id	sid	tid	token	lemma	pos
emaj-57	1	1	examining	examine	VERB
emaj-57	1	2	overreaction	overreaction	NOUN
emaj-57	1	3	in	in	ADP
emaj-57	1	4	indian	indian	ADJ
emaj-57	1	5	stock	stock	NOUN
emaj-57	1	6	market	market	NOUN
emaj-57	1	7	for	for	ADP
emaj-57	1	8	quarterly	quarterly	ADJ
emaj-57	1	9	announcements	announcement	NOUN
emaj-57	1	10	examining	examine	VERB
emaj-57	1	11	overreaction	overreaction	NOUN
emaj-57	1	12	in	in	ADP
emaj-57	1	13	indian	indian	ADJ
emaj-57	1	14	stock	stock	NOUN
emaj-57	1	15	market	market	NOUN
emaj-57	1	16	for	for	ADP
emaj-57	1	17	quarterly	quarterly	PROPN
emaj-57	1	18	news	news	PROPN
emaj-57	1	19	dr	dr	PROPN
emaj-57	1	20	.	.	PROPN
emaj-57	1	21	sitangshu	sitangshu	PROPN
emaj-57	1	22	khatua	khatua	PROPN
emaj-57	1	23	heritage	heritage	PROPN
emaj-57	1	24	business	business	PROPN
emaj-57	1	25	school	school	PROPN
emaj-57	1	26	,	,	PUNCT
emaj-57	1	27	kolkata	kolkata	PROPN
emaj-57	1	28	,	,	PUNCT
emaj-57	1	29	india	india	PROPN
emaj-57	1	30	|	|	PROPN
emaj-57	1	31	e	e	NOUN
emaj-57	1	32	-	-	NOUN
emaj-57	1	33	mail	mail	NOUN
emaj-57	1	34	:	:	PUNCT
emaj-57	1	35	sitangshu_k@yahoo.com	sitangshu_k@yahoo.com	PROPN
emaj-57	1	36	dr	dr	PROPN
emaj-57	1	37	.	.	PROPN
emaj-57	1	38	hemant	hemant	PROPN
emaj-57	1	39	kumar	kumar	PROPN
emaj-57	1	40	pradhan	pradhan	PROPN
emaj-57	1	41	xlri	xlri	PROPN
emaj-57	1	42	,	,	PUNCT
emaj-57	1	43	jamshedpur	jamshedpur	PROPN
emaj-57	1	44	,	,	PUNCT
emaj-57	1	45	india	india	PROPN
emaj-57	1	46	|	|	PROPN
emaj-57	1	47	e	e	NOUN
emaj-57	1	48	-	-	NOUN
emaj-57	1	49	mail	mail	NOUN
emaj-57	1	50	:	:	PUNCT
emaj-57	1	51	pradhan@xlri.ac.in	pradhan@xlri.ac.in	PUNCT
emaj-57	1	52	abstract	abstract	ADJ
emaj-57	1	53	market	market	NOUN
emaj-57	1	54	overreaction	overreaction	NOUN
emaj-57	1	55	is	be	AUX
emaj-57	1	56	a	a	DET
emaj-57	1	57	very	very	ADV
emaj-57	1	58	familiar	familiar	ADJ
emaj-57	1	59	and	and	CCONJ
emaj-57	1	60	age	age	NOUN
emaj-57	1	61	-	-	PUNCT
emaj-57	1	62	old	old	ADJ
emaj-57	1	63	craze	craze	NOUN
emaj-57	1	64	amongst	amongst	ADP
emaj-57	1	65	traders	trader	NOUN
emaj-57	1	66	.	.	PUNCT
emaj-57	2	1	pigou	pigou	NOUN
emaj-57	2	2	(	(	PUNCT
emaj-57	2	3	1929	1929	NUM
emaj-57	2	4	)	)	PUNCT
emaj-57	2	5	defined	define	VERB
emaj-57	2	6	it	it	PRON
emaj-57	2	7	as	as	ADP
emaj-57	2	8	a	a	DET
emaj-57	2	9	‘	'	PUNCT
emaj-57	2	10	conducting	conduct	VERB
emaj-57	2	11	rod	rod	NOUN
emaj-57	2	12	along	along	ADP
emaj-57	2	13	which	which	PRON
emaj-57	2	14	an	an	DET
emaj-57	2	15	error	error	NOUN
emaj-57	2	16	of	of	ADP
emaj-57	2	17	optimism	optimism	NOUN
emaj-57	2	18	or	or	CCONJ
emaj-57	2	19	pessimism	pessimism	NOUN
emaj-57	2	20	,	,	PUNCT
emaj-57	2	21	once	once	ADV
emaj-57	2	22	generated	generate	VERB
emaj-57	2	23	,	,	PUNCT
emaj-57	2	24	propagates	propagate	VERB
emaj-57	2	25	itself	itself	PRON
emaj-57	2	26	about	about	ADP
emaj-57	2	27	the	the	DET
emaj-57	2	28	business	business	NOUN
emaj-57	2	29	world	world	NOUN
emaj-57	2	30	.	.	PUNCT
emaj-57	2	31	’	'	PUNCT
emaj-57	3	1	the	the	DET
emaj-57	3	2	question	question	NOUN
emaj-57	3	3	of	of	ADP
emaj-57	3	4	whether	whether	SCONJ
emaj-57	3	5	or	or	CCONJ
emaj-57	3	6	not	not	PART
emaj-57	3	7	indian	indian	ADJ
emaj-57	3	8	stock	stock	NOUN
emaj-57	3	9	prices	price	NOUN
emaj-57	3	10	market	market	NOUN
emaj-57	3	11	is	be	AUX
emaj-57	3	12	overreacted	overreact	VERB
emaj-57	3	13	during	during	ADP
emaj-57	3	14	any	any	DET
emaj-57	3	15	stock	stock	NOUN
emaj-57	3	16	-	-	PUNCT
emaj-57	3	17	specific	specific	ADJ
emaj-57	3	18	news	news	NOUN
emaj-57	3	19	is	be	AUX
emaj-57	3	20	best	well	ADV
emaj-57	3	21	answered	answer	VERB
emaj-57	3	22	by	by	ADP
emaj-57	3	23	a	a	DET
emaj-57	3	24	comprehensive	comprehensive	ADJ
emaj-57	3	25	and	and	CCONJ
emaj-57	3	26	concurrent	concurrent	ADJ
emaj-57	3	27	analysis	analysis	NOUN
emaj-57	3	28	of	of	ADP
emaj-57	3	29	the	the	DET
emaj-57	3	30	various	various	ADJ
emaj-57	3	31	tests	test	NOUN
emaj-57	3	32	and	and	CCONJ
emaj-57	3	33	data	datum	NOUN
emaj-57	3	34	available	available	ADJ
emaj-57	3	35	while	while	SCONJ
emaj-57	3	36	using	use	VERB
emaj-57	3	37	the	the	DET
emaj-57	3	38	event	event	NOUN
emaj-57	3	39	study	study	NOUN
emaj-57	3	40	.	.	PUNCT
emaj-57	4	1	this	this	DET
emaj-57	4	2	study	study	NOUN
emaj-57	4	3	wants	want	VERB
emaj-57	4	4	to	to	PART
emaj-57	4	5	address	address	VERB
emaj-57	4	6	the	the	DET
emaj-57	4	7	impact	impact	NOUN
emaj-57	4	8	of	of	ADP
emaj-57	4	9	size	size	NOUN
emaj-57	4	10	,	,	PUNCT
emaj-57	4	11	volatility	volatility	NOUN
emaj-57	4	12	and	and	CCONJ
emaj-57	4	13	asymmetry	asymmetry	NOUN
emaj-57	4	14	in	in	ADP
emaj-57	4	15	the	the	DET
emaj-57	4	16	terms	term	NOUN
emaj-57	4	17	of	of	ADP
emaj-57	4	18	investors	investor	NOUN
emaj-57	4	19	’	’	PART
emaj-57	4	20	overreaction	overreaction	NOUN
emaj-57	4	21	to	to	ADP
emaj-57	4	22	the	the	DET
emaj-57	4	23	firm	firm	ADJ
emaj-57	4	24	-	-	PUNCT
emaj-57	4	25	specific	specific	ADJ
emaj-57	4	26	news	news	NOUN
emaj-57	4	27	not	not	PART
emaj-57	4	28	only	only	ADV
emaj-57	4	29	individually	individually	ADV
emaj-57	4	30	but	but	CCONJ
emaj-57	4	31	also	also	ADV
emaj-57	4	32	jointly	jointly	ADV
emaj-57	4	33	.	.	PUNCT
emaj-57	5	1	the	the	DET
emaj-57	5	2	outcome	outcome	NOUN
emaj-57	5	3	of	of	ADP
emaj-57	5	4	this	this	DET
emaj-57	5	5	study	study	NOUN
emaj-57	5	6	helps	help	VERB
emaj-57	5	7	to	to	PART
emaj-57	5	8	solve	solve	VERB
emaj-57	5	9	the	the	DET
emaj-57	5	10	problem	problem	NOUN
emaj-57	5	11	concerning	concern	VERB
emaj-57	5	12	the	the	DET
emaj-57	5	13	extent	extent	NOUN
emaj-57	5	14	to	to	PART
emaj-57	5	15	which	which	PRON
emaj-57	5	16	quarterly	quarterly	ADJ
emaj-57	5	17	announcements	announcement	NOUN
emaj-57	5	18	have	have	VERB
emaj-57	5	19	informational	informational	ADJ
emaj-57	5	20	content	content	NOUN
emaj-57	5	21	,	,	PUNCT
emaj-57	5	22	and	and	CCONJ
emaj-57	5	23	whether	whether	SCONJ
emaj-57	5	24	the	the	DET
emaj-57	5	25	investors	investor	NOUN
emaj-57	5	26	are	be	AUX
emaj-57	5	27	affected	affect	VERB
emaj-57	5	28	by	by	ADP
emaj-57	5	29	the	the	DET
emaj-57	5	30	signals	signal	NOUN
emaj-57	5	31	.	.	PUNCT
emaj-57	6	1	the	the	DET
emaj-57	6	2	present	present	ADJ
emaj-57	6	3	study	study	NOUN
emaj-57	6	4	substantiates	substantiate	VERB
emaj-57	6	5	the	the	DET
emaj-57	6	6	policy	policy	NOUN
emaj-57	6	7	recommendation	recommendation	NOUN
emaj-57	6	8	for	for	ADP
emaj-57	6	9	the	the	DET
emaj-57	6	10	market	market	NOUN
emaj-57	6	11	players	player	NOUN
emaj-57	6	12	as	as	ADV
emaj-57	6	13	well	well	ADV
emaj-57	6	14	as	as	ADP
emaj-57	6	15	for	for	ADP
emaj-57	6	16	the	the	DET
emaj-57	6	17	analysts	analyst	NOUN
emaj-57	6	18	in	in	ADP
emaj-57	6	19	estimating	estimate	VERB
emaj-57	6	20	earning	earn	VERB
emaj-57	6	21	announcement	announcement	NOUN
emaj-57	6	22	events	event	NOUN
emaj-57	6	23	under	under	ADP
emaj-57	6	24	different	different	ADJ
emaj-57	6	25	market	market	NOUN
emaj-57	6	26	condition	condition	NOUN
emaj-57	6	27	and	and	CCONJ
emaj-57	6	28	different	different	ADJ
emaj-57	6	29	market	market	NOUN
emaj-57	6	30	capitalization	capitalization	NOUN
emaj-57	6	31	value	value	NOUN
emaj-57	6	32	of	of	ADP
emaj-57	6	33	the	the	DET
emaj-57	6	34	firm	firm	NOUN
emaj-57	6	35	.	.	PUNCT
emaj-57	7	1	keywords	keyword	NOUN
emaj-57	7	2	:	:	PUNCT
emaj-57	7	3	overreaction	overreaction	NOUN
emaj-57	7	4	,	,	PUNCT
emaj-57	7	5	event	event	NOUN
emaj-57	7	6	study	study	NOUN
emaj-57	7	7	,	,	PUNCT
emaj-57	7	8	abnormal	abnormal	ADJ
emaj-57	7	9	return	return	NOUN
emaj-57	7	10	,	,	PUNCT
emaj-57	7	11	cumulative	cumulative	ADJ
emaj-57	7	12	abnormal	abnormal	ADJ
emaj-57	7	13	return	return	NOUN
emaj-57	7	14	,	,	PUNCT
emaj-57	7	15	market	market	NOUN
emaj-57	7	16	model	model	NOUN
emaj-57	7	17	,	,	PUNCT
emaj-57	7	18	quarterly	quarterly	ADJ
emaj-57	7	19	announcements	announcement	NOUN
emaj-57	7	20	.	.	PUNCT
emaj-57	8	1	new	new	ADJ
emaj-57	8	2	articles	article	NOUN
emaj-57	8	3	in	in	ADP
emaj-57	8	4	this	this	DET
emaj-57	8	5	journal	journal	NOUN
emaj-57	8	6	are	be	AUX
emaj-57	8	7	licensed	license	VERB
emaj-57	8	8	under	under	ADP
emaj-57	8	9	a	a	DET
emaj-57	8	10	creative	creative	ADJ
emaj-57	8	11	commons	common	NOUN
emaj-57	8	12	attribution	attribution	NOUN
emaj-57	8	13	3.0	3.0	NUM
emaj-57	8	14	united	unite	VERB
emaj-57	8	15	states	states	PROPN
emaj-57	8	16	license	license	NOUN
emaj-57	8	17	.	.	PUNCT
emaj-57	9	1	this	this	DET
emaj-57	9	2	journal	journal	NOUN
emaj-57	9	3	is	be	AUX
emaj-57	9	4	published	publish	VERB
emaj-57	9	5	by	by	ADP
emaj-57	9	6	the	the	DET
emaj-57	9	7	university	university	NOUN
emaj-57	9	8	library	library	NOUN
emaj-57	9	9	system	system	NOUN
emaj-57	9	10	of	of	ADP
emaj-57	9	11	the	the	DET
emaj-57	9	12	university	university	PROPN
emaj-57	9	13	of	of	ADP
emaj-57	9	14	pittsburgh	pittsburgh	PROPN
emaj-57	9	15	as	as	ADP
emaj-57	9	16	part	part	NOUN
emaj-57	9	17	of	of	ADP
emaj-57	9	18	its	its	PRON
emaj-57	9	19	d	d	NOUN
emaj-57	9	20	-	-	PUNCT
emaj-57	9	21	scribe	scribe	VERB
emaj-57	9	22	digital	digital	ADJ
emaj-57	9	23	publishing	publishing	NOUN
emaj-57	9	24	program	program	NOUN
emaj-57	9	25	,	,	PUNCT
emaj-57	9	26	and	and	CCONJ
emaj-57	9	27	is	be	AUX
emaj-57	9	28	cosponsored	cosponsor	VERB
emaj-57	9	29	by	by	ADP
emaj-57	9	30	the	the	DET
emaj-57	9	31	university	university	PROPN
emaj-57	9	32	of	of	ADP
emaj-57	9	33	pittsburgh	pittsburgh	PROPN
emaj-57	9	34	press	press	NOUN
emaj-57	9	35	.	.	PUNCT
emaj-57	10	1	volume	volume	NOUN
emaj-57	10	2	4	4	NUM
emaj-57	10	3	no	no	DET
emaj-57	10	4	1	1	NUM
emaj-57	10	5	(	(	PUNCT
emaj-57	10	6	2014	2014	NUM
emaj-57	10	7	)	)	PUNCT
emaj-57	10	8	|	|	ADV
emaj-57	10	9	issn	issn	VERB
emaj-57	10	10	2158	2158	NUM
emaj-57	10	11	-	-	SYM
emaj-57	10	12	8708	8708	NUM
emaj-57	10	13	(	(	PUNCT
emaj-57	10	14	online	online	NOUN
emaj-57	10	15	)	)	PUNCT
emaj-57	10	16	|	|	ADV
emaj-57	10	17	doi	doi	X
emaj-57	10	18	10.5195	10.5195	NUM
emaj-57	10	19	/	/	SYM
emaj-57	10	20	emaj.2014.57	emaj.2014.57	X
emaj-57	11	1	|	|	ADV
emaj-57	11	2	http://emaj.pitt.edu	http://emaj.pitt.edu	VERB
emaj-57	12	1	|	|	ADV
emaj-57	12	2	mailto:sitangshu_k@yahoo.com	mailto:sitangshu_k@yahoo.com	X
emaj-57	12	3	mailto:pradhan@xlri.ac.in	mailto:pradhan@xlri.ac.in	PROPN
emaj-57	12	4	http://www.library.pitt.edu/	http://www.library.pitt.edu/	PROPN
emaj-57	12	5	http://www.pitt.edu/	http://www.pitt.edu/	NOUN
emaj-57	12	6	http://www.library.pitt.edu/articles/digpubtype/index.html	http://www.library.pitt.edu/articles/digpubtype/index.html	X
emaj-57	12	7	http://www.upress.pitt.edu/upressindex.aspx	http://www.upress.pitt.edu/upressindex.aspx	NUM
emaj-57	12	8	http://creativecommons.org/licenses/by/3.0/us/	http://creativecommons.org/licenses/by/3.0/us/	NOUN
emaj-57	12	9	volume	volume	NOUN
emaj-57	12	10	4	4	NUM
emaj-57	12	11	no	no	DET
emaj-57	12	12	1	1	NUM
emaj-57	12	13	(	(	PUNCT
emaj-57	12	14	2014	2014	NUM
emaj-57	12	15	)	)	PUNCT
emaj-57	12	16	|	|	ADV
emaj-57	12	17	issn	issn	VERB
emaj-57	12	18	2158	2158	NUM
emaj-57	12	19	-	-	SYM
emaj-57	12	20	8708	8708	NUM
emaj-57	12	21	(	(	PUNCT
emaj-57	12	22	online	online	NOUN
emaj-57	12	23	)	)	PUNCT
emaj-57	12	24	|	|	ADV
emaj-57	12	25	doi	doi	X
emaj-57	12	26	10.5195	10.5195	NUM
emaj-57	12	27	/	/	SYM
emaj-57	12	28	emaj.2014.57	emaj.2014.57	X
emaj-57	13	1	|	|	ADV
emaj-57	13	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-57	13	3	dr.sitangshu	dr.sitangshu	PROPN
emaj-57	13	4	khatua	khatua	PROPN
emaj-57	13	5	,	,	PUNCT
emaj-57	13	6	dr	dr	PROPN
emaj-57	13	7	.	.	PROPN
emaj-57	13	8	hemant	hemant	PROPN
emaj-57	13	9	kumar	kumar	PROPN
emaj-57	13	10	pradhan	pradhan	PROPN
emaj-57	13	11	p	p	PROPN
emaj-57	13	12	a	a	DET
emaj-57	13	13	g	g	PROPN
emaj-57	13	14	e	e	PROPN
emaj-57	13	15	|1|	|1|	NOUN
emaj-57	13	16	emerging	emerge	VERB
emaj-57	13	17	markets	market	NOUN
emaj-57	13	18	journal	journal	NOUN
emaj-57	13	19	examining	examine	VERB
emaj-57	13	20	overreaction	overreaction	NOUN
emaj-57	13	21	in	in	ADP
emaj-57	13	22	indian	indian	ADJ
emaj-57	13	23	stock	stock	NOUN
emaj-57	13	24	market	market	NOUN
emaj-57	13	25	for	for	ADP
emaj-57	13	26	quarterly	quarterly	PROPN
emaj-57	13	27	news	news	PROPN
emaj-57	13	28	dr	dr	PROPN
emaj-57	13	29	.	.	PROPN
emaj-57	13	30	sitangshu	sitangshu	PROPN
emaj-57	13	31	khatua	khatua	PROPN
emaj-57	13	32	dr	dr	PROPN
emaj-57	13	33	.	.	PROPN
emaj-57	13	34	hemant	hemant	PROPN
emaj-57	13	35	kumar	kumar	PROPN
emaj-57	13	36	pradhan	pradhan	PROPN
emaj-57	13	37	1	1	NUM
emaj-57	13	38	introduction	introduction	NOUN
emaj-57	13	39	any	any	DET
emaj-57	13	40	event	event	NOUN
emaj-57	13	41	in	in	ADP
emaj-57	13	42	which	which	PRON
emaj-57	13	43	there	there	PRON
emaj-57	13	44	is	be	VERB
emaj-57	13	45	an	an	DET
emaj-57	13	46	abnormal	abnormal	ADJ
emaj-57	13	47	stock	stock	NOUN
emaj-57	13	48	price	price	NOUN
emaj-57	13	49	movement	movement	NOUN
emaj-57	13	50	followed	follow	VERB
emaj-57	13	51	by	by	ADP
emaj-57	13	52	a	a	DET
emaj-57	13	53	correction	correction	NOUN
emaj-57	13	54	in	in	ADP
emaj-57	13	55	the	the	DET
emaj-57	13	56	reverse	reverse	ADJ
emaj-57	13	57	direction	direction	NOUN
emaj-57	13	58	can	can	AUX
emaj-57	13	59	be	be	AUX
emaj-57	13	60	taken	take	VERB
emaj-57	13	61	as	as	ADP
emaj-57	13	62	evidence	evidence	NOUN
emaj-57	13	63	of	of	ADP
emaj-57	13	64	overreaction	overreaction	NOUN
emaj-57	13	65	.	.	PUNCT
emaj-57	14	1	in	in	ADP
emaj-57	14	2	a	a	DET
emaj-57	14	3	seminal	seminal	ADJ
emaj-57	14	4	paper	paper	NOUN
emaj-57	14	5	de	de	X
emaj-57	14	6	bondt	bondt	NOUN
emaj-57	14	7	and	and	CCONJ
emaj-57	14	8	thaler	thaler	NOUN
emaj-57	14	9	(	(	PUNCT
emaj-57	14	10	1985	1985	NUM
emaj-57	14	11	)	)	PUNCT
emaj-57	14	12	first	first	ADJ
emaj-57	14	13	coin	coin	NOUN
emaj-57	14	14	a	a	DET
emaj-57	14	15	term	term	NOUN
emaj-57	14	16	,	,	PUNCT
emaj-57	14	17	called	call	VERB
emaj-57	14	18	“	"	PUNCT
emaj-57	14	19	overreaction	overreaction	NOUN
emaj-57	14	20	”	"	PUNCT
emaj-57	14	21	in	in	ADP
emaj-57	14	22	the	the	DET
emaj-57	14	23	stock	stock	NOUN
emaj-57	14	24	market	market	NOUN
emaj-57	14	25	and	and	CCONJ
emaj-57	14	26	prove	prove	VERB
emaj-57	14	27	that	that	SCONJ
emaj-57	14	28	,	,	PUNCT
emaj-57	14	29	as	as	SCONJ
emaj-57	14	30	is	be	AUX
emaj-57	14	31	the	the	DET
emaj-57	14	32	case	case	NOUN
emaj-57	14	33	with	with	ADP
emaj-57	14	34	many	many	ADJ
emaj-57	14	35	other	other	ADJ
emaj-57	14	36	human	human	ADJ
emaj-57	14	37	activities	activity	NOUN
emaj-57	14	38	,	,	PUNCT
emaj-57	14	39	financial	financial	ADJ
emaj-57	14	40	markets	market	NOUN
emaj-57	14	41	show	show	VERB
emaj-57	14	42	an	an	DET
emaj-57	14	43	excessive	excessive	ADJ
emaj-57	14	44	reaction	reaction	NOUN
emaj-57	14	45	to	to	ADP
emaj-57	14	46	new	new	ADJ
emaj-57	14	47	information	information	NOUN
emaj-57	14	48	or	or	CCONJ
emaj-57	14	49	unexpected	unexpected	ADJ
emaj-57	14	50	events	event	NOUN
emaj-57	14	51	.	.	PUNCT
emaj-57	15	1	they	they	PRON
emaj-57	15	2	conclude	conclude	VERB
emaj-57	15	3	that	that	SCONJ
emaj-57	15	4	a	a	DET
emaj-57	15	5	price	price	NOUN
emaj-57	15	6	reversal	reversal	NOUN
emaj-57	15	7	(	(	PUNCT
emaj-57	15	8	negative	negative	ADJ
emaj-57	15	9	returns	return	NOUN
emaj-57	15	10	)	)	PUNCT
emaj-57	15	11	may	may	AUX
emaj-57	15	12	be	be	AUX
emaj-57	15	13	anticipated	anticipate	VERB
emaj-57	15	14	by	by	ADP
emaj-57	15	15	the	the	DET
emaj-57	15	16	evidence	evidence	NOUN
emaj-57	15	17	of	of	ADP
emaj-57	15	18	extreme	extreme	ADJ
emaj-57	15	19	preceding	precede	VERB
emaj-57	15	20	positive	positive	ADJ
emaj-57	15	21	returns	return	NOUN
emaj-57	15	22	.	.	PUNCT
emaj-57	16	1	alternately	alternately	ADV
emaj-57	16	2	,	,	PUNCT
emaj-57	16	3	an	an	DET
emaj-57	16	4	upward	upward	ADJ
emaj-57	16	5	overreaction	overreaction	NOUN
emaj-57	16	6	subsequently	subsequently	ADV
emaj-57	16	7	calls	call	VERB
emaj-57	16	8	forth	forth	ADP
emaj-57	16	9	a	a	DET
emaj-57	16	10	dramatic	dramatic	ADJ
emaj-57	16	11	downward	downward	ADJ
emaj-57	16	12	adjustment	adjustment	NOUN
emaj-57	16	13	or	or	CCONJ
emaj-57	16	14	correction	correction	NOUN
emaj-57	16	15	.	.	PUNCT
emaj-57	17	1	the	the	DET
emaj-57	17	2	question	question	NOUN
emaj-57	17	3	of	of	ADP
emaj-57	17	4	whether	whether	SCONJ
emaj-57	17	5	indian	indian	ADJ
emaj-57	17	6	stock	stock	NOUN
emaj-57	17	7	prices	price	NOUN
emaj-57	17	8	market	market	NOUN
emaj-57	17	9	is	be	AUX
emaj-57	17	10	experiencing	experience	VERB
emaj-57	17	11	overreaction	overreaction	NOUN
emaj-57	17	12	is	be	AUX
emaj-57	17	13	best	well	ADV
emaj-57	17	14	answered	answer	VERB
emaj-57	17	15	by	by	ADP
emaj-57	17	16	a	a	DET
emaj-57	17	17	comprehensive	comprehensive	ADJ
emaj-57	17	18	and	and	CCONJ
emaj-57	17	19	concurrent	concurrent	ADJ
emaj-57	17	20	analysis	analysis	NOUN
emaj-57	17	21	of	of	ADP
emaj-57	17	22	the	the	DET
emaj-57	17	23	various	various	ADJ
emaj-57	17	24	tests	test	NOUN
emaj-57	17	25	and	and	CCONJ
emaj-57	17	26	data	datum	NOUN
emaj-57	17	27	available	available	ADJ
emaj-57	17	28	while	while	SCONJ
emaj-57	17	29	using	use	VERB
emaj-57	17	30	the	the	DET
emaj-57	17	31	event	event	NOUN
emaj-57	17	32	study	study	NOUN
emaj-57	17	33	for	for	ADP
emaj-57	17	34	any	any	DET
emaj-57	17	35	anticipated	anticipate	VERB
emaj-57	17	36	stock	stock	NOUN
emaj-57	17	37	-	-	PUNCT
emaj-57	17	38	specific	specific	ADJ
emaj-57	17	39	news	news	NOUN
emaj-57	17	40	like	like	ADP
emaj-57	17	41	quarterly	quarterly	ADJ
emaj-57	17	42	announcements	announcement	NOUN
emaj-57	17	43	.	.	PUNCT
emaj-57	18	1	the	the	DET
emaj-57	18	2	present	present	ADJ
emaj-57	18	3	study	study	NOUN
emaj-57	18	4	has	have	AUX
emaj-57	18	5	found	find	VERB
emaj-57	18	6	how	how	SCONJ
emaj-57	18	7	the	the	DET
emaj-57	18	8	investors	investor	NOUN
emaj-57	18	9	’	’	PART
emaj-57	18	10	response	response	NOUN
emaj-57	18	11	will	will	AUX
emaj-57	18	12	vary	vary	VERB
emaj-57	18	13	with	with	ADP
emaj-57	18	14	market	market	NOUN
emaj-57	18	15	condition	condition	NOUN
emaj-57	18	16	or	or	CCONJ
emaj-57	18	17	uncertainty	uncertainty	NOUN
emaj-57	18	18	of	of	ADP
emaj-57	18	19	market	market	NOUN
emaj-57	18	20	to	to	PART
emaj-57	18	21	firmspecific	firmspecific	VERB
emaj-57	18	22	news	news	NOUN
emaj-57	18	23	and	and	CCONJ
emaj-57	18	24	their	their	PRON
emaj-57	18	25	reaction	reaction	NOUN
emaj-57	18	26	will	will	AUX
emaj-57	18	27	change	change	VERB
emaj-57	18	28	with	with	ADP
emaj-57	18	29	size	size	NOUN
emaj-57	18	30	of	of	ADP
emaj-57	18	31	the	the	DET
emaj-57	18	32	firm	firm	NOUN
emaj-57	18	33	.	.	PUNCT
emaj-57	19	1	2	2	NUM
emaj-57	19	2	literature	literature	NOUN
emaj-57	19	3	review	review	NOUN
emaj-57	19	4	in	in	ADP
emaj-57	19	5	their	their	PRON
emaj-57	19	6	seminal	seminal	ADJ
emaj-57	19	7	paper	paper	NOUN
emaj-57	19	8	,	,	PUNCT
emaj-57	19	9	ball	ball	NOUN
emaj-57	19	10	and	and	CCONJ
emaj-57	19	11	brown	brown	ADJ
emaj-57	19	12	(	(	PUNCT
emaj-57	19	13	1968	1968	NUM
emaj-57	19	14	)	)	PUNCT
emaj-57	19	15	have	have	AUX
emaj-57	19	16	established	establish	VERB
emaj-57	19	17	that	that	SCONJ
emaj-57	19	18	there	there	PRON
emaj-57	19	19	is	be	VERB
emaj-57	19	20	some	some	DET
emaj-57	19	21	association	association	NOUN
emaj-57	19	22	between	between	ADP
emaj-57	19	23	information	information	NOUN
emaj-57	19	24	contained	contain	VERB
emaj-57	19	25	in	in	ADP
emaj-57	19	26	the	the	DET
emaj-57	19	27	firm	firm	NOUN
emaj-57	19	28	’s	’s	PART
emaj-57	19	29	accounting	accounting	NOUN
emaj-57	19	30	income	income	NOUN
emaj-57	19	31	numbers	number	NOUN
emaj-57	19	32	and	and	CCONJ
emaj-57	19	33	stock	stock	NOUN
emaj-57	19	34	prices	price	NOUN
emaj-57	19	35	.	.	PUNCT
emaj-57	20	1	they	they	PRON
emaj-57	20	2	identify	identify	VERB
emaj-57	20	3	that	that	SCONJ
emaj-57	20	4	about	about	ADV
emaj-57	20	5	10	10	NUM
emaj-57	20	6	-	-	SYM
emaj-57	20	7	15	15	NUM
emaj-57	20	8	%	%	NOUN
emaj-57	20	9	of	of	ADP
emaj-57	20	10	the	the	DET
emaj-57	20	11	information	information	NOUN
emaj-57	20	12	contained	contain	VERB
emaj-57	20	13	in	in	ADP
emaj-57	20	14	announced	announced	ADJ
emaj-57	20	15	earnings	earning	NOUN
emaj-57	20	16	had	have	AUX
emaj-57	20	17	been	be	AUX
emaj-57	20	18	predicted	predict	VERB
emaj-57	20	19	by	by	ADP
emaj-57	20	20	the	the	DET
emaj-57	20	21	month	month	NOUN
emaj-57	20	22	of	of	ADP
emaj-57	20	23	preliminary	preliminary	ADJ
emaj-57	20	24	declaration	declaration	NOUN
emaj-57	20	25	.	.	PUNCT
emaj-57	21	1	there	there	PRON
emaj-57	21	2	are	be	VERB
emaj-57	21	3	some	some	DET
emaj-57	21	4	studies	study	NOUN
emaj-57	21	5	illustrating	illustrate	VERB
emaj-57	21	6	more	more	ADJ
emaj-57	21	7	firm	firm	ADJ
emaj-57	21	8	-	-	PUNCT
emaj-57	21	9	specific	specific	ADJ
emaj-57	21	10	factors	factor	NOUN
emaj-57	21	11	.	.	PUNCT
emaj-57	22	1	grant	grant	NOUN
emaj-57	22	2	(	(	PUNCT
emaj-57	22	3	1980	1980	NUM
emaj-57	22	4	)	)	PUNCT
emaj-57	22	5	finds	find	VERB
emaj-57	22	6	that	that	SCONJ
emaj-57	22	7	the	the	DET
emaj-57	22	8	market	market	NOUN
emaj-57	22	9	in	in	ADP
emaj-57	22	10	which	which	PRON
emaj-57	22	11	stocks	stock	NOUN
emaj-57	22	12	are	be	AUX
emaj-57	22	13	traded	trade	VERB
emaj-57	22	14	often	often	ADV
emaj-57	22	15	establish	establish	VERB
emaj-57	22	16	the	the	DET
emaj-57	22	17	behavior	behavior	NOUN
emaj-57	22	18	of	of	ADP
emaj-57	22	19	securities	security	NOUN
emaj-57	22	20	return	return	VERB
emaj-57	22	21	during	during	ADP
emaj-57	22	22	the	the	DET
emaj-57	22	23	earning	earn	VERB
emaj-57	22	24	announcements	announcement	NOUN
emaj-57	22	25	and	and	CCONJ
emaj-57	22	26	these	these	DET
emaj-57	22	27	behaviors	behavior	NOUN
emaj-57	22	28	also	also	ADV
emaj-57	22	29	change	change	VERB
emaj-57	22	30	due	due	ADJ
emaj-57	22	31	to	to	ADP
emaj-57	22	32	change	change	VERB
emaj-57	22	33	in	in	ADP
emaj-57	22	34	announcement	announcement	NOUN
emaj-57	22	35	policy	policy	NOUN
emaj-57	22	36	(	(	PUNCT
emaj-57	22	37	beneish	beneish	NOUN
emaj-57	22	38	and	and	CCONJ
emaj-57	22	39	whaley,1996	whaley,1996	NOUN
emaj-57	22	40	)	)	PUNCT
emaj-57	22	41	.	.	PUNCT
emaj-57	23	1	lacina	lacina	PROPN
emaj-57	23	2	et	et	PROPN
emaj-57	23	3	al	al	PROPN
emaj-57	23	4	.	.	PROPN
emaj-57	23	5	(	(	PUNCT
emaj-57	23	6	2009	2009	NUM
emaj-57	23	7	)	)	PUNCT
emaj-57	23	8	investigate	investigate	VERB
emaj-57	23	9	the	the	DET
emaj-57	23	10	association	association	NOUN
emaj-57	23	11	between	between	ADP
emaj-57	23	12	abnormal	abnormal	ADJ
emaj-57	23	13	stock	stock	NOUN
emaj-57	23	14	returns	return	NOUN
emaj-57	23	15	around	around	ADP
emaj-57	23	16	earnings	earning	NOUN
emaj-57	23	17	announcement	announcement	NOUN
emaj-57	23	18	dates	date	NOUN
emaj-57	23	19	and	and	CCONJ
emaj-57	23	20	quarterly	quarterly	ADJ
emaj-57	23	21	foreign	foreign	ADJ
emaj-57	23	22	and	and	CCONJ
emaj-57	23	23	domestic	domestic	ADJ
emaj-57	23	24	sales	sale	NOUN
emaj-57	23	25	and	and	CCONJ
emaj-57	23	26	earnings	earning	NOUN
emaj-57	23	27	data	datum	NOUN
emaj-57	23	28	.	.	PUNCT
emaj-57	24	1	freeman	freeman	PROPN
emaj-57	24	2	(	(	PUNCT
emaj-57	24	3	1987	1987	NUM
emaj-57	24	4	)	)	PUNCT
emaj-57	24	5	has	have	AUX
emaj-57	24	6	established	establish	VERB
emaj-57	24	7	that	that	SCONJ
emaj-57	24	8	the	the	DET
emaj-57	24	9	amount	amount	NOUN
emaj-57	24	10	of	of	ADP
emaj-57	24	11	unpredicted	unpredicted	ADJ
emaj-57	24	12	news	news	NOUN
emaj-57	24	13	transferred	transfer	VERB
emaj-57	24	14	to	to	ADP
emaj-57	24	15	the	the	DET
emaj-57	24	16	market	market	NOUN
emaj-57	24	17	by	by	ADP
emaj-57	24	18	earnings	earning	NOUN
emaj-57	24	19	report	report	NOUN
emaj-57	24	20	is	be	AUX
emaj-57	24	21	inversely	inversely	ADV
emaj-57	24	22	proportional	proportional	ADJ
emaj-57	24	23	to	to	ADP
emaj-57	24	24	the	the	DET
emaj-57	24	25	market	market	NOUN
emaj-57	24	26	capitalization	capitalization	NOUN
emaj-57	24	27	or	or	CCONJ
emaj-57	24	28	the	the	DET
emaj-57	24	29	size	size	NOUN
emaj-57	24	30	of	of	ADP
emaj-57	24	31	the	the	DET
emaj-57	24	32	firm	firm	NOUN
emaj-57	24	33	.	.	PUNCT
emaj-57	25	1	lev	lev	PROPN
emaj-57	25	2	and	and	CCONJ
emaj-57	25	3	penman	penman	PROPN
emaj-57	25	4	(	(	PUNCT
emaj-57	25	5	1990	1990	NUM
emaj-57	25	6	)	)	PUNCT
emaj-57	25	7	also	also	ADV
emaj-57	25	8	indicate	indicate	VERB
emaj-57	25	9	that	that	SCONJ
emaj-57	25	10	larger	large	ADJ
emaj-57	25	11	firms	firm	NOUN
emaj-57	25	12	report	report	VERB
emaj-57	25	13	more	more	ADJ
emaj-57	25	14	earning	earning	NOUN
emaj-57	25	15	forecast	forecast	NOUN
emaj-57	25	16	than	than	ADP
emaj-57	25	17	smaller	small	ADJ
emaj-57	25	18	firms	firm	NOUN
emaj-57	25	19	.	.	PUNCT
emaj-57	26	1	previous	previous	ADJ
emaj-57	26	2	researchers	researcher	NOUN
emaj-57	26	3	(	(	PUNCT
emaj-57	26	4	lang	lang	PROPN
emaj-57	26	5	and	and	CCONJ
emaj-57	26	6	lundholm,1993	lundholm,1993	PROPN
emaj-57	26	7	)	)	PUNCT
emaj-57	26	8	infer	infer	VERB
emaj-57	26	9	that	that	SCONJ
emaj-57	26	10	uncertainty	uncertainty	NOUN
emaj-57	26	11	can	can	AUX
emaj-57	26	12	act	act	VERB
emaj-57	26	13	as	as	ADP
emaj-57	26	14	a	a	DET
emaj-57	26	15	proxy	proxy	NOUN
emaj-57	26	16	for	for	ADP
emaj-57	26	17	information	information	NOUN
emaj-57	26	18	asymmetry	asymmetry	NOUN
emaj-57	26	19	.	.	PUNCT
emaj-57	27	1	they	they	PRON
emaj-57	27	2	investigate	investigate	VERB
emaj-57	27	3	cross	cross	ADJ
emaj-57	27	4	-	-	ADJ
emaj-57	27	5	sectional	sectional	ADJ
emaj-57	27	6	variation	variation	NOUN
emaj-57	27	7	in	in	ADP
emaj-57	27	8	analysts	analyst	NOUN
emaj-57	27	9	'	'	PART
emaj-57	27	10	published	publish	VERB
emaj-57	27	11	evaluations	evaluation	NOUN
emaj-57	27	12	of	of	ADP
emaj-57	27	13	firms	firm	NOUN
emaj-57	27	14	'	'	PART
emaj-57	27	15	disclosure	disclosure	NOUN
emaj-57	27	16	practices	practice	NOUN
emaj-57	27	17	and	and	CCONJ
emaj-57	27	18	provided	provide	VERB
emaj-57	27	19	evidence	evidence	NOUN
emaj-57	27	20	that	that	SCONJ
emaj-57	27	21	the	the	DET
emaj-57	27	22	analysts	analyst	NOUN
emaj-57	27	23	'	'	PART
emaj-57	27	24	ratings	rating	NOUN
emaj-57	27	25	are	be	AUX
emaj-57	27	26	increasing	increase	VERB
emaj-57	27	27	in	in	ADP
emaj-57	27	28	firm	firm	ADJ
emaj-57	27	29	size	size	NOUN
emaj-57	27	30	and	and	CCONJ
emaj-57	27	31	in	in	ADP
emaj-57	27	32	firm	firm	ADJ
emaj-57	27	33	performance	performance	NOUN
emaj-57	27	34	as	as	SCONJ
emaj-57	27	35	measured	measure	VERB
emaj-57	27	36	by	by	ADP
emaj-57	27	37	earnings	earning	NOUN
emaj-57	27	38	and	and	CCONJ
emaj-57	27	39	return	return	NOUN
emaj-57	27	40	variables	variable	NOUN
emaj-57	27	41	.	.	PUNCT
emaj-57	28	1	ratings	rating	NOUN
emaj-57	28	2	decrease	decrease	NOUN
emaj-57	28	3	in	in	ADP
emaj-57	28	4	the	the	DET
emaj-57	28	5	correlation	correlation	NOUN
emaj-57	28	6	between	between	ADP
emaj-57	28	7	earnings	earning	NOUN
emaj-57	28	8	and	and	CCONJ
emaj-57	28	9	returns	return	NOUN
emaj-57	28	10	and	and	CCONJ
emaj-57	28	11	these	these	PRON
emaj-57	28	12	are	be	AUX
emaj-57	28	13	higher	high	ADJ
emaj-57	28	14	for	for	ADP
emaj-57	28	15	firms	firm	NOUN
emaj-57	28	16	issuing	issue	VERB
emaj-57	28	17	securities	security	NOUN
emaj-57	28	18	in	in	ADP
emaj-57	28	19	the	the	DET
emaj-57	28	20	current	current	ADJ
emaj-57	28	21	or	or	CCONJ
emaj-57	28	22	future	future	ADJ
emaj-57	28	23	period	period	NOUN
emaj-57	28	24	.	.	PUNCT
emaj-57	29	1	veronesi	veronesi	NOUN
emaj-57	29	2	(	(	PUNCT
emaj-57	29	3	1999	1999	NUM
emaj-57	29	4	)	)	PUNCT
emaj-57	29	5	has	have	AUX
emaj-57	29	6	built	build	VERB
emaj-57	29	7	up	up	ADP
emaj-57	29	8	his	his	PRON
emaj-57	29	9	model	model	NOUN
emaj-57	29	10	by	by	ADP
emaj-57	29	11	introducing	introduce	VERB
emaj-57	29	12	the	the	DET
emaj-57	29	13	significant	significant	ADJ
emaj-57	29	14	impact	impact	NOUN
emaj-57	29	15	of	of	ADP
emaj-57	29	16	current	current	ADJ
emaj-57	29	17	market	market	NOUN
emaj-57	29	18	uncertainty	uncertainty	NOUN
emaj-57	29	19	on	on	ADP
emaj-57	29	20	the	the	DET
emaj-57	29	21	extent	extent	NOUN
emaj-57	29	22	of	of	ADP
emaj-57	29	23	investor	investor	NOUN
emaj-57	29	24	’s	’s	PART
emaj-57	29	25	reaction	reaction	NOUN
emaj-57	29	26	to	to	ADP
emaj-57	29	27	good	good	ADJ
emaj-57	29	28	or	or	CCONJ
emaj-57	29	29	bad	bad	ADJ
emaj-57	29	30	firm	firm	ADJ
emaj-57	29	31	-	-	PUNCT
emaj-57	29	32	specific	specific	ADJ
emaj-57	29	33	news	news	NOUN
emaj-57	29	34	.	.	PUNCT
emaj-57	30	1	according	accord	VERB
emaj-57	30	2	to	to	ADP
emaj-57	30	3	this	this	DET
emaj-57	30	4	paper	paper	NOUN
emaj-57	30	5	,	,	PUNCT
emaj-57	30	6	investors	investor	NOUN
emaj-57	30	7	rationally	rationally	ADV
emaj-57	30	8	predict	predict	VERB
emaj-57	30	9	that	that	SCONJ
emaj-57	30	10	their	their	PRON
emaj-57	30	11	anticipations	anticipation	NOUN
emaj-57	30	12	of	of	ADP
emaj-57	30	13	cash	cash	NOUN
emaj-57	30	14	flows	flow	NOUN
emaj-57	30	15	tend	tend	VERB
emaj-57	30	16	to	to	PART
emaj-57	30	17	react	react	VERB
emaj-57	30	18	more	more	ADV
emaj-57	30	19	quickly	quickly	ADV
emaj-57	30	20	to	to	ADP
emaj-57	30	21	news	news	NOUN
emaj-57	30	22	during	during	ADP
emaj-57	30	23	high	high	ADJ
emaj-57	30	24	uncertain	uncertain	ADJ
emaj-57	30	25	periods	period	NOUN
emaj-57	30	26	.	.	PUNCT
emaj-57	31	1	this	this	DET
emaj-57	31	2	higher	high	ADJ
emaj-57	31	3	sensitivity	sensitivity	NOUN
emaj-57	31	4	to	to	ADP
emaj-57	31	5	news	news	NOUN
emaj-57	31	6	tends	tend	VERB
emaj-57	31	7	to	to	PART
emaj-57	31	8	increase	increase	VERB
emaj-57	31	9	the	the	DET
emaj-57	31	10	volatility	volatility	NOUN
emaj-57	31	11	of	of	ADP
emaj-57	31	12	stock	stock	NOUN
emaj-57	31	13	price	price	NOUN
emaj-57	31	14	.	.	PUNCT
emaj-57	32	1	that	that	PRON
emaj-57	32	2	is	be	AUX
emaj-57	32	3	the	the	DET
emaj-57	32	4	reason	reason	NOUN
emaj-57	32	5	behind	behind	ADP
emaj-57	32	6	the	the	DET
emaj-57	32	7	tendency	tendency	NOUN
emaj-57	32	8	of	of	SCONJ
emaj-57	32	9	investors	investor	NOUN
emaj-57	32	10	to	to	PART
emaj-57	32	11	hedge	hedge	VERB
emaj-57	32	12	,	,	PUNCT
emaj-57	32	13	because	because	SCONJ
emaj-57	32	14	generally	generally	ADV
emaj-57	32	15	they	they	PRON
emaj-57	32	16	are	be	AUX
emaj-57	32	17	risk	risk	NOUN
emaj-57	32	18	-	-	PUNCT
emaj-57	32	19	averse	averse	ADJ
emaj-57	32	20	.	.	PUNCT
emaj-57	33	1	according	accord	VERB
emaj-57	33	2	to	to	ADP
emaj-57	33	3	this	this	DET
emaj-57	33	4	model	model	NOUN
emaj-57	33	5	,	,	PUNCT
emaj-57	33	6	investors	investor	NOUN
emaj-57	33	7	discount	discount	VERB
emaj-57	33	8	good	good	ADJ
emaj-57	33	9	news	news	NOUN
emaj-57	33	10	at	at	ADP
emaj-57	33	11	a	a	DET
emaj-57	33	12	higher	high	ADJ
emaj-57	33	13	rate	rate	NOUN
emaj-57	33	14	if	if	SCONJ
emaj-57	33	15	it	it	PRON
emaj-57	33	16	is	be	AUX
emaj-57	33	17	announced	announce	VERB
emaj-57	33	18	during	during	ADP
emaj-57	33	19	bad	bad	ADJ
emaj-57	33	20	times	time	NOUN
emaj-57	33	21	,	,	PUNCT
emaj-57	33	22	and	and	CCONJ
emaj-57	33	23	investors	investor	NOUN
emaj-57	33	24	discount	discount	VERB
emaj-57	33	25	bad	bad	ADJ
emaj-57	33	26	news	news	NOUN
emaj-57	33	27	at	at	ADP
emaj-57	33	28	a	a	DET
emaj-57	33	29	much	much	ADV
emaj-57	33	30	higher	high	ADJ
emaj-57	33	31	rate	rate	NOUN
emaj-57	33	32	if	if	SCONJ
emaj-57	33	33	it	it	PRON
emaj-57	33	34	is	be	AUX
emaj-57	33	35	announced	announce	VERB
emaj-57	33	36	during	during	ADP
emaj-57	33	37	good	good	ADJ
emaj-57	33	38	times	time	NOUN
emaj-57	33	39	.	.	PUNCT
emaj-57	34	1	several	several	ADJ
emaj-57	34	2	studies	study	NOUN
emaj-57	34	3	document	document	NOUN
emaj-57	34	4	that	that	SCONJ
emaj-57	34	5	economic	economic	ADJ
emaj-57	34	6	and	and	CCONJ
emaj-57	34	7	market	market	NOUN
emaj-57	34	8	conditions	condition	NOUN
emaj-57	34	9	influenced	influence	VERB
emaj-57	34	10	the	the	DET
emaj-57	34	11	investor	investor	NOUN
emaj-57	34	12	’s	’s	PART
emaj-57	34	13	reactions	reaction	NOUN
emaj-57	34	14	to	to	ADP
emaj-57	34	15	any	any	DET
emaj-57	34	16	identical	identical	ADJ
emaj-57	34	17	events	event	NOUN
emaj-57	34	18	(	(	PUNCT
emaj-57	34	19	da	da	PROPN
emaj-57	34	20	costa	costa	PROPN
emaj-57	34	21	,	,	PUNCT
emaj-57	34	22	1994	1994	NUM
emaj-57	34	23	;	;	PUNCT
emaj-57	34	24	boyd	boyd	PROPN
emaj-57	34	25	et	et	PROPN
emaj-57	34	26	al	al	PROPN
emaj-57	34	27	.	.	PROPN
emaj-57	34	28	,	,	PUNCT
emaj-57	34	29	2001	2001	NUM
emaj-57	34	30	)	)	PUNCT
emaj-57	34	31	.	.	PUNCT
emaj-57	35	1	docking	docking	NOUN
emaj-57	35	2	and	and	CCONJ
emaj-57	35	3	koch	koch	PROPN
emaj-57	35	4	(	(	PUNCT
emaj-57	35	5	2005	2005	NUM
emaj-57	35	6	)	)	PUNCT
emaj-57	35	7	find	find	VERB
emaj-57	35	8	that	that	SCONJ
emaj-57	35	9	dividend	dividend	NOUN
emaj-57	35	10	change	change	NOUN
emaj-57	35	11	announcements	announcement	NOUN
emaj-57	35	12	to	to	ADP
emaj-57	35	13	lower	low	ADJ
emaj-57	35	14	dividends	dividend	NOUN
emaj-57	35	15	are	be	AUX
emaj-57	35	16	followed	follow	VERB
emaj-57	35	17	by	by	ADP
emaj-57	35	18	greater	great	ADJ
emaj-57	35	19	decrease	decrease	NOUN
emaj-57	35	20	in	in	ADP
emaj-57	35	21	stock	stock	NOUN
emaj-57	35	22	price	price	NOUN
emaj-57	35	23	during	during	ADP
emaj-57	35	24	uncertain	uncertain	ADJ
emaj-57	35	25	and	and	CCONJ
emaj-57	35	26	up	up	ADP
emaj-57	35	27	market	market	NOUN
emaj-57	35	28	.	.	PUNCT
emaj-57	36	1	announcements	announcement	NOUN
emaj-57	36	2	to	to	PART
emaj-57	36	3	increase	increase	VERB
emaj-57	36	4	dividends	dividend	NOUN
emaj-57	36	5	i.e.	i.e.	X
emaj-57	36	6	good	good	ADJ
emaj-57	36	7	news	news	NOUN
emaj-57	36	8	tends	tend	VERB
emaj-57	36	9	to	to	PART
emaj-57	36	10	be	be	AUX
emaj-57	36	11	considered	consider	VERB
emaj-57	36	12	as	as	ADP
emaj-57	36	13	better	well	ADJ
emaj-57	36	14	news	news	NOUN
emaj-57	36	15	in	in	ADP
emaj-57	36	16	a	a	DET
emaj-57	36	17	normal	normal	ADJ
emaj-57	36	18	or	or	CCONJ
emaj-57	36	19	down	down	ADJ
emaj-57	36	20	market	market	NOUN
emaj-57	36	21	with	with	ADP
emaj-57	36	22	high	high	ADJ
emaj-57	36	23	volatility	volatility	NOUN
emaj-57	36	24	.	.	PUNCT
emaj-57	37	1	whereas	whereas	SCONJ
emaj-57	37	2	in	in	ADP
emaj-57	37	3	the	the	DET
emaj-57	37	4	case	case	NOUN
emaj-57	37	5	of	of	ADP
emaj-57	37	6	decreasing	decrease	VERB
emaj-57	37	7	dividends	dividend	NOUN
emaj-57	37	8	announcements	announcement	NOUN
emaj-57	37	9	investors	investor	NOUN
emaj-57	37	10	overreact	overreact	VERB
emaj-57	37	11	more	more	ADV
emaj-57	37	12	strongly	strongly	ADV
emaj-57	37	13	to	to	ADP
emaj-57	37	14	bad	bad	ADJ
emaj-57	37	15	news	news	NOUN
emaj-57	37	16	in	in	ADP
emaj-57	37	17	good	good	ADJ
emaj-57	37	18	times	time	NOUN
emaj-57	37	19	.	.	PUNCT
emaj-57	38	1	they	they	PRON
emaj-57	38	2	prescribe	prescribe	VERB
emaj-57	38	3	an	an	DET
emaj-57	38	4	implication	implication	NOUN
emaj-57	38	5	by	by	ADP
emaj-57	38	6	using	use	VERB
emaj-57	38	7	dynamic	dynamic	ADJ
emaj-57	38	8	rational	rational	ADJ
emaj-57	38	9	expectations	expectation	NOUN
emaj-57	38	10	equilibrium	equilibrium	NOUN
emaj-57	38	11	model	model	NOUN
emaj-57	38	12	(	(	PUNCT
emaj-57	38	13	veronesi	veronesi	PROPN
emaj-57	38	14	’s	’s	PART
emaj-57	38	15	model,1999	model,1999	NOUN
emaj-57	38	16	)	)	PUNCT
emaj-57	38	17	with	with	ADP
emaj-57	38	18	behavioral	behavioral	ADJ
emaj-57	38	19	considerations	consideration	NOUN
emaj-57	38	20	that	that	PRON
emaj-57	38	21	link	link	VERB
emaj-57	38	22	the	the	DET
emaj-57	38	23	investors	investor	NOUN
emaj-57	38	24	’	’	PART
emaj-57	38	25	reactions	reaction	NOUN
emaj-57	38	26	to	to	ADP
emaj-57	38	27	market	market	NOUN
emaj-57	38	28	direction	direction	NOUN
emaj-57	38	29	and	and	CCONJ
emaj-57	38	30	volatility	volatility	NOUN
emaj-57	38	31	.	.	PUNCT
emaj-57	39	1	the	the	DET
emaj-57	39	2	study	study	NOUN
emaj-57	39	3	of	of	ADP
emaj-57	39	4	johnson	johnson	PROPN
emaj-57	39	5	and	and	CCONJ
emaj-57	39	6	stretcher	stretcher	NOUN
emaj-57	39	7	(	(	PUNCT
emaj-57	39	8	2009	2009	NUM
emaj-57	39	9	)	)	PUNCT
emaj-57	39	10	shows	show	VERB
emaj-57	39	11	that	that	SCONJ
emaj-57	39	12	excess	excess	ADJ
emaj-57	39	13	stock	stock	NOUN
emaj-57	39	14	return	return	NOUN
emaj-57	39	15	around	around	ADP
emaj-57	39	16	the	the	DET
emaj-57	39	17	stock	stock	NOUN
emaj-57	39	18	split	split	NOUN
emaj-57	39	19	announcements	announcement	NOUN
emaj-57	39	20	vary	vary	VERB
emaj-57	39	21	depending	depend	VERB
emaj-57	39	22	on	on	ADP
emaj-57	39	23	the	the	DET
emaj-57	39	24	level	level	NOUN
emaj-57	39	25	of	of	ADP
emaj-57	39	26	market	market	NOUN
emaj-57	39	27	volatility	volatility	NOUN
emaj-57	39	28	.	.	PUNCT
emaj-57	40	1	negative	negative	ADJ
emaj-57	40	2	news	news	NOUN
emaj-57	40	3	has	have	VERB
emaj-57	40	4	more	more	ADJ
emaj-57	40	5	impact	impact	NOUN
emaj-57	40	6	on	on	ADP
emaj-57	40	7	the	the	DET
emaj-57	40	8	variance	variance	NOUN
emaj-57	40	9	of	of	ADP
emaj-57	40	10	return	return	NOUN
emaj-57	40	11	or	or	CCONJ
emaj-57	40	12	volatility	volatility	NOUN
emaj-57	40	13	than	than	ADP
emaj-57	40	14	positive	positive	ADJ
emaj-57	40	15	news	news	NOUN
emaj-57	40	16	(	(	PUNCT
emaj-57	40	17	pradhan	pradhan	NOUN
emaj-57	40	18	and	and	CCONJ
emaj-57	40	19	narashimhan	narashimhan	PROPN
emaj-57	40	20	,	,	PUNCT
emaj-57	40	21	2002	2002	NUM
emaj-57	40	22	)	)	PUNCT
emaj-57	40	23	.	.	PUNCT
emaj-57	41	1	following	follow	VERB
emaj-57	41	2	section	section	NOUN
emaj-57	41	3	develops	develop	VERB
emaj-57	41	4	hypotheses	hypothesis	NOUN
emaj-57	41	5	and	and	CCONJ
emaj-57	41	6	methodologies	methodology	NOUN
emaj-57	41	7	.	.	PUNCT
emaj-57	42	1	section	section	NOUN
emaj-57	42	2	4	4	NUM
emaj-57	42	3	illustrates	illustrate	VERB
emaj-57	42	4	the	the	DET
emaj-57	42	5	data	datum	NOUN
emaj-57	42	6	sources	source	NOUN
emaj-57	42	7	.	.	PUNCT
emaj-57	43	1	section	section	NOUN
emaj-57	43	2	5	5	NUM
emaj-57	43	3	depicts	depict	VERB
emaj-57	43	4	results	result	NOUN
emaj-57	43	5	and	and	CCONJ
emaj-57	43	6	section	section	NOUN
emaj-57	43	7	6	6	NUM
emaj-57	43	8	reports	report	VERB
emaj-57	43	9	additional	additional	ADJ
emaj-57	43	10	feature	feature	NOUN
emaj-57	43	11	to	to	PART
emaj-57	43	12	capture	capture	VERB
emaj-57	43	13	overreaction	overreaction	NOUN
emaj-57	43	14	effect	effect	NOUN
emaj-57	43	15	.	.	PUNCT
emaj-57	44	1	section	section	NOUN
emaj-57	44	2	7	7	NUM
emaj-57	44	3	concludes	conclude	VERB
emaj-57	44	4	.	.	PUNCT
emaj-57	45	1	3	3	NUM
emaj-57	45	2	hypothesis	hypothesis	NOUN
emaj-57	45	3	in	in	ADP
emaj-57	45	4	the	the	DET
emaj-57	45	5	present	present	ADJ
emaj-57	45	6	study	study	NOUN
emaj-57	45	7	we	we	PRON
emaj-57	45	8	have	have	AUX
emaj-57	45	9	tested	test	VERB
emaj-57	45	10	following	follow	VERB
emaj-57	45	11	hypotheses	hypothesis	NOUN
emaj-57	45	12	to	to	PART
emaj-57	45	13	capture	capture	VERB
emaj-57	45	14	how	how	SCONJ
emaj-57	45	15	overreaction	overreaction	NOUN
emaj-57	45	16	effects	effect	NOUN
emaj-57	45	17	differ	differ	VERB
emaj-57	45	18	across	across	ADP
emaj-57	45	19	stocks	stock	NOUN
emaj-57	45	20	,	,	PUNCT
emaj-57	45	21	market	market	NOUN
emaj-57	45	22	conditions	condition	NOUN
emaj-57	45	23	and	and	CCONJ
emaj-57	45	24	the	the	DET
emaj-57	45	25	content	content	NOUN
emaj-57	45	26	of	of	ADP
emaj-57	45	27	news	news	NOUN
emaj-57	45	28	.	.	PUNCT
emaj-57	46	1	the	the	DET
emaj-57	46	2	reasons	reason	NOUN
emaj-57	46	3	behind	behind	ADP
emaj-57	46	4	the	the	DET
emaj-57	46	5	differences	difference	NOUN
emaj-57	46	6	in	in	ADP
emaj-57	46	7	overreaction	overreaction	NOUN
emaj-57	46	8	may	may	AUX
emaj-57	46	9	be	be	AUX
emaj-57	46	10	driven	drive	VERB
emaj-57	46	11	by	by	ADP
emaj-57	46	12	variation	variation	NOUN
emaj-57	46	13	in	in	ADP
emaj-57	46	14	size	size	NOUN
emaj-57	46	15	of	of	ADP
emaj-57	46	16	the	the	DET
emaj-57	46	17	firm	firm	NOUN
emaj-57	46	18	,	,	PUNCT
emaj-57	46	19	volatility	volatility	NOUN
emaj-57	46	20	of	of	ADP
emaj-57	46	21	stock	stock	NOUN
emaj-57	46	22	return	return	NOUN
emaj-57	46	23	,	,	PUNCT
emaj-57	46	24	the	the	DET
emaj-57	46	25	content	content	NOUN
emaj-57	46	26	of	of	ADP
emaj-57	46	27	the	the	DET
emaj-57	46	28	news	news	NOUN
emaj-57	46	29	and	and	CCONJ
emaj-57	46	30	also	also	ADV
emaj-57	46	31	the	the	DET
emaj-57	46	32	combined	combine	VERB
emaj-57	46	33	impact	impact	NOUN
emaj-57	46	34	of	of	ADP
emaj-57	46	35	the	the	DET
emaj-57	46	36	above	above	ADJ
emaj-57	46	37	three	three	NUM
emaj-57	46	38	variables	variable	NOUN
emaj-57	46	39	.	.	PUNCT
emaj-57	47	1	the	the	DET
emaj-57	47	2	following	follow	VERB
emaj-57	47	3	tests	test	NOUN
emaj-57	47	4	have	have	AUX
emaj-57	47	5	been	be	AUX
emaj-57	47	6	done	do	VERB
emaj-57	47	7	for	for	ADP
emaj-57	47	8	considering	consider	VERB
emaj-57	47	9	the	the	DET
emaj-57	47	10	three	three	NUM
emaj-57	47	11	effects	effect	NOUN
emaj-57	47	12	like	like	ADP
emaj-57	47	13	size	size	NOUN
emaj-57	47	14	,	,	PUNCT
emaj-57	47	15	volatility	volatility	NOUN
emaj-57	47	16	and	and	CCONJ
emaj-57	47	17	news	news	NOUN
emaj-57	47	18	individually	individually	ADV
emaj-57	47	19	and	and	CCONJ
emaj-57	47	20	the	the	DET
emaj-57	47	21	combinations	combination	NOUN
emaj-57	47	22	of	of	ADP
emaj-57	47	23	any	any	DET
emaj-57	47	24	two	two	NUM
emaj-57	47	25	effects	effect	NOUN
emaj-57	47	26	combined	combine	VERB
emaj-57	47	27	to	to	PART
emaj-57	47	28	measure	measure	VERB
emaj-57	47	29	market	market	NOUN
emaj-57	47	30	over	over	ADP
emaj-57	47	31	-	-	PUNCT
emaj-57	47	32	reaction	reaction	NOUN
emaj-57	47	33	.	.	PUNCT
emaj-57	48	1	3.1	3.1	NUM
emaj-57	48	2	size	size	NOUN
emaj-57	48	3	effects	effect	NOUN
emaj-57	48	4	large	large	ADJ
emaj-57	48	5	size	size	NOUN
emaj-57	48	6	firms	firm	NOUN
emaj-57	48	7	are	be	AUX
emaj-57	48	8	less	less	ADV
emaj-57	48	9	vulnerable	vulnerable	ADJ
emaj-57	48	10	of	of	ADP
emaj-57	48	11	marketturmoil	marketturmoil	NOUN
emaj-57	48	12	because	because	SCONJ
emaj-57	48	13	of	of	ADP
emaj-57	48	14	their	their	PRON
emaj-57	48	15	volume	volume	NOUN
emaj-57	48	16	,	,	PUNCT
emaj-57	48	17	turn	turn	NOUN
emaj-57	48	18	-	-	PUNCT
emaj-57	48	19	over	over	ADP
emaj-57	48	20	and	and	CCONJ
emaj-57	48	21	selfmonitoring	selfmonitore	VERB
emaj-57	48	22	capacity	capacity	NOUN
emaj-57	48	23	.	.	PUNCT
emaj-57	49	1	atiase	atiase	PROPN
emaj-57	49	2	(	(	PUNCT
emaj-57	49	3	1985	1985	NUM
emaj-57	49	4	)	)	PUNCT
emaj-57	49	5	and	and	CCONJ
emaj-57	49	6	freeman	freeman	PROPN
emaj-57	49	7	(	(	PUNCT
emaj-57	49	8	1987	1987	NUM
emaj-57	49	9	)	)	PUNCT
emaj-57	49	10	volume	volume	NOUN
emaj-57	49	11	4	4	NUM
emaj-57	49	12	no	no	DET
emaj-57	49	13	1	1	NUM
emaj-57	49	14	(	(	PUNCT
emaj-57	49	15	2014	2014	NUM
emaj-57	49	16	)	)	PUNCT
emaj-57	50	1	|	|	ADV
emaj-57	50	2	issn	issn	VERB
emaj-57	50	3	2158	2158	NUM
emaj-57	50	4	-	-	SYM
emaj-57	50	5	8708	8708	NUM
emaj-57	50	6	(	(	PUNCT
emaj-57	50	7	online	online	NOUN
emaj-57	50	8	)	)	PUNCT
emaj-57	50	9	|	|	ADV
emaj-57	50	10	doi	doi	X
emaj-57	50	11	10.5195	10.5195	NUM
emaj-57	50	12	/	/	SYM
emaj-57	50	13	emaj.2014.57	emaj.2014.57	X
emaj-57	50	14	|	|	ADV
emaj-57	50	15	http://emaj.pitt.edu	http://emaj.pitt.edu	AUX
emaj-57	50	16	examining	examine	VERB
emaj-57	50	17	overreaction	overreaction	NOUN
emaj-57	50	18	in	in	ADP
emaj-57	50	19	indian	indian	ADJ
emaj-57	50	20	stock	stock	NOUN
emaj-57	50	21	market	market	NOUN
emaj-57	50	22	for	for	ADP
emaj-57	50	23	quarterly	quarterly	ADJ
emaj-57	50	24	news	news	NOUN
emaj-57	50	25	emerging	emerge	VERB
emaj-57	50	26	markets	market	NOUN
emaj-57	50	27	journal	journal	NOUN
emaj-57	51	1	|	|	ADV
emaj-57	51	2	p	p	NOUN
emaj-57	51	3	a	a	DET
emaj-57	51	4	g	g	PROPN
emaj-57	51	5	e	e	NOUN
emaj-57	51	6	|2	|2	NUM
emaj-57	51	7	established	establish	VERB
emaj-57	51	8	that	that	SCONJ
emaj-57	51	9	the	the	DET
emaj-57	51	10	amount	amount	NOUN
emaj-57	51	11	of	of	ADP
emaj-57	51	12	unpredicted	unpredicted	ADJ
emaj-57	51	13	news	news	NOUN
emaj-57	51	14	transferred	transfer	VERB
emaj-57	51	15	to	to	ADP
emaj-57	51	16	the	the	DET
emaj-57	51	17	market	market	NOUN
emaj-57	51	18	by	by	ADP
emaj-57	51	19	earnings	earning	NOUN
emaj-57	51	20	report	report	NOUN
emaj-57	51	21	is	be	AUX
emaj-57	51	22	inversely	inversely	ADV
emaj-57	51	23	proportional	proportional	ADJ
emaj-57	51	24	to	to	ADP
emaj-57	51	25	the	the	DET
emaj-57	51	26	market	market	NOUN
emaj-57	51	27	capitalization	capitalization	NOUN
emaj-57	51	28	or	or	CCONJ
emaj-57	51	29	the	the	DET
emaj-57	51	30	size	size	NOUN
emaj-57	51	31	of	of	ADP
emaj-57	51	32	the	the	DET
emaj-57	51	33	firm	firm	NOUN
emaj-57	51	34	.	.	PUNCT
emaj-57	52	1	lev	lev	PROPN
emaj-57	52	2	and	and	CCONJ
emaj-57	52	3	penman	penman	PROPN
emaj-57	52	4	(	(	PUNCT
emaj-57	52	5	1990	1990	NUM
emaj-57	52	6	)	)	PUNCT
emaj-57	52	7	also	also	ADV
emaj-57	52	8	indicated	indicate	VERB
emaj-57	52	9	that	that	SCONJ
emaj-57	52	10	larger	large	ADJ
emaj-57	52	11	firms	firm	NOUN
emaj-57	52	12	report	report	VERB
emaj-57	52	13	more	more	ADJ
emaj-57	52	14	earning	earning	NOUN
emaj-57	52	15	forecast	forecast	NOUN
emaj-57	52	16	than	than	ADP
emaj-57	52	17	smaller	small	ADJ
emaj-57	52	18	firms	firm	NOUN
emaj-57	52	19	.	.	PUNCT
emaj-57	53	1	the	the	DET
emaj-57	53	2	present	present	ADJ
emaj-57	53	3	study	study	NOUN
emaj-57	53	4	also	also	ADV
emaj-57	53	5	investigates	investigate	VERB
emaj-57	53	6	whether	whether	SCONJ
emaj-57	53	7	there	there	PRON
emaj-57	53	8	are	be	VERB
emaj-57	53	9	any	any	DET
emaj-57	53	10	significant	significant	ADJ
emaj-57	53	11	differences	difference	NOUN
emaj-57	53	12	between	between	ADP
emaj-57	53	13	cumulative	cumulative	ADJ
emaj-57	53	14	abnormal	abnormal	ADJ
emaj-57	53	15	return	return	NOUN
emaj-57	53	16	(	(	PUNCT
emaj-57	53	17	car	car	NOUN
emaj-57	53	18	)	)	PUNCT
emaj-57	53	19	of	of	ADP
emaj-57	53	20	the	the	DET
emaj-57	53	21	large	large	ADJ
emaj-57	53	22	and	and	CCONJ
emaj-57	53	23	small	small	ADJ
emaj-57	53	24	size	size	NOUN
emaj-57	53	25	firms	firm	NOUN
emaj-57	53	26	.	.	PUNCT
emaj-57	54	1	in	in	ADP
emaj-57	54	2	order	order	NOUN
emaj-57	54	3	to	to	PART
emaj-57	54	4	distinguish	distinguish	VERB
emaj-57	54	5	between	between	ADP
emaj-57	54	6	car	car	NOUN
emaj-57	54	7	of	of	ADP
emaj-57	54	8	small	small	ADJ
emaj-57	54	9	and	and	CCONJ
emaj-57	54	10	large	large	ADJ
emaj-57	54	11	size	size	NOUN
emaj-57	54	12	stocks	stock	VERB
emaj-57	54	13	the	the	DET
emaj-57	54	14	following	follow	VERB
emaj-57	54	15	regression	regression	NOUN
emaj-57	54	16	test	test	NOUN
emaj-57	54	17	has	have	AUX
emaj-57	54	18	been	be	AUX
emaj-57	54	19	done	do	VERB
emaj-57	54	20	:	:	PUNCT
emaj-57	55	1	cari	cari	PROPN
emaj-57	55	2	=	=	PROPN
emaj-57	55	3	b0	b0	PROPN
emaj-57	55	4	*	*	PROPN
emaj-57	55	5	ss	ss	PROPN
emaj-57	55	6	+	+	CCONJ
emaj-57	55	7	b1	b1	NOUN
emaj-57	55	8	*	*	PUNCT
emaj-57	55	9	ms	ms	PROPN
emaj-57	55	10	+	+	X
emaj-57	55	11	b2	b2	NOUN
emaj-57	55	12	*	*	PUNCT
