id	sid	tid	token	lemma	pos
fsr-3415	1	1	are	be	AUX
fsr-3415	1	2	multiple	multiple	ADJ
fsr-3415	1	3	share	share	NOUN
fsr-3415	1	4	class	class	NOUN
fsr-3415	1	5	funds	fund	NOUN
fsr-3415	1	6	poorly	poorly	ADV
fsr-3415	1	7	governed	govern	VERB
fsr-3415	1	8	?	?	PUNCT
fsr-3415	2	1	jonathan	jonathan	PROPN
fsr-3415	2	2	handya	handya	PROPN
fsr-3415	2	3	,	,	PUNCT
fsr-3415	2	4	*	*	PROPN
fsr-3415	2	5	,	,	PUNCT
fsr-3415	2	6	thomas	thomas	PROPN
fsr-3415	2	7	smytheb	smytheb	PROPN
fsr-3415	2	8	adepartment	adepartment	NOUN
fsr-3415	2	9	of	of	ADP
fsr-3415	2	10	business	business	NOUN
fsr-3415	2	11	and	and	CCONJ
fsr-3415	2	12	accounting	accounting	NOUN
fsr-3415	2	13	,	,	PUNCT
fsr-3415	2	14	furman	furman	PROPN
fsr-3415	2	15	university	university	PROPN
fsr-3415	2	16	,	,	PUNCT
fsr-3415	2	17	3300	3300	NUM
fsr-3415	2	18	poinsett	poinsett	PROPN
fsr-3415	2	19	highway	highway	PROPN
fsr-3415	2	20	,	,	PUNCT
fsr-3415	2	21	greenville	greenville	PROPN
fsr-3415	2	22	,	,	PUNCT
fsr-3415	2	23	sc	sc	PROPN
fsr-3415	2	24	29613	29613	NUM
fsr-3415	2	25	,	,	PUNCT
fsr-3415	2	26	usa	usa	PROPN
fsr-3415	2	27	blutgert	blutgert	PROPN
fsr-3415	2	28	college	college	PROPN
fsr-3415	2	29	of	of	ADP
fsr-3415	2	30	business	business	NOUN
fsr-3415	2	31	,	,	PUNCT
fsr-3415	2	32	florida	florida	PROPN
fsr-3415	2	33	gulf	gulf	PROPN
fsr-3415	2	34	coast	coast	PROPN
fsr-3415	2	35	university	university	PROPN
fsr-3415	2	36	,	,	PUNCT
fsr-3415	2	37	10501	10501	NUM
fsr-3415	2	38	fgcu	fgcu	PROPN
fsr-3415	2	39	boulevard	boulevard	PROPN
fsr-3415	2	40	south	south	PROPN
fsr-3415	2	41	,	,	PUNCT
fsr-3415	2	42	fort	fort	NOUN
fsr-3415	2	43	myers	myers	PROPN
fsr-3415	2	44	,	,	PUNCT
fsr-3415	2	45	fl	fl	PROPN
fsr-3415	2	46	33965	33965	NUM
fsr-3415	2	47	-	-	SYM
fsr-3415	2	48	6565	6565	NUM
fsr-3415	2	49	,	,	PUNCT
fsr-3415	2	50	usa	usa	PROPN
fsr-3415	2	51	abstract	abstract	PROPN
fsr-3415	2	52	utilizing	utilize	VERB
fsr-3415	2	53	independent	independent	ADJ
fsr-3415	2	54	morningstar	morningstar	PROPN
fsr-3415	2	55	stewardship	stewardship	NOUN
fsr-3415	2	56	grades	grade	NOUN
fsr-3415	2	57	,	,	PUNCT
fsr-3415	2	58	this	this	DET
fsr-3415	2	59	article	article	NOUN
fsr-3415	2	60	finds	find	VERB
fsr-3415	2	61	that	that	SCONJ
fsr-3415	2	62	multiple	multiple	ADJ
fsr-3415	2	63	share	share	NOUN
fsr-3415	2	64	class	class	NOUN
fsr-3415	2	65	mutual	mutual	ADJ
fsr-3415	2	66	funds	fund	NOUN
fsr-3415	2	67	(	(	PUNCT
fsr-3415	2	68	ms	ms	PROPN
fsr-3415	2	69	funds	fund	NOUN
fsr-3415	2	70	)	)	PUNCT
fsr-3415	2	71	have	have	VERB
fsr-3415	2	72	lower	low	ADJ
fsr-3415	2	73	quality	quality	NOUN
fsr-3415	2	74	governance	governance	NOUN
fsr-3415	2	75	.	.	PUNCT
fsr-3415	3	1	ordered	order	VERB
fsr-3415	3	2	probit	probit	NOUN
fsr-3415	3	3	regressions	regression	NOUN
fsr-3415	3	4	indicate	indicate	VERB
fsr-3415	3	5	ms	ms	NOUN
fsr-3415	3	6	funds	fund	NOUN
fsr-3415	3	7	are	be	AUX
fsr-3415	3	8	more	more	ADV
fsr-3415	3	9	likely	likely	ADJ
fsr-3415	3	10	to	to	PART
fsr-3415	3	11	have	have	VERB
fsr-3415	3	12	lower	low	ADJ
fsr-3415	3	13	board	board	NOUN
fsr-3415	3	14	quality	quality	NOUN
fsr-3415	3	15	ratings	rating	NOUN
fsr-3415	3	16	and	and	CCONJ
fsr-3415	3	17	managerial	managerial	ADJ
fsr-3415	3	18	incentive	incentive	NOUN
fsr-3415	3	19	ratings	rating	NOUN
fsr-3415	3	20	,	,	PUNCT
fsr-3415	3	21	additional	additional	ADJ
fsr-3415	3	22	evidence	evidence	NOUN
fsr-3415	3	23	the	the	DET
fsr-3415	3	24	ms	ms	PROPN
fsr-3415	3	25	structure	structure	NOUN
fsr-3415	3	26	has	have	AUX
fsr-3415	3	27	not	not	PART
fsr-3415	3	28	provided	provide	VERB
fsr-3415	3	29	the	the	DET
fsr-3415	3	30	benefits	benefit	NOUN
fsr-3415	3	31	initially	initially	ADV
fsr-3415	3	32	put	put	VERB
fsr-3415	3	33	forth	forth	ADP
fsr-3415	3	34	by	by	ADP
fsr-3415	3	35	supporters	supporter	NOUN
fsr-3415	3	36	.	.	PUNCT
fsr-3415	4	1	the	the	DET
fsr-3415	4	2	results	result	NOUN
fsr-3415	4	3	continue	continue	VERB
fsr-3415	4	4	to	to	PART
fsr-3415	4	5	demonstrate	demonstrate	VERB
fsr-3415	4	6	that	that	SCONJ
fsr-3415	4	7	less	less	ADV
fsr-3415	4	8	sophisticated	sophisticated	ADJ
fsr-3415	4	9	investors	investor	NOUN
fsr-3415	4	10	seeking	seek	VERB
fsr-3415	4	11	financial	financial	ADJ
fsr-3415	4	12	advice	advice	NOUN
fsr-3415	4	13	(	(	PUNCT
fsr-3415	4	14	those	those	PRON
fsr-3415	4	15	typically	typically	ADV
fsr-3415	4	16	utilizing	utilize	VERB
fsr-3415	4	17	ms	ms	ADJ
fsr-3415	4	18	funds	fund	NOUN
fsr-3415	4	19	)	)	PUNCT
fsr-3415	4	20	may	may	AUX
fsr-3415	4	21	potentially	potentially	ADV
fsr-3415	4	22	be	be	AUX
fsr-3415	4	23	directed	direct	VERB
fsr-3415	4	24	to	to	ADP
fsr-3415	4	25	funds	fund	NOUN
fsr-3415	4	26	that	that	SCONJ
fsr-3415	4	27	underperform	underperform	NOUN
fsr-3415	4	28	and	and	CCONJ
fsr-3415	4	29	have	have	VERB
fsr-3415	4	30	higher	high	ADJ
fsr-3415	4	31	costs	cost	NOUN
fsr-3415	4	32	.	.	PUNCT
fsr-3415	5	1	©	©	PROPN
fsr-3415	5	2	2020	2020	NUM
fsr-3415	5	3	academy	academy	NOUN
fsr-3415	5	4	of	of	ADP
fsr-3415	5	5	financial	financial	ADJ
fsr-3415	5	6	services	service	NOUN
fsr-3415	5	7	.	.	PUNCT
fsr-3415	6	1	all	all	DET
fsr-3415	6	2	rights	right	NOUN
fsr-3415	6	3	reserved	reserve	VERB
fsr-3415	6	4	.	.	PUNCT
fsr-3415	7	1	jel	jel	PROPN
fsr-3415	7	2	classification	classification	NOUN
fsr-3415	7	3	:	:	PUNCT
fsr-3415	8	1	g180	g180	PROPN
fsr-3415	8	2	;	;	PUNCT
fsr-3415	8	3	g230	g230	NUM
fsr-3415	8	4	;	;	PUNCT
fsr-3415	8	5	g340	g340	PROPN
fsr-3415	8	6	keywords	keyword	NOUN
fsr-3415	8	7	:	:	PUNCT
fsr-3415	8	8	mutual	mutual	ADJ
fsr-3415	8	9	fund	fund	NOUN
fsr-3415	8	10	;	;	PUNCT
fsr-3415	8	11	sec	sec	PROPN
fsr-3415	8	12	;	;	PUNCT
fsr-3415	8	13	corporate	corporate	ADJ
fsr-3415	8	14	governance	governance	NOUN
fsr-3415	8	15	;	;	PUNCT
fsr-3415	8	16	shareholders	shareholder	NOUN
fsr-3415	8	17	;	;	PUNCT
fsr-3415	8	18	investor	investor	NOUN
fsr-3415	8	19	protection	protection	NOUN
fsr-3415	8	20	1	1	NUM
fsr-3415	8	21	.	.	PUNCT
fsr-3415	8	22	introduction	introduction	NOUN
fsr-3415	8	23	with	with	ADP
fsr-3415	8	24	the	the	DET
fsr-3415	8	25	1995	1995	NUM
fsr-3415	8	26	establishment	establishment	NOUN
fsr-3415	8	27	of	of	ADP
fsr-3415	8	28	the	the	DET
fsr-3415	8	29	securities	securities	PROPN
fsr-3415	8	30	and	and	CCONJ
fsr-3415	8	31	exchange	exchange	PROPN
fsr-3415	8	32	commission	commission	PROPN
fsr-3415	8	33	rule	rule	VERB
fsr-3415	8	34	18f-3	18f-3	NUM
fsr-3415	8	35	(	(	PUNCT
fsr-3415	8	36	securities	security	NOUN
fsr-3415	8	37	and	and	CCONJ
fsr-3415	8	38	exchange	exchange	PROPN
fsr-3415	8	39	commission	commission	PROPN
fsr-3415	8	40	,	,	PUNCT
fsr-3415	8	41	1995	1995	NUM
fsr-3415	8	42	)	)	PUNCT
fsr-3415	8	43	,	,	PUNCT
fsr-3415	8	44	came	come	VERB
fsr-3415	8	45	the	the	DET
fsr-3415	8	46	widespread	widespread	ADJ
fsr-3415	8	47	use	use	NOUN
fsr-3415	8	48	of	of	ADP
fsr-3415	8	49	multiple	multiple	ADJ
fsr-3415	8	50	share	share	NOUN
fsr-3415	8	51	class	class	NOUN
fsr-3415	8	52	mutual	mutual	ADJ
fsr-3415	8	53	funds	fund	NOUN
fsr-3415	8	54	(	(	PUNCT
fsr-3415	8	55	ms	ms	NOUN
fsr-3415	8	56	funds	fund	NOUN
fsr-3415	8	57	)	)	PUNCT
fsr-3415	8	58	.	.	PUNCT
fsr-3415	9	1	ms	ms	PROPN
fsr-3415	9	2	funds	fund	NOUN
fsr-3415	9	3	are	be	AUX
fsr-3415	9	4	designed	design	VERB
fsr-3415	9	5	to	to	PART
fsr-3415	9	6	have	have	VERB
fsr-3415	9	7	a	a	DET
fsr-3415	9	8	single	single	ADJ
fsr-3415	9	9	investment	investment	NOUN
fsr-3415	9	10	portfolio	portfolio	NOUN
fsr-3415	9	11	with	with	ADP
fsr-3415	9	12	a	a	DET
fsr-3415	9	13	variety	variety	NOUN
fsr-3415	9	14	of	of	ADP
fsr-3415	9	15	combinations	combination	NOUN
fsr-3415	9	16	of	of	ADP
fsr-3415	9	17	commission	commission	NOUN
fsr-3415	9	18	structures	structure	NOUN
fsr-3415	9	19	and	and	CCONJ
fsr-3415	9	20	ongoing	ongoing	ADJ
fsr-3415	9	21	expense	expense	NOUN
fsr-3415	9	22	structures	structure	NOUN
fsr-3415	9	23	.	.	PUNCT
fsr-3415	10	1	individuals	individual	NOUN
fsr-3415	10	2	choose	choose	VERB
fsr-3415	10	3	a	a	DET
fsr-3415	10	4	particular	particular	ADJ
fsr-3415	10	5	combination	combination	NOUN
fsr-3415	10	6	from	from	ADP
fsr-3415	10	7	those	those	PRON
fsr-3415	10	8	available	available	ADJ
fsr-3415	10	9	,	,	PUNCT
fsr-3415	10	10	the	the	DET
fsr-3415	10	11	class	class	NOUN
fsr-3415	10	12	,	,	PUNCT
fsr-3415	10	13	and	and	CCONJ
fsr-3415	10	14	invest	invest	VERB
fsr-3415	10	15	in	in	ADP
fsr-3415	10	16	the	the	DET
fsr-3415	10	17	fund	fund	NOUN
fsr-3415	10	18	.	.	PUNCT
fsr-3415	11	1	o’neal	o’neal	NOUN
fsr-3415	11	2	(	(	PUNCT
fsr-3415	11	3	1999	1999	NUM
fsr-3415	11	4	)	)	PUNCT
fsr-3415	11	5	points	point	VERB
fsr-3415	11	6	out	out	ADP
fsr-3415	11	7	that	that	SCONJ
fsr-3415	11	8	such	such	ADJ
fsr-3415	11	9	funds	fund	NOUN
fsr-3415	11	10	are	be	AUX
fsr-3415	11	11	complex	complex	ADJ
fsr-3415	11	12	and	and	CCONJ
fsr-3415	11	13	that	that	SCONJ
fsr-3415	11	14	choosing	choose	VERB
fsr-3415	11	15	the	the	DET
fsr-3415	11	16	most	most	ADV
fsr-3415	11	17	advantageous	advantageous	ADJ
fsr-3415	11	18	combination	combination	NOUN
fsr-3415	11	19	of	of	ADP
fsr-3415	11	20	fund	fund	NOUN
fsr-3415	11	21	and	and	CCONJ
fsr-3415	11	22	class	class	NOUN
fsr-3415	11	23	may	may	AUX
fsr-3415	11	24	be	be	AUX
fsr-3415	11	25	difficult	difficult	ADJ
fsr-3415	11	26	for	for	ADP
fsr-3415	11	27	investors	investor	NOUN
fsr-3415	11	28	.	.	PUNCT
fsr-3415	12	1	in	in	ADP
fsr-3415	12	2	most	most	ADJ
fsr-3415	12	3	situations	situation	NOUN
fsr-3415	12	4	*	*	PUNCT
fsr-3415	12	5	corresponding	correspond	VERB
fsr-3415	12	6	author	author	NOUN
fsr-3415	12	7	.	.	PUNCT
fsr-3415	13	1	tel	tel	PROPN
fsr-3415	13	2	.	.	PUNCT
fsr-3415	13	3	:	:	PUNCT
fsr-3415	14	1	�	�	PROPN
fsr-3415	14	2	1	1	NUM
fsr-3415	14	3	-	-	PUNCT
fsr-3415	14	4	864	864	NUM
fsr-3415	14	5	-	-	PUNCT
fsr-3415	14	6	294	294	NUM
fsr-3415	14	7	-	-	SYM
fsr-3415	14	8	3139	3139	NUM
fsr-3415	14	9	.	.	PUNCT
fsr-3415	15	1	e	e	X
fsr-3415	15	2	-	-	NOUN
fsr-3415	15	3	mail	mail	NOUN
fsr-3415	15	4	address	address	NOUN
fsr-3415	15	5	:	:	PUNCT
fsr-3415	15	6	jonathan.handy@furman.edu	jonathan.handy@furman.edu	PROPN
fsr-3415	15	7	(	(	PUNCT
fsr-3415	15	8	j.	j.	PROPN
fsr-3415	15	9	handy	handy	PROPN
fsr-3415	15	10	)	)	PUNCT
fsr-3415	15	11	financial	financial	ADJ
fsr-3415	15	12	services	service	NOUN
fsr-3415	15	13	review	review	VERB
fsr-3415	15	14	28	28	NUM
fsr-3415	15	15	(	(	PUNCT
fsr-3415	15	16	2020	2020	NUM
fsr-3415	15	17	)	)	PUNCT
fsr-3415	15	18	49	49	NUM
fsr-3415	15	19	-	-	SYM
fsr-3415	15	20	65	65	NUM
fsr-3415	15	21	1057	1057	NUM
fsr-3415	15	22	-	-	SYM
fsr-3415	15	23	0810/20/$	0810/20/$	NUM
fsr-3415	15	24	–	–	PUNCT
fsr-3415	15	25	see	see	VERB
fsr-3415	15	26	front	front	ADJ
fsr-3415	15	27	matter	matter	NOUN
fsr-3415	15	28	©	©	PROPN
fsr-3415	15	29	2020	2020	NUM
fsr-3415	15	30	academy	academy	NOUN
fsr-3415	15	31	of	of	ADP
fsr-3415	15	32	financial	financial	ADJ
fsr-3415	15	33	services	service	NOUN
fsr-3415	15	34	.	.	PUNCT
fsr-3415	16	1	all	all	DET
fsr-3415	16	2	rights	right	NOUN
fsr-3415	16	3	reserved	reserve	VERB
fsr-3415	16	4	.	.	PUNCT
fsr-3415	17	1	where	where	SCONJ
fsr-3415	17	2	ms	ms	PROPN
fsr-3415	17	3	funds	fund	NOUN
fsr-3415	17	4	are	be	AUX
fsr-3415	17	5	utilized	utilize	VERB
fsr-3415	17	6	,	,	PUNCT
fsr-3415	17	7	the	the	DET
fsr-3415	17	8	investment	investment	NOUN
fsr-3415	17	9	is	be	AUX
fsr-3415	17	10	made	make	VERB
fsr-3415	17	11	with	with	ADP
fsr-3415	17	12	the	the	DET
fsr-3415	17	13	aid	aid	NOUN
fsr-3415	17	14	of	of	ADP
fsr-3415	17	15	a	a	DET
fsr-3415	17	16	financial	financial	ADJ
fsr-3415	17	17	advisor/	advisor/	NUM
fsr-3415	17	18	broker	broker	NOUN
fsr-3415	17	19	.	.	PUNCT
fsr-3415	18	1	however	however	ADV
fsr-3415	18	2	,	,	PUNCT
fsr-3415	18	3	research	research	NOUN
fsr-3415	18	4	shows	show	VERB
fsr-3415	18	5	there	there	PRON
fsr-3415	18	6	is	be	VERB
fsr-3415	18	7	confusion	confusion	NOUN
fsr-3415	18	8	among	among	ADP
fsr-3415	18	9	advisors	advisor	NOUN
fsr-3415	18	10	as	as	ADP
fsr-3415	18	11	to	to	ADP
fsr-3415	18	12	the	the	DET
fsr-3415	18	13	most	most	ADV
fsr-3415	18	14	appropriate	appropriate	ADJ
fsr-3415	18	15	ms	ms	PROPN
fsr-3415	18	16	fund	fund	NOUN
fsr-3415	18	17	class	class	NOUN
fsr-3415	18	18	based	base	VERB
fsr-3415	18	19	on	on	ADP
fsr-3415	18	20	expected	expect	VERB
fsr-3415	18	21	investor	investor	NOUN
fsr-3415	18	22	holding	holding	NOUN
fsr-3415	18	23	period	period	NOUN
fsr-3415	18	24	(	(	PUNCT
fsr-3415	18	25	jones	jones	PROPN
fsr-3415	18	26	,	,	PUNCT
fsr-3415	18	27	lesseig	lesseig	PROPN
fsr-3415	18	28	,	,	PUNCT
fsr-3415	18	29	and	and	CCONJ
fsr-3415	18	30	smythe	smythe	NOUN
fsr-3415	18	31	,	,	PUNCT
fsr-3415	18	32	2005a	2005a	NUM
fsr-3415	18	33	)	)	PUNCT
fsr-3415	18	34	.	.	PUNCT
fsr-3415	19	1	moreover	moreover	ADV
fsr-3415	19	2	,	,	PUNCT
fsr-3415	19	3	recent	recent	ADJ
fsr-3415	19	4	research	research	NOUN
fsr-3415	19	5	finds	find	VERB
fsr-3415	19	6	that	that	SCONJ
fsr-3415	19	7	ms	ms	PROPN
fsr-3415	19	8	funds	fund	NOUN
fsr-3415	19	9	have	have	VERB
fsr-3415	19	10	higher	high	ADJ
fsr-3415	19	11	expense	expense	NOUN
fsr-3415	19	12	ratios	ratio	NOUN
fsr-3415	19	13	than	than	ADP
fsr-3415	19	14	single	single	ADJ
fsr-3415	19	15	-	-	PUNCT
fsr-3415	19	16	class	class	NOUN
fsr-3415	19	17	(	(	PUNCT
fsr-3415	19	18	non	non	ADJ
fsr-3415	19	19	-	-	ADJ
fsr-3415	19	20	ms	ms	ADJ
fsr-3415	19	21	)	)	PUNCT
fsr-3415	19	22	funds	fund	NOUN
fsr-3415	19	23	when	when	SCONJ
fsr-3415	19	24	taking	take	VERB
fsr-3415	19	25	fund	fund	NOUN
fsr-3415	19	26	governance	governance	NOUN
fsr-3415	19	27	quality	quality	NOUN
fsr-3415	19	28	into	into	ADP
fsr-3415	19	29	consideration	consideration	NOUN
fsr-3415	19	30	(	(	PUNCT
fsr-3415	19	31	handy	handy	ADJ
fsr-3415	19	32	,	,	PUNCT
fsr-3415	19	33	nichols	nichols	PROPN
fsr-3415	19	34	,	,	PUNCT
fsr-3415	19	35	and	and	CCONJ
fsr-3415	19	36	smythe	smythe	NOUN
fsr-3415	19	37	,	,	PUNCT
fsr-3415	19	38	2018	2018	NUM
fsr-3415	19	39	)	)	PUNCT
fsr-3415	19	40	.	.	PUNCT
fsr-3415	20	1	because	because	SCONJ
fsr-3415	20	2	fund	fund	NOUN
fsr-3415	20	3	expenses	expense	NOUN
fsr-3415	20	4	are	be	AUX
fsr-3415	20	5	directly	directly	ADV
fsr-3415	20	6	correlated	correlate	VERB
fsr-3415	20	7	with	with	ADP
fsr-3415	20	8	investor	investor	NOUN
fsr-3415	20	9	returns	return	NOUN
fsr-3415	20	10	,	,	PUNCT
fsr-3415	20	11	one	one	PRON
fsr-3415	20	12	might	might	AUX
fsr-3415	20	13	expect	expect	VERB
fsr-3415	20	14	advisors	advisor	NOUN
fsr-3415	20	15	/	/	SYM
fsr-3415	20	16	brokers	broker	NOUN
fsr-3415	20	17	to	to	PART
fsr-3415	20	18	place	place	VERB
fsr-3415	20	19	great	great	ADJ
fsr-3415	20	20	emphasis	emphasis	NOUN
fsr-3415	20	21	on	on	ADP
fsr-3415	20	22	them	they	PRON
fsr-3415	20	23	when	when	SCONJ
fsr-3415	20	24	recommending	recommend	VERB
fsr-3415	20	25	funds	fund	NOUN
fsr-3415	20	26	to	to	ADP
fsr-3415	20	27	clients	client	NOUN
fsr-3415	20	28	,	,	PUNCT
fsr-3415	20	29	but	but	CCONJ
fsr-3415	20	30	research	research	NOUN
fsr-3415	20	31	by	by	ADP
fsr-3415	20	32	jones	jones	PROPN
fsr-3415	20	33	,	,	PUNCT
fsr-3415	20	34	lesseig	lesseig	PROPN
fsr-3415	20	35	,	,	PUNCT
fsr-3415	20	36	and	and	CCONJ
fsr-3415	20	37	smythe	smythe	PROPN
fsr-3415	20	38	(	(	PUNCT
fsr-3415	20	39	2005b	2005b	NUM
fsr-3415	20	40	)	)	PUNCT
fsr-3415	20	41	suggests	suggest	VERB
fsr-3415	20	42	that	that	SCONJ
fsr-3415	20	43	they	they	PRON
fsr-3415	20	44	rarely	rarely	ADV
fsr-3415	20	45	do	do	VERB
fsr-3415	20	46	.	.	PUNCT
fsr-3415	21	1	because	because	SCONJ
fsr-3415	21	2	previous	previous	ADJ
fsr-3415	21	3	research	research	NOUN
fsr-3415	21	4	ties	tie	NOUN
fsr-3415	21	5	fund	fund	NOUN
fsr-3415	21	6	expenses	expense	NOUN
fsr-3415	21	7	to	to	ADP
fsr-3415	21	8	governance	governance	NOUN
fsr-3415	21	9	quality	quality	NOUN
fsr-3415	21	10	,	,	PUNCT
fsr-3415	21	11	and	and	CCONJ
fsr-3415	21	12	prior	prior	ADJ
fsr-3415	21	13	results	result	NOUN
fsr-3415	21	14	indicate	indicate	VERB
fsr-3415	21	15	that	that	SCONJ
fsr-3415	21	16	advisors	advisor	NOUN
fsr-3415	21	17	/	/	SYM
fsr-3415	21	18	brokers	broker	NOUN
fsr-3415	21	19	may	may	AUX
fsr-3415	21	20	not	not	PART
fsr-3415	21	21	use	use	VERB
fsr-3415	21	22	fund	fund	NOUN
fsr-3415	21	23	expenses	expense	NOUN
fsr-3415	21	24	as	as	ADP
fsr-3415	21	25	a	a	DET
fsr-3415	21	26	major	major	ADJ
fsr-3415	21	27	selection	selection	NOUN
fsr-3415	21	28	criteria	criterion	NOUN
fsr-3415	21	29	,	,	PUNCT
fsr-3415	21	30	this	this	DET
fsr-3415	21	31	article	article	NOUN
fsr-3415	21	32	investigates	investigate	VERB
fsr-3415	21	33	the	the	DET
fsr-3415	21	34	relative	relative	ADJ
fsr-3415	21	35	governance	governance	NOUN
fsr-3415	21	36	quality	quality	NOUN
fsr-3415	21	37	of	of	ADP
fsr-3415	21	38	ms	ms	NOUN
fsr-3415	21	39	and	and	CCONJ
fsr-3415	21	40	non	non	ADJ
fsr-3415	21	41	-	-	ADJ
fsr-3415	21	42	ms	ms	ADJ
fsr-3415	21	43	funds	fund	NOUN
fsr-3415	21	44	so	so	SCONJ
fsr-3415	21	45	that	that	SCONJ
fsr-3415	21	46	investors	investor	NOUN
fsr-3415	21	47	and	and	CCONJ
fsr-3415	21	48	advisors	advisor	NOUN
fsr-3415	21	49	/	/	SYM
fsr-3415	21	50	brokers	broker	NOUN
fsr-3415	21	51	are	be	AUX
fsr-3415	21	52	better	well	ADV
fsr-3415	21	53	informed	informed	ADJ
fsr-3415	21	54	regarding	regard	VERB
fsr-3415	21	55	their	their	PRON
fsr-3415	21	56	investment	investment	NOUN
fsr-3415	21	57	selections	selection	NOUN
fsr-3415	21	58	.	.	PUNCT
fsr-3415	22	1	while	while	SCONJ
fsr-3415	22	2	motivated	motivate	VERB
fsr-3415	22	3	by	by	ADP
fsr-3415	22	4	o’neal	o’neal	NOUN
fsr-3415	22	5	(	(	PUNCT
fsr-3415	22	6	1999	1999	NUM
fsr-3415	22	7	)	)	PUNCT
fsr-3415	22	8	,	,	PUNCT
fsr-3415	22	9	which	which	PRON
fsr-3415	22	10	explores	explore	VERB
fsr-3415	22	11	differences	difference	NOUN
fsr-3415	22	12	across	across	ADP
fsr-3415	22	13	fund	fund	NOUN
fsr-3415	22	14	classes	class	NOUN
fsr-3415	22	15	,	,	PUNCT
fsr-3415	22	16	this	this	DET
fsr-3415	22	17	article	article	NOUN
fsr-3415	22	18	explores	explore	VERB
fsr-3415	22	19	differences	difference	NOUN
fsr-3415	22	20	across	across	ADP
fsr-3415	22	21	fund	fund	NOUN
fsr-3415	22	22	structure	structure	NOUN
fsr-3415	22	23	.	.	PUNCT
fsr-3415	23	1	specifically	specifically	ADV
fsr-3415	23	2	,	,	PUNCT
fsr-3415	23	3	this	this	DET
fsr-3415	23	4	article	article	NOUN
fsr-3415	23	5	explores	explore	VERB
fsr-3415	23	6	a	a	DET
fsr-3415	23	7	more	more	ADV
fsr-3415	23	8	subtle	subtle	ADJ
fsr-3415	23	9	issue	issue	NOUN
fsr-3415	23	10	in	in	ADP
fsr-3415	23	11	the	the	DET
fsr-3415	23	12	mutual	mutual	ADJ
fsr-3415	23	13	fund	fund	NOUN
fsr-3415	23	14	market	market	NOUN
fsr-3415	23	15	:	:	PUNCT
fsr-3415	23	16	whether	whether	SCONJ
fsr-3415	23	17	ms	ms	PROPN
fsr-3415	23	18	funds	fund	NOUN
fsr-3415	23	19	have	have	VERB
fsr-3415	23	20	differing	differ	VERB
fsr-3415	23	21	levels	level	NOUN
fsr-3415	23	22	of	of	ADP
fsr-3415	23	23	governance	governance	NOUN
fsr-3415	23	24	quality	quality	NOUN
fsr-3415	23	25	compared	compare	VERB
fsr-3415	23	26	with	with	ADP
fsr-3415	23	27	non	non	ADJ
fsr-3415	23	28	-	-	ADJ
fsr-3415	23	29	ms	ms	ADJ
fsr-3415	23	30	funds	fund	NOUN
fsr-3415	23	31	.	.	PUNCT
fsr-3415	24	1	to	to	PART
fsr-3415	24	2	do	do	VERB
fsr-3415	24	3	so	so	ADV
fsr-3415	24	4	,	,	PUNCT
fsr-3415	24	5	we	we	PRON
fsr-3415	24	6	use	use	VERB
fsr-3415	24	7	independent	independent	ADJ
fsr-3415	24	8	governance	governance	NOUN
fsr-3415	24	9	ratings	rating	NOUN
fsr-3415	24	10	data	datum	NOUN
fsr-3415	24	11	from	from	ADP
fsr-3415	24	12	morningstar	morningstar	PROPN
fsr-3415	24	13	.	.	PUNCT
fsr-3415	25	1	beginning	begin	VERB
fsr-3415	25	2	in	in	ADP
fsr-3415	25	3	2004	2004	NUM
fsr-3415	25	4	,	,	PUNCT
fsr-3415	25	5	morningstar	morningstar	PROPN
fsr-3415	25	6	began	begin	VERB
fsr-3415	25	7	publishing	publish	VERB
fsr-3415	25	8	stewardship	stewardship	NOUN
fsr-3415	25	9	grades	grade	NOUN
fsr-3415	25	10	for	for	ADP
fsr-3415	25	11	mutual	mutual	ADJ
fsr-3415	25	12	funds	fund	NOUN
fsr-3415	25	13	based	base	VERB
