id	sid	tid	token	lemma	pos
cjfa-4720	1	1	copernican	copernican	PROPN
cjfa-4720	1	2	journal	journal	PROPN
cjfa-4720	1	3	of	of	ADP
cjfa-4720	1	4	finance	finance	PROPN
cjfa-4720	1	5	&	&	CCONJ
cjfa-4720	1	6	accounting	accounting	PROPN
cjfa-4720	1	7	e	e	PROPN
cjfa-4720	1	8	-	-	PROPN
cjfa-4720	1	9	issn	issn	PROPN
cjfa-4720	1	10	2300	2300	NUM
cjfa-4720	1	11	-	-	SYM
cjfa-4720	1	12	3065	3065	NUM
cjfa-4720	1	13	p	p	PROPN
cjfa-4720	1	14	-	-	PUNCT
cjfa-4720	1	15	issn	issn	PROPN
cjfa-4720	1	16	2300	2300	NUM
cjfa-4720	1	17	-	-	SYM
cjfa-4720	1	18	12402014	12402014	NUM
cjfa-4720	1	19	,	,	PUNCT
cjfa-4720	1	20	volume	volume	NOUN
cjfa-4720	1	21	3	3	NUM
cjfa-4720	1	22	,	,	PUNCT
cjfa-4720	1	23	issue	issue	NOUN
cjfa-4720	1	24	2	2	NUM
cjfa-4720	1	25	date	date	NOUN
cjfa-4720	1	26	of	of	ADP
cjfa-4720	1	27	submission	submission	NOUN
cjfa-4720	1	28	:	:	PUNCT
cjfa-4720	1	29	june	june	PROPN
cjfa-4720	1	30	22	22	NUM
cjfa-4720	1	31	,	,	PUNCT
cjfa-4720	1	32	2014	2014	NUM
cjfa-4720	1	33	;	;	PUNCT
cjfa-4720	1	34	date	date	NOUN
cjfa-4720	1	35	of	of	ADP
cjfa-4720	1	36	acceptance	acceptance	NOUN
cjfa-4720	1	37	:	:	PUNCT
cjfa-4720	1	38	september	september	PROPN
cjfa-4720	1	39	19	19	NUM
cjfa-4720	1	40	,	,	PUNCT
cjfa-4720	1	41	2014	2014	NUM
cjfa-4720	1	42	.	.	PUNCT
cjfa-4720	2	1	*	*	PUNCT
cjfa-4720	2	2	 	 	SPACE
cjfa-4720	2	3	contact	contact	NOUN
cjfa-4720	2	4	information	information	NOUN
cjfa-4720	2	5	:	:	PUNCT
cjfa-4720	2	6	adam.zaremba@ue.poznan.pl	adam.zaremba@ue.poznan.pl	PROPN
cjfa-4720	2	7	,	,	PUNCT
cjfa-4720	2	8	department	department	NOUN
cjfa-4720	2	9	of	of	ADP
cjfa-4720	2	10	investment	investment	NOUN
cjfa-4720	2	11	and	and	CCONJ
cjfa-4720	2	12	capital	capital	NOUN
cjfa-4720	2	13	markets	market	NOUN
cjfa-4720	2	14	,	,	PUNCT
cjfa-4720	2	15	poznań	poznań	PROPN
cjfa-4720	2	16	university	university	PROPN
cjfa-4720	2	17	of	of	ADP
cjfa-4720	2	18	economics	economics	PROPN
cjfa-4720	2	19	,	,	PUNCT
cjfa-4720	2	20	al	al	PROPN
cjfa-4720	2	21	.	.	PUNCT
cjfa-4720	2	22	niepodległości	niepodległości	PROPN
cjfa-4720	2	23	10	10	NUM
cjfa-4720	2	24	,	,	PUNCT
cjfa-4720	2	25	61	61	NUM
cjfa-4720	2	26	-	-	SYM
cjfa-4720	2	27	875	875	NUM
cjfa-4720	2	28	poznań	poznań	NOUN
cjfa-4720	2	29	,	,	PUNCT
cjfa-4720	2	30	poland	poland	PROPN
cjfa-4720	2	31	,	,	PUNCT
cjfa-4720	2	32	phone	phone	NOUN
cjfa-4720	2	33	:	:	PUNCT
cjfa-4720	2	34	61	61	NUM
cjfa-4720	2	35	854	854	NUM
cjfa-4720	2	36	38	38	NUM
cjfa-4720	2	37	28	28	NUM
cjfa-4720	2	38	.	.	PUNCT
cjfa-4720	3	1	*	*	PUNCT
cjfa-4720	3	2	*	*	PUNCT
cjfa-4720	3	3	 	 	SPACE
cjfa-4720	3	4	contact	contact	NOUN
cjfa-4720	3	5	information	information	NOUN
cjfa-4720	3	6	:	:	PUNCT
cjfa-4720	3	7	radoslaw.zmudzinski@ue.poznan.pl	radoslaw.zmudzinski@ue.poznan.pl	PROPN
cjfa-4720	3	8	,	,	PUNCT
cjfa-4720	3	9	department	department	NOUN
cjfa-4720	3	10	of	of	ADP
cjfa-4720	3	11	investment	investment	NOUN
cjfa-4720	3	12	and	and	CCONJ
cjfa-4720	3	13	capital	capital	NOUN
cjfa-4720	3	14	markets	market	NOUN
cjfa-4720	3	15	,	,	PUNCT
cjfa-4720	3	16	poznań	poznań	PROPN
cjfa-4720	3	17	university	university	PROPN
cjfa-4720	3	18	of	of	ADP
cjfa-4720	3	19	economics	economics	PROPN
cjfa-4720	3	20	,	,	PUNCT
cjfa-4720	3	21	al	al	PROPN
cjfa-4720	3	22	.	.	PUNCT
cjfa-4720	4	1	niepodległości	niepodległości	PROPN
cjfa-4720	4	2	10	10	NUM
cjfa-4720	4	3	,	,	PUNCT
cjfa-4720	4	4	61-	61-	NUM
cjfa-4720	4	5	 	 	SPACE
cjfa-4720	4	6	875	875	NUM
cjfa-4720	4	7	poznań	poznań	NOUN
cjfa-4720	4	8	,	,	PUNCT
cjfa-4720	4	9	poland	poland	PROPN
cjfa-4720	4	10	.	.	PUNCT
cjfa-4720	5	1	zaremba	zaremba	PROPN
cjfa-4720	5	2	a.	a.	PROPN
cjfa-4720	5	3	,	,	PUNCT
cjfa-4720	5	4	żmudziński	żmudziński	PROPN
cjfa-4720	5	5	r.	r.	PROPN
cjfa-4720	5	6	(	(	PUNCT
cjfa-4720	5	7	2014	2014	NUM
cjfa-4720	5	8	)	)	PUNCT
cjfa-4720	5	9	.	.	PUNCT
cjfa-4720	6	1	ipo	ipo	PROPN
cjfa-4720	6	2	initial	initial	ADJ
cjfa-4720	6	3	underpricing	underprice	VERB
cjfa-4720	6	4	anomaly	anomaly	NOUN
cjfa-4720	6	5	:	:	PUNCT
cjfa-4720	6	6	the	the	DET
cjfa-4720	6	7	election	election	NOUN
cjfa-4720	6	8	gimmick	gimmick	NOUN
cjfa-4720	6	9	hypothesis	hypothesis	NOUN
cjfa-4720	6	10	.	.	PUNCT
cjfa-4720	7	1	copernican	copernican	PROPN
cjfa-4720	7	2	journal	journal	PROPN
cjfa-4720	7	3	of	of	ADP
cjfa-4720	7	4	finance	finance	PROPN
cjfa-4720	7	5	&	&	CCONJ
cjfa-4720	7	6	accounting	accounting	PROPN
cjfa-4720	7	7	,	,	PUNCT
cjfa-4720	7	8	3(2	3(2	NUM
cjfa-4720	7	9	)	)	PUNCT
cjfa-4720	7	10	,	,	PUNCT
cjfa-4720	7	11	167–181	167–181	NUM
cjfa-4720	7	12	.	.	PUNCT
cjfa-4720	8	1	http://dx.doi.org/10.12775/	http://dx.doi.org/10.12775/	PROPN
cjfa-4720	8	2	cjfa.2014.025	cjfa.2014.025	PROPN
cjfa-4720	8	3	adam	adam	PROPN
cjfa-4720	8	4	zaremba	zaremba	PROPN
cjfa-4720	8	5	*	*	PROPN
cjfa-4720	8	6	,	,	PUNCT
cjfa-4720	8	7	radosław	radosław	PROPN
cjfa-4720	8	8	żmudziński	żmudziński	NOUN
cjfa-4720	8	9	*	*	PROPN
cjfa-4720	8	10	*	*	PROPN
cjfa-4720	8	11	poznań	poznań	PROPN
cjfa-4720	8	12	university	university	PROPN
cjfa-4720	8	13	of	of	ADP
cjfa-4720	8	14	economics	economics	PROPN
cjfa-4720	8	15	ipo	ipo	PROPN
cjfa-4720	8	16	initial	initial	ADJ
cjfa-4720	8	17	underpricing	underprice	VERB
cjfa-4720	8	18	anomaly	anomaly	NOUN
cjfa-4720	8	19	:	:	PUNCT
cjfa-4720	8	20	the	the	DET
cjfa-4720	8	21	election	election	NOUN
cjfa-4720	8	22	gimmick	gimmick	NOUN
cjfa-4720	8	23	hypothesis	hypothesis	NOUN
cjfa-4720	8	24	keywords	keyword	NOUN
cjfa-4720	8	25	:	:	PUNCT
cjfa-4720	8	26	ipo	ipo	NOUN
cjfa-4720	8	27	underpricing	underpricing	NOUN
cjfa-4720	8	28	,	,	PUNCT
cjfa-4720	8	29	political	political	ADJ
cjfa-4720	8	30	cycles	cycle	NOUN
cjfa-4720	8	31	,	,	PUNCT
cjfa-4720	8	32	stock	stock	NOUN
cjfa-4720	8	33	market	market	NOUN
cjfa-4720	8	34	anomalies	anomaly	NOUN
cjfa-4720	8	35	,	,	PUNCT
cjfa-4720	8	36	warsaw	warsaw	PROPN
cjfa-4720	8	37	stock	stock	PROPN
cjfa-4720	8	38	exchange	exchange	PROPN
cjfa-4720	8	39	.	.	PUNCT
cjfa-4720	9	1	j	j	PROPN
cjfa-4720	9	2	e	e	PROPN
cjfa-4720	9	3	l	l	PROPN
cjfa-4720	9	4	classification	classification	NOUN
cjfa-4720	9	5	:	:	PUNCT
cjfa-4720	9	6	g12	g12	PROPN
cjfa-4720	9	7	,	,	PUNCT
cjfa-4720	9	8	g18	g18	PROPN
cjfa-4720	9	9	,	,	PUNCT
cjfa-4720	9	10	g32	g32	NOUN
cjfa-4720	9	11	.	.	PUNCT
cjfa-4720	10	1	abstract	abstract	ADJ
cjfa-4720	10	2	:	:	PUNCT
cjfa-4720	10	3	the	the	DET
cjfa-4720	10	4	relationship	relationship	NOUN
cjfa-4720	10	5	between	between	ADP
cjfa-4720	10	6	political	political	ADJ
cjfa-4720	10	7	motivations	motivation	NOUN
cjfa-4720	10	8	and	and	CCONJ
cjfa-4720	10	9	underpricing	underpricing	NOUN
cjfa-4720	10	10	of	of	ADP
cjfa-4720	10	11	public	public	ADJ
cjfa-4720	10	12	offerings	offering	NOUN
cjfa-4720	10	13	of	of	ADP
cjfa-4720	10	14	privatized	privatized	ADJ
cjfa-4720	10	15	companies	company	NOUN
cjfa-4720	10	16	is	be	AUX
cjfa-4720	10	17	to	to	ADP
cjfa-4720	10	18	a	a	DET
cjfa-4720	10	19	great	great	ADJ
cjfa-4720	10	20	extend	extend	NOUN
cjfa-4720	10	21	unexplored	unexplored	ADJ
cjfa-4720	10	22	field	field	NOUN
cjfa-4720	10	23	in	in	ADP
cjfa-4720	10	24	the	the	DET
cjfa-4720	10	25	global	global	ADJ
cjfa-4720	10	26	academic	academic	ADJ
cjfa-4720	10	27	literature	literature	NOUN
cjfa-4720	10	28	.	.	PUNCT
cjfa-4720	11	1	in	in	ADP
cjfa-4720	11	2	this	this	DET
cjfa-4720	11	3	paper	paper	NOUN
cjfa-4720	11	4	we	we	PRON
cjfa-4720	11	5	offer	offer	VERB
cjfa-4720	11	6	a	a	DET
cjfa-4720	11	7	new	new	ADJ
cjfa-4720	11	8	explanation	explanation	NOUN
cjfa-4720	11	9	for	for	ADP
cjfa-4720	11	10	the	the	DET
cjfa-4720	11	11	ipo	ipo	PROPN
cjfa-4720	11	12	underpricing	underprice	VERB
cjfa-4720	11	13	anomaly	anomaly	NOUN
cjfa-4720	11	14	.	.	PUNCT
cjfa-4720	12	1	we	we	PRON
cjfa-4720	12	2	formulate	formulate	VERB
cjfa-4720	12	3	the	the	DET
cjfa-4720	12	4	election	election	NOUN
cjfa-4720	12	5	gimmick	gimmick	NOUN
cjfa-4720	12	6	hypothesis	hypothesis	NOUN
cjfa-4720	12	7	,	,	PUNCT
cjfa-4720	12	8	which	which	PRON
cjfa-4720	12	9	states	state	VERB
cjfa-4720	12	10	that	that	SCONJ
cjfa-4720	12	11	in	in	ADP
cjfa-4720	12	12	order	order	NOUN
cjfa-4720	12	13	to	to	PART
cjfa-4720	12	14	please	please	VERB
cjfa-4720	12	15	the	the	DET
cjfa-4720	12	16	voters	voter	NOUN
cjfa-4720	12	17	the	the	DET
cjfa-4720	12	18	treasury	treasury	NOUN
cjfa-4720	12	19	may	may	AUX
cjfa-4720	12	20	be	be	AUX
cjfa-4720	12	21	motivated	motivate	VERB
cjfa-4720	12	22	to	to	PART
cjfa-4720	12	23	leave	leave	VERB
cjfa-4720	12	24	some	some	DET
cjfa-4720	12	25	money	money	NOUN
cjfa-4720	12	26	on	on	ADP
cjfa-4720	12	27	the	the	DET
cjfa-4720	12	28	table	table	NOUN
cjfa-4720	12	29	during	during	ADP
cjfa-4720	12	30	the	the	DET
cjfa-4720	12	31	ipos	ipos	NOUN
cjfa-4720	12	32	of	of	ADP
cjfa-4720	12	33	state	state	NOUN
cjfa-4720	12	34	-	-	PUNCT
cjfa-4720	12	35	owned	own	VERB
cjfa-4720	12	36	enterprises	enterprise	NOUN
cjfa-4720	12	37	.	.	PUNCT
cjfa-4720	13	1	we	we	PRON
cjfa-4720	13	2	test	test	VERB
cjfa-4720	13	3	the	the	DET
cjfa-4720	13	4	practical	practical	ADJ
cjfa-4720	13	5	implications	implication	NOUN
cjfa-4720	13	6	of	of	ADP
cjfa-4720	13	7	the	the	DET
cjfa-4720	13	8	hypothesis	hypothesis	NOUN
cjfa-4720	13	9	.	.	PUNCT
cjfa-4720	14	1	first	first	ADV
cjfa-4720	14	2	we	we	PRON
cjfa-4720	14	3	review	review	VERB
cjfa-4720	14	4	the	the	DET
cjfa-4720	14	5	previous	previous	ADJ
cjfa-4720	14	6	literature	literature	NOUN
cjfa-4720	14	7	,	,	PUNCT
cjfa-4720	14	8	next	next	ADV
cjfa-4720	14	9	we	we	PRON
cjfa-4720	14	10	perform	perform	VERB
cjfa-4720	14	11	empirical	empirical	ADJ
cjfa-4720	14	12	research	research	NOUN
cjfa-4720	14	13	based	base	VERB
cjfa-4720	14	14	on	on	ADP
cjfa-4720	14	15	a	a	DET
cjfa-4720	14	16	filtered	filter	VERB
cjfa-4720	14	17	sample	sample	NOUN
cjfa-4720	14	18	of	of	ADP
cjfa-4720	14	19	250	250	NUM
cjfa-4720	14	20	ipos	ipos	NOUN
cjfa-4720	14	21	on	on	ADP
cjfa-4720	14	22	the	the	DET
cjfa-4720	14	23	polish	polish	ADJ
cjfa-4720	14	24	market	market	NOUN
cjfa-4720	14	25	in	in	ADP
cjfa-4720	14	26	years	year	NOUN
cjfa-4720	14	27	2005–2013	2005–2013	NUM
cjfa-4720	14	28	.	.	PUNCT
cjfa-4720	15	1	we	we	PRON
cjfa-4720	15	2	examine	examine	VERB
cjfa-4720	15	3	the	the	DET
cjfa-4720	15	4	abnormal	abnormal	ADJ
cjfa-4720	15	5	returns	return	NOUN
cjfa-4720	15	6	in	in	ADP
cjfa-4720	15	7	the	the	DET
cjfa-4720	15	8	sample	sample	NOUN
cjfa-4720	15	9	and	and	CCONJ
cjfa-4720	15	10	employing	employ	VERB
cjfa-4720	15	11	some	some	DET
cjfa-4720	15	12	regression	regression	NOUN
cjfa-4720	15	13	–	–	PUNCT
cjfa-4720	15	14	and	and	CCONJ
cjfa-4720	15	15	simulation	simulation	NOUN
cjfa-4720	15	16	-	-	PUNCT
cjfa-4720	15	17	based	base	VERB
cjfa-4720	15	18	methods	method	NOUN
cjfa-4720	15	19	we	we	PRON
cjfa-4720	15	20	examine	examine	VERB
cjfa-4720	15	21	the	the	DET
cjfa-4720	15	22	sources	source	NOUN
cjfa-4720	15	23	and	and	CCONJ
cjfa-4720	15	24	variation	variation	NOUN
cjfa-4720	15	25	in	in	ADP
cjfa-4720	15	26	underpricing	underprice	VERB
cjfa-4720	15	27	.	.	PUNCT
cjfa-4720	16	1	our	our	PRON
cjfa-4720	16	2	findings	finding	NOUN
cjfa-4720	16	3	suggest	suggest	VERB
cjfa-4720	16	4	that	that	SCONJ
cjfa-4720	16	5	the	the	DET
cjfa-4720	16	6	ipos	ipos	NOUN
cjfa-4720	16	7	of	of	ADP
cjfa-4720	16	8	state	state	NOUN
cjfa-4720	16	9	-	-	PUNCT
cjfa-4720	16	10	owned	own	VERB
cjfa-4720	16	11	enterprises	enterprise	NOUN
cjfa-4720	16	12	are	be	AUX
cjfa-4720	16	13	more	more	ADV
cjfa-4720	16	14	underpriced	underpriced	ADJ
cjfa-4720	16	15	than	than	ADP
cjfa-4720	16	16	remaining	remain	VERB
cjfa-4720	16	17	ones	one	NOUN
cjfa-4720	16	18	and	and	CCONJ
cjfa-4720	16	19	that	that	SCONJ
cjfa-4720	16	20	there	there	PRON
cjfa-4720	16	21	is	be	VERB
cjfa-4720	16	22	more	more	ADJ
cjfa-4720	16	23	money	money	NOUN
cjfa-4720	16	24	left	leave	VERB
cjfa-4720	16	25	on	on	ADP
cjfa-4720	16	26	the	the	DET
cjfa-4720	16	27	table	table	NOUN
cjfa-4720	16	28	in	in	ADP
cjfa-4720	16	29	the	the	DET
cjfa-4720	16	30	months	month	NOUN
cjfa-4720	16	31	preceding	precede	VERB
cjfa-4720	16	32	elections	election	NOUN
cjfa-4720	16	33	.	.	PUNCT
cjfa-4720	17	1	adam	adam	PROPN
cjfa-4720	17	2	zaremba	zaremba	PROPN
cjfa-4720	17	3	,	,	PUNCT
cjfa-4720	17	4	radosław	radosław	VERB
cjfa-4720	17	5	żmudziński168	żmudziński168	PROPN
cjfa-4720	17	6	anomalia	anomalia	PROPN
cjfa-4720	17	7	nadwyżkowych	nadwyżkowych	NOUN
cjfa-4720	17	8	natychmiastowych	natychmiastowych	NOUN
cjfa-4720	17	9	stóp	stóp	NOUN
cjfa-4720	17	10	zwrotu	zwrotu	PROPN
cjfa-4720	17	11	po	po	PROPN
cjfa-4720	17	12	debiutach	debiutach	ADV
cjfa-4720	17	13	:	:	PUNCT
cjfa-4720	17	14	hipoteza	hipoteza	PROPN
cjfa-4720	17	15	kiełbasy	kiełbasy	PROPN
cjfa-4720	17	16	wyborczej	wyborczej	PROPN
cjfa-4720	17	17	słowa	słowa	PROPN
cjfa-4720	17	18	kluczowe	kluczowe	PROPN
cjfa-4720	17	19	:	:	PUNCT
cjfa-4720	17	20	niedoszacowanie	niedoszacowanie	PROPN
cjfa-4720	17	21	cen	cen	PROPN
cjfa-4720	17	22	ofertowych	ofertowych	PROPN
cjfa-4720	17	23	ipo	ipo	PROPN
cjfa-4720	17	24	,	,	PUNCT
cjfa-4720	17	25	cykle	cykle	ADJ
cjfa-4720	17	26	polityczne	polityczne	NOUN
cjfa-4720	17	27	,	,	PUNCT
cjfa-4720	17	28	anomalie	anomalie	NOUN
cjfa-4720	17	29	giełdowe	giełdowe	NOUN
cjfa-4720	17	30	,	,	PUNCT
cjfa-4720	17	31	giełda	giełda	NOUN
cjfa-4720	17	32	papierów	papierów	PROPN
cjfa-4720	17	33	wartościowych	wartościowych	PROPN
cjfa-4720	17	34	w	w	PROPN
cjfa-4720	17	35	warszawie	warszawie	PROPN
cjfa-4720	17	36	.	.	PUNCT
cjfa-4720	18	1	klasyfikacja	klasyfikacja	PROPN
cjfa-4720	18	2	j	j	PROPN
cjfa-4720	18	3	e	e	PROPN
cjfa-4720	18	4	l	l	PROPN
cjfa-4720	18	5	:	:	PUNCT
cjfa-4720	18	6	g12	g12	PROPN
cjfa-4720	18	7	,	,	PUNCT
cjfa-4720	18	8	g18	g18	PROPN
cjfa-4720	18	9	,	,	PUNCT
cjfa-4720	18	10	g32	g32	NOUN
cjfa-4720	18	11	.	.	PUNCT
cjfa-4720	19	1	abstrakt	abstrakt	PROPN
cjfa-4720	19	2	:	:	PUNCT
cjfa-4720	19	3	zależności	zależności	PROPN
cjfa-4720	19	4	pomiędzy	pomiędzy	PROPN
cjfa-4720	19	5	motywacjami	motywacjami	PROPN
cjfa-4720	19	6	politycznymi	politycznymi	VERB
cjfa-4720	19	7	a	a	DET
cjfa-4720	19	8	niedoszacowaniem	niedoszacowaniem	NOUN
cjfa-4720	19	9	ofert	ofert	PROPN
cjfa-4720	19	10	pierwotnych	pierwotnych	PROPN
cjfa-4720	19	11	prywatyzowanych	prywatyzowanych	PROPN
cjfa-4720	19	12	spółek	spółek	PROPN
cjfa-4720	19	13	stanowi	stanowi	PROPN
cjfa-4720	19	14	w	w	PROPN
cjfa-4720	19	15	znacznej	znacznej	PROPN
cjfa-4720	19	16	mierzenie	mierzenie	NOUN
cjfa-4720	19	17	niezbadany	niezbadany	PROPN
cjfa-4720	19	18	obszar	obszar	ADV
cjfa-4720	19	19	.	.	PUNCT
cjfa-4720	20	1	w	w	PROPN
cjfa-4720	20	2	niniejszym	niniejszym	PROPN
cjfa-4720	20	3	artykule	artykule	NOUN
cjfa-4720	20	4	zaproponowane	zaproponowane	PROPN
cjfa-4720	20	5	zostaje	zostaje	PROPN
cjfa-4720	20	6	nowe	nowe	PROPN
cjfa-4720	20	7	częściowe	częściowe	PROPN
cjfa-4720	20	8	wyjaśnienie	wyjaśnienie	PROPN
cjfa-4720	20	9	dla	dla	PROPN
cjfa-4720	20	10	anomalii	anomalii	NOUN
cjfa-4720	20	11	nadwyżkowych	nadwyżkowych	NOUN
cjfa-4720	20	12	natychmiastowych	natychmiastowych	NOUN
cjfa-4720	20	13	stóp	stóp	NOUN
cjfa-4720	20	14	zwrotu	zwrotu	PROPN
cjfa-4720	20	15	po	po	PROPN
cjfa-4720	20	16	debiucie	debiucie	PROPN
cjfa-4720	20	17	.	.	PUNCT
cjfa-4720	21	1	sformułowana	sformułowana	PROPN
cjfa-4720	21	2	zostaje	zostaje	PROPN
cjfa-4720	21	3	„	„	PUNCT
cjfa-4720	21	4	hipotezę	hipotezę	ADV
cjfa-4720	21	5	kiełbasy	kiełbasy	VERB
cjfa-4720	21	6	wyborczej	wyborczej	PROPN
cjfa-4720	21	7	”	"	PUNCT
cjfa-4720	21	8	,	,	PUNCT
cjfa-4720	21	9	która	która	PROPN
cjfa-4720	21	10	zakłada	zakłada	PROPN
cjfa-4720	21	11	,	,	PUNCT
cjfa-4720	21	12	że	że	PROPN
cjfa-4720	21	13	przed	prze	VERB
cjfa-4720	21	14	wyborami	wyborami	SCONJ
cjfa-4720	21	15	skarb	skarb	PROPN
cjfa-4720	21	16	państwa	państwa	PROPN
cjfa-4720	21	17	może	może	PROPN
cjfa-4720	21	18	być	być	PROPN
cjfa-4720	21	19	zmotywowany	zmotywowany	PROPN
cjfa-4720	21	20	,	,	PUNCT
cjfa-4720	21	21	aby	aby	PROPN
cjfa-4720	21	22	celowo	celowo	NOUN
cjfa-4720	21	23	„	„	PUNCT
cjfa-4720	21	24	pozostawiać	pozostawiać	PROPN
cjfa-4720	21	25	pieniądze	pieniądze	VERB
cjfa-4720	21	26	na	na	PART
cjfa-4720	21	27	stole	stole	VERB
cjfa-4720	21	28	”	"	PUNCT
cjfa-4720	21	29	podczas	podczas	NOUN
cjfa-4720	21	30	prywatyzacji	prywatyzacji	PROPN
cjfa-4720	21	31	przedsiębiorstw	przedsiębiorstw	NOUN
cjfa-4720	21	32	państwowych	państwowych	NOUN
cjfa-4720	21	33	.	.	PUNCT
cjfa-4720	22	1	po	po	PROPN
cjfa-4720	22	2	dokonaniu	dokonaniu	PROPN
cjfa-4720	22	3	przeglądu	przeglądu	PROPN
cjfa-4720	22	4	literatury	literatury	NOUN
cjfa-4720	22	5	,	,	PUNCT
cjfa-4720	22	6	przeprowadzone	przeprowadzone	NOUN
cjfa-4720	22	7	zostają	zostają	PROPN
cjfa-4720	22	8	badania	badania	PROPN
cjfa-4720	22	9	empiryczne	empiryczne	PROPN
cjfa-4720	23	1	na	na	ADP
cjfa-4720	23	2	przefiltrowanej	przefiltrowanej	ADJ
cjfa-4720	23	3	próbie	próbie	PROPN
cjfa-4720	23	4	250	250	NUM
cjfa-4720	23	5	ipo	ipo	PROPN
cjfa-4720	23	6	na	na	PROPN
cjfa-4720	23	7	polskim	polskim	PROPN
cjfa-4720	23	8	rynku	rynku	PROPN
cjfa-4720	23	9	kapitałowym	kapitałowym	PROPN
cjfa-4720	23	10	w	w	PROPN
cjfa-4720	23	11	latach	latach	PROPN
cjfa-4720	23	12	2005–2013	2005–2013	NUM
cjfa-4720	23	13	.	.	PUNCT
cjfa-4720	23	14	przy	przy	PROPN
cjfa-4720	23	15	pomocy	pomocy	PROPN
cjfa-4720	23	16	analizy	analizy	PROPN
cjfa-4720	23	17	regresji	regresji	NOUN
cjfa-4720	23	18	i	i	PRON
cjfa-4720	23	19	metod	metod	NOUN
cjfa-4720	23	20	symulacyjnych	symulacyjnych	NOUN
cjfa-4720	23	21	,	,	PUNCT
cjfa-4720	23	22	przebadane	przebadane	NOUN
cjfa-4720	23	23	zostają	zostają	PROPN
cjfa-4720	23	24	nadwyżkowe	nadwyżkowe	PROPN
cjfa-4720	23	25	stopy	stopy	PROPN
cjfa-4720	23	26	zwrotu	zwrotu	PROPN
cjfa-4720	23	27	oraz	oraz	PROPN
cjfa-4720	23	28	źródła	źródła	PROPN
cjfa-4720	23	29	ich	ich	PROPN
cjfa-4720	23	30	przekrojowej	przekrojowej	PROPN
cjfa-4720	23	31	zmienności	zmienności	PROPN
cjfa-4720	23	32	.	.	PUNCT
cjfa-4720	24	1	wyniki	wyniki	PROPN
cjfa-4720	24	2	badań	badań	PROPN
cjfa-4720	24	3	wskazują	wskazują	PROPN
cjfa-4720	24	4	,	,	PUNCT
cjfa-4720	24	5	że	że	PROPN
cjfa-4720	24	6	prywatyzowane	prywatyzowane	PROPN
cjfa-4720	24	7	spółki	spółki	PROPN
cjfa-4720	24	8	państwowe	państwowe	PROPN
cjfa-4720	24	9	podczas	podczas	PROPN
cjfa-4720	24	10	debiutów	debiutów	PROPN
cjfa-4720	24	11	charakteryzują	charakteryzują	PROPN
cjfa-4720	24	12	się	się	PROPN
cjfa-4720	24	13	większym	większym	PROPN
cjfa-4720	24	14	niedoszacowaniem	niedoszacowaniem	PROPN
cjfa-4720	24	15	aniżeli	aniżeli	PROPN
cjfa-4720	24	16	pozostałe	pozostałe	PROPN
cjfa-4720	24	17	firmy	firmy	PROPN
cjfa-4720	24	18	,	,	PUNCT
cjfa-4720	24	19	oraz	oraz	PROPN
cjfa-4720	24	20	że	że	PROPN
cjfa-4720	25	1	w	w	PROPN
cjfa-4720	25	2	miesiącach	miesiącach	PROPN
cjfa-4720	25	3	poprzedzających	poprzedzających	NOUN
cjfa-4720	25	4	wybory	wybory	NOUN
cjfa-4720	25	5	„	„	PUNCT
cjfa-4720	25	6	na	na	PART
cjfa-4720	25	7	stole	steal	VERB
cjfa-4720	25	8	pozostawiane	pozostawiane	PROPN
cjfa-4720	25	9	jest	jest	PROPN
cjfa-4720	25	10	więcej	więcej	PROPN
cjfa-4720	25	11	pieniędzy	pieniędzy	PROPN
cjfa-4720	25	12	”	"	PUNCT
cjfa-4720	25	13	dla	dla	NOUN
cjfa-4720	25	14	inwestorów	inwestorów	NOUN
cjfa-4720	25	15	.	.	PUNCT
cjfa-4720	25	16	 	 	SPACE
cjfa-4720	25	17	introduction	introduction	NOUN
cjfa-4720	25	18	the	the	DET
cjfa-4720	25	19	ipo	ipo	PROPN
cjfa-4720	25	20	anomalies	anomaly	NOUN
cjfa-4720	25	21	are	be	AUX
cjfa-4720	25	22	phenomena	phenomena	PRON
cjfa-4720	25	23	frequently	frequently	ADV
cjfa-4720	25	24	investigated	investigate	VERB
cjfa-4720	25	25	by	by	ADP
cjfa-4720	25	26	financial	financial	ADJ
cjfa-4720	25	27	economists	economist	NOUN
cjfa-4720	25	28	.	.	PUNCT
cjfa-4720	26	1	the	the	DET
cjfa-4720	26	2	three	three	NUM
cjfa-4720	26	3	most	most	ADV
cjfa-4720	26	4	popular	popular	ADJ
cjfa-4720	26	5	–	–	PUNCT
cjfa-4720	26	6	the	the	DET
cjfa-4720	26	7	initial	initial	ADJ
cjfa-4720	26	8	ipo	ipo	NOUN
cjfa-4720	26	9	underpricing	underpricing	NOUN
cjfa-4720	26	10	,	,	PUNCT
cjfa-4720	26	11	the	the	DET
cjfa-4720	26	12	long	long	ADJ
cjfa-4720	26	13	-	-	PUNCT
cjfa-4720	26	14	term	term	NOUN
cjfa-4720	26	15	post	post	ADJ
cjfa-4720	26	16	-	-	ADJ
cjfa-4720	26	17	ipo	ipo	ADJ
cjfa-4720	26	18	underperformance	underperformance	NOUN
cjfa-4720	26	19	and	and	CCONJ
cjfa-4720	26	20	the	the	DET
cjfa-4720	26	21	hot	hot	ADJ
cjfa-4720	26	22	issue	issue	NOUN
cjfa-4720	26	23	market	market	NOUN
cjfa-4720	26	24	–	–	PUNCT
cjfa-4720	26	25	are	be	AUX
cjfa-4720	26	26	extensively	extensively	ADV
cjfa-4720	26	27	documented	document	VERB
cjfa-4720	26	28	in	in	ADP
cjfa-4720	26	29	the	the	DET
cjfa-4720	26	30	financial	financial	ADJ
cjfa-4720	26	31	literature	literature	NOUN
cjfa-4720	26	32	.	.	PUNCT
cjfa-4720	27	1	in	in	ADP
cjfa-4720	27	2	this	this	DET
cjfa-4720	27	3	paper	paper	NOUN
cjfa-4720	27	4	we	we	PRON
cjfa-4720	27	5	concentrate	concentrate	VERB
cjfa-4720	27	6	on	on	ADP
cjfa-4720	27	7	the	the	DET
cjfa-4720	27	8	ipo	ipo	NOUN
cjfa-4720	27	9	initial	initial	ADJ
cjfa-4720	27	10	underpricing	underprice	VERB
cjfa-4720	27	11	issue	issue	NOUN
cjfa-4720	27	12	and	and	CCONJ
cjfa-4720	27	13	offer	offer	VERB
cjfa-4720	27	14	a	a	DET
cjfa-4720	27	15	new	new	ADJ
cjfa-4720	27	16	partly	partly	ADV
cjfa-4720	27	17	explanation	explanation	NOUN
cjfa-4720	27	18	for	for	ADP
cjfa-4720	27	19	the	the	DET
cjfa-4720	27	20	phenomenon	phenomenon	NOUN
cjfa-4720	27	21	:	:	PUNCT
cjfa-4720	27	22	election	election	NOUN
cjfa-4720	27	23	gimmick	gimmick	NOUN
cjfa-4720	27	24	hypothesis	hypothesis	NOUN
cjfa-4720	27	25	.	.	PUNCT
cjfa-4720	28	1	the	the	DET
cjfa-4720	28	2	paper	paper	NOUN
cjfa-4720	28	3	is	be	AUX
cjfa-4720	28	4	organised	organise	VERB
cjfa-4720	28	5	as	as	SCONJ
cjfa-4720	28	6	follows	follow	VERB
cjfa-4720	28	7	.	.	PUNCT
cjfa-4720	29	1	first	first	ADV
cjfa-4720	29	2	,	,	PUNCT
cjfa-4720	29	3	we	we	PRON
cjfa-4720	29	4	review	review	VERB
cjfa-4720	29	5	the	the	DET
cjfa-4720	29	6	existing	exist	VERB
cjfa-4720	29	7	literature	literature	NOUN
cjfa-4720	29	8	and	and	CCONJ
cjfa-4720	29	9	develop	develop	VERB
cjfa-4720	29	10	our	our	PRON
cjfa-4720	29	11	hypothesis	hypothesis	NOUN
cjfa-4720	29	12	.	.	PUNCT
cjfa-4720	30	1	second	second	ADJ
cjfa-4720	30	2	,	,	PUNCT
cjfa-4720	30	3	we	we	PRON
cjfa-4720	30	4	present	present	VERB
cjfa-4720	30	5	our	our	PRON
cjfa-4720	30	6	data	datum	NOUN
cjfa-4720	30	7	sources	source	NOUN
cjfa-4720	30	8	and	and	CCONJ
cjfa-4720	30	9	research	research	NOUN
cjfa-4720	30	10	methods	method	NOUN
cjfa-4720	30	11	employed	employ	VERB
cjfa-4720	30	12	.	.	PUNCT
cjfa-4720	31	1	we	we	PRON
cjfa-4720	31	2	focus	focus	VERB
cjfa-4720	31	3	our	our	PRON
cjfa-4720	31	4	research	research	NOUN
cjfa-4720	31	5	on	on	ADP
cjfa-4720	31	6	the	the	DET
cjfa-4720	31	7	polish	polish	ADJ
cjfa-4720	31	8	market	market	NOUN
cjfa-4720	31	9	,	,	PUNCT
cjfa-4720	31	10	which	which	PRON
cjfa-4720	31	11	is	be	AUX
cjfa-4720	31	12	the	the	DET
cjfa-4720	31	13	biggest	big	ADJ
cjfa-4720	31	14	and	and	CCONJ
cjfa-4720	31	15	most	most	ADV
cjfa-4720	31	16	liquid	liquid	ADJ
cjfa-4720	31	17	post	post	ADJ
cjfa-4720	31	18	-	-	ADJ
cjfa-4720	31	19	soviet	soviet	ADJ
cjfa-4720	31	20	transition	transition	NOUN
cjfa-4720	31	21	market	market	NOUN
cjfa-4720	31	22	among	among	ADP
cjfa-4720	31	23	the	the	DET
cjfa-4720	31	24	cee	cee	NOUN
cjfa-4720	31	25	countries	country	NOUN
cjfa-4720	31	26	.	.	PUNCT
cjfa-4720	32	1	we	we	PRON
cjfa-4720	32	2	perform	perform	VERB
cjfa-4720	32	3	out	out	ADP
cjfa-4720	32	4	computations	computation	NOUN
cjfa-4720	32	5	based	base	VERB
cjfa-4720	32	6	on	on	ADP
cjfa-4720	32	7	filtered	filter	VERB
cjfa-4720	32	8	sample	sample	NOUN
cjfa-4720	32	9	of	of	ADP
cjfa-4720	32	10	250	250	NUM
cjfa-4720	32	11	companies	company	NOUN
cjfa-4720	32	12	,	,	PUNCT
cjfa-4720	32	13	which	which	PRON
cjfa-4720	32	14	offered	offer	VERB
cjfa-4720	32	15	their	their	PRON
cjfa-4720	32	16	shares	share	NOUN
cjfa-4720	32	17	on	on	ADP
cjfa-4720	32	18	ipos	ipos	NOUN
cjfa-4720	32	19	in	in	ADP
cjfa-4720	32	20	the	the	DET
cjfa-4720	32	21	01/01/2005	01/01/2005	NOUN
cjfa-4720	32	22	-	-	SYM
cjfa-4720	32	23	10/31/2013	10/31/2013	NUM
cjfa-4720	32	24	timeframe	timeframe	NOUN
cjfa-4720	32	25	.	.	PUNCT
cjfa-4720	33	1	third	third	ADV
cjfa-4720	33	2	,	,	PUNCT
cjfa-4720	33	3	we	we	PRON
cjfa-4720	33	4	present	present	VERB
cjfa-4720	33	5	our	our	PRON
cjfa-4720	33	6	empirical	empirical	ADJ
cjfa-4720	33	7	research	research	NOUN
cjfa-4720	33	8	results	result	NOUN
cjfa-4720	33	9	.	.	PUNCT
cjfa-4720	34	1	the	the	DET
cjfa-4720	34	2	paper	paper	NOUN
cjfa-4720	34	3	ends	end	VERB
cjfa-4720	34	4	with	with	ADP
cjfa-4720	34	5	conclusions	conclusion	NOUN
cjfa-4720	34	6	and	and	CCONJ
cjfa-4720	34	7	suggestions	suggestion	NOUN
cjfa-4720	34	8	for	for	ADP
cjfa-4720	34	9	further	further	ADJ
cjfa-4720	34	10	research	research	NOUN
cjfa-4720	34	11	.	.	PUNCT
cjfa-4720	35	1	the	the	DET
cjfa-4720	35	2	investigations	investigation	NOUN
cjfa-4720	35	3	in	in	ADP
cjfa-4720	35	4	this	this	DET
cjfa-4720	35	5	paper	paper	NOUN
cjfa-4720	35	6	extends	extend	VERB
cjfa-4720	35	7	the	the	DET
cjfa-4720	35	8	academic	academic	ADJ
cjfa-4720	35	9	knowledge	knowledge	NOUN
cjfa-4720	35	10	in	in	ADP
cjfa-4720	35	11	four	four	NUM
cjfa-4720	35	12	ways	way	NOUN
cjfa-4720	35	13	.	.	PUNCT
cjfa-4720	36	1	first	first	ADV
cjfa-4720	36	2	,	,	PUNCT
cjfa-4720	36	3	we	we	PRON
cjfa-4720	36	4	offer	offer	VERB
cjfa-4720	36	5	the	the	DET
cjfa-4720	36	6	new	new	ADJ
cjfa-4720	36	7	explanation	explanation	NOUN
cjfa-4720	36	8	of	of	ADP
cjfa-4720	36	9	the	the	DET
cjfa-4720	36	10	underpricing	underprice	VERB
cjfa-4720	36	11	effect	effect	NOUN
cjfa-4720	36	12	.	.	PUNCT
cjfa-4720	37	1	second	second	ADV
cjfa-4720	37	2	,	,	PUNCT
cjfa-4720	37	3	we	we	PRON
cjfa-4720	37	4	test	test	VERB
cjfa-4720	37	5	empirically	empirically	ADV
cjfa-4720	37	6	its	its	PRON
cjfa-4720	37	7	implications	implication	NOUN
cjfa-4720	37	8	,	,	PUNCT
cjfa-4720	37	9	which	which	PRON
cjfa-4720	37	10	are	be	AUX
cjfa-4720	37	11	important	important	ADJ
cjfa-4720	37	12	for	for	ADP
cjfa-4720	37	13	investors	investor	NOUN
cjfa-4720	37	14	and	and	CCONJ
cjfa-4720	37	15	reg	reg	PROPN
cjfa-4720	37	16	ipo	ipo	PROPN
cjfa-4720	37	17	initial	initial	ADJ
cjfa-4720	37	18	underpricing	underpricing	ADJ
cjfa-4720	37	19	anomaly	anomaly	NOUN
cjfa-4720	37	20	…	…	PUNCT
cjfa-4720	37	21	169	169	NUM
cjfa-4720	37	22	ulators	ulator	NOUN
cjfa-4720	37	23	.	.	PUNCT
cjfa-4720	38	1	third	third	ADV
cjfa-4720	38	2	,	,	PUNCT
cjfa-4720	38	3	we	we	PRON
cjfa-4720	38	4	deliver	deliver	VERB
cjfa-4720	38	5	fresh	fresh	ADJ
cjfa-4720	38	6	out	out	ADP
cjfa-4720	38	7	-	-	PUNCT
cjfa-4720	38	8	of	of	ADP
cjfa-4720	38	9	-	-	PUNCT
cjfa-4720	38	10	sample	sample	NOUN
cjfa-4720	38	11	evidence	evidence	NOUN
cjfa-4720	38	12	on	on	ADP
cjfa-4720	38	13	the	the	DET
cjfa-4720	38	14	ipo	ipo	NOUN
cjfa-4720	38	15	underpricing	underprice	VERB
cjfa-4720	38	16	phenomenon	phenomenon	NOUN
cjfa-4720	38	17	on	on	ADP
cjfa-4720	38	18	the	the	DET
cjfa-4720	38	19	polish	polish	ADJ
cjfa-4720	38	20	market	market	NOUN
cjfa-4720	38	21	.	.	PUNCT
cjfa-4720	39	1	finally	finally	ADV
cjfa-4720	39	2	,	,	PUNCT
cjfa-4720	39	3	from	from	ADP
cjfa-4720	39	4	the	the	DET
cjfa-4720	39	5	methodological	methodological	ADJ
cjfa-4720	39	6	point	point	NOUN
cjfa-4720	39	7	of	of	ADP
cjfa-4720	39	8	view	view	NOUN
cjfa-4720	39	9	,	,	PUNCT
cjfa-4720	39	10	we	we	PRON
cjfa-4720	39	11	propose	propose	VERB
cjfa-4720	39	12	an	an	DET
cjfa-4720	39	13	innovative	innovative	ADJ
cjfa-4720	39	14	monte	monte	NOUN
cjfa-4720	39	15	-	-	PUNCT
cjfa-4720	39	16	carlo	carlo	NOUN
cjfa-4720	39	17	-	-	PUNCT
cjfa-4720	39	18	based	base	VERB
cjfa-4720	39	19	technique	technique	NOUN
cjfa-4720	39	20	to	to	PART
cjfa-4720	39	21	draw	draw	VERB
cjfa-4720	39	22	some	some	DET
cjfa-4720	39	23	statistical	statistical	ADJ
cjfa-4720	39	24	interferences	interference	NOUN
cjfa-4720	39	25	.	.	PUNCT
cjfa-4720	40	1	literature	literature	NOUN
cjfa-4720	40	2	review	review	PROPN
cjfa-4720	40	3	and	and	CCONJ
cjfa-4720	40	4	hypothesis	hypothesis	NOUN
cjfa-4720	40	5	development	development	PROPN
cjfa-4720	40	6	ipo	ipo	PROPN
cjfa-4720	40	7	underpricing	underpricing	NOUN
cjfa-4720	40	8	is	be	AUX
cjfa-4720	40	9	a	a	DET
cjfa-4720	40	10	long	long	ADV
cjfa-4720	40	11	observed	observed	ADJ
cjfa-4720	40	12	phenomenon	phenomenon	NOUN
cjfa-4720	40	13	in	in	ADP
cjfa-4720	40	14	the	the	DET
cjfa-4720	40	15	financial	financial	ADJ
cjfa-4720	40	16	literature	literature	NOUN
cjfa-4720	40	17	.	.	PUNCT
cjfa-4720	41	1	positive	positive	ADJ
cjfa-4720	41	2	abnormal	abnormal	ADJ
cjfa-4720	41	3	excess	excess	ADJ
cjfa-4720	41	4	returns	return	NOUN
cjfa-4720	41	5	in	in	ADP
cjfa-4720	41	6	the	the	DET
cjfa-4720	41	7	first	first	ADJ
cjfa-4720	41	8	day	day	NOUN
cjfa-4720	41	9	of	of	ADP
cjfa-4720	41	10	shares	share	NOUN
cjfa-4720	41	11	’	'	PUNCT
cjfa-4720	41	12	listing	list	VERB
cjfa-4720	41	13	has	have	AUX
cjfa-4720	41	14	been	be	AUX
cjfa-4720	41	15	documented	document	VERB
cjfa-4720	41	16	for	for	ADP
cjfa-4720	41	17	over	over	ADP
cjfa-4720	41	18	three	three	NUM
