUNCT
cjfa-20693	783	2	*	*	PUNCT
cjfa-20693	783	3	0.0072	0.0072	NUM
cjfa-20693	783	4	*	*	PUNCT
cjfa-20693	783	5	*	*	PUNCT
cjfa-20693	783	6	*	*	PUNCT
cjfa-20693	783	7	(	(	PUNCT
cjfa-20693	783	8	5.9801	5.9801	NUM
cjfa-20693	783	9	)	)	PUNCT
cjfa-20693	783	10	(	(	PUNCT
cjfa-20693	783	11	-18.8557	-18.8557	X
cjfa-20693	783	12	)	)	PUNCT
cjfa-20693	783	13	(	(	PUNCT
cjfa-20693	783	14	3.0291	3.0291	NUM
cjfa-20693	783	15	)	)	PUNCT
cjfa-20693	783	16	roe	roe	NOUN
cjfa-20693	783	17	-0.0287	-0.0287	PROPN
cjfa-20693	783	18	*	*	PUNCT
cjfa-20693	784	1	*	*	PUNCT
cjfa-20693	784	2	*	*	PUNCT
cjfa-20693	784	3	0.1141	0.1141	NUM
cjfa-20693	784	4	*	*	PUNCT
cjfa-20693	784	5	*	*	PUNCT
cjfa-20693	784	6	*	*	PUNCT
cjfa-20693	784	7	-0.0068	-0.0068	PUNCT
cjfa-20693	784	8	*	*	PUNCT
cjfa-20693	784	9	*	*	PUNCT
cjfa-20693	784	10	*	*	PUNCT
cjfa-20693	784	11	(	(	PUNCT
cjfa-20693	784	12	-15.3697	-15.3697	NUM
cjfa-20693	784	13	)	)	PUNCT
cjfa-20693	784	14	(	(	PUNCT
cjfa-20693	784	15	74.6436	74.6436	NUM
cjfa-20693	784	16	)	)	PUNCT
cjfa-20693	784	17	(	(	PUNCT
cjfa-20693	784	18	-3.2953	-3.2953	ADJ
cjfa-20693	784	19	)	)	PUNCT
cjfa-20693	784	20	lev	lev	NOUN
cjfa-20693	784	21	-0.0902	-0.0902	NOUN
cjfa-20693	784	22	*	*	PUNCT
cjfa-20693	784	23	*	*	PUNCT
cjfa-20693	784	24	*	*	PUNCT
cjfa-20693	784	25	-0.0554	-0.0554	PUNCT
cjfa-20693	785	1	*	*	PUNCT
cjfa-20693	785	2	*	*	PUNCT
cjfa-20693	785	3	*	*	PUNCT
cjfa-20693	785	4	-0.1008	-0.1008	NOUN
cjfa-20693	785	5	*	*	PUNCT
cjfa-20693	785	6	*	*	PUNCT
cjfa-20693	785	7	*	*	PUNCT
cjfa-20693	785	8	(	(	PUNCT
cjfa-20693	785	9	-33.9950	-33.9950	NUM
cjfa-20693	785	10	)	)	PUNCT
cjfa-20693	785	11	(	(	PUNCT
cjfa-20693	785	12	-25.5564	-25.5564	NUM
cjfa-20693	785	13	)	)	PUNCT
cjfa-20693	785	14	(	(	PUNCT
cjfa-20693	785	15	-37.9515	-37.9515	X
cjfa-20693	785	16	)	)	PUNCT
cjfa-20693	785	17	sh1	sh1	NOUN
cjfa-20693	785	18	-0.0448	-0.0448	X
cjfa-20693	786	1	*	*	PUNCT
cjfa-20693	786	2	*	*	PUNCT
cjfa-20693	786	3	*	*	PUNCT
cjfa-20693	786	4	0.0255	0.0255	PUNCT
cjfa-20693	786	5	*	*	PUNCT
cjfa-20693	786	6	*	*	PUNCT
cjfa-20693	786	7	*	*	NOUN
cjfa-20693	786	8	-0.0399	-0.0399	NOUN
cjfa-20693	786	9	*	*	PUNCT
cjfa-20693	787	1	*	*	PUNCT
cjfa-20693	787	2	*	*	PUNCT
cjfa-20693	787	3	(	(	PUNCT
cjfa-20693	787	4	-15.1244	-15.1244	NUM
cjfa-20693	787	5	)	)	PUNCT
cjfa-20693	787	6	(	(	PUNCT
cjfa-20693	787	7	10.5209	10.5209	NUM
cjfa-20693	787	8	)	)	PUNCT
cjfa-20693	787	9	(	(	PUNCT
cjfa-20693	787	10	-13.6062	-13.6062	NUM
cjfa-20693	787	11	)	)	PUNCT
cjfa-20693	787	12	bps	bps	NOUN
cjfa-20693	787	13	-0.0023	-0.0023	NOUN
cjfa-20693	787	14	*	*	PROPN
cjfa-20693	787	15	*	*	PUNCT
cjfa-20693	787	16	*	*	PUNCT
cjfa-20693	787	17	-0.0051	-0.0051	ADJ
cjfa-20693	787	18	*	*	PUNCT
cjfa-20693	787	19	*	*	PUNCT
cjfa-20693	787	20	*	*	PUNCT
cjfa-20693	787	21	-0.0033	-0.0033	NOUN
cjfa-20693	787	22	*	*	PUNCT
cjfa-20693	787	23	*	*	PUNCT
cjfa-20693	787	24	*	*	PUNCT
cjfa-20693	787	25	(	(	PUNCT
cjfa-20693	787	26	-9.6156	-9.6156	NOUN
cjfa-20693	787	27	)	)	PUNCT
cjfa-20693	787	28	(	(	PUNCT
cjfa-20693	787	29	-26.0049	-26.0049	INTJ
cjfa-20693	787	30	)	)	PUNCT
cjfa-20693	787	31	(	(	PUNCT
cjfa-20693	787	32	-13.6759	-13.6759	INTJ
cjfa-20693	787	33	)	)	PUNCT
cjfa-20693	787	34	capex	capex	NOUN
cjfa-20693	787	35	-0.0061	-0.0061	NOUN
cjfa-20693	787	36	0.0891	0.0891	NUM
cjfa-20693	787	37	*	*	PUNCT
cjfa-20693	787	38	*	*	PUNCT
cjfa-20693	787	39	*	*	X
cjfa-20693	787	40	0.0111	0.0111	NUM
cjfa-20693	787	41	(	(	PUNCT
cjfa-20693	787	42	-0.7018	-0.7018	NUM
cjfa-20693	787	43	)	)	PUNCT
cjfa-20693	787	44	(	(	PUNCT
cjfa-20693	787	45	12.6207	12.6207	NUM
cjfa-20693	787	46	)	)	PUNCT
cjfa-20693	787	47	(	(	PUNCT
cjfa-20693	787	48	1.2946	1.2946	NUM
cjfa-20693	787	49	)	)	PUNCT
cjfa-20693	787	50	sretained	sretaine	VERB
cjfa-20693	787	51	-0.0012	-0.0012	NOUN
cjfa-20693	787	52	*	*	PUNCT
cjfa-20693	787	53	*	*	PUNCT
cjfa-20693	787	54	*	*	PUNCT
cjfa-20693	787	55	0.0157	0.0157	NUM
cjfa-20693	787	56	*	*	PUNCT
cjfa-20693	787	57	*	*	PUNCT
cjfa-20693	787	58	*	*	PUNCT
cjfa-20693	787	59	0.0018	0.0018	NUM
cjfa-20693	787	60	*	*	PUNCT
cjfa-20693	787	61	*	*	PUNCT
cjfa-20693	787	62	*	*	PUNCT
cjfa-20693	787	63	(	(	PUNCT
cjfa-20693	787	64	-3.1142	-3.1142	NOUN
cjfa-20693	787	65	)	)	PUNCT
cjfa-20693	787	66	(	(	PUNCT
cjfa-20693	787	67	50.1127	50.1127	NUM
cjfa-20693	787	68	)	)	PUNCT
cjfa-20693	787	69	(	(	PUNCT
cjfa-20693	787	70	4.5806	4.5806	NUM
cjfa-20693	787	71	)	)	PUNCT
cjfa-20693	787	72	dual	dual	ADJ
cjfa-20693	787	73	0.0091	0.0091	NUM
cjfa-20693	787	74	*	*	PUNCT
cjfa-20693	787	75	*	*	PUNCT
cjfa-20693	787	76	*	*	PUNCT
cjfa-20693	787	77	-0.0003	-0.0003	NOUN
cjfa-20693	787	78	0.0090	0.0090	NUM
cjfa-20693	787	79	*	*	PUNCT
cjfa-20693	787	80	*	*	PUNCT
cjfa-20693	787	81	*	*	PUNCT
cjfa-20693	787	82	(	(	PUNCT
cjfa-20693	787	83	8.5294	8.5294	NUM
cjfa-20693	787	84	)	)	PUNCT
cjfa-20693	787	85	(	(	PUNCT
cjfa-20693	787	86	-0.3873	-0.3873	PROPN
cjfa-20693	787	87	)	)	PUNCT
cjfa-20693	787	88	(	(	PUNCT
cjfa-20693	787	89	8.5750	8.5750	NUM
cjfa-20693	787	90	)	)	PUNCT
cjfa-20693	787	91	cash	cash	NOUN
cjfa-20693	787	92	0.0216	0.0216	NUM
cjfa-20693	787	93	*	*	PUNCT
cjfa-20693	787	94	*	*	PUNCT
cjfa-20693	787	95	*	*	PUNCT
cjfa-20693	787	96	0.0617	0.0617	NUM
cjfa-20693	787	97	*	*	PUNCT
cjfa-20693	787	98	*	*	PUNCT
cjfa-20693	787	99	*	*	PUNCT
cjfa-20693	787	100	0.0335	0.0335	NUM
cjfa-20693	787	101	*	*	PUNCT
cjfa-20693	787	102	*	*	PUNCT
cjfa-20693	787	103	*	*	PUNCT
cjfa-20693	787	104	(	(	PUNCT
cjfa-20693	787	105	5.9857	5.9857	NUM
cjfa-20693	787	106	)	)	PUNCT
cjfa-20693	787	107	(	(	PUNCT
cjfa-20693	787	108	20.8784	20.8784	NUM
cjfa-20693	787	109	)	)	PUNCT
cjfa-20693	787	110	(	(	PUNCT
cjfa-20693	787	111	9.2971	9.2971	NUM
cjfa-20693	787	112	)	)	PUNCT
cjfa-20693	787	113	firmage	firmage	NOUN
cjfa-20693	787	114	0.0035	0.0035	NUM
cjfa-20693	787	115	*	*	SYM
cjfa-20693	787	116	-0.0052	-0.0052	PROPN
cjfa-20693	787	117	*	*	PUNCT
cjfa-20693	787	118	*	*	PUNCT
cjfa-20693	787	119	*	*	X
cjfa-20693	787	120	0.0025	0.0025	NUM
cjfa-20693	787	121	(	(	PUNCT
cjfa-20693	787	122	1.8419	1.8419	NUM
cjfa-20693	787	123	)	)	PUNCT
cjfa-20693	787	124	(	(	PUNCT
cjfa-20693	787	125	-3.3584	-3.3584	NOUN
cjfa-20693	787	126	)	)	PUNCT
cjfa-20693	787	127	(	(	PUNCT
cjfa-20693	787	128	1.3299	1.3299	NUM
cjfa-20693	787	129	)	)	PUNCT
cjfa-20693	787	130	soe	soe	PROPN
cjfa-20693	787	131	0.0020	0.0020	NUM
cjfa-20693	787	132	*	*	NUM
cjfa-20693	787	133	-0.0118	-0.0118	NOUN
cjfa-20693	787	134	*	*	PUNCT
cjfa-20693	787	135	*	*	PUNCT
cjfa-20693	787	136	*	*	PUNCT
cjfa-20693	787	137	-0.0003	-0.0003	X
cjfa-20693	787	138	(	(	PUNCT
cjfa-20693	787	139	1.9084	1.9084	NUM
cjfa-20693	787	140	)	)	PUNCT
cjfa-20693	787	141	(	(	PUNCT
cjfa-20693	787	142	-13.9548	-13.9548	NUM
cjfa-20693	787	143	)	)	PUNCT
cjfa-20693	787	144	(	(	PUNCT
cjfa-20693	787	145	-0.2885	-0.2885	NOUN
cjfa-20693	787	146	)	)	PUNCT
cjfa-20693	787	147	gem	gem	NOUN
cjfa-20693	787	148	0.0211	0.0211	NUM
cjfa-20693	787	149	*	*	PUNCT
cjfa-20693	787	150	*	*	PUNCT
cjfa-20693	787	151	*	*	X
cjfa-20693	787	152	0.0005	0.0005	NUM
cjfa-20693	787	153	0.0212	0.0212	NUM
cjfa-20693	787	154	*	*	PUNCT
cjfa-20693	787	155	*	*	PUNCT
cjfa-20693	787	156	*	*	PUNCT
cjfa-20693	787	157	(	(	PUNCT
cjfa-20693	787	158	15.5302	15.5302	NUM
cjfa-20693	787	159	)	)	PUNCT
cjfa-20693	787	160	(	(	PUNCT
cjfa-20693	787	161	0.4644	0.4644	NUM
cjfa-20693	787	162	)	)	PUNCT
cjfa-20693	787	163	(	(	PUNCT
cjfa-20693	787	164	15.7994	15.7994	NUM
cjfa-20693	787	165	)	)	PUNCT
cjfa-20693	787	166	constant	constant	ADJ
cjfa-20693	787	167	0.1442	0.1442	NUM
cjfa-20693	787	168	*	*	PUNCT
cjfa-20693	787	169	*	*	PUNCT
cjfa-20693	787	170	*	*	PUNCT
cjfa-20693	787	171	0.1184	0.1184	PUNCT
cjfa-20693	787	172	*	*	PUNCT
cjfa-20693	787	173	*	*	PUNCT
cjfa-20693	787	174	*	*	PUNCT
cjfa-20693	787	175	0.1669	0.1669	NUM
cjfa-20693	787	176	*	*	PUNCT
cjfa-20693	787	177	*	*	PUNCT
cjfa-20693	787	178	*	*	PUNCT
cjfa-20693	787	179	(	(	PUNCT
cjfa-20693	787	180	20.2600	20.2600	NUM
cjfa-20693	787	181	)	)	PUNCT
cjfa-20693	787	182	(	(	PUNCT
cjfa-20693	787	183	20.3408	20.3408	NUM
cjfa-20693	787	184	)	)	PUNCT
cjfa-20693	787	185	(	(	PUNCT
cjfa-20693	787	186	23.5409	23.5409	NUM
cjfa-20693	787	187	)	)	PUNCT
cjfa-20693	787	188	table	table	NOUN
cjfa-20693	787	189	11	11	NUM
cjfa-20693	787	190	.	.	PUNCT
cjfa-20693	788	1	the	the	DET
cjfa-20693	788	2	mediating	mediate	VERB
cjfa-20693	788	3	effect	effect	NOUN
cjfa-20693	788	4	…	…	PUNCT
cjfa-20693	788	5	can	can	AUX
cjfa-20693	788	6	mandatory	mandatory	ADJ
cjfa-20693	788	7	dividend	dividend	NOUN
cjfa-20693	788	8	policy	policy	NOUN
cjfa-20693	788	9	reduce	reduce	VERB
cjfa-20693	788	10	…	…	PUNCT
cjfa-20693	788	11	93	93	NUM
cjfa-20693	788	12	equation(1	equation(1	NOUN
cjfa-20693	788	13	)	)	PUNCT
cjfa-20693	788	14	equation(2	equation(2	NOUN
cjfa-20693	788	15	)	)	PUNCT
cjfa-20693	788	16	equation(3	equation(3	PROPN
cjfa-20693	788	17	)	)	PUNCT
cjfa-20693	789	1	variables	variable	VERB
cjfa-20693	789	2	agent	agent	NOUN
cjfa-20693	789	3	roa	roa	PROPN
cjfa-20693	789	4	agent	agent	NOUN
cjfa-20693	789	5	year	year	NOUN
cjfa-20693	789	6	industry	industry	NOUN
cjfa-20693	789	7	control	control	NOUN
cjfa-20693	789	8	control	control	PROPN
cjfa-20693	789	9	control	control	PROPN
cjfa-20693	789	10	control	control	PROPN
cjfa-20693	789	11	control	control	PROPN
cjfa-20693	789	12	control	control	PROPN
cjfa-20693	789	13	observations	observation	NOUN
cjfa-20693	789	14	22,799	22,799	NUM
cjfa-20693	789	15	22,799	22,799	NUM
cjfa-20693	789	16	22,799	22,799	NUM
cjfa-20693	789	17	r	r	NOUN
cjfa-20693	789	18	-	-	PUNCT
cjfa-20693	789	19	squared	square	VERB
cjfa-20693	789	20	0.2728	0.2728	NUM
cjfa-20693	789	21	0.4202	0.4202	NOUN
cjfa-20693	789	22	0.2908	0.2908	NUM
cjfa-20693	789	23	f	f	NOUN
cjfa-20693	789	24	213.4	213.4	NUM
cjfa-20693	789	25	412.3	412.3	NUM
cjfa-20693	789	26	227.6	227.6	NUM
cjfa-20693	789	27	note	note	NOUN
cjfa-20693	789	28	:	:	PUNCT
cjfa-20693	789	29	standard	standard	ADJ
cjfa-20693	789	30	errors	error	NOUN
cjfa-20693	789	31	in	in	ADP
cjfa-20693	789	32	parentheses	parenthesis	NOUN
cjfa-20693	789	33	.	.	PUNCT
cjfa-20693	790	1	*	*	PUNCT
cjfa-20693	790	2	*	*	PUNCT
cjfa-20693	790	3	*	*	PUNCT
cjfa-20693	790	4	p<0.01	p<0.01	PROPN
cjfa-20693	790	5	,	,	PUNCT
cjfa-20693	790	6	*	*	PUNCT
cjfa-20693	790	7	*	*	PUNCT
cjfa-20693	790	8	p<0.05	p<0.05	NOUN
cjfa-20693	790	9	,	,	PUNCT
cjfa-20693	790	10	*	*	PUNCT
cjfa-20693	790	11	p<0.1	p<0.1	X
cjfa-20693	790	12	.	.	PUNCT
cjfa-20693	790	13	s	s	PART
cjfa-20693	790	14	o	o	X
cjfa-20693	790	15	u	u	NOUN
cjfa-20693	790	16	r	r	NOUN
cjfa-20693	790	17	c	c	NOUN
cjfa-20693	790	18	e	e	NOUN
cjfa-20693	790	19	:	:	PUNCT
cjfa-20693	790	20	author	author	PROPN
cjfa-20693	790	21	’s	’s	PART
cjfa-20693	790	22	regression	regression	NOUN
cjfa-20693	790	23	based	base	VERB
cjfa-20693	790	24	upon	upon	SCONJ
cjfa-20693	790	25	the	the	DET
cjfa-20693	790	26	great	great	ADJ
cjfa-20693	790	27	intelligence	intelligence	NOUN
cjfa-20693	790	28	database	database	NOUN
cjfa-20693	790	29	in	in	ADP
cjfa-20693	790	30	china	china	PROPN
cjfa-20693	790	31	,	,	PUNCT
cjfa-20693	790	32	using	use	VERB
cjfa-20693	790	33	stata	stata	NOUN
cjfa-20693	790	34	14.0	14.0	NUM
cjfa-20693	790	35	.	.	PUNCT
cjfa-20693	791	1	5	5	NUM
cjfa-20693	791	2	.	.	X
cjfa-20693	791	3	robustness	robustness	NOUN
cjfa-20693	791	4	test	test	NOUN
cjfa-20693	791	5	(	(	PUNCT
cjfa-20693	791	6	1	1	X
cjfa-20693	791	7	)	)	PUNCT
cjfa-20693	791	8	using	use	VERB
cjfa-20693	791	9	lag	lag	NOUN
cjfa-20693	791	10	variables	variable	NOUN
cjfa-20693	791	11	in	in	ADP
cjfa-20693	791	12	order	order	NOUN
cjfa-20693	791	13	to	to	PART
cjfa-20693	791	14	test	test	VERB
cjfa-20693	791	15	the	the	DET
cjfa-20693	791	16	robustness	robustness	NOUN
cjfa-20693	791	17	of	of	ADP
cjfa-20693	791	18	the	the	DET
cjfa-20693	791	19	conclusion	conclusion	NOUN
cjfa-20693	791	20	,	,	PUNCT
cjfa-20693	791	21	the	the	DET
cjfa-20693	791	22	least	least	ADJ
cjfa-20693	791	23	square	square	ADJ
cjfa-20693	791	24	regression	regression	NOUN
cjfa-20693	791	25	method	method	NOUN
cjfa-20693	791	26	is	be	AUX
cjfa-20693	791	27	used	use	VERB
cjfa-20693	791	28	to	to	PART
cjfa-20693	791	29	overcome	overcome	VERB
cjfa-20693	791	30	the	the	DET
cjfa-20693	791	31	endogenous	endogenous	ADJ
cjfa-20693	791	32	problem	problem	NOUN
cjfa-20693	791	33	in	in	ADP
cjfa-20693	791	34	the	the	DET
cjfa-20693	791	35	experimental	experimental	ADJ
cjfa-20693	791	36	group	group	NOUN
cjfa-20693	791	37	and	and	CCONJ
cjfa-20693	791	38	the	the	DET
cjfa-20693	791	39	control	control	NOUN
cjfa-20693	791	40	group	group	NOUN
cjfa-20693	791	41	by	by	ADP
cjfa-20693	791	42	using	use	VERB
cjfa-20693	791	43	the	the	DET
cjfa-20693	791	44	control	control	NOUN
cjfa-20693	791	45	variable	variable	NOUN
cjfa-20693	791	46	with	with	ADP
cjfa-20693	791	47	one	one	NUM
cjfa-20693	791	48	lag	lag	NOUN
cjfa-20693	791	49	period	period	NOUN
cjfa-20693	791	50	.	.	PUNCT
cjfa-20693	792	1	as	as	SCONJ
cjfa-20693	792	2	shown	show	VERB
cjfa-20693	792	3	in	in	ADP
cjfa-20693	792	4	table	table	NOUN
cjfa-20693	792	5	12	12	NUM
cjfa-20693	792	6	,	,	PUNCT
cjfa-20693	792	7	the	the	DET
cjfa-20693	792	8	regression	regression	NOUN
cjfa-20693	792	9	results	result	NOUN
cjfa-20693	792	10	of	of	ADP
cjfa-20693	792	11	column	column	NOUN
cjfa-20693	792	12	(	(	PUNCT
cjfa-20693	792	13	1	1	NUM
cjfa-20693	792	14	)	)	PUNCT
cjfa-20693	792	15	and	and	CCONJ
cjfa-20693	792	16	column	column	NOUN
cjfa-20693	792	17	(	(	PUNCT
cjfa-20693	792	18	2	2	X
cjfa-20693	792	19	)	)	PUNCT
cjfa-20693	792	20	show	show	VERB
cjfa-20693	792	21	that	that	SCONJ
cjfa-20693	792	22	the	the	DET
cjfa-20693	792	23	coefficient	coefficient	NOUN
cjfa-20693	792	24	of	of	ADP
cjfa-20693	792	25	law	law	NOUN
cjfa-20693	792	26	*	*	PUNCT
cjfa-20693	792	27	treatment	treatment	NOUN
cjfa-20693	792	28	is	be	AUX
cjfa-20693	792	29	significantly	significantly	ADV
cjfa-20693	792	30	positive	positive	ADJ
cjfa-20693	792	31	at	at	ADP
cjfa-20693	792	32	1	1	NUM
cjfa-20693	792	33	%	%	NOUN
cjfa-20693	792	34	significance	significance	NOUN
cjfa-20693	792	35	level	level	NOUN
cjfa-20693	792	36	,	,	PUNCT
cjfa-20693	792	37	which	which	PRON
cjfa-20693	792	38	is	be	AUX
cjfa-20693	792	39	consistent	consistent	ADJ
cjfa-20693	792	40	with	with	ADP
cjfa-20693	792	41	the	the	DET
cjfa-20693	792	42	above	above	ADJ
cjfa-20693	792	43	conclusions	conclusion	NOUN
cjfa-20693	792	44	.	.	PUNCT
cjfa-20693	793	1	moreover	moreover	ADV
cjfa-20693	793	2	,	,	PUNCT
cjfa-20693	793	3	because	because	SCONJ
cjfa-20693	793	4	the	the	DET
cjfa-20693	793	5	data	data	NOUN
cjfa-20693	793	6	span	span	NOUN
cjfa-20693	793	7	chosen	choose	VERB
cjfa-20693	793	8	in	in	ADP
cjfa-20693	793	9	this	this	DET
cjfa-20693	793	10	paper	paper	NOUN
cjfa-20693	793	11	is	be	AUX
cjfa-20693	793	12	from	from	ADP
cjfa-20693	793	13	2007	2007	NUM
cjfa-20693	793	14	to	to	ADP
cjfa-20693	793	15	2017	2017	NUM
cjfa-20693	793	16	,	,	PUNCT
cjfa-20693	793	17	and	and	CCONJ
cjfa-20693	793	18	the	the	DET
cjfa-20693	793	19	data	data	NOUN
cjfa-20693	793	20	span	span	NOUN
cjfa-20693	793	21	is	be	AUX
cjfa-20693	793	22	large	large	ADJ
cjfa-20693	793	23	,	,	PUNCT
cjfa-20693	793	24	there	there	PRON
cjfa-20693	793	25	may	may	AUX
cjfa-20693	793	26	be	be	AUX
cjfa-20693	793	27	missing	miss	VERB
cjfa-20693	793	28	agency	agency	NOUN
cjfa-20693	793	29	cost	cost	NOUN
cjfa-20693	793	30	data	datum	NOUN
cjfa-20693	793	31	.	.	PUNCT
cjfa-20693	794	1	therefore	therefore	ADV
cjfa-20693	794	2	,	,	PUNCT
cjfa-20693	794	3	this	this	DET
