id	sid	tid	token	lemma	pos
fsr-3134	1	1	the	the	DET
fsr-3134	1	2	perpetual	perpetual	ADJ
fsr-3134	1	3	growth	growth	NOUN
fsr-3134	1	4	model	model	NOUN
fsr-3134	1	5	and	and	CCONJ
fsr-3134	1	6	the	the	DET
fsr-3134	1	7	cost	cost	NOUN
fsr-3134	1	8	of	of	ADP
fsr-3134	1	9	computational	computational	ADJ
fsr-3134	1	10	efficiency	efficiency	NOUN
fsr-3134	1	11	:	:	PUNCT
fsr-3134	1	12	rounding	round	VERB
fsr-3134	1	13	errors	error	NOUN
fsr-3134	1	14	or	or	CCONJ
fsr-3134	1	15	wild	wild	ADJ
fsr-3134	1	16	distortions	distortion	NOUN
fsr-3134	1	17	?	?	PUNCT
fsr-3134	2	1	morris	morris	PROPN
fsr-3134	2	2	g.	g.	PROPN
fsr-3134	2	3	danielsona	danielsona	PROPN
fsr-3134	2	4	,	,	PUNCT
fsr-3134	2	5	jean	jean	PROPN
fsr-3134	2	6	l.	l.	PROPN
fsr-3134	2	7	hecka	hecka	PROPN
fsr-3134	2	8	,	,	PUNCT
fsr-3134	2	9	*	*	PUNCT
fsr-3134	2	10	adepartment	adepartment	NOUN
fsr-3134	2	11	of	of	ADP
fsr-3134	2	12	finance	finance	NOUN
fsr-3134	2	13	,	,	PUNCT
fsr-3134	2	14	saint	saint	PROPN
fsr-3134	2	15	joseph	joseph	PROPN
fsr-3134	2	16	’s	’s	PART
fsr-3134	2	17	university	university	PROPN
fsr-3134	2	18	,	,	PUNCT
fsr-3134	2	19	5600	5600	NUM
fsr-3134	2	20	city	city	PROPN
fsr-3134	2	21	avenue	avenue	PROPN
fsr-3134	2	22	,	,	PUNCT
fsr-3134	2	23	philadelphia	philadelphia	PROPN
fsr-3134	2	24	,	,	PUNCT
fsr-3134	2	25	pa	pa	PROPN
fsr-3134	2	26	19131	19131	NUM
fsr-3134	2	27	,	,	PUNCT
fsr-3134	2	28	usa	usa	PROPN
fsr-3134	2	29	abstract	abstract	PROPN
fsr-3134	2	30	the	the	DET
fsr-3134	2	31	constant	constant	ADJ
fsr-3134	2	32	growth	growth	NOUN
fsr-3134	2	33	model	model	NOUN
fsr-3134	2	34	(	(	PUNCT
fsr-3134	2	35	gordon	gordon	PROPN
fsr-3134	2	36	,	,	PUNCT
fsr-3134	2	37	1962	1962	NUM
fsr-3134	2	38	)	)	PUNCT
fsr-3134	2	39	plays	play	VERB
fsr-3134	2	40	an	an	DET
fsr-3134	2	41	important	important	ADJ
fsr-3134	2	42	role	role	NOUN
fsr-3134	2	43	in	in	ADP
fsr-3134	2	44	the	the	DET
fsr-3134	2	45	stock	stock	NOUN
fsr-3134	2	46	selection	selection	NOUN
fsr-3134	2	47	process	process	NOUN
fsr-3134	2	48	for	for	ADP
fsr-3134	2	49	individual	individual	ADJ
fsr-3134	2	50	investors	investor	NOUN
fsr-3134	2	51	,	,	PUNCT
fsr-3134	2	52	in	in	ADP
fsr-3134	2	53	part	part	NOUN
fsr-3134	2	54	,	,	PUNCT
fsr-3134	2	55	because	because	SCONJ
fsr-3134	2	56	of	of	ADP
fsr-3134	2	57	its	its	PRON
fsr-3134	2	58	computational	computational	ADJ
fsr-3134	2	59	simplicity	simplicity	NOUN
fsr-3134	2	60	.	.	PUNCT
fsr-3134	3	1	however	however	ADV
fsr-3134	3	2	,	,	PUNCT
fsr-3134	3	3	value	value	NOUN
fsr-3134	3	4	estimates	estimate	NOUN
fsr-3134	3	5	from	from	ADP
fsr-3134	3	6	the	the	DET
fsr-3134	3	7	model	model	NOUN
fsr-3134	3	8	can	can	AUX
fsr-3134	3	9	be	be	AUX
fsr-3134	3	10	highly	highly	ADV
fsr-3134	3	11	dependent	dependent	ADJ
fsr-3134	3	12	on	on	ADP
fsr-3134	3	13	cash	cash	NOUN
fsr-3134	3	14	flows	flow	NOUN
fsr-3134	3	15	to	to	PART
fsr-3134	3	16	be	be	AUX
fsr-3134	3	17	received	receive	VERB
fsr-3134	3	18	in	in	ADP
fsr-3134	3	19	the	the	DET
fsr-3134	3	20	distant	distant	ADJ
fsr-3134	3	21	future	future	NOUN
fsr-3134	3	22	.	.	PUNCT
fsr-3134	4	1	if	if	SCONJ
fsr-3134	4	2	future	future	ADJ
fsr-3134	4	3	events	event	NOUN
fsr-3134	4	4	might	might	AUX
fsr-3134	4	5	constrain	constrain	VERB
fsr-3134	4	6	a	a	DET
fsr-3134	4	7	firm	firm	NOUN
fsr-3134	4	8	’s	’s	PART
fsr-3134	4	9	growth	growth	NOUN
fsr-3134	4	10	or	or	CCONJ
fsr-3134	4	11	lead	lead	VERB
fsr-3134	4	12	to	to	ADP
fsr-3134	4	13	its	its	PRON
fsr-3134	4	14	demise	demise	NOUN
fsr-3134	4	15	,	,	PUNCT
fsr-3134	4	16	the	the	DET
fsr-3134	4	17	unadjusted	unadjusted	ADJ
fsr-3134	4	18	gordon	gordon	PROPN
fsr-3134	4	19	model	model	NOUN
fsr-3134	4	20	can	can	AUX
fsr-3134	4	21	substantially	substantially	ADV
fsr-3134	4	22	overstate	overstate	VERB
fsr-3134	4	23	value	value	NOUN
fsr-3134	4	24	.	.	PUNCT
fsr-3134	5	1	because	because	SCONJ
fsr-3134	5	2	the	the	DET
fsr-3134	5	3	model	model	NOUN
fsr-3134	5	4	is	be	AUX
fsr-3134	5	5	less	less	ADV
fsr-3134	5	6	likely	likely	ADJ
fsr-3134	5	7	to	to	PART
fsr-3134	5	8	misstate	misstate	VERB
fsr-3134	5	9	value	value	NOUN
fsr-3134	5	10	for	for	ADP
fsr-3134	5	11	low	low	ADJ
fsr-3134	5	12	-	-	PUNCT
fsr-3134	5	13	growth	growth	NOUN
fsr-3134	5	14	,	,	PUNCT
fsr-3134	5	15	high	high	ADJ
fsr-3134	5	16	-	-	PUNCT
fsr-3134	5	17	payout	payout	NOUN
fsr-3134	5	18	firms	firm	NOUN
fsr-3134	5	19	,	,	PUNCT
fsr-3134	5	20	the	the	DET
fsr-3134	5	21	ironic	ironic	ADJ
fsr-3134	5	22	implication	implication	NOUN
fsr-3134	5	23	is	be	AUX
fsr-3134	5	24	that	that	SCONJ
fsr-3134	5	25	the	the	DET
fsr-3134	5	26	model	model	NOUN
fsr-3134	5	27	is	be	AUX
fsr-3134	5	28	most	most	ADV
fsr-3134	5	29	useful	useful	ADJ
fsr-3134	5	30	when	when	SCONJ
fsr-3134	5	31	its	its	PRON
fsr-3134	5	32	ability	ability	NOUN
fsr-3134	5	33	to	to	PART
fsr-3134	5	34	value	value	VERB
fsr-3134	5	35	growth	growth	NOUN
fsr-3134	5	36	is	be	AUX
fsr-3134	5	37	needed	need	VERB
fsr-3134	5	38	least	least	ADJ
fsr-3134	5	39	.	.	PUNCT
fsr-3134	6	1	©	©	PROPN
fsr-3134	6	2	2014	2014	NUM
fsr-3134	6	3	academy	academy	NOUN
fsr-3134	6	4	of	of	ADP
fsr-3134	6	5	financial	financial	ADJ
fsr-3134	6	6	services	service	NOUN
fsr-3134	6	7	.	.	PUNCT
fsr-3134	7	1	all	all	DET
fsr-3134	7	2	rights	right	NOUN
fsr-3134	7	3	reserved	reserve	VERB
fsr-3134	7	4	.	.	PUNCT
fsr-3134	8	1	jel	jel	PROPN
fsr-3134	8	2	classification	classification	PROPN
fsr-3134	8	3	:	:	PUNCT
fsr-3134	8	4	g30	g30	PROPN
fsr-3134	8	5	keywords	keyword	NOUN
fsr-3134	8	6	:	:	PUNCT
fsr-3134	8	7	constant	constant	ADJ
fsr-3134	8	8	growth	growth	NOUN
fsr-3134	8	9	model	model	NOUN
fsr-3134	8	10	;	;	PUNCT
fsr-3134	8	11	perpetual	perpetual	ADJ
fsr-3134	8	12	growth	growth	NOUN
fsr-3134	8	13	;	;	PUNCT
fsr-3134	8	14	stock	stock	NOUN
fsr-3134	8	15	valuation	valuation	NOUN
fsr-3134	8	16	1	1	X
fsr-3134	8	17	.	.	PUNCT
fsr-3134	9	1	introduction	introduction	NOUN
fsr-3134	9	2	“	"	PUNCT
fsr-3134	9	3	nothing	nothing	PRON
fsr-3134	9	4	lasts	last	VERB
fsr-3134	9	5	forever	forever	ADV
fsr-3134	9	6	,	,	PUNCT
fsr-3134	9	7	”	"	PUNCT
fsr-3134	9	8	or	or	CCONJ
fsr-3134	9	9	so	so	ADV
fsr-3134	9	10	the	the	DET
fsr-3134	9	11	old	old	ADJ
fsr-3134	9	12	saying	saying	NOUN
fsr-3134	9	13	goes	go	VERB
fsr-3134	9	14	.	.	PUNCT
fsr-3134	10	1	when	when	SCONJ
fsr-3134	10	2	valuing	value	VERB
fsr-3134	10	3	assets	asset	NOUN
fsr-3134	10	4	,	,	PUNCT
fsr-3134	10	5	however	however	ADV
fsr-3134	10	6	,	,	PUNCT
fsr-3134	10	7	individual	individual	ADJ
fsr-3134	10	8	investors	investor	NOUN
fsr-3134	10	9	often	often	ADV
fsr-3134	10	10	ignore	ignore	VERB
fsr-3134	10	11	this	this	DET
fsr-3134	10	12	adage	adage	NOUN
fsr-3134	10	13	and	and	CCONJ
fsr-3134	10	14	assume	assume	VERB
fsr-3134	10	15	cash	cash	NOUN
fsr-3134	10	16	flows	flow	NOUN
fsr-3134	10	17	will	will	AUX
fsr-3134	10	18	grow	grow	VERB
fsr-3134	10	19	at	at	ADP
fsr-3134	10	20	a	a	DET
fsr-3134	10	21	constant	constant	ADJ
fsr-3134	10	22	rate	rate	NOUN
fsr-3134	10	23	in	in	ADP
fsr-3134	10	24	perpetuity	perpetuity	NOUN
fsr-3134	10	25	.	.	PUNCT
fsr-3134	11	1	the	the	DET
fsr-3134	11	2	gordon	gordon	PROPN
fsr-3134	11	3	(	(	PUNCT
fsr-3134	11	4	1962	1962	NUM
fsr-3134	11	5	)	)	PUNCT
fsr-3134	11	6	growth	growth	NOUN
fsr-3134	11	7	model	model	NOUN
fsr-3134	11	8	uses	use	VERB
fsr-3134	11	9	this	this	DET
fsr-3134	11	10	assumption	assumption	NOUN
fsr-3134	11	11	and	and	CCONJ
fsr-3134	11	12	is	be	AUX
fsr-3134	11	13	a	a	DET
fsr-3134	11	14	first	first	ADJ
fsr-3134	11	15	-	-	PUNCT
fsr-3134	11	16	cut	cut	VERB
fsr-3134	11	17	tool	tool	NOUN
fsr-3134	11	18	for	for	ADP
fsr-3134	11	19	estimating	estimate	VERB
fsr-3134	11	20	stock	stock	NOUN
fsr-3134	11	21	prices	price	NOUN
fsr-3134	11	22	and	and	CCONJ
fsr-3134	11	23	calculating	calculate	VERB
fsr-3134	11	24	terminal	terminal	ADJ
fsr-3134	11	25	values	value	NOUN
fsr-3134	11	26	in	in	ADP
fsr-3134	11	27	two	two	NUM
fsr-3134	11	28	-	-	PUNCT
fsr-3134	11	29	stage	stage	NOUN
fsr-3134	11	30	growth	growth	NOUN
fsr-3134	11	31	models	model	NOUN
fsr-3134	11	32	,	,	PUNCT
fsr-3134	11	33	or	or	CCONJ
fsr-3134	11	34	discounted	discount	VERB
fsr-3134	11	35	cash	cash	NOUN
fsr-3134	11	36	flow	flow	NOUN
fsr-3134	11	37	analyses	analysis	NOUN
fsr-3134	11	38	.	.	PUNCT
fsr-3134	12	1	bradley	bradley	PROPN
fsr-3134	12	2	and	and	CCONJ
fsr-3134	12	3	jarrell	jarrell	PROPN
fsr-3134	12	4	(	(	PUNCT
fsr-3134	12	5	2008	2008	NUM
fsr-3134	12	6	)	)	PUNCT
fsr-3134	12	7	note	note	VERB
fsr-3134	12	8	that	that	SCONJ
fsr-3134	12	9	this	this	DET
fsr-3134	12	10	model	model	NOUN
fsr-3134	12	11	“	"	PUNCT
fsr-3134	12	12	…	…	PUNCT
fsr-3134	12	13	is	be	AUX
fsr-3134	12	14	taught	teach	VERB
fsr-3134	12	15	in	in	ADP
fsr-3134	12	16	all	all	DET
fsr-3134	12	17	top	top	ADJ
fsr-3134	12	18	-	-	PUNCT
fsr-3134	12	19	tier	tier	NOUN
fsr-3134	12	20	business	business	NOUN
fsr-3134	12	21	schools	school	NOUN
fsr-3134	12	22	and	and	CCONJ
fsr-3134	12	23	used	use	VERB
fsr-3134	12	24	widely	widely	ADV
fsr-3134	12	25	throughout	throughout	ADP
fsr-3134	12	26	the	the	DET
fsr-3134	12	27	financial	financial	ADJ
fsr-3134	12	28	community	community	NOUN
fsr-3134	12	29	.	.	PUNCT
fsr-3134	13	1	it	it	PRON
fsr-3134	13	2	is	be	AUX
fsr-3134	13	3	found	find	VERB
fsr-3134	13	4	in	in	ADP
fsr-3134	13	5	virtually	virtually	ADV
fsr-3134	13	6	all	all	DET
fsr-3134	13	7	graduate	graduate	ADJ
fsr-3134	13	8	-	-	PUNCT
fsr-3134	13	9	level	level	NOUN
fsr-3134	13	10	corporate	corporate	ADJ
fsr-3134	13	11	finance	finance	NOUN
fsr-3134	13	12	textbooks	textbook	NOUN
fsr-3134	13	13	and	and	CCONJ
fsr-3134	13	14	valuation	valuation	NOUN
fsr-3134	13	15	manuals	manual	NOUN
fsr-3134	13	16	.	.	PUNCT
fsr-3134	13	17	”	"	PUNCT
fsr-3134	14	1	*	*	PUNCT
fsr-3134	14	2	corresponding	correspond	VERB
fsr-3134	14	3	author	author	NOUN
fsr-3134	14	4	.	.	PUNCT
fsr-3134	15	1	tel	tel	PROPN
fsr-3134	15	2	.	.	PUNCT
fsr-3134	15	3	:	:	PUNCT
fsr-3134	16	1	�	�	PROPN
fsr-3134	16	2	1	1	NUM
fsr-3134	16	3	-	-	SYM
fsr-3134	16	4	610	610	NUM
fsr-3134	16	5	-	-	PUNCT
fsr-3134	16	6	660	660	NUM
fsr-3134	16	7	-	-	NUM
fsr-3134	16	8	3148	3148	NUM
fsr-3134	16	9	;	;	PUNCT
fsr-3134	16	10	fax	fax	NOUN
fsr-3134	16	11	:	:	PUNCT
fsr-3134	16	12	�	�	PROPN
fsr-3134	16	13	1	1	NUM
fsr-3134	16	14	-	-	SYM
fsr-3134	16	15	610	610	NUM
fsr-3134	16	16	-	-	PUNCT
fsr-3134	16	17	660	660	NUM
fsr-3134	16	18	-	-	SYM
fsr-3134	16	19	1986	1986	NUM
fsr-3134	16	20	.	.	PUNCT
fsr-3134	17	1	e	e	X
fsr-3134	17	2	-	-	NOUN
fsr-3134	17	3	mail	mail	NOUN
fsr-3134	17	4	address	address	NOUN
fsr-3134	17	5	:	:	PUNCT
fsr-3134	17	6	jean.heck@sju.edu	jean.heck@sju.edu	PROPN
fsr-3134	17	7	(	(	PUNCT
fsr-3134	17	8	j.	j.	PROPN
fsr-3134	17	9	heck	heck	PROPN
fsr-3134	17	10	)	)	PUNCT
fsr-3134	17	11	financial	financial	ADJ
fsr-3134	17	12	services	service	NOUN
fsr-3134	17	13	review	review	VERB
fsr-3134	17	14	23	23	NUM
fsr-3134	17	15	(	(	PUNCT
fsr-3134	17	16	2014	2014	NUM
fsr-3134	17	17	)	)	PUNCT
fsr-3134	18	1	189–206	189–206	NUM
fsr-3134	18	2	1057	1057	NUM
fsr-3134	18	3	-	-	SYM
fsr-3134	18	4	0810/14/$	0810/14/$	NUM
fsr-3134	18	5	–	–	PUNCT
fsr-3134	18	6	see	see	VERB
fsr-3134	18	7	front	front	ADJ
fsr-3134	18	8	matter	matter	NOUN
fsr-3134	18	9	©	©	PROPN
fsr-3134	18	10	2014	2014	NUM
fsr-3134	18	11	academy	academy	NOUN
fsr-3134	18	12	of	of	ADP
fsr-3134	18	13	financial	financial	ADJ
fsr-3134	18	14	services	service	NOUN
fsr-3134	18	15	.	.	PUNCT
fsr-3134	19	1	all	all	DET
fsr-3134	19	2	rights	right	NOUN
fsr-3134	19	3	reserved	reserve	VERB
fsr-3134	19	4	.	.	PUNCT
fsr-3134	20	1	recent	recent	ADJ
fsr-3134	20	2	surveys	survey	NOUN
fsr-3134	20	3	(	(	PUNCT
fsr-3134	20	4	e.g.	e.g.	ADV
fsr-3134	20	5	,	,	PUNCT
fsr-3134	20	6	block	block	NOUN
fsr-3134	20	7	,	,	PUNCT
fsr-3134	20	8	1999	1999	NUM
fsr-3134	20	9	;	;	PUNCT
fsr-3134	20	10	demirakos	demirakos	NOUN
fsr-3134	20	11	,	,	PUNCT
fsr-3134	20	12	strong	strong	ADJ
fsr-3134	20	13	,	,	PUNCT
fsr-3134	20	14	and	and	CCONJ
fsr-3134	20	15	walker	walker	NOUN
fsr-3134	20	16	,	,	PUNCT
fsr-3134	20	17	2004	2004	NUM
fsr-3134	20	18	;	;	PUNCT
fsr-3134	20	19	dukes	duke	NOUN
fsr-3134	20	20	,	,	PUNCT
fsr-3134	20	21	peng	peng	PROPN
fsr-3134	20	22	,	,	PUNCT
fsr-3134	20	23	and	and	CCONJ
fsr-3134	20	24	english	english	PROPN
fsr-3134	20	25	,	,	PUNCT
fsr-3134	20	26	2006	2006	NUM
fsr-3134	20	27	;	;	PUNCT
fsr-3134	20	28	imam	imam	PROPN
fsr-3134	20	29	,	,	PUNCT
fsr-3134	20	30	barker	barker	PROPN
fsr-3134	20	31	,	,	PUNCT
fsr-3134	20	32	and	and	CCONJ
fsr-3134	20	33	clubb	clubb	PROPN
fsr-3134	20	34	,	,	PUNCT
fsr-3134	20	35	2008	2008	NUM
fsr-3134	20	36	)	)	PUNCT
fsr-3134	20	37	suggest	suggest	VERB
fsr-3134	20	38	that	that	SCONJ
fsr-3134	20	39	value	value	NOUN
fsr-3134	20	40	estimates	estimate	NOUN
fsr-3134	20	41	from	from	ADP
fsr-3134	20	42	dividend	dividend	NOUN
fsr-3134	20	43	discount	discount	NOUN
fsr-3134	20	44	models	model	NOUN
fsr-3134	20	45	(	(	PUNCT
fsr-3134	20	46	such	such	ADJ
fsr-3134	20	47	as	as	ADP
fsr-3134	20	48	the	the	DET
fsr-3134	20	49	gordon	gordon	PROPN
fsr-3134	20	50	model	model	PROPN
fsr-3134	20	51	)	)	PUNCT
fsr-3134	20	52	are	be	AUX
fsr-3134	20	53	used	use	VERB
fsr-3134	20	54	to	to	PART
fsr-3134	20	55	inform	inform	VERB
fsr-3134	20	56	the	the	DET
fsr-3134	20	57	recommendations	recommendation	NOUN
fsr-3134	20	58	of	of	ADP
fsr-3134	20	59	many	many	ADJ
fsr-3134	20	60	analysts	analyst	NOUN
fsr-3134	20	61	.	.	PUNCT
fsr-3134	21	1	the	the	DET
fsr-3134	21	2	constant	constant	ADJ
fsr-3134	21	3	-	-	PUNCT
fsr-3134	21	4	growth	growth	NOUN
fsr-3134	21	5	assumption	assumption	NOUN
fsr-3134	21	6	greatly	greatly	ADV
fsr-3134	21	7	simplifies	simplify	VERB
fsr-3134	21	8	the	the	DET
fsr-3134	21	9	calculation	calculation	NOUN
fsr-3134	21	10	of	of	ADP
fsr-3134	21	11	the	the	DET
fsr-3134	21	12	present	present	ADJ
fsr-3134	21	13	value	value	NOUN
fsr-3134	21	14	of	of	ADP
fsr-3134	21	15	an	an	DET
fsr-3134	21	16	infinite	infinite	ADJ
fsr-3134	21	17	dividend	dividend	NOUN
fsr-3134	21	18	stream	stream	NOUN
fsr-3134	21	19	.	.	PUNCT
fsr-3134	22	1	indeed	indeed	ADV
fsr-3134	22	2	,	,	PUNCT
fsr-3134	22	3	one	one	NUM
fsr-3134	22	4	of	of	ADP
fsr-3134	22	5	the	the	DET
fsr-3134	22	6	main	main	ADJ
fsr-3134	22	7	reasons	reason	NOUN
fsr-3134	22	8	why	why	SCONJ
fsr-3134	22	9	the	the	DET
fsr-3134	22	10	gordon	gordon	PROPN
fsr-3134	22	11	model	model	NOUN
fsr-3134	22	12	plays	play	VERB
fsr-3134	22	13	such	such	DET
fsr-3134	22	14	a	a	DET
fsr-3134	22	15	prominent	prominent	ADJ
fsr-3134	22	16	role	role	NOUN
fsr-3134	22	17	in	in	ADP
fsr-3134	22	18	valuation	valuation	NOUN
fsr-3134	22	19	theory	theory	NOUN
fsr-3134	22	20	and	and	CCONJ
fsr-3134	22	21	practice	practice	NOUN
fsr-3134	22	22	is	be	AUX
fsr-3134	22	23	because	because	SCONJ
fsr-3134	22	24	it	it	PRON
fsr-3134	22	25	is	be	AUX
fsr-3134	22	26	so	so	ADV
fsr-3134	22	27	easy	easy	ADJ
fsr-3134	22	28	to	to	PART
fsr-3134	22	29	use	use	VERB
fsr-3134	22	30	.	.	PUNCT
fsr-3134	23	1	however	however	ADV
fsr-3134	23	2	,	,	PUNCT
fsr-3134	23	3	value	value	NOUN
fsr-3134	23	4	estimates	estimate	NOUN
fsr-3134	23	5	from	from	ADP
fsr-3134	23	6	the	the	DET
fsr-3134	23	7	perpetual	perpetual	ADJ
fsr-3134	23	8	-	-	PUNCT
fsr-3134	23	9	growth	growth	NOUN
fsr-3134	23	10	-	-	PUNCT
fsr-3134	23	11	model	model	NOUN
fsr-3134	23	12	can	can	AUX
fsr-3134	23	13	rely	rely	VERB
fsr-3134	23	14	heavily	heavily	ADV
fsr-3134	23	15	on	on	ADP
fsr-3134	23	16	cash	cash	NOUN
fsr-3134	23	17	flows	flow	NOUN
fsr-3134	23	18	to	to	PART
fsr-3134	23	19	be	be	AUX
fsr-3134	23	20	received	receive	VERB
fsr-3134	23	21	in	in	ADP
fsr-3134	23	22	the	the	DET
fsr-3134	23	23	distant	distant	ADJ
fsr-3134	23	24	future	future	NOUN
fsr-3134	23	25	.	.	PUNCT
fsr-3134	24	1	shaffer	shaffer	NOUN
fsr-3134	24	2	(	(	PUNCT
fsr-3134	24	3	2006	2006	NUM
fsr-3134	24	4	)	)	PUNCT
fsr-3134	24	5	notes	note	VERB
fsr-3134	24	6	that	that	SCONJ
fsr-3134	24	7	when	when	SCONJ
fsr-3134	24	8	the	the	DET
fsr-3134	24	9	required	require	VERB
fsr-3134	24	10	return	return	NOUN
fsr-3134	24	11	is	be	AUX
fsr-3134	24	12	4	4	NUM
fsr-3134	24	13	%	%	NOUN
fsr-3134	24	14	and	and	CCONJ
fsr-3134	24	15	the	the	DET
fsr-3134	24	16	growth	growth	NOUN
fsr-3134	24	17	rate	rate	NOUN
fsr-3134	24	18	is	be	AUX
fsr-3134	24	19	3	3	NUM
fsr-3134	24	20	%	%	NOUN
fsr-3134	24	21	,	,	PUNCT
fsr-3134	24	22	62	62	NUM
fsr-3134	24	23	%	%	NOUN
fsr-3134	24	24	of	of	ADP
fsr-3134	24	25	the	the	DET
fsr-3134	24	26	value	value	NOUN
fsr-3134	24	27	estimate	estimate	NOUN
fsr-3134	24	28	is	be	AUX
fsr-3134	24	29	accounted	account	VERB
fsr-3134	24	30	for	for	ADP
fsr-3134	24	31	by	by	ADP
fsr-3134	24	32	cash	cash	NOUN
fsr-3134	24	33	flows	flow	NOUN
fsr-3134	24	34	to	to	PART
fsr-3134	24	35	be	be	AUX
fsr-3134	24	36	received	receive	VERB
fsr-3134	24	37	more	more	ADJ
fsr-3134	24	38	than	than	ADP
fsr-3134	24	39	50	50	NUM
fsr-3134	24	40	years	year	NOUN
fsr-3134	24	41	in	in	ADP
fsr-3134	24	42	the	the	DET
fsr-3134	24	43	future	future	NOUN
fsr-3134	24	44	.	.	PUNCT
fsr-3134	25	1	danielson	danielson	NOUN
fsr-3134	25	2	,	,	PUNCT
fsr-3134	25	3	heck	heck	INTJ
fsr-3134	25	4	,	,	PUNCT
fsr-3134	25	5	and	and	CCONJ
fsr-3134	25	6	shaffer	shaffer	NOUN
fsr-3134	25	7	(	(	PUNCT
fsr-3134	25	8	2008	2008	NUM
fsr-3134	25	9	)	)	PUNCT
fsr-3134	25	10	observe	observe	VERB
fsr-3134	25	11	that	that	SCONJ
fsr-3134	25	12	almost	almost	ADV
fsr-3134	25	13	70	70	NUM
fsr-3134	25	14	%	%	NOUN
fsr-3134	25	15	of	of	ADP
fsr-3134	25	16	an	an	DET
fsr-3134	25	17	asset	asset	NOUN
fsr-3134	25	18	’s	’s	PART
fsr-3134	25	19	value	value	NOUN
fsr-3134	25	20	stems	stem	VERB
fsr-3134	25	21	from	from	ADP
fsr-3134	25	22	cash	cash	NOUN
fsr-3134	25	23	flows	flow	NOUN
fsr-3134	25	24	to	to	PART
fsr-3134	25	25	be	be	AUX
fsr-3134	25	26	received	receive	VERB
fsr-3134	25	27	in	in	ADP
fsr-3134	25	28	years	year	NOUN
fsr-3134	25	29	11	11	NUM
fsr-3134	25	30	to	to	PART
fsr-3134	25	31	infinity	infinity	VERB
fsr-3134	25	32	if	if	SCONJ
fsr-3134	25	33	the	the	DET
fsr-3134	25	34	discount	discount	NOUN
fsr-3134	25	35	rate	rate	NOUN
fsr-3134	25	36	is	be	AUX
fsr-3134	25	37	8	8	NUM
fsr-3134	25	38	%	%	NOUN
fsr-3134	25	39	and	and	CCONJ
fsr-3134	25	40	the	the	DET
fsr-3134	25	41	growth	growth	NOUN
fsr-3134	25	42	rate	rate	NOUN
fsr-3134	25	43	is	be	AUX
fsr-3134	25	44	4	4	NUM
fsr-3134	25	45	%	%	NOUN
fsr-3134	25	46	.	.	PUNCT
fsr-3134	26	1	from	from	ADP
fsr-3134	26	2	a	a	DET
fsr-3134	26	3	mathematical	mathematical	ADJ
fsr-3134	26	4	perspective	perspective	NOUN
fsr-3134	26	5	,	,	PUNCT
fsr-3134	26	6	a	a	DET
fsr-3134	26	7	present	present	ADJ
fsr-3134	26	8	value	value	NOUN
fsr-3134	26	9	(	(	PUNCT
fsr-3134	26	10	today	today	NOUN
fsr-3134	26	11	)	)	PUNCT
fsr-3134	26	12	of	of	ADP
fsr-3134	26	13	$	$	SYM
fsr-3134	26	14	20	20	NUM
fsr-3134	26	15	is	be	AUX
fsr-3134	26	16	worth	worth	ADJ
fsr-3134	26	17	$	$	SYM
fsr-3134	26	18	20	20	NUM
fsr-3134	26	19	,	,	PUNCT
fsr-3134	26	20	regardless	regardless	ADV
fsr-3134	26	21	of	of	ADP
fsr-3134	26	22	whether	whether	SCONJ
fsr-3134	26	23	the	the	DET
fsr-3134	26	24	cash	cash	NOUN
fsr-3134	26	25	flow	flow	NOUN
fsr-3134	26	26	supporting	support	VERB
fsr-3134	26	27	this	this	DET
fsr-3134	26	28	present	present	ADJ
fsr-3134	26	29	value	value	NOUN
fsr-3134	26	30	will	will	AUX
fsr-3134	26	31	be	be	AUX
fsr-3134	26	32	received	receive	VERB
fsr-3134	26	33	in	in	ADP
fsr-3134	26	34	five	five	NUM
fsr-3134	26	35	years	year	NOUN
fsr-3134	26	36	or	or	CCONJ
fsr-3134	26	37	500	500	NUM
fsr-3134	26	38	years	year	NOUN
fsr-3134	26	39	.	.	PUNCT
fsr-3134	27	1	as	as	ADV
fsr-3134	27	2	long	long	ADV
fsr-3134	27	3	as	as	SCONJ
fsr-3134	27	4	cash	cash	NOUN
fsr-3134	27	5	flow	flow	NOUN
fsr-3134	27	6	estimates	estimate	NOUN
fsr-3134	27	7	five	five	NUM
fsr-3134	27	8	and	and	CCONJ
fsr-3134	27	9	500	500	NUM
fsr-3134	27	10	years	year	NOUN
fsr-3134	27	11	in	in	ADP
fsr-3134	27	12	the	the	DET
fsr-3134	27	13	future	future	NOUN
fsr-3134	27	14	are	be	AUX
fsr-3134	27	15	equally	equally	ADV
fsr-3134	27	16	reliable	reliable	ADJ
fsr-3134	27	17	,	,	PUNCT
fsr-3134	27	18	the	the	DET
fsr-3134	27	19	timing	timing	NOUN
fsr-3134	27	20	of	of	ADP
fsr-3134	27	21	the	the	DET
fsr-3134	27	22	future	future	ADJ
fsr-3134	27	23	cash	cash	NOUN
fsr-3134	27	24	flows	flow	NOUN
fsr-3134	27	25	is	be	AUX
fsr-3134	27	26	not	not	PART
fsr-3134	27	27	a	a	DET
fsr-3134	27	28	cause	cause	NOUN
fsr-3134	27	29	for	for	ADP
fsr-3134	27	30	concern	concern	NOUN
fsr-3134	27	31	.	.	PUNCT
fsr-3134	28	1	from	from	ADP
fsr-3134	28	2	a	a	DET
fsr-3134	28	3	practical	practical	ADJ
fsr-3134	28	4	standpoint	standpoint	NOUN
fsr-3134	28	5	though	though	ADV
fsr-3134	28	6	,	,	PUNCT
fsr-3134	28	7	it	it	PRON
fsr-3134	28	8	is	be	AUX
fsr-3134	28	9	decidedly	decidedly	ADV
fsr-3134	28	10	easier	easy	ADJ
fsr-3134	28	11	to	to	PART
fsr-3134	28	12	forecast	forecast	VERB
fsr-3134	28	13	future	future	ADJ
fsr-3134	28	14	events	event	NOUN
fsr-3134	28	15	(	(	PUNCT
fsr-3134	28	16	and	and	CCONJ
fsr-3134	28	17	cash	cash	NOUN
fsr-3134	28	18	flows	flow	NOUN
fsr-3134	28	19	)	)	PUNCT
fsr-3134	28	20	five	five	NUM
fsr-3134	28	21	years	year	NOUN
fsr-3134	28	22	out	out	ADV
fsr-3134	28	23	,	,	PUNCT
fsr-3134	28	24	than	than	SCONJ
fsr-3134	28	25	to	to	PART
fsr-3134	28	26	predict	predict	VERB
fsr-3134	28	27	what	what	PRON
fsr-3134	28	28	will	will	AUX
fsr-3134	28	29	happen	happen	VERB
fsr-3134	28	30	in	in	ADP
fsr-3134	28	31	500	500	NUM
fsr-3134	28	32	years	year	NOUN
fsr-3134	28	33	.	.	PUNCT
fsr-3134	29	1	in	in	ADP
fsr-3134	29	2	the	the	DET
fsr-3134	29	3	short	short	ADJ
fsr-3134	29	4	term	term	NOUN
fsr-3134	29	5	,	,	PUNCT
fsr-3134	29	6	consumer	consumer	NOUN
fsr-3134	29	7	preferences	preference	NOUN
fsr-3134	29	8	are	be	AUX
fsr-3134	29	9	likely	likely	ADJ
fsr-3134	29	10	to	to	PART
fsr-3134	29	11	evolve	evolve	VERB
fsr-3134	29	12	in	in	ADP
fsr-3134	29	13	subtle	subtle	ADJ
fsr-3134	29	14	ways	way	NOUN
fsr-3134	29	15	,	,	PUNCT
fsr-3134	29	16	current	current	ADJ
fsr-3134	29	17	patents	patent	NOUN
fsr-3134	29	18	will	will	AUX
fsr-3134	29	19	remain	remain	VERB
fsr-3134	29	20	in	in	ADP
fsr-3134	29	21	force	force	NOUN
fsr-3134	29	22	,	,	PUNCT
fsr-3134	29	23	and	and	CCONJ
fsr-3134	29	24	technological	technological	ADJ
fsr-3134	29	25	innovations	innovation	NOUN
fsr-3134	29	26	may	may	AUX
fsr-3134	29	27	already	already	ADV
fsr-3134	29	28	be	be	AUX
fsr-3134	29	29	in	in	ADP
fsr-3134	29	30	the	the	DET
fsr-3134	29	31	works	work	NOUN
fsr-3134	29	32	(	(	PUNCT
fsr-3134	29	33	e.g.	e.g.	ADV
fsr-3134	29	34	,	,	PUNCT
fsr-3134	29	35	new	new	ADJ
fsr-3134	29	36	medications	medication	NOUN
fsr-3134	29	37	in	in	ADP
fsr-3134	29	38	the	the	DET
fsr-3134	29	39	clinical	clinical	ADJ
fsr-3134	29	40	trial	trial	NOUN
fsr-3134	29	41	process	process	NOUN
fsr-3134	29	42	)	)	PUNCT
fsr-3134	29	43	,	,	PUNCT
fsr-3134	29	44	making	make	VERB
fsr-3134	29	45	their	their	PRON
fsr-3134	29	46	implications	implication	NOUN
fsr-3134	29	47	at	at	ADP
fsr-3134	29	48	least	least	ADJ
fsr-3134	29	49	somewhat	somewhat	ADV
fsr-3134	29	50	identifiable	identifiable	ADJ
fsr-3134	29	51	.	.	PUNCT
fsr-3134	30	1	over	over	ADP
fsr-3134	30	2	longer	long	ADJ
fsr-3134	30	3	periods	period	NOUN
fsr-3134	30	4	of	of	ADP
fsr-3134	30	5	time	time	NOUN
fsr-3134	30	6	,	,	PUNCT
fsr-3134	30	7	market	market	NOUN
fsr-3134	30	8	leaders	leader	NOUN
fsr-3134	30	9	can	can	AUX
fsr-3134	30	10	be	be	AUX
fsr-3134	30	11	replaced	replace	VERB
fsr-3134	30	12	(	(	PUNCT
fsr-3134	30	13	e.g.	e.g.	ADV
fsr-3134	30	14	,	,	PUNCT
fsr-3134	30	15	sears	sears	PROPN
fsr-3134	30	16	and	and	CCONJ
fsr-3134	30	17	k	k	PROPN
fsr-3134	30	18	-	-	PROPN
fsr-3134	30	19	mart	mart	PROPN
fsr-3134	30	20	by	by	ADP
fsr-3134	30	21	wal	wal	PROPN
fsr-3134	30	22	-	-	PUNCT
fsr-3134	30	23	mart	mart	NOUN
fsr-3134	30	24	)	)	PUNCT
fsr-3134	30	25	and	and	CCONJ
fsr-3134	30	26	entire	entire	ADJ
fsr-3134	30	27	product	product	NOUN
fsr-3134	30	28	markets	market	NOUN
fsr-3134	30	29	can	can	AUX
fsr-3134	30	30	become	become	VERB
fsr-3134	30	31	obsolete	obsolete	ADJ
fsr-3134	30	32	(	(	PUNCT
fsr-3134	30	33	e.g.	e.g.	ADJ
fsr-3134	30	34	,	,	PUNCT
fsr-3134	30	35	buggy	buggy	ADJ
fsr-3134	30	36	whips	whip	NOUN
fsr-3134	30	37	and	and	CCONJ
fsr-3134	30	38	vcr	vcr	NOUN
fsr-3134	30	39	machines	machine	NOUN
fsr-3134	30	40	)	)	PUNCT
fsr-3134	30	41	.	.	PUNCT
fsr-3134	31	1	in	in	ADP
fsr-3134	31	2	response	response	NOUN
fsr-3134	31	3	to	to	ADP
fsr-3134	31	4	this	this	DET
fsr-3134	31	5	concern	concern	NOUN
fsr-3134	31	6	,	,	PUNCT
fsr-3134	31	7	numerous	numerous	ADJ
fsr-3134	31	8	valuation	valuation	NOUN
fsr-3134	31	9	models	model	NOUN
fsr-3134	31	10	allow	allow	VERB
fsr-3134	31	11	the	the	DET
fsr-3134	31	12	assumed	assume	VERB
fsr-3134	31	13	growth	growth	NOUN
fsr-3134	31	14	rate	rate	NOUN
fsr-3134	31	15	to	to	PART
fsr-3134	31	16	decrease	decrease	VERB
fsr-3134	31	17	(	(	PUNCT
fsr-3134	31	18	or	or	CCONJ
fsr-3134	31	19	change	change	VERB
fsr-3134	31	20	)	)	PUNCT
fsr-3134	31	21	over	over	ADP
fsr-3134	31	22	time	time	NOUN
fsr-3134	31	23	.	.	PUNCT
fsr-3134	32	1	examples	example	NOUN
fsr-3134	32	2	include	include	VERB
fsr-3134	32	3	miller	miller	PROPN
fsr-3134	32	4	and	and	CCONJ
fsr-3134	32	5	modigliani	modigliani	PROPN
fsr-3134	32	6	(	(	PUNCT
fsr-3134	32	7	1961	1961	NUM
fsr-3134	32	8	)	)	PUNCT
fsr-3134	32	9	,	,	PUNCT
fsr-3134	32	10	holt	holt	PROPN
fsr-3134	32	11	,	,	PUNCT
fsr-3134	32	12	(	(	PUNCT
fsr-3134	32	13	1962	1962	NUM
fsr-3134	32	14	)	)	PUNCT
fsr-3134	32	15	,	,	PUNCT
fsr-3134	32	16	mao	mao	X
fsr-3134	32	17	(	(	PUNCT
fsr-3134	32	18	1966	1966	NUM
fsr-3134	32	19	)	)	PUNCT
fsr-3134	32	20	,	,	PUNCT
fsr-3134	32	21	fielitz	fielitz	NOUN
fsr-3134	32	22	and	and	CCONJ
fsr-3134	32	23	muller	muller	NOUN
fsr-3134	32	24	(	(	PUNCT
fsr-3134	32	25	1985	1985	NUM
fsr-3134	32	26	)	)	PUNCT
fsr-3134	32	27	,	,	PUNCT
fsr-3134	32	28	gordon	gordon	PROPN
fsr-3134	32	29	and	and	CCONJ
fsr-3134	32	30	gordon	gordon	PROPN
fsr-3134	32	31	(	(	PUNCT
fsr-3134	32	32	1997	1997	NUM
fsr-3134	32	33	)	)	PUNCT
fsr-3134	32	34	,	,	PUNCT
fsr-3134	32	35	danielson	danielson	NOUN
fsr-3134	32	36	(	(	PUNCT
fsr-3134	32	37	1998	1998	NUM
fsr-3134	32	38	)	)	PUNCT
fsr-3134	32	39	,	,	PUNCT
fsr-3134	32	40	and	and	CCONJ
fsr-3134	32	41	o’brien	o’brien	PROPN
fsr-3134	32	42	(	(	PUNCT
fsr-3134	32	43	2003	2003	NUM
fsr-3134	32	44	)	)	PUNCT
fsr-3134	32	45	.	.	PUNCT
fsr-3134	33	1	more	more	ADV
fsr-3134	33	2	recently	recently	ADV
fsr-3134	33	3	,	,	PUNCT
fsr-3134	33	4	shaffer	shaffer	NOUN
fsr-3134	33	5	(	(	PUNCT
fsr-3134	33	6	2006	2006	NUM
fsr-3134	33	7	)	)	PUNCT
fsr-3134	33	8	extends	extend	VERB
fsr-3134	33	9	the	the	DET
fsr-3134	33	10	gordon	gordon	PROPN
fsr-3134	33	11	model	model	NOUN
fsr-3134	33	12	to	to	PART
fsr-3134	33	13	include	include	VERB
fsr-3134	33	14	a	a	DET
fsr-3134	33	15	constant	constant	ADJ
fsr-3134	33	16	,	,	PUNCT
fsr-3134	33	17	annual	annual	ADJ
fsr-3134	33	18	probability	probability	NOUN
fsr-3134	33	19	of	of	ADP
fsr-3134	33	20	permanent	permanent	ADJ
fsr-3134	33	21	failure	failure	NOUN
fsr-3134	33	22	.	.	PUNCT
fsr-3134	34	1	both	both	PRON
fsr-3134	34	2	of	of	ADP
fsr-3134	34	3	these	these	DET
fsr-3134	34	4	approaches	approach	NOUN
fsr-3134	34	5	(	(	PUNCT
fsr-3134	34	6	allowing	allow	VERB
fsr-3134	34	7	for	for	ADP
fsr-3134	34	8	decreasing	decrease	VERB
fsr-3134	34	9	growth	growth	NOUN
fsr-3134	34	10	or	or	CCONJ
fsr-3134	34	11	permanent	permanent	ADJ
fsr-3134	34	12	failure	failure	NOUN
fsr-3134	34	13	)	)	PUNCT
fsr-3134	34	14	effectively	effectively	ADV
fsr-3134	34	15	reduce	reduce	VERB
fsr-3134	34	16	the	the	DET
fsr-3134	34	17	portion	portion	NOUN
fsr-3134	34	18	of	of	ADP
fsr-3134	34	19	an	an	DET
fsr-3134	34	20	estimated	estimate	VERB
fsr-3134	34	21	present	present	ADJ
fsr-3134	34	22	value	value	NOUN
fsr-3134	34	23	accounted	account	VERB
fsr-3134	34	24	for	for	ADP
fsr-3134	34	25	by	by	ADP
fsr-3134	34	26	cash	cash	NOUN
fsr-3134	34	27	flows	flow	NOUN
fsr-3134	34	28	to	to	PART
fsr-3134	34	29	be	be	AUX
fsr-3134	34	30	received	receive	VERB
fsr-3134	34	31	far	far	ADV
fsr-3134	34	32	in	in	ADP
fsr-3134	34	33	the	the	DET
fsr-3134	34	34	future	future	NOUN
fsr-3134	34	35	.	.	PUNCT
fsr-3134	35	1	however	however	ADV
fsr-3134	35	2	,	,	PUNCT
fsr-3134	35	3	the	the	DET
fsr-3134	35	4	gordon	gordon	PROPN
fsr-3134	35	5	model	model	NOUN
fsr-3134	35	6	maintains	maintain	VERB
fsr-3134	35	7	computational	computational	ADJ
fsr-3134	35	8	advantages	advantage	NOUN
fsr-3134	35	9	over	over	ADP
fsr-3134	35	10	even	even	ADV
fsr-3134	35	11	the	the	DET
fsr-3134	35	12	simplest	simplest	NOUN
fsr-3134	35	13	of	of	ADP
fsr-3134	35	14	these	these	DET
fsr-3134	35	15	alternative	alternative	ADJ
fsr-3134	35	16	models	model	NOUN
fsr-3134	35	17	,	,	PUNCT
fsr-3134	35	18	accounting	account	VERB
fsr-3134	35	19	for	for	ADP
fsr-3134	35	20	its	its	PRON
fsr-3134	35	21	ongoing	ongoing	ADJ
fsr-3134	35	22	popularity	popularity	NOUN
fsr-3134	35	23	.	.	PUNCT
fsr-3134	36	1	nevertheless	nevertheless	ADV
fsr-3134	36	2	,	,	PUNCT
fsr-3134	36	3	if	if	SCONJ
fsr-3134	36	4	future	future	ADJ
fsr-3134	36	5	events	event	NOUN
fsr-3134	36	6	might	might	AUX
fsr-3134	36	7	constrain	constrain	VERB
fsr-3134	36	8	a	a	DET
fsr-3134	36	9	firm	firm	NOUN
fsr-3134	36	10	’s	’s	PART
fsr-3134	36	11	growth	growth	NOUN
fsr-3134	36	12	rate	rate	NOUN
fsr-3134	36	13	,	,	PUNCT
fsr-3134	36	14	or	or	CCONJ
fsr-3134	36	15	lead	lead	VERB
fsr-3134	36	16	to	to	ADP
fsr-3134	36	17	its	its	PRON
fsr-3134	36	18	eventual	eventual	ADJ
fsr-3134	36	19	demise	demise	NOUN
fsr-3134	36	20	,	,	PUNCT
fsr-3134	36	21	the	the	DET
fsr-3134	36	22	use	use	NOUN
fsr-3134	36	23	of	of	ADP
fsr-3134	36	24	the	the	DET
fsr-3134	36	25	unadjusted	unadjusted	ADJ
fsr-3134	36	26	constant	constant	ADJ
fsr-3134	36	27	growth	growth	NOUN
fsr-3134	36	28	model	model	NOUN
fsr-3134	36	29	can	can	AUX
fsr-3134	36	30	overstate	overstate	VERB
fsr-3134	36	31	an	an	DET
fsr-3134	36	32	asset	asset	NOUN
fsr-3134	36	33	’s	’s	PART
fsr-3134	36	34	value	value	NOUN
fsr-3134	36	35	.	.	PUNCT
fsr-3134	37	1	the	the	DET
fsr-3134	37	2	goal	goal	NOUN
fsr-3134	37	3	of	of	ADP
fsr-3134	37	4	this	this	DET
fsr-3134	37	5	article	article	NOUN
fsr-3134	37	6	is	be	AUX
fsr-3134	37	7	to	to	PART
fsr-3134	37	8	quantify	quantify	VERB
fsr-3134	37	9	the	the	DET
fsr-3134	37	10	size	size	NOUN
fsr-3134	37	11	of	of	ADP
fsr-3134	37	12	these	these	DET
fsr-3134	37	13	potential	potential	ADJ
fsr-3134	37	14	valuation	valuation	NOUN
fsr-3134	37	15	errors	error	NOUN
fsr-3134	37	16	.	.	PUNCT
fsr-3134	38	1	are	be	AUX
fsr-3134	38	2	these	these	DET
fsr-3134	38	3	errors	error	NOUN
fsr-3134	38	4	modest	modest	ADJ
fsr-3134	38	5	(	(	PUNCT
fsr-3134	38	6	i.e.	i.e.	X
fsr-3134	38	7	,	,	PUNCT
fsr-3134	38	8	rounding	round	VERB
fsr-3134	38	9	differences	difference	NOUN
fsr-3134	38	10	)	)	PUNCT
fsr-3134	38	11	,	,	PUNCT
fsr-3134	38	12	in	in	ADP
fsr-3134	38	13	which	which	DET
fsr-3134	38	14	case	case	NOUN
fsr-3134	38	15	the	the	DET
fsr-3134	38	16	benefits	benefit	NOUN
fsr-3134	38	17	of	of	ADP
fsr-3134	38	18	the	the	DET
fsr-3134	38	19	model	model	NOUN
fsr-3134	38	20	’s	’s	PART
fsr-3134	38	21	computational	computational	ADJ
fsr-3134	38	22	simplicity	simplicity	NOUN
fsr-3134	38	23	would	would	AUX
fsr-3134	38	24	outweigh	outweigh	VERB
fsr-3134	38	25	the	the	DET
fsr-3134	38	26	potential	potential	ADJ
fsr-3134	38	27	costs	cost	NOUN
fsr-3134	38	28	created	create	VERB
fsr-3134	38	29	by	by	ADP
fsr-3134	38	30	its	its	PRON
fsr-3134	38	31	imprecise	imprecise	ADJ
fsr-3134	38	32	value	value	NOUN
fsr-3134	38	33	estimates	estimate	NOUN
fsr-3134	38	34	?	?	PUNCT
fsr-3134	39	1	or	or	CCONJ
fsr-3134	39	2	,	,	PUNCT
fsr-3134	39	3	are	be	AUX
fsr-3134	39	4	the	the	DET
fsr-3134	39	5	valuation	valuation	NOUN
fsr-3134	39	6	errors	error	NOUN
fsr-3134	39	7	large	large	ADJ
fsr-3134	39	8	enough	enough	ADV
fsr-3134	39	9	to	to	PART
fsr-3134	39	10	materially	materially	ADV
fsr-3134	39	11	distort	distort	VERB
fsr-3134	39	12	investment	investment	NOUN
fsr-3134	39	13	decisions	decision	NOUN
fsr-3134	39	14	?	?	PUNCT
fsr-3134	40	1	the	the	DET
fsr-3134	40	2	analytical	analytical	ADJ
fsr-3134	40	3	results	result	NOUN
fsr-3134	40	4	in	in	ADP
fsr-3134	40	5	this	this	DET
fsr-3134	40	6	article	article	NOUN
fsr-3134	40	7	suggest	suggest	VERB
fsr-3134	40	8	that	that	SCONJ
fsr-3134	40	9	price	price	NOUN
fsr-3134	40	10	estimates	estimate	NOUN
fsr-3134	40	11	from	from	ADP
fsr-3134	40	12	the	the	DET
fsr-3134	40	13	constant	constant	ADJ
fsr-3134	40	14	growth	growth	NOUN
fsr-3134	40	15	model	model	NOUN
fsr-3134	40	16	can	can	AUX
fsr-3134	40	17	overstate	overstate	VERB
fsr-3134	40	18	a	a	DET
fsr-3134	40	19	stock	stock	NOUN
fsr-3134	40	20	’s	’s	PART
fsr-3134	40	21	intrinsic	intrinsic	ADJ
fsr-3134	40	22	value	value	NOUN
fsr-3134	40	23	by	by	ADP
fsr-3134	40	24	a	a	DET
fsr-3134	40	25	sizeable	sizeable	ADJ
fsr-3134	40	26	amount	amount	NOUN
fsr-3134	40	27	—	—	PUNCT
fsr-3134	40	28	in	in	ADP
fsr-3134	40	29	some	some	DET
fsr-3134	40	30	cases	case	NOUN
fsr-3134	40	31	the	the	DET
fsr-3134	40	32	valuation	valuation	NOUN
fsr-3134	40	33	errors	error	NOUN
fsr-3134	40	34	can	can	AUX
fsr-3134	40	35	be	be	AUX
fsr-3134	40	36	two	two	NUM
fsr-3134	40	37	or	or	CCONJ
fsr-3134	40	38	three	three	NUM
fsr-3134	40	39	times	time	NOUN
fsr-3134	40	40	the	the	DET
fsr-3134	40	41	underlying	underlying	ADJ
fsr-3134	40	42	intrinsic	intrinsic	ADJ
fsr-3134	40	43	value	value	NOUN
fsr-3134	40	44	!	!	PUNCT
fsr-3134	41	1	the	the	DET
fsr-3134	41	2	potential	potential	ADJ
fsr-3134	41	3	overstatement	overstatement	ADJ
fsr-3134	41	4	increases	increase	NOUN
fsr-3134	41	5	as	as	SCONJ
fsr-3134	41	6	the	the	DET
fsr-3134	41	7	firm	firm	NOUN
fsr-3134	41	8	’s	’s	PART
fsr-3134	41	9	dividend	dividend	NOUN
fsr-3134	41	10	yield	yield	NOUN
fsr-3134	41	11	decreases	decrease	NOUN
fsr-3134	41	12	,	,	PUNCT
fsr-3134	41	13	shifting	shift	VERB
fsr-3134	41	14	a	a	DET
fsr-3134	41	15	greater	great	ADJ
fsr-3134	41	16	portion	portion	NOUN
fsr-3134	41	17	of	of	ADP
fsr-3134	41	18	the	the	DET
fsr-3134	41	19	expected	expect	VERB
fsr-3134	41	20	cash	cash	NOUN
fsr-3134	41	21	flow	flow	NOUN
fsr-3134	41	22	into	into	ADP
fsr-3134	41	23	later	later	ADJ
fsr-3134	41	24	years	year	NOUN
fsr-3134	41	25	.	.	PUNCT
fsr-3134	42	1	these	these	DET
fsr-3134	42	2	results	result	NOUN
fsr-3134	42	3	do	do	AUX
fsr-3134	42	4	not	not	PART
fsr-3134	42	5	imply	imply	VERB
fsr-3134	42	6	that	that	SCONJ
fsr-3134	42	7	the	the	DET
fsr-3134	42	8	constant	constant	ADJ
fsr-3134	42	9	growth	growth	NOUN
fsr-3134	42	10	190	190	NUM
fsr-3134	42	11	m.g	m.g	PROPN
fsr-3134	42	12	.	.	PROPN
fsr-3134	42	13	danielson	danielson	PROPN
fsr-3134	42	14	,	,	PUNCT
fsr-3134	42	15	j.l	j.l	PROPN
fsr-3134	42	16	.	.	PROPN
fsr-3134	42	17	heck	heck	PROPN
fsr-3134	42	18	/	/	SYM
fsr-3134	42	19	financial	financial	ADJ
fsr-3134	42	20	services	service	NOUN
fsr-3134	42	21	review	review	VERB
fsr-3134	42	22	23	23	NUM
fsr-3134	42	23	(	(	PUNCT
fsr-3134	42	24	2014	2014	NUM
fsr-3134	42	25	)	)	PUNCT
fsr-3134	42	26	189–206	189–206	NUM
fsr-3134	42	27	model	model	NOUN
fsr-3134	42	28	should	should	AUX
fsr-3134	42	29	be	be	AUX
fsr-3134	42	30	abandoned	abandon	VERB
fsr-3134	42	31	as	as	ADP
fsr-3134	42	32	a	a	DET
fsr-3134	42	33	valuation	valuation	NOUN
fsr-3134	42	34	tool	tool	NOUN
fsr-3134	42	35	.	.	PUNCT
fsr-3134	43	1	instead	instead	ADV
fsr-3134	43	2	,	,	PUNCT
fsr-3134	43	3	the	the	DET
fsr-3134	43	4	goal	goal	NOUN
fsr-3134	43	5	of	of	ADP
fsr-3134	43	6	this	this	DET
fsr-3134	43	7	article	article	NOUN
fsr-3134	43	8	is	be	AUX
fsr-3134	43	9	to	to	PART
fsr-3134	43	10	promote	promote	VERB
fsr-3134	43	11	a	a	DET
fsr-3134	43	12	better	well	ADJ
fsr-3134	43	13	understanding	understanding	NOUN
fsr-3134	43	14	of	of	ADP
fsr-3134	43	15	the	the	DET
fsr-3134	43	16	limitations	limitation	NOUN
fsr-3134	43	17	of	of	ADP
fsr-3134	43	18	the	the	DET
fsr-3134	43	19	model	model	NOUN
fsr-3134	43	20	,	,	PUNCT
fsr-3134	43	21	and	and	CCONJ
fsr-3134	43	22	to	to	PART
fsr-3134	43	23	place	place	VERB
fsr-3134	43	24	guardrails	guardrail	NOUN
fsr-3134	43	25	on	on	ADP
fsr-3134	43	26	its	its	PRON
fsr-3134	43	27	use	use	NOUN
fsr-3134	43	28	.	.	PUNCT
fsr-3134	44	1	in	in	ADP
fsr-3134	44	2	particular	particular	ADJ
fsr-3134	44	3	,	,	PUNCT
fsr-3134	44	4	the	the	DET
fsr-3134	44	5	constant	constant	ADJ
fsr-3134	44	6	growth	growth	NOUN
fsr-3134	44	7	model	model	NOUN
fsr-3134	44	8	is	be	AUX
fsr-3134	44	9	most	most	ADV
fsr-3134	44	10	useful	useful	ADJ
fsr-3134	44	11	when	when	SCONJ
fsr-3134	44	12	the	the	DET
fsr-3134	44	13	firm	firm	NOUN
fsr-3134	44	14	faces	face	VERB
fsr-3134	44	15	a	a	DET
fsr-3134	44	16	low	low	ADJ
fsr-3134	44	17	default	default	NOUN
fsr-3134	44	18	probability	probability	NOUN
fsr-3134	44	19	,	,	PUNCT
fsr-3134	44	20	when	when	SCONJ
fsr-3134	44	21	only	only	ADV
fsr-3134	44	22	a	a	DET
fsr-3134	44	23	small	small	ADJ
fsr-3134	44	24	portion	portion	NOUN
fsr-3134	44	25	of	of	ADP
fsr-3134	44	26	the	the	DET
fsr-3134	44	27	growth	growth	NOUN
fsr-3134	44	28	will	will	AUX
fsr-3134	44	29	be	be	AUX
fsr-3134	44	30	the	the	DET
fsr-3134	44	31	result	result	NOUN
fsr-3134	44	32	of	of	ADP
fsr-3134	44	33	positive	positive	ADJ
fsr-3134	44	34	net	net	ADJ
fsr-3134	44	35	present	present	ADJ
fsr-3134	44	36	value	value	NOUN
fsr-3134	44	37	investments	investment	NOUN
fsr-3134	44	38	,	,	PUNCT
fsr-3134	44	39	and	and	CCONJ
fsr-3134	44	40	when	when	SCONJ
fsr-3134	44	41	the	the	DET
fsr-3134	44	42	firm	firm	NOUN
fsr-3134	44	43	’s	’s	PART
fsr-3134	44	44	dividend	dividend	NOUN
fsr-3134	44	45	yield	yield	NOUN
fsr-3134	44	46	is	be	AUX
fsr-3134	44	47	sufficiently	sufficiently	ADV
fsr-3134	44	48	large	large	ADJ
fsr-3134	44	49	.	.	PUNCT
fsr-3134	45	1	in	in	ADP
fsr-3134	45	2	all	all	DET
fsr-3134	45	3	other	other	ADJ
fsr-3134	45	4	cases	case	NOUN
fsr-3134	45	5	,	,	PUNCT
fsr-3134	45	6	value	value	NOUN
fsr-3134	45	7	estimates	estimate	NOUN
fsr-3134	45	8	obtained	obtain	VERB
fsr-3134	45	9	from	from	ADP
fsr-3134	45	10	the	the	DET
fsr-3134	45	11	constant	constant	ADJ
fsr-3134	45	12	growth	growth	NOUN
fsr-3134	45	13	model	model	NOUN
fsr-3134	45	14	have	have	VERB
fsr-3134	45	15	the	the	DET
fsr-3134	45	16	potential	potential	NOUN
fsr-3134	45	17	to	to	PART
fsr-3134	45	18	significantly	significantly	ADV
fsr-3134	45	19	overstate	overstate	NOUN
fsr-3134	45	20	value	value	NOUN
fsr-3134	45	21	.	.	PUNCT
fsr-3134	46	1	the	the	DET
fsr-3134	46	2	ironic	ironic	ADJ
fsr-3134	46	3	implication	implication	NOUN
fsr-3134	46	4	is	be	AUX
fsr-3134	46	5	that	that	SCONJ
fsr-3134	46	6	the	the	DET
fsr-3134	46	7	perpetual	perpetual	ADJ
fsr-3134	46	8	growth	growth	NOUN
fsr-3134	46	9	model	model	NOUN
fsr-3134	46	10	is	be	AUX
fsr-3134	46	11	most	most	ADV
fsr-3134	46	12	useful	useful	ADJ
fsr-3134	46	13	when	when	SCONJ
fsr-3134	46	14	it	it	PRON
fsr-3134	46	15	is	be	AUX
fsr-3134	46	16	needed	need	VERB
fsr-3134	46	17	least	least	ADJ
fsr-3134	46	18	.	.	PUNCT
fsr-3134	47	1	that	that	PRON
fsr-3134	47	2	is	be	AUX
fsr-3134	47	3	,	,	PUNCT
fsr-3134	47	4	when	when	SCONJ
fsr-3134	47	5	the	the	DET
fsr-3134	47	6	model	model	NOUN
fsr-3134	47	7	is	be	AUX
fsr-3134	47	8	used	use	VERB
fsr-3134	47	9	to	to	PART
fsr-3134	47	10	value	value	VERB
fsr-3134	47	11	low	low	ADJ
fsr-3134	47	12	-	-	PUNCT
fsr-3134	47	13	growth	growth	NOUN
fsr-3134	47	14	,	,	PUNCT
fsr-3134	47	15	high	high	ADJ
fsr-3134	47	16	-	-	PUNCT
fsr-3134	47	17	payout	payout	NOUN
fsr-3134	47	18	firms	firm	NOUN
fsr-3134	47	19	.	.	PUNCT
fsr-3134	48	1	2	2	X
fsr-3134	48	2	.	.	X
fsr-3134	48	3	the	the	DET
fsr-3134	48	4	constant	constant	ADJ
fsr-3134	48	5	-	-	PUNCT
fsr-3134	48	6	growth	growth	NOUN
fsr-3134	48	7	model	model	NOUN
fsr-3134	48	8	:	:	PUNCT
fsr-3134	48	9	an	an	DET
fsr-3134	48	10	overview	overview	NOUN
fsr-3134	48	11	in	in	ADP
fsr-3134	48	12	the	the	DET
fsr-3134	48	13	constant	constant	ADJ
fsr-3134	48	14	-	-	PUNCT
fsr-3134	48	15	growth	growth	NOUN
fsr-3134	48	16	model	model	NOUN
fsr-3134	48	17	,	,	PUNCT
fsr-3134	48	18	a	a	DET
fsr-3134	48	19	firm	firm	NOUN
fsr-3134	48	20	’s	’s	PART
fsr-3134	48	21	stock	stock	NOUN
fsr-3134	48	22	price	price	NOUN
fsr-3134	48	23	(	(	PUNCT
fsr-3134	48	24	or	or	CCONJ
fsr-3134	48	25	an	an	DET
fsr-3134	48	26	asset	asset	NOUN
fsr-3134	48	27	’s	’s	PART
fsr-3134	48	28	value	value	NOUN
fsr-3134	48	29	)	)	PUNCT
fsr-3134	48	30	is	be	AUX
fsr-3134	48	31	a	a	DET
fsr-3134	48	32	function	function	NOUN
fsr-3134	48	33	of	of	ADP
fsr-3134	48	34	the	the	DET
fsr-3134	48	35	firm	firm	NOUN
fsr-3134	48	36	’s	’s	PART
fsr-3134	48	37	future	future	ADJ
fsr-3134	48	38	dividends	dividend	NOUN
fsr-3134	48	39	(	(	PUNCT
fsr-3134	48	40	i.e.	i.e.	X
fsr-3134	48	41	,	,	PUNCT
fsr-3134	48	42	cash	cash	NOUN
fsr-3134	48	43	dividends	dividend	NOUN
fsr-3134	48	44	or	or	CCONJ
fsr-3134	48	45	stock	stock	NOUN
