id	sid	tid	token	lemma	pos
fsr-3295	1	1	value	value	NOUN
fsr-3295	1	2	line	line	NOUN
fsr-3295	1	3	quarterly	quarterly	PROPN
fsr-3295	1	4	eps	eps	PROPN
fsr-3295	1	5	forecast	forecast	NOUN
fsr-3295	1	6	error	error	NOUN
fsr-3295	1	7	:	:	PUNCT
fsr-3295	1	8	analyst	analyst	NOUN
fsr-3295	1	9	credibility	credibility	NOUN
fsr-3295	1	10	or	or	CCONJ
fsr-3295	1	11	management	management	NOUN
fsr-3295	1	12	appeasement	appeasement	NOUN
fsr-3295	1	13	?	?	PUNCT
fsr-3295	2	1	philip	philip	PROPN
fsr-3295	2	2	bairda	bairda	PROPN
fsr-3295	2	3	,	,	PUNCT
fsr-3295	2	4	*	*	PROPN
fsr-3295	2	5	aduquesne	aduquesne	PROPN
fsr-3295	2	6	university	university	PROPN
fsr-3295	2	7	,	,	PUNCT
fsr-3295	2	8	palumbo	palumbo	PROPN
fsr-3295	2	9	/	/	SYM
fsr-3295	2	10	donahue	donahue	PROPN
fsr-3295	2	11	school	school	NOUN
fsr-3295	2	12	of	of	ADP
fsr-3295	2	13	business	business	NOUN
fsr-3295	2	14	,	,	PUNCT
fsr-3295	2	15	600	600	NUM
fsr-3295	2	16	forbes	forbes	PROPN
fsr-3295	2	17	avenue	avenue	PROPN
fsr-3295	2	18	,	,	PUNCT
fsr-3295	2	19	pittsburgh	pittsburgh	PROPN
fsr-3295	2	20	,	,	PUNCT
fsr-3295	2	21	pa	pa	PROPN
fsr-3295	2	22	15282	15282	NUM
fsr-3295	2	23	,	,	PUNCT
fsr-3295	2	24	usa	usa	PROPN
fsr-3295	2	25	abstract	abstract	PROPN
fsr-3295	2	26	a	a	DET
fsr-3295	2	27	study	study	NOUN
fsr-3295	2	28	of	of	ADP
fsr-3295	2	29	value	value	NOUN
fsr-3295	2	30	line	line	NOUN
fsr-3295	2	31	quarterly	quarterly	ADJ
fsr-3295	2	32	earnings	earning	NOUN
fsr-3295	2	33	forecast	forecast	NOUN
fsr-3295	2	34	errors	error	NOUN
fsr-3295	2	35	from	from	ADP
fsr-3295	2	36	1999	1999	NUM
fsr-3295	2	37	through	through	ADP
fsr-3295	2	38	q3	q3	PROPN
fsr-3295	2	39	2016	2016	NUM
fsr-3295	2	40	shows	show	VERB
fsr-3295	2	41	that	that	SCONJ
fsr-3295	2	42	the	the	DET
fsr-3295	2	43	direction	direction	NOUN
fsr-3295	2	44	of	of	ADP
fsr-3295	2	45	forecast	forecast	NOUN
fsr-3295	2	46	bias	bias	NOUN
fsr-3295	2	47	and	and	CCONJ
fsr-3295	2	48	forecast	forecast	NOUN
fsr-3295	2	49	efficiency	efficiency	NOUN
fsr-3295	2	50	with	with	ADP
fsr-3295	2	51	respect	respect	NOUN
fsr-3295	2	52	to	to	ADP
fsr-3295	2	53	earnings	earning	NOUN
fsr-3295	2	54	news	news	NOUN
fsr-3295	2	55	depend	depend	VERB
fsr-3295	2	56	on	on	ADP
fsr-3295	2	57	investment	investment	NOUN
fsr-3295	2	58	rating	rating	NOUN
fsr-3295	2	59	.	.	PUNCT
fsr-3295	3	1	patterns	pattern	NOUN
fsr-3295	3	2	of	of	ADP
fsr-3295	3	3	bias	bias	NOUN
fsr-3295	3	4	and	and	CCONJ
fsr-3295	3	5	inefficiency	inefficiency	NOUN
fsr-3295	3	6	indicate	indicate	VERB
fsr-3295	3	7	that	that	PRON
fsr-3295	3	8	value	value	NOUN
fsr-3295	3	9	line	line	NOUN
fsr-3295	3	10	analysts	analyst	NOUN
fsr-3295	3	11	are	be	AUX
fsr-3295	3	12	primarily	primarily	ADV
fsr-3295	3	13	motivated	motivated	ADJ
fsr-3295	3	14	to	to	PART
fsr-3295	3	15	maintain	maintain	VERB
fsr-3295	3	16	credibility	credibility	NOUN
fsr-3295	3	17	with	with	ADP
fsr-3295	3	18	investors	investor	NOUN
fsr-3295	3	19	than	than	SCONJ
fsr-3295	3	20	to	to	PART
fsr-3295	3	21	appease	appease	VERB
fsr-3295	3	22	company	company	NOUN
fsr-3295	3	23	managers	manager	NOUN
fsr-3295	3	24	.	.	PUNCT
fsr-3295	4	1	for	for	ADP
fsr-3295	4	2	buy	buy	NOUN
fsr-3295	4	3	-	-	PUNCT
fsr-3295	4	4	rated	rate	VERB
fsr-3295	4	5	stocks	stock	NOUN
fsr-3295	4	6	,	,	PUNCT
fsr-3295	4	7	forecast	forecast	NOUN
fsr-3295	4	8	bias	bias	NOUN
fsr-3295	4	9	is	be	AUX
fsr-3295	4	10	pessimistic	pessimistic	ADJ
fsr-3295	4	11	,	,	PUNCT
fsr-3295	4	12	and	and	CCONJ
fsr-3295	4	13	forecasts	forecast	NOUN
fsr-3295	4	14	are	be	AUX
fsr-3295	4	15	inefficient	inefficient	ADJ
fsr-3295	4	16	with	with	ADP
fsr-3295	4	17	respect	respect	NOUN
fsr-3295	4	18	to	to	ADP
fsr-3295	4	19	good	good	ADJ
fsr-3295	4	20	earnings	earning	NOUN
fsr-3295	4	21	news	news	NOUN
fsr-3295	4	22	.	.	PUNCT
fsr-3295	5	1	when	when	SCONJ
fsr-3295	5	2	news	news	NOUN
fsr-3295	5	3	is	be	AUX
fsr-3295	5	4	bad	bad	ADJ
fsr-3295	5	5	for	for	ADP
fsr-3295	5	6	buy	buy	NOUN
fsr-3295	5	7	-	-	PUNCT
fsr-3295	5	8	rated	rate	VERB
fsr-3295	5	9	stocks	stock	NOUN
fsr-3295	5	10	,	,	PUNCT
fsr-3295	5	11	forecasts	forecast	NOUN
fsr-3295	5	12	are	be	AUX
fsr-3295	5	13	unbiased	unbiased	ADJ
fsr-3295	5	14	and	and	CCONJ
fsr-3295	5	15	efficient	efficient	ADJ
fsr-3295	5	16	.	.	PUNCT
fsr-3295	6	1	for	for	ADP
fsr-3295	6	2	sell	sell	NOUN
fsr-3295	6	3	-	-	PUNCT
fsr-3295	6	4	rated	rate	VERB
fsr-3295	6	5	stocks	stock	NOUN
fsr-3295	6	6	,	,	PUNCT
fsr-3295	6	7	forecast	forecast	NOUN
fsr-3295	6	8	bias	bias	NOUN
fsr-3295	6	9	is	be	AUX
fsr-3295	6	10	optimistic	optimistic	ADJ
fsr-3295	6	11	,	,	PUNCT
fsr-3295	6	12	and	and	CCONJ
fsr-3295	6	13	forecasts	forecast	NOUN
fsr-3295	6	14	are	be	AUX
fsr-3295	6	15	inefficient	inefficient	ADJ
fsr-3295	6	16	with	with	ADP
fsr-3295	6	17	respect	respect	NOUN
fsr-3295	6	18	to	to	ADP
fsr-3295	6	19	bad	bad	ADJ
fsr-3295	6	20	earnings	earning	NOUN
fsr-3295	6	21	news	news	NOUN
fsr-3295	6	22	.	.	PUNCT
fsr-3295	7	1	when	when	SCONJ
fsr-3295	7	2	news	news	NOUN
fsr-3295	7	3	is	be	AUX
fsr-3295	7	4	good	good	ADJ
fsr-3295	7	5	for	for	ADP
fsr-3295	7	6	sell	sell	NOUN
fsr-3295	7	7	-	-	PUNCT
fsr-3295	7	8	rated	rate	VERB
fsr-3295	7	9	stocks	stock	NOUN
fsr-3295	7	10	,	,	PUNCT
fsr-3295	7	11	forecasts	forecast	NOUN
fsr-3295	7	12	are	be	AUX
fsr-3295	7	13	unbiased	unbiased	ADJ
fsr-3295	7	14	and	and	CCONJ
fsr-3295	7	15	efficient	efficient	ADJ
fsr-3295	7	16	.	.	PUNCT
fsr-3295	8	1	©	©	PROPN
fsr-3295	8	2	2017	2017	NUM
fsr-3295	8	3	academy	academy	NOUN
fsr-3295	8	4	of	of	ADP
fsr-3295	8	5	financial	financial	ADJ
fsr-3295	8	6	services	service	NOUN
fsr-3295	8	7	.	.	PUNCT
fsr-3295	9	1	all	all	DET
fsr-3295	9	2	rights	right	NOUN
fsr-3295	9	3	reserved	reserve	VERB
fsr-3295	9	4	.	.	PUNCT
fsr-3295	10	1	jel	jel	PROPN
fsr-3295	10	2	classification	classification	NOUN
fsr-3295	10	3	:	:	PUNCT
fsr-3295	10	4	g11	g11	NOUN
fsr-3295	10	5	;	;	PUNCT
fsr-3295	10	6	g14	g14	ADJ
fsr-3295	10	7	keywords	keyword	NOUN
fsr-3295	10	8	:	:	PUNCT
fsr-3295	10	9	value	value	NOUN
fsr-3295	10	10	line	line	NOUN
fsr-3295	10	11	;	;	PUNCT
fsr-3295	10	12	earnings	earning	NOUN
fsr-3295	10	13	forecasts	forecast	NOUN
fsr-3295	10	14	;	;	PUNCT
fsr-3295	10	15	earnings	earning	NOUN
fsr-3295	10	16	management	management	NOUN
fsr-3295	10	17	;	;	PUNCT
fsr-3295	10	18	earnings	earning	NOUN
fsr-3295	10	19	forecast	forecast	NOUN
fsr-3295	10	20	bias	bias	NOUN
fsr-3295	10	21	;	;	PUNCT
fsr-3295	10	22	earnings	earning	NOUN
fsr-3295	10	23	forecast	forecast	NOUN
fsr-3295	10	24	inefficiency	inefficiency	NOUN
fsr-3295	10	25	1	1	NUM
fsr-3295	10	26	.	.	PUNCT
fsr-3295	10	27	introduction	introduction	NOUN
fsr-3295	10	28	with	with	ADP
fsr-3295	10	29	roots	root	NOUN
fsr-3295	10	30	dating	date	VERB
fsr-3295	10	31	to	to	ADP
fsr-3295	10	32	1931	1931	NUM
fsr-3295	10	33	,	,	PUNCT
fsr-3295	10	34	value	value	NOUN
fsr-3295	10	35	line	line	NOUN
fsr-3295	10	36	,	,	PUNCT
fsr-3295	10	37	inc	inc	PROPN
fsr-3295	10	38	.	.	PROPN
fsr-3295	11	1	(	(	PUNCT
fsr-3295	11	2	symbol	symbol	NOUN
fsr-3295	11	3	:	:	PUNCT
fsr-3295	11	4	valu	valu	NOUN
fsr-3295	11	5	)	)	PUNCT
fsr-3295	11	6	provides	provide	VERB
fsr-3295	11	7	independent	independent	ADJ
fsr-3295	11	8	investment	investment	NOUN
fsr-3295	11	9	research	research	NOUN
fsr-3295	11	10	that	that	SCONJ
fsr-3295	11	11	for	for	ADP
fsr-3295	11	12	many	many	ADJ
fsr-3295	11	13	years	year	NOUN
fsr-3295	11	14	has	have	AUX
fsr-3295	11	15	had	have	VERB
fsr-3295	11	16	substantial	substantial	ADJ
fsr-3295	11	17	influence	influence	NOUN
fsr-3295	11	18	with	with	ADP
fsr-3295	11	19	individual	individual	ADJ
fsr-3295	11	20	investors	investor	NOUN
fsr-3295	11	21	.	.	PUNCT
fsr-3295	12	1	value	value	NOUN
fsr-3295	12	2	line	line	NOUN
fsr-3295	12	3	’s	’s	PART
fsr-3295	12	4	core	core	NOUN
fsr-3295	12	5	business	business	NOUN
fsr-3295	12	6	is	be	AUX
fsr-3295	12	7	producing	produce	VERB
fsr-3295	12	8	investment	investment	NOUN
fsr-3295	12	9	periodicals	periodical	NOUN
fsr-3295	12	10	and	and	CCONJ
fsr-3295	12	11	underlying	underlying	ADJ
fsr-3295	12	12	research	research	NOUN
fsr-3295	12	13	,	,	PUNCT
fsr-3295	12	14	and	and	CCONJ
fsr-3295	12	15	its	its	PRON
fsr-3295	12	16	target	target	NOUN
fsr-3295	12	17	audiences	audience	NOUN
fsr-3295	12	18	are	be	AUX
fsr-3295	12	19	individual	individual	ADJ
fsr-3295	12	20	investors	investor	NOUN
fsr-3295	12	21	,	,	PUNCT
fsr-3295	12	22	colleges	college	NOUN
fsr-3295	12	23	,	,	PUNCT
fsr-3295	12	24	libraries	library	NOUN
fsr-3295	12	25	,	,	PUNCT
fsr-3295	12	26	and	and	CCONJ
fsr-3295	12	27	investment	investment	NOUN
fsr-3295	12	28	*	*	PUNCT
fsr-3295	12	29	corresponding	correspond	VERB
fsr-3295	12	30	author	author	NOUN
fsr-3295	12	31	.	.	PUNCT
fsr-3295	13	1	tel	tel	PROPN
fsr-3295	13	2	.	.	PUNCT
fsr-3295	13	3	:	:	PUNCT
fsr-3295	14	1	�	�	PROPN
fsr-3295	14	2	1	1	NUM
fsr-3295	14	3	-	-	SYM
fsr-3295	14	4	412	412	NUM
fsr-3295	14	5	-	-	PUNCT
fsr-3295	14	6	396	396	NUM
fsr-3295	14	7	-	-	PUNCT
fsr-3295	14	8	6246	6246	NUM
fsr-3295	14	9	;	;	PUNCT
fsr-3295	14	10	fax	fax	NOUN
fsr-3295	14	11	:	:	PUNCT
fsr-3295	14	12	�	�	PROPN
fsr-3295	14	13	1	1	NUM
fsr-3295	14	14	-	-	SYM
fsr-3295	14	15	412	412	NUM
fsr-3295	14	16	-	-	PUNCT
fsr-3295	14	17	396	396	NUM
fsr-3295	14	18	-	-	PUNCT
fsr-3295	14	19	4764	4764	NUM
fsr-3295	14	20	.	.	PUNCT
fsr-3295	15	1	e	e	X
fsr-3295	15	2	-	-	NOUN
fsr-3295	15	3	mail	mail	NOUN
fsr-3295	15	4	address	address	NOUN
fsr-3295	15	5	:	:	PUNCT
fsr-3295	15	6	bairdp@duq.edu	bairdp@duq.edu	PROPN
fsr-3295	15	7	financial	financial	PROPN
fsr-3295	15	8	services	service	NOUN
fsr-3295	15	9	review	review	VERB
fsr-3295	15	10	26	26	NUM
fsr-3295	15	11	(	(	PUNCT
fsr-3295	15	12	2017	2017	NUM
fsr-3295	15	13	)	)	PUNCT
fsr-3295	15	14	37–54	37–54	NUM
fsr-3295	15	15	1057	1057	NUM
fsr-3295	15	16	-	-	SYM
fsr-3295	15	17	0810/17/$	0810/17/$	NUM
fsr-3295	15	18	–	–	PUNCT
fsr-3295	15	19	see	see	VERB
fsr-3295	15	20	front	front	ADJ
fsr-3295	15	21	matter	matter	NOUN
fsr-3295	15	22	©	©	PROPN
fsr-3295	15	23	2017	2017	NUM
fsr-3295	15	24	academy	academy	NOUN
fsr-3295	15	25	of	of	ADP
fsr-3295	15	26	financial	financial	ADJ
fsr-3295	15	27	services	service	NOUN
fsr-3295	15	28	.	.	PUNCT
fsr-3295	16	1	all	all	DET
fsr-3295	16	2	rights	right	NOUN
fsr-3295	16	3	reserved	reserve	VERB
fsr-3295	16	4	.	.	PUNCT
fsr-3295	17	1	management	management	NOUN
fsr-3295	17	2	professionals	professional	NOUN
fsr-3295	17	3	.	.	PUNCT
fsr-3295	18	1	in	in	ADP
fsr-3295	18	2	its	its	PRON
fsr-3295	18	3	annual	annual	ADJ
fsr-3295	18	4	report	report	NOUN
fsr-3295	18	5	for	for	ADP
fsr-3295	18	6	2016	2016	NUM
fsr-3295	18	7	,	,	PUNCT
fsr-3295	18	8	value	value	NOUN
fsr-3295	18	9	line	line	NOUN
fsr-3295	18	10	,	,	PUNCT
fsr-3295	18	11	inc	inc	PROPN
fsr-3295	18	12	.	.	PROPN
fsr-3295	18	13	reported	report	VERB
fsr-3295	18	14	total	total	ADJ
fsr-3295	18	15	revenue	revenue	NOUN
fsr-3295	18	16	from	from	ADP
fsr-3295	18	17	investment	investment	NOUN
fsr-3295	18	18	periodicals	periodical	NOUN
fsr-3295	18	19	and	and	CCONJ
fsr-3295	18	20	related	related	ADJ
fsr-3295	18	21	publications	publication	NOUN
fsr-3295	18	22	of	of	ADP
fsr-3295	18	23	$	$	SYM
fsr-3295	18	24	34.5	34.5	NUM
fsr-3295	18	25	million	million	NUM
fsr-3295	18	26	.	.	PUNCT
fsr-3295	19	1	its	its	PRON
fsr-3295	19	2	flagship	flagship	NOUN
fsr-3295	19	3	publication	publication	NOUN
fsr-3295	19	4	,	,	PUNCT
fsr-3295	19	5	the	the	DET
fsr-3295	19	6	investment	investment	NOUN
fsr-3295	19	7	survey	survey	NOUN
fsr-3295	19	8	,	,	PUNCT
fsr-3295	19	9	has	have	AUX
fsr-3295	19	10	been	be	AUX
fsr-3295	19	11	published	publish	VERB
fsr-3295	19	12	weekly	weekly	ADV
fsr-3295	19	13	since	since	SCONJ
fsr-3295	19	14	1965	1965	NUM
fsr-3295	19	15	.	.	PUNCT
fsr-3295	20	1	it	it	PRON
fsr-3295	20	2	has	have	AUX
fsr-3295	20	3	been	be	AUX
fsr-3295	20	4	recognized	recognize	VERB
fsr-3295	20	5	by	by	ADP
fsr-3295	20	6	hulbert	hulbert	PROPN
fsr-3295	20	7	financial	financial	PROPN
fsr-3295	20	8	digest	digest	NOUN
fsr-3295	20	9	in	in	ADP
fsr-3295	20	10	its	its	PRON
fsr-3295	20	11	newsletter	newsletter	NOUN
fsr-3295	20	12	honor	honor	NOUN
fsr-3295	20	13	roll	roll	NOUN
fsr-3295	20	14	,	,	PUNCT
fsr-3295	20	15	most	most	ADV
fsr-3295	20	16	recently	recently	ADV
fsr-3295	20	17	in	in	ADP
fsr-3295	20	18	2016	2016	NUM
fsr-3295	20	19	.	.	PUNCT
fsr-3295	21	1	the	the	DET
fsr-3295	21	2	investment	investment	NOUN
fsr-3295	21	3	survey	survey	NOUN
fsr-3295	21	4	delivers	deliver	VERB
fsr-3295	21	5	the	the	DET
fsr-3295	21	6	research	research	NOUN
fsr-3295	21	7	and	and	CCONJ
fsr-3295	21	8	ratings	rating	NOUN
fsr-3295	21	9	of	of	ADP
fsr-3295	21	10	value	value	NOUN
fsr-3295	21	11	line	line	NOUN
fsr-3295	21	12	’s	’s	PART
fsr-3295	21	13	analyst	analyst	NOUN
fsr-3295	21	14	team	team	NOUN
fsr-3295	21	15	for	for	ADP
fsr-3295	21	16	1,700	1,700	NUM
fsr-3295	21	17	public	public	ADJ
fsr-3295	21	18	companies	company	NOUN
fsr-3295	21	19	,	,	PUNCT
fsr-3295	21	20	which	which	PRON
fsr-3295	21	21	comprise	comprise	VERB
fsr-3295	21	22	roughly	roughly	ADV
fsr-3295	21	23	90	90	NUM
fsr-3295	21	24	%	%	NOUN
fsr-3295	21	25	of	of	ADP
fsr-3295	21	26	the	the	DET
fsr-3295	21	27	market	market	NOUN
fsr-3295	21	28	capitalization	capitalization	NOUN
fsr-3295	21	29	of	of	ADP
fsr-3295	21	30	u.s	u.s	PROPN
fsr-3295	21	31	.	.	PROPN
fsr-3295	21	32	common	common	ADJ
fsr-3295	21	33	stocks	stock	NOUN
fsr-3295	21	34	.	.	PUNCT
fsr-3295	22	1	investment	investment	NOUN
fsr-3295	22	2	ratings	rating	NOUN
fsr-3295	22	3	are	be	AUX
fsr-3295	22	4	conveyed	convey	VERB
fsr-3295	22	5	by	by	ADP
fsr-3295	22	6	value	value	NOUN
fsr-3295	22	7	line	line	NOUN
fsr-3295	22	8	’s	’s	PART
fsr-3295	22	9	timeliness	timeliness	NOUN
fsr-3295	22	10	rating	rating	NOUN
fsr-3295	22	11	system	system	NOUN
fsr-3295	22	12	,	,	PUNCT
fsr-3295	22	13	which	which	PRON
fsr-3295	22	14	ranks	rank	VERB
fsr-3295	22	15	stocks	stock	NOUN
fsr-3295	22	16	for	for	ADP
fsr-3295	22	17	relative	relative	ADJ
fsr-3295	22	18	6	6	NUM
fsr-3295	22	19	-	-	PUNCT
fsr-3295	22	20	to-12	to-12	NOUN
fsr-3295	22	21	-	-	PUNCT
fsr-3295	22	22	month	month	NOUN
fsr-3295	22	23	-	-	PUNCT
fsr-3295	22	24	ahead	ahead	NOUN
fsr-3295	22	25	stock	stock	NOUN
fsr-3295	22	26	price	price	NOUN
fsr-3295	22	27	performance	performance	NOUN
fsr-3295	22	28	.	.	PUNCT
fsr-3295	23	1	the	the	DET
fsr-3295	23	2	performance	performance	NOUN
fsr-3295	23	3	of	of	ADP
fsr-3295	23	4	value	value	NOUN
fsr-3295	23	5	line	line	NOUN
fsr-3295	23	6	’s	’s	PART
fsr-3295	23	7	timeliness	timeliness	NOUN
fsr-3295	23	8	ratings	rating	NOUN
fsr-3295	23	9	has	have	AUX
fsr-3295	23	10	been	be	AUX
fsr-3295	23	11	referred	refer	VERB
fsr-3295	23	12	to	to	ADP
fsr-3295	23	13	in	in	ADP
fsr-3295	23	14	prior	prior	ADJ
fsr-3295	23	15	research	research	NOUN
fsr-3295	23	16	as	as	SCONJ
fsr-3295	23	17	the	the	DET
fsr-3295	23	18	“	"	PUNCT
fsr-3295	23	19	value	value	NOUN
fsr-3295	23	20	line	line	NOUN
fsr-3295	23	21	enigma	enigma	ADJ
fsr-3295	23	22	.	.	PUNCT
fsr-3295	23	23	”	"	PUNCT
fsr-3295	24	1	in	in	ADP
fsr-3295	24	2	addition	addition	NOUN
fsr-3295	24	3	,	,	PUNCT
fsr-3295	24	4	the	the	DET
fsr-3295	24	5	investment	investment	NOUN
fsr-3295	24	6	survey	survey	NOUN
fsr-3295	24	7	delivers	deliver	VERB
fsr-3295	24	8	both	both	DET
fsr-3295	24	9	shortand	shortand	NOUN
fsr-3295	24	10	long	long	ADJ
fsr-3295	24	11	-	-	PUNCT
fsr-3295	24	12	term	term	NOUN
fsr-3295	24	13	forecasts	forecast	NOUN
fsr-3295	24	14	of	of	ADP
fsr-3295	24	15	23	23	NUM
fsr-3295	24	16	financial	financial	ADJ
fsr-3295	24	17	variables	variable	NOUN
fsr-3295	24	18	for	for	ADP
fsr-3295	24	19	the	the	DET
fsr-3295	24	20	companies	company	NOUN
fsr-3295	24	21	in	in	ADP
fsr-3295	24	22	its	its	PRON
fsr-3295	24	23	coverage	coverage	NOUN
fsr-3295	24	24	universe	universe	NOUN
fsr-3295	24	25	.	.	PUNCT
fsr-3295	25	1	although	although	SCONJ
fsr-3295	25	2	investors	investor	NOUN
fsr-3295	25	3	spend	spend	VERB
fsr-3295	25	4	tens	ten	NOUN
fsr-3295	25	5	of	of	ADP
fsr-3295	25	6	millions	million	NOUN
fsr-3295	25	7	of	of	ADP
fsr-3295	25	8	dollars	dollar	NOUN
fsr-3295	25	9	annually	annually	ADV
fsr-3295	25	10	subscribing	subscribe	VERB
fsr-3295	25	11	to	to	PART
fsr-3295	25	12	value	value	NOUN
fsr-3295	25	13	line	line	NOUN
fsr-3295	25	14	publications	publication	NOUN
fsr-3295	25	15	,	,	PUNCT
fsr-3295	25	16	relatively	relatively	ADV
fsr-3295	25	17	little	little	ADJ
fsr-3295	25	18	has	have	AUX
fsr-3295	25	19	been	be	AUX
fsr-3295	25	20	reported	report	VERB
fsr-3295	25	21	about	about	ADP
fsr-3295	25	22	the	the	DET
fsr-3295	25	23	quality	quality	NOUN
fsr-3295	25	24	of	of	ADP
fsr-3295	25	25	the	the	DET
fsr-3295	25	26	financial	financial	ADJ
fsr-3295	25	27	forecasts	forecast	NOUN
fsr-3295	25	28	produced	produce	VERB
fsr-3295	25	29	by	by	ADP
fsr-3295	25	30	the	the	DET
fsr-3295	25	31	company	company	NOUN
fsr-3295	25	32	’s	’s	PART
fsr-3295	25	33	analysts	analyst	NOUN
fsr-3295	25	34	.	.	PUNCT
fsr-3295	26	1	the	the	DET
fsr-3295	26	2	aim	aim	NOUN
fsr-3295	26	3	of	of	ADP
fsr-3295	26	4	this	this	DET
fsr-3295	26	5	article	article	NOUN
fsr-3295	26	6	is	be	AUX
fsr-3295	26	7	to	to	PART
fsr-3295	26	8	help	help	VERB
fsr-3295	26	9	close	close	VERB
fsr-3295	26	10	this	this	DET
fsr-3295	26	11	gap	gap	NOUN
fsr-3295	26	12	in	in	ADP
fsr-3295	26	13	the	the	DET
fsr-3295	26	14	literature	literature	NOUN
fsr-3295	26	15	by	by	ADP
fsr-3295	26	16	reporting	report	VERB
fsr-3295	26	17	an	an	DET
fsr-3295	26	18	analysis	analysis	NOUN
fsr-3295	26	19	of	of	ADP
fsr-3295	26	20	the	the	DET
fsr-3295	26	21	bias	bias	NOUN
fsr-3295	26	22	and	and	CCONJ
fsr-3295	26	23	inefficiency	inefficiency	NOUN
fsr-3295	26	24	in	in	ADP
fsr-3295	26	25	value	value	NOUN
fsr-3295	26	26	line	line	NOUN
fsr-3295	26	27	’s	’s	PART
fsr-3295	26	28	quarterly	quarterly	ADJ
fsr-3295	26	29	earnings	earning	NOUN
fsr-3295	26	30	per	per	ADP
fsr-3295	26	31	share	share	NOUN
fsr-3295	26	32	forecasts	forecast	NOUN
fsr-3295	26	33	.	.	PUNCT
fsr-3295	27	1	there	there	PRON
fsr-3295	27	2	is	be	VERB
fsr-3295	27	3	a	a	DET
fsr-3295	27	4	large	large	ADJ
fsr-3295	27	5	literature	literature	NOUN
fsr-3295	27	6	on	on	ADP
fsr-3295	27	7	analysts	analyst	NOUN
fsr-3295	27	8	’	’	PART
fsr-3295	27	9	earnings	earning	NOUN
fsr-3295	27	10	forecasts	forecast	NOUN
fsr-3295	27	11	generally	generally	ADV
fsr-3295	27	12	.	.	PUNCT
fsr-3295	28	1	perhaps	perhaps	ADV
fsr-3295	28	2	the	the	DET
fsr-3295	28	3	salient	salient	NOUN
fsr-3295	28	4	findings	finding	NOUN
fsr-3295	28	5	are	be	AUX
fsr-3295	28	6	that	that	SCONJ
fsr-3295	28	7	they	they	PRON
fsr-3295	28	8	are	be	AUX
fsr-3295	28	9	biased	biased	ADJ
fsr-3295	28	10	and	and	CCONJ
fsr-3295	28	11	inefficient	inefficient	ADJ
fsr-3295	28	12	—	—	PUNCT
fsr-3295	28	13	short	short	ADJ
fsr-3295	28	14	-	-	PUNCT
fsr-3295	28	15	range	range	NOUN
fsr-3295	28	16	forecasts	forecast	NOUN
fsr-3295	28	17	are	be	AUX
fsr-3295	28	18	characterized	characterize	VERB
fsr-3295	28	19	by	by	ADP
fsr-3295	28	20	pessimism	pessimism	NOUN
fsr-3295	28	21	,	,	PUNCT
fsr-3295	28	22	long	long	ADJ
fsr-3295	28	23	-	-	PUNCT
fsr-3295	28	24	range	range	NOUN
fsr-3295	28	25	forecasts	forecast	NOUN
fsr-3295	28	26	by	by	ADP
fsr-3295	28	27	optimism	optimism	NOUN
fsr-3295	28	28	,	,	PUNCT
fsr-3295	28	29	and	and	CCONJ
fsr-3295	28	30	forecasts	forecast	NOUN
fsr-3295	28	31	generally	generally	ADV
fsr-3295	28	32	do	do	AUX
fsr-3295	28	33	not	not	PART
fsr-3295	28	34	fully	fully	ADV
fsr-3295	28	35	reflect	reflect	VERB
fsr-3295	28	36	available	available	ADJ
fsr-3295	28	37	information	information	NOUN
fsr-3295	28	38	.	.	PUNCT
fsr-3295	29	1	observed	observe	VERB
fsr-3295	29	2	distributions	distribution	NOUN
fsr-3295	29	3	of	of	ADP
fsr-3295	29	4	eps	eps	PROPN
fsr-3295	29	5	forecast	forecast	NOUN
fsr-3295	29	6	error	error	NOUN
fsr-3295	29	7	typically	typically	ADV
fsr-3295	29	8	display	display	VERB
fsr-3295	29	9	a	a	DET
fsr-3295	29	10	preponderance	preponderance	NOUN
fsr-3295	29	11	of	of	ADP
fsr-3295	29	12	large	large	ADJ
fsr-3295	29	13	negative	negative	ADJ
fsr-3295	29	14	forecast	forecast	NOUN
fsr-3295	29	15	errors	error	NOUN
fsr-3295	29	16	vis	vis	X
fsr-3295	29	17	-	-	PUNCT
fsr-3295	29	18	à-vis	à-vis	VERB
fsr-3295	29	19	large	large	ADJ
fsr-3295	29	20	positive	positive	ADJ
fsr-3295	29	21	errors	error	NOUN
fsr-3295	29	22	(	(	PUNCT
fsr-3295	29	23	a	a	DET
fsr-3295	29	24	“	"	PUNCT
fsr-3295	29	25	tail	tail	NOUN
fsr-3295	29	26	asymmetry	asymmetry	NOUN
fsr-3295	29	27	”	"	PUNCT
fsr-3295	29	28	)	)	PUNCT
fsr-3295	29	29	and	and	CCONJ
fsr-3295	29	30	a	a	DET
fsr-3295	29	31	preponderance	preponderance	NOUN
fsr-3295	29	32	of	of	ADP
fsr-3295	29	33	small	small	ADJ
fsr-3295	29	34	positive	positive	ADJ
fsr-3295	29	35	forecast	forecast	NOUN
fsr-3295	29	36	errors	error	NOUN
fsr-3295	29	37	vis	vis	X
fsr-3295	29	38	-	-	PUNCT
fsr-3295	29	39	à-vis	à-vis	ADJ
fsr-3295	29	40	small	small	ADJ
fsr-3295	29	41	negative	negative	ADJ
fsr-3295	29	42	errors	error	NOUN
fsr-3295	29	43	(	(	PUNCT
fsr-3295	29	44	a	a	DET
fsr-3295	29	45	“	"	PUNCT
fsr-3295	29	46	middle	middle	ADJ
fsr-3295	29	47	asymmetry	asymmetry	NOUN
fsr-3295	29	48	”	"	PUNCT
fsr-3295	29	49	)	)	PUNCT
fsr-3295	29	50	.	.	PUNCT
fsr-3295	30	1	these	these	DET
fsr-3295	30	2	asymmetries	asymmetry	NOUN
fsr-3295	30	3	reflect	reflect	VERB
fsr-3295	30	4	that	that	SCONJ
fsr-3295	30	5	companies	company	NOUN
fsr-3295	30	6	more	more	ADV
fsr-3295	30	7	often	often	ADV
fsr-3295	30	8	than	than	SCONJ
fsr-3295	30	9	not	not	PART
fsr-3295	30	10	report	report	VERB
fsr-3295	30	11	earnings	earning	NOUN
fsr-3295	30	12	that	that	PRON
fsr-3295	30	13	meet	meet	VERB
fsr-3295	30	14	or	or	CCONJ
fsr-3295	30	15	beat	beat	VERB
fsr-3295	30	16	analysts	analyst	NOUN
fsr-3295	30	17	’	’	PART
fsr-3295	30	18	forecasts	forecast	NOUN
fsr-3295	30	19	and	and	CCONJ
fsr-3295	30	20	that	that	SCONJ
fsr-3295	30	21	when	when	SCONJ
fsr-3295	30	22	they	they	PRON
fsr-3295	30	23	miss	miss	VERB
fsr-3295	30	24	they	they	PRON
fsr-3295	30	25	tend	tend	VERB
fsr-3295	30	26	to	to	PART
fsr-3295	30	27	miss	miss	VERB
fsr-3295	30	28	by	by	ADP
fsr-3295	30	29	wide	wide	ADJ
fsr-3295	30	30	margins	margin	NOUN
fsr-3295	30	31	.	.	PUNCT
fsr-3295	31	1	they	they	PRON
fsr-3295	31	2	have	have	AUX
fsr-3295	31	3	been	be	AUX
fsr-3295	31	4	attributed	attribute	VERB
fsr-3295	31	5	to	to	ADP
fsr-3295	31	6	(	(	PUNCT
fsr-3295	31	7	a	a	PRON
fsr-3295	31	8	)	)	PUNCT
fsr-3295	31	9	incentives	incentive	NOUN
fsr-3295	31	10	for	for	ADP
fsr-3295	31	11	reporting	report	VERB
fsr-3295	31	12	firms	firm	NOUN
fsr-3295	31	13	to	to	PART
fsr-3295	31	14	take	take	VERB
fsr-3295	31	15	‘	'	PUNCT
fsr-3295	31	16	earnings	earning	NOUN
fsr-3295	31	17	baths	bath	NOUN
fsr-3295	31	18	’	'	PUNCT
fsr-3295	31	19	(	(	PUNCT
fsr-3295	31	20	i.e.	i.e.	X
fsr-3295	31	21	,	,	PUNCT
fsr-3295	31	22	large	large	ADJ
fsr-3295	31	23	losses	loss	NOUN
fsr-3295	31	24	)	)	PUNCT
fsr-3295	31	25	when	when	SCONJ
fsr-3295	31	26	they	they	PRON
fsr-3295	31	27	can	can	AUX
fsr-3295	31	28	not	not	PART
fsr-3295	31	29	meet	meet	VERB
fsr-3295	31	30	current	current	ADJ
fsr-3295	31	31	earnings	earning	NOUN
fsr-3295	31	32	benchmarks	benchmark	NOUN
fsr-3295	31	33	,	,	PUNCT
fsr-3295	31	34	(	(	PUNCT
fsr-3295	31	35	b	b	X
fsr-3295	31	36	)	)	PUNCT
fsr-3295	31	37	incentives	incentive	NOUN
fsr-3295	31	38	for	for	ADP
fsr-3295	31	39	reporting	report	VERB
fsr-3295	31	40	firms	firm	NOUN
fsr-3295	31	41	to	to	PART
fsr-3295	31	42	meet	meet	VERB
fsr-3295	31	43	or	or	CCONJ
fsr-3295	31	44	beat	beat	VERB
fsr-3295	31	45	earnings	earning	NOUN
fsr-3295	31	46	forecasts	forecast	NOUN
fsr-3295	31	47	by	by	ADP
fsr-3295	31	48	managing	manage	VERB
fsr-3295	31	49	reported	report	VERB
fsr-3295	31	50	earnings	earning	NOUN
fsr-3295	31	51	and/or	and/or	CCONJ
fsr-3295	31	52	by	by	ADP
fsr-3295	31	53	guiding	guide	VERB
fsr-3295	31	54	analysts	analyst	NOUN
fsr-3295	31	55	to	to	ADP
fsr-3295	31	56	beatable	beatable	ADJ
fsr-3295	31	57	forecasts	forecast	NOUN
fsr-3295	31	58	,	,	PUNCT
fsr-3295	31	59	and	and	CCONJ
fsr-3295	31	60	(	(	PUNCT
fsr-3295	31	61	c	c	X
fsr-3295	31	62	)	)	PUNCT
fsr-3295	31	63	incentives	incentive	NOUN
fsr-3295	31	64	for	for	SCONJ
fsr-3295	31	65	analysts	analyst	NOUN
fsr-3295	31	66	to	to	PART
fsr-3295	31	67	play	play	VERB
fsr-3295	31	68	along	along	ADP
fsr-3295	31	69	with	with	ADP
fsr-3295	31	70	the	the	DET
fsr-3295	31	71	firms	firm	NOUN
fsr-3295	31	72	they	they	PRON
fsr-3295	31	73	cover	cover	VERB
fsr-3295	31	74	in	in	ADP
fsr-3295	31	75	the	the	DET
fsr-3295	31	76	earnings	earning	NOUN
fsr-3295	31	77	guidance	guidance	NOUN
fsr-3295	31	78	game	game	NOUN
fsr-3295	31	79	.	.	PUNCT
fsr-3295	32	1	among	among	ADP
fsr-3295	32	2	analysts	analyst	NOUN
fsr-3295	32	3	employed	employ	VERB
fsr-3295	32	4	by	by	ADP
fsr-3295	32	5	sell	sell	NOUN
fsr-3295	32	6	-	-	PUNCT
fsr-3295	32	7	side	side	NOUN
fsr-3295	32	8	firms	firm	NOUN
fsr-3295	32	9	,	,	PUNCT
fsr-3295	32	10	incentives	incentive	VERB
fsr-3295	32	11	to	to	PART
fsr-3295	32	12	produce	produce	VERB
fsr-3295	32	13	optimistic	optimistic	ADJ
fsr-3295	32	14	forecasts	forecast	NOUN
fsr-3295	32	15	arise	arise	VERB
fsr-3295	32	16	from	from	ADP
fsr-3295	32	17	pressures	pressure	NOUN
fsr-3295	32	18	to	to	PART
fsr-3295	32	19	generate	generate	VERB
fsr-3295	32	20	investment	investment	NOUN
fsr-3295	32	21	banking	banking	NOUN
fsr-3295	32	22	and	and	CCONJ
fsr-3295	32	23	trading	trading	NOUN
fsr-3295	32	24	revenue	revenue	NOUN
fsr-3295	32	25	.	.	PUNCT
fsr-3295	33	1	among	among	ADP
fsr-3295	33	2	analysts	analyst	NOUN
fsr-3295	33	3	generally	generally	ADV
fsr-3295	33	4	,	,	PUNCT
fsr-3295	33	5	the	the	DET
fsr-3295	33	6	pressure	pressure	NOUN
fsr-3295	33	7	for	for	ADP
fsr-3295	33	8	optimistic	optimistic	ADJ
fsr-3295	33	9	forecasts	forecast	NOUN
fsr-3295	33	10	also	also	ADV
fsr-3295	33	11	has	have	AUX
fsr-3295	33	12	been	be	AUX
fsr-3295	33	13	attributed	attribute	VERB
fsr-3295	33	14	to	to	ADP
fsr-3295	33	15	analysts	analyst	NOUN
fsr-3295	33	16	’	'	PUNCT
fsr-3295	33	17	need	need	VERB
fsr-3295	33	18	to	to	PART
fsr-3295	33	19	appease	appease	VERB
fsr-3295	33	20	the	the	DET
fsr-3295	33	21	firms	firm	NOUN
fsr-3295	33	22	they	they	PRON
fsr-3295	33	23	cover	cover	VERB
fsr-3295	33	24	for	for	ADP
fsr-3295	33	25	fear	fear	NOUN
fsr-3295	33	26	of	of	ADP
fsr-3295	33	27	losing	lose	VERB
fsr-3295	33	28	access	access	NOUN
fsr-3295	33	29	to	to	ADP
fsr-3295	33	30	management	management	NOUN
fsr-3295	33	31	as	as	ADP
fsr-3295	33	32	the	the	DET
fsr-3295	33	33	result	result	NOUN
fsr-3295	33	34	of	of	ADP
fsr-3295	33	35	too	too	ADV
fsr-3295	33	36	-	-	PUNCT
fsr-3295	33	37	critical	critical	ADJ
fsr-3295	33	38	coverage	coverage	NOUN
fsr-3295	33	39	.	.	PUNCT
fsr-3295	34	1	tempering	temper	VERB
fsr-3295	34	2	these	these	DET
fsr-3295	34	3	incentives	incentive	NOUN
fsr-3295	34	4	to	to	ADP
fsr-3295	34	5	optimism	optimism	NOUN
fsr-3295	34	6	are	be	AUX
fsr-3295	34	7	management	management	NOUN
fsr-3295	34	8	guidance	guidance	NOUN
fsr-3295	34	9	to	to	ADP
fsr-3295	34	10	analysts	analyst	NOUN
fsr-3295	34	11	to	to	PART
fsr-3295	34	12	issue	issue	VERB
fsr-3295	34	13	beatable	beatable	ADJ
fsr-3295	34	14	forecasts	forecast	NOUN
fsr-3295	34	15	and	and	CCONJ
fsr-3295	34	16	analysts	analyst	NOUN
fsr-3295	34	17	’	'	PUNCT
fsr-3295	34	18	desire	desire	NOUN
fsr-3295	34	19	to	to	PART
fsr-3295	34	20	maintain	maintain	VERB
fsr-3295	34	21	credibility	credibility	NOUN
fsr-3295	34	22	with	with	ADP
fsr-3295	34	23	investor	investor	NOUN
fsr-3295	34	24	clients	client	NOUN
fsr-3295	34	25	.	.	PUNCT
fsr-3295	35	1	in	in	ADP
fsr-3295	35	2	sum	sum	NOUN
fsr-3295	35	3	,	,	PUNCT
fsr-3295	35	4	the	the	DET
fsr-3295	35	5	observed	observe	VERB
fsr-3295	35	6	distribution	distribution	NOUN
fsr-3295	35	7	of	of	ADP
fsr-3295	35	8	earnings	earning	NOUN
fsr-3295	35	9	forecast	forecast	NOUN
fsr-3295	35	10	error	error	NOUN
fsr-3295	35	11	is	be	AUX
fsr-3295	35	12	the	the	DET
fsr-3295	35	13	outcome	outcome	NOUN
fsr-3295	35	14	of	of	ADP
fsr-3295	35	15	a	a	DET
fsr-3295	35	16	complex	complex	ADJ
fsr-3295	35	17	interplay	interplay	NOUN
fsr-3295	35	18	of	of	ADP
fsr-3295	35	19	incentives	incentive	NOUN
fsr-3295	35	20	faced	face	VERB
fsr-3295	35	21	by	by	ADP
fsr-3295	35	22	managers	manager	NOUN
fsr-3295	35	23	of	of	ADP
fsr-3295	35	24	public	public	ADJ
fsr-3295	35	25	companies	company	NOUN
fsr-3295	35	26	and	and	CCONJ
fsr-3295	35	27	the	the	DET
fsr-3295	35	28	analysts	analyst	NOUN
fsr-3295	35	29	who	who	PRON
fsr-3295	35	30	cover	cover	VERB
fsr-3295	35	31	them	they	PRON
fsr-3295	35	32	.	.	PUNCT
fsr-3295	36	1	value	value	NOUN
fsr-3295	36	2	line	line	NOUN
fsr-3295	36	3	earnings	earning	NOUN
fsr-3295	36	4	forecasts	forecast	NOUN
fsr-3295	36	5	are	be	AUX
fsr-3295	36	6	uniquely	uniquely	ADV
fsr-3295	36	7	useful	useful	ADJ
fsr-3295	36	8	for	for	ADP
fsr-3295	36	9	unraveling	unravel	VERB
fsr-3295	36	10	,	,	PUNCT
fsr-3295	36	11	at	at	ADP
fsr-3295	36	12	least	least	ADJ
fsr-3295	36	13	in	in	ADP
fsr-3295	36	14	part	part	NOUN
fsr-3295	36	15	,	,	PUNCT
fsr-3295	36	16	this	this	DET
fsr-3295	36	17	confounded	confounded	ADJ
fsr-3295	36	18	knot	knot	NOUN
fsr-3295	36	19	of	of	ADP
fsr-3295	36	20	incentives	incentive	NOUN
fsr-3295	36	21	.	.	PUNCT
fsr-3295	37	1	because	because	SCONJ
fsr-3295	37	2	value	value	NOUN
fsr-3295	37	3	line	line	NOUN
fsr-3295	37	4	is	be	AUX
fsr-3295	37	5	an	an	DET
fsr-3295	37	6	independent	independent	ADJ
fsr-3295	37	7	research	research	NOUN
fsr-3295	37	8	firm	firm	NOUN
fsr-3295	37	9	,	,	PUNCT
fsr-3295	37	10	its	its	PRON
fsr-3295	37	11	analysts	analyst	NOUN
fsr-3295	37	12	do	do	AUX
fsr-3295	37	13	not	not	PART
fsr-3295	37	14	support	support	VERB
fsr-3295	37	15	either	either	CCONJ
fsr-3295	37	16	investment	investment	NOUN
fsr-3295	37	17	banking	banking	NOUN
fsr-3295	37	18	or	or	CCONJ
fsr-3295	37	19	brokerage	brokerage	NOUN
fsr-3295	37	20	operations	operation	NOUN
fsr-3295	37	21	.	.	PUNCT
fsr-3295	38	1	hence	hence	ADV
fsr-3295	38	2	,	,	PUNCT
fsr-3295	38	3	only	only	ADV
fsr-3295	38	4	two	two	NUM
fsr-3295	38	5	of	of	ADP
fsr-3295	38	6	the	the	DET
fsr-3295	38	7	theories	theory	NOUN
fsr-3295	38	8	of	of	ADP
fsr-3295	38	9	analyst	analyst	NOUN
fsr-3295	38	10	motivation	motivation	NOUN
fsr-3295	38	11	cited	cite	VERB
fsr-3295	38	12	in	in	ADP
fsr-3295	38	13	the	the	DET
fsr-3295	38	14	literature	literature	NOUN
fsr-3295	38	15	can	can	AUX
fsr-3295	38	16	potentially	potentially	ADV
fsr-3295	38	17	explain	explain	VERB
fsr-3295	38	18	the	the	DET
fsr-3295	38	19	bias	bias	NOUN
fsr-3295	38	20	and	and	CCONJ
fsr-3295	38	21	inefficiency	inefficiency	NOUN
fsr-3295	38	22	in	in	ADP
fsr-3295	38	23	value	value	NOUN
fsr-3295	38	24	line	line	NOUN
fsr-3295	38	25	forecasts	forecast	NOUN
fsr-3295	38	26	,	,	PUNCT
fsr-3295	38	27	namely	namely	ADV
fsr-3295	38	28	,	,	PUNCT
fsr-3295	38	29	management	management	NOUN
fsr-3295	38	30	appeasement	appeasement	NOUN
fsr-3295	38	31	and	and	CCONJ
fsr-3295	38	32	analyst	analyst	NOUN
fsr-3295	38	33	credibility	credibility	NOUN
fsr-3295	38	34	.	.	PUNCT
fsr-3295	39	1	in	in	ADP
fsr-3295	39	2	addition	addition	NOUN
fsr-3295	39	3	,	,	PUNCT
fsr-3295	39	4	unlike	unlike	ADP
fsr-3295	39	5	most	most	ADJ
fsr-3295	39	6	analysts	analyst	NOUN
fsr-3295	39	7	who	who	PRON
fsr-3295	39	8	produce	produce	VERB
fsr-3295	39	9	simultaneously	simultaneously	ADV
fsr-3295	39	10	both	both	DET
fsr-3295	39	11	investment	investment	NOUN
fsr-3295	39	12	ratings	rating	NOUN
fsr-3295	39	13	38	38	NUM
fsr-3295	39	14	p.	p.	NOUN
fsr-3295	39	15	baird	baird	PROPN
fsr-3295	39	16	/	/	SYM
fsr-3295	39	17	financial	financial	ADJ
fsr-3295	39	18	services	service	NOUN
fsr-3295	39	19	review	review	VERB
fsr-3295	39	20	26	26	NUM
fsr-3295	39	21	(	(	PUNCT
fsr-3295	39	22	2017	2017	NUM
fsr-3295	39	23	)	)	PUNCT
fsr-3295	39	24	37–54	37–54	NUM
fsr-3295	39	25	and	and	CCONJ
fsr-3295	39	26	earnings	earning	NOUN
fsr-3295	39	27	forecasts	forecast	NOUN
fsr-3295	39	28	,	,	PUNCT
fsr-3295	39	29	value	value	NOUN
fsr-3295	39	30	line	line	NOUN
fsr-3295	39	31	analysts	analyst	NOUN
fsr-3295	39	32	produce	produce	VERB
fsr-3295	39	33	forecasts	forecast	NOUN
fsr-3295	39	34	only	only	ADV
fsr-3295	39	35	,	,	PUNCT
fsr-3295	39	36	and	and	CCONJ
fsr-3295	39	37	they	they	PRON
fsr-3295	39	38	do	do	VERB
fsr-3295	39	39	so	so	ADV
fsr-3295	39	40	with	with	ADP
fsr-3295	39	41	prior	prior	ADJ
fsr-3295	39	42	knowledge	knowledge	NOUN
fsr-3295	39	43	of	of	ADP
fsr-3295	39	44	stocks	stock	NOUN
fsr-3295	39	45	’	'	PUNCT
fsr-3295	39	46	investment	investment	NOUN
fsr-3295	39	47	ratings	rating	NOUN
fsr-3295	39	48	.	.	PUNCT
fsr-3295	40	1	in	in	ADP
fsr-3295	40	2	this	this	DET
fsr-3295	40	3	setting	setting	NOUN
fsr-3295	40	4	,	,	PUNCT
fsr-3295	40	5	patterns	pattern	NOUN
fsr-3295	40	6	of	of	ADP
fsr-3295	40	7	forecast	forecast	NOUN
fsr-3295	40	8	bias	bias	NOUN
fsr-3295	40	9	and	and	CCONJ
fsr-3295	40	10	inefficiency	inefficiency	NOUN
fsr-3295	40	11	arguably	arguably	ADV
fsr-3295	40	12	differ	differ	VERB
fsr-3295	40	13	between	between	ADP
fsr-3295	40	14	management	management	NOUN
fsr-3295	40	15	appeasement	appeasement	NOUN
fsr-3295	40	16	and	and	CCONJ
fsr-3295	40	17	analyst	analyst	NOUN
fsr-3295	40	18	credibility	credibility	NOUN
fsr-3295	40	19	incentives	incentive	VERB
fsr-3295	40	20	.	.	PUNCT
fsr-3295	41	1	the	the	DET
fsr-3295	41	2	literature	literature	NOUN
fsr-3295	41	3	indicates	indicate	VERB
fsr-3295	41	4	that	that	SCONJ
fsr-3295	41	5	one	one	NUM
fsr-3295	41	6	reason	reason	NOUN
fsr-3295	41	7	analysts	analyst	NOUN
fsr-3295	41	8	issue	issue	VERB
fsr-3295	41	9	biased	bias	VERB
fsr-3295	41	10	forecasts	forecast	NOUN
fsr-3295	41	11	is	be	AUX
fsr-3295	41	12	to	to	PART
fsr-3295	41	13	appease	appease	VERB
fsr-3295	41	14	or	or	CCONJ
fsr-3295	41	15	flatter	flatter	NOUN
fsr-3295	41	16	management	management	NOUN
fsr-3295	41	17	to	to	PART
fsr-3295	41	18	obtain	obtain	VERB
fsr-3295	41	19	underwriting	underwriting	NOUN
fsr-3295	41	20	business	business	NOUN
fsr-3295	41	21	and	and	CCONJ
fsr-3295	41	22	for	for	ADP
fsr-3295	41	23	fear	fear	NOUN
fsr-3295	41	24	of	of	ADP
fsr-3295	41	25	losing	lose	VERB
fsr-3295	41	26	access	access	NOUN
fsr-3295	41	27	to	to	ADP
fsr-3295	41	28	management	management	NOUN
fsr-3295	41	29	information	information	NOUN
fsr-3295	41	30	.	.	PUNCT
fsr-3295	42	1	if	if	SCONJ
fsr-3295	42	2	managers	manager	NOUN
fsr-3295	42	3	prefer	prefer	VERB
fsr-3295	42	4	that	that	SCONJ
fsr-3295	42	5	analysts	analyst	NOUN
fsr-3295	42	6	issue	issue	VERB
fsr-3295	42	7	beatable	beatable	ADJ
fsr-3295	42	8	earnings	earning	NOUN
fsr-3295	42	9	forecasts	forecast	NOUN
fsr-3295	42	10	,	,	PUNCT
fsr-3295	42	11	then	then	ADV
fsr-3295	42	12	analysts	analyst	NOUN
fsr-3295	42	13	will	will	AUX
fsr-3295	42	14	generally	generally	ADV
fsr-3295	42	15	oblige	oblige	VERB
fsr-3295	42	16	them	they	PRON
fsr-3295	42	17	by	by	ADP
fsr-3295	42	18	issuing	issue	VERB
fsr-3295	42	19	forecasts	forecast	NOUN
fsr-3295	42	20	that	that	SCONJ
fsr-3295	42	21	most	most	ADJ
fsr-3295	42	22	firms	firm	NOUN
fsr-3295	42	23	will	will	AUX
fsr-3295	42	24	meet	meet	VERB
fsr-3295	42	25	or	or	CCONJ
fsr-3295	42	26	beat	beat	VERB
fsr-3295	42	27	.	.	PUNCT
fsr-3295	43	1	moreover	moreover	ADV
fsr-3295	43	2	,	,	PUNCT
fsr-3295	43	3	when	when	SCONJ
fsr-3295	43	4	revising	revise	VERB
fsr-3295	43	5	their	their	PRON
fsr-3295	43	6	forecasts	forecast	NOUN
fsr-3295	43	7	,	,	PUNCT
fsr-3295	43	8	analysts	analyst	NOUN
fsr-3295	43	9	will	will	AUX
fsr-3295	43	10	generally	generally	ADV
fsr-3295	43	11	respond	respond	VERB
fsr-3295	43	12	more	more	ADV
fsr-3295	43	13	fully	fully	ADV
fsr-3295	43	14	to	to	ADP
fsr-3295	43	15	bad	bad	ADJ
fsr-3295	43	16	earnings	earning	NOUN
fsr-3295	43	17	news	news	NOUN
fsr-3295	43	18	than	than	ADP
fsr-3295	43	19	to	to	ADP
fsr-3295	43	20	good	good	ADJ
fsr-3295	43	21	news	news	NOUN
fsr-3295	43	22	.	.	PUNCT
fsr-3295	44	1	further	far	ADV
fsr-3295	44	2	,	,	PUNCT
fsr-3295	44	3	if	if	SCONJ
fsr-3295	44	4	beatable	beatable	ADJ
fsr-3295	44	5	forecasts	forecast	NOUN
fsr-3295	44	6	serve	serve	VERB
fsr-3295	44	7	to	to	PART
fsr-3295	44	8	counteract	counteract	VERB
fsr-3295	44	9	ill	ill	ADJ
fsr-3295	44	10	will	will	AUX
fsr-3295	44	11	stemming	stem	VERB
fsr-3295	44	12	from	from	ADP
fsr-3295	44	13	undesirable	undesirable	ADJ
fsr-3295	44	14	investment	investment	NOUN
fsr-3295	44	15	ratings	rating	NOUN
fsr-3295	44	16	,	,	PUNCT
fsr-3295	44	17	analysts	analyst	NOUN
fsr-3295	44	18	will	will	AUX
fsr-3295	44	19	respond	respond	VERB
fsr-3295	44	20	more	more	ADV
fsr-3295	44	21	fully	fully	ADV
fsr-3295	44	22	to	to	ADP
fsr-3295	44	23	bad	bad	ADJ
fsr-3295	44	24	news	news	NOUN
fsr-3295	44	25	for	for	ADP
fsr-3295	44	26	low	low	ADV
fsr-3295	44	27	-	-	PUNCT
fsr-3295	44	28	rated	rate	VERB
fsr-3295	44	29	stocks	stock	NOUN
fsr-3295	44	30	than	than	SCONJ
fsr-3295	44	31	they	they	PRON
fsr-3295	44	32	will	will	AUX
fsr-3295	44	33	for	for	ADP
fsr-3295	44	34	high	high	ADV
fsr-3295	44	35	-	-	PUNCT
fsr-3295	44	36	rated	rate	VERB
fsr-3295	44	37	stocks	stock	NOUN
fsr-3295	44	38	,	,	PUNCT
fsr-3295	44	39	and	and	CCONJ
fsr-3295	44	40	when	when	SCONJ
fsr-3295	44	41	news	news	NOUN
fsr-3295	44	42	is	be	AUX
fsr-3295	44	43	good	good	ADJ
fsr-3295	44	44	they	they	PRON
fsr-3295	44	45	will	will	AUX
fsr-3295	44	46	respond	respond	VERB
fsr-3295	44	47	more	more	ADV
fsr-3295	44	48	fully	fully	ADV
fsr-3295	44	49	for	for	ADP
fsr-3295	44	50	high	high	ADV
fsr-3295	44	51	-	-	PUNCT
fsr-3295	44	52	rated	rate	VERB
fsr-3295	44	53	stocks	stock	NOUN
fsr-3295	44	54	than	than	ADP
fsr-3295	44	55	for	for	ADP
fsr-3295	44	56	low	low	ADV
fsr-3295	44	57	-	-	PUNCT
fsr-3295	44	58	rated	rate	VERB
fsr-3295	44	59	stocks	stock	NOUN
fsr-3295	44	60	.	.	PUNCT
fsr-3295	45	1	conversely	conversely	ADV
fsr-3295	45	2	,	,	PUNCT
fsr-3295	45	3	if	if	SCONJ
fsr-3295	45	4	,	,	PUNCT
fsr-3295	45	5	instead	instead	ADV
fsr-3295	45	6	of	of	ADP
fsr-3295	45	7	appeasing	appease	VERB
fsr-3295	45	8	company	company	NOUN
fsr-3295	45	9	management	management	NOUN
fsr-3295	45	10	,	,	PUNCT
fsr-3295	45	11	analysts	analyst	NOUN
fsr-3295	45	12	seek	seek	VERB
fsr-3295	45	13	to	to	PART
fsr-3295	45	14	maintain	maintain	VERB
fsr-3295	45	15	or	or	CCONJ
fsr-3295	45	16	build	build	VERB
fsr-3295	45	17	credibility	credibility	NOUN
fsr-3295	45	18	with	with	ADP
fsr-3295	45	19	investor	investor	NOUN
fsr-3295	45	20	clients	client	NOUN
fsr-3295	45	21	,	,	PUNCT
fsr-3295	45	22	they	they	PRON
fsr-3295	45	23	will	will	AUX
fsr-3295	45	24	issue	issue	VERB
fsr-3295	45	25	forecasts	forecast	NOUN
fsr-3295	45	26	that	that	SCONJ
fsr-3295	45	27	favorably	favorably	ADV
fsr-3295	45	28	rated	rate	VERB
fsr-3295	45	29	companies	company	NOUN
fsr-3295	45	30	will	will	AUX
fsr-3295	45	31	most	most	ADV
fsr-3295	45	32	often	often	ADV
fsr-3295	45	33	meet	meet	VERB
fsr-3295	45	34	or	or	CCONJ
fsr-3295	45	35	exceed	exceed	VERB
fsr-3295	45	36	,	,	PUNCT
fsr-3295	45	37	and	and	CCONJ
fsr-3295	45	38	they	they	PRON
fsr-3295	45	39	will	will	AUX
fsr-3295	45	40	issue	issue	VERB
fsr-3295	45	41	forecasts	forecast	NOUN
fsr-3295	45	42	that	that	SCONJ
fsr-3295	45	43	unfavorably	unfavorably	ADV
fsr-3295	45	44	rated	rate	VERB
fsr-3295	45	45	companies	company	NOUN
fsr-3295	45	46	will	will	AUX
fsr-3295	45	47	most	most	ADV
fsr-3295	45	48	often	often	ADV
fsr-3295	45	49	fail	fail	VERB
fsr-3295	45	50	to	to	PART
fsr-3295	45	51	meet	meet	VERB
fsr-3295	45	52	.	.	PUNCT
fsr-3295	46	1	hence	hence	ADV
fsr-3295	46	2	,	,	PUNCT
fsr-3295	46	3	forecast	forecast	NOUN
fsr-3295	46	4	pessimism	pessimism	NOUN
fsr-3295	46	5	will	will	AUX
fsr-3295	46	6	increase	increase	VERB
fsr-3295	46	7	with	with	ADP
fsr-3295	46	8	investment	investment	NOUN
fsr-3295	46	9	rating	rating	NOUN
fsr-3295	46	10	.	.	PUNCT
fsr-3295	47	1	additionally	additionally	ADV
fsr-3295	47	2	,	,	PUNCT
fsr-3295	47	3	analysts	analyst	NOUN
fsr-3295	47	4	will	will	AUX
fsr-3295	47	5	respond	respond	VERB
fsr-3295	47	6	more	more	ADV
fsr-3295	47	7	fully	fully	ADV
fsr-3295	47	8	to	to	ADP
fsr-3295	47	9	bad	bad	ADJ
fsr-3295	47	10	news	news	NOUN
fsr-3295	47	11	than	than	ADP
fsr-3295	47	12	to	to	ADP
fsr-3295	47	13	good	good	ADJ
fsr-3295	47	14	news	news	NOUN
fsr-3295	47	15	for	for	ADP
fsr-3295	47	16	favorably	favorably	ADV
fsr-3295	47	17	rated	rate	VERB
fsr-3295	47	18	stocks	stock	NOUN
fsr-3295	47	19	,	,	PUNCT
fsr-3295	47	20	and	and	CCONJ
fsr-3295	47	21	they	they	PRON
fsr-3295	47	22	will	will	AUX
fsr-3295	47	23	respond	respond	VERB
fsr-3295	47	24	more	more	ADV
fsr-3295	47	25	fully	fully	ADV
fsr-3295	47	26	to	to	ADP
fsr-3295	47	27	good	good	ADJ
fsr-3295	47	28	news	news	NOUN
fsr-3295	47	29	than	than	ADP
fsr-3295	47	30	to	to	ADP
fsr-3295	47	31	bad	bad	ADJ
fsr-3295	47	32	news	news	NOUN
fsr-3295	47	33	for	for	ADP
fsr-3295	47	34	unfavorably	unfavorably	ADV
fsr-3295	47	35	rated	rate	VERB
fsr-3295	47	36	stocks	stock	NOUN
fsr-3295	47	37	.	.	PUNCT
fsr-3295	48	1	empirical	empirical	ADJ
fsr-3295	48	2	results	result	NOUN
fsr-3295	48	3	reported	report	VERB
fsr-3295	48	4	herein	herein	NOUN
fsr-3295	48	5	shed	shed	VERB
fsr-3295	48	6	new	new	ADJ
fsr-3295	48	7	light	light	NOUN
fsr-3295	48	8	directly	directly	ADV
fsr-3295	48	9	on	on	ADP
fsr-3295	48	10	the	the	DET
fsr-3295	48	11	motivations	motivation	NOUN
fsr-3295	48	12	of	of	ADP
fsr-3295	48	13	value	value	NOUN
fsr-3295	48	14	line	line	NOUN
fsr-3295	48	15	analysts	analyst	NOUN
fsr-3295	48	16	in	in	ADP
fsr-3295	48	17	particular	particular	ADJ
fsr-3295	48	18	and	and	CCONJ
fsr-3295	48	19	indirectly	indirectly	ADV
fsr-3295	48	20	on	on	ADP
fsr-3295	48	21	the	the	DET
fsr-3295	48	22	motivations	motivation	NOUN
fsr-3295	48	23	of	of	ADP
fsr-3295	48	24	analysts	analyst	NOUN
fsr-3295	48	25	generally	generally	ADV
fsr-3295	48	26	.	.	PUNCT
fsr-3295	49	1	the	the	DET
fsr-3295	49	2	distribution	distribution	NOUN
fsr-3295	49	3	of	of	ADP
fsr-3295	49	4	value	value	NOUN
fsr-3295	49	5	line	line	NOUN
fsr-3295	49	6	quarterly	quarterly	PROPN
fsr-3295	49	7	eps	eps	PROPN
fsr-3295	49	8	forecast	forecast	NOUN
fsr-3295	49	9	error	error	NOUN
fsr-3295	49	10	from	from	ADP
fsr-3295	49	11	1999	1999	NUM
fsr-3295	49	12	through	through	ADP
fsr-3295	49	13	the	the	DET
fsr-3295	49	14	third	third	ADJ
fsr-3295	49	15	quarter	quarter	NOUN
fsr-3295	49	16	of	of	ADP
fsr-3295	49	17	2016	2016	NUM
fsr-3295	49	18	is	be	AUX
fsr-3295	49	19	consistent	consistent	ADJ
fsr-3295	49	20	with	with	ADP
fsr-3295	49	21	prior	prior	ADJ
fsr-3295	49	22	studies	study	NOUN
fsr-3295	49	23	of	of	ADP
fsr-3295	49	24	analysts	analyst	NOUN
fsr-3295	49	25	’	’	PART
fsr-3295	49	26	earnings	earning	NOUN
fsr-3295	49	27	forecast	forecast	NOUN
fsr-3295	49	28	error	error	NOUN
fsr-3295	49	29	.	.	PUNCT
fsr-3295	50	1	the	the	DET
fsr-3295	50	2	overall	overall	ADJ
fsr-3295	50	3	mean	mean	NOUN
fsr-3295	50	4	(	(	PUNCT
fsr-3295	50	5	median	median	ADJ
fsr-3295	50	6	)	)	PUNCT
fsr-3295	50	7	forecast	forecast	NOUN
fsr-3295	50	8	error	error	NOUN
fsr-3295	50	9	is	be	AUX