fsr-3415	25	14	on	on	ADP
fsr-3415	25	15	five	five	NUM
fsr-3415	25	16	criteria	criterion	NOUN
fsr-3415	25	17	:	:	PUNCT
fsr-3415	25	18	board	board	NOUN
fsr-3415	25	19	quality	quality	NOUN
fsr-3415	25	20	,	,	PUNCT
fsr-3415	25	21	managerial	managerial	ADJ
fsr-3415	25	22	incentives	incentive	NOUN
fsr-3415	25	23	,	,	PUNCT
fsr-3415	25	24	fees	fee	NOUN
fsr-3415	25	25	,	,	PUNCT
fsr-3415	25	26	corporate	corporate	ADJ
fsr-3415	25	27	culture	culture	NOUN
fsr-3415	25	28	(	(	PUNCT
fsr-3415	25	29	of	of	ADP
fsr-3415	25	30	the	the	DET
fsr-3415	25	31	fund	fund	NOUN
fsr-3415	25	32	sponsor	sponsor	NOUN
fsr-3415	25	33	)	)	PUNCT
fsr-3415	25	34	,	,	PUNCT
fsr-3415	25	35	and	and	CCONJ
fsr-3415	25	36	regulatory	regulatory	ADJ
fsr-3415	25	37	ratings	rating	NOUN
fsr-3415	25	38	.	.	PUNCT
fsr-3415	26	1	each	each	DET
fsr-3415	26	2	grade	grade	NOUN
fsr-3415	26	3	provides	provide	VERB
fsr-3415	26	4	information	information	NOUN
fsr-3415	26	5	on	on	ADP
fsr-3415	26	6	fund	fund	NOUN
fsr-3415	26	7	management	management	NOUN
fsr-3415	26	8	in	in	ADP
fsr-3415	26	9	the	the	DET
fsr-3415	26	10	context	context	NOUN
fsr-3415	26	11	of	of	ADP
fsr-3415	26	12	governance	governance	NOUN
fsr-3415	26	13	and	and	CCONJ
fsr-3415	26	14	administrative	administrative	ADJ
fsr-3415	26	15	functionality	functionality	NOUN
fsr-3415	26	16	,	,	PUNCT
fsr-3415	26	17	and	and	CCONJ
fsr-3415	26	18	as	as	SCONJ
fsr-3415	26	19	stated	state	VERB
fsr-3415	26	20	by	by	ADP
fsr-3415	26	21	morningstar	morningstar	NOUN
fsr-3415	26	22	,	,	PUNCT
fsr-3415	26	23	“	"	PUNCT
fsr-3415	26	24	helps	help	VERB
fsr-3415	26	25	investors	investor	NOUN
fsr-3415	26	26	to	to	PART
fsr-3415	26	27	assess	assess	VERB
fsr-3415	26	28	funds	fund	NOUN
fsr-3415	26	29	based	base	VERB
fsr-3415	26	30	on	on	ADP
fsr-3415	26	31	the	the	DET
fsr-3415	26	32	degree	degree	NOUN
fsr-3415	26	33	to	to	PART
fsr-3415	26	34	which	which	PRON
fsr-3415	26	35	the	the	DET
fsr-3415	26	36	funds	fund	NOUN
fsr-3415	26	37	’	'	PUNCT
fsr-3415	26	38	parent	parent	NOUN
fsr-3415	26	39	—	—	PUNCT
fsr-3415	26	40	the	the	DET
fsr-3415	26	41	management	management	NOUN
fsr-3415	26	42	company	company	NOUN
fsr-3415	26	43	offering	offer	VERB
fsr-3415	26	44	the	the	DET
fsr-3415	26	45	fund	fund	NOUN
fsr-3415	26	46	—	—	PUNCT
fsr-3415	26	47	has	have	VERB
fsr-3415	26	48	its	its	PRON
fsr-3415	26	49	interests	interest	NOUN
fsr-3415	26	50	aligned	align	VERB
fsr-3415	26	51	with	with	ADP
fsr-3415	26	52	those	those	PRON
fsr-3415	26	53	of	of	ADP
fsr-3415	26	54	fund	fund	NOUN
fsr-3415	26	55	shareholders	shareholder	NOUN
fsr-3415	26	56	.	.	PUNCT
fsr-3415	26	57	”	"	PUNCT
fsr-3415	27	1	over	over	ADP
fsr-3415	27	2	the	the	DET
fsr-3415	27	3	last	last	ADJ
fsr-3415	27	4	10	10	NUM
fsr-3415	27	5	years	year	NOUN
fsr-3415	27	6	,	,	PUNCT
fsr-3415	27	7	a	a	DET
fsr-3415	27	8	growing	grow	VERB
fsr-3415	27	9	stream	stream	NOUN
fsr-3415	27	10	of	of	ADP
fsr-3415	27	11	research	research	NOUN
fsr-3415	27	12	examines	examine	VERB
fsr-3415	27	13	whether	whether	SCONJ
fsr-3415	27	14	the	the	DET
fsr-3415	27	15	stewardship	stewardship	NOUN
fsr-3415	27	16	grade	grade	NOUN
fsr-3415	27	17	,	,	PUNCT
fsr-3415	27	18	or	or	CCONJ
fsr-3415	27	19	its	its	PRON
fsr-3415	27	20	components	component	NOUN
fsr-3415	27	21	,	,	PUNCT
fsr-3415	27	22	have	have	VERB
fsr-3415	27	23	any	any	DET
fsr-3415	27	24	relationship	relationship	NOUN
fsr-3415	27	25	to	to	PART
fsr-3415	27	26	fund	fund	VERB
fsr-3415	27	27	performance	performance	NOUN
fsr-3415	27	28	and/or	and/or	CCONJ
fsr-3415	27	29	fund	fund	NOUN
fsr-3415	27	30	costs	cost	NOUN
fsr-3415	27	31	.	.	PUNCT
fsr-3415	28	1	to	to	ADP
fsr-3415	28	2	date	date	NOUN
fsr-3415	28	3	,	,	PUNCT
fsr-3415	28	4	this	this	PRON
fsr-3415	28	5	is	be	AUX
fsr-3415	28	6	the	the	DET
fsr-3415	28	7	first	first	ADJ
fsr-3415	28	8	article	article	NOUN
fsr-3415	28	9	using	use	VERB
fsr-3415	28	10	stewardship	stewardship	NOUN
fsr-3415	28	11	grades	grade	NOUN
fsr-3415	28	12	to	to	PART
fsr-3415	28	13	analyze	analyze	VERB
fsr-3415	28	14	whether	whether	SCONJ
fsr-3415	28	15	there	there	PRON
fsr-3415	28	16	are	be	VERB
fsr-3415	28	17	differences	difference	NOUN
fsr-3415	28	18	in	in	ADP
fsr-3415	28	19	fund	fund	NOUN
fsr-3415	28	20	governance	governance	NOUN
fsr-3415	28	21	across	across	ADP
fsr-3415	28	22	ms	ms	NOUN
fsr-3415	28	23	and	and	CCONJ
fsr-3415	28	24	non	non	ADJ
fsr-3415	28	25	-	-	ADJ
fsr-3415	28	26	ms	ms	ADJ
fsr-3415	28	27	funds	fund	NOUN
fsr-3415	28	28	.	.	PUNCT
fsr-3415	29	1	our	our	PRON
fsr-3415	29	2	analysis	analysis	NOUN
fsr-3415	29	3	utilizes	utilize	VERB
fsr-3415	29	4	components	component	NOUN
fsr-3415	29	5	of	of	ADP
fsr-3415	29	6	the	the	DET
fsr-3415	29	7	morningstar	morningstar	PROPN
fsr-3415	29	8	stewardship	stewardship	NOUN
fsr-3415	29	9	grade	grade	NOUN
fsr-3415	29	10	(	(	PUNCT
fsr-3415	29	11	msg	msg	PROPN
fsr-3415	29	12	)	)	PUNCT
fsr-3415	29	13	to	to	PART
fsr-3415	29	14	gauge	gauge	VERB
fsr-3415	29	15	the	the	DET
fsr-3415	29	16	degree	degree	NOUN
fsr-3415	29	17	of	of	ADP
fsr-3415	29	18	governance	governance	NOUN
fsr-3415	29	19	alignment	alignment	NOUN
fsr-3415	29	20	between	between	ADP
fsr-3415	29	21	retail	retail	ADJ
fsr-3415	29	22	investors	investor	NOUN
fsr-3415	29	23	and	and	CCONJ
fsr-3415	29	24	fund	fund	NOUN
fsr-3415	29	25	management	management	NOUN
fsr-3415	29	26	companies	company	NOUN
fsr-3415	29	27	.	.	PUNCT
fsr-3415	30	1	more	more	ADV
fsr-3415	30	2	specifically	specifically	ADV
fsr-3415	30	3	,	,	PUNCT
fsr-3415	30	4	we	we	PRON
fsr-3415	30	5	analyze	analyze	VERB
fsr-3415	30	6	whether	whether	SCONJ
fsr-3415	30	7	funds	fund	NOUN
fsr-3415	30	8	selected	select	VERB
fsr-3415	30	9	by	by	ADP
fsr-3415	30	10	investors	investor	NOUN
fsr-3415	30	11	choosing	choose	VERB
fsr-3415	30	12	to	to	PART
fsr-3415	30	13	use	use	VERB
fsr-3415	30	14	financial	financial	ADJ
fsr-3415	30	15	advisors	advisor	NOUN
fsr-3415	30	16	have	have	VERB
fsr-3415	30	17	systematically	systematically	ADV
fsr-3415	30	18	different	different	ADJ
fsr-3415	30	19	governance	governance	NOUN
fsr-3415	30	20	ratings	rating	NOUN
fsr-3415	30	21	from	from	ADP
fsr-3415	30	22	funds	fund	NOUN
fsr-3415	30	23	offered	offer	VERB
fsr-3415	30	24	to	to	PART
fsr-3415	30	25	retail	retail	ADJ
fsr-3415	30	26	investors	investor	NOUN
fsr-3415	30	27	not	not	PART
fsr-3415	30	28	using	use	VERB
fsr-3415	30	29	financial	financial	ADJ
fsr-3415	30	30	advisors.1	advisors.1	NOUN
fsr-3415	30	31	to	to	PART
fsr-3415	30	32	be	be	AUX
fsr-3415	30	33	clear	clear	ADJ
fsr-3415	30	34	,	,	PUNCT
fsr-3415	30	35	we	we	PRON
fsr-3415	30	36	are	be	AUX
fsr-3415	30	37	not	not	PART
fsr-3415	30	38	suggesting	suggest	VERB
fsr-3415	30	39	financial	financial	ADJ
fsr-3415	30	40	advisors	advisor	NOUN
fsr-3415	30	41	consciously	consciously	ADV
fsr-3415	30	42	recommend	recommend	VERB
fsr-3415	30	43	funds	fund	NOUN
fsr-3415	30	44	with	with	ADP
fsr-3415	30	45	differential	differential	ADJ
fsr-3415	30	46	governance	governance	NOUN
fsr-3415	30	47	;	;	PUNCT
fsr-3415	30	48	however	however	ADV
fsr-3415	30	49	,	,	PUNCT
fsr-3415	30	50	the	the	DET
fsr-3415	30	51	primary	primary	ADJ
fsr-3415	30	52	pool	pool	NOUN
fsr-3415	30	53	of	of	ADP
fsr-3415	30	54	funds	fund	NOUN
fsr-3415	30	55	from	from	ADP
fsr-3415	30	56	which	which	PRON
fsr-3415	30	57	financial	financial	ADJ
fsr-3415	30	58	advisors	advisor	NOUN
fsr-3415	30	59	make	make	VERB
fsr-3415	30	60	recommendations	recommendation	NOUN
fsr-3415	30	61	does	do	AUX
fsr-3415	30	62	consist	consist	VERB
fsr-3415	30	63	of	of	ADP
fsr-3415	30	64	ms	ms	NOUN
fsr-3415	30	65	funds	fund	NOUN
fsr-3415	30	66	.	.	PUNCT
fsr-3415	31	1	in	in	ADP
fsr-3415	31	2	fact	fact	NOUN
fsr-3415	31	3	,	,	PUNCT
fsr-3415	31	4	for	for	ADP
fsr-3415	31	5	advisors	advisor	NOUN
fsr-3415	31	6	who	who	PRON
fsr-3415	31	7	work	work	VERB
fsr-3415	31	8	for	for	ADP
fsr-3415	31	9	large	large	ADJ
fsr-3415	31	10	securities	security	NOUN
fsr-3415	31	11	firms	firm	NOUN
fsr-3415	31	12	,	,	PUNCT
fsr-3415	31	13	the	the	DET
fsr-3415	31	14	pool	pool	NOUN
fsr-3415	31	15	of	of	ADP
fsr-3415	31	16	funds	fund	NOUN
fsr-3415	31	17	from	from	ADP
fsr-3415	31	18	which	which	PRON
fsr-3415	31	19	they	they	PRON
fsr-3415	31	20	choose	choose	VERB
fsr-3415	31	21	is	be	AUX
fsr-3415	31	22	preselected	preselecte	VERB
fsr-3415	31	23	at	at	ADP
fsr-3415	31	24	the	the	DET
fsr-3415	31	25	firm	firm	ADJ
fsr-3415	31	26	level	level	NOUN
fsr-3415	31	27	,	,	PUNCT
fsr-3415	31	28	and	and	CCONJ
fsr-3415	31	29	so	so	ADV
fsr-3415	31	30	advisors	advisor	NOUN
fsr-3415	31	31	may	may	AUX
fsr-3415	31	32	be	be	AUX
fsr-3415	31	33	forced	force	VERB
fsr-3415	31	34	to	to	PART
fsr-3415	31	35	suggest	suggest	VERB
fsr-3415	31	36	such	such	ADJ
fsr-3415	31	37	funds	fund	NOUN
fsr-3415	31	38	.	.	PUNCT
fsr-3415	32	1	ultimately	ultimately	ADV
fsr-3415	32	2	,	,	PUNCT
fsr-3415	32	3	it	it	PRON
fsr-3415	32	4	follows	follow	VERB
fsr-3415	32	5	that	that	SCONJ
fsr-3415	32	6	if	if	SCONJ
fsr-3415	32	7	ms	ms	PROPN
fsr-3415	32	8	funds	fund	NOUN
fsr-3415	32	9	are	be	AUX
fsr-3415	32	10	generally	generally	ADV
fsr-3415	32	11	more	more	ADV
fsr-3415	32	12	likely	likely	ADJ
fsr-3415	32	13	to	to	PART
fsr-3415	32	14	have	have	VERB
fsr-3415	32	15	lower	low	ADJ
fsr-3415	32	16	governance	governance	NOUN
fsr-3415	32	17	ratings	rating	NOUN
fsr-3415	32	18	,	,	PUNCT
fsr-3415	32	19	then	then	ADV
fsr-3415	32	20	retail	retail	ADJ
fsr-3415	32	21	investors	investor	NOUN
fsr-3415	32	22	utilizing	utilize	VERB
fsr-3415	32	23	advisors	advisor	NOUN
fsr-3415	32	24	are	be	AUX
fsr-3415	32	25	more	more	ADV
fsr-3415	32	26	likely	likely	ADJ
fsr-3415	32	27	to	to	PART
fsr-3415	32	28	be	be	AUX
fsr-3415	32	29	steered	steer	VERB
fsr-3415	32	30	towards	towards	ADP
fsr-3415	32	31	funds	fund	NOUN
fsr-3415	32	32	with	with	ADP
fsr-3415	32	33	lower	low	ADJ
fsr-3415	32	34	governance	governance	NOUN
fsr-3415	32	35	quality	quality	NOUN
fsr-3415	32	36	and	and	CCONJ
fsr-3415	32	37	need	need	VERB
fsr-3415	32	38	to	to	PART
fsr-3415	32	39	know	know	VERB
fsr-3415	32	40	this	this	PRON
fsr-3415	32	41	.	.	PUNCT
fsr-3415	33	1	our	our	PRON
fsr-3415	33	2	findings	finding	NOUN
fsr-3415	33	3	identify	identify	VERB
fsr-3415	33	4	significant	significant	ADJ
fsr-3415	33	5	differences	difference	NOUN
fsr-3415	33	6	in	in	ADP
fsr-3415	33	7	morningstar	morningstar	NOUN
fsr-3415	33	8	governance	governance	NOUN
fsr-3415	33	9	ratings	rating	NOUN
fsr-3415	33	10	across	across	ADP
fsr-3415	33	11	fund	fund	NOUN
fsr-3415	33	12	structures	structure	NOUN
fsr-3415	33	13	.	.	PUNCT
fsr-3415	34	1	ms	ms	ADJ
fsr-3415	34	2	funds	fund	NOUN
fsr-3415	34	3	are	be	AUX
fsr-3415	34	4	more	more	ADV
fsr-3415	34	5	likely	likely	ADJ
fsr-3415	34	6	to	to	PART
fsr-3415	34	7	have	have	VERB
fsr-3415	34	8	lower	low	ADJ
fsr-3415	34	9	board	board	NOUN
fsr-3415	34	10	quality	quality	NOUN
fsr-3415	34	11	ratings	rating	NOUN
fsr-3415	34	12	and	and	CCONJ
fsr-3415	34	13	lower	low	ADJ
fsr-3415	34	14	managerial	managerial	ADJ
fsr-3415	34	15	incentive	incentive	NOUN
fsr-3415	34	16	ratings	rating	NOUN
fsr-3415	34	17	than	than	ADP
fsr-3415	34	18	non	non	ADJ
fsr-3415	34	19	-	-	ADJ
fsr-3415	34	20	ms	ms	ADJ
fsr-3415	34	21	funds	fund	NOUN
fsr-3415	34	22	(	(	PUNCT
fsr-3415	34	23	traditional	traditional	ADJ
fsr-3415	34	24	no	no	DET
fsr-3415	34	25	-	-	PUNCT
fsr-3415	34	26	load	load	NOUN
fsr-3415	34	27	funds	fund	NOUN
fsr-3415	34	28	)	)	PUNCT
fsr-3415	34	29	.	.	PUNCT
fsr-3415	35	1	examining	examine	VERB
fsr-3415	35	2	predicted	predict	VERB
fsr-3415	35	3	probabilities	probability	NOUN
fsr-3415	35	4	,	,	PUNCT
fsr-3415	35	5	the	the	DET
fsr-3415	35	6	results	result	NOUN
fsr-3415	35	7	indicate	indicate	VERB
fsr-3415	35	8	that	that	SCONJ
fsr-3415	35	9	ms	ms	PROPN
fsr-3415	35	10	funds	fund	NOUN
fsr-3415	35	11	have	have	VERB
fsr-3415	35	12	a	a	DET
fsr-3415	35	13	significantly	significantly	ADV
fsr-3415	35	14	lower	low	ADJ
fsr-3415	35	15	probability	probability	NOUN
fsr-3415	35	16	of	of	ADP
fsr-3415	35	17	having	have	VERB
fsr-3415	35	18	high	high	ADJ
fsr-3415	35	19	governance	governance	NOUN
fsr-3415	35	20	ratings	rating	NOUN
fsr-3415	35	21	when	when	SCONJ
fsr-3415	35	22	compared	compare	VERB
fsr-3415	35	23	with	with	ADP
fsr-3415	35	24	non	non	ADJ
fsr-3415	35	25	-	-	ADJ
fsr-3415	35	26	ms	ms	ADJ
fsr-3415	35	27	funds	fund	NOUN
fsr-3415	35	28	.	.	PUNCT
fsr-3415	36	1	additionally	additionally	ADV
fsr-3415	36	2	,	,	PUNCT
fsr-3415	36	3	50	50	NUM
fsr-3415	36	4	j.	j.	NOUN
fsr-3415	36	5	handy	handy	PROPN
fsr-3415	36	6	,	,	PUNCT
fsr-3415	36	7	t.	t.	PROPN
fsr-3415	36	8	smythe	smythe	PROPN
fsr-3415	36	9	/	/	SYM
fsr-3415	36	10	financial	financial	ADJ
fsr-3415	36	11	services	service	NOUN
fsr-3415	36	12	review	review	VERB
fsr-3415	36	13	28	28	NUM
fsr-3415	36	14	(	(	PUNCT
fsr-3415	36	15	2020	2020	NUM
fsr-3415	36	16	)	)	PUNCT
fsr-3415	36	17	49	49	NUM
fsr-3415	36	18	-	-	SYM
fsr-3415	36	19	65	65	NUM
fsr-3415	36	20	a	a	DET
fsr-3415	36	21	fund	fund	NOUN
fsr-3415	36	22	sponsor	sponsor	NOUN
fsr-3415	36	23	’s	’s	PART
fsr-3415	36	24	corporate	corporate	ADJ
fsr-3415	36	25	culture	culture	NOUN
fsr-3415	36	26	,	,	PUNCT
fsr-3415	36	27	as	as	SCONJ
fsr-3415	36	28	rated	rate	VERB
fsr-3415	36	29	by	by	ADP
fsr-3415	36	30	morningstar	morningstar	NOUN
fsr-3415	36	31	,	,	PUNCT
fsr-3415	36	32	has	have	VERB
fsr-3415	36	33	predictable	predictable	ADJ
fsr-3415	36	34	independent	independent	ADJ
fsr-3415	36	35	influences	influence	NOUN
fsr-3415	36	36	on	on	ADP
fsr-3415	36	37	fund	fund	NOUN
fsr-3415	36	38	board	board	NOUN
fsr-3415	36	39	quality	quality	NOUN
fsr-3415	36	40	and	and	CCONJ
fsr-3415	36	41	managerial	managerial	ADJ
fsr-3415	36	42	incentives	incentive	NOUN
fsr-3415	36	43	.	.	PUNCT
fsr-3415	37	1	finally	finally	ADV
fsr-3415	37	2	,	,	PUNCT
fsr-3415	37	3	funds	fund	NOUN
fsr-3415	37	4	with	with	ADP
fsr-3415	37	5	better	well	ADJ
fsr-3415	37	6	board	board	NOUN
fsr-3415	37	7	quality	quality	NOUN
fsr-3415	37	8	ratings	rating	NOUN
fsr-3415	37	9	have	have	VERB
fsr-3415	37	10	higher	high	ADJ
fsr-3415	37	11	managerial	managerial	ADJ
fsr-3415	37	12	incentive	incentive	NOUN
fsr-3415	37	13	ratings	rating	NOUN
fsr-3415	37	14	.	.	PUNCT
fsr-3415	38	1	our	our	PRON
fsr-3415	38	2	findings	finding	NOUN
fsr-3415	38	3	provide	provide	VERB
fsr-3415	38	4	additional	additional	ADJ
fsr-3415	38	5	evidence	evidence	NOUN
fsr-3415	38	6	that	that	SCONJ
fsr-3415	38	7	the	the	DET
fsr-3415	38	8	ms	ms	PROPN
fsr-3415	38	9	structure	structure	NOUN
fsr-3415	38	10	is	be	AUX
fsr-3415	38	11	associated	associate	VERB
fsr-3415	38	12	with	with	ADP
fsr-3415	38	13	largely	largely	ADV
fsr-3415	38	14	detrimental	detrimental	ADJ
fsr-3415	38	15	effects	effect	NOUN
fsr-3415	38	16	on	on	ADP
fsr-3415	38	17	a	a	DET
fsr-3415	38	18	less	less	ADV
fsr-3415	38	19	informed	informed	ADJ
fsr-3415	38	20	group	group	NOUN
fsr-3415	38	21	of	of	ADP
fsr-3415	38	22	investors	investor	NOUN
fsr-3415	38	23	.	.	PUNCT
fsr-3415	39	1	the	the	DET
fsr-3415	39	2	balance	balance	NOUN
fsr-3415	39	3	of	of	ADP
fsr-3415	39	4	the	the	DET
fsr-3415	39	5	article	article	NOUN
fsr-3415	39	6	proceeds	proceed	VERB
fsr-3415	39	7	as	as	SCONJ
fsr-3415	39	8	follows	follow	VERB
fsr-3415	39	9	.	.	PUNCT
fsr-3415	40	1	in	in	ADP
fsr-3415	40	2	section	section	NOUN
fsr-3415	40	3	2	2	NUM
fsr-3415	40	4	,	,	PUNCT
fsr-3415	40	5	we	we	PRON
fsr-3415	40	6	review	review	VERB
fsr-3415	40	7	mutual	mutual	ADJ
fsr-3415	40	8	fund	fund	NOUN
fsr-3415	40	9	literature	literature	NOUN
fsr-3415	40	10	to	to	PART
fsr-3415	40	11	place	place	VERB
fsr-3415	40	12	this	this	DET
fsr-3415	40	13	work	work	NOUN
fsr-3415	40	14	in	in	ADP
fsr-3415	40	15	context	context	NOUN
fsr-3415	40	16	.	.	PUNCT
fsr-3415	41	1	in	in	ADP
fsr-3415	41	2	section	section	NOUN
fsr-3415	41	3	3	3	NUM
fsr-3415	41	4	,	,	PUNCT
fsr-3415	41	5	we	we	PRON
fsr-3415	41	6	develop	develop	VERB
fsr-3415	41	7	our	our	PRON
fsr-3415	41	8	hypotheses	hypothesis	NOUN
fsr-3415	41	9	.	.	PUNCT
fsr-3415	42	1	in	in	ADP
fsr-3415	42	2	section	section	NOUN
fsr-3415	42	3	4	4	NUM
fsr-3415	42	4	,	,	PUNCT
fsr-3415	42	5	we	we	PRON
fsr-3415	42	6	introduce	introduce	VERB
fsr-3415	42	7	the	the	DET
fsr-3415	42	8	data	datum	NOUN
fsr-3415	42	9	,	,	PUNCT
fsr-3415	42	10	build	build	VERB
fsr-3415	42	11	the	the	DET
fsr-3415	42	12	empirical	empirical	ADJ
fsr-3415	42	13	model	model	NOUN
fsr-3415	42	14	,	,	PUNCT
fsr-3415	42	15	and	and	CCONJ
fsr-3415	42	16	discuss	discuss	VERB
fsr-3415	42	17	the	the	DET
fsr-3415	42	18	variables	variable	NOUN
fsr-3415	42	19	of	of	ADP
fsr-3415	42	20	interest	interest	NOUN
fsr-3415	42	21	.	.	PUNCT
fsr-3415	43	1	in	in	ADP
fsr-3415	43	2	section	section	NOUN
fsr-3415	43	3	5	5	NUM
fsr-3415	43	4	,	,	PUNCT
fsr-3415	43	5	we	we	PRON
fsr-3415	43	6	present	present	VERB
fsr-3415	43	7	primary	primary	ADJ
fsr-3415	43	8	empirical	empirical	ADJ
fsr-3415	43	9	results	result	NOUN
fsr-3415	43	10	,	,	PUNCT
fsr-3415	43	11	and	and	CCONJ
fsr-3415	43	12	in	in	ADP
fsr-3415	43	13	section	section	NOUN
fsr-3415	43	14	6	6	NUM
fsr-3415	43	15	,	,	PUNCT
fsr-3415	43	16	we	we	PRON
fsr-3415	43	17	present	present	VERB
fsr-3415	43	18	our	our	PRON
fsr-3415	43	19	concluding	concluding	NOUN
fsr-3415	43	20	remarks	remark	NOUN
fsr-3415	43	21	.	.	PUNCT
fsr-3415	44	1	2	2	X
fsr-3415	44	2	.	.	X
fsr-3415	44	3	previous	previous	ADJ
fsr-3415	44	4	literature	literature	NOUN
fsr-3415	44	5	over	over	ADP
fsr-3415	44	6	the	the	DET
fsr-3415	44	7	years	year	NOUN
fsr-3415	44	8	,	,	PUNCT
fsr-3415	44	9	the	the	DET
fsr-3415	44	10	use	use	NOUN
fsr-3415	44	11	of	of	ADP
fsr-3415	44	12	mutual	mutual	ADJ
fsr-3415	44	13	funds	fund	NOUN
fsr-3415	44	14	for	for	ADP
fsr-3415	44	15	investing	investing	NOUN
fsr-3415	44	16	has	have	AUX
fsr-3415	44	17	increased	increase	VERB
fsr-3415	44	18	tremendously	tremendously	ADV
fsr-3415	44	19	.	.	PUNCT
fsr-3415	45	1	fund	fund	NOUN
fsr-3415	45	2	assets	asset	NOUN
fsr-3415	45	3	increased	increase	VERB
fsr-3415	45	4	from	from	ADP
fsr-3415	45	5	$	$	SYM
fsr-3415	45	6	11.1	11.1	NUM
fsr-3415	45	7	trillion	trillion	NUM
fsr-3415	45	8	at	at	ADP
fsr-3415	45	9	year	year	NOUN
fsr-3415	45	10	-	-	PUNCT
fsr-3415	45	11	end	end	NOUN
fsr-3415	45	12	2009	2009	NUM
fsr-3415	45	13	to	to	ADP
fsr-3415	45	14	$	$	SYM
fsr-3415	45	15	17.7	17.7	NUM
fsr-3415	45	16	trillion	trillion	NUM
fsr-3415	45	17	at	at	ADP
fsr-3415	45	18	year	year	NOUN
fsr-3415	45	19	-	-	PUNCT
fsr-3415	45	20	end	end	NOUN
fsr-3415	45	21	2018	2018	NUM
fsr-3415	45	22	(	(	PUNCT
fsr-3415	45	23	2010	2010	NUM
fsr-3415	45	24	and	and	CCONJ
fsr-3415	45	25	2019	2019	NUM
fsr-3415	45	26	investment	investment	NOUN
fsr-3415	45	27	company	company	NOUN
fsr-3415	45	28	fact	fact	NOUN
fsr-3415	45	29	books	book	NOUN
fsr-3415	45	30	,	,	PUNCT
fsr-3415	45	31	respectively	respectively	ADV
fsr-3415	45	32	)	)	PUNCT
fsr-3415	45	33	.	.	PUNCT
fsr-3415	46	1	accordingly	accordingly	ADV
fsr-3415	46	2	,	,	PUNCT
fsr-3415	46	3	mutual	mutual	ADJ
fsr-3415	46	4	fund	fund	NOUN
fsr-3415	46	5	research	research	NOUN
fsr-3415	46	6	remains	remain	VERB
fsr-3415	46	7	a	a	DET
fsr-3415	46	8	growing	grow	VERB
fsr-3415	46	9	specialty	specialty	NOUN
fsr-3415	46	10	.	.	PUNCT
fsr-3415	47	1	for	for	ADP
fsr-3415	47	2	brevity	brevity	NOUN
fsr-3415	47	3	,	,	PUNCT
fsr-3415	47	4	our	our	PRON
fsr-3415	47	5	literature	literature	NOUN
fsr-3415	47	6	review	review	NOUN
fsr-3415	47	7	focuses	focus	VERB
fsr-3415	47	8	on	on	ADP
fsr-3415	47	9	the	the	DET
fsr-3415	47	10	three	three	NUM
fsr-3415	47	11	areas	area	NOUN
fsr-3415	47	12	of	of	ADP
fsr-3415	47	13	fund	fund	NOUN
fsr-3415	47	14	research	research	NOUN
fsr-3415	47	15	most	most	ADV
fsr-3415	47	16	related	related	ADJ
fsr-3415	47	17	to	to	ADP
fsr-3415	47	18	this	this	DET
fsr-3415	47	19	article	article	NOUN
fsr-3415	47	20	:	:	PUNCT
fsr-3415	47	21	research	research	NOUN