fsr-3134	48	46	repurchases	repurchase	NOUN
fsr-3134	48	47	)	)	PUNCT
fsr-3134	48	48	;	;	PUNCT
fsr-3134	48	49	the	the	DET
fsr-3134	48	50	key	key	ADJ
fsr-3134	48	51	assumption	assumption	NOUN
fsr-3134	48	52	is	be	AUX
fsr-3134	48	53	that	that	SCONJ
fsr-3134	48	54	the	the	DET
fsr-3134	48	55	dividends	dividend	NOUN
fsr-3134	48	56	will	will	AUX
fsr-3134	48	57	increase	increase	VERB
fsr-3134	48	58	at	at	ADP
fsr-3134	48	59	a	a	DET
fsr-3134	48	60	constant	constant	ADJ
fsr-3134	48	61	annual	annual	ADJ
fsr-3134	48	62	rate	rate	NOUN
fsr-3134	48	63	,	,	PUNCT
fsr-3134	48	64	forever	forever	ADV
fsr-3134	48	65	.	.	PUNCT
fsr-3134	49	1	to	to	PART
fsr-3134	49	2	begin	begin	VERB
fsr-3134	49	3	,	,	PUNCT
fsr-3134	49	4	we	we	PRON
fsr-3134	49	5	define	define	VERB
fsr-3134	49	6	each	each	DET
fsr-3134	49	7	variable	variable	NOUN
fsr-3134	49	8	in	in	ADP
fsr-3134	49	9	real	real	ADJ
fsr-3134	49	10	terms	term	NOUN
fsr-3134	49	11	:	:	PUNCT
fsr-3134	49	12	d1	d1	PROPN
fsr-3134	49	13	is	be	AUX
fsr-3134	49	14	the	the	DET
fsr-3134	49	15	dividend	dividend	NOUN
fsr-3134	49	16	expected	expect	VERB
fsr-3134	49	17	to	to	PART
fsr-3134	49	18	be	be	AUX
fsr-3134	49	19	paid	pay	VERB
fsr-3134	49	20	next	next	ADJ
fsr-3134	49	21	year	year	NOUN
fsr-3134	49	22	,	,	PUNCT
fsr-3134	49	23	stated	state	VERB
fsr-3134	49	24	in	in	ADP
fsr-3134	49	25	current	current	ADJ
fsr-3134	49	26	dollars	dollar	NOUN
fsr-3134	49	27	;	;	PUNCT
fsr-3134	49	28	r	r	NOUN
fsr-3134	49	29	is	be	AUX
fsr-3134	49	30	the	the	DET
fsr-3134	49	31	required	required	ADJ
fsr-3134	49	32	(	(	PUNCT
fsr-3134	49	33	real	real	ADJ
fsr-3134	49	34	)	)	PUNCT
fsr-3134	49	35	rate	rate	NOUN
fsr-3134	49	36	of	of	ADP
fsr-3134	49	37	return	return	NOUN
fsr-3134	49	38	;	;	PUNCT
fsr-3134	49	39	and	and	CCONJ
fsr-3134	49	40	g	g	NOUN
fsr-3134	49	41	is	be	AUX
fsr-3134	49	42	the	the	DET
fsr-3134	49	43	(	(	PUNCT
fsr-3134	49	44	real	real	ADJ
fsr-3134	49	45	)	)	PUNCT
fsr-3134	49	46	perpetual	perpetual	ADJ
fsr-3134	49	47	-	-	PUNCT
fsr-3134	49	48	growth	growth	NOUN
fsr-3134	49	49	rate	rate	NOUN
fsr-3134	49	50	.	.	PUNCT
fsr-3134	50	1	using	use	VERB
fsr-3134	50	2	these	these	DET
fsr-3134	50	3	definitions	definition	NOUN
fsr-3134	50	4	,	,	PUNCT
fsr-3134	50	5	the	the	DET
fsr-3134	50	6	model	model	NOUN
fsr-3134	50	7	can	can	AUX
fsr-3134	50	8	be	be	AUX
fsr-3134	50	9	written	write	VERB
fsr-3134	50	10	as	as	ADP
fsr-3134	50	11	eq	eq	ADP
fsr-3134	50	12	.	.	PUNCT
fsr-3134	51	1	(	(	PUNCT
fsr-3134	51	2	1	1	NUM
fsr-3134	51	3	)	)	PUNCT
fsr-3134	51	4	.	.	PUNCT
fsr-3134	52	1	p0	p0	PROPN
fsr-3134	52	2	�	�	PROPN
fsr-3134	52	3	d1	d1	PROPN
fsr-3134	52	4	r	r	PROPN
fsr-3134	52	5	�	�	PROPN
fsr-3134	52	6	g	g	PROPN
fsr-3134	52	7	(	(	PUNCT
fsr-3134	52	8	1	1	NUM
fsr-3134	52	9	)	)	PUNCT
fsr-3134	52	10	in	in	ADP
fsr-3134	52	11	future	future	ADJ
fsr-3134	52	12	years	year	NOUN
fsr-3134	52	13	,	,	PUNCT
fsr-3134	52	14	a	a	DET
fsr-3134	52	15	firm	firm	NOUN
fsr-3134	52	16	’s	’s	PART
fsr-3134	52	17	cash	cash	NOUN
fsr-3134	52	18	flows	flow	NOUN
fsr-3134	52	19	can	can	AUX
fsr-3134	52	20	grow	grow	VERB
fsr-3134	52	21	as	as	ADP
fsr-3134	52	22	the	the	DET
fsr-3134	52	23	result	result	NOUN
fsr-3134	52	24	of	of	ADP
fsr-3134	52	25	new	new	ADJ
fsr-3134	52	26	investments	investment	NOUN
fsr-3134	52	27	or	or	CCONJ
fsr-3134	52	28	inflation	inflation	NOUN
fsr-3134	52	29	.	.	PUNCT
fsr-3134	53	1	section	section	NOUN
fsr-3134	53	2	2.1	2.1	NUM
fsr-3134	53	3	rewrites	rewrite	NOUN
fsr-3134	53	4	eq	eq	ADJ
fsr-3134	53	5	.	.	PUNCT
fsr-3134	54	1	(	(	PUNCT
fsr-3134	54	2	1	1	X
fsr-3134	54	3	)	)	PUNCT
fsr-3134	54	4	to	to	PART
fsr-3134	54	5	focus	focus	VERB
fsr-3134	54	6	on	on	ADP
fsr-3134	54	7	growth	growth	NOUN
fsr-3134	54	8	from	from	ADP
fsr-3134	54	9	new	new	ADJ
fsr-3134	54	10	investments	investment	NOUN
fsr-3134	54	11	when	when	SCONJ
fsr-3134	54	12	all	all	DET
fsr-3134	54	13	inputs	input	NOUN
fsr-3134	54	14	are	be	AUX
fsr-3134	54	15	stated	state	VERB
fsr-3134	54	16	in	in	ADP
fsr-3134	54	17	real	real	ADJ
fsr-3134	54	18	terms	term	NOUN
fsr-3134	54	19	.	.	PUNCT
fsr-3134	55	1	section	section	NOUN
fsr-3134	55	2	2.2	2.2	NUM
fsr-3134	55	3	extends	extend	VERB
fsr-3134	55	4	the	the	DET
fsr-3134	55	5	model	model	NOUN
fsr-3134	55	6	further	far	ADV
fsr-3134	55	7	,	,	PUNCT
fsr-3134	55	8	to	to	PART
fsr-3134	55	9	allow	allow	VERB
fsr-3134	55	10	the	the	DET
fsr-3134	55	11	firm	firm	NOUN
fsr-3134	55	12	’s	’s	PART
fsr-3134	55	13	cash	cash	NOUN
fsr-3134	55	14	flow	flow	NOUN
fsr-3134	55	15	stream	stream	NOUN
fsr-3134	55	16	to	to	PART
fsr-3134	55	17	increase	increase	VERB
fsr-3134	55	18	with	with	ADP
fsr-3134	55	19	inflation	inflation	NOUN
fsr-3134	55	20	.	.	PUNCT
fsr-3134	56	1	2.1	2.1	NUM
fsr-3134	56	2	.	.	PUNCT
fsr-3134	56	3	growth	growth	NOUN
fsr-3134	56	4	and	and	CCONJ
fsr-3134	56	5	new	new	ADJ
fsr-3134	56	6	investments	investment	NOUN
fsr-3134	56	7	eq	eq	ADP
fsr-3134	56	8	.	.	PUNCT
fsr-3134	57	1	(	(	PUNCT
fsr-3134	57	2	1	1	X
fsr-3134	57	3	)	)	PUNCT
fsr-3134	57	4	is	be	AUX
fsr-3134	57	5	often	often	ADV
fsr-3134	57	6	expanded	expand	VERB
fsr-3134	57	7	to	to	PART
fsr-3134	57	8	calculate	calculate	VERB
fsr-3134	57	9	a	a	DET
fsr-3134	57	10	stock	stock	NOUN
fsr-3134	57	11	price	price	NOUN
fsr-3134	57	12	as	as	ADP
fsr-3134	57	13	a	a	DET
fsr-3134	57	14	function	function	NOUN
fsr-3134	57	15	of	of	ADP
fsr-3134	57	16	the	the	DET
fsr-3134	57	17	amount	amount	NOUN
fsr-3134	57	18	invested	invest	VERB
fsr-3134	57	19	in	in	ADP
fsr-3134	57	20	new	new	ADJ
fsr-3134	57	21	projects	project	NOUN
fsr-3134	57	22	and	and	CCONJ
fsr-3134	57	23	the	the	DET
fsr-3134	57	24	return	return	NOUN
fsr-3134	57	25	on	on	ADP
fsr-3134	57	26	these	these	DET
fsr-3134	57	27	investments	investment	NOUN
fsr-3134	57	28	(	(	PUNCT
fsr-3134	57	29	see	see	VERB
fsr-3134	57	30	,	,	PUNCT
fsr-3134	57	31	e.g.	e.g.	ADV
fsr-3134	57	32	,	,	PUNCT
fsr-3134	57	33	brealey	brealey	NOUN
fsr-3134	57	34	and	and	CCONJ
fsr-3134	57	35	myers	myer	NOUN
fsr-3134	57	36	,	,	PUNCT
fsr-3134	57	37	2003	2003	NUM
fsr-3134	57	38	)	)	PUNCT
fsr-3134	57	39	.	.	PUNCT
fsr-3134	58	1	to	to	PART
fsr-3134	58	2	do	do	VERB
fsr-3134	58	3	this	this	PRON
fsr-3134	58	4	,	,	PUNCT
fsr-3134	58	5	the	the	DET
fsr-3134	58	6	variable	variable	ADJ
fsr-3134	58	7	e1	e1	PROPN
fsr-3134	58	8	is	be	AUX
fsr-3134	58	9	defined	define	VERB
fsr-3134	58	10	as	as	ADP
fsr-3134	58	11	the	the	DET
fsr-3134	58	12	perpetual	perpetual	ADJ
fsr-3134	58	13	earnings	earning	NOUN
fsr-3134	58	14	stream	stream	NOUN
fsr-3134	58	15	expected	expect	VERB
fsr-3134	58	16	to	to	PART
fsr-3134	58	17	be	be	AUX
fsr-3134	58	18	generated	generate	VERB
fsr-3134	58	19	by	by	ADP
fsr-3134	58	20	the	the	DET
fsr-3134	58	21	current	current	ADJ
fsr-3134	58	22	operations	operation	NOUN
fsr-3134	58	23	(	(	PUNCT
fsr-3134	58	24	stated	state	VERB
fsr-3134	58	25	in	in	ADP
fsr-3134	58	26	current	current	ADJ
fsr-3134	58	27	dollars	dollar	NOUN
fsr-3134	58	28	)	)	PUNCT
fsr-3134	58	29	,	,	PUNCT
fsr-3134	58	30	the	the	DET
fsr-3134	58	31	plowback	plowback	NOUN
fsr-3134	58	32	rate	rate	NOUN
fsr-3134	58	33	,	,	PUNCT
fsr-3134	58	34	b	b	NOUN
fsr-3134	58	35	,	,	PUNCT
fsr-3134	58	36	is	be	AUX
fsr-3134	58	37	the	the	DET
fsr-3134	58	38	portion	portion	NOUN
fsr-3134	58	39	of	of	ADP
fsr-3134	58	40	the	the	DET
fsr-3134	58	41	earnings	earning	NOUN
fsr-3134	58	42	reinvested	reinveste	VERB
fsr-3134	58	43	each	each	DET
fsr-3134	58	44	year	year	NOUN
fsr-3134	58	45	,	,	PUNCT
fsr-3134	58	46	and	and	CCONJ
fsr-3134	58	47	rn	rn	PROPN
fsr-3134	58	48	is	be	AUX
fsr-3134	58	49	the	the	DET
fsr-3134	58	50	economic	economic	ADJ
fsr-3134	58	51	(	(	PUNCT
fsr-3134	58	52	not	not	PART
fsr-3134	58	53	accounting	account	VERB
fsr-3134	58	54	)	)	PUNCT
fsr-3134	58	55	real	real	ADJ
fsr-3134	58	56	return	return	NOUN
fsr-3134	58	57	on	on	ADP
fsr-3134	58	58	new	new	ADJ
fsr-3134	58	59	investments	investment	NOUN
fsr-3134	58	60	.	.	PUNCT
fsr-3134	59	1	using	use	VERB
fsr-3134	59	2	these	these	DET
fsr-3134	59	3	additional	additional	ADJ
fsr-3134	59	4	definitions	definition	NOUN
fsr-3134	59	5	,	,	PUNCT
fsr-3134	59	6	eq	eq	NOUN
fsr-3134	59	7	.	.	PUNCT
fsr-3134	60	1	(	(	PUNCT
fsr-3134	60	2	1	1	X
fsr-3134	60	3	)	)	PUNCT
fsr-3134	60	4	becomes	become	VERB
fsr-3134	60	5	eq	eq	ADP
fsr-3134	60	6	.	.	PUNCT
fsr-3134	61	1	(	(	PUNCT
fsr-3134	61	2	2	2	NUM
fsr-3134	61	3	)	)	PUNCT
fsr-3134	61	4	.	.	PUNCT
fsr-3134	62	1	p0	p0	PROPN
fsr-3134	62	2	�	�	PROPN
fsr-3134	62	3	d1	d1	PROPN
fsr-3134	62	4	r	r	PROPN
fsr-3134	62	5	�	�	PROPN
fsr-3134	62	6	g	g	PROPN
fsr-3134	62	7	�	�	PROPN
fsr-3134	62	8	�	�	PROPN
fsr-3134	62	9	1	1	NUM
fsr-3134	62	10	�	�	PROPN
fsr-3134	62	11	b	b	PROPN
fsr-3134	62	12	�	�	PROPN
fsr-3134	62	13	e1	e1	PROPN
fsr-3134	62	14	r	r	PROPN
fsr-3134	62	15	�	�	PROPN
fsr-3134	62	16	brn	brn	NOUN
fsr-3134	62	17	(	(	PUNCT
fsr-3134	62	18	2	2	NUM
fsr-3134	62	19	)	)	PUNCT
fsr-3134	62	20	when	when	SCONJ
fsr-3134	62	21	rn	rn	PROPN
fsr-3134	62	22	exceeds	exceed	VERB
fsr-3134	62	23	r	r	NOUN
fsr-3134	62	24	,	,	PUNCT
fsr-3134	62	25	each	each	DET
fsr-3134	62	26	new	new	ADJ
fsr-3134	62	27	project	project	NOUN
fsr-3134	62	28	is	be	AUX
fsr-3134	62	29	expected	expect	VERB
fsr-3134	62	30	to	to	PART
fsr-3134	62	31	have	have	VERB
fsr-3134	62	32	a	a	DET
fsr-3134	62	33	positive	positive	ADJ
fsr-3134	62	34	net	net	ADJ
fsr-3134	62	35	present	present	ADJ
fsr-3134	62	36	value	value	NOUN
fsr-3134	62	37	and	and	CCONJ
fsr-3134	62	38	p0	p0	NOUN
fsr-3134	62	39	will	will	AUX
fsr-3134	62	40	increase	increase	VERB
fsr-3134	62	41	with	with	ADP
fsr-3134	62	42	the	the	DET
fsr-3134	62	43	reinvestment	reinvestment	NOUN
fsr-3134	62	44	rate	rate	NOUN
fsr-3134	62	45	b.1	b.1	ADP
fsr-3134	62	46	if	if	SCONJ
fsr-3134	62	47	rn	rn	PROPN
fsr-3134	62	48	equals	equal	VERB
fsr-3134	62	49	r	r	NOUN
fsr-3134	62	50	,	,	PUNCT
fsr-3134	62	51	eq	eq	NOUN
fsr-3134	62	52	.	.	PUNCT
fsr-3134	63	1	(	(	PUNCT
fsr-3134	63	2	2	2	X
fsr-3134	63	3	)	)	PUNCT
fsr-3134	63	4	simplifies	simplifie	NOUN
fsr-3134	63	5	to	to	ADP
fsr-3134	63	6	p0	p0	PROPN
fsr-3134	63	7	�	�	PROPN
fsr-3134	63	8	e1	e1	PROPN
fsr-3134	63	9	/	/	SYM
fsr-3134	63	10	r	r	NOUN
fsr-3134	63	11	and	and	CCONJ
fsr-3134	63	12	value	value	NOUN
fsr-3134	63	13	does	do	AUX
fsr-3134	63	14	not	not	PART
fsr-3134	63	15	depend	depend	VERB
fsr-3134	63	16	on	on	ADP
fsr-3134	63	17	the	the	DET
fsr-3134	63	18	reinvestment	reinvestment	NOUN
fsr-3134	63	19	rate	rate	NOUN
fsr-3134	63	20	b.	b.	PROPN
fsr-3134	63	21	in	in	ADP
fsr-3134	63	22	this	this	DET
fsr-3134	63	23	case	case	NOUN
fsr-3134	63	24	,	,	PUNCT
fsr-3134	63	25	the	the	DET
fsr-3134	63	26	firm	firm	NOUN
fsr-3134	63	27	’s	’s	PART
fsr-3134	63	28	dividend	dividend	NOUN
fsr-3134	63	29	still	still	ADV
fsr-3134	63	30	increases	increase	VERB
fsr-3134	63	31	each	each	DET
fsr-3134	63	32	year	year	NOUN
fsr-3134	63	33	at	at	ADP
fsr-3134	63	34	the	the	DET
fsr-3134	63	35	rate	rate	NOUN
fsr-3134	63	36	g	g	PROPN
fsr-3134	63	37	�	�	PROPN
fsr-3134	63	38	brn	brn	PROPN
fsr-3134	63	39	.	.	PUNCT
fsr-3134	64	1	however	however	ADV
fsr-3134	64	2	,	,	PUNCT
fsr-3134	64	3	this	this	DET
fsr-3134	64	4	dividend	dividend	NOUN
fsr-3134	64	5	growth	growth	NOUN
fsr-3134	64	6	simply	simply	ADV
fsr-3134	64	7	compensates	compensate	VERB
fsr-3134	64	8	191m.g	191m.g	NUM
fsr-3134	64	9	.	.	PUNCT
fsr-3134	65	1	danielson	danielson	PROPN
fsr-3134	65	2	,	,	PUNCT
fsr-3134	65	3	j.l	j.l	PROPN
fsr-3134	65	4	.	.	PROPN
fsr-3134	65	5	heck	heck	PROPN
fsr-3134	65	6	/	/	SYM
fsr-3134	65	7	financial	financial	ADJ
fsr-3134	65	8	services	service	NOUN
fsr-3134	65	9	review	review	VERB
fsr-3134	65	10	23	23	NUM
fsr-3134	65	11	(	(	PUNCT
fsr-3134	65	12	2014	2014	NUM
fsr-3134	65	13	)	)	PUNCT
fsr-3134	65	14	189–206	189–206	NUM
fsr-3134	65	15	investors	investor	NOUN
fsr-3134	65	16	for	for	ADP
fsr-3134	65	17	deferring	defer	VERB
fsr-3134	65	18	dividends	dividend	NOUN
fsr-3134	65	19	through	through	ADP
fsr-3134	65	20	the	the	DET
fsr-3134	65	21	reinvestment	reinvestment	NOUN
fsr-3134	65	22	process	process	NOUN
fsr-3134	65	23	;	;	PUNCT
fsr-3134	65	24	the	the	DET
fsr-3134	65	25	growth	growth	NOUN
fsr-3134	65	26	will	will	AUX
fsr-3134	65	27	not	not	PART
fsr-3134	65	28	increase	increase	VERB
fsr-3134	65	29	the	the	DET
fsr-3134	65	30	estimated	estimate	VERB
fsr-3134	65	31	value	value	NOUN
fsr-3134	65	32	p0	p0	NOUN
fsr-3134	65	33	.	.	PUNCT
fsr-3134	66	1	2.2	2.2	NUM
fsr-3134	66	2	.	.	PUNCT
fsr-3134	66	3	growth	growth	NOUN
fsr-3134	66	4	and	and	CCONJ
fsr-3134	66	5	inflation	inflation	NOUN
fsr-3134	66	6	to	to	PART
fsr-3134	66	7	convert	convert	VERB
fsr-3134	66	8	eq	eq	ADP
fsr-3134	66	9	.	.	PUNCT
fsr-3134	67	1	(	(	PUNCT
fsr-3134	67	2	2	2	NUM
fsr-3134	67	3	)	)	PUNCT
fsr-3134	67	4	into	into	ADP
fsr-3134	67	5	nominal	nominal	ADJ
fsr-3134	67	6	terms	term	NOUN
fsr-3134	67	7	,	,	PUNCT
fsr-3134	67	8	the	the	DET
fsr-3134	67	9	following	follow	VERB
fsr-3134	67	10	definitions	definition	NOUN
fsr-3134	67	11	are	be	AUX
fsr-3134	67	12	used	use	VERB
fsr-3134	67	13	:	:	PUNCT
fsr-3134	67	14	h	h	PROPN
fsr-3134	67	15	�	�	PROPN
fsr-3134	67	16	the	the	DET
fsr-3134	67	17	annual	annual	ADJ
fsr-3134	67	18	inflation	inflation	NOUN
fsr-3134	67	19	rate	rate	NOUN
fsr-3134	67	20	r*n	r*n	PROPN
fsr-3134	67	21	�	�	PROPN
fsr-3134	67	22	the	the	DET
fsr-3134	67	23	nominal	nominal	ADJ
fsr-3134	67	24	return	return	NOUN
fsr-3134	67	25	on	on	ADP
fsr-3134	67	26	new	new	ADJ
fsr-3134	67	27	investments	investment	NOUN
fsr-3134	67	28	�	�	PROPN
fsr-3134	67	29	(	(	PUNCT
fsr-3134	67	30	1	1	NUM
fsr-3134	67	31	�	�	PROPN
fsr-3134	67	32	rn)(1	rn)(1	PROPN
fsr-3134	67	33	�	�	PROPN
fsr-3134	67	34	h	h	PROPN
fsr-3134	67	35	)	)	PUNCT
fsr-3134	67	36	–	–	PUNCT
fsr-3134	67	37	1	1	NUM
fsr-3134	67	38	r	r	SYM
fsr-3134	67	39	*	*	PUNCT
fsr-3134	67	40	�	�	PROPN
fsr-3134	67	41	the	the	DET
fsr-3134	67	42	discount	discount	NOUN
fsr-3134	67	43	rate	rate	NOUN
fsr-3134	67	44	in	in	ADP
fsr-3134	67	45	nominal	nominal	ADJ
fsr-3134	67	46	terms	term	NOUN
fsr-3134	67	47	�	�	PROPN
fsr-3134	67	48	(	(	PUNCT
fsr-3134	67	49	1	1	NUM
fsr-3134	67	50	�	�	PROPN
fsr-3134	67	51	r)(1	r)(1	NOUN
fsr-3134	67	52	�	�	PROPN
fsr-3134	67	53	h	h	PROPN
fsr-3134	67	54	)	)	PUNCT
fsr-3134	67	55	–	–	PUNCT
fsr-3134	67	56	1	1	NUM
fsr-3134	67	57	e*1	e*1	PROPN
fsr-3134	67	58	�	�	PROPN
fsr-3134	67	59	next	next	ADJ
fsr-3134	67	60	year	year	NOUN
fsr-3134	67	61	’s	’s	PART
fsr-3134	67	62	nominal	nominal	ADJ
fsr-3134	67	63	expected	expect	VERB
fsr-3134	67	64	earnings	earning	NOUN
fsr-3134	67	65	�	�	PROPN
fsr-3134	67	66	(	(	PUNCT
fsr-3134	67	67	1	1	NUM
fsr-3134	67	68	�	�	PROPN
fsr-3134	67	69	h)e1	h)e1	PROPN
fsr-3134	67	70	g	g	PROPN
fsr-3134	67	71	*	*	PUNCT
fsr-3134	67	72	�	�	PROPN
fsr-3134	67	73	the	the	DET
fsr-3134	67	74	nominal	nominal	ADJ
fsr-3134	67	75	growth	growth	NOUN
fsr-3134	67	76	rate	rate	NOUN
fsr-3134	67	77	�	�	PROPN
fsr-3134	67	78	(	(	PUNCT
fsr-3134	67	79	1	1	NUM
fsr-3134	67	80	–	–	PUNCT
fsr-3134	67	81	b)h	b)h	ADJ
fsr-3134	67	82	�	�	PROPN
fsr-3134	67	83	b	b	PROPN
fsr-3134	67	84	r*n	r*n	PROPN
fsr-3134	67	85	the	the	DET
fsr-3134	67	86	nominal	nominal	ADJ
fsr-3134	67	87	growth	growth	NOUN
fsr-3134	67	88	rate	rate	NOUN
fsr-3134	67	89	,	,	PUNCT
fsr-3134	67	90	g	g	PROPN
fsr-3134	67	91	*	*	PUNCT
fsr-3134	67	92	,	,	PUNCT
fsr-3134	67	93	has	have	VERB
fsr-3134	67	94	two	two	NUM
fsr-3134	67	95	terms	term	NOUN
fsr-3134	67	96	on	on	ADP
fsr-3134	67	97	the	the	DET
fsr-3134	67	98	right	right	ADJ
fsr-3134	67	99	-	-	PUNCT
fsr-3134	67	100	hand	hand	NOUN
fsr-3134	67	101	side	side	NOUN
fsr-3134	67	102	to	to	PART
fsr-3134	67	103	allow	allow	VERB
fsr-3134	67	104	the	the	DET
fsr-3134	67	105	firm	firm	NOUN
fsr-3134	67	106	’s	’s	PART
fsr-3134	67	107	entire	entire	ADJ
fsr-3134	67	108	cash	cash	NOUN
fsr-3134	67	109	flow	flow	NOUN
fsr-3134	67	110	stream	stream	NOUN
fsr-3134	67	111	(	(	PUNCT
fsr-3134	67	112	including	include	VERB
fsr-3134	67	113	amounts	amount	NOUN
fsr-3134	67	114	currently	currently	ADV
fsr-3134	67	115	paid	pay	VERB
fsr-3134	67	116	as	as	ADP
fsr-3134	67	117	dividends	dividend	NOUN
fsr-3134	67	118	)	)	PUNCT
fsr-3134	67	119	to	to	PART
fsr-3134	67	120	increase	increase	VERB
fsr-3134	67	121	with	with	ADP
fsr-3134	67	122	inflation	inflation	NOUN
fsr-3134	67	123	.	.	PUNCT
fsr-3134	68	1	the	the	DET
fsr-3134	68	2	first	first	ADJ
fsr-3134	68	3	term	term	NOUN
fsr-3134	68	4	captures	capture	VERB
fsr-3134	68	5	the	the	DET
fsr-3134	68	6	growth	growth	NOUN
fsr-3134	68	7	(	(	PUNCT
fsr-3134	68	8	because	because	SCONJ
fsr-3134	68	9	of	of	ADP
fsr-3134	68	10	inflation	inflation	NOUN
fsr-3134	68	11	)	)	PUNCT
fsr-3134	68	12	of	of	ADP
fsr-3134	68	13	the	the	DET
fsr-3134	68	14	portion	portion	NOUN
fsr-3134	68	15	of	of	ADP
fsr-3134	68	16	the	the	DET
fsr-3134	68	17	cash	cash	NOUN
fsr-3134	68	18	flow	flow	NOUN
fsr-3134	68	19	stream	stream	NOUN
fsr-3134	68	20	currently	currently	ADV
fsr-3134	68	21	paid	pay	VERB
fsr-3134	68	22	as	as	ADP
fsr-3134	68	23	a	a	DET
fsr-3134	68	24	dividend	dividend	NOUN
fsr-3134	68	25	.	.	PUNCT
fsr-3134	69	1	the	the	DET
fsr-3134	69	2	second	second	ADJ
fsr-3134	69	3	term	term	NOUN
fsr-3134	69	4	is	be	AUX
fsr-3134	69	5	the	the	DET
fsr-3134	69	6	growth	growth	NOUN
fsr-3134	69	7	created	create	VERB
fsr-3134	69	8	through	through	ADP
fsr-3134	69	9	the	the	DET
fsr-3134	69	10	reinvestment	reinvestment	NOUN
fsr-3134	69	11	process	process	NOUN
fsr-3134	69	12	;	;	PUNCT
fsr-3134	69	13	the	the	DET
fsr-3134	69	14	inflation	inflation	NOUN
fsr-3134	69	15	rate	rate	NOUN
fsr-3134	69	16	h	h	NOUN
fsr-3134	69	17	is	be	AUX
fsr-3134	69	18	embedded	embed	VERB
fsr-3134	69	19	in	in	ADP
fsr-3134	69	20	the	the	DET
fsr-3134	69	21	nominal	nominal	ADJ
fsr-3134	69	22	investment	investment	NOUN
fsr-3134	69	23	return	return	NOUN
fsr-3134	69	24	r*n	r*n	NOUN
fsr-3134	69	25	.	.	PUNCT
fsr-3134	70	1	bradley	bradley	PROPN
fsr-3134	70	2	and	and	CCONJ
fsr-3134	70	3	jarrell	jarrell	PROPN
fsr-3134	70	4	(	(	PUNCT
fsr-3134	70	5	2008	2008	NUM
fsr-3134	70	6	)	)	PUNCT
fsr-3134	70	7	also	also	ADV
fsr-3134	70	8	define	define	VERB
fsr-3134	70	9	the	the	DET
fsr-3134	70	10	nominal	nominal	ADJ
fsr-3134	70	11	growth	growth	NOUN
fsr-3134	70	12	rate	rate	NOUN
fsr-3134	70	13	in	in	ADP
fsr-3134	70	14	this	this	DET
fsr-3134	70	15	way	way	NOUN
fsr-3134	70	16	(	(	PUNCT
fsr-3134	70	17	but	but	CCONJ
fsr-3134	70	18	with	with	ADP
fsr-3134	70	19	different	different	ADJ
fsr-3134	70	20	notation	notation	NOUN
fsr-3134	70	21	)	)	PUNCT
fsr-3134	70	22	.	.	PUNCT
fsr-3134	71	1	when	when	SCONJ
fsr-3134	71	2	these	these	DET
fsr-3134	71	3	definitions	definition	NOUN
fsr-3134	71	4	are	be	AUX
fsr-3134	71	5	substituted	substitute	VERB
fsr-3134	71	6	into	into	ADP
fsr-3134	71	7	the	the	DET
fsr-3134	71	8	constant	constant	ADJ
fsr-3134	71	9	growth	growth	NOUN
fsr-3134	71	10	model	model	NOUN
fsr-3134	71	11	,	,	PUNCT
fsr-3134	71	12	the	the	DET
fsr-3134	71	13	inflation	inflation	NOUN
fsr-3134	71	14	terms	term	NOUN
fsr-3134	71	15	ultimately	ultimately	ADV
fsr-3134	71	16	cancel	cancel	VERB
fsr-3134	71	17	out	out	ADP
fsr-3134	71	18	and	and	CCONJ
fsr-3134	71	19	the	the	DET
fsr-3134	71	20	model	model	NOUN
fsr-3134	71	21	simplifies	simplifie	NOUN
fsr-3134	71	22	to	to	ADP
fsr-3134	71	23	eq	eq	PROPN
fsr-3134	71	24	.	.	PUNCT
fsr-3134	72	1	(	(	PUNCT
fsr-3134	72	2	2	2	NUM
fsr-3134	72	3	)	)	PUNCT
fsr-3134	72	4	,	,	PUNCT
fsr-3134	72	5	with	with	ADP
fsr-3134	72	6	r	r	NOUN
fsr-3134	72	7	,	,	PUNCT
fsr-3134	72	8	rn	rn	PROPN
fsr-3134	72	9	,	,	PUNCT
fsr-3134	72	10	and	and	CCONJ
fsr-3134	72	11	g	g	NOUN
fsr-3134	72	12	defined	define	VERB
fsr-3134	72	13	as	as	ADP
fsr-3134	72	14	real	real	ADJ
fsr-3134	72	15	rates.2	rates.2	NOUN
fsr-3134	72	16	eq	eq	ADP
fsr-3134	72	17	.	.	PUNCT
fsr-3134	73	1	(	(	PUNCT
fsr-3134	73	2	3	3	X
fsr-3134	73	3	)	)	PUNCT
fsr-3134	73	4	outlines	outline	VERB
fsr-3134	73	5	this	this	DET
fsr-3134	73	6	process	process	NOUN
fsr-3134	73	7	.	.	PUNCT
fsr-3134	74	1	p0	p0	PROPN
fsr-3134	74	2	�	�	PROPN
fsr-3134	74	3	�	�	PROPN
fsr-3134	74	4	1	1	NUM
fsr-3134	74	5	�	�	PROPN
fsr-3134	74	6	b	b	PROPN
fsr-3134	74	7	�	�	PROPN
fsr-3134	74	8	e*1	e*1	PROPN
fsr-3134	74	9	r	r	PROPN
fsr-3134	74	10	*	*	PUNCT
fsr-3134	74	11	�	�	PROPN
fsr-3134	74	12	g	g	PROPN
fsr-3134	74	13	*	*	PROPN
fsr-3134	74	14	�	�	PROPN
fsr-3134	74	15	�	�	PROPN
fsr-3134	74	16	1	1	NUM
fsr-3134	74	17	�	�	PROPN
fsr-3134	74	18	b	b	PROPN
fsr-3134	74	19	�	�	PROPN
fsr-3134	74	20	�	�	PROPN
fsr-3134	74	21	1	1	NUM
fsr-3134	74	22	�	�	PROPN
fsr-3134	74	23	h	h	PROPN
fsr-3134	74	24	�	�	PROPN
fsr-3134	74	25	e1	e1	PROPN
fsr-3134	74	26	�	�	PROPN
fsr-3134	74	27	�	�	PROPN
fsr-3134	74	28	1	1	NUM
fsr-3134	74	29	�	�	PROPN
fsr-3134	74	30	r	r	NOUN
fsr-3134	74	31	�	�	PROPN
fsr-3134	74	32	�	�	PROPN
fsr-3134	74	33	1	1	NUM
fsr-3134	74	34	�	�	PROPN
fsr-3134	74	35	h	h	PROPN
fsr-3134	74	36	�	�	PROPN
fsr-3134	74	37	�	�	PROPN
fsr-3134	74	38	1	1	NUM
fsr-3134	74	39	�	�	PROPN
fsr-3134	74	40	�	�	PROPN
fsr-3134	74	41	�	�	PROPN
fsr-3134	74	42	�	�	PROPN
fsr-3134	74	43	1	1	NUM
fsr-3134	74	44	�	�	PROPN
fsr-3134	74	45	b	b	PROPN
fsr-3134	74	46	�	�	PROPN
fsr-3134	74	47	h	h	PROPN
fsr-3134	74	48	�	�	PROPN
fsr-3134	74	49	b	b	PROPN
fsr-3134	74	50	�	�	PROPN
fsr-3134	74	51	�	�	PROPN
fsr-3134	74	52	1	1	NUM
fsr-3134	74	53	�	�	PROPN
fsr-3134	74	54	rn	rn	PROPN
fsr-3134	74	55	�	�	PROPN
fsr-3134	74	56	�	�	PROPN
fsr-3134	74	57	1	1	NUM
fsr-3134	74	58	�	�	PROPN
fsr-3134	74	59	h	h	PROPN
fsr-3134	74	60	�	�	PROPN
fsr-3134	74	61	�	�	PROPN
fsr-3134	74	62	1	1	NUM
fsr-3134	74	63	�	�	PROPN
fsr-3134	74	64	�	�	PROPN
fsr-3134	74	65	�	�	PROPN
fsr-3134	74	66	�	�	PROPN
fsr-3134	74	67	1	1	NUM
fsr-3134	74	68	�	�	PROPN
fsr-3134	74	69	b	b	PROPN
fsr-3134	74	70	�	�	PROPN
fsr-3134	74	71	e1	e1	PROPN
fsr-3134	74	72	r	r	PROPN
fsr-3134	74	73	�	�	PROPN
fsr-3134	74	74	brn	brn	NOUN
fsr-3134	74	75	(	(	PUNCT
fsr-3134	74	76	3	3	NUM
fsr-3134	74	77	)	)	PUNCT
fsr-3134	74	78	bradley	bradley	NOUN
fsr-3134	74	79	and	and	CCONJ
fsr-3134	74	80	jarrell	jarrell	PROPN
fsr-3134	74	81	(	(	PUNCT
fsr-3134	74	82	2008	2008	NUM
fsr-3134	74	83	)	)	PUNCT
fsr-3134	74	84	show	show	VERB
fsr-3134	74	85	that	that	SCONJ
fsr-3134	74	86	when	when	SCONJ
fsr-3134	74	87	the	the	DET
fsr-3134	74	88	constant	constant	ADJ
fsr-3134	74	89	growth	growth	NOUN
fsr-3134	74	90	model	model	NOUN
fsr-3134	74	91	is	be	AUX
fsr-3134	74	92	not	not	PART
fsr-3134	74	93	adjusted	adjust	VERB
fsr-3134	74	94	properly	properly	ADV
fsr-3134	74	95	to	to	PART
fsr-3134	74	96	incorporate	incorporate	VERB
fsr-3134	74	97	nominal	nominal	ADJ
fsr-3134	74	98	discount	discount	NOUN
fsr-3134	74	99	and	and	CCONJ
fsr-3134	74	100	growth	growth	NOUN
fsr-3134	74	101	rates	rate	NOUN
fsr-3134	74	102	,	,	PUNCT
fsr-3134	74	103	the	the	DET
fsr-3134	74	104	model	model	NOUN
fsr-3134	74	105	will	will	AUX
fsr-3134	74	106	produce	produce	VERB
fsr-3134	74	107	incorrect	incorrect	ADJ
fsr-3134	74	108	value	value	NOUN
fsr-3134	74	109	estimates	estimate	NOUN
fsr-3134	74	110	.	.	PUNCT
fsr-3134	75	1	in	in	ADP
fsr-3134	75	2	particular	particular	ADJ
fsr-3134	75	3	,	,	PUNCT
fsr-3134	75	4	if	if	SCONJ
fsr-3134	75	5	the	the	DET
fsr-3134	75	6	discount	discount	NOUN
fsr-3134	75	7	rate	rate	NOUN
fsr-3134	75	8	is	be	AUX
fsr-3134	75	9	stated	state	VERB
fsr-3134	75	10	in	in	ADP
fsr-3134	75	11	nominal	nominal	ADJ
fsr-3134	75	12	terms	term	NOUN
fsr-3134	75	13	(	(	PUNCT
fsr-3134	75	14	i.e.	i.e.	X
fsr-3134	75	15	,	,	PUNCT
fsr-3134	75	16	the	the	DET
fsr-3134	75	17	discount	discount	NOUN
fsr-3134	75	18	rate	rate	NOUN
fsr-3134	75	19	is	be	AUX
fsr-3134	75	20	r	r	NOUN
fsr-3134	75	21	*	*	NOUN
fsr-3134	75	22	)	)	PUNCT
fsr-3134	75	23	,	,	PUNCT
fsr-3134	75	24	but	but	CCONJ
fsr-3134	75	25	the	the	DET
fsr-3134	75	26	growth	growth	NOUN
fsr-3134	75	27	rate	rate	NOUN
fsr-3134	75	28	is	be	AUX
fsr-3134	75	29	defined	define	VERB
fsr-3134	75	30	simply	simply	ADV
fsr-3134	75	31	as	as	ADP
fsr-3134	75	32	the	the	DET
fsr-3134	75	33	product	product	NOUN
fsr-3134	75	34	of	of	ADP
fsr-3134	75	35	the	the	DET
fsr-3134	75	36	reinvestment	reinvestment	NOUN
fsr-3134	75	37	rate	rate	NOUN
fsr-3134	75	38	b	b	PROPN
fsr-3134	75	39	and	and	CCONJ
fsr-3134	75	40	r*n	r*n	PROPN
fsr-3134	75	41	,	,	PUNCT
fsr-3134	75	42	rather	rather	ADV
fsr-3134	75	43	than	than	ADP
fsr-3134	75	44	as	as	ADP
fsr-3134	75	45	g	g	NOUN
fsr-3134	75	46	*	*	PUNCT
fsr-3134	75	47	(	(	PUNCT
fsr-3134	75	48	as	as	SCONJ
fsr-3134	75	49	defined	define	VERB
fsr-3134	75	50	above	above	ADP
fsr-3134	75	51	)	)	PUNCT
fsr-3134	75	52	,	,	PUNCT
fsr-3134	75	53	the	the	DET
fsr-3134	75	54	constant	constant	ADJ
fsr-3134	75	55	growth	growth	NOUN
fsr-3134	75	56	model	model	NOUN
fsr-3134	75	57	can	can	AUX
fsr-3134	75	58	understate	understate	VERB
fsr-3134	75	59	an	an	DET
fsr-3134	75	60	asset	asset	NOUN
fsr-3134	75	61	’s	’s	NOUN
fsr-3134	75	62	value.3	value.3	ADV
fsr-3134	75	63	however	however	ADV
fsr-3134	75	64	,	,	PUNCT
fsr-3134	75	65	this	this	DET
fsr-3134	75	66	result	result	NOUN
fsr-3134	75	67	does	do	AUX
fsr-3134	75	68	not	not	PART
fsr-3134	75	69	mean	mean	VERB
fsr-3134	75	70	that	that	SCONJ
fsr-3134	75	71	the	the	DET
fsr-3134	75	72	constant	constant	ADJ
fsr-3134	75	73	growth	growth	NOUN
fsr-3134	75	74	model	model	NOUN
fsr-3134	75	75	produces	produce	VERB
fsr-3134	75	76	“	"	PUNCT
fsr-3134	75	77	conservative	conservative	ADJ
fsr-3134	75	78	”	"	PUNCT
fsr-3134	75	79	value	value	NOUN
fsr-3134	75	80	estimates	estimate	NOUN
fsr-3134	75	81	.	.	PUNCT
fsr-3134	76	1	instead	instead	ADV
fsr-3134	76	2	,	,	PUNCT
fsr-3134	76	3	the	the	DET
fsr-3134	76	4	analysis	analysis	NOUN
fsr-3134	76	5	in	in	ADP
fsr-3134	76	6	bradley	bradley	PROPN
fsr-3134	76	7	and	and	CCONJ
fsr-3134	76	8	jarrell	jarrell	PROPN
fsr-3134	76	9	(	(	PUNCT
fsr-3134	76	10	2008	2008	NUM
fsr-3134	76	11	)	)	PUNCT
fsr-3134	76	12	simply	simply	ADV
fsr-3134	76	13	means	mean	VERB
fsr-3134	76	14	that	that	SCONJ
fsr-3134	76	15	when	when	SCONJ
fsr-3134	76	16	the	the	DET
fsr-3134	76	17	model	model	NOUN
fsr-3134	76	18	is	be	AUX
fsr-3134	76	19	applied	apply	VERB
fsr-3134	76	20	incorrectly	incorrectly	ADV
fsr-3134	76	21	(	(	PUNCT
fsr-3134	76	22	and	and	CCONJ
fsr-3134	76	23	inputs	input	NOUN
fsr-3134	76	24	are	be	AUX
fsr-3134	76	25	not	not	PART
fsr-3134	76	26	defined	define	VERB
fsr-3134	76	27	consistently	consistently	ADV
fsr-3134	76	28	in	in	ADP
fsr-3134	76	29	either	either	CCONJ
fsr-3134	76	30	nominal	nominal	ADJ
fsr-3134	76	31	or	or	CCONJ
fsr-3134	76	32	real	real	ADJ
fsr-3134	76	33	terms	term	NOUN
fsr-3134	76	34	)	)	PUNCT
fsr-3134	76	35	the	the	DET
fsr-3134	76	36	model	model	NOUN
fsr-3134	76	37	’s	’s	PART
fsr-3134	76	38	value	value	NOUN
fsr-3134	76	39	estimates	estimate	NOUN
fsr-3134	76	40	will	will	AUX
fsr-3134	76	41	be	be	AUX
fsr-3134	76	42	wrong	wrong	ADJ
fsr-3134	76	43	(	(	PUNCT
fsr-3134	76	44	i.e.	i.e.	X
fsr-3134	76	45	,	,	PUNCT
fsr-3134	76	46	garbage	garbage	NOUN
fsr-3134	76	47	in	in	ADV
fsr-3134	76	48	,	,	PUNCT
fsr-3134	76	49	garbage	garbage	NOUN
fsr-3134	76	50	out	out	ADP
fsr-3134	76	51	)	)	PUNCT
fsr-3134	76	52	.	.	PUNCT
fsr-3134	77	1	because	because	SCONJ
fsr-3134	77	2	the	the	DET
fsr-3134	77	3	constant	constant	ADJ
fsr-3134	77	4	growth	growth	NOUN
fsr-3134	77	5	model	model	NOUN
fsr-3134	77	6	produces	produce	VERB
fsr-3134	77	7	identical	identical	ADJ
fsr-3134	77	8	value	value	NOUN
fsr-3134	77	9	estimates	estimate	NOUN
fsr-3134	77	10	using	use	VERB
fsr-3134	77	11	properly	properly	ADV
fsr-3134	77	12	defined	define	VERB
fsr-3134	77	13	real	real	ADJ
fsr-3134	77	14	or	or	CCONJ
fsr-3134	77	15	nominal	nominal	ADJ
fsr-3134	77	16	inputs	input	NOUN
fsr-3134	77	17	,	,	PUNCT
fsr-3134	77	18	and	and	CCONJ
fsr-3134	77	19	because	because	SCONJ
fsr-3134	77	20	the	the	DET
fsr-3134	77	21	model	model	NOUN
fsr-3134	77	22	’s	’s	PART
fsr-3134	77	23	notation	notation	NOUN
fsr-3134	77	24	is	be	AUX
fsr-3134	77	25	simpler	simple	ADJ
fsr-3134	77	26	using	use	VERB
fsr-3134	77	27	real	real	ADJ
fsr-3134	77	28	interest	interest	NOUN
fsr-3134	77	29	rates	rate	NOUN
fsr-3134	77	30	,	,	PUNCT
fsr-3134	77	31	the	the	DET
fsr-3134	77	32	analysis	analysis	NOUN
fsr-3134	77	33	in	in	ADP
fsr-3134	77	34	the	the	DET
fsr-3134	77	35	remainder	remainder	NOUN
fsr-3134	77	36	of	of	ADP
fsr-3134	77	37	this	this	DET
fsr-3134	77	38	article	article	NOUN
fsr-3134	77	39	defines	define	VERB
fsr-3134	77	40	all	all	DET
fsr-3134	77	41	valuation	valuation	NOUN
fsr-3134	77	42	inputs	input	NOUN
fsr-3134	77	43	in	in	ADP
fsr-3134	77	44	real	real	ADJ
fsr-3134	77	45	terms	term	NOUN
fsr-3134	77	46	.	.	PUNCT
fsr-3134	78	1	192	192	NUM
fsr-3134	78	2	m.g	m.g	PROPN
fsr-3134	78	3	.	.	PROPN
fsr-3134	78	4	danielson	danielson	PROPN
fsr-3134	78	5	,	,	PUNCT
fsr-3134	78	6	j.l	j.l	PROPN
fsr-3134	78	7	.	.	PROPN
fsr-3134	78	8	heck	heck	PROPN
fsr-3134	78	9	/	/	SYM
fsr-3134	78	10	financial	financial	ADJ
fsr-3134	78	11	services	service	NOUN
fsr-3134	78	12	review	review	VERB
fsr-3134	78	13	23	23	NUM
fsr-3134	78	14	(	(	PUNCT
fsr-3134	78	15	2014	2014	NUM
fsr-3134	78	16	)	)	PUNCT
fsr-3134	79	1	189–206	189–206	NUM
fsr-3134	79	2	3	3	NUM
fsr-3134	79	3	.	.	PUNCT
fsr-3134	79	4	value	value	NOUN
fsr-3134	79	5	creation	creation	NOUN
fsr-3134	79	6	and	and	CCONJ
fsr-3134	79	7	the	the	DET
fsr-3134	79	8	timing	timing	NOUN
fsr-3134	79	9	of	of	ADP
fsr-3134	79	10	future	future	ADJ
fsr-3134	79	11	cash	cash	NOUN
fsr-3134	79	12	flows	flow	NOUN
fsr-3134	79	13	as	as	SCONJ
fsr-3134	79	14	noted	note	VERB
fsr-3134	79	15	by	by	ADP
fsr-3134	79	16	shaffer	shaffer	PROPN
fsr-3134	79	17	(	(	PUNCT
fsr-3134	79	18	2006	2006	NUM
fsr-3134	79	19	)	)	PUNCT
fsr-3134	79	20	,	,	PUNCT
fsr-3134	79	21	danielson	danielson	NOUN
fsr-3134	79	22	,	,	PUNCT
fsr-3134	79	23	heck	heck	INTJ
fsr-3134	79	24	,	,	PUNCT
fsr-3134	79	25	and	and	CCONJ
fsr-3134	79	26	shaffer	shaffer	NOUN
fsr-3134	79	27	(	(	PUNCT
fsr-3134	79	28	2008	2008	NUM
fsr-3134	79	29	)	)	PUNCT
fsr-3134	79	30	,	,	PUNCT
fsr-3134	79	31	and	and	CCONJ
fsr-3134	79	32	others	other	NOUN
fsr-3134	79	33	,	,	PUNCT
fsr-3134	79	34	a	a	DET
fsr-3134	79	35	substantial	substantial	ADJ
fsr-3134	79	36	portion	portion	NOUN
fsr-3134	79	37	of	of	ADP
fsr-3134	79	38	the	the	DET
fsr-3134	79	39	value	value	NOUN
fsr-3134	79	40	estimates	estimate	NOUN
fsr-3134	79	41	obtained	obtain	VERB
fsr-3134	79	42	from	from	ADP
fsr-3134	79	43	the	the	DET
fsr-3134	79	44	constant	constant	ADJ
fsr-3134	79	45	growth	growth	NOUN
fsr-3134	79	46	model	model	NOUN
fsr-3134	79	47	can	can	AUX
fsr-3134	79	48	be	be	AUX
fsr-3134	79	49	attributed	attribute	VERB
fsr-3134	79	50	to	to	ADP
fsr-3134	79	51	cash	cash	NOUN
fsr-3134	79	52	flows	flow	NOUN
fsr-3134	79	53	that	that	PRON
fsr-3134	79	54	may	may	AUX
fsr-3134	79	55	not	not	PART
fsr-3134	79	56	be	be	AUX
fsr-3134	79	57	received	receive	VERB
fsr-3134	79	58	for	for	ADP
fsr-3134	79	59	decades	decade	NOUN
fsr-3134	79	60	.	.	PUNCT
fsr-3134	80	1	to	to	PART
fsr-3134	80	2	calculate	calculate	VERB
fsr-3134	80	3	the	the	DET
fsr-3134	80	4	percentage	percentage	NOUN
fsr-3134	80	5	of	of	ADP
fsr-3134	80	6	a	a	DET
fsr-3134	80	7	perpetualgrowth	perpetualgrowth	NOUN
fsr-3134	80	8	value	value	NOUN
fsr-3134	80	9	estimate	estimate	NOUN
fsr-3134	80	10	attributed	attribute	VERB
fsr-3134	80	11	to	to	ADP
fsr-3134	80	12	cash	cash	NOUN
fsr-3134	80	13	flows	flow	NOUN
fsr-3134	80	14	after	after	ADP
fsr-3134	80	15	year	year	NOUN
fsr-3134	80	16	t	t	PROPN
fsr-3134	80	17	,	,	PUNCT
fsr-3134	80	18	first	first	ADV
fsr-3134	80	19	note	note	VERB
fsr-3134	80	20	that	that	SCONJ
fsr-3134	80	21	the	the	DET
fsr-3134	80	22	present	present	ADJ
fsr-3134	80	23	value	value	NOUN
fsr-3134	80	24	of	of	ADP
fsr-3134	80	25	a	a	DET
fsr-3134	80	26	finite	finite	NOUN
fsr-3134	80	27	(	(	PUNCT
fsr-3134	80	28	t	t	NOUN
fsr-3134	80	29	-	-	PUNCT
fsr-3134	80	30	period	period	NOUN
fsr-3134	80	31	)	)	PUNCT
fsr-3134	80	32	,	,	PUNCT
fsr-3134	80	33	growing	grow	VERB
fsr-3134	80	34	dividend	dividend	NOUN
fsr-3134	80	35	stream	stream	NOUN
fsr-3134	80	36	(	(	PUNCT
fsr-3134	80	37	i.e.	i.e.	X
fsr-3134	80	38	,	,	PUNCT
fsr-3134	80	39	the	the	DET
fsr-3134	80	40	dividends	dividend	NOUN
fsr-3134	80	41	will	will	AUX
fsr-3134	80	42	grow	grow	VERB
fsr-3134	80	43	at	at	ADP
fsr-3134	80	44	a	a	DET
fsr-3134	80	45	constant	constant	ADJ
fsr-3134	80	46	rate	rate	NOUN
fsr-3134	80	47	for	for	ADP
fsr-3134	80	48	t	t	NOUN
fsr-3134	80	49	periods	period	NOUN
fsr-3134	80	50	before	before	ADP
fsr-3134	80	51	dropping	drop	VERB
fsr-3134	80	52	to	to	ADP
fsr-3134	80	53	$	$	SYM
fsr-3134	80	54	0	0	NUM
fsr-3134	80	55	)	)	PUNCT
fsr-3134	80	56	can	can	AUX
fsr-3134	80	57	be	be	AUX
fsr-3134	80	58	written	write	VERB
fsr-3134	80	59	as	as	SCONJ
fsr-3134	80	60	follows	follow	VERB
fsr-3134	80	61	(	(	PUNCT
fsr-3134	80	62	welch	welch	PROPN
fsr-3134	80	63	,	,	PUNCT
fsr-3134	80	64	2009	2009	NUM
fsr-3134	80	65	):	):	PUNCT
fsr-3134	80	66	p0	p0	NOUN
fsr-3134	80	67	�	�	PROPN
fsr-3134	80	68	d1	d1	PROPN
fsr-3134	80	69	r	r	PROPN
fsr-3134	80	70	�	�	PROPN
fsr-3134	80	71	g	g	PROPN
fsr-3134	80	72	�	�	PROPN
fsr-3134	80	73	1	1	NUM
fsr-3134	80	74	�	�	PROPN
fsr-3134	80	75	�	�	PROPN
fsr-3134	80	76	1	1	NUM
fsr-3134	80	77	�	�	PROPN
fsr-3134	80	78	g	g	PROPN
fsr-3134	80	79	1	1	NUM
fsr-3134	80	80	�	�	PROPN
fsr-3134	80	81	r	r	PROPN
fsr-3134	80	82	�	�	PROPN
fsr-3134	80	83	t	t	PROPN
fsr-3134	80	84	�	�	PROPN
fsr-3134	80	85	(	(	PUNCT
fsr-3134	80	86	4	4	NUM
fsr-3134	80	87	)	)	PUNCT
fsr-3134	80	88	then	then	ADV
fsr-3134	80	89	,	,	PUNCT
fsr-3134	80	90	subtract	subtract	VERB
fsr-3134	80	91	eq	eq	ADP
fsr-3134	80	92	.	.	PUNCT
fsr-3134	81	1	(	(	PUNCT
fsr-3134	81	2	4	4	NUM
fsr-3134	81	3	)	)	PUNCT
fsr-3134	81	4	from	from	ADP
fsr-3134	81	5	eq	eq	ADP
fsr-3134	81	6	.	.	PUNCT
fsr-3134	82	1	(	(	PUNCT
fsr-3134	82	2	1	1	NUM
fsr-3134	82	3	)	)	PUNCT
fsr-3134	83	1	and	and	CCONJ
fsr-3134	83	2	divide	divide	VERB
fsr-3134	83	3	the	the	DET
fsr-3134	83	4	result	result	NOUN
fsr-3134	83	5	by	by	ADP
fsr-3134	83	6	eq	eq	PROPN
fsr-3134	83	7	.	.	PUNCT
fsr-3134	84	1	(	(	PUNCT
fsr-3134	84	2	1	1	NUM
fsr-3134	84	3	)	)	PUNCT
fsr-3134	84	4	.	.	PUNCT
fsr-3134	85	1	this	this	DET
fsr-3134	85	2	yields	yield	NOUN
fsr-3134	85	3	eq	eq	ADP
fsr-3134	85	4	.	.	PUNCT
fsr-3134	86	1	(	(	PUNCT
fsr-3134	86	2	5	5	NUM
fsr-3134	86	3	)	)	PUNCT
fsr-3134	86	4	,	,	PUNCT
fsr-3134	86	5	which	which	PRON
fsr-3134	86	6	quantifies	quantify	VERB
fsr-3134	86	7	the	the	DET
fsr-3134	86	8	portion	portion	NOUN
fsr-3134	86	9	of	of	ADP
fsr-3134	86	10	an	an	DET
fsr-3134	86	11	asset	asset	NOUN
fsr-3134	86	12	’s	’s	PART
fsr-3134	86	13	value	value	NOUN
fsr-3134	86	14	created	create	VERB
fsr-3134	86	15	by	by	ADP
fsr-3134	86	16	cash	cash	NOUN
fsr-3134	86	17	flows	flow	NOUN
fsr-3134	86	18	to	to	PART
fsr-3134	86	19	be	be	AUX
fsr-3134	86	20	received	receive	VERB
fsr-3134	86	21	after	after	ADP
fsr-3134	86	22	year	year	NOUN
fsr-3134	87	1	t.	t.	PROPN
fsr-3134	87	2	pv	pv	PROPN
fsr-3134	87	3	�	�	PROPN
fsr-3134	87	4	t	t	PROPN
fsr-3134	87	5	�	�	PROPN
fsr-3134	87	6	1	1	NUM
fsr-3134	87	7	to	to	ADP
fsr-3134	87	8	�	�	PROPN
fsr-3134	87	9	�	�	PROPN
fsr-3134	87	10	/pv	/pv	NOUN
fsr-3134	87	11	�	�	X
fsr-3134	87	12	0	0	NUM
fsr-3134	87	13	to	to	PART
fsr-3134	87	14	�	�	PROPN
fsr-3134	87	15	�	�	PROPN
fsr-3134	87	16	�	�	PROPN
fsr-3134	87	17	�	�	PROPN
fsr-3134	87	18	1	1	NUM
fsr-3134	87	19	�	�	PROPN
fsr-3134	87	20	g	g	PROPN
fsr-3134	87	21	1	1	NUM
fsr-3134	87	22	�	�	PROPN
fsr-3134	87	23	r	r	PROPN
fsr-3134	87	24	�	�	PROPN
fsr-3134	87	25	t	t	PROPN
fsr-3134	87	26	(	(	PUNCT
fsr-3134	87	27	5	5	NUM
fsr-3134	87	28	)	)	PUNCT
fsr-3134	87	29	table	table	NOUN
fsr-3134	87	30	1	1	NUM
fsr-3134	87	31	uses	use	VERB
fsr-3134	87	32	eq	eq	NOUN
fsr-3134	87	33	.	.	PUNCT
fsr-3134	88	1	(	(	PUNCT
fsr-3134	88	2	5	5	NUM
fsr-3134	88	3	)	)	PUNCT
fsr-3134	88	4	to	to	PART
fsr-3134	88	5	calculate	calculate	VERB
fsr-3134	88	6	the	the	DET
fsr-3134	88	7	percentage	percentage	NOUN
fsr-3134	88	8	of	of	ADP
fsr-3134	88	9	an	an	DET
fsr-3134	88	10	asset	asset	NOUN
fsr-3134	88	11	’s	’s	PART
fsr-3134	88	12	estimated	estimate	VERB
fsr-3134	88	13	value	value	NOUN
fsr-3134	88	14	—	—	PUNCT
fsr-3134	88	15	using	use	VERB
fsr-3134	88	16	eq	eq	NOUN
fsr-3134	88	17	.	.	PUNCT
fsr-3134	89	1	(	(	PUNCT
fsr-3134	89	2	1)—that	1)—that	PROPN
fsr-3134	89	3	is	be	AUX
fsr-3134	89	4	expected	expect	VERB
fsr-3134	89	5	to	to	PART
fsr-3134	89	6	be	be	AUX
fsr-3134	89	7	received	receive	VERB
fsr-3134	89	8	after	after	ADP
fsr-3134	89	9	year	year	NOUN
fsr-3134	89	10	t	t	PROPN
fsr-3134	89	11	,	,	PUNCT
fsr-3134	89	12	for	for	ADP
fsr-3134	89	13	three	three	NUM
fsr-3134	89	14	discount	discount	NOUN
fsr-3134	89	15	rates	rate	NOUN
fsr-3134	89	16	(	(	PUNCT
fsr-3134	89	17	7	7	NUM
fsr-3134	89	18	,	,	PUNCT
fsr-3134	89	19	10	10	NUM
fsr-3134	89	20	,	,	PUNCT
fsr-3134	89	21	and	and	CCONJ
fsr-3134	89	22	13	13	NUM
fsr-3134	89	23	%	%	NOUN
fsr-3134	89	24	)	)	PUNCT
fsr-3134	89	25	and	and	CCONJ
fsr-3134	89	26	a	a	DET
fsr-3134	89	27	range	range	NOUN
fsr-3134	89	28	of	of	ADP
fsr-3134	89	29	growth	growth	NOUN
fsr-3134	89	30	rates	rate	NOUN
fsr-3134	89	31	.	.	PUNCT
fsr-3134	90	1	for	for	ADP
fsr-3134	90	2	each	each	DET
fsr-3134	90	3	combination	combination	NOUN
fsr-3134	90	4	of	of	ADP
fsr-3134	90	5	r	r	NOUN
fsr-3134	90	6	and	and	CCONJ
fsr-3134	90	7	g	g	NOUN
fsr-3134	90	8	,	,	PUNCT
fsr-3134	90	9	the	the	DET
fsr-3134	90	10	table	table	NOUN
fsr-3134	90	11	lists	list	VERB
fsr-3134	90	12	the	the	DET
fsr-3134	90	13	portion	portion	NOUN
fsr-3134	90	14	of	of	ADP
fsr-3134	90	15	the	the	DET
fsr-3134	90	16	value	value	NOUN
fsr-3134	90	17	estimate	estimate	NOUN
fsr-3134	90	18	created	create	VERB
fsr-3134	90	19	by	by	ADP
fsr-3134	90	20	cash	cash	NOUN
fsr-3134	90	21	flows	flow	NOUN
fsr-3134	90	22	received	receive	VERB
fsr-3134	90	23	after	after	ADP
fsr-3134	90	24	years	year	NOUN
fsr-3134	90	25	10	10	NUM
fsr-3134	90	26	,	,	PUNCT
fsr-3134	90	27	20	20	NUM
fsr-3134	90	28	,	,	PUNCT
fsr-3134	90	29	30	30	NUM
fsr-3134	90	30	,	,	PUNCT
fsr-3134	90	31	40	40	NUM
fsr-3134	90	32	,	,	PUNCT
fsr-3134	90	33	50	50	NUM
fsr-3134	90	34	,	,	PUNCT
fsr-3134	90	35	and	and	CCONJ
fsr-3134	90	36	100	100	NUM
fsr-3134	90	37	.	.	PUNCT
fsr-3134	91	1	in	in	ADP
fsr-3134	91	2	addition	addition	NOUN
fsr-3134	91	3	,	,	PUNCT
fsr-3134	91	4	the	the	DET
fsr-3134	91	5	table	table	NOUN
fsr-3134	91	6	lists	list	VERB
fsr-3134	91	7	the	the	DET
fsr-3134	91	8	macaulay	macaulay	NOUN
fsr-3134	91	9	(	(	PUNCT
fsr-3134	91	10	1938	1938	NUM
fsr-3134	91	11	)	)	PUNCT
fsr-3134	91	12	duration	duration	NOUN
fsr-3134	91	13	for	for	ADP
fsr-3134	91	14	each	each	DET
fsr-3134	91	15	combination	combination	NOUN
fsr-3134	91	16	of	of	ADP
fsr-3134	91	17	r	r	NOUN
fsr-3134	91	18	and	and	CCONJ
fsr-3134	91	19	g.	g.	NOUN
fsr-3134	91	20	although	although	SCONJ
fsr-3134	91	21	r	r	NOUN
fsr-3134	91	22	and	and	CCONJ
fsr-3134	91	23	g	g	NOUN
fsr-3134	91	24	can	can	AUX
fsr-3134	91	25	be	be	AUX
fsr-3134	91	26	(	(	PUNCT
fsr-3134	91	27	and	and	CCONJ
fsr-3134	91	28	typically	typically	ADV
fsr-3134	91	29	are	be	AUX
fsr-3134	91	30	)	)	PUNCT
fsr-3134	91	31	estimated	estimate	VERB
fsr-3134	91	32	individually	individually	ADV
fsr-3134	91	33	,	,	PUNCT
fsr-3134	91	34	payne	payne	PROPN
fsr-3134	91	35	and	and	CCONJ
fsr-3134	91	36	finch	finch	PROPN
fsr-3134	91	37	(	(	PUNCT
fsr-3134	91	38	1999	1999	NUM
fsr-3134	91	39	)	)	PUNCT
fsr-3134	91	40	point	point	VERB
fsr-3134	91	41	out	out	ADP
fsr-3134	91	42	that	that	SCONJ
fsr-3134	91	43	the	the	DET
fsr-3134	91	44	key	key	ADJ
fsr-3134	91	45	determinant	determinant	NOUN
fsr-3134	91	46	of	of	ADP
fsr-3134	91	47	p0	p0	NOUN
fsr-3134	91	48	in	in	ADP
fsr-3134	91	49	eq	eq	ADP
fsr-3134	91	50	.	.	PUNCT
fsr-3134	92	1	(	(	PUNCT
fsr-3134	92	2	1	1	X
fsr-3134	92	3	)	)	PUNCT
fsr-3134	92	4	is	be	AUX
fsr-3134	92	5	the	the	DET
fsr-3134	92	6	difference	difference	NOUN
fsr-3134	92	7	between	between	ADP
fsr-3134	92	8	r	r	NOUN
fsr-3134	92	9	and	and	CCONJ
fsr-3134	92	10	g.	g.	NOUN
fsr-3134	92	11	for	for	ADP
fsr-3134	92	12	example	example	NOUN
fsr-3134	92	13	,	,	PUNCT
fsr-3134	92	14	if	if	SCONJ
fsr-3134	92	15	d1	d1	PROPN
fsr-3134	92	16	is	be	AUX
fsr-3134	92	17	estimated	estimate	VERB
fsr-3134	92	18	to	to	PART
fsr-3134	92	19	be	be	AUX
fsr-3134	92	20	$	$	SYM
fsr-3134	92	21	1	1	NUM
fsr-3134	92	22	and	and	CCONJ
fsr-3134	92	23	the	the	DET
fsr-3134	92	24	difference	difference	NOUN
fsr-3134	92	25	between	between	ADP
fsr-3134	92	26	r	r	NOUN
fsr-3134	92	27	and	and	CCONJ
fsr-3134	92	28	g	g	NOUN
fsr-3134	92	29	is	be	AUX
fsr-3134	92	30	5	5	NUM
fsr-3134	92	31	%	%	NOUN
fsr-3134	92	32	,	,	PUNCT
fsr-3134	92	33	the	the	DET
fsr-3134	92	34	estimated	estimate	VERB
fsr-3134	92	35	stock	stock	NOUN
fsr-3134	92	36	price	price	NOUN
fsr-3134	92	37	is	be	AUX