cjfa-20693	794	4	paper	paper	NOUN
cjfa-20693	794	5	chooses	choose	VERB
cjfa-20693	794	6	deleted	delete	VERB
cjfa-20693	794	7	data	datum	NOUN
cjfa-20693	794	8	model	model	NOUN
cjfa-20693	794	9	and	and	CCONJ
cjfa-20693	794	10	uses	use	VERB
cjfa-20693	794	11	control	control	NOUN
cjfa-20693	794	12	variables	variable	NOUN
cjfa-20693	794	13	with	with	ADP
cjfa-20693	794	14	a	a	DET
cjfa-20693	794	15	lag	lag	NOUN
cjfa-20693	794	16	of	of	ADP
cjfa-20693	794	17	one	one	NUM
cjfa-20693	794	18	period	period	NOUN
cjfa-20693	794	19	to	to	PART
cjfa-20693	794	20	carry	carry	VERB
cjfa-20693	794	21	out	out	ADP
cjfa-20693	794	22	tobit	tobit	NOUN
cjfa-20693	794	23	regression	regression	NOUN
cjfa-20693	794	24	between	between	ADP
cjfa-20693	794	25	the	the	DET
cjfa-20693	794	26	experimental	experimental	ADJ
cjfa-20693	794	27	group	group	NOUN
cjfa-20693	794	28	and	and	CCONJ
cjfa-20693	794	29	the	the	DET
cjfa-20693	794	30	control	control	NOUN
cjfa-20693	794	31	group	group	NOUN
cjfa-20693	794	32	.	.	PUNCT
cjfa-20693	795	1	specific	specific	ADJ
cjfa-20693	795	2	results	result	NOUN
cjfa-20693	795	3	,	,	PUNCT
cjfa-20693	795	4	such	such	ADJ
cjfa-20693	795	5	as	as	ADP
cjfa-20693	795	6	column	column	NOUN
cjfa-20693	795	7	11	11	NUM
cjfa-20693	795	8	(	(	PUNCT
cjfa-20693	795	9	3	3	NUM
cjfa-20693	795	10	)	)	PUNCT
cjfa-20693	795	11	and	and	CCONJ
cjfa-20693	795	12	column	column	NOUN
cjfa-20693	795	13	4	4	NUM
cjfa-20693	795	14	(	(	PUNCT
cjfa-20693	795	15	)	)	PUNCT
cjfa-20693	795	16	,	,	PUNCT
cjfa-20693	795	17	show	show	VERB
cjfa-20693	795	18	that	that	SCONJ
cjfa-20693	795	19	the	the	DET
cjfa-20693	795	20	coefficient	coefficient	NOUN
cjfa-20693	795	21	of	of	ADP
cjfa-20693	795	22	law	law	NOUN
cjfa-20693	795	23	*	*	PUNCT
cjfa-20693	795	24	treatment	treatment	NOUN
cjfa-20693	795	25	is	be	AUX
cjfa-20693	795	26	significantly	significantly	ADV
cjfa-20693	795	27	positive	positive	ADJ
cjfa-20693	795	28	at	at	ADP
cjfa-20693	795	29	the	the	DET
cjfa-20693	795	30	1	1	NUM
cjfa-20693	795	31	%	%	NOUN
cjfa-20693	795	32	significance	significance	NOUN
cjfa-20693	795	33	level	level	NOUN
cjfa-20693	795	34	,	,	PUNCT
cjfa-20693	795	35	which	which	PRON
cjfa-20693	795	36	is	be	AUX
cjfa-20693	795	37	consistent	consistent	ADJ
cjfa-20693	795	38	with	with	ADP
cjfa-20693	795	39	the	the	DET
cjfa-20693	795	40	above	above	ADJ
cjfa-20693	795	41	conclusions	conclusion	NOUN
cjfa-20693	795	42	.	.	PUNCT
cjfa-20693	796	1	therefore	therefore	ADV
cjfa-20693	796	2	,	,	PUNCT
cjfa-20693	796	3	the	the	DET
cjfa-20693	796	4	conclusion	conclusion	NOUN
cjfa-20693	796	5	of	of	ADP
cjfa-20693	796	6	this	this	DET
cjfa-20693	796	7	paper	paper	NOUN
cjfa-20693	796	8	passes	pass	VERB
cjfa-20693	796	9	the	the	DET
cjfa-20693	796	10	robustness	robustness	NOUN
cjfa-20693	796	11	test	test	NOUN
cjfa-20693	796	12	.	.	PUNCT
cjfa-20693	797	1	table	table	NOUN
cjfa-20693	797	2	11	11	NUM
cjfa-20693	797	3	.	.	PUNCT
cjfa-20693	798	1	the	the	DET
cjfa-20693	798	2	mediating	mediate	VERB
cjfa-20693	798	3	effect	effect	NOUN
cjfa-20693	798	4	…	…	PUNCT
cjfa-20693	798	5	qin	qin	PROPN
cjfa-20693	798	6	hailin	hailin	PROPN
cjfa-20693	798	7	,	,	PUNCT
cjfa-20693	798	8	zhang	zhang	PROPN
cjfa-20693	798	9	jingxu94	jingxu94	PROPN
cjfa-20693	798	10	table	table	VERB
cjfa-20693	798	11	12	12	NUM
cjfa-20693	798	12	.	.	PUNCT
cjfa-20693	799	1	robustness	robustness	NOUN
cjfa-20693	799	2	test	test	NOUN
cjfa-20693	799	3	equation(2	equation(2	NOUN
cjfa-20693	799	4	)	)	PUNCT
cjfa-20693	799	5	equation(4	equation(4	PROPN
cjfa-20693	799	6	)	)	PUNCT
cjfa-20693	799	7	method	method	NOUN
cjfa-20693	799	8	ols	ols	PROPN
cjfa-20693	799	9	tobit	tobit	NOUN
cjfa-20693	799	10	law*treat	law*treat	ADJ
cjfa-20693	799	11	-0.0083	-0.0083	NOUN
cjfa-20693	799	12	*	*	PUNCT
cjfa-20693	799	13	*	*	PUNCT
cjfa-20693	799	14	*	*	PUNCT
cjfa-20693	799	15	-0.0077	-0.0077	PROPN
cjfa-20693	799	16	*	*	PUNCT
cjfa-20693	799	17	*	*	PUNCT
cjfa-20693	799	18	*	*	PUNCT
cjfa-20693	799	19	(	(	PUNCT
cjfa-20693	799	20	-2.7534	-2.7534	NOUN
cjfa-20693	799	21	)	)	PUNCT
cjfa-20693	799	22	(	(	PUNCT
cjfa-20693	799	23	-2.8779	-2.8779	X
cjfa-20693	799	24	)	)	PUNCT
cjfa-20693	799	25	treat	treat	VERB
cjfa-20693	799	26	0.0165	0.0165	NUM
cjfa-20693	799	27	*	*	PUNCT
cjfa-20693	799	28	*	*	PUNCT
cjfa-20693	799	29	*	*	PUNCT
cjfa-20693	799	30	0.0160	0.0160	NUM
cjfa-20693	799	31	*	*	PROPN
cjfa-20693	799	32	*	*	PUNCT
cjfa-20693	799	33	*	*	PUNCT
cjfa-20693	799	34	(	(	PUNCT
cjfa-20693	799	35	6.4080	6.4080	NUM
cjfa-20693	799	36	)	)	PUNCT
cjfa-20693	799	37	(	(	PUNCT
cjfa-20693	799	38	6.7749	6.7749	NUM
cjfa-20693	799	39	)	)	PUNCT
cjfa-20693	799	40	law	law	NOUN
cjfa-20693	799	41	0.0045	0.0045	NUM
cjfa-20693	799	42	*	*	SYM
cjfa-20693	799	43	0.0030	0.0030	NUM
cjfa-20693	799	44	(	(	PUNCT
cjfa-20693	799	45	1.8292	1.8292	NUM
cjfa-20693	799	46	)	)	PUNCT
cjfa-20693	799	47	(	(	PUNCT
cjfa-20693	799	48	1.2130	1.2130	NUM
cjfa-20693	799	49	)	)	PUNCT
cjfa-20693	799	50	l.roe	l.roe	PROPN
cjfa-20693	799	51	-0.0345	-0.0345	PUNCT
cjfa-20693	800	1	*	*	PUNCT
cjfa-20693	800	2	*	*	PUNCT
cjfa-20693	800	3	*	*	NOUN
cjfa-20693	800	4	-0.0342	-0.0342	PROPN
cjfa-20693	800	5	*	*	PUNCT
cjfa-20693	800	6	*	*	PUNCT
cjfa-20693	800	7	*	*	PUNCT
cjfa-20693	800	8	(	(	PUNCT
cjfa-20693	800	9	-5.6744	-5.6744	NOUN
cjfa-20693	800	10	)	)	PUNCT
cjfa-20693	800	11	(	(	PUNCT
cjfa-20693	800	12	-9.5891	-9.5891	X
cjfa-20693	800	13	)	)	PUNCT
cjfa-20693	800	14	l.lev	l.lev	PROPN
cjfa-20693	800	15	-0.0948	-0.0948	NOUN
cjfa-20693	800	16	*	*	PUNCT
cjfa-20693	801	1	*	*	PUNCT
cjfa-20693	801	2	*	*	NOUN
cjfa-20693	801	3	-0.0951	-0.0951	ADJ
cjfa-20693	801	4	*	*	PUNCT
cjfa-20693	801	5	*	*	PUNCT
cjfa-20693	801	6	*	*	PUNCT
cjfa-20693	801	7	(	(	PUNCT
cjfa-20693	801	8	-27.6810	-27.6810	NOUN
cjfa-20693	801	9	)	)	PUNCT
cjfa-20693	801	10	(	(	PUNCT
cjfa-20693	801	11	-31.9557	-31.9557	X
cjfa-20693	801	12	)	)	PUNCT
cjfa-20693	801	13	l.sh1	l.sh1	NOUN
cjfa-20693	801	14	-0.0432	-0.0432	NOUN
cjfa-20693	801	15	*	*	PUNCT
cjfa-20693	801	16	*	*	PUNCT
cjfa-20693	801	17	*	*	PUNCT
cjfa-20693	801	18	-0.0430	-0.0430	VERB
cjfa-20693	802	1	*	*	PUNCT
cjfa-20693	802	2	*	*	PUNCT
cjfa-20693	802	3	*	*	PUNCT
cjfa-20693	802	4	(	(	PUNCT
cjfa-20693	802	5	-13.5270	-13.5270	INTJ
cjfa-20693	802	6	)	)	PUNCT
cjfa-20693	802	7	(	(	PUNCT
cjfa-20693	802	8	-13.0720	-13.0720	X
cjfa-20693	802	9	)	)	PUNCT
cjfa-20693	802	10	l.bps	l.bps	PROPN
cjfa-20693	802	11	-0.0022	-0.0022	NOUN
cjfa-20693	802	12	*	*	PUNCT
cjfa-20693	802	13	*	*	PUNCT
cjfa-20693	802	14	*	*	PUNCT
cjfa-20693	802	15	-0.0022	-0.0022	NOUN
cjfa-20693	802	16	*	*	PUNCT
cjfa-20693	802	17	*	*	PUNCT
cjfa-20693	802	18	*	*	PUNCT
cjfa-20693	802	19	(	(	PUNCT
cjfa-20693	802	20	-7.8117	-7.8117	ADJ
cjfa-20693	802	21	)	)	PUNCT
cjfa-20693	802	22	(	(	PUNCT
cjfa-20693	802	23	-8.1324	-8.1324	NOUN
cjfa-20693	802	24	)	)	PUNCT
cjfa-20693	802	25	l.capex	l.capex	NOUN
cjfa-20693	803	1	0.0019	0.0019	NUM
cjfa-20693	803	2	0.0017	0.0017	NUM
cjfa-20693	803	3	(	(	PUNCT
cjfa-20693	803	4	0.2090	0.2090	NUM
cjfa-20693	803	5	)	)	PUNCT
cjfa-20693	803	6	(	(	PUNCT
cjfa-20693	803	7	0.1823	0.1823	NUM
cjfa-20693	803	8	)	)	PUNCT
cjfa-20693	803	9	l.mglcsy	l.mglcsy	ADV
cjfa-20693	803	10	-0.0010	-0.0010	NOUN
cjfa-20693	803	11	*	*	SYM
cjfa-20693	803	12	-0.0012	-0.0012	NOUN
cjfa-20693	803	13	*	*	PUNCT
cjfa-20693	803	14	*	*	PUNCT
cjfa-20693	803	15	(	(	PUNCT
cjfa-20693	803	16	-1.8598	-1.8598	NOUN
cjfa-20693	803	17	)	)	PUNCT
cjfa-20693	803	18	(	(	PUNCT
cjfa-20693	803	19	-2.5081	-2.5081	NOUN
cjfa-20693	803	20	)	)	PUNCT
cjfa-20693	803	21	l.cash	l.cash	ADP
cjfa-20693	803	22	0.0281	0.0281	NUM
cjfa-20693	803	23	*	*	PUNCT
cjfa-20693	803	24	*	*	PUNCT
cjfa-20693	803	25	*	*	PUNCT
cjfa-20693	803	26	0.0280	0.0280	NUM
cjfa-20693	803	27	*	*	PUNCT
cjfa-20693	803	28	*	*	PUNCT
cjfa-20693	803	29	*	*	PUNCT
cjfa-20693	803	30	(	(	PUNCT
cjfa-20693	803	31	5.7413	5.7413	NUM
cjfa-20693	803	32	)	)	PUNCT
cjfa-20693	803	33	(	(	PUNCT
cjfa-20693	803	34	6.9551	6.9551	NUM
cjfa-20693	803	35	)	)	PUNCT
cjfa-20693	803	36	l.firmage	l.firmage	VERB
cjfa-20693	803	37	0.0045	0.0045	NUM
cjfa-20693	803	38	*	*	NOUN
cjfa-20693	803	39	*	*	PUNCT
cjfa-20693	803	40	0.0042	0.0042	NUM
cjfa-20693	803	41	*	*	PUNCT
cjfa-20693	803	42	(	(	PUNCT
cjfa-20693	803	43	1.9704	1.9704	NUM
cjfa-20693	803	44	)	)	PUNCT
cjfa-20693	803	45	(	(	PUNCT
cjfa-20693	803	46	1.9528	1.9528	NUM
cjfa-20693	803	47	)	)	PUNCT
cjfa-20693	803	48	soe	soe	PROPN
cjfa-20693	803	49	0.0005	0.0005	NUM
cjfa-20693	803	50	0.0005	0.0005	NUM
cjfa-20693	803	51	(	(	PUNCT
cjfa-20693	803	52	0.4958	0.4958	NUM
cjfa-20693	803	53	)	)	PUNCT
cjfa-20693	803	54	(	(	PUNCT
cjfa-20693	803	55	0.3967	0.3967	NUM
cjfa-20693	803	56	)	)	PUNCT
cjfa-20693	803	57	gem	gem	NOUN
cjfa-20693	803	58	0.0193	0.0193	NUM
cjfa-20693	803	59	*	*	PUNCT
cjfa-20693	803	60	*	*	PUNCT
cjfa-20693	803	61	*	*	PUNCT
cjfa-20693	803	62	0.0193	0.0193	NUM
cjfa-20693	803	63	*	*	PUNCT
cjfa-20693	803	64	*	*	PUNCT
cjfa-20693	803	65	*	*	PUNCT
cjfa-20693	803	66	(	(	PUNCT
cjfa-20693	803	67	10.5119	10.5119	NUM
cjfa-20693	803	68	)	)	PUNCT
cjfa-20693	803	69	(	(	PUNCT
cjfa-20693	803	70	12.2623	12.2623	NUM
cjfa-20693	803	71	)	)	PUNCT
cjfa-20693	803	72	dual	dual	ADJ
cjfa-20693	803	73	0.0099	0.0099	NUM
cjfa-20693	803	74	*	*	PUNCT
cjfa-20693	803	75	*	*	PUNCT
cjfa-20693	803	76	*	*	PUNCT
cjfa-20693	803	77	0.0099	0.0099	NUM
cjfa-20693	803	78	*	*	PUNCT
cjfa-20693	803	79	*	*	PUNCT
cjfa-20693	803	80	*	*	PUNCT
cjfa-20693	803	81	(	(	PUNCT
cjfa-20693	803	82	7.6190	7.6190	NUM
cjfa-20693	803	83	)	)	PUNCT
cjfa-20693	803	84	(	(	PUNCT
cjfa-20693	803	85	8.2567	8.2567	NUM
cjfa-20693	803	86	)	)	PUNCT
cjfa-20693	803	87	can	can	AUX
cjfa-20693	803	88	mandatory	mandatory	ADJ
cjfa-20693	803	89	dividend	dividend	NOUN
cjfa-20693	803	90	policy	policy	NOUN
cjfa-20693	803	91	reduce	reduce	VERB
cjfa-20693	803	92	…	…	PUNCT
cjfa-20693	803	93	95	95	NUM
cjfa-20693	803	94	equation(2	equation(2	NOUN
cjfa-20693	803	95	)	)	PUNCT
cjfa-20693	803	96	equation(4	equation(4	PROPN
cjfa-20693	803	97	)	)	PUNCT
cjfa-20693	803	98	constant	constant	ADJ
cjfa-20693	803	99	0.1450	0.1450	NUM
cjfa-20693	803	100	*	*	PUNCT
cjfa-20693	803	101	*	*	PUNCT
cjfa-20693	803	102	*	*	PUNCT
cjfa-20693	803	103	0.1460	0.1460	PUNCT
cjfa-20693	803	104	*	*	PUNCT
cjfa-20693	803	105	*	*	PUNCT
cjfa-20693	803	106	*	*	PUNCT
cjfa-20693	803	107	(	(	PUNCT
cjfa-20693	803	108	16.8972	16.8972	NUM
cjfa-20693	803	109	)	)	PUNCT
cjfa-20693	803	110	(	(	PUNCT
cjfa-20693	803	111	18.0257	18.0257	NUM
cjfa-20693	803	112	)	)	PUNCT
cjfa-20693	803	113	industry	industry	NOUN
cjfa-20693	803	114	year	year	NOUN
cjfa-20693	803	115	control	control	PROPN
cjfa-20693	803	116	control	control	PROPN
cjfa-20693	803	117	control	control	PROPN
cjfa-20693	803	118	control	control	PROPN
cjfa-20693	803	119	observa	observa	PROPN
cjfa-20693	803	120	19,615	19,615	NUM
cjfa-20693	803	121	19,615	19,615	NUM
cjfa-20693	803	122	f/	f/	ADJ
cjfa-20693	803	123	chi2	chi2	NOUN
cjfa-20693	803	124	131.7	131.7	NUM
cjfa-20693	803	125	6080	6080	NUM
cjfa-20693	803	126	note	note	NOUN
cjfa-20693	803	127	:	:	PUNCT
cjfa-20693	803	128	standard	standard	ADJ
cjfa-20693	803	129	errors	error	NOUN
cjfa-20693	803	130	in	in	ADP
cjfa-20693	803	131	parentheses	parenthesis	NOUN
cjfa-20693	803	132	.	.	PUNCT
cjfa-20693	804	1	*	*	PUNCT
cjfa-20693	804	2	*	*	PUNCT
cjfa-20693	804	3	*	*	PUNCT
cjfa-20693	804	4	p<0.01	p<0.01	PROPN
cjfa-20693	804	5	,	,	PUNCT
cjfa-20693	804	6	*	*	PUNCT
cjfa-20693	804	7	*	*	PUNCT
cjfa-20693	804	8	p<0.05	p<0.05	NOUN
cjfa-20693	804	9	,	,	PUNCT
cjfa-20693	804	10	*	*	PUNCT
cjfa-20693	804	11	p<0.1	p<0.1	X
cjfa-20693	804	12	.	.	PUNCT
cjfa-20693	804	13	s	s	PART
cjfa-20693	804	14	o	o	X
cjfa-20693	804	15	u	u	NOUN
cjfa-20693	804	16	r	r	NOUN
cjfa-20693	804	17	c	c	NOUN
cjfa-20693	804	18	e	e	NOUN
cjfa-20693	804	19	:	:	PUNCT
cjfa-20693	804	20	author	author	PROPN
cjfa-20693	804	21	’s	’s	PART
cjfa-20693	804	22	regression	regression	NOUN
cjfa-20693	804	23	based	base	VERB
cjfa-20693	804	24	upon	upon	SCONJ
cjfa-20693	804	25	the	the	DET
cjfa-20693	804	26	great	great	ADJ
cjfa-20693	804	27	intelligence	intelligence	NOUN
cjfa-20693	804	28	database	database	NOUN
cjfa-20693	804	29	in	in	ADP
cjfa-20693	804	30	china	china	PROPN
cjfa-20693	804	31	,	,	PUNCT
cjfa-20693	804	32	using	use	VERB
cjfa-20693	804	33	stata	stata	NOUN
cjfa-20693	804	34	14.0	14.0	NUM
cjfa-20693	804	35	.	.	PUNCT
cjfa-20693	805	1	(	(	PUNCT
cjfa-20693	805	2	2	2	X
cjfa-20693	805	3	)	)	PUNCT
cjfa-20693	805	4	eliminate	eliminate	VERB
cjfa-20693	805	5	the	the	DET
cjfa-20693	805	6	impact	impact	NOUN
cjfa-20693	805	7	of	of	ADP
cjfa-20693	805	8	the	the	DET
cjfa-20693	805	9	financial	financial	ADJ
cjfa-20693	805	10	crisis	crisis	NOUN
cjfa-20693	805	11	the	the	DET
cjfa-20693	805	12	subprime	subprime	ADJ
cjfa-20693	805	13	mortgage	mortgage	NOUN
cjfa-20693	805	14	crisis	crisis	NOUN
cjfa-20693	805	15	,	,	PUNCT
cjfa-20693	805	16	which	which	PRON
cjfa-20693	805	17	began	begin	VERB
cjfa-20693	805	18	in	in	ADP
cjfa-20693	805	19	2007	2007	NUM
cjfa-20693	805	20	,	,	PUNCT
cjfa-20693	805	21	will	will	AUX
cjfa-20693	805	22	inevitably	inevitably	ADV
cjfa-20693	805	23	have	have	VERB
cjfa-20693	805	24	an	an	DET
cjfa-20693	805	25	impact	impact	NOUN
cjfa-20693	805	26	on	on	ADP
cjfa-20693	805	27	the	the	DET
cjfa-20693	805	28	operation	operation	NOUN
cjfa-20693	805	29	of	of	ADP
cjfa-20693	805	30	listed	list	VERB
cjfa-20693	805	31	companies	company	NOUN
cjfa-20693	805	32	in	in	ADP
cjfa-20693	805	33	china	china	PROPN
cjfa-20693	805	34	.	.	PUNCT
cjfa-20693	806	1	however	however	ADV
cjfa-20693	806	2	,	,	PUNCT
cjfa-20693	806	3	the	the	DET
cjfa-20693	806	4	financial	financial	ADJ
cjfa-20693	806	5	crisis	crisis	NOUN
cjfa-20693	806	6	will	will	AUX
cjfa-20693	806	7	not	not	PART
cjfa-20693	806	8	only	only	ADV
cjfa-20693	806	9	affect	affect	VERB
cjfa-20693	806	10	listed	list	VERB
cjfa-20693	806	11	companies	company	NOUN
cjfa-20693	806	12	,	,	PUNCT
cjfa-20693	806	13	but	but	CCONJ
cjfa-20693	806	14	also	also	ADV
cjfa-20693	806	15	fluctuate	fluctuate	NOUN
cjfa-20693	806	16	investors	investor	NOUN
cjfa-20693	806	17	’	’	PART
cjfa-20693	806	18	investment	investment	NOUN
cjfa-20693	806	19	confidence	confidence	NOUN
cjfa-20693	806	20	.	.	PUNCT
cjfa-20693	807	1	furthermore	furthermore	ADV
cjfa-20693	807	2	,	,	PUNCT
cjfa-20693	807	3	investor	investor	NOUN
cjfa-20693	807	4	panic	panic	NOUN
cjfa-20693	807	5	will	will	AUX
cjfa-20693	807	6	reduce	reduce	VERB
cjfa-20693	807	7	investors	investor	NOUN
cjfa-20693	807	8	’	’	PART
cjfa-20693	807	9	valuation	valuation	NOUN
cjfa-20693	807	10	of	of	ADP
cjfa-20693	807	11	listed	list	VERB
cjfa-20693	807	12	companies	company	NOUN
cjfa-20693	807	13	,	,	PUNCT
cjfa-20693	807	14	so	so	SCONJ
cjfa-20693	807	15	the	the	DET
cjfa-20693	807	16	investment	investment	NOUN
cjfa-20693	807	17	and	and	CCONJ
cjfa-20693	807	18	financing	financing	NOUN
cjfa-20693	807	19	of	of	ADP
cjfa-20693	807	20	listed	list	VERB
cjfa-20693	807	21	companies	company	NOUN
cjfa-20693	807	22	will	will	AUX
cjfa-20693	807	23	be	be	AUX
cjfa-20693	807	24	involved	involve	VERB
cjfa-20693	807	25	,	,	PUNCT
cjfa-20693	807	26	which	which	PRON
cjfa-20693	807	27	will	will	AUX
cjfa-20693	807	28	also	also	ADV
cjfa-20693	807	29	lead	lead	VERB
cjfa-20693	807	30	to	to	ADP
cjfa-20693	807	31	changes	change	NOUN
cjfa-20693	807	32	in	in	ADP
cjfa-20693	807	33	the	the	DET
cjfa-20693	807	34	dividend	dividend	NOUN
cjfa-20693	807	35	-	-	PUNCT
cjfa-20693	807	36	sharing	share	VERB