emaj-57	55	13	ls	ls	ADP
emaj-57	55	14	the	the	DET
emaj-57	55	15	dummy	dummy	ADJ
emaj-57	55	16	variables	variable	NOUN
emaj-57	55	17	are	be	AUX
emaj-57	55	18	defined	define	VERB
emaj-57	55	19	in	in	ADP
emaj-57	55	20	the	the	DET
emaj-57	55	21	following	following	ADJ
emaj-57	55	22	manner	manner	NOUN
emaj-57	55	23	.	.	PUNCT
emaj-57	56	1	the	the	DET
emaj-57	56	2	coefficients	coefficient	NOUN
emaj-57	56	3	are	be	AUX
emaj-57	56	4	indexed	index	VERB
emaj-57	56	5	as	as	ADP
emaj-57	56	6	:	:	PUNCT
emaj-57	56	7	bi=1	bi=1	X
emaj-57	56	8	if	if	SCONJ
emaj-57	56	9	the	the	DET
emaj-57	56	10	event	event	NOUN
emaj-57	56	11	occurs	occur	VERB
emaj-57	56	12	during	during	ADP
emaj-57	56	13	size	size	NOUN
emaj-57	56	14	quartile	quartile	NOUN
emaj-57	56	15	i	i	PRON
emaj-57	56	16	and	and	CCONJ
emaj-57	56	17	0	0	NUM
emaj-57	56	18	otherwise	otherwise	ADV
emaj-57	56	19	;	;	PUNCT
emaj-57	56	20	where	where	SCONJ
emaj-57	56	21	,	,	PUNCT
emaj-57	56	22	ss(small	ss(small	DET
emaj-57	56	23	size	size	NOUN
emaj-57	56	24	)	)	PUNCT
emaj-57	57	1	=	=	SYM
emaj-57	57	2	0	0	PUNCT
emaj-57	58	1	if	if	SCONJ
emaj-57	58	2	the	the	DET
emaj-57	58	3	event	event	NOUN
emaj-57	58	4	occurs	occur	VERB
emaj-57	58	5	when	when	SCONJ
emaj-57	58	6	firm	firm	ADJ
emaj-57	58	7	’s	’s	PART
emaj-57	58	8	market	market	NOUN
emaj-57	58	9	capitalization	capitalization	NOUN
emaj-57	58	10	value	value	NOUN
emaj-57	58	11	is	be	AUX
emaj-57	58	12	less	less	ADJ
emaj-57	58	13	(	(	PUNCT
emaj-57	58	14	bottom	bottom	ADJ
emaj-57	58	15	25	25	NUM
emaj-57	58	16	percentile	percentile	ADJ
emaj-57	58	17	)	)	PUNCT
emaj-57	58	18	;	;	PUNCT
emaj-57	58	19	ms(medium	ms(medium	NOUN
emaj-57	58	20	size	size	NOUN
emaj-57	58	21	)	)	PUNCT
emaj-57	58	22	=	=	SYM
emaj-57	58	23	1	1	NUM
emaj-57	58	24	if	if	SCONJ
emaj-57	58	25	the	the	DET
emaj-57	58	26	event	event	NOUN
emaj-57	58	27	occurs	occur	VERB
emaj-57	58	28	when	when	SCONJ
emaj-57	58	29	firm	firm	ADJ
emaj-57	58	30	’s	’s	PART
emaj-57	58	31	market	market	NOUN
emaj-57	58	32	capitalization	capitalization	NOUN
emaj-57	58	33	value	value	NOUN
emaj-57	58	34	is	be	AUX
emaj-57	58	35	medium	medium	ADJ
emaj-57	58	36	(	(	PUNCT
emaj-57	58	37	middle	middle	ADJ
emaj-57	58	38	50	50	NUM
emaj-57	58	39	percentile	percentile	ADJ
emaj-57	58	40	)	)	PUNCT
emaj-57	58	41	and	and	CCONJ
emaj-57	58	42	ls(large	ls(large	PROPN
emaj-57	58	43	size	size	NOUN
emaj-57	58	44	)	)	PUNCT
emaj-57	58	45	=	=	SYM
emaj-57	58	46	2	2	NUM
emaj-57	58	47	if	if	SCONJ
emaj-57	58	48	the	the	DET
emaj-57	58	49	event	event	NOUN
emaj-57	58	50	occurs	occur	VERB
emaj-57	58	51	when	when	SCONJ
emaj-57	58	52	firm	firm	ADJ
emaj-57	58	53	’s	’s	PART
emaj-57	58	54	market	market	NOUN
emaj-57	58	55	capitalization	capitalization	NOUN
emaj-57	58	56	value	value	NOUN
emaj-57	58	57	is	be	AUX
emaj-57	58	58	more	more	ADJ
emaj-57	58	59	(	(	PUNCT
emaj-57	58	60	top	top	ADJ
emaj-57	58	61	25	25	NUM
emaj-57	58	62	percentile	percentile	ADJ
emaj-57	58	63	)	)	PUNCT
emaj-57	58	64	.	.	PUNCT
emaj-57	59	1	hypothesis	hypothesis	NOUN
emaj-57	59	2	h1	h1	PROPN
emaj-57	59	3	:	:	PUNCT
emaj-57	59	4	there	there	PRON
emaj-57	59	5	is	be	VERB
emaj-57	59	6	significant	significant	ADJ
emaj-57	59	7	difference	difference	NOUN
emaj-57	59	8	in	in	ADP
emaj-57	59	9	the	the	DET
emaj-57	59	10	mean	mean	ADJ
emaj-57	59	11	car	car	NOUN
emaj-57	59	12	’s	’s	NOUN
emaj-57	59	13	of	of	ADP
emaj-57	59	14	small	small	ADJ
emaj-57	59	15	and	and	CCONJ
emaj-57	59	16	large	large	ADJ
emaj-57	59	17	size	size	NOUN
emaj-57	59	18	firm	firm	NOUN
emaj-57	59	19	(	(	PUNCT
emaj-57	59	20	b0	b0	PROPN
emaj-57	59	21	≠	≠	PROPN
emaj-57	59	22	b2	b2	NOUN
emaj-57	59	23	)	)	PUNCT
emaj-57	59	24	.	.	PUNCT
emaj-57	60	1	3.2	3.2	NUM
emaj-57	60	2	volatility	volatility	NOUN
emaj-57	60	3	effects	effect	NOUN
emaj-57	60	4	market	market	NOUN
emaj-57	60	5	turbulence	turbulence	NOUN
emaj-57	60	6	may	may	AUX
emaj-57	60	7	instigate	instigate	VERB
emaj-57	60	8	overreaction	overreaction	NOUN
emaj-57	60	9	.	.	PUNCT
emaj-57	61	1	that	that	PRON
emaj-57	61	2	is	be	AUX
emaj-57	61	3	why	why	SCONJ
emaj-57	61	4	,	,	PUNCT
emaj-57	61	5	dividend	dividend	NOUN
emaj-57	61	6	change	change	NOUN
emaj-57	61	7	announcements	announcement	NOUN
emaj-57	61	8	to	to	ADP
emaj-57	61	9	lower	low	ADJ
emaj-57	61	10	dividends	dividend	NOUN
emaj-57	61	11	are	be	AUX
emaj-57	61	12	followed	follow	VERB
emaj-57	61	13	by	by	ADP
emaj-57	61	14	greater	great	ADJ
emaj-57	61	15	decrease	decrease	NOUN
emaj-57	61	16	in	in	ADP
emaj-57	61	17	stock	stock	NOUN
emaj-57	61	18	price	price	NOUN
emaj-57	61	19	during	during	ADP
emaj-57	61	20	uncertain	uncertain	ADJ
emaj-57	61	21	,	,	PUNCT
emaj-57	61	22	volatile	volatile	ADJ
emaj-57	61	23	market	market	NOUN
emaj-57	61	24	(	(	PUNCT
emaj-57	61	25	docking	docking	NOUN
emaj-57	61	26	and	and	CCONJ
emaj-57	61	27	koch	koch	PROPN
emaj-57	61	28	,	,	PUNCT
emaj-57	61	29	2005	2005	NUM
emaj-57	61	30	)	)	PUNCT
emaj-57	61	31	.	.	PUNCT
emaj-57	62	1	johnson	johnson	PROPN
emaj-57	62	2	and	and	CCONJ
emaj-57	62	3	stretcher	stretcher	NOUN
emaj-57	62	4	(	(	PUNCT
emaj-57	62	5	2009	2009	NUM
emaj-57	62	6	)	)	PUNCT
emaj-57	62	7	also	also	ADV
emaj-57	62	8	establish	establish	VERB
emaj-57	62	9	that	that	SCONJ
emaj-57	62	10	excess	excess	ADJ
emaj-57	62	11	stock	stock	NOUN
emaj-57	62	12	return	return	NOUN
emaj-57	62	13	around	around	ADP
emaj-57	62	14	the	the	DET
emaj-57	62	15	stock	stock	NOUN
emaj-57	62	16	split	split	NOUN
emaj-57	62	17	announcements	announcement	NOUN
emaj-57	62	18	vary	vary	VERB
emaj-57	62	19	depending	depend	VERB
emaj-57	62	20	on	on	ADP
emaj-57	62	21	the	the	DET
emaj-57	62	22	level	level	NOUN
emaj-57	62	23	of	of	ADP
emaj-57	62	24	market	market	NOUN
emaj-57	62	25	volatility	volatility	NOUN
emaj-57	62	26	.	.	PUNCT
emaj-57	63	1	in	in	ADP
emaj-57	63	2	order	order	NOUN
emaj-57	63	3	to	to	PART
emaj-57	63	4	determine	determine	VERB
emaj-57	63	5	the	the	DET
emaj-57	63	6	difference	difference	NOUN
emaj-57	63	7	in	in	ADP
emaj-57	63	8	the	the	DET
emaj-57	63	9	car	car	NOUN
emaj-57	63	10	between	between	ADP
emaj-57	63	11	high	high	ADJ
emaj-57	63	12	and	and	CCONJ
emaj-57	63	13	low	low	ADJ
emaj-57	63	14	volatility	volatility	NOUN
emaj-57	63	15	periods	period	VERB
emaj-57	63	16	the	the	DET
emaj-57	63	17	regression	regression	NOUN
emaj-57	63	18	equation	equation	NOUN
emaj-57	63	19	is	be	AUX
emaj-57	63	20	as	as	SCONJ
emaj-57	63	21	follows	follow	VERB
emaj-57	63	22	:	:	PUNCT
emaj-57	64	1	cari	cari	PROPN
emaj-57	64	2	=	=	PROPN
emaj-57	64	3	b0	b0	PROPN
emaj-57	64	4	*	*	PUNCT
emaj-57	64	5	lv	lv	PROPN
emaj-57	64	6	+	+	CCONJ
emaj-57	64	7	b1	b1	PROPN
emaj-57	64	8	*	*	PUNCT
emaj-57	64	9	mv	mv	PROPN
emaj-57	64	10	+	+	CCONJ
emaj-57	64	11	b2	b2	PROPN
emaj-57	64	12	*	*	PUNCT
emaj-57	64	13	hv	hv	PROPN
emaj-57	64	14	the	the	DET
emaj-57	64	15	dummy	dummy	ADJ
emaj-57	64	16	variables	variable	NOUN
emaj-57	64	17	are	be	AUX
emaj-57	64	18	defined	define	VERB
emaj-57	64	19	in	in	ADP
emaj-57	64	20	the	the	DET
emaj-57	64	21	similar	similar	ADJ
emaj-57	64	22	manner	manner	NOUN
emaj-57	64	23	.	.	PUNCT
emaj-57	65	1	the	the	DET
emaj-57	65	2	coefficients	coefficient	NOUN
emaj-57	65	3	are	be	AUX
emaj-57	65	4	indexed	index	VERB
emaj-57	65	5	as	as	ADP
emaj-57	65	6	:	:	PUNCT
emaj-57	65	7	bi=1	bi=1	X
emaj-57	65	8	if	if	SCONJ
emaj-57	65	9	the	the	DET
emaj-57	65	10	event	event	NOUN
emaj-57	65	11	occurs	occur	VERB
emaj-57	65	12	during	during	ADP
emaj-57	65	13	volatility	volatility	NOUN
emaj-57	65	14	quartile	quartile	NOUN
emaj-57	66	1	i	i	PRON
emaj-57	66	2	and	and	CCONJ
emaj-57	66	3	0	0	NUM
emaj-57	66	4	otherwise	otherwise	ADV
emaj-57	66	5	;	;	PUNCT
emaj-57	66	6	where	where	SCONJ
emaj-57	66	7	,	,	PUNCT
emaj-57	66	8	lv(low	lv(low	ADJ
emaj-57	66	9	volatility	volatility	NOUN
emaj-57	66	10	)	)	PUNCT
emaj-57	67	1	=	=	SYM
emaj-57	67	2	0	0	PUNCT
emaj-57	68	1	if	if	SCONJ
emaj-57	68	2	the	the	DET
emaj-57	68	3	event	event	NOUN
emaj-57	68	4	occurs	occur	VERB
emaj-57	68	5	when	when	SCONJ
emaj-57	68	6	market	market	NOUN
emaj-57	68	7	is	be	AUX
emaj-57	68	8	less	less	ADV
emaj-57	68	9	volatile	volatile	ADJ
emaj-57	68	10	(	(	PUNCT
emaj-57	68	11	bottom	bottom	ADJ
emaj-57	68	12	25	25	NUM
emaj-57	68	13	percentile	percentile	ADJ
emaj-57	68	14	)	)	PUNCT
emaj-57	68	15	;	;	PUNCT
emaj-57	68	16	mv(medium	mv(medium	NOUN
emaj-57	68	17	volatility	volatility	NOUN
emaj-57	68	18	)	)	PUNCT
emaj-57	69	1	=	=	PUNCT
emaj-57	69	2	1	1	NUM
emaj-57	69	3	if	if	SCONJ
emaj-57	69	4	the	the	DET
emaj-57	69	5	event	event	NOUN
emaj-57	69	6	occurs	occur	VERB
emaj-57	69	7	when	when	SCONJ
emaj-57	69	8	market	market	NOUN
emaj-57	69	9	is	be	AUX
emaj-57	69	10	medium	medium	ADJ
emaj-57	69	11	volatile	volatile	ADJ
emaj-57	69	12	(	(	PUNCT
emaj-57	69	13	middle	middle	ADJ
emaj-57	69	14	50	50	NUM
emaj-57	69	15	percentile	percentile	NOUN
emaj-57	69	16	)	)	PUNCT
emaj-57	69	17	and	and	CCONJ
emaj-57	69	18	hv(high	hv(high	PROPN
emaj-57	69	19	volatility	volatility	NOUN
emaj-57	69	20	)	)	PUNCT
emaj-57	69	21	=	=	SYM
emaj-57	69	22	2	2	NUM
emaj-57	69	23	if	if	SCONJ
emaj-57	69	24	the	the	DET
emaj-57	69	25	event	event	NOUN
emaj-57	69	26	occurs	occur	VERB
emaj-57	69	27	when	when	SCONJ
emaj-57	69	28	market	market	NOUN
emaj-57	69	29	is	be	AUX
emaj-57	69	30	more	more	ADV
emaj-57	69	31	volatile	volatile	ADJ
emaj-57	69	32	(	(	PUNCT
emaj-57	69	33	top	top	ADJ
emaj-57	69	34	25	25	NUM
emaj-57	69	35	percentile	percentile	ADJ
emaj-57	69	36	)	)	PUNCT
emaj-57	69	37	.	.	PUNCT
emaj-57	70	1	hypothesis	hypothesis	NOUN
emaj-57	70	2	h2	h2	NOUN
emaj-57	70	3	:	:	PUNCT
emaj-57	70	4	there	there	PRON
emaj-57	70	5	is	be	VERB
emaj-57	70	6	significant	significant	ADJ
emaj-57	70	7	difference	difference	NOUN
emaj-57	70	8	in	in	ADP
emaj-57	70	9	the	the	DET
emaj-57	70	10	mean	mean	ADJ
emaj-57	70	11	car	car	NOUN
emaj-57	70	12	’s	’s	NOUN
emaj-57	70	13	in	in	ADP
emaj-57	70	14	low	low	ADJ
emaj-57	70	15	volatility	volatility	NOUN
emaj-57	70	16	and	and	CCONJ
emaj-57	70	17	high	high	ADJ
emaj-57	70	18	volatility	volatility	NOUN
emaj-57	70	19	period	period	NOUN
emaj-57	70	20	(	(	PUNCT
emaj-57	70	21	b0	b0	NOUN
emaj-57	70	22	≠	≠	PROPN
emaj-57	70	23	b2	b2	NOUN
emaj-57	70	24	)	)	PUNCT
emaj-57	70	25	.	.	PUNCT
emaj-57	71	1	3.3	3.3	NUM
emaj-57	71	2	news	news	NOUN
emaj-57	71	3	effects	effect	NOUN
emaj-57	71	4	people	people	NOUN
emaj-57	71	5	react	react	VERB
emaj-57	71	6	more	more	ADV
emaj-57	71	7	on	on	ADP
emaj-57	71	8	any	any	DET
emaj-57	71	9	negative	negative	ADJ
emaj-57	71	10	news	news	NOUN
emaj-57	71	11	rather	rather	ADV
emaj-57	71	12	than	than	ADP
emaj-57	71	13	any	any	DET
emaj-57	71	14	positive	positive	ADJ
emaj-57	71	15	news	news	NOUN
emaj-57	71	16	.	.	PUNCT
emaj-57	72	1	negative	negative	ADJ
emaj-57	72	2	news	news	PROPN
emaj-57	72	3	has	have	VERB
emaj-57	72	4	more	more	ADJ
emaj-57	72	5	impact	impact	NOUN
emaj-57	72	6	on	on	ADP
emaj-57	72	7	the	the	DET
emaj-57	72	8	variance	variance	NOUN
emaj-57	72	9	of	of	ADP
emaj-57	72	10	return	return	NOUN
emaj-57	72	11	or	or	CCONJ
emaj-57	72	12	volatility	volatility	NOUN
emaj-57	72	13	than	than	ADP
emaj-57	72	14	positive	positive	ADJ
emaj-57	72	15	news	news	NOUN
emaj-57	72	16	(	(	PUNCT
emaj-57	72	17	pradhan	pradhan	NOUN
emaj-57	72	18	and	and	CCONJ
emaj-57	72	19	narashimhan	narashimhan	PROPN
emaj-57	72	20	,	,	PUNCT
emaj-57	72	21	2002	2002	NUM
emaj-57	72	22	)	)	PUNCT
emaj-57	72	23	.	.	PUNCT
emaj-57	73	1	in	in	ADP
emaj-57	73	2	order	order	NOUN
emaj-57	73	3	to	to	PART
emaj-57	73	4	differentiate	differentiate	VERB
emaj-57	73	5	between	between	ADP
emaj-57	73	6	car	car	NOUN
emaj-57	73	7	of	of	ADP
emaj-57	73	8	good	good	ADJ
emaj-57	73	9	news	news	NOUN
emaj-57	73	10	and	and	CCONJ
emaj-57	73	11	bad	bad	ADJ
emaj-57	73	12	news	news	NOUN
emaj-57	73	13	the	the	DET
emaj-57	73	14	following	follow	VERB
emaj-57	73	15	regression	regression	NOUN
emaj-57	73	16	equation	equation	NOUN
emaj-57	73	17	has	have	AUX
emaj-57	73	18	been	be	AUX
emaj-57	73	19	tested	test	VERB
emaj-57	73	20	:	:	PUNCT
emaj-57	73	21	cari	cari	PROPN
emaj-57	73	22	=	=	PROPN
emaj-57	73	23	b0	b0	PROPN
emaj-57	73	24	*	*	PUNCT
emaj-57	73	25	gn+	gn+	NOUN
emaj-57	73	26	b1	b1	PROPN
emaj-57	73	27	*	*	PUNCT
emaj-57	73	28	nn	nn	PROPN
emaj-57	73	29	+	+	PROPN
emaj-57	73	30	b2	b2	PROPN
emaj-57	73	31	*	*	PUNCT
emaj-57	73	32	bn	bn	ADP
emaj-57	73	33	the	the	DET
emaj-57	73	34	dummy	dummy	ADJ
emaj-57	73	35	variables	variable	NOUN
emaj-57	73	36	are	be	AUX
emaj-57	73	37	defined	define	VERB
emaj-57	73	38	in	in	ADP
emaj-57	73	39	the	the	DET
emaj-57	73	40	similar	similar	ADJ
emaj-57	73	41	manner	manner	NOUN
emaj-57	73	42	.	.	PUNCT
emaj-57	74	1	the	the	DET
emaj-57	74	2	coefficients	coefficient	NOUN
emaj-57	74	3	are	be	AUX
emaj-57	74	4	indexed	index	VERB
emaj-57	74	5	as	as	ADP
emaj-57	74	6	:	:	PUNCT
emaj-57	74	7	bi=1	bi=1	X
emaj-57	74	8	if	if	SCONJ
emaj-57	74	9	the	the	DET
emaj-57	74	10	event	event	NOUN
emaj-57	74	11	occurs	occur	VERB
emaj-57	74	12	during	during	ADP
emaj-57	74	13	news	news	NOUN
emaj-57	74	14	quartile	quartile	NOUN
emaj-57	75	1	i	i	PRON
emaj-57	75	2	and	and	CCONJ
emaj-57	75	3	0	0	NUM
emaj-57	75	4	otherwise	otherwise	ADV
emaj-57	75	5	;	;	PUNCT
emaj-57	75	6	where	where	SCONJ
emaj-57	75	7	,	,	PUNCT
emaj-57	75	8	gn(good	gn(good	NOUN
emaj-57	75	9	news	news	NOUN
emaj-57	75	10	)	)	PUNCT
emaj-57	75	11	=	=	SYM
emaj-57	75	12	0	0	PUNCT
emaj-57	76	1	if	if	SCONJ
emaj-57	76	2	the	the	DET
emaj-57	76	3	event	event	NOUN
emaj-57	76	4	occurs	occur	VERB
emaj-57	76	5	when	when	SCONJ
emaj-57	76	6	ar	ar	NOUN
emaj-57	76	7	is	be	AUX
emaj-57	76	8	more	more	ADJ
emaj-57	76	9	than	than	ADP
emaj-57	76	10	positive	positive	ADJ
emaj-57	76	11	2.5	2.5	NUM
emaj-57	76	12	%	%	NOUN
emaj-57	76	13	;	;	PUNCT
emaj-57	76	14	nn(no	nn(no	PROPN
emaj-57	76	15	news	news	NOUN
emaj-57	76	16	)	)	PUNCT
emaj-57	76	17	=	=	SYM
emaj-57	76	18	1	1	NUM
emaj-57	76	19	if	if	SCONJ
emaj-57	76	20	the	the	DET
emaj-57	76	21	event	event	NOUN
emaj-57	76	22	occurs	occur	VERB
emaj-57	76	23	when	when	SCONJ
emaj-57	76	24	ar	ar	NOUN
emaj-57	76	25	is	be	AUX
emaj-57	76	26	less	less	ADJ
emaj-57	76	27	than	than	ADP
emaj-57	76	28	negative	negative	ADJ
emaj-57	76	29	2.5	2.5	NUM
emaj-57	76	30	%	%	NOUN
emaj-57	76	31	and	and	CCONJ
emaj-57	76	32	bn(bad	bn(bad	PROPN
emaj-57	76	33	news	news	NOUN
emaj-57	76	34	)	)	PUNCT
emaj-57	76	35	=	=	SYM
emaj-57	76	36	1	1	NUM
emaj-57	76	37	if	if	SCONJ
emaj-57	76	38	the	the	DET
emaj-57	76	39	event	event	NOUN
emaj-57	76	40	occurs	occur	VERB
emaj-57	76	41	when	when	SCONJ
emaj-57	76	42	ar	ar	NOUN
emaj-57	76	43	is	be	AUX
emaj-57	76	44	in	in	ADP
emaj-57	76	45	between	between	ADP
emaj-57	76	46	negative	negative	ADJ
emaj-57	76	47	2.5	2.5	NUM
emaj-57	76	48	%	%	NOUN
emaj-57	76	49	to	to	ADP
emaj-57	76	50	positive	positive	ADJ
emaj-57	76	51	2.5	2.5	NUM
emaj-57	76	52	%	%	NOUN
emaj-57	76	53	.	.	PUNCT
emaj-57	77	1	hypothesis	hypothesis	NOUN
emaj-57	77	2	h3	h3	NOUN
emaj-57	77	3	:	:	PUNCT
emaj-57	77	4	there	there	PRON
emaj-57	77	5	is	be	VERB
emaj-57	77	6	significant	significant	ADJ
emaj-57	77	7	difference	difference	NOUN
emaj-57	77	8	in	in	ADP
emaj-57	77	9	the	the	DET
emaj-57	77	10	mean	mean	ADJ
emaj-57	77	11	car	car	NOUN
emaj-57	77	12	’s	’s	NOUN
emaj-57	77	13	of	of	ADP
emaj-57	77	14	good	good	ADJ
emaj-57	77	15	news	news	NOUN
emaj-57	77	16	and	and	CCONJ
emaj-57	77	17	bad	bad	ADJ
emaj-57	77	18	news	news	NOUN
emaj-57	77	19	events	event	NOUN
emaj-57	77	20	(	(	PUNCT
emaj-57	77	21	b0	b0	NOUN
emaj-57	77	22	≠	≠	PROPN
emaj-57	77	23	b2	b2	NOUN
emaj-57	77	24	)	)	PUNCT
emaj-57	77	25	.	.	PUNCT
emaj-57	78	1	3.4	3.4	NUM
emaj-57	78	2	combined	combine	VERB
emaj-57	78	3	effects	effect	NOUN
emaj-57	78	4	earlier	early	ADV
emaj-57	78	5	studies	study	NOUN
emaj-57	78	6	document	document	NOUN
emaj-57	78	7	that	that	SCONJ
emaj-57	78	8	above	above	ADP
emaj-57	78	9	size	size	NOUN
emaj-57	78	10	,	,	PUNCT
emaj-57	78	11	volatility	volatility	NOUN
emaj-57	78	12	and	and	CCONJ
emaj-57	78	13	news	news	NOUN
emaj-57	78	14	–	–	PUNCT
emaj-57	78	15	all	all	DET
emaj-57	78	16	three	three	NUM
emaj-57	78	17	variables	variable	NOUN
emaj-57	78	18	individually	individually	ADV
emaj-57	78	19	influence	influence	VERB
emaj-57	78	20	on	on	ADP
emaj-57	78	21	the	the	DET
emaj-57	78	22	movement	movement	NOUN
emaj-57	78	23	of	of	ADP
emaj-57	78	24	stock	stock	NOUN
emaj-57	78	25	price	price	NOUN
emaj-57	78	26	during	during	ADP
emaj-57	78	27	any	any	DET
emaj-57	78	28	news	news	NOUN
emaj-57	78	29	arrival	arrival	NOUN
emaj-57	78	30	.	.	PUNCT
emaj-57	79	1	to	to	PART
emaj-57	79	2	extend	extend	VERB
emaj-57	79	3	it	it	PRON
emaj-57	79	4	further	far	ADV
emaj-57	79	5	,	,	PUNCT
emaj-57	79	6	the	the	DET
emaj-57	79	7	present	present	ADJ
emaj-57	79	8	study	study	NOUN
emaj-57	79	9	also	also	ADV
emaj-57	79	10	tries	try	VERB
emaj-57	79	11	to	to	PART
emaj-57	79	12	investigate	investigate	VERB
emaj-57	79	13	the	the	DET
emaj-57	79	14	consequences	consequence	NOUN
emaj-57	79	15	of	of	ADP
emaj-57	79	16	the	the	DET
emaj-57	79	17	all	all	DET
emaj-57	79	18	possible	possible	ADJ
emaj-57	79	19	combined	combine	VERB
emaj-57	79	20	or	or	CCONJ
emaj-57	79	21	cross	cross	NOUN
emaj-57	79	22	effects	effect	NOUN
emaj-57	79	23	of	of	ADP
emaj-57	79	24	two	two	NUM
emaj-57	79	25	variables	variable	NOUN
emaj-57	79	26	out	out	ADP
emaj-57	79	27	of	of	ADP
emaj-57	79	28	the	the	DET
emaj-57	79	29	above	above	ADJ
emaj-57	79	30	three	three	NUM
emaj-57	79	31	on	on	ADP
emaj-57	79	32	market	market	NOUN
emaj-57	79	33	overreaction	overreaction	NOUN
emaj-57	79	34	.	.	PUNCT
emaj-57	80	1	to	to	PART
emaj-57	80	2	test	test	VERB
emaj-57	80	3	for	for	ADP
emaj-57	80	4	the	the	DET
emaj-57	80	5	possibility	possibility	NOUN
emaj-57	80	6	that	that	SCONJ
emaj-57	80	7	size	size	NOUN
emaj-57	80	8	and	and	CCONJ
emaj-57	80	9	volatility	volatility	NOUN
emaj-57	80	10	do	do	AUX
emaj-57	80	11	not	not	PART
emaj-57	80	12	have	have	AUX
emaj-57	80	13	independent	independent	ADJ
emaj-57	80	14	effects	effect	NOUN
emaj-57	80	15	on	on	ADP
emaj-57	80	16	stock	stock	NOUN
emaj-57	80	17	performance	performance	NOUN
emaj-57	80	18	,	,	PUNCT
emaj-57	80	19	a	a	DET
emaj-57	80	20	regression	regression	NOUN
emaj-57	80	21	model	model	NOUN
emaj-57	80	22	has	have	AUX
emaj-57	80	23	been	be	AUX
emaj-57	80	24	formed	form	VERB
emaj-57	80	25	using	use	VERB
emaj-57	80	26	the	the	DET
emaj-57	80	27	car	car	NOUN
emaj-57	80	28	as	as	ADP
emaj-57	80	29	the	the	DET
emaj-57	80	30	dependent	dependent	ADJ
emaj-57	80	31	variable	variable	NOUN
emaj-57	80	32	and	and	CCONJ
emaj-57	80	33	a	a	DET
emaj-57	80	34	set	set	NOUN
emaj-57	80	35	of	of	ADP
emaj-57	80	36	nine	nine	NUM
emaj-57	80	37	dummy	dummy	ADJ
emaj-57	80	38	variables	variable	NOUN
emaj-57	80	39	representing	represent	VERB
emaj-57	80	40	the	the	DET
emaj-57	80	41	cross	cross	NOUN
emaj-57	80	42	products	product	NOUN
emaj-57	80	43	of	of	ADP
emaj-57	80	44	the	the	DET
emaj-57	80	45	three	three	NUM
emaj-57	80	46	volatility	volatility	NOUN
emaj-57	80	47	dummies	dummy	NOUN
emaj-57	80	48	and	and	CCONJ
emaj-57	80	49	the	the	DET
emaj-57	80	50	three	three	NUM
emaj-57	80	51	size	size	NOUN
emaj-57	80	52	dummies	dummy	NOUN
emaj-57	80	53	as	as	ADP
emaj-57	80	54	independent	independent	ADJ
emaj-57	80	55	variables	variable	NOUN
emaj-57	80	56	.	.	PUNCT
emaj-57	81	1	cari	cari	PROPN
emaj-57	81	2	=	=	SYM
emaj-57	81	3	b00*lv_ss	b00*lv_ss	PROPN
emaj-57	81	4	+	+	CCONJ
emaj-57	81	5	b01*lv_ms	b01*lv_ms	NOUN
emaj-57	81	6	+	+	CCONJ
emaj-57	81	7	b02*lv_ls	b02*lv_l	VERB
emaj-57	81	8	+	+	CCONJ
emaj-57	81	9	b10*mv_ss	b10*mv_ss	PROPN
emaj-57	81	10	+	+	CCONJ
emaj-57	81	11	b11*mv_ms	b11*mv_ms	PROPN
emaj-57	81	12	+	+	CCONJ
emaj-57	81	13	b12*mv_ls	b12*mv_ls	NOUN
emaj-57	81	14	+	+	CCONJ
emaj-57	81	15	b20*hv_ss	b20*hv_ss	PROPN
emaj-57	81	16	+	+	PUNCT
emaj-57	81	17	b21*hv_ms	b21*hv_ms	NOUN
emaj-57	82	1	+	+	CCONJ
emaj-57	82	2	b22*hv_ls	b22*hv_ls	ADP
emaj-57	82	3	where	where	SCONJ
emaj-57	82	4	,	,	PUNCT
emaj-57	82	5	lv_ss	lv_ss	NOUN
emaj-57	82	6	=	=	PUNCT
emaj-57	82	7	low	low	ADJ
emaj-57	82	8	volatility*small	volatility*small	ADJ
emaj-57	82	9	size	size	NOUN
emaj-57	82	10	.	.	PUNCT
emaj-57	83	1	the	the	DET
emaj-57	83	2	other	other	ADJ
emaj-57	83	3	dummy	dummy	ADJ
emaj-57	83	4	variables	variable	NOUN
emaj-57	83	5	are	be	AUX
emaj-57	83	6	defined	define	VERB
emaj-57	83	7	in	in	ADP
emaj-57	83	8	a	a	DET
emaj-57	83	9	similar	similar	ADJ
emaj-57	83	10	manner	manner	NOUN
emaj-57	83	11	.	.	PUNCT
emaj-57	84	1	the	the	DET
emaj-57	84	2	coefficients	coefficient	NOUN
emaj-57	84	3	are	be	AUX
emaj-57	84	4	indexed	index	VERB
emaj-57	84	5	as	as	ADP
emaj-57	84	6	:	:	PUNCT
emaj-57	84	7	bij=1	bij=1	NOUN
emaj-57	84	8	if	if	SCONJ
emaj-57	84	9	the	the	DET
emaj-57	84	10	event	event	NOUN
emaj-57	84	11	occurs	occur	VERB
emaj-57	84	12	during	during	ADP
emaj-57	84	13	volatility	volatility	NOUN
emaj-57	84	14	quartile	quartile	NOUN
emaj-57	85	1	i	i	PRON
emaj-57	85	2	and	and	CCONJ
emaj-57	85	3	size	size	VERB
emaj-57	85	4	quartile	quartile	PROPN
emaj-57	85	5	j	j	PROPN
emaj-57	85	6	,	,	PUNCT
emaj-57	85	7	and	and	CCONJ
emaj-57	85	8	0	0	NUM
emaj-57	85	9	otherwise	otherwise	ADV
emaj-57	85	10	;	;	PUNCT
emaj-57	85	11	where	where	SCONJ
emaj-57	85	12	i=0	i=0	PROPN
emaj-57	85	13	(	(	PUNCT
emaj-57	85	14	lv	lv	PROPN
emaj-57	85	15	)	)	PUNCT
emaj-57	85	16	,	,	PUNCT
emaj-57	85	17	1	1	NUM
emaj-57	85	18	(	(	PUNCT
emaj-57	85	19	mv	mv	NOUN
emaj-57	85	20	)	)	PUNCT
emaj-57	85	21	,	,	PUNCT
emaj-57	85	22	or	or	CCONJ
emaj-57	85	23	2	2	NUM
emaj-57	85	24	(	(	PUNCT
emaj-57	85	25	hv	hv	NOUN
emaj-57	85	26	)	)	PUNCT
emaj-57	85	27	and	and	CCONJ
emaj-57	85	28	where	where	SCONJ
emaj-57	85	29	j=0	j=0	PROPN
emaj-57	85	30	(	(	PUNCT
emaj-57	85	31	ss	ss	PROPN
emaj-57	85	32	)	)	PUNCT
emaj-57	85	33	,	,	PUNCT
emaj-57	85	34	1	1	NUM
emaj-57	85	35	(	(	PUNCT
emaj-57	85	36	ms	ms	NOUN
emaj-57	85	37	)	)	PUNCT
emaj-57	85	38	,	,	PUNCT
emaj-57	85	39	or	or	CCONJ
emaj-57	85	40	2	2	NUM
emaj-57	85	41	(	(	PUNCT
emaj-57	85	42	ls	ls	PROPN
emaj-57	85	43	)	)	PUNCT
emaj-57	85	44	.	.	PUNCT
emaj-57	86	1	hypothesis	hypothesis	NOUN
emaj-57	86	2	h4	h4	PROPN
emaj-57	86	3	:	:	PUNCT
emaj-57	86	4	there	there	PRON
emaj-57	86	5	is	be	VERB
emaj-57	86	6	significant	significant	ADJ
emaj-57	86	7	difference	difference	NOUN
emaj-57	86	8	in	in	ADP
emaj-57	86	9	the	the	DET
emaj-57	86	10	mean	mean	ADJ
emaj-57	86	11	car	car	NOUN
emaj-57	86	12	’s	’s	NOUN
emaj-57	86	13	in	in	ADP
emaj-57	86	14	low	low	ADJ
emaj-57	86	15	volatility	volatility	NOUN
emaj-57	86	16	and	and	CCONJ
emaj-57	86	17	high	high	ADJ
emaj-57	86	18	volatility	volatility	NOUN
emaj-57	86	19	period	period	NOUN
emaj-57	86	20	for	for	ADP
emaj-57	86	21	small	small	ADJ
emaj-57	86	22	size	size	NOUN
emaj-57	86	23	firms	firm	NOUN
emaj-57	86	24	(	(	PUNCT
emaj-57	86	25	b00	b00	NOUN
emaj-57	86	26	≠	≠	PROPN
emaj-57	86	27	b20	b20	NOUN
emaj-57	86	28	)	)	PUNCT
emaj-57	86	29	.	.	PUNCT
emaj-57	87	1	hypothesis	hypothesis	NOUN
emaj-57	87	2	h5	h5	PROPN
emaj-57	87	3	:	:	PUNCT
emaj-57	87	4	there	there	PRON
emaj-57	87	5	is	be	VERB
emaj-57	87	6	significant	significant	ADJ
emaj-57	87	7	difference	difference	NOUN
emaj-57	87	8	in	in	ADP
emaj-57	87	9	the	the	DET
emaj-57	87	10	mean	mean	ADJ
emaj-57	87	11	car	car	NOUN
emaj-57	87	12	’s	’s	NOUN
emaj-57	87	13	in	in	ADP
emaj-57	87	14	low	low	ADJ
emaj-57	87	15	volatility	volatility	NOUN
emaj-57	87	16	and	and	CCONJ
emaj-57	87	17	high	high	ADJ
emaj-57	87	18	volatility	volatility	NOUN
emaj-57	87	19	period	period	NOUN
emaj-57	87	20	for	for	ADP
emaj-57	87	21	large	large	ADJ
emaj-57	87	22	size	size	NOUN
emaj-57	87	23	firms	firm	NOUN
emaj-57	87	24	(	(	PUNCT
emaj-57	87	25	b02	b02	PROPN
emaj-57	87	26	≠	≠	PROPN
emaj-57	87	27	b22	b22	PROPN
emaj-57	87	28	)	)	PUNCT
emaj-57	87	29	.	.	PUNCT
emaj-57	88	1	volume	volume	NOUN
emaj-57	88	2	4	4	NUM
emaj-57	88	3	no	no	DET
emaj-57	88	4	1	1	NUM
emaj-57	88	5	(	(	PUNCT
emaj-57	88	6	2014	2014	NUM
emaj-57	88	7	)	)	PUNCT
emaj-57	88	8	|	|	ADV
emaj-57	88	9	issn	issn	VERB
emaj-57	88	10	2158	2158	NUM
emaj-57	88	11	-	-	SYM
emaj-57	88	12	8708	8708	NUM
emaj-57	88	13	(	(	PUNCT
emaj-57	88	14	online	online	NOUN
emaj-57	88	15	)	)	PUNCT
emaj-57	88	16	|	|	ADV
emaj-57	88	17	doi	doi	X
emaj-57	88	18	10.5195	10.5195	NUM
emaj-57	88	19	/	/	SYM
emaj-57	88	20	emaj.2014.57	emaj.2014.57	X
emaj-57	89	1	|	|	ADV
emaj-57	89	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-57	89	3	dr.sitangshu	dr.sitangshu	PROPN
emaj-57	89	4	khatua	khatua	PROPN
emaj-57	89	5	,	,	PUNCT
emaj-57	89	6	dr	dr	PROPN
emaj-57	89	7	.	.	PROPN
emaj-57	89	8	hemant	hemant	PROPN
emaj-57	89	9	kumar	kumar	PROPN
emaj-57	89	10	pradhan	pradhan	PROPN
emaj-57	89	11	p	p	PROPN
emaj-57	89	12	a	a	DET
emaj-57	89	13	g	g	NOUN
emaj-57	89	14	e	e	X
emaj-57	89	15	|3|	|3|	X
emaj-57	89	16	emerging	emerge	VERB
emaj-57	89	17	markets	market	NOUN
emaj-57	89	18	journal	journal	NOUN
emaj-57	89	19	to	to	PART
emaj-57	89	20	test	test	VERB
emaj-57	89	21	for	for	ADP
emaj-57	89	22	the	the	DET
emaj-57	89	23	possibility	possibility	NOUN
emaj-57	89	24	that	that	SCONJ
emaj-57	89	25	other	other	ADJ
emaj-57	89	26	probable	probable	ADJ
emaj-57	89	27	pairs	pair	NOUN
emaj-57	89	28	like	like	ADP
emaj-57	89	29	volatility	volatility	NOUN
emaj-57	89	30	and	and	CCONJ
emaj-57	89	31	news	news	NOUN
emaj-57	89	32	and	and	CCONJ
emaj-57	89	33	size	size	NOUN
emaj-57	89	34	and	and	CCONJ
emaj-57	89	35	news	news	NOUN
emaj-57	89	36	have	have	AUX
emaj-57	89	37	combined	combine	VERB
emaj-57	89	38	effects	effect	NOUN
emaj-57	89	39	on	on	ADP
emaj-57	89	40	stock	stock	NOUN
emaj-57	89	41	performance	performance	NOUN
emaj-57	89	42	,	,	PUNCT
emaj-57	89	43	following	follow	VERB
emaj-57	89	44	regression	regression	NOUN
emaj-57	89	45	model	model	NOUN
emaj-57	89	46	for	for	ADP
emaj-57	89	47	each	each	PRON
emaj-57	89	48	is	be	AUX
emaj-57	89	49	to	to	PART
emaj-57	89	50	be	be	AUX
emaj-57	89	51	tested	test	VERB
emaj-57	89	52	:	:	PUNCT
emaj-57	89	53	cari	cari	PROPN
emaj-57	89	54	=	=	SYM
emaj-57	89	55	b00*lv_gn	b00*lv_gn	X
emaj-57	89	56	+	+	CCONJ
emaj-57	89	57	b01*lv_nn	b01*lv_nn	PROPN
emaj-57	89	58	+	+	CCONJ
emaj-57	89	59	b02*lv_bn	b02*lv_bn	NOUN
emaj-57	89	60	+	+	CCONJ
emaj-57	89	61	b10*mv_gn+	b10*mv_gn+	NOUN
emaj-57	89	62	b11*mv_nn	b11*mv_nn	NOUN
emaj-57	89	63	+	+	CCONJ
emaj-57	89	64	b12*mv_bn	b12*mv_bn	NOUN
emaj-57	89	65	+	+	CCONJ
emaj-57	89	66	b20*hv_gn	b20*hv_gn	X
emaj-57	89	67	+	+	CCONJ
emaj-57	89	68	b21*hv_nn+	b21*hv_nn+	PROPN
emaj-57	89	69	b22*hv_bn	b22*hv_bn	PROPN
emaj-57	89	70	hypothesis	hypothesis	NOUN
emaj-57	89	71	h6	h6	PROPN
emaj-57	89	72	:	:	PUNCT
emaj-57	89	73	there	there	PRON
emaj-57	89	74	is	be	VERB
emaj-57	89	75	significant	significant	ADJ
emaj-57	89	76	difference	difference	NOUN
emaj-57	89	77	in	in	ADP
emaj-57	89	78	the	the	DET
emaj-57	89	79	mean	mean	ADJ
emaj-57	89	80	car	car	NOUN
emaj-57	89	81	’s	’s	NOUN
emaj-57	89	82	for	for	ADP
emaj-57	89	83	good	good	ADJ
emaj-57	89	84	news	news	NOUN
emaj-57	89	85	and	and	CCONJ
emaj-57	89	86	bad	bad	ADJ
emaj-57	89	87	news	news	NOUN
emaj-57	89	88	events	event	NOUN
emaj-57	89	89	in	in	ADP
emaj-57	89	90	low	low	ADJ
emaj-57	89	91	volatility	volatility	NOUN
emaj-57	89	92	period	period	NOUN
emaj-57	89	93	(	(	PUNCT
emaj-57	89	94	b00	b00	NOUN
emaj-57	89	95	≠	≠	PROPN
emaj-57	89	96	b20	b20	NOUN
emaj-57	89	97	)	)	PUNCT
emaj-57	89	98	.	.	PUNCT
emaj-57	90	1	hypothesis	hypothesis	NOUN
emaj-57	90	2	h7	h7	PROPN
emaj-57	90	3	:	:	PUNCT
emaj-57	90	4	there	there	PRON
emaj-57	90	5	is	be	VERB
emaj-57	90	6	significant	significant	ADJ
emaj-57	90	7	difference	difference	NOUN
emaj-57	90	8	in	in	ADP
emaj-57	90	9	the	the	DET
emaj-57	90	10	mean	mean	ADJ
emaj-57	90	11	car	car	NOUN
emaj-57	90	12	’s	’s	NOUN
emaj-57	90	13	for	for	ADP
emaj-57	90	14	good	good	ADJ
emaj-57	90	15	news	news	NOUN
emaj-57	90	16	and	and	CCONJ
emaj-57	90	17	bad	bad	ADJ
emaj-57	90	18	news	news	NOUN
emaj-57	90	19	events	event	NOUN
emaj-57	90	20	in	in	ADP
emaj-57	90	21	high	high	ADJ
emaj-57	90	22	volatility	volatility	NOUN
emaj-57	90	23	period	period	NOUN
emaj-57	90	24	(	(	PUNCT
emaj-57	90	25	b00	b00	NOUN
emaj-57	90	26	≠	≠	PROPN
emaj-57	90	27	b20	b20	NOUN
emaj-57	90	28	)	)	PUNCT
emaj-57	90	29	.	.	PUNCT
emaj-57	91	1	cari	cari	PROPN
emaj-57	91	2	=	=	PROPN
emaj-57	91	3	b00*gn_ss	b00*gn_ss	PROPN
emaj-57	91	4	+	+	CCONJ
emaj-57	91	5	b01*gn_ms	b01*gn_ms	PROPN
emaj-57	91	6	+	+	CCONJ
emaj-57	91	7	b02	b02	PROPN
emaj-57	91	8	*	*	PROPN
emaj-57	91	9	gn_ls	gn_ls	PROPN
emaj-57	91	10	+	+	NUM
emaj-57	91	11	b10	b10	PROPN
emaj-57	91	12	*	*	PROPN
emaj-57	91	13	nn_ss	nn_ss	PROPN
emaj-57	91	14	+	+	CCONJ
emaj-57	91	15	b11*nn_ms	b11*nn_ms	NOUN
emaj-57	91	16	+	+	CCONJ
emaj-57	91	17	b12	b12	NOUN
emaj-57	91	18	*	*	SYM
emaj-57	91	19	nn_ls	nn_ls	PROPN
emaj-57	91	20	+	+	NUM
emaj-57	91	21	b20	b20	NOUN
emaj-57	91	22	*	*	PUNCT
emaj-57	91	23	bn_ss	bn_ss	PROPN
emaj-57	91	24	+	+	CCONJ
emaj-57	91	25	b21	b21	PROPN
emaj-57	91	26	*	*	ADJ
emaj-57	91	27	bn_ms	bn_ms	PROPN
emaj-57	91	28	+	+	CCONJ
emaj-57	91	29	b22	b22	PROPN
emaj-57	91	30	*	*	PROPN
emaj-57	91	31	bn_ls	bn_ls	PROPN
emaj-57	91	32	hypothesis	hypothesis	NOUN
emaj-57	91	33	h8	h8	NOUN
emaj-57	91	34	:	:	PUNCT
emaj-57	91	35	there	there	PRON
emaj-57	91	36	is	be	VERB
emaj-57	91	37	significant	significant	ADJ
emaj-57	91	38	difference	difference	NOUN
emaj-57	91	39	in	in	ADP
emaj-57	91	40	the	the	DET
emaj-57	91	41	mean	mean	ADJ
emaj-57	91	42	car	car	NOUN
emaj-57	91	43	’s	’s	NOUN
emaj-57	91	44	for	for	ADP
emaj-57	91	45	good	good	ADJ
emaj-57	91	46	news	news	NOUN
emaj-57	91	47	and	and	CCONJ
emaj-57	91	48	bad	bad	ADJ
emaj-57	91	49	news	news	NOUN
emaj-57	91	50	events	event	NOUN
emaj-57	91	51	for	for	ADP
emaj-57	91	52	small	small	ADJ
emaj-57	91	53	size	size	NOUN
emaj-57	91	54	firm	firm	NOUN
emaj-57	91	55	(	(	PUNCT
emaj-57	91	56	b00	b00	NOUN
emaj-57	91	57	≠	≠	PROPN
emaj-57	91	58	b20	b20	NOUN
emaj-57	91	59	)	)	PUNCT
emaj-57	91	60	.	.	PUNCT
emaj-57	92	1	hypothesis	hypothesis	NOUN
emaj-57	92	2	h9	h9	NOUN
emaj-57	92	3	:	:	PUNCT
emaj-57	92	4	there	there	PRON
emaj-57	92	5	is	be	VERB
emaj-57	92	6	significant	significant	ADJ
emaj-57	92	7	difference	difference	NOUN
emaj-57	92	8	in	in	ADP
emaj-57	92	9	the	the	DET
emaj-57	92	10	mean	mean	ADJ
emaj-57	92	11	car	car	NOUN
emaj-57	92	12	’s	’s	NOUN
emaj-57	92	13	for	for	ADP
emaj-57	92	14	good	good	ADJ
emaj-57	92	15	news	news	NOUN
emaj-57	92	16	and	and	CCONJ
emaj-57	92	17	bad	bad	ADJ
emaj-57	92	18	news	news	NOUN
emaj-57	92	19	events	event	NOUN
emaj-57	92	20	for	for	ADP
emaj-57	92	21	large	large	ADJ
emaj-57	92	22	size	size	NOUN
emaj-57	92	23	firm	firm	NOUN
emaj-57	92	24	(	(	PUNCT
emaj-57	92	25	b00	b00	NOUN
emaj-57	92	26	≠	≠	PROPN
emaj-57	92	27	b20	b20	NOUN
emaj-57	92	28	)	)	PUNCT
emaj-57	92	29	.	.	PUNCT
emaj-57	93	1	3.5	3.5	NUM
emaj-57	93	2	methodology	methodology	NOUN
emaj-57	93	3	under	under	ADP
emaj-57	93	4	general	general	ADJ
emaj-57	93	5	conditions	condition	NOUN
emaj-57	93	6	ordinary	ordinary	ADJ
emaj-57	93	7	least	least	ADJ
emaj-57	93	8	squares	square	NOUN
emaj-57	93	9	(	(	PUNCT
emaj-57	93	10	ols	ol	NOUN
emaj-57	93	11	)	)	PUNCT
emaj-57	93	12	is	be	AUX
emaj-57	93	13	a	a	DET
emaj-57	93	14	consistent	consistent	ADJ
emaj-57	93	15	estimation	estimation	NOUN
emaj-57	93	16	procedure	procedure	NOUN
emaj-57	93	17	for	for	ADP
emaj-57	93	18	the	the	DET
emaj-57	93	19	market	market	NOUN
emaj-57	93	20	model	model	NOUN
emaj-57	93	21	parameters	parameter	NOUN
emaj-57	93	22	(	(	PUNCT
emaj-57	93	23	mackinlay	mackinlay	NOUN
emaj-57	93	24	,	,	PUNCT
emaj-57	93	25	1997	1997	NUM
emaj-57	93	26	)	)	PUNCT
emaj-57	93	27	.	.	PUNCT
emaj-57	94	1	for	for	ADP
emaj-57	94	2	the	the	DET
emaj-57	94	3	ith	ith	PROPN
emaj-57	94	4	firm	firm	NOUN
emaj-57	94	5	in	in	ADP
emaj-57	94	6	event	event	NOUN
emaj-57	94	7	time	time	NOUN
emaj-57	94	8	,	,	PUNCT
emaj-57	94	9	the	the	DET
emaj-57	94	10	ols	ol	NOUN
emaj-57	94	11	estimators	estimator	NOUN
emaj-57	94	12	of	of	ADP
emaj-57	94	13	the	the	DET
emaj-57	94	14	market	market	NOUN
emaj-57	94	15	model	model	NOUN
emaj-57	94	16	parameters	parameter	NOUN
emaj-57	94	17	for	for	ADP
emaj-57	94	18	an	an	DET
emaj-57	94	19	estimation	estimation	NOUN
emaj-57	94	20	window	window	NOUN
emaj-57	94	21	of	of	ADP
emaj-57	94	22	observations	observation	NOUN
emaj-57	94	23	are	be	AUX
emaj-57	94	24	:	:	PUNCT
emaj-57	94	25	---------(1	---------(1	ADJ
emaj-57	94	26	)	)	PUNCT
emaj-57	94	27	---------------------------(2	---------------------------(2	NOUN
emaj-57	94	28	)	)	PUNCT
emaj-57	94	29	-----(3	-----(3	PROPN
emaj-57	94	30	)	)	PUNCT
emaj-57	94	31	---------------------------(4	---------------------------(4	NOUN
emaj-57	94	32	)	)	PUNCT
emaj-57	94	33	----------------------------(5	----------------------------(5	NOUN
emaj-57	94	34	)	)	PUNCT
emaj-57	94	35	t0	t0	NOUN
emaj-57	94	36	+	+	CCONJ
emaj-57	94	37	1	1	NUM
emaj-57	94	38	=	=	SYM
emaj-57	94	39	-111	-111	NUM
emaj-57	94	40	days	day	NOUN
emaj-57	94	41	and	and	CCONJ
emaj-57	94	42	t1	t1	NOUN
emaj-57	94	43	=	=	SYM
emaj-57	94	44	-11	-11	PUNCT
emaj-57	94	45	days	day	NOUN
emaj-57	94	46	,	,	PUNCT
emaj-57	94	47	therefore	therefore	ADV
emaj-57	94	48	l1	l1	PROPN
emaj-57	94	49	=	=	PROPN
emaj-57	94	50	100	100	NUM
emaj-57	94	51	days	day	NOUN
emaj-57	94	52	.	.	PUNCT
emaj-57	95	1	and	and	CCONJ
emaj-57	95	2	are	be	AUX
emaj-57	95	3	the	the	DET
emaj-57	95	4	return	return	NOUN
emaj-57	95	5	in	in	ADP
emaj-57	95	6	event	event	NOUN
emaj-57	95	7	period	period	NOUN
emaj-57	95	8	t	t	PROPN
emaj-57	95	9	for	for	ADP
emaj-57	95	10	security	security	NOUN
emaj-57	95	11	i	i	PRON
emaj-57	95	12	and	and	CCONJ
emaj-57	95	13	the	the	DET
emaj-57	95	14	market	market	NOUN
emaj-57	95	15	m	m	VERB
emaj-57	95	16	respectively	respectively	ADV
emaj-57	95	17	.	.	PUNCT
emaj-57	96	1	from	from	ADP
emaj-57	96	2	the	the	DET
emaj-57	96	3	market	market	NOUN
emaj-57	96	4	model	model	NOUN
emaj-57	96	5	,	,	PUNCT
emaj-57	96	6	one	one	PRON
emaj-57	96	7	can	can	AUX
emaj-57	96	8	measure	measure	VERB
emaj-57	96	9	and	and	CCONJ
emaj-57	96	10	analyze	analyze	VERB
emaj-57	96	11	the	the	DET
emaj-57	96	12	abnormal	abnormal	ADJ
emaj-57	96	13	returns	return	NOUN
emaj-57	96	14	(	(	PUNCT
emaj-57	96	15	arit	arit	NOUN
emaj-57	96	16	)	)	PUNCT
emaj-57	96	17	.	.	PUNCT
emaj-57	97	1	let	let	AUX
emaj-57	97	2	arit	arit	VERB
emaj-57	97	3	,	,	PUNCT
emaj-57	97	4	t	t	PROPN
emaj-57	97	5	=	=	SYM
emaj-57	97	6	t1	t1	PROPN
emaj-57	97	7	,	,	PUNCT
emaj-57	97	8	…	…	PUNCT
emaj-57	97	9	…	…	PUNCT
emaj-57	97	10	,	,	PUNCT
emaj-57	97	11	t2	t2	NOUN
emaj-57	97	12	,	,	PUNCT
emaj-57	97	13	be	be	AUX
emaj-57	97	14	the	the	DET
emaj-57	97	15	sample	sample	NOUN
emaj-57	97	16	of	of	ADP
emaj-57	97	17	l2	l2	NOUN
emaj-57	97	18	abnormal	abnormal	ADJ
emaj-57	97	19	returns	return	NOUN
emaj-57	97	20	for	for	ADP
emaj-57	97	21	firm	firm	ADJ
emaj-57	97	22	i	i	PRON
emaj-57	97	23	in	in	ADP
emaj-57	97	24	the	the	DET
emaj-57	97	25	event	event	NOUN
emaj-57	97	26	window	window	NOUN
emaj-57	97	27	.	.	PUNCT
emaj-57	98	1	-------------------(6	-------------------(6	NOUN
emaj-57	98	2	)	)	PUNCT
emaj-57	98	3	example	example	NOUN
emaj-57	98	4	of	of	ADP
emaj-57	98	5	the	the	DET
emaj-57	98	6	use	use	NOUN
emaj-57	98	7	of	of	ADP
emaj-57	98	8	ols	ol	NOUN
emaj-57	98	9	parameters	parameter	NOUN
emaj-57	98	10	can	can	AUX
emaj-57	98	11	be	be	AUX
emaj-57	98	12	found	find	VERB
emaj-57	98	13	in	in	ADP
emaj-57	98	14	deangelo	deangelo	PROPN
emaj-57	98	15	et	et	PROPN
emaj-57	98	16	al	al	PROPN
emaj-57	98	17	.	.	PROPN
emaj-57	99	1	(	(	PUNCT
emaj-57	99	2	1984	1984	NUM
emaj-57	99	3	)	)	PUNCT
emaj-57	99	4	;	;	PUNCT
emaj-57	99	5	mikkelson	mikkelson	NOUN
emaj-57	99	6	and	and	CCONJ
emaj-57	99	7	partch	partch	NOUN
emaj-57	99	8	(	(	PUNCT
emaj-57	99	9	1986	1986	NUM
emaj-57	99	10	)	)	PUNCT
emaj-57	99	11	.	.	PUNCT
emaj-57	100	1	to	to	PART
emaj-57	100	2	capture	capture	VERB
emaj-57	100	3	overall	overall	ADJ
emaj-57	100	4	impact	impact	NOUN
emaj-57	100	5	of	of	ADP
emaj-57	100	6	the	the	DET
emaj-57	100	7	event	event	NOUN
emaj-57	100	8	on	on	ADP
emaj-57	100	9	security	security	NOUN
emaj-57	100	10	price	price	NOUN
emaj-57	100	11	the	the	DET
emaj-57	100	12	abnormal	abnormal	ADJ
emaj-57	100	13	return	return	NOUN
emaj-57	100	14	has	have	VERB
emaj-57	100	15	to	to	PART
emaj-57	100	16	be	be	AUX
emaj-57	100	17	aggregated	aggregate	VERB
emaj-57	100	18	along	along	ADP
emaj-57	100	19	two	two	NUM
emaj-57	100	20	directions	direction	NOUN
emaj-57	100	21	–	–	PUNCT
emaj-57	100	22	through	through	ADP
emaj-57	100	23	time	time	NOUN
emaj-57	100	24	for	for	ADP
emaj-57	100	25	an	an	DET
emaj-57	100	26	individual	individual	ADJ
emaj-57	100	27	stock	stock	NOUN
emaj-57	100	28	and	and	CCONJ
emaj-57	100	29	then	then	ADV
emaj-57	100	30	aggregation	aggregation	NOUN
emaj-57	100	31	,	,	PUNCT
emaj-57	100	32	both	both	CCONJ
emaj-57	100	33	across	across	ADP
emaj-57	100	34	securities	security	NOUN
emaj-57	100	35	and	and	CCONJ
emaj-57	100	36	time	time	NOUN
emaj-57	100	37	.	.	PUNCT
emaj-57	101	1	but	but	CCONJ
emaj-57	101	2	,	,	PUNCT
emaj-57	101	3	because	because	SCONJ
emaj-57	101	4	of	of	ADP
emaj-57	101	5	overlapping	overlap	VERB
emaj-57	101	6	of	of	ADP
emaj-57	101	7	event	event	NOUN
emaj-57	101	8	windows	window	NOUN
emaj-57	101	9	there	there	PRON
emaj-57	101	10	are	be	VERB
emaj-57	101	11	clustering	cluster	VERB
emaj-57	101	12	effects	effect	NOUN
emaj-57	101	13	.	.	PUNCT
emaj-57	102	1	this	this	PRON
emaj-57	102	2	has	have	AUX
emaj-57	102	3	been	be	AUX
emaj-57	102	4	compensated	compensate	VERB
emaj-57	102	5	by	by	ADP
emaj-57	102	6	using	use	VERB
emaj-57	102	7	portfolio	portfolio	NOUN
emaj-57	102	8	approach	approach	NOUN
emaj-57	102	9	(	(	PUNCT
emaj-57	102	10	mackinlay	mackinlay	NOUN
emaj-57	102	11	,	,	PUNCT
emaj-57	102	12	1997	1997	NUM
emaj-57	102	13	)	)	PUNCT
emaj-57	102	14	.	.	PUNCT
emaj-57	103	1	a	a	DET
emaj-57	103	2	testing	testing	NOUN
emaj-57	103	3	framework	framework	NOUN
emaj-57	103	4	is	be	AUX
emaj-57	103	5	defined	define	VERB
emaj-57	103	6	for	for	ADP
emaj-57	103	7	calculation	calculation	NOUN
emaj-57	103	8	of	of	ADP
emaj-57	103	9	abnormal	abnormal	ADJ
emaj-57	103	10	returns	return	NOUN
emaj-57	103	11	.	.	PUNCT
emaj-57	104	1	for	for	ADP
emaj-57	104	2	this	this	PRON
emaj-57	104	3	,	,	PUNCT
emaj-57	104	4	the	the	DET
emaj-57	104	5	null	null	ADJ
emaj-57	104	6	hypothesis	hypothesis	NOUN
emaj-57	104	7	is	be	AUX
emaj-57	104	8	defined	define	VERB
emaj-57	104	9	and	and	CCONJ
emaj-57	104	10	the	the	DET
emaj-57	104	11	technique	technique	NOUN
emaj-57	104	12	of	of	ADP
emaj-57	104	13	aggregating	aggregate	VERB
emaj-57	104	14	the	the	DET
emaj-57	104	15	individual	individual	ADJ
emaj-57	104	16	firm	firm	NOUN
emaj-57	104	17	’s	’s	PART
emaj-57	104	18	abnormal	abnormal	ADJ
emaj-57	104	19	return	return	NOUN
emaj-57	104	20	is	be	AUX
emaj-57	104	21	determined	determine	VERB
emaj-57	104	22	.	.	PUNCT
emaj-57	105	1	say	say	VERB
emaj-57	105	2	,	,	PUNCT
emaj-57	105	3	for	for	ADP
emaj-57	105	4	testing	testing	NOUN
emaj-57	105	5	of	of	ADP
emaj-57	105	6	an	an	DET
emaj-57	105	7	event	event	NOUN
emaj-57	105	8	on	on	ADP
emaj-57	105	9	several	several	ADJ
emaj-57	105	10	firms	firm	NOUN
emaj-57	105	11	,	,	PUNCT
emaj-57	105	12	an	an	DET
emaj-57	105	13	equally	equally	ADV
emaj-57	105	14	weighted	weight	VERB
emaj-57	105	15	or	or	CCONJ
emaj-57	105	16	value	value	NOUN
emaj-57	105	17	weighted	weight	VERB
emaj-57	105	18	portfolio	portfolio	NOUN
emaj-57	105	19	may	may	AUX
emaj-57	105	20	be	be	AUX
emaj-57	105	21	constructed	construct	VERB
emaj-57	105	22	.	.	PUNCT
emaj-57	106	1	the	the	DET
emaj-57	106	2	cumulative	cumulative	ADJ
emaj-57	106	3	abnormal	abnormal	ADJ
emaj-57	106	4	return	return	NOUN
emaj-57	106	5	(	(	PUNCT
emaj-57	106	6	car	car	NOUN
emaj-57	106	7	)	)	PUNCT
emaj-57	106	8	is	be	AUX
emaj-57	106	9	defined	define	VERB
emaj-57	106	10	as	as	ADP
emaj-57	106	11	the	the	DET
emaj-57	106	12	sum	sum	NOUN
emaj-57	106	13	of	of	ADP
emaj-57	106	14	abnormal	abnormal	ADJ
emaj-57	106	15	returns	return	NOUN
emaj-57	106	16	for	for	ADP
emaj-57	106	17	each	each	DET
emaj-57	106	18	day	day	NOUN
emaj-57	106	19	in	in	ADP
emaj-57	106	20	the	the	DET
emaj-57	106	21	event	event	NOUN
emaj-57	106	22	window	window	NOUN
emaj-57	106	23	.	.	PUNCT
emaj-57	107	1	----------------------------(7	----------------------------(7	PROPN
emaj-57	107	2	)	)	PUNCT
emaj-57	107	3	after	after	ADP
emaj-57	107	4	finding	find	VERB
emaj-57	107	5	out	out	ADP
emaj-57	107	6	arit	arit	NOUN
emaj-57	107	7	for	for	ADP
emaj-57	107	8	each	each	DET
emaj-57	107	9	day	day	NOUN
emaj-57	107	10	in	in	ADP
emaj-57	107	11	an	an	DET
emaj-57	107	12	event	event	NOUN
emaj-57	107	13	,	,	PUNCT
emaj-57	107	14	all	all	DET
emaj-57	107	15	arits	arit	NOUN
emaj-57	107	16	are	be	AUX
emaj-57	107	17	aggregated	aggregate	VERB
emaj-57	107	18	and	and	CCONJ
emaj-57	107	19	computed	compute	VERB
emaj-57	107	20	car	car	NOUN
emaj-57	107	21	for	for	ADP
emaj-57	107	22	each	each	DET
emaj-57	107	23	event	event	NOUN
emaj-57	107	24	.	.	PUNCT
emaj-57	108	1	4	4	NUM
emaj-57	108	2	data	datum	NOUN
emaj-57	108	3	the	the	DET
emaj-57	108	4	main	main	ADJ
emaj-57	108	5	data	datum	NOUN
emaj-57	108	6	in	in	ADP
emaj-57	108	7	this	this	DET
emaj-57	108	8	study	study	NOUN
emaj-57	108	9	consist	consist	NOUN
emaj-57	108	10	of	of	ADP
emaj-57	108	11	daily	daily	ADJ
emaj-57	108	12	closing	closing	NOUN
emaj-57	108	13	returns	return	NOUN
emaj-57	108	14	of	of	ADP
emaj-57	108	15	stocks	stock	NOUN
emaj-57	108	16	,	,	PUNCT
emaj-57	108	17	earning	earn	VERB
emaj-57	108	18	announcement	announcement	NOUN
emaj-57	108	19	dates	date	NOUN
emaj-57	108	20	,	,	PUNCT
emaj-57	108	21	daily	daily	ADJ
emaj-57	108	22	closing	closing	NOUN
emaj-57	108	23	market	market	NOUN
emaj-57	108	24	returns	return	NOUN
emaj-57	108	25	.	.	PUNCT
emaj-57	109	1	4.1	4.1	NUM
emaj-57	109	2	preliminaries	preliminary	NOUN
emaj-57	109	3	:	:	PUNCT
emaj-57	109	4	data	datum	NOUN
emaj-57	109	5	source	source	NOUN
emaj-57	109	6	,	,	PUNCT
emaj-57	109	7	study	study	NOUN
emaj-57	109	8	period	period	NOUN
emaj-57	109	9	,	,	PUNCT
emaj-57	109	10	sample	sample	NOUN
emaj-57	109	11	in	in	ADP
emaj-57	109	12	the	the	DET
emaj-57	109	13	present	present	ADJ
emaj-57	109	14	study	study	NOUN
emaj-57	109	15	,	,	PUNCT
emaj-57	109	16	quarterly	quarterly	ADJ
emaj-57	109	17	earnings	earning	NOUN
emaj-57	109	18	announcement	announcement	NOUN
emaj-57	109	19	dates	date	VERB
emaj-57	109	20	for	for	ADP
emaj-57	109	21	50	50	NUM
emaj-57	109	22	firms	firm	NOUN
emaj-57	109	23	listed	list	VERB
emaj-57	109	24	in	in	ADP
emaj-57	109	25	nse	nse	NOUN
emaj-57	109	26	(	(	PUNCT
emaj-57	109	27	national	national	ADJ
emaj-57	109	28	stock	stock	NOUN
emaj-57	109	29	exchange	exchange	PROPN
emaj-57	109	30	)	)	PUNCT
emaj-57	109	31	of	of	ADP
emaj-57	109	32	india	india	PROPN
emaj-57	109	33	for	for	ADP
emaj-57	109	34	the	the	DET
emaj-57	109	35	period	period	NOUN
emaj-57	109	36	of	of	ADP
emaj-57	109	37	oct	oct	NOUN
emaj-57	109	38	’	'	PUNCT
emaj-57	109	39	2005	2005	NUM
emaj-57	109	40	to	to	ADP
emaj-57	109	41	nov	nov	NOUN
emaj-57	109	42	’	'	PUNCT
emaj-57	109	43	2010	2010	NUM
emaj-57	109	44	has	have	AUX
emaj-57	109	45	been	be	AUX
emaj-57	109	46	taken	take	VERB
emaj-57	109	47	from	from	ADP
emaj-57	109	48	cmie	cmie	PROPN
emaj-57	109	49	(	(	PUNCT
emaj-57	109	50	centre	centre	NOUN
emaj-57	109	51	for	for	ADP
emaj-57	109	52	monitoring	monitor	VERB
emaj-57	109	53	indian	indian	ADJ
emaj-57	109	54	economy	economy	NOUN
emaj-57	109	55	)	)	PUNCT
emaj-57	109	56	prowess	prowess	NOUN
emaj-57	109	57	database	database	NOUN
emaj-57	109	58	and	and	CCONJ
emaj-57	109	59	nse	nse	NOUN
emaj-57	109	60	.	.	PUNCT
emaj-57	110	1	these	these	DET
emaj-57	110	2	announcements	announcement	NOUN
emaj-57	110	3	correspond	correspond	VERB
emaj-57	110	4	to	to	ADP
emaj-57	110	5	the	the	DET
emaj-57	110	6	quarterly	quarterly	ADJ
emaj-57	110	7	earnings	earning	NOUN
emaj-57	110	8	for	for	ADP
emaj-57	110	9	the	the	DET
emaj-57	110	10	third	third	ADJ
emaj-57	110	11	quarter	quarter	NOUN
emaj-57	110	12	of	of	ADP
emaj-57	110	13	2005	2005	NUM
emaj-57	110	14	–	–	PUNCT
emaj-57	110	15	2006	2006	NUM
emaj-57	110	16	and	and	CCONJ
emaj-57	110	17	second	second	ADJ
emaj-57	110	18	quarter	quarter	NOUN
emaj-57	110	19	of	of	ADP
emaj-57	110	20	20102011	20102011	NUM
emaj-57	110	21	.	.	PUNCT
emaj-57	111	1	this	this	DET
emaj-57	111	2	period	period	NOUN
emaj-57	111	3	(	(	PUNCT
emaj-57	111	4	2005	2005	NUM
emaj-57	111	5	-	-	SYM
emaj-57	111	6	2010	2010	NUM
emaj-57	111	7	)	)	PUNCT
emaj-57	111	8	has	have	AUX
emaj-57	111	9	been	be	AUX
emaj-57	111	10	the	the	DET
emaj-57	111	11	most	most	ADV
emaj-57	111	12	eventful	eventful	ADJ
emaj-57	111	13	era	era	NOUN
emaj-57	111	14	not	not	PART
emaj-57	111	15	only	only	ADV
emaj-57	111	16	for	for	ADP
emaj-57	111	17	the	the	DET
emaj-57	111	18	indian	indian	ADJ
emaj-57	111	19	security	security	NOUN
emaj-57	111	20	market	market	NOUN
emaj-57	111	21	but	but	CCONJ
emaj-57	111	22	the	the	DET
emaj-57	111	23	global	global	ADJ
emaj-57	111	24	stock	stock	NOUN
emaj-57	111	25	market	market	NOUN
emaj-57	111	26	as	as	ADV
emaj-57	111	27	well	well	ADV
emaj-57	111	28	.	.	PUNCT
emaj-57	112	1	in	in	ADP
emaj-57	112	2	this	this	DET
emaj-57	112	3	period	period	NOUN
emaj-57	112	4	of	of	ADP
emaj-57	112	5	study	study	NOUN
emaj-57	112	6	,	,	PUNCT
emaj-57	112	7	indian	indian	ADJ
emaj-57	112	8	market	market	NOUN
emaj-57	112	9	has	have	AUX
emaj-57	112	10	taken	take	VERB
emaj-57	112	11	major	major	ADJ
emaj-57	112	12	strides	stride	NOUN
emaj-57	112	13	to	to	PART
emaj-57	112	14	make	make	VERB
emaj-57	112	15	an	an	DET
emaj-57	112	16	important	important	ADJ
emaj-57	112	17	place	place	NOUN
emaj-57	112	18	for	for	ADP
emaj-57	112	19	itself	itself	PRON
emaj-57	112	20	in	in	ADP
emaj-57	112	21	the	the	DET
emaj-57	112	22	entire	entire	ADJ
emaj-57	112	23	world	world	NOUN
emaj-57	112	24	security	security	NOUN
emaj-57	112	25	market	market	NOUN
emaj-57	112	26	.	.	PUNCT
emaj-57	113	1	within	within	ADP
emaj-57	113	2	this	this	DET
emaj-57	113	3	span	span	NOUN
emaj-57	113	4	of	of	ADP
emaj-57	113	5	five	five	NUM
emaj-57	113	6	years	year	NOUN
emaj-57	113	7	,	,	PUNCT
emaj-57	113	8	market	market	NOUN
emaj-57	113	9	experienced	experience	VERB
emaj-57	113	10	long	long	ADJ
emaj-57	113	11	term	term	NOUN