fsr-3134	92	38	$	$	SYM
fsr-3134	92	39	20	20	NUM
fsr-3134	92	40	regardless	regardless	ADV
fsr-3134	92	41	of	of	ADP
fsr-3134	92	42	whether	whether	SCONJ
fsr-3134	92	43	r	r	NOUN
fsr-3134	92	44	�	�	PROPN
fsr-3134	92	45	7	7	NUM
fsr-3134	92	46	%	%	NOUN
fsr-3134	92	47	and	and	CCONJ
fsr-3134	92	48	g	g	PROPN
fsr-3134	92	49	�	�	PROPN
fsr-3134	92	50	2	2	NUM
fsr-3134	92	51	%	%	NOUN
fsr-3134	92	52	,	,	PUNCT
fsr-3134	92	53	or	or	CCONJ
fsr-3134	92	54	r	r	NOUN
fsr-3134	92	55	�	�	PROPN
fsr-3134	92	56	13	13	NUM
fsr-3134	92	57	%	%	NOUN
fsr-3134	92	58	and	and	CCONJ
fsr-3134	92	59	g	g	PROPN
fsr-3134	92	60	�	�	PROPN
fsr-3134	92	61	8	8	NUM
fsr-3134	92	62	%	%	NOUN
fsr-3134	92	63	.	.	PUNCT
fsr-3134	93	1	in	in	ADP
fsr-3134	93	2	each	each	DET
fsr-3134	93	3	case	case	NOUN
fsr-3134	93	4	,	,	PUNCT
fsr-3134	93	5	the	the	DET
fsr-3134	93	6	implied	imply	VERB
fsr-3134	93	7	dividend	dividend	NOUN
fsr-3134	93	8	yield	yield	NOUN
fsr-3134	93	9	(	(	PUNCT
fsr-3134	93	10	d	d	X
fsr-3134	93	11	/	/	SYM
fsr-3134	93	12	p	p	NOUN
fsr-3134	93	13	)	)	PUNCT
fsr-3134	93	14	is	be	AUX
fsr-3134	93	15	5%.4	5%.4	NUM
fsr-3134	93	16	table	table	NOUN
fsr-3134	93	17	1	1	NUM
fsr-3134	93	18	reveals	reveal	VERB
fsr-3134	93	19	that	that	SCONJ
fsr-3134	93	20	the	the	DET
fsr-3134	93	21	portion	portion	NOUN
fsr-3134	93	22	of	of	ADP
fsr-3134	93	23	a	a	DET
fsr-3134	93	24	value	value	NOUN
fsr-3134	93	25	estimate	estimate	NOUN
fsr-3134	93	26	attributable	attributable	ADJ
fsr-3134	93	27	to	to	ADP
fsr-3134	93	28	cash	cash	NOUN
fsr-3134	93	29	flows	flow	NOUN
fsr-3134	93	30	after	after	ADP
fsr-3134	93	31	a	a	DET
fsr-3134	93	32	specified	specified	ADJ
fsr-3134	93	33	year	year	NOUN
fsr-3134	93	34	is	be	AUX
fsr-3134	93	35	also	also	ADV
fsr-3134	93	36	closely	closely	ADV
fsr-3134	93	37	related	relate	VERB
fsr-3134	93	38	to	to	ADP
fsr-3134	93	39	the	the	DET
fsr-3134	93	40	difference	difference	NOUN
fsr-3134	93	41	r	r	NOUN
fsr-3134	93	42	–	–	PUNCT
fsr-3134	93	43	g	g	PROPN
fsr-3134	93	44	(	(	PUNCT
fsr-3134	93	45	�	�	PROPN
fsr-3134	93	46	d	d	PROPN
fsr-3134	93	47	/	/	SYM
fsr-3134	93	48	p	p	NOUN
fsr-3134	93	49	)	)	PUNCT
fsr-3134	93	50	,	,	PUNCT
fsr-3134	93	51	but	but	CCONJ
fsr-3134	93	52	this	this	DET
fsr-3134	93	53	relation	relation	NOUN
fsr-3134	93	54	is	be	AUX
fsr-3134	93	55	not	not	PART
fsr-3134	93	56	exact	exact	ADJ
fsr-3134	93	57	.	.	PUNCT
fsr-3134	94	1	for	for	ADP
fsr-3134	94	2	example	example	NOUN
fsr-3134	94	3	,	,	PUNCT
fsr-3134	94	4	when	when	SCONJ
fsr-3134	94	5	r	r	NOUN
fsr-3134	94	6	�	�	PROPN
fsr-3134	94	7	7	7	NUM
fsr-3134	94	8	%	%	NOUN
fsr-3134	94	9	and	and	CCONJ
fsr-3134	94	10	g	g	PROPN
fsr-3134	94	11	�	�	PROPN
fsr-3134	94	12	2	2	NUM
fsr-3134	94	13	%	%	NOUN
fsr-3134	94	14	,	,	PUNCT
fsr-3134	94	15	38.4	38.4	NUM
fsr-3134	94	16	%	%	NOUN
fsr-3134	94	17	(	(	PUNCT
fsr-3134	94	18	9.1	9.1	NUM
fsr-3134	94	19	%	%	NOUN
fsr-3134	94	20	)	)	PUNCT
fsr-3134	94	21	of	of	ADP
fsr-3134	94	22	the	the	DET
fsr-3134	94	23	asset	asset	NOUN
fsr-3134	94	24	’s	’s	PART
fsr-3134	94	25	value	value	NOUN
fsr-3134	94	26	is	be	AUX
fsr-3134	94	27	created	create	VERB
fsr-3134	94	28	after	after	ADP
fsr-3134	94	29	year	year	NOUN
fsr-3134	94	30	20	20	NUM
fsr-3134	94	31	(	(	PUNCT
fsr-3134	94	32	year	year	NOUN
fsr-3134	94	33	50	50	NUM
fsr-3134	94	34	)	)	PUNCT
fsr-3134	94	35	;	;	PUNCT
fsr-3134	94	36	when	when	SCONJ
fsr-3134	94	37	r	r	NOUN
fsr-3134	94	38	�	�	PROPN
fsr-3134	94	39	13	13	NUM
fsr-3134	94	40	%	%	NOUN
fsr-3134	94	41	and	and	CCONJ
fsr-3134	94	42	g	g	PROPN
fsr-3134	94	43	�	�	PROPN
fsr-3134	94	44	8	8	NUM
fsr-3134	94	45	%	%	NOUN
fsr-3134	94	46	,	,	PUNCT
fsr-3134	94	47	40.4	40.4	NUM
fsr-3134	94	48	%	%	NOUN
fsr-3134	94	49	(	(	PUNCT
fsr-3134	94	50	10.4	10.4	NUM
fsr-3134	94	51	%	%	NOUN
fsr-3134	94	52	)	)	PUNCT
fsr-3134	94	53	of	of	ADP
fsr-3134	94	54	the	the	DET
fsr-3134	94	55	value	value	NOUN
fsr-3134	94	56	is	be	AUX
fsr-3134	94	57	expected	expect	VERB
fsr-3134	94	58	to	to	PART
fsr-3134	94	59	be	be	AUX
fsr-3134	94	60	realized	realize	VERB
fsr-3134	94	61	after	after	ADP
fsr-3134	94	62	year	year	NOUN
fsr-3134	94	63	20	20	NUM
fsr-3134	94	64	(	(	PUNCT
fsr-3134	94	65	year	year	NOUN
fsr-3134	94	66	50	50	NUM
fsr-3134	94	67	)	)	PUNCT
fsr-3134	94	68	.	.	PUNCT
fsr-3134	95	1	as	as	SCONJ
fsr-3134	95	2	the	the	DET
fsr-3134	95	3	difference	difference	NOUN
fsr-3134	95	4	between	between	ADP
fsr-3134	95	5	r	r	NOUN
fsr-3134	95	6	and	and	CCONJ
fsr-3134	95	7	g	g	NOUN
fsr-3134	95	8	becomes	become	VERB
fsr-3134	95	9	smaller	small	ADJ
fsr-3134	95	10	,	,	PUNCT
fsr-3134	95	11	a	a	DET
fsr-3134	95	12	progressively	progressively	ADV
fsr-3134	95	13	larger	large	ADJ
fsr-3134	95	14	portion	portion	NOUN
fsr-3134	95	15	of	of	ADP
fsr-3134	95	16	the	the	DET
fsr-3134	95	17	value	value	NOUN
fsr-3134	95	18	estimate	estimate	NOUN
fsr-3134	95	19	will	will	AUX
fsr-3134	95	20	depend	depend	VERB
fsr-3134	95	21	on	on	ADP
fsr-3134	95	22	cash	cash	NOUN
fsr-3134	95	23	flows	flow	NOUN
fsr-3134	95	24	from	from	ADP
fsr-3134	95	25	the	the	DET
fsr-3134	95	26	out	out	ADJ
fsr-3134	95	27	years	year	NOUN
fsr-3134	95	28	.	.	PUNCT
fsr-3134	96	1	for	for	ADP
fsr-3134	96	2	example	example	NOUN
fsr-3134	96	3	,	,	PUNCT
fsr-3134	96	4	when	when	SCONJ
fsr-3134	96	5	r	r	NOUN
fsr-3134	96	6	–	–	PUNCT
fsr-3134	96	7	g	g	NOUN
fsr-3134	96	8	is	be	AUX
fsr-3134	96	9	four	four	NUM
fsr-3134	96	10	percentage	percentage	NOUN
fsr-3134	96	11	points	point	NOUN
fsr-3134	96	12	(	(	PUNCT
fsr-3134	96	13	d	d	X
fsr-3134	96	14	/	/	SYM
fsr-3134	96	15	p	p	X
fsr-3134	96	16	�	�	PROPN
fsr-3134	96	17	4	4	NUM
fsr-3134	96	18	%	%	NOUN
fsr-3134	96	19	)	)	PUNCT
fsr-3134	96	20	,	,	PUNCT
fsr-3134	96	21	over	over	ADP
fsr-3134	96	22	20	20	NUM
fsr-3134	96	23	%	%	NOUN
fsr-3134	96	24	of	of	ADP
fsr-3134	96	25	the	the	DET
fsr-3134	96	26	estimated	estimate	VERB
fsr-3134	96	27	value	value	NOUN
fsr-3134	96	28	will	will	AUX
fsr-3134	96	29	be	be	AUX
fsr-3134	96	30	realized	realize	VERB
fsr-3134	96	31	after	after	ADP
fsr-3134	96	32	year	year	NOUN
fsr-3134	96	33	40	40	NUM
fsr-3134	96	34	.	.	PUNCT
fsr-3134	97	1	when	when	SCONJ
fsr-3134	97	2	r	r	NOUN
fsr-3134	97	3	–	–	PUNCT
fsr-3134	97	4	g	g	NOUN
fsr-3134	97	5	is	be	AUX
fsr-3134	97	6	two	two	NUM
fsr-3134	97	7	percentage	percentage	NOUN
fsr-3134	97	8	points	point	NOUN
fsr-3134	97	9	(	(	PUNCT
fsr-3134	97	10	d	d	NOUN
fsr-3134	97	11	/	/	SYM
fsr-3134	97	12	p	p	X
fsr-3134	97	13	�	�	PROPN
fsr-3134	97	14	2	2	NUM
fsr-3134	97	15	%	%	NOUN
fsr-3134	97	16	)	)	PUNCT
fsr-3134	97	17	,	,	PUNCT
fsr-3134	97	18	more	more	ADJ
fsr-3134	97	19	than	than	ADP
fsr-3134	97	20	twice	twice	ADV
fsr-3134	97	21	as	as	ADV
fsr-3134	97	22	much	much	ADJ
fsr-3134	97	23	(	(	PUNCT
fsr-3134	97	24	i.e.	i.e.	X
fsr-3134	97	25	,	,	PUNCT
fsr-3134	97	26	nearly	nearly	ADV
fsr-3134	97	27	50	50	NUM
fsr-3134	97	28	%	%	NOUN
fsr-3134	97	29	)	)	PUNCT
fsr-3134	97	30	of	of	ADP
fsr-3134	97	31	the	the	DET
fsr-3134	97	32	asset	asset	NOUN
fsr-3134	97	33	’s	’s	PART
fsr-3134	97	34	value	value	NOUN
fsr-3134	97	35	will	will	AUX
fsr-3134	97	36	be	be	AUX
fsr-3134	97	37	received	receive	VERB
fsr-3134	97	38	after	after	ADP
fsr-3134	97	39	year	year	NOUN
fsr-3134	97	40	40	40	NUM
fsr-3134	97	41	.	.	PUNCT
fsr-3134	98	1	as	as	SCONJ
fsr-3134	98	2	r	r	NOUN
fsr-3134	98	3	and	and	CCONJ
fsr-3134	98	4	g	g	PROPN
fsr-3134	98	5	converge	converge	NOUN
fsr-3134	98	6	(	(	PUNCT
fsr-3134	98	7	and	and	CCONJ
fsr-3134	98	8	d	d	X
fsr-3134	98	9	/	/	SYM
fsr-3134	98	10	p	p	NOUN
fsr-3134	98	11	decreases	decrease	VERB
fsr-3134	98	12	toward	toward	ADP
fsr-3134	98	13	zero	zero	NUM
fsr-3134	98	14	)	)	PUNCT
fsr-3134	98	15	,	,	PUNCT
fsr-3134	98	16	value	value	NOUN
fsr-3134	98	17	estimates	estimate	NOUN
fsr-3134	98	18	from	from	ADP
fsr-3134	98	19	the	the	DET
fsr-3134	98	20	gordon	gordon	PROPN
fsr-3134	98	21	model	model	NOUN
fsr-3134	98	22	become	become	VERB
fsr-3134	98	23	highly	highly	ADV
fsr-3134	98	24	dependent	dependent	ADJ
fsr-3134	98	25	on	on	ADP
fsr-3134	98	26	cash	cash	NOUN
fsr-3134	98	27	flows	flow	NOUN
fsr-3134	98	28	to	to	PART
fsr-3134	98	29	be	be	AUX
fsr-3134	98	30	received	receive	VERB
fsr-3134	98	31	in	in	ADP
fsr-3134	98	32	the	the	DET
fsr-3134	98	33	distant	distant	ADJ
fsr-3134	98	34	future	future	NOUN
fsr-3134	98	35	.	.	PUNCT
fsr-3134	99	1	when	when	SCONJ
fsr-3134	99	2	r	r	NOUN
fsr-3134	99	3	–	–	PUNCT
fsr-3134	99	4	g	g	PROPN
fsr-3134	99	5	�	�	PROPN
fsr-3134	99	6	1	1	NUM
fsr-3134	99	7	%	%	NOUN
fsr-3134	99	8	,	,	PUNCT
fsr-3134	99	9	almost	almost	ADV
fsr-3134	99	10	70	70	NUM
fsr-3134	99	11	%	%	NOUN
fsr-3134	99	12	of	of	ADP
fsr-3134	99	13	the	the	DET
fsr-3134	99	14	value	value	NOUN
fsr-3134	99	15	will	will	AUX
fsr-3134	99	16	be	be	AUX
fsr-3134	99	17	realized	realize	VERB
fsr-3134	99	18	after	after	ADP
fsr-3134	99	19	year	year	NOUN
fsr-3134	99	20	40	40	NUM
fsr-3134	99	21	,	,	PUNCT
fsr-3134	99	22	and	and	CCONJ
fsr-3134	99	23	�	�	NOUN
fsr-3134	99	24	40	40	NUM
fsr-3134	99	25	%	%	NOUN
fsr-3134	99	26	will	will	AUX
fsr-3134	99	27	be	be	AUX
fsr-3134	99	28	received	receive	VERB
fsr-3134	99	29	after	after	ADP
fsr-3134	99	30	year	year	NOUN
fsr-3134	99	31	100	100	NUM
fsr-3134	99	32	.	.	PUNCT
fsr-3134	100	1	the	the	DET
fsr-3134	100	2	macaulay	macaulay	PROPN
fsr-3134	100	3	duration	duration	NOUN
fsr-3134	100	4	in	in	ADP
fsr-3134	100	5	this	this	DET
fsr-3134	100	6	case	case	NOUN
fsr-3134	100	7	exceeds	exceed	VERB
fsr-3134	100	8	100	100	NUM
fsr-3134	100	9	.	.	PUNCT
fsr-3134	101	1	when	when	SCONJ
fsr-3134	101	2	r	r	NOUN
fsr-3134	101	3	–	–	PUNCT
fsr-3134	101	4	g	g	PROPN
fsr-3134	101	5	�	�	PROPN
fsr-3134	101	6	0.5	0.5	NUM
fsr-3134	101	7	%	%	NOUN
fsr-3134	101	8	,	,	PUNCT
fsr-3134	101	9	over	over	ADP
fsr-3134	101	10	60	60	NUM
fsr-3134	101	11	%	%	NOUN
fsr-3134	101	12	of	of	ADP
fsr-3134	101	13	the	the	DET
fsr-3134	101	14	estimated	estimate	VERB
fsr-3134	101	15	value	value	NOUN
fsr-3134	101	16	will	will	AUX
fsr-3134	101	17	be	be	AUX
fsr-3134	101	18	received	receive	VERB
fsr-3134	101	19	after	after	ADP
fsr-3134	101	20	year	year	NOUN
fsr-3134	101	21	100	100	NUM
fsr-3134	101	22	and	and	CCONJ
fsr-3134	101	23	the	the	DET
fsr-3134	101	24	macaulay	macaulay	PROPN
fsr-3134	101	25	duration	duration	NOUN
fsr-3134	101	26	exceeds	exceed	VERB
fsr-3134	102	1	200	200	NUM
fsr-3134	102	2	!	!	PUNCT
fsr-3134	102	3	193m.g	193m.g	NUM
fsr-3134	102	4	.	.	PUNCT
fsr-3134	103	1	danielson	danielson	PROPN
fsr-3134	103	2	,	,	PUNCT
fsr-3134	103	3	j.l	j.l	PROPN
fsr-3134	103	4	.	.	PROPN
fsr-3134	103	5	heck	heck	PROPN
fsr-3134	103	6	/	/	SYM
fsr-3134	103	7	financial	financial	ADJ
fsr-3134	103	8	services	service	NOUN
fsr-3134	103	9	review	review	VERB
fsr-3134	103	10	23	23	NUM
fsr-3134	103	11	(	(	PUNCT
fsr-3134	103	12	2014	2014	NUM
fsr-3134	103	13	)	)	PUNCT
fsr-3134	103	14	189–206	189–206	NUM
fsr-3134	103	15	only	only	ADV
fsr-3134	103	16	when	when	SCONJ
fsr-3134	103	17	the	the	DET
fsr-3134	103	18	dividend	dividend	NOUN
fsr-3134	103	19	yield	yield	NOUN
fsr-3134	103	20	is	be	AUX
fsr-3134	103	21	large	large	ADJ
fsr-3134	103	22	,	,	PUNCT
fsr-3134	103	23	can	can	AUX
fsr-3134	103	24	the	the	DET
fsr-3134	103	25	majority	majority	NOUN
fsr-3134	103	26	of	of	ADP
fsr-3134	103	27	the	the	DET
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fsr-3134	103	38	time	time	NOUN
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fsr-3134	104	3	,	,	PUNCT
fsr-3134	104	4	assume	assume	VERB
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fsr-3134	104	30	)	)	PUNCT
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fsr-3134	104	44	20	20	NUM
fsr-3134	104	45	years	year	NOUN
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fsr-3134	105	5	0.10	0.10	NUM
fsr-3134	105	6	)	)	PUNCT
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fsr-3134	105	14	will	will	AUX
fsr-3134	105	15	be	be	AUX
fsr-3134	105	16	received	receive	VERB
fsr-3134	105	17	during	during	ADP
fsr-3134	105	18	the	the	DET
fsr-3134	105	19	next	next	ADJ
fsr-3134	105	20	30	30	NUM
fsr-3134	105	21	years	year	NOUN
fsr-3134	105	22	;	;	PUNCT
fsr-3134	105	23	and	and	CCONJ
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fsr-3134	105	30	r	r	NOUN
fsr-3134	105	31	–	–	PUNCT
fsr-3134	105	32	g	g	PROPN
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fsr-3134	105	34	d	d	PROPN
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fsr-3134	105	37	�	�	PROPN
fsr-3134	105	38	0.07	0.07	NUM
fsr-3134	105	39	)	)	PUNCT
fsr-3134	105	40	,	,	PUNCT
fsr-3134	105	41	over	over	ADP
fsr-3134	105	42	90	90	NUM
fsr-3134	105	43	%	%	NOUN
fsr-3134	105	44	of	of	ADP
fsr-3134	105	45	the	the	DET
fsr-3134	105	46	value	value	NOUN
fsr-3134	105	47	will	will	AUX
fsr-3134	105	48	be	be	AUX
fsr-3134	105	49	received	receive	VERB
fsr-3134	105	50	in	in	ADP
fsr-3134	105	51	the	the	DET
fsr-3134	105	52	next	next	ADJ
fsr-3134	105	53	40	40	NUM
fsr-3134	105	54	years	year	NOUN
fsr-3134	105	55	.	.	PUNCT
fsr-3134	106	1	4	4	X
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fsr-3134	106	4	how	how	SCONJ
fsr-3134	106	5	much	much	ADJ
fsr-3134	106	6	can	can	AUX
fsr-3134	106	7	the	the	DET
fsr-3134	106	8	perpetual	perpetual	ADJ
fsr-3134	106	9	growth	growth	NOUN
fsr-3134	106	10	model	model	NOUN
fsr-3134	106	11	overstate	overstate	NOUN
fsr-3134	106	12	value	value	NOUN
fsr-3134	106	13	?	?	PUNCT
fsr-3134	106	14	table	table	NOUN
fsr-3134	106	15	1	1	NUM
fsr-3134	106	16	demonstrates	demonstrate	VERB
fsr-3134	106	17	that	that	SCONJ
fsr-3134	106	18	perpetual	perpetual	ADJ
fsr-3134	106	19	-	-	PUNCT
fsr-3134	106	20	growth	growth	NOUN
fsr-3134	106	21	-	-	PUNCT
fsr-3134	106	22	model	model	NOUN
fsr-3134	106	23	value	value	NOUN
fsr-3134	106	24	estimates	estimate	NOUN
fsr-3134	106	25	can	can	AUX
fsr-3134	106	26	be	be	AUX
fsr-3134	106	27	highly	highly	ADV
fsr-3134	106	28	dependent	dependent	ADJ
fsr-3134	106	29	on	on	ADP
fsr-3134	106	30	the	the	DET
fsr-3134	106	31	present	present	ADJ
fsr-3134	106	32	value	value	NOUN
fsr-3134	106	33	of	of	ADP
fsr-3134	106	34	cash	cash	NOUN
fsr-3134	106	35	flows	flow	NOUN
fsr-3134	106	36	that	that	PRON
fsr-3134	106	37	will	will	AUX
fsr-3134	106	38	not	not	PART
fsr-3134	106	39	be	be	AUX
fsr-3134	106	40	received	receive	VERB
fsr-3134	106	41	for	for	ADP
fsr-3134	106	42	decades	decade	NOUN
fsr-3134	106	43	(	(	PUNCT
fsr-3134	106	44	i.e.	i.e.	X
fsr-3134	106	45	,	,	PUNCT
fsr-3134	106	46	20	20	NUM
fsr-3134	106	47	,	,	PUNCT
fsr-3134	106	48	50	50	NUM
fsr-3134	106	49	,	,	PUNCT
fsr-3134	106	50	100	100	NUM
fsr-3134	106	51	,	,	PUNCT
fsr-3134	106	52	table	table	NOUN
fsr-3134	106	53	1	1	NUM
fsr-3134	106	54	percent	percent	NOUN
fsr-3134	106	55	of	of	ADP
fsr-3134	106	56	value	value	NOUN
fsr-3134	106	57	created	create	VERB
fsr-3134	106	58	after	after	ADP
fsr-3134	106	59	year	year	NOUN
fsr-3134	106	60	t	t	PROPN
fsr-3134	106	61	panel	panel	NOUN
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fsr-3134	106	63	(	(	PUNCT
fsr-3134	106	64	r	r	NOUN
fsr-3134	106	65	�	�	PROPN
fsr-3134	106	66	7	7	NUM
fsr-3134	106	67	%	%	NOUN
fsr-3134	106	68	)	)	PUNCT
fsr-3134	107	1	g	g	PROPN
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fsr-3134	107	9	0.065	0.065	NUM
fsr-3134	107	10	t	t	PROPN
fsr-3134	107	11	�	�	PROPN
fsr-3134	107	12	0	0	NUM
fsr-3134	107	13	100	100	NUM
fsr-3134	107	14	%	%	NOUN
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fsr-3134	107	16	%	%	NOUN
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fsr-3134	107	18	%	%	NOUN
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fsr-3134	107	20	%	%	NOUN
fsr-3134	107	21	100	100	NUM
fsr-3134	107	22	%	%	NOUN
fsr-3134	107	23	100	100	NUM
fsr-3134	107	24	%	%	NOUN
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fsr-3134	107	26	%	%	NOUN
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fsr-3134	107	28	50.8	50.8	NUM
fsr-3134	107	29	%	%	NOUN
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fsr-3134	107	31	%	%	NOUN
fsr-3134	107	32	68.3	68.3	NUM
fsr-3134	107	33	%	%	NOUN
fsr-3134	107	34	75.2	75.2	NUM
fsr-3134	107	35	%	%	NOUN
fsr-3134	107	36	82.8	82.8	NUM
fsr-3134	107	37	%	%	NOUN
fsr-3134	107	38	91.0	91.0	NUM
fsr-3134	107	39	%	%	NOUN
fsr-3134	107	40	95.4	95.4	NUM
fsr-3134	107	41	%	%	NOUN
fsr-3134	107	42	20	20	NUM
fsr-3134	107	43	25.8	25.8	NUM
fsr-3134	107	44	%	%	NOUN
fsr-3134	107	45	38.4	38.4	NUM
fsr-3134	107	46	%	%	NOUN
fsr-3134	107	47	46.7	46.7	NUM
fsr-3134	107	48	%	%	NOUN
fsr-3134	107	49	56.6	56.6	NUM
fsr-3134	107	50	%	%	NOUN
fsr-3134	107	51	68.6	68.6	NUM
fsr-3134	107	52	%	%	NOUN
fsr-3134	107	53	82.9	82.9	NUM
fsr-3134	107	54	%	%	NOUN
fsr-3134	107	55	91.1	91.1	NUM
fsr-3134	107	56	%	%	NOUN
fsr-3134	107	57	30	30	NUM
fsr-3134	107	58	13.1	13.1	NUM
fsr-3134	107	59	%	%	NOUN
fsr-3134	107	60	23.8	23.8	NUM
fsr-3134	107	61	%	%	NOUN
fsr-3134	107	62	31.9	31.9	NUM
fsr-3134	107	63	%	%	NOUN
fsr-3134	107	64	42.6	42.6	NUM
fsr-3134	107	65	%	%	NOUN
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fsr-3134	107	67	%	%	NOUN
fsr-3134	107	68	75.5	75.5	NUM
fsr-3134	107	69	%	%	NOUN
fsr-3134	107	70	86.9	86.9	NUM
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fsr-3134	107	74	%	%	NOUN
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fsr-3134	107	76	%	%	NOUN
fsr-3134	107	77	21.8	21.8	NUM
fsr-3134	107	78	%	%	NOUN
fsr-3134	107	79	32.1	32.1	NUM
fsr-3134	107	80	%	%	NOUN
fsr-3134	107	81	47.0	47.0	NUM
fsr-3134	107	82	%	%	NOUN
fsr-3134	107	83	68.7	68.7	NUM
fsr-3134	107	84	%	%	NOUN
fsr-3134	107	85	82.9	82.9	NUM
fsr-3134	107	86	%	%	NOUN
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fsr-3134	107	89	%	%	NOUN
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fsr-3134	107	91	%	%	NOUN
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fsr-3134	107	93	%	%	NOUN
fsr-3134	107	94	24.1	24.1	NUM
fsr-3134	107	95	%	%	NOUN
fsr-3134	107	96	38.9	38.9	NUM
fsr-3134	107	97	%	%	NOUN
fsr-3134	107	98	62.5	62.5	NUM
fsr-3134	107	99	%	%	NOUN
fsr-3134	107	100	79.1	79.1	NUM
fsr-3134	107	101	%	%	NOUN
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fsr-3134	107	103	0.1	0.1	NUM
fsr-3134	107	104	%	%	NOUN
fsr-3134	107	105	0.8	0.8	NUM
fsr-3134	107	106	%	%	NOUN
fsr-3134	107	107	2.2	2.2	NUM
fsr-3134	107	108	%	%	NOUN
fsr-3134	107	109	5.8	5.8	NUM
fsr-3134	107	110	%	%	NOUN
fsr-3134	107	111	15.2	15.2	NUM
fsr-3134	107	112	%	%	NOUN
fsr-3134	107	113	39.1	39.1	NUM
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fsr-3134	107	117	duration	duration	NOUN
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fsr-3134	108	14	%	%	NOUN
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fsr-3134	108	16	%	%	NOUN
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fsr-3134	108	18	%	%	NOUN
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fsr-3134	108	20	%	%	NOUN
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fsr-3134	108	22	%	%	NOUN
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fsr-3134	108	29	%	%	NOUN
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fsr-3134	108	31	%	%	NOUN
fsr-3134	108	32	69.0	69.0	NUM
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fsr-3134	108	59	%	%	NOUN
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fsr-3134	108	89	%	%	NOUN
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fsr-3134	108	91	%	%	NOUN
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fsr-3134	108	110	%	%	NOUN
fsr-3134	108	111	16.0	16.0	NUM
fsr-3134	108	112	%	%	NOUN
fsr-3134	108	113	40.1	40.1	NUM
fsr-3134	108	114	%	%	NOUN
fsr-3134	108	115	63.4	63.4	NUM
fsr-3134	108	116	%	%	NOUN
fsr-3134	108	117	duration	duration	NOUN
fsr-3134	108	118	11.0	11.0	NUM
fsr-3134	108	119	22.0	22.0	NUM
fsr-3134	108	120	27.5	27.5	NUM
fsr-3134	108	121	36.7	36.7	NUM
fsr-3134	108	122	55.0	55.0	NUM
fsr-3134	108	123	110.0	110.0	NUM
fsr-3134	108	124	220.0	220.0	NUM
fsr-3134	108	125	panel	panel	NOUN
fsr-3134	108	126	c	c	NOUN
fsr-3134	108	127	(	(	PUNCT
fsr-3134	108	128	r	r	NOUN
fsr-3134	108	129	�	�	PROPN
fsr-3134	108	130	13	13	NUM
fsr-3134	108	131	%	%	NOUN
fsr-3134	108	132	)	)	PUNCT
fsr-3134	108	133	g	g	PROPN
fsr-3134	108	134	�	�	PROPN
fsr-3134	108	135	0	0	NUM
fsr-3134	108	136	0.03	0.03	NUM
fsr-3134	108	137	0.08	0.08	NUM
fsr-3134	108	138	0.09	0.09	NUM
fsr-3134	108	139	0.11	0.11	NUM
fsr-3134	108	140	0.12	0.12	NUM
fsr-3134	108	141	0.125	0.125	NUM
fsr-3134	108	142	t	t	PROPN
fsr-3134	108	143	�	�	PROPN
fsr-3134	108	144	0	0	NUM
fsr-3134	108	145	100	100	NUM
fsr-3134	108	146	%	%	NOUN
fsr-3134	108	147	100	100	NUM
fsr-3134	108	148	%	%	NOUN
fsr-3134	108	149	100	100	NUM
fsr-3134	108	150	%	%	NOUN
fsr-3134	108	151	100	100	NUM
fsr-3134	108	152	%	%	NOUN
fsr-3134	108	153	100	100	NUM
fsr-3134	108	154	%	%	NOUN
fsr-3134	108	155	100	100	NUM
fsr-3134	108	156	%	%	NOUN
fsr-3134	108	157	100	100	NUM
fsr-3134	108	158	%	%	NOUN
fsr-3134	108	159	10	10	NUM
fsr-3134	108	160	29.5	29.5	NUM
fsr-3134	108	161	%	%	NOUN
fsr-3134	108	162	39.6	39.6	NUM
fsr-3134	108	163	%	%	NOUN
fsr-3134	108	164	63.8	63.8	NUM
fsr-3134	108	165	%	%	NOUN
fsr-3134	108	166	69.7	69.7	NUM
fsr-3134	108	167	%	%	NOUN
fsr-3134	108	168	83.6	83.6	NUM
fsr-3134	108	169	%	%	NOUN
fsr-3134	108	170	91.5	91.5	NUM
fsr-3134	108	171	%	%	NOUN
fsr-3134	108	172	95.7	95.7	NUM
fsr-3134	108	173	%	%	NOUN
fsr-3134	108	174	20	20	NUM
fsr-3134	108	175	8.7	8.7	NUM
fsr-3134	108	176	%	%	NOUN
fsr-3134	108	177	15.7	15.7	NUM
fsr-3134	108	178	%	%	NOUN
fsr-3134	108	179	40.4	40.4	NUM
fsr-3134	108	180	%	%	NOUN
fsr-3134	108	181	48.6	48.6	NUM
fsr-3134	108	182	%	%	NOUN
fsr-3134	108	183	70.0	70.0	NUM
fsr-3134	108	184	%	%	NOUN
fsr-3134	108	185	83.7	83.7	NUM
fsr-3134	108	186	%	%	NOUN
fsr-3134	108	187	91.5	91.5	NUM
fsr-3134	108	188	%	%	NOUN
fsr-3134	108	189	30	30	NUM
fsr-3134	108	190	2.6	2.6	NUM
fsr-3134	108	191	%	%	NOUN
fsr-3134	108	192	6.2	6.2	NUM
fsr-3134	108	193	%	%	NOUN
fsr-3134	108	194	25.7	25.7	NUM
fsr-3134	108	195	%	%	NOUN
fsr-3134	108	196	33.9	33.9	NUM
fsr-3134	108	197	%	%	NOUN
fsr-3134	108	198	58.5	58.5	NUM
fsr-3134	108	199	%	%	NOUN
fsr-3134	108	200	76.6	76.6	NUM
fsr-3134	108	201	%	%	NOUN
fsr-3134	108	202	87.5	87.5	NUM
fsr-3134	108	203	%	%	NOUN
fsr-3134	108	204	40	40	NUM
fsr-3134	108	205	0.8	0.8	NUM
fsr-3134	108	206	%	%	NOUN
fsr-3134	108	207	2.5	2.5	NUM
fsr-3134	108	208	%	%	NOUN
fsr-3134	108	209	16.4	16.4	NUM
fsr-3134	108	210	%	%	NOUN
fsr-3134	108	211	23.7	23.7	NUM
fsr-3134	108	212	%	%	NOUN
fsr-3134	108	213	49.0	49.0	NUM
fsr-3134	108	214	%	%	NOUN
fsr-3134	108	215	70.1	70.1	NUM
fsr-3134	108	216	%	%	NOUN
fsr-3134	108	217	83.7	83.7	NUM
fsr-3134	108	218	%	%	NOUN
fsr-3134	108	219	50	50	NUM
fsr-3134	108	220	0.2	0.2	NUM
fsr-3134	108	221	%	%	NOUN
fsr-3134	108	222	1.0	1.0	NUM
fsr-3134	108	223	%	%	NOUN
fsr-3134	108	224	10.4	10.4	NUM
fsr-3134	108	225	%	%	NOUN
fsr-3134	108	226	16.5	16.5	NUM
fsr-3134	108	227	%	%	NOUN
fsr-3134	108	228	40.9	40.9	NUM
fsr-3134	108	229	%	%	NOUN
fsr-3134	108	230	64.1	64.1	NUM
fsr-3134	108	231	%	%	NOUN
fsr-3134	108	232	80.1	80.1	NUM
fsr-3134	108	233	%	%	NOUN
fsr-3134	108	234	100	100	NUM
fsr-3134	108	235	0.0	0.0	NUM
fsr-3134	108	236	%	%	NOUN
fsr-3134	108	237	0.0	0.0	NUM
fsr-3134	108	238	%	%	NOUN
fsr-3134	108	239	1.1	1.1	NUM
fsr-3134	108	240	%	%	NOUN
fsr-3134	108	241	2.7	2.7	NUM
fsr-3134	108	242	%	%	NOUN
fsr-3134	108	243	16.8	16.8	NUM
fsr-3134	108	244	%	%	NOUN
fsr-3134	108	245	41.1	41.1	NUM
fsr-3134	108	246	%	%	NOUN
fsr-3134	108	247	64.2	64.2	NUM
fsr-3134	108	248	%	%	NOUN
fsr-3134	108	249	duration	duration	NOUN
fsr-3134	108	250	8.7	8.7	NUM
fsr-3134	108	251	11.3	11.3	NUM
fsr-3134	108	252	22.6	22.6	NUM
fsr-3134	108	253	28.3	28.3	NUM
fsr-3134	108	254	56.5	56.5	NUM
fsr-3134	108	255	113.0	113.0	NUM
fsr-3134	108	256	226.0	226.0	NUM
fsr-3134	108	257	notes	note	NOUN
fsr-3134	108	258	.	.	PUNCT
fsr-3134	109	1	this	this	DET
fsr-3134	109	2	table	table	NOUN
fsr-3134	109	3	lists	list	VERB
fsr-3134	109	4	the	the	DET
fsr-3134	109	5	percentage	percentage	NOUN
fsr-3134	109	6	of	of	ADP
fsr-3134	109	7	a	a	DET
fsr-3134	109	8	perpetual	perpetual	ADJ
fsr-3134	109	9	-	-	PUNCT
fsr-3134	109	10	growth	growth	NOUN
fsr-3134	109	11	model	model	NOUN
fsr-3134	109	12	value	value	NOUN
fsr-3134	109	13	estimate	estimate	NOUN
fsr-3134	109	14	attributed	attribute	VERB
fsr-3134	109	15	to	to	ADP
fsr-3134	109	16	cash	cash	NOUN
fsr-3134	109	17	flows	flow	NOUN
fsr-3134	109	18	received	receive	VERB
fsr-3134	109	19	after	after	ADP
fsr-3134	109	20	year	year	NOUN
fsr-3134	109	21	t	t	PROPN
fsr-3134	109	22	(	(	PUNCT
fsr-3134	109	23	where	where	SCONJ
fsr-3134	109	24	t	t	PROPN
fsr-3134	109	25	�	�	PROPN
fsr-3134	109	26	0	0	NUM
fsr-3134	109	27	,	,	PUNCT
fsr-3134	109	28	10	10	NUM
fsr-3134	109	29	,	,	PUNCT
fsr-3134	109	30	20	20	NUM
fsr-3134	109	31	,	,	PUNCT
fsr-3134	109	32	and	and	CCONJ
fsr-3134	109	33	so	so	ADV
fsr-3134	109	34	forth	forth	ADV
fsr-3134	109	35	)	)	PUNCT
fsr-3134	109	36	calculated	calculate	VERB
fsr-3134	109	37	using	use	VERB
fsr-3134	109	38	eq	eq	ADP
fsr-3134	109	39	.	.	PUNCT
fsr-3134	110	1	(	(	PUNCT
fsr-3134	110	2	5	5	NUM
fsr-3134	110	3	)	)	PUNCT
fsr-3134	110	4	.	.	PUNCT
fsr-3134	111	1	the	the	DET
fsr-3134	111	2	calculations	calculation	NOUN
fsr-3134	111	3	use	use	VERB
fsr-3134	111	4	required	require	VERB
fsr-3134	111	5	returns	return	NOUN
fsr-3134	111	6	of	of	ADP
fsr-3134	111	7	7	7	NUM
fsr-3134	111	8	%	%	NOUN
fsr-3134	111	9	(	(	PUNCT
fsr-3134	111	10	panel	panel	NOUN
fsr-3134	111	11	a	a	X
fsr-3134	111	12	)	)	PUNCT
fsr-3134	111	13	,	,	PUNCT
fsr-3134	111	14	10	10	NUM
fsr-3134	111	15	%	%	NOUN
fsr-3134	111	16	(	(	PUNCT
fsr-3134	111	17	panel	panel	NOUN
fsr-3134	111	18	b	b	NOUN
fsr-3134	111	19	)	)	PUNCT
fsr-3134	111	20	and	and	CCONJ
fsr-3134	111	21	13	13	NUM
fsr-3134	111	22	%	%	NOUN
fsr-3134	111	23	(	(	PUNCT
fsr-3134	111	24	panel	panel	NOUN
fsr-3134	111	25	c	c	NOUN
fsr-3134	111	26	)	)	PUNCT
fsr-3134	111	27	,	,	PUNCT
fsr-3134	111	28	and	and	CCONJ
fsr-3134	111	29	a	a	DET
fsr-3134	111	30	range	range	NOUN
fsr-3134	111	31	of	of	ADP
fsr-3134	111	32	assumed	assume	VERB
fsr-3134	111	33	growth	growth	NOUN
fsr-3134	111	34	rates	rate	NOUN
fsr-3134	111	35	,	,	PUNCT
fsr-3134	111	36	g.	g.	NOUN
fsr-3134	111	37	for	for	ADP
fsr-3134	111	38	each	each	DET
fsr-3134	111	39	combination	combination	NOUN
fsr-3134	111	40	or	or	CCONJ
fsr-3134	111	41	r	r	NOUN
fsr-3134	111	42	and	and	CCONJ
fsr-3134	111	43	g	g	NOUN
fsr-3134	111	44	,	,	PUNCT
fsr-3134	111	45	the	the	DET
fsr-3134	111	46	table	table	NOUN
fsr-3134	111	47	also	also	ADV
fsr-3134	111	48	lists	list	VERB
fsr-3134	111	49	the	the	DET
fsr-3134	111	50	macaulay	macaulay	PROPN
fsr-3134	111	51	duration	duration	NOUN
fsr-3134	111	52	of	of	ADP
fsr-3134	111	53	the	the	DET
fsr-3134	111	54	value	value	NOUN
fsr-3134	111	55	estimate	estimate	NOUN
fsr-3134	111	56	.	.	PUNCT
fsr-3134	112	1	194	194	NUM
fsr-3134	112	2	m.g	m.g	PROPN
fsr-3134	112	3	.	.	PROPN
fsr-3134	112	4	danielson	danielson	PROPN
fsr-3134	112	5	,	,	PUNCT
fsr-3134	112	6	j.l	j.l	PROPN
fsr-3134	112	7	.	.	PROPN
fsr-3134	112	8	heck	heck	PROPN
fsr-3134	112	9	/	/	SYM
fsr-3134	112	10	financial	financial	ADJ
fsr-3134	112	11	services	service	NOUN
fsr-3134	112	12	review	review	VERB
fsr-3134	112	13	23	23	NUM
fsr-3134	112	14	(	(	PUNCT
fsr-3134	112	15	2014	2014	NUM
fsr-3134	112	16	)	)	PUNCT
fsr-3134	112	17	189–206	189–206	NUM
fsr-3134	112	18	or	or	CCONJ
fsr-3134	112	19	more	more	ADJ
fsr-3134	112	20	years	year	NOUN
fsr-3134	112	21	in	in	ADP
fsr-3134	112	22	the	the	DET
fsr-3134	112	23	future	future	NOUN
fsr-3134	112	24	)	)	PUNCT
fsr-3134	112	25	.	.	PUNCT
fsr-3134	113	1	this	this	DET
fsr-3134	113	2	fact	fact	NOUN
fsr-3134	113	3	would	would	AUX
fsr-3134	113	4	not	not	PART
fsr-3134	113	5	be	be	AUX
fsr-3134	113	6	a	a	DET
fsr-3134	113	7	cause	cause	NOUN
fsr-3134	113	8	for	for	ADP
fsr-3134	113	9	concern	concern	NOUN
fsr-3134	113	10	if	if	SCONJ
fsr-3134	113	11	the	the	DET
fsr-3134	113	12	future	future	ADJ
fsr-3134	113	13	cash	cash	NOUN
fsr-3134	113	14	flows	flow	NOUN
fsr-3134	113	15	were	be	AUX
fsr-3134	113	16	certain	certain	ADJ
fsr-3134	113	17	to	to	PART
fsr-3134	113	18	be	be	AUX
fsr-3134	113	19	paid	pay	VERB
fsr-3134	113	20	.	.	PUNCT
fsr-3134	114	1	however	however	ADV
fsr-3134	114	2	,	,	PUNCT
fsr-3134	114	3	economic	economic	ADJ
fsr-3134	114	4	conditions	condition	NOUN
fsr-3134	114	5	can	can	AUX
fsr-3134	114	6	change	change	VERB
fsr-3134	114	7	dramatically	dramatically	ADV
fsr-3134	114	8	over	over	ADP
fsr-3134	114	9	the	the	DET
fsr-3134	114	10	course	course	NOUN
fsr-3134	114	11	of	of	ADP
fsr-3134	114	12	any	any	DET
fsr-3134	114	13	20	20	NUM
fsr-3134	114	14	,	,	PUNCT
fsr-3134	114	15	50	50	NUM
fsr-3134	114	16	,	,	PUNCT
fsr-3134	114	17	or	or	CCONJ
fsr-3134	114	18	100	100	NUM
fsr-3134	114	19	year	year	NOUN
fsr-3134	114	20	period	period	NOUN
fsr-3134	114	21	;	;	PUNCT
fsr-3134	114	22	the	the	DET
fsr-3134	114	23	survival	survival	NOUN
fsr-3134	114	24	of	of	ADP
fsr-3134	114	25	no	no	DET
fsr-3134	114	26	firm	firm	NOUN
fsr-3134	114	27	is	be	AUX
fsr-3134	114	28	guaranteed	guarantee	VERB
fsr-3134	114	29	.	.	PUNCT
fsr-3134	115	1	indeed	indeed	ADV
fsr-3134	115	2	,	,	PUNCT
fsr-3134	115	3	the	the	DET
fsr-3134	115	4	experience	experience	NOUN
fsr-3134	115	5	of	of	ADP
fsr-3134	115	6	the	the	DET
fsr-3134	115	7	past	past	ADJ
fsr-3134	115	8	100	100	NUM
fsr-3134	115	9	years	year	NOUN
fsr-3134	115	10	highlights	highlight	NOUN
fsr-3134	115	11	the	the	DET
fsr-3134	115	12	challenges	challenge	NOUN
fsr-3134	115	13	individual	individual	ADJ
fsr-3134	115	14	firms	firm	NOUN
fsr-3134	115	15	face	face	VERB
fsr-3134	115	16	to	to	PART
fsr-3134	115	17	remain	remain	VERB
fsr-3134	115	18	in	in	ADP
fsr-3134	115	19	business	business	NOUN
fsr-3134	115	20	(	(	PUNCT
fsr-3134	115	21	let	let	VERB
fsr-3134	115	22	alone	alone	ADV
fsr-3134	115	23	to	to	PART
fsr-3134	115	24	maintain	maintain	VERB
fsr-3134	115	25	a	a	DET
fsr-3134	115	26	positive	positive	ADJ
fsr-3134	115	27	growth	growth	NOUN
fsr-3134	115	28	rate	rate	NOUN
fsr-3134	115	29	)	)	PUNCT
fsr-3134	115	30	over	over	ADP
fsr-3134	115	31	an	an	DET
fsr-3134	115	32	extended	extended	ADJ
fsr-3134	115	33	period	period	NOUN
fsr-3134	115	34	.	.	PUNCT
fsr-3134	116	1	during	during	ADP
fsr-3134	116	2	the	the	DET
fsr-3134	116	3	past	past	ADJ
fsr-3134	116	4	century	century	NOUN
fsr-3134	116	5	,	,	PUNCT
fsr-3134	116	6	the	the	DET
fsr-3134	116	7	economy	economy	NOUN
fsr-3134	116	8	has	have	AUX
fsr-3134	116	9	been	be	AUX
fsr-3134	116	10	transformed	transform	VERB
fsr-3134	116	11	by	by	ADP
fsr-3134	116	12	two	two	NUM
fsr-3134	116	13	world	world	NOUN
fsr-3134	116	14	wars	war	NOUN
fsr-3134	116	15	,	,	PUNCT
fsr-3134	116	16	a	a	DET
fsr-3134	116	17	global	global	ADJ
fsr-3134	116	18	depression	depression	NOUN
fsr-3134	116	19	,	,	PUNCT
fsr-3134	116	20	and	and	CCONJ
fsr-3134	116	21	innovations	innovation	NOUN
fsr-3134	116	22	in	in	ADP
fsr-3134	116	23	the	the	DET
fsr-3134	116	24	transportation	transportation	NOUN
fsr-3134	116	25	,	,	PUNCT
fsr-3134	116	26	communication	communication	NOUN
fsr-3134	116	27	,	,	PUNCT
fsr-3134	116	28	and	and	CCONJ
fsr-3134	116	29	information	information	NOUN
fsr-3134	116	30	systems	system	NOUN
fsr-3134	116	31	industries	industry	NOUN
fsr-3134	116	32	.	.	PUNCT
fsr-3134	117	1	orville	orville	PROPN
fsr-3134	117	2	and	and	CCONJ
fsr-3134	117	3	wilbur	wilbur	PROPN
fsr-3134	117	4	wright	wright	PROPN
fsr-3134	117	5	’s	’s	PART
fsr-3134	117	6	first	first	ADJ
fsr-3134	117	7	flight	flight	NOUN
fsr-3134	117	8	was	be	AUX
fsr-3134	117	9	in	in	ADP
fsr-3134	117	10	1903	1903	NUM
fsr-3134	117	11	,	,	PUNCT
fsr-3134	117	12	the	the	DET
fsr-3134	117	13	ford	ford	PROPN
fsr-3134	117	14	model	model	PROPN
fsr-3134	117	15	t	t	PROPN
fsr-3134	117	16	debuted	debut	VERB
fsr-3134	117	17	in	in	ADP
fsr-3134	117	18	1908	1908	NUM
fsr-3134	117	19	,	,	PUNCT
fsr-3134	117	20	at&t	at&t	PROPN
fsr-3134	117	21	completed	complete	VERB
fsr-3134	117	22	the	the	DET
fsr-3134	117	23	first	first	ADJ
fsr-3134	117	24	transcontinental	transcontinental	ADJ
fsr-3134	117	25	telephone	telephone	NOUN
fsr-3134	117	26	line	line	NOUN
fsr-3134	117	27	in	in	ADP
fsr-3134	117	28	1915	1915	NUM
fsr-3134	117	29	,	,	PUNCT
fsr-3134	117	30	the	the	DET
fsr-3134	117	31	first	first	ADJ
fsr-3134	117	32	electrical	electrical	ADJ
fsr-3134	117	33	,	,	PUNCT
fsr-3134	117	34	binary	binary	ADJ
fsr-3134	117	35	,	,	PUNCT
fsr-3134	117	36	programmable	programmable	ADJ
fsr-3134	117	37	computer	computer	NOUN
fsr-3134	117	38	was	be	AUX
fsr-3134	117	39	invented	invent	VERB
fsr-3134	117	40	during	during	ADP
fsr-3134	117	41	the	the	DET
fsr-3134	117	42	1930s	1930	NOUN
fsr-3134	117	43	,	,	PUNCT
fsr-3134	117	44	and	and	CCONJ
fsr-3134	117	45	the	the	DET
fsr-3134	117	46	construction	construction	NOUN
fsr-3134	117	47	of	of	ADP
fsr-3134	117	48	the	the	DET
fsr-3134	117	49	interstate	interstate	ADJ
fsr-3134	117	50	highway	highway	NOUN
fsr-3134	117	51	system	system	NOUN
fsr-3134	117	52	commenced	commence	VERB
fsr-3134	117	53	in	in	ADP
fsr-3134	117	54	1956	1956	NUM
fsr-3134	117	55	.	.	PUNCT
fsr-3134	118	1	for	for	SCONJ
fsr-3134	118	2	an	an	DET
fsr-3134	118	3	individual	individual	ADJ
fsr-3134	118	4	firm	firm	NOUN
fsr-3134	118	5	to	to	PART
fsr-3134	118	6	have	have	AUX
fsr-3134	118	7	maintained	maintain	VERB
fsr-3134	118	8	a	a	DET
fsr-3134	118	9	constant	constant	ADJ
fsr-3134	118	10	(	(	PUNCT
fsr-3134	118	11	or	or	CCONJ
fsr-3134	118	12	even	even	ADV
fsr-3134	118	13	positive	positive	ADJ
fsr-3134	118	14	)	)	PUNCT
fsr-3134	118	15	growth	growth	NOUN
fsr-3134	118	16	rate	rate	NOUN
fsr-3134	118	17	across	across	ADP
fsr-3134	118	18	the	the	DET
fsr-3134	118	19	past	past	ADJ
fsr-3134	118	20	century	century	NOUN
fsr-3134	118	21	,	,	PUNCT
fsr-3134	118	22	the	the	DET
fsr-3134	118	23	firm	firm	NOUN
fsr-3134	118	24	would	would	AUX
fsr-3134	118	25	have	have	AUX
fsr-3134	118	26	been	be	AUX
fsr-3134	118	27	required	require	VERB
fsr-3134	118	28	to	to	PART
fsr-3134	118	29	reinvent	reinvent	VERB
fsr-3134	118	30	itself	itself	PRON
fsr-3134	118	31	multiple	multiple	ADJ
fsr-3134	118	32	times	time	NOUN
fsr-3134	118	33	to	to	PART
fsr-3134	118	34	adjust	adjust	VERB
fsr-3134	118	35	to	to	ADP
fsr-3134	118	36	these	these	PRON
fsr-3134	118	37	(	(	PUNCT
fsr-3134	118	38	and	and	CCONJ
fsr-3134	118	39	other	other	ADJ
fsr-3134	118	40	)	)	PUNCT
fsr-3134	118	41	events	event	NOUN
fsr-3134	118	42	.	.	PUNCT
fsr-3134	119	1	simply	simply	ADV
fsr-3134	119	2	maintaining	maintain	VERB
fsr-3134	119	3	a	a	DET
fsr-3134	119	4	competitive	competitive	ADJ
fsr-3134	119	5	advantage	advantage	NOUN
fsr-3134	119	6	(	(	PUNCT
fsr-3134	119	7	and	and	CCONJ
fsr-3134	119	8	a	a	DET
fsr-3134	119	9	constant	constant	ADJ
fsr-3134	119	10	,	,	PUNCT
fsr-3134	119	11	positive	positive	ADJ
fsr-3134	119	12	growth	growth	NOUN
fsr-3134	119	13	rate	rate	NOUN
fsr-3134	119	14	)	)	PUNCT
fsr-3134	119	15	over	over	ADP
fsr-3134	119	16	a	a	DET
fsr-3134	119	17	25	25	NUM
fsr-3134	119	18	year	year	NOUN
fsr-3134	119	19	period	period	NOUN
fsr-3134	119	20	can	can	AUX
fsr-3134	119	21	be	be	AUX
fsr-3134	119	22	a	a	DET
fsr-3134	119	23	challenge	challenge	NOUN
fsr-3134	119	24	.	.	PUNCT
fsr-3134	120	1	as	as	SCONJ
fsr-3134	120	2	noted	note	VERB
fsr-3134	120	3	by	by	ADP
fsr-3134	120	4	sheth	sheth	PROPN
fsr-3134	120	5	(	(	PUNCT
fsr-3134	120	6	2009	2009	NUM
fsr-3134	120	7	)	)	PUNCT
fsr-3134	120	8	,	,	PUNCT
fsr-3134	120	9	many	many	ADJ
fsr-3134	120	10	of	of	ADP
fsr-3134	120	11	the	the	DET
fsr-3134	120	12	62	62	NUM
fsr-3134	120	13	firms	firm	NOUN
fsr-3134	120	14	highlighted	highlight	VERB
fsr-3134	120	15	in	in	ADP
fsr-3134	120	16	the	the	DET
fsr-3134	120	17	1982	1982	NUM
fsr-3134	120	18	book	book	NOUN
fsr-3134	120	19	“	"	PUNCT
fsr-3134	120	20	in	in	ADP
fsr-3134	120	21	search	search	NOUN
fsr-3134	120	22	of	of	ADP
fsr-3134	120	23	excellence	excellence	NOUN
fsr-3134	120	24	”	"	PUNCT
fsr-3134	120	25	(	(	PUNCT
fsr-3134	120	26	including	include	VERB
fsr-3134	120	27	sears	sears	PROPN
fsr-3134	120	28	,	,	PUNCT
fsr-3134	120	29	xerox	xerox	PROPN
fsr-3134	120	30	,	,	PUNCT
fsr-3134	120	31	kodak	kodak	PROPN
fsr-3134	120	32	,	,	PUNCT
fsr-3134	120	33	dana	dana	PROPN
fsr-3134	120	34	,	,	PUNCT
fsr-3134	120	35	and	and	CCONJ
fsr-3134	120	36	digital	digital	PROPN
fsr-3134	120	37	computer	computer	PROPN
fsr-3134	120	38	corp	corp	PROPN
fsr-3134	120	39	.	.	PROPN
fsr-3134	120	40	)	)	PUNCT
fsr-3134	120	41	experienced	experience	VERB
fsr-3134	120	42	financial	financial	ADJ
fsr-3134	120	43	hardships	hardship	NOUN
fsr-3134	120	44	in	in	ADP
fsr-3134	120	45	the	the	DET
fsr-3134	120	46	ensuing	ensue	VERB
fsr-3134	120	47	25	25	NUM
fsr-3134	120	48	years	year	NOUN
fsr-3134	120	49	.	.	PUNCT
fsr-3134	121	1	thus	thus	ADV
fsr-3134	121	2	,	,	PUNCT
fsr-3134	121	3	investors	investor	NOUN
fsr-3134	121	4	should	should	AUX
fsr-3134	121	5	be	be	AUX
fsr-3134	121	6	wary	wary	ADJ
fsr-3134	121	7	of	of	ADP
fsr-3134	121	8	purchasing	purchase	VERB
fsr-3134	121	9	any	any	DET
fsr-3134	121	10	asset	asset	NOUN
fsr-3134	121	11	at	at	ADP
fsr-3134	121	12	a	a	DET
fsr-3134	121	13	price	price	NOUN
fsr-3134	121	14	that	that	PRON
fsr-3134	121	15	can	can	AUX
fsr-3134	121	16	only	only	ADV
fsr-3134	121	17	be	be	AUX
fsr-3134	121	18	justified	justify	VERB
fsr-3134	121	19	by	by	ADP
fsr-3134	121	20	cash	cash	NOUN
fsr-3134	121	21	flows	flow	NOUN
fsr-3134	121	22	to	to	PART
fsr-3134	121	23	be	be	AUX
fsr-3134	121	24	received	receive	VERB
fsr-3134	121	25	in	in	ADP
fsr-3134	121	26	the	the	DET
fsr-3134	121	27	unforeseeable	unforeseeable	ADJ
fsr-3134	121	28	,	,	PUNCT
fsr-3134	121	29	distant	distant	ADJ
fsr-3134	121	30	future	future	NOUN
fsr-3134	121	31	.	.	PUNCT
fsr-3134	122	1	previous	previous	ADJ
fsr-3134	122	2	studies	study	NOUN
fsr-3134	122	3	identify	identify	VERB
fsr-3134	122	4	two	two	NUM
fsr-3134	122	5	alternative	alternative	ADJ
fsr-3134	122	6	ways	way	NOUN
fsr-3134	122	7	to	to	PART
fsr-3134	122	8	minimize	minimize	VERB
fsr-3134	122	9	the	the	DET
fsr-3134	122	10	importance	importance	NOUN
fsr-3134	122	11	of	of	ADP
fsr-3134	122	12	far	far	ADV
fsr-3134	122	13	distant	distant	ADJ
fsr-3134	122	14	cash	cash	NOUN
fsr-3134	122	15	flows	flow	NOUN
fsr-3134	122	16	in	in	ADP
fsr-3134	122	17	the	the	DET
fsr-3134	122	18	valuation	valuation	NOUN
fsr-3134	122	19	process	process	NOUN
fsr-3134	122	20	.	.	PUNCT
fsr-3134	123	1	first	first	ADV
fsr-3134	123	2	,	,	PUNCT
fsr-3134	123	3	shaffer	shaffer	NOUN
fsr-3134	123	4	(	(	PUNCT
fsr-3134	123	5	2006	2006	NUM
fsr-3134	123	6	)	)	PUNCT
fsr-3134	123	7	extends	extend	VERB
fsr-3134	123	8	the	the	DET
fsr-3134	123	9	gordon	gordon	PROPN
fsr-3134	123	10	model	model	NOUN
fsr-3134	123	11	to	to	PART
fsr-3134	123	12	include	include	VERB
fsr-3134	123	13	a	a	DET
fsr-3134	123	14	constant	constant	ADJ
fsr-3134	123	15	,	,	PUNCT
fsr-3134	123	16	annual	annual	ADJ
fsr-3134	123	17	probability	probability	NOUN
fsr-3134	123	18	of	of	ADP
fsr-3134	123	19	permanent	permanent	ADJ
fsr-3134	123	20	failure	failure	NOUN
fsr-3134	123	21	.	.	PUNCT
fsr-3134	124	1	second	second	ADJ
fsr-3134	124	2	,	,	PUNCT
fsr-3134	124	3	numerous	numerous	ADJ
fsr-3134	124	4	valuation	valuation	NOUN
fsr-3134	124	5	models	model	NOUN
fsr-3134	124	6	allow	allow	VERB
fsr-3134	124	7	the	the	DET
fsr-3134	124	8	assumed	assume	VERB
fsr-3134	124	9	growth	growth	NOUN
fsr-3134	124	10	rate	rate	NOUN
fsr-3134	124	11	to	to	PART
fsr-3134	124	12	decrease	decrease	VERB
fsr-3134	124	13	over	over	ADP
fsr-3134	124	14	time	time	NOUN
fsr-3134	124	15	(	(	PUNCT
fsr-3134	124	16	e.g.	e.g.	ADV
fsr-3134	124	17	,	,	PUNCT
fsr-3134	124	18	miller	miller	PROPN
fsr-3134	124	19	and	and	CCONJ
fsr-3134	124	20	modigliani	modigliani	PROPN
fsr-3134	124	21	,	,	PUNCT
fsr-3134	124	22	1961	1961	NUM
fsr-3134	124	23	;	;	PUNCT
fsr-3134	124	24	holt	holt	PROPN
fsr-3134	124	25	,	,	PUNCT
fsr-3134	124	26	1962	1962	NUM
fsr-3134	124	27	;	;	PUNCT
fsr-3134	124	28	mao	mao	PROPN
fsr-3134	124	29	,	,	PUNCT
fsr-3134	124	30	1966	1966	NUM
fsr-3134	124	31	;	;	PUNCT
fsr-3134	124	32	fielitz	fielitz	NOUN
fsr-3134	124	33	and	and	CCONJ
fsr-3134	124	34	muller	muller	NOUN
fsr-3134	124	35	,	,	PUNCT
fsr-3134	124	36	1985	1985	NUM
fsr-3134	124	37	;	;	PUNCT
fsr-3134	124	38	gordon	gordon	PROPN
fsr-3134	124	39	and	and	CCONJ
fsr-3134	124	40	gordon	gordon	PROPN
fsr-3134	124	41	,	,	PUNCT
fsr-3134	124	42	1997	1997	NUM
fsr-3134	124	43	;	;	PUNCT
fsr-3134	124	44	danielson	danielson	PROPN
fsr-3134	124	45	,	,	PUNCT
fsr-3134	124	46	1998	1998	NUM
fsr-3134	124	47	;	;	PUNCT
fsr-3134	124	48	o’brien	o’brien	PROPN
fsr-3134	124	49	,	,	PUNCT
fsr-3134	124	50	2003	2003	NUM
fsr-3134	124	51	)	)	PUNCT
fsr-3134	124	52	.	.	PUNCT
fsr-3134	125	1	this	this	DET
fsr-3134	125	2	section	section	NOUN
fsr-3134	125	3	reports	report	VERB
fsr-3134	125	4	on	on	ADP
fsr-3134	125	5	potential	potential	ADJ