cjfa-4720	41	19	decades	decade	NOUN
cjfa-4720	41	20	.	.	PUNCT
cjfa-4720	42	1	the	the	DET
cjfa-4720	42	2	initial	initial	ADJ
cjfa-4720	42	3	returns	return	NOUN
cjfa-4720	42	4	across	across	ADP
cjfa-4720	42	5	the	the	DET
cjfa-4720	42	6	world	world	NOUN
cjfa-4720	42	7	ranges	range	VERB
cjfa-4720	42	8	from	from	ADP
cjfa-4720	42	9	5	5	NUM
cjfa-4720	42	10	%	%	NOUN
cjfa-4720	42	11	to	to	ADP
cjfa-4720	42	12	over	over	ADP
cjfa-4720	42	13	50	50	NUM
cjfa-4720	42	14	%	%	NOUN
cjfa-4720	42	15	some	some	DET
cjfa-4720	42	16	interesting	interesting	ADJ
cjfa-4720	42	17	reviews	review	NOUN
cjfa-4720	42	18	of	of	ADP
cjfa-4720	42	19	research	research	NOUN
cjfa-4720	42	20	can	can	AUX
cjfa-4720	42	21	be	be	AUX
cjfa-4720	42	22	found	find	VERB
cjfa-4720	42	23	in	in	ADP
cjfa-4720	42	24	papers	paper	NOUN
cjfa-4720	42	25	of	of	ADP
cjfa-4720	42	26	loughram	loughram	NOUN
cjfa-4720	42	27	,	,	PUNCT
cjfa-4720	42	28	ritter	ritter	NOUN
cjfa-4720	42	29	and	and	CCONJ
cjfa-4720	42	30	rydqvist	rydqvist	NOUN
cjfa-4720	42	31	(	(	PUNCT
cjfa-4720	42	32	1994	1994	NUM
cjfa-4720	42	33	)	)	PUNCT
cjfa-4720	42	34	,	,	PUNCT
cjfa-4720	42	35	ibbotson	ibbotson	PROPN
cjfa-4720	42	36	and	and	CCONJ
cjfa-4720	42	37	ritter	ritter	PROPN
cjfa-4720	42	38	(	(	PUNCT
cjfa-4720	42	39	1995	1995	NUM
cjfa-4720	42	40	)	)	PUNCT
cjfa-4720	42	41	,	,	PUNCT
cjfa-4720	42	42	jenkinson	jenkinson	NOUN
cjfa-4720	42	43	and	and	CCONJ
cjfa-4720	42	44	ljungqvist	ljungqvist	PROPN
cjfa-4720	42	45	(	(	PUNCT
cjfa-4720	42	46	2001	2001	NUM
cjfa-4720	42	47	)	)	PUNCT
cjfa-4720	42	48	.	.	PUNCT
cjfa-4720	43	1	the	the	DET
cjfa-4720	43	2	existing	exist	VERB
cjfa-4720	43	3	literature	literature	NOUN
cjfa-4720	43	4	offers	offer	VERB
cjfa-4720	43	5	a	a	DET
cjfa-4720	43	6	number	number	NOUN
cjfa-4720	43	7	of	of	ADP
cjfa-4720	43	8	explanations	explanation	NOUN
cjfa-4720	43	9	which	which	PRON
cjfa-4720	43	10	partly	partly	ADV
cjfa-4720	43	11	or	or	CCONJ
cjfa-4720	43	12	entirely	entirely	ADV
cjfa-4720	43	13	explain	explain	VERB
cjfa-4720	43	14	the	the	DET
cjfa-4720	43	15	issue	issue	NOUN
cjfa-4720	43	16	of	of	ADP
cjfa-4720	43	17	initial	initial	ADJ
cjfa-4720	43	18	ipo	ipo	NOUN
cjfa-4720	43	19	underpricing	underpricing	NOUN
cjfa-4720	43	20	.	.	PUNCT
cjfa-4720	44	1	probably	probably	ADV
cjfa-4720	44	2	the	the	DET
cjfa-4720	44	3	most	most	ADV
cjfa-4720	44	4	popular	popular	ADJ
cjfa-4720	44	5	is	be	AUX
cjfa-4720	44	6	the	the	DET
cjfa-4720	44	7	“	"	PUNCT
cjfa-4720	44	8	winner	winner	NOUN
cjfa-4720	44	9	’s	’s	PART
cjfa-4720	44	10	curse	curse	NOUN
cjfa-4720	44	11	”	"	PUNCT
cjfa-4720	44	12	hypothesis	hypothesis	NOUN
cjfa-4720	44	13	(	(	PUNCT
cjfa-4720	44	14	rock	rock	NOUN
cjfa-4720	44	15	1986	1986	NUM
cjfa-4720	44	16	)	)	PUNCT
cjfa-4720	44	17	,	,	PUNCT
cjfa-4720	44	18	which	which	PRON
cjfa-4720	44	19	emphasizes	emphasize	VERB
cjfa-4720	44	20	the	the	DET
cjfa-4720	44	21	tendency	tendency	NOUN
cjfa-4720	44	22	for	for	SCONJ
cjfa-4720	44	23	the	the	DET
cjfa-4720	44	24	winning	win	VERB
cjfa-4720	44	25	bid	bid	NOUN
cjfa-4720	44	26	in	in	ADP
cjfa-4720	44	27	an	an	DET
cjfa-4720	44	28	auction	auction	NOUN
cjfa-4720	44	29	to	to	PART
cjfa-4720	44	30	exceed	exceed	VERB
cjfa-4720	44	31	the	the	DET
cjfa-4720	44	32	intrinsic	intrinsic	ADJ
cjfa-4720	44	33	value	value	NOUN
cjfa-4720	44	34	of	of	ADP
cjfa-4720	44	35	the	the	DET
cjfa-4720	44	36	company	company	NOUN
cjfa-4720	44	37	,	,	PUNCT
cjfa-4720	44	38	that	that	PRON
cjfa-4720	44	39	is	be	AUX
cjfa-4720	44	40	difficult	difficult	ADJ
cjfa-4720	44	41	to	to	PART
cjfa-4720	44	42	determine	determine	VERB
cjfa-4720	44	43	.	.	PUNCT
cjfa-4720	45	1	some	some	DET
cjfa-4720	45	2	other	other	ADJ
cjfa-4720	45	3	popular	popular	ADJ
cjfa-4720	45	4	explanations	explanation	NOUN
cjfa-4720	45	5	include	include	VERB
cjfa-4720	45	6	singaling	singale	VERB
cjfa-4720	45	7	(	(	PUNCT
cjfa-4720	45	8	allen	allen	PROPN
cjfa-4720	45	9	&	&	CCONJ
cjfa-4720	45	10	faulhaber	faulhaber	PROPN
cjfa-4720	45	11	1989	1989	NUM
cjfa-4720	45	12	;	;	PUNCT
cjfa-4720	45	13	grinblatt	grinblatt	PROPN
cjfa-4720	45	14	&	&	CCONJ
cjfa-4720	45	15	hwang	hwang	PROPN
cjfa-4720	45	16	1989	1989	NUM
cjfa-4720	45	17	;	;	PUNCT
cjfa-4720	45	18	welch	welch	PROPN
cjfa-4720	45	19	1989	1989	NUM
cjfa-4720	45	20	)	)	PUNCT
cjfa-4720	45	21	,	,	PUNCT
cjfa-4720	45	22	selfinterest	selfinterest	NOUN
cjfa-4720	45	23	of	of	ADP
cjfa-4720	45	24	investment	investment	NOUN
cjfa-4720	45	25	bankers	banker	NOUN
cjfa-4720	45	26	(	(	PUNCT
cjfa-4720	45	27	baron	baron	NOUN
cjfa-4720	45	28	&	&	CCONJ
cjfa-4720	45	29	holmstrom	holmstrom	NOUN
cjfa-4720	45	30	1980	1980	NUM
cjfa-4720	45	31	;	;	PUNCT
cjfa-4720	45	32	baron	baron	NOUN
cjfa-4720	45	33	1982	1982	NUM
cjfa-4720	45	34	)	)	PUNCT
cjfa-4720	45	35	,	,	PUNCT
cjfa-4720	45	36	bookbuilding	bookbuilding	NOUN
cjfa-4720	45	37	(	(	PUNCT
cjfa-4720	45	38	benveniste	benveniste	NOUN
cjfa-4720	45	39	&	&	CCONJ
cjfa-4720	45	40	spindt	spindt	PROPN
cjfa-4720	45	41	1989	1989	NUM
cjfa-4720	45	42	)	)	PUNCT
cjfa-4720	45	43	,	,	PUNCT
cjfa-4720	45	44	market	market	NOUN
cjfa-4720	45	45	incompleteness	incompleteness	NOUN
cjfa-4720	45	46	(	(	PUNCT
cjfa-4720	45	47	mauer	mauer	PROPN
cjfa-4720	45	48	&	&	CCONJ
cjfa-4720	45	49	senbet	senbet	PROPN
cjfa-4720	45	50	1992	1992	NUM
cjfa-4720	45	51	)	)	PUNCT
cjfa-4720	45	52	,	,	PUNCT
cjfa-4720	45	53	information	information	NOUN
cjfa-4720	45	54	cascades	cascade	NOUN
cjfa-4720	45	55	(	(	PUNCT
cjfa-4720	45	56	welch	welch	PROPN
cjfa-4720	45	57	1992	1992	NUM
cjfa-4720	45	58	)	)	PUNCT
cjfa-4720	45	59	,	,	PUNCT
cjfa-4720	45	60	lawsuit	lawsuit	NOUN
cjfa-4720	45	61	avoidance	avoidance	NOUN
cjfa-4720	45	62	(	(	PUNCT
cjfa-4720	45	63	tinic	tinic	PROPN
cjfa-4720	45	64	1988	1988	NUM
cjfa-4720	45	65	;	;	PUNCT
cjfa-4720	45	66	hughes	hughes	PROPN
cjfa-4720	45	67	&	&	CCONJ
cjfa-4720	45	68	thakor	thakor	PROPN
cjfa-4720	45	69	1992	1992	NUM
cjfa-4720	45	70	)	)	PUNCT
cjfa-4720	45	71	or	or	CCONJ
cjfa-4720	45	72	cost	cost	NOUN
cjfa-4720	45	73	compensation	compensation	NOUN
cjfa-4720	45	74	for	for	ADP
cjfa-4720	45	75	individual	individual	ADJ
cjfa-4720	45	76	investors	investor	NOUN
cjfa-4720	45	77	(	(	PUNCT
cjfa-4720	45	78	kaminski	kaminski	PROPN
cjfa-4720	45	79	&	&	CCONJ
cjfa-4720	45	80	zaremba	zaremba	NOUN
cjfa-4720	45	81	2011	2011	NUM
cjfa-4720	45	82	)	)	PUNCT
cjfa-4720	45	83	.	.	PUNCT
cjfa-4720	46	1	some	some	PRON
cjfa-4720	46	2	of	of	ADP
cjfa-4720	46	3	the	the	DET
cjfa-4720	46	4	explanations	explanation	NOUN
cjfa-4720	46	5	focus	focus	VERB
cjfa-4720	46	6	particularly	particularly	ADV
cjfa-4720	46	7	on	on	ADP
cjfa-4720	46	8	local	local	ADJ
cjfa-4720	46	9	country	country	NOUN
cjfa-4720	46	10	factors	factor	NOUN
cjfa-4720	46	11	,	,	PUNCT
cjfa-4720	46	12	like	like	ADP
cjfa-4720	46	13	for	for	ADP
cjfa-4720	46	14	example	example	NOUN
cjfa-4720	46	15	regulatory	regulatory	ADJ
cjfa-4720	46	16	constraints	constraint	NOUN
cjfa-4720	46	17	in	in	ADP
cjfa-4720	46	18	the	the	DET
cjfa-4720	46	19	chinese	chinese	ADJ
cjfa-4720	46	20	market	market	NOUN
cjfa-4720	46	21	(	(	PUNCT
cjfa-4720	46	22	tian	tian	ADJ
cjfa-4720	46	23	2011	2011	NUM
cjfa-4720	46	24	;	;	PUNCT
cjfa-4720	46	25	yuan	yuan	NOUN
cjfa-4720	46	26	2009	2009	NUM
cjfa-4720	46	27	)	)	PUNCT
cjfa-4720	46	28	.	.	PUNCT
cjfa-4720	47	1	reviews	review	NOUN
cjfa-4720	47	2	of	of	ADP
cjfa-4720	47	3	theories	theory	NOUN
cjfa-4720	47	4	are	be	AUX
cjfa-4720	47	5	offered	offer	VERB
cjfa-4720	47	6	for	for	ADP
cjfa-4720	47	7	example	example	NOUN
cjfa-4720	47	8	by	by	ADP
cjfa-4720	47	9	ritter	ritter	PROPN
cjfa-4720	47	10	(	(	PUNCT
cjfa-4720	47	11	2003	2003	NUM
cjfa-4720	47	12	)	)	PUNCT
cjfa-4720	47	13	or	or	CCONJ
cjfa-4720	47	14	ritter	ritter	PROPN
cjfa-4720	47	15	and	and	CCONJ
cjfa-4720	47	16	welch	welch	PROPN
cjfa-4720	47	17	(	(	PUNCT
cjfa-4720	47	18	2002	2002	NUM
cjfa-4720	47	19	)	)	PUNCT
cjfa-4720	47	20	.	.	PUNCT
cjfa-4720	48	1	the	the	DET
cjfa-4720	48	2	hypothesis	hypothesis	NOUN
cjfa-4720	48	3	listed	list	VERB
cjfa-4720	48	4	above	above	ADV
cjfa-4720	48	5	provide	provide	VERB
cjfa-4720	48	6	a	a	DET
cjfa-4720	48	7	wide	wide	ADJ
cjfa-4720	48	8	range	range	NOUN
cjfa-4720	48	9	of	of	ADP
cjfa-4720	48	10	explanations	explanation	NOUN
cjfa-4720	48	11	of	of	ADP
cjfa-4720	48	12	the	the	DET
cjfa-4720	48	13	initial	initial	ADJ
cjfa-4720	48	14	ipo	ipo	NOUN
cjfa-4720	48	15	underpricing	underpricing	NOUN
cjfa-4720	48	16	.	.	PUNCT
cjfa-4720	49	1	however	however	ADV
cjfa-4720	49	2	,	,	PUNCT
cjfa-4720	49	3	they	they	PRON
cjfa-4720	49	4	are	be	AUX
cjfa-4720	49	5	not	not	PART
cjfa-4720	49	6	able	able	ADJ
cjfa-4720	49	7	to	to	PART
cjfa-4720	49	8	fully	fully	ADV
cjfa-4720	49	9	account	account	VERB
cjfa-4720	49	10	for	for	ADP
cjfa-4720	49	11	the	the	DET
cjfa-4720	49	12	cross	cross	ADJ
cjfa-4720	49	13	-	-	ADJ
cjfa-4720	49	14	sectional	sectional	ADJ
cjfa-4720	49	15	variation	variation	NOUN
cjfa-4720	49	16	in	in	ADP
cjfa-4720	49	17	the	the	DET
cjfa-4720	49	18	abnormal	abnormal	ADJ
cjfa-4720	49	19	returns	return	NOUN
cjfa-4720	49	20	connected	connect	VERB
cjfa-4720	49	21	to	to	ADP
cjfa-4720	49	22	their	their	PRON
cjfa-4720	49	23	original	original	ADJ
cjfa-4720	49	24	ownership	ownership	NOUN
cjfa-4720	49	25	structure	structure	NOUN
cjfa-4720	49	26	.	.	PUNCT
cjfa-4720	50	1	in	in	ADP
cjfa-4720	50	2	some	some	DET
cjfa-4720	50	3	emerging	emerge	VERB
cjfa-4720	50	4	markets	market	NOUN
cjfa-4720	50	5	,	,	PUNCT
cjfa-4720	50	6	like	like	ADP
cjfa-4720	50	7	for	for	ADP
cjfa-4720	50	8	instance	instance	NOUN
cjfa-4720	50	9	in	in	ADP
cjfa-4720	50	10	poland	poland	PROPN
cjfa-4720	50	11	,	,	PUNCT
cjfa-4720	50	12	there	there	PRON
cjfa-4720	50	13	seem	seem	VERB
cjfa-4720	50	14	to	to	PART
cjfa-4720	50	15	be	be	AUX
cjfa-4720	50	16	some	some	DET
cjfa-4720	50	17	differences	difference	NOUN
cjfa-4720	50	18	in	in	ADP
cjfa-4720	50	19	characteristics	characteristic	NOUN
cjfa-4720	50	20	of	of	ADP
cjfa-4720	50	21	privately	privately	ADV
cjfa-4720	50	22	-	-	PUNCT
cjfa-4720	50	23	owned	own	VERB
cjfa-4720	50	24	and	and	CCONJ
cjfa-4720	50	25	state	state	NOUN
cjfa-4720	50	26	-	-	PUNCT
cjfa-4720	50	27	owned	own	VERB
cjfa-4720	50	28	ipos	ipos	NOUN
cjfa-4720	50	29	.	.	PUNCT
cjfa-4720	51	1	clearly	clearly	ADV
cjfa-4720	51	2	,	,	PUNCT
cjfa-4720	51	3	the	the	DET
cjfa-4720	51	4	ownership	ownership	NOUN
cjfa-4720	51	5	structure	structure	NOUN
cjfa-4720	51	6	may	may	AUX
cjfa-4720	51	7	not	not	PART
cjfa-4720	51	8	entirely	entirely	ADV
cjfa-4720	51	9	explain	explain	VERB
cjfa-4720	51	10	“	"	PUNCT
cjfa-4720	51	11	the	the	DET
cjfa-4720	51	12	money	money	NOUN
cjfa-4720	51	13	left	leave	VERB
cjfa-4720	51	14	on	on	ADP
cjfa-4720	51	15	the	the	DET
cjfa-4720	51	16	table	table	NOUN
cjfa-4720	51	17	”	"	PUNCT
cjfa-4720	51	18	phenomenon	phenomenon	NOUN
cjfa-4720	51	19	,	,	PUNCT
cjfa-4720	51	20	but	but	CCONJ
cjfa-4720	51	21	it	it	PRON
cjfa-4720	51	22	may	may	AUX
cjfa-4720	51	23	seriously	seriously	ADV
cjfa-4720	51	24	contribute	contribute	VERB
cjfa-4720	51	25	to	to	ADP
cjfa-4720	51	26	it	it	PRON
cjfa-4720	51	27	.	.	PUNCT
cjfa-4720	52	1	therefore	therefore	ADV
cjfa-4720	52	2	,	,	PUNCT
cjfa-4720	52	3	we	we	PRON
cjfa-4720	52	4	would	would	AUX
cjfa-4720	52	5	like	like	VERB
cjfa-4720	52	6	to	to	PART
cjfa-4720	52	7	propose	propose	VERB
cjfa-4720	52	8	a	a	DET
cjfa-4720	52	9	partial	partial	ADJ
cjfa-4720	52	10	explanation	explanation	NOUN
cjfa-4720	52	11	of	of	ADP
cjfa-4720	52	12	the	the	DET
cjfa-4720	52	13	ipo	ipo	NOUN
cjfa-4720	52	14	underpricing	underpricing	NOUN
cjfa-4720	52	15	:	:	PUNCT
cjfa-4720	52	16	an	an	DET
cjfa-4720	52	17	election	election	NOUN
cjfa-4720	52	18	gimmick	gimmick	NOUN
cjfa-4720	52	19	hypothesis	hypothesis	NOUN
cjfa-4720	52	20	,	,	PUNCT
cjfa-4720	52	21	which	which	PRON
cjfa-4720	52	22	basically	basically	ADV
cjfa-4720	52	23	assumes	assume	VERB
cjfa-4720	52	24	,	,	PUNCT
cjfa-4720	52	25	that	that	SCONJ
cjfa-4720	52	26	some	some	PRON
cjfa-4720	52	27	of	of	ADP
cjfa-4720	52	28	the	the	DET
cjfa-4720	52	29	money	money	NOUN
cjfa-4720	52	30	left	leave	VERB
cjfa-4720	52	31	on	on	ADP
cjfa-4720	52	32	the	the	DET
cjfa-4720	52	33	table	table	NOUN
cjfa-4720	52	34	may	may	AUX
cjfa-4720	52	35	be	be	AUX
cjfa-4720	52	36	a	a	DET
cjfa-4720	52	37	form	form	NOUN
cjfa-4720	52	38	of	of	ADP
cjfa-4720	52	39	political	political	ADJ
cjfa-4720	52	40	bribery	bribery	NOUN
cjfa-4720	52	41	aimed	aim	VERB
cjfa-4720	52	42	at	at	ADP
cjfa-4720	52	43	voters	voter	NOUN
cjfa-4720	52	44	.	.	PUNCT
cjfa-4720	53	1	adam	adam	PROPN
cjfa-4720	53	2	zaremba	zaremba	PROPN
cjfa-4720	53	3	,	,	PUNCT
cjfa-4720	53	4	radosław	radosław	PROPN
cjfa-4720	53	5	żmudziński170	żmudziński170	NOUN
cjfa-4720	53	6	there	there	ADV
cjfa-4720	53	7	many	many	ADJ
cjfa-4720	53	8	ways	way	NOUN
cjfa-4720	53	9	of	of	ADP
cjfa-4720	53	10	privatization	privatization	NOUN
cjfa-4720	53	11	of	of	ADP
cjfa-4720	53	12	state	state	NOUN
cjfa-4720	53	13	-	-	PUNCT
cjfa-4720	53	14	owned	own	VERB
cjfa-4720	53	15	companies	company	NOUN
cjfa-4720	53	16	,	,	PUNCT
cjfa-4720	53	17	but	but	CCONJ
cjfa-4720	53	18	the	the	DET
cjfa-4720	53	19	stock	stock	NOUN
cjfa-4720	53	20	exchange	exchange	PROPN
cjfa-4720	53	21	ipo	ipo	PROPN
cjfa-4720	53	22	is	be	AUX
cjfa-4720	53	23	one	one	NUM
cjfa-4720	53	24	of	of	ADP
cjfa-4720	53	25	the	the	DET
cjfa-4720	53	26	most	most	ADV
cjfa-4720	53	27	popular	popular	ADJ
cjfa-4720	53	28	among	among	ADP
cjfa-4720	53	29	the	the	DET
cjfa-4720	53	30	big	big	ADJ
cjfa-4720	53	31	ones	one	NOUN
cjfa-4720	53	32	.	.	PUNCT
cjfa-4720	54	1	the	the	DET
cjfa-4720	54	2	benefits	benefit	NOUN
cjfa-4720	54	3	of	of	ADP
cjfa-4720	54	4	this	this	DET
cjfa-4720	54	5	choice	choice	NOUN
cjfa-4720	54	6	lay	lie	VERB
cjfa-4720	54	7	mainly	mainly	ADV
cjfa-4720	54	8	in	in	ADP
cjfa-4720	54	9	the	the	DET
cjfa-4720	54	10	transparency	transparency	NOUN
cjfa-4720	54	11	of	of	ADP
cjfa-4720	54	12	the	the	DET
cjfa-4720	54	13	process	process	NOUN
cjfa-4720	54	14	.	.	PUNCT
cjfa-4720	55	1	nonetheless	nonetheless	ADV
cjfa-4720	55	2	,	,	PUNCT
cjfa-4720	55	3	one	one	NUM
cjfa-4720	55	4	of	of	ADP
cjfa-4720	55	5	the	the	DET
cjfa-4720	55	6	main	main	ADJ
cjfa-4720	55	7	drawbacks	drawback	NOUN
cjfa-4720	55	8	from	from	ADP
cjfa-4720	55	9	the	the	DET
cjfa-4720	55	10	treasury	treasury	NOUN
cjfa-4720	55	11	point	point	NOUN
cjfa-4720	55	12	of	of	ADP
cjfa-4720	55	13	view	view	NOUN
cjfa-4720	55	14	is	be	AUX
cjfa-4720	55	15	the	the	DET
cjfa-4720	55	16	issue	issue	NOUN
cjfa-4720	55	17	of	of	ADP
cjfa-4720	55	18	the	the	DET
cjfa-4720	55	19	money	money	NOUN
cjfa-4720	55	20	left	leave	VERB
cjfa-4720	55	21	on	on	ADP
cjfa-4720	55	22	the	the	DET
cjfa-4720	55	23	table	table	NOUN
cjfa-4720	55	24	,	,	PUNCT
cjfa-4720	55	25	which	which	PRON
cjfa-4720	55	26	may	may	AUX
cjfa-4720	55	27	lead	lead	VERB
cjfa-4720	55	28	to	to	ADP
cjfa-4720	55	29	an	an	DET
cjfa-4720	55	30	assumption	assumption	NOUN
cjfa-4720	55	31	that	that	SCONJ
cjfa-4720	55	32	the	the	DET
cjfa-4720	55	33	treasury	treasury	NOUN
cjfa-4720	55	34	does	do	AUX
cjfa-4720	55	35	not	not	PART
cjfa-4720	55	36	really	really	ADV
cjfa-4720	55	37	maximize	maximize	VERB
cjfa-4720	55	38	its	its	PRON
cjfa-4720	55	39	profits	profit	NOUN
cjfa-4720	55	40	.	.	PUNCT
cjfa-4720	56	1	the	the	DET
cjfa-4720	56	2	ipos	ipos	PROPN
cjfa-4720	56	3	of	of	ADP
cjfa-4720	56	4	state	state	NOUN
cjfa-4720	56	5	owned	own	VERB
cjfa-4720	56	6	companies	company	NOUN
cjfa-4720	56	7	offered	offer	VERB
cjfa-4720	56	8	to	to	ADP
cjfa-4720	56	9	both	both	CCONJ
cjfa-4720	56	10	institutional	institutional	ADJ
cjfa-4720	56	11	and	and	CCONJ
cjfa-4720	56	12	individual	individual	ADJ
cjfa-4720	56	13	investors	investor	NOUN
cjfa-4720	56	14	.	.	PUNCT
cjfa-4720	57	1	in	in	ADP
cjfa-4720	57	2	some	some	DET
cjfa-4720	57	3	countries	country	NOUN
cjfa-4720	57	4	there	there	PRON
cjfa-4720	57	5	are	be	VERB
cjfa-4720	57	6	even	even	ADV
cjfa-4720	57	7	a	a	DET
cjfa-4720	57	8	specific	specific	ADJ
cjfa-4720	57	9	stare	stare	NOUN
cjfa-4720	57	10	-	-	PUNCT
cjfa-4720	57	11	sponsored	sponsor	VERB
cjfa-4720	57	12	programs	program	NOUN
cjfa-4720	57	13	and	and	CCONJ
cjfa-4720	57	14	social	social	ADJ
cjfa-4720	57	15	campaigns	campaign	NOUN
cjfa-4720	57	16	aimed	aim	VERB
cjfa-4720	57	17	at	at	ADP
cjfa-4720	57	18	popularizing	popularize	VERB
cjfa-4720	57	19	the	the	DET
cjfa-4720	57	20	stock	stock	NOUN
cjfa-4720	57	21	ownership	ownership	NOUN
cjfa-4720	57	22	.	.	PUNCT
cjfa-4720	58	1	the	the	DET
cjfa-4720	58	2	polish	polish	ADJ
cjfa-4720	58	3	state	state	PROPN
cjfa-4720	58	4	treasury	treasury	PROPN
cjfa-4720	58	5	sponsored	sponsor	VERB
cjfa-4720	58	6	“	"	PUNCT
cjfa-4720	58	7	citizen	citizen	PROPN
cjfa-4720	58	8	share	share	NOUN
cjfa-4720	58	9	ownership	ownership	NOUN
cjfa-4720	58	10	”	"	PUNCT
cjfa-4720	58	11	programme	programme	NOUN
cjfa-4720	58	12	is	be	AUX
cjfa-4720	58	13	just	just	ADV
cjfa-4720	58	14	one	one	NUM
cjfa-4720	58	15	of	of	ADP
cjfa-4720	58	16	the	the	DET
cjfa-4720	58	17	examples	example	NOUN
cjfa-4720	58	18	.	.	PUNCT
cjfa-4720	59	1	the	the	DET
cjfa-4720	59	2	key	key	ADJ
cjfa-4720	59	3	problem	problem	NOUN
cjfa-4720	59	4	with	with	ADP
cjfa-4720	59	5	such	such	ADJ
cjfa-4720	59	6	kind	kind	NOUN
cjfa-4720	59	7	of	of	ADP
cjfa-4720	59	8	programmes	programme	NOUN
cjfa-4720	59	9	is	be	AUX
cjfa-4720	59	10	an	an	DET
cjfa-4720	59	11	inherent	inherent	ADJ
cjfa-4720	59	12	conflict	conflict	NOUN
cjfa-4720	59	13	of	of	ADP
cjfa-4720	59	14	interest	interest	NOUN
cjfa-4720	59	15	.	.	PUNCT
cjfa-4720	60	1	on	on	ADP
cjfa-4720	60	2	the	the	DET
cjfa-4720	60	3	one	one	NUM
cjfa-4720	60	4	hand	hand	NOUN
cjfa-4720	60	5	,	,	PUNCT
cjfa-4720	60	6	the	the	DET
cjfa-4720	60	7	treasury	treasury	NOUN
cjfa-4720	60	8	should	should	AUX
cjfa-4720	60	9	maximise	maximise	VERB
cjfa-4720	60	10	its	its	PRON
cjfa-4720	60	11	income	income	NOUN
cjfa-4720	60	12	by	by	ADP
cjfa-4720	60	13	selling	sell	VERB
cjfa-4720	60	14	the	the	DET
cjfa-4720	60	15	shares	share	NOUN
cjfa-4720	60	16	of	of	ADP
cjfa-4720	60	17	state	state	NOUN
cjfa-4720	60	18	-	-	PUNCT
cjfa-4720	60	19	owned	own	VERB
cjfa-4720	60	20	enterprises	enterprise	NOUN
cjfa-4720	60	21	at	at	ADP
cjfa-4720	60	22	the	the	DET
cjfa-4720	60	23	maximum	maximum	ADJ
cjfa-4720	60	24	attainable	attainable	ADJ
cjfa-4720	60	25	price	price	NOUN
cjfa-4720	60	26	.	.	PUNCT
cjfa-4720	61	1	on	on	ADP
cjfa-4720	61	2	the	the	DET
cjfa-4720	61	3	other	other	ADJ
cjfa-4720	61	4	hand	hand	NOUN
cjfa-4720	61	5	,	,	PUNCT
cjfa-4720	61	6	the	the	DET
cjfa-4720	61	7	government	government	NOUN
cjfa-4720	61	8	and	and	CCONJ
cjfa-4720	61	9	the	the	DET
cjfa-4720	61	10	ruling	rule	VERB
cjfa-4720	61	11	party	party	NOUN
cjfa-4720	61	12	may	may	AUX
cjfa-4720	61	13	be	be	AUX
cjfa-4720	61	14	motivated	motivate	VERB
cjfa-4720	61	15	to	to	PART
cjfa-4720	61	16	intentionally	intentionally	ADV
cjfa-4720	61	17	lower	lower	VERB
cjfa-4720	61	18	the	the	DET
cjfa-4720	61	19	prices	price	NOUN
cjfa-4720	61	20	of	of	ADP
cjfa-4720	61	21	offered	offer	VERB
cjfa-4720	61	22	shares	share	NOUN
cjfa-4720	61	23	in	in	ADP
cjfa-4720	61	24	order	order	NOUN
cjfa-4720	61	25	to	to	PART
cjfa-4720	61	26	endear	endear	VERB
cjfa-4720	61	27	the	the	DET
cjfa-4720	61	28	voters	voter	NOUN
cjfa-4720	61	29	by	by	ADP
cjfa-4720	61	30	giving	give	VERB
cjfa-4720	61	31	them	they	PRON
cjfa-4720	61	32	an	an	DET
cjfa-4720	61	33	easy	easy	ADJ
cjfa-4720	61	34	profit	profit	NOUN
cjfa-4720	61	35	.	.	PUNCT
cjfa-4720	62	1	the	the	DET
cjfa-4720	62	2	hypothesis	hypothesis	NOUN
cjfa-4720	62	3	,	,	PUNCT
cjfa-4720	62	4	that	that	SCONJ
cjfa-4720	62	5	the	the	DET
cjfa-4720	62	6	prices	price	NOUN
cjfa-4720	62	7	of	of	ADP
cjfa-4720	62	8	state	state	NOUN
cjfa-4720	62	9	-	-	PUNCT
cjfa-4720	62	10	owned	own	VERB
cjfa-4720	62	11	enterprises	enterprise	NOUN
cjfa-4720	62	12	may	may	AUX
cjfa-4720	62	13	be	be	AUX
cjfa-4720	62	14	intentionally	intentionally	ADV
cjfa-4720	62	15	decreased	decrease	VERB
cjfa-4720	62	16	to	to	PART
cjfa-4720	62	17	please	please	VERB
cjfa-4720	62	18	the	the	DET
cjfa-4720	62	19	voters	voter	NOUN
cjfa-4720	62	20	,	,	PUNCT
cjfa-4720	62	21	have	have	VERB
cjfa-4720	62	22	a	a	DET
cjfa-4720	62	23	few	few	ADJ
cjfa-4720	62	24	testable	testable	ADJ
cjfa-4720	62	25	implications	implication	NOUN
cjfa-4720	62	26	.	.	PUNCT
cjfa-4720	63	1	first	first	ADV
cjfa-4720	63	2	,	,	PUNCT
cjfa-4720	63	3	the	the	DET
cjfa-4720	63	4	politicians	politician	NOUN
cjfa-4720	63	5	may	may	AUX
cjfa-4720	63	6	leave	leave	VERB
cjfa-4720	63	7	more	more	ADJ
cjfa-4720	63	8	money	money	NOUN
cjfa-4720	63	9	on	on	ADP
cjfa-4720	63	10	the	the	DET
cjfa-4720	63	11	table	table	NOUN
cjfa-4720	63	12	than	than	ADP
cjfa-4720	63	13	the	the	DET
cjfa-4720	63	14	private	private	ADJ
cjfa-4720	63	15	-	-	PUNCT
cjfa-4720	63	16	company	company	NOUN
cjfa-4720	63	17	owners	owner	NOUN
cjfa-4720	63	18	.	.	PUNCT
cjfa-4720	64	1	in	in	ADP
cjfa-4720	64	2	other	other	ADJ
cjfa-4720	64	3	words	word	NOUN
cjfa-4720	64	4	,	,	PUNCT
cjfa-4720	64	5	we	we	PRON
cjfa-4720	64	6	can	can	AUX
cjfa-4720	64	7	assume	assume	VERB
cjfa-4720	64	8	that	that	SCONJ
cjfa-4720	64	9	the	the	DET
cjfa-4720	64	10	state	state	NOUN
cjfa-4720	64	11	owned	own	VERB
cjfa-4720	64	12	companies	company	NOUN
cjfa-4720	64	13	are	be	AUX
cjfa-4720	64	14	more	more	ADV
cjfa-4720	64	15	underpriced	underpriced	ADJ
cjfa-4720	64	16	at	at	ADP
cjfa-4720	64	17	ipos	ipos	NOUN
cjfa-4720	64	18	that	that	SCONJ
cjfa-4720	64	19	standard	standard	ADJ
cjfa-4720	64	20	companies	company	NOUN
cjfa-4720	64	21	.	.	PUNCT
cjfa-4720	65	1	second	second	ADJ
cjfa-4720	65	2	,	,	PUNCT
cjfa-4720	65	3	the	the	DET
cjfa-4720	65	4	politicians	politician	NOUN
cjfa-4720	65	5	would	would	AUX
cjfa-4720	65	6	be	be	AUX
cjfa-4720	65	7	more	more	ADV
cjfa-4720	65	8	enticed	enticed	ADJ
cjfa-4720	65	9	to	to	PART
cjfa-4720	65	10	sell	sell	VERB
cjfa-4720	65	11	the	the	DET
cjfa-4720	65	12	underpriced	underpriced	ADJ
cjfa-4720	65	13	shares	share	NOUN
cjfa-4720	65	14	when	when	SCONJ
cjfa-4720	65	15	the	the	DET
cjfa-4720	65	16	elections	election	NOUN
cjfa-4720	65	17	are	be	AUX
cjfa-4720	65	18	coming	come	VERB
cjfa-4720	65	19	.	.	PUNCT
cjfa-4720	66	1	briefly	briefly	PROPN
cjfa-4720	66	2	speaking	speak	VERB
cjfa-4720	66	3	,	,	PUNCT
cjfa-4720	66	4	there	there	PRON
cjfa-4720	66	5	would	would	AUX
cjfa-4720	66	6	be	be	AUX
cjfa-4720	66	7	more	more	ADJ
cjfa-4720	66	8	money	money	NOUN
cjfa-4720	66	9	left	leave	VERB
cjfa-4720	66	10	on	on	ADP
cjfa-4720	66	11	the	the	DET
cjfa-4720	66	12	table	table	NOUN
cjfa-4720	66	13	before	before	ADP
cjfa-4720	66	14	the	the	DET
cjfa-4720	66	15	elections	election	NOUN
cjfa-4720	66	16	than	than	ADP
cjfa-4720	66	17	in	in	ADP
cjfa-4720	66	18	other	other	ADJ
cjfa-4720	66	19	periods	period	NOUN
cjfa-4720	66	20	.	.	PUNCT
cjfa-4720	67	1	taking	take	VERB
cjfa-4720	67	2	that	that	PRON
cjfa-4720	67	3	into	into	ADP
cjfa-4720	67	4	account	account	NOUN
cjfa-4720	67	5	,	,	PUNCT
cjfa-4720	67	6	we	we	PRON
cjfa-4720	67	7	test	test	VERB
cjfa-4720	67	8	to	to	ADP
cjfa-4720	67	9	prepositions	preposition	NOUN
cjfa-4720	67	10	in	in	ADP
cjfa-4720	67	11	this	this	DET
cjfa-4720	67	12	paper	paper	NOUN
cjfa-4720	67	13	.	.	PUNCT
cjfa-4720	68	1	i.	i.	PROPN
cjfa-4720	68	2	the	the	DET
cjfa-4720	68	3	shares	share	NOUN
cjfa-4720	68	4	of	of	ADP
cjfa-4720	68	5	state	state	NOUN
cjfa-4720	68	6	-	-	PUNCT
cjfa-4720	68	7	owned	own	VERB
cjfa-4720	68	8	companies	company	NOUN
cjfa-4720	68	9	are	be	AUX
cjfa-4720	68	10	more	more	ADV
cjfa-4720	68	11	underpriced	underpriced	ADJ
cjfa-4720	68	12	at	at	ADP
cjfa-4720	68	13	ipos	ipos	NOUN
cjfa-4720	68	14	than	than	ADP
cjfa-4720	68	15	the	the	DET
cjfa-4720	68	16	rest	rest	NOUN
cjfa-4720	68	17	of	of	ADP
cjfa-4720	68	18	the	the	DET
cjfa-4720	68	19	shares	share	NOUN
cjfa-4720	68	20	of	of	ADP
cjfa-4720	68	21	privately	privately	ADV
cjfa-4720	68	22	-	-	PUNCT
cjfa-4720	68	23	owned	own	VERB
cjfa-4720	68	24	companies	company	NOUN
cjfa-4720	68	25	.	.	PUNCT
cjfa-4720	69	1	ii	ii	PROPN
cjfa-4720	69	2	.	.	PUNCT
cjfa-4720	70	1	there	there	PRON
cjfa-4720	70	2	is	be	VERB
cjfa-4720	70	3	more	more	ADJ
cjfa-4720	70	4	money	money	NOUN
cjfa-4720	70	5	left	leave	VERB
cjfa-4720	70	6	on	on	ADP
cjfa-4720	70	7	the	the	DET
cjfa-4720	70	8	table	table	NOUN
cjfa-4720	70	9	in	in	ADP
cjfa-4720	70	10	the	the	DET
cjfa-4720	70	11	periods	period	NOUN
cjfa-4720	70	12	before	before	ADP
cjfa-4720	70	13	elections	election	NOUN
cjfa-4720	70	14	than	than	ADP
cjfa-4720	70	15	in	in	ADP
cjfa-4720	70	16	other	other	ADJ
cjfa-4720	70	17	periods	period	NOUN
cjfa-4720	70	18	.	.	PUNCT
cjfa-4720	71	1	the	the	DET
cjfa-4720	71	2	both	both	DET
cjfa-4720	71	3	inclinations	inclination	NOUN
cjfa-4720	71	4	have	have	VERB
cjfa-4720	71	5	high	high	ADJ
cjfa-4720	71	6	importance	importance	NOUN
cjfa-4720	71	7	,	,	PUNCT
cjfa-4720	71	8	particularly	particularly	ADV
cjfa-4720	71	9	from	from	ADP
cjfa-4720	71	10	the	the	DET
cjfa-4720	71	11	regulatory	regulatory	ADJ
cjfa-4720	71	12	bodies	body	NOUN
cjfa-4720	71	13	’	'	PUNCT
cjfa-4720	71	14	and	and	CCONJ
cjfa-4720	71	15	investors	investor	NOUN
cjfa-4720	71	16	’	'	PUNCT
cjfa-4720	71	17	point	point	NOUN
cjfa-4720	71	18	of	of	ADP
cjfa-4720	71	19	view	view	NOUN
cjfa-4720	71	20	.	.	PUNCT
cjfa-4720	72	1	additionally	additionally	ADV
cjfa-4720	72	2	,	,	PUNCT
cjfa-4720	72	3	the	the	DET
cjfa-4720	72	4	problem	problem	NOUN
cjfa-4720	72	5	seems	seem	VERB
cjfa-4720	72	6	to	to	PART
cjfa-4720	72	7	be	be	AUX
cjfa-4720	72	8	economically	economically	ADV
cjfa-4720	72	9	and	and	CCONJ
cjfa-4720	72	10	politically	politically	ADV
cjfa-4720	72	11	significant	significant	ADJ
cjfa-4720	72	12	.	.	PUNCT
cjfa-4720	73	1	according	accord	VERB
cjfa-4720	73	2	to	to	ADP
cjfa-4720	73	3	kdpw	kdpw	PROPN
cjfa-4720	73	4	(	(	PUNCT
cjfa-4720	73	5	central	central	ADJ
cjfa-4720	73	6	infrastructure	infrastructure	NOUN
cjfa-4720	73	7	institution	institution	NOUN
cjfa-4720	73	8	responsible	responsible	ADJ
cjfa-4720	73	9	for	for	ADP
cjfa-4720	73	10	the	the	DET
cjfa-4720	73	11	management	management	NOUN
cjfa-4720	73	12	and	and	CCONJ
cjfa-4720	73	13	supervision	supervision	NOUN
cjfa-4720	73	14	of	of	ADP
cjfa-4720	73	15	the	the	DET
cjfa-4720	73	16	depository	depository	NOUN
cjfa-4720	73	17	,	,	PUNCT
cjfa-4720	73	18	clearing	clearing	NOUN
cjfa-4720	73	19	and	and	CCONJ
cjfa-4720	73	20	settlement	settlement	NOUN
cjfa-4720	73	21	system	system	NOUN
cjfa-4720	73	22	)	)	PUNCT
cjfa-4720	73	23	in	in	ADP
cjfa-4720	73	24	at	at	ADP
cjfa-4720	73	25	the	the	DET
cjfa-4720	73	26	end	end	NOUN
cjfa-4720	73	27	of	of	ADP
cjfa-4720	73	28	2013	2013	NUM
cjfa-4720	73	29	polish	polish	ADJ
cjfa-4720	73	30	investors	investor	NOUN
cjfa-4720	73	31	had	have	VERB
cjfa-4720	73	32	about	about	ADP
cjfa-4720	73	33	1,5	1,5	NUM
cjfa-4720	73	34	million	million	NUM
cjfa-4720	73	35	open	open	ADJ
cjfa-4720	73	36	brokerage	brokerage	NOUN
cjfa-4720	73	37	accounts	account	NOUN
cjfa-4720	73	38	.	.	PUNCT
cjfa-4720	74	1	in	in	ADP
cjfa-4720	74	2	other	other	ADJ
cjfa-4720	74	3	words	word	NOUN
cjfa-4720	74	4	,	,	PUNCT
cjfa-4720	74	5	along	along	ADP
cjfa-4720	74	6	with	with	ADP
cjfa-4720	74	7	their	their	PRON
cjfa-4720	74	8	families	family	NOUN
cjfa-4720	74	9	,	,	PUNCT
cjfa-4720	74	10	investors	investor	NOUN
cjfa-4720	74	11	may	may	AUX
cjfa-4720	74	12	constitute	constitute	VERB
cjfa-4720	74	13	even	even	ADV
cjfa-4720	74	14	10	10	NUM
cjfa-4720	74	15	of	of	ADP
cjfa-4720	74	16	the	the	DET
cjfa-4720	74	17	voters	voter	NOUN
cjfa-4720	74	18	.	.	PUNCT
cjfa-4720	75	1	additionally	additionally	ADV
cjfa-4720	75	2	,	,	PUNCT
cjfa-4720	75	3	treasury	treasury	PROPN
cjfa-4720	75	4	sometimes	sometimes	ADV
cjfa-4720	75	5	offers	offer	VERB
cjfa-4720	75	6	various	various	ADJ
cjfa-4720	75	7	mecha	mecha	NOUN
cjfa-4720	75	8	ipo	ipo	PROPN
cjfa-4720	75	9	initial	initial	ADJ
cjfa-4720	75	10	underpricing	underpricing	ADJ
cjfa-4720	75	11	anomaly	anomaly	NOUN
cjfa-4720	75	12	…	…	PUNCT
cjfa-4720	75	13	171	171	NUM
cjfa-4720	75	14	nisms	nism	NOUN
cjfa-4720	75	15	,	,	PUNCT
cjfa-4720	75	16	which	which	PRON
cjfa-4720	75	17	particularly	particularly	ADV
cjfa-4720	75	18	favour	favour	VERB
cjfa-4720	75	19	broad	broad	ADJ
cjfa-4720	75	20	participation	participation	NOUN
cjfa-4720	75	21	in	in	ADP
cjfa-4720	75	22	state	state	NOUN
cjfa-4720	75	23	-	-	PUNCT
cjfa-4720	75	24	owned	own	VERB
cjfa-4720	75	25	ipo	ipo	NOUN
cjfa-4720	75	26	,	,	PUNCT
cjfa-4720	75	27	like	like	ADP
cjfa-4720	75	28	for	for	ADP
cjfa-4720	75	29	example	example	NOUN
cjfa-4720	75	30	subscription	subscription	NOUN
cjfa-4720	75	31	limits	limit	NOUN
cjfa-4720	75	32	or	or	CCONJ
cjfa-4720	75	33	emission	emission	NOUN
cjfa-4720	75	34	price	price	NOUN
cjfa-4720	75	35	differentiation	differentiation	NOUN
cjfa-4720	75	36	.	.	PUNCT
cjfa-4720	76	1	summing	sum	VERB
cjfa-4720	76	2	up	up	ADP
cjfa-4720	76	3	,	,	PUNCT
cjfa-4720	76	4	it	it	PRON
cjfa-4720	76	5	appears	appear	VERB
cjfa-4720	76	6	rational	rational	ADJ
cjfa-4720	76	7	to	to	PART