fsr-3295	50	10	�	�	X
fsr-3295	50	11	1.4	1.4	NUM
fsr-3295	50	12	(	(	PUNCT
fsr-3295	50	13	0.0	0.0	NUM
fsr-3295	50	14	)	)	PUNCT
fsr-3295	50	15	cents	cent	NOUN
fsr-3295	50	16	per	per	ADP
fsr-3295	50	17	share	share	NOUN
fsr-3295	50	18	,	,	PUNCT
fsr-3295	50	19	and	and	CCONJ
fsr-3295	50	20	the	the	DET
fsr-3295	50	21	frequency	frequency	NOUN
fsr-3295	50	22	of	of	ADP
fsr-3295	50	23	positive	positive	ADJ
fsr-3295	50	24	errors	error	NOUN
fsr-3295	50	25	exceeds	exceed	VERB
fsr-3295	50	26	that	that	PRON
fsr-3295	50	27	of	of	ADP
fsr-3295	50	28	negative	negative	ADJ
fsr-3295	50	29	errors	error	NOUN
fsr-3295	50	30	by	by	ADP
fsr-3295	50	31	49	49	NUM
fsr-3295	50	32	to	to	PART
fsr-3295	50	33	43	43	NUM
fsr-3295	50	34	%	%	NOUN
fsr-3295	50	35	.	.	PUNCT
fsr-3295	51	1	these	these	DET
fsr-3295	51	2	results	result	NOUN
fsr-3295	51	3	and	and	CCONJ
fsr-3295	51	4	others	other	NOUN
fsr-3295	51	5	reported	report	VERB
fsr-3295	51	6	herein	herein	NOUN
fsr-3295	51	7	indicate	indicate	VERB
fsr-3295	51	8	the	the	DET
fsr-3295	51	9	presence	presence	NOUN
fsr-3295	51	10	of	of	ADP
fsr-3295	51	11	both	both	CCONJ
fsr-3295	51	12	middle	middle	ADJ
fsr-3295	51	13	and	and	CCONJ
fsr-3295	51	14	tail	tail	NOUN
fsr-3295	51	15	asymmetries	asymmetry	NOUN
fsr-3295	51	16	in	in	ADP
fsr-3295	51	17	the	the	DET
fsr-3295	51	18	forecast	forecast	NOUN
fsr-3295	51	19	error	error	NOUN
fsr-3295	51	20	distribution	distribution	NOUN
fsr-3295	51	21	,	,	PUNCT
fsr-3295	51	22	similar	similar	ADJ
fsr-3295	51	23	to	to	ADP
fsr-3295	51	24	that	that	PRON
fsr-3295	51	25	documented	document	VERB
fsr-3295	51	26	in	in	ADP
fsr-3295	51	27	prior	prior	ADJ
fsr-3295	51	28	research	research	NOUN
fsr-3295	51	29	.	.	PUNCT
fsr-3295	52	1	what	what	PRON
fsr-3295	52	2	has	have	AUX
fsr-3295	52	3	not	not	PART
fsr-3295	52	4	been	be	AUX
fsr-3295	52	5	reported	report	VERB
fsr-3295	52	6	previously	previously	ADV
fsr-3295	52	7	,	,	PUNCT
fsr-3295	52	8	however	however	ADV
fsr-3295	52	9	,	,	PUNCT
fsr-3295	52	10	is	be	AUX
fsr-3295	52	11	that	that	SCONJ
fsr-3295	52	12	,	,	PUNCT
fsr-3295	52	13	although	although	SCONJ
fsr-3295	52	14	these	these	DET
fsr-3295	52	15	asymmetries	asymmetry	NOUN
fsr-3295	52	16	appear	appear	VERB
fsr-3295	52	17	in	in	ADP
fsr-3295	52	18	the	the	DET
fsr-3295	52	19	entire	entire	ADJ
fsr-3295	52	20	sample	sample	NOUN
fsr-3295	52	21	,	,	PUNCT
fsr-3295	52	22	segmenting	segment	VERB
fsr-3295	52	23	by	by	ADP
fsr-3295	52	24	investment	investment	NOUN
fsr-3295	52	25	rating	rating	NOUN
fsr-3295	52	26	shows	show	VERB
fsr-3295	52	27	that	that	SCONJ
fsr-3295	52	28	the	the	DET
fsr-3295	52	29	middle	middle	ADJ
fsr-3295	52	30	asymmetry	asymmetry	NOUN
fsr-3295	52	31	is	be	AUX
fsr-3295	52	32	confined	confine	VERB
fsr-3295	52	33	primarily	primarily	ADV
fsr-3295	52	34	to	to	ADP
fsr-3295	52	35	stocks	stock	NOUN
fsr-3295	52	36	rated	rate	VERB
fsr-3295	52	37	buy	buy	VERB
fsr-3295	52	38	and	and	CCONJ
fsr-3295	52	39	the	the	DET
fsr-3295	52	40	tail	tail	NOUN
fsr-3295	52	41	asymmetry	asymmetry	NOUN
fsr-3295	52	42	is	be	AUX
fsr-3295	52	43	confined	confine	VERB
fsr-3295	52	44	to	to	ADP
fsr-3295	52	45	stocks	stock	NOUN
fsr-3295	52	46	rated	rate	VERB
fsr-3295	52	47	sell	sell	NOUN
fsr-3295	52	48	.	.	PUNCT
fsr-3295	53	1	as	as	ADV
fsr-3295	53	2	well	well	ADV
fsr-3295	53	3	,	,	PUNCT
fsr-3295	53	4	value	value	NOUN
fsr-3295	53	5	line	line	NOUN
fsr-3295	53	6	earnings	earning	NOUN
fsr-3295	53	7	forecast	forecast	NOUN
fsr-3295	53	8	bias	bias	NOUN
fsr-3295	53	9	and	and	CCONJ
fsr-3295	53	10	inefficiency	inefficiency	NOUN
fsr-3295	53	11	display	display	NOUN
fsr-3295	53	12	distinctly	distinctly	ADV
fsr-3295	53	13	different	different	ADJ
fsr-3295	53	14	patterns	pattern	NOUN
fsr-3295	53	15	across	across	ADP
fsr-3295	53	16	buy	buy	NOUN
fsr-3295	53	17	,	,	PUNCT
fsr-3295	53	18	hold	hold	VERB
fsr-3295	53	19	,	,	PUNCT
fsr-3295	53	20	and	and	CCONJ
fsr-3295	53	21	sell	sell	VERB
fsr-3295	53	22	rating	rating	NOUN
fsr-3295	53	23	categories	category	NOUN
fsr-3295	53	24	.	.	PUNCT
fsr-3295	54	1	forecast	forecast	NOUN
fsr-3295	54	2	pessimism	pessimism	NOUN
fsr-3295	54	3	is	be	AUX
fsr-3295	54	4	increasing	increase	VERB
fsr-3295	54	5	in	in	ADP
fsr-3295	54	6	investment	investment	NOUN
fsr-3295	54	7	rating	rating	NOUN
fsr-3295	54	8	;	;	PUNCT
fsr-3295	54	9	the	the	DET
fsr-3295	54	10	mean	mean	ADJ
fsr-3295	54	11	(	(	PUNCT
fsr-3295	54	12	median	median	ADJ
fsr-3295	54	13	)	)	PUNCT
fsr-3295	54	14	forecast	forecast	NOUN
fsr-3295	54	15	errors	error	NOUN
fsr-3295	54	16	for	for	ADP
fsr-3295	54	17	stocks	stock	NOUN
fsr-3295	54	18	rated	rate	VERB
fsr-3295	54	19	buy	buy	VERB
fsr-3295	54	20	,	,	PUNCT
fsr-3295	54	21	hold	hold	VERB
fsr-3295	54	22	and	and	CCONJ
fsr-3295	54	23	sell	sell	VERB
fsr-3295	54	24	are	be	AUX
fsr-3295	54	25	2.3	2.3	NUM
fsr-3295	54	26	(	(	PUNCT
fsr-3295	54	27	2.0	2.0	NUM
fsr-3295	54	28	)	)	PUNCT
fsr-3295	54	29	,	,	PUNCT
fsr-3295	54	30	�	�	X
fsr-3295	54	31	1.0	1.0	NUM
fsr-3295	54	32	(	(	PUNCT
fsr-3295	54	33	0.0	0.0	NUM
fsr-3295	54	34	)	)	PUNCT
fsr-3295	54	35	,	,	PUNCT
fsr-3295	54	36	and	and	CCONJ
fsr-3295	54	37	�	�	PROPN
fsr-3295	54	38	6.5	6.5	NUM
fsr-3295	54	39	(	(	PUNCT
fsr-3295	54	40	�	�	PROPN
fsr-3295	54	41	2.0	2.0	NUM
fsr-3295	54	42	)	)	PUNCT
fsr-3295	54	43	cents	cent	NOUN
fsr-3295	54	44	per	per	ADP
fsr-3295	54	45	share	share	NOUN
fsr-3295	54	46	,	,	PUNCT
fsr-3295	54	47	respectively	respectively	ADV
fsr-3295	54	48	.	.	PUNCT
fsr-3295	55	1	moreover	moreover	ADV
fsr-3295	55	2	,	,	PUNCT
fsr-3295	55	3	among	among	ADP
fsr-3295	55	4	stocks	stock	NOUN
fsr-3295	55	5	rated	rate	VERB
fsr-3295	55	6	buy	buy	NOUN
fsr-3295	55	7	,	,	PUNCT
fsr-3295	55	8	value	value	NOUN
fsr-3295	55	9	line	line	NOUN
fsr-3295	55	10	forecasts	forecast	NOUN
fsr-3295	55	11	are	be	AUX
fsr-3295	55	12	unbiased	unbiased	ADJ
fsr-3295	55	13	and	and	CCONJ
fsr-3295	55	14	efficient	efficient	ADJ
fsr-3295	55	15	with	with	ADP
fsr-3295	55	16	respect	respect	NOUN
fsr-3295	55	17	to	to	ADP
fsr-3295	55	18	prior	prior	ADJ
fsr-3295	55	19	bad	bad	ADJ
fsr-3295	55	20	news	news	NOUN
fsr-3295	55	21	,	,	PUNCT
fsr-3295	55	22	while	while	SCONJ
fsr-3295	55	23	at	at	ADP
fsr-3295	55	24	the	the	DET
fsr-3295	55	25	same	same	ADJ
fsr-3295	55	26	time	time	NOUN
fsr-3295	55	27	they	they	PRON
fsr-3295	55	28	are	be	AUX
fsr-3295	55	29	biased	biased	ADJ
fsr-3295	55	30	and	and	CCONJ
fsr-3295	55	31	inefficient	inefficient	ADJ
fsr-3295	55	32	with	with	ADP
fsr-3295	55	33	respect	respect	NOUN
fsr-3295	55	34	to	to	ADP
fsr-3295	55	35	prior	prior	ADJ
fsr-3295	55	36	good	good	ADJ
fsr-3295	55	37	news	news	NOUN
fsr-3295	55	38	.	.	PUNCT
fsr-3295	56	1	the	the	DET
fsr-3295	56	2	opposite	opposite	ADJ
fsr-3295	56	3	pattern	pattern	NOUN
fsr-3295	56	4	emerges	emerge	VERB
fsr-3295	56	5	among	among	ADP
fsr-3295	56	6	stocks	stock	NOUN
fsr-3295	56	7	rated	rate	VERB
fsr-3295	56	8	sell	sell	VERB
fsr-3295	56	9	,	,	PUNCT
fsr-3295	56	10	for	for	ADP
fsr-3295	56	11	which	which	PRON
fsr-3295	56	12	forecasts	forecast	NOUN
fsr-3295	56	13	are	be	AUX
fsr-3295	56	14	unbiased	unbiased	ADJ
fsr-3295	56	15	and	and	CCONJ
fsr-3295	56	16	efficient	efficient	ADJ
fsr-3295	56	17	with	with	ADP
fsr-3295	56	18	respect	respect	NOUN
fsr-3295	56	19	to	to	ADP
fsr-3295	56	20	prior	prior	ADJ
fsr-3295	56	21	good	good	ADJ
fsr-3295	56	22	news	news	NOUN
fsr-3295	56	23	and	and	CCONJ
fsr-3295	56	24	biased	biased	ADJ
fsr-3295	56	25	and	and	CCONJ
fsr-3295	56	26	inefficient	inefficient	ADJ
fsr-3295	56	27	with	with	ADP
fsr-3295	56	28	respect	respect	NOUN
fsr-3295	56	29	to	to	ADP
fsr-3295	56	30	prior	prior	ADJ
fsr-3295	56	31	bad	bad	ADJ
fsr-3295	56	32	news	news	NOUN
fsr-3295	56	33	.	.	PUNCT
fsr-3295	57	1	these	these	DET
fsr-3295	57	2	patterns	pattern	NOUN
fsr-3295	57	3	of	of	ADP
fsr-3295	57	4	bias	bias	NOUN
fsr-3295	57	5	and	and	CCONJ
fsr-3295	57	6	inefficiency	inefficiency	NOUN
fsr-3295	57	7	point	point	NOUN
fsr-3295	57	8	to	to	ADP
fsr-3295	57	9	analysts	analyst	NOUN
fsr-3295	57	10	’	'	PUNCT
fsr-3295	57	11	desire	desire	NOUN
fsr-3295	57	12	to	to	PART
fsr-3295	57	13	maintain	maintain	VERB
fsr-3295	57	14	credibility	credibility	NOUN
fsr-3295	57	15	with	with	ADP
fsr-3295	57	16	investor	investor	NOUN
fsr-3295	57	17	clients	client	NOUN
fsr-3295	57	18	,	,	PUNCT
fsr-3295	57	19	as	as	SCONJ
fsr-3295	57	20	opposed	oppose	VERB
fsr-3295	57	21	to	to	ADP
fsr-3295	57	22	appeasing	appease	VERB
fsr-3295	57	23	company	company	NOUN
fsr-3295	57	24	management	management	NOUN
fsr-3295	57	25	,	,	PUNCT
fsr-3295	57	26	as	as	ADP
fsr-3295	57	27	the	the	DET
fsr-3295	57	28	dominant	dominant	ADJ
fsr-3295	57	29	force	force	PROPN
fsr-3295	57	30	motivating	motivate	VERB
fsr-3295	57	31	analyst	analyst	NOUN
fsr-3295	57	32	behavior	behavior	NOUN
fsr-3295	57	33	.	.	PUNCT
fsr-3295	58	1	additionally	additionally	ADV
fsr-3295	58	2	,	,	PUNCT
fsr-3295	58	3	the	the	DET
fsr-3295	58	4	time	time	NOUN
fsr-3295	58	5	pattern	pattern	NOUN
fsr-3295	58	6	of	of	ADP
fsr-3295	58	7	forecast	forecast	NOUN
fsr-3295	58	8	error	error	NOUN
fsr-3295	58	9	over	over	ADP
fsr-3295	58	10	the	the	DET
fsr-3295	58	11	one	one	NUM
fsr-3295	58	12	-	-	PUNCT
fsr-3295	58	13	year	year	NOUN
fsr-3295	58	14	forecast	forecast	NOUN
fsr-3295	58	15	horizon	horizon	NOUN
fsr-3295	58	16	before	before	ADP
fsr-3295	58	17	quarter	quarter	NOUN
fsr-3295	58	18	end	end	NOUN
fsr-3295	58	19	is	be	AUX
fsr-3295	58	20	better	well	ADV
fsr-3295	58	21	understood	understand	VERB
fsr-3295	58	22	in	in	ADP
fsr-3295	58	23	terms	term	NOUN
fsr-3295	58	24	of	of	ADP
fsr-3295	58	25	analyst	analyst	NOUN
fsr-3295	58	26	credibility	credibility	NOUN
fsr-3295	58	27	than	than	ADP
fsr-3295	58	28	in	in	ADP
fsr-3295	58	29	terms	term	NOUN
fsr-3295	58	30	of	of	ADP
fsr-3295	58	31	management	management	NOUN
fsr-3295	58	32	appeasement	appeasement	NOUN
fsr-3295	58	33	.	.	PUNCT
fsr-3295	59	1	39p	39p	NOUN
fsr-3295	59	2	.	.	PUNCT
fsr-3295	59	3	baird	baird	PROPN
fsr-3295	59	4	/	/	SYM
fsr-3295	59	5	financial	financial	ADJ
fsr-3295	59	6	services	service	NOUN
fsr-3295	59	7	review	review	VERB
fsr-3295	59	8	26	26	NUM
fsr-3295	59	9	(	(	PUNCT
fsr-3295	59	10	2017	2017	NUM
fsr-3295	59	11	)	)	PUNCT
fsr-3295	59	12	37–54	37–54	NUM
fsr-3295	59	13	2	2	NUM
fsr-3295	59	14	.	.	PUNCT
fsr-3295	59	15	prior	prior	ADJ
fsr-3295	59	16	research	research	NOUN
fsr-3295	59	17	2.1	2.1	NUM
fsr-3295	59	18	.	.	PUNCT
fsr-3295	60	1	earnings	earning	NOUN
fsr-3295	60	2	forecast	forecast	NOUN
fsr-3295	60	3	bias	bias	NOUN
fsr-3295	60	4	the	the	DET
fsr-3295	60	5	body	body	NOUN
fsr-3295	60	6	of	of	ADP
fsr-3295	60	7	published	publish	VERB
fsr-3295	60	8	research	research	NOUN
fsr-3295	60	9	on	on	ADP
fsr-3295	60	10	analysts	analyst	NOUN
fsr-3295	60	11	’	’	PART
fsr-3295	60	12	earnings	earning	NOUN
fsr-3295	60	13	forecasts	forecast	NOUN
fsr-3295	60	14	is	be	AUX
fsr-3295	60	15	extensive	extensive	ADJ
fsr-3295	60	16	.	.	PUNCT
fsr-3295	61	1	a	a	DET
fsr-3295	61	2	dominant	dominant	ADJ
fsr-3295	61	3	theme	theme	NOUN
fsr-3295	61	4	emerging	emerge	VERB
fsr-3295	61	5	from	from	ADP
fsr-3295	61	6	this	this	DET
fsr-3295	61	7	literature	literature	NOUN
fsr-3295	61	8	is	be	AUX
fsr-3295	61	9	that	that	SCONJ
fsr-3295	61	10	because	because	SCONJ
fsr-3295	61	11	reported	report	VERB
fsr-3295	61	12	earnings	earning	NOUN
fsr-3295	61	13	,	,	PUNCT
fsr-3295	61	14	on	on	ADP
fsr-3295	61	15	average	average	ADJ
fsr-3295	61	16	,	,	PUNCT
fsr-3295	61	17	fail	fail	VERB
fsr-3295	61	18	to	to	PART
fsr-3295	61	19	meet	meet	VERB
fsr-3295	61	20	analysts	analyst	NOUN
fsr-3295	61	21	’	’	PART
fsr-3295	61	22	forecasts	forecast	NOUN
fsr-3295	61	23	,	,	PUNCT
fsr-3295	61	24	researchers	researcher	NOUN
fsr-3295	61	25	typically	typically	ADV
fsr-3295	61	26	conclude	conclude	VERB
fsr-3295	61	27	that	that	SCONJ
fsr-3295	61	28	analysts	analyst	NOUN
fsr-3295	61	29	issue	issue	VERB
fsr-3295	61	30	optimistic	optimistic	ADJ
fsr-3295	61	31	earnings	earning	NOUN
fsr-3295	61	32	forecasts	forecast	NOUN
fsr-3295	61	33	(	(	PUNCT
fsr-3295	61	34	e.g.	e.g.	ADV
fsr-3295	61	35	,	,	PUNCT
fsr-3295	61	36	abarbanell	abarbanell	PROPN
fsr-3295	61	37	&	&	CCONJ
fsr-3295	61	38	lehavy	lehavy	PROPN
fsr-3295	61	39	,	,	PUNCT
fsr-3295	61	40	2003b	2003b	NUM
fsr-3295	61	41	;	;	PUNCT
fsr-3295	61	42	agrawal	agrawal	PROPN
fsr-3295	61	43	&	&	CCONJ
fsr-3295	61	44	chen	chen	PROPN
fsr-3295	61	45	,	,	PUNCT
fsr-3295	61	46	2006	2006	NUM
fsr-3295	61	47	;	;	PUNCT
fsr-3295	61	48	bradshaw	bradshaw	PROPN
fsr-3295	61	49	et	et	PROPN
fsr-3295	61	50	al	al	PROPN
fsr-3295	61	51	.	.	PROPN
fsr-3295	61	52	,	,	PUNCT
fsr-3295	61	53	2006	2006	NUM
fsr-3295	61	54	;	;	PUNCT
fsr-3295	61	55	brous	brous	ADJ
fsr-3295	61	56	,	,	PUNCT
fsr-3295	61	57	1992	1992	NUM
fsr-3295	61	58	;	;	PUNCT
fsr-3295	61	59	brous	brous	PROPN
fsr-3295	61	60	&	&	CCONJ
fsr-3295	61	61	kini	kini	PROPN
fsr-3295	61	62	,	,	PUNCT
fsr-3295	61	63	1993	1993	NUM
fsr-3295	61	64	;	;	PUNCT
fsr-3295	61	65	butler	butler	PROPN
fsr-3295	61	66	&	&	CCONJ
fsr-3295	61	67	lange	lange	PROPN
fsr-3295	61	68	,	,	PUNCT
fsr-3295	61	69	1991	1991	NUM
fsr-3295	61	70	;	;	PUNCT
fsr-3295	61	71	dreman	dreman	NOUN
fsr-3295	61	72	&	&	CCONJ
fsr-3295	61	73	berry	berry	PROPN
fsr-3295	61	74	,	,	PUNCT
fsr-3295	61	75	1995a	1995a	NUM
fsr-3295	61	76	;	;	PUNCT
fsr-3295	61	77	easterwood	easterwood	PROPN
fsr-3295	61	78	&	&	CCONJ
fsr-3295	61	79	nutt	nutt	PROPN
fsr-3295	61	80	,	,	PUNCT
fsr-3295	61	81	1999	1999	NUM
fsr-3295	61	82	;	;	PUNCT
fsr-3295	61	83	francis	francis	PROPN
fsr-3295	61	84	&	&	CCONJ
fsr-3295	61	85	philbrick	philbrick	PROPN
fsr-3295	61	86	,	,	PUNCT
fsr-3295	61	87	1993	1993	NUM
fsr-3295	61	88	;	;	PUNCT
fsr-3295	61	89	fried	fry	VERB
fsr-3295	61	90	&	&	CCONJ
fsr-3295	61	91	givoly	givoly	NOUN
fsr-3295	61	92	,	,	PUNCT
fsr-3295	61	93	1982	1982	NUM
fsr-3295	61	94	;	;	PUNCT
fsr-3295	62	1	kang	kang	PROPN
fsr-3295	62	2	et	et	PROPN
fsr-3295	62	3	al	al	PROPN
fsr-3295	62	4	.	.	PROPN
fsr-3295	62	5	,	,	PUNCT
fsr-3295	62	6	1994	1994	NUM
fsr-3295	62	7	;	;	PUNCT
fsr-3295	62	8	and	and	CCONJ
fsr-3295	62	9	o’brien	o’brien	PROPN
fsr-3295	62	10	,	,	PUNCT
fsr-3295	62	11	1988	1988	NUM
fsr-3295	62	12	)	)	PUNCT
fsr-3295	62	13	.	.	PUNCT
fsr-3295	63	1	this	this	DET
fsr-3295	63	2	conclusion	conclusion	NOUN
fsr-3295	63	3	,	,	PUNCT
fsr-3295	63	4	however	however	ADV
fsr-3295	63	5	,	,	PUNCT
fsr-3295	63	6	is	be	AUX
fsr-3295	63	7	confounded	confound	VERB
fsr-3295	63	8	by	by	ADP
fsr-3295	63	9	the	the	DET
fsr-3295	63	10	fact	fact	NOUN
fsr-3295	63	11	that	that	SCONJ
fsr-3295	63	12	the	the	DET
fsr-3295	63	13	frequency	frequency	NOUN
fsr-3295	63	14	with	with	ADP
fsr-3295	63	15	which	which	PRON
fsr-3295	63	16	reported	report	VERB
fsr-3295	63	17	earnings	earning	NOUN
fsr-3295	63	18	meet	meet	NOUN
fsr-3295	63	19	or	or	CCONJ
fsr-3295	63	20	beat	beat	VERB
fsr-3295	63	21	forecasts	forecast	NOUN
fsr-3295	63	22	typically	typically	ADV
fsr-3295	63	23	exceeds	exceed	VERB
fsr-3295	63	24	the	the	DET
fsr-3295	63	25	frequency	frequency	NOUN
fsr-3295	63	26	with	with	ADP
fsr-3295	63	27	which	which	PRON
fsr-3295	63	28	they	they	PRON
fsr-3295	63	29	fail	fail	VERB
fsr-3295	63	30	to	to	PART
fsr-3295	63	31	meet	meet	VERB
fsr-3295	63	32	forecasts	forecast	NOUN
fsr-3295	63	33	.	.	PUNCT
fsr-3295	64	1	analysts	analyst	NOUN
fsr-3295	64	2	’	'	PUNCT
fsr-3295	64	3	incentives	incentive	VERB
fsr-3295	64	4	to	to	PART
fsr-3295	64	5	issue	issue	VERB
fsr-3295	64	6	optimistic	optimistic	ADJ
fsr-3295	64	7	forecasts	forecast	NOUN
fsr-3295	64	8	have	have	AUX
fsr-3295	64	9	been	be	AUX
fsr-3295	64	10	attributed	attribute	VERB
fsr-3295	64	11	to	to	ADP
fsr-3295	64	12	their	their	PRON
fsr-3295	64	13	employers	employer	NOUN
fsr-3295	64	14	’	’	PART
fsr-3295	64	15	investment	investment	NOUN
fsr-3295	64	16	banking	banking	NOUN
fsr-3295	64	17	and	and	CCONJ
fsr-3295	64	18	brokerage	brokerage	NOUN
fsr-3295	64	19	operations	operation	NOUN
fsr-3295	64	20	and	and	CCONJ
fsr-3295	64	21	to	to	ADP
fsr-3295	64	22	their	their	PRON
fsr-3295	64	23	fear	fear	NOUN
fsr-3295	64	24	of	of	ADP
fsr-3295	64	25	losing	lose	VERB
fsr-3295	64	26	access	access	NOUN
fsr-3295	64	27	to	to	ADP
fsr-3295	64	28	management	management	NOUN
fsr-3295	64	29	as	as	ADP
fsr-3295	64	30	the	the	DET
fsr-3295	64	31	result	result	NOUN
fsr-3295	64	32	of	of	ADP
fsr-3295	64	33	negative	negative	ADJ
fsr-3295	64	34	research	research	NOUN
fsr-3295	64	35	(	(	PUNCT
fsr-3295	64	36	e.g.	e.g.	ADV
fsr-3295	64	37	,	,	PUNCT
fsr-3295	64	38	cowen	cowen	PROPN
fsr-3295	64	39	et	et	PROPN
fsr-3295	64	40	al	al	PROPN
fsr-3295	64	41	.	.	PROPN
fsr-3295	64	42	,	,	PUNCT
fsr-3295	64	43	2006	2006	NUM
fsr-3295	64	44	;	;	PUNCT
fsr-3295	64	45	dugar	dugar	NOUN
fsr-3295	64	46	&	&	CCONJ
fsr-3295	64	47	nathan	nathan	PROPN
fsr-3295	64	48	,	,	PUNCT
fsr-3295	64	49	1995	1995	NUM
fsr-3295	64	50	;	;	PUNCT
fsr-3295	64	51	francis	francis	PROPN
fsr-3295	64	52	&	&	CCONJ
fsr-3295	64	53	philbrick	philbrick	PROPN
fsr-3295	64	54	,	,	PUNCT
fsr-3295	64	55	1993	1993	NUM
fsr-3295	64	56	;	;	PUNCT
fsr-3295	64	57	ljungqvist	ljungqvist	NOUN
fsr-3295	64	58	et	et	PROPN
fsr-3295	64	59	al	al	PROPN
fsr-3295	64	60	.	.	PROPN
fsr-3295	64	61	,	,	PUNCT
fsr-3295	64	62	2007	2007	NUM
fsr-3295	64	63	;	;	PUNCT
fsr-3295	64	64	michaely	michaely	PROPN
fsr-3295	64	65	&	&	CCONJ
fsr-3295	64	66	womack	womack	PROPN
fsr-3295	64	67	,	,	PUNCT
fsr-3295	64	68	1999	1999	NUM
fsr-3295	64	69	;	;	PUNCT
fsr-3295	64	70	richardson	richardson	PROPN
fsr-3295	64	71	et	et	PROPN
fsr-3295	64	72	al	al	PROPN
fsr-3295	64	73	.	.	PROPN
fsr-3295	64	74	,	,	PUNCT
fsr-3295	64	75	2004	2004	NUM
fsr-3295	64	76	)	)	PUNCT
fsr-3295	64	77	.	.	PUNCT
fsr-3295	65	1	mitigating	mitigate	VERB
fsr-3295	65	2	these	these	DET
fsr-3295	65	3	incentives	incentive	NOUN
fsr-3295	65	4	for	for	ADP
fsr-3295	65	5	optimism	optimism	NOUN
fsr-3295	65	6	are	be	AUX
fsr-3295	65	7	analysts	analyst	NOUN
fsr-3295	65	8	’	'	PUNCT
fsr-3295	65	9	desire	desire	NOUN
fsr-3295	65	10	to	to	PART
fsr-3295	65	11	establish	establish	VERB
fsr-3295	65	12	and	and	CCONJ
fsr-3295	65	13	maintain	maintain	VERB
fsr-3295	65	14	credibility	credibility	NOUN
fsr-3295	65	15	with	with	ADP
fsr-3295	65	16	investor	investor	NOUN
fsr-3295	65	17	clients	client	NOUN
fsr-3295	65	18	(	(	PUNCT
fsr-3295	65	19	cowen	cowen	PROPN
fsr-3295	65	20	et	et	PROPN
fsr-3295	65	21	al	al	PROPN
fsr-3295	65	22	.	.	PROPN
fsr-3295	65	23	,	,	PUNCT
fsr-3295	65	24	2006	2006	NUM
fsr-3295	65	25	;	;	PUNCT
fsr-3295	65	26	lin	lin	PROPN
fsr-3295	65	27	&	&	CCONJ
fsr-3295	65	28	mcnichols	mcnichols	PROPN
fsr-3295	65	29	,	,	PUNCT
fsr-3295	65	30	1998	1998	NUM
fsr-3295	65	31	;	;	PUNCT
fsr-3295	65	32	raedy	raedy	PROPN
fsr-3295	65	33	et	et	PROPN
fsr-3295	65	34	al	al	PROPN
fsr-3295	65	35	.	.	PROPN
fsr-3295	65	36	,	,	PUNCT
fsr-3295	65	37	2006	2006	NUM
fsr-3295	65	38	)	)	PUNCT
fsr-3295	65	39	and	and	CCONJ
fsr-3295	65	40	management	management	NOUN
fsr-3295	65	41	guidance	guidance	NOUN
fsr-3295	65	42	to	to	PART
fsr-3295	65	43	lower	lower	VERB
fsr-3295	65	44	forecasts	forecast	NOUN
fsr-3295	65	45	as	as	ADP
fsr-3295	65	46	quarter	quarter	NOUN
fsr-3295	65	47	end	end	NOUN
fsr-3295	65	48	approaches	approach	NOUN
fsr-3295	65	49	(	(	PUNCT
fsr-3295	65	50	richardson	richardson	PROPN
fsr-3295	65	51	et	et	PROPN
fsr-3295	65	52	al	al	PROPN
fsr-3295	65	53	.	.	PROPN
fsr-3295	65	54	,	,	PUNCT
fsr-3295	65	55	2004	2004	NUM
fsr-3295	65	56	)	)	PUNCT
fsr-3295	65	57	.	.	PUNCT
fsr-3295	66	1	richardson	richardson	PROPN
fsr-3295	66	2	et	et	PROPN
fsr-3295	66	3	al	al	PROPN
fsr-3295	66	4	.	.	PROPN
fsr-3295	66	5	(	(	PUNCT
fsr-3295	66	6	2004	2004	NUM
fsr-3295	66	7	)	)	PUNCT
fsr-3295	66	8	report	report	VERB
fsr-3295	66	9	that	that	SCONJ
fsr-3295	66	10	in	in	ADP
fsr-3295	66	11	the	the	DET
fsr-3295	66	12	late	late	ADJ
fsr-3295	66	13	1990s	1990	NOUN
fsr-3295	66	14	institutional	institutional	ADJ
fsr-3295	66	15	and	and	CCONJ
fsr-3295	66	16	regulatory	regulatory	ADJ
fsr-3295	66	17	changes	change	NOUN
fsr-3295	66	18	increased	increase	VERB
fsr-3295	66	19	managers	manager	NOUN
fsr-3295	66	20	’	'	PUNCT
fsr-3295	66	21	incentives	incentive	NOUN
fsr-3295	66	22	to	to	PART
fsr-3295	66	23	guide	guide	VERB
fsr-3295	66	24	analysts	analyst	NOUN
fsr-3295	66	25	to	to	ADP
fsr-3295	66	26	beatable	beatable	ADJ
fsr-3295	66	27	forecasts	forecast	NOUN
fsr-3295	66	28	,	,	PUNCT
fsr-3295	66	29	so	so	SCONJ
fsr-3295	66	30	that	that	PRON
fsr-3295	66	31	optimism	optimism	NOUN
fsr-3295	66	32	at	at	ADP
fsr-3295	66	33	longer	long	ADJ
fsr-3295	66	34	forecast	forecast	VERB
fsr-3295	66	35	horizon	horizon	NOUN
fsr-3295	66	36	becomes	become	VERB
fsr-3295	66	37	pessimism	pessimism	NOUN
fsr-3295	66	38	as	as	ADP
fsr-3295	66	39	quarter	quarter	NOUN
fsr-3295	66	40	end	end	NOUN
fsr-3295	66	41	approaches	approach	NOUN
fsr-3295	66	42	.	.	PUNCT
fsr-3295	67	1	managers	manager	NOUN
fsr-3295	67	2	’	'	PUNCT
fsr-3295	67	3	incentives	incentive	NOUN
fsr-3295	67	4	to	to	PART
fsr-3295	67	5	meet	meet	VERB
fsr-3295	67	6	or	or	CCONJ
fsr-3295	67	7	beat	beat	VERB
fsr-3295	67	8	analysts	analyst	NOUN
fsr-3295	67	9	’	'	PUNCT
fsr-3295	67	10	forecasts	forecast	NOUN
fsr-3295	67	11	derive	derive	VERB
fsr-3295	67	12	from	from	ADP
fsr-3295	67	13	the	the	DET
fsr-3295	67	14	differential	differential	ADJ
fsr-3295	67	15	stock	stock	NOUN
fsr-3295	67	16	price	price	NOUN
fsr-3295	67	17	impact	impact	NOUN
fsr-3295	67	18	of	of	ADP
fsr-3295	67	19	a	a	DET
fsr-3295	67	20	quarterly	quarterly	ADJ
fsr-3295	67	21	earnings	earning	NOUN
fsr-3295	67	22	miss	miss	NOUN
fsr-3295	67	23	versus	versus	ADP
fsr-3295	67	24	that	that	PRON
fsr-3295	67	25	of	of	ADP
fsr-3295	67	26	a	a	DET
fsr-3295	67	27	meet	meet	NOUN
fsr-3295	67	28	or	or	CCONJ
fsr-3295	67	29	beat	beat	NOUN
fsr-3295	67	30	(	(	PUNCT
fsr-3295	67	31	skinner	skinner	PROPN
fsr-3295	67	32	&	&	CCONJ
fsr-3295	67	33	sloan	sloan	PROPN
fsr-3295	67	34	,	,	PUNCT
fsr-3295	67	35	2002	2002	NUM
fsr-3295	67	36	)	)	PUNCT
fsr-3295	67	37	and	and	CCONJ
fsr-3295	67	38	from	from	ADP
fsr-3295	67	39	valuation	valuation	NOUN
fsr-3295	67	40	premia	premia	PROPN
fsr-3295	67	41	for	for	ADP
fsr-3295	67	42	firms	firm	NOUN
fsr-3295	67	43	that	that	PRON
fsr-3295	67	44	consistently	consistently	ADV
fsr-3295	67	45	meet	meet	VERB
fsr-3295	67	46	or	or	CCONJ
fsr-3295	67	47	beat	beat	VERB
fsr-3295	67	48	estimates	estimate	NOUN
fsr-3295	67	49	(	(	PUNCT
fsr-3295	67	50	bartov	bartov	ADJ
fsr-3295	67	51	,	,	PUNCT
fsr-3295	67	52	givoly	givoly	NOUN
fsr-3295	67	53	,	,	PUNCT
fsr-3295	67	54	&	&	CCONJ
fsr-3295	67	55	hayn	hayn	NOUN
fsr-3295	67	56	,	,	PUNCT
fsr-3295	67	57	2002	2002	NUM
fsr-3295	67	58	;	;	PUNCT
fsr-3295	67	59	kasznick	kasznick	PROPN
fsr-3295	67	60	&	&	CCONJ
fsr-3295	67	61	mcnichols	mcnichols	PROPN
fsr-3295	67	62	,	,	PUNCT
fsr-3295	67	63	2002	2002	NUM
fsr-3295	67	64	)	)	PUNCT
fsr-3295	67	65	.	.	PUNCT
fsr-3295	68	1	firms	firm	NOUN
fsr-3295	68	2	seek	seek	VERB
fsr-3295	68	3	to	to	PART
fsr-3295	68	4	meet	meet	VERB
fsr-3295	68	5	or	or	CCONJ
fsr-3295	68	6	beat	beat	VERB
fsr-3295	68	7	forecasts	forecast	NOUN
fsr-3295	68	8	by	by	ADP
fsr-3295	68	9	managing	manage	VERB
fsr-3295	68	10	reported	report	VERB
fsr-3295	68	11	earnings	earning	NOUN
fsr-3295	68	12	(	(	PUNCT
fsr-3295	68	13	abarbanell	abarbanell	PROPN
fsr-3295	68	14	&	&	CCONJ
fsr-3295	68	15	lehavy	lehavy	PROPN
fsr-3295	68	16	,	,	PUNCT
fsr-3295	68	17	2003a	2003a	NOUN
fsr-3295	68	18	,	,	PUNCT
fsr-3295	68	19	2003b	2003b	NOUN
fsr-3295	68	20	;	;	PUNCT
fsr-3295	68	21	bartov	bartov	PROPN
fsr-3295	68	22	et	et	PROPN
fsr-3295	68	23	al	al	PROPN
fsr-3295	68	24	.	.	PROPN
fsr-3295	68	25	,	,	PUNCT
fsr-3295	68	26	2002	2002	NUM
fsr-3295	68	27	;	;	PUNCT
fsr-3295	68	28	burgstahler	burgstahler	NOUN
fsr-3295	68	29	&	&	CCONJ
fsr-3295	68	30	dichev	dichev	PROPN
fsr-3295	68	31	,	,	PUNCT
fsr-3295	68	32	1997	1997	NUM
fsr-3295	68	33	;	;	PUNCT
fsr-3295	68	34	degeorge	degeorge	VERB
fsr-3295	68	35	et	et	PROPN
fsr-3295	68	36	al	al	PROPN
fsr-3295	68	37	.	.	PROPN
fsr-3295	68	38	,	,	PUNCT
fsr-3295	68	39	1999	1999	NUM
fsr-3295	68	40	;	;	PUNCT
fsr-3295	68	41	matsumoto	matsumoto	PROPN
fsr-3295	68	42	,	,	PUNCT
fsr-3295	68	43	2002	2002	NUM
fsr-3295	68	44	)	)	PUNCT
fsr-3295	68	45	and	and	CCONJ
fsr-3295	68	46	by	by	ADP
fsr-3295	68	47	guiding	guide	VERB
fsr-3295	68	48	analysts	analyst	NOUN
fsr-3295	68	49	to	to	ADP
fsr-3295	68	50	beatable	beatable	ADJ
fsr-3295	68	51	forecasts	forecast	NOUN
fsr-3295	68	52	(	(	PUNCT
fsr-3295	68	53	cotter	cotter	NOUN
fsr-3295	68	54	et	et	PROPN
fsr-3295	68	55	al	al	PROPN
fsr-3295	68	56	.	.	PROPN
fsr-3295	68	57	,	,	PUNCT
fsr-3295	68	58	2006	2006	NUM
fsr-3295	68	59	;	;	PUNCT
fsr-3295	68	60	matsumoto	matsumoto	PROPN
fsr-3295	68	61	,	,	PUNCT
fsr-3295	68	62	2002	2002	NUM
fsr-3295	68	63	;	;	PUNCT
fsr-3295	68	64	richardson	richardson	PROPN
fsr-3295	68	65	et	et	PROPN
fsr-3295	68	66	al	al	PROPN
fsr-3295	68	67	.	.	PROPN
fsr-3295	68	68	,	,	PUNCT
fsr-3295	68	69	2004	2004	NUM
fsr-3295	68	70	)	)	PUNCT
fsr-3295	68	71	.	.	PUNCT
fsr-3295	69	1	analysts	analyst	NOUN
fsr-3295	69	2	’	'	PUNCT
fsr-3295	69	3	incentives	incentive	VERB
fsr-3295	69	4	to	to	PART
fsr-3295	69	5	participate	participate	VERB
fsr-3295	69	6	in	in	ADP
fsr-3295	69	7	the	the	DET
fsr-3295	69	8	earnings	earning	NOUN
fsr-3295	69	9	guidance	guidance	NOUN
fsr-3295	69	10	game	game	NOUN
fsr-3295	69	11	stem	stem	NOUN
fsr-3295	69	12	from	from	ADP
fsr-3295	69	13	their	their	PRON
fsr-3295	69	14	dependence	dependence	NOUN
fsr-3295	69	15	on	on	ADP
fsr-3295	69	16	management	management	NOUN
fsr-3295	69	17	for	for	ADP
fsr-3295	69	18	future	future	ADJ
fsr-3295	69	19	information	information	NOUN
fsr-3295	69	20	and	and	CCONJ
fsr-3295	69	21	from	from	ADP
fsr-3295	69	22	their	their	PRON
fsr-3295	69	23	employers	employer	NOUN
fsr-3295	69	24	’	’	PART
fsr-3295	69	25	underwriting	underwriting	NOUN
fsr-3295	69	26	activities	activity	NOUN
fsr-3295	69	27	(	(	PUNCT
fsr-3295	69	28	cotter	cotter	NOUN
fsr-3295	69	29	et	et	NOUN
fsr-3295	69	30	al	al	PROPN
fsr-3295	69	31	.	.	PROPN
fsr-3295	69	32	,	,	PUNCT
fsr-3295	69	33	2006	2006	NUM
fsr-3295	69	34	;	;	PUNCT
fsr-3295	69	35	dugar	dugar	NOUN
fsr-3295	69	36	&	&	CCONJ
fsr-3295	69	37	nathan	nathan	PROPN
fsr-3295	69	38	,	,	PUNCT
fsr-3295	69	39	1995	1995	NUM
fsr-3295	69	40	;	;	PUNCT
fsr-3295	69	41	lin	lin	PROPN
fsr-3295	69	42	&	&	CCONJ
fsr-3295	69	43	mcnichols	mcnichols	PROPN
fsr-3295	69	44	,	,	PUNCT
fsr-3295	69	45	1998	1998	NUM
fsr-3295	69	46	;	;	PUNCT
fsr-3295	69	47	michaely	michaely	PROPN
fsr-3295	69	48	&	&	CCONJ
fsr-3295	69	49	womack	womack	PROPN
fsr-3295	69	50	,	,	PUNCT
fsr-3295	69	51	1999	1999	NUM
fsr-3295	69	52	;	;	PUNCT
fsr-3295	69	53	richardson	richardson	PROPN
fsr-3295	69	54	et	et	PROPN
fsr-3295	69	55	al	al	PROPN
fsr-3295	69	56	.	.	PROPN
fsr-3295	69	57	,	,	PUNCT
fsr-3295	69	58	2004	2004	NUM
fsr-3295	69	59	)	)	PUNCT
fsr-3295	69	60	.	.	PUNCT
fsr-3295	70	1	some	some	DET
fsr-3295	70	2	research	research	NOUN
fsr-3295	70	3	shows	show	VERB
fsr-3295	70	4	that	that	SCONJ
fsr-3295	70	5	earnings	earning	NOUN
fsr-3295	70	6	forecast	forecast	NOUN
fsr-3295	70	7	bias	bias	NOUN
fsr-3295	70	8	depends	depend	VERB
fsr-3295	70	9	on	on	ADP
fsr-3295	70	10	investment	investment	NOUN
fsr-3295	70	11	rating	rating	NOUN
fsr-3295	70	12	.	.	PUNCT
fsr-3295	71	1	francis	francis	PROPN
fsr-3295	71	2	and	and	CCONJ
fsr-3295	71	3	philbrick	philbrick	PROPN
fsr-3295	71	4	(	(	PUNCT
fsr-3295	71	5	1993	1993	NUM
fsr-3295	71	6	)	)	PUNCT
fsr-3295	71	7	test	test	VERB
fsr-3295	71	8	whether	whether	SCONJ
fsr-3295	71	9	analysts	analyst	NOUN
fsr-3295	71	10	’	’	PART
fsr-3295	71	11	earnings	earning	NOUN
fsr-3295	71	12	forecasts	forecast	NOUN
fsr-3295	71	13	are	be	AUX
fsr-3295	71	14	more	more	ADV
fsr-3295	71	15	optimistic	optimistic	ADJ
fsr-3295	71	16	for	for	ADP
fsr-3295	71	17	stocks	stock	NOUN
fsr-3295	71	18	rated	rate	VERB
fsr-3295	71	19	sell	sell	NOUN
fsr-3295	71	20	than	than	ADP
fsr-3295	71	21	for	for	ADP
fsr-3295	71	22	those	those	PRON
fsr-3295	71	23	rated	rate	VERB
fsr-3295	71	24	hold	hold	NOUN
fsr-3295	71	25	and	and	CCONJ
fsr-3295	71	26	similarly	similarly	ADV
fsr-3295	71	27	for	for	ADP
fsr-3295	71	28	those	those	PRON
fsr-3295	71	29	rated	rate	VERB
fsr-3295	71	30	hold	hold	NOUN
fsr-3295	71	31	versus	versus	ADP
fsr-3295	71	32	buy	buy	NOUN
fsr-3295	71	33	.	.	PUNCT
fsr-3295	72	1	they	they	PRON
fsr-3295	72	2	assume	assume	VERB
fsr-3295	72	3	that	that	SCONJ
fsr-3295	72	4	sell	sell	VERB
fsr-3295	72	5	ratings	rating	NOUN
fsr-3295	72	6	undermine	undermine	VERB
fsr-3295	72	7	relations	relation	NOUN
fsr-3295	72	8	with	with	ADP
fsr-3295	72	9	management	management	NOUN
fsr-3295	72	10	and	and	CCONJ
fsr-3295	72	11	that	that	SCONJ
fsr-3295	72	12	analysts	analyst	NOUN
fsr-3295	72	13	issue	issue	VERB
fsr-3295	72	14	relatively	relatively	ADV
fsr-3295	72	15	optimistic	optimistic	ADJ
fsr-3295	72	16	earnings	earning	NOUN
fsr-3295	72	17	forecasts	forecast	NOUN
fsr-3295	72	18	to	to	PART
fsr-3295	72	19	compensate	compensate	VERB
fsr-3295	72	20	.	.	PUNCT
fsr-3295	73	1	if	if	SCONJ
fsr-3295	73	2	,	,	PUNCT
fsr-3295	73	3	however	however	ADV
fsr-3295	73	4	,	,	PUNCT
fsr-3295	73	5	managers	manager	NOUN
fsr-3295	73	6	prefer	prefer	VERB
fsr-3295	73	7	that	that	SCONJ
fsr-3295	73	8	analysts	analyst	NOUN
fsr-3295	73	9	issue	issue	VERB
fsr-3295	73	10	beatable	beatable	ADJ
fsr-3295	73	11	forecasts	forecast	NOUN
fsr-3295	73	12	,	,	PUNCT
fsr-3295	73	13	it	it	PRON
fsr-3295	73	14	seems	seem	VERB
fsr-3295	73	15	likely	likely	ADJ
fsr-3295	73	16	the	the	DET
fsr-3295	73	17	impact	impact	NOUN
fsr-3295	73	18	of	of	ADP
fsr-3295	73	19	rating	rating	NOUN
fsr-3295	73	20	on	on	ADP
fsr-3295	73	21	forecast	forecast	NOUN
fsr-3295	73	22	bias	bias	NOUN
fsr-3295	73	23	would	would	AUX
fsr-3295	73	24	run	run	VERB
fsr-3295	73	25	in	in	ADP
fsr-3295	73	26	the	the	DET
fsr-3295	73	27	direction	direction	NOUN
fsr-3295	73	28	opposite	opposite	ADV
fsr-3295	73	29	to	to	ADP
fsr-3295	73	30	that	that	PRON
fsr-3295	73	31	hypothesized	hypothesize	VERB
fsr-3295	73	32	by	by	ADP
fsr-3295	73	33	francis	francis	PROPN
fsr-3295	73	34	and	and	CCONJ
fsr-3295	73	35	philbrick	philbrick	PROPN
fsr-3295	73	36	(	(	PUNCT
fsr-3295	73	37	1993	1993	NUM
fsr-3295	73	38	)	)	PUNCT
fsr-3295	73	39	.	.	PUNCT
fsr-3295	74	1	that	that	PRON
fsr-3295	74	2	is	be	AUX
fsr-3295	74	3	,	,	PUNCT
fsr-3295	74	4	earnings	earning	NOUN
fsr-3295	74	5	forecast	forecast	NOUN
fsr-3295	74	6	optimism	optimism	NOUN
fsr-3295	74	7	(	(	PUNCT
fsr-3295	74	8	pessimism	pessimism	NOUN
fsr-3295	74	9	)	)	PUNCT
fsr-3295	74	10	would	would	AUX
fsr-3295	74	11	be	be	AUX
fsr-3295	74	12	lower	low	ADJ
fsr-3295	74	13	(	(	PUNCT
fsr-3295	74	14	higher	high	ADJ
fsr-3295	74	15	)	)	PUNCT
fsr-3295	74	16	for	for	ADP
fsr-3295	74	17	sells	sell	NOUN
fsr-3295	74	18	than	than	ADP
fsr-3295	74	19	for	for	ADP
fsr-3295	74	20	holds	hold	NOUN
fsr-3295	74	21	and	and	CCONJ
fsr-3295	74	22	similarly	similarly	ADV
fsr-3295	74	23	for	for	ADP
fsr-3295	74	24	holds	hold	NOUN
fsr-3295	74	25	versus	versus	ADP
fsr-3295	74	26	buys	buy	NOUN
fsr-3295	74	27	,	,	PUNCT
fsr-3295	74	28	because	because	SCONJ
fsr-3295	74	29	analysts	analyst	NOUN
fsr-3295	74	30	would	would	AUX
fsr-3295	74	31	issue	issue	VERB
fsr-3295	74	32	earnings	earning	NOUN
fsr-3295	74	33	forecasts	forecast	NOUN
fsr-3295	74	34	that	that	SCONJ
fsr-3295	74	35	lower	lower	ADV
fsr-3295	74	36	-	-	PUNCT
fsr-3295	74	37	rated	rate	VERB
fsr-3295	74	38	stocks	stock	NOUN
fsr-3295	74	39	are	be	AUX
fsr-3295	74	40	more	more	ADV
fsr-3295	74	41	likely	likely	ADJ
fsr-3295	74	42	to	to	PART
fsr-3295	74	43	meet	meet	VERB
fsr-3295	74	44	or	or	CCONJ
fsr-3295	74	45	beat	beat	VERB
fsr-3295	74	46	.	.	PUNCT
fsr-3295	75	1	francis	francis	PROPN
fsr-3295	75	2	and	and	CCONJ
fsr-3295	75	3	philbrick	philbrick	PROPN
fsr-3295	75	4	(	(	PUNCT
fsr-3295	75	5	1993	1993	NUM
fsr-3295	75	6	)	)	PUNCT
fsr-3295	75	7	find	find	VERB
fsr-3295	75	8	that	that	SCONJ
fsr-3295	75	9	40	40	NUM
fsr-3295	75	10	p.	p.	NOUN
fsr-3295	75	11	baird	baird	PROPN
fsr-3295	75	12	/	/	SYM
fsr-3295	75	13	financial	financial	ADJ
fsr-3295	75	14	services	service	NOUN
fsr-3295	75	15	review	review	VERB
fsr-3295	75	16	26	26	NUM
fsr-3295	75	17	(	(	PUNCT
fsr-3295	75	18	2017	2017	NUM
fsr-3295	75	19	)	)	PUNCT
fsr-3295	75	20	37–54	37–54	NUM
fsr-3295	75	21	mean	mean	NOUN
fsr-3295	75	22	unscaled	unscaled	ADJ
fsr-3295	75	23	forecast	forecast	NOUN
fsr-3295	75	24	error	error	NOUN
fsr-3295	75	25	for	for	ADP
fsr-3295	75	26	buys	buy	NOUN
fsr-3295	75	27	is	be	AUX
fsr-3295	75	28	not	not	PART
fsr-3295	75	29	significantly	significantly	ADV
fsr-3295	75	30	different	different	ADJ
fsr-3295	75	31	from	from	ADP
fsr-3295	75	32	zero	zero	NUM
fsr-3295	75	33	and	and	CCONJ
fsr-3295	75	34	that	that	DET
fsr-3295	75	35	mean	mean	NOUN
fsr-3295	75	36	forecast	forecast	NOUN
fsr-3295	75	37	errors	error	NOUN
fsr-3295	75	38	for	for	ADP
fsr-3295	75	39	holds	hold	NOUN
fsr-3295	75	40	and	and	CCONJ
fsr-3295	75	41	sells	sell	NOUN
fsr-3295	75	42	are	be	AUX
fsr-3295	75	43	not	not	PART
fsr-3295	75	44	significantly	significantly	ADV
fsr-3295	75	45	different	different	ADJ
fsr-3295	75	46	from	from	ADP
fsr-3295	75	47	buys	buy	NOUN
fsr-3295	75	48	or	or	CCONJ
fsr-3295	75	49	from	from	ADP
fsr-3295	75	50	each	each	DET
fsr-3295	75	51	other.1	other.1	NOUN
fsr-3295	75	52	additional	additional	ADJ
fsr-3295	75	53	evidence	evidence	NOUN
fsr-3295	75	54	that	that	SCONJ
fsr-3295	75	55	investment	investment	NOUN
fsr-3295	75	56	rating	rating	NOUN
fsr-3295	75	57	influences	influence	VERB
fsr-3295	75	58	earnings	earning	NOUN
fsr-3295	75	59	forecast	forecast	NOUN
fsr-3295	75	60	error	error	NOUN
fsr-3295	75	61	is	be	AUX
fsr-3295	75	62	provided	provide	VERB
fsr-3295	75	63	by	by	ADP
fsr-3295	75	64	abarbanell	abarbanell	PROPN
fsr-3295	75	65	and	and	CCONJ
fsr-3295	75	66	lehavy	lehavy	ADJ
fsr-3295	75	67	(	(	PUNCT
fsr-3295	75	68	2003a	2003a	NUM
fsr-3295	75	69	)	)	PUNCT
fsr-3295	75	70	who	who	PRON
fsr-3295	75	71	argue	argue	VERB
fsr-3295	75	72	that	that	SCONJ
fsr-3295	75	73	stock	stock	NOUN
fsr-3295	75	74	rating	rating	NOUN
fsr-3295	75	75	affects	affect	VERB
fsr-3295	75	76	firms	firm	NOUN
fsr-3295	75	77	’	'	PUNCT
fsr-3295	75	78	incentive	incentive	NOUN
fsr-3295	75	79	to	to	PART
fsr-3295	75	80	manage	manage	VERB
fsr-3295	75	81	reported	report	VERB
fsr-3295	75	82	earnings	earning	NOUN
fsr-3295	75	83	.	.	PUNCT
fsr-3295	76	1	their	their	PRON
fsr-3295	76	2	results	result	NOUN
fsr-3295	76	3	,	,	PUNCT
fsr-3295	76	4	along	along	ADP
fsr-3295	76	5	with	with	ADP
fsr-3295	76	6	abarbanell	abarbanell	PROPN
fsr-3295	76	7	and	and	CCONJ
fsr-3295	76	8	lehavy	lehavy	ADJ
fsr-3295	76	9	(	(	PUNCT
fsr-3295	76	10	2003b	2003b	NUM
fsr-3295	76	11	)	)	PUNCT
fsr-3295	76	12	and	and	CCONJ
fsr-3295	76	13	cohen	cohen	PROPN
fsr-3295	76	14	and	and	CCONJ
fsr-3295	76	15	lys	lys	PROPN
fsr-3295	76	16	(	(	PUNCT
fsr-3295	76	17	2003	2003	NUM
fsr-3295	76	18	)	)	PUNCT
fsr-3295	76	19	,	,	PUNCT
fsr-3295	76	20	can	can	AUX
fsr-3295	76	21	explain	explain	VERB
fsr-3295	76	22	the	the	DET
fsr-3295	76	23	preponderance	preponderance	NOUN
fsr-3295	76	24	of	of	ADP
fsr-3295	76	25	small	small	ADJ
fsr-3295	76	26	positive	positive	ADJ
fsr-3295	76	27	versus	versus	ADP
fsr-3295	76	28	small	small	ADJ
fsr-3295	76	29	negative	negative	ADJ
fsr-3295	76	30	forecast	forecast	NOUN
fsr-3295	76	31	errors	error	NOUN
fsr-3295	76	32	(	(	PUNCT
fsr-3295	76	33	the	the	DET
fsr-3295	76	34	“	"	PUNCT
fsr-3295	76	35	middle	middle	ADJ
fsr-3295	76	36	”	"	PUNCT
fsr-3295	76	37	asymmetry	asymmetry	NOUN
fsr-3295	76	38	)	)	PUNCT
fsr-3295	76	39	and	and	CCONJ
fsr-3295	76	40	the	the	DET
fsr-3295	76	41	preponderance	preponderance	NOUN
fsr-3295	76	42	of	of	ADP
fsr-3295	76	43	large	large	ADJ
fsr-3295	76	44	negative	negative	ADJ
fsr-3295	76	45	versus	versus	ADP
fsr-3295	76	46	large	large	ADJ
fsr-3295	76	47	positive	positive	ADJ
fsr-3295	76	48	forecast	forecast	NOUN
fsr-3295	76	49	errors	error	NOUN
fsr-3295	76	50	(	(	PUNCT
fsr-3295	76	51	the	the	DET
fsr-3295	76	52	“	"	PUNCT
fsr-3295	76	53	tail	tail	NOUN
fsr-3295	76	54	”	"	PUNCT
fsr-3295	76	55	asymmetry	asymmetry	NOUN
fsr-3295	76	56	)	)	PUNCT
fsr-3295	76	57	that	that	PRON
fsr-3295	76	58	are	be	AUX
fsr-3295	76	59	typically	typically	ADV
fsr-3295	76	60	observed	observe	VERB
fsr-3295	76	61	in	in	ADP
fsr-3295	76	62	earnings	earning	NOUN
fsr-3295	76	63	forecast	forecast	NOUN
fsr-3295	76	64	error	error	NOUN
fsr-3295	76	65	distributions.2	distributions.2	NOUN
fsr-3295	76	66	abarbanell	abarbanell	NOUN
fsr-3295	76	67	and	and	CCONJ
fsr-3295	76	68	lehavy	lehavy	ADJ
fsr-3295	76	69	(	(	PUNCT
fsr-3295	76	70	2003a	2003a	NUM
fsr-3295	76	71	)	)	PUNCT
fsr-3295	76	72	find	find	VERB
fsr-3295	76	73	that	that	SCONJ
fsr-3295	76	74	firms	firm	NOUN
fsr-3295	76	75	rated	rate	VERB
fsr-3295	76	76	buy	buy	VERB
fsr-3295	76	77	(	(	PUNCT
fsr-3295	76	78	sell	sell	NOUN
fsr-3295	76	79	)	)	PUNCT
fsr-3295	76	80	are	be	AUX
fsr-3295	76	81	more	more	ADV
fsr-3295	76	82	(	(	PUNCT
fsr-3295	76	83	less	less	ADJ
fsr-3295	76	84	)	)	PUNCT
fsr-3295	76	85	likely	likely	ADJ
fsr-3295	76	86	to	to	PART
fsr-3295	76	87	meet	meet	VERB
fsr-3295	76	88	or	or	CCONJ
fsr-3295	76	89	beat	beat	VERB
fsr-3295	76	90	analysts	analyst	NOUN
fsr-3295	76	91	’	’	PART
fsr-3295	76	92	forecasts	forecast	NOUN
fsr-3295	76	93	.	.	PUNCT
fsr-3295	77	1	they	they	PRON
fsr-3295	77	2	explain	explain	VERB
fsr-3295	77	3	this	this	PRON
fsr-3295	77	4	in	in	ADP
fsr-3295	77	5	terms	term	NOUN
fsr-3295	77	6	of	of	ADP
fsr-3295	77	7	firms	firm	NOUN
fsr-3295	77	8	’	'	PUNCT
fsr-3295	77	9	incentives	incentive	VERB
fsr-3295	77	10	to	to	PART
fsr-3295	77	11	manage	manage	VERB
fsr-3295	77	12	reported	reported	ADJ
fsr-3295	77	13	earnings	earning	NOUN
fsr-3295	77	14	,	,	PUNCT
fsr-3295	77	15	but	but	CCONJ
fsr-3295	77	16	they	they	PRON
fsr-3295	77	17	do	do	AUX
fsr-3295	77	18	not	not	PART
fsr-3295	77	19	consider	consider	VERB
fsr-3295	77	20	that	that	SCONJ
fsr-3295	77	21	this	this	DET
fsr-3295	77	22	pattern	pattern	NOUN
fsr-3295	77	23	of	of	ADP
fsr-3295	77	24	forecast	forecast	NOUN
fsr-3295	77	25	error	error	NOUN
fsr-3295	77	26	across	across	ADP
fsr-3295	77	27	buy	buy	NOUN
fsr-3295	77	28	/	/	SYM
fsr-3295	77	29	hold	hold	VERB
fsr-3295	77	30	/	/	SYM
fsr-3295	77	31	sell	sell	NOUN
fsr-3295	77	32	ratings	rating	NOUN
fsr-3295	77	33	might	might	AUX
fsr-3295	77	34	be	be	AUX
fsr-3295	77	35	attributable	attributable	ADJ
fsr-3295	77	36	to	to	ADP
fsr-3295	77	37	analyst	analyst	NOUN
fsr-3295	77	38	forecast	forecast	NOUN
fsr-3295	77	39	bias	bias	PROPN
fsr-3295	77	40	.	.	PUNCT
fsr-3295	78	1	prior	prior	ADJ
fsr-3295	78	2	research	research	NOUN
fsr-3295	78	3	indicates	indicate	VERB
fsr-3295	78	4	forecast	forecast	NOUN
fsr-3295	78	5	bias	bias	NOUN
fsr-3295	78	6	depends	depend	VERB
fsr-3295	78	7	on	on	ADP
fsr-3295	78	8	the	the	DET
fsr-3295	78	9	analyst	analyst	NOUN
fsr-3295	78	10	’s	’s	PART
fsr-3295	78	11	employer	employer	NOUN
fsr-3295	78	12	type	type	NOUN
fsr-3295	78	13	.	.	PUNCT
fsr-3295	79	1	cowen	cowen	PROPN
fsr-3295	79	2	et	et	PROPN
fsr-3295	79	3	al	al	PROPN
fsr-3295	79	4	.	.	PROPN
fsr-3295	79	5	(	(	PUNCT
fsr-3295	79	6	2006	2006	NUM
fsr-3295	79	7	)	)	PUNCT
fsr-3295	79	8	find	find	VERB
fsr-3295	79	9	that	that	SCONJ
fsr-3295	79	10	analysts	analyst	NOUN
fsr-3295	79	11	employed	employ	VERB
fsr-3295	79	12	by	by	ADP
fsr-3295	79	13	firms	firm	NOUN
fsr-3295	79	14	with	with	ADP
fsr-3295	79	15	significant	significant	ADJ
fsr-3295	79	16	underwriting	underwriting	NOUN
fsr-3295	79	17	and	and	CCONJ
fsr-3295	79	18	trading	trading	NOUN
fsr-3295	79	19	operations	operation	NOUN
fsr-3295	79	20	make	make	VERB
fsr-3295	79	21	less	less	ADV
fsr-3295	79	22	optimistic	optimistic	ADJ
fsr-3295	79	23	forecasts	forecast	NOUN
fsr-3295	79	24	than	than	ADP
fsr-3295	79	25	those	those	PRON
fsr-3295	79	26	at	at	ADP
fsr-3295	79	27	brokerage	brokerage	NOUN
fsr-3295	79	28	firms	firm	NOUN
fsr-3295	79	29	that	that	PRON
fsr-3295	79	30	do	do	VERB
fsr-3295	79	31	no	no	DET
fsr-3295	79	32	underwriting	underwriting	NOUN
fsr-3295	79	33	and	and	CCONJ
fsr-3295	79	34	that	that	DET
fsr-3295	79	35	forecast	forecast	NOUN
fsr-3295	79	36	optimism	optimism	NOUN
fsr-3295	79	37	is	be	AUX
fsr-3295	79	38	especially	especially	ADV
fsr-3295	79	39	low	low	ADJ
fsr-3295	79	40	among	among	ADP
fsr-3295	79	41	bulge	bulge	NOUN
fsr-3295	79	42	underwriter	underwriter	NOUN
fsr-3295	79	43	firm	firm	PROPN
fsr-3295	79	44	analysts	analyst	NOUN
fsr-3295	79	45	.	.	PUNCT
fsr-3295	80	1	their	their	PRON
fsr-3295	80	2	results	result	NOUN
fsr-3295	80	3	imply	imply	VERB
fsr-3295	80	4	that	that	SCONJ
fsr-3295	80	5	the	the	DET
fsr-3295	80	6	importance	importance	NOUN
fsr-3295	80	7	of	of	ADP
fsr-3295	80	8	analyst	analyst	NOUN
fsr-3295	80	9	(	(	PUNCT
fsr-3295	80	10	firm	firm	ADJ
fsr-3295	80	11	)	)	PUNCT
fsr-3295	80	12	reputation	reputation	NOUN
fsr-3295	80	13	reduces	reduce	VERB
fsr-3295	80	14	forecast	forecast	NOUN
fsr-3295	80	15	optimism	optimism	NOUN
fsr-3295	80	16	.	.	PUNCT
fsr-3295	81	1	ljunqvist	ljunqvist	NOUN
fsr-3295	81	2	et	et	PROPN
fsr-3295	81	3	al	al	PROPN
fsr-3295	81	4	.	.	PROPN
fsr-3295	82	1	(	(	PUNCT
fsr-3295	82	2	2007	2007	NUM
fsr-3295	82	3	)	)	PUNCT
fsr-3295	82	4	find	find	VERB
fsr-3295	82	5	that	that	SCONJ
fsr-3295	82	6	the	the	DET
fsr-3295	82	7	presence	presence	NOUN
fsr-3295	82	8	of	of	ADP
fsr-3295	82	9	institutional	institutional	ADJ
fsr-3295	82	10	investors	investor	NOUN
fsr-3295	82	11	in	in	ADP
fsr-3295	82	12	stocks	stock	NOUN
fsr-3295	82	13	is	be	AUX
fsr-3295	82	14	associated	associate	VERB
fsr-3295	82	15	with	with	ADP
fsr-3295	82	16	more	more	ADV
fsr-3295	82	17	accurate	accurate	ADJ
fsr-3295	82	18	earnings	earning	NOUN
fsr-3295	82	19	forecasts	forecast	NOUN
fsr-3295	82	20	.	.	PUNCT
fsr-3295	83	1	lin	lin	PROPN
fsr-3295	83	2	and	and	CCONJ
fsr-3295	83	3	mcnichols	mcnichols	PROPN
fsr-3295	83	4	(	(	PUNCT
fsr-3295	83	5	1998	1998	NUM
fsr-3295	83	6	)	)	PUNCT
fsr-3295	83	7	find	find	VERB
fsr-3295	83	8	that	that	SCONJ
fsr-3295	83	9	earnings	earning	NOUN
fsr-3295	83	10	forecasts	forecast	NOUN
fsr-3295	83	11	issued	issue	VERB
fsr-3295	83	12	by	by	ADP
fsr-3295	83	13	affiliated	affiliated	ADJ
fsr-3295	83	14	analysts	analyst	NOUN
fsr-3295	83	15	are	be	AUX
fsr-3295	83	16	generally	generally	ADV
fsr-3295	83	17	not	not	PART
fsr-3295	83	18	more	more	ADV
fsr-3295	83	19	optimistic	optimistic	ADJ
fsr-3295	83	20	around	around	ADP
fsr-3295	83	21	seasoned	seasoned	ADJ
fsr-3295	83	22	equity	equity	NOUN
fsr-3295	83	23	offerings	offering	NOUN
fsr-3295	83	24	than	than	ADP
fsr-3295	83	25	those	those	PRON
fsr-3295	83	26	issued	issue	VERB
fsr-3295	83	27	by	by	ADP
fsr-3295	83	28	unaffiliated	unaffiliated	ADJ
fsr-3295	83	29	analysts.3	analysts.3	PROPN
fsr-3295	83	30	these	these	DET
fsr-3295	83	31	results	result	NOUN
fsr-3295	83	32	suggest	suggest	VERB
fsr-3295	83	33	that	that	SCONJ