fsr-3415	47	22	focusing	focus	VERB
fsr-3415	47	23	on	on	ADP
fsr-3415	47	24	the	the	DET
fsr-3415	47	25	nature	nature	NOUN
fsr-3415	47	26	of	of	ADP
fsr-3415	47	27	multiple	multiple	ADJ
fsr-3415	47	28	-	-	PUNCT
fsr-3415	47	29	share	share	NOUN
fsr-3415	47	30	class	class	NOUN
fsr-3415	47	31	funds	fund	NOUN
fsr-3415	47	32	,	,	PUNCT
fsr-3415	47	33	research	research	NOUN
fsr-3415	47	34	focusing	focus	VERB
fsr-3415	47	35	on	on	ADP
fsr-3415	47	36	the	the	DET
fsr-3415	47	37	intersection	intersection	NOUN
fsr-3415	47	38	of	of	ADP
fsr-3415	47	39	retail	retail	ADJ
fsr-3415	47	40	investors	investor	NOUN
fsr-3415	47	41	and	and	CCONJ
fsr-3415	47	42	financial	financial	ADJ
fsr-3415	47	43	advisors	advisor	NOUN
fsr-3415	47	44	,	,	PUNCT
fsr-3415	47	45	and	and	CCONJ
fsr-3415	47	46	research	research	NOUN
fsr-3415	47	47	focusing	focus	VERB
fsr-3415	47	48	on	on	ADP
fsr-3415	47	49	morningstar	morningstar	NOUN
fsr-3415	47	50	stewardship	stewardship	NOUN
fsr-3415	47	51	grades	grade	NOUN
fsr-3415	47	52	(	(	PUNCT
fsr-3415	47	53	msg	msg	PROPN
fsr-3415	47	54	)	)	PUNCT
fsr-3415	47	55	.	.	PUNCT
fsr-3415	48	1	2.1	2.1	NUM
fsr-3415	48	2	.	.	PUNCT
fsr-3415	49	1	multi	multi	ADJ
fsr-3415	49	2	-	-	ADJ
fsr-3415	49	3	share	share	ADJ
fsr-3415	49	4	class	class	NOUN
fsr-3415	49	5	mutual	mutual	ADJ
fsr-3415	49	6	funds	fund	NOUN
fsr-3415	49	7	despite	despite	SCONJ
fsr-3415	49	8	the	the	DET
fsr-3415	49	9	fact	fact	NOUN
fsr-3415	49	10	that	that	SCONJ
fsr-3415	49	11	the	the	DET
fsr-3415	49	12	sec	sec	PROPN
fsr-3415	49	13	has	have	AUX
fsr-3415	49	14	allowed	allow	VERB
fsr-3415	49	15	mutual	mutual	ADJ
fsr-3415	49	16	fund	fund	NOUN
fsr-3415	49	17	sponsors	sponsor	NOUN
fsr-3415	49	18	to	to	PART
fsr-3415	49	19	offer	offer	VERB
fsr-3415	49	20	ms	ms	NOUN
fsr-3415	49	21	funds	fund	NOUN
fsr-3415	49	22	since	since	SCONJ
fsr-3415	49	23	1995	1995	NUM
fsr-3415	49	24	,	,	PUNCT
fsr-3415	49	25	little	little	ADJ
fsr-3415	49	26	analytical	analytical	ADJ
fsr-3415	49	27	research	research	NOUN
fsr-3415	49	28	into	into	ADP
fsr-3415	49	29	ms	ms	ADJ
fsr-3415	49	30	funds	fund	NOUN
fsr-3415	49	31	and	and	CCONJ
fsr-3415	49	32	the	the	DET
fsr-3415	49	33	ms	ms	PROPN
fsr-3415	49	34	structure	structure	NOUN
fsr-3415	49	35	exists	exist	VERB
fsr-3415	49	36	.	.	PUNCT
fsr-3415	50	1	this	this	DET
fsr-3415	50	2	article	article	NOUN
fsr-3415	50	3	,	,	PUNCT
fsr-3415	50	4	to	to	ADP
fsr-3415	50	5	the	the	DET
fsr-3415	50	6	best	good	ADJ
fsr-3415	50	7	of	of	ADP
fsr-3415	50	8	its	its	PRON
fsr-3415	50	9	authors	author	NOUN
fsr-3415	50	10	’	'	PUNCT
fsr-3415	50	11	knowledge	knowledge	NOUN
fsr-3415	50	12	,	,	PUNCT
fsr-3415	50	13	is	be	AUX
fsr-3415	50	14	the	the	DET
fsr-3415	50	15	first	first	ADJ
fsr-3415	50	16	to	to	PART
fsr-3415	50	17	analyze	analyze	VERB
fsr-3415	50	18	whether	whether	SCONJ
fsr-3415	50	19	there	there	PRON
fsr-3415	50	20	are	be	VERB
fsr-3415	50	21	differences	difference	NOUN
fsr-3415	50	22	in	in	ADP
fsr-3415	50	23	independently	independently	ADV
fsr-3415	50	24	rated	rate	VERB
fsr-3415	50	25	governance	governance	NOUN
fsr-3415	50	26	quality	quality	NOUN
fsr-3415	50	27	between	between	ADP
fsr-3415	50	28	ms	ms	PROPN
fsr-3415	50	29	and	and	CCONJ
fsr-3415	50	30	non	non	ADJ
fsr-3415	50	31	-	-	ADJ
fsr-3415	50	32	ms	ms	ADJ
fsr-3415	50	33	funds	fund	NOUN
fsr-3415	50	34	.	.	PUNCT
fsr-3415	51	1	the	the	DET
fsr-3415	51	2	main	main	ADJ
fsr-3415	51	3	theoretical	theoretical	ADJ
fsr-3415	51	4	multi	multi	ADJ
fsr-3415	51	5	-	-	ADJ
fsr-3415	51	6	share	share	ADJ
fsr-3415	51	7	class	class	NOUN
fsr-3415	51	8	research	research	NOUN
fsr-3415	51	9	comes	come	VERB
fsr-3415	51	10	from	from	ADP
fsr-3415	51	11	livingston	livingston	PROPN
fsr-3415	51	12	and	and	CCONJ
fsr-3415	51	13	o’neal	o’neal	PROPN
fsr-3415	51	14	(	(	PUNCT
fsr-3415	51	15	1998	1998	NUM
fsr-3415	51	16	)	)	PUNCT
fsr-3415	51	17	,	,	PUNCT
fsr-3415	51	18	o’neal	o’neal	NOUN
fsr-3415	51	19	(	(	PUNCT
fsr-3415	51	20	1999	1999	NUM
fsr-3415	51	21	)	)	PUNCT
fsr-3415	51	22	,	,	PUNCT
fsr-3415	51	23	and	and	CCONJ
fsr-3415	51	24	nanda	nanda	ADV
fsr-3415	51	25	,	,	PUNCT
fsr-3415	51	26	wang	wang	PROPN
fsr-3415	51	27	,	,	PUNCT
fsr-3415	51	28	and	and	CCONJ
fsr-3415	51	29	zheng	zheng	PROPN
fsr-3415	51	30	(	(	PUNCT
fsr-3415	51	31	2009	2009	NUM
fsr-3415	51	32	)	)	PUNCT
fsr-3415	51	33	.	.	PUNCT
fsr-3415	52	1	lesseig	lesseig	PROPN
fsr-3415	52	2	,	,	PUNCT
fsr-3415	52	3	long	long	ADV
fsr-3415	52	4	,	,	PUNCT
fsr-3415	52	5	and	and	CCONJ
fsr-3415	52	6	smythe	smythe	PROPN
fsr-3415	52	7	(	(	PUNCT
fsr-3415	52	8	2002	2002	NUM
fsr-3415	52	9	)	)	PUNCT
fsr-3415	52	10	and	and	CCONJ
fsr-3415	52	11	handy	handy	ADJ
fsr-3415	52	12	,	,	PUNCT
fsr-3415	52	13	nichols	nichols	PROPN
fsr-3415	52	14	,	,	PUNCT
fsr-3415	52	15	and	and	CCONJ
fsr-3415	52	16	smythe	smythe	PROPN
fsr-3415	52	17	(	(	PUNCT
fsr-3415	52	18	2018	2018	NUM
fsr-3415	52	19	)	)	PUNCT
fsr-3415	52	20	provide	provide	VERB
fsr-3415	52	21	empirical	empirical	ADJ
fsr-3415	52	22	results	result	NOUN
fsr-3415	52	23	.	.	PUNCT
fsr-3415	53	1	livingston	livingston	PROPN
fsr-3415	53	2	and	and	CCONJ
fsr-3415	53	3	o’neal	o’neal	PROPN
fsr-3415	53	4	(	(	PUNCT
fsr-3415	53	5	1998	1998	NUM
fsr-3415	53	6	)	)	PUNCT
fsr-3415	53	7	and	and	CCONJ
fsr-3415	53	8	o’neal	o’neal	NOUN
fsr-3415	53	9	(	(	PUNCT
fsr-3415	53	10	1999	1999	NUM
fsr-3415	53	11	)	)	PUNCT
fsr-3415	53	12	focus	focus	NOUN
fsr-3415	53	13	on	on	ADP
fsr-3415	53	14	ms	ms	PROPN
fsr-3415	53	15	fund	fund	NOUN
fsr-3415	53	16	costs	cost	NOUN
fsr-3415	53	17	and	and	CCONJ
fsr-3415	53	18	the	the	DET
fsr-3415	53	19	incentives	incentive	NOUN
fsr-3415	53	20	provided	provide	VERB
fsr-3415	53	21	to	to	ADP
fsr-3415	53	22	investors	investor	NOUN
fsr-3415	53	23	and	and	CCONJ
fsr-3415	53	24	brokers.2	brokers.2	PROPN
fsr-3415	53	25	livingston	livingston	PROPN
fsr-3415	53	26	and	and	CCONJ
fsr-3415	53	27	o’neal	o’neal	PROPN
fsr-3415	53	28	(	(	PUNCT
fsr-3415	53	29	1998	1998	NUM
fsr-3415	53	30	)	)	PUNCT
fsr-3415	53	31	concludes	conclude	VERB
fsr-3415	53	32	that	that	SCONJ
fsr-3415	53	33	,	,	PUNCT
fsr-3415	53	34	because	because	SCONJ
fsr-3415	53	35	little	little	ADJ
fsr-3415	53	36	evidence	evidence	NOUN
fsr-3415	53	37	supports	support	VERB
fsr-3415	53	38	mutual	mutual	ADJ
fsr-3415	53	39	fund	fund	NOUN
fsr-3415	53	40	performance	performance	NOUN
fsr-3415	53	41	persistence	persistence	NOUN
fsr-3415	53	42	,	,	PUNCT
fsr-3415	53	43	investors	investor	NOUN
fsr-3415	53	44	should	should	AUX
fsr-3415	53	45	select	select	VERB
fsr-3415	53	46	funds	fund	NOUN
fsr-3415	53	47	based	base	VERB
fsr-3415	53	48	on	on	ADP
fsr-3415	53	49	costs	cost	NOUN
fsr-3415	53	50	because	because	SCONJ
fsr-3415	53	51	higher	high	ADJ
fsr-3415	53	52	costs	cost	NOUN
fsr-3415	53	53	uniformly	uniformly	ADV
fsr-3415	53	54	lead	lead	VERB
fsr-3415	53	55	to	to	ADP
fsr-3415	53	56	lower	low	ADJ
fsr-3415	53	57	returns	return	NOUN
fsr-3415	53	58	.	.	PUNCT
fsr-3415	54	1	they	they	PRON
fsr-3415	54	2	identify	identify	VERB
fsr-3415	54	3	the	the	DET
fsr-3415	54	4	most	most	ADV
fsr-3415	54	5	common	common	ADJ
fsr-3415	54	6	ms	ms	PROPN
fsr-3415	54	7	fund	fund	NOUN
fsr-3415	54	8	cost	cost	NOUN
fsr-3415	54	9	distribution	distribution	NOUN
fsr-3415	54	10	types	type	NOUN
fsr-3415	54	11	,	,	PUNCT
fsr-3415	54	12	derive	derive	VERB
fsr-3415	54	13	a	a	DET
fsr-3415	54	14	series	series	NOUN
fsr-3415	54	15	of	of	ADP
fsr-3415	54	16	mathematical	mathematical	ADJ
fsr-3415	54	17	equations	equation	NOUN
fsr-3415	54	18	expressing	express	VERB
fsr-3415	54	19	the	the	DET
fsr-3415	54	20	costs	cost	NOUN
fsr-3415	54	21	as	as	ADP
fsr-3415	54	22	a	a	DET
fsr-3415	54	23	present	present	ADJ
fsr-3415	54	24	value	value	NOUN
fsr-3415	54	25	,	,	PUNCT
fsr-3415	54	26	and	and	CCONJ
fsr-3415	54	27	provide	provide	VERB
fsr-3415	54	28	a	a	DET
fsr-3415	54	29	comprehensive	comprehensive	ADJ
fsr-3415	54	30	set	set	NOUN
fsr-3415	54	31	of	of	ADP
fsr-3415	54	32	optimal	optimal	ADJ
fsr-3415	54	33	investment	investment	NOUN
fsr-3415	54	34	strategies	strategy	NOUN
fsr-3415	54	35	for	for	ADP
fsr-3415	54	36	investors	investor	NOUN
fsr-3415	54	37	given	give	VERB
fsr-3415	54	38	specific	specific	ADJ
fsr-3415	54	39	investment	investment	NOUN
fsr-3415	54	40	time	time	NOUN
fsr-3415	54	41	horizons	horizon	NOUN
fsr-3415	54	42	.	.	PUNCT
fsr-3415	55	1	however	however	ADV
fsr-3415	55	2	,	,	PUNCT
fsr-3415	55	3	when	when	SCONJ
fsr-3415	55	4	considering	consider	VERB
fsr-3415	55	5	the	the	DET
fsr-3415	55	6	results	result	NOUN
fsr-3415	55	7	of	of	ADP
fsr-3415	55	8	barber	barber	NOUN
fsr-3415	55	9	,	,	PUNCT
fsr-3415	55	10	odean	odean	ADJ
fsr-3415	55	11	,	,	PUNCT
fsr-3415	55	12	and	and	CCONJ
fsr-3415	55	13	zheng	zheng	X
fsr-3415	55	14	(	(	PUNCT
fsr-3415	55	15	2005	2005	NUM
fsr-3415	55	16	)	)	PUNCT
fsr-3415	55	17	,	,	PUNCT
fsr-3415	55	18	which	which	PRON
fsr-3415	55	19	demonstrates	demonstrate	VERB
fsr-3415	55	20	investor	investor	NOUN
fsr-3415	55	21	confusion	confusion	NOUN
fsr-3415	55	22	with	with	ADP
fsr-3415	55	23	fund	fund	NOUN
fsr-3415	55	24	costs	cost	NOUN
fsr-3415	55	25	,	,	PUNCT
fsr-3415	55	26	the	the	DET
fsr-3415	55	27	challenge	challenge	NOUN
fsr-3415	55	28	facing	face	VERB
fsr-3415	55	29	ms	ms	NOUN
fsr-3415	55	30	fund	fund	NOUN
fsr-3415	55	31	investors	investor	NOUN
fsr-3415	55	32	becomes	become	VERB
fsr-3415	55	33	clear	clear	ADJ
fsr-3415	55	34	:	:	PUNCT
fsr-3415	55	35	investors	investor	NOUN
fsr-3415	55	36	must	must	AUX
fsr-3415	55	37	not	not	PART
fsr-3415	55	38	only	only	ADV
fsr-3415	55	39	choose	choose	VERB
fsr-3415	55	40	which	which	DET
fsr-3415	55	41	fund	fund	NOUN
fsr-3415	55	42	to	to	PART
fsr-3415	55	43	invest	invest	VERB
fsr-3415	55	44	their	their	PRON
fsr-3415	55	45	assets	asset	NOUN
fsr-3415	55	46	but	but	CCONJ
fsr-3415	55	47	also	also	ADV
fsr-3415	55	48	which	which	DET
fsr-3415	55	49	combination	combination	NOUN
fsr-3415	55	50	of	of	ADP
fsr-3415	55	51	commissions	commission	NOUN
fsr-3415	55	52	and	and	CCONJ
fsr-3415	55	53	ongoing	ongoing	ADJ
fsr-3415	55	54	expenses	expense	NOUN
fsr-3415	55	55	best	good	ADJ
fsr-3415	55	56	suits	suit	NOUN
fsr-3415	55	57	their	their	PRON
fsr-3415	55	58	needs	need	NOUN
fsr-3415	55	59	(	(	PUNCT
fsr-3415	55	60	i.e.	i.e.	X
fsr-3415	55	61	,	,	PUNCT
fsr-3415	55	62	they	they	PRON
fsr-3415	55	63	must	must	AUX
fsr-3415	55	64	choose	choose	VERB
fsr-3415	55	65	the	the	DET
fsr-3415	55	66	right	right	ADJ
fsr-3415	55	67	class	class	NOUN
fsr-3415	55	68	)	)	PUNCT
fsr-3415	55	69	.	.	PUNCT
fsr-3415	56	1	51j	51j	PROPN
fsr-3415	56	2	.	.	PUNCT
fsr-3415	57	1	handy	handy	ADJ
fsr-3415	57	2	,	,	PUNCT
fsr-3415	57	3	t.	t.	PROPN
fsr-3415	57	4	smythe	smythe	PROPN
fsr-3415	57	5	/	/	SYM
fsr-3415	57	6	financial	financial	ADJ
fsr-3415	57	7	services	service	NOUN
fsr-3415	57	8	review	review	VERB
fsr-3415	57	9	28	28	NUM
fsr-3415	57	10	(	(	PUNCT
fsr-3415	57	11	2020	2020	NUM
fsr-3415	57	12	)	)	PUNCT
fsr-3415	57	13	49	49	NUM
fsr-3415	57	14	-	-	SYM
fsr-3415	57	15	65	65	NUM
fsr-3415	57	16	o’neal	o’neal	NOUN
fsr-3415	57	17	(	(	PUNCT
fsr-3415	57	18	1999	1999	NUM
fsr-3415	57	19	)	)	PUNCT
fsr-3415	57	20	derives	derive	VERB
fsr-3415	57	21	commission	commission	NOUN
fsr-3415	57	22	-	-	PUNCT
fsr-3415	57	23	based	base	VERB
fsr-3415	57	24	incentives	incentive	NOUN
fsr-3415	57	25	for	for	ADP
fsr-3415	57	26	fund	fund	NOUN
fsr-3415	57	27	brokers	broker	NOUN
fsr-3415	57	28	/	/	SYM
fsr-3415	57	29	advisors	advisor	NOUN
fsr-3415	57	30	and	and	CCONJ
fsr-3415	57	31	finds	find	VERB
fsr-3415	57	32	conflicts	conflict	NOUN
fsr-3415	57	33	of	of	ADP
fsr-3415	57	34	interest	interest	NOUN
fsr-3415	57	35	between	between	ADP
fsr-3415	57	36	advisors	advisor	NOUN
fsr-3415	57	37	and	and	CCONJ
fsr-3415	57	38	investors	investor	NOUN
fsr-3415	57	39	.	.	PUNCT
fsr-3415	58	1	o’neal	o’neal	ADV
fsr-3415	58	2	(	(	PUNCT
fsr-3415	58	3	1999	1999	NUM
fsr-3415	58	4	)	)	PUNCT
fsr-3415	58	5	indicates	indicate	VERB
fsr-3415	58	6	that	that	SCONJ
fsr-3415	58	7	this	this	PRON
fsr-3415	58	8	is	be	AUX
fsr-3415	58	9	particularly	particularly	ADV
fsr-3415	58	10	dangerous	dangerous	ADJ
fsr-3415	58	11	to	to	ADP
fsr-3415	58	12	ms	ms	PROPN
fsr-3415	58	13	fund	fund	NOUN
fsr-3415	58	14	investors	investor	NOUN
fsr-3415	58	15	,	,	PUNCT
fsr-3415	58	16	given	give	VERB
fsr-3415	58	17	that	that	SCONJ
fsr-3415	58	18	those	those	PRON
fsr-3415	58	19	most	most	ADV
fsr-3415	58	20	likely	likely	ADJ
fsr-3415	58	21	to	to	PART
fsr-3415	58	22	seek	seek	VERB
fsr-3415	58	23	out	out	ADP
fsr-3415	58	24	advisors	advisor	NOUN
fsr-3415	58	25	are	be	AUX
fsr-3415	58	26	those	those	PRON
fsr-3415	58	27	who	who	PRON
fsr-3415	58	28	are	be	AUX
fsr-3415	58	29	relatively	relatively	ADV
fsr-3415	58	30	uninformed	uninformed	ADJ
fsr-3415	58	31	.	.	PUNCT
fsr-3415	59	1	nanda	nanda	ADV
fsr-3415	59	2	et	et	PROPN
fsr-3415	59	3	al	al	PROPN
fsr-3415	59	4	.	.	PROPN
fsr-3415	60	1	(	(	PUNCT
fsr-3415	60	2	2009	2009	NUM
fsr-3415	60	3	)	)	PUNCT
fsr-3415	60	4	largely	largely	ADV
fsr-3415	60	5	focus	focus	VERB
fsr-3415	60	6	their	their	PRON
fsr-3415	60	7	analysis	analysis	NOUN
fsr-3415	60	8	around	around	ADP
fsr-3415	60	9	a	a	DET
fsr-3415	60	10	fund	fund	NOUN
fsr-3415	60	11	’s	’s	PART
fsr-3415	60	12	decision	decision	NOUN
fsr-3415	60	13	to	to	PART
fsr-3415	60	14	switch	switch	VERB
fsr-3415	60	15	from	from	ADP
fsr-3415	60	16	single	single	ADJ
fsr-3415	60	17	-	-	PUNCT
fsr-3415	60	18	class	class	NOUN
fsr-3415	60	19	to	to	ADP
fsr-3415	60	20	the	the	DET
fsr-3415	60	21	multiple	multiple	ADJ
fsr-3415	60	22	-	-	PUNCT
fsr-3415	60	23	class	class	NOUN
fsr-3415	60	24	structure	structure	NOUN
fsr-3415	60	25	and	and	CCONJ
fsr-3415	60	26	find	find	VERB
fsr-3415	60	27	that	that	SCONJ
fsr-3415	60	28	switching	switch	VERB
fsr-3415	60	29	to	to	ADP
fsr-3415	60	30	the	the	DET
fsr-3415	60	31	ms	ms	PROPN
fsr-3415	60	32	structure	structure	NOUN
fsr-3415	60	33	negatively	negatively	ADV
fsr-3415	60	34	impacts	impact	VERB
fsr-3415	60	35	performance	performance	NOUN
fsr-3415	60	36	.	.	PUNCT
fsr-3415	61	1	while	while	SCONJ
fsr-3415	61	2	similar	similar	ADJ
fsr-3415	61	3	to	to	ADP
fsr-3415	61	4	o’neal	o’neal	NOUN
fsr-3415	61	5	(	(	PUNCT
fsr-3415	61	6	1999	1999	NUM
fsr-3415	61	7	)	)	PUNCT
fsr-3415	61	8	,	,	PUNCT
fsr-3415	61	9	this	this	DET
fsr-3415	61	10	article	article	NOUN
fsr-3415	61	11	analyzes	analyze	VERB
fsr-3415	61	12	the	the	DET
fsr-3415	61	13	relationship	relationship	NOUN
fsr-3415	61	14	between	between	ADP
fsr-3415	61	15	fund	fund	NOUN
fsr-3415	61	16	sponsors	sponsor	NOUN
fsr-3415	61	17	and	and	CCONJ
fsr-3415	61	18	investors	investor	NOUN
fsr-3415	61	19	by	by	ADP
fsr-3415	61	20	examining	examine	VERB
fsr-3415	61	21	morningstar	morningstar	NOUN
fsr-3415	61	22	’s	’s	PART
fsr-3415	61	23	independent	independent	PROPN
fsr-3415	61	24	board	board	PROPN
fsr-3415	61	25	quality	quality	NOUN
fsr-3415	61	26	and	and	CCONJ
fsr-3415	61	27	managerial	managerial	ADJ
fsr-3415	61	28	incentive	incentive	NOUN
fsr-3415	61	29	ratings	rating	NOUN
fsr-3415	61	30	to	to	PART
fsr-3415	61	31	determine	determine	VERB
fsr-3415	61	32	if	if	SCONJ
fsr-3415	61	33	there	there	PRON
fsr-3415	61	34	are	be	VERB
fsr-3415	61	35	differences	difference	NOUN
fsr-3415	61	36	between	between	ADP
fsr-3415	61	37	ms	ms	PROPN
fsr-3415	61	38	and	and	CCONJ
fsr-3415	61	39	non	non	ADJ
fsr-3415	61	40	-	-	ADJ
fsr-3415	61	41	ms	ms	ADJ
fsr-3415	61	42	funds	fund	NOUN
fsr-3415	61	43	.	.	PUNCT
fsr-3415	62	1	finally	finally	ADV
fsr-3415	62	2	,	,	PUNCT
fsr-3415	62	3	lesseig	lesseig	PROPN
fsr-3415	62	4	,	,	PUNCT
fsr-3415	62	5	long	long	ADV
fsr-3415	62	6	,	,	PUNCT
fsr-3415	62	7	and	and	CCONJ
fsr-3415	62	8	smythe	smythe	PROPN
fsr-3415	62	9	(	(	PUNCT
fsr-3415	62	10	2002	2002	NUM
fsr-3415	62	11	)	)	PUNCT
fsr-3415	62	12	and	and	CCONJ
fsr-3415	62	13	handy	handy	ADJ
fsr-3415	62	14	,	,	PUNCT
fsr-3415	62	15	nichols	nichols	PROPN
fsr-3415	62	16	,	,	PUNCT
fsr-3415	62	17	and	and	CCONJ
fsr-3415	62	18	smythe	smythe	PROPN
fsr-3415	62	19	(	(	PUNCT
fsr-3415	62	20	2018	2018	NUM
fsr-3415	62	21	)	)	PUNCT
fsr-3415	62	22	also	also	ADV
fsr-3415	62	23	focus	focus	VERB
fsr-3415	62	24	on	on	ADP
fsr-3415	62	25	ms	ms	ADJ
fsr-3415	62	26	structure	structure	NOUN
fsr-3415	62	27	by	by	ADP
fsr-3415	62	28	examining	examine	VERB
fsr-3415	62	29	differences	difference	NOUN
fsr-3415	62	30	in	in	ADP
fsr-3415	62	31	expense	expense	NOUN
fsr-3415	62	32	ratios	ratio	NOUN
fsr-3415	62	33	between	between	ADP
fsr-3415	62	34	ms	ms	PROPN
fsr-3415	62	35	and	and	CCONJ
fsr-3415	62	36	non	non	ADJ
fsr-3415	62	37	-	-	ADJ
fsr-3415	62	38	ms	ms	ADJ
fsr-3415	62	39	funds	fund	NOUN
fsr-3415	62	40	.	.	PUNCT
fsr-3415	63	1	lesseig	lesseig	PROPN
fsr-3415	63	2	et	et	PROPN
fsr-3415	63	3	al	al	PROPN
fsr-3415	63	4	.	.	PROPN
fsr-3415	64	1	(	(	PUNCT
fsr-3415	64	2	2002	2002	NUM
fsr-3415	64	3	)	)	PUNCT
fsr-3415	64	4	analyzes	analyze	VERB
fsr-3415	64	5	the	the	DET
fsr-3415	64	6	claim	claim	NOUN
fsr-3415	64	7	made	make	VERB
fsr-3415	64	8	by	by	ADP
fsr-3415	64	9	fund	fund	NOUN
fsr-3415	64	10	sponsors	sponsor	NOUN
fsr-3415	64	11	when	when	SCONJ
fsr-3415	64	12	the	the	DET
fsr-3415	64	13	ms	ms	PROPN
fsr-3415	64	14	structure	structure	NOUN
fsr-3415	64	15	was	be	AUX
fsr-3415	64	16	introduced	introduce	VERB
fsr-3415	64	17	that	that	SCONJ
fsr-3415	64	18	it	it	PRON
fsr-3415	64	19	allows	allow	VERB
fsr-3415	64	20	funds	fund	NOUN
fsr-3415	64	21	to	to	PART
fsr-3415	64	22	decrease	decrease	VERB
fsr-3415	64	23	fund	fund	NOUN
fsr-3415	64	24	expenses	expense	NOUN
fsr-3415	64	25	.	.	PUNCT
fsr-3415	65	1	their	their	PRON
fsr-3415	65	2	results	result	NOUN
fsr-3415	65	3	suggest	suggest	VERB
fsr-3415	65	4	the	the	DET
fsr-3415	65	5	opposite	opposite	ADJ
fsr-3415	65	6	—	—	PUNCT
fsr-3415	65	7	overall	overall	ADJ
fsr-3415	65	8	net	net	ADJ
fsr-3415	65	9	expense	expense	NOUN
fsr-3415	65	10	ratios	ratio	NOUN
fsr-3415	65	11	for	for	ADP
fsr-3415	65	12	ms	ms	PROPN
fsr-3415	65	13	funds	fund	NOUN
fsr-3415	65	14	are	be	AUX
fsr-3415	65	15	higher	high	ADJ
fsr-3415	65	16	than	than	ADP
fsr-3415	65	17	for	for	ADP
fsr-3415	65	18	non	non	ADJ
fsr-3415	65	19	-	-	ADJ
fsr-3415	65	20	ms	ms	ADJ
fsr-3415	65	21	funds	fund	NOUN
fsr-3415	65	22	.	.	PUNCT
fsr-3415	66	1	handy	handy	ADJ
fsr-3415	66	2	et	et	PROPN
fsr-3415	66	3	al	al	PROPN
fsr-3415	66	4	.	.	PUNCT
fsr-3415	67	1	(	(	PUNCT
fsr-3415	67	2	2018	2018	NUM
fsr-3415	67	3	)	)	PUNCT
fsr-3415	67	4	examines	examine	VERB
fsr-3415	67	5	a	a	DET
fsr-3415	67	6	longer	long	ADJ
fsr-3415	67	7	and	and	CCONJ
fsr-3415	67	8	more	more	ADV
fsr-3415	67	9	recent	recent	ADJ
fsr-3415	67	10	sample	sample	NOUN
fsr-3415	67	11	and	and	CCONJ
fsr-3415	67	12	find	find	VERB
fsr-3415	67	13	results	result	NOUN
fsr-3415	67	14	consistent	consistent	ADJ
fsr-3415	67	15	with	with	ADP
fsr-3415	67	16	lesseig	lesseig	NOUN
fsr-3415	67	17	et	et	PROPN
fsr-3415	67	18	al	al	PROPN
fsr-3415	67	19	.	.	PROPN
fsr-3415	68	1	(	(	PUNCT
fsr-3415	68	2	2002	2002	NUM
fsr-3415	68	3	)	)	PUNCT
fsr-3415	68	4	.	.	PUNCT
fsr-3415	69	1	2.2	2.2	NUM
fsr-3415	69	2	.	.	PUNCT
fsr-3415	70	1	retail	retail	ADJ
fsr-3415	70	2	investors	investor	NOUN
fsr-3415	70	3	and	and	CCONJ
fsr-3415	70	4	the	the	DET
fsr-3415	70	5	financial	financial	ADJ
fsr-3415	70	6	advisor	advisor	NOUN
fsr-3415	70	7	while	while	SCONJ
fsr-3415	70	8	literature	literature	NOUN
fsr-3415	70	9	focusing	focus	VERB
fsr-3415	70	10	on	on	ADP
fsr-3415	70	11	the	the	DET
fsr-3415	70	12	ms	ms	PROPN
fsr-3415	70	13	structure	structure	NOUN
fsr-3415	70	14	is	be	AUX
fsr-3415	70	15	scarce	scarce	ADJ
fsr-3415	70	16	,	,	PUNCT
fsr-3415	70	17	literature	literature	NOUN
fsr-3415	70	18	focusing	focus	VERB
fsr-3415	70	19	on	on	ADP
fsr-3415	70	20	the	the	DET
fsr-3415	70	21	intersection	intersection	NOUN
fsr-3415	70	22	between	between	ADP
fsr-3415	70	23	financial	financial	ADJ
fsr-3415	70	24	advisors	advisor	NOUN