cjfa-4720	76	8	assume	assume	VERB
cjfa-4720	76	9	,	,	PUNCT
cjfa-4720	76	10	that	that	SCONJ
cjfa-4720	76	11	influencing	influence	VERB
cjfa-4720	76	12	their	their	PRON
cjfa-4720	76	13	political	political	ADJ
cjfa-4720	76	14	preferences	preference	NOUN
cjfa-4720	76	15	by	by	ADP
cjfa-4720	76	16	ipo	ipo	NOUN
cjfa-4720	76	17	underpricing	underpricing	NOUN
cjfa-4720	76	18	may	may	AUX
cjfa-4720	76	19	significantly	significantly	ADV
cjfa-4720	76	20	impact	impact	VERB
cjfa-4720	76	21	the	the	DET
cjfa-4720	76	22	results	result	NOUN
cjfa-4720	76	23	of	of	ADP
cjfa-4720	76	24	some	some	DET
cjfa-4720	76	25	elections	election	NOUN
cjfa-4720	76	26	.	.	PUNCT
cjfa-4720	77	1	data	datum	NOUN
cjfa-4720	77	2	source	source	NOUN
cjfa-4720	77	3	and	and	CCONJ
cjfa-4720	77	4	research	research	NOUN
cjfa-4720	77	5	methods	method	NOUN
cjfa-4720	77	6	the	the	DET
cjfa-4720	77	7	research	research	NOUN
cjfa-4720	77	8	in	in	ADP
cjfa-4720	77	9	this	this	DET
cjfa-4720	77	10	paper	paper	NOUN
cjfa-4720	77	11	is	be	AUX
cjfa-4720	77	12	based	base	VERB
cjfa-4720	77	13	on	on	ADP
cjfa-4720	77	14	the	the	DET
cjfa-4720	77	15	stock	stock	NOUN
cjfa-4720	77	16	ipos	ipos	NOUN
cjfa-4720	77	17	at	at	ADP
cjfa-4720	77	18	the	the	DET
cjfa-4720	77	19	polish	polish	ADJ
cjfa-4720	77	20	market	market	NOUN
cjfa-4720	77	21	.	.	PUNCT
cjfa-4720	78	1	we	we	PRON
cjfa-4720	78	2	decided	decide	VERB
cjfa-4720	78	3	to	to	PART
cjfa-4720	78	4	focus	focus	VERB
cjfa-4720	78	5	on	on	ADP
cjfa-4720	78	6	the	the	DET
cjfa-4720	78	7	cee	cee	NOUN
cjfa-4720	78	8	countries	country	NOUN
cjfa-4720	78	9	as	as	SCONJ
cjfa-4720	78	10	those	those	PRON
cjfa-4720	78	11	are	be	AUX
cjfa-4720	78	12	post	post	ADJ
cjfa-4720	78	13	-	-	ADJ
cjfa-4720	78	14	soviet	soviet	ADJ
cjfa-4720	78	15	economies	economy	NOUN
cjfa-4720	78	16	,	,	PUNCT
cjfa-4720	78	17	which	which	PRON
cjfa-4720	78	18	underwent	undergo	VERB
cjfa-4720	78	19	a	a	DET
cjfa-4720	78	20	transition	transition	NOUN
cjfa-4720	78	21	from	from	ADP
cjfa-4720	78	22	state	state	NOUN
cjfa-4720	78	23	-	-	PUNCT
cjfa-4720	78	24	dominated	dominate	VERB
cjfa-4720	78	25	to	to	ADP
cjfa-4720	78	26	private	private	ADJ
cjfa-4720	78	27	-	-	PUNCT
cjfa-4720	78	28	capital	capital	NOUN
cjfa-4720	78	29	dominated	dominate	VERB
cjfa-4720	78	30	regime	regime	NOUN
cjfa-4720	78	31	,	,	PUNCT
cjfa-4720	78	32	and	and	CCONJ
cjfa-4720	78	33	finally	finally	ADV
cjfa-4720	78	34	in	in	ADP
cjfa-4720	78	35	many	many	ADJ
cjfa-4720	78	36	cases	case	NOUN
cjfa-4720	78	37	entered	enter	VERB
cjfa-4720	78	38	the	the	DET
cjfa-4720	78	39	european	european	PROPN
cjfa-4720	78	40	union	union	PROPN
cjfa-4720	78	41	.	.	PUNCT
cjfa-4720	79	1	therefore	therefore	ADV
cjfa-4720	79	2	,	,	PUNCT
cjfa-4720	79	3	they	they	PRON
cjfa-4720	79	4	seem	seem	VERB
cjfa-4720	79	5	to	to	PART
cjfa-4720	79	6	be	be	AUX
cjfa-4720	79	7	an	an	DET
cjfa-4720	79	8	ideal	ideal	ADJ
cjfa-4720	79	9	laboratory	laboratory	NOUN
cjfa-4720	79	10	to	to	PART
cjfa-4720	79	11	test	test	VERB
cjfa-4720	79	12	the	the	DET
cjfa-4720	79	13	indicated	indicate	VERB
cjfa-4720	79	14	hypotheses	hypothesis	NOUN
cjfa-4720	79	15	.	.	PUNCT
cjfa-4720	80	1	the	the	DET
cjfa-4720	80	2	exact	exact	ADJ
cjfa-4720	80	3	choice	choice	NOUN
cjfa-4720	80	4	is	be	AUX
cjfa-4720	80	5	poland	poland	PROPN
cjfa-4720	80	6	,	,	PUNCT
cjfa-4720	80	7	as	as	SCONJ
cjfa-4720	80	8	it	it	PRON
cjfa-4720	80	9	is	be	AUX
cjfa-4720	80	10	the	the	DET
cjfa-4720	80	11	post	post	ADJ
cjfa-4720	80	12	-	-	ADJ
cjfa-4720	80	13	soviet	soviet	ADJ
cjfa-4720	80	14	member	member	NOUN
cjfa-4720	80	15	of	of	ADP
cjfa-4720	80	16	the	the	DET
cjfa-4720	80	17	eu	eu	PROPN
cjfa-4720	80	18	with	with	ADP
cjfa-4720	80	19	the	the	DET
cjfa-4720	80	20	biggest	big	ADJ
cjfa-4720	80	21	stock	stock	NOUN
cjfa-4720	80	22	market	market	NOUN
cjfa-4720	80	23	both	both	CCONJ
cjfa-4720	80	24	in	in	ADP
cjfa-4720	80	25	terms	term	NOUN
cjfa-4720	80	26	of	of	ADP
cjfa-4720	80	27	capitalization	capitalization	NOUN
cjfa-4720	80	28	and	and	CCONJ
cjfa-4720	80	29	liquidity	liquidity	NOUN
cjfa-4720	80	30	.	.	PUNCT
cjfa-4720	81	1	we	we	PRON
cjfa-4720	81	2	concentrate	concentrate	VERB
cjfa-4720	81	3	on	on	ADP
cjfa-4720	81	4	the	the	DET
cjfa-4720	81	5	period	period	NOUN
cjfa-4720	81	6	01/01/2005	01/01/2005	NUM
cjfa-4720	81	7	-	-	SYM
cjfa-4720	81	8	10/31/2013	10/31/2013	NUM
cjfa-4720	81	9	,	,	PUNCT
cjfa-4720	81	10	as	as	SCONJ
cjfa-4720	81	11	it	it	PRON
cjfa-4720	81	12	is	be	AUX
cjfa-4720	81	13	the	the	DET
cjfa-4720	81	14	period	period	NOUN
cjfa-4720	81	15	when	when	SCONJ
cjfa-4720	81	16	both	both	CCONJ
cjfa-4720	81	17	the	the	DET
cjfa-4720	81	18	polish	polish	ADJ
cjfa-4720	81	19	economy	economy	NOUN
cjfa-4720	81	20	and	and	CCONJ
cjfa-4720	81	21	stock	stock	NOUN
cjfa-4720	81	22	market	market	NOUN
cjfa-4720	81	23	were	be	AUX
cjfa-4720	81	24	relatively	relatively	ADV
cjfa-4720	81	25	mature	mature	ADJ
cjfa-4720	81	26	(	(	PUNCT
cjfa-4720	81	27	stable	stable	ADJ
cjfa-4720	81	28	and	and	CCONJ
cjfa-4720	81	29	low	low	ADJ
cjfa-4720	81	30	inflation	inflation	NOUN
cjfa-4720	81	31	,	,	PUNCT
cjfa-4720	81	32	considerable	considerable	ADJ
cjfa-4720	81	33	liquidity	liquidity	NOUN
cjfa-4720	81	34	in	in	ADP
cjfa-4720	81	35	the	the	DET
cjfa-4720	81	36	market	market	NOUN
cjfa-4720	81	37	,	,	PUNCT
cjfa-4720	81	38	technical	technical	ADJ
cjfa-4720	81	39	and	and	CCONJ
cjfa-4720	81	40	institutional	institutional	ADJ
cjfa-4720	81	41	advancement	advancement	NOUN
cjfa-4720	81	42	)	)	PUNCT
cjfa-4720	81	43	.	.	PUNCT
cjfa-4720	82	1	what	what	PRON
cjfa-4720	82	2	is	be	AUX
cjfa-4720	82	3	more	more	ADJ
cjfa-4720	82	4	,	,	PUNCT
cjfa-4720	82	5	the	the	DET
cjfa-4720	82	6	precise	precise	ADJ
cjfa-4720	82	7	data	datum	NOUN
cjfa-4720	82	8	on	on	ADP
cjfa-4720	82	9	the	the	DET
cjfa-4720	82	10	ipos	ipos	NOUN
cjfa-4720	82	11	,	,	PUNCT
cjfa-4720	82	12	like	like	ADP
cjfa-4720	82	13	issue	issue	NOUN
cjfa-4720	82	14	sizes	size	NOUN
cjfa-4720	82	15	etc	etc	X
cjfa-4720	82	16	.	.	X
cjfa-4720	82	17	,	,	PUNCT
cjfa-4720	82	18	are	be	AUX
cjfa-4720	82	19	available	available	ADJ
cjfa-4720	82	20	for	for	ADP
cjfa-4720	82	21	these	these	DET
cjfa-4720	82	22	years	year	NOUN
cjfa-4720	82	23	.	.	PUNCT
cjfa-4720	83	1	we	we	PRON
cjfa-4720	83	2	exclude	exclude	VERB
cjfa-4720	83	3	from	from	ADP
cjfa-4720	83	4	the	the	DET
cjfa-4720	83	5	sample	sample	NOUN
cjfa-4720	83	6	two	two	NUM
cjfa-4720	83	7	particular	particular	ADJ
cjfa-4720	83	8	types	type	NOUN
cjfa-4720	83	9	of	of	ADP
cjfa-4720	83	10	ipos	ipos	NOUN
cjfa-4720	83	11	,	,	PUNCT
cjfa-4720	83	12	which	which	PRON
cjfa-4720	83	13	are	be	AUX
cjfa-4720	83	14	ipos	ipos	NOUN
cjfa-4720	83	15	dedicated	dedicate	VERB
cjfa-4720	83	16	only	only	ADV
cjfa-4720	83	17	to	to	ADP
cjfa-4720	83	18	previous	previous	ADJ
cjfa-4720	83	19	shareholders	shareholder	NOUN
cjfa-4720	83	20	and	and	CCONJ
cjfa-4720	83	21	the	the	DET
cjfa-4720	83	22	share	share	NOUN
cjfa-4720	83	23	transfers	transfer	NOUN
cjfa-4720	83	24	form	form	VERB
cjfa-4720	83	25	other	other	ADJ
cjfa-4720	83	26	markets	market	NOUN
cjfa-4720	83	27	.	.	PUNCT
cjfa-4720	84	1	it	it	PRON
cjfa-4720	84	2	is	be	AUX
cjfa-4720	84	3	also	also	ADV
cjfa-4720	84	4	important	important	ADJ
cjfa-4720	84	5	to	to	PART
cjfa-4720	84	6	note	note	VERB
cjfa-4720	84	7	,	,	PUNCT
cjfa-4720	84	8	that	that	SCONJ
cjfa-4720	84	9	we	we	PRON
cjfa-4720	84	10	do	do	AUX
cjfa-4720	84	11	not	not	PART
cjfa-4720	84	12	take	take	VERB
cjfa-4720	84	13	into	into	ADP
cjfa-4720	84	14	account	account	NOUN
cjfa-4720	84	15	the	the	DET
cjfa-4720	84	16	newconnect	newconnect	NOUN
cjfa-4720	84	17	,	,	PUNCT
cjfa-4720	84	18	which	which	PRON
cjfa-4720	84	19	the	the	DET
cjfa-4720	84	20	polish	polish	ADJ
cjfa-4720	84	21	alternative	alternative	ADJ
cjfa-4720	84	22	platform	platform	NOUN
cjfa-4720	84	23	dedicated	dedicate	VERB
cjfa-4720	84	24	to	to	PART
cjfa-4720	84	25	start	start	VERB
cjfa-4720	84	26	-	-	PUNCT
cjfa-4720	84	27	up	up	ADP
cjfa-4720	84	28	companies	company	NOUN
cjfa-4720	84	29	with	with	ADP
cjfa-4720	84	30	limited	limited	ADJ
cjfa-4720	84	31	regulatory	regulatory	ADJ
cjfa-4720	84	32	and	and	CCONJ
cjfa-4720	84	33	reporting	reporting	NOUN
cjfa-4720	84	34	requirements	requirement	NOUN
cjfa-4720	84	35	.	.	PUNCT
cjfa-4720	85	1	finally	finally	ADV
cjfa-4720	85	2	,	,	PUNCT
cjfa-4720	85	3	the	the	DET
cjfa-4720	85	4	sample	sample	NOUN
cjfa-4720	85	5	includes	include	VERB
cjfa-4720	85	6	250	250	NUM
cjfa-4720	85	7	ipos	ipos	NOUN
cjfa-4720	85	8	of	of	ADP
cjfa-4720	85	9	which	which	PRON
cjfa-4720	85	10	18	18	NUM
cjfa-4720	85	11	are	be	AUX
cjfa-4720	85	12	privatizations	privatization	NOUN
cjfa-4720	85	13	of	of	ADP
cjfa-4720	85	14	state	state	NOUN
cjfa-4720	85	15	-	-	PUNCT
cjfa-4720	85	16	owned	own	VERB
cjfa-4720	85	17	companies	company	NOUN
cjfa-4720	85	18	.	.	PUNCT
cjfa-4720	86	1	the	the	DET
cjfa-4720	86	2	data	datum	NOUN
cjfa-4720	86	3	come	come	VERB
cjfa-4720	86	4	from	from	ADP
cjfa-4720	86	5	bloomberg	bloomberg	NOUN
cjfa-4720	86	6	and	and	CCONJ
cjfa-4720	86	7	databases	database	NOUN
cjfa-4720	86	8	of	of	ADP
cjfa-4720	86	9	the	the	DET
cjfa-4720	86	10	warsaw	warsaw	PROPN
cjfa-4720	86	11	stock	stock	PROPN
cjfa-4720	86	12	exchange	exchange	PROPN
cjfa-4720	86	13	.	.	PUNCT
cjfa-4720	87	1	in	in	ADP
cjfa-4720	87	2	order	order	NOUN
cjfa-4720	87	3	to	to	PART
cjfa-4720	87	4	test	test	VERB
cjfa-4720	87	5	the	the	DET
cjfa-4720	87	6	hypothesis	hypothesis	NOUN
cjfa-4720	87	7	i	i	PRON
cjfa-4720	87	8	,	,	PUNCT
cjfa-4720	87	9	we	we	PRON
cjfa-4720	87	10	initially	initially	ADV
cjfa-4720	87	11	compute	compute	VERB
cjfa-4720	87	12	the	the	DET
cjfa-4720	87	13	arithmetic	arithmetic	ADJ
cjfa-4720	87	14	initial	initial	ADJ
cjfa-4720	87	15	returns	return	NOUN
cjfa-4720	87	16	for	for	ADP
cjfa-4720	87	17	each	each	DET
cjfa-4720	87	18	share	share	NOUN
cjfa-4720	87	19	in	in	ADP
cjfa-4720	87	20	the	the	DET
cjfa-4720	87	21	sample	sample	NOUN
cjfa-4720	87	22	according	accord	VERB
cjfa-4720	87	23	to	to	ADP
cjfa-4720	87	24	standard	standard	ADJ
cjfa-4720	87	25	rate	rate	NOUN
cjfa-4720	87	26	of	of	ADP
cjfa-4720	87	27	return	return	NOUN
cjfa-4720	87	28	computation	computation	NOUN
cjfa-4720	87	29	equation	equation	NOUN
cjfa-4720	87	30	.	.	PUNCT
cjfa-4720	88	1	sition	sition	NOUN
cjfa-4720	88	2	from	from	ADP
cjfa-4720	88	3	state	state	NOUN
cjfa-4720	88	4	-	-	PUNCT
cjfa-4720	88	5	dominated	dominate	VERB
cjfa-4720	88	6	to	to	ADP
cjfa-4720	88	7	private	private	ADJ
cjfa-4720	88	8	-	-	PUNCT
cjfa-4720	88	9	capital	capital	NOUN
cjfa-4720	88	10	dominated	dominate	VERB
cjfa-4720	88	11	regime	regime	NOUN
cjfa-4720	88	12	,	,	PUNCT
cjfa-4720	88	13	and	and	CCONJ
cjfa-4720	88	14	finally	finally	ADV
cjfa-4720	88	15	in	in	ADP
cjfa-4720	88	16	many	many	ADJ
cjfa-4720	88	17	cases	case	NOUN
cjfa-4720	88	18	entered	enter	VERB
cjfa-4720	88	19	the	the	DET
cjfa-4720	88	20	european	european	PROPN
cjfa-4720	88	21	union	union	PROPN
cjfa-4720	88	22	.	.	PUNCT
cjfa-4720	89	1	therefore	therefore	ADV
cjfa-4720	89	2	,	,	PUNCT
cjfa-4720	89	3	they	they	PRON
cjfa-4720	89	4	seem	seem	VERB
cjfa-4720	89	5	to	to	PART
cjfa-4720	89	6	be	be	AUX
cjfa-4720	89	7	an	an	DET
cjfa-4720	89	8	ideal	ideal	ADJ
cjfa-4720	89	9	laboratory	laboratory	NOUN
cjfa-4720	89	10	to	to	PART
cjfa-4720	89	11	test	test	VERB
cjfa-4720	89	12	the	the	DET
cjfa-4720	89	13	indicated	indicate	VERB
cjfa-4720	89	14	hypotheses	hypothesis	NOUN
cjfa-4720	89	15	.	.	PUNCT
cjfa-4720	90	1	the	the	DET
cjfa-4720	90	2	exact	exact	ADJ
cjfa-4720	90	3	choice	choice	NOUN
cjfa-4720	90	4	is	be	AUX
cjfa-4720	90	5	poland	poland	PROPN
cjfa-4720	90	6	,	,	PUNCT
cjfa-4720	90	7	as	as	SCONJ
cjfa-4720	90	8	it	it	PRON
cjfa-4720	90	9	is	be	AUX
cjfa-4720	90	10	the	the	DET
cjfa-4720	90	11	post	post	ADJ
cjfa-4720	90	12	-	-	ADJ
cjfa-4720	90	13	soviet	soviet	ADJ
cjfa-4720	90	14	member	member	NOUN
cjfa-4720	90	15	of	of	ADP
cjfa-4720	90	16	the	the	DET
cjfa-4720	90	17	eu	eu	PROPN
cjfa-4720	90	18	with	with	ADP
cjfa-4720	90	19	the	the	DET
cjfa-4720	90	20	biggest	big	ADJ
cjfa-4720	90	21	stock	stock	NOUN
cjfa-4720	90	22	market	market	NOUN
cjfa-4720	90	23	both	both	CCONJ
cjfa-4720	90	24	in	in	ADP
cjfa-4720	90	25	terms	term	NOUN
cjfa-4720	90	26	of	of	ADP
cjfa-4720	90	27	capitalization	capitalization	NOUN
cjfa-4720	90	28	and	and	CCONJ
cjfa-4720	90	29	liquidity	liquidity	NOUN
cjfa-4720	90	30	.	.	PUNCT
cjfa-4720	91	1	we	we	PRON
cjfa-4720	91	2	concentrate	concentrate	VERB
cjfa-4720	91	3	on	on	ADP
cjfa-4720	91	4	the	the	DET
cjfa-4720	91	5	period	period	NOUN
cjfa-4720	91	6	01/01/2005	01/01/2005	NUM
cjfa-4720	91	7	-	-	SYM
cjfa-4720	91	8	10/31/2013	10/31/2013	NUM
cjfa-4720	91	9	,	,	PUNCT
cjfa-4720	91	10	as	as	SCONJ
cjfa-4720	91	11	it	it	PRON
cjfa-4720	91	12	is	be	AUX
cjfa-4720	91	13	the	the	DET
cjfa-4720	91	14	period	period	NOUN
cjfa-4720	91	15	when	when	SCONJ
cjfa-4720	91	16	both	both	CCONJ
cjfa-4720	91	17	the	the	DET
cjfa-4720	91	18	polish	polish	ADJ
cjfa-4720	91	19	economy	economy	NOUN
cjfa-4720	91	20	and	and	CCONJ
cjfa-4720	91	21	stock	stock	NOUN
cjfa-4720	91	22	market	market	NOUN
cjfa-4720	91	23	were	be	AUX
cjfa-4720	91	24	relatively	relatively	ADV
cjfa-4720	91	25	mature	mature	ADJ
cjfa-4720	91	26	(	(	PUNCT
cjfa-4720	91	27	stable	stable	ADJ
cjfa-4720	91	28	and	and	CCONJ
cjfa-4720	91	29	low	low	ADJ
cjfa-4720	91	30	inflation	inflation	NOUN
cjfa-4720	91	31	,	,	PUNCT
cjfa-4720	91	32	considerable	considerable	ADJ
cjfa-4720	91	33	liquidity	liquidity	NOUN
cjfa-4720	91	34	in	in	ADP
cjfa-4720	91	35	the	the	DET
cjfa-4720	91	36	market	market	NOUN
cjfa-4720	91	37	,	,	PUNCT
cjfa-4720	91	38	technical	technical	ADJ
cjfa-4720	91	39	and	and	CCONJ
cjfa-4720	91	40	institutional	institutional	ADJ
cjfa-4720	91	41	advancement	advancement	NOUN
cjfa-4720	91	42	)	)	PUNCT
cjfa-4720	91	43	.	.	PUNCT
cjfa-4720	92	1	what	what	PRON
cjfa-4720	92	2	is	be	AUX
cjfa-4720	92	3	more	more	ADJ
cjfa-4720	92	4	,	,	PUNCT
cjfa-4720	92	5	the	the	DET
cjfa-4720	92	6	precise	precise	ADJ
cjfa-4720	92	7	data	datum	NOUN
cjfa-4720	92	8	on	on	ADP
cjfa-4720	92	9	the	the	DET
cjfa-4720	92	10	ipos	ipos	NOUN
cjfa-4720	92	11	,	,	PUNCT
cjfa-4720	92	12	like	like	ADP
cjfa-4720	92	13	issue	issue	NOUN
cjfa-4720	92	14	sizes	size	NOUN
cjfa-4720	92	15	etc	etc	X
cjfa-4720	92	16	.	.	X
cjfa-4720	92	17	,	,	PUNCT
cjfa-4720	92	18	are	be	AUX
cjfa-4720	92	19	available	available	ADJ
cjfa-4720	92	20	for	for	ADP
cjfa-4720	92	21	these	these	DET
cjfa-4720	92	22	years	year	NOUN
cjfa-4720	92	23	.	.	PUNCT
cjfa-4720	93	1	we	we	PRON
cjfa-4720	93	2	exclude	exclude	VERB
cjfa-4720	93	3	from	from	ADP
cjfa-4720	93	4	the	the	DET
cjfa-4720	93	5	sample	sample	NOUN
cjfa-4720	93	6	two	two	NUM
cjfa-4720	93	7	particular	particular	ADJ
cjfa-4720	93	8	types	type	NOUN
cjfa-4720	93	9	of	of	ADP
cjfa-4720	93	10	ipos	ipos	NOUN
cjfa-4720	93	11	,	,	PUNCT
cjfa-4720	93	12	which	which	PRON
cjfa-4720	93	13	are	be	AUX
cjfa-4720	93	14	ipos	ipos	NOUN
cjfa-4720	93	15	dedicated	dedicate	VERB
cjfa-4720	93	16	only	only	ADV
cjfa-4720	93	17	to	to	ADP
cjfa-4720	93	18	previous	previous	ADJ
cjfa-4720	93	19	shareholders	shareholder	NOUN
cjfa-4720	93	20	and	and	CCONJ
cjfa-4720	93	21	the	the	DET
cjfa-4720	93	22	share	share	NOUN
cjfa-4720	93	23	transfers	transfer	NOUN
cjfa-4720	93	24	form	form	VERB
cjfa-4720	93	25	other	other	ADJ
cjfa-4720	93	26	markets	market	NOUN
cjfa-4720	93	27	.	.	PUNCT
cjfa-4720	94	1	it	it	PRON
cjfa-4720	94	2	is	be	AUX
cjfa-4720	94	3	also	also	ADV
cjfa-4720	94	4	important	important	ADJ
cjfa-4720	94	5	to	to	PART
cjfa-4720	94	6	note	note	VERB
cjfa-4720	94	7	,	,	PUNCT
cjfa-4720	94	8	that	that	SCONJ
cjfa-4720	94	9	we	we	PRON
cjfa-4720	94	10	do	do	AUX
cjfa-4720	94	11	not	not	PART
cjfa-4720	94	12	take	take	VERB
cjfa-4720	94	13	into	into	ADP
cjfa-4720	94	14	account	account	NOUN
cjfa-4720	94	15	the	the	DET
cjfa-4720	94	16	newconnect	newconnect	NOUN
cjfa-4720	94	17	,	,	PUNCT
cjfa-4720	94	18	which	which	PRON
cjfa-4720	94	19	the	the	DET
cjfa-4720	94	20	polish	polish	ADJ
cjfa-4720	94	21	alternative	alternative	ADJ
cjfa-4720	94	22	platform	platform	NOUN
cjfa-4720	94	23	dedicated	dedicate	VERB
cjfa-4720	94	24	to	to	PART
cjfa-4720	94	25	start	start	VERB
cjfa-4720	94	26	-	-	PUNCT
cjfa-4720	94	27	up	up	ADP
cjfa-4720	94	28	companies	company	NOUN
cjfa-4720	94	29	with	with	ADP
cjfa-4720	94	30	limited	limited	ADJ
cjfa-4720	94	31	regulatory	regulatory	ADJ
cjfa-4720	94	32	and	and	CCONJ
cjfa-4720	94	33	reporting	reporting	NOUN
cjfa-4720	94	34	requirements	requirement	NOUN
cjfa-4720	94	35	.	.	PUNCT
cjfa-4720	95	1	finally	finally	ADV
cjfa-4720	95	2	,	,	PUNCT
cjfa-4720	95	3	the	the	DET
cjfa-4720	95	4	sample	sample	NOUN
cjfa-4720	95	5	includes	include	VERB
cjfa-4720	95	6	250	250	NUM
cjfa-4720	95	7	ipos	ipos	NOUN
cjfa-4720	95	8	of	of	ADP
cjfa-4720	95	9	which	which	PRON
cjfa-4720	95	10	18	18	NUM
cjfa-4720	95	11	are	be	AUX
cjfa-4720	95	12	privatizations	privatization	NOUN
cjfa-4720	95	13	of	of	ADP
cjfa-4720	95	14	state	state	NOUN
cjfa-4720	95	15	-	-	PUNCT
cjfa-4720	95	16	owned	own	VERB
cjfa-4720	95	17	companies	company	NOUN
cjfa-4720	95	18	.	.	PUNCT
cjfa-4720	96	1	the	the	DET
cjfa-4720	96	2	data	datum	NOUN
cjfa-4720	96	3	come	come	VERB
cjfa-4720	96	4	from	from	ADP
cjfa-4720	96	5	bloomberg	bloomberg	NOUN
cjfa-4720	96	6	and	and	CCONJ
cjfa-4720	96	7	databases	database	NOUN
cjfa-4720	96	8	of	of	ADP
cjfa-4720	96	9	the	the	DET
cjfa-4720	96	10	warsaw	warsaw	PROPN
cjfa-4720	96	11	stock	stock	PROPN
cjfa-4720	96	12	exchange	exchange	PROPN
cjfa-4720	96	13	.	.	PUNCT
cjfa-4720	97	1	in	in	ADP
cjfa-4720	97	2	order	order	NOUN
cjfa-4720	97	3	to	to	PART
cjfa-4720	97	4	test	test	VERB
cjfa-4720	97	5	the	the	DET
cjfa-4720	97	6	hypothesis	hypothesis	NOUN
cjfa-4720	97	7	i	i	PRON
cjfa-4720	97	8	,	,	PUNCT
cjfa-4720	97	9	we	we	PRON
cjfa-4720	97	10	initially	initially	ADV
cjfa-4720	97	11	compute	compute	VERB
cjfa-4720	97	12	the	the	DET
cjfa-4720	97	13	arithmetic	arithmetic	ADJ
cjfa-4720	97	14	initial	initial	ADJ
cjfa-4720	97	15	returns	return	NOUN
cjfa-4720	97	16	for	for	ADP
cjfa-4720	97	17	each	each	DET
cjfa-4720	97	18	share	share	NOUN
cjfa-4720	97	19	in	in	ADP
cjfa-4720	97	20	the	the	DET
cjfa-4720	97	21	sample	sample	NOUN
cjfa-4720	97	22	according	accord	VERB
cjfa-4720	97	23	to	to	ADP
cjfa-4720	97	24	standard	standard	ADJ
cjfa-4720	97	25	rate	rate	NOUN
cjfa-4720	97	26	of	of	ADP
cjfa-4720	97	27	return	return	NOUN
cjfa-4720	97	28	computation	computation	NOUN
cjfa-4720	97	29	equation	equation	NOUN
cjfa-4720	97	30	.	.	PUNCT
cjfa-4720	98	1	�	�	PROPN
cjfa-4720	98	2	�	�	PROPN
cjfa-4720	98	3	�	�	PROPN
cjfa-4720	98	4	=	=	SYM
cjfa-4720	98	5	�	�	PROPN
cjfa-4720	98	6	�	�	PROPN
cjfa-4720	98	7	�	�	PROPN
cjfa-4720	98	8	�	�	PROPN
cjfa-4720	98	9	�	�	PROPN
cjfa-4720	98	10	�	�	PROPN
cjfa-4720	98	11	�	�	PROPN
cjfa-4720	98	12	�	�	PROPN
cjfa-4720	98	13	�	�	PROPN
cjfa-4720	98	14	�	�	PROPN
cjfa-4720	98	15	,	,	PUNCT
cjfa-4720	98	16	(	(	PUNCT
cjfa-4720	98	17	1	1	X
cjfa-4720	98	18	)	)	PUNCT
cjfa-4720	98	19	where	where	SCONJ
cjfa-4720	98	20	�	�	PROPN
cjfa-4720	98	21	�	�	PROPN
cjfa-4720	98	22	�	�	PROPN
cjfa-4720	98	23	is	be	AUX
cjfa-4720	98	24	j	j	NOUN
cjfa-4720	98	25	-	-	PUNCT
cjfa-4720	98	26	share	share	NOUN
cjfa-4720	98	27	’s	’s	PART
cjfa-4720	98	28	initial	initial	ADJ
cjfa-4720	98	29	return	return	NOUN
cjfa-4720	98	30	,	,	PUNCT
cjfa-4720	98	31	�	�	PROPN
cjfa-4720	98	32	�	�	PROPN
cjfa-4720	98	33	�	�	PROPN
cjfa-4720	98	34	is	be	AUX
cjfa-4720	98	35	the	the	DET
cjfa-4720	98	36	first	first	ADJ
cjfa-4720	98	37	day	day	NOUN
cjfa-4720	98	38	closing	closing	NOUN
cjfa-4720	98	39	price	price	NOUN
cjfa-4720	98	40	and	and	CCONJ
cjfa-4720	98	41	�	�	PROPN
cjfa-4720	98	42	�	�	PROPN
cjfa-4720	98	43	�	�	PROPN
cjfa-4720	98	44	is	be	AUX
cjfa-4720	98	45	the	the	DET
cjfa-4720	98	46	ipo	ipo	PROPN
cjfa-4720	98	47	offer	offer	NOUN
cjfa-4720	98	48	price	price	NOUN
cjfa-4720	98	49	.	.	PUNCT
cjfa-4720	99	1	next	next	ADV
cjfa-4720	99	2	,	,	PUNCT
cjfa-4720	99	3	we	we	PRON
cjfa-4720	99	4	calculated	calculate	VERB
cjfa-4720	99	5	the	the	DET
cjfa-4720	99	6	average	average	ADJ
cjfa-4720	99	7	initial	initial	ADJ
cjfa-4720	99	8	underpricing	underpricing	NOUN
cjfa-4720	99	9	among	among	ADP
cjfa-4720	99	10	privatized	privatized	ADJ
cjfa-4720	99	11	and	and	CCONJ
cjfa-4720	99	12	previously	previously	ADV
cjfa-4720	99	13	privately	privately	ADV
cjfa-4720	99	14	-	-	PUNCT
cjfa-4720	99	15	owned	own	VERB
cjfa-4720	99	16	companies	company	NOUN
cjfa-4720	99	17	.	.	PUNCT
cjfa-4720	100	1	however	however	ADV
cjfa-4720	100	2	,	,	PUNCT
cjfa-4720	100	3	it	it	PRON
cjfa-4720	100	4	is	be	AUX
cjfa-4720	100	5	necessary	necessary	ADJ
cjfa-4720	100	6	to	to	PART
cjfa-4720	100	7	point	point	VERB
cjfa-4720	100	8	out	out	ADP
cjfa-4720	100	9	that	that	SCONJ
cjfa-4720	100	10	such	such	ADJ
cjfa-4720	100	11	comparison	comparison	NOUN
cjfa-4720	100	12	may	may	AUX
cjfa-4720	100	13	be	be	AUX
cjfa-4720	100	14	not	not	PART
cjfa-4720	100	15	entirely	entirely	ADV
cjfa-4720	100	16	meaningful	meaningful	ADJ
cjfa-4720	100	17	in	in	ADP
cjfa-4720	100	18	terms	term	NOUN
cjfa-4720	100	19	of	of	ADP
cjfa-4720	100	20	samples	sample	NOUN
cjfa-4720	100	21	’	'	PUNCT
cjfa-4720	100	22	comparability	comparability	NOUN
cjfa-4720	100	23	.	.	PUNCT
cjfa-4720	101	1	the	the	DET
cjfa-4720	101	2	offers	offer	NOUN
cjfa-4720	101	3	’	'	PUNCT
cjfa-4720	101	4	sizes	size	NOUN
cjfa-4720	101	5	of	of	ADP
cjfa-4720	101	6	privatized	privatized	ADJ
cjfa-4720	101	7	companies	company	NOUN
cjfa-4720	101	8	are	be	AUX
cjfa-4720	101	9	usually	usually	ADV
cjfa-4720	101	10	significantly	significantly	ADV
cjfa-4720	101	11	larger	large	ADJ
cjfa-4720	101	12	and	and	CCONJ
cjfa-4720	101	13	it	it	PRON
cjfa-4720	101	14	is	be	AUX
cjfa-4720	101	15	a	a	DET
cjfa-4720	101	16	widely	widely	ADV
cjfa-4720	101	17	accepted	accept	VERB
cjfa-4720	101	18	fact	fact	NOUN
cjfa-4720	101	19	that	that	SCONJ
cjfa-4720	101	20	both	both	CCONJ
cjfa-4720	101	21	the	the	DET
cjfa-4720	101	22	size	size	NOUN
cjfa-4720	101	23	of	of	ADP
cjfa-4720	101	24	the	the	DET
cjfa-4720	101	25	company	company	NOUN
cjfa-4720	101	26	(	(	PUNCT
cjfa-4720	101	27	megginson	megginson	PROPN
cjfa-4720	101	28	&	&	CCONJ
cjfa-4720	101	29	weiss	weiss	PROPN
cjfa-4720	101	30	1991	1991	NUM
cjfa-4720	101	31	;	;	PUNCT
cjfa-4720	101	32	kiymaz	kiymaz	NOUN
cjfa-4720	101	33	2000	2000	NUM
cjfa-4720	101	34	;	;	PUNCT
cjfa-4720	101	35	bhabra	bhabra	PROPN
cjfa-4720	101	36	&	&	CCONJ
cjfa-4720	101	37	pettway	pettway	PROPN
cjfa-4720	101	38	2003	2003	NUM
cjfa-4720	101	39	;	;	PUNCT
cjfa-4720	101	40	ibbotson	ibbotson	PROPN
cjfa-4720	101	41	et	et	PROPN
cjfa-4720	101	42	al	al	PROPN
cjfa-4720	101	43	.	.	PROPN
cjfa-4720	101	44	1994	1994	NUM
cjfa-4720	101	45	;	;	PUNCT
cjfa-4720	101	46	carter	carter	PROPN
cjfa-4720	101	47	et	et	PROPN
cjfa-4720	101	48	al	al	PROPN
cjfa-4720	101	49	.	.	PROPN
cjfa-4720	101	50	1998	1998	NUM
cjfa-4720	101	51	)	)	PUNCT
cjfa-4720	101	52	and	and	CCONJ
cjfa-4720	101	53	the	the	DET
cjfa-4720	101	54	issue	issue	NOUN
cjfa-4720	101	55	itself	itself	PRON
cjfa-4720	101	56	(	(	PUNCT
cjfa-4720	101	57	chalk	chalk	NOUN
cjfa-4720	101	58	&	&	CCONJ
cjfa-4720	101	59	peavy	peavy	PROPN
cjfa-4720	101	60	1987	1987	NUM
cjfa-4720	101	61	;	;	PUNCT
cjfa-4720	101	62	clarkson	clarkson	PROPN
cjfa-4720	101	63	&	&	CCONJ
cjfa-4720	101	64	merkley	merkley	PROPN
cjfa-4720	101	65	1994	1994	NUM
cjfa-4720	101	66	)	)	PUNCT
cjfa-4720	101	67	impacts	impact	VERB
cjfa-4720	101	68	the	the	DET
cjfa-4720	101	69	level	level	NOUN
cjfa-4720	101	70	of	of	ADP
cjfa-4720	101	71	underpricing	underpricing	NOUN
cjfa-4720	101	72	.	.	PUNCT
cjfa-4720	102	1	therefore	therefore	ADV
cjfa-4720	102	2	,	,	PUNCT
cjfa-4720	102	3	we	we	PRON
cjfa-4720	102	4	take	take	VERB
cjfa-4720	102	5	a	a	DET
cjfa-4720	102	6	few	few	ADJ
cjfa-4720	102	7	additional	additional	ADJ
cjfa-4720	102	8	approaches	approach	NOUN
cjfa-4720	102	9	.	.	PUNCT
cjfa-4720	103	1	first	first	ADV
cjfa-4720	103	2	,	,	PUNCT
cjfa-4720	103	3	we	we	PRON
cjfa-4720	103	4	compare	compare	VERB
cjfa-4720	103	5	offer	offer	NOUN
cjfa-4720	103	6	-	-	PUNCT
cjfa-4720	103	7	size	size	NOUN
cjfa-4720	103	8	-	-	PUNCT
cjfa-4720	103	9	weighted	weight	VERB
cjfa-4720	103	10	averages	average	NOUN
cjfa-4720	103	11	of	of	ADP
cjfa-4720	103	12	privately	privately	ADV
cjfa-4720	103	13	-	-	PUNCT
cjfa-4720	103	14	owned	own	VERB
cjfa-4720	103	15	and	and	CCONJ
cjfa-4720	103	16	state	state	NOUN
cjfa-4720	103	17	-	-	PUNCT
cjfa-4720	103	18	owned	own	VERB
cjfa-4720	103	19	companies	company	NOUN
cjfa-4720	103	20	.	.	PUNCT
cjfa-4720	104	1	second	second	ADJ
cjfa-4720	104	2	,	,	PUNCT
cjfa-4720	104	3	we	we	PRON
cjfa-4720	104	4	create	create	VERB
cjfa-4720	104	5	a	a	DET
cjfa-4720	104	6	comparable	comparable	ADJ
cjfa-4720	104	7	subsample	subsample	NOUN
cjfa-4720	104	8	of	of	ADP
cjfa-4720	104	9	size	size	NOUN
cjfa-4720	104	10	matched	match	VERB
cjfa-4720	104	11	companies	company	NOUN
cjfa-4720	104	12	.	.	PUNCT
cjfa-4720	105	1	for	for	ADP
cjfa-4720	105	2	the	the	DET
cjfa-4720	105	3	subsample	subsample	NOUN
cjfa-4720	105	4	of	of	ADP
cjfa-4720	105	5	the	the	DET
cjfa-4720	105	6	19	19	NUM
cjfa-4720	105	7	state	state	NOUN
cjfa-4720	105	8	-	-	PUNCT
cjfa-4720	105	9	owned	own	VERB
cjfa-4720	105	10	companies	company	NOUN
cjfa-4720	105	11	we	we	PRON
cjfa-4720	105	12	choose	choose	VERB
cjfa-4720	105	13	19	19	NUM
cjfa-4720	105	14	offer	offer	NOUN
cjfa-4720	105	15	-	-	PUNCT
cjfa-4720	105	16	size	size	NOUN
cjfa-4720	105	17	matched	match	VERB
cjfa-4720	105	18	privately	privately	ADV
cjfa-4720	105	19	-	-	PUNCT
cjfa-4720	105	20	owned	own	VERB
cjfa-4720	105	21	companies	company	NOUN
cjfa-4720	105	22	.	.	PUNCT
cjfa-4720	106	1	the	the	DET
cjfa-4720	106	2	matching	matching	NOUN
cjfa-4720	106	3	procedure	procedure	NOUN
cjfa-4720	106	4	is	be	AUX
cjfa-4720	106	5	that	that	SCONJ
cjfa-4720	106	6	we	we	PRON
cjfa-4720	106	7	take	take	VERB
cjfa-4720	106	8	companies	company	NOUN
cjfa-4720	106	9	with	with	ADP
cjfa-4720	106	10	the	the	DET
cjfa-4720	106	11	closest	close	ADJ
cjfa-4720	106	12	offer	offer	NOUN
cjfa-4720	106	13	size	size	NOUN
cjfa-4720	106	14	.	.	PUNCT
cjfa-4720	107	1	in	in	ADP
cjfa-4720	107	2	case	case	NOUN
cjfa-4720	107	3	of	of	ADP
cjfa-4720	107	4	repetitions	repetition	NOUN
cjfa-4720	107	5	in	in	ADP
cjfa-4720	107	6	the	the	DET
cjfa-4720	107	7	matched	match	VERB
cjfa-4720	107	8	subsample	subsample	NOUN
cjfa-4720	107	9	,	,	PUNCT
cjfa-4720	107	10	we	we	PRON
cjfa-4720	107	11	choose	choose	VERB
cjfa-4720	107	12	the	the	DET
cjfa-4720	107	13	second	second	ADJ
cjfa-4720	107	14	closest	close	ADJ
cjfa-4720	107	15	ipo	ipo	NOUN
cjfa-4720	107	16	etc	etc	X
cjfa-4720	107	17	.	.	PUNCT
cjfa-4720	108	1	having	having	AUX
cjfa-4720	108	2	done	do	VERB
cjfa-4720	108	3	that	that	PRON
cjfa-4720	108	4	,	,	PUNCT
cjfa-4720	108	5	we	we	PRON
cjfa-4720	108	6	compare	compare	VERB
cjfa-4720	108	7	average	average	ADJ
cjfa-4720	108	8	(	(	PUNCT
cjfa-4720	108	9	standard	standard	ADJ
cjfa-4720	108	10	and	and	CCONJ
cjfa-4720	108	11	offer	offer	NOUN
cjfa-4720	108	12	-	-	PUNCT
cjfa-4720	108	13	size	size	NOUN
cjfa-4720	108	14	(	(	PUNCT
cjfa-4720	108	15	1	1	NUM
cjfa-4720	108	16	)	)	PUNCT
cjfa-4720	108	17	where	where	SCONJ
cjfa-4720	108	18	is	be	AUX
cjfa-4720	108	19	j	j	PROPN
cjfa-4720	108	20	–	–	PUNCT
cjfa-4720	108	21	share	share	NOUN
cjfa-4720	108	22	’s	’s	PART
cjfa-4720	108	23	initial	initial	ADJ
cjfa-4720	108	24	return	return	NOUN
cjfa-4720	108	25	,	,	PUNCT
cjfa-4720	108	26	is	be	AUX
cjfa-4720	108	27	the	the	DET
cjfa-4720	108	28	first	first	ADJ
cjfa-4720	108	29	day	day	NOUN
cjfa-4720	108	30	closing	closing	NOUN
cjfa-4720	108	31	price	price	NOUN
cjfa-4720	108	32	and	and	CCONJ
cjfa-4720	108	33	is	be	AUX
cjfa-4720	108	34	the	the	DET
cjfa-4720	108	35	ipo	ipo	PROPN
cjfa-4720	108	36	offer	offer	NOUN
cjfa-4720	108	37	price	price	NOUN
cjfa-4720	108	38	.	.	PUNCT
cjfa-4720	109	1	next	next	ADV
cjfa-4720	109	2	,	,	PUNCT
cjfa-4720	109	3	we	we	PRON
cjfa-4720	109	4	calculated	calculate	VERB
cjfa-4720	109	5	the	the	DET
cjfa-4720	109	6	average	average	ADJ
cjfa-4720	109	7	initial	initial	ADJ
cjfa-4720	109	8	underpricing	underpricing	NOUN
cjfa-4720	109	9	among	among	ADP
cjfa-4720	109	10	privatized	privatized	ADJ
cjfa-4720	109	11	and	and	CCONJ
cjfa-4720	109	12	previously	previously	ADV
cjfa-4720	109	13	privately	privately	ADV
cjfa-4720	109	14	owned	own	VERB
cjfa-4720	109	15	companies	company	NOUN
cjfa-4720	109	16	.	.	PUNCT
cjfa-4720	110	1	however	however	ADV
cjfa-4720	110	2	,	,	PUNCT
cjfa-4720	110	3	it	it	PRON
cjfa-4720	110	4	is	be	AUX
cjfa-4720	110	5	necessary	necessary	ADJ
cjfa-4720	110	6	to	to	PART
cjfa-4720	110	7	point	point	VERB
cjfa-4720	110	8	out	out	ADP
cjfa-4720	110	9	that	that	SCONJ
cjfa-4720	110	10	such	such	ADJ
cjfa-4720	110	11	comparison	comparison	NOUN
cjfa-4720	110	12	may	may	AUX
cjfa-4720	110	13	be	be	AUX
cjfa-4720	110	14	not	not	PART
cjfa-4720	110	15	entirely	entirely	ADV
cjfa-4720	110	16	meaningful	meaningful	ADJ
