id	sid	tid	token	lemma	pos
fsr-3405	1	1	local	local	ADJ
fsr-3405	1	2	creative	creative	ADJ
fsr-3405	1	3	culture	culture	NOUN
fsr-3405	1	4	and	and	CCONJ
fsr-3405	1	5	dividend	dividend	NOUN
fsr-3405	1	6	policy	policy	NOUN
fsr-3405	1	7	erdem	erdem	NOUN
fsr-3405	1	8	ucara	ucara	NOUN
fsr-3405	1	9	,	,	PUNCT
fsr-3405	1	10	arsenio	arsenio	PROPN
fsr-3405	1	11	staera	staera	NOUN
fsr-3405	1	12	,	,	PUNCT
fsr-3405	1	13	*	*	PUNCT
fsr-3405	1	14	acalifornia	acalifornia	PROPN
fsr-3405	1	15	state	state	PROPN
fsr-3405	1	16	university	university	PROPN
fsr-3405	1	17	fullerton	fullerton	PROPN
fsr-3405	1	18	,	,	PUNCT
fsr-3405	1	19	mihaylo	mihaylo	PROPN
fsr-3405	1	20	college	college	PROPN
fsr-3405	1	21	of	of	ADP
fsr-3405	1	22	business	business	NOUN
fsr-3405	1	23	and	and	CCONJ
fsr-3405	1	24	economics	economic	NOUN
fsr-3405	1	25	,	,	PUNCT
fsr-3405	1	26	department	department	NOUN
fsr-3405	1	27	of	of	ADP
fsr-3405	1	28	finance	finance	NOUN
fsr-3405	1	29	,	,	PUNCT
fsr-3405	1	30	800	800	NUM
fsr-3405	1	31	n.	n.	NOUN
fsr-3405	1	32	state	state	PROPN
fsr-3405	1	33	college	college	PROPN
fsr-3405	1	34	boulevard	boulevard	PROPN
fsr-3405	1	35	,	,	PUNCT
fsr-3405	1	36	fullerton	fullerton	PROPN
fsr-3405	1	37	,	,	PUNCT
fsr-3405	1	38	ca	ca	PROPN
fsr-3405	1	39	92831	92831	NUM
fsr-3405	1	40	,	,	PUNCT
fsr-3405	1	41	usa	usa	PROPN
fsr-3405	1	42	abstract	abstract	PROPN
fsr-3405	1	43	this	this	DET
fsr-3405	1	44	paper	paper	NOUN
fsr-3405	1	45	examines	examine	VERB
fsr-3405	1	46	the	the	DET
fsr-3405	1	47	role	role	NOUN
fsr-3405	1	48	of	of	ADP
fsr-3405	1	49	local	local	ADJ
fsr-3405	1	50	risk	risk	NOUN
fsr-3405	1	51	-	-	PUNCT
fsr-3405	1	52	taking	take	VERB
fsr-3405	1	53	propensity	propensity	NOUN
fsr-3405	1	54	on	on	ADP
fsr-3405	1	55	dividend	dividend	NOUN
fsr-3405	1	56	demand	demand	NOUN
fsr-3405	1	57	by	by	ADP
fsr-3405	1	58	using	use	VERB
fsr-3405	1	59	local	local	ADJ
fsr-3405	1	60	creative	creative	ADJ
fsr-3405	1	61	culture	culture	NOUN
fsr-3405	1	62	as	as	ADP
fsr-3405	1	63	a	a	DET
fsr-3405	1	64	measure	measure	NOUN
fsr-3405	1	65	of	of	ADP
fsr-3405	1	66	local	local	ADJ
fsr-3405	1	67	risk	risk	NOUN
fsr-3405	1	68	-	-	PUNCT
fsr-3405	1	69	taking	taking	NOUN
fsr-3405	1	70	.	.	PUNCT
fsr-3405	2	1	we	we	PRON
fsr-3405	2	2	find	find	VERB
fsr-3405	2	3	that	that	SCONJ
fsr-3405	2	4	firms	firm	NOUN
fsr-3405	2	5	located	locate	VERB
fsr-3405	2	6	in	in	ADP
fsr-3405	2	7	areas	area	NOUN
fsr-3405	2	8	with	with	ADP
fsr-3405	2	9	a	a	DET
fsr-3405	2	10	strong	strong	ADJ
fsr-3405	2	11	creative	creative	ADJ
fsr-3405	2	12	culture	culture	NOUN
fsr-3405	2	13	are	be	AUX
fsr-3405	2	14	less	less	ADV
fsr-3405	2	15	likely	likely	ADJ
fsr-3405	2	16	to	to	PART
fsr-3405	2	17	pay	pay	VERB
fsr-3405	2	18	and	and	CCONJ
fsr-3405	2	19	initiate	initiate	VERB
fsr-3405	2	20	dividends	dividend	NOUN
fsr-3405	2	21	and	and	CCONJ
fsr-3405	2	22	exhibit	exhibit	VERB
fsr-3405	2	23	lower	low	ADJ
fsr-3405	2	24	levels	level	NOUN
fsr-3405	2	25	of	of	ADP
fsr-3405	2	26	dividend	dividend	NOUN
fsr-3405	2	27	yield	yield	NOUN
fsr-3405	2	28	.	.	PUNCT
fsr-3405	3	1	the	the	DET
fsr-3405	3	2	empirical	empirical	ADJ
fsr-3405	3	3	findings	finding	NOUN
fsr-3405	3	4	also	also	ADV
fsr-3405	3	5	remain	remain	VERB
fsr-3405	3	6	robust	robust	ADJ
fsr-3405	3	7	after	after	ADP
fsr-3405	3	8	addressing	address	VERB
fsr-3405	3	9	endogeneity	endogeneity	NOUN
fsr-3405	3	10	and	and	CCONJ
fsr-3405	3	11	a	a	DET
fsr-3405	3	12	series	series	NOUN
fsr-3405	3	13	of	of	ADP
fsr-3405	3	14	robustness	robustness	NOUN
fsr-3405	3	15	checks	check	NOUN
fsr-3405	3	16	.	.	PUNCT
fsr-3405	4	1	furthermore	furthermore	ADV
fsr-3405	4	2	,	,	PUNCT
fsr-3405	4	3	our	our	PRON
fsr-3405	4	4	paper	paper	NOUN
fsr-3405	4	5	highlights	highlight	VERB
fsr-3405	4	6	the	the	DET
fsr-3405	4	7	local	local	ADJ
fsr-3405	4	8	component	component	NOUN
fsr-3405	4	9	of	of	ADP
fsr-3405	4	10	corporate	corporate	ADJ
fsr-3405	4	11	dividend	dividend	NOUN
fsr-3405	4	12	policies	policy	NOUN
fsr-3405	4	13	and	and	CCONJ
fsr-3405	4	14	offers	offer	VERB
fsr-3405	4	15	additional	additional	ADJ
fsr-3405	4	16	evidence	evidence	NOUN
fsr-3405	4	17	supporting	support	VERB
fsr-3405	4	18	dividend	dividend	NOUN
fsr-3405	4	19	catering	catering	NOUN
fsr-3405	4	20	theory	theory	NOUN
fsr-3405	4	21	.	.	PUNCT
fsr-3405	5	1	our	our	PRON
fsr-3405	5	2	results	result	NOUN
fsr-3405	5	3	underscore	underscore	VERB
fsr-3405	5	4	the	the	DET
fsr-3405	5	5	importance	importance	NOUN
fsr-3405	5	6	of	of	ADP
fsr-3405	5	7	cultural	cultural	ADJ
fsr-3405	5	8	determinants	determinant	NOUN
fsr-3405	5	9	of	of	ADP
fsr-3405	5	10	investors	investor	NOUN
fsr-3405	5	11	’	’	PART
fsr-3405	5	12	risk	risk	NOUN
fsr-3405	5	13	-	-	PUNCT
fsr-3405	5	14	taking	taking	NOUN
fsr-3405	5	15	for	for	ADP
fsr-3405	5	16	the	the	DET
fsr-3405	5	17	financial	financial	ADJ
fsr-3405	5	18	industry	industry	NOUN
fsr-3405	5	19	participants	participant	NOUN
fsr-3405	5	20	.	.	PUNCT
fsr-3405	6	1	©	©	PROPN
fsr-3405	6	2	2018	2018	NUM
fsr-3405	6	3	academy	academy	NOUN
fsr-3405	6	4	of	of	ADP
fsr-3405	6	5	financial	financial	ADJ
fsr-3405	6	6	services	service	NOUN
fsr-3405	6	7	.	.	PUNCT
fsr-3405	7	1	all	all	DET
fsr-3405	7	2	rights	right	NOUN
fsr-3405	7	3	reserved	reserve	VERB
fsr-3405	7	4	.	.	PUNCT
fsr-3405	8	1	jel	jel	PROPN
fsr-3405	8	2	classification	classification	NOUN
fsr-3405	8	3	:	:	PUNCT
fsr-3405	8	4	g35	g35	PROPN
fsr-3405	8	5	;	;	PUNCT
fsr-3405	8	6	g40	g40	PROPN
fsr-3405	8	7	keywords	keyword	NOUN
fsr-3405	8	8	:	:	PUNCT
fsr-3405	8	9	dividend	dividend	NOUN
fsr-3405	8	10	policy	policy	NOUN
fsr-3405	8	11	;	;	PUNCT
fsr-3405	8	12	creative	creative	ADJ
fsr-3405	8	13	culture	culture	NOUN
fsr-3405	8	14	;	;	PUNCT
fsr-3405	8	15	risk	risk	NOUN
fsr-3405	8	16	-	-	PUNCT
fsr-3405	8	17	aversion	aversion	NOUN
fsr-3405	8	18	;	;	PUNCT
fsr-3405	8	19	dividend	dividend	NOUN
fsr-3405	8	20	catering	cater	VERB
fsr-3405	8	21	1	1	NUM
fsr-3405	8	22	.	.	PUNCT
fsr-3405	9	1	introduction	introduction	NOUN
fsr-3405	9	2	this	this	DET
fsr-3405	9	3	study	study	NOUN
fsr-3405	9	4	investigates	investigate	VERB
fsr-3405	9	5	the	the	DET
fsr-3405	9	6	role	role	NOUN
fsr-3405	9	7	of	of	ADP
fsr-3405	9	8	risk	risk	NOUN
fsr-3405	9	9	-	-	PUNCT
fsr-3405	9	10	taking	taking	NOUN
fsr-3405	9	11	for	for	ADP
fsr-3405	9	12	local	local	ADJ
fsr-3405	9	13	dividend	dividend	NOUN
fsr-3405	9	14	demand	demand	NOUN
fsr-3405	9	15	and	and	CCONJ
fsr-3405	9	16	corporate	corporate	ADJ
fsr-3405	9	17	dividend	dividend	NOUN
fsr-3405	9	18	policies	policy	NOUN
fsr-3405	9	19	.	.	PUNCT
fsr-3405	10	1	prior	prior	ADJ
fsr-3405	10	2	literature	literature	NOUN
fsr-3405	10	3	has	have	AUX
fsr-3405	10	4	investigated	investigate	VERB
fsr-3405	10	5	the	the	DET
fsr-3405	10	6	determinants	determinant	NOUN
fsr-3405	10	7	of	of	ADP
fsr-3405	10	8	dividend	dividend	NOUN
fsr-3405	10	9	demand	demand	NOUN
fsr-3405	10	10	and	and	CCONJ
fsr-3405	10	11	investors	investor	NOUN
fsr-3405	10	12	’	’	PART
fsr-3405	10	13	payout	payout	NOUN
fsr-3405	10	14	preferences	preference	NOUN
fsr-3405	10	15	since	since	SCONJ
fsr-3405	10	16	miller	miller	NOUN
fsr-3405	10	17	and	and	CCONJ
fsr-3405	10	18	modigliani	modigliani	PROPN
fsr-3405	10	19	(	(	PUNCT
fsr-3405	10	20	1961	1961	NUM
fsr-3405	10	21	)	)	PUNCT
fsr-3405	10	22	.	.	PUNCT
fsr-3405	11	1	previous	previous	ADJ
fsr-3405	11	2	studies	study	NOUN
fsr-3405	11	3	suggest	suggest	VERB
fsr-3405	11	4	that	that	SCONJ
fsr-3405	11	5	risk	risk	NOUN
fsr-3405	11	6	aversion	aversion	NOUN
fsr-3405	11	7	plays	play	VERB
fsr-3405	11	8	an	an	DET
fsr-3405	11	9	important	important	ADJ
fsr-3405	11	10	role	role	NOUN
fsr-3405	11	11	for	for	ADP
fsr-3405	11	12	investors	investor	NOUN
fsr-3405	11	13	’	'	PUNCT
fsr-3405	11	14	choice	choice	NOUN
fsr-3405	11	15	between	between	ADP
fsr-3405	11	16	dividends	dividend	NOUN
fsr-3405	11	17	and	and	CCONJ
fsr-3405	11	18	capital	capital	NOUN
fsr-3405	11	19	gains	gain	NOUN
fsr-3405	11	20	(	(	PUNCT
fsr-3405	11	21	i.e.	i.e.	X
fsr-3405	11	22	,	,	PUNCT
fsr-3405	11	23	gordon	gordon	PROPN
fsr-3405	11	24	,	,	PUNCT
fsr-3405	11	25	1963	1963	NUM
fsr-3405	11	26	;	;	PUNCT
fsr-3405	11	27	lintner	lintner	NOUN
fsr-3405	11	28	,	,	PUNCT
fsr-3405	11	29	1963	1963	NUM
fsr-3405	11	30	)	)	PUNCT
fsr-3405	11	31	and	and	CCONJ
fsr-3405	11	32	the	the	DET
fsr-3405	11	33	financial	financial	ADJ
fsr-3405	11	34	planning	planning	NOUN
fsr-3405	11	35	process	process	NOUN
fsr-3405	11	36	(	(	PUNCT
fsr-3405	11	37	guillemette	guillemette	NOUN
fsr-3405	11	38	and	and	CCONJ
fsr-3405	11	39	nanigian	nanigian	PROPN
fsr-3405	11	40	,	,	PUNCT
fsr-3405	11	41	2014	2014	NUM
fsr-3405	11	42	)	)	PUNCT
fsr-3405	11	43	.	.	PUNCT
fsr-3405	12	1	moreover	moreover	ADV
fsr-3405	12	2	,	,	PUNCT
fsr-3405	12	3	recent	recent	ADJ
fsr-3405	12	4	studies	study	NOUN
fsr-3405	12	5	show	show	VERB
fsr-3405	12	6	the	the	DET
fsr-3405	12	7	impact	impact	NOUN
fsr-3405	12	8	of	of	ADP
fsr-3405	12	9	local	local	ADJ
fsr-3405	12	10	factors	factor	NOUN
fsr-3405	12	11	on	on	ADP
fsr-3405	12	12	dividend	dividend	NOUN
fsr-3405	12	13	demand	demand	NOUN
fsr-3405	12	14	and	and	CCONJ
fsr-3405	12	15	different	different	ADJ
fsr-3405	12	16	corporate	corporate	ADJ
fsr-3405	12	17	payout	payout	NOUN
fsr-3405	12	18	policies	policy	NOUN
fsr-3405	12	19	that	that	PRON
fsr-3405	12	20	cater	cater	VERB
fsr-3405	12	21	to	to	ADP
fsr-3405	12	22	investor	investor	NOUN
fsr-3405	12	23	demand	demand	NOUN
fsr-3405	12	24	(	(	PUNCT
fsr-3405	12	25	i.e.	i.e.	X
fsr-3405	12	26	,	,	PUNCT
fsr-3405	12	27	becker	becker	NOUN
fsr-3405	12	28	,	,	PUNCT
fsr-3405	12	29	ivković	ivković	ADJ
fsr-3405	12	30	,	,	PUNCT
fsr-3405	12	31	and	and	CCONJ
fsr-3405	12	32	weisbenner	weisbenner	NOUN
fsr-3405	12	33	,	,	PUNCT
fsr-3405	12	34	2011	2011	NUM
fsr-3405	12	35	;	;	PUNCT
fsr-3405	12	36	ucar	ucar	PROPN
fsr-3405	12	37	,	,	PUNCT
fsr-3405	12	38	2016	2016	NUM
fsr-3405	12	39	)	)	PUNCT
fsr-3405	12	40	.	.	PUNCT
fsr-3405	13	1	we	we	PRON
fsr-3405	13	2	introduce	introduce	VERB
fsr-3405	13	3	a	a	DET
fsr-3405	13	4	new	new	ADJ
fsr-3405	13	5	measure	measure	NOUN
fsr-3405	13	6	of	of	ADP
fsr-3405	13	7	risk	risk	NOUN
fsr-3405	13	8	-	-	PUNCT
fsr-3405	13	9	taking	taking	NOUN
fsr-3405	13	10	to	to	ADP
fsr-3405	13	11	*	*	PUNCT
fsr-3405	13	12	corresponding	correspond	VERB
fsr-3405	13	13	author	author	NOUN
fsr-3405	13	14	.	.	PUNCT
fsr-3405	14	1	tel	tel	PROPN
fsr-3405	14	2	.	.	PUNCT
fsr-3405	14	3	:	:	PUNCT
fsr-3405	15	1	�	�	PROPN
fsr-3405	15	2	1	1	NUM
fsr-3405	15	3	-	-	SYM
fsr-3405	15	4	657	657	NUM
fsr-3405	15	5	-	-	PUNCT
fsr-3405	15	6	278	278	NUM
fsr-3405	15	7	-	-	PUNCT
fsr-3405	15	8	3957	3957	NUM
fsr-3405	15	9	;	;	PUNCT
fsr-3405	15	10	fax	fax	NOUN
fsr-3405	15	11	:	:	PUNCT
fsr-3405	15	12	�	�	PROPN
fsr-3405	15	13	1	1	NUM
fsr-3405	15	14	-	-	SYM
fsr-3405	15	15	657	657	NUM
fsr-3405	15	16	-	-	PUNCT
fsr-3405	15	17	278	278	NUM
fsr-3405	15	18	-	-	SYM
fsr-3405	15	19	216	216	NUM
fsr-3405	15	20	.	.	PUNCT
fsr-3405	16	1	e	e	X
fsr-3405	16	2	-	-	NOUN
fsr-3405	16	3	mail	mail	NOUN
fsr-3405	16	4	address	address	NOUN
fsr-3405	16	5	:	:	PUNCT
fsr-3405	16	6	astaer@fullerton.edu	astaer@fullerton.edu	PROPN
fsr-3405	16	7	(	(	PUNCT
fsr-3405	16	8	a.	a.	PROPN
fsr-3405	16	9	staer	staer	PROPN
fsr-3405	16	10	)	)	PUNCT
fsr-3405	16	11	financial	financial	ADJ
fsr-3405	16	12	services	service	NOUN
fsr-3405	16	13	review	review	VERB
fsr-3405	16	14	27	27	NUM
fsr-3405	16	15	(	(	PUNCT
fsr-3405	16	16	2018	2018	NUM
fsr-3405	16	17	)	)	PUNCT
fsr-3405	16	18	367	367	NUM
fsr-3405	16	19	-	-	SYM
fsr-3405	16	20	389	389	NUM
fsr-3405	16	21	1057	1057	NUM
fsr-3405	16	22	-	-	SYM
fsr-3405	16	23	0810/18/$	0810/18/$	NUM
fsr-3405	16	24	–	–	PUNCT
fsr-3405	16	25	see	see	VERB
fsr-3405	16	26	front	front	ADJ
fsr-3405	16	27	matter	matter	NOUN
fsr-3405	16	28	©	©	PROPN
fsr-3405	16	29	2018	2018	NUM
fsr-3405	16	30	academy	academy	NOUN
fsr-3405	16	31	of	of	ADP
fsr-3405	16	32	financial	financial	ADJ
fsr-3405	16	33	services	service	NOUN
fsr-3405	16	34	.	.	PUNCT
fsr-3405	17	1	all	all	DET
fsr-3405	17	2	rights	right	NOUN
fsr-3405	17	3	reserved	reserve	VERB
fsr-3405	17	4	.	.	PUNCT
fsr-3405	18	1	dividend	dividend	NOUN
fsr-3405	18	2	literature	literature	PROPN
fsr-3405	18	3	and	and	CCONJ
fsr-3405	18	4	examine	examine	VERB
fsr-3405	18	5	the	the	DET
fsr-3405	18	6	impact	impact	NOUN
fsr-3405	18	7	of	of	ADP
fsr-3405	18	8	risk	risk	NOUN
fsr-3405	18	9	-	-	PUNCT
fsr-3405	18	10	taking	take	VERB
fsr-3405	18	11	behavior	behavior	NOUN
fsr-3405	18	12	associated	associate	VERB
fsr-3405	18	13	with	with	ADP
fsr-3405	18	14	local	local	ADJ
fsr-3405	18	15	culture	culture	NOUN
fsr-3405	18	16	on	on	ADP
fsr-3405	18	17	dividend	dividend	NOUN
fsr-3405	18	18	demand	demand	NOUN
fsr-3405	18	19	and	and	CCONJ
fsr-3405	18	20	corporate	corporate	ADJ
fsr-3405	18	21	dividend	dividend	NOUN
fsr-3405	18	22	policies	policy	NOUN
fsr-3405	18	23	.	.	PUNCT
fsr-3405	19	1	specifically	specifically	ADV
fsr-3405	19	2	,	,	PUNCT
fsr-3405	19	3	we	we	PRON
fsr-3405	19	4	use	use	VERB
fsr-3405	19	5	the	the	DET
fsr-3405	19	6	fraction	fraction	NOUN
fsr-3405	19	7	of	of	ADP
fsr-3405	19	8	local	local	ADJ
fsr-3405	19	9	creative	creative	ADJ
fsr-3405	19	10	class	class	NOUN
fsr-3405	19	11	that	that	PRON
fsr-3405	19	12	includes	include	VERB
fsr-3405	19	13	people	people	NOUN
fsr-3405	19	14	employed	employ	VERB
fsr-3405	19	15	in	in	ADP
fsr-3405	19	16	occupations	occupation	NOUN
fsr-3405	19	17	that	that	PRON
fsr-3405	19	18	require	require	VERB
fsr-3405	19	19	creative	creative	ADJ
fsr-3405	19	20	thinking	thinking	NOUN
fsr-3405	19	21	as	as	ADP
fsr-3405	19	22	a	a	DET
fsr-3405	19	23	proxy	proxy	NOUN
fsr-3405	19	24	for	for	ADP
fsr-3405	19	25	creative	creative	ADJ
fsr-3405	19	26	culture	culture	NOUN
fsr-3405	19	27	and	and	CCONJ
fsr-3405	19	28	investigate	investigate	VERB
fsr-3405	19	29	the	the	DET
fsr-3405	19	30	effect	effect	NOUN
fsr-3405	19	31	of	of	ADP
fsr-3405	19	32	local	local	ADJ
fsr-3405	19	33	risk	risk	NOUN
fsr-3405	19	34	-	-	PUNCT
fsr-3405	19	35	taking	take	VERB
fsr-3405	19	36	propensity	propensity	NOUN
fsr-3405	19	37	induced	induce	VERB
fsr-3405	19	38	by	by	ADP
fsr-3405	19	39	local	local	ADJ
fsr-3405	19	40	creative	creative	ADJ
fsr-3405	19	41	culture	culture	NOUN
fsr-3405	19	42	on	on	ADP
fsr-3405	19	43	geographically	geographically	ADV
fsr-3405	19	44	varying	vary	VERB
fsr-3405	19	45	dividend	dividend	NOUN
fsr-3405	19	46	demand	demand	NOUN
fsr-3405	19	47	and	and	CCONJ
fsr-3405	19	48	corporate	corporate	ADJ
fsr-3405	19	49	dividend	dividend	NOUN
fsr-3405	19	50	policies	policy	NOUN
fsr-3405	19	51	.	.	PUNCT
fsr-3405	20	1	the	the	DET
fsr-3405	20	2	empirical	empirical	ADJ
fsr-3405	20	3	findings	finding	NOUN
fsr-3405	20	4	show	show	VERB
fsr-3405	20	5	that	that	SCONJ
fsr-3405	20	6	firms	firm	NOUN
fsr-3405	20	7	located	locate	VERB
fsr-3405	20	8	in	in	ADP
fsr-3405	20	9	areas	area	NOUN
fsr-3405	20	10	with	with	ADP
fsr-3405	20	11	a	a	DET
fsr-3405	20	12	stronger	strong	ADJ
fsr-3405	20	13	creative	creative	ADJ
fsr-3405	20	14	culture	culture	NOUN
fsr-3405	20	15	are	be	AUX
fsr-3405	20	16	less	less	ADV
fsr-3405	20	17	likely	likely	ADJ
fsr-3405	20	18	to	to	PART
fsr-3405	20	19	be	be	AUX
fsr-3405	20	20	dividend	dividend	NOUN
fsr-3405	20	21	payers	payer	NOUN
fsr-3405	20	22	and	and	CCONJ
fsr-3405	20	23	to	to	PART
fsr-3405	20	24	initiate	initiate	VERB
fsr-3405	20	25	dividends	dividend	NOUN
fsr-3405	20	26	.	.	PUNCT
fsr-3405	21	1	in	in	ADP
fsr-3405	21	2	addition	addition	NOUN
fsr-3405	21	3	,	,	PUNCT
fsr-3405	21	4	these	these	DET
fsr-3405	21	5	firms	firm	NOUN
fsr-3405	21	6	have	have	VERB
fsr-3405	21	7	lower	low	ADJ
fsr-3405	21	8	dividend	dividend	NOUN
fsr-3405	21	9	yields	yield	NOUN
fsr-3405	21	10	.	.	PUNCT
fsr-3405	22	1	our	our	PRON
fsr-3405	22	2	findings	finding	NOUN
fsr-3405	22	3	are	be	AUX
fsr-3405	22	4	consistent	consistent	ADJ
fsr-3405	22	5	with	with	ADP
fsr-3405	22	6	prior	prior	ADJ
fsr-3405	22	7	literature	literature	NOUN
fsr-3405	22	8	that	that	PRON
fsr-3405	22	9	highlights	highlight	VERB
fsr-3405	22	10	the	the	DET
fsr-3405	22	11	notion	notion	NOUN
fsr-3405	22	12	that	that	SCONJ
fsr-3405	22	13	creative	creative	ADJ
fsr-3405	22	14	culture	culture	NOUN
fsr-3405	22	15	is	be	AUX
fsr-3405	22	16	associated	associate	VERB
fsr-3405	22	17	with	with	ADP
fsr-3405	22	18	higher	high	ADJ
fsr-3405	22	19	degrees	degree	NOUN
fsr-3405	22	20	of	of	ADP
fsr-3405	22	21	risk	risk	NOUN
fsr-3405	22	22	-	-	PUNCT
fsr-3405	22	23	taking	take	VERB
fsr-3405	22	24	behavior	behavior	NOUN
fsr-3405	22	25	and	and	CCONJ
fsr-3405	22	26	creative	creative	ADJ
fsr-3405	22	27	people	people	NOUN
fsr-3405	22	28	are	be	AUX
fsr-3405	22	29	risk	risk	NOUN
fsr-3405	22	30	-	-	PUNCT
fsr-3405	22	31	takers	taker	NOUN
fsr-3405	22	32	(	(	PUNCT
fsr-3405	22	33	e.g.	e.g.	ADV
fsr-3405	22	34	,	,	PUNCT
fsr-3405	22	35	amabile	amabile	INTJ
fsr-3405	22	36	,	,	PUNCT
fsr-3405	22	37	1983	1983	NUM
fsr-3405	22	38	;	;	PUNCT
fsr-3405	22	39	dewett	dewett	NOUN
fsr-3405	22	40	,	,	PUNCT
fsr-3405	22	41	2004	2004	NUM
fsr-3405	22	42	,	,	PUNCT
fsr-3405	22	43	2006	2006	NUM
fsr-3405	22	44	;	;	PUNCT
fsr-3405	22	45	gardner	gardner	NOUN
fsr-3405	22	46	,	,	PUNCT
fsr-3405	22	47	1993	1993	NUM
fsr-3405	22	48	;	;	PUNCT
fsr-3405	22	49	heilman	heilman	PROPN
fsr-3405	22	50	,	,	PUNCT
fsr-3405	22	51	2016	2016	NUM
fsr-3405	22	52	;	;	PUNCT
fsr-3405	22	53	tesluk	tesluk	PROPN
fsr-3405	22	54	,	,	PUNCT
fsr-3405	22	55	farr	farr	PROPN
fsr-3405	22	56	,	,	PUNCT
fsr-3405	22	57	and	and	CCONJ
fsr-3405	22	58	klein	klein	PROPN
fsr-3405	22	59	,	,	PUNCT
fsr-3405	22	60	1997	1997	NUM
fsr-3405	22	61	)	)	PUNCT
fsr-3405	22	62	.	.	PUNCT
fsr-3405	23	1	furthermore	furthermore	ADV
fsr-3405	23	2	,	,	PUNCT
fsr-3405	23	3	our	our	PRON
fsr-3405	23	4	results	result	NOUN
fsr-3405	23	5	are	be	AUX
fsr-3405	23	6	consistent	consistent	ADJ
fsr-3405	23	7	with	with	ADP
fsr-3405	23	8	prior	prior	ADJ
fsr-3405	23	9	literature	literature	NOUN
fsr-3405	23	10	that	that	PRON
fsr-3405	23	11	underscores	underscore	VERB
fsr-3405	23	12	the	the	DET
fsr-3405	23	13	link	link	NOUN
fsr-3405	23	14	between	between	ADP
fsr-3405	23	15	risk	risk	NOUN
fsr-3405	23	16	-	-	PUNCT
fsr-3405	23	17	aversion	aversion	NOUN
fsr-3405	23	18	and	and	CCONJ
fsr-3405	23	19	dividend	dividend	NOUN
fsr-3405	23	20	demand	demand	NOUN
fsr-3405	23	21	(	(	PUNCT
fsr-3405	23	22	e.g.	e.g.	ADV
fsr-3405	23	23	,	,	PUNCT
fsr-3405	23	24	gordon	gordon	PROPN
fsr-3405	23	25	,	,	PUNCT
fsr-3405	23	26	1963	1963	NUM
fsr-3405	23	27	;	;	PUNCT
fsr-3405	23	28	lintner	lintner	NOUN
fsr-3405	23	29	,	,	PUNCT
fsr-3405	23	30	1963	1963	NUM
fsr-3405	23	31	;	;	PUNCT
fsr-3405	23	32	ucar	ucar	PROPN
fsr-3405	23	33	,	,	PUNCT
fsr-3405	23	34	2016	2016	NUM
fsr-3405	23	35	)	)	PUNCT
fsr-3405	23	36	.	.	PUNCT
fsr-3405	24	1	in	in	ADP
fsr-3405	24	2	addition	addition	NOUN
fsr-3405	24	3	,	,	PUNCT
fsr-3405	24	4	our	our	PRON
fsr-3405	24	5	results	result	NOUN
fsr-3405	24	6	are	be	AUX
fsr-3405	24	7	consistent	consistent	ADJ
fsr-3405	24	8	with	with	ADP
fsr-3405	24	9	the	the	DET
fsr-3405	24	10	studies	study	NOUN
fsr-3405	24	11	that	that	PRON
fsr-3405	24	12	examine	examine	VERB
fsr-3405	24	13	the	the	DET
fsr-3405	24	14	importance	importance	NOUN
fsr-3405	24	15	of	of	ADP
fsr-3405	24	16	the	the	DET
fsr-3405	24	17	determinants	determinant	NOUN
fsr-3405	24	18	of	of	ADP
fsr-3405	24	19	spatial	spatial	ADJ
fsr-3405	24	20	and	and	CCONJ
fsr-3405	24	21	temporal	temporal	ADJ
fsr-3405	24	22	variation	variation	NOUN
fsr-3405	24	23	in	in	ADP
fsr-3405	24	24	investors	investor	NOUN
fsr-3405	24	25	’	’	PART
fsr-3405	24	26	risk	risk	NOUN
fsr-3405	24	27	aversion	aversion	NOUN
fsr-3405	24	28	(	(	PUNCT
fsr-3405	24	29	guillemette	guillemette	NOUN
fsr-3405	24	30	and	and	CCONJ
fsr-3405	24	31	nanigian	nanigian	PROPN
fsr-3405	24	32	,	,	PUNCT
fsr-3405	24	33	2014	2014	NUM
fsr-3405	24	34	;	;	PUNCT
fsr-3405	24	35	kuzniak	kuzniak	PROPN
fsr-3405	24	36	and	and	CCONJ
fsr-3405	24	37	grable	grable	ADJ
fsr-3405	24	38	,	,	PUNCT
fsr-3405	24	39	2017.1	2017.1	NUM
fsr-3405	24	40	creativity	creativity	NOUN
fsr-3405	24	41	and	and	CCONJ
fsr-3405	24	42	creative	creative	ADJ
fsr-3405	24	43	thinking	thinking	NOUN
fsr-3405	24	44	require	require	VERB
fsr-3405	24	45	higher	high	ADJ
fsr-3405	24	46	degrees	degree	NOUN
fsr-3405	24	47	of	of	ADP
fsr-3405	24	48	risk	risk	NOUN
fsr-3405	24	49	-	-	PUNCT
fsr-3405	24	50	taking	take	VERB
fsr-3405	24	51	tendency	tendency	NOUN
fsr-3405	24	52	and	and	CCONJ
fsr-3405	24	53	previous	previous	ADJ
fsr-3405	24	54	studies	study	NOUN
fsr-3405	24	55	highlight	highlight	VERB
fsr-3405	24	56	the	the	DET
fsr-3405	24	57	link	link	NOUN
fsr-3405	24	58	between	between	ADP
fsr-3405	24	59	perceived	perceive	VERB
fsr-3405	24	60	risk	risk	NOUN
fsr-3405	24	61	and	and	CCONJ
fsr-3405	24	62	creativity	creativity	NOUN
fsr-3405	24	63	in	in	ADP
fsr-3405	24	64	organizations	organization	NOUN
fsr-3405	24	65	(	(	PUNCT
fsr-3405	24	66	e.g.	e.g.	ADV
fsr-3405	24	67	,	,	PUNCT
fsr-3405	24	68	fidler	fidler	NOUN
fsr-3405	24	69	and	and	CCONJ
fsr-3405	24	70	johnson	johnson	PROPN
fsr-3405	24	71	,	,	PUNCT
fsr-3405	24	72	1984	1984	NUM
fsr-3405	24	73	;	;	PUNCT
fsr-3405	24	74	jalan	jalan	PROPN
fsr-3405	24	75	and	and	CCONJ
fsr-3405	24	76	kleiner	kleiner	PROPN
fsr-3405	24	77	,	,	PUNCT
fsr-3405	24	78	1995	1995	NUM
fsr-3405	24	79	;	;	PUNCT
fsr-3405	24	80	shalley	shalley	PROPN
fsr-3405	24	81	,	,	PUNCT
fsr-3405	24	82	gilson	gilson	PROPN
fsr-3405	24	83	,	,	PUNCT
fsr-3405	24	84	and	and	CCONJ
fsr-3405	24	85	blum	blum	NOUN
fsr-3405	24	86	,	,	PUNCT
fsr-3405	24	87	2000	2000	NUM
fsr-3405	24	88	;	;	PUNCT
fsr-3405	24	89	zhou	zhou	PROPN
fsr-3405	24	90	and	and	CCONJ
fsr-3405	24	91	george	george	PROPN
fsr-3405	24	92	,	,	PUNCT
fsr-3405	24	93	2001	2001	NUM
fsr-3405	24	94	)	)	PUNCT
fsr-3405	24	95	.	.	PUNCT
fsr-3405	25	1	quoting	quote	VERB
fsr-3405	25	2	adams	adams	PROPN
fsr-3405	25	3	(	(	PUNCT
fsr-3405	25	4	1986	1986	NUM
fsr-3405	25	5	):	):	PUNCT
fsr-3405	25	6	“	"	PUNCT
fsr-3405	25	7	creativity	creativity	NOUN
fsr-3405	25	8	involves	involve	VERB
fsr-3405	25	9	risk	risk	NOUN
fsr-3405	25	10	because	because	SCONJ
fsr-3405	25	11	it	it	PRON
fsr-3405	25	12	involves	involve	VERB
fsr-3405	25	13	embracing	embrace	VERB
fsr-3405	25	14	the	the	DET
fsr-3405	25	15	unknown	unknown	ADJ
fsr-3405	25	16	and	and	CCONJ
fsr-3405	25	17	deviating	deviate	VERB
fsr-3405	25	18	from	from	ADP
fsr-3405	25	19	norms	norm	NOUN
fsr-3405	25	20	.	.	PUNCT
fsr-3405	25	21	”	"	PUNCT
fsr-3405	26	1	from	from	ADP
fsr-3405	26	2	marade	marade	PROPN
fsr-3405	26	3	,	,	PUNCT
fsr-3405	26	4	gibbons	gibbon	NOUN
fsr-3405	26	5	,	,	PUNCT
fsr-3405	26	6	and	and	CCONJ
fsr-3405	26	7	brinthaupt	brinthaupt	PROPN
fsr-3405	26	8	(	(	PUNCT
fsr-3405	26	9	2007	2007	NUM
fsr-3405	26	10	)	)	PUNCT
fsr-3405	26	11	we	we	PRON
fsr-3405	26	12	have	have	AUX
fsr-3405	26	13	:	:	PUNCT
fsr-3405	26	14	“	"	PUNCT
fsr-3405	26	15	taking	take	VERB
fsr-3405	26	16	risks	risk	NOUN
fsr-3405	26	17	and	and	CCONJ
fsr-3405	26	18	encountering	encounter	VERB
fsr-3405	26	19	failure	failure	NOUN
fsr-3405	26	20	in	in	ADP
fsr-3405	26	21	expressing	express	VERB
fsr-3405	26	22	their	their	PRON
fsr-3405	26	23	novel	novel	ADJ
fsr-3405	26	24	ideas	idea	NOUN
fsr-3405	26	25	freely	freely	ADV
fsr-3405	26	26	comes	come	VERB
fsr-3405	26	27	with	with	ADP
fsr-3405	26	28	the	the	DET
fsr-3405	26	29	territory	territory	NOUN
fsr-3405	26	30	for	for	ADP
fsr-3405	26	31	truly	truly	ADV
fsr-3405	26	32	creative	creative	ADJ
fsr-3405	26	33	individuals	individual	NOUN
fsr-3405	26	34	.	.	PUNCT
fsr-3405	26	35	”	"	PUNCT
fsr-3405	27	1	risk	risk	NOUN
fsr-3405	27	2	-	-	PUNCT
fsr-3405	27	3	taking	taking	NOUN
fsr-3405	27	4	can	can	AUX
fsr-3405	27	5	actually	actually	ADV
fsr-3405	27	6	be	be	AUX
fsr-3405	27	7	considered	consider	VERB
fsr-3405	27	8	as	as	ADP
fsr-3405	27	9	a	a	DET
fsr-3405	27	10	part	part	NOUN
fsr-3405	27	11	of	of	ADP
fsr-3405	27	12	creativity	creativity	NOUN
fsr-3405	27	13	as	as	SCONJ
fsr-3405	27	14	stated	state	VERB
fsr-3405	27	15	by	by	ADP
fsr-3405	27	16	gardner	gardner	NOUN
fsr-3405	27	17	(	(	PUNCT
fsr-3405	27	18	1993	1993	NUM
fsr-3405	27	19	)	)	PUNCT
fsr-3405	27	20	and	and	CCONJ
fsr-3405	27	21	amabile	amabile	INTJ
fsr-3405	27	22	(	(	PUNCT
fsr-3405	27	23	1983	1983	NUM
fsr-3405	27	24	)	)	PUNCT
fsr-3405	27	25	.	.	PUNCT
fsr-3405	28	1	in	in	ADP
fsr-3405	28	2	professional	professional	ADJ
fsr-3405	28	3	settings	setting	NOUN
fsr-3405	28	4	,	,	PUNCT
fsr-3405	28	5	a	a	DET
fsr-3405	28	6	willingness	willingness	NOUN
fsr-3405	28	7	to	to	PART
fsr-3405	28	8	take	take	VERB
fsr-3405	28	9	risks	risk	NOUN
fsr-3405	28	10	is	be	AUX
fsr-3405	28	11	a	a	DET
fsr-3405	28	12	major	major	ADJ
fsr-3405	28	13	predictor	predictor	NOUN
fsr-3405	28	14	of	of	ADP
fsr-3405	28	15	employee	employee	NOUN
fsr-3405	28	16	’s	’s	PART
fsr-3405	28	17	creative	creative	ADJ
fsr-3405	28	18	behavior	behavior	NOUN
fsr-3405	28	19	(	(	PUNCT
fsr-3405	28	20	dewett	dewett	PROPN
fsr-3405	28	21	,	,	PUNCT
fsr-3405	28	22	2004	2004	NUM
fsr-3405	28	23	,	,	PUNCT
fsr-3405	28	24	2006	2006	NUM
fsr-3405	28	25	)	)	PUNCT
fsr-3405	28	26	,	,	PUNCT
fsr-3405	28	27	and	and	CCONJ
fsr-3405	28	28	when	when	SCONJ
fsr-3405	28	29	shown	show	VERB
fsr-3405	28	30	en	en	ADP
fsr-3405	28	31	masse	masse	NOUN
fsr-3405	28	32	by	by	ADP
fsr-3405	28	33	the	the	DET
fsr-3405	28	34	employees	employee	NOUN
fsr-3405	28	35	it	it	PRON
fsr-3405	28	36	is	be	AUX
fsr-3405	28	37	also	also	ADV
fsr-3405	28	38	a	a	DET
fsr-3405	28	39	major	major	ADJ
fsr-3405	28	40	contributor	contributor	NOUN
fsr-3405	28	41	to	to	ADP
fsr-3405	28	42	creative	creative	ADJ
fsr-3405	28	43	environments	environment	NOUN
fsr-3405	28	44	(	(	PUNCT
fsr-3405	28	45	tesluk	tesluk	PROPN
fsr-3405	28	46	,	,	PUNCT
fsr-3405	28	47	farr	farr	PROPN
fsr-3405	28	48	,	,	PUNCT
fsr-3405	28	49	and	and	CCONJ
fsr-3405	28	50	klein	klein	PROPN
fsr-3405	28	51	,	,	PUNCT
fsr-3405	28	52	1997	1997	NUM
fsr-3405	28	53	)	)	PUNCT
fsr-3405	28	54	.	.	PUNCT
fsr-3405	29	1	from	from	ADP
fsr-3405	29	2	the	the	DET
fsr-3405	29	3	neuropsychological	neuropsychological	ADJ
fsr-3405	29	4	perspective	perspective	NOUN
fsr-3405	29	5	,	,	PUNCT
fsr-3405	29	6	creative	creative	ADJ
fsr-3405	29	7	people	people	NOUN
fsr-3405	29	8	are	be	AUX
fsr-3405	29	9	often	often	ADV
fsr-3405	29	10	risk	risk	NOUN
fsr-3405	29	11	-	-	PUNCT
fsr-3405	29	12	takers	taker	NOUN
fsr-3405	29	13	as	as	SCONJ
fsr-3405	29	14	it	it	PRON
fsr-3405	29	15	is	be	AUX
fsr-3405	29	16	one	one	NUM
fsr-3405	29	17	of	of	ADP
fsr-3405	29	18	the	the	DET
fsr-3405	29	19	behaviors	behavior	NOUN
fsr-3405	29	20	that	that	PRON
fsr-3405	29	21	activate	activate	VERB
fsr-3405	29	22	their	their	PRON
fsr-3405	29	23	ventral	ventral	ADJ
fsr-3405	29	24	striatal	striatal	ADJ
fsr-3405	29	25	reward	reward	NOUN
fsr-3405	29	26	system	system	NOUN
fsr-3405	29	27	(	(	PUNCT
fsr-3405	29	28	heilman	heilman	NOUN
fsr-3405	29	29	,	,	PUNCT
fsr-3405	29	30	2016	2016	NUM
fsr-3405	29	31	)	)	PUNCT
fsr-3405	29	32	.	.	PUNCT
fsr-3405	30	1	therefore	therefore	ADV
fsr-3405	30	2	,	,	PUNCT
fsr-3405	30	3	one	one	PRON
fsr-3405	30	4	expects	expect	VERB
fsr-3405	30	5	that	that	SCONJ
fsr-3405	30	6	creative	creative	ADJ
fsr-3405	30	7	culture	culture	NOUN
fsr-3405	30	8	encourages	encourage	VERB
fsr-3405	30	9	the	the	DET
fsr-3405	30	10	risk	risk	NOUN
fsr-3405	30	11	-	-	PUNCT
fsr-3405	30	12	taking	take	VERB
fsr-3405	30	13	behavior	behavior	NOUN
fsr-3405	30	14	.	.	PUNCT
fsr-3405	31	1	this	this	DET
fsr-3405	31	2	paper	paper	NOUN
fsr-3405	31	3	uses	use	VERB
fsr-3405	31	4	local	local	ADJ
fsr-3405	31	5	creative	creative	ADJ
fsr-3405	31	6	share	share	NOUN
fsr-3405	31	7	,	,	PUNCT
fsr-3405	31	8	which	which	PRON
fsr-3405	31	9	is	be	AUX
fsr-3405	31	10	the	the	DET
fsr-3405	31	11	fraction	fraction	NOUN
fsr-3405	31	12	of	of	ADP
fsr-3405	31	13	creative	creative	ADJ
fsr-3405	31	14	class	class	NOUN
fsr-3405	31	15	—	—	PUNCT
fsr-3405	31	16	people	people	NOUN
fsr-3405	31	17	employed	employ	VERB
fsr-3405	31	18	in	in	ADP
fsr-3405	31	19	occupations	occupation	NOUN
fsr-3405	31	20	that	that	PRON
fsr-3405	31	21	require	require	VERB
fsr-3405	31	22	creative	creative	ADJ
fsr-3405	31	23	thinking	thinking	NOUN
fsr-3405	31	24	—	—	PUNCT
fsr-3405	31	25	as	as	ADP
fsr-3405	31	26	a	a	DET
fsr-3405	31	27	measure	measure	NOUN
fsr-3405	31	28	of	of	ADP
fsr-3405	31	29	local	local	ADJ
fsr-3405	31	30	creative	creative	ADJ
fsr-3405	31	31	culture	culture	NOUN
fsr-3405	31	32	and	and	CCONJ
fsr-3405	31	33	investigates	investigate	VERB
fsr-3405	31	34	the	the	DET
fsr-3405	31	35	role	role	NOUN
fsr-3405	31	36	of	of	ADP
fsr-3405	31	37	creative	creative	ADJ
fsr-3405	31	38	culture	culture	NOUN
fsr-3405	31	39	on	on	ADP
fsr-3405	31	40	dividend	dividend	NOUN
fsr-3405	31	41	demand	demand	NOUN
fsr-3405	31	42	and	and	CCONJ
fsr-3405	31	43	policies	policy	NOUN
fsr-3405	31	44	.	.	PUNCT
fsr-3405	32	1	the	the	DET
fsr-3405	32	2	creative	creative	ADJ
fsr-3405	32	3	class	class	NOUN
fsr-3405	32	4	measure	measure	NOUN
fsr-3405	32	5	is	be	AUX
fsr-3405	32	6	also	also	ADV
fsr-3405	32	7	consistent	consistent	ADJ
fsr-3405	32	8	with	with	ADP
fsr-3405	32	9	the	the	DET
fsr-3405	32	10	creative	creative	ADJ
fsr-3405	32	11	class	class	NOUN
fsr-3405	32	12	theory	theory	NOUN
fsr-3405	32	13	introduced	introduce	VERB
fsr-3405	32	14	by	by	ADP
fsr-3405	32	15	richard	richard	PROPN
fsr-3405	32	16	florida	florida	PROPN
fsr-3405	32	17	(	(	PUNCT
fsr-3405	32	18	e.g.	e.g.	ADV
fsr-3405	32	19	,	,	PUNCT
fsr-3405	32	20	florida	florida	PROPN
fsr-3405	32	21	,	,	PUNCT
fsr-3405	32	22	2002	2002	NUM
fsr-3405	32	23	,	,	PUNCT
fsr-3405	32	24	2003	2003	NUM
fsr-3405	32	25	,	,	PUNCT
fsr-3405	32	26	2005	2005	NUM
fsr-3405	32	27	)	)	PUNCT
fsr-3405	32	28	.	.	PUNCT
fsr-3405	33	1	this	this	DET
fsr-3405	33	2	theory	theory	NOUN
fsr-3405	33	3	examines	examine	VERB
fsr-3405	33	4	people	people	NOUN
fsr-3405	33	5	who	who	PRON
fsr-3405	33	6	work	work	VERB
fsr-3405	33	7	in	in	ADP
fsr-3405	33	8	knowledge	knowledge	NOUN
fsr-3405	33	9	-	-	PUNCT
fsr-3405	33	10	intensive	intensive	ADJ
fsr-3405	33	11	industries	industry	NOUN
fsr-3405	33	12	and	and	CCONJ
fsr-3405	33	13	similar	similar	ADJ
fsr-3405	33	14	occupations	occupation	NOUN
fsr-3405	33	15	,	,	PUNCT
fsr-3405	33	16	such	such	ADJ
fsr-3405	33	17	as	as	ADP
fsr-3405	33	18	intellectuals	intellectual	NOUN
fsr-3405	33	19	and	and	CCONJ
fsr-3405	33	20	artists	artist	NOUN
fsr-3405	33	21	,	,	PUNCT
fsr-3405	33	22	with	with	ADP
fsr-3405	33	23	the	the	DET
fsr-3405	33	24	focus	focus	NOUN
fsr-3405	33	25	on	on	ADP
fsr-3405	33	26	their	their	PRON
fsr-3405	33	27	innovative	innovative	ADJ
fsr-3405	33	28	culture	culture	NOUN
fsr-3405	33	29	and	and	CCONJ
fsr-3405	33	30	their	their	PRON
fsr-3405	33	31	contribution	contribution	NOUN
fsr-3405	33	32	to	to	ADP
fsr-3405	33	33	economic	economic	ADJ
fsr-3405	33	34	growth	growth	NOUN
fsr-3405	33	35	.	.	PUNCT
fsr-3405	34	1	in	in	ADP
fsr-3405	34	2	addition	addition	NOUN
fsr-3405	34	3	,	,	PUNCT
fsr-3405	34	4	recent	recent	ADJ
fsr-3405	34	5	studies	study	NOUN
fsr-3405	34	6	show	show	VERB
fsr-3405	34	7	that	that	SCONJ
fsr-3405	34	8	local	local	ADJ
fsr-3405	34	9	investors	investor	NOUN
fsr-3405	34	10	’	’	PART
fsr-3405	34	11	risk	risk	NOUN
fsr-3405	34	12	-	-	PUNCT
fsr-3405	34	13	taking	taking	NOUN
fsr-3405	34	14	induced	induce	VERB
fsr-3405	34	15	by	by	ADP
fsr-3405	34	16	creative	creative	ADJ
fsr-3405	34	17	culture	culture	NOUN
fsr-3405	34	18	has	have	VERB
fsr-3405	34	19	an	an	DET
fsr-3405	34	20	impact	impact	NOUN
fsr-3405	34	21	on	on	ADP
fsr-3405	34	22	corporate	corporate	ADJ
fsr-3405	34	23	innovation	innovation	NOUN
fsr-3405	34	24	(	(	PUNCT
fsr-3405	34	25	ucar	ucar	PROPN
fsr-3405	34	26	,	,	PUNCT
fsr-3405	34	27	2018a	2018a	NUM
fsr-3405	34	28	)	)	PUNCT
fsr-3405	34	29	and	and	CCONJ
fsr-3405	34	30	corporate	corporate	ADJ
fsr-3405	34	31	risk	risk	NOUN
fsr-3405	34	32	-	-	PUNCT
fsr-3405	34	33	taking	take	VERB
fsr-3405	34	34	behavior	behavior	NOUN
fsr-3405	34	35	and	and	CCONJ
fsr-3405	34	36	other	other	ADJ
fsr-3405	34	37	policies	policy	NOUN
fsr-3405	34	38	(	(	PUNCT
fsr-3405	34	39	ucar	ucar	PROPN
fsr-3405	34	40	,	,	PUNCT
fsr-3405	34	41	2018b	2018b	NUM
fsr-3405	34	42	)	)	PUNCT
fsr-3405	34	43	.	.	PUNCT
fsr-3405	35	1	our	our	PRON
fsr-3405	35	2	paper	paper	NOUN
fsr-3405	35	3	is	be	AUX
fsr-3405	35	4	consistent	consistent	ADJ
fsr-3405	35	5	with	with	ADP
fsr-3405	35	6	these	these	DET
fsr-3405	35	7	studies	study	NOUN
fsr-3405	35	8	and	and	CCONJ
fsr-3405	35	9	demonstrates	demonstrate	VERB
fsr-3405	35	10	the	the	DET
fsr-3405	35	11	impact	impact	NOUN
fsr-3405	35	12	of	of	ADP
fsr-3405	35	13	local	local	ADJ
fsr-3405	35	14	creative	creative	ADJ
fsr-3405	35	15	culture	culture	NOUN
fsr-3405	35	16	on	on	ADP
fsr-3405	35	17	dividends	dividend	NOUN
fsr-3405	35	18	through	through	ADP
fsr-3405	35	19	its	its	PRON
fsr-3405	35	20	impact	impact	NOUN
fsr-3405	35	21	on	on	ADP
fsr-3405	35	22	local	local	ADJ
fsr-3405	35	23	investors	investor	NOUN
fsr-3405	35	24	’	’	PART
fsr-3405	35	25	risk	risk	NOUN
fsr-3405	35	26	-	-	PUNCT
fsr-3405	35	27	taking	take	VERB
fsr-3405	35	28	characteristics	characteristic	NOUN
fsr-3405	35	29	.	.	PUNCT
fsr-3405	36	1	psychological	psychological	ADJ
fsr-3405	36	2	biases	bias	NOUN
fsr-3405	36	3	that	that	PRON
fsr-3405	36	4	affect	affect	VERB
fsr-3405	36	5	investors	investor	NOUN
fsr-3405	36	6	’	'	PUNCT
fsr-3405	36	7	risk	risk	NOUN
fsr-3405	36	8	aversion	aversion	NOUN
fsr-3405	36	9	have	have	AUX
fsr-3405	36	10	been	be	AUX
fsr-3405	36	11	extensively	extensively	ADV
fsr-3405	36	12	documented	document	VERB
fsr-3405	36	13	in	in	ADP
fsr-3405	36	14	the	the	DET
fsr-3405	36	15	literature	literature	NOUN
fsr-3405	36	16	(	(	PUNCT
fsr-3405	36	17	baker	baker	PROPN
fsr-3405	36	18	and	and	CCONJ
fsr-3405	36	19	nofsinger	nofsinger	NOUN
fsr-3405	36	20	,	,	PUNCT
fsr-3405	36	21	2002	2002	NUM
fsr-3405	36	22	,	,	PUNCT
fsr-3405	36	23	hirshleifer	hirshleifer	NOUN
fsr-3405	36	24	,	,	PUNCT
fsr-3405	36	25	2015	2015	NUM
fsr-3405	36	26	)	)	PUNCT
fsr-3405	36	27	.	.	PUNCT
fsr-3405	37	1	however	however	ADV
fsr-3405	37	2	,	,	PUNCT
fsr-3405	37	3	not	not	PART
fsr-3405	37	4	only	only	ADV
fsr-3405	37	5	368	368	NUM
fsr-3405	37	6	e.	e.	PROPN
fsr-3405	37	7	ucar	ucar	PROPN
fsr-3405	37	8	,	,	PUNCT
fsr-3405	37	9	a.	a.	PROPN
fsr-3405	37	10	staer	staer	PROPN
fsr-3405	37	11	/	/	SYM
fsr-3405	37	12	financial	financial	ADJ
fsr-3405	37	13	services	service	NOUN
fsr-3405	37	14	review	review	VERB
fsr-3405	37	15	27	27	NUM
fsr-3405	37	16	(	(	PUNCT
fsr-3405	37	17	2018	2018	NUM
fsr-3405	37	18	)	)	PUNCT
fsr-3405	37	19	367	367	NUM
fsr-3405	37	20	-	-	SYM
fsr-3405	37	21	389	389	NUM
fsr-3405	37	22	retail	retail	ADJ
fsr-3405	37	23	investors	investor	NOUN
fsr-3405	37	24	but	but	CCONJ
fsr-3405	37	25	the	the	DET
fsr-3405	37	26	financial	financial	ADJ
fsr-3405	37	27	industry	industry	NOUN
fsr-3405	37	28	professionals	professional	NOUN
fsr-3405	37	29	with	with	ADP
fsr-3405	37	30	local	local	ADJ
fsr-3405	37	31	clienteles	clientele	NOUN
fsr-3405	37	32	may	may	AUX
fsr-3405	37	33	be	be	AUX
fsr-3405	37	34	subject	subject	ADJ
fsr-3405	37	35	to	to	ADP
fsr-3405	37	36	behavioral	behavioral	ADJ
fsr-3405	37	37	and	and	CCONJ
fsr-3405	37	38	psychological	psychological	ADJ
fsr-3405	37	39	biases	bias	NOUN
fsr-3405	37	40	that	that	PRON
fsr-3405	37	41	influence	influence	VERB
fsr-3405	37	42	risk	risk	NOUN
fsr-3405	37	43	aversion	aversion	NOUN
fsr-3405	37	44	as	as	ADV
fsr-3405	37	45	well	well	ADV
fsr-3405	37	46	(	(	PUNCT
fsr-3405	37	47	baker	baker	PROPN
fsr-3405	37	48	,	,	PUNCT
fsr-3405	37	49	filbeck	filbeck	NOUN
fsr-3405	37	50	,	,	PUNCT
fsr-3405	37	51	and	and	CCONJ
fsr-3405	37	52	ricciardi	ricciardi	NOUN
fsr-3405	37	53	,	,	PUNCT
fsr-3405	37	54	2017	2017	NUM
fsr-3405	37	55	;	;	PUNCT
fsr-3405	37	56	baker	baker	PROPN
fsr-3405	37	57	and	and	CCONJ
fsr-3405	37	58	ricciardi	ricciardi	PROPN
fsr-3405	37	59	,	,	PUNCT
fsr-3405	37	60	2015	2015	NUM
fsr-3405	37	61	;	;	PUNCT
fsr-3405	37	62	nofsinger	nofsinger	NOUN
fsr-3405	37	63	and	and	CCONJ
fsr-3405	37	64	varma	varma	PROPN
fsr-3405	37	65	,	,	PUNCT
fsr-3405	37	66	2007	2007	NUM
fsr-3405	37	67	)	)	PUNCT
fsr-3405	37	68	.	.	PUNCT
fsr-3405	38	1	furthermore	furthermore	ADV
fsr-3405	38	2	,	,	PUNCT
fsr-3405	38	3	hirshleifer	hirshleifer	NOUN
fsr-3405	38	4	,	,	PUNCT
fsr-3405	38	5	jian	jian	PROPN
fsr-3405	38	6	,	,	PUNCT
fsr-3405	38	7	and	and	CCONJ
fsr-3405	38	8	zhang	zhang	PROPN
fsr-3405	38	9	(	(	PUNCT
fsr-3405	38	10	2018	2018	NUM
fsr-3405	38	11	)	)	PUNCT
fsr-3405	38	12	and	and	CCONJ
fsr-3405	38	13	statman	statman	NOUN
fsr-3405	38	14	(	(	PUNCT
fsr-3405	38	15	2018	2018	NUM
fsr-3405	38	16	)	)	PUNCT
fsr-3405	38	17	suggest	suggest	VERB
fsr-3405	38	18	that	that	SCONJ
fsr-3405	38	19	cultural	cultural	ADJ
fsr-3405	38	20	factors	factor	NOUN
fsr-3405	38	21	too	too	ADV
fsr-3405	38	22	can	can	AUX
fsr-3405	38	23	affect	affect	VERB
fsr-3405	38	24	financial	financial	ADJ
fsr-3405	38	25	decision	decision	NOUN
fsr-3405	38	26	making	making	NOUN
fsr-3405	38	27	and	and	CCONJ
fsr-3405	38	28	in	in	ADP
fsr-3405	38	29	particular	particular	ADJ
fsr-3405	38	30	investors	investor	NOUN
fsr-3405	38	31	’	’	PART
fsr-3405	38	32	risk	risk	NOUN
fsr-3405	38	33	aversion	aversion	NOUN
fsr-3405	38	34	.	.	PUNCT
fsr-3405	39	1	our	our	PRON
fsr-3405	39	2	paper	paper	NOUN
fsr-3405	39	3	sheds	shed	VERB
fsr-3405	39	4	light	light	NOUN
fsr-3405	39	5	on	on	ADP
fsr-3405	39	6	the	the	DET
fsr-3405	39	7	cultural	cultural	ADJ
fsr-3405	39	8	factors	factor	NOUN
fsr-3405	39	9	that	that	PRON
fsr-3405	39	10	may	may	AUX
fsr-3405	39	11	influence	influence	VERB
fsr-3405	39	12	risk	risk	NOUN
fsr-3405	39	13	tolerance	tolerance	NOUN
fsr-3405	39	14	of	of	ADP
fsr-3405	39	15	financial	financial	ADJ
fsr-3405	39	16	planners	planner	NOUN
fsr-3405	39	17	and	and	CCONJ
fsr-3405	39	18	their	their	PRON
fsr-3405	39	19	clienteles	clientele	NOUN
fsr-3405	39	20	yielding	yield	VERB
fsr-3405	39	21	a	a	DET
fsr-3405	39	22	deeper	deep	ADJ
fsr-3405	39	23	understanding	understanding	NOUN
fsr-3405	39	24	of	of	ADP
fsr-3405	39	25	the	the	DET
fsr-3405	39	26	financial	financial	ADJ
fsr-3405	39	27	planning	planning	NOUN
fsr-3405	39	28	process	process	NOUN
fsr-3405	39	29	biases	bias	NOUN
fsr-3405	39	30	that	that	PRON
fsr-3405	39	31	have	have	AUX
fsr-3405	39	32	been	be	AUX
fsr-3405	39	33	documented	document	VERB
fsr-3405	39	34	(	(	PUNCT
fsr-3405	39	35	nofsinger	nofsinger	NOUN
fsr-3405	39	36	and	and	CCONJ
fsr-3405	39	37	varma	varma	PROPN
fsr-3405	39	38	,	,	PUNCT
fsr-3405	39	39	2007	2007	NUM
fsr-3405	39	40	)	)	PUNCT
fsr-3405	39	41	.	.	PUNCT
fsr-3405	40	1	risk	risk	NOUN
fsr-3405	40	2	-	-	PUNCT
fsr-3405	40	3	taking	taking	NOUN
fsr-3405	40	4	is	be	AUX
fsr-3405	40	5	one	one	NUM
fsr-3405	40	6	of	of	ADP
fsr-3405	40	7	the	the	DET
fsr-3405	40	8	important	important	ADJ
fsr-3405	40	9	factors	factor	NOUN
fsr-3405	40	10	in	in	ADP
fsr-3405	40	11	shaping	shape	VERB
fsr-3405	40	12	dividend	dividend	NOUN
fsr-3405	40	13	demand	demand	NOUN
fsr-3405	40	14	,	,	PUNCT
fsr-3405	40	15	and	and	CCONJ
fsr-3405	40	16	it	it	PRON
fsr-3405	40	17	has	have	AUX
fsr-3405	40	18	attracted	attract	VERB
fsr-3405	40	19	attention	attention	NOUN
fsr-3405	40	20	in	in	ADP
fsr-3405	40	21	the	the	DET
fsr-3405	40	22	literature	literature	NOUN
fsr-3405	40	23	.	.	PUNCT
fsr-3405	41	1	previous	previous	ADJ
fsr-3405	41	2	studies	study	NOUN
fsr-3405	41	3	suggest	suggest	VERB
fsr-3405	41	4	that	that	SCONJ
fsr-3405	41	5	investors	investor	NOUN
fsr-3405	41	6	prefer	prefer	VERB
fsr-3405	41	7	dividends	dividend	NOUN
fsr-3405	41	8	over	over	ADP
fsr-3405	41	9	capital	capital	NOUN
fsr-3405	41	10	gains	gain	NOUN
fsr-3405	41	11	because	because	SCONJ
fsr-3405	41	12	dividends	dividend	NOUN
fsr-3405	41	13	are	be	AUX
fsr-3405	41	14	perceived	perceive	VERB
fsr-3405	41	15	as	as	ADP
fsr-3405	41	16	safe	safe	ADJ
fsr-3405	41	17	current	current	ADJ
fsr-3405	41	18	income	income	NOUN
fsr-3405	41	19	compared	compare	VERB
fsr-3405	41	20	with	with	ADP
fsr-3405	41	21	future	future	ADJ
fsr-3405	41	22	risky	risky	ADJ
fsr-3405	41	23	capital	capital	NOUN
fsr-3405	41	24	gains	gain	NOUN
fsr-3405	41	25	(	(	PUNCT
fsr-3405	41	26	gordon	gordon	PROPN
fsr-3405	41	27	,	,	PUNCT
fsr-3405	41	28	1963	1963	NUM
fsr-3405	41	29	;	;	PUNCT
fsr-3405	41	30	lintner	lintner	NOUN
fsr-3405	41	31	,	,	PUNCT
fsr-3405	41	32	1963	1963	NUM
fsr-3405	41	33	)	)	PUNCT
fsr-3405	41	34	.	.	PUNCT
fsr-3405	42	1	guillemette	guillemette	NOUN
fsr-3405	42	2	and	and	CCONJ
fsr-3405	42	3	nanigian	nanigian	PROPN
fsr-3405	42	4	(	(	PUNCT
fsr-3405	42	5	2014	2014	NUM
fsr-3405	42	6	)	)	PUNCT
fsr-3405	42	7	examine	examine	VERB
fsr-3405	42	8	components	component	NOUN
fsr-3405	42	9	of	of	ADP
fsr-3405	42	10	investors	investor	NOUN
fsr-3405	42	11	’	’	PART
fsr-3405	42	12	risk	risk	NOUN
fsr-3405	42	13	aversion	aversion	NOUN
fsr-3405	42	14	and	and	CCONJ
fsr-3405	42	15	kuzniak	kuzniak	PROPN
fsr-3405	42	16	and	and	CCONJ
fsr-3405	42	17	grable	grable	PROPN
fsr-3405	42	18	(	(	PUNCT
fsr-3405	42	19	2017	2017	NUM
fsr-3405	42	20	)	)	PUNCT
fsr-3405	42	21	find	find	VERB
fsr-3405	42	22	geographical	geographical	ADJ
fsr-3405	42	23	and	and	CCONJ
fsr-3405	42	24	temporal	temporal	ADJ
fsr-3405	42	25	variation	variation	NOUN
fsr-3405	42	26	in	in	ADP
fsr-3405	42	27	risk	risk	NOUN
fsr-3405	42	28	aversion	aversion	NOUN
fsr-3405	42	29	of	of	ADP
fsr-3405	42	30	investors	investor	NOUN
fsr-3405	42	31	.	.	PUNCT
fsr-3405	43	1	furthermore	furthermore	ADV
fsr-3405	43	2	,	,	PUNCT
fsr-3405	43	3	ucar	ucar	PROPN
fsr-3405	43	4	(	(	PUNCT
fsr-3405	43	5	2016	2016	NUM
fsr-3405	43	6	)	)	PUNCT
fsr-3405	43	7	demonstrates	demonstrate	VERB
fsr-3405	43	8	a	a	DET
fsr-3405	43	9	dividend	dividend	NOUN
fsr-3405	43	10	demand	demand	NOUN
fsr-3405	43	11	effect	effect	NOUN
fsr-3405	43	12	based	base	VERB
fsr-3405	43	13	on	on	ADP
fsr-3405	43	14	local	local	ADJ
fsr-3405	43	15	religion	religion	NOUN
fsr-3405	43	16	consistent	consistent	ADJ
fsr-3405	43	17	with	with	ADP
fsr-3405	43	18	differences	difference	NOUN
fsr-3405	43	19	in	in	ADP
fsr-3405	43	20	risk	risk	NOUN
fsr-3405	43	21	aversion	aversion	NOUN
fsr-3405	43	22	among	among	ADP
fsr-3405	43	23	different	different	ADJ
fsr-3405	43	24	religious	religious	ADJ
fsr-3405	43	25	groups	group	NOUN
fsr-3405	43	26	.	.	PUNCT
fsr-3405	44	1	consistent	consistent	ADJ
fsr-3405	44	2	with	with	ADP
fsr-3405	44	3	this	this	DET
fsr-3405	44	4	literature	literature	NOUN
fsr-3405	44	5	,	,	PUNCT
fsr-3405	44	6	we	we	PRON
fsr-3405	44	7	investigate	investigate	VERB
fsr-3405	44	8	whether	whether	SCONJ
fsr-3405	44	9	local	local	ADJ
fsr-3405	44	10	risk	risk	NOUN
fsr-3405	44	11	-	-	PUNCT
fsr-3405	44	12	taking	take	VERB
fsr-3405	44	13	behavior	behavior	NOUN
fsr-3405	44	14	induced	induce	VERB
fsr-3405	44	15	by	by	ADP
fsr-3405	44	16	creative	creative	ADJ
fsr-3405	44	17	culture	culture	NOUN
fsr-3405	44	18	affects	affect	VERB
fsr-3405	44	19	geographically	geographically	ADV
fsr-3405	44	20	varying	vary	VERB
fsr-3405	44	21	dividend	dividend	NOUN
fsr-3405	44	22	demand	demand	NOUN
fsr-3405	44	23	and	and	CCONJ
fsr-3405	44	24	corporate	corporate	ADJ
fsr-3405	44	25	dividend	dividend	NOUN
fsr-3405	44	26	policies	policy	NOUN
fsr-3405	44	27	.	.	PUNCT
fsr-3405	45	1	another	another	DET
fsr-3405	45	2	strand	strand	NOUN
fsr-3405	45	3	of	of	ADP
fsr-3405	45	4	literature	literature	NOUN
fsr-3405	45	5	investigates	investigate	VERB
fsr-3405	45	6	the	the	DET
fsr-3405	45	7	notion	notion	NOUN
fsr-3405	45	8	that	that	SCONJ
fsr-3405	45	9	corporations	corporation	NOUN
fsr-3405	45	10	provide	provide	VERB
fsr-3405	45	11	payout	payout	NOUN
fsr-3405	45	12	policies	policy	NOUN
fsr-3405	45	13	in	in	ADP
fsr-3405	45	14	line	line	NOUN
fsr-3405	45	15	with	with	ADP
fsr-3405	45	16	investors	investor	NOUN
fsr-3405	45	17	’	’	PART
fsr-3405	45	18	dividend	dividend	NOUN
fsr-3405	45	19	demand	demand	NOUN
fsr-3405	45	20	and	and	CCONJ
fsr-3405	45	21	dividend	dividend	NOUN
fsr-3405	45	22	clienteles	clientele	NOUN
fsr-3405	45	23	.	.	PUNCT
fsr-3405	46	1	in	in	ADP
fsr-3405	46	2	particular	particular	ADJ
fsr-3405	46	3	,	,	PUNCT
fsr-3405	46	4	baker	baker	PROPN
fsr-3405	46	5	and	and	CCONJ
fsr-3405	46	6	wurgler	wurgler	PROPN
fsr-3405	46	7	(	(	PUNCT
fsr-3405	46	8	2004a	2004a	NUM
fsr-3405	46	9	)	)	PUNCT
fsr-3405	46	10	and	and	CCONJ
fsr-3405	46	11	baker	baker	PROPN
fsr-3405	46	12	and	and	CCONJ
fsr-3405	46	13	wurgler	wurgler	PROPN
fsr-3405	46	14	(	(	PUNCT
fsr-3405	46	15	2004b	2004b	NUM
fsr-3405	46	16	)	)	PUNCT
fsr-3405	46	17	suggest	suggest	VERB
fsr-3405	46	18	that	that	SCONJ
fsr-3405	46	19	investors	investor	NOUN
fsr-3405	46	20	consider	consider	VERB
fsr-3405	46	21	dividends	dividend	NOUN
fsr-3405	46	22	as	as	ADP
fsr-3405	46	23	more	more	ADV
fsr-3405	46	24	valuable	valuable	ADJ
fsr-3405	46	25	compared	compare	VERB
fsr-3405	46	26	with	with	ADP
fsr-3405	46	27	capital	capital	NOUN
fsr-3405	46	28	gains	gain	NOUN
fsr-3405	46	29	and	and	CCONJ
fsr-3405	46	30	firms	firm	NOUN
fsr-3405	46	31	cater	cater	VERB
fsr-3405	46	32	to	to	ADP
fsr-3405	46	33	investors	investor	NOUN
fsr-3405	46	34	’	'	PUNCT
fsr-3405	46	35	dividend	dividend	NOUN
fsr-3405	46	36	preferences	preference	NOUN
fsr-3405	46	37	through	through	ADP
fsr-3405	46	38	their	their	PRON
fsr-3405	46	39	corporate	corporate	ADJ
fsr-3405	46	40	dividend	dividend	NOUN
fsr-3405	46	41	policies	policy	NOUN
fsr-3405	46	42	.	.	PUNCT
fsr-3405	47	1	becker	becker	PROPN
fsr-3405	47	2	,	,	PUNCT
fsr-3405	47	3	ivković	ivković	ADJ
fsr-3405	47	4	,	,	PUNCT
fsr-3405	47	5	and	and	CCONJ
fsr-3405	47	6	weisbenner	weisbenner	NOUN
fsr-3405	47	7	(	(	PUNCT
fsr-3405	47	8	2011	2011	NUM
fsr-3405	47	9	)	)	PUNCT
fsr-3405	47	10	and	and	CCONJ
fsr-3405	47	11	ucar	ucar	PROPN
fsr-3405	47	12	(	(	PUNCT
fsr-3405	47	13	2016	2016	NUM
fsr-3405	47	14	)	)	PUNCT
fsr-3405	47	15	demonstrate	demonstrate	VERB
fsr-3405	47	16	that	that	SCONJ
fsr-3405	47	17	firms	firm	NOUN
fsr-3405	47	18	cater	cater	VERB
fsr-3405	47	19	to	to	PART
fsr-3405	47	20	dividend	dividend	VERB
fsr-3405	47	21	demand	demand	NOUN
fsr-3405	47	22	by	by	ADP
fsr-3405	47	23	providing	provide	VERB
fsr-3405	47	24	dividend	dividend	NOUN
fsr-3405	47	25	payouts	payout	NOUN
fsr-3405	47	26	consistent	consistent	ADJ
fsr-3405	47	27	with	with	ADP
fsr-3405	47	28	local	local	ADJ
fsr-3405	47	29	dividend	dividend	NOUN
fsr-3405	47	30	clienteles	clientele	NOUN
fsr-3405	47	31	.	.	PUNCT
fsr-3405	48	1	our	our	PRON
fsr-3405	48	2	paper	paper	NOUN
fsr-3405	48	3	contributes	contribute	VERB
fsr-3405	48	4	to	to	ADP
fsr-3405	48	5	this	this	DET
fsr-3405	48	6	literature	literature	NOUN
fsr-3405	48	7	by	by	ADP
fsr-3405	48	8	showing	show	VERB
fsr-3405	48	9	that	that	SCONJ
fsr-3405	48	10	firms	firm	NOUN
fsr-3405	48	11	provide	provide	VERB
fsr-3405	48	12	dividend	dividend	NOUN
fsr-3405	48	13	payouts	payout	NOUN
fsr-3405	48	14	and	and	CCONJ
fsr-3405	48	15	policies	policy	NOUN
fsr-3405	48	16	in	in	ADP
fsr-3405	48	17	line	line	NOUN
fsr-3405	48	18	with	with	ADP
fsr-3405	48	19	local	local	ADJ
fsr-3405	48	20	dividend	dividend	NOUN
fsr-3405	48	21	demand	demand	NOUN
fsr-3405	48	22	shaped	shape	VERB
fsr-3405	48	23	by	by	ADP
fsr-3405	48	24	the	the	DET
fsr-3405	48	25	effect	effect	NOUN
fsr-3405	48	26	of	of	ADP
fsr-3405	48	27	the	the	DET
fsr-3405	48	28	local	local	ADJ
fsr-3405	48	29	creative	creative	ADJ
fsr-3405	48	30	culture	culture	NOUN
fsr-3405	48	31	on	on	ADP
fsr-3405	48	32	the	the	DET
fsr-3405	48	33	local	local	ADJ
fsr-3405	48	34	investors	investor	NOUN
fsr-3405	48	35	’	’	PART
fsr-3405	48	36	risk	risk	NOUN
fsr-3405	48	37	-	-	PUNCT
fsr-3405	48	38	taking	taking	NOUN
fsr-3405	48	39	.	.	PUNCT
fsr-3405	49	1	this	this	DET
fsr-3405	49	2	paper	paper	NOUN
fsr-3405	49	3	is	be	AUX
fsr-3405	49	4	also	also	ADV
fsr-3405	49	5	related	relate	VERB
fsr-3405	49	6	to	to	ADP
fsr-3405	49	7	the	the	DET
fsr-3405	49	8	strand	strand	NOUN
fsr-3405	49	9	of	of	ADP
fsr-3405	49	10	literature	literature	NOUN
fsr-3405	49	11	that	that	PRON
fsr-3405	49	12	investigates	investigate	VERB
fsr-3405	49	13	the	the	DET
fsr-3405	49	14	impact	impact	NOUN
fsr-3405	49	15	of	of	ADP
fsr-3405	49	16	local	local	ADJ
fsr-3405	49	17	factors	factor	NOUN
fsr-3405	49	18	on	on	ADP
fsr-3405	49	19	financial	financial	ADJ
fsr-3405	49	20	outcomes	outcome	NOUN
fsr-3405	49	21	and	and	CCONJ
fsr-3405	49	22	the	the	DET
fsr-3405	49	23	role	role	NOUN
fsr-3405	49	24	of	of	ADP
fsr-3405	49	25	local	local	ADJ
fsr-3405	49	26	bias	bias	NOUN
fsr-3405	49	27	.	.	PUNCT
fsr-3405	50	1	ivković	ivković	ADJ
fsr-3405	50	2	and	and	CCONJ
fsr-3405	50	3	weisbenner	weisbenner	NOUN
fsr-3405	50	4	(	(	PUNCT
fsr-3405	50	5	2005	2005	NUM
fsr-3405	50	6	)	)	PUNCT
fsr-3405	50	7	demonstrate	demonstrate	VERB
fsr-3405	50	8	that	that	SCONJ
fsr-3405	50	9	individual	individual	ADJ
fsr-3405	50	10	investors	investor	NOUN
fsr-3405	50	11	have	have	VERB
fsr-3405	50	12	a	a	DET
fsr-3405	50	13	local	local	ADJ
fsr-3405	50	14	bias	bias	NOUN
fsr-3405	50	15	and	and	CCONJ
fsr-3405	50	16	a	a	DET
fsr-3405	50	17	higher	high	ADJ
fsr-3405	50	18	likelihood	likelihood	NOUN
fsr-3405	50	19	of	of	ADP
fsr-3405	50	20	investing	invest	VERB
fsr-3405	50	21	in	in	ADP
fsr-3405	50	22	local	local	ADJ
fsr-3405	50	23	firms	firm	NOUN
fsr-3405	50	24	.	.	PUNCT
fsr-3405	51	1	massa	massa	NOUN
fsr-3405	51	2	and	and	CCONJ
fsr-3405	51	3	simonov	simonov	PROPN
fsr-3405	51	4	(	(	PUNCT
fsr-3405	51	5	2006	2006	NUM
fsr-3405	51	6	)	)	PUNCT
fsr-3405	51	7	and	and	CCONJ
fsr-3405	51	8	grinblatt	grinblatt	NOUN
fsr-3405	51	9	and	and	CCONJ
fsr-3405	51	10	keloharju	keloharju	NOUN
fsr-3405	51	11	(	(	PUNCT
fsr-3405	51	12	2001	2001	NUM
fsr-3405	51	13	)	)	PUNCT
fsr-3405	51	14	document	document	NOUN
fsr-3405	51	15	local	local	ADJ
fsr-3405	51	16	bias	bias	NOUN
fsr-3405	51	17	in	in	ADP
fsr-3405	51	18	other	other	ADJ
fsr-3405	51	19	countries	country	NOUN
fsr-3405	51	20	as	as	ADV
fsr-3405	51	21	well	well	ADV
fsr-3405	51	22	.	.	PUNCT
fsr-3405	52	1	pirinsky	pirinsky	NOUN
fsr-3405	52	2	and	and	CCONJ
fsr-3405	52	3	wang	wang	PROPN
fsr-3405	52	4	(	(	PUNCT
fsr-3405	52	5	2006	2006	NUM
fsr-3405	52	6	)	)	PUNCT
fsr-3405	52	7	show	show	VERB
fsr-3405	52	8	a	a	DET
fsr-3405	52	9	higher	high	ADJ
fsr-3405	52	10	degree	degree	NOUN
fsr-3405	52	11	of	of	ADP
fsr-3405	52	12	co	co	NOUN
fsr-3405	52	13	-	-	NOUN
fsr-3405	52	14	movement	movement	NOUN
fsr-3405	52	15	of	of	ADP
fsr-3405	52	16	stock	stock	NOUN
fsr-3405	52	17	returns	return	NOUN
fsr-3405	52	18	for	for	ADP
fsr-3405	52	19	firms	firm	NOUN
fsr-3405	52	20	headquartered	headquarter	VERB
fsr-3405	52	21	in	in	ADP
fsr-3405	52	22	the	the	DET
fsr-3405	52	23	same	same	ADJ
fsr-3405	52	24	location	location	NOUN
fsr-3405	52	25	.	.	PUNCT
fsr-3405	53	1	hilary	hilary	PROPN
fsr-3405	53	2	and	and	CCONJ
fsr-3405	53	3	hui	hui	PROPN
fsr-3405	53	4	(	(	PUNCT
fsr-3405	53	5	2009	2009	NUM
fsr-3405	53	6	)	)	PUNCT
fsr-3405	53	7	find	find	VERB
fsr-3405	53	8	the	the	DET
fsr-3405	53	9	impact	impact	NOUN
fsr-3405	53	10	of	of	ADP
fsr-3405	53	11	local	local	ADJ
fsr-3405	53	12	religion	religion	NOUN
fsr-3405	53	13	on	on	ADP
fsr-3405	53	14	corporate	corporate	ADJ
fsr-3405	53	15	risk	risk	NOUN
fsr-3405	53	16	-	-	PUNCT
fsr-3405	53	17	taking	take	VERB
fsr-3405	53	18	and	and	CCONJ
fsr-3405	53	19	corporate	corporate	ADJ
fsr-3405	53	20	policies	policy	NOUN
fsr-3405	53	21	.	.	PUNCT
fsr-3405	54	1	we	we	PRON
fsr-3405	54	2	demonstrate	demonstrate	VERB
fsr-3405	54	3	the	the	DET
fsr-3405	54	4	role	role	NOUN
fsr-3405	54	5	of	of	ADP
fsr-3405	54	6	local	local	ADJ
fsr-3405	54	7	creative	creative	ADJ
fsr-3405	54	8	culture	culture	NOUN
fsr-3405	54	9	for	for	ADP
fsr-3405	54	10	corporate	corporate	ADJ
fsr-3405	54	11	payout	payout	NOUN
fsr-3405	54	12	policies	policy	NOUN
fsr-3405	54	13	.	.	PUNCT
fsr-3405	55	1	our	our	PRON
fsr-3405	55	2	paper	paper	NOUN
fsr-3405	55	3	is	be	AUX
fsr-3405	55	4	closely	closely	ADV
fsr-3405	55	5	related	relate	VERB
fsr-3405	55	6	to	to	ADP
fsr-3405	55	7	recent	recent	ADJ
fsr-3405	55	8	studies	study	NOUN
fsr-3405	55	9	that	that	PRON
fsr-3405	55	10	examine	examine	VERB
fsr-3405	55	11	local	local	ADJ
fsr-3405	55	12	dividend	dividend	NOUN
fsr-3405	55	13	clientele	clientele	PROPN
fsr-3405	55	14	effect	effect	NOUN
fsr-3405	55	15	.	.	PUNCT
fsr-3405	56	1	becker	becker	NOUN
fsr-3405	56	2	,	,	PUNCT
fsr-3405	56	3	ivković	ivković	ADJ
fsr-3405	56	4	,	,	PUNCT
fsr-3405	56	5	and	and	CCONJ
fsr-3405	56	6	weisbenner	weisbenner	NOUN
fsr-3405	56	7	(	(	PUNCT
fsr-3405	56	8	2011	2011	NUM
fsr-3405	56	9	)	)	PUNCT
fsr-3405	56	10	show	show	VERB
fsr-3405	56	11	how	how	SCONJ
fsr-3405	56	12	corporations	corporation	NOUN
fsr-3405	56	13	determine	determine	VERB
fsr-3405	56	14	their	their	PRON
fsr-3405	56	15	dividend	dividend	NOUN
fsr-3405	56	16	policies	policy	NOUN
fsr-3405	56	17	based	base	VERB
fsr-3405	56	18	on	on	ADP
fsr-3405	56	19	the	the	DET
fsr-3405	56	20	age	age	NOUN
fsr-3405	56	21	of	of	ADP
fsr-3405	56	22	the	the	DET
fsr-3405	56	23	local	local	ADJ
fsr-3405	56	24	dividend	dividend	NOUN
fsr-3405	56	25	clienteles	clientele	NOUN
fsr-3405	56	26	.	.	PUNCT
fsr-3405	57	1	ucar	ucar	PROPN
fsr-3405	57	2	(	(	PUNCT
fsr-3405	57	3	2016	2016	NUM
fsr-3405	57	4	)	)	PUNCT
fsr-3405	57	5	finds	find	VERB
fsr-3405	57	6	that	that	SCONJ
fsr-3405	57	7	geographical	geographical	ADJ
fsr-3405	57	8	variation	variation	NOUN
fsr-3405	57	9	in	in	ADP
fsr-3405	57	10	local	local	ADJ
fsr-3405	57	11	religions	religion	NOUN
fsr-3405	57	12	leads	lead	VERB
fsr-3405	57	13	to	to	ADP
fsr-3405	57	14	a	a	DET
fsr-3405	57	15	dividend	dividend	NOUN
fsr-3405	57	16	clientele	clientele	PROPN
fsr-3405	57	17	effect	effect	NOUN
fsr-3405	57	18	and	and	CCONJ
fsr-3405	57	19	firms	firm	NOUN
fsr-3405	57	20	shape	shape	VERB
fsr-3405	57	21	their	their	PRON
fsr-3405	57	22	dividend	dividend	NOUN
fsr-3405	57	23	payouts	payout	NOUN
fsr-3405	57	24	consistent	consistent	ADJ
fsr-3405	57	25	with	with	ADP
fsr-3405	57	26	this	this	DET
fsr-3405	57	27	clientele	clientele	PROPN
fsr-3405	57	28	effect	effect	NOUN
fsr-3405	57	29	.	.	PUNCT
fsr-3405	58	1	our	our	PRON
fsr-3405	58	2	paper	paper	NOUN
fsr-3405	58	3	contributes	contribute	VERB
fsr-3405	58	4	to	to	ADP
fsr-3405	58	5	this	this	DET
fsr-3405	58	6	literature	literature	NOUN
fsr-3405	58	7	by	by	ADP
fsr-3405	58	8	introducing	introduce	VERB
fsr-3405	58	9	the	the	DET
fsr-3405	58	10	role	role	NOUN
fsr-3405	58	11	of	of	ADP
fsr-3405	58	12	local	local	ADJ
fsr-3405	58	13	risk	risk	NOUN
fsr-3405	58	14	-	-	PUNCT
fsr-3405	58	15	taking	take	VERB
fsr-3405	58	16	characteristics	characteristic	NOUN
fsr-3405	58	17	induced	induce	VERB
fsr-3405	58	18	by	by	ADP
fsr-3405	58	19	a	a	DET
fsr-3405	58	20	new	new	ADJ
fsr-3405	58	21	local	local	ADJ
fsr-3405	58	22	factor	factor	NOUN
fsr-3405	58	23	—	—	PUNCT
fsr-3405	58	24	creative	creative	ADJ
fsr-3405	58	25	culture	culture	NOUN
fsr-3405	58	26	—	—	PUNCT
fsr-3405	58	27	in	in	ADP
fsr-3405	58	28	the	the	DET
fsr-3405	58	29	determination	determination	NOUN
fsr-3405	58	30	of	of	ADP
fsr-3405	58	31	the	the	DET
fsr-3405	58	32	dividend	dividend	NOUN
fsr-3405	58	33	demand	demand	NOUN
fsr-3405	58	34	and	and	CCONJ
fsr-3405	58	35	showing	show	VERB
fsr-3405	58	36	a	a	DET
fsr-3405	58	37	geographically	geographically	ADV
fsr-3405	58	38	varying	vary	VERB
fsr-3405	58	39	dividend	dividend	NOUN
fsr-3405	58	40	clientele	clientele	PROPN
fsr-3405	58	41	effect	effect	VERB
fsr-3405	58	42	consistent	consistent	ADJ
fsr-3405	58	43	with	with	ADP
fsr-3405	58	44	local	local	ADJ
fsr-3405	58	45	creative	creative	ADJ
fsr-3405	58	46	risk	risk	NOUN
fsr-3405	58	47	-	-	PUNCT
fsr-3405	58	48	taking	taking	NOUN
fsr-3405	58	49	.	.	PUNCT
fsr-3405	59	1	369e	369e	NOUN
fsr-3405	59	2	.	.	PUNCT
fsr-3405	60	1	ucar	ucar	PROPN
fsr-3405	60	2	,	,	PUNCT
fsr-3405	60	3	a.	a.	PROPN
fsr-3405	60	4	staer	staer	PROPN
fsr-3405	60	5	/	/	SYM
fsr-3405	60	6	financial	financial	ADJ
fsr-3405	60	7	services	service	NOUN
fsr-3405	60	8	review	review	VERB
fsr-3405	60	9	27	27	NUM
fsr-3405	60	10	(	(	PUNCT
fsr-3405	60	11	2018	2018	NUM
fsr-3405	60	12	)	)	PUNCT
fsr-3405	60	13	367	367	NUM
fsr-3405	60	14	-	-	SYM
fsr-3405	60	15	389	389	NUM
fsr-3405	60	16	using	use	VERB
fsr-3405	60	17	previously	previously	ADV
fsr-3405	60	18	mentioned	mention	VERB
fsr-3405	60	19	venues	venue	NOUN
fsr-3405	60	20	of	of	ADP
fsr-3405	60	21	research	research	NOUN
fsr-3405	60	22	,	,	PUNCT
fsr-3405	60	23	we	we	PRON
fsr-3405	60	24	build	build	VERB
fsr-3405	60	25	our	our	PRON
fsr-3405	60	26	intuition	intuition	NOUN
fsr-3405	60	27	in	in	ADP
fsr-3405	60	28	the	the	DET
fsr-3405	60	29	following	following	ADJ
fsr-3405	60	30	way	way	NOUN
fsr-3405	60	31	.	.	PUNCT
fsr-3405	61	1	we	we	PRON
fsr-3405	61	2	start	start	VERB
fsr-3405	61	3	with	with	ADP
fsr-3405	61	4	the	the	DET
fsr-3405	61	5	literature	literature	NOUN
fsr-3405	61	6	on	on	ADP
fsr-3405	61	7	dividend	dividend	NOUN
fsr-3405	61	8	demand	demand	NOUN
fsr-3405	61	9	and	and	CCONJ
fsr-3405	61	10	dividend	dividend	NOUN
fsr-3405	61	11	clientele	clientele	PROPN
fsr-3405	61	12	.	.	PUNCT
fsr-3405	62	1	the	the	DET
fsr-3405	62	2	origins	origin	NOUN
fsr-3405	62	3	of	of	ADP
fsr-3405	62	4	this	this	DET
fsr-3405	62	5	literature	literature	NOUN
fsr-3405	62	6	go	go	VERB
fsr-3405	62	7	back	back	ADV
fsr-3405	62	8	to	to	ADP
fsr-3405	62	9	miller	miller	PROPN
fsr-3405	62	10	and	and	CCONJ
fsr-3405	62	11	modigliani	modigliani	PROPN
fsr-3405	62	12	(	(	PUNCT
fsr-3405	62	13	1961	1961	NUM
fsr-3405	62	14	)	)	PUNCT
fsr-3405	62	15	who	who	PRON
fsr-3405	62	16	suggest	suggest	VERB
fsr-3405	62	17	that	that	SCONJ
fsr-3405	62	18	transaction	transaction	NOUN
fsr-3405	62	19	costs	cost	NOUN
fsr-3405	62	20	,	,	PUNCT
fsr-3405	62	21	taxes	taxis	NOUN
fsr-3405	62	22	,	,	PUNCT
fsr-3405	62	23	or	or	CCONJ
fsr-3405	62	24	other	other	ADJ
fsr-3405	62	25	market	market	NOUN
fsr-3405	62	26	imperfections	imperfection	NOUN
fsr-3405	62	27	create	create	VERB
fsr-3405	62	28	differences	difference	NOUN
fsr-3405	62	29	in	in	ADP
fsr-3405	62	30	investor	investor	NOUN
fsr-3405	62	31	preferences	preference	NOUN
fsr-3405	62	32	and	and	CCONJ
fsr-3405	62	33	dividend	dividend	NOUN
fsr-3405	62	34	demand	demand	NOUN
fsr-3405	62	35	,	,	PUNCT
fsr-3405	62	36	and	and	CCONJ
fsr-3405	62	37	help	help	VERB
fsr-3405	62	38	to	to	PART
fsr-3405	62	39	form	form	VERB
fsr-3405	62	40	dividend	dividend	NOUN
fsr-3405	62	41	clienteles	clientele	NOUN
fsr-3405	62	42	.	.	PUNCT
fsr-3405	63	1	this	this	DET
fsr-3405	63	2	view	view	NOUN
fsr-3405	63	3	was	be	AUX
fsr-3405	63	4	developed	develop	VERB
fsr-3405	63	5	further	far	ADV
fsr-3405	63	6	by	by	ADP
fsr-3405	63	7	baker	baker	PROPN
fsr-3405	63	8	and	and	CCONJ
fsr-3405	63	9	wurgler	wurgler	PROPN
fsr-3405	63	10	(	(	PUNCT
fsr-3405	63	11	2004a	2004a	NUM
fsr-3405	63	12	)	)	PUNCT
fsr-3405	63	13	who	who	PRON
fsr-3405	63	14	formalize	formalize	VERB
fsr-3405	63	15	the	the	DET
fsr-3405	63	16	catering	catering	NOUN
fsr-3405	63	17	theory	theory	NOUN
fsr-3405	63	18	of	of	ADP
fsr-3405	63	19	dividends	dividend	NOUN
fsr-3405	63	20	in	in	ADP
fsr-3405	63	21	three	three	NUM
fsr-3405	63	22	basic	basic	ADJ
fsr-3405	63	23	components	component	NOUN
fsr-3405	63	24	.	.	PUNCT
fsr-3405	64	1	first	first	ADV
fsr-3405	64	2	,	,	PUNCT
fsr-3405	64	3	some	some	DET
fsr-3405	64	4	investors	investor	NOUN
fsr-3405	64	5	exhibit	exhibit	VERB
fsr-3405	64	6	an	an	DET
fsr-3405	64	7	uninformed	uninformed	ADJ
fsr-3405	64	8	and	and	CCONJ
fsr-3405	64	9	time	time	NOUN
fsr-3405	64	10	-	-	PUNCT
fsr-3405	64	11	varying	vary	VERB
fsr-3405	64	12	demand	demand	NOUN
fsr-3405	64	13	for	for	ADP
fsr-3405	64	14	dividend	dividend	NOUN
fsr-3405	64	15	-	-	PUNCT
fsr-3405	64	16	paying	pay	VERB
fsr-3405	64	17	stocks	stock	NOUN
fsr-3405	64	18	perhaps	perhaps	ADV
fsr-3405	64	19	from	from	ADP
fsr-3405	64	20	sentiment	sentiment	NOUN
fsr-3405	64	21	,	,	PUNCT
fsr-3405	64	22	mental	mental	ADJ
fsr-3405	64	23	accounting	accounting	NOUN
fsr-3405	64	24	(	(	PUNCT
fsr-3405	64	25	shefrin	shefrin	NOUN
fsr-3405	64	26	and	and	CCONJ
fsr-3405	64	27	statman	statman	NOUN
fsr-3405	64	28	,	,	PUNCT
fsr-3405	64	29	1984	1984	NUM
fsr-3405	64	30	)	)	PUNCT
fsr-3405	64	31	,	,	PUNCT
fsr-3405	64	32	or	or	CCONJ
fsr-3405	64	33	investment	investment	NOUN
fsr-3405	64	34	constraints	constraint	NOUN
fsr-3405	64	35	,	,	PUNCT
fsr-3405	64	36	resulting	result	VERB
fsr-3405	64	37	in	in	ADP
fsr-3405	64	38	a	a	DET
fsr-3405	64	39	dividend	dividend	NOUN
fsr-3405	64	40	premium	premium	NOUN
fsr-3405	64	41	.	.	PUNCT
fsr-3405	65	1	second	second	ADJ
fsr-3405	65	2	,	,	PUNCT
fsr-3405	65	3	arbitrage	arbitrage	NOUN
fsr-3405	65	4	is	be	AUX
fsr-3405	65	5	limited	limit	VERB
fsr-3405	65	6	and	and	CCONJ
fsr-3405	65	7	the	the	DET
fsr-3405	65	8	uninformed	uninformed	ADJ
fsr-3405	65	9	dividend	dividend	NOUN
fsr-3405	65	10	premium	premium	NOUN
fsr-3405	65	11	is	be	AUX
fsr-3405	65	12	allowed	allow	VERB
fsr-3405	65	13	to	to	PART
fsr-3405	65	14	persist	persist	VERB
fsr-3405	65	15	.	.	PUNCT
fsr-3405	66	1	third	third	ADJ
fsr-3405	66	2	,	,	PUNCT