fsr-3134	125	6	valuation	valuation	NOUN
fsr-3134	125	7	errors	error	NOUN
fsr-3134	125	8	embedded	embed	VERB
fsr-3134	125	9	in	in	ADP
fsr-3134	125	10	perpetual	perpetual	ADJ
fsr-3134	125	11	growth	growth	NOUN
fsr-3134	125	12	model	model	NOUN
fsr-3134	125	13	price	price	NOUN
fsr-3134	125	14	estimates	estimate	NOUN
fsr-3134	125	15	if	if	SCONJ
fsr-3134	125	16	future	future	ADJ
fsr-3134	125	17	cash	cash	NOUN
fsr-3134	125	18	flows	flow	NOUN
fsr-3134	125	19	will	will	AUX
fsr-3134	125	20	be	be	AUX
fsr-3134	125	21	constrained	constrain	VERB
fsr-3134	125	22	by	by	ADP
fsr-3134	125	23	default	default	NOUN
fsr-3134	125	24	,	,	PUNCT
fsr-3134	125	25	finite	finite	ADJ
fsr-3134	125	26	growth	growth	NOUN
fsr-3134	125	27	,	,	PUNCT
fsr-3134	125	28	or	or	CCONJ
fsr-3134	125	29	both	both	PRON
fsr-3134	125	30	.	.	PUNCT
fsr-3134	126	1	4.1	4.1	NUM
fsr-3134	126	2	.	.	PUNCT
fsr-3134	126	3	valuation	valuation	NOUN
fsr-3134	126	4	models	model	NOUN
fsr-3134	126	5	:	:	PUNCT
fsr-3134	126	6	default	default	NOUN
fsr-3134	126	7	and	and	CCONJ
fsr-3134	126	8	finite	finite	ADJ
fsr-3134	126	9	growth	growth	NOUN
fsr-3134	126	10	shaffer	shaffer	NOUN
fsr-3134	126	11	(	(	PUNCT
fsr-3134	126	12	2006	2006	NUM
fsr-3134	126	13	)	)	PUNCT
fsr-3134	126	14	extends	extend	VERB
fsr-3134	126	15	the	the	DET
fsr-3134	126	16	perpetual	perpetual	ADJ
fsr-3134	126	17	growth	growth	NOUN
fsr-3134	126	18	model	model	NOUN
fsr-3134	126	19	to	to	PART
fsr-3134	126	20	allow	allow	VERB
fsr-3134	126	21	for	for	ADP
fsr-3134	126	22	the	the	DET
fsr-3134	126	23	possibility	possibility	NOUN
fsr-3134	126	24	that	that	SCONJ
fsr-3134	126	25	the	the	DET
fsr-3134	126	26	firm	firm	NOUN
fsr-3134	126	27	will	will	AUX
fsr-3134	126	28	irreversibly	irreversibly	ADV
fsr-3134	126	29	fail	fail	VERB
fsr-3134	126	30	(	(	PUNCT
fsr-3134	126	31	and	and	CCONJ
fsr-3134	126	32	the	the	DET
fsr-3134	126	33	cash	cash	NOUN
fsr-3134	126	34	flow	flow	NOUN
fsr-3134	126	35	stream	stream	NOUN
fsr-3134	126	36	will	will	AUX
fsr-3134	126	37	end	end	VERB
fsr-3134	126	38	)	)	PUNCT
fsr-3134	126	39	in	in	ADP
fsr-3134	126	40	the	the	DET
fsr-3134	126	41	future	future	NOUN
fsr-3134	126	42	.	.	PUNCT
fsr-3134	127	1	assuming	assume	VERB
fsr-3134	127	2	that	that	SCONJ
fsr-3134	127	3	the	the	DET
fsr-3134	127	4	annual	annual	ADJ
fsr-3134	127	5	failure	failure	NOUN
fsr-3134	127	6	probability	probability	NOUN
fsr-3134	127	7	(	(	PUNCT
fsr-3134	127	8	p	p	NOUN
fsr-3134	127	9	)	)	PUNCT
fsr-3134	127	10	is	be	AUX
fsr-3134	127	11	constant	constant	ADJ
fsr-3134	127	12	over	over	ADP
fsr-3134	127	13	time	time	NOUN
fsr-3134	127	14	,	,	PUNCT
fsr-3134	127	15	eq	eq	NOUN
fsr-3134	127	16	.	.	PUNCT
fsr-3134	128	1	(	(	PUNCT
fsr-3134	128	2	1	1	X
fsr-3134	128	3	)	)	PUNCT
fsr-3134	128	4	can	can	AUX
fsr-3134	128	5	be	be	AUX
fsr-3134	128	6	rewritten	rewrite	VERB
fsr-3134	128	7	as	as	ADP
fsr-3134	128	8	eq	eq	ADP
fsr-3134	128	9	.	.	PUNCT
fsr-3134	129	1	(	(	PUNCT
fsr-3134	129	2	6	6	NUM
fsr-3134	129	3	)	)	PUNCT
fsr-3134	129	4	,	,	PUNCT
fsr-3134	129	5	and	and	CCONJ
fsr-3134	129	6	eq	eq	ADP
fsr-3134	129	7	.	.	PUNCT
fsr-3134	130	1	(	(	PUNCT
fsr-3134	130	2	2	2	X
fsr-3134	130	3	)	)	PUNCT
fsr-3134	130	4	can	can	AUX
fsr-3134	130	5	be	be	AUX
fsr-3134	130	6	rewritten	rewrite	VERB
fsr-3134	130	7	as	as	ADP
fsr-3134	130	8	eq	eq	ADP
fsr-3134	130	9	.	.	PUNCT
fsr-3134	131	1	(	(	PUNCT
fsr-3134	131	2	7	7	NUM
fsr-3134	131	3	)	)	PUNCT
fsr-3134	131	4	.	.	PUNCT
fsr-3134	132	1	p0	p0	PROPN
fsr-3134	132	2	�	�	PROPN
fsr-3134	132	3	d1	d1	PROPN
fsr-3134	132	4	�	�	PROPN
fsr-3134	132	5	1	1	NUM
fsr-3134	132	6	�	�	PROPN
fsr-3134	132	7	p	p	X
fsr-3134	132	8	�	�	PROPN
fsr-3134	132	9	r	r	NOUN
fsr-3134	132	10	�	�	PROPN
fsr-3134	132	11	p	p	PROPN
fsr-3134	132	12	�	�	PROPN
fsr-3134	132	13	g	g	PROPN
fsr-3134	132	14	�	�	PROPN
fsr-3134	132	15	1	1	NUM
fsr-3134	132	16	�	�	PROPN
fsr-3134	132	17	p	p	PROPN
fsr-3134	132	18	�	�	PROPN
fsr-3134	132	19	(	(	PUNCT
fsr-3134	132	20	6	6	NUM
fsr-3134	132	21	)	)	PUNCT
fsr-3134	132	22	p0	p0	PROPN
fsr-3134	132	23	�	�	PROPN
fsr-3134	132	24	e1	e1	PROPN
fsr-3134	132	25	�	�	PROPN
fsr-3134	132	26	1	1	NUM
fsr-3134	132	27	�	�	PROPN
fsr-3134	132	28	b	b	PROPN
fsr-3134	132	29	�	�	PROPN
fsr-3134	132	30	�	�	PROPN
fsr-3134	132	31	1	1	NUM
fsr-3134	132	32	�	�	PROPN
fsr-3134	132	33	p	p	X
fsr-3134	132	34	�	�	PROPN
fsr-3134	132	35	r	r	NOUN
fsr-3134	132	36	�	�	PROPN
fsr-3134	132	37	p	p	PROPN
fsr-3134	132	38	�	�	PROPN
fsr-3134	132	39	brn	brn	PROPN
fsr-3134	132	40	�	�	PROPN
fsr-3134	132	41	1	1	NUM
fsr-3134	132	42	�	�	PROPN
fsr-3134	132	43	p	p	PROPN
fsr-3134	132	44	�	�	PROPN
fsr-3134	132	45	(	(	PUNCT
fsr-3134	132	46	7	7	NUM
fsr-3134	132	47	)	)	PUNCT
fsr-3134	132	48	shaffer	shaffer	NOUN
fsr-3134	132	49	(	(	PUNCT
fsr-3134	132	50	2006	2006	NUM
fsr-3134	132	51	)	)	PUNCT
fsr-3134	132	52	separately	separately	ADV
fsr-3134	132	53	modifies	modify	VERB
fsr-3134	132	54	the	the	DET
fsr-3134	132	55	perpetual	perpetual	ADJ
fsr-3134	132	56	growth	growth	NOUN
fsr-3134	132	57	model	model	NOUN
fsr-3134	132	58	to	to	PART
fsr-3134	132	59	allow	allow	VERB
fsr-3134	132	60	the	the	DET
fsr-3134	132	61	growth	growth	NOUN
fsr-3134	132	62	rate	rate	NOUN
fsr-3134	132	63	to	to	PART
fsr-3134	132	64	permanently	permanently	ADV
fsr-3134	132	65	decrease	decrease	VERB
fsr-3134	132	66	—	—	PUNCT
fsr-3134	132	67	from	from	ADP
fsr-3134	132	68	a	a	DET
fsr-3134	132	69	supernormal	supernormal	ADJ
fsr-3134	132	70	level	level	NOUN
fsr-3134	132	71	(	(	PUNCT
fsr-3134	132	72	i.e.	i.e.	X
fsr-3134	132	73	,	,	PUNCT
fsr-3134	132	74	rn	rn	PROPN
fsr-3134	132	75	�	�	PROPN
fsr-3134	132	76	r	r	PROPN
fsr-3134	132	77	)	)	PUNCT
fsr-3134	132	78	down	down	ADP
fsr-3134	132	79	to	to	ADP
fsr-3134	132	80	the	the	DET
fsr-3134	132	81	required	required	ADJ
fsr-3134	132	82	return	return	NOUN
fsr-3134	132	83	—	—	PUNCT
fsr-3134	132	84	in	in	ADP
fsr-3134	132	85	any	any	DET
fsr-3134	132	86	future	future	ADJ
fsr-3134	132	87	year	year	NOUN
fsr-3134	132	88	.	.	PUNCT
fsr-3134	133	1	again	again	ADV
fsr-3134	133	2	,	,	PUNCT
fsr-3134	133	3	shaffer	shaffer	NOUN
fsr-3134	133	4	assumes	assume	VERB
fsr-3134	133	5	that	that	SCONJ
fsr-3134	133	6	this	this	DET
fsr-3134	133	7	event	event	NOUN
fsr-3134	133	8	occurs	occur	VERB
fsr-3134	133	9	with	with	ADP
fsr-3134	133	10	a	a	DET
fsr-3134	133	11	constant	constant	ADJ
fsr-3134	133	12	195m.g	195m.g	NOUN
fsr-3134	133	13	.	.	PUNCT
fsr-3134	134	1	danielson	danielson	PROPN
fsr-3134	134	2	,	,	PUNCT
fsr-3134	134	3	j.l	j.l	PROPN
fsr-3134	134	4	.	.	PROPN
fsr-3134	134	5	heck	heck	PROPN
fsr-3134	134	6	/	/	SYM
fsr-3134	134	7	financial	financial	ADJ
fsr-3134	134	8	services	service	NOUN
fsr-3134	134	9	review	review	VERB
fsr-3134	134	10	23	23	NUM
fsr-3134	134	11	(	(	PUNCT
fsr-3134	134	12	2014	2014	NUM
fsr-3134	134	13	)	)	PUNCT
fsr-3134	134	14	189–206	189–206	NUM
fsr-3134	134	15	annual	annual	ADJ
fsr-3134	134	16	probability	probability	NOUN
fsr-3134	134	17	.	.	PUNCT
fsr-3134	135	1	however	however	ADV
fsr-3134	135	2	,	,	PUNCT
fsr-3134	135	3	shaffer	shaffer	NOUN
fsr-3134	135	4	does	do	AUX
fsr-3134	135	5	not	not	PART
fsr-3134	135	6	develop	develop	VERB
fsr-3134	135	7	a	a	DET
fsr-3134	135	8	form	form	NOUN
fsr-3134	135	9	of	of	ADP
fsr-3134	135	10	the	the	DET
fsr-3134	135	11	perpetual	perpetual	ADJ
fsr-3134	135	12	growth	growth	NOUN
fsr-3134	135	13	model	model	NOUN
fsr-3134	135	14	that	that	PRON
fsr-3134	135	15	allows	allow	VERB
fsr-3134	135	16	for	for	ADP
fsr-3134	135	17	both	both	DET
fsr-3134	135	18	default	default	NOUN
fsr-3134	135	19	(	(	PUNCT
fsr-3134	135	20	where	where	SCONJ
fsr-3134	135	21	the	the	DET
fsr-3134	135	22	cash	cash	NOUN
fsr-3134	135	23	flow	flow	NOUN
fsr-3134	135	24	stream	stream	NOUN
fsr-3134	135	25	ends	end	VERB
fsr-3134	135	26	)	)	PUNCT
fsr-3134	135	27	and	and	CCONJ
fsr-3134	135	28	finite	finite	ADJ
fsr-3134	135	29	growth	growth	NOUN
fsr-3134	135	30	(	(	PUNCT
fsr-3134	135	31	where	where	SCONJ
fsr-3134	135	32	the	the	DET
fsr-3134	135	33	firm	firm	NOUN
fsr-3134	135	34	’s	’s	PART
fsr-3134	135	35	growth	growth	NOUN
fsr-3134	135	36	rate	rate	NOUN
fsr-3134	135	37	permanently	permanently	ADV
fsr-3134	135	38	decreases	decrease	VERB
fsr-3134	135	39	,	,	PUNCT
fsr-3134	135	40	but	but	CCONJ
fsr-3134	135	41	the	the	DET
fsr-3134	135	42	cash	cash	NOUN
fsr-3134	135	43	flow	flow	NOUN
fsr-3134	135	44	stream	stream	NOUN
fsr-3134	135	45	continues	continue	VERB
fsr-3134	135	46	)	)	PUNCT
fsr-3134	135	47	.	.	PUNCT
fsr-3134	136	1	to	to	PART
fsr-3134	136	2	develop	develop	VERB
fsr-3134	136	3	such	such	DET
fsr-3134	136	4	a	a	DET
fsr-3134	136	5	model	model	NOUN
fsr-3134	136	6	,	,	PUNCT
fsr-3134	136	7	we	we	PRON
fsr-3134	136	8	simplify	simplify	VERB
fsr-3134	136	9	the	the	DET
fsr-3134	136	10	assumptions	assumption	NOUN
fsr-3134	136	11	,	,	PUNCT
fsr-3134	136	12	and	and	CCONJ
fsr-3134	136	13	stipulate	stipulate	VERB
fsr-3134	136	14	that	that	SCONJ
fsr-3134	136	15	the	the	DET
fsr-3134	136	16	firm	firm	NOUN
fsr-3134	136	17	’s	’s	PART
fsr-3134	136	18	return	return	NOUN
fsr-3134	136	19	on	on	ADP
fsr-3134	136	20	new	new	ADJ
fsr-3134	136	21	investments	investment	NOUN
fsr-3134	136	22	,	,	PUNCT
fsr-3134	136	23	rn	rn	PROPN
fsr-3134	136	24	,	,	PUNCT
fsr-3134	136	25	be	be	AUX
fsr-3134	136	26	equal	equal	ADJ
fsr-3134	136	27	to	to	ADP
fsr-3134	136	28	the	the	DET
fsr-3134	136	29	required	required	ADJ
fsr-3134	136	30	return	return	NOUN
fsr-3134	136	31	,	,	PUNCT
fsr-3134	136	32	r	r	NOUN
fsr-3134	136	33	,	,	PUNCT
fsr-3134	136	34	starting	start	VERB
fsr-3134	136	35	in	in	ADP
fsr-3134	136	36	the	the	DET
fsr-3134	136	37	specific	specific	ADJ
fsr-3134	136	38	future	future	ADJ
fsr-3134	136	39	year	year	NOUN
fsr-3134	136	40	t	t	PROPN
fsr-3134	136	41	�	�	PROPN
fsr-3134	136	42	1	1	NUM
fsr-3134	136	43	.	.	PUNCT
fsr-3134	137	1	as	as	SCONJ
fsr-3134	137	2	derived	derive	VERB
fsr-3134	137	3	in	in	ADP
fsr-3134	137	4	appendix	appendix	NOUN
fsr-3134	137	5	1	1	NUM
fsr-3134	137	6	,	,	PUNCT
fsr-3134	137	7	the	the	DET
fsr-3134	137	8	adjusted	adjust	VERB
fsr-3134	137	9	perpetual	perpetual	ADJ
fsr-3134	137	10	growth	growth	NOUN
fsr-3134	137	11	model	model	NOUN
fsr-3134	137	12	,	,	PUNCT
fsr-3134	137	13	allowing	allow	VERB
fsr-3134	137	14	for	for	ADP
fsr-3134	137	15	default	default	NOUN
fsr-3134	137	16	and	and	CCONJ
fsr-3134	137	17	finite	finite	ADJ
fsr-3134	137	18	growth	growth	NOUN
fsr-3134	137	19	,	,	PUNCT
fsr-3134	137	20	can	can	AUX
fsr-3134	137	21	be	be	AUX
fsr-3134	137	22	written	write	VERB
fsr-3134	137	23	as	as	ADP
fsr-3134	137	24	eq	eq	ADP
fsr-3134	137	25	.	.	PUNCT
fsr-3134	138	1	(	(	PUNCT
fsr-3134	138	2	8)	8)	NUM
fsr-3134	138	3	.	.	PUNCT
fsr-3134	139	1	p0	p0	PROPN
fsr-3134	139	2	�	�	PROPN
fsr-3134	139	3	e1	e1	PROPN
fsr-3134	139	4	�	�	PROPN
fsr-3134	139	5	1	1	NUM
fsr-3134	139	6	�	�	PROPN
fsr-3134	139	7	b	b	PROPN
fsr-3134	139	8	�	�	PROPN
fsr-3134	139	9	�	�	PROPN
fsr-3134	139	10	1	1	NUM
fsr-3134	139	11	�	�	PROPN
fsr-3134	139	12	p	p	X
fsr-3134	139	13	�	�	PROPN
fsr-3134	139	14	r	r	NOUN
fsr-3134	139	15	�	�	PROPN
fsr-3134	139	16	p	p	PROPN
fsr-3134	139	17	�	�	PROPN
fsr-3134	139	18	brn	brn	PROPN
fsr-3134	139	19	�	�	PROPN
fsr-3134	139	20	1	1	NUM
fsr-3134	139	21	�	�	PROPN
fsr-3134	139	22	p	p	PROPN
fsr-3134	139	23	�	�	PROPN
fsr-3134	139	24	�	�	PROPN
fsr-3134	139	25	1	1	NUM
fsr-3134	139	26	�	�	PROPN
fsr-3134	139	27	�	�	PROPN
fsr-3134	139	28	(	(	PUNCT
fsr-3134	139	29	1	1	NUM
fsr-3134	139	30	�	�	PROPN
fsr-3134	139	31	p)(1	p)(1	PROPN
fsr-3134	139	32	�	�	PROPN
fsr-3134	139	33	brn	brn	PROPN
fsr-3134	139	34	)	)	PUNCT
fsr-3134	139	35	(	(	PUNCT
fsr-3134	139	36	1	1	NUM
fsr-3134	139	37	�	�	PROPN
fsr-3134	139	38	r	r	NOUN
fsr-3134	139	39	)	)	PUNCT
fsr-3134	139	40	�	�	PROPN
fsr-3134	139	41	t	t	PROPN
fsr-3134	139	42	�	�	PROPN
fsr-3134	139	43	�	�	PROPN
fsr-3134	139	44	�	�	PROPN
fsr-3134	139	45	(	(	PUNCT
fsr-3134	139	46	1	1	NUM
fsr-3134	139	47	�	�	PROPN
fsr-3134	139	48	p)(1	p)(1	PROPN
fsr-3134	139	49	�	�	PROPN
fsr-3134	139	50	brn	brn	PROPN
fsr-3134	139	51	)	)	PUNCT
fsr-3134	139	52	(	(	PUNCT
fsr-3134	139	53	1	1	NUM
fsr-3134	139	54	�	�	PROPN
fsr-3134	139	55	r	r	NOUN
fsr-3134	139	56	)	)	PUNCT
fsr-3134	139	57	�	�	PROPN
fsr-3134	139	58	t	t	PROPN
fsr-3134	139	59	�	�	PROPN
fsr-3134	139	60	e1(1	e1(1	PROPN
fsr-3134	139	61	�	�	PROPN
fsr-3134	139	62	b)(1	b)(1	X
fsr-3134	139	63	�	�	PROPN
fsr-3134	139	64	p	p	X
fsr-3134	139	65	)	)	PUNCT
fsr-3134	139	66	r	r	NOUN
fsr-3134	139	67	�	�	PROPN
fsr-3134	139	68	p	p	NOUN
fsr-3134	139	69	�	�	PROPN
fsr-3134	139	70	br(1	br(1	PROPN
fsr-3134	139	71	�	�	PROPN
fsr-3134	139	72	p	p	NOUN
fsr-3134	139	73	)	)	PUNCT
fsr-3134	139	74	�	�	PROPN
fsr-3134	139	75	(	(	PUNCT
fsr-3134	139	76	8)	8)	NUM
fsr-3134	139	77	if	if	SCONJ
fsr-3134	139	78	the	the	DET
fsr-3134	139	79	default	default	NOUN
fsr-3134	139	80	probability	probability	NOUN
fsr-3134	139	81	is	be	AUX
fsr-3134	139	82	zero	zero	NUM
fsr-3134	139	83	(	(	PUNCT
fsr-3134	139	84	p	p	X
fsr-3134	139	85	�	�	PROPN
fsr-3134	139	86	0	0	NUM
fsr-3134	139	87	)	)	PUNCT
fsr-3134	139	88	,	,	PUNCT
fsr-3134	139	89	eq	eq	NOUN
fsr-3134	139	90	.	.	PUNCT
fsr-3134	140	1	(	(	PUNCT
fsr-3134	140	2	8)	8)	NUM
fsr-3134	140	3	can	can	AUX
fsr-3134	140	4	be	be	AUX
fsr-3134	140	5	written	write	VERB
fsr-3134	140	6	as	as	ADP
fsr-3134	140	7	eq	eq	ADP
fsr-3134	140	8	.	.	PUNCT
fsr-3134	141	1	(	(	PUNCT
fsr-3134	141	2	9	9	NUM
fsr-3134	141	3	)	)	PUNCT
fsr-3134	141	4	.	.	PUNCT
fsr-3134	142	1	this	this	PRON
fsr-3134	142	2	is	be	AUX
fsr-3134	142	3	the	the	DET
fsr-3134	142	4	traditional	traditional	ADJ
fsr-3134	142	5	finite	finite	ADJ
fsr-3134	142	6	growth	growth	NOUN
fsr-3134	142	7	model	model	NOUN
fsr-3134	142	8	from	from	ADP
fsr-3134	142	9	miller	miller	PROPN
fsr-3134	142	10	and	and	CCONJ
fsr-3134	142	11	modigliani	modigliani	PROPN
fsr-3134	142	12	(	(	PUNCT
fsr-3134	142	13	1961	1961	NUM
fsr-3134	142	14	)	)	PUNCT
fsr-3134	142	15	and	and	CCONJ
fsr-3134	142	16	gordon	gordon	PROPN
fsr-3134	142	17	and	and	CCONJ
fsr-3134	142	18	gordon	gordon	PROPN
fsr-3134	142	19	(	(	PUNCT
fsr-3134	142	20	1997	1997	NUM
fsr-3134	142	21	)	)	PUNCT
fsr-3134	142	22	.	.	PUNCT
fsr-3134	143	1	p0	p0	PROPN
fsr-3134	143	2	�	�	PROPN
fsr-3134	143	3	e1	e1	PROPN
fsr-3134	143	4	�	�	PROPN
fsr-3134	143	5	1	1	NUM
fsr-3134	143	6	�	�	PROPN
fsr-3134	143	7	b	b	PROPN
fsr-3134	143	8	�	�	PROPN
fsr-3134	143	9	r	r	PROPN
fsr-3134	143	10	�	�	PROPN
fsr-3134	143	11	g	g	PROPN
fsr-3134	143	12	�	�	PROPN
fsr-3134	143	13	1	1	NUM
fsr-3134	143	14	�	�	PROPN
fsr-3134	143	15	�	�	PROPN
fsr-3134	143	16	1	1	NUM
fsr-3134	143	17	�	�	PROPN
fsr-3134	143	18	g	g	PROPN
fsr-3134	143	19	1	1	NUM
fsr-3134	143	20	�	�	PROPN
fsr-3134	143	21	r	r	PROPN
fsr-3134	143	22	�	�	PROPN
fsr-3134	143	23	t	t	PROPN
fsr-3134	143	24	�	�	PROPN
fsr-3134	143	25	�	�	PROPN
fsr-3134	143	26	e1(1	e1(1	PROPN
fsr-3134	143	27	�	�	PROPN
fsr-3134	143	28	g)t	g)t	PROPN
fsr-3134	143	29	r(1	r(1	PROPN
fsr-3134	143	30	�	�	PROPN
fsr-3134	143	31	r)t	r)t	X
fsr-3134	143	32	(	(	PUNCT
fsr-3134	143	33	9	9	NUM
fsr-3134	143	34	)	)	PUNCT
fsr-3134	143	35	4.2	4.2	NUM
fsr-3134	143	36	.	.	PUNCT
fsr-3134	144	1	estimation	estimation	NOUN
fsr-3134	144	2	errors	error	NOUN
fsr-3134	144	3	with	with	ADP
fsr-3134	144	4	default	default	NOUN
fsr-3134	144	5	(	(	PUNCT
fsr-3134	144	6	but	but	CCONJ
fsr-3134	144	7	perpetual	perpetual	ADJ
fsr-3134	144	8	growth	growth	NOUN
fsr-3134	144	9	)	)	PUNCT
fsr-3134	144	10	in	in	ADP
fsr-3134	144	11	this	this	DET
fsr-3134	144	12	section	section	NOUN
fsr-3134	144	13	,	,	PUNCT
fsr-3134	144	14	we	we	PRON
fsr-3134	144	15	compare	compare	VERB
fsr-3134	144	16	value	value	NOUN
fsr-3134	144	17	estimates	estimate	NOUN
fsr-3134	144	18	from	from	ADP
fsr-3134	144	19	eq	eq	PROPN
fsr-3134	144	20	.	.	PUNCT
fsr-3134	145	1	(	(	PUNCT
fsr-3134	145	2	7	7	NUM
fsr-3134	145	3	)	)	PUNCT
fsr-3134	145	4	to	to	ADP
fsr-3134	145	5	those	those	PRON
fsr-3134	145	6	obtained	obtain	VERB
fsr-3134	145	7	using	use	VERB
fsr-3134	145	8	eq	eq	ADP
fsr-3134	145	9	.	.	PUNCT
fsr-3134	146	1	(	(	PUNCT
fsr-3134	146	2	2	2	NUM
fsr-3134	146	3	)	)	PUNCT
fsr-3134	146	4	.	.	PUNCT
fsr-3134	147	1	if	if	SCONJ
fsr-3134	147	2	the	the	DET
fsr-3134	147	3	intrinsic	intrinsic	ADJ
fsr-3134	147	4	value	value	NOUN
fsr-3134	147	5	of	of	ADP
fsr-3134	147	6	the	the	DET
fsr-3134	147	7	firm	firm	NOUN
fsr-3134	147	8	is	be	AUX
fsr-3134	147	9	defined	define	VERB
fsr-3134	147	10	by	by	ADP
fsr-3134	147	11	eq	eq	PROPN
fsr-3134	147	12	.	.	PUNCT
fsr-3134	148	1	(	(	PUNCT
fsr-3134	148	2	7	7	NUM
fsr-3134	148	3	)	)	PUNCT
fsr-3134	148	4	(	(	PUNCT
fsr-3134	148	5	because	because	SCONJ
fsr-3134	148	6	the	the	DET
fsr-3134	148	7	firm	firm	NOUN
fsr-3134	148	8	might	might	AUX
fsr-3134	148	9	fail	fail	VERB
fsr-3134	148	10	in	in	ADP
fsr-3134	148	11	the	the	DET
fsr-3134	148	12	future	future	NOUN
fsr-3134	148	13	)	)	PUNCT
fsr-3134	148	14	by	by	ADP
fsr-3134	148	15	how	how	SCONJ
fsr-3134	148	16	much	much	ADJ
fsr-3134	148	17	will	will	AUX
fsr-3134	148	18	the	the	DET
fsr-3134	148	19	perpetual	perpetual	ADJ
fsr-3134	148	20	growth	growth	NOUN
fsr-3134	148	21	model	model	NOUN
fsr-3134	148	22	overstate	overstate	NOUN
fsr-3134	148	23	firm	firm	ADJ
fsr-3134	148	24	value	value	NOUN
fsr-3134	148	25	?	?	PUNCT
fsr-3134	149	1	the	the	DET
fsr-3134	149	2	percentage	percentage	NOUN
fsr-3134	149	3	overstatement	overstatement	NOUN
fsr-3134	149	4	embedded	embed	VERB
fsr-3134	149	5	in	in	ADP
fsr-3134	149	6	a	a	DET
fsr-3134	149	7	perpetual	perpetual	ADJ
fsr-3134	149	8	growth	growth	NOUN
fsr-3134	149	9	value	value	NOUN
fsr-3134	149	10	estimate	estimate	NOUN
fsr-3134	149	11	in	in	ADP
fsr-3134	149	12	this	this	DET
fsr-3134	149	13	case	case	NOUN
fsr-3134	149	14	(	(	PUNCT
fsr-3134	149	15	positive	positive	ADJ
fsr-3134	149	16	default	default	NOUN
fsr-3134	149	17	probability	probability	NOUN
fsr-3134	149	18	;	;	PUNCT
fsr-3134	149	19	perpetual	perpetual	ADJ
fsr-3134	149	20	growth	growth	NOUN
fsr-3134	149	21	)	)	PUNCT
fsr-3134	149	22	is	be	AUX
fsr-3134	149	23	eq	eq	ADJ
fsr-3134	149	24	.	.	PUNCT
fsr-3134	150	1	(	(	PUNCT
fsr-3134	150	2	10	10	NUM
fsr-3134	150	3	)	)	PUNCT
fsr-3134	150	4	.	.	PUNCT
fsr-3134	151	1	appendix	appendix	NOUN
fsr-3134	151	2	2	2	NUM
fsr-3134	151	3	derives	derive	VERB
fsr-3134	151	4	this	this	DET
fsr-3134	151	5	equation	equation	NOUN
fsr-3134	151	6	.	.	PUNCT
fsr-3134	152	1	%	%	NOUN
fsr-3134	152	2	overstatement	overstatement	ADJ
fsr-3134	152	3	�	�	PROPN
fsr-3134	152	4	p	p	PROPN
fsr-3134	152	5	�	�	PROPN
fsr-3134	152	6	0	0	NUM
fsr-3134	152	7	;	;	PUNCT
fsr-3134	152	8	perpetual	perpetual	ADJ
fsr-3134	152	9	growth	growth	NOUN
fsr-3134	152	10	�	�	PROPN
fsr-3134	152	11	�	�	PROPN
fsr-3134	152	12	p	p	PROPN
fsr-3134	152	13	�	�	PROPN
fsr-3134	152	14	1	1	NUM
fsr-3134	152	15	�	�	PROPN
fsr-3134	152	16	r	r	PROPN
fsr-3134	152	17	�	�	PROPN
fsr-3134	152	18	�	�	PROPN
fsr-3134	152	19	r	r	NOUN
fsr-3134	152	20	�	�	PROPN
fsr-3134	152	21	g	g	PROPN
fsr-3134	152	22	�	�	PROPN
fsr-3134	152	23	�	�	PROPN
fsr-3134	152	24	1	1	NUM
fsr-3134	152	25	�	�	PROPN
fsr-3134	152	26	p	p	PROPN
fsr-3134	152	27	�	�	PROPN
fsr-3134	152	28	(	(	PUNCT
fsr-3134	152	29	10	10	NUM
fsr-3134	152	30	)	)	PUNCT
fsr-3134	152	31	table	table	NOUN
fsr-3134	152	32	2	2	NUM
fsr-3134	152	33	reports	report	NOUN
fsr-3134	152	34	on	on	ADP
fsr-3134	152	35	the	the	DET
fsr-3134	152	36	potential	potential	ADJ
fsr-3134	152	37	valuation	valuation	NOUN
fsr-3134	152	38	errors	error	NOUN
fsr-3134	152	39	—	—	PUNCT
fsr-3134	152	40	calculated	calculate	VERB
fsr-3134	152	41	using	use	VERB
fsr-3134	152	42	eq	eq	X
fsr-3134	152	43	.	.	PUNCT
fsr-3134	153	1	(	(	PUNCT
fsr-3134	153	2	10)—that	10)—that	X
fsr-3134	153	3	can	can	AUX
fsr-3134	153	4	arise	arise	VERB
fsr-3134	153	5	when	when	SCONJ
fsr-3134	153	6	the	the	DET
fsr-3134	153	7	perpetual	perpetual	ADJ
fsr-3134	153	8	growth	growth	NOUN
fsr-3134	153	9	model	model	NOUN
fsr-3134	153	10	is	be	AUX
fsr-3134	153	11	used	use	VERB
fsr-3134	153	12	to	to	PART
fsr-3134	153	13	value	value	VERB
fsr-3134	153	14	a	a	DET
fsr-3134	153	15	firm	firm	NOUN
fsr-3134	153	16	that	that	PRON
fsr-3134	153	17	might	might	AUX
fsr-3134	153	18	fail	fail	VERB
fsr-3134	153	19	in	in	ADP
fsr-3134	153	20	the	the	DET
fsr-3134	153	21	future	future	NOUN
fsr-3134	153	22	.	.	PUNCT
fsr-3134	154	1	panel	panel	NOUN
fsr-3134	154	2	a	a	DET
fsr-3134	154	3	lists	list	NOUN
fsr-3134	154	4	the	the	DET
fsr-3134	154	5	assumptions	assumption	NOUN
fsr-3134	154	6	used	use	VERB
fsr-3134	154	7	in	in	ADP
fsr-3134	154	8	this	this	DET
fsr-3134	154	9	exercise	exercise	NOUN
fsr-3134	154	10	,	,	PUNCT
fsr-3134	154	11	and	and	CCONJ
fsr-3134	154	12	calculates	calculate	VERB
fsr-3134	154	13	firm	firm	ADJ
fsr-3134	154	14	value	value	NOUN
fsr-3134	154	15	using	use	VERB
fsr-3134	154	16	the	the	DET
fsr-3134	154	17	unadjusted	unadjusted	ADJ
fsr-3134	154	18	perpetual	perpetual	ADJ
fsr-3134	154	19	growth	growth	NOUN
fsr-3134	154	20	model	model	NOUN
fsr-3134	154	21	.	.	PUNCT
fsr-3134	155	1	in	in	ADP
fsr-3134	155	2	particular	particular	ADJ
fsr-3134	155	3	,	,	PUNCT
fsr-3134	155	4	the	the	DET
fsr-3134	155	5	firm	firm	NOUN
fsr-3134	155	6	is	be	AUX
fsr-3134	155	7	expected	expect	VERB
fsr-3134	155	8	to	to	PART
fsr-3134	155	9	have	have	VERB
fsr-3134	155	10	earnings	earning	NOUN
fsr-3134	155	11	per	per	ADP
fsr-3134	155	12	share	share	NOUN
fsr-3134	155	13	of	of	ADP
fsr-3134	155	14	$	$	SYM
fsr-3134	155	15	1	1	NUM
fsr-3134	155	16	next	next	ADJ
fsr-3134	155	17	year	year	NOUN
fsr-3134	155	18	,	,	PUNCT
fsr-3134	155	19	the	the	DET
fsr-3134	155	20	required	required	ADJ
fsr-3134	155	21	return	return	NOUN
fsr-3134	155	22	(	(	PUNCT
fsr-3134	155	23	stated	state	VERB
fsr-3134	155	24	as	as	ADP
fsr-3134	155	25	a	a	DET
fsr-3134	155	26	real	real	ADJ
fsr-3134	155	27	interest	interest	NOUN
fsr-3134	155	28	rate	rate	NOUN
fsr-3134	155	29	)	)	PUNCT
fsr-3134	155	30	is	be	AUX
fsr-3134	155	31	7	7	NUM
fsr-3134	155	32	%	%	NOUN
fsr-3134	155	33	,	,	PUNCT
fsr-3134	155	34	and	and	CCONJ
fsr-3134	155	35	the	the	DET
fsr-3134	155	36	return	return	NOUN
fsr-3134	155	37	on	on	ADP
fsr-3134	155	38	new	new	ADJ
fsr-3134	155	39	investments	investment	NOUN
fsr-3134	155	40	(	(	PUNCT
fsr-3134	155	41	again	again	ADV
fsr-3134	155	42	stated	state	VERB
fsr-3134	155	43	as	as	ADP
fsr-3134	155	44	a	a	DET
fsr-3134	155	45	real	real	ADJ
fsr-3134	155	46	interest	interest	NOUN
fsr-3134	155	47	rate	rate	NOUN
fsr-3134	155	48	)	)	PUNCT
fsr-3134	155	49	is	be	AUX
fsr-3134	155	50	7	7	NUM
fsr-3134	155	51	%	%	NOUN
fsr-3134	155	52	.	.	PUNCT
fsr-3134	156	1	the	the	DET
fsr-3134	156	2	unadjusted	unadjusted	ADJ
fsr-3134	156	3	perpetual	perpetual	ADJ
fsr-3134	156	4	growth	growth	NOUN
fsr-3134	156	5	model	model	NOUN
fsr-3134	156	6	,	,	PUNCT
fsr-3134	156	7	eq	eq	NOUN
fsr-3134	156	8	.	.	PUNCT
fsr-3134	156	9	(	(	PUNCT
fsr-3134	156	10	2	2	NUM
fsr-3134	156	11	)	)	PUNCT
fsr-3134	156	12	,	,	PUNCT
fsr-3134	156	13	estimates	estimate	VERB
fsr-3134	156	14	the	the	DET
fsr-3134	156	15	current	current	ADJ
fsr-3134	156	16	stock	stock	NOUN
fsr-3134	156	17	price	price	NOUN
fsr-3134	156	18	as	as	ADP
fsr-3134	156	19	$	$	SYM
fsr-3134	156	20	14.29	14.29	NUM
fsr-3134	156	21	regardless	regardless	ADV
fsr-3134	156	22	of	of	ADP
fsr-3134	156	23	whether	whether	SCONJ
fsr-3134	156	24	the	the	DET
fsr-3134	156	25	reinvestment	reinvestment	NOUN
fsr-3134	156	26	rate	rate	NOUN
fsr-3134	156	27	is	be	AUX
fsr-3134	156	28	0	0	NUM
fsr-3134	156	29	%	%	NOUN
fsr-3134	156	30	,	,	PUNCT
fsr-3134	156	31	50	50	NUM
fsr-3134	156	32	%	%	NOUN
fsr-3134	156	33	,	,	PUNCT
fsr-3134	156	34	or	or	CCONJ
fsr-3134	156	35	99	99	NUM
fsr-3134	156	36	%	%	NOUN
fsr-3134	156	37	.	.	PUNCT
fsr-3134	157	1	the	the	DET
fsr-3134	157	2	results	result	NOUN
fsr-3134	157	3	in	in	ADP
fsr-3134	157	4	table	table	NOUN
fsr-3134	157	5	2	2	NUM
fsr-3134	157	6	,	,	PUNCT
fsr-3134	157	7	panel	panel	NOUN
fsr-3134	157	8	a	a	DET
fsr-3134	157	9	illustrate	illustrate	NOUN
fsr-3134	157	10	this	this	PRON
fsr-3134	157	11	for	for	ADP
fsr-3134	157	12	eight	eight	NUM
fsr-3134	157	13	different	different	ADJ
fsr-3134	157	14	reinvestment	reinvestment	NOUN
fsr-3134	157	15	rates	rate	NOUN
fsr-3134	157	16	,	,	PUNCT
fsr-3134	157	17	b.	b.	PROPN
fsr-3134	157	18	although	although	SCONJ
fsr-3134	157	19	each	each	DET
fsr-3134	157	20	reinvestment	reinvestment	NOUN
fsr-3134	157	21	rate	rate	NOUN
fsr-3134	157	22	produces	produce	VERB
fsr-3134	157	23	the	the	DET
fsr-3134	157	24	same	same	ADJ
fsr-3134	157	25	value	value	NOUN
fsr-3134	157	26	estimate	estimate	NOUN
fsr-3134	157	27	when	when	SCONJ
fsr-3134	157	28	plugged	plug	VERB
fsr-3134	157	29	into	into	ADP
fsr-3134	157	30	the	the	DET
fsr-3134	157	31	perpetual	perpetual	ADJ
fsr-3134	157	32	growth	growth	NOUN
fsr-3134	157	33	model	model	NOUN
fsr-3134	157	34	,	,	PUNCT
fsr-3134	157	35	they	they	PRON
fsr-3134	157	36	do	do	AUX
fsr-3134	157	37	not	not	PART
fsr-3134	157	38	create	create	VERB
fsr-3134	157	39	identical	identical	ADJ
fsr-3134	157	40	challenges	challenge	NOUN
fsr-3134	157	41	for	for	ADP
fsr-3134	157	42	the	the	DET
fsr-3134	157	43	firm	firm	NOUN
fsr-3134	157	44	’s	’s	PART
fsr-3134	157	45	managers	manager	NOUN
fsr-3134	157	46	,	,	PUNCT
fsr-3134	157	47	or	or	CCONJ
fsr-3134	157	48	impose	impose	VERB
fsr-3134	157	49	equal	equal	ADJ
fsr-3134	157	50	risks	risk	NOUN
fsr-3134	157	51	on	on	ADP
fsr-3134	157	52	the	the	DET
fsr-3134	157	53	firm	firm	NOUN
fsr-3134	157	54	’s	’s	PART
fsr-3134	157	55	shareholders	shareholder	NOUN
fsr-3134	157	56	.	.	PUNCT
fsr-3134	158	1	mathematically	mathematically	ADV
fsr-3134	158	2	,	,	PUNCT
fsr-3134	158	3	value	value	NOUN
fsr-3134	158	4	is	be	AUX
fsr-3134	158	5	preserved	preserve	VERB
fsr-3134	158	6	if	if	SCONJ
fsr-3134	158	7	retained	retain	VERB
fsr-3134	158	8	earnings	earning	NOUN
fsr-3134	158	9	are	be	AUX
fsr-3134	158	10	reinvested	reinveste	VERB
fsr-3134	158	11	in	in	ADP
fsr-3134	158	12	projects	project	NOUN
fsr-3134	158	13	earning	earn	VERB
fsr-3134	158	14	a	a	DET
fsr-3134	158	15	return	return	NOUN
fsr-3134	158	16	equal	equal	ADJ
fsr-3134	158	17	to	to	ADP
fsr-3134	158	18	the	the	DET
fsr-3134	158	19	cost	cost	NOUN
fsr-3134	158	20	of	of	ADP
fsr-3134	158	21	capital	capital	NOUN
fsr-3134	158	22	,	,	PUNCT
fsr-3134	158	23	and	and	CCONJ
fsr-3134	158	24	if	if	SCONJ
fsr-3134	158	25	the	the	DET
fsr-3134	158	26	default	default	NOUN
fsr-3134	158	27	probability	probability	NOUN
fsr-3134	158	28	is	be	AUX
fsr-3134	158	29	zero	zero	NUM
fsr-3134	158	30	.	.	PUNCT
fsr-3134	159	1	however	however	ADV
fsr-3134	159	2	,	,	PUNCT
fsr-3134	159	3	196	196	NUM
fsr-3134	159	4	m.g	m.g	PROPN
fsr-3134	159	5	.	.	PROPN
fsr-3134	159	6	danielson	danielson	PROPN
fsr-3134	159	7	,	,	PUNCT
fsr-3134	159	8	j.l	j.l	PROPN
fsr-3134	159	9	.	.	PROPN
fsr-3134	159	10	heck	heck	PROPN
fsr-3134	159	11	/	/	SYM
fsr-3134	159	12	financial	financial	ADJ
fsr-3134	159	13	services	service	NOUN
fsr-3134	159	14	review	review	VERB
fsr-3134	159	15	23	23	NUM
fsr-3134	159	16	(	(	PUNCT
fsr-3134	159	17	2014	2014	NUM
fsr-3134	159	18	)	)	PUNCT
fsr-3134	160	1	189–206	189–206	NUM
fsr-3134	160	2	identifying	identify	VERB
fsr-3134	160	3	projects	project	NOUN
fsr-3134	160	4	that	that	PRON
fsr-3134	160	5	can	can	AUX
fsr-3134	160	6	earn	earn	VERB
fsr-3134	160	7	a	a	DET
fsr-3134	160	8	return	return	NOUN
fsr-3134	160	9	equal	equal	ADJ
fsr-3134	160	10	to	to	ADP
fsr-3134	160	11	the	the	DET
fsr-3134	160	12	cost	cost	NOUN
fsr-3134	160	13	of	of	ADP
fsr-3134	160	14	capital	capital	NOUN
fsr-3134	160	15	is	be	AUX
fsr-3134	160	16	not	not	PART
fsr-3134	160	17	a	a	DET
fsr-3134	160	18	trivial	trivial	ADJ
fsr-3134	160	19	task	task	NOUN
fsr-3134	160	20	in	in	ADP
fsr-3134	160	21	a	a	DET
fsr-3134	160	22	competitive	competitive	ADJ
fsr-3134	160	23	economy	economy	NOUN
fsr-3134	160	24	.	.	PUNCT
fsr-3134	161	1	for	for	ADP
fsr-3134	161	2	example	example	NOUN
fsr-3134	161	3	,	,	PUNCT
fsr-3134	161	4	if	if	SCONJ
fsr-3134	161	5	the	the	DET
fsr-3134	161	6	economy	economy	NOUN
fsr-3134	161	7	is	be	AUX
fsr-3134	161	8	growing	grow	VERB
fsr-3134	161	9	at	at	ADP
fsr-3134	161	10	a	a	DET
fsr-3134	161	11	real	real	ADJ
fsr-3134	161	12	rate	rate	NOUN
fsr-3134	161	13	of	of	ADP
fsr-3134	161	14	2	2	NUM
fsr-3134	161	15	%	%	NOUN
fsr-3134	161	16	per	per	ADP
fsr-3134	161	17	year	year	NOUN
fsr-3134	161	18	,	,	PUNCT
fsr-3134	161	19	but	but	CCONJ
fsr-3134	161	20	the	the	DET
fsr-3134	161	21	firm	firm	NOUN
fsr-3134	161	22	must	must	AUX
fsr-3134	161	23	earn	earn	VERB
fsr-3134	161	24	7	7	NUM
fsr-3134	161	25	%	%	NOUN
fsr-3134	161	26	(	(	PUNCT
fsr-3134	161	27	i.e.	i.e.	X
fsr-3134	161	28	,	,	PUNCT
fsr-3134	161	29	the	the	DET
fsr-3134	161	30	cost	cost	NOUN
fsr-3134	161	31	of	of	ADP
fsr-3134	161	32	capital	capital	NOUN
fsr-3134	161	33	)	)	PUNCT
fsr-3134	161	34	on	on	ADP
fsr-3134	161	35	new	new	ADJ
fsr-3134	161	36	investments	investment	NOUN
fsr-3134	161	37	to	to	PART
fsr-3134	161	38	preserve	preserve	VERB
fsr-3134	161	39	value	value	NOUN
fsr-3134	161	40	,	,	PUNCT
fsr-3134	161	41	the	the	DET
fsr-3134	161	42	process	process	NOUN
fsr-3134	161	43	of	of	ADP
fsr-3134	161	44	deferring	defer	VERB
fsr-3134	161	45	dividends	dividend	NOUN
fsr-3134	161	46	into	into	ADP
fsr-3134	161	47	the	the	DET
fsr-3134	161	48	future	future	NOUN
fsr-3134	161	49	might	might	AUX
fsr-3134	161	50	require	require	VERB
fsr-3134	161	51	the	the	DET
fsr-3134	161	52	firm	firm	NOUN
fsr-3134	161	53	to	to	PART
fsr-3134	161	54	grow	grow	VERB
fsr-3134	161	55	faster	fast	ADV
fsr-3134	161	56	than	than	ADP
fsr-3134	161	57	the	the	DET
fsr-3134	161	58	economy	economy	NOUN
fsr-3134	161	59	as	as	ADP
fsr-3134	161	60	a	a	DET
fsr-3134	161	61	whole	whole	NOUN
fsr-3134	161	62	,	,	PUNCT
fsr-3134	161	63	simply	simply	ADV
fsr-3134	161	64	to	to	PART
fsr-3134	161	65	maintain	maintain	VERB
fsr-3134	161	66	its	its	PRON
fsr-3134	161	67	value.5	value.5	INTJ
fsr-3134	161	68	it	it	PRON
fsr-3134	161	69	is	be	AUX
fsr-3134	161	70	possible	possible	ADJ
fsr-3134	161	71	that	that	SCONJ
fsr-3134	161	72	the	the	DET
fsr-3134	161	73	aggressive	aggressive	ADJ
fsr-3134	161	74	policies	policy	NOUN
fsr-3134	161	75	required	require	VERB
fsr-3134	161	76	to	to	PART
fsr-3134	161	77	achieve	achieve	VERB
fsr-3134	161	78	this	this	DET
fsr-3134	161	79	growth	growth	NOUN
fsr-3134	161	80	could	could	AUX
fsr-3134	161	81	ultimately	ultimately	ADV
fsr-3134	161	82	cause	cause	VERB
fsr-3134	161	83	the	the	DET
fsr-3134	161	84	firm	firm	NOUN
fsr-3134	161	85	to	to	PART
fsr-3134	161	86	“	"	PUNCT
fsr-3134	161	87	grow	grow	VERB
fsr-3134	161	88	broke	broke	ADJ
fsr-3134	161	89	,	,	PUNCT
fsr-3134	161	90	”	"	PUNCT
fsr-3134	161	91	contributing	contribute	VERB
fsr-3134	161	92	to	to	ADP
fsr-3134	161	93	(	(	PUNCT
fsr-3134	161	94	or	or	CCONJ
fsr-3134	161	95	magnifying	magnify	VERB
fsr-3134	161	96	)	)	PUNCT
fsr-3134	161	97	the	the	DET
fsr-3134	161	98	firm	firm	NOUN
fsr-3134	161	99	’s	’s	PART
fsr-3134	161	100	default	default	NOUN
fsr-3134	161	101	probability	probability	NOUN
fsr-3134	161	102	.	.	PUNCT
fsr-3134	162	1	table	table	NOUN
fsr-3134	162	2	2	2	NUM
fsr-3134	162	3	estimation	estimation	NOUN
fsr-3134	162	4	errors	error	NOUN
fsr-3134	162	5	–	–	PUNCT
fsr-3134	162	6	default	default	NOUN
fsr-3134	162	7	panel	panel	NOUN
fsr-3134	162	8	a	a	DET
fsr-3134	162	9	:	:	PUNCT
fsr-3134	162	10	assumptions	assumption	NOUN
fsr-3134	162	11	and	and	CCONJ
fsr-3134	162	12	unadjusted	unadjusted	ADJ
fsr-3134	162	13	value	value	NOUN
fsr-3134	162	14	estimates	estimate	NOUN
fsr-3134	162	15	(	(	PUNCT
fsr-3134	162	16	default	default	NOUN
fsr-3134	162	17	probability	probability	NOUN
fsr-3134	162	18	�	�	PROPN
fsr-3134	162	19	0	0	NUM
fsr-3134	162	20	)	)	PUNCT
fsr-3134	162	21	scenario	scenario	NOUN
fsr-3134	163	1	1	1	NUM
fsr-3134	163	2	2	2	NUM
fsr-3134	163	3	3	3	NUM
fsr-3134	163	4	4	4	NUM
fsr-3134	163	5	5	5	NUM
fsr-3134	163	6	6	6	NUM
fsr-3134	163	7	7	7	NUM
fsr-3134	163	8	8	8	NUM
fsr-3134	163	9	r	r	NOUN
fsr-3134	163	10	�	�	PROPN
fsr-3134	163	11	0.07	0.07	NUM
fsr-3134	163	12	0.07	0.07	NUM
fsr-3134	163	13	0.07	0.07	NUM
fsr-3134	163	14	0.07	0.07	NUM
fsr-3134	163	15	0.07	0.07	NUM
fsr-3134	163	16	0.07	0.07	NUM
fsr-3134	163	17	0.07	0.07	NUM
fsr-3134	163	18	0.07	0.07	NUM
fsr-3134	163	19	r	r	NOUN
fsr-3134	163	20	�	�	PROPN
fsr-3134	163	21	0.07	0.07	NUM
fsr-3134	163	22	0.07	0.07	NUM
fsr-3134	163	23	0.07	0.07	NUM
fsr-3134	163	24	0.07	0.07	NUM
fsr-3134	163	25	0.07	0.07	NUM
fsr-3134	163	26	0.07	0.07	NUM
fsr-3134	163	27	0.07	0.07	NUM
fsr-3134	163	28	0.07	0.07	NUM
fsr-3134	163	29	b	b	X
fsr-3134	163	30	�	�	PROPN
fsr-3134	163	31	0.0000	0.0000	NUM
fsr-3134	163	32	0.1429	0.1429	NUM
fsr-3134	164	1	0.2857	0.2857	NUM
fsr-3134	164	2	0.4286	0.4286	NUM
fsr-3134	164	3	0.5714	0.5714	NUM
fsr-3134	164	4	0.7143	0.7143	NUM
fsr-3134	164	5	0.8571	0.8571	NUM
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fsr-3134	164	7	g	g	PRON
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fsr-3134	164	9	br	br	X
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fsr-3134	164	13	0.02	0.02	NUM
fsr-3134	164	14	0.03	0.03	NUM
fsr-3134	164	15	0.04	0.04	NUM
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fsr-3134	164	17	0.06	0.06	NUM
fsr-3134	164	18	0.065	0.065	NUM
fsr-3134	164	19	r	r	NOUN
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fsr-3134	164	31	ppgm	ppgm	ADJ
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fsr-3134	164	39	14.286	14.286	NUM
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fsr-3134	164	54	6	6	NUM
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fsr-3134	164	67	%	%	NOUN
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fsr-3134	164	70	3.8	3.8	NUM
fsr-3134	164	71	%	%	NOUN
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fsr-3134	164	77	%	%	NOUN
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fsr-3134	164	79	%	%	NOUN
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fsr-3134	164	81	%	%	NOUN
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fsr-3134	164	83	%	%	NOUN
fsr-3134	164	84	53.6	53.6	NUM
fsr-3134	164	85	%	%	NOUN
fsr-3134	164	86	panel	panel	NOUN
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fsr-3134	164	88	:	:	PUNCT
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fsr-3134	164	97	4	4	NUM
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fsr-3134	164	110	9.290	9.290	NUM
fsr-3134	164	111	6.883	6.883	NUM
fsr-3134	164	112	%	%	NOUN
fsr-3134	164	113	os	os	NOUN
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fsr-3134	164	116	%	%	NOUN
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fsr-3134	164	120	%	%	NOUN
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fsr-3134	164	122	%	%	NOUN
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fsr-3134	164	124	%	%	NOUN
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fsr-3134	164	126	%	%	NOUN
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fsr-3134	164	129	107.5	107.5	NUM
fsr-3134	164	130	%	%	NOUN
fsr-3134	164	131	panel	panel	NOUN
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fsr-3134	164	133	:	:	PUNCT
fsr-3134	164	134	default	default	NOUN
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fsr-3134	164	143	5	5	NUM
fsr-3134	164	144	6	6	NUM
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fsr-3134	164	147	padj	padj	NOUN
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fsr-3134	164	157	%	%	NOUN
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fsr-3134	164	161	%	%	NOUN
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fsr-3134	164	163	%	%	NOUN
fsr-3134	164	164	16.2	16.2	NUM
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fsr-3134	164	166	20.2	20.2	NUM
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fsr-3134	164	170	40.4	40.4	NUM
fsr-3134	164	171	%	%	NOUN
fsr-3134	164	172	80.9	80.9	NUM
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fsr-3134	164	174	161.7	161.7	NUM
fsr-3134	164	175	%	%	NOUN
fsr-3134	164	176	panel	panel	NOUN
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fsr-3134	164	178	:	:	PUNCT
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fsr-3134	164	187	4	4	NUM
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fsr-3134	164	189	6	6	NUM
fsr-3134	164	190	7	7	NUM
fsr-3134	164	191	8	8	NUM
fsr-3134	164	192	padj	padj	NOUN
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fsr-3134	164	194	12.375	12.375	NUM
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fsr-3134	164	202	%	%	NOUN
fsr-3134	164	203	os	os	NOUN
fsr-3134	164	204	�	�	PROPN
fsr-3134	164	205	15.4	15.4	NUM
fsr-3134	164	206	%	%	NOUN
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fsr-3134	164	209	21.6	21.6	NUM
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fsr-3134	164	213	36.0	36.0	NUM
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fsr-3134	164	215	54.0	54.0	NUM
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fsr-3134	164	217	108.1	108.1	NUM
fsr-3134	164	218	%	%	NOUN
fsr-3134	164	219	216.2	216.2	NUM
fsr-3134	164	220	%	%	NOUN
fsr-3134	164	221	notes	note	NOUN
fsr-3134	164	222	.	.	PUNCT
fsr-3134	165	1	this	this	DET
fsr-3134	165	2	table	table	NOUN
fsr-3134	165	3	compares	compare	VERB
fsr-3134	165	4	price	price	NOUN
fsr-3134	165	5	estimates	estimate	NOUN
fsr-3134	165	6	from	from	ADP
fsr-3134	165	7	the	the	DET
fsr-3134	165	8	unadjusted	unadjusted	ADJ
fsr-3134	165	9	perpetual	perpetual	ADJ
fsr-3134	165	10	growth	growth	NOUN
fsr-3134	165	11	model	model	NOUN
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fsr-3134	165	13	eq	eq	NOUN
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fsr-3134	166	2	2	2	NUM
fsr-3134	166	3	)	)	PUNCT
fsr-3134	166	4	,	,	PUNCT
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fsr-3134	166	7	estimates	estimate	NOUN
fsr-3134	166	8	from	from	ADP
fsr-3134	166	9	the	the	DET
fsr-3134	166	10	perpetual	perpetual	ADJ
fsr-3134	166	11	growth	growth	NOUN
fsr-3134	166	12	model	model	NOUN
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fsr-3134	166	16	eq	eq	NOUN
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fsr-3134	167	2	7	7	NUM
fsr-3134	167	3	)	)	PUNCT
fsr-3134	167	4	,	,	PUNCT
fsr-3134	167	5	and	and	CCONJ
fsr-3134	167	6	reports	report	VERB
fsr-3134	167	7	the	the	DET
fsr-3134	167	8	percentage	percentage	NOUN
fsr-3134	167	9	overstatement	overstatement	NOUN
fsr-3134	167	10	of	of	ADP
fsr-3134	167	11	value	value	NOUN
fsr-3134	167	12	embedded	embed	VERB
fsr-3134	167	13	in	in	ADP
fsr-3134	167	14	the	the	DET
fsr-3134	167	15	unadjusted	unadjusted	ADJ
fsr-3134	167	16	perpetual	perpetual	ADJ
fsr-3134	167	17	growth	growth	NOUN
fsr-3134	167	18	model	model	NOUN
fsr-3134	167	19	price	price	NOUN
fsr-3134	167	20	estimate	estimate	NOUN
fsr-3134	167	21	.	.	PUNCT
fsr-3134	168	1	the	the	DET
fsr-3134	168	2	firm	firm	NOUN
fsr-3134	168	3	’s	’s	PART
fsr-3134	168	4	estimated	estimate	VERB
fsr-3134	168	5	earnings	earning	NOUN
fsr-3134	168	6	next	next	ADP
fsr-3134	168	7	year	year	NOUN
fsr-3134	168	8	,	,	PUNCT
fsr-3134	168	9	e1	e1	PROPN
fsr-3134	168	10	,	,	PUNCT
fsr-3134	168	11	is	be	AUX
fsr-3134	168	12	assumed	assume	VERB
fsr-3134	168	13	to	to	PART
fsr-3134	168	14	be	be	AUX
fsr-3134	168	15	$	$	SYM
fsr-3134	168	16	1	1	NUM
fsr-3134	168	17	,	,	PUNCT
fsr-3134	168	18	the	the	DET
fsr-3134	168	19	required	required	ADJ
fsr-3134	168	20	return	return	NOUN
fsr-3134	168	21	,	,	PUNCT
fsr-3134	168	22	r	r	NOUN
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fsr-3134	168	25	7	7	NUM
fsr-3134	168	26	%	%	NOUN
fsr-3134	168	27	,	,	PUNCT
fsr-3134	168	28	and	and	CCONJ
fsr-3134	168	29	the	the	DET
fsr-3134	168	30	return	return	NOUN
fsr-3134	168	31	on	on	ADP
fsr-3134	168	32	new	new	ADJ
fsr-3134	168	33	investments	investment	NOUN
fsr-3134	168	34	,	,	PUNCT
fsr-3134	168	35	r	r	NOUN
fsr-3134	168	36	,	,	PUNCT
fsr-3134	168	37	is	be	AUX
fsr-3134	168	38	7	7	NUM
fsr-3134	168	39	%	%	NOUN
fsr-3134	168	40	.	.	PUNCT
fsr-3134	169	1	panel	panel	NOUN
fsr-3134	169	2	a	a	DET
fsr-3134	169	3	lists	list	NOUN
fsr-3134	169	4	combinations	combination	NOUN
fsr-3134	169	5	of	of	ADP
fsr-3134	169	6	reinvestment	reinvestment	NOUN
fsr-3134	169	7	rate	rate	NOUN
fsr-3134	169	8	b	b	PROPN
fsr-3134	169	9	and	and	CCONJ
fsr-3134	169	10	growth	growth	NOUN
fsr-3134	169	11	rate	rate	NOUN
fsr-3134	169	12	g	g	PROPN
fsr-3134	169	13	that	that	PRON
fsr-3134	169	14	produce	produce	VERB
fsr-3134	169	15	a	a	DET
fsr-3134	169	16	stock	stock	NOUN
fsr-3134	169	17	price	price	NOUN
fsr-3134	169	18	of	of	ADP
fsr-3134	169	19	$	$	SYM
fsr-3134	169	20	14.286	14.286	NUM
fsr-3134	169	21	using	use	VERB
fsr-3134	169	22	eq	eq	NOUN
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fsr-3134	170	1	(	(	PUNCT
fsr-3134	170	2	2	2	NUM