cjfa-4720	110	17	in	in	ADP
cjfa-4720	110	18	terms	term	NOUN
cjfa-4720	110	19	of	of	ADP
cjfa-4720	110	20	samadam	samadam	PROPN
cjfa-4720	110	21	zaremba	zaremba	PROPN
cjfa-4720	110	22	,	,	PUNCT
cjfa-4720	110	23	radosław	radosław	PROPN
cjfa-4720	110	24	żmudziński172	żmudziński172	PROPN
cjfa-4720	110	25	ples	ple	VERB
cjfa-4720	110	26	’	'	PUNCT
cjfa-4720	110	27	comparability	comparability	NOUN
cjfa-4720	110	28	.	.	PUNCT
cjfa-4720	111	1	the	the	DET
cjfa-4720	111	2	offers	offer	NOUN
cjfa-4720	111	3	’	'	PUNCT
cjfa-4720	111	4	sizes	size	NOUN
cjfa-4720	111	5	of	of	ADP
cjfa-4720	111	6	privatized	privatized	ADJ
cjfa-4720	111	7	companies	company	NOUN
cjfa-4720	111	8	are	be	AUX
cjfa-4720	111	9	usually	usually	ADV
cjfa-4720	111	10	significantly	significantly	ADV
cjfa-4720	111	11	larger	large	ADJ
cjfa-4720	111	12	and	and	CCONJ
cjfa-4720	111	13	it	it	PRON
cjfa-4720	111	14	is	be	AUX
cjfa-4720	111	15	a	a	DET
cjfa-4720	111	16	widely	widely	ADV
cjfa-4720	111	17	accepted	accept	VERB
cjfa-4720	111	18	fact	fact	NOUN
cjfa-4720	111	19	that	that	SCONJ
cjfa-4720	111	20	both	both	CCONJ
cjfa-4720	111	21	the	the	DET
cjfa-4720	111	22	size	size	NOUN
cjfa-4720	111	23	of	of	ADP
cjfa-4720	111	24	the	the	DET
cjfa-4720	111	25	company	company	NOUN
cjfa-4720	111	26	(	(	PUNCT
cjfa-4720	111	27	megginson	megginson	PROPN
cjfa-4720	111	28	&	&	CCONJ
cjfa-4720	111	29	weiss	weiss	PROPN
cjfa-4720	111	30	1991	1991	NUM
cjfa-4720	111	31	;	;	PUNCT
cjfa-4720	111	32	kiymaz	kiymaz	NOUN
cjfa-4720	111	33	2000	2000	NUM
cjfa-4720	111	34	;	;	PUNCT
cjfa-4720	111	35	bhabra	bhabra	PROPN
cjfa-4720	111	36	&	&	CCONJ
cjfa-4720	111	37	pettway	pettway	PROPN
cjfa-4720	111	38	2003	2003	NUM
cjfa-4720	111	39	;	;	PUNCT
cjfa-4720	111	40	ibbotson	ibbotson	PROPN
cjfa-4720	111	41	et	et	PROPN
cjfa-4720	111	42	al	al	PROPN
cjfa-4720	111	43	.	.	PROPN
cjfa-4720	111	44	1994	1994	NUM
cjfa-4720	111	45	;	;	PUNCT
cjfa-4720	111	46	carter	carter	PROPN
cjfa-4720	111	47	et	et	PROPN
cjfa-4720	111	48	al	al	PROPN
cjfa-4720	111	49	.	.	PROPN
cjfa-4720	111	50	1998	1998	NUM
cjfa-4720	111	51	)	)	PUNCT
cjfa-4720	111	52	and	and	CCONJ
cjfa-4720	111	53	the	the	DET
cjfa-4720	111	54	issue	issue	NOUN
cjfa-4720	111	55	itself	itself	PRON
cjfa-4720	111	56	(	(	PUNCT
cjfa-4720	111	57	chalk	chalk	NOUN
cjfa-4720	111	58	&	&	CCONJ
cjfa-4720	111	59	peavy	peavy	PROPN
cjfa-4720	111	60	1987	1987	NUM
cjfa-4720	111	61	;	;	PUNCT
cjfa-4720	111	62	clarkson	clarkson	PROPN
cjfa-4720	111	63	&	&	CCONJ
cjfa-4720	111	64	merkley	merkley	PROPN
cjfa-4720	111	65	1994	1994	NUM
cjfa-4720	111	66	)	)	PUNCT
cjfa-4720	111	67	impacts	impact	VERB
cjfa-4720	111	68	the	the	DET
cjfa-4720	111	69	level	level	NOUN
cjfa-4720	111	70	of	of	ADP
cjfa-4720	111	71	underpricing	underpricing	NOUN
cjfa-4720	111	72	.	.	PUNCT
cjfa-4720	112	1	therefore	therefore	ADV
cjfa-4720	112	2	,	,	PUNCT
cjfa-4720	112	3	we	we	PRON
cjfa-4720	112	4	take	take	VERB
cjfa-4720	112	5	a	a	DET
cjfa-4720	112	6	few	few	ADJ
cjfa-4720	112	7	additional	additional	ADJ
cjfa-4720	112	8	approaches	approach	NOUN
cjfa-4720	112	9	.	.	PUNCT
cjfa-4720	113	1	first	first	ADV
cjfa-4720	113	2	,	,	PUNCT
cjfa-4720	113	3	we	we	PRON
cjfa-4720	113	4	compare	compare	VERB
cjfa-4720	113	5	offer	offer	NOUN
cjfa-4720	113	6	-	-	PUNCT
cjfa-4720	113	7	size	size	NOUN
cjfa-4720	113	8	-	-	PUNCT
cjfa-4720	113	9	weighted	weight	VERB
cjfa-4720	113	10	averages	average	NOUN
cjfa-4720	113	11	of	of	ADP
cjfa-4720	113	12	privately	privately	ADV
cjfa-4720	113	13	-	-	PUNCT
cjfa-4720	113	14	owned	own	VERB
cjfa-4720	113	15	and	and	CCONJ
cjfa-4720	113	16	state	state	NOUN
cjfa-4720	113	17	-	-	PUNCT
cjfa-4720	113	18	owned	own	VERB
cjfa-4720	113	19	companies	company	NOUN
cjfa-4720	113	20	.	.	PUNCT
cjfa-4720	114	1	second	second	ADJ
cjfa-4720	114	2	,	,	PUNCT
cjfa-4720	114	3	we	we	PRON
cjfa-4720	114	4	create	create	VERB
cjfa-4720	114	5	a	a	DET
cjfa-4720	114	6	comparable	comparable	ADJ
cjfa-4720	114	7	subsample	subsample	NOUN
cjfa-4720	114	8	of	of	ADP
cjfa-4720	114	9	size	size	NOUN
cjfa-4720	114	10	matched	match	VERB
cjfa-4720	114	11	companies	company	NOUN
cjfa-4720	114	12	.	.	PUNCT
cjfa-4720	115	1	for	for	ADP
cjfa-4720	115	2	the	the	DET
cjfa-4720	115	3	subsample	subsample	NOUN
cjfa-4720	115	4	of	of	ADP
cjfa-4720	115	5	the	the	DET
cjfa-4720	115	6	19	19	NUM
cjfa-4720	115	7	state	state	NOUN
cjfa-4720	115	8	-	-	PUNCT
cjfa-4720	115	9	owned	own	VERB
cjfa-4720	115	10	companies	company	NOUN
cjfa-4720	115	11	we	we	PRON
cjfa-4720	115	12	choose	choose	VERB
cjfa-4720	115	13	19	19	NUM
cjfa-4720	115	14	offer	offer	NOUN
cjfa-4720	115	15	-	-	PUNCT
cjfa-4720	115	16	size	size	NOUN
cjfa-4720	115	17	matched	match	VERB
cjfa-4720	115	18	privately	privately	ADV
cjfa-4720	115	19	-	-	PUNCT
cjfa-4720	115	20	owned	own	VERB
cjfa-4720	115	21	companies	company	NOUN
cjfa-4720	115	22	.	.	PUNCT
cjfa-4720	116	1	the	the	DET
cjfa-4720	116	2	matching	matching	NOUN
cjfa-4720	116	3	procedure	procedure	NOUN
cjfa-4720	116	4	is	be	AUX
cjfa-4720	116	5	that	that	SCONJ
cjfa-4720	116	6	we	we	PRON
cjfa-4720	116	7	take	take	VERB
cjfa-4720	116	8	companies	company	NOUN
cjfa-4720	116	9	with	with	ADP
cjfa-4720	116	10	the	the	DET
cjfa-4720	116	11	closest	close	ADJ
cjfa-4720	116	12	offer	offer	NOUN
cjfa-4720	116	13	size	size	NOUN
cjfa-4720	116	14	.	.	PUNCT
cjfa-4720	117	1	in	in	ADP
cjfa-4720	117	2	case	case	NOUN
cjfa-4720	117	3	of	of	ADP
cjfa-4720	117	4	repetitions	repetition	NOUN
cjfa-4720	117	5	in	in	ADP
cjfa-4720	117	6	the	the	DET
cjfa-4720	117	7	matched	match	VERB
cjfa-4720	117	8	subsample	subsample	NOUN
cjfa-4720	117	9	,	,	PUNCT
cjfa-4720	117	10	we	we	PRON
cjfa-4720	117	11	choose	choose	VERB
cjfa-4720	117	12	the	the	DET
cjfa-4720	117	13	second	second	ADJ
cjfa-4720	117	14	closest	close	ADJ
cjfa-4720	117	15	ipo	ipo	NOUN
cjfa-4720	117	16	etc	etc	X
cjfa-4720	117	17	.	.	PUNCT
cjfa-4720	118	1	having	having	AUX
cjfa-4720	118	2	done	do	VERB
cjfa-4720	118	3	that	that	PRON
cjfa-4720	118	4	,	,	PUNCT
cjfa-4720	118	5	we	we	PRON
cjfa-4720	118	6	compare	compare	VERB
cjfa-4720	118	7	average	average	ADJ
cjfa-4720	118	8	(	(	PUNCT
cjfa-4720	118	9	standard	standard	ADJ
cjfa-4720	118	10	and	and	CCONJ
cjfa-4720	118	11	offer	offer	NOUN
cjfa-4720	118	12	-	-	PUNCT
cjfa-4720	118	13	size	size	NOUN
cjfa-4720	118	14	-	-	PUNCT
cjfa-4720	118	15	weighted	weight	VERB
cjfa-4720	118	16	)	)	PUNCT
cjfa-4720	118	17	initial	initial	ADJ
cjfa-4720	118	18	returns	return	NOUN
cjfa-4720	118	19	in	in	ADP
cjfa-4720	118	20	the	the	DET
cjfa-4720	118	21	both	both	DET
cjfa-4720	118	22	subsamples	subsample	NOUN
cjfa-4720	118	23	.	.	PUNCT
cjfa-4720	119	1	finally	finally	ADV
cjfa-4720	119	2	,	,	PUNCT
cjfa-4720	119	3	we	we	PRON
cjfa-4720	119	4	perform	perform	VERB
cjfa-4720	119	5	a	a	DET
cjfa-4720	119	6	few	few	ADJ
cjfa-4720	119	7	regressions	regression	NOUN
cjfa-4720	119	8	and	and	CCONJ
cjfa-4720	119	9	we	we	PRON
cjfa-4720	119	10	use	use	VERB
cjfa-4720	119	11	dummy	dummy	ADJ
cjfa-4720	119	12	variables	variable	NOUN
cjfa-4720	119	13	as	as	ADP
cjfa-4720	119	14	proxies	proxy	NOUN
cjfa-4720	119	15	for	for	ADP
cjfa-4720	119	16	the	the	DET
cjfa-4720	119	17	pre	pre	ADJ
cjfa-4720	119	18	-	-	ADJ
cjfa-4720	119	19	ipo	ipo	ADJ
cjfa-4720	119	20	ownership	ownership	NOUN
cjfa-4720	119	21	structure	structure	NOUN
cjfa-4720	119	22	.	.	PUNCT
cjfa-4720	120	1	we	we	PRON
cjfa-4720	120	2	regress	regress	PROPN
cjfa-4720	120	3	ipos	ipos	PROPN
cjfa-4720	120	4	’	'	PUNCT
cjfa-4720	120	5	initial	initial	ADJ
cjfa-4720	120	6	logreturns	logreturn	NOUN
cjfa-4720	120	7	against	against	ADP
cjfa-4720	120	8	ownership	ownership	NOUN
cjfa-4720	120	9	dummies	dummy	NOUN
cjfa-4720	120	10	,	,	PUNCT
cjfa-4720	120	11	natural	natural	ADJ
cjfa-4720	120	12	logarithms	logarithm	NOUN
cjfa-4720	120	13	of	of	ADP
cjfa-4720	120	14	the	the	DET
cjfa-4720	120	15	offer	offer	NOUN
cjfa-4720	120	16	size	size	NOUN
cjfa-4720	120	17	and	and	CCONJ
cjfa-4720	120	18	past	past	ADJ
cjfa-4720	120	19	year	year	NOUN
cjfa-4720	120	20	’s	’s	PART
cjfa-4720	120	21	stock	stock	NOUN
cjfa-4720	120	22	market	market	NOUN
cjfa-4720	120	23	logreturns	logreturn	NOUN
cjfa-4720	120	24	.	.	PUNCT
cjfa-4720	121	1	we	we	PRON
cjfa-4720	121	2	introduce	introduce	VERB
cjfa-4720	121	3	the	the	DET
cjfa-4720	121	4	last	last	ADJ
cjfa-4720	121	5	control	control	NOUN
cjfa-4720	121	6	variable	variable	NOUN
cjfa-4720	121	7	into	into	ADP
cjfa-4720	121	8	the	the	DET
cjfa-4720	121	9	model	model	NOUN
cjfa-4720	121	10	as	as	SCONJ
cjfa-4720	121	11	numerous	numerous	ADJ
cjfa-4720	121	12	studies	study	NOUN
cjfa-4720	121	13	suggest	suggest	VERB
cjfa-4720	121	14	that	that	SCONJ
cjfa-4720	121	15	the	the	DET
cjfa-4720	121	16	market	market	NOUN
cjfa-4720	121	17	conditions	condition	NOUN
cjfa-4720	121	18	preceding	precede	VERB
cjfa-4720	121	19	the	the	DET
cjfa-4720	121	20	ipo	ipo	NOUN
cjfa-4720	121	21	may	may	AUX
cjfa-4720	121	22	influence	influence	VERB
cjfa-4720	121	23	the	the	DET
cjfa-4720	121	24	initial	initial	ADJ
cjfa-4720	121	25	abnormal	abnormal	ADJ
cjfa-4720	121	26	return	return	NOUN
cjfa-4720	121	27	(	(	PUNCT
cjfa-4720	121	28	derrien	derrien	PROPN
cjfa-4720	121	29	&	&	CCONJ
cjfa-4720	121	30	womack	womack	PROPN
cjfa-4720	121	31	2003	2003	NUM
cjfa-4720	121	32	;	;	PUNCT
cjfa-4720	121	33	loughran	loughran	PROPN
cjfa-4720	121	34	&	&	CCONJ
cjfa-4720	121	35	ritter	ritter	PROPN
cjfa-4720	121	36	2002	2002	NUM
cjfa-4720	121	37	;	;	PUNCT
cjfa-4720	121	38	lowry	lowry	PROPN
cjfa-4720	121	39	&	&	CCONJ
cjfa-4720	121	40	schwert	schwert	PROPN
cjfa-4720	121	41	2002	2002	NUM
cjfa-4720	121	42	;	;	PUNCT
cjfa-4720	121	43	derrien	derrien	NOUN
cjfa-4720	121	44	2005	2005	NUM
cjfa-4720	121	45	)	)	PUNCT
cjfa-4720	121	46	.	.	PUNCT
cjfa-4720	122	1	we	we	PRON
cjfa-4720	122	2	employ	employ	VERB
cjfa-4720	122	3	the	the	DET
cjfa-4720	122	4	wig	wig	NOUN
cjfa-4720	122	5	index	index	NOUN
cjfa-4720	122	6	as	as	ADP
cjfa-4720	122	7	the	the	DET
cjfa-4720	122	8	market	market	NOUN
cjfa-4720	122	9	proxy	proxy	NOUN
cjfa-4720	122	10	.	.	PUNCT
cjfa-4720	123	1	the	the	DET
cjfa-4720	123	2	wig	wig	NOUN
cjfa-4720	123	3	index	index	NOUN
cjfa-4720	123	4	is	be	AUX
cjfa-4720	123	5	the	the	DET
cjfa-4720	123	6	broadest	broad	ADJ
cjfa-4720	123	7	capitalization	capitalization	NOUN
cjfa-4720	123	8	weighted	weight	VERB
cjfa-4720	123	9	index	index	NOUN
cjfa-4720	123	10	of	of	ADP
cjfa-4720	123	11	the	the	DET
cjfa-4720	123	12	polish	polish	ADJ
cjfa-4720	123	13	stock	stock	NOUN
cjfa-4720	123	14	market	market	NOUN
cjfa-4720	123	15	.	.	PUNCT
cjfa-4720	124	1	it	it	PRON
cjfa-4720	124	2	is	be	AUX
cjfa-4720	124	3	calculated	calculate	VERB
cjfa-4720	124	4	in	in	ADP
cjfa-4720	124	5	the	the	DET
cjfa-4720	124	6	total	total	ADJ
cjfa-4720	124	7	return	return	NOUN
cjfa-4720	124	8	convention	convention	NOUN
cjfa-4720	124	9	we	we	PRON
cjfa-4720	124	10	perform	perform	VERB
cjfa-4720	124	11	the	the	DET
cjfa-4720	124	12	regressions	regression	NOUN
cjfa-4720	124	13	separately	separately	ADV
cjfa-4720	124	14	for	for	ADP
cjfa-4720	124	15	the	the	DET
cjfa-4720	124	16	full	full	ADJ
cjfa-4720	124	17	and	and	CCONJ
cjfa-4720	124	18	matched	matched	ADJ
cjfa-4720	124	19	samples	sample	NOUN
cjfa-4720	124	20	.	.	PUNCT
cjfa-4720	125	1	in	in	ADP
cjfa-4720	125	2	order	order	NOUN
cjfa-4720	125	3	to	to	PART
cjfa-4720	125	4	test	test	VERB
cjfa-4720	125	5	the	the	DET
cjfa-4720	125	6	hypothesis	hypothesis	NOUN
cjfa-4720	125	7	ii	ii	NOUN
cjfa-4720	125	8	,	,	PUNCT
cjfa-4720	125	9	we	we	PRON
cjfa-4720	125	10	concentrated	concentrate	VERB
cjfa-4720	125	11	only	only	ADV
cjfa-4720	125	12	on	on	ADP
cjfa-4720	125	13	the	the	DET
cjfa-4720	125	14	state	state	NOUN
cjfa-4720	125	15	-	-	PUNCT
cjfa-4720	125	16	owned	own	VERB
cjfa-4720	125	17	companies	company	NOUN
cjfa-4720	125	18	.	.	PUNCT
cjfa-4720	126	1	we	we	PRON
cjfa-4720	126	2	first	first	ADV
cjfa-4720	126	3	compute	compute	VERB
cjfa-4720	126	4	the	the	DET
cjfa-4720	126	5	amount	amount	NOUN
cjfa-4720	126	6	of	of	ADP
cjfa-4720	126	7	money	money	NOUN
cjfa-4720	126	8	left	leave	VERB
cjfa-4720	126	9	on	on	ADP
cjfa-4720	126	10	the	the	DET
cjfa-4720	126	11	table	table	NOUN
cjfa-4720	126	12	in	in	ADP
cjfa-4720	126	13	case	case	NOUN
cjfa-4720	126	14	of	of	ADP
cjfa-4720	126	15	each	each	DET
cjfa-4720	126	16	ipo	ipo	NOUN
cjfa-4720	126	17	.	.	PUNCT
cjfa-4720	127	1	we	we	PRON
cjfa-4720	127	2	define	define	VERB
cjfa-4720	127	3	the	the	DET
cjfa-4720	127	4	money	money	NOUN
cjfa-4720	127	5	left	leave	VERB
cjfa-4720	127	6	on	on	ADP
cjfa-4720	127	7	the	the	DET
cjfa-4720	127	8	table	table	NOUN
cjfa-4720	127	9	according	accord	VERB
cjfa-4720	127	10	to	to	ADP
cjfa-4720	127	11	a	a	DET
cjfa-4720	127	12	standard	standard	ADJ
cjfa-4720	127	13	formula	formula	NOUN
cjfa-4720	127	14	:	:	PUNCT
cjfa-4720	127	15	weighted	weight	VERB
cjfa-4720	127	16	)	)	PUNCT
cjfa-4720	127	17	initial	initial	ADJ
cjfa-4720	127	18	returns	return	NOUN
cjfa-4720	127	19	in	in	ADP
cjfa-4720	127	20	the	the	DET
cjfa-4720	127	21	both	both	DET
cjfa-4720	127	22	subsamples	subsample	NOUN
cjfa-4720	127	23	.	.	PUNCT
cjfa-4720	128	1	finally	finally	ADV
cjfa-4720	128	2	,	,	PUNCT
cjfa-4720	128	3	we	we	PRON
cjfa-4720	128	4	perform	perform	VERB
cjfa-4720	128	5	a	a	DET
cjfa-4720	128	6	few	few	ADJ
cjfa-4720	128	7	regressions	regression	NOUN
cjfa-4720	128	8	and	and	CCONJ
cjfa-4720	128	9	we	we	PRON
cjfa-4720	128	10	use	use	VERB
cjfa-4720	128	11	dummy	dummy	ADJ
cjfa-4720	128	12	variables	variable	NOUN
cjfa-4720	128	13	as	as	ADP
cjfa-4720	128	14	proxies	proxy	NOUN
cjfa-4720	128	15	for	for	ADP
cjfa-4720	128	16	the	the	DET
cjfa-4720	128	17	pre	pre	ADJ
cjfa-4720	128	18	-	-	ADJ
cjfa-4720	128	19	ipo	ipo	ADJ
cjfa-4720	128	20	ownership	ownership	NOUN
cjfa-4720	128	21	structure	structure	NOUN
cjfa-4720	128	22	.	.	PUNCT
cjfa-4720	129	1	we	we	PRON
cjfa-4720	129	2	regress	regress	PROPN
cjfa-4720	129	3	ipos	ipos	PROPN
cjfa-4720	129	4	’	'	PUNCT
cjfa-4720	129	5	initial	initial	ADJ
cjfa-4720	129	6	logreturns	logreturn	NOUN
cjfa-4720	129	7	against	against	ADP
cjfa-4720	129	8	ownership	ownership	NOUN
cjfa-4720	129	9	dummies	dummy	NOUN
cjfa-4720	129	10	,	,	PUNCT
cjfa-4720	129	11	natural	natural	ADJ
cjfa-4720	129	12	logarithms	logarithm	NOUN
cjfa-4720	129	13	of	of	ADP
cjfa-4720	129	14	the	the	DET
cjfa-4720	129	15	offer	offer	NOUN
cjfa-4720	129	16	size	size	NOUN
cjfa-4720	129	17	and	and	CCONJ
cjfa-4720	129	18	past	past	ADJ
cjfa-4720	129	19	year	year	NOUN
cjfa-4720	129	20	’s	’s	PART
cjfa-4720	129	21	stock	stock	NOUN
cjfa-4720	129	22	market	market	NOUN
cjfa-4720	129	23	logreturns	logreturn	NOUN
cjfa-4720	129	24	.	.	PUNCT
cjfa-4720	130	1	we	we	PRON
cjfa-4720	130	2	introduce	introduce	VERB
cjfa-4720	130	3	the	the	DET
cjfa-4720	130	4	last	last	ADJ
cjfa-4720	130	5	control	control	NOUN
cjfa-4720	130	6	variable	variable	NOUN
cjfa-4720	130	7	into	into	ADP
cjfa-4720	130	8	the	the	DET
cjfa-4720	130	9	model	model	NOUN
cjfa-4720	130	10	as	as	SCONJ
cjfa-4720	130	11	numerous	numerous	ADJ
cjfa-4720	130	12	studies	study	NOUN
cjfa-4720	130	13	suggest	suggest	VERB
cjfa-4720	130	14	that	that	SCONJ
cjfa-4720	130	15	the	the	DET
cjfa-4720	130	16	market	market	NOUN
cjfa-4720	130	17	conditions	condition	NOUN
cjfa-4720	130	18	preceding	precede	VERB
cjfa-4720	130	19	the	the	DET
cjfa-4720	130	20	ipo	ipo	NOUN
cjfa-4720	130	21	may	may	AUX
cjfa-4720	130	22	influence	influence	VERB
cjfa-4720	130	23	the	the	DET
cjfa-4720	130	24	initial	initial	ADJ
cjfa-4720	130	25	abnormal	abnormal	ADJ
cjfa-4720	130	26	return	return	NOUN
cjfa-4720	130	27	(	(	PUNCT
cjfa-4720	130	28	derrien	derrien	PROPN
cjfa-4720	130	29	&	&	CCONJ
cjfa-4720	130	30	womack	womack	PROPN
cjfa-4720	130	31	2003	2003	NUM
cjfa-4720	130	32	;	;	PUNCT
cjfa-4720	130	33	loughran	loughran	PROPN
cjfa-4720	130	34	&	&	CCONJ
cjfa-4720	130	35	ritter	ritter	PROPN
cjfa-4720	130	36	2002	2002	NUM
cjfa-4720	130	37	;	;	PUNCT
cjfa-4720	130	38	lowry	lowry	PROPN
cjfa-4720	130	39	&	&	CCONJ
cjfa-4720	130	40	schwert	schwert	PROPN
cjfa-4720	130	41	2002	2002	NUM
cjfa-4720	130	42	;	;	PUNCT
cjfa-4720	130	43	derrien	derrien	NOUN
cjfa-4720	130	44	2005	2005	NUM
cjfa-4720	130	45	)	)	PUNCT
cjfa-4720	130	46	.	.	PUNCT
cjfa-4720	131	1	we	we	PRON
cjfa-4720	131	2	employ	employ	VERB
cjfa-4720	131	3	the	the	DET
cjfa-4720	131	4	wig	wig	NOUN
cjfa-4720	131	5	index	index	NOUN
cjfa-4720	131	6	as	as	ADP
cjfa-4720	131	7	the	the	DET
cjfa-4720	131	8	market	market	NOUN
cjfa-4720	131	9	proxy	proxy	NOUN
cjfa-4720	131	10	.	.	PUNCT
cjfa-4720	132	1	the	the	DET
cjfa-4720	132	2	wig	wig	NOUN
cjfa-4720	132	3	index	index	NOUN
cjfa-4720	132	4	is	be	AUX
cjfa-4720	132	5	the	the	DET
cjfa-4720	132	6	broadest	broad	ADJ
cjfa-4720	132	7	capitalization	capitalization	NOUN
cjfa-4720	132	8	weighted	weight	VERB
cjfa-4720	132	9	index	index	NOUN
cjfa-4720	132	10	of	of	ADP
cjfa-4720	132	11	the	the	DET
cjfa-4720	132	12	polish	polish	ADJ
cjfa-4720	132	13	stock	stock	NOUN
cjfa-4720	132	14	market	market	NOUN
cjfa-4720	132	15	.	.	PUNCT
cjfa-4720	133	1	it	it	PRON
cjfa-4720	133	2	is	be	AUX
cjfa-4720	133	3	calculated	calculate	VERB
cjfa-4720	133	4	in	in	ADP
cjfa-4720	133	5	the	the	DET
cjfa-4720	133	6	total	total	ADJ
cjfa-4720	133	7	return	return	NOUN
cjfa-4720	133	8	convention	convention	NOUN
cjfa-4720	133	9	we	we	PRON
cjfa-4720	133	10	perform	perform	VERB
cjfa-4720	133	11	the	the	DET
cjfa-4720	133	12	regressions	regression	NOUN
cjfa-4720	133	13	separately	separately	ADV
cjfa-4720	133	14	for	for	ADP
cjfa-4720	133	15	the	the	DET
cjfa-4720	133	16	full	full	ADJ
cjfa-4720	133	17	and	and	CCONJ
cjfa-4720	133	18	matched	matched	ADJ
cjfa-4720	133	19	samples	sample	NOUN
cjfa-4720	133	20	.	.	PUNCT
cjfa-4720	134	1	in	in	ADP
cjfa-4720	134	2	order	order	NOUN
cjfa-4720	134	3	to	to	PART
cjfa-4720	134	4	test	test	VERB
cjfa-4720	134	5	the	the	DET
cjfa-4720	134	6	hypothesis	hypothesis	NOUN
cjfa-4720	134	7	ii	ii	NOUN
cjfa-4720	134	8	,	,	PUNCT
cjfa-4720	134	9	we	we	PRON
cjfa-4720	134	10	concentrated	concentrate	VERB
cjfa-4720	134	11	only	only	ADV
cjfa-4720	134	12	on	on	ADP
cjfa-4720	134	13	the	the	DET
cjfa-4720	134	14	state	state	NOUN
cjfa-4720	134	15	-	-	PUNCT
cjfa-4720	134	16	owned	own	VERB
cjfa-4720	134	17	companies	company	NOUN
cjfa-4720	134	18	.	.	PUNCT
cjfa-4720	135	1	we	we	PRON
cjfa-4720	135	2	first	first	ADV
cjfa-4720	135	3	compute	compute	VERB
cjfa-4720	135	4	the	the	DET
cjfa-4720	135	5	amount	amount	NOUN
cjfa-4720	135	6	of	of	ADP
cjfa-4720	135	7	money	money	NOUN
cjfa-4720	135	8	left	leave	VERB
cjfa-4720	135	9	on	on	ADP
cjfa-4720	135	10	the	the	DET
cjfa-4720	135	11	table	table	NOUN
cjfa-4720	135	12	in	in	ADP
cjfa-4720	135	13	case	case	NOUN
cjfa-4720	135	14	of	of	ADP
cjfa-4720	135	15	each	each	DET
cjfa-4720	135	16	ipo	ipo	NOUN
cjfa-4720	135	17	.	.	PUNCT
cjfa-4720	136	1	we	we	PRON
cjfa-4720	136	2	define	define	VERB
cjfa-4720	136	3	the	the	DET
cjfa-4720	136	4	money	money	NOUN
cjfa-4720	136	5	left	leave	VERB
cjfa-4720	136	6	on	on	ADP
cjfa-4720	136	7	the	the	DET
cjfa-4720	136	8	table	table	NOUN
cjfa-4720	136	9	according	accord	VERB
cjfa-4720	136	10	to	to	ADP
cjfa-4720	136	11	a	a	DET
cjfa-4720	136	12	standard	standard	ADJ
cjfa-4720	136	13	formula	formula	NOUN
cjfa-4720	136	14	:	:	PUNCT
cjfa-4720	136	15	,	,	PUNCT
cjfa-4720	136	16	(	(	PUNCT
cjfa-4720	136	17	2	2	X
cjfa-4720	136	18	)	)	PUNCT
cjfa-4720	136	19	where	where	SCONJ
cjfa-4720	136	20	is	be	AUX
cjfa-4720	136	21	the	the	DET
cjfa-4720	136	22	amount	amount	NOUN
cjfa-4720	136	23	of	of	ADP
cjfa-4720	136	24	money	money	NOUN
cjfa-4720	136	25	left	leave	VERB
cjfa-4720	136	26	in	in	ADP
cjfa-4720	136	27	on	on	ADP
cjfa-4720	136	28	the	the	DET
cjfa-4720	136	29	table	table	NOUN
cjfa-4720	136	30	during	during	ADP
cjfa-4720	136	31	the	the	DET
cjfa-4720	136	32	j	j	PROPN
cjfa-4720	136	33	ipo	ipo	PROPN
cjfa-4720	136	34	,	,	PUNCT
cjfa-4720	136	35	is	be	AUX
cjfa-4720	136	36	the	the	DET
cjfa-4720	136	37	offer	offer	NOUN
cjfa-4720	136	38	size	size	NOUN
cjfa-4720	136	39	and	and	CCONJ
cjfa-4720	136	40	is	be	AUX
cjfa-4720	136	41	the	the	DET
cjfa-4720	136	42	initial	initial	ADJ
cjfa-4720	136	43	abnormal	abnormal	ADJ
cjfa-4720	136	44	return	return	NOUN
cjfa-4720	136	45	computed	compute	VERB
cjfa-4720	136	46	as	as	SCONJ
cjfa-4720	136	47	it	it	PRON
cjfa-4720	136	48	is	be	AUX
cjfa-4720	136	49	described	describe	VERB
cjfa-4720	136	50	in	in	ADP
cjfa-4720	136	51	the	the	DET
cjfa-4720	136	52	equation	equation	NOUN
cjfa-4720	136	53	(	(	PUNCT
cjfa-4720	136	54	1	1	NUM
cjfa-4720	136	55	)	)	PUNCT
cjfa-4720	136	56	.	.	PUNCT
cjfa-4720	137	1	next	next	ADV
cjfa-4720	137	2	,	,	PUNCT
cjfa-4720	137	3	we	we	PRON
cjfa-4720	137	4	divide	divide	VERB
cjfa-4720	137	5	all	all	DET
cjfa-4720	137	6	the	the	DET
cjfa-4720	137	7	ipos	ipos	NOUN
cjfa-4720	137	8	into	into	ADP
cjfa-4720	137	9	two	two	NUM
cjfa-4720	137	10	groups	group	NOUN
cjfa-4720	137	11	.	.	PUNCT
cjfa-4720	138	1	the	the	DET
cjfa-4720	138	2	first	first	ADJ
cjfa-4720	138	3	group	group	NOUN
cjfa-4720	138	4	includes	include	VERB
cjfa-4720	138	5	the	the	DET
cjfa-4720	138	6	ipos	ipos	NOUN
cjfa-4720	138	7	which	which	PRON
cjfa-4720	138	8	took	take	VERB
cjfa-4720	138	9	place	place	NOUN
cjfa-4720	138	10	in	in	ADP
cjfa-4720	138	11	the	the	DET
cjfa-4720	138	12	12	12	NUM
cjfa-4720	138	13	months	month	NOUN
cjfa-4720	138	14	preceding	precede	VERB
cjfa-4720	138	15	the	the	DET
cjfa-4720	138	16	election	election	NOUN
cjfa-4720	138	17	and	and	CCONJ
cjfa-4720	138	18	the	the	DET
cjfa-4720	138	19	other	other	ADJ
cjfa-4720	138	20	group	group	NOUN
cjfa-4720	138	21	all	all	DET
cjfa-4720	138	22	the	the	DET
cjfa-4720	138	23	remaining	remain	VERB
cjfa-4720	138	24	offerings	offering	NOUN
cjfa-4720	138	25	.	.	PUNCT
cjfa-4720	139	1	we	we	PRON
cjfa-4720	139	2	take	take	VERB
cjfa-4720	139	3	into	into	ADP
cjfa-4720	139	4	account	account	NOUN
cjfa-4720	139	5	both	both	CCONJ
cjfa-4720	139	6	parliamentary	parliamentary	ADJ
cjfa-4720	139	7	and	and	CCONJ
cjfa-4720	139	8	local	local	ADJ
cjfa-4720	139	9	elections	election	NOUN
cjfa-4720	139	10	.	.	PUNCT
cjfa-4720	140	1	the	the	DET
cjfa-4720	140	2	list	list	NOUN
cjfa-4720	140	3	of	of	ADP
cjfa-4720	140	4	all	all	DET
cjfa-4720	140	5	elections	election	NOUN
cjfa-4720	140	6	investigated	investigate	VERB
cjfa-4720	140	7	in	in	ADP
cjfa-4720	140	8	the	the	DET
cjfa-4720	140	9	study	study	NOUN
cjfa-4720	140	10	is	be	AUX
cjfa-4720	140	11	presented	present	VERB
cjfa-4720	140	12	in	in	ADP
cjfa-4720	140	13	the	the	DET
cjfa-4720	140	14	table	table	NOUN
cjfa-4720	140	15	1	1	NUM
cjfa-4720	140	16	.	.	PUNCT
cjfa-4720	140	17	table	table	NOUN
cjfa-4720	140	18	1	1	NUM
cjfa-4720	140	19	.	.	PUNCT
cjfa-4720	141	1	elections	election	NOUN
cjfa-4720	141	2	in	in	ADP
cjfa-4720	141	3	poland	poland	PROPN
cjfa-4720	141	4	type	type	NOUN
cjfa-4720	141	5	of	of	ADP
cjfa-4720	141	6	elections	election	NOUN
cjfa-4720	141	7	date	date	VERB
cjfa-4720	141	8	parliamentary	parliamentary	ADJ
cjfa-4720	141	9	elections	election	NOUN
cjfa-4720	141	10	2005	2005	NUM
cjfa-4720	141	11	2005	2005	NUM
cjfa-4720	141	12	-	-	SYM
cjfa-4720	141	13	09	09	NUM
cjfa-4720	141	14	-	-	PUNCT
cjfa-4720	141	15	25	25	NUM
cjfa-4720	141	16	local	local	ADJ
cjfa-4720	141	17	elections	election	NOUN
cjfa-4720	141	18	2006	2006	NUM
cjfa-4720	141	19	2006	2006	NUM
cjfa-4720	141	20	-	-	SYM
cjfa-4720	141	21	11	11	NUM
cjfa-4720	141	22	-	-	SYM
cjfa-4720	141	23	12	12	NUM
cjfa-4720	141	24	parliamentary	parliamentary	ADJ
cjfa-4720	141	25	elections	election	NOUN
cjfa-4720	141	26	2007	2007	NUM
cjfa-4720	141	27	2007	2007	NUM
cjfa-4720	141	28	-	-	SYM
cjfa-4720	141	29	10	10	NUM
cjfa-4720	141	30	-	-	SYM
cjfa-4720	141	31	21	21	NUM
cjfa-4720	141	32	local	local	ADJ
cjfa-4720	141	33	elections	election	NOUN
cjfa-4720	141	34	2010	2010	NUM
cjfa-4720	141	35	2010	2010	NUM
cjfa-4720	141	36	-	-	SYM
cjfa-4720	141	37	11	11	NUM
cjfa-4720	141	38	-	-	SYM
cjfa-4720	141	39	21	21	NUM
cjfa-4720	141	40	parliamentary	parliamentary	ADJ
cjfa-4720	141	41	elections	election	NOUN
cjfa-4720	141	42	2011	2011	NUM
cjfa-4720	141	43	2011	2011	NUM
cjfa-4720	141	44	-	-	SYM
cjfa-4720	141	45	08	08	NUM
cjfa-4720	141	46	-	-	PUNCT
cjfa-4720	141	47	04	04	NUM
cjfa-4720	141	48	source	source	NOUN
cjfa-4720	141	49	:	:	PUNCT
cjfa-4720	141	50	own	own	ADJ
cjfa-4720	141	51	calculations	calculation	NOUN
cjfa-4720	141	52	.	.	PUNCT
cjfa-4720	142	1	the	the	DET
cjfa-4720	142	2	table	table	NOUN
cjfa-4720	142	3	1	1	NUM
cjfa-4720	142	4	.	.	PUNCT
cjfa-4720	142	5	presents	present	VERB
cjfa-4720	142	6	the	the	DET
cjfa-4720	142	7	elections	election	NOUN
cjfa-4720	142	8	in	in	ADP
cjfa-4720	142	9	poland	poland	PROPN
cjfa-4720	142	10	in	in	ADP
cjfa-4720	142	11	years	year	NOUN
cjfa-4720	142	12	2005	2005	NUM
cjfa-4720	142	13	-	-	SYM
cjfa-4720	142	14	2013	2013	NUM
cjfa-4720	142	15	.	.	PUNCT
cjfa-4720	143	1	the	the	DET
cjfa-4720	143	2	polish	polish	ADJ
cjfa-4720	143	3	political	political	ADJ
cjfa-4720	143	4	system	system	NOUN
cjfa-4720	143	5	assumes	assume	VERB
cjfa-4720	143	6	elections	election	NOUN
cjfa-4720	143	7	every	every	DET
cjfa-4720	143	8	four	four	NUM
cjfa-4720	143	9	years	year	NOUN
cjfa-4720	143	10	,	,	PUNCT
cjfa-4720	143	11	however	however	ADV
cjfa-4720	143	12	if	if	SCONJ
cjfa-4720	143	13	the	the	DET
cjfa-4720	143	14	government	government	NOUN
cjfa-4720	143	15	resigns	resign	VERB
cjfa-4720	143	16	,	,	PUNCT
cjfa-4720	143	17	the	the	DET
cjfa-4720	143	18	elections	election	NOUN
cjfa-4720	143	19	may	may	AUX
cjfa-4720	143	20	happen	happen	VERB
cjfa-4720	143	21	more	more	ADV
cjfa-4720	143	22	often	often	ADV
cjfa-4720	143	23	.	.	PUNCT
cjfa-4720	144	1	the	the	DET
cjfa-4720	144	2	local	local	ADJ
cjfa-4720	144	3	elections	election	NOUN
cjfa-4720	144	4	take	take	VERB
cjfa-4720	144	5	place	place	NOUN
cjfa-4720	144	6	simultaneously	simultaneously	ADV
cjfa-4720	144	7	in	in	ADP
cjfa-4720	144	8	the	the	DET
cjfa-4720	144	9	whole	whole	ADJ
cjfa-4720	144	10	country	country	NOUN
cjfa-4720	144	11	.	.	PUNCT
cjfa-4720	145	1	(	(	PUNCT
cjfa-4720	145	2	2	2	X
cjfa-4720	145	3	)	)	PUNCT
cjfa-4720	145	4	where	where	SCONJ
cjfa-4720	145	5	is	be	AUX
cjfa-4720	145	6	the	the	DET
cjfa-4720	145	7	amount	amount	NOUN
cjfa-4720	145	8	of	of	ADP
cjfa-4720	145	9	money	money	NOUN
cjfa-4720	145	10	left	leave	VERB
cjfa-4720	145	11	in	in	ADP
cjfa-4720	145	12	on	on	ADP
cjfa-4720	145	13	the	the	DET
cjfa-4720	145	14	table	table	NOUN
cjfa-4720	145	15	during	during	ADP
cjfa-4720	145	16	the	the	DET
cjfa-4720	145	17	j	j	PROPN
cjfa-4720	145	18	ipo	ipo	PROPN
cjfa-4720	145	19	,	,	PUNCT
cjfa-4720	145	20	is	be	AUX
cjfa-4720	145	21	the	the	DET
cjfa-4720	145	22	offer	offer	NOUN
cjfa-4720	145	23	size	size	NOUN
cjfa-4720	145	24	and	and	CCONJ
cjfa-4720	145	25	is	be	AUX
cjfa-4720	145	26	the	the	DET
cjfa-4720	145	27	initial	initial	ADJ
cjfa-4720	145	28	abnormal	abnormal	ADJ
cjfa-4720	145	29	return	return	NOUN
cjfa-4720	145	30	computed	compute	VERB
cjfa-4720	145	31	as	as	SCONJ
cjfa-4720	145	32	it	it	PRON
cjfa-4720	145	33	is	be	AUX
cjfa-4720	145	34	described	describe	VERB
cjfa-4720	145	35	in	in	ADP
cjfa-4720	145	36	the	the	DET
cjfa-4720	145	37	equation	equation	NOUN
cjfa-4720	145	38	(	(	PUNCT
cjfa-4720	145	39	1	1	NUM
cjfa-4720	145	40	)	)	PUNCT
cjfa-4720	145	41	.	.	PUNCT
cjfa-4720	146	1	next	next	ADV
cjfa-4720	146	2	,	,	PUNCT
cjfa-4720	146	3	we	we	PRON
cjfa-4720	146	4	divide	divide	VERB
cjfa-4720	146	5	all	all	DET
cjfa-4720	146	6	the	the	DET
cjfa-4720	146	7	ipos	ipos	NOUN
cjfa-4720	146	8	into	into	ADP
cjfa-4720	146	9	two	two	NUM
cjfa-4720	146	10	groups	group	NOUN
cjfa-4720	146	11	.	.	PUNCT
cjfa-4720	147	1	the	the	DET
cjfa-4720	147	2	first	first	ADJ
cjfa-4720	147	3	group	group	NOUN
cjfa-4720	147	4	includes	include	VERB
cjfa-4720	147	5	the	the	DET
cjfa-4720	147	6	ipos	ipos	NOUN
cjfa-4720	147	7	which	which	PRON
cjfa-4720	147	8	took	take	VERB
cjfa-4720	147	9	place	place	NOUN
cjfa-4720	147	10	in	in	ADP
cjfa-4720	147	11	the	the	DET
cjfa-4720	147	12	12	12	NUM
cjfa-4720	147	13	months	month	NOUN
cjfa-4720	147	14	preceding	precede	VERB
cjfa-4720	147	15	the	the	DET
cjfa-4720	147	16	election	election	NOUN
cjfa-4720	147	17	and	and	CCONJ
cjfa-4720	147	18	the	the	DET
cjfa-4720	147	19	other	other	ADJ
cjfa-4720	147	20	group	group	NOUN
cjfa-4720	147	21	all	all	DET
cjfa-4720	147	22	the	the	DET
cjfa-4720	147	23	remaining	remain	VERB
cjfa-4720	147	24	offerings	offering	NOUN
cjfa-4720	147	25	.	.	PUNCT
cjfa-4720	148	1	we	we	PRON
cjfa-4720	148	2	take	take	VERB
cjfa-4720	148	3	into	into	ADP
cjfa-4720	148	4	account	account	NOUN
cjfa-4720	148	5	both	both	CCONJ
cjfa-4720	148	6	parliamentary	parliamentary	ADJ
cjfa-4720	148	7	and	and	CCONJ
cjfa-4720	148	8	local	local	ADJ
cjfa-4720	148	9	elections	election	NOUN
cjfa-4720	148	10	.	.	PUNCT
cjfa-4720	149	1	the	the	DET
cjfa-4720	149	2	list	list	NOUN
cjfa-4720	149	3	of	of	ADP
cjfa-4720	149	4	all	all	DET
cjfa-4720	149	5	elections	election	NOUN
cjfa-4720	149	6	investigated	investigate	VERB
cjfa-4720	149	7	in	in	ADP