emaj-57	113	12	effects	effect	NOUN
emaj-57	113	13	of	of	ADP
emaj-57	113	14	after	after	ADP
emaj-57	113	15	globalization	globalization	NOUN
emaj-57	113	16	,	,	PUNCT
emaj-57	113	17	world	world	NOUN
emaj-57	113	18	recession	recession	NOUN
emaj-57	113	19	and	and	CCONJ
emaj-57	113	20	its	its	PRON
emaj-57	113	21	impact	impact	NOUN
emaj-57	113	22	and	and	CCONJ
emaj-57	113	23	the	the	DET
emaj-57	113	24	post	post	ADJ
emaj-57	113	25	-	-	ADJ
emaj-57	113	26	recessional	recessional	ADJ
emaj-57	113	27	recovery	recovery	NOUN
emaj-57	113	28	as	as	ADV
emaj-57	113	29	well	well	ADV
emaj-57	113	30	.	.	PUNCT
emaj-57	114	1	the	the	DET
emaj-57	114	2	present	present	ADJ
emaj-57	114	3	study	study	NOUN
emaj-57	114	4	wants	want	VERB
emaj-57	114	5	to	to	PART
emaj-57	114	6	examine	examine	VERB
emaj-57	114	7	the	the	DET
emaj-57	114	8	overreaction	overreaction	NOUN
emaj-57	114	9	effect	effect	NOUN
emaj-57	114	10	for	for	ADP
emaj-57	114	11	stock	stock	NOUN
emaj-57	114	12	specific	specific	ADJ
emaj-57	114	13	anticipated	anticipate	VERB
emaj-57	114	14	news	news	NOUN
emaj-57	114	15	,	,	PUNCT
emaj-57	114	16	for	for	ADP
emaj-57	114	17	which	which	PRON
emaj-57	114	18	we	we	PRON
emaj-57	114	19	have	have	AUX
emaj-57	114	20	taken	take	VERB
emaj-57	114	21	quarterly	quarterly	ADJ
emaj-57	114	22	disclosure	disclosure	NOUN
emaj-57	114	23	dates	date	NOUN
emaj-57	114	24	of	of	ADP
emaj-57	114	25	the	the	DET
emaj-57	114	26	firms	firm	NOUN
emaj-57	114	27	as	as	ADP
emaj-57	114	28	event	event	NOUN
emaj-57	114	29	dates	date	NOUN
emaj-57	114	30	.	.	PUNCT
emaj-57	115	1	the	the	DET
emaj-57	115	2	announcement	announcement	NOUN
emaj-57	115	3	dates	date	NOUN
emaj-57	115	4	are	be	AUX
emaj-57	115	5	considered	consider	VERB
emaj-57	115	6	here	here	ADV
emaj-57	115	7	as	as	SCONJ
emaj-57	115	8	the	the	DET
emaj-57	115	9	event	event	NOUN
emaj-57	115	10	dates	date	VERB
emaj-57	115	11	not	not	PART
emaj-57	115	12	the	the	DET
emaj-57	115	13	grapevine	grapevine	NOUN
emaj-57	115	14	dates	date	NOUN
emaj-57	115	15	or	or	CCONJ
emaj-57	115	16	the	the	DET
emaj-57	115	17	effective	effective	ADJ
emaj-57	115	18	dates	date	NOUN
emaj-57	115	19	of	of	ADP
emaj-57	115	20	any	any	DET
emaj-57	115	21	announcements	announcement	NOUN
emaj-57	115	22	.	.	PUNCT
emaj-57	116	1	volume	volume	NOUN
emaj-57	116	2	4	4	NUM
emaj-57	116	3	no	no	DET
emaj-57	116	4	1	1	NUM
emaj-57	116	5	(	(	PUNCT
emaj-57	116	6	2014	2014	NUM
emaj-57	116	7	)	)	PUNCT
emaj-57	116	8	|	|	ADV
emaj-57	116	9	issn	issn	VERB
emaj-57	116	10	2158	2158	NUM
emaj-57	116	11	-	-	SYM
emaj-57	116	12	8708	8708	NUM
emaj-57	116	13	(	(	PUNCT
emaj-57	116	14	online	online	NOUN
emaj-57	116	15	)	)	PUNCT
emaj-57	116	16	|	|	ADV
emaj-57	116	17	doi	doi	X
emaj-57	116	18	10.5195	10.5195	NUM
emaj-57	116	19	/	/	SYM
emaj-57	116	20	emaj.2014.57	emaj.2014.57	X
emaj-57	117	1	|	|	ADV
emaj-57	117	2	http://emaj.pitt.edu	http://emaj.pitt.edu	AUX
emaj-57	117	3	examining	examine	VERB
emaj-57	117	4	overreaction	overreaction	NOUN
emaj-57	117	5	in	in	ADP
emaj-57	117	6	indian	indian	ADJ
emaj-57	117	7	stock	stock	NOUN
emaj-57	117	8	market	market	NOUN
emaj-57	117	9	for	for	ADP
emaj-57	117	10	quarterly	quarterly	ADJ
emaj-57	117	11	news	news	NOUN
emaj-57	117	12	emerging	emerge	VERB
emaj-57	117	13	markets	market	NOUN
emaj-57	117	14	journal	journal	NOUN
emaj-57	117	15	|	|	ADV
emaj-57	117	16	p	p	NOUN
emaj-57	117	17	a	a	DET
emaj-57	117	18	g	g	PROPN
emaj-57	117	19	e	e	NOUN
emaj-57	117	20	|4	|4	X
emaj-57	117	21	the	the	DET
emaj-57	117	22	five	five	NUM
emaj-57	117	23	years	year	NOUN
emaj-57	117	24	data	datum	NOUN
emaj-57	117	25	for	for	ADP
emaj-57	117	26	fifty	fifty	NUM
emaj-57	117	27	firms	firm	NOUN
emaj-57	117	28	provide	provide	VERB
emaj-57	117	29	a	a	DET
emaj-57	117	30	total	total	ADJ
emaj-57	117	31	sample	sample	NOUN
emaj-57	117	32	of	of	ADP
emaj-57	117	33	822	822	NUM
emaj-57	117	34	available	available	ADJ
emaj-57	117	35	announcements	announcement	NOUN
emaj-57	117	36	.	.	PUNCT
emaj-57	118	1	for	for	ADP
emaj-57	118	2	20	20	NUM
emaj-57	118	3	quarters	quarter	NOUN
emaj-57	118	4	of	of	ADP
emaj-57	118	5	50	50	NUM
emaj-57	118	6	companies	company	NOUN
emaj-57	118	7	,	,	PUNCT
emaj-57	118	8	data	datum	NOUN
emaj-57	118	9	for	for	ADP
emaj-57	118	10	total	total	ADJ
emaj-57	118	11	1000	1000	NUM
emaj-57	118	12	quarters	quarter	NOUN
emaj-57	118	13	is	be	AUX
emaj-57	118	14	available	available	ADJ
emaj-57	118	15	.	.	PUNCT
emaj-57	119	1	but	but	CCONJ
emaj-57	119	2	out	out	ADP
emaj-57	119	3	of	of	ADP
emaj-57	119	4	these	these	PRON
emaj-57	119	5	,	,	PUNCT
emaj-57	119	6	822	822	NUM
emaj-57	119	7	have	have	AUX
emaj-57	119	8	been	be	AUX
emaj-57	119	9	taken	take	VERB
emaj-57	119	10	.	.	PUNCT
emaj-57	120	1	in	in	ADP
emaj-57	120	2	selection	selection	NOUN
emaj-57	120	3	of	of	ADP
emaj-57	120	4	sample	sample	NOUN
emaj-57	120	5	firms	firm	NOUN
emaj-57	120	6	the	the	DET
emaj-57	120	7	followings	following	NOUN
emaj-57	120	8	are	be	AUX
emaj-57	120	9	taken	take	VERB
emaj-57	120	10	into	into	ADP
emaj-57	120	11	consideration	consideration	NOUN
emaj-57	120	12	.	.	PUNCT
emaj-57	121	1	for	for	ADP
emaj-57	121	2	this	this	DET
emaj-57	121	3	type	type	NOUN
emaj-57	121	4	of	of	ADP
emaj-57	121	5	event	event	NOUN
emaj-57	121	6	studies	study	NOUN
emaj-57	121	7	,	,	PUNCT
emaj-57	121	8	frequently	frequently	ADV
emaj-57	121	9	traded	trade	VERB
emaj-57	121	10	stocks	stock	NOUN
emaj-57	121	11	should	should	AUX
emaj-57	121	12	be	be	AUX
emaj-57	121	13	taken	take	VERB
emaj-57	121	14	,	,	PUNCT
emaj-57	121	15	that	that	PRON
emaj-57	121	16	is	be	AUX
emaj-57	121	17	why	why	SCONJ
emaj-57	121	18	nse-50	nse-50	ADP
emaj-57	121	19	stocks	stock	NOUN
emaj-57	121	20	are	be	AUX
emaj-57	121	21	considered	consider	VERB
emaj-57	121	22	for	for	ADP
emaj-57	121	23	this	this	DET
emaj-57	121	24	study	study	NOUN
emaj-57	121	25	.	.	PUNCT
emaj-57	122	1	50	50	NUM
emaj-57	122	2	stocks	stock	NOUN
emaj-57	122	3	listed	list	VERB
emaj-57	122	4	in	in	ADP
emaj-57	122	5	nse	nse	NOUN
emaj-57	122	6	cover	cover	NOUN
emaj-57	122	7	more	more	ADV
emaj-57	122	8	or	or	CCONJ
emaj-57	122	9	less	less	ADJ
emaj-57	122	10	all	all	DET
emaj-57	122	11	the	the	DET
emaj-57	122	12	leading	lead	VERB
emaj-57	122	13	firms	firm	NOUN
emaj-57	122	14	across	across	ADP
emaj-57	122	15	various	various	ADJ
emaj-57	122	16	industries	industry	NOUN
emaj-57	122	17	or	or	CCONJ
emaj-57	122	18	sectors	sector	NOUN
emaj-57	122	19	.	.	PUNCT
emaj-57	123	1	financial	financial	ADJ
emaj-57	123	2	year	year	NOUN
emaj-57	123	3	2008	2008	NUM
emaj-57	123	4	-	-	SYM
emaj-57	123	5	2009	2009	NUM
emaj-57	123	6	is	be	AUX
emaj-57	123	7	considered	consider	VERB
emaj-57	123	8	as	as	ADP
emaj-57	123	9	the	the	DET
emaj-57	123	10	base	base	NOUN
emaj-57	123	11	year	year	NOUN
emaj-57	123	12	,	,	PUNCT
emaj-57	123	13	keeping	keep	VERB
emaj-57	123	14	in	in	ADP
emaj-57	123	15	mind	mind	NOUN
emaj-57	123	16	the	the	DET
emaj-57	123	17	impact	impact	NOUN
emaj-57	123	18	of	of	ADP
emaj-57	123	19	global	global	ADJ
emaj-57	123	20	recession	recession	NOUN
emaj-57	123	21	during	during	ADP
emaj-57	123	22	this	this	DET
emaj-57	123	23	time	time	NOUN
emaj-57	123	24	.	.	PUNCT
emaj-57	124	1	it	it	PRON
emaj-57	124	2	means	mean	VERB
emaj-57	124	3	if	if	SCONJ
emaj-57	124	4	a	a	DET
emaj-57	124	5	firm	firm	NOUN
emaj-57	124	6	is	be	AUX
emaj-57	124	7	enlisted	enlist	VERB
emaj-57	124	8	in	in	ADP
emaj-57	124	9	nse	nse	NOUN
emaj-57	124	10	in	in	ADP
emaj-57	124	11	this	this	DET
emaj-57	124	12	particular	particular	ADJ
emaj-57	124	13	year	year	NOUN
emaj-57	124	14	,	,	PUNCT
emaj-57	124	15	then	then	ADV
emaj-57	124	16	only	only	ADV
emaj-57	124	17	it	it	PRON
emaj-57	124	18	is	be	AUX
emaj-57	124	19	included	include	VERB
emaj-57	124	20	in	in	ADP
emaj-57	124	21	the	the	DET
emaj-57	124	22	sample	sample	NOUN
emaj-57	124	23	.	.	PUNCT
emaj-57	125	1	few	few	ADJ
emaj-57	125	2	stocks	stock	NOUN
emaj-57	125	3	are	be	AUX
emaj-57	125	4	not	not	PART
emaj-57	125	5	considered	consider	VERB
emaj-57	125	6	for	for	ADP
emaj-57	125	7	this	this	DET
emaj-57	125	8	study	study	NOUN
emaj-57	125	9	because	because	SCONJ
emaj-57	125	10	of	of	ADP
emaj-57	125	11	non	non	NOUN
emaj-57	125	12	-	-	NOUN
emaj-57	125	13	availability	availability	NOUN
emaj-57	125	14	of	of	ADP
emaj-57	125	15	data	datum	NOUN
emaj-57	125	16	for	for	ADP
emaj-57	125	17	the	the	DET
emaj-57	125	18	entire	entire	ADJ
emaj-57	125	19	period	period	NOUN
emaj-57	125	20	like	like	ADP
emaj-57	125	21	the	the	DET
emaj-57	125	22	stocks	stock	NOUN
emaj-57	125	23	of	of	ADP
emaj-57	125	24	reliance	reliance	NOUN
emaj-57	125	25	power	power	NOUN
emaj-57	125	26	,	,	PUNCT
emaj-57	125	27	bajaj	bajaj	PROPN
emaj-57	125	28	auto	auto	PROPN
emaj-57	125	29	and	and	CCONJ
emaj-57	125	30	power	power	NOUN
emaj-57	125	31	grid	grid	NOUN
emaj-57	125	32	corporation	corporation	NOUN
emaj-57	125	33	.	.	PUNCT
emaj-57	126	1	to	to	PART
emaj-57	126	2	select	select	VERB
emaj-57	126	3	the	the	DET
emaj-57	126	4	stocks	stock	NOUN
emaj-57	126	5	one	one	NUM
emaj-57	126	6	basic	basic	ADJ
emaj-57	126	7	rule	rule	NOUN
emaj-57	126	8	has	have	AUX
emaj-57	126	9	been	be	AUX
emaj-57	126	10	maintained	maintain	VERB
emaj-57	126	11	,	,	PUNCT
emaj-57	126	12	i.e.	i.e.	X
emaj-57	126	13	out	out	ADP
emaj-57	126	14	of	of	ADP
emaj-57	126	15	available	available	ADJ
emaj-57	126	16	17	17	NUM
emaj-57	126	17	quarters	quarter	NOUN
emaj-57	126	18	,	,	PUNCT
emaj-57	126	19	data	datum	NOUN
emaj-57	126	20	of	of	ADP
emaj-57	126	21	14	14	NUM
emaj-57	126	22	quarters	quarter	NOUN
emaj-57	126	23	(	(	PUNCT
emaj-57	126	24	70	70	NUM
emaj-57	126	25	percent	percent	NOUN
emaj-57	126	26	)	)	PUNCT
emaj-57	126	27	should	should	AUX
emaj-57	126	28	be	be	AUX
emaj-57	126	29	available	available	ADJ
emaj-57	126	30	properly	properly	ADV
emaj-57	126	31	.	.	PUNCT
emaj-57	127	1	to	to	PART
emaj-57	127	2	capture	capture	VERB
emaj-57	127	3	the	the	DET
emaj-57	127	4	impact	impact	NOUN
emaj-57	127	5	of	of	ADP
emaj-57	127	6	the	the	DET
emaj-57	127	7	news	news	NOUN
emaj-57	127	8	independently	independently	ADV
emaj-57	127	9	,	,	PUNCT
emaj-57	127	10	if	if	SCONJ
emaj-57	127	11	any	any	DET
emaj-57	127	12	other	other	ADJ
emaj-57	127	13	major	major	ADJ
emaj-57	127	14	events	event	NOUN
emaj-57	127	15	happened	happen	VERB
emaj-57	127	16	during	during	ADP
emaj-57	127	17	the	the	DET
emaj-57	127	18	defined	define	VERB
emaj-57	127	19	event	event	NOUN
emaj-57	127	20	window	window	NOUN
emaj-57	127	21	(	(	PUNCT
emaj-57	127	22	21	21	NUM
emaj-57	127	23	days	day	NOUN
emaj-57	127	24	)	)	PUNCT
emaj-57	127	25	,	,	PUNCT
emaj-57	127	26	those	those	DET
emaj-57	127	27	event	event	NOUN
emaj-57	127	28	dates	date	NOUN
emaj-57	127	29	have	have	AUX
emaj-57	127	30	not	not	PART
emaj-57	127	31	been	be	AUX
emaj-57	127	32	included	include	VERB
emaj-57	127	33	in	in	ADP
emaj-57	127	34	the	the	DET
emaj-57	127	35	present	present	ADJ
emaj-57	127	36	sample	sample	NOUN
emaj-57	127	37	.	.	PUNCT
emaj-57	128	1	in	in	ADP
emaj-57	128	2	this	this	DET
emaj-57	128	3	way	way	NOUN
emaj-57	128	4	impact	impact	NOUN
emaj-57	128	5	of	of	ADP
emaj-57	128	6	confounding	confound	VERB
emaj-57	128	7	effects	effect	NOUN
emaj-57	128	8	are	be	AUX
emaj-57	128	9	removed	remove	VERB
emaj-57	128	10	.	.	PUNCT
emaj-57	129	1	this	this	DET
emaj-57	129	2	filtering	filter	VERB
emaj-57	129	3	process	process	NOUN
emaj-57	129	4	,	,	PUNCT
emaj-57	129	5	we	we	PRON
emaj-57	129	6	believe	believe	VERB
emaj-57	129	7	,	,	PUNCT
emaj-57	129	8	ensures	ensure	VERB
emaj-57	129	9	the	the	DET
emaj-57	129	10	robustness	robustness	NOUN
emaj-57	129	11	of	of	ADP
emaj-57	129	12	results	result	NOUN
emaj-57	129	13	even	even	ADV
emaj-57	129	14	though	though	SCONJ
emaj-57	129	15	wide	wide	ADJ
emaj-57	129	16	varieties	variety	NOUN
emaj-57	129	17	of	of	ADP
emaj-57	129	18	firms	firm	NOUN
emaj-57	129	19	have	have	AUX
emaj-57	129	20	not	not	PART
emaj-57	129	21	been	be	AUX
emaj-57	129	22	considered	consider	VERB
emaj-57	129	23	.	.	PUNCT
emaj-57	130	1	sometimes	sometimes	ADV
emaj-57	130	2	firms	firm	NOUN
emaj-57	130	3	announce	announce	VERB
emaj-57	130	4	financial	financial	ADJ
emaj-57	130	5	report	report	NOUN
emaj-57	130	6	for	for	ADP
emaj-57	130	7	more	more	ADJ
emaj-57	130	8	than	than	ADP
emaj-57	130	9	one	one	NUM
emaj-57	130	10	quarter	quarter	NOUN
emaj-57	130	11	on	on	ADP
emaj-57	130	12	a	a	DET
emaj-57	130	13	single	single	ADJ
emaj-57	130	14	date	date	NOUN
emaj-57	130	15	.	.	PUNCT
emaj-57	131	1	such	such	ADJ
emaj-57	131	2	announcements	announcement	NOUN
emaj-57	131	3	are	be	AUX
emaj-57	131	4	also	also	ADV
emaj-57	131	5	not	not	PART
emaj-57	131	6	included	include	VERB
emaj-57	131	7	in	in	ADP
emaj-57	131	8	this	this	DET
emaj-57	131	9	sample	sample	NOUN
emaj-57	131	10	.	.	PUNCT
emaj-57	132	1	sometimes	sometimes	ADV
emaj-57	132	2	the	the	DET
emaj-57	132	3	firms	firm	NOUN
emaj-57	132	4	do	do	AUX
emaj-57	132	5	not	not	PART
emaj-57	132	6	announce	announce	VERB
emaj-57	132	7	report	report	NOUN
emaj-57	132	8	for	for	ADP
emaj-57	132	9	a	a	DET
emaj-57	132	10	particular	particular	ADJ
emaj-57	132	11	quarter	quarter	NOUN
emaj-57	132	12	.	.	PUNCT
emaj-57	133	1	for	for	ADP
emaj-57	133	2	each	each	DET
emaj-57	133	3	firm	firm	NOUN
emaj-57	133	4	and	and	CCONJ
emaj-57	133	5	quarter	quarter	NOUN
emaj-57	133	6	three	three	NUM
emaj-57	133	7	types	type	NOUN
emaj-57	133	8	of	of	ADP
emaj-57	133	9	information	information	NOUN
emaj-57	133	10	are	be	AUX
emaj-57	133	11	required	require	VERB
emaj-57	133	12	.	.	PUNCT
emaj-57	134	1	they	they	PRON
emaj-57	134	2	are	be	AUX
emaj-57	134	3	date	date	NOUN
emaj-57	134	4	of	of	ADP
emaj-57	134	5	announcement	announcement	NOUN
emaj-57	134	6	,	,	PUNCT
emaj-57	134	7	the	the	DET
emaj-57	134	8	actual	actual	ADJ
emaj-57	134	9	earnings	earning	NOUN
emaj-57	134	10	and	and	CCONJ
emaj-57	134	11	the	the	DET
emaj-57	134	12	measure	measure	NOUN
emaj-57	134	13	of	of	ADP
emaj-57	134	14	the	the	DET
emaj-57	134	15	expected	expect	VERB
emaj-57	134	16	earnings	earning	NOUN
emaj-57	134	17	.	.	PUNCT
emaj-57	135	1	the	the	DET
emaj-57	135	2	market	market	NOUN
emaj-57	135	3	index	index	NOUN
emaj-57	135	4	is	be	AUX
emaj-57	135	5	considered	consider	VERB
emaj-57	135	6	as	as	ADP
emaj-57	135	7	s&p	s&p	PROPN
emaj-57	135	8	cnx	cnx	PROPN
emaj-57	135	9	nifty	nifty	ADJ
emaj-57	135	10	(	(	PUNCT
emaj-57	135	11	standard	standard	ADJ
emaj-57	135	12	and	and	CCONJ
emaj-57	135	13	poor	poor	ADJ
emaj-57	135	14	’s	’s	PART
emaj-57	135	15	crisil	crisil	PROPN
emaj-57	135	16	nse	nse	NOUN
emaj-57	135	17	index	index	NOUN
emaj-57	135	18	)	)	PUNCT
emaj-57	135	19	or	or	CCONJ
emaj-57	135	20	nifty	nifty	ADJ
emaj-57	135	21	fifty	fifty	NUM
emaj-57	135	22	.	.	PUNCT
emaj-57	136	1	for	for	ADP
emaj-57	136	2	both	both	CCONJ
emaj-57	136	3	the	the	DET
emaj-57	136	4	stocks	stock	NOUN
emaj-57	136	5	as	as	ADV
emaj-57	136	6	well	well	ADV
emaj-57	136	7	as	as	ADP
emaj-57	136	8	market	market	NOUN
emaj-57	136	9	index	index	NOUN
emaj-57	136	10	,	,	PUNCT
emaj-57	136	11	adjusted	adjust	VERB
emaj-57	136	12	daily	daily	ADJ
emaj-57	136	13	closing	closing	NOUN
emaj-57	136	14	price	price	NOUN
emaj-57	136	15	and	and	CCONJ
emaj-57	136	16	returns	return	NOUN
emaj-57	136	17	have	have	AUX
emaj-57	136	18	been	be	AUX
emaj-57	136	19	considered	consider	VERB
emaj-57	136	20	.	.	PUNCT
emaj-57	137	1	earlier	early	ADJ
emaj-57	137	2	studies	study	NOUN
emaj-57	137	3	start	start	VERB
emaj-57	137	4	with	with	ADP
emaj-57	137	5	annual	annual	ADJ
emaj-57	137	6	,	,	PUNCT
emaj-57	137	7	semi	semi	ADJ
emaj-57	137	8	-	-	ADJ
emaj-57	137	9	annual	annual	ADJ
emaj-57	137	10	(	(	PUNCT
emaj-57	137	11	obaidullah,1990	obaidullah,1990	ADJ
emaj-57	137	12	)	)	PUNCT
emaj-57	137	13	and	and	CCONJ
emaj-57	137	14	monthly	monthly	ADJ
emaj-57	137	15	returns	return	NOUN
emaj-57	137	16	(	(	PUNCT
emaj-57	137	17	fama	fama	X
emaj-57	137	18	et	et	PROPN
emaj-57	137	19	al	al	PROPN
emaj-57	137	20	.	.	PROPN
emaj-57	137	21	,	,	PUNCT
emaj-57	137	22	1969	1969	NUM
emaj-57	137	23	)	)	PUNCT
emaj-57	137	24	.	.	PUNCT
emaj-57	138	1	gradually	gradually	ADV
emaj-57	138	2	there	there	PRON
emaj-57	138	3	are	be	VERB
emaj-57	138	4	developments	development	NOUN
emaj-57	138	5	in	in	ADP
emaj-57	138	6	considering	consider	VERB
emaj-57	138	7	more	more	ADV
emaj-57	138	8	frequent	frequent	ADJ
emaj-57	138	9	data	datum	NOUN
emaj-57	138	10	.	.	PUNCT
emaj-57	139	1	that	that	PRON
emaj-57	139	2	is	be	AUX
emaj-57	139	3	why	why	SCONJ
emaj-57	139	4	daily	daily	ADJ
emaj-57	139	5	closing	closing	NOUN
emaj-57	139	6	prices	price	NOUN
emaj-57	139	7	are	be	AUX
emaj-57	139	8	taken	take	VERB
emaj-57	139	9	for	for	ADP
emaj-57	139	10	this	this	DET
emaj-57	139	11	study	study	NOUN
emaj-57	139	12	.	.	PUNCT
emaj-57	140	1	impact	impact	NOUN
emaj-57	140	2	of	of	ADP
emaj-57	140	3	other	other	ADJ
emaj-57	140	4	stock	stock	NOUN
emaj-57	140	5	specific	specific	ADJ
emaj-57	140	6	events	event	NOUN
emaj-57	140	7	like	like	ADP
emaj-57	140	8	announcement	announcement	NOUN
emaj-57	140	9	of	of	ADP
emaj-57	140	10	bonus	bonus	NOUN
emaj-57	140	11	,	,	PUNCT
emaj-57	140	12	dividend	dividend	NOUN
emaj-57	140	13	etc	etc	X
emaj-57	140	14	.	.	X
emaj-57	140	15	are	be	AUX
emaj-57	140	16	already	already	ADV
emaj-57	140	17	adjusted	adjust	VERB
emaj-57	140	18	by	by	ADP
emaj-57	140	19	taking	take	VERB
emaj-57	140	20	the	the	DET
emaj-57	140	21	adjusted	adjust	VERB
emaj-57	140	22	closing	closing	NOUN
emaj-57	140	23	price	price	NOUN
emaj-57	140	24	of	of	ADP
emaj-57	140	25	the	the	DET
emaj-57	140	26	stock	stock	NOUN
emaj-57	140	27	.	.	PUNCT
emaj-57	141	1	the	the	DET
emaj-57	141	2	next	next	ADJ
emaj-57	141	3	step	step	NOUN
emaj-57	141	4	is	be	AUX
emaj-57	141	5	the	the	DET
emaj-57	141	6	measure	measure	NOUN
emaj-57	141	7	of	of	ADP
emaj-57	141	8	expected	expect	VERB
emaj-57	141	9	earnings	earning	NOUN
emaj-57	141	10	as	as	ADP
emaj-57	141	11	per	per	ADP
emaj-57	141	12	normal	normal	ADJ
emaj-57	141	13	return	return	NOUN
emaj-57	141	14	model	model	NOUN
emaj-57	141	15	which	which	PRON
emaj-57	141	16	can	can	AUX
emaj-57	141	17	be	be	AUX
emaj-57	141	18	estimated	estimate	VERB
emaj-57	141	19	by	by	ADP
emaj-57	141	20	using	use	VERB
emaj-57	141	21	market	market	NOUN
emaj-57	141	22	model	model	NOUN
emaj-57	141	23	as	as	SCONJ
emaj-57	141	24	discussed	discuss	VERB
emaj-57	141	25	earlier	early	ADV
emaj-57	141	26	.	.	PUNCT
emaj-57	142	1	4.2	4.2	NUM
emaj-57	142	2	windows	window	NOUN
emaj-57	142	3	specifications	specification	NOUN
emaj-57	142	4	next	next	ADJ
emaj-57	142	5	stage	stage	NOUN
emaj-57	142	6	is	be	AUX
emaj-57	142	7	to	to	PART
emaj-57	142	8	specify	specify	VERB
emaj-57	142	9	the	the	DET
emaj-57	142	10	percentage	percentage	NOUN
emaj-57	142	11	change	change	NOUN
emaj-57	142	12	in	in	ADP
emaj-57	142	13	the	the	DET
emaj-57	142	14	stock	stock	NOUN
emaj-57	142	15	return	return	NOUN
emaj-57	142	16	.	.	PUNCT
emaj-57	143	1	for	for	ADP
emaj-57	143	2	this	this	PRON
emaj-57	143	3	,	,	PUNCT
emaj-57	143	4	an	an	DET
emaj-57	143	5	event	event	NOUN
emaj-57	143	6	window	window	NOUN
emaj-57	143	7	and	and	CCONJ
emaj-57	143	8	an	an	DET
emaj-57	143	9	estimation	estimation	NOUN
emaj-57	143	10	window	window	NOUN
emaj-57	143	11	have	have	VERB
emaj-57	143	12	to	to	PART
emaj-57	143	13	be	be	AUX
emaj-57	143	14	specified	specify	VERB
emaj-57	143	15	.	.	PUNCT
emaj-57	144	1	in	in	ADP
emaj-57	144	2	this	this	DET
emaj-57	144	3	study	study	NOUN
emaj-57	144	4	the	the	DET
emaj-57	144	5	observation	observation	NOUN
emaj-57	144	6	interval	interval	NOUN
emaj-57	144	7	is	be	AUX
emaj-57	144	8	one	one	NUM
emaj-57	144	9	day	day	NOUN
emaj-57	144	10	,	,	PUNCT
emaj-57	144	11	i.e.	i.e.	X
emaj-57	144	12	,	,	PUNCT
emaj-57	144	13	daily	daily	ADJ
emaj-57	144	14	stock	stock	NOUN
emaj-57	144	15	returns	return	NOUN
emaj-57	144	16	will	will	AUX
emaj-57	144	17	be	be	AUX
emaj-57	144	18	used	use	VERB
emaj-57	144	19	.	.	PUNCT
emaj-57	145	1	a	a	DET
emaj-57	145	2	21	21	NUM
emaj-57	145	3	day	day	NOUN
emaj-57	145	4	event	event	NOUN
emaj-57	145	5	window	window	NOUN
emaj-57	145	6	will	will	AUX
emaj-57	145	7	be	be	AUX
emaj-57	145	8	considered	consider	VERB
emaj-57	145	9	comprising	comprising	NOUN
emaj-57	145	10	of	of	ADP
emaj-57	145	11	10	10	NUM
emaj-57	145	12	preevent	preevent	NOUN
emaj-57	145	13	days	day	NOUN
emaj-57	145	14	,	,	PUNCT
emaj-57	145	15	the	the	DET
emaj-57	145	16	event	event	NOUN
emaj-57	145	17	day	day	NOUN
emaj-57	145	18	and	and	CCONJ
emaj-57	145	19	10	10	NUM
emaj-57	145	20	post	post	ADJ
emaj-57	145	21	-	-	ADJ
emaj-57	145	22	event	event	ADJ
emaj-57	145	23	days	day	NOUN
emaj-57	145	24	.	.	PUNCT
emaj-57	146	1	according	accord	VERB
emaj-57	146	2	to	to	ADP
emaj-57	146	3	the	the	DET
emaj-57	146	4	earlier	early	ADJ
emaj-57	146	5	research	research	NOUN
emaj-57	146	6	event	event	NOUN
emaj-57	146	7	window	window	NOUN
emaj-57	146	8	should	should	AUX
emaj-57	146	9	be	be	AUX
emaj-57	146	10	as	as	ADV
emaj-57	146	11	less	less	ADJ
emaj-57	146	12	as	as	ADP
emaj-57	146	13	possible	possible	ADJ
emaj-57	146	14	to	to	PART
emaj-57	146	15	get	get	VERB
emaj-57	146	16	good	good	ADJ
emaj-57	146	17	statistical	statistical	ADJ
emaj-57	146	18	results	result	NOUN
emaj-57	146	19	.	.	PUNCT
emaj-57	147	1	for	for	ADP
emaj-57	147	2	selecting	select	VERB
emaj-57	147	3	the	the	DET
emaj-57	147	4	event	event	NOUN
emaj-57	147	5	window	window	NOUN
emaj-57	147	6	a	a	DET
emaj-57	147	7	detailed	detailed	ADJ
emaj-57	147	8	sensitivity	sensitivity	NOUN
emaj-57	147	9	analysis	analysis	NOUN
emaj-57	147	10	has	have	AUX
emaj-57	147	11	been	be	AUX
emaj-57	147	12	done	do	VERB
emaj-57	147	13	by	by	ADP
emaj-57	147	14	choosing	choose	VERB
emaj-57	147	15	the	the	DET
emaj-57	147	16	event	event	NOUN
emaj-57	147	17	windows	window	VERB
emaj-57	147	18	from	from	ADP
emaj-57	147	19	3	3	NUM
emaj-57	147	20	days	day	NOUN
emaj-57	147	21	(	(	PUNCT
emaj-57	147	22	-1	-1	ADP
emaj-57	147	23	to	to	ADP
emaj-57	147	24	+1	+1	PROPN
emaj-57	147	25	)	)	PUNCT
emaj-57	147	26	,	,	PUNCT
emaj-57	147	27	7	7	NUM
emaj-57	147	28	days	day	NOUN
emaj-57	147	29	(	(	PUNCT
emaj-57	147	30	3	3	NUM
emaj-57	147	31	to	to	ADP
emaj-57	147	32	+3	+3	PROPN
emaj-57	147	33	)	)	PUNCT
emaj-57	147	34	,	,	PUNCT
emaj-57	147	35	21	21	NUM
emaj-57	147	36	days	day	NOUN
emaj-57	147	37	(	(	PUNCT
emaj-57	147	38	-10	-10	ADP
emaj-57	147	39	to	to	PART
emaj-57	147	40	+10	+10	VERB
emaj-57	147	41	days	day	NOUN
emaj-57	147	42	)	)	PUNCT
emaj-57	147	43	,	,	PUNCT
emaj-57	147	44	31	31	NUM
emaj-57	147	45	days	day	NOUN
emaj-57	147	46	(	(	PUNCT
emaj-57	147	47	-15	-15	ADP
emaj-57	147	48	to	to	ADP
emaj-57	147	49	+15	+15	NUM
emaj-57	147	50	)	)	PUNCT
emaj-57	147	51	and	and	CCONJ
emaj-57	147	52	41	41	NUM
emaj-57	147	53	days	day	NOUN
emaj-57	147	54	(	(	PUNCT
emaj-57	147	55	-20	-20	NUM
emaj-57	147	56	to	to	ADP
emaj-57	147	57	+20	+20	NUM
emaj-57	147	58	)	)	PUNCT
emaj-57	147	59	and	and	CCONJ
emaj-57	147	60	patterns	pattern	NOUN
emaj-57	147	61	are	be	AUX
emaj-57	147	62	found	find	VERB
emaj-57	147	63	.	.	PUNCT
emaj-57	148	1	out	out	ADP
emaj-57	148	2	of	of	ADP
emaj-57	148	3	these	these	PRON
emaj-57	148	4	,	,	PUNCT
emaj-57	148	5	21	21	NUM
emaj-57	148	6	days	day	NOUN
emaj-57	148	7	(	(	PUNCT
emaj-57	148	8	-10	-10	PUNCT
emaj-57	148	9	to	to	PART
emaj-57	148	10	+10	+10	VERB
emaj-57	148	11	)	)	PUNCT
emaj-57	148	12	are	be	AUX
emaj-57	148	13	taken	take	VERB
emaj-57	148	14	for	for	ADP
emaj-57	148	15	final	final	ADJ
emaj-57	148	16	sample	sample	NOUN
emaj-57	148	17	which	which	PRON
emaj-57	148	18	gives	give	VERB
emaj-57	148	19	a	a	DET
emaj-57	148	20	better	well	ADJ
emaj-57	148	21	pattern	pattern	NOUN
emaj-57	148	22	of	of	ADP
emaj-57	148	23	car	car	NOUN
emaj-57	148	24	plot	plot	NOUN
emaj-57	148	25	in	in	ADP
emaj-57	148	26	the	the	DET
emaj-57	148	27	case	case	NOUN
emaj-57	148	28	of	of	ADP
emaj-57	148	29	good	good	ADJ
emaj-57	148	30	news	news	NOUN
emaj-57	148	31	,	,	PUNCT
emaj-57	148	32	bad	bad	ADJ
emaj-57	148	33	news	news	NOUN
emaj-57	148	34	and	and	CCONJ
emaj-57	148	35	no	no	DET
emaj-57	148	36	news	news	NOUN
emaj-57	148	37	(	(	PUNCT
emaj-57	148	38	mackinlay,1997	mackinlay,1997	NOUN
emaj-57	148	39	)	)	PUNCT
emaj-57	148	40	.	.	PUNCT
emaj-57	149	1	for	for	ADP
emaj-57	149	2	each	each	DET
emaj-57	149	3	announcement	announcement	NOUN
emaj-57	149	4	100	100	NUM
emaj-57	149	5	trading	trading	NOUN
emaj-57	149	6	day	day	NOUN
emaj-57	149	7	period	period	NOUN
emaj-57	149	8	prior	prior	ADV
emaj-57	149	9	to	to	ADP
emaj-57	149	10	the	the	DET
emaj-57	149	11	event	event	NOUN
emaj-57	149	12	window	window	NOUN
emaj-57	149	13	will	will	AUX
emaj-57	149	14	be	be	AUX
emaj-57	149	15	used	use	VERB
emaj-57	149	16	as	as	ADP
emaj-57	149	17	the	the	DET
emaj-57	149	18	estimation	estimation	NOUN
emaj-57	149	19	window	window	NOUN
emaj-57	149	20	(	(	PUNCT
emaj-57	149	21	mackinlay,1997	mackinlay,1997	NOUN
emaj-57	149	22	)	)	PUNCT
emaj-57	149	23	.	.	PUNCT
emaj-57	150	1	it	it	PRON
emaj-57	150	2	is	be	AUX
emaj-57	150	3	typical	typical	ADJ
emaj-57	150	4	for	for	SCONJ
emaj-57	150	5	the	the	DET
emaj-57	150	6	estimation	estimation	NOUN
emaj-57	150	7	window	window	NOUN
emaj-57	150	8	and	and	CCONJ
emaj-57	150	9	the	the	DET
emaj-57	150	10	event	event	NOUN
emaj-57	150	11	window	window	NOUN
emaj-57	150	12	not	not	PART
emaj-57	150	13	to	to	PART
emaj-57	150	14	overlap	overlap	VERB
emaj-57	150	15	to	to	PART
emaj-57	150	16	make	make	VERB
emaj-57	150	17	the	the	DET
emaj-57	150	18	procedure	procedure	NOUN
emaj-57	150	19	robust	robust	ADJ
emaj-57	150	20	.	.	PUNCT
emaj-57	151	1	ideally	ideally	ADV
emaj-57	151	2	for	for	ADP
emaj-57	151	3	a	a	DET
emaj-57	151	4	quarter	quarter	NOUN
emaj-57	151	5	100	100	NUM
emaj-57	151	6	days	day	NOUN
emaj-57	151	7	plus	plus	CCONJ
emaj-57	151	8	21	21	NUM
emaj-57	151	9	days	day	NOUN
emaj-57	151	10	comprises	comprise	VERB
emaj-57	151	11	171	171	NUM
emaj-57	151	12	trading	trading	NOUN
emaj-57	151	13	days	day	NOUN
emaj-57	151	14	which	which	PRON
emaj-57	151	15	almost	almost	ADV
emaj-57	151	16	covers	cover	VERB
emaj-57	151	17	one	one	NUM
emaj-57	151	18	quarter	quarter	NOUN
emaj-57	151	19	.	.	PUNCT
emaj-57	152	1	this	this	DET
emaj-57	152	2	design	design	NOUN
emaj-57	152	3	provides	provide	VERB
emaj-57	152	4	estimators	estimator	NOUN
emaj-57	152	5	for	for	ADP
emaj-57	152	6	the	the	DET
emaj-57	152	7	parameters	parameter	NOUN
emaj-57	152	8	of	of	ADP
emaj-57	152	9	the	the	DET
emaj-57	152	10	normal	normal	ADJ
emaj-57	152	11	return	return	NOUN
emaj-57	152	12	model	model	NOUN
emaj-57	152	13	which	which	PRON
emaj-57	152	14	are	be	AUX
emaj-57	152	15	not	not	PART
emaj-57	152	16	influenced	influence	VERB
emaj-57	152	17	by	by	ADP
emaj-57	152	18	the	the	DET
emaj-57	152	19	returns	return	NOUN
emaj-57	152	20	around	around	ADP
emaj-57	152	21	the	the	DET
emaj-57	152	22	event	event	NOUN
emaj-57	152	23	.	.	PUNCT
emaj-57	153	1	including	include	VERB
emaj-57	153	2	the	the	DET
emaj-57	153	3	event	event	NOUN
emaj-57	153	4	window	window	NOUN
emaj-57	153	5	in	in	ADP
emaj-57	153	6	the	the	DET
emaj-57	153	7	estimation	estimation	NOUN
emaj-57	153	8	of	of	ADP
emaj-57	153	9	the	the	DET
emaj-57	153	10	normal	normal	ADJ
emaj-57	153	11	model	model	NOUN
emaj-57	153	12	parameters	parameter	NOUN
emaj-57	153	13	could	could	AUX
emaj-57	153	14	lead	lead	VERB
emaj-57	153	15	to	to	ADP
emaj-57	153	16	the	the	DET
emaj-57	153	17	event	event	NOUN
emaj-57	153	18	returns	return	NOUN
emaj-57	153	19	having	have	VERB
emaj-57	153	20	a	a	DET
emaj-57	153	21	large	large	ADJ
emaj-57	153	22	influence	influence	NOUN
emaj-57	153	23	on	on	ADP
emaj-57	153	24	the	the	DET
emaj-57	153	25	normal	normal	ADJ
emaj-57	153	26	return	return	NOUN
emaj-57	153	27	measure	measure	NOUN
emaj-57	153	28	.	.	PUNCT
emaj-57	154	1	in	in	ADP
emaj-57	154	2	this	this	DET
emaj-57	154	3	situation	situation	NOUN
emaj-57	154	4	both	both	CCONJ
emaj-57	154	5	the	the	DET
emaj-57	154	6	abnormal	abnormal	ADJ
emaj-57	154	7	returns	return	NOUN
emaj-57	154	8	and	and	CCONJ
emaj-57	154	9	the	the	DET
emaj-57	154	10	normal	normal	ADJ
emaj-57	154	11	return	return	NOUN
emaj-57	154	12	would	would	AUX
emaj-57	154	13	capture	capture	VERB
emaj-57	154	14	the	the	DET
emaj-57	154	15	event	event	NOUN
emaj-57	154	16	impact	impact	NOUN
emaj-57	154	17	.	.	PUNCT
emaj-57	155	1	this	this	PRON
emaj-57	155	2	would	would	AUX
emaj-57	155	3	be	be	AUX
emaj-57	155	4	problematic	problematic	ADJ
emaj-57	155	5	because	because	SCONJ
emaj-57	155	6	the	the	DET
emaj-57	155	7	methodology	methodology	NOUN
emaj-57	155	8	is	be	AUX
emaj-57	155	9	built	build	VERB
emaj-57	155	10	around	around	ADP
emaj-57	155	11	the	the	DET
emaj-57	155	12	assumption	assumption	NOUN
emaj-57	155	13	that	that	SCONJ
emaj-57	155	14	the	the	DET
emaj-57	155	15	event	event	NOUN
emaj-57	155	16	impact	impact	NOUN
emaj-57	155	17	is	be	AUX
emaj-57	155	18	captured	capture	VERB
emaj-57	155	19	by	by	ADP
emaj-57	155	20	the	the	DET
emaj-57	155	21	abnormal	abnormal	ADJ
emaj-57	155	22	returns	return	NOUN
emaj-57	155	23	.	.	PUNCT
emaj-57	156	1	on	on	ADP
emaj-57	156	2	occasions	occasion	NOUN
emaj-57	156	3	,	,	PUNCT
emaj-57	156	4	the	the	DET
emaj-57	156	5	post	post	NOUN
emaj-57	156	6	event	event	NOUN
emaj-57	156	7	window	window	NOUN
emaj-57	156	8	data	datum	NOUN
emaj-57	156	9	is	be	AUX
emaj-57	156	10	included	include	VERB
emaj-57	156	11	with	with	ADP
emaj-57	156	12	the	the	DET
emaj-57	156	13	estimation	estimation	NOUN
emaj-57	156	14	window	window	NOUN
emaj-57	156	15	data	datum	NOUN
emaj-57	156	16	to	to	PART
emaj-57	156	17	estimate	estimate	VERB
emaj-57	156	18	the	the	DET
emaj-57	156	19	normal	normal	ADJ
emaj-57	156	20	return	return	NOUN
emaj-57	156	21	model	model	NOUN
emaj-57	156	22	.	.	PUNCT
emaj-57	157	1	the	the	DET
emaj-57	157	2	goal	goal	NOUN
emaj-57	157	3	of	of	ADP
emaj-57	157	4	this	this	DET
emaj-57	157	5	approach	approach	NOUN
emaj-57	157	6	is	be	AUX
emaj-57	157	7	to	to	PART
emaj-57	157	8	increase	increase	VERB
emaj-57	157	9	the	the	DET
emaj-57	157	10	robustness	robustness	NOUN
emaj-57	157	11	of	of	ADP
emaj-57	157	12	the	the	DET
emaj-57	157	13	normal	normal	ADJ
emaj-57	157	14	market	market	NOUN
emaj-57	157	15	return	return	NOUN
emaj-57	157	16	measure	measure	NOUN
emaj-57	157	17	to	to	ADP
emaj-57	157	18	gradual	gradual	ADJ
emaj-57	157	19	changes	change	NOUN
emaj-57	157	20	in	in	ADP
emaj-57	157	21	its	its	PRON
emaj-57	157	22	parameters	parameter	NOUN
emaj-57	157	23	.	.	PUNCT
emaj-57	158	1	4.3	4.3	NUM
emaj-57	158	2	sample	sample	NOUN
emaj-57	158	3	classifications	classification	NOUN
emaj-57	158	4	size	size	NOUN
emaj-57	158	5	:	:	PUNCT
emaj-57	158	6	in	in	ADP
emaj-57	158	7	this	this	DET
emaj-57	158	8	study	study	NOUN
emaj-57	158	9	size	size	NOUN
emaj-57	158	10	effects	effect	NOUN
emaj-57	158	11	are	be	AUX
emaj-57	158	12	to	to	PART
emaj-57	158	13	be	be	AUX
emaj-57	158	14	examined	examine	VERB
emaj-57	158	15	.	.	PUNCT
emaj-57	159	1	nifty	nifty	ADJ
emaj-57	159	2	junior	junior	PROPN
emaj-57	159	3	(	(	PUNCT
emaj-57	159	4	100	100	NUM
emaj-57	159	5	)	)	PUNCT
emaj-57	159	6	stocks	stock	NOUN
emaj-57	159	7	could	could	AUX
emaj-57	159	8	be	be	AUX
emaj-57	159	9	the	the	DET
emaj-57	159	10	ideal	ideal	ADJ
emaj-57	159	11	choice	choice	NOUN
emaj-57	159	12	for	for	ADP
emaj-57	159	13	small	small	ADJ
emaj-57	159	14	firms	firm	NOUN
emaj-57	159	15	to	to	PART
emaj-57	159	16	study	study	VERB
emaj-57	159	17	size	size	NOUN
emaj-57	159	18	effects	effect	NOUN
emaj-57	159	19	.	.	PUNCT
emaj-57	160	1	but	but	CCONJ
emaj-57	160	2	preconditions	precondition	NOUN
emaj-57	160	3	of	of	ADP
emaj-57	160	4	the	the	DET
emaj-57	160	5	event	event	NOUN
emaj-57	160	6	study	study	NOUN
emaj-57	160	7	are	be	AUX
emaj-57	160	8	that	that	SCONJ
emaj-57	160	9	all	all	DET
emaj-57	160	10	stocks	stock	NOUN
emaj-57	160	11	should	should	AUX
emaj-57	160	12	be	be	AUX
emaj-57	160	13	very	very	ADV
emaj-57	160	14	frequently	frequently	ADV
emaj-57	160	15	traded	trade	VERB
emaj-57	160	16	in	in	ADP
emaj-57	160	17	the	the	DET
emaj-57	160	18	market	market	NOUN
emaj-57	160	19	and	and	CCONJ
emaj-57	160	20	selected	select	VERB
emaj-57	160	21	stocks	stock	NOUN
emaj-57	160	22	cover	cover	VERB
emaj-57	160	23	all	all	DET
emaj-57	160	24	industry	industry	NOUN
emaj-57	160	25	verticals	vertical	NOUN
emaj-57	160	26	existing	exist	VERB
emaj-57	160	27	in	in	ADP
emaj-57	160	28	the	the	DET
emaj-57	160	29	market	market	NOUN
emaj-57	160	30	on	on	ADP
emaj-57	160	31	an	an	DET
emaj-57	160	32	average	average	NOUN
emaj-57	160	33	.	.	PUNCT
emaj-57	161	1	that	that	PRON
emaj-57	161	2	is	be	AUX
emaj-57	161	3	why	why	SCONJ
emaj-57	161	4	,	,	PUNCT
emaj-57	161	5	nifty	nifty	ADJ
emaj-57	161	6	fifty	fifty	NUM
emaj-57	161	7	stocks	stock	NOUN
emaj-57	161	8	are	be	AUX
emaj-57	161	9	selected	select	VERB
emaj-57	161	10	to	to	PART
emaj-57	161	11	fulfill	fulfill	VERB
emaj-57	161	12	these	these	DET
emaj-57	161	13	conditions	condition	NOUN
emaj-57	161	14	.	.	PUNCT
emaj-57	162	1	the	the	DET
emaj-57	162	2	variation	variation	NOUN
emaj-57	162	3	of	of	ADP
emaj-57	162	4	daily	daily	ADJ
emaj-57	162	5	market	market	NOUN
emaj-57	162	6	cap	cap	NOUN
emaj-57	162	7	of	of	ADP
emaj-57	162	8	nifty	nifty	ADJ
emaj-57	162	9	fifty	fifty	NUM
emaj-57	162	10	stocks	stock	NOUN
emaj-57	162	11	during	during	ADP
emaj-57	162	12	the	the	DET
emaj-57	162	13	period	period	NOUN
emaj-57	162	14	of	of	ADP
emaj-57	162	15	study	study	NOUN
emaj-57	162	16	(	(	PUNCT
emaj-57	162	17	2005	2005	NUM
emaj-57	162	18	-	-	SYM
emaj-57	162	19	10	10	NUM
emaj-57	162	20	)	)	PUNCT
emaj-57	162	21	is	be	AUX
emaj-57	162	22	huge	huge	ADJ
emaj-57	162	23	.	.	PUNCT
emaj-57	163	1	if	if	SCONJ
emaj-57	163	2	the	the	DET
emaj-57	163	3	daily	daily	ADJ
emaj-57	163	4	market	market	NOUN
emaj-57	163	5	cap	cap	NOUN
emaj-57	163	6	is	be	AUX
emaj-57	163	7	considered	consider	VERB
emaj-57	163	8	across	across	ADP
emaj-57	163	9	the	the	DET
emaj-57	163	10	study	study	NOUN
emaj-57	163	11	period	period	NOUN
emaj-57	163	12	,	,	PUNCT
emaj-57	163	13	the	the	DET
emaj-57	163	14	highest	high	ADJ
emaj-57	163	15	stock	stock	NOUN
emaj-57	163	16	is	be	AUX
emaj-57	163	17	about	about	ADV
emaj-57	163	18	215	215	NUM
emaj-57	163	19	times	time	NOUN
emaj-57	163	20	that	that	PRON
emaj-57	163	21	of	of	ADP
emaj-57	163	22	the	the	DET
emaj-57	163	23	lowest	low	ADJ
emaj-57	163	24	.	.	PUNCT
emaj-57	164	1	thus	thus	ADV
emaj-57	164	2	the	the	DET
emaj-57	164	3	size	size	NOUN
emaj-57	164	4	effects	effect	NOUN
emaj-57	164	5	can	can	AUX
emaj-57	164	6	be	be	AUX
emaj-57	164	7	studied	study	VERB
emaj-57	164	8	with	with	ADP
emaj-57	164	9	considerable	considerable	ADJ
emaj-57	164	10	precision	precision	NOUN
emaj-57	164	11	using	use	VERB
emaj-57	164	12	the	the	DET
emaj-57	164	13	nifty	nifty	ADJ
emaj-57	164	14	-	-	PUNCT
emaj-57	164	15	fifty	fifty	NUM
emaj-57	164	16	stocks	stock	NOUN
emaj-57	164	17	.	.	PUNCT
emaj-57	165	1	accordingly	accordingly	ADV
emaj-57	165	2	ranking	rank	VERB
emaj-57	165	3	has	have	AUX
emaj-57	165	4	been	be	AUX
emaj-57	165	5	done	do	VERB
emaj-57	165	6	on	on	ADP
emaj-57	165	7	the	the	DET
emaj-57	165	8	basis	basis	NOUN
emaj-57	165	9	of	of	ADP
emaj-57	165	10	market	market	NOUN
emaj-57	165	11	capitalization	capitalization	NOUN
emaj-57	165	12	or	or	CCONJ
emaj-57	165	13	size	size	NOUN
emaj-57	165	14	of	of	ADP
emaj-57	165	15	each	each	DET
emaj-57	165	16	stock	stock	NOUN
emaj-57	165	17	on	on	ADP
emaj-57	165	18	the	the	DET
emaj-57	165	19	event	event	NOUN
emaj-57	165	20	date	date	NOUN
emaj-57	165	21	.	.	PUNCT
emaj-57	166	1	top	top	ADJ
emaj-57	166	2	25	25	NUM
emaj-57	166	3	percentile	percentile	NOUN
emaj-57	166	4	has	have	AUX
emaj-57	166	5	been	be	AUX
emaj-57	166	6	considered	consider	VERB
emaj-57	166	7	as	as	ADP
emaj-57	166	8	large	large	ADJ
emaj-57	166	9	size	size	NOUN
emaj-57	166	10	firm	firm	NOUN
emaj-57	166	11	,	,	PUNCT
emaj-57	166	12	bottom	bottom	NOUN
emaj-57	166	13	25	25	NUM
emaj-57	166	14	percentile	percentile	NOUN
emaj-57	166	15	as	as	ADP
emaj-57	166	16	small	small	ADJ
emaj-57	166	17	size	size	NOUN
emaj-57	166	18	firm	firm	NOUN
emaj-57	166	19	and	and	CCONJ
emaj-57	166	20	the	the	DET
emaj-57	166	21	middle	middle	ADJ
emaj-57	166	22	50	50	NUM
emaj-57	166	23	percentile	percentile	NOUN
emaj-57	166	24	as	as	ADP
emaj-57	166	25	medium	medium	ADJ
emaj-57	166	26	size	size	NOUN
emaj-57	166	27	firm	firm	NOUN
emaj-57	166	28	(	(	PUNCT
emaj-57	166	29	lev	lev	NOUN
emaj-57	166	30	and	and	CCONJ
emaj-57	166	31	penman,1990	penman,1990	ADJ
emaj-57	166	32	)	)	PUNCT
emaj-57	166	33	.	.	PUNCT
emaj-57	167	1	volatility	volatility	NOUN
emaj-57	167	2	:	:	PUNCT
emaj-57	167	3	the	the	DET
emaj-57	167	4	investors	investor	NOUN
emaj-57	167	5	’	’	PART
emaj-57	167	6	forecasts	forecast	NOUN
emaj-57	167	7	of	of	ADP
emaj-57	167	8	expected	expect	VERB
emaj-57	167	9	market	market	NOUN
emaj-57	167	10	trend	trend	NOUN
emaj-57	167	11	and	and	CCONJ
emaj-57	167	12	volatility	volatility	NOUN
emaj-57	167	13	are	be	AUX
emaj-57	167	14	a	a	DET
emaj-57	167	15	function	function	NOUN
emaj-57	167	16	of	of	ADP
emaj-57	167	17	current	current	ADJ
emaj-57	167	18	market	market	NOUN
emaj-57	167	19	and	and	CCONJ
emaj-57	167	20	uncertainty	uncertainty	NOUN
emaj-57	167	21	.	.	PUNCT
emaj-57	168	1	for	for	ADP
emaj-57	168	2	the	the	DET
emaj-57	168	3	pre	pre	ADJ
emaj-57	168	4	-	-	ADJ
emaj-57	168	5	announcement	announcement	ADJ
emaj-57	168	6	period	period	NOUN
emaj-57	168	7	(	(	PUNCT
emaj-57	168	8	10	10	NUM
emaj-57	168	9	days	day	NOUN
emaj-57	168	10	)	)	PUNCT
emaj-57	168	11	,	,	PUNCT
emaj-57	168	12	the	the	DET
emaj-57	168	13	mean	mean	ADJ
emaj-57	168	14	and	and	CCONJ
emaj-57	168	15	standard	standard	ADJ
emaj-57	168	16	deviation	deviation	NOUN
emaj-57	168	17	of	of	ADP
emaj-57	168	18	daily	daily	ADJ
emaj-57	168	19	stock	stock	NOUN
emaj-57	168	20	return	return	NOUN
emaj-57	168	21	of	of	ADP
emaj-57	168	22	each	each	DET
emaj-57	168	23	announcement	announcement	NOUN
emaj-57	168	24	have	have	AUX
emaj-57	168	25	been	be	AUX
emaj-57	168	26	calculated	calculate	VERB
emaj-57	168	27	and	and	CCONJ
emaj-57	168	28	then	then	ADV
emaj-57	168	29	ranked	rank	VERB
emaj-57	168	30	according	accord	VERB
emaj-57	168	31	to	to	ADP
emaj-57	168	32	the	the	DET
emaj-57	168	33	standard	standard	ADJ
emaj-57	168	34	deviation	deviation	NOUN
emaj-57	168	35	,	,	PUNCT
emaj-57	168	36	and	and	CCONJ
emaj-57	168	37	partitioned	partition	VERB
emaj-57	168	38	into	into	ADP
emaj-57	168	39	quartiles	quartile	NOUN
emaj-57	168	40	.	.	PUNCT
emaj-57	169	1	the	the	DET
emaj-57	169	2	high	high	ADJ
emaj-57	169	3	-	-	PUNCT
emaj-57	169	4	volatility	volatility	NOUN
emaj-57	169	5	market	market	NOUN
emaj-57	169	6	is	be	AUX
emaj-57	169	7	then	then	ADV
emaj-57	169	8	defined	define	VERB
emaj-57	169	9	as	as	ADP
emaj-57	169	10	the	the	DET
emaj-57	169	11	top	top	NOUN
emaj-57	169	12	quartile	quartile	NOUN
emaj-57	169	13	,	,	PUNCT
emaj-57	169	14	the	the	DET
emaj-57	169	15	lowvolatility	lowvolatility	NOUN
emaj-57	169	16	as	as	ADP
emaj-57	169	17	the	the	DET
emaj-57	169	18	lowest	low	ADJ
emaj-57	169	19	quartile	quartile	NOUN
emaj-57	169	20	and	and	CCONJ
emaj-57	169	21	the	the	DET
emaj-57	169	22	volume	volume	NOUN
emaj-57	169	23	4	4	NUM
emaj-57	169	24	no	no	DET
emaj-57	169	25	1	1	NUM
emaj-57	169	26	(	(	PUNCT
emaj-57	169	27	2014	2014	NUM
emaj-57	169	28	)	)	PUNCT
emaj-57	169	29	|	|	ADV
emaj-57	169	30	issn	issn	VERB
emaj-57	169	31	2158	2158	NUM
emaj-57	169	32	-	-	SYM
emaj-57	169	33	8708	8708	NUM
emaj-57	169	34	(	(	PUNCT
emaj-57	169	35	online	online	NOUN
emaj-57	169	36	)	)	PUNCT
emaj-57	169	37	|	|	ADV
emaj-57	169	38	doi	doi	X
emaj-57	169	39	10.5195	10.5195	NUM
emaj-57	169	40	/	/	SYM
emaj-57	169	41	emaj.2014.57	emaj.2014.57	X
emaj-57	170	1	|	|	ADV
emaj-57	170	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-57	170	3	dr.sitangshu	dr.sitangshu	PROPN
emaj-57	170	4	khatua	khatua	PROPN
emaj-57	170	5	,	,	PUNCT
emaj-57	170	6	dr	dr	PROPN
emaj-57	170	7	.	.	PROPN
emaj-57	170	8	hemant	hemant	PROPN
emaj-57	170	9	kumar	kumar	PROPN
emaj-57	170	10	pradhan	pradhan	PROPN
emaj-57	170	11	p	p	PROPN
emaj-57	170	12	a	a	DET
emaj-57	170	13	g	g	NOUN
emaj-57	170	14	e	e	NOUN
emaj-57	170	15	|5|	|5|	PRON
emaj-57	170	16	emerging	emerge	VERB
emaj-57	170	17	markets	market	NOUN
emaj-57	170	18	journal	journal	VERB
emaj-57	170	19	medium	medium	ADJ
emaj-57	170	20	-	-	PUNCT
emaj-57	170	21	volatility	volatility	NOUN
emaj-57	170	22	market	market	NOUN
emaj-57	170	23	as	as	ADP
emaj-57	170	24	the	the	DET
emaj-57	170	25	middle	middle	ADJ
emaj-57	170	26	50	50	NUM
emaj-57	170	27	percentile	percentile	NOUN
emaj-57	170	28	(	(	PUNCT
emaj-57	170	29	docking	docking	NOUN
emaj-57	170	30	and	and	CCONJ
emaj-57	170	31	koch	koch	PROPN
emaj-57	170	32	,	,	PUNCT
emaj-57	170	33	2005	2005	NUM
emaj-57	170	34	)	)	PUNCT
emaj-57	170	35	.	.	PUNCT
emaj-57	171	1	news	news	NOUN
emaj-57	171	2	or	or	CCONJ
emaj-57	171	3	asymmetry	asymmetry	NOUN
emaj-57	171	4	:	:	PUNCT
emaj-57	171	5	if	if	SCONJ
emaj-57	171	6	the	the	DET
emaj-57	171	7	actual	actual	ADJ
emaj-57	171	8	earnings	earning	NOUN
emaj-57	171	9	are	be	AUX
emaj-57	171	10	more	more	ADJ
emaj-57	171	11	than	than	ADP
emaj-57	171	12	the	the	DET
emaj-57	171	13	expected	expect	VERB
emaj-57	171	14	earnings	earning	NOUN
emaj-57	171	15	with	with	ADP
emaj-57	171	16	respect	respect	NOUN
emaj-57	171	17	to	to	ADP
emaj-57	171	18	any	any	DET
emaj-57	171	19	announcement	announcement	NOUN
emaj-57	171	20	,	,	PUNCT
emaj-57	171	21	it	it	PRON
emaj-57	171	22	can	can	AUX
emaj-57	171	23	be	be	AUX
emaj-57	171	24	categorized	categorize	VERB
emaj-57	171	25	into	into	ADP
emaj-57	171	26	good	good	ADJ
emaj-57	171	27	,	,	PUNCT
emaj-57	171	28	bad	bad	ADJ
emaj-57	171	29	or	or	CCONJ
emaj-57	171	30	no	no	DET
emaj-57	171	31	news	news	NOUN
emaj-57	171	32	or	or	CCONJ
emaj-57	171	33	noise	noise	NOUN
emaj-57	171	34	.	.	PUNCT
emaj-57	172	1	if	if	SCONJ
emaj-57	172	2	the	the	DET
emaj-57	172	3	actual	actual	ADJ
emaj-57	172	4	exceeds	exceed	NOUN
emaj-57	172	5	expected	expect	VERB
emaj-57	172	6	by	by	ADP
emaj-57	172	7	2.5	2.5	NUM
emaj-57	172	8	percent	percent	NOUN
emaj-57	172	9	the	the	DET
emaj-57	172	10	announcement	announcement	NOUN
emaj-57	172	11	is	be	AUX
emaj-57	172	12	designated	designate	VERB
emaj-57	172	13	as	as	ADP
emaj-57	172	14	good	good	ADJ
emaj-57	172	15	news	news	NOUN
emaj-57	172	16	,	,	PUNCT
emaj-57	172	17	and	and	CCONJ
emaj-57	172	18	if	if	SCONJ
emaj-57	172	19	the	the	DET
emaj-57	172	20	actual	actual	ADJ
emaj-57	172	21	is	be	AUX
emaj-57	172	22	2.5	2.5	NUM
emaj-57	172	23	percent	percent	NOUN
emaj-57	172	24	less	less	ADJ
emaj-57	172	25	than	than	ADP
emaj-57	172	26	the	the	DET
emaj-57	172	27	expected	expect	VERB
emaj-57	172	28	the	the	DET
emaj-57	172	29	announcement	announcement	NOUN
emaj-57	172	30	as	as	SCONJ
emaj-57	172	31	designated	designate	VERB
emaj-57	172	32	as	as	ADP
emaj-57	172	33	bad	bad	ADJ
emaj-57	172	34	news	news	NOUN
emaj-57	172	35	.	.	PUNCT
emaj-57	173	1	those	those	DET
emaj-57	173	2	announcements	announcement	NOUN
emaj-57	173	3	where	where	SCONJ
emaj-57	173	4	the	the	DET
emaj-57	173	5	actual	actual	ADJ
emaj-57	173	6	earnings	earning	NOUN
emaj-57	173	7	is	be	AUX
emaj-57	173	8	in	in	ADP
emaj-57	173	9	the	the	DET
emaj-57	173	10	5	5	NUM
emaj-57	173	11	percent	percent	NOUN
emaj-57	173	12	range	range	NOUN
emaj-57	173	13	centered	center	VERB
emaj-57	173	14	about	about	ADP
emaj-57	173	15	the	the	DET
emaj-57	173	16	expected	expect	VERB
emaj-57	173	17	earnings	earning	NOUN
emaj-57	173	18	are	be	AUX
emaj-57	173	19	designated	designate	VERB
emaj-57	173	20	as	as	ADP
emaj-57	173	21	no	no	DET
emaj-57	173	22	news	news	NOUN
emaj-57	173	23	or	or	CCONJ
emaj-57	173	24	noise	noise	NOUN
emaj-57	173	25	(	(	PUNCT
emaj-57	173	26	mackinlay,1997	mackinlay,1997	NOUN
emaj-57	173	27	)	)	PUNCT
emaj-57	173	28	.	.	PUNCT
emaj-57	174	1	it	it	PRON
emaj-57	174	2	has	have	AUX
emaj-57	174	3	been	be	AUX
emaj-57	174	4	seen	see	VERB
emaj-57	174	5	that	that	SCONJ
emaj-57	174	6	there	there	PRON
emaj-57	174	7	is	be	VERB
emaj-57	174	8	a	a	DET
emaj-57	174	9	total	total	ADJ
emaj-57	174	10	variation	variation	NOUN
emaj-57	174	11	between	between	ADP
emaj-57	174	12	actual	actual	ADJ
emaj-57	174	13	and	and	CCONJ
emaj-57	174	14	expected	expect	VERB
emaj-57	174	15	daily	daily	ADJ
emaj-57	174	16	earnings	earning	NOUN
emaj-57	174	17	to	to	ADP
emaj-57	174	18	the	the	DET
emaj-57	174	19	extent	extent	NOUN
emaj-57	174	20	of	of	ADP
emaj-57	174	21	+	+	X
emaj-57	174	22	5	5	NUM
emaj-57	174	23	to	to	PART
emaj-57	174	24	-5	-5	VERB
emaj-57	174	25	percent	percent	VERB
emaj-57	174	26	approximately	approximately	ADV
emaj-57	174	27	in	in	ADP
emaj-57	174	28	the	the	DET
emaj-57	174	29	case	case	NOUN
emaj-57	174	30	of	of	ADP
emaj-57	174	31	all	all	DET
emaj-57	174	32	50	50	NUM
emaj-57	174	33	stocks	stock	NOUN
emaj-57	174	34	in	in	ADP
emaj-57	174	35	nse	nse	NOUN
emaj-57	174	36	for	for	ADP
emaj-57	174	37	the	the	DET
emaj-57	174	38	current	current	ADJ
emaj-57	174	39	5	5	NUM
emaj-57	174	40	years	year	NOUN
emaj-57	174	41	.	.	PUNCT
emaj-57	175	1	out	out	ADP
emaj-57	175	2	of	of	ADP
emaj-57	175	3	total	total	ADJ
emaj-57	175	4	822	822	NUM
emaj-57	175	5	quarterly	quarterly	ADJ
emaj-57	175	6	earnings	earning	NOUN
emaj-57	175	7	announcements	announcement	NOUN
emaj-57	175	8	206	206	NUM
emaj-57	175	9	are	be	AUX
emaj-57	175	10	good	good	ADJ
emaj-57	175	11	news	news	NOUN
emaj-57	175	12	,	,	PUNCT
emaj-57	175	13	206	206	NUM
emaj-57	175	14	are	be	AUX
emaj-57	175	15	bad	bad	ADJ
emaj-57	175	16	news	news	NOUN
emaj-57	175	17	and	and	CCONJ
emaj-57	175	18	rest	rest	NOUN
emaj-57	175	19	410	410	NUM
emaj-57	175	20	are	be	AUX
emaj-57	175	21	no	no	DET
emaj-57	175	22	news	news	NOUN
emaj-57	175	23	or	or	CCONJ
emaj-57	175	24	noise	noise	NOUN
emaj-57	175	25	.	.	PUNCT
emaj-57	176	1	for	for	ADP
emaj-57	176	2	every	every	DET
emaj-57	176	3	categorization	categorization	NOUN
emaj-57	176	4	,	,	PUNCT
emaj-57	176	5	all	all	DET
emaj-57	176	6	events	event	NOUN
emaj-57	176	7	have	have	AUX
emaj-57	176	8	been	be	AUX
emaj-57	176	9	analyzed	analyze	VERB
emaj-57	176	10	separately	separately	ADV
emaj-57	176	11	for	for	ADP
emaj-57	176	12	good	good	ADJ
emaj-57	176	13	news	news	NOUN
emaj-57	176	14	,	,	PUNCT
emaj-57	176	15	bad	bad	ADJ
emaj-57	176	16	news	news	NOUN
emaj-57	176	17	and	and	CCONJ