fsr-3134	170	3	)	)	PUNCT
fsr-3134	170	4	.	.	PUNCT
fsr-3134	171	1	panels	panel	NOUN
fsr-3134	171	2	b	b	X
fsr-3134	171	3	through	through	ADP
fsr-3134	171	4	e	e	NOUN
fsr-3134	171	5	list	list	VERB
fsr-3134	171	6	the	the	DET
fsr-3134	171	7	adjusted	adjust	VERB
fsr-3134	171	8	price	price	NOUN
fsr-3134	171	9	estimates	estimate	NOUN
fsr-3134	171	10	from	from	ADP
fsr-3134	171	11	eq	eq	PROPN
fsr-3134	171	12	.	.	PUNCT
fsr-3134	172	1	(	(	PUNCT
fsr-3134	172	2	7	7	NUM
fsr-3134	172	3	)	)	PUNCT
fsr-3134	172	4	,	,	PUNCT
fsr-3134	172	5	padj	padj	NOUN
fsr-3134	172	6	,	,	PUNCT
fsr-3134	172	7	for	for	ADP
fsr-3134	172	8	each	each	DET
fsr-3134	172	9	scenario	scenario	NOUN
fsr-3134	172	10	using	use	VERB
fsr-3134	172	11	default	default	NOUN
fsr-3134	172	12	probabilities	probability	NOUN
fsr-3134	172	13	of	of	ADP
fsr-3134	172	14	0.0025	0.0025	NUM
fsr-3134	172	15	(	(	PUNCT
fsr-3134	172	16	panel	panel	NOUN
fsr-3134	172	17	b	b	NOUN
fsr-3134	172	18	)	)	PUNCT
fsr-3134	172	19	,	,	PUNCT
fsr-3134	172	20	0.005	0.005	NUM
fsr-3134	172	21	(	(	PUNCT
fsr-3134	172	22	panel	panel	NOUN
fsr-3134	172	23	c	c	NOUN
fsr-3134	172	24	)	)	PUNCT
fsr-3134	172	25	,	,	PUNCT
fsr-3134	172	26	0.0075	0.0075	NUM
fsr-3134	172	27	(	(	PUNCT
fsr-3134	172	28	panel	panel	NOUN
fsr-3134	172	29	d	d	NOUN
fsr-3134	172	30	)	)	PUNCT
fsr-3134	172	31	,	,	PUNCT
fsr-3134	172	32	and	and	CCONJ
fsr-3134	172	33	0.01	0.01	NUM
fsr-3134	172	34	(	(	PUNCT
fsr-3134	172	35	panel	panel	NOUN
fsr-3134	172	36	e	e	NOUN
fsr-3134	172	37	)	)	PUNCT
fsr-3134	172	38	,	,	PUNCT
fsr-3134	172	39	and	and	CCONJ
fsr-3134	172	40	report	report	VERB
fsr-3134	172	41	the	the	DET
fsr-3134	172	42	%	%	NOUN
fsr-3134	172	43	difference	difference	NOUN
fsr-3134	172	44	between	between	ADP
fsr-3134	172	45	the	the	DET
fsr-3134	172	46	unadjusted	unadjusted	ADJ
fsr-3134	172	47	and	and	CCONJ
fsr-3134	172	48	adjusted	adjust	VERB
fsr-3134	172	49	value	value	NOUN
fsr-3134	172	50	estimates	estimate	NOUN
fsr-3134	172	51	:	:	PUNCT
fsr-3134	172	52	%	%	INTJ
fsr-3134	172	53	os	os	PROPN
fsr-3134	172	54	�	�	PROPN
fsr-3134	172	55	(	(	PUNCT
fsr-3134	172	56	ppgm	ppgm	PROPN
fsr-3134	172	57	�	�	PROPN
fsr-3134	172	58	padj)/padj	padj)/padj	PROPN
fsr-3134	172	59	.	.	PUNCT
fsr-3134	173	1	the	the	DET
fsr-3134	173	2	values	value	NOUN
fsr-3134	173	3	reported	report	VERB
fsr-3134	173	4	in	in	ADP
fsr-3134	173	5	the	the	DET
fsr-3134	173	6	%	%	NOUN
fsr-3134	173	7	os	os	NOUN
fsr-3134	173	8	rows	row	NOUN
fsr-3134	173	9	can	can	AUX
fsr-3134	173	10	also	also	ADV
fsr-3134	173	11	be	be	AUX
fsr-3134	173	12	calculated	calculate	VERB
fsr-3134	173	13	using	use	VERB
fsr-3134	173	14	eq	eq	ADP
fsr-3134	173	15	.	.	PUNCT
fsr-3134	174	1	(	(	PUNCT
fsr-3134	174	2	10	10	NUM
fsr-3134	174	3	)	)	PUNCT
fsr-3134	174	4	.	.	PUNCT
fsr-3134	175	1	197m.g	197m.g	X
fsr-3134	175	2	.	.	PUNCT
fsr-3134	176	1	danielson	danielson	PROPN
fsr-3134	176	2	,	,	PUNCT
fsr-3134	176	3	j.l	j.l	PROPN
fsr-3134	176	4	.	.	PROPN
fsr-3134	176	5	heck	heck	PROPN
fsr-3134	176	6	/	/	SYM
fsr-3134	176	7	financial	financial	ADJ
fsr-3134	176	8	services	service	NOUN
fsr-3134	176	9	review	review	VERB
fsr-3134	176	10	23	23	NUM
fsr-3134	176	11	(	(	PUNCT
fsr-3134	176	12	2014	2014	NUM
fsr-3134	176	13	)	)	PUNCT
fsr-3134	176	14	189–206	189–206	NUM
fsr-3134	176	15	table	table	NOUN
fsr-3134	176	16	2	2	NUM
fsr-3134	176	17	,	,	PUNCT
fsr-3134	176	18	panels	panel	NOUN
fsr-3134	176	19	b	b	NOUN
fsr-3134	176	20	to	to	PART
fsr-3134	176	21	e	e	NOUN
fsr-3134	176	22	,	,	PUNCT
fsr-3134	176	23	report	report	VERB
fsr-3134	176	24	potential	potential	ADJ
fsr-3134	176	25	overstatements	overstatement	NOUN
fsr-3134	176	26	embedded	embed	VERB
fsr-3134	176	27	in	in	ADP
fsr-3134	176	28	perpetual	perpetual	ADJ
fsr-3134	176	29	-	-	PUNCT
fsr-3134	176	30	growth	growth	NOUN
fsr-3134	176	31	value	value	NOUN
fsr-3134	176	32	estimates	estimate	NOUN
fsr-3134	176	33	when	when	SCONJ
fsr-3134	176	34	the	the	DET
fsr-3134	176	35	default	default	NOUN
fsr-3134	176	36	probability	probability	NOUN
fsr-3134	176	37	is	be	AUX
fsr-3134	176	38	positive	positive	ADJ
fsr-3134	176	39	.	.	PUNCT
fsr-3134	177	1	the	the	DET
fsr-3134	177	2	table	table	NOUN
fsr-3134	177	3	reports	report	VERB
fsr-3134	177	4	results	result	VERB
fsr-3134	177	5	for	for	ADP
fsr-3134	177	6	failure	failure	NOUN
fsr-3134	177	7	probabilities	probability	NOUN
fsr-3134	177	8	ranging	range	VERB
fsr-3134	177	9	from	from	ADP
fsr-3134	177	10	0.25	0.25	NUM
fsr-3134	177	11	%	%	NOUN
fsr-3134	177	12	to	to	PART
fsr-3134	177	13	1	1	NUM
fsr-3134	177	14	%	%	NOUN
fsr-3134	177	15	.	.	PUNCT
fsr-3134	178	1	we	we	PRON
fsr-3134	178	2	use	use	VERB
fsr-3134	178	3	this	this	DET
fsr-3134	178	4	range	range	NOUN
fsr-3134	178	5	of	of	ADP
fsr-3134	178	6	failure	failure	NOUN
fsr-3134	178	7	probabilities	probability	NOUN
fsr-3134	178	8	because	because	SCONJ
fsr-3134	178	9	shaffer	shaffer	NOUN
fsr-3134	178	10	(	(	PUNCT
fsr-3134	178	11	2006	2006	NUM
fsr-3134	178	12	)	)	PUNCT
fsr-3134	178	13	reports	report	VERB
fsr-3134	178	14	that	that	SCONJ
fsr-3134	178	15	the	the	DET
fsr-3134	178	16	average	average	ADJ
fsr-3134	178	17	annual	annual	ADJ
fsr-3134	178	18	failure	failure	NOUN
fsr-3134	178	19	rate	rate	NOUN
fsr-3134	178	20	for	for	ADP
fsr-3134	178	21	u.s	u.s	PROPN
fsr-3134	178	22	.	.	PROPN
fsr-3134	178	23	businesses	business	NOUN
fsr-3134	178	24	during	during	ADP
fsr-3134	178	25	the	the	DET
fsr-3134	178	26	1955	1955	NUM
fsr-3134	178	27	to	to	ADP
fsr-3134	178	28	1995	1995	NUM
fsr-3134	178	29	period	period	NOUN
fsr-3134	178	30	was	be	AUX
fsr-3134	178	31	0.6	0.6	NUM
fsr-3134	178	32	%	%	NOUN
fsr-3134	178	33	.	.	PUNCT
fsr-3134	179	1	the	the	DET
fsr-3134	179	2	table	table	NOUN
fsr-3134	179	3	2	2	NUM
fsr-3134	179	4	results	result	NOUN
fsr-3134	179	5	reveal	reveal	VERB
fsr-3134	179	6	that	that	SCONJ
fsr-3134	179	7	the	the	DET
fsr-3134	179	8	potential	potential	ADJ
fsr-3134	179	9	overstatement	overstatement	NOUN
fsr-3134	179	10	is	be	AUX
fsr-3134	179	11	directly	directly	ADV
fsr-3134	179	12	related	relate	VERB
fsr-3134	179	13	to	to	ADP
fsr-3134	179	14	the	the	DET
fsr-3134	179	15	timing	timing	NOUN
fsr-3134	179	16	of	of	ADP
fsr-3134	179	17	the	the	DET
fsr-3134	179	18	implied	imply	VERB
fsr-3134	179	19	future	future	ADJ
fsr-3134	179	20	cash	cash	NOUN
fsr-3134	179	21	flows	flow	NOUN
fsr-3134	179	22	.	.	PUNCT
fsr-3134	180	1	if	if	SCONJ
fsr-3134	180	2	r	r	NOUN
fsr-3134	180	3	–	–	PUNCT
fsr-3134	180	4	g	g	NOUN
fsr-3134	180	5	is	be	AUX
fsr-3134	180	6	0.5	0.5	NUM
fsr-3134	180	7	percentage	percentage	NOUN
fsr-3134	180	8	points	point	NOUN
fsr-3134	180	9	—	—	PUNCT
fsr-3134	180	10	that	that	ADV
fsr-3134	180	11	is	be	AUX
fsr-3134	180	12	,	,	PUNCT
fsr-3134	180	13	d	d	X
fsr-3134	180	14	/	/	SYM
fsr-3134	180	15	p	p	NOUN
fsr-3134	180	16	is	be	AUX
fsr-3134	180	17	0.5	0.5	NUM
fsr-3134	180	18	%	%	NOUN
fsr-3134	180	19	(	(	PUNCT
fsr-3134	180	20	scenario	scenario	NOUN
fsr-3134	180	21	8)	8)	NUM
fsr-3134	180	22	and	and	CCONJ
fsr-3134	180	23	the	the	DET
fsr-3134	180	24	bulk	bulk	NOUN
fsr-3134	180	25	of	of	ADP
fsr-3134	180	26	the	the	DET
fsr-3134	180	27	estimated	estimate	VERB
fsr-3134	180	28	value	value	NOUN
fsr-3134	180	29	is	be	AUX
fsr-3134	180	30	created	create	VERB
fsr-3134	180	31	by	by	ADP
fsr-3134	180	32	cash	cash	NOUN
fsr-3134	180	33	flows	flow	NOUN
fsr-3134	180	34	from	from	ADP
fsr-3134	180	35	distant	distant	ADJ
fsr-3134	180	36	years	year	NOUN
fsr-3134	180	37	—	—	PUNCT
fsr-3134	180	38	the	the	DET
fsr-3134	180	39	perpetual	perpetual	ADJ
fsr-3134	180	40	growth	growth	NOUN
fsr-3134	180	41	model	model	NOUN
fsr-3134	180	42	can	can	AUX
fsr-3134	180	43	overstate	overstate	VERB
fsr-3134	180	44	value	value	NOUN
fsr-3134	180	45	by	by	ADP
fsr-3134	180	46	almost	almost	ADV
fsr-3134	180	47	54	54	NUM
fsr-3134	180	48	%	%	NOUN
fsr-3134	180	49	(	(	PUNCT
fsr-3134	180	50	over	over	ADP
fsr-3134	180	51	216	216	NUM
fsr-3134	180	52	%	%	NOUN
fsr-3134	180	53	)	)	PUNCT
fsr-3134	180	54	if	if	SCONJ
fsr-3134	180	55	the	the	DET
fsr-3134	180	56	firm	firm	NOUN
fsr-3134	180	57	faces	face	VERB
fsr-3134	180	58	a	a	DET
fsr-3134	180	59	constant	constant	ADJ
fsr-3134	180	60	,	,	PUNCT
fsr-3134	180	61	annual	annual	ADJ
fsr-3134	180	62	,	,	PUNCT
fsr-3134	180	63	failure	failure	NOUN
fsr-3134	180	64	probability	probability	NOUN
fsr-3134	180	65	of	of	ADP
fsr-3134	180	66	0.25	0.25	NUM
fsr-3134	180	67	%	%	NOUN
fsr-3134	180	68	(	(	PUNCT
fsr-3134	180	69	1	1	NUM
fsr-3134	180	70	%	%	NOUN
fsr-3134	180	71	)	)	PUNCT
fsr-3134	180	72	.	.	PUNCT
fsr-3134	181	1	in	in	ADP
fsr-3134	181	2	contrast	contrast	NOUN
fsr-3134	181	3	,	,	PUNCT
fsr-3134	181	4	if	if	SCONJ
fsr-3134	181	5	r	r	NOUN
fsr-3134	181	6	–	–	PUNCT
fsr-3134	181	7	g	g	NOUN
fsr-3134	181	8	is	be	AUX
fsr-3134	181	9	seven	seven	NUM
fsr-3134	181	10	percentage	percentage	NOUN
fsr-3134	181	11	points	point	NOUN
fsr-3134	181	12	(	(	PUNCT
fsr-3134	181	13	scenario	scenario	NOUN
fsr-3134	181	14	1	1	NUM
fsr-3134	181	15	)	)	PUNCT
fsr-3134	181	16	,	,	PUNCT
fsr-3134	181	17	the	the	DET
fsr-3134	181	18	potential	potential	ADJ
fsr-3134	181	19	overstatement	overstatement	NOUN
fsr-3134	181	20	implied	imply	VERB
fsr-3134	181	21	by	by	ADP
fsr-3134	181	22	the	the	DET
fsr-3134	181	23	perpetual	perpetual	ADJ
fsr-3134	181	24	growth	growth	NOUN
fsr-3134	181	25	model	model	NOUN
fsr-3134	181	26	is	be	AUX
fsr-3134	181	27	only	only	ADV
fsr-3134	181	28	3.8	3.8	NUM
fsr-3134	181	29	%	%	NOUN
fsr-3134	181	30	(	(	PUNCT
fsr-3134	181	31	15.4	15.4	NUM
fsr-3134	181	32	%	%	NOUN
fsr-3134	181	33	)	)	PUNCT
fsr-3134	181	34	when	when	SCONJ
fsr-3134	181	35	the	the	DET
fsr-3134	181	36	annual	annual	ADJ
fsr-3134	181	37	failure	failure	NOUN
fsr-3134	181	38	probability	probability	NOUN
fsr-3134	181	39	is	be	AUX
fsr-3134	181	40	0.25	0.25	NUM
fsr-3134	181	41	%	%	NOUN
fsr-3134	181	42	(	(	PUNCT
fsr-3134	181	43	1	1	NUM
fsr-3134	181	44	%	%	NOUN
fsr-3134	181	45	)	)	PUNCT
fsr-3134	181	46	.	.	PUNCT
fsr-3134	182	1	if	if	SCONJ
fsr-3134	182	2	a	a	DET
fsr-3134	182	3	firm	firm	NOUN
fsr-3134	182	4	faces	face	VERB
fsr-3134	182	5	a	a	DET
fsr-3134	182	6	positive	positive	ADJ
fsr-3134	182	7	default	default	NOUN
fsr-3134	182	8	probability	probability	NOUN
fsr-3134	182	9	,	,	PUNCT
fsr-3134	182	10	the	the	DET
fsr-3134	182	11	process	process	NOUN
fsr-3134	182	12	of	of	ADP
fsr-3134	182	13	deferring	defer	VERB
fsr-3134	182	14	dividends	dividend	NOUN
fsr-3134	182	15	creates	create	VERB
fsr-3134	182	16	additional	additional	ADJ
fsr-3134	182	17	risk	risk	NOUN
fsr-3134	182	18	(	(	PUNCT
fsr-3134	182	19	i.e.	i.e.	X
fsr-3134	182	20	,	,	PUNCT
fsr-3134	182	21	default	default	NOUN
fsr-3134	182	22	risk	risk	NOUN
fsr-3134	182	23	)	)	PUNCT
fsr-3134	182	24	for	for	ADP
fsr-3134	182	25	shareholders	shareholder	NOUN
fsr-3134	182	26	.	.	PUNCT
fsr-3134	183	1	thus	thus	ADV
fsr-3134	183	2	,	,	PUNCT
fsr-3134	183	3	for	for	SCONJ
fsr-3134	183	4	a	a	DET
fsr-3134	183	5	firm	firm	NOUN
fsr-3134	183	6	to	to	PART
fsr-3134	183	7	maintain	maintain	VERB
fsr-3134	183	8	value	value	NOUN
fsr-3134	183	9	after	after	ADP
fsr-3134	183	10	deferring	defer	VERB
fsr-3134	183	11	dividends	dividend	NOUN
fsr-3134	183	12	,	,	PUNCT
fsr-3134	183	13	the	the	DET
fsr-3134	183	14	return	return	NOUN
fsr-3134	183	15	on	on	ADP
fsr-3134	183	16	investment	investment	NOUN
fsr-3134	183	17	earned	earn	VERB
fsr-3134	183	18	by	by	ADP
fsr-3134	183	19	the	the	DET
fsr-3134	183	20	new	new	ADJ
fsr-3134	183	21	projects	project	NOUN
fsr-3134	183	22	must	must	AUX
fsr-3134	183	23	exceed	exceed	VERB
fsr-3134	183	24	the	the	DET
fsr-3134	183	25	cost	cost	NOUN
fsr-3134	183	26	of	of	ADP
fsr-3134	183	27	capital	capital	NOUN
fsr-3134	183	28	in	in	ADP
fsr-3134	183	29	those	those	DET
fsr-3134	183	30	outcomes	outcome	NOUN
fsr-3134	183	31	in	in	ADP
fsr-3134	183	32	which	which	PRON
fsr-3134	183	33	the	the	DET
fsr-3134	183	34	firm	firm	NOUN
fsr-3134	183	35	does	do	AUX
fsr-3134	183	36	not	not	PART
fsr-3134	183	37	fail	fail	VERB
fsr-3134	183	38	.	.	PUNCT
fsr-3134	184	1	that	that	PRON
fsr-3134	184	2	is	is	ADV
fsr-3134	184	3	,	,	PUNCT
fsr-3134	184	4	the	the	DET
fsr-3134	184	5	project	project	NOUN
fsr-3134	184	6	must	must	AUX
fsr-3134	184	7	produce	produce	VERB
fsr-3134	184	8	an	an	DET
fsr-3134	184	9	“	"	PUNCT
fsr-3134	184	10	ex	ex	NOUN
fsr-3134	184	11	-	-	NOUN
fsr-3134	184	12	post	post	ADJ
fsr-3134	184	13	”	"	PUNCT
fsr-3134	184	14	positive	positive	ADJ
fsr-3134	184	15	npv	npv	NOUN
fsr-3134	184	16	to	to	PART
fsr-3134	184	17	compensate	compensate	VERB
fsr-3134	184	18	investors	investor	NOUN
fsr-3134	184	19	for	for	ADP
fsr-3134	184	20	the	the	DET
fsr-3134	184	21	firm	firm	NOUN
fsr-3134	184	22	’s	’s	PART
fsr-3134	184	23	default	default	NOUN
fsr-3134	184	24	risk	risk	NOUN
fsr-3134	184	25	.	.	PUNCT
fsr-3134	185	1	eq	eq	ADJ
fsr-3134	185	2	.	.	PUNCT
fsr-3134	186	1	(	(	PUNCT
fsr-3134	186	2	1	1	NUM
fsr-3134	186	3	)	)	PUNCT
fsr-3134	186	4	,	,	PUNCT
fsr-3134	186	5	which	which	PRON
fsr-3134	186	6	is	be	AUX
fsr-3134	186	7	derived	derive	VERB
fsr-3134	186	8	in	in	ADP
fsr-3134	186	9	appendix	appendix	NOUN
fsr-3134	186	10	3	3	NUM
fsr-3134	186	11	,	,	PUNCT
fsr-3134	186	12	calculates	calculate	VERB
fsr-3134	186	13	the	the	DET
fsr-3134	186	14	return	return	NOUN
fsr-3134	186	15	on	on	ADP
fsr-3134	186	16	new	new	ADJ
fsr-3134	186	17	investments	investment	NOUN
fsr-3134	186	18	required	require	VERB
fsr-3134	186	19	to	to	PART
fsr-3134	186	20	preserve	preserve	VERB
fsr-3134	186	21	value	value	NOUN
fsr-3134	186	22	for	for	ADP
fsr-3134	186	23	a	a	DET
fsr-3134	186	24	firm	firm	NOUN
fsr-3134	186	25	that	that	PRON
fsr-3134	186	26	retains	retain	VERB
fsr-3134	186	27	and	and	CCONJ
fsr-3134	186	28	reinvests	reinvest	VERB
fsr-3134	186	29	earnings	earning	NOUN
fsr-3134	186	30	,	,	PUNCT
fsr-3134	186	31	if	if	SCONJ
fsr-3134	186	32	the	the	DET
fsr-3134	186	33	firm	firm	NOUN
fsr-3134	186	34	faces	face	VERB
fsr-3134	186	35	an	an	DET
fsr-3134	186	36	annual	annual	ADJ
fsr-3134	186	37	default	default	NOUN
fsr-3134	186	38	probability	probability	NOUN
fsr-3134	186	39	of	of	ADP
fsr-3134	186	40	p.	p.	PROPN
fsr-3134	186	41	rn	rn	PROPN
fsr-3134	186	42	�	�	PROPN
fsr-3134	186	43	breakeven	breakeven	VERB
fsr-3134	186	44	�	�	PROPN
fsr-3134	186	45	�	�	PROPN
fsr-3134	186	46	r	r	PROPN
fsr-3134	186	47	�	�	PROPN
fsr-3134	186	48	p	p	PROPN
fsr-3134	186	49	1	1	NUM
fsr-3134	186	50	�	�	PROPN
fsr-3134	186	51	p	p	NOUN
fsr-3134	186	52	(	(	PUNCT
fsr-3134	186	53	11	11	NUM
fsr-3134	186	54	)	)	PUNCT
fsr-3134	186	55	thus	thus	ADV
fsr-3134	186	56	,	,	PUNCT
fsr-3134	186	57	if	if	SCONJ
fsr-3134	186	58	a	a	DET
fsr-3134	186	59	firm	firm	NOUN
fsr-3134	186	60	’s	’s	PART
fsr-3134	186	61	annual	annual	ADJ
fsr-3134	186	62	default	default	NOUN
fsr-3134	186	63	probability	probability	NOUN
fsr-3134	186	64	is	be	AUX
fsr-3134	186	65	1	1	NUM
fsr-3134	186	66	%	%	NOUN
fsr-3134	186	67	and	and	CCONJ
fsr-3134	186	68	its	its	PRON
fsr-3134	186	69	required	require	VERB
fsr-3134	186	70	return	return	NOUN
fsr-3134	186	71	is	be	AUX
fsr-3134	186	72	7	7	NUM
fsr-3134	186	73	%	%	NOUN
fsr-3134	186	74	,	,	PUNCT
fsr-3134	186	75	new	new	ADJ
fsr-3134	186	76	projects	project	NOUN
fsr-3134	186	77	must	must	AUX
fsr-3134	186	78	earn	earn	VERB
fsr-3134	186	79	an	an	DET
fsr-3134	186	80	8.08	8.08	NUM
fsr-3134	186	81	%	%	NOUN
fsr-3134	186	82	return	return	NOUN
fsr-3134	186	83	in	in	ADP
fsr-3134	186	84	those	those	DET
fsr-3134	186	85	outcomes	outcome	NOUN
fsr-3134	186	86	in	in	ADP
fsr-3134	186	87	which	which	PRON
fsr-3134	186	88	the	the	DET
fsr-3134	186	89	firm	firm	NOUN
fsr-3134	186	90	is	be	AUX
fsr-3134	186	91	successful	successful	ADJ
fsr-3134	186	92	for	for	SCONJ
fsr-3134	186	93	the	the	DET
fsr-3134	186	94	investments	investment	NOUN
fsr-3134	186	95	to	to	PART
fsr-3134	186	96	preserve	preserve	VERB
fsr-3134	186	97	value	value	NOUN
fsr-3134	186	98	.	.	PUNCT
fsr-3134	187	1	4.3	4.3	NUM
fsr-3134	187	2	.	.	PUNCT
fsr-3134	188	1	estimation	estimation	NOUN
fsr-3134	188	2	errors	error	NOUN
fsr-3134	188	3	with	with	ADP
fsr-3134	188	4	finite	finite	ADJ
fsr-3134	188	5	growth	growth	NOUN
fsr-3134	188	6	(	(	PUNCT
fsr-3134	188	7	no	no	DET
fsr-3134	188	8	default	default	NOUN
fsr-3134	188	9	)	)	PUNCT
fsr-3134	188	10	because	because	SCONJ
fsr-3134	188	11	the	the	DET
fsr-3134	188	12	gordon	gordon	PROPN
fsr-3134	188	13	model	model	NOUN
fsr-3134	188	14	assumes	assume	VERB
fsr-3134	188	15	growth	growth	NOUN
fsr-3134	188	16	will	will	AUX
fsr-3134	188	17	continue	continue	VERB
fsr-3134	188	18	forever	forever	ADV
fsr-3134	188	19	,	,	PUNCT
fsr-3134	188	20	the	the	DET
fsr-3134	188	21	model	model	NOUN
fsr-3134	188	22	can	can	AUX
fsr-3134	188	23	overstate	overstate	VERB
fsr-3134	188	24	the	the	DET
fsr-3134	188	25	value	value	NOUN
fsr-3134	188	26	of	of	ADP
fsr-3134	188	27	an	an	DET
fsr-3134	188	28	asset	asset	NOUN
fsr-3134	188	29	if	if	SCONJ
fsr-3134	188	30	rn	rn	PROPN
fsr-3134	188	31	�	�	PROPN
fsr-3134	188	32	r	r	PROPN
fsr-3134	188	33	,	,	PUNCT
fsr-3134	188	34	and	and	CCONJ
fsr-3134	188	35	if	if	SCONJ
fsr-3134	188	36	competition	competition	NOUN
fsr-3134	188	37	will	will	AUX
fsr-3134	188	38	limit	limit	VERB
fsr-3134	188	39	the	the	DET
fsr-3134	188	40	period	period	NOUN
fsr-3134	188	41	of	of	ADP
fsr-3134	188	42	time	time	NOUN
fsr-3134	188	43	positive	positive	ADJ
fsr-3134	188	44	net	net	ADJ
fsr-3134	188	45	present	present	ADJ
fsr-3134	188	46	value	value	NOUN
fsr-3134	188	47	projects	project	NOUN
fsr-3134	188	48	will	will	AUX
fsr-3134	188	49	be	be	AUX
fsr-3134	188	50	available	available	ADJ
fsr-3134	188	51	(	(	PUNCT
fsr-3134	188	52	stigler	stigler	NOUN
fsr-3134	188	53	,	,	PUNCT
fsr-3134	188	54	1963	1963	NUM
fsr-3134	188	55	)	)	PUNCT
fsr-3134	188	56	.	.	PUNCT
fsr-3134	189	1	in	in	ADP
fsr-3134	189	2	this	this	DET
fsr-3134	189	3	section	section	NOUN
fsr-3134	189	4	,	,	PUNCT
fsr-3134	189	5	we	we	PRON
fsr-3134	189	6	assume	assume	VERB
fsr-3134	189	7	that	that	SCONJ
fsr-3134	189	8	the	the	DET
fsr-3134	189	9	default	default	NOUN
fsr-3134	189	10	probability	probability	NOUN
fsr-3134	189	11	is	be	AUX
fsr-3134	189	12	zero	zero	NUM
fsr-3134	189	13	and	and	CCONJ
fsr-3134	189	14	focus	focus	VERB
fsr-3134	189	15	directly	directly	ADV
fsr-3134	189	16	on	on	ADP
fsr-3134	189	17	the	the	DET
fsr-3134	189	18	value	value	NOUN
fsr-3134	189	19	overstatement	overstatement	NOUN
fsr-3134	189	20	created	create	VERB
fsr-3134	189	21	by	by	ADP
fsr-3134	189	22	the	the	DET
fsr-3134	189	23	use	use	NOUN
fsr-3134	189	24	of	of	ADP
fsr-3134	189	25	a	a	DET
fsr-3134	189	26	growth	growth	NOUN
fsr-3134	189	27	phase	phase	NOUN
fsr-3134	189	28	that	that	PRON
fsr-3134	189	29	is	be	AUX
fsr-3134	189	30	too	too	ADV
fsr-3134	189	31	long	long	ADJ
fsr-3134	189	32	(	(	PUNCT
fsr-3134	189	33	i.e.	i.e.	X
fsr-3134	189	34	,	,	PUNCT
fsr-3134	189	35	perpetual	perpetual	ADJ
fsr-3134	189	36	vs.	vs.	ADP
fsr-3134	189	37	finite	finite	ADJ
fsr-3134	189	38	growth	growth	NOUN
fsr-3134	189	39	period	period	NOUN
fsr-3134	189	40	)	)	PUNCT
fsr-3134	189	41	.	.	PUNCT
fsr-3134	190	1	if	if	SCONJ
fsr-3134	190	2	eq	eq	ADJ
fsr-3134	190	3	.	.	PUNCT
fsr-3134	191	1	(	(	PUNCT
fsr-3134	191	2	9	9	X
fsr-3134	191	3	)	)	PUNCT
fsr-3134	191	4	defines	define	VERB
fsr-3134	191	5	an	an	DET
fsr-3134	191	6	asset	asset	NOUN
fsr-3134	191	7	’s	’s	PART
fsr-3134	191	8	intrinsic	intrinsic	ADJ
fsr-3134	191	9	value	value	NOUN
fsr-3134	191	10	,	,	PUNCT
fsr-3134	191	11	the	the	DET
fsr-3134	191	12	use	use	NOUN
fsr-3134	191	13	of	of	ADP
fsr-3134	191	14	the	the	DET
fsr-3134	191	15	perpetual	perpetual	ADJ
fsr-3134	191	16	growth	growth	NOUN
fsr-3134	191	17	model	model	NOUN
fsr-3134	191	18	,	,	PUNCT
fsr-3134	191	19	eq	eq	NOUN
fsr-3134	191	20	.	.	PUNCT
fsr-3134	192	1	(	(	PUNCT
fsr-3134	192	2	2	2	NUM
fsr-3134	192	3	)	)	PUNCT
fsr-3134	192	4	,	,	PUNCT
fsr-3134	192	5	will	will	AUX
fsr-3134	192	6	produce	produce	VERB
fsr-3134	192	7	a	a	DET
fsr-3134	192	8	value	value	NOUN
fsr-3134	192	9	estimate	estimate	NOUN
fsr-3134	192	10	that	that	PRON
fsr-3134	192	11	is	be	AUX
fsr-3134	192	12	too	too	ADV
fsr-3134	192	13	high	high	ADJ
fsr-3134	192	14	.	.	PUNCT
fsr-3134	193	1	to	to	PART
fsr-3134	193	2	calculate	calculate	VERB
fsr-3134	193	3	this	this	DET
fsr-3134	193	4	valuation	valuation	NOUN
fsr-3134	193	5	error	error	NOUN
fsr-3134	193	6	as	as	ADP
fsr-3134	193	7	a	a	DET
fsr-3134	193	8	percentage	percentage	NOUN
fsr-3134	193	9	of	of	ADP
fsr-3134	193	10	the	the	DET
fsr-3134	193	11	intrinsic	intrinsic	ADJ
fsr-3134	193	12	value	value	NOUN
fsr-3134	193	13	,	,	PUNCT
fsr-3134	193	14	subtract	subtract	VERB
fsr-3134	193	15	eq	eq	ADP
fsr-3134	193	16	.	.	PUNCT
fsr-3134	194	1	(	(	PUNCT
fsr-3134	194	2	9	9	NUM
fsr-3134	194	3	)	)	PUNCT
fsr-3134	194	4	from	from	ADP
fsr-3134	194	5	eq	eq	ADP
fsr-3134	194	6	.	.	PUNCT
fsr-3134	195	1	(	(	PUNCT
fsr-3134	195	2	2	2	NUM
fsr-3134	195	3	)	)	PUNCT
fsr-3134	195	4	,	,	PUNCT
fsr-3134	195	5	and	and	CCONJ
fsr-3134	195	6	divide	divide	VERB
fsr-3134	195	7	the	the	DET
fsr-3134	195	8	difference	difference	NOUN
fsr-3134	195	9	by	by	ADP
fsr-3134	195	10	eq	eq	PROPN
fsr-3134	195	11	.	.	PUNCT
fsr-3134	196	1	(	(	PUNCT
fsr-3134	196	2	9	9	NUM
fsr-3134	196	3	)	)	PUNCT
fsr-3134	196	4	.	.	PUNCT
fsr-3134	197	1	after	after	ADP
fsr-3134	197	2	much	much	ADJ
fsr-3134	197	3	algebra	algebra	NOUN
fsr-3134	197	4	,	,	PUNCT
fsr-3134	197	5	this	this	DET
fsr-3134	197	6	yields	yield	NOUN
fsr-3134	197	7	eq	eq	ADP
fsr-3134	197	8	.	.	PUNCT
fsr-3134	198	1	(	(	PUNCT
fsr-3134	198	2	12	12	NUM
fsr-3134	198	3	)	)	PUNCT
fsr-3134	198	4	.	.	PUNCT
fsr-3134	199	1	%	%	NOUN
fsr-3134	199	2	overstatement	overstatement	ADJ
fsr-3134	199	3	�	�	PROPN
fsr-3134	199	4	p	p	PROPN
fsr-3134	199	5	�	�	PROPN
fsr-3134	199	6	0	0	NUM
fsr-3134	199	7	;	;	PUNCT
fsr-3134	199	8	finite	finite	PROPN
fsr-3134	199	9	growth	growth	PROPN
fsr-3134	199	10	�	�	PROPN
fsr-3134	199	11	�	�	PROPN
fsr-3134	199	12	1	1	NUM
fsr-3134	199	13	1	1	NUM
fsr-3134	199	14	�	�	PROPN
fsr-3134	199	15	�	�	PROPN
fsr-3134	199	16	1	1	NUM
fsr-3134	199	17	�	�	PROPN
fsr-3134	199	18	g	g	PROPN
fsr-3134	199	19	1	1	NUM
fsr-3134	199	20	�	�	PROPN
fsr-3134	199	21	r	r	PROPN
fsr-3134	199	22	�	�	PROPN
fsr-3134	199	23	t	t	PROPN
fsr-3134	199	24	�	�	PROPN
fsr-3134	199	25	b	b	PROPN
fsr-3134	199	26	1	1	NUM
fsr-3134	199	27	�	�	PROPN
fsr-3134	199	28	b	b	PROPN
fsr-3134	199	29	�	�	PROPN
fsr-3134	199	30	�	�	PROPN
fsr-3134	199	31	rn	rn	PROPN
fsr-3134	199	32	r	r	PROPN
fsr-3134	199	33	�	�	PROPN
fsr-3134	199	34	1	1	NUM
fsr-3134	199	35	�	�	PROPN
fsr-3134	199	36	�	�	PROPN
fsr-3134	199	37	1	1	NUM
fsr-3134	199	38	(	(	PUNCT
fsr-3134	199	39	12	12	NUM
fsr-3134	199	40	)	)	SYM
fsr-3134	199	41	198	198	NUM
fsr-3134	199	42	m.g	m.g	PROPN
fsr-3134	199	43	.	.	PROPN
fsr-3134	199	44	danielson	danielson	PROPN
fsr-3134	199	45	,	,	PUNCT
fsr-3134	199	46	j.l	j.l	PROPN
fsr-3134	199	47	.	.	PROPN
fsr-3134	199	48	heck	heck	PROPN
fsr-3134	199	49	/	/	SYM
fsr-3134	199	50	financial	financial	ADJ
fsr-3134	199	51	services	service	NOUN
fsr-3134	199	52	review	review	VERB
fsr-3134	199	53	23	23	NUM
fsr-3134	199	54	(	(	PUNCT
fsr-3134	199	55	2014	2014	NUM
fsr-3134	199	56	)	)	PUNCT
fsr-3134	199	57	189–206	189–206	NUM
fsr-3134	199	58	table	table	NOUN
fsr-3134	199	59	3	3	NUM
fsr-3134	199	60	reports	report	VERB
fsr-3134	199	61	potential	potential	ADJ
fsr-3134	199	62	valuation	valuation	NOUN
fsr-3134	199	63	errors	error	NOUN
fsr-3134	199	64	using	use	VERB
fsr-3134	199	65	eq	eq	ADP
fsr-3134	199	66	.	.	PUNCT
fsr-3134	200	1	(	(	PUNCT
fsr-3134	200	2	12	12	NUM
fsr-3134	200	3	)	)	PUNCT
fsr-3134	200	4	.	.	PUNCT
fsr-3134	201	1	the	the	DET
fsr-3134	201	2	inputs	input	NOUN
fsr-3134	201	3	include	include	VERB
fsr-3134	201	4	four	four	NUM
fsr-3134	201	5	combinations	combination	NOUN
fsr-3134	201	6	of	of	ADP
fsr-3134	201	7	r	r	NOUN
fsr-3134	201	8	,	,	PUNCT
fsr-3134	201	9	g	g	PROPN
fsr-3134	201	10	,	,	PUNCT
fsr-3134	201	11	b	b	NOUN
fsr-3134	201	12	,	,	PUNCT
fsr-3134	201	13	and	and	CCONJ
fsr-3134	201	14	rn	rn	PROPN
fsr-3134	201	15	(	(	PUNCT
fsr-3134	201	16	with	with	ADP
fsr-3134	201	17	p	p	PROPN
fsr-3134	201	18	�	�	PROPN
fsr-3134	201	19	0	0	NUM
fsr-3134	201	20	)	)	PUNCT
fsr-3134	201	21	and	and	CCONJ
fsr-3134	201	22	competitive	competitive	ADJ
fsr-3134	201	23	advantage	advantage	NOUN
fsr-3134	201	24	periods	period	NOUN
fsr-3134	201	25	ranging	range	VERB
fsr-3134	201	26	from	from	ADP
fsr-3134	201	27	10	10	NUM
fsr-3134	201	28	to	to	PART
fsr-3134	201	29	100	100	NUM
fsr-3134	201	30	years	year	NOUN
fsr-3134	201	31	.	.	PUNCT
fsr-3134	202	1	each	each	DET
fsr-3134	202	2	combination	combination	NOUN
fsr-3134	202	3	of	of	ADP
fsr-3134	202	4	r	r	NOUN
fsr-3134	202	5	,	,	PUNCT
fsr-3134	202	6	g	g	PROPN
fsr-3134	202	7	,	,	PUNCT
fsr-3134	202	8	b	b	NOUN
fsr-3134	202	9	,	,	PUNCT
fsr-3134	202	10	and	and	CCONJ
fsr-3134	202	11	rn	rn	PROPN
fsr-3134	202	12	produces	produce	VERB
fsr-3134	202	13	a	a	DET
fsr-3134	202	14	p	p	NOUN
fsr-3134	202	15	/	/	SYM
fsr-3134	202	16	e	e	NOUN
fsr-3134	202	17	ratio	ratio	NOUN
fsr-3134	202	18	of	of	ADP
fsr-3134	202	19	30	30	NUM
fsr-3134	202	20	using	use	VERB
fsr-3134	202	21	the	the	DET
fsr-3134	202	22	unadjusted	unadjusted	ADJ
fsr-3134	202	23	perpetual	perpetual	ADJ
fsr-3134	202	24	growth	growth	NOUN
fsr-3134	202	25	model.6	model.6	PROPN
fsr-3134	203	1	if	if	SCONJ
fsr-3134	203	2	competition	competition	NOUN
fsr-3134	203	3	will	will	AUX
fsr-3134	203	4	limit	limit	VERB
fsr-3134	203	5	a	a	DET
fsr-3134	203	6	firm	firm	NOUN
fsr-3134	203	7	’s	’s	PART
fsr-3134	203	8	growth	growth	NOUN
fsr-3134	203	9	phase	phase	NOUN
fsr-3134	203	10	to	to	ADP
fsr-3134	203	11	10	10	NUM
fsr-3134	203	12	years	year	NOUN
fsr-3134	203	13	(	(	PUNCT
fsr-3134	203	14	but	but	CCONJ
fsr-3134	203	15	the	the	DET
fsr-3134	203	16	default	default	NOUN
fsr-3134	203	17	probability	probability	NOUN
fsr-3134	203	18	is	be	AUX
fsr-3134	203	19	zero	zero	NUM
fsr-3134	203	20	)	)	PUNCT
fsr-3134	203	21	table	table	NOUN
fsr-3134	203	22	3	3	NUM
fsr-3134	203	23	shows	show	VERB
fsr-3134	203	24	that	that	SCONJ
fsr-3134	203	25	the	the	DET
fsr-3134	203	26	unadjusted	unadjusted	ADJ
fsr-3134	203	27	perpetual	perpetual	ADJ
fsr-3134	203	28	growth	growth	NOUN
fsr-3134	203	29	model	model	NOUN
fsr-3134	203	30	will	will	AUX
fsr-3134	203	31	overstate	overstate	VERB
fsr-3134	203	32	firm	firm	ADJ
fsr-3134	203	33	value	value	NOUN
fsr-3134	203	34	by	by	ADP
fsr-3134	203	35	over	over	ADP
fsr-3134	203	36	65	65	NUM
fsr-3134	203	37	%	%	NOUN
fsr-3134	203	38	when	when	SCONJ
fsr-3134	203	39	the	the	DET
fsr-3134	203	40	dividend	dividend	NOUN
fsr-3134	203	41	yield	yield	NOUN
fsr-3134	203	42	is	be	AUX
fsr-3134	203	43	3	3	NUM
fsr-3134	203	44	%	%	NOUN
fsr-3134	203	45	(	(	PUNCT
fsr-3134	203	46	scenario	scenario	NOUN
fsr-3134	203	47	1	1	NUM
fsr-3134	203	48	)	)	PUNCT
fsr-3134	203	49	,	,	PUNCT
fsr-3134	203	50	and	and	CCONJ
fsr-3134	203	51	by	by	ADP
fsr-3134	203	52	almost	almost	ADV
fsr-3134	203	53	100	100	NUM
fsr-3134	203	54	%	%	NOUN
fsr-3134	203	55	when	when	SCONJ
fsr-3134	203	56	d	d	NOUN
fsr-3134	203	57	/	/	SYM
fsr-3134	203	58	p	p	NOUN
fsr-3134	203	59	is	be	AUX
fsr-3134	203	60	0.5	0.5	NUM
fsr-3134	203	61	%	%	NOUN
fsr-3134	203	62	(	(	PUNCT
fsr-3134	203	63	scenario	scenario	NOUN
fsr-3134	203	64	4).7	4).7	NUM
fsr-3134	203	65	if	if	SCONJ
fsr-3134	203	66	the	the	DET
fsr-3134	203	67	firm	firm	NOUN
fsr-3134	203	68	’s	’s	PART
fsr-3134	203	69	growth	growth	NOUN
fsr-3134	203	70	phase	phase	NOUN
fsr-3134	203	71	can	can	AUX
fsr-3134	203	72	be	be	AUX
fsr-3134	203	73	maintained	maintain	VERB
fsr-3134	203	74	for	for	ADP
fsr-3134	203	75	20	20	NUM
fsr-3134	203	76	years	year	NOUN
fsr-3134	203	77	,	,	PUNCT
fsr-3134	203	78	eq	eq	NOUN
fsr-3134	203	79	.	.	PUNCT
fsr-3134	204	1	(	(	PUNCT
fsr-3134	204	2	2	2	X
fsr-3134	204	3	)	)	PUNCT
fsr-3134	204	4	will	will	AUX
fsr-3134	204	5	still	still	ADV
fsr-3134	204	6	overstate	overstate	VERB
fsr-3134	204	7	firm	firm	ADJ
fsr-3134	204	8	value	value	NOUN
fsr-3134	204	9	by	by	ADP
fsr-3134	204	10	over	over	ADP
fsr-3134	204	11	42	42	NUM
fsr-3134	204	12	%	%	NOUN
fsr-3134	204	13	when	when	SCONJ
fsr-3134	204	14	d	d	X
fsr-3134	204	15	/	/	SYM
fsr-3134	204	16	p	p	NOUN
fsr-3134	204	17	is	be	AUX
fsr-3134	204	18	3	3	NUM
fsr-3134	204	19	%	%	NOUN
fsr-3134	204	20	and	and	CCONJ
fsr-3134	204	21	by	by	ADP
fsr-3134	204	22	over	over	ADP
fsr-3134	204	23	91	91	NUM
fsr-3134	204	24	%	%	NOUN
fsr-3134	204	25	when	when	SCONJ
fsr-3134	204	26	d	d	NOUN
fsr-3134	204	27	/	/	SYM
fsr-3134	204	28	p	p	NOUN
fsr-3134	204	29	is	be	AUX
fsr-3134	204	30	0.5%.8	0.5%.8	NUM
fsr-3134	204	31	even	even	ADV
fsr-3134	204	32	if	if	SCONJ
fsr-3134	204	33	the	the	DET
fsr-3134	204	34	true	true	ADJ
fsr-3134	204	35	growth	growth	NOUN
fsr-3134	204	36	period	period	NOUN
fsr-3134	204	37	is	be	AUX
fsr-3134	204	38	100	100	NUM
fsr-3134	204	39	years	year	NOUN
fsr-3134	204	40	,	,	PUNCT
fsr-3134	204	41	the	the	DET
fsr-3134	204	42	unadjusted	unadjusted	ADJ
fsr-3134	204	43	perpetual	perpetual	ADJ
fsr-3134	204	44	growth	growth	NOUN
fsr-3134	204	45	model	model	NOUN
fsr-3134	204	46	will	will	AUX
fsr-3134	204	47	overstate	overstate	VERB
fsr-3134	204	48	value	value	NOUN
fsr-3134	204	49	by	by	ADP
fsr-3134	204	50	almost	almost	ADV
fsr-3134	204	51	49	49	NUM
fsr-3134	204	52	%	%	NOUN
fsr-3134	204	53	when	when	SCONJ
fsr-3134	204	54	d	d	X
fsr-3134	204	55	/	/	SYM
fsr-3134	204	56	p	p	NOUN
fsr-3134	204	57	is	be	AUX
fsr-3134	204	58	0.5	0.5	NUM
fsr-3134	204	59	%	%	NOUN
fsr-3134	204	60	.	.	PUNCT
fsr-3134	205	1	in	in	ADP
fsr-3134	205	2	contrast	contrast	NOUN
fsr-3134	205	3	,	,	PUNCT
fsr-3134	205	4	the	the	DET
fsr-3134	205	5	unadjusted	unadjusted	ADJ
fsr-3134	205	6	perpetual	perpetual	ADJ
fsr-3134	205	7	growth	growth	NOUN
fsr-3134	205	8	model	model	NOUN
fsr-3134	205	9	only	only	ADV
fsr-3134	205	10	overstates	overstate	VERB
fsr-3134	205	11	value	value	NOUN
fsr-3134	205	12	by	by	ADP
fsr-3134	205	13	3	3	NUM
fsr-3134	205	14	%	%	NOUN
fsr-3134	205	15	when	when	SCONJ
fsr-3134	205	16	the	the	DET
fsr-3134	205	17	growth	growth	NOUN
fsr-3134	205	18	period	period	NOUN
fsr-3134	205	19	equals	equal	VERB
fsr-3134	205	20	100	100	NUM
fsr-3134	205	21	years	year	NOUN
fsr-3134	205	22	and	and	CCONJ
fsr-3134	205	23	the	the	DET
fsr-3134	205	24	dividend	dividend	NOUN
fsr-3134	205	25	yield	yield	NOUN
fsr-3134	205	26	is	be	AUX
fsr-3134	205	27	3	3	NUM
fsr-3134	205	28	%	%	NOUN
fsr-3134	205	29	.	.	PUNCT
fsr-3134	206	1	these	these	DET
fsr-3134	206	2	results	result	NOUN
fsr-3134	206	3	suggest	suggest	VERB
fsr-3134	206	4	that	that	SCONJ
fsr-3134	206	5	the	the	DET
fsr-3134	206	6	perpetual	perpetual	ADJ
fsr-3134	206	7	growth	growth	NOUN
fsr-3134	206	8	model	model	NOUN
fsr-3134	206	9	is	be	AUX
fsr-3134	206	10	an	an	DET
fsr-3134	206	11	appropriate	appropriate	ADJ
fsr-3134	206	12	first	first	ADJ
fsr-3134	206	13	-	-	PUNCT
fsr-3134	206	14	cut	cut	NOUN
fsr-3134	206	15	valuation	valuation	NOUN
fsr-3134	206	16	tool	tool	NOUN
fsr-3134	206	17	for	for	ADP
fsr-3134	206	18	a	a	DET
fsr-3134	206	19	fairly	fairly	ADV
fsr-3134	206	20	limited	limited	ADJ
fsr-3134	206	21	set	set	NOUN
fsr-3134	206	22	of	of	ADP
fsr-3134	206	23	firms	firm	NOUN
fsr-3134	206	24	:	:	PUNCT
fsr-3134	206	25	high	high	ADJ
fsr-3134	206	26	-	-	PUNCT
fsr-3134	206	27	dividend	dividend	NOUN
fsr-3134	206	28	firms	firm	NOUN
fsr-3134	206	29	with	with	ADP
fsr-3134	206	30	very	very	ADV
fsr-3134	206	31	strong	strong	ADJ
fsr-3134	206	32	competitive	competitive	ADJ
fsr-3134	206	33	advantages	advantage	NOUN
fsr-3134	206	34	(	(	PUNCT
fsr-3134	206	35	i.e.	i.e.	X
fsr-3134	206	36	,	,	PUNCT
fsr-3134	206	37	50	50	NUM
fsr-3134	206	38	or	or	CCONJ
fsr-3134	206	39	more	more	ADJ
fsr-3134	206	40	years	year	NOUN
fsr-3134	206	41	)	)	PUNCT
fsr-3134	206	42	.	.	PUNCT
fsr-3134	207	1	table	table	NOUN
fsr-3134	207	2	3	3	NUM
fsr-3134	207	3	estimation	estimation	NOUN
fsr-3134	207	4	errors	error	NOUN
fsr-3134	207	5	–	–	PUNCT
fsr-3134	207	6	finite	finite	ADJ
fsr-3134	207	7	growth	growth	NOUN
fsr-3134	207	8	scenario	scenario	NOUN
fsr-3134	207	9	1	1	NUM
fsr-3134	207	10	2	2	NUM
fsr-3134	207	11	3	3	NUM
fsr-3134	207	12	4	4	NUM
fsr-3134	207	13	r	r	NOUN
fsr-3134	207	14	�	�	PROPN
fsr-3134	207	15	0.07	0.07	NUM
fsr-3134	207	16	0.07	0.07	NUM
fsr-3134	207	17	0.07	0.07	NUM
fsr-3134	207	18	0.07	0.07	NUM
fsr-3134	207	19	r	r	NOUN
fsr-3134	207	20	�	�	PROPN
fsr-3134	207	21	0.4	0.4	NUM
fsr-3134	207	22	0.125	0.125	NUM
fsr-3134	207	23	0.0857	0.0857	NUM
fsr-3134	207	24	0.0765	0.0765	NUM
fsr-3134	207	25	b	b	X
fsr-3134	207	26	�	�	PROPN
fsr-3134	207	27	0.1	0.1	NUM
fsr-3134	207	28	0.4	0.4	NUM
fsr-3134	207	29	0.7	0.7	NUM
fsr-3134	207	30	0.85	0.85	NUM
fsr-3134	207	31	g	g	PROPN
fsr-3134	207	32	�	�	PROPN
fsr-3134	207	33	br	br	PROPN
fsr-3134	207	34	�	�	PROPN
fsr-3134	207	35	0.04	0.04	NUM
fsr-3134	207	36	0.05	0.05	NUM
fsr-3134	207	37	0.06	0.06	NUM
fsr-3134	207	38	0.065	0.065	NUM
fsr-3134	207	39	r	r	NOUN
fsr-3134	207	40	�	�	PROPN
fsr-3134	207	41	g	g	PROPN
fsr-3134	207	42	�	�	PROPN
fsr-3134	207	43	0.03	0.03	NUM
fsr-3134	207	44	0.02	0.02	NUM
fsr-3134	207	45	0.01	0.01	NUM
fsr-3134	207	46	0.005	0.005	NUM
fsr-3134	207	47	ppgm	ppgm	X
fsr-3134	207	48	�	�	PROPN
fsr-3134	207	49	30	30	NUM
fsr-3134	207	50	30	30	NUM
fsr-3134	207	51	30	30	NUM
fsr-3134	207	52	30	30	NUM
fsr-3134	207	53	t	t	PROPN
fsr-3134	207	54	�	�	PROPN
fsr-3134	207	55	10	10	NUM
fsr-3134	207	56	:	:	PUNCT
fsr-3134	207	57	padj	padj	NOUN
fsr-3134	207	58	�	�	PROPN
fsr-3134	207	59	18.175	18.175	NUM
fsr-3134	207	60	16.988	16.988	NUM
fsr-3134	207	61	15.694	15.694	NUM
fsr-3134	207	62	15.005	15.005	NUM
fsr-3134	207	63	%	%	NOUN
fsr-3134	207	64	os	os	NOUN
fsr-3134	207	65	�	�	PROPN
fsr-3134	207	66	65.1	65.1	NUM
fsr-3134	207	67	%	%	NOUN
fsr-3134	207	68	76.6	76.6	NUM
fsr-3134	207	69	%	%	NOUN
fsr-3134	207	70	91.2	91.2	NUM
fsr-3134	207	71	%	%	NOUN
fsr-3134	207	72	99.9	99.9	NUM
fsr-3134	207	73	%	%	NOUN
fsr-3134	207	74	t	t	PROPN
fsr-3134	207	75	�	�	PROPN
fsr-3134	207	76	20	20	NUM
fsr-3134	207	77	:	:	PUNCT
fsr-3134	207	78	padj	padj	NOUN
fsr-3134	207	79	�	�	PROPN
fsr-3134	207	80	21.102	21.102	NUM
fsr-3134	207	81	19.225	19.225	NUM
fsr-3134	207	82	16.976	16.976	NUM
fsr-3134	207	83	15.691	15.691	NUM
fsr-3134	207	84	%	%	NOUN
fsr-3134	207	85	os	os	NOUN
fsr-3134	207	86	�	�	PROPN
fsr-3134	207	87	42.2	42.2	NUM
fsr-3134	207	88	%	%	NOUN
fsr-3134	207	89	56.0	56.0	NUM
fsr-3134	207	90	%	%	NOUN
fsr-3134	207	91	76.7	76.7	NUM
fsr-3134	207	92	%	%	NOUN
fsr-3134	207	93	91.2	91.2	NUM
fsr-3134	207	94	%	%	NOUN
fsr-3134	207	95	t	t	PROPN
fsr-3134	207	96	�	�	PROPN
fsr-3134	207	97	50	50	NUM
fsr-3134	207	98	:	:	PUNCT
fsr-3134	207	99	padj	padj	NOUN
fsr-3134	207	100	�	�	PROPN
fsr-3134	207	101	26.209	26.209	NUM
fsr-3134	207	102	23.883	23.883	NUM
fsr-3134	207	103	20.173	20.173	NUM
fsr-3134	207	104	17.567	17.567	NUM
fsr-3134	207	105	%	%	NOUN
fsr-3134	207	106	os	os	NOUN
fsr-3134	207	107	�	�	PROPN
fsr-3134	207	108	14.5	14.5	NUM
fsr-3134	207	109	%	%	NOUN
fsr-3134	207	110	25.6	25.6	NUM
fsr-3134	207	111	%	%	NOUN
fsr-3134	207	112	48.7	48.7	NUM
fsr-3134	207	113	%	%	NOUN
fsr-3134	207	114	70.8	70.8	NUM
fsr-3134	207	115	%	%	NOUN
fsr-3134	207	116	t	t	PROPN
fsr-3134	207	117	�	�	PROPN
fsr-3134	207	118	100	100	NUM
fsr-3134	207	119	:	:	PUNCT
fsr-3134	207	120	padj	padj	NOUN
fsr-3134	207	121	�	�	PROPN
fsr-3134	207	122	29.085	29.085	NUM
fsr-3134	207	123	27.619	27.619	NUM
fsr-3134	207	124	23.855	23.855	NUM
fsr-3134	207	125	20.163	20.163	NUM
fsr-3134	207	126	%	%	NOUN
fsr-3134	207	127	os	os	NOUN
fsr-3134	207	128	�	�	PROPN
fsr-3134	207	129	3.1	3.1	NUM
fsr-3134	207	130	%	%	NOUN
fsr-3134	207	131	8.6	8.6	NUM
fsr-3134	207	132	%	%	NOUN
fsr-3134	207	133	25.8	25.8	NUM
fsr-3134	207	134	%	%	NOUN
fsr-3134	207	135	48.8	48.8	NUM
fsr-3134	207	136	%	%	NOUN
fsr-3134	207	137	notes	note	NOUN
fsr-3134	207	138	.	.	PUNCT
fsr-3134	208	1	this	this	DET
fsr-3134	208	2	table	table	NOUN
fsr-3134	208	3	compares	compare	VERB
fsr-3134	208	4	value	value	NOUN
fsr-3134	208	5	estimates	estimate	NOUN
fsr-3134	208	6	from	from	ADP
fsr-3134	208	7	the	the	DET
fsr-3134	208	8	unadjusted	unadjusted	ADJ
fsr-3134	208	9	perpetual	perpetual	ADJ
fsr-3134	208	10	growth	growth	NOUN
fsr-3134	208	11	model	model	NOUN
fsr-3134	208	12	,	,	PUNCT
fsr-3134	208	13	eq	eq	NOUN
fsr-3134	208	14	.	.	PUNCT
fsr-3134	209	1	(	(	PUNCT
fsr-3134	209	2	2	2	NUM
fsr-3134	209	3	)	)	PUNCT
fsr-3134	209	4	,	,	PUNCT
fsr-3134	209	5	to	to	PART
fsr-3134	209	6	value	value	VERB
fsr-3134	209	7	estimates	estimate	NOUN
fsr-3134	209	8	from	from	ADP
fsr-3134	209	9	the	the	DET
fsr-3134	209	10	extended	extended	ADJ
fsr-3134	209	11	model	model	NOUN
fsr-3134	209	12	allowing	allow	VERB
fsr-3134	209	13	finite	finite	ADJ
fsr-3134	209	14	growth	growth	NOUN
fsr-3134	209	15	(	(	PUNCT
fsr-3134	209	16	but	but	CCONJ
fsr-3134	209	17	no	no	DET
fsr-3134	209	18	default	default	NOUN
fsr-3134	209	19	)	)	PUNCT
fsr-3134	209	20	,	,	PUNCT
fsr-3134	209	21	eq	eq	NOUN
fsr-3134	209	22	.	.	PUNCT
fsr-3134	210	1	(	(	PUNCT
fsr-3134	210	2	9	9	NUM
fsr-3134	210	3	)	)	PUNCT
fsr-3134	210	4	,	,	PUNCT
fsr-3134	210	5	and	and	CCONJ
fsr-3134	210	6	reports	report	VERB
fsr-3134	210	7	the	the	DET
fsr-3134	210	8	percentage	percentage	NOUN
fsr-3134	210	9	overstatement	overstatement	NOUN
fsr-3134	210	10	embedded	embed	VERB
fsr-3134	210	11	in	in	ADP
fsr-3134	210	12	the	the	DET
fsr-3134	210	13	unadjusted	unadjusted	ADJ
fsr-3134	210	14	perpetual	perpetual	ADJ
fsr-3134	210	15	growth	growth	NOUN
fsr-3134	210	16	model	model	NOUN
fsr-3134	210	17	value	value	NOUN
fsr-3134	210	18	estimate	estimate	NOUN
fsr-3134	210	19	.	.	PUNCT
fsr-3134	211	1	the	the	DET
fsr-3134	211	2	firm	firm	NOUN
fsr-3134	211	3	’s	’s	PART
fsr-3134	211	4	estimated	estimate	VERB
fsr-3134	211	5	earnings	earning	NOUN
fsr-3134	211	6	next	next	ADP
fsr-3134	211	7	year	year	NOUN
fsr-3134	211	8	,	,	PUNCT
fsr-3134	211	9	e1	e1	PROPN
fsr-3134	211	10	,	,	PUNCT
fsr-3134	211	11	is	be	AUX
fsr-3134	211	12	$	$	SYM
fsr-3134	211	13	1	1	NUM
fsr-3134	211	14	,	,	PUNCT
fsr-3134	211	15	the	the	DET
fsr-3134	211	16	required	required	ADJ
fsr-3134	211	17	return	return	NOUN
fsr-3134	211	18	,	,	PUNCT
fsr-3134	211	19	r	r	NOUN
fsr-3134	211	20	,	,	PUNCT
fsr-3134	211	21	is	be	AUX
fsr-3134	211	22	7	7	NUM
fsr-3134	211	23	%	%	NOUN
fsr-3134	211	24	,	,	PUNCT
fsr-3134	211	25	and	and	CCONJ
fsr-3134	211	26	the	the	DET
fsr-3134	211	27	firm	firm	NOUN
fsr-3134	211	28	’s	’s	PART
fsr-3134	211	29	p	p	X
fsr-3134	211	30	/	/	SYM
fsr-3134	211	31	e	e	NOUN
fsr-3134	211	32	ratio	ratio	NOUN
fsr-3134	211	33	is	be	AUX
fsr-3134	211	34	30	30	NUM
fsr-3134	211	35	.	.	PUNCT
fsr-3134	212	1	the	the	DET
fsr-3134	212	2	table	table	NOUN
fsr-3134	212	3	lists	list	VERB
fsr-3134	212	4	four	four	NUM
fsr-3134	212	5	combinations	combination	NOUN
fsr-3134	212	6	of	of	ADP
fsr-3134	212	7	reinvestment	reinvestment	NOUN
fsr-3134	212	8	rate	rate	NOUN
fsr-3134	212	9	b	b	PROPN
fsr-3134	212	10	,	,	PUNCT
fsr-3134	212	11	return	return	VERB
fsr-3134	212	12	on	on	ADP
fsr-3134	212	13	new	new	ADJ
fsr-3134	212	14	investments	investment	NOUN
fsr-3134	212	15	r	r	NOUN
fsr-3134	212	16	,	,	PUNCT
fsr-3134	212	17	and	and	CCONJ
fsr-3134	212	18	growth	growth	NOUN
fsr-3134	212	19	rate	rate	NOUN
fsr-3134	212	20	g	g	PROPN
fsr-3134	212	21	that	that	PRON
fsr-3134	212	22	produce	produce	VERB
fsr-3134	212	23	a	a	DET
fsr-3134	212	24	stock	stock	NOUN
fsr-3134	212	25	price	price	NOUN
fsr-3134	212	26	estimate	estimate	NOUN
fsr-3134	212	27	of	of	ADP
fsr-3134	212	28	$	$	SYM
fsr-3134	212	29	30	30	NUM
fsr-3134	212	30	(	(	PUNCT
fsr-3134	212	31	p	p	X
fsr-3134	212	32	/	/	SYM
fsr-3134	212	33	e	e	X
fsr-3134	212	34	�	�	PROPN
fsr-3134	212	35	30	30	NUM
fsr-3134	212	36	)	)	PUNCT
fsr-3134	212	37	using	use	VERB
fsr-3134	212	38	eq	eq	X
fsr-3134	212	39	.	.	PUNCT
fsr-3134	213	1	(	(	PUNCT
fsr-3134	213	2	2	2	NUM
fsr-3134	213	3	)	)	PUNCT
fsr-3134	213	4	.	.	PUNCT
fsr-3134	214	1	for	for	ADP
fsr-3134	214	2	each	each	DET
fsr-3134	214	3	combination	combination	NOUN
fsr-3134	214	4	,	,	PUNCT
fsr-3134	214	5	the	the	DET
fsr-3134	214	6	table	table	NOUN
fsr-3134	214	7	reports	report	VERB
fsr-3134	214	8	the	the	DET
fsr-3134	214	9	adjusted	adjust	VERB
fsr-3134	214	10	value	value	NOUN
fsr-3134	214	11	estimate	estimate	NOUN
fsr-3134	214	12	from	from	ADP
fsr-3134	214	13	eq	eq	NOUN
fsr-3134	214	14	.	.	PUNCT
fsr-3134	215	1	(	(	PUNCT
fsr-3134	215	2	9	9	NUM
fsr-3134	215	3	)	)	PUNCT
fsr-3134	215	4	,	,	PUNCT
fsr-3134	215	5	padj	padj	NOUN
fsr-3134	215	6	,	,	PUNCT
fsr-3134	215	7	and	and	CCONJ
fsr-3134	215	8	the	the	DET
fsr-3134	215	9	%	%	NOUN
fsr-3134	215	10	difference	difference	NOUN
fsr-3134	215	11	between	between	ADP
fsr-3134	215	12	the	the	DET
fsr-3134	215	13	unadjusted	unadjusted	ADJ