fsr-3415	70	25	,	,	PUNCT
fsr-3415	70	26	mutual	mutual	ADJ
fsr-3415	70	27	funds	fund	NOUN
fsr-3415	70	28	,	,	PUNCT
fsr-3415	70	29	and	and	CCONJ
fsr-3415	70	30	the	the	DET
fsr-3415	70	31	retail	retail	ADJ
fsr-3415	70	32	investor	investor	NOUN
fsr-3415	70	33	is	be	AUX
fsr-3415	70	34	abundant	abundant	ADJ
fsr-3415	70	35	.	.	PUNCT
fsr-3415	71	1	nofsinger	nofsinger	NOUN
fsr-3415	71	2	and	and	CCONJ
fsr-3415	71	3	varma	varma	PROPN
fsr-3415	71	4	(	(	PUNCT
fsr-3415	71	5	2007	2007	NUM
fsr-3415	71	6	)	)	PUNCT
fsr-3415	71	7	analyzes	analyze	VERB
fsr-3415	71	8	survey	survey	NOUN
fsr-3415	71	9	results	result	NOUN
fsr-3415	71	10	and	and	CCONJ
fsr-3415	71	11	find	find	VERB
fsr-3415	71	12	that	that	SCONJ
fsr-3415	71	13	financial	financial	ADJ
fsr-3415	71	14	advisors	advisor	NOUN
fsr-3415	71	15	are	be	AUX
fsr-3415	71	16	on	on	ADP
fsr-3415	71	17	average	average	ADJ
fsr-3415	71	18	more	more	ADV
fsr-3415	71	19	analytical	analytical	ADJ
fsr-3415	71	20	than	than	ADP
fsr-3415	71	21	the	the	DET
fsr-3415	71	22	general	general	ADJ
fsr-3415	71	23	population	population	NOUN
fsr-3415	71	24	,	,	PUNCT
fsr-3415	71	25	that	that	SCONJ
fsr-3415	71	26	they	they	PRON
fsr-3415	71	27	are	be	AUX
fsr-3415	71	28	more	more	ADV
fsr-3415	71	29	financially	financially	ADV
fsr-3415	71	30	patient	patient	ADJ
fsr-3415	71	31	,	,	PUNCT
fsr-3415	71	32	and	and	CCONJ
fsr-3415	71	33	that	that	SCONJ
fsr-3415	71	34	they	they	PRON
fsr-3415	71	35	perform	perform	VERB
fsr-3415	71	36	better	well	ADV
fsr-3415	71	37	in	in	ADP
fsr-3415	71	38	intertemporal	intertemporal	ADJ
fsr-3415	71	39	choice	choice	NOUN
fsr-3415	71	40	problems	problem	NOUN
fsr-3415	71	41	.	.	PUNCT
fsr-3415	72	1	bergstresser	bergstresser	NOUN
fsr-3415	72	2	,	,	PUNCT
fsr-3415	72	3	chalmers	chalmer	NOUN
fsr-3415	72	4	,	,	PUNCT
fsr-3415	72	5	and	and	CCONJ
fsr-3415	72	6	tufano	tufano	ADJ
fsr-3415	72	7	(	(	PUNCT
fsr-3415	72	8	2009	2009	NUM
fsr-3415	72	9	)	)	PUNCT
fsr-3415	72	10	analyzes	analyze	VERB
fsr-3415	72	11	broker	broker	NOUN
fsr-3415	72	12	-	-	PUNCT
fsr-3415	72	13	sold	sell	VERB
fsr-3415	72	14	(	(	PUNCT
fsr-3415	72	15	ms	ms	NOUN
fsr-3415	72	16	)	)	PUNCT
fsr-3415	72	17	and	and	CCONJ
fsr-3415	72	18	direct	direct	ADV
fsr-3415	72	19	-	-	PUNCT
fsr-3415	72	20	sold	sell	VERB
fsr-3415	72	21	(	(	PUNCT
fsr-3415	72	22	non	non	ADJ
fsr-3415	72	23	-	-	ADJ
fsr-3415	72	24	ms	ms	ADJ
fsr-3415	72	25	)	)	PUNCT
fsr-3415	72	26	funds	fund	NOUN
fsr-3415	72	27	from	from	ADP
fsr-3415	72	28	1996	1996	NUM
fsr-3415	72	29	to	to	ADP
fsr-3415	72	30	2004	2004	NUM
fsr-3415	72	31	and	and	CCONJ
fsr-3415	72	32	do	do	AUX
fsr-3415	72	33	not	not	PART
fsr-3415	72	34	find	find	VERB
fsr-3415	72	35	any	any	DET
fsr-3415	72	36	evidence	evidence	NOUN
fsr-3415	72	37	brokers	broker	NOUN
fsr-3415	72	38	offer	offer	VERB
fsr-3415	72	39	substantial	substantial	ADJ
fsr-3415	72	40	benefits	benefit	NOUN
fsr-3415	72	41	to	to	PART
fsr-3415	72	42	clients.3	clients.3	VERB
fsr-3415	72	43	additionally	additionally	ADV
fsr-3415	72	44	,	,	PUNCT
fsr-3415	72	45	bergstresser	bergstresser	NOUN
fsr-3415	72	46	et	et	NOUN
fsr-3415	72	47	al	al	PROPN
fsr-3415	72	48	.	.	PROPN
fsr-3415	73	1	(	(	PUNCT
fsr-3415	73	2	2009	2009	NUM
fsr-3415	73	3	)	)	PUNCT
fsr-3415	73	4	finds	find	VERB
fsr-3415	73	5	that	that	SCONJ
fsr-3415	73	6	broker	broker	NOUN
fsr-3415	73	7	-	-	PUNCT
fsr-3415	73	8	sold	sell	VERB
fsr-3415	73	9	funds	fund	NOUN
fsr-3415	73	10	are	be	AUX
fsr-3415	73	11	no	no	PRON
fsr-3415	73	12	more	more	ADV
fsr-3415	73	13	skilled	skilled	ADJ
fsr-3415	73	14	at	at	ADP
fsr-3415	73	15	aggregate	aggregate	ADJ
fsr-3415	73	16	-	-	PUNCT
fsr-3415	73	17	level	level	NOUN
fsr-3415	73	18	asset	asset	NOUN
fsr-3415	73	19	allocation	allocation	NOUN
fsr-3415	73	20	than	than	ADP
fsr-3415	73	21	funds	fund	NOUN
fsr-3415	73	22	sold	sell	VERB
fsr-3415	73	23	through	through	ADP
fsr-3415	73	24	the	the	DET
fsr-3415	73	25	direct	direct	ADJ
fsr-3415	73	26	channel	channel	NOUN
fsr-3415	73	27	.	.	PUNCT
fsr-3415	74	1	while	while	SCONJ
fsr-3415	74	2	early	early	ADJ
fsr-3415	74	3	literature	literature	NOUN
fsr-3415	74	4	focuses	focus	VERB
fsr-3415	74	5	on	on	ADP
fsr-3415	74	6	how	how	SCONJ
fsr-3415	74	7	individual	individual	ADJ
fsr-3415	74	8	investors	investor	NOUN
fsr-3415	74	9	make	make	VERB
fsr-3415	74	10	fund	fund	NOUN
fsr-3415	74	11	investment	investment	NOUN
fsr-3415	74	12	decisions	decision	NOUN
fsr-3415	74	13	(	(	PUNCT
fsr-3415	74	14	e.g.	e.g.	ADV
fsr-3415	74	15	,	,	PUNCT
fsr-3415	74	16	alexander	alexander	PROPN
fsr-3415	74	17	,	,	PUNCT
fsr-3415	74	18	jones	jones	PROPN
fsr-3415	74	19	,	,	PUNCT
fsr-3415	74	20	and	and	CCONJ
fsr-3415	74	21	nigro	nigro	ADJ
fsr-3415	74	22	,	,	PUNCT
fsr-3415	74	23	1998	1998	NUM
fsr-3415	74	24	;	;	PUNCT
fsr-3415	74	25	capon	capon	NOUN
fsr-3415	74	26	,	,	PUNCT
fsr-3415	74	27	fitsimmons	fitsimmon	NOUN
fsr-3415	74	28	,	,	PUNCT
fsr-3415	74	29	and	and	CCONJ
fsr-3415	74	30	prince	prince	PROPN
fsr-3415	74	31	,	,	PUNCT
fsr-3415	74	32	1996	1996	NUM
fsr-3415	74	33	)	)	PUNCT
fsr-3415	74	34	,	,	PUNCT
fsr-3415	74	35	jones	jones	PROPN
fsr-3415	74	36	et	et	PROPN
fsr-3415	74	37	al	al	PROPN
fsr-3415	74	38	.	.	PROPN
fsr-3415	74	39	(	(	PUNCT
fsr-3415	74	40	2005a	2005a	NUM
fsr-3415	74	41	)	)	PUNCT
fsr-3415	74	42	surveys	survey	NOUN
fsr-3415	74	43	over	over	ADP
fsr-3415	74	44	500	500	NUM
fsr-3415	74	45	financial	financial	ADJ
fsr-3415	74	46	advisors	advisor	NOUN
fsr-3415	74	47	on	on	ADP
fsr-3415	74	48	what	what	PRON
fsr-3415	74	49	criteria	criterion	NOUN
fsr-3415	74	50	and	and	CCONJ
fsr-3415	74	51	information	information	NOUN
fsr-3415	74	52	sources	source	NOUN
fsr-3415	74	53	they	they	PRON
fsr-3415	74	54	use	use	VERB
fsr-3415	74	55	in	in	ADP
fsr-3415	74	56	the	the	DET
fsr-3415	74	57	fund	fund	NOUN
fsr-3415	74	58	recommendation	recommendation	NOUN
fsr-3415	74	59	process	process	NOUN
fsr-3415	74	60	.	.	PUNCT
fsr-3415	75	1	they	they	PRON
fsr-3415	75	2	find	find	VERB
fsr-3415	75	3	that	that	SCONJ
fsr-3415	75	4	the	the	DET
fsr-3415	75	5	two	two	NUM
fsr-3415	75	6	most	most	ADV
fsr-3415	75	7	important	important	ADJ
fsr-3415	75	8	information	information	NOUN
fsr-3415	75	9	types	type	NOUN
fsr-3415	75	10	used	use	VERB
fsr-3415	75	11	are	be	AUX
fsr-3415	75	12	comprehensive	comprehensive	ADJ
fsr-3415	75	13	data	datum	NOUN
fsr-3415	75	14	sources	source	NOUN
fsr-3415	75	15	and	and	CCONJ
fsr-3415	75	16	independent	independent	ADJ
fsr-3415	75	17	rankings	ranking	NOUN
fsr-3415	75	18	from	from	ADP
fsr-3415	75	19	firms	firm	NOUN
fsr-3415	75	20	such	such	ADJ
fsr-3415	75	21	as	as	ADP
fsr-3415	75	22	morningstar	morningstar	NOUN
fsr-3415	75	23	and	and	CCONJ
fsr-3415	75	24	lipper	lipper	PROPN
fsr-3415	75	25	(	(	PUNCT
fsr-3415	75	26	now	now	ADV
fsr-3415	75	27	part	part	NOUN
fsr-3415	75	28	of	of	ADP
fsr-3415	75	29	thomson	thomson	PROPN
fsr-3415	75	30	-	-	PUNCT
fsr-3415	75	31	reuters	reuters	PROPN
fsr-3415	75	32	)	)	PUNCT
fsr-3415	75	33	.	.	PUNCT
fsr-3415	76	1	however	however	ADV
fsr-3415	76	2	,	,	PUNCT
fsr-3415	76	3	they	they	PRON
fsr-3415	76	4	also	also	ADV
fsr-3415	76	5	find	find	VERB
fsr-3415	76	6	that	that	SCONJ
fsr-3415	76	7	advisors	advisor	NOUN
fsr-3415	76	8	rank	rank	PROPN
fsr-3415	76	9	fund	fund	PROPN
fsr-3415	76	10	costs	cost	VERB
fsr-3415	76	11	very	very	ADV
fsr-3415	76	12	low	low	ADJ
fsr-3415	76	13	as	as	ADP
fsr-3415	76	14	recommendation	recommendation	NOUN
fsr-3415	76	15	criteria	criterion	NOUN
fsr-3415	76	16	.	.	PUNCT
fsr-3415	77	1	jones	jones	PROPN
fsr-3415	77	2	et	et	PROPN
fsr-3415	77	3	al	al	PROPN
fsr-3415	77	4	.	.	PROPN
fsr-3415	77	5	(	(	PUNCT
fsr-3415	77	6	2005b	2005b	NUM
fsr-3415	77	7	)	)	PUNCT
fsr-3415	77	8	also	also	ADV
fsr-3415	77	9	examines	examine	VERB
fsr-3415	77	10	survey	survey	NOUN
fsr-3415	77	11	data	datum	NOUN
fsr-3415	77	12	from	from	ADP
fsr-3415	77	13	financial	financial	ADJ
fsr-3415	77	14	advisors	advisor	NOUN
fsr-3415	77	15	regarding	regard	VERB
fsr-3415	77	16	their	their	PRON
fsr-3415	77	17	compensation	compensation	NOUN
fsr-3415	77	18	and	and	CCONJ
fsr-3415	77	19	investment	investment	NOUN
fsr-3415	77	20	recommendations	recommendation	NOUN
fsr-3415	77	21	as	as	SCONJ
fsr-3415	77	22	it	it	PRON
fsr-3415	77	23	relates	relate	VERB
fsr-3415	77	24	specifically	specifically	ADV
fsr-3415	77	25	to	to	ADP
fsr-3415	77	26	ms	ms	NOUN
fsr-3415	77	27	funds	fund	NOUN
fsr-3415	77	28	.	.	PUNCT
fsr-3415	78	1	they	they	PRON
fsr-3415	78	2	find	find	VERB
fsr-3415	78	3	advisors	advisor	NOUN
fsr-3415	78	4	are	be	AUX
fsr-3415	78	5	more	more	ADV
fsr-3415	78	6	likely	likely	ADJ
fsr-3415	78	7	to	to	PART
fsr-3415	78	8	recommend	recommend	VERB
fsr-3415	78	9	a	a	DET
fsr-3415	78	10	specific	specific	ADJ
fsr-3415	78	11	ms	ms	NOUN
fsr-3415	78	12	class	class	NOUN
fsr-3415	78	13	based	base	VERB
fsr-3415	78	14	on	on	ADP
fsr-3415	78	15	the	the	DET
fsr-3415	78	16	commission	commission	NOUN
fsr-3415	78	17	received	receive	VERB
fsr-3415	78	18	rather	rather	ADV
fsr-3415	78	19	than	than	ADP
fsr-3415	78	20	the	the	DET
fsr-3415	78	21	appropriateness	appropriateness	NOUN
fsr-3415	78	22	of	of	ADP
fsr-3415	78	23	the	the	DET
fsr-3415	78	24	class	class	NOUN
fsr-3415	78	25	for	for	ADP
fsr-3415	78	26	the	the	DET
fsr-3415	78	27	client	client	NOUN
fsr-3415	78	28	.	.	PUNCT
fsr-3415	79	1	additionally	additionally	ADV
fsr-3415	79	2	,	,	PUNCT
fsr-3415	79	3	when	when	SCONJ
fsr-3415	79	4	the	the	DET
fsr-3415	79	5	funds	fund	NOUN
fsr-3415	79	6	are	be	AUX
fsr-3415	79	7	firm	firm	ADJ
fsr-3415	79	8	proprietary	proprietary	ADJ
fsr-3415	79	9	funds	fund	NOUN
fsr-3415	79	10	,	,	PUNCT
fsr-3415	79	11	advisors	advisor	NOUN
fsr-3415	79	12	are	be	AUX
fsr-3415	79	13	more	more	ADV
fsr-3415	79	14	likely	likely	ADJ
fsr-3415	79	15	to	to	PART
fsr-3415	79	16	recommend	recommend	VERB
fsr-3415	79	17	the	the	DET
fsr-3415	79	18	class	class	NOUN
fsr-3415	79	19	most	most	ADV
fsr-3415	79	20	profitable	profitable	ADJ
fsr-3415	79	21	for	for	ADP
fsr-3415	79	22	the	the	DET
fsr-3415	79	23	firm	firm	NOUN
fsr-3415	79	24	,	,	PUNCT
fsr-3415	79	25	usually	usually	ADV
fsr-3415	79	26	to	to	ADP
fsr-3415	79	27	the	the	DET
fsr-3415	79	28	detriment	detriment	NOUN
fsr-3415	79	29	of	of	ADP
fsr-3415	79	30	investors	investor	NOUN
fsr-3415	79	31	.	.	PUNCT
fsr-3415	80	1	the	the	DET
fsr-3415	80	2	results	result	NOUN
fsr-3415	80	3	from	from	ADP
fsr-3415	80	4	jones	jones	PROPN
fsr-3415	80	5	et	et	PROPN
fsr-3415	80	6	al	al	PROPN
fsr-3415	80	7	.	.	PROPN
fsr-3415	80	8	(	(	PUNCT
fsr-3415	80	9	2005b	2005b	NUM
fsr-3415	80	10	)	)	PUNCT
fsr-3415	80	11	are	be	AUX
fsr-3415	80	12	consistent	consistent	ADJ
fsr-3415	80	13	with	with	ADP
fsr-3415	80	14	the	the	DET
fsr-3415	80	15	cautions	caution	NOUN
fsr-3415	80	16	presented	present	VERB
fsr-3415	80	17	by	by	ADP
fsr-3415	80	18	o’neal	o’neal	NOUN
fsr-3415	80	19	(	(	PUNCT
fsr-3415	80	20	1999	1999	NUM
fsr-3415	80	21	)	)	PUNCT
fsr-3415	80	22	.	.	PUNCT
fsr-3415	81	1	52	52	NUM
fsr-3415	81	2	j.	j.	PROPN
fsr-3415	81	3	handy	handy	PROPN
fsr-3415	81	4	,	,	PUNCT
fsr-3415	81	5	t.	t.	PROPN
fsr-3415	81	6	smythe	smythe	PROPN
fsr-3415	81	7	/	/	SYM
fsr-3415	81	8	financial	financial	ADJ
fsr-3415	81	9	services	service	NOUN
fsr-3415	81	10	review	review	VERB
fsr-3415	81	11	28	28	NUM
fsr-3415	81	12	(	(	PUNCT
fsr-3415	81	13	2020	2020	NUM
fsr-3415	81	14	)	)	PUNCT
fsr-3415	81	15	49	49	NUM
fsr-3415	81	16	-	-	SYM
fsr-3415	81	17	65	65	NUM
fsr-3415	81	18	2.3	2.3	NUM
fsr-3415	81	19	.	.	PUNCT
fsr-3415	82	1	morningstar	morningstar	NOUN
fsr-3415	82	2	stewardship	stewardship	NOUN
fsr-3415	82	3	grades	grade	NOUN
fsr-3415	82	4	msgs	msg	NOUN
fsr-3415	82	5	were	be	AUX
fsr-3415	82	6	first	first	ADV
fsr-3415	82	7	introduced	introduce	VERB
fsr-3415	82	8	in	in	ADP
fsr-3415	82	9	2004	2004	NUM
fsr-3415	82	10	to	to	PART
fsr-3415	82	11	“	"	PUNCT
fsr-3415	82	12	help	help	VERB
fsr-3415	82	13	investors	investor	NOUN
fsr-3415	82	14	further	further	ADJ
fsr-3415	82	15	research	research	NOUN
fsr-3415	82	16	,	,	PUNCT
fsr-3415	82	17	identify	identify	VERB
fsr-3415	82	18	,	,	PUNCT
fsr-3415	82	19	and	and	CCONJ
fsr-3415	82	20	compare	compare	VERB
fsr-3415	82	21	fund	fund	NOUN
fsr-3415	82	22	managers	manager	NOUN
fsr-3415	82	23	and	and	CCONJ
fsr-3415	82	24	fund	fund	NOUN
fsr-3415	82	25	companies	company	NOUN
fsr-3415	82	26	that	that	PRON
fsr-3415	82	27	do	do	VERB
fsr-3415	82	28	a	a	DET
fsr-3415	82	29	good	good	ADJ
fsr-3415	82	30	job	job	NOUN
fsr-3415	82	31	—	—	PUNCT
fsr-3415	82	32	or	or	CCONJ
fsr-3415	82	33	poor	poor	ADJ
fsr-3415	82	34	job	job	NOUN
fsr-3415	82	35	—	—	PUNCT
fsr-3415	82	36	of	of	ADP
fsr-3415	82	37	aligning	align	VERB
fsr-3415	82	38	their	their	PRON
fsr-3415	82	39	interests	interest	NOUN
fsr-3415	82	40	with	with	ADP
fsr-3415	82	41	those	those	PRON
fsr-3415	82	42	of	of	ADP
fsr-3415	82	43	fund	fund	NOUN
fsr-3415	82	44	shareholders	shareholder	NOUN
fsr-3415	82	45	”	"	PUNCT
fsr-3415	82	46	(	(	PUNCT
fsr-3415	82	47	fact	fact	NOUN
fsr-3415	82	48	sheet	sheet	NOUN
fsr-3415	82	49	,	,	PUNCT
fsr-3415	82	50	2006	2006	NUM
fsr-3415	82	51	)	)	PUNCT
fsr-3415	82	52	.	.	PUNCT
fsr-3415	83	1	in	in	ADP
fsr-3415	83	2	short	short	ADJ
fsr-3415	83	3	,	,	PUNCT
fsr-3415	83	4	the	the	DET
fsr-3415	83	5	ratings	rating	NOUN
fsr-3415	83	6	are	be	AUX
fsr-3415	83	7	designed	design	VERB
fsr-3415	83	8	to	to	PART
fsr-3415	83	9	help	help	VERB
fsr-3415	83	10	investors	investor	NOUN
fsr-3415	83	11	and	and	CCONJ
fsr-3415	83	12	advisors	advisor	NOUN
fsr-3415	83	13	evaluate	evaluate	VERB
fsr-3415	83	14	a	a	DET
fsr-3415	83	15	fund	fund	NOUN
fsr-3415	83	16	’s	’s	PART
fsr-3415	83	17	effectiveness	effectiveness	NOUN
fsr-3415	83	18	at	at	ADP
fsr-3415	83	19	mitigating	mitigate	VERB
fsr-3415	83	20	the	the	DET
fsr-3415	83	21	principal	principal	ADJ
fsr-3415	83	22	-	-	PUNCT
fsr-3415	83	23	agent	agent	NOUN
fsr-3415	83	24	problem	problem	NOUN
fsr-3415	83	25	between	between	ADP
fsr-3415	83	26	investors	investor	NOUN
fsr-3415	83	27	and	and	CCONJ
fsr-3415	83	28	fund	fund	NOUN
fsr-3415	83	29	management	management	NOUN
fsr-3415	83	30	.	.	PUNCT
fsr-3415	84	1	this	this	DET
fsr-3415	84	2	article	article	NOUN
fsr-3415	84	3	brings	bring	VERB
fsr-3415	84	4	attention	attention	NOUN
fsr-3415	84	5	to	to	ADP
fsr-3415	84	6	the	the	DET
fsr-3415	84	7	grades	grade	NOUN
fsr-3415	84	8	as	as	ADP
fsr-3415	84	9	an	an	DET
fsr-3415	84	10	empirical	empirical	ADJ
fsr-3415	84	11	tool	tool	NOUN
fsr-3415	84	12	,	,	PUNCT
fsr-3415	84	13	but	but	CCONJ
fsr-3415	84	14	more	more	ADV
fsr-3415	84	15	importantly	importantly	ADV
fsr-3415	84	16	,	,	PUNCT
fsr-3415	84	17	it	it	PRON
fsr-3415	84	18	examines	examine	VERB
fsr-3415	84	19	whether	whether	SCONJ
fsr-3415	84	20	there	there	PRON
fsr-3415	84	21	are	be	VERB
fsr-3415	84	22	differences	difference	NOUN
fsr-3415	84	23	in	in	ADP
fsr-3415	84	24	the	the	DET
fsr-3415	84	25	governance	governance	NOUN
fsr-3415	84	26	ratings	rating	NOUN
fsr-3415	84	27	across	across	ADP
fsr-3415	84	28	fund	fund	NOUN
fsr-3415	84	29	structure	structure	NOUN
fsr-3415	84	30	,	,	PUNCT
fsr-3415	84	31	ms	ms	PROPN
fsr-3415	84	32	versus	versus	ADP
fsr-3415	84	33	non	non	ADJ
fsr-3415	84	34	-	-	ADJ
fsr-3415	84	35	ms	ms	ADJ
fsr-3415	84	36	funds	fund	NOUN
fsr-3415	84	37	.	.	PUNCT
fsr-3415	85	1	recent	recent	ADJ
fsr-3415	85	2	work	work	NOUN
fsr-3415	85	3	analyzing	analyze	VERB
fsr-3415	85	4	msg	msg	NOUN
fsr-3415	85	5	ratings	rating	NOUN
fsr-3415	85	6	includes	include	VERB
fsr-3415	85	7	moore	moore	NOUN
fsr-3415	85	8	and	and	CCONJ
fsr-3415	85	9	porter	porter	NOUN
fsr-3415	85	10	(	(	PUNCT
fsr-3415	85	11	2017	2017	NUM
fsr-3415	85	12	)	)	PUNCT
fsr-3415	85	13	.	.	PUNCT
fsr-3415	86	1	they	they	PRON
fsr-3415	86	2	analyze	analyze	VERB
fsr-3415	86	3	a	a	DET
fsr-3415	86	4	2007	2007	NUM
fsr-3415	86	5	cross	cross	NOUN
fsr-3415	86	6	-	-	NOUN
fsr-3415	86	7	section	section	NOUN
fsr-3415	86	8	of	of	ADP
fsr-3415	86	9	funds	fund	NOUN
fsr-3415	86	10	and	and	CCONJ
fsr-3415	86	11	report	report	NOUN
fsr-3415	86	12	that	that	PRON
fsr-3415	86	13	increased	increase	VERB
fsr-3415	86	14	mutual	mutual	ADJ
fsr-3415	86	15	fund	fund	NOUN
fsr-3415	86	16	governance	governance	NOUN
fsr-3415	86	17	quality	quality	NOUN
fsr-3415	86	18	,	,	PUNCT
fsr-3415	86	19	as	as	SCONJ
fsr-3415	86	20	measured	measure	VERB
fsr-3415	86	21	by	by	ADP
fsr-3415	86	22	morningstar	morningstar	NOUN
fsr-3415	86	23	ratings	rating	NOUN
fsr-3415	86	24	,	,	PUNCT
fsr-3415	86	25	lead	lead	VERB
fsr-3415	86	26	to	to	ADP
fsr-3415	86	27	lower	low	ADJ
fsr-3415	86	28	fund	fund	NOUN
fsr-3415	86	29	expenses	expense	NOUN
fsr-3415	86	30	.	.	PUNCT
fsr-3415	87	1	cao	cao	PROPN
fsr-3415	87	2	,	,	PUNCT
fsr-3415	87	3	ghosh	ghosh	PROPN
fsr-3415	87	4	,	,	PUNCT
fsr-3415	87	5	goh	goh	PROPN
fsr-3415	87	6	,	,	PUNCT
fsr-3415	87	7	and	and	CCONJ
fsr-3415	87	8	ng	ng	PROPN
fsr-3415	87	9	(	(	PUNCT
fsr-3415	87	10	2014	2014	NUM
fsr-3415	87	11	)	)	PUNCT
fsr-3415	87	12	establishes	establish	VERB
fsr-3415	87	13	that	that	SCONJ
fsr-3415	87	14	msgs	msg	NOUN
fsr-3415	87	15	have	have	VERB
fsr-3415	87	16	granger	granger	NOUN
fsr-3415	87	17	causality	causality	NOUN
fsr-3415	87	18	on	on	ADP
fsr-3415	87	19	long	long	ADJ
fsr-3415	87	20	-	-	PUNCT
fsr-3415	87	21	term	term	NOUN
fsr-3415	87	22	risk	risk	NOUN
fsr-3415	87	23	adjusted	adjust	VERB
fsr-3415	87	24	returns	return	NOUN
fsr-3415	87	25	and	and	CCONJ
fsr-3415	87	26	can	can	AUX
fsr-3415	87	27	offer	offer	VERB
fsr-3415	87	28	an	an	DET
fsr-3415	87	29	explanation	explanation	NOUN
fsr-3415	87	30	for	for	ADP
fsr-3415	87	31	fund	fund	NOUN
fsr-3415	87	32	performance	performance	NOUN
fsr-3415	87	33	,	,	PUNCT
fsr-3415	87	34	even	even	ADV
fsr-3415	87	35	when	when	SCONJ
fsr-3415	87	36	morningstar	morningstar	PROPN
fsr-3415	87	37	star	star	PROPN
fsr-3415	87	38	ratings	rating	NOUN
fsr-3415	87	39	are	be	AUX
fsr-3415	87	40	considered	consider	VERB
fsr-3415	87	41	.	.	PUNCT
fsr-3415	88	1	chou	chou	PROPN
fsr-3415	88	2	,	,	PUNCT
fsr-3415	88	3	ng	ng	PROPN
fsr-3415	88	4	,	,	PUNCT
fsr-3415	88	5	and	and	CCONJ
fsr-3415	88	6	wang	wang	PROPN
fsr-3415	88	7	(	(	PUNCT
fsr-3415	88	8	2011	2011	NUM
fsr-3415	88	9	)	)	PUNCT
fsr-3415	88	10	finds	find	VERB
fsr-3415	88	11	that	that	SCONJ
fsr-3415	88	12	firms	firm	NOUN
fsr-3415	88	13	with	with	ADP
fsr-3415	88	14	better	well	ADJ
fsr-3415	88	15	governance	governance	NOUN
fsr-3415	88	16	practices	practice	NOUN
fsr-3415	88	17	,	,	PUNCT
fsr-3415	88	18	as	as	SCONJ
fsr-3415	88	19	measured	measure	VERB
fsr-3415	88	20	by	by	ADP
fsr-3415	88	21	morningstar	morningstar	NOUN
fsr-3415	88	22	,	,	PUNCT
fsr-3415	88	23	tend	tend	VERB
fsr-3415	88	24	to	to	PART
fsr-3415	88	25	vote	vote	VERB
fsr-3415	88	26	more	more	ADV
fsr-3415	88	27	responsibly	responsibly	ADV
fsr-3415	88	28	on	on	ADP
fsr-3415	88	29	corporate	corporate	ADJ
fsr-3415	88	30	governance	governance	NOUN
fsr-3415	88	31	proposals	proposal	NOUN
fsr-3415	88	32	of	of	ADP
fsr-3415	88	33	portfolio	portfolio	NOUN
fsr-3415	88	34	firms	firm	NOUN
fsr-3415	88	35	and	and	CCONJ
fsr-3415	88	36	generally	generally	ADV
fsr-3415	88	37	provide	provide	VERB
fsr-3415	88	38	better	well	ADJ
fsr-3415	88	39	return	return	NOUN
fsr-3415	88	40	performance	performance	NOUN
fsr-3415	88	41	.	.	PUNCT
fsr-3415	89	1	this	this	DET
fsr-3415	89	2	article	article	NOUN
fsr-3415	89	3	,	,	PUNCT
fsr-3415	89	4	as	as	SCONJ
fsr-3415	89	5	it	it	PRON
fsr-3415	89	6	relates	relate	VERB
fsr-3415	89	7	to	to	AUX
fsr-3415	89	8	msg	msg	PROPN
fsr-3415	89	9	ratings	rating	NOUN
fsr-3415	89	10	,	,	PUNCT
fsr-3415	89	11	is	be	AUX
fsr-3415	89	12	most	most	ADV
fsr-3415	89	13	similar	similar	ADJ
fsr-3415	89	14	to	to	ADP
fsr-3415	89	15	work	work	VERB
fsr-3415	89	16	by	by	ADP
fsr-3415	89	17	handy	handy	PROPN
fsr-3415	89	18	et	et	PROPN
fsr-3415	89	19	al	al	PROPN
fsr-3415	89	20	.	.	PUNCT
fsr-3415	90	1	(	(	PUNCT