fsr-3295	83	34	analysts	analyst	NOUN
fsr-3295	83	35	’	'	PUNCT
fsr-3295	83	36	desire	desire	NOUN
fsr-3295	83	37	to	to	PART
fsr-3295	83	38	establish	establish	VERB
fsr-3295	83	39	and	and	CCONJ
fsr-3295	83	40	maintain	maintain	VERB
fsr-3295	83	41	credibility	credibility	NOUN
fsr-3295	83	42	among	among	ADP
fsr-3295	83	43	investor	investor	NOUN
fsr-3295	83	44	clients	client	NOUN
fsr-3295	83	45	can	can	AUX
fsr-3295	83	46	impact	impact	VERB
fsr-3295	83	47	their	their	PRON
fsr-3295	83	48	forecasts	forecast	NOUN
fsr-3295	83	49	.	.	PUNCT
fsr-3295	84	1	as	as	SCONJ
fsr-3295	84	2	explained	explain	VERB
fsr-3295	84	3	below	below	ADV
fsr-3295	84	4	,	,	PUNCT
fsr-3295	84	5	the	the	DET
fsr-3295	84	6	present	present	ADJ
fsr-3295	84	7	research	research	NOUN
fsr-3295	84	8	tests	test	VERB
fsr-3295	84	9	the	the	DET
fsr-3295	84	10	hypothesis	hypothesis	NOUN
fsr-3295	84	11	that	that	PRON
fsr-3295	84	12	analysts	analyst	NOUN
fsr-3295	84	13	’	'	PUNCT
fsr-3295	84	14	desire	desire	NOUN
fsr-3295	84	15	to	to	PART
fsr-3295	84	16	maintain	maintain	VERB
fsr-3295	84	17	credibility	credibility	NOUN
fsr-3295	84	18	with	with	ADP
fsr-3295	84	19	investors	investor	NOUN
fsr-3295	84	20	leads	lead	VERB
fsr-3295	84	21	them	they	PRON
fsr-3295	84	22	to	to	PART
fsr-3295	84	23	issue	issue	VERB
fsr-3295	84	24	forecasts	forecast	NOUN
fsr-3295	84	25	that	that	SCONJ
fsr-3295	84	26	firms	firm	NOUN
fsr-3295	84	27	rated	rate	VERB
fsr-3295	84	28	buy	buy	NOUN
fsr-3295	84	29	will	will	AUX
fsr-3295	84	30	generally	generally	ADV
fsr-3295	84	31	meet	meet	VERB
fsr-3295	84	32	or	or	CCONJ
fsr-3295	84	33	beat	beat	VERB
fsr-3295	84	34	and	and	CCONJ
fsr-3295	84	35	that	that	SCONJ
fsr-3295	84	36	firms	firm	NOUN
fsr-3295	84	37	rated	rate	VERB
fsr-3295	84	38	sell	sell	NOUN
fsr-3295	84	39	will	will	AUX
fsr-3295	84	40	generally	generally	ADV
fsr-3295	84	41	miss	miss	VERB
fsr-3295	84	42	.	.	PUNCT
fsr-3295	85	1	2.2	2.2	NUM
fsr-3295	85	2	.	.	PUNCT
fsr-3295	86	1	earnings	earning	NOUN
fsr-3295	86	2	forecast	forecast	NOUN
fsr-3295	86	3	efficiency	efficiency	NOUN
fsr-3295	86	4	if	if	SCONJ
fsr-3295	86	5	analysts	analyst	NOUN
fsr-3295	86	6	’	'	PUNCT
fsr-3295	86	7	forecasts	forecast	NOUN
fsr-3295	86	8	efficiently	efficiently	ADV
fsr-3295	86	9	incorporate	incorporate	VERB
fsr-3295	86	10	relevant	relevant	ADJ
fsr-3295	86	11	information	information	NOUN
fsr-3295	86	12	about	about	ADP
fsr-3295	86	13	future	future	ADJ
fsr-3295	86	14	earnings	earning	NOUN
fsr-3295	86	15	,	,	PUNCT
fsr-3295	86	16	then	then	ADV
fsr-3295	86	17	their	their	PRON
fsr-3295	86	18	forecast	forecast	NOUN
fsr-3295	86	19	errors	error	NOUN
fsr-3295	86	20	are	be	AUX
fsr-3295	86	21	uncorrelated	uncorrelate	VERB
fsr-3295	86	22	with	with	ADP
fsr-3295	86	23	available	available	ADJ
fsr-3295	86	24	information	information	NOUN
fsr-3295	86	25	.	.	PUNCT
fsr-3295	87	1	forecast	forecast	NOUN
fsr-3295	87	2	errors	error	NOUN
fsr-3295	87	3	have	have	AUX
fsr-3295	87	4	been	be	AUX
fsr-3295	87	5	found	find	VERB
fsr-3295	87	6	to	to	PART
fsr-3295	87	7	be	be	AUX
fsr-3295	87	8	correlated	correlate	VERB
fsr-3295	87	9	with	with	ADP
fsr-3295	87	10	past	past	ADJ
fsr-3295	87	11	stock	stock	NOUN
fsr-3295	87	12	returns	return	NOUN
fsr-3295	87	13	,	,	PUNCT
fsr-3295	87	14	past	past	ADJ
fsr-3295	87	15	earnings	earning	NOUN
fsr-3295	87	16	changes	change	NOUN
fsr-3295	87	17	,	,	PUNCT
fsr-3295	87	18	and	and	CCONJ
fsr-3295	87	19	prior	prior	ADJ
fsr-3295	87	20	forecast	forecast	NOUN
fsr-3295	87	21	errors	error	NOUN
fsr-3295	87	22	(	(	PUNCT
fsr-3295	87	23	ali	ali	PROPN
fsr-3295	87	24	et	et	PROPN
fsr-3295	87	25	al	al	PROPN
fsr-3295	87	26	.	.	PROPN
fsr-3295	87	27	,	,	PUNCT
fsr-3295	87	28	1992	1992	NUM
fsr-3295	87	29	;	;	PUNCT
fsr-3295	87	30	abarbanell	abarbanell	PROPN
fsr-3295	87	31	&	&	CCONJ
fsr-3295	87	32	bernard	bernard	PROPN
fsr-3295	87	33	,	,	PUNCT
fsr-3295	87	34	1992	1992	NUM
fsr-3295	87	35	;	;	PUNCT
fsr-3295	87	36	shane	shane	PROPN
fsr-3295	87	37	&	&	CCONJ
fsr-3295	87	38	brous	brous	ADJ
fsr-3295	87	39	,	,	PUNCT
fsr-3295	87	40	2001	2001	NUM
fsr-3295	87	41	)	)	PUNCT
fsr-3295	87	42	.	.	PUNCT
fsr-3295	88	1	cohen	cohen	PROPN
fsr-3295	88	2	and	and	CCONJ
fsr-3295	88	3	lys	lys	PROPN
fsr-3295	88	4	(	(	PUNCT
fsr-3295	88	5	2003	2003	NUM
fsr-3295	88	6	)	)	PUNCT
fsr-3295	88	7	state	state	NOUN
fsr-3295	88	8	“	"	PUNCT
fsr-3295	88	9	analysts	analyst	NOUN
fsr-3295	88	10	underreact	underreact	ADJ
fsr-3295	88	11	to	to	ADP
fsr-3295	88	12	both	both	DET
fsr-3295	88	13	prior	prior	ADJ
fsr-3295	88	14	good	good	ADJ
fsr-3295	88	15	news	news	NOUN
fsr-3295	88	16	and	and	CCONJ
fsr-3295	88	17	prior	prior	ADJ
fsr-3295	88	18	bad	bad	ADJ
fsr-3295	88	19	news	news	NOUN
fsr-3295	88	20	and	and	CCONJ
fsr-3295	88	21	are	be	AUX
fsr-3295	88	22	,	,	PUNCT
fsr-3295	88	23	thus	thus	ADV
fsr-3295	88	24	,	,	PUNCT
fsr-3295	88	25	inefficient	inefficient	ADJ
fsr-3295	88	26	”	"	PUNCT
fsr-3295	88	27	(	(	PUNCT
fsr-3295	88	28	p.155	p.155	NOUN
fsr-3295	88	29	)	)	PUNCT
fsr-3295	88	30	.	.	PUNCT
fsr-3295	89	1	raedy	raedy	PROPN
fsr-3295	89	2	et	et	PROPN
fsr-3295	89	3	al	al	PROPN
fsr-3295	89	4	.	.	PROPN
fsr-3295	90	1	(	(	PUNCT
fsr-3295	90	2	2006	2006	NUM
fsr-3295	90	3	)	)	PUNCT
fsr-3295	90	4	provide	provide	VERB
fsr-3295	90	5	a	a	DET
fsr-3295	90	6	rational	rational	ADJ
fsr-3295	90	7	economic	economic	ADJ
fsr-3295	90	8	explanation	explanation	NOUN
fsr-3295	90	9	for	for	ADP
fsr-3295	90	10	analyst	analyst	NOUN
fsr-3295	90	11	underreaction	underreaction	NOUN
fsr-3295	90	12	to	to	PART
fsr-3295	90	13	forecast	forecast	VERB
fsr-3295	90	14	error	error	NOUN
fsr-3295	90	15	;	;	PUNCT
fsr-3295	90	16	namely	namely	ADV
fsr-3295	90	17	,	,	PUNCT
fsr-3295	90	18	for	for	ADP
fsr-3295	90	19	an	an	DET
fsr-3295	90	20	error	error	NOUN
fsr-3295	90	21	of	of	ADP
fsr-3295	90	22	given	give	VERB
fsr-3295	90	23	magnitude	magnitude	NOUN
fsr-3295	90	24	,	,	PUNCT
fsr-3295	90	25	analyst	analyst	NOUN
fsr-3295	90	26	credibility	credibility	NOUN
fsr-3295	90	27	is	be	AUX
fsr-3295	90	28	damaged	damage	VERB
fsr-3295	90	29	when	when	SCONJ
fsr-3295	90	30	later	later	ADJ
fsr-3295	90	31	information	information	NOUN
fsr-3295	90	32	causes	cause	VERB
fsr-3295	90	33	a	a	DET
fsr-3295	90	34	forecast	forecast	NOUN
fsr-3295	90	35	revision	revision	NOUN
fsr-3295	90	36	of	of	ADP
fsr-3295	90	37	the	the	DET
fsr-3295	90	38	opposite	opposite	ADJ
fsr-3295	90	39	sign	sign	NOUN
fsr-3295	90	40	than	than	ADP
fsr-3295	90	41	the	the	DET
fsr-3295	90	42	analyst	analyst	NOUN
fsr-3295	90	43	’s	’s	PART
fsr-3295	90	44	prior	prior	ADJ
fsr-3295	90	45	revision	revision	NOUN
fsr-3295	90	46	.	.	PUNCT
fsr-3295	91	1	hence	hence	ADV
fsr-3295	91	2	,	,	PUNCT
fsr-3295	91	3	analysts	analyst	NOUN
fsr-3295	91	4	’	’	PART
fsr-3295	91	5	loss	loss	NOUN
fsr-3295	91	6	functions	function	NOUN
fsr-3295	91	7	are	be	AUX
fsr-3295	91	8	asymmetric	asymmetric	ADJ
fsr-3295	91	9	with	with	ADP
fsr-3295	91	10	respect	respect	NOUN
fsr-3295	91	11	to	to	ADP
fsr-3295	91	12	the	the	DET
fsr-3295	91	13	sign	sign	NOUN
fsr-3295	91	14	of	of	ADP
fsr-3295	91	15	earnings	earning	NOUN
fsr-3295	91	16	forecast	forecast	NOUN
fsr-3295	91	17	error	error	NOUN
fsr-3295	91	18	.	.	PUNCT
fsr-3295	92	1	extending	extend	VERB
fsr-3295	92	2	this	this	DET
fsr-3295	92	3	thought	thought	NOUN
fsr-3295	92	4	,	,	PUNCT
fsr-3295	92	5	it	it	PRON
fsr-3295	92	6	seems	seem	VERB
fsr-3295	92	7	reasonable	reasonable	ADJ
fsr-3295	92	8	that	that	SCONJ
fsr-3295	92	9	analyst	analyst	NOUN
fsr-3295	92	10	credibility	credibility	NOUN
fsr-3295	92	11	is	be	AUX
fsr-3295	92	12	weakened	weaken	VERB
fsr-3295	92	13	when	when	SCONJ
fsr-3295	92	14	stocks	stock	NOUN
fsr-3295	92	15	on	on	ADP
fsr-3295	92	16	their	their	PRON
fsr-3295	92	17	buy	buy	NOUN
fsr-3295	92	18	lists	list	NOUN
fsr-3295	92	19	fail	fail	VERB
fsr-3295	92	20	to	to	PART
fsr-3295	92	21	meet	meet	VERB
fsr-3295	92	22	earnings	earning	NOUN
fsr-3295	92	23	forecasts	forecast	NOUN
fsr-3295	92	24	and	and	CCONJ
fsr-3295	92	25	,	,	PUNCT
fsr-3295	92	26	conversely	conversely	ADV
fsr-3295	92	27	,	,	PUNCT
fsr-3295	92	28	when	when	SCONJ
fsr-3295	92	29	stocks	stock	NOUN
fsr-3295	92	30	on	on	ADP
fsr-3295	92	31	sell	sell	NOUN
fsr-3295	92	32	lists	list	NOUN
fsr-3295	92	33	meet	meet	VERB
fsr-3295	92	34	or	or	CCONJ
fsr-3295	92	35	exceed	exceed	VERB
fsr-3295	92	36	forecasts	forecast	NOUN
fsr-3295	92	37	.	.	PUNCT
fsr-3295	93	1	this	this	PRON
fsr-3295	93	2	suggests	suggest	VERB
fsr-3295	93	3	a	a	DET
fsr-3295	93	4	tendency	tendency	NOUN
fsr-3295	93	5	to	to	PART
fsr-3295	93	6	maintain	maintain	VERB
fsr-3295	93	7	forecasts	forecast	NOUN
fsr-3295	93	8	that	that	SCONJ
fsr-3295	93	9	buy	buy	NOUN
fsr-3295	93	10	-	-	PUNCT
fsr-3295	93	11	rated	rate	VERB
fsr-3295	93	12	firms	firm	NOUN
fsr-3295	93	13	are	be	AUX
fsr-3295	93	14	likely	likely	ADJ
fsr-3295	93	15	to	to	PART
fsr-3295	93	16	meet	meet	VERB
fsr-3295	93	17	or	or	CCONJ
fsr-3295	93	18	beat	beat	VERB
fsr-3295	93	19	and	and	CCONJ
fsr-3295	93	20	that	that	SCONJ
fsr-3295	93	21	sell	sell	NOUN
fsr-3295	93	22	-	-	PUNCT
fsr-3295	93	23	rated	rate	VERB
fsr-3295	93	24	firms	firm	NOUN
fsr-3295	93	25	are	be	AUX
fsr-3295	93	26	not	not	PART
fsr-3295	93	27	likely	likely	ADJ
fsr-3295	93	28	to	to	PART
fsr-3295	93	29	meet	meet	VERB
fsr-3295	93	30	.	.	PUNCT
fsr-3295	94	1	as	as	ADP
fsr-3295	94	2	a	a	DET
fsr-3295	94	3	result	result	NOUN
fsr-3295	94	4	,	,	PUNCT
fsr-3295	94	5	analysts	analyst	NOUN
fsr-3295	94	6	will	will	AUX
fsr-3295	94	7	efficiently	efficiently	ADV
fsr-3295	94	8	incorporate	incorporate	VERB
fsr-3295	94	9	bad	bad	ADJ
fsr-3295	94	10	earnings	earning	NOUN
fsr-3295	94	11	news	news	NOUN
fsr-3295	94	12	into	into	ADP
fsr-3295	94	13	their	their	PRON
fsr-3295	94	14	forecasts	forecast	NOUN
fsr-3295	94	15	for	for	ADP
fsr-3295	94	16	stocks	stock	NOUN
fsr-3295	94	17	on	on	ADP
fsr-3295	94	18	their	their	PRON
fsr-3295	94	19	buy	buy	NOUN
fsr-3295	94	20	lists	list	NOUN
fsr-3295	94	21	,	,	PUNCT
fsr-3295	94	22	and	and	CCONJ
fsr-3295	94	23	they	they	PRON
fsr-3295	94	24	will	will	AUX
fsr-3295	94	25	respond	respond	VERB
fsr-3295	94	26	more	more	ADV
fsr-3295	94	27	slowly	slowly	ADV
fsr-3295	94	28	to	to	ADP
fsr-3295	94	29	good	good	ADJ
fsr-3295	94	30	news	news	NOUN
fsr-3295	94	31	.	.	PUNCT
fsr-3295	95	1	41p	41p	PROPN
fsr-3295	95	2	.	.	PUNCT
fsr-3295	96	1	baird	baird	PROPN
fsr-3295	96	2	/	/	SYM
fsr-3295	96	3	financial	financial	ADJ
fsr-3295	96	4	services	service	NOUN
fsr-3295	96	5	review	review	VERB
fsr-3295	96	6	26	26	NUM
fsr-3295	96	7	(	(	PUNCT
fsr-3295	96	8	2017	2017	NUM
fsr-3295	96	9	)	)	PUNCT
fsr-3295	96	10	37–54	37–54	NUM
fsr-3295	96	11	for	for	ADP
fsr-3295	96	12	sell	sell	NOUN
fsr-3295	96	13	-	-	PUNCT
fsr-3295	96	14	rated	rate	VERB
fsr-3295	96	15	stocks	stock	NOUN
fsr-3295	96	16	,	,	PUNCT
fsr-3295	96	17	analysts	analyst	NOUN
fsr-3295	96	18	will	will	AUX
fsr-3295	96	19	efficiently	efficiently	ADV
fsr-3295	96	20	incorporate	incorporate	VERB
fsr-3295	96	21	good	good	ADJ
fsr-3295	96	22	news	news	NOUN
fsr-3295	96	23	into	into	ADP
fsr-3295	96	24	their	their	PRON
fsr-3295	96	25	forecasts	forecast	NOUN
fsr-3295	96	26	and	and	CCONJ
fsr-3295	96	27	respond	respond	VERB
fsr-3295	96	28	more	more	ADV
fsr-3295	96	29	slowly	slowly	ADV
fsr-3295	96	30	to	to	ADP
fsr-3295	96	31	bad	bad	ADJ
fsr-3295	96	32	news	news	NOUN
fsr-3295	96	33	.	.	PUNCT
fsr-3295	97	1	the	the	DET
fsr-3295	97	2	present	present	ADJ
fsr-3295	97	3	research	research	NOUN
fsr-3295	97	4	explores	explore	VERB
fsr-3295	97	5	the	the	DET
fsr-3295	97	6	possibility	possibility	NOUN
fsr-3295	97	7	that	that	SCONJ
fsr-3295	97	8	the	the	DET
fsr-3295	97	9	nature	nature	NOUN
fsr-3295	97	10	of	of	ADP
fsr-3295	97	11	the	the	DET
fsr-3295	97	12	asymmetry	asymmetry	NOUN
fsr-3295	97	13	in	in	ADP
fsr-3295	97	14	analysts	analyst	NOUN
fsr-3295	97	15	’	’	PART
fsr-3295	97	16	loss	loss	NOUN
fsr-3295	97	17	function	function	NOUN
fsr-3295	97	18	,	,	PUNCT
fsr-3295	97	19	and	and	CCONJ
fsr-3295	97	20	hence	hence	ADV
fsr-3295	97	21	of	of	ADP
fsr-3295	97	22	the	the	DET
fsr-3295	97	23	inefficiency	inefficiency	NOUN
fsr-3295	97	24	in	in	ADP
fsr-3295	97	25	their	their	PRON
fsr-3295	97	26	forecasts	forecast	NOUN
fsr-3295	97	27	,	,	PUNCT
fsr-3295	97	28	depends	depend	VERB
fsr-3295	97	29	on	on	ADP
fsr-3295	97	30	investment	investment	NOUN
fsr-3295	97	31	rating	rating	NOUN
fsr-3295	97	32	.	.	PUNCT
fsr-3295	98	1	basu	basu	PROPN
fsr-3295	98	2	and	and	CCONJ
fsr-3295	98	3	markov	markov	PROPN
fsr-3295	98	4	(	(	PUNCT
fsr-3295	98	5	2004	2004	NUM
fsr-3295	98	6	)	)	PUNCT
fsr-3295	98	7	show	show	VERB
fsr-3295	98	8	that	that	SCONJ
fsr-3295	98	9	if	if	SCONJ
fsr-3295	98	10	analysts	analyst	NOUN
fsr-3295	98	11	’	’	PART
fsr-3295	98	12	loss	loss	NOUN
fsr-3295	98	13	function	function	NOUN
fsr-3295	98	14	is	be	AUX
fsr-3295	98	15	linear	linear	ADJ
fsr-3295	98	16	,	,	PUNCT
fsr-3295	98	17	as	as	SCONJ
fsr-3295	98	18	opposed	oppose	VERB
fsr-3295	98	19	to	to	ADP
fsr-3295	98	20	quadratic	quadratic	ADJ
fsr-3295	98	21	,	,	PUNCT
fsr-3295	98	22	then	then	ADV
fsr-3295	98	23	ordinary	ordinary	ADJ
fsr-3295	98	24	least	least	ADJ
fsr-3295	98	25	squares	square	NOUN
fsr-3295	98	26	(	(	PUNCT
fsr-3295	98	27	ols	ol	NOUN
fsr-3295	98	28	)	)	PUNCT
fsr-3295	98	29	regression	regression	NOUN
fsr-3295	98	30	tests	test	NOUN
fsr-3295	98	31	of	of	ADP
fsr-3295	98	32	rationality	rationality	NOUN
fsr-3295	98	33	are	be	AUX
fsr-3295	98	34	misspecified	misspecifie	VERB
fsr-3295	98	35	.	.	PUNCT
fsr-3295	99	1	if	if	SCONJ
fsr-3295	99	2	analysts	analyst	NOUN
fsr-3295	99	3	seek	seek	VERB
fsr-3295	99	4	to	to	PART
fsr-3295	99	5	minimize	minimize	VERB
fsr-3295	99	6	absolute	absolute	ADJ
fsr-3295	99	7	forecast	forecast	NOUN
fsr-3295	99	8	error	error	NOUN
fsr-3295	99	9	,	,	PUNCT
fsr-3295	99	10	then	then	ADV
fsr-3295	99	11	regression	regression	VERB
fsr-3295	99	12	tests	test	NOUN
fsr-3295	99	13	of	of	ADP
fsr-3295	99	14	rationality	rationality	NOUN
fsr-3295	99	15	should	should	AUX
fsr-3295	99	16	be	be	AUX
fsr-3295	99	17	estimated	estimate	VERB
fsr-3295	99	18	by	by	ADP
fsr-3295	99	19	the	the	DET
fsr-3295	99	20	method	method	NOUN
fsr-3295	99	21	of	of	ADP
fsr-3295	99	22	least	least	ADJ
fsr-3295	99	23	absolute	absolute	ADJ
fsr-3295	99	24	deviation	deviation	NOUN
fsr-3295	99	25	(	(	PUNCT
fsr-3295	99	26	lad	lad	NOUN
fsr-3295	99	27	)	)	PUNCT
fsr-3295	99	28	.	.	PUNCT
fsr-3295	100	1	ols	ol	NOUN
fsr-3295	100	2	and	and	CCONJ
fsr-3295	100	3	lad	lad	NOUN
fsr-3295	100	4	estimators	estimator	NOUN
fsr-3295	100	5	are	be	AUX
fsr-3295	100	6	analogues	analogue	NOUN
fsr-3295	100	7	of	of	ADP
fsr-3295	100	8	the	the	DET
fsr-3295	100	9	sample	sample	NOUN
fsr-3295	100	10	mean	mean	NOUN
fsr-3295	100	11	and	and	CCONJ
fsr-3295	100	12	median	median	ADJ
fsr-3295	100	13	,	,	PUNCT
fsr-3295	100	14	and	and	CCONJ
fsr-3295	100	15	in	in	ADP
fsr-3295	100	16	regression	regression	NOUN
fsr-3295	100	17	they	they	PRON
fsr-3295	100	18	are	be	AUX
fsr-3295	100	19	consistent	consistent	ADJ
fsr-3295	100	20	and	and	CCONJ
fsr-3295	100	21	asymptotically	asymptotically	ADV
fsr-3295	100	22	normal	normal	ADJ
fsr-3295	100	23	estimators	estimator	NOUN
fsr-3295	100	24	of	of	ADP
fsr-3295	100	25	the	the	DET
fsr-3295	100	26	population	population	NOUN
fsr-3295	100	27	mean	mean	VERB
fsr-3295	100	28	and	and	CCONJ
fsr-3295	100	29	median	median	NOUN
fsr-3295	100	30	of	of	ADP
fsr-3295	100	31	the	the	DET
fsr-3295	100	32	dependent	dependent	ADJ
fsr-3295	100	33	variable	variable	ADJ
fsr-3295	100	34	conditional	conditional	NOUN
fsr-3295	100	35	on	on	ADP
fsr-3295	100	36	the	the	DET
fsr-3295	100	37	explanatory	explanatory	ADJ
fsr-3295	100	38	variables	variable	NOUN
fsr-3295	100	39	.	.	PUNCT
fsr-3295	101	1	however	however	ADV
fsr-3295	101	2	,	,	PUNCT
fsr-3295	101	3	because	because	SCONJ
fsr-3295	101	4	the	the	DET
fsr-3295	101	5	sample	sample	NOUN
fsr-3295	101	6	median	median	NOUN
fsr-3295	101	7	is	be	AUX
fsr-3295	101	8	relatively	relatively	ADV
fsr-3295	101	9	insensitive	insensitive	ADJ
fsr-3295	101	10	to	to	ADP
fsr-3295	101	11	extreme	extreme	ADJ
fsr-3295	101	12	observations	observation	NOUN
fsr-3295	101	13	,	,	PUNCT
fsr-3295	101	14	the	the	DET
fsr-3295	101	15	lad	lad	NOUN
fsr-3295	101	16	estimator	estimator	NOUN
fsr-3295	101	17	is	be	AUX
fsr-3295	101	18	a	a	DET
fsr-3295	101	19	robust	robust	ADJ
fsr-3295	101	20	estimator	estimator	NOUN
fsr-3295	101	21	for	for	ADP
fsr-3295	101	22	skewed	skewed	ADJ
fsr-3295	101	23	,	,	PUNCT
fsr-3295	101	24	fat	fat	ADJ
fsr-3295	101	25	-	-	PUNCT
fsr-3295	101	26	tailed	tail	VERB
fsr-3295	101	27	distributions	distribution	NOUN
fsr-3295	101	28	.	.	PUNCT
fsr-3295	102	1	in	in	ADP
fsr-3295	102	2	the	the	DET
fsr-3295	102	3	present	present	ADJ
fsr-3295	102	4	research	research	NOUN
fsr-3295	102	5	,	,	PUNCT
fsr-3295	102	6	the	the	DET
fsr-3295	102	7	unbiasedness	unbiasedness	NOUN
fsr-3295	102	8	and	and	CCONJ
fsr-3295	102	9	efficiency	efficiency	NOUN
fsr-3295	102	10	of	of	ADP
fsr-3295	102	11	analysts	analyst	NOUN
fsr-3295	102	12	’	'	PUNCT
fsr-3295	102	13	forecasts	forecast	NOUN
fsr-3295	102	14	are	be	AUX
fsr-3295	102	15	examined	examine	VERB
fsr-3295	102	16	in	in	ADP
fsr-3295	102	17	lad	lad	NOUN
fsr-3295	102	18	regression	regression	NOUN
fsr-3295	102	19	framework	framework	NOUN
fsr-3295	102	20	in	in	ADP
fsr-3295	102	21	which	which	PRON
fsr-3295	102	22	model	model	NOUN
fsr-3295	102	23	parameters	parameter	NOUN
fsr-3295	102	24	are	be	AUX
fsr-3295	102	25	allowed	allow	VERB
fsr-3295	102	26	to	to	PART
fsr-3295	102	27	vary	vary	VERB
fsr-3295	102	28	by	by	ADP
fsr-3295	102	29	investment	investment	NOUN
fsr-3295	102	30	rating	rating	NOUN
fsr-3295	102	31	.	.	PUNCT
fsr-3295	103	1	this	this	DET
fsr-3295	103	2	econometric	econometric	ADJ
fsr-3295	103	3	setting	set	VERB
fsr-3295	103	4	enables	enable	VERB
fsr-3295	103	5	tests	test	NOUN
fsr-3295	103	6	of	of	ADP
fsr-3295	103	7	competing	compete	VERB
fsr-3295	103	8	theories	theory	NOUN
fsr-3295	103	9	of	of	ADP
fsr-3295	103	10	analyst	analyst	NOUN
fsr-3295	103	11	behavior	behavior	NOUN
fsr-3295	103	12	,	,	PUNCT
fsr-3295	103	13	management	management	NOUN
fsr-3295	103	14	appeasement	appeasement	NOUN
fsr-3295	103	15	and	and	CCONJ
fsr-3295	103	16	analyst	analyst	NOUN
fsr-3295	103	17	credibility	credibility	NOUN
fsr-3295	103	18	,	,	PUNCT
fsr-3295	103	19	which	which	PRON
fsr-3295	103	20	possess	possess	VERB
fsr-3295	103	21	clearly	clearly	ADV
fsr-3295	103	22	distinguishable	distinguishable	ADJ
fsr-3295	103	23	implications	implication	NOUN
fsr-3295	103	24	for	for	ADP
fsr-3295	103	25	forecast	forecast	NOUN
fsr-3295	103	26	bias	bias	NOUN
fsr-3295	103	27	and	and	CCONJ
fsr-3295	103	28	inefficiency	inefficiency	NOUN
fsr-3295	103	29	.	.	PUNCT
fsr-3295	104	1	2.3	2.3	NUM
fsr-3295	104	2	.	.	PUNCT
fsr-3295	105	1	value	value	NOUN
fsr-3295	105	2	line	line	NOUN
fsr-3295	105	3	earnings	earning	NOUN
fsr-3295	105	4	forecasts	forecast	NOUN
fsr-3295	105	5	published	publish	VERB
fsr-3295	105	6	research	research	NOUN
fsr-3295	105	7	on	on	ADP
fsr-3295	105	8	value	value	NOUN
fsr-3295	105	9	line	line	NOUN
fsr-3295	105	10	’s	’s	PART
fsr-3295	105	11	quarterly	quarterly	PROPN
fsr-3295	105	12	eps	eps	PROPN
fsr-3295	105	13	forecasts	forecast	NOUN
fsr-3295	105	14	is	be	AUX
fsr-3295	105	15	scant	scant	ADJ
fsr-3295	105	16	.	.	PUNCT
fsr-3295	106	1	philbrick	philbrick	NOUN
fsr-3295	106	2	and	and	CCONJ
fsr-3295	106	3	ricks	rick	NOUN
fsr-3295	106	4	(	(	PUNCT
fsr-3295	106	5	1991	1991	NUM
fsr-3295	106	6	)	)	PUNCT
fsr-3295	106	7	find	find	VERB
fsr-3295	106	8	that	that	SCONJ
fsr-3295	106	9	from	from	ADP
fsr-3295	106	10	1984	1984	NUM
fsr-3295	106	11	to	to	ADP
fsr-3295	106	12	1986	1986	NUM
fsr-3295	106	13	mean	mean	NOUN
fsr-3295	106	14	and	and	CCONJ
fsr-3295	106	15	median	median	ADJ
fsr-3295	106	16	quarterly	quarterly	ADJ
fsr-3295	106	17	earnings	earning	NOUN
fsr-3295	106	18	forecast	forecast	NOUN
fsr-3295	106	19	errors	error	NOUN
fsr-3295	106	20	are	be	AUX
fsr-3295	106	21	a	a	DET
fsr-3295	106	22	statistically	statistically	ADV
fsr-3295	106	23	significant	significant	ADJ
fsr-3295	106	24	�	�	NOUN
fsr-3295	106	25	0.37	0.37	NUM
fsr-3295	106	26	%	%	NOUN
fsr-3295	106	27	and	and	CCONJ
fsr-3295	106	28	�	�	NOUN
fsr-3295	106	29	0.04	0.04	NUM
fsr-3295	106	30	%	%	NOUN
fsr-3295	106	31	of	of	ADP
fsr-3295	106	32	stock	stock	NOUN
fsr-3295	106	33	price	price	NOUN
fsr-3295	106	34	,	,	PUNCT
fsr-3295	106	35	respectively	respectively	ADV
fsr-3295	106	36	.	.	PUNCT
fsr-3295	107	1	francis	francis	PROPN
fsr-3295	107	2	and	and	CCONJ
fsr-3295	107	3	philbrick	philbrick	PROPN
fsr-3295	107	4	(	(	PUNCT
fsr-3295	107	5	1993	1993	NUM
fsr-3295	107	6	)	)	PUNCT
fsr-3295	107	7	find	find	VERB
fsr-3295	107	8	that	that	SCONJ
fsr-3295	107	9	from	from	ADP
fsr-3295	107	10	1987	1987	NUM
fsr-3295	107	11	to	to	ADP
fsr-3295	107	12	1989	1989	NUM
fsr-3295	107	13	mean	mean	NOUN
fsr-3295	107	14	unscaled	unscaled	ADJ
fsr-3295	107	15	quarterly	quarterly	PROPN
fsr-3295	107	16	eps	eps	PROPN
fsr-3295	107	17	forecast	forecast	NOUN
fsr-3295	107	18	errors	error	NOUN
fsr-3295	107	19	for	for	ADP
fsr-3295	107	20	stocks	stock	NOUN
fsr-3295	107	21	rated	rate	VERB
fsr-3295	107	22	buy	buy	VERB
fsr-3295	107	23	,	,	PUNCT
fsr-3295	107	24	hold	hold	VERB
fsr-3295	107	25	and	and	CCONJ
fsr-3295	107	26	sell	sell	NOUN
fsr-3295	107	27	are	be	AUX
fsr-3295	107	28	not	not	PART
fsr-3295	107	29	significantly	significantly	ADV
fsr-3295	107	30	different	different	ADJ
fsr-3295	107	31	from	from	ADP
fsr-3295	107	32	zero.4	zero.4	PROPN
fsr-3295	107	33	ramnath	ramnath	NOUN
fsr-3295	107	34	et	et	PROPN
fsr-3295	107	35	al	al	PROPN
fsr-3295	107	36	.	.	PROPN
fsr-3295	108	1	(	(	PUNCT
fsr-3295	108	2	2005	2005	NUM
fsr-3295	108	3	)	)	PUNCT
fsr-3295	108	4	find	find	VERB
fsr-3295	108	5	that	that	SCONJ
fsr-3295	108	6	from	from	ADP
fsr-3295	108	7	1993	1993	NUM
fsr-3295	108	8	to	to	ADP
fsr-3295	108	9	1997	1997	NUM
fsr-3295	108	10	mean	mean	NOUN
fsr-3295	108	11	and	and	CCONJ
fsr-3295	108	12	median	median	ADJ
fsr-3295	108	13	quarterly	quarterly	ADJ
fsr-3295	108	14	earnings	earning	NOUN
fsr-3295	108	15	forecast	forecast	NOUN
fsr-3295	108	16	errors	error	NOUN
fsr-3295	108	17	are	be	AUX
fsr-3295	108	18	a	a	DET
fsr-3295	108	19	statistically	statistically	ADV
fsr-3295	108	20	significant	significant	ADJ
fsr-3295	108	21	�	�	NOUN
fsr-3295	108	22	0.054	0.054	NUM
fsr-3295	108	23	%	%	NOUN
fsr-3295	108	24	and	and	CCONJ
fsr-3295	108	25	0.011	0.011	NUM
fsr-3295	108	26	%	%	NOUN
fsr-3295	108	27	of	of	ADP
fsr-3295	108	28	stock	stock	NOUN
fsr-3295	108	29	price	price	NOUN
fsr-3295	108	30	,	,	PUNCT
fsr-3295	108	31	respectively	respectively	ADV
fsr-3295	108	32	.	.	PUNCT
fsr-3295	109	1	das	das	PROPN
fsr-3295	109	2	et	et	PROPN
fsr-3295	109	3	al	al	PROPN
fsr-3295	109	4	.	.	PUNCT
fsr-3295	109	5	(	(	PUNCT
fsr-3295	109	6	1998	1998	NUM
fsr-3295	109	7	)	)	PUNCT
fsr-3295	109	8	investigate	investigate	VERB
fsr-3295	109	9	value	value	NOUN
fsr-3295	109	10	line	line	NOUN
fsr-3295	109	11	’s	’s	PART
fsr-3295	109	12	annual	annual	ADJ
fsr-3295	109	13	earnings	earning	NOUN
fsr-3295	109	14	forecasts	forecast	NOUN
fsr-3295	109	15	from	from	ADP
fsr-3295	109	16	1989	1989	NUM
fsr-3295	109	17	to	to	ADP
fsr-3295	109	18	1993	1993	NUM
fsr-3295	109	19	and	and	CCONJ
fsr-3295	109	20	report	report	VERB
fsr-3295	109	21	that	that	SCONJ
fsr-3295	109	22	the	the	DET
fsr-3295	109	23	mean	mean	ADJ
fsr-3295	109	24	forecast	forecast	NOUN
fsr-3295	109	25	error	error	NOUN
fsr-3295	109	26	is	be	AUX
fsr-3295	109	27	a	a	DET
fsr-3295	109	28	statistically	statistically	ADV
fsr-3295	109	29	significant	significant	ADJ
fsr-3295	109	30	�	�	NOUN
fsr-3295	109	31	1.5	1.5	NUM
fsr-3295	109	32	%	%	NOUN
fsr-3295	109	33	of	of	ADP
fsr-3295	109	34	stock	stock	NOUN
fsr-3295	109	35	price	price	NOUN
fsr-3295	109	36	.	.	PUNCT
fsr-3295	110	1	szakmary	szakmary	PROPN
fsr-3295	110	2	et	et	PROPN
fsr-3295	110	3	al	al	PROPN
fsr-3295	110	4	.	.	PROPN
fsr-3295	111	1	(	(	PUNCT
fsr-3295	111	2	2008	2008	NUM
fsr-3295	111	3	)	)	PUNCT
fsr-3295	111	4	find	find	VERB
fsr-3295	111	5	that	that	SCONJ
fsr-3295	111	6	3–5	3–5	NUM
fsr-3295	111	7	year	year	NOUN
fsr-3295	111	8	ahead	ahead	ADV
fsr-3295	111	9	earnings	earning	NOUN
fsr-3295	111	10	forecasts	forecast	NOUN
fsr-3295	111	11	display	display	VERB
fsr-3295	111	12	large	large	ADJ
fsr-3295	111	13	optimistic	optimistic	ADJ
fsr-3295	111	14	bias	bias	NOUN
fsr-3295	111	15	.	.	PUNCT
fsr-3295	112	1	3	3	X
fsr-3295	112	2	.	.	X
fsr-3295	112	3	methodology	methodology	NOUN
fsr-3295	112	4	and	and	CCONJ
fsr-3295	112	5	data	datum	NOUN
fsr-3295	112	6	3.1	3.1	NUM
fsr-3295	112	7	.	.	PUNCT
fsr-3295	112	8	quarterly	quarterly	PROPN
fsr-3295	112	9	eps	eps	PROPN
fsr-3295	112	10	forecast	forecast	NOUN
fsr-3295	112	11	error	error	NOUN
fsr-3295	112	12	and	and	CCONJ
fsr-3295	112	13	investment	investment	NOUN
fsr-3295	112	14	rating	rating	NOUN
fsr-3295	112	15	value	value	NOUN
fsr-3295	112	16	line	line	NOUN
fsr-3295	112	17	analysts	analyst	NOUN
fsr-3295	112	18	produce	produce	VERB
fsr-3295	112	19	multiple	multiple	ADJ
fsr-3295	112	20	forecasts	forecast	NOUN
fsr-3295	112	21	for	for	ADP
fsr-3295	112	22	a	a	DET
fsr-3295	112	23	given	give	VERB
fsr-3295	112	24	quarter	quarter	NOUN
fsr-3295	112	25	with	with	ADP
fsr-3295	112	26	initial	initial	ADJ
fsr-3295	112	27	forecasts	forecast	NOUN
fsr-3295	112	28	typically	typically	ADV
fsr-3295	112	29	issued	issue	VERB
fsr-3295	112	30	more	more	ADJ
fsr-3295	112	31	than	than	ADP
fsr-3295	112	32	a	a	PRON
fsr-3295	112	33	year	year	NOUN
fsr-3295	112	34	before	before	ADP
fsr-3295	112	35	quarter	quarter	NOUN
fsr-3295	112	36	end	end	NOUN
fsr-3295	112	37	.	.	PUNCT
fsr-3295	113	1	quarterly	quarterly	PROPN
fsr-3295	113	2	eps	eps	PROPN
fsr-3295	113	3	forecast	forecast	NOUN
fsr-3295	113	4	error	error	NOUN
fsr-3295	113	5	is	be	AUX
fsr-3295	113	6	calculated	calculate	VERB
fsr-3295	113	7	as	as	ADP
fsr-3295	113	8	actual	actual	ADJ
fsr-3295	113	9	eps	eps	PROPN
fsr-3295	113	10	minus	minus	ADP
fsr-3295	113	11	the	the	DET
fsr-3295	113	12	eps	eps	PROPN
fsr-3295	113	13	forecast	forecast	NOUN
fsr-3295	113	14	issued	issue	VERB
fsr-3295	113	15	at	at	ADP
fsr-3295	113	16	horizon	horizon	NOUN
fsr-3295	113	17	h	h	NOUN
fsr-3295	113	18	before	before	ADP
fsr-3295	113	19	quarter	quarter	NOUN
fsr-3295	113	20	end	end	NOUN
fsr-3295	113	21	:	:	PUNCT
fsr-3295	113	22	feit	feit	PROPN
fsr-3295	113	23	h	h	PROPN
fsr-3295	113	24	�	�	PROPN
fsr-3295	113	25	eit	eit	PROPN
fsr-3295	113	26	�	�	PROPN
fsr-3295	113	27	fit	fit	PROPN
fsr-3295	113	28	h	h	NOUN
fsr-3295	113	29	(	(	PUNCT
fsr-3295	113	30	1	1	X
fsr-3295	113	31	)	)	PUNCT
fsr-3295	113	32	eit	eit	PROPN
fsr-3295	113	33	denotes	denote	VERB
fsr-3295	113	34	actual	actual	ADJ
fsr-3295	113	35	eps	eps	PROPN
fsr-3295	113	36	for	for	ADP
fsr-3295	113	37	company	company	NOUN
fsr-3295	113	38	i	i	PRON
fsr-3295	113	39	in	in	ADP
fsr-3295	113	40	quarter	quarter	NOUN
fsr-3295	113	41	t.	t.	NOUN
fsr-3295	113	42	fit	fit	PROPN
fsr-3295	113	43	h	h	PROPN
fsr-3295	113	44	denotes	denote	VERB
fsr-3295	113	45	the	the	DET
fsr-3295	113	46	value	value	NOUN
fsr-3295	113	47	line	line	NOUN
fsr-3295	113	48	forecast	forecast	NOUN
fsr-3295	113	49	issued	issue	VERB
fsr-3295	113	50	at	at	ADP
fsr-3295	113	51	horizon	horizon	PROPN
fsr-3295	113	52	h.	h.	PROPN
fsr-3295	113	53	feit	feit	PROPN
fsr-3295	113	54	�	�	PROPN
fsr-3295	113	55	1	1	NUM
fsr-3295	113	56	denotes	denote	VERB
fsr-3295	113	57	the	the	DET
fsr-3295	113	58	error	error	NOUN
fsr-3295	113	59	of	of	ADP
fsr-3295	113	60	the	the	DET
fsr-3295	113	61	forecast	forecast	NOUN
fsr-3295	113	62	issued	issue	VERB
fsr-3295	113	63	approximately	approximately	ADV
fsr-3295	113	64	one	one	NUM
fsr-3295	113	65	year	year	NOUN
fsr-3295	113	66	before	before	SCONJ
fsr-3295	113	67	42	42	NUM
fsr-3295	113	68	p.	p.	NOUN
fsr-3295	113	69	baird	baird	PROPN
fsr-3295	113	70	/	/	SYM
fsr-3295	113	71	financial	financial	ADJ
fsr-3295	113	72	services	service	NOUN
fsr-3295	113	73	review	review	VERB
fsr-3295	113	74	26	26	NUM
fsr-3295	113	75	(	(	PUNCT
fsr-3295	113	76	2017	2017	NUM
fsr-3295	113	77	)	)	PUNCT
fsr-3295	113	78	37–54	37–54	NUM
fsr-3295	113	79	quarter	quarter	NOUN
fsr-3295	113	80	end	end	NOUN
fsr-3295	113	81	.	.	PUNCT
fsr-3295	114	1	feit	feit	PROPN
fsr-3295	114	2	0	0	NUM
fsr-3295	114	3	denotes	denote	VERB
fsr-3295	114	4	the	the	DET
fsr-3295	114	5	error	error	NOUN
fsr-3295	114	6	of	of	ADP
fsr-3295	114	7	the	the	DET
fsr-3295	114	8	latest	late	ADJ
fsr-3295	114	9	forecast	forecast	NOUN
fsr-3295	114	10	before	before	ADP
fsr-3295	114	11	quarter	quarter	NOUN
fsr-3295	114	12	end	end	NOUN
fsr-3295	114	13	.	.	PUNCT
fsr-3295	115	1	the	the	DET
fsr-3295	115	2	mean	mean	ADJ
fsr-3295	115	3	(	(	PUNCT
fsr-3295	115	4	median	median	ADJ
fsr-3295	115	5	)	)	PUNCT
fsr-3295	115	6	number	number	NOUN
fsr-3295	115	7	of	of	ADP
fsr-3295	115	8	days	day	NOUN
fsr-3295	115	9	from	from	ADP
fsr-3295	115	10	the	the	DET
fsr-3295	115	11	date	date	NOUN
fsr-3295	115	12	of	of	ADP
fsr-3295	115	13	the	the	DET
fsr-3295	115	14	latest	late	ADJ
fsr-3295	115	15	forecast	forecast	NOUN
fsr-3295	115	16	to	to	PART
fsr-3295	115	17	quarter	quarter	NOUN
fsr-3295	115	18	end	end	NOUN
fsr-3295	115	19	is	be	AUX
fsr-3295	115	20	16	16	NUM
fsr-3295	115	21	(	(	PUNCT
fsr-3295	115	22	17	17	NUM
fsr-3295	115	23	)	)	PUNCT
fsr-3295	115	24	.	.	PUNCT
fsr-3295	116	1	the	the	DET
fsr-3295	116	2	horizon	horizon	NOUN
fsr-3295	116	3	profile	profile	NOUN
fsr-3295	116	4	of	of	ADP
fsr-3295	116	5	forecast	forecast	NOUN
fsr-3295	116	6	error	error	NOUN
fsr-3295	116	7	is	be	AUX
fsr-3295	116	8	characterized	characterize	VERB
fsr-3295	116	9	below	below	ADP
fsr-3295	116	10	in	in	ADP
fsr-3295	116	11	section	section	NOUN
fsr-3295	116	12	4	4	NUM
fsr-3295	116	13	in	in	ADP
fsr-3295	116	14	intervals	interval	NOUN
fsr-3295	116	15	from	from	ADP
fsr-3295	116	16	h	h	PROPN
fsr-3295	116	17	�	�	PROPN
fsr-3295	116	18	�	�	PROPN
fsr-3295	116	19	1	1	NUM
fsr-3295	116	20	to	to	ADP
fsr-3295	116	21	0	0	NUM
fsr-3295	116	22	.	.	PUNCT
fsr-3295	117	1	forecast	forecast	NOUN
fsr-3295	117	2	errors	error	NOUN
fsr-3295	117	3	are	be	AUX
fsr-3295	117	4	often	often	ADV
fsr-3295	117	5	scaled	scale	VERB
fsr-3295	117	6	(	(	PUNCT
fsr-3295	117	7	i.e.	i.e.	X
fsr-3295	117	8	,	,	PUNCT
fsr-3295	117	9	deflated	deflate	VERB
fsr-3295	117	10	,	,	PUNCT
fsr-3295	117	11	normalized	normalize	VERB
fsr-3295	117	12	,	,	PUNCT
fsr-3295	117	13	divided	divide	VERB
fsr-3295	117	14	)	)	PUNCT
fsr-3295	117	15	by	by	ADP
fsr-3295	117	16	stock	stock	NOUN
fsr-3295	117	17	price	price	NOUN
fsr-3295	117	18	even	even	ADV
fsr-3295	117	19	though	though	SCONJ
fsr-3295	117	20	the	the	DET
fsr-3295	117	21	practice	practice	NOUN
fsr-3295	117	22	can	can	AUX
fsr-3295	117	23	confound	confound	VERB
fsr-3295	117	24	interpretation	interpretation	NOUN
fsr-3295	117	25	.	.	PUNCT
fsr-3295	118	1	for	for	ADP
fsr-3295	118	2	example	example	NOUN
fsr-3295	118	3	,	,	PUNCT
fsr-3295	118	4	in	in	ADP
fsr-3295	118	5	abarbanell	abarbanell	NOUN
fsr-3295	118	6	and	and	CCONJ
fsr-3295	118	7	lehavy	lehavy	ADJ
fsr-3295	118	8	(	(	PUNCT
fsr-3295	118	9	2003a	2003a	NUM
fsr-3295	118	10	)	)	PUNCT
fsr-3295	118	11	the	the	DET
fsr-3295	118	12	apparent	apparent	ADJ
fsr-3295	118	13	relation	relation	NOUN
fsr-3295	118	14	between	between	ADP
fsr-3295	118	15	unexpected	unexpected	ADJ
fsr-3295	118	16	accruals	accrual	NOUN
fsr-3295	118	17	and	and	CCONJ
fsr-3295	118	18	earnings	earning	NOUN
fsr-3295	118	19	forecast	forecast	NOUN
fsr-3295	118	20	error	error	NOUN
fsr-3295	118	21	could	could	AUX
fsr-3295	118	22	be	be	AUX
fsr-3295	118	23	an	an	DET
fsr-3295	118	24	artifact	artifact	NOUN
fsr-3295	118	25	of	of	ADP
fsr-3295	118	26	scaling	scaling	NOUN
fsr-3295	118	27	by	by	ADP
fsr-3295	118	28	stock	stock	NOUN
fsr-3295	118	29	price.5	price.5	VERB
fsr-3295	118	30	the	the	DET
fsr-3295	118	31	distribution	distribution	NOUN
fsr-3295	118	32	of	of	ADP
fsr-3295	118	33	the	the	DET
fsr-3295	118	34	p	p	PROPN
fsr-3295	118	35	/	/	SYM
fsr-3295	118	36	e	e	NOUN
fsr-3295	118	37	ratio	ratio	NOUN
fsr-3295	118	38	reflects	reflect	VERB
fsr-3295	118	39	investor	investor	NOUN
fsr-3295	118	40	expectations	expectation	NOUN
fsr-3295	118	41	for	for	ADP
fsr-3295	118	42	future	future	ADJ
fsr-3295	118	43	performance	performance	NOUN
fsr-3295	118	44	.	.	PUNCT
fsr-3295	119	1	consequently	consequently	ADV
fsr-3295	119	2	,	,	PUNCT
fsr-3295	119	3	earnings	earning	NOUN
fsr-3295	119	4	forecast	forecast	NOUN
fsr-3295	119	5	error	error	NOUN
fsr-3295	119	6	of	of	ADP
fsr-3295	119	7	a	a	DET
fsr-3295	119	8	given	give	VERB
fsr-3295	119	9	dollar	dollar	NOUN
fsr-3295	119	10	amount	amount	NOUN
fsr-3295	119	11	likely	likely	ADV
fsr-3295	119	12	has	have	VERB
fsr-3295	119	13	a	a	DET
fsr-3295	119	14	larger	large	ADJ
fsr-3295	119	15	impact	impact	NOUN
fsr-3295	119	16	on	on	ADP
fsr-3295	119	17	the	the	DET
fsr-3295	119	18	price	price	NOUN
fsr-3295	119	19	of	of	ADP
fsr-3295	119	20	a	a	DET
fsr-3295	119	21	high	high	ADJ
fsr-3295	119	22	-	-	PUNCT
fsr-3295	119	23	p	p	NOUN
fsr-3295	119	24	/	/	SYM
fsr-3295	119	25	e	e	NOUN
fsr-3295	119	26	stock	stock	NOUN
fsr-3295	119	27	than	than	ADP
fsr-3295	119	28	of	of	ADP
fsr-3295	119	29	a	a	DET
fsr-3295	119	30	low	low	ADJ
fsr-3295	119	31	-	-	PUNCT
fsr-3295	119	32	p	p	NOUN
fsr-3295	119	33	/	/	SYM
fsr-3295	119	34	e	e	NOUN
fsr-3295	119	35	stock	stock	NOUN
fsr-3295	119	36	.	.	PUNCT
fsr-3295	120	1	yet	yet	ADV
fsr-3295	120	2	,	,	PUNCT
fsr-3295	120	3	scaling	scale	VERB
fsr-3295	120	4	the	the	DET
fsr-3295	120	5	error	error	NOUN
fsr-3295	120	6	by	by	ADP
fsr-3295	120	7	stock	stock	NOUN
fsr-3295	120	8	price	price	NOUN
fsr-3295	120	9	reverses	reverse	VERB
fsr-3295	120	10	its	its	PRON
fsr-3295	120	11	measured	measure	VERB
fsr-3295	120	12	impact	impact	NOUN
fsr-3295	120	13	.	.	PUNCT
fsr-3295	121	1	scaling	scale	VERB
fsr-3295	121	2	by	by	ADP
fsr-3295	121	3	stock	stock	NOUN
fsr-3295	121	4	price	price	NOUN
fsr-3295	121	5	also	also	ADV
fsr-3295	121	6	can	can	AUX
fsr-3295	121	7	introduce	introduce	VERB
fsr-3295	121	8	time	time	NOUN
fsr-3295	121	9	dependence	dependence	NOUN
fsr-3295	121	10	in	in	ADP
fsr-3295	121	11	measured	measured	ADJ
fsr-3295	121	12	forecast	forecast	NOUN
fsr-3295	121	13	error	error	NOUN
fsr-3295	121	14	to	to	ADP
fsr-3295	121	15	the	the	DET
fsr-3295	121	16	extent	extent	NOUN
fsr-3295	121	17	that	that	SCONJ
fsr-3295	121	18	common	common	ADJ
fsr-3295	121	19	stock	stock	NOUN
fsr-3295	121	20	earnings	earning	NOUN
fsr-3295	121	21	multiples	multiple	NOUN
fsr-3295	121	22	vary	vary	VERB
fsr-3295	121	23	over	over	ADP
fsr-3295	121	24	the	the	DET
fsr-3295	121	25	sample	sample	NOUN
fsr-3295	121	26	period	period	NOUN
fsr-3295	121	27	.	.	PUNCT
fsr-3295	122	1	cohen	cohen	PROPN
fsr-3295	122	2	and	and	CCONJ
fsr-3295	122	3	lys	lys	PROPN
fsr-3295	122	4	(	(	PUNCT
fsr-3295	122	5	2003	2003	NUM
fsr-3295	122	6	)	)	PUNCT
fsr-3295	122	7	show	show	VERB
fsr-3295	122	8	that	that	SCONJ
fsr-3295	122	9	scaling	scale	VERB
fsr-3295	122	10	by	by	ADP
fsr-3295	122	11	stock	stock	NOUN
fsr-3295	122	12	price	price	NOUN
fsr-3295	122	13	magnifies	magnify	VERB
fsr-3295	122	14	the	the	DET
fsr-3295	122	15	left	left	ADJ
fsr-3295	122	16	tail	tail	NOUN
fsr-3295	122	17	of	of	ADP
fsr-3295	122	18	the	the	DET
fsr-3295	122	19	distribution	distribution	NOUN
fsr-3295	122	20	of	of	ADP
fsr-3295	122	21	earnings	earning	NOUN
fsr-3295	122	22	forecast	forecast	NOUN
fsr-3295	122	23	error	error	NOUN
fsr-3295	122	24	.	.	PUNCT
fsr-3295	123	1	results	result	NOUN
fsr-3295	123	2	reported	report	VERB
fsr-3295	123	3	below	below	ADV
fsr-3295	123	4	in	in	ADP
fsr-3295	123	5	section	section	NOUN
fsr-3295	123	6	4	4	NUM
fsr-3295	123	7	show	show	VERB
fsr-3295	123	8	the	the	DET
fsr-3295	123	9	same	same	ADJ
fsr-3295	123	10	effect	effect	NOUN
fsr-3295	123	11	of	of	ADP
fsr-3295	123	12	price	price	NOUN
fsr-3295	123	13	scaling	scaling	NOUN
fsr-3295	123	14	,	,	PUNCT
fsr-3295	123	15	which	which	PRON
fsr-3295	123	16	also	also	ADV
fsr-3295	123	17	has	have	VERB
fsr-3295	123	18	the	the	DET
fsr-3295	123	19	effect	effect	NOUN
fsr-3295	123	20	of	of	ADP
fsr-3295	123	21	increasing	increase	VERB
fsr-3295	123	22	the	the	DET
fsr-3295	123	23	clustering	clustering	NOUN
fsr-3295	123	24	of	of	ADP
fsr-3295	123	25	observations	observation	NOUN
fsr-3295	123	26	near	near	ADP
fsr-3295	123	27	the	the	DET
fsr-3295	123	28	mean	mean	NOUN
fsr-3295	123	29	of	of	ADP
fsr-3295	123	30	the	the	DET
fsr-3295	123	31	scaled	scale	VERB
fsr-3295	123	32	forecast	forecast	NOUN
fsr-3295	123	33	error	error	NOUN
fsr-3295	123	34	distribution	distribution	NOUN
fsr-3295	123	35	.	.	PUNCT
fsr-3295	124	1	value	value	NOUN
fsr-3295	124	2	line	line	NOUN
fsr-3295	124	3	’s	’s	PART
fsr-3295	124	4	timeliness	timeliness	NOUN
fsr-3295	124	5	rank	rank	NOUN
fsr-3295	124	6	conveys	convey	VERB
fsr-3295	124	7	the	the	DET
fsr-3295	124	8	predicted	predict	VERB
fsr-3295	124	9	relative	relative	ADJ
fsr-3295	124	10	6	6	NUM
fsr-3295	124	11	-	-	PUNCT
fsr-3295	124	12	to-12	to-12	NOUN
fsr-3295	124	13	-	-	PUNCT
fsr-3295	124	14	month	month	NOUN
fsr-3295	124	15	price	price	NOUN
fsr-3295	124	16	performance	performance	NOUN
fsr-3295	124	17	of	of	ADP
fsr-3295	124	18	the	the	DET
fsr-3295	124	19	approximately	approximately	ADV
fsr-3295	124	20	1,700	1,700	NUM
fsr-3295	124	21	stocks	stock	NOUN
fsr-3295	124	22	in	in	ADP
fsr-3295	124	23	its	its	PRON
fsr-3295	124	24	coverage	coverage	NOUN
fsr-3295	124	25	universe	universe	NOUN
fsr-3295	124	26	.	.	PUNCT
fsr-3295	125	1	each	each	DET
fsr-3295	125	2	stock	stock	NOUN
fsr-3295	125	3	is	be	AUX
fsr-3295	125	4	ranked	rank	VERB
fsr-3295	125	5	from	from	ADP
fsr-3295	125	6	1	1	NUM
fsr-3295	125	7	(	(	PUNCT
fsr-3295	125	8	highest	high	ADJ
fsr-3295	125	9	)	)	PUNCT
fsr-3295	125	10	to	to	ADP
fsr-3295	125	11	5	5	NUM
fsr-3295	125	12	(	(	PUNCT
fsr-3295	125	13	lowest	low	ADJ
fsr-3295	125	14	)	)	PUNCT
fsr-3295	125	15	by	by	ADP
fsr-3295	125	16	a	a	DET
fsr-3295	125	17	quantitative	quantitative	ADJ
fsr-3295	125	18	model	model	NOUN
fsr-3295	125	19	of	of	ADP
fsr-3295	125	20	ex	ex	ADJ
fsr-3295	125	21	post	post	ADJ
fsr-3295	125	22	earnings	earning	NOUN
fsr-3295	125	23	and	and	CCONJ
fsr-3295	125	24	stock	stock	NOUN
fsr-3295	125	25	price	price	NOUN
fsr-3295	125	26	performance	performance	NOUN
fsr-3295	125	27	.	.	PUNCT
fsr-3295	126	1	as	as	ADP
fsr-3295	126	2	such	such	ADJ
fsr-3295	126	3	,	,	PUNCT
fsr-3295	126	4	the	the	DET
fsr-3295	126	5	timeliness	timeliness	NOUN
fsr-3295	126	6	rank	rank	NOUN
fsr-3295	126	7	is	be	AUX
fsr-3295	126	8	independent	independent	ADJ
fsr-3295	126	9	of	of	ADP
fsr-3295	126	10	value	value	NOUN
fsr-3295	126	11	line	line	NOUN
fsr-3295	126	12	analysts	analyst	NOUN
fsr-3295	126	13	’	'	PUNCT
fsr-3295	126	14	input	input	NOUN
fsr-3295	126	15	.	.	PUNCT
fsr-3295	127	1	because	because	SCONJ
fsr-3295	127	2	timeliness	timeliness	NOUN
fsr-3295	127	3	is	be	AUX
fsr-3295	127	4	a	a	DET
fsr-3295	127	5	relative	relative	ADJ
fsr-3295	127	6	rank	rank	NOUN
fsr-3295	127	7	,	,	PUNCT
fsr-3295	127	8	the	the	DET
fsr-3295	127	9	number	number	NOUN
fsr-3295	127	10	of	of	ADP
fsr-3295	127	11	stocks	stock	NOUN
fsr-3295	127	12	in	in	ADP
fsr-3295	127	13	each	each	DET
fsr-3295	127	14	rank	rank	NOUN
fsr-3295	127	15	at	at	ADP
fsr-3295	127	16	each	each	DET
fsr-3295	127	17	point	point	NOUN
fsr-3295	127	18	in	in	ADP
fsr-3295	127	19	time	time	NOUN
fsr-3295	127	20	remains	remain	VERB
fsr-3295	127	21	constant	constant	ADJ
fsr-3295	127	22	as	as	SCONJ
fsr-3295	127	23	shown	show	VERB
fsr-3295	127	24	in	in	ADP
fsr-3295	127	25	table	table	NOUN
fsr-3295	127	26	1	1	NUM
fsr-3295	127	27	.	.	PUNCT
fsr-3295	128	1	the	the	DET
fsr-3295	128	2	total	total	ADJ
fsr-3295	128	3	number	number	NOUN
fsr-3295	128	4	of	of	ADP
fsr-3295	128	5	sample	sample	NOUN
fsr-3295	128	6	firm	firm	ADJ
fsr-3295	128	7	-	-	PUNCT
fsr-3295	128	8	quarter	quarter	NOUN
fsr-3295	128	9	observations	observation	NOUN
fsr-3295	128	10	in	in	ADP
fsr-3295	128	11	each	each	DET
fsr-3295	128	12	rank	rank	NOUN
fsr-3295	128	13	is	be	AUX
fsr-3295	128	14	shown	show	VERB
fsr-3295	128	15	in	in	ADP
fsr-3295	128	16	the	the	DET
fsr-3295	128	17	rightmost	rightmost	ADJ
fsr-3295	128	18	column	column	NOUN
fsr-3295	128	19	.	.	PUNCT
fsr-3295	129	1	in	in	ADP
fsr-3295	129	2	the	the	DET
fsr-3295	129	3	present	present	ADJ
fsr-3295	129	4	study	study	NOUN
fsr-3295	129	5	,	,	PUNCT
fsr-3295	129	6	it	it	PRON
fsr-3295	129	7	is	be	AUX
fsr-3295	129	8	assumed	assume	VERB
fsr-3295	129	9	that	that	SCONJ
fsr-3295	129	10	rank	rank	NOUN
fsr-3295	129	11	1	1	NUM
fsr-3295	129	12	and	and	CCONJ
fsr-3295	129	13	2	2	NUM
fsr-3295	129	14	stocks	stock	NOUN
fsr-3295	129	15	are	be	AUX
fsr-3295	129	16	recommended	recommend	VERB
fsr-3295	129	17	buys	buy	NOUN
fsr-3295	129	18	,	,	PUNCT
fsr-3295	129	19	rank	rank	VERB
fsr-3295	129	20	3	3	NUM
fsr-3295	129	21	stocks	stock	NOUN
fsr-3295	129	22	are	be	AUX
fsr-3295	129	23	holds	hold	NOUN
fsr-3295	129	24	,	,	PUNCT
fsr-3295	129	25	and	and	CCONJ
fsr-3295	129	26	rank	rank	VERB
fsr-3295	129	27	4	4	NUM
fsr-3295	129	28	and	and	CCONJ
fsr-3295	129	29	5	5	NUM
fsr-3295	129	30	stocks	stock	NOUN
fsr-3295	129	31	are	be	AUX
fsr-3295	129	32	sells	sell	NOUN
fsr-3295	129	33	.	.	PUNCT
fsr-3295	130	1	3.2	3.2	NUM
fsr-3295	130	2	.	.	PUNCT
fsr-3295	131	1	rationality	rationality	NOUN
fsr-3295	131	2	of	of	ADP
fsr-3295	131	3	analysts	analyst	NOUN
fsr-3295	131	4	’	'	PUNCT
fsr-3295	131	5	forecasts	forecast	NOUN
fsr-3295	131	6	bias	bias	NOUN
fsr-3295	131	7	and	and	CCONJ
fsr-3295	131	8	inefficiency	inefficiency	NOUN
fsr-3295	131	9	in	in	ADP
fsr-3295	131	10	analysts	analyst	NOUN
fsr-3295	131	11	’	'	PUNCT
fsr-3295	131	12	forecasts	forecast	NOUN
fsr-3295	131	13	are	be	AUX
fsr-3295	131	14	investigated	investigate	VERB
fsr-3295	131	15	in	in	ADP
fsr-3295	131	16	the	the	DET
fsr-3295	131	17	regression	regression	NOUN
fsr-3295	131	18	framework	framework	NOUN
fsr-3295	131	19	proposed	propose	VERB
fsr-3295	131	20	by	by	ADP
fsr-3295	131	21	basu	basu	PROPN
fsr-3295	131	22	and	and	CCONJ
fsr-3295	131	23	markov	markov	PROPN
fsr-3295	131	24	(	(	PUNCT
fsr-3295	131	25	2004	2004	NUM
fsr-3295	131	26	):	):	PUNCT
fsr-3295	131	27	et	et	PROPN
fsr-3295	131	28	�	�	PROPN
fsr-3295	131	29	�	�	PROPN
fsr-3295	131	30	0	0	PROPN
fsr-3295	131	31	�	�	PROPN
fsr-3295	131	32	�	�	PROPN
fsr-3295	131	33	1	1	NUM
fsr-3295	131	34	ft	ft	SYM
fsr-3295	131	35	0	0	NUM
fsr-3295	131	36	�	�	PROPN
fsr-3295	131	37	�	�	PROPN
fsr-3295	131	38	2fet	2fet	PROPN
fsr-3295	131	39	�	�	PROPN
fsr-3295	131	40	1	1	NUM
fsr-3295	131	41	0	0	NUM
fsr-3295	131	42	�	�	PROPN
fsr-3295	131	43	�	�	PROPN
fsr-3295	131	44	t	t	PROPN
fsr-3295	131	45	(	(	PUNCT
fsr-3295	131	46	2	2	NUM
fsr-3295	131	47	)	)	PUNCT
fsr-3295	131	48	if	if	SCONJ
fsr-3295	131	49	analysts	analyst	NOUN
fsr-3295	131	50	’	'	PUNCT