emaj-57	176	18	no	no	DET
emaj-57	176	19	news	news	NOUN
emaj-57	176	20	.	.	PUNCT
emaj-57	177	1	sampling	sample	VERB
emaj-57	177	2	is	be	AUX
emaj-57	177	3	given	give	VERB
emaj-57	177	4	in	in	ADP
emaj-57	177	5	table	table	NOUN
emaj-57	177	6	1	1	NUM
emaj-57	177	7	(	(	PUNCT
emaj-57	177	8	prabhala	prabhala	NOUN
emaj-57	177	9	,	,	PUNCT
emaj-57	177	10	1997	1997	NUM
emaj-57	177	11	)	)	PUNCT
emaj-57	177	12	.	.	PUNCT
emaj-57	178	1	table	table	NOUN
emaj-57	178	2	1	1	NUM
emaj-57	178	3	:	:	PUNCT
emaj-57	178	4	sampling	sample	VERB
emaj-57	178	5	of	of	ADP
emaj-57	178	6	data	datum	NOUN
emaj-57	178	7	news	news	PROPN
emaj-57	178	8	total	total	ADJ
emaj-57	178	9	bad	bad	ADJ
emaj-57	178	10	news	news	NOUN
emaj-57	178	11	no	no	DET
emaj-57	178	12	news	news	NOUN
emaj-57	178	13	good	good	ADJ
emaj-57	178	14	news	news	NOUN
emaj-57	178	15	volatility	volatility	NOUN
emaj-57	178	16	low	low	ADV
emaj-57	178	17	volatile	volatile	ADJ
emaj-57	178	18	39	39	NUM
emaj-57	178	19	127	127	NUM
emaj-57	178	20	39	39	NUM
emaj-57	178	21	205	205	NUM
emaj-57	178	22	medium	medium	NOUN
emaj-57	178	23	volatile	volatile	ADJ
emaj-57	178	24	102	102	NUM
emaj-57	178	25	204	204	NUM
emaj-57	178	26	101	101	NUM
emaj-57	178	27	407	407	NUM
emaj-57	178	28	high	high	ADJ
emaj-57	178	29	volatile	volatile	ADJ
emaj-57	178	30	65	65	NUM
emaj-57	178	31	79	79	NUM
emaj-57	178	32	66	66	NUM
emaj-57	178	33	210	210	NUM
emaj-57	178	34	total	total	NOUN
emaj-57	178	35	206	206	NUM
emaj-57	178	36	410	410	NUM
emaj-57	178	37	206	206	NUM
emaj-57	178	38	822	822	NUM
emaj-57	178	39	size	size	NOUN
emaj-57	178	40	small	small	ADJ
emaj-57	178	41	size	size	NOUN
emaj-57	178	42	45	45	NUM
emaj-57	178	43	94	94	NUM
emaj-57	178	44	66	66	NUM
emaj-57	178	45	205	205	NUM
emaj-57	178	46	medium	medium	NOUN
emaj-57	178	47	size	size	NOUN
emaj-57	178	48	111	111	NUM
emaj-57	178	49	212	212	NUM
emaj-57	178	50	89	89	NUM
emaj-57	178	51	412	412	NUM
emaj-57	178	52	large	large	ADJ
emaj-57	178	53	size	size	NOUN
emaj-57	178	54	50	50	NUM
emaj-57	178	55	104	104	NUM
emaj-57	178	56	51	51	NUM
emaj-57	178	57	205	205	NUM
emaj-57	178	58	total	total	NOUN
emaj-57	178	59	206	206	NUM
emaj-57	178	60	410	410	NUM
emaj-57	178	61	206	206	NUM
emaj-57	178	62	822	822	NUM
emaj-57	178	63	volatility	volatility	NOUN
emaj-57	178	64	small	small	ADJ
emaj-57	178	65	size	size	NOUN
emaj-57	178	66	medium	medium	NOUN
emaj-57	178	67	size	size	NOUN
emaj-57	178	68	large	large	ADJ
emaj-57	178	69	size	size	NOUN
emaj-57	178	70	low	low	ADJ
emaj-57	178	71	volatile	volatile	ADJ
emaj-57	178	72	51	51	NUM
emaj-57	178	73	103	103	NUM
emaj-57	178	74	51	51	NUM
emaj-57	178	75	205	205	NUM
emaj-57	178	76	medium	medium	NOUN
emaj-57	178	77	volatile	volatile	ADJ
emaj-57	178	78	102	102	NUM
emaj-57	178	79	204	204	NUM
emaj-57	178	80	101	101	NUM
emaj-57	178	81	407	407	NUM
emaj-57	178	82	high	high	ADJ
emaj-57	178	83	volatile	volatile	ADJ
emaj-57	178	84	52	52	NUM
emaj-57	178	85	105	105	NUM
emaj-57	178	86	53	53	NUM
emaj-57	178	87	210	210	NUM
emaj-57	178	88	total	total	NOUN
emaj-57	178	89	205	205	NUM
emaj-57	178	90	412	412	NUM
emaj-57	178	91	205	205	NUM
emaj-57	178	92	822	822	NUM
emaj-57	178	93	4.4	4.4	NUM
emaj-57	178	94	event	event	NOUN
emaj-57	178	95	overreactions	overreaction	NOUN
emaj-57	178	96	table	table	NOUN
emaj-57	178	97	2	2	NUM
emaj-57	178	98	:	:	PUNCT
emaj-57	178	99	mean	mean	VERB
emaj-57	178	100	and	and	CCONJ
emaj-57	178	101	sd	sd	NOUN
emaj-57	178	102	of	of	ADP
emaj-57	178	103	ar	ar	NOUN
emaj-57	178	104	and	and	CCONJ
emaj-57	178	105	car	car	NOUN
emaj-57	178	106	for	for	ADP
emaj-57	178	107	“	"	PUNCT
emaj-57	178	108	good	good	ADJ
emaj-57	178	109	news	news	NOUN
emaj-57	178	110	”	"	PUNCT
emaj-57	178	111	,	,	PUNCT
emaj-57	178	112	“	"	PUNCT
emaj-57	178	113	bad	bad	ADJ
emaj-57	178	114	news	news	NOUN
emaj-57	178	115	”	"	PUNCT
emaj-57	178	116	and	and	CCONJ
emaj-57	178	117	“	"	PUNCT
emaj-57	178	118	no	no	DET
emaj-57	178	119	news	news	NOUN
emaj-57	178	120	”	"	PUNCT
emaj-57	178	121	(	(	PUNCT
emaj-57	178	122	using	use	VERB
emaj-57	178	123	market	market	NOUN
emaj-57	178	124	model	model	NOUN
emaj-57	178	125	)	)	PUNCT
emaj-57	178	126	news	news	NOUN
emaj-57	178	127	no	no	INTJ
emaj-57	178	128	.	.	PUNCT
emaj-57	179	1	of	of	ADP
emaj-57	179	2	news	news	NOUN
emaj-57	179	3	mean	mean	PROPN
emaj-57	179	4	ar	ar	PROPN
emaj-57	179	5	sd	sd	PROPN
emaj-57	179	6	ar	ar	PROPN
emaj-57	179	7	se	se	PROPN
emaj-57	179	8	mean	mean	VERB
emaj-57	179	9	car	car	NOUN
emaj-57	179	10	sd	sd	ADP
emaj-57	179	11	ca	ca	NOUN
emaj-57	179	12	r	r	NOUN
emaj-57	179	13	θ1	θ1	NOUN
emaj-57	179	14	=	=	SYM
emaj-57	179	15	mean	mean	VERB
emaj-57	179	16	car	car	NOUN
emaj-57	179	17	/	/	SYM
emaj-57	179	18	s	s	NOUN
emaj-57	180	1	d	d	NOUN
emaj-57	180	2	car	car	NOUN
emaj-57	180	3	good	good	ADJ
emaj-57	180	4	news	news	PROPN
emaj-57	180	5	206	206	NUM
emaj-57	180	6	3.9727	3.9727	NUM
emaj-57	180	7	18447	18447	NUM
emaj-57	180	8	2.01	2.01	NUM
emaj-57	180	9	8621	8621	NUM
emaj-57	180	10	1.9680	1.9680	NUM
emaj-57	180	11	3609	3609	NUM
emaj-57	180	12	3.6756	3.6756	NUM
emaj-57	180	13	80434	80434	NUM
emaj-57	180	14	11.4	11.4	NUM
emaj-57	180	15	1671	1671	NUM
emaj-57	180	16	0.3219	0.3219	NUM
emaj-57	180	17	56219	56219	NUM
emaj-57	180	18	no	no	DET
emaj-57	180	19	news	news	NOUN
emaj-57	180	20	410	410	NUM
emaj-57	180	21	-0.139	-0.139	SYM
emaj-57	180	22	0.91	0.91	NUM
emaj-57	180	23	9088	9088	NUM
emaj-57	180	24	0.1512	0.1512	NUM
emaj-57	180	25	36947	36947	NUM
emaj-57	180	26	0.7562	0.7562	NUM
emaj-57	180	27	61877	61877	NUM
emaj-57	180	28	8.72	8.72	NUM
emaj-57	180	29	7675	7675	NUM
emaj-57	180	30	0.0866	0.0866	NUM
emaj-57	180	31	51017	51017	NUM
emaj-57	180	32	bad	bad	ADJ
emaj-57	180	33	news	news	NOUN
emaj-57	180	34	206	206	NUM
emaj-57	180	35	3.5254	3.5254	NUM
emaj-57	180	36	36893	36893	NUM
emaj-57	180	37	1.76	1.76	NUM
emaj-57	180	38	2171	2171	NUM
emaj-57	180	39	2.0006	2.0006	NUM
emaj-57	180	40	20781	20781	NUM
emaj-57	180	41	3.5076	3.5076	NUM
emaj-57	180	42	30849	30849	NUM
emaj-57	180	43	10.6	10.6	NUM
emaj-57	180	44	2726	2726	NUM
emaj-57	180	45	0.3300	0.3300	NUM
emaj-57	180	46	59625	59625	NUM
emaj-57	180	47	total	total	NOUN
emaj-57	180	48	822	822	NUM
emaj-57	180	49	0.0427	0.0427	NUM
emaj-57	180	50	61557	61557	NUM
emaj-57	180	51	3.04	3.04	NUM
emaj-57	180	52	9597	9597	NUM
emaj-57	180	53	0.0140	0.0140	NUM
emaj-57	180	54	22037	22037	NUM
emaj-57	180	55	0.3350	0.3350	NUM
emaj-57	180	56	96296	96296	NUM
emaj-57	180	57	10.2	10.2	NUM
emaj-57	180	58	6368	6368	NUM
emaj-57	180	59	0.0326	0.0326	NUM
emaj-57	180	60	48737	48737	NUM
emaj-57	180	61	from	from	ADP
emaj-57	180	62	the	the	DET
emaj-57	180	63	above	above	ADJ
emaj-57	180	64	table	table	NOUN
emaj-57	180	65	2	2	NUM
emaj-57	180	66	,	,	PUNCT
emaj-57	180	67	on	on	ADP
emaj-57	180	68	the	the	DET
emaj-57	180	69	announcement	announcement	NOUN
emaj-57	180	70	day	day	NOUN
emaj-57	180	71	(	(	PUNCT
emaj-57	180	72	day	day	NOUN
emaj-57	180	73	0	0	NUM
emaj-57	180	74	)	)	PUNCT
emaj-57	180	75	the	the	DET
emaj-57	180	76	sample	sample	NOUN
emaj-57	180	77	average	average	ADJ
emaj-57	180	78	ar	ar	NOUN
emaj-57	180	79	for	for	ADP
emaj-57	180	80	the	the	DET
emaj-57	180	81	“	"	PUNCT
emaj-57	180	82	good	good	ADJ
emaj-57	180	83	news	news	NOUN
emaj-57	180	84	”	"	PUNCT
emaj-57	180	85	firm	firm	NOUN
emaj-57	180	86	using	use	VERB
emaj-57	180	87	the	the	DET
emaj-57	180	88	market	market	NOUN
emaj-57	180	89	model	model	NOUN
emaj-57	180	90	is	be	AUX
emaj-57	180	91	3.9	3.9	NUM
emaj-57	180	92	%	%	NOUN
emaj-57	180	93	and	and	CCONJ
emaj-57	180	94	standard	standard	ADJ
emaj-57	180	95	error	error	NOUN
emaj-57	180	96	is	be	AUX
emaj-57	180	97	1.9	1.9	NUM
emaj-57	180	98	%	%	NOUN
emaj-57	180	99	and	and	CCONJ
emaj-57	180	100	the	the	DET
emaj-57	180	101	value	value	NOUN
emaj-57	180	102	of	of	ADP
emaj-57	180	103	θ1	θ1	NOUN
emaj-57	180	104	is	be	AUX
emaj-57	180	105	0.321	0.321	NUM
emaj-57	180	106	where	where	SCONJ
emaj-57	180	107	as	as	ADP
emaj-57	180	108	for	for	ADP
emaj-57	180	109	the	the	DET
emaj-57	180	110	“	"	PUNCT
emaj-57	180	111	no	no	DET
emaj-57	180	112	news	news	NOUN
emaj-57	180	113	”	"	PUNCT
emaj-57	180	114	firm	firm	NOUN
emaj-57	180	115	the	the	DET
emaj-57	180	116	corresponding	corresponding	ADJ
emaj-57	180	117	values	value	NOUN
emaj-57	180	118	are	be	AUX
emaj-57	180	119	-0.139	-0.139	ADV
emaj-57	180	120	%	%	NOUN
emaj-57	180	121	,	,	PUNCT
emaj-57	180	122	0.919	0.919	NUM
emaj-57	180	123	%	%	NOUN
emaj-57	180	124	and	and	CCONJ
emaj-57	180	125	-0.086	-0.086	NOUN
emaj-57	180	126	respectively	respectively	ADV
emaj-57	180	127	.	.	PUNCT
emaj-57	181	1	this	this	PRON
emaj-57	181	2	shows	show	VERB
emaj-57	181	3	that	that	SCONJ
emaj-57	181	4	the	the	DET
emaj-57	181	5	null	null	ADJ
emaj-57	181	6	hypothesis	hypothesis	NOUN
emaj-57	181	7	(	(	PUNCT
emaj-57	181	8	the	the	DET
emaj-57	181	9	event	event	NOUN
emaj-57	181	10	has	have	VERB
emaj-57	181	11	no	no	DET
emaj-57	181	12	impact	impact	NOUN
emaj-57	181	13	)	)	PUNCT
emaj-57	181	14	is	be	AUX
emaj-57	181	15	strongly	strongly	ADV
emaj-57	181	16	rejected	reject	VERB
emaj-57	181	17	.	.	PUNCT
emaj-57	182	1	the	the	DET
emaj-57	182	2	same	same	ADJ
emaj-57	182	3	story	story	NOUN
emaj-57	182	4	repeats	repeat	NOUN
emaj-57	182	5	for	for	ADP
emaj-57	182	6	the	the	DET
emaj-57	182	7	“	"	PUNCT
emaj-57	182	8	bad	bad	ADJ
emaj-57	182	9	news	news	NOUN
emaj-57	182	10	”	"	PUNCT
emaj-57	182	11	firms	firm	NOUN
emaj-57	182	12	also	also	ADV
emaj-57	182	13	.	.	PUNCT
emaj-57	183	1	figure	figure	VERB
emaj-57	183	2	1	1	NUM
emaj-57	183	3	:	:	PUNCT
emaj-57	183	4	car	car	NOUN
emaj-57	183	5	plot	plot	NOUN
emaj-57	183	6	–	–	PUNCT
emaj-57	183	7	all	all	DET
emaj-57	183	8	“	"	PUNCT
emaj-57	183	9	good	good	ADJ
emaj-57	183	10	news	news	NOUN
emaj-57	183	11	”	"	PUNCT
emaj-57	183	12	,	,	PUNCT
emaj-57	183	13	“	"	PUNCT
emaj-57	183	14	no	no	DET
emaj-57	183	15	news	news	NOUN
emaj-57	183	16	”	"	PUNCT
emaj-57	183	17	and	and	CCONJ
emaj-57	183	18	“	"	PUNCT
emaj-57	183	19	bad	bad	ADJ
emaj-57	183	20	news	news	NOUN
emaj-57	183	21	”	"	PUNCT
emaj-57	183	22	for	for	ADP
emaj-57	183	23	earning	earn	VERB
emaj-57	183	24	announcements	announcement	NOUN
emaj-57	183	25	from	from	ADP
emaj-57	183	26	event	event	NOUN
emaj-57	183	27	day	day	NOUN
emaj-57	183	28	10	10	NUM
emaj-57	183	29	to	to	PART
emaj-57	183	30	+10	+10	VERB
emaj-57	183	31	.	.	PUNCT
emaj-57	184	1	the	the	DET
emaj-57	184	2	car	car	NOUN
emaj-57	184	3	plot	plot	NOUN
emaj-57	184	4	(	(	PUNCT
emaj-57	184	5	figure	figure	NOUN
emaj-57	184	6	1	1	NUM
emaj-57	184	7	)	)	PUNCT
emaj-57	184	8	shows	show	VERB
emaj-57	184	9	that	that	SCONJ
emaj-57	184	10	up	up	ADP
emaj-57	184	11	to	to	ADP
emaj-57	184	12	a	a	DET
emaj-57	184	13	certain	certain	ADJ
emaj-57	184	14	extent	extent	NOUN
emaj-57	184	15	the	the	DET
emaj-57	184	16	market	market	NOUN
emaj-57	184	17	gradually	gradually	ADV
emaj-57	184	18	realizes	realize	VERB
emaj-57	184	19	about	about	ADP
emaj-57	184	20	the	the	DET
emaj-57	184	21	upcoming	upcoming	ADJ
emaj-57	184	22	announcements	announcement	NOUN
emaj-57	184	23	.	.	PUNCT
emaj-57	185	1	that	that	PRON
emaj-57	185	2	is	be	AUX
emaj-57	185	3	why	why	SCONJ
emaj-57	185	4	the	the	DET
emaj-57	185	5	car	car	NOUN
emaj-57	185	6	is	be	AUX
emaj-57	185	7	gradually	gradually	ADV
emaj-57	185	8	shifted	shift	VERB
emaj-57	185	9	up	up	ADP
emaj-57	185	10	in	in	ADP
emaj-57	185	11	-10	-10	PUNCT
emaj-57	185	12	to	to	PART
emaj-57	185	13	-1	-1	PUNCT
emaj-57	185	14	day	day	NOUN
emaj-57	185	15	for	for	ADP
emaj-57	185	16	“	"	PUNCT
emaj-57	185	17	good	good	ADJ
emaj-57	185	18	news	news	NOUN
emaj-57	185	19	”	"	PUNCT
emaj-57	185	20	and	and	CCONJ
emaj-57	185	21	behaves	behave	VERB
emaj-57	185	22	just	just	ADV
emaj-57	185	23	in	in	ADP
emaj-57	185	24	opposite	opposite	ADJ
emaj-57	185	25	manner	manner	NOUN
emaj-57	185	26	for	for	ADP
emaj-57	185	27	bad	bad	ADJ
emaj-57	185	28	news	news	NOUN
emaj-57	185	29	over	over	ADP
emaj-57	185	30	this	this	DET
emaj-57	185	31	period	period	NOUN
emaj-57	185	32	.	.	PUNCT
emaj-57	186	1	the	the	DET
emaj-57	186	2	same	same	ADJ
emaj-57	186	3	trend	trend	NOUN
emaj-57	186	4	continues	continue	VERB
emaj-57	186	5	in	in	ADP
emaj-57	186	6	the	the	DET
emaj-57	186	7	post	post	NOUN
emaj-57	186	8	event	event	NOUN
emaj-57	186	9	windows	window	VERB
emaj-57	186	10	also	also	ADV
emaj-57	186	11	.	.	PUNCT
emaj-57	187	1	volume	volume	NOUN
emaj-57	187	2	4	4	NUM
emaj-57	187	3	no	no	DET
emaj-57	187	4	1	1	NUM
emaj-57	187	5	(	(	PUNCT
emaj-57	187	6	2014	2014	NUM
emaj-57	187	7	)	)	PUNCT
emaj-57	187	8	|	|	ADV
emaj-57	187	9	issn	issn	VERB
emaj-57	187	10	2158	2158	NUM
emaj-57	187	11	-	-	SYM
emaj-57	187	12	8708	8708	NUM
emaj-57	187	13	(	(	PUNCT
emaj-57	187	14	online	online	NOUN
emaj-57	187	15	)	)	PUNCT
emaj-57	187	16	|	|	ADV
emaj-57	187	17	doi	doi	X
emaj-57	187	18	10.5195	10.5195	NUM
emaj-57	187	19	/	/	SYM
emaj-57	187	20	emaj.2014.57	emaj.2014.57	X
emaj-57	188	1	|	|	ADV
emaj-57	188	2	http://emaj.pitt.edu	http://emaj.pitt.edu	AUX
emaj-57	188	3	examining	examine	VERB
emaj-57	188	4	overreaction	overreaction	NOUN
emaj-57	188	5	in	in	ADP
emaj-57	188	6	indian	indian	ADJ
emaj-57	188	7	stock	stock	NOUN
emaj-57	188	8	market	market	NOUN
emaj-57	188	9	for	for	ADP
emaj-57	188	10	quarterly	quarterly	ADJ
emaj-57	188	11	news	news	NOUN
emaj-57	188	12	emerging	emerge	VERB
emaj-57	188	13	markets	market	NOUN
emaj-57	188	14	journal	journal	NOUN
emaj-57	188	15	|	|	ADV
emaj-57	188	16	p	p	NOUN
emaj-57	188	17	a	a	DET
emaj-57	188	18	g	g	NOUN
emaj-57	188	19	e	e	NOUN
emaj-57	188	20	|6	|6	NUM
emaj-57	188	21	4.5	4.5	NUM
emaj-57	188	22	summary	summary	NOUN
emaj-57	188	23	statistics	statistic	NOUN
emaj-57	188	24	table	table	NOUN
emaj-57	188	25	4	4	NUM
emaj-57	188	26	provides	provide	VERB
emaj-57	188	27	the	the	DET
emaj-57	188	28	summary	summary	NOUN
emaj-57	188	29	statistics	statistic	NOUN
emaj-57	188	30	of	of	ADP
emaj-57	188	31	preannouncement	preannouncement	NOUN
emaj-57	188	32	periods	period	NOUN
emaj-57	188	33	for	for	ADP
emaj-57	188	34	the	the	DET
emaj-57	188	35	sample	sample	NOUN
emaj-57	188	36	of	of	ADP
emaj-57	188	37	822	822	NUM
emaj-57	188	38	quarterly	quarterly	ADJ
emaj-57	188	39	announcements	announcement	NOUN
emaj-57	188	40	.	.	PUNCT
emaj-57	189	1	events	event	NOUN
emaj-57	189	2	are	be	AUX
emaj-57	189	3	partitioned	partition	VERB
emaj-57	189	4	by	by	ADP
emaj-57	189	5	market	market	NOUN
emaj-57	189	6	-	-	PUNCT
emaj-57	189	7	cap	cap	NOUN
emaj-57	189	8	or	or	CCONJ
emaj-57	189	9	size	size	NOUN
emaj-57	189	10	,	,	PUNCT
emaj-57	189	11	news	news	NOUN
emaj-57	189	12	category	category	NOUN
emaj-57	189	13	and	and	CCONJ
emaj-57	189	14	volatility	volatility	NOUN
emaj-57	189	15	.	.	PUNCT
emaj-57	190	1	for	for	ADP
emaj-57	190	2	size	size	NOUN
emaj-57	190	3	and	and	CCONJ
emaj-57	190	4	volatility	volatility	NOUN
emaj-57	190	5	,	,	PUNCT
emaj-57	190	6	the	the	DET
emaj-57	190	7	quartiles	quartile	NOUN
emaj-57	190	8	partitioning	partition	VERB
emaj-57	190	9	scheme	scheme	NOUN
emaj-57	190	10	to	to	PART
emaj-57	190	11	get	get	VERB
emaj-57	190	12	the	the	DET
emaj-57	190	13	proportioning	proportioning	NOUN
emaj-57	190	14	subsample	subsample	ADJ
emaj-57	190	15	sizes	size	NOUN
emaj-57	190	16	are	be	AUX
emaj-57	190	17	used	use	VERB
emaj-57	190	18	.	.	PUNCT
emaj-57	191	1	the	the	DET
emaj-57	191	2	news	news	NOUN
emaj-57	191	3	more	more	ADV
emaj-57	191	4	that	that	SCONJ
emaj-57	191	5	+2.5	+2.5	DET
emaj-57	191	6	percent	percent	NOUN
emaj-57	191	7	are	be	AUX
emaj-57	191	8	considered	consider	VERB
emaj-57	191	9	as	as	ADP
emaj-57	191	10	good	good	ADJ
emaj-57	191	11	news	news	NOUN
emaj-57	191	12	,	,	PUNCT
emaj-57	191	13	less	less	ADJ
emaj-57	191	14	than	than	ADP
emaj-57	191	15	-2.5	-2.5	ADJ
emaj-57	191	16	percent	percent	NOUN
emaj-57	191	17	as	as	ADP
emaj-57	191	18	bad	bad	ADJ
emaj-57	191	19	news	news	NOUN
emaj-57	191	20	and	and	CCONJ
emaj-57	191	21	in	in	ADP
emaj-57	191	22	between	between	ADP
emaj-57	191	23	these	these	DET
emaj-57	191	24	two	two	NUM
emaj-57	191	25	triggering	trigger	VERB
emaj-57	191	26	returns	return	NOUN
emaj-57	191	27	as	as	ADP
emaj-57	191	28	no	no	DET
emaj-57	191	29	news	news	NOUN
emaj-57	191	30	.	.	PUNCT
emaj-57	192	1	it	it	PRON
emaj-57	192	2	is	be	AUX
emaj-57	192	3	obtained	obtain	VERB
emaj-57	192	4	that	that	SCONJ
emaj-57	192	5	out	out	ADP
emaj-57	192	6	of	of	ADP
emaj-57	192	7	selected	select	VERB
emaj-57	192	8	822	822	NUM
emaj-57	192	9	quarterly	quarterly	ADJ
emaj-57	192	10	announcements	announcement	NOUN
emaj-57	192	11	205	205	NUM
emaj-57	192	12	are	be	AUX
emaj-57	192	13	small	small	ADJ
emaj-57	192	14	size	size	NOUN
emaj-57	192	15	,	,	PUNCT
emaj-57	192	16	412	412	NUM
emaj-57	192	17	are	be	AUX
emaj-57	192	18	medium	medium	ADJ
emaj-57	192	19	size	size	NOUN
emaj-57	192	20	and	and	CCONJ
emaj-57	192	21	rest	rest	NOUN
emaj-57	192	22	205	205	NUM
emaj-57	192	23	are	be	AUX
emaj-57	192	24	large	large	ADJ
emaj-57	192	25	size	size	NOUN
emaj-57	192	26	.	.	PUNCT
emaj-57	193	1	similarly	similarly	ADV
emaj-57	193	2	,	,	PUNCT
emaj-57	193	3	205	205	NUM
emaj-57	193	4	events	event	NOUN
emaj-57	193	5	are	be	AUX
emaj-57	193	6	considered	consider	VERB
emaj-57	193	7	as	as	ADP
emaj-57	193	8	low	low	ADJ
emaj-57	193	9	volatile	volatile	ADJ
emaj-57	193	10	,	,	PUNCT
emaj-57	193	11	407	407	NUM
emaj-57	193	12	medium	medium	NOUN
emaj-57	193	13	and	and	CCONJ
emaj-57	193	14	210	210	NUM
emaj-57	193	15	as	as	ADP
emaj-57	193	16	high	high	ADJ
emaj-57	193	17	volatility	volatility	NOUN
emaj-57	193	18	.	.	PUNCT
emaj-57	194	1	in	in	ADP
emaj-57	194	2	a	a	DET
emaj-57	194	3	similar	similar	ADJ
emaj-57	194	4	vein	vein	NOUN
emaj-57	194	5	,	,	PUNCT
emaj-57	194	6	both	both	DET
emaj-57	194	7	206	206	NUM
emaj-57	194	8	events	event	NOUN
emaj-57	194	9	are	be	AUX
emaj-57	194	10	considered	consider	VERB
emaj-57	194	11	as	as	ADP
emaj-57	194	12	good	good	ADJ
emaj-57	194	13	news	news	NOUN
emaj-57	194	14	or	or	CCONJ
emaj-57	194	15	bad	bad	ADJ
emaj-57	194	16	news	news	NOUN
emaj-57	194	17	events	event	NOUN
emaj-57	194	18	.	.	PUNCT
emaj-57	195	1	balance	balance	NOUN
emaj-57	195	2	events	event	NOUN
emaj-57	195	3	are	be	AUX
emaj-57	195	4	termed	term	VERB
emaj-57	195	5	as	as	ADP
emaj-57	195	6	no	no	DET
emaj-57	195	7	-	-	PUNCT
emaj-57	195	8	news	news	NOUN
emaj-57	195	9	.	.	PUNCT
emaj-57	196	1	table	table	NOUN
emaj-57	196	2	3	3	NUM
emaj-57	196	3	:	:	PUNCT
emaj-57	196	4	ar	ar	NOUN
emaj-57	196	5	and	and	CCONJ
emaj-57	196	6	car	car	NOUN
emaj-57	196	7	values	value	NOUN
emaj-57	196	8	for	for	ADP
emaj-57	196	9	event	event	NOUN
emaj-57	196	10	days	day	NOUN
emaj-57	196	11	-10	-10	PUNCT
emaj-57	196	12	to	to	PART
emaj-57	196	13	+10	+10	VERB
emaj-57	196	14	of	of	ADP
emaj-57	196	15	“	"	PUNCT
emaj-57	196	16	good	good	ADJ
emaj-57	196	17	news	news	NOUN
emaj-57	196	18	”	"	PUNCT
emaj-57	196	19	,	,	PUNCT
emaj-57	196	20	“	"	PUNCT
emaj-57	196	21	no	no	DET
emaj-57	196	22	news	news	NOUN
emaj-57	196	23	”	"	PUNCT
emaj-57	196	24	and	and	CCONJ
emaj-57	196	25	“	"	PUNCT
emaj-57	196	26	bad	bad	ADJ
emaj-57	196	27	news	news	NOUN
emaj-57	196	28	”	"	PUNCT
emaj-57	196	29	volume	volume	NOUN
emaj-57	196	30	4	4	NUM
emaj-57	196	31	no	no	DET
emaj-57	196	32	1	1	NUM
emaj-57	196	33	(	(	PUNCT
emaj-57	196	34	2014	2014	NUM
emaj-57	196	35	)	)	PUNCT
emaj-57	196	36	|	|	ADV
emaj-57	196	37	issn	issn	VERB
emaj-57	196	38	2158	2158	NUM
emaj-57	196	39	-	-	SYM
emaj-57	196	40	8708	8708	NUM
emaj-57	196	41	(	(	PUNCT
emaj-57	196	42	online	online	NOUN
emaj-57	196	43	)	)	PUNCT
emaj-57	196	44	|	|	ADV
emaj-57	196	45	doi	doi	X
emaj-57	196	46	10.5195	10.5195	NUM
emaj-57	196	47	/	/	SYM
emaj-57	196	48	emaj.2014.57	emaj.2014.57	X
emaj-57	197	1	|	|	ADV
emaj-57	197	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-57	197	3	dr.sitangshu	dr.sitangshu	PROPN
emaj-57	197	4	khatua	khatua	PROPN
emaj-57	197	5	,	,	PUNCT
emaj-57	197	6	dr	dr	PROPN
emaj-57	197	7	.	.	PROPN
emaj-57	197	8	hemant	hemant	PROPN
emaj-57	197	9	kumar	kumar	PROPN
emaj-57	197	10	pradhan	pradhan	PROPN
emaj-57	197	11	p	p	PROPN
emaj-57	197	12	a	a	DET
emaj-57	197	13	g	g	NOUN
emaj-57	197	14	e	e	NOUN
emaj-57	197	15	|7|	|7|	NUM
emaj-57	197	16	emerging	emerge	VERB
emaj-57	197	17	markets	market	NOUN
emaj-57	197	18	journal	journal	NOUN
emaj-57	197	19	table	table	NOUN
emaj-57	197	20	4	4	NUM
emaj-57	197	21	:	:	PUNCT
emaj-57	197	22	summary	summary	NOUN
emaj-57	197	23	statistics	statistic	NOUN
emaj-57	197	24	for	for	ADP
emaj-57	197	25	the	the	DET
emaj-57	197	26	822	822	NUM
emaj-57	197	27	quarterly	quarterly	ADJ
emaj-57	197	28	announcements	announcement	NOUN
emaj-57	197	29	table	table	NOUN
emaj-57	197	30	5	5	NUM
emaj-57	197	31	:	:	PUNCT
emaj-57	197	32	summary	summary	NOUN
emaj-57	197	33	statistics	statistic	NOUN
emaj-57	197	34	for	for	ADP
emaj-57	197	35	the	the	DET
emaj-57	197	36	822	822	NUM
emaj-57	197	37	quarterly	quarterly	ADJ
emaj-57	197	38	announcements	announcement	NOUN
emaj-57	197	39	(	(	PUNCT
emaj-57	197	40	2	2	X
emaj-57	197	41	)	)	PUNCT
emaj-57	197	42	note	note	NOUN
emaj-57	197	43	:	:	PUNCT
emaj-57	197	44	sample	sample	NOUN
emaj-57	197	45	statistics	statistic	NOUN
emaj-57	197	46	are	be	AUX
emaj-57	197	47	shown	show	VERB
emaj-57	197	48	for	for	ADP
emaj-57	197	49	822	822	NUM
emaj-57	197	50	quarterly	quarterly	ADJ
emaj-57	197	51	announcement	announcement	NOUN
emaj-57	197	52	events	event	NOUN
emaj-57	197	53	of	of	ADP
emaj-57	197	54	nse-50	nse-50	ADJ
emaj-57	197	55	stocks	stock	NOUN
emaj-57	197	56	during	during	ADP
emaj-57	197	57	the	the	DET
emaj-57	197	58	period	period	NOUN
emaj-57	197	59	of	of	ADP
emaj-57	197	60	2005	2005	NUM
emaj-57	197	61	-	-	SYM
emaj-57	197	62	2010	2010	NUM
emaj-57	197	63	.	.	PUNCT
emaj-57	198	1	abnormal	abnormal	ADJ
emaj-57	198	2	return	return	NOUN
emaj-57	198	3	(	(	PUNCT
emaj-57	198	4	ar	ar	NOUN
emaj-57	198	5	)	)	PUNCT
emaj-57	198	6	is	be	AUX
emaj-57	198	7	calculated	calculate	VERB
emaj-57	198	8	by	by	ADP
emaj-57	198	9	using	use	VERB
emaj-57	198	10	daily	daily	ADJ
emaj-57	198	11	adjusted	adjust	VERB
emaj-57	198	12	closing	closing	NOUN
emaj-57	198	13	return	return	NOUN
emaj-57	198	14	of	of	ADP
emaj-57	198	15	the	the	DET
emaj-57	198	16	market	market	NOUN
emaj-57	198	17	model	model	NOUN
emaj-57	198	18	(	(	PUNCT
emaj-57	198	19	ols	ols	PROPN
emaj-57	198	20	)	)	PUNCT
emaj-57	198	21	.	.	PUNCT
emaj-57	199	1	estimation	estimation	NOUN
emaj-57	199	2	window	window	NOUN
emaj-57	199	3	is	be	AUX
emaj-57	199	4	considered	consider	VERB
emaj-57	199	5	as	as	ADP
emaj-57	199	6	100	100	NUM
emaj-57	199	7	days	day	NOUN
emaj-57	199	8	.	.	PUNCT
emaj-57	200	1	cumulative	cumulative	ADJ
emaj-57	200	2	abnormal	abnormal	ADJ
emaj-57	200	3	return	return	NOUN
emaj-57	200	4	(	(	PUNCT
emaj-57	200	5	car	car	NOUN
emaj-57	200	6	)	)	PUNCT
emaj-57	200	7	is	be	AUX
emaj-57	200	8	calculated	calculate	VERB
emaj-57	200	9	by	by	ADP
emaj-57	200	10	accumulating	accumulate	VERB
emaj-57	200	11	ar	ar	NOUN
emaj-57	200	12	over	over	ADP
emaj-57	200	13	the	the	DET
emaj-57	200	14	event	event	NOUN
emaj-57	200	15	windows	window	NOUN
emaj-57	200	16	(	(	PUNCT
emaj-57	200	17	-10	-10	X
emaj-57	200	18	,	,	PUNCT
emaj-57	200	19	0	0	NUM
emaj-57	200	20	,	,	PUNCT
emaj-57	200	21	+	+	CCONJ
emaj-57	200	22	10	10	NUM
emaj-57	200	23	=	=	SYM
emaj-57	200	24	21	21	NUM
emaj-57	200	25	days	day	NOUN
emaj-57	200	26	)	)	PUNCT
emaj-57	200	27	.	.	PUNCT
emaj-57	201	1	n	n	NOUN
emaj-57	201	2	=	=	SYM
emaj-57	201	3	sample	sample	NOUN
emaj-57	201	4	volume	volume	NOUN
emaj-57	201	5	4	4	NUM
emaj-57	201	6	no	no	DET
emaj-57	201	7	1	1	NUM
emaj-57	201	8	(	(	PUNCT
emaj-57	201	9	2014	2014	NUM
emaj-57	201	10	)	)	PUNCT
emaj-57	201	11	|	|	ADV
emaj-57	201	12	issn	issn	VERB
emaj-57	201	13	2158	2158	NUM
emaj-57	201	14	-	-	SYM
emaj-57	201	15	8708	8708	NUM
emaj-57	201	16	(	(	PUNCT
emaj-57	201	17	online	online	NOUN
emaj-57	201	18	)	)	PUNCT
emaj-57	201	19	|	|	ADV
emaj-57	201	20	doi	doi	X
emaj-57	201	21	10.5195	10.5195	NUM
emaj-57	201	22	/	/	SYM
emaj-57	201	23	emaj.2014.57	emaj.2014.57	X
emaj-57	202	1	|	|	ADV
emaj-57	202	2	http://emaj.pitt.edu	http://emaj.pitt.edu	AUX
emaj-57	202	3	examining	examine	VERB
emaj-57	202	4	overreaction	overreaction	NOUN
emaj-57	202	5	in	in	ADP
emaj-57	202	6	indian	indian	ADJ
emaj-57	202	7	stock	stock	NOUN
emaj-57	202	8	market	market	NOUN
emaj-57	202	9	for	for	ADP
emaj-57	202	10	quarterly	quarterly	ADJ
emaj-57	202	11	news	news	NOUN
emaj-57	202	12	emerging	emerge	VERB
emaj-57	202	13	markets	market	NOUN
emaj-57	202	14	journal	journal	NOUN
emaj-57	202	15	|	|	ADV
emaj-57	202	16	p	p	NOUN
emaj-57	202	17	a	a	DET
emaj-57	202	18	g	g	NOUN
emaj-57	202	19	e	e	X
emaj-57	202	20	|8	|8	NUM
emaj-57	202	21	5	5	NUM
emaj-57	202	22	.	.	PUNCT
emaj-57	203	1	results	result	NOUN
emaj-57	203	2	table	table	VERB
emaj-57	203	3	6	6	NUM
emaj-57	203	4	:	:	PUNCT
emaj-57	203	5	results	result	NOUN
emaj-57	203	6	for	for	ADP
emaj-57	203	7	individual	individual	ADJ
emaj-57	203	8	size	size	NOUN
emaj-57	203	9	,	,	PUNCT
emaj-57	203	10	volatility	volatility	NOUN
emaj-57	203	11	and	and	CCONJ
emaj-57	203	12	asymmetry	asymmetry	NOUN
emaj-57	203	13	or	or	CCONJ
emaj-57	203	14	news	news	NOUN
emaj-57	203	15	effect	effect	NOUN
emaj-57	203	16	panel	panel	NOUN
emaj-57	203	17	a	a	DET
emaj-57	203	18	:	:	PUNCT
emaj-57	203	19	size	size	NOUN
emaj-57	203	20	(	(	PUNCT
emaj-57	203	21	n	n	NOUN
emaj-57	203	22	=	=	NOUN
emaj-57	203	23	822	822	NUM
emaj-57	203	24	)	)	PUNCT
emaj-57	203	25	dependent	dependent	ADJ
emaj-57	203	26	variable	variable	NOUN
emaj-57	203	27	ls	ls	PROPN
emaj-57	203	28	ms	ms	PROPN
emaj-57	203	29	ss	ss	PROPN
emaj-57	203	30	dw	dw	PROPN
emaj-57	203	31	stat	stat	PROPN
emaj-57	203	32	adj	adj	PROPN
emaj-57	203	33	.	.	PROPN
emaj-57	204	1	r2	r2	PROPN
emaj-57	204	2	f	f	NOUN
emaj-57	204	3	-	-	PUNCT
emaj-57	204	4	stat	stat	PROPN
emaj-57	204	5	prob(f	prob(f	PROPN
emaj-57	204	6	)	)	PUNCT
emaj-57	205	1	cari	cari	PROPN
emaj-57	205	2	coefficient	coefficient	PROPN
emaj-57	205	3	.3009	.3009	PROPN
emaj-57	205	4	-.6747	-.6747	PUNCT
emaj-57	205	5	-1.941	-1.941	PROPN
emaj-57	205	6	*	*	PUNCT
emaj-57	205	7	*	*	PROPN
emaj-57	205	8	2.09	2.09	NUM
emaj-57	205	9	.0023	.0023	PROPN
emaj-57	205	10	1.6207	1.6207	NUM
emaj-57	205	11	.6377	.6377	NOUN
emaj-57	205	12	t	t	NOUN
emaj-57	205	13	-	-	PUNCT
emaj-57	205	14	stat	stat	NOUN
emaj-57	205	15	-.4196	-.4196	NOUN
emaj-57	205	16	-1.333	-1.333	PUNCT
emaj-57	205	17	-2.01	-2.01	NUM
emaj-57	205	18	n	n	CCONJ
emaj-57	205	19	205	205	NUM
emaj-57	205	20	412	412	NUM
emaj-57	205	21	205	205	NUM
emaj-57	205	22	panel	panel	NOUN
emaj-57	205	23	b	b	NOUN
emaj-57	205	24	:	:	PUNCT
emaj-57	205	25	volatility	volatility	NOUN
emaj-57	205	26	(	(	PUNCT
emaj-57	205	27	n	n	NOUN
emaj-57	205	28	=	=	NOUN
emaj-57	205	29	822	822	NUM
emaj-57	205	30	)	)	PUNCT
emaj-57	205	31	dependant	dependant	ADJ
emaj-57	205	32	variable	variable	NOUN
emaj-57	205	33	hv	hv	PROPN
emaj-57	205	34	mv	mv	PROPN
emaj-57	205	35	lv	lv	PROPN
emaj-57	205	36	dw	dw	PROPN
emaj-57	205	37	stat	stat	PROPN
emaj-57	205	38	adj	adj	PROPN
emaj-57	205	39	.	.	PROPN
emaj-57	206	1	r2	r2	PROPN
emaj-57	206	2	f	f	NOUN
emaj-57	206	3	-	-	PUNCT
emaj-57	206	4	stat	stat	PROPN
emaj-57	206	5	prob(f	prob(f	PROPN
emaj-57	206	6	)	)	PUNCT
emaj-57	206	7	cari	cari	PROPN
emaj-57	206	8	coefficient	coefficient	PROPN
emaj-57	206	9	.5817	.5817	ADJ
emaj-57	206	10	-.7878	-.7878	ADJ
emaj-57	206	11	-.3751	-.3751	PROPN
emaj-57	206	12	.	.	PUNCT
emaj-57	207	1	2.09	2.09	NUM
emaj-57	207	2	.0005	.0005	NUM
emaj-57	207	3	1.23	1.23	NUM
emaj-57	207	4	.5910	.5910	PROPN
emaj-57	207	5	t	t	PROPN
emaj-57	207	6	-	-	PUNCT
emaj-57	207	7	stat	stat	NOUN
emaj-57	207	8	.8216	.8216	PROPN
emaj-57	207	9	-1.549	-1.549	X
emaj-57	207	10	-.5235	-.5235	PUNCT
emaj-57	207	11	n	n	CCONJ
emaj-57	207	12	205	205	NUM
emaj-57	207	13	407	407	NUM
emaj-57	207	14	210	210	NUM
emaj-57	207	15	panel	panel	NOUN
emaj-57	207	16	c	c	NOUN
emaj-57	207	17	:	:	PUNCT
emaj-57	207	18	news	news	NOUN
emaj-57	207	19	(	(	PUNCT
emaj-57	207	20	n	n	NOUN
emaj-57	207	21	=	=	NOUN
emaj-57	207	22	822	822	NUM
emaj-57	207	23	)	)	PUNCT
emaj-57	207	24	dependant	dependant	ADJ
emaj-57	207	25	variable	variable	NOUN
emaj-57	207	26	gn	gn	PROPN
emaj-57	207	27	nn	nn	PROPN
emaj-57	207	28	bn	bn	PROPN
emaj-57	207	29	dw	dw	PROPN
emaj-57	207	30	stat	stat	PROPN
emaj-57	207	31	adj	adj	PROPN
emaj-57	207	32	.	.	PROPN
emaj-57	207	33	r2	r2	PROPN
emaj-57	207	34	f	f	NOUN
emaj-57	207	35	-	-	PUNCT
emaj-57	207	36	stat	stat	PROPN
emaj-57	207	37	prob(f	prob(f	PROPN
emaj-57	207	38	)	)	PUNCT
emaj-57	207	39	cari	cari	PROPN
emaj-57	207	40	coefficient	coefficient	VERB
emaj-57	207	41	3.6755	3.6755	NUM
emaj-57	207	42	*	*	PUNCT
emaj-57	207	43	*	*	PUNCT
emaj-57	207	44	-.7562	-.7562	PUNCT
emaj-57	207	45	-3.8672	-3.8672	NOUN
emaj-57	207	46	*	*	PUNCT
emaj-57	208	1	*	*	PROPN
emaj-57	208	2	2.11	2.11	NUM
emaj-57	208	3	-0608	-0608	NOUN
emaj-57	208	4	27.58	27.58	NUM
emaj-57	208	5	*	*	PUNCT
emaj-57	208	6	*	*	PUNCT
emaj-57	208	7	.0000	.0000	PROPN
emaj-57	208	8	t	t	PROPN
emaj-57	208	9	-	-	PUNCT
emaj-57	208	10	stat	stat	PROPN
emaj-57	208	11	5.303	5.303	NUM
emaj-57	208	12	-1.539	-1.539	NOUN
emaj-57	208	13	-5.3608	-5.3608	NOUN
emaj-57	208	14	n	n	ADV
emaj-57	208	15	206	206	NUM
emaj-57	208	16	410	410	NUM
emaj-57	208	17	206	206	NUM
emaj-57	208	18	note	note	NOUN
emaj-57	208	19	:	:	PUNCT
emaj-57	208	20	cross	cross	VERB
emaj-57	208	21	sectional	sectional	ADJ
emaj-57	208	22	mean	mean	ADJ
emaj-57	208	23	cumulative	cumulative	ADJ
emaj-57	208	24	abnormal	abnormal	ADJ
emaj-57	208	25	returns	return	NOUN
emaj-57	208	26	(	(	PUNCT
emaj-57	208	27	cars	car	NOUN
emaj-57	208	28	)	)	PUNCT
emaj-57	208	29	,	,	PUNCT
emaj-57	208	30	using	use	VERB
emaj-57	208	31	the	the	DET
emaj-57	208	32	market	market	NOUN
emaj-57	208	33	model	model	NOUN
emaj-57	208	34	is	be	AUX
emaj-57	208	35	shown	show	VERB
emaj-57	208	36	for	for	ADP
emaj-57	208	37	822	822	NUM
emaj-57	208	38	quarterly	quarterly	ADJ
emaj-57	208	39	announcements	announcement	NOUN
emaj-57	208	40	over	over	ADP
emaj-57	208	41	the	the	DET
emaj-57	208	42	event	event	NOUN
emaj-57	208	43	window	window	NOUN
emaj-57	208	44	.	.	PUNCT
emaj-57	209	1	t	t	PROPN
emaj-57	209	2	-	-	PUNCT
emaj-57	209	3	statistics	statistic	NOUN
emaj-57	209	4	are	be	AUX
emaj-57	209	5	calculated	calculate	VERB
emaj-57	209	6	by	by	ADP
emaj-57	209	7	standardizing	standardize	VERB
emaj-57	209	8	the	the	DET
emaj-57	209	9	abnormal	abnormal	ADJ
emaj-57	209	10	returns	return	NOUN
emaj-57	209	11	on	on	ADP
emaj-57	209	12	each	each	DET
emaj-57	209	13	day	day	NOUN
emaj-57	209	14	for	for	ADP
emaj-57	209	15	each	each	DET
emaj-57	209	16	event	event	NOUN
emaj-57	209	17	and	and	CCONJ
emaj-57	209	18	then	then	ADV
emaj-57	209	19	aggregating	aggregate	VERB
emaj-57	209	20	the	the	DET
emaj-57	209	21	standardized	standardized	ADJ
emaj-57	209	22	abnormal	abnormal	ADJ
emaj-57	209	23	returns	return	NOUN
emaj-57	209	24	over	over	ADP
emaj-57	209	25	the	the	DET
emaj-57	209	26	event	event	NOUN
emaj-57	209	27	period	period	NOUN
emaj-57	209	28	(	(	PUNCT
emaj-57	209	29	21	21	NUM
emaj-57	209	30	days	day	NOUN
emaj-57	209	31	:	:	PUNCT
emaj-57	209	32	-10,0,+10	-10,0,+10	X
emaj-57	209	33	)	)	PUNCT
emaj-57	209	34	to	to	PART
emaj-57	209	35	find	find	VERB
emaj-57	209	36	out	out	ADP
emaj-57	209	37	car	car	NOUN
emaj-57	209	38	.	.	PUNCT
emaj-57	210	1	panel	panel	NOUN
emaj-57	210	2	a	a	PRON
emaj-57	210	3	represents	represent	VERB
emaj-57	210	4	the	the	DET
emaj-57	210	5	significant	significant	ADJ
emaj-57	210	6	difference	difference	NOUN
emaj-57	210	7	between	between	ADP
emaj-57	210	8	large	large	ADJ
emaj-57	210	9	size	size	NOUN
emaj-57	210	10	and	and	CCONJ
emaj-57	210	11	small	small	ADJ
emaj-57	210	12	size	size	NOUN
emaj-57	210	13	firms	firm	NOUN
emaj-57	210	14	.	.	PUNCT
emaj-57	211	1	ls	ls	ADJ
emaj-57	211	2	:	:	PUNCT
emaj-57	211	3	large	large	ADJ
emaj-57	211	4	size	size	NOUN
emaj-57	211	5	,	,	PUNCT
emaj-57	211	6	ms	ms	NOUN
emaj-57	211	7	:	:	PUNCT
emaj-57	211	8	medium	medium	ADJ
emaj-57	211	9	size	size	NOUN
emaj-57	211	10	and	and	CCONJ
emaj-57	211	11	ss	ss	NOUN
emaj-57	211	12	:	:	PUNCT
emaj-57	211	13	small	small	ADJ
emaj-57	211	14	size	size	NOUN
emaj-57	211	15	.	.	PUNCT
emaj-57	212	1	panel	panel	NOUN
emaj-57	212	2	b	b	PROPN
emaj-57	212	3	represents	represent	VERB
emaj-57	212	4	the	the	DET
emaj-57	212	5	significant	significant	ADJ
emaj-57	212	6	difference	difference	NOUN
emaj-57	212	7	between	between	ADP
emaj-57	212	8	high	high	ADJ
emaj-57	212	9	volatility	volatility	NOUN
emaj-57	212	10	and	and	CCONJ
emaj-57	212	11	low	low	ADJ
emaj-57	212	12	volatility	volatility	NOUN
emaj-57	212	13	events	event	NOUN
emaj-57	212	14	.	.	PUNCT
emaj-57	213	1	hv	hv	NOUN
emaj-57	213	2	:	:	PUNCT
emaj-57	213	3	high	high	ADJ
emaj-57	213	4	volatility	volatility	NOUN
emaj-57	213	5	,	,	PUNCT
emaj-57	213	6	mv	mv	NOUN
emaj-57	213	7	:	:	PUNCT
emaj-57	213	8	medium	medium	ADJ
emaj-57	213	9	volatility	volatility	NOUN
emaj-57	213	10	and	and	CCONJ
emaj-57	213	11	lv	lv	ADJ
emaj-57	213	12	:	:	PUNCT
emaj-57	213	13	low	low	ADJ
emaj-57	213	14	volatility	volatility	NOUN
emaj-57	213	15	.	.	PUNCT
emaj-57	214	1	panel	panel	NOUN
emaj-57	214	2	c	c	PROPN
emaj-57	214	3	represents	represent	VERB
emaj-57	214	4	the	the	DET
emaj-57	214	5	significant	significant	ADJ
emaj-57	214	6	difference	difference	NOUN
emaj-57	214	7	between	between	ADP
emaj-57	214	8	good	good	ADJ
emaj-57	214	9	news	news	NOUN
emaj-57	214	10	and	and	CCONJ
emaj-57	214	11	bad	bad	ADJ
emaj-57	214	12	news	news	NOUN
emaj-57	214	13	events	event	NOUN
emaj-57	214	14	.	.	PUNCT
emaj-57	215	1	gn	gn	INTJ
emaj-57	215	2	:	:	PUNCT
emaj-57	215	3	good	good	ADJ
emaj-57	215	4	news	news	PROPN
emaj-57	215	5	,	,	PUNCT
emaj-57	215	6	nn	nn	PROPN
emaj-57	215	7	:	:	PUNCT
emaj-57	215	8	no	no	DET
emaj-57	215	9	news	news	NOUN
emaj-57	215	10	and	and	CCONJ
emaj-57	215	11	bn	bn	ADJ
emaj-57	215	12	:	:	PUNCT
emaj-57	215	13	bad	bad	ADJ
emaj-57	215	14	news	news	NOUN
emaj-57	215	15	.	.	PUNCT
emaj-57	216	1	n=	n=	ADJ
emaj-57	216	2	sample	sample	NOUN
emaj-57	216	3	size	size	NOUN
emaj-57	216	4	.	.	PUNCT
emaj-57	217	1	*	*	PUNCT
emaj-57	217	2	*	*	PUNCT
emaj-57	217	3	significant	significant	ADJ
emaj-57	217	4	at	at	ADP
emaj-57	217	5	size	size	NOUN
emaj-57	217	6	.	.	PUNCT
emaj-57	218	1	all	all	PRON
emaj-57	218	2	are	be	AUX
emaj-57	218	3	statistically	statistically	ADV
emaj-57	218	4	significant	significant	ADJ
emaj-57	218	5	at	at	ADP
emaj-57	218	6	5	5	NUM
emaj-57	218	7	percent	percent	NOUN
emaj-57	218	8	level	level	NOUN
emaj-57	218	9	.	.	PUNCT
emaj-57	219	1	volume	volume	NOUN
emaj-57	219	2	4	4	NUM
emaj-57	219	3	no	no	DET
emaj-57	219	4	1	1	NUM
emaj-57	219	5	(	(	PUNCT
emaj-57	219	6	2014	2014	NUM
emaj-57	219	7	)	)	PUNCT
emaj-57	219	8	|	|	ADV
emaj-57	219	9	issn	issn	VERB
emaj-57	219	10	2158	2158	NUM
emaj-57	219	11	-	-	SYM
emaj-57	219	12	8708	8708	NUM
emaj-57	219	13	(	(	PUNCT
emaj-57	219	14	online	online	NOUN
emaj-57	219	15	)	)	PUNCT
emaj-57	219	16	|	|	ADV
emaj-57	219	17	doi	doi	X
emaj-57	219	18	10.5195	10.5195	NUM
emaj-57	219	19	/	/	SYM
emaj-57	219	20	emaj.2014.57	emaj.2014.57	X
emaj-57	220	1	|	|	ADV
emaj-57	220	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-57	220	3	dr.sitangshu	dr.sitangshu	PROPN
emaj-57	220	4	khatua	khatua	PROPN
emaj-57	220	5	,	,	PUNCT
emaj-57	220	6	dr	dr	PROPN
emaj-57	220	7	.	.	PROPN
emaj-57	220	8	hemant	hemant	PROPN
emaj-57	220	9	kumar	kumar	PROPN
emaj-57	220	10	pradhan	pradhan	PROPN
emaj-57	220	11	p	p	PROPN
emaj-57	220	12	a	a	DET
emaj-57	220	13	g	g	NOUN
emaj-57	220	14	e	e	NOUN
emaj-57	220	15	|9|	|9|	NOUN
emaj-57	220	16	emerging	emerge	VERB
emaj-57	220	17	markets	market	NOUN
emaj-57	220	18	journal	journal	VERB
emaj-57	220	19	the	the	DET
emaj-57	220	20	first	first	ADJ
emaj-57	220	21	question	question	NOUN
emaj-57	220	22	is	be	AUX
emaj-57	220	23	for	for	ADP
emaj-57	220	24	addressing	address	VERB
emaj-57	220	25	the	the	DET
emaj-57	220	26	size	size	NOUN
emaj-57	220	27	effect	effect	NOUN
emaj-57	220	28	.	.	PUNCT
emaj-57	221	1	small	small	ADJ
emaj-57	221	2	cap	cap	NOUN
emaj-57	221	3	firms	firm	NOUN
emaj-57	221	4	,	,	PUNCT
emaj-57	221	5	being	be	AUX
emaj-57	221	6	less	less	ADV
emaj-57	221	7	observed	observed	ADJ
emaj-57	221	8	and	and	CCONJ
emaj-57	221	9	more	more	ADV
emaj-57	221	10	exposed	expose	VERB
emaj-57	221	11	to	to	ADP
emaj-57	221	12	abnormality	abnormality	NOUN
emaj-57	221	13	,	,	PUNCT
emaj-57	221	14	may	may	AUX
emaj-57	221	15	have	have	VERB
emaj-57	221	16	a	a	DET
emaj-57	221	17	higher	high	ADJ
emaj-57	221	18	chance	chance	NOUN
emaj-57	221	19	of	of	ADP
emaj-57	221	20	reacting	react	VERB
emaj-57	221	21	to	to	ADP
emaj-57	221	22	a	a	DET
emaj-57	221	23	certain	certain	ADJ
emaj-57	221	24	event	event	NOUN
emaj-57	221	25	.	.	PUNCT
emaj-57	222	1	whereas	whereas	SCONJ
emaj-57	222	2	the	the	DET
emaj-57	222	3	actions	action	NOUN
emaj-57	222	4	of	of	ADP
emaj-57	222	5	large	large	ADJ
emaj-57	222	6	cap	cap	NOUN
emaj-57	222	7	firms	firm	NOUN
emaj-57	222	8	are	be	AUX
emaj-57	222	9	better	well	ADV
emaj-57	222	10	observed	observe	VERB
emaj-57	222	11	and	and	CCONJ
emaj-57	222	12	more	more	ADV
emaj-57	222	13	anticipated	anticipated	ADJ
emaj-57	222	14	,	,	PUNCT
emaj-57	222	15	and	and	CCONJ
emaj-57	222	16	thus	thus	ADV
emaj-57	222	17	any	any	DET
emaj-57	222	18	event	event	NOUN
emaj-57	222	19	would	would	AUX
emaj-57	222	20	not	not	PART
emaj-57	222	21	be	be	AUX
emaj-57	222	22	much	much	ADJ
emaj-57	222	23	of	of	ADP
emaj-57	222	24	a	a	DET
emaj-57	222	25	signaling	signal	VERB
emaj-57	222	26	response	response	NOUN
emaj-57	222	27	.	.	PUNCT
emaj-57	223	1	being	be	AUX
emaj-57	223	2	a	a	DET
emaj-57	223	3	large	large	ADJ
emaj-57	223	4	firm	firm	NOUN
emaj-57	223	5	,	,	PUNCT
emaj-57	223	6	they	they	PRON
emaj-57	223	7	can	can	AUX
emaj-57	223	8	absorb	absorb	VERB
emaj-57	223	9	any	any	DET
emaj-57	223	10	shock	shock	NOUN
emaj-57	223	11	by	by	ADP
emaj-57	223	12	themselves	themselves	PRON
emaj-57	223	13	,	,	PUNCT
emaj-57	223	14	which	which	PRON
emaj-57	223	15	a	a	DET
emaj-57	223	16	small	small	ADJ
emaj-57	223	17	firm	firm	NOUN
emaj-57	223	18	can	can	AUX
emaj-57	223	19	not	not	PART
emaj-57	223	20	.	.	PUNCT
emaj-57	224	1	the	the	DET
emaj-57	224	2	same	same	ADJ
emaj-57	224	3	thing	thing	NOUN
emaj-57	224	4	has	have	AUX
emaj-57	224	5	been	be	AUX
emaj-57	224	6	found	find	VERB
emaj-57	224	7	in	in	ADP
emaj-57	224	8	the	the	DET
emaj-57	224	9	test	test	NOUN
emaj-57	224	10	shown	show	VERB
emaj-57	224	11	in	in	ADP
emaj-57	224	12	panel	panel	NOUN
emaj-57	224	13	a	a	PRON
emaj-57	224	14	of	of	ADP
emaj-57	224	15	table	table	NOUN
emaj-57	224	16	5	5	NUM
emaj-57	224	17	.	.	PUNCT
emaj-57	225	1	the	the	DET
emaj-57	225	2	difference	difference	NOUN
emaj-57	225	3	between	between	ADP
emaj-57	225	4	the	the	DET
emaj-57	225	5	two	two	NUM
emaj-57	225	6	populations	population	NOUN
emaj-57	225	7	has	have	VERB
emaj-57	225	8	the	the	DET
emaj-57	225	9	predicted	predict	VERB
emaj-57	225	10	sign	sign	NOUN
emaj-57	225	11	and	and	CCONJ
emaj-57	225	12	is	be	AUX
emaj-57	225	13	marginally	marginally	ADV
emaj-57	225	14	statistically	statistically	ADV
emaj-57	225	15	significant	significant	ADJ
emaj-57	225	16	(	(	PUNCT
emaj-57	225	17	p	p	NOUN
emaj-57	225	18	-	-	PUNCT
emaj-57	225	19	value	value	NOUN
emaj-57	225	20	of	of	ADP
emaj-57	225	21	6.3	6.3	NUM
emaj-57	225	22	%	%	NOUN
emaj-57	225	23	)	)	PUNCT
emaj-57	225	24	.	.	PUNCT
emaj-57	226	1	the	the	DET
emaj-57	226	2	result	result	NOUN
emaj-57	226	3	indicates	indicate	VERB
emaj-57	226	4	that	that	SCONJ
emaj-57	226	5	small	small	ADJ
emaj-57	226	6	cap	cap	NOUN
emaj-57	226	7	firm	firm	NOUN
emaj-57	226	8	has	have	VERB
emaj-57	226	9	more	more	ADJ
emaj-57	226	10	impact	impact	NOUN
emaj-57	226	11	than	than	ADP
emaj-57	226	12	large	large	ADJ
emaj-57	226	13	cap	cap	NOUN
emaj-57	226	14	firms	firm	NOUN
emaj-57	226	15	.	.	PUNCT
emaj-57	227	1	small	small	ADJ
emaj-57	227	2	cap	cap	NOUN
emaj-57	227	3	coefficient	coefficient	NOUN
emaj-57	227	4	also	also	ADV
emaj-57	227	5	shows	show	VERB
emaj-57	227	6	statically	statically	ADV
emaj-57	227	7	significant	significant	ADJ
emaj-57	227	8	in	in	ADP
emaj-57	227	9	the	the	DET
emaj-57	227	10	case	case	NOUN
emaj-57	227	11	of	of	ADP
emaj-57	227	12	measuring	measure	VERB
emaj-57	227	13	overreaction	overreaction	NOUN
emaj-57	227	14	.	.	PUNCT
emaj-57	228	1	the	the	DET
emaj-57	228	2	second	second	ADJ
emaj-57	228	3	question	question	NOUN
emaj-57	228	4	addressed	address	VERB
emaj-57	228	5	by	by	ADP
emaj-57	228	6	the	the	DET
emaj-57	228	7	study	study	NOUN
emaj-57	228	8	was	be	AUX
emaj-57	228	9	based	base	VERB
emaj-57	228	10	on	on	ADP
emaj-57	228	11	the	the	DET
emaj-57	228	12	notion	notion	NOUN
emaj-57	228	13	that	that	SCONJ
emaj-57	228	14	firms	firm	NOUN
emaj-57	228	15	overreaction	overreaction	NOUN
emaj-57	228	16	varies	vary	VERB
emaj-57	228	17	with	with	ADP
emaj-57	228	18	volatility	volatility	NOUN
emaj-57	228	19	.	.	PUNCT
emaj-57	229	1	based	base	VERB
emaj-57	229	2	on	on	ADP
emaj-57	229	3	the	the	DET
emaj-57	229	4	data	datum	NOUN
emaj-57	229	5	,	,	PUNCT
emaj-57	229	6	it	it	PRON
emaj-57	229	7	was	be	AUX
emaj-57	229	8	not	not	PART
emaj-57	229	9	possible	possible	ADJ
emaj-57	229	10	to	to	PART
emaj-57	229	11	reject	reject	VERB
emaj-57	229	12	the	the	DET
emaj-57	229	13	null	null	ADJ
emaj-57	229	14	hypothesis	hypothesis	NOUN
emaj-57	229	15	.	.	PUNCT
emaj-57	230	1	there	there	PRON
emaj-57	230	2	was	be	VERB
emaj-57	230	3	no	no	DET
emaj-57	230	4	statistically	statistically	ADV
emaj-57	230	5	-	-	PUNCT
emaj-57	230	6	significant	significant	ADJ
emaj-57	230	7	difference	difference	NOUN
emaj-57	230	8	between	between	ADP
emaj-57	230	9	high	high	ADJ
emaj-57	230	10	and	and	CCONJ
emaj-57	230	11	low	low	ADJ
emaj-57	230	12	volatility	volatility	NOUN
emaj-57	230	13	.	.	PUNCT
emaj-57	231	1	the	the	DET
emaj-57	231	2	results	result	NOUN
emaj-57	231	3	are	be	AUX
emaj-57	231	4	shown	show	VERB
emaj-57	231	5	in	in	ADP
emaj-57	231	6	panel	panel	NOUN
emaj-57	231	7	b	b	PROPN
emaj-57	231	8	of	of	ADP
emaj-57	231	9	table	table	NOUN
emaj-57	231	10	5	5	NUM
emaj-57	231	11	.	.	PUNCT
emaj-57	232	1	the	the	DET
emaj-57	232	2	result	result	NOUN
emaj-57	232	3	indicates	indicate	VERB
emaj-57	232	4	that	that	SCONJ
emaj-57	232	5	comparatively	comparatively	ADV
emaj-57	232	6	high	high	ADJ
emaj-57	232	7	volatility	volatility	NOUN
emaj-57	232	8	firms	firm	NOUN
emaj-57	232	9	have	have	VERB
emaj-57	232	10	marginally	marginally	ADV
emaj-57	232	11	more	more	ADJ
emaj-57	232	12	impact	impact	NOUN
emaj-57	232	13	than	than	ADP
emaj-57	232	14	low	low	ADJ
emaj-57	232	15	volatility	volatility	NOUN
emaj-57	232	16	.	.	PUNCT
emaj-57	233	1	third	third	ADJ
emaj-57	233	2	question	question	NOUN
emaj-57	233	3	i.e.	i.e.	X
emaj-57	233	4	the	the	DET
emaj-57	233	5	asymmetry	asymmetry	NOUN
emaj-57	233	6	or	or	CCONJ
emaj-57	233	7	the	the	DET
emaj-57	233	8	news	news	NOUN
emaj-57	233	9	effect	effect	NOUN
emaj-57	233	10	are	be	AUX
emaj-57	233	11	shown	show	VERB
emaj-57	233	12	in	in	ADP
emaj-57	233	13	the	the	DET
emaj-57	233	14	panel	panel	NOUN
emaj-57	233	15	c	c	PROPN
emaj-57	233	16	of	of	ADP
emaj-57	233	17	the	the	DET
emaj-57	233	18	table	table	NOUN
emaj-57	233	19	5	5	NUM
emaj-57	233	20	,	,	PUNCT
emaj-57	233	21	which	which	PRON
emaj-57	233	22	shows	show	VERB
emaj-57	233	23	more	more	ADV
emaj-57	233	24	significant	significant	ADJ
emaj-57	233	25	difference	difference	NOUN
emaj-57	233	26	(	(	PUNCT
emaj-57	233	27	f	f	X
emaj-57	233	28	-	-	PUNCT
emaj-57	233	29	stat27.58	stat27.58	NOUN
emaj-57	233	30	and	and	CCONJ
emaj-57	233	31	p	p	NOUN
emaj-57	233	32	–	–	PUNCT
emaj-57	233	33	value	value	NOUN
emaj-57	233	34	0	0	NUM
emaj-57	233	35	%	%	NOUN
emaj-57	233	36	)	)	PUNCT
emaj-57	233	37	.	.	PUNCT
emaj-57	234	1	it	it	PRON
emaj-57	234	2	indicates	indicate	VERB
emaj-57	234	3	that	that	SCONJ
emaj-57	234	4	bad	bad	ADJ
emaj-57	234	5	news	news	NOUN
emaj-57	234	6	has	have	VERB
emaj-57	234	7	much	much	ADV
emaj-57	234	8	more	more	ADJ
emaj-57	234	9	impact	impact	NOUN
emaj-57	234	10	on	on	ADP
emaj-57	234	11	overreaction	overreaction	NOUN
emaj-57	234	12	than	than	ADP
emaj-57	234	13	good	good	ADJ
emaj-57	234	14	news	news	NOUN
emaj-57	234	15	,	,	PUNCT
emaj-57	234	16	which	which	PRON
emaj-57	234	17	is	be	AUX
emaj-57	234	18	more	more	ADV
emaj-57	234	19	logical	logical	ADJ
emaj-57	234	20	and	and	CCONJ
emaj-57	234	21	similar	similar	ADJ
emaj-57	234	22	to	to	ADP
emaj-57	234	23	previous	previous	ADJ
emaj-57	234	24	literature	literature	NOUN
emaj-57	234	25	.	.	PUNCT
emaj-57	235	1	overreactions	overreaction	NOUN
emaj-57	235	2	are	be	AUX
emaj-57	235	3	both	both	PRON
emaj-57	235	4	statistically	statistically	ADV
emaj-57	235	5	significant	significant	ADJ
emaj-57	235	6	for	for	ADP
emaj-57	235	7	good	good	ADJ
emaj-57	235	8	news	news	NOUN
emaj-57	235	9	as	as	ADV
emaj-57	235	10	well	well	ADV
emaj-57	235	11	as	as	ADP
emaj-57	235	12	bad	bad	ADJ
emaj-57	235	13	news	news	NOUN
emaj-57	235	14	events	event	NOUN
emaj-57	235	15	.	.	PUNCT
emaj-57	236	1	table	table	NOUN
emaj-57	236	2	7	7	NUM
emaj-57	236	3	:	:	PUNCT
emaj-57	236	4	regression	regression	NOUN
emaj-57	236	5	result	result	NOUN
emaj-57	236	6	for	for	ADP
emaj-57	236	7	volatility	volatility	NOUN
emaj-57	236	8	and	and	CCONJ
emaj-57	236	9	size	size	NOUN
emaj-57	236	10	combined	combine	VERB
emaj-57	236	11	note	note	NOUN
emaj-57	236	12	:	:	PUNCT
emaj-57	236	13	the	the	DET
emaj-57	236	14	table	table	NOUN
emaj-57	236	15	represents	represent	VERB
emaj-57	236	16	the	the	DET
emaj-57	236	17	multiple	multiple	ADJ
emaj-57	236	18	regression	regression	NOUN
emaj-57	236	19	results	result	NOUN
emaj-57	236	20	of	of	ADP
emaj-57	236	21	the	the	DET
emaj-57	236	22	combined	combine	VERB
emaj-57	236	23	effects	effect	NOUN
emaj-57	236	24	of	of	ADP
emaj-57	236	25	volatility	volatility	NOUN
emaj-57	236	26	and	and	CCONJ
emaj-57	236	27	size	size	NOUN
emaj-57	236	28	on	on	ADP
emaj-57	236	29	overreaction	overreaction	NOUN
emaj-57	236	30	.	.	PUNCT
emaj-57	237	1	the	the	DET
emaj-57	237	2	model	model	NOUN
emaj-57	237	3	is	be	AUX
emaj-57	237	4	:	:	PUNCT
emaj-57	237	5	cari	cari	PROPN
emaj-57	237	6	=	=	SYM
emaj-57	237	7	b00*lv_ss	b00*lv_ss	PROPN
emaj-57	237	8	+	+	CCONJ
emaj-57	237	9	b01*lv_ms	b01*lv_ms	NOUN