fsr-3134	215	14	and	and	CCONJ
fsr-3134	215	15	adjusted	adjust	VERB
fsr-3134	215	16	value	value	NOUN
fsr-3134	215	17	estimates	estimate	NOUN
fsr-3134	215	18	:	:	PUNCT
fsr-3134	215	19	%	%	INTJ
fsr-3134	215	20	os	os	PROPN
fsr-3134	215	21	�	�	PROPN
fsr-3134	215	22	(	(	PUNCT
fsr-3134	215	23	ppgm	ppgm	PROPN
fsr-3134	215	24	�	�	PROPN
fsr-3134	215	25	padj)/padj	padj)/padj	PROPN
fsr-3134	215	26	.	.	PUNCT
fsr-3134	216	1	the	the	DET
fsr-3134	216	2	values	value	NOUN
fsr-3134	216	3	reported	report	VERB
fsr-3134	216	4	in	in	ADP
fsr-3134	216	5	the	the	DET
fsr-3134	216	6	%	%	NOUN
fsr-3134	216	7	os	os	NOUN
fsr-3134	216	8	rows	row	NOUN
fsr-3134	216	9	can	can	AUX
fsr-3134	216	10	also	also	ADV
fsr-3134	216	11	be	be	AUX
fsr-3134	216	12	calculated	calculate	VERB
fsr-3134	216	13	using	use	VERB
fsr-3134	216	14	eq	eq	ADP
fsr-3134	216	15	.	.	PUNCT
fsr-3134	217	1	(	(	PUNCT
fsr-3134	217	2	12	12	NUM
fsr-3134	217	3	)	)	PUNCT
fsr-3134	217	4	.	.	PUNCT
fsr-3134	218	1	this	this	DET
fsr-3134	218	2	information	information	NOUN
fsr-3134	218	3	is	be	AUX
fsr-3134	218	4	reported	report	VERB
fsr-3134	218	5	assuming	assume	VERB
fsr-3134	218	6	the	the	DET
fsr-3134	218	7	period	period	NOUN
fsr-3134	218	8	in	in	ADP
fsr-3134	218	9	which	which	PRON
fsr-3134	218	10	the	the	DET
fsr-3134	218	11	firm	firm	NOUN
fsr-3134	218	12	can	can	AUX
fsr-3134	218	13	invest	invest	VERB
fsr-3134	218	14	in	in	ADP
fsr-3134	218	15	projects	project	NOUN
fsr-3134	218	16	where	where	SCONJ
fsr-3134	218	17	r	r	NOUN
fsr-3134	218	18	�	�	PROPN
fsr-3134	218	19	r	r	NOUN
fsr-3134	218	20	will	will	AUX
fsr-3134	218	21	last	last	VERB
fsr-3134	218	22	10	10	NUM
fsr-3134	218	23	,	,	PUNCT
fsr-3134	218	24	20	20	NUM
fsr-3134	218	25	,	,	PUNCT
fsr-3134	218	26	50	50	NUM
fsr-3134	218	27	,	,	PUNCT
fsr-3134	218	28	and	and	CCONJ
fsr-3134	218	29	100	100	NUM
fsr-3134	218	30	years	year	NOUN
fsr-3134	218	31	.	.	PUNCT
fsr-3134	219	1	199m.g	199m.g	X
fsr-3134	219	2	.	.	PUNCT
fsr-3134	220	1	danielson	danielson	PROPN
fsr-3134	220	2	,	,	PUNCT
fsr-3134	220	3	j.l	j.l	PROPN
fsr-3134	220	4	.	.	PROPN
fsr-3134	220	5	heck	heck	PROPN
fsr-3134	220	6	/	/	SYM
fsr-3134	220	7	financial	financial	ADJ
fsr-3134	220	8	services	service	NOUN
fsr-3134	220	9	review	review	VERB
fsr-3134	220	10	23	23	NUM
fsr-3134	220	11	(	(	PUNCT
fsr-3134	220	12	2014	2014	NUM
fsr-3134	220	13	)	)	PUNCT
fsr-3134	221	1	189–206	189–206	NUM
fsr-3134	221	2	4.4	4.4	NUM
fsr-3134	221	3	.	.	PUNCT
fsr-3134	222	1	estimation	estimation	NOUN
fsr-3134	222	2	errors	error	NOUN
fsr-3134	222	3	with	with	ADP
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fsr-3134	231	29	probability	probability	NOUN
fsr-3134	231	30	is	be	AUX
fsr-3134	231	31	0	0	NUM
fsr-3134	231	32	)	)	PUNCT
fsr-3134	231	33	.	.	PUNCT
fsr-3134	232	1	if	if	SCONJ
fsr-3134	232	2	the	the	DET
fsr-3134	232	3	firm	firm	NOUN
fsr-3134	232	4	’s	’s	PART
fsr-3134	232	5	dividend	dividend	NOUN
fsr-3134	232	6	yield	yield	NOUN
fsr-3134	232	7	is	be	AUX
fsr-3134	232	8	3	3	NUM
fsr-3134	232	9	%	%	NOUN
fsr-3134	232	10	(	(	PUNCT
fsr-3134	232	11	scenario	scenario	NOUN
fsr-3134	232	12	1	1	NUM
fsr-3134	232	13	)	)	PUNCT
fsr-3134	232	14	,	,	PUNCT
fsr-3134	232	15	table	table	NOUN
fsr-3134	232	16	4	4	NUM
fsr-3134	232	17	,	,	PUNCT
fsr-3134	232	18	panel	panel	NOUN
fsr-3134	232	19	b	b	PROPN
fsr-3134	232	20	reveals	reveal	VERB
fsr-3134	232	21	that	that	SCONJ
fsr-3134	232	22	the	the	DET
fsr-3134	232	23	percentage	percentage	NOUN
fsr-3134	232	24	overstatement	overstatement	NOUN
fsr-3134	232	25	in	in	ADP
fsr-3134	232	26	a	a	DET
fsr-3134	232	27	perpetual	perpetual	ADJ
fsr-3134	232	28	growth	growth	NOUN
fsr-3134	232	29	model	model	NOUN
fsr-3134	232	30	value	value	NOUN
fsr-3134	232	31	estimate	estimate	NOUN
fsr-3134	232	32	is	be	AUX
fsr-3134	232	33	72.6	72.6	NUM
fsr-3134	232	34	%	%	NOUN
fsr-3134	232	35	when	when	SCONJ
fsr-3134	232	36	p	p	PROPN
fsr-3134	232	37	�	�	PROPN
fsr-3134	232	38	0.25	0.25	NUM
fsr-3134	232	39	%	%	NOUN
fsr-3134	232	40	and	and	CCONJ
fsr-3134	232	41	t	t	PROPN
fsr-3134	232	42	�	�	PROPN
fsr-3134	232	43	10	10	NUM
fsr-3134	232	44	years	year	NOUN
fsr-3134	232	45	(	(	PUNCT
fsr-3134	232	46	vs.	vs.	ADP
fsr-3134	232	47	65.1	65.1	NUM
fsr-3134	232	48	%	%	NOUN
fsr-3134	232	49	in	in	ADP
fsr-3134	232	50	table	table	NOUN
fsr-3134	232	51	3	3	NUM
fsr-3134	232	52	,	,	PUNCT
fsr-3134	232	53	p	p	PROPN
fsr-3134	232	54	�	�	PROPN
fsr-3134	232	55	0	0	NUM
fsr-3134	232	56	)	)	PUNCT
fsr-3134	232	57	,	,	PUNCT
fsr-3134	232	58	and	and	CCONJ
fsr-3134	232	59	is	be	AUX
fsr-3134	232	60	11.5	11.5	NUM
fsr-3134	232	61	%	%	NOUN
fsr-3134	232	62	when	when	SCONJ
fsr-3134	232	63	p	p	PROPN
fsr-3134	232	64	�	�	PROPN
fsr-3134	232	65	0.25	0.25	NUM
fsr-3134	232	66	%	%	NOUN
fsr-3134	232	67	and	and	CCONJ
fsr-3134	232	68	t	t	PROPN
fsr-3134	232	69	�	�	PROPN
fsr-3134	232	70	100	100	NUM
fsr-3134	232	71	(	(	PUNCT
fsr-3134	232	72	vs.	vs.	ADP
fsr-3134	232	73	3.1	3.1	NUM
fsr-3134	232	74	%	%	NOUN
fsr-3134	232	75	in	in	ADP
fsr-3134	232	76	table	table	NOUN
fsr-3134	232	77	3	3	NUM
fsr-3134	232	78	,	,	PUNCT
fsr-3134	232	79	p	p	PROPN
fsr-3134	232	80	�	�	PROPN
fsr-3134	232	81	0	0	NUM
fsr-3134	232	82	)	)	PUNCT
fsr-3134	232	83	.	.	PUNCT
fsr-3134	233	1	if	if	SCONJ
fsr-3134	233	2	the	the	DET
fsr-3134	233	3	firm	firm	NOUN
fsr-3134	233	4	’s	’s	PART
fsr-3134	233	5	dividend	dividend	NOUN
fsr-3134	233	6	yield	yield	NOUN
fsr-3134	233	7	is	be	AUX
fsr-3134	233	8	only	only	ADV
fsr-3134	233	9	0.5	0.5	NUM
fsr-3134	233	10	%	%	NOUN
fsr-3134	233	11	(	(	PUNCT
fsr-3134	233	12	scenario	scenario	NOUN
fsr-3134	233	13	4	4	NUM
fsr-3134	233	14	)	)	PUNCT
fsr-3134	233	15	,	,	PUNCT
fsr-3134	233	16	the	the	DET
fsr-3134	233	17	differences	difference	NOUN
fsr-3134	233	18	between	between	ADP
fsr-3134	233	19	the	the	DET
fsr-3134	233	20	percentage	percentage	NOUN
fsr-3134	233	21	overstatements	overstatement	NOUN
fsr-3134	233	22	in	in	ADP
fsr-3134	233	23	table	table	NOUN
fsr-3134	233	24	4	4	NUM
fsr-3134	233	25	,	,	PUNCT
fsr-3134	233	26	panel	panel	NOUN
fsr-3134	233	27	b	b	NOUN
fsr-3134	233	28	and	and	CCONJ
fsr-3134	233	29	table	table	NOUN
fsr-3134	233	30	3	3	NUM
fsr-3134	233	31	become	become	VERB
fsr-3134	233	32	more	more	ADJ
fsr-3134	233	33	table	table	NOUN
fsr-3134	233	34	4	4	NUM
fsr-3134	233	35	(	(	PUNCT
fsr-3134	233	36	continued	continued	ADJ
fsr-3134	233	37	)	)	PUNCT
fsr-3134	233	38	panel	panel	NOUN
fsr-3134	233	39	d	d	NOUN
fsr-3134	233	40	:	:	PUNCT
fsr-3134	233	41	default	default	NOUN
fsr-3134	233	42	probability	probability	NOUN
fsr-3134	233	43	�	�	PROPN
fsr-3134	233	44	0.0075	0.0075	NUM
fsr-3134	233	45	scenario	scenario	NOUN
fsr-3134	233	46	1	1	NUM
fsr-3134	233	47	2	2	NUM
fsr-3134	233	48	3	3	NUM
fsr-3134	233	49	4	4	NUM
fsr-3134	233	50	t	t	NOUN
fsr-3134	233	51	�	�	PROPN
fsr-3134	233	52	10	10	NUM
fsr-3134	233	53	:	:	PUNCT
fsr-3134	233	54	padj	padj	NOUN
fsr-3134	233	55	�	�	PROPN
fsr-3134	233	56	15.975	15.975	NUM
fsr-3134	233	57	14.157	14.157	NUM
fsr-3134	233	58	11.291	11.291	NUM
fsr-3134	233	59	8.461	8.461	NUM
fsr-3134	233	60	%	%	NOUN
fsr-3134	233	61	os	os	PROPN
fsr-3134	233	62	�	�	PROPN
fsr-3134	233	63	87.8	87.8	NUM
fsr-3134	233	64	%	%	NOUN
fsr-3134	233	65	111.9	111.9	NUM
fsr-3134	233	66	%	%	NOUN
fsr-3134	233	67	165.7	165.7	NUM
fsr-3134	233	68	%	%	NOUN
fsr-3134	233	69	254.6	254.6	NUM
fsr-3134	233	70	%	%	NOUN
fsr-3134	233	71	t	t	PROPN
fsr-3134	233	72	�	�	PROPN
fsr-3134	233	73	20	20	NUM
fsr-3134	233	74	:	:	PUNCT
fsr-3134	233	75	padj	padj	NOUN
fsr-3134	233	76	�	�	PROPN
fsr-3134	233	77	18.288	18.288	NUM
fsr-3134	233	78	15.828	15.828	NUM
fsr-3134	233	79	12.115	12.115	NUM
fsr-3134	233	80	8.806	8.806	NUM
fsr-3134	233	81	%	%	NOUN
fsr-3134	233	82	os	os	PROPN
fsr-3134	233	83	�	�	PROPN
fsr-3134	233	84	64.0	64.0	NUM
fsr-3134	233	85	%	%	NOUN
fsr-3134	233	86	89.5	89.5	NUM
fsr-3134	233	87	%	%	NOUN
fsr-3134	233	88	147.6	147.6	NUM
fsr-3134	233	89	%	%	NOUN
fsr-3134	233	90	240.7	240.7	NUM
fsr-3134	233	91	%	%	NOUN
fsr-3134	233	92	t	t	PROPN
fsr-3134	233	93	�	�	PROPN
fsr-3134	233	94	50	50	NUM
fsr-3134	233	95	:	:	PUNCT
fsr-3134	233	96	padj	padj	NOUN
fsr-3134	233	97	�	�	PROPN
fsr-3134	233	98	21.815	21.815	NUM
fsr-3134	233	99	18.856	18.856	NUM
fsr-3134	233	100	13.895	13.895	NUM
fsr-3134	233	101	9.621	9.621	NUM
fsr-3134	233	102	%	%	NOUN
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fsr-3134	233	104	�	�	PROPN
fsr-3134	233	105	37.5	37.5	NUM
fsr-3134	233	106	%	%	NOUN
fsr-3134	233	107	59.1	59.1	NUM
fsr-3134	233	108	%	%	NOUN
fsr-3134	233	109	115.9	115.9	NUM
fsr-3134	233	110	%	%	NOUN
fsr-3134	233	111	211.8	211.8	NUM
fsr-3134	233	112	%	%	NOUN
fsr-3134	233	113	t	t	PROPN
fsr-3134	233	114	�	�	PROPN
fsr-3134	233	115	100	100	NUM
fsr-3134	233	116	:	:	PUNCT
fsr-3134	233	117	padj	padj	NOUN
fsr-3134	233	118	�	�	PROPN
fsr-3134	233	119	23.330	23.330	NUM
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fsr-3134	233	121	15.432	15.432	NUM
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fsr-3134	233	123	%	%	NOUN
fsr-3134	233	124	os	os	NOUN
fsr-3134	233	125	�	�	PROPN
fsr-3134	233	126	28.6	28.6	NUM
fsr-3134	233	127	%	%	NOUN
fsr-3134	233	128	45.0	45.0	NUM
fsr-3134	233	129	%	%	NOUN
fsr-3134	233	130	94.4	94.4	NUM
fsr-3134	233	131	%	%	NOUN
fsr-3134	233	132	186.7	186.7	NUM
fsr-3134	233	133	%	%	NOUN
fsr-3134	233	134	panel	panel	NOUN
fsr-3134	233	135	e	e	NOUN
fsr-3134	233	136	:	:	PUNCT
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fsr-3134	233	140	0.01	0.01	NUM
fsr-3134	233	141	scenario	scenario	NOUN
fsr-3134	233	142	1	1	NUM
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fsr-3134	233	144	3	3	NUM
fsr-3134	233	145	4	4	NUM
fsr-3134	233	146	t	t	NOUN
fsr-3134	233	147	�	�	PROPN
fsr-3134	233	148	10	10	NUM
fsr-3134	233	149	:	:	PUNCT
fsr-3134	233	150	padj	padj	NOUN
fsr-3134	233	151	�	�	PROPN
fsr-3134	233	152	15.344	15.344	NUM
fsr-3134	233	153	13.399	13.399	NUM
fsr-3134	233	154	10.312	10.312	NUM
fsr-3134	233	155	7.375	7.375	NUM
fsr-3134	233	156	%	%	NOUN
fsr-3134	233	157	os	os	NOUN
fsr-3134	233	158	�	�	PROPN
fsr-3134	233	159	95.5	95.5	NUM
fsr-3134	233	160	%	%	NOUN
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fsr-3134	233	162	%	%	NOUN
fsr-3134	233	163	190.9	190.9	NUM
fsr-3134	233	164	%	%	NOUN
fsr-3134	233	165	306.8	306.8	NUM
fsr-3134	233	166	%	%	NOUN
fsr-3134	233	167	t	t	PROPN
fsr-3134	233	168	�	�	PROPN
fsr-3134	233	169	20	20	NUM
fsr-3134	233	170	:	:	PUNCT
fsr-3134	233	171	padj	padj	NOUN
fsr-3134	233	172	�	�	PROPN
fsr-3134	233	173	17.488	17.488	NUM
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fsr-3134	233	175	11.038	11.038	NUM
fsr-3134	233	176	7.665	7.665	NUM
fsr-3134	233	177	%	%	NOUN
fsr-3134	233	178	os	os	NOUN
fsr-3134	233	179	�	�	PROPN
fsr-3134	233	180	71.5	71.5	NUM
fsr-3134	233	181	%	%	NOUN
fsr-3134	233	182	101.0	101.0	NUM
fsr-3134	233	183	%	%	NOUN
fsr-3134	233	184	171.8	171.8	NUM
fsr-3134	233	185	%	%	NOUN
fsr-3134	233	186	291.4	291.4	NUM
fsr-3134	233	187	%	%	NOUN
fsr-3134	233	188	t	t	PROPN
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fsr-3134	233	190	50	50	NUM
fsr-3134	233	191	:	:	PUNCT
fsr-3134	233	192	padj	padj	NOUN
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fsr-3134	233	194	20.615	20.615	NUM
fsr-3134	233	195	17.564	17.564	NUM
fsr-3134	233	196	12.531	12.531	NUM
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fsr-3134	233	198	%	%	NOUN
fsr-3134	233	199	os	os	NOUN
fsr-3134	233	200	�	�	PROPN
fsr-3134	233	201	45.5	45.5	NUM
fsr-3134	233	202	%	%	NOUN
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fsr-3134	233	204	%	%	NOUN
fsr-3134	233	205	139.4	139.4	NUM
fsr-3134	233	206	%	%	NOUN
fsr-3134	233	207	260.7	260.7	NUM
fsr-3134	233	208	%	%	NOUN
fsr-3134	233	209	t	t	PROPN
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fsr-3134	233	213	padj	padj	NOUN
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fsr-3134	233	215	21.844	21.844	NUM
fsr-3134	233	216	19.025	19.025	NUM
fsr-3134	233	217	13.704	13.704	NUM
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fsr-3134	233	219	%	%	NOUN
fsr-3134	233	220	os	os	NOUN
fsr-3134	233	221	�	�	PROPN
fsr-3134	233	222	37.3	37.3	NUM
fsr-3134	233	223	%	%	NOUN
fsr-3134	233	224	57.7	57.7	NUM
fsr-3134	233	225	%	%	NOUN
fsr-3134	233	226	118.9	118.9	NUM
fsr-3134	233	227	%	%	NOUN
fsr-3134	233	228	236.0	236.0	NUM
fsr-3134	233	229	%	%	NOUN
fsr-3134	233	230	notes	note	NOUN
fsr-3134	233	231	.	.	PUNCT
fsr-3134	234	1	this	this	DET
fsr-3134	234	2	table	table	NOUN
fsr-3134	234	3	compares	compare	VERB
fsr-3134	234	4	value	value	NOUN
fsr-3134	234	5	estimates	estimate	NOUN
fsr-3134	234	6	from	from	ADP
fsr-3134	234	7	the	the	DET
fsr-3134	234	8	unadjusted	unadjusted	ADJ
fsr-3134	234	9	perpetual	perpetual	ADJ
fsr-3134	234	10	growth	growth	NOUN
fsr-3134	234	11	model	model	NOUN
fsr-3134	234	12	,	,	PUNCT
fsr-3134	234	13	eq	eq	NOUN
fsr-3134	234	14	.	.	PUNCT
fsr-3134	235	1	(	(	PUNCT
fsr-3134	235	2	2	2	NUM
fsr-3134	235	3	)	)	PUNCT
fsr-3134	235	4	,	,	PUNCT
fsr-3134	235	5	to	to	PART
fsr-3134	235	6	value	value	VERB
fsr-3134	235	7	estimates	estimate	NOUN
fsr-3134	235	8	from	from	ADP
fsr-3134	235	9	the	the	DET
fsr-3134	235	10	extended	extended	ADJ
fsr-3134	235	11	model	model	NOUN
fsr-3134	235	12	allowing	allow	VERB
fsr-3134	235	13	both	both	CCONJ
fsr-3134	235	14	default	default	NOUN
fsr-3134	235	15	and	and	CCONJ
fsr-3134	235	16	finite	finite	ADJ
fsr-3134	235	17	growth	growth	NOUN
fsr-3134	235	18	,	,	PUNCT
fsr-3134	235	19	eq	eq	NOUN
fsr-3134	235	20	.	.	PUNCT
fsr-3134	236	1	(	(	PUNCT
fsr-3134	236	2	8)	8)	NUM
fsr-3134	236	3	,	,	PUNCT
fsr-3134	236	4	and	and	CCONJ
fsr-3134	236	5	reports	report	VERB
fsr-3134	236	6	the	the	DET
fsr-3134	236	7	percentage	percentage	NOUN
fsr-3134	236	8	overstatement	overstatement	NOUN
fsr-3134	236	9	embedded	embed	VERB
fsr-3134	236	10	in	in	ADP
fsr-3134	236	11	the	the	DET
fsr-3134	236	12	unadjusted	unadjusted	ADJ
fsr-3134	236	13	perpetual	perpetual	ADJ
fsr-3134	236	14	growth	growth	NOUN
fsr-3134	236	15	model	model	NOUN
fsr-3134	236	16	value	value	NOUN
fsr-3134	236	17	estimate	estimate	NOUN
fsr-3134	236	18	.	.	PUNCT
fsr-3134	237	1	the	the	DET
fsr-3134	237	2	firm	firm	NOUN
fsr-3134	237	3	’s	’s	PART
fsr-3134	237	4	estimated	estimate	VERB
fsr-3134	237	5	earnings	earning	NOUN
fsr-3134	237	6	next	next	ADP
fsr-3134	237	7	year	year	NOUN
fsr-3134	237	8	,	,	PUNCT
fsr-3134	237	9	e1	e1	PROPN
fsr-3134	237	10	,	,	PUNCT
fsr-3134	237	11	is	be	AUX
fsr-3134	237	12	$	$	SYM
fsr-3134	237	13	1	1	NUM
fsr-3134	237	14	,	,	PUNCT
fsr-3134	237	15	the	the	DET
fsr-3134	237	16	required	required	ADJ
fsr-3134	237	17	return	return	NOUN
fsr-3134	237	18	,	,	PUNCT
fsr-3134	237	19	r	r	NOUN
fsr-3134	237	20	,	,	PUNCT
fsr-3134	237	21	is	be	AUX
fsr-3134	237	22	7	7	NUM
fsr-3134	237	23	%	%	NOUN
fsr-3134	237	24	,	,	PUNCT
fsr-3134	237	25	and	and	CCONJ
fsr-3134	237	26	the	the	DET
fsr-3134	237	27	firm	firm	NOUN
fsr-3134	237	28	’s	’s	PART
fsr-3134	237	29	p	p	X
fsr-3134	237	30	/	/	SYM
fsr-3134	237	31	e	e	NOUN
fsr-3134	237	32	ratio	ratio	NOUN
fsr-3134	237	33	is	be	AUX
fsr-3134	237	34	30	30	NUM
fsr-3134	237	35	.	.	PUNCT
fsr-3134	238	1	panel	panel	NOUN
fsr-3134	238	2	a	a	DET
fsr-3134	238	3	lists	list	NOUN
fsr-3134	238	4	combinations	combination	NOUN
fsr-3134	238	5	of	of	ADP
fsr-3134	238	6	reinvestment	reinvestment	NOUN
fsr-3134	238	7	rate	rate	NOUN
fsr-3134	238	8	b	b	PROPN
fsr-3134	238	9	,	,	PUNCT
fsr-3134	238	10	return	return	VERB
fsr-3134	238	11	on	on	ADP
fsr-3134	238	12	new	new	ADJ
fsr-3134	238	13	investments	investment	NOUN
fsr-3134	238	14	r	r	NOUN
fsr-3134	238	15	,	,	PUNCT
fsr-3134	238	16	and	and	CCONJ
fsr-3134	238	17	growth	growth	NOUN
fsr-3134	238	18	rate	rate	NOUN
fsr-3134	238	19	g	g	PROPN
fsr-3134	238	20	that	that	PRON
fsr-3134	238	21	produce	produce	VERB
fsr-3134	238	22	a	a	DET
fsr-3134	238	23	stock	stock	NOUN
fsr-3134	238	24	price	price	NOUN
fsr-3134	238	25	estimate	estimate	NOUN
fsr-3134	238	26	of	of	ADP
fsr-3134	238	27	$	$	SYM
fsr-3134	238	28	30	30	NUM
fsr-3134	238	29	(	(	PUNCT
fsr-3134	238	30	p	p	X
fsr-3134	238	31	/	/	SYM
fsr-3134	238	32	e	e	X
fsr-3134	238	33	�	�	PROPN
fsr-3134	238	34	30	30	NUM
fsr-3134	238	35	)	)	PUNCT
fsr-3134	238	36	using	use	VERB
fsr-3134	238	37	eq	eq	X
fsr-3134	238	38	.	.	PUNCT
fsr-3134	239	1	(	(	PUNCT
fsr-3134	239	2	2	2	NUM
fsr-3134	239	3	)	)	PUNCT
fsr-3134	239	4	.	.	PUNCT
fsr-3134	240	1	panels	panel	NOUN
fsr-3134	240	2	b	b	X
fsr-3134	240	3	through	through	ADP
fsr-3134	240	4	e	e	NOUN
fsr-3134	240	5	list	list	VERB
fsr-3134	240	6	the	the	DET
fsr-3134	240	7	adjusted	adjust	VERB
fsr-3134	240	8	value	value	NOUN
fsr-3134	240	9	estimates	estimate	NOUN
fsr-3134	240	10	from	from	ADP
fsr-3134	240	11	eq	eq	PROPN
fsr-3134	240	12	.	.	PUNCT
fsr-3134	241	1	(	(	PUNCT
fsr-3134	241	2	8)	8)	NUM
fsr-3134	241	3	,	,	PUNCT
fsr-3134	241	4	padj	padj	NOUN
fsr-3134	241	5	,	,	PUNCT
fsr-3134	241	6	for	for	ADP
fsr-3134	241	7	each	each	DET
fsr-3134	241	8	scenario	scenario	NOUN
fsr-3134	241	9	using	use	VERB
fsr-3134	241	10	default	default	NOUN
fsr-3134	241	11	probabilities	probability	NOUN
fsr-3134	241	12	of	of	ADP
fsr-3134	241	13	0.0025	0.0025	NUM
fsr-3134	241	14	(	(	PUNCT
fsr-3134	241	15	panel	panel	NOUN
fsr-3134	241	16	b	b	NOUN
fsr-3134	241	17	)	)	PUNCT
fsr-3134	241	18	,	,	PUNCT
fsr-3134	241	19	0.005	0.005	NUM
fsr-3134	241	20	(	(	PUNCT
fsr-3134	241	21	panel	panel	NOUN
fsr-3134	241	22	c	c	NOUN
fsr-3134	241	23	)	)	PUNCT
fsr-3134	241	24	,	,	PUNCT
fsr-3134	241	25	0.0075	0.0075	NUM
fsr-3134	241	26	(	(	PUNCT
fsr-3134	241	27	panel	panel	NOUN
fsr-3134	241	28	d	d	NOUN
fsr-3134	241	29	)	)	PUNCT
fsr-3134	241	30	,	,	PUNCT
fsr-3134	241	31	and	and	CCONJ
fsr-3134	241	32	0.01	0.01	NUM
fsr-3134	241	33	(	(	PUNCT
fsr-3134	241	34	panel	panel	NOUN
fsr-3134	241	35	e	e	NOUN
fsr-3134	241	36	)	)	PUNCT
fsr-3134	241	37	,	,	PUNCT
fsr-3134	241	38	and	and	CCONJ
fsr-3134	241	39	report	report	VERB
fsr-3134	241	40	the	the	DET
fsr-3134	241	41	%	%	NOUN
fsr-3134	241	42	difference	difference	NOUN
fsr-3134	241	43	between	between	ADP
fsr-3134	241	44	the	the	DET
fsr-3134	241	45	unadjusted	unadjusted	ADJ
fsr-3134	241	46	and	and	CCONJ
fsr-3134	241	47	adjusted	adjust	VERB
fsr-3134	241	48	value	value	NOUN
fsr-3134	241	49	estimates	estimate	NOUN
fsr-3134	241	50	:	:	PUNCT
fsr-3134	241	51	%	%	INTJ
fsr-3134	241	52	os	os	PROPN
fsr-3134	241	53	�	�	PROPN
fsr-3134	241	54	(	(	PUNCT
fsr-3134	241	55	ppgm	ppgm	PROPN
fsr-3134	241	56	�	�	PROPN
fsr-3134	241	57	padj)/padj	padj)/padj	PROPN
fsr-3134	241	58	.	.	PUNCT
fsr-3134	242	1	within	within	ADP
fsr-3134	242	2	each	each	DET
fsr-3134	242	3	panel	panel	NOUN
fsr-3134	242	4	,	,	PUNCT
fsr-3134	242	5	this	this	DET
fsr-3134	242	6	information	information	NOUN
fsr-3134	242	7	is	be	AUX
fsr-3134	242	8	reported	report	VERB
fsr-3134	242	9	assuming	assume	VERB
fsr-3134	242	10	the	the	DET
fsr-3134	242	11	period	period	NOUN
fsr-3134	242	12	in	in	ADP
fsr-3134	242	13	which	which	PRON
fsr-3134	242	14	the	the	DET
fsr-3134	242	15	firm	firm	NOUN
fsr-3134	242	16	can	can	AUX
fsr-3134	242	17	invest	invest	VERB
fsr-3134	242	18	in	in	ADP
fsr-3134	242	19	projects	project	NOUN
fsr-3134	242	20	where	where	SCONJ
fsr-3134	242	21	r	r	NOUN
fsr-3134	242	22	�	�	PROPN
fsr-3134	242	23	r	r	NOUN
fsr-3134	242	24	will	will	AUX
fsr-3134	242	25	last	last	VERB
fsr-3134	242	26	10	10	NUM
fsr-3134	242	27	,	,	PUNCT
fsr-3134	242	28	20	20	NUM
fsr-3134	242	29	,	,	PUNCT
fsr-3134	242	30	50	50	NUM
fsr-3134	242	31	,	,	PUNCT
fsr-3134	242	32	and	and	CCONJ
fsr-3134	242	33	100	100	NUM
fsr-3134	242	34	years	year	NOUN
fsr-3134	242	35	.	.	PUNCT
fsr-3134	243	1	201m.g	201m.g	X
fsr-3134	243	2	.	.	PUNCT
fsr-3134	244	1	danielson	danielson	PROPN
fsr-3134	244	2	,	,	PUNCT
fsr-3134	244	3	j.l	j.l	PROPN
fsr-3134	244	4	.	.	PROPN
fsr-3134	244	5	heck	heck	PROPN
fsr-3134	244	6	/	/	SYM
fsr-3134	244	7	financial	financial	ADJ
fsr-3134	244	8	services	service	NOUN
fsr-3134	244	9	review	review	VERB
fsr-3134	244	10	23	23	NUM
fsr-3134	244	11	(	(	PUNCT
fsr-3134	244	12	2014	2014	NUM
fsr-3134	244	13	)	)	PUNCT
fsr-3134	245	1	189–206	189–206	NUM
fsr-3134	245	2	pronounced	pronounce	VERB
fsr-3134	245	3	.	.	PUNCT
fsr-3134	246	1	the	the	DET
fsr-3134	246	2	percentage	percentage	NOUN
fsr-3134	246	3	overstatement	overstatement	NOUN
fsr-3134	246	4	in	in	ADP
fsr-3134	246	5	a	a	DET
fsr-3134	246	6	perpetual	perpetual	ADJ
fsr-3134	246	7	growth	growth	NOUN
fsr-3134	246	8	model	model	NOUN
fsr-3134	246	9	value	value	NOUN
fsr-3134	246	10	estimate	estimate	NOUN
fsr-3134	246	11	is	be	AUX
fsr-3134	246	12	151.2	151.2	NUM
fsr-3134	246	13	%	%	NOUN
fsr-3134	246	14	when	when	SCONJ
fsr-3134	246	15	p	p	PROPN
fsr-3134	246	16	�	�	PROPN
fsr-3134	246	17	0.25	0.25	NUM
fsr-3134	246	18	%	%	NOUN
fsr-3134	246	19	and	and	CCONJ
fsr-3134	246	20	t	t	PROPN
fsr-3134	246	21	�	�	PROPN
fsr-3134	246	22	10	10	NUM
fsr-3134	246	23	years	year	NOUN
fsr-3134	246	24	(	(	PUNCT
fsr-3134	246	25	vs.	vs.	ADP
fsr-3134	246	26	99.9	99.9	NUM
fsr-3134	246	27	%	%	NOUN
fsr-3134	246	28	in	in	ADP
fsr-3134	246	29	table	table	NOUN
fsr-3134	246	30	3	3	NUM
fsr-3134	246	31	,	,	PUNCT
fsr-3134	246	32	p	p	PROPN
fsr-3134	246	33	�	�	PROPN
fsr-3134	246	34	0	0	NUM
fsr-3134	246	35	)	)	PUNCT
fsr-3134	246	36	,	,	PUNCT
fsr-3134	246	37	and	and	CCONJ
fsr-3134	246	38	is	be	AUX
fsr-3134	246	39	92.9	92.9	NUM
fsr-3134	246	40	%	%	NOUN
fsr-3134	246	41	when	when	SCONJ
fsr-3134	246	42	p	p	PROPN
fsr-3134	246	43	�	�	PROPN
fsr-3134	246	44	0.25	0.25	NUM
fsr-3134	246	45	%	%	NOUN
fsr-3134	246	46	and	and	CCONJ
fsr-3134	246	47	t	t	PROPN
fsr-3134	246	48	�	�	PROPN
fsr-3134	246	49	100	100	NUM
fsr-3134	246	50	(	(	PUNCT
fsr-3134	246	51	vs.	vs.	ADP
fsr-3134	246	52	48.8	48.8	NUM
fsr-3134	246	53	%	%	NOUN
fsr-3134	246	54	in	in	ADP
fsr-3134	246	55	table	table	NOUN
fsr-3134	246	56	3	3	NUM
fsr-3134	246	57	,	,	PUNCT
fsr-3134	246	58	p	p	PROPN
fsr-3134	246	59	�	�	PROPN
fsr-3134	246	60	0	0	NUM
fsr-3134	246	61	)	)	PUNCT
fsr-3134	246	62	.	.	PUNCT
fsr-3134	247	1	as	as	ADP
fsr-3134	247	2	the	the	DET
fsr-3134	247	3	estimated	estimate	VERB
fsr-3134	247	4	default	default	NOUN
fsr-3134	247	5	rate	rate	NOUN
fsr-3134	247	6	increases	increase	NOUN
fsr-3134	247	7	from	from	ADP
fsr-3134	247	8	panel	panel	NOUN
fsr-3134	247	9	b	b	PROPN
fsr-3134	247	10	to	to	ADP
fsr-3134	247	11	panel	panel	NOUN
fsr-3134	247	12	e	e	NOUN
fsr-3134	247	13	,	,	PUNCT
fsr-3134	247	14	the	the	DET
fsr-3134	247	15	potential	potential	ADJ
fsr-3134	247	16	overstatement	overstatement	NOUN
fsr-3134	247	17	embedded	embed	VERB
fsr-3134	247	18	in	in	ADP
fsr-3134	247	19	perpetual	perpetual	ADJ
fsr-3134	247	20	-	-	PUNCT
fsr-3134	247	21	growth	growth	NOUN
fsr-3134	247	22	-	-	PUNCT
fsr-3134	247	23	model	model	NOUN
fsr-3134	247	24	value	value	NOUN
fsr-3134	247	25	estimates	estimate	NOUN
fsr-3134	247	26	continues	continue	VERB
fsr-3134	247	27	to	to	PART
fsr-3134	247	28	grow	grow	VERB
fsr-3134	247	29	.	.	PUNCT
fsr-3134	248	1	if	if	SCONJ
fsr-3134	248	2	the	the	DET
fsr-3134	248	3	firm	firm	NOUN
fsr-3134	248	4	’s	’s	PART
fsr-3134	248	5	dividend	dividend	NOUN
fsr-3134	248	6	yield	yield	NOUN
fsr-3134	248	7	is	be	AUX
fsr-3134	248	8	3	3	NUM
fsr-3134	248	9	%	%	NOUN
fsr-3134	248	10	(	(	PUNCT
fsr-3134	248	11	scenario	scenario	NOUN
fsr-3134	248	12	1	1	NUM
fsr-3134	248	13	)	)	PUNCT
fsr-3134	248	14	,	,	PUNCT
fsr-3134	248	15	table	table	NOUN
fsr-3134	248	16	4	4	NUM
fsr-3134	248	17	,	,	PUNCT
fsr-3134	248	18	panel	panel	NOUN
fsr-3134	248	19	e	e	NOUN
fsr-3134	248	20	reveals	reveal	VERB
fsr-3134	248	21	that	that	SCONJ
fsr-3134	248	22	the	the	DET
fsr-3134	248	23	percentage	percentage	NOUN
fsr-3134	248	24	overstatement	overstatement	NOUN
fsr-3134	248	25	in	in	ADP
fsr-3134	248	26	a	a	DET
fsr-3134	248	27	perpetual	perpetual	ADJ
fsr-3134	248	28	-	-	PUNCT
fsr-3134	248	29	growth	growth	NOUN
fsr-3134	248	30	-	-	PUNCT
fsr-3134	248	31	model	model	NOUN
fsr-3134	248	32	value	value	NOUN
fsr-3134	248	33	estimate	estimate	NOUN
fsr-3134	248	34	is	be	AUX
fsr-3134	248	35	95.5	95.5	NUM
fsr-3134	248	36	%	%	NOUN
fsr-3134	248	37	when	when	SCONJ
fsr-3134	248	38	p	p	PROPN
fsr-3134	248	39	�	�	PROPN
fsr-3134	248	40	1	1	NUM
fsr-3134	248	41	%	%	NOUN
fsr-3134	248	42	and	and	CCONJ
fsr-3134	248	43	t	t	PROPN
fsr-3134	248	44	�	�	PROPN
fsr-3134	248	45	10	10	NUM
fsr-3134	248	46	years	year	NOUN
fsr-3134	248	47	(	(	PUNCT
fsr-3134	248	48	vs.	vs.	ADP
fsr-3134	248	49	65.1	65.1	NUM
fsr-3134	248	50	%	%	NOUN
fsr-3134	248	51	in	in	ADP
fsr-3134	248	52	table	table	NOUN
fsr-3134	248	53	3	3	NUM
fsr-3134	248	54	,	,	PUNCT
fsr-3134	248	55	p	p	PROPN
fsr-3134	248	56	�	�	PROPN
fsr-3134	248	57	0	0	NUM
fsr-3134	248	58	)	)	PUNCT
fsr-3134	248	59	,	,	PUNCT
fsr-3134	248	60	and	and	CCONJ
fsr-3134	248	61	is	be	AUX
fsr-3134	248	62	37.3	37.3	NUM
fsr-3134	248	63	%	%	NOUN
fsr-3134	248	64	when	when	SCONJ
fsr-3134	248	65	p	p	PROPN
fsr-3134	248	66	�	�	PROPN
fsr-3134	248	67	1	1	NUM
fsr-3134	248	68	%	%	NOUN
fsr-3134	248	69	and	and	CCONJ
fsr-3134	248	70	t	t	PROPN
fsr-3134	248	71	�	�	PROPN
fsr-3134	248	72	100	100	NUM
fsr-3134	248	73	(	(	PUNCT
fsr-3134	248	74	vs.	vs.	ADP
fsr-3134	248	75	3.1	3.1	NUM
fsr-3134	248	76	%	%	NOUN
fsr-3134	248	77	in	in	ADP
fsr-3134	248	78	table	table	NOUN
fsr-3134	248	79	3	3	NUM
fsr-3134	248	80	,	,	PUNCT
fsr-3134	248	81	p	p	PROPN
fsr-3134	248	82	�	�	PROPN
fsr-3134	248	83	0	0	NUM
fsr-3134	248	84	)	)	PUNCT
fsr-3134	248	85	.	.	PUNCT
fsr-3134	249	1	if	if	SCONJ
fsr-3134	249	2	the	the	DET
fsr-3134	249	3	firm	firm	NOUN
fsr-3134	249	4	’s	’s	PART
fsr-3134	249	5	dividend	dividend	NOUN
fsr-3134	249	6	yield	yield	NOUN
fsr-3134	249	7	is	be	AUX
fsr-3134	249	8	only	only	ADV
fsr-3134	249	9	0.5	0.5	NUM
fsr-3134	249	10	%	%	NOUN
fsr-3134	249	11	(	(	PUNCT
fsr-3134	249	12	scenario	scenario	NOUN
fsr-3134	249	13	4	4	NUM
fsr-3134	249	14	)	)	PUNCT
fsr-3134	249	15	,	,	PUNCT
fsr-3134	249	16	the	the	DET
fsr-3134	249	17	percentage	percentage	NOUN
fsr-3134	249	18	overstatement	overstatement	NOUN
fsr-3134	249	19	is	be	AUX
fsr-3134	249	20	306.8	306.8	NUM
fsr-3134	249	21	%	%	NOUN
fsr-3134	249	22	when	when	SCONJ
fsr-3134	249	23	p	p	PROPN
fsr-3134	249	24	�	�	PROPN
fsr-3134	249	25	1	1	NUM
fsr-3134	249	26	%	%	NOUN
fsr-3134	249	27	and	and	CCONJ
fsr-3134	249	28	t	t	PROPN
fsr-3134	249	29	�	�	PROPN
fsr-3134	249	30	10	10	NUM
fsr-3134	249	31	years	year	NOUN
fsr-3134	249	32	(	(	PUNCT
fsr-3134	249	33	vs.	vs.	ADP
fsr-3134	249	34	99.9	99.9	NUM
fsr-3134	249	35	%	%	NOUN
fsr-3134	249	36	in	in	ADP
fsr-3134	249	37	table	table	NOUN
fsr-3134	249	38	3	3	NUM
fsr-3134	249	39	,	,	PUNCT
fsr-3134	249	40	p	p	PROPN
fsr-3134	249	41	�	�	PROPN
fsr-3134	249	42	0	0	NUM
fsr-3134	249	43	)	)	PUNCT
fsr-3134	249	44	,	,	PUNCT
fsr-3134	249	45	and	and	CCONJ
fsr-3134	249	46	is	be	AUX
fsr-3134	249	47	236.0	236.0	NUM
fsr-3134	249	48	%	%	NOUN
fsr-3134	249	49	when	when	SCONJ
fsr-3134	249	50	p	p	PROPN
fsr-3134	249	51	�	�	PROPN
fsr-3134	249	52	1	1	NUM
fsr-3134	249	53	%	%	NOUN
fsr-3134	249	54	and	and	CCONJ
fsr-3134	249	55	t	t	PROPN
fsr-3134	249	56	�	�	PROPN
fsr-3134	249	57	100	100	NUM
fsr-3134	249	58	(	(	PUNCT
fsr-3134	249	59	vs.	vs.	ADP
fsr-3134	249	60	48.8	48.8	NUM
fsr-3134	249	61	%	%	NOUN
fsr-3134	249	62	in	in	ADP
fsr-3134	249	63	table	table	NOUN
fsr-3134	249	64	3	3	NUM
fsr-3134	249	65	,	,	PUNCT
fsr-3134	249	66	p	p	PROPN
fsr-3134	249	67	�	�	PROPN
fsr-3134	249	68	0	0	NUM
fsr-3134	249	69	)	)	PUNCT
fsr-3134	249	70	.	.	PUNCT
fsr-3134	250	1	the	the	DET
fsr-3134	250	2	results	result	NOUN
fsr-3134	250	3	in	in	ADP
fsr-3134	250	4	table	table	NOUN
fsr-3134	250	5	4	4	NUM
fsr-3134	250	6	further	far	ADV
fsr-3134	250	7	limit	limit	VERB
fsr-3134	250	8	the	the	DET
fsr-3134	250	9	population	population	NOUN
fsr-3134	250	10	of	of	ADP
fsr-3134	250	11	firms	firm	NOUN
fsr-3134	250	12	for	for	ADP
fsr-3134	250	13	which	which	PRON
fsr-3134	250	14	the	the	DET
fsr-3134	250	15	perpetual	perpetual	ADJ
fsr-3134	250	16	growth	growth	NOUN
fsr-3134	250	17	model	model	NOUN
fsr-3134	250	18	is	be	AUX
fsr-3134	250	19	an	an	DET
fsr-3134	250	20	appropriate	appropriate	ADJ
fsr-3134	250	21	valuation	valuation	NOUN
fsr-3134	250	22	tool	tool	NOUN
fsr-3134	250	23	.	.	PUNCT
fsr-3134	251	1	in	in	ADP
fsr-3134	251	2	addition	addition	NOUN
fsr-3134	251	3	to	to	ADP
fsr-3134	251	4	having	have	VERB
fsr-3134	251	5	a	a	DET
fsr-3134	251	6	high	high	ADJ
fsr-3134	251	7	dividend	dividend	NOUN
fsr-3134	251	8	yield	yield	NOUN
fsr-3134	251	9	and	and	CCONJ
fsr-3134	251	10	a	a	DET
fsr-3134	251	11	strong	strong	ADJ
fsr-3134	251	12	competitive	competitive	ADJ
fsr-3134	251	13	advantage	advantage	NOUN
fsr-3134	251	14	,	,	PUNCT
fsr-3134	251	15	the	the	DET
fsr-3134	251	16	firm	firm	NOUN
fsr-3134	251	17	should	should	AUX
fsr-3134	251	18	also	also	ADV
fsr-3134	251	19	be	be	AUX
fsr-3134	251	20	financially	financially	ADV
fsr-3134	251	21	strong	strong	ADJ
fsr-3134	251	22	,	,	PUNCT
fsr-3134	251	23	with	with	ADP
fsr-3134	251	24	a	a	DET
fsr-3134	251	25	very	very	ADV
fsr-3134	251	26	low	low	ADJ
fsr-3134	251	27	probability	probability	NOUN
fsr-3134	251	28	of	of	ADP
fsr-3134	251	29	default	default	NOUN
fsr-3134	251	30	.	.	PUNCT
fsr-3134	252	1	5	5	X
fsr-3134	252	2	.	.	X
fsr-3134	252	3	conclusions	conclusion	NOUN
fsr-3134	252	4	the	the	DET
fsr-3134	252	5	perpetual	perpetual	ADJ
fsr-3134	252	6	-	-	PUNCT
fsr-3134	252	7	growth	growth	NOUN
fsr-3134	252	8	model	model	NOUN
fsr-3134	252	9	provides	provide	VERB
fsr-3134	252	10	investors	investor	NOUN
fsr-3134	252	11	with	with	ADP
fsr-3134	252	12	a	a	DET
fsr-3134	252	13	simple	simple	ADJ
fsr-3134	252	14	way	way	NOUN
fsr-3134	252	15	to	to	PART
fsr-3134	252	16	calculate	calculate	VERB
fsr-3134	252	17	the	the	DET
fsr-3134	252	18	present	present	ADJ
fsr-3134	252	19	value	value	NOUN
fsr-3134	252	20	of	of	ADP
fsr-3134	252	21	a	a	DET
fsr-3134	252	22	perpetual	perpetual	ADJ
fsr-3134	252	23	dividend	dividend	NOUN
fsr-3134	252	24	stream	stream	NOUN
fsr-3134	252	25	.	.	PUNCT
fsr-3134	253	1	the	the	DET
fsr-3134	253	2	model	model	NOUN
fsr-3134	253	3	is	be	AUX
fsr-3134	253	4	a	a	DET
fsr-3134	253	5	very	very	ADV
fsr-3134	253	6	useful	useful	ADJ
fsr-3134	253	7	teaching	teaching	NOUN
fsr-3134	253	8	tool	tool	NOUN
fsr-3134	253	9	,	,	PUNCT
fsr-3134	253	10	as	as	SCONJ
fsr-3134	253	11	it	it	PRON
fsr-3134	253	12	clearly	clearly	ADV
fsr-3134	253	13	illustrates	illustrate	VERB
fsr-3134	253	14	the	the	DET
fsr-3134	253	15	links	link	NOUN
fsr-3134	253	16	between	between	ADP
fsr-3134	253	17	reinvestment	reinvestment	NOUN
fsr-3134	253	18	policies	policy	NOUN
fsr-3134	253	19	,	,	PUNCT
fsr-3134	253	20	reinvestment	reinvestment	NOUN
fsr-3134	253	21	returns	return	NOUN
fsr-3134	253	22	,	,	PUNCT
fsr-3134	253	23	and	and	CCONJ
fsr-3134	253	24	stock	stock	NOUN
fsr-3134	253	25	prices	price	NOUN
fsr-3134	253	26	.	.	PUNCT
fsr-3134	254	1	in	in	ADP
fsr-3134	254	2	addition	addition	NOUN
fsr-3134	254	3	,	,	PUNCT
fsr-3134	254	4	the	the	DET
fsr-3134	254	5	economic	economic	ADJ
fsr-3134	254	6	interpretation	interpretation	NOUN
fsr-3134	254	7	of	of	ADP
fsr-3134	254	8	valuation	valuation	NOUN
fsr-3134	254	9	ratios	ratio	NOUN
fsr-3134	254	10	(	(	PUNCT
fsr-3134	254	11	such	such	ADJ
fsr-3134	254	12	as	as	ADP
fsr-3134	254	13	the	the	DET
fsr-3134	254	14	price	price	NOUN
fsr-3134	254	15	-	-	PUNCT
fsr-3134	254	16	to	to	ADP
fsr-3134	254	17	-	-	PUNCT
fsr-3134	254	18	earnings	earning	NOUN
fsr-3134	254	19	ratio	ratio	NOUN
fsr-3134	254	20	)	)	PUNCT
fsr-3134	254	21	is	be	AUX
fsr-3134	254	22	often	often	ADV
fsr-3134	254	23	explained	explain	VERB
fsr-3134	254	24	within	within	ADP
fsr-3134	254	25	the	the	DET
fsr-3134	254	26	framework	framework	NOUN
fsr-3134	254	27	of	of	ADP
fsr-3134	254	28	the	the	DET
fsr-3134	254	29	constant	constant	ADJ
fsr-3134	254	30	growth	growth	NOUN
fsr-3134	254	31	model	model	NOUN
fsr-3134	254	32	(	(	PUNCT
fsr-3134	254	33	e.g.	e.g.	ADV
fsr-3134	254	34	,	,	PUNCT
fsr-3134	254	35	leibowitz	leibowitz	PROPN
fsr-3134	254	36	and	and	CCONJ
fsr-3134	254	37	kogelman	kogelman	NOUN
fsr-3134	254	38	,	,	PUNCT
fsr-3134	254	39	1990	1990	NUM
fsr-3134	254	40	)	)	PUNCT
fsr-3134	254	41	.	.	PUNCT
fsr-3134	255	1	thus	thus	ADV
fsr-3134	255	2	,	,	PUNCT
fsr-3134	255	3	it	it	PRON
fsr-3134	255	4	is	be	AUX
fsr-3134	255	5	not	not	PART
fsr-3134	255	6	surprising	surprising	ADJ
fsr-3134	255	7	that	that	SCONJ
fsr-3134	255	8	the	the	DET
fsr-3134	255	9	model	model	NOUN
fsr-3134	255	10	“	"	PUNCT
fsr-3134	255	11	…	…	PUNCT
fsr-3134	255	12	is	be	AUX
fsr-3134	255	13	taught	teach	VERB
fsr-3134	255	14	in	in	ADP
fsr-3134	255	15	all	all	DET
fsr-3134	255	16	top	top	ADJ
fsr-3134	255	17	-	-	PUNCT
fsr-3134	255	18	tier	tier	NOUN
fsr-3134	255	19	business	business	NOUN
fsr-3134	255	20	schools	school	NOUN
fsr-3134	255	21	…	…	PUNCT
fsr-3134	255	22	”	"	PUNCT
fsr-3134	255	23	as	as	SCONJ
fsr-3134	255	24	noted	note	VERB
fsr-3134	255	25	by	by	ADP
fsr-3134	255	26	bradley	bradley	PROPN
fsr-3134	255	27	and	and	CCONJ
fsr-3134	255	28	jarrell	jarrell	PROPN
fsr-3134	255	29	(	(	PUNCT
fsr-3134	255	30	2008	2008	NUM
fsr-3134	255	31	)	)	PUNCT
fsr-3134	255	32	.	.	PUNCT
fsr-3134	256	1	moving	move	VERB
fsr-3134	256	2	from	from	ADP
fsr-3134	256	3	the	the	DET
fsr-3134	256	4	classroom	classroom	NOUN
fsr-3134	256	5	to	to	ADP
fsr-3134	256	6	the	the	DET
fsr-3134	256	7	investing	investing	NOUN
fsr-3134	256	8	world	world	NOUN
fsr-3134	256	9	,	,	PUNCT
fsr-3134	256	10	however	however	ADV
fsr-3134	256	11	,	,	PUNCT
fsr-3134	256	12	the	the	DET
fsr-3134	256	13	usefulness	usefulness	NOUN
fsr-3134	256	14	of	of	ADP
fsr-3134	256	15	the	the	DET
fsr-3134	256	16	model	model	NOUN
fsr-3134	256	17	can	can	AUX
fsr-3134	256	18	be	be	AUX
fsr-3134	256	19	called	call	VERB
fsr-3134	256	20	into	into	ADP
fsr-3134	256	21	question	question	NOUN
fsr-3134	256	22	.	.	PUNCT
fsr-3134	257	1	to	to	PART
fsr-3134	257	2	exploit	exploit	VERB
fsr-3134	257	3	the	the	DET
fsr-3134	257	4	computational	computational	ADJ
fsr-3134	257	5	elegance	elegance	NOUN
fsr-3134	257	6	of	of	ADP
fsr-3134	257	7	the	the	DET
fsr-3134	257	8	model	model	NOUN
fsr-3134	257	9	,	,	PUNCT
fsr-3134	257	10	one	one	PRON
fsr-3134	257	11	must	must	AUX
fsr-3134	257	12	assume	assume	VERB
fsr-3134	257	13	that	that	SCONJ
fsr-3134	257	14	cash	cash	NOUN
fsr-3134	257	15	flows	flow	NOUN
fsr-3134	257	16	will	will	AUX
fsr-3134	257	17	grow	grow	VERB
fsr-3134	257	18	at	at	ADP
fsr-3134	257	19	a	a	DET
fsr-3134	257	20	constant	constant	ADJ
fsr-3134	257	21	rate	rate	NOUN
fsr-3134	257	22	forever	forever	ADV
fsr-3134	257	23	.	.	PUNCT
fsr-3134	258	1	this	this	DET
fsr-3134	258	2	assumption	assumption	NOUN
fsr-3134	258	3	is	be	AUX
fsr-3134	258	4	of	of	ADP
fsr-3134	258	5	dubious	dubious	ADJ
fsr-3134	258	6	validity	validity	NOUN
fsr-3134	258	7	in	in	ADP
fsr-3134	258	8	a	a	DET
fsr-3134	258	9	competitive	competitive	ADJ
fsr-3134	258	10	economy	economy	NOUN
fsr-3134	258	11	,	,	PUNCT
fsr-3134	258	12	where	where	SCONJ
fsr-3134	258	13	a	a	DET
fsr-3134	258	14	firm	firm	NOUN
fsr-3134	258	15	’s	’s	PART
fsr-3134	258	16	growth	growth	NOUN
fsr-3134	258	17	can	can	AUX
fsr-3134	258	18	be	be	AUX
fsr-3134	258	19	derailed	derail	VERB
fsr-3134	258	20	by	by	ADP
fsr-3134	258	21	internal	internal	ADJ
fsr-3134	258	22	mistakes	mistake	NOUN
fsr-3134	258	23	,	,	PUNCT
fsr-3134	258	24	innovations	innovation	NOUN
fsr-3134	258	25	by	by	ADP
fsr-3134	258	26	other	other	ADJ
fsr-3134	258	27	firms	firm	NOUN
fsr-3134	258	28	,	,	PUNCT
fsr-3134	258	29	or	or	CCONJ
fsr-3134	258	30	macroeconomic	macroeconomic	ADJ
fsr-3134	258	31	shocks	shock	NOUN
fsr-3134	258	32	.	.	PUNCT
fsr-3134	259	1	the	the	DET
fsr-3134	259	2	analytical	analytical	ADJ
fsr-3134	259	3	results	result	NOUN
fsr-3134	259	4	in	in	ADP
fsr-3134	259	5	this	this	DET
fsr-3134	259	6	article	article	NOUN
fsr-3134	259	7	suggest	suggest	VERB
fsr-3134	259	8	that	that	SCONJ
fsr-3134	259	9	the	the	DET
fsr-3134	259	10	perpetual	perpetual	ADJ
fsr-3134	259	11	-	-	PUNCT
fsr-3134	259	12	growth	growth	NOUN
fsr-3134	259	13	model	model	NOUN
fsr-3134	259	14	should	should	AUX
fsr-3134	259	15	be	be	AUX
fsr-3134	259	16	applied	apply	VERB
fsr-3134	259	17	in	in	ADP
fsr-3134	259	18	a	a	DET
fsr-3134	259	19	very	very	ADV
fsr-3134	259	20	limited	limited	ADJ
fsr-3134	259	21	set	set	NOUN
fsr-3134	259	22	of	of	ADP
fsr-3134	259	23	circumstances	circumstance	NOUN
fsr-3134	259	24	:	:	PUNCT
fsr-3134	259	25	when	when	SCONJ
fsr-3134	259	26	the	the	DET
fsr-3134	259	27	firm	firm	NOUN
fsr-3134	259	28	faces	face	VERB
fsr-3134	259	29	a	a	DET
fsr-3134	259	30	low	low	ADJ
fsr-3134	259	31	default	default	NOUN
fsr-3134	259	32	probability	probability	NOUN
fsr-3134	259	33	,	,	PUNCT
fsr-3134	259	34	when	when	SCONJ
fsr-3134	259	35	only	only	ADV
fsr-3134	259	36	a	a	DET
fsr-3134	259	37	small	small	ADJ
fsr-3134	259	38	portion	portion	NOUN
fsr-3134	259	39	of	of	ADP
fsr-3134	259	40	the	the	DET
fsr-3134	259	41	growth	growth	NOUN
fsr-3134	259	42	will	will	AUX
fsr-3134	259	43	be	be	AUX
fsr-3134	259	44	the	the	DET
fsr-3134	259	45	result	result	NOUN
fsr-3134	259	46	of	of	ADP
fsr-3134	259	47	positive	positive	ADJ
fsr-3134	259	48	net	net	ADJ
fsr-3134	259	49	present	present	ADJ
fsr-3134	259	50	value	value	NOUN
fsr-3134	259	51	investments	investment	NOUN
fsr-3134	259	52	,	,	PUNCT
fsr-3134	259	53	and	and	CCONJ
fsr-3134	259	54	when	when	SCONJ
fsr-3134	259	55	the	the	DET
fsr-3134	259	56	firm	firm	NOUN
fsr-3134	259	57	’s	’s	PART
fsr-3134	259	58	dividend	dividend	NOUN
fsr-3134	259	59	yield	yield	NOUN
fsr-3134	259	60	is	be	AUX
fsr-3134	259	61	sufficiently	sufficiently	ADV
fsr-3134	259	62	large	large	ADJ
fsr-3134	259	63	.	.	PUNCT
fsr-3134	260	1	along	along	ADP
fsr-3134	260	2	these	these	DET
fsr-3134	260	3	lines	line	NOUN
fsr-3134	260	4	,	,	PUNCT
fsr-3134	260	5	foerster	foerster	PROPN
fsr-3134	260	6	and	and	CCONJ
fsr-3134	260	7	sapp	sapp	PROPN
fsr-3134	260	8	(	(	PUNCT
fsr-3134	260	9	2005	2005	NUM
fsr-3134	260	10	)	)	PUNCT
fsr-3134	260	11	show	show	VERB
fsr-3134	260	12	that	that	SCONJ
fsr-3134	260	13	the	the	DET
fsr-3134	260	14	constant	constant	ADJ
fsr-3134	260	15	-	-	PUNCT
fsr-3134	260	16	growth	growth	NOUN
fsr-3134	260	17	model	model	NOUN
fsr-3134	260	18	produced	produce	VERB
fsr-3134	260	19	reasonable	reasonable	ADJ
fsr-3134	260	20	value	value	NOUN
fsr-3134	260	21	estimates	estimate	NOUN
fsr-3134	260	22	for	for	ADP
fsr-3134	260	23	the	the	DET
fsr-3134	260	24	bank	bank	PROPN
fsr-3134	260	25	of	of	ADP
fsr-3134	260	26	montreal	montreal	PROPN
fsr-3134	260	27	(	(	PUNCT
fsr-3134	260	28	e.g.	e.g.	ADV
fsr-3134	260	29	,	,	PUNCT
fsr-3134	260	30	value	value	NOUN
fsr-3134	260	31	estimates	estimate	NOUN
fsr-3134	260	32	that	that	PRON
fsr-3134	260	33	approximated	approximate	VERB
fsr-3134	260	34	historical	historical	ADJ
fsr-3134	260	35	stock	stock	NOUN
fsr-3134	260	36	prices	price	NOUN
fsr-3134	260	37	)	)	PUNCT
fsr-3134	260	38	,	,	PUNCT
fsr-3134	260	39	a	a	DET
fsr-3134	260	40	large	large	ADJ
fsr-3134	260	41	,	,	PUNCT
fsr-3134	260	42	mature	mature	ADJ
fsr-3134	260	43	,	,	PUNCT
fsr-3134	260	44	dividend	dividend	NOUN
fsr-3134	260	45	-	-	PUNCT
fsr-3134	260	46	paying	pay	VERB
fsr-3134	260	47	company	company	NOUN
fsr-3134	260	48	.	.	PUNCT
fsr-3134	261	1	for	for	ADP
fsr-3134	261	2	firms	firm	NOUN
fsr-3134	261	3	that	that	PRON
fsr-3134	261	4	do	do	AUX
fsr-3134	261	5	not	not	PART
fsr-3134	261	6	fit	fit	VERB
fsr-3134	261	7	this	this	DET
fsr-3134	261	8	profile	profile	NOUN
fsr-3134	261	9	,	,	PUNCT
fsr-3134	261	10	individual	individual	ADJ
fsr-3134	261	11	investors	investor	NOUN
fsr-3134	261	12	,	,	PUNCT
fsr-3134	261	13	financial	financial	ADJ
fsr-3134	261	14	analysts	analyst	NOUN
fsr-3134	261	15	,	,	PUNCT
fsr-3134	261	16	and	and	CCONJ
fsr-3134	261	17	financial	financial	ADJ
fsr-3134	261	18	planners	planner	NOUN
fsr-3134	261	19	should	should	AUX
fsr-3134	261	20	use	use	VERB
fsr-3134	261	21	the	the	DET
fsr-3134	261	22	perpetualgrowth	perpetualgrowth	ADJ
fsr-3134	261	23	model	model	NOUN
fsr-3134	261	24	with	with	ADP
fsr-3134	261	25	caution	caution	NOUN
fsr-3134	261	26	.	.	PUNCT
fsr-3134	262	1	202	202	NUM
fsr-3134	262	2	m.g	m.g	PROPN
fsr-3134	262	3	.	.	PROPN
fsr-3134	262	4	danielson	danielson	PROPN
fsr-3134	262	5	,	,	PUNCT
fsr-3134	262	6	j.l	j.l	PROPN
fsr-3134	262	7	.	.	PROPN
fsr-3134	262	8	heck	heck	PROPN
fsr-3134	262	9	/	/	SYM
fsr-3134	262	10	financial	financial	ADJ
fsr-3134	262	11	services	service	NOUN
fsr-3134	262	12	review	review	VERB
fsr-3134	262	13	23	23	NUM
fsr-3134	262	14	(	(	PUNCT
fsr-3134	262	15	2014	2014	NUM
fsr-3134	262	16	)	)	PUNCT
fsr-3134	263	1	189–206	189–206	NUM
fsr-3134	263	2	notes	note	NOUN
fsr-3134	263	3	1	1	NUM
fsr-3134	263	4	we	we	PRON
fsr-3134	263	5	acknowledge	acknowledge	VERB
fsr-3134	263	6	that	that	SCONJ