fsr-3295	131	51	forecasts	forecast	NOUN
fsr-3295	131	52	are	be	AUX
fsr-3295	131	53	unbiased	unbiased	ADJ
fsr-3295	131	54	,	,	PUNCT
fsr-3295	131	55	then	then	ADV
fsr-3295	131	56	�	�	PROPN
fsr-3295	131	57	0	0	PROPN
fsr-3295	131	58	�	�	PROPN
fsr-3295	131	59	0	0	NUM
fsr-3295	131	60	and	and	CCONJ
fsr-3295	131	61	�	�	PROPN
fsr-3295	131	62	1	1	NUM
fsr-3295	131	63	�	�	PROPN
fsr-3295	131	64	1	1	NUM
fsr-3295	131	65	.	.	PUNCT
fsr-3295	131	66	�	�	PROPN
fsr-3295	131	67	0	0	NUM
fsr-3295	131	68	�	�	PROPN
fsr-3295	131	69	0	0	NUM
fsr-3295	131	70	captures	capture	NOUN
fsr-3295	131	71	forecast	forecast	NOUN
fsr-3295	131	72	bias	bias	NOUN
fsr-3295	131	73	that	that	PRON
fsr-3295	131	74	is	be	AUX
fsr-3295	131	75	uncorrelated	uncorrelate	VERB
fsr-3295	131	76	with	with	ADP
fsr-3295	131	77	the	the	DET
fsr-3295	131	78	forecast	forecast	NOUN
fsr-3295	131	79	,	,	PUNCT
fsr-3295	131	80	and	and	CCONJ
fsr-3295	131	81	�	�	PROPN
fsr-3295	131	82	1	1	NUM
fsr-3295	131	83	�	�	PROPN
fsr-3295	131	84	1	1	NUM
fsr-3295	131	85	captures	capture	NOUN
fsr-3295	131	86	forecast	forecast	NOUN
fsr-3295	131	87	bias	bias	NOUN
fsr-3295	131	88	that	that	PRON
fsr-3295	131	89	is	be	AUX
fsr-3295	131	90	correlated	correlate	VERB
fsr-3295	131	91	with	with	ADP
fsr-3295	131	92	the	the	DET
fsr-3295	131	93	forecast	forecast	NOUN
fsr-3295	131	94	.	.	PUNCT
fsr-3295	132	1	if	if	SCONJ
fsr-3295	132	2	forecasts	forecast	NOUN
fsr-3295	132	3	are	be	AUX
fsr-3295	132	4	efficient	efficient	ADJ
fsr-3295	132	5	with	with	ADP
fsr-3295	132	6	respect	respect	NOUN
fsr-3295	132	7	to	to	ADP
fsr-3295	132	8	prior	prior	ADJ
fsr-3295	132	9	earnings	earning	NOUN
fsr-3295	132	10	news	news	NOUN
fsr-3295	132	11	then	then	ADV
fsr-3295	132	12	�	�	PROPN
fsr-3295	132	13	2	2	NUM
fsr-3295	132	14	�	�	PROPN
fsr-3295	132	15	0	0	NUM
fsr-3295	132	16	.	.	PUNCT
fsr-3295	133	1	prior	prior	ADJ
fsr-3295	133	2	table	table	NOUN
fsr-3295	133	3	1	1	NUM
fsr-3295	133	4	timeliness	timeliness	NOUN
fsr-3295	133	5	rank	rank	NOUN
fsr-3295	133	6	number	number	NOUN
fsr-3295	133	7	of	of	ADP
fsr-3295	133	8	stocks	stock	NOUN
fsr-3295	133	9	predicted	predict	VERB
fsr-3295	133	10	6–12	6–12	NUM
fsr-3295	133	11	month	month	NOUN
fsr-3295	133	12	stock	stock	NOUN
fsr-3295	133	13	performance	performance	NOUN
fsr-3295	133	14	firm	firm	ADJ
fsr-3295	133	15	-	-	PUNCT
fsr-3295	133	16	quarter	quarter	NOUN
fsr-3295	133	17	observations	observation	NOUN
fsr-3295	133	18	1	1	NUM
fsr-3295	133	19	100	100	NUM
fsr-3295	133	20	highest	high	ADJ
fsr-3295	133	21	3,843	3,843	NUM
fsr-3295	133	22	2	2	NUM
fsr-3295	133	23	300	300	NUM
fsr-3295	133	24	above	above	ADP
fsr-3295	133	25	average	average	ADJ
fsr-3295	133	26	11,105	11,105	NUM
fsr-3295	133	27	3	3	NUM
fsr-3295	133	28	�	�	PROPN
fsr-3295	133	29	900	900	NUM
fsr-3295	133	30	average	average	NOUN
fsr-3295	133	31	27,923	27,923	NUM
fsr-3295	133	32	4	4	NUM
fsr-3295	133	33	300	300	NUM
fsr-3295	133	34	below	below	ADP
fsr-3295	133	35	average	average	ADJ
fsr-3295	133	36	9,969	9,969	NUM
fsr-3295	133	37	5	5	NUM
fsr-3295	133	38	100	100	NUM
fsr-3295	133	39	lowest	low	ADJ
fsr-3295	133	40	3,487	3,487	NUM
fsr-3295	133	41	�	�	NOUN
fsr-3295	133	42	1,700	1,700	NUM
fsr-3295	133	43	56,327	56,327	NUM
fsr-3295	133	44	43p	43p	NUM
fsr-3295	133	45	.	.	PUNCT
fsr-3295	134	1	baird	baird	PROPN
fsr-3295	134	2	/	/	SYM
fsr-3295	134	3	financial	financial	ADJ
fsr-3295	134	4	services	service	NOUN
fsr-3295	134	5	review	review	VERB
fsr-3295	134	6	26	26	NUM
fsr-3295	134	7	(	(	PUNCT
fsr-3295	134	8	2017	2017	NUM
fsr-3295	134	9	)	)	PUNCT
fsr-3295	134	10	37–54	37–54	NUM
fsr-3295	134	11	earnings	earning	NOUN
fsr-3295	134	12	news	news	NOUN
fsr-3295	134	13	is	be	AUX
fsr-3295	134	14	assumed	assume	VERB
fsr-3295	134	15	to	to	PART
fsr-3295	134	16	be	be	AUX
fsr-3295	134	17	captured	capture	VERB
fsr-3295	134	18	by	by	ADP
fsr-3295	134	19	prior	prior	ADJ
fsr-3295	134	20	-	-	PUNCT
fsr-3295	134	21	quarter	quarter	NOUN
fsr-3295	134	22	earnings	earning	NOUN
fsr-3295	134	23	forecast	forecast	NOUN
fsr-3295	134	24	error	error	NOUN
fsr-3295	134	25	such	such	ADJ
fsr-3295	134	26	that	that	SCONJ
fsr-3295	134	27	fet	fet	PROPN
fsr-3295	134	28	�	�	PROPN
fsr-3295	134	29	1	1	NUM
fsr-3295	134	30	0	0	NUM
fsr-3295	134	31	�	�	PROPN
fsr-3295	134	32	0	0	NUM
fsr-3295	134	33	(	(	PUNCT
fsr-3295	134	34	fet	fet	PROPN
fsr-3295	134	35	�	�	PROPN
fsr-3295	134	36	1	1	NUM
fsr-3295	134	37	0	0	NUM
fsr-3295	134	38	�	�	PROPN
fsr-3295	134	39	0	0	NUM
fsr-3295	134	40	)	)	PUNCT
fsr-3295	134	41	indicates	indicate	VERB
fsr-3295	134	42	good	good	ADJ
fsr-3295	134	43	(	(	PUNCT
fsr-3295	134	44	bad	bad	ADJ
fsr-3295	134	45	)	)	PUNCT
fsr-3295	134	46	news	news	NOUN
fsr-3295	134	47	.	.	PUNCT
fsr-3295	135	1	the	the	DET
fsr-3295	135	2	possibility	possibility	NOUN
fsr-3295	135	3	exists	exist	VERB
fsr-3295	135	4	that	that	SCONJ
fsr-3295	135	5	forecasts	forecast	NOUN
fsr-3295	135	6	are	be	AUX
fsr-3295	135	7	unbiased	unbiased	ADJ
fsr-3295	135	8	(	(	PUNCT
fsr-3295	135	9	�	�	PROPN
fsr-3295	135	10	0	0	NUM
fsr-3295	135	11	�	�	PROPN
fsr-3295	135	12	0	0	NUM
fsr-3295	135	13	;	;	PUNCT
fsr-3295	135	14	�	�	PROPN
fsr-3295	135	15	1	1	NUM
fsr-3295	135	16	�	�	PROPN
fsr-3295	135	17	1	1	NUM
fsr-3295	135	18	)	)	PUNCT
fsr-3295	135	19	yet	yet	ADV
fsr-3295	135	20	inefficient	inefficient	ADJ
fsr-3295	135	21	(	(	PUNCT
fsr-3295	135	22	�	�	PROPN
fsr-3295	135	23	2	2	NUM
fsr-3295	135	24	�	�	PROPN
fsr-3295	135	25	0	0	NUM
fsr-3295	135	26	)	)	PUNCT
fsr-3295	135	27	.	.	PUNCT
fsr-3295	136	1	subtracting	subtract	VERB
fsr-3295	136	2	the	the	DET
fsr-3295	136	3	latest	late	ADJ
fsr-3295	136	4	current	current	ADJ
fsr-3295	136	5	-	-	PUNCT
fsr-3295	136	6	quarter	quarter	NOUN
fsr-3295	136	7	forecast	forecast	NOUN
fsr-3295	136	8	from	from	ADP
fsr-3295	136	9	both	both	DET
fsr-3295	136	10	sides	side	NOUN
fsr-3295	136	11	of	of	ADP
fsr-3295	136	12	(	(	PUNCT
fsr-3295	136	13	2	2	X
fsr-3295	136	14	)	)	PUNCT
fsr-3295	136	15	results	result	NOUN
fsr-3295	136	16	in	in	ADP
fsr-3295	136	17	:	:	PUNCT
fsr-3295	136	18	fet	fet	PROPN
fsr-3295	136	19	0	0	PROPN
fsr-3295	136	20	�	�	PROPN
fsr-3295	136	21	et	et	PROPN
fsr-3295	136	22	�	�	PROPN
fsr-3295	136	23	ft	ft	PROPN
fsr-3295	136	24	0	0	NUM
fsr-3295	136	25	�	�	PROPN
fsr-3295	136	26	�	�	PROPN
fsr-3295	136	27	0	0	PROPN
fsr-3295	136	28	�	�	PROPN
fsr-3295	136	29	�	�	PROPN
fsr-3295	136	30	1	1	NUM
fsr-3295	136	31	�	�	PROPN
fsr-3295	136	32	ft	ft	PROPN
fsr-3295	136	33	0	0	NUM
fsr-3295	136	34	�	�	PROPN
fsr-3295	136	35	�	�	PROPN
fsr-3295	136	36	2fet	2fet	PROPN
fsr-3295	136	37	�	�	PROPN
fsr-3295	136	38	1	1	NUM
fsr-3295	136	39	0	0	NUM
fsr-3295	136	40	�	�	PROPN
fsr-3295	136	41	�	�	PROPN
fsr-3295	136	42	t	t	PROPN
fsr-3295	136	43	(	(	PUNCT
fsr-3295	136	44	3	3	NUM
fsr-3295	136	45	)	)	PUNCT
fsr-3295	136	46	where	where	SCONJ
fsr-3295	136	47	�	�	PROPN
fsr-3295	136	48	1	1	NUM
fsr-3295	136	49	�	�	PROPN
fsr-3295	136	50	�	�	PROPN
fsr-3295	136	51	�	�	PROPN
fsr-3295	136	52	1	1	NUM
fsr-3295	136	53	�	�	PROPN
fsr-3295	136	54	1	1	NUM
fsr-3295	136	55	.	.	PUNCT
fsr-3295	137	1	for	for	ADP
fsr-3295	137	2	�	�	PROPN
fsr-3295	137	3	1	1	NUM
fsr-3295	137	4	�	�	PROPN
fsr-3295	137	5	�	�	PROPN
fsr-3295	137	6	0	0	NUM
fsr-3295	137	7	,	,	PUNCT
fsr-3295	137	8	forecast	forecast	NOUN
fsr-3295	137	9	optimism	optimism	NOUN
fsr-3295	137	10	(	(	PUNCT
fsr-3295	137	11	pessimism	pessimism	NOUN
fsr-3295	137	12	)	)	PUNCT
fsr-3295	137	13	is	be	AUX
fsr-3295	137	14	decreasing	decrease	VERB
fsr-3295	137	15	(	(	PUNCT
fsr-3295	137	16	increasing	increase	VERB
fsr-3295	137	17	)	)	PUNCT
fsr-3295	137	18	in	in	ADP
fsr-3295	137	19	the	the	DET
fsr-3295	137	20	forecast	forecast	NOUN
fsr-3295	137	21	;	;	PUNCT
fsr-3295	137	22	that	that	PRON
fsr-3295	137	23	is	is	ADV
fsr-3295	137	24	,	,	PUNCT
fsr-3295	137	25	the	the	DET
fsr-3295	137	26	signed	sign	VERB
fsr-3295	137	27	forecast	forecast	NOUN
fsr-3295	137	28	error	error	NOUN
fsr-3295	137	29	is	be	AUX
fsr-3295	137	30	increasing	increase	VERB
fsr-3295	137	31	in	in	ADP
fsr-3295	137	32	the	the	DET
fsr-3295	137	33	forecast	forecast	NOUN
fsr-3295	137	34	.	.	PUNCT
fsr-3295	138	1	for	for	ADP
fsr-3295	138	2	�	�	PROPN
fsr-3295	138	3	1	1	NUM
fsr-3295	138	4	�	�	PROPN
fsr-3295	138	5	�	�	PROPN
fsr-3295	138	6	0	0	NUM
fsr-3295	138	7	,	,	PUNCT
fsr-3295	138	8	forecast	forecast	NOUN
fsr-3295	138	9	optimism	optimism	NOUN
fsr-3295	138	10	(	(	PUNCT
fsr-3295	138	11	pessimism	pessimism	NOUN
fsr-3295	138	12	)	)	PUNCT
fsr-3295	138	13	is	be	AUX
fsr-3295	138	14	increasing	increase	VERB
fsr-3295	138	15	(	(	PUNCT
fsr-3295	138	16	decreasing	decrease	VERB
fsr-3295	138	17	)	)	PUNCT
fsr-3295	138	18	in	in	ADP
fsr-3295	138	19	the	the	DET
fsr-3295	138	20	forecast	forecast	NOUN
fsr-3295	138	21	.	.	PUNCT
fsr-3295	139	1	for	for	ADP
fsr-3295	139	2	�	�	PROPN
fsr-3295	139	3	2	2	NUM
fsr-3295	139	4	�	�	PROPN
fsr-3295	139	5	0	0	NUM
fsr-3295	139	6	(	(	PUNCT
fsr-3295	139	7	�	�	PROPN
fsr-3295	139	8	2	2	NUM
fsr-3295	139	9	�	�	PROPN
fsr-3295	139	10	0	0	NUM
fsr-3295	139	11	)	)	PUNCT
fsr-3295	139	12	,	,	PUNCT
fsr-3295	139	13	analysts	analyst	NOUN
fsr-3295	139	14	underreact	underreact	VERB
fsr-3295	139	15	(	(	PUNCT
fsr-3295	139	16	overreact	overreact	ADJ
fsr-3295	139	17	)	)	PUNCT
fsr-3295	139	18	to	to	ADP
fsr-3295	139	19	prior	prior	ADJ
fsr-3295	139	20	earnings	earning	NOUN
fsr-3295	139	21	news	news	NOUN
fsr-3295	139	22	.	.	PUNCT
fsr-3295	140	1	coefficients	coefficient	NOUN
fsr-3295	140	2	in	in	ADP
fsr-3295	140	3	eq	eq	ADP
fsr-3295	140	4	.	.	PUNCT
fsr-3295	141	1	(	(	PUNCT
fsr-3295	141	2	3	3	X
fsr-3295	141	3	)	)	PUNCT
fsr-3295	141	4	are	be	AUX
fsr-3295	141	5	estimated	estimate	VERB
fsr-3295	141	6	in	in	ADP
fsr-3295	141	7	lad	lad	ADJ
fsr-3295	141	8	regression	regression	NOUN
fsr-3295	141	9	with	with	ADP
fsr-3295	141	10	dummy	dummy	ADJ
fsr-3295	141	11	variables	variable	NOUN
fsr-3295	141	12	to	to	PART
fsr-3295	141	13	capture	capture	VERB
fsr-3295	141	14	quarterly	quarterly	ADJ
fsr-3295	141	15	calendar	calendar	NOUN
fsr-3295	141	16	effects.6	effects.6	ADJ
fsr-3295	141	17	for	for	ADP
fsr-3295	141	18	a	a	DET
fsr-3295	141	19	discussion	discussion	NOUN
fsr-3295	141	20	of	of	ADP
fsr-3295	141	21	lad	lad	NOUN
fsr-3295	141	22	estimation	estimation	NOUN
fsr-3295	141	23	,	,	PUNCT
fsr-3295	141	24	see	see	VERB
fsr-3295	141	25	portnoy	portnoy	NOUN
fsr-3295	141	26	and	and	CCONJ
fsr-3295	141	27	koenker	koenker	NOUN
fsr-3295	141	28	(	(	PUNCT
fsr-3295	141	29	1997	1997	NUM
fsr-3295	141	30	)	)	PUNCT
fsr-3295	141	31	.	.	PUNCT
fsr-3295	142	1	hypothesis	hypothesis	NOUN
fsr-3295	142	2	tests	test	VERB
fsr-3295	142	3	on	on	ADP
fsr-3295	142	4	lad	lad	ADV
fsr-3295	142	5	-	-	PUNCT
fsr-3295	142	6	estimated	estimate	VERB
fsr-3295	142	7	coefficients	coefficient	NOUN
fsr-3295	142	8	are	be	AUX
fsr-3295	142	9	conducted	conduct	VERB
fsr-3295	142	10	based	base	VERB
fsr-3295	142	11	on	on	ADP
fsr-3295	142	12	the	the	DET
fsr-3295	142	13	resampling	resample	VERB
fsr-3295	142	14	method	method	NOUN
fsr-3295	142	15	described	describe	VERB
fsr-3295	142	16	in	in	ADP
fsr-3295	142	17	chen	chen	PROPN
fsr-3295	142	18	et	et	PROPN
fsr-3295	142	19	al	al	PROPN
fsr-3295	142	20	.	.	PUNCT
fsr-3295	143	1	(	(	PUNCT
fsr-3295	143	2	2008).7	2008).7	NUM
fsr-3295	143	3	in	in	ADP
fsr-3295	143	4	interpreting	interpret	VERB
fsr-3295	143	5	regression	regression	NOUN
fsr-3295	143	6	results	result	NOUN
fsr-3295	143	7	,	,	PUNCT
fsr-3295	143	8	it	it	PRON
fsr-3295	143	9	is	be	AUX
fsr-3295	143	10	assumed	assume	VERB
fsr-3295	143	11	that	that	SCONJ
fsr-3295	143	12	managers	manager	NOUN
fsr-3295	143	13	prefer	prefer	VERB
fsr-3295	143	14	that	that	SCONJ
fsr-3295	143	15	analysts	analyst	NOUN
fsr-3295	143	16	issue	issue	VERB
fsr-3295	143	17	beatable	beatable	ADJ
fsr-3295	143	18	forecasts	forecast	NOUN
fsr-3295	143	19	(	(	PUNCT
fsr-3295	143	20	richardson	richardson	PROPN
fsr-3295	143	21	et	et	PROPN
fsr-3295	143	22	al	al	PROPN
fsr-3295	143	23	.	.	PROPN
fsr-3295	143	24	,	,	PUNCT
fsr-3295	143	25	2004	2004	NUM
fsr-3295	143	26	)	)	PUNCT
fsr-3295	143	27	.	.	PUNCT
fsr-3295	144	1	if	if	SCONJ
fsr-3295	144	2	analysts	analyst	NOUN
fsr-3295	144	3	seek	seek	VERB
fsr-3295	144	4	to	to	PART
fsr-3295	144	5	appease	appease	VERB
fsr-3295	144	6	managers	manager	NOUN
fsr-3295	144	7	,	,	PUNCT
fsr-3295	144	8	they	they	PRON
fsr-3295	144	9	will	will	AUX
fsr-3295	144	10	bias	bias	VERB
fsr-3295	144	11	their	their	PRON
fsr-3295	144	12	forecasts	forecast	NOUN
fsr-3295	144	13	so	so	SCONJ
fsr-3295	144	14	as	as	SCONJ
fsr-3295	144	15	to	to	PART
fsr-3295	144	16	mitigate	mitigate	VERB
fsr-3295	144	17	ill	ill	ADJ
fsr-3295	144	18	will	will	AUX
fsr-3295	144	19	created	create	VERB
fsr-3295	144	20	by	by	ADP
fsr-3295	144	21	unfavorable	unfavorable	ADJ
fsr-3295	144	22	investment	investment	NOUN
fsr-3295	144	23	ratings	rating	NOUN
fsr-3295	144	24	.	.	PUNCT
fsr-3295	145	1	analysts	analyst	NOUN
fsr-3295	145	2	’	'	PUNCT
fsr-3295	145	3	forecasts	forecast	NOUN
fsr-3295	145	4	will	will	AUX
fsr-3295	145	5	display	display	VERB
fsr-3295	145	6	a	a	DET
fsr-3295	145	7	pessimistic	pessimistic	ADJ
fsr-3295	145	8	bias	bias	NOUN
fsr-3295	145	9	for	for	ADP
fsr-3295	145	10	lower	lower	ADV
fsr-3295	145	11	-	-	PUNCT
fsr-3295	145	12	rated	rate	VERB
fsr-3295	145	13	stocks	stock	NOUN
fsr-3295	145	14	such	such	ADJ
fsr-3295	145	15	that	that	SCONJ
fsr-3295	145	16	stocks	stock	NOUN
fsr-3295	145	17	rated	rate	VERB
fsr-3295	145	18	sell	sell	NOUN
fsr-3295	145	19	will	will	AUX
fsr-3295	145	20	more	more	ADV
fsr-3295	145	21	often	often	ADV
fsr-3295	145	22	meet	meet	VERB
fsr-3295	145	23	or	or	CCONJ
fsr-3295	145	24	beat	beat	VERB
fsr-3295	145	25	forecasts	forecast	NOUN
fsr-3295	145	26	than	than	SCONJ
fsr-3295	145	27	will	will	AUX
fsr-3295	145	28	stocks	stock	NOUN
fsr-3295	145	29	rated	rate	VERB
fsr-3295	145	30	hold	hold	NOUN
fsr-3295	145	31	and	and	CCONJ
fsr-3295	145	32	similarly	similarly	ADV
fsr-3295	145	33	for	for	ADP
fsr-3295	145	34	stocks	stock	NOUN
fsr-3295	145	35	rated	rate	VERB
fsr-3295	145	36	hold	hold	NOUN
fsr-3295	145	37	versus	versus	ADP
fsr-3295	145	38	those	those	PRON
fsr-3295	145	39	rated	rate	VERB
fsr-3295	145	40	buy	buy	VERB
fsr-3295	145	41	.	.	PUNCT
fsr-3295	146	1	hence	hence	ADV
fsr-3295	146	2	,	,	PUNCT
fsr-3295	146	3	by	by	ADP
fsr-3295	146	4	the	the	DET
fsr-3295	146	5	management	management	NOUN
fsr-3295	146	6	appeasement	appeasement	NOUN
fsr-3295	146	7	hypothesis	hypothesis	NOUN
fsr-3295	146	8	(	(	PUNCT
fsr-3295	146	9	mah	mah	PROPN
fsr-3295	146	10	)	)	PUNCT
fsr-3295	146	11	it	it	PRON
fsr-3295	146	12	will	will	AUX
fsr-3295	146	13	be	be	AUX
fsr-3295	146	14	the	the	DET
fsr-3295	146	15	case	case	NOUN
fsr-3295	146	16	that	that	SCONJ
fsr-3295	146	17	in	in	ADP
fsr-3295	146	18	eq	eq	ADP
fsr-3295	146	19	.	.	PUNCT
fsr-3295	146	20	(	(	PUNCT
fsr-3295	146	21	3	3	X
fsr-3295	146	22	)	)	PUNCT
fsr-3295	146	23	�	�	NOUN
fsr-3295	146	24	0	0	NUM
fsr-3295	146	25	sell	sell	PROPN
fsr-3295	146	26	�	�	PROPN
fsr-3295	146	27	�	�	PROPN
fsr-3295	146	28	0	0	NUM
fsr-3295	146	29	hold	hold	VERB
fsr-3295	146	30	�	�	PROPN
fsr-3295	146	31	�	�	PROPN
fsr-3295	146	32	0	0	NUM
fsr-3295	146	33	buy	buy	VERB
fsr-3295	146	34	�	�	PROPN
fsr-3295	146	35	0	0	NUM
fsr-3295	146	36	.	.	PUNCT
fsr-3295	147	1	that	that	PRON
fsr-3295	147	2	is	is	ADV
fsr-3295	147	3	,	,	PUNCT
fsr-3295	147	4	the	the	DET
fsr-3295	147	5	estimated	estimate	VERB
fsr-3295	147	6	constant	constant	ADJ
fsr-3295	147	7	term	term	NOUN
fsr-3295	147	8	for	for	ADP
fsr-3295	147	9	sells	sell	NOUN
fsr-3295	147	10	will	will	AUX
fsr-3295	147	11	exceed	exceed	VERB
fsr-3295	147	12	its	its	PRON
fsr-3295	147	13	value	value	NOUN
fsr-3295	147	14	for	for	ADP
fsr-3295	147	15	holds	hold	NOUN
fsr-3295	147	16	,	,	PUNCT
fsr-3295	147	17	which	which	PRON
fsr-3295	147	18	will	will	AUX
fsr-3295	147	19	exceed	exceed	VERB
fsr-3295	147	20	its	its	PRON
fsr-3295	147	21	value	value	NOUN
fsr-3295	147	22	for	for	ADP
fsr-3295	147	23	buys	buy	NOUN
fsr-3295	147	24	,	,	PUNCT
fsr-3295	147	25	which	which	PRON
fsr-3295	147	26	will	will	AUX
fsr-3295	147	27	be	be	AUX
fsr-3295	147	28	non	non	ADJ
fsr-3295	147	29	-	-	ADJ
fsr-3295	147	30	negative	negative	ADJ
fsr-3295	147	31	if	if	SCONJ
fsr-3295	147	32	managers	manager	NOUN
fsr-3295	147	33	prefer	prefer	VERB
fsr-3295	147	34	that	that	SCONJ
fsr-3295	147	35	analysts	analyst	NOUN
fsr-3295	147	36	issue	issue	VERB
fsr-3295	147	37	beatable	beatable	ADJ
fsr-3295	147	38	forecasts	forecast	NOUN
fsr-3295	147	39	and	and	CCONJ
fsr-3295	147	40	analysts	analyst	NOUN
fsr-3295	147	41	seek	seek	VERB
fsr-3295	147	42	to	to	PART
fsr-3295	147	43	appease	appease	VERB
fsr-3295	147	44	managers	manager	NOUN
fsr-3295	147	45	.	.	PUNCT
fsr-3295	148	1	moreover	moreover	ADV
fsr-3295	148	2	,	,	PUNCT
fsr-3295	148	3	if	if	SCONJ
fsr-3295	148	4	analysts	analyst	NOUN
fsr-3295	148	5	generally	generally	ADV
fsr-3295	148	6	strive	strive	VERB
fsr-3295	148	7	to	to	PART
fsr-3295	148	8	maintain	maintain	VERB
fsr-3295	148	9	beatable	beatable	ADJ
fsr-3295	148	10	forecasts	forecast	NOUN
fsr-3295	148	11	,	,	PUNCT
fsr-3295	148	12	they	they	PRON
fsr-3295	148	13	will	will	AUX
fsr-3295	148	14	respond	respond	VERB
fsr-3295	148	15	more	more	ADV
fsr-3295	148	16	efficiently	efficiently	ADV
fsr-3295	148	17	to	to	ADP
fsr-3295	148	18	bad	bad	ADJ
fsr-3295	148	19	news	news	NOUN
fsr-3295	148	20	than	than	ADP
fsr-3295	148	21	to	to	ADP
fsr-3295	148	22	good	good	ADJ
fsr-3295	148	23	news	news	NOUN
fsr-3295	148	24	,	,	PUNCT
fsr-3295	148	25	and	and	CCONJ
fsr-3295	148	26	if	if	SCONJ
fsr-3295	148	27	they	they	PRON
fsr-3295	148	28	are	be	AUX
fsr-3295	148	29	more	more	ADV
fsr-3295	148	30	strongly	strongly	ADV
fsr-3295	148	31	incented	incente	VERB
fsr-3295	148	32	to	to	PART
fsr-3295	148	33	maintain	maintain	VERB
fsr-3295	148	34	beatable	beatable	ADJ
fsr-3295	148	35	forecasts	forecast	NOUN
fsr-3295	148	36	for	for	ADP
fsr-3295	148	37	sells	sell	NOUN
fsr-3295	148	38	than	than	ADP
fsr-3295	148	39	for	for	ADP
fsr-3295	148	40	buys	buy	NOUN
fsr-3295	148	41	,	,	PUNCT
fsr-3295	148	42	they	they	PRON
fsr-3295	148	43	will	will	AUX
fsr-3295	148	44	respond	respond	VERB
fsr-3295	148	45	more	more	ADV
fsr-3295	148	46	efficiently	efficiently	ADV
fsr-3295	148	47	to	to	ADP
fsr-3295	148	48	bad	bad	ADJ
fsr-3295	148	49	news	news	NOUN
fsr-3295	148	50	for	for	ADP
fsr-3295	148	51	sells	sell	NOUN
fsr-3295	148	52	than	than	ADP
fsr-3295	148	53	to	to	ADP
fsr-3295	148	54	bad	bad	ADJ
fsr-3295	148	55	news	news	NOUN
fsr-3295	148	56	for	for	ADP
fsr-3295	148	57	buys	buy	NOUN
fsr-3295	148	58	and	and	CCONJ
fsr-3295	148	59	more	more	ADV
fsr-3295	148	60	efficiently	efficiently	ADV
fsr-3295	148	61	to	to	ADP
fsr-3295	148	62	good	good	ADJ
fsr-3295	148	63	news	news	NOUN
fsr-3295	148	64	for	for	ADP
fsr-3295	148	65	buys	buy	NOUN
fsr-3295	148	66	than	than	ADP
fsr-3295	148	67	to	to	ADP
fsr-3295	148	68	good	good	ADJ
fsr-3295	148	69	news	news	NOUN
fsr-3295	148	70	for	for	ADP
fsr-3295	148	71	sells	sell	NOUN
fsr-3295	148	72	.	.	PUNCT
fsr-3295	149	1	if	if	SCONJ
fsr-3295	149	2	the	the	DET
fsr-3295	149	3	mah	mah	NOUN
fsr-3295	149	4	describes	describe	VERB
fsr-3295	149	5	analyst	analyst	NOUN
fsr-3295	149	6	behavior	behavior	NOUN
fsr-3295	149	7	,	,	PUNCT
fsr-3295	149	8	then	then	ADV
fsr-3295	149	9	the	the	DET
fsr-3295	149	10	pattern	pattern	NOUN
fsr-3295	149	11	of	of	ADP
fsr-3295	149	12	inefficiency	inefficiency	NOUN
fsr-3295	149	13	in	in	ADP
fsr-3295	149	14	analysts	analyst	NOUN
fsr-3295	149	15	’	’	PART
fsr-3295	149	16	forecasts	forecast	NOUN
fsr-3295	149	17	will	will	AUX
fsr-3295	149	18	be	be	AUX
fsr-3295	149	19	reflected	reflect	VERB
fsr-3295	149	20	in	in	ADP
fsr-3295	149	21	the	the	DET
fsr-3295	149	22	coefficient	coefficient	NOUN
fsr-3295	149	23	relations	relation	NOUN
fsr-3295	149	24	shown	show	VERB
fsr-3295	149	25	in	in	ADP
fsr-3295	149	26	table	table	NOUN
fsr-3295	149	27	2	2	NUM
fsr-3295	149	28	.	.	PUNCT
fsr-3295	150	1	if	if	SCONJ
fsr-3295	150	2	,	,	PUNCT
fsr-3295	150	3	instead	instead	ADV
fsr-3295	150	4	of	of	ADP
fsr-3295	150	5	seeking	seek	VERB
fsr-3295	150	6	to	to	PART
fsr-3295	150	7	appease	appease	VERB
fsr-3295	150	8	managers	manager	NOUN
fsr-3295	150	9	,	,	PUNCT
fsr-3295	150	10	analysts	analyst	NOUN
fsr-3295	150	11	seek	seek	VERB
fsr-3295	150	12	to	to	PART
fsr-3295	150	13	maintain	maintain	VERB
fsr-3295	150	14	credibility	credibility	NOUN
fsr-3295	150	15	among	among	ADP
fsr-3295	150	16	investors	investor	NOUN
fsr-3295	150	17	,	,	PUNCT
fsr-3295	150	18	they	they	PRON
fsr-3295	150	19	will	will	AUX
fsr-3295	150	20	bias	bias	VERB
fsr-3295	150	21	earnings	earning	NOUN
fsr-3295	150	22	forecasts	forecast	NOUN
fsr-3295	150	23	such	such	ADJ
fsr-3295	150	24	that	that	SCONJ
fsr-3295	150	25	firms	firm	NOUN
fsr-3295	150	26	rated	rate	VERB
fsr-3295	150	27	buy	buy	VERB
fsr-3295	150	28	will	will	AUX
fsr-3295	150	29	more	more	ADV
fsr-3295	150	30	often	often	ADV
fsr-3295	150	31	meet	meet	VERB
fsr-3295	150	32	or	or	CCONJ
fsr-3295	150	33	beat	beat	VERB
fsr-3295	150	34	forecasts	forecast	NOUN
fsr-3295	150	35	than	than	SCONJ
fsr-3295	150	36	will	will	AUX
fsr-3295	150	37	firms	firm	NOUN
fsr-3295	150	38	rated	rate	VERB
fsr-3295	150	39	hold	hold	NOUN
fsr-3295	150	40	,	,	PUNCT
fsr-3295	150	41	and	and	CCONJ
fsr-3295	150	42	those	those	PRON
fsr-3295	150	43	rated	rate	VERB
fsr-3295	150	44	hold	hold	NOUN
fsr-3295	150	45	will	will	AUX
fsr-3295	150	46	more	more	ADV
fsr-3295	150	47	frequently	frequently	ADV
fsr-3295	150	48	meet	meet	VERB
fsr-3295	150	49	or	or	CCONJ
fsr-3295	150	50	beat	beat	VERB
fsr-3295	150	51	forecasts	forecast	NOUN
fsr-3295	150	52	than	than	SCONJ
fsr-3295	150	53	will	will	AUX
fsr-3295	150	54	those	those	PRON
fsr-3295	150	55	rated	rate	VERB
fsr-3295	150	56	sell	sell	NOUN
fsr-3295	150	57	.	.	PUNCT
fsr-3295	151	1	that	that	PRON
fsr-3295	151	2	is	is	ADV
fsr-3295	151	3	,	,	PUNCT
fsr-3295	151	4	by	by	ADP
fsr-3295	151	5	the	the	DET
fsr-3295	151	6	analyst	analyst	NOUN
fsr-3295	151	7	credibility	credibility	NOUN
fsr-3295	151	8	hypothesis	hypothesis	NOUN
fsr-3295	151	9	(	(	PUNCT
fsr-3295	151	10	ach	ach	PROPN
fsr-3295	151	11	)	)	PUNCT
fsr-3295	151	12	an	an	DET
fsr-3295	151	13	overall	overall	ADJ
fsr-3295	151	14	optimistic	optimistic	ADJ
fsr-3295	151	15	(	(	PUNCT
fsr-3295	151	16	pessimistic	pessimistic	ADJ
fsr-3295	151	17	)	)	PUNCT
fsr-3295	151	18	bias	bias	NOUN
fsr-3295	151	19	will	will	AUX
fsr-3295	151	20	be	be	AUX
fsr-3295	151	21	decreasing	decrease	VERB
fsr-3295	151	22	(	(	PUNCT
fsr-3295	151	23	increasing	increase	VERB
fsr-3295	151	24	)	)	PUNCT
fsr-3295	151	25	in	in	ADP
fsr-3295	151	26	investtable	investtable	ADJ
fsr-3295	151	27	2	2	NUM
fsr-3295	151	28	management	management	NOUN
fsr-3295	151	29	appeasement	appeasement	NOUN
fsr-3295	151	30	hypothesis	hypothesis	NOUN
fsr-3295	151	31	(	(	PUNCT
fsr-3295	151	32	mah	mah	NOUN
fsr-3295	151	33	)	)	PUNCT
fsr-3295	151	34	implications	implication	NOUN
fsr-3295	151	35	for	for	ADP
fsr-3295	151	36	forecast	forecast	NOUN
fsr-3295	151	37	efficiency	efficiency	NOUN
fsr-3295	151	38	prior	prior	ADP
fsr-3295	151	39	bad	bad	ADJ
fsr-3295	151	40	news	news	NOUN
fsr-3295	151	41	(	(	PUNCT
fsr-3295	151	42	fet	fet	PROPN
fsr-3295	151	43	�	�	PROPN
fsr-3295	151	44	1	1	NUM
fsr-3295	151	45	0	0	NUM
fsr-3295	151	46	�	�	PROPN
fsr-3295	151	47	0	0	NUM
fsr-3295	151	48	)	)	PUNCT
fsr-3295	151	49	prior	prior	ADV
fsr-3295	151	50	good	good	ADJ
fsr-3295	151	51	news	news	PROPN
fsr-3295	151	52	(	(	PUNCT
fsr-3295	151	53	fet	fet	PROPN
fsr-3295	151	54	�	�	PROPN
fsr-3295	151	55	1	1	NUM
fsr-3295	151	56	0	0	NUM
fsr-3295	151	57	�	�	PROPN
fsr-3295	151	58	0	0	NUM
fsr-3295	151	59	)	)	PUNCT
fsr-3295	151	60	�	�	NOUN
fsr-3295	151	61	2	2	NUM
fsr-3295	151	62	sell	sell	NOUN
fsr-3295	151	63	�	�	PROPN
fsr-3295	151	64	�	�	PROPN
fsr-3295	151	65	2	2	NUM
fsr-3295	151	66	hold	hold	VERB
fsr-3295	151	67	�	�	PROPN
fsr-3295	151	68	�	�	PROPN
fsr-3295	151	69	2	2	NUM
fsr-3295	151	70	buy	buy	VERB
fsr-3295	151	71	�	�	PROPN
fsr-3295	151	72	�	�	PROPN
fsr-3295	151	73	2	2	NUM
fsr-3295	151	74	buy	buy	VERB
fsr-3295	151	75	�	�	PROPN
fsr-3295	151	76	�	�	PROPN
fsr-3295	151	77	2	2	NUM
fsr-3295	151	78	hold	hold	VERB
fsr-3295	151	79	�	�	PROPN
fsr-3295	151	80	�	�	PROPN
fsr-3295	151	81	2	2	NUM
fsr-3295	151	82	sell	sell	VERB
fsr-3295	151	83	44	44	NUM
fsr-3295	151	84	p.	p.	NOUN
fsr-3295	151	85	baird	baird	PROPN
fsr-3295	151	86	/	/	SYM
fsr-3295	151	87	financial	financial	ADJ
fsr-3295	151	88	services	service	NOUN
fsr-3295	151	89	review	review	VERB
fsr-3295	151	90	26	26	NUM
fsr-3295	151	91	(	(	PUNCT
fsr-3295	151	92	2017	2017	NUM
fsr-3295	151	93	)	)	PUNCT
fsr-3295	151	94	37–54	37–54	NUM
fsr-3295	151	95	ment	ment	NOUN
fsr-3295	151	96	rating	rating	NOUN
fsr-3295	151	97	,	,	PUNCT
fsr-3295	151	98	and	and	CCONJ
fsr-3295	151	99	the	the	DET
fsr-3295	151	100	constant	constant	ADJ
fsr-3295	151	101	term	term	NOUN
fsr-3295	151	102	in	in	ADP
fsr-3295	151	103	eq	eq	ADP
fsr-3295	151	104	.	.	PUNCT
fsr-3295	152	1	(	(	PUNCT
fsr-3295	152	2	3	3	X
fsr-3295	152	3	)	)	PUNCT
fsr-3295	152	4	will	will	AUX
fsr-3295	152	5	be	be	AUX
fsr-3295	152	6	such	such	ADJ
fsr-3295	152	7	that	that	PRON
fsr-3295	152	8	�	�	PROPN
fsr-3295	152	9	0	0	NUM
fsr-3295	152	10	sell	sell	PROPN
fsr-3295	152	11	�	�	PROPN
fsr-3295	152	12	0	0	NUM
fsr-3295	152	13	�	�	PROPN
fsr-3295	152	14	�	�	PROPN
fsr-3295	152	15	0	0	NUM
fsr-3295	152	16	buy	buy	NOUN
fsr-3295	152	17	and	and	CCONJ
fsr-3295	152	18	�	�	PROPN
fsr-3295	152	19	0	0	NUM
fsr-3295	152	20	sell	sell	PROPN
fsr-3295	152	21	�	�	PROPN
fsr-3295	152	22	�	�	PROPN
fsr-3295	152	23	0	0	NUM
fsr-3295	152	24	hold	hold	VERB
fsr-3295	152	25	�	�	PROPN
fsr-3295	152	26	�	�	PROPN
fsr-3295	152	27	0	0	NUM
fsr-3295	152	28	buy	buy	NOUN
fsr-3295	152	29	.	.	PUNCT
fsr-3295	153	1	further	far	ADV
fsr-3295	153	2	,	,	PUNCT
fsr-3295	153	3	if	if	SCONJ
fsr-3295	153	4	analysts	analyst	NOUN
fsr-3295	153	5	seek	seek	VERB
fsr-3295	153	6	to	to	PART
fsr-3295	153	7	maintain	maintain	VERB
fsr-3295	153	8	forecasts	forecast	NOUN
fsr-3295	153	9	that	that	SCONJ
fsr-3295	153	10	firms	firm	NOUN
fsr-3295	153	11	rated	rate	VERB
fsr-3295	153	12	buy	buy	NOUN
fsr-3295	153	13	are	be	AUX
fsr-3295	153	14	likely	likely	ADJ
fsr-3295	153	15	to	to	PART
fsr-3295	153	16	meet	meet	VERB
fsr-3295	153	17	or	or	CCONJ
fsr-3295	153	18	beat	beat	VERB
fsr-3295	153	19	,	,	PUNCT
fsr-3295	153	20	they	they	PRON
fsr-3295	153	21	will	will	AUX
fsr-3295	153	22	respond	respond	VERB
fsr-3295	153	23	more	more	ADV
fsr-3295	153	24	efficiently	efficiently	ADV
fsr-3295	153	25	to	to	ADP
fsr-3295	153	26	bad	bad	ADJ
fsr-3295	153	27	news	news	NOUN
fsr-3295	153	28	than	than	ADP
fsr-3295	153	29	to	to	ADP
fsr-3295	153	30	good	good	ADJ
fsr-3295	153	31	news	news	NOUN
fsr-3295	153	32	for	for	ADP
fsr-3295	153	33	buys	buy	NOUN
fsr-3295	153	34	,	,	PUNCT
fsr-3295	153	35	and	and	CCONJ
fsr-3295	153	36	if	if	SCONJ
fsr-3295	153	37	they	they	PRON
fsr-3295	153	38	seek	seek	VERB
fsr-3295	153	39	to	to	PART
fsr-3295	153	40	maintain	maintain	VERB
fsr-3295	153	41	forecasts	forecast	NOUN
fsr-3295	153	42	that	that	SCONJ
fsr-3295	153	43	firms	firm	NOUN
fsr-3295	153	44	rated	rate	VERB
fsr-3295	153	45	sell	sell	NOUN
fsr-3295	153	46	are	be	AUX
fsr-3295	153	47	likely	likely	ADJ
fsr-3295	153	48	to	to	PART
fsr-3295	153	49	miss	miss	VERB
fsr-3295	153	50	,	,	PUNCT
fsr-3295	153	51	they	they	PRON
fsr-3295	153	52	will	will	AUX
fsr-3295	153	53	respond	respond	VERB
fsr-3295	153	54	more	more	ADV
fsr-3295	153	55	efficiently	efficiently	ADV
fsr-3295	153	56	to	to	ADP
fsr-3295	153	57	good	good	ADJ
fsr-3295	153	58	news	news	NOUN
fsr-3295	153	59	than	than	ADP
fsr-3295	153	60	to	to	PART
fsr-3295	153	61	bad	bad	ADJ
fsr-3295	153	62	for	for	ADP
fsr-3295	153	63	sells	sell	NOUN
fsr-3295	153	64	.	.	PUNCT
fsr-3295	154	1	hence	hence	ADV
fsr-3295	154	2	,	,	PUNCT
fsr-3295	154	3	for	for	ADP
fsr-3295	154	4	stocks	stock	NOUN
fsr-3295	154	5	rated	rate	VERB
fsr-3295	154	6	buy	buy	VERB
fsr-3295	154	7	(	(	PUNCT
fsr-3295	154	8	sell	sell	NOUN
fsr-3295	154	9	)	)	PUNCT
fsr-3295	154	10	,	,	PUNCT
fsr-3295	154	11	analysts	analyst	NOUN
fsr-3295	154	12	’	'	PUNCT
fsr-3295	154	13	forecasts	forecast	NOUN
fsr-3295	154	14	will	will	AUX
fsr-3295	154	15	be	be	AUX
fsr-3295	154	16	relatively	relatively	ADV
fsr-3295	154	17	inefficient	inefficient	ADJ
fsr-3295	154	18	with	with	ADP
fsr-3295	154	19	respect	respect	NOUN
fsr-3295	154	20	to	to	ADP
fsr-3295	154	21	good	good	ADJ
fsr-3295	154	22	(	(	PUNCT
fsr-3295	154	23	bad	bad	ADJ
fsr-3295	154	24	)	)	PUNCT
fsr-3295	154	25	prior	prior	ADJ
fsr-3295	154	26	earnings	earning	NOUN
fsr-3295	154	27	news	news	NOUN
fsr-3295	154	28	.	.	PUNCT
fsr-3295	155	1	if	if	SCONJ
fsr-3295	155	2	the	the	DET
fsr-3295	155	3	ach	ach	PROPN
fsr-3295	155	4	describes	describe	VERB
fsr-3295	155	5	analyst	analyst	NOUN
fsr-3295	155	6	behavior	behavior	NOUN
fsr-3295	155	7	,	,	PUNCT
fsr-3295	155	8	then	then	ADV
fsr-3295	155	9	the	the	DET
fsr-3295	155	10	patterns	pattern	NOUN
fsr-3295	155	11	of	of	ADP
fsr-3295	155	12	inefficiency	inefficiency	NOUN
fsr-3295	155	13	in	in	ADP
fsr-3295	155	14	their	their	PRON
fsr-3295	155	15	forecasts	forecast	NOUN
fsr-3295	155	16	will	will	AUX
fsr-3295	155	17	be	be	AUX
fsr-3295	155	18	reflected	reflect	VERB
fsr-3295	155	19	in	in	ADP
fsr-3295	155	20	the	the	DET
fsr-3295	155	21	coefficient	coefficient	NOUN
fsr-3295	155	22	relations	relation	NOUN
fsr-3295	155	23	shown	show	VERB
fsr-3295	155	24	in	in	ADP
fsr-3295	155	25	table	table	NOUN
fsr-3295	155	26	3	3	NUM
fsr-3295	155	27	.	.	NOUN
fsr-3295	155	28	3.3	3.3	NUM
fsr-3295	155	29	.	.	PUNCT
fsr-3295	156	1	data	datum	NOUN
fsr-3295	156	2	and	and	CCONJ
fsr-3295	156	3	sample	sample	VERB
fsr-3295	156	4	each	each	DET
fsr-3295	156	5	weekly	weekly	ADJ
fsr-3295	156	6	issue	issue	NOUN
fsr-3295	156	7	of	of	ADP
fsr-3295	156	8	the	the	DET
fsr-3295	156	9	investment	investment	NOUN
fsr-3295	156	10	survey	survey	NOUN
fsr-3295	156	11	contains	contain	VERB
fsr-3295	156	12	reports	report	NOUN
fsr-3295	156	13	on	on	ADP
fsr-3295	156	14	a	a	DET
fsr-3295	156	15	set	set	NOUN
fsr-3295	156	16	of	of	ADP
fsr-3295	156	17	companies	company	NOUN
fsr-3295	156	18	organized	organize	VERB
fsr-3295	156	19	by	by	ADP
fsr-3295	156	20	industry	industry	NOUN
fsr-3295	156	21	so	so	SCONJ
fsr-3295	156	22	that	that	SCONJ
fsr-3295	156	23	updated	update	VERB
fsr-3295	156	24	reports	report	NOUN
fsr-3295	156	25	are	be	AUX
fsr-3295	156	26	published	publish	VERB
fsr-3295	156	27	quarterly	quarterly	ADV
fsr-3295	156	28	for	for	ADP
fsr-3295	156	29	all	all	DET
fsr-3295	156	30	companies	company	NOUN
fsr-3295	156	31	in	in	ADP
fsr-3295	156	32	value	value	NOUN
fsr-3295	156	33	line	line	NOUN
fsr-3295	156	34	’s	’s	PART
fsr-3295	156	35	universe	universe	NOUN
fsr-3295	156	36	.	.	PUNCT
fsr-3295	157	1	each	each	DET
fsr-3295	157	2	company	company	NOUN
fsr-3295	157	3	report	report	NOUN
fsr-3295	157	4	contains	contain	VERB
fsr-3295	157	5	historical	historical	ADJ
fsr-3295	157	6	financial	financial	ADJ
fsr-3295	157	7	data	datum	NOUN
fsr-3295	157	8	,	,	PUNCT
fsr-3295	157	9	target	target	VERB
fsr-3295	157	10	stock	stock	NOUN
fsr-3295	157	11	price	price	NOUN
fsr-3295	157	12	,	,	PUNCT
fsr-3295	157	13	and	and	CCONJ
fsr-3295	157	14	forecasts	forecast	NOUN
fsr-3295	157	15	of	of	ADP
fsr-3295	157	16	quarterly	quarterly	ADJ
fsr-3295	157	17	and	and	CCONJ
fsr-3295	157	18	annual	annual	ADJ
fsr-3295	157	19	earnings	earning	NOUN
fsr-3295	157	20	,	,	PUNCT
fsr-3295	157	21	sales	sale	NOUN
fsr-3295	157	22	,	,	PUNCT
fsr-3295	157	23	cash	cash	NOUN
fsr-3295	157	24	flow	flow	NOUN
fsr-3295	157	25	,	,	PUNCT
fsr-3295	157	26	dividends	dividend	NOUN
fsr-3295	157	27	,	,	PUNCT
fsr-3295	157	28	and	and	CCONJ
fsr-3295	157	29	more	more	ADJ
fsr-3295	157	30	.	.	PUNCT
fsr-3295	158	1	these	these	DET
fsr-3295	158	2	data	datum	NOUN
fsr-3295	158	3	are	be	AUX
fsr-3295	158	4	obtained	obtain	VERB
fsr-3295	158	5	from	from	ADP
fsr-3295	158	6	value	value	NOUN
fsr-3295	158	7	line	line	NOUN
fsr-3295	158	8	’s	’s	PART
fsr-3295	158	9	earnings	earning	NOUN
fsr-3295	158	10	and	and	CCONJ
fsr-3295	158	11	projections	projection	NOUN
fsr-3295	158	12	file	file	NOUN
fsr-3295	158	13	beginning	begin	VERB
fsr-3295	158	14	1988	1988	NUM
fsr-3295	158	15	through	through	ADP
fsr-3295	158	16	the	the	DET
fsr-3295	158	17	third	third	ADJ
fsr-3295	158	18	quarter	quarter	NOUN
fsr-3295	158	19	of	of	ADP
fsr-3295	158	20	2016	2016	NUM
fsr-3295	158	21	.	.	PUNCT
fsr-3295	159	1	the	the	DET
fsr-3295	159	2	sample	sample	NOUN
fsr-3295	159	3	excludes	exclude	VERB
fsr-3295	159	4	firms	firm	NOUN
fsr-3295	159	5	with	with	ADP
fsr-3295	159	6	non	non	ADJ
fsr-3295	159	7	-	-	ADJ
fsr-3295	159	8	december	december	ADJ
fsr-3295	159	9	fiscal	fiscal	ADJ
fsr-3295	159	10	years	year	NOUN
fsr-3295	159	11	and	and	CCONJ
fsr-3295	159	12	firms	firm	NOUN
fsr-3295	159	13	in	in	ADP
fsr-3295	159	14	agriculture	agriculture	NOUN
fsr-3295	159	15	,	,	PUNCT
fsr-3295	159	16	financial	financial	ADJ
fsr-3295	159	17	services	service	NOUN
fsr-3295	159	18	,	,	PUNCT
fsr-3295	159	19	fishing	fishing	NOUN
fsr-3295	159	20	,	,	PUNCT
fsr-3295	159	21	forestry	forestry	NOUN
fsr-3295	159	22	,	,	PUNCT
fsr-3295	159	23	and	and	CCONJ
fsr-3295	159	24	public	public	ADJ
fsr-3295	159	25	administration	administration	NOUN
fsr-3295	159	26	industries	industry	NOUN
fsr-3295	159	27	.	.	PUNCT
fsr-3295	160	1	from	from	ADP
fsr-3295	160	2	1988	1988	NUM
fsr-3295	160	3	through	through	ADP
fsr-3295	160	4	1998	1998	NUM
fsr-3295	160	5	value	value	NOUN
fsr-3295	160	6	line	line	NOUN
fsr-3295	160	7	forecasts	forecast	NOUN
fsr-3295	160	8	display	display	VERB
fsr-3295	160	9	significant	significant	ADJ
fsr-3295	160	10	optimistic	optimistic	ADJ
fsr-3295	160	11	bias	bias	NOUN
fsr-3295	160	12	that	that	PRON
fsr-3295	160	13	largely	largely	ADV
fsr-3295	160	14	disappears	disappear	VERB
fsr-3295	160	15	beginning	begin	VERB
fsr-3295	160	16	in	in	ADP
fsr-3295	160	17	1999	1999	NUM
fsr-3295	160	18	and	and	CCONJ
fsr-3295	160	19	thereafter	thereafter	ADV
fsr-3295	160	20	.	.	PUNCT
fsr-3295	161	1	value	value	NOUN
fsr-3295	161	2	line	line	PROPN
fsr-3295	161	3	,	,	PUNCT
fsr-3295	161	4	inc	inc	PROPN
fsr-3295	161	5	.	.	PROPN
fsr-3295	161	6	annual	annual	ADJ
fsr-3295	161	7	reports	report	NOUN
fsr-3295	161	8	from	from	ADP
fsr-3295	161	9	1999	1999	NUM
fsr-3295	161	10	and	and	CCONJ
fsr-3295	161	11	2000	2000	NUM
fsr-3295	161	12	mention	mention	VERB
fsr-3295	161	13	technological	technological	ADJ
fsr-3295	161	14	initiatives	initiative	NOUN
fsr-3295	161	15	underway	underway	ADV
fsr-3295	161	16	at	at	ADP
fsr-3295	161	17	the	the	DET
fsr-3295	161	18	time	time	NOUN
fsr-3295	161	19	to	to	PART
fsr-3295	161	20	upgrade	upgrade	VERB
fsr-3295	161	21	information	information	NOUN
fsr-3295	161	22	systems	system	NOUN
fsr-3295	161	23	and	and	CCONJ
fsr-3295	161	24	revisions	revision	NOUN
fsr-3295	161	25	to	to	ADP
fsr-3295	161	26	the	the	DET
fsr-3295	161	27	salary	salary	NOUN
fsr-3295	161	28	structure	structure	NOUN
fsr-3295	161	29	in	in	ADP
fsr-3295	161	30	the	the	DET
fsr-3295	161	31	firm	firm	NOUN
fsr-3295	161	32	’s	’s	PART
fsr-3295	161	33	research	research	PROPN
fsr-3295	161	34	department	department	NOUN
fsr-3295	161	35	.	.	PUNCT
fsr-3295	162	1	because	because	SCONJ
fsr-3295	162	2	these	these	DET
fsr-3295	162	3	initiatives	initiative	NOUN
fsr-3295	162	4	and	and	CCONJ
fsr-3295	162	5	revisions	revision	NOUN
fsr-3295	162	6	presumably	presumably	ADV
fsr-3295	162	7	led	lead	VERB
fsr-3295	162	8	to	to	ADP
fsr-3295	162	9	substantial	substantial	ADJ
fsr-3295	162	10	reduction	reduction	NOUN
fsr-3295	162	11	in	in	ADP
fsr-3295	162	12	optimistic	optimistic	ADJ
fsr-3295	162	13	forecast	forecast	NOUN
fsr-3295	162	14	bias	bias	NOUN
fsr-3295	162	15	beginning	begin	VERB
fsr-3295	162	16	in	in	ADP
fsr-3295	162	17	1999	1999	NUM
fsr-3295	162	18	,	,	PUNCT
fsr-3295	162	19	the	the	DET
fsr-3295	162	20	sample	sample	NOUN
fsr-3295	162	21	period	period	NOUN
fsr-3295	162	22	of	of	ADP
fsr-3295	162	23	analysis	analysis	NOUN
fsr-3295	162	24	begins	begin	VERB
fsr-3295	162	25	with	with	ADP
fsr-3295	162	26	that	that	DET
fsr-3295	162	27	year	year	NOUN
fsr-3295	162	28	.	.	PUNCT
fsr-3295	163	1	4	4	X
fsr-3295	163	2	.	.	NOUN
fsr-3295	163	3	results	result	NOUN
fsr-3295	163	4	and	and	CCONJ
fsr-3295	163	5	discussion	discussion	NOUN
fsr-3295	163	6	4.1	4.1	NUM
fsr-3295	163	7	.	.	PUNCT
fsr-3295	164	1	the	the	DET
fsr-3295	164	2	forecast	forecast	NOUN
fsr-3295	164	3	error	error	NOUN
fsr-3295	164	4	distribution	distribution	NOUN
fsr-3295	164	5	restricting	restrict	VERB
fsr-3295	164	6	the	the	DET
fsr-3295	164	7	sample	sample	NOUN
fsr-3295	164	8	to	to	ADP
fsr-3295	164	9	short	short	ADJ
fsr-3295	164	10	-	-	PUNCT
fsr-3295	164	11	horizon	horizon	NOUN
fsr-3295	164	12	(	(	PUNCT
fsr-3295	164	13	h	h	NOUN
fsr-3295	164	14	�	�	PROPN
fsr-3295	164	15	0	0	NUM
fsr-3295	164	16	)	)	PUNCT
fsr-3295	164	17	forecasts	forecast	NOUN
fsr-3295	164	18	,	,	PUNCT
fsr-3295	164	19	there	there	PRON
fsr-3295	164	20	are	be	VERB
fsr-3295	164	21	56,898	56,898	NUM
fsr-3295	164	22	firm	firm	ADJ
fsr-3295	164	23	-	-	PUNCT
fsr-3295	164	24	quarter	quarter	NOUN
fsr-3295	164	25	observations	observation	NOUN
fsr-3295	164	26	for	for	ADP
fsr-3295	164	27	2,170	2,170	NUM
fsr-3295	164	28	unique	unique	ADJ
fsr-3295	164	29	firms	firm	NOUN
fsr-3295	164	30	.	.	PUNCT
fsr-3295	165	1	panel	panel	NOUN
fsr-3295	165	2	a	a	DET
fsr-3295	165	3	of	of	ADP
fsr-3295	165	4	table	table	NOUN
fsr-3295	165	5	4	4	NUM
fsr-3295	165	6	reports	report	NOUN
fsr-3295	165	7	selected	select	VERB
fsr-3295	165	8	percentiles	percentile	NOUN
fsr-3295	165	9	of	of	ADP
fsr-3295	165	10	the	the	DET
fsr-3295	165	11	distribution	distribution	NOUN
fsr-3295	165	12	of	of	ADP
fsr-3295	165	13	unscaled	unscaled	ADJ
fsr-3295	165	14	forecast	forecast	NOUN
fsr-3295	165	15	error	error	NOUN
fsr-3295	165	16	both	both	CCONJ
fsr-3295	165	17	with	with	ADP
fsr-3295	165	18	(	(	PUNCT
fsr-3295	165	19	row	row	NOUN
fsr-3295	165	20	1	1	NUM
fsr-3295	165	21	)	)	PUNCT
fsr-3295	165	22	and	and	CCONJ
fsr-3295	165	23	without	without	ADP
fsr-3295	165	24	(	(	PUNCT
fsr-3295	165	25	row	row	NOUN
fsr-3295	165	26	2	2	NUM
fsr-3295	165	27	)	)	PUNCT
fsr-3295	165	28	extreme	extreme	ADJ
fsr-3295	165	29	0.5	0.5	NUM
fsr-3295	165	30	%	%	NOUN
fsr-3295	165	31	tails	tail	NOUN
fsr-3295	165	32	.	.	PUNCT
fsr-3295	166	1	it	it	PRON
fsr-3295	166	2	is	be	AUX
fsr-3295	166	3	not	not	PART
fsr-3295	166	4	possible	possible	ADJ
fsr-3295	166	5	to	to	PART
fsr-3295	166	6	know	know	VERB
fsr-3295	166	7	if	if	SCONJ
fsr-3295	166	8	extreme	extreme	ADJ
fsr-3295	166	9	observations	observation	NOUN
fsr-3295	166	10	in	in	ADP
fsr-3295	166	11	the	the	DET
fsr-3295	166	12	untrimmed	untrimmed	ADJ
fsr-3295	166	13	data	datum	NOUN
fsr-3295	166	14	(	(	PUNCT
fsr-3295	166	15	row	row	NOUN
fsr-3295	166	16	1	1	NUM
fsr-3295	166	17	)	)	PUNCT
fsr-3295	166	18	,	,	PUNCT
fsr-3295	166	19	particularly	particularly	ADV
fsr-3295	166	20	those	those	PRON
fsr-3295	166	21	in	in	ADP
fsr-3295	166	22	the	the	DET
fsr-3295	166	23	left	left	ADJ
fsr-3295	166	24	tail	tail	NOUN
fsr-3295	166	25	,	,	PUNCT
fsr-3295	166	26	are	be	AUX
fsr-3295	166	27	the	the	DET
fsr-3295	166	28	result	result	NOUN
fsr-3295	166	29	of	of	ADP
fsr-3295	166	30	data	datum	NOUN
fsr-3295	166	31	errors	error	NOUN
fsr-3295	166	32	,	,	PUNCT
fsr-3295	166	33	so	so	ADV
fsr-3295	166	34	ensuing	ensue	VERB
fsr-3295	166	35	analyses	analysis	NOUN
fsr-3295	166	36	utilize	utilize	VERB
fsr-3295	166	37	trimmed	trim	VERB
fsr-3295	166	38	data	datum	NOUN
fsr-3295	166	39	.	.	PUNCT
fsr-3295	167	1	however	however	ADV
fsr-3295	167	2	,	,	PUNCT
fsr-3295	167	3	it	it	PRON
fsr-3295	167	4	should	should	AUX
fsr-3295	167	5	be	be	AUX
fsr-3295	167	6	noted	note	VERB
fsr-3295	167	7	that	that	SCONJ
fsr-3295	167	8	lad	lad	NOUN
fsr-3295	167	9	regression	regression	NOUN
fsr-3295	167	10	results	result	NOUN
fsr-3295	167	11	reported	report	VERB
fsr-3295	167	12	below	below	ADP
fsr-3295	167	13	hold	hold	NOUN
fsr-3295	167	14	table	table	NOUN
fsr-3295	167	15	3	3	NUM
fsr-3295	167	16	analyst	analyst	NOUN
fsr-3295	167	17	credibility	credibility	NOUN
fsr-3295	167	18	hypothesis	hypothesis	NOUN
fsr-3295	167	19	(	(	PUNCT
fsr-3295	167	20	ach	ach	NOUN
fsr-3295	167	21	)	)	PUNCT
fsr-3295	167	22	implications	implication	NOUN
fsr-3295	167	23	for	for	ADP
fsr-3295	167	24	forecast	forecast	NOUN
fsr-3295	167	25	efficiency	efficiency	NOUN
fsr-3295	167	26	prior	prior	ADP
fsr-3295	167	27	good	good	ADJ
fsr-3295	167	28	news	news	PROPN
fsr-3295	167	29	(	(	PUNCT
fsr-3295	167	30	fet	fet	PROPN
fsr-3295	167	31	�	�	PROPN
fsr-3295	167	32	1	1	NUM
fsr-3295	167	33	0	0	NUM
fsr-3295	167	34	�	�	PROPN
fsr-3295	167	35	0	0	NUM
fsr-3295	167	36	)	)	PUNCT
fsr-3295	167	37	�	�	NOUN
fsr-3295	167	38	2	2	NUM
fsr-3295	167	39	sell	sell	NOUN
fsr-3295	167	40	�	�	PROPN
fsr-3295	167	41	�	�	PROPN
fsr-3295	167	42	2	2	NUM
fsr-3295	167	43	hold	hold	VERB
fsr-3295	167	44	�	�	PROPN
fsr-3295	167	45	�	�	PROPN
fsr-3295	167	46	2	2	NUM
fsr-3295	167	47	buy	buy	VERB
fsr-3295	167	48	prior	prior	ADV
fsr-3295	167	49	bad	bad	ADJ
fsr-3295	167	50	news	news	NOUN
fsr-3295	167	51	(	(	PUNCT
fsr-3295	167	52	fet	fet	PROPN
fsr-3295	167	53	�	�	PROPN
fsr-3295	167	54	1	1	NUM
fsr-3295	167	55	0	0	NUM
fsr-3295	167	56	�	�	PROPN
fsr-3295	167	57	0	0	NUM
fsr-3295	167	58	)	)	PUNCT
fsr-3295	167	59	�	�	NOUN
fsr-3295	167	60	2	2	NUM
fsr-3295	167	61	sell	sell	NOUN
fsr-3295	167	62	�	�	PROPN
fsr-3295	167	63	�	�	PROPN
fsr-3295	167	64	2	2	NUM
fsr-3295	167	65	hold	hold	VERB
fsr-3295	167	66	�	�	PROPN
fsr-3295	167	67	�	�	PROPN
fsr-3295	167	68	2	2	NUM
fsr-3295	167	69	buy	buy	NOUN
fsr-3295	167	70	45p	45p	NUM
fsr-3295	167	71	.	.	PUNCT
fsr-3295	168	1	baird	baird	PROPN
fsr-3295	168	2	/	/	SYM
fsr-3295	168	3	financial	financial	ADJ
fsr-3295	168	4	services	service	NOUN
fsr-3295	168	5	review	review	VERB
fsr-3295	168	6	26	26	NUM
fsr-3295	168	7	(	(	PUNCT
fsr-3295	168	8	2017	2017	NUM
fsr-3295	168	9	)	)	PUNCT
fsr-3295	168	10	37–54	37–54	NUM
fsr-3295	168	11	up	up	ADP
fsr-3295	168	12	in	in	ADP
fsr-3295	168	13	the	the	DET
fsr-3295	168	14	untrimmed	untrimmed	ADJ
fsr-3295	168	15	sample	sample	NOUN
fsr-3295	168	16	.	.	PUNCT
fsr-3295	169	1	row	row	NOUN
fsr-3295	169	2	2	2	NUM
fsr-3295	169	3	shows	show	VERB
fsr-3295	169	4	that	that	SCONJ
fsr-3295	169	5	negative	negative	ADJ
fsr-3295	169	6	skewness	skewness	NOUN
fsr-3295	169	7	remaining	remain	VERB
fsr-3295	169	8	in	in	ADP
fsr-3295	169	9	the	the	DET
fsr-3295	169	10	trimmed	trim	VERB
fsr-3295	169	11	sample	sample	NOUN
fsr-3295	169	12	is	be	AUX
fsr-3295	169	13	greatly	greatly	ADV
fsr-3295	169	14	reduced	reduce	VERB
fsr-3295	169	15	vis	vis	X
fsr-3295	169	16	-	-	PUNCT
fsr-3295	169	17	à-vis	à-vis	VERB
fsr-3295	169	18	the	the	DET
fsr-3295	169	19	untrimmed	untrimmed	ADJ
fsr-3295	169	20	sample	sample	NOUN