cjfa-20693	807	37	strategy	strategy	NOUN
cjfa-20693	807	38	of	of	ADP
cjfa-20693	807	39	enterprises	enterprise	NOUN
cjfa-20693	807	40	.	.	PUNCT
cjfa-20693	808	1	therefore	therefore	ADV
cjfa-20693	808	2	,	,	PUNCT
cjfa-20693	808	3	in	in	ADP
cjfa-20693	808	4	order	order	NOUN
cjfa-20693	808	5	to	to	PART
cjfa-20693	808	6	eliminate	eliminate	VERB
cjfa-20693	808	7	the	the	DET
cjfa-20693	808	8	impact	impact	NOUN
cjfa-20693	808	9	of	of	ADP
cjfa-20693	808	10	the	the	DET
cjfa-20693	808	11	financial	financial	ADJ
cjfa-20693	808	12	crisis	crisis	NOUN
cjfa-20693	808	13	on	on	ADP
cjfa-20693	808	14	the	the	DET
cjfa-20693	808	15	conclusions	conclusion	NOUN
cjfa-20693	808	16	of	of	ADP
cjfa-20693	808	17	this	this	DET
cjfa-20693	808	18	study	study	NOUN
cjfa-20693	808	19	,	,	PUNCT
cjfa-20693	808	20	the	the	DET
cjfa-20693	808	21	data	datum	NOUN
cjfa-20693	808	22	of	of	ADP
cjfa-20693	808	23	2008	2008	NUM
cjfa-20693	808	24	and	and	CCONJ
cjfa-20693	808	25	2009	2009	NUM
cjfa-20693	808	26	are	be	AUX
cjfa-20693	808	27	excluded	exclude	VERB
cjfa-20693	808	28	and	and	CCONJ
cjfa-20693	808	29	regressed	regress	VERB
cjfa-20693	808	30	,	,	PUNCT
cjfa-20693	808	31	and	and	CCONJ
cjfa-20693	808	32	the	the	DET
cjfa-20693	808	33	grouping	grouping	NOUN
cjfa-20693	808	34	of	of	ADP
cjfa-20693	808	35	the	the	DET
cjfa-20693	808	36	two	two	NUM
cjfa-20693	808	37	-	-	PUNCT
cjfa-20693	808	38	year	year	NOUN
cjfa-20693	808	39	samples	sample	NOUN
cjfa-20693	808	40	is	be	AUX
cjfa-20693	808	41	excluded	exclude	VERB
cjfa-20693	808	42	as	as	SCONJ
cjfa-20693	808	43	shown	show	VERB
cjfa-20693	808	44	in	in	ADP
cjfa-20693	808	45	table	table	NOUN
cjfa-20693	808	46	13	13	NUM
cjfa-20693	808	47	.	.	PUNCT
cjfa-20693	808	48	table	table	NOUN
cjfa-20693	808	49	13	13	NUM
cjfa-20693	808	50	.	.	PUNCT
cjfa-20693	809	1	did	do	VERB
cjfa-20693	809	2	subgroup	subgroup	NOUN
cjfa-20693	809	3	before	before	ADP
cjfa-20693	809	4	policy	policy	NOUN
cjfa-20693	809	5	after	after	ADP
cjfa-20693	809	6	policy	policy	NOUN
cjfa-20693	809	7	total	total	NOUN
cjfa-20693	809	8	controlling	control	VERB
cjfa-20693	809	9	group	group	NOUN
cjfa-20693	809	10	4051	4051	NUM
cjfa-20693	809	11	10312	10312	NUM
cjfa-20693	809	12	14368	14368	NUM
cjfa-20693	809	13	experimental	experimental	ADJ
cjfa-20693	809	14	group	group	NOUN
cjfa-20693	809	15	837	837	NUM
cjfa-20693	809	16	5001	5001	NUM
cjfa-20693	809	17	5838	5838	NUM
cjfa-20693	809	18	total	total	NOUN
cjfa-20693	809	19	4888	4888	NUM
cjfa-20693	809	20	15313	15313	NUM
cjfa-20693	809	21	s	s	PART
cjfa-20693	809	22	o	o	NOUN
cjfa-20693	809	23	u	u	NOUN
cjfa-20693	809	24	r	r	NOUN
cjfa-20693	809	25	c	c	NOUN
cjfa-20693	809	26	e	e	NOUN
cjfa-20693	809	27	:	:	PUNCT
cjfa-20693	809	28	author	author	PROPN
cjfa-20693	809	29	’s	’s	PART
cjfa-20693	809	30	regression	regression	NOUN
cjfa-20693	809	31	based	base	VERB
cjfa-20693	809	32	upon	upon	SCONJ
cjfa-20693	809	33	the	the	DET
cjfa-20693	809	34	great	great	ADJ
cjfa-20693	809	35	intelligence	intelligence	NOUN
cjfa-20693	809	36	database	database	NOUN
cjfa-20693	809	37	in	in	ADP
cjfa-20693	809	38	china	china	PROPN
cjfa-20693	809	39	,	,	PUNCT
cjfa-20693	809	40	using	use	VERB
cjfa-20693	809	41	stata	stata	NOUN
cjfa-20693	809	42	14.0	14.0	NUM
cjfa-20693	809	43	.	.	PUNCT
cjfa-20693	810	1	table	table	NOUN
cjfa-20693	810	2	12	12	NUM
cjfa-20693	810	3	.	.	PUNCT
cjfa-20693	811	1	robustness	robustness	NOUN
cjfa-20693	811	2	…	…	PUNCT
cjfa-20693	811	3	qin	qin	PROPN
cjfa-20693	811	4	hailin	hailin	PROPN
cjfa-20693	811	5	,	,	PUNCT
cjfa-20693	811	6	zhang	zhang	PROPN
cjfa-20693	811	7	jingxu96	jingxu96	PROPN
cjfa-20693	811	8	from	from	ADP
cjfa-20693	811	9	table	table	NOUN
cjfa-20693	811	10	13	13	NUM
cjfa-20693	811	11	,	,	PUNCT
cjfa-20693	811	12	we	we	PRON
cjfa-20693	811	13	can	can	AUX
cjfa-20693	811	14	see	see	VERB
cjfa-20693	811	15	that	that	SCONJ
cjfa-20693	811	16	the	the	DET
cjfa-20693	811	17	average	average	ADJ
cjfa-20693	811	18	agency	agency	NOUN
cjfa-20693	811	19	cost	cost	NOUN
cjfa-20693	811	20	of	of	ADP
cjfa-20693	811	21	the	the	DET
cjfa-20693	811	22	control	control	NOUN
cjfa-20693	811	23	group	group	NOUN
cjfa-20693	811	24	is	be	AUX
cjfa-20693	811	25	0.134	0.134	NUM
cjfa-20693	811	26	,	,	PUNCT
cjfa-20693	811	27	the	the	DET
cjfa-20693	811	28	average	average	ADJ
cjfa-20693	811	29	agency	agency	NOUN
cjfa-20693	811	30	cost	cost	NOUN
cjfa-20693	811	31	of	of	ADP
cjfa-20693	811	32	the	the	DET
cjfa-20693	811	33	experimental	experimental	ADJ
cjfa-20693	811	34	group	group	NOUN
cjfa-20693	811	35	is	be	AUX
cjfa-20693	811	36	0.152	0.152	NUM
cjfa-20693	811	37	,	,	PUNCT
cjfa-20693	811	38	and	and	CCONJ
cjfa-20693	811	39	the	the	DET
cjfa-20693	811	40	difference	difference	NOUN
cjfa-20693	811	41	is	be	AUX
cjfa-20693	811	42	0.018	0.018	NUM
cjfa-20693	811	43	before	before	ADP
cjfa-20693	811	44	the	the	DET
cjfa-20693	811	45	mandatory	mandatory	ADJ
cjfa-20693	811	46	dividend	dividend	NOUN
cjfa-20693	811	47	policy	policy	NOUN
cjfa-20693	811	48	.	.	PUNCT
cjfa-20693	812	1	the	the	DET
cjfa-20693	812	2	difference	difference	NOUN
cjfa-20693	812	3	between	between	ADP
cjfa-20693	812	4	the	the	DET
cjfa-20693	812	5	two	two	NUM
cjfa-20693	812	6	groups	group	NOUN
cjfa-20693	812	7	is	be	AUX
cjfa-20693	812	8	significant	significant	ADJ
cjfa-20693	812	9	at	at	ADP
cjfa-20693	812	10	the	the	DET
cjfa-20693	812	11	level	level	NOUN
cjfa-20693	812	12	of	of	ADP
cjfa-20693	812	13	1	1	NUM
cjfa-20693	812	14	%	%	NOUN
cjfa-20693	812	15	.	.	PUNCT
cjfa-20693	813	1	the	the	DET
cjfa-20693	813	2	agency	agency	NOUN
cjfa-20693	813	3	cost	cost	NOUN
cjfa-20693	813	4	of	of	ADP
cjfa-20693	813	5	the	the	DET
cjfa-20693	813	6	experimental	experimental	ADJ
cjfa-20693	813	7	group	group	NOUN
cjfa-20693	813	8	is	be	AUX
cjfa-20693	813	9	higher	high	ADJ
cjfa-20693	813	10	.	.	PUNCT
cjfa-20693	814	1	however	however	ADV
cjfa-20693	814	2	,	,	PUNCT
cjfa-20693	814	3	after	after	ADP
cjfa-20693	814	4	the	the	DET
cjfa-20693	814	5	introduction	introduction	NOUN
cjfa-20693	814	6	of	of	ADP
cjfa-20693	814	7	mandatory	mandatory	ADJ
cjfa-20693	814	8	dividend	dividend	NOUN
cjfa-20693	814	9	policy	policy	NOUN
cjfa-20693	814	10	,	,	PUNCT
cjfa-20693	814	11	the	the	DET
cjfa-20693	814	12	average	average	ADJ
cjfa-20693	814	13	agency	agency	NOUN
cjfa-20693	814	14	cost	cost	NOUN
cjfa-20693	814	15	of	of	ADP
cjfa-20693	814	16	the	the	DET
cjfa-20693	814	17	experimental	experimental	ADJ
cjfa-20693	814	18	group	group	NOUN
cjfa-20693	814	19	was	be	AUX
cjfa-20693	814	20	0.151	0.151	NUM
cjfa-20693	814	21	,	,	PUNCT
cjfa-20693	814	22	while	while	SCONJ
cjfa-20693	814	23	that	that	PRON
cjfa-20693	814	24	of	of	ADP
cjfa-20693	814	25	the	the	DET
cjfa-20693	814	26	control	control	NOUN
cjfa-20693	814	27	group	group	NOUN
cjfa-20693	814	28	increased	increase	VERB
cjfa-20693	814	29	to	to	ADP
cjfa-20693	814	30	0.157	0.157	NUM
cjfa-20693	814	31	.	.	PUNCT
cjfa-20693	815	1	at	at	ADP
cjfa-20693	815	2	this	this	DET
cjfa-20693	815	3	time	time	NOUN
cjfa-20693	815	4	,	,	PUNCT
cjfa-20693	815	5	the	the	DET
cjfa-20693	815	6	average	average	ADJ
cjfa-20693	815	7	agency	agency	NOUN
cjfa-20693	815	8	cost	cost	NOUN
cjfa-20693	815	9	of	of	ADP
cjfa-20693	815	10	the	the	DET
cjfa-20693	815	11	experimental	experimental	ADJ
cjfa-20693	815	12	group	group	NOUN
cjfa-20693	815	13	is	be	AUX
cjfa-20693	815	14	almost	almost	ADV
cjfa-20693	815	15	the	the	DET
cjfa-20693	815	16	same	same	ADJ
cjfa-20693	815	17	as	as	ADP
cjfa-20693	815	18	that	that	PRON
cjfa-20693	815	19	of	of	ADP
cjfa-20693	815	20	the	the	DET
cjfa-20693	815	21	control	control	NOUN
cjfa-20693	815	22	group	group	NOUN
cjfa-20693	815	23	.	.	PUNCT
cjfa-20693	816	1	finally	finally	ADV
cjfa-20693	816	2	,	,	PUNCT
cjfa-20693	816	3	the	the	DET
cjfa-20693	816	4	result	result	NOUN
cjfa-20693	816	5	of	of	ADP
cjfa-20693	816	6	double	double	ADJ
cjfa-20693	816	7	difference	difference	NOUN
cjfa-20693	816	8	is	be	AUX
cjfa-20693	816	9	-0.011	-0.011	NOUN
cjfa-20693	816	10	(	(	PUNCT
cjfa-20693	816	11	significant	significant	ADJ
cjfa-20693	816	12	at	at	ADP
cjfa-20693	816	13	1	1	NUM
cjfa-20693	816	14	%	%	NOUN
cjfa-20693	816	15	)	)	PUNCT
cjfa-20693	816	16	.	.	PUNCT
cjfa-20693	817	1	thus	thus	ADV
cjfa-20693	817	2	,	,	PUNCT
cjfa-20693	817	3	the	the	DET
cjfa-20693	817	4	mandatory	mandatory	ADJ
cjfa-20693	817	5	dividend	dividend	NOUN
cjfa-20693	817	6	policy	policy	NOUN
cjfa-20693	817	7	reduced	reduce	VERB
cjfa-20693	817	8	the	the	DET
cjfa-20693	817	9	average	average	ADJ
cjfa-20693	817	10	agency	agency	NOUN
cjfa-20693	817	11	cost	cost	NOUN
cjfa-20693	817	12	of	of	ADP
cjfa-20693	817	13	the	the	DET
cjfa-20693	817	14	experimental	experimental	ADJ
cjfa-20693	817	15	group	group	NOUN
cjfa-20693	817	16	by	by	ADP
cjfa-20693	817	17	1.3	1.3	NUM
cjfa-20693	817	18	%	%	NOUN
cjfa-20693	817	19	compared	compare	VERB
cjfa-20693	817	20	with	with	ADP
cjfa-20693	817	21	the	the	DET
cjfa-20693	817	22	control	control	NOUN
cjfa-20693	817	23	group	group	NOUN
cjfa-20693	817	24	.	.	PUNCT
cjfa-20693	818	1	therefore	therefore	ADV
cjfa-20693	818	2	,	,	PUNCT
cjfa-20693	818	3	it	it	PRON
cjfa-20693	818	4	shows	show	VERB
cjfa-20693	818	5	that	that	SCONJ
cjfa-20693	818	6	the	the	DET
cjfa-20693	818	7	mandatory	mandatory	ADJ
cjfa-20693	818	8	dividend	dividend	NOUN
cjfa-20693	818	9	policy	policy	NOUN
cjfa-20693	818	10	significantly	significantly	ADV
cjfa-20693	818	11	reduces	reduce	VERB
cjfa-20693	818	12	the	the	DET
cjfa-20693	818	13	agency	agency	NOUN
cjfa-20693	818	14	cost	cost	NOUN
cjfa-20693	818	15	of	of	ADP
cjfa-20693	818	16	iron	iron	NOUN
cjfa-20693	818	17	cock	cock	NOUN
cjfa-20693	818	18	company	company	NOUN
cjfa-20693	818	19	by	by	ADP
cjfa-20693	818	20	improving	improve	VERB
cjfa-20693	818	21	the	the	DET
cjfa-20693	818	22	corporate	corporate	ADJ
cjfa-20693	818	23	governance	governance	NOUN
cjfa-20693	818	24	level	level	NOUN
cjfa-20693	818	25	.	.	PUNCT
cjfa-20693	819	1	this	this	PRON
cjfa-20693	819	2	is	be	AUX
cjfa-20693	819	3	consistent	consistent	ADJ
cjfa-20693	819	4	with	with	ADP
cjfa-20693	819	5	the	the	DET
cjfa-20693	819	6	conclusions	conclusion	NOUN
cjfa-20693	819	7	of	of	ADP
cjfa-20693	819	8	this	this	DET
cjfa-20693	819	9	study	study	NOUN
cjfa-20693	819	10	.	.	PUNCT
cjfa-20693	820	1	table	table	NOUN
cjfa-20693	820	2	14	14	NUM
cjfa-20693	820	3	.	.	PUNCT
cjfa-20693	821	1	did	do	AUX
cjfa-20693	821	2	about	about	ADP
cjfa-20693	821	3	mandatory	mandatory	ADJ
cjfa-20693	821	4	dividend	dividend	NOUN
cjfa-20693	821	5	and	and	CCONJ
cjfa-20693	821	6	agency	agency	NOUN
cjfa-20693	821	7	cost	cost	NOUN
cjfa-20693	821	8	variable	variable	ADJ
cjfa-20693	821	9	time	time	NOUN
cjfa-20693	821	10	0	0	NUM
cjfa-20693	821	11	time	time	NOUN
cjfa-20693	821	12	1	1	NUM
cjfa-20693	821	13	difference	difference	NOUN
cjfa-20693	821	14	-in	-in	ADJ
cjfa-20693	821	15	-	-	PUNCT
cjfa-20693	821	16	differencecontrol	differencecontrol	NOUN
cjfa-20693	821	17	group	group	NOUN
cjfa-20693	821	18	experimental	experimental	PROPN
cjfa-20693	821	19	group	group	NOUN
cjfa-20693	821	20	difference	difference	NOUN
cjfa-20693	821	21	control	control	PROPN
cjfa-20693	821	22	group	group	PROPN
cjfa-20693	821	23	experimental	experimental	PROPN
cjfa-20693	821	24	group	group	PROPN
cjfa-20693	821	25	difference	difference	NOUN
cjfa-20693	821	26	agency	agency	NOUN
cjfa-20693	821	27	cost	cost	VERB
cjfa-20693	821	28	0.134	0.134	NUM
cjfa-20693	821	29	0.152	0.152	NUM
cjfa-20693	821	30	0.018	0.018	NUM
cjfa-20693	821	31	*	*	PUNCT
cjfa-20693	821	32	*	*	PUNCT
cjfa-20693	821	33	*	*	PUNCT
cjfa-20693	821	34	(	(	PUNCT
cjfa-20693	821	35	6.29	6.29	NUM
cjfa-20693	821	36	)	)	PUNCT
cjfa-20693	821	37	0.151	0.151	NUM
cjfa-20693	821	38	0.157	0.157	NUM
cjfa-20693	821	39	0.006	0.006	NUM
cjfa-20693	821	40	*	*	PUNCT
cjfa-20693	821	41	*	*	PUNCT
cjfa-20693	821	42	*	*	PUNCT
cjfa-20693	821	43	(	(	PUNCT
cjfa-20693	821	44	4.80	4.80	NUM
cjfa-20693	821	45	)	)	PUNCT
cjfa-20693	821	46	-0.011	-0.011	NOUN
cjfa-20693	821	47	*	*	PUNCT
cjfa-20693	821	48	*	*	PUNCT
cjfa-20693	821	49	*	*	PUNCT
cjfa-20693	821	50	(	(	PUNCT
cjfa-20693	821	51	3.59	3.59	NUM
cjfa-20693	821	52	)	)	PUNCT
cjfa-20693	821	53	note	note	NOUN
cjfa-20693	821	54	:	:	PUNCT
cjfa-20693	821	55	standard	standard	ADJ
cjfa-20693	821	56	errors	error	NOUN
cjfa-20693	821	57	in	in	ADP
cjfa-20693	821	58	parentheses	parenthesis	NOUN
cjfa-20693	821	59	.	.	PUNCT
cjfa-20693	822	1	*	*	PUNCT
cjfa-20693	822	2	*	*	PUNCT
cjfa-20693	822	3	*	*	PUNCT
cjfa-20693	822	4	p<0.01	p<0.01	PROPN
cjfa-20693	822	5	,	,	PUNCT
cjfa-20693	822	6	*	*	PUNCT
cjfa-20693	822	7	*	*	PUNCT
cjfa-20693	822	8	p<0.05	p<0.05	NOUN
cjfa-20693	822	9	,	,	PUNCT
cjfa-20693	822	10	*	*	PUNCT
cjfa-20693	822	11	p<0.1	p<0.1	X
cjfa-20693	822	12	.	.	PUNCT
cjfa-20693	822	13	s	s	PART
cjfa-20693	822	14	o	o	X
cjfa-20693	822	15	u	u	NOUN
cjfa-20693	822	16	r	r	NOUN
cjfa-20693	822	17	c	c	NOUN
cjfa-20693	822	18	e	e	NOUN
cjfa-20693	822	19	:	:	PUNCT
cjfa-20693	822	20	author	author	PROPN
cjfa-20693	822	21	’s	’s	PART
cjfa-20693	822	22	regression	regression	NOUN
cjfa-20693	822	23	based	base	VERB
cjfa-20693	822	24	upon	upon	SCONJ
cjfa-20693	822	25	the	the	DET
cjfa-20693	822	26	great	great	ADJ
cjfa-20693	822	27	intelligence	intelligence	NOUN
cjfa-20693	822	28	database	database	NOUN
cjfa-20693	822	29	in	in	ADP
cjfa-20693	822	30	china	china	PROPN
cjfa-20693	822	31	,	,	PUNCT
cjfa-20693	822	32	using	use	VERB
cjfa-20693	822	33	stata	stata	NOUN
cjfa-20693	822	34	14.0	14.0	NUM
cjfa-20693	822	35	.	.	PUNCT
cjfa-20693	823	1	research	research	NOUN
cjfa-20693	823	2	conclusions	conclusion	NOUN
cjfa-20693	823	3	and	and	CCONJ
cjfa-20693	823	4	implication	implication	NOUN
cjfa-20693	823	5	1	1	NUM
cjfa-20693	823	6	.	.	PUNCT
cjfa-20693	824	1	research	research	NOUN
cjfa-20693	824	2	conclusions	conclusion	NOUN
cjfa-20693	824	3	this	this	DET
cjfa-20693	824	4	paper	paper	NOUN
cjfa-20693	824	5	takes	take	VERB
cjfa-20693	824	6	guo	guo	PROPN
cjfa-20693	824	7	shuqing	shuqing	NOUN
cjfa-20693	824	8	,	,	PUNCT
cjfa-20693	824	9	the	the	DET
cjfa-20693	824	10	cscr	cscr	NOUN
cjfa-20693	824	11	chairman	chairman	NOUN
cjfa-20693	824	12	in	in	ADP
cjfa-20693	824	13	november	november	PROPN
cjfa-20693	824	14	2011	2011	NUM
cjfa-20693	824	15	,	,	PUNCT
cjfa-20693	824	16	as	as	ADP
cjfa-20693	824	17	the	the	DET
cjfa-20693	824	18	background	background	NOUN
cjfa-20693	824	19	,	,	PUNCT
cjfa-20693	824	20	and	and	CCONJ
cjfa-20693	824	21	uses	use	VERB
cjfa-20693	824	22	the	the	DET
cjfa-20693	824	23	sample	sample	NOUN
cjfa-20693	824	24	of	of	ADP
cjfa-20693	824	25	listed	list	VERB
cjfa-20693	824	26	companies	company	NOUN
cjfa-20693	824	27	in	in	ADP
cjfa-20693	824	28	shanghai	shanghai	PROPN
cjfa-20693	824	29	and	and	CCONJ
cjfa-20693	824	30	shenzhen	shenzhen	PROPN
cjfa-20693	824	31	stock	stock	PROPN
cjfa-20693	824	32	exchanges	exchange	NOUN
cjfa-20693	824	33	from	from	ADP
cjfa-20693	824	34	2007	2007	NUM
cjfa-20693	824	35	to	to	ADP
cjfa-20693	824	36	2017	2017	NUM
cjfa-20693	824	37	to	to	PART
cjfa-20693	824	38	study	study	VERB
cjfa-20693	824	39	the	the	DET
cjfa-20693	824	40	restraint	restraint	NOUN
cjfa-20693	824	41	of	of	ADP
cjfa-20693	824	42	mandatory	mandatory	ADJ
cjfa-20693	824	43	dividend	dividend	NOUN
cjfa-20693	824	44	policy	policy	NOUN
cjfa-20693	824	45	on	on	ADP
cjfa-20693	824	46	agency	agency	NOUN
cjfa-20693	824	47	costs	cost	NOUN
cjfa-20693	824	48	of	of	ADP
cjfa-20693	824	49	enterprises	enterprise	NOUN
cjfa-20693	824	50	.	.	PUNCT
cjfa-20693	825	1	the	the	DET
cjfa-20693	825	2	hypothesis	hypothesis	NOUN