fsr-3415	90	2	2018	2018	NUM
fsr-3415	90	3	)	)	PUNCT
fsr-3415	90	4	,	,	PUNCT
fsr-3415	90	5	which	which	PRON
fsr-3415	90	6	examines	examine	VERB
fsr-3415	90	7	whether	whether	SCONJ
fsr-3415	90	8	morningstar	morningstar	PROPN
fsr-3415	90	9	’s	’s	PART
fsr-3415	90	10	board	board	PROPN
fsr-3415	90	11	quality	quality	NOUN
fsr-3415	90	12	and	and	CCONJ
fsr-3415	90	13	managerial	managerial	ADJ
fsr-3415	90	14	incentive	incentive	NOUN
fsr-3415	90	15	scores	score	NOUN
fsr-3415	90	16	are	be	AUX
fsr-3415	90	17	correlated	correlate	VERB
fsr-3415	90	18	with	with	ADP
fsr-3415	90	19	fund	fund	NOUN
fsr-3415	90	20	net	net	ADJ
fsr-3415	90	21	expense	expense	NOUN
fsr-3415	90	22	ratios	ratio	NOUN
fsr-3415	90	23	.	.	PUNCT
fsr-3415	91	1	handy	handy	ADV
fsr-3415	91	2	et	et	PROPN
fsr-3415	91	3	al	al	PROPN
fsr-3415	91	4	.	.	PUNCT
fsr-3415	92	1	(	(	PUNCT
fsr-3415	92	2	2018	2018	NUM
fsr-3415	92	3	)	)	PUNCT
fsr-3415	92	4	argues	argue	VERB
fsr-3415	92	5	that	that	SCONJ
fsr-3415	92	6	investors	investor	NOUN
fsr-3415	92	7	should	should	AUX
fsr-3415	92	8	seek	seek	VERB
fsr-3415	92	9	to	to	PART
fsr-3415	92	10	minimize	minimize	VERB
fsr-3415	92	11	fund	fund	NOUN
fsr-3415	92	12	expenses	expense	NOUN
fsr-3415	92	13	and	and	CCONJ
fsr-3415	92	14	analyze	analyze	NOUN
fsr-3415	92	15	msg	msg	NOUN
fsr-3415	92	16	ratings	rating	NOUN
fsr-3415	92	17	and	and	CCONJ
fsr-3415	92	18	their	their	PRON
fsr-3415	92	19	relationship	relationship	NOUN
fsr-3415	92	20	to	to	PART
fsr-3415	92	21	fund	fund	VERB
fsr-3415	92	22	expenses	expense	NOUN
fsr-3415	92	23	as	as	ADP
fsr-3415	92	24	a	a	DET
fsr-3415	92	25	potential	potential	ADJ
fsr-3415	92	26	tool	tool	NOUN
fsr-3415	92	27	for	for	SCONJ
fsr-3415	92	28	investors	investor	NOUN
fsr-3415	92	29	to	to	PART
fsr-3415	92	30	gauge	gauge	VERB
fsr-3415	92	31	a	a	DET
fsr-3415	92	32	fund	fund	NOUN
fsr-3415	92	33	’s	’s	PART
fsr-3415	92	34	attractiveness	attractiveness	NOUN
fsr-3415	92	35	.	.	PUNCT
fsr-3415	93	1	of	of	ADP
fsr-3415	93	2	particular	particular	ADJ
fsr-3415	93	3	interest	interest	NOUN
fsr-3415	93	4	to	to	ADP
fsr-3415	93	5	the	the	DET
fsr-3415	93	6	current	current	ADJ
fsr-3415	93	7	article	article	NOUN
fsr-3415	93	8	is	be	AUX
fsr-3415	93	9	that	that	PRON
fsr-3415	93	10	handy	handy	ADJ
fsr-3415	93	11	et	et	PROPN
fsr-3415	93	12	al	al	PROPN
fsr-3415	93	13	.	.	PUNCT
fsr-3415	94	1	(	(	PUNCT
fsr-3415	94	2	2018	2018	NUM
fsr-3415	94	3	)	)	PUNCT
fsr-3415	94	4	find	find	VERB
fsr-3415	94	5	that	that	SCONJ
fsr-3415	94	6	the	the	DET
fsr-3415	94	7	relationships	relationship	NOUN
fsr-3415	94	8	between	between	ADP
fsr-3415	94	9	msg	msg	NOUN
fsr-3415	94	10	ratings	rating	NOUN
fsr-3415	94	11	and	and	CCONJ
fsr-3415	94	12	fund	fund	NOUN
fsr-3415	94	13	expenses	expense	NOUN
fsr-3415	94	14	differ	differ	VERB
fsr-3415	94	15	between	between	ADP
fsr-3415	94	16	ms	ms	NOUN
fsr-3415	94	17	funds	fund	NOUN
fsr-3415	94	18	and	and	CCONJ
fsr-3415	94	19	non	non	ADJ
fsr-3415	94	20	-	-	ADJ
fsr-3415	94	21	ms	ms	ADJ
fsr-3415	94	22	funds	fund	NOUN
fsr-3415	94	23	.	.	PUNCT
fsr-3415	95	1	this	this	DET
fsr-3415	95	2	article	article	NOUN
fsr-3415	95	3	should	should	AUX
fsr-3415	95	4	be	be	AUX
fsr-3415	95	5	considered	consider	VERB
fsr-3415	95	6	a	a	DET
fsr-3415	95	7	more	more	ADV
fsr-3415	95	8	general	general	ADJ
fsr-3415	95	9	extension	extension	NOUN
fsr-3415	95	10	of	of	ADP
fsr-3415	95	11	their	their	PRON
fsr-3415	95	12	work	work	NOUN
fsr-3415	95	13	.	.	PUNCT
fsr-3415	96	1	rather	rather	ADV
fsr-3415	96	2	than	than	SCONJ
fsr-3415	96	3	focus	focus	VERB
fsr-3415	96	4	on	on	ADP
fsr-3415	96	5	msg	msg	NOUN
fsr-3415	96	6	ratings	rating	NOUN
fsr-3415	96	7	in	in	ADP
fsr-3415	96	8	the	the	DET
fsr-3415	96	9	context	context	NOUN
fsr-3415	96	10	of	of	ADP
fsr-3415	96	11	fund	fund	NOUN
fsr-3415	96	12	expenses	expense	NOUN
fsr-3415	96	13	,	,	PUNCT
fsr-3415	96	14	this	this	DET
fsr-3415	96	15	article	article	NOUN
fsr-3415	96	16	looks	look	VERB
fsr-3415	96	17	at	at	ADP
fsr-3415	96	18	the	the	DET
fsr-3415	96	19	more	more	ADV
fsr-3415	96	20	general	general	ADJ
fsr-3415	96	21	question	question	NOUN
fsr-3415	96	22	of	of	ADP
fsr-3415	96	23	whether	whether	SCONJ
fsr-3415	96	24	governance	governance	NOUN
fsr-3415	96	25	ratings	rating	NOUN
fsr-3415	96	26	differ	differ	VERB
fsr-3415	96	27	across	across	ADP
fsr-3415	96	28	distribution	distribution	NOUN
fsr-3415	96	29	channels	channel	NOUN
fsr-3415	96	30	.	.	PUNCT
fsr-3415	97	1	given	give	VERB
fsr-3415	97	2	the	the	DET
fsr-3415	97	3	empirical	empirical	ADJ
fsr-3415	97	4	results	result	NOUN
fsr-3415	97	5	cited	cite	VERB
fsr-3415	97	6	above	above	ADV
fsr-3415	97	7	,	,	PUNCT
fsr-3415	97	8	the	the	DET
fsr-3415	97	9	importance	importance	NOUN
fsr-3415	97	10	of	of	ADP
fsr-3415	97	11	this	this	DET
fsr-3415	97	12	article	article	NOUN
fsr-3415	97	13	should	should	AUX
fsr-3415	97	14	be	be	AUX
fsr-3415	97	15	clear	clear	ADJ
fsr-3415	97	16	.	.	PUNCT
fsr-3415	98	1	if	if	SCONJ
fsr-3415	98	2	lower	low	ADJ
fsr-3415	98	3	governance	governance	NOUN
fsr-3415	98	4	ratings	rating	NOUN
fsr-3415	98	5	are	be	AUX
fsr-3415	98	6	associated	associate	VERB
fsr-3415	98	7	with	with	ADP
fsr-3415	98	8	higher	high	ADJ
fsr-3415	98	9	expenses	expense	NOUN
fsr-3415	98	10	and	and	CCONJ
fsr-3415	98	11	thereby	thereby	ADV
fsr-3415	98	12	lower	low	ADJ
fsr-3415	98	13	returns	return	NOUN
fsr-3415	98	14	,	,	PUNCT
fsr-3415	98	15	then	then	ADV
fsr-3415	98	16	investors	investor	NOUN
fsr-3415	98	17	investing	invest	VERB
fsr-3415	98	18	in	in	ADP
fsr-3415	98	19	funds	fund	NOUN
fsr-3415	98	20	with	with	ADP
fsr-3415	98	21	such	such	ADJ
fsr-3415	98	22	ratings	rating	NOUN
fsr-3415	98	23	are	be	AUX
fsr-3415	98	24	being	be	AUX
fsr-3415	98	25	negatively	negatively	ADV
fsr-3415	98	26	impacted	impact	VERB
fsr-3415	98	27	and	and	CCONJ
fsr-3415	98	28	should	should	AUX
fsr-3415	98	29	be	be	AUX
fsr-3415	98	30	made	make	VERB
fsr-3415	98	31	aware	aware	ADJ
fsr-3415	98	32	.	.	PUNCT
fsr-3415	99	1	consequently	consequently	ADV
fsr-3415	99	2	,	,	PUNCT
fsr-3415	99	3	exploring	explore	VERB
fsr-3415	99	4	whether	whether	SCONJ
fsr-3415	99	5	or	or	CCONJ
fsr-3415	99	6	not	not	PART
fsr-3415	99	7	ms	ms	NOUN
fsr-3415	99	8	funds	fund	NOUN
fsr-3415	99	9	have	have	VERB
fsr-3415	99	10	better	well	ADJ
fsr-3415	99	11	or	or	CCONJ
fsr-3415	99	12	worse	bad	ADJ
fsr-3415	99	13	governance	governance	NOUN
fsr-3415	99	14	ratings	rating	NOUN
fsr-3415	99	15	than	than	ADP
fsr-3415	99	16	non	non	ADJ
fsr-3415	99	17	-	-	ADJ
fsr-3415	99	18	ms	ms	ADJ
fsr-3415	99	19	funds	fund	NOUN
fsr-3415	99	20	is	be	AUX
fsr-3415	99	21	a	a	DET
fsr-3415	99	22	valid	valid	ADJ
fsr-3415	99	23	pursuit	pursuit	NOUN
fsr-3415	99	24	.	.	PUNCT
fsr-3415	100	1	3	3	X
fsr-3415	100	2	.	.	X
fsr-3415	100	3	hypothesis	hypothesis	NOUN
fsr-3415	100	4	development	development	NOUN
fsr-3415	100	5	ms	ms	PROPN
fsr-3415	100	6	funds	fund	NOUN
fsr-3415	100	7	are	be	AUX
fsr-3415	100	8	targeted	target	VERB
fsr-3415	100	9	primarily	primarily	ADV
fsr-3415	100	10	to	to	ADP
fsr-3415	100	11	more	more	ADV
fsr-3415	100	12	vulnerable	vulnerable	ADJ
fsr-3415	100	13	investors	investor	NOUN
fsr-3415	100	14	,	,	PUNCT
fsr-3415	100	15	suggesting	suggest	VERB
fsr-3415	100	16	the	the	DET
fsr-3415	100	17	need	need	NOUN
fsr-3415	100	18	for	for	ADP
fsr-3415	100	19	strong	strong	ADJ
fsr-3415	100	20	fund	fund	NOUN
fsr-3415	100	21	-	-	PUNCT
fsr-3415	100	22	level	level	NOUN
fsr-3415	100	23	governance.4	governance.4	NOUN
fsr-3415	100	24	thus	thus	ADV
fsr-3415	100	25	,	,	PUNCT
fsr-3415	100	26	our	our	PRON
fsr-3415	100	27	focus	focus	NOUN
fsr-3415	100	28	is	be	AUX
fsr-3415	100	29	on	on	ADP
fsr-3415	100	30	whether	whether	SCONJ
fsr-3415	100	31	ms	ms	ADJ
fsr-3415	100	32	funds	fund	NOUN
fsr-3415	100	33	and	and	CCONJ
fsr-3415	100	34	non	non	ADJ
fsr-3415	100	35	-	-	ADJ
fsr-3415	100	36	ms	ms	ADJ
fsr-3415	100	37	funds	fund	NOUN
fsr-3415	100	38	have	have	AUX
fsr-3415	100	39	differences	difference	NOUN
fsr-3415	100	40	in	in	ADP
fsr-3415	100	41	governance	governance	NOUN
fsr-3415	100	42	quality	quality	NOUN
fsr-3415	100	43	as	as	SCONJ
fsr-3415	100	44	reflected	reflect	VERB
fsr-3415	100	45	by	by	ADP
fsr-3415	100	46	msg	msg	NOUN
fsr-3415	100	47	ratings	rating	NOUN
fsr-3415	100	48	.	.	PUNCT
fsr-3415	101	1	when	when	SCONJ
fsr-3415	101	2	ms	ms	PROPN
fsr-3415	101	3	funds	fund	NOUN
fsr-3415	101	4	were	be	AUX
fsr-3415	101	5	introduced	introduce	VERB
fsr-3415	101	6	,	,	PUNCT
fsr-3415	101	7	the	the	DET
fsr-3415	101	8	sec	sec	PROPN
fsr-3415	101	9	was	be	AUX
fsr-3415	101	10	concerned	concern	VERB
fsr-3415	101	11	about	about	ADP
fsr-3415	101	12	inequitable	inequitable	ADJ
fsr-3415	101	13	treatment	treatment	NOUN
fsr-3415	101	14	of	of	ADP
fsr-3415	101	15	shareholders	shareholder	NOUN
fsr-3415	101	16	across	across	ADP
fsr-3415	101	17	fund	fund	NOUN
fsr-3415	101	18	classes	class	NOUN
fsr-3415	101	19	.	.	PUNCT
fsr-3415	102	1	however	however	ADV
fsr-3415	102	2	,	,	PUNCT
fsr-3415	102	3	handy	handy	ADV
fsr-3415	102	4	et	et	PROPN
fsr-3415	102	5	al	al	PROPN
fsr-3415	102	6	.	.	PUNCT
fsr-3415	103	1	(	(	PUNCT
fsr-3415	103	2	2018	2018	NUM
fsr-3415	103	3	)	)	PUNCT
fsr-3415	103	4	shows	show	VERB
fsr-3415	103	5	that	that	SCONJ
fsr-3415	103	6	ms	ms	PROPN
fsr-3415	103	7	funds	fund	NOUN
fsr-3415	103	8	have	have	VERB
fsr-3415	103	9	higher	high	ADJ
fsr-3415	103	10	net	net	ADJ
fsr-3415	103	11	expenses	expense	NOUN
fsr-3415	103	12	than	than	ADP
fsr-3415	103	13	non	non	ADJ
fsr-3415	103	14	-	-	ADJ
fsr-3415	103	15	ms	ms	ADJ
fsr-3415	103	16	funds	fund	NOUN
fsr-3415	103	17	and	and	CCONJ
fsr-3415	103	18	that	that	SCONJ
fsr-3415	103	19	governance	governance	NOUN
fsr-3415	103	20	measures	measure	NOUN
fsr-3415	103	21	have	have	VERB
fsr-3415	103	22	differential	differential	ADJ
fsr-3415	103	23	effects	effect	NOUN
fsr-3415	103	24	on	on	ADP
fsr-3415	103	25	expenses	expense	NOUN
fsr-3415	103	26	across	across	ADP
fsr-3415	103	27	fund	fund	NOUN
fsr-3415	103	28	structure	structure	NOUN
fsr-3415	103	29	.	.	PUNCT
fsr-3415	104	1	as	as	ADP
fsr-3415	104	2	such	such	ADJ
fsr-3415	104	3	,	,	PUNCT
fsr-3415	104	4	our	our	PRON
fsr-3415	104	5	analysis	analysis	NOUN
fsr-3415	104	6	is	be	AUX
fsr-3415	104	7	at	at	ADP
fsr-3415	104	8	the	the	DET
fsr-3415	104	9	fund	fund	NOUN
fsr-3415	104	10	level	level	NOUN
fsr-3415	104	11	and	and	CCONJ
fsr-3415	104	12	focuses	focus	VERB
fsr-3415	104	13	on	on	ADP
fsr-3415	104	14	differences	difference	NOUN
fsr-3415	104	15	across	across	ADP
fsr-3415	104	16	fund	fund	NOUN
fsr-3415	104	17	structure	structure	NOUN
fsr-3415	104	18	.	.	PUNCT
fsr-3415	105	1	53j	53j	PROPN
fsr-3415	105	2	.	.	PUNCT
fsr-3415	106	1	handy	handy	ADJ
fsr-3415	106	2	,	,	PUNCT
fsr-3415	106	3	t.	t.	PROPN
fsr-3415	106	4	smythe	smythe	PROPN
fsr-3415	106	5	/	/	SYM
fsr-3415	106	6	financial	financial	ADJ
fsr-3415	106	7	services	service	NOUN
fsr-3415	106	8	review	review	VERB
fsr-3415	106	9	28	28	NUM
fsr-3415	106	10	(	(	PUNCT
fsr-3415	106	11	2020	2020	NUM
fsr-3415	106	12	)	)	PUNCT
fsr-3415	106	13	49	49	NUM
fsr-3415	106	14	-	-	SYM
fsr-3415	106	15	65	65	NUM
fsr-3415	106	16	the	the	DET
fsr-3415	106	17	board	board	NOUN
fsr-3415	106	18	qual	qual	ADJ
fsr-3415	106	19	rate	rate	NOUN
fsr-3415	106	20	and	and	CCONJ
fsr-3415	106	21	manager	manager	NOUN
fsr-3415	106	22	incent	incent	NOUN
fsr-3415	106	23	rate	rate	NOUN
fsr-3415	106	24	variables	variable	NOUN
fsr-3415	106	25	are	be	AUX
fsr-3415	106	26	evaluated	evaluate	VERB
fsr-3415	106	27	independently	independently	ADV
fsr-3415	106	28	.	.	PUNCT
fsr-3415	107	1	the	the	DET
fsr-3415	107	2	variables	variable	NOUN
fsr-3415	107	3	are	be	AUX
fsr-3415	107	4	measured	measure	VERB
fsr-3415	107	5	on	on	ADP
fsr-3415	107	6	a	a	DET
fsr-3415	107	7	scale	scale	NOUN
fsr-3415	107	8	of	of	ADP
fsr-3415	107	9	1	1	NUM
fsr-3415	107	10	(	(	PUNCT
fsr-3415	107	11	lowest	low	ADJ
fsr-3415	107	12	)	)	PUNCT
fsr-3415	107	13	to	to	ADP
fsr-3415	107	14	5	5	NUM
fsr-3415	107	15	(	(	PUNCT
fsr-3415	107	16	highest	high	ADJ
fsr-3415	107	17	)	)	PUNCT
fsr-3415	107	18	.	.	PUNCT
fsr-3415	108	1	as	as	SCONJ
fsr-3415	108	2	promoted	promote	VERB
fsr-3415	108	3	by	by	ADP
fsr-3415	108	4	morningstar	morningstar	NOUN
fsr-3415	108	5	,	,	PUNCT
fsr-3415	108	6	each	each	PRON
fsr-3415	108	7	should	should	AUX
fsr-3415	108	8	provide	provide	VERB
fsr-3415	108	9	information	information	NOUN
fsr-3415	108	10	to	to	ADP
fsr-3415	108	11	investors	investor	NOUN
fsr-3415	108	12	/	/	SYM
fsr-3415	108	13	financial	financial	ADJ
fsr-3415	108	14	advisors	advisor	NOUN
fsr-3415	108	15	about	about	ADP
fsr-3415	108	16	the	the	DET
fsr-3415	108	17	relative	relative	ADJ
fsr-3415	108	18	quality	quality	NOUN
fsr-3415	108	19	of	of	ADP
fsr-3415	108	20	fund	fund	NOUN
fsr-3415	108	21	governance	governance	NOUN
fsr-3415	108	22	along	along	ADP
fsr-3415	108	23	these	these	DET
fsr-3415	108	24	dimensions	dimension	NOUN
fsr-3415	108	25	,	,	PUNCT
fsr-3415	108	26	each	each	PRON
fsr-3415	108	27	of	of	ADP
fsr-3415	108	28	which	which	PRON
fsr-3415	108	29	is	be	AUX
fsr-3415	108	30	important	important	ADJ
fsr-3415	108	31	in	in	ADP
fsr-3415	108	32	mitigating	mitigate	VERB
fsr-3415	108	33	the	the	DET
fsr-3415	108	34	principal	principal	ADJ
fsr-3415	108	35	-	-	PUNCT
fsr-3415	108	36	agent	agent	NOUN
fsr-3415	108	37	problem	problem	NOUN
fsr-3415	108	38	between	between	ADP
fsr-3415	108	39	fund	fund	NOUN
fsr-3415	108	40	sponsors	sponsor	NOUN
fsr-3415	108	41	and	and	CCONJ
fsr-3415	108	42	investors	investor	NOUN
fsr-3415	108	43	.	.	PUNCT
fsr-3415	109	1	when	when	SCONJ
fsr-3415	109	2	estimating	estimate	VERB
fsr-3415	109	3	the	the	DET
fsr-3415	109	4	empirical	empirical	ADJ
fsr-3415	109	5	model	model	NOUN
fsr-3415	109	6	for	for	ADP
fsr-3415	109	7	each	each	DET
fsr-3415	109	8	dependent	dependent	ADJ
fsr-3415	109	9	variable	variable	NOUN
fsr-3415	109	10	,	,	PUNCT
fsr-3415	109	11	we	we	PRON
fsr-3415	109	12	include	include	VERB
fsr-3415	109	13	the	the	DET
fsr-3415	109	14	dummy	dummy	ADJ
fsr-3415	109	15	variable	variable	NOUN
fsr-3415	109	16	,	,	PUNCT
fsr-3415	109	17	ms	ms	NOUN
fsr-3415	109	18	,	,	PUNCT
fsr-3415	109	19	equal	equal	ADJ
fsr-3415	109	20	to	to	ADP
fsr-3415	109	21	1	1	NUM
fsr-3415	109	22	if	if	SCONJ
fsr-3415	109	23	the	the	DET
fsr-3415	109	24	observation	observation	NOUN
fsr-3415	109	25	is	be	AUX
fsr-3415	109	26	an	an	DET
fsr-3415	109	27	ms	ms	NOUN
fsr-3415	109	28	fund	fund	NOUN
fsr-3415	109	29	and	and	CCONJ
fsr-3415	109	30	0	0	NUM
fsr-3415	109	31	otherwise	otherwise	ADV
fsr-3415	109	32	.	.	PUNCT
fsr-3415	110	1	given	give	VERB
fsr-3415	110	2	that	that	SCONJ
fsr-3415	110	3	the	the	DET
fsr-3415	110	4	primary	primary	ADJ
fsr-3415	110	5	investors	investor	NOUN
fsr-3415	110	6	in	in	ADP
fsr-3415	110	7	ms	ms	ADJ
fsr-3415	110	8	funds	fund	NOUN
fsr-3415	110	9	are	be	AUX
fsr-3415	110	10	considered	consider	VERB
fsr-3415	110	11	less	less	ADV
fsr-3415	110	12	knowledgeable	knowledgeable	ADJ
fsr-3415	110	13	,	,	PUNCT
fsr-3415	110	14	the	the	DET
fsr-3415	110	15	funds	fund	NOUN
fsr-3415	110	16	may	may	AUX
fsr-3415	110	17	take	take	VERB
fsr-3415	110	18	additional	additional	ADJ
fsr-3415	110	19	steps	step	NOUN
fsr-3415	110	20	to	to	PART
fsr-3415	110	21	promote	promote	VERB
fsr-3415	110	22	good	good	ADJ
fsr-3415	110	23	governance	governance	NOUN
fsr-3415	110	24	practices	practice	NOUN
fsr-3415	110	25	.	.	PUNCT
fsr-3415	111	1	if	if	SCONJ
fsr-3415	111	2	so	so	ADV
fsr-3415	111	3	,	,	PUNCT
fsr-3415	111	4	we	we	PRON
fsr-3415	111	5	expect	expect	VERB
fsr-3415	111	6	ms	ms	PROPN
fsr-3415	111	7	to	to	PART
fsr-3415	111	8	have	have	VERB
fsr-3415	111	9	a	a	DET
fsr-3415	111	10	direct	direct	ADJ
fsr-3415	111	11	relationship	relationship	NOUN
fsr-3415	111	12	with	with	ADP
fsr-3415	111	13	the	the	DET
fsr-3415	111	14	governance	governance	NOUN
fsr-3415	111	15	metrics	metric	NOUN
fsr-3415	111	16	board	board	NOUN
fsr-3415	111	17	qual	qual	ADJ
fsr-3415	111	18	rate	rate	NOUN
fsr-3415	111	19	and	and	CCONJ
fsr-3415	111	20	manager	manager	NOUN
fsr-3415	111	21	incent	incent	NOUN
fsr-3415	111	22	rate	rate	NOUN
fsr-3415	111	23	.	.	PUNCT
fsr-3415	112	1	as	as	ADP
fsr-3415	112	2	such	such	ADJ
fsr-3415	112	3	,	,	PUNCT
fsr-3415	112	4	hypothesis	hypothesis	NOUN
fsr-3415	112	5	1(a	1(a	NUM
fsr-3415	112	6	):	):	PUNCT
fsr-3415	112	7	ms	ms	NOUN
fsr-3415	112	8	funds	fund	NOUN
fsr-3415	112	9	have	have	VERB
fsr-3415	112	10	higher	high	ADJ
fsr-3415	112	11	board	board	NOUN
fsr-3415	112	12	quality	quality	NOUN
fsr-3415	112	13	ratings	rating	NOUN
fsr-3415	112	14	(	(	PUNCT
fsr-3415	112	15	board	board	NOUN
fsr-3415	112	16	qual	qual	ADJ
fsr-3415	112	17	rate	rate	NOUN
fsr-3415	112	18	)	)	PUNCT
fsr-3415	112	19	than	than	ADP
fsr-3415	112	20	non	non	ADJ
fsr-3415	112	21	-	-	ADJ
fsr-3415	112	22	ms	ms	ADJ
fsr-3415	112	23	funds	fund	NOUN
fsr-3415	112	24	.	.	PUNCT
fsr-3415	113	1	hypothesis	hypothesis	NOUN
fsr-3415	113	2	1(b	1(b	NUM
fsr-3415	113	3	):	):	PUNCT
fsr-3415	113	4	ms	ms	NOUN
fsr-3415	113	5	funds	fund	NOUN
fsr-3415	113	6	have	have	VERB
fsr-3415	113	7	higher	high	ADJ
fsr-3415	113	8	managerial	managerial	ADJ
fsr-3415	113	9	incentive	incentive	NOUN
fsr-3415	113	10	ratings	rating	NOUN
fsr-3415	113	11	(	(	PUNCT
fsr-3415	113	12	manager	manager	NOUN
fsr-3415	113	13	incent	incent	NOUN
fsr-3415	113	14	rate	rate	NOUN
fsr-3415	113	15	)	)	PUNCT
fsr-3415	113	16	than	than	ADP
fsr-3415	113	17	non	non	ADJ
fsr-3415	113	18	-	-	ADJ
fsr-3415	113	19	ms	ms	ADJ
fsr-3415	113	20	funds	fund	NOUN
fsr-3415	113	21	.	.	PUNCT
fsr-3415	114	1	while	while	SCONJ
fsr-3415	114	2	examining	examine	VERB
fsr-3415	114	3	differences	difference	NOUN
fsr-3415	114	4	in	in	ADP
fsr-3415	114	5	governance	governance	NOUN
fsr-3415	114	6	ratings	rating	NOUN
fsr-3415	114	7	across	across	ADP
fsr-3415	114	8	fund	fund	NOUN
fsr-3415	114	9	structure	structure	NOUN
fsr-3415	114	10	is	be	AUX
fsr-3415	114	11	our	our	PRON
fsr-3415	114	12	primary	primary	ADJ
fsr-3415	114	13	focus	focus	NOUN
fsr-3415	114	14	,	,	PUNCT
fsr-3415	114	15	we	we	PRON
fsr-3415	114	16	also	also	ADV
fsr-3415	114	17	are	be	AUX
fsr-3415	114	18	interested	interested	ADJ
fsr-3415	114	19	in	in	ADP
fsr-3415	114	20	whether	whether	SCONJ
fsr-3415	114	21	the	the	DET
fsr-3415	114	22	corporate	corporate	ADJ
fsr-3415	114	23	culture	culture	NOUN
fsr-3415	114	24	of	of	ADP
fsr-3415	114	25	the	the	DET
fsr-3415	114	26	fund	fund	NOUN
fsr-3415	114	27	the	the	DET
fsr-3415	114	28	fund	fund	NOUN
fsr-3415	114	29	sponsor	sponsor	NOUN
fsr-3415	114	30	influences	influence	VERB
fsr-3415	114	31	fund	fund	NOUN
fsr-3415	114	32	governance	governance	NOUN
fsr-3415	114	33	.	.	PUNCT
fsr-3415	115	1	as	as	ADP
fsr-3415	115	2	such	such	ADJ
fsr-3415	115	3	,	,	PUNCT
fsr-3415	115	4	we	we	PRON
fsr-3415	115	5	include	include	VERB
fsr-3415	115	6	morningstar	morningstar	PROPN
fsr-3415	115	7	’s	’s	PART
fsr-3415	115	8	corp	corp	PROPN
fsr-3415	115	9	culture	culture	PROPN
fsr-3415	115	10	rate	rate	NOUN
fsr-3415	115	11	in	in	ADP
fsr-3415	115	12	the	the	DET
fsr-3415	115	13	empirical	empirical	ADJ
fsr-3415	115	14	models	model	NOUN
fsr-3415	115	15	(	(	PUNCT
fsr-3415	115	16	a	a	DET
fsr-3415	115	17	variable	variable	NOUN
fsr-3415	115	18	ranging	range	VERB
fsr-3415	115	19	from	from	ADP
fsr-3415	115	20	1	1	NUM
fsr-3415	115	21	[	[	X
fsr-3415	115	22	lowest	low	ADJ
fsr-3415	115	23	]	]	PUNCT
fsr-3415	115	24	to	to	ADP
fsr-3415	115	25	5	5	NUM
fsr-3415	115	26	[	[	X
fsr-3415	115	27	highest	high	ADJ
fsr-3415	115	28	]	]	X
fsr-3415	115	29	)	)	PUNCT
fsr-3415	115	30	.	.	PUNCT
fsr-3415	116	1	corp	corp	PROPN
fsr-3415	116	2	culture	culture	PROPN
fsr-3415	116	3	rate	rate	NOUN
fsr-3415	116	4	is	be	AUX
fsr-3415	116	5	meant	mean	VERB
fsr-3415	116	6	to	to	PART
fsr-3415	116	7	“	"	PUNCT
fsr-3415	116	8	assess	assess	VERB
fsr-3415	116	9	how	how	SCONJ
fsr-3415	116	10	seriously	seriously	ADV