fsr-3405	66	3	managers	manager	NOUN
fsr-3405	66	4	rationally	rationally	ADV
fsr-3405	66	5	cater	cater	VERB
fsr-3405	66	6	to	to	ADP
fsr-3405	66	7	investor	investor	NOUN
fsr-3405	66	8	demands	demand	NOUN
fsr-3405	66	9	by	by	ADP
fsr-3405	66	10	paying	pay	VERB
fsr-3405	66	11	higher	high	ADJ
fsr-3405	66	12	dividends	dividend	NOUN
fsr-3405	66	13	when	when	SCONJ
fsr-3405	66	14	the	the	DET
fsr-3405	66	15	premium	premium	NOUN
fsr-3405	66	16	on	on	ADP
fsr-3405	66	17	the	the	DET
fsr-3405	66	18	dividend	dividend	NOUN
fsr-3405	66	19	payers	payer	NOUN
fsr-3405	66	20	is	be	AUX
fsr-3405	66	21	high	high	ADJ
fsr-3405	66	22	and	and	CCONJ
fsr-3405	66	23	vice	vice	ADV
fsr-3405	66	24	versa	versa	ADV
fsr-3405	66	25	.	.	PUNCT
fsr-3405	67	1	baker	baker	NOUN
fsr-3405	67	2	and	and	CCONJ
fsr-3405	67	3	wurgler	wurgler	PROPN
fsr-3405	67	4	(	(	PUNCT
fsr-3405	67	5	2004a	2004a	NUM
fsr-3405	67	6	)	)	PUNCT
fsr-3405	67	7	and	and	CCONJ
fsr-3405	67	8	baker	baker	PROPN
fsr-3405	67	9	and	and	CCONJ
fsr-3405	67	10	wurgler	wurgler	PROPN
fsr-3405	67	11	(	(	PUNCT
fsr-3405	67	12	2004b	2004b	NUM
fsr-3405	67	13	)	)	PUNCT
fsr-3405	67	14	are	be	AUX
fsr-3405	67	15	generally	generally	ADV
fsr-3405	67	16	agnostic	agnostic	ADJ
fsr-3405	67	17	as	as	ADP
fsr-3405	67	18	to	to	ADP
fsr-3405	67	19	the	the	DET
fsr-3405	67	20	causality	causality	NOUN
fsr-3405	67	21	flow2	flow2	NOUN
fsr-3405	67	22	in	in	ADP
fsr-3405	67	23	their	their	PRON
fsr-3405	67	24	theory	theory	NOUN
fsr-3405	67	25	,	,	PUNCT
fsr-3405	67	26	although	although	SCONJ
fsr-3405	67	27	they	they	PRON
fsr-3405	67	28	highlight	highlight	VERB
fsr-3405	67	29	the	the	DET
fsr-3405	67	30	investor	investor	NOUN
fsr-3405	67	31	sentiment	sentiment	NOUN
fsr-3405	67	32	as	as	ADP
fsr-3405	67	33	the	the	DET
fsr-3405	67	34	most	most	ADV
fsr-3405	67	35	probable	probable	ADJ
fsr-3405	67	36	explanation	explanation	NOUN
fsr-3405	67	37	for	for	ADP
fsr-3405	67	38	the	the	DET
fsr-3405	67	39	time	time	NOUN
fsr-3405	67	40	-	-	PUNCT
fsr-3405	67	41	varying	vary	VERB
fsr-3405	67	42	dividend	dividend	NOUN
fsr-3405	67	43	premium	premium	NOUN
fsr-3405	67	44	to	to	PART
fsr-3405	67	45	which	which	PRON
fsr-3405	67	46	firms	firm	NOUN
fsr-3405	67	47	respond	respond	VERB
fsr-3405	67	48	by	by	ADP
fsr-3405	67	49	catering	cater	VERB
fsr-3405	67	50	and	and	CCONJ
fsr-3405	67	51	adjusting	adjust	VERB
fsr-3405	67	52	their	their	PRON
fsr-3405	67	53	dividend	dividend	NOUN
fsr-3405	67	54	payout	payout	NOUN
fsr-3405	67	55	policies	policy	NOUN
fsr-3405	67	56	.	.	PUNCT
fsr-3405	68	1	next	next	ADV
fsr-3405	68	2	,	,	PUNCT
fsr-3405	68	3	we	we	PRON
fsr-3405	68	4	introduce	introduce	VERB
fsr-3405	68	5	the	the	DET
fsr-3405	68	6	literature	literature	NOUN
fsr-3405	68	7	on	on	ADP
fsr-3405	68	8	the	the	DET
fsr-3405	68	9	local	local	ADJ
fsr-3405	68	10	bias	bias	NOUN
fsr-3405	68	11	pervasive	pervasive	ADJ
fsr-3405	68	12	among	among	ADP
fsr-3405	68	13	investors	investor	NOUN
fsr-3405	68	14	(	(	PUNCT
fsr-3405	68	15	coval	coval	NOUN
fsr-3405	68	16	and	and	CCONJ
fsr-3405	68	17	moskowitz	moskowitz	PROPN
fsr-3405	68	18	,	,	PUNCT
fsr-3405	68	19	1999	1999	NUM
fsr-3405	68	20	;	;	PUNCT
fsr-3405	68	21	ivković	ivković	ADJ
fsr-3405	68	22	and	and	CCONJ
fsr-3405	68	23	weisbenner	weisbenner	NOUN
fsr-3405	68	24	,	,	PUNCT
fsr-3405	68	25	2005	2005	NUM
fsr-3405	68	26	)	)	PUNCT
fsr-3405	68	27	who	who	PRON
fsr-3405	68	28	document	document	VERB
fsr-3405	68	29	that	that	SCONJ
fsr-3405	68	30	local	local	ADJ
fsr-3405	68	31	investors	investor	NOUN
fsr-3405	68	32	overweight	overweight	VERB
fsr-3405	68	33	local	local	ADJ
fsr-3405	68	34	companies	company	NOUN
fsr-3405	68	35	in	in	ADP
fsr-3405	68	36	their	their	PRON
fsr-3405	68	37	portfolios	portfolio	NOUN
fsr-3405	68	38	.	.	PUNCT
fsr-3405	69	1	subsequently	subsequently	ADV
fsr-3405	69	2	,	,	PUNCT
fsr-3405	69	3	we	we	PRON
fsr-3405	69	4	apply	apply	VERB
fsr-3405	69	5	local	local	ADJ
fsr-3405	69	6	bias	bias	NOUN
fsr-3405	69	7	to	to	ADP
fsr-3405	69	8	the	the	DET
fsr-3405	69	9	dividend	dividend	NOUN
fsr-3405	69	10	catering	catering	NOUN
fsr-3405	69	11	theory	theory	NOUN
fsr-3405	69	12	to	to	PART
fsr-3405	69	13	isolate	isolate	VERB
fsr-3405	69	14	the	the	DET
fsr-3405	69	15	magnitude	magnitude	NOUN
fsr-3405	69	16	of	of	ADP
fsr-3405	69	17	the	the	DET
fsr-3405	69	18	dividend	dividend	NOUN
fsr-3405	69	19	demand	demand	NOUN
fsr-3405	69	20	using	use	VERB
fsr-3405	69	21	the	the	DET
fsr-3405	69	22	prevalence	prevalence	NOUN
fsr-3405	69	23	of	of	ADP
fsr-3405	69	24	local	local	ADJ
fsr-3405	69	25	investors	investor	NOUN
fsr-3405	69	26	among	among	ADP
fsr-3405	69	27	firm	firm	ADJ
fsr-3405	69	28	shareholders	shareholder	NOUN
fsr-3405	69	29	.	.	PUNCT
fsr-3405	70	1	finally	finally	ADV
fsr-3405	70	2	,	,	PUNCT
fsr-3405	70	3	we	we	PRON
fsr-3405	70	4	investigate	investigate	VERB
fsr-3405	70	5	the	the	DET
fsr-3405	70	6	creative	creative	ADJ
fsr-3405	70	7	culture	culture	NOUN
fsr-3405	70	8	as	as	ADP
fsr-3405	70	9	a	a	DET
fsr-3405	70	10	determinant	determinant	NOUN
fsr-3405	70	11	of	of	ADP
fsr-3405	70	12	the	the	DET
fsr-3405	70	13	local	local	ADJ
fsr-3405	70	14	investors	investor	NOUN
fsr-3405	70	15	’	’	PART
fsr-3405	70	16	dividend	dividend	NOUN
fsr-3405	70	17	demand	demand	NOUN
fsr-3405	70	18	that	that	PRON
fsr-3405	70	19	shapes	shape	VERB
fsr-3405	70	20	a	a	DET
fsr-3405	70	21	firm	firm	NOUN
fsr-3405	70	22	’s	’s	PART
fsr-3405	70	23	dividend	dividend	NOUN
fsr-3405	70	24	policy	policy	NOUN
fsr-3405	70	25	through	through	ADP
fsr-3405	70	26	rational	rational	ADJ
fsr-3405	70	27	catering	catering	NOUN
fsr-3405	70	28	to	to	ADP
fsr-3405	70	29	local	local	ADJ
fsr-3405	70	30	investors	investor	NOUN
fsr-3405	70	31	.	.	PUNCT
fsr-3405	71	1	becker	becker	PROPN
fsr-3405	71	2	,	,	PUNCT
fsr-3405	71	3	ivković	ivković	ADJ
fsr-3405	71	4	,	,	PUNCT
fsr-3405	71	5	and	and	CCONJ
fsr-3405	71	6	weisbenner	weisbenner	NOUN
fsr-3405	71	7	(	(	PUNCT
fsr-3405	71	8	2011	2011	NUM
fsr-3405	71	9	)	)	PUNCT
fsr-3405	71	10	propose	propose	VERB
fsr-3405	71	11	a	a	DET
fsr-3405	71	12	very	very	ADV
fsr-3405	71	13	similar	similar	ADJ
fsr-3405	71	14	approach	approach	NOUN
fsr-3405	71	15	to	to	PART
fsr-3405	71	16	test	test	VERB
fsr-3405	71	17	whether	whether	SCONJ
fsr-3405	71	18	it	it	PRON
fsr-3405	71	19	is	be	AUX
fsr-3405	71	20	actually	actually	ADV
fsr-3405	71	21	shareholder	shareholder	NOUN
fsr-3405	71	22	demand	demand	NOUN
fsr-3405	71	23	for	for	ADP
fsr-3405	71	24	dividends	dividend	NOUN
fsr-3405	71	25	that	that	PRON
fsr-3405	71	26	influences	influence	VERB
fsr-3405	71	27	firm	firm	ADJ
fsr-3405	71	28	payout	payout	NOUN
fsr-3405	71	29	policy	policy	NOUN
fsr-3405	71	30	and	and	CCONJ
fsr-3405	71	31	not	not	PART
fsr-3405	71	32	the	the	DET
fsr-3405	71	33	other	other	ADJ
fsr-3405	71	34	way	way	NOUN
fsr-3405	71	35	around	around	ADV
fsr-3405	71	36	by	by	ADP
fsr-3405	71	37	using	use	VERB
fsr-3405	71	38	the	the	DET
fsr-3405	71	39	evidence	evidence	NOUN
fsr-3405	71	40	on	on	ADP
fsr-3405	71	41	the	the	DET
fsr-3405	71	42	heterogeneity	heterogeneity	NOUN
fsr-3405	71	43	of	of	ADP
fsr-3405	71	44	the	the	DET
fsr-3405	71	45	dividend	dividend	NOUN
fsr-3405	71	46	clienteles	clientele	NOUN
fsr-3405	71	47	from	from	ADP
fsr-3405	71	48	graham	graham	PROPN
fsr-3405	71	49	and	and	CCONJ
fsr-3405	71	50	kumar	kumar	PROPN
fsr-3405	71	51	(	(	PUNCT
fsr-3405	71	52	2006	2006	NUM
fsr-3405	71	53	)	)	PUNCT
fsr-3405	71	54	and	and	CCONJ
fsr-3405	71	55	the	the	DET
fsr-3405	71	56	existence	existence	NOUN
fsr-3405	71	57	of	of	ADP
fsr-3405	71	58	local	local	ADJ
fsr-3405	71	59	retail	retail	ADJ
fsr-3405	71	60	bias	bias	NOUN
fsr-3405	71	61	from	from	ADP
fsr-3405	71	62	ivković	ivković	ADJ
fsr-3405	71	63	and	and	CCONJ
fsr-3405	71	64	weisbenner	weisbenner	NOUN
fsr-3405	71	65	(	(	PUNCT
fsr-3405	71	66	2005	2005	NUM
fsr-3405	71	67	)	)	PUNCT
fsr-3405	71	68	.	.	PUNCT
fsr-3405	72	1	the	the	DET
fsr-3405	72	2	authors	author	NOUN
fsr-3405	72	3	use	use	VERB
fsr-3405	72	4	the	the	DET
fsr-3405	72	5	geographical	geographical	ADJ
fsr-3405	72	6	variation	variation	NOUN
fsr-3405	72	7	in	in	ADP
fsr-3405	72	8	the	the	DET
fsr-3405	72	9	proportion	proportion	NOUN
fsr-3405	72	10	of	of	ADP
fsr-3405	72	11	senior	senior	ADJ
fsr-3405	72	12	citizens	citizen	NOUN
fsr-3405	72	13	in	in	ADP
fsr-3405	72	14	the	the	DET
fsr-3405	72	15	areas	area	NOUN
fsr-3405	72	16	close	close	ADJ
fsr-3405	72	17	to	to	ADP
fsr-3405	72	18	the	the	DET
fsr-3405	72	19	firms	firm	NOUN
fsr-3405	72	20	’	’	PART
fsr-3405	72	21	headquarters	headquarters	NOUN
fsr-3405	72	22	as	as	ADP
fsr-3405	72	23	an	an	DET
fsr-3405	72	24	instrument	instrument	NOUN
fsr-3405	72	25	in	in	ADP
fsr-3405	72	26	their	their	PRON
fsr-3405	72	27	identification	identification	NOUN
fsr-3405	72	28	strategy	strategy	NOUN
fsr-3405	72	29	and	and	CCONJ
fsr-3405	72	30	find	find	VERB
fsr-3405	72	31	that	that	SCONJ
fsr-3405	72	32	the	the	DET
fsr-3405	72	33	firms	firm	NOUN
fsr-3405	72	34	do	do	AUX
fsr-3405	72	35	respond	respond	VERB
fsr-3405	72	36	to	to	ADP
fsr-3405	72	37	the	the	DET
fsr-3405	72	38	changes	change	NOUN
fsr-3405	72	39	in	in	ADP
fsr-3405	72	40	the	the	DET
fsr-3405	72	41	dividend	dividend	NOUN
fsr-3405	72	42	demand	demand	NOUN
fsr-3405	72	43	of	of	ADP
fsr-3405	72	44	the	the	DET
fsr-3405	72	45	local	local	ADJ
fsr-3405	72	46	retail	retail	ADJ
fsr-3405	72	47	senior	senior	ADJ
fsr-3405	72	48	investors	investor	NOUN
fsr-3405	72	49	by	by	ADP
fsr-3405	72	50	adjusting	adjust	VERB
fsr-3405	72	51	their	their	PRON
fsr-3405	72	52	dividend	dividend	NOUN
fsr-3405	72	53	payouts	payout	NOUN
fsr-3405	72	54	.	.	PUNCT
fsr-3405	73	1	the	the	DET
fsr-3405	73	2	increase	increase	NOUN
fsr-3405	73	3	in	in	ADP
fsr-3405	73	4	dividend	dividend	NOUN
fsr-3405	73	5	demand	demand	NOUN
fsr-3405	73	6	is	be	AUX
fsr-3405	73	7	exemplified	exemplify	VERB
fsr-3405	73	8	for	for	ADP
fsr-3405	73	9	instance	instance	NOUN
fsr-3405	73	10	by	by	ADP
fsr-3405	73	11	the	the	DET
fsr-3405	73	12	higher	high	ADJ
fsr-3405	73	13	jump	jump	NOUN
fsr-3405	73	14	in	in	ADP
fsr-3405	73	15	the	the	DET
fsr-3405	73	16	price	price	NOUN
fsr-3405	73	17	at	at	ADP
fsr-3405	73	18	the	the	DET
fsr-3405	73	19	initiation	initiation	NOUN
fsr-3405	73	20	of	of	ADP
fsr-3405	73	21	the	the	DET
fsr-3405	73	22	dividend	dividend	NOUN
fsr-3405	73	23	(	(	PUNCT
fsr-3405	73	24	baker	baker	NOUN
fsr-3405	73	25	and	and	CCONJ
fsr-3405	73	26	wurgler	wurgler	NOUN
fsr-3405	73	27	,	,	PUNCT
fsr-3405	73	28	2004a	2004a	NUM
fsr-3405	73	29	)	)	PUNCT
fsr-3405	73	30	and	and	CCONJ
fsr-3405	73	31	the	the	DET
fsr-3405	73	32	lower	low	ADJ
fsr-3405	73	33	drop	drop	NOUN
fsr-3405	73	34	in	in	ADP
fsr-3405	73	35	the	the	DET
fsr-3405	73	36	stock	stock	NOUN
fsr-3405	73	37	price	price	NOUN
fsr-3405	73	38	at	at	ADP
fsr-3405	73	39	the	the	DET
fsr-3405	73	40	announcement	announcement	NOUN
fsr-3405	73	41	of	of	ADP
fsr-3405	73	42	a	a	DET
fsr-3405	73	43	decrease	decrease	NOUN
fsr-3405	73	44	in	in	ADP
fsr-3405	73	45	the	the	DET
fsr-3405	73	46	dividend	dividend	NOUN
fsr-3405	73	47	.	.	PUNCT
fsr-3405	74	1	firms	firm	NOUN
fsr-3405	74	2	rationally	rationally	ADV
fsr-3405	74	3	observe	observe	VERB
fsr-3405	74	4	that	that	SCONJ
fsr-3405	74	5	time	time	NOUN
fsr-3405	74	6	-	-	PUNCT
fsr-3405	74	7	varying	vary	VERB
fsr-3405	74	8	dividend	dividend	NOUN
fsr-3405	74	9	premium	premium	NOUN
fsr-3405	74	10	and	and	CCONJ
fsr-3405	74	11	react	react	VERB
fsr-3405	74	12	accordingly	accordingly	ADV
fsr-3405	74	13	to	to	PART
fsr-3405	74	14	capture	capture	VERB
fsr-3405	74	15	the	the	DET
fsr-3405	74	16	investor	investor	NOUN
fsr-3405	74	17	demand	demand	NOUN
fsr-3405	74	18	for	for	ADP
fsr-3405	74	19	dividends	dividend	NOUN
fsr-3405	74	20	which	which	PRON
fsr-3405	74	21	is	be	AUX
fsr-3405	74	22	further	far	ADV
fsr-3405	74	23	corroborated	corroborate	VERB
fsr-3405	74	24	by	by	ADP
fsr-3405	74	25	the	the	DET
fsr-3405	74	26	direct	direct	ADJ
fsr-3405	74	27	tests	test	NOUN
fsr-3405	74	28	of	of	ADP
fsr-3405	74	29	dividend	dividend	NOUN
fsr-3405	74	30	catering	catering	NOUN
fsr-3405	74	31	by	by	ADP
fsr-3405	74	32	kumar	kumar	PROPN
fsr-3405	74	33	,	,	PUNCT
fsr-3405	74	34	lei	lei	PROPN
fsr-3405	74	35	,	,	PUNCT
fsr-3405	74	36	and	and	CCONJ
fsr-3405	74	37	zhang	zhang	PROPN
fsr-3405	74	38	(	(	PUNCT
fsr-3405	74	39	2016	2016	NUM
fsr-3405	74	40	)	)	PUNCT
fsr-3405	74	41	.	.	PUNCT
fsr-3405	75	1	on	on	ADP
fsr-3405	75	2	the	the	DET
fsr-3405	75	3	other	other	ADJ
fsr-3405	75	4	hand	hand	NOUN
fsr-3405	75	5	,	,	PUNCT
fsr-3405	75	6	anon	anon	ADJ
fsr-3405	75	7	-	-	ADJ
fsr-3405	75	8	trivial	trivial	ADJ
fsr-3405	75	9	part	part	NOUN
fsr-3405	75	10	of	of	ADP
fsr-3405	75	11	firm	firm	ADJ
fsr-3405	75	12	shares	share	NOUN
fsr-3405	75	13	are	be	AUX
fsr-3405	75	14	held	hold	VERB
fsr-3405	75	15	by	by	ADP
fsr-3405	75	16	local	local	ADJ
fsr-3405	75	17	investors	investor	NOUN
fsr-3405	75	18	(	(	PUNCT
fsr-3405	75	19	about	about	ADV
fsr-3405	75	20	4	4	NUM
fsr-3405	75	21	%	%	NOUN
fsr-3405	75	22	of	of	ADP
fsr-3405	75	23	total	total	ADJ
fsr-3405	75	24	stock	stock	NOUN
fsr-3405	75	25	ownership	ownership	NOUN
fsr-3405	75	26	was	be	AUX
fsr-3405	75	27	held	hold	VERB
fsr-3405	75	28	by	by	ADP
fsr-3405	75	29	local	local	ADJ
fsr-3405	75	30	senior	senior	ADJ
fsr-3405	75	31	investors	investor	NOUN
fsr-3405	75	32	during	during	ADP
fsr-3405	75	33	1991	1991	NUM
fsr-3405	75	34	to	to	ADP
fsr-3405	75	35	1996	1996	NUM
fsr-3405	75	36	period	period	NOUN
fsr-3405	75	37	(	(	PUNCT
fsr-3405	75	38	becker	becker	NOUN
fsr-3405	75	39	,	,	PUNCT
fsr-3405	75	40	ivković	ivković	ADJ
fsr-3405	75	41	,	,	PUNCT
fsr-3405	75	42	and	and	CCONJ
fsr-3405	75	43	weisbenner	weisbenner	NOUN
fsr-3405	75	44	,	,	PUNCT
fsr-3405	75	45	2011a	2011a	NUM
fsr-3405	75	46	)	)	PUNCT
fsr-3405	75	47	who	who	PRON
fsr-3405	75	48	in	in	ADP
fsr-3405	75	49	turn	turn	NOUN
fsr-3405	75	50	are	be	AUX
fsr-3405	75	51	subject	subject	ADJ
fsr-3405	75	52	to	to	ADP
fsr-3405	75	53	time	time	NOUN
fsr-3405	75	54	-	-	PUNCT
fsr-3405	75	55	varying	vary	VERB
fsr-3405	75	56	risk	risk	NOUN
fsr-3405	75	57	tolerance	tolerance	NOUN
fsr-3405	75	58	determined	determine	VERB
fsr-3405	75	59	by	by	ADP
fsr-3405	75	60	a	a	DET
fsr-3405	75	61	multitude	multitude	NOUN
fsr-3405	75	62	of	of	ADP
fsr-3405	75	63	factors	factor	NOUN
fsr-3405	75	64	.	.	PUNCT
fsr-3405	76	1	the	the	DET
fsr-3405	76	2	importance	importance	NOUN
fsr-3405	76	3	of	of	ADP
fsr-3405	76	4	the	the	DET
fsr-3405	76	5	retail	retail	ADJ
fsr-3405	76	6	investors	investor	NOUN
fsr-3405	76	7	in	in	ADP
fsr-3405	76	8	the	the	DET
fsr-3405	76	9	determination	determination	NOUN
fsr-3405	76	10	of	of	ADP
fsr-3405	76	11	the	the	DET
fsr-3405	76	12	dividend	dividend	NOUN
fsr-3405	76	13	policy	policy	NOUN
fsr-3405	76	14	is	be	AUX
fsr-3405	76	15	further	far	ADV
fsr-3405	76	16	corroborated	corroborate	VERB
fsr-3405	76	17	by	by	ADP
fsr-3405	76	18	kumar	kumar	PROPN
fsr-3405	76	19	,	,	PUNCT
fsr-3405	76	20	lei	lei	PROPN
fsr-3405	76	21	,	,	PUNCT
fsr-3405	76	22	and	and	CCONJ
fsr-3405	76	23	zhang	zhang	PROPN
fsr-3405	76	24	(	(	PUNCT
fsr-3405	76	25	2016	2016	NUM
fsr-3405	76	26	)	)	PUNCT
fsr-3405	76	27	who	who	PRON
fsr-3405	76	28	perform	perform	VERB
fsr-3405	76	29	a	a	DET
fsr-3405	76	30	direct	direct	ADJ
fsr-3405	76	31	test	test	NOUN
fsr-3405	76	32	of	of	ADP
fsr-3405	76	33	dividend	dividend	NOUN
fsr-3405	76	34	catering	catering	NOUN
fsr-3405	76	35	using	use	VERB
fsr-3405	76	36	historical	historical	ADJ
fsr-3405	76	37	google	google	NOUN
fsr-3405	76	38	searches.3	searches.3	PROPN
fsr-3405	76	39	in	in	ADP
fsr-3405	76	40	other	other	ADJ
fsr-3405	76	41	words	word	NOUN
fsr-3405	76	42	,	,	PUNCT
fsr-3405	76	43	we	we	PRON
fsr-3405	76	44	do	do	AUX
fsr-3405	76	45	not	not	PART
fsr-3405	76	46	need	need	VERB
fsr-3405	76	47	the	the	DET
fsr-3405	76	48	interaction	interaction	NOUN
fsr-3405	76	49	of	of	ADP
fsr-3405	76	50	the	the	DET
fsr-3405	76	51	board	board	NOUN
fsr-3405	76	52	of	of	ADP
fsr-3405	76	53	directors	director	NOUN
fsr-3405	76	54	of	of	ADP
fsr-3405	76	55	the	the	DET
fsr-3405	76	56	firm	firm	NOUN
fsr-3405	76	57	with	with	ADP
fsr-3405	76	58	the	the	DET
fsr-3405	76	59	local	local	ADJ
fsr-3405	76	60	creative	creative	ADJ
fsr-3405	76	61	class	class	NOUN
fsr-3405	76	62	directly,4	directly,4	NOUN
fsr-3405	76	63	we	we	PRON
fsr-3405	76	64	can	can	AUX
fsr-3405	76	65	observe	observe	VERB
fsr-3405	76	66	the	the	DET
fsr-3405	76	67	effect	effect	NOUN
fsr-3405	76	68	of	of	ADP
fsr-3405	76	69	the	the	DET
fsr-3405	76	70	creative	creative	ADJ
fsr-3405	76	71	culture	culture	NOUN
fsr-3405	76	72	on	on	ADP
fsr-3405	76	73	the	the	DET
fsr-3405	76	74	corporate	corporate	ADJ
fsr-3405	76	75	370	370	NUM
fsr-3405	76	76	e.	e.	PROPN
fsr-3405	76	77	ucar	ucar	PROPN
fsr-3405	76	78	,	,	PUNCT
fsr-3405	76	79	a.	a.	PROPN
fsr-3405	76	80	staer	staer	PROPN
fsr-3405	76	81	/	/	SYM
fsr-3405	76	82	financial	financial	ADJ
fsr-3405	76	83	services	service	NOUN
fsr-3405	76	84	review	review	VERB
fsr-3405	76	85	27	27	NUM
fsr-3405	76	86	(	(	PUNCT
fsr-3405	76	87	2018	2018	NUM
fsr-3405	76	88	)	)	PUNCT
fsr-3405	76	89	367	367	NUM
fsr-3405	76	90	-	-	SYM
fsr-3405	76	91	389	389	NUM
fsr-3405	76	92	decisions	decision	NOUN
fsr-3405	76	93	via	via	ADP
fsr-3405	76	94	catering	cater	VERB
fsr-3405	76	95	to	to	ADP
fsr-3405	76	96	the	the	DET
fsr-3405	76	97	changes	change	NOUN
fsr-3405	76	98	in	in	ADP
fsr-3405	76	99	the	the	DET
fsr-3405	76	100	dividend	dividend	NOUN
fsr-3405	76	101	premium	premium	NOUN
fsr-3405	76	102	driven	drive	VERB
fsr-3405	76	103	in	in	ADP
fsr-3405	76	104	part	part	NOUN
fsr-3405	76	105	by	by	ADP
fsr-3405	76	106	the	the	DET
fsr-3405	76	107	local	local	ADJ
fsr-3405	76	108	investors	investor	NOUN
fsr-3405	76	109	who	who	PRON
fsr-3405	76	110	are	be	AUX
fsr-3405	76	111	subject	subject	ADJ
fsr-3405	76	112	to	to	ADP
fsr-3405	76	113	the	the	DET
fsr-3405	76	114	effect	effect	NOUN
fsr-3405	76	115	of	of	ADP
fsr-3405	76	116	the	the	DET
fsr-3405	76	117	creative	creative	ADJ
fsr-3405	76	118	culture	culture	NOUN
fsr-3405	76	119	.	.	PUNCT
fsr-3405	77	1	we	we	PRON
fsr-3405	77	2	believe	believe	VERB
fsr-3405	77	3	it	it	PRON
fsr-3405	77	4	is	be	AUX
fsr-3405	77	5	important	important	ADJ
fsr-3405	77	6	to	to	PART
fsr-3405	77	7	distinguish	distinguish	VERB
fsr-3405	77	8	between	between	ADP
fsr-3405	77	9	retail	retail	ADJ
fsr-3405	77	10	and	and	CCONJ
fsr-3405	77	11	institutional	institutional	ADJ
fsr-3405	77	12	dividend	dividend	NOUN
fsr-3405	77	13	demands	demand	NOUN
fsr-3405	77	14	and	and	CCONJ
fsr-3405	77	15	highlight	highlight	VERB
fsr-3405	77	16	the	the	DET
fsr-3405	77	17	fact	fact	NOUN
fsr-3405	77	18	that	that	SCONJ
fsr-3405	77	19	the	the	DET
fsr-3405	77	20	paper	paper	NOUN
fsr-3405	77	21	focuses	focus	VERB
fsr-3405	77	22	on	on	ADP
fsr-3405	77	23	the	the	DET
fsr-3405	77	24	retail	retail	ADJ
fsr-3405	77	25	part	part	NOUN
fsr-3405	77	26	of	of	ADP
fsr-3405	77	27	the	the	DET
fsr-3405	77	28	dividend	dividend	NOUN
fsr-3405	77	29	demand	demand	NOUN
fsr-3405	77	30	.	.	PUNCT
fsr-3405	78	1	furthermore	furthermore	ADV
fsr-3405	78	2	,	,	PUNCT
fsr-3405	78	3	we	we	PRON
fsr-3405	78	4	do	do	AUX
fsr-3405	78	5	not	not	PART
fsr-3405	78	6	assume	assume	VERB
fsr-3405	78	7	that	that	SCONJ
fsr-3405	78	8	the	the	DET
fsr-3405	78	9	firms	firm	NOUN
fsr-3405	78	10	disregard	disregard	VERB
fsr-3405	78	11	institutional	institutional	ADJ
fsr-3405	78	12	investors	investor	NOUN
fsr-3405	78	13	when	when	SCONJ
fsr-3405	78	14	managing	manage	VERB
fsr-3405	78	15	their	their	PRON
fsr-3405	78	16	dividend	dividend	NOUN
fsr-3405	78	17	payout	payout	NOUN
fsr-3405	78	18	policy	policy	NOUN
fsr-3405	78	19	.	.	PUNCT
fsr-3405	79	1	institutional	institutional	ADJ
fsr-3405	79	2	investors	investor	NOUN
fsr-3405	79	3	actually	actually	ADV
fsr-3405	79	4	do	do	AUX
fsr-3405	79	5	form	form	VERB
fsr-3405	79	6	dividend	dividend	NOUN
fsr-3405	79	7	clienteles	clientele	NOUN
fsr-3405	79	8	with	with	ADP
fsr-3405	79	9	concomitant	concomitant	ADJ
fsr-3405	79	10	dividend	dividend	NOUN
fsr-3405	79	11	catering	catering	NOUN
fsr-3405	79	12	of	of	ADP
fsr-3405	79	13	their	their	PRON
fsr-3405	79	14	own	own	ADJ
fsr-3405	79	15	as	as	SCONJ
fsr-3405	79	16	shown	show	VERB
fsr-3405	79	17	by	by	ADP
fsr-3405	79	18	hotchkiss	hotchkiss	PROPN
fsr-3405	79	19	and	and	CCONJ
fsr-3405	79	20	lawrence	lawrence	PROPN
fsr-3405	79	21	(	(	PUNCT
fsr-3405	79	22	2007	2007	NUM
fsr-3405	79	23	)	)	PUNCT
fsr-3405	79	24	and	and	CCONJ
fsr-3405	79	25	they	they	PRON
fsr-3405	79	26	are	be	AUX
fsr-3405	79	27	subject	subject	ADJ
fsr-3405	79	28	to	to	ADP
fsr-3405	79	29	local	local	ADJ
fsr-3405	79	30	bias	bias	NOUN
fsr-3405	79	31	as	as	ADV
fsr-3405	79	32	well	well	ADV
fsr-3405	79	33	(	(	PUNCT
fsr-3405	79	34	coval	coval	NOUN
fsr-3405	79	35	and	and	CCONJ
fsr-3405	79	36	moskowitz	moskowitz	PROPN
fsr-3405	79	37	,	,	PUNCT
fsr-3405	79	38	1999	1999	NUM
fsr-3405	79	39	)	)	PUNCT
fsr-3405	79	40	.	.	PUNCT
fsr-3405	80	1	however	however	ADV
fsr-3405	80	2	,	,	PUNCT
fsr-3405	80	3	consistent	consistent	ADJ
fsr-3405	80	4	with	with	ADP
fsr-3405	80	5	the	the	DET
fsr-3405	80	6	mission	mission	NOUN
fsr-3405	80	7	of	of	ADP
fsr-3405	80	8	fsr	fsr	PROPN
fsr-3405	80	9	,	,	PUNCT
fsr-3405	80	10	we	we	PRON
fsr-3405	80	11	focus	focus	VERB
fsr-3405	80	12	on	on	ADP
fsr-3405	80	13	the	the	DET
fsr-3405	80	14	role	role	NOUN
fsr-3405	80	15	of	of	ADP
fsr-3405	80	16	retail	retail	ADJ
fsr-3405	80	17	investors	investor	NOUN
fsr-3405	80	18	.	.	PUNCT
fsr-3405	81	1	the	the	DET
fsr-3405	81	2	literature	literature	NOUN
fsr-3405	81	3	(	(	PUNCT
fsr-3405	81	4	for	for	ADP
fsr-3405	81	5	instance	instance	NOUN
fsr-3405	81	6	,	,	PUNCT
fsr-3405	81	7	baker	baker	PROPN
fsr-3405	81	8	and	and	CCONJ
fsr-3405	81	9	wurgler	wurgler	NOUN
fsr-3405	81	10	,	,	PUNCT
fsr-3405	81	11	2004a	2004a	NUM
fsr-3405	81	12	,	,	PUNCT
fsr-3405	81	13	2004b	2004b	NUM
fsr-3405	81	14	;	;	PUNCT
fsr-3405	81	15	brown	brown	ADJ
fsr-3405	81	16	,	,	PUNCT
fsr-3405	81	17	stice	stice	NOUN
fsr-3405	81	18	,	,	PUNCT
fsr-3405	81	19	and	and	CCONJ
fsr-3405	81	20	white	white	ADJ
fsr-3405	81	21	,	,	PUNCT
fsr-3405	81	22	2015	2015	NUM
fsr-3405	81	23	;	;	PUNCT
fsr-3405	81	24	graham	graham	PROPN
fsr-3405	81	25	and	and	CCONJ
fsr-3405	81	26	kumar	kumar	PROPN
fsr-3405	81	27	,	,	PUNCT
fsr-3405	81	28	2006	2006	NUM
fsr-3405	81	29	;	;	PUNCT
fsr-3405	81	30	loughran	loughran	NOUN
fsr-3405	81	31	and	and	CCONJ
fsr-3405	81	32	schultz	schultz	PROPN
fsr-3405	81	33	,	,	PUNCT
fsr-3405	81	34	2004	2004	NUM
fsr-3405	81	35	;	;	PUNCT
fsr-3405	81	36	peress	peress	NOUN
fsr-3405	81	37	,	,	PUNCT
fsr-3405	81	38	2014	2014	NUM
fsr-3405	81	39	;	;	PUNCT
fsr-3405	81	40	shive	shive	ADJ
fsr-3405	81	41	,	,	PUNCT
fsr-3405	81	42	2012	2012	NUM
fsr-3405	81	43	)	)	PUNCT
fsr-3405	81	44	finds	find	VERB
fsr-3405	81	45	that	that	SCONJ
fsr-3405	81	46	retail	retail	ADJ
fsr-3405	81	47	investors	investor	NOUN
fsr-3405	81	48	,	,	PUNCT
fsr-3405	81	49	and	and	CCONJ
fsr-3405	81	50	in	in	ADP
fsr-3405	81	51	particular	particular	ADJ
fsr-3405	81	52	,	,	PUNCT
fsr-3405	81	53	local	local	ADJ
fsr-3405	81	54	retail	retail	ADJ
fsr-3405	81	55	investors	investor	NOUN
fsr-3405	81	56	,	,	PUNCT
fsr-3405	81	57	in	in	ADP
fsr-3405	81	58	general	general	ADJ
fsr-3405	81	59	exert	exert	VERB
fsr-3405	81	60	substantial	substantial	ADJ
fsr-3405	81	61	influence	influence	NOUN
fsr-3405	81	62	on	on	ADP
fsr-3405	81	63	asset	asset	NOUN
fsr-3405	81	64	prices	price	NOUN
fsr-3405	81	65	and	and	CCONJ
fsr-3405	81	66	firm	firm	ADJ
fsr-3405	81	67	policies	policy	NOUN
fsr-3405	81	68	while	while	SCONJ
fsr-3405	81	69	controlling	control	VERB
fsr-3405	81	70	for	for	ADP
fsr-3405	81	71	the	the	DET
fsr-3405	81	72	influence	influence	NOUN
fsr-3405	81	73	of	of	ADP
fsr-3405	81	74	the	the	DET
fsr-3405	81	75	institutional	institutional	ADJ
fsr-3405	81	76	investors.5	investors.5	PROPN
fsr-3405	81	77	furthermore	furthermore	ADV
fsr-3405	81	78	,	,	PUNCT
fsr-3405	81	79	ucar	ucar	PROPN
fsr-3405	81	80	(	(	PUNCT
fsr-3405	81	81	2016	2016	NUM
fsr-3405	81	82	)	)	PUNCT
fsr-3405	81	83	shows	show	VERB
fsr-3405	81	84	that	that	SCONJ
fsr-3405	81	85	investor	investor	NOUN
fsr-3405	81	86	characteristics	characteristic	NOUN
fsr-3405	81	87	such	such	ADJ
fsr-3405	81	88	as	as	ADP
fsr-3405	81	89	religion	religion	NOUN
fsr-3405	81	90	can	can	AUX
fsr-3405	81	91	influence	influence	VERB
fsr-3405	81	92	dividend	dividend	NOUN
fsr-3405	81	93	clienteles	clientele	NOUN
fsr-3405	81	94	while	while	SCONJ
fsr-3405	81	95	pantzalis	pantzalis	PROPN
fsr-3405	81	96	and	and	CCONJ
fsr-3405	81	97	ucar	ucar	PROPN
fsr-3405	81	98	(	(	PUNCT
fsr-3405	81	99	2018	2018	NUM
fsr-3405	81	100	)	)	PUNCT
fsr-3405	81	101	examine	examine	VERB
fsr-3405	81	102	the	the	DET
fsr-3405	81	103	incidence	incidence	NOUN
fsr-3405	81	104	of	of	ADP
fsr-3405	81	105	allergy	allergy	NOUN
fsr-3405	81	106	bouts	bout	NOUN
fsr-3405	81	107	affecting	affect	VERB
fsr-3405	81	108	local	local	ADJ
fsr-3405	81	109	investors	investor	NOUN
fsr-3405	81	110	and	and	CCONJ
fsr-3405	81	111	link	link	VERB
fsr-3405	81	112	it	it	PRON
fsr-3405	81	113	with	with	ADP
fsr-3405	81	114	lower	low	ADJ
fsr-3405	81	115	trading	trading	NOUN
fsr-3405	81	116	volume	volume	NOUN
fsr-3405	81	117	and	and	CCONJ
fsr-3405	81	118	stock	stock	NOUN
fsr-3405	81	119	returns	return	NOUN
fsr-3405	81	120	of	of	ADP
fsr-3405	81	121	the	the	DET
fsr-3405	81	122	firms	firm	NOUN
fsr-3405	81	123	headquartered	headquarter	VERB
fsr-3405	81	124	in	in	ADP
fsr-3405	81	125	the	the	DET
fsr-3405	81	126	area	area	NOUN
fsr-3405	81	127	.	.	PUNCT
fsr-3405	82	1	additionally	additionally	ADV
fsr-3405	82	2	chi	chi	PROPN
fsr-3405	82	3	and	and	CCONJ
fsr-3405	82	4	shanthikumar	shanthikumar	PROPN
fsr-3405	82	5	(	(	PUNCT
fsr-3405	82	6	2016	2016	NUM
fsr-3405	82	7	)	)	PUNCT
fsr-3405	82	8	discover	discover	VERB
fsr-3405	82	9	that	that	SCONJ
fsr-3405	82	10	an	an	DET
fsr-3405	82	11	increase	increase	NOUN
fsr-3405	82	12	in	in	ADP
fsr-3405	82	13	local	local	ADJ
fsr-3405	82	14	google	google	PROPN
fsr-3405	82	15	searches	search	NOUN
fsr-3405	82	16	,	,	PUNCT
fsr-3405	82	17	most	most	ADV
fsr-3405	82	18	commonly	commonly	ADV
fsr-3405	82	19	associated	associate	VERB
fsr-3405	82	20	with	with	ADP
fsr-3405	82	21	retail	retail	ADJ
fsr-3405	82	22	investors	investor	NOUN
fsr-3405	82	23	,	,	PUNCT
fsr-3405	82	24	before	before	SCONJ
fsr-3405	82	25	earnings	earning	NOUN
fsr-3405	82	26	announcements	announcement	NOUN
fsr-3405	82	27	is	be	AUX
fsr-3405	82	28	linked	link	VERB
fsr-3405	82	29	to	to	ADP
fsr-3405	82	30	higher	high	ADJ
fsr-3405	82	31	bid	bid	NOUN
fsr-3405	82	32	-	-	PUNCT
fsr-3405	82	33	ask	ask	NOUN
fsr-3405	82	34	spreads	spread	NOUN
fsr-3405	82	35	,	,	PUNCT
fsr-3405	82	36	trading	trading	NOUN
fsr-3405	82	37	volume	volume	NOUN
fsr-3405	82	38	and	and	CCONJ
fsr-3405	82	39	stronger	strong	ADJ
fsr-3405	82	40	post	post	ADJ
fsr-3405	82	41	-	-	ADJ
fsr-3405	82	42	earnings	earnings	ADJ
fsr-3405	82	43	announcement	announcement	NOUN
fsr-3405	82	44	drift	drift	NOUN
fsr-3405	82	45	.	.	PUNCT
fsr-3405	83	1	these	these	DET
fsr-3405	83	2	studies	study	NOUN
fsr-3405	83	3	show	show	VERB
fsr-3405	83	4	that	that	SCONJ
fsr-3405	83	5	even	even	ADV
fsr-3405	83	6	though	though	ADV
fsr-3405	83	7	,	,	PUNCT
fsr-3405	83	8	retail	retail	ADJ
fsr-3405	83	9	investors	investor	NOUN
fsr-3405	83	10	hold	hold	VERB
fsr-3405	83	11	a	a	DET
fsr-3405	83	12	smaller	small	ADJ
fsr-3405	83	13	share	share	NOUN
fsr-3405	83	14	of	of	ADP
fsr-3405	83	15	stocks	stock	NOUN
fsr-3405	83	16	than	than	ADP
fsr-3405	83	17	the	the	DET
fsr-3405	83	18	institutional	institutional	ADJ
fsr-3405	83	19	investors	investor	NOUN
fsr-3405	83	20	their	their	PRON
fsr-3405	83	21	effect	effect	NOUN
fsr-3405	83	22	on	on	ADP
fsr-3405	83	23	the	the	DET
fsr-3405	83	24	equity	equity	NOUN
fsr-3405	83	25	prices	price	NOUN
fsr-3405	83	26	and	and	CCONJ
fsr-3405	83	27	corporate	corporate	ADJ
fsr-3405	83	28	policies	policy	NOUN
fsr-3405	83	29	is	be	AUX
fsr-3405	83	30	still	still	ADV
fsr-3405	83	31	considerable	considerable	ADJ
fsr-3405	83	32	and	and	CCONJ
fsr-3405	83	33	merits	merit	VERB
fsr-3405	83	34	scientific	scientific	ADJ
fsr-3405	83	35	scrutiny	scrutiny	NOUN
fsr-3405	83	36	.	.	PUNCT
fsr-3405	84	1	the	the	DET
fsr-3405	84	2	remainder	remainder	NOUN
fsr-3405	84	3	of	of	ADP
fsr-3405	84	4	the	the	DET
fsr-3405	84	5	paper	paper	NOUN
fsr-3405	84	6	is	be	AUX
fsr-3405	84	7	organized	organize	VERB
fsr-3405	84	8	as	as	SCONJ
fsr-3405	84	9	follows	follow	VERB
fsr-3405	84	10	.	.	PUNCT
fsr-3405	85	1	the	the	DET
fsr-3405	85	2	next	next	ADJ
fsr-3405	85	3	section	section	NOUN
fsr-3405	85	4	presents	present	VERB
fsr-3405	85	5	a	a	DET
fsr-3405	85	6	summary	summary	NOUN
fsr-3405	85	7	of	of	ADP
fsr-3405	85	8	the	the	DET
fsr-3405	85	9	data	datum	NOUN
fsr-3405	85	10	and	and	CCONJ
fsr-3405	85	11	the	the	DET
fsr-3405	85	12	sample	sample	NOUN
fsr-3405	85	13	selection	selection	NOUN
fsr-3405	85	14	method	method	NOUN
fsr-3405	85	15	along	along	ADP
fsr-3405	85	16	with	with	ADP
fsr-3405	85	17	the	the	DET
fsr-3405	85	18	summary	summary	NOUN
fsr-3405	85	19	statistics	statistic	NOUN
fsr-3405	85	20	.	.	PUNCT
fsr-3405	86	1	section	section	NOUN
fsr-3405	86	2	3	3	NUM
fsr-3405	86	3	provides	provide	VERB
fsr-3405	86	4	the	the	DET
fsr-3405	86	5	main	main	ADJ
fsr-3405	86	6	empirical	empirical	ADJ
fsr-3405	86	7	tests	test	NOUN
fsr-3405	86	8	along	along	ADP
fsr-3405	86	9	with	with	ADP
fsr-3405	86	10	a	a	DET
fsr-3405	86	11	set	set	NOUN
fsr-3405	86	12	of	of	ADP
fsr-3405	86	13	additional	additional	ADJ
fsr-3405	86	14	detailed	detailed	ADJ
fsr-3405	86	15	tests	test	NOUN
fsr-3405	86	16	and	and	CCONJ
fsr-3405	86	17	robustness	robustness	NOUN
fsr-3405	86	18	checks	check	NOUN
fsr-3405	86	19	.	.	PUNCT
fsr-3405	87	1	section	section	NOUN
fsr-3405	87	2	4	4	NUM
fsr-3405	87	3	presents	present	VERB
fsr-3405	87	4	a	a	DET
fsr-3405	87	5	conclusion	conclusion	NOUN
fsr-3405	87	6	.	.	PUNCT
fsr-3405	88	1	2	2	X
fsr-3405	88	2	.	.	X
fsr-3405	88	3	data	datum	NOUN
fsr-3405	88	4	,	,	PUNCT
fsr-3405	88	5	sample	sample	NOUN
fsr-3405	88	6	selection	selection	NOUN
fsr-3405	88	7	,	,	PUNCT
fsr-3405	88	8	and	and	CCONJ
fsr-3405	88	9	summary	summary	NOUN
fsr-3405	88	10	statistics	statistic	NOUN
fsr-3405	88	11	we	we	PRON
fsr-3405	88	12	follow	follow	VERB
fsr-3405	88	13	a	a	DET
fsr-3405	88	14	sample	sample	NOUN
fsr-3405	88	15	selection	selection	NOUN
fsr-3405	88	16	method	method	NOUN
fsr-3405	88	17	similar	similar	ADJ
fsr-3405	88	18	to	to	ADP
fsr-3405	88	19	the	the	DET
fsr-3405	88	20	one	one	NOUN
fsr-3405	88	21	used	use	VERB
fsr-3405	88	22	in	in	ADP
fsr-3405	88	23	recent	recent	ADJ
fsr-3405	88	24	studies	study	NOUN
fsr-3405	88	25	(	(	PUNCT
fsr-3405	88	26	i.e.	i.e.	X
fsr-3405	88	27	,	,	PUNCT
fsr-3405	88	28	grullon	grullon	NOUN
fsr-3405	88	29	et	et	PROPN
fsr-3405	88	30	al	al	PROPN
fsr-3405	88	31	.	.	PROPN
fsr-3405	88	32	,	,	PUNCT
fsr-3405	88	33	2011	2011	NUM
fsr-3405	88	34	;	;	PUNCT
fsr-3405	88	35	ucar	ucar	PROPN
fsr-3405	88	36	,	,	PUNCT
fsr-3405	88	37	2016	2016	NUM
fsr-3405	88	38	)	)	PUNCT
fsr-3405	88	39	.	.	PUNCT
fsr-3405	89	1	we	we	PRON
fsr-3405	89	2	exclude	exclude	VERB
fsr-3405	89	3	the	the	DET
fsr-3405	89	4	firms	firm	NOUN
fsr-3405	89	5	in	in	ADP
fsr-3405	89	6	the	the	DET
fsr-3405	89	7	utilities	utility	NOUN
fsr-3405	89	8	and	and	CCONJ
fsr-3405	89	9	financial	financial	ADJ
fsr-3405	89	10	industries	industry	NOUN
fsr-3405	89	11	(	(	PUNCT
fsr-3405	89	12	sic	sic	ADJ
fsr-3405	89	13	codes	code	NOUN
fsr-3405	89	14	4900–4999	4900–4999	NUM
fsr-3405	89	15	and	and	CCONJ
fsr-3405	89	16	6000–6999	6000–6999	NUM
fsr-3405	89	17	)	)	PUNCT
fsr-3405	89	18	and	and	CCONJ
fsr-3405	89	19	the	the	DET
fsr-3405	89	20	firms	firm	NOUN
fsr-3405	89	21	with	with	ADP
fsr-3405	89	22	issue	issue	NOUN
fsr-3405	89	23	codes	code	NOUN
fsr-3405	89	24	other	other	ADJ
fsr-3405	89	25	than	than	ADP
fsr-3405	89	26	10	10	NUM
fsr-3405	89	27	or	or	CCONJ
fsr-3405	89	28	11	11	NUM
fsr-3405	89	29	.	.	PUNCT
fsr-3405	90	1	we	we	PRON
fsr-3405	90	2	exclude	exclude	VERB
fsr-3405	90	3	utilities	utility	NOUN
fsr-3405	90	4	because	because	SCONJ
fsr-3405	90	5	they	they	PRON
fsr-3405	90	6	tend	tend	VERB
fsr-3405	90	7	to	to	PART
fsr-3405	90	8	be	be	AUX
fsr-3405	90	9	regulated	regulate	VERB
fsr-3405	90	10	with	with	ADP
fsr-3405	90	11	little	little	ADJ
fsr-3405	90	12	discretionary	discretionary	ADJ
fsr-3405	90	13	control	control	NOUN
fsr-3405	90	14	over	over	ADP
fsr-3405	90	15	the	the	DET
fsr-3405	90	16	amount	amount	NOUN
fsr-3405	90	17	and	and	CCONJ
fsr-3405	90	18	frequency	frequency	NOUN
fsr-3405	90	19	of	of	ADP
fsr-3405	90	20	dividend	dividend	NOUN
fsr-3405	90	21	payouts.6	payouts.6	PROPN
fsr-3405	90	22	furthermore	furthermore	ADV
fsr-3405	90	23	,	,	PUNCT
fsr-3405	90	24	regulation	regulation	NOUN
fsr-3405	90	25	may	may	AUX
fsr-3405	90	26	influence	influence	VERB
fsr-3405	90	27	firm	firm	ADJ
fsr-3405	90	28	characteristics	characteristic	NOUN
fsr-3405	90	29	like	like	ADP
fsr-3405	90	30	volatility	volatility	NOUN
fsr-3405	90	31	or	or	CCONJ
fsr-3405	90	32	debt	debt	NOUN
fsr-3405	90	33	that	that	PRON
fsr-3405	90	34	show	show	VERB
fsr-3405	90	35	up	up	ADP
fsr-3405	90	36	as	as	ADP
fsr-3405	90	37	control	control	NOUN
fsr-3405	90	38	variables	variable	NOUN
fsr-3405	90	39	on	on	ADP
fsr-3405	90	40	the	the	DET
fsr-3405	90	41	right	right	ADJ
fsr-3405	90	42	-	-	PUNCT
fsr-3405	90	43	hand	hand	NOUN
fsr-3405	90	44	side	side	NOUN
fsr-3405	90	45	of	of	ADP
fsr-3405	90	46	our	our	PRON
fsr-3405	90	47	regressions	regression	NOUN
fsr-3405	90	48	potentially	potentially	ADV
fsr-3405	90	49	biasing	bias	VERB
fsr-3405	90	50	our	our	PRON
fsr-3405	90	51	inferences	inference	NOUN
fsr-3405	90	52	.	.	PUNCT
fsr-3405	91	1	because	because	SCONJ
fsr-3405	91	2	of	of	ADP
fsr-3405	91	3	these	these	DET
fsr-3405	91	4	reasons	reason	NOUN
fsr-3405	91	5	,	,	PUNCT
fsr-3405	91	6	financial	financial	ADJ
fsr-3405	91	7	literature	literature	NOUN
fsr-3405	91	8	tends	tend	VERB
fsr-3405	91	9	to	to	PART
fsr-3405	91	10	avoid	avoid	VERB
fsr-3405	91	11	including	include	VERB
fsr-3405	91	12	financial	financial	ADJ
fsr-3405	91	13	and	and	CCONJ
fsr-3405	91	14	utilities	utility	NOUN
fsr-3405	91	15	firms	firm	NOUN
fsr-3405	91	16	as	as	SCONJ
fsr-3405	91	17	mentioned	mention	VERB
fsr-3405	91	18	in	in	ADP
fsr-3405	91	19	baker	baker	PROPN
fsr-3405	91	20	and	and	CCONJ
fsr-3405	91	21	wurgler	wurgler	PROPN
fsr-3405	91	22	(	(	PUNCT
fsr-3405	91	23	2004	2004	NUM
fsr-3405	91	24	)	)	PUNCT
fsr-3405	91	25	and	and	CCONJ
fsr-3405	91	26	fama	fama	PROPN
fsr-3405	91	27	and	and	CCONJ
fsr-3405	91	28	french	french	ADJ
fsr-3405	91	29	(	(	PUNCT
fsr-3405	91	30	2001).7	2001).7	NUM
fsr-3405	91	31	our	our	PRON
fsr-3405	91	32	sample	sample	NOUN
fsr-3405	91	33	obtains	obtain	VERB
fsr-3405	91	34	accounting	accounting	NOUN
fsr-3405	91	35	and	and	CCONJ
fsr-3405	91	36	firm	firm	ADJ
fsr-3405	91	37	information	information	NOUN
fsr-3405	91	38	from	from	ADP
fsr-3405	91	39	compustat	compustat	NOUN
fsr-3405	91	40	and	and	CCONJ
fsr-3405	91	41	stock	stock	NOUN
fsr-3405	91	42	price	price	NOUN
fsr-3405	91	43	information	information	NOUN
fsr-3405	91	44	from	from	ADP
fsr-3405	91	45	crsp	crsp	ADJ
fsr-3405	91	46	databases	database	NOUN
fsr-3405	91	47	.	.	PUNCT
fsr-3405	92	1	we	we	PRON
fsr-3405	92	2	use	use	VERB
fsr-3405	92	3	the	the	DET
fsr-3405	92	4	firm	firm	ADJ
fsr-3405	92	5	address	address	NOUN
fsr-3405	92	6	information	information	NOUN
fsr-3405	92	7	from	from	ADP
fsr-3405	92	8	compustat	compustat	NOUN
fsr-3405	92	9	in	in	ADP
fsr-3405	92	10	the	the	DET
fsr-3405	92	11	main	main	ADJ
fsr-3405	92	12	tests	test	NOUN
fsr-3405	92	13	.	.	PUNCT
fsr-3405	93	1	our	our	PRON
fsr-3405	93	2	sample	sample	NOUN
fsr-3405	93	3	requires	require	VERB
fsr-3405	93	4	the	the	DET
fsr-3405	93	5	sample	sample	NOUN
fsr-3405	93	6	firms	firm	NOUN
fsr-3405	93	7	to	to	PART
fsr-3405	93	8	have	have	VERB
fsr-3405	93	9	one	one	NUM
fsr-3405	93	10	year	year	NOUN
fsr-3405	93	11	of	of	ADP
fsr-3405	93	12	lagged	lag	VERB
fsr-3405	93	13	information	information	NOUN
fsr-3405	93	14	because	because	SCONJ
fsr-3405	93	15	we	we	PRON
fsr-3405	93	16	use	use	VERB
fsr-3405	93	17	one	one	NUM
fsr-3405	93	18	year	year	NOUN
fsr-3405	93	19	lagged	lag	VERB
fsr-3405	93	20	firm	firm	ADJ
fsr-3405	93	21	information	information	NOUN
fsr-3405	93	22	in	in	ADP
fsr-3405	93	23	constructing	construct	VERB
fsr-3405	93	24	some	some	DET
fsr-3405	93	25	variables	variable	NOUN
fsr-3405	93	26	.	.	PUNCT
fsr-3405	94	1	to	to	PART
fsr-3405	94	2	measure	measure	VERB
fsr-3405	94	3	local	local	ADJ
fsr-3405	94	4	creative	creative	ADJ
fsr-3405	94	5	culture	culture	NOUN
fsr-3405	94	6	and	and	CCONJ
fsr-3405	94	7	risk	risk	NOUN
fsr-3405	94	8	-	-	PUNCT
fsr-3405	94	9	taking	take	VERB
fsr-3405	94	10	propensity	propensity	NOUN
fsr-3405	94	11	associated	associate	VERB
fsr-3405	94	12	with	with	ADP
fsr-3405	94	13	creative	creative	ADJ
fsr-3405	94	14	culture	culture	NOUN
fsr-3405	94	15	,	,	PUNCT
fsr-3405	94	16	371e	371e	PROPN
fsr-3405	94	17	.	.	PUNCT
fsr-3405	95	1	ucar	ucar	PROPN
fsr-3405	95	2	,	,	PUNCT
fsr-3405	95	3	a.	a.	PROPN
fsr-3405	95	4	staer	staer	PROPN
fsr-3405	95	5	/	/	SYM
fsr-3405	95	6	financial	financial	ADJ
fsr-3405	95	7	services	service	NOUN
fsr-3405	95	8	review	review	VERB
fsr-3405	95	9	27	27	NUM
fsr-3405	95	10	(	(	PUNCT
fsr-3405	95	11	2018	2018	NUM
fsr-3405	95	12	)	)	PUNCT
fsr-3405	95	13	367	367	NUM
fsr-3405	95	14	-	-	SYM
fsr-3405	95	15	389	389	NUM
fsr-3405	95	16	we	we	PRON
fsr-3405	95	17	use	use	VERB
fsr-3405	95	18	a	a	DET
fsr-3405	95	19	variable	variable	NOUN
fsr-3405	95	20	called	call	VERB
fsr-3405	95	21	creativeshare	creativeshare	PROPN
fsr-3405	95	22	,	,	PUNCT
fsr-3405	95	23	which	which	PRON
fsr-3405	95	24	measures	measure	VERB
fsr-3405	95	25	the	the	DET
fsr-3405	95	26	fraction	fraction	NOUN
fsr-3405	95	27	of	of	ADP
fsr-3405	95	28	the	the	DET
fsr-3405	95	29	creative	creative	ADJ
fsr-3405	95	30	class	class	NOUN
fsr-3405	95	31	in	in	ADP
fsr-3405	95	32	a	a	DET
fsr-3405	95	33	given	give	VERB
fsr-3405	95	34	firm	firm	ADJ
fsr-3405	95	35	-	-	PUNCT
fsr-3405	95	36	county	county	NOUN
fsr-3405	95	37	similar	similar	ADJ
fsr-3405	95	38	to	to	ADP
fsr-3405	95	39	recent	recent	ADJ
fsr-3405	95	40	studies	study	NOUN
fsr-3405	95	41	(	(	PUNCT
fsr-3405	95	42	ucar	ucar	PROPN
fsr-3405	95	43	,	,	PUNCT
fsr-3405	95	44	2018a	2018a	NUM
fsr-3405	95	45	,	,	PUNCT
fsr-3405	95	46	2018b	2018b	NUM
fsr-3405	95	47	)	)	PUNCT
fsr-3405	95	48	.	.	PUNCT
fsr-3405	96	1	the	the	DET
fsr-3405	96	2	creative	creative	ADJ
fsr-3405	96	3	share	share	NOUN
fsr-3405	96	4	data	datum	NOUN
fsr-3405	96	5	are	be	AUX
fsr-3405	96	6	from	from	ADP
fsr-3405	96	7	the	the	DET
fsr-3405	96	8	u.s	u.s	PROPN
fsr-3405	96	9	.	.	PROPN
fsr-3405	96	10	department	department	PROPN
fsr-3405	96	11	of	of	ADP
fsr-3405	96	12	agriculture	agriculture	PROPN
fsr-3405	96	13	economic	economic	ADJ
fsr-3405	96	14	research	research	NOUN
fsr-3405	96	15	service	service	NOUN
fsr-3405	96	16	(	(	PUNCT
fsr-3405	96	17	usda	usda	X
fsr-3405	96	18	ers	er	NOUN
fsr-3405	96	19	)	)	PUNCT
fsr-3405	96	20	website.8	website.8	VERB
fsr-3405	96	21	the	the	DET
fsr-3405	96	22	usda	usda	NOUN
fsr-3405	96	23	ers	er	NOUN
fsr-3405	96	24	presents	present	VERB
fsr-3405	96	25	detailed	detailed	ADJ
fsr-3405	96	26	information	information	NOUN
fsr-3405	96	27	on	on	ADP
fsr-3405	96	28	county	county	NOUN
fsr-3405	96	29	-	-	PUNCT
fsr-3405	96	30	level	level	NOUN
fsr-3405	96	31	creative	creative	ADJ
fsr-3405	96	32	share	share	NOUN
fsr-3405	96	33	information	information	NOUN
fsr-3405	96	34	and	and	CCONJ
fsr-3405	96	35	the	the	DET
fsr-3405	96	36	creative	creative	ADJ
fsr-3405	96	37	class	class	NOUN
fsr-3405	96	38	occupations	occupation	NOUN
fsr-3405	96	39	that	that	PRON
fsr-3405	96	40	are	be	AUX
fsr-3405	96	41	used	use	VERB
fsr-3405	96	42	in	in	ADP
fsr-3405	96	43	the	the	DET
fsr-3405	96	44	dataset	dataset	NOUN
fsr-3405	96	45	.	.	PUNCT
fsr-3405	97	1	the	the	DET
fsr-3405	97	2	ers	ers	PROPN
fsr-3405	97	3	website	website	NOUN
fsr-3405	97	4	reports	report	VERB
fsr-3405	97	5	that	that	SCONJ
fsr-3405	97	6	the	the	DET
fsr-3405	97	7	occupations	occupation	NOUN
fsr-3405	97	8	in	in	ADP
fsr-3405	97	9	constructing	construct	VERB
fsr-3405	97	10	the	the	DET
fsr-3405	97	11	creative	creative	ADJ
fsr-3405	97	12	share	share	NOUN
fsr-3405	97	13	are	be	AUX
fsr-3405	97	14	the	the	DET
fsr-3405	97	15	occupations	occupation	NOUN
fsr-3405	97	16	“	"	PUNCT
fsr-3405	97	17	that	that	PRON
fsr-3405	97	18	involve	involve	VERB
fsr-3405	97	19	a	a	DET
fsr-3405	97	20	high	high	ADJ
fsr-3405	97	21	level	level	NOUN
fsr-3405	97	22	of	of	ADP
fsr-3405	97	23	creative	creative	ADJ
fsr-3405	97	24	thinking	thinking	NOUN
fsr-3405	97	25	”	"	PUNCT
fsr-3405	97	26	such	such	ADJ
fsr-3405	97	27	as	as	ADP
fsr-3405	97	28	architecture	architecture	NOUN
fsr-3405	97	29	,	,	PUNCT
fsr-3405	97	30	engineering	engineering	NOUN
fsr-3405	97	31	,	,	PUNCT
fsr-3405	97	32	arts	art	NOUN
fsr-3405	97	33	,	,	PUNCT
fsr-3405	97	34	design	design	NOUN
fsr-3405	97	35	,	,	PUNCT
fsr-3405	97	36	entertainment	entertainment	NOUN
fsr-3405	97	37	,	,	PUNCT
fsr-3405	97	38	media	medium	NOUN
fsr-3405	97	39	,	,	PUNCT
fsr-3405	97	40	computer	computer	NOUN
fsr-3405	97	41	,	,	PUNCT
fsr-3405	97	42	and	and	CCONJ
fsr-3405	97	43	mathematics.9	mathematics.9	NOUN
fsr-3405	97	44	this	this	DET
fsr-3405	97	45	website	website	NOUN
fsr-3405	97	46	provides	provide	VERB
fsr-3405	97	47	1990	1990	NUM
fsr-3405	97	48	,	,	PUNCT
fsr-3405	97	49	2000	2000	NUM
fsr-3405	97	50	,	,	PUNCT
fsr-3405	97	51	and	and	CCONJ
fsr-3405	97	52	2007	2007	NUM
fsr-3405	97	53	county	county	NOUN
fsr-3405	97	54	-	-	PUNCT
fsr-3405	97	55	level	level	NOUN
fsr-3405	97	56	creativeshare	creativeshare	NOUN
fsr-3405	97	57	information	information	NOUN
fsr-3405	97	58	that	that	PRON
fsr-3405	97	59	measures	measure	VERB
fsr-3405	97	60	the	the	DET
fsr-3405	97	61	fraction	fraction	NOUN
fsr-3405	97	62	of	of	ADP
fsr-3405	97	63	the	the	DET
fsr-3405	97	64	local	local	ADJ
fsr-3405	97	65	creative	creative	ADJ
fsr-3405	97	66	class	class	NOUN
fsr-3405	97	67	.	.	PUNCT
fsr-3405	98	1	we	we	PRON
fsr-3405	98	2	use	use	VERB
fsr-3405	98	3	the	the	DET
fsr-3405	98	4	interpolations	interpolation	NOUN
fsr-3405	98	5	of	of	ADP
fsr-3405	98	6	this	this	DET
fsr-3405	98	7	dataset	dataset	NOUN
fsr-3405	98	8	for	for	ADP
fsr-3405	98	9	the	the	DET
fsr-3405	98	10	sample	sample	NOUN
fsr-3405	98	11	years	year	NOUN
fsr-3405	98	12	without	without	ADP
fsr-3405	98	13	available	available	ADJ
fsr-3405	98	14	data	datum	NOUN
fsr-3405	98	15	.	.	PUNCT
fsr-3405	99	1	our	our	PRON
fsr-3405	99	2	sample	sample	NOUN
fsr-3405	99	3	includes	include	VERB
fsr-3405	99	4	creativeshare	creativeshare	NOUN
fsr-3405	99	5	variable	variable	NOUN
fsr-3405	99	6	for	for	ADP
fsr-3405	99	7	the	the	DET
fsr-3405	99	8	years	year	NOUN
fsr-3405	99	9	between	between	ADP
fsr-3405	99	10	1990	1990	NUM
fsr-3405	99	11	and	and	CCONJ
fsr-3405	99	12	2007	2007	NUM
fsr-3405	99	13	.	.	PUNCT
fsr-3405	100	1	we	we	PRON
fsr-3405	100	2	use	use	VERB
fsr-3405	100	3	creativeshare	creativeshare	NOUN
fsr-3405	100	4	in	in	ADP
fsr-3405	100	5	our	our	PRON
fsr-3405	100	6	empirical	empirical	ADJ
fsr-3405	100	7	tests	test	NOUN
fsr-3405	100	8	.	.	PUNCT
fsr-3405	101	1	therefore	therefore	ADV
fsr-3405	101	2	,	,	PUNCT
fsr-3405	101	3	our	our	PRON
fsr-3405	101	4	final	final	ADJ
fsr-3405	101	5	sample	sample	NOUN
fsr-3405	101	6	spans	span	VERB
fsr-3405	101	7	the	the	DET
fsr-3405	101	8	years	year	NOUN
fsr-3405	101	9	between	between	ADP
fsr-3405	101	10	1990	1990	NUM
fsr-3405	101	11	and	and	CCONJ
fsr-3405	101	12	2007	2007	NUM
fsr-3405	101	13	.	.	PUNCT
fsr-3405	102	1	we	we	PRON
fsr-3405	102	2	use	use	VERB
fsr-3405	102	3	an	an	DET
fsr-3405	102	4	empirical	empirical	ADJ
fsr-3405	102	5	model	model	NOUN
fsr-3405	102	6	similar	similar	ADJ
fsr-3405	102	7	to	to	ADP
fsr-3405	102	8	the	the	DET
fsr-3405	102	9	one	one	NOUN
fsr-3405	102	10	used	use	VERB
fsr-3405	102	11	in	in	ADP
fsr-3405	102	12	the	the	DET
fsr-3405	102	13	related	relate	VERB
fsr-3405	102	14	literature	literature	NOUN
fsr-3405	102	15	(	(	PUNCT
fsr-3405	102	16	e.g.	e.g.	ADV
fsr-3405	102	17	,	,	PUNCT
fsr-3405	102	18	becker	becker	NOUN
fsr-3405	102	19	,	,	PUNCT
fsr-3405	102	20	ivković	ivković	ADJ
fsr-3405	102	21	,	,	PUNCT
fsr-3405	102	22	and	and	CCONJ
fsr-3405	102	23	weisbenner	weisbenner	NOUN
fsr-3405	102	24	(	(	PUNCT
fsr-3405	102	25	2011	2011	NUM
fsr-3405	102	26	)	)	PUNCT
fsr-3405	102	27	and	and	CCONJ
fsr-3405	102	28	ucar	ucar	PROPN
fsr-3405	102	29	(	(	PUNCT
fsr-3405	102	30	2016	2016	NUM
fsr-3405	102	31	)	)	PUNCT
fsr-3405	102	32	)	)	PUNCT
fsr-3405	102	33	.	.	PUNCT
fsr-3405	103	1	this	this	DET
fsr-3405	103	2	model	model	NOUN
fsr-3405	103	3	entails	entail	VERB
fsr-3405	103	4	a	a	DET
fsr-3405	103	5	set	set	NOUN
fsr-3405	103	6	of	of	ADP
fsr-3405	103	7	three	three	NUM
fsr-3405	103	8	ols	ol	NOUN
fsr-3405	103	9	and	and	CCONJ
fsr-3405	103	10	logit	logit	NOUN
fsr-3405	103	11	regressions	regression	NOUN
fsr-3405	103	12	with	with	ADP
fsr-3405	103	13	the	the	DET
fsr-3405	103	14	three	three	NUM
fsr-3405	103	15	dependent	dependent	ADJ
fsr-3405	103	16	variables	variable	NOUN
fsr-3405	103	17	describing	describe	VERB
fsr-3405	103	18	dividend	dividend	NOUN
fsr-3405	103	19	policy	policy	NOUN
fsr-3405	103	20	:	:	PUNCT
fsr-3405	103	21	dividend	dividend	NOUN
fsr-3405	103	22	payer	payer	NOUN
fsr-3405	103	23	,	,	PUNCT
fsr-3405	103	24	dividend	dividend	NOUN
fsr-3405	103	25	yield	yield	NOUN
fsr-3405	103	26	and	and	CCONJ
fsr-3405	103	27	dividend	dividend	NOUN
fsr-3405	103	28	initiation	initiation	NOUN
fsr-3405	103	29	,	,	PUNCT
fsr-3405	103	30	and	and	CCONJ
fsr-3405	103	31	the	the	DET
fsr-3405	103	32	independent	independent	ADJ
fsr-3405	103	33	variables	variable	NOUN
fsr-3405	103	34	comprising	comprise	VERB
fsr-3405	103	35	the	the	DET
fsr-3405	103	36	variable	variable	NOUN
fsr-3405	103	37	of	of	ADP
fsr-3405	103	38	interest	interest	NOUN
fsr-3405	103	39	and	and	CCONJ
fsr-3405	103	40	a	a	DET
fsr-3405	103	41	host	host	NOUN
fsr-3405	103	42	of	of	ADP
fsr-3405	103	43	the	the	DET
fsr-3405	103	44	firm	firm	NOUN
fsr-3405	103	45	,	,	PUNCT
fsr-3405	103	46	time	time	NOUN
fsr-3405	103	47	and	and	CCONJ
fsr-3405	103	48	locale	locale	PROPN
fsr-3405	103	49	control	control	PROPN
fsr-3405	103	50	variables	variable	NOUN
fsr-3405	103	51	.	.	PUNCT
fsr-3405	104	1	logit	logit	NOUN
fsr-3405	104	2	regressions	regression	NOUN
fsr-3405	104	3	are	be	AUX
fsr-3405	104	4	used	use	VERB
fsr-3405	104	5	when	when	SCONJ
fsr-3405	104	6	the	the	DET
fsr-3405	104	7	dependent	dependent	ADJ
fsr-3405	104	8	variable	variable	NOUN
fsr-3405	104	9	is	be	AUX
fsr-3405	104	10	binary	binary	ADJ
fsr-3405	104	11	,	,	PUNCT
fsr-3405	104	12	that	that	ADV
fsr-3405	104	13	is	is	ADV
fsr-3405	104	14	,	,	PUNCT
fsr-3405	104	15	takes	take	VERB
fsr-3405	104	16	1	1	NUM
fsr-3405	104	17	or	or	CCONJ
fsr-3405	104	18	0	0	NUM
fsr-3405	104	19	as	as	ADP
fsr-3405	104	20	values	value	NOUN
fsr-3405	104	21	,	,	PUNCT
fsr-3405	104	22	which	which	PRON
fsr-3405	104	23	in	in	ADP
fsr-3405	104	24	the	the	DET
fsr-3405	104	25	case	case	NOUN
fsr-3405	104	26	of	of	ADP
fsr-3405	104	27	this	this	DET
fsr-3405	104	28	model	model	NOUN
fsr-3405	104	29	are	be	AUX
fsr-3405	104	30	dividend	dividend	NOUN
fsr-3405	104	31	initiation	initiation	NOUN
fsr-3405	104	32	and	and	CCONJ
fsr-3405	104	33	dividend	dividend	NOUN
fsr-3405	104	34	payer	payer	NOUN
fsr-3405	104	35	.	.	PUNCT
fsr-3405	105	1	the	the	DET
fsr-3405	105	2	set	set	NOUN
fsr-3405	105	3	of	of	ADP
fsr-3405	105	4	three	three	NUM
fsr-3405	105	5	regressions	regression	NOUN
fsr-3405	105	6	is	be	AUX
fsr-3405	105	7	then	then	ADV
fsr-3405	105	8	considered	consider	VERB
fsr-3405	105	9	as	as	ADP
fsr-3405	105	10	the	the	DET
fsr-3405	105	11	baseline	baseline	NOUN
fsr-3405	105	12	model	model	NOUN
fsr-3405	105	13	and	and	CCONJ
fsr-3405	105	14	additional	additional	ADJ
fsr-3405	105	15	robustness	robustness	NOUN
fsr-3405	105	16	and	and	CCONJ
fsr-3405	105	17	subsample	subsample	ADJ
fsr-3405	105	18	tests	test	NOUN
fsr-3405	105	19	then	then	ADV
fsr-3405	105	20	are	be	AUX
fsr-3405	105	21	performed.10	performed.10	NOUN
fsr-3405	105	22	we	we	PRON
fsr-3405	105	23	construct	construct	VERB
fsr-3405	105	24	dividend	dividend	NOUN
fsr-3405	105	25	payout	payout	NOUN
fsr-3405	105	26	and	and	CCONJ
fsr-3405	105	27	firm	firm	ADJ
fsr-3405	105	28	characteristics	characteristic	NOUN
fsr-3405	105	29	variables	variable	NOUN
fsr-3405	105	30	used	use	VERB
fsr-3405	105	31	in	in	ADP
fsr-3405	105	32	our	our	PRON
fsr-3405	105	33	empirical	empirical	ADJ
fsr-3405	105	34	tests	test	NOUN
fsr-3405	105	35	by	by	ADP
fsr-3405	105	36	following	follow	VERB
fsr-3405	105	37	previous	previous	ADJ
fsr-3405	105	38	studies	study	NOUN
fsr-3405	105	39	(	(	PUNCT
fsr-3405	105	40	becker	becker	NOUN
fsr-3405	105	41	,	,	PUNCT
fsr-3405	105	42	ivković	ivković	ADJ
fsr-3405	105	43	,	,	PUNCT
fsr-3405	105	44	and	and	CCONJ
fsr-3405	105	45	weisbenner	weisbenner	NOUN
fsr-3405	105	46	,	,	PUNCT
fsr-3405	105	47	2011a	2011a	NUM
fsr-3405	105	48	;	;	PUNCT
fsr-3405	105	49	grullon	grullon	NOUN
fsr-3405	105	50	et	et	PROPN
fsr-3405	105	51	al	al	PROPN
fsr-3405	105	52	.	.	PROPN
fsr-3405	105	53	,	,	PUNCT
fsr-3405	105	54	2011	2011	NUM
fsr-3405	105	55	;	;	PUNCT
fsr-3405	105	56	ucar	ucar	PROPN
fsr-3405	105	57	,	,	PUNCT
fsr-3405	105	58	2016	2016	NUM
fsr-3405	105	59	)	)	PUNCT
fsr-3405	105	60	.	.	PUNCT
fsr-3405	106	1	the	the	DET
fsr-3405	106	2	dependent	dependent	ADJ
fsr-3405	106	3	variables	variable	NOUN
fsr-3405	106	4	used	use	VERB
fsr-3405	106	5	in	in	ADP
fsr-3405	106	6	our	our	PRON
fsr-3405	106	7	empirical	empirical	ADJ
fsr-3405	106	8	tests	test	NOUN
fsr-3405	106	9	are	be	AUX
fsr-3405	106	10	dividend	dividend	NOUN
fsr-3405	106	11	payer	payer	NOUN
fsr-3405	106	12	,	,	PUNCT
fsr-3405	106	13	dividend	dividend	NOUN
fsr-3405	106	14	yield	yield	NOUN
fsr-3405	106	15	,	,	PUNCT
fsr-3405	106	16	and	and	CCONJ
fsr-3405	106	17	dividend	dividend	NOUN
fsr-3405	106	18	initiation	initiation	NOUN
fsr-3405	106	19	.	.	PUNCT
fsr-3405	107	1	dividend	dividend	NOUN
fsr-3405	107	2	payer	payer	NOUN
fsr-3405	107	3	is	be	AUX
fsr-3405	107	4	a	a	DET
fsr-3405	107	5	dummy	dummy	ADJ
fsr-3405	107	6	variable	variable	NOUN
fsr-3405	107	7	that	that	PRON
fsr-3405	107	8	takes	take	VERB
fsr-3405	107	9	a	a	DET
fsr-3405	107	10	value	value	NOUN
fsr-3405	107	11	of	of	ADP
fsr-3405	107	12	one	one	NUM
fsr-3405	107	13	if	if	SCONJ
fsr-3405	107	14	the	the	DET
fsr-3405	107	15	total	total	ADJ
fsr-3405	107	16	amount	amount	NOUN
fsr-3405	107	17	of	of	ADP
fsr-3405	107	18	dividends	dividend	NOUN
fsr-3405	107	19	is	be	AUX
fsr-3405	107	20	greater	great	ADJ
fsr-3405	107	21	than	than	ADP
fsr-3405	107	22	zero	zero	NUM
fsr-3405	107	23	for	for	ADP
fsr-3405	107	24	a	a	DET
fsr-3405	107	25	given	give	VERB
fsr-3405	107	26	year	year	NOUN
fsr-3405	107	27	,	,	PUNCT
fsr-3405	107	28	and	and	CCONJ
fsr-3405	107	29	zero	zero	NUM
fsr-3405	107	30	otherwise	otherwise	ADV
fsr-3405	107	31	.	.	PUNCT
fsr-3405	108	1	dividend	dividend	NOUN
fsr-3405	108	2	yield	yield	NOUN
fsr-3405	108	3	is	be	AUX
fsr-3405	108	4	the	the	DET
fsr-3405	108	5	ratio	ratio	NOUN
fsr-3405	108	6	of	of	ADP
fsr-3405	108	7	total	total	ADJ
fsr-3405	108	8	dividends	dividend	NOUN
fsr-3405	108	9	to	to	PART
fsr-3405	108	10	lagged	lag	VERB
fsr-3405	108	11	market	market	NOUN
fsr-3405	108	12	value	value	NOUN
fsr-3405	108	13	.	.	PUNCT
fsr-3405	109	1	dividend	dividend	NOUN
fsr-3405	109	2	initiation	initiation	NOUN
fsr-3405	109	3	is	be	AUX
fsr-3405	109	4	a	a	DET
fsr-3405	109	5	dummy	dummy	ADJ
fsr-3405	109	6	variable	variable	NOUN
fsr-3405	109	7	that	that	PRON
fsr-3405	109	8	takes	take	VERB
fsr-3405	109	9	a	a	DET
fsr-3405	109	10	value	value	NOUN
fsr-3405	109	11	of	of	ADP
fsr-3405	109	12	one	one	NUM
fsr-3405	109	13	if	if	SCONJ
fsr-3405	109	14	a	a	DET
fsr-3405	109	15	non	non	ADJ
fsr-3405	109	16	-	-	ADJ
fsr-3405	109	17	dividend	dividend	ADJ
fsr-3405	109	18	payer	payer	NOUN
fsr-3405	109	19	firm	firm	NOUN
fsr-3405	109	20	in	in	ADP
fsr-3405	109	21	the	the	DET
fsr-3405	109	22	previous	previous	ADJ
fsr-3405	109	23	year	year	NOUN
fsr-3405	109	24	becomes	become	VERB
fsr-3405	109	25	a	a	DET
fsr-3405	109	26	dividend	dividend	NOUN
fsr-3405	109	27	payer	payer	NOUN
fsr-3405	109	28	in	in	ADP
fsr-3405	109	29	the	the	DET
fsr-3405	109	30	current	current	ADJ
fsr-3405	109	31	year	year	NOUN
fsr-3405	109	32	,	,	PUNCT
fsr-3405	109	33	and	and	CCONJ
fsr-3405	109	34	zero	zero	NUM
fsr-3405	109	35	if	if	SCONJ
fsr-3405	109	36	a	a	DET
fsr-3405	109	37	non	non	ADJ
fsr-3405	109	38	-	-	ADJ
fsr-3405	109	39	dividend	dividend	ADJ
fsr-3405	109	40	payer	payer	NOUN
fsr-3405	109	41	firm	firm	NOUN
fsr-3405	109	42	in	in	ADP
fsr-3405	109	43	the	the	DET
fsr-3405	109	44	previous	previous	ADJ
fsr-3405	109	45	year	year	NOUN
fsr-3405	109	46	stays	stay	VERB
fsr-3405	109	47	as	as	ADP
fsr-3405	109	48	non	non	ADJ
fsr-3405	109	49	-	-	ADJ
fsr-3405	109	50	dividend	dividend	ADJ
fsr-3405	109	51	payer	payer	NOUN
fsr-3405	109	52	firm	firm	NOUN
fsr-3405	109	53	in	in	ADP
fsr-3405	109	54	the	the	DET
fsr-3405	109	55	current	current	ADJ
fsr-3405	109	56	year	year	NOUN
fsr-3405	109	57	.	.	PUNCT
fsr-3405	110	1	we	we	PRON
fsr-3405	110	2	use	use	VERB
fsr-3405	110	3	the	the	DET
fsr-3405	110	4	following	follow	VERB
fsr-3405	110	5	set	set	NOUN
fsr-3405	110	6	of	of	ADP
fsr-3405	110	7	main	main	ADJ
fsr-3405	110	8	control	control	NOUN
fsr-3405	110	9	variables	variable	NOUN
fsr-3405	110	10	and	and	CCONJ
fsr-3405	110	11	define	define	VERB
fsr-3405	110	12	them	they	PRON
fsr-3405	110	13	by	by	ADP
fsr-3405	110	14	following	follow	VERB
fsr-3405	110	15	ucar	ucar	PROPN
fsr-3405	110	16	(	(	PUNCT
fsr-3405	110	17	2016	2016	NUM
fsr-3405	110	18	)	)	PUNCT
fsr-3405	110	19	and	and	CCONJ
fsr-3405	110	20	becker	becker	NOUN
fsr-3405	110	21	,	,	PUNCT
fsr-3405	110	22	ivković	ivković	ADJ
fsr-3405	110	23	,	,	PUNCT
fsr-3405	110	24	and	and	CCONJ
fsr-3405	110	25	weisbenner	weisbenner	NOUN
fsr-3405	110	26	(	(	PUNCT
fsr-3405	110	27	2011a	2011a	NUM
fsr-3405	110	28	)	)	PUNCT
fsr-3405	110	29	.	.	PUNCT
fsr-3405	111	1	we	we	PRON
fsr-3405	111	2	define	define	VERB
fsr-3405	111	3	net	net	ADJ
fsr-3405	111	4	income	income	NOUN
fsr-3405	111	5	as	as	ADP
fsr-3405	111	6	the	the	DET
fsr-3405	111	7	net	net	ADJ
fsr-3405	111	8	income	income	NOUN
fsr-3405	111	9	divided	divide	VERB
fsr-3405	111	10	by	by	ADP
fsr-3405	111	11	total	total	ADJ
fsr-3405	111	12	assets	asset	NOUN
fsr-3405	111	13	for	for	ADP
fsr-3405	111	14	a	a	DET
fsr-3405	111	15	given	give	VERB
fsr-3405	111	16	year	year	NOUN
fsr-3405	111	17	.	.	PUNCT
fsr-3405	112	1	cash	cash	NOUN
fsr-3405	112	2	is	be	AUX
fsr-3405	112	3	the	the	DET
fsr-3405	112	4	cash	cash	NOUN
fsr-3405	112	5	divided	divide	VERB
fsr-3405	112	6	by	by	ADP
fsr-3405	112	7	total	total	ADJ
fsr-3405	112	8	assets	asset	NOUN
fsr-3405	112	9	for	for	ADP
fsr-3405	112	10	a	a	DET
fsr-3405	112	11	given	give	VERB
fsr-3405	112	12	year	year	NOUN
fsr-3405	112	13	.	.	PUNCT
fsr-3405	113	1	we	we	PRON
fsr-3405	113	2	define	define	VERB
fsr-3405	113	3	q	q	NOUN
fsr-3405	113	4	as	as	ADP
fsr-3405	113	5	the	the	DET
fsr-3405	113	6	sum	sum	NOUN
fsr-3405	113	7	of	of	ADP
fsr-3405	113	8	the	the	DET
fsr-3405	113	9	market	market	NOUN
fsr-3405	113	10	value	value	NOUN
fsr-3405	113	11	of	of	ADP
fsr-3405	113	12	equity	equity	NOUN
fsr-3405	113	13	and	and	CCONJ
fsr-3405	113	14	the	the	DET
fsr-3405	113	15	book	book	NOUN
fsr-3405	113	16	value	value	NOUN
fsr-3405	113	17	of	of	ADP
fsr-3405	113	18	liabilities	liability	NOUN
fsr-3405	113	19	divided	divide	VERB
fsr-3405	113	20	by	by	ADP
fsr-3405	113	21	total	total	ADJ
fsr-3405	113	22	assets	asset	NOUN
fsr-3405	113	23	for	for	ADP
fsr-3405	113	24	a	a	DET
fsr-3405	113	25	given	give	VERB
fsr-3405	113	26	year	year	NOUN
fsr-3405	113	27	.	.	PUNCT
fsr-3405	114	1	debt	debt	NOUN
fsr-3405	114	2	is	be	AUX
fsr-3405	114	3	the	the	DET
fsr-3405	114	4	long	long	ADJ
fsr-3405	114	5	-	-	PUNCT
fsr-3405	114	6	term	term	NOUN
fsr-3405	114	7	debt	debt	NOUN
fsr-3405	114	8	divided	divide	VERB
fsr-3405	114	9	by	by	ADP
fsr-3405	114	10	total	total	ADJ
fsr-3405	114	11	assets	asset	NOUN
fsr-3405	114	12	for	for	ADP
fsr-3405	114	13	a	a	DET
fsr-3405	114	14	given	give	VERB
fsr-3405	114	15	year	year	NOUN
fsr-3405	114	16	.	.	PUNCT
fsr-3405	115	1	we	we	PRON
fsr-3405	115	2	define	define	VERB
fsr-3405	115	3	log	log	NOUN
fsr-3405	115	4	of	of	ADP
fsr-3405	115	5	mv	mv	PROPN
fsr-3405	115	6	as	as	ADP
fsr-3405	115	7	the	the	DET
fsr-3405	115	8	logarithm	logarithm	NOUN
fsr-3405	115	9	of	of	ADP
fsr-3405	115	10	a	a	DET
fsr-3405	115	11	firm	firm	NOUN
fsr-3405	115	12	’s	’s	PART
fsr-3405	115	13	market	market	NOUN
fsr-3405	115	14	value	value	NOUN
fsr-3405	115	15	for	for	ADP
fsr-3405	115	16	a	a	DET
fsr-3405	115	17	given	give	VERB
fsr-3405	115	18	year	year	NOUN
fsr-3405	115	19	and	and	CCONJ
fsr-3405	115	20	log	log	NOUN
fsr-3405	115	21	of	of	ADP
fsr-3405	115	22	assets	asset	NOUN
fsr-3405	115	23	as	as	ADP
fsr-3405	115	24	the	the	DET
fsr-3405	115	25	logarithm	logarithm	NOUN
fsr-3405	115	26	of	of	ADP
fsr-3405	115	27	total	total	ADJ
fsr-3405	115	28	assets	asset	NOUN
fsr-3405	115	29	.	.	PUNCT
fsr-3405	116	1	we	we	PRON
fsr-3405	116	2	define	define	VERB
fsr-3405	116	3	volatility	volatility	NOUN
fsr-3405	116	4	as	as	ADP
fsr-3405	116	5	the	the	DET
fsr-3405	116	6	standard	standard	ADJ
fsr-3405	116	7	deviation	deviation	NOUN
fsr-3405	116	8	of	of	ADP
fsr-3405	116	9	monthly	monthly	ADJ
fsr-3405	116	10	stock	stock	NOUN
fsr-3405	116	11	returns	return	NOUN
fsr-3405	116	12	for	for	ADP
fsr-3405	116	13	the	the	DET
fsr-3405	116	14	previous	previous	ADJ
fsr-3405	116	15	two	two	NUM
fsr-3405	116	16	-	-	PUNCT
fsr-3405	116	17	year	year	NOUN
fsr-3405	116	18	period	period	NOUN
fsr-3405	116	19	and	and	CCONJ
fsr-3405	116	20	lagged	lag	VERB
fsr-3405	116	21	return	return	NOUN
fsr-3405	116	22	as	as	SCONJ
fsr-3405	116	23	the	the	DET
fsr-3405	116	24	monthly	monthly	ADJ
fsr-3405	116	25	stock	stock	NOUN
fsr-3405	116	26	returns	return	NOUN
fsr-3405	116	27	for	for	ADP
fsr-3405	116	28	the	the	DET
fsr-3405	116	29	previous	previous	ADJ
fsr-3405	116	30	two	two	NUM
fsr-3405	116	31	-	-	PUNCT
fsr-3405	116	32	year	year	NOUN
fsr-3405	116	33	period.11	period.11	ADJ
fsr-3405	116	34	asset	asset	NOUN
fsr-3405	116	35	growth	growth	NOUN
fsr-3405	116	36	is	be	AUX
fsr-3405	116	37	the	the	DET
fsr-3405	116	38	logarithm	logarithm	NOUN
fsr-3405	116	39	of	of	ADP
fsr-3405	116	40	the	the	DET
fsr-3405	116	41	total	total	ADJ
fsr-3405	116	42	assets	asset	NOUN
fsr-3405	116	43	growth	growth	NOUN
fsr-3405	116	44	rate	rate	NOUN
fsr-3405	116	45	calculated	calculate	VERB
fsr-3405	116	46	using	use	VERB
fsr-3405	116	47	both	both	CCONJ
fsr-3405	116	48	the	the	DET
fsr-3405	116	49	current	current	ADJ
fsr-3405	116	50	and	and	CCONJ
fsr-3405	116	51	previous	previous	ADJ
fsr-3405	116	52	year	year	NOUN
fsr-3405	116	53	’s	’s	PART
fsr-3405	116	54	figures	figure	NOUN
fsr-3405	116	55	.	.	PUNCT
fsr-3405	117	1	all	all	DET
fsr-3405	117	2	accounting	account	VERB
fsr-3405	117	3	and	and	CCONJ
fsr-3405	117	4	firm	firm	ADJ
fsr-3405	117	5	variables	variable	NOUN
fsr-3405	117	6	are	be	AUX
fsr-3405	117	7	winsorized	winsorize	VERB
fsr-3405	117	8	at	at	ADP
fsr-3405	117	9	the	the	DET
fsr-3405	117	10	1	1	NUM
fsr-3405	117	11	%	%	NOUN
fsr-3405	117	12	and	and	CCONJ
fsr-3405	117	13	99	99	NUM
fsr-3405	117	14	%	%	NOUN
fsr-3405	117	15	levels	level	NOUN
fsr-3405	117	16	.	.	PUNCT
fsr-3405	118	1	firm	firm	ADJ
fsr-3405	118	2	age	age	NOUN
fsr-3405	118	3	is	be	AUX
fsr-3405	118	4	the	the	DET
fsr-3405	118	5	time	time	NOUN
fsr-3405	118	6	between	between	ADP
fsr-3405	118	7	the	the	DET
fsr-3405	118	8	date	date	NOUN
fsr-3405	118	9	that	that	PRON
fsr-3405	118	10	a	a	DET
fsr-3405	118	11	firm	firm	NOUN
fsr-3405	118	12	is	be	AUX
fsr-3405	118	13	listed	list	VERB
fsr-3405	118	14	on	on	ADP
fsr-3405	118	15	the	the	DET
fsr-3405	118	16	crsp	crsp	NOUN
fsr-3405	118	17	and	and	CCONJ
fsr-3405	118	18	the	the	DET
fsr-3405	118	19	current	current	ADJ
fsr-3405	118	20	year	year	NOUN
fsr-3405	118	21	.	.	PUNCT
fsr-3405	119	1	we	we	PRON
fsr-3405	119	2	use	use	VERB
fsr-3405	119	3	the	the	DET
fsr-3405	119	4	following	follow	VERB
fsr-3405	119	5	firm	firm	ADJ
fsr-3405	119	6	age	age	NOUN
fsr-3405	119	7	-	-	PUNCT
fsr-3405	119	8	group	group	NOUN
fsr-3405	119	9	indicator	indicator	NOUN
fsr-3405	119	10	variables	variable	VERB
fsr-3405	119	11	in	in	ADP
fsr-3405	119	12	our	our	PRON
fsr-3405	119	13	empirical	empirical	ADJ
fsr-3405	119	14	tests	test	NOUN
fsr-3405	119	15	:	:	PUNCT
fsr-3405	119	16	age	age	NOUN
fsr-3405	119	17	1–5	1–5	NUM
fsr-3405	119	18	,	,	PUNCT
fsr-3405	119	19	age	age	NOUN
fsr-3405	119	20	6–10	6–10	NOUN
fsr-3405	119	21	,	,	PUNCT
fsr-3405	119	22	372	372	NUM
fsr-3405	119	23	e.	e.	PROPN
fsr-3405	119	24	ucar	ucar	PROPN
fsr-3405	119	25	,	,	PUNCT
fsr-3405	119	26	a.	a.	PROPN
fsr-3405	119	27	staer	staer	PROPN