cjfa-20693	825	3	1	1	NUM
cjfa-20693	825	4	-	-	SYM
cjfa-20693	825	5	3	3	NUM
cjfa-20693	825	6	is	be	AUX
cjfa-20693	825	7	confirmed	confirm	VERB
cjfa-20693	825	8	by	by	ADP
cjfa-20693	825	9	theoretical	theoretical	ADJ
cjfa-20693	825	10	inference	inference	NOUN
cjfa-20693	825	11	,	,	PUNCT
cjfa-20693	825	12	model	model	NOUN
cjfa-20693	825	13	analysis	analysis	NOUN
cjfa-20693	825	14	and	and	CCONJ
cjfa-20693	825	15	empirical	empirical	ADJ
cjfa-20693	825	16	test	test	NOUN
cjfa-20693	825	17	.	.	PUNCT
cjfa-20693	826	1	to	to	ADP
cjfa-20693	826	2	this	this	DET
cjfa-20693	826	3	end	end	NOUN
cjfa-20693	826	4	,	,	PUNCT
cjfa-20693	826	5	the	the	DET
cjfa-20693	826	6	following	follow	VERB
cjfa-20693	826	7	specific	specific	ADJ
cjfa-20693	826	8	conclusions	conclusion	NOUN
cjfa-20693	826	9	can	can	AUX
cjfa-20693	826	10	be	be	AUX
cjfa-20693	826	11	drawn	draw	VERB
cjfa-20693	826	12	:	:	PUNCT
cjfa-20693	826	13	firstly	firstly	ADV
cjfa-20693	826	14	,	,	PUNCT
cjfa-20693	826	15	mandatory	mandatory	ADJ
cjfa-20693	826	16	dividend	dividend	NOUN
cjfa-20693	826	17	policy	policy	NOUN
cjfa-20693	826	18	will	will	AUX
cjfa-20693	826	19	not	not	PART
cjfa-20693	826	20	only	only	ADV
cjfa-20693	826	21	undoubtedly	undoubtedly	ADV
cjfa-20693	826	22	increase	increase	VERB
cjfa-20693	826	23	the	the	DET
cjfa-20693	826	24	willingness	willingness	NOUN
cjfa-20693	826	25	of	of	ADP
cjfa-20693	826	26	listed	list	VERB
cjfa-20693	826	27	companies	company	NOUN
cjfa-20693	826	28	to	to	PART
cjfa-20693	826	29	pay	pay	VERB
cjfa-20693	826	30	dividends	dividend	NOUN
cjfa-20693	826	31	,	,	PUNCT
cjfa-20693	826	32	but	but	CCONJ
cjfa-20693	826	33	also	also	ADV
cjfa-20693	826	34	,	,	PUNCT
cjfa-20693	826	35	more	more	ADV
cjfa-20693	826	36	importantly	importantly	ADV
cjfa-20693	826	37	,	,	PUNCT
cjfa-20693	826	38	it	it	PRON
cjfa-20693	826	39	can	can	AUX
cjfa-20693	826	40	mandatory	mandatory	ADJ
cjfa-20693	826	41	dividend	dividend	NOUN
cjfa-20693	826	42	policy	policy	NOUN
cjfa-20693	826	43	reduce	reduce	VERB
cjfa-20693	826	44	…	…	PUNCT
cjfa-20693	826	45	97	97	NUM
cjfa-20693	826	46	can	can	AUX
cjfa-20693	826	47	significantly	significantly	ADV
cjfa-20693	826	48	restrain	restrain	VERB
cjfa-20693	826	49	the	the	DET
cjfa-20693	826	50	agency	agency	NOUN
cjfa-20693	826	51	costs	cost	NOUN
cjfa-20693	826	52	of	of	ADP
cjfa-20693	826	53	listed	list	VERB
cjfa-20693	826	54	companies	company	NOUN
cjfa-20693	826	55	.	.	PUNCT
cjfa-20693	827	1	specifically	specifically	ADV
cjfa-20693	827	2	,	,	PUNCT
cjfa-20693	827	3	the	the	DET
cjfa-20693	827	4	mandatory	mandatory	ADJ
cjfa-20693	827	5	dividend	dividend	NOUN
cjfa-20693	827	6	policy	policy	NOUN
cjfa-20693	827	7	invisibly	invisibly	ADV
cjfa-20693	827	8	increases	increase	VERB
cjfa-20693	827	9	the	the	DET
cjfa-20693	827	10	expected	expect	VERB
cjfa-20693	827	11	return	return	NOUN
cjfa-20693	827	12	of	of	ADP
cjfa-20693	827	13	shareholders	shareholder	NOUN
cjfa-20693	827	14	and	and	CCONJ
cjfa-20693	827	15	potential	potential	ADJ
cjfa-20693	827	16	investors	investor	NOUN
cjfa-20693	827	17	,	,	PUNCT
cjfa-20693	827	18	which	which	PRON
cjfa-20693	827	19	can	can	AUX
cjfa-20693	827	20	not	not	PART
cjfa-20693	827	21	only	only	ADV
cjfa-20693	827	22	motivate	motivate	VERB
cjfa-20693	827	23	them	they	PRON
cjfa-20693	827	24	to	to	PART
cjfa-20693	827	25	increase	increase	VERB
cjfa-20693	827	26	their	their	PRON
cjfa-20693	827	27	stock	stock	NOUN
cjfa-20693	827	28	holdings	holding	NOUN
cjfa-20693	827	29	,	,	PUNCT
cjfa-20693	827	30	but	but	CCONJ
cjfa-20693	827	31	also	also	ADV
cjfa-20693	827	32	change	change	VERB
cjfa-20693	827	33	the	the	DET
cjfa-20693	827	34	balance	balance	NOUN
cjfa-20693	827	35	between	between	ADP
cjfa-20693	827	36	supply	supply	NOUN
cjfa-20693	827	37	and	and	CCONJ
cjfa-20693	827	38	demand	demand	NOUN
cjfa-20693	827	39	of	of	ADP
cjfa-20693	827	40	the	the	DET
cjfa-20693	827	41	company	company	NOUN
cjfa-20693	827	42	’s	’s	PART
cjfa-20693	827	43	stock	stock	NOUN
cjfa-20693	827	44	,	,	PUNCT
cjfa-20693	827	45	thus	thus	ADV
cjfa-20693	827	46	leading	lead	VERB
cjfa-20693	827	47	to	to	ADP
cjfa-20693	827	48	the	the	DET
cjfa-20693	827	49	rise	rise	NOUN
cjfa-20693	827	50	of	of	ADP
cjfa-20693	827	51	stock	stock	NOUN
cjfa-20693	827	52	prices	price	NOUN
cjfa-20693	827	53	.	.	PUNCT
cjfa-20693	828	1	obviously	obviously	ADV
cjfa-20693	828	2	,	,	PUNCT
cjfa-20693	828	3	this	this	PRON
cjfa-20693	828	4	will	will	AUX
cjfa-20693	828	5	ultimately	ultimately	ADV
cjfa-20693	828	6	motivate	motivate	VERB
cjfa-20693	828	7	company	company	NOUN
cjfa-20693	828	8	executives	executive	NOUN
cjfa-20693	828	9	to	to	PART
cjfa-20693	828	10	work	work	VERB
cjfa-20693	828	11	harder	hard	ADV
cjfa-20693	828	12	.	.	PUNCT
cjfa-20693	829	1	at	at	ADP
cjfa-20693	829	2	the	the	DET
cjfa-20693	829	3	same	same	ADJ
cjfa-20693	829	4	time	time	NOUN
cjfa-20693	829	5	,	,	PUNCT
cjfa-20693	829	6	executives’due	executives’due	ADJ
cjfa-20693	829	7	diligence	diligence	NOUN
cjfa-20693	829	8	must	must	AUX
cjfa-20693	829	9	increase	increase	VERB
cjfa-20693	829	10	the	the	DET
cjfa-20693	829	11	reward	reward	NOUN
cjfa-20693	829	12	rate	rate	NOUN
cjfa-20693	829	13	of	of	ADP
cjfa-20693	829	14	investment	investment	NOUN
cjfa-20693	829	15	projects	project	NOUN
cjfa-20693	829	16	,	,	PUNCT
cjfa-20693	829	17	which	which	PRON
cjfa-20693	829	18	naturally	naturally	ADV
cjfa-20693	829	19	increases	increase	VERB
cjfa-20693	829	20	cash	cash	NOUN
cjfa-20693	829	21	dividends	dividend	NOUN
cjfa-20693	829	22	and	and	CCONJ
cjfa-20693	829	23	cash	cash	NOUN
cjfa-20693	829	24	flow	flow	NOUN
cjfa-20693	829	25	.	.	PUNCT
cjfa-20693	830	1	therefore	therefore	ADV
cjfa-20693	830	2	,	,	PUNCT
cjfa-20693	830	3	the	the	DET
cjfa-20693	830	4	mandatory	mandatory	ADJ
cjfa-20693	830	5	dividend	dividend	NOUN
cjfa-20693	830	6	policy	policy	NOUN
cjfa-20693	830	7	has	have	AUX
cjfa-20693	830	8	constructed	construct	VERB
cjfa-20693	830	9	a	a	DET
cjfa-20693	830	10	virtuous	virtuous	ADJ
cjfa-20693	830	11	circle	circle	NOUN
cjfa-20693	830	12	mechanism	mechanism	NOUN
cjfa-20693	830	13	between	between	ADP
cjfa-20693	830	14	senior	senior	ADJ
cjfa-20693	830	15	managers	manager	NOUN
cjfa-20693	830	16	and	and	CCONJ
cjfa-20693	830	17	shareholders	shareholder	NOUN
cjfa-20693	830	18	,	,	PUNCT
cjfa-20693	830	19	that	that	ADV
cjfa-20693	830	20	is	is	ADV
cjfa-20693	830	21	,	,	PUNCT
cjfa-20693	830	22	mandatory	mandatory	ADJ
cjfa-20693	830	23	dividend	dividend	NOUN
cjfa-20693	830	24	policy	policy	NOUN
cjfa-20693	830	25	–	–	PUNCT
cjfa-20693	830	26	cash	cash	NOUN
cjfa-20693	830	27	dividend	dividend	NOUN
cjfa-20693	830	28	–	–	PUNCT
cjfa-20693	830	29	shareholder	shareholder	NOUN
cjfa-20693	830	30	ownership	ownership	NOUN
cjfa-20693	830	31	–	–	PUNCT
cjfa-20693	830	32	stock	stock	NOUN
cjfa-20693	830	33	price	price	NOUN
cjfa-20693	830	34	rise	rise	NOUN
cjfa-20693	830	35	–	–	PUNCT
cjfa-20693	830	36	executive	executive	ADJ
cjfa-20693	830	37	hard	hard	ADJ
cjfa-20693	830	38	work	work	NOUN
cjfa-20693	830	39	–	–	PUNCT
cjfa-20693	830	40	the	the	DET
cjfa-20693	830	41	necessary	necessary	ADJ
cjfa-20693	830	42	rate	rate	NOUN
cjfa-20693	830	43	of	of	ADP
cjfa-20693	830	44	return	return	NOUN
cjfa-20693	830	45	for	for	ADP
cjfa-20693	830	46	investment	investment	NOUN
cjfa-20693	830	47	projects	project	NOUN
cjfa-20693	830	48	–	–	PUNCT
cjfa-20693	830	49	sufficient	sufficient	ADJ
cjfa-20693	830	50	cash	cash	NOUN
cjfa-20693	830	51	flow	flow	NOUN
cjfa-20693	830	52	–	–	PUNCT
cjfa-20693	830	53	cash	cash	NOUN
cjfa-20693	830	54	dividend	dividend	NOUN
cjfa-20693	830	55	payable	payable	ADJ
cjfa-20693	830	56	.	.	PUNCT
cjfa-20693	831	1	secondly	secondly	ADV
cjfa-20693	831	2	,	,	PUNCT
cjfa-20693	831	3	the	the	DET
cjfa-20693	831	4	mandatory	mandatory	ADJ
cjfa-20693	831	5	dividend	dividend	NOUN
cjfa-20693	831	6	policy	policy	NOUN
cjfa-20693	831	7	reduces	reduce	VERB
cjfa-20693	831	8	the	the	DET
cjfa-20693	831	9	agency	agency	NOUN
cjfa-20693	831	10	cost	cost	NOUN
cjfa-20693	831	11	of	of	ADP
cjfa-20693	831	12	listed	list	VERB
cjfa-20693	831	13	companies	company	NOUN
cjfa-20693	831	14	by	by	ADP
cjfa-20693	831	15	changing	change	VERB
cjfa-20693	831	16	the	the	DET
cjfa-20693	831	17	total	total	ADJ
cjfa-20693	831	18	asset	asset	NOUN
cjfa-20693	831	19	return	return	NOUN
cjfa-20693	831	20	rate	rate	NOUN
cjfa-20693	831	21	.	.	PUNCT
cjfa-20693	832	1	this	this	DET
cjfa-20693	832	2	intermediary	intermediary	ADJ
cjfa-20693	832	3	effect	effect	NOUN
cjfa-20693	832	4	is	be	AUX
cjfa-20693	832	5	completely	completely	ADV
cjfa-20693	832	6	consistent	consistent	ADJ
cjfa-20693	832	7	with	with	ADP
cjfa-20693	832	8	the	the	DET
cjfa-20693	832	9	conclusion	conclusion	NOUN
cjfa-20693	832	10	of	of	ADP
cjfa-20693	832	11	the	the	DET
cjfa-20693	832	12	game	game	NOUN
cjfa-20693	832	13	model	model	NOUN
cjfa-20693	832	14	,	,	PUNCT
cjfa-20693	832	15	that	that	ADV
cjfa-20693	832	16	is	is	ADV
cjfa-20693	832	17	,	,	PUNCT
cjfa-20693	832	18	multiple	multiple	ADJ
cjfa-20693	832	19	incentives	incentive	NOUN
cjfa-20693	832	20	of	of	ADP
cjfa-20693	832	21	shareholder	shareholder	NOUN
cjfa-20693	832	22	ownership	ownership	NOUN
cjfa-20693	832	23	,	,	PUNCT
cjfa-20693	832	24	stock	stock	NOUN
cjfa-20693	832	25	price	price	NOUN
cjfa-20693	832	26	fluctuation	fluctuation	NOUN
cjfa-20693	832	27	and	and	CCONJ
cjfa-20693	832	28	mandatory	mandatory	ADJ
cjfa-20693	832	29	dividend	dividend	NOUN
cjfa-20693	832	30	policy	policy	NOUN
cjfa-20693	832	31	,	,	PUNCT
cjfa-20693	832	32	prompt	prompt	ADJ
cjfa-20693	832	33	executives	executive	NOUN
cjfa-20693	832	34	to	to	PART
cjfa-20693	832	35	work	work	VERB
cjfa-20693	832	36	hard	hard	ADV
cjfa-20693	832	37	,	,	PUNCT
cjfa-20693	832	38	improve	improve	VERB
cjfa-20693	832	39	the	the	DET
cjfa-20693	832	40	expected	expect	VERB
cjfa-20693	832	41	return	return	NOUN
cjfa-20693	832	42	on	on	ADP
cjfa-20693	832	43	investment	investment	NOUN
cjfa-20693	832	44	projects	project	NOUN
cjfa-20693	832	45	,	,	PUNCT
cjfa-20693	832	46	and	and	CCONJ
cjfa-20693	832	47	ultimately	ultimately	ADV
cjfa-20693	832	48	make	make	VERB
cjfa-20693	832	49	the	the	DET
cjfa-20693	832	50	total	total	ADJ
cjfa-20693	832	51	asset	asset	NOUN
cjfa-20693	832	52	return	return	NOUN
cjfa-20693	832	53	rate	rate	NOUN
cjfa-20693	832	54	of	of	ADP
cjfa-20693	832	55	the	the	DET
cjfa-20693	832	56	company	company	NOUN
cjfa-20693	832	57	continue	continue	VERB
cjfa-20693	832	58	to	to	PART
cjfa-20693	832	59	rise	rise	VERB
cjfa-20693	832	60	,	,	PUNCT
cjfa-20693	832	61	and	and	CCONJ
cjfa-20693	832	62	increase	increase	VERB
cjfa-20693	832	63	the	the	DET
cjfa-20693	832	64	abundant	abundant	ADJ
cjfa-20693	832	65	cash	cash	NOUN
cjfa-20693	832	66	flow	flow	NOUN
cjfa-20693	832	67	for	for	ADP
cjfa-20693	832	68	cash	cash	NOUN
cjfa-20693	832	69	dividend	dividend	NOUN
cjfa-20693	832	70	.	.	PUNCT
cjfa-20693	833	1	of	of	ADP
cjfa-20693	833	2	course	course	ADV
cjfa-20693	833	3	,	,	PUNCT
cjfa-20693	833	4	this	this	PRON
cjfa-20693	833	5	will	will	AUX
cjfa-20693	833	6	also	also	ADV
cjfa-20693	833	7	objectively	objectively	ADV
cjfa-20693	833	8	reduce	reduce	VERB
cjfa-20693	833	9	the	the	DET
cjfa-20693	833	10	agency	agency	NOUN
cjfa-20693	833	11	cost	cost	NOUN
cjfa-20693	833	12	of	of	ADP
cjfa-20693	833	13	the	the	DET
cjfa-20693	833	14	company	company	NOUN
cjfa-20693	833	15	.	.	PUNCT
cjfa-20693	834	1	finally	finally	ADV
cjfa-20693	834	2	,	,	PUNCT
cjfa-20693	834	3	although	although	SCONJ
cjfa-20693	834	4	the	the	DET
cjfa-20693	834	5	mandatory	mandatory	ADJ
cjfa-20693	834	6	dividend	dividend	NOUN
cjfa-20693	834	7	policy	policy	NOUN
cjfa-20693	834	8	reduces	reduce	VERB
cjfa-20693	834	9	the	the	DET
cjfa-20693	834	10	agency	agency	NOUN
cjfa-20693	834	11	cost	cost	NOUN
cjfa-20693	834	12	of	of	ADP
cjfa-20693	834	13	listed	list	VERB
cjfa-20693	834	14	companies	company	NOUN
cjfa-20693	834	15	in	in	ADP
cjfa-20693	834	16	general	general	ADJ
cjfa-20693	834	17	,	,	PUNCT
cjfa-20693	834	18	the	the	DET
cjfa-20693	834	19	inhibiting	inhibit	VERB
cjfa-20693	834	20	effect	effect	NOUN
cjfa-20693	834	21	shows	show	VERB
cjfa-20693	834	22	significant	significant	ADJ
cjfa-20693	834	23	heterogeneity	heterogeneity	NOUN
cjfa-20693	834	24	,	,	PUNCT
cjfa-20693	834	25	that	that	ADV
cjfa-20693	834	26	is	is	ADV
cjfa-20693	834	27	,	,	PUNCT
cjfa-20693	834	28	the	the	DET
cjfa-20693	834	29	expected	expect	VERB
cjfa-20693	834	30	policy	policy	NOUN
cjfa-20693	834	31	effect	effect	NOUN
cjfa-20693	834	32	is	be	AUX
cjfa-20693	834	33	unsatisfactory	unsatisfactory	ADJ
cjfa-20693	834	34	at	at	ADP
cjfa-20693	834	35	different	different	ADJ
cjfa-20693	834	36	levels	level	NOUN
cjfa-20693	834	37	,	,	PUNCT
cjfa-20693	834	38	and	and	CCONJ
cjfa-20693	834	39	serious	serious	ADJ
cjfa-20693	834	40	deviations	deviation	NOUN
cjfa-20693	834	41	have	have	AUX
cjfa-20693	834	42	taken	take	VERB
cjfa-20693	834	43	place	place	NOUN
cjfa-20693	834	44	.	.	PUNCT
cjfa-20693	835	1	specifically	specifically	ADV
cjfa-20693	835	2	,	,	PUNCT
cjfa-20693	835	3	the	the	DET
cjfa-20693	835	4	mandatory	mandatory	ADJ
cjfa-20693	835	5	dividend	dividend	NOUN
cjfa-20693	835	6	policy	policy	NOUN
cjfa-20693	835	7	has	have	VERB
cjfa-20693	835	8	a	a	DET
cjfa-20693	835	9	significant	significant	ADJ
cjfa-20693	835	10	inhibitory	inhibitory	ADJ
cjfa-20693	835	11	effect	effect	NOUN
cjfa-20693	835	12	on	on	ADP
cjfa-20693	835	13	agency	agency	NOUN
cjfa-20693	835	14	costs	cost	NOUN
cjfa-20693	835	15	of	of	ADP
cjfa-20693	835	16	listed	list	VERB
cjfa-20693	835	17	companies	company	NOUN
cjfa-20693	835	18	on	on	ADP
cjfa-20693	835	19	the	the	DET
cjfa-20693	835	20	motherboard	motherboard	NOUN
cjfa-20693	835	21	and	and	CCONJ
cjfa-20693	835	22	normal	normal	ADJ
cjfa-20693	835	23	dividend	dividend	NOUN
cjfa-20693	835	24	companies	company	NOUN
cjfa-20693	835	25	,	,	PUNCT
cjfa-20693	835	26	while	while	SCONJ
cjfa-20693	835	27	for	for	ADP
cjfa-20693	835	28	small	small	ADJ
cjfa-20693	835	29	dividends	dividend	NOUN
cjfa-20693	835	30	and	and	CCONJ
cjfa-20693	835	31	small	small	ADJ
cjfa-20693	835	32	and	and	CCONJ
cjfa-20693	835	33	medium	medium	ADJ
cjfa-20693	835	34	-	-	PUNCT
cjfa-20693	835	35	sized	sized	ADJ
cjfa-20693	835	36	listed	listed	ADJ
cjfa-20693	835	37	companies	company	NOUN
cjfa-20693	835	38	,	,	PUNCT
cjfa-20693	835	39	the	the	DET
cjfa-20693	835	40	inhibitory	inhibitory	ADJ
cjfa-20693	835	41	effect	effect	NOUN
cjfa-20693	835	42	of	of	ADP
cjfa-20693	835	43	agency	agency	NOUN
cjfa-20693	835	44	costs	cost	NOUN
cjfa-20693	835	45	is	be	AUX
cjfa-20693	835	46	not	not	PART
cjfa-20693	835	47	significant	significant	ADJ
cjfa-20693	835	48	.	.	PUNCT
cjfa-20693	836	1	2	2	X
cjfa-20693	836	2	.	.	X
cjfa-20693	836	3	policy	policy	NOUN
cjfa-20693	836	4	recommendation	recommendation	NOUN
cjfa-20693	836	5	according	accord	VERB
cjfa-20693	836	6	to	to	ADP
cjfa-20693	836	7	the	the	DET
cjfa-20693	836	8	conclusions	conclusion	NOUN
cjfa-20693	836	9	of	of	ADP
cjfa-20693	836	10	the	the	DET
cjfa-20693	836	11	study	study	NOUN
cjfa-20693	836	12	,	,	PUNCT
cjfa-20693	836	13	the	the	DET
cjfa-20693	836	14	following	follow	VERB
cjfa-20693	836	15	suggestions	suggestion	NOUN
cjfa-20693	836	16	are	be	AUX
cjfa-20693	836	17	put	put	VERB
cjfa-20693	836	18	forward	forward	ADV
cjfa-20693	836	19	:	:	PUNCT
cjfa-20693	836	20	firstly	firstly	ADV
cjfa-20693	836	21	,	,	PUNCT
cjfa-20693	836	22	since	since	SCONJ
cjfa-20693	836	23	the	the	DET
cjfa-20693	836	24	mandatory	mandatory	ADJ