fsr-3295	169	21	.	.	PUNCT
fsr-3295	170	1	the	the	DET
fsr-3295	170	2	median	median	PROPN
fsr-3295	170	3	forecast	forecast	NOUN
fsr-3295	170	4	error	error	NOUN
fsr-3295	170	5	is	be	AUX
fsr-3295	170	6	$	$	SYM
fsr-3295	170	7	0.00	0.00	NUM
fsr-3295	170	8	,	,	PUNCT
fsr-3295	170	9	and	and	CCONJ
fsr-3295	170	10	50	50	NUM
fsr-3295	170	11	%	%	NOUN
fsr-3295	170	12	of	of	ADP
fsr-3295	170	13	sample	sample	NOUN
fsr-3295	170	14	errors	error	NOUN
fsr-3295	170	15	are	be	AUX
fsr-3295	170	16	of	of	ADP
fsr-3295	170	17	magnitude	magnitude	NOUN
fsr-3295	170	18	less	less	ADJ
fsr-3295	170	19	than	than	ADP
fsr-3295	170	20	or	or	CCONJ
fsr-3295	170	21	equal	equal	ADJ
fsr-3295	170	22	to	to	ADP
fsr-3295	170	23	5	5	NUM
fsr-3295	170	24	cents	cent	NOUN
fsr-3295	170	25	per	per	ADP
fsr-3295	170	26	share	share	NOUN
fsr-3295	170	27	.	.	PUNCT
fsr-3295	171	1	panels	panel	NOUN
fsr-3295	171	2	b	b	X
fsr-3295	171	3	–	–	PUNCT
fsr-3295	171	4	d	d	NOUN
fsr-3295	171	5	of	of	ADP
fsr-3295	171	6	table	table	NOUN
fsr-3295	171	7	4	4	NUM
fsr-3295	171	8	report	report	NOUN
fsr-3295	171	9	percentiles	percentile	NOUN
fsr-3295	171	10	of	of	ADP
fsr-3295	171	11	standardized	standardized	ADJ
fsr-3295	171	12	distributions	distribution	NOUN
fsr-3295	171	13	of	of	ADP
fsr-3295	171	14	trimmed	trim	VERB
fsr-3295	171	15	forecast	forecast	NOUN
fsr-3295	171	16	error	error	NOUN
fsr-3295	171	17	and	and	CCONJ
fsr-3295	171	18	its	its	PRON
fsr-3295	171	19	components	component	NOUN
fsr-3295	171	20	,	,	PUNCT
fsr-3295	171	21	earnings	earning	NOUN
fsr-3295	171	22	and	and	CCONJ
fsr-3295	171	23	forecasts	forecast	NOUN
fsr-3295	171	24	,	,	PUNCT
fsr-3295	171	25	both	both	CCONJ
fsr-3295	171	26	unscaled	unscale	VERB
fsr-3295	171	27	and	and	CCONJ
fsr-3295	171	28	scaled	scale	VERB
fsr-3295	171	29	by	by	ADP
fsr-3295	171	30	stock	stock	NOUN
fsr-3295	171	31	price	price	NOUN
fsr-3295	171	32	.	.	PUNCT
fsr-3295	172	1	each	each	DET
fsr-3295	172	2	distribution	distribution	NOUN
fsr-3295	172	3	is	be	AUX
fsr-3295	172	4	standardized	standardize	VERB
fsr-3295	172	5	by	by	ADP
fsr-3295	172	6	subtracting	subtract	VERB
fsr-3295	172	7	its	its	PRON
fsr-3295	172	8	mean	mean	NOUN
fsr-3295	172	9	and	and	CCONJ
fsr-3295	172	10	dividing	dividing	NOUN
fsr-3295	172	11	by	by	ADP
fsr-3295	172	12	its	its	PRON
fsr-3295	172	13	standard	standard	ADJ
fsr-3295	172	14	deviation	deviation	NOUN
fsr-3295	172	15	so	so	SCONJ
fsr-3295	172	16	that	that	PRON
fsr-3295	172	17	table	table	NOUN
fsr-3295	172	18	entries	entry	NOUN
fsr-3295	172	19	show	show	VERB
fsr-3295	172	20	percentiles	percentile	NOUN
fsr-3295	172	21	in	in	ADP
fsr-3295	172	22	terms	term	NOUN
fsr-3295	172	23	of	of	ADP
fsr-3295	172	24	units	unit	NOUN
fsr-3295	172	25	of	of	ADP
fsr-3295	172	26	standard	standard	ADJ
fsr-3295	172	27	deviation	deviation	NOUN
fsr-3295	172	28	from	from	ADP
fsr-3295	172	29	the	the	DET
fsr-3295	172	30	mean	mean	NOUN
fsr-3295	172	31	.	.	PUNCT
fsr-3295	173	1	comparable	comparable	ADJ
fsr-3295	173	2	statistics	statistic	NOUN
fsr-3295	173	3	are	be	AUX
fsr-3295	173	4	shown	show	VERB
fsr-3295	173	5	for	for	ADP
fsr-3295	173	6	the	the	DET
fsr-3295	173	7	standard	standard	ADJ
fsr-3295	173	8	normal	normal	ADJ
fsr-3295	173	9	distribution	distribution	NOUN
fsr-3295	173	10	in	in	ADP
fsr-3295	173	11	panel	panel	NOUN
fsr-3295	173	12	e.	e.	PROPN
fsr-3295	173	13	panel	panel	PROPN
fsr-3295	173	14	b	b	PROPN
fsr-3295	173	15	shows	show	VERB
fsr-3295	173	16	that	that	SCONJ
fsr-3295	173	17	scaling	scale	VERB
fsr-3295	173	18	forecast	forecast	NOUN
fsr-3295	173	19	error	error	NOUN
fsr-3295	173	20	by	by	ADP
fsr-3295	173	21	stock	stock	NOUN
fsr-3295	173	22	price	price	NOUN
fsr-3295	173	23	drastically	drastically	ADV
fsr-3295	173	24	increases	increase	VERB
fsr-3295	173	25	negative	negative	ADJ
fsr-3295	173	26	skewness	skewness	NOUN
fsr-3295	173	27	and	and	CCONJ
fsr-3295	173	28	the	the	DET
fsr-3295	173	29	length	length	NOUN
fsr-3295	173	30	of	of	ADP
fsr-3295	173	31	both	both	DET
fsr-3295	173	32	tails	tail	NOUN
fsr-3295	173	33	while	while	SCONJ
fsr-3295	173	34	simultaneously	simultaneously	ADV
fsr-3295	173	35	exacerbating	exacerbate	VERB
fsr-3295	173	36	the	the	DET
fsr-3295	173	37	central	central	ADJ
fsr-3295	173	38	clustering	clustering	NOUN
fsr-3295	173	39	of	of	ADP
fsr-3295	173	40	observations	observation	NOUN
fsr-3295	173	41	.	.	PUNCT
fsr-3295	174	1	the	the	DET
fsr-3295	174	2	minimum	minimum	ADJ
fsr-3295	174	3	unscaled	unscaled	ADJ
fsr-3295	174	4	error	error	NOUN
fsr-3295	174	5	lies	lie	VERB
fsr-3295	174	6	8.4	8.4	NUM
fsr-3295	174	7	standard	standard	ADJ
fsr-3295	174	8	deviations	deviation	NOUN
fsr-3295	174	9	below	below	ADP
fsr-3295	174	10	its	its	PRON
fsr-3295	174	11	mean	mean	NOUN
fsr-3295	174	12	,	,	PUNCT
fsr-3295	174	13	whereas	whereas	SCONJ
fsr-3295	174	14	the	the	DET
fsr-3295	174	15	minimum	minimum	NOUN
fsr-3295	174	16	scaled	scale	VERB
fsr-3295	174	17	error	error	NOUN
fsr-3295	174	18	lies	lie	VERB
fsr-3295	174	19	more	more	ADJ
fsr-3295	174	20	than	than	ADP
fsr-3295	174	21	47	47	NUM
fsr-3295	174	22	standard	standard	ADJ
fsr-3295	174	23	deviations	deviation	NOUN
fsr-3295	174	24	below	below	ADP
fsr-3295	174	25	its	its	PRON
fsr-3295	174	26	mean	mean	NOUN
fsr-3295	174	27	.	.	PUNCT
fsr-3295	175	1	scaling	scale	VERB
fsr-3295	175	2	has	have	VERB
fsr-3295	175	3	a	a	DET
fsr-3295	175	4	similar	similar	ADJ
fsr-3295	175	5	effect	effect	NOUN
fsr-3295	175	6	for	for	ADP
fsr-3295	175	7	the	the	DET
fsr-3295	175	8	components	component	NOUN
fsr-3295	175	9	of	of	ADP
fsr-3295	175	10	forecast	forecast	NOUN
fsr-3295	175	11	error	error	NOUN
fsr-3295	175	12	,	,	PUNCT
fsr-3295	175	13	except	except	SCONJ
fsr-3295	175	14	that	that	SCONJ
fsr-3295	175	15	in	in	ADP
fsr-3295	175	16	the	the	DET
fsr-3295	175	17	case	case	NOUN
fsr-3295	175	18	of	of	ADP
fsr-3295	175	19	earnings	earning	NOUN
fsr-3295	175	20	and	and	CCONJ
fsr-3295	175	21	forecasts	forecast	NOUN
fsr-3295	175	22	scaling	scale	VERB
fsr-3295	175	23	by	by	ADP
fsr-3295	175	24	stock	stock	NOUN
fsr-3295	175	25	price	price	NOUN
fsr-3295	175	26	changes	change	NOUN
fsr-3295	175	27	skewness	skewness	NOUN
fsr-3295	175	28	from	from	ADP
fsr-3295	175	29	positive	positive	ADJ
fsr-3295	175	30	to	to	PART
fsr-3295	175	31	negative	negative	VERB
fsr-3295	175	32	.	.	PUNCT
fsr-3295	176	1	comparison	comparison	NOUN
fsr-3295	176	2	with	with	ADP
fsr-3295	176	3	the	the	DET
fsr-3295	176	4	standard	standard	ADJ
fsr-3295	176	5	normal	normal	ADJ
fsr-3295	176	6	distribution	distribution	NOUN
fsr-3295	176	7	shows	show	VERB
fsr-3295	176	8	that	that	SCONJ
fsr-3295	176	9	scaling	scale	VERB
fsr-3295	176	10	by	by	ADP
fsr-3295	176	11	price	price	NOUN
fsr-3295	176	12	also	also	ADV
fsr-3295	176	13	increases	increase	VERB
fsr-3295	176	14	clustering	clustering	NOUN
fsr-3295	176	15	of	of	ADP
fsr-3295	176	16	observations	observation	NOUN
fsr-3295	176	17	near	near	ADP
fsr-3295	176	18	the	the	DET
fsr-3295	176	19	mean	mean	NOUN
fsr-3295	176	20	.	.	PUNCT
fsr-3295	177	1	for	for	ADP
fsr-3295	177	2	example	example	NOUN
fsr-3295	177	3	,	,	PUNCT
fsr-3295	177	4	panel	panel	NOUN
fsr-3295	177	5	b	b	PROPN
fsr-3295	177	6	shows	show	VERB
fsr-3295	177	7	that	that	SCONJ
fsr-3295	177	8	50	50	NUM
fsr-3295	177	9	%	%	NOUN
fsr-3295	177	10	of	of	ADP
fsr-3295	177	11	unscaled	unscaled	ADJ
fsr-3295	177	12	errors	error	NOUN
fsr-3295	177	13	lie	lie	VERB
fsr-3295	177	14	within	within	ADP
fsr-3295	177	15	�	�	PROPN
fsr-3295	177	16	/	/	SYM
fsr-3295	177	17	�	�	PROPN
fsr-3295	177	18	0.8	0.8	NUM
fsr-3295	177	19	standard	standard	ADJ
fsr-3295	177	20	deviations	deviation	NOUN
fsr-3295	177	21	of	of	ADP
fsr-3295	177	22	the	the	DET
fsr-3295	177	23	mean	mean	NOUN
fsr-3295	177	24	,	,	PUNCT
fsr-3295	177	25	while	while	SCONJ
fsr-3295	177	26	50	50	NUM
fsr-3295	177	27	%	%	NOUN
fsr-3295	177	28	of	of	ADP
fsr-3295	177	29	scaled	scale	VERB
fsr-3295	177	30	errors	error	NOUN
fsr-3295	177	31	are	be	AUX
fsr-3295	177	32	within	within	ADP
fsr-3295	177	33	�	�	PROPN
fsr-3295	177	34	/	/	SYM
fsr-3295	177	35	�	�	PROPN
fsr-3295	177	36	0.3	0.3	NUM
fsr-3295	177	37	standard	standard	ADJ
fsr-3295	177	38	deviations	deviation	NOUN
fsr-3295	177	39	of	of	ADP
fsr-3295	177	40	its	its	PRON
fsr-3295	177	41	mean	mean	NOUN
fsr-3295	177	42	.	.	PUNCT
fsr-3295	178	1	similarly	similarly	ADV
fsr-3295	178	2	,	,	PUNCT
fsr-3295	178	3	inspection	inspection	NOUN
fsr-3295	178	4	of	of	ADP
fsr-3295	178	5	panels	panel	NOUN
fsr-3295	178	6	c	c	PROPN
fsr-3295	178	7	and	and	CCONJ
fsr-3295	178	8	d	d	PROPN
fsr-3295	178	9	indicates	indicate	VERB
fsr-3295	178	10	that	that	SCONJ
fsr-3295	178	11	scaling	scaling	NOUN
fsr-3295	178	12	by	by	ADP
fsr-3295	178	13	stock	stock	NOUN
fsr-3295	178	14	price	price	NOUN
fsr-3295	178	15	increases	increase	VERB
fsr-3295	178	16	the	the	DET
fsr-3295	178	17	central	central	ADJ
fsr-3295	178	18	clustering	clustering	NOUN
fsr-3295	178	19	of	of	ADP
fsr-3295	178	20	the	the	DET
fsr-3295	178	21	distributions	distribution	NOUN
fsr-3295	178	22	of	of	ADP
fsr-3295	178	23	both	both	DET
fsr-3295	178	24	actual	actual	ADJ
fsr-3295	178	25	earnings	earning	NOUN
fsr-3295	178	26	and	and	CCONJ
fsr-3295	178	27	forecasts	forecast	NOUN
fsr-3295	178	28	.	.	PUNCT
fsr-3295	179	1	the	the	DET
fsr-3295	179	2	minimum	minimum	ADJ
fsr-3295	179	3	stock	stock	NOUN
fsr-3295	179	4	price	price	NOUN
fsr-3295	179	5	in	in	ADP
fsr-3295	179	6	the	the	DET
fsr-3295	179	7	sample	sample	NOUN
fsr-3295	179	8	is	be	AUX
fsr-3295	179	9	$	$	SYM
fsr-3295	179	10	1.60	1.60	NUM
fsr-3295	179	11	;	;	PUNCT
fsr-3295	179	12	hence	hence	ADV
fsr-3295	179	13	,	,	PUNCT
fsr-3295	179	14	these	these	DET
fsr-3295	179	15	effects	effect	NOUN
fsr-3295	179	16	of	of	ADP
fsr-3295	179	17	scaling	scaling	NOUN
fsr-3295	179	18	can	can	AUX
fsr-3295	179	19	not	not	PART
fsr-3295	179	20	be	be	AUX
fsr-3295	179	21	attributed	attribute	VERB
fsr-3295	179	22	to	to	ADP
fsr-3295	179	23	very	very	ADV
fsr-3295	179	24	low	low	ADJ
fsr-3295	179	25	stock	stock	NOUN
fsr-3295	179	26	prices	price	NOUN
fsr-3295	179	27	.	.	PUNCT
fsr-3295	180	1	remaining	remain	VERB
fsr-3295	180	2	analyses	analysis	NOUN
fsr-3295	180	3	focus	focus	VERB
fsr-3295	180	4	on	on	ADP
fsr-3295	180	5	trimmed	trim	VERB
fsr-3295	180	6	,	,	PUNCT
fsr-3295	180	7	unscaled	unscaled	ADJ
fsr-3295	180	8	forecast	forecast	NOUN
fsr-3295	180	9	errors	error	NOUN
fsr-3295	180	10	.	.	PUNCT
fsr-3295	181	1	table	table	NOUN
fsr-3295	181	2	4	4	NUM
fsr-3295	181	3	the	the	DET
fsr-3295	181	4	distribution	distribution	NOUN
fsr-3295	181	5	of	of	ADP
fsr-3295	181	6	value	value	NOUN
fsr-3295	181	7	line	line	NOUN
fsr-3295	181	8	quarterly	quarterly	PROPN
fsr-3295	181	9	eps	eps	PROPN
fsr-3295	181	10	forecast	forecast	NOUN
fsr-3295	181	11	error	error	NOUN
fsr-3295	181	12	and	and	CCONJ
fsr-3295	181	13	components	component	NOUN
fsr-3295	181	14	percentiles	percentile	NOUN
fsr-3295	181	15	n	n	PRON
fsr-3295	181	16	min	min	NOUN
fsr-3295	181	17	0.5	0.5	NUM
fsr-3295	181	18	5	5	NUM
fsr-3295	181	19	25	25	NUM
fsr-3295	181	20	50	50	NUM
fsr-3295	181	21	75	75	NUM
fsr-3295	181	22	95	95	NUM
fsr-3295	181	23	99.5	99.5	NUM
fsr-3295	181	24	max	max	PROPN
fsr-3295	181	25	skew	skew	NOUN
fsr-3295	181	26	a	a	DET
fsr-3295	181	27	:	:	PUNCT
fsr-3295	181	28	forecast	forecast	NOUN
fsr-3295	181	29	error	error	NOUN
fsr-3295	181	30	(	(	PUNCT
fsr-3295	181	31	$	$	SYM
fsr-3295	181	32	)	)	PUNCT
fsr-3295	181	33	1	1	NUM
fsr-3295	181	34	-	-	PUNCT
fsr-3295	181	35	untrimmed	untrimme	VERB
fsr-3295	181	36	56,898	56,898	NUM
fsr-3295	181	37	�	�	PROPN
fsr-3295	181	38	231.0	231.0	NUM
fsr-3295	181	39	�	�	PROPN
fsr-3295	181	40	1.64	1.64	NUM
fsr-3295	181	41	�	�	PROPN
fsr-3295	181	42	0.33	0.33	NUM
fsr-3295	181	43	�	�	NOUN
fsr-3295	181	44	0.05	0.05	NUM
fsr-3295	181	45	0.00	0.00	NUM
fsr-3295	181	46	0.05	0.05	NUM
fsr-3295	181	47	0.24	0.24	NUM
fsr-3295	181	48	0.87	0.87	NUM
fsr-3295	181	49	9.38	9.38	NUM
fsr-3295	181	50	�	�	PROPN
fsr-3295	181	51	156.1	156.1	NUM
fsr-3295	181	52	2	2	NUM
fsr-3295	181	53	-	-	PUNCT
fsr-3295	181	54	trimmed	trim	VERB
fsr-3295	181	55	56,327	56,327	NUM
fsr-3295	181	56	�	�	SYM
fsr-3295	181	57	1.6	1.6	NUM
fsr-3295	181	58	�	�	PROPN
fsr-3295	181	59	1.03	1.03	NUM
fsr-3295	181	60	�	�	PROPN
fsr-3295	181	61	0.31	0.31	NUM
fsr-3295	181	62	�	�	PROPN
fsr-3295	181	63	0.05	0.05	NUM
fsr-3295	181	64	0.00	0.00	NUM
fsr-3295	181	65	0.05	0.05	NUM
fsr-3295	181	66	0.22	0.22	NUM
fsr-3295	181	67	0.63	0.63	NUM
fsr-3295	181	68	0.87	0.87	NUM
fsr-3295	181	69	�	�	PROPN
fsr-3295	181	70	2.0	2.0	NUM
fsr-3295	181	71	b	b	NOUN
fsr-3295	181	72	:	:	PUNCT
fsr-3295	181	73	forecast	forecast	NOUN
fsr-3295	181	74	error	error	NOUN
fsr-3295	181	75	,	,	PUNCT
fsr-3295	181	76	standardized	standardize	VERB
fsr-3295	181	77	unscaled	unscaled	ADJ
fsr-3295	181	78	�	�	PROPN
fsr-3295	181	79	8.4	8.4	NUM
fsr-3295	181	80	�	�	PROPN
fsr-3295	181	81	5.3	5.3	NUM
fsr-3295	181	82	�	�	PROPN
fsr-3295	181	83	1.5	1.5	NUM
fsr-3295	181	84	�	�	NOUN
fsr-3295	181	85	0.8	0.8	NUM
fsr-3295	181	86	0.1	0.1	NUM
fsr-3295	181	87	0.8	0.8	NUM
fsr-3295	181	88	1.2	1.2	NUM
fsr-3295	181	89	3.3	3.3	NUM
fsr-3295	181	90	4.6	4.6	NUM
fsr-3295	181	91	�	�	SYM
fsr-3295	181	92	2.0	2.0	NUM
fsr-3295	181	93	scaled	scale	VERB
fsr-3295	181	94	�	�	PROPN
fsr-3295	181	95	47.5	47.5	NUM
fsr-3295	181	96	�	�	PROPN
fsr-3295	181	97	4.6	4.6	NUM
fsr-3295	181	98	�	�	NUM
fsr-3295	181	99	0.7	0.7	NUM
fsr-3295	181	100	�	�	NOUN
fsr-3295	181	101	0.3	0.3	NUM
fsr-3295	181	102	0.1	0.1	NUM
fsr-3295	181	103	0.3	0.3	NUM
fsr-3295	181	104	0.5	0.5	NUM
fsr-3295	181	105	1.8	1.8	NUM
fsr-3295	181	106	20.2	20.2	NUM
fsr-3295	181	107	�	�	PROPN
fsr-3295	181	108	15.4	15.4	NUM
fsr-3295	181	109	c	c	NOUN
fsr-3295	181	110	:	:	PUNCT
fsr-3295	181	111	earnings	earning	NOUN
fsr-3295	181	112	,	,	PUNCT
fsr-3295	181	113	standardized	standardize	VERB
fsr-3295	181	114	unscaled	unscaled	ADJ
fsr-3295	181	115	�	�	PROPN
fsr-3295	181	116	13.5	13.5	NUM
fsr-3295	181	117	�	�	PROPN
fsr-3295	181	118	2.4	2.4	NUM
fsr-3295	181	119	�	�	PROPN
fsr-3295	181	120	1.0	1.0	NUM
fsr-3295	181	121	�	�	PROPN
fsr-3295	181	122	0.7	0.7	NUM
fsr-3295	181	123	�	�	NOUN
fsr-3295	181	124	0.2	0.2	NUM
fsr-3295	181	125	0.9	0.9	NUM
fsr-3295	181	126	1.5	1.5	NUM
fsr-3295	181	127	4.3	4.3	NUM
fsr-3295	181	128	33.3	33.3	NUM
fsr-3295	181	129	5.1	5.1	NUM
fsr-3295	181	130	scaled	scale	VERB
fsr-3295	181	131	�	�	PROPN
fsr-3295	181	132	90.5	90.5	NUM
fsr-3295	181	133	�	�	PROPN
fsr-3295	181	134	4.5	4.5	NUM
fsr-3295	181	135	�	�	PROPN
fsr-3295	181	136	0.7	0.7	NUM
fsr-3295	181	137	�	�	NOUN
fsr-3295	181	138	0.3	0.3	NUM
fsr-3295	181	139	0.1	0.1	NUM
fsr-3295	181	140	0.4	0.4	NUM
fsr-3295	181	141	0.6	0.6	NUM
fsr-3295	181	142	1.4	1.4	NUM
fsr-3295	181	143	9.2	9.2	NUM
fsr-3295	181	144	�	�	NOUN
fsr-3295	181	145	25.9	25.9	NUM
fsr-3295	181	146	d	d	NOUN
fsr-3295	181	147	:	:	PUNCT
fsr-3295	181	148	forecasts	forecast	NOUN
fsr-3295	181	149	,	,	PUNCT
fsr-3295	181	150	standardized	standardize	VERB
fsr-3295	181	151	unscaled	unscaled	ADJ
fsr-3295	181	152	�	�	PROPN
fsr-3295	181	153	15.2	15.2	NUM
fsr-3295	181	154	�	�	PROPN
fsr-3295	181	155	2.0	2.0	NUM
fsr-3295	181	156	�	�	PROPN
fsr-3295	181	157	0.9	0.9	NUM
fsr-3295	181	158	�	�	PROPN
fsr-3295	181	159	0.7	0.7	NUM
fsr-3295	181	160	�	�	NOUN
fsr-3295	181	161	0.2	0.2	NUM
fsr-3295	181	162	0.9	0.9	NUM
fsr-3295	181	163	1.4	1.4	NUM
fsr-3295	181	164	4.4	4.4	NUM
fsr-3295	181	165	34.4	34.4	NUM
fsr-3295	181	166	5.9	5.9	NUM
fsr-3295	181	167	scaled	scale	VERB
fsr-3295	181	168	�	�	PROPN
fsr-3295	181	169	95.7	95.7	NUM
fsr-3295	181	170	�	�	PROPN
fsr-3295	181	171	4.2	4.2	NUM
fsr-3295	181	172	�	�	PROPN
fsr-3295	181	173	0.8	0.8	NUM
fsr-3295	181	174	�	�	NOUN
fsr-3295	181	175	0.4	0.4	NUM
fsr-3295	181	176	0.1	0.1	NUM
fsr-3295	181	177	0.5	0.5	NUM
fsr-3295	181	178	0.7	0.7	NUM
fsr-3295	181	179	1.8	1.8	NUM
fsr-3295	181	180	15.2	15.2	NUM
fsr-3295	181	181	�	�	NOUN
fsr-3295	181	182	25.4	25.4	NUM
fsr-3295	181	183	e	e	NOUN
fsr-3295	181	184	:	:	PUNCT
fsr-3295	181	185	normal	normal	ADJ
fsr-3295	181	186	(	(	PUNCT
fsr-3295	181	187	0,1	0,1	NUM
fsr-3295	181	188	)	)	PUNCT
fsr-3295	181	189	�	�	PROPN
fsr-3295	181	190	2.6	2.6	NUM
fsr-3295	181	191	�	�	PROPN
fsr-3295	181	192	1.6	1.6	NUM
fsr-3295	181	193	�	�	PROPN
fsr-3295	181	194	1.3	1.3	NUM
fsr-3295	181	195	0.0	0.0	NUM
fsr-3295	181	196	1.3	1.3	NUM
fsr-3295	181	197	1.6	1.6	NUM
fsr-3295	181	198	2.6	2.6	NUM
fsr-3295	181	199	0	0	NUM
fsr-3295	181	200	panel	panel	NOUN
fsr-3295	181	201	a	a	DET
fsr-3295	181	202	shows	show	NOUN
fsr-3295	181	203	percentiles	percentile	NOUN
fsr-3295	181	204	of	of	ADP
fsr-3295	181	205	the	the	DET
fsr-3295	181	206	distribution	distribution	NOUN
fsr-3295	181	207	of	of	ADP
fsr-3295	181	208	unscaled	unscaled	ADJ
fsr-3295	181	209	quarterly	quarterly	ADJ
fsr-3295	181	210	earnings	earning	NOUN
fsr-3295	181	211	forecast	forecast	NOUN
fsr-3295	181	212	error	error	NOUN
fsr-3295	181	213	from	from	ADP
fsr-3295	181	214	1999	1999	NUM
fsr-3295	181	215	to	to	ADP
fsr-3295	181	216	2016	2016	NUM
fsr-3295	181	217	q3	q3	NOUN
fsr-3295	181	218	for	for	ADP
fsr-3295	181	219	the	the	DET
fsr-3295	181	220	entire	entire	ADJ
fsr-3295	181	221	sample	sample	NOUN
fsr-3295	181	222	(	(	PUNCT
fsr-3295	181	223	row	row	NOUN
fsr-3295	181	224	1	1	NUM
fsr-3295	181	225	)	)	PUNCT
fsr-3295	181	226	and	and	CCONJ
fsr-3295	181	227	after	after	ADP
fsr-3295	181	228	trimming	trim	VERB
fsr-3295	181	229	extreme	extreme	ADJ
fsr-3295	181	230	0.5	0.5	NUM
fsr-3295	181	231	%	%	NOUN
fsr-3295	181	232	tails	tail	NOUN
fsr-3295	181	233	(	(	PUNCT
fsr-3295	181	234	row	row	NOUN
fsr-3295	181	235	2	2	NUM
fsr-3295	181	236	)	)	PUNCT
fsr-3295	181	237	.	.	PUNCT
fsr-3295	182	1	panels	panel	NOUN
fsr-3295	182	2	b	b	PROPN
fsr-3295	182	3	,	,	PUNCT
fsr-3295	182	4	c	c	NOUN
fsr-3295	182	5	,	,	PUNCT
fsr-3295	182	6	and	and	CCONJ
fsr-3295	182	7	d	d	ADP
fsr-3295	182	8	report	report	NOUN
fsr-3295	182	9	percentiles	percentile	NOUN
fsr-3295	182	10	of	of	ADP
fsr-3295	182	11	standardized	standardized	ADJ
fsr-3295	182	12	distributions	distribution	NOUN
fsr-3295	182	13	of	of	ADP
fsr-3295	182	14	trimmed	trim	VERB
fsr-3295	182	15	forecast	forecast	NOUN
fsr-3295	182	16	error	error	NOUN
fsr-3295	182	17	and	and	CCONJ
fsr-3295	182	18	its	its	PRON
fsr-3295	182	19	components	component	NOUN
fsr-3295	182	20	,	,	PUNCT
fsr-3295	182	21	earnings	earning	NOUN
fsr-3295	182	22	and	and	CCONJ
fsr-3295	182	23	forecasts	forecast	NOUN
fsr-3295	182	24	,	,	PUNCT
fsr-3295	182	25	both	both	CCONJ
fsr-3295	182	26	unscaled	unscale	VERB
fsr-3295	182	27	and	and	CCONJ
fsr-3295	182	28	scaled	scale	VERB
fsr-3295	182	29	by	by	ADP
fsr-3295	182	30	stock	stock	NOUN
fsr-3295	182	31	price	price	NOUN
fsr-3295	182	32	and	and	CCONJ
fsr-3295	182	33	multiplied	multiply	VERB
fsr-3295	182	34	by	by	ADP
fsr-3295	182	35	100	100	NUM
fsr-3295	182	36	.	.	PUNCT
fsr-3295	183	1	table	table	NOUN
fsr-3295	183	2	entries	entry	NOUN
fsr-3295	183	3	for	for	ADP
fsr-3295	183	4	panels	panel	NOUN
fsr-3295	183	5	b	b	X
fsr-3295	183	6	–	–	PUNCT
fsr-3295	183	7	d	d	NOUN
fsr-3295	183	8	show	show	NOUN
fsr-3295	183	9	percentiles	percentile	NOUN
fsr-3295	183	10	of	of	ADP
fsr-3295	183	11	each	each	DET
fsr-3295	183	12	standardized	standardized	ADJ
fsr-3295	183	13	distribution	distribution	NOUN
fsr-3295	183	14	in	in	ADP
fsr-3295	183	15	terms	term	NOUN
fsr-3295	183	16	of	of	ADP
fsr-3295	183	17	units	unit	NOUN
fsr-3295	183	18	of	of	ADP
fsr-3295	183	19	standard	standard	ADJ
fsr-3295	183	20	deviation	deviation	NOUN
fsr-3295	183	21	from	from	ADP
fsr-3295	183	22	the	the	DET
fsr-3295	183	23	mean	mean	NOUN
fsr-3295	183	24	.	.	PUNCT
fsr-3295	184	1	comparable	comparable	ADJ
fsr-3295	184	2	statistics	statistic	NOUN
fsr-3295	184	3	are	be	AUX
fsr-3295	184	4	shown	show	VERB
fsr-3295	184	5	for	for	ADP
fsr-3295	184	6	the	the	DET
fsr-3295	184	7	standard	standard	ADJ
fsr-3295	184	8	normal	normal	ADJ
fsr-3295	184	9	distribution	distribution	NOUN
fsr-3295	184	10	in	in	ADP
fsr-3295	184	11	panel	panel	NOUN
fsr-3295	184	12	e.	e.	PROPN
fsr-3295	184	13	46	46	NUM
fsr-3295	184	14	p.	p.	NOUN
fsr-3295	184	15	baird	baird	PROPN
fsr-3295	184	16	/	/	SYM
fsr-3295	184	17	financial	financial	ADJ
fsr-3295	184	18	services	service	NOUN
fsr-3295	184	19	review	review	VERB
fsr-3295	184	20	26	26	NUM
fsr-3295	184	21	(	(	PUNCT
fsr-3295	184	22	2017	2017	NUM
fsr-3295	184	23	)	)	PUNCT
fsr-3295	184	24	37–54	37–54	NUM
fsr-3295	184	25	table	table	NOUN
fsr-3295	184	26	5	5	NUM
fsr-3295	184	27	illustrates	illustrate	VERB
fsr-3295	184	28	the	the	DET
fsr-3295	184	29	presence	presence	NOUN
fsr-3295	184	30	of	of	ADP
fsr-3295	184	31	middle	middle	ADJ
fsr-3295	184	32	and	and	CCONJ
fsr-3295	184	33	tail	tail	NOUN
fsr-3295	184	34	asymmetries	asymmetry	NOUN
fsr-3295	184	35	in	in	ADP
fsr-3295	184	36	the	the	DET
fsr-3295	184	37	forecast	forecast	NOUN
fsr-3295	184	38	error	error	NOUN
fsr-3295	184	39	distribution	distribution	NOUN
fsr-3295	184	40	.	.	PUNCT
fsr-3295	185	1	row	row	VERB
fsr-3295	185	2	a	a	DET
fsr-3295	185	3	shows	show	NOUN
fsr-3295	185	4	the	the	DET
fsr-3295	185	5	proportional	proportional	ADJ
fsr-3295	185	6	distribution	distribution	NOUN
fsr-3295	185	7	of	of	ADP
fsr-3295	185	8	forecast	forecast	NOUN
fsr-3295	185	9	errors	error	NOUN
fsr-3295	185	10	in	in	ADP
fsr-3295	185	11	intervals	interval	NOUN
fsr-3295	185	12	of	of	ADP
fsr-3295	185	13	absolute	absolute	ADJ
fsr-3295	185	14	forecast	forecast	NOUN
fsr-3295	185	15	error	error	NOUN
fsr-3295	185	16	centered	center	VERB
fsr-3295	185	17	on	on	ADP
fsr-3295	185	18	zero	zero	NUM
fsr-3295	185	19	.	.	PUNCT
fsr-3295	186	1	for	for	ADP
fsr-3295	186	2	example	example	NOUN
fsr-3295	186	3	,	,	PUNCT
fsr-3295	186	4	8	8	NUM
fsr-3295	186	5	%	%	NOUN
fsr-3295	186	6	of	of	ADP
fsr-3295	186	7	forecast	forecast	NOUN
fsr-3295	186	8	errors	error	NOUN
fsr-3295	186	9	equal	equal	ADJ
fsr-3295	186	10	zero	zero	NUM
fsr-3295	186	11	,	,	PUNCT
fsr-3295	186	12	5	5	NUM
fsr-3295	186	13	%	%	NOUN
fsr-3295	186	14	of	of	ADP
fsr-3295	186	15	errors	error	NOUN
fsr-3295	186	16	are	be	AUX
fsr-3295	186	17	less	less	ADJ
fsr-3295	186	18	than	than	ADP
fsr-3295	186	19	or	or	CCONJ
fsr-3295	186	20	equal	equal	ADJ
fsr-3295	186	21	to	to	ADP
fsr-3295	186	22	1	1	NUM
fsr-3295	186	23	cent	cent	NOUN
fsr-3295	186	24	in	in	ADP
fsr-3295	186	25	absolute	absolute	ADJ
fsr-3295	186	26	value	value	NOUN
fsr-3295	186	27	,	,	PUNCT
fsr-3295	186	28	and	and	CCONJ
fsr-3295	186	29	so	so	ADV
fsr-3295	186	30	forth	forth	ADV
fsr-3295	186	31	,	,	PUNCT
fsr-3295	186	32	51	51	NUM
fsr-3295	186	33	%	%	NOUN
fsr-3295	186	34	of	of	ADP
fsr-3295	186	35	the	the	DET
fsr-3295	186	36	sample	sample	NOUN
fsr-3295	186	37	is	be	AUX
fsr-3295	186	38	comprised	comprise	VERB
fsr-3295	186	39	of	of	ADP
fsr-3295	186	40	forecast	forecast	NOUN
fsr-3295	186	41	errors	error	NOUN
fsr-3295	186	42	of	of	ADP
fsr-3295	186	43	magnitude	magnitude	NOUN
fsr-3295	186	44	less	less	ADJ
fsr-3295	186	45	than	than	ADP
fsr-3295	186	46	or	or	CCONJ
fsr-3295	186	47	equal	equal	ADJ
fsr-3295	186	48	to	to	ADP
fsr-3295	186	49	5	5	NUM
fsr-3295	186	50	cents	cent	NOUN
fsr-3295	186	51	.	.	PUNCT
fsr-3295	187	1	row	row	NOUN
fsr-3295	187	2	b	b	NOUN
fsr-3295	187	3	shows	show	VERB
fsr-3295	187	4	that	that	SCONJ
fsr-3295	187	5	in	in	ADP
fsr-3295	187	6	the	the	DET
fsr-3295	187	7	complete	complete	ADJ
fsr-3295	187	8	sample	sample	NOUN
fsr-3295	187	9	the	the	DET
fsr-3295	187	10	ratio	ratio	NOUN
fsr-3295	187	11	of	of	ADP
fsr-3295	187	12	positive	positive	ADJ
fsr-3295	187	13	errors	error	NOUN
fsr-3295	187	14	to	to	ADP
fsr-3295	187	15	negative	negative	ADJ
fsr-3295	187	16	errors	error	NOUN
fsr-3295	187	17	p	p	NOUN
fsr-3295	187	18	/	/	SYM
fsr-3295	187	19	n	n	PROPN
fsr-3295	187	20	equals	equal	VERB
fsr-3295	187	21	1.15	1.15	NUM
fsr-3295	187	22	and	and	CCONJ
fsr-3295	187	23	that	that	SCONJ
fsr-3295	187	24	only	only	ADV
fsr-3295	187	25	among	among	ADP
fsr-3295	187	26	errors	error	NOUN
fsr-3295	187	27	larger	large	ADJ
fsr-3295	187	28	than	than	ADP
fsr-3295	187	29	10	10	NUM
fsr-3295	187	30	cents	cent	NOUN
fsr-3295	187	31	magnitude	magnitude	NOUN
fsr-3295	187	32	does	do	AUX
fsr-3295	187	33	the	the	DET
fsr-3295	187	34	number	number	NOUN
fsr-3295	187	35	of	of	ADP
fsr-3295	187	36	negative	negative	ADJ
fsr-3295	187	37	errors	error	NOUN
fsr-3295	187	38	exceed	exceed	VERB
fsr-3295	187	39	the	the	DET
fsr-3295	187	40	number	number	NOUN
fsr-3295	187	41	of	of	ADP
fsr-3295	187	42	positive	positive	ADJ
fsr-3295	187	43	errors	error	NOUN
fsr-3295	187	44	.	.	PUNCT
fsr-3295	188	1	the	the	DET
fsr-3295	188	2	relative	relative	ADJ
fsr-3295	188	3	frequency	frequency	NOUN
fsr-3295	188	4	of	of	ADP
fsr-3295	188	5	small	small	ADJ
fsr-3295	188	6	positive	positive	ADJ
fsr-3295	188	7	errors	error	NOUN
fsr-3295	188	8	versus	versus	ADP
fsr-3295	188	9	small	small	ADJ
fsr-3295	188	10	negative	negative	ADJ
fsr-3295	188	11	errors	error	NOUN
fsr-3295	188	12	evidences	evidence	VERB
fsr-3295	188	13	the	the	DET
fsr-3295	188	14	middle	middle	ADJ
fsr-3295	188	15	asymmetry	asymmetry	NOUN
fsr-3295	188	16	,	,	PUNCT
fsr-3295	188	17	and	and	CCONJ
fsr-3295	188	18	the	the	DET
fsr-3295	188	19	relative	relative	ADJ
fsr-3295	188	20	frequency	frequency	NOUN
fsr-3295	188	21	of	of	ADP
fsr-3295	188	22	large	large	ADJ
fsr-3295	188	23	negative	negative	ADJ
fsr-3295	188	24	errors	error	NOUN
fsr-3295	188	25	versus	versus	ADP
fsr-3295	188	26	large	large	ADJ
fsr-3295	188	27	positive	positive	ADJ
fsr-3295	188	28	errors	error	NOUN
fsr-3295	188	29	evidences	evidence	VERB
fsr-3295	188	30	the	the	DET
fsr-3295	188	31	tail	tail	NOUN
fsr-3295	188	32	asymmetry	asymmetry	NOUN
fsr-3295	188	33	.	.	PUNCT
fsr-3295	189	1	4.2	4.2	NUM
fsr-3295	189	2	.	.	PUNCT
fsr-3295	190	1	the	the	DET
fsr-3295	190	2	horizon	horizon	NOUN
fsr-3295	190	3	profile	profile	NOUN
fsr-3295	190	4	of	of	ADP
fsr-3295	190	5	forecast	forecast	NOUN
fsr-3295	190	6	bias	bias	PROPN
fsr-3295	190	7	richardson	richardson	PROPN
fsr-3295	190	8	et	et	PROPN
fsr-3295	190	9	al	al	PROPN
fsr-3295	190	10	.	.	PROPN
fsr-3295	190	11	(	(	PUNCT
fsr-3295	190	12	2004	2004	NUM
fsr-3295	190	13	)	)	PUNCT
fsr-3295	190	14	demonstrate	demonstrate	VERB
fsr-3295	190	15	that	that	SCONJ
fsr-3295	190	16	earnings	earning	NOUN
fsr-3295	190	17	forecast	forecast	NOUN
fsr-3295	190	18	bias	bias	NOUN
fsr-3295	190	19	switches	switch	VERB
fsr-3295	190	20	from	from	ADP
fsr-3295	190	21	optimism	optimism	NOUN
fsr-3295	190	22	to	to	ADP
fsr-3295	190	23	pessimism	pessimism	NOUN
fsr-3295	190	24	as	as	SCONJ
fsr-3295	190	25	the	the	DET
fsr-3295	190	26	forecast	forecast	NOUN
fsr-3295	190	27	horizon	horizon	NOUN
fsr-3295	190	28	diminishes	diminish	VERB
fsr-3295	190	29	.	.	PUNCT
fsr-3295	191	1	this	this	DET
fsr-3295	191	2	pattern	pattern	NOUN
fsr-3295	191	3	of	of	ADP
fsr-3295	191	4	bias	bias	NOUN
fsr-3295	191	5	over	over	ADP
fsr-3295	191	6	the	the	DET
fsr-3295	191	7	forecast	forecast	NOUN
fsr-3295	191	8	horizon	horizon	NOUN
fsr-3295	191	9	is	be	AUX
fsr-3295	191	10	attributed	attribute	VERB
fsr-3295	191	11	to	to	ADP
fsr-3295	191	12	analysts	analyst	NOUN
fsr-3295	191	13	’	'	PUNCT
fsr-3295	191	14	desire	desire	NOUN
fsr-3295	191	15	to	to	PART
fsr-3295	191	16	support	support	VERB
fsr-3295	191	17	their	their	PRON
fsr-3295	191	18	employers	employer	NOUN
fsr-3295	191	19	’	’	PART
fsr-3295	191	20	underwriting	underwriting	NOUN
fsr-3295	191	21	and	and	CCONJ
fsr-3295	191	22	trading	trading	NOUN
fsr-3295	191	23	operations	operation	NOUN
fsr-3295	191	24	at	at	ADP
fsr-3295	191	25	longer	long	ADJ
fsr-3295	191	26	horizons	horizon	NOUN
fsr-3295	191	27	and	and	CCONJ
fsr-3295	191	28	to	to	PART
fsr-3295	191	29	play	play	VERB
fsr-3295	191	30	along	along	ADP
fsr-3295	191	31	with	with	ADP
fsr-3295	191	32	managers	manager	NOUN
fsr-3295	191	33	in	in	ADP
fsr-3295	191	34	the	the	DET
fsr-3295	191	35	earnings	earning	NOUN
fsr-3295	191	36	guidance	guidance	NOUN
fsr-3295	191	37	game	game	NOUN
fsr-3295	191	38	in	in	ADP
fsr-3295	191	39	which	which	PRON
fsr-3295	191	40	managers	manager	NOUN
fsr-3295	191	41	guide	guide	VERB
fsr-3295	191	42	analysts	analyst	NOUN
fsr-3295	191	43	to	to	ADP
fsr-3295	191	44	beatable	beatable	ADJ
fsr-3295	191	45	forecasts	forecast	NOUN
fsr-3295	191	46	just	just	ADV
fsr-3295	191	47	before	before	ADP
fsr-3295	191	48	quarter	quarter	NOUN
fsr-3295	191	49	end	end	NOUN
fsr-3295	191	50	.	.	PUNCT
fsr-3295	192	1	in	in	ADP
fsr-3295	192	2	the	the	DET
fsr-3295	192	3	case	case	NOUN
fsr-3295	192	4	of	of	ADP
fsr-3295	192	5	value	value	NOUN
fsr-3295	192	6	line	line	NOUN
fsr-3295	192	7	,	,	PUNCT
fsr-3295	192	8	which	which	PRON
fsr-3295	192	9	has	have	VERB
fsr-3295	192	10	no	no	DET
fsr-3295	192	11	underwriting	underwriting	NOUN
fsr-3295	192	12	or	or	CCONJ
fsr-3295	192	13	trading	trading	NOUN
fsr-3295	192	14	operations	operation	NOUN
fsr-3295	192	15	,	,	PUNCT
fsr-3295	192	16	the	the	DET
fsr-3295	192	17	horizon	horizon	NOUN
fsr-3295	192	18	profile	profile	NOUN
fsr-3295	192	19	of	of	ADP
fsr-3295	192	20	forecast	forecast	NOUN
fsr-3295	192	21	bias	bias	NOUN
fsr-3295	192	22	reflects	reflect	VERB
fsr-3295	192	23	analysts	analyst	NOUN
fsr-3295	192	24	’	'	PUNCT
fsr-3295	192	25	desire	desire	NOUN
fsr-3295	192	26	to	to	AUX
fsr-3295	192	27	either	either	CCONJ
fsr-3295	192	28	appease	appease	VERB
fsr-3295	192	29	managers	manager	NOUN
fsr-3295	192	30	or	or	CCONJ
fsr-3295	192	31	to	to	PART
fsr-3295	192	32	maintain	maintain	VERB
fsr-3295	192	33	credibility	credibility	NOUN
fsr-3295	192	34	with	with	ADP
fsr-3295	192	35	investors	investor	NOUN
fsr-3295	192	36	.	.	PUNCT
fsr-3295	193	1	the	the	DET
fsr-3295	193	2	mah	mah	NOUN
fsr-3295	193	3	implies	imply	VERB
fsr-3295	193	4	that	that	SCONJ
fsr-3295	193	5	the	the	DET
fsr-3295	193	6	horizon	horizon	NOUN
fsr-3295	193	7	profile	profile	NOUN
fsr-3295	193	8	will	will	AUX
fsr-3295	193	9	resemble	resemble	VERB
fsr-3295	193	10	that	that	SCONJ
fsr-3295	193	11	in	in	ADP
fsr-3295	193	12	richardson	richardson	PROPN
fsr-3295	193	13	et	et	PROPN
fsr-3295	193	14	al	al	PROPN
fsr-3295	193	15	.	.	PROPN
fsr-3295	193	16	(	(	PUNCT
fsr-3295	193	17	2004	2004	NUM
fsr-3295	193	18	)	)	PUNCT
fsr-3295	193	19	,	,	PUNCT
fsr-3295	193	20	where	where	SCONJ
fsr-3295	193	21	long	long	ADJ
fsr-3295	193	22	-	-	PUNCT
fsr-3295	193	23	horizon	horizon	NOUN
fsr-3295	193	24	optimism	optimism	NOUN
fsr-3295	193	25	becomes	become	VERB
fsr-3295	193	26	short	short	ADJ
fsr-3295	193	27	-	-	PUNCT
fsr-3295	193	28	horizon	horizon	NOUN
fsr-3295	193	29	pessimism	pessimism	NOUN
fsr-3295	193	30	.	.	PUNCT
fsr-3295	194	1	moreover	moreover	ADV
fsr-3295	194	2	,	,	PUNCT
fsr-3295	194	3	the	the	DET
fsr-3295	194	4	profile	profile	NOUN
fsr-3295	194	5	will	will	AUX
fsr-3295	194	6	be	be	AUX
fsr-3295	194	7	more	more	ADV
fsr-3295	194	8	pronounced	pronounce	VERB
fsr-3295	194	9	for	for	ADP
fsr-3295	194	10	sells	sell	NOUN
fsr-3295	194	11	than	than	ADP
fsr-3295	194	12	for	for	ADP
fsr-3295	194	13	buys	buy	NOUN
fsr-3295	194	14	if	if	SCONJ
fsr-3295	194	15	analysts	analyst	NOUN
fsr-3295	194	16	bias	bias	VERB
fsr-3295	194	17	their	their	PRON
fsr-3295	194	18	earnings	earning	NOUN
fsr-3295	194	19	forecasts	forecast	NOUN
fsr-3295	194	20	so	so	SCONJ
fsr-3295	194	21	as	as	SCONJ
fsr-3295	194	22	to	to	PART
fsr-3295	194	23	mitigate	mitigate	VERB
fsr-3295	194	24	the	the	DET
fsr-3295	194	25	ill	ill	ADJ
fsr-3295	194	26	will	will	NOUN
fsr-3295	194	27	that	that	PRON
fsr-3295	194	28	is	be	AUX
fsr-3295	194	29	presumably	presumably	ADV
fsr-3295	194	30	attributable	attributable	ADJ
fsr-3295	194	31	to	to	ADP
fsr-3295	194	32	poor	poor	ADJ
fsr-3295	194	33	investment	investment	NOUN
fsr-3295	194	34	ratings	rating	NOUN
fsr-3295	194	35	.	.	PUNCT
fsr-3295	195	1	that	that	PRON
fsr-3295	195	2	is	be	AUX
fsr-3295	195	3	,	,	PUNCT
fsr-3295	195	4	long	long	ADJ
fsr-3295	195	5	-	-	PUNCT
fsr-3295	195	6	horizon	horizon	NOUN
fsr-3295	195	7	optimism	optimism	NOUN
fsr-3295	195	8	and	and	CCONJ
fsr-3295	195	9	short	short	ADJ
fsr-3295	195	10	-	-	PUNCT
fsr-3295	195	11	horizon	horizon	NOUN
fsr-3295	195	12	pessimism	pessimism	NOUN
fsr-3295	195	13	will	will	AUX
fsr-3295	195	14	both	both	PRON
fsr-3295	195	15	be	be	AUX
fsr-3295	195	16	exaggerated	exaggerated	ADJ
fsr-3295	195	17	for	for	ADP
fsr-3295	195	18	sells	sell	NOUN
fsr-3295	195	19	vis	vis	X
fsr-3295	195	20	-	-	PUNCT
fsr-3295	195	21	à-vis	à-vis	NOUN
fsr-3295	195	22	buys	buy	NOUN
fsr-3295	195	23	.	.	PUNCT
fsr-3295	196	1	conversely	conversely	ADV
fsr-3295	196	2	,	,	PUNCT
fsr-3295	196	3	the	the	DET
fsr-3295	196	4	ach	ach	PROPN
fsr-3295	196	5	implies	imply	VERB
fsr-3295	196	6	that	that	SCONJ
fsr-3295	196	7	forecast	forecast	NOUN
fsr-3295	196	8	bias	bias	NOUN
fsr-3295	196	9	will	will	AUX
fsr-3295	196	10	be	be	AUX
fsr-3295	196	11	such	such	ADJ
fsr-3295	196	12	that	that	SCONJ
fsr-3295	196	13	stocks	stock	NOUN
fsr-3295	196	14	rated	rate	VERB
fsr-3295	196	15	buy	buy	VERB
fsr-3295	196	16	will	will	AUX
fsr-3295	196	17	most	most	ADV
fsr-3295	196	18	often	often	ADV
fsr-3295	196	19	meet	meet	VERB
fsr-3295	196	20	or	or	CCONJ
fsr-3295	196	21	beat	beat	VERB
fsr-3295	196	22	forecasts	forecast	NOUN
fsr-3295	196	23	and	and	CCONJ
fsr-3295	196	24	those	those	PRON
fsr-3295	196	25	rated	rate	VERB
fsr-3295	196	26	sell	sell	NOUN
fsr-3295	196	27	will	will	AUX
fsr-3295	196	28	most	most	ADV
fsr-3295	196	29	often	often	ADV
fsr-3295	196	30	fail	fail	VERB
fsr-3295	196	31	to	to	PART
fsr-3295	196	32	meet	meet	VERB
fsr-3295	196	33	forecasts	forecast	NOUN
fsr-3295	196	34	.	.	PUNCT
fsr-3295	197	1	ach	ach	NOUN
fsr-3295	197	2	implications	implication	NOUN
fsr-3295	197	3	for	for	ADP
fsr-3295	197	4	the	the	DET
fsr-3295	197	5	shape	shape	NOUN
fsr-3295	197	6	of	of	ADP
fsr-3295	197	7	the	the	DET
fsr-3295	197	8	horizon	horizon	NOUN
fsr-3295	197	9	profile	profile	NOUN
fsr-3295	197	10	are	be	AUX
fsr-3295	197	11	not	not	PART
fsr-3295	197	12	clear	clear	ADJ
fsr-3295	197	13	.	.	PUNCT
fsr-3295	198	1	fig	fig	NOUN
fsr-3295	198	2	.	.	PUNCT
fsr-3295	199	1	1	1	NUM
fsr-3295	199	2	displays	display	VERB
fsr-3295	199	3	the	the	DET
fsr-3295	199	4	horizon	horizon	NOUN
fsr-3295	199	5	profile	profile	NOUN
fsr-3295	199	6	of	of	ADP
fsr-3295	199	7	mean	mean	ADJ
fsr-3295	199	8	forecast	forecast	NOUN
fsr-3295	199	9	error	error	NOUN
fsr-3295	199	10	by	by	ADP
fsr-3295	199	11	investment	investment	NOUN
fsr-3295	199	12	rating	rating	NOUN
fsr-3295	199	13	from	from	ADP
fsr-3295	199	14	one	one	NUM
fsr-3295	199	15	year	year	NOUN
fsr-3295	199	16	prior	prior	ADV
fsr-3295	199	17	(	(	PUNCT
fsr-3295	199	18	h	h	PROPN
fsr-3295	199	19	�	�	PROPN
fsr-3295	199	20	�	�	PROPN
fsr-3295	199	21	1	1	NUM
fsr-3295	199	22	)	)	PUNCT
fsr-3295	199	23	to	to	ADP
fsr-3295	199	24	within	within	ADP
fsr-3295	199	25	30	30	NUM
fsr-3295	199	26	days	day	NOUN
fsr-3295	199	27	(	(	PUNCT
fsr-3295	199	28	h	h	NOUN
fsr-3295	199	29	�	�	PROPN
fsr-3295	199	30	0	0	NUM
fsr-3295	199	31	)	)	PUNCT
fsr-3295	199	32	of	of	ADP
fsr-3295	199	33	quarter	quarter	NOUN
fsr-3295	199	34	end	end	NOUN
fsr-3295	199	35	.	.	PUNCT
fsr-3295	200	1	consistent	consistent	ADJ
fsr-3295	200	2	with	with	ADP
fsr-3295	200	3	mah	mah	NOUN
fsr-3295	200	4	,	,	PUNCT
fsr-3295	200	5	mean	mean	ADJ
fsr-3295	200	6	table	table	NOUN
fsr-3295	200	7	5	5	NUM
fsr-3295	200	8	value	value	NOUN
fsr-3295	200	9	line	line	NOUN
fsr-3295	200	10	quarterly	quarterly	PROPN
fsr-3295	200	11	eps	eps	PROPN
fsr-3295	200	12	forecast	forecast	NOUN
fsr-3295	200	13	error	error	NOUN
fsr-3295	200	14	by	by	ADP
fsr-3295	200	15	magnitude	magnitude	NOUN
fsr-3295	200	16	of	of	ADP
fsr-3295	200	17	error	error	NOUN
fsr-3295	200	18	intervals	interval	NOUN
fsr-3295	200	19	of	of	ADP
fsr-3295	200	20	absolute	absolute	ADJ
fsr-3295	200	21	forecast	forecast	NOUN
fsr-3295	200	22	error	error	NOUN
fsr-3295	200	23	(	(	PUNCT
fsr-3295	200	24	$	$	SYM
fsr-3295	200	25	)	)	PUNCT
fsr-3295	200	26	�	�	PROPN
fsr-3295	200	27	fet	fet	PROPN
fsr-3295	200	28	0	0	NUM
fsr-3295	200	29	�	�	PROPN
fsr-3295	200	30	0	0	PUNCT
fsr-3295	201	1	[	[	X
fsr-3295	201	2	0–.01	0–.01	NUM
fsr-3295	201	3	)	)	PUNCT
fsr-3295	202	1	[	[	X
fsr-3295	202	2	.01–.02	.01–.02	PROPN
fsr-3295	202	3	)	)	PUNCT
fsr-3295	203	1	[	[	X
fsr-3295	203	2	.02–.03	.02–.03	X
fsr-3295	203	3	)	)	PUNCT
fsr-3295	204	1	[	[	X
fsr-3295	204	2	.03–.04	.03–.04	PROPN
fsr-3295	204	3	)	)	PUNCT
fsr-3295	205	1	[	[	X
fsr-3295	205	2	.04–.05	.04–.05	PROPN
fsr-3295	205	3	)	)	PUNCT
fsr-3295	206	1	[	[	X
fsr-3295	206	2	.05–.10	.05–.10	PROPN
fsr-3295	206	3	)	)	PUNCT
fsr-3295	206	4	�	�	PROPN
fsr-3295	206	5	0.10	0.10	NUM
fsr-3295	206	6	total	total	NOUN
fsr-3295	206	7	a	a	DET
fsr-3295	206	8	8	8	NUM
fsr-3295	206	9	5	5	NUM
fsr-3295	206	10	14	14	NUM
fsr-3295	206	11	11	11	NUM
fsr-3295	206	12	7	7	NUM
fsr-3295	206	13	7	7	NUM
fsr-3295	206	14	20	20	NUM
fsr-3295	206	15	29	29	NUM
fsr-3295	206	16	100	100	NUM
fsr-3295	206	17	%	%	NOUN
fsr-3295	206	18	b	b	SYM
fsr-3295	206	19	1.26	1.26	NUM
fsr-3295	206	20	1.33	1.33	NUM
fsr-3295	206	21	1.54	1.54	NUM
fsr-3295	206	22	1.41	1.41	NUM
fsr-3295	206	23	1.38	1.38	NUM
fsr-3295	206	24	1.23	1.23	NUM
fsr-3295	206	25	0.84	0.84	NUM
fsr-3295	206	26	1.15	1.15	NUM
fsr-3295	206	27	row	row	NOUN
fsr-3295	206	28	a	a	DET
fsr-3295	206	29	shows	show	NOUN
fsr-3295	206	30	the	the	DET
fsr-3295	206	31	proportional	proportional	ADJ
fsr-3295	206	32	distribution	distribution	NOUN
fsr-3295	206	33	of	of	ADP
fsr-3295	206	34	forecast	forecast	NOUN
fsr-3295	206	35	errors	error	NOUN
fsr-3295	206	36	in	in	ADP
fsr-3295	206	37	intervals	interval	NOUN
fsr-3295	206	38	of	of	ADP
fsr-3295	206	39	absolute	absolute	ADJ
fsr-3295	206	40	forecast	forecast	NOUN
fsr-3295	206	41	error	error	NOUN
fsr-3295	206	42	around	around	ADP
fsr-3295	206	43	zero	zero	NUM
fsr-3295	206	44	.	.	PUNCT
fsr-3295	207	1	for	for	ADP
fsr-3295	207	2	example	example	NOUN
fsr-3295	207	3	,	,	PUNCT
fsr-3295	207	4	8	8	NUM
fsr-3295	207	5	%	%	NOUN
fsr-3295	207	6	of	of	ADP
fsr-3295	207	7	forecast	forecast	NOUN
fsr-3295	207	8	errors	error	NOUN
fsr-3295	207	9	equal	equal	ADJ
fsr-3295	207	10	zero	zero	NUM
fsr-3295	207	11	,	,	PUNCT
fsr-3295	207	12	5	5	NUM
fsr-3295	207	13	%	%	NOUN
fsr-3295	207	14	of	of	ADP
fsr-3295	207	15	errors	error	NOUN
fsr-3295	207	16	are	be	AUX
fsr-3295	207	17	less	less	ADJ
fsr-3295	207	18	than	than	ADP
fsr-3295	207	19	or	or	CCONJ
fsr-3295	207	20	equal	equal	ADJ
fsr-3295	207	21	to	to	ADP
fsr-3295	207	22	$	$	SYM
fsr-3295	207	23	0.01	0.01	NUM
fsr-3295	207	24	in	in	ADP
fsr-3295	207	25	absolute	absolute	ADJ
fsr-3295	207	26	value	value	NOUN
fsr-3295	207	27	,	,	PUNCT
fsr-3295	207	28	and	and	CCONJ
fsr-3295	207	29	so	so	ADV
fsr-3295	207	30	forth	forth	ADV
fsr-3295	207	31	.	.	PUNCT
fsr-3295	208	1	row	row	NOUN
fsr-3295	208	2	b	b	NOUN
fsr-3295	208	3	shows	show	VERB
fsr-3295	208	4	the	the	DET
fsr-3295	208	5	ratio	ratio	NOUN
fsr-3295	208	6	of	of	ADP
fsr-3295	208	7	positive	positive	ADJ
fsr-3295	208	8	to	to	ADP
fsr-3295	208	9	negative	negative	ADJ
fsr-3295	208	10	forecast	forecast	NOUN
fsr-3295	208	11	errors	error	NOUN
fsr-3295	208	12	p	p	X
fsr-3295	208	13	/	/	SYM
fsr-3295	208	14	n	n	NOUN
fsr-3295	208	15	in	in	ADP
fsr-3295	208	16	each	each	DET
fsr-3295	208	17	interval	interval	NOUN
fsr-3295	208	18	of	of	ADP
fsr-3295	208	19	absolute	absolute	ADJ
fsr-3295	208	20	error	error	NOUN
fsr-3295	208	21	.	.	PUNCT
fsr-3295	209	1	for	for	ADP
fsr-3295	209	2	example	example	NOUN
fsr-3295	209	3	,	,	PUNCT
fsr-3295	209	4	among	among	ADP
fsr-3295	209	5	errors	error	NOUN
fsr-3295	209	6	larger	large	ADJ
fsr-3295	209	7	than	than	ADP
fsr-3295	209	8	$	$	SYM
fsr-3295	209	9	0.10	0.10	NUM
fsr-3295	209	10	in	in	ADP
fsr-3295	209	11	magnitude	magnitude	NOUN
fsr-3295	209	12	p	p	X
fsr-3295	209	13	/	/	SYM
fsr-3295	209	14	n	n	CCONJ
fsr-3295	209	15	�	�	PROPN
fsr-3295	209	16	0.84	0.84	NUM
fsr-3295	209	17	,	,	PUNCT
fsr-3295	209	18	and	and	CCONJ
fsr-3295	209	19	in	in	ADP
fsr-3295	209	20	the	the	DET
fsr-3295	209	21	entire	entire	ADJ
fsr-3295	209	22	sample	sample	NOUN
fsr-3295	209	23	p	p	X
fsr-3295	209	24	/	/	SYM
fsr-3295	209	25	n	n	CCONJ
fsr-3295	209	26	�	�	PROPN
fsr-3295	209	27	1.15	1.15	NUM
fsr-3295	209	28	.	.	PUNCT
fsr-3295	210	1	the	the	DET
fsr-3295	210	2	sample	sample	NOUN
fsr-3295	210	3	is	be	AUX
fsr-3295	210	4	trimmed	trim	VERB
fsr-3295	210	5	at	at	ADP
fsr-3295	210	6	the	the	DET
fsr-3295	210	7	extreme	extreme	ADJ
fsr-3295	210	8	0.5	0.5	NUM
fsr-3295	210	9	%	%	NOUN
fsr-3295	210	10	tails	tail	NOUN
fsr-3295	210	11	of	of	ADP
fsr-3295	210	12	the	the	DET
fsr-3295	210	13	error	error	NOUN
fsr-3295	210	14	distribution	distribution	NOUN
fsr-3295	210	15	.	.	PUNCT
fsr-3295	211	1	47p	47p	NOUN
fsr-3295	211	2	.	.	PUNCT
fsr-3295	212	1	baird	baird	PROPN
fsr-3295	212	2	/	/	SYM
fsr-3295	212	3	financial	financial	ADJ
fsr-3295	212	4	services	service	NOUN
fsr-3295	212	5	review	review	VERB
fsr-3295	212	6	26	26	NUM
fsr-3295	212	7	(	(	PUNCT
fsr-3295	212	8	2017	2017	NUM
fsr-3295	212	9	)	)	PUNCT
fsr-3295	212	10	37–54	37–54	NUM
fsr-3295	212	11	forecast	forecast	NOUN
fsr-3295	212	12	error	error	NOUN
fsr-3295	212	13	at	at	ADP
fsr-3295	212	14	long	long	ADJ
fsr-3295	212	15	-	-	PUNCT
fsr-3295	212	16	horizon	horizon	NOUN
fsr-3295	212	17	indicates	indicate	VERB
fsr-3295	212	18	optimism	optimism	NOUN
fsr-3295	212	19	that	that	PRON
fsr-3295	212	20	is	be	AUX
fsr-3295	212	21	decreasing	decrease	VERB
fsr-3295	212	22	in	in	ADP
fsr-3295	212	23	investment	investment	NOUN
fsr-3295	212	24	rating	rating	NOUN
fsr-3295	212	25	;	;	PUNCT
fsr-3295	212	26	that	that	PRON
fsr-3295	212	27	is	is	ADV
fsr-3295	212	28	,	,	PUNCT
fsr-3295	212	29	analysts	analyst	NOUN
fsr-3295	212	30	are	be	AUX
fsr-3295	212	31	optimistic	optimistic	ADJ
fsr-3295	212	32	for	for	ADP
fsr-3295	212	33	all	all	DET
fsr-3295	212	34	stocks	stock	NOUN
fsr-3295	212	35	,	,	PUNCT
fsr-3295	212	36	but	but	CCONJ
fsr-3295	212	37	they	they	PRON
fsr-3295	212	38	are	be	AUX
fsr-3295	212	39	more	more	ADV
fsr-3295	212	40	optimistic	optimistic	ADJ
fsr-3295	212	41	for	for	ADP
fsr-3295	212	42	sells	sell	NOUN
fsr-3295	212	43	versus	versus	ADP
fsr-3295	212	44	holds	hold	NOUN
fsr-3295	212	45	and	and	CCONJ
fsr-3295	212	46	for	for	ADP
fsr-3295	212	47	holds	hold	NOUN
fsr-3295	212	48	versus	versus	ADP
fsr-3295	212	49	buys	buy	NOUN
fsr-3295	212	50	.	.	PUNCT
fsr-3295	213	1	if	if	SCONJ
fsr-3295	213	2	,	,	PUNCT
fsr-3295	213	3	however	however	ADV
fsr-3295	213	4	,	,	PUNCT
fsr-3295	213	5	analysts	analyst	NOUN
fsr-3295	213	6	seek	seek	VERB
fsr-3295	213	7	to	to	PART
fsr-3295	213	8	appease	appease	VERB
fsr-3295	213	9	managers	manager	NOUN
fsr-3295	213	10	,	,	PUNCT
fsr-3295	213	11	and	and	CCONJ
fsr-3295	213	12	if	if	SCONJ
fsr-3295	213	13	managers	manager	NOUN
fsr-3295	213	14	prefer	prefer	VERB
fsr-3295	213	15	that	that	SCONJ
fsr-3295	213	16	analysts	analyst	NOUN
fsr-3295	213	17	issue	issue	VERB
fsr-3295	213	18	beatable	beatable	ADJ
fsr-3295	213	19	forecasts	forecast	NOUN