cjfa-4720	149	8	the	the	DET
cjfa-4720	149	9	study	study	NOUN
cjfa-4720	149	10	is	be	AUX
cjfa-4720	149	11	presented	present	VERB
cjfa-4720	149	12	in	in	ADP
cjfa-4720	149	13	the	the	DET
cjfa-4720	149	14	table	table	NOUN
cjfa-4720	149	15	1	1	NUM
cjfa-4720	149	16	.	.	X
cjfa-4720	150	1	ipo	ipo	PROPN
cjfa-4720	150	2	initial	initial	ADJ
cjfa-4720	150	3	underpricing	underpricing	ADJ
cjfa-4720	150	4	anomaly	anomaly	NOUN
cjfa-4720	150	5	…	…	PUNCT
cjfa-4720	150	6	173	173	NUM
cjfa-4720	150	7	table	table	NOUN
cjfa-4720	150	8	1	1	NUM
cjfa-4720	150	9	.	.	PUNCT
cjfa-4720	150	10	elections	election	NOUN
cjfa-4720	150	11	in	in	ADP
cjfa-4720	150	12	poland	poland	PROPN
cjfa-4720	150	13	type	type	NOUN
cjfa-4720	150	14	of	of	ADP
cjfa-4720	150	15	elections	election	NOUN
cjfa-4720	150	16	date	date	VERB
cjfa-4720	150	17	parliamentary	parliamentary	ADJ
cjfa-4720	150	18	elections	election	NOUN
cjfa-4720	150	19	2005	2005	NUM
cjfa-4720	150	20	2005	2005	NUM
cjfa-4720	150	21	-	-	SYM
cjfa-4720	150	22	09	09	NUM
cjfa-4720	150	23	-	-	PUNCT
cjfa-4720	150	24	25	25	NUM
cjfa-4720	150	25	local	local	ADJ
cjfa-4720	150	26	elections	election	NOUN
cjfa-4720	150	27	2006	2006	NUM
cjfa-4720	150	28	2006	2006	NUM
cjfa-4720	150	29	-	-	SYM
cjfa-4720	150	30	11	11	NUM
cjfa-4720	150	31	-	-	SYM
cjfa-4720	150	32	12	12	NUM
cjfa-4720	150	33	parliamentary	parliamentary	ADJ
cjfa-4720	150	34	elections	election	NOUN
cjfa-4720	150	35	2007	2007	NUM
cjfa-4720	150	36	2007	2007	NUM
cjfa-4720	150	37	-	-	SYM
cjfa-4720	150	38	10	10	NUM
cjfa-4720	150	39	-	-	SYM
cjfa-4720	150	40	21	21	NUM
cjfa-4720	150	41	local	local	ADJ
cjfa-4720	150	42	elections	election	NOUN
cjfa-4720	150	43	2010	2010	NUM
cjfa-4720	150	44	2010	2010	NUM
cjfa-4720	150	45	-	-	SYM
cjfa-4720	150	46	11	11	NUM
cjfa-4720	150	47	-	-	SYM
cjfa-4720	150	48	21	21	NUM
cjfa-4720	150	49	parliamentary	parliamentary	ADJ
cjfa-4720	150	50	elections	election	NOUN
cjfa-4720	150	51	2011	2011	NUM
cjfa-4720	150	52	2011	2011	NUM
cjfa-4720	150	53	-	-	SYM
cjfa-4720	150	54	08	08	NUM
cjfa-4720	150	55	-	-	PUNCT
cjfa-4720	150	56	04	04	NUM
cjfa-4720	150	57	s	s	NOUN
cjfa-4720	150	58	o	o	NOUN
cjfa-4720	150	59	u	u	NOUN
cjfa-4720	150	60	r	r	NOUN
cjfa-4720	150	61	c	c	NOUN
cjfa-4720	150	62	e	e	NOUN
cjfa-4720	150	63	:	:	PUNCT
cjfa-4720	150	64	own	own	ADJ
cjfa-4720	150	65	calculations	calculation	NOUN
cjfa-4720	150	66	.	.	PUNCT
cjfa-4720	151	1	the	the	DET
cjfa-4720	151	2	table	table	NOUN
cjfa-4720	151	3	1	1	NUM
cjfa-4720	151	4	.	.	PUNCT
cjfa-4720	151	5	presents	present	VERB
cjfa-4720	151	6	the	the	DET
cjfa-4720	151	7	elections	election	NOUN
cjfa-4720	151	8	in	in	ADP
cjfa-4720	151	9	poland	poland	PROPN
cjfa-4720	151	10	in	in	ADP
cjfa-4720	151	11	years	year	NOUN
cjfa-4720	151	12	2005–2013	2005–2013	NUM
cjfa-4720	151	13	.	.	PUNCT
cjfa-4720	152	1	the	the	DET
cjfa-4720	152	2	polish	polish	ADJ
cjfa-4720	152	3	political	political	ADJ
cjfa-4720	152	4	system	system	NOUN
cjfa-4720	152	5	assumes	assume	VERB
cjfa-4720	152	6	elections	election	NOUN
cjfa-4720	152	7	every	every	DET
cjfa-4720	152	8	four	four	NUM
cjfa-4720	152	9	years	year	NOUN
cjfa-4720	152	10	,	,	PUNCT
cjfa-4720	152	11	however	however	ADV
cjfa-4720	152	12	if	if	SCONJ
cjfa-4720	152	13	the	the	DET
cjfa-4720	152	14	government	government	NOUN
cjfa-4720	152	15	resigns	resign	VERB
cjfa-4720	152	16	,	,	PUNCT
cjfa-4720	152	17	the	the	DET
cjfa-4720	152	18	elections	election	NOUN
cjfa-4720	152	19	may	may	AUX
cjfa-4720	152	20	happen	happen	VERB
cjfa-4720	152	21	more	more	ADV
cjfa-4720	152	22	often	often	ADV
cjfa-4720	152	23	.	.	PUNCT
cjfa-4720	153	1	the	the	DET
cjfa-4720	153	2	local	local	ADJ
cjfa-4720	153	3	elections	election	NOUN
cjfa-4720	153	4	take	take	VERB
cjfa-4720	153	5	place	place	NOUN
cjfa-4720	153	6	simultaneously	simultaneously	ADV
cjfa-4720	153	7	in	in	ADP
cjfa-4720	153	8	the	the	DET
cjfa-4720	153	9	whole	whole	ADJ
cjfa-4720	153	10	country	country	NOUN
cjfa-4720	153	11	.	.	PUNCT
cjfa-4720	154	1	after	after	ADP
cjfa-4720	154	2	that	that	PRON
cjfa-4720	154	3	,	,	PUNCT
cjfa-4720	154	4	we	we	PRON
cjfa-4720	154	5	calculate	calculate	VERB
cjfa-4720	154	6	the	the	DET
cjfa-4720	154	7	average	average	ADJ
cjfa-4720	154	8	amounts	amount	NOUN
cjfa-4720	154	9	of	of	ADP
cjfa-4720	154	10	money	money	NOUN
cjfa-4720	154	11	left	leave	VERB
cjfa-4720	154	12	on	on	ADP
cjfa-4720	154	13	the	the	DET
cjfa-4720	154	14	table	table	NOUN
cjfa-4720	154	15	in	in	ADP
cjfa-4720	154	16	the	the	DET
cjfa-4720	154	17	pre	pre	NOUN
cjfa-4720	154	18	-	-	NOUN
cjfa-4720	154	19	election	election	NOUN
cjfa-4720	154	20	years	year	NOUN
cjfa-4720	154	21	and	and	CCONJ
cjfa-4720	154	22	in	in	ADP
cjfa-4720	154	23	the	the	DET
cjfa-4720	154	24	standard	standard	ADJ
cjfa-4720	154	25	years	year	NOUN
cjfa-4720	154	26	.	.	PUNCT
cjfa-4720	155	1	finally	finally	ADV
cjfa-4720	155	2	,	,	PUNCT
cjfa-4720	155	3	we	we	PRON
cjfa-4720	155	4	use	use	VERB
cjfa-4720	155	5	monte	monte	PROPN
cjfa-4720	155	6	carlo	carlo	PROPN
cjfa-4720	155	7	simulations	simulation	NOUN
cjfa-4720	155	8	to	to	PART
cjfa-4720	155	9	test	test	VERB
cjfa-4720	155	10	whether	whether	SCONJ
cjfa-4720	155	11	there	there	PRON
cjfa-4720	155	12	is	be	VERB
cjfa-4720	155	13	more	more	ADJ
cjfa-4720	155	14	money	money	NOUN
cjfa-4720	155	15	left	leave	VERB
cjfa-4720	155	16	on	on	ADP
cjfa-4720	155	17	the	the	DET
cjfa-4720	155	18	table	table	NOUN
cjfa-4720	155	19	in	in	ADP
cjfa-4720	155	20	the	the	DET
cjfa-4720	155	21	election	election	NOUN
cjfa-4720	155	22	years	year	NOUN
cjfa-4720	155	23	.	.	PUNCT
cjfa-4720	156	1	the	the	DET
cjfa-4720	156	2	detailed	detailed	ADJ
cjfa-4720	156	3	monte	monte	PROPN
cjfa-4720	156	4	carlo	carlo	NOUN
cjfa-4720	156	5	procedure	procedure	NOUN
cjfa-4720	156	6	is	be	AUX
cjfa-4720	156	7	as	as	SCONJ
cjfa-4720	156	8	follows	follow	VERB
cjfa-4720	156	9	.	.	PUNCT
cjfa-4720	157	1	our	our	PRON
cjfa-4720	157	2	research	research	NOUN
cjfa-4720	157	3	period	period	NOUN
cjfa-4720	157	4	encompasses	encompass	VERB
cjfa-4720	157	5	3227	3227	NUM
cjfa-4720	157	6	days	day	NOUN
cjfa-4720	157	7	,	,	PUNCT
cjfa-4720	157	8	so	so	SCONJ
cjfa-4720	157	9	we	we	PRON
cjfa-4720	157	10	build	build	VERB
cjfa-4720	157	11	a	a	DET
cjfa-4720	157	12	time	time	NOUN
cjfa-4720	157	13	series	series	NOUN
cjfa-4720	157	14	of	of	ADP
cjfa-4720	157	15	3227	3227	NUM
cjfa-4720	157	16	days	day	NOUN
cjfa-4720	157	17	with	with	ADP
cjfa-4720	157	18	indication	indication	NOUN
cjfa-4720	157	19	whether	whether	SCONJ
cjfa-4720	157	20	each	each	DET
cjfa-4720	157	21	days	day	NOUN
cjfa-4720	157	22	was	be	AUX
cjfa-4720	157	23	in	in	ADP
cjfa-4720	157	24	the	the	DET
cjfa-4720	157	25	election	election	NOUN
cjfa-4720	157	26	year	year	NOUN
cjfa-4720	157	27	and	and	CCONJ
cjfa-4720	157	28	optionally	optionally	ADV
cjfa-4720	157	29	how	how	SCONJ
cjfa-4720	157	30	much	much	ADJ
cjfa-4720	157	31	money	money	NOUN
cjfa-4720	157	32	was	be	AUX
cjfa-4720	157	33	left	leave	VERB
cjfa-4720	157	34	on	on	ADP
cjfa-4720	157	35	the	the	DET
cjfa-4720	157	36	table	table	NOUN
cjfa-4720	157	37	,	,	PUNCT
cjfa-4720	157	38	if	if	SCONJ
cjfa-4720	157	39	any	any	DET
cjfa-4720	157	40	ipo	ipo	NOUN
cjfa-4720	157	41	of	of	ADP
cjfa-4720	157	42	a	a	DET
cjfa-4720	157	43	previously	previously	ADV
cjfa-4720	157	44	state	state	NOUN
cjfa-4720	157	45	-	-	PUNCT
cjfa-4720	157	46	owned	own	VERB
cjfa-4720	157	47	company	company	NOUN
cjfa-4720	157	48	happened	happen	VERB
cjfa-4720	157	49	that	that	DET
cjfa-4720	157	50	day	day	NOUN
cjfa-4720	157	51	.	.	PUNCT
cjfa-4720	158	1	next	next	ADV
cjfa-4720	158	2	,	,	PUNCT
cjfa-4720	158	3	we	we	PRON
cjfa-4720	158	4	perform	perform	VERB
cjfa-4720	158	5	10	10	NUM
cjfa-4720	158	6	000	000	NUM
cjfa-4720	158	7	draws	draw	NOUN
cjfa-4720	158	8	with	with	ADP
cjfa-4720	158	9	replacements	replacement	NOUN
cjfa-4720	158	10	from	from	ADP
cjfa-4720	158	11	the	the	DET
cjfa-4720	158	12	3227	3227	NUM
cjfa-4720	158	13	day	day	NOUN
cjfa-4720	158	14	sample	sample	NOUN
cjfa-4720	158	15	.	.	PUNCT
cjfa-4720	159	1	as	as	ADP
cjfa-4720	159	2	the	the	DET
cjfa-4720	159	3	result	result	NOUN
cjfa-4720	159	4	,	,	PUNCT
cjfa-4720	159	5	we	we	PRON
cjfa-4720	159	6	obtain	obtain	VERB
cjfa-4720	159	7	10	10	NUM
cjfa-4720	159	8	000	000	NUM
cjfa-4720	159	9	samples	sample	NOUN
cjfa-4720	159	10	of	of	ADP
cjfa-4720	159	11	3227	3227	NUM
cjfa-4720	159	12	days	day	NOUN
cjfa-4720	159	13	with	with	ADP
cjfa-4720	159	14	varying	vary	VERB
cjfa-4720	159	15	number	number	NOUN
cjfa-4720	159	16	of	of	ADP
cjfa-4720	159	17	election	election	NOUN
cjfa-4720	159	18	and	and	CCONJ
cjfa-4720	159	19	ipo	ipo	NOUN
cjfa-4720	159	20	days	day	NOUN
cjfa-4720	159	21	.	.	PUNCT
cjfa-4720	160	1	based	base	VERB
cjfa-4720	160	2	on	on	ADP
cjfa-4720	160	3	that	that	PRON
cjfa-4720	160	4	,	,	PUNCT
cjfa-4720	160	5	we	we	PRON
cjfa-4720	160	6	compute	compute	VERB
cjfa-4720	160	7	the	the	DET
cjfa-4720	160	8	average	average	ADJ
cjfa-4720	160	9	annual	annual	ADJ
cjfa-4720	160	10	amount	amount	NOUN
cjfa-4720	160	11	of	of	ADP
cjfa-4720	160	12	money	money	NOUN
cjfa-4720	160	13	left	leave	VERB
cjfa-4720	160	14	on	on	ADP
cjfa-4720	160	15	the	the	DET
cjfa-4720	160	16	table	table	NOUN
cjfa-4720	160	17	during	during	ADP
cjfa-4720	160	18	election	election	NOUN
cjfa-4720	160	19	and	and	CCONJ
cjfa-4720	160	20	non	non	ADJ
cjfa-4720	160	21	-	-	ADJ
cjfa-4720	160	22	election	election	NOUN
cjfa-4720	160	23	years	year	NOUN
cjfa-4720	160	24	.	.	PUNCT
cjfa-4720	161	1	eventually	eventually	ADV
cjfa-4720	161	2	,	,	PUNCT
cjfa-4720	161	3	we	we	PRON
cjfa-4720	161	4	use	use	VERB
cjfa-4720	161	5	standard	standard	ADJ
cjfa-4720	161	6	parametrical	parametrical	ADJ
cjfa-4720	161	7	methods	method	NOUN
cjfa-4720	161	8	to	to	PART
cjfa-4720	161	9	test	test	VERB
cjfa-4720	161	10	the	the	DET
cjfa-4720	161	11	statistical	statistical	ADJ
cjfa-4720	161	12	significance	significance	NOUN
cjfa-4720	161	13	of	of	ADP
cjfa-4720	161	14	differences	difference	NOUN
cjfa-4720	161	15	in	in	ADP
cjfa-4720	161	16	the	the	DET
cjfa-4720	161	17	both	both	DET
cjfa-4720	161	18	amounts	amount	NOUN
cjfa-4720	161	19	.	.	PUNCT
cjfa-4720	162	1	results	result	NOUN
cjfa-4720	162	2	and	and	CCONJ
cjfa-4720	162	3	interpretation	interpretation	VERB
cjfa-4720	162	4	the	the	DET
cjfa-4720	162	5	table	table	NOUN
cjfa-4720	162	6	2	2	NUM
cjfa-4720	162	7	presents	present	VERB
cjfa-4720	162	8	the	the	DET
cjfa-4720	162	9	average	average	ADJ
cjfa-4720	162	10	returns	return	NOUN
cjfa-4720	162	11	on	on	ADP
cjfa-4720	162	12	the	the	DET
cjfa-4720	162	13	ipos	ipos	NOUN
cjfa-4720	162	14	of	of	ADP
cjfa-4720	162	15	state	state	NOUN
cjfa-4720	162	16	-	-	PUNCT
cjfa-4720	162	17	owned	own	VERB
cjfa-4720	162	18	companies	company	NOUN
cjfa-4720	162	19	and	and	CCONJ
cjfa-4720	162	20	non	non	ADJ
cjfa-4720	162	21	-	-	ADJ
cjfa-4720	162	22	state	state	NOUN
cjfa-4720	162	23	-	-	PUNCT
cjfa-4720	162	24	owned	own	VERB
cjfa-4720	162	25	companies	company	NOUN
cjfa-4720	162	26	.	.	PUNCT
cjfa-4720	163	1	provided	provide	VERB
cjfa-4720	163	2	that	that	SCONJ
cjfa-4720	163	3	we	we	PRON
cjfa-4720	163	4	take	take	VERB
cjfa-4720	163	5	the	the	DET
cjfa-4720	163	6	offer	offer	NOUN
cjfa-4720	163	7	size	size	NOUN
cjfa-4720	163	8	into	into	ADP
cjfa-4720	163	9	consideration	consideration	NOUN
cjfa-4720	163	10	,	,	PUNCT
cjfa-4720	163	11	the	the	DET
cjfa-4720	163	12	state	state	NOUN
cjfa-4720	163	13	-	-	PUNCT
cjfa-4720	163	14	owned	own	VERB
cjfa-4720	163	15	companies	company	NOUN
cjfa-4720	163	16	performed	perform	VERB
cjfa-4720	163	17	better	well	ADV
cjfa-4720	163	18	than	than	ADP
cjfa-4720	163	19	the	the	DET
cjfa-4720	163	20	remaining	remain	VERB
cjfa-4720	163	21	companies	company	NOUN
cjfa-4720	163	22	.	.	PUNCT
cjfa-4720	164	1	the	the	DET
cjfa-4720	164	2	differences	difference	NOUN
cjfa-4720	164	3	in	in	ADP
cjfa-4720	164	4	initial	initial	ADJ
cjfa-4720	164	5	rates	rate	NOUN
cjfa-4720	164	6	of	of	ADP
cjfa-4720	164	7	return	return	NOUN
cjfa-4720	164	8	vary	vary	VERB
cjfa-4720	164	9	from	from	ADP
cjfa-4720	164	10	2.60	2.60	NUM
cjfa-4720	164	11	p.p	p.p	PROPN
cjfa-4720	164	12	.	.	PROPN
cjfa-4720	164	13	to	to	ADP
cjfa-4720	164	14	4.62	4.62	NUM
cjfa-4720	164	15	p.p	p.p	PROPN
cjfa-4720	164	16	.	.	PROPN
cjfa-4720	164	17	dependent	dependent	ADJ
cjfa-4720	164	18	on	on	ADP
cjfa-4720	164	19	the	the	DET
cjfa-4720	164	20	weighting	weighting	NOUN
cjfa-4720	164	21	method	method	NOUN
cjfa-4720	164	22	and	and	CCONJ
cjfa-4720	164	23	sample	sample	NOUN
cjfa-4720	164	24	structure	structure	NOUN
cjfa-4720	164	25	.	.	PUNCT
cjfa-4720	165	1	however	however	ADV
cjfa-4720	165	2	,	,	PUNCT
cjfa-4720	165	3	it	it	PRON
cjfa-4720	165	4	is	be	AUX
cjfa-4720	165	5	important	important	ADJ
cjfa-4720	165	6	to	to	PART
cjfa-4720	165	7	note	note	VERB
cjfa-4720	165	8	,	,	PUNCT
cjfa-4720	165	9	that	that	SCONJ
cjfa-4720	165	10	the	the	DET
cjfa-4720	165	11	differences	difference	NOUN
cjfa-4720	165	12	are	be	AUX
cjfa-4720	165	13	actually	actually	ADV
cjfa-4720	165	14	statistically	statistically	ADV
cjfa-4720	165	15	insignificant	insignificant	ADJ
cjfa-4720	165	16	adam	adam	PROPN
cjfa-4720	165	17	zaremba	zaremba	PROPN
cjfa-4720	165	18	,	,	PUNCT
cjfa-4720	165	19	radosław	radosław	VERB
cjfa-4720	165	20	żmudziński174	żmudziński174	PRON
cjfa-4720	165	21	at	at	ADP
cjfa-4720	165	22	any	any	DET
cjfa-4720	165	23	reasonable	reasonable	ADJ
cjfa-4720	165	24	level	level	NOUN
cjfa-4720	165	25	.	.	PUNCT
cjfa-4720	166	1	the	the	DET
cjfa-4720	166	2	reason	reason	NOUN
cjfa-4720	166	3	for	for	ADP
cjfa-4720	166	4	that	that	PRON
cjfa-4720	166	5	may	may	AUX
cjfa-4720	166	6	be	be	AUX
cjfa-4720	166	7	a	a	DET
cjfa-4720	166	8	relatively	relatively	ADV
cjfa-4720	166	9	small	small	ADJ
cjfa-4720	166	10	sample	sample	NOUN
cjfa-4720	166	11	of	of	ADP
cjfa-4720	166	12	highly	highly	ADV
cjfa-4720	166	13	variable	variable	ADJ
cjfa-4720	166	14	returns	return	NOUN
cjfa-4720	166	15	.	.	PUNCT
cjfa-4720	167	1	table	table	NOUN
cjfa-4720	167	2	2	2	NUM
cjfa-4720	167	3	.	.	PUNCT
cjfa-4720	167	4	initial	initial	ADJ
cjfa-4720	167	5	returns	return	NOUN
cjfa-4720	167	6	at	at	ADP
cjfa-4720	167	7	state	state	NOUN
cjfa-4720	167	8	-	-	PUNCT
cjfa-4720	167	9	owned	own	VERB
cjfa-4720	167	10	and	and	CCONJ
cjfa-4720	167	11	privately	privately	ADV
cjfa-4720	167	12	-	-	PUNCT
cjfa-4720	167	13	owned	own	VERB
cjfa-4720	167	14	ipos	ipos	NOUN
cjfa-4720	167	15	equal	equal	ADJ
cjfa-4720	167	16	weighting	weight	VERB
cjfa-4720	167	17	offer	offer	NOUN
cjfa-4720	167	18	-	-	PUNCT
cjfa-4720	167	19	size	size	NOUN
cjfa-4720	167	20	weighting	weight	VERB
cjfa-4720	167	21	average	average	ADJ
cjfa-4720	167	22	standard	standard	ADJ
cjfa-4720	167	23	deviation	deviation	NOUN
cjfa-4720	167	24	sample	sample	NOUN
cjfa-4720	167	25	size	size	NOUN
cjfa-4720	167	26	average	average	ADJ
cjfa-4720	167	27	standard	standard	ADJ
cjfa-4720	167	28	deviation	deviation	NOUN
cjfa-4720	167	29	sample	sample	NOUN
cjfa-4720	167	30	size	size	NOUN
cjfa-4720	167	31	full	full	ADJ
cjfa-4720	167	32	samples	sample	NOUN
cjfa-4720	167	33	state	state	NOUN
cjfa-4720	167	34	-	-	PUNCT
cjfa-4720	167	35	owned	own	VERB
cjfa-4720	167	36	companies	company	NOUN
cjfa-4720	167	37	7.90	7.90	NUM
cjfa-4720	167	38	%	%	NOUN
cjfa-4720	167	39	*	*	PUNCT
cjfa-4720	167	40	*	*	PUNCT
cjfa-4720	167	41	*	*	PUNCT
cjfa-4720	167	42	(	(	PUNCT
cjfa-4720	167	43	2.89	2.89	NUM
cjfa-4720	167	44	)	)	PUNCT
cjfa-4720	167	45	11.91	11.91	NUM
cjfa-4720	167	46	%	%	NOUN
cjfa-4720	167	47	19	19	NUM
cjfa-4720	167	48	8.89	8.89	NUM
cjfa-4720	167	49	%	%	NOUN
cjfa-4720	167	50	*	*	PUNCT
cjfa-4720	167	51	*	*	PUNCT
cjfa-4720	167	52	*	*	PUNCT
cjfa-4720	167	53	(	(	PUNCT
cjfa-4720	167	54	4.29	4.29	NUM
cjfa-4720	167	55	)	)	PUNCT
cjfa-4720	167	56	9.03	9.03	NUM
cjfa-4720	167	57	%	%	NOUN
cjfa-4720	167	58	19	19	NUM
cjfa-4720	167	59	privately	privately	ADV
cjfa-4720	167	60	-	-	PUNCT
cjfa-4720	167	61	owned	own	VERB
cjfa-4720	167	62	companies	company	NOUN
cjfa-4720	167	63	8.08	8.08	NUM
cjfa-4720	167	64	%	%	NOUN
cjfa-4720	167	65	*	*	PUNCT
cjfa-4720	167	66	*	*	PUNCT
cjfa-4720	167	67	*	*	PUNCT
cjfa-4720	167	68	(	(	PUNCT
cjfa-4720	167	69	5.79	5.79	NUM
cjfa-4720	167	70	)	)	PUNCT
cjfa-4720	167	71	21.20	21.20	NUM
cjfa-4720	167	72	%	%	NOUN
cjfa-4720	167	73	231	231	NUM
cjfa-4720	167	74	6.29	6.29	NUM
cjfa-4720	167	75	%	%	NOUN
cjfa-4720	167	76	*	*	PUNCT
cjfa-4720	167	77	*	*	PUNCT
cjfa-4720	167	78	*	*	PUNCT
cjfa-4720	167	79	(	(	PUNCT
cjfa-4720	167	80	7.00	7.00	NUM
cjfa-4720	167	81	)	)	PUNCT
cjfa-4720	167	82	13.68	13.68	NUM
cjfa-4720	167	83	%	%	NOUN
cjfa-4720	167	84	231	231	NUM
cjfa-4720	167	85	diference	diference	NOUN
cjfa-4720	167	86	-0.18	-0.18	NUM
cjfa-4720	167	87	%	%	NOUN
cjfa-4720	167	88	(	(	PUNCT
cjfa-4720	167	89	-0.06	-0.06	NUM
cjfa-4720	167	90	)	)	PUNCT
cjfa-4720	167	91	2.60	2.60	NUM
cjfa-4720	167	92	%	%	NOUN
cjfa-4720	167	93	(	(	PUNCT
cjfa-4720	167	94	1.15	1.15	NUM
cjfa-4720	167	95	)	)	PUNCT
cjfa-4720	167	96	matched	match	VERB
cjfa-4720	167	97	samples	sample	NOUN
cjfa-4720	167	98	state	state	NOUN
cjfa-4720	167	99	-	-	PUNCT
cjfa-4720	167	100	owned	own	VERB
cjfa-4720	167	101	companies	company	NOUN
cjfa-4720	167	102	7.90	7.90	NUM
cjfa-4720	167	103	%	%	NOUN
cjfa-4720	167	104	*	*	PUNCT
cjfa-4720	167	105	*	*	PUNCT
cjfa-4720	167	106	*	*	PUNCT
cjfa-4720	167	107	(	(	PUNCT
cjfa-4720	167	108	2.89	2.89	NUM
cjfa-4720	167	109	)	)	PUNCT
cjfa-4720	167	110	11.91	11.91	NUM
cjfa-4720	167	111	%	%	NOUN
cjfa-4720	167	112	19	19	NUM
cjfa-4720	167	113	8.89	8.89	NUM
cjfa-4720	167	114	%	%	NOUN
cjfa-4720	167	115	*	*	PUNCT
cjfa-4720	167	116	*	*	PUNCT
cjfa-4720	167	117	*	*	PUNCT
cjfa-4720	167	118	(	(	PUNCT
cjfa-4720	167	119	4,29	4,29	NUM
cjfa-4720	167	120	)	)	PUNCT
cjfa-4720	167	121	8.84	8.84	NUM
cjfa-4720	167	122	%	%	NOUN
cjfa-4720	167	123	19	19	NUM
cjfa-4720	167	124	privately	privately	ADV
cjfa-4720	167	125	-	-	PUNCT
cjfa-4720	167	126	owned	own	VERB
cjfa-4720	167	127	companies	company	NOUN
cjfa-4720	167	128	3.28	3.28	NUM
cjfa-4720	167	129	%	%	NOUN
cjfa-4720	167	130	(	(	PUNCT
cjfa-4720	167	131	1.29	1.29	NUM
cjfa-4720	167	132	)	)	PUNCT
cjfa-4720	167	133	11.11	11.11	NUM
cjfa-4720	167	134	%	%	NOUN
cjfa-4720	167	135	19	19	NUM
cjfa-4720	167	136	4.92	4.92	NUM
cjfa-4720	167	137	%	%	NOUN
cjfa-4720	167	138	*	*	PUNCT
cjfa-4720	167	139	*	*	PUNCT
cjfa-4720	167	140	*	*	PUNCT
cjfa-4720	167	141	(	(	PUNCT
cjfa-4720	167	142	3.31	3.31	NUM
cjfa-4720	167	143	)	)	PUNCT
cjfa-4720	167	144	6.49	6.49	NUM
cjfa-4720	167	145	%	%	NOUN
cjfa-4720	167	146	19	19	NUM
cjfa-4720	167	147	diference	diference	NOUN
cjfa-4720	167	148	4.62	4.62	NUM
cjfa-4720	167	149	%	%	NOUN
cjfa-4720	167	150	(	(	PUNCT
cjfa-4720	167	151	1.24	1.24	NUM
cjfa-4720	167	152	)	)	PUNCT
cjfa-4720	167	153	3.97	3.97	NUM
cjfa-4720	167	154	%	%	NOUN
cjfa-4720	167	155	(	(	PUNCT
cjfa-4720	167	156	1.58	1.58	NUM
cjfa-4720	167	157	)	)	PUNCT
cjfa-4720	167	158	s	s	PART
cjfa-4720	167	159	o	o	NOUN
cjfa-4720	167	160	u	u	NOUN
cjfa-4720	167	161	r	r	NOUN
cjfa-4720	167	162	c	c	NOUN
cjfa-4720	167	163	e	e	NOUN
cjfa-4720	167	164	:	:	PUNCT
cjfa-4720	167	165	own	own	ADJ
cjfa-4720	167	166	calculations	calculation	NOUN
cjfa-4720	167	167	.	.	PUNCT
cjfa-4720	168	1	number	number	NOUN
cjfa-4720	168	2	in	in	ADP
cjfa-4720	168	3	bracket	bracket	NOUN
cjfa-4720	168	4	is	be	AUX
cjfa-4720	168	5	t	t	NOUN
cjfa-4720	168	6	-	-	PUNCT
cjfa-4720	168	7	stat	stat	NOUN
cjfa-4720	168	8	.	.	PUNCT
cjfa-4720	169	1	the	the	DET
cjfa-4720	169	2	table	table	NOUN
cjfa-4720	169	3	2	2	NUM
cjfa-4720	169	4	.	.	NOUN
cjfa-4720	169	5	depicts	depict	VERB
cjfa-4720	169	6	the	the	DET
cjfa-4720	169	7	average	average	ADJ
cjfa-4720	169	8	returns	return	NOUN
cjfa-4720	169	9	the	the	DET
cjfa-4720	169	10	average	average	ADJ
cjfa-4720	169	11	initial	initial	ADJ
cjfa-4720	169	12	returns	return	NOUN
cjfa-4720	169	13	during	during	ADP
cjfa-4720	169	14	the	the	DET
cjfa-4720	169	15	first	first	ADJ
cjfa-4720	169	16	day	day	NOUN
cjfa-4720	169	17	of	of	ADP
cjfa-4720	169	18	trading	trading	NOUN
cjfa-4720	169	19	at	at	ADP
cjfa-4720	169	20	state	state	NOUN
cjfa-4720	169	21	-	-	PUNCT
cjfa-4720	169	22	owned	own	VERB
cjfa-4720	169	23	and	and	CCONJ
cjfa-4720	169	24	privately	privately	ADV
cjfa-4720	169	25	-	-	PUNCT
cjfa-4720	169	26	owned	own	VERB
cjfa-4720	169	27	ipos	ipos	NOUN
cjfa-4720	169	28	.	.	PUNCT
cjfa-4720	170	1	the	the	DET
cjfa-4720	170	2	data	datum	NOUN
cjfa-4720	170	3	on	on	ADP
cjfa-4720	170	4	prices	price	NOUN
cjfa-4720	170	5	comes	come	VERB
cjfa-4720	170	6	from	from	ADP
cjfa-4720	170	7	bloomberg	bloomberg	PROPN
cjfa-4720	170	8	and	and	CCONJ
cjfa-4720	170	9	the	the	DET
cjfa-4720	170	10	detailed	detailed	ADJ
cjfa-4720	170	11	data	datum	NOUN
cjfa-4720	170	12	on	on	ADP
cjfa-4720	170	13	ipos	ipos	NOUN
cjfa-4720	170	14	’	'	PUNCT
cjfa-4720	170	15	dates	date	NOUN
cjfa-4720	170	16	and	and	CCONJ
cjfa-4720	170	17	sizes	size	NOUN
cjfa-4720	170	18	come	come	VERB
cjfa-4720	170	19	from	from	ADP
cjfa-4720	170	20	databases	database	NOUN
cjfa-4720	170	21	of	of	ADP
cjfa-4720	170	22	the	the	DET
cjfa-4720	170	23	warsaw	warsaw	PROPN
cjfa-4720	170	24	stock	stock	PROPN
cjfa-4720	170	25	exchange	exchange	PROPN
cjfa-4720	170	26	.	.	PUNCT
cjfa-4720	171	1	the	the	DET
cjfa-4720	171	2	computations	computation	NOUN
cjfa-4720	171	3	are	be	AUX
cjfa-4720	171	4	based	base	VERB
cjfa-4720	171	5	on	on	ADP
cjfa-4720	171	6	a	a	DET
cjfa-4720	171	7	filtered	filter	VERB
cjfa-4720	171	8	sample	sample	NOUN
cjfa-4720	171	9	of	of	ADP
cjfa-4720	171	10	ipos	ipos	NOUN
cjfa-4720	171	11	from	from	ADP
cjfa-4720	171	12	the	the	DET
cjfa-4720	171	13	polish	polish	ADJ
cjfa-4720	171	14	market	market	NOUN
cjfa-4720	171	15	in	in	ADP
cjfa-4720	171	16	the	the	DET
cjfa-4720	171	17	period	period	NOUN
cjfa-4720	171	18	01/01/2005	01/01/2005	NUM
cjfa-4720	171	19	-	-	SYM
cjfa-4720	171	20	10/31/2013	10/31/2013	NUM
cjfa-4720	171	21	.	.	PUNCT
cjfa-4720	172	1	the	the	DET
cjfa-4720	172	2	symbols	symbol	NOUN
cjfa-4720	172	3	*	*	PUNCT
cjfa-4720	172	4	,	,	PUNCT
cjfa-4720	172	5	*	*	PUNCT
cjfa-4720	172	6	*	*	PUNCT
cjfa-4720	172	7	and	and	CCONJ
cjfa-4720	172	8	*	*	PUNCT
cjfa-4720	172	9	*	*	PUNCT
cjfa-4720	172	10	*	*	PUNCT
cjfa-4720	172	11	denote	denote	NOUN
cjfa-4720	172	12	numbers	number	NOUN
cjfa-4720	172	13	statistically	statistically	ADV
cjfa-4720	172	14	different	different	ADJ
cjfa-4720	172	15	than	than	ADP
cjfa-4720	172	16	zero	zero	NUM
cjfa-4720	172	17	at	at	ADP
cjfa-4720	172	18	10	10	NUM
cjfa-4720	172	19	%	%	NOUN
cjfa-4720	172	20	,	,	PUNCT
cjfa-4720	172	21	5	5	NUM
cjfa-4720	172	22	%	%	NOUN
cjfa-4720	172	23	and	and	CCONJ
cjfa-4720	172	24	1	1	NUM
cjfa-4720	172	25	%	%	NOUN
cjfa-4720	172	26	level	level	NOUN
cjfa-4720	172	27	.	.	PUNCT
cjfa-4720	173	1	the	the	DET
cjfa-4720	173	2	results	result	NOUN
cjfa-4720	173	3	above	above	ADV
cjfa-4720	173	4	are	be	AUX
cjfa-4720	173	5	generally	generally	ADV
cjfa-4720	173	6	consistent	consistent	ADJ
cjfa-4720	173	7	with	with	ADP
cjfa-4720	173	8	the	the	DET
cjfa-4720	173	9	effects	effect	NOUN
cjfa-4720	173	10	of	of	ADP
cjfa-4720	173	11	the	the	DET
cjfa-4720	173	12	regression	regression	NOUN
cjfa-4720	173	13	analysis	analysis	NOUN
cjfa-4720	173	14	(	(	PUNCT
cjfa-4720	173	15	table	table	NOUN
cjfa-4720	173	16	3	3	NUM
cjfa-4720	173	17	)	)	PUNCT
cjfa-4720	173	18	.	.	PUNCT
cjfa-4720	174	1	when	when	SCONJ
cjfa-4720	174	2	we	we	PRON
cjfa-4720	174	3	regress	regress	VERB
cjfa-4720	174	4	the	the	DET
cjfa-4720	174	5	initial	initial	ADJ
cjfa-4720	174	6	log	log	NOUN
cjfa-4720	174	7	returns	return	NOUN
cjfa-4720	174	8	in	in	ADP
cjfa-4720	174	9	the	the	DET
cjfa-4720	174	10	matched	match	VERB
cjfa-4720	174	11	-	-	PUNCT
cjfa-4720	174	12	samples	sample	NOUN
cjfa-4720	174	13	,	,	PUNCT
cjfa-4720	174	14	the	the	DET
cjfa-4720	174	15	ownership	ownership	NOUN
cjfa-4720	174	16	dummy	dummy	NOUN
cjfa-4720	174	17	usually	usually	ADV
cjfa-4720	174	18	indicates	indicate	VERB
cjfa-4720	174	19	bigger	big	ADJ
cjfa-4720	174	20	returns	return	NOUN
cjfa-4720	174	21	in	in	ADP
cjfa-4720	174	22	case	case	NOUN
cjfa-4720	174	23	of	of	ADP
cjfa-4720	174	24	privatized	privatized	ADJ
cjfa-4720	174	25	companies	company	NOUN
cjfa-4720	174	26	.	.	PUNCT
cjfa-4720	175	1	nonetheless	nonetheless	ADV
cjfa-4720	175	2	,	,	PUNCT
cjfa-4720	175	3	again	again	ADV
cjfa-4720	175	4	,	,	PUNCT
cjfa-4720	175	5	the	the	DET
cjfa-4720	175	6	statistical	statistical	ADJ
cjfa-4720	175	7	significance	significance	NOUN
cjfa-4720	175	8	is	be	AUX
cjfa-4720	175	9	rather	rather	ADV
cjfa-4720	175	10	weak	weak	ADJ
cjfa-4720	175	11	.	.	PUNCT
cjfa-4720	176	1	moreover	moreover	ADV
cjfa-4720	176	2	,	,	PUNCT
cjfa-4720	176	3	it	it	PRON
cjfa-4720	176	4	is	be	AUX
cjfa-4720	176	5	quite	quite	ADV
cjfa-4720	176	6	interesting	interesting	ADJ
cjfa-4720	176	7	,	,	PUNCT
cjfa-4720	176	8	that	that	SCONJ
cjfa-4720	176	9	when	when	SCONJ
cjfa-4720	176	10	we	we	PRON
cjfa-4720	176	11	perform	perform	VERB
cjfa-4720	176	12	the	the	DET
cjfa-4720	176	13	regressions	regression	NOUN
cjfa-4720	176	14	based	base	VERB
cjfa-4720	176	15	on	on	ADP
cjfa-4720	176	16	full	full	ADJ
cjfa-4720	176	17	sample	sample	NOUN
cjfa-4720	176	18	,	,	PUNCT
cjfa-4720	176	19	the	the	DET
cjfa-4720	176	20	ownership	ownership	NOUN
cjfa-4720	176	21	dummy	dummy	NOUN
cjfa-4720	176	22	sometimes	sometimes	ADV
cjfa-4720	176	23	becomes	become	VERB
cjfa-4720	176	24	negative	negative	ADJ
cjfa-4720	176	25	.	.	PUNCT
cjfa-4720	177	1	however	however	ADV
cjfa-4720	177	2	,	,	PUNCT
cjfa-4720	177	3	ipo	ipo	PROPN
cjfa-4720	177	4	initial	initial	ADJ
cjfa-4720	177	5	underpricing	underpricing	ADJ
cjfa-4720	177	6	anomaly	anomaly	NOUN
cjfa-4720	177	7	…	…	PUNCT
cjfa-4720	177	8	175	175	NUM
cjfa-4720	177	9	we	we	PRON
cjfa-4720	177	10	strongly	strongly	ADV
cjfa-4720	177	11	feel	feel	VERB
cjfa-4720	177	12	that	that	SCONJ
cjfa-4720	177	13	it	it	PRON
cjfa-4720	177	14	may	may	AUX
cjfa-4720	177	15	be	be	AUX
cjfa-4720	177	16	due	due	ADJ
cjfa-4720	177	17	to	to	ADP
cjfa-4720	177	18	model	model	NOUN
cjfa-4720	177	19	’s	’s	PART
cjfa-4720	177	20	misspecification	misspecification	NOUN
cjfa-4720	177	21	.	.	PUNCT
cjfa-4720	178	1	it	it	PRON
cjfa-4720	178	2	is	be	AUX
cjfa-4720	178	3	very	very	ADV
cjfa-4720	178	4	difficult	difficult	ADJ
cjfa-4720	178	5	what	what	PRON
cjfa-4720	178	6	exactly	exactly	ADV
cjfa-4720	178	7	is	be	AUX
cjfa-4720	178	8	the	the	DET
cjfa-4720	178	9	functional	functional	ADJ
cjfa-4720	178	10	form	form	NOUN
cjfa-4720	178	11	of	of	ADP
cjfa-4720	178	12	the	the	DET
cjfa-4720	178	13	relation	relation	NOUN
cjfa-4720	178	14	between	between	ADP
cjfa-4720	178	15	the	the	DET
cjfa-4720	178	16	offer	offer	NOUN
cjfa-4720	178	17	size	size	NOUN
cjfa-4720	178	18	and	and	CCONJ
cjfa-4720	178	19	the	the	DET
cjfa-4720	178	20	initial	initial	ADJ
cjfa-4720	178	21	return	return	NOUN
cjfa-4720	178	22	.	.	PUNCT
cjfa-4720	179	1	as	as	SCONJ
cjfa-4720	179	2	the	the	DET
cjfa-4720	179	3	distribution	distribution	NOUN
cjfa-4720	179	4	of	of	ADP
cjfa-4720	179	5	offer	offer	NOUN
cjfa-4720	179	6	sizes	size	NOUN
cjfa-4720	179	7	is	be	AUX
cjfa-4720	179	8	highly	highly	ADV
cjfa-4720	179	9	skewed	skewed	ADJ
cjfa-4720	179	10	contrary	contrary	ADV
cjfa-4720	179	11	to	to	ADP
cjfa-4720	179	12	the	the	DET
cjfa-4720	179	13	distribution	distribution	NOUN
cjfa-4720	179	14	of	of	ADP
cjfa-4720	179	15	returns	return	NOUN
cjfa-4720	179	16	,	,	PUNCT
cjfa-4720	179	17	the	the	DET
cjfa-4720	179	18	linear	linear	ADJ
cjfa-4720	179	19	approximation	approximation	NOUN
cjfa-4720	179	20	is	be	AUX
cjfa-4720	179	21	probably	probably	ADV
cjfa-4720	179	22	not	not	PART
cjfa-4720	179	23	ideal	ideal	ADJ
cjfa-4720	179	24	(	(	PUNCT
cjfa-4720	179	25	in	in	ADP
cjfa-4720	179	26	the	the	DET
cjfa-4720	179	27	preliminary	preliminary	ADJ
cjfa-4720	179	28	computations	computation	NOUN
cjfa-4720	179	29	we	we	PRON
cjfa-4720	179	30	obtained	obtain	VERB
cjfa-4720	179	31	more	more	ADV
cjfa-4720	179	32	reasonable	reasonable	ADJ
cjfa-4720	179	33	results	result	NOUN
cjfa-4720	179	34	with	with	ADP
cjfa-4720	179	35	other	other	ADJ
cjfa-4720	179	36	functional	functional	ADJ
cjfa-4720	179	37	forms	form	NOUN
cjfa-4720	179	38	,	,	PUNCT
cjfa-4720	179	39	however	however	ADV
cjfa-4720	179	40	the	the	DET
cjfa-4720	179	41	true	true	ADJ
cjfa-4720	179	42	relation	relation	NOUN
cjfa-4720	179	43	was	be	AUX
cjfa-4720	179	44	difficult	difficult	ADJ
cjfa-4720	179	45	to	to	PART
cjfa-4720	179	46	settle	settle	VERB
cjfa-4720	179	47	;	;	PUNCT
cjfa-4720	179	48	as	as	ADP
cjfa-4720	179	49	a	a	DET
cjfa-4720	179	50	reason	reason	NOUN
cjfa-4720	179	51	of	of	ADP
cjfa-4720	179	52	that	that	PRON
cjfa-4720	179	53	,	,	PUNCT
cjfa-4720	179	54	we	we	PRON
cjfa-4720	179	55	decided	decide	VERB
cjfa-4720	179	56	to	to	PART
cjfa-4720	179	57	use	use	VERB
cjfa-4720	179	58	the	the	DET
cjfa-4720	179	59	simplest	simple	ADJ
cjfa-4720	179	60	linear	linear	ADJ
cjfa-4720	179	61	form	form	NOUN
cjfa-4720	179	62	and	and	CCONJ
cjfa-4720	179	63	perform	perform	VERB