fsr-3134	263	7	this	this	DET
fsr-3134	263	8	statement	statement	NOUN
fsr-3134	263	9	is	be	AUX
fsr-3134	263	10	true	true	ADJ
fsr-3134	263	11	(	(	PUNCT
fsr-3134	263	12	for	for	ADP
fsr-3134	263	13	the	the	DET
fsr-3134	263	14	perpetual	perpetual	ADJ
fsr-3134	263	15	growth	growth	NOUN
fsr-3134	263	16	model	model	NOUN
fsr-3134	263	17	)	)	PUNCT
fsr-3134	263	18	only	only	ADV
fsr-3134	263	19	over	over	ADP
fsr-3134	263	20	the	the	DET
fsr-3134	263	21	range	range	NOUN
fsr-3134	263	22	of	of	ADP
fsr-3134	263	23	reinvestment	reinvestment	NOUN
fsr-3134	263	24	rates	rate	NOUN
fsr-3134	263	25	,	,	PUNCT
fsr-3134	263	26	b	b	NOUN
fsr-3134	263	27	,	,	PUNCT
fsr-3134	263	28	in	in	ADP
fsr-3134	263	29	which	which	PRON
fsr-3134	263	30	the	the	DET
fsr-3134	263	31	implied	imply	VERB
fsr-3134	263	32	growth	growth	NOUN
fsr-3134	263	33	rate	rate	NOUN
fsr-3134	263	34	g	g	PROPN
fsr-3134	263	35	(	(	PUNCT
fsr-3134	263	36	�	�	PROPN
fsr-3134	263	37	brn	brn	PROPN
fsr-3134	263	38	)	)	PUNCT
fsr-3134	263	39	is	be	AUX
fsr-3134	263	40	less	less	ADJ
fsr-3134	263	41	than	than	SCONJ
fsr-3134	263	42	the	the	DET
fsr-3134	263	43	required	require	VERB
fsr-3134	263	44	return	return	NOUN
fsr-3134	263	45	r.	r.	PROPN
fsr-3134	263	46	2	2	NUM
fsr-3134	263	47	danielson	danielson	NOUN
fsr-3134	263	48	and	and	CCONJ
fsr-3134	263	49	scott	scott	PROPN
fsr-3134	263	50	(	(	PUNCT
fsr-3134	263	51	2000	2000	NUM
fsr-3134	263	52	)	)	PUNCT
fsr-3134	263	53	and	and	CCONJ
fsr-3134	263	54	weston	weston	PROPN
fsr-3134	263	55	,	,	PUNCT
fsr-3134	263	56	chung	chung	PROPN
fsr-3134	263	57	,	,	PUNCT
fsr-3134	263	58	and	and	CCONJ
fsr-3134	263	59	siu	siu	NOUN
fsr-3134	263	60	(	(	PUNCT
fsr-3134	263	61	1998	1998	NUM
fsr-3134	263	62	)	)	PUNCT
fsr-3134	263	63	use	use	VERB
fsr-3134	263	64	a	a	DET
fsr-3134	263	65	similar	similar	ADJ
fsr-3134	263	66	approach	approach	NOUN
fsr-3134	263	67	to	to	PART
fsr-3134	263	68	reconcile	reconcile	VERB
fsr-3134	263	69	the	the	DET
fsr-3134	263	70	constant	constant	ADJ
fsr-3134	263	71	growth	growth	NOUN
fsr-3134	263	72	model	model	NOUN
fsr-3134	263	73	in	in	ADP
fsr-3134	263	74	nominal	nominal	ADJ
fsr-3134	263	75	terms	term	NOUN
fsr-3134	263	76	to	to	ADP
fsr-3134	263	77	the	the	DET
fsr-3134	263	78	constant	constant	ADJ
fsr-3134	263	79	growth	growth	NOUN
fsr-3134	263	80	model	model	NOUN
fsr-3134	263	81	in	in	ADP
fsr-3134	263	82	real	real	ADJ
fsr-3134	263	83	terms	term	NOUN
fsr-3134	263	84	.	.	PUNCT
fsr-3134	264	1	3	3	NUM
fsr-3134	264	2	for	for	ADP
fsr-3134	264	3	example	example	NOUN
fsr-3134	264	4	,	,	PUNCT
fsr-3134	264	5	assume	assume	VERB
fsr-3134	264	6	that	that	SCONJ
fsr-3134	264	7	b	b	PROPN
fsr-3134	264	8	�	�	PROPN
fsr-3134	264	9	0.4	0.4	NUM
fsr-3134	264	10	,	,	PUNCT
fsr-3134	264	11	e1	e1	NOUN
fsr-3134	264	12	�	�	PROPN
fsr-3134	264	13	$	$	SYM
fsr-3134	264	14	1	1	NUM
fsr-3134	264	15	,	,	PUNCT
fsr-3134	264	16	r	r	NOUN
fsr-3134	264	17	�	�	PROPN
fsr-3134	264	18	8	8	NUM
fsr-3134	264	19	%	%	NOUN
fsr-3134	264	20	,	,	PUNCT
fsr-3134	264	21	rn	rn	PROPN
fsr-3134	264	22	�	�	PROPN
fsr-3134	264	23	12	12	NUM
fsr-3134	264	24	%	%	NOUN
fsr-3134	264	25	,	,	PUNCT
fsr-3134	264	26	and	and	CCONJ
fsr-3134	264	27	h	h	PROPN
fsr-3134	264	28	�	�	PROPN
fsr-3134	264	29	2	2	NUM
fsr-3134	264	30	%	%	NOUN
fsr-3134	264	31	.	.	PUNCT
fsr-3134	265	1	thus	thus	ADV
fsr-3134	265	2	,	,	PUNCT
fsr-3134	265	3	next	next	ADJ
fsr-3134	265	4	year	year	NOUN
fsr-3134	265	5	’s	’s	PART
fsr-3134	265	6	nominal	nominal	ADJ
fsr-3134	265	7	earnings	earning	NOUN
fsr-3134	265	8	are	be	AUX
fsr-3134	265	9	$	$	SYM
fsr-3134	265	10	1.02	1.02	NUM
fsr-3134	265	11	,	,	PUNCT
fsr-3134	265	12	the	the	DET
fsr-3134	265	13	nominal	nominal	ADJ
fsr-3134	265	14	required	require	VERB
fsr-3134	265	15	return	return	NOUN
fsr-3134	265	16	is	be	AUX
fsr-3134	265	17	10.16	10.16	NUM
fsr-3134	265	18	%	%	NOUN
fsr-3134	265	19	,	,	PUNCT
fsr-3134	265	20	and	and	CCONJ
fsr-3134	265	21	the	the	DET
fsr-3134	265	22	nominal	nominal	ADJ
fsr-3134	265	23	growth	growth	NOUN
fsr-3134	265	24	rate	rate	NOUN
fsr-3134	265	25	is	be	AUX
fsr-3134	265	26	6.896	6.896	NUM
fsr-3134	265	27	%	%	NOUN
fsr-3134	265	28	(	(	PUNCT
fsr-3134	265	29	�	�	PROPN
fsr-3134	265	30	(	(	PUNCT
fsr-3134	265	31	1	1	NUM
fsr-3134	265	32	–	–	PUNCT
fsr-3134	265	33	0.4)(2	0.4)(2	NUM
fsr-3134	265	34	%	%	NOUN
fsr-3134	265	35	)	)	PUNCT
fsr-3134	265	36	�	�	PROPN
fsr-3134	265	37	0.4(14.24	0.4(14.24	NUM
fsr-3134	265	38	%	%	NOUN
fsr-3134	265	39	)	)	PUNCT
fsr-3134	265	40	)	)	PUNCT
fsr-3134	265	41	.	.	PUNCT
fsr-3134	266	1	using	use	VERB
fsr-3134	266	2	real	real	ADJ
fsr-3134	266	3	inputs	input	NOUN
fsr-3134	266	4	,	,	PUNCT
fsr-3134	266	5	the	the	DET
fsr-3134	266	6	stock	stock	NOUN
fsr-3134	266	7	price	price	NOUN
fsr-3134	266	8	is	be	AUX
fsr-3134	266	9	$	$	SYM
fsr-3134	266	10	18.75	18.75	NUM
fsr-3134	266	11	(	(	PUNCT
fsr-3134	266	12	�	�	PROPN
fsr-3134	266	13	[	[	PUNCT
fsr-3134	266	14	$	$	SYM
fsr-3134	266	15	1(1	1(1	NUM
fsr-3134	266	16	–	–	PUNCT
fsr-3134	266	17	0.4)]/[0.08	0.4)]/[0.08	NUM
fsr-3134	266	18	–	–	PUNCT
fsr-3134	266	19	0.4(0.12	0.4(0.12	NUM
fsr-3134	266	20	)	)	PUNCT
fsr-3134	266	21	]	]	PUNCT
fsr-3134	266	22	.	.	PUNCT
fsr-3134	267	1	the	the	DET
fsr-3134	267	2	stock	stock	NOUN
fsr-3134	267	3	price	price	NOUN
fsr-3134	267	4	using	use	VERB
fsr-3134	267	5	eq	eq	X
fsr-3134	267	6	.	.	PUNCT
fsr-3134	268	1	(	(	PUNCT
fsr-3134	268	2	3	3	NUM
fsr-3134	268	3	)	)	PUNCT
fsr-3134	268	4	and	and	CCONJ
fsr-3134	268	5	nominal	nominal	ADJ
fsr-3134	268	6	inputs	input	NOUN
fsr-3134	268	7	is	be	AUX
fsr-3134	268	8	also	also	ADV
fsr-3134	268	9	$	$	SYM
fsr-3134	268	10	18.75	18.75	NUM
fsr-3134	268	11	(	(	PUNCT
fsr-3134	268	12	�	�	PROPN
fsr-3134	268	13	[	[	PUNCT
fsr-3134	268	14	$	$	SYM
fsr-3134	268	15	1.02(1	1.02(1	NUM
fsr-3134	268	16	–	–	PUNCT
fsr-3134	268	17	0.4)]/[0.1016	0.4)]/[0.1016	X
fsr-3134	268	18	–	–	PUNCT
fsr-3134	268	19	0.06896	0.06896	NUM
fsr-3134	268	20	]	]	PUNCT
fsr-3134	268	21	.	.	PUNCT
fsr-3134	269	1	in	in	ADP
fsr-3134	269	2	contrast	contrast	NOUN
fsr-3134	269	3	,	,	PUNCT
fsr-3134	269	4	if	if	SCONJ
fsr-3134	269	5	the	the	DET
fsr-3134	269	6	nominal	nominal	ADJ
fsr-3134	269	7	growth	growth	NOUN
fsr-3134	269	8	rate	rate	NOUN
fsr-3134	269	9	is	be	AUX
fsr-3134	269	10	defined	define	VERB
fsr-3134	269	11	simply	simply	ADV
fsr-3134	269	12	as	as	SCONJ
fsr-3134	269	13	the	the	DET
fsr-3134	269	14	retention	retention	NOUN
fsr-3134	269	15	rate	rate	NOUN
fsr-3134	269	16	times	time	NOUN
fsr-3134	269	17	the	the	DET
fsr-3134	269	18	nominal	nominal	ADJ
fsr-3134	269	19	return	return	NOUN
fsr-3134	269	20	on	on	ADP
fsr-3134	269	21	investments	investment	NOUN
fsr-3134	269	22	,	,	PUNCT
fsr-3134	269	23	5.696	5.696	NUM
fsr-3134	269	24	%	%	NOUN
fsr-3134	269	25	�	�	PROPN
fsr-3134	269	26	0.4(14.24	0.4(14.24	NOUN
fsr-3134	269	27	%	%	NOUN
fsr-3134	269	28	)	)	PUNCT
fsr-3134	269	29	,	,	PUNCT
fsr-3134	269	30	the	the	DET
fsr-3134	269	31	estimated	estimate	VERB
fsr-3134	269	32	stock	stock	NOUN
fsr-3134	269	33	price	price	NOUN
fsr-3134	269	34	using	use	VERB
fsr-3134	269	35	this	this	DET
fsr-3134	269	36	(	(	PUNCT
fsr-3134	269	37	incomplete	incomplete	ADJ
fsr-3134	269	38	)	)	PUNCT
fsr-3134	269	39	nominal	nominal	ADJ
fsr-3134	269	40	growth	growth	NOUN
fsr-3134	269	41	rate	rate	NOUN
fsr-3134	269	42	,	,	PUNCT
fsr-3134	269	43	the	the	DET
fsr-3134	269	44	nominal	nominal	ADJ
fsr-3134	269	45	discount	discount	NOUN
fsr-3134	269	46	rate	rate	NOUN
fsr-3134	269	47	,	,	PUNCT
fsr-3134	269	48	and	and	CCONJ
fsr-3134	269	49	the	the	DET
fsr-3134	269	50	nominal	nominal	ADJ
fsr-3134	269	51	earnings	earning	NOUN
fsr-3134	269	52	is	be	AUX
fsr-3134	269	53	$	$	SYM
fsr-3134	269	54	13.71	13.71	NUM
fsr-3134	269	55	(	(	PUNCT
fsr-3134	269	56	�	�	PROPN
fsr-3134	269	57	[	[	PUNCT
fsr-3134	269	58	$	$	SYM
fsr-3134	269	59	1.02(1	1.02(1	NUM
fsr-3134	269	60	–	–	PUNCT
fsr-3134	269	61	0.4)]/[0.1016	0.4)]/[0.1016	NUM
fsr-3134	269	62	–	–	PUNCT
fsr-3134	269	63	0.05696	0.05696	NUM
fsr-3134	269	64	]	]	X
fsr-3134	269	65	.	.	PUNCT
fsr-3134	270	1	thus	thus	ADV
fsr-3134	270	2	,	,	PUNCT
fsr-3134	270	3	the	the	DET
fsr-3134	270	4	incorrect	incorrect	ADJ
fsr-3134	270	5	application	application	NOUN
fsr-3134	270	6	of	of	ADP
fsr-3134	270	7	the	the	DET
fsr-3134	270	8	constant	constant	ADJ
fsr-3134	270	9	growth	growth	NOUN
fsr-3134	270	10	model	model	NOUN
fsr-3134	270	11	will	will	AUX
fsr-3134	270	12	understate	understate	VERB
fsr-3134	270	13	value	value	NOUN
fsr-3134	270	14	by	by	ADP
fsr-3134	270	15	almost	almost	ADV
fsr-3134	270	16	27	27	NUM
fsr-3134	270	17	%	%	NOUN
fsr-3134	270	18	.	.	PUNCT
fsr-3134	271	1	4	4	NUM
fsr-3134	271	2	according	accord	VERB
fsr-3134	271	3	to	to	ADP
fsr-3134	271	4	the	the	DET
fsr-3134	271	5	gordon	gordon	PROPN
fsr-3134	271	6	model	model	NOUN
fsr-3134	271	7	,	,	PUNCT
fsr-3134	271	8	if	if	SCONJ
fsr-3134	271	9	the	the	DET
fsr-3134	271	10	expected	expect	VERB
fsr-3134	271	11	dividend	dividend	NOUN
fsr-3134	271	12	next	next	ADJ
fsr-3134	271	13	year	year	NOUN
fsr-3134	271	14	is	be	AUX
fsr-3134	271	15	d1	d1	PROPN
fsr-3134	271	16	,	,	PUNCT
fsr-3134	271	17	the	the	DET
fsr-3134	271	18	required	require	VERB
fsr-3134	271	19	return	return	NOUN
fsr-3134	271	20	is	be	AUX
fsr-3134	271	21	r	r	NOUN
fsr-3134	271	22	,	,	PUNCT
fsr-3134	271	23	and	and	CCONJ
fsr-3134	271	24	the	the	DET
fsr-3134	271	25	perpetual	perpetual	ADJ
fsr-3134	271	26	growth	growth	NOUN
fsr-3134	271	27	rate	rate	NOUN
fsr-3134	271	28	is	be	AUX
fsr-3134	271	29	g	g	NOUN
fsr-3134	271	30	,	,	PUNCT
fsr-3134	271	31	then	then	ADV
fsr-3134	271	32	the	the	DET
fsr-3134	271	33	estimated	estimate	VERB
fsr-3134	271	34	stock	stock	NOUN
fsr-3134	271	35	price	price	NOUN
fsr-3134	271	36	today	today	NOUN
fsr-3134	271	37	is	be	AUX
fsr-3134	271	38	p0	p0	PROPN
fsr-3134	271	39	�	�	PROPN
fsr-3134	271	40	d1/(r	d1/(r	PROPN
fsr-3134	271	41	–	–	PUNCT
fsr-3134	271	42	g	g	NOUN
fsr-3134	271	43	)	)	PUNCT
fsr-3134	271	44	.	.	PUNCT
fsr-3134	272	1	this	this	DET
fsr-3134	272	2	expression	expression	NOUN
fsr-3134	272	3	can	can	AUX
fsr-3134	272	4	be	be	AUX
fsr-3134	272	5	rearranged	rearrange	VERB
fsr-3134	272	6	to	to	PART
fsr-3134	272	7	write	write	VERB
fsr-3134	272	8	the	the	DET
fsr-3134	272	9	dividend	dividend	NOUN
fsr-3134	272	10	yield	yield	NOUN
fsr-3134	272	11	as	as	ADP
fsr-3134	272	12	d1	d1	NOUN
fsr-3134	272	13	/	/	SYM
fsr-3134	272	14	p0	p0	NOUN
fsr-3134	272	15	�	�	PROPN
fsr-3134	272	16	(	(	PUNCT
fsr-3134	272	17	r	r	NOUN
fsr-3134	272	18	–	–	PUNCT
fsr-3134	272	19	g	g	NOUN
fsr-3134	272	20	)	)	PUNCT
fsr-3134	272	21	.	.	PUNCT
fsr-3134	273	1	5	5	NUM
fsr-3134	273	2	the	the	DET
fsr-3134	273	3	firm	firm	NOUN
fsr-3134	273	4	’s	’s	PART
fsr-3134	273	5	growth	growth	NOUN
fsr-3134	273	6	rate	rate	NOUN
fsr-3134	273	7	will	will	AUX
fsr-3134	273	8	depend	depend	VERB
fsr-3134	273	9	on	on	ADP
fsr-3134	273	10	the	the	DET
fsr-3134	273	11	reinvestment	reinvestment	NOUN
fsr-3134	273	12	rate	rate	NOUN
fsr-3134	273	13	and	and	CCONJ
fsr-3134	273	14	the	the	DET
fsr-3134	273	15	return	return	NOUN
fsr-3134	273	16	on	on	ADP
fsr-3134	273	17	new	new	ADJ
fsr-3134	273	18	investments	investment	NOUN
fsr-3134	273	19	.	.	PUNCT
fsr-3134	274	1	for	for	ADP
fsr-3134	274	2	example	example	NOUN
fsr-3134	274	3	,	,	PUNCT
fsr-3134	274	4	if	if	SCONJ
fsr-3134	274	5	the	the	DET
fsr-3134	274	6	retention	retention	NOUN
fsr-3134	274	7	rate	rate	NOUN
fsr-3134	274	8	b	b	PROPN
fsr-3134	274	9	is	be	AUX
fsr-3134	274	10	90	90	NUM
fsr-3134	274	11	%	%	NOUN
fsr-3134	274	12	and	and	CCONJ
fsr-3134	274	13	the	the	DET
fsr-3134	274	14	return	return	NOUN
fsr-3134	274	15	on	on	ADP
fsr-3134	274	16	new	new	ADJ
fsr-3134	274	17	investments	investment	NOUN
fsr-3134	274	18	is	be	AUX
fsr-3134	274	19	7	7	NUM
fsr-3134	274	20	%	%	NOUN
fsr-3134	274	21	,	,	PUNCT
fsr-3134	274	22	the	the	DET
fsr-3134	274	23	firm	firm	NOUN
fsr-3134	274	24	’s	’s	PART
fsr-3134	274	25	growth	growth	NOUN
fsr-3134	274	26	rate	rate	NOUN
fsr-3134	274	27	is	be	AUX
fsr-3134	274	28	6.3	6.3	NUM
fsr-3134	274	29	%	%	NOUN
fsr-3134	274	30	.	.	PUNCT
fsr-3134	275	1	for	for	ADP
fsr-3134	275	2	an	an	DET
fsr-3134	275	3	extreme	extreme	ADJ
fsr-3134	275	4	illustration	illustration	NOUN
fsr-3134	275	5	of	of	ADP
fsr-3134	275	6	the	the	DET
fsr-3134	275	7	challenge	challenge	NOUN
fsr-3134	275	8	facing	face	VERB
fsr-3134	275	9	firms	firm	NOUN
fsr-3134	275	10	,	,	PUNCT
fsr-3134	275	11	assume	assume	VERB
fsr-3134	275	12	that	that	SCONJ
fsr-3134	275	13	a	a	DET
fsr-3134	275	14	firm	firm	NOUN
fsr-3134	275	15	currently	currently	ADV
fsr-3134	275	16	has	have	VERB
fsr-3134	275	17	a	a	DET
fsr-3134	275	18	market	market	NOUN
fsr-3134	275	19	share	share	NOUN
fsr-3134	275	20	of	of	ADP
fsr-3134	275	21	2	2	NUM
fsr-3134	275	22	%	%	NOUN
fsr-3134	275	23	.	.	PUNCT
fsr-3134	276	1	if	if	SCONJ
fsr-3134	276	2	the	the	DET
fsr-3134	276	3	firm	firm	NOUN
fsr-3134	276	4	’s	’s	PART
fsr-3134	276	5	product	product	NOUN
fsr-3134	276	6	market	market	NOUN
fsr-3134	276	7	is	be	AUX
fsr-3134	276	8	growing	grow	VERB
fsr-3134	276	9	at	at	ADP
fsr-3134	276	10	an	an	DET
fsr-3134	276	11	annual	annual	ADJ
fsr-3134	276	12	rate	rate	NOUN
fsr-3134	276	13	of	of	ADP
fsr-3134	276	14	2	2	NUM
fsr-3134	276	15	%	%	NOUN
fsr-3134	276	16	,	,	PUNCT
fsr-3134	276	17	and	and	CCONJ
fsr-3134	276	18	the	the	DET
fsr-3134	276	19	firm	firm	NOUN
fsr-3134	276	20	grows	grow	VERB
fsr-3134	276	21	at	at	ADP
fsr-3134	276	22	an	an	DET
fsr-3134	276	23	annual	annual	ADJ
fsr-3134	276	24	rate	rate	NOUN
fsr-3134	276	25	of	of	ADP
fsr-3134	276	26	6.3	6.3	NUM
fsr-3134	276	27	%	%	NOUN
fsr-3134	276	28	,	,	PUNCT
fsr-3134	276	29	the	the	DET
fsr-3134	276	30	firm	firm	NOUN
fsr-3134	276	31	’s	’s	PART
fsr-3134	276	32	revenues	revenue	NOUN
fsr-3134	276	33	will	will	AUX
fsr-3134	276	34	become	become	VERB
fsr-3134	276	35	larger	large	ADJ
fsr-3134	276	36	than	than	ADP
fsr-3134	276	37	those	those	PRON
fsr-3134	276	38	of	of	ADP
fsr-3134	276	39	its	its	PRON
fsr-3134	276	40	industry	industry	NOUN
fsr-3134	276	41	in	in	ADP
fsr-3134	276	42	95	95	NUM
fsr-3134	276	43	years	year	NOUN
fsr-3134	276	44	.	.	PUNCT
fsr-3134	277	1	however	however	ADV
fsr-3134	277	2	,	,	PUNCT
fsr-3134	277	3	the	the	DET
fsr-3134	277	4	examples	example	NOUN
fsr-3134	277	5	in	in	ADP
fsr-3134	277	6	table	table	NOUN
fsr-3134	277	7	1	1	NUM
fsr-3134	277	8	show	show	VERB
fsr-3134	277	9	that	that	SCONJ
fsr-3134	277	10	a	a	DET
fsr-3134	277	11	sizeable	sizeable	ADJ
fsr-3134	277	12	portion	portion	NOUN
fsr-3134	277	13	of	of	ADP
fsr-3134	277	14	firm	firm	ADJ
fsr-3134	277	15	value	value	NOUN
fsr-3134	277	16	must	must	AUX
fsr-3134	277	17	be	be	AUX
fsr-3134	277	18	realized	realize	VERB
fsr-3134	277	19	after	after	ADP
fsr-3134	277	20	year	year	NOUN
fsr-3134	277	21	100	100	NUM
fsr-3134	277	22	when	when	SCONJ
fsr-3134	277	23	the	the	DET
fsr-3134	277	24	difference	difference	NOUN
fsr-3134	277	25	between	between	ADP
fsr-3134	277	26	r	r	NOUN
fsr-3134	277	27	and	and	CCONJ
fsr-3134	277	28	g	g	NOUN
fsr-3134	277	29	is	be	AUX
fsr-3134	277	30	small	small	ADJ
fsr-3134	277	31	.	.	PUNCT
fsr-3134	278	1	6	6	NUM
fsr-3134	278	2	the	the	DET
fsr-3134	278	3	p	p	X
fsr-3134	278	4	/	/	SYM
fsr-3134	278	5	e	e	NOUN
fsr-3134	278	6	ratio	ratio	NOUN
fsr-3134	278	7	can	can	AUX
fsr-3134	278	8	be	be	AUX
fsr-3134	278	9	derived	derive	VERB
fsr-3134	278	10	from	from	ADP
fsr-3134	278	11	the	the	DET
fsr-3134	278	12	constant	constant	ADJ
fsr-3134	278	13	growth	growth	NOUN
fsr-3134	278	14	model	model	NOUN
fsr-3134	278	15	by	by	ADP
fsr-3134	278	16	dividing	divide	VERB
fsr-3134	278	17	each	each	DET
fsr-3134	278	18	side	side	NOUN
fsr-3134	278	19	of	of	ADP
fsr-3134	278	20	eq	eq	PROPN
fsr-3134	278	21	.	.	PUNCT
fsr-3134	279	1	(	(	PUNCT
fsr-3134	279	2	2	2	NUM
fsr-3134	279	3	)	)	PUNCT
fsr-3134	279	4	by	by	ADP
fsr-3134	279	5	e1	e1	PROPN
fsr-3134	279	6	.	.	PUNCT
fsr-3134	280	1	this	this	DET
fsr-3134	280	2	yields	yield	VERB
fsr-3134	280	3	p	p	X
fsr-3134	280	4	/	/	SYM
fsr-3134	280	5	e	e	X
fsr-3134	280	6	�	�	PROPN
fsr-3134	280	7	(	(	PUNCT
fsr-3134	280	8	1	1	NUM
fsr-3134	280	9	–	–	PUNCT
fsr-3134	280	10	b)/(r	b)/(r	NOUN
fsr-3134	280	11	–	–	PUNCT
fsr-3134	280	12	brn	brn	NOUN
fsr-3134	280	13	)	)	PUNCT
fsr-3134	280	14	.	.	PUNCT
fsr-3134	281	1	7	7	NUM
fsr-3134	281	2	empirical	empirical	ADJ
fsr-3134	281	3	evidence	evidence	NOUN
fsr-3134	281	4	in	in	ADP
fsr-3134	281	5	fuller	full	ADJ
fsr-3134	281	6	,	,	PUNCT
fsr-3134	281	7	huberts	hubert	NOUN
fsr-3134	281	8	,	,	PUNCT
fsr-3134	281	9	and	and	CCONJ
fsr-3134	281	10	levinson	levinson	PROPN
fsr-3134	281	11	(	(	PUNCT
fsr-3134	281	12	1993	1993	NUM
fsr-3134	281	13	)	)	PUNCT
fsr-3134	281	14	and	and	CCONJ
fsr-3134	281	15	lakonishok	lakonishok	NOUN
fsr-3134	281	16	,	,	PUNCT
fsr-3134	281	17	shleifer	shleifer	NOUN
fsr-3134	281	18	and	and	CCONJ
fsr-3134	281	19	vishney	vishney	NOUN
fsr-3134	281	20	(	(	PUNCT
fsr-3134	281	21	1994	1994	NUM
fsr-3134	281	22	)	)	PUNCT
fsr-3134	281	23	reveals	reveal	VERB
fsr-3134	281	24	that	that	SCONJ
fsr-3134	281	25	high	high	ADJ
fsr-3134	281	26	p	p	X
fsr-3134	281	27	/	/	SYM
fsr-3134	281	28	e	e	NOUN
fsr-3134	281	29	firms	firm	NOUN
fsr-3134	281	30	(	(	PUNCT
fsr-3134	281	31	e.g.	e.g.	ADV
fsr-3134	281	32	,	,	PUNCT
fsr-3134	281	33	p	p	X
fsr-3134	281	34	/	/	SYM
fsr-3134	281	35	e	e	X
fsr-3134	281	36	�	�	PROPN
fsr-3134	281	37	30	30	NUM
fsr-3134	281	38	)	)	PUNCT
fsr-3134	281	39	experience	experience	NOUN
fsr-3134	281	40	higher	high	ADJ
fsr-3134	281	41	future	future	ADJ
fsr-3134	281	42	growth	growth	NOUN
fsr-3134	281	43	rates	rate	NOUN
fsr-3134	281	44	than	than	ADP
fsr-3134	281	45	low	low	ADJ
fsr-3134	281	46	-	-	PUNCT
fsr-3134	281	47	p	p	NOUN
fsr-3134	281	48	/	/	SYM
fsr-3134	281	49	e	e	NOUN
fsr-3134	281	50	firms	firm	NOUN
fsr-3134	281	51	.	.	PUNCT
fsr-3134	282	1	however	however	ADV
fsr-3134	282	2	,	,	PUNCT
fsr-3134	282	3	the	the	DET
fsr-3134	282	4	superior	superior	ADJ
fsr-3134	282	5	growth	growth	NOUN
fsr-3134	282	6	of	of	ADP
fsr-3134	282	7	these	these	DET
fsr-3134	282	8	firms	firm	NOUN
fsr-3134	282	9	typically	typically	ADV
fsr-3134	282	10	lasts	last	VERB
fsr-3134	282	11	for	for	ADP
fsr-3134	282	12	less	less	ADJ
fsr-3134	282	13	than	than	ADP
fsr-3134	282	14	10	10	NUM
fsr-3134	282	15	years	year	NOUN
fsr-3134	282	16	.	.	PUNCT
fsr-3134	283	1	8	8	NUM
fsr-3134	283	2	the	the	DET
fsr-3134	283	3	traditional	traditional	ADJ
fsr-3134	283	4	finite	finite	ADJ
fsr-3134	283	5	growth	growth	NOUN
fsr-3134	283	6	model	model	NOUN
fsr-3134	283	7	,	,	PUNCT
fsr-3134	283	8	and	and	CCONJ
fsr-3134	283	9	eqs	eqs	PROPN
fsr-3134	283	10	.	.	PUNCT
fsr-3134	284	1	(	(	PUNCT
fsr-3134	284	2	8)	8)	NUM
fsr-3134	284	3	and	and	CCONJ
fsr-3134	284	4	(	(	PUNCT
fsr-3134	284	5	9	9	NUM
fsr-3134	284	6	)	)	PUNCT
fsr-3134	284	7	,	,	PUNCT
fsr-3134	284	8	make	make	VERB
fsr-3134	284	9	the	the	DET
fsr-3134	284	10	unrealistic	unrealistic	ADJ
fsr-3134	284	11	simplifying	simplifying	NOUN
fsr-3134	284	12	assumption	assumption	NOUN
fsr-3134	284	13	that	that	SCONJ
fsr-3134	284	14	a	a	DET
fsr-3134	284	15	firm	firm	NOUN
fsr-3134	284	16	’s	’s	PART
fsr-3134	284	17	competitive	competitive	ADJ
fsr-3134	284	18	advantage	advantage	NOUN
fsr-3134	284	19	period	period	NOUN
fsr-3134	284	20	will	will	AUX
fsr-3134	284	21	end	end	VERB
fsr-3134	284	22	abruptly	abruptly	ADV
fsr-3134	284	23	at	at	ADP
fsr-3134	284	24	a	a	DET
fsr-3134	284	25	specified	specified	ADJ
fsr-3134	284	26	future	future	ADJ
fsr-3134	284	27	date	date	NOUN
fsr-3134	284	28	,	,	PUNCT
fsr-3134	284	29	and	and	CCONJ
fsr-3134	284	30	that	that	SCONJ
fsr-3134	284	31	the	the	DET
fsr-3134	284	32	return	return	NOUN
fsr-3134	284	33	on	on	ADP
fsr-3134	284	34	new	new	ADJ
fsr-3134	284	35	investments	investment	NOUN
fsr-3134	284	36	will	will	AUX
fsr-3134	284	37	at	at	ADP
fsr-3134	284	38	that	that	DET
fsr-3134	284	39	point	point	NOUN
fsr-3134	284	40	fall	fall	VERB
fsr-3134	284	41	immediately	immediately	ADV
fsr-3134	284	42	to	to	ADP
fsr-3134	284	43	the	the	DET
fsr-3134	284	44	cost	cost	NOUN
fsr-3134	284	45	of	of	ADP
fsr-3134	284	46	capital	capital	NOUN
fsr-3134	284	47	.	.	PUNCT
fsr-3134	285	1	it	it	PRON
fsr-3134	285	2	is	be	AUX
fsr-3134	285	3	perhaps	perhaps	ADV
fsr-3134	285	4	more	more	ADV
fsr-3134	285	5	likely	likely	ADJ
fsr-3134	285	6	that	that	SCONJ
fsr-3134	285	7	the	the	DET
fsr-3134	285	8	return	return	NOUN
fsr-3134	285	9	on	on	ADP
fsr-3134	285	10	new	new	ADJ
fsr-3134	285	11	investments	investment	NOUN
fsr-3134	285	12	will	will	AUX
fsr-3134	285	13	decrease	decrease	VERB
fsr-3134	285	14	gradually	gradually	ADV
fsr-3134	285	15	over	over	ADP
fsr-3134	285	16	some	some	DET
fsr-3134	285	17	future	future	ADJ
fsr-3134	285	18	period	period	NOUN
fsr-3134	285	19	.	.	PUNCT
fsr-3134	286	1	for	for	ADP
fsr-3134	286	2	example	example	NOUN
fsr-3134	286	3	,	,	PUNCT
fsr-3134	286	4	if	if	SCONJ
fsr-3134	286	5	the	the	DET
fsr-3134	286	6	return	return	NOUN
fsr-3134	286	7	on	on	ADP
fsr-3134	286	8	new	new	ADJ
fsr-3134	286	9	investments	investment	NOUN
fsr-3134	286	10	remains	remain	VERB
fsr-3134	286	11	equal	equal	ADJ
fsr-3134	286	12	to	to	ADP
fsr-3134	286	13	rn	rn	VERB
fsr-3134	286	14	for	for	ADP
fsr-3134	286	15	the	the	DET
fsr-3134	286	16	next	next	ADJ
fsr-3134	286	17	10	10	NUM
fsr-3134	286	18	years	year	NOUN
fsr-3134	286	19	,	,	PUNCT
fsr-3134	286	20	and	and	CCONJ
fsr-3134	286	21	then	then	ADV
fsr-3134	286	22	gradually	gradually	ADV
fsr-3134	286	23	decreases	decrease	VERB
fsr-3134	286	24	to	to	ADP
fsr-3134	286	25	r	r	NOUN
fsr-3134	286	26	over	over	ADP
fsr-3134	286	27	a	a	DET
fsr-3134	286	28	10	10	NUM
fsr-3134	286	29	year	year	NOUN
fsr-3134	286	30	period	period	NOUN
fsr-3134	286	31	,	,	PUNCT
fsr-3134	286	32	the	the	DET
fsr-3134	286	33	true	true	ADJ
fsr-3134	286	34	valuation	valuation	NOUN
fsr-3134	286	35	errors	error	NOUN
fsr-3134	286	36	will	will	AUX
fsr-3134	286	37	fall	fall	VERB
fsr-3134	286	38	between	between	ADP
fsr-3134	286	39	the	the	DET
fsr-3134	286	40	overstatements	overstatement	NOUN
fsr-3134	286	41	reported	report	VERB
fsr-3134	286	42	in	in	ADP
fsr-3134	286	43	the	the	DET
fsr-3134	286	44	t	t	PROPN
fsr-3134	286	45	�	�	PROPN
fsr-3134	286	46	10	10	NUM
fsr-3134	286	47	and	and	CCONJ
fsr-3134	286	48	t	t	PROPN
fsr-3134	286	49	�	�	PROPN
fsr-3134	286	50	20	20	NUM
fsr-3134	286	51	rows	row	NOUN
fsr-3134	286	52	of	of	ADP
fsr-3134	286	53	table	table	NOUN
fsr-3134	286	54	3	3	NUM
fsr-3134	286	55	.	.	PUNCT
fsr-3134	286	56	203m.g	203m.g	NUM
fsr-3134	286	57	.	.	PUNCT
fsr-3134	287	1	danielson	danielson	PROPN
fsr-3134	287	2	,	,	PUNCT
fsr-3134	287	3	j.l	j.l	PROPN
fsr-3134	287	4	.	.	PROPN
fsr-3134	287	5	heck	heck	PROPN
fsr-3134	287	6	/	/	SYM
fsr-3134	287	7	financial	financial	ADJ
fsr-3134	287	8	services	service	NOUN
fsr-3134	287	9	review	review	VERB
fsr-3134	287	10	23	23	NUM
fsr-3134	287	11	(	(	PUNCT
fsr-3134	287	12	2014	2014	NUM
fsr-3134	287	13	)	)	PUNCT
fsr-3134	288	1	189–206	189–206	NUM
fsr-3134	288	2	appendix	appendix	VERB
fsr-3134	288	3	1	1	NUM
fsr-3134	288	4	this	this	DET
fsr-3134	288	5	appendix	appendix	NOUN
fsr-3134	288	6	derives	derive	VERB
fsr-3134	288	7	the	the	DET
fsr-3134	288	8	perpetual	perpetual	ADJ
fsr-3134	288	9	growth	growth	NOUN
fsr-3134	288	10	model	model	NOUN
fsr-3134	288	11	adjusted	adjust	VERB
fsr-3134	288	12	to	to	PART
fsr-3134	288	13	allow	allow	VERB
fsr-3134	288	14	for	for	ADP
fsr-3134	288	15	both	both	DET
fsr-3134	288	16	permanent	permanent	ADJ
fsr-3134	288	17	failure	failure	NOUN
fsr-3134	288	18	and	and	CCONJ
fsr-3134	288	19	finite	finite	ADJ
fsr-3134	288	20	growth	growth	NOUN
fsr-3134	288	21	.	.	PUNCT
fsr-3134	289	1	to	to	PART
fsr-3134	289	2	begin	begin	VERB
fsr-3134	289	3	,	,	PUNCT
fsr-3134	289	4	note	note	VERB
fsr-3134	289	5	that	that	SCONJ
fsr-3134	289	6	the	the	DET
fsr-3134	289	7	perpetual	perpetual	ADJ
fsr-3134	289	8	growth	growth	NOUN
fsr-3134	289	9	model	model	NOUN
fsr-3134	289	10	,	,	PUNCT
fsr-3134	289	11	allowing	allow	VERB
fsr-3134	289	12	for	for	ADP
fsr-3134	289	13	permanent	permanent	ADJ
fsr-3134	289	14	failure	failure	NOUN
fsr-3134	289	15	,	,	PUNCT
fsr-3134	289	16	is	be	AUX
fsr-3134	289	17	defined	define	VERB
fsr-3134	289	18	by	by	ADP
fsr-3134	289	19	eq	eq	PROPN
fsr-3134	289	20	.	.	PUNCT
fsr-3134	290	1	(	(	PUNCT
fsr-3134	290	2	7	7	NUM
fsr-3134	290	3	)	)	PUNCT
fsr-3134	290	4	.	.	PUNCT
fsr-3134	291	1	this	this	DET
fsr-3134	291	2	expression	expression	NOUN
fsr-3134	291	3	is	be	AUX
fsr-3134	291	4	repeated	repeat	VERB
fsr-3134	291	5	here	here	ADV
fsr-3134	291	6	as	as	ADP
fsr-3134	291	7	eq	eq	NOUN
fsr-3134	291	8	.	.	PUNCT
fsr-3134	292	1	(	(	PUNCT
fsr-3134	292	2	a1	a1	NOUN
fsr-3134	292	3	)	)	PUNCT
fsr-3134	292	4	.	.	PUNCT
fsr-3134	293	1	p0	p0	PROPN
fsr-3134	293	2	�	�	PROPN
fsr-3134	293	3	e1	e1	PROPN
fsr-3134	293	4	�	�	PROPN
fsr-3134	293	5	1	1	NUM
fsr-3134	293	6	�	�	PROPN
fsr-3134	293	7	b	b	PROPN
fsr-3134	293	8	�	�	PROPN
fsr-3134	293	9	�	�	PROPN
fsr-3134	293	10	1	1	NUM
fsr-3134	293	11	�	�	PROPN
fsr-3134	293	12	p	p	X
fsr-3134	293	13	�	�	PROPN
fsr-3134	293	14	r	r	NOUN
fsr-3134	293	15	�	�	PROPN
fsr-3134	293	16	p	p	PROPN
fsr-3134	293	17	�	�	PROPN
fsr-3134	293	18	brn	brn	PROPN
fsr-3134	293	19	�	�	PROPN
fsr-3134	293	20	1	1	NUM
fsr-3134	293	21	�	�	PROPN
fsr-3134	293	22	p	p	PROPN
fsr-3134	293	23	�	�	PROPN
fsr-3134	293	24	(	(	PUNCT
fsr-3134	293	25	a1	a1	PROPN
fsr-3134	293	26	)	)	PUNCT
fsr-3134	293	27	if	if	SCONJ
fsr-3134	293	28	the	the	DET
fsr-3134	293	29	return	return	NOUN
fsr-3134	293	30	on	on	ADP
fsr-3134	293	31	new	new	ADJ
fsr-3134	293	32	investments	investment	NOUN
fsr-3134	293	33	remains	remain	VERB
fsr-3134	293	34	rn	rn	NOUN
fsr-3134	293	35	forever	forever	ADV
fsr-3134	293	36	,	,	PUNCT
fsr-3134	293	37	the	the	DET
fsr-3134	293	38	stock	stock	NOUN
fsr-3134	293	39	price	price	NOUN
fsr-3134	293	40	at	at	ADP
fsr-3134	293	41	the	the	DET
fsr-3134	293	42	end	end	NOUN
fsr-3134	293	43	of	of	ADP
fsr-3134	293	44	year	year	NOUN
fsr-3134	293	45	t	t	PROPN
fsr-3134	293	46	can	can	AUX
fsr-3134	293	47	be	be	AUX
fsr-3134	293	48	written	write	VERB
fsr-3134	293	49	as	as	ADP
fsr-3134	293	50	eq	eq	ADP
fsr-3134	293	51	.	.	PUNCT
fsr-3134	294	1	(	(	PUNCT
fsr-3134	294	2	a2	a2	PROPN
fsr-3134	294	3	)	)	PUNCT
fsr-3134	294	4	.	.	PUNCT
fsr-3134	295	1	if	if	SCONJ
fsr-3134	295	2	the	the	DET
fsr-3134	295	3	return	return	NOUN
fsr-3134	295	4	on	on	ADP
fsr-3134	295	5	new	new	ADJ
fsr-3134	295	6	investments	investment	NOUN
fsr-3134	295	7	changes	change	NOUN
fsr-3134	295	8	to	to	ADP
fsr-3134	295	9	r	r	VERB
fsr-3134	295	10	*	*	PUNCT
fsr-3134	295	11	starting	start	VERB
fsr-3134	295	12	in	in	ADP
fsr-3134	295	13	year	year	NOUN
fsr-3134	295	14	t	t	PROPN
fsr-3134	295	15	�	�	PROPN
fsr-3134	295	16	1	1	NUM
fsr-3134	295	17	,	,	PUNCT
fsr-3134	295	18	whereas	whereas	SCONJ
fsr-3134	295	19	the	the	DET
fsr-3134	295	20	plowback	plowback	NOUN
fsr-3134	295	21	rate	rate	NOUN
fsr-3134	295	22	(	(	PUNCT
fsr-3134	295	23	b	b	NOUN
fsr-3134	295	24	)	)	PUNCT
fsr-3134	295	25	and	and	CCONJ
fsr-3134	295	26	the	the	DET
fsr-3134	295	27	failure	failure	NOUN
fsr-3134	295	28	probability	probability	NOUN
fsr-3134	295	29	(	(	PUNCT
fsr-3134	295	30	p	p	NOUN
fsr-3134	295	31	)	)	PUNCT
fsr-3134	295	32	remain	remain	VERB
fsr-3134	295	33	constant	constant	ADJ
fsr-3134	295	34	,	,	PUNCT
fsr-3134	295	35	the	the	DET
fsr-3134	295	36	stock	stock	NOUN
fsr-3134	295	37	price	price	NOUN
fsr-3134	295	38	at	at	ADP
fsr-3134	295	39	the	the	DET
fsr-3134	295	40	end	end	NOUN
fsr-3134	295	41	of	of	ADP
fsr-3134	295	42	year	year	NOUN
fsr-3134	295	43	t	t	PROPN
fsr-3134	295	44	(	(	PUNCT
fsr-3134	295	45	p*t	p*t	PROPN
fsr-3134	295	46	)	)	PUNCT
fsr-3134	295	47	can	can	AUX
fsr-3134	295	48	be	be	AUX
fsr-3134	295	49	written	write	VERB
fsr-3134	295	50	as	as	ADP
fsr-3134	295	51	eq	eq	ADP
fsr-3134	295	52	.	.	PUNCT
fsr-3134	296	1	(	(	PUNCT
fsr-3134	296	2	a3	a3	NOUN
fsr-3134	296	3	)	)	PUNCT
fsr-3134	296	4	.	.	PUNCT
fsr-3134	297	1	pt	pt	PROPN
fsr-3134	297	2	�	�	PROPN
fsr-3134	297	3	et	et	PROPN
fsr-3134	297	4	�	�	PROPN
fsr-3134	297	5	1	1	NUM
fsr-3134	297	6	�	�	PROPN
fsr-3134	297	7	1	1	NUM
fsr-3134	297	8	�	�	PROPN
fsr-3134	297	9	b	b	PROPN
fsr-3134	297	10	�	�	PROPN
fsr-3134	297	11	�	�	PROPN
fsr-3134	297	12	1	1	NUM
fsr-3134	297	13	�	�	PROPN
fsr-3134	297	14	p	p	X
fsr-3134	297	15	�	�	PROPN
fsr-3134	297	16	r	r	NOUN
fsr-3134	297	17	�	�	PROPN
fsr-3134	297	18	p	p	PROPN
fsr-3134	297	19	�	�	PROPN
fsr-3134	297	20	brn	brn	PROPN
fsr-3134	297	21	�	�	PROPN
fsr-3134	297	22	1	1	NUM
fsr-3134	297	23	�	�	PROPN
fsr-3134	297	24	p	p	PROPN
fsr-3134	297	25	�	�	PROPN
fsr-3134	297	26	(	(	PUNCT
fsr-3134	297	27	a2	a2	PROPN
fsr-3134	297	28	)	)	PUNCT
fsr-3134	297	29	p*t	p*t	PROPN
fsr-3134	297	30	�	�	PROPN
fsr-3134	297	31	et	et	PROPN
fsr-3134	297	32	�	�	PROPN
fsr-3134	297	33	1	1	NUM
fsr-3134	297	34	�	�	PROPN
fsr-3134	297	35	1	1	NUM
fsr-3134	297	36	�	�	PROPN
fsr-3134	297	37	b	b	PROPN
fsr-3134	297	38	�	�	PROPN
fsr-3134	297	39	�	�	PROPN
fsr-3134	297	40	1	1	NUM
fsr-3134	297	41	�	�	PROPN
fsr-3134	297	42	p	p	X
fsr-3134	297	43	�	�	PROPN
fsr-3134	297	44	r	r	NOUN
fsr-3134	297	45	�	�	PROPN
fsr-3134	297	46	p	p	PROPN
fsr-3134	297	47	�	�	PROPN
fsr-3134	297	48	br*	br*	PROPN
fsr-3134	297	49	�	�	PROPN
fsr-3134	297	50	1	1	NUM
fsr-3134	297	51	�	�	PROPN
fsr-3134	297	52	p	p	PROPN
fsr-3134	297	53	�	�	PROPN
fsr-3134	297	54	(	(	PUNCT
fsr-3134	297	55	a3	a3	NOUN
fsr-3134	297	56	)	)	PUNCT
fsr-3134	297	57	given	give	VERB
fsr-3134	297	58	that	that	SCONJ
fsr-3134	297	59	the	the	DET
fsr-3134	297	60	annual	annual	ADJ
fsr-3134	297	61	failure	failure	NOUN
fsr-3134	297	62	probability	probability	NOUN
fsr-3134	297	63	is	be	AUX
fsr-3134	297	64	p	p	PRON
fsr-3134	297	65	,	,	PUNCT
fsr-3134	297	66	there	there	PRON
fsr-3134	297	67	is	be	VERB
fsr-3134	297	68	a	a	DET
fsr-3134	297	69	(	(	PUNCT
fsr-3134	297	70	1	1	NUM
fsr-3134	297	71	–	–	PUNCT
fsr-3134	297	72	p)t	p)t	ADJ
fsr-3134	297	73	chance	chance	NOUN
fsr-3134	297	74	that	that	SCONJ
fsr-3134	297	75	the	the	DET
fsr-3134	297	76	firm	firm	NOUN
fsr-3134	297	77	will	will	AUX
fsr-3134	297	78	survive	survive	VERB
fsr-3134	297	79	past	past	ADJ
fsr-3134	297	80	year	year	NOUN
fsr-3134	297	81	t.	t.	PROPN
fsr-3134	297	82	in	in	ADP
fsr-3134	297	83	addition	addition	NOUN
fsr-3134	297	84	,	,	PUNCT
fsr-3134	297	85	only	only	ADV
fsr-3134	297	86	the	the	DET
fsr-3134	297	87	discounted	discount	VERB
fsr-3134	297	88	values	value	NOUN
fsr-3134	297	89	of	of	ADP
fsr-3134	297	90	eqs	eqs	PROPN
fsr-3134	297	91	.	.	PUNCT
fsr-3134	298	1	(	(	PUNCT
fsr-3134	298	2	a2	a2	PROPN
fsr-3134	298	3	)	)	PUNCT
fsr-3134	298	4	and	and	CCONJ
fsr-3134	298	5	(	(	PUNCT
fsr-3134	298	6	a3	a3	NOUN
fsr-3134	298	7	)	)	PUNCT
fsr-3134	298	8	impact	impact	NOUN
fsr-3134	298	9	the	the	DET
fsr-3134	298	10	stock	stock	NOUN
fsr-3134	298	11	price	price	NOUN
fsr-3134	298	12	today	today	NOUN
fsr-3134	298	13	;	;	PUNCT
fsr-3134	298	14	the	the	DET
fsr-3134	298	15	future	future	ADJ
fsr-3134	298	16	stock	stock	NOUN
fsr-3134	298	17	prices	price	NOUN
fsr-3134	298	18	must	must	AUX
fsr-3134	298	19	be	be	AUX
fsr-3134	298	20	divided	divide	VERB
fsr-3134	298	21	by	by	ADP
fsr-3134	298	22	(	(	PUNCT
fsr-3134	298	23	1	1	NUM
fsr-3134	298	24	�	�	PROPN
fsr-3134	298	25	r)t	r)t	ADJ
fsr-3134	298	26	to	to	PART
fsr-3134	298	27	calculate	calculate	VERB
fsr-3134	298	28	their	their	PRON
fsr-3134	298	29	present	present	ADJ
fsr-3134	298	30	values	value	NOUN
fsr-3134	298	31	.	.	PUNCT
fsr-3134	299	1	thus	thus	ADV
fsr-3134	299	2	,	,	PUNCT
fsr-3134	299	3	the	the	DET
fsr-3134	299	4	stock	stock	NOUN
fsr-3134	299	5	price	price	NOUN
fsr-3134	299	6	today	today	NOUN
fsr-3134	299	7	,	,	PUNCT
fsr-3134	299	8	allowing	allow	VERB
fsr-3134	299	9	for	for	ADP
fsr-3134	299	10	the	the	DET
fsr-3134	299	11	shift	shift	NOUN
fsr-3134	299	12	in	in	ADP
fsr-3134	299	13	the	the	DET
fsr-3134	299	14	investment	investment	NOUN
fsr-3134	299	15	return	return	NOUN
fsr-3134	299	16	,	,	PUNCT
fsr-3134	299	17	can	can	AUX
fsr-3134	299	18	be	be	AUX
fsr-3134	299	19	written	write	VERB
fsr-3134	299	20	as	as	ADP
fsr-3134	299	21	eq	eq	ADP
fsr-3134	299	22	.	.	PUNCT
fsr-3134	299	23	(	(	PUNCT
fsr-3134	299	24	a4	a4	NOUN
fsr-3134	299	25	)	)	PUNCT
fsr-3134	299	26	.	.	PUNCT
fsr-3134	300	1	p0	p0	PROPN
fsr-3134	300	2	�	�	PROPN
fsr-3134	300	3	e1	e1	PROPN
fsr-3134	300	4	�	�	PROPN
fsr-3134	300	5	1	1	NUM
fsr-3134	300	6	�	�	PROPN
fsr-3134	300	7	b	b	PROPN
fsr-3134	300	8	�	�	PROPN
fsr-3134	300	9	�	�	PROPN
fsr-3134	300	10	1	1	NUM
fsr-3134	300	11	�	�	PROPN
fsr-3134	300	12	p	p	X
fsr-3134	300	13	�	�	PROPN
fsr-3134	300	14	r	r	NOUN
fsr-3134	300	15	�	�	PROPN
fsr-3134	300	16	p	p	PROPN
fsr-3134	300	17	�	�	PROPN
fsr-3134	300	18	brn	brn	PROPN
fsr-3134	300	19	�	�	PROPN
fsr-3134	300	20	1	1	NUM
fsr-3134	300	21	�	�	PROPN
fsr-3134	300	22	p	p	PROPN
fsr-3134	300	23	�	�	PROPN
fsr-3134	300	24	�	�	PROPN
fsr-3134	300	25	�	�	PROPN
fsr-3134	300	26	(	(	PUNCT
fsr-3134	300	27	1	1	NUM
fsr-3134	300	28	�	�	PROPN
fsr-3134	300	29	p	p	NOUN
fsr-3134	300	30	)	)	PUNCT
fsr-3134	300	31	(	(	PUNCT
fsr-3134	300	32	1	1	NUM
fsr-3134	300	33	�	�	PROPN
fsr-3134	300	34	r	r	NOUN
fsr-3134	300	35	)	)	PUNCT
fsr-3134	300	36	�	�	PROPN
fsr-3134	300	37	t	t	PROPN
fsr-3134	300	38	�	�	PROPN
fsr-3134	300	39	p*t	p*t	PROPN
fsr-3134	300	40	�	�	PROPN
fsr-3134	300	41	pt	pt	PROPN
fsr-3134	300	42	�	�	PROPN
fsr-3134	300	43	(	(	PUNCT
fsr-3134	300	44	a4	a4	PROPN
fsr-3134	300	45	)	)	PUNCT
fsr-3134	300	46	in	in	ADP
fsr-3134	300	47	each	each	PRON
fsr-3134	300	48	of	of	ADP
fsr-3134	300	49	years	year	NOUN
fsr-3134	300	50	1	1	NUM
fsr-3134	300	51	through	through	ADP
fsr-3134	300	52	t	t	PROPN
fsr-3134	300	53	,	,	PUNCT
fsr-3134	300	54	the	the	DET
fsr-3134	300	55	firm	firm	NOUN
fsr-3134	300	56	’s	’s	PART
fsr-3134	300	57	earnings	earning	NOUN
fsr-3134	300	58	will	will	AUX
fsr-3134	300	59	grow	grow	VERB
fsr-3134	300	60	at	at	ADP
fsr-3134	300	61	the	the	DET
fsr-3134	300	62	annual	annual	ADJ
fsr-3134	300	63	rate	rate	NOUN
fsr-3134	300	64	brn	brn	PROPN
fsr-3134	300	65	.	.	PUNCT
fsr-3134	301	1	thus	thus	ADV
fsr-3134	301	2	,	,	PUNCT
fsr-3134	301	3	the	the	DET
fsr-3134	301	4	firm	firm	NOUN
fsr-3134	301	5	’s	’s	PART
fsr-3134	301	6	earnings	earning	NOUN
fsr-3134	301	7	in	in	ADP
fsr-3134	301	8	year	year	NOUN
fsr-3134	301	9	t	t	PROPN
fsr-3134	301	10	�	�	PROPN
fsr-3134	301	11	1	1	NUM
fsr-3134	301	12	can	can	AUX
fsr-3134	301	13	be	be	AUX
fsr-3134	301	14	written	write	VERB
fsr-3134	301	15	as	as	ADP
fsr-3134	301	16	eq	eq	ADP
fsr-3134	301	17	.	.	PUNCT
fsr-3134	302	1	(	(	PUNCT
fsr-3134	302	2	a5	a5	PROPN
fsr-3134	302	3	)	)	PUNCT
fsr-3134	302	4	.	.	PUNCT
fsr-3134	303	1	et	et	PROPN
fsr-3134	303	2	�	�	PROPN
fsr-3134	303	3	1	1	NUM
fsr-3134	303	4	�	�	PROPN
fsr-3134	303	5	e1	e1	PROPN
fsr-3134	303	6	�	�	PROPN
fsr-3134	303	7	1	1	NUM
fsr-3134	303	8	�	�	PROPN
fsr-3134	303	9	brn	brn	PROPN
fsr-3134	303	10	�	�	PROPN
fsr-3134	303	11	t	t	PROPN
fsr-3134	303	12	(	(	PUNCT
fsr-3134	303	13	a5	a5	PROPN
fsr-3134	303	14	)	)	PUNCT
fsr-3134	303	15	if	if	SCONJ
fsr-3134	303	16	the	the	DET
fsr-3134	303	17	firm	firm	NOUN
fsr-3134	303	18	can	can	AUX
fsr-3134	303	19	not	not	PART
fsr-3134	303	20	invest	invest	VERB
fsr-3134	303	21	in	in	ADP
fsr-3134	303	22	positive	positive	ADJ
fsr-3134	303	23	net	net	ADJ
fsr-3134	303	24	present	present	ADJ
fsr-3134	303	25	value	value	NOUN
fsr-3134	303	26	projects	project	NOUN
fsr-3134	303	27	after	after	ADP
fsr-3134	303	28	year	year	NOUN
fsr-3134	303	29	t	t	PROPN
fsr-3134	303	30	(	(	PUNCT
fsr-3134	303	31	that	that	PRON
fsr-3134	303	32	is	be	AUX
fsr-3134	303	33	the	the	DET
fsr-3134	303	34	typical	typical	ADJ
fsr-3134	303	35	assumption	assumption	NOUN
fsr-3134	303	36	in	in	ADP
fsr-3134	303	37	finite	finite	ADJ
fsr-3134	303	38	growth	growth	NOUN
fsr-3134	303	39	models	model	NOUN
fsr-3134	303	40	)	)	PUNCT
fsr-3134	303	41	,	,	PUNCT
fsr-3134	303	42	r	r	X
fsr-3134	303	43	*	*	PUNCT
fsr-3134	303	44	equals	equal	VERB
fsr-3134	303	45	r.	r.	NOUN
fsr-3134	303	46	using	use	VERB
fsr-3134	303	47	this	this	DET
fsr-3134	303	48	assumption	assumption	NOUN
fsr-3134	303	49	,	,	PUNCT
fsr-3134	303	50	and	and	CCONJ
fsr-3134	303	51	substituting	substitute	VERB
fsr-3134	303	52	eq	eq	ADP
fsr-3134	303	53	.	.	PUNCT
fsr-3134	304	1	(	(	PUNCT
fsr-3134	304	2	a5	a5	PROPN
fsr-3134	304	3	)	)	PUNCT
fsr-3134	304	4	into	into	ADP
fsr-3134	304	5	(	(	PUNCT
fsr-3134	304	6	a4	a4	NOUN
fsr-3134	304	7	)	)	PUNCT
fsr-3134	304	8	,	,	PUNCT
fsr-3134	304	9	produces	produce	VERB
fsr-3134	304	10	eq	eq	ADP
fsr-3134	304	11	.	.	PUNCT
fsr-3134	305	1	(	(	PUNCT
fsr-3134	305	2	a6	a6	NOUN
fsr-3134	305	3	)	)	PUNCT
fsr-3134	305	4	,	,	PUNCT
fsr-3134	305	5	which	which	PRON
fsr-3134	305	6	is	be	AUX
fsr-3134	305	7	eq	eq	ADJ
fsr-3134	305	8	.	.	PUNCT
fsr-3134	306	1	(	(	PUNCT
fsr-3134	306	2	8)	8)	NUM
fsr-3134	306	3	in	in	ADP
fsr-3134	306	4	the	the	DET
fsr-3134	306	5	text	text	NOUN
fsr-3134	306	6	.	.	PUNCT
fsr-3134	307	1	p0	p0	PROPN
fsr-3134	307	2	�	�	PROPN
fsr-3134	307	3	e1	e1	PROPN
fsr-3134	307	4	�	�	PROPN
fsr-3134	307	5	1	1	NUM
fsr-3134	307	6	�	�	PROPN
fsr-3134	307	7	b	b	PROPN
fsr-3134	307	8	�	�	PROPN
fsr-3134	307	9	�	�	PROPN
fsr-3134	307	10	1	1	NUM
fsr-3134	307	11	�	�	PROPN
fsr-3134	307	12	p	p	X
fsr-3134	307	13	�	�	PROPN
fsr-3134	307	14	r	r	NOUN
fsr-3134	307	15	�	�	PROPN
fsr-3134	307	16	p	p	PROPN
fsr-3134	307	17	�	�	PROPN
fsr-3134	307	18	brn	brn	PROPN
fsr-3134	307	19	�	�	PROPN
fsr-3134	307	20	1	1	NUM
fsr-3134	307	21	�	�	PROPN
fsr-3134	307	22	p	p	PROPN
fsr-3134	307	23	�	�	PROPN
fsr-3134	307	24	�	�	PROPN
fsr-3134	307	25	1	1	NUM
fsr-3134	307	26	�	�	PROPN
fsr-3134	307	27	�	�	PROPN
fsr-3134	307	28	(	(	PUNCT
fsr-3134	307	29	1	1	NUM
fsr-3134	307	30	�	�	PROPN
fsr-3134	307	31	p)(1	p)(1	PROPN
fsr-3134	307	32	�	�	PROPN
fsr-3134	307	33	brn	brn	PROPN
fsr-3134	307	34	)	)	PUNCT
fsr-3134	307	35	(	(	PUNCT
fsr-3134	307	36	1	1	NUM
fsr-3134	307	37	�	�	PROPN
fsr-3134	307	38	r	r	NOUN
fsr-3134	307	39	)	)	PUNCT
fsr-3134	307	40	�	�	PROPN
fsr-3134	307	41	t	t	PROPN
fsr-3134	307	42	�	�	PROPN
fsr-3134	307	43	�	�	PROPN
fsr-3134	307	44	�	�	PROPN
fsr-3134	307	45	(	(	PUNCT
fsr-3134	307	46	1	1	NUM
fsr-3134	307	47	�	�	PROPN
fsr-3134	307	48	p)(1	p)(1	PROPN
fsr-3134	307	49	�	�	PROPN
fsr-3134	307	50	brn	brn	PROPN
fsr-3134	307	51	)	)	PUNCT
fsr-3134	307	52	(	(	PUNCT
fsr-3134	307	53	1	1	NUM
fsr-3134	307	54	�	�	PROPN
fsr-3134	307	55	r	r	NOUN
fsr-3134	307	56	)	)	PUNCT
fsr-3134	307	57	�	�	PROPN
fsr-3134	307	58	t	t	PROPN
fsr-3134	307	59	�	�	PROPN
fsr-3134	307	60	e1(1	e1(1	PROPN
fsr-3134	307	61	�	�	PROPN
fsr-3134	307	62	b)(1	b)(1	X
fsr-3134	307	63	�	�	PROPN
fsr-3134	307	64	p	p	X
fsr-3134	307	65	)	)	PUNCT
fsr-3134	307	66	r	r	NOUN
fsr-3134	307	67	�	�	PROPN
fsr-3134	307	68	p	p	NOUN
fsr-3134	307	69	�	�	PROPN
fsr-3134	307	70	br(1	br(1	PROPN
fsr-3134	307	71	�	�	PROPN
fsr-3134	307	72	p	p	NOUN
fsr-3134	307	73	)	)	PUNCT
fsr-3134	307	74	�	�	PROPN
fsr-3134	307	75	(	(	PUNCT
fsr-3134	307	76	a6	a6	NOUN
fsr-3134	307	77	)	)	PUNCT
fsr-3134	307	78	204	204	NUM
fsr-3134	307	79	m.g	m.g	PROPN
fsr-3134	307	80	.	.	PROPN
fsr-3134	307	81	danielson	danielson	PROPN
fsr-3134	307	82	,	,	PUNCT
fsr-3134	307	83	j.l	j.l	PROPN
fsr-3134	307	84	.	.	PROPN
fsr-3134	307	85	heck	heck	PROPN
fsr-3134	307	86	/	/	SYM
fsr-3134	307	87	financial	financial	ADJ
fsr-3134	307	88	services	service	NOUN
fsr-3134	307	89	review	review	VERB
fsr-3134	307	90	23	23	NUM
fsr-3134	307	91	(	(	PUNCT
fsr-3134	307	92	2014	2014	NUM
fsr-3134	307	93	)	)	PUNCT
fsr-3134	307	94	189–206	189–206	NUM
fsr-3134	307	95	appendix	appendix	NOUN
fsr-3134	307	96	2	2	NUM
fsr-3134	307	97	this	this	DET
fsr-3134	307	98	appendix	appendix	NOUN
fsr-3134	307	99	derives	derive	VERB
fsr-3134	307	100	an	an	DET
fsr-3134	307	101	equation	equation	NOUN
fsr-3134	307	102	that	that	PRON
fsr-3134	307	103	quantifies	quantify	VERB
fsr-3134	307	104	the	the	DET
fsr-3134	307	105	percentage	percentage	NOUN
fsr-3134	307	106	overstatement	overstatement	NOUN
fsr-3134	307	107	embedded	embed	VERB
fsr-3134	307	108	in	in	ADP
fsr-3134	307	109	perpetual	perpetual	ADJ
fsr-3134	307	110	growth	growth	NOUN
fsr-3134	307	111	model	model	NOUN
fsr-3134	307	112	value	value	NOUN
fsr-3134	307	113	estimates	estimate	NOUN
fsr-3134	307	114	for	for	ADP
fsr-3134	307	115	firms	firm	NOUN
fsr-3134	307	116	that	that	PRON
fsr-3134	307	117	may	may	AUX
fsr-3134	307	118	fail	fail	VERB
fsr-3134	307	119	in	in	ADP
fsr-3134	307	120	the	the	DET
fsr-3134	307	121	future	future	NOUN
fsr-3134	307	122	,	,	PUNCT
fsr-3134	307	123	with	with	ADP
fsr-3134	307	124	an	an	DET
fsr-3134	307	125	annual	annual	ADJ
fsr-3134	307	126	failure	failure	NOUN
fsr-3134	307	127	probability	probability	NOUN
fsr-3134	307	128	of	of	ADP
fsr-3134	307	129	p	p	NOUN
fsr-3134	307	130	,	,	PUNCT