fsr-3405	119	28	/	/	SYM
fsr-3405	119	29	financial	financial	ADJ
fsr-3405	119	30	services	service	NOUN
fsr-3405	119	31	review	review	VERB
fsr-3405	119	32	27	27	NUM
fsr-3405	119	33	(	(	PUNCT
fsr-3405	119	34	2018	2018	NUM
fsr-3405	119	35	)	)	PUNCT
fsr-3405	119	36	367	367	NUM
fsr-3405	119	37	-	-	SYM
fsr-3405	119	38	389	389	NUM
fsr-3405	119	39	age	age	NOUN
fsr-3405	119	40	11–15	11–15	NUM
fsr-3405	119	41	,	,	PUNCT
fsr-3405	119	42	and	and	CCONJ
fsr-3405	119	43	age	age	NOUN
fsr-3405	119	44	16–20	16–20	NUM
fsr-3405	119	45	with	with	ADP
fsr-3405	119	46	age	age	NOUN
fsr-3405	119	47	21	21	NUM
fsr-3405	119	48	being	be	AUX
fsr-3405	119	49	the	the	DET
fsr-3405	119	50	omitted	omit	VERB
fsr-3405	119	51	category	category	NOUN
fsr-3405	119	52	.	.	PUNCT
fsr-3405	120	1	the	the	DET
fsr-3405	120	2	main	main	ADJ
fsr-3405	120	3	empirical	empirical	ADJ
fsr-3405	120	4	tests	test	NOUN
fsr-3405	120	5	also	also	ADV
fsr-3405	120	6	control	control	VERB
fsr-3405	120	7	for	for	ADP
fsr-3405	120	8	state	state	NOUN
fsr-3405	120	9	,	,	PUNCT
fsr-3405	120	10	industry,12	industry,12	ADJ
fsr-3405	120	11	and	and	CCONJ
fsr-3405	120	12	year	year	NOUN
fsr-3405	120	13	indicator	indicator	NOUN
fsr-3405	120	14	variables	variable	VERB
fsr-3405	120	15	.	.	PUNCT
fsr-3405	121	1	our	our	PRON
fsr-3405	121	2	regression	regression	NOUN
fsr-3405	121	3	model	model	NOUN
fsr-3405	121	4	is	be	AUX
fsr-3405	121	5	similar	similar	ADJ
fsr-3405	121	6	to	to	ADP
fsr-3405	121	7	the	the	DET
fsr-3405	121	8	general	general	ADJ
fsr-3405	121	9	form	form	NOUN
fsr-3405	121	10	of	of	ADP
fsr-3405	121	11	the	the	DET
fsr-3405	121	12	model	model	NOUN
fsr-3405	121	13	in	in	ADP
fsr-3405	121	14	becker	becker	NOUN
fsr-3405	121	15	,	,	PUNCT
fsr-3405	121	16	ivković	ivković	ADJ
fsr-3405	121	17	,	,	PUNCT
fsr-3405	121	18	and	and	CCONJ
fsr-3405	121	19	weisbenner	weisbenner	NOUN
fsr-3405	121	20	(	(	PUNCT
fsr-3405	121	21	2011a	2011a	NUM
fsr-3405	121	22	)	)	PUNCT
fsr-3405	121	23	and	and	CCONJ
fsr-3405	121	24	ucar	ucar	PROPN
fsr-3405	121	25	(	(	PUNCT
fsr-3405	121	26	2016	2016	NUM
fsr-3405	121	27	)	)	PUNCT
fsr-3405	121	28	in	in	ADP
fsr-3405	121	29	the	the	DET
fsr-3405	121	30	example	example	NOUN
fsr-3405	121	31	of	of	ADP
fsr-3405	121	32	the	the	DET
fsr-3405	121	33	dividend	dividend	NOUN
fsr-3405	121	34	payer	payer	NOUN
fsr-3405	121	35	test	test	NOUN
fsr-3405	121	36	and	and	CCONJ
fsr-3405	121	37	this	this	DET
fsr-3405	121	38	model	model	NOUN
fsr-3405	121	39	can	can	AUX
fsr-3405	121	40	be	be	AUX
fsr-3405	121	41	represented	represent	VERB
fsr-3405	121	42	as	as	ADP
fsr-3405	121	43	the	the	DET
fsr-3405	121	44	model	model	NOUN
fsr-3405	121	45	(	(	PUNCT
fsr-3405	121	46	1	1	NUM
fsr-3405	121	47	)	)	PUNCT
fsr-3405	121	48	below	below	ADV
fsr-3405	121	49	:	:	PUNCT
fsr-3405	121	50	divpayeri	divpayeri	PROPN
fsr-3405	121	51	,	,	PUNCT
fsr-3405	121	52	t	t	PROPN
fsr-3405	121	53	�	�	PROPN
fsr-3405	121	54	�	�	PROPN
fsr-3405	121	55	�	�	PROPN
fsr-3405	121	56	�	�	PROPN
fsr-3405	121	57	cscreativesharei	cscreativesharei	NOUN
fsr-3405	121	58	,	,	PUNCT
fsr-3405	121	59	t	t	PROPN
fsr-3405	121	60	�	�	PROPN
fsr-3405	121	61	�	�	PROPN
fsr-3405	121	62	ninii	ninii	PROPN
fsr-3405	121	63	,	,	PUNCT
fsr-3405	121	64	t	t	PROPN
fsr-3405	121	65	�	�	PROPN
fsr-3405	121	66	�	�	PROPN
fsr-3405	121	67	cashcashi	cashcashi	PROPN
fsr-3405	121	68	,	,	PUNCT
fsr-3405	121	69	t	t	PROPN
fsr-3405	121	70	�	�	PROPN
fsr-3405	121	71	�	�	PROPN
fsr-3405	121	72	qqi	qqi	NOUN
fsr-3405	121	73	,	,	PUNCT
fsr-3405	121	74	t	t	PROPN
fsr-3405	121	75	�	�	PROPN
fsr-3405	121	76	�	�	PROPN
fsr-3405	121	77	debtdebti	debtdebti	PROPN
fsr-3405	121	78	,	,	PUNCT
fsr-3405	121	79	t	t	PROPN
fsr-3405	121	80	�	�	PROPN
fsr-3405	121	81	�	�	PROPN
fsr-3405	121	82	volvoli	volvoli	NOUN
fsr-3405	121	83	,	,	PUNCT
fsr-3405	122	1	t	t	PROPN
fsr-3405	122	2	�	�	PROPN
fsr-3405	122	3	�	�	PROPN
fsr-3405	122	4	lagretlagreti	lagretlagreti	PROPN
fsr-3405	122	5	,	,	PUNCT
fsr-3405	122	6	t	t	PROPN
fsr-3405	122	7	�	�	PROPN
fsr-3405	122	8	�	�	PROPN
fsr-3405	122	9	logmvlogmvi	logmvlogmvi	NOUN
fsr-3405	122	10	,	,	PUNCT
fsr-3405	122	11	t	t	PROPN
fsr-3405	122	12	�	�	PROPN
fsr-3405	122	13	�	�	PROPN
fsr-3405	122	14	assetgrassetgrowthi	assetgrassetgrowthi	NOUN
fsr-3405	122	15	,	,	PUNCT
fsr-3405	122	16	t	t	PROPN
fsr-3405	122	17	�	�	PROPN
fsr-3405	122	18	agegroupi	agegroupi	PROPN
fsr-3405	122	19	,	,	PUNCT
fsr-3405	122	20	t	t	PROPN
fsr-3405	122	21	�	�	PROPN
fsr-3405	122	22	loccontri	loccontri	PROPN
fsr-3405	122	23	,	,	PUNCT
fsr-3405	122	24	t	t	PROPN
fsr-3405	122	25	�	�	PROPN
fsr-3405	122	26	indfei	indfei	PROPN
fsr-3405	122	27	,	,	PUNCT
fsr-3405	122	28	t	t	PROPN
fsr-3405	122	29	�	�	PROPN
fsr-3405	122	30	yearfet	yearfet	PROPN
fsr-3405	122	31	�	�	PROPN
fsr-3405	122	32	�	�	PROPN
fsr-3405	123	1	i	i	PROPN
fsr-3405	123	2	,	,	PUNCT
fsr-3405	123	3	t	t	PROPN
fsr-3405	123	4	(	(	PUNCT
fsr-3405	123	5	1	1	NUM
fsr-3405	123	6	)	)	PUNCT
fsr-3405	123	7	moreover	moreover	ADV
fsr-3405	123	8	,	,	PUNCT
fsr-3405	123	9	we	we	PRON
fsr-3405	123	10	use	use	VERB
fsr-3405	123	11	the	the	DET
fsr-3405	123	12	following	follow	VERB
fsr-3405	123	13	alternative	alternative	ADJ
fsr-3405	123	14	control	control	NOUN
fsr-3405	123	15	variables	variable	NOUN
fsr-3405	123	16	used	use	VERB
fsr-3405	123	17	in	in	ADP
fsr-3405	123	18	the	the	DET
fsr-3405	123	19	literature	literature	NOUN
fsr-3405	123	20	in	in	ADP
fsr-3405	123	21	some	some	DET
fsr-3405	123	22	robustness	robustness	NOUN
fsr-3405	123	23	tests	test	NOUN
fsr-3405	123	24	and	and	CCONJ
fsr-3405	123	25	define	define	VERB
fsr-3405	123	26	these	these	DET
fsr-3405	123	27	variables	variable	NOUN
fsr-3405	123	28	by	by	ADP
fsr-3405	123	29	following	follow	VERB
fsr-3405	123	30	grullon	grullon	PROPN
fsr-3405	123	31	et	et	PROPN
fsr-3405	123	32	al	al	PROPN
fsr-3405	123	33	.	.	PROPN
fsr-3405	124	1	(	(	PUNCT
fsr-3405	124	2	2011	2011	NUM
fsr-3405	124	3	)	)	PUNCT
fsr-3405	124	4	and	and	CCONJ
fsr-3405	124	5	ucar	ucar	PROPN
fsr-3405	124	6	(	(	PUNCT
fsr-3405	124	7	2016	2016	NUM
fsr-3405	124	8	)	)	PUNCT
fsr-3405	124	9	.	.	PUNCT
fsr-3405	125	1	we	we	PRON
fsr-3405	125	2	define	define	VERB
fsr-3405	125	3	nye	nye	NOUN
fsr-3405	125	4	as	as	ADP
fsr-3405	125	5	the	the	DET
fsr-3405	125	6	measure	measure	NOUN
fsr-3405	125	7	of	of	ADP
fsr-3405	125	8	firm	firm	ADJ
fsr-3405	125	9	size	size	NOUN
fsr-3405	125	10	based	base	VERB
fsr-3405	125	11	on	on	ADP
fsr-3405	125	12	the	the	DET
fsr-3405	125	13	nyse	nyse	PROPN
fsr-3405	125	14	equity	equity	PROPN
fsr-3405	125	15	(	(	PUNCT
fsr-3405	125	16	market	market	NOUN
fsr-3405	125	17	capitalization	capitalization	NOUN
fsr-3405	125	18	)	)	PUNCT
fsr-3405	125	19	percentiles	percentile	NOUN
fsr-3405	125	20	for	for	ADP
fsr-3405	125	21	the	the	DET
fsr-3405	125	22	corresponding	corresponding	ADJ
fsr-3405	125	23	period	period	NOUN
fsr-3405	125	24	.	.	PUNCT
fsr-3405	126	1	it	it	PRON
fsr-3405	126	2	is	be	AUX
fsr-3405	126	3	important	important	ADJ
fsr-3405	126	4	to	to	PART
fsr-3405	126	5	note	note	VERB
fsr-3405	126	6	that	that	SCONJ
fsr-3405	126	7	although	although	SCONJ
fsr-3405	126	8	nyse	nyse	PROPN
fsr-3405	126	9	equity	equity	NOUN
fsr-3405	126	10	percentiles	percentile	NOUN
fsr-3405	126	11	are	be	AUX
fsr-3405	126	12	calculated	calculate	VERB
fsr-3405	126	13	via	via	ADP
fsr-3405	126	14	sorting	sort	VERB
fsr-3405	126	15	the	the	DET
fsr-3405	126	16	nyse	nyse	PROPN
fsr-3405	126	17	stock	stock	PROPN
fsr-3405	126	18	universe	universe	NOUN
fsr-3405	126	19	into	into	ADP
fsr-3405	126	20	market	market	NOUN
fsr-3405	126	21	capitalization	capitalization	NOUN
fsr-3405	126	22	percentiles	percentile	NOUN
fsr-3405	126	23	,	,	PUNCT
fsr-3405	126	24	they	they	PRON
fsr-3405	126	25	are	be	AUX
fsr-3405	126	26	used	use	VERB
fsr-3405	126	27	to	to	PART
fsr-3405	126	28	create	create	VERB
fsr-3405	126	29	an	an	DET
fsr-3405	126	30	alternative	alternative	ADJ
fsr-3405	126	31	firm	firm	ADJ
fsr-3405	126	32	size	size	NOUN
fsr-3405	126	33	(	(	PUNCT
fsr-3405	126	34	market	market	NOUN
fsr-3405	126	35	capitalization	capitalization	NOUN
fsr-3405	126	36	)	)	PUNCT
fsr-3405	126	37	variable	variable	NOUN
fsr-3405	126	38	for	for	ADP
fsr-3405	126	39	all	all	DET
fsr-3405	126	40	firms	firm	NOUN
fsr-3405	126	41	in	in	ADP
fsr-3405	126	42	the	the	DET
fsr-3405	126	43	sample.13	sample.13	PROPN
fsr-3405	126	44	nyse	nyse	PROPN
fsr-3405	126	45	equity	equity	PROPN
fsr-3405	126	46	percentiles	percentile	NOUN
fsr-3405	126	47	are	be	AUX
fsr-3405	126	48	widely	widely	ADV
fsr-3405	126	49	used	use	VERB
fsr-3405	126	50	in	in	ADP
fsr-3405	126	51	the	the	DET
fsr-3405	126	52	financial	financial	ADJ
fsr-3405	126	53	literature	literature	NOUN
fsr-3405	126	54	,	,	PUNCT
fsr-3405	126	55	for	for	ADP
fsr-3405	126	56	instance	instance	NOUN
fsr-3405	126	57	,	,	PUNCT
fsr-3405	126	58	by	by	ADP
fsr-3405	126	59	baker	baker	NOUN
fsr-3405	126	60	and	and	CCONJ
fsr-3405	126	61	wurgler	wurgler	PROPN
fsr-3405	126	62	(	(	PUNCT
fsr-3405	126	63	2004	2004	NUM
fsr-3405	126	64	)	)	PUNCT
fsr-3405	126	65	and	and	CCONJ
fsr-3405	126	66	kumar	kumar	PROPN
fsr-3405	126	67	,	,	PUNCT
fsr-3405	126	68	lei	lei	PROPN
fsr-3405	126	69	,	,	PUNCT
fsr-3405	126	70	and	and	CCONJ
fsr-3405	126	71	zhang	zhang	PROPN
fsr-3405	126	72	(	(	PUNCT
fsr-3405	126	73	2016	2016	NUM
fsr-3405	126	74	)	)	PUNCT
fsr-3405	126	75	who	who	PRON
fsr-3405	126	76	adopt	adopt	VERB
fsr-3405	126	77	this	this	DET
fsr-3405	126	78	approach	approach	NOUN
fsr-3405	126	79	from	from	ADP
fsr-3405	126	80	fama	fama	PROPN
fsr-3405	126	81	and	and	CCONJ
fsr-3405	126	82	french	french	ADJ
fsr-3405	126	83	(	(	PUNCT
fsr-3405	126	84	2001	2001	NUM
fsr-3405	126	85	)	)	PUNCT
fsr-3405	126	86	with	with	ADP
fsr-3405	126	87	all	all	DET
fsr-3405	126	88	three	three	NUM
fsr-3405	126	89	papers	paper	NOUN
fsr-3405	126	90	analyzing	analyze	VERB
fsr-3405	126	91	dividend	dividend	NOUN
fsr-3405	126	92	policy	policy	NOUN
fsr-3405	126	93	.	.	PUNCT
fsr-3405	127	1	we	we	PRON
fsr-3405	127	2	do	do	AUX
fsr-3405	127	3	not	not	PART
fsr-3405	127	4	limit	limit	VERB
fsr-3405	127	5	our	our	PRON
fsr-3405	127	6	sample	sample	NOUN
fsr-3405	127	7	to	to	ADP
fsr-3405	127	8	any	any	DET
fsr-3405	127	9	particular	particular	ADJ
fsr-3405	127	10	exchange	exchange	NOUN
fsr-3405	127	11	as	as	SCONJ
fsr-3405	127	12	neither	neither	CCONJ
fsr-3405	127	13	did	do	VERB
fsr-3405	127	14	the	the	DET
fsr-3405	127	15	aforementioned	aforementioned	ADJ
fsr-3405	127	16	studies	study	NOUN
fsr-3405	127	17	.	.	PUNCT
fsr-3405	128	1	furthermore	furthermore	ADV
fsr-3405	128	2	,	,	PUNCT
fsr-3405	128	3	the	the	DET
fsr-3405	128	4	intuition	intuition	NOUN
fsr-3405	128	5	behind	behind	ADP
fsr-3405	128	6	using	use	VERB
fsr-3405	128	7	nyse	nyse	PROPN
fsr-3405	128	8	instead	instead	ADV
fsr-3405	128	9	of	of	ADP
fsr-3405	128	10	saying	say	VERB
fsr-3405	128	11	nasdaq	nasdaq	PROPN
fsr-3405	128	12	percentiles	percentile	NOUN
fsr-3405	128	13	is	be	AUX
fsr-3405	128	14	described	describe	VERB
fsr-3405	128	15	in	in	ADP
fsr-3405	128	16	fama	fama	PROPN
fsr-3405	128	17	and	and	CCONJ
fsr-3405	128	18	french	french	ADJ
fsr-3405	128	19	(	(	PUNCT
fsr-3405	128	20	2001	2001	NUM
fsr-3405	128	21	)	)	PUNCT
fsr-3405	128	22	on	on	ADP
fsr-3405	128	23	page	page	NOUN
fsr-3405	128	24	76	76	NUM
fsr-3405	128	25	:	:	PUNCT
fsr-3405	128	26	“	"	PUNCT
fsr-3405	128	27	…	…	PUNCT
fsr-3405	128	28	instead	instead	ADV
fsr-3405	128	29	of	of	ADP
fsr-3405	128	30	forming	form	VERB
fsr-3405	128	31	equal	equal	ADJ
fsr-3405	128	32	groups	group	NOUN
fsr-3405	128	33	by	by	ADP
fsr-3405	128	34	size	size	NOUN
fsr-3405	128	35	,	,	PUNCT
fsr-3405	128	36	however	however	ADV
fsr-3405	128	37	,	,	PUNCT
fsr-3405	128	38	we	we	PRON
fsr-3405	128	39	use	use	VERB
fsr-3405	128	40	the	the	DET
fsr-3405	128	41	20th	20th	ADJ
fsr-3405	128	42	and	and	CCONJ
fsr-3405	128	43	50th	50th	ADJ
fsr-3405	128	44	percentiles	percentile	NOUN
fsr-3405	128	45	of	of	ADP
fsr-3405	128	46	market	market	NOUN
fsr-3405	128	47	capitalization	capitalization	NOUN
fsr-3405	128	48	for	for	ADP
fsr-3405	128	49	nyse	nyse	PROPN
fsr-3405	128	50	firms	firm	NOUN
fsr-3405	128	51	to	to	PART
fsr-3405	128	52	assign	assign	VERB
fsr-3405	128	53	nyse	nyse	PROPN
fsr-3405	128	54	,	,	PUNCT
fsr-3405	128	55	amex	amex	PROPN
fsr-3405	128	56	,	,	PUNCT
fsr-3405	128	57	and	and	CCONJ
fsr-3405	128	58	nasdaq	nasdaq	PROPN
fsr-3405	128	59	firms	firm	NOUN
fsr-3405	128	60	to	to	ADP
fsr-3405	128	61	portfolios	portfolio	NOUN
fsr-3405	128	62	.	.	PUNCT
fsr-3405	129	1	this	this	PRON
fsr-3405	129	2	prevents	prevent	VERB
fsr-3405	129	3	the	the	DET
fsr-3405	129	4	growing	grow	VERB
fsr-3405	129	5	population	population	NOUN
fsr-3405	129	6	of	of	ADP
fsr-3405	129	7	small	small	ADJ
fsr-3405	129	8	nasdaq	nasdaq	PROPN
fsr-3405	129	9	firms	firm	NOUN
fsr-3405	129	10	from	from	ADP
fsr-3405	129	11	changing	change	VERB
fsr-3405	129	12	the	the	DET
fsr-3405	129	13	meaning	meaning	NOUN
fsr-3405	129	14	of	of	ADP
fsr-3405	129	15	small	small	ADJ
fsr-3405	129	16	,	,	PUNCT
fsr-3405	129	17	medium	medium	ADJ
fsr-3405	129	18	,	,	PUNCT
fsr-3405	129	19	and	and	CCONJ
fsr-3405	129	20	large	large	ADJ
fsr-3405	129	21	over	over	ADP
fsr-3405	129	22	the	the	DET
fsr-3405	129	23	sample	sample	NOUN
fsr-3405	129	24	period	period	NOUN
fsr-3405	129	25	.	.	PUNCT
fsr-3405	130	1	(	(	PUNCT
fsr-3405	130	2	the	the	DET
fsr-3405	130	3	20th	20th	ADJ
fsr-3405	130	4	and	and	CCONJ
fsr-3405	130	5	50th	50th	ADJ
fsr-3405	130	6	nyse	nyse	PROPN
fsr-3405	130	7	percentiles	percentile	NOUN
fsr-3405	130	8	lead	lead	VERB
fsr-3405	130	9	to	to	ADP
fsr-3405	130	10	similar	similar	ADJ
fsr-3405	130	11	average	average	ADJ
fsr-3405	130	12	numbers	number	NOUN
fsr-3405	130	13	of	of	ADP
fsr-3405	130	14	firms	firm	NOUN
fsr-3405	130	15	in	in	ADP
fsr-3405	130	16	the	the	DET
fsr-3405	130	17	medium	medium	ADJ
fsr-3405	130	18	and	and	CCONJ
fsr-3405	130	19	large	large	ADJ
fsr-3405	130	20	groups	group	NOUN
fsr-3405	130	21	,	,	PUNCT
fsr-3405	130	22	and	and	CCONJ
fsr-3405	130	23	many	many	ADJ
fsr-3405	130	24	more	more	ADJ
fsr-3405	130	25	in	in	ADP
fsr-3405	130	26	the	the	DET
fsr-3405	130	27	small	small	ADJ
fsr-3405	130	28	group	group	NOUN
fsr-3405	130	29	.	.	PUNCT
fsr-3405	130	30	)	)	PUNCT
fsr-3405	130	31	”	"	PUNCT
fsr-3405	131	1	it	it	PRON
fsr-3405	131	2	could	could	AUX
fsr-3405	131	3	also	also	ADV
fsr-3405	131	4	be	be	AUX
fsr-3405	131	5	argued	argue	VERB
fsr-3405	131	6	that	that	SCONJ
fsr-3405	131	7	there	there	PRON
fsr-3405	131	8	might	might	AUX
fsr-3405	131	9	be	be	AUX
fsr-3405	131	10	a	a	DET
fsr-3405	131	11	potential	potential	ADJ
fsr-3405	131	12	industry	industry	NOUN
fsr-3405	131	13	selection	selection	NOUN
fsr-3405	131	14	bias	bias	NOUN
fsr-3405	131	15	when	when	SCONJ
fsr-3405	131	16	using	use	VERB
fsr-3405	131	17	nyse	nyse	PROPN
fsr-3405	131	18	size	size	NOUN
fsr-3405	131	19	deciles	decile	NOUN
fsr-3405	131	20	to	to	PART
fsr-3405	131	21	assign	assign	VERB
fsr-3405	131	22	a	a	DET
fsr-3405	131	23	nasdaq	nasdaq	PROPN
fsr-3405	131	24	firm	firm	NOUN
fsr-3405	131	25	to	to	ADP
fsr-3405	131	26	a	a	DET
fsr-3405	131	27	percentile	percentile	NOUN
fsr-3405	131	28	.	.	PUNCT
fsr-3405	132	1	however	however	ADV
fsr-3405	132	2	,	,	PUNCT
fsr-3405	132	3	we	we	PRON
fsr-3405	132	4	believe	believe	VERB
fsr-3405	132	5	that	that	SCONJ
fsr-3405	132	6	a	a	DET
fsr-3405	132	7	possible	possible	ADJ
fsr-3405	132	8	bias	bias	NOUN
fsr-3405	132	9	is	be	AUX
fsr-3405	132	10	mitigated	mitigate	VERB
fsr-3405	132	11	for	for	ADP
fsr-3405	132	12	the	the	DET
fsr-3405	132	13	following	follow	VERB
fsr-3405	132	14	reasons	reason	NOUN
fsr-3405	132	15	.	.	PUNCT
fsr-3405	133	1	first	first	ADV
fsr-3405	133	2	,	,	PUNCT
fsr-3405	133	3	this	this	PRON
fsr-3405	133	4	is	be	AUX
fsr-3405	133	5	set	set	VERB
fsr-3405	133	6	of	of	ADP
fsr-3405	133	7	control	control	NOUN
fsr-3405	133	8	variables	variable	NOUN
fsr-3405	133	9	alternative	alternative	ADJ
fsr-3405	133	10	to	to	ADP
fsr-3405	133	11	our	our	PRON
fsr-3405	133	12	main	main	ADJ
fsr-3405	133	13	specification	specification	NOUN
fsr-3405	133	14	which	which	PRON
fsr-3405	133	15	includes	include	VERB
fsr-3405	133	16	the	the	DET
fsr-3405	133	17	log	log	NOUN
fsr-3405	133	18	of	of	ADP
fsr-3405	133	19	mv	mv	PROPN
fsr-3405	133	20	defined	define	VERB
fsr-3405	133	21	as	as	ADP
fsr-3405	133	22	the	the	DET
fsr-3405	133	23	logarithm	logarithm	NOUN
fsr-3405	133	24	of	of	ADP
fsr-3405	133	25	a	a	DET
fsr-3405	133	26	firm	firm	NOUN
fsr-3405	133	27	’s	’s	PART
fsr-3405	133	28	market	market	NOUN
fsr-3405	133	29	value	value	NOUN
fsr-3405	133	30	for	for	ADP
fsr-3405	133	31	a	a	DET
fsr-3405	133	32	given	give	VERB
fsr-3405	133	33	year	year	NOUN
fsr-3405	133	34	and	and	CCONJ
fsr-3405	133	35	does	do	AUX
fsr-3405	133	36	not	not	PART
fsr-3405	133	37	employ	employ	VERB
fsr-3405	133	38	sorting	sort	VERB
fsr-3405	133	39	the	the	DET
fsr-3405	133	40	stock	stock	NOUN
fsr-3405	133	41	universe	universe	NOUN
fsr-3405	133	42	into	into	ADP
fsr-3405	133	43	deciles	decile	NOUN
fsr-3405	133	44	and	and	CCONJ
fsr-3405	133	45	hence	hence	ADV
fsr-3405	133	46	avoids	avoid	VERB
fsr-3405	133	47	any	any	DET
fsr-3405	133	48	potential	potential	ADJ
fsr-3405	133	49	bias	bias	NOUN
fsr-3405	133	50	from	from	ADP
fsr-3405	133	51	using	use	VERB
fsr-3405	133	52	any	any	DET
fsr-3405	133	53	ranking	ranking	ADJ
fsr-3405	133	54	procedure	procedure	NOUN
fsr-3405	133	55	.	.	PUNCT
fsr-3405	134	1	we	we	PRON
fsr-3405	134	2	only	only	ADV
fsr-3405	134	3	use	use	VERB
fsr-3405	134	4	nyse	nyse	PROPN
fsr-3405	134	5	equity	equity	NOUN
fsr-3405	134	6	percentiles	percentile	NOUN
fsr-3405	134	7	in	in	ADP
fsr-3405	134	8	the	the	DET
fsr-3405	134	9	alternative	alternative	ADJ
fsr-3405	134	10	set	set	NOUN
fsr-3405	134	11	of	of	ADP
fsr-3405	134	12	controls	control	NOUN
fsr-3405	134	13	in	in	ADP
fsr-3405	134	14	one	one	NUM
fsr-3405	134	15	test	test	NOUN
fsr-3405	134	16	as	as	ADP
fsr-3405	134	17	a	a	DET
fsr-3405	134	18	robustness	robustness	NOUN
fsr-3405	134	19	check	check	NOUN
fsr-3405	134	20	and	and	CCONJ
fsr-3405	134	21	we	we	PRON
fsr-3405	134	22	use	use	VERB
fsr-3405	134	23	our	our	PRON
fsr-3405	134	24	main	main	ADJ
fsr-3405	134	25	controls	control	NOUN
fsr-3405	134	26	variables	variable	NOUN
fsr-3405	134	27	in	in	ADP
fsr-3405	134	28	our	our	PRON
fsr-3405	134	29	other	other	ADJ
fsr-3405	134	30	tests	test	NOUN
fsr-3405	134	31	with	with	ADP
fsr-3405	134	32	the	the	DET
fsr-3405	134	33	findings	finding	NOUN
fsr-3405	134	34	in	in	ADP
fsr-3405	134	35	both	both	DET
fsr-3405	134	36	tests	test	NOUN
fsr-3405	134	37	being	be	AUX
fsr-3405	134	38	broadly	broadly	ADV
fsr-3405	134	39	similar	similar	ADJ
fsr-3405	134	40	.	.	PUNCT
fsr-3405	135	1	second	second	ADV
fsr-3405	135	2	,	,	PUNCT
fsr-3405	135	3	we	we	PRON
fsr-3405	135	4	include	include	VERB
fsr-3405	135	5	industry	industry	NOUN
fsr-3405	135	6	fixed	fix	VERB
fsr-3405	135	7	effects	effect	NOUN
fsr-3405	135	8	based	base	VERB
fsr-3405	135	9	on	on	ADP
fsr-3405	135	10	fama	fama	PROPN
fsr-3405	135	11	-	-	PUNCT
fsr-3405	135	12	french	french	ADJ
fsr-3405	135	13	48	48	NUM
fsr-3405	135	14	industry	industry	NOUN
fsr-3405	135	15	classification	classification	NOUN
fsr-3405	135	16	as	as	ADP
fsr-3405	135	17	controls	control	NOUN
fsr-3405	135	18	in	in	ADP
fsr-3405	135	19	all	all	PRON
fsr-3405	135	20	of	of	ADP
fsr-3405	135	21	the	the	DET
fsr-3405	135	22	main	main	ADJ
fsr-3405	135	23	regressions	regression	NOUN
fsr-3405	135	24	controlling	control	VERB
fsr-3405	135	25	for	for	ADP
fsr-3405	135	26	the	the	DET
fsr-3405	135	27	heterogeneity	heterogeneity	NOUN
fsr-3405	135	28	between	between	ADP
fsr-3405	135	29	industries	industry	NOUN
fsr-3405	135	30	in	in	ADP
fsr-3405	135	31	our	our	PRON
fsr-3405	135	32	samples	sample	NOUN
fsr-3405	135	33	.	.	PUNCT
fsr-3405	136	1	while	while	SCONJ
fsr-3405	136	2	there	there	PRON
fsr-3405	136	3	may	may	AUX
fsr-3405	136	4	benon	benon	NOUN
fsr-3405	136	5	-	-	PUNCT
fsr-3405	136	6	linear	linear	ADJ
fsr-3405	136	7	patterns	pattern	NOUN
fsr-3405	136	8	in	in	ADP
fsr-3405	136	9	firm	firm	ADJ
fsr-3405	136	10	industry	industry	NOUN
fsr-3405	136	11	distribution	distribution	NOUN
fsr-3405	136	12	over	over	ADP
fsr-3405	136	13	time	time	NOUN
fsr-3405	136	14	,	,	PUNCT
fsr-3405	136	15	existing	exist	VERB
fsr-3405	136	16	corporate	corporate	ADJ
fsr-3405	136	17	financial	financial	ADJ
fsr-3405	136	18	literature	literature	NOUN
fsr-3405	136	19	usually	usually	ADV
fsr-3405	136	20	considers	consider	VERB
fsr-3405	136	21	the	the	DET
fsr-3405	136	22	imple373e	imple373e	NOUN
fsr-3405	136	23	.	.	PUNCT
fsr-3405	137	1	ucar	ucar	PROPN
fsr-3405	137	2	,	,	PUNCT
fsr-3405	137	3	a.	a.	PROPN
fsr-3405	137	4	staer	staer	PROPN
fsr-3405	137	5	/	/	SYM
fsr-3405	137	6	financial	financial	ADJ
fsr-3405	137	7	services	service	NOUN
fsr-3405	137	8	review	review	VERB
fsr-3405	137	9	27	27	NUM
fsr-3405	137	10	(	(	PUNCT
fsr-3405	137	11	2018	2018	NUM
fsr-3405	137	12	)	)	PUNCT
fsr-3405	137	13	367	367	NUM
fsr-3405	137	14	-	-	SYM
fsr-3405	137	15	389	389	NUM
fsr-3405	137	16	mentation	mentation	NOUN
fsr-3405	137	17	of	of	ADP
fsr-3405	137	18	industry	industry	NOUN
fsr-3405	137	19	fixed	fix	VERB
fsr-3405	137	20	effects	effect	NOUN
fsr-3405	137	21	using	use	VERB
fsr-3405	137	22	fama	fama	PROPN
fsr-3405	137	23	-	-	PUNCT
fsr-3405	137	24	french	french	ADJ
fsr-3405	137	25	48	48	NUM
fsr-3405	137	26	industry	industry	NOUN
fsr-3405	137	27	classification	classification	NOUN
fsr-3405	137	28	to	to	PART
fsr-3405	137	29	be	be	AUX
fsr-3405	137	30	a	a	DET
fsr-3405	137	31	reasonable	reasonable	ADJ
fsr-3405	137	32	approach	approach	NOUN
fsr-3405	137	33	for	for	ADP
fsr-3405	137	34	the	the	DET
fsr-3405	137	35	majority	majority	NOUN
fsr-3405	137	36	of	of	ADP
fsr-3405	137	37	cases	case	NOUN
fsr-3405	137	38	.	.	PUNCT
fsr-3405	138	1	we	we	PRON
fsr-3405	138	2	define	define	VERB
fsr-3405	138	3	m	m	PROPN
fsr-3405	138	4	/	/	SYM
fsr-3405	138	5	b	b	PROPN
fsr-3405	138	6	as	as	ADP
fsr-3405	138	7	the	the	DET
fsr-3405	138	8	ratio	ratio	NOUN
fsr-3405	138	9	of	of	ADP
fsr-3405	138	10	the	the	DET
fsr-3405	138	11	market	market	NOUN
fsr-3405	138	12	to	to	ADP
fsr-3405	138	13	book	book	NOUN
fsr-3405	138	14	value	value	NOUN
fsr-3405	138	15	of	of	ADP
fsr-3405	138	16	assets	asset	NOUN
fsr-3405	138	17	in	in	ADP
fsr-3405	138	18	which	which	PRON
fsr-3405	138	19	the	the	DET
fsr-3405	138	20	market	market	NOUN
fsr-3405	138	21	value	value	NOUN
fsr-3405	138	22	of	of	ADP
fsr-3405	138	23	assets	asset	NOUN
fsr-3405	138	24	is	be	AUX
fsr-3405	138	25	calculated	calculate	VERB
fsr-3405	138	26	as	as	ADP
fsr-3405	138	27	the	the	DET
fsr-3405	138	28	market	market	NOUN
fsr-3405	138	29	value	value	NOUN
fsr-3405	138	30	of	of	ADP
fsr-3405	138	31	equity	equity	NOUN
fsr-3405	138	32	plus	plus	CCONJ
fsr-3405	138	33	total	total	ADJ
fsr-3405	138	34	assets	asset	NOUN
fsr-3405	138	35	minus	minus	ADP
fsr-3405	138	36	total	total	ADJ
fsr-3405	138	37	equity	equity	NOUN
fsr-3405	138	38	.	.	PUNCT
fsr-3405	139	1	roa	roa	PROPN
fsr-3405	139	2	is	be	AUX
fsr-3405	139	3	the	the	DET
fsr-3405	139	4	return	return	NOUN
fsr-3405	139	5	on	on	ADP
fsr-3405	139	6	assets	asset	NOUN
fsr-3405	139	7	as	as	SCONJ
fsr-3405	139	8	calculated	calculate	VERB
fsr-3405	139	9	by	by	ADP
fsr-3405	139	10	income	income	NOUN
fsr-3405	139	11	before	before	ADP
fsr-3405	139	12	depreciation	depreciation	NOUN
fsr-3405	139	13	divided	divide	VERB
fsr-3405	139	14	by	by	ADP
fsr-3405	139	15	the	the	DET
fsr-3405	139	16	total	total	ADJ
fsr-3405	139	17	assets	asset	NOUN
fsr-3405	139	18	for	for	ADP
fsr-3405	139	19	a	a	DET
fsr-3405	139	20	given	give	VERB
fsr-3405	139	21	year	year	NOUN
fsr-3405	139	22	.	.	PUNCT
fsr-3405	140	1	we	we	PRON
fsr-3405	140	2	define	define	VERB
fsr-3405	140	3	sales	sale	NOUN
fsr-3405	140	4	growth	growth	NOUN
fsr-3405	140	5	as	as	ADP
fsr-3405	140	6	the	the	DET
fsr-3405	140	7	sales	sale	NOUN
fsr-3405	140	8	growth	growth	NOUN
fsr-3405	140	9	rate	rate	NOUN
fsr-3405	140	10	calculated	calculate	VERB
fsr-3405	140	11	as	as	ADP
fsr-3405	140	12	the	the	DET
fsr-3405	140	13	percentage	percentage	NOUN
fsr-3405	140	14	change	change	NOUN
fsr-3405	140	15	from	from	ADP
fsr-3405	140	16	the	the	DET
fsr-3405	140	17	previous	previous	ADJ
fsr-3405	140	18	to	to	ADP
fsr-3405	140	19	the	the	DET
fsr-3405	140	20	current	current	ADJ
fsr-3405	140	21	year	year	NOUN
fsr-3405	140	22	’s	’s	PART
fsr-3405	140	23	sales	sale	NOUN
fsr-3405	140	24	.	.	PUNCT
fsr-3405	141	1	we	we	PRON
fsr-3405	141	2	also	also	ADV
fsr-3405	141	3	use	use	VERB
fsr-3405	141	4	local	local	ADJ
fsr-3405	141	5	control	control	NOUN
fsr-3405	141	6	variables	variable	NOUN
fsr-3405	141	7	in	in	ADP
fsr-3405	141	8	some	some	DET
fsr-3405	141	9	empirical	empirical	ADJ
fsr-3405	141	10	tests	test	NOUN
fsr-3405	141	11	consistent	consistent	ADJ
fsr-3405	141	12	with	with	ADP
fsr-3405	141	13	the	the	DET
fsr-3405	141	14	related	related	ADJ
fsr-3405	141	15	literature	literature	NOUN
fsr-3405	141	16	.	.	PUNCT
fsr-3405	142	1	becker	becker	PROPN
fsr-3405	142	2	,	,	PUNCT
fsr-3405	142	3	ivković	ivković	ADJ
fsr-3405	142	4	,	,	PUNCT
fsr-3405	142	5	and	and	CCONJ
fsr-3405	142	6	weisbenner	weisbenner	NOUN
fsr-3405	142	7	(	(	PUNCT
fsr-3405	142	8	2011a	2011a	NUM
fsr-3405	142	9	)	)	PUNCT
fsr-3405	142	10	use	use	VERB
fsr-3405	142	11	the	the	DET
fsr-3405	142	12	fraction	fraction	NOUN
fsr-3405	142	13	of	of	ADP
fsr-3405	142	14	local	local	ADJ
fsr-3405	142	15	seniors	senior	NOUN
fsr-3405	142	16	and	and	CCONJ
fsr-3405	142	17	find	find	VERB
fsr-3405	142	18	an	an	DET
fsr-3405	142	19	age	age	NOUN
fsr-3405	142	20	-	-	PUNCT
fsr-3405	142	21	based	base	VERB
fsr-3405	142	22	local	local	ADJ
fsr-3405	142	23	dividend	dividend	NOUN
fsr-3405	142	24	clientele	clientele	PROPN
fsr-3405	142	25	effect	effect	NOUN
fsr-3405	142	26	.	.	PUNCT
fsr-3405	143	1	we	we	PRON
fsr-3405	143	2	include	include	VERB
fsr-3405	143	3	local	local	ADJ
fsr-3405	143	4	seniors	senior	NOUN
fsr-3405	143	5	variable	variable	ADJ
fsr-3405	143	6	which	which	PRON
fsr-3405	143	7	is	be	AUX
fsr-3405	143	8	the	the	DET
fsr-3405	143	9	proportion	proportion	NOUN
fsr-3405	143	10	of	of	ADP
fsr-3405	143	11	individuals	individual	NOUN
fsr-3405	143	12	who	who	PRON
fsr-3405	143	13	are	be	AUX
fsr-3405	143	14	65	65	NUM
fsr-3405	143	15	years	year	NOUN
fsr-3405	143	16	old	old	ADJ
fsr-3405	143	17	or	or	CCONJ
fsr-3405	143	18	older	old	ADJ
fsr-3405	143	19	within	within	ADP
fsr-3405	143	20	a	a	DET
fsr-3405	143	21	county	county	NOUN
fsr-3405	143	22	where	where	SCONJ
fsr-3405	143	23	a	a	DET
fsr-3405	143	24	firm	firm	NOUN
fsr-3405	143	25	is	be	AUX
fsr-3405	143	26	headquartered	headquarter	VERB
fsr-3405	143	27	by	by	ADP
fsr-3405	143	28	following	follow	VERB
fsr-3405	143	29	becker	becker	NOUN
fsr-3405	143	30	,	,	PUNCT
fsr-3405	143	31	ivković	ivković	ADJ
fsr-3405	143	32	,	,	PUNCT
fsr-3405	143	33	and	and	CCONJ
fsr-3405	143	34	weisbenner	weisbenner	NOUN
fsr-3405	143	35	(	(	PUNCT
fsr-3405	143	36	2011a	2011a	NUM
fsr-3405	143	37	)	)	PUNCT
fsr-3405	143	38	.	.	PUNCT
fsr-3405	144	1	ucar	ucar	PROPN
fsr-3405	144	2	(	(	PUNCT
fsr-3405	144	3	2016	2016	NUM
fsr-3405	144	4	)	)	PUNCT
fsr-3405	144	5	uses	use	VERB
fsr-3405	144	6	local	local	ADJ
fsr-3405	144	7	religion	religion	NOUN
fsr-3405	144	8	and	and	CCONJ
fsr-3405	144	9	shows	show	VERB
fsr-3405	144	10	a	a	DET
fsr-3405	144	11	local	local	ADJ
fsr-3405	144	12	dividend	dividend	NOUN
fsr-3405	144	13	clientele	clientele	PROPN
fsr-3405	144	14	effect	effect	NOUN
fsr-3405	144	15	induced	induce	VERB
fsr-3405	144	16	by	by	ADP
fsr-3405	144	17	local	local	ADJ
fsr-3405	144	18	religion	religion	NOUN
fsr-3405	144	19	.	.	PUNCT
fsr-3405	145	1	therefore	therefore	ADV
fsr-3405	145	2	,	,	PUNCT
fsr-3405	145	3	we	we	PRON
fsr-3405	145	4	also	also	ADV
fsr-3405	145	5	include	include	VERB
fsr-3405	145	6	cpratio	cpratio	NOUN
fsr-3405	145	7	which	which	PRON
fsr-3405	145	8	is	be	AUX
fsr-3405	145	9	the	the	DET
fsr-3405	145	10	ratio	ratio	NOUN
fsr-3405	145	11	of	of	ADP
fsr-3405	145	12	catholics	catholic	NOUN
fsr-3405	145	13	to	to	ADP
fsr-3405	145	14	protestants	protestant	NOUN
fsr-3405	145	15	in	in	ADP
fsr-3405	145	16	the	the	DET
fsr-3405	145	17	county	county	NOUN
fsr-3405	145	18	where	where	SCONJ
fsr-3405	145	19	a	a	DET
fsr-3405	145	20	firm	firm	NOUN
fsr-3405	145	21	is	be	AUX
fsr-3405	145	22	located	locate	VERB
fsr-3405	145	23	by	by	ADP
fsr-3405	145	24	following	follow	VERB
fsr-3405	145	25	ucar	ucar	PROPN
fsr-3405	145	26	(	(	PUNCT
fsr-3405	145	27	2016	2016	NUM
fsr-3405	145	28	)	)	PUNCT
fsr-3405	145	29	.	.	PUNCT
fsr-3405	146	1	we	we	PRON
fsr-3405	146	2	also	also	ADV
fsr-3405	146	3	use	use	VERB
fsr-3405	146	4	local	local	ADJ
fsr-3405	146	5	income	income	NOUN
fsr-3405	146	6	,	,	PUNCT
fsr-3405	146	7	which	which	PRON
fsr-3405	146	8	is	be	AUX
fsr-3405	146	9	the	the	DET
fsr-3405	146	10	median	median	ADJ
fsr-3405	146	11	household	household	NOUN
fsr-3405	146	12	income	income	NOUN
fsr-3405	146	13	in	in	ADP
fsr-3405	146	14	a	a	DET
fsr-3405	146	15	given	give	VERB
fsr-3405	146	16	firm	firm	ADJ
fsr-3405	146	17	county	county	NOUN
fsr-3405	146	18	.	.	PUNCT
fsr-3405	147	1	local	local	ADJ
fsr-3405	147	2	controls	control	NOUN
fsr-3405	147	3	also	also	ADV
fsr-3405	147	4	include	include	VERB
fsr-3405	147	5	log	log	NOUN
fsr-3405	147	6	of	of	ADP
fsr-3405	147	7	population	population	NOUN
fsr-3405	147	8	,	,	PUNCT
fsr-3405	147	9	which	which	PRON
fsr-3405	147	10	is	be	AUX
fsr-3405	147	11	the	the	DET
fsr-3405	147	12	logarithm	logarithm	NOUN
fsr-3405	147	13	of	of	ADP
fsr-3405	147	14	the	the	DET
fsr-3405	147	15	population	population	NOUN
fsr-3405	147	16	for	for	ADP
fsr-3405	147	17	a	a	DET
fsr-3405	147	18	given	give	VERB
fsr-3405	147	19	county	county	NOUN
fsr-3405	147	20	,	,	PUNCT
fsr-3405	147	21	and	and	CCONJ
fsr-3405	147	22	local	local	ADJ
fsr-3405	147	23	education	education	NOUN
fsr-3405	147	24	,	,	PUNCT
fsr-3405	147	25	which	which	PRON
fsr-3405	147	26	is	be	AUX
fsr-3405	147	27	the	the	DET
fsr-3405	147	28	fraction	fraction	NOUN
fsr-3405	147	29	of	of	ADP
fsr-3405	147	30	people	people	NOUN
fsr-3405	147	31	25	25	NUM
fsr-3405	147	32	years	year	NOUN
fsr-3405	147	33	and	and	CCONJ
fsr-3405	147	34	over	over	ADP
fsr-3405	147	35	having	have	VERB
fsr-3405	147	36	a	a	DET
fsr-3405	147	37	bachelor	bachelor	NOUN
fsr-3405	147	38	’s	’s	NOUN
fsr-3405	147	39	,	,	PUNCT
fsr-3405	147	40	graduate	graduate	NOUN
fsr-3405	147	41	,	,	PUNCT
fsr-3405	147	42	or	or	CCONJ
fsr-3405	147	43	professional	professional	ADJ
fsr-3405	147	44	or	or	CCONJ
fsr-3405	147	45	some	some	DET
fsr-3405	147	46	college	college	NOUN
fsr-3405	147	47	degree	degree	NOUN
fsr-3405	147	48	.	.	PUNCT
fsr-3405	148	1	table	table	NOUN
fsr-3405	148	2	1	1	NUM
fsr-3405	148	3	reports	report	NOUN
fsr-3405	148	4	summary	summary	NOUN
fsr-3405	148	5	statistics	statistic	NOUN
fsr-3405	148	6	of	of	ADP
fsr-3405	148	7	some	some	DET
fsr-3405	148	8	important	important	ADJ
fsr-3405	148	9	firm	firm	ADJ
fsr-3405	148	10	characteristics	characteristic	NOUN
fsr-3405	148	11	and	and	CCONJ
fsr-3405	148	12	local	local	ADJ
fsr-3405	148	13	creative	creative	ADJ
fsr-3405	148	14	culture	culture	NOUN
fsr-3405	148	15	as	as	SCONJ
fsr-3405	148	16	measured	measure	VERB
fsr-3405	148	17	by	by	ADP
fsr-3405	148	18	the	the	DET
fsr-3405	148	19	fraction	fraction	NOUN
fsr-3405	148	20	of	of	ADP
fsr-3405	148	21	local	local	ADJ
fsr-3405	148	22	creative	creative	ADJ
fsr-3405	148	23	class	class	NOUN
fsr-3405	148	24	.	.	PUNCT
fsr-3405	149	1	on	on	ADP
fsr-3405	149	2	average	average	ADJ
fsr-3405	149	3	,	,	PUNCT
fsr-3405	149	4	27	27	NUM
fsr-3405	149	5	%	%	NOUN
fsr-3405	149	6	of	of	ADP
fsr-3405	149	7	the	the	DET
fsr-3405	149	8	sample	sample	NOUN
fsr-3405	149	9	firms	firm	NOUN
fsr-3405	149	10	are	be	AUX
fsr-3405	149	11	dividend	dividend	NOUN
fsr-3405	149	12	payer	payer	NOUN
fsr-3405	149	13	firms	firm	NOUN
fsr-3405	149	14	with	with	ADP
fsr-3405	149	15	about	about	ADV
fsr-3405	149	16	1	1	NUM
fsr-3405	149	17	%	%	NOUN
fsr-3405	149	18	dividend	dividend	NOUN
fsr-3405	149	19	yield	yield	NOUN
fsr-3405	149	20	.	.	PUNCT
fsr-3405	150	1	on	on	ADP
fsr-3405	150	2	average	average	ADJ
fsr-3405	150	3	,	,	PUNCT
fsr-3405	150	4	2	2	NUM
fsr-3405	150	5	%	%	NOUN
fsr-3405	150	6	of	of	ADP
fsr-3405	150	7	the	the	DET
fsr-3405	150	8	table	table	NOUN
fsr-3405	150	9	1	1	NUM
fsr-3405	150	10	summary	summary	NOUN
fsr-3405	150	11	statistics	statistic	NOUN
fsr-3405	150	12	mean	mean	VERB
fsr-3405	150	13	25th	25th	PROPN
fsr-3405	150	14	percentile	percentile	ADJ
fsr-3405	150	15	median	median	PROPN
fsr-3405	150	16	75th	75th	ADJ
fsr-3405	150	17	percentile	percentile	ADJ
fsr-3405	150	18	standard	standard	ADJ
fsr-3405	150	19	deviation	deviation	NOUN
fsr-3405	150	20	creativeshare	creativeshare	VERB
fsr-3405	150	21	0.292	0.292	NUM
fsr-3405	150	22	0.248	0.248	NUM
fsr-3405	150	23	0.279	0.279	NUM
fsr-3405	150	24	0.335	0.335	NUM
fsr-3405	150	25	0.070	0.070	NUM
fsr-3405	150	26	dividend	dividend	NOUN
fsr-3405	150	27	payer	payer	NOUN
fsr-3405	150	28	0.275	0.275	NUM
fsr-3405	150	29	0.000	0.000	NUM
fsr-3405	150	30	0.000	0.000	NUM
fsr-3405	150	31	1.000	1.000	NUM
fsr-3405	150	32	0.446	0.446	NUM
fsr-3405	150	33	dividend	dividend	NOUN
fsr-3405	150	34	yield	yield	NOUN
fsr-3405	150	35	0.006	0.006	NUM
fsr-3405	150	36	0.000	0.000	NUM
fsr-3405	150	37	0.000	0.000	NUM
fsr-3405	150	38	0.005	0.005	NUM
fsr-3405	150	39	0.012	0.012	NUM
fsr-3405	150	40	dividend	dividend	NOUN
fsr-3405	150	41	initiation	initiation	NOUN
fsr-3405	150	42	0.023	0.023	NUM
fsr-3405	150	43	0.000	0.000	NUM
fsr-3405	150	44	0.000	0.000	NUM
fsr-3405	150	45	0.000	0.000	NUM
fsr-3405	150	46	0.149	0.149	NUM
fsr-3405	150	47	nye	nye	NOUN
fsr-3405	150	48	24.547	24.547	NUM
fsr-3405	150	49	3.000	3.000	NUM
fsr-3405	150	50	12.000	12.000	NUM
fsr-3405	150	51	39.000	39.000	NUM
fsr-3405	150	52	27.563	27.563	NUM
fsr-3405	150	53	m	m	PROPN
fsr-3405	150	54	/	/	SYM
fsr-3405	150	55	b	b	PROPN
fsr-3405	150	56	2.029	2.029	NUM
fsr-3405	150	57	1.085	1.085	NUM
fsr-3405	150	58	1.465	1.465	NUM
fsr-3405	150	59	2.235	2.235	NUM
fsr-3405	150	60	1.745	1.745	NUM
fsr-3405	150	61	roa	roa	NOUN
fsr-3405	150	62	0.054	0.054	NUM
fsr-3405	150	63	0.028	0.028	NUM
fsr-3405	150	64	0.109	0.109	NUM
fsr-3405	150	65	0.169	0.169	NUM
fsr-3405	150	66	0.238	0.238	NUM
fsr-3405	150	67	sales	sale	NOUN
fsr-3405	150	68	growth	growth	NOUN
fsr-3405	150	69	0.208	0.208	NUM
fsr-3405	150	70	�	�	NOUN
fsr-3405	150	71	0.024	0.024	NUM
fsr-3405	150	72	0.089	0.089	NUM
fsr-3405	150	73	0.250	0.250	NUM
fsr-3405	150	74	0.647	0.647	NUM
fsr-3405	150	75	total	total	ADJ
fsr-3405	150	76	assets	asset	NOUN
fsr-3405	150	77	(	(	PUNCT
fsr-3405	150	78	$	$	SYM
fsr-3405	150	79	mil	mil	NOUN
fsr-3405	150	80	)	)	PUNCT
fsr-3405	150	81	1,222.124	1,222.124	PROPN
fsr-3405	150	82	32.146	32.146	NUM
fsr-3405	150	83	129.586	129.586	NUM
fsr-3405	150	84	588.833	588.833	NUM
fsr-3405	150	85	3,799.233	3,799.233	NUM
fsr-3405	150	86	age	age	NOUN
fsr-3405	150	87	14.332	14.332	NUM
fsr-3405	150	88	4.441	4.441	NUM
fsr-3405	150	89	9.422	9.422	NUM
fsr-3405	150	90	19.641	19.641	NUM
fsr-3405	150	91	14.475	14.475	NUM
fsr-3405	150	92	note	note	NOUN
fsr-3405	150	93	:	:	PUNCT
fsr-3405	150	94	this	this	DET
fsr-3405	150	95	table	table	NOUN
fsr-3405	150	96	provides	provide	VERB
fsr-3405	150	97	summary	summary	NOUN
fsr-3405	150	98	statistics	statistic	NOUN
fsr-3405	150	99	of	of	ADP
fsr-3405	150	100	the	the	DET
fsr-3405	150	101	following	follow	VERB
fsr-3405	150	102	variables	variable	NOUN
fsr-3405	150	103	.	.	PUNCT
fsr-3405	151	1	creativeshare	creativeshare	NOUN
fsr-3405	151	2	measures	measure	VERB
fsr-3405	151	3	the	the	DET
fsr-3405	151	4	fraction	fraction	NOUN
fsr-3405	151	5	of	of	ADP
fsr-3405	151	6	the	the	DET
fsr-3405	151	7	creative	creative	ADJ
fsr-3405	151	8	class	class	NOUN
fsr-3405	151	9	in	in	ADP
fsr-3405	151	10	a	a	DET
fsr-3405	151	11	given	give	VERB
fsr-3405	151	12	firm	firm	ADJ
fsr-3405	151	13	county	county	NOUN
fsr-3405	151	14	.	.	PUNCT
fsr-3405	152	1	dividend	dividend	NOUN
fsr-3405	152	2	payer	payer	NOUN
fsr-3405	152	3	is	be	AUX
fsr-3405	152	4	a	a	DET
fsr-3405	152	5	dummy	dummy	ADJ
fsr-3405	152	6	variable	variable	NOUN
fsr-3405	152	7	that	that	PRON
fsr-3405	152	8	takes	take	VERB
fsr-3405	152	9	a	a	DET
fsr-3405	152	10	value	value	NOUN
fsr-3405	152	11	of	of	ADP
fsr-3405	152	12	one	one	NUM
fsr-3405	152	13	if	if	SCONJ
fsr-3405	152	14	the	the	DET
fsr-3405	152	15	total	total	ADJ
fsr-3405	152	16	amount	amount	NOUN
fsr-3405	152	17	of	of	ADP
fsr-3405	152	18	dividends	dividend	NOUN
fsr-3405	152	19	is	be	AUX
fsr-3405	152	20	greater	great	ADJ
fsr-3405	152	21	than	than	ADP
fsr-3405	152	22	zero	zero	NUM
fsr-3405	152	23	for	for	ADP
fsr-3405	152	24	a	a	DET
fsr-3405	152	25	given	give	VERB
fsr-3405	152	26	year	year	NOUN
fsr-3405	152	27	,	,	PUNCT
fsr-3405	152	28	and	and	CCONJ
fsr-3405	152	29	zero	zero	NUM
fsr-3405	152	30	otherwise	otherwise	ADV
fsr-3405	152	31	.	.	PUNCT
fsr-3405	153	1	dividend	dividend	NOUN
fsr-3405	153	2	yield	yield	NOUN
fsr-3405	153	3	is	be	AUX
fsr-3405	153	4	the	the	DET
fsr-3405	153	5	ratio	ratio	NOUN
fsr-3405	153	6	of	of	ADP
fsr-3405	153	7	total	total	ADJ
fsr-3405	153	8	dividends	dividend	NOUN
fsr-3405	153	9	to	to	PART
fsr-3405	153	10	lagged	lag	VERB
fsr-3405	153	11	market	market	NOUN
fsr-3405	153	12	value	value	NOUN
fsr-3405	153	13	.	.	PUNCT
fsr-3405	154	1	dividend	dividend	NOUN
fsr-3405	154	2	initiation	initiation	NOUN
fsr-3405	154	3	is	be	AUX
fsr-3405	154	4	a	a	DET
fsr-3405	154	5	dummy	dummy	ADJ
fsr-3405	154	6	variable	variable	NOUN
fsr-3405	154	7	that	that	PRON
fsr-3405	154	8	takes	take	VERB
fsr-3405	154	9	a	a	DET
fsr-3405	154	10	value	value	NOUN
fsr-3405	154	11	of	of	ADP
fsr-3405	154	12	one	one	NUM
fsr-3405	154	13	if	if	SCONJ
fsr-3405	154	14	a	a	DET
fsr-3405	154	15	non	non	ADJ
fsr-3405	154	16	-	-	ADJ
fsr-3405	154	17	dividend	dividend	ADJ
fsr-3405	154	18	payer	payer	NOUN
fsr-3405	154	19	firm	firm	NOUN
fsr-3405	154	20	in	in	ADP
fsr-3405	154	21	the	the	DET
fsr-3405	154	22	previous	previous	ADJ
fsr-3405	154	23	year	year	NOUN
fsr-3405	154	24	becomes	become	VERB
fsr-3405	154	25	a	a	DET
fsr-3405	154	26	dividend	dividend	NOUN
fsr-3405	154	27	payer	payer	NOUN
fsr-3405	154	28	in	in	ADP
fsr-3405	154	29	the	the	DET
fsr-3405	154	30	current	current	ADJ
fsr-3405	154	31	year	year	NOUN
fsr-3405	154	32	,	,	PUNCT
fsr-3405	154	33	and	and	CCONJ
fsr-3405	154	34	zero	zero	NUM
fsr-3405	154	35	if	if	SCONJ
fsr-3405	154	36	a	a	DET
fsr-3405	154	37	non	non	ADJ
fsr-3405	154	38	-	-	ADJ
fsr-3405	154	39	dividend	dividend	ADJ
fsr-3405	154	40	payer	payer	NOUN
fsr-3405	154	41	firm	firm	NOUN
fsr-3405	154	42	in	in	ADP
fsr-3405	154	43	the	the	DET
fsr-3405	154	44	previous	previous	ADJ
fsr-3405	154	45	year	year	NOUN
fsr-3405	154	46	stays	stay	VERB
fsr-3405	154	47	as	as	ADP
fsr-3405	154	48	non	non	ADJ
fsr-3405	154	49	-	-	ADJ
fsr-3405	154	50	dividend	dividend	ADJ
fsr-3405	154	51	payer	payer	NOUN
fsr-3405	154	52	firm	firm	NOUN
fsr-3405	154	53	in	in	ADP
fsr-3405	154	54	the	the	DET
fsr-3405	154	55	current	current	ADJ
fsr-3405	154	56	year	year	NOUN
fsr-3405	154	57	.	.	PUNCT
fsr-3405	155	1	nye	nye	PROPN
fsr-3405	155	2	is	be	AUX
fsr-3405	155	3	defined	define	VERB
fsr-3405	155	4	as	as	ADP
fsr-3405	155	5	the	the	DET
fsr-3405	155	6	measure	measure	NOUN
fsr-3405	155	7	of	of	ADP
fsr-3405	155	8	firm	firm	ADJ
fsr-3405	155	9	size	size	NOUN
fsr-3405	155	10	based	base	VERB
fsr-3405	155	11	on	on	ADP
fsr-3405	155	12	the	the	DET
fsr-3405	155	13	nyse	nyse	PROPN
fsr-3405	155	14	equity	equity	NOUN
fsr-3405	155	15	percentiles	percentile	NOUN
fsr-3405	155	16	for	for	ADP
fsr-3405	155	17	the	the	DET
fsr-3405	155	18	corresponding	corresponding	ADJ
fsr-3405	155	19	period	period	NOUN
fsr-3405	155	20	.	.	PUNCT
fsr-3405	156	1	m	m	X
fsr-3405	156	2	/	/	SYM
fsr-3405	156	3	b	b	PROPN
fsr-3405	156	4	is	be	AUX
fsr-3405	156	5	defined	define	VERB
fsr-3405	156	6	as	as	ADP
fsr-3405	156	7	the	the	DET
fsr-3405	156	8	ratio	ratio	NOUN
fsr-3405	156	9	of	of	ADP
fsr-3405	156	10	the	the	DET
fsr-3405	156	11	market	market	NOUN
fsr-3405	156	12	to	to	ADP
fsr-3405	156	13	book	book	NOUN
fsr-3405	156	14	value	value	NOUN
fsr-3405	156	15	of	of	ADP
fsr-3405	156	16	assets	asset	NOUN
fsr-3405	156	17	in	in	ADP
fsr-3405	156	18	which	which	PRON
fsr-3405	156	19	market	market	NOUN
fsr-3405	156	20	value	value	NOUN
fsr-3405	156	21	of	of	ADP
fsr-3405	156	22	assets	asset	NOUN
fsr-3405	156	23	is	be	AUX
fsr-3405	156	24	calculated	calculate	VERB
fsr-3405	156	25	as	as	ADP
fsr-3405	156	26	the	the	DET
fsr-3405	156	27	market	market	NOUN
fsr-3405	156	28	value	value	NOUN
fsr-3405	156	29	of	of	ADP
fsr-3405	156	30	equity	equity	NOUN
fsr-3405	156	31	plus	plus	CCONJ
fsr-3405	156	32	total	total	ADJ
fsr-3405	156	33	assets	asset	NOUN
fsr-3405	156	34	minus	minus	ADP
fsr-3405	156	35	total	total	ADJ
fsr-3405	156	36	equity	equity	NOUN
fsr-3405	156	37	.	.	PUNCT
fsr-3405	157	1	roa	roa	PROPN
fsr-3405	157	2	is	be	AUX
fsr-3405	157	3	defined	define	VERB
fsr-3405	157	4	as	as	ADP
fsr-3405	157	5	the	the	DET
fsr-3405	157	6	return	return	NOUN
fsr-3405	157	7	on	on	ADP
fsr-3405	157	8	assets	asset	NOUN
fsr-3405	157	9	as	as	SCONJ
fsr-3405	157	10	calculated	calculate	VERB
fsr-3405	157	11	by	by	ADP
fsr-3405	157	12	income	income	NOUN
fsr-3405	157	13	before	before	ADP
fsr-3405	157	14	depreciation	depreciation	NOUN
fsr-3405	157	15	divided	divide	VERB
fsr-3405	157	16	by	by	ADP
fsr-3405	157	17	the	the	DET
fsr-3405	157	18	total	total	ADJ
fsr-3405	157	19	assets	asset	NOUN
fsr-3405	157	20	for	for	ADP
fsr-3405	157	21	a	a	DET
fsr-3405	157	22	given	give	VERB
fsr-3405	157	23	year	year	NOUN
fsr-3405	157	24	.	.	PUNCT
fsr-3405	158	1	sales	sale	NOUN
fsr-3405	158	2	growth	growth	NOUN
fsr-3405	158	3	is	be	AUX
fsr-3405	158	4	defined	define	VERB
fsr-3405	158	5	as	as	ADP
fsr-3405	158	6	the	the	DET
fsr-3405	158	7	sales	sale	NOUN
fsr-3405	158	8	growth	growth	NOUN
fsr-3405	158	9	rate	rate	NOUN
fsr-3405	158	10	calculated	calculate	VERB
fsr-3405	158	11	as	as	ADP
fsr-3405	158	12	the	the	DET
fsr-3405	158	13	change	change	NOUN
fsr-3405	158	14	in	in	ADP
fsr-3405	158	15	the	the	DET
fsr-3405	158	16	previous	previous	ADJ
fsr-3405	158	17	and	and	CCONJ
fsr-3405	158	18	current	current	ADJ
fsr-3405	158	19	year	year	NOUN
fsr-3405	158	20	’s	’s	PART
fsr-3405	158	21	figures	figure	NOUN
fsr-3405	158	22	.	.	PUNCT
fsr-3405	159	1	firm	firm	ADJ
fsr-3405	159	2	age	age	NOUN
fsr-3405	159	3	is	be	AUX
fsr-3405	159	4	the	the	DET
fsr-3405	159	5	time	time	NOUN
fsr-3405	159	6	between	between	ADP
fsr-3405	159	7	the	the	DET
fsr-3405	159	8	date	date	NOUN
fsr-3405	159	9	that	that	PRON
fsr-3405	159	10	a	a	DET
fsr-3405	159	11	firm	firm	NOUN
fsr-3405	159	12	is	be	AUX
fsr-3405	159	13	listed	list	VERB
fsr-3405	159	14	on	on	ADP
fsr-3405	159	15	the	the	DET
fsr-3405	159	16	crsp	crsp	NOUN
fsr-3405	159	17	and	and	CCONJ
fsr-3405	159	18	the	the	DET
fsr-3405	159	19	current	current	ADJ
fsr-3405	159	20	year	year	NOUN
fsr-3405	159	21	.	.	PUNCT
fsr-3405	160	1	374	374	NUM
fsr-3405	160	2	e.	e.	PROPN
fsr-3405	160	3	ucar	ucar	PROPN
fsr-3405	160	4	,	,	PUNCT
fsr-3405	160	5	a.	a.	PROPN
fsr-3405	160	6	staer	staer	PROPN
fsr-3405	160	7	/	/	SYM
fsr-3405	160	8	financial	financial	ADJ
fsr-3405	160	9	services	service	NOUN
fsr-3405	160	10	review	review	VERB
fsr-3405	160	11	27	27	NUM
fsr-3405	160	12	(	(	PUNCT
fsr-3405	160	13	2018	2018	NUM
fsr-3405	160	14	)	)	PUNCT
fsr-3405	160	15	367	367	NUM
fsr-3405	160	16	-	-	SYM
fsr-3405	160	17	389	389	NUM
fsr-3405	160	18	sample	sample	NOUN
fsr-3405	160	19	firms	firm	NOUN
fsr-3405	160	20	initiate	initiate	VERB
fsr-3405	160	21	dividends	dividend	NOUN
fsr-3405	160	22	during	during	ADP
fsr-3405	160	23	the	the	DET
fsr-3405	160	24	sample	sample	NOUN
fsr-3405	160	25	years	year	NOUN
fsr-3405	160	26	.	.	PUNCT
fsr-3405	161	1	the	the	DET
fsr-3405	161	2	fraction	fraction	NOUN
fsr-3405	161	3	of	of	ADP
fsr-3405	161	4	the	the	DET
fsr-3405	161	5	creative	creative	ADJ
fsr-3405	161	6	class	class	NOUN
fsr-3405	161	7	,	,	PUNCT
fsr-3405	161	8	as	as	SCONJ
fsr-3405	161	9	measured	measure	VERB
fsr-3405	161	10	by	by	ADP
fsr-3405	161	11	creativeshare	creativeshare	PROPN
fsr-3405	161	12	,	,	PUNCT
fsr-3405	161	13	in	in	ADP
fsr-3405	161	14	an	an	DET
fsr-3405	161	15	average	average	ADJ
fsr-3405	161	16	firm	firm	ADJ
fsr-3405	161	17	location	location	NOUN
fsr-3405	161	18	is	be	AUX
fsr-3405	161	19	about	about	ADV
fsr-3405	161	20	29	29	NUM
fsr-3405	161	21	%	%	NOUN
fsr-3405	161	22	.	.	PUNCT
fsr-3405	162	1	on	on	ADP
fsr-3405	162	2	average	average	ADJ
fsr-3405	162	3	,	,	PUNCT
fsr-3405	162	4	sample	sample	NOUN
fsr-3405	162	5	firms	firm	NOUN
fsr-3405	162	6	have	have	VERB
fsr-3405	162	7	an	an	DET
fsr-3405	162	8	equity	equity	NOUN
fsr-3405	162	9	value	value	NOUN
fsr-3405	162	10	that	that	PRON
fsr-3405	162	11	is	be	AUX
fsr-3405	162	12	equal	equal	ADJ
fsr-3405	162	13	to	to	ADP
fsr-3405	162	14	about	about	ADP
fsr-3405	162	15	the	the	DET
fsr-3405	162	16	25th	25th	ADJ
fsr-3405	162	17	percentile	percentile	NOUN
fsr-3405	162	18	of	of	ADP
fsr-3405	162	19	the	the	DET
fsr-3405	162	20	nyse	nyse	PROPN
fsr-3405	162	21	equity	equity	PROPN
fsr-3405	162	22	size	size	NOUN
fsr-3405	162	23	distribution	distribution	NOUN
fsr-3405	162	24	in	in	ADP
fsr-3405	162	25	a	a	DET
fsr-3405	162	26	given	give	VERB
fsr-3405	162	27	year	year	NOUN
fsr-3405	162	28	.	.	PUNCT
fsr-3405	163	1	the	the	DET
fsr-3405	163	2	average	average	ADJ
fsr-3405	163	3	sample	sample	NOUN
fsr-3405	163	4	firm	firm	NOUN
fsr-3405	163	5	’s	’s	PART
fsr-3405	163	6	market	market	NOUN
fsr-3405	163	7	-	-	PUNCT
fsr-3405	163	8	to	to	ADP
fsr-3405	163	9	-	-	PUNCT
fsr-3405	163	10	book	book	NOUN
fsr-3405	163	11	ratio	ratio	NOUN
fsr-3405	163	12	is	be	AUX
fsr-3405	163	13	about	about	ADV
fsr-3405	163	14	two	two	NUM
fsr-3405	163	15	with	with	ADP
fsr-3405	163	16	5.4	5.4	NUM
fsr-3405	163	17	%	%	NOUN
fsr-3405	163	18	roa	roa	NOUN
fsr-3405	163	19	and	and	CCONJ
fsr-3405	163	20	21	21	NUM
fsr-3405	163	21	%	%	NOUN
fsr-3405	163	22	sales	sale	NOUN
fsr-3405	163	23	growth	growth	NOUN
fsr-3405	163	24	.	.	PUNCT
fsr-3405	164	1	on	on	ADP
fsr-3405	164	2	average	average	ADJ
fsr-3405	164	3	,	,	PUNCT
fsr-3405	164	4	the	the	DET
fsr-3405	164	5	sample	sample	NOUN
fsr-3405	164	6	has	have	VERB
fsr-3405	164	7	about	about	ADV
fsr-3405	164	8	$	$	SYM
fsr-3405	164	9	1.2	1.2	NUM
fsr-3405	164	10	billion	billion	NUM
fsr-3405	164	11	in	in	ADP
fsr-3405	164	12	total	total	ADJ
fsr-3405	164	13	assets	asset	NOUN
fsr-3405	164	14	.	.	PUNCT
fsr-3405	165	1	the	the	DET
fsr-3405	165	2	average	average	ADJ
fsr-3405	165	3	firm	firm	ADJ
fsr-3405	165	4	age	age	NOUN
fsr-3405	165	5	is	be	AUX
fsr-3405	165	6	about	about	ADV
fsr-3405	165	7	14.3	14.3	NUM
fsr-3405	165	8	years	year	NOUN
fsr-3405	165	9	.	.	PUNCT
fsr-3405	166	1	overall	overall	ADJ
fsr-3405	166	2	,	,	PUNCT
fsr-3405	166	3	table	table	NOUN
fsr-3405	166	4	1	1	NUM
fsr-3405	166	5	presents	present	NOUN
fsr-3405	166	6	summary	summary	NOUN
fsr-3405	166	7	statistics	statistic	NOUN
fsr-3405	166	8	consistent	consistent	ADJ
fsr-3405	166	9	with	with	ADP
fsr-3405	166	10	prior	prior	ADJ
fsr-3405	166	11	literature	literature	NOUN
fsr-3405	166	12	.	.	PUNCT
fsr-3405	167	1	3	3	X
fsr-3405	167	2	.	.	X
fsr-3405	167	3	empirical	empirical	ADJ
fsr-3405	167	4	results	result	NOUN
fsr-3405	167	5	3.1	3.1	NUM
fsr-3405	167	6	.	.	PUNCT
fsr-3405	168	1	main	main	ADJ
fsr-3405	168	2	tests	test	NOUN
fsr-3405	168	3	first	first	ADV
fsr-3405	168	4	,	,	PUNCT
fsr-3405	168	5	in	in	ADP
fsr-3405	168	6	this	this	DET
fsr-3405	168	7	section	section	NOUN
fsr-3405	168	8	,	,	PUNCT
fsr-3405	168	9	we	we	PRON
fsr-3405	168	10	present	present	VERB
fsr-3405	168	11	the	the	DET
fsr-3405	168	12	main	main	ADJ
fsr-3405	168	13	tests	test	NOUN
fsr-3405	168	14	of	of	ADP
fsr-3405	168	15	the	the	DET
fsr-3405	168	16	impact	impact	NOUN
fsr-3405	168	17	of	of	ADP
fsr-3405	168	18	local	local	ADJ
fsr-3405	168	19	risk	risk	NOUN
fsr-3405	168	20	-	-	PUNCT
fsr-3405	168	21	taking	taking	NOUN
fsr-3405	168	22	induced	induce	VERB
fsr-3405	168	23	by	by	ADP
fsr-3405	168	24	creative	creative	ADJ
fsr-3405	168	25	culture	culture	NOUN
fsr-3405	168	26	on	on	ADP
fsr-3405	168	27	dividend	dividend	NOUN
fsr-3405	168	28	payout	payout	NOUN
fsr-3405	168	29	policy	policy	NOUN
fsr-3405	168	30	variables	variable	NOUN
fsr-3405	168	31	in	in	ADP
fsr-3405	168	32	table	table	NOUN
fsr-3405	168	33	2	2	NUM
fsr-3405	168	34	.	.	PUNCT
fsr-3405	169	1	we	we	PRON
fsr-3405	169	2	employ	employ	VERB
fsr-3405	169	3	an	an	DET
fsr-3405	169	4	empirical	empirical	ADJ
fsr-3405	169	5	model	model	NOUN
fsr-3405	169	6	similar	similar	ADJ
fsr-3405	169	7	to	to	ADP
fsr-3405	169	8	the	the	DET
fsr-3405	169	9	one	one	NOUN
fsr-3405	169	10	used	use	VERB
fsr-3405	169	11	in	in	ADP
fsr-3405	169	12	the	the	DET
fsr-3405	169	13	related	relate	VERB
fsr-3405	169	14	literature	literature	NOUN
fsr-3405	169	15	(	(	PUNCT
fsr-3405	169	16	e.g.	e.g.	ADV
fsr-3405	169	17	,	,	PUNCT
fsr-3405	169	18	becker	becker	NOUN
fsr-3405	169	19	,	,	PUNCT
fsr-3405	169	20	ivković	ivković	ADJ
fsr-3405	169	21	,	,	PUNCT
fsr-3405	169	22	and	and	CCONJ
fsr-3405	169	23	weisbenner	weisbenner	NOUN
fsr-3405	169	24	,	,	PUNCT
fsr-3405	169	25	2011a	2011a	NUM
fsr-3405	169	26	;	;	PUNCT
fsr-3405	169	27	ucar	ucar	PROPN
fsr-3405	169	28	,	,	PUNCT
fsr-3405	169	29	2016	2016	NUM
fsr-3405	169	30	)	)	PUNCT
fsr-3405	169	31	.	.	PUNCT
fsr-3405	170	1	the	the	DET
fsr-3405	170	2	main	main	ADJ
fsr-3405	170	3	control	control	NOUN
fsr-3405	170	4	variables	variable	NOUN
fsr-3405	170	5	include	include	VERB
fsr-3405	170	6	net	net	ADJ
fsr-3405	170	7	income	income	NOUN
fsr-3405	170	8	,	,	PUNCT
fsr-3405	170	9	cash	cash	NOUN
fsr-3405	170	10	,	,	PUNCT
fsr-3405	170	11	q	q	NOUN
fsr-3405	170	12	,	,	PUNCT
fsr-3405	170	13	debt	debt	NOUN
fsr-3405	170	14	,	,	PUNCT
fsr-3405	170	15	volatility	volatility	NOUN
fsr-3405	170	16	,	,	PUNCT
fsr-3405	170	17	lagged	lag	VERB
fsr-3405	170	18	return	return	NOUN
fsr-3405	170	19	,	,	PUNCT
fsr-3405	170	20	log	log	NOUN
fsr-3405	170	21	of	of	ADP
fsr-3405	170	22	mv	mv	PROPN
fsr-3405	170	23	,	,	PUNCT
fsr-3405	170	24	log	log	NOUN
fsr-3405	170	25	of	of	ADP
fsr-3405	170	26	assets	asset	NOUN
fsr-3405	170	27	,	,	PUNCT
fsr-3405	170	28	asset	asset	NOUN
fsr-3405	170	29	growth	growth	NOUN
fsr-3405	170	30	,	,	PUNCT
fsr-3405	170	31	and	and	CCONJ
fsr-3405	170	32	also	also	ADV
fsr-3405	170	33	firm	firm	ADJ
fsr-3405	170	34	age	age	NOUN
fsr-3405	170	35	indicator	indicator	NOUN
fsr-3405	170	36	variables.14	variables.14	PROPN
fsr-3405	170	37	the	the	DET
fsr-3405	170	38	main	main	ADJ
fsr-3405	170	39	tests	test	NOUN
fsr-3405	170	40	also	also	ADV
fsr-3405	170	41	include	include	VERB
fsr-3405	170	42	state	state	NOUN
fsr-3405	170	43	,	,	PUNCT
fsr-3405	170	44	industry	industry	NOUN
fsr-3405	170	45	,	,	PUNCT
fsr-3405	170	46	and	and	CCONJ
fsr-3405	170	47	year	year	NOUN
fsr-3405	170	48	fixed	fix	VERB
fsr-3405	170	49	effects	effect	NOUN
fsr-3405	170	50	.	.	PUNCT
fsr-3405	171	1	standard	standard	ADJ
fsr-3405	171	2	errors	error	NOUN
fsr-3405	171	3	are	be	AUX
fsr-3405	171	4	adjusted	adjust	VERB
fsr-3405	171	5	for	for	ADP
fsr-3405	171	6	heteroskedasticity	heteroskedasticity	NOUN
fsr-3405	171	7	and	and	CCONJ
fsr-3405	171	8	clustered	cluster	VERB
fsr-3405	171	9	at	at	ADP
fsr-3405	171	10	the	the	DET
fsr-3405	171	11	firm	firm	ADJ
fsr-3405	171	12	level	level	NOUN
fsr-3405	171	13	.	.	PUNCT
fsr-3405	172	1	the	the	DET
fsr-3405	172	2	dependent	dependent	ADJ
fsr-3405	172	3	variables	variable	NOUN
fsr-3405	172	4	are	be	AUX
fsr-3405	172	5	dividend	dividend	NOUN
fsr-3405	172	6	payer	payer	NOUN
fsr-3405	172	7	,	,	PUNCT
fsr-3405	172	8	dividend	dividend	NOUN
fsr-3405	172	9	yield	yield	NOUN
fsr-3405	172	10	,	,	PUNCT
fsr-3405	172	11	and	and	CCONJ
fsr-3405	172	12	dividend	dividend	NOUN
fsr-3405	172	13	initiation	initiation	NOUN
fsr-3405	172	14	for	for	ADP
fsr-3405	172	15	columns	column	NOUN
fsr-3405	172	16	1	1	NUM
fsr-3405	172	17	,	,	PUNCT
fsr-3405	172	18	2	2	NUM
fsr-3405	172	19	,	,	PUNCT
fsr-3405	172	20	and	and	CCONJ
fsr-3405	172	21	3	3	NUM
fsr-3405	172	22	,	,	PUNCT
fsr-3405	172	23	respectively	respectively	ADV
fsr-3405	172	24	.	.	PUNCT
fsr-3405	173	1	the	the	DET
fsr-3405	173	2	main	main	ADJ
fsr-3405	173	3	variable	variable	NOUN
fsr-3405	173	4	of	of	ADP
fsr-3405	173	5	interest	interest	NOUN
fsr-3405	173	6	is	be	AUX
fsr-3405	173	7	creativeshare	creativeshare	NOUN
fsr-3405	173	8	that	that	PRON
fsr-3405	173	9	is	be	AUX
fsr-3405	173	10	a	a	DET
fsr-3405	173	11	measure	measure	NOUN
fsr-3405	173	12	of	of	ADP
fsr-3405	173	13	local	local	ADJ
fsr-3405	173	14	creative	creative	ADJ
fsr-3405	173	15	culture	culture	NOUN
fsr-3405	173	16	in	in	ADP
fsr-3405	173	17	a	a	DET
fsr-3405	173	18	given	give	VERB
fsr-3405	173	19	year	year	NOUN
fsr-3405	173	20	and	and	CCONJ
fsr-3405	173	21	defined	define	VERB
fsr-3405	173	22	as	as	ADP
fsr-3405	173	23	the	the	DET
fsr-3405	173	24	fraction	fraction	NOUN
fsr-3405	173	25	of	of	ADP
fsr-3405	173	26	the	the	DET
fsr-3405	173	27	creative	creative	ADJ
fsr-3405	173	28	class	class	NOUN
fsr-3405	173	29	in	in	ADP
fsr-3405	173	30	a	a	DET
fsr-3405	173	31	given	give	VERB
fsr-3405	173	32	firm	firm	NOUN
fsr-3405	173	33	’s	’s	PART
fsr-3405	173	34	county	county	NOUN
fsr-3405	173	35	.	.	PUNCT
fsr-3405	174	1	we	we	PRON
fsr-3405	174	2	use	use	VERB
fsr-3405	174	3	a	a	DET
fsr-3405	174	4	logit	logit	NOUN
fsr-3405	174	5	regression	regression	NOUN
fsr-3405	174	6	model	model	NOUN
fsr-3405	174	7	for	for	ADP
fsr-3405	174	8	dividend	dividend	NOUN
fsr-3405	174	9	payer	payer	NOUN
fsr-3405	174	10	and	and	CCONJ
fsr-3405	174	11	dividend	dividend	NOUN
fsr-3405	174	12	initiation	initiation	NOUN
fsr-3405	174	13	tests	test	NOUN
fsr-3405	174	14	and	and	CCONJ
fsr-3405	174	15	an	an	DET
fsr-3405	174	16	ols	ols	NOUN
fsr-3405	174	17	model	model	NOUN
fsr-3405	174	18	for	for	ADP
fsr-3405	174	19	dividend	dividend	NOUN
fsr-3405	174	20	yield	yield	NOUN
fsr-3405	174	21	test	test	NOUN
fsr-3405	174	22	in	in	ADP
fsr-3405	174	23	this	this	DET
fsr-3405	174	24	table	table	NOUN
fsr-3405	174	25	as	as	ADV
fsr-3405	174	26	well	well	ADV
fsr-3405	174	27	as	as	ADP
fsr-3405	174	28	the	the	DET
fsr-3405	174	29	following	follow	VERB
fsr-3405	174	30	tables	table	NOUN
fsr-3405	174	31	.	.	PUNCT
fsr-3405	175	1	creativeshare	creativeshare	PROPN
fsr-3405	175	2	is	be	AUX
fsr-3405	175	3	negative	negative	ADJ
fsr-3405	175	4	and	and	CCONJ
fsr-3405	175	5	statistically	statistically	ADV
fsr-3405	175	6	significant	significant	ADJ
fsr-3405	175	7	in	in	ADP
fsr-3405	175	8	all	all	DET
fsr-3405	175	9	three	three	NUM
fsr-3405	175	10	columns	column	NOUN
fsr-3405	175	11	.	.	PUNCT
fsr-3405	176	1	this	this	DET
fsr-3405	176	2	result	result	NOUN
fsr-3405	176	3	demonstrates	demonstrate	VERB
fsr-3405	176	4	a	a	DET
fsr-3405	176	5	negative	negative	ADJ
fsr-3405	176	6	relationship	relationship	NOUN
fsr-3405	176	7	between	between	ADP
fsr-3405	176	8	dividend	dividend	NOUN
fsr-3405	176	9	payout	payout	NOUN
fsr-3405	176	10	variables	variable	NOUN
fsr-3405	176	11	and	and	CCONJ
fsr-3405	176	12	local	local	ADJ
fsr-3405	176	13	risktaking	risktaking	NOUN
fsr-3405	176	14	.	.	PUNCT
fsr-3405	177	1	firms	firm	NOUN
fsr-3405	177	2	located	locate	VERB
fsr-3405	177	3	in	in	ADP
fsr-3405	177	4	areas	area	NOUN
fsr-3405	177	5	with	with	ADP
fsr-3405	177	6	a	a	DET
fsr-3405	177	7	more	more	ADV
fsr-3405	177	8	prominent	prominent	ADJ
fsr-3405	177	9	creative	creative	ADJ
fsr-3405	177	10	culture	culture	NOUN
fsr-3405	177	11	are	be	AUX
fsr-3405	177	12	less	less	ADV
fsr-3405	177	13	likely	likely	ADJ
fsr-3405	177	14	to	to	PART
fsr-3405	177	15	be	be	AUX
fsr-3405	177	16	dividend	dividend	NOUN
fsr-3405	177	17	payers	payer	NOUN
fsr-3405	177	18	and	and	CCONJ
fsr-3405	177	19	to	to	PART
fsr-3405	177	20	initiate	initiate	VERB
fsr-3405	177	21	dividends	dividend	NOUN
fsr-3405	177	22	,	,	PUNCT
fsr-3405	177	23	and	and	CCONJ
fsr-3405	177	24	they	they	PRON
fsr-3405	177	25	have	have	VERB
fsr-3405	177	26	lower	low	ADJ
fsr-3405	177	27	levels	level	NOUN
fsr-3405	177	28	of	of	ADP
fsr-3405	177	29	dividend	dividend	NOUN
fsr-3405	177	30	yields	yield	NOUN
fsr-3405	177	31	.	.	PUNCT
fsr-3405	178	1	the	the	DET
fsr-3405	178	2	economic	economic	ADJ
fsr-3405	178	3	significance	significance	NOUN
fsr-3405	178	4	of	of	ADP
fsr-3405	178	5	coefficients	coefficient	NOUN
fsr-3405	178	6	can	can	AUX
fsr-3405	178	7	not	not	PART
fsr-3405	178	8	be	be	AUX
fsr-3405	178	9	directly	directly	ADV
fsr-3405	178	10	interpreted	interpret	VERB
fsr-3405	178	11	by	by	ADP
fsr-3405	178	12	looking	look	VERB
fsr-3405	178	13	at	at	ADP
fsr-3405	178	14	coefficient	coefficient	NOUN
fsr-3405	178	15	magnitudes	magnitude	NOUN
fsr-3405	178	16	in	in	ADP
fsr-3405	178	17	logit	logit	NOUN
fsr-3405	178	18	regressions	regression	NOUN
fsr-3405	178	19	.	.	PUNCT
fsr-3405	179	1	to	to	PART
fsr-3405	179	2	understand	understand	VERB
fsr-3405	179	3	the	the	DET
fsr-3405	179	4	economic	economic	ADJ
fsr-3405	179	5	importance	importance	NOUN
fsr-3405	179	6	of	of	ADP
fsr-3405	179	7	variables	variable	NOUN
fsr-3405	179	8	,	,	PUNCT
fsr-3405	179	9	it	it	PRON
fsr-3405	179	10	is	be	AUX
fsr-3405	179	11	easier	easy	ADJ
fsr-3405	179	12	and	and	CCONJ
fsr-3405	179	13	better	well	ADJ
fsr-3405	179	14	to	to	PART
fsr-3405	179	15	focus	focus	VERB
fsr-3405	179	16	on	on	ADP
fsr-3405	179	17	the	the	DET
fsr-3405	179	18	change	change	NOUN
fsr-3405	179	19	in	in	ADP
fsr-3405	179	20	odds	odd	NOUN
fsr-3405	179	21	for	for	ADP
fsr-3405	179	22	the	the	DET
fsr-3405	179	23	dependent	dependent	ADJ
fsr-3405	179	24	variable	variable	NOUN
fsr-3405	179	25	by	by	ADP
fsr-3405	179	26	using	use	VERB
fsr-3405	179	27	a	a	DET
fsr-3405	179	28	one	one	NUM
fsr-3405	179	29	standard	standard	ADJ
fsr-3405	179	30	deviation	deviation	NOUN
fsr-3405	179	31	change	change	NOUN
fsr-3405	179	32	in	in	ADP
fsr-3405	179	33	a	a	DET
fsr-3405	179	34	given	give	VERB
fsr-3405	179	35	independent	independent	ADJ
fsr-3405	179	36	variable	variable	NOUN
fsr-3405	179	37	.	.	PUNCT
fsr-3405	180	1	we	we	PRON
fsr-3405	180	2	use	use	VERB
fsr-3405	180	3	this	this	DET
fsr-3405	180	4	approach	approach	NOUN
fsr-3405	180	5	in	in	ADP
fsr-3405	180	6	interpreting	interpret	VERB
fsr-3405	180	7	economic	economic	ADJ
fsr-3405	180	8	values	value	NOUN
fsr-3405	180	9	of	of	ADP
fsr-3405	180	10	coefficients	coefficient	NOUN
fsr-3405	180	11	in	in	ADP
fsr-3405	180	12	this	this	DET
fsr-3405	180	13	table	table	NOUN
fsr-3405	180	14	and	and	CCONJ
fsr-3405	180	15	also	also	ADV
fsr-3405	180	16	the	the	DET
fsr-3405	180	17	other	other	ADJ
fsr-3405	180	18	tables	table	NOUN
fsr-3405	180	19	of	of	ADP
fsr-3405	180	20	this	this	DET
fsr-3405	180	21	paper	paper	NOUN
fsr-3405	180	22	.	.	PUNCT
fsr-3405	181	1	column	column	NOUN
fsr-3405	181	2	1	1	NUM
fsr-3405	181	3	of	of	ADP
fsr-3405	181	4	table	table	NOUN
fsr-3405	181	5	2	2	NUM
fsr-3405	181	6	suggests	suggest	VERB
fsr-3405	181	7	that	that	SCONJ
fsr-3405	181	8	a	a	DET
fsr-3405	181	9	one	one	NUM
fsr-3405	181	10	standard	standard	ADJ
fsr-3405	181	11	deviation	deviation	NOUN
fsr-3405	181	12	increase	increase	NOUN
fsr-3405	181	13	in	in	ADP
fsr-3405	181	14	creative	creative	ADJ
fsr-3405	181	15	share	share	NOUN
fsr-3405	181	16	in	in	ADP
fsr-3405	181	17	a	a	DET
fsr-3405	181	18	firm	firm	NOUN
fsr-3405	181	19	’s	’s	PART
fsr-3405	181	20	county	county	NOUN
fsr-3405	181	21	is	be	AUX
fsr-3405	181	22	associated	associate	VERB
fsr-3405	181	23	with	with	ADP
fsr-3405	181	24	a	a	DET
fsr-3405	181	25	17.4	17.4	NUM
fsr-3405	181	26	%	%	NOUN
fsr-3405	181	27	less	less	ADJ
fsr-3405	181	28	likelihood	likelihood	NOUN
fsr-3405	181	29	in	in	ADP
fsr-3405	181	30	the	the	DET
fsr-3405	181	31	odds	odd	NOUN
fsr-3405	181	32	that	that	SCONJ
fsr-3405	181	33	a	a	DET
fsr-3405	181	34	firm	firm	NOUN
fsr-3405	181	35	pays	pay	VERB
fsr-3405	181	36	dividends	dividend	NOUN
fsr-3405	181	37	compared	compare	VERB
fsr-3405	181	38	with	with	ADP
fsr-3405	181	39	another	another	DET
fsr-3405	181	40	firm	firm	NOUN
fsr-3405	181	41	located	locate	VERB
fsr-3405	181	42	in	in	ADP
fsr-3405	181	43	a	a	DET
fsr-3405	181	44	county	county	NOUN
fsr-3405	181	45	with	with	ADP
fsr-3405	181	46	lower	low	ADJ
fsr-3405	181	47	creative	creative	ADJ
fsr-3405	181	48	share	share	NOUN
fsr-3405	181	49	.	.	PUNCT
fsr-3405	182	1	similarly	similarly	ADV
fsr-3405	182	2	,	,	PUNCT
fsr-3405	182	3	column	column	NOUN
fsr-3405	182	4	3	3	NUM
fsr-3405	182	5	indicates	indicate	VERB
fsr-3405	182	6	that	that	SCONJ
fsr-3405	182	7	a	a	DET
fsr-3405	182	8	one	one	NUM
fsr-3405	182	9	standard	standard	ADJ
fsr-3405	182	10	deviation	deviation	NOUN
fsr-3405	182	11	increase	increase	NOUN
fsr-3405	182	12	in	in	ADP
fsr-3405	182	13	creative	creative	ADJ
fsr-3405	182	14	share	share	NOUN
fsr-3405	182	15	in	in	ADP
fsr-3405	182	16	a	a	DET
fsr-3405	182	17	firm	firm	NOUN
fsr-3405	182	18	’s	’s	PART
fsr-3405	182	19	county	county	NOUN
fsr-3405	182	20	is	be	AUX
fsr-3405	182	21	associated	associate	VERB