cjfa-4720	179	64	parallel	parallel	ADJ
cjfa-4720	179	65	the	the	DET
cjfa-4720	179	66	regression	regression	NOUN
cjfa-4720	179	67	based	base	VERB
cjfa-4720	179	68	on	on	ADP
cjfa-4720	179	69	offer	offer	NOUN
cjfa-4720	179	70	-	-	PUNCT
cjfa-4720	179	71	size	size	NOUN
cjfa-4720	179	72	-	-	PUNCT
cjfa-4720	179	73	matched	match	VERB
cjfa-4720	179	74	samples	sample	NOUN
cjfa-4720	179	75	)	)	PUNCT
cjfa-4720	179	76	.	.	PUNCT
cjfa-4720	180	1	we	we	PRON
cjfa-4720	180	2	strongly	strongly	ADV
cjfa-4720	180	3	feel	feel	VERB
cjfa-4720	180	4	that	that	SCONJ
cjfa-4720	180	5	the	the	DET
cjfa-4720	180	6	regression	regression	NOUN
cjfa-4720	180	7	based	base	VERB
cjfa-4720	180	8	on	on	ADP
cjfa-4720	180	9	matched	match	VERB
cjfa-4720	180	10	samples	sample	NOUN
cjfa-4720	180	11	yields	yield	NOUN
cjfa-4720	180	12	will	will	AUX
cjfa-4720	180	13	give	give	VERB
cjfa-4720	180	14	informative	informative	ADJ
cjfa-4720	180	15	results	result	NOUN
cjfa-4720	180	16	.	.	PUNCT
cjfa-4720	181	1	table	table	NOUN
cjfa-4720	181	2	3	3	NUM
cjfa-4720	181	3	.	.	PUNCT
cjfa-4720	181	4	impact	impact	NOUN
cjfa-4720	181	5	of	of	ADP
cjfa-4720	181	6	explanatory	explanatory	ADJ
cjfa-4720	181	7	variables	variable	NOUN
cjfa-4720	181	8	on	on	ADP
cjfa-4720	181	9	initial	initial	ADJ
cjfa-4720	181	10	ipo	ipo	NOUN
cjfa-4720	181	11	returns	return	NOUN
cjfa-4720	181	12	panel	panel	NOUN
cjfa-4720	181	13	a	a	DET
cjfa-4720	181	14	:	:	PUNCT
cjfa-4720	181	15	full	full	ADJ
cjfa-4720	181	16	sample	sample	NOUN
cjfa-4720	181	17	.	.	PUNCT
cjfa-4720	182	1	(	(	PUNCT
cjfa-4720	182	2	1	1	X
cjfa-4720	182	3	)	)	PUNCT
cjfa-4720	182	4	(	(	PUNCT
cjfa-4720	182	5	2	2	NUM
cjfa-4720	182	6	)	)	PUNCT
cjfa-4720	182	7	(	(	PUNCT
cjfa-4720	182	8	3	3	X
cjfa-4720	182	9	)	)	PUNCT
cjfa-4720	182	10	(	(	PUNCT
cjfa-4720	182	11	4	4	X
cjfa-4720	182	12	)	)	PUNCT
cjfa-4720	182	13	int	int	NOUN
cjfa-4720	182	14	8.08	8.08	NUM
cjfa-4720	182	15	%	%	NOUN
cjfa-4720	182	16	*	*	PUNCT
cjfa-4720	182	17	*	*	PUNCT
cjfa-4720	183	1	*	*	PUNCT
cjfa-4720	183	2	3.12	3.12	NUM
cjfa-4720	183	3	%	%	NOUN
cjfa-4720	183	4	*	*	PUNCT
cjfa-4720	183	5	*	*	PUNCT
cjfa-4720	183	6	-6.63	-6.63	NUM
cjfa-4720	183	7	%	%	NOUN
cjfa-4720	183	8	13.90	13.90	NUM
cjfa-4720	183	9	%	%	NOUN
cjfa-4720	183	10	(	(	PUNCT
cjfa-4720	183	11	5.94	5.94	NUM
cjfa-4720	183	12	)	)	PUNCT
cjfa-4720	183	13	(	(	PUNCT
cjfa-4720	183	14	1.97	1.97	NUM
cjfa-4720	183	15	)	)	PUNCT
cjfa-4720	183	16	(	(	PUNCT
cjfa-4720	183	17	-0.4	-0.4	NOUN
cjfa-4720	183	18	)	)	PUNCT
cjfa-4720	183	19	(	(	PUNCT
cjfa-4720	183	20	0.88	0.88	NUM
cjfa-4720	183	21	)	)	PUNCT
cjfa-4720	183	22	own	own	ADJ
cjfa-4720	183	23	-0.002	-0.002	PUNCT
cjfa-4720	183	24	0.020	0.020	NUM
cjfa-4720	183	25	-0.026	-0.026	SYM
cjfa-4720	183	26	0.039	0.039	NUM
cjfa-4720	183	27	(	(	PUNCT
cjfa-4720	183	28	-0.0	-0.0	ADJ
cjfa-4720	183	29	)	)	PUNCT
cjfa-4720	183	30	(	(	PUNCT
cjfa-4720	183	31	0.04	0.04	NUM
cjfa-4720	183	32	)	)	PUNCT
cjfa-4720	183	33	(	(	PUNCT
cjfa-4720	183	34	-0.4	-0.4	NOUN
cjfa-4720	183	35	)	)	PUNCT
cjfa-4720	183	36	(	(	PUNCT
cjfa-4720	183	37	0.71	0.71	NUM
cjfa-4720	183	38	)	)	PUNCT
cjfa-4720	183	39	mrk	mrk	PROPN
cjfa-4720	183	40	0.274	0.274	NUM
cjfa-4720	183	41	*	*	PUNCT
cjfa-4720	183	42	*	*	PUNCT
cjfa-4720	183	43	*	*	PUNCT
cjfa-4720	183	44	0.285	0.285	NUM
cjfa-4720	183	45	*	*	PUNCT
cjfa-4720	183	46	*	*	PUNCT
cjfa-4720	183	47	*	*	PUNCT
cjfa-4720	183	48	(	(	PUNCT
cjfa-4720	183	49	5.45	5.45	NUM
cjfa-4720	183	50	)	)	PUNCT
cjfa-4720	183	51	(	(	PUNCT
cjfa-4720	183	52	5.40	5.40	NUM
cjfa-4720	183	53	)	)	PUNCT
cjfa-4720	183	54	size	size	NOUN
cjfa-4720	183	55	0.008	0.008	NUM
cjfa-4720	183	56	-0.006	-0.006	PROPN
cjfa-4720	183	57	(	(	PUNCT
cjfa-4720	183	58	0.91	0.91	NUM
cjfa-4720	183	59	)	)	PUNCT
cjfa-4720	183	60	(	(	PUNCT
cjfa-4720	183	61	-0.6	-0.6	NOUN
cjfa-4720	183	62	)	)	PUNCT
cjfa-4720	183	63	dop	dop	NOUN
cjfa-4720	183	64	.	.	PUNCT
cjfa-4720	183	65	r^2	r^2	PROPN
cjfa-4720	183	66	0.00	0.00	NUM
cjfa-4720	183	67	%	%	NOUN
cjfa-4720	183	68	10.02	10.02	NUM
cjfa-4720	183	69	%	%	NOUN
cjfa-4720	183	70	0.34	0.34	NUM
cjfa-4720	183	71	%	%	NOUN
cjfa-4720	183	72	9.83	9.83	NUM
cjfa-4720	183	73	%	%	NOUN
cjfa-4720	183	74	n	n	CCONJ
cjfa-4720	183	75	250	250	NUM
cjfa-4720	183	76	250	250	NUM
cjfa-4720	183	77	250	250	NUM
cjfa-4720	183	78	250	250	NUM
cjfa-4720	183	79	f	f	X
cjfa-4720	183	80	-	-	PUNCT
cjfa-4720	183	81	stat	stat	NOUN
cjfa-4720	183	82	0.00	0.00	NUM
cjfa-4720	183	83	14.86	14.86	NUM
cjfa-4720	183	84	0.42	0.42	NUM
cjfa-4720	183	85	10.05	10.05	NUM
cjfa-4720	183	86	panel	panel	NOUN
cjfa-4720	183	87	b	b	NOUN
cjfa-4720	183	88	:	:	PUNCT
cjfa-4720	183	89	size	size	NOUN
cjfa-4720	183	90	-	-	PUNCT
cjfa-4720	183	91	matched	match	VERB
cjfa-4720	183	92	sample	sample	NOUN
cjfa-4720	183	93	.	.	PUNCT
cjfa-4720	184	1	(	(	PUNCT
cjfa-4720	184	2	1	1	X
cjfa-4720	184	3	)	)	PUNCT
cjfa-4720	184	4	(	(	PUNCT
cjfa-4720	184	5	2	2	NUM
cjfa-4720	184	6	)	)	PUNCT
cjfa-4720	184	7	(	(	PUNCT
cjfa-4720	184	8	3	3	X
cjfa-4720	184	9	)	)	PUNCT
cjfa-4720	184	10	(	(	PUNCT
cjfa-4720	184	11	4	4	X
cjfa-4720	184	12	)	)	PUNCT
cjfa-4720	184	13	int	int	NOUN
cjfa-4720	184	14	3.28	3.28	NUM
cjfa-4720	184	15	%	%	NOUN
cjfa-4720	184	16	-0.29	-0.29	ADJ
cjfa-4720	184	17	%	%	NOUN
cjfa-4720	184	18	-20.76	-20.76	PUNCT
cjfa-4720	184	19	%	%	NOUN
cjfa-4720	184	20	-17.37	-17.37	NOUN
cjfa-4720	184	21	%	%	NOUN
cjfa-4720	184	22	(	(	PUNCT
cjfa-4720	184	23	1.24	1.24	NUM
cjfa-4720	184	24	)	)	PUNCT
cjfa-4720	184	25	(	(	PUNCT
cjfa-4720	184	26	-0.1	-0.1	NOUN
cjfa-4720	184	27	)	)	PUNCT
cjfa-4720	184	28	(	(	PUNCT
cjfa-4720	184	29	-0.6	-0.6	NOUN
cjfa-4720	184	30	)	)	PUNCT
cjfa-4720	184	31	(	(	PUNCT
cjfa-4720	184	32	-0.5	-0.5	NOUN
cjfa-4720	184	33	)	)	PUNCT
cjfa-4720	184	34	own	own	ADJ
cjfa-4720	184	35	0.046	0.046	NUM
cjfa-4720	184	36	0.065	0.065	NUM
cjfa-4720	184	37	*	*	PUNCT
cjfa-4720	184	38	0.042	0.042	NUM
cjfa-4720	184	39	0.062	0.062	NUM
cjfa-4720	184	40	*	*	PUNCT
cjfa-4720	184	41	(	(	PUNCT
cjfa-4720	184	42	1.23	1.23	NUM
cjfa-4720	184	43	)	)	PUNCT
cjfa-4720	184	44	(	(	PUNCT
cjfa-4720	184	45	1.83	1.83	NUM
cjfa-4720	184	46	)	)	PUNCT
cjfa-4720	184	47	(	(	PUNCT
cjfa-4720	184	48	1.11	1.11	NUM
cjfa-4720	184	49	)	)	PUNCT
cjfa-4720	184	50	(	(	PUNCT
cjfa-4720	184	51	1.70	1.70	X
cjfa-4720	184	52	)	)	PUNCT
cjfa-4720	184	53	mrk	mrk	PROPN
cjfa-4720	184	54	0.163	0.163	NUM
cjfa-4720	184	55	*	*	NOUN
cjfa-4720	184	56	*	*	PUNCT
cjfa-4720	184	57	0.160	0.160	NUM
cjfa-4720	184	58	*	*	PUNCT
cjfa-4720	184	59	*	*	PUNCT
cjfa-4720	184	60	adam	adam	PROPN
cjfa-4720	184	61	zaremba	zaremba	PROPN
cjfa-4720	184	62	,	,	PUNCT
cjfa-4720	184	63	radosław	radosław	VERB
cjfa-4720	184	64	żmudziński176	żmudziński176	PROPN
cjfa-4720	184	65	(	(	PUNCT
cjfa-4720	184	66	1	1	NUM
cjfa-4720	184	67	)	)	PUNCT
cjfa-4720	184	68	(	(	PUNCT
cjfa-4720	184	69	2	2	NUM
cjfa-4720	184	70	)	)	PUNCT
cjfa-4720	184	71	(	(	PUNCT
cjfa-4720	184	72	3	3	X
cjfa-4720	184	73	)	)	PUNCT
cjfa-4720	184	74	(	(	PUNCT
cjfa-4720	184	75	4	4	NUM
cjfa-4720	184	76	)	)	PUNCT
cjfa-4720	184	77	(	(	PUNCT
cjfa-4720	184	78	2.52	2.52	NUM
cjfa-4720	184	79	)	)	PUNCT
cjfa-4720	184	80	(	(	PUNCT
cjfa-4720	184	81	2.43	2.43	NUM
cjfa-4720	184	82	)	)	PUNCT
cjfa-4720	184	83	size	size	NOUN
cjfa-4720	184	84	0.012	0.012	NUM
cjfa-4720	184	85	0.008	0.008	NUM
cjfa-4720	184	86	(	(	PUNCT
cjfa-4720	184	87	0.76	0.76	NUM
cjfa-4720	184	88	)	)	PUNCT
cjfa-4720	184	89	(	(	PUNCT
cjfa-4720	184	90	0.57	0.57	NUM
cjfa-4720	184	91	)	)	PUNCT
cjfa-4720	184	92	adj	adj	NOUN
cjfa-4720	184	93	.	.	PUNCT
cjfa-4720	185	1	r	r	NOUN
cjfa-4720	185	2	1.40	1.40	NUM
cjfa-4720	185	3	%	%	NOUN
cjfa-4720	185	4	14.25	14.25	NUM
cjfa-4720	185	5	%	%	NOUN
cjfa-4720	185	6	0.25	0.25	NUM
cjfa-4720	185	7	%	%	NOUN
cjfa-4720	185	8	12.60	12.60	NUM
cjfa-4720	185	9	%	%	NOUN
cjfa-4720	185	10	n	n	CCONJ
cjfa-4720	185	11	38	38	NUM
cjfa-4720	185	12	38	38	NUM
cjfa-4720	185	13	38	38	NUM
cjfa-4720	185	14	38	38	NUM
cjfa-4720	185	15	f	f	NOUN
cjfa-4720	185	16	-	-	PUNCT
cjfa-4720	185	17	stat	stat	NOUN
cjfa-4720	185	18	1.53	1.53	NUM
cjfa-4720	185	19	4.08	4.08	NUM
cjfa-4720	185	20	1.05	1.05	NUM
cjfa-4720	185	21	2.78	2.78	NUM
cjfa-4720	185	22	s	s	NOUN
cjfa-4720	185	23	o	o	X
cjfa-4720	185	24	u	u	NOUN
cjfa-4720	185	25	r	r	NOUN
cjfa-4720	185	26	c	c	NOUN
cjfa-4720	185	27	e	e	NOUN
cjfa-4720	185	28	:	:	PUNCT
cjfa-4720	185	29	own	own	ADJ
cjfa-4720	185	30	calculations	calculation	NOUN
cjfa-4720	185	31	.	.	PUNCT
cjfa-4720	186	1	number	number	NOUN
cjfa-4720	186	2	in	in	ADP
cjfa-4720	186	3	bracket	bracket	NOUN
cjfa-4720	186	4	is	be	AUX
cjfa-4720	186	5	t	t	NOUN
cjfa-4720	186	6	-	-	PUNCT
cjfa-4720	186	7	stat	stat	NOUN
cjfa-4720	186	8	.	.	PUNCT
cjfa-4720	187	1	the	the	DET
cjfa-4720	187	2	regression	regression	NOUN
cjfa-4720	187	3	model	model	NOUN
cjfa-4720	187	4	estimated	estimate	VERB
cjfa-4720	187	5	for	for	ADP
cjfa-4720	187	6	initial	initial	ADJ
cjfa-4720	187	7	ipo	ipo	NOUN
cjfa-4720	187	8	logreturns	logreturn	NOUN
cjfa-4720	187	9	is	be	AUX
cjfa-4720	187	10	based	base	VERB
cjfa-4720	187	11	on	on	ADP
cjfa-4720	187	12	a	a	DET
cjfa-4720	187	13	filtered	filter	VERB
cjfa-4720	187	14	sample	sample	NOUN
cjfa-4720	187	15	of	of	ADP
cjfa-4720	187	16	ipos	ipos	NOUN
cjfa-4720	187	17	from	from	ADP
cjfa-4720	187	18	the	the	DET
cjfa-4720	187	19	polish	polish	ADJ
cjfa-4720	187	20	market	market	NOUN
cjfa-4720	187	21	and	and	CCONJ
cjfa-4720	187	22	encompasses	encompass	VERB
cjfa-4720	187	23	the	the	DET
cjfa-4720	187	24	01/01/200510/31/2013	01/01/200510/31/2013	NOUN
cjfa-4720	187	25	timeframe	timeframe	NOUN
cjfa-4720	187	26	.	.	PUNCT
cjfa-4720	188	1	the	the	DET
cjfa-4720	188	2	explanatory	explanatory	ADJ
cjfa-4720	188	3	variables	variable	NOUN
cjfa-4720	188	4	are	be	AUX
cjfa-4720	188	5	named	name	VERB
cjfa-4720	188	6	as	as	SCONJ
cjfa-4720	188	7	follows	follow	VERB
cjfa-4720	188	8	:	:	PUNCT
cjfa-4720	188	9	int	int	NOUN
cjfa-4720	188	10	denotes	denote	VERB
cjfa-4720	188	11	an	an	DET
cjfa-4720	188	12	intercept	intercept	NOUN
cjfa-4720	188	13	,	,	PUNCT
cjfa-4720	188	14	own	own	ADJ
cjfa-4720	188	15	is	be	AUX
cjfa-4720	188	16	a	a	DET
cjfa-4720	188	17	dummy	dummy	ADJ
cjfa-4720	188	18	variable	variable	NOUN
cjfa-4720	188	19	,	,	PUNCT
cjfa-4720	188	20	which	which	PRON
cjfa-4720	188	21	is	be	AUX
cjfa-4720	188	22	equal	equal	ADJ
cjfa-4720	188	23	1	1	NUM
cjfa-4720	188	24	for	for	ADP
cjfa-4720	188	25	ipos	ipos	NOUN
cjfa-4720	188	26	of	of	ADP
cjfa-4720	188	27	stateowned	stateowne	VERB
cjfa-4720	188	28	companies	company	NOUN
cjfa-4720	188	29	and	and	CCONJ
cjfa-4720	188	30	0	0	NUM
cjfa-4720	188	31	for	for	ADP
cjfa-4720	188	32	privately	privately	ADV
cjfa-4720	188	33	-	-	PUNCT
cjfa-4720	188	34	owned	own	VERB
cjfa-4720	188	35	companies	company	NOUN
cjfa-4720	188	36	,	,	PUNCT
cjfa-4720	188	37	mrk	mrk	PROPN
cjfa-4720	188	38	is	be	AUX
cjfa-4720	188	39	the	the	DET
cjfa-4720	188	40	wig	wig	NOUN
cjfa-4720	188	41	index	index	NOUN
cjfa-4720	188	42	logreturn	logreturn	NOUN
cjfa-4720	188	43	in	in	ADP
cjfa-4720	188	44	12	12	NUM
cjfa-4720	188	45	months	month	NOUN
cjfa-4720	188	46	preceding	precede	VERB
cjfa-4720	188	47	the	the	DET
cjfa-4720	188	48	ipo	ipo	NOUN
cjfa-4720	188	49	and	and	CCONJ
cjfa-4720	188	50	size	size	VERB
cjfa-4720	188	51	a	a	DET
cjfa-4720	188	52	natural	natural	ADJ
cjfa-4720	188	53	logarithm	logarithm	NOUN
cjfa-4720	188	54	of	of	ADP
cjfa-4720	188	55	an	an	DET
cjfa-4720	188	56	offer	offer	NOUN
cjfa-4720	188	57	size	size	NOUN
cjfa-4720	188	58	.	.	PUNCT
cjfa-4720	189	1	the	the	DET
cjfa-4720	189	2	first	first	ADJ
cjfa-4720	189	3	number	number	NOUN
cjfa-4720	189	4	in	in	ADP
cjfa-4720	189	5	each	each	DET
cjfa-4720	189	6	cell	cell	NOUN
cjfa-4720	189	7	is	be	AUX
cjfa-4720	189	8	the	the	DET
cjfa-4720	189	9	ols	ol	NOUN
cjfa-4720	189	10	estimation	estimation	NOUN
cjfa-4720	189	11	of	of	ADP
cjfa-4720	189	12	the	the	DET
cjfa-4720	189	13	coefficient	coefficient	NOUN
cjfa-4720	189	14	for	for	ADP
cjfa-4720	189	15	the	the	DET
cjfa-4720	189	16	corresponded	corresponded	ADJ
cjfa-4720	189	17	variable	variable	NOUN
cjfa-4720	189	18	.	.	PUNCT
cjfa-4720	190	1	numbers	number	NOUN
cjfa-4720	190	2	in	in	ADP
cjfa-4720	190	3	brackets	bracket	NOUN
cjfa-4720	190	4	are	be	AUX
cjfa-4720	190	5	the	the	DET
cjfa-4720	190	6	t	t	PROPN
cjfa-4720	190	7	-	-	PUNCT
cjfa-4720	190	8	statistics	statistic	NOUN
cjfa-4720	190	9	.	.	PUNCT
cjfa-4720	191	1	“	"	PUNCT
cjfa-4720	191	2	n	n	CCONJ
cjfa-4720	191	3	”	"	PUNCT
cjfa-4720	191	4	is	be	AUX
cjfa-4720	191	5	the	the	DET
cjfa-4720	191	6	number	number	NOUN
cjfa-4720	191	7	of	of	ADP
cjfa-4720	191	8	observations	observation	NOUN
cjfa-4720	191	9	.	.	PUNCT
cjfa-4720	192	1	the	the	DET
cjfa-4720	192	2	symbols	symbol	NOUN
cjfa-4720	192	3	*	*	PUNCT
cjfa-4720	192	4	,	,	PUNCT
cjfa-4720	192	5	*	*	PUNCT
cjfa-4720	192	6	*	*	PUNCT
cjfa-4720	192	7	,	,	PUNCT
cjfa-4720	192	8	and	and	CCONJ
cjfa-4720	192	9	*	*	PUNCT
cjfa-4720	192	10	*	*	PUNCT
cjfa-4720	192	11	*	*	PUNCT
cjfa-4720	192	12	denote	denote	VERB
cjfa-4720	192	13	the	the	DET
cjfa-4720	192	14	statistical	statistical	ADJ
cjfa-4720	192	15	significance	significance	NOUN
cjfa-4720	192	16	at	at	ADP
cjfa-4720	192	17	the	the	DET
cjfa-4720	192	18	10	10	NUM
cjfa-4720	192	19	%	%	NOUN
cjfa-4720	192	20	,	,	PUNCT
cjfa-4720	192	21	5	5	NUM
cjfa-4720	192	22	%	%	NOUN
cjfa-4720	192	23	and	and	CCONJ
cjfa-4720	192	24	1	1	NUM
cjfa-4720	192	25	%	%	NOUN
cjfa-4720	192	26	levels	level	NOUN
cjfa-4720	192	27	.	.	PUNCT
cjfa-4720	193	1	the	the	DET
cjfa-4720	193	2	data	datum	NOUN
cjfa-4720	193	3	come	come	VERB
cjfa-4720	193	4	from	from	ADP
cjfa-4720	193	5	the	the	DET
cjfa-4720	193	6	warsaw	warsaw	PROPN
cjfa-4720	193	7	stock	stock	PROPN
cjfa-4720	193	8	exchange	exchange	PROPN
cjfa-4720	193	9	and	and	CCONJ
cjfa-4720	193	10	bloomberg	bloomberg	PROPN
cjfa-4720	193	11	.	.	PUNCT
cjfa-4720	194	1	the	the	DET
cjfa-4720	194	2	panel	panel	NOUN
cjfa-4720	194	3	a	a	DET
cjfa-4720	194	4	depicts	depict	VERB
cjfa-4720	194	5	the	the	DET
cjfa-4720	194	6	analysis	analysis	NOUN
cjfa-4720	194	7	based	base	VERB
cjfa-4720	194	8	on	on	ADP
cjfa-4720	194	9	the	the	DET
cjfa-4720	194	10	full	full	ADJ
cjfa-4720	194	11	sample	sample	NOUN
cjfa-4720	194	12	and	and	CCONJ
cjfa-4720	194	13	the	the	DET
cjfa-4720	194	14	panel	panel	NOUN
cjfa-4720	194	15	b	b	PROPN
cjfa-4720	194	16	presents	present	VERB
cjfa-4720	194	17	the	the	DET
cjfa-4720	194	18	regression	regression	NOUN
cjfa-4720	194	19	based	base	VERB
cjfa-4720	194	20	on	on	ADP
cjfa-4720	194	21	a	a	DET
cjfa-4720	194	22	size	size	NOUN
cjfa-4720	194	23	-	-	PUNCT
cjfa-4720	194	24	matched	match	VERB
cjfa-4720	194	25	sample	sample	NOUN
cjfa-4720	194	26	.	.	PUNCT
cjfa-4720	195	1	the	the	DET
cjfa-4720	195	2	computation	computation	NOUN
cjfa-4720	195	3	of	of	ADP
cjfa-4720	195	4	the	the	DET
cjfa-4720	195	5	average	average	ADJ
cjfa-4720	195	6	annual	annual	ADJ
cjfa-4720	195	7	money	money	NOUN
cjfa-4720	195	8	left	leave	VERB
cjfa-4720	195	9	on	on	ADP
cjfa-4720	195	10	the	the	DET
cjfa-4720	195	11	table	table	NOUN
cjfa-4720	195	12	in	in	ADP
cjfa-4720	195	13	election	election	NOUN
cjfa-4720	195	14	and	and	CCONJ
cjfa-4720	195	15	non	non	ADJ
cjfa-4720	195	16	-	-	NOUN
cjfa-4720	195	17	election	election	ADJ
cjfa-4720	195	18	years	year	NOUN
cjfa-4720	195	19	confirms	confirm	VERB
cjfa-4720	195	20	our	our	PRON
cjfa-4720	195	21	initial	initial	ADJ
cjfa-4720	195	22	intuitions	intuition	NOUN
cjfa-4720	195	23	(	(	PUNCT
cjfa-4720	195	24	table	table	NOUN
cjfa-4720	195	25	4	4	NUM
cjfa-4720	195	26	)	)	PUNCT
cjfa-4720	195	27	.	.	PUNCT
cjfa-4720	196	1	the	the	DET
cjfa-4720	196	2	amounts	amount	NOUN
cjfa-4720	196	3	in	in	ADP
cjfa-4720	196	4	12	12	NUM
cjfa-4720	196	5	months	month	NOUN
cjfa-4720	196	6	preceding	precede	VERB
cjfa-4720	196	7	the	the	DET
cjfa-4720	196	8	elections	election	NOUN
cjfa-4720	196	9	are	be	AUX
cjfa-4720	196	10	over	over	ADP
cjfa-4720	196	11	twice	twice	ADV
cjfa-4720	196	12	bigger	big	ADJ
cjfa-4720	196	13	than	than	ADP
cjfa-4720	196	14	in	in	ADP
cjfa-4720	196	15	the	the	DET
cjfa-4720	196	16	remaining	remain	VERB
cjfa-4720	196	17	months	month	NOUN
cjfa-4720	196	18	.	.	PUNCT
cjfa-4720	197	1	however	however	ADV
cjfa-4720	197	2	,	,	PUNCT
cjfa-4720	197	3	similarly	similarly	ADV
cjfa-4720	197	4	as	as	ADP
cjfa-4720	197	5	in	in	ADP
cjfa-4720	197	6	the	the	DET
cjfa-4720	197	7	previous	previous	ADJ
cjfa-4720	197	8	case	case	NOUN
cjfa-4720	197	9	,	,	PUNCT
cjfa-4720	197	10	the	the	DET
cjfa-4720	197	11	monte	monte	PROPN
cjfa-4720	197	12	carlo	carlo	PROPN
cjfa-4720	197	13	simulations	simulation	NOUN
cjfa-4720	197	14	indicates	indicate	VERB
cjfa-4720	197	15	that	that	SCONJ
cjfa-4720	197	16	the	the	DET
cjfa-4720	197	17	differences	difference	NOUN
cjfa-4720	197	18	are	be	AUX
cjfa-4720	197	19	not	not	PART
cjfa-4720	197	20	statistically	statistically	ADV
cjfa-4720	197	21	significant	significant	ADJ
cjfa-4720	197	22	.	.	PUNCT
cjfa-4720	198	1	again	again	ADV
cjfa-4720	198	2	,	,	PUNCT
cjfa-4720	198	3	we	we	PRON
cjfa-4720	198	4	feel	feel	VERB
cjfa-4720	198	5	we	we	PRON
cjfa-4720	198	6	should	should	AUX
cjfa-4720	198	7	blame	blame	VERB
cjfa-4720	198	8	relatively	relatively	ADV
cjfa-4720	198	9	small	small	ADJ
cjfa-4720	198	10	sample	sample	NOUN
cjfa-4720	198	11	for	for	ADP
cjfa-4720	198	12	that	that	PRON
cjfa-4720	198	13	.	.	PUNCT
cjfa-4720	199	1	ipo	ipo	PROPN
cjfa-4720	199	2	initial	initial	ADJ
cjfa-4720	199	3	underpricing	underpricing	ADJ
cjfa-4720	199	4	anomaly	anomaly	NOUN
cjfa-4720	199	5	…	…	PUNCT
cjfa-4720	199	6	177	177	NUM
cjfa-4720	199	7	table	table	NOUN
cjfa-4720	199	8	4	4	NUM
cjfa-4720	199	9	.	.	X
cjfa-4720	199	10	money	money	NOUN
cjfa-4720	199	11	left	leave	VERB
cjfa-4720	199	12	on	on	ADP
cjfa-4720	199	13	the	the	DET
cjfa-4720	199	14	table	table	NOUN
cjfa-4720	199	15	in	in	ADP
cjfa-4720	199	16	election	election	NOUN
cjfa-4720	199	17	and	and	CCONJ
cjfa-4720	199	18	non	non	ADJ
cjfa-4720	199	19	-	-	ADJ
cjfa-4720	199	20	election	election	NOUN
cjfa-4720	199	21	years	year	NOUN
cjfa-4720	199	22	years	year	NOUN
cjfa-4720	199	23	years	year	NOUN
cjfa-4720	199	24	’	'	PUNCT
cjfa-4720	199	25	fraction	fraction	NOUN
cjfa-4720	199	26	total	total	NOUN
cjfa-4720	199	27	offer	offer	NOUN
cjfa-4720	199	28	size	size	NOUN
cjfa-4720	199	29	total	total	ADJ
cjfa-4720	199	30	money	money	NOUN
cjfa-4720	199	31	left	leave	VERB
cjfa-4720	199	32	on	on	ADP
cjfa-4720	199	33	the	the	DET
cjfa-4720	199	34	table	table	NOUN
cjfa-4720	199	35	offers	offer	VERB
cjfa-4720	199	36	p.a	p.a	PROPN
cjfa-4720	199	37	.	.	PROPN
cjfa-4720	199	38	money	money	NOUN
cjfa-4720	199	39	left	leave	VERB
cjfa-4720	199	40	on	on	ADP
cjfa-4720	199	41	the	the	DET
cjfa-4720	199	42	table	table	NOUN
cjfa-4720	199	43	p.a	p.a	PROPN
cjfa-4720	199	44	.	.	PUNCT
cjfa-4720	200	1	[	[	X
cjfa-4720	200	2	years	year	NOUN
cjfa-4720	200	3	]	]	PUNCT
cjfa-4720	201	1	[	[	X
cjfa-4720	201	2	%	%	X
cjfa-4720	201	3	]	]	X
cjfa-4720	202	1	[	[	X
cjfa-4720	202	2	mio	mio	X
cjfa-4720	202	3	.	.	PUNCT
cjfa-4720	202	4	pln	pln	PROPN
cjfa-4720	202	5	]	]	X
cjfa-4720	203	1	[	[	X
cjfa-4720	203	2	mio	mio	PROPN
cjfa-4720	203	3	.	.	PUNCT
cjfa-4720	203	4	pln	pln	PROPN
cjfa-4720	203	5	]	]	X
cjfa-4720	204	1	[	[	X
cjfa-4720	204	2	mio	mio	PROPN
cjfa-4720	204	3	.	.	PUNCT
cjfa-4720	204	4	pln	pln	PROPN
cjfa-4720	204	5	]	]	X
cjfa-4720	205	1	[	[	X
cjfa-4720	205	2	mio	mio	PROPN
cjfa-4720	205	3	.	.	PUNCT
cjfa-4720	205	4	pln	pln	PROPN
cjfa-4720	205	5	]	]	X
cjfa-4720	205	6	election	election	NOUN
cjfa-4720	205	7	years	year	NOUN
cjfa-4720	205	8	4.37	4.37	NUM
cjfa-4720	205	9	49.6	49.6	NUM
cjfa-4720	205	10	%	%	NOUN
cjfa-4720	205	11	23	23	NUM
cjfa-4720	205	12	776	776	NUM
cjfa-4720	205	13	2	2	NUM
cjfa-4720	205	14	258.60	258.60	NUM
cjfa-4720	205	15	5	5	NUM
cjfa-4720	205	16	438	438	NUM
cjfa-4720	205	17	517	517	NUM
cjfa-4720	205	18	non	non	ADJ
cjfa-4720	205	19	-	-	ADJ
cjfa-4720	205	20	election	election	ADJ
cjfa-4720	205	21	years	year	NOUN
cjfa-4720	205	22	4.44	4.44	NUM
cjfa-4720	205	23	50.4	50.4	NUM
cjfa-4720	205	24	%	%	NOUN
cjfa-4720	205	25	11	11	NUM
cjfa-4720	205	26	042	042	NUM
cjfa-4720	205	27	1	1	NUM
cjfa-4720	205	28	126.94	126.94	NUM
cjfa-4720	205	29	2	2	NUM
cjfa-4720	205	30	485	485	NUM
cjfa-4720	205	31	254	254	NUM
cjfa-4720	205	32	difference	difference	NOUN
cjfa-4720	205	33	2	2	NUM
cjfa-4720	205	34	953	953	NUM
cjfa-4720	205	35	263	263	NUM
cjfa-4720	205	36	t	t	NOUN
cjfa-4720	205	37	-	-	PUNCT
cjfa-4720	205	38	stat	stat	NOUN
cjfa-4720	205	39	(	(	PUNCT
cjfa-4720	205	40	0.917	0.917	NUM
cjfa-4720	205	41	)	)	PUNCT
cjfa-4720	205	42	s	s	PART
cjfa-4720	205	43	o	o	NOUN
cjfa-4720	205	44	u	u	NOUN
cjfa-4720	205	45	r	r	NOUN
cjfa-4720	205	46	c	c	NOUN
cjfa-4720	205	47	e	e	NOUN
cjfa-4720	205	48	:	:	PUNCT
cjfa-4720	205	49	own	own	ADJ
cjfa-4720	205	50	calculations	calculation	NOUN
cjfa-4720	205	51	.	.	PUNCT
cjfa-4720	206	1	the	the	DET
cjfa-4720	206	2	table	table	NOUN
cjfa-4720	206	3	4	4	NUM
cjfa-4720	206	4	.	.	PUNCT
cjfa-4720	206	5	presents	present	VERB
cjfa-4720	206	6	the	the	DET
cjfa-4720	206	7	amounts	amount	NOUN
cjfa-4720	206	8	of	of	ADP
cjfa-4720	206	9	the	the	DET
cjfa-4720	206	10	money	money	NOUN
cjfa-4720	206	11	left	leave	VERB
cjfa-4720	206	12	on	on	ADP
cjfa-4720	206	13	the	the	DET
cjfa-4720	206	14	table	table	NOUN
cjfa-4720	206	15	at	at	ADP
cjfa-4720	206	16	ipos	ipos	PROPN
cjfa-4720	206	17	of	of	ADP
cjfa-4720	206	18	state	state	NOUN
cjfa-4720	206	19	owned	own	VERB
cjfa-4720	206	20	companies	company	NOUN
cjfa-4720	206	21	in	in	ADP
cjfa-4720	206	22	poland	poland	PROPN
cjfa-4720	206	23	in	in	ADP
cjfa-4720	206	24	the	the	DET
cjfa-4720	206	25	01/01/2005	01/01/2005	NOUN
cjfa-4720	206	26	-	-	SYM
cjfa-4720	206	27	10/31/2013	10/31/2013	NUM
cjfa-4720	206	28	timeframe	timeframe	NOUN
cjfa-4720	206	29	.	.	PUNCT
cjfa-4720	207	1	the	the	DET
cjfa-4720	207	2	information	information	NOUN
cjfa-4720	207	3	in	in	ADP
cjfa-4720	207	4	squared	square	VERB
cjfa-4720	207	5	brackets	bracket	NOUN
cjfa-4720	207	6	denote	denote	NOUN
cjfa-4720	207	7	units	unit	NOUN
cjfa-4720	207	8	.	.	PUNCT
cjfa-4720	208	1	the	the	DET
cjfa-4720	208	2	average	average	ADJ
cjfa-4720	208	3	usd	usd	PROPN
cjfa-4720	208	4	/	/	SYM
cjfa-4720	208	5	pln	pln	PROPN
cjfa-4720	208	6	exchange	exchange	NOUN
cjfa-4720	208	7	rate	rate	NOUN
cjfa-4720	208	8	in	in	ADP
cjfa-4720	208	9	the	the	DET
cjfa-4720	208	10	research	research	NOUN
cjfa-4720	208	11	period	period	NOUN
cjfa-4720	208	12	was	be	AUX
cjfa-4720	208	13	about	about	ADV
cjfa-4720	208	14	3.00	3.00	NUM
cjfa-4720	208	15	pln	pln	NOUN
cjfa-4720	208	16	per	per	ADP
cjfa-4720	208	17	usd	usd	NOUN
cjfa-4720	208	18	.	.	PUNCT
cjfa-4720	209	1	a	a	DET
cjfa-4720	209	2	number	number	NOUN
cjfa-4720	209	3	in	in	ADP
cjfa-4720	209	4	round	round	ADJ
cjfa-4720	209	5	bracket	bracket	NOUN
cjfa-4720	209	6	is	be	AUX
cjfa-4720	209	7	the	the	DET
cjfa-4720	209	8	t	t	PROPN
cjfa-4720	209	9	-	-	PUNCT
cjfa-4720	209	10	statistics	statistic	NOUN
cjfa-4720	209	11	.	.	PUNCT
cjfa-4720	210	1	the	the	DET
cjfa-4720	210	2	symbols	symbol	NOUN
cjfa-4720	210	3	*	*	PUNCT
cjfa-4720	210	4	,	,	PUNCT
cjfa-4720	210	5	*	*	PUNCT
cjfa-4720	210	6	*	*	PUNCT
cjfa-4720	210	7	,	,	PUNCT
cjfa-4720	210	8	and	and	CCONJ
cjfa-4720	210	9	*	*	PUNCT
cjfa-4720	210	10	*	*	PUNCT
cjfa-4720	210	11	*	*	PUNCT
cjfa-4720	210	12	denote	denote	VERB
cjfa-4720	210	13	the	the	DET
cjfa-4720	210	14	statistical	statistical	ADJ
cjfa-4720	210	15	significance	significance	NOUN
cjfa-4720	210	16	at	at	ADP
cjfa-4720	210	17	the	the	DET
cjfa-4720	210	18	10	10	NUM
cjfa-4720	210	19	%	%	NOUN
cjfa-4720	210	20	,	,	PUNCT
cjfa-4720	210	21	5	5	NUM
cjfa-4720	210	22	%	%	NOUN
cjfa-4720	210	23	and	and	CCONJ
cjfa-4720	210	24	1	1	NUM
cjfa-4720	210	25	%	%	NOUN
cjfa-4720	210	26	levels	level	NOUN
cjfa-4720	210	27	.	.	PUNCT
cjfa-4720	211	1	the	the	DET
cjfa-4720	211	2	data	datum	NOUN
cjfa-4720	211	3	come	come	VERB
cjfa-4720	211	4	from	from	ADP
cjfa-4720	211	5	the	the	DET
cjfa-4720	211	6	warsaw	warsaw	PROPN
cjfa-4720	211	7	stock	stock	PROPN
cjfa-4720	211	8	exchange	exchange	PROPN
cjfa-4720	211	9	and	and	CCONJ
cjfa-4720	211	10	bloomberg	bloomberg	PROPN
cjfa-4720	211	11	.	.	PUNCT
cjfa-4720	212	1	figure	figure	NOUN
cjfa-4720	212	2	1	1	NUM
cjfa-4720	212	3	.	.	PUNCT
cjfa-4720	213	1	money	money	NOUN
cjfa-4720	213	2	left	leave	VERB
cjfa-4720	213	3	on	on	ADP
cjfa-4720	213	4	the	the	DET
cjfa-4720	213	5	table	table	NOUN
cjfa-4720	213	6	–	–	PUNCT
cjfa-4720	213	7	the	the	DET
cjfa-4720	213	8	simulation	simulation	NOUN
cjfa-4720	213	9	analysis	analysis	NOUN
cjfa-4720	213	10	panel	panel	NOUN
cjfa-4720	213	11	a	a	PRON
cjfa-4720	213	12	:	:	PUNCT
cjfa-4720	213	13	amounts	amount	NOUN
cjfa-4720	213	14	of	of	ADP
cjfa-4720	213	15	money	money	NOUN
cjfa-4720	213	16	left	leave	VERB
cjfa-4720	213	17	on	on	ADP
cjfa-4720	213	18	the	the	DET
cjfa-4720	213	19	table	table	NOUN
cjfa-4720	213	20	in	in	ADP
cjfa-4720	213	21	election	election	NOUN
cjfa-4720	213	22	and	and	CCONJ
cjfa-4720	213	23	non	non	ADJ
cjfa-4720	213	24	-	-	ADJ
cjfa-4720	213	25	election	election	NOUN
cjfa-4720	213	26	years	year	NOUN
cjfa-4720	213	27	.	.	PUNCT
cjfa-4720	214	1	and	and	CCONJ
cjfa-4720	214	2	*	*	PUNCT
cjfa-4720	214	3	*	*	PUNCT
cjfa-4720	214	4	*	*	PUNCT
cjfa-4720	214	5	denote	denote	VERB
cjfa-4720	214	6	the	the	DET
cjfa-4720	214	7	statistical	statistical	ADJ
cjfa-4720	214	8	significance	significance	NOUN
cjfa-4720	214	9	at	at	ADP
cjfa-4720	214	10	the	the	DET
cjfa-4720	214	11	10	10	NUM
cjfa-4720	214	12	%	%	NOUN
cjfa-4720	214	13	,	,	PUNCT
cjfa-4720	214	14	5	5	NUM
cjfa-4720	214	15	%	%	NOUN
cjfa-4720	214	16	and	and	CCONJ
cjfa-4720	214	17	1	1	NUM
cjfa-4720	214	18	%	%	NOUN
cjfa-4720	214	19	levels	level	NOUN
cjfa-4720	214	20	.	.	PUNCT
cjfa-4720	215	1	the	the	DET
cjfa-4720	215	2	data	datum	NOUN
cjfa-4720	215	3	come	come	VERB
cjfa-4720	215	4	from	from	ADP
cjfa-4720	215	5	the	the	DET
cjfa-4720	215	6	warsaw	warsaw	PROPN
cjfa-4720	215	7	stock	stock	PROPN
cjfa-4720	215	8	exchange	exchange	PROPN
cjfa-4720	215	9	and	and	CCONJ
cjfa-4720	215	10	bloomberg	bloomberg	PROPN
cjfa-4720	215	11	.	.	PUNCT
cjfa-4720	216	1	figure	figure	NOUN
cjfa-4720	216	2	1	1	NUM
cjfa-4720	216	3	.	.	PUNCT
cjfa-4720	217	1	money	money	NOUN
cjfa-4720	217	2	left	leave	VERB
cjfa-4720	217	3	on	on	ADP
cjfa-4720	217	4	the	the	DET
cjfa-4720	217	5	table	table	NOUN
cjfa-4720	217	6	–	–	PUNCT
cjfa-4720	217	7	the	the	DET
cjfa-4720	217	8	simulation	simulation	NOUN
cjfa-4720	217	9	analysis	analysis	NOUN
cjfa-4720	217	10	panel	panel	NOUN
cjfa-4720	217	11	a	a	PRON
cjfa-4720	217	12	:	:	PUNCT
cjfa-4720	217	13	amounts	amount	NOUN
cjfa-4720	217	14	of	of	ADP
cjfa-4720	217	15	money	money	NOUN
cjfa-4720	217	16	left	leave	VERB
cjfa-4720	217	17	on	on	ADP
cjfa-4720	217	18	the	the	DET
cjfa-4720	217	19	table	table	NOUN
cjfa-4720	217	20	in	in	ADP
cjfa-4720	217	21	election	election	NOUN
cjfa-4720	217	22	and	and	CCONJ
cjfa-4720	217	23	non	non	ADJ
cjfa-4720	217	24	-	-	ADJ
cjfa-4720	217	25	election	election	ADJ
cjfa-4720	217	26	years	year	NOUN
cjfa-4720	217	27	.	.	PUNCT
cjfa-4720	218	1	panel	panel	NOUN
cjfa-4720	218	2	b	b	X
cjfa-4720	218	3	:	:	PUNCT
cjfa-4720	218	4	differences	difference	NOUN
cjfa-4720	218	5	in	in	ADP
cjfa-4720	218	6	amounts	amount	NOUN
cjfa-4720	218	7	of	of	ADP
cjfa-4720	218	8	money	money	NOUN
cjfa-4720	218	9	left	leave	VERB
cjfa-4720	218	10	on	on	ADP
cjfa-4720	218	11	the	the	DET
cjfa-4720	218	12	table	table	NOUN
cjfa-4720	218	13	in	in	ADP
cjfa-4720	218	14	election	election	NOUN
cjfa-4720	218	15	and	and	CCONJ
cjfa-4720	218	16	non	non	ADJ
cjfa-4720	218	17	-	-	ADJ
cjfa-4720	218	18	election	election	ADJ
cjfa-4720	218	19	years	year	NOUN
cjfa-4720	218	20	.	.	PUNCT
cjfa-4720	219	1	source	source	NOUN
cjfa-4720	219	2	:	:	PUNCT
cjfa-4720	219	3	authors	author	NOUN
cjfa-4720	219	4	'	'	PART
cjfa-4720	219	5	elaboration	elaboration	NOUN
cjfa-4720	219	6	.	.	PUNCT
cjfa-4720	220	1	the	the	DET
cjfa-4720	220	2	monte	monte	PROPN
cjfa-4720	220	3	carlo	carlo	PROPN
cjfa-4720	220	4	analysis	analysis	NOUN
cjfa-4720	220	5	of	of	ADP
cjfa-4720	220	6	the	the	DET
cjfa-4720	220	7	differences	difference	NOUN
cjfa-4720	220	8	in	in	ADP
cjfa-4720	220	9	the	the	DET
cjfa-4720	220	10	amounts	amount	NOUN
cjfa-4720	220	11	of	of	ADP
cjfa-4720	220	12	money	money	NOUN
cjfa-4720	220	13	left	leave	VERB
cjfa-4720	220	14	on	on	ADP
cjfa-4720	220	15	the	the	DET
cjfa-4720	220	16	table	table	NOUN
cjfa-4720	220	17	in	in	ADP
cjfa-4720	220	18	election	election	NOUN
cjfa-4720	220	19	and	and	CCONJ
cjfa-4720	220	20	non	non	ADJ
cjfa-4720	220	21	-	-	NOUN
cjfa-4720	220	22	election	election	ADJ
cjfa-4720	220	23	years	year	NOUN
cjfa-4720	220	24	is	be	AUX
cjfa-4720	220	25	performed	perform	VERB
cjfa-4720	220	26	based	base	VERB
cjfa-4720	220	27	on	on	ADP
cjfa-4720	220	28	10	10	NUM
cjfa-4720	220	29	000	000	NUM
cjfa-4720	220	30	draws	draw	NOUN
cjfa-4720	220	31	.	.	PUNCT
cjfa-4720	221	1	the	the	DET
cjfa-4720	221	2	detailed	detailed	ADJ
cjfa-4720	221	3	proce0	proce0	NOUN