fsr-3295	213	20	,	,	PUNCT
fsr-3295	213	21	then	then	ADV
fsr-3295	213	22	forecast	forecast	NOUN
fsr-3295	213	23	optimism	optimism	NOUN
fsr-3295	213	24	will	will	AUX
fsr-3295	213	25	become	become	VERB
fsr-3295	213	26	pessimism	pessimism	NOUN
fsr-3295	213	27	before	before	ADP
fsr-3295	213	28	quarter	quarter	NOUN
fsr-3295	213	29	end	end	NOUN
fsr-3295	213	30	.	.	PUNCT
fsr-3295	214	1	clearly	clearly	ADV
fsr-3295	214	2	,	,	PUNCT
fsr-3295	214	3	except	except	SCONJ
fsr-3295	214	4	for	for	ADP
fsr-3295	214	5	buys	buy	NOUN
fsr-3295	214	6	,	,	PUNCT
fsr-3295	214	7	this	this	PRON
fsr-3295	214	8	does	do	AUX
fsr-3295	214	9	not	not	PART
fsr-3295	214	10	happen	happen	VERB
fsr-3295	214	11	.	.	PUNCT
fsr-3295	215	1	hence	hence	ADV
fsr-3295	215	2	,	,	PUNCT
fsr-3295	215	3	it	it	PRON
fsr-3295	215	4	does	do	AUX
fsr-3295	215	5	not	not	PART
fsr-3295	215	6	appear	appear	VERB
fsr-3295	215	7	from	from	ADP
fsr-3295	215	8	the	the	DET
fsr-3295	215	9	horizon	horizon	NOUN
fsr-3295	215	10	profile	profile	NOUN
fsr-3295	215	11	of	of	ADP
fsr-3295	215	12	forecast	forecast	NOUN
fsr-3295	215	13	bias	bias	NOUN
fsr-3295	215	14	that	that	SCONJ
fsr-3295	215	15	analysts	analyst	NOUN
fsr-3295	215	16	seek	seek	VERB
fsr-3295	215	17	to	to	PART
fsr-3295	215	18	appease	appease	VERB
fsr-3295	215	19	managers	manager	NOUN
fsr-3295	215	20	.	.	PUNCT
fsr-3295	216	1	rather	rather	ADV
fsr-3295	216	2	,	,	PUNCT
fsr-3295	216	3	the	the	DET
fsr-3295	216	4	horizon	horizon	NOUN
fsr-3295	216	5	profile	profile	NOUN
fsr-3295	216	6	suggests	suggest	VERB
fsr-3295	216	7	that	that	SCONJ
fsr-3295	216	8	,	,	PUNCT
fsr-3295	216	9	consistent	consistent	ADJ
fsr-3295	216	10	with	with	ADP
fsr-3295	216	11	analyst	analyst	NOUN
fsr-3295	216	12	credibility	credibility	NOUN
fsr-3295	216	13	,	,	PUNCT
fsr-3295	216	14	forecast	forecast	NOUN
fsr-3295	216	15	bias	bias	NOUN
fsr-3295	216	16	is	be	AUX
fsr-3295	216	17	such	such	ADJ
fsr-3295	216	18	that	that	SCONJ
fsr-3295	216	19	,	,	PUNCT
fsr-3295	216	20	on	on	ADP
fsr-3295	216	21	average	average	ADJ
fsr-3295	216	22	,	,	PUNCT
fsr-3295	216	23	stocks	stock	NOUN
fsr-3295	216	24	rated	rate	VERB
fsr-3295	216	25	buy	buy	VERB
fsr-3295	216	26	meet	meet	NOUN
fsr-3295	216	27	or	or	CCONJ
fsr-3295	216	28	beat	beat	VERB
fsr-3295	216	29	forecasts	forecast	NOUN
fsr-3295	216	30	,	,	PUNCT
fsr-3295	216	31	stocks	stock	NOUN
fsr-3295	216	32	rated	rate	VERB
fsr-3295	216	33	sell	sell	NOUN
fsr-3295	216	34	fail	fail	NOUN
fsr-3295	216	35	to	to	PART
fsr-3295	216	36	meet	meet	VERB
fsr-3295	216	37	,	,	PUNCT
fsr-3295	216	38	and	and	CCONJ
fsr-3295	216	39	stocks	stock	NOUN
fsr-3295	216	40	rated	rate	VERB
fsr-3295	216	41	hold	hold	VERB
fsr-3295	216	42	lie	lie	NOUN
fsr-3295	216	43	between	between	ADP
fsr-3295	216	44	these	these	DET
fsr-3295	216	45	cases	case	NOUN
fsr-3295	216	46	.	.	PUNCT
fsr-3295	217	1	4.3	4.3	NUM
fsr-3295	217	2	.	.	PUNCT
fsr-3295	217	3	earnings	earning	NOUN
fsr-3295	217	4	forecast	forecast	NOUN
fsr-3295	217	5	bias	bias	NOUN
fsr-3295	217	6	table	table	NOUN
fsr-3295	217	7	6	6	NUM
fsr-3295	217	8	characterizes	characterize	VERB
fsr-3295	217	9	the	the	DET
fsr-3295	217	10	forecast	forecast	NOUN
fsr-3295	217	11	error	error	NOUN
fsr-3295	217	12	distribution	distribution	NOUN
fsr-3295	217	13	in	in	ADP
fsr-3295	217	14	the	the	DET
fsr-3295	217	15	complete	complete	ADJ
fsr-3295	217	16	sample	sample	NOUN
fsr-3295	217	17	and	and	CCONJ
fsr-3295	217	18	segmented	segment	VERB
fsr-3295	217	19	by	by	ADP
fsr-3295	217	20	investment	investment	NOUN
fsr-3295	217	21	rating	rating	NOUN
fsr-3295	217	22	.	.	PUNCT
fsr-3295	218	1	panel	panel	NOUN
fsr-3295	218	2	a	a	DET
fsr-3295	218	3	shows	show	NOUN
fsr-3295	218	4	that	that	SCONJ
fsr-3295	218	5	in	in	ADP
fsr-3295	218	6	the	the	DET
fsr-3295	218	7	entire	entire	ADJ
fsr-3295	218	8	sample	sample	NOUN
fsr-3295	218	9	the	the	DET
fsr-3295	218	10	mean	mean	ADJ
fsr-3295	218	11	(	(	PUNCT
fsr-3295	218	12	median	median	ADJ
fsr-3295	218	13	)	)	PUNCT
fsr-3295	218	14	forecast	forecast	NOUN
fsr-3295	218	15	error	error	NOUN
fsr-3295	218	16	equals	equal	VERB
fsr-3295	218	17	�	�	NOUN
fsr-3295	218	18	1.4	1.4	NUM
fsr-3295	218	19	(	(	PUNCT
fsr-3295	218	20	0.0	0.0	NUM
fsr-3295	218	21	)	)	PUNCT
fsr-3295	218	22	cents	cent	NOUN
fsr-3295	218	23	,	,	PUNCT
fsr-3295	218	24	while	while	SCONJ
fsr-3295	218	25	positive	positive	ADJ
fsr-3295	218	26	forecast	forecast	NOUN
fsr-3295	218	27	errors	error	NOUN
fsr-3295	218	28	exceed	exceed	VERB
fsr-3295	218	29	negative	negative	ADJ
fsr-3295	218	30	errors	error	NOUN
fsr-3295	218	31	by	by	ADP
fsr-3295	218	32	a	a	DET
fsr-3295	218	33	ratio	ratio	NOUN
fsr-3295	218	34	fig	fig	NOUN
fsr-3295	218	35	.	.	PUNCT
fsr-3295	219	1	1	1	X
fsr-3295	219	2	.	.	X
fsr-3295	219	3	the	the	DET
fsr-3295	219	4	horizon	horizon	NOUN
fsr-3295	219	5	profile	profile	NOUN
fsr-3295	219	6	of	of	ADP
fsr-3295	219	7	mean	mean	PROPN
fsr-3295	219	8	eps	eps	PROPN
fsr-3295	219	9	forecast	forecast	NOUN
fsr-3295	219	10	error	error	NOUN
fsr-3295	219	11	by	by	ADP
fsr-3295	219	12	investment	investment	NOUN
fsr-3295	219	13	rating	rating	NOUN
fsr-3295	219	14	:	:	PUNCT
fsr-3295	219	15	1999–2016	1999–2016	NUM
fsr-3295	219	16	q3	q3	PROPN
fsr-3295	219	17	.	.	PUNCT
fsr-3295	220	1	notes	note	VERB
fsr-3295	220	2	:	:	PUNCT
fsr-3295	220	3	h	h	PROPN
fsr-3295	220	4	�	�	PROPN
fsr-3295	220	5	�	�	PROPN
fsr-3295	220	6	1	1	NUM
fsr-3295	220	7	denotes	denote	NOUN
fsr-3295	220	8	1	1	NUM
fsr-3295	220	9	-	-	PUNCT
fsr-3295	220	10	year	year	NOUN
fsr-3295	220	11	before	before	ADP
fsr-3295	220	12	quarter	quarter	NOUN
fsr-3295	220	13	end	end	NOUN
fsr-3295	220	14	;	;	PUNCT
fsr-3295	220	15	h	h	PROPN
fsr-3295	220	16	�	�	PROPN
fsr-3295	220	17	0	0	NUM
fsr-3295	220	18	denotes	denotes	PROPN
fsr-3295	220	19	�	�	PROPN
fsr-3295	220	20	30	30	NUM
fsr-3295	220	21	days	day	NOUN
fsr-3295	220	22	before	before	ADP
fsr-3295	220	23	quarter	quarter	NOUN
fsr-3295	220	24	end	end	NOUN
fsr-3295	220	25	.	.	PUNCT
fsr-3295	221	1	table	table	NOUN
fsr-3295	221	2	6	6	NUM
fsr-3295	221	3	quarterly	quarterly	PROPN
fsr-3295	221	4	eps	eps	PROPN
fsr-3295	221	5	forecast	forecast	NOUN
fsr-3295	221	6	error	error	NOUN
fsr-3295	221	7	distribution	distribution	NOUN
fsr-3295	221	8	in	in	ADP
fsr-3295	221	9	the	the	DET
fsr-3295	221	10	complete	complete	ADJ
fsr-3295	221	11	sample	sample	NOUN
fsr-3295	221	12	and	and	CCONJ
fsr-3295	221	13	by	by	ADP
fsr-3295	221	14	investment	investment	NOUN
fsr-3295	221	15	rating	rating	NOUN
fsr-3295	221	16	forecast	forecast	NOUN
fsr-3295	221	17	error	error	NOUN
fsr-3295	221	18	(	(	PUNCT
fsr-3295	221	19	fet	fet	NOUN
fsr-3295	221	20	0	0	NUM
fsr-3295	221	21	)	)	PUNCT
fsr-3295	221	22	ratio	ratio	NOUN
fsr-3295	221	23	of	of	ADP
fsr-3295	221	24	positive	positive	ADJ
fsr-3295	221	25	to	to	ADP
fsr-3295	221	26	negative	negative	ADJ
fsr-3295	221	27	forecast	forecast	NOUN
fsr-3295	221	28	errors	error	NOUN
fsr-3295	221	29	(	(	PUNCT
fsr-3295	221	30	p	p	NOUN
fsr-3295	221	31	/	/	SYM
fsr-3295	221	32	n	n	CCONJ
fsr-3295	221	33	)	)	PUNCT
fsr-3295	221	34	mean	mean	NOUN
fsr-3295	222	1	median	median	PROPN
fsr-3295	222	2	[	[	X
fsr-3295	222	3	0–.01	0–.01	NUM
fsr-3295	222	4	)	)	PUNCT
fsr-3295	223	1	[	[	X
fsr-3295	223	2	.01–.02	.01–.02	PROPN
fsr-3295	223	3	)	)	PUNCT
fsr-3295	224	1	[	[	X
fsr-3295	224	2	.02–.03	.02–.03	X
fsr-3295	224	3	)	)	PUNCT
fsr-3295	225	1	[	[	X
fsr-3295	225	2	.03–.04	.03–.04	PROPN
fsr-3295	225	3	)	)	PUNCT
fsr-3295	226	1	[	[	X
fsr-3295	226	2	.04–.05	.04–.05	PROPN
fsr-3295	226	3	)	)	PUNCT
fsr-3295	227	1	[	[	X
fsr-3295	227	2	.05–.10	.05–.10	PROPN
fsr-3295	227	3	)	)	PUNCT
fsr-3295	227	4	�	�	PROPN
fsr-3295	227	5	0.10	0.10	NUM
fsr-3295	227	6	total	total	NOUN
fsr-3295	227	7	a	a	DET
fsr-3295	227	8	:	:	PUNCT
fsr-3295	227	9	complete	complete	ADJ
fsr-3295	227	10	sample	sample	NOUN
fsr-3295	227	11	�	�	PROPN
fsr-3295	227	12	0.014	0.014	NUM
fsr-3295	227	13	0.000	0.000	NUM
fsr-3295	227	14	1.26	1.26	NUM
fsr-3295	227	15	1.33	1.33	NUM
fsr-3295	227	16	1.54	1.54	NUM
fsr-3295	227	17	1.41	1.41	NUM
fsr-3295	227	18	1.38	1.38	NUM
fsr-3295	227	19	1.23	1.23	NUM
fsr-3295	227	20	0.84	0.84	NUM
fsr-3295	227	21	1.15	1.15	NUM
fsr-3295	227	22	b	b	NOUN
fsr-3295	227	23	:	:	PUNCT
fsr-3295	227	24	investment	investment	NOUN
fsr-3295	227	25	rating	rating	NOUN
fsr-3295	227	26	buy	buy	VERB
fsr-3295	227	27	0.023	0.023	NUM
fsr-3295	227	28	0.020	0.020	NUM
fsr-3295	227	29	1.76	1.76	NUM
fsr-3295	227	30	1.72	1.72	NUM
fsr-3295	227	31	2.14	2.14	NUM
fsr-3295	227	32	2.21	2.21	NUM
fsr-3295	227	33	2.13	2.13	NUM
fsr-3295	227	34	2.20	2.20	NUM
fsr-3295	227	35	1.88	1.88	NUM
fsr-3295	227	36	1.98	1.98	NUM
fsr-3295	227	37	hold	hold	NOUN
fsr-3295	227	38	�	�	PROPN
fsr-3295	227	39	0.010	0.010	NUM
fsr-3295	227	40	0.000	0.000	NUM
fsr-3295	227	41	1.21	1.21	NUM
fsr-3295	227	42	1.29	1.29	NUM
fsr-3295	227	43	1.51	1.51	NUM
fsr-3295	227	44	1.32	1.32	NUM
fsr-3295	227	45	1.37	1.37	NUM
fsr-3295	227	46	1.22	1.22	NUM
fsr-3295	227	47	0.89	0.89	NUM
fsr-3295	227	48	1.16	1.16	NUM
fsr-3295	227	49	sell	sell	PROPN
fsr-3295	227	50	�	�	PROPN
fsr-3295	227	51	0.065	0.065	NUM
fsr-3295	227	52	�	�	PROPN
fsr-3295	227	53	0.020	0.020	NUM
fsr-3295	227	54	0.84	0.84	NUM
fsr-3295	227	55	1.01	1.01	NUM
fsr-3295	227	56	1.05	1.05	NUM
fsr-3295	227	57	0.95	0.95	NUM
fsr-3295	227	58	0.87	0.87	NUM
fsr-3295	227	59	0.70	0.70	NUM
fsr-3295	227	60	0.39	0.39	NUM
fsr-3295	227	61	0.65	0.65	NUM
fsr-3295	227	62	table	table	NOUN
fsr-3295	227	63	entries	entry	NOUN
fsr-3295	227	64	show	show	VERB
fsr-3295	227	65	mean	mean	VERB
fsr-3295	227	66	and	and	CCONJ
fsr-3295	227	67	median	median	ADJ
fsr-3295	227	68	quarterly	quarterly	PROPN
fsr-3295	227	69	eps	eps	PROPN
fsr-3295	227	70	forecast	forecast	NOUN
fsr-3295	227	71	error	error	NOUN
fsr-3295	227	72	and	and	CCONJ
fsr-3295	227	73	ratios	ratio	NOUN
fsr-3295	227	74	of	of	ADP
fsr-3295	227	75	positive	positive	ADJ
fsr-3295	227	76	to	to	ADP
fsr-3295	227	77	negative	negative	ADJ
fsr-3295	227	78	forecast	forecast	NOUN
fsr-3295	227	79	error	error	NOUN
fsr-3295	227	80	(	(	PUNCT
fsr-3295	227	81	p	p	NOUN
fsr-3295	227	82	/	/	SYM
fsr-3295	227	83	n	n	CCONJ
fsr-3295	227	84	)	)	PUNCT
fsr-3295	227	85	by	by	ADP
fsr-3295	227	86	magnitude	magnitude	NOUN
fsr-3295	227	87	of	of	ADP
fsr-3295	227	88	absolute	absolute	ADJ
fsr-3295	227	89	forecast	forecast	NOUN
fsr-3295	227	90	error	error	NOUN
fsr-3295	227	91	.	.	PUNCT
fsr-3295	228	1	panel	panel	NOUN
fsr-3295	228	2	a	a	DET
fsr-3295	228	3	pertains	pertain	NOUN
fsr-3295	228	4	to	to	ADP
fsr-3295	228	5	the	the	DET
fsr-3295	228	6	entire	entire	ADJ
fsr-3295	228	7	sample	sample	NOUN
fsr-3295	228	8	.	.	PUNCT
fsr-3295	229	1	panel	panel	NOUN
fsr-3295	229	2	b	b	PROPN
fsr-3295	229	3	segments	segment	NOUN
fsr-3295	229	4	results	result	VERB
fsr-3295	229	5	by	by	ADP
fsr-3295	229	6	investment	investment	NOUN
fsr-3295	229	7	rating	rating	NOUN
fsr-3295	229	8	.	.	PUNCT
fsr-3295	230	1	48	48	NUM
fsr-3295	230	2	p.	p.	NOUN
fsr-3295	230	3	baird	baird	PROPN
fsr-3295	230	4	/	/	SYM
fsr-3295	230	5	financial	financial	ADJ
fsr-3295	230	6	services	service	NOUN
fsr-3295	230	7	review	review	VERB
fsr-3295	230	8	26	26	NUM
fsr-3295	230	9	(	(	PUNCT
fsr-3295	230	10	2017	2017	NUM
fsr-3295	230	11	)	)	PUNCT
fsr-3295	230	12	37–54	37–54	NUM
fsr-3295	230	13	of	of	ADP
fsr-3295	230	14	1.15	1.15	NUM
fsr-3295	230	15	to	to	PART
fsr-3295	230	16	1	1	NUM
fsr-3295	230	17	(	(	PUNCT
fsr-3295	230	18	i.e.	i.e.	X
fsr-3295	230	19	,	,	PUNCT
fsr-3295	230	20	by	by	ADP
fsr-3295	230	21	49	49	NUM
fsr-3295	230	22	to	to	PART
fsr-3295	230	23	43	43	NUM
fsr-3295	230	24	%	%	NOUN
fsr-3295	230	25	)	)	PUNCT
fsr-3295	230	26	.	.	PUNCT
fsr-3295	231	1	as	as	SCONJ
fsr-3295	231	2	can	can	AUX
fsr-3295	231	3	be	be	AUX
fsr-3295	231	4	seen	see	VERB
fsr-3295	231	5	in	in	ADP
fsr-3295	231	6	ratios	ratio	NOUN
fsr-3295	231	7	of	of	ADP
fsr-3295	231	8	positive	positive	ADJ
fsr-3295	231	9	-	-	PUNCT
fsr-3295	231	10	to	to	ADP
fsr-3295	231	11	-	-	PUNCT
fsr-3295	231	12	negative	negative	ADJ
fsr-3295	231	13	errors	error	NOUN
fsr-3295	231	14	,	,	PUNCT
fsr-3295	231	15	positive	positive	ADJ
fsr-3295	231	16	errors	error	NOUN
fsr-3295	231	17	are	be	AUX
fsr-3295	231	18	most	most	ADV
fsr-3295	231	19	frequently	frequently	ADV
fsr-3295	231	20	of	of	ADP
fsr-3295	231	21	small	small	ADJ
fsr-3295	231	22	magnitude	magnitude	NOUN
fsr-3295	231	23	(	(	PUNCT
fsr-3295	231	24	�	�	NOUN
fsr-3295	231	25	10	10	NUM
fsr-3295	231	26	cents	cent	NOUN
fsr-3295	231	27	)	)	PUNCT
fsr-3295	231	28	,	,	PUNCT
fsr-3295	231	29	and	and	CCONJ
fsr-3295	231	30	negative	negative	ADJ
fsr-3295	231	31	errors	error	NOUN
fsr-3295	231	32	are	be	AUX
fsr-3295	231	33	most	most	ADV
fsr-3295	231	34	frequently	frequently	ADV
fsr-3295	231	35	of	of	ADP
fsr-3295	231	36	large	large	ADJ
fsr-3295	231	37	magnitude	magnitude	NOUN
fsr-3295	231	38	(	(	PUNCT
fsr-3295	231	39	�	�	NOUN
fsr-3295	231	40	10	10	NUM
fsr-3295	231	41	cents	cent	NOUN
fsr-3295	231	42	)	)	PUNCT
fsr-3295	231	43	.	.	PUNCT
fsr-3295	232	1	this	this	PRON
fsr-3295	232	2	is	be	AUX
fsr-3295	232	3	consistent	consistent	ADJ
fsr-3295	232	4	with	with	ADP
fsr-3295	232	5	the	the	DET
fsr-3295	232	6	presence	presence	NOUN
fsr-3295	232	7	of	of	ADP
fsr-3295	232	8	both	both	CCONJ
fsr-3295	232	9	middle	middle	ADJ
fsr-3295	232	10	and	and	CCONJ
fsr-3295	232	11	tail	tail	NOUN
fsr-3295	232	12	asymmetries	asymmetry	NOUN
fsr-3295	232	13	.	.	PUNCT
fsr-3295	233	1	panel	panel	NOUN
fsr-3295	233	2	b	b	PROPN
fsr-3295	233	3	shows	show	VERB
fsr-3295	233	4	that	that	SCONJ
fsr-3295	233	5	by	by	ADP
fsr-3295	233	6	a	a	DET
fsr-3295	233	7	ratio	ratio	NOUN
fsr-3295	233	8	of	of	ADP
fsr-3295	233	9	nearly	nearly	ADV
fsr-3295	233	10	2	2	NUM
fsr-3295	233	11	-	-	PUNCT
fsr-3295	233	12	to-1	to-1	PRON
fsr-3295	233	13	positive	positive	ADJ
fsr-3295	233	14	forecast	forecast	NOUN
fsr-3295	233	15	errors	error	NOUN
fsr-3295	233	16	for	for	ADP
fsr-3295	233	17	stocks	stock	NOUN
fsr-3295	233	18	rated	rate	VERB
fsr-3295	233	19	buy	buy	VERB
fsr-3295	233	20	exceed	exceed	VERB
fsr-3295	233	21	negative	negative	ADJ
fsr-3295	233	22	errors	error	NOUN
fsr-3295	233	23	.	.	PUNCT
fsr-3295	234	1	among	among	ADP
fsr-3295	234	2	stocks	stock	NOUN
fsr-3295	234	3	rated	rate	VERB
fsr-3295	234	4	sell	sell	PROPN
fsr-3295	234	5	,	,	PUNCT
fsr-3295	234	6	the	the	DET
fsr-3295	234	7	ratio	ratio	NOUN
fsr-3295	234	8	of	of	ADP
fsr-3295	234	9	positive	positive	ADJ
fsr-3295	234	10	-	-	PUNCT
fsr-3295	234	11	to	to	ADP
fsr-3295	234	12	-	-	PUNCT
fsr-3295	234	13	negative	negative	ADJ
fsr-3295	234	14	errors	error	NOUN
fsr-3295	234	15	equals	equal	VERB
fsr-3295	234	16	0.65	0.65	NUM
fsr-3295	234	17	,	,	PUNCT
fsr-3295	234	18	which	which	PRON
fsr-3295	234	19	indicates	indicate	VERB
fsr-3295	234	20	more	more	ADJ
fsr-3295	234	21	than	than	ADP
fsr-3295	234	22	1.5	1.5	NUM
fsr-3295	234	23	negative	negative	ADJ
fsr-3295	234	24	errors	error	NOUN
fsr-3295	234	25	for	for	ADP
fsr-3295	234	26	each	each	DET
fsr-3295	234	27	positive	positive	ADJ
fsr-3295	234	28	error	error	NOUN
fsr-3295	234	29	.	.	PUNCT
fsr-3295	235	1	among	among	ADP
fsr-3295	235	2	stocks	stock	NOUN
fsr-3295	235	3	rated	rate	VERB
fsr-3295	235	4	buy	buy	VERB
fsr-3295	235	5	,	,	PUNCT
fsr-3295	235	6	the	the	DET
fsr-3295	235	7	prevalence	prevalence	NOUN
fsr-3295	235	8	of	of	ADP
fsr-3295	235	9	positive	positive	ADJ
fsr-3295	235	10	versus	versus	ADP
fsr-3295	235	11	negative	negative	ADJ
fsr-3295	235	12	errors	error	NOUN
fsr-3295	235	13	is	be	AUX
fsr-3295	235	14	apparent	apparent	ADJ
fsr-3295	235	15	across	across	ADP
fsr-3295	235	16	all	all	DET
fsr-3295	235	17	magnitudes	magnitude	NOUN
fsr-3295	235	18	of	of	ADP
fsr-3295	235	19	error	error	NOUN
fsr-3295	235	20	,	,	PUNCT
fsr-3295	235	21	and	and	CCONJ
fsr-3295	235	22	there	there	PRON
fsr-3295	235	23	is	be	VERB
fsr-3295	235	24	no	no	DET
fsr-3295	235	25	evidence	evidence	NOUN
fsr-3295	235	26	of	of	ADP
fsr-3295	235	27	a	a	DET
fsr-3295	235	28	tail	tail	NOUN
fsr-3295	235	29	asymmetry	asymmetry	NOUN
fsr-3295	235	30	.	.	PUNCT
fsr-3295	236	1	among	among	ADP
fsr-3295	236	2	stocks	stock	NOUN
fsr-3295	236	3	rated	rate	VERB
fsr-3295	236	4	sell	sell	NOUN
fsr-3295	236	5	,	,	PUNCT
fsr-3295	236	6	there	there	PRON
fsr-3295	236	7	is	be	VERB
fsr-3295	236	8	virtually	virtually	ADV
fsr-3295	236	9	no	no	DET
fsr-3295	236	10	evidence	evidence	NOUN
fsr-3295	236	11	of	of	ADP
fsr-3295	236	12	a	a	DET
fsr-3295	236	13	middle	middle	ADJ
fsr-3295	236	14	asymmetry	asymmetry	NOUN
fsr-3295	236	15	;	;	PUNCT
fsr-3295	236	16	only	only	ADV
fsr-3295	236	17	a	a	DET
fsr-3295	236	18	tail	tail	NOUN
fsr-3295	236	19	asymmetry	asymmetry	NOUN
fsr-3295	236	20	is	be	AUX
fsr-3295	236	21	apparent	apparent	ADJ
fsr-3295	236	22	.	.	PUNCT
fsr-3295	237	1	these	these	DET
fsr-3295	237	2	results	result	NOUN
fsr-3295	237	3	are	be	AUX
fsr-3295	237	4	consistent	consistent	ADJ
fsr-3295	237	5	with	with	ADP
fsr-3295	237	6	the	the	DET
fsr-3295	237	7	ach	ach	NOUN
fsr-3295	237	8	,	,	PUNCT
fsr-3295	237	9	which	which	PRON
fsr-3295	237	10	implies	imply	VERB
fsr-3295	237	11	that	that	SCONJ
fsr-3295	237	12	analysts	analyst	NOUN
fsr-3295	237	13	bias	bias	VERB
fsr-3295	237	14	their	their	PRON
fsr-3295	237	15	forecasts	forecast	NOUN
fsr-3295	237	16	such	such	ADJ
fsr-3295	237	17	that	that	DET
fsr-3295	237	18	buy	buy	NOUN
fsr-3295	237	19	-	-	PUNCT
fsr-3295	237	20	rated	rate	VERB
fsr-3295	237	21	stocks	stock	NOUN
fsr-3295	237	22	will	will	AUX
fsr-3295	237	23	likely	likely	ADV
fsr-3295	237	24	meet	meet	VERB
fsr-3295	237	25	or	or	CCONJ
fsr-3295	237	26	beat	beat	VERB
fsr-3295	237	27	their	their	PRON
fsr-3295	237	28	forecasts	forecast	NOUN
fsr-3295	237	29	and	and	CCONJ
fsr-3295	237	30	that	that	SCONJ
fsr-3295	237	31	sell	sell	NOUN
fsr-3295	237	32	-	-	PUNCT
fsr-3295	237	33	rated	rate	VERB
fsr-3295	237	34	stocks	stock	NOUN
fsr-3295	237	35	will	will	AUX
fsr-3295	237	36	likely	likely	ADV
fsr-3295	237	37	miss	miss	VERB
fsr-3295	237	38	forecasts	forecast	NOUN
fsr-3295	237	39	.	.	PUNCT
fsr-3295	238	1	4.4	4.4	NUM
fsr-3295	238	2	.	.	PUNCT
fsr-3295	239	1	earnings	earning	NOUN
fsr-3295	239	2	forecast	forecast	NOUN
fsr-3295	239	3	efficiency	efficiency	NOUN
fsr-3295	239	4	the	the	DET
fsr-3295	239	5	mah	mah	NOUN
fsr-3295	239	6	implies	imply	VERB
fsr-3295	239	7	that	that	SCONJ
fsr-3295	239	8	analysts	analyst	NOUN
fsr-3295	239	9	bias	bias	VERB
fsr-3295	239	10	their	their	PRON
fsr-3295	239	11	forecasts	forecast	NOUN
fsr-3295	239	12	so	so	SCONJ
fsr-3295	239	13	that	that	SCONJ
fsr-3295	239	14	firms	firm	NOUN
fsr-3295	239	15	generally	generally	ADV
fsr-3295	239	16	meet	meet	VERB
fsr-3295	239	17	or	or	CCONJ
fsr-3295	239	18	beat	beat	VERB
fsr-3295	239	19	them	they	PRON
fsr-3295	239	20	and	and	CCONJ
fsr-3295	239	21	that	that	SCONJ
fsr-3295	239	22	the	the	DET
fsr-3295	239	23	pessimistic	pessimistic	ADJ
fsr-3295	239	24	bias	bias	NOUN
fsr-3295	239	25	is	be	AUX
fsr-3295	239	26	more	more	ADV
fsr-3295	239	27	pronounced	pronounced	ADJ
fsr-3295	239	28	among	among	ADP
fsr-3295	239	29	stocks	stock	NOUN
fsr-3295	239	30	rated	rate	VERB
fsr-3295	239	31	sell	sell	NOUN
fsr-3295	239	32	than	than	ADP
fsr-3295	239	33	hold	hold	VERB
fsr-3295	239	34	and	and	CCONJ
fsr-3295	239	35	buy	buy	VERB
fsr-3295	239	36	.	.	PUNCT
fsr-3295	240	1	further	far	ADV
fsr-3295	240	2	,	,	PUNCT
fsr-3295	240	3	the	the	DET
fsr-3295	240	4	mah	mah	NOUN
fsr-3295	240	5	implies	imply	VERB
fsr-3295	240	6	that	that	SCONJ
fsr-3295	240	7	analysts	analyst	NOUN
fsr-3295	240	8	generally	generally	ADV
fsr-3295	240	9	respond	respond	VERB
fsr-3295	240	10	more	more	ADV
fsr-3295	240	11	efficiently	efficiently	ADV
fsr-3295	240	12	to	to	ADP
fsr-3295	240	13	bad	bad	ADJ
fsr-3295	240	14	earnings	earning	NOUN
fsr-3295	240	15	news	news	NOUN
fsr-3295	240	16	than	than	ADP
fsr-3295	240	17	to	to	ADP
fsr-3295	240	18	good	good	ADJ
fsr-3295	240	19	news	news	NOUN
fsr-3295	240	20	.	.	PUNCT
fsr-3295	241	1	moreover	moreover	ADV
fsr-3295	241	2	,	,	PUNCT
fsr-3295	241	3	when	when	SCONJ
fsr-3295	241	4	news	news	NOUN
fsr-3295	241	5	is	be	AUX
fsr-3295	241	6	bad	bad	ADJ
fsr-3295	241	7	analysts	analyst	NOUN
fsr-3295	241	8	respond	respond	VERB
fsr-3295	241	9	more	more	ADV
fsr-3295	241	10	efficiently	efficiently	ADV
fsr-3295	241	11	for	for	ADP
fsr-3295	241	12	sells	sell	NOUN
fsr-3295	241	13	than	than	ADP
fsr-3295	241	14	for	for	ADP
fsr-3295	241	15	buys	buy	NOUN
fsr-3295	241	16	and	and	CCONJ
fsr-3295	241	17	when	when	SCONJ
fsr-3295	241	18	news	news	NOUN
fsr-3295	241	19	is	be	AUX
fsr-3295	241	20	good	good	ADJ
fsr-3295	241	21	they	they	PRON
fsr-3295	241	22	respond	respond	VERB
fsr-3295	241	23	more	more	ADV
fsr-3295	241	24	efficiently	efficiently	ADV
fsr-3295	241	25	for	for	ADP
fsr-3295	241	26	buys	buy	NOUN
fsr-3295	241	27	than	than	ADP
fsr-3295	241	28	sells	sell	NOUN
fsr-3295	241	29	.	.	PUNCT
fsr-3295	242	1	the	the	DET
fsr-3295	242	2	ach	ach	PROPN
fsr-3295	242	3	implies	imply	VERB
fsr-3295	242	4	that	that	SCONJ
fsr-3295	242	5	analysts	analyst	NOUN
fsr-3295	242	6	bias	bias	VERB
fsr-3295	242	7	their	their	PRON
fsr-3295	242	8	forecasts	forecast	NOUN
fsr-3295	242	9	so	so	SCONJ
fsr-3295	242	10	that	that	SCONJ
fsr-3295	242	11	stocks	stock	NOUN
fsr-3295	242	12	rated	rate	VERB
fsr-3295	242	13	buy	buy	VERB
fsr-3295	242	14	(	(	PUNCT
fsr-3295	242	15	sell	sell	NOUN
fsr-3295	242	16	)	)	PUNCT
fsr-3295	242	17	most	most	ADV
fsr-3295	242	18	often	often	ADV
fsr-3295	242	19	meet	meet	VERB
fsr-3295	242	20	or	or	CCONJ
fsr-3295	242	21	beat	beat	VERB
fsr-3295	242	22	(	(	PUNCT
fsr-3295	242	23	fail	fail	VERB
fsr-3295	242	24	to	to	PART
fsr-3295	242	25	meet	meet	VERB
fsr-3295	242	26	)	)	PUNCT
fsr-3295	242	27	forecasts	forecast	NOUN
fsr-3295	242	28	.	.	PUNCT
fsr-3295	243	1	the	the	DET
fsr-3295	243	2	ach	ach	PROPN
fsr-3295	243	3	implies	imply	VERB
fsr-3295	243	4	further	far	ADV
fsr-3295	243	5	that	that	SCONJ
fsr-3295	243	6	when	when	SCONJ
fsr-3295	243	7	news	news	NOUN
fsr-3295	243	8	is	be	AUX
fsr-3295	243	9	bad	bad	ADJ
fsr-3295	243	10	analysts	analyst	NOUN
fsr-3295	243	11	respond	respond	VERB
fsr-3295	243	12	more	more	ADV
fsr-3295	243	13	efficiently	efficiently	ADV
fsr-3295	243	14	for	for	ADP
fsr-3295	243	15	buys	buy	NOUN
fsr-3295	243	16	than	than	ADP
fsr-3295	243	17	sells	sell	NOUN
fsr-3295	243	18	,	,	PUNCT
fsr-3295	243	19	and	and	CCONJ
fsr-3295	243	20	when	when	SCONJ
fsr-3295	243	21	news	news	NOUN
fsr-3295	243	22	is	be	AUX
fsr-3295	243	23	good	good	ADJ
fsr-3295	243	24	they	they	PRON
fsr-3295	243	25	respond	respond	VERB
fsr-3295	243	26	more	more	ADV
fsr-3295	243	27	efficiently	efficiently	ADV
fsr-3295	243	28	for	for	ADP
fsr-3295	243	29	sells	sell	NOUN
fsr-3295	243	30	than	than	ADP
fsr-3295	243	31	buys	buy	NOUN
fsr-3295	243	32	.	.	PUNCT
fsr-3295	244	1	these	these	DET
fsr-3295	244	2	implications	implication	NOUN
fsr-3295	244	3	are	be	AUX
fsr-3295	244	4	examined	examine	VERB
fsr-3295	244	5	empirically	empirically	ADV
fsr-3295	244	6	in	in	ADP
fsr-3295	244	7	results	result	NOUN
fsr-3295	244	8	for	for	ADP
fsr-3295	244	9	eq	eq	NOUN
fsr-3295	244	10	.	.	PUNCT
fsr-3295	245	1	(	(	PUNCT
fsr-3295	245	2	3	3	NUM
fsr-3295	245	3	)	)	PUNCT
fsr-3295	245	4	.	.	PUNCT
fsr-3295	246	1	table	table	NOUN
fsr-3295	246	2	7	7	NUM
fsr-3295	246	3	presents	present	NOUN
fsr-3295	246	4	regression	regression	NOUN
fsr-3295	246	5	results	result	NOUN
fsr-3295	246	6	for	for	ADP
fsr-3295	246	7	eq	eq	NOUN
fsr-3295	246	8	.	.	PUNCT
fsr-3295	247	1	(	(	PUNCT
fsr-3295	247	2	3	3	NUM
fsr-3295	247	3	)	)	PUNCT
fsr-3295	247	4	,	,	PUNCT
fsr-3295	247	5	for	for	ADP
fsr-3295	247	6	which	which	PRON
fsr-3295	247	7	parameters	parameter	NOUN
fsr-3295	247	8	are	be	AUX
fsr-3295	247	9	estimated	estimate	VERB
fsr-3295	247	10	by	by	ADP
fsr-3295	247	11	the	the	DET
fsr-3295	247	12	method	method	NOUN
fsr-3295	247	13	of	of	ADP
fsr-3295	247	14	lad	lad	NOUN
fsr-3295	247	15	.	.	PUNCT
fsr-3295	248	1	hypothesis	hypothesis	NOUN
fsr-3295	248	2	tests	test	VERB
fsr-3295	248	3	on	on	ADP
fsr-3295	248	4	the	the	DET
fsr-3295	248	5	estimated	estimate	VERB
fsr-3295	248	6	coefficients	coefficient	NOUN
fsr-3295	248	7	are	be	AUX
fsr-3295	248	8	based	base	VERB
fsr-3295	248	9	on	on	ADP
fsr-3295	248	10	methods	method	NOUN
fsr-3295	248	11	table	table	NOUN
fsr-3295	248	12	7	7	NUM
fsr-3295	248	13	earnings	earning	NOUN
fsr-3295	248	14	forecast	forecast	NOUN
fsr-3295	248	15	bias	bias	NOUN
fsr-3295	248	16	and	and	CCONJ
fsr-3295	248	17	inefficiency	inefficiency	NOUN
fsr-3295	248	18	n	n	PRON
fsr-3295	248	19	�	�	PROPN
fsr-3295	248	20	̂0	̂0	PROPN
fsr-3295	248	21	�	�	PROPN
fsr-3295	248	22	̂1	̂1	PROPN
fsr-3295	248	23	�	�	PROPN
fsr-3295	248	24	̂2	̂2	PROPN
fsr-3295	248	25	a	a	PRON
fsr-3295	248	26	:	:	PUNCT
fsr-3295	248	27	complete	complete	ADJ
fsr-3295	248	28	sample	sample	NOUN
fsr-3295	248	29	51,956	51,956	NUM
fsr-3295	248	30	0.002	0.002	NUM
fsr-3295	248	31	0.004a	0.004a	NUM
fsr-3295	248	32	0.233a	0.233a	NUM
fsr-3295	248	33	b	b	NOUN
fsr-3295	248	34	:	:	PUNCT
fsr-3295	248	35	buys	buy	VERB
fsr-3295	248	36	13,647	13,647	NUM
fsr-3295	248	37	0.005a	0.005a	NUM
fsr-3295	248	38	0.011a	0.011a	NOUN
fsr-3295	248	39	0.259a	0.259a	NOUN
fsr-3295	248	40	c	c	NOUN
fsr-3295	248	41	:	:	PUNCT
fsr-3295	248	42	holds	hold	VERB
fsr-3295	248	43	25,929	25,929	NUM
fsr-3295	248	44	0.003a	0.003a	NUM
fsr-3295	248	45	0.003	0.003	NUM
fsr-3295	248	46	0.187a	0.187a	NOUN
fsr-3295	249	1	d	d	NOUN
fsr-3295	249	2	:	:	PUNCT
fsr-3295	249	3	sells	sell	VERB
fsr-3295	249	4	12,380	12,380	NUM
fsr-3295	249	5	�	�	PROPN
fsr-3295	249	6	0.004a	0.004a	ADJ
fsr-3295	249	7	�	�	NOUN
fsr-3295	249	8	0.014a	0.014a	NOUN
fsr-3295	249	9	0.235a	0.235a	ADJ
fsr-3295	249	10	e	e	NOUN
fsr-3295	249	11	:	:	PUNCT
fsr-3295	249	12	prior	prior	ADJ
fsr-3295	249	13	bad	bad	ADJ
fsr-3295	249	14	news	news	NOUN
fsr-3295	249	15	(	(	PUNCT
fsr-3295	249	16	fet	fet	PROPN
fsr-3295	249	17	�	�	PROPN
fsr-3295	249	18	1	1	NUM
fsr-3295	249	19	0	0	NUM
fsr-3295	249	20	�	�	PROPN
fsr-3295	249	21	0	0	NUM
fsr-3295	249	22	)	)	PUNCT
fsr-3295	249	23	22,143	22,143	NUM
fsr-3295	249	24	0.002	0.002	NUM
fsr-3295	249	25	�	�	PROPN
fsr-3295	249	26	0.007a	0.007a	ADJ
fsr-3295	249	27	0.205a	0.205a	NUM
fsr-3295	249	28	buy	buy	VERB
fsr-3295	249	29	3,032	3,032	NUM
fsr-3295	249	30	0.002	0.002	NUM
fsr-3295	249	31	�	�	PROPN
fsr-3295	249	32	0.002	0.002	NUM
fsr-3295	249	33	0.056	0.056	NUM
fsr-3295	249	34	hold	hold	VERB
fsr-3295	249	35	10,977	10,977	NUM
fsr-3295	249	36	0.002	0.002	NUM
fsr-3295	249	37	�	�	PROPN
fsr-3295	249	38	0.007	0.007	NUM
fsr-3295	249	39	0.154a	0.154a	NOUN
fsr-3295	249	40	sell	sell	VERB
fsr-3295	249	41	8,134	8,134	NUM
fsr-3295	249	42	�	�	NOUN
fsr-3295	249	43	0.003	0.003	NUM
fsr-3295	249	44	�	�	NOUN
fsr-3295	249	45	0.021a	0.021a	ADJ
fsr-3295	249	46	0.246a	0.246a	NUM
fsr-3295	250	1	f	f	NOUN
fsr-3295	250	2	:	:	PUNCT
fsr-3295	250	3	prior	prior	ADJ
fsr-3295	250	4	good	good	ADJ
fsr-3295	250	5	news	news	PROPN
fsr-3295	250	6	(	(	PUNCT
fsr-3295	250	7	fet	fet	PROPN
fsr-3295	250	8	�	�	PROPN
fsr-3295	250	9	1	1	NUM
fsr-3295	250	10	0	0	NUM
fsr-3295	250	11	�	�	PROPN
fsr-3295	250	12	0	0	NUM
fsr-3295	250	13	)	)	PUNCT
fsr-3295	250	14	29,813	29,813	NUM
fsr-3295	250	15	0.002a	0.002a	NOUN
fsr-3295	250	16	0.009a	0.009a	NUM
fsr-3295	250	17	0.231a	0.231a	NOUN
fsr-3295	250	18	buy	buy	VERB
fsr-3295	250	19	10,633	10,633	NUM
fsr-3295	250	20	0.004a	0.004a	NUM
fsr-3295	250	21	0.008a	0.008a	NUM
fsr-3295	250	22	0.320a	0.320a	PROPN
fsr-3295	250	23	hold	hold	VERB
fsr-3295	250	24	14,943	14,943	NUM
fsr-3295	250	25	0.004a	0.004a	NUM
fsr-3295	250	26	0.007a	0.007a	NUM
fsr-3295	250	27	0.175a	0.175a	NOUN
fsr-3295	250	28	sell	sell	VERB
fsr-3295	250	29	4,237	4,237	NUM
fsr-3295	250	30	�	�	PROPN
fsr-3295	250	31	0.001	0.001	NUM
fsr-3295	250	32	�	�	PROPN
fsr-3295	250	33	0.002	0.002	NUM
fsr-3295	250	34	0.089	0.089	NUM
fsr-3295	250	35	regression	regression	NOUN
fsr-3295	250	36	results	result	NOUN
fsr-3295	250	37	for	for	ADP
fsr-3295	250	38	eq	eq	NOUN
fsr-3295	250	39	.	.	PUNCT
fsr-3295	251	1	(	(	PUNCT
fsr-3295	251	2	3	3	NUM
fsr-3295	251	3	):	):	PUNCT
fsr-3295	251	4	fet	fet	PROPN
fsr-3295	251	5	0	0	PROPN
fsr-3295	251	6	�	�	PROPN
fsr-3295	251	7	�	�	PROPN
fsr-3295	251	8	0	0	PROPN
fsr-3295	251	9	�	�	PROPN
fsr-3295	251	10	�	�	PROPN
fsr-3295	251	11	1	1	NUM
fsr-3295	251	12	�	�	PROPN
fsr-3295	251	13	ft	ft	PROPN
fsr-3295	251	14	0	0	NUM
fsr-3295	251	15	�	�	PROPN
fsr-3295	251	16	�	�	PROPN
fsr-3295	251	17	2fet	2fet	PROPN
fsr-3295	251	18	�	�	PROPN
fsr-3295	251	19	1	1	NUM
fsr-3295	251	20	0	0	NUM
fsr-3295	251	21	�	�	PROPN
fsr-3295	251	22	�	�	PROPN
fsr-3295	251	23	t.	t.	NOUN
fsr-3295	251	24	parameters	parameter	NOUN
fsr-3295	251	25	are	be	AUX
fsr-3295	251	26	estimated	estimate	VERB
fsr-3295	251	27	by	by	ADP
fsr-3295	251	28	least	least	ADJ
fsr-3295	251	29	absolute	absolute	ADJ
fsr-3295	251	30	deviation	deviation	NOUN
fsr-3295	251	31	regression	regression	NOUN
fsr-3295	251	32	—	—	PUNCT
fsr-3295	251	33	see	see	VERB
fsr-3295	251	34	portnoy	portnoy	NOUN
fsr-3295	251	35	and	and	CCONJ
fsr-3295	251	36	koenker	koenker	NOUN
fsr-3295	251	37	(	(	PUNCT
fsr-3295	251	38	1997	1997	NUM
fsr-3295	251	39	)	)	PUNCT
fsr-3295	251	40	.	.	PUNCT
fsr-3295	252	1	aindicates	aindicate	NOUN
fsr-3295	252	2	statistical	statistical	ADJ
fsr-3295	252	3	significance	significance	NOUN
fsr-3295	252	4	at	at	ADP
fsr-3295	252	5	1	1	NUM
fsr-3295	252	6	%	%	NOUN
fsr-3295	252	7	based	base	VERB
fsr-3295	252	8	on	on	ADP
fsr-3295	252	9	the	the	DET
fsr-3295	252	10	resampling	resample	VERB
fsr-3295	252	11	method	method	NOUN
fsr-3295	252	12	described	describe	VERB
fsr-3295	252	13	in	in	ADP
fsr-3295	252	14	chen	chen	PROPN
fsr-3295	252	15	et	et	PROPN
fsr-3295	252	16	al	al	PROPN
fsr-3295	252	17	.	.	PROPN
fsr-3295	253	1	(	(	PUNCT
fsr-3295	253	2	2008	2008	NUM
fsr-3295	253	3	)	)	PUNCT
fsr-3295	253	4	.	.	PUNCT
fsr-3295	254	1	49p	49p	NOUN
fsr-3295	254	2	.	.	PUNCT
fsr-3295	255	1	baird	baird	PROPN
fsr-3295	255	2	/	/	SYM
fsr-3295	255	3	financial	financial	ADJ
fsr-3295	255	4	services	service	NOUN
fsr-3295	255	5	review	review	VERB
fsr-3295	255	6	26	26	NUM
fsr-3295	255	7	(	(	PUNCT
fsr-3295	255	8	2017	2017	NUM
fsr-3295	255	9	)	)	PUNCT
fsr-3295	255	10	37–54	37–54	NUM
fsr-3295	255	11	described	describe	VERB
fsr-3295	255	12	in	in	ADP
fsr-3295	255	13	chen	chen	PROPN
fsr-3295	255	14	et	et	PROPN
fsr-3295	255	15	al	al	PROPN
fsr-3295	255	16	.	.	PROPN
fsr-3295	256	1	(	(	PUNCT
fsr-3295	256	2	2008	2008	NUM
fsr-3295	256	3	)	)	PUNCT
fsr-3295	256	4	.	.	PUNCT
fsr-3295	257	1	if	if	SCONJ
fsr-3295	257	2	analysts	analyst	NOUN
fsr-3295	257	3	’	'	PUNCT
fsr-3295	257	4	forecasts	forecast	NOUN
fsr-3295	257	5	are	be	AUX
fsr-3295	257	6	unbiased	unbiased	ADJ
fsr-3295	257	7	and	and	CCONJ
fsr-3295	257	8	efficient	efficient	ADJ
fsr-3295	257	9	with	with	ADP
fsr-3295	257	10	respect	respect	NOUN
fsr-3295	257	11	to	to	ADP
fsr-3295	257	12	prior	prior	ADJ
fsr-3295	257	13	earnings	earning	NOUN
fsr-3295	257	14	news	news	NOUN
fsr-3295	257	15	,	,	PUNCT
fsr-3295	257	16	then	then	ADV
fsr-3295	257	17	all	all	DET
fsr-3295	257	18	coefficients	coefficient	NOUN
fsr-3295	257	19	in	in	ADP
fsr-3295	257	20	eq	eq	ADP
fsr-3295	257	21	.	.	PUNCT
fsr-3295	258	1	(	(	PUNCT
fsr-3295	258	2	3	3	X
fsr-3295	258	3	)	)	PUNCT
fsr-3295	258	4	equal	equal	ADJ
fsr-3295	258	5	zero	zero	NUM
fsr-3295	258	6	.	.	PUNCT
fsr-3295	259	1	panel	panel	NOUN
fsr-3295	259	2	a	a	DET
fsr-3295	259	3	presents	present	NOUN
fsr-3295	259	4	results	result	NOUN
fsr-3295	259	5	for	for	ADP
fsr-3295	259	6	the	the	DET
fsr-3295	259	7	entire	entire	ADJ
fsr-3295	259	8	sample	sample	NOUN
fsr-3295	259	9	of	of	ADP
fsr-3295	259	10	trimmed	trim	VERB
fsr-3295	259	11	observations.8	observations.8	PROPN
fsr-3295	259	12	the	the	DET
fsr-3295	259	13	constant	constant	ADJ
fsr-3295	259	14	�	�	PROPN
fsr-3295	259	15	̂0	̂0	PROPN
fsr-3295	259	16	�	�	PROPN
fsr-3295	259	17	.002	.002	NUM
fsr-3295	259	18	is	be	AUX
fsr-3295	259	19	not	not	PART
fsr-3295	259	20	significantly	significantly	ADV
fsr-3295	259	21	different	different	ADJ
fsr-3295	259	22	from	from	ADP
fsr-3295	259	23	zero	zero	NUM
fsr-3295	259	24	.	.	PUNCT
fsr-3295	260	1	the	the	DET
fsr-3295	260	2	forecast	forecast	NOUN
fsr-3295	260	3	coefficient	coefficient	PROPN
fsr-3295	260	4	�	�	PROPN
fsr-3295	260	5	̂1	̂1	PROPN
fsr-3295	260	6	�	�	PROPN
fsr-3295	260	7	�	�	PROPN
fsr-3295	260	8	.004	.004	NUM
fsr-3295	260	9	is	be	AUX
fsr-3295	260	10	significantly	significantly	ADV
fsr-3295	260	11	positive	positive	ADJ
fsr-3295	260	12	,	,	PUNCT
fsr-3295	260	13	which	which	PRON
fsr-3295	260	14	indicates	indicate	VERB
fsr-3295	260	15	the	the	DET
fsr-3295	260	16	presence	presence	NOUN
fsr-3295	260	17	of	of	ADP
fsr-3295	260	18	forecast	forecast	NOUN
fsr-3295	260	19	bias	bias	NOUN
fsr-3295	260	20	that	that	PRON
fsr-3295	260	21	is	be	AUX
fsr-3295	260	22	correlated	correlate	VERB
fsr-3295	260	23	with	with	ADP
fsr-3295	260	24	the	the	DET
fsr-3295	260	25	forecast	forecast	NOUN
fsr-3295	260	26	;	;	PUNCT
fsr-3295	260	27	that	that	PRON
fsr-3295	260	28	is	is	ADV
fsr-3295	260	29	,	,	PUNCT
fsr-3295	260	30	forecast	forecast	NOUN
fsr-3295	260	31	pessimism	pessimism	NOUN
fsr-3295	260	32	(	(	PUNCT
fsr-3295	260	33	optimism	optimism	NOUN
fsr-3295	260	34	)	)	PUNCT
fsr-3295	260	35	is	be	AUX
fsr-3295	260	36	increasing	increase	VERB
fsr-3295	260	37	(	(	PUNCT
fsr-3295	260	38	decreasing	decrease	VERB
fsr-3295	260	39	)	)	PUNCT
fsr-3295	260	40	with	with	ADP
fsr-3295	260	41	the	the	DET
fsr-3295	260	42	forecast	forecast	NOUN
fsr-3295	260	43	.	.	PUNCT
fsr-3295	261	1	the	the	DET
fsr-3295	261	2	prior	prior	ADJ
fsr-3295	261	3	news	news	NOUN
fsr-3295	261	4	coefficient	coefficient	NOUN
fsr-3295	261	5	�	�	PROPN
fsr-3295	261	6	̂2	̂2	PROPN
fsr-3295	261	7	�	�	PROPN
fsr-3295	261	8	.233	.233	NUM
fsr-3295	261	9	is	be	AUX
fsr-3295	261	10	significantly	significantly	ADV
fsr-3295	261	11	positive	positive	ADJ
fsr-3295	261	12	,	,	PUNCT
fsr-3295	261	13	which	which	PRON
fsr-3295	261	14	indicates	indicate	VERB
fsr-3295	261	15	that	that	SCONJ
fsr-3295	261	16	analysts	analyst	NOUN
fsr-3295	261	17	underreact	underreact	VERB
fsr-3295	261	18	to	to	ADP
fsr-3295	261	19	(	(	PUNCT
fsr-3295	261	20	and	and	CCONJ
fsr-3295	261	21	,	,	PUNCT
fsr-3295	261	22	hence	hence	ADV
fsr-3295	261	23	,	,	PUNCT
fsr-3295	261	24	their	their	PRON
fsr-3295	261	25	forecasts	forecast	NOUN
fsr-3295	261	26	are	be	AUX
fsr-3295	261	27	inefficient	inefficient	ADJ
fsr-3295	261	28	with	with	ADP
fsr-3295	261	29	respect	respect	NOUN
fsr-3295	261	30	to	to	ADP
fsr-3295	261	31	)	)	PUNCT
fsr-3295	261	32	prior	prior	ADJ
fsr-3295	261	33	earnings	earning	NOUN
fsr-3295	261	34	news	news	NOUN
fsr-3295	261	35	.	.	PUNCT
fsr-3295	262	1	panels	panel	NOUN
fsr-3295	262	2	b	b	X
fsr-3295	262	3	–	–	PUNCT
fsr-3295	262	4	d	d	NOUN
fsr-3295	262	5	of	of	ADP
fsr-3295	262	6	table	table	NOUN
fsr-3295	262	7	7	7	NUM
fsr-3295	262	8	present	present	ADJ
fsr-3295	262	9	results	result	NOUN
fsr-3295	262	10	for	for	ADP
fsr-3295	262	11	stocks	stock	NOUN
fsr-3295	262	12	rated	rate	VERB
fsr-3295	262	13	buy	buy	VERB
fsr-3295	262	14	,	,	PUNCT
fsr-3295	262	15	hold	hold	VERB
fsr-3295	262	16	and	and	CCONJ
fsr-3295	262	17	sell	sell	VERB
fsr-3295	262	18	,	,	PUNCT
fsr-3295	262	19	respectively	respectively	ADV
fsr-3295	262	20	,	,	PUNCT
fsr-3295	262	21	and	and	CCONJ
fsr-3295	262	22	they	they	PRON
fsr-3295	262	23	indicate	indicate	VERB
fsr-3295	262	24	the	the	DET
fsr-3295	262	25	presence	presence	NOUN
fsr-3295	262	26	of	of	ADP
fsr-3295	262	27	forecast	forecast	NOUN
fsr-3295	262	28	bias	bias	NOUN
fsr-3295	262	29	and	and	CCONJ
fsr-3295	262	30	inefficiency	inefficiency	NOUN
fsr-3295	262	31	in	in	ADP
fsr-3295	262	32	each	each	DET
fsr-3295	262	33	rating	rating	NOUN
fsr-3295	262	34	category	category	NOUN
fsr-3295	262	35	.	.	PUNCT
fsr-3295	263	1	the	the	DET
fsr-3295	263	2	relation	relation	NOUN
fsr-3295	263	3	among	among	ADP
fsr-3295	263	4	the	the	DET
fsr-3295	263	5	estimated	estimate	VERB
fsr-3295	263	6	constant	constant	ADJ
fsr-3295	263	7	terms	term	NOUN
fsr-3295	263	8	is	be	AUX
fsr-3295	263	9	consistent	consistent	ADJ
fsr-3295	263	10	with	with	ADP
fsr-3295	263	11	the	the	DET
fsr-3295	263	12	ach	ach	NOUN
fsr-3295	263	13	:	:	PUNCT
fsr-3295	263	14	�	�	PROPN
fsr-3295	263	15	̂0	̂0	PROPN
fsr-3295	263	16	sell	sell	VERB
fsr-3295	263	17	�	�	PROPN
fsr-3295	263	18	0	0	NUM
fsr-3295	263	19	�	�	PROPN
fsr-3295	263	20	�	�	PROPN
fsr-3295	263	21	̂0	̂0	PROPN
fsr-3295	263	22	buy	buy	VERB
fsr-3295	263	23	and	and	CCONJ
fsr-3295	263	24	�	�	PROPN
fsr-3295	263	25	̂0	̂0	PROPN
fsr-3295	263	26	sell	sell	PROPN
fsr-3295	263	27	�	�	PROPN
fsr-3295	263	28	�	�	PROPN
fsr-3295	263	29	̂0	̂0	PROPN
fsr-3295	263	30	hold	hold	VERB
fsr-3295	263	31	�	�	PROPN
fsr-3295	263	32	�	�	PROPN
fsr-3295	263	33	̂0	̂0	PROPN
fsr-3295	263	34	buy	buy	VERB
fsr-3295	263	35	.	.	PUNCT
fsr-3295	264	1	also	also	ADV
fsr-3295	264	2	,	,	PUNCT
fsr-3295	264	3	the	the	DET
fsr-3295	264	4	prior	prior	ADJ
fsr-3295	264	5	news	news	NOUN
fsr-3295	264	6	coefficients	coefficient	NOUN
fsr-3295	264	7	suggest	suggest	VERB
fsr-3295	264	8	that	that	SCONJ
fsr-3295	264	9	forecast	forecast	NOUN
fsr-3295	264	10	inefficiency	inefficiency	NOUN
fsr-3295	264	11	is	be	AUX
fsr-3295	264	12	more	more	ADV
fsr-3295	264	13	pronounced	pronounced	ADJ
fsr-3295	264	14	for	for	ADP
fsr-3295	264	15	stocks	stock	NOUN
fsr-3295	264	16	rated	rate	VERB
fsr-3295	264	17	buy	buy	VERB
fsr-3295	264	18	or	or	CCONJ
fsr-3295	264	19	sell	sell	VERB
fsr-3295	264	20	than	than	ADP
fsr-3295	264	21	for	for	ADP
fsr-3295	264	22	stocks	stock	NOUN
fsr-3295	264	23	rated	rate	VERB
fsr-3295	264	24	hold	hold	NOUN
fsr-3295	264	25	.	.	PUNCT
fsr-3295	265	1	hence	hence	ADV
fsr-3295	265	2	,	,	PUNCT
fsr-3295	265	3	investment	investment	NOUN
fsr-3295	265	4	rating	rating	NOUN
fsr-3295	265	5	seems	seem	VERB
fsr-3295	265	6	to	to	PART
fsr-3295	265	7	impact	impact	VERB
fsr-3295	265	8	the	the	DET
fsr-3295	265	9	manner	manner	NOUN
fsr-3295	265	10	in	in	ADP
fsr-3295	265	11	which	which	PRON
fsr-3295	265	12	analysts	analyst	NOUN
fsr-3295	265	13	respond	respond	VERB
fsr-3295	265	14	to	to	ADP
fsr-3295	265	15	earnings	earning	NOUN
fsr-3295	265	16	news	news	NOUN
fsr-3295	265	17	.	.	PUNCT
fsr-3295	266	1	panels	panel	NOUN
fsr-3295	266	2	e	e	PROPN
fsr-3295	266	3	and	and	CCONJ
fsr-3295	266	4	f	f	PROPN
fsr-3295	266	5	of	of	ADP
fsr-3295	266	6	table	table	NOUN
fsr-3295	266	7	7	7	NUM
fsr-3295	266	8	present	present	ADJ
fsr-3295	266	9	results	result	NOUN
fsr-3295	266	10	for	for	ADP
fsr-3295	266	11	observations	observation	NOUN
fsr-3295	266	12	segmented	segment	VERB
fsr-3295	266	13	by	by	ADP
fsr-3295	266	14	prior	prior	ADJ
fsr-3295	266	15	earnings	earning	NOUN
fsr-3295	266	16	news	news	NOUN
fsr-3295	266	17	,	,	PUNCT
fsr-3295	266	18	where	where	SCONJ
fsr-3295	266	19	non	non	ADJ
fsr-3295	266	20	-	-	ADJ
fsr-3295	266	21	negative	negative	ADJ
fsr-3295	266	22	(	(	PUNCT
fsr-3295	266	23	negative	negative	ADJ
fsr-3295	266	24	)	)	PUNCT
fsr-3295	266	25	prior	prior	ADJ
fsr-3295	266	26	-	-	PUNCT
fsr-3295	266	27	quarter	quarter	NOUN
fsr-3295	266	28	forecast	forecast	NOUN
fsr-3295	266	29	error	error	NOUN
fsr-3295	266	30	is	be	AUX
fsr-3295	266	31	taken	take	VERB
fsr-3295	266	32	to	to	PART
fsr-3295	266	33	be	be	AUX
fsr-3295	266	34	good	good	ADJ
fsr-3295	266	35	(	(	PUNCT
fsr-3295	266	36	bad	bad	ADJ
fsr-3295	266	37	)	)	PUNCT
fsr-3295	266	38	news	news	NOUN
fsr-3295	266	39	.	.	PUNCT
fsr-3295	267	1	within	within	ADP
fsr-3295	267	2	each	each	DET
fsr-3295	267	3	prior	prior	ADJ
fsr-3295	267	4	news	news	NOUN
fsr-3295	267	5	subset	subset	NOUN
fsr-3295	267	6	,	,	PUNCT
fsr-3295	267	7	observations	observation	NOUN
fsr-3295	267	8	are	be	AUX
fsr-3295	267	9	further	far	ADV
fsr-3295	267	10	segmented	segment	VERB
fsr-3295	267	11	by	by	ADP
fsr-3295	267	12	investment	investment	NOUN
fsr-3295	267	13	rating	rating	NOUN
fsr-3295	267	14	.	.	PUNCT
fsr-3295	268	1	panel	panel	NOUN
fsr-3295	268	2	e	e	PROPN
fsr-3295	268	3	of	of	ADP
fsr-3295	268	4	table	table	NOUN
fsr-3295	268	5	7	7	NUM
fsr-3295	268	6	indicates	indicate	VERB
fsr-3295	268	7	there	there	PRON
fsr-3295	268	8	are	be	VERB
fsr-3295	268	9	22,143	22,143	NUM
fsr-3295	268	10	observations	observation	NOUN
fsr-3295	268	11	of	of	ADP
fsr-3295	268	12	prior	prior	ADJ
fsr-3295	268	13	bad	bad	ADJ
fsr-3295	268	14	news	news	NOUN
fsr-3295	268	15	.	.	PUNCT
fsr-3295	269	1	for	for	ADP
fsr-3295	269	2	these	these	DET
fsr-3295	269	3	observations	observation	NOUN
fsr-3295	269	4	,	,	PUNCT
fsr-3295	269	5	the	the	DET
fsr-3295	269	6	estimated	estimate	VERB
fsr-3295	269	7	constant	constant	ADJ
fsr-3295	269	8	�	�	PROPN
fsr-3295	269	9	̂0	̂0	PROPN
fsr-3295	269	10	�	�	PROPN
fsr-3295	269	11	0.002	0.002	NUM
fsr-3295	269	12	is	be	AUX
fsr-3295	269	13	not	not	PART
fsr-3295	269	14	significantly	significantly	ADV
fsr-3295	269	15	different	different	ADJ
fsr-3295	269	16	from	from	ADP
fsr-3295	269	17	zero	zero	NUM
fsr-3295	269	18	.	.	PUNCT
fsr-3295	270	1	the	the	DET
fsr-3295	270	2	slope	slope	PROPN
fsr-3295	270	3	�	�	PROPN
fsr-3295	270	4	̂1	̂1	PROPN
fsr-3295	270	5	�	�	PROPN
fsr-3295	270	6	�	�	PROPN
fsr-3295	270	7	�	�	PROPN
fsr-3295	270	8	0.007	0.007	NUM
fsr-3295	270	9	is	be	AUX
fsr-3295	270	10	significantly	significantly	ADV
fsr-3295	270	11	negative	negative	ADJ
fsr-3295	270	12	,	,	PUNCT
fsr-3295	270	13	which	which	PRON
fsr-3295	270	14	indicates	indicate	VERB
fsr-3295	270	15	forecast	forecast	NOUN
fsr-3295	270	16	optimism	optimism	NOUN
fsr-3295	270	17	(	(	PUNCT
fsr-3295	270	18	pessimism	pessimism	NOUN
fsr-3295	270	19	)	)	PUNCT
fsr-3295	270	20	that	that	PRON
fsr-3295	270	21	is	be	AUX
fsr-3295	270	22	increasing	increase	VERB
fsr-3295	270	23	(	(	PUNCT
fsr-3295	270	24	decreasing	decrease	VERB
fsr-3295	270	25	)	)	PUNCT
fsr-3295	270	26	in	in	ADP
fsr-3295	270	27	the	the	DET
fsr-3295	270	28	forecast	forecast	NOUN
fsr-3295	270	29	.	.	PUNCT
fsr-3295	271	1	the	the	DET
fsr-3295	271	2	slope	slope	NOUN
fsr-3295	271	3	�	�	PROPN
fsr-3295	271	4	̂2	̂2	PROPN
fsr-3295	271	5	�	�	PROPN
fsr-3295	271	6	0.205	0.205	NUM
fsr-3295	271	7	is	be	AUX
fsr-3295	271	8	significantly	significantly	ADV
fsr-3295	271	9	positive	positive	ADJ
fsr-3295	271	10	,	,	PUNCT
fsr-3295	271	11	which	which	PRON
fsr-3295	271	12	indicates	indicate	VERB
fsr-3295	271	13	that	that	SCONJ
fsr-3295	271	14	analysts	analyst	NOUN
fsr-3295	271	15	’	'	PUNCT
fsr-3295	271	16	forecasts	forecast	NOUN
fsr-3295	271	17	are	be	AUX
fsr-3295	271	18	inefficient	inefficient	ADJ
fsr-3295	271	19	with	with	ADP
fsr-3295	271	20	respect	respect	NOUN
fsr-3295	271	21	to	to	ADP
fsr-3295	271	22	prior	prior	ADJ
fsr-3295	271	23	bad	bad	ADJ
fsr-3295	271	24	news	news	NOUN
fsr-3295	271	25	.	.	PUNCT
fsr-3295	272	1	segmenting	segment	VERB
fsr-3295	272	2	prior	prior	ADJ
fsr-3295	272	3	bad	bad	ADJ
fsr-3295	272	4	news	news	NOUN
fsr-3295	272	5	observations	observation	NOUN