emaj-57	237	10	+	+	CCONJ
emaj-57	237	11	b02*lv_ls	b02*lv_l	VERB
emaj-57	237	12	+	+	CCONJ
emaj-57	237	13	b10*mv_ss	b10*mv_ss	PROPN
emaj-57	237	14	+	+	CCONJ
emaj-57	237	15	b11*mv_ms	b11*mv_ms	PROPN
emaj-57	237	16	+	+	CCONJ
emaj-57	237	17	b12*mv_ls	b12*mv_ls	NOUN
emaj-57	238	1	+	+	CCONJ
emaj-57	239	1	b20*hv_ss	b20*hv_ss	PROPN
emaj-57	239	2	+	+	SYM
emaj-57	239	3	b21*hv_ms	b21*hv_ms	PROPN
emaj-57	239	4	+	+	CCONJ
emaj-57	239	5	b22*hv_ls	b22*hv_ls	PROPN
emaj-57	239	6	,	,	PUNCT
emaj-57	239	7	where	where	SCONJ
emaj-57	239	8	,	,	PUNCT
emaj-57	239	9	lv_ss	lv_ss	NOUN
emaj-57	239	10	=	=	PUNCT
emaj-57	239	11	low	low	ADJ
emaj-57	239	12	volatility*small	volatility*small	ADJ
emaj-57	239	13	size	size	NOUN
emaj-57	239	14	.	.	PUNCT
emaj-57	240	1	the	the	DET
emaj-57	240	2	other	other	ADJ
emaj-57	240	3	dummy	dummy	ADJ
emaj-57	240	4	variables	variable	NOUN
emaj-57	240	5	are	be	AUX
emaj-57	240	6	defined	define	VERB
emaj-57	240	7	in	in	ADP
emaj-57	240	8	a	a	DET
emaj-57	240	9	similar	similar	ADJ
emaj-57	240	10	manner	manner	NOUN
emaj-57	240	11	.	.	PUNCT
emaj-57	241	1	n=	n=	ADJ
emaj-57	241	2	sample	sample	NOUN
emaj-57	241	3	size	size	NOUN
emaj-57	241	4	.	.	PUNCT
emaj-57	242	1	*	*	PUNCT
emaj-57	242	2	*	*	PUNCT
emaj-57	242	3	significant	significant	ADJ
emaj-57	242	4	at	at	ADP
emaj-57	242	5	5	5	NUM
emaj-57	242	6	%	%	NOUN
emaj-57	242	7	level	level	NOUN
emaj-57	242	8	other	other	ADJ
emaj-57	242	9	regressions	regression	NOUN
emaj-57	242	10	results	result	NOUN
emaj-57	242	11	appear	appear	VERB
emaj-57	242	12	in	in	ADP
emaj-57	242	13	table	table	NOUN
emaj-57	242	14	6,7	6,7	NUM
emaj-57	242	15	and	and	CCONJ
emaj-57	242	16	8	8	NUM
emaj-57	242	17	.	.	NOUN
emaj-57	242	18	table	table	NOUN
emaj-57	242	19	6	6	NUM
emaj-57	242	20	represents	represent	VERB
emaj-57	242	21	the	the	DET
emaj-57	242	22	multiplication	multiplication	NOUN
emaj-57	242	23	or	or	CCONJ
emaj-57	242	24	joint	joint	ADJ
emaj-57	242	25	effects	effect	NOUN
emaj-57	242	26	of	of	ADP
emaj-57	242	27	volatility	volatility	NOUN
emaj-57	242	28	and	and	CCONJ
emaj-57	242	29	size	size	NOUN
emaj-57	242	30	.	.	PUNCT
emaj-57	243	1	the	the	DET
emaj-57	243	2	highest	high	ADJ
emaj-57	243	3	volatility	volatility	NOUN
emaj-57	243	4	and	and	CCONJ
emaj-57	243	5	smallest	small	ADJ
emaj-57	243	6	size	size	NOUN
emaj-57	243	7	dummy	dummy	NOUN
emaj-57	243	8	shows	show	VERB
emaj-57	243	9	a	a	DET
emaj-57	243	10	marginally	marginally	ADV
emaj-57	243	11	significant	significant	ADJ
emaj-57	243	12	result	result	NOUN
emaj-57	243	13	(	(	PUNCT
emaj-57	243	14	-2.25	-2.25	NOUN
emaj-57	243	15	at	at	ADP
emaj-57	243	16	5	5	NUM
emaj-57	243	17	%	%	NOUN
emaj-57	243	18	significance	significance	NOUN
emaj-57	243	19	level	level	NOUN
emaj-57	243	20	)	)	PUNCT
emaj-57	243	21	.	.	PUNCT
emaj-57	244	1	medium	medium	ADJ
emaj-57	244	2	volatility	volatility	NOUN
emaj-57	244	3	and	and	CCONJ
emaj-57	244	4	medium	medium	ADJ
emaj-57	244	5	size	size	NOUN
emaj-57	244	6	is	be	AUX
emaj-57	244	7	also	also	ADV
emaj-57	244	8	shows	show	VERB
emaj-57	244	9	statistically	statistically	ADV
emaj-57	244	10	significant	significant	ADJ
emaj-57	244	11	result	result	NOUN
emaj-57	244	12	.	.	PUNCT
emaj-57	245	1	the	the	DET
emaj-57	245	2	cross	cross	NOUN
emaj-57	245	3	product	product	NOUN
emaj-57	245	4	of	of	ADP
emaj-57	245	5	volatility	volatility	NOUN
emaj-57	245	6	and	and	CCONJ
emaj-57	245	7	news	news	NOUN
emaj-57	245	8	shown	show	VERB
emaj-57	245	9	in	in	ADP
emaj-57	245	10	the	the	DET
emaj-57	245	11	table	table	NOUN
emaj-57	245	12	7	7	NUM
emaj-57	245	13	is	be	AUX
emaj-57	245	14	that	that	SCONJ
emaj-57	245	15	the	the	DET
emaj-57	245	16	abnormality	abnormality	NOUN
emaj-57	245	17	in	in	ADP
emaj-57	245	18	return	return	NOUN
emaj-57	245	19	increases	increase	NOUN
emaj-57	245	20	with	with	ADP
emaj-57	245	21	volatility	volatility	NOUN
emaj-57	245	22	and	and	CCONJ
emaj-57	245	23	it	it	PRON
emaj-57	245	24	further	far	ADV
emaj-57	245	25	increases	increase	NOUN
emaj-57	245	26	for	for	ADP
emaj-57	245	27	the	the	DET
emaj-57	245	28	bad	bad	ADJ
emaj-57	245	29	news	news	NOUN
emaj-57	245	30	.	.	PUNCT
emaj-57	246	1	hence	hence	ADV
emaj-57	246	2	market	market	NOUN
emaj-57	246	3	reacts	react	VERB
emaj-57	246	4	more	more	ADV
emaj-57	246	5	badly	badly	ADV
emaj-57	246	6	on	on	ADP
emaj-57	246	7	negative	negative	ADJ
emaj-57	246	8	news	news	NOUN
emaj-57	246	9	in	in	ADP
emaj-57	246	10	an	an	DET
emaj-57	246	11	uncertain	uncertain	ADJ
emaj-57	246	12	period	period	NOUN
emaj-57	246	13	.	.	PUNCT
emaj-57	247	1	high	high	ADJ
emaj-57	247	2	-	-	PUNCT
emaj-57	247	3	volatile	volatile	ADJ
emaj-57	247	4	and	and	CCONJ
emaj-57	247	5	bad	bad	ADJ
emaj-57	247	6	news	news	NOUN
emaj-57	247	7	dummy	dummy	NOUN
emaj-57	247	8	is	be	AUX
emaj-57	247	9	statistically	statistically	ADV
emaj-57	247	10	significant	significant	ADJ
emaj-57	247	11	(	(	PUNCT
emaj-57	247	12	-2.955	-2.955	ADJ
emaj-57	247	13	at	at	ADP
emaj-57	247	14	5	5	NUM
emaj-57	247	15	%	%	NOUN
emaj-57	247	16	level	level	NOUN
emaj-57	247	17	of	of	ADP
emaj-57	247	18	significance	significance	NOUN
emaj-57	247	19	)	)	PUNCT
emaj-57	247	20	.	.	PUNCT
emaj-57	248	1	all	all	DET
emaj-57	248	2	the	the	DET
emaj-57	248	3	independent	independent	PROPN
emaj-57	248	4	cross	cross	PROPN
emaj-57	248	5	dummies	dummy	NOUN
emaj-57	248	6	of	of	ADP
emaj-57	248	7	volatility	volatility	NOUN
emaj-57	248	8	and	and	CCONJ
emaj-57	248	9	news	news	NOUN
emaj-57	248	10	are	be	AUX
emaj-57	248	11	statistically	statistically	ADV
emaj-57	248	12	significant	significant	ADJ
emaj-57	248	13	except	except	SCONJ
emaj-57	248	14	the	the	DET
emaj-57	248	15	no	no	DET
emaj-57	248	16	-	-	PUNCT
emaj-57	248	17	news	news	NOUN
emaj-57	248	18	cases	case	NOUN
emaj-57	248	19	.	.	PUNCT
emaj-57	249	1	overall	overall	ADJ
emaj-57	249	2	p	p	NOUN
emaj-57	249	3	-	-	PUNCT
emaj-57	249	4	value	value	NOUN
emaj-57	249	5	of	of	ADP
emaj-57	249	6	0	0	NUM
emaj-57	249	7	%	%	NOUN
emaj-57	249	8	and	and	CCONJ
emaj-57	249	9	f	f	NOUN
emaj-57	249	10	-	-	PUNCT
emaj-57	249	11	stat	stat	NOUN
emaj-57	249	12	(	(	PUNCT
emaj-57	249	13	7.271	7.271	NUM
emaj-57	249	14	)	)	PUNCT
emaj-57	249	15	also	also	ADV
emaj-57	249	16	shows	show	VERB
emaj-57	249	17	that	that	SCONJ
emaj-57	249	18	joint	joint	ADJ
emaj-57	249	19	effects	effect	NOUN
emaj-57	249	20	of	of	ADP
emaj-57	249	21	volatility	volatility	NOUN
emaj-57	249	22	and	and	CCONJ
emaj-57	249	23	news	news	NOUN
emaj-57	249	24	have	have	VERB
emaj-57	249	25	statistically	statistically	ADV
emaj-57	249	26	significant	significant	ADJ
emaj-57	249	27	impact	impact	NOUN
emaj-57	249	28	on	on	ADP
emaj-57	249	29	market	market	NOUN
emaj-57	249	30	overreactions	overreaction	NOUN
emaj-57	249	31	.	.	PUNCT
emaj-57	250	1	table	table	NOUN
emaj-57	250	2	8	8	NUM
emaj-57	250	3	:	:	PUNCT
emaj-57	250	4	regression	regression	NOUN
emaj-57	250	5	result	result	NOUN
emaj-57	250	6	for	for	ADP
emaj-57	250	7	volatility	volatility	NOUN
emaj-57	250	8	and	and	CCONJ
emaj-57	250	9	news	news	NOUN
emaj-57	250	10	combined	combine	VERB
emaj-57	250	11	note	note	NOUN
emaj-57	250	12	:	:	PUNCT
emaj-57	250	13	the	the	DET
emaj-57	250	14	table	table	NOUN
emaj-57	250	15	represents	represent	VERB
emaj-57	250	16	the	the	DET
emaj-57	250	17	multiple	multiple	ADJ
emaj-57	250	18	regression	regression	NOUN
emaj-57	250	19	results	result	NOUN
emaj-57	250	20	of	of	ADP
emaj-57	250	21	the	the	DET
emaj-57	250	22	combined	combine	VERB
emaj-57	250	23	effects	effect	NOUN
emaj-57	250	24	of	of	ADP
emaj-57	250	25	volatility	volatility	NOUN
emaj-57	250	26	and	and	CCONJ
emaj-57	250	27	news	news	NOUN
emaj-57	250	28	on	on	ADP
emaj-57	250	29	overreaction	overreaction	NOUN
emaj-57	250	30	.	.	PUNCT
emaj-57	251	1	the	the	DET
emaj-57	251	2	model	model	NOUN
emaj-57	251	3	is	be	AUX
emaj-57	251	4	:	:	PUNCT
emaj-57	251	5	cari	cari	PROPN
emaj-57	251	6	=	=	SYM
emaj-57	251	7	b00*lv_gn	b00*lv_gn	X
emaj-57	251	8	+	+	CCONJ
emaj-57	251	9	b01*lv_nn	b01*lv_nn	PROPN
emaj-57	251	10	+	+	CCONJ
emaj-57	251	11	b02*lv_bn	b02*lv_bn	NOUN
emaj-57	251	12	+	+	CCONJ
emaj-57	251	13	b10*mv_gn+	b10*mv_gn+	NOUN
emaj-57	251	14	b11*mv_nn	b11*mv_nn	NOUN
emaj-57	251	15	+	+	CCONJ
emaj-57	251	16	b12*mv_bn	b12*mv_bn	NOUN
emaj-57	251	17	+	+	CCONJ
emaj-57	251	18	b20*hv_gn	b20*hv_gn	X
emaj-57	251	19	+	+	CCONJ
emaj-57	251	20	b21*hv_nn+	b21*hv_nn+	PROPN
emaj-57	251	21	b22*hv_bn	b22*hv_bn	PROPN
emaj-57	251	22	,	,	PUNCT
emaj-57	251	23	where	where	SCONJ
emaj-57	251	24	,	,	PUNCT
emaj-57	251	25	lv_gn=	lv_gn=	X
emaj-57	251	26	low	low	ADJ
emaj-57	251	27	volatility*good	volatility*good	PROPN
emaj-57	251	28	news	news	NOUN
emaj-57	251	29	.	.	PUNCT
emaj-57	252	1	the	the	DET
emaj-57	252	2	other	other	ADJ
emaj-57	252	3	dummy	dummy	ADJ
emaj-57	252	4	variables	variable	NOUN
emaj-57	252	5	are	be	AUX
emaj-57	252	6	defined	define	VERB
emaj-57	252	7	in	in	ADP
emaj-57	252	8	a	a	DET
emaj-57	252	9	similar	similar	ADJ
emaj-57	252	10	manner	manner	NOUN
emaj-57	252	11	.	.	PUNCT
emaj-57	253	1	n=	n=	ADJ
emaj-57	253	2	sample	sample	NOUN
emaj-57	253	3	size	size	NOUN
emaj-57	253	4	.	.	PUNCT
emaj-57	254	1	*	*	PUNCT
emaj-57	254	2	*	*	PUNCT
emaj-57	254	3	significant	significant	ADJ
emaj-57	254	4	at	at	ADP
emaj-57	254	5	5	5	NUM
emaj-57	254	6	%	%	NOUN
emaj-57	254	7	level	level	NOUN
emaj-57	254	8	the	the	DET
emaj-57	254	9	cross	cross	NOUN
emaj-57	254	10	product	product	NOUN
emaj-57	254	11	of	of	ADP
emaj-57	254	12	news	news	NOUN
emaj-57	254	13	and	and	CCONJ
emaj-57	254	14	size	size	NOUN
emaj-57	254	15	shown	show	VERB
emaj-57	254	16	in	in	ADP
emaj-57	254	17	the	the	DET
emaj-57	254	18	table	table	NOUN
emaj-57	254	19	8	8	NUM
emaj-57	254	20	is	be	AUX
emaj-57	254	21	that	that	SCONJ
emaj-57	254	22	the	the	DET
emaj-57	254	23	abnormality	abnormality	NOUN
emaj-57	254	24	in	in	ADP
emaj-57	254	25	return	return	NOUN
emaj-57	254	26	is	be	AUX
emaj-57	254	27	more	more	ADJ
emaj-57	254	28	for	for	ADP
emaj-57	254	29	bad	bad	ADJ
emaj-57	254	30	news	news	NOUN
emaj-57	254	31	as	as	ADV
emaj-57	254	32	well	well	ADV
emaj-57	254	33	as	as	ADP
emaj-57	254	34	good	good	ADJ
emaj-57	254	35	news	news	NOUN
emaj-57	254	36	.	.	PUNCT
emaj-57	255	1	hence	hence	ADV
emaj-57	255	2	market	market	NOUN
emaj-57	255	3	reacts	react	VERB
emaj-57	255	4	more	more	ADV
emaj-57	255	5	badly	badly	ADV
emaj-57	255	6	on	on	ADP
emaj-57	255	7	any	any	DET
emaj-57	255	8	extreme	extreme	ADJ
emaj-57	255	9	price	price	NOUN
emaj-57	255	10	changes	change	NOUN
emaj-57	255	11	.	.	PUNCT
emaj-57	256	1	cross	cross	NOUN
emaj-57	256	2	dummies	dummy	NOUN
emaj-57	256	3	associated	associate	VERB
emaj-57	256	4	with	with	ADP
emaj-57	256	5	medium	medium	ADJ
emaj-57	256	6	size	size	NOUN
emaj-57	256	7	are	be	AUX
emaj-57	256	8	shown	show	VERB
emaj-57	256	9	more	more	ADV
emaj-57	256	10	statistically	statistically	ADV
emaj-57	256	11	significant	significant	ADJ
emaj-57	256	12	results	result	NOUN
emaj-57	256	13	than	than	ADP
emaj-57	256	14	others	other	NOUN
emaj-57	256	15	.	.	PUNCT
emaj-57	257	1	all	all	DET
emaj-57	257	2	the	the	DET
emaj-57	257	3	independent	independent	PROPN
emaj-57	257	4	cross	cross	PROPN
emaj-57	257	5	dependant	dependant	ADJ
emaj-57	257	6	variable	variable	ADJ
emaj-57	257	7	independent	independent	ADJ
emaj-57	257	8	variables	variable	NOUN
emaj-57	257	9	n	n	CCONJ
emaj-57	257	10	coefficient	coefficient	VERB
emaj-57	257	11	t	t	PROPN
emaj-57	257	12	-	-	PUNCT
emaj-57	257	13	stat	stat	NOUN
emaj-57	257	14	cari	cari	PROPN
emaj-57	257	15	lv_ss	lv_ss	PROPN
emaj-57	257	16	51	51	NUM
emaj-57	257	17	0.4076	0.4076	NUM
emaj-57	257	18	0.2315	0.2315	NUM
emaj-57	257	19	lv_ms	lv_ms	PROPN
emaj-57	257	20	103	103	NUM
emaj-57	257	21	-0.3226	-0.3226	NOUN
emaj-57	257	22	0.3384	0.3384	NUM
emaj-57	257	23	lv_ls	lv_ls	PROPN
emaj-57	257	24	51	51	NUM
emaj-57	257	25	-0.9698	-0.9698	NOUN
emaj-57	257	26	0.7005	0.7005	NUM
emaj-57	257	27	mv_ss	mv_ss	NOUN
emaj-57	257	28	102	102	NUM
emaj-57	257	29	0.7253	0.7253	NUM
emaj-57	257	30	0.6813	0.6813	NUM
emaj-57	257	31	mv_ms	mv_ms	NOUN
emaj-57	257	32	204	204	NUM
emaj-57	257	33	-1.7016	-1.7016	NOUN
emaj-57	257	34	*	*	PUNCT
emaj-57	257	35	*	*	PUNCT
emaj-57	258	1	2.3672	2.3672	NUM
emaj-57	258	2	mv_ls	mv_ls	PROPN
emaj-57	258	3	101	101	NUM
emaj-57	258	4	-0.3725	-0.3725	NOUN
emaj-57	258	5	0.3805	0.3805	NUM
emaj-57	258	6	hv_ss	hv_ss	PROPN
emaj-57	258	7	52	52	NUM
emaj-57	258	8	-2.2515	-2.2515	NOUN
emaj-57	258	9	*	*	PUNCT
emaj-57	258	10	*	*	X
emaj-57	258	11	2.2163	2.2163	NUM
emaj-57	258	12	hv_ms	hv_ms	NOUN
emaj-57	258	13	105	105	NUM
emaj-57	258	14	1.1583	1.1583	NUM
emaj-57	258	15	1.082	1.082	NUM
emaj-57	258	16	hv_ls	hv_ls	PROPN
emaj-57	258	17	53	53	NUM
emaj-57	258	18	0.8805	0.8805	NUM
emaj-57	258	19	0.5424	0.5424	NUM
emaj-57	258	20	dw	dw	NOUN
emaj-57	258	21	-	-	PUNCT
emaj-57	258	22	stat	stat	NOUN
emaj-57	258	23	:	:	PUNCT
emaj-57	258	24	2.113	2.113	NUM
emaj-57	258	25	adj	adj	NOUN
emaj-57	258	26	.	.	PUNCT
emaj-57	258	27	r2	r2	PROPN
emaj-57	258	28	:	:	PUNCT
emaj-57	258	29	0.005	0.005	NUM
emaj-57	258	30	f	f	X
emaj-57	258	31	-	-	PUNCT
emaj-57	258	32	stat	stat	NOUN
emaj-57	258	33	:	:	PUNCT
emaj-57	258	34	0.938	0.938	NUM
emaj-57	258	35	prob(f	prob(f	NOUN
emaj-57	258	36	):	):	PUNCT
emaj-57	258	37	0.483	0.483	NUM
emaj-57	258	38	dependa	dependa	NOUN
emaj-57	258	39	nt	not	PART
emaj-57	258	40	variable	variable	ADJ
emaj-57	258	41	independe	independe	NOUN
emaj-57	258	42	nt	not	PART
emaj-57	258	43	variables	variable	NOUN
emaj-57	258	44	n	n	ADV
emaj-57	258	45	coefficie	coefficie	VERB
emaj-57	258	46	nt	not	PART
emaj-57	258	47	t	t	PROPN
emaj-57	258	48	-	-	PUNCT
emaj-57	258	49	stat	stat	NOUN
emaj-57	258	50	cari	cari	PROPN
emaj-57	258	51	lv_gn	lv_gn	X
emaj-57	258	52	39	39	NUM
emaj-57	258	53	3.738	3.738	NUM
emaj-57	258	54	*	*	SYM
emaj-57	258	55	*	*	NOUN
emaj-57	258	56	2.342	2.342	NUM
emaj-57	258	57	lv_nn	lv_nn	PROPN
emaj-57	258	58	127	127	NUM
emaj-57	258	59	-0.3787	-0.3787	NOUN
emaj-57	258	60	0.4283	0.4283	NUM
emaj-57	258	61	lv_bn	lv_bn	PROPN
emaj-57	258	62	39	39	NUM
emaj-57	258	63	-4.4769	-4.4769	NOUN
emaj-57	258	64	*	*	PUNCT
emaj-57	258	65	*	*	PUNCT
emaj-57	259	1	2.8059	2.8059	NUM
emaj-57	259	2	mv_gn	mv_gn	PRON
emaj-57	259	3	101	101	NUM
emaj-57	259	4	3.2424	3.2424	NUM
emaj-57	259	5	*	*	PUNCT
emaj-57	259	6	*	*	PUNCT
emaj-57	259	7	3.2704	3.2704	NUM
emaj-57	259	8	mv_nn	mv_nn	PROPN
emaj-57	259	9	204	204	NUM
emaj-57	259	10	-1.432	-1.432	NUM
emaj-57	259	11	2.0541	2.0541	NUM
emaj-57	259	12	5	5	NUM
emaj-57	259	13	mv_bn	mv_bn	PROPN
emaj-57	259	14	102	102	NUM
emaj-57	259	15	-3.4883	-3.4883	NOUN
emaj-57	259	16	*	*	PUNCT
emaj-57	259	17	*	*	PUNCT
emaj-57	259	18	3.5358	3.5358	NUM
emaj-57	259	19	hv_gn	hv_gn	ADV
emaj-57	259	20	66	66	NUM
emaj-57	259	21	4.3013	4.3013	NUM
emaj-57	259	22	*	*	PUNCT
emaj-57	259	23	*	*	PROPN
emaj-57	259	24	3.5071	3.5071	NUM
emaj-57	259	25	hv_nn	hv_nn	NOUN
emaj-57	259	26	79	79	NUM
emaj-57	259	27	0.3843	0.3843	NUM
emaj-57	259	28	0.3428	0.3428	NUM
emaj-57	259	29	hv_bn	hv_bn	NOUN
emaj-57	259	30	65	65	NUM
emaj-57	259	31	-2.955	-2.955	NOUN
emaj-57	259	32	*	*	PUNCT
emaj-57	259	33	*	*	PROPN
emaj-57	259	34	2.3911	2.3911	NUM
emaj-57	259	35	dw	dw	NOUN
emaj-57	259	36	-	-	PUNCT
emaj-57	259	37	stat	stat	NOUN
emaj-57	259	38	:	:	PUNCT
emaj-57	259	39	2.115	2.115	NUM
emaj-57	259	40	adj	adj	X
emaj-57	259	41	.	.	PUNCT
emaj-57	260	1	r2	r2	PROPN
emaj-57	260	2	:	:	PUNCT
emaj-57	260	3	0.0575	0.0575	NUM
emaj-57	260	4	f	f	X
emaj-57	260	5	-	-	PUNCT
emaj-57	260	6	stat	stat	NOUN
emaj-57	260	7	:	:	PUNCT
emaj-57	260	8	7.271	7.271	NUM
emaj-57	260	9	*	*	PUNCT
emaj-57	260	10	*	*	PUNCT
emaj-57	260	11	prob(f	prob(f	VERB
emaj-57	260	12	):	):	PUNCT
emaj-57	260	13	0.0000	0.0000	NUM
emaj-57	260	14	volume	volume	NOUN
emaj-57	260	15	4	4	NUM
emaj-57	260	16	no	no	DET
emaj-57	260	17	1	1	NUM
emaj-57	260	18	(	(	PUNCT
emaj-57	260	19	2014	2014	NUM
emaj-57	260	20	)	)	PUNCT
emaj-57	260	21	|	|	ADV
emaj-57	260	22	issn	issn	VERB
emaj-57	260	23	2158	2158	NUM
emaj-57	260	24	-	-	SYM
emaj-57	260	25	8708	8708	NUM
emaj-57	260	26	(	(	PUNCT
emaj-57	260	27	online	online	NOUN
emaj-57	260	28	)	)	PUNCT
emaj-57	260	29	|	|	ADV
emaj-57	260	30	doi	doi	X
emaj-57	260	31	10.5195	10.5195	NUM
emaj-57	260	32	/	/	SYM
emaj-57	260	33	emaj.2014.57	emaj.2014.57	X
emaj-57	260	34	|	|	ADV
emaj-57	260	35	http://emaj.pitt.edu	http://emaj.pitt.edu	AUX
emaj-57	260	36	examining	examine	VERB
emaj-57	260	37	overreaction	overreaction	NOUN
emaj-57	260	38	in	in	ADP
emaj-57	260	39	indian	indian	ADJ
emaj-57	260	40	stock	stock	NOUN
emaj-57	260	41	market	market	NOUN
emaj-57	260	42	for	for	ADP
emaj-57	260	43	quarterly	quarterly	ADJ
emaj-57	260	44	news	news	NOUN
emaj-57	260	45	emerging	emerge	VERB
emaj-57	260	46	markets	market	NOUN
emaj-57	260	47	journal	journal	NOUN
emaj-57	260	48	|	|	ADV
emaj-57	260	49	p	p	NOUN
emaj-57	260	50	a	a	DET
emaj-57	260	51	g	g	NOUN
emaj-57	260	52	e	e	NOUN
emaj-57	260	53	|10	|10	NOUN
emaj-57	260	54	dummies	dummy	NOUN
emaj-57	260	55	of	of	ADP
emaj-57	260	56	news	news	NOUN
emaj-57	260	57	and	and	CCONJ
emaj-57	260	58	size	size	NOUN
emaj-57	260	59	are	be	AUX
emaj-57	260	60	statistically	statistically	ADV
emaj-57	260	61	significant	significant	ADJ
emaj-57	260	62	except	except	SCONJ
emaj-57	260	63	the	the	DET
emaj-57	260	64	no	no	DET
emaj-57	260	65	-	-	PUNCT
emaj-57	260	66	news	news	NOUN
emaj-57	260	67	cases	case	NOUN
emaj-57	260	68	.	.	PUNCT
emaj-57	261	1	overall	overall	ADJ
emaj-57	261	2	p	p	NOUN
emaj-57	261	3	-	-	PUNCT
emaj-57	261	4	value	value	NOUN
emaj-57	261	5	of	of	ADP
emaj-57	261	6	0	0	NUM
emaj-57	261	7	%	%	NOUN
emaj-57	261	8	and	and	CCONJ
emaj-57	261	9	f	f	NOUN
emaj-57	261	10	-	-	PUNCT
emaj-57	261	11	stat	stat	NOUN
emaj-57	261	12	(	(	PUNCT
emaj-57	261	13	7.416	7.416	NUM
emaj-57	261	14	)	)	PUNCT
emaj-57	261	15	also	also	ADV
emaj-57	261	16	shows	show	VERB
emaj-57	261	17	that	that	SCONJ
emaj-57	261	18	joint	joint	ADJ
emaj-57	261	19	effects	effect	NOUN
emaj-57	261	20	of	of	ADP
emaj-57	261	21	news	news	NOUN
emaj-57	261	22	and	and	CCONJ
emaj-57	261	23	size	size	NOUN
emaj-57	261	24	have	have	VERB
emaj-57	261	25	statistically	statistically	ADV
emaj-57	261	26	significant	significant	ADJ
emaj-57	261	27	impact	impact	NOUN
emaj-57	261	28	on	on	ADP
emaj-57	261	29	market	market	NOUN
emaj-57	261	30	overreactions	overreaction	NOUN
emaj-57	261	31	.	.	PUNCT
emaj-57	262	1	table	table	NOUN
emaj-57	262	2	9	9	NUM
emaj-57	262	3	:	:	PUNCT
emaj-57	262	4	regression	regression	NOUN
emaj-57	262	5	result	result	NOUN
emaj-57	262	6	for	for	ADP
emaj-57	262	7	news	news	NOUN
emaj-57	262	8	and	and	CCONJ
emaj-57	262	9	size	size	NOUN
emaj-57	262	10	combined	combine	VERB
emaj-57	262	11	note	note	NOUN
emaj-57	262	12	:	:	PUNCT
emaj-57	262	13	the	the	DET
emaj-57	262	14	table	table	NOUN
emaj-57	262	15	represents	represent	VERB
emaj-57	262	16	the	the	DET
emaj-57	262	17	multiple	multiple	ADJ
emaj-57	262	18	regression	regression	NOUN
emaj-57	262	19	results	result	NOUN
emaj-57	262	20	of	of	ADP
emaj-57	262	21	the	the	DET
emaj-57	262	22	combined	combine	VERB
emaj-57	262	23	effects	effect	NOUN
emaj-57	262	24	of	of	ADP
emaj-57	262	25	news	news	NOUN
emaj-57	262	26	and	and	CCONJ
emaj-57	262	27	size	size	NOUN
emaj-57	262	28	on	on	ADP
emaj-57	262	29	overreaction	overreaction	NOUN
emaj-57	262	30	.	.	PUNCT
emaj-57	263	1	the	the	DET
emaj-57	263	2	model	model	NOUN
emaj-57	263	3	is	be	AUX
emaj-57	263	4	:	:	PUNCT
emaj-57	263	5	cari	cari	PROPN
emaj-57	263	6	=	=	SYM
emaj-57	263	7	b00*gn_ss	b00*gn_ss	PROPN
emaj-57	263	8	+	+	CCONJ
emaj-57	263	9	b01*gn_ms	b01*gn_ms	PROPN
emaj-57	263	10	+	+	CCONJ
emaj-57	263	11	b02	b02	PROPN
emaj-57	263	12	*	*	PROPN
emaj-57	263	13	gn_ls	gn_ls	PROPN
emaj-57	263	14	+	+	NUM
emaj-57	263	15	b10	b10	PROPN
emaj-57	263	16	*	*	PROPN
emaj-57	263	17	nn_ss	nn_ss	PROPN
emaj-57	263	18	+	+	CCONJ
emaj-57	263	19	b11*nn_ms	b11*nn_ms	NOUN
emaj-57	263	20	+	+	CCONJ
emaj-57	263	21	b12	b12	NOUN
emaj-57	263	22	*	*	SYM
emaj-57	263	23	nn_ls	nn_ls	PROPN
emaj-57	263	24	+	+	NUM
emaj-57	263	25	b20	b20	NOUN
emaj-57	263	26	*	*	PUNCT
emaj-57	263	27	bn_ss	bn_ss	PROPN
emaj-57	263	28	+	+	CCONJ
emaj-57	263	29	b21	b21	PROPN
emaj-57	263	30	*	*	ADJ
emaj-57	263	31	bn_ms	bn_ms	PROPN
emaj-57	263	32	+	+	CCONJ
emaj-57	263	33	b22	b22	PROPN
emaj-57	263	34	*	*	PROPN
emaj-57	263	35	bn_ls	bn_ls	PROPN
emaj-57	263	36	,	,	PUNCT
emaj-57	263	37	where	where	SCONJ
emaj-57	263	38	,	,	PUNCT
emaj-57	263	39	gn_ss	gn_ss	PROPN
emaj-57	263	40	=	=	SYM
emaj-57	263	41	good	good	ADJ
emaj-57	263	42	news	news	NOUN
emaj-57	263	43	*	*	PUNCT
emaj-57	263	44	small	small	ADJ
emaj-57	263	45	size	size	NOUN
emaj-57	263	46	.	.	PUNCT
emaj-57	264	1	the	the	DET
emaj-57	264	2	other	other	ADJ
emaj-57	264	3	dummy	dummy	ADJ
emaj-57	264	4	variables	variable	NOUN
emaj-57	264	5	are	be	AUX
emaj-57	264	6	defined	define	VERB
emaj-57	264	7	in	in	ADP
emaj-57	264	8	a	a	DET
emaj-57	264	9	similar	similar	ADJ
emaj-57	264	10	manner	manner	NOUN
emaj-57	264	11	.	.	PUNCT
emaj-57	265	1	n=	n=	ADJ
emaj-57	265	2	sample	sample	NOUN
emaj-57	265	3	size	size	NOUN
emaj-57	265	4	.	.	PUNCT
emaj-57	266	1	*	*	PUNCT
emaj-57	266	2	*	*	PUNCT
emaj-57	266	3	significant	significant	ADJ
emaj-57	266	4	at	at	ADP
emaj-57	266	5	5	5	NUM
emaj-57	266	6	%	%	NOUN
emaj-57	266	7	level	level	NOUN
emaj-57	266	8	robustness	robustness	NOUN
emaj-57	266	9	considerations	consideration	NOUN
emaj-57	266	10	in	in	ADP
emaj-57	266	11	order	order	NOUN
emaj-57	266	12	to	to	PART
emaj-57	266	13	check	check	VERB
emaj-57	266	14	whether	whether	SCONJ
emaj-57	266	15	the	the	DET
emaj-57	266	16	results	result	NOUN
emaj-57	266	17	are	be	AUX
emaj-57	266	18	stable	stable	ADJ
emaj-57	266	19	over	over	ADP
emaj-57	266	20	time	time	NOUN
emaj-57	266	21	the	the	DET
emaj-57	266	22	cars	car	NOUN
emaj-57	266	23	of	of	ADP
emaj-57	266	24	events	event	NOUN
emaj-57	266	25	have	have	AUX
emaj-57	266	26	been	be	AUX
emaj-57	266	27	re	re	VERB
emaj-57	266	28	-	-	VERB
emaj-57	266	29	examined	examine	VERB
emaj-57	266	30	for	for	ADP
emaj-57	266	31	the	the	DET
emaj-57	266	32	two	two	NUM
emaj-57	266	33	approximately	approximately	ADV
emaj-57	266	34	equal	equal	ADJ
emaj-57	266	35	-	-	PUNCT
emaj-57	266	36	size	size	NOUN
emaj-57	266	37	sub	sub	NOUN
emaj-57	266	38	periods	period	NOUN
emaj-57	266	39	within	within	ADP
emaj-57	266	40	the	the	DET
emaj-57	266	41	sample	sample	NOUN
emaj-57	266	42	period	period	NOUN
emaj-57	266	43	.	.	PUNCT
emaj-57	267	1	during	during	ADP
emaj-57	267	2	the	the	DET
emaj-57	267	3	study	study	NOUN
emaj-57	267	4	period	period	NOUN
emaj-57	267	5	,	,	PUNCT
emaj-57	267	6	year	year	NOUN
emaj-57	267	7	2008	2008	NUM
emaj-57	267	8	is	be	AUX
emaj-57	267	9	considered	consider	VERB
emaj-57	267	10	as	as	ADP
emaj-57	267	11	the	the	DET
emaj-57	267	12	year	year	NOUN
emaj-57	267	13	of	of	ADP
emaj-57	267	14	separation	separation	NOUN
emaj-57	267	15	to	to	PART
emaj-57	267	16	check	check	VERB
emaj-57	267	17	the	the	DET
emaj-57	267	18	effect	effect	NOUN
emaj-57	267	19	of	of	ADP
emaj-57	267	20	pre	pre	ADJ
emaj-57	267	21	and	and	CCONJ
emaj-57	267	22	post	post	VERB
emaj-57	267	23	global	global	ADJ
emaj-57	267	24	crisis	crisis	NOUN
emaj-57	267	25	period	period	NOUN
emaj-57	267	26	.	.	PUNCT
emaj-57	268	1	in	in	ADP
emaj-57	268	2	this	this	DET
emaj-57	268	3	way	way	NOUN
emaj-57	268	4	,	,	PUNCT
emaj-57	268	5	the	the	DET
emaj-57	268	6	sub	sub	NOUN
emaj-57	268	7	periods	period	NOUN
emaj-57	268	8	(	(	PUNCT
emaj-57	268	9	from	from	ADP
emaj-57	268	10	oct’05	oct’05	PROPN
emaj-57	268	11	to	to	ADP
emaj-57	268	12	jun’08	jun’08	PROPN
emaj-57	268	13	and	and	CCONJ
emaj-57	268	14	from	from	ADP
emaj-57	268	15	jul’08	jul’08	NOUN
emaj-57	268	16	to	to	ADP
emaj-57	268	17	nov’10	nov’10	ADV
emaj-57	268	18	)	)	PUNCT
emaj-57	268	19	are	be	AUX
emaj-57	268	20	selected	select	VERB
emaj-57	268	21	in	in	ADP
emaj-57	268	22	such	such	DET
emaj-57	268	23	a	a	DET
emaj-57	268	24	way	way	NOUN
emaj-57	268	25	so	so	SCONJ
emaj-57	268	26	that	that	SCONJ
emaj-57	268	27	the	the	DET
emaj-57	268	28	sample	sample	NOUN
emaj-57	268	29	period	period	NOUN
emaj-57	268	30	is	be	AUX
emaj-57	268	31	almost	almost	ADV
emaj-57	268	32	split	split	VERB
emaj-57	268	33	in	in	ADP
emaj-57	268	34	half	half	NOUN
emaj-57	268	35	in	in	ADP
emaj-57	268	36	chronological	chronological	ADJ
emaj-57	268	37	order	order	NOUN
emaj-57	268	38	.	.	PUNCT
emaj-57	269	1	cars	car	NOUN
emaj-57	269	2	are	be	AUX
emaj-57	269	3	found	find	VERB
emaj-57	269	4	statistically	statistically	ADV
emaj-57	269	5	significant	significant	ADJ
emaj-57	269	6	for	for	ADP
emaj-57	269	7	the	the	DET
emaj-57	269	8	two	two	NUM
emaj-57	269	9	sample	sample	NOUN
emaj-57	269	10	periods	period	NOUN
emaj-57	269	11	.	.	PUNCT
emaj-57	270	1	in	in	ADP
emaj-57	270	2	the	the	DET
emaj-57	270	3	first	first	ADJ
emaj-57	270	4	period	period	NOUN
emaj-57	270	5	sample	sample	NOUN
emaj-57	270	6	size	size	NOUN
emaj-57	270	7	is	be	AUX
emaj-57	270	8	352	352	NUM
emaj-57	270	9	and	and	CCONJ
emaj-57	270	10	in	in	ADP
emaj-57	270	11	the	the	DET
emaj-57	270	12	later	later	ADJ
emaj-57	270	13	one	one	NOUN
emaj-57	270	14	it	it	PRON
emaj-57	270	15	is	be	AUX
emaj-57	270	16	470	470	NUM
emaj-57	270	17	events	event	NOUN
emaj-57	270	18	.	.	PUNCT
emaj-57	271	1	overall	overall	ADV
emaj-57	271	2	,	,	PUNCT
emaj-57	271	3	the	the	DET
emaj-57	271	4	results	result	NOUN
emaj-57	271	5	of	of	ADP
emaj-57	271	6	the	the	DET
emaj-57	271	7	sub	sub	NOUN
emaj-57	271	8	period	period	NOUN
emaj-57	271	9	analysis	analysis	NOUN
emaj-57	271	10	do	do	AUX
emaj-57	271	11	not	not	PART
emaj-57	271	12	display	display	VERB
emaj-57	271	13	any	any	DET
emaj-57	271	14	significant	significant	ADJ
emaj-57	271	15	difference	difference	NOUN
emaj-57	271	16	with	with	ADP
emaj-57	271	17	the	the	DET
emaj-57	271	18	findings	finding	NOUN
emaj-57	271	19	of	of	ADP
emaj-57	271	20	the	the	DET
emaj-57	271	21	total	total	ADJ
emaj-57	271	22	periods	period	NOUN
emaj-57	271	23	.	.	PUNCT
emaj-57	272	1	thus	thus	ADV
emaj-57	272	2	it	it	PRON
emaj-57	272	3	can	can	AUX
emaj-57	272	4	be	be	AUX
emaj-57	272	5	concluded	conclude	VERB
emaj-57	272	6	that	that	SCONJ
emaj-57	272	7	the	the	DET
emaj-57	272	8	actual	actual	ADJ
emaj-57	272	9	findings	finding	NOUN
emaj-57	272	10	seems	seem	VERB
emaj-57	272	11	to	to	PART
emaj-57	272	12	be	be	AUX
emaj-57	272	13	stable	stable	ADJ
emaj-57	272	14	over	over	ADP
emaj-57	272	15	time	time	NOUN
emaj-57	272	16	and	and	CCONJ
emaj-57	272	17	do	do	AUX
emaj-57	272	18	not	not	PART
emaj-57	272	19	appear	appear	VERB
emaj-57	272	20	as	as	ADP
emaj-57	272	21	sampleperiod	sampleperiod	NOUN
emaj-57	272	22	dependent	dependent	ADJ
emaj-57	272	23	(	(	PUNCT
emaj-57	272	24	spyros,2007	spyros,2007	NOUN
emaj-57	272	25	)	)	PUNCT
emaj-57	272	26	.	.	PUNCT
emaj-57	273	1	as	as	SCONJ
emaj-57	273	2	regression	regression	NOUN
emaj-57	273	3	results	result	NOUN
emaj-57	273	4	are	be	AUX
emaj-57	273	5	stable	stable	ADJ
emaj-57	273	6	over	over	ADP
emaj-57	273	7	time	time	NOUN
emaj-57	273	8	,	,	PUNCT
emaj-57	273	9	it	it	PRON
emaj-57	273	10	can	can	AUX
emaj-57	273	11	be	be	AUX
emaj-57	273	12	said	say	VERB
emaj-57	273	13	that	that	SCONJ
emaj-57	273	14	there	there	PRON
emaj-57	273	15	are	be	VERB
emaj-57	273	16	not	not	PART
emaj-57	273	17	any	any	DET
emaj-57	273	18	serious	serious	ADJ
emaj-57	273	19	multi	multi	ADJ
emaj-57	273	20	-	-	ADJ
emaj-57	273	21	colinearity	colinearity	ADJ
emaj-57	273	22	issues	issue	NOUN
emaj-57	273	23	.	.	PUNCT
emaj-57	274	1	further	far	ADV
emaj-57	274	2	,	,	PUNCT
emaj-57	274	3	everywhere	everywhere	ADV
emaj-57	274	4	dw	dw	PROPN
emaj-57	274	5	statistics	statistics	PROPN
emaj-57	274	6	reaches	reach	VERB
emaj-57	274	7	at	at	ADP
emaj-57	274	8	least	least	ADJ
emaj-57	274	9	a	a	PRON
emaj-57	274	10	level	level	NOUN
emaj-57	274	11	of	of	ADP
emaj-57	274	12	2	2	NUM
emaj-57	274	13	.	.	PUNCT
emaj-57	275	1	hence	hence	ADV
emaj-57	275	2	it	it	PRON
emaj-57	275	3	can	can	AUX
emaj-57	275	4	be	be	AUX
emaj-57	275	5	considered	consider	VERB
emaj-57	275	6	that	that	SCONJ
emaj-57	275	7	the	the	DET
emaj-57	275	8	regression	regression	NOUN
emaj-57	275	9	results	result	NOUN
emaj-57	275	10	are	be	AUX
emaj-57	275	11	to	to	PART
emaj-57	275	12	be	be	AUX
emaj-57	275	13	robust	robust	ADJ
emaj-57	275	14	and	and	CCONJ
emaj-57	275	15	any	any	DET
emaj-57	275	16	serious	serious	ADJ
emaj-57	275	17	level	level	NOUN
emaj-57	275	18	of	of	ADP
emaj-57	275	19	auto	auto	NOUN
emaj-57	275	20	-	-	PUNCT
emaj-57	275	21	correlation	correlation	NOUN
emaj-57	275	22	exists	exist	VERB
emaj-57	275	23	here	here	ADV
emaj-57	275	24	.	.	PUNCT
emaj-57	276	1	levene	levene	NOUN
emaj-57	276	2	statistics	statistic	NOUN
emaj-57	276	3	value	value	NOUN
emaj-57	276	4	of	of	ADP
emaj-57	276	5	cari	cari	PROPN
emaj-57	276	6	is	be	AUX
emaj-57	276	7	3.547	3.547	NUM
emaj-57	276	8	for	for	ADP
emaj-57	276	9	1	1	NUM
emaj-57	276	10	%	%	NOUN
emaj-57	276	11	significance	significance	NOUN
emaj-57	276	12	level	level	NOUN
emaj-57	276	13	.	.	PUNCT
emaj-57	277	1	this	this	PRON
emaj-57	277	2	also	also	ADV
emaj-57	277	3	considers	consider	VERB
emaj-57	277	4	one	one	NUM
emaj-57	277	5	of	of	ADP
emaj-57	277	6	the	the	DET
emaj-57	277	7	good	good	ADJ
emaj-57	277	8	results	result	NOUN
emaj-57	277	9	for	for	ADP
emaj-57	277	10	showing	show	VERB
emaj-57	277	11	homogeneity	homogeneity	NOUN
emaj-57	277	12	of	of	ADP
emaj-57	277	13	the	the	DET
emaj-57	277	14	sample	sample	NOUN
emaj-57	277	15	.	.	PUNCT
emaj-57	278	1	6	6	X
emaj-57	278	2	.	.	X
emaj-57	278	3	intra	intra	ADJ
emaj-57	278	4	-	-	ADJ
emaj-57	278	5	industry	industry	ADJ
emaj-57	278	6	news	news	NOUN
emaj-57	278	7	diffusion	diffusion	NOUN
emaj-57	278	8	in	in	ADP
emaj-57	278	9	the	the	DET
emaj-57	278	10	case	case	NOUN
emaj-57	278	11	of	of	ADP
emaj-57	278	12	quarterly	quarterly	ADJ
emaj-57	278	13	releases	release	NOUN
emaj-57	278	14	before	before	ADP
emaj-57	278	15	any	any	DET
emaj-57	278	16	announcements	announcement	NOUN
emaj-57	278	17	investors	investor	NOUN
emaj-57	278	18	can	can	AUX
emaj-57	278	19	make	make	VERB
emaj-57	278	20	an	an	DET
emaj-57	278	21	idea	idea	NOUN
emaj-57	278	22	from	from	ADP
emaj-57	278	23	news	news	NOUN
emaj-57	278	24	provided	provide	VERB
emaj-57	278	25	by	by	ADP
emaj-57	278	26	various	various	ADJ
emaj-57	278	27	public	public	ADJ
emaj-57	278	28	channels	channel	NOUN
emaj-57	278	29	.	.	PUNCT
emaj-57	279	1	one	one	NUM
emaj-57	279	2	important	important	ADJ
emaj-57	279	3	source	source	NOUN
emaj-57	279	4	is	be	AUX
emaj-57	279	5	intra	intra	ADJ
emaj-57	279	6	-	-	ADJ
emaj-57	279	7	industry	industry	ADJ
emaj-57	279	8	firms	firm	NOUN
emaj-57	279	9	’	’	PART
emaj-57	279	10	earnings	earning	NOUN
emaj-57	279	11	reports	report	NOUN
emaj-57	279	12	(	(	PUNCT
emaj-57	279	13	foster,1981	foster,1981	NOUN
emaj-57	279	14	;	;	PUNCT
emaj-57	279	15	freeman	freeman	PROPN
emaj-57	279	16	and	and	CCONJ
emaj-57	279	17	tse	tse	PROPN
emaj-57	279	18	,	,	PUNCT
emaj-57	279	19	1992	1992	NUM
emaj-57	279	20	)	)	PUNCT
emaj-57	279	21	.	.	PUNCT
emaj-57	280	1	givoly	givoly	PROPN
emaj-57	280	2	and	and	CCONJ
emaj-57	280	3	palmon	palmon	PROPN
emaj-57	280	4	(	(	PUNCT
emaj-57	280	5	1982	1982	NUM
emaj-57	280	6	)	)	PUNCT
emaj-57	280	7	find	find	VERB
emaj-57	280	8	that	that	SCONJ
emaj-57	280	9	late	late	ADJ
emaj-57	280	10	-	-	PUNCT
emaj-57	280	11	announcers	announcer	NOUN
emaj-57	280	12	have	have	AUX
emaj-57	280	13	reduced	reduce	VERB
emaj-57	280	14	stock	stock	NOUN
emaj-57	280	15	-	-	PUNCT
emaj-57	280	16	price	price	NOUN
emaj-57	280	17	over	over	ADP
emaj-57	280	18	-	-	PUNCT
emaj-57	280	19	reactions	reaction	NOUN
emaj-57	280	20	,	,	PUNCT
emaj-57	280	21	because	because	SCONJ
emaj-57	280	22	investors	investor	NOUN
emaj-57	280	23	are	be	AUX
emaj-57	280	24	already	already	ADV
emaj-57	280	25	prepared	prepared	ADJ
emaj-57	280	26	about	about	ADP
emaj-57	280	27	the	the	DET
emaj-57	280	28	earnings	earning	NOUN
emaj-57	280	29	from	from	ADP
emaj-57	280	30	early	early	ADJ
emaj-57	280	31	peer	peer	NOUN
emaj-57	280	32	announcements	announcement	NOUN
emaj-57	280	33	.	.	PUNCT
emaj-57	281	1	prior	prior	ADJ
emaj-57	281	2	research	research	NOUN
emaj-57	281	3	has	have	AUX
emaj-57	281	4	documented	document	VERB
emaj-57	281	5	that	that	SCONJ
emaj-57	281	6	earnings	earning	NOUN
emaj-57	281	7	announcements	announcement	NOUN
emaj-57	281	8	provide	provide	VERB
emaj-57	281	9	information	information	NOUN
emaj-57	281	10	not	not	PART
emaj-57	281	11	only	only	ADV
emaj-57	281	12	about	about	ADP
emaj-57	281	13	the	the	DET
emaj-57	281	14	announcing	announce	VERB
emaj-57	281	15	firm	firm	NOUN
emaj-57	281	16	but	but	CCONJ
emaj-57	281	17	also	also	ADV
emaj-57	281	18	about	about	ADP
emaj-57	281	19	other	other	ADJ
emaj-57	281	20	firms	firm	NOUN
emaj-57	281	21	in	in	ADP
emaj-57	281	22	the	the	DET
emaj-57	281	23	same	same	ADJ
emaj-57	281	24	industry	industry	NOUN
emaj-57	281	25	(	(	PUNCT
emaj-57	281	26	thomas	thomas	PROPN
emaj-57	281	27	and	and	CCONJ
emaj-57	281	28	zhang	zhang	PROPN
emaj-57	281	29	,	,	PUNCT
emaj-57	281	30	2008	2008	NUM
emaj-57	281	31	;	;	PUNCT
emaj-57	281	32	griffin	griffin	PROPN
emaj-57	281	33	and	and	CCONJ
emaj-57	281	34	hirschey	hirschey	NOUN
emaj-57	281	35	,	,	PUNCT
emaj-57	281	36	2011	2011	NUM
emaj-57	281	37	)	)	PUNCT
emaj-57	281	38	.	.	PUNCT
emaj-57	282	1	it	it	PRON
emaj-57	282	2	can	can	AUX
emaj-57	282	3	be	be	AUX
emaj-57	282	4	studied	study	VERB
emaj-57	282	5	that	that	SCONJ
emaj-57	282	6	how	how	SCONJ
emaj-57	282	7	stock	stock	NOUN
emaj-57	282	8	market	market	NOUN
emaj-57	282	9	overreaction	overreaction	NOUN
emaj-57	282	10	associated	associate	VERB
emaj-57	282	11	with	with	ADP
emaj-57	282	12	the	the	DET
emaj-57	282	13	phenomenon	phenomenon	NOUN
emaj-57	282	14	of	of	ADP
emaj-57	282	15	intra	intra	ADJ
emaj-57	282	16	-	-	ADJ
emaj-57	282	17	industry	industry	ADJ
emaj-57	282	18	information	information	NOUN
emaj-57	282	19	transfers	transfer	NOUN
emaj-57	282	20	.	.	PUNCT
emaj-57	283	1	how	how	SCONJ
emaj-57	283	2	the	the	DET
emaj-57	283	3	stock	stock	NOUN
emaj-57	283	4	price	price	NOUN
emaj-57	283	5	movements	movement	NOUN
emaj-57	283	6	of	of	ADP
emaj-57	283	7	late	late	ADJ
emaj-57	283	8	announcers	announcer	NOUN
emaj-57	283	9	in	in	ADP
emaj-57	283	10	response	response	NOUN
emaj-57	283	11	to	to	ADP
emaj-57	283	12	earnings	earning	NOUN
emaj-57	283	13	reported	report	VERB
emaj-57	283	14	by	by	ADP
emaj-57	283	15	early	early	ADJ
emaj-57	283	16	announcers	announcer	NOUN
emaj-57	283	17	are	be	AUX
emaj-57	283	18	related	relate	VERB
emaj-57	283	19	to	to	ADP
emaj-57	283	20	subsequent	subsequent	ADJ
emaj-57	283	21	price	price	NOUN
emaj-57	283	22	responses	response	NOUN
emaj-57	283	23	of	of	ADP
emaj-57	283	24	late	late	ADJ
emaj-57	283	25	announcers	announcer	NOUN
emaj-57	283	26	to	to	ADP
emaj-57	283	27	their	their	PRON
emaj-57	283	28	own	own	ADJ
emaj-57	283	29	earnings	earning	NOUN
emaj-57	283	30	reports	report	NOUN
emaj-57	283	31	.	.	PUNCT
emaj-57	284	1	apparently	apparently	ADV
emaj-57	284	2	,	,	PUNCT
emaj-57	284	3	the	the	DET
emaj-57	284	4	stock	stock	NOUN
emaj-57	284	5	market	market	NOUN
emaj-57	284	6	overestimates	overestimate	VERB
emaj-57	284	7	the	the	DET
emaj-57	284	8	intra	intra	ADJ
emaj-57	284	9	-	-	ADJ
emaj-57	284	10	industry	industry	ADJ
emaj-57	284	11	implications	implication	NOUN
emaj-57	284	12	of	of	ADP
emaj-57	284	13	early	early	ADJ
emaj-57	284	14	announcers	announcer	NOUN
emaj-57	284	15	’	’	PART
emaj-57	284	16	earnings	earning	NOUN
emaj-57	284	17	for	for	ADP
emaj-57	284	18	late	late	ADJ
emaj-57	284	19	announcers	announcer	NOUN
emaj-57	284	20	’	’	PART
emaj-57	284	21	earnings	earning	NOUN
emaj-57	284	22	,	,	PUNCT
emaj-57	284	23	and	and	CCONJ
emaj-57	284	24	that	that	DET
emaj-57	284	25	overestimation	overestimation	NOUN
emaj-57	284	26	is	be	AUX
emaj-57	284	27	corrected	correct	VERB
emaj-57	284	28	when	when	SCONJ
emaj-57	284	29	late	late	ADJ
emaj-57	284	30	announcers	announcer	NOUN
emaj-57	284	31	disclose	disclose	VERB
emaj-57	284	32	their	their	PRON
emaj-57	284	33	earnings	earning	NOUN
emaj-57	284	34	.	.	PUNCT
emaj-57	285	1	6.1	6.1	NUM
emaj-57	285	2	methods	method	NOUN
emaj-57	285	3	the	the	DET
emaj-57	285	4	reason	reason	NOUN
emaj-57	285	5	behind	behind	ADP
emaj-57	285	6	the	the	DET
emaj-57	285	7	overreaction	overreaction	NOUN
emaj-57	285	8	may	may	AUX
emaj-57	285	9	be	be	AUX
emaj-57	285	10	due	due	ADJ
emaj-57	285	11	to	to	ADP
emaj-57	285	12	investors	investor	NOUN
emaj-57	285	13	’	’	PART
emaj-57	285	14	incapability	incapability	NOUN
emaj-57	285	15	to	to	PART
emaj-57	285	16	realize	realize	VERB
emaj-57	285	17	entirely	entirely	ADV
emaj-57	285	18	the	the	DET
emaj-57	285	19	positive	positive	ADJ
emaj-57	285	20	correlation	correlation	NOUN
emaj-57	285	21	in	in	ADP
emaj-57	285	22	earnings	earning	NOUN
emaj-57	285	23	announcement	announcement	NOUN
emaj-57	285	24	by	by	ADP
emaj-57	285	25	industry	industry	NOUN
emaj-57	285	26	peers	peer	NOUN
emaj-57	285	27	(	(	PUNCT
emaj-57	285	28	ramnath	ramnath	NOUN
emaj-57	285	29	,	,	PUNCT
emaj-57	285	30	2002	2002	NUM
emaj-57	285	31	)	)	PUNCT
emaj-57	285	32	.	.	PUNCT
emaj-57	286	1	this	this	DET
emaj-57	286	2	explanation	explanation	NOUN
emaj-57	286	3	is	be	AUX
emaj-57	286	4	consistent	consistent	ADJ
emaj-57	286	5	with	with	ADP
emaj-57	286	6	bias	bias	NOUN
emaj-57	286	7	caused	cause	VERB
emaj-57	286	8	by	by	ADP
emaj-57	286	9	investors	investor	NOUN
emaj-57	286	10	depending	depend	VERB
emaj-57	286	11	on	on	ADP
emaj-57	286	12	the	the	DET
emaj-57	286	13	representativeness	representativeness	ADJ
emaj-57	286	14	heuristic	heuristic	NOUN
emaj-57	286	15	discussed	discuss	VERB
emaj-57	286	16	in	in	ADP
emaj-57	286	17	behavioral	behavioral	ADJ
emaj-57	286	18	finance	finance	NOUN
emaj-57	286	19	(	(	PUNCT
emaj-57	286	20	barberis	barberis	PROPN
emaj-57	286	21	et	et	PROPN
emaj-57	286	22	al	al	PROPN
emaj-57	286	23	.	.	PROPN
emaj-57	286	24	,	,	PUNCT
emaj-57	286	25	1998	1998	NUM
emaj-57	286	26	;	;	PUNCT
emaj-57	286	27	chan	chan	PROPN
emaj-57	286	28	et	et	PROPN
emaj-57	286	29	al	al	PROPN
emaj-57	286	30	.	.	PROPN
emaj-57	286	31	,	,	PUNCT
emaj-57	286	32	2004	2004	NUM
emaj-57	286	33	)	)	PUNCT
emaj-57	286	34	.	.	PUNCT
emaj-57	287	1	stock	stock	NOUN
emaj-57	287	2	-	-	PUNCT
emaj-57	287	3	price	price	NOUN
emaj-57	287	4	of	of	ADP
emaj-57	287	5	late	late	ADJ
emaj-57	287	6	announcing	announce	VERB
emaj-57	287	7	firm	firm	NOUN
emaj-57	287	8	adjusts	adjust	VERB
emaj-57	287	9	through	through	ADP
emaj-57	287	10	a	a	DET
emaj-57	287	11	couple	couple	NOUN
emaj-57	287	12	of	of	ADP
emaj-57	287	13	price	price	NOUN
emaj-57	287	14	changes	change	NOUN
emaj-57	287	15	those	those	PRON
emaj-57	287	16	are	be	AUX
emaj-57	287	17	more	more	ADV
emaj-57	287	18	-	-	PUNCT
emaj-57	287	19	or	or	CCONJ
emaj-57	287	20	-	-	PUNCT
emaj-57	287	21	less	less	ADV
emaj-57	287	22	positively	positively	ADV
emaj-57	287	23	related	relate	VERB
emaj-57	287	24	.	.	PUNCT
emaj-57	288	1	this	this	PRON
emaj-57	288	2	leads	lead	VERB
emaj-57	288	3	the	the	DET
emaj-57	288	4	lateannouncer	lateannouncer	NOUN
emaj-57	288	5	’s	’s	PART
emaj-57	288	6	price	price	NOUN
emaj-57	288	7	to	to	PART
emaj-57	288	8	overshoot	overshoot	VERB
emaj-57	288	9	the	the	DET
emaj-57	288	10	price	price	NOUN
emaj-57	288	11	which	which	PRON
emaj-57	288	12	reflects	reflect	VERB
emaj-57	288	13	the	the	DET
emaj-57	288	14	earning	earn	VERB
emaj-57	288	15	news	news	NOUN
emaj-57	288	16	it	it	PRON
emaj-57	288	17	ultimately	ultimately	ADV
emaj-57	288	18	releases	release	VERB
emaj-57	288	19	.	.	PUNCT
emaj-57	289	1	it	it	PRON
emaj-57	289	2	has	have	AUX
emaj-57	289	3	been	be	AUX
emaj-57	289	4	also	also	ADV
emaj-57	289	5	considered	consider	VERB
emaj-57	289	6	the	the	DET
emaj-57	289	7	findings	finding	NOUN
emaj-57	289	8	of	of	ADP
emaj-57	289	9	bernard	bernard	PROPN
emaj-57	289	10	and	and	CCONJ
emaj-57	289	11	thomas	thomas	PROPN
emaj-57	289	12	(	(	PUNCT
emaj-57	289	13	1990	1990	NUM
emaj-57	289	14	)	)	PUNCT
emaj-57	289	15	that	that	PRON
emaj-57	289	16	are	be	AUX
emaj-57	289	17	based	base	VERB
emaj-57	289	18	on	on	ADP
emaj-57	289	19	investors	investor	NOUN
emaj-57	289	20	not	not	PART
emaj-57	289	21	understanding	understand	VERB
emaj-57	289	22	the	the	DET
emaj-57	289	23	extent	extent	NOUN
emaj-57	289	24	to	to	PART
emaj-57	289	25	which	which	PRON
emaj-57	289	26	news	news	NOUN
emaj-57	289	27	in	in	ADP
emaj-57	289	28	earnings	earning	NOUN
emaj-57	289	29	this	this	DET
emaj-57	289	30	quarter	quarter	NOUN
emaj-57	289	31	spills	spill	VERB
emaj-57	289	32	over	over	ADP
emaj-57	289	33	to	to	ADP
emaj-57	289	34	future	future	ADJ
emaj-57	289	35	quarter	quarter	NOUN
emaj-57	289	36	earnings	earning	NOUN
emaj-57	289	37	.	.	PUNCT
emaj-57	290	1	this	this	DET
emaj-57	290	2	study	study	NOUN
emaj-57	290	3	is	be	AUX
emaj-57	290	4	based	base	VERB
emaj-57	290	5	on	on	ADP
emaj-57	290	6	earnings	earning	NOUN
emaj-57	290	7	information	information	NOUN
emaj-57	290	8	containing	contain	VERB
emaj-57	290	9	of	of	ADP
emaj-57	290	10	two	two	NUM
emaj-57	290	11	parts	part	NOUN
emaj-57	290	12	.	.	PUNCT
emaj-57	291	1	one	one	NUM
emaj-57	291	2	component	component	NOUN
emaj-57	291	3	that	that	PRON
emaj-57	291	4	has	have	AUX
emaj-57	291	5	spillover	spillover	VERB
emaj-57	291	6	effects	effect	NOUN
emaj-57	291	7	for	for	ADP
emaj-57	291	8	upcoming	upcoming	ADJ
emaj-57	291	9	quarters	quarter	NOUN
emaj-57	291	10	and	and	CCONJ
emaj-57	291	11	a	a	DET
emaj-57	291	12	second	second	ADJ
emaj-57	291	13	part	part	NOUN
emaj-57	291	14	that	that	PRON
emaj-57	291	15	does	do	VERB
emaj-57	291	16	not	not	PART
emaj-57	291	17	.	.	PUNCT
emaj-57	292	1	intra	intra	ADJ
emaj-57	292	2	-	-	ADJ
emaj-57	292	3	industry	industry	ADJ
emaj-57	292	4	information	information	NOUN
emaj-57	292	5	transfers	transfer	NOUN
emaj-57	292	6	from	from	ADP
emaj-57	292	7	early	early	ADJ
emaj-57	292	8	announcers	announcer	NOUN
emaj-57	292	9	to	to	ADP
emaj-57	292	10	late	late	ADJ
emaj-57	292	11	dependant	dependant	ADJ
emaj-57	292	12	variable	variable	ADJ
emaj-57	292	13	independent	independent	ADJ
emaj-57	292	14	variables	variable	NOUN
emaj-57	292	15	n	n	CCONJ
emaj-57	292	16	coefficient	coefficient	VERB
emaj-57	292	17	t	t	PROPN
emaj-57	292	18	-	-	PUNCT
emaj-57	292	19	stat	stat	NOUN
emaj-57	292	20	cari	cari	PROPN
emaj-57	292	21	gn_ss	gn_ss	PROPN
emaj-57	292	22	66	66	NUM
emaj-57	292	23	2.624	2.624	NUM
emaj-57	292	24	*	*	PUNCT
emaj-57	292	25	*	*	X
emaj-57	292	26	2.1416	2.1416	NUM
emaj-57	292	27	gn_ms	gn_ms	NOUN
emaj-57	292	28	89	89	NUM
emaj-57	292	29	4.558	4.558	NUM
emaj-57	292	30	*	*	PUNCT
emaj-57	292	31	*	*	PROPN
emaj-57	292	32	4.3194	4.3194	NUM
emaj-57	292	33	gn_ls	gn_l	VERB
emaj-57	292	34	51	51	NUM
emaj-57	292	35	3.493	3.493	NUM
emaj-57	292	36	*	*	PUNCT
emaj-57	292	37	*	*	PUNCT
emaj-57	293	1	2.5057	2.5057	NUM
emaj-57	293	2	nn_ss	nn_ss	NUM
emaj-57	293	3	94	94	NUM
emaj-57	293	4	-0.3760	-0.3760	NOUN
emaj-57	293	5	0.3661	0.3661	NUM
emaj-57	293	6	nn_ms	nn_ms	NOUN
emaj-57	293	7	212	212	NUM
emaj-57	293	8	-0.8879	-0.8879	NOUN
emaj-57	293	9	-1.298	-1.298	PUNCT
emaj-57	294	1	nn_ls	nn_ls	PROPN
emaj-57	294	2	104	104	NUM
emaj-57	294	3	-0.8314	-0.8314	NOUN
emaj-57	294	4	0.8515	0.8515	NUM
emaj-57	295	1	bn_ss	bn_ss	PRON
emaj-57	295	2	45	45	NUM
emaj-57	295	3	-2.693	-2.693	NOUN
emaj-57	295	4	*	*	PUNCT
emaj-57	295	5	*	*	X
emaj-57	295	6	2.1406	2.1406	NUM
emaj-57	295	7	bn_ms	bn_ms	NOUN
emaj-57	295	8	111	111	NUM
emaj-57	295	9	-4.4638	-4.4638	NOUN
emaj-57	295	10	*	*	NOUN
emaj-57	295	11	*	*	NOUN
emaj-57	295	12	4.7232	4.7232	NUM
emaj-57	295	13	bn_ls	bn_ls	NOUN
emaj-57	295	14	50	50	NUM
emaj-57	295	15	-3.0162	-3.0162	NOUN
emaj-57	295	16	*	*	PUNCT
emaj-57	295	17	*	*	X
emaj-57	295	18	2.1419	2.1419	NUM
emaj-57	295	19	dw	dw	NOUN
emaj-57	295	20	-	-	PUNCT
emaj-57	295	21	stat	stat	NOUN
emaj-57	295	22	:	:	PUNCT
emaj-57	295	23	2.106	2.106	NUM
emaj-57	295	24	adj	adj	X
emaj-57	295	25	.	.	PUNCT
emaj-57	295	26	r2	r2	PROPN
emaj-57	295	27	:	:	PUNCT
emaj-57	295	28	0.0588	0.0588	NUM
emaj-57	295	29	f	f	X
emaj-57	295	30	-	-	PUNCT
emaj-57	295	31	stat	stat	NOUN
emaj-57	295	32	:	:	PUNCT
emaj-57	295	33	7.416	7.416	NUM
emaj-57	295	34	*	*	PUNCT
emaj-57	295	35	*	*	PUNCT
emaj-57	295	36	prob(f	prob(f	NUM
emaj-57	295	37	):	):	PUNCT
emaj-57	295	38	0.0000	0.0000	NUM
emaj-57	295	39	volume	volume	NOUN
emaj-57	295	40	4	4	NUM
emaj-57	295	41	no	no	DET
emaj-57	295	42	1	1	NUM
emaj-57	295	43	(	(	PUNCT
emaj-57	295	44	2014	2014	NUM
emaj-57	295	45	)	)	PUNCT
emaj-57	295	46	|	|	ADV
emaj-57	295	47	issn	issn	VERB
emaj-57	295	48	2158	2158	NUM
emaj-57	295	49	-	-	SYM
emaj-57	295	50	8708	8708	NUM
emaj-57	295	51	(	(	PUNCT
emaj-57	295	52	online	online	NOUN
emaj-57	295	53	)	)	PUNCT
emaj-57	295	54	|	|	ADV
emaj-57	295	55	doi	doi	X
emaj-57	295	56	10.5195	10.5195	NUM
emaj-57	295	57	/	/	SYM
emaj-57	295	58	emaj.2014.57	emaj.2014.57	X
emaj-57	296	1	|	|	ADV
emaj-57	296	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-57	296	3	dr.sitangshu	dr.sitangshu	PROPN
emaj-57	296	4	khatua	khatua	PROPN
emaj-57	296	5	,	,	PUNCT
emaj-57	296	6	dr	dr	PROPN
emaj-57	296	7	.	.	PROPN
emaj-57	296	8	hemant	hemant	PROPN
emaj-57	296	9	kumar	kumar	PROPN
emaj-57	296	10	pradhan	pradhan	PROPN
emaj-57	296	11	p	p	PROPN
emaj-57	296	12	a	a	DET
emaj-57	296	13	g	g	NOUN
emaj-57	296	14	e	e	NOUN
emaj-57	296	15	|11|	|11|	ADJ
emaj-57	296	16	emerging	emerge	VERB
emaj-57	296	17	markets	market	NOUN
emaj-57	296	18	journal	journal	NOUN
emaj-57	296	19	announcers	announcer	NOUN
emaj-57	296	20	consisting	consist	VERB
emaj-57	296	21	mainly	mainly	ADV
emaj-57	296	22	of	of	ADP
emaj-57	296	23	the	the	DET
emaj-57	296	24	second	second	ADJ
emaj-57	296	25	component	component	NOUN
emaj-57	296	26	,	,	PUNCT
emaj-57	296	27	which	which	PRON
emaj-57	296	28	does	do	AUX
emaj-57	296	29	not	not	PART
emaj-57	296	30	have	have	VERB
emaj-57	296	31	impact	impact	NOUN
emaj-57	296	32	for	for	ADP
emaj-57	296	33	adjacent	adjacent	ADJ
emaj-57	296	34	quarters	quarter	NOUN
emaj-57	296	35	.	.	PUNCT
emaj-57	297	1	it	it	PRON
emaj-57	297	2	is	be	AUX
emaj-57	297	3	felt	feel	VERB
emaj-57	297	4	that	that	SCONJ
emaj-57	297	5	considerable	considerable	ADJ
emaj-57	297	6	progress	progress	NOUN
emaj-57	297	7	remains	remain	VERB
emaj-57	297	8	to	to	PART
emaj-57	297	9	be	be	AUX