cjfa-20693	836	25	dividend	dividend	NOUN
cjfa-20693	836	26	policy	policy	NOUN
cjfa-20693	836	27	can	can	AUX
cjfa-20693	836	28	suppress	suppress	VERB
cjfa-20693	836	29	the	the	DET
cjfa-20693	836	30	agency	agency	NOUN
cjfa-20693	836	31	cost	cost	NOUN
cjfa-20693	836	32	of	of	ADP
cjfa-20693	836	33	listed	list	VERB
cjfa-20693	836	34	companies	company	NOUN
cjfa-20693	836	35	in	in	ADP
cjfa-20693	836	36	general	general	ADJ
cjfa-20693	836	37	,	,	PUNCT
cjfa-20693	836	38	it	it	PRON
cjfa-20693	836	39	is	be	AUX
cjfa-20693	836	40	suggested	suggest	VERB
cjfa-20693	836	41	that	that	SCONJ
cjfa-20693	836	42	the	the	DET
cjfa-20693	836	43	sfc	sfc	NOUN
cjfa-20693	836	44	strictly	strictly	ADV
cjfa-20693	836	45	implement	implement	VERB
cjfa-20693	836	46	the	the	DET
cjfa-20693	836	47	mandatory	mandatory	ADJ
cjfa-20693	836	48	dividend	dividend	NOUN
cjfa-20693	836	49	policy	policy	NOUN
cjfa-20693	836	50	,	,	PUNCT
cjfa-20693	836	51	especially	especially	ADV
cjfa-20693	836	52	to	to	PART
cjfa-20693	836	53	make	make	VERB
cjfa-20693	836	54	clear	clear	ADJ
cjfa-20693	836	55	the	the	DET
cjfa-20693	836	56	punishment	punishment	NOUN
cjfa-20693	836	57	measures	measure	VERB
cjfa-20693	836	58	qin	qin	PROPN
cjfa-20693	836	59	hailin	hailin	PROPN
cjfa-20693	836	60	,	,	PUNCT
cjfa-20693	836	61	zhang	zhang	PROPN
cjfa-20693	836	62	jingxu98	jingxu98	PROPN
cjfa-20693	836	63	for	for	ADP
cjfa-20693	836	64	those	those	PRON
cjfa-20693	836	65	who	who	PRON
cjfa-20693	836	66	refuse	refuse	VERB
cjfa-20693	836	67	to	to	PART
cjfa-20693	836	68	implement	implement	VERB
cjfa-20693	836	69	it	it	PRON
cjfa-20693	836	70	.	.	PUNCT
cjfa-20693	837	1	in	in	ADP
cjfa-20693	837	2	the	the	DET
cjfa-20693	837	3	implementation	implementation	NOUN
cjfa-20693	837	4	of	of	ADP
cjfa-20693	837	5	the	the	DET
cjfa-20693	837	6	policy	policy	NOUN
cjfa-20693	837	7	,	,	PUNCT
cjfa-20693	837	8	many	many	ADJ
cjfa-20693	837	9	listed	list	VERB
cjfa-20693	837	10	companies	company	NOUN
cjfa-20693	837	11	secretly	secretly	ADV
cjfa-20693	837	12	display	display	VERB
cjfa-20693	837	13	their	their	PRON
cjfa-20693	837	14	positions	position	NOUN
cjfa-20693	837	15	,	,	PUNCT
cjfa-20693	837	16	follow	follow	VERB
cjfa-20693	837	17	the	the	DET
cjfa-20693	837	18	falsity	falsity	NOUN
cjfa-20693	837	19	of	of	ADP
cjfa-20693	837	20	the	the	DET
cjfa-20693	837	21	sfc	sfc	NOUN
cjfa-20693	837	22	,	,	PUNCT
cjfa-20693	837	23	and	and	CCONJ
cjfa-20693	837	24	passively	passively	ADV
cjfa-20693	837	25	resist	resist	VERB
cjfa-20693	837	26	the	the	DET
cjfa-20693	837	27	mandatory	mandatory	ADJ
cjfa-20693	837	28	dividend	dividend	NOUN
cjfa-20693	837	29	policy	policy	NOUN
cjfa-20693	837	30	.	.	PUNCT
cjfa-20693	838	1	this	this	PRON
cjfa-20693	838	2	is	be	AUX
cjfa-20693	838	3	not	not	PART
cjfa-20693	838	4	only	only	ADV
cjfa-20693	838	5	a	a	DET
cjfa-20693	838	6	challenge	challenge	NOUN
cjfa-20693	838	7	to	to	ADP
cjfa-20693	838	8	the	the	DET
cjfa-20693	838	9	seriousness	seriousness	NOUN
cjfa-20693	838	10	of	of	ADP
cjfa-20693	838	11	the	the	DET
cjfa-20693	838	12	policy	policy	NOUN
cjfa-20693	838	13	itself	itself	PRON
cjfa-20693	838	14	,	,	PUNCT
cjfa-20693	838	15	but	but	CCONJ
cjfa-20693	838	16	also	also	ADV
cjfa-20693	838	17	a	a	DET
cjfa-20693	838	18	disregard	disregard	NOUN
cjfa-20693	838	19	and	and	CCONJ
cjfa-20693	838	20	contempt	contempt	NOUN
cjfa-20693	838	21	for	for	ADP
cjfa-20693	838	22	the	the	DET
cjfa-20693	838	23	rights	right	NOUN
cjfa-20693	838	24	and	and	CCONJ
cjfa-20693	838	25	interests	interest	NOUN
cjfa-20693	838	26	of	of	ADP
cjfa-20693	838	27	small	small	ADJ
cjfa-20693	838	28	and	and	CCONJ
cjfa-20693	838	29	medium	medium	ADJ
cjfa-20693	838	30	-	-	PUNCT
cjfa-20693	838	31	sized	sized	ADJ
cjfa-20693	838	32	shareholders	shareholder	NOUN
cjfa-20693	838	33	.	.	PUNCT
cjfa-20693	839	1	therefore	therefore	ADV
cjfa-20693	839	2	,	,	PUNCT
cjfa-20693	839	3	the	the	DET
cjfa-20693	839	4	cscr	cscr	NOUN
cjfa-20693	839	5	should	should	AUX
cjfa-20693	839	6	not	not	PART
cjfa-20693	839	7	only	only	ADV
cjfa-20693	839	8	introduce	introduce	VERB
cjfa-20693	839	9	operable	operable	ADJ
cjfa-20693	839	10	policies	policy	NOUN
cjfa-20693	839	11	,	,	PUNCT
cjfa-20693	839	12	but	but	CCONJ
cjfa-20693	839	13	also	also	ADV
cjfa-20693	839	14	take	take	VERB
cjfa-20693	839	15	strict	strict	ADJ
cjfa-20693	839	16	measures	measure	NOUN
cjfa-20693	839	17	to	to	PART
cjfa-20693	839	18	implement	implement	VERB
cjfa-20693	839	19	these	these	DET
cjfa-20693	839	20	policies	policy	NOUN
cjfa-20693	839	21	vigorously	vigorously	ADV
cjfa-20693	839	22	.	.	PUNCT
cjfa-20693	840	1	secondly	secondly	ADV
cjfa-20693	840	2	,	,	PUNCT
cjfa-20693	840	3	considering	consider	VERB
cjfa-20693	840	4	the	the	DET
cjfa-20693	840	5	heterogeneity	heterogeneity	NOUN
cjfa-20693	840	6	of	of	ADP
cjfa-20693	840	7	enterprises	enterprise	NOUN
cjfa-20693	840	8	,	,	PUNCT
cjfa-20693	840	9	it	it	PRON
cjfa-20693	840	10	is	be	AUX
cjfa-20693	840	11	suggested	suggest	VERB
cjfa-20693	840	12	that	that	SCONJ
cjfa-20693	840	13	the	the	DET
cjfa-20693	840	14	sfc	sfc	NOUN
cjfa-20693	840	15	abandon	abandon	VERB
cjfa-20693	840	16	the	the	DET
cjfa-20693	840	17	one	one	NUM
cjfa-20693	840	18	-	-	PUNCT
cjfa-20693	840	19	size	size	NOUN
cjfa-20693	840	20	-	-	PUNCT
cjfa-20693	840	21	fits	fit	VERB
cjfa-20693	840	22	-	-	PUNCT
cjfa-20693	840	23	all	all	PRON
cjfa-20693	840	24	policy	policy	NOUN
cjfa-20693	840	25	and	and	CCONJ
cjfa-20693	840	26	design	design	VERB
cjfa-20693	840	27	different	different	ADJ
cjfa-20693	840	28	dividend	dividend	NOUN
cjfa-20693	840	29	standards	standard	NOUN
cjfa-20693	840	30	according	accord	VERB
cjfa-20693	840	31	to	to	ADP
cjfa-20693	840	32	different	different	ADJ
cjfa-20693	840	33	types	type	NOUN
cjfa-20693	840	34	of	of	ADP
cjfa-20693	840	35	companies	company	NOUN
cjfa-20693	840	36	.	.	PUNCT
cjfa-20693	841	1	in	in	ADP
cjfa-20693	841	2	order	order	NOUN
cjfa-20693	841	3	to	to	PART
cjfa-20693	841	4	avoid	avoid	VERB
cjfa-20693	841	5	the	the	DET
cjfa-20693	841	6	“	"	PUNCT
cjfa-20693	841	7	regulatory	regulatory	ADJ
cjfa-20693	841	8	paradox	paradox	NOUN
cjfa-20693	841	9	”	"	PUNCT
cjfa-20693	841	10	,	,	PUNCT
cjfa-20693	841	11	the	the	DET
cjfa-20693	841	12	sfc	sfc	NOUN
cjfa-20693	841	13	should	should	AUX
cjfa-20693	841	14	take	take	VERB
cjfa-20693	841	15	full	full	ADJ
cjfa-20693	841	16	account	account	NOUN
cjfa-20693	841	17	of	of	ADP
cjfa-20693	841	18	the	the	DET
cjfa-20693	841	19	growth	growth	NOUN
cjfa-20693	841	20	of	of	ADP
cjfa-20693	841	21	listed	list	VERB
cjfa-20693	841	22	companies	company	NOUN
cjfa-20693	841	23	,	,	PUNCT
cjfa-20693	841	24	size	size	NOUN
cjfa-20693	841	25	and	and	CCONJ
cjfa-20693	841	26	industry	industry	NOUN
cjfa-20693	841	27	differences	difference	NOUN
cjfa-20693	841	28	,	,	PUNCT
cjfa-20693	841	29	and	and	CCONJ
cjfa-20693	841	30	treat	treat	VERB
cjfa-20693	841	31	them	they	PRON
cjfa-20693	841	32	differently	differently	ADV
cjfa-20693	841	33	,	,	PUNCT
cjfa-20693	841	34	not	not	PART
cjfa-20693	841	35	in	in	ADP
cjfa-20693	841	36	a	a	DET
cjfa-20693	841	37	one	one	NUM
cjfa-20693	841	38	-	-	PUNCT
cjfa-20693	841	39	size	size	NOUN
cjfa-20693	841	40	-	-	PUNCT
cjfa-20693	841	41	fits	fit	VERB
cjfa-20693	841	42	-	-	PUNCT
cjfa-20693	841	43	all	all	PRON
cjfa-20693	841	44	manner	manner	NOUN
cjfa-20693	841	45	.	.	PUNCT
cjfa-20693	842	1	that	that	PRON
cjfa-20693	842	2	is	be	AUX
cjfa-20693	842	3	to	to	PART
cjfa-20693	842	4	say	say	VERB
cjfa-20693	842	5	,	,	PUNCT
cjfa-20693	842	6	listed	list	VERB
cjfa-20693	842	7	companies	company	NOUN
cjfa-20693	842	8	with	with	ADP
cjfa-20693	842	9	higher	high	ADJ
cjfa-20693	842	10	agency	agency	NOUN
cjfa-20693	842	11	costs	cost	NOUN
cjfa-20693	842	12	should	should	AUX
cjfa-20693	842	13	increase	increase	VERB
cjfa-20693	842	14	their	their	PRON
cjfa-20693	842	15	dividend	dividend	NOUN
cjfa-20693	842	16	-	-	PUNCT
cjfa-20693	842	17	sharing	share	VERB
cjfa-20693	842	18	ratio	ratio	NOUN
cjfa-20693	842	19	,	,	PUNCT
cjfa-20693	842	20	such	such	ADJ
cjfa-20693	842	21	as	as	ADP
cjfa-20693	842	22	state	state	NOUN
cjfa-20693	842	23	-	-	PUNCT
cjfa-20693	842	24	owned	own	VERB
cjfa-20693	842	25	enterprises	enterprise	NOUN
cjfa-20693	842	26	and	and	CCONJ
cjfa-20693	842	27	state	state	NOUN
cjfa-20693	842	28	-	-	PUNCT
cjfa-20693	842	29	owned	own	VERB
cjfa-20693	842	30	enterprises	enterprise	NOUN
cjfa-20693	842	31	;	;	PUNCT
cjfa-20693	842	32	for	for	ADP
cjfa-20693	842	33	growing	grow	VERB
cjfa-20693	842	34	enterprises	enterprise	NOUN
cjfa-20693	842	35	or	or	CCONJ
cjfa-20693	842	36	enterprises	enterprise	NOUN
cjfa-20693	842	37	with	with	ADP
cjfa-20693	842	38	high	high	ADJ
cjfa-20693	842	39	r&d	r&d	NOUN
cjfa-20693	842	40	investment	investment	NOUN
cjfa-20693	842	41	,	,	PUNCT
cjfa-20693	842	42	the	the	DET
cjfa-20693	842	43	dividend	dividend	NOUN
cjfa-20693	842	44	-	-	PUNCT
cjfa-20693	842	45	sharing	share	VERB
cjfa-20693	842	46	ratio	ratio	NOUN
cjfa-20693	842	47	should	should	AUX
cjfa-20693	842	48	be	be	AUX
cjfa-20693	842	49	reduced	reduce	VERB
cjfa-20693	842	50	accordingly	accordingly	ADV
cjfa-20693	842	51	.	.	PUNCT
cjfa-20693	843	1	at	at	ADP
cjfa-20693	843	2	the	the	DET
cjfa-20693	843	3	same	same	ADJ
cjfa-20693	843	4	time	time	NOUN
cjfa-20693	843	5	,	,	PUNCT
cjfa-20693	843	6	actively	actively	ADV
cjfa-20693	843	7	guide	guide	VERB
cjfa-20693	843	8	listed	list	VERB
cjfa-20693	843	9	companies	company	NOUN
cjfa-20693	843	10	to	to	PART
cjfa-20693	843	11	pay	pay	VERB
cjfa-20693	843	12	more	more	ADJ
cjfa-20693	843	13	attention	attention	NOUN
cjfa-20693	843	14	to	to	ADP
cjfa-20693	843	15	the	the	DET
cjfa-20693	843	16	protection	protection	NOUN
cjfa-20693	843	17	of	of	ADP
cjfa-20693	843	18	the	the	DET
cjfa-20693	843	19	interests	interest	NOUN
cjfa-20693	843	20	of	of	ADP
cjfa-20693	843	21	small	small	ADJ
cjfa-20693	843	22	and	and	CCONJ
cjfa-20693	843	23	medium	medium	ADJ
cjfa-20693	843	24	-	-	PUNCT
cjfa-20693	843	25	sized	sized	ADJ
cjfa-20693	843	26	investors	investor	NOUN
cjfa-20693	843	27	through	through	ADP
cjfa-20693	843	28	dividend	dividend	NOUN
cjfa-20693	843	29	policy	policy	NOUN
cjfa-20693	843	30	.	.	PUNCT
cjfa-20693	844	1	thirdly	thirdly	ADV
cjfa-20693	844	2	,	,	PUNCT
cjfa-20693	844	3	in	in	ADP
cjfa-20693	844	4	order	order	NOUN
cjfa-20693	844	5	to	to	PART
cjfa-20693	844	6	avoid	avoid	VERB
cjfa-20693	844	7	the	the	DET
cjfa-20693	844	8	tragic	tragic	ADJ
cjfa-20693	844	9	fate	fate	NOUN
cjfa-20693	844	10	of	of	ADP
cjfa-20693	844	11	becoming	become	VERB
cjfa-20693	844	12	a	a	DET
cjfa-20693	844	13	leek	leek	NOUN
cjfa-20693	844	14	,	,	PUNCT
cjfa-20693	844	15	it	it	PRON
cjfa-20693	844	16	is	be	AUX
cjfa-20693	844	17	suggested	suggest	VERB
cjfa-20693	844	18	that	that	SCONJ
cjfa-20693	844	19	small	small	ADJ
cjfa-20693	844	20	and	and	CCONJ
cjfa-20693	844	21	medium	medium	ADJ
cjfa-20693	844	22	-	-	PUNCT
cjfa-20693	844	23	sized	sized	ADJ
cjfa-20693	844	24	investors	investor	NOUN
cjfa-20693	844	25	should	should	AUX
cjfa-20693	844	26	actively	actively	ADV
cjfa-20693	844	27	use	use	VERB
cjfa-20693	844	28	the	the	DET
cjfa-20693	844	29	signaling	signal	VERB
cjfa-20693	844	30	role	role	NOUN
cjfa-20693	844	31	of	of	ADP
cjfa-20693	844	32	cash	cash	NOUN
cjfa-20693	844	33	dividend	dividend	NOUN
cjfa-20693	844	34	,	,	PUNCT
cjfa-20693	844	35	dynamically	dynamically	ADV
cjfa-20693	844	36	adjust	adjust	VERB
cjfa-20693	844	37	the	the	DET
cjfa-20693	844	38	stock	stock	NOUN
cjfa-20693	844	39	portfolio	portfolio	NOUN
cjfa-20693	844	40	,	,	PUNCT
cjfa-20693	844	41	consciously	consciously	ADV
cjfa-20693	844	42	vote	vote	VERB
cjfa-20693	844	43	by	by	ADP
cjfa-20693	844	44	foot	foot	NOUN
cjfa-20693	844	45	,	,	PUNCT
cjfa-20693	844	46	and	and	CCONJ
cjfa-20693	844	47	effectively	effectively	ADV
cjfa-20693	844	48	monitor	monitor	VERB
cjfa-20693	844	49	the	the	DET
cjfa-20693	844	50	working	work	VERB
cjfa-20693	844	51	attitude	attitude	NOUN
cjfa-20693	844	52	and	and	CCONJ
cjfa-20693	844	53	behavior	behavior	NOUN
cjfa-20693	844	54	choice	choice	NOUN
cjfa-20693	844	55	of	of	ADP
cjfa-20693	844	56	senior	senior	ADJ
cjfa-20693	844	57	managers	manager	NOUN
cjfa-20693	844	58	.	.	PUNCT
cjfa-20693	845	1	after	after	ADV
cjfa-20693	845	2	all	all	ADV
cjfa-20693	845	3	,	,	PUNCT
cjfa-20693	845	4	a	a	DET
cjfa-20693	845	5	continuous	continuous	ADJ
cjfa-20693	845	6	and	and	CCONJ
cjfa-20693	845	7	stable	stable	ADJ
cjfa-20693	845	8	cash	cash	NOUN
cjfa-20693	845	9	dividend	dividend	NOUN
cjfa-20693	845	10	is	be	AUX
cjfa-20693	845	11	often	often	ADV
cjfa-20693	845	12	a	a	DET
cjfa-20693	845	13	signal	signal	NOUN
cjfa-20693	845	14	of	of	ADP
cjfa-20693	845	15	the	the	DET
cjfa-20693	845	16	stable	stable	ADJ
cjfa-20693	845	17	financial	financial	ADJ
cjfa-20693	845	18	and	and	CCONJ
cjfa-20693	845	19	operating	operating	NOUN
cjfa-20693	845	20	conditions	condition	NOUN
cjfa-20693	845	21	of	of	ADP
cjfa-20693	845	22	listed	list	VERB
cjfa-20693	845	23	companies	company	NOUN
cjfa-20693	845	24	;	;	PUNCT
cjfa-20693	845	25	conversely	conversely	ADV
cjfa-20693	845	26	,	,	PUNCT
cjfa-20693	845	27	the	the	DET
cjfa-20693	845	28	long	long	ADJ
cjfa-20693	845	29	-	-	PUNCT
cjfa-20693	845	30	term	term	NOUN
cjfa-20693	845	31	unreasonable	unreasonable	ADJ
cjfa-20693	845	32	non	non	ADJ
cjfa-20693	845	33	-	-	ADJ
cjfa-20693	845	34	dividend	dividend	ADJ
cjfa-20693	845	35	distribution	distribution	NOUN
cjfa-20693	845	36	of	of	ADP
cjfa-20693	845	37	listed	list	VERB
cjfa-20693	845	38	companies	company	NOUN
cjfa-20693	845	39	may	may	AUX
cjfa-20693	845	40	also	also	ADV
cjfa-20693	845	41	be	be	AUX
cjfa-20693	845	42	a	a	DET
cjfa-20693	845	43	signal	signal	NOUN
cjfa-20693	845	44	of	of	ADP
cjfa-20693	845	45	financial	financial	ADJ
cjfa-20693	845	46	data	datum	NOUN
cjfa-20693	845	47	fraud	fraud	NOUN
cjfa-20693	845	48	,	,	PUNCT
cjfa-20693	845	49	internal	internal	ADJ
cjfa-20693	845	50	control	control	NOUN
cjfa-20693	845	51	and	and	CCONJ
cjfa-20693	845	52	tunneling	tunneling	NOUN
cjfa-20693	845	53	companies	company	NOUN
cjfa-20693	845	54	.	.	PUNCT
cjfa-20693	846	1	therefore	therefore	ADV
cjfa-20693	846	2	,	,	PUNCT
cjfa-20693	846	3	the	the	DET
cjfa-20693	846	4	dividend	dividend	NOUN
cjfa-20693	846	5	distribution	distribution	NOUN
cjfa-20693	846	6	of	of	ADP
cjfa-20693	846	7	listed	list	VERB
cjfa-20693	846	8	companies	company	NOUN
cjfa-20693	846	9	is	be	AUX
cjfa-20693	846	10	a	a	DET
cjfa-20693	846	11	good	good	ADJ
cjfa-20693	846	12	signal	signal	NOUN
cjfa-20693	846	13	to	to	ADP
cjfa-20693	846	14	the	the	DET
cjfa-20693	846	15	capital	capital	NOUN
cjfa-20693	846	16	market	market	NOUN
cjfa-20693	846	17	,	,	PUNCT
cjfa-20693	846	18	and	and	CCONJ
cjfa-20693	846	19	the	the	DET
cjfa-20693	846	20	majority	majority	NOUN
cjfa-20693	846	21	of	of	ADP
cjfa-20693	846	22	small	small	ADJ
cjfa-20693	846	23	and	and	CCONJ
cjfa-20693	846	24	medium	medium	ADJ
cjfa-20693	846	25	-	-	PUNCT
cjfa-20693	846	26	sized	sized	ADJ
cjfa-20693	846	27	shareholders	shareholder	NOUN
cjfa-20693	846	28	can	can	AUX
cjfa-20693	846	29	optimize	optimize	VERB
cjfa-20693	846	30	their	their	PRON
cjfa-20693	846	31	stock	stock	NOUN
cjfa-20693	846	32	asset	asset	NOUN
cjfa-20693	846	33	allocation	allocation	NOUN
cjfa-20693	846	34	accordingly	accordingly	ADV
cjfa-20693	846	35	.	.	PUNCT
cjfa-20693	847	1	at	at	ADP
cjfa-20693	847	2	the	the	DET
cjfa-20693	847	3	same	same	ADJ
cjfa-20693	847	4	time	time	NOUN
cjfa-20693	847	5	,	,	PUNCT
cjfa-20693	847	6	small	small	ADJ
cjfa-20693	847	7	and	and	CCONJ
cjfa-20693	847	8	medium	medium	ADJ