fsr-3415	116	11	a	a	DET
fsr-3415	116	12	firm	firm	NOUN
fsr-3415	116	13	takes	take	VERB
fsr-3415	116	14	its	its	PRON
fsr-3415	116	15	fiduciary	fiduciary	ADJ
fsr-3415	116	16	duty	duty	NOUN
fsr-3415	116	17	to	to	ADP
fsr-3415	116	18	its	its	PRON
fsr-3415	116	19	fund	fund	NOUN
fsr-3415	116	20	shareholders	shareholder	NOUN
fsr-3415	116	21	.	.	PUNCT
fsr-3415	116	22	”	"	PUNCT
fsr-3415	117	1	it	it	PRON
fsr-3415	117	2	is	be	AUX
fsr-3415	117	3	an	an	DET
fsr-3415	117	4	indirect	indirect	ADJ
fsr-3415	117	5	measure	measure	NOUN
fsr-3415	117	6	of	of	ADP
fsr-3415	117	7	how	how	SCONJ
fsr-3415	117	8	fund	fund	NOUN
fsr-3415	117	9	sponsors	sponsor	NOUN
fsr-3415	117	10	may	may	AUX
fsr-3415	117	11	influence	influence	VERB
fsr-3415	117	12	the	the	DET
fsr-3415	117	13	governance	governance	NOUN
fsr-3415	117	14	process	process	NOUN
fsr-3415	117	15	within	within	ADP
fsr-3415	117	16	funds	fund	NOUN
fsr-3415	117	17	they	they	PRON
fsr-3415	117	18	operate	operate	VERB
fsr-3415	117	19	.	.	PUNCT
fsr-3415	118	1	we	we	PRON
fsr-3415	118	2	expect	expect	VERB
fsr-3415	118	3	more	more	ADV
fsr-3415	118	4	highly	highly	ADV
fsr-3415	118	5	rated	rate	VERB
fsr-3415	118	6	fund	fund	NOUN
fsr-3415	118	7	sponsors	sponsor	NOUN
fsr-3415	118	8	to	to	PART
fsr-3415	118	9	have	have	VERB
fsr-3415	118	10	boards	board	NOUN
fsr-3415	118	11	that	that	PRON
fsr-3415	118	12	are	be	AUX
fsr-3415	118	13	of	of	ADP
fsr-3415	118	14	higher	high	ADJ
fsr-3415	118	15	quality	quality	NOUN
fsr-3415	118	16	and	and	CCONJ
fsr-3415	118	17	stronger	strong	ADJ
fsr-3415	118	18	managerial	managerial	ADJ
fsr-3415	118	19	incentives	incentive	NOUN
fsr-3415	118	20	.	.	PUNCT
fsr-3415	119	1	as	as	ADP
fsr-3415	119	2	such	such	ADJ
fsr-3415	119	3	,	,	PUNCT
fsr-3415	119	4	hypothesis	hypothesis	NOUN
fsr-3415	119	5	2(a	2(a	NUM
fsr-3415	119	6	):	):	PUNCT
fsr-3415	119	7	funds	fund	NOUN
fsr-3415	119	8	whose	whose	DET
fsr-3415	119	9	sponsor	sponsor	NOUN
fsr-3415	119	10	has	have	VERB
fsr-3415	119	11	a	a	DET
fsr-3415	119	12	higher	high	ADJ
fsr-3415	119	13	corporate	corporate	ADJ
fsr-3415	119	14	culture	culture	NOUN
fsr-3415	119	15	rating	rating	NOUN
fsr-3415	119	16	(	(	PUNCT
fsr-3415	119	17	corp	corp	PROPN
fsr-3415	119	18	culture	culture	NOUN
fsr-3415	119	19	rate	rate	NOUN
fsr-3415	119	20	)	)	PUNCT
fsr-3415	119	21	have	have	VERB
fsr-3415	119	22	a	a	DET
fsr-3415	119	23	higher	high	ADJ
fsr-3415	119	24	board	board	NOUN
fsr-3415	119	25	quality	quality	NOUN
fsr-3415	119	26	rating	rating	NOUN
fsr-3415	119	27	(	(	PUNCT
fsr-3415	119	28	board	board	NOUN
fsr-3415	119	29	qual	qual	ADJ
fsr-3415	119	30	rate	rate	NOUN
fsr-3415	119	31	)	)	PUNCT
fsr-3415	119	32	.	.	PUNCT
fsr-3415	120	1	hypothesis	hypothesis	NOUN
fsr-3415	120	2	2(b	2(b	NUM
fsr-3415	120	3	):	):	PUNCT
fsr-3415	120	4	funds	fund	NOUN
fsr-3415	120	5	whose	whose	DET
fsr-3415	120	6	sponsor	sponsor	NOUN
fsr-3415	120	7	has	have	VERB
fsr-3415	120	8	a	a	DET
fsr-3415	120	9	higher	high	ADJ
fsr-3415	120	10	corporate	corporate	ADJ
fsr-3415	120	11	culture	culture	NOUN
fsr-3415	120	12	rating	rating	NOUN
fsr-3415	120	13	(	(	PUNCT
fsr-3415	120	14	corp	corp	PROPN
fsr-3415	120	15	culture	culture	NOUN
fsr-3415	120	16	rate	rate	NOUN
fsr-3415	120	17	)	)	PUNCT
fsr-3415	120	18	have	have	VERB
fsr-3415	120	19	a	a	DET
fsr-3415	120	20	higher	high	ADJ
fsr-3415	120	21	managerial	managerial	ADJ
fsr-3415	120	22	incentive	incentive	NOUN
fsr-3415	120	23	rating	rating	NOUN
fsr-3415	120	24	(	(	PUNCT
fsr-3415	120	25	manager	manager	NOUN
fsr-3415	120	26	incent	incent	NOUN
fsr-3415	120	27	rate	rate	NOUN
fsr-3415	120	28	)	)	PUNCT
fsr-3415	120	29	.	.	PUNCT
fsr-3415	121	1	finally	finally	ADV
fsr-3415	121	2	,	,	PUNCT
fsr-3415	121	3	once	once	ADV
fsr-3415	121	4	a	a	DET
fsr-3415	121	5	board	board	NOUN
fsr-3415	121	6	is	be	AUX
fsr-3415	121	7	in	in	ADP
fsr-3415	121	8	place	place	NOUN
fsr-3415	121	9	,	,	PUNCT
fsr-3415	121	10	it	it	PRON
fsr-3415	121	11	has	have	VERB
fsr-3415	121	12	the	the	DET
fsr-3415	121	13	authority	authority	NOUN
fsr-3415	121	14	to	to	PART
fsr-3415	121	15	influence	influence	VERB
fsr-3415	121	16	contracts	contract	NOUN
fsr-3415	121	17	between	between	ADP
fsr-3415	121	18	fund	fund	NOUN
fsr-3415	121	19	managers	manager	NOUN
fsr-3415	121	20	and	and	CCONJ
fsr-3415	121	21	the	the	DET
fsr-3415	121	22	fund	fund	NOUN
fsr-3415	121	23	as	as	SCONJ
fsr-3415	121	24	it	it	PRON
fsr-3415	121	25	pertains	pertain	VERB
fsr-3415	121	26	to	to	ADP
fsr-3415	121	27	managerial	managerial	ADJ
fsr-3415	121	28	incentives	incentive	NOUN
fsr-3415	121	29	.	.	PUNCT
fsr-3415	122	1	while	while	SCONJ
fsr-3415	122	2	the	the	DET
fsr-3415	122	3	board	board	NOUN
fsr-3415	122	4	has	have	VERB
fsr-3415	122	5	sole	sole	ADJ
fsr-3415	122	6	authority	authority	NOUN
fsr-3415	122	7	to	to	PART
fsr-3415	122	8	negotiate	negotiate	VERB
fsr-3415	122	9	fund	fund	NOUN
fsr-3415	122	10	expenses	expense	NOUN
fsr-3415	122	11	,	,	PUNCT
fsr-3415	122	12	it	it	PRON
fsr-3415	122	13	is	be	AUX
fsr-3415	122	14	also	also	ADV
fsr-3415	122	15	likely	likely	ADJ
fsr-3415	122	16	that	that	SCONJ
fsr-3415	122	17	the	the	DET
fsr-3415	122	18	board	board	NOUN
fsr-3415	122	19	will	will	AUX
fsr-3415	122	20	have	have	VERB
fsr-3415	122	21	an	an	DET
fsr-3415	122	22	influence	influence	NOUN
fsr-3415	122	23	on	on	ADP
fsr-3415	122	24	how	how	SCONJ
fsr-3415	122	25	much	much	ADJ
fsr-3415	122	26	fund	fund	NOUN
fsr-3415	122	27	managers	manager	NOUN
fsr-3415	122	28	must	must	AUX
fsr-3415	122	29	own	own	VERB
fsr-3415	122	30	to	to	PART
fsr-3415	122	31	align	align	VERB
fsr-3415	122	32	the	the	DET
fsr-3415	122	33	interests	interest	NOUN
fsr-3415	122	34	between	between	ADP
fsr-3415	122	35	the	the	DET
fsr-3415	122	36	two	two	NUM
fsr-3415	122	37	groups	group	NOUN
fsr-3415	122	38	.	.	PUNCT
fsr-3415	123	1	therefore	therefore	ADV
fsr-3415	123	2	,	,	PUNCT
fsr-3415	123	3	we	we	PRON
fsr-3415	123	4	expect	expect	VERB
fsr-3415	123	5	funds	fund	NOUN
fsr-3415	123	6	with	with	ADP
fsr-3415	123	7	more	more	ADV
fsr-3415	123	8	highly	highly	ADV
fsr-3415	123	9	rated	rate	VERB
fsr-3415	123	10	boards	board	NOUN
fsr-3415	123	11	to	to	PART
fsr-3415	123	12	have	have	VERB
fsr-3415	123	13	higher	high	ADJ
fsr-3415	123	14	managerial	managerial	ADJ
fsr-3415	123	15	incentive	incentive	NOUN
fsr-3415	123	16	ratings	rating	NOUN
fsr-3415	123	17	.	.	PUNCT
fsr-3415	124	1	hypothesis	hypothesis	NOUN
fsr-3415	124	2	3	3	NUM
fsr-3415	124	3	:	:	PUNCT
fsr-3415	124	4	funds	fund	NOUN
fsr-3415	124	5	with	with	ADP
fsr-3415	124	6	higher	high	ADJ
fsr-3415	124	7	board	board	NOUN
fsr-3415	124	8	quality	quality	NOUN
fsr-3415	124	9	ratings	rating	NOUN
fsr-3415	124	10	(	(	PUNCT
fsr-3415	124	11	board	board	NOUN
fsr-3415	124	12	qual	qual	ADJ
fsr-3415	124	13	rate	rate	NOUN
fsr-3415	124	14	)	)	PUNCT
fsr-3415	124	15	have	have	VERB
fsr-3415	124	16	higher	high	ADJ
fsr-3415	124	17	managerial	managerial	ADJ
fsr-3415	124	18	incentive	incentive	NOUN
fsr-3415	124	19	ratings	rating	NOUN
fsr-3415	124	20	(	(	PUNCT
fsr-3415	124	21	manager	manager	NOUN
fsr-3415	124	22	incent	incent	NOUN
fsr-3415	124	23	rate	rate	NOUN
fsr-3415	124	24	)	)	PUNCT
fsr-3415	124	25	.	.	PUNCT
fsr-3415	125	1	4	4	X
fsr-3415	125	2	.	.	X
fsr-3415	125	3	data	datum	NOUN
fsr-3415	125	4	and	and	CCONJ
fsr-3415	125	5	empirical	empirical	ADJ
fsr-3415	125	6	model	model	NOUN
fsr-3415	125	7	4.1	4.1	NUM
fsr-3415	125	8	.	.	PUNCT
fsr-3415	125	9	data	data	VERB
fsr-3415	125	10	the	the	DET
fsr-3415	125	11	data	datum	NOUN
fsr-3415	125	12	for	for	ADP
fsr-3415	125	13	the	the	DET
fsr-3415	125	14	analysis	analysis	NOUN
fsr-3415	125	15	comes	come	VERB
fsr-3415	125	16	from	from	ADP
fsr-3415	125	17	morningstar	morningstar	NOUN
fsr-3415	125	18	and	and	CCONJ
fsr-3415	125	19	includes	include	VERB
fsr-3415	125	20	year	year	NOUN
fsr-3415	125	21	-	-	PUNCT
fsr-3415	125	22	end	end	NOUN
fsr-3415	125	23	data	datum	NOUN
fsr-3415	125	24	from	from	ADP
fsr-3415	125	25	2005	2005	NUM
fsr-3415	125	26	to	to	ADP
fsr-3415	125	27	2009.5	2009.5	NUM
fsr-3415	125	28	our	our	PRON
fsr-3415	125	29	sample	sample	NOUN
fsr-3415	125	30	only	only	ADV
fsr-3415	125	31	includes	include	VERB
fsr-3415	125	32	funds	fund	NOUN
fsr-3415	125	33	in	in	ADP
fsr-3415	125	34	the	the	DET
fsr-3415	125	35	investment	investment	NOUN
fsr-3415	125	36	objectives	objective	NOUN
fsr-3415	125	37	growth	growth	NOUN
fsr-3415	125	38	and	and	CCONJ
fsr-3415	125	39	income	income	NOUN
fsr-3415	125	40	,	,	PUNCT
fsr-3415	125	41	54	54	NUM
fsr-3415	125	42	j.	j.	PROPN
fsr-3415	125	43	handy	handy	PROPN
fsr-3415	125	44	,	,	PUNCT
fsr-3415	125	45	t.	t.	PROPN
fsr-3415	125	46	smythe	smythe	PROPN
fsr-3415	125	47	/	/	SYM
fsr-3415	125	48	financial	financial	ADJ
fsr-3415	125	49	services	service	NOUN
fsr-3415	125	50	review	review	VERB
fsr-3415	125	51	28	28	NUM
fsr-3415	125	52	(	(	PUNCT
fsr-3415	125	53	2020	2020	NUM
fsr-3415	125	54	)	)	PUNCT
fsr-3415	125	55	49	49	NUM
fsr-3415	125	56	-	-	SYM
fsr-3415	125	57	65	65	NUM
fsr-3415	125	58	growth	growth	NOUN
fsr-3415	125	59	,	,	PUNCT
fsr-3415	125	60	aggressive	aggressive	ADJ
fsr-3415	125	61	growth	growth	NOUN
fsr-3415	125	62	,	,	PUNCT
fsr-3415	125	63	and	and	CCONJ
fsr-3415	125	64	small	small	ADJ
fsr-3415	125	65	cap	cap	NOUN
fsr-3415	125	66	for	for	ADP
fsr-3415	125	67	two	two	NUM
fsr-3415	125	68	reasons	reason	NOUN
fsr-3415	125	69	.	.	PUNCT
fsr-3415	126	1	first	first	ADV
fsr-3415	126	2	,	,	PUNCT
fsr-3415	126	3	early	early	ADJ
fsr-3415	126	4	mutual	mutual	ADJ
fsr-3415	126	5	fund	fund	NOUN
fsr-3415	126	6	literature	literature	NOUN
fsr-3415	126	7	commonly	commonly	ADV
fsr-3415	126	8	examined	examine	VERB
fsr-3415	126	9	these	these	DET
fsr-3415	126	10	investment	investment	NOUN
fsr-3415	126	11	categories	category	NOUN
fsr-3415	126	12	.	.	PUNCT
fsr-3415	127	1	second	second	ADJ
fsr-3415	127	2	,	,	PUNCT
fsr-3415	127	3	and	and	CCONJ
fsr-3415	127	4	more	more	ADV
fsr-3415	127	5	importantly	importantly	ADV
fsr-3415	127	6	for	for	ADP
fsr-3415	127	7	this	this	DET
fsr-3415	127	8	article	article	NOUN
fsr-3415	127	9	,	,	PUNCT
fsr-3415	127	10	the	the	DET
fsr-3415	127	11	identification	identification	NOUN
fsr-3415	127	12	of	of	ADP
fsr-3415	127	13	classes	class	NOUN
fsr-3415	127	14	in	in	ADP
fsr-3415	127	15	the	the	DET
fsr-3415	127	16	same	same	ADJ
fsr-3415	127	17	fund	fund	NOUN
fsr-3415	127	18	portfolio	portfolio	NOUN
fsr-3415	127	19	had	have	VERB
fsr-3415	127	20	to	to	PART
fsr-3415	127	21	be	be	AUX
fsr-3415	127	22	identified	identify	VERB
fsr-3415	127	23	and	and	CCONJ
fsr-3415	127	24	coded	code	VERB
fsr-3415	127	25	by	by	ADP
fsr-3415	127	26	hand	hand	NOUN
fsr-3415	127	27	across	across	ADP
fsr-3415	127	28	all	all	DET
fsr-3415	127	29	years	year	NOUN
fsr-3415	127	30	in	in	ADP
fsr-3415	127	31	the	the	DET
fsr-3415	127	32	sample	sample	NOUN
fsr-3415	127	33	,	,	PUNCT
fsr-3415	127	34	a	a	DET
fsr-3415	127	35	time	time	NOUN
fsr-3415	127	36	consuming	consume	VERB
fsr-3415	127	37	process	process	NOUN
fsr-3415	127	38	.	.	PUNCT
fsr-3415	128	1	morningstar	morningstar	NOUN
fsr-3415	128	2	observations	observation	NOUN
fsr-3415	128	3	are	be	AUX
fsr-3415	128	4	often	often	ADV
fsr-3415	128	5	referred	refer	VERB
fsr-3415	128	6	to	to	ADP
fsr-3415	128	7	as	as	ADP
fsr-3415	128	8	“	"	PUNCT
fsr-3415	128	9	a	a	DET
fsr-3415	128	10	fund	fund	NOUN
fsr-3415	128	11	,	,	PUNCT
fsr-3415	128	12	”	"	PUNCT
fsr-3415	128	13	but	but	CCONJ
fsr-3415	128	14	they	they	PRON
fsr-3415	128	15	are	be	AUX
fsr-3415	128	16	not	not	PART
fsr-3415	128	17	.	.	PUNCT
fsr-3415	129	1	morningstar	morningstar	PROPN
fsr-3415	129	2	captures	capture	VERB
fsr-3415	129	3	data	datum	NOUN
fsr-3415	129	4	at	at	ADP
fsr-3415	129	5	the	the	DET
fsr-3415	129	6	class	class	NOUN
fsr-3415	129	7	level	level	NOUN
fsr-3415	129	8	,	,	PUNCT
fsr-3415	129	9	reflecting	reflect	VERB
fsr-3415	129	10	differences	difference	NOUN
fsr-3415	129	11	across	across	ADP
fsr-3415	129	12	share	share	NOUN
fsr-3415	129	13	classes	class	NOUN
fsr-3415	129	14	that	that	PRON
fsr-3415	129	15	a	a	DET
fsr-3415	129	16	ms	ms	PROPN
fsr-3415	129	17	fund	fund	NOUN
fsr-3415	129	18	has	have	VERB
fsr-3415	129	19	.	.	PUNCT
fsr-3415	130	1	handy	handy	ADV
fsr-3415	130	2	et	et	PROPN
fsr-3415	130	3	al	al	PROPN
fsr-3415	130	4	.	.	PUNCT
fsr-3415	131	1	(	(	PUNCT
fsr-3415	131	2	2018	2018	NUM
fsr-3415	131	3	)	)	PUNCT
fsr-3415	131	4	describes	describe	VERB
fsr-3415	131	5	the	the	DET
fsr-3415	131	6	issues	issue	NOUN
fsr-3415	131	7	,	,	PUNCT
fsr-3415	131	8	both	both	PRON
fsr-3415	131	9	practical	practical	ADJ
fsr-3415	131	10	and	and	CCONJ
fsr-3415	131	11	statistical	statistical	ADJ
fsr-3415	131	12	,	,	PUNCT
fsr-3415	131	13	of	of	ADP
fsr-3415	131	14	conducting	conduct	VERB
fsr-3415	131	15	analysis	analysis	NOUN
fsr-3415	131	16	with	with	ADP
fsr-3415	131	17	class	class	NOUN
fsr-3415	131	18	level	level	NOUN
fsr-3415	131	19	data	datum	NOUN
fsr-3415	131	20	.	.	PUNCT
fsr-3415	132	1	that	that	DET
fsr-3415	132	2	article	article	NOUN
fsr-3415	132	3	analyzes	analyze	VERB
fsr-3415	132	4	class	class	NOUN
fsr-3415	132	5	level	level	NOUN
fsr-3415	132	6	net	net	ADJ
fsr-3415	132	7	expense	expense	NOUN
fsr-3415	132	8	ratios	ratio	NOUN
fsr-3415	132	9	,	,	PUNCT
fsr-3415	132	10	prompting	prompt	VERB
fsr-3415	132	11	them	they	PRON
fsr-3415	132	12	to	to	PART
fsr-3415	132	13	conduct	conduct	VERB
fsr-3415	132	14	their	their	PRON
fsr-3415	132	15	initial	initial	ADJ
fsr-3415	132	16	analysis	analysis	NOUN
fsr-3415	132	17	at	at	ADP
fsr-3415	132	18	the	the	DET
fsr-3415	132	19	class	class	NOUN
fsr-3415	132	20	level	level	NOUN
fsr-3415	132	21	.	.	PUNCT
fsr-3415	133	1	however	however	ADV
fsr-3415	133	2	,	,	PUNCT
fsr-3415	133	3	handy	handy	ADV
fsr-3415	133	4	et	et	PROPN
fsr-3415	133	5	al	al	PROPN
fsr-3415	133	6	.	.	PROPN
fsr-3415	133	7	,	,	PUNCT
fsr-3415	133	8	also	also	ADV
fsr-3415	133	9	introduce	introduce	VERB
fsr-3415	133	10	a	a	DET
fsr-3415	133	11	robustness	robustness	NOUN
fsr-3415	133	12	technique	technique	NOUN
fsr-3415	133	13	,	,	PUNCT
fsr-3415	133	14	whereby	whereby	SCONJ
fsr-3415	133	15	they	they	PRON
fsr-3415	133	16	examine	examine	VERB
fsr-3415	133	17	data	datum	NOUN
fsr-3415	133	18	at	at	ADP
fsr-3415	133	19	the	the	DET
fsr-3415	133	20	fund	fund	NOUN
fsr-3415	133	21	level	level	NOUN
fsr-3415	133	22	by	by	ADP
fsr-3415	133	23	identifying	identify	VERB
fsr-3415	133	24	all	all	DET
fsr-3415	133	25	classes	class	NOUN
fsr-3415	133	26	of	of	ADP
fsr-3415	133	27	a	a	DET
fsr-3415	133	28	ms	ms	NOUN
fsr-3415	133	29	fund	fund	NOUN
fsr-3415	133	30	by	by	ADP
fsr-3415	133	31	hand	hand	NOUN
fsr-3415	133	32	.	.	PUNCT
fsr-3415	134	1	as	as	SCONJ
fsr-3415	134	2	they	they	PRON
fsr-3415	134	3	discuss	discuss	VERB
fsr-3415	134	4	,	,	PUNCT
fsr-3415	134	5	some	some	DET
fsr-3415	134	6	variables	variable	NOUN
fsr-3415	134	7	are	be	AUX
fsr-3415	134	8	representative	representative	ADJ
fsr-3415	134	9	of	of	ADP
fsr-3415	134	10	the	the	DET
fsr-3415	134	11	class	class	NOUN
fsr-3415	134	12	,	,	PUNCT
fsr-3415	134	13	for	for	ADP
fsr-3415	134	14	example	example	NOUN
fsr-3415	134	15	,	,	PUNCT
fsr-3415	134	16	commission	commission	NOUN
fsr-3415	134	17	structure	structure	NOUN
fsr-3415	134	18	(	(	PUNCT
fsr-3415	134	19	front	front	ADJ
fsr-3415	134	20	-	-	PUNCT
fsr-3415	134	21	end	end	NOUN
fsr-3415	134	22	load	load	NOUN
fsr-3415	134	23	or	or	CCONJ
fsr-3415	134	24	redemption	redemption	NOUN
fsr-3415	134	25	fee	fee	NOUN
fsr-3415	134	26	)	)	PUNCT
fsr-3415	134	27	and	and	CCONJ
fsr-3415	134	28	class	class	NOUN
fsr-3415	134	29	level	level	NOUN
fsr-3415	134	30	net	net	ADJ
fsr-3415	134	31	assets	asset	NOUN
fsr-3415	134	32	,	,	PUNCT
fsr-3415	134	33	while	while	SCONJ
fsr-3415	134	34	others	other	NOUN
fsr-3415	134	35	,	,	PUNCT
fsr-3415	134	36	such	such	ADJ
fsr-3415	134	37	as	as	ADP
fsr-3415	134	38	ms	ms	PROPN
fsr-3415	134	39	,	,	PUNCT
fsr-3415	134	40	board	board	NOUN
fsr-3415	134	41	quality	quality	NOUN
fsr-3415	134	42	rating	rating	NOUN
fsr-3415	134	43	,	,	PUNCT
fsr-3415	134	44	and	and	CCONJ
fsr-3415	134	45	turnover	turnover	NOUN
fsr-3415	134	46	are	be	AUX
fsr-3415	134	47	unique	unique	ADJ
fsr-3415	134	48	to	to	ADP
fsr-3415	134	49	the	the	DET
fsr-3415	134	50	fund	fund	NOUN
fsr-3415	134	51	,	,	PUNCT
fsr-3415	134	52	that	that	ADV
fsr-3415	134	53	is	is	ADV
fsr-3415	134	54	,	,	PUNCT
fsr-3415	134	55	is	be	AUX
fsr-3415	134	56	the	the	DET
fsr-3415	134	57	same	same	ADJ
fsr-3415	134	58	for	for	ADP
fsr-3415	134	59	all	all	DET
fsr-3415	134	60	classes	class	NOUN
fsr-3415	134	61	.	.	PUNCT
fsr-3415	135	1	we	we	PRON
fsr-3415	135	2	analyze	analyze	VERB
fsr-3415	135	3	data	datum	NOUN
fsr-3415	135	4	at	at	ADP
fsr-3415	135	5	the	the	DET
fsr-3415	135	6	fund	fund	NOUN
fsr-3415	135	7	level	level	NOUN
fsr-3415	135	8	,	,	PUNCT
fsr-3415	135	9	using	use	VERB
fsr-3415	135	10	the	the	DET
fsr-3415	135	11	stata	stata	NOUN
fsr-3415	135	12	collapse	collapse	NOUN
fsr-3415	135	13	command	command	NOUN
fsr-3415	135	14	to	to	PART
fsr-3415	135	15	create	create	VERB
fsr-3415	135	16	a	a	DET
fsr-3415	135	17	single	single	ADJ
fsr-3415	135	18	observation	observation	NOUN
fsr-3415	135	19	for	for	ADP
fsr-3415	135	20	each	each	DET
fsr-3415	135	21	unique	unique	ADJ
fsr-3415	135	22	fund	fund	NOUN
fsr-3415	135	23	in	in	ADP
fsr-3415	135	24	the	the	DET
fsr-3415	135	25	sample	sample	NOUN
fsr-3415	135	26	.	.	PUNCT
fsr-3415	136	1	the	the	DET
fsr-3415	136	2	fund	fund	NOUN
fsr-3415	136	3	is	be	AUX
fsr-3415	136	4	the	the	DET
fsr-3415	136	5	appropriate	appropriate	ADJ
fsr-3415	136	6	unit	unit	NOUN
fsr-3415	136	7	of	of	ADP
fsr-3415	136	8	analysis	analysis	NOUN
fsr-3415	136	9	because	because	SCONJ
fsr-3415	136	10	governance	governance	NOUN
fsr-3415	136	11	ratings	rating	NOUN
fsr-3415	136	12	are	be	AUX
fsr-3415	136	13	for	for	ADP
fsr-3415	136	14	a	a	DET
fsr-3415	136	15	fund	fund	NOUN
fsr-3415	136	16	,	,	PUNCT
fsr-3415	136	17	not	not	PART
fsr-3415	136	18	for	for	ADP
fsr-3415	136	19	individual	individual	ADJ
fsr-3415	136	20	classes	class	NOUN
fsr-3415	136	21	,	,	PUNCT
fsr-3415	136	22	regardless	regardless	ADV
fsr-3415	136	23	of	of	ADP
fsr-3415	136	24	whether	whether	SCONJ
fsr-3415	136	25	the	the	DET
fsr-3415	136	26	fund	fund	NOUN
fsr-3415	136	27	is	be	AUX
fsr-3415	136	28	ms	ms	NOUN
fsr-3415	136	29	or	or	CCONJ
fsr-3415	136	30	non	non	ADJ
fsr-3415	136	31	-	-	PROPN
fsr-3415	136	32	ms	ms	ADJ
fsr-3415	136	33	.	.	PROPN
fsr-3415	137	1	while	while	SCONJ
fsr-3415	137	2	using	use	VERB
fsr-3415	137	3	the	the	DET
fsr-3415	137	4	fund	fund	NOUN
fsr-3415	137	5	level	level	NOUN
fsr-3415	137	6	data	datum	NOUN
fsr-3415	137	7	ignores	ignore	VERB
fsr-3415	137	8	subtlety	subtlety	NOUN
fsr-3415	137	9	that	that	SCONJ
fsr-3415	137	10	class	class	NOUN
fsr-3415	137	11	level	level	NOUN
fsr-3415	137	12	characteristics	characteristic	NOUN
fsr-3415	137	13	bring	bring	VERB
fsr-3415	137	14	to	to	ADP
fsr-3415	137	15	the	the	DET
fsr-3415	137	16	analysis	analysis	NOUN
fsr-3415	137	17	,	,	PUNCT
fsr-3415	137	18	we	we	PRON
fsr-3415	137	19	are	be	AUX
fsr-3415	137	20	interested	interested	ADJ
fsr-3415	137	21	in	in	ADP
fsr-3415	137	22	fund	fund	NOUN
fsr-3415	137	23	governance	governance	NOUN
fsr-3415	137	24	.	.	PUNCT
fsr-3415	138	1	as	as	ADP
fsr-3415	138	2	such	such	ADJ
fsr-3415	138	3	,	,	PUNCT
fsr-3415	138	4	the	the	DET
fsr-3415	138	5	traditional	traditional	ADJ
fsr-3415	138	6	sample	sample	NOUN
fsr-3415	138	7	of	of	ADP
fsr-3415	138	8	class	class	NOUN
fsr-3415	138	9	level	level	NOUN
fsr-3415	138	10	observations	observation	NOUN
fsr-3415	138	11	is	be	AUX
fsr-3415	138	12	reduced	reduce	VERB
fsr-3415	138	13	from	from	ADP
fsr-3415	138	14	over	over	ADP
fsr-3415	138	15	8,000	8,000	NUM
fsr-3415	138	16	to	to	ADP
fsr-3415	138	17	approximately	approximately	ADV
fsr-3415	138	18	2,300	2,300	NUM
fsr-3415	138	19	.	.	PUNCT