cjfa-4720	221	4	500	500	NUM
cjfa-4720	221	5	1000	1000	NUM
cjfa-4720	221	6	1500	1500	NUM
cjfa-4720	221	7	2000	2000	NUM
cjfa-4720	221	8	2500	2500	NUM
cjfa-4720	221	9	3000	3000	NUM
cjfa-4720	221	10	n	n	PART
cjfa-4720	221	11	um	um	INTJ
cjfa-4720	221	12	be	be	AUX
cjfa-4720	221	13	r	r	NOUN
cjfa-4720	221	14	of	of	ADP
cjfa-4720	221	15	d	d	PROPN
cjfa-4720	221	16	ra	ra	PROPN
cjfa-4720	221	17	w	w	PROPN
cjfa-4720	221	18	s	s	PROPN
cjfa-4720	221	19	money	money	NOUN
cjfa-4720	221	20	left	leave	VERB
cjfa-4720	221	21	on	on	ADP
cjfa-4720	221	22	the	the	DET
cjfa-4720	221	23	table	table	NOUN
cjfa-4720	222	1	[	[	X
cjfa-4720	222	2	mio	mio	PROPN
cjfa-4720	222	3	.	.	PUNCT
cjfa-4720	222	4	pln	pln	PROPN
cjfa-4720	222	5	]	]	X
cjfa-4720	222	6	election	election	NOUN
cjfa-4720	222	7	years	year	NOUN
cjfa-4720	222	8	non	non	ADJ
cjfa-4720	222	9	-	-	ADJ
cjfa-4720	222	10	election	election	ADJ
cjfa-4720	222	11	years	year	NOUN
cjfa-4720	222	12	0	0	NUM
cjfa-4720	222	13	200	200	NUM
cjfa-4720	222	14	400	400	NUM
cjfa-4720	222	15	600	600	NUM
cjfa-4720	222	16	800	800	NUM
cjfa-4720	222	17	1000	1000	NUM
cjfa-4720	222	18	1200	1200	NUM
cjfa-4720	222	19	n	n	AUX
cjfa-4720	222	20	um	um	INTJ
cjfa-4720	222	21	be	be	AUX
cjfa-4720	222	22	r	r	NOUN
cjfa-4720	222	23	of	of	ADP
cjfa-4720	222	24	d	d	PROPN
cjfa-4720	222	25	ra	ra	PROPN
cjfa-4720	222	26	w	w	PROPN
cjfa-4720	222	27	s	s	PROPN
cjfa-4720	222	28	money	money	NOUN
cjfa-4720	222	29	left	leave	VERB
cjfa-4720	222	30	on	on	ADP
cjfa-4720	222	31	the	the	DET
cjfa-4720	222	32	table	table	NOUN
cjfa-4720	223	1	[	[	X
cjfa-4720	223	2	mio	mio	PROPN
cjfa-4720	223	3	.	.	PUNCT
cjfa-4720	223	4	pln	pln	PROPN
cjfa-4720	223	5	]	]	PUNCT
cjfa-4720	223	6	differences	difference	VERB
cjfa-4720	223	7	adam	adam	PROPN
cjfa-4720	223	8	zaremba	zaremba	PROPN
cjfa-4720	223	9	,	,	PUNCT
cjfa-4720	223	10	radosław	radosław	NOUN
cjfa-4720	223	11	żmudziński178	żmudziński178	ADJ
cjfa-4720	223	12	panel	panel	NOUN
cjfa-4720	223	13	b	b	NOUN
cjfa-4720	223	14	:	:	PUNCT
cjfa-4720	223	15	differences	difference	NOUN
cjfa-4720	223	16	in	in	ADP
cjfa-4720	223	17	amounts	amount	NOUN
cjfa-4720	223	18	of	of	ADP
cjfa-4720	223	19	money	money	NOUN
cjfa-4720	223	20	left	leave	VERB
cjfa-4720	223	21	on	on	ADP
cjfa-4720	223	22	the	the	DET
cjfa-4720	223	23	table	table	NOUN
cjfa-4720	223	24	in	in	ADP
cjfa-4720	223	25	election	election	NOUN
cjfa-4720	223	26	and	and	CCONJ
cjfa-4720	223	27	non	non	ADJ
cjfa-4720	223	28	-	-	ADJ
cjfa-4720	223	29	election	election	NOUN
cjfa-4720	223	30	years	year	NOUN
cjfa-4720	223	31	.	.	PUNCT
cjfa-4720	224	1	and	and	CCONJ
cjfa-4720	224	2	*	*	PUNCT
cjfa-4720	224	3	*	*	PUNCT
cjfa-4720	224	4	*	*	PUNCT
cjfa-4720	224	5	denote	denote	VERB
cjfa-4720	224	6	the	the	DET
cjfa-4720	224	7	statistical	statistical	ADJ
cjfa-4720	224	8	significance	significance	NOUN
cjfa-4720	224	9	at	at	ADP
cjfa-4720	224	10	the	the	DET
cjfa-4720	224	11	10	10	NUM
cjfa-4720	224	12	%	%	NOUN
cjfa-4720	224	13	,	,	PUNCT
cjfa-4720	224	14	5	5	NUM
cjfa-4720	224	15	%	%	NOUN
cjfa-4720	224	16	and	and	CCONJ
cjfa-4720	224	17	1	1	NUM
cjfa-4720	224	18	%	%	NOUN
cjfa-4720	224	19	levels	level	NOUN
cjfa-4720	224	20	.	.	PUNCT
cjfa-4720	225	1	the	the	DET
cjfa-4720	225	2	data	datum	NOUN
cjfa-4720	225	3	come	come	VERB
cjfa-4720	225	4	from	from	ADP
cjfa-4720	225	5	the	the	DET
cjfa-4720	225	6	warsaw	warsaw	PROPN
cjfa-4720	225	7	stock	stock	PROPN
cjfa-4720	225	8	exchange	exchange	PROPN
cjfa-4720	225	9	and	and	CCONJ
cjfa-4720	225	10	bloomberg	bloomberg	PROPN
cjfa-4720	225	11	.	.	PUNCT
cjfa-4720	226	1	figure	figure	NOUN
cjfa-4720	226	2	1	1	NUM
cjfa-4720	226	3	.	.	PUNCT
cjfa-4720	227	1	money	money	NOUN
cjfa-4720	227	2	left	leave	VERB
cjfa-4720	227	3	on	on	ADP
cjfa-4720	227	4	the	the	DET
cjfa-4720	227	5	table	table	NOUN
cjfa-4720	227	6	–	–	PUNCT
cjfa-4720	227	7	the	the	DET
cjfa-4720	227	8	simulation	simulation	NOUN
cjfa-4720	227	9	analysis	analysis	NOUN
cjfa-4720	227	10	panel	panel	NOUN
cjfa-4720	227	11	a	a	PRON
cjfa-4720	227	12	:	:	PUNCT
cjfa-4720	227	13	amounts	amount	NOUN
cjfa-4720	227	14	of	of	ADP
cjfa-4720	227	15	money	money	NOUN
cjfa-4720	227	16	left	leave	VERB
cjfa-4720	227	17	on	on	ADP
cjfa-4720	227	18	the	the	DET
cjfa-4720	227	19	table	table	NOUN
cjfa-4720	227	20	in	in	ADP
cjfa-4720	227	21	election	election	NOUN
cjfa-4720	227	22	and	and	CCONJ
cjfa-4720	227	23	non	non	ADJ
cjfa-4720	227	24	-	-	ADJ
cjfa-4720	227	25	election	election	ADJ
cjfa-4720	227	26	years	year	NOUN
cjfa-4720	227	27	.	.	PUNCT
cjfa-4720	228	1	panel	panel	NOUN
cjfa-4720	228	2	b	b	X
cjfa-4720	228	3	:	:	PUNCT
cjfa-4720	228	4	differences	difference	NOUN
cjfa-4720	228	5	in	in	ADP
cjfa-4720	228	6	amounts	amount	NOUN
cjfa-4720	228	7	of	of	ADP
cjfa-4720	228	8	money	money	NOUN
cjfa-4720	228	9	left	leave	VERB
cjfa-4720	228	10	on	on	ADP
cjfa-4720	228	11	the	the	DET
cjfa-4720	228	12	table	table	NOUN
cjfa-4720	228	13	in	in	ADP
cjfa-4720	228	14	election	election	NOUN
cjfa-4720	228	15	and	and	CCONJ
cjfa-4720	228	16	non	non	ADJ
cjfa-4720	228	17	-	-	ADJ
cjfa-4720	228	18	election	election	ADJ
cjfa-4720	228	19	years	year	NOUN
cjfa-4720	228	20	.	.	PUNCT
cjfa-4720	229	1	source	source	NOUN
cjfa-4720	229	2	:	:	PUNCT
cjfa-4720	229	3	authors	author	NOUN
cjfa-4720	229	4	'	'	PART
cjfa-4720	229	5	elaboration	elaboration	NOUN
cjfa-4720	229	6	.	.	PUNCT
cjfa-4720	230	1	the	the	DET
cjfa-4720	230	2	monte	monte	PROPN
cjfa-4720	230	3	carlo	carlo	PROPN
cjfa-4720	230	4	analysis	analysis	NOUN
cjfa-4720	230	5	of	of	ADP
cjfa-4720	230	6	the	the	DET
cjfa-4720	230	7	differences	difference	NOUN
cjfa-4720	230	8	in	in	ADP
cjfa-4720	230	9	the	the	DET
cjfa-4720	230	10	amounts	amount	NOUN
cjfa-4720	230	11	of	of	ADP
cjfa-4720	230	12	money	money	NOUN
cjfa-4720	230	13	left	leave	VERB
cjfa-4720	230	14	on	on	ADP
cjfa-4720	230	15	the	the	DET
cjfa-4720	230	16	table	table	NOUN
cjfa-4720	230	17	in	in	ADP
cjfa-4720	230	18	election	election	NOUN
cjfa-4720	230	19	and	and	CCONJ
cjfa-4720	230	20	non	non	ADJ
cjfa-4720	230	21	-	-	NOUN
cjfa-4720	230	22	election	election	ADJ
cjfa-4720	230	23	years	year	NOUN
cjfa-4720	230	24	is	be	AUX
cjfa-4720	230	25	performed	perform	VERB
cjfa-4720	230	26	based	base	VERB
cjfa-4720	230	27	on	on	ADP
cjfa-4720	230	28	10	10	NUM
cjfa-4720	230	29	000	000	NUM
cjfa-4720	230	30	draws	draw	NOUN
cjfa-4720	230	31	.	.	PUNCT
cjfa-4720	231	1	the	the	DET
cjfa-4720	231	2	detailed	detailed	ADJ
cjfa-4720	231	3	proce0	proce0	NOUN
cjfa-4720	231	4	500	500	NUM
cjfa-4720	231	5	1000	1000	NUM
cjfa-4720	231	6	1500	1500	NUM
cjfa-4720	231	7	2000	2000	NUM
cjfa-4720	231	8	2500	2500	NUM
cjfa-4720	231	9	3000	3000	NUM
cjfa-4720	231	10	n	n	PART
cjfa-4720	231	11	um	um	INTJ
cjfa-4720	231	12	be	be	AUX
cjfa-4720	231	13	r	r	NOUN
cjfa-4720	231	14	of	of	ADP
cjfa-4720	231	15	d	d	PROPN
cjfa-4720	231	16	ra	ra	PROPN
cjfa-4720	231	17	w	w	PROPN
cjfa-4720	231	18	s	s	PROPN
cjfa-4720	231	19	money	money	NOUN
cjfa-4720	231	20	left	leave	VERB
cjfa-4720	231	21	on	on	ADP
cjfa-4720	231	22	the	the	DET
cjfa-4720	231	23	table	table	NOUN
cjfa-4720	232	1	[	[	X
cjfa-4720	232	2	mio	mio	PROPN
cjfa-4720	232	3	.	.	PUNCT
cjfa-4720	232	4	pln	pln	PROPN
cjfa-4720	232	5	]	]	X
cjfa-4720	232	6	election	election	NOUN
cjfa-4720	232	7	years	year	NOUN
cjfa-4720	232	8	non	non	ADJ
cjfa-4720	232	9	-	-	ADJ
cjfa-4720	232	10	election	election	ADJ
cjfa-4720	232	11	years	year	NOUN
cjfa-4720	232	12	0	0	NUM
cjfa-4720	232	13	200	200	NUM
cjfa-4720	232	14	400	400	NUM
cjfa-4720	232	15	600	600	NUM
cjfa-4720	232	16	800	800	NUM
cjfa-4720	232	17	1000	1000	NUM
cjfa-4720	232	18	1200	1200	NUM
cjfa-4720	232	19	n	n	AUX
cjfa-4720	232	20	um	um	INTJ
cjfa-4720	232	21	be	be	AUX
cjfa-4720	232	22	r	r	NOUN
cjfa-4720	232	23	of	of	ADP
cjfa-4720	232	24	d	d	PROPN
cjfa-4720	232	25	ra	ra	PROPN
cjfa-4720	232	26	w	w	PROPN
cjfa-4720	232	27	s	s	PROPN
cjfa-4720	232	28	money	money	NOUN
cjfa-4720	232	29	left	leave	VERB
cjfa-4720	232	30	on	on	ADP
cjfa-4720	232	31	the	the	DET
cjfa-4720	232	32	table	table	NOUN
cjfa-4720	233	1	[	[	X
cjfa-4720	233	2	mio	mio	PROPN
cjfa-4720	233	3	.	.	PUNCT
cjfa-4720	233	4	pln	pln	PROPN
cjfa-4720	233	5	]	]	X
cjfa-4720	233	6	differences	difference	NOUN
cjfa-4720	233	7	s	s	PART
cjfa-4720	233	8	o	o	NOUN
cjfa-4720	233	9	u	u	NOUN
cjfa-4720	233	10	r	r	NOUN
cjfa-4720	233	11	c	c	NOUN
cjfa-4720	233	12	e	e	NOUN
cjfa-4720	233	13	:	:	PUNCT
cjfa-4720	233	14	authors	author	NOUN
cjfa-4720	233	15	’	'	PUNCT
cjfa-4720	233	16	elaboration	elaboration	NOUN
cjfa-4720	233	17	.	.	PUNCT
cjfa-4720	234	1	the	the	DET
cjfa-4720	234	2	monte	monte	PROPN
cjfa-4720	234	3	carlo	carlo	PROPN
cjfa-4720	234	4	analysis	analysis	NOUN
cjfa-4720	234	5	of	of	ADP
cjfa-4720	234	6	the	the	DET
cjfa-4720	234	7	differences	difference	NOUN
cjfa-4720	234	8	in	in	ADP
cjfa-4720	234	9	the	the	DET
cjfa-4720	234	10	amounts	amount	NOUN
cjfa-4720	234	11	of	of	ADP
cjfa-4720	234	12	money	money	NOUN
cjfa-4720	234	13	left	leave	VERB
cjfa-4720	234	14	on	on	ADP
cjfa-4720	234	15	the	the	DET
cjfa-4720	234	16	table	table	NOUN
cjfa-4720	234	17	in	in	ADP
cjfa-4720	234	18	election	election	NOUN
cjfa-4720	234	19	and	and	CCONJ
cjfa-4720	234	20	non	non	ADJ
cjfa-4720	234	21	-	-	NOUN
cjfa-4720	234	22	election	election	ADJ
cjfa-4720	234	23	years	year	NOUN
cjfa-4720	234	24	is	be	AUX
cjfa-4720	234	25	performed	perform	VERB
cjfa-4720	234	26	based	base	VERB
cjfa-4720	234	27	on	on	ADP
cjfa-4720	234	28	10	10	NUM
cjfa-4720	234	29	000	000	NUM
cjfa-4720	234	30	draws	draw	NOUN
cjfa-4720	234	31	.	.	PUNCT
cjfa-4720	235	1	the	the	DET
cjfa-4720	235	2	detailed	detailed	ADJ
cjfa-4720	235	3	procedure	procedure	NOUN
cjfa-4720	235	4	of	of	ADP
cjfa-4720	235	5	the	the	DET
cjfa-4720	235	6	simulations	simulation	NOUN
cjfa-4720	235	7	and	and	CCONJ
cjfa-4720	235	8	statistical	statistical	ADJ
cjfa-4720	235	9	interfering	interfering	NOUN
cjfa-4720	235	10	is	be	AUX
cjfa-4720	235	11	described	describe	VERB
cjfa-4720	235	12	in	in	ADP
cjfa-4720	235	13	the	the	DET
cjfa-4720	235	14	main	main	ADJ
cjfa-4720	235	15	paper	paper	NOUN
cjfa-4720	235	16	.	.	PUNCT
cjfa-4720	236	1	the	the	DET
cjfa-4720	236	2	average	average	ADJ
cjfa-4720	236	3	usd	usd	PROPN
cjfa-4720	236	4	/	/	SYM
cjfa-4720	236	5	pln	pln	PROPN
cjfa-4720	236	6	exchange	exchange	NOUN
cjfa-4720	236	7	rate	rate	NOUN
cjfa-4720	236	8	in	in	ADP
cjfa-4720	236	9	the	the	DET
cjfa-4720	236	10	research	research	NOUN
cjfa-4720	236	11	period	period	NOUN
cjfa-4720	236	12	was	be	AUX
cjfa-4720	236	13	about	about	ADV
cjfa-4720	236	14	3.00	3.00	NUM
cjfa-4720	236	15	pln	pln	NOUN
cjfa-4720	236	16	per	per	ADP
cjfa-4720	236	17	usd	usd	NOUN
cjfa-4720	236	18	.	.	PUNCT
cjfa-4720	237	1	the	the	DET
cjfa-4720	237	2	panel	panel	NOUN
cjfa-4720	237	3	a	a	DET
cjfa-4720	237	4	shows	show	VERB
cjfa-4720	237	5	the	the	DET
cjfa-4720	237	6	separate	separate	ADJ
cjfa-4720	237	7	draws	draw	NOUN
cjfa-4720	237	8	for	for	ADP
cjfa-4720	237	9	the	the	DET
cjfa-4720	237	10	election	election	NOUN
cjfa-4720	237	11	and	and	CCONJ
cjfa-4720	237	12	non	non	ADJ
cjfa-4720	237	13	-	-	NOUN
cjfa-4720	237	14	years	year	NOUN
cjfa-4720	237	15	and	and	CCONJ
cjfa-4720	237	16	the	the	DET
cjfa-4720	237	17	panel	panel	NOUN
cjfa-4720	237	18	b	b	PROPN
cjfa-4720	237	19	presents	present	VERB
cjfa-4720	237	20	differences	difference	NOUN
cjfa-4720	237	21	between	between	ADP
cjfa-4720	237	22	the	the	DET
cjfa-4720	237	23	two	two	NUM
cjfa-4720	237	24	types	type	NOUN
cjfa-4720	237	25	of	of	ADP
cjfa-4720	237	26	years	year	NOUN
cjfa-4720	237	27	computed	compute	VERB
cjfa-4720	237	28	for	for	ADP
cjfa-4720	237	29	every	every	DET
cjfa-4720	237	30	draw	draw	NOUN
cjfa-4720	237	31	.	.	PUNCT
cjfa-4720	237	32	 	 	SPACE
cjfa-4720	238	1	conclusions	conclusion	NOUN
cjfa-4720	238	2	and	and	CCONJ
cjfa-4720	238	3	areas	area	NOUN
cjfa-4720	238	4	for	for	ADP
cjfa-4720	238	5	further	further	ADJ
cjfa-4720	238	6	research	research	NOUN
cjfa-4720	238	7	in	in	ADP
cjfa-4720	238	8	this	this	DET
cjfa-4720	238	9	paper	paper	NOUN
cjfa-4720	238	10	we	we	PRON
cjfa-4720	238	11	offer	offer	VERB
cjfa-4720	238	12	a	a	DET
cjfa-4720	238	13	new	new	ADJ
cjfa-4720	238	14	hypothesis	hypothesis	NOUN
cjfa-4720	238	15	explaining	explain	VERB
cjfa-4720	238	16	part	part	NOUN
cjfa-4720	238	17	of	of	ADP
cjfa-4720	238	18	the	the	DET
cjfa-4720	238	19	“	"	PUNCT
cjfa-4720	238	20	money	money	NOUN
cjfa-4720	238	21	left	leave	VERB
cjfa-4720	238	22	on	on	ADP
cjfa-4720	238	23	the	the	DET
cjfa-4720	238	24	table	table	NOUN
cjfa-4720	238	25	”	"	PUNCT
cjfa-4720	238	26	puzzle	puzzle	NOUN
cjfa-4720	238	27	.	.	PUNCT
cjfa-4720	239	1	the	the	DET
cjfa-4720	239	2	political	political	ADJ
cjfa-4720	239	3	gimmick	gimmick	NOUN
cjfa-4720	239	4	hypothesis	hypothesis	NOUN
cjfa-4720	239	5	states	state	NOUN
cjfa-4720	239	6	,	,	PUNCT
cjfa-4720	239	7	that	that	SCONJ
cjfa-4720	239	8	the	the	DET
cjfa-4720	239	9	ruling	rule	VERB
cjfa-4720	239	10	party	party	NOUN
cjfa-4720	239	11	and	and	CCONJ
cjfa-4720	239	12	the	the	DET
cjfa-4720	239	13	treasury	treasury	NOUN
cjfa-4720	239	14	may	may	AUX
cjfa-4720	239	15	be	be	AUX
cjfa-4720	239	16	motivated	motivate	VERB
cjfa-4720	239	17	to	to	PART
cjfa-4720	239	18	intentionally	intentionally	ADV
cjfa-4720	239	19	leave	leave	VERB
cjfa-4720	239	20	some	some	DET
cjfa-4720	239	21	money	money	NOUN
cjfa-4720	239	22	on	on	ADP
cjfa-4720	239	23	the	the	DET
cjfa-4720	239	24	table	table	NOUN
cjfa-4720	239	25	during	during	ADP
cjfa-4720	239	26	the	the	DET
cjfa-4720	239	27	ipos	ipos	NOUN
cjfa-4720	239	28	of	of	ADP
cjfa-4720	239	29	state	state	NOUN
cjfa-4720	239	30	-	-	PUNCT
cjfa-4720	239	31	owned	own	VERB
cjfa-4720	239	32	enterprises	enterprise	NOUN
cjfa-4720	239	33	to	to	PART
cjfa-4720	239	34	please	please	VERB
cjfa-4720	239	35	the	the	DET
cjfa-4720	239	36	voters	voter	NOUN
cjfa-4720	239	37	.	.	PUNCT
cjfa-4720	240	1	we	we	PRON
cjfa-4720	240	2	investigate	investigate	VERB
cjfa-4720	240	3	empirically	empirically	ADV
cjfa-4720	240	4	two	two	NUM
cjfa-4720	240	5	testable	testable	ADJ
cjfa-4720	240	6	implications	implication	NOUN
cjfa-4720	240	7	of	of	ADP
cjfa-4720	240	8	the	the	DET
cjfa-4720	240	9	hypothesis	hypothesis	NOUN
cjfa-4720	240	10	:	:	PUNCT
cjfa-4720	240	11	that	that	SCONJ
cjfa-4720	240	12	the	the	DET
cjfa-4720	240	13	privatization	privatization	NOUN
cjfa-4720	240	14	ipos	ipos	NOUN
cjfa-4720	240	15	yield	yield	VERB
cjfa-4720	240	16	higher	high	ADJ
cjfa-4720	240	17	initial	initial	ADJ
cjfa-4720	240	18	returns	return	NOUN
cjfa-4720	240	19	and	and	CCONJ
cjfa-4720	240	20	that	that	SCONJ
cjfa-4720	240	21	there	there	PRON
cjfa-4720	240	22	is	be	VERB
cjfa-4720	240	23	more	more	ADJ
cjfa-4720	240	24	money	money	NOUN
cjfa-4720	240	25	left	leave	VERB
cjfa-4720	240	26	on	on	ADP
cjfa-4720	240	27	the	the	DET
cjfa-4720	240	28	table	table	NOUN
cjfa-4720	240	29	when	when	SCONJ
cjfa-4720	240	30	the	the	DET
cjfa-4720	240	31	elections	election	NOUN
cjfa-4720	240	32	are	be	AUX
cjfa-4720	240	33	coming	come	VERB
cjfa-4720	240	34	.	.	PUNCT
cjfa-4720	241	1	generally	generally	ADV
cjfa-4720	241	2	,	,	PUNCT
cjfa-4720	241	3	out	out	ADP
cjfa-4720	241	4	computations	computation	NOUN
cjfa-4720	241	5	confirm	confirm	VERB
cjfa-4720	241	6	both	both	DET
cjfa-4720	241	7	intuitions	intuition	NOUN
cjfa-4720	241	8	.	.	PUNCT
cjfa-4720	242	1	however	however	ADV
cjfa-4720	242	2	,	,	PUNCT
cjfa-4720	242	3	we	we	PRON
cjfa-4720	242	4	encounter	encounter	VERB
cjfa-4720	242	5	obstacles	obstacle	NOUN
cjfa-4720	242	6	in	in	ADP
cjfa-4720	242	7	our	our	PRON
cjfa-4720	242	8	computations	computation	NOUN
cjfa-4720	242	9	,	,	PUNCT
cjfa-4720	242	10	which	which	PRON
cjfa-4720	242	11	are	be	AUX
cjfa-4720	242	12	quite	quite	ADV
cjfa-4720	242	13	characteristic	characteristic	ADJ
cjfa-4720	242	14	for	for	ADP
cjfa-4720	242	15	emerging	emerge	VERB
cjfa-4720	242	16	markets	market	NOUN
cjfa-4720	242	17	’	'	PUNCT
cjfa-4720	242	18	studies	study	NOUN
cjfa-4720	242	19	and	and	CCONJ
cjfa-4720	242	20	which	which	PRON
cjfa-4720	242	21	are	be	AUX
cjfa-4720	242	22	difficult	difficult	ADJ
cjfa-4720	242	23	to	to	PART
cjfa-4720	242	24	overcome	overcome	VERB
cjfa-4720	242	25	.	.	PUNCT
cjfa-4720	243	1	the	the	DET
cjfa-4720	243	2	statistical	statistical	ADJ
cjfa-4720	243	3	significance	significance	NOUN
cjfa-4720	243	4	of	of	ADP
cjfa-4720	243	5	our	our	PRON
cjfa-4720	243	6	results	result	NOUN
cjfa-4720	243	7	is	be	AUX
cjfa-4720	243	8	rather	rather	ADV
cjfa-4720	243	9	weak	weak	ADJ
cjfa-4720	243	10	,	,	PUNCT
cjfa-4720	243	11	which	which	PRON
cjfa-4720	243	12	ipo	ipo	NOUN
cjfa-4720	243	13	initial	initial	ADJ
cjfa-4720	243	14	underpricing	underpricing	ADJ
cjfa-4720	243	15	anomaly	anomaly	NOUN
cjfa-4720	243	16	…	…	PUNCT
cjfa-4720	243	17	179	179	NUM
cjfa-4720	243	18	could	could	AUX
cjfa-4720	243	19	be	be	AUX
cjfa-4720	243	20	a	a	DET
cjfa-4720	243	21	result	result	NOUN
cjfa-4720	243	22	of	of	ADP
cjfa-4720	243	23	rather	rather	ADV
cjfa-4720	243	24	small	small	ADJ
cjfa-4720	243	25	sample	sample	NOUN
cjfa-4720	243	26	available	available	ADJ
cjfa-4720	243	27	,	,	PUNCT
cjfa-4720	243	28	although	although	SCONJ
cjfa-4720	243	29	we	we	PRON
cjfa-4720	243	30	focused	focus	VERB
cjfa-4720	243	31	on	on	ADP
cjfa-4720	243	32	the	the	DET
cjfa-4720	243	33	biggest	big	ADJ
cjfa-4720	243	34	and	and	CCONJ
cjfa-4720	243	35	most	most	ADV
cjfa-4720	243	36	liquid	liquid	ADJ
cjfa-4720	243	37	cee	cee	NOUN
cjfa-4720	243	38	country	country	NOUN
cjfa-4720	243	39	.	.	PUNCT
cjfa-4720	244	1	the	the	DET
cjfa-4720	244	2	paper	paper	NOUN
cjfa-4720	244	3	brings	bring	VERB
cjfa-4720	244	4	three	three	NUM
cjfa-4720	244	5	important	important	ADJ
cjfa-4720	244	6	findings	finding	NOUN
cjfa-4720	244	7	and	and	CCONJ
cjfa-4720	244	8	implications	implication	NOUN
cjfa-4720	244	9	about	about	ADP
cjfa-4720	244	10	capital	capital	NOUN
cjfa-4720	244	11	market	market	NOUN
cjfa-4720	244	12	.	.	PUNCT
cjfa-4720	245	1	investors	investor	NOUN
cjfa-4720	245	2	should	should	AUX
cjfa-4720	245	3	pay	pay	VERB
cjfa-4720	245	4	attention	attention	NOUN
cjfa-4720	245	5	to	to	ADP
cjfa-4720	245	6	the	the	DET
cjfa-4720	245	7	nature	nature	NOUN
cjfa-4720	245	8	of	of	ADP
cjfa-4720	245	9	ownership	ownership	NOUN
cjfa-4720	245	10	of	of	ADP
cjfa-4720	245	11	the	the	DET
cjfa-4720	245	12	company	company	NOUN
cjfa-4720	245	13	before	before	ADP
cjfa-4720	245	14	the	the	DET
cjfa-4720	245	15	ipo	ipo	PROPN
cjfa-4720	245	16	(	(	PUNCT
cjfa-4720	245	17	state	state	NOUN
cjfa-4720	245	18	/	/	SYM
cjfa-4720	245	19	private	private	ADJ
cjfa-4720	245	20	owner	owner	NOUN
cjfa-4720	245	21	)	)	PUNCT
cjfa-4720	245	22	,	,	PUNCT
cjfa-4720	245	23	because	because	SCONJ
cjfa-4720	245	24	it	it	PRON
cjfa-4720	245	25	may	may	AUX
cjfa-4720	245	26	be	be	AUX
cjfa-4720	245	27	important	important	ADJ
cjfa-4720	245	28	as	as	ADP
cjfa-4720	245	29	a	a	DET
cjfa-4720	245	30	determinant	determinant	NOUN
cjfa-4720	245	31	of	of	ADP
cjfa-4720	245	32	instantaneous	instantaneous	ADJ
cjfa-4720	245	33	post	post	ADJ
cjfa-4720	245	34	-	-	ADJ
cjfa-4720	245	35	ipo	ipo	ADJ
cjfa-4720	245	36	rates	rate	NOUN
cjfa-4720	245	37	of	of	ADP
cjfa-4720	245	38	return	return	NOUN
cjfa-4720	245	39	.	.	PUNCT
cjfa-4720	246	1	in	in	ADP
cjfa-4720	246	2	addition	addition	NOUN
cjfa-4720	246	3	,	,	PUNCT
cjfa-4720	246	4	conclusions	conclusion	NOUN
cjfa-4720	246	5	of	of	ADP
cjfa-4720	246	6	the	the	DET
cjfa-4720	246	7	paper	paper	NOUN
cjfa-4720	246	8	constitute	constitute	VERB
cjfa-4720	246	9	a	a	DET
cjfa-4720	246	10	contribution	contribution	NOUN
cjfa-4720	246	11	for	for	ADP
cjfa-4720	246	12	future	future	ADJ
cjfa-4720	246	13	studies	study	NOUN
cjfa-4720	246	14	on	on	ADP
cjfa-4720	246	15	the	the	DET
cjfa-4720	246	16	effectiveness	effectiveness	NOUN
cjfa-4720	246	17	of	of	ADP
cjfa-4720	246	18	state	state	NOUN
cjfa-4720	246	19	-	-	PUNCT
cjfa-4720	246	20	owned	own	VERB
cjfa-4720	246	21	assets	asset	NOUN
cjfa-4720	246	22	within	within	ADP
cjfa-4720	246	23	the	the	DET
cjfa-4720	246	24	conflict	conflict	NOUN
cjfa-4720	246	25	of	of	ADP
cjfa-4720	246	26	interest	interest	NOUN
cjfa-4720	246	27	problem	problem	NOUN
cjfa-4720	246	28	.	.	PUNCT
cjfa-4720	247	1	there	there	PRON
cjfa-4720	247	2	are	be	VERB
cjfa-4720	247	3	also	also	ADV
cjfa-4720	247	4	important	important	ADJ
cjfa-4720	247	5	conclusions	conclusion	NOUN
cjfa-4720	247	6	for	for	ADP
cjfa-4720	247	7	the	the	DET
cjfa-4720	247	8	voters	voter	NOUN
cjfa-4720	247	9	who	who	PRON
cjfa-4720	247	10	should	should	AUX
cjfa-4720	247	11	more	more	ADV
cjfa-4720	247	12	carefully	carefully	ADV
cjfa-4720	247	13	analyse	analyse	VERB
cjfa-4720	247	14	the	the	DET
cjfa-4720	247	15	purpose	purpose	NOUN
cjfa-4720	247	16	and	and	CCONJ
cjfa-4720	247	17	conditions	condition	NOUN
cjfa-4720	247	18	of	of	ADP
cjfa-4720	247	19	ipos	ipos	NOUN
cjfa-4720	247	20	of	of	ADP
cjfa-4720	247	21	state	state	NOUN
cjfa-4720	247	22	-	-	PUNCT
cjfa-4720	247	23	owned	own	VERB
cjfa-4720	247	24	companies	company	NOUN
cjfa-4720	247	25	.	.	PUNCT
cjfa-4720	248	1	the	the	DET
cjfa-4720	248	2	research	research	NOUN
cjfa-4720	248	3	initiated	initiate	VERB
cjfa-4720	248	4	in	in	ADP
cjfa-4720	248	5	this	this	DET
cjfa-4720	248	6	paper	paper	NOUN
cjfa-4720	248	7	should	should	AUX
cjfa-4720	248	8	be	be	AUX
cjfa-4720	248	9	continued	continue	VERB
cjfa-4720	248	10	and	and	CCONJ
cjfa-4720	248	11	the	the	DET
cjfa-4720	248	12	developed	develop	VERB
cjfa-4720	248	13	in	in	ADP
cjfa-4720	248	14	the	the	DET
cjfa-4720	248	15	future	future	NOUN
cjfa-4720	248	16	.	.	PUNCT
cjfa-4720	249	1	the	the	DET
cjfa-4720	249	2	further	further	ADJ
cjfa-4720	249	3	investigations	investigation	NOUN
cjfa-4720	249	4	should	should	AUX
cjfa-4720	249	5	primarily	primarily	ADV
cjfa-4720	249	6	concentrate	concentrate	VERB
cjfa-4720	249	7	on	on	ADP
cjfa-4720	249	8	expanding	expand	VERB
cjfa-4720	249	9	the	the	DET
cjfa-4720	249	10	sample	sample	NOUN
cjfa-4720	249	11	size	size	NOUN
cjfa-4720	249	12	,	,	PUNCT
cjfa-4720	249	13	both	both	CCONJ
cjfa-4720	249	14	in	in	ADP
cjfa-4720	249	15	spatial	spatial	ADJ
cjfa-4720	249	16	and	and	CCONJ
cjfa-4720	249	17	time	time	NOUN
cjfa-4720	249	18	terms	term	NOUN
cjfa-4720	249	19	.	.	PUNCT
cjfa-4720	250	1	it	it	PRON
cjfa-4720	250	2	seems	seem	VERB
cjfa-4720	250	3	that	that	SCONJ
cjfa-4720	250	4	the	the	DET
cjfa-4720	250	5	research	research	NOUN
cjfa-4720	250	6	could	could	AUX
cjfa-4720	250	7	be	be	AUX
cjfa-4720	250	8	repeated	repeat	VERB
cjfa-4720	250	9	for	for	ADP
cjfa-4720	250	10	some	some	DET
cjfa-4720	250	11	other	other	ADJ
cjfa-4720	250	12	markets	market	NOUN
cjfa-4720	250	13	and	and	CCONJ
cjfa-4720	250	14	performed	perform	VERB
cjfa-4720	250	15	again	again	ADV
cjfa-4720	250	16	in	in	ADP
cjfa-4720	250	17	the	the	DET
cjfa-4720	250	18	future	future	NOUN
cjfa-4720	250	19	.	.	PUNCT
cjfa-4720	251	1	second	second	ADJ
cjfa-4720	251	2	,	,	PUNCT
cjfa-4720	251	3	it	it	PRON
cjfa-4720	251	4	would	would	AUX
cjfa-4720	251	5	be	be	AUX
cjfa-4720	251	6	interesting	interesting	ADJ
cjfa-4720	251	7	to	to	PART
cjfa-4720	251	8	include	include	VERB
cjfa-4720	251	9	more	more	ADJ
cjfa-4720	251	10	explanatory	explanatory	ADJ
cjfa-4720	251	11	variables	variable	NOUN
cjfa-4720	251	12	in	in	ADP
cjfa-4720	251	13	the	the	DET
cjfa-4720	251	14	regression	regression	NOUN
cjfa-4720	251	15	and	and	CCONJ
cjfa-4720	251	16	better	well	ADV
cjfa-4720	251	17	specify	specify	VERB
cjfa-4720	251	18	the	the	DET
cjfa-4720	251	19	model	model	NOUN
cjfa-4720	251	20	.	.	PUNCT
cjfa-4720	252	1	third	third	ADJ
cjfa-4720	252	2	,	,	PUNCT
cjfa-4720	252	3	the	the	DET
cjfa-4720	252	4	further	further	ADJ
cjfa-4720	252	5	analyses	analysis	NOUN
cjfa-4720	252	6	may	may	AUX
cjfa-4720	252	7	try	try	VERB
cjfa-4720	252	8	to	to	PART
cjfa-4720	252	9	precisely	precisely	ADV
cjfa-4720	252	10	asses	ass	NOUN
cjfa-4720	252	11	to	to	ADP
cjfa-4720	252	12	what	what	PRON
cjfa-4720	252	13	extend	extend	VERB
cjfa-4720	252	14	the	the	DET
cjfa-4720	252	15	election	election	NOUN
cjfa-4720	252	16	gimmick	gimmick	NOUN
cjfa-4720	252	17	’s	’s	PART
cjfa-4720	252	18	impact	impact	NOUN
cjfa-4720	252	19	contributes	contribute	VERB
cjfa-4720	252	20	to	to	ADP
cjfa-4720	252	21	the	the	DET
cjfa-4720	252	22	initial	initial	ADJ
cjfa-4720	252	23	underpricing	underpricing	NOUN
cjfa-4720	252	24	.	.	PUNCT
cjfa-4720	253	1	finally	finally	ADV
cjfa-4720	253	2	,	,	PUNCT
cjfa-4720	253	3	it	it	PRON
cjfa-4720	253	4	should	should	AUX
cjfa-4720	253	5	be	be	AUX
cjfa-4720	253	6	investigated	investigate	VERB
cjfa-4720	253	7	whether	whether	SCONJ
cjfa-4720	253	8	the	the	DET
cjfa-4720	253	9	election	election	NOUN
cjfa-4720	253	10	cycles	cycle	NOUN
cjfa-4720	253	11	affect	affect	VERB
cjfa-4720	253	12	also	also	ADV
cjfa-4720	253	13	other	other	ADJ
cjfa-4720	253	14	ipo	ipo	NOUN
cjfa-4720	253	15	anomalies	anomaly	NOUN
cjfa-4720	253	16	,	,	PUNCT
cjfa-4720	253	17	like	like	ADP
cjfa-4720	253	18	the	the	DET
cjfa-4720	253	19	hot	hot	ADJ
cjfa-4720	253	20	issue	issue	NOUN
cjfa-4720	253	21	market	market	NOUN
cjfa-4720	253	22	or	or	CCONJ
cjfa-4720	253	23	the	the	DET
cjfa-4720	253	24	longterm	longterm	ADJ
cjfa-4720	253	25	post	post	ADJ
cjfa-4720	253	26	-	-	ADJ
cjfa-4720	253	27	offering	offering	ADJ
cjfa-4720	253	28	underperformance	underperformance	NOUN
cjfa-4720	253	29	.	.	PUNCT
cjfa-4720	253	30	 	 	SPACE
cjfa-4720	254	1	references	reference	NOUN
cjfa-4720	254	2	allen	allen	PROPN
cjfa-4720	254	3	f.	f.	PROPN
cjfa-4720	254	4	&	&	CCONJ
cjfa-4720	254	5	faulhaber	faulhaber	PROPN
cjfa-4720	254	6	g.r	g.r	PROPN
cjfa-4720	254	7	.	.	PUNCT
cjfa-4720	255	1	(	(	PUNCT
cjfa-4720	255	2	1989	1989	NUM
cjfa-4720	255	3	)	)	PUNCT
cjfa-4720	255	4	.	.	PUNCT
cjfa-4720	256	1	signaling	signal	VERB
cjfa-4720	256	2	by	by	ADP
cjfa-4720	256	3	underpricing	underprice	VERB
cjfa-4720	256	4	in	in	ADP
cjfa-4720	256	5	the	the	DET
cjfa-4720	256	6	ipo	ipo	NOUN
cjfa-4720	256	7	market	market	NOUN
cjfa-4720	256	8	.	.	PUNCT
cjfa-4720	257	1	journal	journal	NOUN
cjfa-4720	257	2	of	of	ADP
cjfa-4720	257	3	financial	financial	ADJ
cjfa-4720	257	4	economics	economic	NOUN
cjfa-4720	257	5	,	,	PUNCT
cjfa-4720	257	6	23	23	NUM
cjfa-4720	257	7	,	,	PUNCT
cjfa-4720	257	8	303–323	303–323	NUM
cjfa-4720	257	9	.	.	PUNCT
cjfa-4720	258	1	http://dx.doi.org/10.1016/0304-405x(89	http://dx.doi.org/10.1016/0304-405x(89	PROPN
cjfa-4720	258	2	)	)	PUNCT
cjfa-4720	258	3	90060	90060	NUM
cjfa-4720	258	4	-	-	SYM
cjfa-4720	258	5	3	3	NUM
cjfa-4720	258	6	.	.	PUNCT
cjfa-4720	259	1	baron	baron	PROPN
cjfa-4720	259	2	d.p	d.p	PROPN
cjfa-4720	259	3	.	.	PROPN
cjfa-4720	259	4	&	&	CCONJ
cjfa-4720	259	5	holmstrom	holmstrom	PROPN
cjfa-4720	259	6	b.	b.	PROPN
cjfa-4720	259	7	(	(	PUNCT
cjfa-4720	259	8	1980	1980	NUM
cjfa-4720	259	9	)	)	PUNCT
cjfa-4720	259	10	.	.	PUNCT
cjfa-4720	260	1	the	the	DET
cjfa-4720	260	2	ivestment	ivestment	PROPN
cjfa-4720	260	3	banking	banking	PROPN
cjfa-4720	260	4	contract	contract	NOUN
cjfa-4720	260	5	for	for	ADP
cjfa-4720	260	6	new	new	ADJ
cjfa-4720	260	7	issues	issue	NOUN
cjfa-4720	260	8	under	under	ADP
cjfa-4720	260	9	asymmetric	asymmetric	ADJ
cjfa-4720	260	10	information	information	NOUN
cjfa-4720	260	11	:	:	PUNCT
cjfa-4720	260	12	delegation	delegation	NOUN
cjfa-4720	260	13	and	and	CCONJ
cjfa-4720	260	14	the	the	DET
cjfa-4720	260	15	incentive	incentive	NOUN
cjfa-4720	260	16	problem	problem	NOUN
cjfa-4720	260	17	.	.	PUNCT
cjfa-4720	261	1	journal	journal	PROPN
cjfa-4720	261	2	of	of	ADP
cjfa-4720	261	3	finance	finance	NOUN
cjfa-4720	261	4	,	,	PUNCT
cjfa-4720	261	5	35	35	NUM
cjfa-4720	261	6	,	,	PUNCT
cjfa-4720	261	7	1115–1138	1115–1138	NUM
cjfa-4720	261	8	.	.	PUNCT
cjfa-4720	262	1	baron	baron	PROPN
cjfa-4720	262	2	d.p	d.p	PROPN
cjfa-4720	262	3	.	.	PUNCT
cjfa-4720	263	1	(	(	PUNCT
cjfa-4720	263	2	1982	1982	NUM
cjfa-4720	263	3	)	)	PUNCT
cjfa-4720	263	4	.	.	PUNCT
cjfa-4720	264	1	a	a	DET
cjfa-4720	264	2	model	model	NOUN
cjfa-4720	264	3	of	of	ADP
cjfa-4720	264	4	the	the	DET
cjfa-4720	264	5	demand	demand	NOUN
cjfa-4720	264	6	for	for	ADP
cjfa-4720	264	7	investment	investment	NOUN
cjfa-4720	264	8	banking	banking	NOUN
cjfa-4720	264	9	advising	advising	NOUN
cjfa-4720	264	10	and	and	CCONJ
cjfa-4720	264	11	distribution	distribution	NOUN
cjfa-4720	264	12	services	service	NOUN
cjfa-4720	264	13	for	for	ADP
cjfa-4720	264	14	new	new	ADJ
cjfa-4720	264	15	issues	issue	NOUN
cjfa-4720	264	16	.	.	PUNCT
cjfa-4720	265	1	journal	journal	NOUN
cjfa-4720	265	2	of	of	ADP
cjfa-4720	265	3	finance	finance	NOUN
cjfa-4720	265	4	,	,	PUNCT
cjfa-4720	265	5	37	37	NUM
cjfa-4720	265	6	,	,	PUNCT
cjfa-4720	265	7	955–976	955–976	NUM
cjfa-4720	265	8	.	.	PUNCT
cjfa-4720	266	1	benveniste	benveniste	PROPN
cjfa-4720	266	2	l.m	l.m	PROPN
cjfa-4720	266	3	.	.	PROPN
cjfa-4720	266	4	&	&	CCONJ
cjfa-4720	266	5	spindt	spindt	PROPN
cjfa-4720	266	6	p.a	p.a	PROPN
cjfa-4720	266	7	.	.	PROPN
cjfa-4720	266	8	(	(	PUNCT
cjfa-4720	266	9	1989	1989	NUM
cjfa-4720	266	10	)	)	PUNCT
cjfa-4720	266	11	.	.	PUNCT
cjfa-4720	267	1	how	how	SCONJ
cjfa-4720	267	2	investment	investment	NOUN