fsr-3405	182	22	with	with	ADP
fsr-3405	182	23	10.9	10.9	NUM
fsr-3405	182	24	%	%	NOUN
fsr-3405	182	25	less	less	ADJ
fsr-3405	182	26	likelihood	likelihood	NOUN
fsr-3405	182	27	in	in	ADP
fsr-3405	182	28	the	the	DET
fsr-3405	182	29	odds	odd	NOUN
fsr-3405	182	30	that	that	SCONJ
fsr-3405	182	31	a	a	DET
fsr-3405	182	32	firm	firm	NOUN
fsr-3405	182	33	initiates	initiate	VERB
fsr-3405	182	34	dividends	dividend	NOUN
fsr-3405	182	35	.	.	PUNCT
fsr-3405	183	1	these	these	DET
fsr-3405	183	2	findings	finding	NOUN
fsr-3405	183	3	demonstrate	demonstrate	VERB
fsr-3405	183	4	the	the	DET
fsr-3405	183	5	economic	economic	ADJ
fsr-3405	183	6	significance	significance	NOUN
fsr-3405	183	7	of	of	ADP
fsr-3405	183	8	the	the	DET
fsr-3405	183	9	impact	impact	NOUN
fsr-3405	183	10	of	of	ADP
fsr-3405	183	11	the	the	DET
fsr-3405	183	12	local	local	ADJ
fsr-3405	183	13	creative	creative	ADJ
fsr-3405	183	14	culture	culture	NOUN
fsr-3405	183	15	on	on	ADP
fsr-3405	183	16	dividend	dividend	NOUN
fsr-3405	183	17	demand	demand	NOUN
fsr-3405	183	18	and	and	CCONJ
fsr-3405	183	19	corporate	corporate	ADJ
fsr-3405	183	20	dividend	dividend	NOUN
fsr-3405	183	21	payout	payout	NOUN
fsr-3405	183	22	.	.	PUNCT
fsr-3405	184	1	column	column	NOUN
fsr-3405	184	2	2	2	NUM
fsr-3405	184	3	also	also	ADV
fsr-3405	184	4	presents	present	VERB
fsr-3405	184	5	a	a	DET
fsr-3405	184	6	similar	similar	ADJ
fsr-3405	184	7	result	result	NOUN
fsr-3405	184	8	.	.	PUNCT
fsr-3405	185	1	column	column	NOUN
fsr-3405	185	2	2	2	NUM
fsr-3405	185	3	suggests	suggest	VERB
fsr-3405	185	4	that	that	SCONJ
fsr-3405	185	5	a	a	DET
fsr-3405	185	6	one	one	NUM
fsr-3405	185	7	standard	standard	ADJ
fsr-3405	185	8	deviation	deviation	NOUN
fsr-3405	185	9	increase	increase	NOUN
fsr-3405	185	10	in	in	ADP
fsr-3405	185	11	local	local	ADJ
fsr-3405	185	12	risk	risk	NOUN
fsr-3405	185	13	-	-	PUNCT
fsr-3405	185	14	taking	take	VERB
fsr-3405	185	15	behavior	behavior	NOUN
fsr-3405	185	16	as	as	SCONJ
fsr-3405	185	17	measured	measure	VERB
fsr-3405	185	18	by	by	ADP
fsr-3405	185	19	local	local	ADJ
fsr-3405	185	20	creative	creative	ADJ
fsr-3405	185	21	culture	culture	NOUN
fsr-3405	185	22	leads	lead	VERB
fsr-3405	185	23	to	to	ADP
fsr-3405	185	24	an	an	DET
fsr-3405	185	25	almost	almost	ADV
fsr-3405	185	26	0.07	0.07	NUM
fsr-3405	185	27	standard	standard	ADJ
fsr-3405	185	28	deviation	deviation	NOUN
fsr-3405	185	29	decrease	decrease	NOUN
fsr-3405	185	30	in	in	ADP
fsr-3405	185	31	dividend	dividend	NOUN
fsr-3405	185	32	yield	yield	NOUN
fsr-3405	185	33	.	.	PUNCT
fsr-3405	186	1	375e	375e	PROPN
fsr-3405	186	2	.	.	PUNCT
fsr-3405	187	1	ucar	ucar	PROPN
fsr-3405	187	2	,	,	PUNCT
fsr-3405	187	3	a.	a.	PROPN
fsr-3405	187	4	staer	staer	PROPN
fsr-3405	187	5	/	/	SYM
fsr-3405	187	6	financial	financial	ADJ
fsr-3405	187	7	services	service	NOUN
fsr-3405	187	8	review	review	VERB
fsr-3405	187	9	27	27	NUM
fsr-3405	187	10	(	(	PUNCT
fsr-3405	187	11	2018	2018	NUM
fsr-3405	187	12	)	)	PUNCT
fsr-3405	187	13	367	367	NUM
fsr-3405	187	14	-	-	SYM
fsr-3405	187	15	389	389	NUM
fsr-3405	187	16	table	table	NOUN
fsr-3405	187	17	2	2	NUM
fsr-3405	187	18	main	main	ADJ
fsr-3405	187	19	tests	test	NOUN
fsr-3405	187	20	(	(	PUNCT
fsr-3405	187	21	1	1	NUM
fsr-3405	187	22	)	)	PUNCT
fsr-3405	187	23	(	(	PUNCT
fsr-3405	187	24	2	2	NUM
fsr-3405	187	25	)	)	PUNCT
fsr-3405	187	26	(	(	PUNCT
fsr-3405	187	27	3	3	X
fsr-3405	187	28	)	)	PUNCT
fsr-3405	187	29	dependent	dependent	ADJ
fsr-3405	187	30	variable	variable	ADJ
fsr-3405	187	31	dividend	dividend	NOUN
fsr-3405	187	32	payer	payer	NOUN
fsr-3405	187	33	dividend	dividend	NOUN
fsr-3405	187	34	yield	yield	NOUN
fsr-3405	187	35	dividend	dividend	NOUN
fsr-3405	187	36	initiation	initiation	PROPN
fsr-3405	187	37	creativeshare	creativeshare	PROPN
fsr-3405	187	38	�	�	PROPN
fsr-3405	187	39	2.746	2.746	NUM
fsr-3405	187	40	*	*	PUNCT
fsr-3405	187	41	*	*	PUNCT
fsr-3405	187	42	*	*	X
fsr-3405	187	43	�	�	PROPN
fsr-3405	187	44	0.013	0.013	NUM
fsr-3405	187	45	*	*	NOUN
fsr-3405	187	46	*	*	PUNCT
fsr-3405	187	47	*	*	PUNCT
fsr-3405	187	48	�	�	X
fsr-3405	187	49	1.692	1.692	NUM
fsr-3405	187	50	*	*	SYM
fsr-3405	187	51	*	*	PUNCT
fsr-3405	187	52	(	(	PUNCT
fsr-3405	187	53	�	�	NOUN
fsr-3405	187	54	3.66	3.66	NUM
fsr-3405	187	55	)	)	PUNCT
fsr-3405	187	56	(	(	PUNCT
fsr-3405	187	57	�	�	PROPN
fsr-3405	187	58	4.75	4.75	NUM
fsr-3405	187	59	)	)	PUNCT
fsr-3405	187	60	(	(	PUNCT
fsr-3405	187	61	�	�	NOUN
fsr-3405	187	62	2.13	2.13	NUM
fsr-3405	187	63	)	)	PUNCT
fsr-3405	187	64	net	net	ADJ
fsr-3405	187	65	income	income	NOUN
fsr-3405	187	66	3.824	3.824	NUM
fsr-3405	187	67	*	*	NOUN
fsr-3405	187	68	*	*	PUNCT
fsr-3405	187	69	*	*	PUNCT
fsr-3405	187	70	�	�	PROPN
fsr-3405	187	71	0.001	0.001	NUM
fsr-3405	187	72	*	*	PUNCT
fsr-3405	187	73	*	*	PUNCT
fsr-3405	187	74	*	*	PUNCT
fsr-3405	187	75	4.017	4.017	NUM
fsr-3405	187	76	*	*	PUNCT
fsr-3405	187	77	*	*	PUNCT
fsr-3405	187	78	*	*	PUNCT
fsr-3405	187	79	(	(	PUNCT
fsr-3405	187	80	14.24	14.24	NUM
fsr-3405	187	81	)	)	PUNCT
fsr-3405	187	82	(	(	PUNCT
fsr-3405	187	83	�	�	NOUN
fsr-3405	187	84	4.21	4.21	NUM
fsr-3405	187	85	)	)	PUNCT
fsr-3405	187	86	(	(	PUNCT
fsr-3405	187	87	6.35	6.35	NUM
fsr-3405	187	88	)	)	PUNCT
fsr-3405	187	89	cash	cash	NOUN
fsr-3405	187	90	�	�	NOUN
fsr-3405	187	91	0.792	0.792	NUM
fsr-3405	187	92	*	*	PUNCT
fsr-3405	187	93	*	*	PUNCT
fsr-3405	187	94	*	*	X
fsr-3405	187	95	0.001	0.001	NUM
fsr-3405	187	96	0.343	0.343	NUM
fsr-3405	187	97	*	*	PUNCT
fsr-3405	187	98	(	(	PUNCT
fsr-3405	187	99	�	�	PROPN
fsr-3405	187	100	3.66	3.66	NUM
fsr-3405	187	101	)	)	PUNCT
fsr-3405	187	102	(	(	PUNCT
fsr-3405	187	103	1.14	1.14	NUM
fsr-3405	187	104	)	)	PUNCT
fsr-3405	187	105	(	(	PUNCT
fsr-3405	187	106	1.69	1.69	NUM
fsr-3405	187	107	)	)	PUNCT
fsr-3405	187	108	q	q	PROPN
fsr-3405	187	109	�	�	PROPN
fsr-3405	187	110	0.163	0.163	NUM
fsr-3405	187	111	*	*	NOUN
fsr-3405	187	112	*	*	PUNCT
fsr-3405	187	113	*	*	PUNCT
fsr-3405	187	114	�	�	PROPN
fsr-3405	187	115	0.000	0.000	NUM
fsr-3405	187	116	*	*	PUNCT
fsr-3405	187	117	*	*	PUNCT
fsr-3405	187	118	*	*	PUNCT
fsr-3405	187	119	�	�	NOUN
fsr-3405	187	120	0.153	0.153	NUM
fsr-3405	187	121	*	*	PUNCT
fsr-3405	187	122	*	*	PUNCT
fsr-3405	187	123	*	*	PUNCT
fsr-3405	187	124	(	(	PUNCT
fsr-3405	187	125	�	�	NOUN
fsr-3405	187	126	4.11	4.11	NUM
fsr-3405	187	127	)	)	PUNCT
fsr-3405	187	128	(	(	PUNCT
fsr-3405	187	129	�	�	NOUN
fsr-3405	187	130	8.12	8.12	NUM
fsr-3405	187	131	)	)	PUNCT
fsr-3405	187	132	(	(	PUNCT
fsr-3405	187	133	�	�	NOUN
fsr-3405	187	134	3.62	3.62	NUM
fsr-3405	187	135	)	)	PUNCT
fsr-3405	187	136	debt	debt	NOUN
fsr-3405	187	137	�	�	PROPN
fsr-3405	187	138	1.035	1.035	NUM
fsr-3405	187	139	*	*	PUNCT
fsr-3405	187	140	*	*	PUNCT
fsr-3405	187	141	*	*	PUNCT
fsr-3405	187	142	�	�	NOUN
fsr-3405	187	143	0.004	0.004	NUM
fsr-3405	187	144	*	*	PUNCT
fsr-3405	187	145	*	*	PUNCT
fsr-3405	187	146	*	*	PUNCT
fsr-3405	187	147	�	�	PROPN
fsr-3405	187	148	0.372	0.372	NUM
fsr-3405	187	149	*	*	NOUN
fsr-3405	187	150	(	(	PUNCT
fsr-3405	187	151	�	�	NOUN
fsr-3405	187	152	5.72	5.72	NUM
fsr-3405	187	153	)	)	PUNCT
fsr-3405	187	154	(	(	PUNCT
fsr-3405	187	155	�	�	NOUN
fsr-3405	187	156	8.69	8.69	NUM
fsr-3405	187	157	)	)	PUNCT
fsr-3405	187	158	(	(	PUNCT
fsr-3405	187	159	�	�	NOUN
fsr-3405	187	160	1.71	1.71	NUM
fsr-3405	187	161	)	)	PUNCT
fsr-3405	187	162	volatility	volatility	NOUN
fsr-3405	187	163	�	�	PROPN
fsr-3405	187	164	16.240	16.240	NUM
fsr-3405	187	165	*	*	PUNCT
fsr-3405	187	166	*	*	PUNCT
fsr-3405	187	167	*	*	X
fsr-3405	187	168	�	�	PROPN
fsr-3405	187	169	0.019	0.019	NUM
fsr-3405	187	170	*	*	PUNCT
fsr-3405	187	171	*	*	PUNCT
fsr-3405	187	172	*	*	NOUN
fsr-3405	187	173	�	�	PROPN
fsr-3405	187	174	4.504	4.504	NUM
fsr-3405	187	175	*	*	PUNCT
fsr-3405	187	176	*	*	PUNCT
fsr-3405	187	177	*	*	PUNCT
fsr-3405	187	178	(	(	PUNCT
fsr-3405	187	179	�	�	PROPN
fsr-3405	187	180	24.55	24.55	NUM
fsr-3405	187	181	)	)	PUNCT
fsr-3405	187	182	(	(	PUNCT
fsr-3405	187	183	�	�	PROPN
fsr-3405	187	184	18.75	18.75	NUM
fsr-3405	187	185	)	)	PUNCT
fsr-3405	187	186	(	(	PUNCT
fsr-3405	187	187	�	�	NOUN
fsr-3405	187	188	5.67	5.67	NUM
fsr-3405	187	189	)	)	PUNCT
fsr-3405	187	190	lagged	lag	VERB
fsr-3405	187	191	return	return	NOUN
fsr-3405	187	192	�	�	PROPN
fsr-3405	187	193	0.007	0.007	NUM
fsr-3405	187	194	0.000	0.000	NUM
fsr-3405	187	195	0.185	0.185	NUM
fsr-3405	187	196	*	*	PUNCT
fsr-3405	187	197	*	*	PUNCT
fsr-3405	187	198	*	*	PUNCT
fsr-3405	187	199	(	(	PUNCT
fsr-3405	187	200	�	�	NOUN
fsr-3405	187	201	0.31	0.31	NUM
fsr-3405	187	202	)	)	PUNCT
fsr-3405	187	203	(	(	PUNCT
fsr-3405	187	204	0.65	0.65	NUM
fsr-3405	187	205	)	)	PUNCT
fsr-3405	187	206	(	(	PUNCT
fsr-3405	187	207	6.22	6.22	NUM
fsr-3405	187	208	)	)	PUNCT
fsr-3405	187	209	log	log	NOUN
fsr-3405	187	210	of	of	ADP
fsr-3405	187	211	mv	mv	PROPN
fsr-3405	187	212	0.398	0.398	NUM
fsr-3405	187	213	*	*	PUNCT
fsr-3405	187	214	*	*	PUNCT
fsr-3405	187	215	*	*	PUNCT
fsr-3405	187	216	0.001	0.001	NUM
fsr-3405	187	217	*	*	PUNCT
fsr-3405	187	218	*	*	PUNCT
fsr-3405	187	219	*	*	PUNCT
fsr-3405	187	220	0.272	0.272	NUM
fsr-3405	187	221	*	*	PUNCT
fsr-3405	187	222	*	*	PUNCT
fsr-3405	187	223	*	*	PUNCT
fsr-3405	187	224	(	(	PUNCT
fsr-3405	187	225	7.12	7.12	NUM
fsr-3405	187	226	)	)	PUNCT
fsr-3405	187	227	(	(	PUNCT
fsr-3405	187	228	8.01	8.01	NUM
fsr-3405	187	229	)	)	PUNCT
fsr-3405	187	230	(	(	PUNCT
fsr-3405	187	231	3.69	3.69	NUM
fsr-3405	187	232	)	)	PUNCT
fsr-3405	187	233	log	log	NOUN
fsr-3405	187	234	of	of	ADP
fsr-3405	187	235	assets	asset	NOUN
fsr-3405	187	236	0.050	0.050	NUM
fsr-3405	187	237	0.000	0.000	NUM
fsr-3405	187	238	*	*	PUNCT
fsr-3405	187	239	*	*	PUNCT
fsr-3405	187	240	�	�	PROPN
fsr-3405	187	241	0.079	0.079	NUM
fsr-3405	187	242	(	(	PUNCT
fsr-3405	187	243	0.85	0.85	NUM
fsr-3405	187	244	)	)	PUNCT
fsr-3405	187	245	(	(	PUNCT
fsr-3405	187	246	2.05	2.05	NUM
fsr-3405	187	247	)	)	PUNCT
fsr-3405	187	248	(	(	PUNCT
fsr-3405	187	249	�	�	NOUN
fsr-3405	187	250	1.05	1.05	NUM
fsr-3405	187	251	)	)	PUNCT
fsr-3405	187	252	asset	asset	NOUN
fsr-3405	187	253	growth	growth	NOUN
fsr-3405	187	254	�	�	VERB
fsr-3405	187	255	0.594	0.594	NUM
fsr-3405	187	256	*	*	PUNCT
fsr-3405	187	257	*	*	PUNCT
fsr-3405	187	258	*	*	PUNCT
fsr-3405	187	259	�	�	PROPN
fsr-3405	187	260	0.001	0.001	NUM
fsr-3405	187	261	*	*	NOUN
fsr-3405	187	262	*	*	PUNCT
fsr-3405	187	263	*	*	PUNCT
fsr-3405	187	264	�	�	PROPN
fsr-3405	187	265	0.277	0.277	NUM
fsr-3405	187	266	*	*	NOUN
fsr-3405	187	267	*	*	PUNCT
fsr-3405	187	268	(	(	PUNCT
fsr-3405	187	269	�	�	NOUN
fsr-3405	187	270	10.74	10.74	NUM
fsr-3405	187	271	)	)	PUNCT
fsr-3405	187	272	(	(	PUNCT
fsr-3405	187	273	�	�	NOUN
fsr-3405	187	274	16.69	16.69	NUM
fsr-3405	187	275	)	)	PUNCT
fsr-3405	187	276	(	(	PUNCT
fsr-3405	187	277	�	�	NOUN
fsr-3405	187	278	2.39	2.39	NUM
fsr-3405	187	279	)	)	PUNCT
fsr-3405	187	280	local	local	ADJ
fsr-3405	187	281	controls	control	NOUN
fsr-3405	188	1	yes	yes	INTJ
fsr-3405	188	2	yes	yes	INTJ
fsr-3405	189	1	yes	yes	INTJ
fsr-3405	189	2	industry	industry	NOUN
fsr-3405	189	3	and	and	CCONJ
fsr-3405	189	4	year	year	NOUN
fsr-3405	190	1	fe	fe	INTJ
fsr-3405	191	1	yes	yes	INTJ
fsr-3405	191	2	yes	yes	INTJ
fsr-3405	192	1	yes	yes	INTJ
fsr-3405	192	2	observations	observation	NOUN
fsr-3405	192	3	65,239	65,239	NUM
fsr-3405	192	4	65,239	65,239	NUM
fsr-3405	192	5	47,014	47,014	NUM
fsr-3405	192	6	r2	r2	NOUN
fsr-3405	192	7	0.438	0.438	NUM
fsr-3405	192	8	0.280	0.280	NUM
fsr-3405	192	9	0.117	0.117	NUM
fsr-3405	192	10	note	note	NOUN
fsr-3405	192	11	:	:	PUNCT
fsr-3405	192	12	*	*	PUNCT
fsr-3405	192	13	significant	significant	ADJ
fsr-3405	192	14	at	at	ADP
fsr-3405	192	15	10	10	NUM
fsr-3405	192	16	%	%	NOUN
fsr-3405	192	17	;	;	PUNCT
fsr-3405	192	18	*	*	PUNCT
fsr-3405	192	19	*	*	PUNCT
fsr-3405	192	20	significant	significant	ADJ
fsr-3405	192	21	at	at	ADP
fsr-3405	192	22	5	5	NUM
fsr-3405	192	23	%	%	NOUN
fsr-3405	192	24	;	;	PUNCT
fsr-3405	192	25	*	*	PUNCT
fsr-3405	192	26	*	*	PUNCT
fsr-3405	192	27	*	*	PUNCT
fsr-3405	192	28	significant	significant	ADJ
fsr-3405	192	29	at	at	ADP
fsr-3405	192	30	1	1	NUM
fsr-3405	192	31	%	%	NOUN
fsr-3405	192	32	.	.	PUNCT
fsr-3405	193	1	this	this	DET
fsr-3405	193	2	table	table	NOUN
fsr-3405	193	3	reports	report	VERB
fsr-3405	193	4	the	the	DET
fsr-3405	193	5	main	main	ADJ
fsr-3405	193	6	tests	test	NOUN
fsr-3405	193	7	for	for	ADP
fsr-3405	193	8	the	the	DET
fsr-3405	193	9	years	year	NOUN
fsr-3405	193	10	between	between	ADP
fsr-3405	193	11	1990	1990	NUM
fsr-3405	193	12	and	and	CCONJ
fsr-3405	193	13	2007	2007	NUM
fsr-3405	193	14	.	.	PUNCT
fsr-3405	194	1	the	the	DET
fsr-3405	194	2	dependent	dependent	ADJ
fsr-3405	194	3	variables	variable	NOUN
fsr-3405	194	4	are	be	AUX
fsr-3405	194	5	dividend	dividend	NOUN
fsr-3405	194	6	payer	payer	NOUN
fsr-3405	194	7	,	,	PUNCT
fsr-3405	194	8	dividend	dividend	NOUN
fsr-3405	194	9	yield	yield	NOUN
fsr-3405	194	10	,	,	PUNCT
fsr-3405	194	11	and	and	CCONJ
fsr-3405	194	12	dividend	dividend	NOUN
fsr-3405	194	13	initiation	initiation	NOUN
fsr-3405	194	14	for	for	ADP
fsr-3405	194	15	columns	column	NOUN
fsr-3405	194	16	1	1	NUM
fsr-3405	194	17	,	,	PUNCT
fsr-3405	194	18	2	2	NUM
fsr-3405	194	19	,	,	PUNCT
fsr-3405	194	20	and	and	CCONJ
fsr-3405	194	21	3	3	NUM
fsr-3405	194	22	,	,	PUNCT
fsr-3405	194	23	respectively	respectively	ADV
fsr-3405	194	24	.	.	PUNCT
fsr-3405	195	1	dividend	dividend	NOUN
fsr-3405	195	2	payer	payer	NOUN
fsr-3405	195	3	is	be	AUX
fsr-3405	195	4	a	a	DET
fsr-3405	195	5	dummy	dummy	ADJ
fsr-3405	195	6	variable	variable	NOUN
fsr-3405	195	7	that	that	PRON
fsr-3405	195	8	takes	take	VERB
fsr-3405	195	9	a	a	DET
fsr-3405	195	10	value	value	NOUN
fsr-3405	195	11	of	of	ADP
fsr-3405	195	12	one	one	NUM
fsr-3405	195	13	if	if	SCONJ
fsr-3405	195	14	the	the	DET
fsr-3405	195	15	total	total	ADJ
fsr-3405	195	16	amount	amount	NOUN
fsr-3405	195	17	of	of	ADP
fsr-3405	195	18	dividends	dividend	NOUN
fsr-3405	195	19	is	be	AUX
fsr-3405	195	20	greater	great	ADJ
fsr-3405	195	21	than	than	ADP
fsr-3405	195	22	zero	zero	NUM
fsr-3405	195	23	for	for	ADP
fsr-3405	195	24	a	a	DET
fsr-3405	195	25	given	give	VERB
fsr-3405	195	26	year	year	NOUN
fsr-3405	195	27	,	,	PUNCT
fsr-3405	195	28	and	and	CCONJ
fsr-3405	195	29	zero	zero	NUM
fsr-3405	195	30	otherwise	otherwise	ADV
fsr-3405	195	31	.	.	PUNCT
fsr-3405	196	1	dividend	dividend	NOUN
fsr-3405	196	2	yield	yield	NOUN
fsr-3405	196	3	is	be	AUX
fsr-3405	196	4	the	the	DET
fsr-3405	196	5	ratio	ratio	NOUN
fsr-3405	196	6	of	of	ADP
fsr-3405	196	7	total	total	ADJ
fsr-3405	196	8	dividends	dividend	NOUN
fsr-3405	196	9	to	to	PART
fsr-3405	196	10	lagged	lag	VERB
fsr-3405	196	11	market	market	NOUN
fsr-3405	196	12	value	value	NOUN
fsr-3405	196	13	.	.	PUNCT
fsr-3405	197	1	dividend	dividend	NOUN
fsr-3405	197	2	initiation	initiation	NOUN
fsr-3405	197	3	is	be	AUX
fsr-3405	197	4	a	a	DET
fsr-3405	197	5	dummy	dummy	ADJ
fsr-3405	197	6	variable	variable	NOUN
fsr-3405	197	7	that	that	PRON
fsr-3405	197	8	takes	take	VERB
fsr-3405	197	9	a	a	DET
fsr-3405	197	10	value	value	NOUN
fsr-3405	197	11	of	of	ADP
fsr-3405	197	12	one	one	NUM
fsr-3405	197	13	if	if	SCONJ
fsr-3405	197	14	a	a	DET
fsr-3405	197	15	non	non	ADJ
fsr-3405	197	16	-	-	ADJ
fsr-3405	197	17	dividend	dividend	ADJ
fsr-3405	197	18	payer	payer	NOUN
fsr-3405	197	19	firm	firm	NOUN
fsr-3405	197	20	in	in	ADP
fsr-3405	197	21	the	the	DET
fsr-3405	197	22	previous	previous	ADJ
fsr-3405	197	23	year	year	NOUN
fsr-3405	197	24	becomes	become	VERB
fsr-3405	197	25	a	a	DET
fsr-3405	197	26	dividend	dividend	NOUN
fsr-3405	197	27	payer	payer	NOUN
fsr-3405	197	28	in	in	ADP
fsr-3405	197	29	the	the	DET
fsr-3405	197	30	current	current	ADJ
fsr-3405	197	31	year	year	NOUN
fsr-3405	197	32	,	,	PUNCT
fsr-3405	197	33	and	and	CCONJ
fsr-3405	197	34	zero	zero	NUM
fsr-3405	197	35	if	if	SCONJ
fsr-3405	197	36	a	a	DET
fsr-3405	197	37	non	non	ADJ
fsr-3405	197	38	-	-	ADJ
fsr-3405	197	39	dividend	dividend	ADJ
fsr-3405	197	40	payer	payer	NOUN
fsr-3405	197	41	firm	firm	NOUN
fsr-3405	197	42	in	in	ADP
fsr-3405	197	43	the	the	DET
fsr-3405	197	44	previous	previous	ADJ
fsr-3405	197	45	year	year	NOUN
fsr-3405	197	46	stays	stay	VERB
fsr-3405	197	47	as	as	ADP
fsr-3405	197	48	non	non	ADJ
fsr-3405	197	49	-	-	ADJ
fsr-3405	197	50	dividend	dividend	ADJ
fsr-3405	197	51	payer	payer	NOUN
fsr-3405	197	52	firm	firm	NOUN
fsr-3405	197	53	in	in	ADP
fsr-3405	197	54	the	the	DET
fsr-3405	197	55	current	current	ADJ
fsr-3405	197	56	year	year	NOUN
fsr-3405	197	57	.	.	PUNCT
fsr-3405	198	1	creativeshare	creativeshare	NOUN
fsr-3405	198	2	measures	measure	VERB
fsr-3405	198	3	the	the	DET
fsr-3405	198	4	fraction	fraction	NOUN
fsr-3405	198	5	of	of	ADP
fsr-3405	198	6	the	the	DET
fsr-3405	198	7	creative	creative	ADJ
fsr-3405	198	8	class	class	NOUN
fsr-3405	198	9	in	in	ADP
fsr-3405	198	10	a	a	DET
fsr-3405	198	11	given	give	VERB
fsr-3405	198	12	firm	firm	ADJ
fsr-3405	198	13	county	county	NOUN
fsr-3405	198	14	.	.	PUNCT
fsr-3405	199	1	this	this	DET
fsr-3405	199	2	table	table	NOUN
fsr-3405	199	3	uses	use	VERB
fsr-3405	199	4	an	an	DET
fsr-3405	199	5	empirical	empirical	ADJ
fsr-3405	199	6	setting	setting	NOUN
fsr-3405	199	7	,	,	PUNCT
fsr-3405	199	8	as	as	ADV
fsr-3405	199	9	well	well	ADV
fsr-3405	199	10	dependent	dependent	ADJ
fsr-3405	199	11	variables	variable	NOUN
fsr-3405	199	12	and	and	CCONJ
fsr-3405	199	13	main	main	ADJ
fsr-3405	199	14	control	control	NOUN
fsr-3405	199	15	variables	variable	NOUN
fsr-3405	199	16	similar	similar	ADJ
fsr-3405	199	17	to	to	ADP
fsr-3405	199	18	the	the	DET
fsr-3405	199	19	ones	one	NOUN
fsr-3405	199	20	used	use	VERB
fsr-3405	199	21	in	in	ADP
fsr-3405	199	22	the	the	DET
fsr-3405	199	23	related	relate	VERB
fsr-3405	199	24	literature	literature	NOUN
fsr-3405	199	25	(	(	PUNCT
fsr-3405	199	26	i.e.	i.e.	X
fsr-3405	199	27	,	,	PUNCT
fsr-3405	199	28	becker	becker	NOUN
fsr-3405	199	29	,	,	PUNCT
fsr-3405	199	30	ivkovi&cacute	ivkovi&cacute	PROPN
fsr-3405	199	31	;	;	PUNCT
fsr-3405	199	32	,	,	PUNCT
fsr-3405	199	33	and	and	CCONJ
fsr-3405	199	34	weisbenner	weisbenner	NOUN
fsr-3405	199	35	,	,	PUNCT
fsr-3405	199	36	2011	2011	NUM
fsr-3405	199	37	)	)	PUNCT
fsr-3405	199	38	.	.	PUNCT
fsr-3405	200	1	this	this	DET
fsr-3405	200	2	table	table	NOUN
fsr-3405	200	3	has	have	VERB
fsr-3405	200	4	the	the	DET
fsr-3405	200	5	following	follow	VERB
fsr-3405	200	6	main	main	ADJ
fsr-3405	200	7	controls	control	NOUN
fsr-3405	200	8	:	:	PUNCT
fsr-3405	200	9	net	net	ADJ
fsr-3405	200	10	income	income	NOUN
fsr-3405	200	11	is	be	AUX
fsr-3405	200	12	defined	define	VERB
fsr-3405	200	13	as	as	ADP
fsr-3405	200	14	the	the	DET
fsr-3405	200	15	net	net	ADJ
fsr-3405	200	16	income	income	NOUN
fsr-3405	200	17	divided	divide	VERB
fsr-3405	200	18	by	by	ADP
fsr-3405	200	19	total	total	ADJ
fsr-3405	200	20	assets	asset	NOUN
fsr-3405	200	21	for	for	ADP
fsr-3405	200	22	a	a	DET
fsr-3405	200	23	given	give	VERB
fsr-3405	200	24	year	year	NOUN
fsr-3405	200	25	.	.	PUNCT
fsr-3405	201	1	cash	cash	NOUN
fsr-3405	201	2	is	be	AUX
fsr-3405	201	3	the	the	DET
fsr-3405	201	4	cash	cash	NOUN
fsr-3405	201	5	divided	divide	VERB
fsr-3405	201	6	by	by	ADP
fsr-3405	201	7	total	total	ADJ
fsr-3405	201	8	assets	asset	NOUN
fsr-3405	201	9	for	for	ADP
fsr-3405	201	10	a	a	DET
fsr-3405	201	11	given	give	VERB
fsr-3405	201	12	year	year	NOUN
fsr-3405	201	13	.	.	PUNCT
fsr-3405	202	1	q	q	PUNCT
fsr-3405	202	2	is	be	AUX
fsr-3405	202	3	defined	define	VERB
fsr-3405	202	4	as	as	ADP
fsr-3405	202	5	the	the	DET
fsr-3405	202	6	sum	sum	NOUN
fsr-3405	202	7	of	of	ADP
fsr-3405	202	8	the	the	DET
fsr-3405	202	9	market	market	NOUN
fsr-3405	202	10	value	value	NOUN
fsr-3405	202	11	of	of	ADP
fsr-3405	202	12	equity	equity	NOUN
fsr-3405	202	13	and	and	CCONJ
fsr-3405	202	14	the	the	DET
fsr-3405	202	15	book	book	NOUN
fsr-3405	202	16	value	value	NOUN
fsr-3405	202	17	of	of	ADP
fsr-3405	202	18	liabilities	liability	NOUN
fsr-3405	202	19	divided	divide	VERB
fsr-3405	202	20	by	by	ADP
fsr-3405	202	21	total	total	ADJ
fsr-3405	202	22	assets	asset	NOUN
fsr-3405	202	23	for	for	ADP
fsr-3405	202	24	a	a	DET
fsr-3405	202	25	given	give	VERB
fsr-3405	202	26	year	year	NOUN
fsr-3405	202	27	.	.	PUNCT
fsr-3405	203	1	debt	debt	NOUN
fsr-3405	203	2	is	be	AUX
fsr-3405	203	3	defined	define	VERB
fsr-3405	203	4	as	as	ADP
fsr-3405	203	5	the	the	DET
fsr-3405	203	6	long	long	ADJ
fsr-3405	203	7	-	-	PUNCT
fsr-3405	203	8	term	term	NOUN
fsr-3405	203	9	debt	debt	NOUN
fsr-3405	203	10	divided	divide	VERB
fsr-3405	203	11	by	by	ADP
fsr-3405	203	12	total	total	ADJ
fsr-3405	203	13	assets	asset	NOUN
fsr-3405	203	14	for	for	ADP
fsr-3405	203	15	a	a	DET
fsr-3405	203	16	given	give	VERB
fsr-3405	203	17	year	year	NOUN
fsr-3405	203	18	.	.	PUNCT
fsr-3405	204	1	log	log	NOUN
fsr-3405	204	2	of	of	ADP
fsr-3405	204	3	mv	mv	PROPN
fsr-3405	204	4	is	be	AUX
fsr-3405	204	5	defined	define	VERB
fsr-3405	204	6	as	as	ADP
fsr-3405	204	7	the	the	DET
fsr-3405	204	8	logarithm	logarithm	NOUN
fsr-3405	204	9	of	of	ADP
fsr-3405	204	10	a	a	DET
fsr-3405	204	11	firm	firm	NOUN
fsr-3405	204	12	’s	’s	PART
fsr-3405	204	13	market	market	NOUN
fsr-3405	204	14	value	value	NOUN
fsr-3405	204	15	for	for	ADP
fsr-3405	204	16	a	a	DET
fsr-3405	204	17	given	give	VERB
fsr-3405	204	18	year	year	NOUN
fsr-3405	204	19	.	.	PUNCT
fsr-3405	205	1	log	log	NOUN
fsr-3405	205	2	of	of	ADP
fsr-3405	205	3	assets	asset	NOUN
fsr-3405	205	4	is	be	AUX
fsr-3405	205	5	defined	define	VERB
fsr-3405	205	6	as	as	ADP
fsr-3405	205	7	the	the	DET
fsr-3405	205	8	logarithm	logarithm	NOUN
fsr-3405	205	9	of	of	ADP
fsr-3405	205	10	total	total	ADJ
fsr-3405	205	11	assets	asset	NOUN
fsr-3405	205	12	.	.	PUNCT
fsr-3405	206	1	volatility	volatility	NOUN
fsr-3405	206	2	is	be	AUX
fsr-3405	206	3	defined	define	VERB
fsr-3405	206	4	as	as	SCONJ
fsr-3405	206	5	the	the	DET
fsr-3405	206	6	standard	standard	ADJ
fsr-3405	206	7	deviation	deviation	NOUN
fsr-3405	206	8	of	of	ADP
fsr-3405	206	9	monthly	monthly	ADJ
fsr-3405	206	10	stock	stock	NOUN
fsr-3405	206	11	returns	return	NOUN
fsr-3405	206	12	for	for	ADP
fsr-3405	206	13	the	the	DET
fsr-3405	206	14	previous	previous	ADJ
fsr-3405	206	15	two	two	NUM
fsr-3405	206	16	-	-	PUNCT
fsr-3405	206	17	year	year	NOUN
fsr-3405	206	18	lagged	lag	VERB
fsr-3405	206	19	return	return	NOUN
fsr-3405	206	20	is	be	AUX
fsr-3405	206	21	defined	define	VERB
fsr-3405	206	22	as	as	ADP
fsr-3405	206	23	the	the	DET
fsr-3405	206	24	monthly	monthly	ADJ
fsr-3405	206	25	stock	stock	NOUN
fsr-3405	206	26	returns	return	NOUN
fsr-3405	206	27	for	for	ADP
fsr-3405	206	28	the	the	DET
fsr-3405	206	29	previous	previous	ADJ
fsr-3405	206	30	two	two	NUM
fsr-3405	206	31	-	-	PUNCT
fsr-3405	206	32	year	year	NOUN
fsr-3405	206	33	period	period	NOUN
fsr-3405	206	34	.	.	PUNCT
fsr-3405	207	1	asset	asset	NOUN
fsr-3405	207	2	growth	growth	NOUN
fsr-3405	207	3	is	be	AUX
fsr-3405	207	4	the	the	DET
fsr-3405	207	5	logarithm	logarithm	NOUN
fsr-3405	207	6	of	of	ADP
fsr-3405	207	7	the	the	DET
fsr-3405	207	8	total	total	ADJ
fsr-3405	207	9	assets	asset	NOUN
fsr-3405	207	10	growth	growth	NOUN
fsr-3405	207	11	rate	rate	NOUN
fsr-3405	207	12	calculated	calculate	VERB
fsr-3405	207	13	using	use	VERB
fsr-3405	207	14	both	both	CCONJ
fsr-3405	207	15	the	the	DET
fsr-3405	207	16	current	current	ADJ
fsr-3405	207	17	and	and	CCONJ
fsr-3405	207	18	previous	previous	ADJ
fsr-3405	207	19	year	year	NOUN
fsr-3405	207	20	’s	’s	PART
fsr-3405	207	21	figures	figure	NOUN
fsr-3405	207	22	.	.	PUNCT
fsr-3405	208	1	these	these	PRON
fsr-3405	208	2	are	be	AUX
fsr-3405	208	3	the	the	DET
fsr-3405	208	4	variables	variable	NOUN
fsr-3405	208	5	reported	report	VERB
fsr-3405	208	6	in	in	ADP
fsr-3405	208	7	the	the	DET
fsr-3405	208	8	table	table	NOUN
fsr-3405	208	9	.	.	PUNCT
fsr-3405	209	1	this	this	DET
fsr-3405	209	2	table	table	NOUN
fsr-3405	209	3	also	also	ADV
fsr-3405	209	4	controls	control	VERB
fsr-3405	209	5	for	for	ADP
fsr-3405	209	6	local	local	ADJ
fsr-3405	209	7	control	control	NOUN
fsr-3405	209	8	variables	variable	NOUN
fsr-3405	209	9	for	for	ADP
fsr-3405	209	10	religion	religion	NOUN
fsr-3405	209	11	(	(	PUNCT
fsr-3405	209	12	cp	cp	NOUN
fsr-3405	209	13	ratio	ratio	NOUN
fsr-3405	209	14	)	)	PUNCT
fsr-3405	209	15	,	,	PUNCT
fsr-3405	209	16	seniors	senior	NOUN
fsr-3405	209	17	(	(	PUNCT
fsr-3405	209	18	local	local	ADJ
fsr-3405	209	19	seniors	senior	NOUN
fsr-3405	209	20	)	)	PUNCT
fsr-3405	209	21	,	,	PUNCT
fsr-3405	209	22	population	population	NOUN
fsr-3405	209	23	(	(	PUNCT
fsr-3405	209	24	log	log	NOUN
fsr-3405	209	25	of	of	ADP
fsr-3405	209	26	population	population	NOUN
fsr-3405	209	27	)	)	PUNCT
fsr-3405	209	28	,	,	PUNCT
fsr-3405	209	29	education	education	NOUN
fsr-3405	209	30	(	(	PUNCT
fsr-3405	209	31	local	local	ADJ
fsr-3405	209	32	education	education	NOUN
fsr-3405	209	33	)	)	PUNCT
fsr-3405	209	34	,	,	PUNCT
fsr-3405	209	35	and	and	CCONJ
fsr-3405	209	36	income	income	NOUN
fsr-3405	209	37	(	(	PUNCT
fsr-3405	209	38	local	local	ADJ
fsr-3405	209	39	income	income	NOUN
fsr-3405	209	40	)	)	PUNCT
fsr-3405	209	41	;	;	PUNCT
fsr-3405	209	42	however	however	ADV
fsr-3405	209	43	,	,	PUNCT
fsr-3405	209	44	the	the	DET
fsr-3405	209	45	coefficient	coefficient	NOUN
fsr-3405	209	46	estimates	estimate	NOUN
fsr-3405	209	47	are	be	AUX
fsr-3405	209	48	not	not	PART
fsr-3405	209	49	reported	report	VERB
fsr-3405	209	50	for	for	ADP
fsr-3405	209	51	brevity	brevity	NOUN
fsr-3405	209	52	.	.	PUNCT
fsr-3405	210	1	the	the	DET
fsr-3405	210	2	main	main	ADJ
fsr-3405	210	3	tests	test	NOUN
fsr-3405	210	4	also	also	ADV
fsr-3405	210	5	include	include	VERB
fsr-3405	210	6	the	the	DET
fsr-3405	210	7	following	follow	VERB
fsr-3405	210	8	age	age	NOUN
fsr-3405	210	9	-	-	PUNCT
fsr-3405	210	10	group	group	NOUN
fsr-3405	210	11	indicator	indicator	NOUN
fsr-3405	210	12	variables	variable	VERB
fsr-3405	210	13	:	:	PUNCT
fsr-3405	210	14	age	age	PROPN
fsr-3405	210	15	1–5	1–5	NUM
fsr-3405	210	16	,	,	PUNCT
fsr-3405	210	17	age	age	NOUN
fsr-3405	210	18	6–10	6–10	NOUN
fsr-3405	210	19	,	,	PUNCT
fsr-3405	210	20	age	age	NOUN
fsr-3405	210	21	11–15	11–15	NUM
fsr-3405	210	22	,	,	PUNCT
fsr-3405	210	23	and	and	CCONJ
fsr-3405	210	24	age	age	NOUN
fsr-3405	210	25	16–20	16–20	NUM
fsr-3405	210	26	.	.	PUNCT
fsr-3405	210	27	age	age	NOUN
fsr-3405	210	28	21	21	NUM
fsr-3405	210	29	and	and	CCONJ
fsr-3405	210	30	over	over	ADV
fsr-3405	210	31	is	be	AUX
fsr-3405	210	32	the	the	DET
fsr-3405	210	33	dropped	drop	VERB
fsr-3405	210	34	category	category	NOUN
fsr-3405	210	35	in	in	ADP
fsr-3405	210	36	the	the	DET
fsr-3405	210	37	tests	test	NOUN
fsr-3405	210	38	.	.	PUNCT
fsr-3405	211	1	the	the	DET
fsr-3405	211	2	main	main	ADJ
fsr-3405	211	3	empirical	empirical	ADJ
fsr-3405	211	4	tests	test	NOUN
fsr-3405	211	5	also	also	ADV
fsr-3405	211	6	control	control	VERB
fsr-3405	211	7	for	for	ADP
fsr-3405	211	8	industry	industry	NOUN
fsr-3405	211	9	and	and	CCONJ
fsr-3405	211	10	year	year	NOUN
fsr-3405	211	11	indicator	indicator	NOUN
fsr-3405	211	12	variables	variable	NOUN
fsr-3405	211	13	.	.	PUNCT
fsr-3405	212	1	intercept	intercept	NOUN
fsr-3405	212	2	,	,	PUNCT
fsr-3405	212	3	firm	firm	ADJ
fsr-3405	212	4	age	age	NOUN
fsr-3405	212	5	indicators	indicator	NOUN
fsr-3405	212	6	,	,	PUNCT
fsr-3405	212	7	industry	industry	NOUN
fsr-3405	212	8	,	,	PUNCT
fsr-3405	212	9	and	and	CCONJ
fsr-3405	212	10	year	year	NOUN
fsr-3405	212	11	dummy	dummy	ADJ
fsr-3405	212	12	variables	variable	NOUN
fsr-3405	212	13	are	be	AUX
fsr-3405	212	14	not	not	PART
fsr-3405	212	15	displayed	display	VERB
fsr-3405	212	16	for	for	ADP
fsr-3405	212	17	brevity	brevity	NOUN
fsr-3405	212	18	.	.	PUNCT
fsr-3405	213	1	standard	standard	ADJ
fsr-3405	213	2	errors	error	NOUN
fsr-3405	213	3	are	be	AUX
fsr-3405	213	4	adjusted	adjust	VERB
fsr-3405	213	5	for	for	ADP
fsr-3405	213	6	heteroskedasticity	heteroskedasticity	NOUN
fsr-3405	213	7	and	and	CCONJ
fsr-3405	213	8	clustered	cluster	VERB
fsr-3405	213	9	at	at	ADP
fsr-3405	213	10	the	the	DET
fsr-3405	213	11	firm	firm	ADJ
fsr-3405	213	12	level	level	NOUN
fsr-3405	213	13	.	.	PUNCT
fsr-3405	214	1	robust	robust	ADJ
fsr-3405	214	2	t	t	NOUN
fsr-3405	214	3	and	and	CCONJ
fsr-3405	214	4	z	z	NOUN
fsr-3405	214	5	stats	stat	NOUN
fsr-3405	214	6	are	be	AUX
fsr-3405	214	7	in	in	ADP
fsr-3405	214	8	parentheses	parenthesis	NOUN
fsr-3405	214	9	.	.	PUNCT
fsr-3405	215	1	376	376	NUM
fsr-3405	215	2	e.	e.	PROPN
fsr-3405	215	3	ucar	ucar	PROPN
fsr-3405	215	4	,	,	PUNCT
fsr-3405	215	5	a.	a.	PROPN
fsr-3405	215	6	staer	staer	PROPN
fsr-3405	215	7	/	/	SYM
fsr-3405	215	8	financial	financial	ADJ
fsr-3405	215	9	services	service	NOUN
fsr-3405	215	10	review	review	VERB
fsr-3405	215	11	27	27	NUM
fsr-3405	215	12	(	(	PUNCT
fsr-3405	215	13	2018	2018	NUM
fsr-3405	215	14	)	)	PUNCT
fsr-3405	215	15	367	367	NUM
fsr-3405	215	16	-	-	SYM
fsr-3405	215	17	389	389	NUM
fsr-3405	215	18	table	table	NOUN
fsr-3405	215	19	2	2	NUM
fsr-3405	215	20	presents	present	NOUN
fsr-3405	215	21	empirical	empirical	ADJ
fsr-3405	215	22	findings	finding	NOUN
fsr-3405	215	23	consistent	consistent	ADJ
fsr-3405	215	24	with	with	ADP
fsr-3405	215	25	risk	risk	NOUN
fsr-3405	215	26	-	-	PUNCT
fsr-3405	215	27	taking	take	VERB
fsr-3405	215	28	effect	effect	NOUN
fsr-3405	215	29	associated	associate	VERB
fsr-3405	215	30	with	with	ADP
fsr-3405	215	31	creativity	creativity	NOUN
fsr-3405	215	32	and	and	CCONJ
fsr-3405	215	33	creative	creative	ADJ
fsr-3405	215	34	culture	culture	NOUN
fsr-3405	215	35	highlighted	highlight	VERB
fsr-3405	215	36	in	in	ADP
fsr-3405	215	37	previous	previous	ADJ
fsr-3405	215	38	social	social	ADJ
fsr-3405	215	39	science	science	NOUN
fsr-3405	215	40	studies	study	NOUN
fsr-3405	215	41	.	.	PUNCT
fsr-3405	216	1	table	table	NOUN
fsr-3405	216	2	2	2	NUM
fsr-3405	216	3	also	also	ADV
fsr-3405	216	4	shows	show	VERB
fsr-3405	216	5	evidence	evidence	NOUN
fsr-3405	216	6	in	in	ADP
fsr-3405	216	7	line	line	NOUN
fsr-3405	216	8	with	with	ADP
fsr-3405	216	9	the	the	DET
fsr-3405	216	10	relationship	relationship	NOUN
fsr-3405	216	11	between	between	ADP
fsr-3405	216	12	risk	risk	NOUN
fsr-3405	216	13	aversion	aversion	NOUN
fsr-3405	216	14	and	and	CCONJ
fsr-3405	216	15	investors	investor	NOUN
fsr-3405	216	16	’	'	PUNCT
fsr-3405	216	17	dividend	dividend	NOUN
fsr-3405	216	18	preferences	preference	NOUN
fsr-3405	216	19	suggested	suggest	VERB
fsr-3405	216	20	in	in	ADP
fsr-3405	216	21	the	the	DET
fsr-3405	216	22	related	relate	VERB
fsr-3405	216	23	dividend	dividend	NOUN
fsr-3405	216	24	literature	literature	NOUN
fsr-3405	216	25	.	.	PUNCT
fsr-3405	217	1	in	in	ADP
fsr-3405	217	2	addition	addition	NOUN
fsr-3405	217	3	,	,	PUNCT
fsr-3405	217	4	this	this	DET
fsr-3405	217	5	table	table	NOUN
fsr-3405	217	6	’s	’s	PART
fsr-3405	217	7	results	result	NOUN
fsr-3405	217	8	are	be	AUX
fsr-3405	217	9	consistent	consistent	ADJ
fsr-3405	217	10	with	with	ADP
fsr-3405	217	11	dividend	dividend	NOUN
fsr-3405	217	12	clientele	clientele	PROPN
fsr-3405	217	13	argument	argument	NOUN
fsr-3405	217	14	which	which	PRON
fsr-3405	217	15	suggests	suggest	VERB
fsr-3405	217	16	a	a	DET
fsr-3405	217	17	variation	variation	NOUN
fsr-3405	217	18	in	in	ADP
fsr-3405	217	19	dividend	dividend	NOUN
fsr-3405	217	20	demand	demand	NOUN
fsr-3405	217	21	associated	associate	VERB
fsr-3405	217	22	with	with	ADP
fsr-3405	217	23	differences	difference	NOUN
fsr-3405	217	24	in	in	ADP
fsr-3405	217	25	investor	investor	NOUN
fsr-3405	217	26	characteristics	characteristic	NOUN
fsr-3405	217	27	.	.	PUNCT
fsr-3405	218	1	overall	overall	ADV
fsr-3405	218	2	,	,	PUNCT
fsr-3405	218	3	this	this	DET
fsr-3405	218	4	table	table	NOUN
fsr-3405	218	5	indicates	indicate	VERB
fsr-3405	218	6	that	that	SCONJ
fsr-3405	218	7	risk	risk	NOUN
fsr-3405	218	8	-	-	PUNCT
fsr-3405	218	9	taking	take	VERB
fsr-3405	218	10	characteristics	characteristic	NOUN
fsr-3405	218	11	induced	induce	VERB
fsr-3405	218	12	by	by	ADP
fsr-3405	218	13	local	local	ADJ
fsr-3405	218	14	creative	creative	ADJ
fsr-3405	218	15	culture	culture	NOUN
fsr-3405	218	16	and	and	CCONJ
fsr-3405	218	17	environment	environment	NOUN
fsr-3405	218	18	play	play	VERB
fsr-3405	218	19	an	an	DET
fsr-3405	218	20	important	important	ADJ
fsr-3405	218	21	role	role	NOUN
fsr-3405	218	22	in	in	ADP
fsr-3405	218	23	investors	investor	NOUN
fsr-3405	218	24	’	'	PUNCT
fsr-3405	218	25	demand	demand	NOUN
fsr-3405	218	26	for	for	ADP
fsr-3405	218	27	dividends	dividend	NOUN
fsr-3405	218	28	and	and	CCONJ
fsr-3405	218	29	payout	payout	ADJ
fsr-3405	218	30	policies	policy	NOUN
fsr-3405	218	31	of	of	ADP
fsr-3405	218	32	local	local	ADJ
fsr-3405	218	33	firms	firm	NOUN
fsr-3405	218	34	that	that	PRON
fsr-3405	218	35	cater	cater	VERB
fsr-3405	218	36	to	to	ADP
fsr-3405	218	37	this	this	DET
fsr-3405	218	38	demand	demand	NOUN
fsr-3405	218	39	.	.	PUNCT
fsr-3405	219	1	3.2	3.2	NUM
fsr-3405	219	2	.	.	PUNCT
fsr-3405	220	1	additional	additional	ADJ
fsr-3405	220	2	tests	test	NOUN
fsr-3405	220	3	and	and	CCONJ
fsr-3405	220	4	robustness	robustness	NOUN
fsr-3405	220	5	checks	check	NOUN
fsr-3405	220	6	to	to	PART
fsr-3405	220	7	shed	shed	VERB
fsr-3405	220	8	more	more	ADJ
fsr-3405	220	9	light	light	NOUN
fsr-3405	220	10	on	on	ADP
fsr-3405	220	11	the	the	DET
fsr-3405	220	12	main	main	ADJ
fsr-3405	220	13	results	result	NOUN
fsr-3405	220	14	reported	report	VERB
fsr-3405	220	15	in	in	ADP
fsr-3405	220	16	the	the	DET
fsr-3405	220	17	previous	previous	ADJ
fsr-3405	220	18	section	section	NOUN
fsr-3405	220	19	,	,	PUNCT
fsr-3405	220	20	in	in	ADP
fsr-3405	220	21	this	this	DET
fsr-3405	220	22	section	section	NOUN
fsr-3405	220	23	we	we	PRON
fsr-3405	220	24	perform	perform	VERB
fsr-3405	220	25	additional	additional	ADJ
fsr-3405	220	26	tests	test	NOUN
fsr-3405	220	27	and	and	CCONJ
fsr-3405	220	28	robustness	robustness	NOUN
fsr-3405	220	29	checks	check	NOUN
fsr-3405	220	30	and	and	CCONJ
fsr-3405	220	31	report	report	VERB
fsr-3405	220	32	the	the	DET
fsr-3405	220	33	results	result	NOUN
fsr-3405	220	34	in	in	ADP
fsr-3405	220	35	table	table	NOUN
fsr-3405	220	36	3	3	NUM
fsr-3405	220	37	.	.	X
fsr-3405	220	38	panel	panel	NOUN
fsr-3405	220	39	a	a	DET
fsr-3405	220	40	,	,	PUNCT
fsr-3405	220	41	b	b	NOUN
fsr-3405	220	42	,	,	PUNCT
fsr-3405	220	43	and	and	CCONJ
fsr-3405	220	44	c	c	X
fsr-3405	220	45	in	in	ADP
fsr-3405	220	46	table	table	NOUN
fsr-3405	220	47	3	3	NUM
fsr-3405	220	48	display	display	NOUN
fsr-3405	220	49	results	result	NOUN
fsr-3405	220	50	for	for	ADP
fsr-3405	220	51	the	the	DET
fsr-3405	220	52	robustness	robustness	NOUN
fsr-3405	220	53	tests	test	NOUN
fsr-3405	220	54	for	for	ADP
fsr-3405	220	55	the	the	DET
fsr-3405	220	56	dependent	dependent	ADJ
fsr-3405	220	57	variables	variable	NOUN
fsr-3405	220	58	:	:	PUNCT
fsr-3405	220	59	dividend	dividend	NOUN
fsr-3405	220	60	payer	payer	NOUN
fsr-3405	220	61	,	,	PUNCT
fsr-3405	220	62	dividend	dividend	NOUN
fsr-3405	220	63	yield	yield	NOUN
fsr-3405	220	64	,	,	PUNCT
fsr-3405	220	65	and	and	CCONJ
fsr-3405	220	66	dividend	dividend	NOUN
fsr-3405	220	67	initiation	initiation	NOUN
fsr-3405	220	68	,	,	PUNCT
fsr-3405	220	69	respectively	respectively	ADV
fsr-3405	220	70	.	.	PUNCT
fsr-3405	221	1	furthermore	furthermore	ADV
fsr-3405	221	2	,	,	PUNCT
fsr-3405	221	3	we	we	PRON
fsr-3405	221	4	include	include	VERB
fsr-3405	221	5	the	the	DET
fsr-3405	221	6	main	main	ADJ
fsr-3405	221	7	and	and	CCONJ
fsr-3405	221	8	local	local	ADJ
fsr-3405	221	9	control	control	NOUN
fsr-3405	221	10	variables	variable	NOUN
fsr-3405	221	11	,	,	PUNCT
fsr-3405	221	12	and	and	CCONJ
fsr-3405	221	13	year	year	NOUN
fsr-3405	221	14	and	and	CCONJ
fsr-3405	221	15	industry	industry	NOUN
fsr-3405	221	16	dummies	dummy	NOUN
fsr-3405	221	17	in	in	ADP
fsr-3405	221	18	all	all	DET
fsr-3405	221	19	regressions	regression	NOUN
fsr-3405	221	20	performed	perform	VERB
fsr-3405	221	21	in	in	ADP
fsr-3405	221	22	this	this	DET
fsr-3405	221	23	section	section	NOUN
fsr-3405	221	24	.	.	PUNCT
fsr-3405	222	1	tests	test	NOUN
fsr-3405	222	2	in	in	ADP
fsr-3405	222	3	column	column	NOUN
fsr-3405	222	4	1	1	NUM
fsr-3405	222	5	investigate	investigate	VERB
fsr-3405	222	6	whether	whether	SCONJ
fsr-3405	222	7	local	local	ADJ
fsr-3405	222	8	factors	factor	NOUN
fsr-3405	222	9	or	or	CCONJ
fsr-3405	222	10	state	state	NOUN
fsr-3405	222	11	-	-	PUNCT
fsr-3405	222	12	related	relate	VERB
fsr-3405	222	13	variables	variable	NOUN
fsr-3405	222	14	drive	drive	VERB
fsr-3405	222	15	the	the	DET
fsr-3405	222	16	results	result	NOUN
fsr-3405	222	17	reported	report	VERB
fsr-3405	222	18	in	in	ADP
fsr-3405	222	19	the	the	DET
fsr-3405	222	20	main	main	ADJ
fsr-3405	222	21	dividend	dividend	NOUN
fsr-3405	222	22	policy	policy	NOUN
fsr-3405	222	23	tests	test	NOUN
fsr-3405	222	24	in	in	ADP
fsr-3405	222	25	table	table	NOUN
fsr-3405	222	26	2	2	NUM
fsr-3405	222	27	.	.	PUNCT
fsr-3405	222	28	across	across	ADP
fsr-3405	222	29	all	all	DET
fsr-3405	222	30	panels	panel	NOUN
fsr-3405	223	1	a	a	PRON
fsr-3405	223	2	through	through	ADP
fsr-3405	223	3	c	c	PROPN
fsr-3405	223	4	,	,	PUNCT
fsr-3405	223	5	creativeshare	creativeshare	NOUN
fsr-3405	223	6	in	in	ADP
fsr-3405	223	7	column	column	NOUN
fsr-3405	223	8	1	1	NUM
fsr-3405	223	9	has	have	VERB
fsr-3405	223	10	a	a	DET
fsr-3405	223	11	negative	negative	ADJ
fsr-3405	223	12	sign	sign	NOUN
fsr-3405	223	13	consistent	consistent	ADJ
fsr-3405	223	14	with	with	ADP
fsr-3405	223	15	the	the	DET
fsr-3405	223	16	earlier	early	ADJ
fsr-3405	223	17	main	main	ADJ
fsr-3405	223	18	dividend	dividend	NOUN
fsr-3405	223	19	test	test	NOUN
fsr-3405	223	20	results	result	NOUN
fsr-3405	223	21	.	.	PUNCT
fsr-3405	224	1	therefore	therefore	ADV
fsr-3405	224	2	,	,	PUNCT
fsr-3405	224	3	the	the	DET
fsr-3405	224	4	negative	negative	ADJ
fsr-3405	224	5	sign	sign	NOUN
fsr-3405	224	6	and	and	CCONJ
fsr-3405	224	7	magnitude	magnitude	NOUN
fsr-3405	224	8	for	for	ADP
fsr-3405	224	9	creativeshare	creativeshare	NOUN
fsr-3405	224	10	in	in	ADP
fsr-3405	224	11	column	column	NOUN
fsr-3405	224	12	1	1	NUM
fsr-3405	224	13	provide	provide	VERB
fsr-3405	224	14	additional	additional	ADJ
fsr-3405	224	15	support	support	NOUN
fsr-3405	224	16	to	to	ADP
fsr-3405	224	17	the	the	DET
fsr-3405	224	18	findings	finding	NOUN
fsr-3405	224	19	in	in	ADP
fsr-3405	224	20	table	table	NOUN
fsr-3405	224	21	2	2	NUM
fsr-3405	224	22	and	and	CCONJ
fsr-3405	224	23	demonstrate	demonstrate	VERB
fsr-3405	224	24	that	that	SCONJ
fsr-3405	224	25	the	the	DET
fsr-3405	224	26	effect	effect	NOUN
fsr-3405	224	27	of	of	ADP
fsr-3405	224	28	local	local	ADJ
fsr-3405	224	29	risk	risk	NOUN
fsr-3405	224	30	-	-	PUNCT
fsr-3405	224	31	taking	taking	NOUN
fsr-3405	224	32	,	,	PUNCT
fsr-3405	224	33	as	as	SCONJ
fsr-3405	224	34	measured	measure	VERB
fsr-3405	224	35	by	by	ADP
fsr-3405	224	36	local	local	ADJ
fsr-3405	224	37	creative	creative	ADJ
fsr-3405	224	38	culture	culture	NOUN
fsr-3405	224	39	,	,	PUNCT
fsr-3405	224	40	is	be	AUX
fsr-3405	224	41	robust	robust	ADJ
fsr-3405	224	42	to	to	ADP
fsr-3405	224	43	local	local	ADJ
fsr-3405	224	44	factors	factor	NOUN
fsr-3405	224	45	and	and	CCONJ
fsr-3405	224	46	state	state	NOUN
fsr-3405	224	47	effects	effect	NOUN
fsr-3405	224	48	and	and	CCONJ
fsr-3405	224	49	is	be	AUX
fsr-3405	224	50	the	the	DET
fsr-3405	224	51	main	main	ADJ
fsr-3405	224	52	driver	driver	NOUN
fsr-3405	224	53	of	of	ADP
fsr-3405	224	54	the	the	DET
fsr-3405	224	55	results	result	NOUN
fsr-3405	224	56	shown	show	VERB
fsr-3405	224	57	in	in	ADP
fsr-3405	224	58	the	the	DET
fsr-3405	224	59	earlier	early	ADJ
fsr-3405	224	60	findings	finding	NOUN
fsr-3405	224	61	.	.	PUNCT
fsr-3405	225	1	to	to	PART
fsr-3405	225	2	shed	shed	VERB
fsr-3405	225	3	more	more	ADJ
fsr-3405	225	4	light	light	NOUN
fsr-3405	225	5	on	on	ADP
fsr-3405	225	6	our	our	PRON
fsr-3405	225	7	previous	previous	ADJ
fsr-3405	225	8	findings	finding	NOUN
fsr-3405	225	9	and	and	CCONJ
fsr-3405	225	10	demonstrate	demonstrate	VERB
fsr-3405	225	11	that	that	SCONJ
fsr-3405	225	12	local	local	ADJ
fsr-3405	225	13	risk	risk	NOUN
fsr-3405	225	14	-	-	PUNCT
fsr-3405	225	15	taking	taking	NOUN
fsr-3405	225	16	induced	induce	VERB
fsr-3405	225	17	by	by	ADP
fsr-3405	225	18	creative	creative	ADJ
fsr-3405	225	19	culture	culture	NOUN
fsr-3405	225	20	is	be	AUX
fsr-3405	225	21	effective	effective	ADJ
fsr-3405	225	22	on	on	ADP
fsr-3405	225	23	not	not	PART
fsr-3405	225	24	only	only	ADV
fsr-3405	225	25	some	some	DET
fsr-3405	225	26	areas	area	NOUN
fsr-3405	225	27	with	with	ADP
fsr-3405	225	28	a	a	DET
fsr-3405	225	29	prominent	prominent	ADJ
fsr-3405	225	30	creative	creative	ADJ
fsr-3405	225	31	culture	culture	NOUN
fsr-3405	225	32	but	but	CCONJ
fsr-3405	225	33	also	also	ADV
fsr-3405	225	34	on	on	ADP
fsr-3405	225	35	all	all	DET
fsr-3405	225	36	the	the	DET
fsr-3405	225	37	other	other	ADJ
fsr-3405	225	38	areas	area	NOUN
fsr-3405	225	39	,	,	PUNCT
fsr-3405	225	40	we	we	PRON
fsr-3405	225	41	exclude	exclude	VERB
fsr-3405	225	42	firms	firm	NOUN
fsr-3405	225	43	located	locate	VERB
fsr-3405	225	44	in	in	ADP
fsr-3405	225	45	areas	area	NOUN
fsr-3405	225	46	with	with	ADP
fsr-3405	225	47	a	a	DET
fsr-3405	225	48	highly	highly	ADV
fsr-3405	225	49	prominent	prominent	ADJ
fsr-3405	225	50	creative	creative	ADJ
fsr-3405	225	51	culture	culture	NOUN
fsr-3405	225	52	and	and	CCONJ
fsr-3405	225	53	repeat	repeat	VERB
fsr-3405	225	54	the	the	DET
fsr-3405	225	55	main	main	ADJ
fsr-3405	225	56	regressions	regression	NOUN
fsr-3405	225	57	in	in	ADP
fsr-3405	225	58	column	column	NOUN
fsr-3405	225	59	2	2	NUM
fsr-3405	225	60	.	.	PUNCT
fsr-3405	226	1	specifically	specifically	ADV
fsr-3405	226	2	,	,	PUNCT
fsr-3405	226	3	we	we	PRON
fsr-3405	226	4	exclude	exclude	VERB
fsr-3405	226	5	firms	firm	NOUN
fsr-3405	226	6	that	that	PRON
fsr-3405	226	7	are	be	AUX
fsr-3405	226	8	located	locate	VERB
fsr-3405	226	9	in	in	ADP
fsr-3405	226	10	the	the	DET
fsr-3405	226	11	silicon	silicon	NOUN
fsr-3405	226	12	valley	valley	NOUN
fsr-3405	226	13	area	area	NOUN
fsr-3405	226	14	and	and	CCONJ
fsr-3405	226	15	re	re	NOUN
fsr-3405	226	16	-	-	VERB
fsr-3405	226	17	examine	examine	VERB
fsr-3405	226	18	the	the	DET
fsr-3405	226	19	empirical	empirical	ADJ
fsr-3405	226	20	findings	finding	NOUN
fsr-3405	226	21	in	in	ADP
fsr-3405	226	22	column	column	NOUN
fsr-3405	226	23	2	2	NUM
fsr-3405	226	24	with	with	ADP
fsr-3405	226	25	the	the	DET
fsr-3405	226	26	underlying	underlie	VERB
fsr-3405	226	27	goal	goal	NOUN
fsr-3405	226	28	to	to	PART
fsr-3405	226	29	investigate	investigate	VERB
fsr-3405	226	30	the	the	DET
fsr-3405	226	31	extent	extent	NOUN
fsr-3405	226	32	of	of	ADP
fsr-3405	226	33	the	the	DET
fsr-3405	226	34	local	local	ADJ
fsr-3405	226	35	risk	risk	NOUN
fsr-3405	226	36	-	-	PUNCT
fsr-3405	226	37	taking	take	VERB
fsr-3405	226	38	effect	effect	NOUN
fsr-3405	226	39	.	.	PUNCT
fsr-3405	227	1	creativeshare	creativeshare	PROPN
fsr-3405	227	2	is	be	AUX
fsr-3405	227	3	negative	negative	ADJ
fsr-3405	227	4	and	and	CCONJ
fsr-3405	227	5	statistically	statistically	ADV
fsr-3405	227	6	significant	significant	ADJ
fsr-3405	227	7	for	for	ADP
fsr-3405	227	8	all	all	DET
fsr-3405	227	9	the	the	DET
fsr-3405	227	10	three	three	NUM
fsr-3405	227	11	dividend	dividend	NOUN
fsr-3405	227	12	payout	payout	NOUN
fsr-3405	227	13	tests	test	NOUN
fsr-3405	227	14	in	in	ADP
fsr-3405	227	15	panels	panel	NOUN
fsr-3405	227	16	a	a	PRON
fsr-3405	227	17	through	through	ADP
fsr-3405	227	18	c	c	NOUN
fsr-3405	227	19	in	in	ADP
fsr-3405	227	20	column	column	NOUN
fsr-3405	227	21	2	2	NUM
fsr-3405	227	22	demonstrating	demonstrate	VERB
fsr-3405	227	23	that	that	SCONJ
fsr-3405	227	24	local	local	ADJ
fsr-3405	227	25	risk	risk	NOUN
fsr-3405	227	26	-	-	PUNCT
fsr-3405	227	27	taking	take	VERB
fsr-3405	227	28	effect	effect	NOUN
fsr-3405	227	29	on	on	ADP
fsr-3405	227	30	dividend	dividend	NOUN
fsr-3405	227	31	payout	payout	NOUN
fsr-3405	227	32	holds	hold	VERB
fsr-3405	227	33	not	not	PART
fsr-3405	227	34	only	only	ADV
fsr-3405	227	35	for	for	ADP
fsr-3405	227	36	the	the	DET
fsr-3405	227	37	areas	area	NOUN
fsr-3405	227	38	with	with	ADP
fsr-3405	227	39	a	a	DET
fsr-3405	227	40	well	well	ADV
fsr-3405	227	41	-	-	PUNCT
fsr-3405	227	42	known	know	VERB
fsr-3405	227	43	and	and	CCONJ
fsr-3405	227	44	strong	strong	ADJ
fsr-3405	227	45	creative	creative	ADJ
fsr-3405	227	46	culture	culture	NOUN
fsr-3405	227	47	but	but	CCONJ
fsr-3405	227	48	also	also	ADV
fsr-3405	227	49	for	for	ADP
fsr-3405	227	50	the	the	DET
fsr-3405	227	51	other	other	ADJ
fsr-3405	227	52	areas	area	NOUN
fsr-3405	227	53	.	.	PUNCT
fsr-3405	228	1	the	the	DET
fsr-3405	228	2	results	result	NOUN
fsr-3405	228	3	in	in	ADP
fsr-3405	228	4	column	column	NOUN
fsr-3405	228	5	2	2	NUM
fsr-3405	228	6	also	also	ADV
fsr-3405	228	7	indicate	indicate	VERB
fsr-3405	228	8	economically	economically	ADV
fsr-3405	228	9	important	important	ADJ
fsr-3405	228	10	effects	effect	NOUN
fsr-3405	228	11	.	.	PUNCT
fsr-3405	229	1	a	a	DET
fsr-3405	229	2	one	one	NUM
fsr-3405	229	3	standard	standard	ADJ
fsr-3405	229	4	deviation	deviation	NOUN
fsr-3405	229	5	increase	increase	NOUN
fsr-3405	229	6	in	in	ADP
fsr-3405	229	7	local	local	ADJ
fsr-3405	229	8	risk	risk	NOUN
fsr-3405	229	9	-	-	PUNCT
fsr-3405	229	10	taking	taking	NOUN
fsr-3405	229	11	where	where	SCONJ
fsr-3405	229	12	a	a	DET
fsr-3405	229	13	firm	firm	NOUN
fsr-3405	229	14	is	be	AUX
fsr-3405	229	15	located	locate	VERB
fsr-3405	229	16	,	,	PUNCT
fsr-3405	229	17	as	as	SCONJ
fsr-3405	229	18	measured	measure	VERB
fsr-3405	229	19	by	by	ADP
fsr-3405	229	20	creativeshare	creativeshare	PROPN
fsr-3405	229	21	,	,	PUNCT
fsr-3405	229	22	leads	lead	VERB
fsr-3405	229	23	to	to	ADP
fsr-3405	229	24	a	a	DET
fsr-3405	229	25	16.6	16.6	NUM
fsr-3405	229	26	%	%	NOUN
fsr-3405	229	27	decrease	decrease	NOUN
fsr-3405	229	28	in	in	ADP
fsr-3405	229	29	the	the	DET
fsr-3405	229	30	odds	odd	NOUN
fsr-3405	229	31	that	that	SCONJ
fsr-3405	229	32	a	a	DET
fsr-3405	229	33	firm	firm	NOUN
fsr-3405	229	34	pays	pay	VERB
fsr-3405	229	35	dividends	dividend	NOUN
fsr-3405	229	36	as	as	SCONJ
fsr-3405	229	37	presented	present	VERB
fsr-3405	229	38	in	in	ADP
fsr-3405	229	39	panel	panel	NOUN
fsr-3405	229	40	a.	a.	NOUN
fsr-3405	229	41	a	a	DET
fsr-3405	229	42	one	one	NUM
fsr-3405	229	43	standard	standard	ADJ
fsr-3405	229	44	deviation	deviation	NOUN
fsr-3405	229	45	increase	increase	NOUN
fsr-3405	229	46	in	in	ADP
fsr-3405	229	47	local	local	ADJ
fsr-3405	229	48	creative	creative	ADJ
fsr-3405	229	49	share	share	NOUN
fsr-3405	229	50	is	be	AUX
fsr-3405	229	51	associated	associate	VERB
fsr-3405	229	52	with	with	ADP
fsr-3405	229	53	almost	almost	ADV
fsr-3405	229	54	0.065	0.065	NUM
fsr-3405	229	55	standard	standard	ADJ
fsr-3405	229	56	deviation	deviation	NOUN
fsr-3405	229	57	decrease	decrease	NOUN
fsr-3405	229	58	in	in	ADP
fsr-3405	229	59	dividend	dividend	NOUN
fsr-3405	229	60	yield	yield	NOUN
fsr-3405	229	61	in	in	ADP
fsr-3405	229	62	panel	panel	PROPN
fsr-3405	229	63	b.	b.	PROPN
fsr-3405	229	64	in	in	ADP
fsr-3405	229	65	addition	addition	NOUN
fsr-3405	229	66	,	,	PUNCT
fsr-3405	229	67	a	a	DET
fsr-3405	229	68	one	one	NUM
fsr-3405	229	69	standard	standard	ADJ
fsr-3405	229	70	deviation	deviation	NOUN
fsr-3405	229	71	increase	increase	NOUN
fsr-3405	229	72	in	in	ADP
fsr-3405	229	73	local	local	ADJ
fsr-3405	229	74	creative	creative	ADJ
fsr-3405	229	75	share	share	NOUN
fsr-3405	229	76	leads	lead	VERB
fsr-3405	229	77	to	to	ADP
fsr-3405	229	78	a	a	DET
fsr-3405	229	79	9.7	9.7	NUM
fsr-3405	229	80	%	%	NOUN
fsr-3405	229	81	decrease	decrease	NOUN
fsr-3405	229	82	in	in	ADP
fsr-3405	229	83	the	the	DET
fsr-3405	229	84	likelihood	likelihood	NOUN
fsr-3405	229	85	of	of	ADP
fsr-3405	229	86	a	a	DET
fsr-3405	229	87	firm	firm	NOUN
fsr-3405	229	88	initiating	initiate	VERB
fsr-3405	229	89	dividends	dividend	NOUN
fsr-3405	229	90	as	as	SCONJ
fsr-3405	229	91	indicated	indicate	VERB
fsr-3405	229	92	in	in	ADP
fsr-3405	229	93	panel	panel	NOUN
fsr-3405	229	94	c.	c.	NOUN
fsr-3405	229	95	these	these	DET
fsr-3405	229	96	findings	finding	NOUN
fsr-3405	229	97	provides	provide	VERB
fsr-3405	229	98	additional	additional	ADJ
fsr-3405	229	99	supporting	support	VERB
fsr-3405	229	100	evidence	evidence	NOUN
fsr-3405	229	101	and	and	CCONJ
fsr-3405	229	102	highlight	highlight	VERB
fsr-3405	229	103	the	the	DET
fsr-3405	229	104	influence	influence	NOUN
fsr-3405	229	105	of	of	ADP
fsr-3405	229	106	local	local	ADJ
fsr-3405	229	107	risk	risk	NOUN
fsr-3405	229	108	-	-	PUNCT
fsr-3405	229	109	taking	take	VERB
fsr-3405	229	110	propensity	propensity	NOUN
fsr-3405	229	111	induced	induce	VERB
fsr-3405	229	112	by	by	ADP
fsr-3405	229	113	creative	creative	ADJ
fsr-3405	229	114	culture	culture	NOUN
fsr-3405	229	115	on	on	ADP
fsr-3405	229	116	dividend	dividend	NOUN
fsr-3405	229	117	demand	demand	NOUN
fsr-3405	229	118	and	and	CCONJ
fsr-3405	229	119	corporate	corporate	ADJ
fsr-3405	229	120	payout	payout	NOUN
fsr-3405	229	121	policies	policy	NOUN
fsr-3405	229	122	of	of	ADP
fsr-3405	229	123	local	local	ADJ
fsr-3405	229	124	firms	firm	NOUN
fsr-3405	229	125	.	.	PUNCT
fsr-3405	230	1	377e	377e	PROPN
fsr-3405	230	2	.	.	PUNCT
fsr-3405	231	1	ucar	ucar	PROPN
fsr-3405	231	2	,	,	PUNCT
fsr-3405	231	3	a.	a.	PROPN
fsr-3405	231	4	staer	staer	PROPN
fsr-3405	231	5	/	/	SYM
fsr-3405	231	6	financial	financial	ADJ
fsr-3405	231	7	services	service	NOUN
fsr-3405	231	8	review	review	VERB
fsr-3405	231	9	27	27	NUM
fsr-3405	231	10	(	(	PUNCT
fsr-3405	231	11	2018	2018	NUM
fsr-3405	231	12	)	)	PUNCT
fsr-3405	231	13	367	367	NUM
fsr-3405	231	14	-	-	SYM
fsr-3405	231	15	389	389	NUM
fsr-3405	231	16	table	table	NOUN
fsr-3405	231	17	3	3	NUM
fsr-3405	231	18	additional	additional	ADJ
fsr-3405	231	19	tests	test	NOUN
fsr-3405	231	20	and	and	CCONJ
fsr-3405	231	21	robustness	robustness	NOUN
fsr-3405	231	22	checks	check	NOUN
fsr-3405	231	23	(	(	PUNCT
fsr-3405	231	24	1	1	NUM
fsr-3405	231	25	)	)	PUNCT
fsr-3405	231	26	(	(	PUNCT
fsr-3405	231	27	2	2	NUM
fsr-3405	231	28	)	)	PUNCT
fsr-3405	231	29	(	(	PUNCT
fsr-3405	231	30	3	3	X
fsr-3405	231	31	)	)	PUNCT
fsr-3405	231	32	panel	panel	NOUN
fsr-3405	231	33	a	a	DET
fsr-3405	231	34	:	:	PUNCT
fsr-3405	231	35	dividend	dividend	NOUN
fsr-3405	231	36	payer	payer	NOUN
fsr-3405	231	37	tests	test	VERB
fsr-3405	231	38	dependent	dependent	ADJ
fsr-3405	231	39	variable	variable	NOUN
fsr-3405	231	40	:	:	PUNCT
fsr-3405	231	41	dividend	dividend	NOUN
fsr-3405	231	42	payer	payer	PROPN
fsr-3405	231	43	creativeshare	creativeshare	PROPN
fsr-3405	231	44	�	�	PROPN
fsr-3405	231	45	2.807	2.807	NUM
fsr-3405	231	46	(	(	PUNCT
fsr-3405	231	47	�	�	NOUN
fsr-3405	231	48	3.05	3.05	NUM
fsr-3405	231	49	)	)	PUNCT
fsr-3405	231	50	*	*	PUNCT
fsr-3405	232	1	*	*	PUNCT
fsr-3405	232	2	*	*	PUNCT
fsr-3405	232	3	�	�	PROPN
fsr-3405	232	4	2.674	2.674	NUM
fsr-3405	232	5	(	(	PUNCT
fsr-3405	232	6	�	�	NOUN
fsr-3405	232	7	3.55	3.55	NUM
fsr-3405	232	8	)	)	PUNCT
fsr-3405	232	9	*	*	PUNCT
fsr-3405	232	10	*	*	PUNCT
fsr-3405	232	11	*	*	PUNCT
fsr-3405	232	12	�	�	X
fsr-3405	232	13	2.085	2.085	NUM
fsr-3405	232	14	(	(	PUNCT
fsr-3405	232	15	�	�	NOUN
fsr-3405	232	16	2.70	2.70	NUM
fsr-3405	232	17	)	)	PUNCT
fsr-3405	232	18	*	*	PUNCT
fsr-3405	232	19	*	*	PUNCT
fsr-3405	232	20	*	*	PUNCT
fsr-3405	232	21	main	main	ADJ
fsr-3405	232	22	controls	control	NOUN
fsr-3405	232	23	y	y	PROPN
fsr-3405	232	24	y	y	PROPN
fsr-3405	232	25	y	y	PROPN
fsr-3405	232	26	year	year	NOUN
fsr-3405	232	27	variables	variable	VERB
fsr-3405	232	28	y	y	PROPN
fsr-3405	232	29	y	y	PROPN
fsr-3405	232	30	y	y	PROPN
fsr-3405	232	31	industry	industry	NOUN
fsr-3405	232	32	variables	variable	VERB
fsr-3405	232	33	y	y	PROPN
fsr-3405	232	34	y	y	PROPN
fsr-3405	232	35	y	y	PROPN
fsr-3405	232	36	local	local	PROPN
fsr-3405	232	37	controls	control	VERB
fsr-3405	232	38	y	y	PROPN
fsr-3405	232	39	y	y	PROPN
fsr-3405	232	40	y	y	PROPN
fsr-3405	232	41	state	state	NOUN
fsr-3405	232	42	fixed	fix	VERB
fsr-3405	232	43	effects	effect	NOUN
fsr-3405	233	1	y	y	PROPN
fsr-3405	233	2	n	n	CCONJ
fsr-3405	233	3	n	n	CCONJ
fsr-3405	233	4	excluding	exclude	VERB
fsr-3405	233	5	areas	area	NOUN
fsr-3405	233	6	with	with	ADP
fsr-3405	233	7	a	a	DET
fsr-3405	233	8	famous	famous	ADJ
fsr-3405	233	9	creative	creative	ADJ
fsr-3405	233	10	culture	culture	NOUN
fsr-3405	233	11	n	n	CCONJ
fsr-3405	233	12	y	y	PROPN
fsr-3405	233	13	n	n	CCONJ
fsr-3405	233	14	alternative	alternative	ADJ
fsr-3405	233	15	location	location	NOUN
fsr-3405	233	16	data	datum	NOUN
fsr-3405	233	17	n	n	CCONJ
fsr-3405	233	18	n	n	NOUN
fsr-3405	233	19	y	y	PROPN
fsr-3405	233	20	observations	observation	NOUN
fsr-3405	233	21	65,239	65,239	NUM
fsr-3405	233	22	62,335	62,335	NUM
fsr-3405	233	23	49,245	49,245	NUM
fsr-3405	233	24	r2	r2	NOUN
fsr-3405	233	25	0.447	0.447	NUM
fsr-3405	233	26	0.436	0.436	NUM
fsr-3405	233	27	0.432	0.432	NUM
fsr-3405	233	28	panel	panel	NOUN
fsr-3405	233	29	b	b	NOUN
fsr-3405	233	30	:	:	PUNCT
fsr-3405	233	31	dividend	dividend	NOUN
fsr-3405	233	32	yield	yield	NOUN
fsr-3405	233	33	tests	test	NOUN
fsr-3405	233	34	dependent	dependent	ADJ
fsr-3405	233	35	variables	variable	NOUN
fsr-3405	233	36	:	:	PUNCT
fsr-3405	233	37	dividend	dividend	NOUN
fsr-3405	233	38	yield	yield	NOUN
fsr-3405	233	39	creativeshare	creativeshare	PROPN
fsr-3405	233	40	�	�	PROPN
fsr-3405	233	41	0.010	0.010	NUM
fsr-3405	233	42	(	(	PUNCT
fsr-3405	233	43	�	�	PROPN
fsr-3405	233	44	3.12	3.12	NUM
fsr-3405	233	45	)	)	PUNCT
fsr-3405	233	46	*	*	PUNCT
fsr-3405	233	47	*	*	PUNCT
fsr-3405	233	48	*	*	PUNCT
fsr-3405	233	49	�	�	PROPN
fsr-3405	233	50	0.012	0.012	NUM
fsr-3405	233	51	(	(	PUNCT
fsr-3405	233	52	�	�	PROPN
fsr-3405	233	53	4.46	4.46	NUM
fsr-3405	233	54	)	)	PUNCT
fsr-3405	233	55	*	*	PUNCT
fsr-3405	233	56	*	*	PUNCT
fsr-3405	233	57	*	*	PUNCT
fsr-3405	233	58	�	�	PROPN
fsr-3405	233	59	0.012	0.012	NUM
fsr-3405	233	60	(	(	PUNCT
fsr-3405	233	61	�	�	PROPN
fsr-3405	233	62	4.08	4.08	NUM
fsr-3405	233	63	)	)	PUNCT
fsr-3405	233	64	*	*	PUNCT
fsr-3405	233	65	*	*	PUNCT
fsr-3405	233	66	*	*	PUNCT
fsr-3405	233	67	main	main	ADJ
fsr-3405	233	68	controls	control	NOUN
fsr-3405	233	69	y	y	PROPN
fsr-3405	233	70	y	y	PROPN
fsr-3405	233	71	y	y	PROPN
fsr-3405	233	72	year	year	NOUN
fsr-3405	233	73	variables	variable	VERB
fsr-3405	233	74	y	y	PROPN
fsr-3405	233	75	y	y	PROPN
fsr-3405	233	76	y	y	PROPN
fsr-3405	233	77	industry	industry	NOUN
fsr-3405	233	78	variables	variable	VERB
fsr-3405	233	79	y	y	PROPN
fsr-3405	233	80	y	y	PROPN
fsr-3405	233	81	y	y	PROPN
fsr-3405	233	82	local	local	PROPN
fsr-3405	233	83	controls	control	VERB
fsr-3405	233	84	y	y	PROPN
fsr-3405	233	85	y	y	PROPN
fsr-3405	233	86	y	y	PROPN
fsr-3405	233	87	state	state	NOUN
fsr-3405	233	88	fixed	fix	VERB
fsr-3405	233	89	effects	effect	NOUN
fsr-3405	234	1	y	y	PROPN
fsr-3405	234	2	n	n	CCONJ
fsr-3405	234	3	n	n	CCONJ
fsr-3405	234	4	excluding	exclude	VERB
fsr-3405	234	5	areas	area	NOUN
fsr-3405	234	6	with	with	ADP
fsr-3405	234	7	a	a	DET
fsr-3405	234	8	famous	famous	ADJ
fsr-3405	234	9	creative	creative	ADJ
fsr-3405	234	10	culture	culture	NOUN
fsr-3405	234	11	n	n	CCONJ
fsr-3405	234	12	y	y	PROPN
fsr-3405	234	13	n	n	CCONJ
fsr-3405	234	14	alternative	alternative	ADJ
fsr-3405	234	15	location	location	NOUN
fsr-3405	234	16	data	datum	NOUN
fsr-3405	234	17	n	n	CCONJ
fsr-3405	234	18	n	n	NOUN
fsr-3405	234	19	y	y	PROPN
fsr-3405	234	20	observations	observation	NOUN
fsr-3405	234	21	65,239	65,239	NUM
fsr-3405	234	22	62,335	62,335	NUM
fsr-3405	234	23	49,245	49,245	NUM
fsr-3405	234	24	r2	r2	NOUN
fsr-3405	234	25	0.289	0.289	NUM
fsr-3405	234	26	0.280	0.280	NUM
fsr-3405	234	27	0.280	0.280	NUM
fsr-3405	234	28	panel	panel	NOUN
fsr-3405	234	29	c	c	NOUN
fsr-3405	234	30	:	:	PUNCT
fsr-3405	234	31	dividend	dividend	NOUN
fsr-3405	234	32	initiation	initiation	NOUN
fsr-3405	234	33	tests	test	VERB
fsr-3405	234	34	dependent	dependent	ADJ
fsr-3405	234	35	variable	variable	ADJ
fsr-3405	234	36	creativeshare	creativeshare	PROPN
fsr-3405	234	37	�	�	PROPN
fsr-3405	234	38	2.032	2.032	NUM
fsr-3405	234	39	(	(	PUNCT
fsr-3405	234	40	�	�	PROPN
fsr-3405	234	41	2.09	2.09	NUM
fsr-3405	234	42	)	)	PUNCT
fsr-3405	234	43	*	*	PUNCT
fsr-3405	234	44	*	*	PUNCT
fsr-3405	234	45	�	�	PROPN
fsr-3405	234	46	1.532	1.532	NUM
fsr-3405	234	47	(	(	PUNCT
fsr-3405	234	48	�	�	PROPN
fsr-3405	234	49	1.93	1.93	NUM
fsr-3405	234	50	)	)	PUNCT
fsr-3405	234	51	*	*	PUNCT
fsr-3405	234	52	�	�	PROPN
fsr-3405	234	53	0.952	0.952	NUM
fsr-3405	234	54	(	(	PUNCT
fsr-3405	234	55	�	�	NOUN
fsr-3405	234	56	1.04	1.04	NUM
fsr-3405	234	57	)	)	PUNCT
fsr-3405	234	58	main	main	ADJ
fsr-3405	234	59	controls	control	NOUN
fsr-3405	234	60	y	y	PROPN
fsr-3405	234	61	y	y	PROPN
fsr-3405	234	62	y	y	PROPN
fsr-3405	234	63	year	year	NOUN
fsr-3405	234	64	variables	variable	VERB
fsr-3405	234	65	y	y	PROPN
fsr-3405	234	66	y	y	PROPN
fsr-3405	234	67	y	y	PROPN
fsr-3405	234	68	industry	industry	NOUN
fsr-3405	234	69	variables	variable	VERB
fsr-3405	234	70	y	y	PROPN
fsr-3405	234	71	y	y	PROPN
fsr-3405	234	72	y	y	PROPN
fsr-3405	235	1	local	local	PROPN
fsr-3405	235	2	controls	control	VERB
fsr-3405	235	3	y	y	PROPN
fsr-3405	235	4	y	y	PROPN
fsr-3405	235	5	y	y	PROPN
fsr-3405	235	6	state	state	NOUN
fsr-3405	235	7	fixed	fix	VERB
fsr-3405	235	8	effects	effect	NOUN
fsr-3405	235	9	y	y	PROPN
fsr-3405	235	10	n	n	CCONJ
fsr-3405	235	11	n	n	CCONJ
fsr-3405	235	12	excluding	exclude	VERB
fsr-3405	235	13	areas	area	NOUN
fsr-3405	235	14	with	with	ADP
fsr-3405	235	15	a	a	DET
fsr-3405	235	16	famous	famous	ADJ
fsr-3405	235	17	creative	creative	ADJ
fsr-3405	235	18	culture	culture	NOUN
fsr-3405	235	19	n	n	CCONJ
fsr-3405	235	20	y	y	PROPN
fsr-3405	235	21	n	n	CCONJ
fsr-3405	235	22	alternative	alternative	ADJ
fsr-3405	235	23	location	location	NOUN
fsr-3405	235	24	data	datum	NOUN
fsr-3405	235	25	n	n	CCONJ
fsr-3405	235	26	n	n	NOUN
fsr-3405	235	27	y	y	PROPN
fsr-3405	235	28	observations	observation	NOUN
fsr-3405	235	29	46,831	46,831	NUM
fsr-3405	235	30	44,381	44,381	NUM
fsr-3405	235	31	34,458	34,458	NUM
fsr-3405	235	32	r2	r2	NOUN
fsr-3405	235	33	0.124	0.124	NUM
fsr-3405	235	34	0.115	0.115	NUM
fsr-3405	235	35	0.113	0.113	NUM
fsr-3405	235	36	note	note	NOUN
fsr-3405	235	37	:	:	PUNCT
fsr-3405	235	38	*	*	PUNCT
fsr-3405	235	39	significant	significant	ADJ
fsr-3405	235	40	at	at	ADP
fsr-3405	235	41	10	10	NUM
fsr-3405	235	42	%	%	NOUN
fsr-3405	235	43	;	;	PUNCT
fsr-3405	235	44	*	*	PUNCT
fsr-3405	235	45	*	*	PUNCT
fsr-3405	235	46	significant	significant	ADJ
fsr-3405	235	47	at	at	ADP
fsr-3405	235	48	5	5	NUM
fsr-3405	235	49	%	%	NOUN
fsr-3405	235	50	;	;	PUNCT
fsr-3405	235	51	*	*	PUNCT
fsr-3405	235	52	*	*	PUNCT
fsr-3405	235	53	*	*	PUNCT
fsr-3405	235	54	significant	significant	ADJ
fsr-3405	235	55	at	at	ADP
fsr-3405	235	56	1	1	NUM
fsr-3405	235	57	%	%	NOUN
fsr-3405	235	58	.	.	PUNCT
fsr-3405	236	1	this	this	DET
fsr-3405	236	2	table	table	NOUN
fsr-3405	236	3	reports	report	VERB
fsr-3405	236	4	the	the	DET
fsr-3405	236	5	additional	additional	ADJ
fsr-3405	236	6	tests	test	NOUN
fsr-3405	236	7	and	and	CCONJ
fsr-3405	236	8	robustness	robustness	NOUN
fsr-3405	236	9	checks	check	NOUN
fsr-3405	236	10	for	for	ADP
fsr-3405	236	11	the	the	DET
fsr-3405	236	12	main	main	ADJ
fsr-3405	236	13	tests	test	NOUN
fsr-3405	236	14	with	with	ADP
fsr-3405	236	15	controls	control	NOUN
fsr-3405	236	16	for	for	ADP
fsr-3405	236	17	state	state	NOUN
fsr-3405	236	18	effects	effect	NOUN
fsr-3405	236	19	,	,	PUNCT
fsr-3405	236	20	strong	strong	ADJ
fsr-3405	236	21	creative	creative	ADJ
fsr-3405	236	22	culture	culture	NOUN
fsr-3405	236	23	areas	area	NOUN
fsr-3405	236	24	and	and	CCONJ
fsr-3405	236	25	an	an	DET
fsr-3405	236	26	alternative	alternative	ADJ
fsr-3405	236	27	location	location	NOUN
fsr-3405	236	28	dataset	dataset	NOUN
fsr-3405	236	29	.	.	PUNCT
fsr-3405	237	1	the	the	DET
fsr-3405	237	2	dependent	dependent	ADJ
fsr-3405	237	3	variables	variable	NOUN
fsr-3405	237	4	are	be	AUX
fsr-3405	237	5	dividend	dividend	NOUN
fsr-3405	237	6	payer	payer	NOUN
fsr-3405	237	7	,	,	PUNCT
fsr-3405	237	8	dividend	dividend	NOUN
fsr-3405	237	9	yield	yield	NOUN
fsr-3405	237	10	,	,	PUNCT
fsr-3405	237	11	and	and	CCONJ
fsr-3405	237	12	dividend	dividend	NOUN
fsr-3405	237	13	initiation	initiation	NOUN
fsr-3405	237	14	in	in	ADP
fsr-3405	237	15	panels	panel	NOUN
fsr-3405	237	16	a	a	DET
fsr-3405	237	17	,	,	PUNCT
fsr-3405	237	18	b	b	NOUN
fsr-3405	237	19	,	,	PUNCT
fsr-3405	237	20	and	and	CCONJ
fsr-3405	237	21	c	c	NOUN
fsr-3405	237	22	,	,	PUNCT
fsr-3405	237	23	respectively	respectively	ADV
fsr-3405	237	24	.	.	PUNCT
fsr-3405	238	1	the	the	DET
fsr-3405	238	2	main	main	ADJ
fsr-3405	238	3	variable	variable	NOUN
fsr-3405	238	4	of	of	ADP
fsr-3405	238	5	interest	interest	NOUN
fsr-3405	238	6	is	be	AUX
fsr-3405	238	7	creativeshare	creativeshare	PROPN
fsr-3405	238	8	.	.	PUNCT
fsr-3405	239	1	column	column	NOUN
fsr-3405	239	2	1	1	NUM
fsr-3405	239	3	controls	control	NOUN
fsr-3405	239	4	for	for	ADP
fsr-3405	239	5	state	state	NOUN
fsr-3405	239	6	dummies	dummy	NOUN
fsr-3405	239	7	.	.	PUNCT
fsr-3405	240	1	column	column	NOUN
fsr-3405	240	2	2	2	NUM
fsr-3405	240	3	re	re	NOUN
fsr-3405	240	4	-	-	NOUN