fsr-3415	139	1	4.2	4.2	NUM
fsr-3415	139	2	.	.	PUNCT
fsr-3415	140	1	empirical	empirical	ADJ
fsr-3415	140	2	model	model	NOUN
fsr-3415	140	3	while	while	SCONJ
fsr-3415	140	4	morningstar	morningstar	PROPN
fsr-3415	140	5	’s	’s	PART
fsr-3415	140	6	stewardship	stewardship	NOUN
fsr-3415	140	7	ratings	rating	NOUN
fsr-3415	140	8	are	be	AUX
fsr-3415	140	9	discrete	discrete	ADJ
fsr-3415	140	10	rankings	ranking	NOUN
fsr-3415	140	11	ranging	range	VERB
fsr-3415	140	12	from	from	ADP
fsr-3415	140	13	1	1	NUM
fsr-3415	140	14	to	to	ADP
fsr-3415	140	15	5	5	NUM
fsr-3415	140	16	,	,	PUNCT
fsr-3415	140	17	the	the	DET
fsr-3415	140	18	actual	actual	ADJ
fsr-3415	140	19	shift	shift	NOUN
fsr-3415	140	20	from	from	ADP
fsr-3415	140	21	one	one	NUM
fsr-3415	140	22	level	level	NOUN
fsr-3415	140	23	to	to	ADP
fsr-3415	140	24	another	another	PRON
fsr-3415	140	25	is	be	AUX
fsr-3415	140	26	unobservable	unobservable	ADJ
fsr-3415	140	27	.	.	PUNCT
fsr-3415	141	1	as	as	ADP
fsr-3415	141	2	such	such	ADJ
fsr-3415	141	3	,	,	PUNCT
fsr-3415	141	4	we	we	PRON
fsr-3415	141	5	use	use	VERB
fsr-3415	141	6	an	an	DET
fsr-3415	141	7	ordered	order	VERB
fsr-3415	141	8	probit	probit	NOUN
fsr-3415	141	9	model	model	NOUN
fsr-3415	141	10	to	to	PART
fsr-3415	141	11	examine	examine	VERB
fsr-3415	141	12	the	the	DET
fsr-3415	141	13	relationship	relationship	NOUN
fsr-3415	141	14	among	among	ADP
fsr-3415	141	15	fund	fund	NOUN
fsr-3415	141	16	characteristics	characteristic	NOUN
fsr-3415	141	17	and	and	CCONJ
fsr-3415	141	18	governance	governance	NOUN
fsr-3415	141	19	ratings	rating	NOUN
fsr-3415	141	20	.	.	PUNCT
fsr-3415	142	1	the	the	DET
fsr-3415	142	2	model	model	NOUN
fsr-3415	142	3	takes	take	VERB
fsr-3415	142	4	the	the	DET
fsr-3415	142	5	following	follow	VERB
fsr-3415	142	6	form	form	NOUN
fsr-3415	142	7	:	:	PUNCT
fsr-3415	142	8	y	y	X
fsr-3415	142	9	*	*	PUNCT
fsr-3415	142	10	i	i	PRON
fsr-3415	142	11	�	�	PROPN
fsr-3415	142	12	xi	xi	SYM
fsr-3415	142	13	�	�	PROPN
fsr-3415	142	14	�	�	PROPN
fsr-3415	142	15	ei	ei	PROPN
fsr-3415	142	16	,	,	PUNCT
fsr-3415	142	17	where	where	SCONJ
fsr-3415	142	18	ei	ei	X
fsr-3415	142	19	�	�	PROPN
fsr-3415	142	20	n(0,1	n(0,1	PROPN
fsr-3415	142	21	)	)	PUNCT
fsr-3415	142	22	.	.	PUNCT
fsr-3415	143	1	(	(	PUNCT
fsr-3415	143	2	1	1	NUM
fsr-3415	143	3	)	)	PUNCT
fsr-3415	143	4	‘	'	PUNCT
fsr-3415	143	5	y	y	X
fsr-3415	143	6	*	*	PUNCT
fsr-3415	143	7	i	i	PRON
fsr-3415	143	8	’	'	PUNCT
fsr-3415	143	9	takes	take	VERB
fsr-3415	143	10	on	on	ADP
fsr-3415	143	11	the	the	DET
fsr-3415	143	12	values	value	NOUN
fsr-3415	143	13	1	1	NUM
fsr-3415	143	14	to	to	ADP
fsr-3415	143	15	5	5	NUM
fsr-3415	143	16	,	,	PUNCT
fsr-3415	143	17	corresponding	correspond	VERB
fsr-3415	143	18	to	to	ADP
fsr-3415	143	19	the	the	DET
fsr-3415	143	20	ordinal	ordinal	ADJ
fsr-3415	143	21	ranking	ranking	ADJ
fsr-3415	143	22	values	value	NOUN
fsr-3415	143	23	for	for	ADP
fsr-3415	143	24	board	board	NOUN
fsr-3415	143	25	qual	qual	ADJ
fsr-3415	143	26	rate	rate	NOUN
fsr-3415	143	27	and	and	CCONJ
fsr-3415	143	28	manager	manager	NOUN
fsr-3415	143	29	incent	incent	NOUN
fsr-3415	143	30	rate	rate	NOUN
fsr-3415	143	31	separately	separately	ADV
fsr-3415	143	32	.	.	PUNCT
fsr-3415	144	1	‘	'	PUNCT
fsr-3415	144	2	xi	xi	X
fsr-3415	144	3	’	'	PUNCT
fsr-3415	144	4	is	be	AUX
fsr-3415	144	5	a	a	DET
fsr-3415	144	6	vector	vector	NOUN
fsr-3415	144	7	of	of	ADP
fsr-3415	144	8	independent	independent	ADJ
fsr-3415	144	9	control	control	NOUN
fsr-3415	144	10	variables	variable	NOUN
fsr-3415	144	11	.	.	PUNCT
fsr-3415	145	1	all	all	DET
fsr-3415	145	2	regression	regression	NOUN
fsr-3415	145	3	models	model	NOUN
fsr-3415	145	4	include	include	VERB
fsr-3415	145	5	year	year	NOUN
fsr-3415	145	6	-	-	PUNCT
fsr-3415	145	7	fixed	fix	VERB
fsr-3415	145	8	effects	effect	NOUN
fsr-3415	145	9	,	,	PUNCT
fsr-3415	145	10	and	and	CCONJ
fsr-3415	145	11	standard	standard	ADJ
fsr-3415	145	12	errors	error	NOUN
fsr-3415	145	13	are	be	AUX
fsr-3415	145	14	robust	robust	ADJ
fsr-3415	145	15	to	to	ADP
fsr-3415	145	16	heteroscedasticity	heteroscedasticity	NOUN
fsr-3415	145	17	.	.	PUNCT
fsr-3415	146	1	the	the	DET
fsr-3415	146	2	primary	primary	ADJ
fsr-3415	146	3	variable	variable	NOUN
fsr-3415	146	4	of	of	ADP
fsr-3415	146	5	interest	interest	NOUN
fsr-3415	146	6	is	be	AUX
fsr-3415	146	7	ms	ms	NOUN
fsr-3415	146	8	to	to	PART
fsr-3415	146	9	test	test	VERB
fsr-3415	146	10	hypothesis	hypothesis	NOUN
fsr-3415	146	11	1	1	NUM
fsr-3415	146	12	(	(	PUNCT
fsr-3415	146	13	a	a	DET
fsr-3415	146	14	,	,	PUNCT
fsr-3415	146	15	b	b	NOUN
fsr-3415	146	16	)	)	PUNCT
fsr-3415	146	17	,	,	PUNCT
fsr-3415	146	18	but	but	CCONJ
fsr-3415	146	19	corp	corp	PROPN
fsr-3415	146	20	culture	culture	NOUN
fsr-3415	146	21	rate	rate	NOUN
fsr-3415	146	22	is	be	AUX
fsr-3415	146	23	also	also	ADV
fsr-3415	146	24	included	include	VERB
fsr-3415	146	25	as	as	ADP
fsr-3415	146	26	an	an	DET
fsr-3415	146	27	independent	independent	ADJ
fsr-3415	146	28	variable	variable	NOUN
fsr-3415	146	29	of	of	ADP
fsr-3415	146	30	interest	interest	NOUN
fsr-3415	146	31	to	to	PART
fsr-3415	146	32	test	test	VERB
fsr-3415	146	33	hypotheses	hypothesis	NOUN
fsr-3415	146	34	2	2	NUM
fsr-3415	146	35	(	(	PUNCT
fsr-3415	146	36	a	a	DET
fsr-3415	146	37	,	,	PUNCT
fsr-3415	146	38	b	b	NOUN
fsr-3415	146	39	)	)	PUNCT
fsr-3415	146	40	.	.	PUNCT
fsr-3415	147	1	when	when	SCONJ
fsr-3415	147	2	manager	manager	NOUN
fsr-3415	147	3	incent	incent	NOUN
fsr-3415	147	4	rate	rate	NOUN
fsr-3415	147	5	is	be	AUX
fsr-3415	147	6	the	the	DET
fsr-3415	147	7	dependent	dependent	ADJ
fsr-3415	147	8	variable	variable	NOUN
fsr-3415	147	9	,	,	PUNCT
fsr-3415	147	10	we	we	PRON
fsr-3415	147	11	include	include	VERB
fsr-3415	147	12	board	board	NOUN
fsr-3415	147	13	qual	qual	ADJ
fsr-3415	147	14	rate	rate	NOUN
fsr-3415	147	15	as	as	ADP
fsr-3415	147	16	an	an	DET
fsr-3415	147	17	additional	additional	ADJ
fsr-3415	147	18	variable	variable	NOUN
fsr-3415	147	19	of	of	ADP
fsr-3415	147	20	interest	interest	NOUN
fsr-3415	147	21	to	to	PART
fsr-3415	147	22	test	test	VERB
fsr-3415	147	23	hypothesis	hypothesis	NOUN
fsr-3415	147	24	3	3	NUM
fsr-3415	147	25	.	.	PUNCT
fsr-3415	147	26	analyzing	analyze	VERB
fsr-3415	147	27	morningstar	morningstar	PROPN
fsr-3415	147	28	component	component	NOUN
fsr-3415	147	29	ratings	rating	NOUN
fsr-3415	147	30	is	be	AUX
fsr-3415	147	31	new	new	ADJ
fsr-3415	147	32	;	;	PUNCT
fsr-3415	147	33	therefore	therefore	ADV
fsr-3415	147	34	,	,	PUNCT
fsr-3415	147	35	so	so	ADV
fsr-3415	147	36	is	be	AUX
fsr-3415	147	37	the	the	DET
fsr-3415	147	38	empirical	empirical	ADJ
fsr-3415	147	39	model	model	NOUN
fsr-3415	147	40	.	.	PUNCT
fsr-3415	148	1	the	the	DET
fsr-3415	148	2	choice	choice	NOUN
fsr-3415	148	3	of	of	ADP
fsr-3415	148	4	independent	independent	ADJ
fsr-3415	148	5	variables	variable	NOUN
fsr-3415	148	6	reflects	reflect	VERB
fsr-3415	148	7	possibly	possibly	ADV
fsr-3415	148	8	predictable	predictable	ADJ
fsr-3415	148	9	relationships	relationship	NOUN
fsr-3415	148	10	between	between	ADP
fsr-3415	148	11	the	the	DET
fsr-3415	148	12	variables	variable	NOUN
fsr-3415	148	13	and	and	CCONJ
fsr-3415	148	14	ratings	rating	NOUN
fsr-3415	148	15	.	.	PUNCT
fsr-3415	149	1	if	if	SCONJ
fsr-3415	149	2	morningstar	morningstar	PROPN
fsr-3415	149	3	’s	’s	PART
fsr-3415	149	4	evaluation	evaluation	NOUN
fsr-3415	149	5	process	process	NOUN
fsr-3415	149	6	is	be	AUX
fsr-3415	149	7	perfectly	perfectly	ADV
fsr-3415	149	8	efficient	efficient	ADJ
fsr-3415	149	9	,	,	PUNCT
fsr-3415	149	10	then	then	ADV
fsr-3415	149	11	we	we	PRON
fsr-3415	149	12	would	would	AUX
fsr-3415	149	13	have	have	VERB
fsr-3415	149	14	no	no	ADV
fsr-3415	149	15	a	a	DET
fsr-3415	149	16	priori	priori	ADJ
fsr-3415	149	17	expectation	expectation	NOUN
fsr-3415	149	18	that	that	PRON
fsr-3415	149	19	fund	fund	NOUN
fsr-3415	149	20	characteristics	characteristic	NOUN
fsr-3415	149	21	are	be	AUX
fsr-3415	149	22	related	relate	VERB
fsr-3415	149	23	to	to	ADP
fsr-3415	149	24	ratings	rating	NOUN
fsr-3415	149	25	.	.	PUNCT
fsr-3415	150	1	however	however	ADV
fsr-3415	150	2	,	,	PUNCT
fsr-3415	150	3	morningstar	morningstar	PROPN
fsr-3415	150	4	’s	’s	PART
fsr-3415	150	5	process	process	NOUN
fsr-3415	150	6	is	be	AUX
fsr-3415	150	7	partially	partially	ADV
fsr-3415	150	8	judgment	judgment	NOUN
fsr-3415	150	9	based	base	VERB
fsr-3415	150	10	,	,	PUNCT
fsr-3415	150	11	likely	likely	ADV
fsr-3415	150	12	introducing	introduce	VERB
fsr-3415	150	13	measurement	measurement	NOUN
fsr-3415	150	14	error	error	NOUN
fsr-3415	150	15	.	.	PUNCT
fsr-3415	151	1	as	as	ADP
fsr-3415	151	2	such	such	ADJ
fsr-3415	151	3	,	,	PUNCT
fsr-3415	151	4	we	we	PRON
fsr-3415	151	5	include	include	VERB
fsr-3415	151	6	variables	variable	NOUN
fsr-3415	151	7	in	in	ADP
fsr-3415	151	8	the	the	DET
fsr-3415	151	9	model	model	NOUN
fsr-3415	151	10	that	that	PRON
fsr-3415	151	11	may	may	AUX
fsr-3415	151	12	be	be	AUX
fsr-3415	151	13	correlated	correlate	VERB
fsr-3415	151	14	with	with	ADP
fsr-3415	151	15	governance	governance	NOUN
fsr-3415	151	16	ratings	rating	NOUN
fsr-3415	151	17	.	.	PUNCT
fsr-3415	152	1	55j	55j	ADJ
fsr-3415	152	2	.	.	PUNCT
fsr-3415	153	1	handy	handy	ADJ
fsr-3415	153	2	,	,	PUNCT
fsr-3415	153	3	t.	t.	PROPN
fsr-3415	153	4	smythe	smythe	PROPN
fsr-3415	153	5	/	/	SYM
fsr-3415	153	6	financial	financial	ADJ
fsr-3415	153	7	services	service	NOUN
fsr-3415	153	8	review	review	VERB
fsr-3415	153	9	28	28	NUM
fsr-3415	153	10	(	(	PUNCT
fsr-3415	153	11	2020	2020	NUM
fsr-3415	153	12	)	)	PUNCT
fsr-3415	153	13	49	49	NUM
fsr-3415	153	14	-	-	SYM
fsr-3415	153	15	65	65	NUM
fsr-3415	153	16	there	there	PRON
fsr-3415	153	17	are	be	VERB
fsr-3415	153	18	11	11	NUM
fsr-3415	153	19	common	common	ADJ
fsr-3415	153	20	control	control	NOUN
fsr-3415	153	21	variables	variable	NOUN
fsr-3415	153	22	across	across	ADP
fsr-3415	153	23	the	the	DET
fsr-3415	153	24	ratings	rating	NOUN
fsr-3415	153	25	’	'	PUNCT
fsr-3415	153	26	models	model	NOUN
fsr-3415	153	27	.	.	PUNCT
fsr-3415	154	1	agg	agg	PROPN
fsr-3415	154	2	growth	growth	NOUN
fsr-3415	154	3	,	,	PUNCT
fsr-3415	154	4	growth	growth	NOUN
fsr-3415	154	5	,	,	PUNCT
fsr-3415	154	6	and	and	CCONJ
fsr-3415	154	7	small	small	ADJ
fsr-3415	154	8	cap	cap	NOUN
fsr-3415	154	9	identify	identify	VERB
fsr-3415	154	10	funds	fund	NOUN
fsr-3415	154	11	that	that	PRON
fsr-3415	154	12	are	be	AUX
fsr-3415	154	13	in	in	ADP
fsr-3415	154	14	morningstar	morningstar	NOUN
fsr-3415	154	15	’s	’s	PART
fsr-3415	154	16	aggressive	aggressive	ADJ
fsr-3415	154	17	growth	growth	NOUN
fsr-3415	154	18	,	,	PUNCT
fsr-3415	154	19	growth	growth	NOUN
fsr-3415	154	20	,	,	PUNCT
fsr-3415	154	21	and	and	CCONJ
fsr-3415	154	22	small	small	ADJ
fsr-3415	154	23	cap	cap	NOUN
fsr-3415	154	24	investment	investment	NOUN
fsr-3415	154	25	objectives	objective	NOUN
fsr-3415	154	26	,	,	PUNCT
fsr-3415	154	27	respectively	respectively	ADV
fsr-3415	154	28	.	.	PUNCT
fsr-3415	155	1	growth	growth	NOUN
fsr-3415	155	2	and	and	CCONJ
fsr-3415	155	3	income	income	NOUN
fsr-3415	155	4	funds	fund	NOUN
fsr-3415	155	5	are	be	AUX
fsr-3415	155	6	the	the	DET
fsr-3415	155	7	omitted	omit	VERB
fsr-3415	155	8	category	category	NOUN
fsr-3415	155	9	.	.	PUNCT
fsr-3415	156	1	each	each	DET
fsr-3415	156	2	variable	variable	NOUN
fsr-3415	156	3	is	be	AUX
fsr-3415	156	4	a	a	DET
fsr-3415	156	5	dummy	dummy	ADJ
fsr-3415	156	6	equal	equal	ADJ
fsr-3415	156	7	to	to	ADP
fsr-3415	156	8	1	1	NUM
fsr-3415	156	9	if	if	SCONJ
fsr-3415	156	10	the	the	DET
fsr-3415	156	11	fund	fund	NOUN
fsr-3415	156	12	is	be	AUX
fsr-3415	156	13	in	in	ADP
fsr-3415	156	14	the	the	DET
fsr-3415	156	15	respective	respective	ADJ
fsr-3415	156	16	category	category	NOUN
fsr-3415	156	17	and	and	CCONJ
fsr-3415	156	18	0	0	NUM
fsr-3415	156	19	otherwise	otherwise	ADV
fsr-3415	156	20	.	.	PUNCT
fsr-3415	157	1	instl	instl	PROPN
fsr-3415	157	2	identifies	identify	VERB
fsr-3415	157	3	funds	fund	NOUN
fsr-3415	157	4	attracting	attract	VERB
fsr-3415	157	5	institutional	institutional	ADJ
fsr-3415	157	6	investors	investor	NOUN
fsr-3415	157	7	and	and	CCONJ
fsr-3415	157	8	is	be	AUX
fsr-3415	157	9	a	a	DET
fsr-3415	157	10	dummy	dummy	ADJ
fsr-3415	157	11	variable	variable	NOUN
fsr-3415	157	12	equal	equal	ADJ
fsr-3415	157	13	to	to	ADP
fsr-3415	157	14	1	1	NUM
fsr-3415	157	15	if	if	SCONJ
fsr-3415	157	16	the	the	DET
fsr-3415	157	17	fund	fund	NOUN
fsr-3415	157	18	,	,	PUNCT
fsr-3415	157	19	or	or	CCONJ
fsr-3415	157	20	a	a	DET
fsr-3415	157	21	class	class	NOUN
fsr-3415	157	22	in	in	ADP
fsr-3415	157	23	the	the	DET
fsr-3415	157	24	fund	fund	NOUN
fsr-3415	157	25	,	,	PUNCT
fsr-3415	157	26	is	be	AUX
fsr-3415	157	27	targeted	target	VERB
fsr-3415	157	28	to	to	ADP
fsr-3415	157	29	institutional	institutional	ADJ
fsr-3415	157	30	investors	investor	NOUN
fsr-3415	157	31	and	and	CCONJ
fsr-3415	157	32	0	0	NUM
fsr-3415	157	33	otherwise	otherwise	ADV
fsr-3415	157	34	.	.	PUNCT
fsr-3415	158	1	load	load	NOUN
fsr-3415	158	2	identifies	identify	VERB
fsr-3415	158	3	funds	fund	NOUN
fsr-3415	158	4	attracting	attract	VERB
fsr-3415	158	5	retail	retail	ADJ
fsr-3415	158	6	investors	investor	NOUN
fsr-3415	158	7	in	in	ADP
fsr-3415	158	8	the	the	DET
fsr-3415	158	9	advisor	advisor	NOUN
fsr-3415	158	10	-	-	PUNCT
fsr-3415	158	11	sold	sell	VERB
fsr-3415	158	12	channel	channel	NOUN
fsr-3415	158	13	and	and	CCONJ
fsr-3415	158	14	is	be	AUX
fsr-3415	158	15	a	a	DET
fsr-3415	158	16	dummy	dummy	ADJ
fsr-3415	158	17	variable	variable	NOUN
fsr-3415	158	18	equal	equal	ADJ
fsr-3415	158	19	to	to	ADP
fsr-3415	158	20	1	1	NUM
fsr-3415	158	21	if	if	SCONJ
fsr-3415	158	22	the	the	DET
fsr-3415	158	23	fund	fund	NOUN
fsr-3415	158	24	,	,	PUNCT
fsr-3415	158	25	or	or	CCONJ
fsr-3415	158	26	at	at	ADV
fsr-3415	158	27	least	least	ADV
fsr-3415	158	28	one	one	NUM
fsr-3415	158	29	class	class	NOUN
fsr-3415	158	30	of	of	ADP
fsr-3415	158	31	the	the	DET
fsr-3415	158	32	fund	fund	NOUN
fsr-3415	158	33	,	,	PUNCT
fsr-3415	158	34	has	have	VERB
fsr-3415	158	35	a	a	DET
fsr-3415	158	36	front	front	ADJ
fsr-3415	158	37	-	-	PUNCT
fsr-3415	158	38	end	end	NOUN
fsr-3415	158	39	load	load	NOUN
fsr-3415	158	40	,	,	PUNCT
fsr-3415	158	41	a	a	DET
fsr-3415	158	42	contingent	contingent	NOUN
fsr-3415	158	43	deferred	defer	VERB
fsr-3415	158	44	sales	sale	NOUN
fsr-3415	158	45	charge	charge	NOUN
fsr-3415	158	46	,	,	PUNCT
fsr-3415	158	47	or	or	CCONJ
fsr-3415	158	48	a	a	DET
fsr-3415	158	49	level	level	NOUN
fsr-3415	158	50	load	load	NOUN
fsr-3415	158	51	commission	commission	NOUN
fsr-3415	158	52	structure	structure	NOUN
fsr-3415	158	53	,	,	PUNCT
fsr-3415	158	54	and	and	CCONJ
fsr-3415	158	55	0	0	NUM
fsr-3415	158	56	otherwise	otherwise	ADV
fsr-3415	158	57	.	.	PUNCT
fsr-3415	159	1	12b-1	12b-1	NUM
fsr-3415	159	2	identifies	identify	VERB
fsr-3415	159	3	funds	fund	NOUN
fsr-3415	159	4	charging	charge	VERB
fsr-3415	159	5	a	a	DET
fsr-3415	159	6	12b-1	12b-1	NUM
fsr-3415	159	7	fee	fee	NOUN
fsr-3415	159	8	and	and	CCONJ
fsr-3415	159	9	is	be	AUX
fsr-3415	159	10	a	a	DET
fsr-3415	159	11	dummy	dummy	NOUN
fsr-3415	159	12	equal	equal	ADJ
fsr-3415	159	13	to	to	ADP
fsr-3415	159	14	1	1	NUM
fsr-3415	159	15	if	if	SCONJ
fsr-3415	159	16	the	the	DET
fsr-3415	159	17	fund	fund	NOUN
fsr-3415	159	18	,	,	PUNCT
fsr-3415	159	19	or	or	CCONJ
fsr-3415	159	20	at	at	ADV
fsr-3415	159	21	least	least	ADV
fsr-3415	159	22	one	one	NUM
fsr-3415	159	23	class	class	NOUN
fsr-3415	159	24	of	of	ADP
fsr-3415	159	25	a	a	DET
fsr-3415	159	26	fund	fund	NOUN
fsr-3415	159	27	,	,	PUNCT
fsr-3415	159	28	has	have	VERB
fsr-3415	159	29	a	a	DET
fsr-3415	159	30	12b-1	12b-1	NUM
fsr-3415	159	31	fee	fee	NOUN
fsr-3415	159	32	,	,	PUNCT
fsr-3415	159	33	and	and	CCONJ
fsr-3415	159	34	0	0	NUM
fsr-3415	159	35	otherwise	otherwise	ADV
fsr-3415	159	36	.	.	PUNCT
fsr-3415	160	1	12b-1	12b-1	NUM
fsr-3415	160	2	fees	fee	NOUN
fsr-3415	160	3	have	have	AUX
fsr-3415	160	4	become	become	VERB
fsr-3415	160	5	a	a	DET
fsr-3415	160	6	primary	primary	ADJ
fsr-3415	160	7	form	form	NOUN
fsr-3415	160	8	of	of	ADP
fsr-3415	160	9	compensation	compensation	NOUN
fsr-3415	160	10	in	in	ADP
fsr-3415	160	11	advisor	advisor	NOUN
fsr-3415	160	12	-	-	PUNCT
fsr-3415	160	13	sold	sell	VERB
fsr-3415	160	14	funds	fund	NOUN
fsr-3415	160	15	,	,	PUNCT
fsr-3415	160	16	and	and	CCONJ
fsr-3415	160	17	as	as	ADP
fsr-3415	160	18	such	such	ADJ
fsr-3415	160	19	,	,	PUNCT
fsr-3415	160	20	we	we	PRON
fsr-3415	160	21	identify	identify	VERB
fsr-3415	160	22	this	this	DET
fsr-3415	160	23	characteristic	characteristic	NOUN
fsr-3415	160	24	separately	separately	ADV
fsr-3415	160	25	from	from	ADP
fsr-3415	160	26	load	load	NOUN
fsr-3415	160	27	.	.	PUNCT
fsr-3415	161	1	fund	fund	NOUN
fsr-3415	161	2	assets	asset	NOUN
fsr-3415	161	3	and	and	CCONJ
fsr-3415	161	4	family	family	NOUN
fsr-3415	161	5	assets	asset	NOUN
fsr-3415	161	6	are	be	AUX
fsr-3415	161	7	included	include	VERB
fsr-3415	161	8	to	to	PART
fsr-3415	161	9	capture	capture	VERB
fsr-3415	161	10	size	size	NOUN
fsr-3415	161	11	at	at	ADP
fsr-3415	161	12	the	the	DET
fsr-3415	161	13	fund	fund	NOUN
fsr-3415	161	14	and	and	CCONJ
fsr-3415	161	15	fund	fund	NOUN
fsr-3415	161	16	family	family	NOUN
fsr-3415	161	17	level	level	NOUN
fsr-3415	161	18	,	,	PUNCT
fsr-3415	161	19	respectively	respectively	ADV
fsr-3415	161	20	.	.	PUNCT
fsr-3415	162	1	they	they	PRON
fsr-3415	162	2	are	be	AUX
fsr-3415	162	3	measured	measure	VERB
fsr-3415	162	4	as	as	ADP
fsr-3415	162	5	assets	asset	NOUN
fsr-3415	162	6	under	under	ADP
fsr-3415	162	7	management	management	NOUN
fsr-3415	162	8	and	and	CCONJ
fsr-3415	162	9	transformed	transform	VERB
fsr-3415	162	10	as	as	ADP
fsr-3415	162	11	the	the	DET
fsr-3415	162	12	natural	natural	ADJ
fsr-3415	162	13	logarithm	logarithm	NOUN
fsr-3415	162	14	.	.	PUNCT
fsr-3415	163	1	fund	fund	NOUN
fsr-3415	163	2	age	age	NOUN
fsr-3415	163	3	is	be	AUX
fsr-3415	163	4	the	the	DET
fsr-3415	163	5	age	age	NOUN
fsr-3415	163	6	of	of	ADP
fsr-3415	163	7	the	the	DET
fsr-3415	163	8	oldest	old	ADJ
fsr-3415	163	9	class	class	NOUN
fsr-3415	163	10	in	in	ADP
fsr-3415	163	11	the	the	DET
fsr-3415	163	12	fund	fund	NOUN
fsr-3415	163	13	,	,	PUNCT
fsr-3415	163	14	and	and	CCONJ
fsr-3415	163	15	manager	manager	NOUN
fsr-3415	163	16	tenure	tenure	NOUN
fsr-3415	163	17	(	(	PUNCT
fsr-3415	163	18	mgr	mgr	PROPN
fsr-3415	163	19	tenure	tenure	NOUN
fsr-3415	163	20	)	)	PUNCT
fsr-3415	163	21	is	be	AUX
fsr-3415	163	22	the	the	DET
fsr-3415	163	23	longest	long	ADV
fsr-3415	163	24	recorded	record	VERB
fsr-3415	163	25	manager	manager	NOUN
fsr-3415	163	26	tenure	tenure	NOUN
fsr-3415	163	27	of	of	ADP
fsr-3415	163	28	a	a	DET
fsr-3415	163	29	class	class	NOUN
fsr-3415	163	30	in	in	ADP
fsr-3415	163	31	the	the	DET
fsr-3415	163	32	fund	fund	NOUN
fsr-3415	163	33	.	.	PUNCT
fsr-3415	164	1	each	each	DET
fsr-3415	164	2	variable	variable	NOUN
fsr-3415	164	3	is	be	AUX
fsr-3415	164	4	log	log	NOUN
fsr-3415	164	5	transformed	transform	VERB
fsr-3415	164	6	.	.	PUNCT
fsr-3415	165	1	both	both	DET
fsr-3415	165	2	variables	variable	NOUN
fsr-3415	165	3	,	,	PUNCT
fsr-3415	165	4	before	before	ADP
fsr-3415	165	5	log	log	NOUN
fsr-3415	165	6	transformation	transformation	NOUN
fsr-3415	165	7	,	,	PUNCT
fsr-3415	165	8	are	be	AUX
fsr-3415	165	9	measured	measure	VERB
fsr-3415	165	10	in	in	ADP
fsr-3415	165	11	years	year	NOUN
fsr-3415	165	12	.	.	PUNCT
fsr-3415	166	1	year	year	NOUN
fsr-3415	166	2	is	be	AUX
fsr-3415	166	3	included	include	VERB
fsr-3415	166	4	to	to	PART
fsr-3415	166	5	control	control	VERB
fsr-3415	166	6	for	for	ADP
fsr-3415	166	7	trends	trend	NOUN
fsr-3415	166	8	in	in	ADP
fsr-3415	166	9	the	the	DET
fsr-3415	166	10	data	datum	NOUN
fsr-3415	166	11	and	and	CCONJ
fsr-3415	166	12	takes	take	VERB
fsr-3415	166	13	the	the	DET
fsr-3415	166	14	values	value	NOUN
fsr-3415	166	15	2005–2009	2005–2009	NUM
fsr-3415	166	16	for	for	ADP