emaj-57	297	10	made	make	VERB
emaj-57	297	11	along	along	ADP
emaj-57	297	12	this	this	DET
emaj-57	297	13	dimension	dimension	NOUN
emaj-57	297	14	.	.	PUNCT
emaj-57	298	1	hypothesis	hypothesis	NOUN
emaj-57	298	2	h10	h10	NOUN
emaj-57	298	3	:	:	PUNCT
emaj-57	298	4	there	there	PRON
emaj-57	298	5	is	be	VERB
emaj-57	298	6	significant	significant	ADJ
emaj-57	298	7	relation	relation	NOUN
emaj-57	298	8	between	between	ADP
emaj-57	298	9	stock	stock	NOUN
emaj-57	298	10	price	price	NOUN
emaj-57	298	11	movements	movement	NOUN
emaj-57	298	12	of	of	ADP
emaj-57	298	13	late	late	ADJ
emaj-57	298	14	announcers	announcer	NOUN
emaj-57	298	15	during	during	ADP
emaj-57	298	16	it	it	PRON
emaj-57	298	17	’s	’s	AUX
emaj-57	298	18	earning	earn	VERB
emaj-57	298	19	release	release	NOUN
emaj-57	298	20	period	period	NOUN
emaj-57	298	21	with	with	ADP
emaj-57	298	22	respect	respect	NOUN
emaj-57	298	23	to	to	ADP
emaj-57	298	24	earnings	earning	NOUN
emaj-57	298	25	reports	report	NOUN
emaj-57	298	26	by	by	ADP
emaj-57	298	27	early	early	ADJ
emaj-57	298	28	peer	peer	NOUN
emaj-57	298	29	announcers	announcer	NOUN
emaj-57	298	30	.	.	PUNCT
emaj-57	299	1	6.2	6.2	NUM
emaj-57	299	2	variables	variable	NOUN
emaj-57	299	3	during	during	ADP
emaj-57	299	4	the	the	DET
emaj-57	299	5	quarter	quarter	NOUN
emaj-57	299	6	earning	earn	VERB
emaj-57	299	7	disclosure	disclosure	NOUN
emaj-57	299	8	period	period	NOUN
emaj-57	299	9	,	,	PUNCT
emaj-57	299	10	the	the	DET
emaj-57	299	11	last	last	ADJ
emaj-57	299	12	announced	announce	VERB
emaj-57	299	13	firm	firm	NOUN
emaj-57	299	14	is	be	AUX
emaj-57	299	15	considered	consider	VERB
emaj-57	299	16	as	as	SCONJ
emaj-57	299	17	the	the	DET
emaj-57	299	18	late	late	ADJ
emaj-57	299	19	announcing	announce	VERB
emaj-57	299	20	overreacted	overreact	VERB
emaj-57	299	21	firm	firm	NOUN
emaj-57	299	22	&	&	CCONJ
emaj-57	299	23	the	the	DET
emaj-57	299	24	others	other	NOUN
emaj-57	299	25	are	be	AUX
emaj-57	299	26	early	early	ADJ
emaj-57	299	27	announcer	announcer	NOUN
emaj-57	299	28	peer	peer	NOUN
emaj-57	299	29	firms	firm	NOUN
emaj-57	299	30	within	within	ADP
emaj-57	299	31	the	the	DET
emaj-57	299	32	same	same	ADJ
emaj-57	299	33	industry	industry	NOUN
emaj-57	299	34	.	.	PUNCT
emaj-57	300	1	for	for	ADP
emaj-57	300	2	each	each	DET
emaj-57	300	3	late	late	ADV
emaj-57	300	4	-	-	PUNCT
emaj-57	300	5	announcing	announce	VERB
emaj-57	300	6	firm	firm	NOUN
emaj-57	300	7	i	i	PRON
emaj-57	300	8	,	,	PUNCT
emaj-57	300	9	we	we	PRON
emaj-57	300	10	measure	measure	VERB
emaj-57	300	11	two	two	NUM
emaj-57	300	12	sets	set	NOUN
emaj-57	300	13	of	of	ADP
emaj-57	300	14	cumulative	cumulative	ADJ
emaj-57	300	15	abnormal	abnormal	ADJ
emaj-57	300	16	returns	return	NOUN
emaj-57	300	17	,	,	PUNCT
emaj-57	300	18	one	one	NUM
emaj-57	300	19	for	for	ADP
emaj-57	300	20	firm	firm	ADJ
emaj-57	300	21	i	i	NOUN
emaj-57	300	22	and	and	CCONJ
emaj-57	300	23	one	one	NUM
emaj-57	300	24	for	for	ADP
emaj-57	300	25	its	its	PRON
emaj-57	300	26	peers	peer	NOUN
emaj-57	300	27	.	.	PUNCT
emaj-57	301	1	each	each	DET
emaj-57	301	2	set	set	NOUN
emaj-57	301	3	contains	contain	VERB
emaj-57	301	4	two	two	NUM
emaj-57	301	5	returns	return	NOUN
emaj-57	301	6	,	,	PUNCT
emaj-57	301	7	one	one	NUM
emaj-57	301	8	in	in	ADP
emaj-57	301	9	response	response	NOUN
emaj-57	301	10	to	to	ADP
emaj-57	301	11	that	that	DET
emaj-57	301	12	firm	firm	NOUN
emaj-57	301	13	’s	’s	PART
emaj-57	301	14	own	own	ADJ
emaj-57	301	15	earnings	earning	NOUN
emaj-57	301	16	announcement	announcement	NOUN
emaj-57	301	17	and	and	CCONJ
emaj-57	301	18	one	one	NUM
emaj-57	301	19	in	in	ADP
emaj-57	301	20	response	response	NOUN
emaj-57	301	21	to	to	ADP
emaj-57	301	22	the	the	DET
emaj-57	301	23	other	other	ADJ
emaj-57	301	24	firm	firm	NOUN
emaj-57	301	25	’s	’s	PART
emaj-57	301	26	earnings	earning	NOUN
emaj-57	301	27	announcement	announcement	NOUN
emaj-57	301	28	.	.	PUNCT
emaj-57	302	1	all	all	DET
emaj-57	302	2	cars	car	NOUN
emaj-57	302	3	are	be	AUX
emaj-57	302	4	computed	compute	VERB
emaj-57	302	5	as	as	ADP
emaj-57	302	6	per	per	ADP
emaj-57	302	7	the	the	DET
emaj-57	302	8	market	market	NOUN
emaj-57	302	9	model	model	NOUN
emaj-57	302	10	and	and	CCONJ
emaj-57	302	11	the	the	DET
emaj-57	302	12	threeday	threeday	PROPN
emaj-57	302	13	windows	window	NOUN
emaj-57	302	14	cover	cover	VERB
emaj-57	302	15	the	the	DET
emaj-57	302	16	(	(	PUNCT
emaj-57	302	17	1	1	NUM
emaj-57	302	18	,	,	PUNCT
emaj-57	302	19	1	1	NUM
emaj-57	302	20	)	)	PUNCT
emaj-57	302	21	period	period	NOUN
emaj-57	302	22	,	,	PUNCT
emaj-57	302	23	where	where	SCONJ
emaj-57	302	24	day	day	NOUN
emaj-57	302	25	0	0	NUM
emaj-57	302	26	is	be	AUX
emaj-57	302	27	the	the	DET
emaj-57	302	28	earnings	earning	NOUN
emaj-57	302	29	announcement	announcement	NOUN
emaj-57	302	30	date	date	NOUN
emaj-57	302	31	.	.	PUNCT
emaj-57	303	1	1.carit	1.carit	NUM
emaj-57	303	2	=	=	NUM
emaj-57	303	3	cumulative	cumulative	ADJ
emaj-57	303	4	abnormal	abnormal	ADJ
emaj-57	303	5	returns	return	NOUN
emaj-57	303	6	for	for	ADP
emaj-57	303	7	late	late	ADJ
emaj-57	303	8	announcing	announce	VERB
emaj-57	303	9	firm	firm	NOUN
emaj-57	303	10	i	i	PRON
emaj-57	303	11	around	around	ADP
emaj-57	303	12	its	its	PRON
emaj-57	303	13	own	own	ADJ
emaj-57	303	14	earnings	earning	NOUN
emaj-57	303	15	announcement	announcement	NOUN
emaj-57	303	16	date	date	NOUN
emaj-57	303	17	t	t	PROPN
emaj-57	303	18	(	(	PUNCT
emaj-57	303	19	1,0,+1	1,0,+1	NUM
emaj-57	303	20	)	)	PUNCT
emaj-57	303	21	2.responseit	2.responseit	NUM
emaj-57	303	22	=	=	PUNCT
emaj-57	303	23	average	average	ADJ
emaj-57	303	24	cumulative	cumulative	ADJ
emaj-57	303	25	abnormal	abnormal	ADJ
emaj-57	303	26	returns	return	NOUN
emaj-57	303	27	of	of	ADP
emaj-57	303	28	the	the	DET
emaj-57	303	29	firm	firm	NOUN
emaj-57	303	30	i	i	PRON
emaj-57	303	31	over	over	ADP
emaj-57	303	32	a	a	DET
emaj-57	303	33	similar	similar	ADJ
emaj-57	303	34	three	three	NUM
emaj-57	303	35	-	-	PUNCT
emaj-57	303	36	day	day	NOUN
emaj-57	303	37	window	window	NOUN
emaj-57	303	38	around	around	ADP
emaj-57	303	39	the	the	DET
emaj-57	303	40	announcement	announcement	NOUN
emaj-57	303	41	of	of	ADP
emaj-57	303	42	peer	peer	NOUN
emaj-57	303	43	firms	firm	NOUN
emaj-57	303	44	in	in	ADP
emaj-57	303	45	the	the	DET
emaj-57	303	46	industry	industry	NOUN
emaj-57	303	47	that	that	PRON
emaj-57	303	48	have	have	AUX
emaj-57	303	49	already	already	ADV
emaj-57	303	50	announced	announce	VERB
emaj-57	303	51	during	during	ADP
emaj-57	303	52	their	their	PRON
emaj-57	303	53	announcement	announcement	NOUN
emaj-57	303	54	date	date	NOUN
emaj-57	303	55	t	t	PROPN
emaj-57	303	56	(	(	PUNCT
emaj-57	303	57	1,0,+1	1,0,+1	NUM
emaj-57	303	58	)	)	PUNCT
emaj-57	303	59	to	to	PART
emaj-57	303	60	ensure	ensure	VERB
emaj-57	303	61	that	that	SCONJ
emaj-57	303	62	above	above	ADP
emaj-57	303	63	two	two	NUM
emaj-57	303	64	periods	period	NOUN
emaj-57	303	65	do	do	AUX
emaj-57	303	66	not	not	PART
emaj-57	303	67	overlap	overlap	VERB
emaj-57	303	68	it	it	PRON
emaj-57	303	69	is	be	AUX
emaj-57	303	70	required	require	VERB
emaj-57	303	71	that	that	SCONJ
emaj-57	303	72	the	the	DET
emaj-57	303	73	peer	peer	NOUN
emaj-57	303	74	’s	’s	PART
emaj-57	303	75	earnings	earning	NOUN
emaj-57	303	76	announcement	announcement	NOUN
emaj-57	303	77	date	date	NOUN
emaj-57	303	78	precede	precede	VERB
emaj-57	303	79	firm	firm	NOUN
emaj-57	304	1	i	i	PRON
emaj-57	304	2	’s	’	VERB
emaj-57	304	3	earnings	earning	NOUN
emaj-57	304	4	announcement	announcement	NOUN
emaj-57	304	5	date	date	NOUN
emaj-57	304	6	by	by	ADP
emaj-57	304	7	at	at	ADV
emaj-57	304	8	least	least	ADV
emaj-57	304	9	five	five	NUM
emaj-57	304	10	calendar	calendar	NOUN
emaj-57	304	11	days	day	NOUN
emaj-57	304	12	or	or	CCONJ
emaj-57	304	13	one	one	NUM
emaj-57	304	14	week	week	NOUN
emaj-57	304	15	.	.	PUNCT
emaj-57	305	1	since	since	SCONJ
emaj-57	305	2	there	there	PRON
emaj-57	305	3	is	be	VERB
emaj-57	305	4	typically	typically	ADV
emaj-57	305	5	more	more	ADJ
emaj-57	305	6	than	than	ADP
emaj-57	305	7	one	one	NUM
emaj-57	305	8	peer	peer	NOUN
emaj-57	305	9	firm	firm	NOUN
emaj-57	305	10	that	that	PRON
emaj-57	305	11	announces	announce	VERB
emaj-57	305	12	its	its	PRON
emaj-57	305	13	earnings	earning	NOUN
emaj-57	305	14	earlier	early	ADV
emaj-57	305	15	,	,	PUNCT
emaj-57	305	16	the	the	DET
emaj-57	305	17	mean	mean	NOUN
emaj-57	305	18	of	of	ADP
emaj-57	305	19	those	those	DET
emaj-57	305	20	peers	peer	NOUN
emaj-57	305	21	’	’	PART
emaj-57	305	22	announcements	announcement	NOUN
emaj-57	305	23	is	be	AUX
emaj-57	305	24	used	use	VERB
emaj-57	305	25	to	to	PART
emaj-57	305	26	measure	measure	VERB
emaj-57	305	27	firm	firm	PROPN
emaj-57	305	28	i	i	PRON
emaj-57	305	29	’s	’	VERB
emaj-57	305	30	response	response	NOUN
emaj-57	305	31	to	to	ADP
emaj-57	305	32	industry	industry	NOUN
emaj-57	305	33	peers	peer	NOUN
emaj-57	305	34	’	’	PART
emaj-57	305	35	earnings	earning	NOUN
emaj-57	305	36	announcements	announcement	NOUN
emaj-57	305	37	.	.	PUNCT
emaj-57	306	1	during	during	ADP
emaj-57	306	2	the	the	DET
emaj-57	306	3	announcement	announcement	NOUN
emaj-57	306	4	period	period	NOUN
emaj-57	306	5	,	,	PUNCT
emaj-57	306	6	the	the	DET
emaj-57	306	7	maximum	maximum	ADJ
emaj-57	306	8	time	time	NOUN
emaj-57	306	9	gap	gap	NOUN
emaj-57	306	10	between	between	ADP
emaj-57	306	11	the	the	DET
emaj-57	306	12	earliest	early	ADJ
emaj-57	306	13	peer	peer	NOUN
emaj-57	306	14	firm	firm	NOUN
emaj-57	306	15	’s	’s	PART
emaj-57	306	16	announcement	announcement	NOUN
emaj-57	306	17	date	date	NOUN
emaj-57	306	18	and	and	CCONJ
emaj-57	306	19	the	the	DET
emaj-57	306	20	late	late	ADJ
emaj-57	306	21	announcing	announce	VERB
emaj-57	306	22	firm	firm	NOUN
emaj-57	306	23	’s	’s	PART
emaj-57	306	24	date	date	NOUN
emaj-57	306	25	is	be	AUX
emaj-57	306	26	one	one	NUM
emaj-57	306	27	month	month	NOUN
emaj-57	306	28	to	to	PART
emaj-57	306	29	remove	remove	VERB
emaj-57	306	30	confounding	confound	VERB
emaj-57	306	31	effect	effect	NOUN
emaj-57	306	32	.	.	PUNCT
emaj-57	307	1	turning	turn	VERB
emaj-57	307	2	to	to	ADP
emaj-57	307	3	the	the	DET
emaj-57	307	4	second	second	ADJ
emaj-57	307	5	set	set	NOUN
emaj-57	307	6	of	of	ADP
emaj-57	307	7	returns	return	NOUN
emaj-57	307	8	—	—	PUNCT
emaj-57	307	9	for	for	ADP
emaj-57	307	10	peer	peer	NOUN
emaj-57	307	11	firms	firm	NOUN
emaj-57	307	12	—	—	PUNCT
emaj-57	307	13	we	we	PRON
emaj-57	307	14	measure	measure	VERB
emaj-57	307	15	similar	similar	ADJ
emaj-57	307	16	event	event	NOUN
emaj-57	307	17	returns	return	VERB
emaj-57	307	18	on	on	ADP
emaj-57	307	19	the	the	DET
emaj-57	307	20	same	same	ADJ
emaj-57	307	21	two	two	NUM
emaj-57	307	22	dates	date	NOUN
emaj-57	307	23	for	for	ADP
emaj-57	307	24	those	those	DET
emaj-57	307	25	peers	peer	NOUN
emaj-57	307	26	that	that	PRON
emaj-57	307	27	announce	announce	VERB
emaj-57	307	28	earnings	earning	NOUN
emaj-57	307	29	before	before	ADP
emaj-57	307	30	firm	firm	ADJ
emaj-57	307	31	i.	i.	NOUN
emaj-57	307	32	that	that	PRON
emaj-57	307	33	is	be	AUX
emaj-57	307	34	,	,	PUNCT
emaj-57	307	35	we	we	PRON
emaj-57	307	36	calculate	calculate	VERB
emaj-57	307	37	the	the	DET
emaj-57	307	38	returns	return	NOUN
emaj-57	307	39	over	over	ADP
emaj-57	307	40	three	three	NUM
emaj-57	307	41	-	-	PUNCT
emaj-57	307	42	day	day	NOUN
emaj-57	307	43	windows	window	NOUN
emaj-57	307	44	for	for	ADP
emaj-57	307	45	each	each	PRON
emaj-57	307	46	of	of	ADP
emaj-57	307	47	these	these	DET
emaj-57	307	48	peers	peer	NOUN
emaj-57	307	49	at	at	ADP
emaj-57	307	50	their	their	PRON
emaj-57	307	51	own	own	ADJ
emaj-57	307	52	earnings	earning	NOUN
emaj-57	307	53	announcement	announcement	NOUN
emaj-57	307	54	dates	date	VERB
emaj-57	307	55	and	and	CCONJ
emaj-57	307	56	at	at	ADP
emaj-57	307	57	the	the	DET
emaj-57	307	58	earnings	earning	NOUN
emaj-57	307	59	announcement	announcement	NOUN
emaj-57	307	60	date	date	NOUN
emaj-57	307	61	for	for	ADP
emaj-57	307	62	the	the	DET
emaj-57	307	63	lateannouncing	lateannounce	VERB
emaj-57	307	64	firm	firm	ADJ
emaj-57	307	65	i.	i.	NOUN
emaj-57	307	66	3.prcarit	3.prcarit	NUM
emaj-57	307	67	=	=	PUNCT
emaj-57	307	68	the	the	DET
emaj-57	307	69	averages	average	NOUN
emaj-57	307	70	of	of	ADP
emaj-57	307	71	cars	car	NOUN
emaj-57	307	72	across	across	ADP
emaj-57	307	73	all	all	DET
emaj-57	307	74	eligible	eligible	ADJ
emaj-57	307	75	peers	peer	NOUN
emaj-57	307	76	during	during	ADP
emaj-57	307	77	their	their	PRON
emaj-57	307	78	own	own	ADJ
emaj-57	307	79	announcement	announcement	NOUN
emaj-57	307	80	date	date	NOUN
emaj-57	307	81	4.prresponseit	4.prresponseit	NUM
emaj-57	307	82	=	=	SYM
emaj-57	307	83	early	early	ADJ
emaj-57	307	84	peers	peer	NOUN
emaj-57	307	85	’	’	PART
emaj-57	307	86	response	response	NOUN
emaj-57	307	87	to	to	ADP
emaj-57	307	88	the	the	DET
emaj-57	307	89	earnings	earning	NOUN
emaj-57	307	90	announcement	announcement	NOUN
emaj-57	307	91	for	for	ADP
emaj-57	307	92	firm	firm	ADJ
emaj-57	307	93	i	i	PRON
emaj-57	307	94	i.e.	i.e.	X
emaj-57	307	95	average	average	ADJ
emaj-57	307	96	cars	car	NOUN
emaj-57	307	97	of	of	ADP
emaj-57	307	98	peer	peer	NOUN
emaj-57	307	99	firms	firm	NOUN
emaj-57	307	100	during	during	ADP
emaj-57	307	101	the	the	DET
emaj-57	307	102	firm	firm	NOUN
emaj-57	307	103	i	i	PRON
emaj-57	307	104	’s	’	VERB
emaj-57	307	105	announcement	announcement	NOUN
emaj-57	307	106	date	date	NOUN
emaj-57	307	107	to	to	PART
emaj-57	307	108	illustrate	illustrate	VERB
emaj-57	307	109	how	how	SCONJ
emaj-57	307	110	we	we	PRON
emaj-57	307	111	measure	measure	VERB
emaj-57	307	112	all	all	DET
emaj-57	307	113	the	the	DET
emaj-57	307	114	four	four	NUM
emaj-57	307	115	variables	variable	NOUN
emaj-57	307	116	consider	consider	VERB
emaj-57	307	117	the	the	DET
emaj-57	307	118	following	follow	VERB
emaj-57	307	119	example	example	NOUN
emaj-57	307	120	(	(	PUNCT
emaj-57	307	121	see	see	VERB
emaj-57	307	122	figure	figure	NOUN
emaj-57	307	123	below	below	ADV
emaj-57	307	124	)	)	PUNCT
emaj-57	307	125	.	.	PUNCT
emaj-57	308	1	assume	assume	VERB
emaj-57	308	2	that	that	SCONJ
emaj-57	308	3	an	an	DET
emaj-57	308	4	industry	industry	NOUN
emaj-57	308	5	has	have	VERB
emaj-57	308	6	four	four	NUM
emaj-57	308	7	firms	firm	NOUN
emaj-57	308	8	(	(	PUNCT
emaj-57	308	9	w	w	NOUN
emaj-57	308	10	,	,	PUNCT
emaj-57	308	11	x	x	NOUN
emaj-57	308	12	,	,	PUNCT
emaj-57	308	13	y	y	PROPN
emaj-57	308	14	,	,	PUNCT
emaj-57	308	15	z	z	PROPN
emaj-57	308	16	and	and	CCONJ
emaj-57	308	17	i	i	PRON
emaj-57	308	18	)	)	PUNCT
emaj-57	308	19	that	that	PRON
emaj-57	308	20	announce	announce	VERB
emaj-57	308	21	their	their	PRON
emaj-57	308	22	last	last	ADJ
emaj-57	308	23	quarter	quarter	NOUN
emaj-57	308	24	earnings	earning	NOUN
emaj-57	308	25	on	on	ADP
emaj-57	308	26	may	may	PROPN
emaj-57	308	27	27	27	NUM
emaj-57	308	28	,	,	PUNCT
emaj-57	308	29	april	april	PROPN
emaj-57	308	30	15	15	NUM
emaj-57	308	31	,	,	PUNCT
emaj-57	308	32	18	18	NUM
emaj-57	308	33	,	,	PUNCT
emaj-57	308	34	24	24	NUM
emaj-57	308	35	,	,	PUNCT
emaj-57	308	36	and	and	CCONJ
emaj-57	308	37	27	27	NUM
emaj-57	308	38	,	,	PUNCT
emaj-57	308	39	respectively	respectively	ADV
emaj-57	308	40	.	.	PUNCT
emaj-57	309	1	firm	firm	PROPN
emaj-57	310	1	i	i	PRON
emaj-57	310	2	’s	’	VERB
emaj-57	310	3	early	early	ADV
emaj-57	310	4	-	-	PUNCT
emaj-57	310	5	announcing	announce	VERB
emaj-57	310	6	peers	peer	NOUN
emaj-57	310	7	include	include	VERB
emaj-57	310	8	firms	firm	NOUN
emaj-57	310	9	x	x	PUNCT
emaj-57	310	10	and	and	CCONJ
emaj-57	310	11	y	y	PROPN
emaj-57	310	12	but	but	CCONJ
emaj-57	310	13	not	not	PART
emaj-57	310	14	firm	firm	ADJ
emaj-57	310	15	z	z	PROPN
emaj-57	310	16	and	and	CCONJ
emaj-57	310	17	w.	w.	NOUN
emaj-57	310	18	some	some	DET
emaj-57	310	19	additional	additional	ADJ
emaj-57	310	20	variables	variable	NOUN
emaj-57	310	21	we	we	PRON
emaj-57	310	22	consider	consider	VERB
emaj-57	310	23	for	for	ADP
emaj-57	310	24	control	control	NOUN
emaj-57	310	25	purposes	purpose	NOUN
emaj-57	310	26	are	be	AUX
emaj-57	310	27	as	as	SCONJ
emaj-57	310	28	follows	follow	VERB
emaj-57	310	29	:	:	PUNCT
emaj-57	310	30	1.peern	1.peern	NUM
emaj-57	310	31	=	=	SYM
emaj-57	310	32	the	the	DET
emaj-57	310	33	number	number	NOUN
emaj-57	310	34	of	of	ADP
emaj-57	310	35	early	early	ADJ
emaj-57	310	36	peers	peer	NOUN
emaj-57	310	37	that	that	PRON
emaj-57	310	38	announce	announce	VERB
emaj-57	310	39	earnings	earning	NOUN
emaj-57	310	40	at	at	ADP
emaj-57	310	41	least	least	ADV
emaj-57	310	42	five	five	NUM
emaj-57	310	43	days	day	NOUN
emaj-57	310	44	prior	prior	ADV
emaj-57	310	45	to	to	ADP
emaj-57	310	46	firm	firm	PROPN
emaj-57	310	47	i	i	PRON
emaj-57	310	48	’s	’	VERB
emaj-57	310	49	announcement	announcement	NOUN
emaj-57	310	50	date	date	NOUN
emaj-57	310	51	.	.	PUNCT
emaj-57	311	1	2.lagtime	2.lagtime	NUM
emaj-57	311	2	=	=	NOUN
emaj-57	311	3	the	the	DET
emaj-57	311	4	average	average	ADJ
emaj-57	311	5	time	time	NOUN
emaj-57	311	6	lag	lag	VERB
emaj-57	311	7	between	between	ADP
emaj-57	311	8	the	the	DET
emaj-57	311	9	announcement	announcement	NOUN
emaj-57	311	10	dates	date	VERB
emaj-57	311	11	for	for	ADP
emaj-57	311	12	early	early	ADJ
emaj-57	311	13	peer	peer	NOUN
emaj-57	311	14	firms	firm	NOUN
emaj-57	311	15	and	and	CCONJ
emaj-57	311	16	the	the	DET
emaj-57	311	17	announcement	announcement	NOUN
emaj-57	311	18	date	date	NOUN
emaj-57	311	19	for	for	ADP
emaj-57	311	20	firm	firm	ADJ
emaj-57	311	21	i.	i.	PROPN
emaj-57	311	22	3.cart–1=	3.cart–1=	PROPN
emaj-57	311	23	firm	firm	NOUN
emaj-57	312	1	i	i	PRON
emaj-57	312	2	’s	’	VERB
emaj-57	312	3	three	three	NUM
emaj-57	312	4	-	-	PUNCT
emaj-57	312	5	day	day	NOUN
emaj-57	312	6	earnings	earning	NOUN
emaj-57	312	7	announcement	announcement	NOUN
emaj-57	312	8	cumulative	cumulative	VERB
emaj-57	312	9	abnormal	abnormal	ADJ
emaj-57	312	10	returns	return	NOUN
emaj-57	312	11	around	around	ADP
emaj-57	312	12	the	the	DET
emaj-57	312	13	earnings	earning	NOUN
emaj-57	312	14	announcement	announcement	NOUN
emaj-57	312	15	date	date	NOUN
emaj-57	312	16	in	in	ADP
emaj-57	312	17	previous	previous	ADJ
emaj-57	312	18	quarter	quarter	NOUN
emaj-57	312	19	(	(	PUNCT
emaj-57	312	20	t–1	t–1	X
emaj-57	312	21	)	)	PUNCT
emaj-57	313	1	4.cart–4=	4.cart–4=	NUM
emaj-57	314	1	firm	firm	NOUN
emaj-57	315	1	i	i	PRON
emaj-57	315	2	’s	’	VERB
emaj-57	315	3	three	three	NUM
emaj-57	315	4	-	-	PUNCT
emaj-57	315	5	day	day	NOUN
emaj-57	315	6	earnings	earning	NOUN
emaj-57	315	7	announcement	announcement	NOUN
emaj-57	315	8	cumulative	cumulative	VERB
emaj-57	315	9	abnormal	abnormal	ADJ
emaj-57	315	10	returns	return	NOUN
emaj-57	315	11	around	around	ADP
emaj-57	315	12	the	the	DET
emaj-57	315	13	earnings	earning	NOUN
emaj-57	315	14	announcement	announcement	NOUN
emaj-57	315	15	date	date	NOUN
emaj-57	315	16	during	during	ADP
emaj-57	315	17	the	the	DET
emaj-57	315	18	same	same	ADJ
emaj-57	315	19	quarter	quarter	NOUN
emaj-57	315	20	in	in	ADP
emaj-57	315	21	the	the	DET
emaj-57	315	22	previous	previous	ADJ
emaj-57	315	23	fiscal	fiscal	ADJ
emaj-57	315	24	year	year	NOUN
emaj-57	315	25	(	(	PUNCT
emaj-57	315	26	t–4	t–4	NOUN
emaj-57	315	27	)	)	PUNCT
emaj-57	316	1	5.sizei	5.sizei	NUM
emaj-57	316	2	=	=	SYM
emaj-57	316	3	market	market	NOUN
emaj-57	316	4	cap	cap	NOUN
emaj-57	316	5	of	of	ADP
emaj-57	316	6	firm	firm	ADJ
emaj-57	316	7	i	i	PRON
emaj-57	316	8	around	around	ADP
emaj-57	316	9	its	its	PRON
emaj-57	316	10	own	own	ADJ
emaj-57	316	11	earning	earning	NOUN
emaj-57	316	12	announcement	announcement	NOUN
emaj-57	316	13	date	date	NOUN
emaj-57	316	14	6.return6	6.return6	NOUN
emaj-57	316	15	m	m	NOUN
emaj-57	316	16	=	=	VERB
emaj-57	316	17	firm	firm	NOUN
emaj-57	317	1	i	i	PRON
emaj-57	317	2	’s	’	VERB
emaj-57	317	3	last	last	ADJ
emaj-57	317	4	6	6	NUM
emaj-57	317	5	months	month	NOUN
emaj-57	317	6	returns	return	NOUN
emaj-57	317	7	1	1	NUM
emaj-57	317	8	week	week	NOUN
emaj-57	317	9	prior	prior	ADV
emaj-57	317	10	to	to	ADP
emaj-57	317	11	the	the	DET
emaj-57	317	12	announcement	announcement	NOUN
emaj-57	317	13	date	date	NOUN
emaj-57	317	14	6.3	6.3	NUM
emaj-57	317	15	results	result	NOUN
emaj-57	317	16	table	table	NOUN
emaj-57	317	17	9	9	NUM
emaj-57	317	18	provides	provide	VERB
emaj-57	317	19	descriptive	descriptive	ADJ
emaj-57	317	20	statistics	statistic	NOUN
emaj-57	317	21	for	for	ADP
emaj-57	317	22	the	the	DET
emaj-57	317	23	variables	variable	NOUN
emaj-57	317	24	of	of	ADP
emaj-57	317	25	interest	interest	NOUN
emaj-57	317	26	.	.	PUNCT
emaj-57	318	1	as	as	SCONJ
emaj-57	318	2	shown	show	VERB
emaj-57	318	3	in	in	ADP
emaj-57	318	4	panel	panel	NOUN
emaj-57	318	5	a	a	PRON
emaj-57	318	6	,	,	PUNCT
emaj-57	318	7	the	the	DET
emaj-57	318	8	mean	mean	ADJ
emaj-57	318	9	earnings	earning	NOUN
emaj-57	318	10	announcement	announcement	NOUN
emaj-57	318	11	return	return	VERB
emaj-57	318	12	carit	carit	NOUN
emaj-57	318	13	is	be	AUX
emaj-57	318	14	close	close	ADJ
emaj-57	318	15	to	to	ADP
emaj-57	318	16	zero	zero	NUM
emaj-57	318	17	,	,	PUNCT
emaj-57	318	18	in	in	ADP
emaj-57	318	19	contrast	contrast	NOUN
emaj-57	318	20	to	to	ADP
emaj-57	318	21	a	a	DET
emaj-57	318	22	positive	positive	ADJ
emaj-57	318	23	mean	mean	NOUN
emaj-57	318	24	return	return	NOUN
emaj-57	318	25	documented	document	VERB
emaj-57	318	26	in	in	ADP
emaj-57	318	27	the	the	DET
emaj-57	318	28	literature	literature	NOUN
emaj-57	318	29	(	(	PUNCT
emaj-57	318	30	ball	ball	NOUN
emaj-57	318	31	and	and	CCONJ
emaj-57	318	32	kothari,1991	kothari,1991	PROPN
emaj-57	318	33	)	)	PUNCT
emaj-57	318	34	.	.	PUNCT
emaj-57	319	1	the	the	DET
emaj-57	319	2	average	average	ADJ
emaj-57	319	3	responseit	responseit	NOUN
emaj-57	319	4	of	of	ADP
emaj-57	319	5	0.503	0.503	NUM
emaj-57	319	6	%	%	NOUN
emaj-57	319	7	reported	report	VERB
emaj-57	319	8	in	in	ADP
emaj-57	319	9	panel	panel	NOUN
emaj-57	319	10	a	a	DET
emaj-57	319	11	suggests	suggest	VERB
emaj-57	319	12	that	that	SCONJ
emaj-57	319	13	early	early	ADJ
emaj-57	319	14	announcers	announcer	NOUN
emaj-57	319	15	tend	tend	VERB
emaj-57	319	16	to	to	PART
emaj-57	319	17	have	have	VERB
emaj-57	319	18	higher	high	ADJ
emaj-57	319	19	announcement	announcement	NOUN
emaj-57	319	20	returns	return	NOUN
emaj-57	319	21	than	than	ADP
emaj-57	319	22	late	late	ADJ
emaj-57	319	23	announcers	announcer	NOUN
emaj-57	319	24	(	(	PUNCT
emaj-57	319	25	givoly	givoly	NOUN
emaj-57	319	26	and	and	CCONJ
emaj-57	319	27	palmon	palmon	NOUN
emaj-57	319	28	,	,	PUNCT
emaj-57	319	29	1982	1982	NUM
emaj-57	319	30	)	)	PUNCT
emaj-57	319	31	.	.	PUNCT
emaj-57	320	1	table	table	NOUN
emaj-57	320	2	9	9	NUM
emaj-57	320	3	,	,	PUNCT
emaj-57	320	4	panel	panel	NOUN
emaj-57	320	5	b	b	PROPN
emaj-57	320	6	provides	provide	VERB
emaj-57	320	7	pearson	pearson	NOUN
emaj-57	320	8	and	and	CCONJ
emaj-57	320	9	spearman	spearman	NOUN
emaj-57	320	10	correlations	correlation	NOUN
emaj-57	320	11	among	among	ADP
emaj-57	320	12	the	the	DET
emaj-57	320	13	different	different	ADJ
emaj-57	320	14	variables	variable	NOUN
emaj-57	320	15	.	.	PUNCT
emaj-57	321	1	there	there	PRON
emaj-57	321	2	can	can	AUX
emaj-57	321	3	be	be	AUX
emaj-57	321	4	six	six	NUM
emaj-57	321	5	possible	possible	ADJ
emaj-57	321	6	correlations	correlation	NOUN
emaj-57	321	7	among	among	ADP
emaj-57	321	8	carit	carit	NOUN
emaj-57	321	9	,	,	PUNCT
emaj-57	321	10	responseit	responseit	NOUN
emaj-57	321	11	,	,	PUNCT
emaj-57	321	12	prcarit	prcarit	VERB
emaj-57	321	13	and	and	CCONJ
emaj-57	321	14	prresponseit	prresponseit	VERB
emaj-57	321	15	covering	cover	VERB
emaj-57	321	16	the	the	DET
emaj-57	321	17	announcement	announcement	NOUN
emaj-57	321	18	returns	return	NOUN
emaj-57	321	19	and	and	CCONJ
emaj-57	321	20	responses	response	NOUN
emaj-57	321	21	to	to	ADP
emaj-57	321	22	peers	peer	NOUN
emaj-57	321	23	’	'	PUNCT
emaj-57	321	24	announcements	announcement	NOUN
emaj-57	321	25	.	.	PUNCT
emaj-57	322	1	out	out	ADP
emaj-57	322	2	of	of	ADP
emaj-57	322	3	which	which	PRON
emaj-57	322	4	,	,	PUNCT
emaj-57	322	5	the	the	DET
emaj-57	322	6	correlation	correlation	NOUN
emaj-57	322	7	between	between	ADP
emaj-57	322	8	carit	carit	NOUN
emaj-57	322	9	and	and	CCONJ
emaj-57	322	10	responseit	responseit	NOUN
emaj-57	322	11	is	be	AUX
emaj-57	322	12	negative	negative	ADJ
emaj-57	322	13	only	only	ADV
emaj-57	322	14	.	.	PUNCT
emaj-57	323	1	this	this	PRON
emaj-57	323	2	conveys	convey	VERB
emaj-57	323	3	that	that	SCONJ
emaj-57	323	4	the	the	DET
emaj-57	323	5	stock	stock	NOUN
emaj-57	323	6	price	price	NOUN
emaj-57	323	7	of	of	ADP
emaj-57	323	8	a	a	DET
emaj-57	323	9	late	late	ADJ
emaj-57	323	10	announcer	announcer	NOUN
emaj-57	323	11	firm	firm	ADJ
emaj-57	323	12	over	over	ADP
emaj-57	323	13	-	-	PUNCT
emaj-57	323	14	reacts	react	NOUN
emaj-57	323	15	to	to	ADP
emaj-57	323	16	the	the	DET
emaj-57	323	17	news	news	NOUN
emaj-57	323	18	transferred	transfer	VERB
emaj-57	323	19	from	from	ADP
emaj-57	323	20	the	the	DET
emaj-57	323	21	earnings	earning	NOUN
emaj-57	323	22	disclosure	disclosure	NOUN
emaj-57	323	23	by	by	ADP
emaj-57	323	24	the	the	DET
emaj-57	323	25	early	early	ADJ
emaj-57	323	26	peers	peer	NOUN
emaj-57	323	27	.	.	PUNCT
emaj-57	324	1	but	but	CCONJ
emaj-57	324	2	it	it	PRON
emaj-57	324	3	is	be	AUX
emaj-57	324	4	afterward	afterward	ADV
emaj-57	324	5	corrected	correct	VERB
emaj-57	324	6	during	during	ADP
emaj-57	324	7	the	the	DET
emaj-57	324	8	announcement	announcement	NOUN
emaj-57	324	9	of	of	ADP
emaj-57	324	10	the	the	DET
emaj-57	324	11	late	late	ADJ
emaj-57	324	12	announcer	announcer	NOUN
emaj-57	324	13	firm	firm	NOUN
emaj-57	324	14	’s	’s	PART
emaj-57	324	15	own	own	ADJ
emaj-57	324	16	earnings	earning	NOUN
emaj-57	324	17	.	.	PUNCT
emaj-57	325	1	the	the	DET
emaj-57	325	2	positive	positive	ADJ
emaj-57	325	3	correlations	correlation	NOUN
emaj-57	325	4	between	between	ADP
emaj-57	325	5	carit	carit	NOUN
emaj-57	325	6	and	and	CCONJ
emaj-57	325	7	prresponseit	prresponseit	VERB
emaj-57	325	8	,	,	PUNCT
emaj-57	325	9	and	and	CCONJ
emaj-57	325	10	prcar	prcar	VERB
emaj-57	325	11	it	it	PRON
emaj-57	325	12	and	and	CCONJ
emaj-57	325	13	response	response	NOUN
emaj-57	325	14	it	it	PRON
emaj-57	325	15	signifies	signify	VERB
emaj-57	325	16	intra	intra	ADJ
emaj-57	325	17	-	-	ADJ
emaj-57	325	18	industry	industry	ADJ
emaj-57	325	19	information	information	NOUN
emaj-57	325	20	transfers	transfer	NOUN
emaj-57	325	21	.	.	PUNCT
emaj-57	326	1	the	the	DET
emaj-57	326	2	positive	positive	ADJ
emaj-57	326	3	correlation	correlation	NOUN
emaj-57	326	4	between	between	ADP
emaj-57	326	5	carit	carit	NOUN
emaj-57	326	6	and	and	CCONJ
emaj-57	326	7	prcarit	prcarit	NOUN
emaj-57	326	8	is	be	AUX
emaj-57	326	9	also	also	ADV
emaj-57	326	10	consistent	consistent	ADJ
emaj-57	326	11	with	with	ADP
emaj-57	326	12	the	the	DET
emaj-57	326	13	lead	lead	ADJ
emaj-57	326	14	-	-	PUNCT
emaj-57	326	15	lag	lag	NOUN
emaj-57	326	16	effect	effect	NOUN
emaj-57	326	17	from	from	ADP
emaj-57	326	18	large	large	ADJ
emaj-57	326	19	to	to	ADP
emaj-57	326	20	small	small	ADJ
emaj-57	326	21	firms	firm	NOUN
emaj-57	326	22	in	in	ADP
emaj-57	326	23	earlier	early	ADJ
emaj-57	326	24	literature	literature	NOUN
emaj-57	326	25	(	(	PUNCT
emaj-57	326	26	hou	hou	PROPN
emaj-57	326	27	,	,	PUNCT
emaj-57	326	28	2007	2007	NUM
emaj-57	326	29	)	)	PUNCT
emaj-57	326	30	,	,	PUNCT
emaj-57	326	31	as	as	SCONJ
emaj-57	326	32	early	early	ADJ
emaj-57	326	33	announcers	announcer	NOUN
emaj-57	326	34	tend	tend	VERB
emaj-57	326	35	to	to	PART
emaj-57	326	36	be	be	AUX
emaj-57	326	37	larger	large	ADJ
emaj-57	326	38	firms	firm	NOUN
emaj-57	326	39	.	.	PUNCT
emaj-57	327	1	interestingly	interestingly	ADV
emaj-57	327	2	,	,	PUNCT
emaj-57	327	3	responseit	responseit	NOUN
emaj-57	327	4	,	,	PUNCT
emaj-57	327	5	and	and	CCONJ
emaj-57	327	6	prcarit	prcarit	NOUN
emaj-57	327	7	are	be	AUX
emaj-57	327	8	volume	volume	NOUN
emaj-57	327	9	4	4	NUM
emaj-57	327	10	no	no	DET
emaj-57	327	11	1	1	NUM
emaj-57	327	12	(	(	PUNCT
emaj-57	327	13	2014	2014	NUM
emaj-57	327	14	)	)	PUNCT
emaj-57	327	15	|	|	ADV
emaj-57	327	16	issn	issn	VERB
emaj-57	327	17	2158	2158	NUM
emaj-57	327	18	-	-	SYM
emaj-57	327	19	8708	8708	NUM
emaj-57	327	20	(	(	PUNCT
emaj-57	327	21	online	online	NOUN
emaj-57	327	22	)	)	PUNCT
emaj-57	327	23	|	|	ADV
emaj-57	327	24	doi	doi	X
emaj-57	327	25	10.5195	10.5195	NUM
emaj-57	327	26	/	/	SYM
emaj-57	327	27	emaj.2014.57	emaj.2014.57	X
emaj-57	328	1	|	|	ADV
emaj-57	328	2	http://emaj.pitt.edu	http://emaj.pitt.edu	AUX
emaj-57	328	3	examining	examine	VERB
emaj-57	328	4	overreaction	overreaction	NOUN
emaj-57	328	5	in	in	ADP
emaj-57	328	6	indian	indian	ADJ
emaj-57	328	7	stock	stock	NOUN
emaj-57	328	8	market	market	NOUN
emaj-57	328	9	for	for	ADP
emaj-57	328	10	quarterly	quarterly	ADJ
emaj-57	328	11	news	news	NOUN
emaj-57	328	12	emerging	emerge	VERB
emaj-57	328	13	markets	market	NOUN
emaj-57	328	14	journal	journal	NOUN
emaj-57	328	15	|	|	ADV
emaj-57	328	16	p	p	NOUN
emaj-57	328	17	a	a	DET
emaj-57	328	18	g	g	NOUN
emaj-57	328	19	e	e	NOUN
emaj-57	328	20	|12	|12	VERB
emaj-57	328	21	positively	positively	ADV
emaj-57	328	22	correlated	correlate	VERB
emaj-57	328	23	with	with	ADP
emaj-57	328	24	each	each	DET
emaj-57	328	25	other	other	ADJ
emaj-57	328	26	,	,	PUNCT
emaj-57	328	27	but	but	CCONJ
emaj-57	328	28	carit	carit	NOUN
emaj-57	328	29	is	be	AUX
emaj-57	328	30	positively	positively	ADV
emaj-57	328	31	related	relate	VERB
emaj-57	328	32	with	with	ADP
emaj-57	328	33	the	the	DET
emaj-57	328	34	earlier	early	ADV
emaj-57	328	35	and	and	CCONJ
emaj-57	328	36	negatively	negatively	ADV
emaj-57	328	37	with	with	ADP
emaj-57	328	38	the	the	DET
emaj-57	328	39	later	later	NOUN
emaj-57	328	40	.	.	PUNCT
emaj-57	329	1	this	this	DET
emaj-57	329	2	evidence	evidence	NOUN
emaj-57	329	3	documents	document	VERB
emaj-57	329	4	consistent	consistent	ADJ
emaj-57	329	5	news	news	NOUN
emaj-57	329	6	dissemination	dissemination	NOUN
emaj-57	329	7	from	from	ADP
emaj-57	329	8	announcement	announcement	NOUN
emaj-57	329	9	of	of	ADP
emaj-57	329	10	the	the	DET
emaj-57	329	11	peer	peer	NOUN
emaj-57	329	12	-	-	PUNCT
emaj-57	329	13	group	group	NOUN
emaj-57	329	14	.	.	PUNCT
emaj-57	330	1	the	the	DET
emaj-57	330	2	positive	positive	ADJ
emaj-57	330	3	correlation	correlation	NOUN
emaj-57	330	4	between	between	ADP
emaj-57	330	5	cart–1	cart–1	PROPN
emaj-57	330	6	and	and	CCONJ
emaj-57	330	7	return6	return6	PROPN
emaj-57	330	8	m	m	PROPN
emaj-57	330	9	with	with	ADP
emaj-57	330	10	carit	carit	PROPN
emaj-57	330	11	and	and	CCONJ
emaj-57	330	12	cart–1	cart–1	PROPN
emaj-57	330	13	and	and	CCONJ
emaj-57	330	14	return6	return6	PROPN
emaj-57	330	15	m	m	PROPN
emaj-57	330	16	with	with	ADP
emaj-57	330	17	responseit	responseit	NOUN
emaj-57	330	18	respectively	respectively	ADV
emaj-57	330	19	confirms	confirm	VERB
emaj-57	330	20	the	the	DET
emaj-57	330	21	presence	presence	NOUN
emaj-57	330	22	of	of	ADP
emaj-57	330	23	momentum	momentum	NOUN
emaj-57	330	24	or	or	CCONJ
emaj-57	330	25	ownfirm	ownfirm	ADJ
emaj-57	330	26	under	under	NOUN
emaj-57	330	27	-	-	PUNCT
emaj-57	330	28	reaction	reaction	NOUN
emaj-57	330	29	also	also	ADV
emaj-57	330	30	.	.	PUNCT
emaj-57	331	1	table	table	NOUN
emaj-57	331	2	10	10	NUM
emaj-57	331	3	indicates	indicate	VERB
emaj-57	331	4	substantial	substantial	ADJ
emaj-57	331	5	proof	proof	NOUN
emaj-57	331	6	of	of	ADP
emaj-57	331	7	price	price	NOUN
emaj-57	331	8	reversal	reversal	NOUN
emaj-57	331	9	.	.	PUNCT
emaj-57	332	1	responseit	responseit	NOUN
emaj-57	332	2	increases	increase	VERB
emaj-57	332	3	from	from	ADP
emaj-57	332	4	-4.98	-4.98	NUM
emaj-57	332	5	%	%	NOUN
emaj-57	332	6	in	in	ADP
emaj-57	332	7	d1	d1	PROPN
emaj-57	332	8	to	to	ADP
emaj-57	332	9	8.39	8.39	NUM
emaj-57	332	10	%	%	NOUN
emaj-57	332	11	in	in	ADP
emaj-57	332	12	d2	d2	PROPN
emaj-57	332	13	whereas	whereas	SCONJ
emaj-57	332	14	carit	carit	NOUN
emaj-57	332	15	depicts	depict	VERB
emaj-57	332	16	a	a	DET
emaj-57	332	17	steady	steady	ADJ
emaj-57	332	18	decrease	decrease	NOUN
emaj-57	332	19	from	from	ADP
emaj-57	332	20	0.81	0.81	NUM
emaj-57	332	21	%	%	NOUN
emaj-57	332	22	in	in	ADP
emaj-57	332	23	d1	d1	PROPN
emaj-57	332	24	to	to	ADP
emaj-57	332	25	−0.32	−0.32	NOUN
emaj-57	332	26	%	%	NOUN
emaj-57	332	27	in	in	ADP
emaj-57	332	28	d10	d10	PROPN
emaj-57	332	29	.	.	PUNCT
emaj-57	333	1	a	a	DET
emaj-57	333	2	hedge	hedge	NOUN
emaj-57	333	3	portfolio	portfolio	NOUN
emaj-57	333	4	(	(	PUNCT
emaj-57	333	5	d1	d1	PROPN
emaj-57	333	6	–	–	PUNCT
emaj-57	333	7	d10	d10	PROPN
emaj-57	333	8	)	)	PUNCT
emaj-57	333	9	with	with	ADP
emaj-57	333	10	a	a	DET
emaj-57	333	11	long	long	ADJ
emaj-57	333	12	position	position	NOUN
emaj-57	333	13	in	in	ADP
emaj-57	333	14	d1	d1	PROPN
emaj-57	333	15	stocks	stock	NOUN
emaj-57	333	16	and	and	CCONJ
emaj-57	333	17	a	a	DET
emaj-57	333	18	short	short	ADJ
emaj-57	333	19	position	position	NOUN
emaj-57	333	20	in	in	ADP
emaj-57	333	21	d10	d10	PROPN
emaj-57	333	22	stocks	stock	NOUN
emaj-57	333	23	yields	yield	VERB
emaj-57	333	24	a	a	DET
emaj-57	333	25	three	three	NUM
emaj-57	333	26	-	-	PUNCT
emaj-57	333	27	day	day	NOUN
emaj-57	333	28	market	market	NOUN
emaj-57	333	29	excess	excess	ADJ
emaj-57	333	30	return	return	NOUN
emaj-57	333	31	of	of	ADP
emaj-57	333	32	1.13	1.13	NUM
emaj-57	333	33	%	%	NOUN
emaj-57	333	34	,	,	PUNCT
emaj-57	333	35	with	with	ADP
emaj-57	333	36	a	a	DET
emaj-57	333	37	tstatistic	tstatistic	NOUN
emaj-57	333	38	of	of	ADP
emaj-57	333	39	9.36	9.36	NUM
emaj-57	333	40	.	.	PUNCT
emaj-57	334	1	table	table	NOUN
emaj-57	334	2	11	11	NUM
emaj-57	334	3	documents	document	NOUN
emaj-57	334	4	the	the	DET
emaj-57	334	5	regression	regression	NOUN
emaj-57	334	6	results	result	NOUN
emaj-57	334	7	of	of	ADP
emaj-57	334	8	carit	carit	NOUN
emaj-57	334	9	,	,	PUNCT
emaj-57	334	10	and	and	CCONJ
emaj-57	334	11	responseit	responseit	NOUN
emaj-57	334	12	in	in	ADP
emaj-57	334	13	the	the	DET
emaj-57	334	14	presence	presence	NOUN
emaj-57	334	15	of	of	ADP
emaj-57	334	16	control	control	NOUN
emaj-57	334	17	variables	variable	NOUN
emaj-57	334	18	like	like	ADP
emaj-57	334	19	prcarit	prcarit	NOUN
emaj-57	334	20	,	,	PUNCT
emaj-57	334	21	prresponseit	prresponseit	PROPN
emaj-57	334	22	,	,	PUNCT
emaj-57	334	23	cart–1	cart–1	X
emaj-57	334	24	,	,	PUNCT
emaj-57	334	25	cart–4	cart–4	NOUN
emaj-57	334	26	,	,	PUNCT
emaj-57	334	27	size	size	NOUN
emaj-57	334	28	,	,	PUNCT
emaj-57	334	29	return6	return6	PROPN
emaj-57	334	30	m	m	PROPN
emaj-57	334	31	,	,	PUNCT
emaj-57	334	32	lagtime	lagtime	NOUN
emaj-57	334	33	and	and	CCONJ
emaj-57	334	34	peern	peern	PROPN
emaj-57	334	35	.	.	PUNCT
emaj-57	335	1	as	as	SCONJ
emaj-57	335	2	various	various	ADJ
emaj-57	335	3	combination	combination	NOUN
emaj-57	335	4	of	of	ADP
emaj-57	335	5	control	control	NOUN
emaj-57	335	6	variables	variable	NOUN
emaj-57	335	7	are	be	AUX
emaj-57	335	8	introduced	introduce	VERB
emaj-57	335	9	in	in	ADP
emaj-57	335	10	the	the	DET
emaj-57	335	11	model	model	NOUN
emaj-57	335	12	i	i	PRON
emaj-57	335	13	to	to	ADP
emaj-57	335	14	v	v	NOUN
emaj-57	335	15	,	,	PUNCT
emaj-57	335	16	the	the	DET
emaj-57	335	17	values	value	NOUN
emaj-57	335	18	of	of	ADP
emaj-57	335	19	coefficient	coefficient	NOUN
emaj-57	335	20	on	on	ADP
emaj-57	335	21	responseit	responseit	NOUN
emaj-57	335	22	and	and	CCONJ
emaj-57	335	23	corresponding	correspond	VERB
emaj-57	335	24	tstatistics	tstatistic	NOUN
emaj-57	335	25	are	be	AUX
emaj-57	335	26	not	not	PART
emaj-57	335	27	very	very	ADV
emaj-57	335	28	much	much	ADV
emaj-57	335	29	different	different	ADJ
emaj-57	335	30	.	.	PUNCT
emaj-57	336	1	overall	overall	ADJ
emaj-57	336	2	,	,	PUNCT
emaj-57	336	3	opposite	opposite	ADJ
emaj-57	336	4	relation	relation	NOUN
emaj-57	336	5	between	between	ADP
emaj-57	336	6	carit	carit	NOUN
emaj-57	336	7	and	and	CCONJ
emaj-57	336	8	responseit	responseit	PROPN
emaj-57	336	9	appears	appear	VERB
emaj-57	336	10	uniformly	uniformly	ADV
emaj-57	336	11	under	under	ADP
emaj-57	336	12	different	different	ADJ
emaj-57	336	13	background	background	NOUN
emaj-57	336	14	.	.	PUNCT
emaj-57	337	1	the	the	DET
emaj-57	337	2	analysis	analysis	NOUN
emaj-57	337	3	reported	report	VERB
emaj-57	337	4	in	in	ADP
emaj-57	337	5	model	model	NOUN
emaj-57	337	6	vi	vi	PROPN
emaj-57	337	7	is	be	AUX
emaj-57	337	8	designed	design	VERB
emaj-57	337	9	to	to	PART
emaj-57	337	10	investigate	investigate	VERB
emaj-57	337	11	whether	whether	SCONJ
emaj-57	337	12	the	the	DET
emaj-57	337	13	degree	degree	NOUN
emaj-57	337	14	of	of	ADP
emaj-57	337	15	overreaction	overreaction	NOUN
emaj-57	337	16	differs	differ	VERB
emaj-57	337	17	across	across	ADP
emaj-57	337	18	observations	observation	NOUN
emaj-57	337	19	depending	depend	VERB
emaj-57	337	20	on	on	ADP
emaj-57	337	21	the	the	DET
emaj-57	337	22	consistency	consistency	NOUN
emaj-57	337	23	between	between	ADP
emaj-57	337	24	the	the	DET
emaj-57	337	25	news	news	NOUN
emaj-57	337	26	revealed	reveal	VERB
emaj-57	337	27	by	by	ADP
emaj-57	337	28	the	the	DET
emaj-57	337	29	early	early	ADJ
emaj-57	337	30	announcer	announcer	NOUN
emaj-57	337	31	and	and	CCONJ
emaj-57	337	32	the	the	DET
emaj-57	337	33	implications	implication	NOUN
emaj-57	337	34	of	of	ADP
emaj-57	337	35	that	that	DET
emaj-57	337	36	news	news	NOUN
emaj-57	337	37	for	for	ADP
emaj-57	337	38	the	the	DET
emaj-57	337	39	late	late	ADJ
emaj-57	337	40	announcer	announcer	NOUN
emaj-57	337	41	.	.	PUNCT
emaj-57	338	1	a	a	DET
emaj-57	338	2	dummy	dummy	ADJ
emaj-57	338	3	variable	variable	NOUN
emaj-57	338	4	,	,	PUNCT
emaj-57	338	5	d	d	NOUN
emaj-57	338	6	,	,	PUNCT
emaj-57	338	7	is	be	AUX
emaj-57	338	8	used	use	VERB
emaj-57	338	9	here	here	ADV
emaj-57	338	10	.	.	PUNCT
emaj-57	339	1	it	it	PRON
emaj-57	339	2	is	be	AUX
emaj-57	339	3	set	set	VERB
emaj-57	339	4	to	to	ADP
emaj-57	339	5	one	one	NUM
emaj-57	339	6	when	when	SCONJ
emaj-57	339	7	responseit	responseit	NOUN
emaj-57	339	8	and	and	CCONJ
emaj-57	339	9	prcarit	prcarit	NOUN
emaj-57	339	10	are	be	AUX
emaj-57	339	11	of	of	ADP
emaj-57	339	12	the	the	DET
emaj-57	339	13	same	same	ADJ
emaj-57	339	14	sign	sign	NOUN
emaj-57	339	15	and	and	CCONJ
emaj-57	339	16	zero	zero	NUM
emaj-57	339	17	otherwise	otherwise	ADV
emaj-57	339	18	.	.	PUNCT
emaj-57	340	1	it	it	PRON
emaj-57	340	2	confers	confer	VERB
emaj-57	340	3	that	that	SCONJ
emaj-57	340	4	the	the	DET
emaj-57	340	5	positive	positive	ADJ
emaj-57	340	6	news	news	NOUN
emaj-57	340	7	reported	report	VERB
emaj-57	340	8	by	by	ADP
emaj-57	340	9	the	the	DET
emaj-57	340	10	early	early	ADJ
emaj-57	340	11	announcer	announcer	NOUN
emaj-57	340	12	signifies	signify	VERB
emaj-57	340	13	positive	positive	ADJ
emaj-57	340	14	news	news	NOUN
emaj-57	340	15	for	for	ADP
emaj-57	340	16	the	the	DET
emaj-57	340	17	late	late	ADJ
emaj-57	340	18	announcer	announcer	NOUN
emaj-57	340	19	also	also	ADV
emaj-57	340	20	and	and	CCONJ
emaj-57	340	21	vice	vice	ADV
emaj-57	340	22	versa	versa	ADV
emaj-57	340	23	.	.	PUNCT
emaj-57	341	1	the	the	DET
emaj-57	341	2	table	table	NOUN
emaj-57	341	3	11	11	NUM
emaj-57	341	4	also	also	ADV
emaj-57	341	5	provides	provide	VERB
emaj-57	341	6	a	a	DET
emaj-57	341	7	negative	negative	ADJ
emaj-57	341	8	and	and	CCONJ
emaj-57	341	9	significant	significant	ADJ
emaj-57	341	10	coefficient	coefficient	NOUN
emaj-57	341	11	on	on	ADP
emaj-57	341	12	d*response	d*response	PROPN
emaj-57	341	13	.	.	PUNCT
emaj-57	342	1	it	it	PRON
emaj-57	342	2	evidences	evidence	VERB
emaj-57	342	3	more	more	ADJ
emaj-57	342	4	overreaction	overreaction	NOUN
emaj-57	342	5	to	to	ADP
emaj-57	342	6	information	information	NOUN
emaj-57	342	7	transfers	transfer	NOUN
emaj-57	342	8	when	when	SCONJ
emaj-57	342	9	there	there	PRON
emaj-57	342	10	is	be	VERB
emaj-57	342	11	more	more	ADJ
emaj-57	342	12	information	information	NOUN
emaj-57	342	13	transfer	transfer	NOUN
emaj-57	342	14	.	.	PUNCT
emaj-57	343	1	carit	carit	NOUN
emaj-57	343	2	=	=	NOUN
emaj-57	344	1	cumulative	cumulative	ADJ
emaj-57	344	2	abnormal	abnormal	ADJ
emaj-57	344	3	returns	return	NOUN
emaj-57	344	4	for	for	ADP
emaj-57	344	5	late	late	ADJ
emaj-57	344	6	announcing	announce	VERB
emaj-57	344	7	firm	firm	NOUN
emaj-57	344	8	i	i	PRON
emaj-57	344	9	around	around	ADP
emaj-57	344	10	its	its	PRON
emaj-57	344	11	own	own	ADJ
emaj-57	344	12	earnings	earning	NOUN
emaj-57	344	13	announcement	announcement	NOUN
emaj-57	344	14	date	date	NOUN
emaj-57	344	15	t	t	PROPN
emaj-57	344	16	(	(	PUNCT
emaj-57	344	17	1,0,+1	1,0,+1	NUM
emaj-57	344	18	)	)	PUNCT
emaj-57	344	19	responseit	responseit	NOUN
emaj-57	344	20	=	=	SYM
emaj-57	344	21	average	average	ADJ
emaj-57	344	22	cumulative	cumulative	ADJ
emaj-57	344	23	abnormal	abnormal	ADJ
emaj-57	344	24	returns	return	NOUN
emaj-57	344	25	of	of	ADP
emaj-57	344	26	the	the	DET
emaj-57	344	27	firm	firm	NOUN
emaj-57	344	28	i	i	PRON
emaj-57	344	29	over	over	ADP
emaj-57	344	30	a	a	DET
emaj-57	344	31	similar	similar	ADJ
emaj-57	344	32	three	three	NUM
emaj-57	344	33	-	-	PUNCT
emaj-57	344	34	day	day	NOUN
emaj-57	344	35	window	window	NOUN
emaj-57	344	36	around	around	ADP
emaj-57	344	37	the	the	DET
emaj-57	344	38	announcement	announcement	NOUN
emaj-57	344	39	of	of	ADP
emaj-57	344	40	peer	peer	NOUN
emaj-57	344	41	firms	firm	NOUN
emaj-57	344	42	in	in	ADP
emaj-57	344	43	the	the	DET
emaj-57	344	44	industry	industry	NOUN
emaj-57	344	45	that	that	PRON
emaj-57	344	46	have	have	AUX
emaj-57	344	47	already	already	ADV
emaj-57	344	48	announced	announce	VERB
emaj-57	344	49	during	during	ADP
emaj-57	344	50	their	their	PRON
emaj-57	344	51	announcement	announcement	NOUN
emaj-57	344	52	date	date	NOUN
emaj-57	344	53	t	t	PROPN
emaj-57	344	54	(	(	PUNCT
emaj-57	344	55	1,0,+1	1,0,+1	NUM
emaj-57	344	56	)	)	PUNCT
emaj-57	344	57	prcarit	prcarit	NOUN
emaj-57	344	58	=	=	PUNCT
emaj-57	344	59	the	the	DET
emaj-57	344	60	averages	average	NOUN
emaj-57	344	61	of	of	ADP
emaj-57	344	62	cars	car	NOUN
emaj-57	344	63	across	across	ADP
emaj-57	344	64	all	all	DET
emaj-57	344	65	eligible	eligible	ADJ
emaj-57	344	66	peers	peer	NOUN
emaj-57	344	67	during	during	ADP
emaj-57	344	68	their	their	PRON
emaj-57	344	69	own	own	ADJ
emaj-57	344	70	announcement	announcement	NOUN
emaj-57	344	71	date	date	NOUN
emaj-57	344	72	prresponseit	prresponseit	NOUN
emaj-57	344	73	=	=	SYM
emaj-57	344	74	early	early	ADJ
emaj-57	344	75	peers	peer	NOUN
emaj-57	344	76	’	’	PART
emaj-57	344	77	response	response	NOUN
emaj-57	344	78	to	to	ADP
emaj-57	344	79	the	the	DET
emaj-57	344	80	earnings	earning	NOUN
emaj-57	344	81	announcement	announcement	NOUN
emaj-57	344	82	for	for	ADP
emaj-57	344	83	firm	firm	NOUN
emaj-57	345	1	i	i	PRON
emaj-57	345	2	i.e	i.e	VERB
emaj-57	345	3	average	average	ADJ
emaj-57	345	4	cars	car	NOUN
emaj-57	345	5	of	of	ADP
emaj-57	345	6	peer	peer	NOUN
emaj-57	345	7	firms	firm	NOUN
emaj-57	345	8	during	during	ADP
emaj-57	345	9	the	the	DET
emaj-57	345	10	firm	firm	NOUN
emaj-57	345	11	i	i	PRON
emaj-57	345	12	’s	’	VERB
emaj-57	345	13	announcement	announcement	NOUN
emaj-57	345	14	date	date	NOUN
emaj-57	345	15	peern	peern	NOUN
emaj-57	345	16	=	=	PUNCT
emaj-57	345	17	the	the	DET
emaj-57	345	18	number	number	NOUN
emaj-57	345	19	of	of	ADP
emaj-57	345	20	early	early	ADJ
emaj-57	345	21	peers	peer	NOUN
emaj-57	345	22	that	that	PRON
emaj-57	345	23	announce	announce	VERB
emaj-57	345	24	earnings	earning	NOUN
emaj-57	345	25	at	at	ADP
emaj-57	345	26	least	least	ADV
emaj-57	345	27	five	five	NUM
emaj-57	345	28	days	day	NOUN
emaj-57	345	29	prior	prior	ADV
emaj-57	345	30	to	to	ADP
emaj-57	345	31	firm	firm	PROPN
emaj-57	345	32	i	i	PRON
emaj-57	345	33	’s	’	VERB
emaj-57	345	34	announcement	announcement	NOUN
emaj-57	345	35	date	date	NOUN
emaj-57	345	36	.	.	PUNCT
emaj-57	346	1	lagtime	lagtime	NOUN
emaj-57	346	2	=	=	PUNCT
emaj-57	347	1	the	the	DET
emaj-57	347	2	average	average	ADJ
emaj-57	347	3	time	time	NOUN
emaj-57	347	4	lag	lag	VERB
emaj-57	347	5	between	between	ADP
emaj-57	347	6	the	the	DET
emaj-57	347	7	announcement	announcement	NOUN
emaj-57	347	8	dates	date	VERB
emaj-57	347	9	for	for	ADP
emaj-57	347	10	early	early	ADJ
emaj-57	347	11	peer	peer	NOUN
emaj-57	347	12	firms	firm	NOUN
emaj-57	347	13	and	and	CCONJ
emaj-57	347	14	the	the	DET
emaj-57	347	15	announcement	announcement	NOUN
emaj-57	347	16	date	date	NOUN
emaj-57	347	17	for	for	ADP
emaj-57	347	18	firm	firm	ADJ
emaj-57	347	19	i.	i.	NOUN
emaj-57	347	20	cart–1=	cart–1=	PROPN
emaj-57	347	21	firm	firm	NOUN
emaj-57	347	22	i	i	PRON
emaj-57	347	23	’s	’	VERB
emaj-57	347	24	three	three	NUM
emaj-57	347	25	-	-	PUNCT
emaj-57	347	26	day	day	NOUN
emaj-57	347	27	earnings	earning	NOUN
emaj-57	347	28	announcement	announcement	NOUN
emaj-57	347	29	cumulative	cumulative	VERB
emaj-57	347	30	abnormal	abnormal	ADJ
emaj-57	347	31	returns	return	NOUN
emaj-57	347	32	around	around	ADP
emaj-57	347	33	the	the	DET
emaj-57	347	34	earnings	earning	NOUN
emaj-57	347	35	announcement	announcement	NOUN
emaj-57	347	36	date	date	NOUN
emaj-57	347	37	in	in	ADP
emaj-57	347	38	previous	previous	ADJ
emaj-57	347	39	quarter	quarter	NOUN
emaj-57	347	40	(	(	PUNCT
emaj-57	347	41	t–1	t–1	NOUN
emaj-57	347	42	)	)	PUNCT
emaj-57	347	43	cart–4=	cart–4=	NOUN
emaj-57	348	1	firm	firm	NOUN
emaj-57	349	1	i	i	PRON
emaj-57	349	2	’s	’	VERB
emaj-57	349	3	three	three	NUM
emaj-57	349	4	-	-	PUNCT
emaj-57	349	5	day	day	NOUN
emaj-57	349	6	earnings	earning	NOUN
emaj-57	349	7	announcement	announcement	NOUN
emaj-57	349	8	cumulative	cumulative	VERB
emaj-57	349	9	abnormal	abnormal	ADJ
emaj-57	349	10	returns	return	NOUN
emaj-57	349	11	around	around	ADP
emaj-57	349	12	the	the	DET
emaj-57	349	13	earnings	earning	NOUN
emaj-57	349	14	announcement	announcement	NOUN
emaj-57	349	15	date	date	NOUN
emaj-57	349	16	during	during	ADP
emaj-57	349	17	the	the	DET
emaj-57	349	18	same	same	ADJ
emaj-57	349	19	quarter	quarter	NOUN
emaj-57	349	20	in	in	ADP
emaj-57	349	21	the	the	DET
emaj-57	349	22	previous	previous	ADJ
emaj-57	349	23	fiscal	fiscal	ADJ
emaj-57	349	24	year	year	NOUN
emaj-57	349	25	(	(	PUNCT
emaj-57	349	26	t–4	t–4	NOUN
emaj-57	349	27	)	)	PUNCT
emaj-57	350	1	sizei	sizei	NOUN
emaj-57	350	2	=	=	NOUN
emaj-57	350	3	market	market	NOUN
emaj-57	350	4	cap	cap	NOUN
emaj-57	350	5	of	of	ADP
emaj-57	350	6	firm	firm	ADJ
emaj-57	350	7	i	i	PRON
emaj-57	350	8	around	around	ADP
emaj-57	350	9	its	its	PRON
emaj-57	350	10	own	own	ADJ