fsr-3405	240	5	examines	examine	VERB
fsr-3405	240	6	the	the	DET
fsr-3405	240	7	tests	test	NOUN
fsr-3405	240	8	after	after	ADP
fsr-3405	240	9	excluding	exclude	VERB
fsr-3405	240	10	firms	firm	NOUN
fsr-3405	240	11	located	locate	VERB
fsr-3405	240	12	in	in	ADP
fsr-3405	240	13	areas	area	NOUN
fsr-3405	240	14	with	with	ADP
fsr-3405	240	15	a	a	DET
fsr-3405	240	16	strong	strong	ADJ
fsr-3405	240	17	creative	creative	ADJ
fsr-3405	240	18	culture	culture	NOUN
fsr-3405	240	19	,	,	PUNCT
fsr-3405	240	20	and	and	CCONJ
fsr-3405	240	21	more	more	ADJ
fsr-3405	240	22	details	detail	NOUN
fsr-3405	240	23	are	be	AUX
fsr-3405	240	24	provided	provide	VERB
fsr-3405	240	25	in	in	ADP
fsr-3405	240	26	the	the	DET
fsr-3405	240	27	text	text	NOUN
fsr-3405	240	28	.	.	PUNCT
fsr-3405	241	1	column	column	NOUN
fsr-3405	241	2	3	3	NUM
fsr-3405	241	3	re	re	NOUN
fsr-3405	241	4	-	-	NOUN
fsr-3405	241	5	examines	examine	VERB
fsr-3405	241	6	the	the	DET
fsr-3405	241	7	tests	test	NOUN
fsr-3405	241	8	by	by	ADP
fsr-3405	241	9	using	use	VERB
fsr-3405	241	10	an	an	DET
fsr-3405	241	11	alternative	alternative	ADJ
fsr-3405	241	12	firm	firm	ADJ
fsr-3405	241	13	location	location	NOUN
fsr-3405	241	14	information	information	NOUN
fsr-3405	241	15	provided	provide	VERB
fsr-3405	241	16	by	by	ADP
fsr-3405	241	17	the	the	DET
fsr-3405	241	18	compact	compact	ADJ
fsr-3405	241	19	disclosure	disclosure	NOUN
fsr-3405	241	20	data	datum	NOUN
fsr-3405	241	21	as	as	ADV
fsr-3405	241	22	well	well	ADV
fsr-3405	241	23	as	as	ADP
fsr-3405	241	24	the	the	DET
fsr-3405	241	25	firm	firm	ADJ
fsr-3405	241	26	location	location	NOUN
fsr-3405	241	27	information	information	NOUN
fsr-3405	241	28	from	from	ADP
fsr-3405	241	29	bill	bill	PROPN
fsr-3405	241	30	mcdonald	mcdonald	PROPN
fsr-3405	241	31	’s	’s	PART
fsr-3405	241	32	website	website	NOUN
fsr-3405	241	33	.	.	PUNCT
fsr-3405	242	1	this	this	DET
fsr-3405	242	2	table	table	NOUN
fsr-3405	242	3	has	have	VERB
fsr-3405	242	4	the	the	DET
fsr-3405	242	5	following	follow	VERB
fsr-3405	242	6	main	main	ADJ
fsr-3405	242	7	controls	control	NOUN
fsr-3405	242	8	:	:	PUNCT
fsr-3405	242	9	net	net	ADJ
fsr-3405	242	10	income	income	NOUN
fsr-3405	242	11	,	,	PUNCT
fsr-3405	242	12	cash	cash	NOUN
fsr-3405	242	13	,	,	PUNCT
fsr-3405	242	14	q	q	NOUN
fsr-3405	242	15	,	,	PUNCT
fsr-3405	242	16	debt	debt	NOUN
fsr-3405	242	17	,	,	PUNCT
fsr-3405	242	18	log	log	NOUN
fsr-3405	242	19	of	of	ADP
fsr-3405	242	20	mv	mv	PROPN
fsr-3405	242	21	,	,	PUNCT
fsr-3405	242	22	log	log	NOUN
fsr-3405	242	23	of	of	ADP
fsr-3405	242	24	assets	asset	NOUN
fsr-3405	242	25	,	,	PUNCT
fsr-3405	242	26	volatility	volatility	NOUN
fsr-3405	242	27	,	,	PUNCT
fsr-3405	242	28	lagged	lag	VERB
fsr-3405	242	29	return	return	NOUN
fsr-3405	242	30	,	,	PUNCT
fsr-3405	242	31	asset	asset	NOUN
fsr-3405	242	32	growth	growth	NOUN
fsr-3405	242	33	.	.	PUNCT
fsr-3405	243	1	the	the	DET
fsr-3405	243	2	main	main	ADJ
fsr-3405	243	3	controls	control	NOUN
fsr-3405	243	4	also	also	ADV
fsr-3405	243	5	include	include	VERB
fsr-3405	243	6	the	the	DET
fsr-3405	243	7	following	follow	VERB
fsr-3405	243	8	age	age	NOUN
fsr-3405	243	9	-	-	PUNCT
fsr-3405	243	10	group	group	NOUN
fsr-3405	243	11	indicator	indicator	NOUN
fsr-3405	243	12	variables	variable	VERB
fsr-3405	243	13	:	:	PUNCT
fsr-3405	243	14	age	age	PROPN
fsr-3405	243	15	1–5	1–5	NUM
fsr-3405	243	16	,	,	PUNCT
fsr-3405	243	17	age	age	NOUN
fsr-3405	243	18	6–10	6–10	NOUN
fsr-3405	243	19	,	,	PUNCT
fsr-3405	243	20	age	age	NOUN
fsr-3405	243	21	11–15	11–15	NUM
fsr-3405	243	22	,	,	PUNCT
fsr-3405	243	23	and	and	CCONJ
fsr-3405	243	24	age	age	NOUN
fsr-3405	243	25	16–20	16–20	NUM
fsr-3405	243	26	.	.	PUNCT
fsr-3405	243	27	age	age	NOUN
fsr-3405	243	28	21	21	NUM
fsr-3405	243	29	and	and	CCONJ
fsr-3405	243	30	over	over	ADV
fsr-3405	243	31	is	be	AUX
fsr-3405	243	32	the	the	DET
fsr-3405	243	33	dropped	drop	VERB
fsr-3405	243	34	category	category	NOUN
fsr-3405	243	35	in	in	ADP
fsr-3405	243	36	the	the	DET
fsr-3405	243	37	tests	test	NOUN
fsr-3405	243	38	.	.	PUNCT
fsr-3405	244	1	these	these	DET
fsr-3405	244	2	variables	variable	NOUN
fsr-3405	244	3	are	be	AUX
fsr-3405	244	4	defined	define	VERB
fsr-3405	244	5	in	in	ADP
fsr-3405	244	6	table	table	NOUN
fsr-3405	244	7	1	1	NUM
fsr-3405	244	8	and	and	CCONJ
fsr-3405	244	9	table	table	NOUN
fsr-3405	244	10	2	2	NUM
fsr-3405	244	11	.	.	PUNCT
fsr-3405	245	1	the	the	DET
fsr-3405	245	2	empirical	empirical	ADJ
fsr-3405	245	3	tests	test	NOUN
fsr-3405	245	4	also	also	ADV
fsr-3405	245	5	control	control	VERB
fsr-3405	245	6	for	for	ADP
fsr-3405	245	7	the	the	DET
fsr-3405	245	8	state	state	NOUN
fsr-3405	245	9	,	,	PUNCT
fsr-3405	245	10	industry	industry	NOUN
fsr-3405	245	11	,	,	PUNCT
fsr-3405	245	12	and	and	CCONJ
fsr-3405	245	13	year	year	NOUN
fsr-3405	245	14	indicator	indicator	NOUN
fsr-3405	245	15	variables	variable	NOUN
fsr-3405	245	16	.	.	PUNCT
fsr-3405	246	1	only	only	ADV
fsr-3405	246	2	creativeshare	creativeshare	NOUN
fsr-3405	246	3	is	be	AUX
fsr-3405	246	4	displayed	display	VERB
fsr-3405	246	5	for	for	ADP
fsr-3405	246	6	brevity	brevity	NOUN
fsr-3405	246	7	.	.	PUNCT
fsr-3405	247	1	local	local	ADJ
fsr-3405	247	2	controls	control	NOUN
fsr-3405	247	3	comprise	comprise	VERB
fsr-3405	247	4	the	the	DET
fsr-3405	247	5	following	follow	VERB
fsr-3405	247	6	variables	variable	NOUN
fsr-3405	247	7	:	:	PUNCT
fsr-3405	247	8	local	local	ADJ
fsr-3405	247	9	seniors	senior	NOUN
fsr-3405	247	10	,	,	PUNCT
fsr-3405	247	11	cpration	cpration	NOUN
fsr-3405	247	12	,	,	PUNCT
fsr-3405	247	13	income	income	NOUN
fsr-3405	247	14	,	,	PUNCT
fsr-3405	247	15	log	log	NOUN
fsr-3405	247	16	of	of	ADP
fsr-3405	247	17	population	population	NOUN
fsr-3405	247	18	,	,	PUNCT
fsr-3405	247	19	education	education	NOUN
fsr-3405	247	20	.	.	PUNCT
fsr-3405	248	1	local	local	ADJ
fsr-3405	248	2	seniors	senior	NOUN
fsr-3405	248	3	is	be	AUX
fsr-3405	248	4	defined	define	VERB
fsr-3405	248	5	as	as	ADP
fsr-3405	248	6	the	the	DET
fsr-3405	248	7	proportion	proportion	NOUN
fsr-3405	248	8	of	of	ADP
fsr-3405	248	9	individuals	individual	NOUN
fsr-3405	248	10	who	who	PRON
fsr-3405	248	11	are	be	AUX
fsr-3405	248	12	65	65	NUM
fsr-3405	248	13	years	year	NOUN
fsr-3405	248	14	old	old	ADJ
fsr-3405	248	15	or	or	CCONJ
fsr-3405	248	16	older	old	ADJ
fsr-3405	248	17	within	within	ADP
fsr-3405	248	18	a	a	DET
fsr-3405	248	19	county	county	NOUN
fsr-3405	248	20	where	where	SCONJ
fsr-3405	248	21	a	a	DET
fsr-3405	248	22	firm	firm	NOUN
fsr-3405	248	23	is	be	AUX
fsr-3405	248	24	headquartered	headquarter	VERB
fsr-3405	248	25	.	.	PUNCT
fsr-3405	249	1	cpratio	cpratio	NOUN
fsr-3405	249	2	is	be	AUX
fsr-3405	249	3	defined	define	VERB
fsr-3405	249	4	as	as	ADP
fsr-3405	249	5	the	the	DET
fsr-3405	249	6	ratio	ratio	NOUN
fsr-3405	249	7	of	of	ADP
fsr-3405	249	8	catholics	catholic	NOUN
fsr-3405	249	9	to	to	ADP
fsr-3405	249	10	protestants	protestant	NOUN
fsr-3405	249	11	in	in	ADP
fsr-3405	249	12	the	the	DET
fsr-3405	249	13	county	county	NOUN
fsr-3405	249	14	where	where	SCONJ
fsr-3405	249	15	a	a	DET
fsr-3405	249	16	firm	firm	NOUN
fsr-3405	249	17	is	be	AUX
fsr-3405	249	18	located	locate	VERB
fsr-3405	249	19	.	.	PUNCT
fsr-3405	250	1	income	income	NOUN
fsr-3405	250	2	is	be	AUX
fsr-3405	250	3	the	the	DET
fsr-3405	250	4	median	median	ADJ
fsr-3405	250	5	household	household	NOUN
fsr-3405	250	6	income	income	NOUN
fsr-3405	250	7	in	in	ADP
fsr-3405	250	8	a	a	DET
fsr-3405	250	9	given	give	VERB
fsr-3405	250	10	firm	firm	ADJ
fsr-3405	250	11	county	county	NOUN
fsr-3405	250	12	.	.	PUNCT
fsr-3405	251	1	log	log	NOUN
fsr-3405	251	2	of	of	ADP
fsr-3405	251	3	population	population	NOUN
fsr-3405	251	4	is	be	AUX
fsr-3405	251	5	the	the	DET
fsr-3405	251	6	logarithm	logarithm	NOUN
fsr-3405	251	7	of	of	ADP
fsr-3405	251	8	population	population	NOUN
fsr-3405	251	9	for	for	ADP
fsr-3405	251	10	a	a	DET
fsr-3405	251	11	given	give	VERB
fsr-3405	251	12	county	county	NOUN
fsr-3405	251	13	.	.	PUNCT
fsr-3405	252	1	education	education	NOUN
fsr-3405	252	2	is	be	AUX
fsr-3405	252	3	the	the	DET
fsr-3405	252	4	fraction	fraction	NOUN
fsr-3405	252	5	of	of	ADP
fsr-3405	252	6	people	people	NOUN
fsr-3405	252	7	25	25	NUM
fsr-3405	252	8	years	year	NOUN
fsr-3405	252	9	and	and	CCONJ
fsr-3405	252	10	over	over	ADP
fsr-3405	252	11	having	have	VERB
fsr-3405	252	12	a	a	DET
fsr-3405	252	13	bachelor	bachelor	NOUN
fsr-3405	252	14	’s	’s	NOUN
fsr-3405	252	15	,	,	PUNCT
fsr-3405	252	16	graduate	graduate	NOUN
fsr-3405	252	17	,	,	PUNCT
fsr-3405	252	18	or	or	CCONJ
fsr-3405	252	19	professional	professional	ADJ
fsr-3405	252	20	or	or	CCONJ
fsr-3405	252	21	some	some	DET
fsr-3405	252	22	college	college	NOUN
fsr-3405	252	23	degree	degree	NOUN
fsr-3405	252	24	.	.	PUNCT
fsr-3405	253	1	standard	standard	ADJ
fsr-3405	253	2	errors	error	NOUN
fsr-3405	253	3	are	be	AUX
fsr-3405	253	4	adjusted	adjust	VERB
fsr-3405	253	5	for	for	ADP
fsr-3405	253	6	heteroskedasticity	heteroskedasticity	NOUN
fsr-3405	253	7	and	and	CCONJ
fsr-3405	253	8	clustered	cluster	VERB
fsr-3405	253	9	at	at	ADP
fsr-3405	253	10	the	the	DET
fsr-3405	253	11	firm	firm	ADJ
fsr-3405	253	12	level	level	NOUN
fsr-3405	253	13	.	.	PUNCT
fsr-3405	254	1	robust	robust	ADJ
fsr-3405	254	2	t	t	NOUN
fsr-3405	254	3	and	and	CCONJ
fsr-3405	254	4	z	z	NOUN
fsr-3405	254	5	stats	stat	NOUN
fsr-3405	254	6	are	be	AUX
fsr-3405	254	7	in	in	ADP
fsr-3405	254	8	parentheses	parenthesis	NOUN
fsr-3405	254	9	.	.	PUNCT
fsr-3405	255	1	378	378	NUM
fsr-3405	255	2	e.	e.	PROPN
fsr-3405	255	3	ucar	ucar	PROPN
fsr-3405	255	4	,	,	PUNCT
fsr-3405	255	5	a.	a.	PROPN
fsr-3405	255	6	staer	staer	PROPN
fsr-3405	255	7	/	/	SYM
fsr-3405	255	8	financial	financial	ADJ
fsr-3405	255	9	services	service	NOUN
fsr-3405	255	10	review	review	VERB
fsr-3405	255	11	27	27	NUM
fsr-3405	255	12	(	(	PUNCT
fsr-3405	255	13	2018	2018	NUM
fsr-3405	255	14	)	)	PUNCT
fsr-3405	255	15	367	367	NUM
fsr-3405	255	16	-	-	SYM
fsr-3405	255	17	389	389	NUM
fsr-3405	255	18	in	in	ADP
fsr-3405	255	19	column	column	NOUN
fsr-3405	255	20	3	3	NUM
fsr-3405	255	21	,	,	PUNCT
fsr-3405	255	22	we	we	PRON
fsr-3405	255	23	rerun	rerun	VERB
fsr-3405	255	24	the	the	DET
fsr-3405	255	25	main	main	ADJ
fsr-3405	255	26	regressions	regression	NOUN
fsr-3405	255	27	for	for	ADP
fsr-3405	255	28	the	the	DET
fsr-3405	255	29	dividend	dividend	NOUN
fsr-3405	255	30	policy	policy	NOUN
fsr-3405	255	31	variables	variable	NOUN
fsr-3405	255	32	using	use	VERB
fsr-3405	255	33	an	an	DET
fsr-3405	255	34	alternative	alternative	ADJ
fsr-3405	255	35	firm	firm	ADJ
fsr-3405	255	36	location	location	NOUN
fsr-3405	255	37	dataset	dataset	VERB
fsr-3405	255	38	and	and	CCONJ
fsr-3405	255	39	analyze	analyze	VERB
fsr-3405	255	40	the	the	DET
fsr-3405	255	41	coefficient	coefficient	NOUN
fsr-3405	255	42	estimates	estimate	VERB
fsr-3405	255	43	.	.	PUNCT
fsr-3405	256	1	the	the	DET
fsr-3405	256	2	previous	previous	ADJ
fsr-3405	256	3	tests	test	NOUN
fsr-3405	256	4	use	use	VERB
fsr-3405	256	5	firm	firm	ADJ
fsr-3405	256	6	location	location	NOUN
fsr-3405	256	7	information	information	NOUN
fsr-3405	256	8	provided	provide	VERB
fsr-3405	256	9	by	by	ADP
fsr-3405	256	10	compustat	compustat	NOUN
fsr-3405	256	11	.	.	PUNCT
fsr-3405	257	1	prior	prior	ADJ
fsr-3405	257	2	literature	literature	PROPN
fsr-3405	257	3	shows	show	VERB
fsr-3405	257	4	that	that	SCONJ
fsr-3405	257	5	there	there	PRON
fsr-3405	257	6	is	be	VERB
fsr-3405	257	7	a	a	DET
fsr-3405	257	8	small	small	ADJ
fsr-3405	257	9	number	number	NOUN
fsr-3405	257	10	of	of	ADP
fsr-3405	257	11	headquarter	headquarter	ADJ
fsr-3405	257	12	moves	move	NOUN
fsr-3405	257	13	(	(	PUNCT
fsr-3405	257	14	e.g.	e.g.	ADV
fsr-3405	257	15	,	,	PUNCT
fsr-3405	257	16	pirinsky	pirinsky	NOUN
fsr-3405	257	17	and	and	CCONJ
fsr-3405	257	18	wang	wang	PROPN
fsr-3405	257	19	,	,	PUNCT
fsr-3405	257	20	2006	2006	NUM
fsr-3405	257	21	)	)	PUNCT
fsr-3405	257	22	.	.	PUNCT
fsr-3405	258	1	one	one	PRON
fsr-3405	258	2	might	might	AUX
fsr-3405	258	3	suggest	suggest	VERB
fsr-3405	258	4	that	that	SCONJ
fsr-3405	258	5	the	the	DET
fsr-3405	258	6	fact	fact	NOUN
fsr-3405	258	7	that	that	SCONJ
fsr-3405	258	8	compustat	compustat	NOUN
fsr-3405	258	9	does	do	AUX
fsr-3405	258	10	not	not	PART
fsr-3405	258	11	consider	consider	VERB
fsr-3405	258	12	any	any	DET
fsr-3405	258	13	corporate	corporate	ADJ
fsr-3405	258	14	relocation	relocation	NOUN
fsr-3405	258	15	may	may	AUX
fsr-3405	258	16	bias	bias	VERB
fsr-3405	258	17	our	our	PRON
fsr-3405	258	18	findings	finding	NOUN
fsr-3405	258	19	.	.	PUNCT
fsr-3405	259	1	to	to	PART
fsr-3405	259	2	take	take	VERB
fsr-3405	259	3	into	into	ADP
fsr-3405	259	4	account	account	NOUN
fsr-3405	259	5	corporate	corporate	ADJ
fsr-3405	259	6	relocations	relocation	NOUN
fsr-3405	259	7	and	and	CCONJ
fsr-3405	259	8	to	to	PART
fsr-3405	259	9	ascertain	ascertain	VERB
fsr-3405	259	10	whether	whether	SCONJ
fsr-3405	259	11	our	our	PRON
fsr-3405	259	12	findings	finding	NOUN
fsr-3405	259	13	are	be	AUX
fsr-3405	259	14	driven	drive	VERB
fsr-3405	259	15	by	by	ADP
fsr-3405	259	16	compustat	compustat	NOUN
fsr-3405	259	17	firm	firm	ADJ
fsr-3405	259	18	location	location	NOUN
fsr-3405	259	19	information	information	NOUN
fsr-3405	259	20	or	or	CCONJ
fsr-3405	259	21	not	not	PART
fsr-3405	259	22	,	,	PUNCT
fsr-3405	259	23	we	we	PRON
fsr-3405	259	24	use	use	VERB
fsr-3405	259	25	an	an	DET
fsr-3405	259	26	alternative	alternative	ADJ
fsr-3405	259	27	firm	firm	ADJ
fsr-3405	259	28	location	location	NOUN
fsr-3405	259	29	dataset	dataset	NOUN
fsr-3405	259	30	.	.	PUNCT
fsr-3405	260	1	in	in	ADP
fsr-3405	260	2	particular	particular	ADJ
fsr-3405	260	3	,	,	PUNCT
fsr-3405	260	4	we	we	PRON
fsr-3405	260	5	use	use	VERB
fsr-3405	260	6	firm	firm	ADJ
fsr-3405	260	7	location	location	NOUN
fsr-3405	260	8	information	information	NOUN
fsr-3405	260	9	from	from	ADP
fsr-3405	260	10	the	the	DET
fsr-3405	260	11	compact	compact	ADJ
fsr-3405	260	12	disclosure	disclosure	NOUN
fsr-3405	260	13	database	database	NOUN
fsr-3405	260	14	as	as	ADV
fsr-3405	260	15	well	well	ADV
fsr-3405	260	16	as	as	ADP
fsr-3405	260	17	bill	bill	PROPN
fsr-3405	260	18	mcdonald	mcdonald	PROPN
fsr-3405	260	19	’s	’s	PART
fsr-3405	260	20	website15	website15	NOUN
fsr-3405	260	21	and	and	CCONJ
fsr-3405	260	22	repeat	repeat	VERB
fsr-3405	260	23	our	our	PRON
fsr-3405	260	24	main	main	ADJ
fsr-3405	260	25	tests	test	NOUN
fsr-3405	260	26	in	in	ADP
fsr-3405	260	27	column	column	NOUN
fsr-3405	260	28	3	3	NUM
fsr-3405	260	29	.	.	PUNCT
fsr-3405	261	1	the	the	DET
fsr-3405	261	2	results	result	NOUN
fsr-3405	261	3	presented	present	VERB
fsr-3405	261	4	in	in	ADP
fsr-3405	261	5	column	column	NOUN
fsr-3405	261	6	3	3	NUM
fsr-3405	261	7	exhibit	exhibit	VERB
fsr-3405	261	8	a	a	DET
fsr-3405	261	9	negative	negative	ADJ
fsr-3405	261	10	and	and	CCONJ
fsr-3405	261	11	statistically	statistically	ADV
fsr-3405	261	12	significant	significant	ADJ
fsr-3405	261	13	coefficient	coefficient	NOUN
fsr-3405	261	14	for	for	ADP
fsr-3405	261	15	creativeshare	creativeshare	NOUN
fsr-3405	261	16	for	for	ADP
fsr-3405	261	17	all	all	DET
fsr-3405	261	18	the	the	DET
fsr-3405	261	19	three	three	NUM
fsr-3405	261	20	dividend	dividend	NOUN
fsr-3405	261	21	payout	payout	NOUN
fsr-3405	261	22	variables	variable	NOUN
fsr-3405	261	23	in	in	ADP
fsr-3405	261	24	line	line	NOUN
fsr-3405	261	25	with	with	ADP
fsr-3405	261	26	the	the	DET
fsr-3405	261	27	previous	previous	ADJ
fsr-3405	261	28	tests	test	NOUN
fsr-3405	261	29	after	after	ADP
fsr-3405	261	30	using	use	VERB
fsr-3405	261	31	an	an	DET
fsr-3405	261	32	alternative	alternative	ADJ
fsr-3405	261	33	firm	firm	ADJ
fsr-3405	261	34	location	location	NOUN
fsr-3405	261	35	information	information	NOUN
fsr-3405	261	36	dataset	dataset	NOUN
fsr-3405	261	37	which	which	PRON
fsr-3405	261	38	considers	consider	VERB
fsr-3405	261	39	firm	firm	ADJ
fsr-3405	261	40	relocations	relocation	NOUN
fsr-3405	261	41	.	.	PUNCT
fsr-3405	262	1	our	our	PRON
fsr-3405	262	2	empirical	empirical	ADJ
fsr-3405	262	3	findings	finding	NOUN
fsr-3405	262	4	remain	remain	VERB
fsr-3405	262	5	economically	economically	ADV
fsr-3405	262	6	robust	robust	ADJ
fsr-3405	262	7	too	too	ADV
fsr-3405	262	8	.	.	PUNCT
fsr-3405	263	1	column	column	NOUN
fsr-3405	263	2	3	3	NUM
fsr-3405	263	3	estimates	estimate	NOUN
fsr-3405	263	4	demonstrate	demonstrate	VERB
fsr-3405	263	5	that	that	SCONJ
fsr-3405	263	6	a	a	DET
fsr-3405	263	7	one	one	NUM
fsr-3405	263	8	standard	standard	ADJ
fsr-3405	263	9	deviation	deviation	NOUN
fsr-3405	263	10	increase	increase	NOUN
fsr-3405	263	11	in	in	ADP
fsr-3405	263	12	creative	creative	ADJ
fsr-3405	263	13	share	share	NOUN
fsr-3405	263	14	leads	lead	VERB
fsr-3405	263	15	to	to	ADP
fsr-3405	263	16	an	an	DET
fsr-3405	263	17	almost	almost	ADV
fsr-3405	263	18	14	14	NUM
fsr-3405	263	19	%	%	NOUN
fsr-3405	263	20	decrease	decrease	NOUN
fsr-3405	263	21	in	in	ADP
fsr-3405	263	22	the	the	DET
fsr-3405	263	23	odds	odd	NOUN
fsr-3405	263	24	that	that	SCONJ
fsr-3405	263	25	a	a	DET
fsr-3405	263	26	firm	firm	NOUN
fsr-3405	263	27	becomes	become	VERB
fsr-3405	263	28	a	a	DET
fsr-3405	263	29	dividend	dividend	NOUN
fsr-3405	263	30	payer	payer	NOUN
fsr-3405	263	31	.	.	PUNCT
fsr-3405	264	1	in	in	ADP
fsr-3405	264	2	addition	addition	NOUN
fsr-3405	264	3	,	,	PUNCT
fsr-3405	264	4	a	a	DET
fsr-3405	264	5	one	one	NUM
fsr-3405	264	6	standard	standard	ADJ
fsr-3405	264	7	deviation	deviation	NOUN
fsr-3405	264	8	increase	increase	NOUN
fsr-3405	264	9	in	in	ADP
fsr-3405	264	10	creative	creative	ADJ
fsr-3405	264	11	share	share	NOUN
fsr-3405	264	12	is	be	AUX
fsr-3405	264	13	associated	associate	VERB
fsr-3405	264	14	with	with	ADP
fsr-3405	264	15	almost	almost	ADV
fsr-3405	264	16	0.068	0.068	NUM
fsr-3405	264	17	standard	standard	ADJ
fsr-3405	264	18	deviation	deviation	NOUN
fsr-3405	264	19	decrease	decrease	NOUN
fsr-3405	264	20	in	in	ADP
fsr-3405	264	21	dividend	dividend	NOUN
fsr-3405	264	22	yield	yield	NOUN
fsr-3405	264	23	.	.	PUNCT
fsr-3405	265	1	panel	panel	NOUN
fsr-3405	265	2	c	c	PROPN
fsr-3405	265	3	suggests	suggest	VERB
fsr-3405	265	4	a	a	DET
fsr-3405	265	5	negative	negative	ADJ
fsr-3405	265	6	relationship	relationship	NOUN
fsr-3405	265	7	between	between	ADP
fsr-3405	265	8	creative	creative	ADJ
fsr-3405	265	9	share	share	NOUN
fsr-3405	265	10	and	and	CCONJ
fsr-3405	265	11	dividend	dividend	VERB
fsr-3405	265	12	initiation	initiation	NOUN
fsr-3405	265	13	analysis	analysis	NOUN
fsr-3405	265	14	consistent	consistent	ADJ
fsr-3405	265	15	with	with	ADP
fsr-3405	265	16	the	the	DET
fsr-3405	265	17	previous	previous	ADJ
fsr-3405	265	18	results	result	NOUN
fsr-3405	265	19	.	.	PUNCT
fsr-3405	266	1	however	however	ADV
fsr-3405	266	2	,	,	PUNCT
fsr-3405	266	3	the	the	DET
fsr-3405	266	4	coefficient	coefficient	NOUN
fsr-3405	266	5	is	be	AUX
fsr-3405	266	6	statistically	statistically	ADV
fsr-3405	266	7	insignificant	insignificant	ADJ
fsr-3405	266	8	.	.	PUNCT
fsr-3405	267	1	the	the	DET
fsr-3405	267	2	reason	reason	NOUN
fsr-3405	267	3	for	for	ADP
fsr-3405	267	4	this	this	PRON
fsr-3405	267	5	can	can	AUX
fsr-3405	267	6	be	be	AUX
fsr-3405	267	7	the	the	DET
fsr-3405	267	8	smaller	small	ADJ
fsr-3405	267	9	sample	sample	NOUN
fsr-3405	267	10	size	size	NOUN
fsr-3405	267	11	in	in	ADP
fsr-3405	267	12	the	the	DET
fsr-3405	267	13	alternative	alternative	ADJ
fsr-3405	267	14	location	location	NOUN
fsr-3405	267	15	data	datum	NOUN
fsr-3405	267	16	sample	sample	NOUN
fsr-3405	267	17	for	for	ADP
fsr-3405	267	18	the	the	DET
fsr-3405	267	19	dividend	dividend	NOUN
fsr-3405	267	20	analysis	analysis	NOUN
fsr-3405	267	21	.	.	PUNCT
fsr-3405	268	1	overall	overall	ADJ
fsr-3405	268	2	,	,	PUNCT
fsr-3405	268	3	table	table	NOUN
fsr-3405	268	4	3	3	NUM
fsr-3405	268	5	provides	provide	VERB
fsr-3405	268	6	additional	additional	ADJ
fsr-3405	268	7	supporting	support	VERB
fsr-3405	268	8	evidence	evidence	NOUN
fsr-3405	268	9	for	for	ADP
fsr-3405	268	10	the	the	DET
fsr-3405	268	11	role	role	NOUN
fsr-3405	268	12	of	of	ADP
fsr-3405	268	13	local	local	ADJ
fsr-3405	268	14	risk	risk	NOUN
fsr-3405	268	15	-	-	PUNCT
fsr-3405	268	16	taking	taking	NOUN
fsr-3405	268	17	induced	induce	VERB
fsr-3405	268	18	by	by	ADP
fsr-3405	268	19	local	local	ADJ
fsr-3405	268	20	creative	creative	ADJ
fsr-3405	268	21	culture	culture	NOUN
fsr-3405	268	22	in	in	ADP
fsr-3405	268	23	the	the	DET
fsr-3405	268	24	determination	determination	NOUN
fsr-3405	268	25	of	of	ADP
fsr-3405	268	26	the	the	DET
fsr-3405	268	27	investors	investor	NOUN
fsr-3405	268	28	’	’	PART
fsr-3405	268	29	dividend	dividend	NOUN
fsr-3405	268	30	demands	demand	NOUN
fsr-3405	268	31	and	and	CCONJ
fsr-3405	268	32	,	,	PUNCT
fsr-3405	268	33	hence	hence	ADV
fsr-3405	268	34	,	,	PUNCT
fsr-3405	268	35	of	of	ADP
fsr-3405	268	36	the	the	DET
fsr-3405	268	37	corporate	corporate	ADJ
fsr-3405	268	38	dividend	dividend	NOUN
fsr-3405	268	39	policies	policy	NOUN
fsr-3405	268	40	of	of	ADP
fsr-3405	268	41	local	local	ADJ
fsr-3405	268	42	firms	firm	NOUN
fsr-3405	268	43	that	that	PRON
fsr-3405	268	44	cater	cater	VERB
fsr-3405	268	45	to	to	ADP
fsr-3405	268	46	these	these	DET
fsr-3405	268	47	demands	demand	NOUN
fsr-3405	268	48	.	.	PUNCT
fsr-3405	269	1	3.3	3.3	NUM
fsr-3405	269	2	.	.	PUNCT
fsr-3405	270	1	tests	test	NOUN
fsr-3405	270	2	using	use	VERB
fsr-3405	270	3	an	an	DET
fsr-3405	270	4	alternative	alternative	ADJ
fsr-3405	270	5	set	set	NOUN
fsr-3405	270	6	of	of	ADP
fsr-3405	270	7	controls	control	NOUN
fsr-3405	270	8	in	in	ADP
fsr-3405	270	9	this	this	DET
fsr-3405	270	10	section	section	NOUN
fsr-3405	270	11	,	,	PUNCT
fsr-3405	270	12	we	we	PRON
fsr-3405	270	13	provide	provide	VERB
fsr-3405	270	14	a	a	DET
fsr-3405	270	15	series	series	NOUN
fsr-3405	270	16	of	of	ADP
fsr-3405	270	17	robustness	robustness	NOUN
fsr-3405	270	18	tests	test	NOUN
fsr-3405	270	19	,	,	PUNCT
fsr-3405	270	20	as	as	ADV
fsr-3405	270	21	well	well	ADV
fsr-3405	270	22	as	as	ADP
fsr-3405	270	23	some	some	DET
fsr-3405	270	24	additional	additional	ADJ
fsr-3405	270	25	tests	test	NOUN
fsr-3405	270	26	,	,	PUNCT
fsr-3405	270	27	to	to	PART
fsr-3405	270	28	shed	shed	VERB
fsr-3405	270	29	more	more	ADJ
fsr-3405	270	30	light	light	NOUN
fsr-3405	270	31	on	on	ADP
fsr-3405	270	32	local	local	ADJ
fsr-3405	270	33	risk	risk	NOUN
fsr-3405	270	34	-	-	PUNCT
fsr-3405	270	35	taking	take	VERB
fsr-3405	270	36	effect	effect	NOUN
fsr-3405	270	37	induced	induce	VERB
fsr-3405	270	38	by	by	ADP
fsr-3405	270	39	creative	creative	ADJ
fsr-3405	270	40	culture	culture	NOUN
fsr-3405	270	41	on	on	ADP
fsr-3405	270	42	geographically	geographically	ADV
fsr-3405	270	43	varying	vary	VERB
fsr-3405	270	44	dividend	dividend	NOUN
fsr-3405	270	45	demand	demand	NOUN
fsr-3405	270	46	and	and	CCONJ
fsr-3405	270	47	corporate	corporate	ADJ
fsr-3405	270	48	dividend	dividend	NOUN
fsr-3405	270	49	policies	policy	NOUN
fsr-3405	270	50	.	.	PUNCT
fsr-3405	271	1	previous	previous	ADJ
fsr-3405	271	2	studies	study	NOUN
fsr-3405	271	3	employ	employ	VERB
fsr-3405	271	4	a	a	DET
fsr-3405	271	5	slightly	slightly	ADV
fsr-3405	271	6	different	different	ADJ
fsr-3405	271	7	set	set	NOUN
fsr-3405	271	8	of	of	ADP
fsr-3405	271	9	variables	variable	NOUN
fsr-3405	271	10	in	in	ADP
fsr-3405	271	11	examining	examine	VERB
fsr-3405	271	12	certain	certain	ADJ
fsr-3405	271	13	dividend	dividend	NOUN
fsr-3405	271	14	payout	payout	NOUN
fsr-3405	271	15	variables	variable	NOUN
fsr-3405	271	16	.	.	PUNCT
fsr-3405	272	1	now	now	ADV
fsr-3405	272	2	,	,	PUNCT
fsr-3405	272	3	first	first	ADV
fsr-3405	272	4	,	,	PUNCT
fsr-3405	272	5	we	we	PRON
fsr-3405	272	6	repeat	repeat	VERB
fsr-3405	272	7	our	our	PRON
fsr-3405	272	8	main	main	ADJ
fsr-3405	272	9	tests	test	NOUN
fsr-3405	272	10	for	for	ADP
fsr-3405	272	11	dividend	dividend	NOUN
fsr-3405	272	12	payer	payer	NOUN
fsr-3405	272	13	,	,	PUNCT
fsr-3405	272	14	dividend	dividend	NOUN
fsr-3405	272	15	yield	yield	NOUN
fsr-3405	272	16	,	,	PUNCT
fsr-3405	272	17	and	and	CCONJ
fsr-3405	272	18	dividend	dividend	NOUN
fsr-3405	272	19	initiation	initiation	NOUN
fsr-3405	272	20	after	after	ADP
fsr-3405	272	21	controlling	control	VERB
fsr-3405	272	22	an	an	DET
fsr-3405	272	23	alternative	alternative	ADJ
fsr-3405	272	24	set	set	NOUN
fsr-3405	272	25	of	of	ADP
fsr-3405	272	26	control	control	NOUN
fsr-3405	272	27	variables	variable	NOUN
fsr-3405	272	28	used	use	VERB
fsr-3405	272	29	in	in	ADP
fsr-3405	272	30	prior	prior	ADJ
fsr-3405	272	31	literature	literature	NOUN
fsr-3405	272	32	(	(	PUNCT
fsr-3405	272	33	e.g.	e.g.	ADV
fsr-3405	272	34	,	,	PUNCT
fsr-3405	272	35	fama	fama	PROPN
fsr-3405	272	36	and	and	CCONJ
fsr-3405	272	37	french	french	ADJ
fsr-3405	272	38	,	,	PUNCT
fsr-3405	272	39	2001	2001	NUM
fsr-3405	272	40	;	;	PUNCT
fsr-3405	272	41	grullon	grullon	NOUN
fsr-3405	272	42	et	et	PROPN
fsr-3405	272	43	al	al	PROPN
fsr-3405	272	44	.	.	PROPN
fsr-3405	272	45	,	,	PUNCT
fsr-3405	272	46	2011	2011	NUM
fsr-3405	272	47	)	)	PUNCT
fsr-3405	272	48	by	by	ADP
fsr-3405	272	49	following	follow	VERB
fsr-3405	272	50	ucar	ucar	PROPN
fsr-3405	272	51	(	(	PUNCT
fsr-3405	272	52	2016	2016	NUM
fsr-3405	272	53	)	)	PUNCT
fsr-3405	272	54	.	.	PUNCT
fsr-3405	273	1	specifically	specifically	ADV
fsr-3405	273	2	,	,	PUNCT
fsr-3405	273	3	we	we	PRON
fsr-3405	273	4	control	control	VERB
fsr-3405	273	5	for	for	ADP
fsr-3405	273	6	market	market	NOUN
fsr-3405	273	7	-	-	PUNCT
fsr-3405	273	8	to	to	ADP
fsr-3405	273	9	-	-	PUNCT
fsr-3405	273	10	book	book	NOUN
fsr-3405	273	11	ratio	ratio	NOUN
fsr-3405	273	12	,	,	PUNCT
fsr-3405	273	13	roa	roa	PROPN
fsr-3405	273	14	,	,	PUNCT
fsr-3405	273	15	sales	sale	NOUN
fsr-3405	273	16	growth	growth	NOUN
fsr-3405	273	17	,	,	PUNCT
fsr-3405	273	18	and	and	CCONJ
fsr-3405	273	19	firm	firm	ADJ
fsr-3405	273	20	size	size	NOUN
fsr-3405	273	21	,	,	PUNCT
fsr-3405	273	22	by	by	ADP
fsr-3405	273	23	following	follow	VERB
fsr-3405	273	24	definitions	definition	NOUN
fsr-3405	273	25	used	use	VERB
fsr-3405	273	26	by	by	ADP
fsr-3405	273	27	fama	fama	NOUN
fsr-3405	273	28	and	and	CCONJ
fsr-3405	273	29	french	french	ADJ
fsr-3405	273	30	(	(	PUNCT
fsr-3405	273	31	2001	2001	NUM
fsr-3405	273	32	)	)	PUNCT
fsr-3405	273	33	and	and	CCONJ
fsr-3405	273	34	grullon	grullon	PROPN
fsr-3405	273	35	et	et	PROPN
fsr-3405	273	36	al	al	PROPN
fsr-3405	273	37	.	.	PUNCT
fsr-3405	274	1	(	(	PUNCT
fsr-3405	274	2	2011	2011	NUM
fsr-3405	274	3	)	)	PUNCT
fsr-3405	274	4	,	,	PUNCT
fsr-3405	274	5	as	as	ADV
fsr-3405	274	6	well	well	ADV
fsr-3405	274	7	as	as	ADP
fsr-3405	274	8	local	local	ADJ
fsr-3405	274	9	controls	control	NOUN
fsr-3405	274	10	,	,	PUNCT
fsr-3405	274	11	and	and	CCONJ
fsr-3405	274	12	year	year	NOUN
fsr-3405	274	13	,	,	PUNCT
fsr-3405	274	14	industry	industry	NOUN
fsr-3405	274	15	,	,	PUNCT
fsr-3405	274	16	and	and	CCONJ
fsr-3405	274	17	state	state	NOUN
fsr-3405	274	18	dummies	dummy	NOUN
fsr-3405	274	19	in	in	ADP
fsr-3405	274	20	table	table	NOUN
fsr-3405	274	21	4	4	NUM
fsr-3405	274	22	.	.	PUNCT
fsr-3405	274	23	table	table	NOUN
fsr-3405	275	1	4	4	NUM
fsr-3405	275	2	reports	report	VERB
fsr-3405	275	3	a	a	DET
fsr-3405	275	4	negative	negative	ADJ
fsr-3405	275	5	and	and	CCONJ
fsr-3405	275	6	statistically	statistically	ADV
fsr-3405	275	7	significant	significant	ADJ
fsr-3405	275	8	creative	creative	ADJ
fsr-3405	275	9	share	share	NOUN
fsr-3405	275	10	coefficient	coefficient	NOUN
fsr-3405	275	11	in	in	ADP
fsr-3405	275	12	all	all	DET
fsr-3405	275	13	columns	column	NOUN
fsr-3405	275	14	as	as	ADP
fsr-3405	275	15	consistent	consistent	ADJ
fsr-3405	275	16	with	with	ADP
fsr-3405	275	17	our	our	PRON
fsr-3405	275	18	earlier	early	ADJ
fsr-3405	275	19	results	result	NOUN
fsr-3405	275	20	.	.	PUNCT
fsr-3405	276	1	the	the	DET
fsr-3405	276	2	empirical	empirical	ADJ
fsr-3405	276	3	findings	finding	NOUN
fsr-3405	276	4	are	be	AUX
fsr-3405	276	5	also	also	ADV
fsr-3405	276	6	economically	economically	ADV
fsr-3405	276	7	important	important	ADJ
fsr-3405	276	8	.	.	PUNCT
fsr-3405	277	1	a	a	DET
fsr-3405	277	2	one	one	NUM
fsr-3405	277	3	standard	standard	ADJ
fsr-3405	277	4	deviation	deviation	NOUN
fsr-3405	277	5	increase	increase	NOUN
fsr-3405	277	6	in	in	ADP
fsr-3405	277	7	creative	creative	ADJ
fsr-3405	277	8	share	share	NOUN
fsr-3405	277	9	is	be	AUX
fsr-3405	277	10	associated	associate	VERB
fsr-3405	277	11	with	with	ADP
fsr-3405	277	12	a	a	DET
fsr-3405	277	13	20.9	20.9	NUM
fsr-3405	277	14	%	%	NOUN
fsr-3405	277	15	decrease	decrease	NOUN
fsr-3405	277	16	in	in	ADP
fsr-3405	277	17	the	the	DET
fsr-3405	277	18	likelihood	likelihood	NOUN
fsr-3405	277	19	of	of	ADP
fsr-3405	277	20	becoming	become	VERB
fsr-3405	277	21	a	a	DET
fsr-3405	277	22	dividend	dividend	NOUN
fsr-3405	277	23	payer	payer	NOUN
fsr-3405	277	24	for	for	ADP
fsr-3405	277	25	a	a	DET
fsr-3405	277	26	firm	firm	NOUN
fsr-3405	277	27	.	.	PUNCT
fsr-3405	278	1	similarly	similarly	ADV
fsr-3405	278	2	,	,	PUNCT
fsr-3405	278	3	a	a	DET
fsr-3405	278	4	one	one	NUM
fsr-3405	278	5	standard	standard	ADJ
fsr-3405	278	6	deviation	deviation	NOUN
fsr-3405	278	7	increase	increase	NOUN
fsr-3405	278	8	in	in	ADP
fsr-3405	278	9	creative	creative	ADJ
fsr-3405	278	10	share	share	NOUN
fsr-3405	278	11	leads	lead	VERB
fsr-3405	278	12	to	to	ADP
fsr-3405	278	13	a	a	DET
fsr-3405	278	14	0.086	0.086	NUM
fsr-3405	278	15	standard	standard	ADJ
fsr-3405	278	16	deviation	deviation	NOUN
fsr-3405	278	17	decrease	decrease	NOUN
fsr-3405	278	18	in	in	ADP
fsr-3405	278	19	dividend	dividend	NOUN
fsr-3405	278	20	yield	yield	NOUN
fsr-3405	278	21	and	and	CCONJ
fsr-3405	278	22	an	an	DET
fsr-3405	278	23	11.5	11.5	NUM
fsr-3405	278	24	%	%	NOUN
fsr-3405	278	25	decrease	decrease	NOUN
fsr-3405	278	26	in	in	ADP
fsr-3405	278	27	the	the	DET
fsr-3405	278	28	likelihood	likelihood	NOUN
fsr-3405	278	29	of	of	ADP
fsr-3405	278	30	initiating	initiate	VERB
fsr-3405	278	31	dividends	dividend	NOUN
fsr-3405	278	32	.	.	PUNCT
fsr-3405	279	1	this	this	DET
fsr-3405	279	2	table	table	NOUN
fsr-3405	279	3	shows	show	VERB
fsr-3405	279	4	that	that	SCONJ
fsr-3405	279	5	our	our	PRON
fsr-3405	279	6	empirical	empirical	ADJ
fsr-3405	279	7	results	result	NOUN
fsr-3405	279	8	are	be	AUX
fsr-3405	279	9	robust	robust	ADJ
fsr-3405	279	10	to	to	ADP
fsr-3405	279	11	alternative	alternative	ADJ
fsr-3405	279	12	control	control	NOUN
fsr-3405	279	13	variables	variable	NOUN
fsr-3405	279	14	and	and	CCONJ
fsr-3405	279	15	supports	support	VERB
fsr-3405	279	16	the	the	DET
fsr-3405	279	17	main	main	ADJ
fsr-3405	279	18	findings	finding	NOUN
fsr-3405	279	19	.	.	PUNCT
fsr-3405	280	1	this	this	DET
fsr-3405	280	2	table	table	NOUN
fsr-3405	280	3	suggests	suggest	VERB
fsr-3405	280	4	that	that	SCONJ
fsr-3405	280	5	local	local	ADJ
fsr-3405	280	6	risk	risk	NOUN
fsr-3405	280	7	-	-	PUNCT
fsr-3405	280	8	taking	take	VERB
fsr-3405	280	9	behavior	behavior	NOUN
fsr-3405	280	10	encouraged	encourage	VERB
fsr-3405	280	11	by	by	ADP
fsr-3405	280	12	local	local	ADJ
fsr-3405	280	13	creative	creative	ADJ
fsr-3405	280	14	379e	379e	PROPN
fsr-3405	280	15	.	.	PUNCT
fsr-3405	281	1	ucar	ucar	PROPN
fsr-3405	281	2	,	,	PUNCT
fsr-3405	281	3	a.	a.	PROPN
fsr-3405	281	4	staer	staer	PROPN
fsr-3405	281	5	/	/	SYM
fsr-3405	281	6	financial	financial	ADJ
fsr-3405	281	7	services	service	NOUN
fsr-3405	281	8	review	review	VERB
fsr-3405	281	9	27	27	NUM
fsr-3405	281	10	(	(	PUNCT
fsr-3405	281	11	2018	2018	NUM
fsr-3405	281	12	)	)	PUNCT
fsr-3405	281	13	367	367	NUM
fsr-3405	281	14	-	-	SYM
fsr-3405	281	15	389	389	NUM
fsr-3405	281	16	culture	culture	NOUN
fsr-3405	281	17	is	be	AUX
fsr-3405	281	18	the	the	DET
fsr-3405	281	19	main	main	ADJ
fsr-3405	281	20	driver	driver	NOUN
fsr-3405	281	21	of	of	ADP
fsr-3405	281	22	the	the	DET
fsr-3405	281	23	negative	negative	ADJ
fsr-3405	281	24	impact	impact	NOUN
fsr-3405	281	25	on	on	ADP
fsr-3405	281	26	dividend	dividend	NOUN
fsr-3405	281	27	payout	payout	NOUN
fsr-3405	281	28	as	as	SCONJ
fsr-3405	281	29	indicated	indicate	VERB
fsr-3405	281	30	by	by	ADP
fsr-3405	281	31	the	the	DET
fsr-3405	281	32	previous	previous	ADJ
fsr-3405	281	33	sections	section	NOUN
fsr-3405	281	34	.	.	PUNCT
fsr-3405	282	1	3.4	3.4	NUM
fsr-3405	282	2	.	.	PUNCT
fsr-3405	282	3	identification	identification	NOUN
fsr-3405	282	4	tests	test	NOUN
fsr-3405	282	5	one	one	PRON
fsr-3405	282	6	might	might	AUX
fsr-3405	282	7	suggest	suggest	VERB
fsr-3405	282	8	that	that	SCONJ
fsr-3405	282	9	a	a	DET
fsr-3405	282	10	firm	firm	NOUN
fsr-3405	282	11	’s	’s	PART
fsr-3405	282	12	location	location	NOUN
fsr-3405	282	13	choice	choice	NOUN
fsr-3405	282	14	is	be	AUX
fsr-3405	282	15	endogenous	endogenous	ADJ
fsr-3405	282	16	or	or	CCONJ
fsr-3405	282	17	there	there	PRON
fsr-3405	282	18	might	might	AUX
fsr-3405	282	19	be	be	AUX
fsr-3405	282	20	an	an	DET
fsr-3405	282	21	omitted	omit	VERB
fsr-3405	282	22	variable	variable	NOUN
fsr-3405	282	23	that	that	PRON
fsr-3405	282	24	affects	affect	VERB
fsr-3405	282	25	the	the	DET
fsr-3405	282	26	results	result	NOUN
fsr-3405	282	27	presented	present	VERB
fsr-3405	282	28	in	in	ADP
fsr-3405	282	29	the	the	DET
fsr-3405	282	30	earlier	early	ADJ
fsr-3405	282	31	sections	section	NOUN
fsr-3405	282	32	.	.	PUNCT
fsr-3405	283	1	therefore	therefore	ADV
fsr-3405	283	2	,	,	PUNCT
fsr-3405	283	3	we	we	PRON
fsr-3405	283	4	use	use	VERB
fsr-3405	283	5	a	a	DET
fsr-3405	283	6	series	series	NOUN
fsr-3405	283	7	of	of	ADP
fsr-3405	283	8	tests	test	NOUN
fsr-3405	283	9	controlling	control	VERB
fsr-3405	283	10	for	for	ADP
fsr-3405	283	11	endogeneity	endogeneity	NOUN
fsr-3405	283	12	.	.	PUNCT
fsr-3405	284	1	first	first	ADV
fsr-3405	284	2	,	,	PUNCT
fsr-3405	284	3	we	we	PRON
fsr-3405	284	4	use	use	VERB
fsr-3405	284	5	a	a	DET
fsr-3405	284	6	matched	match	VERB
fsr-3405	284	7	sample	sample	NOUN
fsr-3405	284	8	analysis	analysis	NOUN
fsr-3405	284	9	similar	similar	ADJ
fsr-3405	284	10	to	to	ADP
fsr-3405	284	11	the	the	DET
fsr-3405	284	12	one	one	NOUN
fsr-3405	284	13	used	use	VERB
fsr-3405	284	14	in	in	ADP
fsr-3405	284	15	ucar	ucar	PROPN
fsr-3405	284	16	(	(	PUNCT
fsr-3405	284	17	2016	2016	NUM
fsr-3405	284	18	)	)	PUNCT
fsr-3405	284	19	and	and	CCONJ
fsr-3405	284	20	re	re	VERB
fsr-3405	284	21	-	-	NOUN
fsr-3405	284	22	examine	examine	ADJ
fsr-3405	284	23	dividend	dividend	NOUN
fsr-3405	284	24	payout	payout	NOUN
fsr-3405	284	25	variables	variable	NOUN
fsr-3405	284	26	.	.	PUNCT
fsr-3405	285	1	matching	match	VERB
fsr-3405	285	2	sample	sample	NOUN
fsr-3405	285	3	analysis	analysis	NOUN
fsr-3405	285	4	allows	allow	VERB
fsr-3405	285	5	us	we	PRON
fsr-3405	285	6	to	to	PART
fsr-3405	285	7	control	control	VERB
fsr-3405	285	8	for	for	ADP
fsr-3405	285	9	the	the	DET
fsr-3405	285	10	firm	firm	ADJ
fsr-3405	285	11	characteristics	characteristic	NOUN
fsr-3405	285	12	while	while	SCONJ
fsr-3405	285	13	observing	observe	VERB
fsr-3405	285	14	the	the	DET
fsr-3405	285	15	exogenous	exogenous	ADJ
fsr-3405	285	16	variation	variation	NOUN
fsr-3405	285	17	in	in	ADP
fsr-3405	285	18	creativeshare.16	creativeshare.16	NOUN
fsr-3405	285	19	we	we	PRON
fsr-3405	285	20	take	take	VERB
fsr-3405	285	21	a	a	DET
fsr-3405	285	22	closer	close	ADJ
fsr-3405	285	23	look	look	NOUN
fsr-3405	285	24	at	at	ADP
fsr-3405	285	25	pairwise	pairwise	NOUN
fsr-3405	285	26	comparisons	comparison	NOUN
fsr-3405	285	27	between	between	ADP
fsr-3405	285	28	firms	firm	NOUN
fsr-3405	285	29	located	locate	VERB
fsr-3405	285	30	in	in	ADP
fsr-3405	285	31	areas	area	NOUN
fsr-3405	285	32	with	with	ADP
fsr-3405	285	33	a	a	DET
fsr-3405	285	34	high	high	ADJ
fsr-3405	285	35	creative	creative	ADJ
fsr-3405	285	36	share	share	NOUN
fsr-3405	285	37	and	and	CCONJ
fsr-3405	285	38	a	a	DET
fsr-3405	285	39	matched	match	VERB
fsr-3405	285	40	sample	sample	NOUN
fsr-3405	285	41	of	of	ADP
fsr-3405	285	42	firms	firm	NOUN
fsr-3405	285	43	located	locate	VERB
fsr-3405	285	44	in	in	ADP
fsr-3405	285	45	areas	area	NOUN
fsr-3405	285	46	with	with	ADP
fsr-3405	285	47	a	a	DET
fsr-3405	285	48	low	low	ADJ
fsr-3405	285	49	creative	creative	ADJ
fsr-3405	285	50	share	share	NOUN
fsr-3405	285	51	.	.	PUNCT
fsr-3405	286	1	first	first	ADV
fsr-3405	286	2	,	,	PUNCT
fsr-3405	286	3	we	we	PRON
fsr-3405	286	4	divide	divide	VERB
fsr-3405	286	5	the	the	DET
fsr-3405	286	6	sample	sample	NOUN
fsr-3405	286	7	into	into	ADP
fsr-3405	286	8	five	five	NUM
fsr-3405	286	9	based	base	VERB
fsr-3405	286	10	on	on	ADP
fsr-3405	286	11	creativeshare	creativeshare	NOUN
fsr-3405	286	12	,	,	PUNCT
fsr-3405	286	13	and	and	CCONJ
fsr-3405	286	14	examine	examine	VERB
fsr-3405	286	15	firms	firm	NOUN
fsr-3405	286	16	in	in	ADP
fsr-3405	286	17	the	the	DET
fsr-3405	286	18	highest	high	ADJ
fsr-3405	286	19	quintile	quintile	NOUN
fsr-3405	286	20	of	of	ADP
fsr-3405	286	21	creativeshare	creativeshare	PROPN
fsr-3405	286	22	as	as	ADP
fsr-3405	286	23	the	the	DET
fsr-3405	286	24	firms	firm	NOUN
fsr-3405	286	25	located	locate	VERB
fsr-3405	286	26	in	in	ADP
fsr-3405	286	27	areas	area	NOUN
fsr-3405	286	28	with	with	ADP
fsr-3405	286	29	a	a	DET
fsr-3405	286	30	high	high	ADJ
fsr-3405	286	31	creativeshare	creativeshare	NOUN
fsr-3405	286	32	and	and	CCONJ
fsr-3405	286	33	the	the	DET
fsr-3405	286	34	lowest	low	ADJ
fsr-3405	286	35	quintile	quintile	NOUN
fsr-3405	286	36	of	of	ADP
fsr-3405	286	37	creativeshare	creativeshare	PROPN
fsr-3405	286	38	as	as	ADP
fsr-3405	286	39	the	the	DET
fsr-3405	286	40	firms	firm	NOUN
fsr-3405	286	41	located	locate	VERB
fsr-3405	286	42	in	in	ADP
fsr-3405	286	43	areas	area	NOUN
fsr-3405	286	44	with	with	ADP
fsr-3405	286	45	a	a	DET
fsr-3405	286	46	low	low	ADJ
fsr-3405	286	47	creativeshare	creativeshare	NOUN
fsr-3405	286	48	.	.	PUNCT
fsr-3405	287	1	we	we	PRON
fsr-3405	287	2	determine	determine	VERB
fsr-3405	287	3	a	a	DET
fsr-3405	287	4	firm	firm	ADJ
fsr-3405	287	5	-	-	PUNCT
fsr-3405	287	6	year	year	NOUN
fsr-3405	287	7	observation	observation	NOUN
fsr-3405	287	8	with	with	ADP
fsr-3405	287	9	the	the	DET
fsr-3405	287	10	same	same	ADJ
fsr-3405	287	11	year	year	NOUN
fsr-3405	287	12	,	,	PUNCT
fsr-3405	287	13	industry	industry	NOUN
fsr-3405	287	14	,	,	PUNCT
fsr-3405	287	15	and	and	CCONJ
fsr-3405	287	16	age	age	NOUN
fsr-3405	287	17	group	group	NOUN
fsr-3405	287	18	from	from	ADP
fsr-3405	287	19	low	low	ADJ
fsr-3405	287	20	creativeshare	creativeshare	PROPN
fsr-3405	287	21	area	area	NOUN
fsr-3405	287	22	firms	firm	NOUN
fsr-3405	287	23	for	for	ADP
fsr-3405	287	24	each	each	DET
fsr-3405	287	25	firm	firm	ADJ
fsr-3405	287	26	-	-	PUNCT
fsr-3405	287	27	year	year	NOUN
fsr-3405	287	28	observation	observation	NOUN
fsr-3405	287	29	from	from	ADP
fsr-3405	287	30	high	high	ADJ
fsr-3405	287	31	creativeshare	creativeshare	PROPN
fsr-3405	287	32	area	area	NOUN
fsr-3405	287	33	firms	firm	NOUN
fsr-3405	287	34	.	.	PUNCT
fsr-3405	288	1	next	next	ADV
fsr-3405	288	2	,	,	PUNCT
fsr-3405	288	3	we	we	PRON
fsr-3405	288	4	use	use	VERB
fsr-3405	288	5	a	a	DET
fsr-3405	288	6	matching	matching	NOUN
fsr-3405	288	7	process	process	NOUN
fsr-3405	288	8	based	base	VERB
fsr-3405	288	9	on	on	ADP
fsr-3405	288	10	the	the	DET
fsr-3405	288	11	firm	firm	ADJ
fsr-3405	288	12	characteristics	characteristic	NOUN
fsr-3405	288	13	including	include	VERB
fsr-3405	288	14	total	total	ADJ
fsr-3405	288	15	assets	asset	NOUN
fsr-3405	288	16	,	,	PUNCT
fsr-3405	288	17	market	market	NOUN
fsr-3405	288	18	value	value	NOUN
fsr-3405	288	19	,	,	PUNCT
fsr-3405	288	20	net	net	ADJ
fsr-3405	288	21	income	income	NOUN
fsr-3405	288	22	,	,	PUNCT
fsr-3405	288	23	cash	cash	NOUN
fsr-3405	288	24	,	,	PUNCT
fsr-3405	288	25	q	q	NOUN
fsr-3405	288	26	,	,	PUNCT
fsr-3405	288	27	debt	debt	NOUN
fsr-3405	288	28	,	,	PUNCT
fsr-3405	288	29	volatility	volatility	NOUN
fsr-3405	288	30	,	,	PUNCT
fsr-3405	288	31	table	table	NOUN
fsr-3405	288	32	4	4	NUM
fsr-3405	288	33	tests	test	NOUN
fsr-3405	288	34	with	with	ADP
fsr-3405	288	35	an	an	DET
fsr-3405	288	36	alternative	alternative	ADJ
fsr-3405	288	37	set	set	NOUN
fsr-3405	288	38	of	of	ADP
fsr-3405	288	39	controls	control	NOUN
fsr-3405	288	40	(	(	PUNCT
fsr-3405	288	41	1	1	NUM
fsr-3405	288	42	)	)	PUNCT
fsr-3405	288	43	(	(	PUNCT
fsr-3405	288	44	2	2	NUM
fsr-3405	288	45	)	)	PUNCT
fsr-3405	288	46	(	(	PUNCT
fsr-3405	288	47	3	3	X
fsr-3405	288	48	)	)	PUNCT
fsr-3405	288	49	dependent	dependent	ADJ
fsr-3405	288	50	variable	variable	ADJ
fsr-3405	288	51	dividend	dividend	NOUN
fsr-3405	288	52	payer	payer	NOUN
fsr-3405	288	53	dividend	dividend	NOUN
fsr-3405	288	54	yield	yield	NOUN
fsr-3405	288	55	dividend	dividend	NOUN
fsr-3405	288	56	initiation	initiation	PROPN
fsr-3405	288	57	creativeshare	creativeshare	PROPN
fsr-3405	288	58	�	�	PROPN
fsr-3405	288	59	3.360	3.360	NUM
fsr-3405	288	60	*	*	PUNCT
fsr-3405	288	61	*	*	PUNCT
fsr-3405	288	62	*	*	PUNCT
fsr-3405	288	63	�	�	NOUN
fsr-3405	288	64	0.015	0.015	NUM
fsr-3405	288	65	*	*	PUNCT
fsr-3405	288	66	*	*	PUNCT
fsr-3405	288	67	*	*	PUNCT
fsr-3405	288	68	�	�	PROPN
fsr-3405	288	69	1.779	1.779	NUM
fsr-3405	288	70	*	*	SYM
fsr-3405	288	71	*	*	PUNCT
fsr-3405	288	72	(	(	PUNCT
fsr-3405	288	73	�	�	NOUN
fsr-3405	288	74	4.59	4.59	NUM
fsr-3405	288	75	)	)	PUNCT
fsr-3405	288	76	(	(	PUNCT
fsr-3405	288	77	�	�	NOUN
fsr-3405	288	78	5.33	5.33	NUM
fsr-3405	288	79	)	)	PUNCT
fsr-3405	288	80	(	(	PUNCT
fsr-3405	288	81	�	�	NOUN
fsr-3405	288	82	2.21	2.21	NUM
fsr-3405	288	83	)	)	PUNCT
fsr-3405	288	84	nye	nye	NOUN
fsr-3405	288	85	0.040	0.040	NUM
fsr-3405	288	86	*	*	PUNCT
fsr-3405	288	87	*	*	PUNCT
fsr-3405	288	88	*	*	PUNCT
fsr-3405	288	89	0.000	0.000	NUM
fsr-3405	288	90	*	*	PUNCT
fsr-3405	288	91	*	*	PUNCT
fsr-3405	288	92	*	*	PUNCT
fsr-3405	288	93	0.017	0.017	NUM
fsr-3405	288	94	*	*	PUNCT
fsr-3405	288	95	*	*	PUNCT
fsr-3405	288	96	*	*	PUNCT
fsr-3405	288	97	(	(	PUNCT
fsr-3405	288	98	30.40	30.40	NUM
fsr-3405	288	99	)	)	PUNCT
fsr-3405	288	100	(	(	PUNCT
fsr-3405	288	101	23.14	23.14	NUM
fsr-3405	288	102	)	)	PUNCT
fsr-3405	288	103	(	(	PUNCT
fsr-3405	288	104	11.98	11.98	NUM
fsr-3405	288	105	)	)	PUNCT
fsr-3405	288	106	m	m	PROPN
fsr-3405	288	107	/	/	SYM
fsr-3405	288	108	b	b	PROPN
fsr-3405	288	109	�	�	PROPN
fsr-3405	288	110	0.414	0.414	NUM
fsr-3405	288	111	*	*	PUNCT
fsr-3405	288	112	*	*	PUNCT
fsr-3405	288	113	*	*	PUNCT
fsr-3405	288	114	�	�	PROPN
fsr-3405	288	115	0.001	0.001	NUM
fsr-3405	288	116	*	*	NOUN
fsr-3405	288	117	*	*	PUNCT
fsr-3405	288	118	*	*	PUNCT
fsr-3405	288	119	�	�	PROPN
fsr-3405	288	120	0.109	0.109	NUM
fsr-3405	288	121	*	*	PUNCT
fsr-3405	288	122	*	*	PUNCT
fsr-3405	288	123	*	*	PUNCT
fsr-3405	288	124	(	(	PUNCT
fsr-3405	288	125	�	�	NOUN
fsr-3405	288	126	11.93	11.93	NUM
fsr-3405	288	127	)	)	PUNCT
fsr-3405	288	128	(	(	PUNCT
fsr-3405	288	129	�	�	NOUN
fsr-3405	288	130	12.99	12.99	NUM
fsr-3405	288	131	)	)	PUNCT
fsr-3405	288	132	(	(	PUNCT
fsr-3405	288	133	�	�	PROPN
fsr-3405	288	134	3.94	3.94	NUM
fsr-3405	288	135	)	)	PUNCT
fsr-3405	288	136	roa	roa	NOUN
fsr-3405	288	137	5.880	5.880	NUM
fsr-3405	288	138	*	*	PUNCT
fsr-3405	288	139	*	*	PUNCT
fsr-3405	288	140	*	*	PUNCT
fsr-3405	288	141	0.002	0.002	NUM
fsr-3405	288	142	*	*	PUNCT
fsr-3405	288	143	*	*	PUNCT
fsr-3405	288	144	*	*	PUNCT
fsr-3405	288	145	4.370	4.370	NUM
fsr-3405	288	146	*	*	PUNCT
fsr-3405	288	147	*	*	PUNCT
fsr-3405	288	148	*	*	PUNCT
fsr-3405	288	149	(	(	PUNCT
fsr-3405	288	150	21.90	21.90	NUM
fsr-3405	288	151	)	)	PUNCT
fsr-3405	288	152	(	(	PUNCT
fsr-3405	288	153	4.20	4.20	NUM
fsr-3405	288	154	)	)	PUNCT
fsr-3405	288	155	(	(	PUNCT
fsr-3405	288	156	11.53	11.53	NUM
fsr-3405	288	157	)	)	PUNCT
fsr-3405	288	158	sales	sale	NOUN
fsr-3405	288	159	growth	growth	NOUN
fsr-3405	288	160	�	�	NOUN
fsr-3405	288	161	1.028	1.028	NUM
fsr-3405	288	162	*	*	SYM
fsr-3405	288	163	*	*	PUNCT
fsr-3405	288	164	*	*	PUNCT
fsr-3405	288	165	�	�	PROPN
fsr-3405	288	166	0.001	0.001	NUM
fsr-3405	288	167	*	*	NOUN
fsr-3405	288	168	*	*	PUNCT
fsr-3405	288	169	*	*	PUNCT
fsr-3405	288	170	�	�	NOUN
fsr-3405	288	171	0.005	0.005	NUM
fsr-3405	288	172	(	(	PUNCT
fsr-3405	288	173	�	�	NOUN
fsr-3405	288	174	15.28	15.28	NUM
fsr-3405	288	175	)	)	PUNCT
fsr-3405	288	176	(	(	PUNCT
fsr-3405	288	177	�	�	PROPN
fsr-3405	288	178	18.42	18.42	NUM
fsr-3405	288	179	)	)	PUNCT
fsr-3405	288	180	(	(	PUNCT
fsr-3405	288	181	�	�	NOUN
fsr-3405	288	182	0.06	0.06	NUM
fsr-3405	288	183	)	)	PUNCT
fsr-3405	288	184	local	local	ADJ
fsr-3405	288	185	controls	control	NOUN
fsr-3405	289	1	yes	yes	INTJ
fsr-3405	290	1	yes	yes	INTJ
fsr-3405	291	1	yes	yes	INTJ
fsr-3405	291	2	year	year	NOUN
fsr-3405	291	3	,	,	PUNCT
fsr-3405	292	1	industry	industry	NOUN
fsr-3405	292	2	,	,	PUNCT
fsr-3405	292	3	state	state	NOUN
fsr-3405	292	4	dummies	dummy	NOUN
fsr-3405	293	1	yes	yes	INTJ
fsr-3405	294	1	yes	yes	INTJ
fsr-3405	294	2	yes	yes	INTJ
fsr-3405	294	3	observations	observation	NOUN
fsr-3405	294	4	65,118	65,118	NUM
fsr-3405	294	5	65,118	65,118	NUM
fsr-3405	294	6	46,767	46,767	NUM
fsr-3405	294	7	r2	r2	NOUN
fsr-3405	294	8	0.331	0.331	NUM
fsr-3405	294	9	0.215	0.215	NUM
fsr-3405	294	10	0.099	0.099	NUM
fsr-3405	294	11	note	note	NOUN
fsr-3405	294	12	:	:	PUNCT
fsr-3405	294	13	*	*	PUNCT
fsr-3405	294	14	*	*	PUNCT
fsr-3405	294	15	*	*	PUNCT
fsr-3405	294	16	,	,	PUNCT
fsr-3405	294	17	*	*	PUNCT
fsr-3405	294	18	*	*	PUNCT
fsr-3405	294	19	,	,	PUNCT
fsr-3405	294	20	and	and	CCONJ
fsr-3405	294	21	*	*	PUNCT
fsr-3405	294	22	indicate	indicate	VERB
fsr-3405	294	23	significance	significance	NOUN
fsr-3405	294	24	at	at	ADP
fsr-3405	294	25	the	the	DET
fsr-3405	294	26	1	1	NUM
fsr-3405	294	27	%	%	NOUN
fsr-3405	294	28	,	,	PUNCT
fsr-3405	294	29	5	5	NUM
fsr-3405	294	30	%	%	NOUN
fsr-3405	294	31	,	,	PUNCT
fsr-3405	294	32	and	and	CCONJ
fsr-3405	294	33	10	10	NUM
fsr-3405	294	34	%	%	NOUN
fsr-3405	294	35	levels	level	NOUN
fsr-3405	294	36	,	,	PUNCT
fsr-3405	294	37	respectively	respectively	ADV
fsr-3405	294	38	.	.	PUNCT
fsr-3405	295	1	this	this	DET
fsr-3405	295	2	table	table	NOUN
fsr-3405	295	3	reports	report	VERB
fsr-3405	295	4	the	the	DET
fsr-3405	295	5	main	main	ADJ
fsr-3405	295	6	tests	test	NOUN
fsr-3405	295	7	with	with	ADP
fsr-3405	295	8	an	an	DET
fsr-3405	295	9	alternative	alternative	ADJ
fsr-3405	295	10	set	set	NOUN
fsr-3405	295	11	of	of	ADP
fsr-3405	295	12	controls	control	NOUN
fsr-3405	295	13	.	.	PUNCT
fsr-3405	296	1	the	the	DET
fsr-3405	296	2	dependent	dependent	ADJ
fsr-3405	296	3	variables	variable	NOUN
fsr-3405	296	4	are	be	AUX
fsr-3405	296	5	dividend	dividend	NOUN
fsr-3405	296	6	payer	payer	NOUN
fsr-3405	296	7	,	,	PUNCT
fsr-3405	296	8	dividend	dividend	NOUN
fsr-3405	296	9	yield	yield	NOUN
fsr-3405	296	10	,	,	PUNCT
fsr-3405	296	11	and	and	CCONJ
fsr-3405	296	12	dividend	dividend	NOUN
fsr-3405	296	13	initiation	initiation	NOUN
fsr-3405	296	14	for	for	ADP
fsr-3405	296	15	columns	column	NOUN
fsr-3405	296	16	1	1	NUM
fsr-3405	296	17	,	,	PUNCT
fsr-3405	296	18	2	2	NUM
fsr-3405	296	19	,	,	PUNCT
fsr-3405	296	20	and	and	CCONJ
fsr-3405	296	21	3	3	NUM
fsr-3405	296	22	,	,	PUNCT
fsr-3405	296	23	respectively	respectively	ADV
fsr-3405	296	24	.	.	PUNCT
fsr-3405	297	1	dividend	dividend	NOUN
fsr-3405	297	2	payer	payer	NOUN
fsr-3405	297	3	and	and	CCONJ
fsr-3405	297	4	dividend	dividend	NOUN
fsr-3405	297	5	initiation	initiation	NOUN
fsr-3405	297	6	tests	test	NOUN
fsr-3405	297	7	have	have	AUX
fsr-3405	297	8	logit	logit	NOUN
fsr-3405	297	9	regressions	regression	NOUN
fsr-3405	297	10	whereas	whereas	SCONJ
fsr-3405	297	11	dividend	dividend	NOUN
fsr-3405	297	12	yield	yield	NOUN
fsr-3405	297	13	has	have	VERB
fsr-3405	297	14	ols	ol	NOUN
fsr-3405	297	15	regression	regression	NOUN
fsr-3405	297	16	.	.	PUNCT
fsr-3405	298	1	the	the	DET
fsr-3405	298	2	main	main	ADJ
fsr-3405	298	3	variable	variable	NOUN
fsr-3405	298	4	of	of	ADP
fsr-3405	298	5	interest	interest	NOUN
fsr-3405	298	6	is	be	AUX
fsr-3405	298	7	creativeshare	creativeshare	NOUN
fsr-3405	298	8	.	.	PUNCT
fsr-3405	299	1	this	this	DET
fsr-3405	299	2	table	table	NOUN
fsr-3405	299	3	has	have	VERB
fsr-3405	299	4	the	the	DET
fsr-3405	299	5	following	follow	VERB
fsr-3405	299	6	set	set	NOUN
fsr-3405	299	7	of	of	ADP
fsr-3405	299	8	controls	control	NOUN
fsr-3405	299	9	:	:	PUNCT
fsr-3405	299	10	nye	nye	X
fsr-3405	299	11	,	,	PUNCT
fsr-3405	299	12	m	m	PROPN
fsr-3405	299	13	/	/	SYM
fsr-3405	299	14	b	b	PROPN
fsr-3405	299	15	,	,	PUNCT
fsr-3405	299	16	roa	roa	PROPN
fsr-3405	299	17	,	,	PUNCT
fsr-3405	299	18	and	and	CCONJ
fsr-3405	299	19	sales	sale	NOUN
fsr-3405	299	20	growth	growth	NOUN
fsr-3405	299	21	.	.	PUNCT
fsr-3405	300	1	only	only	ADV
fsr-3405	300	2	creativeshare	creativeshare	PROPN
fsr-3405	300	3	and	and	CCONJ
fsr-3405	300	4	the	the	DET
fsr-3405	300	5	control	control	NOUN
fsr-3405	300	6	variables	variable	NOUN
fsr-3405	300	7	are	be	AUX
fsr-3405	300	8	displayed	display	VERB
fsr-3405	300	9	for	for	ADP
fsr-3405	300	10	brevity	brevity	NOUN
fsr-3405	300	11	.	.	PUNCT
fsr-3405	301	1	the	the	DET
fsr-3405	301	2	empirical	empirical	ADJ
fsr-3405	301	3	tests	test	NOUN
fsr-3405	301	4	also	also	ADV
fsr-3405	301	5	control	control	VERB
fsr-3405	301	6	for	for	ADP
fsr-3405	301	7	the	the	DET
fsr-3405	301	8	state	state	NOUN
fsr-3405	301	9	,	,	PUNCT
fsr-3405	301	10	industry	industry	NOUN
fsr-3405	301	11	,	,	PUNCT
fsr-3405	301	12	and	and	CCONJ
fsr-3405	301	13	year	year	NOUN
fsr-3405	301	14	indicator	indicator	NOUN
fsr-3405	301	15	variables	variable	VERB
fsr-3405	301	16	as	as	ADV
fsr-3405	301	17	well	well	ADV
fsr-3405	301	18	as	as	ADP
fsr-3405	301	19	local	local	ADJ
fsr-3405	301	20	controls	control	NOUN
fsr-3405	301	21	(	(	PUNCT
fsr-3405	301	22	local	local	ADJ
fsr-3405	301	23	seniors	senior	NOUN
fsr-3405	301	24	,	,	PUNCT
fsr-3405	301	25	cp	cp	NUM
fsr-3405	301	26	ratio	ratio	NOUN
fsr-3405	301	27	,	,	PUNCT
fsr-3405	301	28	income	income	NOUN
fsr-3405	301	29	,	,	PUNCT
fsr-3405	301	30	education	education	NOUN
fsr-3405	301	31	,	,	PUNCT
fsr-3405	301	32	and	and	CCONJ
fsr-3405	301	33	log	log	NOUN
fsr-3405	301	34	of	of	ADP
fsr-3405	301	35	population	population	NOUN
fsr-3405	301	36	)	)	PUNCT
fsr-3405	301	37	.	.	PUNCT
fsr-3405	302	1	intercept	intercept	NOUN
fsr-3405	302	2	,	,	PUNCT
fsr-3405	302	3	year	year	NOUN
fsr-3405	302	4	and	and	CCONJ
fsr-3405	302	5	industry	industry	NOUN
fsr-3405	302	6	dummies	dummy	NOUN
fsr-3405	302	7	are	be	AUX
fsr-3405	302	8	not	not	PART
fsr-3405	302	9	reported	report	VERB
fsr-3405	302	10	for	for	ADP
fsr-3405	302	11	brevity	brevity	NOUN
fsr-3405	302	12	.	.	PUNCT
fsr-3405	303	1	robust	robust	ADJ
fsr-3405	303	2	t	t	PROPN
fsr-3405	303	3	statistics	statistic	NOUN
fsr-3405	303	4	and	and	CCONJ
fsr-3405	303	5	z	z	PROPN
fsr-3405	303	6	statistics	statistic	NOUN
fsr-3405	303	7	are	be	AUX
fsr-3405	303	8	reported	report	VERB
fsr-3405	303	9	in	in	ADP
fsr-3405	303	10	parentheses	parenthesis	NOUN
fsr-3405	303	11	.	.	PUNCT
fsr-3405	304	1	pseudo	pseudo	NOUN
fsr-3405	304	2	r2	r2	PROPN
fsr-3405	304	3	values	value	NOUN
fsr-3405	304	4	are	be	AUX
fsr-3405	304	5	reported	report	VERB
fsr-3405	304	6	for	for	ADP
fsr-3405	304	7	dividend	dividend	NOUN
fsr-3405	304	8	payer	payer	NOUN
fsr-3405	304	9	and	and	CCONJ
fsr-3405	304	10	dividend	dividend	NOUN
fsr-3405	304	11	initiation	initiation	NOUN
fsr-3405	304	12	tests	test	NOUN
fsr-3405	304	13	.	.	PUNCT
fsr-3405	305	1	380	380	NUM
fsr-3405	305	2	e.	e.	PROPN
fsr-3405	305	3	ucar	ucar	PROPN
fsr-3405	305	4	,	,	PUNCT
fsr-3405	305	5	a.	a.	PROPN
fsr-3405	305	6	staer	staer	PROPN
fsr-3405	305	7	/	/	SYM
fsr-3405	305	8	financial	financial	ADJ
fsr-3405	305	9	services	service	NOUN
fsr-3405	305	10	review	review	VERB
fsr-3405	305	11	27	27	NUM
fsr-3405	305	12	(	(	PUNCT
fsr-3405	305	13	2018	2018	NUM
fsr-3405	305	14	)	)	PUNCT
fsr-3405	305	15	367	367	NUM
fsr-3405	305	16	-	-	SYM
fsr-3405	305	17	389	389	NUM
fsr-3405	305	18	and	and	CCONJ
fsr-3405	305	19	lagged	lag	VERB
fsr-3405	305	20	return	return	NOUN
fsr-3405	305	21	.	.	PUNCT
fsr-3405	306	1	in	in	ADP
fsr-3405	306	2	particular	particular	ADJ
fsr-3405	306	3	,	,	PUNCT
fsr-3405	306	4	we	we	PRON
fsr-3405	306	5	match	match	VERB
fsr-3405	306	6	every	every	DET
fsr-3405	306	7	firm	firm	ADJ
fsr-3405	306	8	-	-	PUNCT
fsr-3405	306	9	year	year	NOUN
fsr-3405	306	10	observation	observation	NOUN
fsr-3405	306	11	of	of	ADP
fsr-3405	306	12	high	high	ADJ
fsr-3405	306	13	creativeshare	creativeshare	PROPN
fsr-3405	306	14	area	area	NOUN
fsr-3405	306	15	firms	firm	NOUN
fsr-3405	306	16	with	with	ADP
fsr-3405	306	17	a	a	DET
fsr-3405	306	18	firm	firm	ADJ
fsr-3405	306	19	-	-	PUNCT
fsr-3405	306	20	year	year	NOUN
fsr-3405	306	21	observation	observation	NOUN
fsr-3405	306	22	from	from	ADP
fsr-3405	306	23	a	a	DET
fsr-3405	306	24	low	low	ADJ
fsr-3405	306	25	creativeshare	creativeshare	NOUN
fsr-3405	306	26	area	area	NOUN
fsr-3405	306	27	firm	firm	NOUN
fsr-3405	306	28	from	from	ADP
fsr-3405	306	29	the	the	DET
fsr-3405	306	30	same	same	ADJ
fsr-3405	306	31	year	year	NOUN
fsr-3405	306	32	,	,	PUNCT
fsr-3405	306	33	industry	industry	NOUN
fsr-3405	306	34	,	,	PUNCT
fsr-3405	306	35	and	and	CCONJ
fsr-3405	306	36	age	age	NOUN
fsr-3405	306	37	group	group	NOUN
fsr-3405	306	38	,	,	PUNCT
fsr-3405	306	39	with	with	ADP
fsr-3405	306	40	the	the	DET
fsr-3405	306	41	closest	close	ADJ
fsr-3405	306	42	matched	match	VERB
fsr-3405	306	43	values	value	NOUN
fsr-3405	306	44	for	for	ADP
fsr-3405	306	45	total	total	ADJ
fsr-3405	306	46	assets	asset	NOUN
fsr-3405	306	47	,	,	PUNCT
fsr-3405	306	48	market	market	NOUN
fsr-3405	306	49	value	value	NOUN
fsr-3405	306	50	,	,	PUNCT
fsr-3405	306	51	net	net	ADJ
fsr-3405	306	52	income	income	NOUN
fsr-3405	306	53	,	,	PUNCT
fsr-3405	306	54	cash	cash	NOUN
fsr-3405	306	55	,	,	PUNCT
fsr-3405	306	56	q	q	NOUN
fsr-3405	306	57	,	,	PUNCT
fsr-3405	306	58	debt	debt	NOUN
fsr-3405	306	59	,	,	PUNCT
fsr-3405	306	60	volatility	volatility	NOUN
fsr-3405	306	61	,	,	PUNCT
fsr-3405	306	62	and	and	CCONJ
fsr-3405	306	63	lagged	lag	VERB
fsr-3405	306	64	return	return	NOUN
fsr-3405	306	65	.	.	PUNCT
fsr-3405	307	1	the	the	DET
fsr-3405	307	2	matched	match	VERB
fsr-3405	307	3	sample	sample	NOUN
fsr-3405	307	4	analysis	analysis	NOUN
fsr-3405	307	5	includes	include	VERB
fsr-3405	307	6	the	the	DET
fsr-3405	307	7	firms	firm	NOUN
fsr-3405	307	8	from	from	ADP
fsr-3405	307	9	high	high	ADJ
fsr-3405	307	10	creativeshare	creativeshare	PROPN
fsr-3405	307	11	areas	area	NOUN
fsr-3405	307	12	with	with	ADP
fsr-3405	307	13	a	a	DET
fsr-3405	307	14	match	match	NOUN
fsr-3405	307	15	from	from	ADP
fsr-3405	307	16	low	low	ADJ
fsr-3405	307	17	creativeshare	creativeshare	PROPN
fsr-3405	307	18	areas	area	NOUN
fsr-3405	307	19	in	in	ADP
fsr-3405	307	20	table	table	NOUN
fsr-3405	307	21	5	5	NUM
fsr-3405	307	22	and	and	CCONJ
fsr-3405	307	23	examines	examine	VERB
fsr-3405	307	24	differences	difference	NOUN
fsr-3405	307	25	in	in	ADP
fsr-3405	307	26	dividend	dividend	NOUN
fsr-3405	307	27	payout	payout	NOUN
fsr-3405	307	28	variables	variable	NOUN
fsr-3405	307	29	between	between	ADP
fsr-3405	307	30	the	the	DET
fsr-3405	307	31	high	high	ADJ
fsr-3405	307	32	creativeshare	creativeshare	PROPN
fsr-3405	307	33	area	area	NOUN
fsr-3405	307	34	firms	firm	NOUN
fsr-3405	307	35	and	and	CCONJ
fsr-3405	307	36	their	their	PRON
fsr-3405	307	37	matches	match	NOUN
fsr-3405	307	38	from	from	ADP
fsr-3405	307	39	the	the	DET
fsr-3405	307	40	low	low	ADJ
fsr-3405	307	41	creativeshare	creativeshare	NOUN
fsr-3405	307	42	areas	area	NOUN
fsr-3405	307	43	.	.	PUNCT
fsr-3405	308	1	table	table	NOUN
fsr-3405	308	2	5	5	NUM
fsr-3405	308	3	presents	present	VERB
fsr-3405	308	4	the	the	DET
fsr-3405	308	5	mean	mean	ADJ
fsr-3405	308	6	values	value	NOUN
fsr-3405	308	7	for	for	ADP
fsr-3405	308	8	the	the	DET
fsr-3405	308	9	matched	match	VERB
fsr-3405	308	10	sample	sample	NOUN
fsr-3405	308	11	analysis	analysis	NOUN
fsr-3405	308	12	.	.	PUNCT
fsr-3405	309	1	the	the	DET
fsr-3405	309	2	findings	finding	NOUN
fsr-3405	309	3	are	be	AUX
fsr-3405	309	4	consistent	consistent	ADJ
fsr-3405	309	5	with	with	ADP
fsr-3405	309	6	the	the	DET
fsr-3405	309	7	earlier	early	ADJ
fsr-3405	309	8	findings	finding	NOUN
fsr-3405	309	9	.	.	PUNCT
fsr-3405	310	1	the	the	DET
fsr-3405	310	2	difference	difference	NOUN
fsr-3405	310	3	in	in	ADP
fsr-3405	310	4	dividend	dividend	NOUN
fsr-3405	310	5	payer	payer	NOUN
fsr-3405	310	6	between	between	ADP
fsr-3405	310	7	high	high	ADJ
fsr-3405	310	8	creativeshare	creativeshare	PROPN
fsr-3405	310	9	area	area	NOUN
fsr-3405	310	10	firms	firm	NOUN
fsr-3405	310	11	and	and	CCONJ
fsr-3405	310	12	low	low	ADJ
fsr-3405	310	13	creativeshare	creativeshare	PROPN
fsr-3405	310	14	area	area	NOUN
fsr-3405	310	15	firms	firm	NOUN
fsr-3405	310	16	is	be	AUX
fsr-3405	310	17	negative	negative	ADJ
fsr-3405	310	18	and	and	CCONJ
fsr-3405	310	19	statistically	statistically	ADV
fsr-3405	310	20	significant	significant	ADJ
fsr-3405	310	21	.	.	PUNCT
fsr-3405	311	1	similarly	similarly	ADV
fsr-3405	311	2	,	,	PUNCT
fsr-3405	311	3	the	the	DET
fsr-3405	311	4	differences	difference	NOUN
fsr-3405	311	5	in	in	ADP
fsr-3405	311	6	dividend	dividend	NOUN
fsr-3405	311	7	yield	yield	NOUN
fsr-3405	311	8	and	and	CCONJ
fsr-3405	311	9	dividend	dividend	NOUN
fsr-3405	311	10	initiation	initiation	NOUN
fsr-3405	311	11	are	be	AUX
fsr-3405	311	12	negative	negative	ADJ
fsr-3405	311	13	and	and	CCONJ
fsr-3405	311	14	statistically	statistically	ADV
fsr-3405	311	15	significant	significant	ADJ
fsr-3405	311	16	.	.	PUNCT
fsr-3405	312	1	this	this	DET
fsr-3405	312	2	table	table	NOUN
fsr-3405	312	3	shows	show	VERB
fsr-3405	312	4	that	that	SCONJ
fsr-3405	312	5	firms	firm	NOUN
fsr-3405	312	6	located	locate	VERB
fsr-3405	312	7	in	in	ADP
fsr-3405	312	8	areas	area	NOUN
fsr-3405	312	9	with	with	ADP
fsr-3405	312	10	a	a	DET
fsr-3405	312	11	greater	great	ADJ
fsr-3405	312	12	degree	degree	NOUN
fsr-3405	312	13	of	of	ADP
fsr-3405	312	14	local	local	ADJ
fsr-3405	312	15	risk	risk	NOUN
fsr-3405	312	16	-	-	PUNCT
fsr-3405	312	17	taking	taking	NOUN
fsr-3405	312	18	induced	induce	VERB
fsr-3405	312	19	by	by	ADP
fsr-3405	312	20	creative	creative	ADJ
fsr-3405	312	21	culture	culture	NOUN
fsr-3405	312	22	are	be	AUX
fsr-3405	312	23	less	less	ADV
fsr-3405	312	24	likely	likely	ADJ
fsr-3405	312	25	to	to	PART
fsr-3405	312	26	pay	pay	VERB
fsr-3405	312	27	and	and	CCONJ
fsr-3405	312	28	initiate	initiate	VERB
fsr-3405	312	29	dividends	dividend	NOUN
fsr-3405	312	30	and	and	CCONJ
fsr-3405	312	31	have	have	VERB
fsr-3405	312	32	lower	low	ADJ
fsr-3405	312	33	dividend	dividend	NOUN
fsr-3405	312	34	yields	yield	NOUN
fsr-3405	312	35	compared	compare	VERB
fsr-3405	312	36	with	with	ADP
fsr-3405	312	37	firms	firm	NOUN
fsr-3405	312	38	located	locate	VERB
fsr-3405	312	39	in	in	ADP
fsr-3405	312	40	areas	area	NOUN
fsr-3405	312	41	with	with	ADP
fsr-3405	312	42	a	a	DET
fsr-3405	312	43	lower	low	ADJ
fsr-3405	312	44	degree	degree	NOUN
fsr-3405	312	45	of	of	ADP
fsr-3405	312	46	local	local	ADJ
fsr-3405	312	47	risk	risk	NOUN
fsr-3405	312	48	-	-	PUNCT
fsr-3405	312	49	taking	taking	NOUN
fsr-3405	312	50	as	as	ADV
fsr-3405	312	51	measured	measure	VERB
fsr-3405	312	52	by	by	ADP
fsr-3405	312	53	creative	creative	ADJ
fsr-3405	312	54	culture	culture	NOUN
fsr-3405	312	55	after	after	ADP
fsr-3405	312	56	using	use	VERB
fsr-3405	312	57	matched	match	VERB
fsr-3405	312	58	sample	sample	NOUN
fsr-3405	312	59	tests	test	NOUN
fsr-3405	312	60	.	.	PUNCT
fsr-3405	313	1	in	in	ADP
fsr-3405	313	2	summary	summary	NOUN
fsr-3405	313	3	,	,	PUNCT
fsr-3405	313	4	table	table	NOUN
fsr-3405	313	5	5	5	NUM
fsr-3405	313	6	is	be	AUX
fsr-3405	313	7	consistent	consistent	ADJ
fsr-3405	313	8	with	with	ADP
fsr-3405	313	9	the	the	DET
fsr-3405	313	10	earlier	early	ADJ
fsr-3405	313	11	findings	finding	NOUN
fsr-3405	313	12	and	and	CCONJ
fsr-3405	313	13	provides	provide	VERB
fsr-3405	313	14	supporting	support	VERB
fsr-3405	313	15	evidence	evidence	NOUN
fsr-3405	313	16	by	by	ADP
fsr-3405	313	17	using	use	VERB
fsr-3405	313	18	a	a	DET
fsr-3405	313	19	matched	match	VERB
fsr-3405	313	20	sample	sample	NOUN
fsr-3405	313	21	analysis	analysis	NOUN
fsr-3405	313	22	.	.	PUNCT
fsr-3405	314	1	to	to	PART
fsr-3405	314	2	shed	shed	VERB
fsr-3405	314	3	more	more	ADJ
fsr-3405	314	4	light	light	NOUN
fsr-3405	314	5	on	on	ADP
fsr-3405	314	6	the	the	DET
fsr-3405	314	7	local	local	ADJ
fsr-3405	314	8	risk	risk	NOUN
fsr-3405	314	9	-	-	PUNCT
fsr-3405	314	10	taking	take	VERB
fsr-3405	314	11	effect	effect	NOUN
fsr-3405	314	12	induced	induce	VERB
fsr-3405	314	13	by	by	ADP
fsr-3405	314	14	creative	creative	ADJ
fsr-3405	314	15	culture	culture	NOUN
fsr-3405	314	16	and	and	CCONJ
fsr-3405	314	17	to	to	PART
fsr-3405	314	18	take	take	VERB
fsr-3405	314	19	a	a	DET
fsr-3405	314	20	further	further	ADJ
fsr-3405	314	21	step	step	NOUN
fsr-3405	314	22	in	in	ADP
fsr-3405	314	23	addressing	address	VERB
fsr-3405	314	24	endogeneity	endogeneity	NOUN
fsr-3405	314	25	,	,	PUNCT
fsr-3405	314	26	now	now	ADV
fsr-3405	314	27	we	we	PRON
fsr-3405	314	28	use	use	VERB
fsr-3405	314	29	an	an	DET
fsr-3405	314	30	instrumental	instrumental	ADJ
fsr-3405	314	31	variable	variable	NOUN
fsr-3405	314	32	(	(	PUNCT
fsr-3405	314	33	iv	iv	X
fsr-3405	314	34	)	)	PUNCT
fsr-3405	314	35	approach	approach	NOUN
fsr-3405	314	36	and	and	CCONJ
fsr-3405	314	37	re	re	NOUN