cjfa-20693	847	9	-	-	PUNCT
cjfa-20693	847	10	sized	sized	ADJ
cjfa-20693	847	11	shareholders	shareholder	NOUN
cjfa-20693	847	12	should	should	AUX
cjfa-20693	847	13	strive	strive	VERB
cjfa-20693	847	14	to	to	PART
cjfa-20693	847	15	be	be	AUX
cjfa-20693	847	16	close	close	ADJ
cjfa-20693	847	17	to	to	ADP
cjfa-20693	847	18	institutional	institutional	ADJ
cjfa-20693	847	19	investors	investor	NOUN
cjfa-20693	847	20	,	,	PUNCT
cjfa-20693	847	21	because	because	SCONJ
cjfa-20693	847	22	institutional	institutional	ADJ
cjfa-20693	847	23	investors	investor	NOUN
cjfa-20693	847	24	can	can	AUX
cjfa-20693	847	25	monitor	monitor	VERB
cjfa-20693	847	26	the	the	DET
cjfa-20693	847	27	overall	overall	ADJ
cjfa-20693	847	28	operation	operation	NOUN
cjfa-20693	847	29	of	of	ADP
cjfa-20693	847	30	enterprises	enterprise	NOUN
cjfa-20693	847	31	on	on	ADP
cjfa-20693	847	32	behalf	behalf	NOUN
cjfa-20693	847	33	of	of	ADP
cjfa-20693	847	34	small	small	ADJ
cjfa-20693	847	35	and	and	CCONJ
cjfa-20693	847	36	medium	medium	ADJ
cjfa-20693	847	37	-	-	PUNCT
cjfa-20693	847	38	sized	sized	ADJ
cjfa-20693	847	39	shareholders	shareholder	NOUN
cjfa-20693	847	40	,	,	PUNCT
cjfa-20693	847	41	and	and	CCONJ
cjfa-20693	847	42	supervise	supervise	VERB
cjfa-20693	847	43	the	the	DET
cjfa-20693	847	44	further	further	ADJ
cjfa-20693	847	45	improvement	improvement	NOUN
cjfa-20693	847	46	of	of	ADP
cjfa-20693	847	47	corporate	corporate	ADJ
cjfa-20693	847	48	governance	governance	NOUN
cjfa-20693	847	49	.	.	PUNCT
cjfa-20693	848	1	fourthly	fourthly	ADV
cjfa-20693	848	2	,	,	PUNCT
cjfa-20693	848	3	it	it	PRON
cjfa-20693	848	4	is	be	AUX
cjfa-20693	848	5	suggested	suggest	VERB
cjfa-20693	848	6	that	that	SCONJ
cjfa-20693	848	7	executives	executive	NOUN
cjfa-20693	848	8	of	of	ADP
cjfa-20693	848	9	listed	list	VERB
cjfa-20693	848	10	companies	company	NOUN
cjfa-20693	848	11	should	should	AUX
cjfa-20693	848	12	correctly	correctly	ADV
cjfa-20693	848	13	understand	understand	VERB
cjfa-20693	848	14	the	the	DET
cjfa-20693	848	15	mandatory	mandatory	ADJ
cjfa-20693	848	16	dividend	dividend	NOUN
cjfa-20693	848	17	policy	policy	NOUN
cjfa-20693	848	18	,	,	PUNCT
cjfa-20693	848	19	take	take	VERB
cjfa-20693	848	20	this	this	PRON
cjfa-20693	848	21	as	as	ADP
cjfa-20693	848	22	an	an	DET
cjfa-20693	848	23	opportunity	opportunity	NOUN
cjfa-20693	848	24	,	,	PUNCT
cjfa-20693	848	25	dividend	dividend	NOUN
cjfa-20693	848	26	-	-	PUNCT
cjfa-20693	848	27	sharing	sharing	NOUN
cjfa-20693	848	28	according	accord	VERB
cjfa-20693	848	29	to	to	ADP
cjfa-20693	848	30	law	law	NOUN
cjfa-20693	848	31	,	,	PUNCT
cjfa-20693	848	32	and	and	CCONJ
cjfa-20693	848	33	establish	establish	VERB
cjfa-20693	848	34	a	a	DET
cjfa-20693	848	35	benign	benign	ADJ
cjfa-20693	848	36	interactive	interactive	ADJ
cjfa-20693	848	37	con	con	NOUN
cjfa-20693	848	38	can	can	AUX
cjfa-20693	848	39	mandatory	mandatory	ADJ
cjfa-20693	848	40	dividend	dividend	NOUN
cjfa-20693	848	41	policy	policy	NOUN
cjfa-20693	848	42	reduce	reduce	VERB
cjfa-20693	848	43	…	…	PUNCT
cjfa-20693	848	44	99	99	NUM
cjfa-20693	848	45	tractual	tractual	ADJ
cjfa-20693	848	46	relationship	relationship	NOUN
cjfa-20693	848	47	with	with	ADP
cjfa-20693	848	48	shareholders	shareholder	NOUN
cjfa-20693	848	49	.	.	PUNCT
cjfa-20693	849	1	since	since	SCONJ
cjfa-20693	849	2	the	the	DET
cjfa-20693	849	3	company	company	NOUN
cjfa-20693	849	4	law	law	NOUN
cjfa-20693	849	5	determines	determine	VERB
cjfa-20693	849	6	the	the	DET
cjfa-20693	849	7	obligation	obligation	NOUN
cjfa-20693	849	8	of	of	ADP
cjfa-20693	849	9	dividend	dividend	NOUN
cjfa-20693	849	10	distribution	distribution	NOUN
cjfa-20693	849	11	of	of	ADP
cjfa-20693	849	12	listed	list	VERB
cjfa-20693	849	13	companies	company	NOUN
cjfa-20693	849	14	in	in	ADP
cjfa-20693	849	15	the	the	DET
cjfa-20693	849	16	form	form	NOUN
cjfa-20693	849	17	of	of	ADP
cjfa-20693	849	18	law	law	NOUN
cjfa-20693	849	19	,	,	PUNCT
cjfa-20693	849	20	the	the	DET
cjfa-20693	849	21	dividend	dividend	NOUN
cjfa-20693	849	22	distribution	distribution	NOUN
cjfa-20693	849	23	of	of	ADP
cjfa-20693	849	24	listed	list	VERB
cjfa-20693	849	25	companies	company	NOUN
cjfa-20693	849	26	should	should	AUX
cjfa-20693	849	27	be	be	AUX
cjfa-20693	849	28	duty	duty	NOUN
cjfa-20693	849	29	-	-	PUNCT
cjfa-20693	849	30	bound	bind	VERB
cjfa-20693	849	31	.	.	PUNCT
cjfa-20693	850	1	now	now	ADV
cjfa-20693	850	2	the	the	DET
cjfa-20693	850	3	mandatory	mandatory	ADJ
cjfa-20693	850	4	dividend	dividend	NOUN
cjfa-20693	850	5	policy	policy	NOUN
cjfa-20693	850	6	rectifies	rectify	VERB
cjfa-20693	850	7	the	the	DET
cjfa-20693	850	8	long	long	ADJ
cjfa-20693	850	9	-	-	PUNCT
cjfa-20693	850	10	term	term	NOUN
cjfa-20693	850	11	non	non	ADJ
cjfa-20693	850	12	-	-	ADJ
cjfa-20693	850	13	dividend	dividend	ADJ
cjfa-20693	850	14	-	-	PUNCT
cjfa-20693	850	15	sharing	sharing	NOUN
cjfa-20693	850	16	of	of	ADP
cjfa-20693	850	17	listed	list	VERB
cjfa-20693	850	18	companies	company	NOUN
cjfa-20693	850	19	.	.	PUNCT
cjfa-20693	851	1	executives	executive	NOUN
cjfa-20693	851	2	should	should	AUX
cjfa-20693	851	3	take	take	VERB
cjfa-20693	851	4	into	into	ADP
cjfa-20693	851	5	account	account	NOUN
cjfa-20693	851	6	the	the	DET
cjfa-20693	851	7	general	general	ADJ
cjfa-20693	851	8	situation	situation	NOUN
cjfa-20693	851	9	and	and	CCONJ
cjfa-20693	851	10	strictly	strictly	ADV
cjfa-20693	851	11	implement	implement	VERB
cjfa-20693	851	12	the	the	DET
cjfa-20693	851	13	mandatory	mandatory	ADJ
cjfa-20693	851	14	dividend	dividend	NOUN
cjfa-20693	851	15	policy	policy	NOUN
cjfa-20693	851	16	.	.	PUNCT
cjfa-20693	851	17	 	 	SPACE
cjfa-20693	852	1	references	reference	NOUN
cjfa-20693	852	2	bao	bao	PROPN
cjfa-20693	852	3	,	,	PUNCT
cjfa-20693	852	4	y.	y.	PROPN
cjfa-20693	852	5	,	,	PUNCT
cjfa-20693	852	6	&	&	CCONJ
cjfa-20693	852	7	tianrong	tianrong	PROPN
cjfa-20693	852	8	,	,	PUNCT
cjfa-20693	852	9	y.	y.	PROPN
cjfa-20693	852	10	(	(	PUNCT
cjfa-20693	852	11	2014	2014	NUM
cjfa-20693	852	12	)	)	PUNCT
cjfa-20693	852	13	.	.	PUNCT
cjfa-20693	853	1	intervention	intervention	NOUN
cjfa-20693	853	2	of	of	ADP
cjfa-20693	853	3	institutional	institutional	ADJ
cjfa-20693	853	4	investors	investor	NOUN
cjfa-20693	853	5	,	,	PUNCT
cjfa-20693	853	6	agency	agency	NOUN
cjfa-20693	853	7	problem	problem	NOUN
cjfa-20693	853	8	and	and	CCONJ
cjfa-20693	853	9	corporate	corporate	ADJ
cjfa-20693	853	10	dividend	dividend	NOUN
cjfa-20693	853	11	.	.	PUNCT
cjfa-20693	854	1	journal	journal	PROPN
cjfa-20693	854	2	of	of	ADP
cjfa-20693	854	3	shanxi	shanxi	PROPN
cjfa-20693	854	4	university	university	PROPN
cjfa-20693	854	5	of	of	ADP
cjfa-20693	854	6	finance	finance	NOUN
cjfa-20693	854	7	and	and	CCONJ
cjfa-20693	854	8	economics	economic	NOUN
cjfa-20693	854	9	,	,	PUNCT
cjfa-20693	854	10	36(06	36(06	NUM
cjfa-20693	854	11	)	)	PUNCT
cjfa-20693	854	12	,	,	PUNCT
cjfa-20693	854	13	90–101	90–101	PROPN
cjfa-20693	854	14	.	.	PUNCT
cjfa-20693	855	1	bao	bao	PROPN
cjfa-20693	855	2	,	,	PUNCT
cjfa-20693	855	3	y.	y.	PROPN
cjfa-20693	855	4	,	,	PUNCT
cjfa-20693	855	5	wanwei	wanwei	PROPN
cjfa-20693	855	6	,	,	PUNCT
cjfa-20693	855	7	&	&	CCONJ
cjfa-20693	855	8	chow	chow	PROPN
cjfa-20693	855	9	,	,	PUNCT
cjfa-20693	855	10	d.	d.	PROPN
cjfa-20693	855	11	(	(	PUNCT
cjfa-20693	855	12	2018	2018	NUM
cjfa-20693	855	13	)	)	PUNCT
cjfa-20693	855	14	.	.	PUNCT
cjfa-20693	856	1	cash	cash	NOUN
cjfa-20693	856	2	dividend	dividend	NOUN
cjfa-20693	856	3	distribution	distribution	NOUN
cjfa-20693	856	4	under	under	ADP
cjfa-20693	856	5	r&d	r&d	NOUN
cjfa-20693	856	6	investment	investment	NOUN
cjfa-20693	856	7	decision	decision	NOUN
cjfa-20693	856	8	:	:	PUNCT
cjfa-20693	856	9	suppression	suppression	NOUN
cjfa-20693	856	10	or	or	CCONJ
cjfa-20693	856	11	catering	catering	NOUN
cjfa-20693	856	12	.	.	PUNCT
cjfa-20693	857	1	also	also	ADV
cjfa-20693	857	2	on	on	ADP
cjfa-20693	857	3	the	the	DET
cjfa-20693	857	4	paradox	paradox	NOUN
cjfa-20693	857	5	of	of	ADP
cjfa-20693	857	6	regulation	regulation	NOUN
cjfa-20693	857	7	of	of	ADP
cjfa-20693	857	8	“	"	PUNCT
cjfa-20693	857	9	semi	semi	ADJ
cjfa-20693	857	10	-	-	ADJ
cjfa-20693	857	11	compulsory	compulsory	ADJ
cjfa-20693	857	12	dividend	dividend	NOUN
cjfa-20693	857	13	policy	policy	NOUN
cjfa-20693	857	14	”	"	PUNCT
cjfa-20693	857	15	.	.	PUNCT
cjfa-20693	858	1	journal	journal	PROPN
cjfa-20693	858	2	of	of	ADP
cjfa-20693	858	3	shanxi	shanxi	PROPN
cjfa-20693	858	4	university	university	PROPN
cjfa-20693	858	5	of	of	ADP
cjfa-20693	858	6	finance	finance	NOUN
cjfa-20693	858	7	and	and	CCONJ
cjfa-20693	858	8	economics	economic	NOUN
cjfa-20693	858	9	,	,	PUNCT
cjfa-20693	858	10	40(03	40(03	NOUN
cjfa-20693	858	11	)	)	PUNCT
cjfa-20693	858	12	,	,	PUNCT
cjfa-20693	859	1	94–109	94–109	NUM
cjfa-20693	859	2	.	.	PUNCT
cjfa-20693	860	1	bao	bao	PROPN
cjfa-20693	860	2	,	,	PUNCT
cjfa-20693	860	3	y.	y.	PROPN
cjfa-20693	860	4	,	,	PUNCT
cjfa-20693	860	5	&	&	CCONJ
cjfa-20693	860	6	tianrong	tianrong	PROPN
cjfa-20693	860	7	,	,	PUNCT
cjfa-20693	860	8	y.	y.	PROPN
cjfa-20693	860	9	(	(	PUNCT
cjfa-20693	860	10	2014	2014	NUM
cjfa-20693	860	11	)	)	PUNCT
cjfa-20693	860	12	.	.	PUNCT
cjfa-20693	861	1	intervention	intervention	NOUN
cjfa-20693	861	2	of	of	ADP
cjfa-20693	861	3	institutional	institutional	ADJ
cjfa-20693	861	4	investors	investor	NOUN
cjfa-20693	861	5	,	,	PUNCT
cjfa-20693	861	6	agency	agency	NOUN
cjfa-20693	861	7	problem	problem	NOUN
cjfa-20693	861	8	and	and	CCONJ
cjfa-20693	861	9	corporate	corporate	ADJ
cjfa-20693	861	10	dividend	dividend	NOUN
cjfa-20693	861	11	.	.	PUNCT
cjfa-20693	862	1	journal	journal	PROPN
cjfa-20693	862	2	of	of	ADP
cjfa-20693	862	3	shanxi	shanxi	PROPN
cjfa-20693	862	4	university	university	PROPN
cjfa-20693	862	5	of	of	ADP
cjfa-20693	862	6	finance	finance	NOUN
cjfa-20693	862	7	and	and	CCONJ
cjfa-20693	862	8	economics	economic	NOUN
cjfa-20693	862	9	,	,	PUNCT
cjfa-20693	862	10	36(06	36(06	NUM
cjfa-20693	862	11	)	)	PUNCT
cjfa-20693	862	12	,	,	PUNCT
cjfa-20693	862	13	90–101	90–101	PROPN
cjfa-20693	862	14	.	.	PUNCT
cjfa-20693	863	1	changqing	changqe	VERB
cjfa-20693	863	2	,	,	PUNCT
cjfa-20693	863	3	l.	l.	PROPN
cjfa-20693	863	4	,	,	PUNCT
cjfa-20693	863	5	zhihua	zhihua	PROPN
cjfa-20693	863	6	,	,	PUNCT
cjfa-20693	863	7	w.	w.	PROPN
cjfa-20693	863	8	,	,	PUNCT
cjfa-20693	863	9	&	&	CCONJ
cjfa-20693	863	10	shinong	shinong	PROPN
cjfa-20693	863	11	,	,	PUNCT
cjfa-20693	863	12	w.	w.	PROPN
cjfa-20693	863	13	(	(	PUNCT
cjfa-20693	863	14	2010	2010	NUM
cjfa-20693	863	15	)	)	PUNCT
cjfa-20693	863	16	.	.	PUNCT
cjfa-20693	864	1	market	market	NOUN
cjfa-20693	864	2	response	response	NOUN
cjfa-20693	864	3	to	to	ADP
cjfa-20693	864	4	semi	semi	ADJ
cjfa-20693	864	5	-	-	ADJ
cjfa-20693	864	6	compulsory	compulsory	ADJ
cjfa-20693	864	7	dividend	dividend	NOUN
cjfa-20693	864	8	policy	policy	NOUN
cjfa-20693	864	9	.	.	PUNCT
cjfa-20693	865	1	economic	economic	ADJ
cjfa-20693	865	2	research	research	NOUN
cjfa-20693	865	3	,	,	PUNCT
cjfa-20693	865	4	45(03	45(03	PROPN
cjfa-20693	865	5	)	)	PUNCT
cjfa-20693	865	6	,	,	PUNCT
cjfa-20693	865	7	144–155	144–155	NUM
cjfa-20693	865	8	.	.	PUNCT
cjfa-20693	865	9	genfu	genfu	PROPN
cjfa-20693	865	10	,	,	PUNCT
cjfa-20693	865	11	f.	f.	PROPN
cjfa-20693	865	12	,	,	PUNCT
cjfa-20693	865	13	&	&	CCONJ
cjfa-20693	865	14	juehang	juehang	PROPN
cjfa-20693	865	15	,	,	PUNCT
cjfa-20693	865	16	z.	z.	PROPN
cjfa-20693	865	17	(	(	PUNCT
cjfa-20693	865	18	2012	2012	NUM
cjfa-20693	865	19	)	)	PUNCT
cjfa-20693	865	20	.	.	PUNCT
cjfa-20693	866	1	manager	manager	NOUN
cjfa-20693	866	2	’s	’s	PART
cjfa-20693	866	3	compensation	compensation	NOUN
cjfa-20693	866	4	,	,	PUNCT
cjfa-20693	866	5	on	on	ADP
cjfa-20693	866	6	-	-	PUNCT
cjfa-20693	866	7	the	the	DET
cjfa-20693	866	8	-	-	PUNCT
cjfa-20693	866	9	job	job	NOUN
cjfa-20693	866	10	consumption	consumption	NOUN
cjfa-20693	866	11	and	and	CCONJ
cjfa-20693	866	12	corporate	corporate	ADJ
cjfa-20693	866	13	performance	performance	NOUN
cjfa-20693	866	14	:	:	PUNCT
cjfa-20693	866	15	from	from	ADP
cjfa-20693	866	16	the	the	DET
cjfa-20693	866	17	perspective	perspective	NOUN
cjfa-20693	866	18	of	of	ADP
cjfa-20693	866	19	cooperative	cooperative	ADJ
cjfa-20693	866	20	game	game	NOUN
cjfa-20693	866	21	analysis	analysis	NOUN
cjfa-20693	866	22	.	.	PUNCT
cjfa-20693	867	1	china	china	PROPN
cjfa-20693	867	2	’s	’s	PART
cjfa-20693	867	3	industrial	industrial	ADJ
cjfa-20693	867	4	economy	economy	NOUN
cjfa-20693	867	5	,	,	PUNCT
cjfa-20693	867	6	06	06	NUM
cjfa-20693	867	7	,	,	PUNCT
cjfa-20693	867	8	147–158	147–158	NUM
cjfa-20693	867	9	.	.	PUNCT
cjfa-20693	868	1	guojie	guojie	NOUN
cjfa-20693	868	2	,	,	PUNCT
cjfa-20693	868	3	y.	y.	PROPN
cjfa-20693	868	4	,	,	PUNCT
cjfa-20693	868	5	&	&	CCONJ
cjfa-20693	868	6	yuyu	yuyu	PROPN
cjfa-20693	868	7	,	,	PUNCT
cjfa-20693	868	8	z.	z.	PROPN
cjfa-20693	868	9	(	(	PUNCT
cjfa-20693	868	10	2018	2018	NUM
cjfa-20693	868	11	)	)	PUNCT
cjfa-20693	868	12	.	.	PUNCT
cjfa-20693	869	1	semi	semi	ADJ
cjfa-20693	869	2	-	-	ADJ
cjfa-20693	869	3	mandatory	mandatory	ADJ
cjfa-20693	869	4	dividend	dividend	NOUN
cjfa-20693	869	5	sharing	sharing	NOUN
cjfa-20693	869	6	policy	policy	NOUN
cjfa-20693	869	7	and	and	CCONJ
cjfa-20693	869	8	earnings	earning	NOUN
cjfa-20693	869	9	management	management	NOUN
cjfa-20693	869	10	of	of	ADP
cjfa-20693	869	11	refinancing	refinance	VERB
cjfa-20693	869	12	enterprises	enterprise	NOUN
cjfa-20693	869	13	:	:	PUNCT
cjfa-20693	869	14	evidence	evidence	NOUN
cjfa-20693	869	15	from	from	ADP
cjfa-20693	869	16	psm	psm	PROPN
cjfa-20693	869	17	.	.	PROPN
cjfa-20693	870	1	journal	journal	PROPN
cjfa-20693	870	2	of	of	ADP
cjfa-20693	870	3	nanjing	nanjing	PROPN
cjfa-20693	870	4	audit	audit	PROPN
cjfa-20693	870	5	university	university	NOUN
cjfa-20693	870	6	,	,	PUNCT
cjfa-20693	870	7	15(05	15(05	NUM
cjfa-20693	870	8	)	)	PUNCT
cjfa-20693	870	9	,	,	PUNCT
cjfa-20693	870	10	75–85	75–85	NUM
cjfa-20693	870	11	;	;	PUNCT
cjfa-20693	870	12	93	93	NUM
cjfa-20693	870	13	.	.	PUNCT
cjfa-20693	871	1	guoling	guoling	NOUN
cjfa-20693	871	2	,	,	PUNCT
cjfa-20693	871	3	q.	q.	PROPN
cjfa-20693	871	4	(	(	PUNCT
cjfa-20693	871	5	2014	2014	NUM
cjfa-20693	871	6	)	)	PUNCT
cjfa-20693	871	7	.	.	PUNCT
cjfa-20693	872	1	semi	semi	ADJ
cjfa-20693	872	2	-	-	ADJ
cjfa-20693	872	3	mandatory	mandatory	ADJ
cjfa-20693	872	4	dividend	dividend	NOUN
cjfa-20693	872	5	sharing	sharing	NOUN
cjfa-20693	872	6	policy	policy	NOUN
cjfa-20693	872	7	,	,	PUNCT
cjfa-20693	872	8	adverse	adverse	ADJ
cjfa-20693	872	9	selection	selection	NOUN
cjfa-20693	872	10	and	and	CCONJ
cjfa-20693	872	11	dividend	dividend	NOUN
cjfa-20693	872	12	tunneling	tunneling	NOUN
cjfa-20693	872	13	.	.	PUNCT
cjfa-20693	873	1	investment	investment	NOUN
cjfa-20693	873	2	research	research	NOUN
cjfa-20693	873	3	,	,	PUNCT
cjfa-20693	873	4	33(10	33(10	NUM
cjfa-20693	873	5	)	)	PUNCT
cjfa-20693	873	6	,	,	PUNCT
cjfa-20693	873	7	118–131	118–131	NUM
cjfa-20693	873	8	.	.	PUNCT
cjfa-20693	874	1	guoling	guoling	NOUN
cjfa-20693	874	2	,	,	PUNCT
cjfa-20693	874	3	q.	q.	PROPN
cjfa-20693	874	4	,	,	PUNCT
cjfa-20693	874	5	huan	huan	PROPN
cjfa-20693	874	6	,	,	PUNCT
cjfa-20693	874	7	l.	l.	PROPN
cjfa-20693	874	8	,	,	PUNCT
cjfa-20693	874	9	&	&	CCONJ
cjfa-20693	874	10	ziwei	ziwei	PROPN
cjfa-20693	874	11	,	,	PUNCT
cjfa-20693	874	12	z.	z.	PROPN
cjfa-20693	874	13	(	(	PUNCT
cjfa-20693	874	14	2017	2017	NUM
cjfa-20693	874	15	)	)	PUNCT
cjfa-20693	874	16	.	.	PUNCT
cjfa-20693	875	1	the	the	DET
cjfa-20693	875	2	paradox	paradox	NOUN
cjfa-20693	875	3	of	of	ADP