emaj-57	350	11	earning	earning	NOUN
emaj-57	350	12	announcement	announcement	NOUN
emaj-57	350	13	date	date	NOUN
emaj-57	350	14	return6	return6	PROPN
emaj-57	350	15	m	m	PROPN
emaj-57	350	16	=	=	VERB
emaj-57	350	17	firm	firm	NOUN
emaj-57	351	1	i	i	PRON
emaj-57	351	2	’s	’	VERB
emaj-57	351	3	last	last	ADJ
emaj-57	351	4	6	6	NUM
emaj-57	351	5	months	month	NOUN
emaj-57	351	6	returns	return	NOUN
emaj-57	351	7	1	1	NUM
emaj-57	351	8	week	week	NOUN
emaj-57	351	9	prior	prior	ADV
emaj-57	351	10	to	to	ADP
emaj-57	351	11	the	the	DET
emaj-57	351	12	announcement	announcement	NOUN
emaj-57	351	13	date	date	NOUN
emaj-57	351	14	volume	volume	NOUN
emaj-57	351	15	4	4	NUM
emaj-57	351	16	no	no	DET
emaj-57	351	17	1	1	NUM
emaj-57	351	18	(	(	PUNCT
emaj-57	351	19	2014	2014	NUM
emaj-57	351	20	)	)	PUNCT
emaj-57	351	21	|	|	ADV
emaj-57	351	22	issn	issn	VERB
emaj-57	351	23	2158	2158	NUM
emaj-57	351	24	-	-	SYM
emaj-57	351	25	8708	8708	NUM
emaj-57	351	26	(	(	PUNCT
emaj-57	351	27	online	online	NOUN
emaj-57	351	28	)	)	PUNCT
emaj-57	351	29	|	|	ADV
emaj-57	351	30	doi	doi	X
emaj-57	351	31	10.5195	10.5195	NUM
emaj-57	351	32	/	/	SYM
emaj-57	351	33	emaj.2014.57	emaj.2014.57	X
emaj-57	352	1	|	|	ADV
emaj-57	352	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-57	352	3	dr.sitangshu	dr.sitangshu	PROPN
emaj-57	352	4	khatua	khatua	PROPN
emaj-57	352	5	,	,	PUNCT
emaj-57	352	6	dr	dr	PROPN
emaj-57	352	7	.	.	PROPN
emaj-57	352	8	hemant	hemant	PROPN
emaj-57	352	9	kumar	kumar	PROPN
emaj-57	352	10	pradhan	pradhan	PROPN
emaj-57	352	11	p	p	PROPN
emaj-57	352	12	a	a	DET
emaj-57	352	13	g	g	NOUN
emaj-57	352	14	e	e	NOUN
emaj-57	352	15	|13|	|13|	ADJ
emaj-57	352	16	emerging	emerge	VERB
emaj-57	352	17	markets	market	NOUN
emaj-57	352	18	journal	journal	NOUN
emaj-57	352	19	table	table	NOUN
emaj-57	352	20	10	10	NUM
emaj-57	352	21	.	.	PUNCT
emaj-57	353	1	descriptive	descriptive	ADJ
emaj-57	353	2	statistics	statistics	PROPN
emaj-57	353	3	panel	panel	NOUN
emaj-57	353	4	a	a	DET
emaj-57	353	5	:	:	PUNCT
emaj-57	353	6	descriptive	descriptive	ADJ
emaj-57	353	7	statistics	statistic	NOUN
emaj-57	353	8	variable	variable	NOUN
emaj-57	353	9	n	n	PRON
emaj-57	353	10	mean	mean	VERB
emaj-57	353	11	sd	sd	PROPN
emaj-57	353	12	se	se	PROPN
emaj-57	353	13	max	max	PROPN
emaj-57	353	14	min	min	PROPN
emaj-57	353	15	carit	carit	PROPN
emaj-57	353	16	1956	1956	NUM
emaj-57	353	17	0.021	0.021	NUM
emaj-57	353	18	%	%	NOUN
emaj-57	353	19	9.98	9.98	NUM
emaj-57	353	20	%	%	NOUN
emaj-57	353	21	0.004	0.004	NUM
emaj-57	353	22	43.45	43.45	NUM
emaj-57	353	23	%	%	NOUN
emaj-57	353	24	-35.56	-35.56	NUM
emaj-57	353	25	%	%	NOUN
emaj-57	353	26	responseit	responseit	NOUN
emaj-57	353	27	1897	1897	NUM
emaj-57	353	28	0.503	0.503	NUM
emaj-57	353	29	%	%	NOUN
emaj-57	353	30	4.01	4.01	NUM
emaj-57	353	31	%	%	NOUN
emaj-57	353	32	0.1254	0.1254	NUM
emaj-57	353	33	25.41	25.41	NUM
emaj-57	353	34	%	%	NOUN
emaj-57	353	35	-29.45	-29.45	NUM
emaj-57	353	36	%	%	NOUN
emaj-57	353	37	prcarit	prcarit	NOUN
emaj-57	353	38	1956	1956	NUM
emaj-57	353	39	0.075	0.075	NUM
emaj-57	353	40	%	%	NOUN
emaj-57	353	41	5.89	5.89	NUM
emaj-57	353	42	%	%	NOUN
emaj-57	354	1	0.0127	0.0127	NUM
emaj-57	354	2	33.78	33.78	NUM
emaj-57	354	3	%	%	NOUN
emaj-57	354	4	-21.59	-21.59	NUM
emaj-57	354	5	%	%	NOUN
emaj-57	354	6	prresponseit	prresponseit	NOUN
emaj-57	354	7	1897	1897	NUM
emaj-57	354	8	0.038	0.038	NUM
emaj-57	354	9	%	%	NOUN
emaj-57	354	10	3.23	3.23	NUM
emaj-57	354	11	%	%	NOUN
emaj-57	354	12	0.0117	0.0117	NUM
emaj-57	354	13	27.53	27.53	NUM
emaj-57	354	14	%	%	NOUN
emaj-57	354	15	-19.78	-19.78	NUM
emaj-57	354	16	%	%	NOUN
emaj-57	354	17	cart–1	cart–1	PRON
emaj-57	354	18	1863	1863	NUM
emaj-57	354	19	0.058	0.058	NUM
emaj-57	354	20	%	%	NOUN
emaj-57	354	21	8.89	8.89	NUM
emaj-57	354	22	%	%	NOUN
emaj-57	354	23	0.0065	0.0065	NUM
emaj-57	354	24	40.01	40.01	NUM
emaj-57	354	25	%	%	NOUN
emaj-57	354	26	-34.56	-34.56	NOUN
emaj-57	354	27	%	%	NOUN
emaj-57	354	28	cart–4	cart–4	NOUN
emaj-57	354	29	1759	1759	NUM
emaj-57	354	30	0.051	0.051	NUM
emaj-57	354	31	%	%	NOUN
emaj-57	354	32	7.76	7.76	NUM
emaj-57	354	33	%	%	NOUN
emaj-57	354	34	0.0065	0.0065	NUM
emaj-57	354	35	41.35	41.35	NUM
emaj-57	354	36	%	%	NOUN
emaj-57	354	37	-30.09	-30.09	ADJ
emaj-57	354	38	%	%	NOUN
emaj-57	354	39	sizei	sizei	NOUN
emaj-57	354	40	1956	1956	NUM
emaj-57	354	41	40,350	40,350	NUM
emaj-57	354	42	63,756	63,756	NUM
emaj-57	354	43	0.6329	0.6329	NUM
emaj-57	355	1	3,65,331	3,65,331	NUM
emaj-57	355	2	561	561	NUM
emaj-57	355	3	return6	return6	NOUN
emaj-57	355	4	m	m	VERB
emaj-57	355	5	1956	1956	NUM
emaj-57	355	6	0.043	0.043	NUM
emaj-57	355	7	0.891	0.891	NUM
emaj-57	355	8	%	%	NOUN
emaj-57	355	9	0.0483	0.0483	NUM
emaj-57	355	10	9.675	9.675	NUM
emaj-57	355	11	%	%	NOUN
emaj-57	356	1	-0.078	-0.078	NOUN
emaj-57	356	2	%	%	NOUN
emaj-57	356	3	peern	peern	NOUN
emaj-57	356	4	1956	1956	NUM
emaj-57	356	5	5.67	5.67	NUM
emaj-57	356	6	11.31	11.31	NUM
emaj-57	356	7	0.5013	0.5013	NUM
emaj-57	356	8	11	11	NUM
emaj-57	356	9	1	1	NUM
emaj-57	356	10	lagtime	lagtime	NOUN
emaj-57	356	11	1956	1956	NUM
emaj-57	356	12	12.42	12.42	NUM
emaj-57	356	13	8.67	8.67	NUM
emaj-57	356	14	1.4325	1.4325	NUM
emaj-57	356	15	39	39	NUM
emaj-57	356	16	5	5	NUM
emaj-57	356	17	(	(	PUNCT
emaj-57	356	18	continued	continued	ADJ
emaj-57	356	19	)	)	PUNCT
emaj-57	356	20	table	table	NOUN
emaj-57	356	21	11	11	NUM
emaj-57	356	22	.	.	PUNCT
emaj-57	357	1	descriptive	descriptive	ADJ
emaj-57	357	2	statistics	statistic	NOUN
emaj-57	357	3	(	(	PUNCT
emaj-57	357	4	2	2	X
emaj-57	357	5	)	)	PUNCT
emaj-57	357	6	note	note	NOUN
emaj-57	357	7	:	:	PUNCT
emaj-57	357	8	pearson	pearson	PROPN
emaj-57	357	9	correlations	correlation	NOUN
emaj-57	357	10	are	be	AUX
emaj-57	357	11	shown	show	VERB
emaj-57	357	12	above	above	ADP
emaj-57	357	13	the	the	DET
emaj-57	357	14	diagonal	diagonal	ADJ
emaj-57	357	15	and	and	CCONJ
emaj-57	357	16	spearman	spearman	NOUN
emaj-57	357	17	correlations	correlation	NOUN
emaj-57	357	18	are	be	AUX
emaj-57	357	19	shown	show	VERB
emaj-57	357	20	below	below	ADP
emaj-57	357	21	the	the	DET
emaj-57	357	22	diagonal	diagonal	NOUN
emaj-57	357	23	.	.	PUNCT
emaj-57	358	1	the	the	DET
emaj-57	358	2	sample	sample	NOUN
emaj-57	358	3	includes	include	VERB
emaj-57	358	4	bse-100	bse-100	NOUN
emaj-57	358	5	stocks	stock	NOUN
emaj-57	358	6	during	during	ADP
emaj-57	358	7	the	the	DET
emaj-57	358	8	period	period	NOUN
emaj-57	358	9	of	of	ADP
emaj-57	358	10	oct’05	oct’05	PROPN
emaj-57	358	11	to	to	ADP
emaj-57	358	12	nov’10	nov’10	PROPN
emaj-57	358	13	(	(	PUNCT
emaj-57	358	14	22	22	NUM
emaj-57	358	15	quarters	quarter	NOUN
emaj-57	358	16	)	)	PUNCT
emaj-57	358	17	with	with	ADP
emaj-57	358	18	non	non	ADJ
emaj-57	358	19	-	-	ADJ
emaj-57	358	20	missing	missing	ADJ
emaj-57	358	21	quarterly	quarterly	ADJ
emaj-57	358	22	announcements	announcement	NOUN
emaj-57	358	23	returns	return	NOUN
emaj-57	358	24	from	from	ADP
emaj-57	358	25	firm	firm	ADJ
emaj-57	358	26	i	i	PROPN
emaj-57	358	27	and	and	CCONJ
emaj-57	358	28	its	its	PRON
emaj-57	358	29	early	early	ADJ
emaj-57	358	30	peers	peer	NOUN
emaj-57	358	31	.	.	PUNCT
emaj-57	359	1	there	there	PRON
emaj-57	359	2	are	be	VERB
emaj-57	359	3	1956	1956	NUM
emaj-57	359	4	firmannouncements	firmannouncement	NOUN
emaj-57	359	5	with	with	ADP
emaj-57	359	6	available	available	ADJ
emaj-57	359	7	data	datum	NOUN
emaj-57	359	8	.	.	PUNCT
emaj-57	360	1	all	all	DET
emaj-57	360	2	variables	variable	NOUN
emaj-57	360	3	are	be	AUX
emaj-57	360	4	statistically	statistically	ADV
emaj-57	360	5	significant	significant	ADJ
emaj-57	360	6	at	at	ADP
emaj-57	360	7	5	5	NUM
emaj-57	360	8	%	%	NOUN
emaj-57	360	9	level	level	NOUN
emaj-57	360	10	of	of	ADP
emaj-57	360	11	significance	significance	NOUN
emaj-57	360	12	except	except	SCONJ
emaj-57	360	13	peern	peern	NOUN
emaj-57	360	14	and	and	CCONJ
emaj-57	360	15	lagtime	lagtime	NOUN
emaj-57	360	16	.	.	PUNCT
emaj-57	361	1	variables	variable	NOUN
emaj-57	361	2	are	be	AUX
emaj-57	361	3	as	as	SCONJ
emaj-57	361	4	follows	follow	VERB
emaj-57	361	5	:	:	PUNCT
emaj-57	361	6	panel	panel	NOUN
emaj-57	361	7	b	b	NOUN
emaj-57	361	8	:	:	PUNCT
emaj-57	361	9	correlation	correlation	NOUN
emaj-57	361	10	matrix	matrix	NOUN
emaj-57	361	11	variable	variable	NOUN
emaj-57	361	12	cari	cari	PROPN
emaj-57	361	13	t	t	PROPN
emaj-57	361	14	respon	respon	PROPN
emaj-57	361	15	seit	seit	PROPN
emaj-57	361	16	prc	prc	PROPN
emaj-57	361	17	arit	arit	ADP
emaj-57	361	18	prresp	prresp	ADJ
emaj-57	361	19	onseit	onseit	PROPN
emaj-57	361	20	cart–1	cart–1	PROPN
emaj-57	361	21	cart	cart	NOUN
emaj-57	361	22	–	–	PUNCT
emaj-57	361	23	4	4	NUM
emaj-57	361	24	sizei	sizei	NOUN
emaj-57	361	25	return	return	NOUN
emaj-57	361	26	6	6	NUM
emaj-57	361	27	m	m	NOUN
emaj-57	361	28	carit	carit	NOUN
emaj-57	361	29	1	1	NUM
emaj-57	361	30	-0.057	-0.057	NUM
emaj-57	361	31	0.023	0.023	NUM
emaj-57	361	32	0.121	0.121	NUM
emaj-57	361	33	0.037	0.037	NUM
emaj-57	361	34	0.029	0.029	NUM
emaj-57	361	35	0.005	0.005	NUM
emaj-57	361	36	0.017	0.017	NUM
emaj-57	361	37	response	response	NOUN
emaj-57	361	38	it	it	PRON
emaj-57	361	39	0.051	0.051	NUM
emaj-57	361	40	1	1	NUM
emaj-57	361	41	0.125	0.125	NUM
emaj-57	361	42	0.006	0.006	NUM
emaj-57	361	43	0.023	0.023	NUM
emaj-57	361	44	0.008	0.008	NUM
emaj-57	361	45	-0.003	-0.003	NOUN
emaj-57	361	46	0.111	0.111	NUM
emaj-57	361	47	prcarit	prcarit	NOUN
emaj-57	361	48	0.019	0.019	NUM
emaj-57	361	49	0.157	0.157	NUM
emaj-57	361	50	1	1	NUM
emaj-57	361	51	0.017	0.017	NUM
emaj-57	361	52	0.003	0.003	NUM
emaj-57	361	53	0.003	0.003	NUM
emaj-57	361	54	0.007	0.007	NUM
emaj-57	361	55	0.025	0.025	NUM
emaj-57	361	56	prrespo	prrespo	NOUN
emaj-57	361	57	nseit	nseit	NOUN
emaj-57	361	58	0.189	0.189	NUM
emaj-57	361	59	0.007	0.007	NUM
emaj-57	361	60	0.015	0.015	NUM
emaj-57	361	61	1	1	NUM
emaj-57	361	62	-0.009	-0.009	NUM
emaj-57	361	63	0.007	0.007	NUM
emaj-57	361	64	0.004	0.004	NUM
emaj-57	361	65	0.009	0.009	NUM
emaj-57	361	66	cart–1	cart–1	NUM
emaj-57	361	67	0.035	0.035	NUM
emaj-57	361	68	0.021	0.021	NUM
emaj-57	361	69	0.002	0.002	NUM
emaj-57	361	70	-0.008	-0.008	NOUN
emaj-57	361	71	1	1	NUM
emaj-57	361	72	0.006	0.006	NUM
emaj-57	361	73	0.003	0.003	NUM
emaj-57	361	74	0.212	0.212	NUM
emaj-57	361	75	cart–4	cart–4	NOUN
emaj-57	361	76	0.023	0.023	NUM
emaj-57	361	77	0.009	0.009	NUM
emaj-57	361	78	0.003	0.003	NUM
emaj-57	361	79	0.007	0.007	NUM
emaj-57	361	80	0.006	0.006	NUM
emaj-57	361	81	1	1	NUM
emaj-57	361	82	0.003	0.003	NUM
emaj-57	361	83	0.006	0.006	NUM
emaj-57	361	84	sizei	sizei	VERB
emaj-57	361	85	0.007	0.007	NUM
emaj-57	361	86	-0.004	-0.004	PUNCT
emaj-57	361	87	0.008	0.008	NUM
emaj-57	361	88	0.003	0.003	NUM
emaj-57	361	89	0.004	0.004	NUM
emaj-57	361	90	0.002	0.002	NUM
emaj-57	361	91	1	1	NUM
emaj-57	361	92	-0.018	-0.018	PUNCT
emaj-57	361	93	return6	return6	PROPN
emaj-57	361	94	m	m	PROPN
emaj-57	361	95	0.019	0.019	NUM
emaj-57	361	96	0.101	0.101	NUM
emaj-57	361	97	0.027	0.027	NUM
emaj-57	361	98	0.008	0.008	NUM
emaj-57	361	99	0.196	0.196	NUM
emaj-57	361	100	0.005	0.005	NUM
emaj-57	361	101	-0.019	-0.019	PUNCT
emaj-57	361	102	1	1	NUM
emaj-57	361	103	volume	volume	NOUN
emaj-57	361	104	4	4	NUM
emaj-57	361	105	no	no	DET
emaj-57	361	106	1	1	NUM
emaj-57	361	107	(	(	PUNCT
emaj-57	361	108	2014	2014	NUM
emaj-57	361	109	)	)	PUNCT
emaj-57	361	110	|	|	ADV
emaj-57	361	111	issn	issn	VERB
emaj-57	361	112	2158	2158	NUM
emaj-57	361	113	-	-	SYM
emaj-57	361	114	8708	8708	NUM
emaj-57	361	115	(	(	PUNCT
emaj-57	361	116	online	online	NOUN
emaj-57	361	117	)	)	PUNCT
emaj-57	361	118	|	|	ADV
emaj-57	361	119	doi	doi	X
emaj-57	361	120	10.5195	10.5195	NUM
emaj-57	361	121	/	/	SYM
emaj-57	361	122	emaj.2014.57	emaj.2014.57	X
emaj-57	361	123	|	|	ADV
emaj-57	361	124	http://emaj.pitt.edu	http://emaj.pitt.edu	AUX
emaj-57	361	125	examining	examine	VERB
emaj-57	361	126	overreaction	overreaction	NOUN
emaj-57	361	127	in	in	ADP
emaj-57	361	128	indian	indian	ADJ
emaj-57	361	129	stock	stock	NOUN
emaj-57	361	130	market	market	NOUN
emaj-57	361	131	for	for	ADP
emaj-57	361	132	quarterly	quarterly	ADJ
emaj-57	361	133	news	news	NOUN
emaj-57	361	134	emerging	emerge	VERB
emaj-57	361	135	markets	market	NOUN
emaj-57	361	136	journal	journal	NOUN
emaj-57	361	137	|	|	ADV
emaj-57	361	138	p	p	NOUN
emaj-57	361	139	a	a	DET
emaj-57	361	140	g	g	NOUN
emaj-57	361	141	e	e	NOUN
emaj-57	361	142	|14	|14	PRON
emaj-57	361	143	table	table	NOUN
emaj-57	361	144	12	12	NUM
emaj-57	361	145	.	.	PUNCT
emaj-57	362	1	deciles	decile	NOUN
emaj-57	362	2	based	base	VERB
emaj-57	362	3	ranking	rank	VERB
emaj-57	362	4	on	on	ADP
emaj-57	362	5	firm	firm	NOUN
emaj-57	363	1	i	i	PRON
emaj-57	363	2	’s	’	VERB
emaj-57	363	3	over	over	ADP
emaj-57	363	4	reaction	reaction	NOUN
emaj-57	363	5	(	(	PUNCT
emaj-57	363	6	car	car	NOUN
emaj-57	363	7	)	)	PUNCT
emaj-57	363	8	to	to	ADP
emaj-57	363	9	early	early	ADJ
emaj-57	363	10	peers	peer	NOUN
emaj-57	363	11	’	’	PART
emaj-57	363	12	earnings	earning	NOUN
emaj-57	363	13	announcements	announcement	NOUN
emaj-57	363	14	(	(	PUNCT
emaj-57	363	15	response	response	NOUN
emaj-57	363	16	)	)	PUNCT
emaj-57	363	17	respo	respo	PROPN
emaj-57	363	18	nse	nse	NOUN
emaj-57	363	19	(	(	PUNCT
emaj-57	363	20	%	%	NOUN
emaj-57	363	21	)	)	PUNCT
emaj-57	363	22	car	car	NOUN
emaj-57	363	23	(	(	PUNCT
emaj-57	363	24	%	%	INTJ
emaj-57	363	25	)	)	PUNCT
emaj-57	363	26	prrespo	prrespo	NOUN
emaj-57	363	27	nse	nse	NOUN
emaj-57	363	28	(	(	PUNCT
emaj-57	363	29	%	%	INTJ
emaj-57	363	30	)	)	PUNCT
emaj-57	363	31	prcar	prcar	NOUN
emaj-57	363	32	(	(	PUNCT
emaj-57	363	33	%	%	INTJ
emaj-57	363	34	)	)	PUNCT
emaj-57	363	35	d1	d1	NOUN
emaj-57	363	36	(	(	PUNCT
emaj-57	363	37	low	low	ADJ
emaj-57	363	38	)	)	PUNCT
emaj-57	363	39	-4.98	-4.98	NUM
emaj-57	364	1	0.81	0.81	NUM
emaj-57	364	2	-0.03	-0.03	NUM
emaj-57	364	3	-0.09	-0.09	NUM
emaj-57	364	4	d2	d2	PROPN
emaj-57	364	5	-3.34	-3.34	NOUN
emaj-57	364	6	0.67	0.67	NUM
emaj-57	364	7	-0.01	-0.01	NUM
emaj-57	364	8	-0.01	-0.01	NUM
emaj-57	364	9	d3	d3	PROPN
emaj-57	364	10	-2.98	-2.98	NUM
emaj-57	364	11	0.78	0.78	NUM
emaj-57	364	12	0.04	0.04	NUM
emaj-57	364	13	0.03	0.03	NUM
emaj-57	364	14	d4	d4	PROPN
emaj-57	364	15	-1.92	-1.92	NUM
emaj-57	364	16	0.34	0.34	NUM
emaj-57	364	17	0.07	0.07	NUM
emaj-57	364	18	0.13	0.13	NUM
emaj-57	364	19	d5	d5	NOUN
emaj-57	364	20	-0.67	-0.67	NOUN
emaj-57	364	21	0.22	0.22	NUM
emaj-57	364	22	0.02	0.02	NUM
emaj-57	364	23	0.54	0.54	NUM
emaj-57	364	24	d6	d6	NOUN
emaj-57	364	25	0.156	0.156	NUM
emaj-57	364	26	0.19	0.19	NUM
emaj-57	364	27	0.06	0.06	NUM
emaj-57	364	28	0.68	0.68	NUM
emaj-57	364	29	d7	d7	PROPN
emaj-57	364	30	1.89	1.89	NUM
emaj-57	364	31	0.07	0.07	NUM
emaj-57	364	32	0.09	0.09	NUM
emaj-57	364	33	0.89	0.89	NUM
emaj-57	364	34	d8	d8	PROPN
emaj-57	364	35	3.98	3.98	NUM
emaj-57	364	36	-0.12	-0.12	NUM
emaj-57	364	37	0.08	0.08	NUM
emaj-57	364	38	0.97	0.97	NUM
emaj-57	364	39	d9	d9	PROPN
emaj-57	364	40	6.67	6.67	NUM
emaj-57	364	41	-0.29	-0.29	NUM
emaj-57	364	42	0.03	0.03	NUM
emaj-57	364	43	1.01	1.01	NUM
emaj-57	364	44	d10	d10	PROPN
emaj-57	364	45	(	(	PUNCT
emaj-57	364	46	high	high	ADJ
emaj-57	364	47	)	)	PUNCT
emaj-57	364	48	8.39	8.39	NUM
emaj-57	364	49	-0.32	-0.32	NUM
emaj-57	364	50	-0.02	-0.02	NUM
emaj-57	364	51	1.37	1.37	NUM
emaj-57	364	52	d1	d1	PROPN
emaj-57	364	53	d10	d10	PROPN
emaj-57	364	54	-13.37	-13.37	PROPN
emaj-57	364	55	1.13	1.13	NUM
emaj-57	364	56	-0.01	-0.01	NUM
emaj-57	364	57	-1.46	-1.46	NOUN
emaj-57	364	58	(	(	PUNCT
emaj-57	364	59	t	t	NOUN
emaj-57	364	60	-	-	PUNCT
emaj-57	364	61	stat	stat	NOUN
emaj-57	364	62	)	)	PUNCT
emaj-57	364	63	(	(	PUNCT
emaj-57	364	64	37.67	37.67	NUM
emaj-57	364	65	)	)	PUNCT
emaj-57	364	66	(	(	PUNCT
emaj-57	364	67	9.36	9.36	NUM
emaj-57	364	68	)	)	PUNCT
emaj-57	364	69	(	(	PUNCT
emaj-57	364	70	0.876	0.876	NUM
emaj-57	364	71	)	)	PUNCT
emaj-57	364	72	(	(	PUNCT
emaj-57	364	73	-15.34	-15.34	ADV
emaj-57	364	74	)	)	PUNCT
emaj-57	364	75	note	note	NOUN
emaj-57	364	76	:	:	PUNCT
emaj-57	364	77	carit	carit	ADJ
emaj-57	364	78	=	=	PUNCT
emaj-57	364	79	cumulative	cumulative	ADJ
emaj-57	364	80	abnormal	abnormal	ADJ
emaj-57	364	81	returns	return	NOUN
emaj-57	364	82	for	for	ADP
emaj-57	364	83	late	late	ADJ
emaj-57	364	84	announcing	announce	VERB
emaj-57	364	85	firm	firm	NOUN
emaj-57	364	86	i	i	PRON
emaj-57	364	87	around	around	ADP
emaj-57	364	88	its	its	PRON
emaj-57	364	89	own	own	ADJ
emaj-57	364	90	earnings	earning	NOUN
emaj-57	364	91	announcement	announcement	NOUN
emaj-57	364	92	date	date	NOUN
emaj-57	364	93	t	t	PROPN
emaj-57	364	94	(	(	PUNCT
emaj-57	364	95	-1,0,+1	-1,0,+1	PROPN
emaj-57	364	96	)	)	PUNCT
emaj-57	364	97	;	;	PUNCT
emaj-57	364	98	responseit	responseit	NOUN
emaj-57	364	99	=	=	SYM
emaj-57	364	100	average	average	ADJ
emaj-57	364	101	cumulative	cumulative	ADJ
emaj-57	364	102	abnormal	abnormal	ADJ
emaj-57	364	103	returns	return	NOUN
emaj-57	364	104	of	of	ADP
emaj-57	364	105	the	the	DET
emaj-57	364	106	firm	firm	NOUN
emaj-57	364	107	i	i	PRON
emaj-57	364	108	over	over	ADP
emaj-57	364	109	a	a	DET
emaj-57	364	110	similar	similar	ADJ
emaj-57	364	111	three	three	NUM
emaj-57	364	112	-	-	PUNCT
emaj-57	364	113	day	day	NOUN
emaj-57	364	114	window	window	NOUN
emaj-57	364	115	around	around	ADP
emaj-57	364	116	the	the	DET
emaj-57	364	117	announcement	announcement	NOUN
emaj-57	364	118	of	of	ADP
emaj-57	364	119	peer	peer	NOUN
emaj-57	364	120	firms	firm	NOUN
emaj-57	364	121	in	in	ADP
emaj-57	364	122	the	the	DET
emaj-57	364	123	industry	industry	NOUN
emaj-57	364	124	that	that	PRON
emaj-57	364	125	have	have	AUX
emaj-57	364	126	already	already	ADV
emaj-57	364	127	announced	announce	VERB
emaj-57	364	128	during	during	ADP
emaj-57	364	129	their	their	PRON
emaj-57	364	130	announcement	announcement	NOUN
emaj-57	364	131	date	date	NOUN
emaj-57	364	132	t	t	PROPN
emaj-57	364	133	(	(	PUNCT
emaj-57	364	134	-1,0,+1	-1,0,+1	PROPN
emaj-57	364	135	)	)	PUNCT
emaj-57	364	136	;	;	PUNCT
emaj-57	364	137	prcarit	prcarit	VERB
emaj-57	364	138	=	=	PUNCT
emaj-57	364	139	the	the	DET
emaj-57	364	140	averages	average	NOUN
emaj-57	364	141	of	of	ADP
emaj-57	364	142	cars	car	NOUN
emaj-57	364	143	across	across	ADP
emaj-57	364	144	all	all	DET
emaj-57	364	145	eligible	eligible	ADJ
emaj-57	364	146	peers	peer	NOUN
emaj-57	364	147	during	during	ADP
emaj-57	364	148	their	their	PRON
emaj-57	364	149	own	own	ADJ
emaj-57	364	150	announcement	announcement	NOUN
emaj-57	364	151	date	date	NOUN
emaj-57	364	152	;	;	PUNCT
emaj-57	364	153	prresponseit	prresponseit	NOUN
emaj-57	364	154	=	=	SYM
emaj-57	364	155	early	early	ADJ
emaj-57	364	156	peers	peer	NOUN
emaj-57	364	157	’	’	PART
emaj-57	364	158	response	response	NOUN
emaj-57	364	159	to	to	ADP
emaj-57	364	160	the	the	DET
emaj-57	364	161	earnings	earning	NOUN
emaj-57	364	162	announcement	announcement	NOUN
emaj-57	364	163	for	for	ADP
emaj-57	364	164	firm	firm	NOUN
emaj-57	365	1	i	i	PRON
emaj-57	365	2	i.e	i.e	VERB
emaj-57	365	3	average	average	ADJ
emaj-57	365	4	cars	car	NOUN
emaj-57	365	5	of	of	ADP
emaj-57	365	6	peer	peer	NOUN
emaj-57	365	7	firms	firm	NOUN
emaj-57	365	8	during	during	ADP
emaj-57	365	9	the	the	DET
emaj-57	365	10	firm	firm	NOUN
emaj-57	365	11	i	i	PRON
emaj-57	365	12	’s	’	VERB
emaj-57	365	13	announcement	announcement	NOUN
emaj-57	365	14	date	date	NOUN
emaj-57	365	15	.	.	PUNCT
emaj-57	366	1	firms	firm	NOUN
emaj-57	366	2	are	be	AUX
emaj-57	366	3	first	first	ADV
emaj-57	366	4	sorted	sort	VERB
emaj-57	366	5	into	into	ADP
emaj-57	366	6	10	10	NUM
emaj-57	366	7	deciles	decile	NOUN
emaj-57	366	8	for	for	ADP
emaj-57	366	9	each	each	DET
emaj-57	366	10	quarter	quarter	NOUN
emaj-57	366	11	based	base	VERB
emaj-57	366	12	on	on	ADP
emaj-57	366	13	responseit	responseit	NOUN
emaj-57	366	14	,	,	PUNCT
emaj-57	366	15	then	then	ADV
emaj-57	366	16	mean	mean	VERB
emaj-57	366	17	values	value	NOUN
emaj-57	366	18	for	for	ADP
emaj-57	366	19	firms	firm	NOUN
emaj-57	366	20	in	in	ADP
emaj-57	366	21	each	each	DET
emaj-57	366	22	deciles	decile	NOUN
emaj-57	366	23	are	be	AUX
emaj-57	366	24	calculated	calculate	VERB
emaj-57	366	25	and	and	CCONJ
emaj-57	366	26	finally	finally	ADV
emaj-57	366	27	maximum	maximum	VERB
emaj-57	366	28	one	one	NUM
emaj-57	366	29	across	across	ADP
emaj-57	366	30	22	22	NUM
emaj-57	366	31	quarters	quarter	NOUN
emaj-57	366	32	(	(	PUNCT
emaj-57	366	33	oct’05	oct’05	ADJ
emaj-57	366	34	–	–	PUNCT
emaj-57	366	35	nov’10	nov’10	ADV
emaj-57	366	36	)	)	PUNCT
emaj-57	366	37	is	be	AUX
emaj-57	366	38	taken	take	VERB
emaj-57	366	39	for	for	ADP
emaj-57	366	40	each	each	DET
emaj-57	366	41	decile	decile	NOUN
emaj-57	366	42	.	.	PUNCT
emaj-57	367	1	there	there	PRON
emaj-57	367	2	are	be	VERB
emaj-57	367	3	1956	1956	NUM
emaj-57	367	4	firm	firm	ADJ
emaj-57	367	5	-	-	PUNCT
emaj-57	367	6	announcements	announcement	NOUN
emaj-57	367	7	with	with	ADP
emaj-57	367	8	available	available	ADJ
emaj-57	367	9	data	datum	NOUN
emaj-57	367	10	for	for	ADP
emaj-57	367	11	100	100	NUM
emaj-57	367	12	firms	firm	NOUN
emaj-57	367	13	.	.	PUNCT
emaj-57	368	1	all	all	DET
emaj-57	368	2	variables	variable	NOUN
emaj-57	368	3	are	be	AUX
emaj-57	368	4	statistically	statistically	ADV
emaj-57	368	5	significant	significant	ADJ
emaj-57	368	6	at	at	ADP
emaj-57	368	7	5	5	NUM
emaj-57	368	8	%	%	NOUN
emaj-57	368	9	level	level	NOUN
emaj-57	368	10	of	of	ADP
emaj-57	368	11	significance	significance	NOUN
emaj-57	368	12	except	except	SCONJ
emaj-57	368	13	carit	carit	NOUN
emaj-57	368	14	.	.	PUNCT
emaj-57	369	1	portfolios	portfolio	NOUN
emaj-57	369	2	with	with	ADP
emaj-57	369	3	fewer	few	ADJ
emaj-57	369	4	than	than	ADP
emaj-57	369	5	5	5	NUM
emaj-57	369	6	stocks	stock	NOUN
emaj-57	369	7	are	be	AUX
emaj-57	369	8	eliminated	eliminate	VERB
emaj-57	369	9	.	.	PUNCT
emaj-57	370	1	table	table	NOUN
emaj-57	370	2	13	13	NUM
emaj-57	370	3	.	.	PUNCT
emaj-57	371	1	regression	regression	NOUN
emaj-57	371	2	results	result	NOUN
emaj-57	371	3	of	of	ADP
emaj-57	371	4	car	car	NOUN
emaj-57	371	5	on	on	ADP
emaj-57	371	6	response	response	NOUN
emaj-57	371	7	&	&	CCONJ
emaj-57	371	8	other	other	ADJ
emaj-57	371	9	control	control	PROPN
emaj-57	371	10	variable	variable	ADJ
emaj-57	371	11	model	model	NOUN
emaj-57	371	12	i	i	PRON
emaj-57	371	13	model	model	PROPN
emaj-57	371	14	ii	ii	PROPN
emaj-57	371	15	model	model	PROPN
emaj-57	371	16	iii	iii	PROPN
emaj-57	371	17	model	model	PROPN
emaj-57	371	18	iv	iv	PROPN
emaj-57	371	19	model	model	NOUN
emaj-57	371	20	v	v	PROPN
emaj-57	371	21	model	model	NOUN
emaj-57	371	22	vi	vi	NOUN
emaj-57	371	23	#	#	NOUN
emaj-57	371	24	intercept	intercept	NOUN
emaj-57	371	25	0.00	0.00	NUM
emaj-57	371	26	(	(	PUNCT
emaj-57	371	27	0.98	0.98	NUM
emaj-57	371	28	)	)	PUNCT
emaj-57	371	29	0.00	0.00	NUM
emaj-57	371	30	(	(	PUNCT
emaj-57	371	31	0.44	0.44	NUM
emaj-57	371	32	)	)	PUNCT
emaj-57	371	33	0.00	0.00	NUM
emaj-57	371	34	(	(	PUNCT
emaj-57	371	35	0.87	0.87	NUM
emaj-57	371	36	)	)	PUNCT
emaj-57	371	37	0.00	0.00	NUM
emaj-57	371	38	(	(	PUNCT
emaj-57	371	39	0.32	0.32	NUM
emaj-57	371	40	)	)	PUNCT
emaj-57	371	41	0.00	0.00	NUM
emaj-57	371	42	(	(	PUNCT
emaj-57	371	43	0.29	0.29	NUM
emaj-57	371	44	)	)	PUNCT
emaj-57	371	45	0.00	0.00	NUM
emaj-57	371	46	(	(	PUNCT
emaj-57	371	47	0.23	0.23	NUM
emaj-57	371	48	)	)	PUNCT
emaj-57	371	49	respon	respon	NOUN
emaj-57	371	50	se	se	PROPN
emaj-57	372	1	-0.098	-0.098	PROPN
emaj-57	373	1	*	*	PUNCT
emaj-57	373	2	*	*	PUNCT
emaj-57	373	3	(	(	PUNCT
emaj-57	373	4	-15.34	-15.34	PROPN
emaj-57	373	5	)	)	PUNCT
emaj-57	373	6	0.035	0.035	NUM
emaj-57	373	7	*	*	PUNCT
emaj-57	373	8	*	*	PUNCT
emaj-57	373	9	(	(	PUNCT
emaj-57	373	10	-10.23	-10.23	INTJ
emaj-57	373	11	)	)	PUNCT
emaj-57	373	12	0.079	0.079	NUM
emaj-57	373	13	*	*	PUNCT
emaj-57	373	14	*	*	PUNCT
emaj-57	373	15	(	(	PUNCT
emaj-57	373	16	-11.89	-11.89	NOUN
emaj-57	373	17	)	)	PUNCT
emaj-57	373	18	0.121	0.121	NUM
emaj-57	373	19	*	*	PUNCT
emaj-57	373	20	*	*	PUNCT
emaj-57	373	21	(	(	PUNCT
emaj-57	373	22	-12.64	-12.64	NOUN
emaj-57	373	23	)	)	PUNCT
emaj-57	373	24	0.234	0.234	NUM
emaj-57	373	25	*	*	SYM
emaj-57	373	26	*	*	PUNCT
emaj-57	373	27	(	(	PUNCT
emaj-57	373	28	-13.39	-13.39	PUNCT
emaj-57	373	29	)	)	PUNCT
emaj-57	373	30	0.1345	0.1345	NUM
emaj-57	373	31	*	*	PUNCT
emaj-57	373	32	*	*	PUNCT
emaj-57	373	33	(	(	PUNCT
emaj-57	373	34	-15.67	-15.67	INTJ
emaj-57	373	35	)	)	PUNCT
emaj-57	373	36	d	d	NOUN
emaj-57	373	37	-0.00	-0.00	INTJ
emaj-57	373	38	(	(	PUNCT
emaj-57	373	39	-0.976	-0.976	NOUN
emaj-57	373	40	)	)	PUNCT
emaj-57	373	41	d*resp	d*resp	PROPN
emaj-57	373	42	onse	onse	NOUN
emaj-57	373	43	0.039	0.039	NUM
emaj-57	373	44	*	*	PUNCT
emaj-57	373	45	*	*	PUNCT
emaj-57	373	46	(	(	PUNCT
emaj-57	373	47	-2.56	-2.56	NUM
emaj-57	373	48	)	)	PUNCT
emaj-57	373	49	prresp	prresp	ADJ
emaj-57	373	50	onse	onse	NOUN
emaj-57	373	51	0.078	0.078	NUM
emaj-57	373	52	(	(	PUNCT
emaj-57	373	53	1.21	1.21	NUM
emaj-57	373	54	)	)	PUNCT
emaj-57	373	55	0.045	0.045	NUM
emaj-57	373	56	(	(	PUNCT
emaj-57	373	57	0.786	0.786	NUM
emaj-57	373	58	)	)	PUNCT
emaj-57	373	59	0.0236	0.0236	NUM
emaj-57	374	1	*	*	PUNCT
emaj-57	374	2	*	*	PUNCT
emaj-57	374	3	(	(	PUNCT
emaj-57	374	4	3.31	3.31	NUM
emaj-57	374	5	)	)	PUNCT
emaj-57	375	1	0.076	0.076	NUM
emaj-57	375	2	*	*	PUNCT
emaj-57	375	3	*	*	PUNCT
emaj-57	375	4	(	(	PUNCT
emaj-57	375	5	3.45	3.45	NUM
emaj-57	375	6	)	)	PUNCT
emaj-57	375	7	prcar	prcar	NOUN
emaj-57	375	8	0.032	0.032	NUM
emaj-57	375	9	*	*	NOUN
emaj-57	375	10	*	*	PUNCT
emaj-57	375	11	(	(	PUNCT
emaj-57	375	12	4.67	4.67	NUM
emaj-57	375	13	)	)	PUNCT
emaj-57	375	14	0.054	0.054	NUM
emaj-57	376	1	*	*	PUNCT
emaj-57	376	2	*	*	PUNCT
emaj-57	376	3	(	(	PUNCT
emaj-57	376	4	3.29	3.29	NUM
emaj-57	376	5	)	)	PUNCT
emaj-57	376	6	0.039	0.039	NUM
emaj-57	376	7	*	*	PUNCT
emaj-57	376	8	*	*	PUNCT
emaj-57	376	9	(	(	PUNCT
emaj-57	376	10	3.71	3.71	NUM
emaj-57	376	11	)	)	PUNCT
emaj-57	376	12	art–1	art–1	ADP
emaj-57	376	13	0.047	0.047	NUM
emaj-57	376	14	*	*	SYM
emaj-57	376	15	8	8	NUM
emaj-57	376	16	(	(	PUNCT
emaj-57	376	17	9.98	9.98	NUM
emaj-57	376	18	)	)	PUNCT
emaj-57	376	19	0.087	0.087	NUM
emaj-57	376	20	*	*	NOUN
emaj-57	376	21	*	*	PUNCT
emaj-57	376	22	(	(	PUNCT
emaj-57	376	23	12.32	12.32	NUM
emaj-57	376	24	)	)	PUNCT
emaj-57	376	25	0.092	0.092	NUM
emaj-57	376	26	*	*	PUNCT
emaj-57	376	27	*	*	PUNCT
emaj-57	376	28	(	(	PUNCT
emaj-57	376	29	12.98	12.98	NUM
emaj-57	376	30	)	)	PUNCT
emaj-57	376	31	art–4	art–4	NOUN
emaj-57	376	32	-0.008	-0.008	NOUN
emaj-57	376	33	(	(	PUNCT
emaj-57	376	34	-0.987	-0.987	NOUN
emaj-57	376	35	)	)	PUNCT
emaj-57	376	36	-0.007	-0.007	NUM
emaj-57	376	37	*	*	PUNCT
emaj-57	376	38	(	(	PUNCT
emaj-57	376	39	-2.32	-2.32	X
emaj-57	376	40	)	)	PUNCT
emaj-57	376	41	0.003	0.003	NUM
emaj-57	376	42	(	(	PUNCT
emaj-57	376	43	0.987	0.987	NUM
emaj-57	376	44	)	)	PUNCT
emaj-57	376	45	size	size	NOUN
emaj-57	376	46	0.01	0.01	NUM
emaj-57	376	47	(	(	PUNCT
emaj-57	376	48	0.26	0.26	NUM
emaj-57	376	49	)	)	PUNCT
emaj-57	376	50	0.006	0.006	NUM
emaj-57	376	51	(	(	PUNCT
emaj-57	376	52	0.975	0.975	NUM
emaj-57	376	53	)	)	PUNCT
emaj-57	376	54	0.009	0.009	NUM
emaj-57	376	55	(	(	PUNCT
emaj-57	376	56	1.023	1.023	NUM
emaj-57	376	57	)	)	PUNCT
emaj-57	377	1	return6	return6	PROPN
emaj-57	377	2	m	m	NOUN
emaj-57	377	3	0.009	0.009	NUM
emaj-57	377	4	*	*	PUNCT
emaj-57	377	5	(	(	PUNCT
emaj-57	377	6	2.78	2.78	NUM
emaj-57	377	7	)	)	PUNCT
emaj-57	377	8	0.002	0.002	NUM
emaj-57	377	9	(	(	PUNCT
emaj-57	377	10	1.023	1.023	NUM
emaj-57	377	11	)	)	PUNCT
emaj-57	377	12	0.003	0.003	NUM
emaj-57	377	13	(	(	PUNCT
emaj-57	377	14	1.08	1.08	NUM
emaj-57	377	15	)	)	PUNCT
emaj-57	377	16	lagtim	lagtim	ADJ
emaj-57	377	17	e	e	NOUN
emaj-57	377	18	0.00	0.00	NUM
emaj-57	377	19	(	(	PUNCT
emaj-57	377	20	0.987	0.987	NUM
emaj-57	377	21	)	)	PUNCT
emaj-57	377	22	peern	peern	PROPN
emaj-57	377	23	0.007	0.007	NUM
emaj-57	377	24	(	(	PUNCT
emaj-57	377	25	0.765	0.765	NUM
emaj-57	377	26	)	)	PUNCT
emaj-57	377	27	adj	adj	NOUN
emaj-57	377	28	r2	r2	PROPN
emaj-57	377	29	0.004	0.004	NUM
emaj-57	377	30	0.015	0.015	NUM
emaj-57	377	31	0.012	0.012	NUM
emaj-57	377	32	0.009	0.009	NUM
emaj-57	377	33	0.013	0.013	NUM
emaj-57	377	34	0.012	0.012	NUM
emaj-57	377	35	note	note	NOUN
emaj-57	377	36	:	:	PUNCT
emaj-57	377	37	this	this	DET
emaj-57	377	38	table	table	NOUN
emaj-57	377	39	reports	report	VERB
emaj-57	377	40	the	the	DET
emaj-57	377	41	mean	mean	ADJ
emaj-57	377	42	coefficient	coefficient	NOUN
emaj-57	377	43	estimates	estimate	NOUN
emaj-57	377	44	across	across	ADP
emaj-57	377	45	regressions	regression	NOUN
emaj-57	377	46	of	of	ADP
emaj-57	377	47	arit	arit	NOUN
emaj-57	377	48	on	on	ADP
emaj-57	377	49	response	response	NOUN
emaj-57	377	50	and	and	CCONJ
emaj-57	377	51	other	other	ADJ
emaj-57	377	52	variables	variable	NOUN
emaj-57	377	53	as	as	SCONJ
emaj-57	377	54	defined	define	VERB
emaj-57	377	55	earlier	early	ADV
emaj-57	377	56	.	.	PUNCT
emaj-57	378	1	there	there	PRON
emaj-57	378	2	are	be	VERB
emaj-57	378	3	1956	1956	NUM
emaj-57	378	4	firmannouncements	firmannouncement	NOUN
emaj-57	378	5	with	with	ADP
emaj-57	378	6	available	available	ADJ
emaj-57	378	7	data	datum	NOUN
emaj-57	378	8	for	for	ADP
emaj-57	378	9	100	100	NUM
emaj-57	378	10	firms	firm	NOUN
emaj-57	378	11	.	.	PUNCT
emaj-57	379	1	*	*	PUNCT
emaj-57	379	2	*	*	PUNCT
emaj-57	379	3	:	:	PUNCT
emaj-57	379	4	variables	variable	NOUN
emaj-57	379	5	are	be	AUX
emaj-57	379	6	statistically	statistically	ADV
emaj-57	379	7	significant	significant	ADJ
emaj-57	379	8	at	at	ADP
emaj-57	379	9	5	5	NUM
emaj-57	379	10	%	%	NOUN
emaj-57	379	11	level	level	NOUN
emaj-57	379	12	of	of	ADP
emaj-57	379	13	significance	significance	NOUN
emaj-57	379	14	.	.	PUNCT
emaj-57	380	1	t	t	PROPN
emaj-57	380	2	-	-	PUNCT
emaj-57	380	3	statistics	statistic	NOUN
emaj-57	380	4	are	be	AUX
emaj-57	380	5	given	give	VERB
emaj-57	380	6	within	within	ADP
emaj-57	380	7	parentheses	parenthesis	NOUN
emaj-57	380	8	.	.	PUNCT
emaj-57	381	1	see	see	VERB
emaj-57	381	2	table	table	NOUN
emaj-57	381	3	5.12	5.12	NUM
emaj-57	381	4	for	for	ADP
emaj-57	381	5	detailed	detailed	ADJ
emaj-57	381	6	definitions	definition	NOUN
emaj-57	381	7	.	.	PUNCT
emaj-57	382	1	#	#	NOUN
emaj-57	382	2	d	d	NOUN
emaj-57	382	3	=	=	SYM
emaj-57	382	4	dummy	dummy	ADJ
emaj-57	382	5	variable	variable	NOUN
emaj-57	382	6	for	for	ADP
emaj-57	382	7	consistency	consistency	NOUN
emaj-57	382	8	of	of	ADP
emaj-57	382	9	information	information	NOUN
emaj-57	382	10	transfer	transfer	NOUN
emaj-57	382	11	news	news	NOUN
emaj-57	382	12	.	.	PUNCT
emaj-57	383	1	d	d	X
emaj-57	383	2	is	be	AUX
emaj-57	383	3	a	a	DET
emaj-57	383	4	dummy	dummy	ADJ
emaj-57	383	5	variable	variable	NOUN
emaj-57	383	6	set	set	VERB
emaj-57	383	7	equal	equal	ADJ
emaj-57	383	8	to	to	ADP
emaj-57	383	9	1	1	NUM
emaj-57	383	10	if	if	SCONJ
emaj-57	383	11	resp	resp	VERB
emaj-57	383	12	*	*	PUNCT
emaj-57	383	13	erlypraret	erlypraret	ADJ
emaj-57	383	14	>	>	X
emaj-57	383	15	0	0	NUM
emaj-57	383	16	,	,	PUNCT
emaj-57	383	17	and	and	CCONJ
emaj-57	383	18	0	0	NUM
emaj-57	383	19	otherwise	otherwise	ADV
emaj-57	383	20	;	;	PUNCT
emaj-57	383	21	i.e.	i.e.	X
emaj-57	383	22	,	,	PUNCT
emaj-57	383	23	d	d	X
emaj-57	383	24	=	=	SYM
emaj-57	383	25	1	1	NUM
emaj-57	383	26	if	if	SCONJ
emaj-57	383	27	the	the	DET
emaj-57	383	28	early	early	ADJ
emaj-57	383	29	announcer	announcer	NOUN
emaj-57	383	30	’s	’s	PART
emaj-57	383	31	news	news	NOUN
emaj-57	383	32	and	and	CCONJ
emaj-57	383	33	the	the	DET
emaj-57	383	34	late	late	ADJ
emaj-57	383	35	announcer	announcer	NOUN
emaj-57	383	36	’s	’s	PART
emaj-57	383	37	response	response	NOUN
emaj-57	383	38	are	be	AUX
emaj-57	383	39	consistent	consistent	ADJ
emaj-57	383	40	.	.	PUNCT
emaj-57	384	1	7	7	X
emaj-57	384	2	.	.	X
emaj-57	384	3	concluding	conclude	VERB
emaj-57	384	4	remarks	remark	NOUN
emaj-57	384	5	in	in	ADP
emaj-57	384	6	this	this	DET
emaj-57	384	7	study	study	NOUN
emaj-57	384	8	,	,	PUNCT
emaj-57	384	9	the	the	DET
emaj-57	384	10	market	market	NOUN
emaj-57	384	11	over	over	ADP
emaj-57	384	12	reaction	reaction	NOUN
emaj-57	384	13	has	have	AUX
emaj-57	384	14	been	be	AUX
emaj-57	384	15	investigated	investigate	VERB
emaj-57	384	16	during	during	ADP
emaj-57	384	17	the	the	DET
emaj-57	384	18	quarterly	quarterly	ADJ
emaj-57	384	19	earnings	earning	NOUN
emaj-57	384	20	announcements	announcement	NOUN
emaj-57	384	21	.	.	PUNCT
emaj-57	385	1	while	while	SCONJ
emaj-57	385	2	excess	excess	ADJ
emaj-57	385	3	stock	stock	NOUN
emaj-57	385	4	returns	return	NOUN
emaj-57	385	5	around	around	ADP
emaj-57	385	6	this	this	DET
emaj-57	385	7	event	event	NOUN
emaj-57	385	8	have	have	AUX
emaj-57	385	9	already	already	ADV
emaj-57	385	10	been	be	AUX
emaj-57	385	11	evidenced	evidence	VERB
emaj-57	385	12	for	for	ADP
emaj-57	385	13	a	a	DET
emaj-57	385	14	couple	couple	NOUN
emaj-57	385	15	of	of	ADP
emaj-57	385	16	years	year	NOUN
emaj-57	385	17	,	,	PUNCT
emaj-57	385	18	the	the	DET
emaj-57	385	19	present	present	ADJ
emaj-57	385	20	study	study	NOUN
emaj-57	385	21	also	also	ADV
emaj-57	385	22	finds	find	VERB
emaj-57	385	23	out	out	ADP
emaj-57	385	24	that	that	SCONJ
emaj-57	385	25	these	these	DET
emaj-57	385	26	excess	excess	ADJ
emaj-57	385	27	stock	stock	NOUN
emaj-57	385	28	returns	return	NOUN
emaj-57	385	29	change	change	VERB
emaj-57	385	30	depending	depend	VERB
emaj-57	385	31	on	on	ADP
emaj-57	385	32	the	the	DET
emaj-57	385	33	level	level	NOUN
emaj-57	385	34	of	of	ADP
emaj-57	385	35	market	market	NOUN
emaj-57	385	36	volatility	volatility	NOUN
emaj-57	385	37	.	.	PUNCT
emaj-57	386	1	it	it	PRON
emaj-57	386	2	has	have	AUX
emaj-57	386	3	also	also	ADV
emaj-57	386	4	been	be	AUX
emaj-57	386	5	evidenced	evidence	VERB
emaj-57	386	6	that	that	SCONJ
emaj-57	386	7	positive	positive	ADJ
emaj-57	386	8	cars	car	NOUN
emaj-57	386	9	around	around	ADP
emaj-57	386	10	the	the	DET
emaj-57	386	11	event	event	NOUN
emaj-57	386	12	are	be	AUX
emaj-57	386	13	caused	cause	VERB
emaj-57	386	14	by	by	ADP
emaj-57	386	15	periods	period	NOUN
emaj-57	386	16	of	of	ADP
emaj-57	386	17	high	high	ADJ
emaj-57	386	18	volatility	volatility	NOUN
emaj-57	386	19	and	and	CCONJ
emaj-57	386	20	are	be	AUX
emaj-57	386	21	more	more	ADV
emaj-57	386	22	significant	significant	ADJ
emaj-57	386	23	for	for	ADP
emaj-57	386	24	small	small	ADJ
emaj-57	386	25	firms	firm	NOUN
emaj-57	386	26	.	.	PUNCT
emaj-57	387	1	these	these	DET
emaj-57	387	2	events	event	NOUN
emaj-57	387	3	are	be	AUX
emaj-57	387	4	also	also	ADV
emaj-57	387	5	tested	test	VERB
emaj-57	387	6	across	across	ADP
emaj-57	387	7	the	the	DET
emaj-57	387	8	extent	extent	NOUN
emaj-57	387	9	of	of	ADP
emaj-57	387	10	volume	volume	NOUN
emaj-57	387	11	4	4	NUM
emaj-57	387	12	no	no	DET
emaj-57	387	13	1	1	NUM
emaj-57	387	14	(	(	PUNCT
emaj-57	387	15	2014	2014	NUM
emaj-57	387	16	)	)	PUNCT
emaj-57	387	17	|	|	ADV
emaj-57	387	18	issn	issn	VERB
emaj-57	387	19	2158	2158	NUM
emaj-57	387	20	-	-	SYM
emaj-57	387	21	8708	8708	NUM
emaj-57	387	22	(	(	PUNCT
emaj-57	387	23	online	online	NOUN
emaj-57	387	24	)	)	PUNCT
emaj-57	387	25	|	|	ADV
emaj-57	387	26	doi	doi	X
emaj-57	387	27	10.5195	10.5195	NUM
emaj-57	387	28	/	/	SYM
emaj-57	387	29	emaj.2014.57	emaj.2014.57	X
emaj-57	388	1	|	|	ADV
emaj-57	388	2	http://emaj.pitt.edu	http://emaj.pitt.edu	PROPN
emaj-57	388	3	dr.sitangshu	dr.sitangshu	PROPN
emaj-57	388	4	khatua	khatua	PROPN
emaj-57	388	5	,	,	PUNCT
emaj-57	388	6	dr	dr	PROPN
emaj-57	388	7	.	.	PROPN
emaj-57	388	8	hemant	hemant	PROPN
emaj-57	388	9	kumar	kumar	PROPN
emaj-57	388	10	pradhan	pradhan	PROPN
emaj-57	388	11	p	p	PROPN
emaj-57	388	12	a	a	DET
emaj-57	388	13	g	g	NOUN
emaj-57	388	14	e	e	NOUN
emaj-57	388	15	|15|	|15|	NOUN
emaj-57	388	16	emerging	emerge	VERB
emaj-57	388	17	markets	market	NOUN
emaj-57	388	18	journal	journal	NOUN
emaj-57	388	19	information	information	NOUN
emaj-57	388	20	content	content	NOUN
emaj-57	388	21	of	of	ADP
emaj-57	388	22	that	that	DET
emaj-57	388	23	news	news	NOUN
emaj-57	388	24	.	.	PUNCT
emaj-57	389	1	that	that	PRON
emaj-57	389	2	is	be	AUX
emaj-57	389	3	why	why	SCONJ
emaj-57	389	4	,	,	PUNCT
emaj-57	389	5	events	event	NOUN
emaj-57	389	6	are	be	AUX
emaj-57	389	7	categorized	categorize	VERB
emaj-57	389	8	as	as	ADP
emaj-57	389	9	good	good	ADJ
emaj-57	389	10	news	news	NOUN
emaj-57	389	11	,	,	PUNCT
emaj-57	389	12	bad	bad	ADJ
emaj-57	389	13	news	news	NOUN
emaj-57	389	14	and	and	CCONJ
emaj-57	389	15	no	no	DET
emaj-57	389	16	news	news	NOUN
emaj-57	389	17	depending	depend	VERB
emaj-57	389	18	on	on	ADP
emaj-57	389	19	the	the	DET
emaj-57	389	20	extent	extent	NOUN
emaj-57	389	21	of	of	ADP
emaj-57	389	22	variation	variation	NOUN
emaj-57	389	23	from	from	ADP
emaj-57	389	24	actual	actual	ADJ
emaj-57	389	25	and	and	CCONJ
emaj-57	389	26	expected	expect	VERB
emaj-57	389	27	return	return	NOUN
emaj-57	389	28	.	.	PUNCT
emaj-57	390	1	the	the	DET
emaj-57	390	2	present	present	ADJ
emaj-57	390	3	study	study	NOUN
emaj-57	390	4	finds	find	VERB
emaj-57	390	5	that	that	SCONJ
emaj-57	390	6	market	market	NOUN
emaj-57	390	7	overreacts	overreact	NOUN
emaj-57	390	8	more	more	ADV
emaj-57	390	9	on	on	ADP
emaj-57	390	10	any	any	DET
emaj-57	390	11	bad	bad	ADJ
emaj-57	390	12	news	news	NOUN
emaj-57	390	13	than	than	ADP
emaj-57	390	14	in	in	ADP
emaj-57	390	15	any	any	DET
emaj-57	390	16	good	good	ADJ
emaj-57	390	17	news	news	NOUN
emaj-57	390	18	.	.	PUNCT
emaj-57	391	1	it	it	PRON
emaj-57	391	2	proves	prove	VERB
emaj-57	391	3	the	the	DET
emaj-57	391	4	information	information	NOUN
emaj-57	391	5	asymmetry	asymmetry	NOUN
emaj-57	391	6	.	.	PUNCT
emaj-57	392	1	the	the	DET
emaj-57	392	2	outcome	outcome	NOUN
emaj-57	392	3	of	of	ADP
emaj-57	392	4	this	this	DET
emaj-57	392	5	study	study	NOUN
emaj-57	392	6	may	may	AUX
emaj-57	392	7	help	help	VERB
emaj-57	392	8	to	to	PART
emaj-57	392	9	evaluate	evaluate	VERB
emaj-57	392	10	the	the	DET
emaj-57	392	11	extent	extent	NOUN
emaj-57	392	12	of	of	ADP
emaj-57	392	13	informational	informational	ADJ
emaj-57	392	14	content	content	NOUN
emaj-57	392	15	of	of	ADP
emaj-57	392	16	quarterly	quarterly	ADJ
emaj-57	392	17	announcements	announcement	NOUN
emaj-57	392	18	,	,	PUNCT
emaj-57	392	19	and	and	CCONJ
emaj-57	392	20	whether	whether	SCONJ
emaj-57	392	21	the	the	DET
emaj-57	392	22	investors	investor	NOUN
emaj-57	392	23	are	be	AUX
emaj-57	392	24	affected	affect	VERB
emaj-57	392	25	by	by	ADP
emaj-57	392	26	the	the	DET
emaj-57	392	27	various	various	ADJ
emaj-57	392	28	signals	signal	NOUN
emaj-57	392	29	.	.	PUNCT
emaj-57	393	1	it	it	PRON
emaj-57	393	2	may	may	AUX
emaj-57	393	3	so	so	ADV
emaj-57	393	4	happen	happen	VERB
emaj-57	393	5	that	that	SCONJ
emaj-57	393	6	market	market	NOUN
emaj-57	393	7	-	-	PUNCT
emaj-57	393	8	players	player	NOUN
emaj-57	393	9	act	act	VERB
emaj-57	393	10	differently	differently	ADV
emaj-57	393	11	to	to	ADP
emaj-57	393	12	earning	earn	VERB
emaj-57	393	13	announcements	announcement	NOUN
emaj-57	393	14	during	during	ADP
emaj-57	393	15	different	different	ADJ
emaj-57	393	16	market	market	NOUN
emaj-57	393	17	volatility	volatility	NOUN
emaj-57	393	18	conditions	condition	NOUN
emaj-57	393	19	of	of	ADP
emaj-57	393	20	various	various	ADJ
emaj-57	393	21	firms	firm	NOUN
emaj-57	393	22	of	of	ADP
emaj-57	393	23	various	various	ADJ
emaj-57	393	24	sizes	size	NOUN
emaj-57	393	25	in	in	ADP
emaj-57	393	26	different	different	ADJ
emaj-57	393	27	firm	firm	ADJ
emaj-57	393	28	-	-	PUNCT
emaj-57	393	29	specific	specific	ADJ
emaj-57	393	30	newsgood	newsgood	NOUN
emaj-57	393	31	,	,	PUNCT
emaj-57	393	32	bad	bad	ADJ
emaj-57	393	33	or	or	CCONJ
emaj-57	393	34	no	no	DET
emaj-57	393	35	news	news	NOUN
emaj-57	393	36	.	.	PUNCT
emaj-57	394	1	it	it	PRON
emaj-57	394	2	may	may	AUX
emaj-57	394	3	also	also	ADV
emaj-57	394	4	explain	explain	VERB
emaj-57	394	5	the	the	DET
emaj-57	394	6	nature	nature	NOUN
emaj-57	394	7	of	of	ADP
emaj-57	394	8	reaction	reaction	NOUN
emaj-57	394	9	for	for	ADP
emaj-57	394	10	the	the	DET
emaj-57	394	11	case	case	NOUN
emaj-57	394	12	of	of	ADP
emaj-57	394	13	small	small	ADJ
emaj-57	394	14	vs.	vs.	ADP
emaj-57	394	15	large	large	ADJ
emaj-57	394	16	firms	firm	NOUN
emaj-57	394	17	in	in	ADP
emaj-57	394	18	the	the	DET
emaj-57	394	19	most	most	ADV
emaj-57	394	20	advantageous	advantageous	ADJ
emaj-57	394	21	manner	manner	NOUN
emaj-57	394	22	.	.	PUNCT
emaj-57	395	1	the	the	DET
emaj-57	395	2	present	present	ADJ
emaj-57	395	3	study	study	NOUN
emaj-57	395	4	also	also	ADV
emaj-57	395	5	substantiates	substantiate	VERB
emaj-57	395	6	the	the	DET
emaj-57	395	7	policy	policy	NOUN
emaj-57	395	8	recommendation	recommendation	NOUN
emaj-57	395	9	for	for	ADP
emaj-57	395	10	the	the	DET
emaj-57	395	11	market	market	NOUN
emaj-57	395	12	players	player	NOUN
emaj-57	395	13	as	as	ADV
emaj-57	395	14	well	well	ADV
emaj-57	395	15	as	as	ADP
emaj-57	395	16	for	for	ADP
emaj-57	395	17	the	the	DET
emaj-57	395	18	analysts	analyst	NOUN
emaj-57	395	19	in	in	ADP
emaj-57	395	20	estimating	estimate	VERB
emaj-57	395	21	quarterly	quarterly	ADJ
emaj-57	395	22	announcement	announcement	NOUN
emaj-57	395	23	events	event	NOUN
emaj-57	395	24	under	under	ADP
emaj-57	395	25	different	different	ADJ
emaj-57	395	26	market	market	NOUN
emaj-57	395	27	condition	condition	NOUN
emaj-57	395	28	and	and	CCONJ
emaj-57	395	29	different	different	ADJ
emaj-57	395	30	market	market	NOUN
emaj-57	395	31	capitalization	capitalization	NOUN
emaj-57	395	32	value	value	NOUN
emaj-57	395	33	of	of	ADP
emaj-57	395	34	the	the	DET
emaj-57	395	35	firm	firm	NOUN
emaj-57	395	36	.	.	PUNCT
emaj-57	396	1	the	the	DET
emaj-57	396	2	event	event	NOUN
emaj-57	396	3	study	study	NOUN
emaj-57	396	4	mechanism	mechanism	NOUN
emaj-57	396	5	is	be	AUX
emaj-57	396	6	only	only	ADV
emaj-57	396	7	applied	apply	VERB
emaj-57	396	8	on	on	ADP
emaj-57	396	9	mostly	mostly	ADV
emaj-57	396	10	traded	trade	VERB
emaj-57	396	11	stocks	stock	NOUN
emaj-57	396	12	in	in	ADP
emaj-57	396	13	stock	stock	NOUN
emaj-57	396	14	market	market	NOUN
emaj-57	396	15	and	and	CCONJ
emaj-57	396	16	listed	list	VERB
emaj-57	396	17	firms	firm	NOUN
emaj-57	396	18	.	.	PUNCT
emaj-57	397	1	that	that	PRON
emaj-57	397	2	is	be	AUX
emaj-57	397	3	why	why	SCONJ
emaj-57	397	4	,	,	PUNCT
emaj-57	397	5	nse	nse	NOUN
emaj-57	397	6	50	50	NUM
emaj-57	397	7	stocks	stock	NOUN
emaj-57	397	8	are	be	AUX
emaj-57	397	9	chosen	choose	VERB
emaj-57	397	10	for	for	ADP
emaj-57	397	11	experiment	experiment	NOUN
emaj-57	397	12	.	.	PUNCT
emaj-57	398	1	but	but	CCONJ
emaj-57	398	2	generally	generally	ADV
emaj-57	398	3	they	they	PRON
emaj-57	398	4	are	be	AUX
emaj-57	398	5	all	all	ADV
emaj-57	398	6	large	large	ADJ
emaj-57	398	7	or	or	CCONJ
emaj-57	398	8	medium	medium	ADJ
emaj-57	398	9	size	size	NOUN
emaj-57	398	10	firms	firm	NOUN
emaj-57	398	11	.	.	PUNCT
emaj-57	399	1	actual	actual	ADJ
emaj-57	399	2	small	small	ADJ
emaj-57	399	3	size	size	NOUN
emaj-57	399	4	firms	firm	NOUN
emaj-57	399	5	in	in	ADP
emaj-57	399	6	the	the	DET
emaj-57	399	7	samples	sample	NOUN
emaj-57	399	8	are	be	AUX
emaj-57	399	9	not	not	PART
emaj-57	399	10	taken	take	VERB
emaj-57	399	11	into	into	ADP
emaj-57	399	12	consideration	consideration	NOUN
emaj-57	399	13	because	because	SCONJ
emaj-57	399	14	of	of	ADP
emaj-57	399	15	the	the	DET
emaj-57	399	16	above	above	ADJ
emaj-57	399	17	mentioned	mention	VERB
emaj-57	399	18	reason	reason	NOUN
emaj-57	399	19	.	.	PUNCT
emaj-57	400	1	this	this	PRON
emaj-57	400	2	is	be	AUX
emaj-57	400	3	the	the	DET
emaj-57	400	4	major	major	ADJ
emaj-57	400	5	limitation	limitation	NOUN
emaj-57	400	6	of	of	ADP
emaj-57	400	7	the	the	DET
emaj-57	400	8	study	study	NOUN
emaj-57	400	9	.	.	PUNCT
emaj-57	401	1	overlapping	overlap	VERB
emaj-57	401	2	of	of	ADP
emaj-57	401	3	event	event	NOUN
emaj-57	401	4	windows	window	NOUN
emaj-57	401	5	or	or	CCONJ
emaj-57	401	6	confounding	confound	VERB
emaj-57	401	7	effects	effect	NOUN
emaj-57	401	8	are	be	AUX
emaj-57	401	9	eliminated	eliminate	VERB
emaj-57	401	10	to	to	ADP
emaj-57	401	11	some	some	DET
emaj-57	401	12	extent	extent	NOUN
emaj-57	401	13	by	by	ADP
emaj-57	401	14	using	use	VERB
emaj-57	401	15	adjusted	adjust	VERB
emaj-57	401	16	daily	daily	ADJ
emaj-57	401	17	closing	closing	NOUN
emaj-57	401	18	price	price	NOUN
emaj-57	401	19	and	and	CCONJ
emaj-57	401	20	market	market	NOUN
emaj-57	401	21	model	model	NOUN
emaj-57	401	22	.	.	PUNCT
emaj-57	402	1	adjustment	adjustment	NOUN
emaj-57	402	2	for	for	ADP
emaj-57	402	3	other	other	ADJ
emaj-57	402	4	major	major	ADJ
emaj-57	402	5	stock	stock	NOUN
emaj-57	402	6	-	-	PUNCT
emaj-57	402	7	specific	specific	ADJ
emaj-57	402	8	events	event	NOUN
emaj-57	402	9	like	like	ADP
emaj-57	402	10	split	split	NOUN
emaj-57	402	11	,	,	PUNCT
emaj-57	402	12	dividend	dividend	NOUN
emaj-57	402	13	and	and	CCONJ
emaj-57	402	14	bonus	bonus	NOUN
emaj-57	402	15	etc	etc	X
emaj-57	402	16	.	.	X
emaj-57	402	17	are	be	AUX
emaj-57	402	18	already	already	ADV
emaj-57	402	19	taken	take	VERB
emaj-57	402	20	care	care	NOUN
emaj-57	402	21	of	of	ADP
emaj-57	402	22	in	in	ADP
emaj-57	402	23	adjusted	adjust	VERB
emaj-57	402	24	closing	closing	NOUN
emaj-57	402	25	price	price	NOUN
emaj-57	402	26	of	of	ADP
emaj-57	402	27	the	the	DET
emaj-57	402	28	stock	stock	NOUN
emaj-57	402	29	.	.	PUNCT
emaj-57	403	1	when	when	SCONJ
emaj-57	403	2	market	market	NOUN
emaj-57	403	3	model	model	NOUN
emaj-57	403	4	is	be	AUX
emaj-57	403	5	used	use	VERB
emaj-57	403	6	for	for	ADP
emaj-57	403	7	estimated	estimate	VERB
emaj-57	403	8	return	return	NOUN
emaj-57	403	9	,	,	PUNCT
emaj-57	403	10	impact	impact	NOUN
emaj-57	403	11	of	of	ADP
emaj-57	403	12	any	any	DET
emaj-57	403	13	event	event	NOUN
emaj-57	403	14	related	relate	VERB
emaj-57	403	15	to	to	ADP
emaj-57	403	16	the	the	DET
emaj-57	403	17	market	market	NOUN
emaj-57	403	18	is	be	AUX
emaj-57	403	19	also	also	ADV
emaj-57	403	20	eliminated	eliminate	VERB
emaj-57	403	21	.	.	PUNCT
emaj-57	404	1	but	but	CCONJ
emaj-57	404	2	still	still	ADV
emaj-57	404	3	further	further	ADJ
emaj-57	404	4	scope	scope	NOUN
emaj-57	404	5	of	of	ADP
emaj-57	404	6	research	research	NOUN
emaj-57	404	7	is	be	AUX
emaj-57	404	8	there	there	ADV
emaj-57	404	9	to	to	PART
emaj-57	404	10	explore	explore	VERB
emaj-57	404	11	more	more	ADJ
emaj-57	404	12	on	on	ADP
emaj-57	404	13	how	how	SCONJ