fsr-3405	314	38	-	-	NOUN
fsr-3405	314	39	examine	examine	ADJ
fsr-3405	314	40	dividend	dividend	NOUN
fsr-3405	314	41	payout	payout	NOUN
fsr-3405	314	42	variables	variable	NOUN
fsr-3405	314	43	.	.	PUNCT
fsr-3405	315	1	in	in	ADP
fsr-3405	315	2	particular	particular	ADJ
fsr-3405	315	3	,	,	PUNCT
fsr-3405	315	4	we	we	PRON
fsr-3405	315	5	repeat	repeat	VERB
fsr-3405	315	6	the	the	DET
fsr-3405	315	7	earlier	early	ADJ
fsr-3405	315	8	logit	logit	NOUN
fsr-3405	315	9	regression	regression	VERB
fsr-3405	315	10	analyses	analysis	NOUN
fsr-3405	315	11	of	of	ADP
fsr-3405	315	12	dividend	dividend	NOUN
fsr-3405	315	13	payer	payer	NOUN
fsr-3405	315	14	and	and	CCONJ
fsr-3405	315	15	dividend	dividend	NOUN
fsr-3405	315	16	initiation	initiation	NOUN
fsr-3405	315	17	by	by	ADP
fsr-3405	315	18	using	use	VERB
fsr-3405	315	19	a	a	DET
fsr-3405	315	20	probit	probit	NOUN
fsr-3405	315	21	regression	regression	NOUN
fsr-3405	315	22	with	with	ADP
fsr-3405	315	23	an	an	DET
fsr-3405	315	24	iv	iv	NUM
fsr-3405	315	25	approach	approach	NOUN
fsr-3405	315	26	and	and	CCONJ
fsr-3405	315	27	the	the	DET
fsr-3405	315	28	earlier	early	ADJ
fsr-3405	315	29	ols	ol	NOUN
fsr-3405	315	30	regression	regression	VERB
fsr-3405	315	31	analysis	analysis	NOUN
fsr-3405	315	32	of	of	ADP
fsr-3405	315	33	dividend	dividend	NOUN
fsr-3405	315	34	yield	yield	NOUN
fsr-3405	315	35	by	by	ADP
fsr-3405	315	36	using	use	VERB
fsr-3405	315	37	a	a	DET
fsr-3405	315	38	two	two	NUM
fsr-3405	315	39	-	-	PUNCT
fsr-3405	315	40	stage	stage	NOUN
fsr-3405	315	41	least	least	ADJ
fsr-3405	315	42	squares	square	NOUN
fsr-3405	315	43	(	(	PUNCT
fsr-3405	315	44	2sls	2sls	NOUN
fsr-3405	315	45	)	)	PUNCT
fsr-3405	315	46	analysis	analysis	NOUN
fsr-3405	315	47	with	with	ADP
fsr-3405	315	48	an	an	DET
fsr-3405	315	49	iv	iv	NUM
fsr-3405	315	50	approach	approach	NOUN
fsr-3405	315	51	.	.	PUNCT
fsr-3405	316	1	we	we	PRON
fsr-3405	316	2	use	use	VERB
fsr-3405	316	3	the	the	DET
fsr-3405	316	4	following	following	ADJ
fsr-3405	316	5	variables	variable	NOUN
fsr-3405	316	6	as	as	ADP
fsr-3405	316	7	an	an	DET
fsr-3405	316	8	iv	iv	NOUN
fsr-3405	316	9	for	for	ADP
fsr-3405	316	10	creativeshare	creativeshare	NOUN
fsr-3405	316	11	to	to	PART
fsr-3405	316	12	address	address	VERB
fsr-3405	316	13	possible	possible	ADJ
fsr-3405	316	14	endogeneity	endogeneity	NOUN
fsr-3405	316	15	:	:	PUNCT
fsr-3405	316	16	creativesharet-10	creativesharet-10	PROPN
fsr-3405	316	17	,	,	PUNCT
fsr-3405	316	18	the	the	DET
fsr-3405	316	19	creative	creative	ADJ
fsr-3405	316	20	share	share	NOUN
fsr-3405	316	21	lagged	lag	VERB
fsr-3405	316	22	by	by	ADP
fsr-3405	316	23	10	10	NUM
fsr-3405	316	24	years	year	NOUN
fsr-3405	316	25	,	,	PUNCT
fsr-3405	316	26	in	in	ADP
fsr-3405	316	27	table	table	NOUN
fsr-3405	316	28	6	6	NUM
fsr-3405	316	29	panel	panel	NOUN
fsr-3405	316	30	a	a	NOUN
fsr-3405	316	31	and	and	CCONJ
fsr-3405	316	32	artshare	artshare	NOUN
fsr-3405	316	33	,	,	PUNCT
fsr-3405	316	34	the	the	DET
fsr-3405	316	35	fraction	fraction	NOUN
fsr-3405	316	36	of	of	ADP
fsr-3405	316	37	people	people	NOUN
fsr-3405	316	38	used	use	VERB
fsr-3405	316	39	in	in	ADP
fsr-3405	316	40	the	the	DET
fsr-3405	316	41	arts	art	NOUN
fsr-3405	316	42	for	for	ADP
fsr-3405	316	43	a	a	DET
fsr-3405	316	44	given	give	VERB
fsr-3405	316	45	county	county	NOUN
fsr-3405	316	46	,	,	PUNCT
fsr-3405	316	47	in	in	ADP
fsr-3405	316	48	table	table	NOUN
fsr-3405	316	49	6	6	NUM
fsr-3405	316	50	panel	panel	NOUN
fsr-3405	316	51	b.	b.	NOUN
fsr-3405	316	52	in	in	ADP
fsr-3405	316	53	table	table	NOUN
fsr-3405	316	54	6	6	NUM
fsr-3405	316	55	panel	panel	NOUN
fsr-3405	316	56	a	a	PRON
fsr-3405	316	57	,	,	PUNCT
fsr-3405	316	58	we	we	PRON
fsr-3405	316	59	use	use	VERB
fsr-3405	316	60	creativesharet-10	creativesharet-10	PROPN
fsr-3405	316	61	,	,	PUNCT
fsr-3405	316	62	the	the	DET
fsr-3405	316	63	creative	creative	ADJ
fsr-3405	316	64	share	share	NOUN
fsr-3405	316	65	lagged	lag	VERB
fsr-3405	316	66	by	by	ADP
fsr-3405	316	67	10	10	NUM
fsr-3405	316	68	years	year	NOUN
fsr-3405	316	69	,	,	PUNCT
fsr-3405	316	70	as	as	ADP
fsr-3405	316	71	the	the	DET
fsr-3405	316	72	first	first	ADJ
fsr-3405	316	73	iv	iv	NUM
fsr-3405	316	74	for	for	ADP
fsr-3405	316	75	the	the	DET
fsr-3405	316	76	creativeshare	creativeshare	NOUN
fsr-3405	316	77	.	.	PUNCT
fsr-3405	317	1	the	the	DET
fsr-3405	317	2	creative	creative	ADJ
fsr-3405	317	3	share	share	NOUN
fsr-3405	317	4	lagged	lag	VERB
fsr-3405	317	5	by	by	ADP
fsr-3405	317	6	10	10	NUM
fsr-3405	317	7	years	year	NOUN
fsr-3405	317	8	can	can	AUX
fsr-3405	317	9	be	be	AUX
fsr-3405	317	10	considered	consider	VERB
fsr-3405	317	11	correlated	correlate	VERB
fsr-3405	317	12	with	with	ADP
fsr-3405	317	13	the	the	DET
fsr-3405	317	14	current	current	ADJ
fsr-3405	317	15	creative	creative	ADJ
fsr-3405	317	16	share	share	NOUN
fsr-3405	317	17	.	.	PUNCT
fsr-3405	318	1	on	on	ADP
fsr-3405	318	2	the	the	DET
fsr-3405	318	3	other	other	ADJ
fsr-3405	318	4	hand	hand	NOUN
fsr-3405	318	5	,	,	PUNCT
fsr-3405	318	6	one	one	PRON
fsr-3405	318	7	expects	expect	VERB
fsr-3405	318	8	that	that	SCONJ
fsr-3405	318	9	the	the	DET
fsr-3405	318	10	creative	creative	ADJ
fsr-3405	318	11	table	table	NOUN
fsr-3405	318	12	5	5	NUM
fsr-3405	318	13	matched	match	VERB
fsr-3405	318	14	sample	sample	NOUN
fsr-3405	318	15	analysis	analysis	NOUN
fsr-3405	318	16	variable	variable	ADJ
fsr-3405	318	17	n	n	CCONJ
fsr-3405	318	18	high	high	ADJ
fsr-3405	318	19	creativeshare	creativeshare	PROPN
fsr-3405	318	20	low	low	PROPN
fsr-3405	318	21	creativeshare	creativeshare	PROPN
fsr-3405	318	22	difference	difference	NOUN
fsr-3405	318	23	p	p	NOUN
fsr-3405	318	24	-	-	PUNCT
fsr-3405	318	25	value	value	NOUN
fsr-3405	318	26	dividend	dividend	NOUN
fsr-3405	318	27	payer	payer	NOUN
fsr-3405	318	28	11,777	11,777	NUM
fsr-3405	318	29	0.203	0.203	NUM
fsr-3405	318	30	0.297	0.297	NUM
fsr-3405	318	31	�	�	NOUN
fsr-3405	318	32	0.093	0.093	NUM
fsr-3405	318	33	(	(	PUNCT
fsr-3405	318	34	0.000	0.000	NUM
fsr-3405	318	35	)	)	PUNCT
fsr-3405	318	36	*	*	PUNCT
fsr-3405	318	37	*	*	PUNCT
fsr-3405	318	38	*	*	PUNCT
fsr-3405	318	39	dividend	dividend	NOUN
fsr-3405	318	40	yield	yield	VERB
fsr-3405	318	41	11,777	11,777	NUM
fsr-3405	318	42	0.004	0.004	NUM
fsr-3405	318	43	0.006	0.006	NUM
fsr-3405	318	44	�	�	NOUN
fsr-3405	318	45	0.002	0.002	NUM
fsr-3405	318	46	(	(	PUNCT
fsr-3405	318	47	0.000	0.000	NUM
fsr-3405	318	48	)	)	PUNCT
fsr-3405	318	49	*	*	PUNCT
fsr-3405	318	50	*	*	PUNCT
fsr-3405	318	51	*	*	PUNCT
fsr-3405	318	52	dividend	dividend	NOUN
fsr-3405	318	53	initiation	initiation	NOUN
fsr-3405	318	54	7,317	7,317	NUM
fsr-3405	318	55	0.014	0.014	NUM
fsr-3405	318	56	0.021	0.021	NUM
fsr-3405	318	57	�	�	PROPN
fsr-3405	318	58	0.007	0.007	NUM
fsr-3405	318	59	(	(	PUNCT
fsr-3405	318	60	0.001	0.001	NUM
fsr-3405	318	61	)	)	PUNCT
fsr-3405	318	62	*	*	PUNCT
fsr-3405	318	63	*	*	PUNCT
fsr-3405	318	64	*	*	PUNCT
fsr-3405	318	65	note	note	NOUN
fsr-3405	318	66	:	:	PUNCT
fsr-3405	318	67	*	*	PUNCT
fsr-3405	318	68	significant	significant	ADJ
fsr-3405	318	69	at	at	ADP
fsr-3405	318	70	10	10	NUM
fsr-3405	318	71	%	%	NOUN
fsr-3405	318	72	;	;	PUNCT
fsr-3405	318	73	*	*	PUNCT
fsr-3405	318	74	*	*	PUNCT
fsr-3405	318	75	significant	significant	ADJ
fsr-3405	318	76	at	at	ADP
fsr-3405	318	77	5	5	NUM
fsr-3405	318	78	%	%	NOUN
fsr-3405	318	79	;	;	PUNCT
fsr-3405	318	80	*	*	PUNCT
fsr-3405	318	81	*	*	PUNCT
fsr-3405	318	82	*	*	PUNCT
fsr-3405	318	83	significant	significant	ADJ
fsr-3405	318	84	at	at	ADP
fsr-3405	318	85	1	1	NUM
fsr-3405	318	86	%	%	NOUN
fsr-3405	318	87	.	.	PUNCT
fsr-3405	319	1	this	this	DET
fsr-3405	319	2	table	table	NOUN
fsr-3405	319	3	presents	present	VERB
fsr-3405	319	4	the	the	DET
fsr-3405	319	5	mean	mean	ADJ
fsr-3405	319	6	values	value	NOUN
fsr-3405	319	7	for	for	ADP
fsr-3405	319	8	dividend	dividend	NOUN
fsr-3405	319	9	payout	payout	NOUN
fsr-3405	319	10	variables	variable	NOUN
fsr-3405	319	11	for	for	ADP
fsr-3405	319	12	firms	firm	NOUN
fsr-3405	319	13	that	that	PRON
fsr-3405	319	14	are	be	AUX
fsr-3405	319	15	located	locate	VERB
fsr-3405	319	16	in	in	ADP
fsr-3405	319	17	high	high	ADJ
fsr-3405	319	18	creativeshare	creativeshare	NOUN
fsr-3405	319	19	and	and	CCONJ
fsr-3405	319	20	a	a	DET
fsr-3405	319	21	matched	match	VERB
fsr-3405	319	22	sample	sample	NOUN
fsr-3405	319	23	of	of	ADP
fsr-3405	319	24	firms	firm	NOUN
fsr-3405	319	25	that	that	PRON
fsr-3405	319	26	are	be	AUX
fsr-3405	319	27	located	locate	VERB
fsr-3405	319	28	in	in	ADP
fsr-3405	319	29	low	low	ADJ
fsr-3405	319	30	creativeshare	creativeshare	PROPN
fsr-3405	319	31	areas	area	NOUN
fsr-3405	319	32	.	.	PUNCT
fsr-3405	320	1	dividend	dividend	NOUN
fsr-3405	320	2	payout	payout	NOUN
fsr-3405	320	3	variables	variable	NOUN
fsr-3405	320	4	—	—	PUNCT
fsr-3405	320	5	dividend	dividend	NOUN
fsr-3405	320	6	payer	payer	NOUN
fsr-3405	320	7	,	,	PUNCT
fsr-3405	320	8	dividend	dividend	NOUN
fsr-3405	320	9	yield	yield	NOUN
fsr-3405	320	10	,	,	PUNCT
fsr-3405	320	11	and	and	CCONJ
fsr-3405	320	12	dividend	dividend	NOUN
fsr-3405	320	13	initiation	initiation	NOUN
fsr-3405	320	14	—	—	PUNCT
fsr-3405	320	15	defined	define	VERB
fsr-3405	320	16	in	in	ADP
fsr-3405	320	17	tables	table	NOUN
fsr-3405	320	18	1	1	NUM
fsr-3405	320	19	and	and	CCONJ
fsr-3405	320	20	2	2	NUM
fsr-3405	320	21	.	.	PUNCT
fsr-3405	321	1	the	the	DET
fsr-3405	321	2	sample	sample	NOUN
fsr-3405	321	3	is	be	AUX
fsr-3405	321	4	divided	divide	VERB
fsr-3405	321	5	into	into	ADP
fsr-3405	321	6	five	five	NUM
fsr-3405	321	7	based	base	VERB
fsr-3405	321	8	on	on	ADP
fsr-3405	321	9	creativeshare	creativeshare	PROPN
fsr-3405	321	10	,	,	PUNCT
fsr-3405	321	11	and	and	CCONJ
fsr-3405	321	12	the	the	DET
fsr-3405	321	13	firms	firm	NOUN
fsr-3405	321	14	in	in	ADP
fsr-3405	321	15	the	the	DET
fsr-3405	321	16	highest	high	ADJ
fsr-3405	321	17	quintile	quintile	NOUN
fsr-3405	321	18	of	of	ADP
fsr-3405	321	19	creativeshare	creativeshare	PROPN
fsr-3405	321	20	are	be	AUX
fsr-3405	321	21	assigned	assign	VERB
fsr-3405	321	22	to	to	ADP
fsr-3405	321	23	the	the	DET
fsr-3405	321	24	high	high	ADJ
fsr-3405	321	25	creativeshare	creativeshare	PROPN
fsr-3405	321	26	area	area	NOUN
fsr-3405	321	27	and	and	CCONJ
fsr-3405	321	28	the	the	DET
fsr-3405	321	29	firms	firm	NOUN
fsr-3405	321	30	in	in	ADP
fsr-3405	321	31	the	the	DET
fsr-3405	321	32	lowest	low	ADJ
fsr-3405	321	33	quintile	quintile	NOUN
fsr-3405	321	34	of	of	ADP
fsr-3405	321	35	creativeshare	creativeshare	PROPN
fsr-3405	321	36	are	be	AUX
fsr-3405	321	37	assigned	assign	VERB
fsr-3405	321	38	to	to	ADP
fsr-3405	321	39	the	the	DET
fsr-3405	321	40	low	low	ADJ
fsr-3405	321	41	creativeshare	creativeshare	PROPN
fsr-3405	321	42	area	area	NOUN
fsr-3405	321	43	.	.	PUNCT
fsr-3405	322	1	matched	match	VERB
fsr-3405	322	2	low	low	ADJ
fsr-3405	322	3	creativeshare	creativeshare	PROPN
fsr-3405	322	4	area	area	NOUN
fsr-3405	322	5	firms	firm	NOUN
fsr-3405	322	6	are	be	AUX
fsr-3405	322	7	identified	identify	VERB
fsr-3405	322	8	after	after	ADP
fsr-3405	322	9	matching	match	VERB
fsr-3405	322	10	each	each	DET
fsr-3405	322	11	firm	firm	ADJ
fsr-3405	322	12	-	-	PUNCT
fsr-3405	322	13	year	year	NOUN
fsr-3405	322	14	observation	observation	NOUN
fsr-3405	322	15	of	of	ADP
fsr-3405	322	16	a	a	DET
fsr-3405	322	17	high	high	ADJ
fsr-3405	322	18	creativeshare	creativeshare	NOUN
fsr-3405	322	19	area	area	NOUN
fsr-3405	322	20	firm	firm	NOUN
fsr-3405	322	21	with	with	ADP
fsr-3405	322	22	a	a	DET
fsr-3405	322	23	firm	firm	ADJ
fsr-3405	322	24	-	-	PUNCT
fsr-3405	322	25	year	year	NOUN
fsr-3405	322	26	observation	observation	NOUN
fsr-3405	322	27	of	of	ADP
fsr-3405	322	28	a	a	DET
fsr-3405	322	29	low	low	ADJ
fsr-3405	322	30	creativeshare	creativeshare	NOUN
fsr-3405	322	31	area	area	NOUN
fsr-3405	322	32	firm	firm	NOUN
fsr-3405	322	33	that	that	PRON
fsr-3405	322	34	is	be	AUX
fsr-3405	322	35	from	from	ADP
fsr-3405	322	36	the	the	DET
fsr-3405	322	37	same	same	ADJ
fsr-3405	322	38	year	year	NOUN
fsr-3405	322	39	,	,	PUNCT
fsr-3405	322	40	industry	industry	NOUN
fsr-3405	322	41	,	,	PUNCT
fsr-3405	322	42	and	and	CCONJ
fsr-3405	322	43	age	age	NOUN
fsr-3405	322	44	group	group	NOUN
fsr-3405	322	45	with	with	ADP
fsr-3405	322	46	the	the	DET
fsr-3405	322	47	closest	close	ADJ
fsr-3405	322	48	asset	asset	NOUN
fsr-3405	322	49	size	size	NOUN
fsr-3405	322	50	,	,	PUNCT
fsr-3405	322	51	market	market	NOUN
fsr-3405	322	52	value	value	NOUN
fsr-3405	322	53	,	,	PUNCT
fsr-3405	322	54	net	net	ADJ
fsr-3405	322	55	income	income	NOUN
fsr-3405	322	56	,	,	PUNCT
fsr-3405	322	57	cash	cash	NOUN
fsr-3405	322	58	,	,	PUNCT
fsr-3405	322	59	q	q	NOUN
fsr-3405	322	60	values	value	NOUN
fsr-3405	322	61	,	,	PUNCT
fsr-3405	322	62	debt	debt	NOUN
fsr-3405	322	63	,	,	PUNCT
fsr-3405	322	64	volatility	volatility	NOUN
fsr-3405	322	65	,	,	PUNCT
fsr-3405	322	66	and	and	CCONJ
fsr-3405	322	67	lagged	lag	VERB
fsr-3405	322	68	return	return	NOUN
fsr-3405	322	69	.	.	PUNCT
fsr-3405	323	1	all	all	DET
fsr-3405	323	2	the	the	DET
fsr-3405	323	3	variables	variable	NOUN
fsr-3405	323	4	that	that	PRON
fsr-3405	323	5	are	be	AUX
fsr-3405	323	6	used	use	VERB
fsr-3405	323	7	in	in	ADP
fsr-3405	323	8	matching	matching	NOUN
fsr-3405	323	9	are	be	AUX
fsr-3405	323	10	defined	define	VERB
fsr-3405	323	11	in	in	ADP
fsr-3405	323	12	tables	table	NOUN
fsr-3405	323	13	1	1	NUM
fsr-3405	323	14	and	and	CCONJ
fsr-3405	323	15	2	2	NUM
fsr-3405	323	16	.	.	NOUN
fsr-3405	323	17	robust	robust	ADJ
fsr-3405	323	18	p	p	NOUN
fsr-3405	323	19	-	-	PUNCT
fsr-3405	323	20	values	value	NOUN
fsr-3405	323	21	are	be	AUX
fsr-3405	323	22	in	in	ADP
fsr-3405	323	23	parentheses	parenthesis	NOUN
fsr-3405	323	24	.	.	PUNCT
fsr-3405	324	1	381e	381e	NOUN
fsr-3405	324	2	.	.	PUNCT
fsr-3405	325	1	ucar	ucar	PROPN
fsr-3405	325	2	,	,	PUNCT
fsr-3405	325	3	a.	a.	PROPN
fsr-3405	325	4	staer	staer	PROPN
fsr-3405	325	5	/	/	SYM
fsr-3405	325	6	financial	financial	ADJ
fsr-3405	325	7	services	service	NOUN
fsr-3405	325	8	review	review	VERB
fsr-3405	325	9	27	27	NUM
fsr-3405	325	10	(	(	PUNCT
fsr-3405	325	11	2018	2018	NUM
fsr-3405	325	12	)	)	PUNCT
fsr-3405	325	13	367	367	NUM
fsr-3405	325	14	-	-	SYM
fsr-3405	325	15	389	389	NUM
fsr-3405	325	16	share	share	NOUN
fsr-3405	325	17	lagged	lag	VERB
fsr-3405	325	18	by	by	ADP
fsr-3405	325	19	10	10	NUM
fsr-3405	325	20	years	year	NOUN
fsr-3405	325	21	is	be	AUX
fsr-3405	325	22	not	not	PART
fsr-3405	325	23	correlated	correlate	VERB
fsr-3405	325	24	with	with	ADP
fsr-3405	325	25	any	any	DET
fsr-3405	325	26	omitted	omit	VERB
fsr-3405	325	27	variables	variable	NOUN
fsr-3405	325	28	in	in	ADP
fsr-3405	325	29	the	the	DET
fsr-3405	325	30	current	current	ADJ
fsr-3405	325	31	year	year	NOUN
fsr-3405	325	32	.	.	PUNCT
fsr-3405	326	1	furthermore	furthermore	ADV
fsr-3405	326	2	,	,	PUNCT
fsr-3405	326	3	using	use	VERB
fsr-3405	326	4	a	a	DET
fsr-3405	326	5	local	local	ADJ
fsr-3405	326	6	variable	variable	NOUN
fsr-3405	326	7	lagged	lag	VERB
fsr-3405	326	8	by	by	ADP
fsr-3405	326	9	10	10	NUM
fsr-3405	326	10	years	year	NOUN
fsr-3405	326	11	can	can	AUX
fsr-3405	326	12	be	be	AUX
fsr-3405	326	13	regarded	regard	VERB
fsr-3405	326	14	as	as	ADP
fsr-3405	326	15	a	a	DET
fsr-3405	326	16	good	good	ADJ
fsr-3405	326	17	iv	iv	NOUN
fsr-3405	326	18	candidate	candidate	NOUN
fsr-3405	326	19	considering	consider	VERB
fsr-3405	326	20	that	that	DET
fsr-3405	326	21	hilary	hilary	NOUN
fsr-3405	326	22	and	and	CCONJ
fsr-3405	326	23	hui	hui	PROPN
fsr-3405	326	24	(	(	PUNCT
fsr-3405	326	25	2009	2009	NUM
fsr-3405	326	26	)	)	PUNCT
fsr-3405	326	27	use	use	VERB
fsr-3405	326	28	local	local	ADJ
fsr-3405	326	29	religion	religion	NOUN
fsr-3405	326	30	lagged	lag	VERB
fsr-3405	326	31	by	by	ADP
fsr-3405	326	32	three	three	NUM
fsr-3405	326	33	years	year	NOUN
fsr-3405	326	34	as	as	ADP
fsr-3405	326	35	an	an	DET
fsr-3405	326	36	iv	iv	NOUN
fsr-3405	326	37	for	for	ADP
fsr-3405	326	38	current	current	ADJ
fsr-3405	326	39	local	local	ADJ
fsr-3405	326	40	religion	religion	NOUN
fsr-3405	326	41	in	in	ADP
fsr-3405	326	42	their	their	PRON
fsr-3405	326	43	setting	setting	NOUN
fsr-3405	326	44	.	.	PUNCT
fsr-3405	327	1	therefore	therefore	ADV
fsr-3405	327	2	,	,	PUNCT
fsr-3405	327	3	we	we	PRON
fsr-3405	327	4	implement	implement	VERB
fsr-3405	327	5	creativesharet-10	creativesharet-10	PROPN
fsr-3405	327	6	as	as	ADP
fsr-3405	327	7	an	an	DET
fsr-3405	327	8	iv	iv	NOUN
fsr-3405	327	9	in	in	ADP
fsr-3405	327	10	the	the	DET
fsr-3405	327	11	first	first	ADJ
fsr-3405	327	12	stage	stage	NOUN
fsr-3405	327	13	of	of	ADP
fsr-3405	327	14	2sls	2sls	NUM
fsr-3405	327	15	in	in	ADP
fsr-3405	327	16	table	table	NOUN
fsr-3405	327	17	6	6	NUM
fsr-3405	327	18	panel	panel	NOUN
fsr-3405	327	19	a	a	PRON
fsr-3405	327	20	to	to	PART
fsr-3405	327	21	predict	predict	VERB
fsr-3405	327	22	creativeshare	creativeshare	NOUN
fsr-3405	327	23	before	before	ADP
fsr-3405	327	24	running	run	VERB
fsr-3405	327	25	the	the	DET
fsr-3405	327	26	main	main	ADJ
fsr-3405	327	27	tests	test	NOUN
fsr-3405	327	28	for	for	ADP
fsr-3405	327	29	corporate	corporate	ADJ
fsr-3405	327	30	decision	decision	NOUN
fsr-3405	327	31	and	and	CCONJ
fsr-3405	327	32	risk	risk	NOUN
fsr-3405	327	33	-	-	PUNCT
fsr-3405	327	34	taking	take	VERB
fsr-3405	327	35	variables	variable	NOUN
fsr-3405	327	36	during	during	ADP
fsr-3405	327	37	the	the	DET
fsr-3405	327	38	second	second	ADJ
fsr-3405	327	39	stage	stage	NOUN
fsr-3405	327	40	.	.	PUNCT
fsr-3405	328	1	table	table	NOUN
fsr-3405	328	2	6	6	NUM
fsr-3405	328	3	instrumental	instrumental	ADJ
fsr-3405	328	4	variable	variable	ADJ
fsr-3405	328	5	approach	approach	NOUN
fsr-3405	328	6	(	(	PUNCT
fsr-3405	328	7	1	1	NUM
fsr-3405	328	8	)	)	PUNCT
fsr-3405	328	9	(	(	PUNCT
fsr-3405	328	10	2	2	NUM
fsr-3405	328	11	)	)	PUNCT
fsr-3405	328	12	(	(	PUNCT
fsr-3405	328	13	3	3	X
fsr-3405	328	14	)	)	PUNCT
fsr-3405	328	15	dependent	dependent	ADJ
fsr-3405	328	16	variable	variable	ADJ
fsr-3405	328	17	dividend	dividend	NOUN
fsr-3405	328	18	payer	payer	NOUN
fsr-3405	328	19	dividend	dividend	NOUN
fsr-3405	328	20	yield	yield	NOUN
fsr-3405	328	21	dividend	dividend	NOUN
fsr-3405	328	22	initiation	initiation	NOUN
fsr-3405	328	23	panel	panel	NOUN
fsr-3405	328	24	a	a	DET
fsr-3405	328	25	:	:	PUNCT
fsr-3405	328	26	iv	iv	NUM
fsr-3405	328	27	approach	approach	NOUN
fsr-3405	328	28	(	(	PUNCT
fsr-3405	328	29	iv	iv	X
fsr-3405	328	30	:	:	PUNCT
fsr-3405	328	31	creativesharet-10	creativesharet-10	ADJ
fsr-3405	328	32	)	)	PUNCT
fsr-3405	328	33	creativeshare	creativeshare	NOUN
fsr-3405	328	34	�	�	PROPN
fsr-3405	328	35	1.240	1.240	NUM
fsr-3405	328	36	*	*	PUNCT
fsr-3405	328	37	*	*	PUNCT
fsr-3405	328	38	*	*	PUNCT
fsr-3405	328	39	�	�	PROPN
fsr-3405	328	40	0.014	0.014	NUM
fsr-3405	328	41	*	*	NOUN
fsr-3405	328	42	*	*	PUNCT
fsr-3405	328	43	*	*	PROPN
fsr-3405	328	44	�	�	NOUN
fsr-3405	328	45	0.589	0.589	NUM
fsr-3405	328	46	(	(	PUNCT
fsr-3405	328	47	�	�	PROPN
fsr-3405	328	48	4.40	4.40	NUM
fsr-3405	328	49	)	)	PUNCT
fsr-3405	328	50	(	(	PUNCT
fsr-3405	328	51	�	�	NOUN
fsr-3405	328	52	3.75	3.75	NUM
fsr-3405	328	53	)	)	PUNCT
fsr-3405	328	54	(	(	PUNCT
fsr-3405	328	55	�	�	NOUN
fsr-3405	328	56	1.03	1.03	NUM
fsr-3405	328	57	)	)	PUNCT
fsr-3405	328	58	main	main	ADJ
fsr-3405	328	59	controls	control	NOUN
fsr-3405	328	60	y	y	PROPN
fsr-3405	328	61	y	y	PROPN
fsr-3405	328	62	y	y	PROPN
fsr-3405	328	63	local	local	PROPN
fsr-3405	328	64	controls	control	VERB
fsr-3405	328	65	y	y	PROPN
fsr-3405	328	66	y	y	PROPN
fsr-3405	328	67	y	y	PROPN
fsr-3405	328	68	year	year	NOUN
fsr-3405	328	69	fixed	fix	VERB
fsr-3405	328	70	effects	effect	NOUN
fsr-3405	328	71	y	y	PROPN
fsr-3405	328	72	y	y	PROPN
fsr-3405	328	73	y	y	PROPN
fsr-3405	328	74	industry	industry	NOUN
fsr-3405	328	75	fixed	fix	VERB
fsr-3405	328	76	effects	effect	NOUN
fsr-3405	328	77	y	y	PROPN
fsr-3405	328	78	y	y	PROPN
fsr-3405	328	79	y	y	PROPN
fsr-3405	328	80	observations	observation	NOUN
fsr-3405	328	81	25,691	25,691	NUM
fsr-3405	328	82	25,691	25,691	NUM
fsr-3405	328	83	19,049	19,049	NUM
fsr-3405	328	84	r2	r2	NOUN
fsr-3405	328	85	0.400	0.400	NUM
fsr-3405	328	86	0.229	0.229	NUM
fsr-3405	328	87	0.137	0.137	NUM
fsr-3405	328	88	panel	panel	NOUN
fsr-3405	328	89	b	b	NOUN
fsr-3405	328	90	:	:	PUNCT
fsr-3405	328	91	iv	iv	NUM
fsr-3405	328	92	approach	approach	NOUN
fsr-3405	328	93	(	(	PUNCT
fsr-3405	328	94	iv	iv	NUM
fsr-3405	328	95	:	:	PUNCT
fsr-3405	328	96	artshare	artshare	NOUN
fsr-3405	328	97	)	)	PUNCT
fsr-3405	328	98	creativeshare	creativeshare	PROPN
fsr-3405	328	99	�	�	PROPN
fsr-3405	328	100	1.688	1.688	NUM
fsr-3405	328	101	*	*	PUNCT
fsr-3405	328	102	*	*	PUNCT
fsr-3405	328	103	*	*	PUNCT
fsr-3405	328	104	�	�	PROPN
fsr-3405	328	105	0.011	0.011	NUM
fsr-3405	328	106	*	*	PUNCT
fsr-3405	328	107	*	*	PUNCT
fsr-3405	328	108	*	*	PROPN
fsr-3405	328	109	�	�	PROPN
fsr-3405	328	110	0.412	0.412	NUM
fsr-3405	328	111	(	(	PUNCT
fsr-3405	328	112	�	�	PROPN
fsr-3405	328	113	7.59	7.59	NUM
fsr-3405	328	114	)	)	PUNCT
fsr-3405	328	115	(	(	PUNCT
fsr-3405	328	116	�	�	NOUN
fsr-3405	328	117	3.14	3.14	NUM
fsr-3405	328	118	)	)	PUNCT
fsr-3405	328	119	(	(	PUNCT
fsr-3405	328	120	�	�	NOUN
fsr-3405	328	121	0.95	0.95	NUM
fsr-3405	328	122	)	)	PUNCT
fsr-3405	328	123	main	main	ADJ
fsr-3405	328	124	controls	control	NOUN
fsr-3405	328	125	y	y	PROPN
fsr-3405	328	126	y	y	PROPN
fsr-3405	328	127	y	y	PROPN
fsr-3405	328	128	local	local	PROPN
fsr-3405	328	129	controls	control	VERB
fsr-3405	328	130	y	y	PROPN
fsr-3405	328	131	y	y	PROPN
fsr-3405	328	132	y	y	PROPN
fsr-3405	328	133	year	year	NOUN
fsr-3405	328	134	fixed	fix	VERB
fsr-3405	328	135	effects	effect	NOUN
fsr-3405	328	136	y	y	PROPN
fsr-3405	328	137	y	y	PROPN
fsr-3405	328	138	y	y	PROPN
fsr-3405	328	139	industry	industry	NOUN
fsr-3405	328	140	fixed	fix	VERB
fsr-3405	328	141	effects	effect	NOUN
fsr-3405	328	142	y	y	PROPN
fsr-3405	328	143	y	y	PROPN
fsr-3405	328	144	y	y	PROPN
fsr-3405	328	145	observations	observation	VERB
fsr-3405	328	146	65,239	65,239	NUM
fsr-3405	328	147	65,239	65,239	NUM
fsr-3405	328	148	47,014	47,014	NUM
fsr-3405	328	149	r2	r2	NOUN
fsr-3405	328	150	0.429	0.429	NUM
fsr-3405	328	151	0.280	0.280	NUM
fsr-3405	328	152	0.110	0.110	NUM
fsr-3405	328	153	note	note	NOUN
fsr-3405	328	154	:	:	PUNCT
fsr-3405	328	155	*	*	PUNCT
fsr-3405	328	156	significant	significant	ADJ
fsr-3405	328	157	at	at	ADP
fsr-3405	328	158	10	10	NUM
fsr-3405	328	159	%	%	NOUN
fsr-3405	328	160	;	;	PUNCT
fsr-3405	328	161	*	*	PUNCT
fsr-3405	328	162	*	*	PUNCT
fsr-3405	328	163	significant	significant	ADJ
fsr-3405	328	164	at	at	ADP
fsr-3405	328	165	5	5	NUM
fsr-3405	328	166	%	%	NOUN
fsr-3405	328	167	;	;	PUNCT
fsr-3405	328	168	*	*	PUNCT
fsr-3405	328	169	*	*	PUNCT
fsr-3405	328	170	*	*	PUNCT
fsr-3405	328	171	significant	significant	ADJ
fsr-3405	328	172	at	at	ADP
fsr-3405	328	173	1	1	NUM
fsr-3405	328	174	%	%	NOUN
fsr-3405	328	175	.	.	PUNCT
fsr-3405	329	1	this	this	DET
fsr-3405	329	2	table	table	NOUN
fsr-3405	329	3	reports	report	VERB
fsr-3405	329	4	instrumental	instrumental	ADJ
fsr-3405	329	5	variables	variable	NOUN
fsr-3405	329	6	(	(	PUNCT
fsr-3405	329	7	iv	iv	X
fsr-3405	329	8	)	)	PUNCT
fsr-3405	329	9	tests	test	NOUN
fsr-3405	329	10	for	for	ADP
fsr-3405	329	11	the	the	DET
fsr-3405	329	12	dependent	dependent	ADJ
fsr-3405	329	13	variables	variable	NOUN
fsr-3405	329	14	dividend	dividend	NOUN
fsr-3405	329	15	payer	payer	NOUN
fsr-3405	329	16	,	,	PUNCT
fsr-3405	329	17	dividend	dividend	NOUN
fsr-3405	329	18	yield	yield	NOUN
fsr-3405	329	19	,	,	PUNCT
fsr-3405	329	20	and	and	CCONJ
fsr-3405	329	21	dividend	dividend	NOUN
fsr-3405	329	22	initiation	initiation	NOUN
fsr-3405	329	23	defined	define	VERB
fsr-3405	329	24	earlier	early	ADV
fsr-3405	329	25	.	.	PUNCT
fsr-3405	330	1	panels	panel	NOUN
fsr-3405	330	2	a	a	PRON
fsr-3405	330	3	and	and	CCONJ
fsr-3405	330	4	b	b	NOUN
fsr-3405	330	5	use	use	NOUN
fsr-3405	330	6	an	an	DET
fsr-3405	330	7	iv	iv	NUM
fsr-3405	330	8	probit	probit	NOUN
fsr-3405	330	9	analysis	analysis	NOUN
fsr-3405	330	10	with	with	ADP
fsr-3405	330	11	an	an	DET
fsr-3405	330	12	iv	iv	NUM
fsr-3405	330	13	approach	approach	NOUN
fsr-3405	330	14	for	for	ADP
fsr-3405	330	15	logit	logit	NOUN
fsr-3405	330	16	regression	regression	NOUN
fsr-3405	330	17	analyses	analysis	NOUN
fsr-3405	330	18	of	of	ADP
fsr-3405	330	19	dividend	dividend	NOUN
fsr-3405	330	20	payer	payer	NOUN
fsr-3405	330	21	and	and	CCONJ
fsr-3405	330	22	dividend	dividend	NOUN
fsr-3405	330	23	initiation	initiation	NOUN
fsr-3405	330	24	used	use	VERB
fsr-3405	330	25	in	in	ADP
fsr-3405	330	26	the	the	DET
fsr-3405	330	27	main	main	ADJ
fsr-3405	330	28	tests	test	NOUN
fsr-3405	330	29	and	and	CCONJ
fsr-3405	330	30	a	a	DET
fsr-3405	330	31	two	two	NUM
fsr-3405	330	32	-	-	PUNCT
fsr-3405	330	33	stage	stage	NOUN
fsr-3405	330	34	least	least	ADJ
fsr-3405	330	35	squares	square	NOUN
fsr-3405	330	36	(	(	PUNCT
fsr-3405	330	37	2sls	2sls	NOUN
fsr-3405	330	38	)	)	PUNCT
fsr-3405	330	39	analysis	analysis	NOUN
fsr-3405	330	40	with	with	ADP
fsr-3405	330	41	iv	iv	NUM
fsr-3405	330	42	approach	approach	NOUN
fsr-3405	330	43	for	for	ADP
fsr-3405	330	44	the	the	DET
fsr-3405	330	45	ols	ol	NOUN
fsr-3405	330	46	regression	regression	NOUN
fsr-3405	330	47	analysis	analysis	NOUN
fsr-3405	330	48	of	of	ADP
fsr-3405	330	49	dividend	dividend	NOUN
fsr-3405	330	50	yield	yield	NOUN
fsr-3405	330	51	used	use	VERB
fsr-3405	330	52	in	in	ADP
fsr-3405	330	53	the	the	DET
fsr-3405	330	54	main	main	ADJ
fsr-3405	330	55	tests	test	NOUN
fsr-3405	330	56	.	.	PUNCT
fsr-3405	331	1	panels	panel	NOUN
fsr-3405	331	2	a	a	PRON
fsr-3405	331	3	and	and	CCONJ
fsr-3405	331	4	b	b	NOUN
fsr-3405	331	5	present	present	ADJ
fsr-3405	331	6	coefficients	coefficient	NOUN
fsr-3405	331	7	of	of	ADP
fsr-3405	331	8	the	the	DET
fsr-3405	331	9	instrumented	instrumented	ADJ
fsr-3405	331	10	creative	creative	ADJ
fsr-3405	331	11	share	share	NOUN
fsr-3405	331	12	variable	variable	NOUN
fsr-3405	331	13	from	from	ADP
fsr-3405	331	14	second	second	ADJ
fsr-3405	331	15	stages	stage	NOUN
fsr-3405	331	16	of	of	ADP
fsr-3405	331	17	these	these	DET
fsr-3405	331	18	iv	iv	NUM
fsr-3405	331	19	analyses	analysis	NOUN
fsr-3405	331	20	.	.	PUNCT
fsr-3405	332	1	panels	panel	NOUN
fsr-3405	332	2	a	a	PRON
fsr-3405	332	3	and	and	CCONJ
fsr-3405	332	4	b	b	NOUN
fsr-3405	332	5	use	use	NOUN
fsr-3405	332	6	all	all	DET
fsr-3405	332	7	the	the	DET
fsr-3405	332	8	main	main	ADJ
fsr-3405	332	9	control	control	NOUN
fsr-3405	332	10	variables	variable	NOUN
fsr-3405	332	11	used	use	VERB
fsr-3405	332	12	the	the	DET
fsr-3405	332	13	earlier	early	ADJ
fsr-3405	332	14	dividend	dividend	NOUN
fsr-3405	332	15	payout	payout	NOUN
fsr-3405	332	16	analyses	analysis	NOUN
fsr-3405	332	17	along	along	ADP
fsr-3405	332	18	with	with	ADP
fsr-3405	332	19	the	the	DET
fsr-3405	332	20	year	year	NOUN
fsr-3405	332	21	and	and	CCONJ
fsr-3405	332	22	industry	industry	NOUN
fsr-3405	332	23	dummies	dummy	NOUN
fsr-3405	332	24	and	and	CCONJ
fsr-3405	332	25	local	local	ADJ
fsr-3405	332	26	controls	control	NOUN
fsr-3405	332	27	.	.	PUNCT
fsr-3405	333	1	panel	panel	NOUN
fsr-3405	333	2	b	b	PROPN
fsr-3405	333	3	uses	use	VERB
fsr-3405	333	4	creativesharet-10	creativesharet-10	PROPN
fsr-3405	333	5	,	,	PUNCT
fsr-3405	333	6	creative	creative	ADJ
fsr-3405	333	7	share	share	NOUN
fsr-3405	333	8	lagged	lag	VERB
fsr-3405	333	9	by	by	ADP
fsr-3405	333	10	five	five	NUM
fsr-3405	333	11	years	year	NOUN
fsr-3405	333	12	,	,	PUNCT
fsr-3405	333	13	as	as	ADP
fsr-3405	333	14	iv	iv	NUM
fsr-3405	333	15	whereas	whereas	SCONJ
fsr-3405	333	16	panel	panel	NOUN
fsr-3405	333	17	c	c	PROPN
fsr-3405	333	18	uses	use	VERB
fsr-3405	333	19	artshare	artshare	NOUN
fsr-3405	333	20	,	,	PUNCT
fsr-3405	333	21	the	the	DET
fsr-3405	333	22	fraction	fraction	NOUN
fsr-3405	333	23	of	of	ADP
fsr-3405	333	24	people	people	NOUN
fsr-3405	333	25	employed	employ	VERB
fsr-3405	333	26	in	in	ADP
fsr-3405	333	27	the	the	DET
fsr-3405	333	28	arts	art	NOUN
fsr-3405	333	29	in	in	ADP
fsr-3405	333	30	a	a	DET
fsr-3405	333	31	county	county	NOUN
fsr-3405	333	32	in	in	ADP
fsr-3405	333	33	a	a	DET
fsr-3405	333	34	year	year	NOUN
fsr-3405	333	35	,	,	PUNCT
fsr-3405	333	36	as	as	ADP
fsr-3405	333	37	iv	iv	NOUN
fsr-3405	333	38	.	.	PUNCT
fsr-3405	334	1	more	more	ADJ
fsr-3405	334	2	details	detail	NOUN
fsr-3405	334	3	on	on	ADP
fsr-3405	334	4	iv	iv	NUM
fsr-3405	334	5	approach	approach	NOUN
fsr-3405	334	6	are	be	AUX
fsr-3405	334	7	provided	provide	VERB
fsr-3405	334	8	in	in	ADP
fsr-3405	334	9	the	the	DET
fsr-3405	334	10	text	text	NOUN
fsr-3405	334	11	.	.	PUNCT
fsr-3405	335	1	this	this	DET
fsr-3405	335	2	table	table	NOUN
fsr-3405	335	3	has	have	VERB
fsr-3405	335	4	the	the	DET
fsr-3405	335	5	following	follow	VERB
fsr-3405	335	6	main	main	ADJ
fsr-3405	335	7	controls	control	NOUN
fsr-3405	335	8	:	:	PUNCT
fsr-3405	335	9	net	net	ADJ
fsr-3405	335	10	income	income	NOUN
fsr-3405	335	11	,	,	PUNCT
fsr-3405	335	12	cash	cash	NOUN
fsr-3405	335	13	,	,	PUNCT
fsr-3405	335	14	q	q	NOUN
fsr-3405	335	15	,	,	PUNCT
fsr-3405	335	16	debt	debt	NOUN
fsr-3405	335	17	,	,	PUNCT
fsr-3405	335	18	log	log	NOUN
fsr-3405	335	19	of	of	ADP
fsr-3405	335	20	mv	mv	PROPN
fsr-3405	335	21	,	,	PUNCT
fsr-3405	335	22	log	log	NOUN
fsr-3405	335	23	of	of	ADP
fsr-3405	335	24	assets	asset	NOUN
fsr-3405	335	25	,	,	PUNCT
fsr-3405	335	26	volatility	volatility	NOUN
fsr-3405	335	27	,	,	PUNCT
fsr-3405	335	28	lagged	lag	VERB
fsr-3405	335	29	return	return	NOUN
fsr-3405	335	30	,	,	PUNCT
fsr-3405	335	31	asset	asset	NOUN
fsr-3405	335	32	growth	growth	NOUN
fsr-3405	335	33	.	.	PUNCT
fsr-3405	336	1	local	local	ADJ
fsr-3405	336	2	controls	control	NOUN
fsr-3405	336	3	comprise	comprise	VERB
fsr-3405	336	4	the	the	DET
fsr-3405	336	5	following	follow	VERB
fsr-3405	336	6	variables	variable	NOUN
fsr-3405	336	7	:	:	PUNCT
fsr-3405	336	8	local	local	ADJ
fsr-3405	336	9	seniors	senior	NOUN
fsr-3405	336	10	,	,	PUNCT
fsr-3405	336	11	cpration	cpration	NOUN
fsr-3405	336	12	,	,	PUNCT
fsr-3405	336	13	income	income	NOUN
fsr-3405	336	14	,	,	PUNCT
fsr-3405	336	15	log	log	NOUN
fsr-3405	336	16	of	of	ADP
fsr-3405	336	17	population	population	NOUN
fsr-3405	336	18	,	,	PUNCT
fsr-3405	336	19	education	education	NOUN
fsr-3405	336	20	.	.	PUNCT
fsr-3405	337	1	local	local	ADJ
fsr-3405	337	2	seniors	senior	NOUN
fsr-3405	337	3	is	be	AUX
fsr-3405	337	4	defined	define	VERB
fsr-3405	337	5	as	as	ADP
fsr-3405	337	6	the	the	DET
fsr-3405	337	7	proportion	proportion	NOUN
fsr-3405	337	8	of	of	ADP
fsr-3405	337	9	individuals	individual	NOUN
fsr-3405	337	10	who	who	PRON
fsr-3405	337	11	are	be	AUX
fsr-3405	337	12	65	65	NUM
fsr-3405	337	13	years	year	NOUN
fsr-3405	337	14	old	old	ADJ
fsr-3405	337	15	or	or	CCONJ
fsr-3405	337	16	older	old	ADJ
fsr-3405	337	17	within	within	ADP
fsr-3405	337	18	a	a	DET
fsr-3405	337	19	county	county	NOUN
fsr-3405	337	20	where	where	SCONJ
fsr-3405	337	21	a	a	DET
fsr-3405	337	22	firm	firm	NOUN
fsr-3405	337	23	is	be	AUX
fsr-3405	337	24	headquartered	headquarter	VERB
fsr-3405	337	25	.	.	PUNCT
fsr-3405	338	1	cpratio	cpratio	NOUN
fsr-3405	338	2	is	be	AUX
fsr-3405	338	3	defined	define	VERB
fsr-3405	338	4	as	as	ADP
fsr-3405	338	5	the	the	DET
fsr-3405	338	6	ratio	ratio	NOUN
fsr-3405	338	7	of	of	ADP
fsr-3405	338	8	catholics	catholic	NOUN
fsr-3405	338	9	to	to	ADP
fsr-3405	338	10	protestants	protestant	NOUN
fsr-3405	338	11	in	in	ADP
fsr-3405	338	12	the	the	DET
fsr-3405	338	13	county	county	NOUN
fsr-3405	338	14	where	where	SCONJ
fsr-3405	338	15	a	a	DET
fsr-3405	338	16	firm	firm	NOUN
fsr-3405	338	17	is	be	AUX
fsr-3405	338	18	located	locate	VERB
fsr-3405	338	19	.	.	PUNCT
fsr-3405	339	1	income	income	NOUN
fsr-3405	339	2	is	be	AUX
fsr-3405	339	3	the	the	DET
fsr-3405	339	4	median	median	ADJ
fsr-3405	339	5	household	household	NOUN
fsr-3405	339	6	income	income	NOUN
fsr-3405	339	7	in	in	ADP
fsr-3405	339	8	a	a	DET
fsr-3405	339	9	given	give	VERB
fsr-3405	339	10	firm	firm	ADJ
fsr-3405	339	11	county	county	NOUN
fsr-3405	339	12	.	.	PUNCT
fsr-3405	340	1	log	log	NOUN
fsr-3405	340	2	of	of	ADP
fsr-3405	340	3	population	population	NOUN
fsr-3405	340	4	is	be	AUX
fsr-3405	340	5	the	the	DET
fsr-3405	340	6	logarithm	logarithm	NOUN
fsr-3405	340	7	of	of	ADP
fsr-3405	340	8	the	the	DET
fsr-3405	340	9	population	population	NOUN
fsr-3405	340	10	for	for	ADP
fsr-3405	340	11	a	a	DET
fsr-3405	340	12	given	give	VERB
fsr-3405	340	13	county	county	NOUN
fsr-3405	340	14	.	.	PUNCT
fsr-3405	341	1	education	education	NOUN
fsr-3405	341	2	is	be	AUX
fsr-3405	341	3	the	the	DET
fsr-3405	341	4	fraction	fraction	NOUN
fsr-3405	341	5	of	of	ADP
fsr-3405	341	6	people	people	NOUN
fsr-3405	341	7	25	25	NUM
fsr-3405	341	8	years	year	NOUN
fsr-3405	341	9	and	and	CCONJ
fsr-3405	341	10	over	over	ADP
fsr-3405	341	11	having	have	VERB
fsr-3405	341	12	a	a	DET
fsr-3405	341	13	bachelor	bachelor	NOUN
fsr-3405	341	14	’s	’s	NOUN
fsr-3405	341	15	,	,	PUNCT
fsr-3405	341	16	graduate	graduate	NOUN
fsr-3405	341	17	,	,	PUNCT
fsr-3405	341	18	or	or	CCONJ
fsr-3405	341	19	professional	professional	ADJ
fsr-3405	341	20	or	or	CCONJ
fsr-3405	341	21	some	some	DET
fsr-3405	341	22	college	college	NOUN
fsr-3405	341	23	degree	degree	NOUN
fsr-3405	341	24	.	.	PUNCT
fsr-3405	342	1	the	the	DET
fsr-3405	342	2	main	main	ADJ
fsr-3405	342	3	controls	control	NOUN
fsr-3405	342	4	also	also	ADV
fsr-3405	342	5	include	include	VERB
fsr-3405	342	6	the	the	DET
fsr-3405	342	7	following	follow	VERB
fsr-3405	342	8	age	age	NOUN
fsr-3405	342	9	-	-	PUNCT
fsr-3405	342	10	group	group	NOUN
fsr-3405	342	11	indicator	indicator	NOUN
fsr-3405	342	12	variables	variable	VERB
fsr-3405	342	13	:	:	PUNCT
fsr-3405	342	14	age	age	PROPN
fsr-3405	342	15	1–5	1–5	NUM
fsr-3405	342	16	,	,	PUNCT
fsr-3405	342	17	age	age	NOUN
fsr-3405	342	18	6–10	6–10	NOUN
fsr-3405	342	19	,	,	PUNCT
fsr-3405	342	20	age	age	NOUN
fsr-3405	342	21	11–15	11–15	NUM
fsr-3405	342	22	,	,	PUNCT
fsr-3405	342	23	and	and	CCONJ
fsr-3405	342	24	age	age	NOUN
fsr-3405	342	25	16–20	16–20	NUM
fsr-3405	342	26	.	.	PUNCT
fsr-3405	342	27	age	age	NOUN
fsr-3405	342	28	21	21	NUM
fsr-3405	342	29	and	and	CCONJ
fsr-3405	342	30	over	over	ADV
fsr-3405	342	31	is	be	AUX
fsr-3405	342	32	the	the	DET
fsr-3405	342	33	dropped	drop	VERB
fsr-3405	342	34	category	category	NOUN
fsr-3405	342	35	in	in	ADP
fsr-3405	342	36	the	the	DET
fsr-3405	342	37	tests	test	NOUN
fsr-3405	342	38	.	.	PUNCT
fsr-3405	343	1	these	these	DET
fsr-3405	343	2	variables	variable	NOUN
fsr-3405	343	3	are	be	AUX
fsr-3405	343	4	defined	define	VERB
fsr-3405	343	5	in	in	ADP
fsr-3405	343	6	table	table	NOUN
fsr-3405	343	7	1	1	NUM
fsr-3405	343	8	and	and	CCONJ
fsr-3405	343	9	table	table	NOUN
fsr-3405	343	10	2	2	NUM
fsr-3405	343	11	.	.	PUNCT
fsr-3405	344	1	only	only	ADJ
fsr-3405	344	2	creativeshare	creativeshare	NOUN
fsr-3405	344	3	is	be	AUX
fsr-3405	344	4	reported	report	VERB
fsr-3405	344	5	for	for	ADP
fsr-3405	344	6	brevity	brevity	NOUN
fsr-3405	344	7	.	.	PUNCT
fsr-3405	345	1	robust	robust	ADJ
fsr-3405	345	2	t	t	NOUN
fsr-3405	345	3	and	and	CCONJ
fsr-3405	345	4	z	z	NOUN
fsr-3405	345	5	values	value	NOUN
fsr-3405	345	6	are	be	AUX
fsr-3405	345	7	in	in	ADP
fsr-3405	345	8	parentheses	parenthesis	NOUN
fsr-3405	345	9	.	.	PUNCT
fsr-3405	346	1	pseudo	pseudo	NOUN
fsr-3405	346	2	r2	r2	PROPN
fsr-3405	346	3	values	value	NOUN
fsr-3405	346	4	are	be	AUX
fsr-3405	346	5	reported	report	VERB
fsr-3405	346	6	for	for	ADP
fsr-3405	346	7	dividend	dividend	NOUN
fsr-3405	346	8	payer	payer	NOUN
fsr-3405	346	9	and	and	CCONJ
fsr-3405	346	10	dividend	dividend	NOUN
fsr-3405	346	11	initiation	initiation	NOUN
fsr-3405	346	12	tests	test	NOUN
fsr-3405	346	13	.	.	PUNCT
fsr-3405	347	1	382	382	NUM
fsr-3405	347	2	e.	e.	PROPN
fsr-3405	347	3	ucar	ucar	PROPN
fsr-3405	347	4	,	,	PUNCT
fsr-3405	347	5	a.	a.	PROPN
fsr-3405	347	6	staer	staer	PROPN
fsr-3405	347	7	/	/	SYM
fsr-3405	347	8	financial	financial	ADJ
fsr-3405	347	9	services	service	NOUN
fsr-3405	347	10	review	review	VERB
fsr-3405	347	11	27	27	NUM
fsr-3405	347	12	(	(	PUNCT
fsr-3405	347	13	2018	2018	NUM
fsr-3405	347	14	)	)	PUNCT
fsr-3405	347	15	367	367	NUM
fsr-3405	347	16	-	-	SYM
fsr-3405	347	17	389	389	NUM
fsr-3405	347	18	we	we	PRON
fsr-3405	347	19	report	report	VERB
fsr-3405	347	20	the	the	DET
fsr-3405	347	21	coefficients	coefficient	NOUN
fsr-3405	347	22	of	of	ADP
fsr-3405	347	23	the	the	DET
fsr-3405	347	24	instrumented	instrumented	ADJ
fsr-3405	347	25	creativeshare	creativeshare	NOUN
fsr-3405	347	26	variable	variable	NOUN
fsr-3405	347	27	from	from	ADP
fsr-3405	347	28	the	the	DET
fsr-3405	347	29	second	second	ADJ
fsr-3405	347	30	stages	stage	NOUN
fsr-3405	347	31	of	of	ADP
fsr-3405	347	32	these	these	DET
fsr-3405	347	33	iv	iv	NUM
fsr-3405	347	34	analyses	analysis	NOUN
fsr-3405	347	35	in	in	ADP
fsr-3405	347	36	table	table	NOUN
fsr-3405	347	37	6	6	NUM
fsr-3405	347	38	.	.	PUNCT
fsr-3405	348	1	first	first	ADV
fsr-3405	348	2	,	,	PUNCT
fsr-3405	348	3	in	in	ADP
fsr-3405	348	4	panel	panel	NOUN
fsr-3405	348	5	a	a	X
fsr-3405	348	6	,	,	PUNCT
fsr-3405	348	7	we	we	PRON
fsr-3405	348	8	use	use	VERB
fsr-3405	348	9	an	an	DET
fsr-3405	348	10	iv	iv	NUM
fsr-3405	348	11	approach	approach	NOUN
fsr-3405	348	12	that	that	PRON
fsr-3405	348	13	uses	use	VERB
fsr-3405	348	14	the	the	DET
fsr-3405	348	15	ten	ten	NUM
fsr-3405	348	16	years	year	NOUN
fsr-3405	348	17	lagged	lag	VERB
fsr-3405	348	18	creative	creative	ADJ
fsr-3405	348	19	share	share	NOUN
fsr-3405	348	20	variable	variable	NOUN
fsr-3405	348	21	,	,	PUNCT
fsr-3405	348	22	creativesharet-10	creativesharet-10	PROPN
fsr-3405	348	23	.	.	PROPN
fsr-3405	348	24	panel	panel	NOUN
fsr-3405	348	25	a	a	DET
fsr-3405	348	26	reports	report	NOUN
fsr-3405	348	27	creative	creative	ADJ
fsr-3405	348	28	share	share	NOUN
fsr-3405	348	29	coefficients	coefficient	NOUN
fsr-3405	348	30	with	with	ADP
fsr-3405	348	31	a	a	DET
fsr-3405	348	32	negative	negative	ADJ
fsr-3405	348	33	sign	sign	NOUN
fsr-3405	348	34	consistent	consistent	ADJ
fsr-3405	348	35	with	with	ADP
fsr-3405	348	36	the	the	DET
fsr-3405	348	37	earlier	early	ADJ
fsr-3405	348	38	findings	finding	NOUN
fsr-3405	348	39	.	.	PUNCT
fsr-3405	349	1	creative	creative	ADJ
fsr-3405	349	2	share	share	NOUN
fsr-3405	349	3	is	be	AUX
fsr-3405	349	4	statistically	statistically	ADV
fsr-3405	349	5	significant	significant	ADJ
fsr-3405	349	6	for	for	ADP
fsr-3405	349	7	dividend	dividend	NOUN
fsr-3405	349	8	payer	payer	NOUN
fsr-3405	349	9	and	and	CCONJ
fsr-3405	349	10	dividend	dividend	NOUN
fsr-3405	349	11	yield	yield	NOUN
fsr-3405	349	12	tests	test	NOUN
fsr-3405	349	13	that	that	PRON
fsr-3405	349	14	provides	provide	VERB
fsr-3405	349	15	additional	additional	ADJ
fsr-3405	349	16	support	support	NOUN
fsr-3405	349	17	to	to	ADP
fsr-3405	349	18	the	the	DET
fsr-3405	349	19	earlier	early	ADJ
fsr-3405	349	20	findings	finding	NOUN
fsr-3405	349	21	and	and	CCONJ
fsr-3405	349	22	highlights	highlight	NOUN
fsr-3405	349	23	the	the	DET
fsr-3405	349	24	role	role	NOUN
fsr-3405	349	25	of	of	ADP
fsr-3405	349	26	local	local	ADJ
fsr-3405	349	27	risk	risk	NOUN
fsr-3405	349	28	-	-	PUNCT
fsr-3405	349	29	taking	taking	NOUN
fsr-3405	349	30	induced	induce	VERB
fsr-3405	349	31	by	by	ADP
fsr-3405	349	32	creative	creative	ADJ
fsr-3405	349	33	culture	culture	NOUN
fsr-3405	349	34	for	for	ADP
fsr-3405	349	35	dividend	dividend	NOUN
fsr-3405	349	36	demand	demand	NOUN
fsr-3405	349	37	and	and	CCONJ
fsr-3405	349	38	dividend	dividend	NOUN
fsr-3405	349	39	policy	policy	NOUN
fsr-3405	349	40	.	.	PUNCT
fsr-3405	350	1	creative	creative	ADJ
fsr-3405	350	2	share	share	NOUN
fsr-3405	350	3	is	be	AUX
fsr-3405	350	4	not	not	PART
fsr-3405	350	5	statistically	statistically	ADV
fsr-3405	350	6	significant	significant	ADJ
fsr-3405	350	7	for	for	ADP
fsr-3405	350	8	dividend	dividend	NOUN
fsr-3405	350	9	initiation	initiation	NOUN
fsr-3405	350	10	although	although	SCONJ
fsr-3405	350	11	it	it	PRON
fsr-3405	350	12	has	have	VERB
fsr-3405	350	13	a	a	DET
fsr-3405	350	14	negative	negative	ADJ
fsr-3405	350	15	sign	sign	NOUN
fsr-3405	350	16	as	as	SCONJ
fsr-3405	350	17	expected	expect	VERB
fsr-3405	350	18	.	.	PUNCT
fsr-3405	351	1	lower	low	ADJ
fsr-3405	351	2	statistical	statistical	ADJ
fsr-3405	351	3	significance	significance	NOUN
fsr-3405	351	4	may	may	AUX
fsr-3405	351	5	be	be	AUX
fsr-3405	351	6	because	because	SCONJ
fsr-3405	351	7	of	of	ADP
fsr-3405	351	8	a	a	DET
fsr-3405	351	9	smaller	small	ADJ
fsr-3405	351	10	sample	sample	NOUN
fsr-3405	351	11	of	of	ADP
fsr-3405	351	12	observations	observation	NOUN
fsr-3405	351	13	used	use	VERB
fsr-3405	351	14	in	in	ADP
fsr-3405	351	15	the	the	DET
fsr-3405	351	16	dividend	dividend	NOUN
fsr-3405	351	17	initiation	initiation	NOUN
fsr-3405	351	18	tests	test	NOUN
fsr-3405	351	19	.	.	PUNCT
fsr-3405	352	1	overall	overall	ADJ
fsr-3405	352	2	,	,	PUNCT
fsr-3405	352	3	panel	panel	NOUN
fsr-3405	352	4	a	a	PRON
fsr-3405	352	5	provides	provide	VERB
fsr-3405	352	6	some	some	DET
fsr-3405	352	7	additional	additional	ADJ
fsr-3405	352	8	supporting	support	VERB
fsr-3405	352	9	evidence	evidence	NOUN
fsr-3405	352	10	for	for	ADP
fsr-3405	352	11	the	the	DET
fsr-3405	352	12	earlier	early	ADV
fsr-3405	352	13	empirical	empirical	ADJ
fsr-3405	352	14	results	result	NOUN
fsr-3405	352	15	.	.	PUNCT
fsr-3405	353	1	next	next	ADV
fsr-3405	353	2	,	,	PUNCT
fsr-3405	353	3	in	in	ADP
fsr-3405	353	4	panel	panel	NOUN
fsr-3405	353	5	b	b	NOUN
fsr-3405	353	6	,	,	PUNCT
fsr-3405	353	7	we	we	PRON
fsr-3405	353	8	use	use	VERB
fsr-3405	353	9	artshare	artshare	NOUN
fsr-3405	353	10	,	,	PUNCT
fsr-3405	353	11	the	the	DET
fsr-3405	353	12	fraction	fraction	NOUN
fsr-3405	353	13	of	of	ADP
fsr-3405	353	14	people	people	NOUN
fsr-3405	353	15	used	use	VERB
fsr-3405	353	16	in	in	ADP
fsr-3405	353	17	the	the	DET
fsr-3405	353	18	arts	art	NOUN
fsr-3405	353	19	for	for	ADP
fsr-3405	353	20	a	a	DET
fsr-3405	353	21	given	give	VERB
fsr-3405	353	22	county	county	NOUN
fsr-3405	353	23	,	,	PUNCT
fsr-3405	353	24	as	as	SCONJ
fsr-3405	353	25	a	a	DET
fsr-3405	353	26	second	second	ADJ
fsr-3405	353	27	iv	iv	NOUN
fsr-3405	353	28	variable	variable	NOUN
fsr-3405	353	29	for	for	ADP
fsr-3405	353	30	creativeshare	creativeshare	NOUN
fsr-3405	353	31	to	to	PART
fsr-3405	353	32	further	far	ADV
fsr-3405	353	33	address	address	VERB
fsr-3405	353	34	endogeneity	endogeneity	NOUN
fsr-3405	353	35	concerns	concern	NOUN
fsr-3405	353	36	and	and	CCONJ
fsr-3405	353	37	shed	shed	VERB
fsr-3405	353	38	more	more	ADJ
fsr-3405	353	39	light	light	NOUN
fsr-3405	353	40	on	on	ADP
fsr-3405	353	41	the	the	DET
fsr-3405	353	42	impact	impact	NOUN
fsr-3405	353	43	of	of	ADP
fsr-3405	353	44	creative	creative	ADJ
fsr-3405	353	45	culture	culture	NOUN
fsr-3405	353	46	on	on	ADP
fsr-3405	353	47	corporate	corporate	ADJ
fsr-3405	353	48	decisions	decision	NOUN
fsr-3405	353	49	.	.	PUNCT
fsr-3405	354	1	people	people	NOUN
fsr-3405	354	2	who	who	PRON
fsr-3405	354	3	are	be	AUX
fsr-3405	354	4	employed	employ	VERB
fsr-3405	354	5	in	in	ADP
fsr-3405	354	6	the	the	DET
fsr-3405	354	7	arts	art	NOUN
fsr-3405	354	8	include	include	VERB
fsr-3405	354	9	“	"	PUNCT
fsr-3405	354	10	art	art	NOUN
fsr-3405	354	11	and	and	CCONJ
fsr-3405	354	12	design	design	NOUN
fsr-3405	354	13	workers	worker	NOUN
fsr-3405	354	14	,	,	PUNCT
fsr-3405	354	15	painters	painter	NOUN
fsr-3405	354	16	,	,	PUNCT
fsr-3405	354	17	musicians	musician	NOUN
fsr-3405	354	18	,	,	PUNCT
fsr-3405	354	19	composers	composer	NOUN
fsr-3405	354	20	,	,	PUNCT
fsr-3405	354	21	sculptors	sculptor	NOUN
fsr-3405	354	22	,	,	PUNCT
fsr-3405	354	23	photographers	photographer	NOUN
fsr-3405	354	24	,	,	PUNCT
fsr-3405	354	25	and	and	CCONJ
fsr-3405	354	26	so	so	ADV
fsr-3405	354	27	forth”17	forth”17	VERB
fsr-3405	354	28	artshare	artshare	NOUN
fsr-3405	354	29	is	be	AUX
fsr-3405	354	30	a	a	DET
fsr-3405	354	31	subset	subset	NOUN
fsr-3405	354	32	of	of	ADP
fsr-3405	354	33	creativeshare	creativeshare	PROPN
fsr-3405	354	34	—	—	PUNCT
fsr-3405	354	35	creative	creative	ADJ
fsr-3405	354	36	class	class	NOUN
fsr-3405	354	37	—	—	PUNCT
fsr-3405	354	38	that	that	PRON
fsr-3405	354	39	includes	include	VERB
fsr-3405	354	40	the	the	DET
fsr-3405	354	41	people	people	NOUN
fsr-3405	354	42	who	who	PRON
fsr-3405	354	43	work	work	VERB
fsr-3405	354	44	in	in	ADP
fsr-3405	354	45	the	the	DET
fsr-3405	354	46	arts	art	NOUN
fsr-3405	354	47	.	.	PUNCT
fsr-3405	355	1	usda	usda	NOUN
fsr-3405	355	2	ers	er	NOUN
fsr-3405	355	3	reports	report	VERB
fsr-3405	355	4	that	that	SCONJ
fsr-3405	355	5	creative	creative	ADJ
fsr-3405	355	6	class	class	NOUN
fsr-3405	355	7	dataset	dataset	NOUN
fsr-3405	355	8	identifies	identifie	NOUN
fsr-3405	355	9	occupations	occupation	NOUN
fsr-3405	355	10	that	that	PRON
fsr-3405	355	11	involve	involve	VERB
fsr-3405	355	12	a	a	DET
fsr-3405	355	13	high	high	ADJ
fsr-3405	355	14	level	level	NOUN
fsr-3405	355	15	of	of	ADP
fsr-3405	355	16	“	"	PUNCT
fsr-3405	355	17	thinking	think	VERB
fsr-3405	355	18	creatively	creatively	ADV
fsr-3405	355	19	”	"	PUNCT
fsr-3405	355	20	and	and	CCONJ
fsr-3405	355	21	this	this	DET
fsr-3405	355	22	skill	skill	NOUN
fsr-3405	355	23	element	element	NOUN
fsr-3405	355	24	is	be	AUX
fsr-3405	355	25	defined	define	VERB
fsr-3405	355	26	as	as	ADP
fsr-3405	355	27	“	"	PUNCT
fsr-3405	355	28	developing	develop	VERB
fsr-3405	355	29	,	,	PUNCT
fsr-3405	355	30	designing	designing	NOUN
fsr-3405	355	31	,	,	PUNCT
fsr-3405	355	32	or	or	CCONJ
fsr-3405	355	33	creating	create	VERB
fsr-3405	355	34	new	new	ADJ
fsr-3405	355	35	applications	application	NOUN
fsr-3405	355	36	,	,	PUNCT
fsr-3405	355	37	ideas	idea	NOUN
fsr-3405	355	38	,	,	PUNCT
fsr-3405	355	39	relationships	relationship	NOUN
fsr-3405	355	40	,	,	PUNCT
fsr-3405	355	41	systems	system	NOUN
fsr-3405	355	42	,	,	PUNCT
fsr-3405	355	43	or	or	CCONJ
fsr-3405	355	44	products	product	NOUN
fsr-3405	355	45	,	,	PUNCT
fsr-3405	355	46	including	include	VERB
fsr-3405	355	47	artistic	artistic	ADJ
fsr-3405	355	48	contributions	contribution	NOUN
fsr-3405	355	49	.	.	PUNCT
fsr-3405	355	50	”	"	PUNCT
fsr-3405	356	1	the	the	DET
fsr-3405	356	2	usda	usda	PROPN
fsr-3405	356	3	ers	er	NOUN
fsr-3405	356	4	creativeshare	creativeshare	VERB
fsr-3405	356	5	—	—	PUNCT
fsr-3405	356	6	creative	creative	ADJ
fsr-3405	356	7	class	class	NOUN
fsr-3405	356	8	—	—	PUNCT
fsr-3405	356	9	definition	definition	NOUN
fsr-3405	356	10	includes	include	VERB
fsr-3405	356	11	occupations	occupation	NOUN
fsr-3405	356	12	such	such	ADJ
fsr-3405	356	13	as	as	ADP
fsr-3405	356	14	architecture	architecture	NOUN
fsr-3405	356	15	,	,	PUNCT
fsr-3405	356	16	engineering	engineering	NOUN
fsr-3405	356	17	,	,	PUNCT
fsr-3405	356	18	arts	art	NOUN
fsr-3405	356	19	,	,	PUNCT
fsr-3405	356	20	design	design	NOUN
fsr-3405	356	21	,	,	PUNCT
fsr-3405	356	22	entertainment	entertainment	NOUN
fsr-3405	356	23	,	,	PUNCT
fsr-3405	356	24	sports	sport	NOUN
fsr-3405	356	25	,	,	PUNCT
fsr-3405	356	26	media	medium	NOUN
fsr-3405	356	27	,	,	PUNCT
fsr-3405	356	28	computer	computer	NOUN
fsr-3405	356	29	and	and	CCONJ
fsr-3405	356	30	mathematical	mathematical	ADJ
fsr-3405	356	31	science	science	NOUN
fsr-3405	356	32	,	,	PUNCT
fsr-3405	356	33	advertising	advertising	NOUN
fsr-3405	356	34	,	,	PUNCT
fsr-3405	356	35	top	top	ADJ
fsr-3405	356	36	executives	executive	NOUN
fsr-3405	356	37	,	,	PUNCT
fsr-3405	356	38	physical	physical	ADJ
fsr-3405	356	39	scientists	scientist	NOUN
fsr-3405	356	40	,	,	PUNCT
fsr-3405	356	41	and	and	CCONJ
fsr-3405	356	42	social	social	ADJ
fsr-3405	356	43	scientists	scientist	NOUN
fsr-3405	356	44	.	.	PUNCT
fsr-3405	357	1	artists	artist	NOUN
fsr-3405	357	2	or	or	CCONJ
fsr-3405	357	3	people	people	NOUN
fsr-3405	357	4	from	from	ADP
fsr-3405	357	5	art	art	NOUN
fsr-3405	357	6	occupations	occupation	NOUN
fsr-3405	357	7	are	be	AUX
fsr-3405	357	8	considered	consider	VERB
fsr-3405	357	9	as	as	ADP
fsr-3405	357	10	creative	creative	ADJ
fsr-3405	357	11	people	people	NOUN
fsr-3405	357	12	and	and	CCONJ
fsr-3405	357	13	risk	risk	NOUN
fsr-3405	357	14	-	-	PUNCT
fsr-3405	357	15	takers18	takers18	NOUN
fsr-3405	357	16	as	as	ADP
fsr-3405	357	17	the	the	DET
fsr-3405	357	18	other	other	ADJ
fsr-3405	357	19	occupations	occupation	NOUN
fsr-3405	357	20	in	in	ADP
fsr-3405	357	21	the	the	DET
fsr-3405	357	22	creative	creative	ADJ
fsr-3405	357	23	class	class	NOUN
fsr-3405	357	24	—	—	PUNCT
fsr-3405	357	25	creativeshare	creativeshare	NOUN
fsr-3405	357	26	.	.	PUNCT
fsr-3405	358	1	therefore	therefore	ADV
fsr-3405	358	2	,	,	PUNCT
fsr-3405	358	3	artsshare	artsshare	NOUN
fsr-3405	358	4	and	and	CCONJ
fsr-3405	358	5	creativeshare	creativeshare	NOUN
fsr-3405	358	6	are	be	AUX
fsr-3405	358	7	correlated	correlate	VERB
fsr-3405	358	8	in	in	ADP
fsr-3405	358	9	terms	term	NOUN
fsr-3405	358	10	of	of	ADP
fsr-3405	358	11	creativity	creativity	NOUN
fsr-3405	358	12	and	and	CCONJ
fsr-3405	358	13	risk	risk	NOUN
fsr-3405	358	14	-	-	PUNCT
fsr-3405	358	15	taking	taking	NOUN
fsr-3405	358	16	.	.	PUNCT
fsr-3405	359	1	although	although	SCONJ
fsr-3405	359	2	one	one	PRON
fsr-3405	359	3	might	might	AUX
fsr-3405	359	4	suggest	suggest	VERB
fsr-3405	359	5	that	that	SCONJ
fsr-3405	359	6	other	other	ADJ
fsr-3405	359	7	occupations	occupation	NOUN
fsr-3405	359	8	that	that	PRON
fsr-3405	359	9	constitute	constitute	VERB
fsr-3405	359	10	creative	creative	ADJ
fsr-3405	359	11	culture	culture	NOUN
fsr-3405	359	12	—	—	PUNCT
fsr-3405	359	13	creativeshare	creativeshare	NOUN
fsr-3405	359	14	—	—	PUNCT
fsr-3405	359	15	such	such	ADJ
fsr-3405	359	16	as	as	ADP
fsr-3405	359	17	architecture	architecture	NOUN
fsr-3405	359	18	,	,	PUNCT
fsr-3405	359	19	engineering	engineering	NOUN
fsr-3405	359	20	,	,	PUNCT
fsr-3405	359	21	media	medium	NOUN
fsr-3405	359	22	,	,	PUNCT
fsr-3405	359	23	computer	computer	NOUN
fsr-3405	359	24	and	and	CCONJ
fsr-3405	359	25	mathematical	mathematical	ADJ
fsr-3405	359	26	science	science	NOUN
fsr-3405	359	27	,	,	PUNCT
fsr-3405	359	28	and	and	CCONJ
fsr-3405	359	29	advertising	advertising	NOUN
fsr-3405	359	30	,	,	PUNCT
fsr-3405	359	31	might	might	AUX
fsr-3405	359	32	be	be	AUX
fsr-3405	359	33	considered	consider	VERB
fsr-3405	359	34	as	as	ADV
fsr-3405	359	35	related	relate	VERB
fsr-3405	359	36	to	to	ADP
fsr-3405	359	37	corporate	corporate	ADJ
fsr-3405	359	38	decisions	decision	NOUN
fsr-3405	359	39	or	or	CCONJ
fsr-3405	359	40	factors	factor	NOUN
fsr-3405	359	41	affecting	affect	VERB
fsr-3405	359	42	corporate	corporate	ADJ
fsr-3405	359	43	decisions	decision	NOUN
fsr-3405	359	44	,	,	PUNCT
fsr-3405	359	45	this	this	DET
fsr-3405	359	46	reasoning	reasoning	NOUN
fsr-3405	359	47	does	do	AUX
fsr-3405	359	48	not	not	PART
fsr-3405	359	49	hold	hold	VERB
fsr-3405	359	50	for	for	ADP
fsr-3405	359	51	people	people	NOUN
fsr-3405	359	52	employed	employ	VERB
fsr-3405	359	53	in	in	ADP
fsr-3405	359	54	the	the	DET
fsr-3405	359	55	arts	art	NOUN
fsr-3405	359	56	.	.	PUNCT
fsr-3405	360	1	artsshare	artsshare	PROPN
fsr-3405	360	2	,	,	PUNCT
fsr-3405	360	3	which	which	PRON
fsr-3405	360	4	represents	represent	VERB
fsr-3405	360	5	the	the	DET
fsr-3405	360	6	local	local	ADJ
fsr-3405	360	7	fraction	fraction	NOUN
fsr-3405	360	8	of	of	ADP
fsr-3405	360	9	artists	artist	NOUN
fsr-3405	360	10	or	or	CCONJ
fsr-3405	360	11	people	people	NOUN
fsr-3405	360	12	from	from	ADP
fsr-3405	360	13	art	art	NOUN
fsr-3405	360	14	occupations	occupation	NOUN
fsr-3405	360	15	,	,	PUNCT
fsr-3405	360	16	is	be	AUX
fsr-3405	360	17	directly	directly	ADV
fsr-3405	360	18	related	relate	VERB
fsr-3405	360	19	to	to	ADP
fsr-3405	360	20	local	local	ADJ
fsr-3405	360	21	creative	creative	ADJ
fsr-3405	360	22	culture	culture	NOUN
fsr-3405	360	23	while	while	SCONJ
fsr-3405	360	24	artsshare	artsshare	NOUN
fsr-3405	360	25	is	be	AUX
fsr-3405	360	26	not	not	PART
fsr-3405	360	27	considered	consider	VERB
fsr-3405	360	28	as	as	SCONJ
fsr-3405	360	29	correlated	correlate	VERB
fsr-3405	360	30	with	with	ADP
fsr-3405	360	31	the	the	DET
fsr-3405	360	32	factors	factor	NOUN
fsr-3405	360	33	related	relate	VERB
fsr-3405	360	34	to	to	ADP
fsr-3405	360	35	local	local	ADJ
fsr-3405	360	36	corporate	corporate	ADJ
fsr-3405	360	37	decisions	decision	NOUN
fsr-3405	360	38	or	or	CCONJ
fsr-3405	360	39	it	it	PRON
fsr-3405	360	40	is	be	AUX
fsr-3405	360	41	not	not	PART
fsr-3405	360	42	expected	expect	VERB
fsr-3405	360	43	to	to	PART
fsr-3405	360	44	influence	influence	VERB
fsr-3405	360	45	corporate	corporate	ADJ
fsr-3405	360	46	policies	policy	NOUN
fsr-3405	360	47	.	.	PUNCT
fsr-3405	361	1	therefore	therefore	ADV
fsr-3405	361	2	,	,	PUNCT
fsr-3405	361	3	artshare	artshare	NOUN
fsr-3405	361	4	can	can	AUX
fsr-3405	361	5	be	be	AUX
fsr-3405	361	6	considered	consider	VERB
fsr-3405	361	7	a	a	DET
fsr-3405	361	8	good	good	ADJ
fsr-3405	361	9	iv	iv	NOUN
fsr-3405	361	10	because	because	SCONJ
fsr-3405	361	11	it	it	PRON
fsr-3405	361	12	is	be	AUX
fsr-3405	361	13	correlated	correlate	VERB
fsr-3405	361	14	with	with	ADP
fsr-3405	361	15	creativity	creativity	NOUN
fsr-3405	361	16	and	and	CCONJ
fsr-3405	361	17	creative	creative	ADJ
fsr-3405	361	18	-	-	PUNCT
fsr-3405	361	19	risk	risk	NOUN
fsr-3405	361	20	taking	taking	NOUN
fsr-3405	361	21	but	but	CCONJ
fsr-3405	361	22	not	not	PART
fsr-3405	361	23	correlated	correlate	VERB
fsr-3405	361	24	with	with	ADP
fsr-3405	361	25	any	any	DET
fsr-3405	361	26	potential	potential	ADJ
fsr-3405	361	27	omitted	omit	VERB
fsr-3405	361	28	variables	variable	NOUN
fsr-3405	361	29	related	relate	VERB
fsr-3405	361	30	to	to	ADP
fsr-3405	361	31	corporate	corporate	ADJ
fsr-3405	361	32	decisions	decision	NOUN
fsr-3405	361	33	.	.	PUNCT
fsr-3405	362	1	the	the	DET
fsr-3405	362	2	evidence	evidence	NOUN
fsr-3405	362	3	in	in	ADP
fsr-3405	362	4	panel	panel	NOUN
fsr-3405	362	5	b	b	PROPN
fsr-3405	362	6	demonstrates	demonstrate	VERB
fsr-3405	362	7	that	that	PRON
fsr-3405	362	8	creativeshare	creativeshare	NOUN
fsr-3405	362	9	instrumented	instrument	VERB
fsr-3405	362	10	by	by	ADP
fsr-3405	362	11	artshare	artshare	NOUN
fsr-3405	362	12	exhibits	exhibit	VERB
fsr-3405	362	13	negative	negative	ADJ
fsr-3405	362	14	coefficients	coefficient	NOUN
fsr-3405	362	15	in	in	ADP
fsr-3405	362	16	each	each	DET
fsr-3405	362	17	one	one	NUM
fsr-3405	362	18	of	of	ADP
fsr-3405	362	19	the	the	DET
fsr-3405	362	20	dividend	dividend	NOUN
fsr-3405	362	21	policy	policy	NOUN
fsr-3405	362	22	tests	test	NOUN
fsr-3405	362	23	consistent	consistent	ADJ
fsr-3405	362	24	with	with	ADP
fsr-3405	362	25	the	the	DET
fsr-3405	362	26	earlier	early	ADJ
fsr-3405	362	27	results	result	NOUN
fsr-3405	362	28	.	.	PUNCT
fsr-3405	363	1	except	except	SCONJ
fsr-3405	363	2	for	for	ADP
fsr-3405	363	3	the	the	DET
fsr-3405	363	4	dividend	dividend	NOUN
fsr-3405	363	5	initiation	initiation	NOUN
fsr-3405	363	6	test	test	NOUN
fsr-3405	363	7	,	,	PUNCT
fsr-3405	363	8	all	all	DET
fsr-3405	363	9	the	the	DET
fsr-3405	363	10	other	other	ADJ
fsr-3405	363	11	tests	test	NOUN
fsr-3405	363	12	have	have	VERB
fsr-3405	363	13	a	a	DET
fsr-3405	363	14	statistically	statistically	ADV
fsr-3405	363	15	significant	significant	ADJ
fsr-3405	363	16	creative	creative	ADJ
fsr-3405	363	17	culture	culture	NOUN
fsr-3405	363	18	effect	effect	NOUN
fsr-3405	363	19	.	.	PUNCT
fsr-3405	364	1	lower	low	ADJ
fsr-3405	364	2	statistical	statistical	ADJ
fsr-3405	364	3	significance	significance	NOUN
fsr-3405	364	4	for	for	ADP
fsr-3405	364	5	creativeshare	creativeshare	NOUN
fsr-3405	364	6	in	in	ADP
fsr-3405	364	7	the	the	DET
fsr-3405	364	8	dividend	dividend	NOUN
fsr-3405	364	9	initiation	initiation	NOUN
fsr-3405	364	10	test	test	NOUN
fsr-3405	364	11	is	be	AUX
fsr-3405	364	12	most	most	ADV
fsr-3405	364	13	likely	likely	ADJ
fsr-3405	364	14	because	because	SCONJ
fsr-3405	364	15	of	of	ADP
fsr-3405	364	16	a	a	DET
fsr-3405	364	17	much	much	ADV
fsr-3405	364	18	smaller	small	ADJ
fsr-3405	364	19	sample	sample	NOUN
fsr-3405	364	20	used	use	VERB
fsr-3405	364	21	in	in	ADP
fsr-3405	364	22	that	that	DET
fsr-3405	364	23	particular	particular	ADJ
fsr-3405	364	24	test	test	NOUN
fsr-3405	364	25	.	.	PUNCT
fsr-3405	365	1	in	in	ADP
fsr-3405	365	2	summary	summary	NOUN
fsr-3405	365	3	,	,	PUNCT
fsr-3405	365	4	after	after	ADP
fsr-3405	365	5	using	use	VERB
fsr-3405	365	6	ivs	ivs	PROPN
fsr-3405	365	7	,	,	PUNCT
fsr-3405	365	8	creativeshare	creativeshare	PROPN
fsr-3405	365	9	has	have	VERB
fsr-3405	365	10	signs	sign	NOUN
fsr-3405	365	11	and	and	CCONJ
fsr-3405	365	12	coefficient	coefficient	NOUN
fsr-3405	365	13	magnitudes	magnitude	NOUN
fsr-3405	365	14	consistent	consistent	ADJ
fsr-3405	365	15	with	with	ADP
fsr-3405	365	16	the	the	DET
fsr-3405	365	17	earlier	early	ADJ
fsr-3405	365	18	results	result	NOUN
fsr-3405	365	19	.	.	PUNCT
fsr-3405	366	1	creativeshare	creativeshare	NOUN
fsr-3405	366	2	is	be	AUX
fsr-3405	366	3	statistically	statistically	ADV
fsr-3405	366	4	significant	significant	ADJ
fsr-3405	366	5	for	for	ADP
fsr-3405	366	6	dividend	dividend	NOUN
fsr-3405	366	7	payer	payer	NOUN
fsr-3405	366	8	and	and	CCONJ
fsr-3405	366	9	dividend	dividend	NOUN
fsr-3405	366	10	yield	yield	NOUN
fsr-3405	366	11	tests	test	NOUN
fsr-3405	366	12	.	.	PUNCT
fsr-3405	367	1	this	this	DET
fsr-3405	367	2	result	result	NOUN
fsr-3405	367	3	provides	provide	VERB
fsr-3405	367	4	additional	additional	ADJ
fsr-3405	367	5	support	support	NOUN
fsr-3405	367	6	to	to	ADP
fsr-3405	367	7	the	the	DET
fsr-3405	367	8	earlier	early	ADJ
fsr-3405	367	9	findings	finding	NOUN
fsr-3405	367	10	and	and	CCONJ
fsr-3405	367	11	383e	383e	PROPN
fsr-3405	367	12	.	.	PUNCT
fsr-3405	368	1	ucar	ucar	PROPN
fsr-3405	368	2	,	,	PUNCT
fsr-3405	368	3	a.	a.	PROPN
fsr-3405	368	4	staer	staer	PROPN
fsr-3405	368	5	/	/	SYM
fsr-3405	368	6	financial	financial	ADJ
fsr-3405	368	7	services	service	NOUN
fsr-3405	368	8	review	review	VERB
fsr-3405	368	9	27	27	NUM
fsr-3405	368	10	(	(	PUNCT
fsr-3405	368	11	2018	2018	NUM
fsr-3405	368	12	)	)	PUNCT
fsr-3405	368	13	367	367	NUM
fsr-3405	368	14	-	-	SYM
fsr-3405	368	15	389	389	NUM
fsr-3405	368	16	highlights	highlight	NOUN
fsr-3405	368	17	the	the	DET
fsr-3405	368	18	role	role	NOUN
fsr-3405	368	19	of	of	ADP
fsr-3405	368	20	local	local	ADJ
fsr-3405	368	21	risk	risk	NOUN
fsr-3405	368	22	-	-	PUNCT
fsr-3405	368	23	taking	taking	NOUN
fsr-3405	368	24	induced	induce	VERB
fsr-3405	368	25	by	by	ADP
fsr-3405	368	26	creative	creative	ADJ
fsr-3405	368	27	culture	culture	NOUN
fsr-3405	368	28	for	for	ADP
fsr-3405	368	29	dividend	dividend	NOUN
fsr-3405	368	30	demand	demand	NOUN
fsr-3405	368	31	and	and	CCONJ
fsr-3405	368	32	dividend	dividend	NOUN
fsr-3405	368	33	policy	policy	NOUN
fsr-3405	368	34	.	.	PUNCT
fsr-3405	369	1	creativeshare	creativeshare	NOUN
fsr-3405	369	2	is	be	AUX
fsr-3405	369	3	not	not	PART
fsr-3405	369	4	statistically	statistically	ADV
fsr-3405	369	5	significant	significant	ADJ
fsr-3405	369	6	for	for	ADP
fsr-3405	369	7	dividend	dividend	NOUN
fsr-3405	369	8	initiation	initiation	NOUN
fsr-3405	369	9	although	although	SCONJ
fsr-3405	369	10	it	it	PRON
fsr-3405	369	11	has	have	VERB
fsr-3405	369	12	a	a	DET
fsr-3405	369	13	negative	negative	ADJ
fsr-3405	369	14	sign	sign	NOUN
fsr-3405	369	15	as	as	SCONJ
fsr-3405	369	16	expected	expect	VERB
fsr-3405	369	17	.	.	PUNCT
fsr-3405	370	1	this	this	DET
fsr-3405	370	2	result	result	NOUN
fsr-3405	370	3	might	might	AUX
fsr-3405	370	4	come	come	VERB
fsr-3405	370	5	from	from	ADP
fsr-3405	370	6	a	a	DET
fsr-3405	370	7	smaller	small	ADJ
fsr-3405	370	8	sample	sample	NOUN
fsr-3405	370	9	of	of	ADP
fsr-3405	370	10	observations	observation	NOUN
fsr-3405	370	11	used	use	VERB
fsr-3405	370	12	in	in	ADP
fsr-3405	370	13	the	the	DET
fsr-3405	370	14	dividend	dividend	NOUN
fsr-3405	370	15	initiation	initiation	NOUN
fsr-3405	370	16	tests	test	NOUN
fsr-3405	370	17	.	.	PUNCT
fsr-3405	371	1	overall	overall	ADV
fsr-3405	371	2	,	,	PUNCT
fsr-3405	371	3	the	the	DET
fsr-3405	371	4	evidence	evidence	NOUN
fsr-3405	371	5	in	in	ADP
fsr-3405	371	6	panels	panel	NOUN
fsr-3405	371	7	a	a	PRON
fsr-3405	371	8	and	and	CCONJ
fsr-3405	371	9	b	b	NOUN
fsr-3405	371	10	lends	lend	VERB
fsr-3405	371	11	support	support	NOUN
fsr-3405	371	12	to	to	ADP
fsr-3405	371	13	the	the	DET
fsr-3405	371	14	earlier	early	ADJ
fsr-3405	371	15	findings	finding	NOUN
fsr-3405	371	16	and	and	CCONJ
fsr-3405	371	17	shows	show	VERB
fsr-3405	371	18	that	that	SCONJ
fsr-3405	371	19	local	local	ADJ
fsr-3405	371	20	creative	creative	ADJ
fsr-3405	371	21	culture	culture	NOUN
fsr-3405	371	22	and	and	CCONJ
fsr-3405	371	23	creative	creative	ADJ
fsr-3405	371	24	risk	risk	NOUN
fsr-3405	371	25	-	-	PUNCT
fsr-3405	371	26	taking	taking	NOUN
fsr-3405	371	27	have	have	VERB
fsr-3405	371	28	a	a	DET
fsr-3405	371	29	negative	negative	ADJ
fsr-3405	371	30	effect	effect	NOUN
fsr-3405	371	31	on	on	ADP
fsr-3405	371	32	dividend	dividend	NOUN
fsr-3405	371	33	demand	demand	NOUN
fsr-3405	371	34	and	and	CCONJ
fsr-3405	371	35	corporate	corporate	ADJ
fsr-3405	371	36	dividend	dividend	NOUN
fsr-3405	371	37	payout	payout	NOUN
fsr-3405	371	38	after	after	ADP
fsr-3405	371	39	addressing	address	VERB
fsr-3405	371	40	endogeneity	endogeneity	NOUN