cjfa-20693	875	4	cash	cash	NOUN
cjfa-20693	875	5	dividend	dividend	NOUN
cjfa-20693	875	6	policy	policy	NOUN
cjfa-20693	875	7	of	of	ADP
cjfa-20693	875	8	gem	gem	NOUN
cjfa-20693	875	9	listed	list	VERB
cjfa-20693	875	10	companies	company	NOUN
cjfa-20693	875	11	:	:	PUNCT
cjfa-20693	875	12	an	an	DET
cjfa-20693	875	13	explanation	explanation	NOUN
cjfa-20693	875	14	based	base	VERB
cjfa-20693	875	15	on	on	ADP
cjfa-20693	875	16	dividend	dividend	NOUN
cjfa-20693	875	17	tunneling	tunneling	NOUN
cjfa-20693	875	18	theory	theory	NOUN
cjfa-20693	875	19	.	.	PUNCT
cjfa-20693	876	1	china	china	PROPN
cjfa-20693	876	2	’s	’s	PART
cjfa-20693	876	3	economic	economic	ADJ
cjfa-20693	876	4	issues	issue	NOUN
cjfa-20693	876	5	,	,	PUNCT
cjfa-20693	876	6	02	02	NUM
cjfa-20693	876	7	,	,	PUNCT
cjfa-20693	876	8	68–79	68–79	ADV
cjfa-20693	876	9	.	.	PUNCT
cjfa-20693	877	1	hanming	hanme	VERB
cjfa-20693	877	2	,	,	PUNCT
cjfa-20693	877	3	y.	y.	PROPN
cjfa-20693	877	4	(	(	PUNCT
cjfa-20693	877	5	2008	2008	NUM
cjfa-20693	877	6	)	)	PUNCT
cjfa-20693	877	7	.	.	PUNCT
cjfa-20693	878	1	empirical	empirical	ADJ
cjfa-20693	878	2	analysis	analysis	NOUN
cjfa-20693	878	3	of	of	ADP
cjfa-20693	878	4	equity	equity	NOUN
cjfa-20693	878	5	concentration	concentration	NOUN
cjfa-20693	878	6	,	,	PUNCT
cjfa-20693	878	7	cash	cash	NOUN
cjfa-20693	878	8	dividend	dividend	NOUN
cjfa-20693	878	9	and	and	CCONJ
cjfa-20693	878	10	enterprise	enterprise	NOUN
cjfa-20693	878	11	value	value	NOUN
cjfa-20693	878	12	.	.	PUNCT
cjfa-20693	879	1	financial	financial	ADJ
cjfa-20693	879	2	economy	economy	NOUN
cjfa-20693	879	3	,	,	PUNCT
cjfa-20693	879	4	08	08	NUM
cjfa-20693	879	5	,	,	PUNCT
cjfa-20693	879	6	67–72	67–72	NUM
cjfa-20693	879	7	.	.	PUNCT
cjfa-20693	879	8	haoran	haoran	NOUN
cjfa-20693	879	9	,	,	PUNCT
cjfa-20693	879	10	x.	x.	NOUN
cjfa-20693	879	11	,	,	PUNCT
cjfa-20693	879	12	&	&	CCONJ
cjfa-20693	879	13	guanmin	guanmin	PROPN
cjfa-20693	879	14	,	,	PUNCT
cjfa-20693	879	15	l.	l.	PROPN
cjfa-20693	879	16	(	(	PUNCT
cjfa-20693	879	17	2018	2018	NUM
cjfa-20693	879	18	)	)	PUNCT
cjfa-20693	879	19	.	.	PUNCT
cjfa-20693	880	1	the	the	DET
cjfa-20693	880	2	corporate	corporate	ADJ
cjfa-20693	880	3	governance	governance	NOUN
cjfa-20693	880	4	function	function	NOUN
cjfa-20693	880	5	of	of	ADP
cjfa-20693	880	6	dividends	dividend	NOUN
cjfa-20693	880	7	:	:	PUNCT
cjfa-20693	880	8	an	an	DET
cjfa-20693	880	9	empirical	empirical	ADJ
cjfa-20693	880	10	test	test	NOUN
cjfa-20693	880	11	based	base	VERB
cjfa-20693	880	12	on	on	ADP
cjfa-20693	880	13	compulsory	compulsory	ADJ
cjfa-20693	880	14	dividends	dividend	NOUN
cjfa-20693	880	15	of	of	ADP
cjfa-20693	880	16	central	central	ADJ
cjfa-20693	880	17	enterprises	enterprise	NOUN
cjfa-20693	880	18	.	.	PUNCT
cjfa-20693	881	1	journal	journal	NOUN
cjfa-20693	881	2	of	of	ADP
cjfa-20693	881	3	central	central	PROPN
cjfa-20693	881	4	university	university	PROPN
cjfa-20693	881	5	of	of	ADP
cjfa-20693	881	6	finance	finance	NOUN
cjfa-20693	881	7	and	and	CCONJ
cjfa-20693	881	8	economics	economic	NOUN
cjfa-20693	881	9	,	,	PUNCT
cjfa-20693	881	10	04	04	NUM
cjfa-20693	881	11	,	,	PUNCT
cjfa-20693	881	12	53–62	53–62	NUM
cjfa-20693	881	13	.	.	PUNCT
cjfa-20693	882	1	jing	jing	PROPN
cjfa-20693	882	2	,	,	PUNCT
cjfa-20693	882	3	l.	l.	PROPN
cjfa-20693	882	4	,	,	PUNCT
cjfa-20693	882	5	&	&	CCONJ
cjfa-20693	882	6	debo	debo	PROPN
cjfa-20693	882	7	,	,	PUNCT
cjfa-20693	882	8	j.	j.	PROPN
cjfa-20693	882	9	(	(	PUNCT
cjfa-20693	882	10	2017	2017	NUM
cjfa-20693	882	11	)	)	PUNCT
cjfa-20693	882	12	.	.	PUNCT
cjfa-20693	883	1	demand	demand	NOUN
cjfa-20693	883	2	for	for	ADP
cjfa-20693	883	3	refinancing	refinance	VERB
cjfa-20693	883	4	,	,	PUNCT
cjfa-20693	883	5	regulatory	regulatory	ADJ
cjfa-20693	883	6	pressure	pressure	NOUN
cjfa-20693	883	7	and	and	CCONJ
cjfa-20693	883	8	cash	cash	NOUN
cjfa-20693	883	9	dividend	dividend	NOUN
cjfa-20693	883	10	.	.	PUNCT
cjfa-20693	884	1	audit	audit	NOUN
cjfa-20693	884	2	and	and	CCONJ
cjfa-20693	884	3	economic	economic	ADJ
cjfa-20693	884	4	research	research	NOUN
cjfa-20693	884	5	,	,	PUNCT
cjfa-20693	884	6	32(02	32(02	NUM
cjfa-20693	884	7	)	)	PUNCT
cjfa-20693	884	8	,	,	PUNCT
cjfa-20693	884	9	88–97	88–97	NUM
cjfa-20693	884	10	.	.	PUNCT
cjfa-20693	885	1	juanjuan	juanjuan	PROPN
cjfa-20693	885	2	,	,	PUNCT
cjfa-20693	885	3	h.	h.	PROPN
cjfa-20693	885	4	,	,	PUNCT
cjfa-20693	885	5	&	&	CCONJ
cjfa-20693	885	6	yifeng	yifeng	PROPN
cjfa-20693	885	7	,	,	PUNCT
cjfa-20693	885	8	s.	s.	PROPN
cjfa-20693	885	9	(	(	PUNCT
cjfa-20693	885	10	2007	2007	NUM
cjfa-20693	885	11	)	)	PUNCT
cjfa-20693	885	12	.	.	PUNCT
cjfa-20693	886	1	who	who	PRON
cjfa-20693	886	2	does	do	VERB
cjfa-20693	886	3	the	the	DET
cjfa-20693	886	4	dividend	dividend	NOUN
cjfa-20693	886	5	policy	policy	NOUN
cjfa-20693	886	6	of	of	ADP
cjfa-20693	886	7	listed	list	VERB
cjfa-20693	886	8	companies	company	NOUN
cjfa-20693	886	9	cater	cater	VERB
cjfa-20693	886	10	to	to	ADP
cjfa-20693	886	11	?	?	PUNCT
cjfa-20693	887	1	empirical	empirical	ADJ
cjfa-20693	887	2	data	datum	NOUN
cjfa-20693	887	3	from	from	ADP
cjfa-20693	887	4	chinese	chinese	ADJ
cjfa-20693	887	5	listed	list	VERB
cjfa-20693	887	6	companies	company	NOUN
cjfa-20693	887	7	.	.	PUNCT
cjfa-20693	888	1	accounting	accounting	NOUN
cjfa-20693	888	2	research	research	PROPN
cjfa-20693	888	3	,	,	PUNCT
cjfa-20693	888	4	08	08	NUM
cjfa-20693	888	5	,	,	PUNCT
cjfa-20693	888	6	36	36	NUM
cjfa-20693	888	7	–	–	PUNCT
cjfa-20693	888	8	–	–	PUNCT
cjfa-20693	888	9	43	43	NUM
cjfa-20693	888	10	;	;	PUNCT
cjfa-20693	888	11	95	95	NUM
cjfa-20693	888	12	.	.	PUNCT
cjfa-20693	889	1	qin	qin	PROPN
cjfa-20693	889	2	hailin	hailin	PROPN
cjfa-20693	889	3	,	,	PUNCT
cjfa-20693	889	4	zhang	zhang	PROPN
cjfa-20693	889	5	jingxu100	jingxu100	PROPN
cjfa-20693	889	6	lili	lili	PROPN
cjfa-20693	889	7	,	,	PUNCT
cjfa-20693	889	8	z.	z.	PROPN
cjfa-20693	889	9	(	(	PUNCT
cjfa-20693	889	10	2018	2018	NUM
cjfa-20693	889	11	)	)	PUNCT
cjfa-20693	889	12	.	.	PUNCT
cjfa-20693	890	1	the	the	DET
cjfa-20693	890	2	role	role	NOUN
cjfa-20693	890	3	of	of	ADP
cjfa-20693	890	4	major	major	ADJ
cjfa-20693	890	5	shareholders	shareholder	NOUN
cjfa-20693	890	6	in	in	ADP
cjfa-20693	890	7	directional	directional	ADJ
cjfa-20693	890	8	additional	additional	ADJ
cjfa-20693	890	9	issuance	issuance	NOUN
cjfa-20693	890	10	and	and	CCONJ
cjfa-20693	890	11	acquisition	acquisition	NOUN
cjfa-20693	890	12	:	:	PUNCT
cjfa-20693	890	13	support	support	NOUN
cjfa-20693	890	14	or	or	CCONJ
cjfa-20693	890	15	benefit	benefit	NOUN
cjfa-20693	890	16	transfer	transfer	NOUN
cjfa-20693	890	17	:	:	PUNCT
cjfa-20693	890	18	an	an	DET
cjfa-20693	890	19	empirical	empirical	ADJ
cjfa-20693	890	20	study	study	NOUN
cjfa-20693	890	21	based	base	VERB
cjfa-20693	890	22	on	on	ADP
cjfa-20693	890	23	the	the	DET
cjfa-20693	890	24	merger	merger	NOUN
cjfa-20693	890	25	and	and	CCONJ
cjfa-20693	890	26	acquisition	acquisition	NOUN
cjfa-20693	890	27	of	of	ADP
cjfa-20693	890	28	non	non	ADJ
cjfa-20693	890	29	-	-	ADJ
cjfa-20693	890	30	listed	listed	ADJ
cjfa-20693	890	31	companies	company	NOUN
cjfa-20693	890	32	by	by	ADP
cjfa-20693	890	33	listed	list	VERB
cjfa-20693	890	34	companies	company	NOUN
cjfa-20693	890	35	.	.	PUNCT
cjfa-20693	891	1	journal	journal	PROPN
cjfa-20693	891	2	of	of	ADP
cjfa-20693	891	3	shanxi	shanxi	PROPN
cjfa-20693	891	4	university	university	PROPN
cjfa-20693	891	5	of	of	ADP
cjfa-20693	891	6	finance	finance	NOUN
cjfa-20693	891	7	and	and	CCONJ
cjfa-20693	891	8	economics	economic	NOUN
cjfa-20693	891	9	,	,	PUNCT
cjfa-20693	891	10	40(07	40(07	NUM
cjfa-20693	891	11	)	)	PUNCT
cjfa-20693	891	12	,	,	PUNCT
cjfa-20693	891	13	82–97	82–97	NUM
cjfa-20693	891	14	.	.	PUNCT
cjfa-20693	892	1	modigliani	modigliani	PROPN
cjfa-20693	892	2	,	,	PUNCT
cjfa-20693	892	3	f.	f.	PROPN
cjfa-20693	892	4	,	,	PUNCT
cjfa-20693	892	5	&	&	CCONJ
cjfa-20693	892	6	miller	miller	PROPN
cjfa-20693	892	7	,	,	PUNCT
cjfa-20693	892	8	m.h	m.h	PROPN
cjfa-20693	892	9	.	.	PROPN
cjfa-20693	892	10	(	(	PUNCT
cjfa-20693	892	11	1961	1961	NUM
cjfa-20693	892	12	)	)	PUNCT
cjfa-20693	892	13	.	.	PUNCT
cjfa-20693	893	1	dividend	dividend	NOUN
cjfa-20693	893	2	policy	policy	NOUN
cjfa-20693	893	3	,	,	PUNCT
cjfa-20693	893	4	growth	growth	NOUN
cjfa-20693	893	5	,	,	PUNCT
cjfa-20693	893	6	and	and	CCONJ
cjfa-20693	893	7	the	the	DET
cjfa-20693	893	8	valuation	valuation	NOUN
cjfa-20693	893	9	of	of	ADP
cjfa-20693	893	10	shares	share	NOUN
cjfa-20693	893	11	.	.	PUNCT
cjfa-20693	894	1	journal	journal	NOUN
cjfa-20693	894	2	of	of	ADP
cjfa-20693	894	3	business	business	NOUN
cjfa-20693	894	4	,	,	PUNCT
cjfa-20693	894	5	34(4	34(4	NUM
cjfa-20693	894	6	)	)	PUNCT
cjfa-20693	894	7	,	,	PUNCT
cjfa-20693	894	8	411–433	411–433	NUM
cjfa-20693	894	9	.	.	PUNCT
cjfa-20693	895	1	qingsong	qingsong	NOUN
cjfa-20693	895	2	,	,	PUNCT
cjfa-20693	895	3	a.	a.	NOUN
cjfa-20693	895	4	(	(	PUNCT
cjfa-20693	895	5	2012	2012	NUM
cjfa-20693	895	6	)	)	PUNCT
cjfa-20693	895	7	.	.	PUNCT
cjfa-20693	896	1	study	study	NOUN
cjfa-20693	896	2	on	on	ADP
cjfa-20693	896	3	the	the	DET
cjfa-20693	896	4	present	present	ADJ
cjfa-20693	896	5	situation	situation	NOUN
cjfa-20693	896	6	and	and	CCONJ
cjfa-20693	896	7	trend	trend	NOUN
cjfa-20693	896	8	of	of	ADP
cjfa-20693	896	9	dividend	dividend	NOUN
cjfa-20693	896	10	sharing	sharing	NOUN
cjfa-20693	896	11	of	of	ADP
cjfa-20693	896	12	chinese	chinese	ADJ
cjfa-20693	896	13	listed	list	VERB
cjfa-20693	896	14	companies	company	NOUN
cjfa-20693	896	15	.	.	PUNCT
cjfa-20693	897	1	stock	stock	NOUN
cjfa-20693	897	2	market	market	NOUN
cjfa-20693	897	3	report	report	NOUN
cjfa-20693	897	4	,	,	PUNCT
cjfa-20693	897	5	11	11	NUM
cjfa-20693	897	6	,	,	PUNCT
cjfa-20693	897	7	15–19	15–19	NUM
cjfa-20693	897	8	.	.	PUNCT
cjfa-20693	898	1	tao	tao	PROPN
cjfa-20693	898	2	,	,	PUNCT
cjfa-20693	898	3	z.	z.	PROPN
cjfa-20693	898	4	,	,	PUNCT
cjfa-20693	898	5	&	&	CCONJ
cjfa-20693	898	6	deyou	deyou	PROPN
cjfa-20693	898	7	,	,	PUNCT
cjfa-20693	898	8	w.	w.	PROPN
cjfa-20693	898	9	(	(	PUNCT
cjfa-20693	898	10	2007	2007	NUM
cjfa-20693	898	11	)	)	PUNCT
cjfa-20693	898	12	.	.	PUNCT
cjfa-20693	899	1	cash	cash	NOUN
cjfa-20693	899	2	dividend	dividend	NOUN
cjfa-20693	899	3	:	:	PUNCT
cjfa-20693	899	4	mitigating	mitigate	VERB
cjfa-20693	899	5	agency	agency	NOUN
cjfa-20693	899	6	problem	problem	NOUN
cjfa-20693	899	7	or	or	CCONJ
cjfa-20693	899	8	major	major	ADJ
cjfa-20693	899	9	shareholder	shareholder	NOUN
cjfa-20693	899	10	exploitation	exploitation	NOUN
cjfa-20693	899	11	:	:	PUNCT
cjfa-20693	899	12	a	a	DET
cjfa-20693	899	13	study	study	NOUN
cjfa-20693	899	14	from	from	ADP
cjfa-20693	899	15	the	the	DET
cjfa-20693	899	16	perspective	perspective	NOUN
cjfa-20693	899	17	of	of	ADP
cjfa-20693	899	18	final	final	ADJ
cjfa-20693	899	19	ownership	ownership	NOUN
cjfa-20693	899	20	structure	structure	NOUN
cjfa-20693	899	21	.	.	PUNCT
cjfa-20693	900	1	journal	journal	PROPN
cjfa-20693	900	2	of	of	ADP
cjfa-20693	900	3	shanxi	shanxi	PROPN
cjfa-20693	900	4	university	university	PROPN
cjfa-20693	900	5	of	of	ADP
cjfa-20693	900	6	finance	finance	NOUN
cjfa-20693	900	7	and	and	CCONJ
cjfa-20693	900	8	economics	economic	NOUN
cjfa-20693	900	9	,	,	PUNCT
cjfa-20693	900	10	08	08	NUM
cjfa-20693	900	11	,	,	PUNCT
cjfa-20693	900	12	97–102	97–102	NUM
cjfa-20693	900	13	.	.	PUNCT
cjfa-20693	901	1	xing	xing	PROPN
cjfa-20693	901	2	,	,	PUNCT
cjfa-20693	901	3	l.	l.	PROPN
cjfa-20693	901	4	,	,	PUNCT
cjfa-20693	901	5	weirong	weirong	PROPN
cjfa-20693	901	6	,	,	PUNCT
cjfa-20693	901	7	t.	t.	PROPN
cjfa-20693	901	8	,	,	PUNCT
cjfa-20693	901	9	&	&	CCONJ
cjfa-20693	901	10	ning	ning	PROPN
cjfa-20693	901	11	,	,	PUNCT
cjfa-20693	901	12	l.	l.	PROPN
cjfa-20693	901	13	(	(	PUNCT
cjfa-20693	901	14	2016	2016	NUM
cjfa-20693	901	15	)	)	PUNCT
cjfa-20693	901	16	.	.	PUNCT
cjfa-20693	902	1	semi	semi	ADJ
cjfa-20693	902	2	-	-	ADJ
cjfa-20693	902	3	mandatory	mandatory	ADJ
cjfa-20693	902	4	dividend	dividend	NOUN
cjfa-20693	902	5	policy	policy	NOUN
cjfa-20693	902	6	,	,	PUNCT
cjfa-20693	902	7	corporate	corporate	ADJ
cjfa-20693	902	8	governance	governance	NOUN
cjfa-20693	902	9	and	and	CCONJ
cjfa-20693	902	10	cash	cash	NOUN
cjfa-20693	902	11	dividend	dividend	NOUN
cjfa-20693	902	12	policy	policy	NOUN
cjfa-20693	902	13	.	.	PUNCT
cjfa-20693	903	1	nankai	nankai	PROPN
cjfa-20693	903	2	management	management	PROPN
cjfa-20693	903	3	review	review	PROPN
cjfa-20693	903	4	,	,	PUNCT
cjfa-20693	903	5	19(05	19(05	NUM
cjfa-20693	903	6	)	)	PUNCT
cjfa-20693	903	7	,	,	PUNCT
cjfa-20693	903	8	104–114	104–114	NUM
cjfa-20693	903	9	.	.	PUNCT
cjfa-20693	904	1	yaoting	yaoting	PROPN
cjfa-20693	904	2	,	,	PUNCT
cjfa-20693	904	3	h.	h.	PROPN
cjfa-20693	904	4	,	,	PUNCT
cjfa-20693	904	5	&	&	CCONJ
cjfa-20693	904	6	mahong	mahong	PROPN
cjfa-20693	904	7	(	(	PUNCT
cjfa-20693	904	8	2017	2017	NUM
cjfa-20693	904	9	)	)	PUNCT
cjfa-20693	904	10	.	.	PUNCT
cjfa-20693	905	1	agency	agency	NOUN
cjfa-20693	905	2	cost	cost	NOUN
cjfa-20693	905	3	,	,	PUNCT
cjfa-20693	905	4	semi	semi	ADJ
cjfa-20693	905	5	-	-	ADJ
cjfa-20693	905	6	mandatory	mandatory	ADJ
cjfa-20693	905	7	dividend	dividend	NOUN
cjfa-20693	905	8	and	and	CCONJ
cjfa-20693	905	9	corporate	corporate	ADJ
cjfa-20693	905	10	value	value	NOUN
cjfa-20693	905	11	:	:	PUNCT
cjfa-20693	905	12	empirical	empirical	ADJ
cjfa-20693	905	13	evidence	evidence	NOUN
cjfa-20693	905	14	from	from	ADP
cjfa-20693	905	15	chinese	chinese	PROPN
cjfa-20693	905	16	a	a	PROPN
cjfa-20693	905	17	-	-	PUNCT
cjfa-20693	905	18	share	share	NOUN
cjfa-20693	905	19	listed	list	VERB
cjfa-20693	905	20	companies	company	NOUN
cjfa-20693	905	21	.	.	PUNCT
cjfa-20693	906	1	journal	journal	PROPN
cjfa-20693	906	2	of	of	ADP
cjfa-20693	906	3	guizhou	guizhou	PROPN
cjfa-20693	906	4	university	university	PROPN
cjfa-20693	906	5	of	of	ADP
cjfa-20693	906	6	finance	finance	NOUN
cjfa-20693	906	7	and	and	CCONJ
cjfa-20693	906	8	economics	economic	NOUN
cjfa-20693	906	9	,	,	PUNCT
cjfa-20693	906	10	(	(	PUNCT
cjfa-20693	906	11	04),76–83	04),76–83	PROPN
cjfa-20693	906	12	.	.	PROPN
cjfa-20693	906	13	yan	yan	PROPN
cjfa-20693	906	14	,	,	PUNCT
cjfa-20693	906	15	c.	c.	PROPN
cjfa-20693	906	16	,	,	PUNCT
cjfa-20693	906	17	xin	xin	PROPN
cjfa-20693	906	18	,	,	PUNCT
cjfa-20693	906	19	l.	l.	PROPN
cjfa-20693	906	20	,	,	PUNCT
cjfa-20693	906	21	&	&	CCONJ
cjfa-20693	906	22	mengshun	mengshun	PROPN
cjfa-20693	906	23	,	,	PUNCT
cjfa-20693	906	24	l.	l.	PROPN
cjfa-20693	906	25	(	(	PUNCT
cjfa-20693	906	26	2015	2015	NUM
cjfa-20693	906	27	)	)	PUNCT
cjfa-20693	906	28	.	.	PUNCT
cjfa-20693	907	1	research	research	NOUN
cjfa-20693	907	2	on	on	ADP
cjfa-20693	907	3	the	the	DET
cjfa-20693	907	4	effectiveness	effectiveness	NOUN
cjfa-20693	907	5	of	of	ADP
cjfa-20693	907	6	semi	semi	ADJ
cjfa-20693	907	7	-	-	ADJ
cjfa-20693	907	8	mandatory	mandatory	ADJ
cjfa-20693	907	9	dividend	dividend	NOUN
cjfa-20693	907	10	policy	policy	NOUN
cjfa-20693	907	11	from	from	ADP
cjfa-20693	907	12	the	the	DET
cjfa-20693	907	13	perspective	perspective	NOUN
cjfa-20693	907	14	of	of	ADP
cjfa-20693	907	15	cash	cash	NOUN
cjfa-20693	907	16	dividend	dividend	NOUN
cjfa-20693	907	17	catering	catering	NOUN
cjfa-20693	907	18	,	,	PUNCT
cjfa-20693	907	19	refinancing	refinance	VERB
cjfa-20693	907	20	demand	demand	NOUN
cjfa-20693	907	21	and	and	CCONJ
cjfa-20693	907	22	enterprise	enterprise	NOUN
cjfa-20693	907	23	investment	investment	NOUN
cjfa-20693	907	24	-	-	PUNCT
cjfa-20693	907	25	investment	investment	NOUN
cjfa-20693	907	26	efficiency	efficiency	NOUN
cjfa-20693	907	27	.	.	PUNCT
cjfa-20693	908	1	accounting	accounting	NOUN