fsr-3134	307	131	but	but	CCONJ
fsr-3134	307	132	will	will	AUX
fsr-3134	307	133	grow	grow	VERB
fsr-3134	307	134	at	at	ADP
fsr-3134	307	135	the	the	DET
fsr-3134	307	136	perpetual	perpetual	ADJ
fsr-3134	307	137	annual	annual	ADJ
fsr-3134	307	138	rate	rate	NOUN
fsr-3134	307	139	g	g	PROPN
fsr-3134	307	140	if	if	SCONJ
fsr-3134	307	141	they	they	PRON
fsr-3134	307	142	do	do	AUX
fsr-3134	307	143	not	not	PART
fsr-3134	307	144	fail	fail	VERB
fsr-3134	307	145	.	.	PUNCT
fsr-3134	308	1	the	the	DET
fsr-3134	308	2	valuation	valuation	NOUN
fsr-3134	308	3	error	error	NOUN
fsr-3134	308	4	is	be	AUX
fsr-3134	308	5	stated	state	VERB
fsr-3134	308	6	as	as	ADP
fsr-3134	308	7	a	a	DET
fsr-3134	308	8	percentage	percentage	NOUN
fsr-3134	308	9	of	of	ADP
fsr-3134	308	10	the	the	DET
fsr-3134	308	11	true	true	ADJ
fsr-3134	308	12	stock	stock	NOUN
fsr-3134	308	13	price	price	NOUN
fsr-3134	308	14	,	,	PUNCT
fsr-3134	308	15	calculated	calculate	VERB
fsr-3134	308	16	by	by	ADP
fsr-3134	308	17	eq	eq	PROPN
fsr-3134	308	18	.	.	PUNCT
fsr-3134	309	1	(	(	PUNCT
fsr-3134	309	2	7	7	NUM
fsr-3134	309	3	)	)	PUNCT
fsr-3134	309	4	.	.	PUNCT
fsr-3134	310	1	to	to	PART
fsr-3134	310	2	do	do	VERB
fsr-3134	310	3	this	this	PRON
fsr-3134	310	4	,	,	PUNCT
fsr-3134	310	5	subtract	subtract	VERB
fsr-3134	310	6	eq	eq	ADP
fsr-3134	310	7	.	.	PUNCT
fsr-3134	311	1	(	(	PUNCT
fsr-3134	311	2	7	7	NUM
fsr-3134	311	3	)	)	PUNCT
fsr-3134	311	4	from	from	ADP
fsr-3134	311	5	eq	eq	ADP
fsr-3134	311	6	.	.	PUNCT
fsr-3134	312	1	(	(	PUNCT
fsr-3134	312	2	2	2	NUM
fsr-3134	312	3	)	)	PUNCT
fsr-3134	312	4	,	,	PUNCT
fsr-3134	312	5	and	and	CCONJ
fsr-3134	312	6	divide	divide	VERB
fsr-3134	312	7	the	the	DET
fsr-3134	312	8	difference	difference	NOUN
fsr-3134	312	9	by	by	ADP
fsr-3134	312	10	eq	eq	PROPN
fsr-3134	312	11	.	.	PUNCT
fsr-3134	313	1	(	(	PUNCT
fsr-3134	313	2	7	7	NUM
fsr-3134	313	3	)	)	PUNCT
fsr-3134	313	4	.	.	PUNCT
fsr-3134	314	1	this	this	DET
fsr-3134	314	2	step	step	NOUN
fsr-3134	314	3	yields	yield	VERB
fsr-3134	314	4	eq	eq	ADP
fsr-3134	314	5	.	.	PUNCT
fsr-3134	315	1	(	(	PUNCT
fsr-3134	315	2	a7	a7	PROPN
fsr-3134	315	3	)	)	PUNCT
fsr-3134	315	4	,	,	PUNCT
fsr-3134	315	5	which	which	PRON
fsr-3134	315	6	simplifies	simplify	VERB
fsr-3134	315	7	to	to	ADP
fsr-3134	315	8	eq	eq	PROPN
fsr-3134	315	9	.	.	PUNCT
fsr-3134	316	1	(	(	PUNCT
fsr-3134	316	2	a8	a8	PROPN
fsr-3134	316	3	)	)	PUNCT
fsr-3134	316	4	.	.	PUNCT
fsr-3134	317	1	%	%	NOUN
fsr-3134	317	2	overstatement	overstatement	ADJ
fsr-3134	317	3	�	�	PROPN
fsr-3134	317	4	p	p	PROPN
fsr-3134	317	5	�	�	PROPN
fsr-3134	317	6	0	0	NUM
fsr-3134	317	7	;	;	PUNCT
fsr-3134	317	8	perpetual	perpetual	ADJ
fsr-3134	317	9	growth	growth	NOUN
fsr-3134	317	10	�	�	PROPN
fsr-3134	317	11	�	�	PROPN
fsr-3134	317	12	d1	d1	PROPN
fsr-3134	317	13	r	r	PROPN
fsr-3134	317	14	�	�	PROPN
fsr-3134	317	15	g	g	PROPN
fsr-3134	317	16	�	�	PROPN
fsr-3134	317	17	d1	d1	PROPN
fsr-3134	317	18	�	�	PROPN
fsr-3134	317	19	1	1	NUM
fsr-3134	317	20	�	�	PROPN
fsr-3134	317	21	p	p	X
fsr-3134	317	22	�	�	PROPN
fsr-3134	317	23	r	r	NOUN
fsr-3134	317	24	�	�	PROPN
fsr-3134	317	25	p	p	PROPN
fsr-3134	317	26	�	�	PROPN
fsr-3134	317	27	g	g	PROPN
fsr-3134	317	28	�	�	PROPN
fsr-3134	317	29	1	1	NUM
fsr-3134	317	30	�	�	PROPN
fsr-3134	317	31	p	p	SYM
fsr-3134	317	32	�	�	PROPN
fsr-3134	317	33	d1	d1	PROPN
fsr-3134	317	34	�	�	NOUN
fsr-3134	317	35	1	1	NUM
fsr-3134	317	36	�	�	PROPN
fsr-3134	317	37	p	p	X
fsr-3134	317	38	�	�	PROPN
fsr-3134	317	39	r	r	NOUN
fsr-3134	317	40	�	�	PROPN
fsr-3134	317	41	p	p	PROPN
fsr-3134	317	42	�	�	PROPN
fsr-3134	317	43	g	g	PROPN
fsr-3134	317	44	�	�	PROPN
fsr-3134	317	45	1	1	NUM
fsr-3134	317	46	�	�	PROPN
fsr-3134	317	47	p	p	PROPN
fsr-3134	317	48	�	�	PROPN
fsr-3134	317	49	(	(	PUNCT
fsr-3134	317	50	a7	a7	PROPN
fsr-3134	317	51	)	)	PUNCT
fsr-3134	317	52	%	%	NOUN
fsr-3134	317	53	overstatement	overstatement	ADJ
fsr-3134	317	54	�	�	PROPN
fsr-3134	317	55	p	p	PROPN
fsr-3134	317	56	�	�	PROPN
fsr-3134	317	57	0	0	NUM
fsr-3134	317	58	;	;	PUNCT
fsr-3134	317	59	perpetual	perpetual	ADJ
fsr-3134	317	60	growth	growth	NOUN
fsr-3134	317	61	�	�	PROPN
fsr-3134	317	62	�	�	PROPN
fsr-3134	317	63	r	r	PROPN
fsr-3134	317	64	�	�	PROPN
fsr-3134	317	65	p	p	PROPN
fsr-3134	317	66	�	�	PROPN
fsr-3134	317	67	g	g	PROPN
fsr-3134	317	68	�	�	PROPN
fsr-3134	317	69	1	1	NUM
fsr-3134	317	70	�	�	PROPN
fsr-3134	317	71	p	p	PROPN
fsr-3134	317	72	�	�	PROPN
fsr-3134	317	73	�	�	PROPN
fsr-3134	317	74	r	r	NOUN
fsr-3134	317	75	�	�	PROPN
fsr-3134	317	76	g	g	PROPN
fsr-3134	317	77	�	�	PROPN
fsr-3134	317	78	�	�	PROPN
fsr-3134	317	79	1	1	NUM
fsr-3134	317	80	�	�	PROPN
fsr-3134	317	81	p	p	PROPN
fsr-3134	317	82	�	�	PROPN
fsr-3134	317	83	�	�	PROPN
fsr-3134	317	84	1	1	NUM
fsr-3134	317	85	(	(	PUNCT
fsr-3134	317	86	a8	a8	PROPN
fsr-3134	317	87	)	)	PUNCT
fsr-3134	317	88	after	after	ADP
fsr-3134	317	89	rewriting	rewrite	VERB
fsr-3134	317	90	the	the	DET
fsr-3134	317	91	integer	integer	NOUN
fsr-3134	317	92	1	1	NUM
fsr-3134	317	93	on	on	ADP
fsr-3134	317	94	the	the	DET
fsr-3134	317	95	right	right	ADJ
fsr-3134	317	96	-	-	PUNCT
fsr-3134	317	97	hand	hand	NOUN
fsr-3134	317	98	side	side	NOUN
fsr-3134	317	99	of	of	ADP
fsr-3134	317	100	eq	eq	PROPN
fsr-3134	317	101	.	.	PUNCT
fsr-3134	318	1	(	(	PUNCT
fsr-3134	318	2	a8	a8	PROPN
fsr-3134	318	3	)	)	PUNCT
fsr-3134	318	4	as	as	ADP
fsr-3134	318	5	1	1	NUM
fsr-3134	318	6	�	�	PROPN
fsr-3134	318	7	[	[	X
fsr-3134	318	8	(	(	PUNCT
fsr-3134	318	9	r	r	NOUN
fsr-3134	318	10	–	–	PUNCT
fsr-3134	318	11	g)(1	g)(1	X
fsr-3134	318	12	–	–	PUNCT
fsr-3134	318	13	p)]/	p)]/	PROPN
fsr-3134	319	1	[	[	X
fsr-3134	319	2	(	(	PUNCT
fsr-3134	319	3	r	r	NOUN
fsr-3134	319	4	–	–	PUNCT
fsr-3134	319	5	g)(1	g)(1	X
fsr-3134	319	6	–	–	PUNCT
fsr-3134	319	7	p	p	X
fsr-3134	319	8	)	)	PUNCT
fsr-3134	319	9	]	]	PUNCT
fsr-3134	319	10	,	,	PUNCT
fsr-3134	319	11	the	the	DET
fsr-3134	319	12	equation	equation	NOUN
fsr-3134	319	13	further	further	ADJ
fsr-3134	319	14	simplifies	simplifie	NOUN
fsr-3134	319	15	to	to	ADP
fsr-3134	319	16	eq	eq	PROPN
fsr-3134	319	17	.	.	PUNCT
fsr-3134	320	1	(	(	PUNCT
fsr-3134	320	2	a9	a9	PROPN
fsr-3134	320	3	)	)	PUNCT
fsr-3134	320	4	,	,	PUNCT
fsr-3134	320	5	which	which	PRON
fsr-3134	320	6	is	be	AUX
fsr-3134	320	7	eq	eq	ADJ
fsr-3134	320	8	.	.	PUNCT
fsr-3134	321	1	(	(	PUNCT
fsr-3134	321	2	10	10	NUM
fsr-3134	321	3	)	)	PUNCT
fsr-3134	321	4	in	in	ADP
fsr-3134	321	5	the	the	DET
fsr-3134	321	6	text	text	NOUN
fsr-3134	321	7	.	.	PUNCT
fsr-3134	322	1	%	%	PROPN
fsr-3134	322	2	overstatement	overstatement	ADJ
fsr-3134	322	3	�	�	PROPN
fsr-3134	322	4	p	p	PROPN
fsr-3134	322	5	�	�	PROPN
fsr-3134	322	6	0	0	NUM
fsr-3134	322	7	;	;	PUNCT
fsr-3134	322	8	perpetual	perpetual	ADJ
fsr-3134	322	9	growth	growth	NOUN
fsr-3134	322	10	�	�	PROPN
fsr-3134	322	11	�	�	PROPN
fsr-3134	322	12	p	p	PROPN
fsr-3134	322	13	�	�	PROPN
fsr-3134	322	14	1	1	NUM
fsr-3134	322	15	�	�	PROPN
fsr-3134	322	16	r	r	PROPN
fsr-3134	322	17	�	�	PROPN
fsr-3134	322	18	�	�	PROPN
fsr-3134	322	19	r	r	NOUN
fsr-3134	322	20	�	�	PROPN
fsr-3134	322	21	g	g	PROPN
fsr-3134	322	22	�	�	PROPN
fsr-3134	322	23	�	�	PROPN
fsr-3134	322	24	1	1	NUM
fsr-3134	322	25	�	�	PROPN
fsr-3134	322	26	p	p	PROPN
fsr-3134	322	27	�	�	PROPN
fsr-3134	322	28	(	(	PUNCT
fsr-3134	322	29	a9	a9	PROPN
fsr-3134	322	30	)	)	PUNCT
fsr-3134	322	31	appendix	appendix	VERB
fsr-3134	322	32	3	3	NUM
fsr-3134	322	33	this	this	DET
fsr-3134	322	34	appendix	appendix	NOUN
fsr-3134	322	35	derives	derive	VERB
fsr-3134	322	36	the	the	DET
fsr-3134	322	37	breakeven	breakeven	ADJ
fsr-3134	322	38	return	return	NOUN
fsr-3134	322	39	on	on	ADP
fsr-3134	322	40	new	new	ADJ
fsr-3134	322	41	investments	investment	NOUN
fsr-3134	322	42	for	for	ADP
fsr-3134	322	43	a	a	DET
fsr-3134	322	44	firm	firm	NOUN
fsr-3134	322	45	with	with	ADP
fsr-3134	322	46	a	a	DET
fsr-3134	322	47	positive	positive	ADJ
fsr-3134	322	48	probability	probability	NOUN
fsr-3134	322	49	of	of	ADP
fsr-3134	322	50	failure	failure	NOUN
fsr-3134	322	51	.	.	PUNCT
fsr-3134	323	1	if	if	SCONJ
fsr-3134	323	2	a	a	DET
fsr-3134	323	3	firm	firm	NOUN
fsr-3134	323	4	’s	’s	PART
fsr-3134	323	5	default	default	NOUN
fsr-3134	323	6	probability	probability	NOUN
fsr-3134	323	7	is	be	AUX
fsr-3134	323	8	zero	zero	NUM
fsr-3134	323	9	,	,	PUNCT
fsr-3134	323	10	the	the	DET
fsr-3134	323	11	firm	firm	NOUN
fsr-3134	323	12	’s	’s	PART
fsr-3134	323	13	breakeven	breakeven	ADJ
fsr-3134	323	14	reinvestment	reinvestment	NOUN
fsr-3134	323	15	return	return	NOUN
fsr-3134	323	16	will	will	AUX
fsr-3134	323	17	equal	equal	VERB
fsr-3134	323	18	the	the	DET
fsr-3134	323	19	required	required	ADJ
fsr-3134	323	20	return	return	NOUN
fsr-3134	323	21	.	.	PUNCT
fsr-3134	324	1	if	if	SCONJ
fsr-3134	324	2	a	a	DET
fsr-3134	324	3	firm	firm	NOUN
fsr-3134	324	4	faces	face	VERB
fsr-3134	324	5	a	a	DET
fsr-3134	324	6	positive	positive	ADJ
fsr-3134	324	7	default	default	NOUN
fsr-3134	324	8	probability	probability	NOUN
fsr-3134	324	9	,	,	PUNCT
fsr-3134	324	10	the	the	DET
fsr-3134	324	11	process	process	NOUN
fsr-3134	324	12	of	of	ADP
fsr-3134	324	13	deferring	defer	VERB
fsr-3134	324	14	dividends	dividend	NOUN
fsr-3134	324	15	through	through	ADP
fsr-3134	324	16	the	the	DET
fsr-3134	324	17	reinvestment	reinvestment	NOUN
fsr-3134	324	18	process	process	NOUN
fsr-3134	324	19	creates	create	VERB
fsr-3134	324	20	additional	additional	ADJ
fsr-3134	324	21	default	default	NOUN
fsr-3134	324	22	risk	risk	NOUN
fsr-3134	324	23	for	for	ADP
fsr-3134	324	24	shareholders	shareholder	NOUN
fsr-3134	324	25	.	.	PUNCT
fsr-3134	325	1	for	for	SCONJ
fsr-3134	325	2	a	a	DET
fsr-3134	325	3	firm	firm	NOUN
fsr-3134	325	4	to	to	PART
fsr-3134	325	5	maintain	maintain	VERB
fsr-3134	325	6	value	value	NOUN
fsr-3134	325	7	after	after	ADP
fsr-3134	325	8	increasing	increase	VERB
fsr-3134	325	9	its	its	PRON
fsr-3134	325	10	plowback	plowback	NOUN
fsr-3134	325	11	ratio	ratio	NOUN
fsr-3134	325	12	,	,	PUNCT
fsr-3134	325	13	the	the	DET
fsr-3134	325	14	expected	expect	VERB
fsr-3134	325	15	return	return	NOUN
fsr-3134	325	16	on	on	ADP
fsr-3134	325	17	new	new	ADJ
fsr-3134	325	18	investments	investment	NOUN
fsr-3134	325	19	must	must	AUX
fsr-3134	325	20	exceed	exceed	VERB
fsr-3134	325	21	the	the	DET
fsr-3134	325	22	cost	cost	NOUN
fsr-3134	325	23	of	of	ADP
fsr-3134	325	24	capital	capital	NOUN
fsr-3134	325	25	.	.	PUNCT
fsr-3134	326	1	the	the	DET
fsr-3134	326	2	breakeven	breakeven	PROPN
fsr-3134	326	3	return	return	NOUN
fsr-3134	326	4	on	on	ADP
fsr-3134	326	5	new	new	ADJ
fsr-3134	326	6	investments	investment	NOUN
fsr-3134	326	7	is	be	AUX
fsr-3134	326	8	the	the	DET
fsr-3134	326	9	return	return	NOUN
fsr-3134	326	10	a	a	DET
fsr-3134	326	11	firm	firm	NOUN
fsr-3134	326	12	must	must	AUX
fsr-3134	326	13	earn	earn	VERB
fsr-3134	326	14	,	,	PUNCT
fsr-3134	326	15	in	in	ADP
fsr-3134	326	16	outcomes	outcome	NOUN
fsr-3134	326	17	in	in	ADP
fsr-3134	326	18	which	which	PRON
fsr-3134	326	19	the	the	DET
fsr-3134	326	20	firm	firm	NOUN
fsr-3134	326	21	does	do	AUX
fsr-3134	326	22	not	not	PART
fsr-3134	326	23	default	default	VERB
fsr-3134	326	24	,	,	PUNCT
fsr-3134	326	25	to	to	PART
fsr-3134	326	26	maintain	maintain	VERB
fsr-3134	326	27	value	value	NOUN
fsr-3134	326	28	if	if	SCONJ
fsr-3134	326	29	the	the	DET
fsr-3134	326	30	firm	firm	NOUN
fsr-3134	326	31	reduces	reduce	VERB
fsr-3134	326	32	its	its	PRON
fsr-3134	326	33	payout	payout	ADJ
fsr-3134	326	34	ratio	ratio	NOUN
fsr-3134	326	35	.	.	PUNCT
fsr-3134	327	1	to	to	PART
fsr-3134	327	2	illustrate	illustrate	VERB
fsr-3134	327	3	this	this	PRON
fsr-3134	327	4	,	,	PUNCT
fsr-3134	327	5	assume	assume	VERB
fsr-3134	327	6	that	that	SCONJ
fsr-3134	327	7	eq	eq	X
fsr-3134	327	8	.	.	PUNCT
fsr-3134	327	9	(	(	PUNCT
fsr-3134	327	10	a1	a1	NOUN
fsr-3134	327	11	)	)	PUNCT
fsr-3134	327	12	defines	define	VERB
fsr-3134	327	13	firm	firm	ADJ
fsr-3134	327	14	value	value	NOUN
fsr-3134	327	15	before	before	SCONJ
fsr-3134	327	16	it	it	PRON
fsr-3134	327	17	changes	change	VERB
fsr-3134	327	18	its	its	PRON
fsr-3134	327	19	plowback	plowback	NOUN
fsr-3134	327	20	rate	rate	NOUN
fsr-3134	327	21	b.	b.	PROPN
fsr-3134	327	22	if	if	SCONJ
fsr-3134	327	23	the	the	DET
fsr-3134	327	24	firm	firm	NOUN
fsr-3134	327	25	increases	increase	VERB
fsr-3134	327	26	its	its	PRON
fsr-3134	327	27	plowback	plowback	NOUN
fsr-3134	327	28	rate	rate	NOUN
fsr-3134	327	29	to	to	ADP
fsr-3134	327	30	b	b	PROPN
fsr-3134	327	31	�	�	PROPN
fsr-3134	327	32	�	�	PROPN
fsr-3134	327	33	,	,	PUNCT
fsr-3134	327	34	firm	firm	ADJ
fsr-3134	327	35	value	value	NOUN
fsr-3134	327	36	can	can	AUX
fsr-3134	327	37	be	be	AUX
fsr-3134	327	38	written	write	VERB
fsr-3134	327	39	as	as	ADP
fsr-3134	327	40	eq	eq	ADP
fsr-3134	327	41	.	.	PUNCT
fsr-3134	328	1	(	(	PUNCT
fsr-3134	328	2	a10	a10	NOUN
fsr-3134	328	3	)	)	PUNCT
fsr-3134	328	4	.	.	PUNCT
fsr-3134	329	1	p*0	p*0	PROPN
fsr-3134	329	2	�	�	PROPN
fsr-3134	329	3	e1	e1	PROPN
fsr-3134	329	4	�	�	PROPN
fsr-3134	329	5	1	1	NUM
fsr-3134	329	6	�	�	PROPN
fsr-3134	329	7	b	b	PROPN
fsr-3134	329	8	�	�	PROPN
fsr-3134	329	9	�	�	PROPN
fsr-3134	329	10	�	�	PROPN
fsr-3134	329	11	�	�	PROPN
fsr-3134	329	12	1	1	NUM
fsr-3134	329	13	�	�	PROPN
fsr-3134	329	14	p	p	X
fsr-3134	329	15	�	�	PROPN
fsr-3134	329	16	r	r	NOUN
fsr-3134	329	17	�	�	PROPN
fsr-3134	329	18	p	p	PROPN
fsr-3134	329	19	�	�	PROPN
fsr-3134	329	20	�	�	PROPN
fsr-3134	329	21	b	b	PROPN
fsr-3134	329	22	�	�	PROPN
fsr-3134	329	23	�	�	PROPN
fsr-3134	329	24	�	�	PROPN
fsr-3134	329	25	rn	rn	PROPN
fsr-3134	329	26	�	�	PROPN
fsr-3134	329	27	1	1	NUM
fsr-3134	329	28	�	�	PROPN
fsr-3134	329	29	p	p	PROPN
fsr-3134	329	30	�	�	PROPN
fsr-3134	329	31	(	(	PUNCT
fsr-3134	329	32	a10	a10	NOUN
fsr-3134	329	33	)	)	PUNCT
fsr-3134	329	34	to	to	PART
fsr-3134	329	35	solve	solve	VERB
fsr-3134	329	36	for	for	ADP
fsr-3134	329	37	the	the	DET
fsr-3134	329	38	breakeven	breakeven	PROPN
fsr-3134	329	39	return	return	NOUN
fsr-3134	329	40	on	on	ADP
fsr-3134	329	41	new	new	ADJ
fsr-3134	329	42	investments	investment	NOUN
fsr-3134	329	43	,	,	PUNCT
fsr-3134	329	44	set	set	VERB
fsr-3134	329	45	eq	eq	ADP
fsr-3134	329	46	.	.	PUNCT
fsr-3134	330	1	(	(	PUNCT
fsr-3134	330	2	a1	a1	NOUN
fsr-3134	330	3	)	)	PUNCT
fsr-3134	330	4	equal	equal	ADJ
fsr-3134	330	5	to	to	ADP
fsr-3134	330	6	(	(	PUNCT
fsr-3134	330	7	a10	a10	NOUN
fsr-3134	330	8	)	)	PUNCT
fsr-3134	330	9	,	,	PUNCT
fsr-3134	330	10	and	and	CCONJ
fsr-3134	330	11	solve	solve	VERB
fsr-3134	330	12	algebraically	algebraically	ADV
fsr-3134	330	13	for	for	ADP
fsr-3134	330	14	rn	rn	PROPN
fsr-3134	330	15	.	.	PUNCT
fsr-3134	331	1	this	this	DET
fsr-3134	331	2	expression	expression	NOUN
fsr-3134	331	3	simplifies	simplifie	NOUN
fsr-3134	331	4	to	to	ADP
fsr-3134	331	5	eq	eq	PROPN
fsr-3134	331	6	.	.	PUNCT
fsr-3134	331	7	(	(	PUNCT
fsr-3134	331	8	a11	a11	PROPN
fsr-3134	331	9	)	)	PUNCT
fsr-3134	331	10	,	,	PUNCT
fsr-3134	331	11	which	which	PRON
fsr-3134	331	12	is	be	AUX
fsr-3134	331	13	eq	eq	ADJ
fsr-3134	331	14	.	.	PUNCT
fsr-3134	332	1	(	(	PUNCT
fsr-3134	332	2	11	11	NUM
fsr-3134	332	3	)	)	PUNCT
fsr-3134	332	4	in	in	ADP
fsr-3134	332	5	the	the	DET
fsr-3134	332	6	text	text	NOUN
fsr-3134	332	7	.	.	PUNCT
fsr-3134	333	1	rn	rn	PROPN
fsr-3134	333	2	�	�	PROPN
fsr-3134	333	3	breakeven	breakeven	VERB
fsr-3134	333	4	�	�	PROPN
fsr-3134	333	5	�	�	PROPN
fsr-3134	333	6	r	r	PROPN
fsr-3134	333	7	�	�	PROPN
fsr-3134	333	8	p	p	PROPN
fsr-3134	333	9	1	1	NUM
fsr-3134	333	10	�	�	PROPN
fsr-3134	333	11	p	p	PROPN
fsr-3134	333	12	(	(	PUNCT
fsr-3134	333	13	a11	a11	PROPN
fsr-3134	333	14	)	)	PUNCT
fsr-3134	333	15	205m.g	205m.g	PROPN
fsr-3134	333	16	.	.	PUNCT
fsr-3134	334	1	danielson	danielson	PROPN
fsr-3134	334	2	,	,	PUNCT
fsr-3134	334	3	j.l	j.l	PROPN
fsr-3134	334	4	.	.	PROPN
fsr-3134	334	5	heck	heck	PROPN
fsr-3134	334	6	/	/	SYM
fsr-3134	334	7	financial	financial	ADJ
fsr-3134	334	8	services	service	NOUN
fsr-3134	334	9	review	review	VERB
fsr-3134	334	10	23	23	NUM
fsr-3134	334	11	(	(	PUNCT
fsr-3134	334	12	2014	2014	NUM
fsr-3134	334	13	)	)	PUNCT
fsr-3134	334	14	189–206	189–206	NUM
fsr-3134	334	15	references	reference	NOUN
fsr-3134	334	16	block	block	NOUN
fsr-3134	334	17	,	,	PUNCT
fsr-3134	334	18	s.	s.	PROPN
fsr-3134	334	19	(	(	PUNCT
fsr-3134	334	20	1999	1999	NUM
fsr-3134	334	21	)	)	PUNCT
fsr-3134	334	22	.	.	PUNCT
fsr-3134	335	1	a	a	DET
fsr-3134	335	2	study	study	NOUN
fsr-3134	335	3	of	of	ADP
fsr-3134	335	4	financial	financial	ADJ
fsr-3134	335	5	analysts	analyst	NOUN
fsr-3134	335	6	:	:	PUNCT
fsr-3134	335	7	practice	practice	NOUN
fsr-3134	335	8	and	and	CCONJ
fsr-3134	335	9	theory	theory	NOUN
fsr-3134	335	10	.	.	PUNCT
fsr-3134	336	1	financial	financial	ADJ
fsr-3134	336	2	analysts	analyst	NOUN
fsr-3134	336	3	journal	journal	NOUN
fsr-3134	336	4	,	,	PUNCT
fsr-3134	336	5	55	55	NUM
fsr-3134	336	6	,	,	PUNCT
fsr-3134	336	7	86–95	86–95	NUM
fsr-3134	336	8	.	.	PUNCT
fsr-3134	337	1	bradley	bradley	PROPN
fsr-3134	337	2	,	,	PUNCT
fsr-3134	337	3	m.	m.	NOUN
fsr-3134	337	4	,	,	PUNCT
fsr-3134	337	5	&	&	CCONJ
fsr-3134	337	6	jarrell	jarrell	PROPN
fsr-3134	337	7	,	,	PUNCT
fsr-3134	337	8	g.	g.	PROPN
fsr-3134	337	9	(	(	PUNCT
fsr-3134	337	10	2008	2008	NUM
fsr-3134	337	11	)	)	PUNCT
fsr-3134	337	12	.	.	PUNCT
fsr-3134	338	1	expected	expect	VERB
fsr-3134	338	2	inflation	inflation	NOUN
fsr-3134	338	3	and	and	CCONJ
fsr-3134	338	4	the	the	DET
fsr-3134	338	5	constant	constant	ADJ
fsr-3134	338	6	-	-	PUNCT
fsr-3134	338	7	growth	growth	NOUN
fsr-3134	338	8	valuation	valuation	NOUN
fsr-3134	338	9	model	model	NOUN
fsr-3134	338	10	.	.	PUNCT
fsr-3134	339	1	journal	journal	PROPN
fsr-3134	339	2	of	of	ADP
fsr-3134	339	3	applied	apply	VERB
fsr-3134	339	4	corporate	corporate	ADJ
fsr-3134	339	5	finance	finance	NOUN
fsr-3134	339	6	,	,	PUNCT
fsr-3134	339	7	20	20	NUM
fsr-3134	339	8	,	,	PUNCT
fsr-3134	339	9	66–78	66–78	NUM
fsr-3134	339	10	.	.	PUNCT
fsr-3134	340	1	brealey	brealey	PROPN
fsr-3134	340	2	,	,	PUNCT
fsr-3134	340	3	r.	r.	PROPN
fsr-3134	340	4	a.	a.	PROPN
fsr-3134	340	5	,	,	PUNCT
fsr-3134	340	6	&	&	CCONJ
fsr-3134	340	7	myers	myers	PROPN
fsr-3134	340	8	,	,	PUNCT
fsr-3134	340	9	s.	s.	PROPN
fsr-3134	340	10	c.	c.	PROPN
fsr-3134	340	11	(	(	PUNCT
fsr-3134	340	12	2003	2003	NUM
fsr-3134	340	13	)	)	PUNCT
fsr-3134	340	14	.	.	PUNCT
fsr-3134	341	1	principles	principle	NOUN
fsr-3134	341	2	of	of	ADP
fsr-3134	341	3	corporate	corporate	ADJ
fsr-3134	341	4	finance	finance	NOUN
fsr-3134	341	5	.	.	PUNCT
fsr-3134	342	1	new	new	PROPN
fsr-3134	342	2	york	york	PROPN
fsr-3134	342	3	:	:	PUNCT
fsr-3134	342	4	mcgraw	mcgraw	PROPN
fsr-3134	342	5	-	-	PUNCT
fsr-3134	342	6	hill	hill	PROPN
fsr-3134	342	7	/	/	SYM
fsr-3134	342	8	irwin	irwin	PROPN
fsr-3134	342	9	.	.	PUNCT
fsr-3134	343	1	danielson	danielson	PROPN
fsr-3134	343	2	,	,	PUNCT
fsr-3134	343	3	m.	m.	NOUN
fsr-3134	343	4	(	(	PUNCT
fsr-3134	343	5	1998	1998	NUM
fsr-3134	343	6	)	)	PUNCT
fsr-3134	343	7	.	.	PUNCT
fsr-3134	344	1	a	a	DET
fsr-3134	344	2	simple	simple	ADJ
fsr-3134	344	3	valuation	valuation	NOUN
fsr-3134	344	4	model	model	NOUN
fsr-3134	344	5	and	and	CCONJ
fsr-3134	344	6	growth	growth	NOUN
fsr-3134	344	7	expectations	expectation	NOUN
fsr-3134	344	8	.	.	PUNCT
fsr-3134	345	1	financial	financial	ADJ
fsr-3134	345	2	analysts	analyst	NOUN
fsr-3134	345	3	journal	journal	NOUN
fsr-3134	345	4	,	,	PUNCT
fsr-3134	345	5	54	54	NUM
fsr-3134	345	6	,	,	PUNCT
fsr-3134	345	7	50–57	50–57	NUM
fsr-3134	345	8	.	.	PUNCT
fsr-3134	346	1	danielson	danielson	PROPN
fsr-3134	346	2	,	,	PUNCT
fsr-3134	346	3	m.	m.	NOUN
fsr-3134	346	4	,	,	PUNCT
fsr-3134	346	5	heck	heck	INTJ
fsr-3134	346	6	,	,	PUNCT
fsr-3134	346	7	j.	j.	PROPN
fsr-3134	346	8	,	,	PUNCT
fsr-3134	346	9	&	&	CCONJ
fsr-3134	346	10	shaffer	shaffer	PROPN
fsr-3134	346	11	,	,	PUNCT
fsr-3134	346	12	d.	d.	PROPN
fsr-3134	346	13	(	(	PUNCT
fsr-3134	346	14	2008	2008	NUM
fsr-3134	346	15	)	)	PUNCT
fsr-3134	346	16	.	.	PUNCT
fsr-3134	347	1	shareholder	shareholder	NOUN
fsr-3134	347	2	theory	theory	NOUN
fsr-3134	347	3	:	:	PUNCT
fsr-3134	347	4	how	how	SCONJ
fsr-3134	347	5	opponents	opponent	NOUN
fsr-3134	347	6	and	and	CCONJ
fsr-3134	347	7	proponents	proponent	NOUN
fsr-3134	347	8	both	both	CCONJ
fsr-3134	347	9	get	get	VERB
fsr-3134	347	10	it	it	PRON
fsr-3134	347	11	wrong	wrong	ADJ
fsr-3134	347	12	.	.	PUNCT
fsr-3134	348	1	journal	journal	NOUN
fsr-3134	348	2	of	of	ADP
fsr-3134	348	3	applied	apply	VERB
fsr-3134	348	4	finance	finance	NOUN
fsr-3134	348	5	,	,	PUNCT
fsr-3134	348	6	18	18	NUM
fsr-3134	348	7	,	,	PUNCT
fsr-3134	348	8	62–66	62–66	PROPN
fsr-3134	348	9	.	.	PUNCT
fsr-3134	349	1	danielson	danielson	PROPN
fsr-3134	349	2	,	,	PUNCT
fsr-3134	349	3	m.	m.	NOUN
fsr-3134	349	4	,	,	PUNCT
fsr-3134	349	5	&	&	CCONJ
fsr-3134	349	6	scott	scott	PROPN
fsr-3134	349	7	,	,	PUNCT
fsr-3134	349	8	j.	j.	PROPN
fsr-3134	349	9	(	(	PUNCT
fsr-3134	349	10	2000	2000	NUM
fsr-3134	349	11	)	)	PUNCT
fsr-3134	349	12	.	.	PUNCT
fsr-3134	350	1	expanding	expand	VERB
fsr-3134	350	2	the	the	DET
fsr-3134	350	3	scope	scope	NOUN
fsr-3134	350	4	of	of	ADP
fsr-3134	350	5	valuation	valuation	NOUN
fsr-3134	350	6	analysis	analysis	NOUN
fsr-3134	350	7	.	.	PUNCT
fsr-3134	351	1	financial	financial	ADJ
fsr-3134	351	2	practice	practice	NOUN
fsr-3134	351	3	and	and	CCONJ
fsr-3134	351	4	education	education	NOUN
fsr-3134	351	5	,	,	PUNCT
fsr-3134	351	6	10	10	NUM
fsr-3134	351	7	,	,	PUNCT
fsr-3134	351	8	52–61	52–61	NUM
fsr-3134	351	9	.	.	PUNCT
fsr-3134	352	1	demirakos	demirakos	NOUN
fsr-3134	352	2	,	,	PUNCT
fsr-3134	352	3	e.	e.	PROPN
fsr-3134	352	4	g.	g.	PROPN
fsr-3134	352	5	,	,	PUNCT
fsr-3134	352	6	strong	strong	ADJ
fsr-3134	352	7	,	,	PUNCT
fsr-3134	352	8	n.	n.	PROPN
fsr-3134	352	9	c.	c.	PROPN
fsr-3134	352	10	,	,	PUNCT
fsr-3134	352	11	&	&	CCONJ
fsr-3134	352	12	walker	walker	PROPN
fsr-3134	352	13	,	,	PUNCT
fsr-3134	352	14	m.	m.	NOUN
fsr-3134	352	15	(	(	PUNCT
fsr-3134	352	16	2004	2004	NUM
fsr-3134	352	17	)	)	PUNCT
fsr-3134	352	18	.	.	PUNCT
fsr-3134	353	1	what	what	PRON
fsr-3134	353	2	valuation	valuation	NOUN
fsr-3134	353	3	models	model	NOUN
fsr-3134	353	4	do	do	AUX
fsr-3134	353	5	analysts	analyst	NOUN
fsr-3134	353	6	use	use	VERB
fsr-3134	353	7	?	?	PUNCT
fsr-3134	354	1	accounting	accounting	NOUN
fsr-3134	354	2	horizons	horizon	NOUN
fsr-3134	354	3	,	,	PUNCT
fsr-3134	354	4	18	18	NUM
fsr-3134	354	5	,	,	PUNCT
fsr-3134	354	6	221–240	221–240	NUM
fsr-3134	354	7	.	.	PUNCT
fsr-3134	355	1	dukes	dukes	PROPN
fsr-3134	355	2	,	,	PUNCT
fsr-3134	355	3	w.	w.	PROPN
fsr-3134	355	4	,	,	PUNCT
fsr-3134	355	5	peng	peng	PROPN
fsr-3134	355	6	,	,	PUNCT
fsr-3134	355	7	z.	z.	PROPN
fsr-3134	355	8	,	,	PUNCT
fsr-3134	355	9	&	&	CCONJ
fsr-3134	355	10	english	english	PROPN
fsr-3134	355	11	,	,	PUNCT
fsr-3134	355	12	p.	p.	NOUN
fsr-3134	355	13	(	(	PUNCT
fsr-3134	355	14	2006	2006	NUM
fsr-3134	355	15	)	)	PUNCT
fsr-3134	355	16	.	.	PUNCT
fsr-3134	356	1	how	how	SCONJ
fsr-3134	356	2	do	do	AUX
fsr-3134	356	3	practitioners	practitioner	NOUN
fsr-3134	356	4	value	value	VERB
fsr-3134	356	5	common	common	ADJ
fsr-3134	356	6	stock	stock	NOUN
fsr-3134	356	7	?	?	PUNCT
fsr-3134	357	1	journal	journal	NOUN
fsr-3134	357	2	of	of	ADP
fsr-3134	357	3	investing	investing	NOUN
fsr-3134	357	4	,	,	PUNCT
fsr-3134	357	5	15	15	NUM
fsr-3134	357	6	,	,	PUNCT
fsr-3134	357	7	90–104	90–104	PROPN
fsr-3134	357	8	.	.	PUNCT
fsr-3134	357	9	fielitz	fielitz	PROPN
fsr-3134	357	10	,	,	PUNCT
fsr-3134	357	11	b.	b.	PROPN
fsr-3134	357	12	,	,	PUNCT
fsr-3134	357	13	&	&	CCONJ
fsr-3134	357	14	muller	muller	PROPN
fsr-3134	357	15	,	,	PUNCT
fsr-3134	357	16	f.	f.	PROPN
fsr-3134	357	17	(	(	PUNCT
fsr-3134	357	18	1985	1985	NUM
fsr-3134	357	19	)	)	PUNCT
fsr-3134	357	20	.	.	PUNCT
fsr-3134	358	1	a	a	DET
fsr-3134	358	2	simplified	simplified	ADJ
fsr-3134	358	3	approach	approach	NOUN
fsr-3134	358	4	to	to	ADP
fsr-3134	358	5	common	common	ADJ
fsr-3134	358	6	stock	stock	NOUN
fsr-3134	358	7	valuation	valuation	NOUN
fsr-3134	358	8	.	.	PUNCT
fsr-3134	359	1	financial	financial	ADJ
fsr-3134	359	2	analysts	analyst	NOUN
fsr-3134	359	3	journal	journal	NOUN
fsr-3134	359	4	,	,	PUNCT
fsr-3134	359	5	41	41	NUM
fsr-3134	359	6	,	,	PUNCT
fsr-3134	359	7	35–41	35–41	NUM
fsr-3134	359	8	.	.	PUNCT
fsr-3134	360	1	foerster	foerster	PROPN
fsr-3134	360	2	s.	s.	PROPN
fsr-3134	360	3	,	,	PUNCT
fsr-3134	360	4	&	&	CCONJ
fsr-3134	360	5	sapp	sapp	PROPN
fsr-3134	360	6	,	,	PUNCT
fsr-3134	360	7	s.	s.	PROPN
fsr-3134	360	8	(	(	PUNCT
fsr-3134	360	9	2005	2005	NUM
fsr-3134	360	10	)	)	PUNCT
fsr-3134	360	11	.	.	PUNCT
fsr-3134	361	1	the	the	DET
fsr-3134	361	2	dividend	dividend	NOUN
fsr-3134	361	3	discount	discount	NOUN
fsr-3134	361	4	model	model	NOUN
fsr-3134	361	5	in	in	ADP
fsr-3134	361	6	the	the	DET
fsr-3134	361	7	long	long	ADV
fsr-3134	361	8	-	-	PUNCT
fsr-3134	361	9	run	run	NOUN
fsr-3134	361	10	:	:	PUNCT
fsr-3134	361	11	a	a	DET
fsr-3134	361	12	clinical	clinical	ADJ
fsr-3134	361	13	study	study	NOUN
fsr-3134	361	14	.	.	PUNCT
fsr-3134	362	1	journal	journal	NOUN
fsr-3134	362	2	of	of	ADP
fsr-3134	362	3	applied	apply	VERB
fsr-3134	362	4	finance	finance	NOUN
fsr-3134	362	5	,	,	PUNCT
fsr-3134	362	6	15	15	NUM
fsr-3134	362	7	,	,	PUNCT
fsr-3134	362	8	55–75	55–75	NUM
fsr-3134	362	9	.	.	PUNCT
fsr-3134	363	1	fuller	full	ADJ
fsr-3134	363	2	,	,	PUNCT
fsr-3134	363	3	r.	r.	PROPN
fsr-3134	363	4	,	,	PUNCT
fsr-3134	363	5	huberts	hubert	NOUN
fsr-3134	363	6	,	,	PUNCT
fsr-3134	363	7	l.	l.	PROPN
fsr-3134	363	8	,	,	PUNCT
fsr-3134	363	9	&	&	CCONJ
fsr-3134	363	10	levinson	levinson	PROPN
fsr-3134	363	11	,	,	PUNCT
fsr-3134	363	12	m.	m.	NOUN
fsr-3134	363	13	(	(	PUNCT
fsr-3134	363	14	1993	1993	NUM
fsr-3134	363	15	)	)	PUNCT
fsr-3134	363	16	.	.	PUNCT
fsr-3134	364	1	returns	return	NOUN
fsr-3134	364	2	to	to	ADP
fsr-3134	364	3	e	e	NOUN
fsr-3134	364	4	/	/	SYM
fsr-3134	364	5	p	p	NOUN
fsr-3134	364	6	strategies	strategy	NOUN
fsr-3134	364	7	,	,	PUNCT
fsr-3134	364	8	higgledy	higgledy	ADJ
fsr-3134	364	9	-	-	ADJ
fsr-3134	364	10	piggledy	piggledy	ADJ
fsr-3134	364	11	growth	growth	NOUN
fsr-3134	364	12	,	,	PUNCT
fsr-3134	364	13	analysts	analyst	NOUN
fsr-3134	364	14	’	’	PART
fsr-3134	364	15	forecast	forecast	NOUN
fsr-3134	364	16	errors	error	NOUN
fsr-3134	364	17	,	,	PUNCT
fsr-3134	364	18	and	and	CCONJ
fsr-3134	364	19	omitted	omit	VERB
fsr-3134	364	20	risk	risk	NOUN
fsr-3134	364	21	factors	factor	NOUN
fsr-3134	364	22	.	.	PUNCT
fsr-3134	365	1	journal	journal	NOUN
fsr-3134	365	2	of	of	ADP
fsr-3134	365	3	portfolio	portfolio	PROPN
fsr-3134	365	4	management	management	NOUN
fsr-3134	365	5	,	,	PUNCT
fsr-3134	365	6	19	19	NUM
fsr-3134	365	7	,	,	PUNCT
fsr-3134	365	8	13–24	13–24	NUM
fsr-3134	365	9	.	.	PUNCT
fsr-3134	366	1	gordon	gordon	PROPN
fsr-3134	366	2	,	,	PUNCT
fsr-3134	366	3	m.	m.	NOUN
fsr-3134	366	4	(	(	PUNCT
fsr-3134	366	5	1962	1962	NUM
fsr-3134	366	6	)	)	PUNCT
fsr-3134	366	7	.	.	PUNCT
fsr-3134	367	1	the	the	DET
fsr-3134	367	2	investment	investment	NOUN
fsr-3134	367	3	,	,	PUNCT
fsr-3134	367	4	financing	financing	NOUN
fsr-3134	367	5	,	,	PUNCT
fsr-3134	367	6	and	and	CCONJ
fsr-3134	367	7	valuation	valuation	NOUN
fsr-3134	367	8	of	of	ADP
fsr-3134	367	9	the	the	DET
fsr-3134	367	10	corporation	corporation	NOUN
fsr-3134	367	11	.	.	PUNCT
fsr-3134	368	1	homewood	homewood	PROPN
fsr-3134	368	2	,	,	PUNCT
fsr-3134	368	3	il	il	PROPN
fsr-3134	368	4	:	:	PUNCT
fsr-3134	368	5	irwin	irwin	PROPN
fsr-3134	368	6	.	.	PUNCT
fsr-3134	369	1	gordon	gordon	PROPN
fsr-3134	369	2	,	,	PUNCT
fsr-3134	369	3	j.	j.	PROPN
fsr-3134	369	4	,	,	PUNCT
fsr-3134	369	5	&	&	CCONJ
fsr-3134	369	6	gordon	gordon	PROPN
fsr-3134	369	7	,	,	PUNCT
fsr-3134	369	8	m.	m.	NOUN
fsr-3134	369	9	(	(	PUNCT
fsr-3134	369	10	1997	1997	NUM
fsr-3134	369	11	)	)	PUNCT
fsr-3134	369	12	.	.	PUNCT
fsr-3134	370	1	the	the	DET
fsr-3134	370	2	finite	finite	PROPN
fsr-3134	370	3	horizon	horizon	PROPN
fsr-3134	370	4	expected	expect	VERB
fsr-3134	370	5	return	return	NOUN
fsr-3134	370	6	model	model	NOUN
fsr-3134	370	7	.	.	PUNCT
fsr-3134	371	1	financial	financial	ADJ
fsr-3134	371	2	analysts	analyst	NOUN
fsr-3134	371	3	journal	journal	NOUN
fsr-3134	371	4	,	,	PUNCT
fsr-3134	371	5	53	53	NUM
fsr-3134	371	6	,	,	PUNCT
fsr-3134	371	7	52–61	52–61	NUM
fsr-3134	371	8	.	.	PUNCT
fsr-3134	371	9	holt	holt	PROPN
fsr-3134	371	10	,	,	PUNCT
fsr-3134	371	11	c.	c.	PROPN
fsr-3134	371	12	(	(	PUNCT
fsr-3134	371	13	1962	1962	NUM
fsr-3134	371	14	)	)	PUNCT
fsr-3134	371	15	.	.	PUNCT
fsr-3134	372	1	the	the	DET
fsr-3134	372	2	influence	influence	NOUN
fsr-3134	372	3	of	of	ADP
fsr-3134	372	4	growth	growth	NOUN
fsr-3134	372	5	duration	duration	NOUN
fsr-3134	372	6	on	on	ADP
fsr-3134	372	7	share	share	NOUN
fsr-3134	372	8	prices	price	NOUN
fsr-3134	372	9	.	.	PUNCT
fsr-3134	373	1	journal	journal	PROPN
fsr-3134	373	2	of	of	ADP
fsr-3134	373	3	finance	finance	NOUN
fsr-3134	373	4	,	,	PUNCT
fsr-3134	373	5	17	17	NUM
fsr-3134	373	6	,	,	PUNCT
fsr-3134	373	7	465–475	465–475	NUM
fsr-3134	373	8	.	.	PUNCT
fsr-3134	374	1	imam	imam	PROPN
fsr-3134	374	2	,	,	PUNCT
fsr-3134	374	3	s.	s.	PROPN
fsr-3134	374	4	,	,	PUNCT
fsr-3134	374	5	barker	barker	PROPN
fsr-3134	374	6	,	,	PUNCT
fsr-3134	374	7	r.	r.	PROPN
fsr-3134	374	8	,	,	PUNCT
fsr-3134	374	9	&	&	CCONJ
fsr-3134	374	10	clubb	clubb	PROPN
fsr-3134	374	11	,	,	PUNCT
fsr-3134	374	12	c.	c.	PROPN
fsr-3134	374	13	(	(	PUNCT
fsr-3134	374	14	2008	2008	NUM
fsr-3134	374	15	)	)	PUNCT
fsr-3134	374	16	.	.	PUNCT
fsr-3134	375	1	the	the	DET
fsr-3134	375	2	use	use	NOUN
fsr-3134	375	3	of	of	ADP
fsr-3134	375	4	valuation	valuation	NOUN
fsr-3134	375	5	models	model	NOUN
fsr-3134	375	6	by	by	ADP
fsr-3134	375	7	uk	uk	PROPN
fsr-3134	375	8	investment	investment	NOUN
fsr-3134	375	9	analysts	analyst	NOUN
fsr-3134	375	10	.	.	PUNCT
fsr-3134	376	1	european	european	ADJ
fsr-3134	376	2	accounting	accounting	PROPN
fsr-3134	376	3	review	review	PROPN
fsr-3134	376	4	,	,	PUNCT
fsr-3134	376	5	17	17	NUM
fsr-3134	376	6	,	,	PUNCT
fsr-3134	376	7	503–535	503–535	NUM
fsr-3134	376	8	.	.	PUNCT
fsr-3134	377	1	lakonishok	lakonishok	PROPN
fsr-3134	377	2	,	,	PUNCT
fsr-3134	377	3	j.	j.	PROPN
fsr-3134	377	4	,	,	PUNCT
fsr-3134	377	5	shleifer	shleifer	PROPN
fsr-3134	377	6	,	,	PUNCT
fsr-3134	377	7	a.	a.	PROPN
fsr-3134	377	8	,	,	PUNCT
fsr-3134	377	9	&	&	CCONJ
fsr-3134	377	10	vishny	vishny	PROPN
fsr-3134	377	11	,	,	PUNCT
fsr-3134	377	12	r.	r.	PROPN
fsr-3134	377	13	(	(	PUNCT
fsr-3134	377	14	1994	1994	NUM
fsr-3134	377	15	)	)	PUNCT
fsr-3134	377	16	.	.	PUNCT
fsr-3134	378	1	contrarian	contrarian	ADJ
fsr-3134	378	2	investment	investment	NOUN
fsr-3134	378	3	,	,	PUNCT
fsr-3134	378	4	extrapolation	extrapolation	NOUN
fsr-3134	378	5	,	,	PUNCT
fsr-3134	378	6	and	and	CCONJ
fsr-3134	378	7	risk	risk	NOUN
fsr-3134	378	8	.	.	PUNCT
fsr-3134	379	1	journal	journal	NOUN
fsr-3134	379	2	of	of	ADP
fsr-3134	379	3	finance	finance	NOUN
fsr-3134	379	4	,	,	PUNCT
fsr-3134	379	5	49	49	NUM
fsr-3134	379	6	,	,	PUNCT
fsr-3134	379	7	1541–1578	1541–1578	NUM
fsr-3134	379	8	.	.	PUNCT
fsr-3134	380	1	leibowitz	leibowitz	PROPN
fsr-3134	380	2	,	,	PUNCT
fsr-3134	380	3	m.	m.	NOUN
fsr-3134	380	4	,	,	PUNCT
fsr-3134	380	5	&	&	CCONJ
fsr-3134	380	6	kogelman	kogelman	PROPN
fsr-3134	380	7	,	,	PUNCT
fsr-3134	380	8	s.	s.	PROPN
fsr-3134	380	9	(	(	PUNCT
fsr-3134	380	10	1990	1990	NUM
fsr-3134	380	11	)	)	PUNCT
fsr-3134	380	12	.	.	PUNCT
fsr-3134	381	1	inside	inside	ADP
fsr-3134	381	2	the	the	DET
fsr-3134	381	3	p	p	PROPN
fsr-3134	381	4	/	/	SYM
fsr-3134	381	5	e	e	NOUN
fsr-3134	381	6	ratio	ratio	NOUN
fsr-3134	381	7	:	:	PUNCT
fsr-3134	381	8	the	the	DET
fsr-3134	381	9	franchise	franchise	NOUN
fsr-3134	381	10	factor	factor	NOUN
fsr-3134	381	11	.	.	PUNCT
fsr-3134	382	1	financial	financial	ADJ
fsr-3134	382	2	analysts	analyst	NOUN
fsr-3134	382	3	journal	journal	NOUN
fsr-3134	382	4	,	,	PUNCT
fsr-3134	382	5	46	46	NUM
fsr-3134	382	6	,	,	PUNCT
fsr-3134	382	7	17–35	17–35	NUM
fsr-3134	382	8	.	.	PUNCT
fsr-3134	383	1	macaulay	macaulay	PROPN
fsr-3134	383	2	,	,	PUNCT
fsr-3134	383	3	f.	f.	PROPN
fsr-3134	383	4	(	(	PUNCT
fsr-3134	383	5	1938	1938	NUM
fsr-3134	383	6	)	)	PUNCT
fsr-3134	383	7	.	.	PUNCT
fsr-3134	384	1	some	some	DET
fsr-3134	384	2	theoretical	theoretical	ADJ
fsr-3134	384	3	problems	problem	NOUN
fsr-3134	384	4	suggested	suggest	VERB
fsr-3134	384	5	by	by	ADP
fsr-3134	384	6	the	the	DET
fsr-3134	384	7	movements	movement	NOUN
fsr-3134	384	8	of	of	ADP
fsr-3134	384	9	interest	interest	NOUN
fsr-3134	384	10	rates	rate	NOUN
fsr-3134	384	11	,	,	PUNCT
fsr-3134	384	12	bond	bond	NOUN
fsr-3134	384	13	yields	yield	NOUN
fsr-3134	384	14	,	,	PUNCT
fsr-3134	384	15	and	and	CCONJ
fsr-3134	384	16	stock	stock	NOUN
fsr-3134	384	17	prices	price	NOUN
fsr-3134	384	18	in	in	ADP
fsr-3134	384	19	the	the	DET
fsr-3134	384	20	united	united	PROPN
fsr-3134	384	21	states	states	PROPN
fsr-3134	384	22	since	since	SCONJ
fsr-3134	384	23	1856	1856	NUM
fsr-3134	384	24	.	.	PUNCT
fsr-3134	385	1	new	new	PROPN
fsr-3134	385	2	york	york	PROPN
fsr-3134	385	3	:	:	PUNCT
fsr-3134	385	4	columbia	columbia	PROPN
fsr-3134	385	5	university	university	PROPN
fsr-3134	385	6	press	press	NOUN
fsr-3134	385	7	.	.	PUNCT
fsr-3134	386	1	mao	mao	PROPN
fsr-3134	386	2	,	,	PUNCT
fsr-3134	386	3	j.	j.	PROPN
fsr-3134	386	4	(	(	PUNCT
fsr-3134	386	5	1966	1966	NUM
fsr-3134	386	6	)	)	PUNCT
fsr-3134	386	7	.	.	PUNCT
fsr-3134	387	1	the	the	DET
fsr-3134	387	2	valuation	valuation	NOUN
fsr-3134	387	3	of	of	ADP
fsr-3134	387	4	growth	growth	NOUN
fsr-3134	387	5	stocks	stock	NOUN
fsr-3134	387	6	:	:	PUNCT
fsr-3134	387	7	the	the	DET
fsr-3134	387	8	investment	investment	NOUN
fsr-3134	387	9	opportunities	opportunity	NOUN
fsr-3134	387	10	approach	approach	NOUN
fsr-3134	387	11	.	.	PUNCT
fsr-3134	388	1	journal	journal	PROPN
fsr-3134	388	2	of	of	ADP
fsr-3134	388	3	finance	finance	NOUN
fsr-3134	388	4	,	,	PUNCT
fsr-3134	388	5	21	21	NUM
fsr-3134	388	6	,	,	PUNCT
fsr-3134	388	7	95–102	95–102	PROPN
fsr-3134	388	8	.	.	PUNCT
fsr-3134	388	9	miller	miller	PROPN
fsr-3134	388	10	,	,	PUNCT
fsr-3134	388	11	m.	m.	NOUN
fsr-3134	388	12	,	,	PUNCT
fsr-3134	388	13	&	&	CCONJ
fsr-3134	388	14	modigliani	modigliani	PROPN
fsr-3134	388	15	,	,	PUNCT
fsr-3134	388	16	f.	f.	PROPN
fsr-3134	388	17	(	(	PUNCT
fsr-3134	388	18	1961	1961	NUM
fsr-3134	388	19	)	)	PUNCT
fsr-3134	388	20	.	.	PUNCT
fsr-3134	389	1	dividend	dividend	NOUN
fsr-3134	389	2	policy	policy	NOUN
fsr-3134	389	3	,	,	PUNCT
fsr-3134	389	4	growth	growth	NOUN
fsr-3134	389	5	,	,	PUNCT
fsr-3134	389	6	and	and	CCONJ
fsr-3134	389	7	the	the	DET
fsr-3134	389	8	valuation	valuation	NOUN
fsr-3134	389	9	of	of	ADP
fsr-3134	389	10	shares	share	NOUN
fsr-3134	389	11	.	.	PUNCT
fsr-3134	390	1	journal	journal	NOUN
fsr-3134	390	2	of	of	ADP
fsr-3134	390	3	business	business	NOUN
fsr-3134	390	4	,	,	PUNCT
fsr-3134	390	5	34	34	NUM
fsr-3134	390	6	,	,	PUNCT
fsr-3134	390	7	411–433	411–433	NUM
fsr-3134	390	8	.	.	PUNCT
fsr-3134	391	1	o’brien	o’brien	ADJ
fsr-3134	391	2	,	,	PUNCT
fsr-3134	391	3	t.	t.	PROPN
fsr-3134	391	4	(	(	PUNCT
fsr-3134	391	5	2003	2003	NUM
fsr-3134	391	6	)	)	PUNCT
fsr-3134	391	7	.	.	PUNCT
fsr-3134	392	1	a	a	DET
fsr-3134	392	2	simple	simple	ADJ
fsr-3134	392	3	and	and	CCONJ
fsr-3134	392	4	flexible	flexible	ADJ
fsr-3134	392	5	dcf	dcf	PROPN
fsr-3134	392	6	valuation	valuation	PROPN
fsr-3134	392	7	model	model	PROPN
fsr-3134	392	8	.	.	PUNCT
fsr-3134	393	1	journal	journal	PROPN
fsr-3134	393	2	of	of	ADP
fsr-3134	393	3	applied	apply	VERB
fsr-3134	393	4	finance	finance	NOUN
fsr-3134	393	5	,	,	PUNCT
fsr-3134	393	6	13	13	NUM
fsr-3134	393	7	,	,	PUNCT
fsr-3134	393	8	54–62	54–62	NUM
fsr-3134	393	9	.	.	PUNCT
fsr-3134	394	1	payne	payne	PROPN
fsr-3134	394	2	,	,	PUNCT
fsr-3134	394	3	t.	t.	PROPN
fsr-3134	394	4	,	,	PUNCT
fsr-3134	394	5	&	&	CCONJ
fsr-3134	394	6	finch	finch	PROPN
fsr-3134	394	7	,	,	PUNCT
fsr-3134	394	8	j.	j.	PROPN
fsr-3134	394	9	h.	h.	PROPN
fsr-3134	394	10	(	(	PUNCT
fsr-3134	394	11	1999	1999	NUM
fsr-3134	394	12	)	)	PUNCT
fsr-3134	394	13	.	.	PUNCT
fsr-3134	395	1	effective	effective	ADJ
fsr-3134	395	2	teaching	teaching	NOUN
fsr-3134	395	3	and	and	CCONJ
fsr-3134	395	4	use	use	NOUN
fsr-3134	395	5	of	of	ADP
fsr-3134	395	6	the	the	DET
fsr-3134	395	7	constant	constant	ADJ
fsr-3134	395	8	growth	growth	NOUN
fsr-3134	395	9	dividend	dividend	NOUN
fsr-3134	395	10	discount	discount	NOUN
fsr-3134	395	11	model	model	NOUN
fsr-3134	395	12	.	.	PUNCT
fsr-3134	396	1	financial	financial	ADJ
fsr-3134	396	2	services	service	NOUN
fsr-3134	396	3	review	review	NOUN
fsr-3134	396	4	,	,	PUNCT
fsr-3134	396	5	8	8	NUM
fsr-3134	396	6	,	,	PUNCT
fsr-3134	396	7	283–291	283–291	NUM
fsr-3134	396	8	.	.	PUNCT
fsr-3134	397	1	shaffer	shaffer	PROPN
fsr-3134	397	2	,	,	PUNCT
fsr-3134	397	3	s.	s.	PROPN
fsr-3134	397	4	(	(	PUNCT
fsr-3134	397	5	2006	2006	NUM
fsr-3134	397	6	)	)	PUNCT
fsr-3134	397	7	.	.	PUNCT
fsr-3134	398	1	corporate	corporate	ADJ
fsr-3134	398	2	failure	failure	NOUN
fsr-3134	398	3	and	and	CCONJ
fsr-3134	398	4	equity	equity	NOUN
fsr-3134	398	5	valuation	valuation	NOUN
fsr-3134	398	6	.	.	PUNCT
fsr-3134	399	1	financial	financial	ADJ
fsr-3134	399	2	analysts	analyst	NOUN
fsr-3134	399	3	journal	journal	NOUN
fsr-3134	399	4	,	,	PUNCT
fsr-3134	399	5	62	62	NUM
fsr-3134	399	6	,	,	PUNCT
fsr-3134	399	7	71–80	71–80	NUM
fsr-3134	399	8	.	.	PUNCT
fsr-3134	400	1	sheth	sheth	PROPN
fsr-3134	400	2	,	,	PUNCT
fsr-3134	400	3	j.	j.	PROPN
fsr-3134	400	4	(	(	PUNCT
fsr-3134	400	5	2009	2009	NUM
fsr-3134	400	6	)	)	PUNCT
fsr-3134	400	7	.	.	PUNCT
fsr-3134	401	1	the	the	DET
fsr-3134	401	2	self	self	NOUN
fsr-3134	401	3	-	-	PUNCT
fsr-3134	401	4	destructive	destructive	ADJ
fsr-3134	401	5	habits	habit	NOUN
fsr-3134	401	6	of	of	ADP
fsr-3134	401	7	good	good	ADJ
fsr-3134	401	8	companies	company	NOUN
fsr-3134	401	9	.	.	PUNCT
fsr-3134	402	1	philadelphia	philadelphia	PROPN
fsr-3134	402	2	:	:	PUNCT
fsr-3134	402	3	wharton	wharton	PROPN
fsr-3134	402	4	school	school	NOUN
fsr-3134	402	5	publishing	publishing	NOUN
fsr-3134	402	6	.	.	PUNCT
fsr-3134	403	1	stigler	stigler	NOUN
fsr-3134	403	2	,	,	PUNCT
fsr-3134	403	3	g.	g.	PROPN
fsr-3134	403	4	j.	j.	PROPN
fsr-3134	403	5	(	(	PUNCT
fsr-3134	403	6	1963	1963	NUM
fsr-3134	403	7	)	)	PUNCT
fsr-3134	403	8	.	.	PUNCT
fsr-3134	404	1	capital	capital	NOUN
fsr-3134	404	2	and	and	CCONJ
fsr-3134	404	3	rates	rate	NOUN
fsr-3134	404	4	of	of	ADP
fsr-3134	404	5	return	return	NOUN
fsr-3134	404	6	in	in	ADP
fsr-3134	404	7	manufacturing	manufacturing	NOUN
fsr-3134	404	8	industry	industry	NOUN
fsr-3134	404	9	.	.	PUNCT
fsr-3134	405	1	princeton	princeton	PROPN
fsr-3134	405	2	,	,	PUNCT
fsr-3134	405	3	nj	nj	PROPN
fsr-3134	405	4	:	:	PUNCT
fsr-3134	405	5	university	university	NOUN
fsr-3134	405	6	press	press	NOUN
fsr-3134	405	7	.	.	PUNCT
fsr-3134	406	1	weston	weston	PROPN
fsr-3134	406	2	,	,	PUNCT
fsr-3134	406	3	j.	j.	PROPN
fsr-3134	406	4	f.	f.	PROPN
fsr-3134	406	5	,	,	PUNCT
fsr-3134	406	6	chang	chang	PROPN
fsr-3134	406	7	,	,	PUNCT
fsr-3134	406	8	s.	s.	PROPN
fsr-3134	406	9	c.	c.	PROPN
fsr-3134	406	10	,	,	PUNCT
fsr-3134	406	11	&	&	CCONJ
fsr-3134	406	12	siu	siu	PROPN
fsr-3134	406	13	,	,	PUNCT
fsr-3134	406	14	j.	j.	PROPN
fsr-3134	406	15	(	(	PUNCT
fsr-3134	406	16	1998	1998	NUM
fsr-3134	406	17	)	)	PUNCT
fsr-3134	406	18	.	.	PUNCT
fsr-3134	407	1	takeovers	takeover	NOUN
fsr-3134	407	2	,	,	PUNCT
fsr-3134	407	3	restructuring	restructuring	NOUN
fsr-3134	407	4	,	,	PUNCT
fsr-3134	407	5	and	and	CCONJ
fsr-3134	407	6	corporate	corporate	ADJ
fsr-3134	407	7	governance	governance	NOUN
fsr-3134	407	8	.	.	PUNCT
fsr-3134	408	1	upper	upper	ADJ
fsr-3134	408	2	saddle	saddle	PROPN
fsr-3134	408	3	river	river	PROPN
fsr-3134	408	4	,	,	PUNCT
fsr-3134	408	5	nj	nj	PROPN
fsr-3134	408	6	:	:	PUNCT
fsr-3134	408	7	prentice	prentice	PROPN
fsr-3134	408	8	hall	hall	PROPN
fsr-3134	408	9	.	.	PUNCT
fsr-3134	409	1	welch	welch	PROPN
fsr-3134	409	2	,	,	PUNCT
fsr-3134	409	3	i.	i.	PROPN
fsr-3134	409	4	(	(	PUNCT
fsr-3134	409	5	2009	2009	NUM
fsr-3134	409	6	)	)	PUNCT
fsr-3134	409	7	.	.	PUNCT
fsr-3134	410	1	corporate	corporate	ADJ
fsr-3134	410	2	finance	finance	NOUN
fsr-3134	410	3	.	.	PUNCT
fsr-3134	411	1	new	new	PROPN
fsr-3134	411	2	york	york	PROPN
fsr-3134	411	3	:	:	PUNCT
fsr-3134	411	4	prentice	prentice	PROPN
fsr-3134	411	5	hall	hall	PROPN
fsr-3134	411	6	.	.	PUNCT
fsr-3134	412	1	206	206	NUM
fsr-3134	412	2	m.g	m.g	PROPN
fsr-3134	412	3	.	.	PROPN
fsr-3134	412	4	danielson	danielson	PROPN
fsr-3134	412	5	,	,	PUNCT
fsr-3134	412	6	j.l	j.l	PROPN
fsr-3134	412	7	.	.	PROPN
fsr-3134	412	8	heck	heck	PROPN
fsr-3134	412	9	/	/	SYM
fsr-3134	412	10	financial	financial	ADJ
fsr-3134	412	11	services	service	NOUN
fsr-3134	412	12	review	review	VERB
fsr-3134	412	13	23	23	NUM
fsr-3134	412	14	(	(	PUNCT
fsr-3134	412	15	2014	2014	NUM
fsr-3134	412	16	)	)	PUNCT
fsr-3134	413	1	189–206	189–206	NUM