emaj-57	404	14	to	to	PART
emaj-57	404	15	evaluate	evaluate	VERB
emaj-57	404	16	the	the	DET
emaj-57	404	17	impact	impact	NOUN
emaj-57	404	18	of	of	ADP
emaj-57	404	19	an	an	DET
emaj-57	404	20	event	event	NOUN
emaj-57	404	21	during	during	ADP
emaj-57	404	22	a	a	DET
emaj-57	404	23	period	period	NOUN
emaj-57	404	24	after	after	ADP
emaj-57	404	25	eliminating	eliminate	VERB
emaj-57	404	26	the	the	DET
emaj-57	404	27	effects	effect	NOUN
emaj-57	404	28	of	of	ADP
emaj-57	404	29	any	any	DET
emaj-57	404	30	other	other	ADJ
emaj-57	404	31	events	event	NOUN
emaj-57	404	32	either	either	CCONJ
emaj-57	404	33	in	in	ADP
emaj-57	404	34	the	the	DET
emaj-57	404	35	firm	firm	NOUN
emaj-57	404	36	or	or	CCONJ
emaj-57	404	37	in	in	ADP
emaj-57	404	38	the	the	DET
emaj-57	404	39	national	national	ADJ
emaj-57	404	40	and	and	CCONJ
emaj-57	404	41	international	international	ADJ
emaj-57	404	42	market	market	NOUN
emaj-57	404	43	.	.	PUNCT
emaj-57	405	1	specially	specially	ADV
emaj-57	405	2	,	,	PUNCT
emaj-57	405	3	in	in	ADP
emaj-57	405	4	this	this	DET
emaj-57	405	5	era	era	NOUN
emaj-57	405	6	of	of	ADP
emaj-57	405	7	globalized	globalize	VERB
emaj-57	405	8	open	open	ADJ
emaj-57	405	9	economy	economy	NOUN
emaj-57	405	10	there	there	PRON
emaj-57	405	11	is	be	VERB
emaj-57	405	12	need	need	NOUN
emaj-57	405	13	of	of	ADP
emaj-57	405	14	evolving	evolve	VERB
emaj-57	405	15	a	a	DET
emaj-57	405	16	sophisticated	sophisticated	ADJ
emaj-57	405	17	statistical	statistical	ADJ
emaj-57	405	18	tool	tool	NOUN
emaj-57	405	19	for	for	ADP
emaj-57	405	20	measuring	measure	VERB
emaj-57	405	21	the	the	DET
emaj-57	405	22	impact	impact	NOUN
emaj-57	405	23	of	of	ADP
emaj-57	405	24	specified	specified	ADJ
emaj-57	405	25	news	news	NOUN
emaj-57	405	26	at	at	ADP
emaj-57	405	27	a	a	DET
emaj-57	405	28	given	give	VERB
emaj-57	405	29	time	time	NOUN
emaj-57	405	30	by	by	ADP
emaj-57	405	31	eliminating	eliminate	VERB
emaj-57	405	32	effects	effect	NOUN
emaj-57	405	33	of	of	ADP
emaj-57	405	34	other	other	ADJ
emaj-57	405	35	news	news	NOUN
emaj-57	405	36	during	during	ADP
emaj-57	405	37	that	that	DET
emaj-57	405	38	particular	particular	ADJ
emaj-57	405	39	time	time	NOUN
emaj-57	405	40	.	.	PUNCT
emaj-57	406	1	this	this	DET
emaj-57	406	2	study	study	NOUN
emaj-57	406	3	can	can	AUX
emaj-57	406	4	be	be	AUX
emaj-57	406	5	further	far	ADV
emaj-57	406	6	explored	explore	VERB
emaj-57	406	7	after	after	ADP
emaj-57	406	8	making	make	VERB
emaj-57	406	9	portfolio	portfolio	NOUN
emaj-57	406	10	of	of	ADP
emaj-57	406	11	various	various	ADJ
emaj-57	406	12	instead	instead	ADV
emaj-57	406	13	of	of	ADP
emaj-57	406	14	individual	individual	ADJ
emaj-57	406	15	stock	stock	NOUN
emaj-57	406	16	.	.	PUNCT
emaj-57	407	1	in	in	ADP
emaj-57	407	2	indian	indian	ADJ
emaj-57	407	3	stock	stock	NOUN
emaj-57	407	4	market	market	NOUN
emaj-57	407	5	presence	presence	NOUN
emaj-57	407	6	of	of	ADP
emaj-57	407	7	noninstitutional	noninstitutional	ADJ
emaj-57	407	8	investors	investor	NOUN
emaj-57	407	9	is	be	AUX
emaj-57	407	10	more	more	ADV
emaj-57	407	11	likely	likely	ADJ
emaj-57	407	12	to	to	PART
emaj-57	407	13	cause	cause	VERB
emaj-57	407	14	noise	noise	NOUN
emaj-57	407	15	in	in	ADP
emaj-57	407	16	pricing	pricing	NOUN
emaj-57	407	17	mechanism	mechanism	NOUN
emaj-57	407	18	,	,	PUNCT
emaj-57	407	19	which	which	PRON
emaj-57	407	20	may	may	AUX
emaj-57	407	21	result	result	VERB
emaj-57	407	22	in	in	ADP
emaj-57	407	23	higher	high	ADJ
emaj-57	407	24	frequency	frequency	NOUN
emaj-57	407	25	of	of	ADP
emaj-57	407	26	stock	stock	NOUN
emaj-57	407	27	price	price	NOUN
emaj-57	407	28	correction	correction	NOUN
emaj-57	407	29	.	.	PUNCT
emaj-57	408	1	there	there	PRON
emaj-57	408	2	are	be	VERB
emaj-57	408	3	further	further	ADJ
emaj-57	408	4	scopes	scope	NOUN
emaj-57	408	5	to	to	PART
emaj-57	408	6	study	study	VERB
emaj-57	408	7	the	the	DET
emaj-57	408	8	impact	impact	NOUN
emaj-57	408	9	of	of	ADP
emaj-57	408	10	the	the	DET
emaj-57	408	11	noises	noise	NOUN
emaj-57	408	12	.	.	PUNCT
emaj-57	409	1	earlier	early	ADJ
emaj-57	409	2	research	research	NOUN
emaj-57	409	3	has	have	AUX
emaj-57	409	4	acknowledged	acknowledge	VERB
emaj-57	409	5	that	that	SCONJ
emaj-57	409	6	quarterly	quarterly	ADJ
emaj-57	409	7	reports	report	NOUN
emaj-57	409	8	endow	endow	VERB
emaj-57	409	9	with	with	ADP
emaj-57	409	10	news	news	NOUN
emaj-57	409	11	not	not	PART
emaj-57	409	12	only	only	ADV
emaj-57	409	13	about	about	ADP
emaj-57	409	14	the	the	DET
emaj-57	409	15	announcing	announce	VERB
emaj-57	409	16	firm	firm	NOUN
emaj-57	409	17	but	but	CCONJ
emaj-57	409	18	also	also	ADV
emaj-57	409	19	about	about	ADP
emaj-57	409	20	peer	peer	NOUN
emaj-57	409	21	-	-	PUNCT
emaj-57	409	22	group	group	NOUN
emaj-57	409	23	firms	firm	NOUN
emaj-57	409	24	in	in	ADP
emaj-57	409	25	the	the	DET
emaj-57	409	26	same	same	ADJ
emaj-57	409	27	industry	industry	NOUN
emaj-57	409	28	.	.	PUNCT
emaj-57	410	1	the	the	DET
emaj-57	410	2	evidence	evidence	NOUN
emaj-57	410	3	of	of	ADP
emaj-57	410	4	intra	intra	ADJ
emaj-57	410	5	-	-	ADJ
emaj-57	410	6	industry	industry	ADJ
emaj-57	410	7	information	information	NOUN
emaj-57	410	8	transfers	transfer	NOUN
emaj-57	410	9	has	have	AUX
emaj-57	410	10	reported	report	VERB
emaj-57	410	11	which	which	PRON
emaj-57	410	12	is	be	AUX
emaj-57	410	13	associated	associate	VERB
emaj-57	410	14	with	with	ADP
emaj-57	410	15	stock	stock	NOUN
emaj-57	410	16	market	market	NOUN
emaj-57	410	17	return	return	NOUN
emaj-57	410	18	anomaly	anomaly	NOUN
emaj-57	410	19	.	.	PUNCT
emaj-57	411	1	it	it	PRON
emaj-57	411	2	is	be	AUX
emaj-57	411	3	observed	observe	VERB
emaj-57	411	4	that	that	SCONJ
emaj-57	411	5	the	the	DET
emaj-57	411	6	stock	stock	NOUN
emaj-57	411	7	price	price	NOUN
emaj-57	411	8	movements	movement	NOUN
emaj-57	411	9	of	of	ADP
emaj-57	411	10	late	late	ADJ
emaj-57	411	11	announcers	announcer	NOUN
emaj-57	411	12	with	with	ADP
emaj-57	411	13	respect	respect	NOUN
emaj-57	411	14	to	to	ADP
emaj-57	411	15	earnings	earning	NOUN
emaj-57	411	16	reported	report	VERB
emaj-57	411	17	by	by	ADP
emaj-57	411	18	early	early	ADJ
emaj-57	411	19	announcers	announcer	NOUN
emaj-57	411	20	are	be	AUX
emaj-57	411	21	negatively	negatively	ADV
emaj-57	411	22	related	relate	VERB
emaj-57	411	23	to	to	ADP
emaj-57	411	24	succeeding	succeed	VERB
emaj-57	411	25	price	price	NOUN
emaj-57	411	26	reactions	reaction	NOUN
emaj-57	411	27	of	of	ADP
emaj-57	411	28	late	late	ADJ
emaj-57	411	29	announcers	announcer	NOUN
emaj-57	411	30	to	to	ADP
emaj-57	411	31	their	their	PRON
emaj-57	411	32	own	own	ADJ
emaj-57	411	33	quarterly	quarterly	ADJ
emaj-57	411	34	results	result	NOUN
emaj-57	411	35	.	.	PUNCT
emaj-57	412	1	in	in	ADP
emaj-57	412	2	fact	fact	NOUN
emaj-57	412	3	the	the	DET
emaj-57	412	4	stock	stock	NOUN
emaj-57	412	5	market	market	NOUN
emaj-57	412	6	overestimates	overestimate	VERB
emaj-57	412	7	the	the	DET
emaj-57	412	8	impact	impact	NOUN
emaj-57	412	9	of	of	ADP
emaj-57	412	10	intraindustry	intraindustry	NOUN
emaj-57	412	11	impact	impact	NOUN
emaj-57	412	12	of	of	ADP
emaj-57	412	13	early	early	ADJ
emaj-57	412	14	announcers	announcer	NOUN
emaj-57	412	15	’	’	PART
emaj-57	412	16	earnings	earning	NOUN
emaj-57	412	17	for	for	ADP
emaj-57	412	18	late	late	ADJ
emaj-57	412	19	announcers	announcer	NOUN
emaj-57	412	20	’	’	PART
emaj-57	412	21	earnings	earning	NOUN
emaj-57	412	22	,	,	PUNCT
emaj-57	412	23	and	and	CCONJ
emaj-57	412	24	that	that	DET
emaj-57	412	25	overestimation	overestimation	NOUN
emaj-57	412	26	is	be	AUX
emaj-57	412	27	corrected	correct	VERB
emaj-57	412	28	when	when	SCONJ
emaj-57	412	29	late	late	ADJ
emaj-57	412	30	announcers	announcer	NOUN
emaj-57	412	31	report	report	VERB
emaj-57	412	32	their	their	PRON
emaj-57	412	33	own	own	ADJ
emaj-57	412	34	earnings	earning	NOUN
emaj-57	412	35	.	.	PUNCT
emaj-57	413	1	the	the	DET
emaj-57	413	2	outcome	outcome	NOUN
emaj-57	413	3	of	of	ADP
emaj-57	413	4	this	this	DET
emaj-57	413	5	study	study	NOUN
emaj-57	413	6	gives	give	VERB
emaj-57	413	7	an	an	DET
emaj-57	413	8	indication	indication	NOUN
emaj-57	413	9	to	to	ADP
emaj-57	413	10	the	the	DET
emaj-57	413	11	analyst	analyst	NOUN
emaj-57	413	12	,	,	PUNCT
emaj-57	413	13	broker	broker	NOUN
emaj-57	413	14	,	,	PUNCT
emaj-57	413	15	investor	investor	NOUN
emaj-57	413	16	,	,	PUNCT
emaj-57	413	17	trader	trader	NOUN
emaj-57	413	18	,	,	PUNCT
emaj-57	413	19	speculator	speculator	NOUN
emaj-57	413	20	about	about	ADP
emaj-57	413	21	the	the	DET
emaj-57	413	22	future	future	ADJ
emaj-57	413	23	actions	action	NOUN
emaj-57	413	24	.	.	PUNCT
emaj-57	414	1	if	if	SCONJ
emaj-57	414	2	a	a	DET
emaj-57	414	3	stock	stock	NOUN
emaj-57	414	4	held	hold	VERB
emaj-57	414	5	for	for	ADP
emaj-57	414	6	long	long	ADJ
emaj-57	414	7	experiences	experience	NOUN
emaj-57	414	8	large	large	ADJ
emaj-57	414	9	positive	positive	ADJ
emaj-57	414	10	return	return	NOUN
emaj-57	414	11	,	,	PUNCT
emaj-57	414	12	holding	hold	VERB
emaj-57	414	13	of	of	ADP
emaj-57	414	14	such	such	ADJ
emaj-57	414	15	should	should	AUX
emaj-57	414	16	reduced	reduce	VERB
emaj-57	414	17	by	by	ADP
emaj-57	414	18	shorting	short	VERB
emaj-57	414	19	the	the	DET
emaj-57	414	20	stock	stock	NOUN
emaj-57	414	21	or	or	CCONJ
emaj-57	414	22	buying	buy	VERB
emaj-57	414	23	put	put	NOUN
emaj-57	414	24	option	option	NOUN
emaj-57	414	25	and	and	CCONJ
emaj-57	414	26	vice	vice	ADV
emaj-57	414	27	versa	versa	ADV
emaj-57	414	28	.	.	PUNCT
emaj-57	415	1	finding	find	VERB
emaj-57	415	2	of	of	ADP
emaj-57	415	3	this	this	DET
emaj-57	415	4	study	study	NOUN
emaj-57	415	5	encompasses	encompass	VERB
emaj-57	415	6	strong	strong	ADJ
emaj-57	415	7	implications	implication	NOUN
emaj-57	415	8	for	for	ADP
emaj-57	415	9	investor	investor	NOUN
emaj-57	415	10	analysts	analyst	NOUN
emaj-57	415	11	,	,	PUNCT
emaj-57	415	12	mutual	mutual	ADJ
emaj-57	415	13	fund	fund	NOUN
emaj-57	415	14	managers	manager	NOUN
emaj-57	415	15	as	as	ADV
emaj-57	415	16	well	well	ADV
emaj-57	415	17	as	as	ADP
emaj-57	415	18	small	small	ADJ
emaj-57	415	19	investors	investor	NOUN
emaj-57	415	20	who	who	PRON
emaj-57	415	21	are	be	AUX
emaj-57	415	22	continually	continually	ADV
emaj-57	415	23	engaged	engage	VERB
emaj-57	415	24	in	in	ADP
emaj-57	415	25	designing	design	VERB
emaj-57	415	26	a	a	DET
emaj-57	415	27	trading	trading	NOUN
emaj-57	415	28	strategy	strategy	NOUN
emaj-57	415	29	.	.	PUNCT
emaj-57	416	1	as	as	SCONJ
emaj-57	416	2	mentioned	mention	VERB
emaj-57	416	3	in	in	ADP
emaj-57	416	4	the	the	DET
emaj-57	416	5	introduction	introduction	NOUN
emaj-57	416	6	of	of	ADP
emaj-57	416	7	this	this	DET
emaj-57	416	8	study	study	NOUN
emaj-57	416	9	,	,	PUNCT
emaj-57	416	10	this	this	DET
emaj-57	416	11	research	research	NOUN
emaj-57	416	12	was	be	AUX
emaj-57	416	13	initiated	initiate	VERB
emaj-57	416	14	to	to	PART
emaj-57	416	15	contribute	contribute	VERB
emaj-57	416	16	to	to	ADP
emaj-57	416	17	the	the	DET
emaj-57	416	18	existing	exist	VERB
emaj-57	416	19	literature	literature	NOUN
emaj-57	416	20	on	on	ADP
emaj-57	416	21	overreaction	overreaction	NOUN
emaj-57	416	22	and	and	CCONJ
emaj-57	416	23	event	event	NOUN
emaj-57	416	24	study	study	NOUN
emaj-57	416	25	,	,	PUNCT
emaj-57	416	26	to	to	PART
emaj-57	416	27	offer	offer	VERB
emaj-57	416	28	insights	insight	NOUN
emaj-57	416	29	to	to	ADP
emaj-57	416	30	the	the	DET
emaj-57	416	31	traders	trader	NOUN
emaj-57	416	32	and	and	CCONJ
emaj-57	416	33	institutional	institutional	ADJ
emaj-57	416	34	investors	investor	NOUN
emaj-57	416	35	and	and	CCONJ
emaj-57	416	36	to	to	PART
emaj-57	416	37	provide	provide	VERB
emaj-57	416	38	macro	macro	ADJ
emaj-57	416	39	level	level	NOUN
emaj-57	416	40	inputs	input	NOUN
emaj-57	416	41	to	to	ADP
emaj-57	416	42	the	the	DET
emaj-57	416	43	policy	policy	NOUN
emaj-57	416	44	makers	maker	NOUN
emaj-57	416	45	.	.	PUNCT
emaj-57	417	1	within	within	ADP
emaj-57	417	2	the	the	DET
emaj-57	417	3	limitation	limitation	NOUN
emaj-57	417	4	,	,	PUNCT
emaj-57	417	5	it	it	PRON
emaj-57	417	6	is	be	AUX
emaj-57	417	7	expected	expect	VERB
emaj-57	417	8	that	that	SCONJ
emaj-57	417	9	the	the	DET
emaj-57	417	10	target	target	NOUN
emaj-57	417	11	has	have	AUX
emaj-57	417	12	been	be	AUX
emaj-57	417	13	achieved	achieve	VERB
emaj-57	417	14	to	to	ADP
emaj-57	417	15	a	a	DET
emaj-57	417	16	reasonable	reasonable	ADJ
emaj-57	417	17	extent	extent	NOUN
emaj-57	417	18	.	.	PUNCT
emaj-57	418	1	however	however	ADV
emaj-57	418	2	,	,	PUNCT
emaj-57	418	3	that	that	SCONJ
emaj-57	418	4	there	there	PRON
emaj-57	418	5	are	be	VERB
emaj-57	418	6	other	other	ADJ
emaj-57	418	7	explanations	explanation	NOUN
emaj-57	418	8	also	also	ADV
emaj-57	418	9	and	and	CCONJ
emaj-57	418	10	encourage	encourage	VERB
emaj-57	418	11	future	future	ADJ
emaj-57	418	12	research	research	NOUN
emaj-57	418	13	to	to	PART
emaj-57	418	14	construct	construct	VERB
emaj-57	418	15	over	over	ADP
emaj-57	418	16	and	and	CCONJ
emaj-57	418	17	above	above	ADP
emaj-57	418	18	what	what	PRON
emaj-57	418	19	has	have	AUX
emaj-57	418	20	been	be	AUX
emaj-57	418	21	build	build	VERB
emaj-57	418	22	up	up	ADP
emaj-57	418	23	in	in	ADP
emaj-57	418	24	the	the	DET
emaj-57	418	25	present	present	ADJ
emaj-57	418	26	study	study	NOUN
emaj-57	418	27	.	.	PUNCT
emaj-57	419	1	references	reference	NOUN
emaj-57	419	2	atiase	atiase	PROPN
emaj-57	419	3	,	,	PUNCT
emaj-57	419	4	r.	r.	PROPN
emaj-57	419	5	k.	k.	PROPN
emaj-57	419	6	,	,	PUNCT
emaj-57	419	7	1985	1985	NUM
emaj-57	419	8	.	.	PUNCT
emaj-57	420	1	pre	pre	ADJ
emaj-57	420	2	-	-	ADJ
emaj-57	420	3	disclosure	disclosure	ADJ
emaj-57	420	4	information	information	NOUN
emaj-57	420	5	,	,	PUNCT
emaj-57	420	6	firm	firm	ADJ
emaj-57	420	7	capitalization	capitalization	NOUN
emaj-57	420	8	,	,	PUNCT
emaj-57	420	9	and	and	CCONJ
emaj-57	420	10	security	security	NOUN
emaj-57	420	11	price	price	NOUN
emaj-57	420	12	behavior	behavior	NOUN
emaj-57	420	13	around	around	ADP
emaj-57	420	14	earnings	earning	NOUN
emaj-57	420	15	announcement	announcement	NOUN
emaj-57	420	16	.	.	PUNCT
emaj-57	421	1	journal	journal	NOUN
emaj-57	421	2	of	of	ADP
emaj-57	421	3	accounting	accounting	NOUN
emaj-57	421	4	research	research	NOUN
emaj-57	421	5	.	.	PUNCT
emaj-57	422	1	23	23	NUM
emaj-57	422	2	,	,	PUNCT
emaj-57	422	3	21	21	NUM
emaj-57	422	4	-	-	SYM
emaj-57	422	5	36	36	NUM
emaj-57	422	6	.	.	PUNCT
emaj-57	423	1	ball	ball	PROPN
emaj-57	423	2	,	,	PUNCT
emaj-57	423	3	r.	r.	PROPN
emaj-57	423	4	,	,	PUNCT
emaj-57	423	5	brown	brown	PROPN
emaj-57	423	6	,	,	PUNCT
emaj-57	423	7	p.	p.	NOUN
emaj-57	423	8	,	,	PUNCT
emaj-57	423	9	1968	1968	NUM
emaj-57	423	10	.	.	PUNCT
emaj-57	424	1	an	an	DET
emaj-57	424	2	empirical	empirical	ADJ
emaj-57	424	3	evolution	evolution	NOUN
emaj-57	424	4	of	of	ADP
emaj-57	424	5	accounting	accounting	NOUN
emaj-57	424	6	income	income	NOUN
emaj-57	424	7	numbers	number	NOUN
emaj-57	424	8	.	.	PUNCT
emaj-57	425	1	journal	journal	NOUN
emaj-57	425	2	of	of	ADP
emaj-57	425	3	accounting	accounting	NOUN
emaj-57	425	4	research	research	NOUN
emaj-57	425	5	.	.	PUNCT
emaj-57	426	1	6(2	6(2	NUM
emaj-57	426	2	)	)	PUNCT
emaj-57	426	3	,	,	PUNCT
emaj-57	426	4	159	159	NUM
emaj-57	426	5	-	-	SYM
emaj-57	426	6	178	178	NUM
emaj-57	426	7	.	.	PUNCT
emaj-57	427	1	ball	ball	PROPN
emaj-57	427	2	,	,	PUNCT
emaj-57	427	3	r.	r.	PROPN
emaj-57	427	4	,	,	PUNCT
emaj-57	427	5	kothari	kothari	PROPN
emaj-57	427	6	,	,	PUNCT
emaj-57	427	7	s.p	s.p	PROPN
emaj-57	427	8	.	.	PROPN
emaj-57	427	9	,	,	PUNCT
emaj-57	427	10	1991	1991	NUM
emaj-57	427	11	.	.	PUNCT
emaj-57	428	1	security	security	NOUN
emaj-57	428	2	returns	return	NOUN
emaj-57	428	3	around	around	ADP
emaj-57	428	4	earnings	earning	NOUN
emaj-57	428	5	announcements	announcement	NOUN
emaj-57	428	6	.	.	PUNCT
emaj-57	429	1	the	the	DET
emaj-57	429	2	accounting	accounting	NOUN
emaj-57	429	3	review	review	NOUN
emaj-57	429	4	.	.	PUNCT
emaj-57	430	1	66(4	66(4	NUM
emaj-57	430	2	)	)	PUNCT
emaj-57	430	3	,	,	PUNCT
emaj-57	430	4	718	718	NUM
emaj-57	430	5	-	-	SYM
emaj-57	430	6	738	738	NUM
emaj-57	430	7	.	.	PUNCT
emaj-57	431	1	barberis	barberis	PROPN
emaj-57	431	2	,	,	PUNCT
emaj-57	431	3	n.	n.	NOUN
emaj-57	431	4	,	,	PUNCT
emaj-57	431	5	shleifer	shleifer	PROPN
emaj-57	431	6	,	,	PUNCT
emaj-57	431	7	a.	a.	PROPN
emaj-57	431	8	,	,	PUNCT
emaj-57	431	9	vishny	vishny	PROPN
emaj-57	431	10	,	,	PUNCT
emaj-57	431	11	r.w	r.w	PROPN
emaj-57	431	12	.	.	PROPN
emaj-57	431	13	,	,	PUNCT
emaj-57	431	14	1998	1998	NUM
emaj-57	431	15	.	.	PUNCT
emaj-57	432	1	a	a	DET
emaj-57	432	2	model	model	NOUN
emaj-57	432	3	of	of	ADP
emaj-57	432	4	investor	investor	NOUN
emaj-57	432	5	sentiment	sentiment	NOUN
emaj-57	432	6	.	.	PUNCT
emaj-57	433	1	journal	journal	NOUN
emaj-57	433	2	of	of	ADP
emaj-57	433	3	financial	financial	ADJ
emaj-57	433	4	economics	economic	NOUN
emaj-57	433	5	.	.	PUNCT
emaj-57	434	1	49	49	NUM
emaj-57	434	2	,	,	PUNCT
emaj-57	434	3	307	307	NUM
emaj-57	434	4	-	-	SYM
emaj-57	434	5	343	343	NUM
emaj-57	434	6	.	.	PUNCT
emaj-57	435	1	beneish	beneish	PROPN
emaj-57	435	2	,	,	PUNCT
emaj-57	435	3	m.	m.	PROPN
emaj-57	435	4	d.	d.	PROPN
emaj-57	435	5	,	,	PUNCT
emaj-57	435	6	whaley	whaley	PROPN
emaj-57	435	7	,	,	PUNCT
emaj-57	435	8	r.	r.	PROPN
emaj-57	435	9	e.	e.	PROPN
emaj-57	435	10	,	,	PUNCT
emaj-57	435	11	1996	1996	NUM
emaj-57	435	12	.	.	PUNCT
emaj-57	436	1	an	an	DET
emaj-57	436	2	anatomy	anatomy	NOUN
emaj-57	436	3	of	of	ADP
emaj-57	436	4	the	the	DET
emaj-57	436	5	"	"	PUNCT
emaj-57	436	6	s&p	s&p	PROPN
emaj-57	436	7	game":the	game":the	DET
emaj-57	436	8	effects	effect	NOUN
emaj-57	436	9	of	of	ADP
emaj-57	436	10	changing	change	VERB
emaj-57	436	11	the	the	DET
emaj-57	436	12	rules	rule	NOUN
emaj-57	436	13	.	.	PUNCT
emaj-57	437	1	the	the	DET
emaj-57	437	2	journal	journal	NOUN
emaj-57	437	3	of	of	ADP
emaj-57	437	4	finance	finance	NOUN
emaj-57	437	5	.	.	PUNCT
emaj-57	438	1	51(5	51(5	NUM
emaj-57	438	2	)	)	PUNCT
emaj-57	438	3	,	,	PUNCT
emaj-57	438	4	1909	1909	NUM
emaj-57	438	5	-	-	SYM
emaj-57	438	6	1930	1930	NUM
emaj-57	438	7	.	.	PUNCT
emaj-57	439	1	bernard	bernard	PROPN
emaj-57	439	2	,	,	PUNCT
emaj-57	439	3	v.l	v.l	PROPN
emaj-57	439	4	.	.	PROPN
emaj-57	439	5	,	,	PUNCT
emaj-57	439	6	thomas	thomas	PROPN
emaj-57	439	7	,	,	PUNCT
emaj-57	439	8	j.k	j.k	PROPN
emaj-57	439	9	.	.	PROPN
emaj-57	439	10	,	,	PUNCT
emaj-57	439	11	1990	1990	NUM
emaj-57	439	12	.	.	PUNCT
emaj-57	440	1	evidence	evidence	NOUN
emaj-57	440	2	that	that	SCONJ
emaj-57	440	3	stock	stock	NOUN
emaj-57	440	4	markets	market	NOUN
emaj-57	440	5	do	do	AUX
emaj-57	440	6	not	not	PART
emaj-57	440	7	fully	fully	ADV
emaj-57	440	8	reflect	reflect	VERB
emaj-57	440	9	the	the	DET
emaj-57	440	10	implications	implication	NOUN
emaj-57	440	11	of	of	ADP
emaj-57	440	12	current	current	ADJ
emaj-57	440	13	earnings	earning	NOUN
emaj-57	440	14	for	for	ADP
emaj-57	440	15	future	future	ADJ
emaj-57	440	16	earnings	earning	NOUN
emaj-57	440	17	.	.	PUNCT
emaj-57	441	1	journal	journal	NOUN
emaj-57	441	2	of	of	ADP
emaj-57	441	3	accounting	accounting	PROPN
emaj-57	441	4	economics.13	economics.13	PROPN
emaj-57	441	5	,	,	PUNCT
emaj-57	441	6	305	305	NUM
emaj-57	441	7	-	-	SYM
emaj-57	441	8	340	340	NUM
emaj-57	441	9	.	.	PUNCT
emaj-57	442	1	boyd	boyd	PROPN
emaj-57	442	2	,	,	PUNCT
emaj-57	442	3	j.	j.	PROPN
emaj-57	442	4	h.	h.	PROPN
emaj-57	442	5	,	,	PUNCT
emaj-57	442	6	hu	hu	PROPN
emaj-57	442	7	,	,	PUNCT
emaj-57	442	8	j.	j.	PROPN
emaj-57	442	9	,	,	PUNCT
emaj-57	442	10	jagannathan	jagannathan	PROPN
emaj-57	442	11	,	,	PUNCT
emaj-57	442	12	r.	r.	PROPN
emaj-57	442	13	,	,	PUNCT
emaj-57	442	14	2001	2001	NUM
emaj-57	442	15	.	.	PUNCT
emaj-57	443	1	the	the	DET
emaj-57	443	2	stock	stock	NOUN
emaj-57	443	3	market	market	NOUN
emaj-57	443	4	’s	’s	PART
emaj-57	443	5	reaction	reaction	NOUN
emaj-57	443	6	to	to	ADP
emaj-57	443	7	unemployment	unemployment	NOUN
emaj-57	443	8	news	news	NOUN
emaj-57	443	9	:	:	PUNCT
emaj-57	443	10	why	why	SCONJ
emaj-57	443	11	bad	bad	ADJ
emaj-57	443	12	news	news	NOUN
emaj-57	443	13	is	be	AUX
emaj-57	443	14	usually	usually	ADV
emaj-57	443	15	good	good	ADJ
emaj-57	443	16	for	for	ADP
emaj-57	443	17	stocks	stock	NOUN
emaj-57	443	18	?	?	PUNCT
emaj-57	444	1	working	work	VERB
emaj-57	444	2	paper	paper	NOUN
emaj-57	444	3	,	,	PUNCT
emaj-57	444	4	university	university	PROPN
emaj-57	444	5	of	of	ADP
emaj-57	444	6	minnesota	minnesota	PROPN
emaj-57	444	7	,	,	PUNCT
emaj-57	444	8	minneapolis	minneapolis	PROPN
emaj-57	444	9	.	.	PUNCT
emaj-57	445	1	volume	volume	NOUN
emaj-57	445	2	4	4	NUM
emaj-57	445	3	no	no	DET
emaj-57	445	4	1	1	NUM
emaj-57	445	5	(	(	PUNCT
emaj-57	445	6	2014	2014	NUM
emaj-57	445	7	)	)	PUNCT
emaj-57	445	8	|	|	ADV
emaj-57	445	9	issn	issn	VERB
emaj-57	445	10	2158	2158	NUM
emaj-57	445	11	-	-	SYM
emaj-57	445	12	8708	8708	NUM
emaj-57	445	13	(	(	PUNCT
emaj-57	445	14	online	online	NOUN
emaj-57	445	15	)	)	PUNCT
emaj-57	445	16	|	|	ADV
emaj-57	445	17	doi	doi	X
emaj-57	445	18	10.5195	10.5195	NUM
emaj-57	445	19	/	/	SYM
emaj-57	445	20	emaj.2014.57	emaj.2014.57	X
emaj-57	446	1	|	|	ADV
emaj-57	446	2	http://emaj.pitt.edu	http://emaj.pitt.edu	AUX
emaj-57	446	3	examining	examine	VERB
emaj-57	446	4	overreaction	overreaction	NOUN
emaj-57	446	5	in	in	ADP
emaj-57	446	6	indian	indian	ADJ
emaj-57	446	7	stock	stock	NOUN
emaj-57	446	8	market	market	NOUN
emaj-57	446	9	for	for	ADP
emaj-57	446	10	quarterly	quarterly	ADJ
emaj-57	446	11	news	news	NOUN
emaj-57	446	12	emerging	emerge	VERB
emaj-57	446	13	markets	market	NOUN
emaj-57	446	14	journal	journal	NOUN
emaj-57	446	15	|	|	ADV
emaj-57	446	16	p	p	NOUN
emaj-57	446	17	a	a	DET
emaj-57	446	18	g	g	NOUN
emaj-57	446	19	e	e	PROPN
emaj-57	446	20	|16	|16	CCONJ
emaj-57	446	21	chan	chan	PROPN
emaj-57	446	22	,	,	PUNCT
emaj-57	446	23	w.	w.	PROPN
emaj-57	446	24	s.	s.	PROPN
emaj-57	446	25	,	,	PUNCT
emaj-57	446	26	frankel	frankel	PROPN
emaj-57	446	27	,	,	PUNCT
emaj-57	446	28	r.	r.	PROPN
emaj-57	446	29	,	,	PUNCT
emaj-57	446	30	kothari	kothari	PROPN
emaj-57	446	31	,	,	PUNCT
emaj-57	446	32	s.p	s.p	PROPN
emaj-57	446	33	.	.	PROPN
emaj-57	446	34	,	,	PUNCT
emaj-57	446	35	2004	2004	NUM
emaj-57	446	36	.	.	PUNCT
emaj-57	447	1	testing	test	VERB
emaj-57	447	2	behavioral	behavioral	ADJ
emaj-57	447	3	finance	finance	NOUN
emaj-57	447	4	theories	theory	NOUN
emaj-57	447	5	using	use	VERB
emaj-57	447	6	trends	trend	NOUN
emaj-57	447	7	and	and	CCONJ
emaj-57	447	8	consistency	consistency	NOUN
emaj-57	447	9	in	in	ADP
emaj-57	447	10	financial	financial	ADJ
emaj-57	447	11	performance	performance	NOUN
emaj-57	447	12	.	.	PUNCT
emaj-57	448	1	journal	journal	NOUN
emaj-57	448	2	of	of	ADP
emaj-57	448	3	accounting	accounting	NOUN
emaj-57	448	4	and	and	CCONJ
emaj-57	448	5	economics	economic	NOUN
emaj-57	448	6	.	.	PUNCT
emaj-57	449	1	38	38	NUM
emaj-57	449	2	,	,	PUNCT
emaj-57	449	3	3	3	NUM
emaj-57	449	4	-	-	SYM
emaj-57	449	5	50	50	NUM
emaj-57	449	6	.	.	PUNCT
emaj-57	450	1	da	da	PROPN
emaj-57	450	2	costa	costa	PROPN
emaj-57	450	3	,	,	PUNCT
emaj-57	450	4	n.	n.	PROPN
emaj-57	450	5	jr	jr	PROPN
emaj-57	450	6	.	.	PROPN
emaj-57	450	7	,1994	,1994	PUNCT
emaj-57	450	8	.	.	PUNCT
emaj-57	451	1	overreaction	overreaction	NOUN
emaj-57	451	2	in	in	ADP
emaj-57	451	3	the	the	DET
emaj-57	451	4	brazilian	brazilian	ADJ
emaj-57	451	5	stock	stock	NOUN
emaj-57	451	6	market	market	NOUN
emaj-57	451	7	.	.	PUNCT
emaj-57	452	1	journal	journal	NOUN
emaj-57	452	2	of	of	ADP
emaj-57	452	3	banking	banking	NOUN
emaj-57	452	4	and	and	CCONJ
emaj-57	452	5	finance.19	finance.19	NOUN
emaj-57	452	6	,	,	PUNCT
emaj-57	452	7	633–642	633–642	NUM
emaj-57	452	8	.	.	PUNCT
emaj-57	453	1	deangelo	deangelo	PROPN
emaj-57	453	2	,	,	PUNCT
emaj-57	453	3	h.	h.	PROPN
emaj-57	453	4	,	,	PUNCT
emaj-57	453	5	deangelo	deangelo	PROPN
emaj-57	453	6	,	,	PUNCT
emaj-57	453	7	l.	l.	PROPN
emaj-57	453	8	,	,	PUNCT
emaj-57	453	9	rice	rice	PROPN
emaj-57	453	10	,	,	PUNCT
emaj-57	453	11	e.	e.	PROPN
emaj-57	453	12	,	,	PUNCT
emaj-57	453	13	1984	1984	NUM
emaj-57	453	14	.	.	PUNCT
emaj-57	454	1	going	go	VERB
emaj-57	454	2	private	private	ADJ
emaj-57	454	3	:	:	PUNCT
emaj-57	454	4	minority	minority	NOUN
emaj-57	454	5	freeze	freeze	VERB
emaj-57	454	6	out	out	ADP
emaj-57	454	7	and	and	CCONJ
emaj-57	454	8	stock	stock	NOUN
emaj-57	454	9	holders	holder	NOUN
emaj-57	454	10	wealth	wealth	NOUN
emaj-57	454	11	.	.	PUNCT
emaj-57	455	1	journal	journal	PROPN
emaj-57	455	2	of	of	ADP
emaj-57	455	3	law	law	NOUN
emaj-57	455	4	and	and	CCONJ
emaj-57	455	5	economics	economic	NOUN
emaj-57	455	6	.	.	PUNCT
emaj-57	456	1	27(2	27(2	NUM
emaj-57	456	2	)	)	PUNCT
emaj-57	456	3	,	,	PUNCT
emaj-57	456	4	367	367	NUM
emaj-57	456	5	-	-	SYM
emaj-57	456	6	401	401	NUM
emaj-57	456	7	.	.	PUNCT
emaj-57	456	8	de	de	PROPN
emaj-57	456	9	bondt	bondt	PROPN
emaj-57	456	10	,	,	PUNCT
emaj-57	456	11	w.	w.	PROPN
emaj-57	456	12	,	,	PUNCT
emaj-57	456	13	thaler	thaler	PROPN
emaj-57	456	14	,	,	PUNCT
emaj-57	456	15	r.	r.	PROPN
emaj-57	456	16	,	,	PUNCT
emaj-57	456	17	1985	1985	NUM
emaj-57	456	18	.	.	PUNCT
emaj-57	457	1	does	do	AUX
emaj-57	457	2	the	the	DET
emaj-57	457	3	stock	stock	NOUN
emaj-57	457	4	market	market	NOUN
emaj-57	457	5	overact	overact	ADJ
emaj-57	457	6	?	?	PUNCT
emaj-57	457	7	journal	journal	NOUN
emaj-57	457	8	of	of	ADP
emaj-57	457	9	finance	finance	NOUN
emaj-57	457	10	.	.	PUNCT
emaj-57	458	1	40	40	NUM
emaj-57	458	2	,	,	PUNCT
emaj-57	458	3	793	793	NUM
emaj-57	458	4	-	-	SYM
emaj-57	458	5	808	808	NUM
emaj-57	458	6	.	.	PUNCT
emaj-57	458	7	docking	docking	NOUN
emaj-57	458	8	,	,	PUNCT
emaj-57	458	9	d.s	d.s	PROPN
emaj-57	458	10	.	.	PROPN
emaj-57	458	11	,	,	PUNCT
emaj-57	458	12	koch	koch	PROPN
emaj-57	458	13	,	,	PUNCT
emaj-57	458	14	p.	p.	PROPN
emaj-57	458	15	d.	d.	PROPN
emaj-57	458	16	,	,	PUNCT
emaj-57	458	17	2005	2005	NUM
emaj-57	458	18	.	.	PUNCT
emaj-57	459	1	sensitivity	sensitivity	NOUN
emaj-57	459	2	of	of	ADP
emaj-57	459	3	investor	investor	NOUN
emaj-57	459	4	reaction	reaction	NOUN
emaj-57	459	5	to	to	ADP
emaj-57	459	6	market	market	NOUN
emaj-57	459	7	direction	direction	NOUN
emaj-57	459	8	and	and	CCONJ
emaj-57	459	9	volatility	volatility	NOUN
emaj-57	459	10	:	:	PUNCT
emaj-57	459	11	dividend	dividend	NOUN
emaj-57	459	12	change	change	NOUN
emaj-57	459	13	announcement	announcement	NOUN
emaj-57	459	14	.	.	PUNCT
emaj-57	460	1	the	the	DET
emaj-57	460	2	journal	journal	NOUN
emaj-57	460	3	of	of	ADP
emaj-57	460	4	financial	financial	ADJ
emaj-57	460	5	research	research	NOUN
emaj-57	460	6	,	,	PUNCT
emaj-57	460	7	28(1	28(1	NOUN
emaj-57	460	8	)	)	PUNCT
emaj-57	460	9	,	,	PUNCT
emaj-57	460	10	21	21	NUM
emaj-57	460	11	-	-	SYM
emaj-57	460	12	40	40	NUM
emaj-57	460	13	.	.	PUNCT
emaj-57	461	1	fama	fama	PROPN
emaj-57	461	2	,	,	PUNCT
emaj-57	461	3	e.	e.	PROPN
emaj-57	461	4	,	,	PUNCT
emaj-57	461	5	fisher	fisher	PROPN
emaj-57	461	6	,	,	PUNCT
emaj-57	461	7	l.	l.	PROPN
emaj-57	461	8	,	,	PUNCT
emaj-57	461	9	jensen	jensen	PROPN
emaj-57	461	10	,	,	PUNCT
emaj-57	461	11	m.	m.	PROPN
emaj-57	461	12	c.	c.	PROPN
emaj-57	461	13	,	,	PUNCT
emaj-57	461	14	roll	roll	NOUN
emaj-57	461	15	,	,	PUNCT
emaj-57	461	16	r.	r.	PROPN
emaj-57	461	17	,	,	PUNCT
emaj-57	461	18	1969	1969	NUM
emaj-57	461	19	.	.	PUNCT
emaj-57	462	1	the	the	DET
emaj-57	462	2	adjustment	adjustment	NOUN
emaj-57	462	3	of	of	ADP
emaj-57	462	4	stock	stock	NOUN
emaj-57	462	5	prices	price	NOUN
emaj-57	462	6	to	to	ADP
emaj-57	462	7	new	new	ADJ
emaj-57	462	8	information	information	NOUN
emaj-57	462	9	.	.	PUNCT
emaj-57	463	1	international	international	ADJ
emaj-57	463	2	economic	economic	ADJ
emaj-57	463	3	review.10(1	review.10(1	NOUN
emaj-57	463	4	)	)	PUNCT
emaj-57	463	5	,	,	PUNCT
emaj-57	463	6	1	1	NUM
emaj-57	463	7	-	-	SYM
emaj-57	463	8	21	21	NUM
emaj-57	463	9	.	.	PUNCT
emaj-57	464	1	foster	foster	PROPN
emaj-57	464	2	,	,	PUNCT
emaj-57	464	3	g.	g.	PROPN
emaj-57	464	4	,	,	PUNCT
emaj-57	464	5	1981	1981	NUM
emaj-57	464	6	.	.	PUNCT
emaj-57	465	1	intra	intra	ADJ
emaj-57	465	2	-	-	ADJ
emaj-57	465	3	industry	industry	ADJ
emaj-57	465	4	information	information	NOUN
emaj-57	465	5	transfers	transfer	NOUN
emaj-57	465	6	associated	associate	VERB
emaj-57	465	7	with	with	ADP
emaj-57	465	8	earnings	earning	NOUN
emaj-57	465	9	releases	release	NOUN
emaj-57	465	10	.	.	PUNCT
emaj-57	466	1	journal	journal	NOUN
emaj-57	466	2	of	of	ADP
emaj-57	466	3	accounting	accounting	NOUN
emaj-57	466	4	and	and	CCONJ
emaj-57	466	5	economics	economic	NOUN
emaj-57	466	6	.	.	PUNCT
emaj-57	467	1	3	3	NUM
emaj-57	467	2	,	,	PUNCT
emaj-57	467	3	201	201	NUM
emaj-57	467	4	-	-	SYM
emaj-57	467	5	232	232	NUM
emaj-57	467	6	.	.	PUNCT
emaj-57	468	1	freeman	freeman	PROPN
emaj-57	468	2	,	,	PUNCT
emaj-57	468	3	r.	r.	PROPN
emaj-57	468	4	,	,	PUNCT
emaj-57	468	5	1987	1987	NUM
emaj-57	468	6	.	.	PUNCT
emaj-57	469	1	the	the	DET
emaj-57	469	2	association	association	NOUN
emaj-57	469	3	between	between	ADP
emaj-57	469	4	accounting	accounting	NOUN
emaj-57	469	5	earnings	earning	NOUN
emaj-57	469	6	and	and	CCONJ
emaj-57	469	7	security	security	NOUN
emaj-57	469	8	returns	return	NOUN
emaj-57	469	9	for	for	ADP
emaj-57	469	10	large	large	ADJ
emaj-57	469	11	and	and	CCONJ
emaj-57	469	12	small	small	ADJ
emaj-57	469	13	firms	firm	NOUN
emaj-57	469	14	.	.	PUNCT
emaj-57	470	1	journal	journal	NOUN
emaj-57	470	2	of	of	ADP
emaj-57	470	3	accounting	accounting	NOUN
emaj-57	470	4	and	and	CCONJ
emaj-57	470	5	economics	economic	NOUN
emaj-57	470	6	.	.	PUNCT
emaj-57	471	1	9	9	NUM
emaj-57	471	2	,	,	PUNCT
emaj-57	471	3	195	195	NUM
emaj-57	471	4	-	-	SYM
emaj-57	471	5	222	222	NUM
emaj-57	471	6	.	.	PUNCT
emaj-57	472	1	freeman	freeman	PROPN
emaj-57	472	2	,	,	PUNCT
emaj-57	472	3	r.	r.	PROPN
emaj-57	472	4	,	,	PUNCT
emaj-57	472	5	tse	tse	PROPN
emaj-57	472	6	,	,	PUNCT
emaj-57	472	7	s.	s.	PROPN
emaj-57	472	8	,	,	PUNCT
emaj-57	472	9	1992	1992	NUM
emaj-57	472	10	.	.	PUNCT
emaj-57	473	1	an	an	DET
emaj-57	473	2	earnings	earning	NOUN
emaj-57	473	3	prediction	prediction	NOUN
emaj-57	473	4	approach	approach	NOUN
emaj-57	473	5	to	to	ADP
emaj-57	473	6	examining	examine	VERB
emaj-57	473	7	intercompany	intercompany	NOUN
emaj-57	473	8	information	information	NOUN
emaj-57	473	9	transfers	transfer	NOUN
emaj-57	473	10	.	.	PUNCT
emaj-57	474	1	journal	journal	NOUN
emaj-57	474	2	of	of	ADP
emaj-57	474	3	accounting	accounting	NOUN
emaj-57	474	4	and	and	CCONJ
emaj-57	474	5	economics	economic	NOUN
emaj-57	474	6	.	.	PUNCT
emaj-57	475	1	15	15	NUM
emaj-57	475	2	,	,	PUNCT
emaj-57	475	3	509	509	NUM
emaj-57	475	4	-	-	SYM
emaj-57	475	5	523	523	NUM
emaj-57	475	6	.	.	PUNCT
emaj-57	476	1	grant	grant	PROPN
emaj-57	476	2	,	,	PUNCT
emaj-57	476	3	e.	e.	PROPN
emaj-57	476	4	b.	b.	PROPN
emaj-57	476	5	,	,	PUNCT
emaj-57	476	6	1980	1980	NUM
emaj-57	476	7	.	.	PUNCT
emaj-57	477	1	market	market	NOUN
emaj-57	477	2	implications	implication	NOUN
emaj-57	477	3	of	of	ADP
emaj-57	477	4	differential	differential	ADJ
emaj-57	477	5	amounts	amount	NOUN
emaj-57	477	6	of	of	ADP
emaj-57	477	7	interim	interim	ADJ
emaj-57	477	8	information	information	NOUN
emaj-57	477	9	.	.	PUNCT
emaj-57	478	1	journal	journal	NOUN
emaj-57	478	2	of	of	ADP
emaj-57	478	3	accounting	accounting	NOUN
emaj-57	478	4	research.19	research.19	NOUN
emaj-57	478	5	,	,	PUNCT
emaj-57	478	6	255	255	NUM
emaj-57	478	7	-	-	SYM
emaj-57	478	8	268	268	NUM
emaj-57	478	9	.	.	PUNCT
emaj-57	479	1	givoly	givoly	PROPN
emaj-57	479	2	,	,	PUNCT
emaj-57	479	3	d.	d.	PROPN
emaj-57	479	4	,	,	PUNCT
emaj-57	479	5	palmon	palmon	PROPN
emaj-57	479	6	,	,	PUNCT
emaj-57	479	7	d.	d.	PROPN
emaj-57	479	8	,	,	PUNCT
emaj-57	479	9	1982	1982	NUM
emaj-57	479	10	.	.	PUNCT
emaj-57	480	1	timeliness	timeliness	NOUN
emaj-57	480	2	of	of	ADP
emaj-57	480	3	annual	annual	ADJ
emaj-57	480	4	earnings	earning	NOUN
emaj-57	480	5	announcements	announcement	NOUN
emaj-57	480	6	:	:	PUNCT
emaj-57	480	7	some	some	DET
emaj-57	480	8	empirical	empirical	ADJ
emaj-57	480	9	evidence	evidence	NOUN
emaj-57	480	10	.	.	PUNCT
emaj-57	481	1	accounting	accounting	NOUN
emaj-57	481	2	review	review	PROPN
emaj-57	481	3	.	.	PUNCT
emaj-57	482	1	57	57	NUM
emaj-57	482	2	,	,	PUNCT
emaj-57	482	3	486	486	NUM
emaj-57	482	4	-	-	SYM
emaj-57	482	5	508	508	NUM
emaj-57	482	6	.	.	PUNCT
emaj-57	482	7	griffin	griffin	PROPN
emaj-57	482	8	,	,	PUNCT
emaj-57	482	9	j.	j.	PROPN
emaj-57	482	10	,	,	PUNCT
emaj-57	482	11	hirschey	hirschey	NOUN
emaj-57	482	12	,	,	PUNCT
emaj-57	482	13	n.	n.	PROPN
emaj-57	482	14	,	,	PUNCT
emaj-57	482	15	kelly	kelly	PROPN
emaj-57	482	16	,	,	PUNCT
emaj-57	482	17	p.	p.	NOUN
emaj-57	482	18	,	,	PUNCT
emaj-57	482	19	2011	2011	NUM
emaj-57	482	20	.	.	PUNCT
emaj-57	483	1	how	how	SCONJ
emaj-57	483	2	important	important	ADJ
emaj-57	483	3	is	be	AUX
emaj-57	483	4	the	the	DET
emaj-57	483	5	financial	financial	ADJ
emaj-57	483	6	media	medium	NOUN
emaj-57	483	7	in	in	ADP
emaj-57	483	8	global	global	ADJ
emaj-57	483	9	markets	market	NOUN
emaj-57	483	10	?	?	PUNCT
emaj-57	484	1	the	the	DET
emaj-57	484	2	review	review	NOUN
emaj-57	484	3	of	of	ADP
emaj-57	484	4	financial	financial	ADJ
emaj-57	484	5	studies	study	NOUN
emaj-57	484	6	.	.	PUNCT
emaj-57	485	1	24(12	24(12	NUM
emaj-57	485	2	)	)	PUNCT
emaj-57	485	3	,	,	PUNCT
emaj-57	485	4	3941	3941	NUM
emaj-57	485	5	-	-	SYM
emaj-57	485	6	3992	3992	NUM
emaj-57	485	7	.	.	PUNCT
emaj-57	486	1	hou	hou	PROPN
emaj-57	486	2	,	,	PUNCT
emaj-57	486	3	k.	k.	PROPN
emaj-57	486	4	,	,	PUNCT
emaj-57	486	5	2007	2007	NUM
emaj-57	486	6	.	.	PUNCT
emaj-57	487	1	industry	industry	NOUN
emaj-57	487	2	information	information	NOUN
emaj-57	487	3	diffusion	diffusion	NOUN
emaj-57	487	4	and	and	CCONJ
emaj-57	487	5	the	the	DET
emaj-57	487	6	lead	lead	ADJ
emaj-57	487	7	-	-	PUNCT
emaj-57	487	8	lag	lag	NOUN
emaj-57	487	9	effect	effect	NOUN
emaj-57	487	10	in	in	ADP
emaj-57	487	11	stock	stock	NOUN
emaj-57	487	12	returns	return	NOUN
emaj-57	487	13	.	.	PUNCT
emaj-57	488	1	review	review	NOUN
emaj-57	488	2	of	of	ADP
emaj-57	488	3	financial	financial	ADJ
emaj-57	488	4	studies.1113–1138	studies.1113–1138	PROPN
emaj-57	488	5	.	.	PUNCT
emaj-57	489	1	johnson	johnson	PROPN
emaj-57	489	2	,	,	PUNCT
emaj-57	489	3	s.	s.	PROPN
emaj-57	489	4	,	,	PUNCT
emaj-57	489	5	stretcher	stretcher	NOUN
emaj-57	489	6	,	,	PUNCT
emaj-57	489	7	r.	r.	PROPN
emaj-57	489	8	,	,	PUNCT
emaj-57	489	9	2009	2009	NUM
emaj-57	489	10	.	.	PUNCT
emaj-57	490	1	news	news	NOUN
emaj-57	490	2	and	and	CCONJ
emaj-57	490	3	noise	noise	NOUN
emaj-57	490	4	:	:	PUNCT
emaj-57	490	5	do	do	AUX
emaj-57	490	6	investors	investor	NOUN
emaj-57	490	7	react	react	VERB
emaj-57	490	8	to	to	ADP
emaj-57	490	9	stock	stock	NOUN
emaj-57	490	10	split	split	NOUN
emaj-57	490	11	announcements	announcement	NOUN
emaj-57	490	12	differently	differently	ADV
emaj-57	490	13	during	during	ADP
emaj-57	490	14	periods	period	NOUN
emaj-57	490	15	of	of	ADP
emaj-57	490	16	high	high	ADJ
emaj-57	490	17	and	and	CCONJ
emaj-57	490	18	low	low	ADJ
emaj-57	490	19	market	market	NOUN
emaj-57	490	20	volatility	volatility	NOUN
emaj-57	490	21	?	?	PUNCT
emaj-57	491	1	springer	springer	NOUN
emaj-57	491	2	economic	economic	ADJ
emaj-57	491	3	finance	finance	NOUN
emaj-57	491	4	.	.	PUNCT
emaj-57	492	1	35	35	NUM
emaj-57	492	2	,	,	PUNCT
emaj-57	492	3	71	71	NUM
emaj-57	492	4	-	-	SYM
emaj-57	492	5	78	78	NUM
emaj-57	492	6	.	.	PUNCT
emaj-57	493	1	lacina	lacina	PROPN
emaj-57	493	2	,	,	PUNCT
emaj-57	493	3	m.j	m.j	PROPN
emaj-57	493	4	.	.	PROPN
emaj-57	493	5	,	,	PUNCT
emaj-57	493	6	barry	barry	PROPN
emaj-57	493	7	r.	r.	PROPN
emaj-57	493	8	marks	marks	PROPN
emaj-57	493	9	,	,	PUNCT
emaj-57	493	10	b.r	b.r	PROPN
emaj-57	493	11	.	.	PROPN
emaj-57	493	12	,	,	PUNCT
emaj-57	493	13	shin	shin	PROPN
emaj-57	493	14	,	,	PUNCT
emaj-57	493	15	h.	h.	PROPN
emaj-57	493	16	,	,	PUNCT
emaj-57	493	17	2009	2009	NUM
emaj-57	493	18	.	.	PUNCT
emaj-57	494	1	the	the	DET
emaj-57	494	2	information	information	NOUN
emaj-57	494	3	content	content	NOUN
emaj-57	494	4	of	of	ADP
emaj-57	494	5	quarterly	quarterly	ADJ
emaj-57	494	6	foreign	foreign	ADJ
emaj-57	494	7	earnings	earning	NOUN
emaj-57	494	8	of	of	ADP
emaj-57	494	9	u.s	u.s	PROPN
emaj-57	494	10	.	.	PROPN
emaj-57	494	11	multinational	multinational	ADJ
emaj-57	494	12	companies	company	NOUN
emaj-57	494	13	under	under	ADP
emaj-57	494	14	sfas	sfas	NOUN
emaj-57	494	15	no	no	INTJ
emaj-57	494	16	.	.	PROPN
emaj-57	495	1	131	131	NUM
emaj-57	495	2	.	.	PUNCT
emaj-57	495	3	journal	journal	PROPN
emaj-57	495	4	of	of	ADP
emaj-57	495	5	international	international	ADJ
emaj-57	495	6	accounting	accounting	NOUN
emaj-57	495	7	research	research	NOUN
emaj-57	495	8	.	.	PUNCT
emaj-57	496	1	8(2	8(2	NUM
emaj-57	496	2	)	)	PUNCT
emaj-57	496	3	,	,	PUNCT
emaj-57	496	4	23–44	23–44	NUM
emaj-57	496	5	.	.	PUNCT
emaj-57	497	1	lang	lang	PROPN
emaj-57	497	2	,	,	PUNCT
emaj-57	497	3	m.	m.	NOUN
emaj-57	497	4	,	,	PUNCT
emaj-57	497	5	lundholm	lundholm	PROPN
emaj-57	497	6	,	,	PUNCT
emaj-57	497	7	r.	r.	PROPN
emaj-57	497	8	,	,	PUNCT
emaj-57	497	9	1993	1993	NUM
emaj-57	497	10	.	.	PUNCT
emaj-57	498	1	cross	cross	ADJ
emaj-57	498	2	-	-	ADJ
emaj-57	498	3	sectional	sectional	ADJ
emaj-57	498	4	determinants	determinant	NOUN
emaj-57	498	5	of	of	ADP
emaj-57	498	6	analyst	analyst	NOUN
emaj-57	498	7	ratings	rating	NOUN
emaj-57	498	8	of	of	ADP
emaj-57	498	9	corporate	corporate	ADJ
emaj-57	498	10	disclosures	disclosure	NOUN
emaj-57	498	11	.	.	PUNCT
emaj-57	499	1	journal	journal	NOUN
emaj-57	499	2	of	of	ADP
emaj-57	499	3	accounting	accounting	NOUN
emaj-57	499	4	research	research	NOUN
emaj-57	499	5	.	.	PUNCT
emaj-57	500	1	31	31	NUM
emaj-57	500	2	,	,	PUNCT
emaj-57	500	3	246271	246271	NUM
emaj-57	500	4	.	.	PUNCT
emaj-57	501	1	lev	lev	PROPN
emaj-57	501	2	,	,	PUNCT
emaj-57	501	3	b.	b.	PROPN
emaj-57	501	4	,	,	PUNCT
emaj-57	501	5	penman	penman	PROPN
emaj-57	501	6	,	,	PUNCT
emaj-57	501	7	s.	s.	PROPN
emaj-57	501	8	,	,	PUNCT
emaj-57	501	9	1990	1990	NUM
emaj-57	501	10	.	.	PUNCT
emaj-57	502	1	voluntary	voluntary	ADJ
emaj-57	502	2	forecast	forecast	NOUN
emaj-57	502	3	disclosure	disclosure	NOUN
emaj-57	502	4	,	,	PUNCT
emaj-57	502	5	nondisclosure	nondisclosure	NOUN
emaj-57	502	6	,	,	PUNCT
emaj-57	502	7	and	and	CCONJ
emaj-57	502	8	stock	stock	NOUN
emaj-57	502	9	prices	price	NOUN
emaj-57	502	10	.	.	PUNCT
emaj-57	503	1	joumal	joumal	NOUN
emaj-57	503	2	of	of	ADP
emaj-57	503	3	accounting	accounting	NOUN
emaj-57	503	4	research	research	NOUN
emaj-57	503	5	.	.	PUNCT
emaj-57	504	1	28	28	NUM
emaj-57	504	2	,	,	PUNCT
emaj-57	504	3	49	49	NUM
emaj-57	504	4	-	-	SYM
emaj-57	504	5	76	76	NUM
emaj-57	504	6	.	.	PUNCT
emaj-57	504	7	mackinlay	mackinlay	PROPN
emaj-57	504	8	,	,	PUNCT
emaj-57	504	9	c.	c.	PROPN
emaj-57	504	10	,	,	PUNCT
emaj-57	504	11	1997	1997	NUM
emaj-57	504	12	.	.	PUNCT
emaj-57	505	1	event	event	NOUN
emaj-57	505	2	studies	study	NOUN
emaj-57	505	3	in	in	ADP
emaj-57	505	4	economics	economic	NOUN
emaj-57	505	5	and	and	CCONJ
emaj-57	505	6	finance	finance	NOUN
emaj-57	505	7	.	.	PUNCT
emaj-57	506	1	journal	journal	NOUN
emaj-57	506	2	of	of	ADP
emaj-57	506	3	economic	economic	ADJ
emaj-57	506	4	lecture	lecture	NOUN
emaj-57	506	5	,	,	PUNCT
emaj-57	506	6	35,13	35,13	NUM
emaj-57	506	7	-	-	SYM
emaj-57	506	8	39	39	NUM
emaj-57	506	9	.	.	PUNCT
emaj-57	507	1	mikkelson	mikkelson	PROPN
emaj-57	507	2	,	,	PUNCT
emaj-57	507	3	w.	w.	PROPN
emaj-57	507	4	h.	h.	PROPN
emaj-57	507	5	,	,	PUNCT
emaj-57	507	6	partch	partch	PROPN
emaj-57	507	7	,	,	PUNCT
emaj-57	507	8	m.	m.	NOUN
emaj-57	507	9	,	,	PUNCT
emaj-57	507	10	1986	1986	NUM
emaj-57	507	11	.	.	PUNCT
emaj-57	508	1	valuation	valuation	NOUN
emaj-57	508	2	effect	effect	NOUN
emaj-57	508	3	of	of	ADP
emaj-57	508	4	security	security	NOUN
emaj-57	508	5	offerings	offering	NOUN
emaj-57	508	6	and	and	CCONJ
emaj-57	508	7	the	the	DET
emaj-57	508	8	issuance	issuance	NOUN
emaj-57	508	9	process	process	NOUN
emaj-57	508	10	.	.	PUNCT
emaj-57	509	1	journal	journal	PROPN
emaj-57	509	2	of	of	ADP
emaj-57	509	3	financial	financial	PROPN
emaj-57	509	4	economics.15	economics.15	NOUN
emaj-57	509	5	,	,	PUNCT
emaj-57	509	6	31	31	NUM
emaj-57	509	7	-	-	SYM
emaj-57	509	8	60	60	NUM
emaj-57	509	9	.	.	PUNCT
emaj-57	510	1	obaidullah	obaidullah	PROPN
emaj-57	510	2	,	,	PUNCT
emaj-57	510	3	m.	m.	NOUN
emaj-57	510	4	,	,	PUNCT
emaj-57	510	5	1990	1990	NUM
emaj-57	510	6	.	.	PUNCT
emaj-57	511	1	stock	stock	NOUN
emaj-57	511	2	price	price	NOUN
emaj-57	511	3	adjustment	adjustment	NOUN
emaj-57	511	4	to	to	ADP
emaj-57	511	5	half	half	DET
emaj-57	511	6	yearly	yearly	ADJ
emaj-57	511	7	earnings	earning	NOUN
emaj-57	511	8	announcements	announcement	NOUN
emaj-57	511	9	:	:	PUNCT
emaj-57	511	10	a	a	DET
emaj-57	511	11	test	test	NOUN
emaj-57	511	12	of	of	ADP
emaj-57	511	13	market	market	NOUN
emaj-57	511	14	efficiency	efficiency	NOUN
emaj-57	511	15	.	.	PUNCT
emaj-57	512	1	chartered	charter	VERB
emaj-57	512	2	accountant	accountant	NOUN
emaj-57	512	3	.	.	PUNCT
emaj-57	513	1	38	38	NUM
emaj-57	513	2	,	,	PUNCT
emaj-57	513	3	922	922	NUM
emaj-57	513	4	-	-	SYM
emaj-57	513	5	924	924	NUM
emaj-57	513	6	.	.	PUNCT
emaj-57	514	1	pigou	pigou	PROPN
emaj-57	514	2	,	,	PUNCT
emaj-57	514	3	a.c	a.c	PROPN
emaj-57	514	4	.	.	PROPN
emaj-57	514	5	,	,	PUNCT
emaj-57	514	6	1929	1929	NUM
emaj-57	514	7	.	.	PUNCT
emaj-57	515	1	industrial	industrial	ADJ
emaj-57	515	2	fluctuations	fluctuation	NOUN
emaj-57	515	3	,	,	PUNCT
emaj-57	515	4	second	second	ADJ
emaj-57	515	5	ed	ed	NOUN
emaj-57	515	6	.	.	PUNCT
emaj-57	516	1	mcmillan	mcmillan	PROPN
emaj-57	516	2	publishers	publisher	NOUN
emaj-57	516	3	,	,	PUNCT
emaj-57	516	4	london	london	PROPN
emaj-57	516	5	.	.	PUNCT
emaj-57	517	1	prabhala	prabhala	PROPN
emaj-57	517	2	,	,	PUNCT
emaj-57	517	3	n.	n.	PROPN
emaj-57	517	4	r.	r.	PROPN
emaj-57	517	5	,	,	PUNCT
emaj-57	517	6	1997	1997	NUM
emaj-57	517	7	.	.	PUNCT
emaj-57	518	1	conditional	conditional	ADJ
emaj-57	518	2	methods	method	NOUN
emaj-57	518	3	in	in	ADP
emaj-57	518	4	event	event	NOUN
emaj-57	518	5	studies	study	NOUN
emaj-57	518	6	and	and	CCONJ
emaj-57	518	7	equilibrium	equilibrium	NOUN
emaj-57	518	8	justification	justification	NOUN
emaj-57	518	9	for	for	ADP
emaj-57	518	10	standard	standard	ADJ
emaj-57	518	11	event	event	NOUN
emaj-57	518	12	study	study	NOUN
emaj-57	518	13	procedures	procedure	NOUN
emaj-57	518	14	.	.	PUNCT
emaj-57	519	1	the	the	DET
emaj-57	519	2	review	review	NOUN
emaj-57	519	3	of	of	ADP
emaj-57	519	4	financial	financial	ADJ
emaj-57	519	5	studies	study	NOUN
emaj-57	519	6	.	.	PUNCT
emaj-57	520	1	10(1	10(1	NUM
emaj-57	520	2	)	)	PUNCT
emaj-57	520	3	,	,	PUNCT
emaj-57	520	4	1	1	NUM
emaj-57	520	5	-	-	SYM
emaj-57	520	6	38	38	NUM
emaj-57	520	7	.	.	PUNCT
emaj-57	521	1	pradhan	pradhan	PROPN
emaj-57	521	2	,	,	PUNCT
emaj-57	521	3	h.k	h.k	PROPN
emaj-57	521	4	.	.	PROPN
emaj-57	521	5	,	,	PUNCT
emaj-57	521	6	narasimhan	narasimhan	PROPN
emaj-57	521	7	,	,	PUNCT
emaj-57	521	8	l.s	l.s	PROPN
emaj-57	521	9	.	.	PROPN
emaj-57	521	10	,	,	PUNCT
emaj-57	521	11	2002	2002	NUM
emaj-57	521	12	.	.	PUNCT
emaj-57	522	1	stock	stock	NOUN
emaj-57	522	2	price	price	NOUN
emaj-57	522	3	behavior	behavior	NOUN
emaj-57	522	4	in	in	ADP
emaj-57	522	5	india	india	PROPN
emaj-57	522	6	since	since	SCONJ
emaj-57	522	7	liberalization	liberalization	NOUN
emaj-57	522	8	.	.	PUNCT
emaj-57	523	1	asia	asia	PROPN
emaj-57	523	2	-	-	PUNCT
emaj-57	523	3	pacific	pacific	PROPN
emaj-57	523	4	development	development	PROPN
emaj-57	523	5	journal	journal	PROPN
emaj-57	523	6	.	.	PUNCT
emaj-57	524	1	9(2	9(2	NUM
emaj-57	524	2	)	)	PUNCT
emaj-57	524	3	,	,	PUNCT
emaj-57	524	4	83	83	NUM
emaj-57	524	5	-	-	SYM
emaj-57	524	6	106	106	NUM
emaj-57	524	7	.	.	PUNCT
emaj-57	525	1	ramnath	ramnath	PROPN
emaj-57	525	2	,	,	PUNCT
emaj-57	525	3	s.	s.	PROPN
emaj-57	525	4	,	,	PUNCT
emaj-57	525	5	2002	2002	NUM
emaj-57	525	6	.	.	PUNCT
emaj-57	526	1	investor	investor	NOUN
emaj-57	526	2	and	and	CCONJ
emaj-57	526	3	analyst	analyst	NOUN
emaj-57	526	4	reactions	reaction	NOUN
emaj-57	526	5	to	to	ADP
emaj-57	526	6	earning	earn	VERB
emaj-57	526	7	announcements	announcement	NOUN
emaj-57	526	8	of	of	ADP
emaj-57	526	9	related	related	ADJ
emaj-57	526	10	firms	firm	NOUN
emaj-57	526	11	:	:	PUNCT
emaj-57	526	12	an	an	DET
emaj-57	526	13	empirical	empirical	ADJ
emaj-57	526	14	analysis	analysis	NOUN
emaj-57	526	15	.	.	PUNCT
emaj-57	527	1	journal	journal	NOUN
emaj-57	527	2	of	of	ADP
emaj-57	527	3	accounting	accounting	NOUN
emaj-57	527	4	research	research	NOUN
emaj-57	527	5	.	.	PUNCT
emaj-57	528	1	40,1351	40,1351	NOUN
emaj-57	528	2	-	-	SYM
emaj-57	528	3	1376	1376	NUM
emaj-57	528	4	.	.	PUNCT
emaj-57	529	1	thomas	thomas	PROPN
emaj-57	529	2	,	,	PUNCT
emaj-57	529	3	j.	j.	PROPN
emaj-57	529	4	,	,	PUNCT
emaj-57	529	5	zhang	zhang	PROPN
emaj-57	529	6	,	,	PUNCT
emaj-57	529	7	f.	f.	PROPN
emaj-57	529	8	,	,	PUNCT
emaj-57	529	9	2008	2008	NUM
emaj-57	529	10	.	.	PUNCT
emaj-57	530	1	overreaction	overreaction	NOUN
emaj-57	530	2	to	to	PART
emaj-57	530	3	intraindustry	intraindustry	VERB
emaj-57	530	4	information	information	NOUN
emaj-57	530	5	transfers	transfer	NOUN
emaj-57	530	6	?	?	PUNCT
emaj-57	531	1	journal	journal	NOUN
emaj-57	531	2	of	of	ADP
emaj-57	531	3	accounting	accounting	NOUN
emaj-57	531	4	research	research	NOUN
emaj-57	531	5	.	.	PUNCT
emaj-57	532	1	46(4	46(4	NUM
emaj-57	532	2	)	)	PUNCT
emaj-57	532	3	,	,	PUNCT
emaj-57	532	4	909	909	NUM
emaj-57	532	5	-	-	SYM
emaj-57	532	6	940	940	NUM
emaj-57	532	7	.	.	PUNCT
emaj-57	533	1	veronesi	veronesi	NOUN
emaj-57	533	2	,	,	PUNCT
emaj-57	533	3	p.	p.	NOUN
emaj-57	533	4	,	,	PUNCT
emaj-57	533	5	1999	1999	NUM
emaj-57	533	6	.	.	PUNCT
emaj-57	534	1	stock	stock	NOUN
emaj-57	534	2	market	market	NOUN
emaj-57	534	3	overreaction	overreaction	NOUN
emaj-57	534	4	to	to	ADP
emaj-57	534	5	bad	bad	ADJ
emaj-57	534	6	news	news	NOUN
emaj-57	534	7	in	in	ADP
emaj-57	534	8	good	good	ADJ
emaj-57	534	9	times	time	NOUN
emaj-57	534	10	:	:	PUNCT
emaj-57	534	11	a	a	DET
emaj-57	534	12	rational	rational	ADJ
emaj-57	534	13	expectations	expectation	NOUN
emaj-57	534	14	equilibrium	equilibrium	NOUN
emaj-57	534	15	model	model	NOUN
emaj-57	534	16	.	.	PUNCT
emaj-57	535	1	review	review	NOUN
emaj-57	535	2	of	of	ADP
emaj-57	535	3	financial	financial	ADJ
emaj-57	535	4	studies.12	studies.12	NOUN
emaj-57	535	5	,	,	PUNCT
emaj-57	535	6	975–1007	975–1007	NUM
emaj-57	535	7	.	.	PUNCT