cjfa-20693	908	2	research	research	NOUN
cjfa-20693	908	3	,	,	PUNCT
cjfa-20693	908	4	11	11	NUM
cjfa-20693	908	5	,	,	PUNCT
cjfa-20693	908	6	69–75	69–75	NUM
cjfa-20693	908	7	;	;	PUNCT
cjfa-20693	908	8	97	97	NUM
cjfa-20693	908	9	.	.	PUNCT
cjfa-20693	908	10	yan	yan	PROPN
cjfa-20693	908	11	,	,	PUNCT
cjfa-20693	908	12	y.	y.	PROPN
cjfa-20693	908	13	,	,	PUNCT
cjfa-20693	908	14	&	&	CCONJ
cjfa-20693	908	15	chunfei	chunfei	PROPN
cjfa-20693	908	16	,	,	PUNCT
cjfa-20693	908	17	w.	w.	PROPN
cjfa-20693	908	18	(	(	PUNCT
cjfa-20693	908	19	2014	2014	NUM
cjfa-20693	908	20	)	)	PUNCT
cjfa-20693	908	21	.	.	PUNCT
cjfa-20693	909	1	economic	economic	ADJ
cjfa-20693	909	2	consequences	consequence	NOUN
cjfa-20693	909	3	and	and	CCONJ
cjfa-20693	909	4	potential	potential	ADJ
cjfa-20693	909	5	problems	problem	NOUN
cjfa-20693	909	6	associated	associate	VERB
cjfa-20693	909	7	with	with	ADP
cjfa-20693	909	8	refinancing	refinance	VERB
cjfa-20693	909	9	and	and	CCONJ
cjfa-20693	909	10	dividend	dividend	NOUN
cjfa-20693	909	11	policy	policy	NOUN
cjfa-20693	909	12	.	.	PUNCT
cjfa-20693	910	1	china	china	PROPN
cjfa-20693	910	2	accounting	accounting	PROPN
cjfa-20693	910	3	review	review	PROPN
cjfa-20693	910	4	,	,	PUNCT
cjfa-20693	910	5	12(01	12(01	PROPN
cjfa-20693	910	6	)	)	PUNCT
cjfa-20693	910	7	,	,	PUNCT
cjfa-20693	910	8	43–66	43–66	NUM
cjfa-20693	910	9	.	.	PUNCT
cjfa-20693	911	1	yi	yi	PROPN
cjfa-20693	911	2	,	,	PUNCT
cjfa-20693	911	3	y.	y.	PROPN
cjfa-20693	911	4	,	,	PUNCT
cjfa-20693	911	5	&	&	CCONJ
cjfa-20693	911	6	yifeng	yifeng	PROPN
cjfa-20693	911	7	,	,	PUNCT
cjfa-20693	911	8	s.	s.	PROPN
cjfa-20693	911	9	(	(	PUNCT
cjfa-20693	911	10	2004	2004	NUM
cjfa-20693	911	11	)	)	PUNCT
cjfa-20693	911	12	.	.	PUNCT
cjfa-20693	912	1	cash	cash	NOUN
cjfa-20693	912	2	dividend	dividend	NOUN
cjfa-20693	912	3	:	:	PUNCT
cjfa-20693	912	4	transferring	transfer	VERB
cjfa-20693	912	5	profit	profit	NOUN
cjfa-20693	912	6	signal	signal	NOUN
cjfa-20693	912	7	or	or	CCONJ
cjfa-20693	912	8	supervising	supervise	VERB
cjfa-20693	912	9	governance	governance	NOUN
cjfa-20693	912	10	function	function	NOUN
cjfa-20693	912	11	.	.	PUNCT
cjfa-20693	913	1	china	china	PROPN
cjfa-20693	913	2	accounting	accounting	PROPN
cjfa-20693	913	3	review	review	PROPN
cjfa-20693	913	4	,	,	PUNCT
cjfa-20693	913	5	01	01	NUM
cjfa-20693	913	6	,	,	PUNCT
cjfa-20693	913	7	61–76	61–76	NUM
cjfa-20693	913	8	.	.	PUNCT
cjfa-20693	914	1	yinguo	yinguo	PROPN
cjfa-20693	914	2	,	,	PUNCT
cjfa-20693	914	3	l.	l.	PROPN
cjfa-20693	914	4	(	(	PUNCT
cjfa-20693	914	5	2008	2008	NUM
cjfa-20693	914	6	)	)	PUNCT
cjfa-20693	914	7	.	.	PUNCT
cjfa-20693	915	1	an	an	DET
cjfa-20693	915	2	empirical	empirical	ADJ
cjfa-20693	915	3	study	study	NOUN
cjfa-20693	915	4	on	on	ADP
cjfa-20693	915	5	dividend	dividend	NOUN
cjfa-20693	915	6	policy	policy	NOUN
cjfa-20693	915	7	effectiveness	effectiveness	NOUN
cjfa-20693	915	8	of	of	ADP
cjfa-20693	915	9	listed	list	VERB
cjfa-20693	915	10	companies	company	NOUN
cjfa-20693	915	11	in	in	ADP
cjfa-20693	915	12	china	china	PROPN
cjfa-20693	915	13	.	.	PUNCT
cjfa-20693	916	1	economic	economic	ADJ
cjfa-20693	916	2	management	management	NOUN
cjfa-20693	916	3	,	,	PUNCT
cjfa-20693	916	4	14	14	NUM
cjfa-20693	916	5	,	,	PUNCT
cjfa-20693	916	6	26–33	26–33	NUM
cjfa-20693	916	7	.	.	PUNCT
cjfa-20693	917	1	yinguo	yinguo	PROPN
cjfa-20693	917	2	,	,	PUNCT
cjfa-20693	917	3	l.	l.	PROPN
cjfa-20693	917	4	,	,	PUNCT
cjfa-20693	917	5	chen	chen	PROPN
cjfa-20693	917	6	,	,	PUNCT
cjfa-20693	917	7	z.	z.	PROPN
cjfa-20693	917	8	,	,	PUNCT
cjfa-20693	917	9	&	&	CCONJ
cjfa-20693	917	10	sumei	sumei	PROPN
cjfa-20693	917	11	,	,	PUNCT
cjfa-20693	917	12	r.	r.	PROPN
cjfa-20693	917	13	(	(	PUNCT
cjfa-20693	917	14	2014	2014	NUM
cjfa-20693	917	15	)	)	PUNCT
cjfa-20693	917	16	.	.	PUNCT
cjfa-20693	918	1	research	research	NOUN
cjfa-20693	918	2	on	on	ADP
cjfa-20693	918	3	the	the	DET
cjfa-20693	918	4	effect	effect	NOUN
cjfa-20693	918	5	of	of	ADP
cjfa-20693	918	6	agency	agency	NOUN
cjfa-20693	918	7	cost	cost	NOUN
cjfa-20693	918	8	control	control	NOUN
cjfa-20693	918	9	of	of	ADP
cjfa-20693	918	10	cash	cash	NOUN
cjfa-20693	918	11	dividend	dividend	NOUN
cjfa-20693	918	12	based	base	VERB
cjfa-20693	918	13	on	on	ADP
cjfa-20693	918	14	semi	semi	ADJ
cjfa-20693	918	15	-	-	ADJ
cjfa-20693	918	16	mandatory	mandatory	ADJ
cjfa-20693	918	17	dividend	dividend	NOUN
cjfa-20693	918	18	sharing	sharing	NOUN
cjfa-20693	918	19	.	.	PUNCT
cjfa-20693	919	1	audit	audit	NOUN
cjfa-20693	919	2	and	and	CCONJ
cjfa-20693	919	3	economic	economic	ADJ
cjfa-20693	919	4	research	research	NOUN
cjfa-20693	919	5	,	,	PUNCT
cjfa-20693	919	6	29(05	29(05	NUM
cjfa-20693	919	7	)	)	PUNCT
cjfa-20693	919	8	,	,	PUNCT
cjfa-20693	919	9	59–68	59–68	NUM
cjfa-20693	919	10	.	.	PUNCT
cjfa-20693	920	1	yunling	yunling	PROPN
cjfa-20693	920	2	,	,	PUNCT
cjfa-20693	920	3	c.	c.	PROPN
cjfa-20693	920	4	(	(	PUNCT
cjfa-20693	920	5	2014	2014	NUM
cjfa-20693	920	6	)	)	PUNCT
cjfa-20693	920	7	.	.	PUNCT
cjfa-20693	921	1	study	study	NOUN
cjfa-20693	921	2	on	on	ADP
cjfa-20693	921	3	the	the	DET
cjfa-20693	921	4	implementation	implementation	NOUN
cjfa-20693	921	5	effect	effect	NOUN
cjfa-20693	921	6	of	of	ADP
cjfa-20693	921	7	semi	semi	ADJ
cjfa-20693	921	8	-	-	ADJ
cjfa-20693	921	9	compulsory	compulsory	ADJ
cjfa-20693	921	10	dividend	dividend	NOUN
cjfa-20693	921	11	policy	policy	NOUN
cjfa-20693	921	12	.	.	PUNCT
cjfa-20693	922	1	financial	financial	ADJ
cjfa-20693	922	2	research	research	NOUN
cjfa-20693	922	3	,	,	PUNCT
cjfa-20693	922	4	08	08	NUM
cjfa-20693	922	5	,	,	PUNCT
cjfa-20693	922	6	162–177	162–177	NUM
cjfa-20693	922	7	.	.	PUNCT
cjfa-20693	923	1	yinguo	yinguo	PROPN
cjfa-20693	923	2	,	,	PUNCT
cjfa-20693	923	3	l.	l.	PROPN
cjfa-20693	923	4	,	,	PUNCT
cjfa-20693	923	5	chen	chen	PROPN
cjfa-20693	923	6	,	,	PUNCT
cjfa-20693	923	7	z.	z.	PROPN
cjfa-20693	923	8	,	,	PUNCT
cjfa-20693	923	9	&	&	CCONJ
cjfa-20693	923	10	sumei	sumei	PROPN
cjfa-20693	923	11	,	,	PUNCT
cjfa-20693	923	12	r.	r.	PROPN
cjfa-20693	923	13	(	(	PUNCT
cjfa-20693	923	14	2014	2014	NUM
cjfa-20693	923	15	)	)	PUNCT
cjfa-20693	923	16	.	.	PUNCT
cjfa-20693	924	1	research	research	NOUN
cjfa-20693	924	2	on	on	ADP
cjfa-20693	924	3	agency	agency	NOUN
cjfa-20693	924	4	cost	cost	NOUN
cjfa-20693	924	5	control	control	NOUN
cjfa-20693	924	6	effect	effect	NOUN
cjfa-20693	924	7	of	of	ADP
cjfa-20693	924	8	cash	cash	NOUN
cjfa-20693	924	9	dividend	dividend	NOUN
cjfa-20693	924	10	based	base	VERB
cjfa-20693	924	11	on	on	ADP
cjfa-20693	924	12	semi	semi	ADJ
cjfa-20693	924	13	-	-	ADJ
cjfa-20693	924	14	mandatory	mandatory	ADJ
cjfa-20693	924	15	dividend	dividend	NOUN
cjfa-20693	924	16	distribution	distribution	NOUN
cjfa-20693	924	17	.	.	PUNCT
cjfa-20693	925	1	audit	audit	NOUN
cjfa-20693	925	2	and	and	CCONJ
cjfa-20693	925	3	economic	economic	ADJ
cjfa-20693	925	4	research	research	NOUN
cjfa-20693	925	5	,	,	PUNCT
cjfa-20693	925	6	29(05	29(05	NUM
cjfa-20693	925	7	)	)	PUNCT
cjfa-20693	925	8	,	,	PUNCT
cjfa-20693	925	9	59–68	59–68	NUM
cjfa-20693	925	10	.	.	PUNCT
cjfa-20693	925	11	yong	yong	PROPN
cjfa-20693	925	12	,	,	PUNCT
cjfa-20693	925	13	s.	s.	PROPN
cjfa-20693	925	14	,	,	PUNCT
cjfa-20693	925	15	&	&	CCONJ
cjfa-20693	925	16	sihao	sihao	PROPN
cjfa-20693	925	17	,	,	PUNCT
cjfa-20693	925	18	l.	l.	PROPN
cjfa-20693	925	19	(	(	PUNCT
cjfa-20693	925	20	2018	2018	NUM
cjfa-20693	925	21	)	)	PUNCT
cjfa-20693	925	22	.	.	PUNCT
cjfa-20693	926	1	research	research	NOUN
cjfa-20693	926	2	on	on	ADP
cjfa-20693	926	3	related	related	ADJ
cjfa-20693	926	4	party	party	NOUN
cjfa-20693	926	5	transactions	transaction	NOUN
cjfa-20693	926	6	,	,	PUNCT
cjfa-20693	926	7	heterogeneity	heterogeneity	NOUN
cjfa-20693	926	8	of	of	ADP
cjfa-20693	926	9	institutional	institutional	ADJ
cjfa-20693	926	10	investors	investor	NOUN
cjfa-20693	926	11	and	and	CCONJ
cjfa-20693	926	12	risk	risk	NOUN
cjfa-20693	926	13	of	of	ADP
cjfa-20693	926	14	stock	stock	NOUN
cjfa-20693	926	15	market	market	NOUN
cjfa-20693	926	16	crash	crash	NOUN
cjfa-20693	926	17	.	.	PUNCT
cjfa-20693	927	1	china	china	PROPN
cjfa-20693	927	2	soft	soft	ADJ
cjfa-20693	927	3	science	science	NOUN
cjfa-20693	927	4	,	,	PUNCT
cjfa-20693	927	5	04	04	NUM
cjfa-20693	927	6	,	,	PUNCT
cjfa-20693	927	7	123	123	NUM
cjfa-20693	927	8	–	–	PUNCT
cjfa-20693	927	9	 	 	SPACE
cjfa-20693	927	10	131	131	NUM
cjfa-20693	927	11	.	.	PUNCT
cjfa-20693	928	1	zhihua	zhihua	PROPN
cjfa-20693	928	2	,	,	PUNCT
cjfa-20693	928	3	w.	w.	PROPN
cjfa-20693	928	4	,	,	PUNCT
cjfa-20693	928	5	yuhui	yuhui	PROPN
cjfa-20693	928	6	,	,	PUNCT
cjfa-20693	928	7	w.	w.	PROPN
cjfa-20693	928	8	,	,	PUNCT
cjfa-20693	928	9	&	&	CCONJ
cjfa-20693	928	10	changqing	changqing	PROPN
cjfa-20693	928	11	,	,	PUNCT
cjfa-20693	928	12	l.	l.	PROPN
cjfa-20693	928	13	(	(	PUNCT
cjfa-20693	928	14	2012	2012	NUM
cjfa-20693	928	15	)	)	PUNCT
cjfa-20693	928	16	.	.	PUNCT
cjfa-20693	929	1	institutional	institutional	ADJ
cjfa-20693	929	2	investor	investor	NOUN
cjfa-20693	929	3	ownership	ownership	NOUN
cjfa-20693	929	4	and	and	CCONJ
cjfa-20693	929	5	cash	cash	NOUN
cjfa-20693	929	6	dividend	dividend	NOUN
cjfa-20693	929	7	policy	policy	NOUN
cjfa-20693	929	8	of	of	ADP
cjfa-20693	929	9	chinese	chinese	ADJ
cjfa-20693	929	10	listed	list	VERB
cjfa-20693	929	11	companies	company	NOUN
cjfa-20693	929	12	.	.	PUNCT
cjfa-20693	930	1	stock	stock	NOUN
cjfa-20693	930	2	market	market	NOUN
cjfa-20693	930	3	report	report	NOUN
cjfa-20693	930	4	,	,	PUNCT
cjfa-20693	930	5	10	10	NUM
cjfa-20693	930	6	,	,	PUNCT
cjfa-20693	930	7	40–47	40–47	NUM
cjfa-20693	930	8	;	;	PUNCT
cjfa-20693	930	9	60	60	NUM
cjfa-20693	930	10	.	.	PUNCT
cjfa-20693	931	1	zhihua	zhihua	PROPN
cjfa-20693	931	2	,	,	PUNCT
cjfa-20693	931	3	w.	w.	PROPN
cjfa-20693	931	4	,	,	PUNCT
cjfa-20693	931	5	maoliang	maoliang	PROPN
cjfa-20693	931	6	,	,	PUNCT
cjfa-20693	931	7	l.	l.	PROPN
cjfa-20693	931	8	,	,	PUNCT
cjfa-20693	931	9	&	&	CCONJ
cjfa-20693	931	10	changqing	changqing	PROPN
cjfa-20693	931	11	,	,	PUNCT
cjfa-20693	931	12	l.	l.	PROPN
cjfa-20693	931	13	(	(	PUNCT
cjfa-20693	931	14	2014	2014	NUM
cjfa-20693	931	15	)	)	PUNCT
cjfa-20693	931	16	.	.	PUNCT
cjfa-20693	932	1	semi	semi	ADJ
cjfa-20693	932	2	-	-	ADJ
cjfa-20693	932	3	compulsory	compulsory	ADJ
cjfa-20693	932	4	dividend	dividend	NOUN
cjfa-20693	932	5	policy	policy	NOUN
cjfa-20693	932	6	and	and	CCONJ
cjfa-20693	932	7	dividend	dividend	NOUN
cjfa-20693	932	8	-	-	PUNCT
cjfa-20693	932	9	sharing	share	VERB
cjfa-20693	932	10	behavior	behavior	NOUN
cjfa-20693	932	11	of	of	ADP
cjfa-20693	932	12	chinese	chinese	ADJ
cjfa-20693	932	13	listed	list	VERB
cjfa-20693	932	14	companies	company	NOUN
cjfa-20693	932	15	.	.	PUNCT
cjfa-20693	933	1	economic	economic	ADJ
cjfa-20693	933	2	research	research	NOUN
cjfa-20693	933	3	,	,	PUNCT
cjfa-20693	933	4	49(06	49(06	PROPN
cjfa-20693	933	5	)	)	PUNCT
cjfa-20693	933	6	,	,	PUNCT
cjfa-20693	933	7	100–114	100–114	NUM
cjfa-20693	933	8	.	.	PUNCT
cjfa-20693	934	1	zhihua	zhihua	PROPN
cjfa-20693	934	2	,	,	PUNCT
cjfa-20693	934	3	w.	w.	PROPN
cjfa-20693	934	4	,	,	PUNCT
cjfa-20693	934	5	changqing	changqe	VERB
cjfa-20693	934	6	,	,	PUNCT
cjfa-20693	934	7	l.	l.	PROPN
cjfa-20693	934	8	,	,	PUNCT
cjfa-20693	934	9	yuhui	yuhui	PROPN
cjfa-20693	934	10	,	,	PUNCT
cjfa-20693	934	11	w.	w.	PROPN
cjfa-20693	934	12	,	,	PUNCT
cjfa-20693	934	13	&	&	CCONJ
cjfa-20693	934	14	jiajia	jiajia	PROPN
cjfa-20693	934	15	,	,	PUNCT
cjfa-20693	934	16	h.	h.	PROPN
cjfa-20693	934	17	(	(	PUNCT
cjfa-20693	934	18	2017	2017	NUM
cjfa-20693	934	19	)	)	PUNCT
cjfa-20693	934	20	.	.	PUNCT
cjfa-20693	935	1	semi	semi	ADJ
cjfa-20693	935	2	-	-	ADJ
cjfa-20693	935	3	mandatory	mandatory	ADJ
cjfa-20693	935	4	policy	policy	NOUN
cjfa-20693	935	5	,	,	PUNCT
cjfa-20693	935	6	refinancing	refinance	VERB
cjfa-20693	935	7	motivation	motivation	NOUN
cjfa-20693	935	8	and	and	CCONJ
cjfa-20693	935	9	classical	classical	ADJ
cjfa-20693	935	10	dividend	dividend	NOUN
cjfa-20693	935	11	theory	theory	NOUN
cjfa-20693	935	12	:	:	PUNCT
cjfa-20693	935	13	empirical	empirical	ADJ
cjfa-20693	935	14	research	research	NOUN
cjfa-20693	935	15	based	base	VERB
cjfa-20693	935	16	on	on	ADP
cjfa-20693	935	17	dividend	dividend	NOUN
cjfa-20693	935	18	agency	agency	NOUN
cjfa-20693	935	19	theory	theory	NOUN
cjfa-20693	935	20	and	and	CCONJ
cjfa-20693	935	21	signal	signal	PROPN
cjfa-20693	935	22	theory	theory	NOUN
cjfa-20693	935	23	.	.	PUNCT
cjfa-20693	936	1	accounting	accounting	NOUN
cjfa-20693	936	2	research	research	NOUN
cjfa-20693	936	3	,	,	PUNCT
cjfa-20693	936	4	07	07	NUM
cjfa-20693	936	5	,	,	PUNCT
cjfa-20693	936	6	55–61	55–61	NUM
cjfa-20693	936	7	;	;	PUNCT
cjfa-20693	936	8	97	97	NUM
cjfa-20693	936	9	.	.	PUNCT
cjfa-20693	937	1	can	can	AUX
cjfa-20693	937	2	mandatory	mandatory	ADJ
cjfa-20693	937	3	dividend	dividend	NOUN
cjfa-20693	937	4	policy	policy	NOUN
cjfa-20693	937	5	reduce	reduce	VERB
cjfa-20693	937	6	…	…	PUNCT
cjfa-20693	937	7	101	101	NUM
cjfa-20693	937	8	zhiqiang	zhiqiang	NUM
cjfa-20693	937	9	,	,	PUNCT
cjfa-20693	937	10	w.	w.	PROPN
cjfa-20693	937	11	,	,	PUNCT
cjfa-20693	937	12	&	&	CCONJ
cjfa-20693	937	13	weiting	weiting	PROPN
cjfa-20693	937	14	,	,	PUNCT
cjfa-20693	937	15	z.	z.	PROPN
cjfa-20693	937	16	(	(	PUNCT
cjfa-20693	937	17	2012	2012	NUM
cjfa-20693	937	18	)	)	PUNCT
cjfa-20693	937	19	.	.	PUNCT
cjfa-20693	938	1	financial	financial	ADJ
cjfa-20693	938	2	flexibility	flexibility	NOUN
cjfa-20693	938	3	,	,	PUNCT
cjfa-20693	938	4	refinancing	refinance	VERB
cjfa-20693	938	5	options	option	NOUN
cjfa-20693	938	6	and	and	CCONJ
cjfa-20693	938	7	dividend	dividend	NOUN
cjfa-20693	938	8	catering	catering	NOUN
cjfa-20693	938	9	strategies	strategy	NOUN
cjfa-20693	938	10	of	of	ADP
cjfa-20693	938	11	listed	list	VERB
cjfa-20693	938	12	companies	company	NOUN
cjfa-20693	938	13	.	.	PUNCT
cjfa-20693	939	1	management	management	NOUN
cjfa-20693	939	2	world	world	NOUN
cjfa-20693	939	3	,	,	PUNCT
cjfa-20693	939	4	07	07	NUM
cjfa-20693	939	5	,	,	PUNCT
cjfa-20693	939	6	151–163	151–163	NUM
cjfa-20693	939	7	.	.	PUNCT
cjfa-20693	940	1	zuoping	zuoping	NOUN
cjfa-20693	940	2	,	,	PUNCT
cjfa-20693	940	3	x.	x.	PROPN
cjfa-20693	940	4	,	,	PUNCT
cjfa-20693	940	5	&	&	CCONJ
cjfa-20693	940	6	zhongqin	zhongqin	PROPN
cjfa-20693	940	7	,	,	PUNCT
cjfa-20693	940	8	s.	s.	PROPN
cjfa-20693	940	9	(	(	PUNCT
cjfa-20693	940	10	2012	2012	NUM
cjfa-20693	940	11	)	)	PUNCT
cjfa-20693	940	12	.	.	PUNCT
cjfa-20693	941	1	is	be	AUX
cjfa-20693	941	2	cash	cash	NOUN
cjfa-20693	941	3	dividend	dividend	NOUN
cjfa-20693	941	4	a	a	DET
cjfa-20693	941	5	tool	tool	NOUN
cjfa-20693	941	6	of	of	ADP
cjfa-20693	941	7	“	"	PUNCT
cjfa-20693	941	8	tunneling	tunneling	NOUN
cjfa-20693	941	9	”	"	PUNCT
cjfa-20693	941	10	or	or	CCONJ
cjfa-20693	941	11	a	a	DET
cjfa-20693	941	12	mask	mask	NOUN
cjfa-20693	941	13	of	of	ADP
cjfa-20693	941	14	“	"	PUNCT
cjfa-20693	941	15	tunneling	tunneling	NOUN
cjfa-20693	941	16	”	"	PUNCT
cjfa-20693	941	17	?	?	PUNCT
cjfa-20693	942	1	empirical	empirical	ADJ
cjfa-20693	942	2	evidence	evidence	NOUN
cjfa-20693	942	3	from	from	ADP
cjfa-20693	942	4	chinese	chinese	ADJ
cjfa-20693	942	5	listed	list	VERB
cjfa-20693	942	6	companies	company	NOUN
cjfa-20693	942	7	.	.	PUNCT
cjfa-20693	943	1	journal	journal	PROPN
cjfa-20693	943	2	of	of	ADP
cjfa-20693	943	3	management	management	NOUN
cjfa-20693	943	4	engineering	engineering	NOUN
cjfa-20693	943	5	,	,	PUNCT
cjfa-20693	943	6	26(02	26(02	NUM
cjfa-20693	943	7	)	)	PUNCT
cjfa-20693	943	8	,	,	PUNCT
cjfa-20693	943	9	77–84	77–84	PROPN
cjfa-20693	943	10	.	.	PUNCT