fsr-3295	272	6	by	by	ADP
fsr-3295	272	7	investment	investment	NOUN
fsr-3295	272	8	rating	rating	NOUN
fsr-3295	272	9	shows	show	VERB
fsr-3295	272	10	that	that	SCONJ
fsr-3295	272	11	the	the	DET
fsr-3295	272	12	bias	bias	NOUN
fsr-3295	272	13	and	and	CCONJ
fsr-3295	272	14	inefficiency	inefficiency	NOUN
fsr-3295	272	15	in	in	ADP
fsr-3295	272	16	analysts	analyst	NOUN
fsr-3295	272	17	’	’	PART
fsr-3295	272	18	forecasts	forecast	NOUN
fsr-3295	272	19	can	can	AUX
fsr-3295	272	20	be	be	AUX
fsr-3295	272	21	traced	trace	VERB
fsr-3295	272	22	primarily	primarily	ADV
fsr-3295	272	23	to	to	ADP
fsr-3295	272	24	stocks	stock	NOUN
fsr-3295	272	25	rated	rate	VERB
fsr-3295	272	26	sell	sell	NOUN
fsr-3295	272	27	.	.	PUNCT
fsr-3295	273	1	for	for	ADP
fsr-3295	273	2	these	these	DET
fsr-3295	273	3	stocks	stock	NOUN
fsr-3295	273	4	,	,	PUNCT
fsr-3295	273	5	results	result	NOUN
fsr-3295	273	6	indicate	indicate	VERB
fsr-3295	273	7	both	both	DET
fsr-3295	273	8	bias	bias	NOUN
fsr-3295	273	9	and	and	CCONJ
fsr-3295	273	10	inefficiency	inefficiency	NOUN
fsr-3295	273	11	in	in	ADP
fsr-3295	273	12	analysts	analyst	NOUN
fsr-3295	273	13	’	’	PART
fsr-3295	273	14	forecasts	forecast	NOUN
fsr-3295	273	15	.	.	PUNCT
fsr-3295	274	1	for	for	ADP
fsr-3295	274	2	stocks	stock	NOUN
fsr-3295	274	3	rated	rate	VERB
fsr-3295	274	4	hold	hold	VERB
fsr-3295	274	5	,	,	PUNCT
fsr-3295	274	6	analysts	analyst	NOUN
fsr-3295	274	7	’	'	PUNCT
fsr-3295	274	8	forecasts	forecast	NOUN
fsr-3295	274	9	appear	appear	VERB
fsr-3295	274	10	unbiased	unbiased	ADJ
fsr-3295	274	11	(	(	PUNCT
fsr-3295	274	12	�	�	PROPN
fsr-3295	274	13	̂1	̂1	PROPN
fsr-3295	274	14	�	�	PROPN
fsr-3295	274	15	�	�	PROPN
fsr-3295	274	16	̂1	̂1	PROPN
fsr-3295	274	17	�	�	PROPN
fsr-3295	274	18	�	�	PROPN
fsr-3295	274	19	0	0	NUM
fsr-3295	274	20	)	)	PUNCT
fsr-3295	274	21	but	but	CCONJ
fsr-3295	274	22	inefficient	inefficient	ADJ
fsr-3295	274	23	with	with	ADP
fsr-3295	274	24	respect	respect	NOUN
fsr-3295	274	25	to	to	ADP
fsr-3295	274	26	prior	prior	ADJ
fsr-3295	274	27	bad	bad	ADJ
fsr-3295	274	28	news	news	NOUN
fsr-3295	274	29	(	(	PUNCT
fsr-3295	274	30	�	�	PROPN
fsr-3295	274	31	̂2	̂2	PROPN
fsr-3295	274	32	�	�	PROPN
fsr-3295	274	33	0	0	NUM
fsr-3295	274	34	)	)	PUNCT
fsr-3295	274	35	.	.	PUNCT
fsr-3295	275	1	for	for	ADP
fsr-3295	275	2	stocks	stock	NOUN
fsr-3295	275	3	rated	rate	VERB
fsr-3295	275	4	buy	buy	VERB
fsr-3295	275	5	,	,	PUNCT
fsr-3295	275	6	none	none	NOUN
fsr-3295	275	7	of	of	ADP
fsr-3295	275	8	the	the	DET
fsr-3295	275	9	coefficients	coefficient	NOUN
fsr-3295	275	10	is	be	AUX
fsr-3295	275	11	significantly	significantly	ADV
fsr-3295	275	12	different	different	ADJ
fsr-3295	275	13	from	from	ADP
fsr-3295	275	14	zero	zero	NUM
fsr-3295	275	15	,	,	PUNCT
fsr-3295	275	16	which	which	PRON
fsr-3295	275	17	indicates	indicate	VERB
fsr-3295	275	18	that	that	SCONJ
fsr-3295	275	19	for	for	ADP
fsr-3295	275	20	these	these	DET
fsr-3295	275	21	stocks	stock	NOUN
fsr-3295	275	22	analysts	analyst	NOUN
fsr-3295	275	23	’	'	PUNCT
fsr-3295	275	24	forecasts	forecast	NOUN
fsr-3295	275	25	are	be	AUX
fsr-3295	275	26	unbiased	unbiased	ADJ
fsr-3295	275	27	and	and	CCONJ
fsr-3295	275	28	efficient	efficient	ADJ
fsr-3295	275	29	with	with	ADP
fsr-3295	275	30	respect	respect	NOUN
fsr-3295	275	31	to	to	ADP
fsr-3295	275	32	bad	bad	ADJ
fsr-3295	275	33	news	news	NOUN
fsr-3295	275	34	.	.	PUNCT
fsr-3295	276	1	panel	panel	NOUN
fsr-3295	276	2	f	f	PROPN
fsr-3295	276	3	of	of	ADP
fsr-3295	276	4	table	table	NOUN
fsr-3295	276	5	7	7	NUM
fsr-3295	276	6	shows	show	VERB
fsr-3295	276	7	there	there	PRON
fsr-3295	276	8	are	be	VERB
fsr-3295	276	9	29,813	29,813	NUM
fsr-3295	276	10	observations	observation	NOUN
fsr-3295	276	11	of	of	ADP
fsr-3295	276	12	prior	prior	ADJ
fsr-3295	276	13	good	good	ADJ
fsr-3295	276	14	news	news	NOUN
fsr-3295	276	15	.	.	PUNCT
fsr-3295	277	1	for	for	ADP
fsr-3295	277	2	these	these	DET
fsr-3295	277	3	observations	observation	NOUN
fsr-3295	277	4	,	,	PUNCT
fsr-3295	277	5	the	the	DET
fsr-3295	277	6	estimated	estimate	VERB
fsr-3295	277	7	constant	constant	ADJ
fsr-3295	277	8	�	�	PROPN
fsr-3295	277	9	̂0	̂0	PROPN
fsr-3295	277	10	�	�	PROPN
fsr-3295	277	11	0.002	0.002	NUM
fsr-3295	277	12	is	be	AUX
fsr-3295	277	13	significantly	significantly	ADV
fsr-3295	277	14	positive	positive	ADJ
fsr-3295	277	15	,	,	PUNCT
fsr-3295	277	16	which	which	PRON
fsr-3295	277	17	indicates	indicate	VERB
fsr-3295	277	18	a	a	DET
fsr-3295	277	19	pessimistic	pessimistic	ADJ
fsr-3295	277	20	bias	bias	NOUN
fsr-3295	277	21	that	that	PRON
fsr-3295	277	22	is	be	AUX
fsr-3295	277	23	uncorrelated	uncorrelate	VERB
fsr-3295	277	24	with	with	ADP
fsr-3295	277	25	the	the	DET
fsr-3295	277	26	earnings	earning	NOUN
fsr-3295	277	27	forecast	forecast	NOUN
fsr-3295	277	28	and	and	CCONJ
fsr-3295	277	29	with	with	ADP
fsr-3295	277	30	prior	prior	ADJ
fsr-3295	277	31	news	news	NOUN
fsr-3295	277	32	.	.	PUNCT
fsr-3295	278	1	the	the	DET
fsr-3295	278	2	slope	slope	PROPN
fsr-3295	278	3	�	�	PROPN
fsr-3295	278	4	̂1	̂1	PROPN
fsr-3295	278	5	�	�	PROPN
fsr-3295	278	6	�	�	PROPN
fsr-3295	278	7	0.009	0.009	NUM
fsr-3295	278	8	is	be	AUX
fsr-3295	278	9	significantly	significantly	ADV
fsr-3295	278	10	positive	positive	ADJ
fsr-3295	278	11	,	,	PUNCT
fsr-3295	278	12	which	which	PRON
fsr-3295	278	13	indicates	indicate	VERB
fsr-3295	278	14	forecast	forecast	NOUN
fsr-3295	278	15	pessimism	pessimism	NOUN
fsr-3295	278	16	(	(	PUNCT
fsr-3295	278	17	optimism	optimism	NOUN
fsr-3295	278	18	)	)	PUNCT
fsr-3295	278	19	that	that	PRON
fsr-3295	278	20	is	be	AUX
fsr-3295	278	21	increasing	increase	VERB
fsr-3295	278	22	(	(	PUNCT
fsr-3295	278	23	decreasing	decrease	VERB
fsr-3295	278	24	)	)	PUNCT
fsr-3295	278	25	in	in	ADP
fsr-3295	278	26	the	the	DET
fsr-3295	278	27	forecast	forecast	NOUN
fsr-3295	278	28	.	.	PUNCT
fsr-3295	279	1	the	the	DET
fsr-3295	279	2	slope	slope	NOUN
fsr-3295	279	3	�	�	PROPN
fsr-3295	279	4	̂2	̂2	PROPN
fsr-3295	279	5	�	�	PROPN
fsr-3295	279	6	0.231	0.231	NUM
fsr-3295	279	7	is	be	AUX
fsr-3295	279	8	significantly	significantly	ADV
fsr-3295	279	9	positive	positive	ADJ
fsr-3295	279	10	,	,	PUNCT
fsr-3295	279	11	which	which	PRON
fsr-3295	279	12	indicates	indicate	VERB
fsr-3295	279	13	that	that	SCONJ
fsr-3295	279	14	analysts	analyst	NOUN
fsr-3295	279	15	’	'	PUNCT
fsr-3295	279	16	forecasts	forecast	NOUN
fsr-3295	279	17	are	be	AUX
fsr-3295	279	18	inefficient	inefficient	ADJ
fsr-3295	279	19	with	with	ADP
fsr-3295	279	20	respect	respect	NOUN
fsr-3295	279	21	to	to	ADP
fsr-3295	279	22	good	good	ADJ
fsr-3295	279	23	news	news	NOUN
fsr-3295	279	24	.	.	PUNCT
fsr-3295	280	1	segmenting	segment	VERB
fsr-3295	280	2	prior	prior	ADJ
fsr-3295	280	3	good	good	ADJ
fsr-3295	280	4	news	news	NOUN
fsr-3295	280	5	observations	observation	NOUN
fsr-3295	280	6	by	by	ADP
fsr-3295	280	7	investment	investment	NOUN
fsr-3295	280	8	rating	rating	NOUN
fsr-3295	280	9	shows	show	VERB
fsr-3295	280	10	that	that	SCONJ
fsr-3295	280	11	the	the	DET
fsr-3295	280	12	bias	bias	NOUN
fsr-3295	280	13	and	and	CCONJ
fsr-3295	280	14	inefficiency	inefficiency	NOUN
fsr-3295	280	15	can	can	AUX
fsr-3295	280	16	be	be	AUX
fsr-3295	280	17	traced	trace	VERB
fsr-3295	280	18	to	to	ADP
fsr-3295	280	19	stocks	stock	NOUN
fsr-3295	280	20	rated	rate	VERB
fsr-3295	280	21	buy	buy	VERB
fsr-3295	280	22	and	and	CCONJ
fsr-3295	280	23	hold	hold	VERB
fsr-3295	280	24	.	.	PUNCT
fsr-3295	281	1	for	for	ADP
fsr-3295	281	2	these	these	DET
fsr-3295	281	3	stocks	stock	NOUN
fsr-3295	281	4	,	,	PUNCT
fsr-3295	281	5	all	all	PRON
fsr-3295	281	6	of	of	ADP
fsr-3295	281	7	the	the	DET
fsr-3295	281	8	estimated	estimate	VERB
fsr-3295	281	9	coefficients	coefficient	NOUN
fsr-3295	281	10	are	be	AUX
fsr-3295	281	11	significantly	significantly	ADV
fsr-3295	281	12	different	different	ADJ
fsr-3295	281	13	from	from	ADP
fsr-3295	281	14	zero	zero	NUM
fsr-3295	281	15	.	.	PUNCT
fsr-3295	282	1	for	for	ADP
fsr-3295	282	2	stocks	stock	NOUN
fsr-3295	282	3	rated	rate	VERB
fsr-3295	282	4	sell	sell	VERB
fsr-3295	282	5	,	,	PUNCT
fsr-3295	282	6	however	however	ADV
fsr-3295	282	7	,	,	PUNCT
fsr-3295	282	8	none	none	NOUN
fsr-3295	282	9	of	of	ADP
fsr-3295	282	10	the	the	DET
fsr-3295	282	11	coefficients	coefficient	NOUN
fsr-3295	282	12	is	be	AUX
fsr-3295	282	13	significantly	significantly	ADV
fsr-3295	282	14	different	different	ADJ
fsr-3295	282	15	from	from	ADP
fsr-3295	282	16	zero	zero	NUM
fsr-3295	282	17	,	,	PUNCT
fsr-3295	282	18	which	which	PRON
fsr-3295	282	19	indicates	indicate	VERB
fsr-3295	282	20	that	that	SCONJ
fsr-3295	282	21	for	for	ADP
fsr-3295	282	22	these	these	DET
fsr-3295	282	23	stocks	stock	NOUN
fsr-3295	282	24	analysts	analyst	NOUN
fsr-3295	282	25	’	'	PUNCT
fsr-3295	282	26	forecasts	forecast	NOUN
fsr-3295	282	27	are	be	AUX
fsr-3295	282	28	unbiased	unbiased	ADJ
fsr-3295	282	29	and	and	CCONJ
fsr-3295	282	30	efficient	efficient	ADJ
fsr-3295	282	31	.	.	PUNCT
fsr-3295	283	1	the	the	DET
fsr-3295	283	2	patterns	pattern	NOUN
fsr-3295	283	3	of	of	ADP
fsr-3295	283	4	bias	bias	NOUN
fsr-3295	283	5	and	and	CCONJ
fsr-3295	283	6	inefficiency	inefficiency	NOUN
fsr-3295	283	7	indicated	indicate	VERB
fsr-3295	283	8	in	in	ADP
fsr-3295	283	9	table	table	NOUN
fsr-3295	283	10	7	7	NUM
fsr-3295	283	11	are	be	AUX
fsr-3295	283	12	consistent	consistent	ADJ
fsr-3295	283	13	with	with	ADP
fsr-3295	283	14	analysts	analyst	NOUN
fsr-3295	283	15	seeking	seek	VERB
fsr-3295	283	16	to	to	PART
fsr-3295	283	17	maintain	maintain	VERB
fsr-3295	283	18	credibility	credibility	NOUN
fsr-3295	283	19	with	with	ADP
fsr-3295	283	20	investors	investor	NOUN
fsr-3295	283	21	rather	rather	ADV
fsr-3295	283	22	than	than	ADP
fsr-3295	283	23	to	to	PART
fsr-3295	283	24	appease	appease	VERB
fsr-3295	283	25	managers	manager	NOUN
fsr-3295	283	26	of	of	ADP
fsr-3295	283	27	the	the	DET
fsr-3295	283	28	companies	company	NOUN
fsr-3295	283	29	they	they	PRON
fsr-3295	283	30	follow	follow	VERB
fsr-3295	283	31	.	.	PUNCT
fsr-3295	284	1	50	50	NUM
fsr-3295	284	2	p.	p.	NOUN
fsr-3295	284	3	baird	baird	PROPN
fsr-3295	284	4	/	/	SYM
fsr-3295	284	5	financial	financial	ADJ
fsr-3295	284	6	services	service	NOUN
fsr-3295	284	7	review	review	VERB
fsr-3295	284	8	26	26	NUM
fsr-3295	284	9	(	(	PUNCT
fsr-3295	284	10	2017	2017	NUM
fsr-3295	284	11	)	)	PUNCT
fsr-3295	284	12	37–54	37–54	NUM
fsr-3295	284	13	5	5	NUM
fsr-3295	284	14	.	.	PUNCT
fsr-3295	285	1	summary	summary	NOUN
fsr-3295	285	2	and	and	CCONJ
fsr-3295	285	3	conclusion	conclusion	NOUN
fsr-3295	285	4	equity	equity	NOUN
fsr-3295	285	5	analysts	analyst	NOUN
fsr-3295	285	6	occupy	occupy	VERB
fsr-3295	285	7	a	a	DET
fsr-3295	285	8	precarious	precarious	ADJ
fsr-3295	285	9	position	position	NOUN
fsr-3295	285	10	balancing	balance	VERB
fsr-3295	285	11	the	the	DET
fsr-3295	285	12	often	often	ADV
fsr-3295	285	13	conflicting	conflicting	ADJ
fsr-3295	285	14	expectations	expectation	NOUN
fsr-3295	285	15	of	of	ADP
fsr-3295	285	16	investor	investor	NOUN
fsr-3295	285	17	clients	client	NOUN
fsr-3295	285	18	and	and	CCONJ
fsr-3295	285	19	managers	manager	NOUN
fsr-3295	285	20	of	of	ADP
fsr-3295	285	21	public	public	ADJ
fsr-3295	285	22	companies	company	NOUN
fsr-3295	285	23	.	.	PUNCT
fsr-3295	286	1	investors	investor	NOUN
fsr-3295	286	2	expect	expect	VERB
fsr-3295	286	3	analysts	analyst	NOUN
fsr-3295	286	4	will	will	AUX
fsr-3295	286	5	produce	produce	VERB
fsr-3295	286	6	unbiased	unbiased	ADJ
fsr-3295	286	7	,	,	PUNCT
fsr-3295	286	8	objective	objective	ADJ
fsr-3295	286	9	research	research	NOUN
fsr-3295	286	10	on	on	ADP
fsr-3295	286	11	the	the	DET
fsr-3295	286	12	companies	company	NOUN
fsr-3295	286	13	they	they	PRON
fsr-3295	286	14	cover	cover	VERB
fsr-3295	286	15	.	.	PUNCT
fsr-3295	287	1	doing	do	VERB
fsr-3295	287	2	so	so	ADV
fsr-3295	287	3	,	,	PUNCT
fsr-3295	287	4	however	however	ADV
fsr-3295	287	5	,	,	PUNCT
fsr-3295	287	6	puts	put	VERB
fsr-3295	287	7	analysts	analyst	NOUN
fsr-3295	287	8	at	at	ADP
fsr-3295	287	9	risk	risk	NOUN
fsr-3295	287	10	of	of	ADP
fsr-3295	287	11	losing	lose	VERB
fsr-3295	287	12	access	access	NOUN
fsr-3295	287	13	to	to	ADP
fsr-3295	287	14	company	company	NOUN
fsr-3295	287	15	managers	manager	NOUN
fsr-3295	287	16	who	who	PRON
fsr-3295	287	17	provide	provide	VERB
fsr-3295	287	18	information	information	NOUN
fsr-3295	287	19	analysts	analyst	NOUN
fsr-3295	287	20	need	need	VERB
fsr-3295	287	21	in	in	ADP
fsr-3295	287	22	their	their	PRON
fsr-3295	287	23	work	work	NOUN
fsr-3295	287	24	but	but	CCONJ
fsr-3295	287	25	who	who	PRON
fsr-3295	287	26	may	may	AUX
fsr-3295	287	27	be	be	AUX
fsr-3295	287	28	sensitive	sensitive	ADJ
fsr-3295	287	29	to	to	ADP
fsr-3295	287	30	critical	critical	ADJ
fsr-3295	287	31	coverage	coverage	NOUN
fsr-3295	287	32	.	.	PUNCT
fsr-3295	288	1	analysts	analyst	NOUN
fsr-3295	288	2	can	can	AUX
fsr-3295	288	3	be	be	AUX
fsr-3295	288	4	further	far	ADV
fsr-3295	288	5	conflicted	conflict	VERB
fsr-3295	288	6	in	in	ADP
fsr-3295	288	7	striving	strive	VERB
fsr-3295	288	8	to	to	PART
fsr-3295	288	9	support	support	VERB
fsr-3295	288	10	their	their	PRON
fsr-3295	288	11	employers	employer	NOUN
fsr-3295	288	12	’	’	PART
fsr-3295	288	13	investment	investment	NOUN
fsr-3295	288	14	banking	banking	NOUN
fsr-3295	288	15	and	and	CCONJ
fsr-3295	288	16	brokerage	brokerage	NOUN
fsr-3295	288	17	activities	activity	NOUN
fsr-3295	288	18	.	.	PUNCT
fsr-3295	289	1	in	in	ADP
fsr-3295	289	2	the	the	DET
fsr-3295	289	3	end	end	NOUN
fsr-3295	289	4	,	,	PUNCT
fsr-3295	289	5	their	their	PRON
fsr-3295	289	6	research	research	NOUN
fsr-3295	289	7	reports	report	NOUN
fsr-3295	289	8	and	and	CCONJ
fsr-3295	289	9	recommendations	recommendation	NOUN
fsr-3295	289	10	embody	embody	VERB
fsr-3295	289	11	the	the	DET
fsr-3295	289	12	subjective	subjective	ADJ
fsr-3295	289	13	tradeoffs	tradeoff	NOUN
fsr-3295	289	14	they	they	PRON
fsr-3295	289	15	make	make	VERB
fsr-3295	289	16	in	in	ADP
fsr-3295	289	17	balancing	balance	VERB
fsr-3295	289	18	these	these	DET
fsr-3295	289	19	conflicts	conflict	NOUN
fsr-3295	289	20	.	.	PUNCT
fsr-3295	290	1	bias	bias	NOUN
fsr-3295	290	2	and	and	CCONJ
fsr-3295	290	3	inefficiency	inefficiency	NOUN
fsr-3295	290	4	in	in	ADP
fsr-3295	290	5	earnings	earning	NOUN
fsr-3295	290	6	forecasts	forecast	NOUN
fsr-3295	290	7	have	have	AUX
fsr-3295	290	8	been	be	AUX
fsr-3295	290	9	studied	study	VERB
fsr-3295	290	10	extensively	extensively	ADV
fsr-3295	290	11	by	by	ADP
fsr-3295	290	12	researchers	researcher	NOUN
fsr-3295	290	13	seeking	seek	VERB
fsr-3295	290	14	to	to	PART
fsr-3295	290	15	understand	understand	VERB
fsr-3295	290	16	analysts	analyst	NOUN
fsr-3295	290	17	’	'	PUNCT
fsr-3295	290	18	motives	motive	NOUN
fsr-3295	290	19	.	.	PUNCT
fsr-3295	291	1	the	the	DET
fsr-3295	291	2	present	present	ADJ
fsr-3295	291	3	research	research	NOUN
fsr-3295	291	4	continues	continue	VERB
fsr-3295	291	5	in	in	ADP
fsr-3295	291	6	this	this	DET
fsr-3295	291	7	vein	vein	NOUN
fsr-3295	291	8	.	.	PUNCT
fsr-3295	292	1	its	its	PRON
fsr-3295	292	2	primary	primary	ADJ
fsr-3295	292	3	contribution	contribution	NOUN
fsr-3295	292	4	is	be	AUX
fsr-3295	292	5	that	that	SCONJ
fsr-3295	292	6	it	it	PRON
fsr-3295	292	7	sheds	shed	VERB
fsr-3295	292	8	new	new	ADJ
fsr-3295	292	9	light	light	NOUN
fsr-3295	292	10	on	on	ADP
fsr-3295	292	11	analysts	analyst	NOUN
fsr-3295	292	12	’	'	PUNCT
fsr-3295	292	13	motives	motive	NOUN
fsr-3295	292	14	in	in	ADP
fsr-3295	292	15	a	a	DET
fsr-3295	292	16	setting	setting	NOUN
fsr-3295	292	17	in	in	ADP
fsr-3295	292	18	which	which	PRON
fsr-3295	292	19	they	they	PRON
fsr-3295	292	20	are	be	AUX
fsr-3295	292	21	free	free	ADJ
fsr-3295	292	22	from	from	ADP
fsr-3295	292	23	the	the	DET
fsr-3295	292	24	pressures	pressure	NOUN
fsr-3295	292	25	of	of	ADP
fsr-3295	292	26	supporting	support	VERB
fsr-3295	292	27	underwriting	underwriting	NOUN
fsr-3295	292	28	and	and	CCONJ
fsr-3295	292	29	trading	trading	NOUN
fsr-3295	292	30	activities	activity	NOUN
fsr-3295	292	31	.	.	PUNCT
fsr-3295	293	1	because	because	SCONJ
fsr-3295	293	2	value	value	NOUN
fsr-3295	293	3	line	line	NOUN
fsr-3295	293	4	is	be	AUX
fsr-3295	293	5	not	not	PART
fsr-3295	293	6	involved	involve	VERB
fsr-3295	293	7	in	in	ADP
fsr-3295	293	8	these	these	DET
fsr-3295	293	9	activities	activity	NOUN
fsr-3295	293	10	,	,	PUNCT
fsr-3295	293	11	and	and	CCONJ
fsr-3295	293	12	because	because	SCONJ
fsr-3295	293	13	stocks	stock	NOUN
fsr-3295	293	14	’	'	PUNCT
fsr-3295	293	15	investment	investment	NOUN
fsr-3295	293	16	ratings	rating	NOUN
fsr-3295	293	17	are	be	AUX
fsr-3295	293	18	assigned	assign	VERB
fsr-3295	293	19	by	by	ADP
fsr-3295	293	20	value	value	NOUN
fsr-3295	293	21	line	line	NOUN
fsr-3295	293	22	with	with	ADP
fsr-3295	293	23	no	no	DET
fsr-3295	293	24	analyst	analyst	NOUN
fsr-3295	293	25	input	input	NOUN
fsr-3295	293	26	,	,	PUNCT
fsr-3295	293	27	value	value	NOUN
fsr-3295	293	28	line	line	NOUN
fsr-3295	293	29	earnings	earning	NOUN
fsr-3295	293	30	forecast	forecast	NOUN
fsr-3295	293	31	errors	error	NOUN
fsr-3295	293	32	are	be	AUX
fsr-3295	293	33	particularly	particularly	ADV
fsr-3295	293	34	useful	useful	ADJ
fsr-3295	293	35	for	for	ADP
fsr-3295	293	36	assessing	assess	VERB
fsr-3295	293	37	analysts	analyst	NOUN
fsr-3295	293	38	’	'	PUNCT
fsr-3295	293	39	incentives	incentive	VERB
fsr-3295	293	40	to	to	PART
fsr-3295	293	41	maintain	maintain	VERB
fsr-3295	293	42	credibility	credibility	NOUN
fsr-3295	293	43	with	with	ADP
fsr-3295	293	44	investors	investor	NOUN
fsr-3295	293	45	and	and	CCONJ
fsr-3295	293	46	to	to	PART
fsr-3295	293	47	appease	appease	VERB
fsr-3295	293	48	company	company	NOUN
fsr-3295	293	49	management	management	NOUN
fsr-3295	293	50	.	.	PUNCT
fsr-3295	294	1	empirical	empirical	ADJ
fsr-3295	294	2	results	result	NOUN
fsr-3295	294	3	reported	report	VERB
fsr-3295	294	4	in	in	ADP
fsr-3295	294	5	the	the	DET
fsr-3295	294	6	present	present	ADJ
fsr-3295	294	7	research	research	NOUN
fsr-3295	294	8	support	support	VERB
fsr-3295	294	9	several	several	ADJ
fsr-3295	294	10	inferences	inference	NOUN
fsr-3295	294	11	.	.	PUNCT
fsr-3295	295	1	first	first	ADV
fsr-3295	295	2	,	,	PUNCT
fsr-3295	295	3	analysts	analyst	NOUN
fsr-3295	295	4	appear	appear	VERB
fsr-3295	295	5	to	to	PART
fsr-3295	295	6	bias	bias	VERB
fsr-3295	295	7	their	their	PRON
fsr-3295	295	8	forecasts	forecast	NOUN
fsr-3295	295	9	primarily	primarily	ADV
fsr-3295	295	10	to	to	PART
fsr-3295	295	11	maintain	maintain	VERB
fsr-3295	295	12	credibility	credibility	NOUN
fsr-3295	295	13	with	with	ADP
fsr-3295	295	14	investors	investor	NOUN
fsr-3295	295	15	.	.	PUNCT
fsr-3295	296	1	if	if	SCONJ
fsr-3295	296	2	it	it	PRON
fsr-3295	296	3	were	be	AUX
fsr-3295	296	4	the	the	DET
fsr-3295	296	5	case	case	NOUN
fsr-3295	296	6	that	that	SCONJ
fsr-3295	296	7	analysts	analyst	NOUN
fsr-3295	296	8	strive	strive	VERB
fsr-3295	296	9	to	to	PART
fsr-3295	296	10	appease	appease	VERB
fsr-3295	296	11	company	company	NOUN
fsr-3295	296	12	managers	manager	NOUN
fsr-3295	296	13	,	,	PUNCT
fsr-3295	296	14	and	and	CCONJ
fsr-3295	296	15	assuming	assume	VERB
fsr-3295	296	16	that	that	SCONJ
fsr-3295	296	17	managers	manager	NOUN
fsr-3295	296	18	prefer	prefer	VERB
fsr-3295	296	19	that	that	SCONJ
fsr-3295	296	20	analysts	analyst	NOUN
fsr-3295	296	21	issue	issue	VERB
fsr-3295	296	22	beatable	beatable	ADJ
fsr-3295	296	23	forecasts	forecast	NOUN
fsr-3295	296	24	,	,	PUNCT
fsr-3295	296	25	then	then	ADV
fsr-3295	296	26	most	most	ADJ
fsr-3295	296	27	firms	firm	NOUN
fsr-3295	296	28	will	will	AUX
fsr-3295	296	29	report	report	VERB
fsr-3295	296	30	earnings	earning	NOUN
fsr-3295	296	31	that	that	PRON
fsr-3295	296	32	meet	meet	VERB
fsr-3295	296	33	or	or	CCONJ
fsr-3295	296	34	beat	beat	VERB
fsr-3295	296	35	forecasts	forecast	NOUN
fsr-3295	296	36	.	.	PUNCT
fsr-3295	297	1	prior	prior	ADJ
fsr-3295	297	2	research	research	NOUN
fsr-3295	297	3	establishes	establish	VERB
fsr-3295	297	4	that	that	SCONJ
fsr-3295	297	5	this	this	PRON
fsr-3295	297	6	is	be	AUX
fsr-3295	297	7	indeed	indeed	ADV
fsr-3295	297	8	the	the	DET
fsr-3295	297	9	case	case	NOUN
fsr-3295	297	10	generally	generally	ADV
fsr-3295	297	11	,	,	PUNCT
fsr-3295	297	12	and	and	CCONJ
fsr-3295	297	13	the	the	DET
fsr-3295	297	14	present	present	ADJ
fsr-3295	297	15	research	research	NOUN
fsr-3295	297	16	shows	show	VERB
fsr-3295	297	17	that	that	SCONJ
fsr-3295	297	18	this	this	DET
fsr-3295	297	19	finding	finding	NOUN
fsr-3295	297	20	holds	hold	VERB
fsr-3295	297	21	among	among	ADP
fsr-3295	297	22	value	value	NOUN
fsr-3295	297	23	line	line	NOUN
fsr-3295	297	24	earnings	earning	NOUN
fsr-3295	297	25	forecasts	forecast	NOUN
fsr-3295	297	26	as	as	ADV
fsr-3295	297	27	well	well	ADV
fsr-3295	297	28	.	.	PUNCT
fsr-3295	298	1	however	however	ADV
fsr-3295	298	2	,	,	PUNCT
fsr-3295	298	3	the	the	DET
fsr-3295	298	4	present	present	ADJ
fsr-3295	298	5	research	research	NOUN
fsr-3295	298	6	also	also	ADV
fsr-3295	298	7	shows	show	VERB
fsr-3295	298	8	that	that	SCONJ
fsr-3295	298	9	the	the	DET
fsr-3295	298	10	propensity	propensity	NOUN
fsr-3295	298	11	for	for	ADP
fsr-3295	298	12	reported	report	VERB
fsr-3295	298	13	earnings	earning	NOUN
fsr-3295	298	14	to	to	PART
fsr-3295	298	15	meet	meet	VERB
fsr-3295	298	16	or	or	CCONJ
fsr-3295	298	17	beat	beat	VERB
fsr-3295	298	18	forecasts	forecast	NOUN
fsr-3295	298	19	is	be	AUX
fsr-3295	298	20	confined	confine	VERB
fsr-3295	298	21	primarily	primarily	ADV
fsr-3295	298	22	to	to	ADP
fsr-3295	298	23	stocks	stock	NOUN
fsr-3295	298	24	rated	rate	VERB
fsr-3295	298	25	buy	buy	VERB
fsr-3295	298	26	.	.	PUNCT
fsr-3295	299	1	more	more	ADV
fsr-3295	299	2	generally	generally	ADV
fsr-3295	299	3	,	,	PUNCT
fsr-3295	299	4	the	the	DET
fsr-3295	299	5	direction	direction	NOUN
fsr-3295	299	6	of	of	ADP
fsr-3295	299	7	earnings	earning	NOUN
fsr-3295	299	8	forecast	forecast	NOUN
fsr-3295	299	9	bias	bias	NOUN
fsr-3295	299	10	depends	depend	VERB
fsr-3295	299	11	on	on	ADP
fsr-3295	299	12	investment	investment	NOUN
fsr-3295	299	13	rating	rating	NOUN
fsr-3295	299	14	.	.	PUNCT
fsr-3295	300	1	the	the	DET
fsr-3295	300	2	bias	bias	NOUN
fsr-3295	300	3	is	be	AUX
fsr-3295	300	4	pessimistic	pessimistic	ADJ
fsr-3295	300	5	for	for	ADP
fsr-3295	300	6	buy	buy	NOUN
fsr-3295	300	7	-	-	PUNCT
fsr-3295	300	8	rated	rate	VERB
fsr-3295	300	9	stocks	stock	NOUN
fsr-3295	300	10	,	,	PUNCT
fsr-3295	300	11	which	which	PRON
fsr-3295	300	12	by	by	ADP
fsr-3295	300	13	a	a	DET
fsr-3295	300	14	ratio	ratio	NOUN
fsr-3295	300	15	of	of	ADP
fsr-3295	300	16	almost	almost	ADV
fsr-3295	300	17	2	2	NUM
fsr-3295	300	18	to	to	PART
fsr-3295	300	19	1	1	NUM
fsr-3295	300	20	report	report	NOUN
fsr-3295	300	21	earnings	earning	NOUN
fsr-3295	300	22	that	that	PRON
fsr-3295	300	23	meet	meet	VERB
fsr-3295	300	24	or	or	CCONJ
fsr-3295	300	25	beat	beat	VERB
fsr-3295	300	26	forecasts	forecast	NOUN
fsr-3295	300	27	.	.	PUNCT
fsr-3295	301	1	the	the	DET
fsr-3295	301	2	bias	bias	NOUN
fsr-3295	301	3	is	be	AUX
fsr-3295	301	4	optimistic	optimistic	ADJ
fsr-3295	301	5	for	for	ADP
fsr-3295	301	6	sell	sell	NOUN
fsr-3295	301	7	-	-	PUNCT
fsr-3295	301	8	rated	rate	VERB
fsr-3295	301	9	stocks	stock	NOUN
fsr-3295	301	10	,	,	PUNCT
fsr-3295	301	11	for	for	ADP
fsr-3295	301	12	which	which	PRON
fsr-3295	301	13	earnings	earning	NOUN
fsr-3295	301	14	misses	misses	AUX
fsr-3295	301	15	prevail	prevail	VERB
fsr-3295	301	16	by	by	ADP
fsr-3295	301	17	a	a	DET
fsr-3295	301	18	ratio	ratio	NOUN
fsr-3295	301	19	of	of	ADP
fsr-3295	301	20	more	more	ADJ
fsr-3295	301	21	than	than	ADP
fsr-3295	301	22	1.5	1.5	NUM
fsr-3295	301	23	to	to	PART
fsr-3295	301	24	1	1	NUM
fsr-3295	301	25	.	.	PUNCT
fsr-3295	302	1	hence	hence	ADV
fsr-3295	302	2	,	,	PUNCT
fsr-3295	302	3	it	it	PRON
fsr-3295	302	4	does	do	AUX
fsr-3295	302	5	not	not	PART
fsr-3295	302	6	appear	appear	VERB
fsr-3295	302	7	that	that	SCONJ
fsr-3295	302	8	value	value	NOUN
fsr-3295	302	9	line	line	NOUN
fsr-3295	302	10	analysts	analyst	NOUN
fsr-3295	302	11	strive	strive	VERB
fsr-3295	302	12	to	to	PART
fsr-3295	302	13	appease	appease	VERB
fsr-3295	302	14	the	the	DET
fsr-3295	302	15	managers	manager	NOUN
fsr-3295	302	16	of	of	ADP
fsr-3295	302	17	companies	company	NOUN
fsr-3295	302	18	to	to	PART
fsr-3295	302	19	which	which	PRON
fsr-3295	302	20	sell	sell	VERB
fsr-3295	302	21	ratings	rating	NOUN
fsr-3295	302	22	are	be	AUX
fsr-3295	302	23	attached	attach	VERB
fsr-3295	302	24	.	.	PUNCT
fsr-3295	303	1	rather	rather	ADV
fsr-3295	303	2	,	,	PUNCT
fsr-3295	303	3	it	it	PRON
fsr-3295	303	4	appears	appear	VERB
fsr-3295	303	5	that	that	SCONJ
fsr-3295	303	6	analysts	analyst	NOUN
fsr-3295	303	7	strive	strive	VERB
fsr-3295	303	8	to	to	PART
fsr-3295	303	9	maintain	maintain	VERB
fsr-3295	303	10	credibility	credibility	NOUN
fsr-3295	303	11	with	with	ADP
fsr-3295	303	12	investors	investor	NOUN
fsr-3295	303	13	by	by	ADP
fsr-3295	303	14	issuing	issue	VERB
fsr-3295	303	15	earnings	earning	NOUN
fsr-3295	303	16	forecasts	forecast	NOUN
fsr-3295	303	17	that	that	PRON
fsr-3295	303	18	buy	buy	NOUN
fsr-3295	303	19	-	-	PUNCT
fsr-3295	303	20	rated	rate	VERB
fsr-3295	303	21	stocks	stock	NOUN
fsr-3295	303	22	are	be	AUX
fsr-3295	303	23	likely	likely	ADJ
fsr-3295	303	24	to	to	PART
fsr-3295	303	25	meet	meet	VERB
fsr-3295	303	26	or	or	CCONJ
fsr-3295	303	27	beat	beat	VERB
fsr-3295	303	28	and	and	CCONJ
fsr-3295	303	29	that	that	SCONJ
fsr-3295	303	30	sell	sell	NOUN
fsr-3295	303	31	-	-	PUNCT
fsr-3295	303	32	rated	rate	VERB
fsr-3295	303	33	stocks	stock	NOUN
fsr-3295	303	34	are	be	AUX
fsr-3295	303	35	likely	likely	ADJ
fsr-3295	303	36	to	to	PART
fsr-3295	303	37	miss	miss	VERB
fsr-3295	303	38	.	.	PUNCT
fsr-3295	304	1	the	the	DET
fsr-3295	304	2	present	present	ADJ
fsr-3295	304	3	research	research	NOUN
fsr-3295	304	4	documents	document	VERB
fsr-3295	304	5	a	a	DET
fsr-3295	304	6	pattern	pattern	NOUN
fsr-3295	304	7	of	of	ADP
fsr-3295	304	8	forecast	forecast	NOUN
fsr-3295	304	9	inefficiency	inefficiency	NOUN
fsr-3295	304	10	with	with	ADP
fsr-3295	304	11	respect	respect	NOUN
fsr-3295	304	12	to	to	ADP
fsr-3295	304	13	earnings	earning	NOUN
fsr-3295	304	14	news	news	NOUN
fsr-3295	304	15	that	that	PRON
fsr-3295	304	16	further	far	ADV
fsr-3295	304	17	supports	support	VERB
fsr-3295	304	18	the	the	DET
fsr-3295	304	19	view	view	NOUN
fsr-3295	304	20	that	that	SCONJ
fsr-3295	304	21	analysts	analyst	NOUN
fsr-3295	304	22	strive	strive	VERB
fsr-3295	304	23	to	to	PART
fsr-3295	304	24	maintain	maintain	VERB
fsr-3295	304	25	credibility	credibility	NOUN
fsr-3295	304	26	.	.	PUNCT
fsr-3295	305	1	although	although	SCONJ
fsr-3295	305	2	prior	prior	ADJ
fsr-3295	305	3	research	research	NOUN
fsr-3295	305	4	establishes	establish	VERB
fsr-3295	305	5	that	that	SCONJ
fsr-3295	305	6	analysts	analyst	NOUN
fsr-3295	305	7	underreact	underreact	VERB
fsr-3295	305	8	to	to	ADP
fsr-3295	305	9	earnings	earning	NOUN
fsr-3295	305	10	news	news	NOUN
fsr-3295	305	11	,	,	PUNCT
fsr-3295	305	12	the	the	DET
fsr-3295	305	13	present	present	ADJ
fsr-3295	305	14	research	research	NOUN
fsr-3295	305	15	shows	show	VERB
fsr-3295	305	16	that	that	SCONJ
fsr-3295	305	17	they	they	PRON
fsr-3295	305	18	do	do	VERB
fsr-3295	305	19	so	so	ADV
fsr-3295	305	20	under	under	ADP
fsr-3295	305	21	certain	certain	ADJ
fsr-3295	305	22	conditions	condition	NOUN
fsr-3295	305	23	.	.	PUNCT
fsr-3295	306	1	value	value	NOUN
fsr-3295	306	2	line	line	NOUN
fsr-3295	306	3	analysts	analyst	NOUN
fsr-3295	306	4	underreact	underreact	VERB
fsr-3295	306	5	to	to	ADP
fsr-3295	306	6	good	good	ADJ
fsr-3295	306	7	news	news	NOUN
fsr-3295	306	8	for	for	ADP
fsr-3295	306	9	buy	buy	NOUN
fsr-3295	306	10	-	-	PUNCT
fsr-3295	306	11	rated	rate	VERB
fsr-3295	306	12	stocks	stock	NOUN
fsr-3295	306	13	and	and	CCONJ
fsr-3295	306	14	to	to	ADP
fsr-3295	306	15	bad	bad	ADJ
fsr-3295	306	16	news	news	NOUN
fsr-3295	306	17	for	for	ADP
fsr-3295	306	18	sell	sell	NOUN
fsr-3295	306	19	-	-	PUNCT
fsr-3295	306	20	rated	rate	VERB
fsr-3295	306	21	stocks	stock	NOUN
fsr-3295	306	22	.	.	PUNCT
fsr-3295	307	1	however	however	ADV
fsr-3295	307	2	,	,	PUNCT
fsr-3295	307	3	they	they	PRON
fsr-3295	307	4	respond	respond	VERB
fsr-3295	307	5	efficiently	efficiently	ADV
fsr-3295	307	6	to	to	ADP
fsr-3295	307	7	bad	bad	ADJ
fsr-3295	307	8	news	news	NOUN
fsr-3295	307	9	for	for	ADP
fsr-3295	307	10	buy	buy	NOUN
fsr-3295	307	11	-	-	PUNCT
fsr-3295	307	12	rated	rate	VERB
fsr-3295	307	13	stocks	stock	NOUN
fsr-3295	307	14	and	and	CCONJ
fsr-3295	307	15	to	to	ADP
fsr-3295	307	16	good	good	ADJ
fsr-3295	307	17	news	news	NOUN
fsr-3295	307	18	for	for	ADP
fsr-3295	307	19	sell	sell	NOUN
fsr-3295	307	20	-	-	PUNCT
fsr-3295	307	21	rated	rate	VERB
fsr-3295	307	22	stocks	stock	NOUN
fsr-3295	307	23	.	.	PUNCT
fsr-3295	308	1	these	these	DET
fsr-3295	308	2	results	result	NOUN
fsr-3295	308	3	are	be	AUX
fsr-3295	308	4	consistent	consistent	ADJ
fsr-3295	308	5	with	with	ADP
fsr-3295	308	6	analysts	analyst	NOUN
fsr-3295	308	7	striving	strive	VERB
fsr-3295	308	8	to	to	PART
fsr-3295	308	9	maintain	maintain	VERB
fsr-3295	308	10	pessimistic	pessimistic	ADJ
fsr-3295	308	11	forecasts	forecast	NOUN
fsr-3295	308	12	for	for	ADP
fsr-3295	308	13	buys	buy	NOUN
fsr-3295	308	14	and	and	CCONJ
fsr-3295	308	15	optimistic	optimistic	ADJ
fsr-3295	308	16	forecasts	forecast	NOUN
fsr-3295	308	17	for	for	ADP
fsr-3295	308	18	sells	sell	NOUN
fsr-3295	308	19	,	,	PUNCT
fsr-3295	308	20	which	which	PRON
fsr-3295	308	21	again	again	ADV
fsr-3295	308	22	suggests	suggest	VERB
fsr-3295	308	23	that	that	SCONJ
fsr-3295	308	24	analysts	analyst	NOUN
fsr-3295	308	25	seek	seek	VERB
fsr-3295	308	26	primarily	primarily	ADV
fsr-3295	308	27	to	to	PART
fsr-3295	308	28	maintain	maintain	VERB
fsr-3295	308	29	credibility	credibility	NOUN
fsr-3295	308	30	.	.	PUNCT
fsr-3295	309	1	this	this	DET
fsr-3295	309	2	interplay	interplay	NOUN
fsr-3295	309	3	among	among	ADP
fsr-3295	309	4	investment	investment	NOUN
fsr-3295	309	5	rating	rating	NOUN
fsr-3295	309	6	and	and	CCONJ
fsr-3295	309	7	earnings	earning	NOUN
fsr-3295	309	8	forecast	forecast	NOUN
fsr-3295	309	9	bias	bias	NOUN
fsr-3295	309	10	and	and	CCONJ
fsr-3295	309	11	inefficiency	inefficiency	NOUN
fsr-3295	309	12	illuminate	illuminate	VERB
fsr-3295	309	13	the	the	DET
fsr-3295	309	14	incentives	incentive	NOUN
fsr-3295	309	15	motivating	motivate	VERB
fsr-3295	309	16	analysts	analyst	NOUN
fsr-3295	309	17	to	to	ADP
fsr-3295	309	18	an	an	DET
fsr-3295	309	19	extent	extent	NOUN
fsr-3295	309	20	not	not	PART
fsr-3295	309	21	elaborated	elaborate	VERB
fsr-3295	309	22	heretofore	heretofore	ADV
fsr-3295	309	23	.	.	PUNCT
fsr-3295	310	1	51p	51p	NUM
fsr-3295	310	2	.	.	PUNCT
fsr-3295	311	1	baird	baird	PROPN
fsr-3295	311	2	/	/	SYM
fsr-3295	311	3	financial	financial	ADJ
fsr-3295	311	4	services	service	NOUN
fsr-3295	311	5	review	review	VERB
fsr-3295	311	6	26	26	NUM
fsr-3295	311	7	(	(	PUNCT
fsr-3295	311	8	2017	2017	NUM
fsr-3295	311	9	)	)	PUNCT
fsr-3295	311	10	37–54	37–54	NUM
fsr-3295	311	11	notes	note	NOUN
fsr-3295	311	12	1	1	NUM
fsr-3295	311	13	see	see	VERB
fsr-3295	311	14	their	their	PRON
fsr-3295	311	15	table	table	NOUN
fsr-3295	311	16	3	3	NUM
fsr-3295	311	17	,	,	PUNCT
fsr-3295	311	18	panel	panel	NOUN
fsr-3295	311	19	b.	b.	NOUN
fsr-3295	311	20	2	2	NUM
fsr-3295	311	21	evidence	evidence	NOUN
fsr-3295	311	22	of	of	ADP
fsr-3295	311	23	these	these	DET
fsr-3295	311	24	asymmetries	asymmetry	NOUN
fsr-3295	311	25	is	be	AUX
fsr-3295	311	26	also	also	ADV
fsr-3295	311	27	apparent	apparent	ADJ
fsr-3295	311	28	in	in	ADP
fsr-3295	311	29	bartov	bartov	PROPN
fsr-3295	311	30	et	et	PROPN
fsr-3295	311	31	.	.	PUNCT
fsr-3295	312	1	al	al	PROPN
fsr-3295	312	2	.	.	PROPN
fsr-3295	313	1	(	(	PUNCT
fsr-3295	313	2	2002	2002	NUM
fsr-3295	313	3	)	)	PUNCT
fsr-3295	313	4	,	,	PUNCT
fsr-3295	313	5	burgstahler	burgstahler	NOUN
fsr-3295	313	6	and	and	CCONJ
fsr-3295	313	7	dichev	dichev	NOUN
fsr-3295	313	8	(	(	PUNCT
fsr-3295	313	9	1997	1997	NUM
fsr-3295	313	10	)	)	PUNCT
fsr-3295	313	11	,	,	PUNCT
fsr-3295	313	12	brown	brown	NOUN
fsr-3295	313	13	(	(	PUNCT
fsr-3295	313	14	2001	2001	NUM
fsr-3295	313	15	)	)	PUNCT
fsr-3295	313	16	,	,	PUNCT
fsr-3295	313	17	cotter	cotter	NOUN
fsr-3295	313	18	,	,	PUNCT
fsr-3295	313	19	et	et	PROPN
fsr-3295	313	20	.	.	PUNCT
fsr-3295	314	1	al	al	PROPN
fsr-3295	314	2	.	.	PROPN
fsr-3295	314	3	(	(	PUNCT
fsr-3295	314	4	2006	2006	NUM
fsr-3295	314	5	)	)	PUNCT
fsr-3295	314	6	,	,	PUNCT
fsr-3295	314	7	degeorge	degeorge	VERB
fsr-3295	314	8	et	et	NOUN
fsr-3295	314	9	.	.	PUNCT
fsr-3295	315	1	al	al	PROPN
fsr-3295	315	2	.	.	PUNCT
fsr-3295	315	3	(	(	PUNCT
fsr-3295	315	4	1999	1999	NUM
fsr-3295	315	5	)	)	PUNCT
fsr-3295	315	6	,	,	PUNCT
fsr-3295	315	7	kasznick	kasznick	NOUN
fsr-3295	315	8	and	and	CCONJ
fsr-3295	315	9	mcnichols	mcnichols	PROPN
fsr-3295	315	10	(	(	PUNCT
fsr-3295	315	11	2002	2002	NUM
fsr-3295	315	12	)	)	PUNCT
fsr-3295	315	13	,	,	PUNCT
fsr-3295	315	14	and	and	CCONJ
fsr-3295	315	15	matsumoto	matsumoto	PROPN
fsr-3295	315	16	(	(	PUNCT
fsr-3295	315	17	2002	2002	NUM
fsr-3295	315	18	)	)	PUNCT
fsr-3295	315	19	.	.	PUNCT
fsr-3295	316	1	3	3	NUM
fsr-3295	316	2	in	in	ADP
fsr-3295	316	3	a	a	DET
fsr-3295	316	4	similar	similar	ADJ
fsr-3295	316	5	vein	vein	NOUN
fsr-3295	316	6	,	,	PUNCT
fsr-3295	316	7	walker	walker	NOUN
fsr-3295	316	8	and	and	CCONJ
fsr-3295	316	9	claasen	claasen	PROPN
fsr-3295	316	10	(	(	PUNCT
fsr-3295	316	11	2006	2006	NUM
fsr-3295	316	12	)	)	PUNCT
fsr-3295	316	13	find	find	VERB
fsr-3295	316	14	that	that	SCONJ
fsr-3295	316	15	analyst	analyst	NOUN
fsr-3295	316	16	affiliation	affiliation	NOUN
fsr-3295	316	17	has	have	VERB
fsr-3295	316	18	no	no	DET
fsr-3295	316	19	effect	effect	NOUN
fsr-3295	316	20	on	on	ADP
fsr-3295	316	21	stock	stock	NOUN
fsr-3295	316	22	price	price	NOUN
fsr-3295	316	23	response	response	NOUN
fsr-3295	316	24	to	to	ADP
fsr-3295	316	25	ratings	rating	NOUN
fsr-3295	316	26	changes	change	NOUN
fsr-3295	316	27	.	.	PUNCT
fsr-3295	317	1	4	4	NUM
fsr-3295	317	2	their	their	PRON
fsr-3295	317	3	investment	investment	NOUN
fsr-3295	317	4	ratings	rating	NOUN
fsr-3295	317	5	are	be	AUX
fsr-3295	317	6	derived	derive	VERB
fsr-3295	317	7	from	from	ADP
fsr-3295	317	8	value	value	NOUN
fsr-3295	317	9	line	line	NOUN
fsr-3295	317	10	timeliness	timeliness	NOUN
fsr-3295	317	11	ratings	rating	NOUN
fsr-3295	317	12	:	:	PUNCT
fsr-3295	317	13	1	1	NUM
fsr-3295	317	14	,	,	PUNCT
fsr-3295	317	15	2	2	NUM
fsr-3295	317	16	�	�	NOUN
fsr-3295	317	17	buy	buy	VERB
fsr-3295	317	18	,	,	PUNCT
fsr-3295	317	19	3	3	NUM
fsr-3295	317	20	�	�	PROPN
fsr-3295	317	21	hold	hold	VERB
fsr-3295	317	22	,	,	PUNCT
fsr-3295	317	23	4	4	NUM
fsr-3295	317	24	,	,	PUNCT
fsr-3295	317	25	5	5	NUM
fsr-3295	317	26	�	�	NOUN
fsr-3295	317	27	sell	sell	VERB
fsr-3295	317	28	.	.	PUNCT
fsr-3295	318	1	from	from	ADP
fsr-3295	318	2	their	their	PRON
fsr-3295	318	3	table	table	NOUN
fsr-3295	318	4	3	3	NUM
fsr-3295	318	5	panel	panel	NOUN
fsr-3295	318	6	b	b	NOUN
fsr-3295	318	7	,	,	PUNCT
fsr-3295	318	8	the	the	DET
fsr-3295	318	9	mean	mean	ADJ
fsr-3295	318	10	unscaled	unscaled	ADJ
fsr-3295	318	11	forecast	forecast	NOUN
fsr-3295	318	12	error	error	NOUN
fsr-3295	318	13	for	for	ADP
fsr-3295	318	14	buys	buy	NOUN
fsr-3295	318	15	-$0.003	-$0.003	PUNCT
fsr-3295	318	16	is	be	AUX
fsr-3295	318	17	not	not	PART
fsr-3295	318	18	significantly	significantly	ADV
fsr-3295	318	19	different	different	ADJ
fsr-3295	318	20	from	from	ADP
fsr-3295	318	21	zero	zero	NUM
fsr-3295	318	22	,	,	PUNCT
fsr-3295	318	23	and	and	CCONJ
fsr-3295	318	24	the	the	DET
fsr-3295	318	25	mean	mean	ADJ
fsr-3295	318	26	unscaled	unscaled	ADJ
fsr-3295	318	27	errors	error	NOUN
fsr-3295	318	28	for	for	ADP
fsr-3295	318	29	holds	hold	NOUN
fsr-3295	318	30	and	and	CCONJ
fsr-3295	318	31	sells	sell	NOUN
fsr-3295	318	32	are	be	AUX
fsr-3295	318	33	not	not	PART
fsr-3295	318	34	significantly	significantly	ADV
fsr-3295	318	35	different	different	ADJ
fsr-3295	318	36	from	from	ADP
fsr-3295	318	37	buys	buy	NOUN
fsr-3295	318	38	or	or	CCONJ
fsr-3295	318	39	from	from	ADP
fsr-3295	318	40	each	each	DET
fsr-3295	318	41	other	other	ADJ
fsr-3295	318	42	.	.	PUNCT
fsr-3295	319	1	5	5	NUM
fsr-3295	319	2	if	if	SCONJ
fsr-3295	319	3	stock	stock	NOUN
fsr-3295	319	4	price	price	NOUN
fsr-3295	319	5	and	and	CCONJ
fsr-3295	319	6	p	p	X
fsr-3295	319	7	/	/	SYM
fsr-3295	319	8	e	e	NOUN
fsr-3295	319	9	are	be	AUX
fsr-3295	319	10	increasing	increase	VERB
fsr-3295	319	11	in	in	ADP
fsr-3295	319	12	investment	investment	NOUN
fsr-3295	319	13	rating	rating	NOUN
fsr-3295	319	14	,	,	PUNCT
fsr-3295	319	15	then	then	ADV
fsr-3295	319	16	results	result	VERB
fsr-3295	319	17	in	in	ADP
fsr-3295	319	18	their	their	PRON
fsr-3295	319	19	table	table	NOUN
fsr-3295	319	20	4	4	NUM
fsr-3295	319	21	panel	panel	NOUN
fsr-3295	319	22	a	a	PRON
fsr-3295	319	23	can	can	AUX
fsr-3295	319	24	be	be	AUX
fsr-3295	319	25	attributed	attribute	VERB
fsr-3295	319	26	to	to	ADP
fsr-3295	319	27	a	a	DET
fsr-3295	319	28	stock	stock	NOUN
fsr-3295	319	29	price	price	NOUN
fsr-3295	319	30	effect	effect	NOUN
fsr-3295	319	31	,	,	PUNCT
fsr-3295	319	32	not	not	PART
fsr-3295	319	33	to	to	ADP
fsr-3295	319	34	earnings	earning	NOUN
fsr-3295	319	35	management	management	NOUN
fsr-3295	319	36	.	.	PUNCT
fsr-3295	320	1	6	6	NUM
fsr-3295	320	2	eq	eq	NOUN
fsr-3295	320	3	.	.	PUNCT
fsr-3295	321	1	(	(	PUNCT
fsr-3295	321	2	3	3	X
fsr-3295	321	3	)	)	PUNCT
fsr-3295	321	4	is	be	AUX
fsr-3295	321	5	also	also	ADV
fsr-3295	321	6	estimated	estimate	VERB
fsr-3295	321	7	via	via	ADP
fsr-3295	321	8	quarterly	quarterly	ADJ
fsr-3295	321	9	lad	lad	NOUN
fsr-3295	321	10	regressions	regression	NOUN
fsr-3295	321	11	,	,	PUNCT
fsr-3295	321	12	and	and	CCONJ
fsr-3295	321	13	the	the	DET
fsr-3295	321	14	significance	significance	NOUN
fsr-3295	321	15	of	of	ADP
fsr-3295	321	16	the	the	DET
fsr-3295	321	17	coefficients	coefficient	NOUN
fsr-3295	321	18	is	be	AUX
fsr-3295	321	19	assessed	assess	VERB
fsr-3295	321	20	from	from	ADP
fsr-3295	321	21	the	the	DET
fsr-3295	321	22	time	time	NOUN
fsr-3295	321	23	series	series	NOUN
fsr-3295	321	24	of	of	ADP
fsr-3295	321	25	the	the	DET
fsr-3295	321	26	quarterly	quarterly	ADJ
fsr-3295	321	27	estimates	estimate	NOUN
fsr-3295	321	28	.	.	PUNCT
fsr-3295	322	1	results	result	NOUN
fsr-3295	322	2	reported	report	VERB
fsr-3295	322	3	herein	herein	NOUN
fsr-3295	322	4	are	be	AUX
fsr-3295	322	5	robust	robust	ADJ
fsr-3295	322	6	to	to	ADP
fsr-3295	322	7	this	this	DET
fsr-3295	322	8	alternative	alternative	ADJ
fsr-3295	322	9	estimation	estimation	NOUN
fsr-3295	322	10	procedure	procedure	NOUN
fsr-3295	322	11	.	.	PUNCT
fsr-3295	323	1	7	7	NUM
fsr-3295	323	2	see	see	VERB
fsr-3295	323	3	their	their	PRON
fsr-3295	323	4	eq	eq	NOUN
fsr-3295	323	5	.	.	PUNCT
fsr-3295	324	1	(	(	PUNCT
fsr-3295	324	2	8)	8)	NUM
fsr-3295	324	3	,	,	PUNCT
fsr-3295	324	4	p.	p.	NOUN
fsr-3295	324	5	111	111	NUM
fsr-3295	324	6	.	.	SYM
fsr-3295	324	7	8	8	NUM
fsr-3295	324	8	results	result	NOUN
fsr-3295	324	9	reported	report	VERB
fsr-3295	324	10	in	in	ADP
fsr-3295	324	11	table	table	NOUN
fsr-3295	324	12	7	7	NUM
fsr-3295	324	13	are	be	AUX
fsr-3295	324	14	robust	robust	ADJ
fsr-3295	324	15	to	to	ADP
fsr-3295	324	16	inclusion	inclusion	NOUN
fsr-3295	324	17	of	of	ADP
fsr-3295	324	18	extreme	extreme	ADJ
fsr-3295	324	19	observations	observation	NOUN
fsr-3295	324	20	.	.	PUNCT
fsr-3295	325	1	references	reference	NOUN
fsr-3295	325	2	abarbanell	abarbanell	PROPN
fsr-3295	325	3	,	,	PUNCT
fsr-3295	325	4	j.	j.	PROPN
fsr-3295	325	5	,	,	PUNCT
fsr-3295	325	6	&	&	CCONJ
fsr-3295	325	7	bernard	bernard	PROPN
fsr-3295	325	8	,	,	PUNCT
fsr-3295	325	9	v.	v.	PROPN
fsr-3295	325	10	(	(	PUNCT
fsr-3295	325	11	1992	1992	NUM
fsr-3295	325	12	)	)	PUNCT
fsr-3295	325	13	.	.	PUNCT
fsr-3295	326	1	tests	test	NOUN
fsr-3295	326	2	of	of	ADP
fsr-3295	326	3	analysts	analyst	NOUN
fsr-3295	326	4	’	’	PART
fsr-3295	326	5	overreaction	overreaction	NOUN
fsr-3295	326	6	/	/	SYM
fsr-3295	326	7	underreaction	underreaction	NOUN
fsr-3295	326	8	to	to	ADP
fsr-3295	326	9	earnings	earning	NOUN
fsr-3295	326	10	information	information	NOUN
fsr-3295	326	11	as	as	ADP
fsr-3295	326	12	an	an	DET
fsr-3295	326	13	explanation	explanation	NOUN
fsr-3295	326	14	for	for	ADP
fsr-3295	326	15	anomalous	anomalous	ADJ
fsr-3295	326	16	stock	stock	NOUN
fsr-3295	326	17	price	price	NOUN
fsr-3295	326	18	behavior	behavior	NOUN
fsr-3295	326	19	.	.	PUNCT
fsr-3295	327	1	the	the	DET
fsr-3295	327	2	journal	journal	PROPN
fsr-3295	327	3	of	of	ADP
fsr-3295	327	4	finance	finance	NOUN
fsr-3295	327	5	,	,	PUNCT
fsr-3295	327	6	47	47	NUM
fsr-3295	327	7	,	,	PUNCT
fsr-3295	327	8	1181–1207	1181–1207	NUM
fsr-3295	327	9	.	.	PUNCT
fsr-3295	328	1	abarbanell	abarbanell	PROPN
fsr-3295	328	2	,	,	PUNCT
fsr-3295	328	3	j.	j.	PROPN
fsr-3295	328	4	,	,	PUNCT
fsr-3295	328	5	&	&	CCONJ
fsr-3295	328	6	lehavy	lehavy	PROPN
fsr-3295	328	7	,	,	PUNCT
fsr-3295	328	8	r.	r.	PROPN
fsr-3295	328	9	(	(	PUNCT
fsr-3295	328	10	2003a	2003a	NUM
fsr-3295	328	11	)	)	PUNCT
fsr-3295	328	12	.	.	PUNCT
fsr-3295	329	1	can	can	AUX
fsr-3295	329	2	stock	stock	NOUN
fsr-3295	329	3	recommendations	recommendation	NOUN
fsr-3295	329	4	predict	predict	VERB
fsr-3295	329	5	earnings	earning	NOUN
fsr-3295	329	6	management	management	NOUN
fsr-3295	329	7	and	and	CCONJ
fsr-3295	329	8	analysts	analyst	NOUN
fsr-3295	329	9	’	’	PART
fsr-3295	329	10	earnings	earning	NOUN
fsr-3295	329	11	forecast	forecast	NOUN
fsr-3295	329	12	errors	error	NOUN
fsr-3295	329	13	?	?	PUNCT
fsr-3295	330	1	journal	journal	NOUN
fsr-3295	330	2	of	of	ADP
fsr-3295	330	3	accounting	accounting	NOUN
fsr-3295	330	4	research	research	NOUN
fsr-3295	330	5	,	,	PUNCT
fsr-3295	330	6	41	41	NUM
fsr-3295	330	7	,	,	PUNCT
fsr-3295	330	8	1–31	1–31	PROPN
fsr-3295	330	9	.	.	PUNCT
fsr-3295	331	1	abarbanell	abarbanell	PROPN
fsr-3295	331	2	,	,	PUNCT
fsr-3295	331	3	j.	j.	PROPN
fsr-3295	331	4	,	,	PUNCT
fsr-3295	331	5	&	&	CCONJ
fsr-3295	331	6	lehavy	lehavy	PROPN
fsr-3295	331	7	,	,	PUNCT
fsr-3295	331	8	r.	r.	PROPN
fsr-3295	331	9	(	(	PUNCT
fsr-3295	331	10	2003b	2003b	NUM
fsr-3295	331	11	)	)	PUNCT
fsr-3295	331	12	.	.	PUNCT
fsr-3295	332	1	biased	bias	VERB
fsr-3295	332	2	forecasts	forecast	NOUN
fsr-3295	332	3	or	or	CCONJ
fsr-3295	332	4	biased	biased	ADJ
fsr-3295	332	5	earnings	earning	NOUN
fsr-3295	332	6	?	?	PUNCT
fsr-3295	333	1	the	the	DET
fsr-3295	333	2	role	role	NOUN
fsr-3295	333	3	of	of	ADP
fsr-3295	333	4	reported	report	VERB
fsr-3295	333	5	earnings	earning	NOUN
fsr-3295	333	6	in	in	ADP
fsr-3295	333	7	explaining	explain	VERB
fsr-3295	333	8	apparent	apparent	ADJ
fsr-3295	333	9	bias	bias	NOUN
fsr-3295	333	10	and	and	CCONJ
fsr-3295	333	11	over	over	ADP
fsr-3295	333	12	/	/	SYM
fsr-3295	333	13	underreaction	underreaction	NOUN
fsr-3295	333	14	in	in	ADP
fsr-3295	333	15	analysts	analyst	NOUN
fsr-3295	333	16	’	’	PART
fsr-3295	333	17	earnings	earning	NOUN