fsr-3405	371	41	concerns	concern	NOUN
fsr-3405	371	42	.	.	PUNCT
fsr-3405	372	1	the	the	DET
fsr-3405	372	2	endogeneity	endogeneity	NOUN
fsr-3405	372	3	,	,	PUNCT
fsr-3405	372	4	for	for	ADP
fsr-3405	372	5	instance	instance	NOUN
fsr-3405	372	6	,	,	PUNCT
fsr-3405	372	7	can	can	AUX
fsr-3405	372	8	present	present	VERB
fsr-3405	372	9	itself	itself	PRON
fsr-3405	372	10	via	via	ADP
fsr-3405	372	11	geographical	geographical	ADJ
fsr-3405	372	12	clustering.19	clustering.19	NOUN
fsr-3405	372	13	one	one	NUM
fsr-3405	372	14	example	example	NOUN
fsr-3405	372	15	could	could	AUX
fsr-3405	372	16	be	be	AUX
fsr-3405	372	17	the	the	DET
fsr-3405	372	18	stock	stock	NOUN
fsr-3405	372	19	options	option	NOUN
fsr-3405	372	20	explanation	explanation	NOUN
fsr-3405	372	21	where	where	SCONJ
fsr-3405	372	22	the	the	DET
fsr-3405	372	23	highly	highly	ADV
fsr-3405	372	24	educated	educate	VERB
fsr-3405	372	25	local	local	ADJ
fsr-3405	372	26	investors	investor	NOUN
fsr-3405	372	27	are	be	AUX
fsr-3405	372	28	comprised	comprise	VERB
fsr-3405	372	29	in	in	ADP
fsr-3405	372	30	large	large	ADJ
fsr-3405	372	31	part	part	NOUN
fsr-3405	372	32	by	by	ADP
fsr-3405	372	33	the	the	DET
fsr-3405	372	34	long	long	ADJ
fsr-3405	372	35	-	-	PUNCT
fsr-3405	372	36	term	term	NOUN
fsr-3405	372	37	employees	employee	NOUN
fsr-3405	372	38	of	of	ADP
fsr-3405	372	39	once	once	ADV
fsr-3405	372	40	-	-	PUNCT
fsr-3405	372	41	young	young	ADJ
fsr-3405	372	42	startups	startup	NOUN
fsr-3405	372	43	that	that	PRON
fsr-3405	372	44	usually	usually	ADV
fsr-3405	372	45	use	use	VERB
fsr-3405	372	46	stock	stock	NOUN
fsr-3405	372	47	options	option	NOUN
fsr-3405	372	48	-	-	PUNCT
fsr-3405	372	49	based	base	VERB
fsr-3405	372	50	compensation	compensation	NOUN
fsr-3405	372	51	in	in	ADP
fsr-3405	372	52	the	the	DET
fsr-3405	372	53	early	early	ADJ
fsr-3405	372	54	stage	stage	NOUN
fsr-3405	372	55	of	of	ADP
fsr-3405	372	56	their	their	PRON
fsr-3405	372	57	lifecycle	lifecycle	NOUN
fsr-3405	372	58	.	.	PUNCT
fsr-3405	373	1	in	in	ADP
fsr-3405	373	2	this	this	DET
fsr-3405	373	3	case	case	NOUN
fsr-3405	373	4	,	,	PUNCT
fsr-3405	373	5	more	more	ADV
fsr-3405	373	6	young	young	ADJ
fsr-3405	373	7	technology	technology	NOUN
fsr-3405	373	8	-	-	PUNCT
fsr-3405	373	9	oriented	orient	VERB
fsr-3405	373	10	firms	firm	NOUN
fsr-3405	373	11	would	would	AUX
fsr-3405	373	12	locate	locate	VERB
fsr-3405	373	13	close	close	ADV
fsr-3405	373	14	to	to	ADP
fsr-3405	373	15	the	the	DET
fsr-3405	373	16	education	education	NOUN
fsr-3405	373	17	clusters	cluster	NOUN
fsr-3405	373	18	and	and	CCONJ
fsr-3405	373	19	use	use	VERB
fsr-3405	373	20	riskier	risky	ADJ
fsr-3405	373	21	stock	stock	NOUN
fsr-3405	373	22	options	option	NOUN
fsr-3405	373	23	-	-	PUNCT
fsr-3405	373	24	based	base	VERB
fsr-3405	373	25	compensation	compensation	NOUN
fsr-3405	373	26	to	to	PART
fsr-3405	373	27	attract	attract	VERB
fsr-3405	373	28	employees	employee	NOUN
fsr-3405	373	29	with	with	ADP
fsr-3405	373	30	low	low	ADJ
fsr-3405	373	31	risk	risk	NOUN
fsr-3405	373	32	aversion	aversion	NOUN
fsr-3405	373	33	.	.	PUNCT
fsr-3405	374	1	we	we	PRON
fsr-3405	374	2	recognize	recognize	VERB
fsr-3405	374	3	that	that	SCONJ
fsr-3405	374	4	causality	causality	NOUN
fsr-3405	374	5	is	be	AUX
fsr-3405	374	6	difficult	difficult	ADJ
fsr-3405	374	7	to	to	PART
fsr-3405	374	8	ascertain	ascertain	VERB
fsr-3405	374	9	in	in	ADP
fsr-3405	374	10	corporate	corporate	ADJ
fsr-3405	374	11	finance	finance	NOUN
fsr-3405	374	12	research	research	NOUN
fsr-3405	374	13	and	and	CCONJ
fsr-3405	374	14	that	that	PRON
fsr-3405	374	15	is	be	AUX
fsr-3405	374	16	why	why	SCONJ
fsr-3405	374	17	we	we	PRON
fsr-3405	374	18	implement	implement	VERB
fsr-3405	374	19	several	several	ADJ
fsr-3405	374	20	robustness	robustness	NOUN
fsr-3405	374	21	tests	test	NOUN
fsr-3405	374	22	and	and	CCONJ
fsr-3405	374	23	corrections	correction	NOUN
fsr-3405	374	24	for	for	ADP
fsr-3405	374	25	endogeneity	endogeneity	NOUN
fsr-3405	374	26	.	.	PUNCT
fsr-3405	375	1	first	first	ADV
fsr-3405	375	2	,	,	PUNCT
fsr-3405	375	3	we	we	PRON
fsr-3405	375	4	use	use	VERB
fsr-3405	375	5	several	several	ADJ
fsr-3405	375	6	control	control	NOUN
fsr-3405	375	7	variables	variable	NOUN
fsr-3405	375	8	that	that	PRON
fsr-3405	375	9	should	should	AUX
fsr-3405	375	10	capture	capture	VERB
fsr-3405	375	11	the	the	DET
fsr-3405	375	12	geographical	geographical	ADJ
fsr-3405	375	13	clustering	clustering	ADJ
fsr-3405	375	14	effect	effect	NOUN
fsr-3405	375	15	:	:	PUNCT
fsr-3405	375	16	education	education	NOUN
fsr-3405	375	17	,	,	PUNCT
fsr-3405	375	18	to	to	PART
fsr-3405	375	19	control	control	VERB
fsr-3405	375	20	for	for	ADP
fsr-3405	375	21	local	local	ADJ
fsr-3405	375	22	high	high	ADJ
fsr-3405	375	23	-	-	PUNCT
fsr-3405	375	24	education	education	NOUN
fsr-3405	375	25	high	high	ADJ
fsr-3405	375	26	-	-	PUNCT
fsr-3405	375	27	tech	tech	NOUN
fsr-3405	375	28	clusters	cluster	NOUN
fsr-3405	375	29	,	,	PUNCT
fsr-3405	375	30	firmage	firmage	NOUN
fsr-3405	375	31	,	,	PUNCT
fsr-3405	375	32	to	to	PART
fsr-3405	375	33	control	control	VERB
fsr-3405	375	34	for	for	ADP
fsr-3405	375	35	the	the	DET
fsr-3405	375	36	heterogeneity	heterogeneity	NOUN
fsr-3405	375	37	in	in	ADP
fsr-3405	375	38	dividend	dividend	NOUN
fsr-3405	375	39	policy	policy	NOUN
fsr-3405	375	40	across	across	ADP
fsr-3405	375	41	firm	firm	NOUN
fsr-3405	375	42	’s	’s	PART
fsr-3405	375	43	lifecycle	lifecycle	NOUN
fsr-3405	375	44	,	,	PUNCT
fsr-3405	375	45	and	and	CCONJ
fsr-3405	375	46	industry	industry	NOUN
fsr-3405	375	47	fixed	fix	VERB
fsr-3405	375	48	effects	effect	NOUN
fsr-3405	375	49	,	,	PUNCT
fsr-3405	375	50	to	to	PART
fsr-3405	375	51	control	control	VERB
fsr-3405	375	52	for	for	ADP
fsr-3405	375	53	the	the	DET
fsr-3405	375	54	variation	variation	NOUN
fsr-3405	375	55	in	in	ADP
fsr-3405	375	56	dividend	dividend	NOUN
fsr-3405	375	57	payout	payout	NOUN
fsr-3405	375	58	policies	policy	NOUN
fsr-3405	375	59	across	across	ADP
fsr-3405	375	60	industries	industry	NOUN
fsr-3405	375	61	.	.	PUNCT
fsr-3405	376	1	we	we	PRON
fsr-3405	376	2	believe	believe	VERB
fsr-3405	376	3	that	that	SCONJ
fsr-3405	376	4	younger	young	ADJ
fsr-3405	376	5	firms	firm	NOUN
fsr-3405	376	6	in	in	ADP
fsr-3405	376	7	tech	tech	NOUN
fsr-3405	376	8	industries	industry	NOUN
fsr-3405	376	9	in	in	ADP
fsr-3405	376	10	our	our	PRON
fsr-3405	376	11	sample	sample	NOUN
fsr-3405	376	12	would	would	AUX
fsr-3405	376	13	prefer	prefer	VERB
fsr-3405	376	14	stock	stock	NOUN
fsr-3405	376	15	options	option	NOUN
fsr-3405	376	16	-	-	PUNCT
fsr-3405	376	17	based	base	VERB
fsr-3405	376	18	compensation	compensation	NOUN
fsr-3405	376	19	to	to	ADP
fsr-3405	376	20	the	the	DET
fsr-3405	376	21	dividend	dividend	NOUN
fsr-3405	376	22	one	one	NUM
fsr-3405	376	23	and	and	CCONJ
fsr-3405	376	24	that	that	SCONJ
fsr-3405	376	25	our	our	PRON
fsr-3405	376	26	control	control	NOUN
fsr-3405	376	27	variables	variable	NOUN
fsr-3405	376	28	should	should	AUX
fsr-3405	376	29	account	account	VERB
fsr-3405	376	30	for	for	ADP
fsr-3405	376	31	that	that	DET
fsr-3405	376	32	pattern	pattern	NOUN
fsr-3405	376	33	in	in	ADP
fsr-3405	376	34	the	the	DET
fsr-3405	376	35	data	datum	NOUN
fsr-3405	376	36	.	.	PUNCT
fsr-3405	377	1	second	second	ADJ
fsr-3405	377	2	,	,	PUNCT
fsr-3405	377	3	we	we	PRON
fsr-3405	377	4	address	address	VERB
fsr-3405	377	5	possible	possible	ADJ
fsr-3405	377	6	endogeneity	endogeneity	NOUN
fsr-3405	377	7	concerns	concern	NOUN
fsr-3405	377	8	by	by	ADP
fsr-3405	377	9	using	use	VERB
fsr-3405	377	10	two	two	NUM
fsr-3405	377	11	iv	iv	NUM
fsr-3405	377	12	:	:	PUNCT
fsr-3405	377	13	creativesharet-10	creativesharet-10	PROPN
fsr-3405	377	14	,	,	PUNCT
fsr-3405	377	15	the	the	DET
fsr-3405	377	16	creative	creative	ADJ
fsr-3405	377	17	share	share	NOUN
fsr-3405	377	18	lagged	lag	VERB
fsr-3405	377	19	by	by	ADP
fsr-3405	377	20	10	10	NUM
fsr-3405	377	21	years	year	NOUN
fsr-3405	377	22	,	,	PUNCT
fsr-3405	377	23	and	and	CCONJ
fsr-3405	377	24	artshare	artshare	NOUN
fsr-3405	377	25	,	,	PUNCT
fsr-3405	377	26	the	the	DET
fsr-3405	377	27	fraction	fraction	NOUN
fsr-3405	377	28	of	of	ADP
fsr-3405	377	29	people	people	NOUN
fsr-3405	377	30	employed	employ	VERB
fsr-3405	377	31	in	in	ADP
fsr-3405	377	32	the	the	DET
fsr-3405	377	33	arts	art	NOUN
fsr-3405	377	34	for	for	ADP
fsr-3405	377	35	a	a	DET
fsr-3405	377	36	given	give	VERB
fsr-3405	377	37	county	county	NOUN
fsr-3405	377	38	.	.	PUNCT
fsr-3405	378	1	iv	iv	NUM
fsr-3405	378	2	regressions	regression	NOUN
fsr-3405	378	3	like	like	ADP
fsr-3405	378	4	2sls	2sls	NOUN
fsr-3405	378	5	help	help	VERB
fsr-3405	378	6	to	to	PART
fsr-3405	378	7	elucidate	elucidate	VERB
fsr-3405	378	8	the	the	DET
fsr-3405	378	9	causality	causality	NOUN
fsr-3405	378	10	in	in	ADP
fsr-3405	378	11	regressions	regression	NOUN
fsr-3405	378	12	with	with	ADP
fsr-3405	378	13	possible	possible	ADJ
fsr-3405	378	14	endogeneity	endogeneity	NOUN
fsr-3405	378	15	.	.	PUNCT
fsr-3405	379	1	one	one	NUM
fsr-3405	379	2	of	of	ADP
fsr-3405	379	3	the	the	DET
fsr-3405	379	4	requirements	requirement	NOUN
fsr-3405	379	5	for	for	ADP
fsr-3405	379	6	a	a	DET
fsr-3405	379	7	valid	valid	ADJ
fsr-3405	379	8	iv	iv	NUM
fsr-3405	379	9	is	be	AUX
fsr-3405	379	10	that	that	SCONJ
fsr-3405	379	11	the	the	DET
fsr-3405	379	12	iv	iv	NOUN
fsr-3405	379	13	is	be	AUX
fsr-3405	379	14	correlated	correlate	VERB
fsr-3405	379	15	with	with	ADP
fsr-3405	379	16	the	the	DET
fsr-3405	379	17	potentially	potentially	ADV
fsr-3405	379	18	endogenous	endogenous	ADJ
fsr-3405	379	19	independent	independent	ADJ
fsr-3405	379	20	variable	variable	NOUN
fsr-3405	379	21	of	of	ADP
fsr-3405	379	22	interest	interest	NOUN
fsr-3405	379	23	but	but	CCONJ
fsr-3405	379	24	not	not	PART
fsr-3405	379	25	correlated	correlate	VERB
fsr-3405	379	26	with	with	ADP
fsr-3405	379	27	the	the	DET
fsr-3405	379	28	possible	possible	ADJ
fsr-3405	379	29	omitted	omit	VERB
fsr-3405	379	30	variables	variable	NOUN
fsr-3405	379	31	as	as	SCONJ
fsr-3405	379	32	stated	state	VERB
fsr-3405	379	33	on	on	ADP
fsr-3405	379	34	pages	page	NOUN
fsr-3405	379	35	89–90	89–90	NUM
fsr-3405	379	36	in	in	ADP
fsr-3405	379	37	wooldridge	wooldridge	PROPN
fsr-3405	379	38	(	(	PUNCT
fsr-3405	379	39	2010	2010	NUM
fsr-3405	379	40	)	)	PUNCT
fsr-3405	379	41	.	.	PUNCT
fsr-3405	380	1	hilary	hilary	PROPN
fsr-3405	380	2	and	and	CCONJ
fsr-3405	380	3	hui	hui	PROPN
fsr-3405	380	4	(	(	PUNCT
fsr-3405	380	5	2009	2009	NUM
fsr-3405	380	6	)	)	PUNCT
fsr-3405	380	7	use	use	VERB
fsr-3405	380	8	local	local	ADJ
fsr-3405	380	9	religion	religion	NOUN
fsr-3405	380	10	lagged	lag	VERB
fsr-3405	380	11	by	by	ADP
fsr-3405	380	12	three	three	NUM
fsr-3405	380	13	years	year	NOUN
fsr-3405	380	14	as	as	ADP
fsr-3405	380	15	an	an	DET
fsr-3405	380	16	iv	iv	NOUN
fsr-3405	380	17	for	for	ADP
fsr-3405	380	18	current	current	ADJ
fsr-3405	380	19	local	local	ADJ
fsr-3405	380	20	religion	religion	NOUN
fsr-3405	380	21	and	and	CCONJ
fsr-3405	380	22	we	we	PRON
fsr-3405	380	23	employ	employ	VERB
fsr-3405	380	24	a	a	DET
fsr-3405	380	25	similar	similar	ADJ
fsr-3405	380	26	approach	approach	NOUN
fsr-3405	380	27	with	with	ADP
fsr-3405	380	28	creativesharet-10	creativesharet-10	PROPN
fsr-3405	380	29	,	,	PUNCT
fsr-3405	380	30	that	that	ADV
fsr-3405	380	31	is	is	ADV
fsr-3405	380	32	,	,	PUNCT
fsr-3405	380	33	creative	creative	ADJ
fsr-3405	380	34	share	share	NOUN
fsr-3405	380	35	lagged	lag	VERB
fsr-3405	380	36	by	by	ADP
fsr-3405	380	37	10	10	NUM
fsr-3405	380	38	years	year	NOUN
fsr-3405	380	39	,	,	PUNCT
fsr-3405	380	40	which	which	PRON
fsr-3405	380	41	is	be	AUX
fsr-3405	380	42	correlated	correlate	VERB
fsr-3405	380	43	with	with	ADP
fsr-3405	380	44	the	the	DET
fsr-3405	380	45	current	current	ADJ
fsr-3405	380	46	creative	creative	ADJ
fsr-3405	380	47	share	share	NOUN
fsr-3405	380	48	but	but	CCONJ
fsr-3405	380	49	is	be	AUX
fsr-3405	380	50	unlikely	unlikely	ADJ
fsr-3405	380	51	to	to	PART
fsr-3405	380	52	correlate	correlate	VERB
fsr-3405	380	53	with	with	ADP
fsr-3405	380	54	the	the	DET
fsr-3405	380	55	current	current	ADJ
fsr-3405	380	56	year	year	NOUN
fsr-3405	380	57	omitted	omit	VERB
fsr-3405	380	58	variables	variable	NOUN
fsr-3405	380	59	.	.	PUNCT
fsr-3405	381	1	artshare	artshare	NOUN
fsr-3405	381	2	,	,	PUNCT
fsr-3405	381	3	the	the	DET
fsr-3405	381	4	fraction	fraction	NOUN
fsr-3405	381	5	of	of	ADP
fsr-3405	381	6	people	people	NOUN
fsr-3405	381	7	employed	employ	VERB
fsr-3405	381	8	in	in	ADP
fsr-3405	381	9	the	the	DET
fsr-3405	381	10	arts	art	NOUN
fsr-3405	381	11	for	for	ADP
fsr-3405	381	12	a	a	DET
fsr-3405	381	13	given	give	VERB
fsr-3405	381	14	county	county	NOUN
fsr-3405	381	15	,	,	PUNCT
fsr-3405	381	16	is	be	AUX
fsr-3405	381	17	also	also	ADV
fsr-3405	381	18	correlated	correlate	VERB
fsr-3405	381	19	with	with	ADP
fsr-3405	381	20	creative	creative	ADJ
fsr-3405	381	21	share	share	NOUN
fsr-3405	381	22	and	and	CCONJ
fsr-3405	381	23	is	be	AUX
fsr-3405	381	24	unlikely	unlikely	ADJ
fsr-3405	381	25	to	to	PART
fsr-3405	381	26	be	be	AUX
fsr-3405	381	27	correlated	correlate	VERB
fsr-3405	381	28	with	with	ADP
fsr-3405	381	29	the	the	DET
fsr-3405	381	30	omitted	omit	VERB
fsr-3405	381	31	variables	variable	NOUN
fsr-3405	381	32	,	,	PUNCT
fsr-3405	381	33	say	say	INTJ
fsr-3405	381	34	,	,	PUNCT
fsr-3405	381	35	for	for	ADP
fsr-3405	381	36	instance	instance	NOUN
fsr-3405	381	37	,	,	PUNCT
fsr-3405	381	38	the	the	DET
fsr-3405	381	39	frequency	frequency	NOUN
fsr-3405	381	40	of	of	ADP
fsr-3405	381	41	using	use	VERB
fsr-3405	381	42	stock	stock	NOUN
fsr-3405	381	43	options	option	NOUN
fsr-3405	381	44	compensation	compensation	NOUN
fsr-3405	381	45	plans	plan	NOUN
fsr-3405	381	46	by	by	ADP
fsr-3405	381	47	the	the	DET
fsr-3405	381	48	local	local	ADJ
fsr-3405	381	49	companies	company	NOUN
fsr-3405	381	50	.	.	PUNCT
fsr-3405	382	1	the	the	DET
fsr-3405	382	2	results	result	NOUN
fsr-3405	382	3	in	in	ADP
fsr-3405	382	4	2sls	2sls	NOUN
fsr-3405	382	5	tests	test	NOUN
fsr-3405	382	6	show	show	VERB
fsr-3405	382	7	that	that	SCONJ
fsr-3405	382	8	after	after	ADP
fsr-3405	382	9	accounting	account	VERB
fsr-3405	382	10	for	for	ADP
fsr-3405	382	11	possible	possible	ADJ
fsr-3405	382	12	omitted	omit	VERB
fsr-3405	382	13	variables	variable	NOUN
fsr-3405	382	14	,	,	PUNCT
fsr-3405	382	15	the	the	DET
fsr-3405	382	16	relationship	relationship	NOUN
fsr-3405	382	17	between	between	ADP
fsr-3405	382	18	creative	creative	ADJ
fsr-3405	382	19	share	share	NOUN
fsr-3405	382	20	and	and	CCONJ
fsr-3405	382	21	dividend	dividend	NOUN
fsr-3405	382	22	policy	policy	NOUN
fsr-3405	382	23	remains	remain	VERB
fsr-3405	382	24	significant	significant	ADJ
fsr-3405	382	25	and	and	CCONJ
fsr-3405	382	26	in	in	ADP
fsr-3405	382	27	line	line	NOUN
fsr-3405	382	28	with	with	ADP
fsr-3405	382	29	our	our	PRON
fsr-3405	382	30	prior	prior	ADJ
fsr-3405	382	31	hypotheses	hypothesis	NOUN
fsr-3405	382	32	.	.	PUNCT
fsr-3405	383	1	third	third	ADV
fsr-3405	383	2	,	,	PUNCT
fsr-3405	383	3	we	we	PRON
fsr-3405	383	4	also	also	ADV
fsr-3405	383	5	perform	perform	VERB
fsr-3405	383	6	a	a	DET
fsr-3405	383	7	matching	match	VERB
fsr-3405	383	8	sample	sample	NOUN
fsr-3405	383	9	analysis	analysis	NOUN
fsr-3405	383	10	where	where	SCONJ
fsr-3405	383	11	we	we	PRON
fsr-3405	383	12	match	match	VERB
fsr-3405	383	13	firms	firm	NOUN
fsr-3405	383	14	from	from	ADP
fsr-3405	383	15	low	low	ADJ
fsr-3405	383	16	and	and	CCONJ
fsr-3405	383	17	high	high	ADJ
fsr-3405	383	18	creative	creative	ADJ
fsr-3405	383	19	share	share	NOUN
fsr-3405	383	20	areas	area	NOUN
fsr-3405	383	21	on	on	ADP
fsr-3405	383	22	their	their	PRON
fsr-3405	383	23	characteristics	characteristic	NOUN
fsr-3405	383	24	and	and	CCONJ
fsr-3405	383	25	compare	compare	VERB
fsr-3405	383	26	the	the	DET
fsr-3405	383	27	sample	sample	NOUN
fsr-3405	383	28	means	mean	NOUN
fsr-3405	383	29	for	for	ADP
fsr-3405	383	30	the	the	DET
fsr-3405	383	31	three	three	NUM
fsr-3405	383	32	dividend	dividend	NOUN
fsr-3405	383	33	policy	policy	NOUN
fsr-3405	383	34	variables	variable	NOUN
fsr-3405	383	35	.	.	PUNCT
fsr-3405	384	1	this	this	DET
fsr-3405	384	2	approach	approach	NOUN
fsr-3405	384	3	allows	allow	VERB
fsr-3405	384	4	us	we	PRON
fsr-3405	384	5	to	to	PART
fsr-3405	384	6	control	control	VERB
fsr-3405	384	7	for	for	ADP
fsr-3405	384	8	potentially	potentially	ADV
fsr-3405	384	9	omitted	omit	VERB
fsr-3405	384	10	patterns	pattern	NOUN
fsr-3405	384	11	in	in	ADP
fsr-3405	384	12	the	the	DET
fsr-3405	384	13	variation	variation	NOUN
fsr-3405	384	14	of	of	ADP
fsr-3405	384	15	firm	firm	ADJ
fsr-3405	384	16	characteristics	characteristic	NOUN
fsr-3405	384	17	and	and	CCONJ
fsr-3405	384	18	to	to	PART
fsr-3405	384	19	isolate	isolate	VERB
fsr-3405	384	20	the	the	DET
fsr-3405	384	21	relationship	relationship	NOUN
fsr-3405	384	22	between	between	ADP
fsr-3405	384	23	creative	creative	ADJ
fsr-3405	384	24	share	share	NOUN
fsr-3405	384	25	and	and	CCONJ
fsr-3405	384	26	dividend	dividend	NOUN
fsr-3405	384	27	policy	policy	NOUN
fsr-3405	384	28	from	from	ADP
fsr-3405	384	29	confounding	confound	VERB
fsr-3405	384	30	factors	factor	NOUN
fsr-3405	384	31	.	.	PUNCT
fsr-3405	385	1	in	in	ADP
fsr-3405	385	2	general	general	ADJ
fsr-3405	385	3	,	,	PUNCT
fsr-3405	385	4	we	we	PRON
fsr-3405	385	5	believe	believe	VERB
fsr-3405	385	6	that	that	SCONJ
fsr-3405	385	7	the	the	DET
fsr-3405	385	8	aforementioned	aforementioned	ADJ
fsr-3405	385	9	tests	test	NOUN
fsr-3405	385	10	offer	offer	VERB
fsr-3405	385	11	sufficient	sufficient	ADJ
fsr-3405	385	12	evidence	evidence	NOUN
fsr-3405	385	13	in	in	ADP
fsr-3405	385	14	favor	favor	NOUN
fsr-3405	385	15	of	of	ADP
fsr-3405	385	16	our	our	PRON
fsr-3405	385	17	hypothesis	hypothesis	NOUN
fsr-3405	385	18	even	even	ADV
fsr-3405	385	19	in	in	ADP
fsr-3405	385	20	the	the	DET
fsr-3405	385	21	presence	presence	NOUN
fsr-3405	385	22	of	of	ADP
fsr-3405	385	23	possible	possible	ADJ
fsr-3405	385	24	endogeneity	endogeneity	NOUN
fsr-3405	385	25	,	,	PUNCT
fsr-3405	385	26	for	for	ADP
fsr-3405	385	27	instance	instance	NOUN
fsr-3405	385	28	,	,	PUNCT
fsr-3405	385	29	because	because	SCONJ
fsr-3405	385	30	of	of	ADP
fsr-3405	385	31	geographical	geographical	ADJ
fsr-3405	385	32	clustering	clustering	NOUN
fsr-3405	385	33	.	.	PUNCT
fsr-3405	386	1	384	384	NUM
fsr-3405	386	2	e.	e.	PROPN
fsr-3405	386	3	ucar	ucar	PROPN
fsr-3405	386	4	,	,	PUNCT
fsr-3405	386	5	a.	a.	PROPN
fsr-3405	386	6	staer	staer	PROPN
fsr-3405	386	7	/	/	SYM
fsr-3405	386	8	financial	financial	ADJ
fsr-3405	386	9	services	service	NOUN
fsr-3405	386	10	review	review	VERB
fsr-3405	386	11	27	27	NUM
fsr-3405	386	12	(	(	PUNCT
fsr-3405	386	13	2018	2018	NUM
fsr-3405	386	14	)	)	PUNCT
fsr-3405	386	15	367	367	NUM
fsr-3405	386	16	-	-	SYM
fsr-3405	386	17	389	389	NUM
fsr-3405	386	18	4	4	NUM
fsr-3405	386	19	.	.	PUNCT
fsr-3405	387	1	conclusion	conclusion	NOUN
fsr-3405	387	2	studies	study	NOUN
fsr-3405	387	3	in	in	ADP
fsr-3405	387	4	social	social	ADJ
fsr-3405	387	5	literature	literature	NOUN
fsr-3405	387	6	argue	argue	VERB
fsr-3405	387	7	that	that	SCONJ
fsr-3405	387	8	creativity	creativity	NOUN
fsr-3405	387	9	is	be	AUX
fsr-3405	387	10	associated	associate	VERB
fsr-3405	387	11	with	with	ADP
fsr-3405	387	12	risk	risk	NOUN
fsr-3405	387	13	-	-	PUNCT
fsr-3405	387	14	taking	take	VERB
fsr-3405	387	15	behavior	behavior	NOUN
fsr-3405	387	16	and	and	CCONJ
fsr-3405	387	17	creative	creative	ADJ
fsr-3405	387	18	people	people	NOUN
fsr-3405	387	19	are	be	AUX
fsr-3405	387	20	risk	risk	NOUN
fsr-3405	387	21	-	-	PUNCT
fsr-3405	387	22	takers	taker	NOUN
fsr-3405	387	23	.	.	PUNCT
fsr-3405	388	1	we	we	PRON
fsr-3405	388	2	use	use	VERB
fsr-3405	388	3	a	a	DET
fsr-3405	388	4	novel	novel	ADJ
fsr-3405	388	5	measure	measure	NOUN
fsr-3405	388	6	of	of	ADP
fsr-3405	388	7	risk	risk	NOUN
fsr-3405	388	8	-	-	PUNCT
fsr-3405	388	9	taking	taking	NOUN
fsr-3405	388	10	,	,	PUNCT
fsr-3405	388	11	local	local	ADJ
fsr-3405	388	12	creative	creative	ADJ
fsr-3405	388	13	culture	culture	NOUN
fsr-3405	388	14	,	,	PUNCT
fsr-3405	388	15	and	and	CCONJ
fsr-3405	388	16	examine	examine	VERB
fsr-3405	388	17	the	the	DET
fsr-3405	388	18	relationship	relationship	NOUN
fsr-3405	388	19	between	between	ADP
fsr-3405	388	20	investors	investor	NOUN
fsr-3405	388	21	’	’	PART
fsr-3405	388	22	willingness	willingness	NOUN
fsr-3405	388	23	to	to	PART
fsr-3405	388	24	take	take	VERB
fsr-3405	388	25	risks	risk	NOUN
fsr-3405	388	26	and	and	CCONJ
fsr-3405	388	27	investor	investor	NOUN
fsr-3405	388	28	’s	’s	PART
fsr-3405	388	29	payout	payout	ADJ
fsr-3405	388	30	preferences	preference	NOUN
fsr-3405	388	31	and	and	CCONJ
fsr-3405	388	32	,	,	PUNCT
fsr-3405	388	33	through	through	ADP
fsr-3405	388	34	the	the	DET
fsr-3405	388	35	dividend	dividend	NOUN
fsr-3405	388	36	catering	catering	NOUN
fsr-3405	388	37	channel	channel	NOUN
fsr-3405	388	38	,	,	PUNCT
fsr-3405	388	39	corporate	corporate	ADJ
fsr-3405	388	40	payout	payout	NOUN
fsr-3405	388	41	policies	policy	NOUN
fsr-3405	388	42	.	.	PUNCT
fsr-3405	389	1	in	in	ADP
fsr-3405	389	2	particular	particular	ADJ
fsr-3405	389	3	,	,	PUNCT
fsr-3405	389	4	we	we	PRON
fsr-3405	389	5	empirically	empirically	ADV
fsr-3405	389	6	investigate	investigate	VERB
fsr-3405	389	7	the	the	DET
fsr-3405	389	8	effect	effect	NOUN
fsr-3405	389	9	of	of	ADP
fsr-3405	389	10	the	the	DET
fsr-3405	389	11	local	local	ADJ
fsr-3405	389	12	creative	creative	ADJ
fsr-3405	389	13	share	share	NOUN
fsr-3405	389	14	,	,	PUNCT
fsr-3405	389	15	which	which	PRON
fsr-3405	389	16	is	be	AUX
fsr-3405	389	17	a	a	DET
fsr-3405	389	18	proxy	proxy	NOUN
fsr-3405	389	19	for	for	ADP
fsr-3405	389	20	local	local	ADJ
fsr-3405	389	21	creative	creative	ADJ
fsr-3405	389	22	culture	culture	NOUN
fsr-3405	389	23	,	,	PUNCT
fsr-3405	389	24	on	on	ADP
fsr-3405	389	25	geographically	geographically	ADV
fsr-3405	389	26	varying	vary	VERB
fsr-3405	389	27	dividend	dividend	NOUN
fsr-3405	389	28	demand	demand	NOUN
fsr-3405	389	29	and	and	CCONJ
fsr-3405	389	30	corporate	corporate	ADJ
fsr-3405	389	31	dividend	dividend	NOUN
fsr-3405	389	32	policies	policy	NOUN
fsr-3405	389	33	.	.	PUNCT
fsr-3405	390	1	we	we	PRON
fsr-3405	390	2	show	show	VERB
fsr-3405	390	3	that	that	SCONJ
fsr-3405	390	4	firms	firm	NOUN
fsr-3405	390	5	located	locate	VERB
fsr-3405	390	6	in	in	ADP
fsr-3405	390	7	areas	area	NOUN
fsr-3405	390	8	with	with	ADP
fsr-3405	390	9	a	a	DET
fsr-3405	390	10	greater	great	ADJ
fsr-3405	390	11	creative	creative	ADJ
fsr-3405	390	12	share	share	NOUN
fsr-3405	390	13	are	be	AUX
fsr-3405	390	14	less	less	ADV
fsr-3405	390	15	likely	likely	ADJ
fsr-3405	390	16	to	to	PART
fsr-3405	390	17	become	become	VERB
fsr-3405	390	18	dividend	dividend	NOUN
fsr-3405	390	19	payers	payer	NOUN
fsr-3405	390	20	and	and	CCONJ
fsr-3405	390	21	to	to	PART
fsr-3405	390	22	initiate	initiate	VERB
fsr-3405	390	23	dividends	dividend	NOUN
fsr-3405	390	24	.	.	PUNCT
fsr-3405	391	1	in	in	ADP
fsr-3405	391	2	addition	addition	NOUN
fsr-3405	391	3	,	,	PUNCT
fsr-3405	391	4	firms	firm	NOUN
fsr-3405	391	5	located	locate	VERB
fsr-3405	391	6	in	in	ADP
fsr-3405	391	7	areas	area	NOUN
fsr-3405	391	8	with	with	ADP
fsr-3405	391	9	a	a	DET
fsr-3405	391	10	more	more	ADV
fsr-3405	391	11	pronounced	pronounce	VERB
fsr-3405	391	12	creative	creative	ADJ
fsr-3405	391	13	culture	culture	NOUN
fsr-3405	391	14	have	have	VERB
fsr-3405	391	15	lower	low	ADJ
fsr-3405	391	16	dividend	dividend	NOUN
fsr-3405	391	17	yields	yield	NOUN
fsr-3405	391	18	.	.	PUNCT
fsr-3405	392	1	these	these	DET
fsr-3405	392	2	results	result	NOUN
fsr-3405	392	3	are	be	AUX
fsr-3405	392	4	consistent	consistent	ADJ
fsr-3405	392	5	with	with	ADP
fsr-3405	392	6	higher	high	ADJ
fsr-3405	392	7	risk	risk	NOUN
fsr-3405	392	8	-	-	PUNCT
fsr-3405	392	9	taking	take	VERB
fsr-3405	392	10	behavior	behavior	NOUN
fsr-3405	392	11	associated	associate	VERB
fsr-3405	392	12	with	with	ADP
fsr-3405	392	13	creativity	creativity	NOUN
fsr-3405	392	14	and	and	CCONJ
fsr-3405	392	15	creative	creative	ADJ
fsr-3405	392	16	culture	culture	NOUN
fsr-3405	392	17	.	.	PUNCT
fsr-3405	393	1	these	these	DET
fsr-3405	393	2	results	result	NOUN
fsr-3405	393	3	are	be	AUX
fsr-3405	393	4	also	also	ADV
fsr-3405	393	5	consistent	consistent	ADJ
fsr-3405	393	6	with	with	ADP
fsr-3405	393	7	previous	previous	ADJ
fsr-3405	393	8	studies	study	NOUN
fsr-3405	393	9	in	in	ADP
fsr-3405	393	10	the	the	DET
fsr-3405	393	11	dividend	dividend	NOUN
fsr-3405	393	12	and	and	CCONJ
fsr-3405	393	13	financial	financial	ADJ
fsr-3405	393	14	planning	planning	NOUN
fsr-3405	393	15	(	(	PUNCT
fsr-3405	393	16	guillemette	guillemette	NOUN
fsr-3405	393	17	and	and	CCONJ
fsr-3405	393	18	nanigian	nanigian	PROPN
fsr-3405	393	19	,	,	PUNCT
fsr-3405	393	20	2014	2014	NUM
fsr-3405	393	21	;	;	PUNCT
fsr-3405	393	22	kuzniak	kuzniak	PROPN
fsr-3405	393	23	and	and	CCONJ
fsr-3405	393	24	grable	grable	PROPN
fsr-3405	393	25	,	,	PUNCT
fsr-3405	393	26	2017	2017	NUM
fsr-3405	393	27	)	)	PUNCT
fsr-3405	393	28	literature	literature	NOUN
fsr-3405	393	29	that	that	PRON
fsr-3405	393	30	highlight	highlight	VERB
fsr-3405	393	31	the	the	DET
fsr-3405	393	32	role	role	NOUN
fsr-3405	393	33	of	of	ADP
fsr-3405	393	34	risk	risk	NOUN
fsr-3405	393	35	aversion	aversion	NOUN
fsr-3405	393	36	for	for	ADP
fsr-3405	393	37	dividend	dividend	NOUN
fsr-3405	393	38	demand	demand	NOUN
fsr-3405	393	39	and	and	CCONJ
fsr-3405	393	40	investor	investor	NOUN
fsr-3405	393	41	preferences	preference	NOUN
fsr-3405	393	42	for	for	ADP
fsr-3405	393	43	risky	risky	ADJ
fsr-3405	393	44	assets	asset	NOUN
fsr-3405	393	45	.	.	PUNCT
fsr-3405	394	1	furthermore	furthermore	ADV
fsr-3405	394	2	,	,	PUNCT
fsr-3405	394	3	our	our	PRON
fsr-3405	394	4	findings	finding	NOUN
fsr-3405	394	5	offer	offer	AUX
fsr-3405	394	6	underscore	underscore	VERB
fsr-3405	394	7	the	the	DET
fsr-3405	394	8	importance	importance	NOUN
fsr-3405	394	9	of	of	ADP
fsr-3405	394	10	the	the	DET
fsr-3405	394	11	dividend	dividend	NOUN
fsr-3405	394	12	catering	catering	NOUN
fsr-3405	394	13	theory	theory	NOUN
fsr-3405	394	14	and	and	CCONJ
fsr-3405	394	15	argue	argue	VERB
fsr-3405	394	16	that	that	SCONJ
fsr-3405	394	17	firms	firm	NOUN
fsr-3405	394	18	shape	shape	VERB
fsr-3405	394	19	their	their	PRON
fsr-3405	394	20	payout	payout	NOUN
fsr-3405	394	21	policies	policy	NOUN
fsr-3405	394	22	consistent	consistent	ADJ
fsr-3405	394	23	with	with	ADP
fsr-3405	394	24	variation	variation	NOUN
fsr-3405	394	25	in	in	ADP
fsr-3405	394	26	dividend	dividend	NOUN
fsr-3405	394	27	demand	demand	NOUN
fsr-3405	394	28	and	and	CCONJ
fsr-3405	394	29	cater	cater	NOUN
fsr-3405	394	30	to	to	PART
fsr-3405	394	31	dividend	dividend	VERB
fsr-3405	394	32	demand	demand	NOUN
fsr-3405	394	33	of	of	ADP
fsr-3405	394	34	dividend	dividend	NOUN
fsr-3405	394	35	clienteles	clientele	NOUN
fsr-3405	394	36	.	.	PUNCT
fsr-3405	395	1	we	we	PRON
fsr-3405	395	2	contribute	contribute	VERB
fsr-3405	395	3	to	to	ADP
fsr-3405	395	4	this	this	DET
fsr-3405	395	5	literature	literature	NOUN
fsr-3405	395	6	by	by	ADP
fsr-3405	395	7	showing	show	VERB
fsr-3405	395	8	the	the	DET
fsr-3405	395	9	impact	impact	NOUN
fsr-3405	395	10	of	of	ADP
fsr-3405	395	11	risk	risk	NOUN
fsr-3405	395	12	-	-	PUNCT
fsr-3405	395	13	taking	take	VERB
fsr-3405	395	14	behavior	behavior	NOUN
fsr-3405	395	15	induced	induce	VERB
fsr-3405	395	16	by	by	ADP
fsr-3405	395	17	creative	creative	ADJ
fsr-3405	395	18	culture	culture	NOUN
fsr-3405	395	19	on	on	ADP
fsr-3405	395	20	corporate	corporate	ADJ
fsr-3405	395	21	dividend	dividend	NOUN
fsr-3405	395	22	policies	policy	NOUN
fsr-3405	395	23	consistent	consistent	ADJ
fsr-3405	395	24	with	with	ADP
fsr-3405	395	25	dividend	dividend	NOUN
fsr-3405	395	26	demand	demand	NOUN
fsr-3405	395	27	shaped	shape	VERB
fsr-3405	395	28	by	by	ADP
fsr-3405	395	29	this	this	DET
fsr-3405	395	30	risk	risk	NOUN
fsr-3405	395	31	-	-	PUNCT
fsr-3405	395	32	taking	take	VERB
fsr-3405	395	33	behavior	behavior	NOUN
fsr-3405	395	34	.	.	PUNCT
fsr-3405	396	1	our	our	PRON
fsr-3405	396	2	paper	paper	NOUN
fsr-3405	396	3	shows	show	VERB
fsr-3405	396	4	the	the	DET
fsr-3405	396	5	role	role	NOUN
fsr-3405	396	6	of	of	ADP
fsr-3405	396	7	local	local	ADJ
fsr-3405	396	8	risk	risk	NOUN
fsr-3405	396	9	-	-	PUNCT
fsr-3405	396	10	taking	take	VERB
fsr-3405	396	11	behavior	behavior	NOUN
fsr-3405	396	12	associated	associate	VERB
fsr-3405	396	13	with	with	ADP
fsr-3405	396	14	creative	creative	ADJ
fsr-3405	396	15	culture	culture	NOUN
fsr-3405	396	16	for	for	ADP
fsr-3405	396	17	corporate	corporate	ADJ
fsr-3405	396	18	dividend	dividend	NOUN
fsr-3405	396	19	policies	policy	NOUN
fsr-3405	396	20	of	of	ADP
fsr-3405	396	21	local	local	ADJ
fsr-3405	396	22	firms	firm	NOUN
fsr-3405	396	23	that	that	PRON
fsr-3405	396	24	cater	cater	VERB
fsr-3405	396	25	to	to	ADP
fsr-3405	396	26	investors	investor	NOUN
fsr-3405	396	27	’	’	PART
fsr-3405	396	28	dividend	dividend	NOUN
fsr-3405	396	29	demand	demand	NOUN
fsr-3405	396	30	.	.	PUNCT
fsr-3405	397	1	moreover	moreover	ADV
fsr-3405	397	2	,	,	PUNCT
fsr-3405	397	3	recent	recent	ADJ
fsr-3405	397	4	studies	study	NOUN
fsr-3405	397	5	underline	underline	VERB
fsr-3405	397	6	the	the	DET
fsr-3405	397	7	importance	importance	NOUN
fsr-3405	397	8	of	of	ADP
fsr-3405	397	9	local	local	ADJ
fsr-3405	397	10	factors	factor	NOUN
fsr-3405	397	11	on	on	ADP
fsr-3405	397	12	dividend	dividend	NOUN
fsr-3405	397	13	policies	policy	NOUN
fsr-3405	397	14	and	and	CCONJ
fsr-3405	397	15	show	show	VERB
fsr-3405	397	16	local	local	ADJ
fsr-3405	397	17	dividend	dividend	NOUN
fsr-3405	397	18	clienteles	clientele	NOUN
fsr-3405	397	19	based	base	VERB
fsr-3405	397	20	on	on	ADP
fsr-3405	397	21	local	local	ADJ
fsr-3405	397	22	factors	factor	NOUN
fsr-3405	397	23	such	such	ADJ
fsr-3405	397	24	as	as	ADP
fsr-3405	397	25	local	local	ADJ
fsr-3405	397	26	senior	senior	ADJ
fsr-3405	397	27	effect	effect	NOUN
fsr-3405	397	28	(	(	PUNCT
fsr-3405	397	29	becker	becker	NOUN
fsr-3405	397	30	,	,	PUNCT
fsr-3405	397	31	ivković	ivković	ADJ
fsr-3405	397	32	,	,	PUNCT
fsr-3405	397	33	and	and	CCONJ
fsr-3405	397	34	weisbenner	weisbenner	NOUN
fsr-3405	397	35	,	,	PUNCT
fsr-3405	397	36	2011a	2011a	NUM
fsr-3405	397	37	)	)	PUNCT
fsr-3405	397	38	or	or	CCONJ
fsr-3405	397	39	local	local	ADJ
fsr-3405	397	40	religion	religion	NOUN
fsr-3405	397	41	effect	effect	NOUN
fsr-3405	397	42	(	(	PUNCT
fsr-3405	397	43	ucar	ucar	PROPN
fsr-3405	397	44	,	,	PUNCT
fsr-3405	397	45	2016	2016	NUM
fsr-3405	397	46	)	)	PUNCT
fsr-3405	397	47	.	.	PUNCT
fsr-3405	398	1	this	this	DET
fsr-3405	398	2	study	study	NOUN
fsr-3405	398	3	contributes	contribute	VERB
fsr-3405	398	4	to	to	ADP
fsr-3405	398	5	this	this	DET
fsr-3405	398	6	literature	literature	NOUN
fsr-3405	398	7	by	by	ADP
fsr-3405	398	8	introducing	introduce	VERB
fsr-3405	398	9	a	a	DET
fsr-3405	398	10	new	new	ADJ
fsr-3405	398	11	local	local	ADJ
fsr-3405	398	12	factor	factor	NOUN
fsr-3405	398	13	associated	associate	VERB
fsr-3405	398	14	with	with	ADP
fsr-3405	398	15	local	local	ADJ
fsr-3405	398	16	risk	risk	NOUN
fsr-3405	398	17	-	-	PUNCT
fsr-3405	398	18	taking20	taking20	NOUN
fsr-3405	398	19	on	on	ADP
fsr-3405	398	20	dividend	dividend	NOUN
fsr-3405	398	21	demand	demand	NOUN
fsr-3405	398	22	.	.	PUNCT
fsr-3405	399	1	furthermore	furthermore	ADV
fsr-3405	399	2	,	,	PUNCT
fsr-3405	399	3	the	the	DET
fsr-3405	399	4	tests	test	NOUN
fsr-3405	399	5	in	in	ADP
fsr-3405	399	6	this	this	DET
fsr-3405	399	7	paper	paper	NOUN
fsr-3405	399	8	yield	yield	NOUN
fsr-3405	399	9	additional	additional	ADJ
fsr-3405	399	10	evidence	evidence	NOUN
fsr-3405	399	11	on	on	ADP
fsr-3405	399	12	the	the	DET
fsr-3405	399	13	importance	importance	NOUN
fsr-3405	399	14	of	of	ADP
fsr-3405	399	15	the	the	DET
fsr-3405	399	16	cultural	cultural	ADJ
fsr-3405	399	17	factors	factor	NOUN
fsr-3405	399	18	(	(	PUNCT
fsr-3405	399	19	hirshleifer	hirshleifer	NOUN
fsr-3405	399	20	,	,	PUNCT
fsr-3405	399	21	jian	jian	PROPN
fsr-3405	399	22	,	,	PUNCT
fsr-3405	399	23	and	and	CCONJ
fsr-3405	399	24	zhang	zhang	PROPN
fsr-3405	399	25	,	,	PUNCT
fsr-3405	399	26	2018	2018	NUM
fsr-3405	399	27	)	)	PUNCT
fsr-3405	399	28	that	that	PRON
fsr-3405	399	29	influence	influence	VERB
fsr-3405	399	30	risk	risk	NOUN
fsr-3405	399	31	tolerance	tolerance	NOUN
fsr-3405	399	32	of	of	ADP
fsr-3405	399	33	financial	financial	ADJ
fsr-3405	399	34	industry	industry	NOUN
fsr-3405	399	35	professionals	professional	NOUN
fsr-3405	399	36	and	and	CCONJ
fsr-3405	399	37	their	their	PRON
fsr-3405	399	38	clienteles	clientele	NOUN
fsr-3405	399	39	(	(	PUNCT
fsr-3405	399	40	baker	baker	NOUN
fsr-3405	399	41	and	and	CCONJ
fsr-3405	399	42	ricciardi	ricciardi	PROPN
fsr-3405	399	43	,	,	PUNCT
fsr-3405	399	44	2015	2015	NUM
fsr-3405	399	45	;	;	PUNCT
fsr-3405	399	46	nofsinger	nofsinger	NOUN
fsr-3405	399	47	and	and	CCONJ
fsr-3405	399	48	varma	varma	PROPN
fsr-3405	399	49	,	,	PUNCT
fsr-3405	399	50	2007	2007	NUM
fsr-3405	399	51	)	)	PUNCT
fsr-3405	399	52	,	,	PUNCT
fsr-3405	399	53	which	which	PRON
fsr-3405	399	54	is	be	AUX
fsr-3405	399	55	a	a	DET
fsr-3405	399	56	key	key	ADJ
fsr-3405	399	57	factor	factor	NOUN
fsr-3405	399	58	in	in	ADP
fsr-3405	399	59	the	the	DET
fsr-3405	399	60	financial	financial	ADJ
fsr-3405	399	61	planning	planning	NOUN
fsr-3405	399	62	process	process	NOUN
fsr-3405	399	63	.	.	PUNCT
fsr-3405	400	1	we	we	PRON
fsr-3405	400	2	demonstrate	demonstrate	VERB
fsr-3405	400	3	that	that	SCONJ
fsr-3405	400	4	the	the	DET
fsr-3405	400	5	empirical	empirical	ADJ
fsr-3405	400	6	results	result	NOUN
fsr-3405	400	7	remain	remain	VERB
fsr-3405	400	8	robust	robust	ADJ
fsr-3405	400	9	after	after	ADP
fsr-3405	400	10	addressing	address	VERB
fsr-3405	400	11	potential	potential	ADJ
fsr-3405	400	12	endogeneity	endogeneity	NOUN
fsr-3405	400	13	concerns	concern	NOUN
fsr-3405	400	14	about	about	ADP
fsr-3405	400	15	local	local	ADJ
fsr-3405	400	16	creative	creative	ADJ
fsr-3405	400	17	culture	culture	NOUN
fsr-3405	400	18	and	and	CCONJ
fsr-3405	400	19	firm	firm	ADJ
fsr-3405	400	20	location	location	NOUN
fsr-3405	400	21	by	by	ADP
fsr-3405	400	22	employing	employ	VERB
fsr-3405	400	23	a	a	DET
fsr-3405	400	24	matched	match	VERB
fsr-3405	400	25	sample	sample	NOUN
fsr-3405	400	26	analysis	analysis	NOUN
fsr-3405	400	27	and	and	CCONJ
fsr-3405	400	28	an	an	DET
fsr-3405	400	29	instrumental	instrumental	ADJ
fsr-3405	400	30	variable	variable	ADJ
fsr-3405	400	31	approach	approach	NOUN
fsr-3405	400	32	.	.	PUNCT
fsr-3405	401	1	the	the	DET
fsr-3405	401	2	empirical	empirical	ADJ
fsr-3405	401	3	findings	finding	NOUN
fsr-3405	401	4	hold	hold	VERB
fsr-3405	401	5	after	after	ADP
fsr-3405	401	6	a	a	DET
fsr-3405	401	7	series	series	NOUN
fsr-3405	401	8	of	of	ADP
fsr-3405	401	9	robustness	robustness	NOUN
fsr-3405	401	10	tests	test	NOUN
fsr-3405	401	11	.	.	PUNCT
fsr-3405	402	1	the	the	DET
fsr-3405	402	2	local	local	ADJ
fsr-3405	402	3	risk	risk	NOUN
fsr-3405	402	4	-	-	PUNCT
fsr-3405	402	5	taking	take	VERB
fsr-3405	402	6	effect	effect	NOUN
fsr-3405	402	7	is	be	AUX
fsr-3405	402	8	robust	robust	ADJ
fsr-3405	402	9	to	to	ADP
fsr-3405	402	10	local	local	ADJ
fsr-3405	402	11	controls	control	NOUN
fsr-3405	402	12	,	,	PUNCT
fsr-3405	402	13	county	county	NOUN
fsr-3405	402	14	fixed	fix	VERB
fsr-3405	402	15	effects	effect	NOUN
fsr-3405	402	16	,	,	PUNCT
fsr-3405	402	17	and	and	CCONJ
fsr-3405	402	18	the	the	DET
fsr-3405	402	19	use	use	NOUN
fsr-3405	402	20	of	of	ADP
fsr-3405	402	21	alternative	alternative	ADJ
fsr-3405	402	22	firm	firm	ADJ
fsr-3405	402	23	location	location	NOUN
fsr-3405	402	24	dataset	dataset	NOUN
fsr-3405	402	25	.	.	PUNCT
fsr-3405	403	1	the	the	DET
fsr-3405	403	2	results	result	NOUN
fsr-3405	403	3	are	be	AUX
fsr-3405	403	4	also	also	ADV
fsr-3405	403	5	robust	robust	ADJ
fsr-3405	403	6	to	to	PART
fsr-3405	403	7	use	use	NOUN
fsr-3405	403	8	of	of	ADP
fsr-3405	403	9	an	an	DET
fsr-3405	403	10	alternative	alternative	ADJ
fsr-3405	403	11	set	set	NOUN
fsr-3405	403	12	of	of	ADP
fsr-3405	403	13	control	control	NOUN
fsr-3405	403	14	variables	variable	NOUN
fsr-3405	403	15	.	.	PUNCT
fsr-3405	404	1	the	the	DET
fsr-3405	404	2	empirical	empirical	ADJ
fsr-3405	404	3	results	result	NOUN
fsr-3405	404	4	remain	remain	VERB
fsr-3405	404	5	robust	robust	ADJ
fsr-3405	404	6	after	after	ADP
fsr-3405	404	7	excluding	exclude	VERB
fsr-3405	404	8	firms	firm	NOUN
fsr-3405	404	9	located	locate	VERB
fsr-3405	404	10	in	in	ADP
fsr-3405	404	11	areas	area	NOUN
fsr-3405	404	12	with	with	ADP
fsr-3405	404	13	a	a	DET
fsr-3405	404	14	well	well	ADV
fsr-3405	404	15	-	-	PUNCT
fsr-3405	404	16	known	know	VERB
fsr-3405	404	17	strong	strong	ADJ
fsr-3405	404	18	creative	creative	ADJ
fsr-3405	404	19	culture	culture	NOUN
fsr-3405	404	20	.	.	PUNCT
fsr-3405	405	1	this	this	DET
fsr-3405	405	2	point	point	NOUN
fsr-3405	405	3	demonstrates	demonstrate	VERB
fsr-3405	405	4	that	that	SCONJ
fsr-3405	405	5	the	the	DET
fsr-3405	405	6	impact	impact	NOUN
fsr-3405	405	7	of	of	ADP
fsr-3405	405	8	local	local	ADJ
fsr-3405	405	9	-	-	PUNCT
fsr-3405	405	10	risk	risk	NOUN
fsr-3405	405	11	-	-	PUNCT
fsr-3405	405	12	taking	taking	NOUN
fsr-3405	405	13	on	on	ADP
fsr-3405	405	14	dividends	dividend	NOUN
fsr-3405	405	15	affects	affect	VERB
fsr-3405	405	16	not	not	PART
fsr-3405	405	17	only	only	ADV
fsr-3405	405	18	the	the	DET
fsr-3405	405	19	firms	firm	NOUN
fsr-3405	405	20	located	locate	VERB
fsr-3405	405	21	in	in	ADP
fsr-3405	405	22	areas	area	NOUN
fsr-3405	405	23	with	with	ADP
fsr-3405	405	24	a	a	DET
fsr-3405	405	25	highly	highly	ADV
fsr-3405	405	26	prominent	prominent	ADJ
fsr-3405	405	27	creative	creative	ADJ
fsr-3405	405	28	environment	environment	NOUN
fsr-3405	405	29	like	like	ADP
fsr-3405	405	30	silicon	silicon	NOUN
fsr-3405	405	31	valley	valley	NOUN
fsr-3405	405	32	but	but	CCONJ
fsr-3405	405	33	also	also	ADV
fsr-3405	405	34	the	the	DET
fsr-3405	405	35	firms	firm	NOUN
fsr-3405	405	36	located	locate	VERB
fsr-3405	405	37	in	in	ADP
fsr-3405	405	38	other	other	ADJ
fsr-3405	405	39	areas	area	NOUN
fsr-3405	405	40	.	.	PUNCT
fsr-3405	406	1	overall	overall	ADV
fsr-3405	406	2	,	,	PUNCT
fsr-3405	406	3	this	this	DET
fsr-3405	406	4	paper	paper	NOUN
fsr-3405	406	5	introduces	introduce	VERB
fsr-3405	406	6	a	a	DET
fsr-3405	406	7	new	new	ADJ
fsr-3405	406	8	local	local	ADJ
fsr-3405	406	9	factor	factor	NOUN
fsr-3405	406	10	—	—	PUNCT
fsr-3405	406	11	creative	creative	ADJ
fsr-3405	406	12	culture	culture	NOUN
fsr-3405	406	13	and	and	CCONJ
fsr-3405	406	14	risktaking	risktake	VERB
fsr-3405	406	15	associated	associate	VERB
fsr-3405	406	16	with	with	ADP
fsr-3405	406	17	creative	creative	ADJ
fsr-3405	406	18	culture	culture	NOUN
fsr-3405	406	19	—	—	PUNCT
fsr-3405	406	20	to	to	PART
fsr-3405	406	21	dividend	dividend	VERB
fsr-3405	406	22	literature	literature	NOUN
fsr-3405	406	23	and	and	CCONJ
fsr-3405	406	24	shows	show	VERB
fsr-3405	406	25	that	that	SCONJ
fsr-3405	406	26	investors	investor	NOUN
fsr-3405	406	27	’	’	PART
fsr-3405	406	28	local	local	ADJ
fsr-3405	406	29	risk	risk	NOUN
fsr-3405	406	30	-	-	PUNCT
fsr-3405	406	31	taking	take	VERB
fsr-3405	406	32	characteristics	characteristic	NOUN
fsr-3405	406	33	affect	affect	VERB
fsr-3405	406	34	corporate	corporate	ADJ
fsr-3405	406	35	dividend	dividend	NOUN
fsr-3405	406	36	policies	policy	NOUN
fsr-3405	406	37	.	.	PUNCT
fsr-3405	407	1	this	this	DET
fsr-3405	407	2	finding	finding	NOUN
fsr-3405	407	3	highlights	highlight	VERB
fsr-3405	407	4	the	the	DET
fsr-3405	407	5	385e	385e	PROPN
fsr-3405	407	6	.	.	PUNCT
fsr-3405	408	1	ucar	ucar	PROPN
fsr-3405	408	2	,	,	PUNCT
fsr-3405	408	3	a.	a.	PROPN
fsr-3405	408	4	staer	staer	PROPN
fsr-3405	408	5	/	/	SYM
fsr-3405	408	6	financial	financial	ADJ
fsr-3405	408	7	services	service	NOUN
fsr-3405	408	8	review	review	VERB
fsr-3405	408	9	27	27	NUM
fsr-3405	408	10	(	(	PUNCT
fsr-3405	408	11	2018	2018	NUM
fsr-3405	408	12	)	)	PUNCT
fsr-3405	408	13	367	367	NUM
fsr-3405	408	14	-	-	SYM
fsr-3405	408	15	389	389	NUM
fsr-3405	408	16	notion	notion	NOUN
fsr-3405	408	17	that	that	SCONJ
fsr-3405	408	18	firms	firm	NOUN
fsr-3405	408	19	cater	cater	VERB
fsr-3405	408	20	to	to	ADP
fsr-3405	408	21	investors	investor	NOUN
fsr-3405	408	22	’	'	PUNCT
fsr-3405	408	23	dividend	dividend	NOUN
fsr-3405	408	24	preferences	preference	NOUN
fsr-3405	408	25	determined	determine	VERB
fsr-3405	408	26	by	by	ADP
fsr-3405	408	27	local	local	ADJ
fsr-3405	408	28	risk	risk	NOUN
fsr-3405	408	29	-	-	PUNCT
fsr-3405	408	30	taking	take	VERB
fsr-3405	408	31	characteristics	characteristic	NOUN
fsr-3405	408	32	.	.	PUNCT
fsr-3405	409	1	notes	note	VERB
fsr-3405	409	2	1	1	NUM
fsr-3405	409	3	the	the	DET
fsr-3405	409	4	empirical	empirical	ADJ
fsr-3405	409	5	results	result	NOUN
fsr-3405	409	6	hold	hold	VERB
fsr-3405	409	7	after	after	ADP
fsr-3405	409	8	addressing	address	VERB
fsr-3405	409	9	endogeneity	endogeneity	NOUN
fsr-3405	409	10	concern	concern	NOUN
fsr-3405	409	11	by	by	ADP
fsr-3405	409	12	using	use	VERB
fsr-3405	409	13	a	a	DET
fsr-3405	409	14	matched	match	VERB
fsr-3405	409	15	sample	sample	NOUN
fsr-3405	409	16	analysis	analysis	NOUN
fsr-3405	409	17	and	and	CCONJ
fsr-3405	409	18	an	an	DET
fsr-3405	409	19	iv	iv	NUM
fsr-3405	409	20	approach	approach	NOUN
fsr-3405	409	21	.	.	PUNCT
fsr-3405	410	1	our	our	PRON
fsr-3405	410	2	findings	finding	NOUN
fsr-3405	410	3	also	also	ADV
fsr-3405	410	4	remain	remain	VERB
fsr-3405	410	5	robust	robust	ADJ
fsr-3405	410	6	after	after	ADP
fsr-3405	410	7	a	a	DET
fsr-3405	410	8	series	series	NOUN
fsr-3405	410	9	of	of	ADP
fsr-3405	410	10	robustness	robustness	NOUN
fsr-3405	410	11	tests	test	NOUN
fsr-3405	410	12	.	.	PUNCT
fsr-3405	411	1	the	the	DET
fsr-3405	411	2	local	local	ADJ
fsr-3405	411	3	risk	risk	NOUN
fsr-3405	411	4	-	-	PUNCT
fsr-3405	411	5	taking	take	VERB
fsr-3405	411	6	effect	effect	NOUN
fsr-3405	411	7	holds	hold	VERB
fsr-3405	411	8	after	after	ADP
fsr-3405	411	9	controlling	control	VERB
fsr-3405	411	10	for	for	ADP
fsr-3405	411	11	local	local	ADJ
fsr-3405	411	12	factors	factor	NOUN
fsr-3405	411	13	,	,	PUNCT
fsr-3405	411	14	county	county	NOUN
fsr-3405	411	15	effects	effect	NOUN
fsr-3405	411	16	,	,	PUNCT
fsr-3405	411	17	and	and	CCONJ
fsr-3405	411	18	it	it	PRON
fsr-3405	411	19	also	also	ADV
fsr-3405	411	20	remains	remain	VERB
fsr-3405	411	21	robust	robust	ADJ
fsr-3405	411	22	after	after	ADP
fsr-3405	411	23	using	use	VERB
fsr-3405	411	24	an	an	DET
fsr-3405	411	25	alternative	alternative	ADJ
fsr-3405	411	26	firm	firm	ADJ
fsr-3405	411	27	location	location	NOUN
fsr-3405	411	28	dataset	dataset	NOUN
fsr-3405	411	29	.	.	PUNCT
fsr-3405	412	1	in	in	ADP
fsr-3405	412	2	addition	addition	NOUN
fsr-3405	412	3	,	,	PUNCT
fsr-3405	412	4	our	our	PRON
fsr-3405	412	5	findings	finding	NOUN
fsr-3405	412	6	hold	hold	VERB
fsr-3405	412	7	after	after	ADP
fsr-3405	412	8	using	use	VERB
fsr-3405	412	9	an	an	DET
fsr-3405	412	10	alternative	alternative	ADJ
fsr-3405	412	11	set	set	NOUN
fsr-3405	412	12	of	of	ADP
fsr-3405	412	13	control	control	NOUN
fsr-3405	412	14	variables	variable	NOUN
fsr-3405	412	15	including	include	VERB
fsr-3405	412	16	return	return	NOUN
fsr-3405	412	17	on	on	ADP
fsr-3405	412	18	assets	asset	NOUN
fsr-3405	412	19	and	and	CCONJ
fsr-3405	412	20	sales	sale	NOUN
fsr-3405	412	21	growth	growth	NOUN
fsr-3405	412	22	.	.	PUNCT
fsr-3405	413	1	return	return	VERB
fsr-3405	413	2	on	on	ADP
fsr-3405	413	3	assets	asset	NOUN
fsr-3405	413	4	and	and	CCONJ
fsr-3405	413	5	sales	sale	NOUN
fsr-3405	413	6	growth	growth	NOUN
fsr-3405	413	7	are	be	AUX
fsr-3405	413	8	used	use	VERB
fsr-3405	413	9	to	to	PART
fsr-3405	413	10	control	control	VERB
fsr-3405	413	11	for	for	ADP
fsr-3405	413	12	profitability	profitability	NOUN
fsr-3405	413	13	and	and	CCONJ
fsr-3405	413	14	investment	investment	NOUN
fsr-3405	413	15	opportunities	opportunity	NOUN
fsr-3405	413	16	that	that	PRON
fsr-3405	413	17	determine	determine	VERB
fsr-3405	413	18	dividend	dividend	NOUN
fsr-3405	413	19	supply	supply	NOUN
fsr-3405	413	20	so	so	SCONJ
fsr-3405	413	21	that	that	SCONJ
fsr-3405	413	22	we	we	PRON
fsr-3405	413	23	can	can	AUX
fsr-3405	413	24	focus	focus	VERB
fsr-3405	413	25	on	on	ADP
fsr-3405	413	26	the	the	DET
fsr-3405	413	27	dividend	dividend	NOUN
fsr-3405	413	28	demand	demand	NOUN
fsr-3405	413	29	effect	effect	NOUN
fsr-3405	413	30	on	on	ADP
fsr-3405	413	31	firm	firm	ADJ
fsr-3405	413	32	dividend	dividend	NOUN
fsr-3405	413	33	policy	policy	NOUN
fsr-3405	413	34	.	.	PUNCT
fsr-3405	414	1	we	we	PRON
fsr-3405	414	2	thank	thank	VERB
fsr-3405	414	3	anonymous	anonymous	PROPN
fsr-3405	414	4	referee	referee	NOUN
fsr-3405	414	5	for	for	ADP
fsr-3405	414	6	pointing	point	VERB
fsr-3405	414	7	this	this	DET
fsr-3405	414	8	distinction	distinction	NOUN
fsr-3405	414	9	out	out	ADP
fsr-3405	414	10	.	.	PUNCT
fsr-3405	415	1	these	these	DET
fsr-3405	415	2	results	result	NOUN
fsr-3405	415	3	support	support	VERB
fsr-3405	415	4	the	the	DET
fsr-3405	415	5	notion	notion	NOUN
fsr-3405	415	6	that	that	SCONJ
fsr-3405	415	7	the	the	DET
fsr-3405	415	8	effect	effect	NOUN
fsr-3405	415	9	shown	show	VERB
fsr-3405	415	10	in	in	ADP
fsr-3405	415	11	this	this	DET
fsr-3405	415	12	paper	paper	NOUN
fsr-3405	415	13	comes	come	VERB
fsr-3405	415	14	through	through	ADP
fsr-3405	415	15	the	the	DET
fsr-3405	415	16	local	local	ADJ
fsr-3405	415	17	culture	culture	NOUN
fsr-3405	415	18	channel	channel	NOUN
fsr-3405	415	19	.	.	PUNCT
fsr-3405	416	1	our	our	PRON
fsr-3405	416	2	findings	finding	NOUN
fsr-3405	416	3	remain	remain	VERB
fsr-3405	416	4	robust	robust	ADJ
fsr-3405	416	5	after	after	ADP
fsr-3405	416	6	excluding	exclude	VERB
fsr-3405	416	7	areas	area	NOUN
fsr-3405	416	8	with	with	ADP
fsr-3405	416	9	a	a	DET
fsr-3405	416	10	highly	highly	ADV
fsr-3405	416	11	prominent	prominent	ADJ
fsr-3405	416	12	local	local	ADJ
fsr-3405	416	13	creative	creative	ADJ
fsr-3405	416	14	culture	culture	NOUN
fsr-3405	416	15	.	.	PUNCT
fsr-3405	417	1	the	the	DET
fsr-3405	417	2	association	association	NOUN
fsr-3405	417	3	between	between	ADP
fsr-3405	417	4	dividend	dividend	NOUN
fsr-3405	417	5	policies	policy	NOUN
fsr-3405	417	6	and	and	CCONJ
fsr-3405	417	7	the	the	DET
fsr-3405	417	8	local	local	ADJ
fsr-3405	417	9	risk	risk	NOUN
fsr-3405	417	10	-	-	PUNCT
fsr-3405	417	11	taking	take	VERB
fsr-3405	417	12	propensity	propensity	NOUN
fsr-3405	417	13	proxied	proxie	VERB
fsr-3405	417	14	by	by	ADP
fsr-3405	417	15	the	the	DET
fsr-3405	417	16	local	local	ADJ
fsr-3405	417	17	creative	creative	ADJ
fsr-3405	417	18	culture	culture	NOUN
fsr-3405	417	19	is	be	AUX
fsr-3405	417	20	significantly	significantly	ADV
fsr-3405	417	21	positive	positive	ADJ
fsr-3405	417	22	in	in	ADP
fsr-3405	417	23	not	not	PART
fsr-3405	417	24	only	only	ADV
fsr-3405	417	25	the	the	DET
fsr-3405	417	26	areas	area	NOUN
fsr-3405	417	27	with	with	ADP
fsr-3405	417	28	a	a	DET
fsr-3405	417	29	highly	highly	ADV
fsr-3405	417	30	prominent	prominent	ADJ
fsr-3405	417	31	creative	creative	ADJ
fsr-3405	417	32	culture	culture	NOUN
fsr-3405	417	33	but	but	CCONJ
fsr-3405	417	34	also	also	ADV
fsr-3405	417	35	all	all	DET
fsr-3405	417	36	the	the	DET
fsr-3405	417	37	other	other	ADJ
fsr-3405	417	38	areas	area	NOUN
fsr-3405	417	39	.	.	PUNCT
fsr-3405	418	1	this	this	DET
fsr-3405	418	2	result	result	NOUN
fsr-3405	418	3	highlights	highlight	VERB
fsr-3405	418	4	the	the	DET
fsr-3405	418	5	extent	extent	NOUN
fsr-3405	418	6	of	of	ADP
fsr-3405	418	7	the	the	DET
fsr-3405	418	8	association	association	NOUN
fsr-3405	418	9	between	between	ADP
fsr-3405	418	10	the	the	DET
fsr-3405	418	11	dividend	dividend	NOUN
fsr-3405	418	12	policy	policy	NOUN
fsr-3405	418	13	and	and	CCONJ
fsr-3405	418	14	local	local	ADJ
fsr-3405	418	15	risktaking	risktaking	NOUN
fsr-3405	418	16	.	.	PUNCT
fsr-3405	419	1	we	we	PRON
fsr-3405	419	2	thank	thank	VERB
fsr-3405	419	3	the	the	DET
fsr-3405	419	4	anonymous	anonymous	ADJ
fsr-3405	419	5	referee	referee	NOUN
fsr-3405	419	6	for	for	ADP
fsr-3405	419	7	the	the	DET
fsr-3405	419	8	suggestion	suggestion	NOUN
fsr-3405	419	9	to	to	PART
fsr-3405	419	10	move	move	VERB
fsr-3405	419	11	the	the	DET
fsr-3405	419	12	discussion	discussion	NOUN
fsr-3405	419	13	about	about	ADP
fsr-3405	419	14	robustness	robustness	NOUN
fsr-3405	419	15	tests	test	NOUN
fsr-3405	419	16	to	to	ADP
fsr-3405	419	17	a	a	DET
fsr-3405	419	18	footnote	footnote	NOUN
fsr-3405	419	19	.	.	PUNCT
fsr-3405	420	1	2	2	NUM
fsr-3405	420	2	we	we	PRON
fsr-3405	420	3	thank	thank	VERB
fsr-3405	420	4	anonymous	anonymous	ADJ
fsr-3405	420	5	referee	referee	NOUN
fsr-3405	420	6	for	for	ADP
fsr-3405	420	7	bringing	bring	VERB
fsr-3405	420	8	the	the	DET
fsr-3405	420	9	role	role	NOUN
fsr-3405	420	10	of	of	ADP
fsr-3405	420	11	causality	causality	NOUN
fsr-3405	420	12	in	in	ADP
fsr-3405	420	13	dividend	dividend	NOUN
fsr-3405	420	14	catering	cater	VERB
fsr-3405	420	15	to	to	ADP
fsr-3405	420	16	our	our	PRON
fsr-3405	420	17	attention	attention	NOUN
fsr-3405	420	18	.	.	PUNCT
fsr-3405	421	1	3	3	NUM
fsr-3405	421	2	we	we	PRON
fsr-3405	421	3	thank	thank	VERB
fsr-3405	421	4	the	the	DET
fsr-3405	421	5	anonymous	anonymous	ADJ
fsr-3405	421	6	referee	referee	NOUN
fsr-3405	421	7	for	for	ADP
fsr-3405	421	8	highlighting	highlight	VERB
fsr-3405	421	9	the	the	DET
fsr-3405	421	10	importance	importance	NOUN
fsr-3405	421	11	of	of	ADP
fsr-3405	421	12	additional	additional	ADJ
fsr-3405	421	13	tests	test	NOUN
fsr-3405	421	14	of	of	ADP
fsr-3405	421	15	dividend	dividend	NOUN
fsr-3405	421	16	catering	catering	NOUN
fsr-3405	421	17	theory	theory	NOUN
fsr-3405	421	18	.	.	PUNCT
fsr-3405	422	1	4	4	NUM
fsr-3405	422	2	we	we	PRON
fsr-3405	422	3	would	would	AUX
fsr-3405	422	4	like	like	VERB
fsr-3405	422	5	to	to	PART
fsr-3405	422	6	thank	thank	VERB
fsr-3405	422	7	anonymous	anonymous	PROPN
fsr-3405	422	8	referee	referee	NOUN
fsr-3405	422	9	for	for	ADP
fsr-3405	422	10	the	the	DET
fsr-3405	422	11	recommendation	recommendation	NOUN
fsr-3405	422	12	to	to	PART
fsr-3405	422	13	clarify	clarify	VERB
fsr-3405	422	14	the	the	DET
fsr-3405	422	15	importance	importance	NOUN
fsr-3405	422	16	the	the	DET
fsr-3405	422	17	board	board	NOUN
fsr-3405	422	18	of	of	ADP
fsr-3405	422	19	directors	director	NOUN
fsr-3405	422	20	in	in	ADP
fsr-3405	422	21	setting	set	VERB
fsr-3405	422	22	firm	firm	NOUN
fsr-3405	422	23	’s	’s	PART
fsr-3405	422	24	dividend	dividend	NOUN
fsr-3405	422	25	policy	policy	NOUN
fsr-3405	422	26	.	.	PUNCT
fsr-3405	423	1	5	5	NUM
fsr-3405	423	2	we	we	PRON
fsr-3405	423	3	thank	thank	VERB
fsr-3405	423	4	anonymous	anonymous	PROPN
fsr-3405	423	5	referee	referee	NOUN
fsr-3405	423	6	for	for	ADP
fsr-3405	423	7	raising	raise	VERB
fsr-3405	423	8	the	the	DET
fsr-3405	423	9	issue	issue	NOUN
fsr-3405	423	10	of	of	ADP
fsr-3405	423	11	differences	difference	NOUN
fsr-3405	423	12	in	in	ADP
fsr-3405	423	13	shareholdings	shareholding	NOUN
fsr-3405	423	14	of	of	ADP
fsr-3405	423	15	retail	retail	ADJ
fsr-3405	423	16	and	and	CCONJ
fsr-3405	423	17	institutional	institutional	ADJ
fsr-3405	423	18	investors	investor	NOUN
fsr-3405	423	19	.	.	PUNCT
fsr-3405	424	1	6	6	NUM
fsr-3405	424	2	we	we	PRON
fsr-3405	424	3	thank	thank	VERB
fsr-3405	424	4	the	the	DET
fsr-3405	424	5	anonymous	anonymous	ADJ
fsr-3405	424	6	referee	referee	NOUN
fsr-3405	424	7	for	for	ADP
fsr-3405	424	8	bringing	bring	VERB
fsr-3405	424	9	this	this	DET
fsr-3405	424	10	point	point	NOUN
fsr-3405	424	11	to	to	ADP
fsr-3405	424	12	our	our	PRON
fsr-3405	424	13	attention	attention	NOUN
fsr-3405	424	14	.	.	PUNCT
fsr-3405	425	1	7	7	NUM
fsr-3405	426	1	quoting	quote	VERB
fsr-3405	426	2	from	from	ADP
fsr-3405	426	3	fama	fama	NOUN
fsr-3405	426	4	and	and	CCONJ
fsr-3405	426	5	french	french	ADJ
fsr-3405	426	6	(	(	PUNCT
fsr-3405	426	7	2001	2001	NUM
fsr-3405	426	8	)	)	PUNCT
fsr-3405	426	9	on	on	ADP
fsr-3405	426	10	page	page	NOUN
fsr-3405	426	11	68	68	NUM
fsr-3405	426	12	:	:	PUNCT
fsr-3405	426	13	“	"	PUNCT
fsr-3405	426	14	we	we	PRON
fsr-3405	426	15	begin	begin	VERB
fsr-3405	426	16	by	by	ADP
fsr-3405	426	17	examining	examine	VERB
fsr-3405	426	18	the	the	DET
fsr-3405	426	19	incidence	incidence	NOUN
fsr-3405	426	20	of	of	ADP
fsr-3405	426	21	dividend	dividend	NOUN
fsr-3405	426	22	payers	payer	NOUN
fsr-3405	426	23	among	among	ADP
fsr-3405	426	24	nyse	nyse	PROPN
fsr-3405	426	25	,	,	PUNCT
fsr-3405	426	26	amex	amex	PROPN
fsr-3405	426	27	,	,	PUNCT
fsr-3405	426	28	and	and	CCONJ
fsr-3405	426	29	nasdaq	nasdaq	PROPN
fsr-3405	426	30	firms	firm	NOUN
fsr-3405	426	31	.	.	PUNCT
fsr-3405	427	1	we	we	PRON
fsr-3405	427	2	exclude	exclude	VERB
fsr-3405	427	3	utilities	utility	NOUN
fsr-3405	427	4	from	from	ADP
fsr-3405	427	5	the	the	DET
fsr-3405	427	6	sample	sample	NOUN
fsr-3405	427	7	to	to	PART
fsr-3405	427	8	avoid	avoid	VERB
fsr-3405	427	9	the	the	DET
fsr-3405	427	10	criticism	criticism	NOUN
fsr-3405	427	11	that	that	SCONJ
fsr-3405	427	12	their	their	PRON
fsr-3405	427	13	dividend	dividend	NOUN
fsr-3405	427	14	decisions	decision	NOUN
fsr-3405	427	15	are	be	AUX
fsr-3405	427	16	a	a	DET
fsr-3405	427	17	byproduct	byproduct	NOUN
fsr-3405	427	18	of	of	ADP
fsr-3405	427	19	regulation	regulation	NOUN
fsr-3405	427	20	.	.	PUNCT
fsr-3405	428	1	we	we	PRON
fsr-3405	428	2	exclude	exclude	VERB
fsr-3405	428	3	financial	financial	ADJ
fsr-3405	428	4	firms	firm	NOUN
fsr-3405	428	5	because	because	SCONJ
fsr-3405	428	6	our	our	PRON
fsr-3405	428	7	data	datum	NOUN
fsr-3405	428	8	on	on	ADP
fsr-3405	428	9	the	the	DET
fsr-3405	428	10	characteristics	characteristic	NOUN
fsr-3405	428	11	of	of	ADP
fsr-3405	428	12	dividend	dividend	NOUN
fsr-3405	428	13	payers	payer	NOUN
fsr-3405	428	14	are	be	AUX
fsr-3405	428	15	from	from	ADP
fsr-3405	428	16	compustat	compustat	NOUN
fsr-3405	428	17	and	and	CCONJ
fsr-3405	428	18	compustat	compustat	NOUN
fsr-3405	428	19	’s	’s	PART
fsr-3405	428	20	historical	historical	ADJ
fsr-3405	428	21	coverage	coverage	NOUN
fsr-3405	428	22	of	of	ADP
fsr-3405	428	23	financial	financial	ADJ
fsr-3405	428	24	firms	firm	NOUN
fsr-3405	428	25	is	be	AUX
fsr-3405	428	26	spotty	spotty	ADJ
fsr-3405	428	27	.	.	PUNCT
fsr-3405	428	28	”	"	PUNCT
fsr-3405	429	1	8	8	NUM
fsr-3405	429	2	please	please	INTJ
fsr-3405	429	3	see	see	VERB
fsr-3405	429	4	the	the	DET
fsr-3405	429	5	dataset	dataset	NOUN
fsr-3405	429	6	specifics	specific	NOUN
fsr-3405	429	7	at	at	ADP
fsr-3405	429	8	http://www.ers.usda.gov/data-products/creativeclass-county-codes/.	http://www.ers.usda.gov/data-products/creativeclass-county-codes/.	NOUN
fsr-3405	429	9	9	9	NUM
fsr-3405	429	10	please	please	INTJ
fsr-3405	429	11	see	see	VERB
fsr-3405	429	12	the	the	DET
fsr-3405	429	13	data	data	NOUN
fsr-3405	429	14	documentation	documentation	NOUN
fsr-3405	429	15	at	at	ADP
fsr-3405	429	16	http://www.ers.usda.gov/data-products/creativeclass-county-codes/documentation/.	http://www.ers.usda.gov/data-products/creativeclass-county-codes/documentation/.	PROPN
fsr-3405	429	17	10	10	NUM
fsr-3405	429	18	we	we	PRON
fsr-3405	429	19	thank	thank	VERB
fsr-3405	429	20	the	the	DET
fsr-3405	429	21	anonymous	anonymous	ADJ
fsr-3405	429	22	referee	referee	NOUN
fsr-3405	429	23	for	for	ADP
fsr-3405	429	24	the	the	DET
fsr-3405	429	25	suggestion	suggestion	NOUN
fsr-3405	429	26	to	to	PART
fsr-3405	429	27	clarify	clarify	VERB
fsr-3405	429	28	the	the	DET
fsr-3405	429	29	models	model	NOUN
fsr-3405	429	30	used	use	VERB
fsr-3405	429	31	in	in	ADP
fsr-3405	429	32	this	this	DET
fsr-3405	429	33	paper	paper	NOUN
fsr-3405	429	34	.	.	PUNCT
fsr-3405	430	1	386	386	NUM
fsr-3405	430	2	e.	e.	PROPN
fsr-3405	430	3	ucar	ucar	PROPN
fsr-3405	430	4	,	,	PUNCT
fsr-3405	430	5	a.	a.	PROPN
fsr-3405	430	6	staer	staer	PROPN
fsr-3405	430	7	/	/	SYM
fsr-3405	430	8	financial	financial	ADJ
fsr-3405	430	9	services	service	NOUN
fsr-3405	430	10	review	review	VERB
fsr-3405	430	11	27	27	NUM
fsr-3405	430	12	(	(	PUNCT
fsr-3405	430	13	2018	2018	NUM
fsr-3405	430	14	)	)	PUNCT
fsr-3405	430	15	367	367	NUM
fsr-3405	430	16	-	-	SYM
fsr-3405	430	17	389	389	NUM
fsr-3405	430	18	11	11	NUM
fsr-3405	430	19	following	follow	VERB
fsr-3405	430	20	ucar	ucar	PROPN
fsr-3405	430	21	(	(	PUNCT
fsr-3405	430	22	2016	2016	NUM
fsr-3405	430	23	)	)	PUNCT
fsr-3405	430	24	,	,	PUNCT
fsr-3405	430	25	we	we	PRON
fsr-3405	430	26	require	require	VERB
fsr-3405	430	27	volatility	volatility	NOUN
fsr-3405	430	28	and	and	CCONJ
fsr-3405	430	29	lagged	lag	VERB
fsr-3405	430	30	return	return	NOUN
fsr-3405	430	31	to	to	PART
fsr-3405	430	32	have	have	VERB
fsr-3405	430	33	stock	stock	NOUN
fsr-3405	430	34	return	return	NOUN
fsr-3405	430	35	information	information	NOUN
fsr-3405	430	36	to	to	PART
fsr-3405	430	37	be	be	AUX
fsr-3405	430	38	non	non	ADJ
fsr-3405	430	39	-	-	ADJ
fsr-3405	430	40	missing	missing	ADJ
fsr-3405	430	41	for	for	ADP
fsr-3405	430	42	at	at	ADP
fsr-3405	430	43	least	least	ADJ
fsr-3405	430	44	the	the	DET
fsr-3405	430	45	previous	previous	ADJ
fsr-3405	430	46	12	12	NUM
fsr-3405	430	47	months	month	NOUN
fsr-3405	430	48	for	for	ADP
fsr-3405	430	49	firms	firm	NOUN
fsr-3405	430	50	with	with	ADP
fsr-3405	430	51	stock	stock	NOUN
fsr-3405	430	52	returns	return	NOUN
fsr-3405	430	53	available	available	ADJ
fsr-3405	430	54	for	for	ADP
fsr-3405	430	55	less	less	ADJ
fsr-3405	430	56	than	than	ADP
fsr-3405	430	57	24	24	NUM
fsr-3405	430	58	months	month	NOUN
fsr-3405	430	59	.	.	PUNCT
fsr-3405	431	1	12	12	NUM
fsr-3405	431	2	we	we	PRON
fsr-3405	431	3	use	use	VERB
fsr-3405	431	4	the	the	DET
fsr-3405	431	5	fama	fama	NOUN
fsr-3405	431	6	and	and	CCONJ
fsr-3405	431	7	french	french	ADJ
fsr-3405	431	8	(	(	PUNCT
fsr-3405	431	9	1997	1997	NUM
fsr-3405	431	10	)	)	PUNCT
fsr-3405	431	11	48	48	NUM
fsr-3405	431	12	industry	industry	NOUN
fsr-3405	431	13	classifications	classification	NOUN
fsr-3405	431	14	.	.	PUNCT
fsr-3405	432	1	13	13	NUM
fsr-3405	432	2	we	we	PRON
fsr-3405	432	3	thank	thank	VERB
fsr-3405	432	4	the	the	DET
fsr-3405	432	5	anonymous	anonymous	ADJ
fsr-3405	432	6	referee	referee	NOUN
fsr-3405	432	7	for	for	ADP
fsr-3405	432	8	pointing	point	VERB
fsr-3405	432	9	out	out	ADP
fsr-3405	432	10	the	the	DET
fsr-3405	432	11	potential	potential	ADJ
fsr-3405	432	12	bias	bias	NOUN
fsr-3405	432	13	when	when	SCONJ
fsr-3405	432	14	using	use	VERB
fsr-3405	432	15	nyse	nyse	PROPN
fsr-3405	432	16	percentiles	percentile	NOUN
fsr-3405	432	17	.	.	PUNCT
fsr-3405	433	1	14	14	NUM
fsr-3405	434	1	the	the	DET
fsr-3405	434	2	addition	addition	NOUN
fsr-3405	434	3	of	of	ADP
fsr-3405	434	4	firm	firm	ADJ
fsr-3405	434	5	controls	control	NOUN
fsr-3405	434	6	related	relate	VERB
fsr-3405	434	7	to	to	ADP
fsr-3405	434	8	profitability	profitability	NOUN
fsr-3405	434	9	and	and	CCONJ
fsr-3405	434	10	investment	investment	NOUN
fsr-3405	434	11	opportunities	opportunity	NOUN
fsr-3405	434	12	of	of	ADP
fsr-3405	434	13	the	the	DET
fsr-3405	434	14	firm	firm	NOUN
fsr-3405	434	15	allows	allow	VERB
fsr-3405	434	16	us	we	PRON
fsr-3405	434	17	to	to	PART
fsr-3405	434	18	isolate	isolate	VERB
fsr-3405	434	19	dividend	dividend	NOUN
fsr-3405	434	20	supply	supply	NOUN
fsr-3405	434	21	determined	determine	VERB
fsr-3405	434	22	for	for	ADP
fsr-3405	434	23	instance	instance	NOUN
fsr-3405	434	24	by	by	ADP
fsr-3405	434	25	factors	factor	NOUN
fsr-3405	434	26	like	like	ADP
fsr-3405	434	27	lagged	lag	VERB
fsr-3405	434	28	return	return	NOUN
fsr-3405	434	29	,	,	PUNCT
fsr-3405	434	30	q	q	X
fsr-3405	434	31	,	,	PUNCT
fsr-3405	434	32	and	and	CCONJ
fsr-3405	434	33	asset	asset	NOUN
fsr-3405	434	34	growth	growth	NOUN
fsr-3405	434	35	as	as	ADP
fsr-3405	434	36	in	in	ADP
fsr-3405	434	37	becker	becker	NOUN
fsr-3405	434	38	,	,	PUNCT
fsr-3405	434	39	ivković	ivković	ADJ
fsr-3405	434	40	,	,	PUNCT
fsr-3405	434	41	and	and	CCONJ
fsr-3405	434	42	weisbenner	weisbenner	NOUN
fsr-3405	434	43	(	(	PUNCT
fsr-3405	434	44	2011	2011	NUM
fsr-3405	434	45	)	)	PUNCT
fsr-3405	434	46	and	and	CCONJ
fsr-3405	434	47	focus	focus	VERB
fsr-3405	434	48	on	on	ADP
fsr-3405	434	49	the	the	DET
fsr-3405	434	50	dividend	dividend	NOUN
fsr-3405	434	51	demand	demand	NOUN
fsr-3405	434	52	by	by	ADP
fsr-3405	434	53	the	the	DET
fsr-3405	434	54	local	local	ADJ
fsr-3405	434	55	investors	investor	NOUN
fsr-3405	434	56	.	.	PUNCT
fsr-3405	435	1	we	we	PRON
fsr-3405	435	2	thank	thank	VERB
fsr-3405	435	3	anonymous	anonymous	ADJ
fsr-3405	435	4	referee	referee	NOUN
fsr-3405	435	5	for	for	ADP
fsr-3405	435	6	bringing	bring	VERB
fsr-3405	435	7	this	this	DET
fsr-3405	435	8	issue	issue	NOUN
fsr-3405	435	9	to	to	ADP
fsr-3405	435	10	our	our	PRON
fsr-3405	435	11	attention	attention	NOUN
fsr-3405	435	12	.	.	PUNCT
fsr-3405	436	1	15	15	NUM
fsr-3405	437	1	the	the	DET
fsr-3405	437	2	10k	10k	NOUN
fsr-3405	437	3	header	header	NOUN
fsr-3405	437	4	dataset	dataset	NOUN
fsr-3405	437	5	is	be	AUX
fsr-3405	437	6	provided	provide	VERB
fsr-3405	437	7	by	by	ADP
fsr-3405	437	8	bill	bill	PROPN
fsr-3405	437	9	mcdonald	mcdonald	PROPN
fsr-3405	437	10	’s	’s	PROPN
fsr-3405	437	11	website	website	NOUN
fsr-3405	437	12	at	at	ADP
fsr-3405	437	13	http://www3.nd	http://www3.nd	PROPN
fsr-3405	437	14	.	.	PUNCT