cjfa-4720	267	3	bankers	banker	NOUN
cjfa-4720	267	4	determine	determine	VERB
cjfa-4720	267	5	the	the	DET
cjfa-4720	267	6	offer	offer	NOUN
cjfa-4720	267	7	price	price	NOUN
cjfa-4720	267	8	and	and	CCONJ
cjfa-4720	267	9	allocation	allocation	NOUN
cjfa-4720	267	10	of	of	ADP
cjfa-4720	267	11	new	new	ADJ
cjfa-4720	267	12	issues	issue	NOUN
cjfa-4720	267	13	.	.	PUNCT
cjfa-4720	268	1	journal	journal	NOUN
cjfa-4720	268	2	of	of	ADP
cjfa-4720	268	3	financial	financial	ADJ
cjfa-4720	268	4	economics	economic	NOUN
cjfa-4720	268	5	,	,	PUNCT
cjfa-4720	268	6	24	24	NUM
cjfa-4720	268	7	,	,	PUNCT
cjfa-4720	268	8	343–361	343–361	NUM
cjfa-4720	268	9	.	.	PUNCT
cjfa-4720	269	1	http://dx.doi.org/10.1016/0304-405x(89)90051-2	http://dx.doi.org/10.1016/0304-405x(89)90051-2	AUX
cjfa-4720	269	2	.	.	PUNCT
cjfa-4720	270	1	bhabra	bhabra	PROPN
cjfa-4720	270	2	h.s	h.s	PROPN
cjfa-4720	270	3	.	.	PROPN
cjfa-4720	270	4	&	&	CCONJ
cjfa-4720	270	5	pettway	pettway	PROPN
cjfa-4720	270	6	r.h	r.h	PROPN
cjfa-4720	270	7	.	.	PROPN
cjfa-4720	270	8	(	(	PUNCT
cjfa-4720	270	9	2003	2003	NUM
cjfa-4720	270	10	)	)	PUNCT
cjfa-4720	270	11	.	.	PUNCT
cjfa-4720	271	1	ipo	ipo	PROPN
cjfa-4720	271	2	prospectus	prospectus	NOUN
cjfa-4720	271	3	information	information	NOUN
cjfa-4720	271	4	and	and	CCONJ
cjfa-4720	271	5	subsequent	subsequent	ADJ
cjfa-4720	271	6	performance	performance	NOUN
cjfa-4720	271	7	.	.	PUNCT
cjfa-4720	272	1	financial	financial	ADJ
cjfa-4720	272	2	review	review	PROPN
cjfa-4720	272	3	,	,	PUNCT
cjfa-4720	272	4	38	38	NUM
cjfa-4720	272	5	,	,	PUNCT
cjfa-4720	272	6	369–397	369–397	NUM
cjfa-4720	272	7	.	.	PUNCT
cjfa-4720	273	1	http://dx.doi.org/10.1111/1540-6288.00051	http://dx.doi.org/10.1111/1540-6288.00051	PROPN
cjfa-4720	273	2	.	.	PUNCT
cjfa-4720	274	1	carter	carter	PROPN
cjfa-4720	274	2	r.	r.	PROPN
cjfa-4720	274	3	,	,	PUNCT
cjfa-4720	274	4	dark	dark	PROPN
cjfa-4720	274	5	f.	f.	PROPN
cjfa-4720	274	6	&	&	CCONJ
cjfa-4720	274	7	singh	singh	PROPN
cjfa-4720	274	8	a.	a.	PROPN
cjfa-4720	274	9	(	(	PUNCT
cjfa-4720	274	10	1998	1998	NUM
cjfa-4720	274	11	)	)	PUNCT
cjfa-4720	274	12	.	.	PUNCT
cjfa-4720	275	1	underwriter	underwriter	NOUN
cjfa-4720	275	2	reputation	reputation	NOUN
cjfa-4720	275	3	,	,	PUNCT
cjfa-4720	275	4	initial	initial	ADJ
cjfa-4720	275	5	returns	return	NOUN
cjfa-4720	275	6	,	,	PUNCT
cjfa-4720	275	7	and	and	CCONJ
cjfa-4720	275	8	the	the	DET
cjfa-4720	275	9	long	long	ADV
cjfa-4720	275	10	-	-	PUNCT
cjfa-4720	275	11	run	run	NOUN
cjfa-4720	275	12	performance	performance	NOUN
cjfa-4720	275	13	of	of	ADP
cjfa-4720	275	14	ipo	ipo	NOUN
cjfa-4720	275	15	stocks	stock	NOUN
cjfa-4720	275	16	.	.	PUNCT
cjfa-4720	276	1	the	the	DET
cjfa-4720	276	2	journal	journal	PROPN
cjfa-4720	276	3	of	of	ADP
cjfa-4720	276	4	finance	finance	NOUN
cjfa-4720	276	5	,	,	PUNCT
cjfa-4720	276	6	53	53	NUM
cjfa-4720	276	7	,	,	PUNCT
cjfa-4720	276	8	285–311	285–311	NUM
cjfa-4720	276	9	.	.	PUNCT
cjfa-4720	276	10	http://dx.doi	http://dx.doi	NOUN
cjfa-4720	276	11	.	.	PUNCT
cjfa-4720	277	1	org/10.1111/0022	org/10.1111/0022	ADJ
cjfa-4720	277	2	-	-	PUNCT
cjfa-4720	277	3	1082.104624	1082.104624	NUM
cjfa-4720	277	4	.	.	PUNCT
cjfa-4720	278	1	adam	adam	PROPN
cjfa-4720	278	2	zaremba	zaremba	PROPN
cjfa-4720	278	3	,	,	PUNCT
cjfa-4720	278	4	radosław	radosław	VERB
cjfa-4720	278	5	żmudziński180	żmudziński180	PROPN
cjfa-4720	278	6	chalk	chalk	NOUN
cjfa-4720	278	7	a.j	a.j	PROPN
cjfa-4720	278	8	.	.	PROPN
cjfa-4720	278	9	&	&	CCONJ
cjfa-4720	278	10	peavy	peavy	PROPN
cjfa-4720	278	11	j.w	j.w	PROPN
cjfa-4720	278	12	.	.	PROPN
cjfa-4720	278	13	(	(	PUNCT
cjfa-4720	278	14	1987	1987	NUM
cjfa-4720	278	15	)	)	PUNCT
cjfa-4720	278	16	.	.	PUNCT
cjfa-4720	279	1	initial	initial	ADJ
cjfa-4720	279	2	public	public	ADJ
cjfa-4720	279	3	offerings	offering	NOUN
cjfa-4720	279	4	:	:	PUNCT
cjfa-4720	279	5	daily	daily	ADJ
cjfa-4720	279	6	returns	return	NOUN
cjfa-4720	279	7	.	.	PUNCT
cjfa-4720	280	1	offering	offer	VERB
cjfa-4720	280	2	types	type	NOUN
cjfa-4720	280	3	and	and	CCONJ
cjfa-4720	280	4	the	the	DET
cjfa-4720	280	5	price	price	NOUN
cjfa-4720	280	6	effect	effect	NOUN
cjfa-4720	280	7	.	.	PUNCT
cjfa-4720	281	1	financial	financial	ADJ
cjfa-4720	281	2	analysts	analyst	NOUN
cjfa-4720	281	3	journal	journal	NOUN
cjfa-4720	281	4	,	,	PUNCT
cjfa-4720	281	5	43	43	NUM
cjfa-4720	281	6	,	,	PUNCT
cjfa-4720	281	7	65–69	65–69	NUM
cjfa-4720	281	8	.	.	PUNCT
cjfa-4720	282	1	http://dx.doi.org/10.2469/	http://dx.doi.org/10.2469/	NUM
cjfa-4720	282	2	faj.v43.n5.65	faj.v43.n5.65	NOUN
cjfa-4720	282	3	.	.	PUNCT
cjfa-4720	283	1	clarkson	clarkson	PROPN
cjfa-4720	283	2	p.	p.	PROPN
cjfa-4720	283	3	m.	m.	PROPN
cjfa-4720	283	4	&	&	CCONJ
cjfa-4720	283	5	merkley	merkley	PROPN
cjfa-4720	283	6	j.	j.	PROPN
cjfa-4720	283	7	(	(	PUNCT
cjfa-4720	283	8	1994	1994	NUM
cjfa-4720	283	9	)	)	PUNCT
cjfa-4720	283	10	.	.	PUNCT
cjfa-4720	284	1	ex	ex	NOUN
cjfa-4720	284	2	ante	ante	NOUN
cjfa-4720	284	3	uncertainty	uncertainty	NOUN
cjfa-4720	284	4	and	and	CCONJ
cjfa-4720	284	5	the	the	DET
cjfa-4720	284	6	underpricing	underpricing	NOUN
cjfa-4720	284	7	of	of	ADP
cjfa-4720	284	8	initial	initial	ADJ
cjfa-4720	284	9	public	public	ADJ
cjfa-4720	284	10	offerings	offering	NOUN
cjfa-4720	284	11	:	:	PUNCT
cjfa-4720	284	12	further	further	ADJ
cjfa-4720	284	13	canadian	canadian	ADJ
cjfa-4720	284	14	evidence	evidence	NOUN
cjfa-4720	284	15	.	.	PUNCT
cjfa-4720	285	1	canadian	canadian	ADJ
cjfa-4720	285	2	journal	journal	PROPN
cjfa-4720	285	3	of	of	ADP
cjfa-4720	285	4	administrative	administrative	ADJ
cjfa-4720	285	5	sciences	sciences	PROPN
cjfa-4720	285	6	,	,	PUNCT
cjfa-4720	285	7	ii	ii	PROPN
cjfa-4720	285	8	,	,	PUNCT
cjfa-4720	285	9	no	no	INTJ
cjfa-4720	285	10	.	.	NOUN
cjfa-4720	285	11	1	1	NUM
cjfa-4720	285	12	,	,	PUNCT
cjfa-4720	285	13	54–67	54–67	NUM
cjfa-4720	285	14	.	.	PUNCT
cjfa-4720	286	1	http://dx.doi.org/10.1111/j.1936-4490.1994.tb00054.x	http://dx.doi.org/10.1111/j.1936-4490.1994.tb00054.x	PROPN
cjfa-4720	286	2	.	.	PUNCT
cjfa-4720	287	1	derrien	derrien	PROPN
cjfa-4720	287	2	f.	f.	PROPN
cjfa-4720	287	3	(	(	PUNCT
cjfa-4720	287	4	2005	2005	NUM
cjfa-4720	287	5	)	)	PUNCT
cjfa-4720	287	6	.	.	PUNCT
cjfa-4720	288	1	ipo	ipo	NOUN
cjfa-4720	288	2	pricing	pricing	NOUN
cjfa-4720	288	3	in	in	ADP
cjfa-4720	288	4	hot	hot	ADJ
cjfa-4720	288	5	market	market	NOUN
cjfa-4720	288	6	conditions	condition	NOUN
cjfa-4720	288	7	:	:	PUNCT
cjfa-4720	288	8	who	who	PRON
cjfa-4720	288	9	leaves	leave	VERB
cjfa-4720	288	10	money	money	NOUN
cjfa-4720	288	11	on	on	ADP
cjfa-4720	288	12	the	the	DET
cjfa-4720	288	13	table	table	NOUN
cjfa-4720	288	14	?	?	PUNCT
cjfa-4720	288	15	.	.	PUNCT
cjfa-4720	289	1	journal	journal	PROPN
cjfa-4720	289	2	of	of	ADP
cjfa-4720	289	3	finance	finance	NOUN
cjfa-4720	289	4	,	,	PUNCT
cjfa-4720	289	5	60	60	NUM
cjfa-4720	289	6	(	(	PUNCT
cjfa-4720	289	7	1	1	NUM
cjfa-4720	289	8	)	)	PUNCT
cjfa-4720	289	9	,	,	PUNCT
cjfa-4720	289	10	487–521	487–521	NUM
cjfa-4720	289	11	.	.	PUNCT
cjfa-4720	290	1	http://dx.doi.org/10.1111/j.1540-6261	http://dx.doi.org/10.1111/j.1540-6261	NOUN
cjfa-4720	290	2	.	.	PUNCT
cjfa-4720	291	1	2005.00736.x	2005.00736.x	NUM
cjfa-4720	291	2	.	.	PUNCT
cjfa-4720	292	1	derrien	derrien	PROPN
cjfa-4720	292	2	f.	f.	PROPN
cjfa-4720	292	3	&	&	CCONJ
cjfa-4720	292	4	womack	womack	PROPN
cjfa-4720	292	5	k.l	k.l	PROPN
cjfa-4720	292	6	.	.	PROPN
cjfa-4720	292	7	(	(	PUNCT
cjfa-4720	292	8	2003	2003	NUM
cjfa-4720	292	9	)	)	PUNCT
cjfa-4720	292	10	.	.	PUNCT
cjfa-4720	293	1	auctions	auction	NOUN
cjfa-4720	293	2	vs.	vs.	ADP
cjfa-4720	293	3	bookbuilding	bookbuilding	NOUN
cjfa-4720	293	4	and	and	CCONJ
cjfa-4720	293	5	the	the	DET
cjfa-4720	293	6	control	control	NOUN
cjfa-4720	293	7	of	of	ADP
cjfa-4720	293	8	underpricing	underprice	VERB
cjfa-4720	293	9	in	in	ADP
cjfa-4720	293	10	hot	hot	ADJ
cjfa-4720	293	11	ipo	ipo	NOUN
cjfa-4720	293	12	markets	market	NOUN
cjfa-4720	293	13	.	.	PUNCT
cjfa-4720	294	1	review	review	NOUN
cjfa-4720	294	2	of	of	ADP
cjfa-4720	294	3	financial	financial	ADJ
cjfa-4720	294	4	studies	study	NOUN
cjfa-4720	294	5	,	,	PUNCT
cjfa-4720	294	6	16	16	NUM
cjfa-4720	294	7	,	,	PUNCT
cjfa-4720	294	8	31–61	31–61	NUM
cjfa-4720	294	9	.	.	PUNCT
cjfa-4720	294	10	http://dx.doi	http://dx.doi	NOUN
cjfa-4720	294	11	.	.	PUNCT
cjfa-4720	295	1	org/10.1093	org/10.1093	PROPN
cjfa-4720	295	2	/	/	SYM
cjfa-4720	295	3	rfs/16.1.31	rfs/16.1.31	PROPN
cjfa-4720	295	4	.	.	PUNCT
cjfa-4720	296	1	grinblatt	grinblatt	PROPN
cjfa-4720	296	2	m.	m.	PROPN
cjfa-4720	296	3	&	&	CCONJ
cjfa-4720	296	4	hwang	hwang	PROPN
cjfa-4720	296	5	c.y	c.y	PROPN
cjfa-4720	296	6	.	.	PROPN
cjfa-4720	296	7	(	(	PUNCT
cjfa-4720	296	8	1989	1989	NUM
cjfa-4720	296	9	)	)	PUNCT
cjfa-4720	296	10	.	.	PUNCT
cjfa-4720	297	1	signaling	signal	VERB
cjfa-4720	297	2	and	and	CCONJ
cjfa-4720	297	3	the	the	DET
cjfa-4720	297	4	pricing	pricing	NOUN
cjfa-4720	297	5	of	of	ADP
cjfa-4720	297	6	new	new	ADJ
cjfa-4720	297	7	issues	issue	NOUN
cjfa-4720	297	8	.	.	PUNCT
cjfa-4720	298	1	journal	journal	NOUN
cjfa-4720	298	2	of	of	ADP
cjfa-4720	298	3	finance	finance	NOUN
cjfa-4720	298	4	,	,	PUNCT
cjfa-4720	298	5	44	44	NUM
cjfa-4720	298	6	,	,	PUNCT
cjfa-4720	298	7	393–420	393–420	NUM
cjfa-4720	298	8	.	.	PUNCT
cjfa-4720	299	1	http://dx.doi.org/10.2307/2328596	http://dx.doi.org/10.2307/2328596	NOUN
cjfa-4720	299	2	.	.	PUNCT
cjfa-4720	300	1	hughes	hughes	PROPN
cjfa-4720	300	2	p.j	p.j	PROPN
cjfa-4720	300	3	&	&	CCONJ
cjfa-4720	300	4	thakor	thakor	PROPN
cjfa-4720	300	5	a.v	a.v	PROPN
cjfa-4720	300	6	.	.	PROPN
cjfa-4720	300	7	(	(	PUNCT
cjfa-4720	300	8	1992	1992	NUM
cjfa-4720	300	9	)	)	PUNCT
cjfa-4720	300	10	.	.	PUNCT
cjfa-4720	301	1	litigation	litigation	NOUN
cjfa-4720	301	2	risk	risk	NOUN
cjfa-4720	301	3	,	,	PUNCT
cjfa-4720	301	4	intermediation	intermediation	NOUN
cjfa-4720	301	5	and	and	CCONJ
cjfa-4720	301	6	the	the	DET
cjfa-4720	301	7	underpriccing	underpriccing	NOUN
cjfa-4720	301	8	of	of	ADP
cjfa-4720	301	9	initial	initial	ADJ
cjfa-4720	301	10	public	public	ADJ
cjfa-4720	301	11	offerings	offering	NOUN
cjfa-4720	301	12	.	.	PUNCT
cjfa-4720	302	1	review	review	NOUN
cjfa-4720	302	2	of	of	ADP
cjfa-4720	302	3	financial	financial	ADJ
cjfa-4720	302	4	studies	study	NOUN
cjfa-4720	302	5	,	,	PUNCT
cjfa-4720	302	6	5	5	NUM
cjfa-4720	302	7	,	,	PUNCT
cjfa-4720	302	8	709–742	709–742	NUM
cjfa-4720	302	9	.	.	PUNCT
cjfa-4720	303	1	http://dx.doi	http://dx.doi	NOUN
cjfa-4720	303	2	.	.	PUNCT
cjfa-4720	304	1	org/10.1093	org/10.1093	PROPN
cjfa-4720	304	2	/	/	SYM
cjfa-4720	304	3	rfs/5.4.709	rfs/5.4.709	PROPN
cjfa-4720	304	4	.	.	PUNCT
cjfa-4720	305	1	ibbotson	ibbotson	PROPN
cjfa-4720	305	2	r.	r.	PROPN
cjfa-4720	305	3	g.	g.	PROPN
cjfa-4720	305	4	,	,	PUNCT
cjfa-4720	305	5	sindelar	sindelar	PROPN
cjfa-4720	305	6	j.	j.	PROPN
cjfa-4720	305	7	&	&	CCONJ
cjfa-4720	305	8	ritter	ritter	PROPN
cjfa-4720	305	9	j.	j.	PROPN
cjfa-4720	305	10	(	(	PUNCT
cjfa-4720	305	11	1994	1994	NUM
cjfa-4720	305	12	)	)	PUNCT
cjfa-4720	305	13	.	.	PUNCT
cjfa-4720	306	1	the	the	DET
cjfa-4720	306	2	market	market	NOUN
cjfa-4720	306	3	’s	’s	PART
cjfa-4720	306	4	problems	problem	NOUN
cjfa-4720	306	5	with	with	ADP
cjfa-4720	306	6	the	the	DET
cjfa-4720	306	7	pricing	pricing	NOUN
cjfa-4720	306	8	of	of	ADP
cjfa-4720	306	9	initial	initial	ADJ
cjfa-4720	306	10	public	public	ADJ
cjfa-4720	306	11	offerings	offering	NOUN
cjfa-4720	306	12	.	.	PUNCT
cjfa-4720	307	1	journal	journal	NOUN
cjfa-4720	307	2	of	of	ADP
cjfa-4720	307	3	applied	apply	VERB
cjfa-4720	307	4	corporate	corporate	ADJ
cjfa-4720	307	5	finance	finance	NOUN
cjfa-4720	307	6	,	,	PUNCT
cjfa-4720	307	7	7	7	NUM
cjfa-4720	307	8	,	,	PUNCT
cjfa-4720	307	9	66–74	66–74	NUM
cjfa-4720	307	10	.	.	PUNCT
cjfa-4720	308	1	http://	http://	PROPN
cjfa-4720	308	2	dx.doi.org/10.1111/j.1745-6622.1994.tb00395.x	dx.doi.org/10.1111/j.1745-6622.1994.tb00395.x	PROPN
cjfa-4720	308	3	.	.	PUNCT
cjfa-4720	309	1	ibbotson	ibbotson	PROPN
cjfa-4720	309	2	r.g	r.g	PROPN
cjfa-4720	309	3	.	.	PROPN
cjfa-4720	309	4	&	&	CCONJ
cjfa-4720	309	5	ritter	ritter	PROPN
cjfa-4720	309	6	j.r	j.r	PROPN
cjfa-4720	309	7	.	.	PROPN
cjfa-4720	309	8	(	(	PUNCT
cjfa-4720	309	9	1995	1995	NUM
cjfa-4720	309	10	)	)	PUNCT
cjfa-4720	309	11	,	,	PUNCT
cjfa-4720	309	12	initial	initial	ADJ
cjfa-4720	309	13	public	public	ADJ
cjfa-4720	309	14	offerings	offering	NOUN
cjfa-4720	309	15	,	,	PUNCT
cjfa-4720	309	16	[	[	X
cjfa-4720	309	17	in	in	ADP
cjfa-4720	309	18	:]	:]	PROPN
cjfa-4720	309	19	finance	finance	NOUN
cjfa-4720	309	20	,	,	PUNCT
cjfa-4720	309	21	r.	r.	PROPN
cjfa-4720	309	22	a.	a.	PROPN
cjfa-4720	309	23	jarrow	jarrow	PROPN
cjfa-4720	309	24	,	,	PUNCT
cjfa-4720	309	25	v.	v.	CCONJ
cjfa-4720	309	26	maksimovic	maksimovic	PROPN
cjfa-4720	309	27	,	,	PUNCT
cjfa-4720	309	28	w.	w.	PROPN
cjfa-4720	309	29	t.	t.	PROPN
cjfa-4720	309	30	ziemba	ziemba	PROPN
cjfa-4720	309	31	(	(	PUNCT
cjfa-4720	309	32	eds	ed	NOUN
cjfa-4720	309	33	.	.	PUNCT
cjfa-4720	309	34	)	)	PUNCT
cjfa-4720	309	35	,	,	PUNCT
cjfa-4720	309	36	elsevier	elsevier	NOUN
cjfa-4720	309	37	,	,	PUNCT
cjfa-4720	309	38	amsterdam	amsterdam	PROPN
cjfa-4720	309	39	,	,	PUNCT
cjfa-4720	309	40	993–1016	993–1016	NUM
cjfa-4720	309	41	.	.	PUNCT
cjfa-4720	310	1	jenkinson	jenkinson	PROPN
cjfa-4720	310	2	t.	t.	PROPN
cjfa-4720	310	3	&	&	CCONJ
cjfa-4720	310	4	ljungqvist	ljungqvist	PROPN
cjfa-4720	310	5	a.	a.	NOUN
cjfa-4720	310	6	(	(	PUNCT
cjfa-4720	310	7	2001	2001	NUM
cjfa-4720	310	8	)	)	PUNCT
cjfa-4720	310	9	,	,	PUNCT
cjfa-4720	310	10	going	go	VERB
cjfa-4720	310	11	public	public	ADJ
cjfa-4720	310	12	:	:	PUNCT
cjfa-4720	310	13	the	the	DET
cjfa-4720	310	14	theory	theory	NOUN
cjfa-4720	310	15	and	and	CCONJ
cjfa-4720	310	16	evidence	evidence	NOUN
cjfa-4720	310	17	on	on	ADP
cjfa-4720	310	18	how	how	SCONJ
cjfa-4720	310	19	companies	company	NOUN
cjfa-4720	310	20	raise	raise	VERB
cjfa-4720	310	21	equity	equity	NOUN
cjfa-4720	310	22	finance	finance	NOUN
cjfa-4720	310	23	,	,	PUNCT
cjfa-4720	310	24	oxford	oxford	PROPN
cjfa-4720	310	25	university	university	PROPN
cjfa-4720	310	26	press	press	NOUN
cjfa-4720	310	27	,	,	PUNCT
cjfa-4720	310	28	oxford	oxford	PROPN
cjfa-4720	310	29	.	.	PUNCT
cjfa-4720	311	1	kaminski	kaminski	PROPN
cjfa-4720	311	2	k.	k.	PROPN
cjfa-4720	311	3	&	&	CCONJ
cjfa-4720	311	4	zaremba	zaremba	PROPN
cjfa-4720	311	5	a.	a.	PROPN
cjfa-4720	311	6	(	(	PUNCT
cjfa-4720	311	7	2011	2011	NUM
cjfa-4720	311	8	)	)	PUNCT
cjfa-4720	311	9	.	.	PUNCT
cjfa-4720	312	1	ipos	ipos	PROPN
cjfa-4720	312	2	–	–	PUNCT
cjfa-4720	312	3	not	not	PART
cjfa-4720	312	4	so	so	ADV
cjfa-4720	312	5	much	much	ADJ
cjfa-4720	312	6	money	money	NOUN
cjfa-4720	312	7	on	on	ADP
cjfa-4720	312	8	the	the	DET
cjfa-4720	312	9	table	table	NOUN
cjfa-4720	312	10	:	:	PUNCT
cjfa-4720	312	11	the	the	DET
cjfa-4720	312	12	cost	cost	NOUN
cjfa-4720	312	13	compensation	compensation	NOUN
cjfa-4720	312	14	hypothesis	hypothesis	NOUN
cjfa-4720	312	15	,	,	PUNCT
cjfa-4720	312	16	argumenta	argumenta	PROPN
cjfa-4720	312	17	oeconomica	oeconomica	PROPN
cjfa-4720	312	18	,	,	PUNCT
cjfa-4720	312	19	available	available	ADJ
cjfa-4720	312	20	at	at	ADP
cjfa-4720	312	21	ssrn	ssrn	NOUN
cjfa-4720	312	22	:	:	PUNCT
cjfa-4720	312	23	http://ssrn	http://ssrn	NOUN
cjfa-4720	312	24	.	.	PUNCT
cjfa-4720	312	25	com	com	NOUN
cjfa-4720	312	26	/	/	SYM
cjfa-4720	312	27	abstract=2349904	abstract=2349904	PROPN
cjfa-4720	312	28	.	.	PUNCT
cjfa-4720	313	1	kiymaz	kiymaz	PROPN
cjfa-4720	313	2	h.	h.	PROPN
cjfa-4720	313	3	(	(	PUNCT
cjfa-4720	313	4	2000	2000	NUM
cjfa-4720	313	5	)	)	PUNCT
cjfa-4720	313	6	.	.	PUNCT
cjfa-4720	314	1	the	the	DET
cjfa-4720	314	2	initial	initial	ADJ
cjfa-4720	314	3	and	and	CCONJ
cjfa-4720	314	4	aftermarket	aftermarket	NOUN
cjfa-4720	314	5	performance	performance	NOUN
cjfa-4720	314	6	of	of	ADP
cjfa-4720	314	7	ipo	ipo	NOUN
cjfa-4720	314	8	’s	’	VERB
cjfa-4720	314	9	in	in	ADP
cjfa-4720	314	10	an	an	DET
cjfa-4720	314	11	emerging	emerge	VERB
cjfa-4720	314	12	market	market	NOUN
cjfa-4720	314	13	:	:	PUNCT
cjfa-4720	314	14	evidence	evidence	NOUN
cjfa-4720	314	15	from	from	ADP
cjfa-4720	314	16	istanbul	istanbul	PROPN
cjfa-4720	314	17	stock	stock	PROPN
cjfa-4720	314	18	exchange	exchange	PROPN
cjfa-4720	314	19	.	.	PUNCT
cjfa-4720	315	1	journal	journal	NOUN
cjfa-4720	315	2	of	of	ADP
cjfa-4720	315	3	multinational	multinational	ADJ
cjfa-4720	315	4	financial	financial	ADJ
cjfa-4720	315	5	management	management	NOUN
cjfa-4720	315	6	,	,	PUNCT
cjfa-4720	315	7	10	10	NUM
cjfa-4720	315	8	,	,	PUNCT
cjfa-4720	315	9	213–227	213–227	NUM
cjfa-4720	315	10	.	.	PUNCT
cjfa-4720	315	11	loughram	loughram	PROPN
cjfa-4720	315	12	t.	t.	PROPN
cjfa-4720	315	13	,	,	PUNCT
cjfa-4720	315	14	ritter	ritter	PROPN
cjfa-4720	315	15	j.r	j.r	PROPN
cjfa-4720	315	16	.	.	PROPN
cjfa-4720	315	17	&	&	CCONJ
cjfa-4720	315	18	rydqvist	rydqvist	PROPN
cjfa-4720	315	19	k.	k.	PROPN
cjfa-4720	315	20	(	(	PUNCT
cjfa-4720	315	21	1994	1994	NUM
cjfa-4720	315	22	)	)	PUNCT
cjfa-4720	315	23	.	.	PUNCT
cjfa-4720	316	1	initial	initial	ADJ
cjfa-4720	316	2	public	public	ADJ
cjfa-4720	316	3	offerings	offering	NOUN
cjfa-4720	316	4	:	:	PUNCT
cjfa-4720	316	5	international	international	ADJ
cjfa-4720	316	6	insights	insight	NOUN
cjfa-4720	316	7	.	.	PUNCT
cjfa-4720	317	1	pacific	pacific	ADJ
cjfa-4720	317	2	-	-	PUNCT
cjfa-4720	317	3	basin	basin	NOUN
cjfa-4720	317	4	finance	finance	NOUN
cjfa-4720	317	5	journal	journal	NOUN
cjfa-4720	317	6	,	,	PUNCT
cjfa-4720	317	7	2	2	NUM
cjfa-4720	317	8	,	,	PUNCT
cjfa-4720	317	9	165–199	165–199	NUM
cjfa-4720	317	10	.	.	PUNCT
cjfa-4720	318	1	loughran	loughran	PROPN
cjfa-4720	318	2	t.	t.	PROPN
cjfa-4720	318	3	,	,	PUNCT
cjfa-4720	318	4	ritter	ritter	PROPN
cjfa-4720	318	5	j.r	j.r	PROPN
cjfa-4720	318	6	.	.	PROPN
cjfa-4720	318	7	(	(	PUNCT
cjfa-4720	318	8	2002	2002	NUM
cjfa-4720	318	9	)	)	PUNCT
cjfa-4720	318	10	.	.	PUNCT
cjfa-4720	319	1	why	why	SCONJ
cjfa-4720	319	2	do	do	AUX
cjfa-4720	319	3	n’t	not	PART
cjfa-4720	319	4	issuers	issuer	NOUN
cjfa-4720	319	5	get	get	VERB
cjfa-4720	319	6	upset	upset	ADJ
cjfa-4720	319	7	about	about	ADP
cjfa-4720	319	8	leaving	leave	VERB
cjfa-4720	319	9	money	money	NOUN
cjfa-4720	319	10	on	on	ADP
cjfa-4720	319	11	the	the	DET
cjfa-4720	319	12	table	table	NOUN
cjfa-4720	319	13	in	in	ADP
cjfa-4720	319	14	ipos	ipos	NOUN
cjfa-4720	319	15	?	?	PUNCT
cjfa-4720	319	16	.	.	PUNCT
cjfa-4720	320	1	review	review	NOUN
cjfa-4720	320	2	of	of	ADP
cjfa-4720	320	3	financial	financial	ADJ
cjfa-4720	320	4	studies	study	NOUN
cjfa-4720	320	5	,	,	PUNCT
cjfa-4720	320	6	15	15	NUM
cjfa-4720	320	7	,	,	PUNCT
cjfa-4720	320	8	413–443	413–443	NUM
cjfa-4720	320	9	.	.	PUNCT
cjfa-4720	321	1	lowry	lowry	PROPN
cjfa-4720	321	2	m.	m.	PROPN
cjfa-4720	321	3	,	,	PUNCT
cjfa-4720	321	4	schwert	schwert	PROPN
cjfa-4720	321	5	w.	w.	PROPN
cjfa-4720	321	6	(	(	PUNCT
cjfa-4720	321	7	2002	2002	NUM
cjfa-4720	321	8	)	)	PUNCT
cjfa-4720	321	9	.	.	PUNCT
cjfa-4720	322	1	ipo	ipo	NOUN
cjfa-4720	322	2	market	market	NOUN
cjfa-4720	322	3	cycles	cycle	NOUN
cjfa-4720	322	4	:	:	PUNCT
cjfa-4720	322	5	bubbles	bubble	NOUN
cjfa-4720	322	6	or	or	CCONJ
cjfa-4720	322	7	sequential	sequential	ADJ
cjfa-4720	322	8	learning	learning	NOUN
cjfa-4720	322	9	?	?	PUNCT
cjfa-4720	322	10	.	.	PUNCT
cjfa-4720	323	1	journal	journal	PROPN
cjfa-4720	323	2	of	of	ADP
cjfa-4720	323	3	finance	finance	NOUN
cjfa-4720	323	4	,	,	PUNCT
cjfa-4720	323	5	57	57	NUM
cjfa-4720	323	6	,	,	PUNCT
cjfa-4720	323	7	1171–1200	1171–1200	NUM
cjfa-4720	323	8	.	.	PUNCT
cjfa-4720	323	9	mauer	mauer	PROPN
cjfa-4720	323	10	d.c	d.c	PROPN
cjfa-4720	323	11	.	.	PROPN
cjfa-4720	323	12	&	&	CCONJ
cjfa-4720	323	13	senbet	senbet	PROPN
cjfa-4720	323	14	w.s	w.s	PROPN
cjfa-4720	323	15	.	.	PUNCT
cjfa-4720	323	16	(	(	PUNCT
cjfa-4720	323	17	1992	1992	NUM
cjfa-4720	323	18	)	)	PUNCT
cjfa-4720	323	19	.	.	PUNCT
cjfa-4720	324	1	the	the	DET
cjfa-4720	324	2	effect	effect	NOUN
cjfa-4720	324	3	of	of	ADP
cjfa-4720	324	4	the	the	DET
cjfa-4720	324	5	secondary	secondary	ADJ
cjfa-4720	324	6	market	market	NOUN
cjfa-4720	324	7	on	on	ADP
cjfa-4720	324	8	the	the	DET
cjfa-4720	324	9	pricing	pricing	NOUN
cjfa-4720	324	10	of	of	ADP
cjfa-4720	324	11	initial	initial	ADJ
cjfa-4720	324	12	public	public	ADJ
cjfa-4720	324	13	offerings	offering	NOUN
cjfa-4720	324	14	:	:	PUNCT
cjfa-4720	324	15	theory	theory	NOUN
cjfa-4720	324	16	and	and	CCONJ
cjfa-4720	324	17	evidence	evidence	NOUN
cjfa-4720	324	18	.	.	PUNCT
cjfa-4720	325	1	journal	journal	NOUN
cjfa-4720	325	2	of	of	ADP
cjfa-4720	325	3	financial	financial	ADJ
cjfa-4720	325	4	and	and	CCONJ
cjfa-4720	325	5	quantitative	quantitative	ADJ
cjfa-4720	325	6	analysis	analysis	NOUN
cjfa-4720	325	7	,	,	PUNCT
cjfa-4720	325	8	24	24	NUM
cjfa-4720	325	9	,	,	PUNCT
cjfa-4720	325	10	55–79	55–79	ADV
cjfa-4720	325	11	.	.	PUNCT
cjfa-4720	326	1	megginson	megginson	PROPN
cjfa-4720	326	2	w.l	w.l	PROPN
cjfa-4720	326	3	.	.	PROPN
cjfa-4720	326	4	&	&	CCONJ
cjfa-4720	326	5	weiss	weiss	PROPN
cjfa-4720	326	6	k.a	k.a	PROPN
cjfa-4720	326	7	.	.	PUNCT
cjfa-4720	326	8	(	(	PUNCT
cjfa-4720	326	9	1991	1991	NUM
cjfa-4720	326	10	)	)	PUNCT
cjfa-4720	326	11	.	.	PUNCT
cjfa-4720	327	1	venture	venture	NOUN
cjfa-4720	327	2	capitalist	capitalist	ADJ
cjfa-4720	327	3	certification	certification	NOUN
cjfa-4720	327	4	in	in	ADP
cjfa-4720	327	5	initial	initial	ADJ
cjfa-4720	327	6	public	public	ADJ
cjfa-4720	327	7	offerings	offering	NOUN
cjfa-4720	327	8	.	.	PUNCT
cjfa-4720	328	1	journal	journal	NOUN
cjfa-4720	328	2	of	of	ADP
cjfa-4720	328	3	finance	finance	NOUN
cjfa-4720	328	4	,	,	PUNCT
cjfa-4720	328	5	46	46	NUM
cjfa-4720	328	6	,	,	PUNCT
cjfa-4720	328	7	879–903	879–903	NUM
cjfa-4720	328	8	.	.	PUNCT
cjfa-4720	329	1	ritter	ritter	PROPN
cjfa-4720	329	2	j.	j.	PROPN
cjfa-4720	329	3	(	(	PUNCT
cjfa-4720	329	4	2003	2003	NUM
cjfa-4720	329	5	)	)	PUNCT
cjfa-4720	329	6	,	,	PUNCT
cjfa-4720	329	7	investment	investment	NOUN
cjfa-4720	329	8	banking	banking	NOUN
cjfa-4720	329	9	and	and	CCONJ
cjfa-4720	329	10	securities	security	NOUN
cjfa-4720	329	11	issuance	issuance	NOUN
cjfa-4720	329	12	,	,	PUNCT
cjfa-4720	329	13	[	[	X
cjfa-4720	329	14	in	in	ADP
cjfa-4720	329	15	:]	:]	PROPN
cjfa-4720	329	16	handbook	handbook	NOUN
cjfa-4720	329	17	of	of	ADP
cjfa-4720	329	18	the	the	DET
cjfa-4720	329	19	economics	economic	NOUN
cjfa-4720	329	20	of	of	ADP
cjfa-4720	329	21	finance	finance	NOUN
cjfa-4720	329	22	,	,	PUNCT
cjfa-4720	329	23	g.	g.	PROPN
cjfa-4720	329	24	constantinides	constantinides	PROPN
cjfa-4720	329	25	,	,	PUNCT
cjfa-4720	329	26	m.	m.	PROPN
cjfa-4720	329	27	harris	harris	PROPN
cjfa-4720	329	28	&	&	CCONJ
cjfa-4720	329	29	r.	r.	PROPN
cjfa-4720	329	30	stulz	stulz	PROPN
cjfa-4720	329	31	(	(	PUNCT
cjfa-4720	329	32	eds	ed	NOUN
cjfa-4720	329	33	.	.	PUNCT
cjfa-4720	329	34	)	)	PUNCT
cjfa-4720	329	35	,	,	PUNCT
cjfa-4720	329	36	elsevier	elsevier	NOUN
cjfa-4720	329	37	,	,	PUNCT
cjfa-4720	329	38	amsterdam	amsterdam	PROPN
cjfa-4720	329	39	.	.	PUNCT
cjfa-4720	330	1	ipo	ipo	PROPN
cjfa-4720	330	2	initial	initial	ADJ
cjfa-4720	330	3	underpricing	underpricing	ADJ
cjfa-4720	330	4	anomaly	anomaly	NOUN
cjfa-4720	330	5	…	…	PUNCT
cjfa-4720	330	6	181	181	NUM
cjfa-4720	330	7	ritter	ritter	PROPN
cjfa-4720	330	8	j.	j.	PROPN
cjfa-4720	330	9	,	,	PUNCT
cjfa-4720	330	10	welch	welch	PROPN
cjfa-4720	330	11	i.	i.	PROPN
cjfa-4720	330	12	(	(	PUNCT
cjfa-4720	330	13	2002	2002	NUM
cjfa-4720	330	14	)	)	PUNCT
cjfa-4720	330	15	.	.	PUNCT
cjfa-4720	331	1	a	a	DET
cjfa-4720	331	2	review	review	NOUN
cjfa-4720	331	3	of	of	ADP
cjfa-4720	331	4	ipo	ipo	NOUN
cjfa-4720	331	5	activity	activity	NOUN
cjfa-4720	331	6	,	,	PUNCT
cjfa-4720	331	7	pricing	pricing	NOUN
cjfa-4720	331	8	,	,	PUNCT
cjfa-4720	331	9	and	and	CCONJ
cjfa-4720	331	10	allocations	allocation	NOUN
cjfa-4720	331	11	.	.	PUNCT
cjfa-4720	332	1	the	the	DET
cjfa-4720	332	2	journal	journal	PROPN
cjfa-4720	332	3	of	of	ADP
cjfa-4720	332	4	finance	finance	NOUN
cjfa-4720	332	5	,	,	PUNCT
cjfa-4720	332	6	57	57	NUM
cjfa-4720	332	7	(	(	PUNCT
cjfa-4720	332	8	4	4	NUM
cjfa-4720	332	9	)	)	PUNCT
cjfa-4720	332	10	,	,	PUNCT
cjfa-4720	332	11	1795–1828	1795–1828	NUM
cjfa-4720	332	12	.	.	PUNCT
cjfa-4720	333	1	rock	rock	PROPN
cjfa-4720	333	2	k.	k.	PROPN
cjfa-4720	333	3	(	(	PUNCT
cjfa-4720	333	4	1986	1986	NUM
cjfa-4720	333	5	)	)	PUNCT
cjfa-4720	333	6	.	.	PUNCT
cjfa-4720	334	1	why	why	SCONJ
cjfa-4720	334	2	new	new	ADJ
cjfa-4720	334	3	issues	issue	NOUN
cjfa-4720	334	4	are	be	AUX
cjfa-4720	334	5	underpriced	underprice	VERB
cjfa-4720	334	6	.	.	PUNCT
cjfa-4720	335	1	journal	journal	PROPN
cjfa-4720	335	2	of	of	ADP
cjfa-4720	335	3	financial	financial	ADJ
cjfa-4720	335	4	economics	economic	NOUN
cjfa-4720	335	5	,	,	PUNCT
cjfa-4720	335	6	15	15	NUM
cjfa-4720	335	7	,	,	PUNCT
cjfa-4720	335	8	187–2012	187–2012	NUM
cjfa-4720	335	9	.	.	PUNCT
cjfa-4720	336	1	tian	tian	PROPN
cjfa-4720	336	2	l.g	l.g	PROPN
cjfa-4720	336	3	.	.	PUNCT
cjfa-4720	336	4	(	(	PUNCT
cjfa-4720	336	5	2011	2011	NUM
cjfa-4720	336	6	)	)	PUNCT
cjfa-4720	336	7	.	.	PUNCT
cjfa-4720	337	1	regulatory	regulatory	ADJ
cjfa-4720	337	2	underpricing	underpricing	NOUN
cjfa-4720	337	3	:	:	PUNCT
cjfa-4720	337	4	determinants	determinant	NOUN
cjfa-4720	337	5	of	of	ADP
cjfa-4720	337	6	chinese	chinese	ADJ
cjfa-4720	337	7	extreme	extreme	ADJ
cjfa-4720	337	8	ipo	ipo	NOUN
cjfa-4720	337	9	returns	return	NOUN
cjfa-4720	337	10	.	.	PUNCT
cjfa-4720	338	1	journal	journal	NOUN
cjfa-4720	338	2	of	of	ADP
cjfa-4720	338	3	empirical	empirical	ADJ
cjfa-4720	338	4	finance	finance	NOUN
cjfa-4720	338	5	,	,	PUNCT
cjfa-4720	338	6	18	18	NUM
cjfa-4720	338	7	(	(	PUNCT
cjfa-4720	338	8	1	1	NUM
cjfa-4720	338	9	)	)	PUNCT
cjfa-4720	338	10	,	,	PUNCT
cjfa-4720	338	11	78–90	78–90	NUM
cjfa-4720	338	12	.	.	PUNCT
cjfa-4720	339	1	tinic	tinic	PROPN
cjfa-4720	339	2	s.m	s.m	PROPN
cjfa-4720	339	3	.	.	PROPN
cjfa-4720	339	4	(	(	PUNCT
cjfa-4720	339	5	1988	1988	NUM
cjfa-4720	339	6	)	)	PUNCT
cjfa-4720	339	7	.	.	PUNCT
cjfa-4720	340	1	anatomy	anatomy	NOUN
cjfa-4720	340	2	of	of	ADP
cjfa-4720	340	3	initial	initial	ADJ
cjfa-4720	340	4	public	public	ADJ
cjfa-4720	340	5	offerings	offering	NOUN
cjfa-4720	340	6	of	of	ADP
cjfa-4720	340	7	common	common	ADJ
cjfa-4720	340	8	stock	stock	NOUN
cjfa-4720	340	9	.	.	PUNCT
cjfa-4720	341	1	journal	journal	PROPN
cjfa-4720	341	2	of	of	ADP
cjfa-4720	341	3	finance	finance	NOUN
cjfa-4720	341	4	,	,	PUNCT
cjfa-4720	341	5	43	43	NUM
cjfa-4720	341	6	,	,	PUNCT
cjfa-4720	341	7	789–822	789–822	NUM
cjfa-4720	341	8	.	.	PUNCT
cjfa-4720	342	1	welch	welch	PROPN
cjfa-4720	342	2	i.	i.	PROPN
cjfa-4720	342	3	(	(	PUNCT
cjfa-4720	342	4	1989	1989	NUM
cjfa-4720	342	5	)	)	PUNCT
cjfa-4720	342	6	.	.	PUNCT
cjfa-4720	343	1	seasoned	season	VERB
cjfa-4720	343	2	offerings	offering	NOUN
cjfa-4720	343	3	,	,	PUNCT
cjfa-4720	343	4	imitation	imitation	NOUN
cjfa-4720	343	5	costs	cost	NOUN
cjfa-4720	343	6	and	and	CCONJ
cjfa-4720	343	7	the	the	DET
cjfa-4720	343	8	underpricing	underpricing	NOUN
cjfa-4720	343	9	of	of	ADP
cjfa-4720	343	10	unitial	unitial	ADJ
cjfa-4720	343	11	public	public	ADJ
cjfa-4720	343	12	offerings	offering	NOUN
cjfa-4720	343	13	.	.	PUNCT
cjfa-4720	344	1	journal	journal	NOUN
cjfa-4720	344	2	of	of	ADP
cjfa-4720	344	3	finance	finance	NOUN
cjfa-4720	344	4	,	,	PUNCT
cjfa-4720	344	5	44	44	NUM
cjfa-4720	344	6	,	,	PUNCT
cjfa-4720	344	7	421–449	421–449	NUM
cjfa-4720	344	8	.	.	PUNCT
cjfa-4720	345	1	welch	welch	PROPN
cjfa-4720	345	2	i.	i.	PROPN
cjfa-4720	345	3	(	(	PUNCT
cjfa-4720	345	4	1992	1992	NUM
cjfa-4720	345	5	)	)	PUNCT
cjfa-4720	345	6	.	.	PUNCT
cjfa-4720	346	1	sequential	sequential	ADJ
cjfa-4720	346	2	sales	sale	NOUN
cjfa-4720	346	3	,	,	PUNCT
cjfa-4720	346	4	learning	learning	NOUN
cjfa-4720	346	5	and	and	CCONJ
cjfa-4720	346	6	cascades	cascade	NOUN
cjfa-4720	346	7	.	.	PUNCT
cjfa-4720	347	1	journal	journal	PROPN
cjfa-4720	347	2	of	of	ADP
cjfa-4720	347	3	finance	finance	NOUN
cjfa-4720	347	4	,	,	PUNCT
cjfa-4720	347	5	47	47	NUM
cjfa-4720	347	6	,	,	PUNCT
cjfa-4720	347	7	695	695	NUM
cjfa-4720	347	8	–	–	PUNCT
cjfa-4720	347	9	–	–	PUNCT
cjfa-4720	347	10	732	732	NUM
cjfa-4720	347	11	.	.	PUNCT
cjfa-4720	348	1	yuan	yuan	PROPN
cjfa-4720	348	2	j.	j.	PROPN
cjfa-4720	348	3	(	(	PUNCT
cjfa-4720	348	4	2009	2009	NUM
cjfa-4720	348	5	)	)	PUNCT
cjfa-4720	348	6	.	.	PUNCT
cjfa-4720	349	1	alternative	alternative	ADJ
cjfa-4720	349	2	explanations	explanation	NOUN
cjfa-4720	349	3	of	of	ADP
cjfa-4720	349	4	under	under	NOUN
cjfa-4720	349	5	-	-	PUNCT
cjfa-4720	349	6	pricing	pricing	NOUN
cjfa-4720	349	7	of	of	ADP
cjfa-4720	349	8	chinese	chinese	ADJ
cjfa-4720	349	9	initial	initial	ADJ
cjfa-4720	349	10	public	public	ADJ
cjfa-4720	349	11	offerings	offering	NOUN
cjfa-4720	349	12	,	,	PUNCT
cjfa-4720	349	13	phd	phd	NOUN
cjfa-4720	349	14	thesis	thesis	NOUN
cjfa-4720	349	15	,	,	PUNCT
cjfa-4720	349	16	university	university	NOUN
cjfa-4720	349	17	of	of	ADP
cjfa-4720	349	18	nottingham	nottingham	PROPN
cjfa-4720	349	19	.	.	PUNCT