fsr-3295	333	18	forecasts	forecast	NOUN
fsr-3295	333	19	.	.	PUNCT
fsr-3295	334	1	journal	journal	NOUN
fsr-3295	334	2	of	of	ADP
fsr-3295	334	3	accounting	accounting	NOUN
fsr-3295	334	4	and	and	CCONJ
fsr-3295	334	5	economics	economic	NOUN
fsr-3295	334	6	,	,	PUNCT
fsr-3295	334	7	36	36	NUM
fsr-3295	334	8	,	,	PUNCT
fsr-3295	334	9	105–146	105–146	NUM
fsr-3295	334	10	.	.	PUNCT
fsr-3295	335	1	agrawal	agrawal	PROPN
fsr-3295	335	2	,	,	PUNCT
fsr-3295	335	3	a.	a.	PROPN
fsr-3295	335	4	,	,	PUNCT
fsr-3295	335	5	&	&	CCONJ
fsr-3295	335	6	chen	chen	PROPN
fsr-3295	335	7	,	,	PUNCT
fsr-3295	335	8	m.	m.	NOUN
fsr-3295	335	9	(	(	PUNCT
fsr-3295	335	10	2006	2006	NUM
fsr-3295	335	11	)	)	PUNCT
fsr-3295	335	12	.	.	PUNCT
fsr-3295	336	1	analysts	analyst	NOUN
fsr-3295	336	2	conflicts	conflict	NOUN
fsr-3295	336	3	and	and	CCONJ
fsr-3295	336	4	research	research	NOUN
fsr-3295	336	5	quality	quality	NOUN
fsr-3295	336	6	.	.	PUNCT
fsr-3295	337	1	american	american	ADJ
fsr-3295	337	2	law	law	PROPN
fsr-3295	337	3	and	and	CCONJ
fsr-3295	337	4	economics	economic	NOUN
fsr-3295	337	5	association	association	NOUN
fsr-3295	337	6	annual	annual	ADJ
fsr-3295	337	7	meetings	meeting	NOUN
fsr-3295	337	8	.	.	PUNCT
fsr-3295	338	1	ali	ali	PROPN
fsr-3295	338	2	,	,	PUNCT
fsr-3295	338	3	a.	a.	PROPN
fsr-3295	338	4	,	,	PUNCT
fsr-3295	338	5	klein	klein	PROPN
fsr-3295	338	6	,	,	PUNCT
fsr-3295	338	7	a.	a.	PROPN
fsr-3295	338	8	,	,	PUNCT
fsr-3295	338	9	&	&	CCONJ
fsr-3295	338	10	rosenfeld	rosenfeld	PROPN
fsr-3295	338	11	,	,	PUNCT
fsr-3295	338	12	j.	j.	PROPN
fsr-3295	338	13	(	(	PUNCT
fsr-3295	338	14	1992	1992	NUM
fsr-3295	338	15	)	)	PUNCT
fsr-3295	338	16	.	.	PUNCT
fsr-3295	339	1	analysts	analyst	NOUN
fsr-3295	339	2	’	'	PUNCT
fsr-3295	339	3	use	use	NOUN
fsr-3295	339	4	of	of	ADP
fsr-3295	339	5	information	information	NOUN
fsr-3295	339	6	about	about	ADP
fsr-3295	339	7	permanent	permanent	ADJ
fsr-3295	339	8	and	and	CCONJ
fsr-3295	339	9	transitory	transitory	ADJ
fsr-3295	339	10	earnings	earning	NOUN
fsr-3295	339	11	components	component	NOUN
fsr-3295	339	12	in	in	ADP
fsr-3295	339	13	forecasting	forecast	VERB
fsr-3295	339	14	annual	annual	ADJ
fsr-3295	339	15	eps	eps	PROPN
fsr-3295	339	16	.	.	PUNCT
fsr-3295	340	1	the	the	DET
fsr-3295	340	2	accounting	accounting	NOUN
fsr-3295	340	3	review	review	NOUN
fsr-3295	340	4	,	,	PUNCT
fsr-3295	340	5	67	67	NUM
fsr-3295	340	6	,	,	PUNCT
fsr-3295	340	7	183–198	183–198	NUM
fsr-3295	340	8	.	.	PUNCT
fsr-3295	341	1	bartov	bartov	PROPN
fsr-3295	341	2	,	,	PUNCT
fsr-3295	341	3	e.	e.	PROPN
fsr-3295	341	4	,	,	PUNCT
fsr-3295	341	5	givoly	givoly	NOUN
fsr-3295	341	6	,	,	PUNCT
fsr-3295	341	7	d.	d.	PROPN
fsr-3295	341	8	,	,	PUNCT
fsr-3295	341	9	&	&	CCONJ
fsr-3295	341	10	hayn	hayn	NOUN
fsr-3295	341	11	,	,	PUNCT
fsr-3295	341	12	c.	c.	PROPN
fsr-3295	341	13	(	(	PUNCT
fsr-3295	341	14	2002	2002	NUM
fsr-3295	341	15	)	)	PUNCT
fsr-3295	341	16	.	.	PUNCT
fsr-3295	342	1	the	the	DET
fsr-3295	342	2	rewards	reward	NOUN
fsr-3295	342	3	to	to	ADP
fsr-3295	342	4	meeting	meet	VERB
fsr-3295	342	5	or	or	CCONJ
fsr-3295	342	6	beating	beat	VERB
fsr-3295	342	7	earnings	earning	NOUN
fsr-3295	342	8	expectations	expectation	NOUN
fsr-3295	342	9	.	.	PUNCT
fsr-3295	343	1	journal	journal	NOUN
fsr-3295	343	2	of	of	ADP
fsr-3295	343	3	accounting	accounting	NOUN
fsr-3295	343	4	and	and	CCONJ
fsr-3295	343	5	economics	economic	NOUN
fsr-3295	343	6	,	,	PUNCT
fsr-3295	343	7	33	33	NUM
fsr-3295	343	8	,	,	PUNCT
fsr-3295	343	9	173	173	NUM
fsr-3295	343	10	.	.	PUNCT
fsr-3295	344	1	basu	basu	PROPN
fsr-3295	344	2	,	,	PUNCT
fsr-3295	344	3	s.	s.	PROPN
fsr-3295	344	4	&	&	CCONJ
fsr-3295	344	5	markov	markov	PROPN
fsr-3295	344	6	,	,	PUNCT
fsr-3295	344	7	s.	s.	PROPN
fsr-3295	344	8	(	(	PUNCT
fsr-3295	344	9	2004	2004	NUM
fsr-3295	344	10	)	)	PUNCT
fsr-3295	344	11	.	.	PUNCT
fsr-3295	345	1	loss	loss	NOUN
fsr-3295	345	2	function	function	NOUN
fsr-3295	345	3	assumptions	assumption	NOUN
fsr-3295	345	4	in	in	ADP
fsr-3295	345	5	rational	rational	ADJ
fsr-3295	345	6	expectations	expectation	NOUN
fsr-3295	345	7	tests	test	NOUN
fsr-3295	345	8	on	on	ADP
fsr-3295	345	9	financial	financial	ADJ
fsr-3295	345	10	analysts	analyst	NOUN
fsr-3295	345	11	’	’	PART
fsr-3295	345	12	earnings	earning	NOUN
fsr-3295	345	13	forecasts	forecast	NOUN
fsr-3295	345	14	.	.	PUNCT
fsr-3295	346	1	journal	journal	PROPN
fsr-3295	346	2	of	of	ADP
fsr-3295	346	3	accounting	accounting	PROPN
fsr-3295	346	4	&	&	CCONJ
fsr-3295	346	5	economics	economic	NOUN
fsr-3295	346	6	,	,	PUNCT
fsr-3295	346	7	38	38	NUM
fsr-3295	346	8	,	,	PUNCT
fsr-3295	346	9	171	171	NUM
fsr-3295	346	10	.	.	PUNCT
fsr-3295	347	1	bradshaw	bradshaw	PROPN
fsr-3295	347	2	,	,	PUNCT
fsr-3295	347	3	m.	m.	NOUN
fsr-3295	347	4	t.	t.	PROPN
fsr-3295	347	5	,	,	PUNCT
fsr-3295	347	6	richardson	richardson	PROPN
fsr-3295	347	7	,	,	PUNCT
fsr-3295	347	8	s.	s.	PROPN
fsr-3295	347	9	a.	a.	PROPN
fsr-3295	347	10	,	,	PUNCT
fsr-3295	347	11	&	&	CCONJ
fsr-3295	347	12	sloan	sloan	PROPN
fsr-3295	347	13	,	,	PUNCT
fsr-3295	347	14	r.	r.	PROPN
fsr-3295	347	15	g.	g.	PROPN
fsr-3295	347	16	(	(	PUNCT
fsr-3295	347	17	2006	2006	NUM
fsr-3295	347	18	)	)	PUNCT
fsr-3295	347	19	.	.	PUNCT
fsr-3295	348	1	the	the	DET
fsr-3295	348	2	relation	relation	NOUN
fsr-3295	348	3	between	between	ADP
fsr-3295	348	4	corporate	corporate	ADJ
fsr-3295	348	5	financing	financing	NOUN
fsr-3295	348	6	activities	activity	NOUN
fsr-3295	348	7	,	,	PUNCT
fsr-3295	348	8	analysts	analyst	NOUN
fsr-3295	348	9	’	’	PART
fsr-3295	348	10	forecasts	forecast	NOUN
fsr-3295	348	11	and	and	CCONJ
fsr-3295	348	12	stock	stock	NOUN
fsr-3295	348	13	returns	return	NOUN
fsr-3295	348	14	.	.	PUNCT
fsr-3295	349	1	journal	journal	NOUN
fsr-3295	349	2	of	of	ADP
fsr-3295	349	3	accounting	accounting	NOUN
fsr-3295	349	4	and	and	CCONJ
fsr-3295	349	5	economics	economic	NOUN
fsr-3295	349	6	,	,	PUNCT
fsr-3295	349	7	42	42	NUM
fsr-3295	349	8	,	,	PUNCT
fsr-3295	349	9	53–85	53–85	NUM
fsr-3295	349	10	.	.	PUNCT
fsr-3295	350	1	brous	brous	ADJ
fsr-3295	350	2	,	,	PUNCT
fsr-3295	350	3	p.	p.	NOUN
fsr-3295	350	4	a.	a.	NOUN
fsr-3295	351	1	(	(	PUNCT
fsr-3295	351	2	1992	1992	NUM
fsr-3295	351	3	)	)	PUNCT
fsr-3295	351	4	.	.	PUNCT
fsr-3295	352	1	common	common	ADJ
fsr-3295	352	2	stock	stock	NOUN
fsr-3295	352	3	offerings	offering	NOUN
fsr-3295	352	4	and	and	CCONJ
fsr-3295	352	5	earnings	earning	NOUN
fsr-3295	352	6	expectations	expectation	NOUN
fsr-3295	352	7	:	:	PUNCT
fsr-3295	352	8	a	a	DET
fsr-3295	352	9	test	test	NOUN
fsr-3295	352	10	of	of	ADP
fsr-3295	352	11	the	the	DET
fsr-3295	352	12	release	release	NOUN
fsr-3295	352	13	of	of	ADP
fsr-3295	352	14	unfavorable	unfavorable	ADJ
fsr-3295	352	15	information	information	NOUN
fsr-3295	352	16	.	.	PUNCT
fsr-3295	353	1	the	the	DET
fsr-3295	353	2	journal	journal	PROPN
fsr-3295	353	3	of	of	ADP
fsr-3295	353	4	finance	finance	NOUN
fsr-3295	353	5	,	,	PUNCT
fsr-3295	353	6	47	47	NUM
fsr-3295	353	7	,	,	PUNCT
fsr-3295	353	8	1517–1536	1517–1536	NUM
fsr-3295	353	9	.	.	PUNCT
fsr-3295	354	1	brous	brous	ADJ
fsr-3295	354	2	,	,	PUNCT
fsr-3295	354	3	p.	p.	NOUN
fsr-3295	354	4	a.	a.	PROPN
fsr-3295	354	5	,	,	PUNCT
fsr-3295	354	6	&	&	CCONJ
fsr-3295	354	7	kini	kini	PROPN
fsr-3295	354	8	,	,	PUNCT
fsr-3295	354	9	o.	o.	INTJ
fsr-3295	354	10	(	(	PUNCT
fsr-3295	354	11	1993	1993	NUM
fsr-3295	354	12	)	)	PUNCT
fsr-3295	354	13	.	.	PUNCT
fsr-3295	355	1	a	a	DET
fsr-3295	355	2	reexamination	reexamination	NOUN
fsr-3295	355	3	of	of	ADP
fsr-3295	355	4	analysts	analyst	NOUN
fsr-3295	355	5	’	’	PART
fsr-3295	355	6	earnings	earning	NOUN
fsr-3295	355	7	forecasts	forecast	NOUN
fsr-3295	355	8	for	for	ADP
fsr-3295	355	9	takeover	takeover	NOUN
fsr-3295	355	10	targets	target	NOUN
fsr-3295	355	11	.	.	PUNCT
fsr-3295	356	1	journal	journal	NOUN
fsr-3295	356	2	of	of	ADP
fsr-3295	356	3	financial	financial	ADJ
fsr-3295	356	4	economics	economic	NOUN
fsr-3295	356	5	,	,	PUNCT
fsr-3295	356	6	33	33	NUM
fsr-3295	356	7	,	,	PUNCT
fsr-3295	356	8	201–225	201–225	NUM
fsr-3295	356	9	.	.	PUNCT
fsr-3295	356	10	brown	brown	PROPN
fsr-3295	356	11	,	,	PUNCT
fsr-3295	356	12	l.	l.	PROPN
fsr-3295	356	13	(	(	PUNCT
fsr-3295	356	14	2001	2001	NUM
fsr-3295	356	15	)	)	PUNCT
fsr-3295	356	16	.	.	PUNCT
fsr-3295	357	1	a	a	DET
fsr-3295	357	2	temporal	temporal	ADJ
fsr-3295	357	3	analysis	analysis	NOUN
fsr-3295	357	4	of	of	ADP
fsr-3295	357	5	earnings	earning	NOUN
fsr-3295	357	6	surprises	surprise	NOUN
fsr-3295	357	7	:	:	PUNCT
fsr-3295	357	8	profits	profit	NOUN
fsr-3295	357	9	versus	versus	ADP
fsr-3295	357	10	losses	loss	NOUN
fsr-3295	357	11	.	.	PUNCT
fsr-3295	358	1	journal	journal	NOUN
fsr-3295	358	2	of	of	ADP
fsr-3295	358	3	accounting	accounting	NOUN
fsr-3295	358	4	research	research	NOUN
fsr-3295	358	5	,	,	PUNCT
fsr-3295	358	6	39	39	NUM
fsr-3295	358	7	,	,	PUNCT
fsr-3295	358	8	221–241	221–241	NUM
fsr-3295	358	9	.	.	PUNCT
fsr-3295	359	1	burgstahler	burgstahler	NOUN
fsr-3295	359	2	,	,	PUNCT
fsr-3295	359	3	d.	d.	PROPN
fsr-3295	359	4	,	,	PUNCT
fsr-3295	359	5	&	&	CCONJ
fsr-3295	359	6	dichev	dichev	PROPN
fsr-3295	359	7	,	,	PUNCT
fsr-3295	359	8	i.	i.	PROPN
fsr-3295	359	9	(	(	PUNCT
fsr-3295	359	10	1997	1997	NUM
fsr-3295	359	11	)	)	PUNCT
fsr-3295	359	12	.	.	PUNCT
fsr-3295	360	1	earnings	earning	NOUN
fsr-3295	360	2	management	management	NOUN
fsr-3295	360	3	to	to	PART
fsr-3295	360	4	avoid	avoid	VERB
fsr-3295	360	5	earnings	earning	NOUN
fsr-3295	360	6	decreases	decrease	NOUN
fsr-3295	360	7	and	and	CCONJ
fsr-3295	360	8	losses	loss	NOUN
fsr-3295	360	9	.	.	PUNCT
fsr-3295	361	1	journal	journal	NOUN
fsr-3295	361	2	of	of	ADP
fsr-3295	361	3	accounting	accounting	NOUN
fsr-3295	361	4	and	and	CCONJ
fsr-3295	361	5	economics	economic	NOUN
fsr-3295	361	6	,	,	PUNCT
fsr-3295	361	7	24	24	NUM
fsr-3295	361	8	,	,	PUNCT
fsr-3295	361	9	99	99	NUM
fsr-3295	361	10	.	.	NOUN
fsr-3295	361	11	52	52	NUM
fsr-3295	361	12	p.	p.	NOUN
fsr-3295	361	13	baird	baird	PROPN
fsr-3295	361	14	/	/	SYM
fsr-3295	361	15	financial	financial	ADJ
fsr-3295	361	16	services	service	NOUN
fsr-3295	361	17	review	review	VERB
fsr-3295	361	18	26	26	NUM
fsr-3295	361	19	(	(	PUNCT
fsr-3295	361	20	2017	2017	NUM
fsr-3295	361	21	)	)	PUNCT
fsr-3295	361	22	37–54	37–54	NUM
fsr-3295	361	23	butler	butler	NOUN
fsr-3295	361	24	,	,	PUNCT
fsr-3295	361	25	k.	k.	PROPN
fsr-3295	361	26	c.	c.	PROPN
fsr-3295	361	27	,	,	PUNCT
fsr-3295	361	28	&	&	CCONJ
fsr-3295	361	29	lang	lang	PROPN
fsr-3295	361	30	,	,	PUNCT
fsr-3295	361	31	l.	l.	PROPN
fsr-3295	361	32	h.	h.	PROPN
fsr-3295	361	33	p.	p.	PROPN
fsr-3295	361	34	(	(	PUNCT
fsr-3295	361	35	1991	1991	NUM
fsr-3295	361	36	)	)	PUNCT
fsr-3295	361	37	.	.	PUNCT
fsr-3295	362	1	the	the	DET
fsr-3295	362	2	forecast	forecast	NOUN
fsr-3295	362	3	accuracy	accuracy	NOUN
fsr-3295	362	4	of	of	ADP
fsr-3295	362	5	individual	individual	ADJ
fsr-3295	362	6	analysts	analyst	NOUN
fsr-3295	362	7	:	:	PUNCT
fsr-3295	362	8	evidence	evidence	NOUN
fsr-3295	362	9	of	of	ADP
fsr-3295	362	10	systematic	systematic	ADJ
fsr-3295	362	11	optimism	optimism	NOUN
fsr-3295	362	12	and	and	CCONJ
fsr-3295	362	13	pessimism	pessimism	NOUN
fsr-3295	362	14	.	.	PUNCT
fsr-3295	363	1	journal	journal	NOUN
fsr-3295	363	2	of	of	ADP
fsr-3295	363	3	accounting	accounting	NOUN
fsr-3295	363	4	research	research	NOUN
fsr-3295	363	5	,	,	PUNCT
fsr-3295	363	6	29	29	NUM
fsr-3295	363	7	,	,	PUNCT
fsr-3295	363	8	150	150	NUM
fsr-3295	363	9	.	.	PUNCT
fsr-3295	364	1	chen	chen	PROPN
fsr-3295	364	2	,	,	PUNCT
fsr-3295	364	3	k.	k.	PROPN
fsr-3295	364	4	,	,	PUNCT
fsr-3295	364	5	ying	ying	PROPN
fsr-3295	364	6	,	,	PUNCT
fsr-3295	364	7	z.	z.	PROPN
fsr-3295	364	8	,	,	PUNCT
fsr-3295	364	9	zhang	zhang	PROPN
fsr-3295	364	10	,	,	PUNCT
fsr-3295	364	11	h.	h.	PROPN
fsr-3295	364	12	,	,	PUNCT
fsr-3295	364	13	&	&	CCONJ
fsr-3295	364	14	zhao	zhao	PROPN
fsr-3295	364	15	,	,	PUNCT
fsr-3295	364	16	l.	l.	PROPN
fsr-3295	364	17	(	(	PUNCT
fsr-3295	364	18	2008	2008	NUM
fsr-3295	364	19	)	)	PUNCT
fsr-3295	364	20	.	.	PUNCT
fsr-3295	365	1	analysis	analysis	NOUN
fsr-3295	365	2	of	of	ADP
fsr-3295	365	3	least	least	ADJ
fsr-3295	365	4	absolute	absolute	ADJ
fsr-3295	365	5	deviation	deviation	NOUN
fsr-3295	365	6	.	.	PUNCT
fsr-3295	366	1	biometrika	biometrika	NOUN
fsr-3295	366	2	,	,	PUNCT
fsr-3295	366	3	95	95	NUM
fsr-3295	366	4	,	,	PUNCT
fsr-3295	366	5	107	107	NUM
fsr-3295	366	6	.	.	PUNCT
fsr-3295	367	1	cohen	cohen	PROPN
fsr-3295	367	2	,	,	PUNCT
fsr-3295	367	3	d.	d.	PROPN
fsr-3295	367	4	,	,	PUNCT
fsr-3295	367	5	&	&	CCONJ
fsr-3295	367	6	lys	lys	PROPN
fsr-3295	367	7	,	,	PUNCT
fsr-3295	367	8	t.	t.	PROPN
fsr-3295	367	9	(	(	PUNCT
fsr-3295	367	10	2003	2003	NUM
fsr-3295	367	11	)	)	PUNCT
fsr-3295	367	12	.	.	PUNCT
fsr-3295	368	1	a	a	DET
fsr-3295	368	2	note	note	NOUN
fsr-3295	368	3	on	on	ADP
fsr-3295	368	4	analysts	analyst	NOUN
fsr-3295	368	5	’	’	PART
fsr-3295	368	6	earnings	earning	NOUN
fsr-3295	368	7	forecast	forecast	NOUN
fsr-3295	368	8	errors	error	VERB
fsr-3295	368	9	distribution	distribution	NOUN
fsr-3295	368	10	.	.	PUNCT
fsr-3295	369	1	journal	journal	NOUN
fsr-3295	369	2	of	of	ADP
fsr-3295	369	3	accounting	accounting	NOUN
fsr-3295	369	4	and	and	CCONJ
fsr-3295	369	5	economics	economic	NOUN
fsr-3295	369	6	,	,	PUNCT
fsr-3295	369	7	36	36	NUM
fsr-3295	369	8	,	,	PUNCT
fsr-3295	369	9	147	147	NUM
fsr-3295	369	10	.	.	PUNCT
fsr-3295	370	1	cotter	cotter	PROPN
fsr-3295	370	2	,	,	PUNCT
fsr-3295	370	3	j.	j.	PROPN
fsr-3295	370	4	,	,	PUNCT
fsr-3295	370	5	tuna	tuna	PROPN
fsr-3295	370	6	,	,	PUNCT
fsr-3295	370	7	i.	i.	PROPN
fsr-3295	370	8	,	,	PUNCT
fsr-3295	370	9	&	&	CCONJ
fsr-3295	370	10	wysocki	wysocki	PROPN
fsr-3295	370	11	,	,	PUNCT
fsr-3295	370	12	p.	p.	NOUN
fsr-3295	370	13	(	(	PUNCT
fsr-3295	370	14	2006	2006	NUM
fsr-3295	370	15	)	)	PUNCT
fsr-3295	370	16	.	.	PUNCT
fsr-3295	371	1	expectations	expectation	NOUN
fsr-3295	371	2	management	management	NOUN
fsr-3295	371	3	and	and	CCONJ
fsr-3295	371	4	beatable	beatable	ADJ
fsr-3295	371	5	targets	target	NOUN
fsr-3295	371	6	:	:	PUNCT
fsr-3295	371	7	how	how	SCONJ
fsr-3295	371	8	do	do	AUX
fsr-3295	371	9	analysts	analyst	NOUN
fsr-3295	371	10	react	react	VERB
fsr-3295	371	11	to	to	ADP
fsr-3295	371	12	explicit	explicit	ADJ
fsr-3295	371	13	earnings	earning	NOUN
fsr-3295	371	14	guidance	guidance	NOUN
fsr-3295	371	15	?	?	PUNCT
fsr-3295	372	1	contemporary	contemporary	ADJ
fsr-3295	372	2	accounting	accounting	NOUN
fsr-3295	372	3	research	research	NOUN
fsr-3295	372	4	,	,	PUNCT
fsr-3295	372	5	23	23	NUM
fsr-3295	372	6	,	,	PUNCT
fsr-3295	372	7	593	593	NUM
fsr-3295	372	8	.	.	PUNCT
fsr-3295	373	1	cowen	cowen	PROPN
fsr-3295	373	2	,	,	PUNCT
fsr-3295	373	3	a.	a.	PROPN
fsr-3295	373	4	,	,	PUNCT
fsr-3295	373	5	groysberg	groysberg	PROPN
fsr-3295	373	6	,	,	PUNCT
fsr-3295	373	7	b.	b.	PROPN
fsr-3295	373	8	,	,	PUNCT
fsr-3295	373	9	&	&	CCONJ
fsr-3295	373	10	healy	healy	PROPN
fsr-3295	373	11	,	,	PUNCT
fsr-3295	373	12	p.	p.	PROPN
fsr-3295	373	13	(	(	PUNCT
fsr-3295	373	14	2006	2006	NUM
fsr-3295	373	15	)	)	PUNCT
fsr-3295	373	16	.	.	PUNCT
fsr-3295	374	1	which	which	DET
fsr-3295	374	2	types	type	NOUN
fsr-3295	374	3	of	of	ADP
fsr-3295	374	4	analyst	analyst	NOUN
fsr-3295	374	5	firms	firm	NOUN
fsr-3295	374	6	are	be	AUX
fsr-3295	374	7	more	more	ADV
fsr-3295	374	8	optimistic	optimistic	ADJ
fsr-3295	374	9	?	?	PUNCT
fsr-3295	375	1	journal	journal	NOUN
fsr-3295	375	2	of	of	ADP
fsr-3295	375	3	accounting	accounting	NOUN
fsr-3295	375	4	and	and	CCONJ
fsr-3295	375	5	economics	economic	NOUN
fsr-3295	375	6	,	,	PUNCT
fsr-3295	375	7	41	41	NUM
fsr-3295	375	8	,	,	PUNCT
fsr-3295	375	9	119	119	NUM
fsr-3295	375	10	.	.	PUNCT
fsr-3295	376	1	das	das	PROPN
fsr-3295	376	2	,	,	PUNCT
fsr-3295	376	3	s.	s.	PROPN
fsr-3295	376	4	,	,	PUNCT
fsr-3295	376	5	levine	levine	PROPN
fsr-3295	376	6	,	,	PUNCT
fsr-3295	376	7	c.	c.	PROPN
fsr-3295	376	8	b.	b.	PROPN
fsr-3295	376	9	,	,	PUNCT
fsr-3295	376	10	&	&	CCONJ
fsr-3295	376	11	sivaramakrishnan	sivaramakrishnan	PROPN
fsr-3295	376	12	,	,	PUNCT
fsr-3295	376	13	k.	k.	PROPN
fsr-3295	376	14	(	(	PUNCT
fsr-3295	376	15	1998	1998	NUM
fsr-3295	376	16	)	)	PUNCT
fsr-3295	376	17	.	.	PUNCT
fsr-3295	377	1	earnings	earning	NOUN
fsr-3295	377	2	predictability	predictability	NOUN
fsr-3295	377	3	and	and	CCONJ
fsr-3295	377	4	bias	bias	NOUN
fsr-3295	377	5	in	in	ADP
fsr-3295	377	6	analysts	analyst	NOUN
fsr-3295	377	7	’	’	PART
fsr-3295	377	8	earnings	earning	NOUN
fsr-3295	377	9	forecasts	forecast	NOUN
fsr-3295	377	10	.	.	PUNCT
fsr-3295	378	1	the	the	DET
fsr-3295	378	2	accounting	accounting	NOUN
fsr-3295	378	3	review	review	NOUN
fsr-3295	378	4	,	,	PUNCT
fsr-3295	378	5	73	73	NUM
fsr-3295	378	6	,	,	PUNCT
fsr-3295	378	7	277	277	NUM
fsr-3295	378	8	.	.	PUNCT
fsr-3295	379	1	degeorge	degeorge	VERB
fsr-3295	379	2	,	,	PUNCT
fsr-3295	379	3	f.	f.	PROPN
fsr-3295	379	4	,	,	PUNCT
fsr-3295	379	5	jayendu	jayendu	NOUN
fsr-3295	379	6	,	,	PUNCT
fsr-3295	379	7	p.	p.	PROPN
fsr-3295	379	8	,	,	PUNCT
fsr-3295	379	9	&	&	CCONJ
fsr-3295	379	10	zeckhauser	zeckhauser	PROPN
fsr-3295	379	11	,	,	PUNCT
fsr-3295	379	12	r.	r.	PROPN
fsr-3295	379	13	(	(	PUNCT
fsr-3295	379	14	1999	1999	NUM
fsr-3295	379	15	)	)	PUNCT
fsr-3295	379	16	.	.	PUNCT
fsr-3295	380	1	earnings	earning	NOUN
fsr-3295	380	2	management	management	NOUN
fsr-3295	380	3	to	to	PART
fsr-3295	380	4	exceed	exceed	VERB
fsr-3295	380	5	thresholds	threshold	NOUN
fsr-3295	380	6	.	.	PUNCT
fsr-3295	381	1	the	the	DET
fsr-3295	381	2	journal	journal	NOUN
fsr-3295	381	3	of	of	ADP
fsr-3295	381	4	business	business	NOUN
fsr-3295	381	5	,	,	PUNCT
fsr-3295	381	6	72	72	NUM
fsr-3295	381	7	,	,	PUNCT
fsr-3295	381	8	1	1	NUM
fsr-3295	381	9	.	.	PUNCT
fsr-3295	381	10	dreman	dreman	NOUN
fsr-3295	381	11	,	,	PUNCT
fsr-3295	381	12	d.	d.	PROPN
fsr-3295	381	13	n.	n.	PROPN
fsr-3295	381	14	,	,	PUNCT
fsr-3295	381	15	&	&	CCONJ
fsr-3295	381	16	berry	berry	PROPN
fsr-3295	381	17	,	,	PUNCT
fsr-3295	381	18	m.	m.	NOUN
fsr-3295	381	19	a.	a.	NOUN
fsr-3295	381	20	(	(	PUNCT
fsr-3295	381	21	1995	1995	NUM
fsr-3295	381	22	)	)	PUNCT
fsr-3295	381	23	.	.	PUNCT
fsr-3295	382	1	analyst	analyst	NOUN
fsr-3295	382	2	forecasting	forecasting	NOUN
fsr-3295	382	3	errors	error	NOUN
fsr-3295	382	4	and	and	CCONJ
fsr-3295	382	5	their	their	PRON
fsr-3295	382	6	implications	implication	NOUN
fsr-3295	382	7	for	for	ADP
fsr-3295	382	8	security	security	NOUN
fsr-3295	382	9	analysis	analysis	NOUN
fsr-3295	382	10	.	.	PUNCT
fsr-3295	383	1	financial	financial	ADJ
fsr-3295	383	2	analysts	analyst	NOUN
fsr-3295	383	3	journal	journal	NOUN
fsr-3295	383	4	,	,	PUNCT
fsr-3295	383	5	51	51	NUM
fsr-3295	383	6	,	,	PUNCT
fsr-3295	383	7	30–41	30–41	NUM
fsr-3295	383	8	.	.	PUNCT
fsr-3295	384	1	dreman	dreman	NOUN
fsr-3295	384	2	,	,	PUNCT
fsr-3295	384	3	d.	d.	PROPN
fsr-3295	384	4	n.	n.	PROPN
fsr-3295	384	5	,	,	PUNCT
fsr-3295	384	6	&	&	CCONJ
fsr-3295	384	7	berry	berry	PROPN
fsr-3295	384	8	,	,	PUNCT
fsr-3295	384	9	m.	m.	NOUN
fsr-3295	384	10	a.	a.	NOUN
fsr-3295	384	11	(	(	PUNCT
fsr-3295	384	12	1995	1995	NUM
fsr-3295	384	13	)	)	PUNCT
fsr-3295	384	14	.	.	PUNCT
fsr-3295	385	1	overreaction	overreaction	NOUN
fsr-3295	385	2	,	,	PUNCT
fsr-3295	385	3	underreaction	underreaction	NOUN
fsr-3295	385	4	,	,	PUNCT
fsr-3295	385	5	and	and	CCONJ
fsr-3295	385	6	the	the	DET
fsr-3295	385	7	low	low	ADJ
fsr-3295	385	8	-	-	PUNCT
fsr-3295	385	9	p	p	NOUN
fsr-3295	385	10	/	/	SYM
fsr-3295	385	11	e	e	NOUN
fsr-3295	385	12	effect	effect	NOUN
fsr-3295	385	13	.	.	PUNCT
fsr-3295	386	1	financial	financial	ADJ
fsr-3295	386	2	analysts	analyst	NOUN
fsr-3295	386	3	journal	journal	NOUN
fsr-3295	386	4	,	,	PUNCT
fsr-3295	386	5	51	51	NUM
fsr-3295	386	6	,	,	PUNCT
fsr-3295	386	7	21	21	NUM
fsr-3295	386	8	.	.	PUNCT
fsr-3295	387	1	dugar	dugar	NOUN
fsr-3295	387	2	,	,	PUNCT
fsr-3295	387	3	a.	a.	PROPN
fsr-3295	387	4	,	,	PUNCT
fsr-3295	387	5	&	&	CCONJ
fsr-3295	387	6	nathan	nathan	PROPN
fsr-3295	387	7	,	,	PUNCT
fsr-3295	387	8	s.	s.	PROPN
fsr-3295	387	9	(	(	PUNCT
fsr-3295	387	10	1995	1995	NUM
fsr-3295	387	11	)	)	PUNCT
fsr-3295	387	12	.	.	PUNCT
fsr-3295	388	1	the	the	DET
fsr-3295	388	2	effect	effect	NOUN
fsr-3295	388	3	of	of	ADP
fsr-3295	388	4	investment	investment	NOUN
fsr-3295	388	5	banking	banking	NOUN
fsr-3295	388	6	relationships	relationship	NOUN
fsr-3295	388	7	on	on	ADP
fsr-3295	388	8	financial	financial	ADJ
fsr-3295	388	9	analysts	analyst	NOUN
fsr-3295	388	10	’	’	PART
fsr-3295	388	11	earnings	earning	NOUN
fsr-3295	388	12	forecasts	forecast	NOUN
fsr-3295	388	13	and	and	CCONJ
fsr-3295	388	14	investment	investment	NOUN
fsr-3295	388	15	recommendations	recommendation	NOUN
fsr-3295	388	16	.	.	PUNCT
fsr-3295	389	1	contemporary	contemporary	ADJ
fsr-3295	389	2	accounting	accounting	NOUN
fsr-3295	389	3	research	research	NOUN
fsr-3295	389	4	,	,	PUNCT
fsr-3295	389	5	12	12	NUM
fsr-3295	389	6	,	,	PUNCT
fsr-3295	389	7	131	131	NUM
fsr-3295	389	8	.	.	PUNCT
fsr-3295	390	1	easterwood	easterwood	PROPN
fsr-3295	390	2	,	,	PUNCT
fsr-3295	390	3	j.	j.	PROPN
fsr-3295	390	4	c.	c.	PROPN
fsr-3295	390	5	,	,	PUNCT
fsr-3295	390	6	&	&	CCONJ
fsr-3295	390	7	nutt	nutt	PROPN
fsr-3295	390	8	,	,	PUNCT
fsr-3295	390	9	s.	s.	PROPN
fsr-3295	390	10	r.	r.	PROPN
fsr-3295	390	11	(	(	PUNCT
fsr-3295	390	12	1999	1999	NUM
fsr-3295	390	13	)	)	PUNCT
fsr-3295	390	14	.	.	PUNCT
fsr-3295	391	1	inefficiency	inefficiency	NOUN
fsr-3295	391	2	in	in	ADP
fsr-3295	391	3	analysts	analyst	NOUN
fsr-3295	391	4	’	’	PART
fsr-3295	391	5	earnings	earning	NOUN
fsr-3295	391	6	forecasts	forecast	NOUN
fsr-3295	391	7	:	:	PUNCT
fsr-3295	391	8	systematic	systematic	ADJ
fsr-3295	391	9	misreaction	misreaction	NOUN
fsr-3295	391	10	or	or	CCONJ
fsr-3295	391	11	systematic	systematic	ADJ
fsr-3295	391	12	optimism	optimism	NOUN
fsr-3295	391	13	?	?	PUNCT
fsr-3295	392	1	the	the	DET
fsr-3295	392	2	journal	journal	NOUN
fsr-3295	392	3	of	of	ADP
fsr-3295	392	4	finance	finance	NOUN
fsr-3295	392	5	,	,	PUNCT
fsr-3295	392	6	54	54	NUM
fsr-3295	392	7	,	,	PUNCT
fsr-3295	392	8	1777–1797	1777–1797	NUM
fsr-3295	392	9	.	.	PUNCT
fsr-3295	393	1	francis	francis	PROPN
fsr-3295	393	2	,	,	PUNCT
fsr-3295	393	3	j.	j.	PROPN
fsr-3295	393	4	,	,	PUNCT
fsr-3295	393	5	&	&	CCONJ
fsr-3295	393	6	philbrick	philbrick	PROPN
fsr-3295	393	7	,	,	PUNCT
fsr-3295	393	8	d.	d.	PROPN
fsr-3295	393	9	(	(	PUNCT
fsr-3295	393	10	1993	1993	NUM
fsr-3295	393	11	)	)	PUNCT
fsr-3295	393	12	.	.	PUNCT
fsr-3295	394	1	analysts	analyst	NOUN
fsr-3295	394	2	’	’	PART
fsr-3295	394	3	decisions	decision	NOUN
fsr-3295	394	4	as	as	ADP
fsr-3295	394	5	products	product	NOUN
fsr-3295	394	6	of	of	ADP
fsr-3295	394	7	a	a	DET
fsr-3295	394	8	multi	multi	ADJ
fsr-3295	394	9	-	-	ADJ
fsr-3295	394	10	task	task	ADJ
fsr-3295	394	11	environment	environment	NOUN
fsr-3295	394	12	.	.	PUNCT
fsr-3295	395	1	journal	journal	NOUN
fsr-3295	395	2	of	of	ADP
fsr-3295	395	3	accounting	accounting	NOUN
fsr-3295	395	4	research	research	NOUN
fsr-3295	395	5	,	,	PUNCT
fsr-3295	395	6	31	31	NUM
fsr-3295	395	7	,	,	PUNCT
fsr-3295	395	8	216	216	NUM
fsr-3295	395	9	.	.	PUNCT
fsr-3295	396	1	fried	fry	VERB
fsr-3295	396	2	,	,	PUNCT
fsr-3295	396	3	d.	d.	PROPN
fsr-3295	396	4	,	,	PUNCT
fsr-3295	396	5	&	&	CCONJ
fsr-3295	396	6	givoly	givoly	PROPN
fsr-3295	396	7	,	,	PUNCT
fsr-3295	396	8	d.	d.	PROPN
fsr-3295	396	9	(	(	PUNCT
fsr-3295	396	10	1982	1982	NUM
fsr-3295	396	11	)	)	PUNCT
fsr-3295	396	12	.	.	PUNCT
fsr-3295	397	1	financial	financial	ADJ
fsr-3295	397	2	analysts	analyst	NOUN
fsr-3295	397	3	’	’	PART
fsr-3295	397	4	forecasts	forecast	NOUN
fsr-3295	397	5	of	of	ADP
fsr-3295	397	6	earnings	earning	NOUN
fsr-3295	397	7	:	:	PUNCT
fsr-3295	397	8	a	a	DET
fsr-3295	397	9	better	well	ADV
fsr-3295	397	10	surrogate	surrogate	NOUN
fsr-3295	397	11	for	for	ADP
fsr-3295	397	12	market	market	NOUN
fsr-3295	397	13	expectations	expectation	NOUN
fsr-3295	397	14	.	.	PUNCT
fsr-3295	398	1	journal	journal	NOUN
fsr-3295	398	2	of	of	ADP
fsr-3295	398	3	accounting	accounting	PROPN
fsr-3295	398	4	&	&	CCONJ
fsr-3295	398	5	economics	economic	NOUN
fsr-3295	398	6	,	,	PUNCT
fsr-3295	398	7	4	4	NUM
fsr-3295	398	8	,	,	PUNCT
fsr-3295	398	9	85	85	NUM
fsr-3295	398	10	.	.	PUNCT
fsr-3295	399	1	kang	kang	PROPN
fsr-3295	399	2	,	,	PUNCT
fsr-3295	399	3	s.	s.	PROPN
fsr-3295	399	4	,	,	PUNCT
fsr-3295	399	5	o’brien	o’brien	PROPN
fsr-3295	399	6	,	,	PUNCT
fsr-3295	399	7	j.	j.	PROPN
fsr-3295	399	8	,	,	PUNCT
fsr-3295	399	9	&	&	CCONJ
fsr-3295	399	10	sivaramakrishnan	sivaramakrishnan	PROPN
fsr-3295	399	11	,	,	PUNCT
fsr-3295	399	12	k.	k.	PROPN
fsr-3295	399	13	(	(	PUNCT
fsr-3295	399	14	1994	1994	NUM
fsr-3295	399	15	)	)	PUNCT
fsr-3295	399	16	.	.	PUNCT
fsr-3295	400	1	analysts	analyst	NOUN
fsr-3295	400	2	’	’	PART
fsr-3295	400	3	interim	interim	ADJ
fsr-3295	400	4	earnings	earning	NOUN
fsr-3295	400	5	forecasts	forecast	NOUN
fsr-3295	400	6	:	:	PUNCT
fsr-3295	400	7	evidence	evidence	NOUN
fsr-3295	400	8	on	on	ADP
fsr-3295	400	9	the	the	DET
fsr-3295	400	10	forecasting	forecasting	NOUN
fsr-3295	400	11	process	process	NOUN
fsr-3295	400	12	.	.	PUNCT
fsr-3295	401	1	journal	journal	NOUN
fsr-3295	401	2	of	of	ADP
fsr-3295	401	3	accounting	accounting	NOUN
fsr-3295	401	4	research	research	NOUN
fsr-3295	401	5	,	,	PUNCT
fsr-3295	401	6	32	32	NUM
fsr-3295	401	7	,	,	PUNCT
fsr-3295	401	8	103–112	103–112	NUM
fsr-3295	401	9	.	.	PUNCT
fsr-3295	402	1	kasznik	kasznik	PROPN
fsr-3295	402	2	,	,	PUNCT
fsr-3295	402	3	r.	r.	PROPN
fsr-3295	402	4	,	,	PUNCT
fsr-3295	402	5	&	&	CCONJ
fsr-3295	402	6	mcnichols	mcnichols	PROPN
fsr-3295	402	7	,	,	PUNCT
fsr-3295	402	8	m.	m.	NOUN
fsr-3295	402	9	(	(	PUNCT
fsr-3295	402	10	2002	2002	NUM
fsr-3295	402	11	)	)	PUNCT
fsr-3295	402	12	.	.	PUNCT
fsr-3295	403	1	does	do	AUX
fsr-3295	403	2	meeting	meet	VERB
fsr-3295	403	3	earnings	earning	NOUN
fsr-3295	403	4	expectations	expectation	NOUN
fsr-3295	403	5	matter	matter	NOUN
fsr-3295	403	6	?	?	PUNCT
fsr-3295	404	1	evidence	evidence	NOUN
fsr-3295	404	2	from	from	ADP
fsr-3295	404	3	analyst	analyst	NOUN
fsr-3295	404	4	forecast	forecast	NOUN
fsr-3295	404	5	revisions	revision	NOUN
fsr-3295	404	6	and	and	CCONJ
fsr-3295	404	7	share	share	NOUN
fsr-3295	404	8	prices	price	NOUN
fsr-3295	404	9	.	.	PUNCT
fsr-3295	405	1	journal	journal	NOUN
fsr-3295	405	2	of	of	ADP
fsr-3295	405	3	accounting	accounting	NOUN
fsr-3295	405	4	research	research	NOUN
fsr-3295	405	5	,	,	PUNCT
fsr-3295	405	6	40	40	NUM
fsr-3295	405	7	,	,	PUNCT
fsr-3295	405	8	727	727	NUM
fsr-3295	405	9	.	.	PUNCT
fsr-3295	406	1	lin	lin	PROPN
fsr-3295	406	2	,	,	PUNCT
fsr-3295	406	3	h.	h.	PROPN
fsr-3295	406	4	,	,	PUNCT
fsr-3295	406	5	&	&	CCONJ
fsr-3295	406	6	mcnichols	mcnichols	PROPN
fsr-3295	406	7	,	,	PUNCT
fsr-3295	406	8	m.	m.	NOUN
fsr-3295	406	9	(	(	PUNCT
fsr-3295	406	10	1998	1998	NUM
fsr-3295	406	11	)	)	PUNCT
fsr-3295	406	12	.	.	PUNCT
fsr-3295	407	1	underwriting	underwrite	VERB
fsr-3295	407	2	relationships	relationship	NOUN
fsr-3295	407	3	,	,	PUNCT
fsr-3295	407	4	analysts	analyst	NOUN
fsr-3295	407	5	’	’	PART
fsr-3295	407	6	earnings	earning	NOUN
fsr-3295	407	7	forecasts	forecast	NOUN
fsr-3295	407	8	and	and	CCONJ
fsr-3295	407	9	investment	investment	NOUN
fsr-3295	407	10	recommendations	recommendation	NOUN
fsr-3295	407	11	.	.	PUNCT
fsr-3295	408	1	journal	journal	NOUN
fsr-3295	408	2	of	of	ADP
fsr-3295	408	3	accounting	accounting	NOUN
fsr-3295	408	4	and	and	CCONJ
fsr-3295	408	5	economics	economic	NOUN
fsr-3295	408	6	,	,	PUNCT
fsr-3295	408	7	25	25	NUM
fsr-3295	408	8	,	,	PUNCT
fsr-3295	408	9	101	101	NUM
fsr-3295	408	10	.	.	PUNCT
fsr-3295	408	11	ljungqvist	ljungqvist	NOUN
fsr-3295	408	12	,	,	PUNCT
fsr-3295	408	13	a.	a.	PROPN
fsr-3295	408	14	,	,	PUNCT
fsr-3295	408	15	marston	marston	PROPN
fsr-3295	408	16	,	,	PUNCT
fsr-3295	408	17	f.	f.	PROPN
fsr-3295	408	18	,	,	PUNCT
fsr-3295	408	19	starks	stark	NOUN
fsr-3295	408	20	,	,	PUNCT
fsr-3295	408	21	l.	l.	PROPN
fsr-3295	408	22	,	,	PUNCT
fsr-3295	408	23	wei	wei	PROPN
fsr-3295	408	24	,	,	PUNCT
fsr-3295	408	25	k.	k.	PROPN
fsr-3295	408	26	,	,	PUNCT
fsr-3295	408	27	&	&	CCONJ
fsr-3295	408	28	hong	hong	PROPN
fsr-3295	408	29	,	,	PUNCT
fsr-3295	408	30	y.	y.	PROPN
fsr-3295	408	31	(	(	PUNCT
fsr-3295	408	32	2007	2007	NUM
fsr-3295	408	33	)	)	PUNCT
fsr-3295	408	34	.	.	PUNCT
fsr-3295	409	1	conflicts	conflict	NOUN
fsr-3295	409	2	of	of	ADP
fsr-3295	409	3	interest	interest	NOUN
fsr-3295	409	4	in	in	ADP
fsr-3295	409	5	sell	sell	NOUN
fsr-3295	409	6	-	-	PUNCT
fsr-3295	409	7	side	side	NOUN
fsr-3295	409	8	research	research	NOUN
fsr-3295	409	9	and	and	CCONJ
fsr-3295	409	10	the	the	DET
fsr-3295	409	11	moderating	moderate	VERB
fsr-3295	409	12	role	role	NOUN
fsr-3295	409	13	of	of	ADP
fsr-3295	409	14	institutional	institutional	ADJ
fsr-3295	409	15	investors	investor	NOUN
fsr-3295	409	16	.	.	PUNCT
fsr-3295	410	1	journal	journal	PROPN
fsr-3295	410	2	of	of	ADP
fsr-3295	410	3	financial	financial	ADJ
fsr-3295	410	4	economics	economic	NOUN
fsr-3295	410	5	,	,	PUNCT
fsr-3295	410	6	85	85	NUM
fsr-3295	410	7	,	,	PUNCT
fsr-3295	410	8	420	420	NUM
fsr-3295	410	9	.	.	PUNCT
fsr-3295	411	1	matsumoto	matsumoto	PROPN
fsr-3295	411	2	,	,	PUNCT
fsr-3295	411	3	d.	d.	PROPN
fsr-3295	411	4	(	(	PUNCT
fsr-3295	411	5	2002	2002	NUM
fsr-3295	411	6	)	)	PUNCT
fsr-3295	411	7	.	.	PUNCT
fsr-3295	412	1	management	management	NOUN
fsr-3295	412	2	’s	’s	PART
fsr-3295	412	3	incentives	incentive	NOUN
fsr-3295	412	4	to	to	PART
fsr-3295	412	5	avoid	avoid	VERB
fsr-3295	412	6	negative	negative	ADJ
fsr-3295	412	7	earnings	earning	NOUN
fsr-3295	412	8	surprises	surprise	NOUN
fsr-3295	412	9	.	.	PUNCT
fsr-3295	413	1	the	the	DET
fsr-3295	413	2	accounting	accounting	NOUN
fsr-3295	413	3	review	review	NOUN
fsr-3295	413	4	,	,	PUNCT
fsr-3295	413	5	77	77	NUM
fsr-3295	413	6	,	,	PUNCT
fsr-3295	413	7	483	483	NUM
fsr-3295	413	8	.	.	PUNCT
fsr-3295	414	1	michaely	michaely	PROPN
fsr-3295	414	2	,	,	PUNCT
fsr-3295	414	3	r.	r.	PROPN
fsr-3295	414	4	,	,	PUNCT
fsr-3295	414	5	&	&	CCONJ
fsr-3295	414	6	womack	womack	PROPN
fsr-3295	414	7	,	,	PUNCT
fsr-3295	414	8	k.	k.	PROPN
fsr-3295	415	1	(	(	PUNCT
fsr-3295	415	2	1999	1999	NUM
fsr-3295	415	3	)	)	PUNCT
fsr-3295	415	4	.	.	PUNCT
fsr-3295	416	1	conflict	conflict	NOUN
fsr-3295	416	2	of	of	ADP
fsr-3295	416	3	interest	interest	NOUN
fsr-3295	416	4	and	and	CCONJ
fsr-3295	416	5	the	the	DET
fsr-3295	416	6	credibility	credibility	NOUN
fsr-3295	416	7	of	of	ADP
fsr-3295	416	8	underwriter	underwriter	NOUN
fsr-3295	416	9	analyst	analyst	NOUN
fsr-3295	416	10	recommendations	recommendation	NOUN
fsr-3295	416	11	.	.	PUNCT
fsr-3295	417	1	the	the	DET
fsr-3295	417	2	review	review	NOUN
fsr-3295	417	3	of	of	ADP
fsr-3295	417	4	financial	financial	ADJ
fsr-3295	417	5	studies	study	NOUN
fsr-3295	417	6	,	,	PUNCT
fsr-3295	417	7	12	12	NUM
fsr-3295	417	8	,	,	PUNCT
fsr-3295	417	9	653	653	NUM
fsr-3295	417	10	.	.	PUNCT
fsr-3295	418	1	o’brien	o’brien	NOUN
fsr-3295	418	2	,	,	PUNCT
fsr-3295	418	3	p.	p.	NOUN
fsr-3295	418	4	(	(	PUNCT
fsr-3295	418	5	1988	1988	NUM
fsr-3295	418	6	)	)	PUNCT
fsr-3295	418	7	.	.	PUNCT
fsr-3295	419	1	analysts	analyst	NOUN
fsr-3295	419	2	’	'	PUNCT
fsr-3295	419	3	forecasts	forecast	NOUN
fsr-3295	419	4	as	as	ADP
fsr-3295	419	5	earnings	earning	NOUN
fsr-3295	419	6	expectations	expectation	NOUN
fsr-3295	419	7	.	.	PUNCT
fsr-3295	420	1	journal	journal	NOUN
fsr-3295	420	2	of	of	ADP
fsr-3295	420	3	accounting	accounting	PROPN
fsr-3295	420	4	&	&	CCONJ
fsr-3295	420	5	economics	economic	NOUN
fsr-3295	420	6	,	,	PUNCT
fsr-3295	420	7	10	10	NUM
fsr-3295	420	8	,	,	PUNCT
fsr-3295	420	9	1988	1988	NUM
fsr-3295	420	10	.	.	PUNCT
fsr-3295	421	1	philbrick	philbrick	PROPN
fsr-3295	421	2	,	,	PUNCT
fsr-3295	421	3	d.	d.	PROPN
fsr-3295	421	4	r.	r.	PROPN
fsr-3295	421	5	,	,	PUNCT
fsr-3295	421	6	&	&	CCONJ
fsr-3295	421	7	ricks	ricks	PROPN
fsr-3295	421	8	,	,	PUNCT
fsr-3295	421	9	w.	w.	PROPN
fsr-3295	421	10	e.	e.	PROPN
fsr-3295	421	11	(	(	PUNCT
fsr-3295	421	12	1991	1991	NUM
fsr-3295	421	13	)	)	PUNCT
fsr-3295	421	14	.	.	PUNCT
fsr-3295	422	1	using	use	VERB
fsr-3295	422	2	value	value	NOUN
fsr-3295	422	3	line	line	NOUN
fsr-3295	422	4	and	and	CCONJ
fsr-3295	422	5	ibes	ibe	VERB
fsr-3295	422	6	analyst	analyst	NOUN
fsr-3295	422	7	forecasts	forecast	NOUN
fsr-3295	422	8	in	in	ADP
fsr-3295	422	9	accounting	accounting	NOUN
fsr-3295	422	10	research	research	NOUN
fsr-3295	422	11	.	.	PUNCT
fsr-3295	423	1	journal	journal	NOUN
fsr-3295	423	2	of	of	ADP
fsr-3295	423	3	accounting	accounting	NOUN
fsr-3295	423	4	research	research	NOUN
fsr-3295	423	5	,	,	PUNCT
fsr-3295	423	6	29	29	NUM
fsr-3295	423	7	,	,	PUNCT
fsr-3295	423	8	397	397	NUM
fsr-3295	423	9	.	.	PUNCT
fsr-3295	424	1	portnoy	portnoy	PROPN
fsr-3295	424	2	,	,	PUNCT
fsr-3295	424	3	s.	s.	PROPN
fsr-3295	424	4	,	,	PUNCT
fsr-3295	424	5	&	&	CCONJ
fsr-3295	424	6	koenker	koenker	PROPN
fsr-3295	424	7	,	,	PUNCT
fsr-3295	424	8	r.	r.	PROPN
fsr-3295	424	9	(	(	PUNCT
fsr-3295	424	10	1997	1997	NUM
fsr-3295	424	11	)	)	PUNCT
fsr-3295	424	12	.	.	PUNCT
fsr-3295	425	1	the	the	DET
fsr-3295	425	2	gaussian	gaussian	ADJ
fsr-3295	425	3	hare	hare	NOUN
fsr-3295	425	4	and	and	CCONJ
fsr-3295	425	5	the	the	DET
fsr-3295	425	6	laplacian	laplacian	ADJ
fsr-3295	425	7	tortoise	tortoise	NOUN
fsr-3295	425	8	:	:	PUNCT
fsr-3295	425	9	computability	computability	NOUN
fsr-3295	425	10	of	of	ADP
fsr-3295	425	11	squared	square	VERB
fsr-3295	425	12	-	-	PUNCT
fsr-3295	425	13	error	error	NOUN
fsr-3295	425	14	versus	versus	ADP
fsr-3295	425	15	absolute	absolute	ADJ
fsr-3295	425	16	-	-	PUNCT
fsr-3295	425	17	error	error	NOUN
fsr-3295	425	18	estimators	estimator	NOUN
fsr-3295	425	19	,	,	PUNCT
fsr-3295	425	20	with	with	ADP
fsr-3295	425	21	discussion	discussion	NOUN
fsr-3295	425	22	.	.	PUNCT
fsr-3295	426	1	statistical	statistical	ADJ
fsr-3295	426	2	science	science	NOUN
fsr-3295	426	3	,	,	PUNCT
fsr-3295	426	4	12	12	NUM
fsr-3295	426	5	,	,	PUNCT
fsr-3295	426	6	279	279	NUM
fsr-3295	426	7	.	.	PUNCT
fsr-3295	427	1	raedy	raedy	PROPN
fsr-3295	427	2	,	,	PUNCT
fsr-3295	427	3	j.	j.	PROPN
fsr-3295	427	4	,	,	PUNCT
fsr-3295	427	5	shane	shane	NOUN
fsr-3295	427	6	,	,	PUNCT
fsr-3295	427	7	p.	p.	PROPN
fsr-3295	427	8	,	,	PUNCT
fsr-3295	427	9	&	&	CCONJ
fsr-3295	427	10	yang	yang	PROPN
fsr-3295	427	11	,	,	PUNCT
fsr-3295	427	12	y.	y.	PROPN
fsr-3295	427	13	(	(	PUNCT
fsr-3295	427	14	2006	2006	NUM
fsr-3295	427	15	)	)	PUNCT
fsr-3295	427	16	.	.	PUNCT
fsr-3295	428	1	horizon	horizon	NOUN
fsr-3295	428	2	-	-	PUNCT
fsr-3295	428	3	dependent	dependent	ADJ
fsr-3295	428	4	underreaction	underreaction	NOUN
fsr-3295	428	5	in	in	ADP
fsr-3295	428	6	financial	financial	ADJ
fsr-3295	428	7	analysts	analyst	NOUN
fsr-3295	428	8	’	’	PART
fsr-3295	428	9	earnings	earning	NOUN
fsr-3295	428	10	forecasts	forecast	NOUN
fsr-3295	428	11	.	.	PUNCT
fsr-3295	429	1	contemporary	contemporary	ADJ
fsr-3295	429	2	accounting	accounting	NOUN
fsr-3295	429	3	research	research	NOUN
fsr-3295	429	4	,	,	PUNCT
fsr-3295	429	5	23	23	NUM
fsr-3295	429	6	,	,	PUNCT
fsr-3295	429	7	291	291	NUM
fsr-3295	429	8	.	.	PUNCT
fsr-3295	430	1	ramnath	ramnath	PROPN
fsr-3295	430	2	,	,	PUNCT
fsr-3295	430	3	s.	s.	PROPN
fsr-3295	430	4	,	,	PUNCT
fsr-3295	430	5	rock	rock	PROPN
fsr-3295	430	6	,	,	PUNCT
fsr-3295	430	7	s.	s.	PROPN
fsr-3295	430	8	,	,	PUNCT
fsr-3295	430	9	&	&	CCONJ
fsr-3295	430	10	shane	shane	PROPN
fsr-3295	430	11	,	,	PUNCT
fsr-3295	430	12	p.	p.	NOUN
fsr-3295	430	13	(	(	PUNCT
fsr-3295	430	14	2005	2005	NUM
fsr-3295	430	15	)	)	PUNCT
fsr-3295	430	16	.	.	PUNCT
fsr-3295	431	1	value	value	NOUN
fsr-3295	431	2	line	line	NOUN
fsr-3295	432	1	and	and	CCONJ
fsr-3295	432	2	i	i	PRON
fsr-3295	432	3	/	/	SYM
fsr-3295	432	4	b	b	X
fsr-3295	432	5	/	/	SYM
fsr-3295	432	6	e	e	NOUN
fsr-3295	432	7	/	/	SYM
fsr-3295	432	8	s	s	PART
fsr-3295	432	9	earnings	earning	NOUN
fsr-3295	432	10	forecasts	forecast	NOUN
fsr-3295	432	11	.	.	PUNCT
fsr-3295	433	1	international	international	ADJ
fsr-3295	433	2	journal	journal	PROPN
fsr-3295	433	3	of	of	ADP
fsr-3295	433	4	forecasting	forecasting	NOUN
fsr-3295	433	5	,	,	PUNCT
fsr-3295	433	6	21	21	NUM
fsr-3295	433	7	,	,	PUNCT
fsr-3295	433	8	185	185	NUM
fsr-3295	433	9	.	.	PUNCT
fsr-3295	434	1	richardson	richardson	PROPN
fsr-3295	434	2	,	,	PUNCT
fsr-3295	434	3	s.	s.	PROPN
fsr-3295	434	4	,	,	PUNCT
fsr-3295	434	5	teoh	teoh	PROPN
fsr-3295	434	6	,	,	PUNCT
fsr-3295	434	7	s.	s.	PROPN
fsr-3295	434	8	,	,	PUNCT
fsr-3295	434	9	&	&	CCONJ
fsr-3295	434	10	wysocki	wysocki	PROPN
fsr-3295	434	11	,	,	PUNCT
fsr-3295	434	12	p.	p.	NOUN
fsr-3295	434	13	(	(	PUNCT
fsr-3295	434	14	2004	2004	NUM
fsr-3295	434	15	)	)	PUNCT
fsr-3295	434	16	.	.	PUNCT
fsr-3295	435	1	the	the	DET
fsr-3295	435	2	walk	walk	NOUN
fsr-3295	435	3	-	-	PUNCT
fsr-3295	435	4	down	down	NOUN
fsr-3295	435	5	to	to	ADP
fsr-3295	435	6	beatable	beatable	ADJ
fsr-3295	435	7	analyst	analyst	NOUN
fsr-3295	435	8	forecasts	forecast	NOUN
fsr-3295	435	9	:	:	PUNCT
fsr-3295	435	10	the	the	DET
fsr-3295	435	11	role	role	NOUN
fsr-3295	435	12	of	of	ADP
fsr-3295	435	13	equity	equity	NOUN
fsr-3295	435	14	issuance	issuance	NOUN
fsr-3295	435	15	and	and	CCONJ
fsr-3295	435	16	insider	insider	NOUN
fsr-3295	435	17	trading	trading	NOUN
fsr-3295	435	18	incentives	incentive	NOUN
fsr-3295	435	19	.	.	PUNCT
fsr-3295	436	1	contemporary	contemporary	ADJ
fsr-3295	436	2	accounting	accounting	NOUN
fsr-3295	436	3	research	research	NOUN
fsr-3295	436	4	,	,	PUNCT
fsr-3295	436	5	21	21	NUM
fsr-3295	436	6	,	,	PUNCT
fsr-3295	436	7	885	885	NUM
fsr-3295	436	8	.	.	PUNCT
fsr-3295	436	9	shane	shane	PROPN
fsr-3295	436	10	,	,	PUNCT
fsr-3295	436	11	p.	p.	PROPN
fsr-3295	436	12	,	,	PUNCT
fsr-3295	436	13	&	&	CCONJ
fsr-3295	436	14	brous	brous	ADJ
fsr-3295	436	15	,	,	PUNCT
fsr-3295	436	16	p.	p.	NOUN
fsr-3295	436	17	(	(	PUNCT
fsr-3295	436	18	2001	2001	NUM
fsr-3295	436	19	)	)	PUNCT
fsr-3295	436	20	.	.	PUNCT
fsr-3295	437	1	investor	investor	NOUN
fsr-3295	437	2	and	and	CCONJ
fsr-3295	437	3	(	(	PUNCT
fsr-3295	437	4	value	value	NOUN
fsr-3295	437	5	line	line	NOUN
fsr-3295	437	6	)	)	PUNCT
fsr-3295	437	7	analyst	analyst	NOUN
fsr-3295	437	8	underreaction	underreaction	NOUN
fsr-3295	437	9	to	to	AUX
fsr-3295	437	10	information	information	NOUN
fsr-3295	437	11	about	about	ADP
fsr-3295	437	12	future	future	ADJ
fsr-3295	437	13	earnings	earning	NOUN
fsr-3295	437	14	:	:	PUNCT
fsr-3295	437	15	the	the	DET
fsr-3295	437	16	corrective	corrective	ADJ
fsr-3295	437	17	role	role	NOUN
fsr-3295	437	18	of	of	ADP
fsr-3295	437	19	non	non	ADJ
fsr-3295	437	20	-	-	ADJ
fsr-3295	437	21	earnings	earnings	ADJ
fsr-3295	437	22	-	-	PUNCT
fsr-3295	437	23	surprise	surprise	NOUN
fsr-3295	437	24	information	information	NOUN
fsr-3295	437	25	.	.	PUNCT
fsr-3295	438	1	journal	journal	NOUN
fsr-3295	438	2	of	of	ADP
fsr-3295	438	3	accounting	accounting	NOUN
fsr-3295	438	4	research	research	NOUN
fsr-3295	438	5	,	,	PUNCT
fsr-3295	438	6	39	39	NUM
fsr-3295	438	7	,	,	PUNCT
fsr-3295	438	8	387	387	NUM
fsr-3295	438	9	.	.	NUM
fsr-3295	438	10	53p	53p	PUNCT
fsr-3295	438	11	.	.	PUNCT
fsr-3295	439	1	baird	baird	PROPN
fsr-3295	439	2	/	/	SYM
fsr-3295	439	3	financial	financial	ADJ
fsr-3295	439	4	services	service	NOUN
fsr-3295	439	5	review	review	VERB
fsr-3295	439	6	26	26	NUM
fsr-3295	439	7	(	(	PUNCT
fsr-3295	439	8	2017	2017	NUM
fsr-3295	439	9	)	)	PUNCT
fsr-3295	439	10	37–54	37–54	NUM
fsr-3295	439	11	skinner	skinner	NOUN
fsr-3295	439	12	,	,	PUNCT
fsr-3295	439	13	d.	d.	PROPN
fsr-3295	439	14	,	,	PUNCT
fsr-3295	439	15	&	&	CCONJ
fsr-3295	439	16	sloan	sloan	PROPN
fsr-3295	439	17	,	,	PUNCT
fsr-3295	439	18	r.	r.	PROPN
fsr-3295	439	19	(	(	PUNCT
fsr-3295	439	20	2002	2002	NUM
fsr-3295	439	21	)	)	PUNCT
fsr-3295	439	22	.	.	PUNCT
fsr-3295	440	1	earnings	earning	NOUN
fsr-3295	440	2	surprises	surprise	NOUN
fsr-3295	440	3	,	,	PUNCT
fsr-3295	440	4	growth	growth	NOUN
fsr-3295	440	5	expectations	expectation	NOUN
fsr-3295	440	6	,	,	PUNCT
fsr-3295	440	7	and	and	CCONJ
fsr-3295	440	8	stock	stock	NOUN
fsr-3295	440	9	returns	return	NOUN
fsr-3295	440	10	or	or	CCONJ
fsr-3295	440	11	do	do	AUX
fsr-3295	440	12	n’t	not	PART
fsr-3295	440	13	let	let	VERB
fsr-3295	440	14	an	an	DET
fsr-3295	440	15	earnings	earning	NOUN
fsr-3295	440	16	torpedo	torpedo	NOUN
fsr-3295	440	17	sink	sink	VERB
fsr-3295	440	18	your	your	PRON
fsr-3295	440	19	portfolio	portfolio	NOUN
fsr-3295	440	20	.	.	PUNCT
fsr-3295	441	1	review	review	NOUN
fsr-3295	441	2	of	of	ADP
fsr-3295	441	3	accounting	accounting	NOUN
fsr-3295	441	4	studies	study	NOUN
fsr-3295	441	5	,	,	PUNCT
fsr-3295	441	6	7	7	NUM
fsr-3295	441	7	,	,	PUNCT
fsr-3295	441	8	289–312	289–312	NUM
fsr-3295	441	9	.	.	PUNCT
fsr-3295	442	1	szakmary	szakmary	ADJ
fsr-3295	442	2	,	,	PUNCT
fsr-3295	442	3	a.	a.	PROPN
fsr-3295	442	4	,	,	PUNCT
fsr-3295	442	5	conover	conover	PROPN
fsr-3295	442	6	,	,	PUNCT
fsr-3295	442	7	c.	c.	PROPN
fsr-3295	442	8	,	,	PUNCT
fsr-3295	442	9	&	&	CCONJ
fsr-3295	442	10	lancaster	lancaster	PROPN
fsr-3295	442	11	,	,	PUNCT
fsr-3295	442	12	c.	c.	PROPN
fsr-3295	442	13	(	(	PUNCT
fsr-3295	442	14	2008	2008	NUM
fsr-3295	442	15	)	)	PUNCT
fsr-3295	442	16	.	.	PUNCT
fsr-3295	443	1	an	an	DET
fsr-3295	443	2	examination	examination	NOUN
fsr-3295	443	3	of	of	ADP
fsr-3295	443	4	value	value	NOUN
fsr-3295	443	5	line	line	NOUN
fsr-3295	443	6	’s	’s	PART
fsr-3295	443	7	long	long	ADJ
fsr-3295	443	8	-	-	PUNCT
fsr-3295	443	9	term	term	NOUN
fsr-3295	443	10	projections	projection	NOUN
fsr-3295	443	11	.	.	PUNCT
fsr-3295	444	1	journal	journal	NOUN
fsr-3295	444	2	of	of	ADP
fsr-3295	444	3	banking	banking	NOUN
fsr-3295	444	4	&	&	CCONJ
fsr-3295	444	5	finance	finance	PROPN
fsr-3295	444	6	,	,	PUNCT
fsr-3295	444	7	32	32	NUM
fsr-3295	444	8	,	,	PUNCT
fsr-3295	444	9	820	820	NUM
fsr-3295	444	10	.	.	PUNCT
fsr-3295	445	1	walker	walker	PROPN
fsr-3295	445	2	,	,	PUNCT
fsr-3295	445	3	m.	m.	NOUN
fsr-3295	445	4	,	,	PUNCT
fsr-3295	445	5	&	&	CCONJ
fsr-3295	445	6	claasen	claasen	PROPN
fsr-3295	445	7	,	,	PUNCT
fsr-3295	445	8	b.	b.	PROPN
fsr-3295	445	9	(	(	PUNCT
fsr-3295	445	10	2006	2006	NUM
fsr-3295	445	11	)	)	PUNCT
fsr-3295	445	12	.	.	PUNCT
fsr-3295	446	1	what	what	PRON
fsr-3295	446	2	drives	drive	VERB
fsr-3295	446	3	sell	sell	NOUN
fsr-3295	446	4	-	-	PUNCT
fsr-3295	446	5	side	side	NOUN
fsr-3295	446	6	recommendation	recommendation	NOUN
fsr-3295	446	7	announcement	announcement	NOUN
fsr-3295	446	8	returns	return	NOUN
fsr-3295	446	9	?	?	PUNCT
fsr-3295	447	1	financial	financial	ADJ
fsr-3295	447	2	services	service	NOUN
fsr-3295	447	3	review	review	NOUN
fsr-3295	447	4	,	,	PUNCT
fsr-3295	447	5	15	15	NUM
fsr-3295	447	6	,	,	PUNCT
fsr-3295	447	7	315	315	NUM
fsr-3295	447	8	.	.	PUNCT
fsr-3295	448	1	54	54	NUM
fsr-3295	448	2	p.	p.	NOUN
fsr-3295	448	3	baird	baird	PROPN
fsr-3295	448	4	/	/	SYM
fsr-3295	448	5	financial	financial	ADJ
fsr-3295	448	6	services	service	NOUN
fsr-3295	448	7	review	review	VERB
fsr-3295	448	8	26	26	NUM
fsr-3295	448	9	(	(	PUNCT
fsr-3295	448	10	2017	2017	NUM
fsr-3295	448	11	)	)	PUNCT
fsr-3295	448	12	37–54	37–54	NUM