fsr-3405	438	1	edu/	edu/	PROPN
fsr-3405	438	2	�	�	PROPN
fsr-3405	438	3	mcdonald/10	mcdonald/10	ADJ
fsr-3405	438	4	-	-	PUNCT
fsr-3405	438	5	k_headers/10	k_headers/10	ADJ
fsr-3405	438	6	-	-	PUNCT
fsr-3405	438	7	k_headers.html	k_headers.html	NOUN
fsr-3405	438	8	.	.	PUNCT
fsr-3405	439	1	16	16	NUM
fsr-3405	439	2	we	we	PRON
fsr-3405	439	3	thank	thank	VERB
fsr-3405	439	4	the	the	DET
fsr-3405	439	5	anonymous	anonymous	ADJ
fsr-3405	439	6	referee	referee	NOUN
fsr-3405	439	7	for	for	ADP
fsr-3405	439	8	bringing	bring	VERB
fsr-3405	439	9	this	this	DET
fsr-3405	439	10	interpretation	interpretation	NOUN
fsr-3405	439	11	of	of	ADP
fsr-3405	439	12	the	the	DET
fsr-3405	439	13	matching	match	VERB
fsr-3405	439	14	sample	sample	NOUN
fsr-3405	439	15	tests	test	NOUN
fsr-3405	439	16	to	to	ADP
fsr-3405	439	17	our	our	PRON
fsr-3405	439	18	attention	attention	NOUN
fsr-3405	439	19	.	.	PUNCT
fsr-3405	440	1	17	17	NUM
fsr-3405	440	2	https://www.ers.usda.gov/data-products/creative-class-county-codes/	https://www.ers.usda.gov/data-products/creative-class-county-codes/	PROPN
fsr-3405	440	3	and	and	CCONJ
fsr-3405	440	4	https://	https://	PROPN
fsr-3405	440	5	www.ers.usda.gov/data-products/creative-class-county-codes/documentation.aspx	www.ers.usda.gov/data-products/creative-class-county-codes/documentation.aspx	NOUN
fsr-3405	440	6	.	.	PUNCT
fsr-3405	441	1	18	18	NUM
fsr-3405	441	2	for	for	ADP
fsr-3405	441	3	example	example	NOUN
fsr-3405	441	4	,	,	PUNCT
fsr-3405	441	5	marade	marade	PROPN
fsr-3405	441	6	,	,	PUNCT
fsr-3405	441	7	gibbons	gibbon	NOUN
fsr-3405	441	8	,	,	PUNCT
fsr-3405	441	9	and	and	CCONJ
fsr-3405	441	10	brinthaupt	brinthaupt	PROPN
fsr-3405	441	11	(	(	PUNCT
fsr-3405	441	12	2007	2007	NUM
fsr-3405	441	13	)	)	PUNCT
fsr-3405	441	14	,	,	PUNCT
fsr-3405	441	15	poorsoltan	poorsoltan	NOUN
fsr-3405	441	16	(	(	PUNCT
fsr-3405	441	17	2012	2012	NUM
fsr-3405	441	18	)	)	PUNCT
fsr-3405	441	19	,	,	PUNCT
fsr-3405	441	20	tyagi	tyagi	PROPN
fsr-3405	441	21	et	et	PROPN
fsr-3405	441	22	al	al	PROPN
fsr-3405	441	23	.	.	PROPN
fsr-3405	442	1	(	(	PUNCT
fsr-3405	442	2	2017	2017	NUM
fsr-3405	442	3	)	)	PUNCT
fsr-3405	442	4	,	,	PUNCT
fsr-3405	442	5	and	and	CCONJ
fsr-3405	442	6	fillis	filli	NOUN
fsr-3405	442	7	(	(	PUNCT
fsr-3405	442	8	2000	2000	NUM
fsr-3405	442	9	)	)	PUNCT
fsr-3405	442	10	.	.	PUNCT
fsr-3405	443	1	19	19	NUM
fsr-3405	443	2	we	we	PRON
fsr-3405	443	3	thank	thank	VERB
fsr-3405	443	4	the	the	DET
fsr-3405	443	5	anonymous	anonymous	ADJ
fsr-3405	443	6	referee	referee	NOUN
fsr-3405	443	7	for	for	ADP
fsr-3405	443	8	bringing	bring	VERB
fsr-3405	443	9	this	this	DET
fsr-3405	443	10	potential	potential	ADJ
fsr-3405	443	11	source	source	NOUN
fsr-3405	443	12	of	of	ADP
fsr-3405	443	13	endogeneity	endogeneity	NOUN
fsr-3405	443	14	to	to	ADP
fsr-3405	443	15	our	our	PRON
fsr-3405	443	16	attention	attention	NOUN
fsr-3405	443	17	.	.	PUNCT
fsr-3405	444	1	20	20	NUM
fsr-3405	444	2	we	we	PRON
fsr-3405	444	3	should	should	AUX
fsr-3405	444	4	emphasize	emphasize	VERB
fsr-3405	444	5	that	that	DET
fsr-3405	444	6	creativeshare	creativeshare	NOUN
fsr-3405	444	7	is	be	AUX
fsr-3405	444	8	not	not	PART
fsr-3405	444	9	a	a	DET
fsr-3405	444	10	complete	complete	ADJ
fsr-3405	444	11	proxy	proxy	NOUN
fsr-3405	444	12	for	for	ADP
fsr-3405	444	13	local	local	ADJ
fsr-3405	444	14	investor	investor	NOUN
fsr-3405	444	15	risk	risk	NOUN
fsr-3405	444	16	taking	taking	NOUN
fsr-3405	444	17	.	.	PUNCT
fsr-3405	445	1	there	there	PRON
fsr-3405	445	2	is	be	VERB
fsr-3405	445	3	,	,	PUNCT
fsr-3405	445	4	however	however	ADV
fsr-3405	445	5	,	,	PUNCT
fsr-3405	445	6	a	a	DET
fsr-3405	445	7	demonstrably	demonstrably	ADV
fsr-3405	445	8	strong	strong	ADJ
fsr-3405	445	9	association	association	NOUN
fsr-3405	445	10	between	between	ADP
fsr-3405	445	11	creative	creative	ADJ
fsr-3405	445	12	culture	culture	NOUN
fsr-3405	445	13	and	and	CCONJ
fsr-3405	445	14	risk	risk	NOUN
fsr-3405	445	15	-	-	PUNCT
fsr-3405	445	16	taking	taking	NOUN
fsr-3405	445	17	(	(	PUNCT
fsr-3405	445	18	see	see	VERB
fsr-3405	445	19	section	section	NOUN
fsr-3405	445	20	1	1	NUM
fsr-3405	445	21	:	:	PUNCT
fsr-3405	445	22	introduction	introduction	NOUN
fsr-3405	445	23	)	)	PUNCT
fsr-3405	445	24	,	,	PUNCT
fsr-3405	445	25	even	even	ADV
fsr-3405	445	26	though	though	SCONJ
fsr-3405	445	27	the	the	DET
fsr-3405	445	28	former	former	NOUN
fsr-3405	445	29	is	be	AUX
fsr-3405	445	30	not	not	PART
fsr-3405	445	31	a	a	DET
fsr-3405	445	32	complete	complete	ADJ
fsr-3405	445	33	proxy	proxy	NOUN
fsr-3405	445	34	for	for	ADP
fsr-3405	445	35	the	the	DET
fsr-3405	445	36	latter	latter	ADJ
fsr-3405	445	37	.	.	PUNCT
fsr-3405	446	1	we	we	PRON
fsr-3405	446	2	thank	thank	VERB
fsr-3405	446	3	anonymous	anonymous	ADJ
fsr-3405	446	4	referee	referee	NOUN
fsr-3405	446	5	for	for	ADP
fsr-3405	446	6	making	make	VERB
fsr-3405	446	7	this	this	DET
fsr-3405	446	8	distinction	distinction	NOUN
fsr-3405	446	9	.	.	PUNCT
fsr-3405	447	1	references	reference	NOUN
fsr-3405	447	2	adams	adams	PROPN
fsr-3405	447	3	,	,	PUNCT
fsr-3405	447	4	j.	j.	PROPN
fsr-3405	447	5	l.	l.	PROPN
fsr-3405	447	6	(	(	PUNCT
fsr-3405	447	7	1986	1986	NUM
fsr-3405	447	8	)	)	PUNCT
fsr-3405	447	9	.	.	PUNCT
fsr-3405	448	1	the	the	DET
fsr-3405	448	2	care	care	NOUN
fsr-3405	448	3	and	and	CCONJ
fsr-3405	448	4	feeding	feeding	NOUN
fsr-3405	448	5	of	of	ADP
fsr-3405	448	6	ideas	idea	NOUN
fsr-3405	448	7	:	:	PUNCT
fsr-3405	448	8	a	a	DET
fsr-3405	448	9	guide	guide	NOUN
fsr-3405	448	10	to	to	ADP
fsr-3405	448	11	encouraging	encourage	VERB
fsr-3405	448	12	creativity	creativity	NOUN
fsr-3405	448	13	.	.	PUNCT
fsr-3405	449	1	first	first	ADJ
fsr-3405	449	2	paperback	paperback	NOUN
fsr-3405	449	3	printing	printing	NOUN
fsr-3405	449	4	edition	edition	NOUN
fsr-3405	449	5	(	(	PUNCT
fsr-3405	449	6	da	da	PROPN
fsr-3405	449	7	capo	capo	PROPN
fsr-3405	449	8	lifelong	lifelong	ADJ
fsr-3405	449	9	books	book	NOUN
fsr-3405	449	10	,	,	PUNCT
fsr-3405	449	11	reading	reading	NOUN
fsr-3405	449	12	,	,	PUNCT
fsr-3405	449	13	mass	mass	PROPN
fsr-3405	449	14	)	)	PUNCT
fsr-3405	449	15	.	.	PUNCT
fsr-3405	450	1	amabile	amabile	PROPN
fsr-3405	450	2	,	,	PUNCT
fsr-3405	450	3	t.	t.	NOUN
fsr-3405	450	4	m.	m.	NOUN
fsr-3405	450	5	(	(	PUNCT
fsr-3405	450	6	1983	1983	NUM
fsr-3405	450	7	)	)	PUNCT
fsr-3405	450	8	.	.	PUNCT
fsr-3405	451	1	the	the	DET
fsr-3405	451	2	social	social	ADJ
fsr-3405	451	3	psychology	psychology	NOUN
fsr-3405	451	4	of	of	ADP
fsr-3405	451	5	creativity	creativity	NOUN
fsr-3405	451	6	:	:	PUNCT
fsr-3405	451	7	a	a	DET
fsr-3405	451	8	componential	componential	ADJ
fsr-3405	451	9	conceptualization	conceptualization	NOUN
fsr-3405	451	10	.	.	PUNCT
fsr-3405	452	1	journal	journal	NOUN
fsr-3405	452	2	of	of	ADP
fsr-3405	452	3	personality	personality	NOUN
fsr-3405	452	4	and	and	CCONJ
fsr-3405	452	5	social	social	ADJ
fsr-3405	452	6	psychology	psychology	NOUN
fsr-3405	452	7	,	,	PUNCT
fsr-3405	452	8	45	45	NUM
fsr-3405	452	9	,	,	PUNCT
fsr-3405	452	10	357–376	357–376	NUM
fsr-3405	452	11	.	.	PUNCT
fsr-3405	453	1	baker	baker	PROPN
fsr-3405	453	2	,	,	PUNCT
fsr-3405	453	3	h.	h.	PROPN
fsr-3405	453	4	k.	k.	PROPN
fsr-3405	453	5	,	,	PUNCT
fsr-3405	453	6	filbeck	filbeck	PROPN
fsr-3405	453	7	,	,	PUNCT
fsr-3405	453	8	g.	g.	PROPN
fsr-3405	453	9	,	,	PUNCT
fsr-3405	453	10	&	&	CCONJ
fsr-3405	453	11	ricciardi	ricciardi	PROPN
fsr-3405	453	12	,	,	PUNCT
fsr-3405	453	13	v.	v.	PROPN
fsr-3405	453	14	(	(	PUNCT
fsr-3405	453	15	2017	2017	NUM
fsr-3405	453	16	)	)	PUNCT
fsr-3405	453	17	.	.	PUNCT
fsr-3405	454	1	financial	financial	ADJ
fsr-3405	454	2	behavior	behavior	NOUN
fsr-3405	454	3	:	:	PUNCT
fsr-3405	454	4	players	player	NOUN
fsr-3405	454	5	,	,	PUNCT
fsr-3405	454	6	services	service	NOUN
fsr-3405	454	7	,	,	PUNCT
fsr-3405	454	8	products	product	NOUN
fsr-3405	454	9	,	,	PUNCT
fsr-3405	454	10	and	and	CCONJ
fsr-3405	454	11	markets	market	NOUN
fsr-3405	454	12	.	.	PUNCT
fsr-3405	455	1	new	new	PROPN
fsr-3405	455	2	york	york	PROPN
fsr-3405	455	3	,	,	PUNCT
fsr-3405	455	4	ny	ny	PROPN
fsr-3405	455	5	:	:	PUNCT
fsr-3405	455	6	oxford	oxford	PROPN
fsr-3405	455	7	university	university	PROPN
fsr-3405	455	8	press	press	NOUN
fsr-3405	455	9	.	.	PUNCT
fsr-3405	456	1	baker	baker	PROPN
fsr-3405	456	2	,	,	PUNCT
fsr-3405	456	3	h.	h.	PROPN
fsr-3405	456	4	k.	k.	PROPN
fsr-3405	456	5	,	,	PUNCT
fsr-3405	456	6	&	&	CCONJ
fsr-3405	456	7	nofsinger	nofsinger	PROPN
fsr-3405	456	8	,	,	PUNCT
fsr-3405	456	9	j.	j.	PROPN
fsr-3405	456	10	r.	r.	PROPN
fsr-3405	456	11	(	(	PUNCT
fsr-3405	456	12	2002	2002	NUM
fsr-3405	456	13	)	)	PUNCT
fsr-3405	456	14	.	.	PUNCT
fsr-3405	457	1	psychological	psychological	ADJ
fsr-3405	457	2	biases	bias	NOUN
fsr-3405	457	3	of	of	ADP
fsr-3405	457	4	investors	investor	NOUN
fsr-3405	457	5	.	.	PUNCT
fsr-3405	458	1	financial	financial	ADJ
fsr-3405	458	2	services	service	NOUN
fsr-3405	458	3	review	review	PROPN
fsr-3405	458	4	,	,	PUNCT
fsr-3405	458	5	11	11	NUM
fsr-3405	458	6	,	,	PUNCT
fsr-3405	458	7	97	97	NUM
fsr-3405	458	8	.	.	PUNCT
fsr-3405	459	1	baker	baker	PROPN
fsr-3405	459	2	,	,	PUNCT
fsr-3405	459	3	h.	h.	PROPN
fsr-3405	459	4	k.	k.	PROPN
fsr-3405	459	5	,	,	PUNCT
fsr-3405	459	6	&	&	CCONJ
fsr-3405	459	7	ricciardi	ricciardi	PROPN
fsr-3405	459	8	,	,	PUNCT
fsr-3405	459	9	v.	v.	PROPN
fsr-3405	459	10	(	(	PUNCT
fsr-3405	459	11	2015	2015	NUM
fsr-3405	459	12	)	)	PUNCT
fsr-3405	459	13	.	.	PUNCT
fsr-3405	460	1	understanding	understand	VERB
fsr-3405	460	2	behavioral	behavioral	ADJ
fsr-3405	460	3	aspects	aspect	NOUN
fsr-3405	460	4	of	of	ADP
fsr-3405	460	5	financial	financial	ADJ
fsr-3405	460	6	planning	planning	NOUN
fsr-3405	460	7	and	and	CCONJ
fsr-3405	460	8	investing	investing	NOUN
fsr-3405	460	9	.	.	PUNCT
fsr-3405	461	1	journal	journal	PROPN
fsr-3405	461	2	of	of	ADP
fsr-3405	461	3	financial	financial	ADJ
fsr-3405	461	4	planning	planning	NOUN
fsr-3405	461	5	,	,	PUNCT
fsr-3405	461	6	28	28	NUM
fsr-3405	461	7	,	,	PUNCT
fsr-3405	461	8	22–26	22–26	NUM
fsr-3405	461	9	.	.	PUNCT
fsr-3405	462	1	baker	baker	PROPN
fsr-3405	462	2	,	,	PUNCT
fsr-3405	462	3	m.	m.	NOUN
fsr-3405	462	4	,	,	PUNCT
fsr-3405	462	5	&	&	CCONJ
fsr-3405	462	6	wurgler	wurgler	PROPN
fsr-3405	462	7	,	,	PUNCT
fsr-3405	462	8	j.	j.	PROPN
fsr-3405	462	9	(	(	PUNCT
fsr-3405	462	10	2004a	2004a	NUM
fsr-3405	462	11	)	)	PUNCT
fsr-3405	462	12	.	.	PUNCT
fsr-3405	463	1	a	a	DET
fsr-3405	463	2	catering	catering	NOUN
fsr-3405	463	3	theory	theory	NOUN
fsr-3405	463	4	of	of	ADP
fsr-3405	463	5	dividends	dividend	NOUN
fsr-3405	463	6	.	.	PUNCT
fsr-3405	464	1	the	the	DET
fsr-3405	464	2	journal	journal	NOUN
fsr-3405	464	3	of	of	ADP
fsr-3405	464	4	finance	finance	NOUN
fsr-3405	464	5	,	,	PUNCT
fsr-3405	464	6	59	59	NUM
fsr-3405	464	7	,	,	PUNCT
fsr-3405	464	8	1125–1165	1125–1165	NUM
fsr-3405	464	9	.	.	PUNCT
fsr-3405	465	1	baker	baker	PROPN
fsr-3405	465	2	,	,	PUNCT
fsr-3405	465	3	m.	m.	NOUN
fsr-3405	465	4	,	,	PUNCT
fsr-3405	465	5	&	&	CCONJ
fsr-3405	465	6	wurgler	wurgler	PROPN
fsr-3405	465	7	,	,	PUNCT
fsr-3405	465	8	j.	j.	PROPN
fsr-3405	465	9	(	(	PUNCT
fsr-3405	465	10	2004b	2004b	NUM
fsr-3405	465	11	)	)	PUNCT
fsr-3405	465	12	.	.	PUNCT
fsr-3405	466	1	appearing	appear	VERB
fsr-3405	466	2	and	and	CCONJ
fsr-3405	466	3	disappearing	disappear	VERB
fsr-3405	466	4	dividends	dividend	NOUN
fsr-3405	466	5	:	:	PUNCT
fsr-3405	466	6	the	the	DET
fsr-3405	466	7	link	link	NOUN
fsr-3405	466	8	to	to	ADP
fsr-3405	466	9	catering	catering	NOUN
fsr-3405	466	10	incentives	incentive	NOUN
fsr-3405	466	11	.	.	PUNCT
fsr-3405	467	1	journal	journal	NOUN
fsr-3405	467	2	of	of	ADP
fsr-3405	467	3	financial	financial	ADJ
fsr-3405	467	4	economics	economic	NOUN
fsr-3405	467	5	,	,	PUNCT
fsr-3405	467	6	73	73	NUM
fsr-3405	467	7	,	,	PUNCT
fsr-3405	467	8	271–288	271–288	NUM
fsr-3405	467	9	.	.	PUNCT
fsr-3405	468	1	becker	becker	PROPN
fsr-3405	468	2	,	,	PUNCT
fsr-3405	468	3	b.	b.	PROPN
fsr-3405	468	4	,	,	PUNCT
fsr-3405	468	5	ivković	ivković	ADJ
fsr-3405	468	6	,	,	PUNCT
fsr-3405	468	7	z.	z.	PROPN
fsr-3405	468	8	,	,	PUNCT
fsr-3405	468	9	&	&	CCONJ
fsr-3405	468	10	weisbenner	weisbenner	PROPN
fsr-3405	468	11	,	,	PUNCT
fsr-3405	468	12	s.	s.	PROPN
fsr-3405	468	13	(	(	PUNCT
fsr-3405	468	14	2011	2011	NUM
fsr-3405	468	15	)	)	PUNCT
fsr-3405	468	16	.	.	PUNCT
fsr-3405	469	1	local	local	ADJ
fsr-3405	469	2	dividend	dividend	NOUN
fsr-3405	469	3	clienteles	clientele	NOUN
fsr-3405	469	4	.	.	PUNCT
fsr-3405	470	1	the	the	DET
fsr-3405	470	2	journal	journal	PROPN
fsr-3405	470	3	of	of	ADP
fsr-3405	470	4	finance	finance	NOUN
fsr-3405	470	5	,	,	PUNCT
fsr-3405	470	6	66	66	NUM
fsr-3405	470	7	,	,	PUNCT
fsr-3405	470	8	655–683	655–683	NUM
fsr-3405	470	9	.	.	PUNCT
fsr-3405	470	10	brown	brown	PROPN
fsr-3405	470	11	,	,	PUNCT
fsr-3405	470	12	n.	n.	PROPN
fsr-3405	470	13	c.	c.	PROPN
fsr-3405	470	14	,	,	PUNCT
fsr-3405	470	15	stice	stice	PROPN
fsr-3405	470	16	,	,	PUNCT
fsr-3405	470	17	h.	h.	PROPN
fsr-3405	470	18	,	,	PUNCT
fsr-3405	470	19	&	&	CCONJ
fsr-3405	470	20	white	white	PROPN
fsr-3405	470	21	,	,	PUNCT
fsr-3405	470	22	r.	r.	PROPN
fsr-3405	470	23	m.	m.	PROPN
fsr-3405	470	24	(	(	PUNCT
fsr-3405	470	25	2015	2015	NUM
fsr-3405	470	26	)	)	PUNCT
fsr-3405	470	27	.	.	PUNCT
fsr-3405	471	1	mobile	mobile	ADJ
fsr-3405	471	2	communication	communication	NOUN
fsr-3405	471	3	and	and	CCONJ
fsr-3405	471	4	local	local	ADJ
fsr-3405	471	5	information	information	NOUN
fsr-3405	471	6	flow	flow	NOUN
fsr-3405	471	7	:	:	PUNCT
fsr-3405	471	8	evidence	evidence	NOUN
fsr-3405	471	9	from	from	ADP
fsr-3405	471	10	distracted	distracted	ADJ
fsr-3405	471	11	driving	driving	NOUN
fsr-3405	471	12	laws	law	NOUN
fsr-3405	471	13	.	.	PUNCT
fsr-3405	472	1	journal	journal	NOUN
fsr-3405	472	2	of	of	ADP
fsr-3405	472	3	accounting	accounting	NOUN
fsr-3405	472	4	research	research	NOUN
fsr-3405	472	5	,	,	PUNCT
fsr-3405	472	6	53	53	NUM
fsr-3405	472	7	,	,	PUNCT
fsr-3405	472	8	275–329	275–329	NUM
fsr-3405	472	9	.	.	PUNCT
fsr-3405	473	1	387e	387e	PROPN
fsr-3405	473	2	.	.	PUNCT
fsr-3405	474	1	ucar	ucar	PROPN
fsr-3405	474	2	,	,	PUNCT
fsr-3405	474	3	a.	a.	PROPN
fsr-3405	474	4	staer	staer	PROPN
fsr-3405	474	5	/	/	SYM
fsr-3405	474	6	financial	financial	ADJ
fsr-3405	474	7	services	service	NOUN
fsr-3405	474	8	review	review	VERB
fsr-3405	474	9	27	27	NUM
fsr-3405	474	10	(	(	PUNCT
fsr-3405	474	11	2018	2018	NUM
fsr-3405	474	12	)	)	PUNCT
fsr-3405	474	13	367	367	NUM
fsr-3405	474	14	-	-	SYM
fsr-3405	474	15	389	389	NUM
fsr-3405	474	16	chi	chi	NOUN
fsr-3405	474	17	,	,	PUNCT
fsr-3405	474	18	s.	s.	PROPN
fsr-3405	474	19	s.	s.	PROPN
fsr-3405	474	20	,	,	PUNCT
fsr-3405	474	21	&	&	CCONJ
fsr-3405	474	22	shanthikumar	shanthikumar	PROPN
fsr-3405	474	23	,	,	PUNCT
fsr-3405	474	24	d.	d.	PROPN
fsr-3405	474	25	m.	m.	PROPN
fsr-3405	474	26	(	(	PUNCT
fsr-3405	474	27	2016	2016	NUM
fsr-3405	474	28	)	)	PUNCT
fsr-3405	474	29	.	.	PUNCT
fsr-3405	475	1	local	local	ADJ
fsr-3405	475	2	bias	bias	NOUN
fsr-3405	475	3	in	in	ADP
fsr-3405	475	4	google	google	PROPN
fsr-3405	475	5	search	search	NOUN
fsr-3405	475	6	and	and	CCONJ
fsr-3405	475	7	the	the	DET
fsr-3405	475	8	market	market	NOUN
fsr-3405	475	9	response	response	NOUN
fsr-3405	475	10	around	around	ADP
fsr-3405	475	11	earnings	earning	NOUN
fsr-3405	475	12	announcements	announcement	NOUN
fsr-3405	475	13	.	.	PUNCT
fsr-3405	476	1	the	the	DET
fsr-3405	476	2	accounting	accounting	NOUN
fsr-3405	476	3	review	review	NOUN
fsr-3405	476	4	,	,	PUNCT
fsr-3405	476	5	92	92	NUM
fsr-3405	476	6	,	,	PUNCT
fsr-3405	476	7	115–143	115–143	NUM
fsr-3405	476	8	.	.	PUNCT
fsr-3405	477	1	coval	coval	NOUN
fsr-3405	477	2	,	,	PUNCT
fsr-3405	477	3	j.	j.	PROPN
fsr-3405	477	4	d.	d.	PROPN
fsr-3405	477	5	,	,	PUNCT
fsr-3405	477	6	&	&	CCONJ
fsr-3405	477	7	moskowitz	moskowitz	PROPN
fsr-3405	477	8	,	,	PUNCT
fsr-3405	477	9	t.	t.	PROPN
fsr-3405	477	10	j.	j.	PROPN
fsr-3405	477	11	(	(	PUNCT
fsr-3405	477	12	1999	1999	NUM
fsr-3405	477	13	)	)	PUNCT
fsr-3405	477	14	.	.	PUNCT
fsr-3405	478	1	home	home	NOUN
fsr-3405	478	2	bias	bias	NOUN
fsr-3405	478	3	at	at	ADP
fsr-3405	478	4	home	home	NOUN
fsr-3405	478	5	:	:	PUNCT
fsr-3405	478	6	local	local	ADJ
fsr-3405	478	7	equity	equity	NOUN
fsr-3405	478	8	preference	preference	NOUN
fsr-3405	478	9	in	in	ADP
fsr-3405	478	10	domestic	domestic	ADJ
fsr-3405	478	11	portfolios	portfolio	NOUN
fsr-3405	478	12	.	.	PUNCT
fsr-3405	479	1	the	the	DET
fsr-3405	479	2	journal	journal	NOUN
fsr-3405	479	3	of	of	ADP
fsr-3405	479	4	finance	finance	NOUN
fsr-3405	479	5	,	,	PUNCT
fsr-3405	479	6	54	54	NUM
fsr-3405	479	7	,	,	PUNCT
fsr-3405	479	8	2045–2073	2045–2073	NUM
fsr-3405	479	9	.	.	PUNCT
fsr-3405	479	10	dewett	dewett	PROPN
fsr-3405	479	11	,	,	PUNCT
fsr-3405	479	12	t.	t.	PROPN
fsr-3405	479	13	(	(	PUNCT
fsr-3405	479	14	2004	2004	NUM
fsr-3405	479	15	)	)	PUNCT
fsr-3405	479	16	.	.	PUNCT
fsr-3405	480	1	employee	employee	NOUN
fsr-3405	480	2	creativity	creativity	NOUN
fsr-3405	480	3	and	and	CCONJ
fsr-3405	480	4	the	the	DET
fsr-3405	480	5	role	role	NOUN
fsr-3405	480	6	of	of	ADP
fsr-3405	480	7	risk	risk	NOUN
fsr-3405	480	8	.	.	PUNCT
fsr-3405	481	1	european	european	ADJ
fsr-3405	481	2	journal	journal	PROPN
fsr-3405	481	3	of	of	ADP
fsr-3405	481	4	innovation	innovation	NOUN
fsr-3405	481	5	management	management	NOUN
fsr-3405	481	6	,	,	PUNCT
fsr-3405	481	7	7	7	NUM
fsr-3405	481	8	,	,	PUNCT
fsr-3405	481	9	257–266	257–266	NUM
fsr-3405	481	10	.	.	PUNCT
fsr-3405	482	1	dewett	dewett	PROPN
fsr-3405	482	2	,	,	PUNCT
fsr-3405	482	3	t.	t.	PROPN
fsr-3405	482	4	(	(	PUNCT
fsr-3405	482	5	2006	2006	NUM
fsr-3405	482	6	)	)	PUNCT
fsr-3405	482	7	.	.	PUNCT
fsr-3405	483	1	exploring	explore	VERB
fsr-3405	483	2	the	the	DET
fsr-3405	483	3	role	role	NOUN
fsr-3405	483	4	of	of	ADP
fsr-3405	483	5	risk	risk	NOUN
fsr-3405	483	6	in	in	ADP
fsr-3405	483	7	employee	employee	NOUN
fsr-3405	483	8	creativity	creativity	NOUN
fsr-3405	483	9	.	.	PUNCT
fsr-3405	484	1	the	the	DET
fsr-3405	484	2	journal	journal	NOUN
fsr-3405	484	3	of	of	ADP
fsr-3405	484	4	creative	creative	ADJ
fsr-3405	484	5	behavior	behavior	NOUN
fsr-3405	484	6	,	,	PUNCT
fsr-3405	484	7	40	40	NUM
fsr-3405	484	8	,	,	PUNCT
fsr-3405	484	9	27–45	27–45	NUM
fsr-3405	484	10	.	.	PUNCT
fsr-3405	484	11	fama	fama	PROPN
fsr-3405	484	12	,	,	PUNCT
fsr-3405	484	13	e.	e.	PROPN
fsr-3405	484	14	f.	f.	PROPN
fsr-3405	484	15	,	,	PUNCT
fsr-3405	484	16	&	&	CCONJ
fsr-3405	484	17	french	french	PROPN
fsr-3405	484	18	,	,	PUNCT
fsr-3405	484	19	k.	k.	PROPN
fsr-3405	484	20	r.	r.	PROPN
fsr-3405	484	21	(	(	PUNCT
fsr-3405	484	22	1997	1997	NUM
fsr-3405	484	23	)	)	PUNCT
fsr-3405	484	24	.	.	PUNCT
fsr-3405	485	1	industry	industry	NOUN
fsr-3405	485	2	costs	cost	NOUN
fsr-3405	485	3	of	of	ADP
fsr-3405	485	4	equity	equity	NOUN
fsr-3405	485	5	.	.	PUNCT
fsr-3405	486	1	journal	journal	PROPN
fsr-3405	486	2	of	of	ADP
fsr-3405	486	3	financial	financial	ADJ
fsr-3405	486	4	economics	economic	NOUN
fsr-3405	486	5	,	,	PUNCT
fsr-3405	486	6	43	43	NUM
fsr-3405	486	7	,	,	PUNCT
fsr-3405	486	8	153–193	153–193	NUM
fsr-3405	486	9	.	.	PUNCT
fsr-3405	487	1	fama	fama	PROPN
fsr-3405	487	2	,	,	PUNCT
fsr-3405	487	3	e.	e.	PROPN
fsr-3405	487	4	f.	f.	PROPN
fsr-3405	487	5	,	,	PUNCT
fsr-3405	487	6	&	&	CCONJ
fsr-3405	487	7	french	french	PROPN
fsr-3405	487	8	,	,	PUNCT
fsr-3405	487	9	k.	k.	PROPN
fsr-3405	487	10	r.	r.	PROPN
fsr-3405	487	11	(	(	PUNCT
fsr-3405	487	12	2001	2001	NUM
fsr-3405	487	13	)	)	PUNCT
fsr-3405	487	14	.	.	PUNCT
fsr-3405	488	1	disappearing	disappear	VERB
fsr-3405	488	2	dividends	dividend	NOUN
fsr-3405	488	3	:	:	PUNCT
fsr-3405	488	4	changing	change	VERB
fsr-3405	488	5	firm	firm	ADJ
fsr-3405	488	6	characteristics	characteristic	NOUN
fsr-3405	488	7	or	or	CCONJ
fsr-3405	488	8	lower	low	ADJ
fsr-3405	488	9	propensity	propensity	NOUN
fsr-3405	488	10	to	to	PART
fsr-3405	488	11	pay	pay	VERB
fsr-3405	488	12	?	?	PUNCT
fsr-3405	488	13	journal	journal	NOUN
fsr-3405	488	14	of	of	ADP
fsr-3405	488	15	applied	apply	VERB
fsr-3405	488	16	corporate	corporate	ADJ
fsr-3405	488	17	finance	finance	NOUN
fsr-3405	488	18	,	,	PUNCT
fsr-3405	488	19	14	14	NUM
fsr-3405	488	20	,	,	PUNCT
fsr-3405	488	21	67–79	67–79	NOUN
fsr-3405	488	22	.	.	PUNCT
fsr-3405	489	1	fidler	fidler	NOUN
fsr-3405	489	2	,	,	PUNCT
fsr-3405	489	3	l.	l.	PROPN
fsr-3405	489	4	a.	a.	PROPN
fsr-3405	489	5	,	,	PUNCT
fsr-3405	489	6	&	&	CCONJ
fsr-3405	489	7	johnson	johnson	PROPN
fsr-3405	489	8	,	,	PUNCT
fsr-3405	489	9	j.	j.	PROPN
fsr-3405	489	10	d.	d.	PROPN
fsr-3405	489	11	(	(	PUNCT
fsr-3405	489	12	1984	1984	NUM
fsr-3405	489	13	)	)	PUNCT
fsr-3405	489	14	.	.	PUNCT
fsr-3405	490	1	communication	communication	NOUN
fsr-3405	490	2	and	and	CCONJ
fsr-3405	490	3	innovation	innovation	NOUN
fsr-3405	490	4	implementation	implementation	NOUN
fsr-3405	490	5	.	.	PUNCT
fsr-3405	491	1	the	the	DET
fsr-3405	491	2	academy	academy	PROPN
fsr-3405	491	3	of	of	ADP
fsr-3405	491	4	management	management	PROPN
fsr-3405	491	5	review	review	NOUN
fsr-3405	491	6	,	,	PUNCT
fsr-3405	491	7	9	9	NUM
fsr-3405	491	8	,	,	PUNCT
fsr-3405	491	9	704–711	704–711	NUM
fsr-3405	491	10	.	.	PUNCT
fsr-3405	491	11	fillis	fillis	PROPN
fsr-3405	491	12	,	,	PUNCT
fsr-3405	491	13	i.	i.	PROPN
fsr-3405	491	14	(	(	PUNCT
fsr-3405	491	15	2000	2000	NUM
fsr-3405	491	16	)	)	PUNCT
fsr-3405	491	17	.	.	PUNCT
fsr-3405	492	1	being	be	AUX
fsr-3405	492	2	creative	creative	ADJ
fsr-3405	492	3	at	at	ADP
fsr-3405	492	4	the	the	DET
fsr-3405	492	5	marketing	marketing	NOUN
fsr-3405	492	6	entrepreneurship	entrepreneurship	NOUN
fsr-3405	492	7	interface	interface	NOUN
fsr-3405	492	8	:	:	PUNCT
fsr-3405	492	9	lessons	lesson	NOUN
fsr-3405	492	10	from	from	ADP
fsr-3405	492	11	the	the	DET
fsr-3405	492	12	art	art	NOUN
fsr-3405	492	13	industry	industry	NOUN
fsr-3405	492	14	.	.	PUNCT
fsr-3405	493	1	journal	journal	PROPN
fsr-3405	493	2	of	of	ADP
fsr-3405	493	3	research	research	NOUN
fsr-3405	493	4	in	in	ADP
fsr-3405	493	5	marketing	marketing	NOUN
fsr-3405	493	6	and	and	CCONJ
fsr-3405	493	7	entrepreneurship	entrepreneurship	NOUN
fsr-3405	493	8	,	,	PUNCT
fsr-3405	493	9	2	2	NUM
fsr-3405	493	10	,	,	PUNCT
fsr-3405	493	11	125–137	125–137	NUM
fsr-3405	493	12	.	.	PUNCT
fsr-3405	494	1	florida	florida	PROPN
fsr-3405	494	2	,	,	PUNCT
fsr-3405	494	3	r.	r.	PROPN
fsr-3405	494	4	(	(	PUNCT
fsr-3405	494	5	2002	2002	NUM
fsr-3405	494	6	)	)	PUNCT
fsr-3405	494	7	.	.	PUNCT
fsr-3405	495	1	the	the	DET
fsr-3405	495	2	rise	rise	NOUN
fsr-3405	495	3	of	of	ADP
fsr-3405	495	4	the	the	DET
fsr-3405	495	5	creative	creative	ADJ
fsr-3405	495	6	class	class	NOUN
fsr-3405	495	7	:	:	PUNCT
fsr-3405	495	8	and	and	CCONJ
fsr-3405	495	9	how	how	SCONJ
fsr-3405	495	10	it	it	PRON
fsr-3405	495	11	’s	’s	AUX
fsr-3405	495	12	transforming	transform	VERB
fsr-3405	495	13	work	work	NOUN
fsr-3405	495	14	,	,	PUNCT
fsr-3405	495	15	leisure	leisure	NOUN
fsr-3405	495	16	,	,	PUNCT
fsr-3405	495	17	community	community	NOUN
fsr-3405	495	18	and	and	CCONJ
fsr-3405	495	19	everyday	everyday	ADJ
fsr-3405	495	20	life	life	NOUN
fsr-3405	495	21	.	.	PUNCT
fsr-3405	496	1	new	new	PROPN
fsr-3405	496	2	york	york	PROPN
fsr-3405	496	3	,	,	PUNCT
fsr-3405	496	4	ny	ny	PROPN
fsr-3405	496	5	:	:	PUNCT
fsr-3405	496	6	basic	basic	ADJ
fsr-3405	496	7	books	book	NOUN
fsr-3405	496	8	.	.	PUNCT
fsr-3405	497	1	florida	florida	PROPN
fsr-3405	497	2	,	,	PUNCT
fsr-3405	497	3	r.	r.	PROPN
fsr-3405	497	4	(	(	PUNCT
fsr-3405	497	5	2003	2003	NUM
fsr-3405	497	6	)	)	PUNCT
fsr-3405	497	7	.	.	PUNCT
fsr-3405	498	1	cities	city	NOUN
fsr-3405	498	2	and	and	CCONJ
fsr-3405	498	3	the	the	DET
fsr-3405	498	4	creative	creative	ADJ
fsr-3405	498	5	class	class	NOUN
fsr-3405	498	6	.	.	PUNCT
fsr-3405	499	1	city	city	PROPN
fsr-3405	499	2	&	&	CCONJ
fsr-3405	499	3	community	community	PROPN
fsr-3405	499	4	,	,	PUNCT
fsr-3405	499	5	2	2	NUM
fsr-3405	499	6	,	,	PUNCT
fsr-3405	499	7	3–19	3–19	PROPN
fsr-3405	499	8	.	.	PUNCT
fsr-3405	500	1	florida	florida	PROPN
fsr-3405	500	2	,	,	PUNCT
fsr-3405	500	3	r.	r.	PROPN
fsr-3405	500	4	(	(	PUNCT
fsr-3405	500	5	2005	2005	NUM
fsr-3405	500	6	)	)	PUNCT
fsr-3405	500	7	.	.	PUNCT
fsr-3405	501	1	cities	city	NOUN
fsr-3405	501	2	and	and	CCONJ
fsr-3405	501	3	the	the	DET
fsr-3405	501	4	creative	creative	ADJ
fsr-3405	501	5	class	class	NOUN
fsr-3405	501	6	.	.	PUNCT
fsr-3405	502	1	london	london	PROPN
fsr-3405	502	2	:	:	PUNCT
fsr-3405	503	1	taylor	taylor	PROPN
fsr-3405	503	2	and	and	CCONJ
fsr-3405	503	3	francis	francis	PROPN
fsr-3405	503	4	.	.	PROPN
fsr-3405	503	5	gardner	gardner	PROPN
fsr-3405	503	6	,	,	PUNCT
fsr-3405	503	7	h.	h.	PROPN
fsr-3405	503	8	(	(	PUNCT
fsr-3405	503	9	1993	1993	NUM
fsr-3405	503	10	)	)	PUNCT
fsr-3405	503	11	.	.	PUNCT
fsr-3405	504	1	creating	create	VERB
fsr-3405	504	2	minds	mind	NOUN
fsr-3405	504	3	:	:	PUNCT
fsr-3405	504	4	an	an	DET
fsr-3405	504	5	anatomy	anatomy	NOUN
fsr-3405	504	6	of	of	ADP
fsr-3405	504	7	creativity	creativity	NOUN
fsr-3405	504	8	seen	see	VERB
fsr-3405	504	9	through	through	ADP
fsr-3405	504	10	the	the	DET
fsr-3405	504	11	lives	life	NOUN
fsr-3405	504	12	of	of	ADP
fsr-3405	504	13	freud	freud	PROPN
fsr-3405	504	14	,	,	PUNCT
fsr-3405	504	15	einstein	einstein	PROPN
fsr-3405	504	16	,	,	PUNCT
fsr-3405	504	17	picasso	picasso	PROPN
fsr-3405	504	18	,	,	PUNCT
fsr-3405	504	19	stravinsky	stravinsky	PROPN
fsr-3405	504	20	,	,	PUNCT
fsr-3405	504	21	eliot	eliot	PROPN
fsr-3405	504	22	,	,	PUNCT
fsr-3405	504	23	graham	graham	PROPN
fsr-3405	504	24	,	,	PUNCT
fsr-3405	504	25	and	and	CCONJ
fsr-3405	504	26	gandhi	gandhi	PROPN
fsr-3405	504	27	.	.	PUNCT
fsr-3405	505	1	new	new	PROPN
fsr-3405	505	2	york	york	PROPN
fsr-3405	505	3	,	,	PUNCT
fsr-3405	505	4	ny	ny	PROPN
fsr-3405	505	5	:	:	PUNCT
fsr-3405	505	6	basic	basic	ADJ
fsr-3405	505	7	books	book	NOUN
fsr-3405	505	8	.	.	PUNCT
fsr-3405	506	1	gordon	gordon	PROPN
fsr-3405	506	2	,	,	PUNCT
fsr-3405	506	3	m.	m.	NOUN
fsr-3405	506	4	j.	j.	PROPN
fsr-3405	506	5	(	(	PUNCT
fsr-3405	506	6	1963	1963	NUM
fsr-3405	506	7	)	)	PUNCT
fsr-3405	506	8	.	.	PUNCT
fsr-3405	507	1	optimal	optimal	ADJ
fsr-3405	507	2	investment	investment	NOUN
fsr-3405	507	3	and	and	CCONJ
fsr-3405	507	4	financing	financing	NOUN
fsr-3405	507	5	policy	policy	NOUN
fsr-3405	507	6	.	.	PUNCT
fsr-3405	508	1	the	the	DET
fsr-3405	508	2	journal	journal	PROPN
fsr-3405	508	3	of	of	ADP
fsr-3405	508	4	finance	finance	NOUN
fsr-3405	508	5	,	,	PUNCT
fsr-3405	508	6	18	18	NUM
fsr-3405	508	7	,	,	PUNCT
fsr-3405	508	8	264–272	264–272	NUM
fsr-3405	508	9	.	.	PUNCT
fsr-3405	509	1	graham	graham	PROPN
fsr-3405	509	2	,	,	PUNCT
fsr-3405	509	3	j.	j.	PROPN
fsr-3405	509	4	r.	r.	PROPN
fsr-3405	509	5	,	,	PUNCT
fsr-3405	509	6	&	&	CCONJ
fsr-3405	509	7	kumar	kumar	PROPN
fsr-3405	509	8	,	,	PUNCT
fsr-3405	509	9	a.	a.	NOUN
fsr-3405	509	10	(	(	PUNCT
fsr-3405	509	11	2006	2006	NUM
fsr-3405	509	12	)	)	PUNCT
fsr-3405	509	13	.	.	PUNCT
fsr-3405	510	1	do	do	AUX
fsr-3405	510	2	dividend	dividend	VERB
fsr-3405	510	3	clienteles	clientele	NOUN
fsr-3405	510	4	exist	exist	VERB
fsr-3405	510	5	?	?	PUNCT
fsr-3405	511	1	evidence	evidence	NOUN
fsr-3405	511	2	on	on	ADP
fsr-3405	511	3	dividend	dividend	NOUN
fsr-3405	511	4	preferences	preference	NOUN
fsr-3405	511	5	of	of	ADP
fsr-3405	511	6	retail	retail	ADJ
fsr-3405	511	7	investors	investor	NOUN
fsr-3405	511	8	.	.	PUNCT
fsr-3405	512	1	the	the	DET
fsr-3405	512	2	journal	journal	PROPN
fsr-3405	512	3	of	of	ADP
fsr-3405	512	4	finance	finance	NOUN
fsr-3405	512	5	,	,	PUNCT
fsr-3405	512	6	61	61	NUM
fsr-3405	512	7	,	,	PUNCT
fsr-3405	512	8	1305–1336	1305–1336	NUM
fsr-3405	512	9	.	.	PUNCT
fsr-3405	513	1	grinblatt	grinblatt	PROPN
fsr-3405	513	2	,	,	PUNCT
fsr-3405	513	3	m.	m.	NOUN
fsr-3405	513	4	,	,	PUNCT
fsr-3405	513	5	&	&	CCONJ
fsr-3405	513	6	keloharju	keloharju	NOUN
fsr-3405	513	7	,	,	PUNCT
fsr-3405	513	8	m.	m.	NOUN
fsr-3405	513	9	(	(	PUNCT
fsr-3405	513	10	2001	2001	NUM
fsr-3405	513	11	)	)	PUNCT
fsr-3405	513	12	.	.	PUNCT
fsr-3405	514	1	how	how	SCONJ
fsr-3405	514	2	distance	distance	NOUN
fsr-3405	514	3	,	,	PUNCT
fsr-3405	514	4	language	language	NOUN
fsr-3405	514	5	,	,	PUNCT
fsr-3405	514	6	and	and	CCONJ
fsr-3405	514	7	culture	culture	NOUN
fsr-3405	514	8	influence	influence	NOUN
fsr-3405	514	9	stockholdings	stockholding	NOUN
fsr-3405	514	10	and	and	CCONJ
fsr-3405	514	11	trades	trade	NOUN
fsr-3405	514	12	.	.	PUNCT
fsr-3405	515	1	the	the	DET
fsr-3405	515	2	journal	journal	PROPN
fsr-3405	515	3	of	of	ADP
fsr-3405	515	4	finance	finance	NOUN
fsr-3405	515	5	,	,	PUNCT
fsr-3405	515	6	56	56	NUM
fsr-3405	515	7	,	,	PUNCT
fsr-3405	515	8	1053–1073	1053–1073	NUM
fsr-3405	515	9	.	.	PUNCT
fsr-3405	516	1	grullon	grullon	PROPN
fsr-3405	516	2	,	,	PUNCT
fsr-3405	516	3	g.	g.	PROPN
fsr-3405	516	4	,	,	PUNCT
fsr-3405	516	5	paye	paye	PROPN
fsr-3405	516	6	,	,	PUNCT
fsr-3405	516	7	b.	b.	PROPN
fsr-3405	516	8	,	,	PUNCT
fsr-3405	516	9	underwood	underwood	PROPN
fsr-3405	516	10	,	,	PUNCT
fsr-3405	516	11	s.	s.	PROPN
fsr-3405	516	12	,	,	PUNCT
fsr-3405	516	13	&	&	CCONJ
fsr-3405	516	14	weston	weston	PROPN
fsr-3405	516	15	,	,	PUNCT
fsr-3405	516	16	j.	j.	PROPN
fsr-3405	516	17	p.	p.	PROPN
fsr-3405	516	18	(	(	PUNCT
fsr-3405	516	19	2011	2011	NUM
fsr-3405	516	20	)	)	PUNCT
fsr-3405	516	21	.	.	PUNCT
fsr-3405	517	1	has	have	VERB
fsr-3405	517	2	the	the	DET
fsr-3405	517	3	propensity	propensity	NOUN
fsr-3405	517	4	to	to	PART
fsr-3405	517	5	pay	pay	VERB
fsr-3405	517	6	out	out	ADP
fsr-3405	517	7	declined	decline	VERB
fsr-3405	517	8	?	?	PUNCT
fsr-3405	518	1	the	the	DET
fsr-3405	518	2	journal	journal	NOUN
fsr-3405	518	3	of	of	ADP
fsr-3405	518	4	financial	financial	ADJ
fsr-3405	518	5	and	and	CCONJ
fsr-3405	518	6	quantitative	quantitative	ADJ
fsr-3405	518	7	analysis	analysis	NOUN
fsr-3405	518	8	,	,	PUNCT
fsr-3405	518	9	46	46	NUM
fsr-3405	518	10	,	,	PUNCT
fsr-3405	518	11	1–24	1–24	PROPN
fsr-3405	518	12	.	.	PUNCT
fsr-3405	519	1	guillemette	guillemette	PROPN
fsr-3405	519	2	,	,	PUNCT
fsr-3405	519	3	m.	m.	NOUN
fsr-3405	519	4	,	,	PUNCT
fsr-3405	519	5	&	&	CCONJ
fsr-3405	519	6	nanigian	nanigian	PROPN
fsr-3405	519	7	,	,	PUNCT
fsr-3405	519	8	d.	d.	PROPN
fsr-3405	519	9	(	(	PUNCT
fsr-3405	519	10	2014	2014	NUM
fsr-3405	519	11	)	)	PUNCT
fsr-3405	520	1	what	what	PRON
fsr-3405	520	2	determines	determine	VERB
fsr-3405	520	3	risk	risk	NOUN
fsr-3405	520	4	tolerance	tolerance	NOUN
fsr-3405	520	5	?	?	PUNCT
fsr-3405	521	1	financial	financial	ADJ
fsr-3405	521	2	services	service	NOUN
fsr-3405	521	3	review	review	NOUN
fsr-3405	521	4	,	,	PUNCT
fsr-3405	521	5	23	23	NUM
fsr-3405	521	6	,	,	PUNCT
fsr-3405	521	7	207–218	207–218	NUM
fsr-3405	521	8	.	.	PUNCT
fsr-3405	521	9	heilman	heilman	PROPN
fsr-3405	521	10	,	,	PUNCT
fsr-3405	521	11	k.	k.	PROPN
fsr-3405	521	12	m.	m.	PROPN
fsr-3405	521	13	(	(	PUNCT
fsr-3405	521	14	2016	2016	NUM
fsr-3405	521	15	)	)	PUNCT
fsr-3405	521	16	.	.	PUNCT
fsr-3405	522	1	possible	possible	ADJ
fsr-3405	522	2	brain	brain	NOUN
fsr-3405	522	3	mechanisms	mechanism	NOUN
fsr-3405	522	4	of	of	ADP
fsr-3405	522	5	creativity	creativity	NOUN
fsr-3405	522	6	.	.	PUNCT
fsr-3405	523	1	archives	archive	NOUN
fsr-3405	523	2	of	of	ADP
fsr-3405	523	3	clinical	clinical	ADJ
fsr-3405	523	4	neuropsychology	neuropsychology	NOUN
fsr-3405	523	5	,	,	PUNCT
fsr-3405	523	6	31	31	NUM
fsr-3405	523	7	,	,	PUNCT
fsr-3405	523	8	285–296	285–296	NUM
fsr-3405	523	9	.	.	PUNCT
fsr-3405	524	1	hilary	hilary	PROPN
fsr-3405	524	2	,	,	PUNCT
fsr-3405	524	3	g.	g.	PROPN
fsr-3405	524	4	,	,	PUNCT
fsr-3405	524	5	&	&	CCONJ
fsr-3405	524	6	hui	hui	PROPN
fsr-3405	524	7	,	,	PUNCT
fsr-3405	524	8	k.	k.	PROPN
fsr-3405	524	9	w.	w.	PROPN
fsr-3405	524	10	(	(	PUNCT
fsr-3405	524	11	2009	2009	NUM
fsr-3405	524	12	)	)	PUNCT
fsr-3405	524	13	.	.	PUNCT
fsr-3405	525	1	does	do	VERB
fsr-3405	525	2	religion	religion	NOUN
fsr-3405	525	3	matter	matter	NOUN
fsr-3405	525	4	in	in	ADP
fsr-3405	525	5	corporate	corporate	ADJ
fsr-3405	525	6	decision	decision	NOUN
fsr-3405	525	7	making	making	NOUN
fsr-3405	525	8	in	in	ADP
fsr-3405	525	9	america	america	PROPN
fsr-3405	525	10	?	?	PUNCT
fsr-3405	526	1	journal	journal	PROPN
fsr-3405	526	2	of	of	ADP
fsr-3405	526	3	financial	financial	ADJ
fsr-3405	526	4	economics	economic	NOUN
fsr-3405	526	5	,	,	PUNCT
fsr-3405	526	6	93	93	NUM
fsr-3405	526	7	,	,	PUNCT
fsr-3405	526	8	455–473	455–473	NUM
fsr-3405	526	9	.	.	PUNCT
fsr-3405	526	10	hirshleifer	hirshleifer	PROPN
fsr-3405	526	11	,	,	PUNCT
fsr-3405	526	12	d.	d.	PROPN
fsr-3405	526	13	(	(	PUNCT
fsr-3405	526	14	2015	2015	NUM
fsr-3405	526	15	)	)	PUNCT
fsr-3405	526	16	.	.	PUNCT
fsr-3405	527	1	behavioral	behavioral	ADJ
fsr-3405	527	2	finance	finance	NOUN
fsr-3405	527	3	.	.	PUNCT
fsr-3405	528	1	annual	annual	ADJ
fsr-3405	528	2	review	review	NOUN
fsr-3405	528	3	of	of	ADP
fsr-3405	528	4	financial	financial	ADJ
fsr-3405	528	5	economics	economic	NOUN
fsr-3405	528	6	,	,	PUNCT
fsr-3405	528	7	7	7	NUM
fsr-3405	528	8	,	,	PUNCT
fsr-3405	528	9	133–159	133–159	NUM
fsr-3405	528	10	.	.	PUNCT
fsr-3405	529	1	hirshleifer	hirshleifer	PROPN
fsr-3405	529	2	,	,	PUNCT
fsr-3405	529	3	d.	d.	PROPN
fsr-3405	529	4	,	,	PUNCT
fsr-3405	529	5	jian	jian	PROPN
fsr-3405	529	6	,	,	PUNCT
fsr-3405	529	7	m.	m.	NOUN
fsr-3405	529	8	,	,	PUNCT
fsr-3405	529	9	&	&	CCONJ
fsr-3405	529	10	zhang	zhang	PROPN
fsr-3405	529	11	,	,	PUNCT
fsr-3405	529	12	h.	h.	PROPN
fsr-3405	529	13	(	(	PUNCT
fsr-3405	529	14	2018	2018	NUM
fsr-3405	529	15	)	)	PUNCT
fsr-3405	529	16	.	.	PUNCT
fsr-3405	530	1	superstition	superstition	NOUN
fsr-3405	530	2	and	and	CCONJ
fsr-3405	530	3	financial	financial	ADJ
fsr-3405	530	4	decision	decision	NOUN
fsr-3405	530	5	making	making	NOUN
fsr-3405	530	6	.	.	PUNCT
fsr-3405	531	1	management	management	NOUN
fsr-3405	531	2	science	science	NOUN
fsr-3405	531	3	,	,	PUNCT
fsr-3405	531	4	64	64	NUM
fsr-3405	531	5	,	,	PUNCT
fsr-3405	531	6	235–252	235–252	NUM
fsr-3405	531	7	.	.	PUNCT
fsr-3405	532	1	hotchkiss	hotchkiss	PROPN
fsr-3405	532	2	,	,	PUNCT
fsr-3405	532	3	e.	e.	PROPN
fsr-3405	532	4	s.	s.	PROPN
fsr-3405	532	5	,	,	PUNCT
fsr-3405	532	6	&	&	CCONJ
fsr-3405	532	7	lawrence	lawrence	PROPN
fsr-3405	532	8	,	,	PUNCT
fsr-3405	532	9	s.	s.	PROPN
fsr-3405	532	10	(	(	PUNCT
fsr-3405	532	11	2007	2007	NUM
fsr-3405	532	12	)	)	PUNCT
fsr-3405	532	13	.	.	PUNCT
fsr-3405	533	1	empirical	empirical	ADJ
fsr-3405	533	2	evidence	evidence	NOUN
fsr-3405	533	3	on	on	ADP
fsr-3405	533	4	the	the	DET
fsr-3405	533	5	existence	existence	NOUN
fsr-3405	533	6	of	of	ADP
fsr-3405	533	7	dividend	dividend	NOUN
fsr-3405	533	8	clienteles	clientele	NOUN
fsr-3405	533	9	.	.	PUNCT
fsr-3405	534	1	ssrn	ssrn	PROPN
fsr-3405	534	2	scholarly	scholarly	ADJ
fsr-3405	534	3	paper	paper	NOUN
fsr-3405	534	4	,	,	PUNCT
fsr-3405	534	5	social	social	ADJ
fsr-3405	534	6	science	science	NOUN
fsr-3405	534	7	research	research	NOUN
fsr-3405	534	8	network	network	NOUN
fsr-3405	534	9	,	,	PUNCT
fsr-3405	534	10	rochester	rochester	PROPN
fsr-3405	534	11	,	,	PUNCT
fsr-3405	534	12	ny	ny	PROPN
fsr-3405	534	13	.	.	PROPN
fsr-3405	534	14	ivković	ivković	PROPN
fsr-3405	534	15	,	,	PUNCT
fsr-3405	534	16	z.	z.	PROPN
fsr-3405	534	17	,	,	PUNCT
fsr-3405	534	18	&	&	CCONJ
fsr-3405	534	19	weisbenner	weisbenner	PROPN
fsr-3405	534	20	,	,	PUNCT
fsr-3405	534	21	s.	s.	PROPN
fsr-3405	534	22	(	(	PUNCT
fsr-3405	534	23	2005	2005	NUM
fsr-3405	534	24	)	)	PUNCT
fsr-3405	534	25	.	.	PUNCT
fsr-3405	535	1	local	local	PROPN
fsr-3405	535	2	does	do	VERB
fsr-3405	535	3	as	as	SCONJ
fsr-3405	535	4	local	local	ADJ
fsr-3405	535	5	is	be	AUX
fsr-3405	535	6	:	:	PUNCT
fsr-3405	535	7	information	information	NOUN
fsr-3405	535	8	content	content	NOUN
fsr-3405	535	9	of	of	ADP
fsr-3405	535	10	the	the	DET
fsr-3405	535	11	geography	geography	NOUN
fsr-3405	535	12	of	of	ADP
fsr-3405	535	13	individual	individual	ADJ
fsr-3405	535	14	investors	investor	NOUN
fsr-3405	535	15	’	'	PUNCT
fsr-3405	535	16	common	common	ADJ
fsr-3405	535	17	stock	stock	NOUN
fsr-3405	535	18	investments	investment	NOUN
fsr-3405	535	19	.	.	PUNCT
fsr-3405	536	1	the	the	DET
fsr-3405	536	2	journal	journal	PROPN
fsr-3405	536	3	of	of	ADP
fsr-3405	536	4	finance	finance	NOUN
fsr-3405	536	5	,	,	PUNCT
fsr-3405	536	6	60	60	NUM
fsr-3405	536	7	,	,	PUNCT
fsr-3405	536	8	267–306	267–306	NUM
fsr-3405	536	9	.	.	PUNCT
fsr-3405	537	1	jalan	jalan	PROPN
fsr-3405	537	2	,	,	PUNCT
fsr-3405	537	3	a.	a.	PROPN
fsr-3405	537	4	,	,	PUNCT
fsr-3405	537	5	&	&	CCONJ
fsr-3405	537	6	kleiner	kleiner	PROPN
fsr-3405	537	7	,	,	PUNCT
fsr-3405	537	8	b.	b.	PROPN
fsr-3405	537	9	h.	h.	PROPN
fsr-3405	537	10	(	(	PUNCT
fsr-3405	537	11	1995	1995	NUM
fsr-3405	537	12	)	)	PUNCT
fsr-3405	537	13	.	.	PUNCT
fsr-3405	538	1	new	new	ADJ
fsr-3405	538	2	developments	development	NOUN
fsr-3405	538	3	in	in	ADP
fsr-3405	538	4	developing	develop	VERB
fsr-3405	538	5	creativity	creativity	NOUN
fsr-3405	538	6	,	,	PUNCT
fsr-3405	538	7	journal	journal	NOUN
fsr-3405	538	8	of	of	ADP
fsr-3405	538	9	managerial	managerial	ADJ
fsr-3405	538	10	psychology	psychology	NOUN
fsr-3405	538	11	,	,	PUNCT
fsr-3405	538	12	10	10	NUM
fsr-3405	538	13	,	,	PUNCT
fsr-3405	538	14	20–23	20–23	PROPN
fsr-3405	538	15	.	.	PUNCT
fsr-3405	539	1	kumar	kumar	PROPN
fsr-3405	539	2	,	,	PUNCT
fsr-3405	539	3	a.	a.	PROPN
fsr-3405	539	4	,	,	PUNCT
fsr-3405	539	5	lei	lei	PROPN
fsr-3405	539	6	,	,	PUNCT
fsr-3405	539	7	z.	z.	PROPN
fsr-3405	539	8	,	,	PUNCT
fsr-3405	539	9	&	&	CCONJ
fsr-3405	539	10	zhang	zhang	PROPN
fsr-3405	539	11	,	,	PUNCT
fsr-3405	539	12	c.	c.	PROPN
fsr-3405	539	13	(	(	PUNCT
fsr-3405	539	14	2016	2016	NUM
fsr-3405	539	15	)	)	PUNCT
fsr-3405	539	16	.	.	PUNCT
fsr-3405	540	1	a	a	DET
fsr-3405	540	2	direct	direct	ADJ
fsr-3405	540	3	test	test	NOUN
fsr-3405	540	4	of	of	ADP
fsr-3405	540	5	the	the	DET
fsr-3405	540	6	dividend	dividend	NOUN
fsr-3405	540	7	catering	catering	NOUN
fsr-3405	540	8	hypothesis	hypothesis	NOUN
fsr-3405	540	9	.	.	PUNCT
fsr-3405	541	1	ssrn	ssrn	PROPN
fsr-3405	541	2	scholarly	scholarly	ADJ
fsr-3405	541	3	paper	paper	NOUN
fsr-3405	541	4	,	,	PUNCT
fsr-3405	541	5	social	social	ADJ
fsr-3405	541	6	science	science	NOUN
fsr-3405	541	7	research	research	NOUN
fsr-3405	541	8	network	network	NOUN
fsr-3405	541	9	,	,	PUNCT
fsr-3405	541	10	rochester	rochester	PROPN
fsr-3405	541	11	,	,	PUNCT
fsr-3405	541	12	ny	ny	PROPN
fsr-3405	541	13	.	.	PROPN
fsr-3405	541	14	kuzniak	kuzniak	PROPN
fsr-3405	541	15	,	,	PUNCT
fsr-3405	541	16	s.	s.	PROPN
fsr-3405	541	17	,	,	PUNCT
fsr-3405	541	18	&	&	CCONJ
fsr-3405	541	19	grable	grable	PROPN
fsr-3405	541	20	,	,	PUNCT
fsr-3405	541	21	j.	j.	PROPN
fsr-3405	541	22	e.	e.	PROPN
fsr-3405	541	23	(	(	PUNCT
fsr-3405	541	24	2017	2017	NUM
fsr-3405	541	25	)	)	PUNCT
fsr-3405	541	26	.	.	PUNCT
fsr-3405	542	1	does	do	VERB
fsr-3405	542	2	financial	financial	ADJ
fsr-3405	542	3	risk	risk	NOUN
fsr-3405	542	4	tolerance	tolerance	NOUN
fsr-3405	542	5	change	change	NOUN
fsr-3405	542	6	over	over	ADP
fsr-3405	542	7	time	time	NOUN
fsr-3405	542	8	?	?	PUNCT
fsr-3405	543	1	a	a	DET
fsr-3405	543	2	test	test	NOUN
fsr-3405	543	3	of	of	ADP
fsr-3405	543	4	the	the	DET
fsr-3405	543	5	role	role	NOUN
fsr-3405	543	6	macroeconomic	macroeconomic	ADJ
fsr-3405	543	7	,	,	PUNCT
fsr-3405	543	8	biopsychosocial	biopsychosocial	ADJ
fsr-3405	543	9	and	and	CCONJ
fsr-3405	543	10	environmental	environmental	ADJ
fsr-3405	543	11	,	,	PUNCT
fsr-3405	543	12	and	and	CCONJ
fsr-3405	543	13	social	social	ADJ
fsr-3405	543	14	support	support	NOUN
fsr-3405	543	15	factors	factor	NOUN
fsr-3405	543	16	play	play	VERB
fsr-3405	543	17	in	in	ADP
fsr-3405	543	18	shaping	shape	VERB
fsr-3405	543	19	changes	change	NOUN
fsr-3405	543	20	in	in	ADP
fsr-3405	543	21	risk	risk	NOUN
fsr-3405	543	22	attitudes	attitude	NOUN
fsr-3405	543	23	.	.	PUNCT
fsr-3405	544	1	financial	financial	ADJ
fsr-3405	544	2	services	service	NOUN
fsr-3405	544	3	review	review	PROPN
fsr-3405	544	4	,	,	PUNCT
fsr-3405	544	5	26	26	NUM
fsr-3405	544	6	,	,	PUNCT
fsr-3405	544	7	315–338	315–338	NUM
fsr-3405	544	8	.	.	PUNCT
fsr-3405	544	9	lintner	lintner	PROPN
fsr-3405	544	10	,	,	PUNCT
fsr-3405	544	11	j.	j.	PROPN
fsr-3405	544	12	(	(	PUNCT
fsr-3405	544	13	1963	1963	NUM
fsr-3405	544	14	)	)	PUNCT
fsr-3405	544	15	.	.	PUNCT
fsr-3405	545	1	the	the	DET
fsr-3405	545	2	cost	cost	NOUN
fsr-3405	545	3	of	of	ADP
fsr-3405	545	4	capital	capital	NOUN
fsr-3405	545	5	and	and	CCONJ
fsr-3405	545	6	optimal	optimal	ADJ
fsr-3405	545	7	financing	financing	NOUN
fsr-3405	545	8	of	of	ADP
fsr-3405	545	9	corporate	corporate	ADJ
fsr-3405	545	10	growth	growth	NOUN
fsr-3405	545	11	.	.	PUNCT
fsr-3405	546	1	the	the	DET
fsr-3405	546	2	journal	journal	PROPN
fsr-3405	546	3	of	of	ADP
fsr-3405	546	4	finance	finance	NOUN
fsr-3405	546	5	,	,	PUNCT
fsr-3405	546	6	18	18	NUM
fsr-3405	546	7	,	,	PUNCT
fsr-3405	546	8	292–310	292–310	NUM
fsr-3405	546	9	.	.	PUNCT
fsr-3405	547	1	loughran	loughran	PROPN
fsr-3405	547	2	,	,	PUNCT
fsr-3405	547	3	t.	t.	PROPN
fsr-3405	547	4	,	,	PUNCT
fsr-3405	547	5	&	&	CCONJ
fsr-3405	547	6	schultz	schultz	PROPN
fsr-3405	547	7	,	,	PUNCT
fsr-3405	547	8	p.	p.	NOUN
fsr-3405	547	9	(	(	PUNCT
fsr-3405	547	10	2004	2004	NUM
fsr-3405	547	11	)	)	PUNCT
fsr-3405	547	12	.	.	PUNCT
fsr-3405	548	1	weather	weather	NOUN
fsr-3405	548	2	,	,	PUNCT
fsr-3405	548	3	stock	stock	NOUN
fsr-3405	548	4	returns	return	NOUN
fsr-3405	548	5	,	,	PUNCT
fsr-3405	548	6	and	and	CCONJ
fsr-3405	548	7	the	the	DET
fsr-3405	548	8	impact	impact	NOUN
fsr-3405	548	9	of	of	ADP
fsr-3405	548	10	localized	localized	ADJ
fsr-3405	548	11	trading	trading	NOUN
fsr-3405	548	12	behavior	behavior	NOUN
fsr-3405	548	13	.	.	PUNCT
fsr-3405	549	1	the	the	DET
fsr-3405	549	2	journal	journal	NOUN
fsr-3405	549	3	of	of	ADP
fsr-3405	549	4	financial	financial	ADJ
fsr-3405	549	5	and	and	CCONJ
fsr-3405	549	6	quantitative	quantitative	ADJ
fsr-3405	549	7	analysis	analysis	NOUN
fsr-3405	549	8	,	,	PUNCT
fsr-3405	549	9	39	39	NUM
fsr-3405	549	10	,	,	PUNCT
fsr-3405	549	11	343–364	343–364	NUM
fsr-3405	549	12	.	.	PUNCT
fsr-3405	550	1	388	388	NUM
fsr-3405	550	2	e.	e.	PROPN
fsr-3405	550	3	ucar	ucar	PROPN
fsr-3405	550	4	,	,	PUNCT
fsr-3405	550	5	a.	a.	PROPN
fsr-3405	550	6	staer	staer	PROPN
fsr-3405	550	7	/	/	SYM
fsr-3405	550	8	financial	financial	ADJ
fsr-3405	550	9	services	service	NOUN
fsr-3405	550	10	review	review	VERB
fsr-3405	550	11	27	27	NUM
fsr-3405	550	12	(	(	PUNCT
fsr-3405	550	13	2018	2018	NUM
fsr-3405	550	14	)	)	PUNCT
fsr-3405	550	15	367	367	NUM
fsr-3405	550	16	-	-	SYM
fsr-3405	550	17	389	389	NUM
fsr-3405	550	18	marade	marade	NOUN
fsr-3405	550	19	,	,	PUNCT
fsr-3405	550	20	a.	a.	NOUN
fsr-3405	550	21	a.	a.	PROPN
fsr-3405	550	22	,	,	PUNCT
fsr-3405	550	23	gibbons	gibbon	NOUN
fsr-3405	550	24	,	,	PUNCT
fsr-3405	550	25	j.	j.	PROPN
fsr-3405	550	26	a.	a.	PROPN
fsr-3405	550	27	,	,	PUNCT
fsr-3405	550	28	&	&	CCONJ
fsr-3405	550	29	brinthaupt	brinthaupt	PROPN
fsr-3405	550	30	,	,	PUNCT
fsr-3405	550	31	t.	t.	NOUN
fsr-3405	550	32	m.	m.	NOUN
fsr-3405	550	33	(	(	PUNCT
fsr-3405	550	34	2007	2007	NUM
fsr-3405	550	35	)	)	PUNCT
fsr-3405	550	36	.	.	PUNCT
fsr-3405	551	1	the	the	DET
fsr-3405	551	2	role	role	NOUN
fsr-3405	551	3	of	of	ADP
fsr-3405	551	4	risk	risk	NOUN
fsr-3405	551	5	-	-	PUNCT
fsr-3405	551	6	taking	taking	NOUN
fsr-3405	551	7	in	in	ADP
fsr-3405	551	8	songwriting	songwrite	VERB
fsr-3405	551	9	success	success	NOUN
fsr-3405	551	10	.	.	PUNCT
fsr-3405	552	1	the	the	DET
fsr-3405	552	2	journal	journal	NOUN
fsr-3405	552	3	of	of	ADP
fsr-3405	552	4	creative	creative	ADJ
fsr-3405	552	5	behavior	behavior	NOUN
fsr-3405	552	6	,	,	PUNCT
fsr-3405	552	7	41	41	NUM
fsr-3405	552	8	,	,	PUNCT
fsr-3405	552	9	125–149	125–149	NUM
fsr-3405	552	10	.	.	PUNCT
fsr-3405	553	1	massa	massa	PROPN
fsr-3405	553	2	,	,	PUNCT
fsr-3405	553	3	m.	m.	NOUN
fsr-3405	553	4	,	,	PUNCT
fsr-3405	553	5	&	&	CCONJ
fsr-3405	553	6	simonov	simonov	PROPN
fsr-3405	553	7	,	,	PUNCT
fsr-3405	553	8	a.	a.	NOUN
fsr-3405	553	9	(	(	PUNCT
fsr-3405	553	10	2006	2006	NUM
fsr-3405	553	11	)	)	PUNCT
fsr-3405	553	12	.	.	PUNCT
fsr-3405	554	1	hedging	hedging	NOUN
fsr-3405	554	2	,	,	PUNCT
fsr-3405	554	3	familiarity	familiarity	NOUN
fsr-3405	554	4	and	and	CCONJ
fsr-3405	554	5	portfolio	portfolio	NOUN
fsr-3405	554	6	choice	choice	NOUN
fsr-3405	554	7	.	.	PUNCT
fsr-3405	555	1	the	the	DET
fsr-3405	555	2	review	review	NOUN
fsr-3405	555	3	of	of	ADP
fsr-3405	555	4	financial	financial	ADJ
fsr-3405	555	5	studies	study	NOUN
fsr-3405	555	6	,	,	PUNCT
fsr-3405	555	7	19	19	NUM
fsr-3405	555	8	,	,	PUNCT
fsr-3405	555	9	633–685	633–685	NUM
fsr-3405	555	10	.	.	PUNCT
fsr-3405	556	1	miller	miller	PROPN
fsr-3405	556	2	,	,	PUNCT
fsr-3405	556	3	m.	m.	PROPN
fsr-3405	556	4	h.	h.	PROPN
fsr-3405	556	5	,	,	PUNCT
fsr-3405	556	6	&	&	CCONJ
fsr-3405	556	7	modigliani	modigliani	PROPN
fsr-3405	556	8	,	,	PUNCT
fsr-3405	556	9	f.	f.	PROPN
fsr-3405	556	10	(	(	PUNCT
fsr-3405	556	11	1961	1961	NUM
fsr-3405	556	12	)	)	PUNCT
fsr-3405	556	13	.	.	PUNCT
fsr-3405	557	1	dividend	dividend	NOUN
fsr-3405	557	2	policy	policy	NOUN
fsr-3405	557	3	,	,	PUNCT
fsr-3405	557	4	growth	growth	NOUN
fsr-3405	557	5	,	,	PUNCT
fsr-3405	557	6	and	and	CCONJ
fsr-3405	557	7	the	the	DET
fsr-3405	557	8	valuation	valuation	NOUN
fsr-3405	557	9	of	of	ADP
fsr-3405	557	10	shares	share	NOUN
fsr-3405	557	11	.	.	PUNCT
fsr-3405	558	1	the	the	DET
fsr-3405	558	2	journal	journal	NOUN
fsr-3405	558	3	of	of	ADP
fsr-3405	558	4	business	business	NOUN
fsr-3405	558	5	,	,	PUNCT
fsr-3405	558	6	34	34	NUM
fsr-3405	558	7	,	,	PUNCT
fsr-3405	558	8	411–433	411–433	NUM
fsr-3405	558	9	.	.	PUNCT
fsr-3405	559	1	nofsinger	nofsinger	PROPN
fsr-3405	559	2	,	,	PUNCT
fsr-3405	559	3	j.	j.	PROPN
fsr-3405	559	4	r.	r.	PROPN
fsr-3405	559	5	,	,	PUNCT
fsr-3405	559	6	&	&	CCONJ
fsr-3405	559	7	varma	varma	PROPN
fsr-3405	559	8	,	,	PUNCT
fsr-3405	559	9	a.	a.	NOUN
fsr-3405	559	10	(	(	PUNCT
fsr-3405	559	11	2007	2007	NUM
fsr-3405	559	12	)	)	PUNCT
fsr-3405	559	13	.	.	PUNCT
fsr-3405	560	1	how	how	SCONJ
fsr-3405	560	2	analytical	analytical	ADJ
fsr-3405	560	3	is	be	AUX
fsr-3405	560	4	your	your	PRON
fsr-3405	560	5	financial	financial	ADJ
fsr-3405	560	6	advisor	advisor	NOUN
fsr-3405	560	7	?	?	PUNCT
fsr-3405	561	1	financial	financial	PROPN
fsr-3405	561	2	services	service	NOUN
fsr-3405	561	3	review	review	PROPN
fsr-3405	561	4	,	,	PUNCT
fsr-3405	561	5	16	16	NUM
fsr-3405	561	6	,	,	PUNCT
fsr-3405	561	7	245–260	245–260	NUM
fsr-3405	561	8	.	.	PUNCT
fsr-3405	562	1	pantzalis	pantzalis	PROPN
fsr-3405	562	2	,	,	PUNCT
fsr-3405	562	3	c.	c.	PROPN
fsr-3405	562	4	,	,	PUNCT
fsr-3405	562	5	&	&	CCONJ
fsr-3405	562	6	ucar	ucar	PROPN
fsr-3405	562	7	,	,	PUNCT
fsr-3405	562	8	e.	e.	PROPN
fsr-3405	562	9	(	(	PUNCT
fsr-3405	562	10	2018	2018	NUM
fsr-3405	562	11	)	)	PUNCT
fsr-3405	562	12	.	.	PUNCT
fsr-3405	563	1	allergy	allergy	PROPN
fsr-3405	563	2	onset	onset	VERB
fsr-3405	563	3	and	and	CCONJ
fsr-3405	563	4	local	local	ADJ
fsr-3405	563	5	investor	investor	NOUN
fsr-3405	563	6	distraction	distraction	NOUN
fsr-3405	563	7	.	.	PUNCT
fsr-3405	564	1	journal	journal	NOUN
fsr-3405	564	2	of	of	ADP
fsr-3405	564	3	banking	banking	NOUN
fsr-3405	564	4	&	&	CCONJ
fsr-3405	564	5	finance	finance	PROPN
fsr-3405	564	6	,	,	PUNCT
fsr-3405	564	7	92	92	NUM
fsr-3405	564	8	,	,	PUNCT
fsr-3405	564	9	115–129	115–129	NUM
fsr-3405	564	10	.	.	PUNCT
fsr-3405	565	1	peress	peress	PROPN
fsr-3405	565	2	,	,	PUNCT
fsr-3405	565	3	j.	j.	PROPN
fsr-3405	565	4	(	(	PUNCT
fsr-3405	565	5	2014	2014	NUM
fsr-3405	565	6	)	)	PUNCT
fsr-3405	565	7	.	.	PUNCT
fsr-3405	566	1	the	the	DET
fsr-3405	566	2	media	medium	NOUN
fsr-3405	566	3	and	and	CCONJ
fsr-3405	566	4	the	the	DET
fsr-3405	566	5	diffusion	diffusion	NOUN
fsr-3405	566	6	of	of	ADP
fsr-3405	566	7	information	information	NOUN
fsr-3405	566	8	in	in	ADP
fsr-3405	566	9	financial	financial	ADJ
fsr-3405	566	10	markets	market	NOUN
fsr-3405	566	11	:	:	PUNCT
fsr-3405	566	12	evidence	evidence	NOUN
fsr-3405	566	13	from	from	ADP
fsr-3405	566	14	newspaper	newspaper	NOUN
fsr-3405	566	15	strikes	strike	NOUN
fsr-3405	566	16	.	.	PUNCT
fsr-3405	567	1	the	the	DET
fsr-3405	567	2	journal	journal	NOUN
fsr-3405	567	3	of	of	ADP
fsr-3405	567	4	finance	finance	NOUN
fsr-3405	567	5	,	,	PUNCT
fsr-3405	567	6	69	69	NUM
fsr-3405	567	7	,	,	PUNCT
fsr-3405	567	8	2007–2043	2007–2043	NUM
fsr-3405	567	9	.	.	PUNCT
fsr-3405	568	1	pirinsky	pirinsky	PROPN
fsr-3405	568	2	,	,	PUNCT
fsr-3405	568	3	c.	c.	PROPN
fsr-3405	568	4	,	,	PUNCT
fsr-3405	568	5	&	&	CCONJ
fsr-3405	568	6	wang	wang	PROPN
fsr-3405	568	7	,	,	PUNCT
fsr-3405	568	8	q.	q.	PROPN
fsr-3405	568	9	(	(	PUNCT
fsr-3405	568	10	2006	2006	NUM
fsr-3405	568	11	)	)	PUNCT
fsr-3405	568	12	.	.	PUNCT
fsr-3405	569	1	does	do	VERB
fsr-3405	569	2	corporate	corporate	ADJ
fsr-3405	569	3	headquarters	headquarters	NOUN
fsr-3405	569	4	location	location	NOUN
fsr-3405	569	5	matter	matter	NOUN
fsr-3405	569	6	for	for	ADP
fsr-3405	569	7	stock	stock	NOUN
fsr-3405	569	8	returns	return	NOUN
fsr-3405	569	9	?	?	PUNCT
fsr-3405	570	1	the	the	DET
fsr-3405	570	2	journal	journal	NOUN
fsr-3405	570	3	of	of	ADP
fsr-3405	570	4	finance	finance	NOUN
fsr-3405	570	5	,	,	PUNCT
fsr-3405	570	6	61	61	NUM
fsr-3405	570	7	,	,	PUNCT
fsr-3405	570	8	1991–2015	1991–2015	NUM
fsr-3405	570	9	.	.	PUNCT
fsr-3405	570	10	poorsoltan	poorsoltan	PROPN
fsr-3405	570	11	,	,	PUNCT
fsr-3405	570	12	k.	k.	PROPN
fsr-3405	570	13	(	(	PUNCT
fsr-3405	570	14	2012	2012	NUM
fsr-3405	570	15	)	)	PUNCT
fsr-3405	570	16	.	.	PUNCT
fsr-3405	571	1	artists	artist	NOUN
fsr-3405	571	2	as	as	ADP
fsr-3405	571	3	entrepreneurs	entrepreneur	NOUN
fsr-3405	571	4	.	.	PUNCT
fsr-3405	572	1	international	international	ADJ
fsr-3405	572	2	journal	journal	NOUN
fsr-3405	572	3	of	of	ADP
fsr-3405	572	4	entrepreneurship	entrepreneurship	NOUN
fsr-3405	572	5	,	,	PUNCT
fsr-3405	572	6	16	16	NUM
fsr-3405	572	7	,	,	PUNCT
fsr-3405	572	8	77–94	77–94	NUM
fsr-3405	572	9	.	.	PUNCT
fsr-3405	573	1	shalley	shalley	PROPN
fsr-3405	573	2	,	,	PUNCT
fsr-3405	573	3	c.	c.	PROPN
fsr-3405	573	4	e.	e.	PROPN
fsr-3405	573	5	,	,	PUNCT
fsr-3405	573	6	gilson	gilson	PROPN
fsr-3405	573	7	,	,	PUNCT
fsr-3405	573	8	l.	l.	PROPN
fsr-3405	573	9	l.	l.	PROPN
fsr-3405	573	10	,	,	PUNCT
fsr-3405	573	11	&	&	CCONJ
fsr-3405	573	12	blum	blum	PROPN
fsr-3405	573	13	,	,	PUNCT
fsr-3405	573	14	t.	t.	PROPN
fsr-3405	573	15	c.	c.	PROPN
fsr-3405	573	16	(	(	PUNCT
fsr-3405	573	17	2000	2000	NUM
fsr-3405	573	18	)	)	PUNCT
fsr-3405	573	19	.	.	PUNCT
fsr-3405	574	1	matching	match	VERB
fsr-3405	574	2	creativity	creativity	NOUN
fsr-3405	574	3	requirements	requirement	NOUN
fsr-3405	574	4	and	and	CCONJ
fsr-3405	574	5	the	the	DET
fsr-3405	574	6	work	work	NOUN
fsr-3405	574	7	environment	environment	NOUN
fsr-3405	574	8	:	:	PUNCT
fsr-3405	574	9	effects	effect	NOUN
fsr-3405	574	10	on	on	ADP
fsr-3405	574	11	satisfaction	satisfaction	NOUN
fsr-3405	574	12	and	and	CCONJ
fsr-3405	574	13	intentions	intention	NOUN
fsr-3405	574	14	to	to	PART
fsr-3405	574	15	leave	leave	VERB
fsr-3405	574	16	.	.	PUNCT
fsr-3405	575	1	the	the	DET
fsr-3405	575	2	academy	academy	PROPN
fsr-3405	575	3	of	of	ADP
fsr-3405	575	4	management	management	PROPN
fsr-3405	575	5	journal	journal	NOUN
fsr-3405	575	6	,	,	PUNCT
fsr-3405	575	7	43	43	NUM
fsr-3405	575	8	,	,	PUNCT
fsr-3405	575	9	215–223	215–223	NUM
fsr-3405	575	10	.	.	PUNCT
fsr-3405	575	11	shefrin	shefrin	NOUN
fsr-3405	575	12	,	,	PUNCT
fsr-3405	575	13	h.	h.	PROPN
fsr-3405	575	14	m.	m.	PROPN
fsr-3405	575	15	,	,	PUNCT
fsr-3405	575	16	&	&	CCONJ
fsr-3405	575	17	statman	statman	PROPN
fsr-3405	575	18	,	,	PUNCT
fsr-3405	575	19	m.	m.	NOUN
fsr-3405	575	20	(	(	PUNCT
fsr-3405	575	21	1984	1984	NUM
fsr-3405	575	22	)	)	PUNCT
fsr-3405	575	23	.	.	PUNCT
fsr-3405	576	1	explaining	explain	VERB
fsr-3405	576	2	investor	investor	NOUN
fsr-3405	576	3	preference	preference	NOUN
fsr-3405	576	4	for	for	ADP
fsr-3405	576	5	cash	cash	NOUN
fsr-3405	576	6	dividends	dividend	NOUN
fsr-3405	576	7	.	.	PUNCT
fsr-3405	577	1	journal	journal	NOUN
fsr-3405	577	2	of	of	ADP
fsr-3405	577	3	financial	financial	ADJ
fsr-3405	577	4	economics	economic	NOUN
fsr-3405	577	5	,	,	PUNCT
fsr-3405	577	6	13	13	NUM
fsr-3405	577	7	,	,	PUNCT
fsr-3405	577	8	253–282	253–282	NUM
fsr-3405	577	9	.	.	PUNCT
fsr-3405	578	1	shive	shive	PROPN
fsr-3405	578	2	,	,	PUNCT
fsr-3405	578	3	s.	s.	PROPN
fsr-3405	578	4	(	(	PUNCT
fsr-3405	578	5	2012	2012	NUM
fsr-3405	578	6	)	)	PUNCT
fsr-3405	578	7	.	.	PUNCT
fsr-3405	579	1	local	local	ADJ
fsr-3405	579	2	investors	investor	NOUN
fsr-3405	579	3	,	,	PUNCT
fsr-3405	579	4	price	price	NOUN
fsr-3405	579	5	discovery	discovery	NOUN
fsr-3405	579	6	,	,	PUNCT
fsr-3405	579	7	and	and	CCONJ
fsr-3405	579	8	market	market	NOUN
fsr-3405	579	9	efficiency	efficiency	NOUN
fsr-3405	579	10	.	.	PUNCT
fsr-3405	580	1	journal	journal	NOUN
fsr-3405	580	2	of	of	ADP
fsr-3405	580	3	financial	financial	ADJ
fsr-3405	580	4	economics	economic	NOUN
fsr-3405	580	5	,	,	PUNCT
fsr-3405	580	6	104	104	NUM
fsr-3405	580	7	,	,	PUNCT
fsr-3405	580	8	145–161	145–161	NUM
fsr-3405	580	9	.	.	PUNCT
fsr-3405	581	1	statman	statman	PROPN
fsr-3405	581	2	,	,	PUNCT
fsr-3405	581	3	m.	m.	NOUN
fsr-3405	581	4	(	(	PUNCT
fsr-3405	581	5	2018	2018	NUM
fsr-3405	581	6	)	)	PUNCT
fsr-3405	581	7	.	.	PUNCT
fsr-3405	582	1	culture	culture	NOUN
fsr-3405	582	2	matters	matter	VERB
fsr-3405	582	3	to	to	ADP
fsr-3405	582	4	clients	client	NOUN
fsr-3405	582	5	,	,	PUNCT
fsr-3405	582	6	and	and	CCONJ
fsr-3405	582	7	it	it	PRON
fsr-3405	582	8	should	should	AUX
fsr-3405	582	9	matter	matter	VERB
fsr-3405	582	10	to	to	ADP
fsr-3405	582	11	planners	planner	NOUN
fsr-3405	582	12	.	.	PUNCT
fsr-3405	583	1	journal	journal	NOUN
fsr-3405	583	2	of	of	ADP
fsr-3405	583	3	financial	financial	ADJ
fsr-3405	583	4	planning	planning	NOUN
fsr-3405	583	5	,	,	PUNCT
fsr-3405	583	6	31	31	NUM
fsr-3405	583	7	,	,	PUNCT
fsr-3405	583	8	32–34	32–34	NUM
fsr-3405	583	9	.	.	PUNCT
fsr-3405	583	10	tesluk	tesluk	PROPN
fsr-3405	583	11	,	,	PUNCT
fsr-3405	583	12	p.	p.	PROPN
fsr-3405	583	13	e.	e.	PROPN
fsr-3405	583	14	,	,	PUNCT
fsr-3405	583	15	farr	farr	PROPN
fsr-3405	583	16	,	,	PUNCT
fsr-3405	583	17	j.	j.	PROPN
fsr-3405	583	18	l.	l.	PROPN
fsr-3405	583	19	,	,	PUNCT
fsr-3405	583	20	&	&	CCONJ
fsr-3405	583	21	klein	klein	PROPN
fsr-3405	583	22	,	,	PUNCT
fsr-3405	583	23	s.	s.	PROPN
fsr-3405	583	24	r.	r.	PROPN
fsr-3405	583	25	(	(	PUNCT
fsr-3405	583	26	1997	1997	NUM
fsr-3405	583	27	)	)	PUNCT
fsr-3405	583	28	.	.	PUNCT
fsr-3405	584	1	influences	influence	NOUN
fsr-3405	584	2	of	of	ADP
fsr-3405	584	3	organizational	organizational	ADJ
fsr-3405	584	4	culture	culture	NOUN
fsr-3405	584	5	and	and	CCONJ
fsr-3405	584	6	climate	climate	NOUN
fsr-3405	584	7	on	on	ADP
fsr-3405	584	8	individual	individual	ADJ
fsr-3405	584	9	creativity	creativity	NOUN
fsr-3405	584	10	.	.	PUNCT
fsr-3405	585	1	the	the	DET
fsr-3405	585	2	journal	journal	NOUN
fsr-3405	585	3	of	of	ADP
fsr-3405	585	4	creative	creative	ADJ
fsr-3405	585	5	behavior	behavior	NOUN
fsr-3405	585	6	,	,	PUNCT
fsr-3405	585	7	31	31	NUM
fsr-3405	585	8	,	,	PUNCT
fsr-3405	585	9	27–41	27–41	NUM
fsr-3405	585	10	.	.	PUNCT
fsr-3405	586	1	tyagi	tyagi	PROPN
fsr-3405	586	2	,	,	PUNCT
fsr-3405	586	3	v.	v.	PROPN
fsr-3405	586	4	,	,	PUNCT
fsr-3405	586	5	hanoch	hanoch	NOUN
fsr-3405	586	6	,	,	PUNCT
fsr-3405	586	7	y.	y.	PROPN
fsr-3405	586	8	,	,	PUNCT
fsr-3405	586	9	hall	hall	PROPN
fsr-3405	586	10	,	,	PUNCT
fsr-3405	586	11	s.	s.	PROPN
fsr-3405	586	12	d.	d.	PROPN
fsr-3405	586	13	,	,	PUNCT
fsr-3405	586	14	runco	runco	PROPN
fsr-3405	586	15	,	,	PUNCT
fsr-3405	586	16	m.	m.	NOUN
fsr-3405	586	17	,	,	PUNCT
fsr-3405	586	18	&	&	CCONJ
fsr-3405	586	19	denham	denham	PROPN
fsr-3405	586	20	,	,	PUNCT
fsr-3405	586	21	s.	s.	PROPN
fsr-3405	586	22	l.	l.	PROPN
fsr-3405	586	23	(	(	PUNCT
fsr-3405	586	24	2017	2017	NUM
fsr-3405	586	25	)	)	PUNCT
fsr-3405	586	26	.	.	PUNCT
fsr-3405	587	1	the	the	DET
fsr-3405	587	2	risky	risky	ADJ
fsr-3405	587	3	side	side	NOUN
fsr-3405	587	4	of	of	ADP
fsr-3405	587	5	creativity	creativity	NOUN
fsr-3405	587	6	:	:	PUNCT
fsr-3405	587	7	domain	domain	NOUN
fsr-3405	587	8	specific	specific	ADJ
fsr-3405	587	9	risk	risk	NOUN
fsr-3405	587	10	taking	take	VERB
fsr-3405	587	11	in	in	ADP
fsr-3405	587	12	creative	creative	ADJ
fsr-3405	587	13	individuals	individual	NOUN
fsr-3405	587	14	.	.	PUNCT
fsr-3405	588	1	frontiers	frontier	NOUN
fsr-3405	588	2	in	in	ADP
fsr-3405	588	3	psychology	psychology	NOUN
fsr-3405	588	4	,	,	PUNCT
fsr-3405	588	5	8	8	NUM
fsr-3405	588	6	,	,	PUNCT
fsr-3405	588	7	145	145	NUM
fsr-3405	588	8	.	.	PUNCT
fsr-3405	589	1	ucar	ucar	PROPN
fsr-3405	589	2	,	,	PUNCT
fsr-3405	589	3	e.	e.	PROPN
fsr-3405	589	4	(	(	PUNCT
fsr-3405	589	5	2016	2016	NUM
fsr-3405	589	6	)	)	PUNCT
fsr-3405	589	7	.	.	PUNCT
fsr-3405	590	1	local	local	ADJ
fsr-3405	590	2	culture	culture	NOUN
fsr-3405	590	3	and	and	CCONJ
fsr-3405	590	4	dividends	dividend	NOUN
fsr-3405	590	5	.	.	PUNCT
fsr-3405	591	1	financial	financial	ADJ
fsr-3405	591	2	management	management	NOUN
fsr-3405	591	3	,	,	PUNCT
fsr-3405	591	4	45	45	NUM
fsr-3405	591	5	,	,	PUNCT
fsr-3405	591	6	105–140	105–140	NUM
fsr-3405	591	7	.	.	PUNCT
fsr-3405	592	1	ucar	ucar	PROPN
fsr-3405	592	2	,	,	PUNCT
fsr-3405	592	3	e.	e.	PROPN
fsr-3405	592	4	(	(	PUNCT
fsr-3405	592	5	2018a	2018a	NUM
fsr-3405	592	6	)	)	PUNCT
fsr-3405	592	7	.	.	PUNCT
fsr-3405	593	1	local	local	ADJ
fsr-3405	593	2	creative	creative	ADJ
fsr-3405	593	3	culture	culture	NOUN
fsr-3405	593	4	and	and	CCONJ
fsr-3405	593	5	corporate	corporate	ADJ
fsr-3405	593	6	innovation	innovation	NOUN
fsr-3405	593	7	.	.	PUNCT
fsr-3405	594	1	journal	journal	PROPN
fsr-3405	594	2	of	of	ADP
fsr-3405	594	3	business	business	NOUN
fsr-3405	594	4	research	research	NOUN
fsr-3405	594	5	,	,	PUNCT
fsr-3405	594	6	91	91	NUM
fsr-3405	594	7	,	,	PUNCT
fsr-3405	594	8	60–70	60–70	NUM
fsr-3405	594	9	.	.	PUNCT
fsr-3405	595	1	ucar	ucar	PROPN
fsr-3405	595	2	,	,	PUNCT
fsr-3405	595	3	e.	e.	PROPN
fsr-3405	595	4	(	(	PUNCT
fsr-3405	595	5	2018b	2018b	NUM
fsr-3405	595	6	)	)	PUNCT
fsr-3405	595	7	.	.	PUNCT
fsr-3405	596	1	what	what	PRON
fsr-3405	596	2	creates	create	VERB
fsr-3405	596	3	corporate	corporate	ADJ
fsr-3405	596	4	risk	risk	NOUN
fsr-3405	596	5	-	-	PUNCT
fsr-3405	596	6	taking	taking	NOUN
fsr-3405	596	7	?	?	PUNCT
fsr-3405	597	1	local	local	ADJ
fsr-3405	597	2	creative	creative	ADJ
fsr-3405	597	3	culture	culture	NOUN
fsr-3405	597	4	and	and	CCONJ
fsr-3405	597	5	corporate	corporate	ADJ
fsr-3405	597	6	decisions	decision	NOUN
fsr-3405	597	7	.	.	PUNCT
fsr-3405	598	1	european	european	ADJ
fsr-3405	598	2	financial	financial	ADJ
fsr-3405	598	3	management	management	NOUN
fsr-3405	598	4	,	,	PUNCT
fsr-3405	598	5	forthcoming	forthcoming	ADJ
fsr-3405	598	6	.	.	PUNCT
fsr-3405	599	1	wooldridge	wooldridge	PROPN
fsr-3405	599	2	,	,	PUNCT
fsr-3405	599	3	j.	j.	PROPN
fsr-3405	599	4	m.	m.	PROPN
fsr-3405	599	5	(	(	PUNCT
fsr-3405	599	6	2010	2010	NUM
fsr-3405	599	7	)	)	PUNCT
fsr-3405	599	8	.	.	PUNCT
fsr-3405	600	1	econometric	econometric	ADJ
fsr-3405	600	2	analysis	analysis	NOUN
fsr-3405	600	3	of	of	ADP
fsr-3405	600	4	cross	cross	NOUN
fsr-3405	600	5	section	section	NOUN
fsr-3405	600	6	and	and	CCONJ
fsr-3405	600	7	panel	panel	NOUN
fsr-3405	600	8	data	datum	NOUN
fsr-3405	600	9	(	(	PUNCT
fsr-3405	600	10	2nd	2nd	ADJ
fsr-3405	600	11	ed	ed	NOUN
fsr-3405	600	12	.	.	PUNCT
fsr-3405	600	13	)	)	PUNCT
fsr-3405	600	14	.	.	PUNCT
fsr-3405	601	1	cambridge	cambridge	PROPN
fsr-3405	601	2	,	,	PUNCT
fsr-3405	601	3	ma	ma	PROPN
fsr-3405	601	4	:	:	PUNCT
fsr-3405	601	5	mit	mit	PROPN
fsr-3405	601	6	press	press	NOUN
fsr-3405	601	7	.	.	PUNCT
fsr-3405	602	1	zhou	zhou	PROPN
fsr-3405	602	2	,	,	PUNCT
fsr-3405	602	3	j.	j.	PROPN
fsr-3405	602	4	,	,	PUNCT
fsr-3405	602	5	&	&	CCONJ
fsr-3405	602	6	george	george	PROPN
fsr-3405	602	7	,	,	PUNCT
fsr-3405	602	8	j.	j.	PROPN
fsr-3405	602	9	m.	m.	PROPN
fsr-3405	602	10	(	(	PUNCT
fsr-3405	602	11	2001	2001	NUM
fsr-3405	602	12	)	)	PUNCT
fsr-3405	602	13	.	.	PUNCT
fsr-3405	603	1	when	when	SCONJ
fsr-3405	603	2	job	job	NOUN
fsr-3405	603	3	dissatisfaction	dissatisfaction	NOUN
fsr-3405	603	4	leads	lead	VERB
fsr-3405	603	5	to	to	ADP
fsr-3405	603	6	creativity	creativity	NOUN
fsr-3405	603	7	:	:	PUNCT
fsr-3405	603	8	encouraging	encourage	VERB
fsr-3405	603	9	the	the	DET
fsr-3405	603	10	expression	expression	NOUN
fsr-3405	603	11	of	of	ADP
fsr-3405	603	12	voice	voice	NOUN
fsr-3405	603	13	.	.	PUNCT
fsr-3405	604	1	the	the	DET
fsr-3405	604	2	academy	academy	PROPN
fsr-3405	604	3	of	of	ADP
fsr-3405	604	4	management	management	PROPN
fsr-3405	604	5	journal	journal	NOUN
fsr-3405	604	6	,	,	PUNCT
fsr-3405	604	7	44	44	NUM
fsr-3405	604	8	,	,	PUNCT
fsr-3405	604	9	682–696	682–696	NUM
fsr-3405	604	10	.	.	PUNCT
fsr-3405	605	1	389e	389e	PROPN
fsr-3405	605	2	.	.	PUNCT
fsr-3405	606	1	ucar	ucar	PROPN
fsr-3405	606	2	,	,	PUNCT
fsr-3405	606	3	a.	a.	PROPN
fsr-3405	606	4	staer	staer	PROPN
fsr-3405	606	5	/	/	SYM
fsr-3405	606	6	financial	financial	ADJ
fsr-3405	606	7	services	service	NOUN
fsr-3405	606	8	review	review	VERB
fsr-3405	606	9	27	27	NUM
fsr-3405	606	10	(	(	PUNCT
fsr-3405	606	11	2018	2018	NUM
fsr-3405	606	12	)	)	PUNCT
fsr-3405	606	13	367	367	NUM
fsr-3405	606	14	-	-	SYM
fsr-3405	606	15	389	389	NUM