fsr-3415	166	17	each	each	DET
fsr-3415	166	18	year	year	NOUN
fsr-3415	166	19	a	a	DET
fsr-3415	166	20	fund	fund	NOUN
fsr-3415	166	21	appears	appear	VERB
fsr-3415	166	22	in	in	ADP
fsr-3415	166	23	the	the	DET
fsr-3415	166	24	sample	sample	NOUN
fsr-3415	166	25	.	.	PUNCT
fsr-3415	167	1	finally	finally	ADV
fsr-3415	167	2	,	,	PUNCT
fsr-3415	167	3	when	when	SCONJ
fsr-3415	167	4	manager	manager	NOUN
fsr-3415	167	5	incent	incent	NOUN
fsr-3415	167	6	rate	rate	NOUN
fsr-3415	167	7	is	be	AUX
fsr-3415	167	8	the	the	DET
fsr-3415	167	9	dependent	dependent	ADJ
fsr-3415	167	10	variable	variable	NOUN
fsr-3415	167	11	,	,	PUNCT
fsr-3415	167	12	we	we	PRON
fsr-3415	167	13	control	control	VERB
fsr-3415	167	14	for	for	ADP
fsr-3415	167	15	the	the	DET
fsr-3415	167	16	fund	fund	NOUN
fsr-3415	167	17	’s	’s	PART
fsr-3415	167	18	net	net	ADJ
fsr-3415	167	19	expense	expense	NOUN
fsr-3415	167	20	ratio	ratio	NOUN
fsr-3415	167	21	(	(	PUNCT
fsr-3415	167	22	netexpense	netexpense	NOUN
fsr-3415	167	23	)	)	PUNCT
fsr-3415	167	24	,	,	PUNCT
fsr-3415	167	25	measured	measure	VERB
fsr-3415	167	26	as	as	ADP
fsr-3415	167	27	the	the	DET
fsr-3415	167	28	average	average	ADJ
fsr-3415	167	29	expense	expense	NOUN
fsr-3415	167	30	ratio	ratio	NOUN
fsr-3415	167	31	across	across	ADP
fsr-3415	167	32	all	all	DET
fsr-3415	167	33	classes	class	NOUN
fsr-3415	167	34	of	of	ADP
fsr-3415	167	35	ms	ms	PROPN
fsr-3415	167	36	funds.6	funds.6	PROPN
fsr-3415	167	37	5	5	NUM
fsr-3415	167	38	.	.	PUNCT
fsr-3415	167	39	primary	primary	ADJ
fsr-3415	167	40	empirical	empirical	ADJ
fsr-3415	167	41	results	result	NOUN
fsr-3415	167	42	5.1	5.1	NUM
fsr-3415	167	43	.	.	PUNCT
fsr-3415	168	1	summary	summary	NOUN
fsr-3415	168	2	statistics	statistic	NOUN
fsr-3415	168	3	summary	summary	PROPN
fsr-3415	168	4	statistics	statistic	NOUN
fsr-3415	168	5	for	for	ADP
fsr-3415	168	6	the	the	DET
fsr-3415	168	7	sample	sample	NOUN
fsr-3415	168	8	are	be	AUX
fsr-3415	168	9	presented	present	VERB
fsr-3415	168	10	in	in	ADP
fsr-3415	168	11	table	table	NOUN
fsr-3415	168	12	1	1	NUM
fsr-3415	168	13	.	.	PUNCT
fsr-3415	169	1	there	there	PRON
fsr-3415	169	2	are	be	VERB
fsr-3415	169	3	over	over	ADP
fsr-3415	169	4	2,300	2,300	NUM
fsr-3415	169	5	observations	observation	NOUN
fsr-3415	169	6	across	across	ADP
fsr-3415	169	7	the	the	DET
fsr-3415	169	8	years	year	NOUN
fsr-3415	169	9	meeting	meet	VERB
fsr-3415	169	10	the	the	DET
fsr-3415	169	11	data	datum	NOUN
fsr-3415	169	12	analysis	analysis	NOUN
fsr-3415	169	13	requirements	requirement	NOUN
fsr-3415	169	14	.	.	PUNCT
fsr-3415	170	1	in	in	ADP
fsr-3415	170	2	column	column	NOUN
fsr-3415	170	3	(	(	PUNCT
fsr-3415	170	4	1	1	NUM
fsr-3415	170	5	)	)	PUNCT
fsr-3415	170	6	,	,	PUNCT
fsr-3415	170	7	approximately	approximately	ADV
fsr-3415	170	8	73	73	NUM
fsr-3415	170	9	%	%	NOUN
fsr-3415	170	10	of	of	ADP
fsr-3415	170	11	observations	observation	NOUN
fsr-3415	170	12	are	be	AUX
fsr-3415	170	13	ms	ms	ADJ
fsr-3415	170	14	funds	fund	NOUN
fsr-3415	170	15	.	.	PUNCT
fsr-3415	171	1	the	the	DET
fsr-3415	171	2	results	result	NOUN
fsr-3415	171	3	suggest	suggest	VERB
fsr-3415	171	4	that	that	SCONJ
fsr-3415	171	5	ratings	rating	NOUN
fsr-3415	171	6	are	be	AUX
fsr-3415	171	7	higher	high	ADJ
fsr-3415	171	8	for	for	ADP
fsr-3415	171	9	non	non	ADJ
fsr-3415	171	10	-	-	ADJ
fsr-3415	171	11	ms	ms	ADJ
fsr-3415	171	12	funds	fund	NOUN
fsr-3415	171	13	,	,	PUNCT
fsr-3415	171	14	with	with	ADP
fsr-3415	171	15	board	board	NOUN
fsr-3415	171	16	qual	qual	PROPN
fsr-3415	171	17	rate	rate	PROPN
fsr-3415	171	18	and	and	CCONJ
fsr-3415	171	19	corp	corp	PROPN
fsr-3415	171	20	culture	culture	PROPN
fsr-3415	171	21	rate	rate	NOUN
fsr-3415	171	22	statistically	statistically	ADV
fsr-3415	171	23	significant	significant	ADJ
fsr-3415	171	24	at	at	ADP
fsr-3415	171	25	the	the	DET
fsr-3415	171	26	1	1	NUM
fsr-3415	171	27	%	%	NOUN
fsr-3415	171	28	level	level	NOUN
fsr-3415	171	29	.	.	PUNCT
fsr-3415	172	1	the	the	DET
fsr-3415	172	2	average	average	ADJ
fsr-3415	172	3	ratings	rating	NOUN
fsr-3415	172	4	for	for	ADP
fsr-3415	172	5	ms	ms	NOUN
fsr-3415	172	6	funds	fund	NOUN
fsr-3415	172	7	versus	versus	ADP
fsr-3415	172	8	non	non	ADJ
fsr-3415	172	9	-	-	ADJ
fsr-3415	172	10	ms	ms	ADJ
fsr-3415	172	11	funds	fund	NOUN
fsr-3415	172	12	,	,	PUNCT
fsr-3415	172	13	respectively	respectively	ADV
fsr-3415	172	14	,	,	PUNCT
fsr-3415	172	15	are	be	AUX
fsr-3415	172	16	:	:	PUNCT
fsr-3415	172	17	board	board	NOUN
fsr-3415	172	18	qual	qual	PROPN
fsr-3415	172	19	rate	rate	PROPN
fsr-3415	172	20	3.646	3.646	NUM
fsr-3415	172	21	versus	versus	ADP
fsr-3415	172	22	3.926	3.926	NUM
fsr-3415	172	23	;	;	PUNCT
fsr-3415	172	24	manager	manager	NOUN
fsr-3415	172	25	incent	incent	NOUN
fsr-3415	172	26	rate	rate	NOUN
fsr-3415	172	27	3.272	3.272	NUM
fsr-3415	172	28	versus	versus	ADP
fsr-3415	172	29	3.322	3.322	NUM
fsr-3415	172	30	;	;	PUNCT
fsr-3415	172	31	and	and	CCONJ
fsr-3415	172	32	corp	corp	PROPN
fsr-3415	172	33	culture	culture	PROPN
fsr-3415	172	34	rate	rate	NOUN
fsr-3415	172	35	3.520	3.520	NUM
fsr-3415	172	36	versus	versus	ADP
fsr-3415	172	37	4.206	4.206	NUM
fsr-3415	172	38	.	.	PUNCT
fsr-3415	173	1	in	in	ADP
fsr-3415	173	2	the	the	DET
fsr-3415	173	3	full	full	ADJ
fsr-3415	173	4	sample	sample	NOUN
fsr-3415	173	5	,	,	PUNCT
fsr-3415	173	6	approximately	approximately	ADV
fsr-3415	173	7	60	60	NUM
fsr-3415	173	8	%	%	NOUN
fsr-3415	173	9	of	of	ADP
fsr-3415	173	10	funds	fund	NOUN
fsr-3415	173	11	have	have	VERB
fsr-3415	173	12	loads	load	NOUN
fsr-3415	173	13	(	(	PUNCT
fsr-3415	173	14	column	column	NOUN
fsr-3415	173	15	1	1	NUM
fsr-3415	173	16	)	)	PUNCT
fsr-3415	173	17	,	,	PUNCT
fsr-3415	173	18	dominated	dominate	VERB
fsr-3415	173	19	by	by	ADP
fsr-3415	173	20	the	the	DET
fsr-3415	173	21	ms	ms	PROPN
fsr-3415	173	22	structure	structure	NOUN
fsr-3415	173	23	,	,	PUNCT
fsr-3415	173	24	where	where	SCONJ
fsr-3415	173	25	80	80	NUM
fsr-3415	173	26	%	%	NOUN
fsr-3415	173	27	of	of	ADP
fsr-3415	173	28	funds	fund	NOUN
fsr-3415	173	29	(	(	PUNCT
fsr-3415	173	30	column	column	NOUN
fsr-3415	173	31	2	2	NUM
fsr-3415	173	32	)	)	PUNCT
fsr-3415	173	33	have	have	VERB
fsr-3415	173	34	at	at	ADV
fsr-3415	173	35	least	least	ADV
fsr-3415	173	36	one	one	NUM
fsr-3415	173	37	load	load	NOUN
fsr-3415	173	38	class	class	NOUN
fsr-3415	173	39	.	.	PUNCT
fsr-3415	174	1	this	this	PRON
fsr-3415	174	2	is	be	AUX
fsr-3415	174	3	expected	expect	VERB
fsr-3415	174	4	given	give	VERB
fsr-3415	174	5	that	that	SCONJ
fsr-3415	174	6	ms	ms	PROPN
fsr-3415	174	7	funds	fund	NOUN
fsr-3415	174	8	are	be	AUX
fsr-3415	174	9	targeted	target	VERB
fsr-3415	174	10	to	to	ADP
fsr-3415	174	11	the	the	DET
fsr-3415	174	12	advisor	advisor	NOUN
fsr-3415	174	13	-	-	PUNCT
fsr-3415	174	14	sold	sell	VERB
fsr-3415	174	15	channel	channel	NOUN
fsr-3415	174	16	.	.	PUNCT
fsr-3415	175	1	however	however	ADV
fsr-3415	175	2	,	,	PUNCT
fsr-3415	175	3	in	in	ADP
fsr-3415	175	4	today	today	NOUN
fsr-3415	175	5	’s	’s	PART
fsr-3415	175	6	market	market	NOUN
fsr-3415	175	7	,	,	PUNCT
fsr-3415	175	8	funds	fund	NOUN
fsr-3415	175	9	using	use	VERB
fsr-3415	175	10	the	the	DET
fsr-3415	175	11	ms	ms	PROPN
fsr-3415	175	12	structure	structure	NOUN
fsr-3415	175	13	also	also	ADV
fsr-3415	175	14	include	include	VERB
fsr-3415	175	15	institutional	institutional	ADJ
fsr-3415	175	16	classes	class	NOUN
fsr-3415	175	17	.	.	PUNCT
fsr-3415	176	1	sample	sample	NOUN
fsr-3415	176	2	wide	wide	ADV
fsr-3415	176	3	,	,	PUNCT
fsr-3415	176	4	51	51	NUM
fsr-3415	176	5	%	%	NOUN
fsr-3415	176	6	of	of	ADP
fsr-3415	176	7	funds	fund	NOUN
fsr-3415	176	8	have	have	VERB
fsr-3415	176	9	an	an	DET
fsr-3415	176	10	institutional	institutional	ADJ
fsr-3415	176	11	representation	representation	NOUN
fsr-3415	176	12	;	;	PUNCT
fsr-3415	176	13	however	however	ADV
fsr-3415	176	14	,	,	PUNCT
fsr-3415	176	15	this	this	PRON
fsr-3415	176	16	is	be	AUX
fsr-3415	176	17	driven	drive	VERB
fsr-3415	176	18	by	by	ADP
fsr-3415	176	19	the	the	DET
fsr-3415	176	20	ms	ms	PROPN
fsr-3415	176	21	subsample	subsample	PROPN
fsr-3415	176	22	,	,	PUNCT
fsr-3415	176	23	where	where	SCONJ
fsr-3415	176	24	68	68	NUM
fsr-3415	176	25	%	%	NOUN
fsr-3415	176	26	of	of	ADP
fsr-3415	176	27	funds	fund	NOUN
fsr-3415	176	28	have	have	VERB
fsr-3415	176	29	an	an	DET
fsr-3415	176	30	institutional	institutional	ADJ
fsr-3415	176	31	class	class	NOUN
fsr-3415	176	32	,	,	PUNCT
fsr-3415	176	33	while	while	SCONJ
fsr-3415	176	34	only	only	ADV
fsr-3415	176	35	2.6	2.6	NUM
fsr-3415	176	36	%	%	NOUN
fsr-3415	176	37	of	of	ADP
fsr-3415	176	38	non	non	ADJ
fsr-3415	176	39	-	-	ADJ
fsr-3415	176	40	ms	ms	ADJ
fsr-3415	176	41	funds	fund	NOUN
fsr-3415	176	42	are	be	AUX
fsr-3415	176	43	for	for	ADP
fsr-3415	176	44	institutional	institutional	ADJ
fsr-3415	176	45	investors	investor	NOUN
fsr-3415	176	46	.	.	PUNCT
fsr-3415	177	1	this	this	PRON
fsr-3415	177	2	is	be	AUX
fsr-3415	177	3	evidence	evidence	NOUN
fsr-3415	177	4	the	the	DET
fsr-3415	177	5	ms	ms	PROPN
fsr-3415	177	6	structure	structure	NOUN
fsr-3415	177	7	has	have	AUX
fsr-3415	177	8	broadened	broaden	VERB
fsr-3415	177	9	since	since	SCONJ
fsr-3415	177	10	its	its	PRON
fsr-3415	177	11	introduction	introduction	NOUN
fsr-3415	177	12	.	.	PUNCT
fsr-3415	178	1	approximately	approximately	ADV
fsr-3415	178	2	50	50	NUM
fsr-3415	178	3	%	%	NOUN
fsr-3415	178	4	of	of	ADP
fsr-3415	178	5	funds	fund	NOUN
fsr-3415	178	6	have	have	VERB
fsr-3415	178	7	a	a	DET
fsr-3415	178	8	12b-1	12b-1	NUM
fsr-3415	178	9	fee	fee	NOUN
fsr-3415	178	10	,	,	PUNCT
fsr-3415	178	11	but	but	CCONJ
fsr-3415	178	12	again	again	ADV
fsr-3415	178	13	,	,	PUNCT
fsr-3415	178	14	this	this	PRON
fsr-3415	178	15	is	be	AUX
fsr-3415	178	16	driven	drive	VERB
fsr-3415	178	17	by	by	ADP
fsr-3415	178	18	the	the	DET
fsr-3415	178	19	ms	ms	PROPN
fsr-3415	178	20	subsample	subsample	NOUN
fsr-3415	178	21	where	where	SCONJ
fsr-3415	178	22	64	64	NUM
fsr-3415	178	23	%	%	NOUN
fsr-3415	178	24	of	of	ADP
fsr-3415	178	25	funds	fund	NOUN
fsr-3415	178	26	have	have	VERB
fsr-3415	178	27	a	a	DET
fsr-3415	178	28	class	class	NOUN
fsr-3415	178	29	with	with	ADP
fsr-3415	178	30	a	a	DET
fsr-3415	178	31	12b-1	12b-1	NUM
fsr-3415	178	32	fee	fee	NOUN
fsr-3415	178	33	,	,	PUNCT
fsr-3415	178	34	further	further	ADJ
fsr-3415	178	35	evidence	evidence	NOUN
fsr-3415	178	36	the	the	DET
fsr-3415	178	37	ms	ms	PROPN
fsr-3415	178	38	structure	structure	NOUN
fsr-3415	178	39	targets	target	VERB
fsr-3415	178	40	the	the	DET
fsr-3415	178	41	advisor	advisor	NOUN
fsr-3415	178	42	-	-	PUNCT
fsr-3415	178	43	sold	sell	VERB
fsr-3415	178	44	channel	channel	NOUN
fsr-3415	178	45	.	.	PUNCT
fsr-3415	179	1	56	56	NUM
fsr-3415	179	2	j.	j.	PROPN
fsr-3415	179	3	handy	handy	PROPN
fsr-3415	179	4	,	,	PUNCT
fsr-3415	179	5	t.	t.	PROPN
fsr-3415	179	6	smythe	smythe	PROPN
fsr-3415	179	7	/	/	SYM
fsr-3415	179	8	financial	financial	ADJ
fsr-3415	179	9	services	service	NOUN
fsr-3415	179	10	review	review	VERB
fsr-3415	179	11	28	28	NUM
fsr-3415	179	12	(	(	PUNCT
fsr-3415	179	13	2020	2020	NUM
fsr-3415	179	14	)	)	PUNCT
fsr-3415	179	15	49	49	NUM
fsr-3415	179	16	-	-	SYM
fsr-3415	179	17	65	65	NUM
fsr-3415	179	18	the	the	DET
fsr-3415	179	19	full	full	ADJ
fsr-3415	179	20	sample	sample	NOUN
fsr-3415	179	21	fund	fund	NOUN
fsr-3415	179	22	family	family	NOUN
fsr-3415	179	23	average	average	ADJ
fsr-3415	179	24	assets	asset	NOUN
fsr-3415	179	25	under	under	ADP
fsr-3415	179	26	management	management	NOUN
fsr-3415	179	27	is	be	AUX
fsr-3415	179	28	$	$	SYM
fsr-3415	179	29	111.7	111.7	NUM
fsr-3415	179	30	billion	billion	NUM
fsr-3415	179	31	,	,	PUNCT
fsr-3415	179	32	but	but	CCONJ
fsr-3415	179	33	this	this	PRON
fsr-3415	179	34	differs	differ	VERB
fsr-3415	179	35	across	across	ADP
fsr-3415	179	36	fund	fund	NOUN
fsr-3415	179	37	structure	structure	NOUN
fsr-3415	179	38	.	.	PUNCT
fsr-3415	180	1	the	the	DET
fsr-3415	180	2	average	average	ADJ
fsr-3415	180	3	size	size	NOUN
fsr-3415	180	4	for	for	ADP
fsr-3415	180	5	non	non	ADJ
fsr-3415	180	6	-	-	ADJ
fsr-3415	180	7	ms	ms	ADJ
fsr-3415	180	8	funds	fund	NOUN
fsr-3415	180	9	(	(	PUNCT
fsr-3415	180	10	column	column	NOUN
fsr-3415	180	11	3	3	NUM
fsr-3415	180	12	)	)	PUNCT
fsr-3415	180	13	is	be	AUX
fsr-3415	180	14	$	$	SYM
fsr-3415	180	15	167.3	167.3	NUM
fsr-3415	180	16	billion	billion	NUM
fsr-3415	180	17	,	,	PUNCT
fsr-3415	180	18	while	while	SCONJ
fsr-3415	180	19	for	for	ADP
fsr-3415	180	20	the	the	DET
fsr-3415	180	21	ms	ms	PROPN
fsr-3415	180	22	subsample	subsample	NOUN
fsr-3415	180	23	it	it	PRON
fsr-3415	180	24	is	be	AUX
fsr-3415	180	25	$	$	SYM
fsr-3415	180	26	90.9	90.9	NUM
fsr-3415	180	27	billion	billion	NUM
fsr-3415	180	28	.	.	PUNCT
fsr-3415	181	1	the	the	DET
fsr-3415	181	2	average	average	ADJ
fsr-3415	181	3	fund	fund	NOUN
fsr-3415	181	4	has	have	VERB
fsr-3415	181	5	approximately	approximately	ADV
fsr-3415	181	6	$	$	SYM
fsr-3415	181	7	4.4	4.4	NUM
fsr-3415	181	8	billion	billion	NUM
fsr-3415	181	9	dollars	dollar	NOUN
fsr-3415	181	10	under	under	ADP
fsr-3415	181	11	management	management	NOUN
fsr-3415	181	12	,	,	PUNCT
fsr-3415	181	13	roughly	roughly	ADV
fsr-3415	181	14	equivalent	equivalent	ADJ
fsr-3415	181	15	across	across	ADP
fsr-3415	181	16	fund	fund	NOUN
fsr-3415	181	17	structure	structure	NOUN
fsr-3415	181	18	.	.	PUNCT
fsr-3415	182	1	the	the	DET
fsr-3415	182	2	average	average	ADJ
fsr-3415	182	3	fund	fund	NOUN
fsr-3415	182	4	age	age	NOUN
fsr-3415	182	5	in	in	ADP
fsr-3415	182	6	the	the	DET
fsr-3415	182	7	sample	sample	NOUN
fsr-3415	182	8	is	be	AUX
fsr-3415	182	9	18.6	18.6	NUM
fsr-3415	182	10	years	year	NOUN
fsr-3415	182	11	,	,	PUNCT
fsr-3415	182	12	with	with	ADP
fsr-3415	182	13	ms	ms	NOUN
fsr-3415	182	14	funds	fund	NOUN
fsr-3415	182	15	having	have	VERB
fsr-3415	182	16	an	an	DET
fsr-3415	182	17	age	age	NOUN
fsr-3415	182	18	of	of	ADP
fsr-3415	182	19	20	20	NUM
fsr-3415	182	20	years	year	NOUN
fsr-3415	182	21	versus	versus	ADP
fsr-3415	182	22	14.6	14.6	NUM
fsr-3415	182	23	for	for	ADP
fsr-3415	182	24	non	non	ADJ
fsr-3415	182	25	-	-	ADJ
fsr-3415	182	26	ms	ms	ADJ
fsr-3415	182	27	funds	fund	NOUN
fsr-3415	182	28	.	.	PUNCT
fsr-3415	183	1	the	the	DET
fsr-3415	183	2	difference	difference	NOUN
fsr-3415	183	3	across	across	ADP
fsr-3415	183	4	structure	structure	NOUN
fsr-3415	183	5	is	be	AUX
fsr-3415	183	6	not	not	PART
fsr-3415	183	7	surprising	surprising	ADJ
fsr-3415	183	8	.	.	PUNCT
fsr-3415	184	1	from	from	ADP
fsr-3415	184	2	the	the	DET
fsr-3415	184	3	industry	industry	NOUN
fsr-3415	184	4	’s	’s	PART
fsr-3415	184	5	beginnings	beginning	NOUN
fsr-3415	184	6	until	until	ADP
fsr-3415	184	7	approximately	approximately	ADV
fsr-3415	184	8	1980	1980	NUM
fsr-3415	184	9	,	,	PUNCT
fsr-3415	184	10	all	all	DET
fsr-3415	184	11	funds	fund	NOUN
fsr-3415	184	12	were	be	AUX
fsr-3415	184	13	sold	sell	VERB
fsr-3415	184	14	with	with	ADP
fsr-3415	184	15	a	a	DET
fsr-3415	184	16	load	load	NOUN
fsr-3415	184	17	.	.	PUNCT
fsr-3415	185	1	many	many	ADJ
fsr-3415	185	2	of	of	ADP
fsr-3415	185	3	these	these	DET
fsr-3415	185	4	funds	fund	NOUN
fsr-3415	185	5	converted	convert	VERB
fsr-3415	185	6	to	to	ADP
fsr-3415	185	7	the	the	DET
fsr-3415	185	8	ms	ms	PROPN
fsr-3415	185	9	structure	structure	NOUN
fsr-3415	185	10	upon	upon	SCONJ
fsr-3415	185	11	its	its	PRON
fsr-3415	185	12	approval	approval	NOUN
fsr-3415	185	13	in	in	ADP
fsr-3415	185	14	the	the	DET
fsr-3415	185	15	1990s	1990s	NUM
fsr-3415	185	16	.	.	PUNCT
fsr-3415	186	1	the	the	DET
fsr-3415	186	2	average	average	ADJ
fsr-3415	186	3	manager	manager	NOUN
fsr-3415	186	4	tenure	tenure	NOUN
fsr-3415	186	5	is	be	AUX
fsr-3415	186	6	approximately	approximately	ADV
fsr-3415	186	7	5.9	5.9	NUM
fsr-3415	186	8	years	year	NOUN
fsr-3415	186	9	,	,	PUNCT
fsr-3415	186	10	similar	similar	ADJ
fsr-3415	186	11	across	across	ADP
fsr-3415	186	12	fund	fund	NOUN
fsr-3415	186	13	structure	structure	NOUN
fsr-3415	186	14	.	.	PUNCT
fsr-3415	187	1	finally	finally	ADV
fsr-3415	187	2	,	,	PUNCT
fsr-3415	187	3	the	the	DET
fsr-3415	187	4	average	average	ADJ
fsr-3415	187	5	net	net	ADJ
fsr-3415	187	6	expense	expense	NOUN
fsr-3415	187	7	ratio	ratio	NOUN
fsr-3415	187	8	,	,	PUNCT
fsr-3415	187	9	defined	define	VERB
fsr-3415	187	10	as	as	ADP
fsr-3415	187	11	the	the	DET
fsr-3415	187	12	fund	fund	NOUN
fsr-3415	187	13	’s	’s	PART
fsr-3415	187	14	gross	gross	ADJ
fsr-3415	187	15	expense	expense	NOUN
fsr-3415	187	16	ratio	ratio	NOUN
fsr-3415	187	17	minus	minus	ADP
fsr-3415	187	18	the	the	DET
fsr-3415	187	19	12b-1	12b-1	NUM
fsr-3415	187	20	fee	fee	NOUN
fsr-3415	187	21	,	,	PUNCT
fsr-3415	187	22	is	be	AUX
fsr-3415	187	23	94	94	NUM
fsr-3415	187	24	basis	basis	NOUN
fsr-3415	187	25	points	point	NOUN
fsr-3415	187	26	and	and	CCONJ
fsr-3415	187	27	is	be	AUX
fsr-3415	187	28	similar	similar	ADJ
fsr-3415	187	29	across	across	ADP
fsr-3415	187	30	fund	fund	NOUN
fsr-3415	187	31	structure	structure	NOUN
fsr-3415	187	32	.	.	PUNCT
fsr-3415	188	1	5.2	5.2	NUM
fsr-3415	188	2	.	.	PUNCT
fsr-3415	189	1	multi	multi	ADJ
fsr-3415	189	2	-	-	ADJ
fsr-3415	189	3	variate	variate	ADJ
fsr-3415	189	4	analysis	analysis	NOUN
fsr-3415	189	5	the	the	DET
fsr-3415	189	6	univariate	univariate	ADJ
fsr-3415	189	7	results	result	NOUN
fsr-3415	189	8	suggest	suggest	VERB
fsr-3415	189	9	fund	fund	NOUN
fsr-3415	189	10	governance	governance	NOUN
fsr-3415	189	11	quality	quality	NOUN
fsr-3415	189	12	may	may	AUX
fsr-3415	189	13	be	be	AUX
fsr-3415	189	14	related	relate	VERB
fsr-3415	189	15	to	to	ADP
fsr-3415	189	16	fund	fund	NOUN
fsr-3415	189	17	structure	structure	NOUN
fsr-3415	189	18	.	.	PUNCT
fsr-3415	190	1	we	we	PRON
fsr-3415	190	2	now	now	ADV
fsr-3415	190	3	examine	examine	VERB
fsr-3415	190	4	the	the	DET
fsr-3415	190	5	determinants	determinant	NOUN
fsr-3415	190	6	of	of	ADP
fsr-3415	190	7	governance	governance	NOUN
fsr-3415	190	8	ratings	rating	NOUN
fsr-3415	190	9	in	in	ADP
fsr-3415	190	10	a	a	DET
fsr-3415	190	11	multivariate	multivariate	NOUN
fsr-3415	190	12	framework	framework	NOUN
fsr-3415	190	13	using	use	VERB
fsr-3415	190	14	table	table	NOUN
fsr-3415	190	15	1	1	NUM
fsr-3415	190	16	summary	summary	NOUN
fsr-3415	190	17	statistics	statistic	NOUN
fsr-3415	190	18	variables	variable	VERB
fsr-3415	190	19	full	full	ADJ
fsr-3415	190	20	sample	sample	NOUN
fsr-3415	190	21	multiple	multiple	ADJ
fsr-3415	190	22	share	share	NOUN
fsr-3415	190	23	class	class	NOUN
fsr-3415	190	24	funds	fund	NOUN
fsr-3415	190	25	non	non	ADJ
fsr-3415	190	26	-	-	ADJ
fsr-3415	190	27	ms	ms	ADJ
fsr-3415	190	28	funds	fund	NOUN
fsr-3415	190	29	(	(	PUNCT
fsr-3415	190	30	ms	ms	PROPN
fsr-3415	190	31	�	�	PROPN
fsr-3415	190	32	0	0	NUM
fsr-3415	190	33	)	)	PUNCT
fsr-3415	190	34	difference	difference	NOUN
fsr-3415	190	35	significance	significance	NOUN
fsr-3415	190	36	n	n	CCONJ
fsr-3415	190	37	(	(	PUNCT
fsr-3415	190	38	1	1	X
fsr-3415	190	39	)	)	PUNCT
fsr-3415	190	40	mean	mean	NOUN
fsr-3415	190	41	standard	standard	ADJ
fsr-3415	190	42	deviation	deviation	NOUN
fsr-3415	190	43	n	n	CCONJ
fsr-3415	190	44	(	(	PUNCT
fsr-3415	190	45	2	2	NUM
fsr-3415	190	46	)	)	PUNCT
fsr-3415	190	47	mean	mean	NOUN
fsr-3415	190	48	standard	standard	ADJ
fsr-3415	190	49	deviation	deviation	NOUN
fsr-3415	190	50	n	n	PRON
fsr-3415	190	51	(	(	PUNCT
fsr-3415	190	52	3	3	X
fsr-3415	190	53	)	)	PUNCT
fsr-3415	190	54	mean	mean	NOUN
fsr-3415	190	55	standard	standard	ADJ
fsr-3415	190	56	deviation	deviation	NOUN
fsr-3415	190	57	board	board	NOUN
fsr-3415	190	58	qual	qual	ADJ
fsr-3415	190	59	rate	rate	NOUN
fsr-3415	190	60	2,349	2,349	NUM
fsr-3415	190	61	3.719	3.719	NUM
fsr-3415	190	62	0.755	0.755	NUM
fsr-3415	190	63	1,724	1,724	NUM
fsr-3415	190	64	3.644	3.644	NUM
fsr-3415	190	65	0.713	0.713	NUM
fsr-3415	190	66	625	625	NUM
fsr-3415	190	67	3.926	3.926	NUM
fsr-3415	190	68	0.825	0.825	NUM
fsr-3415	190	69	�	�	NOUN
fsr-3415	190	70	0.282	0.282	NUM
fsr-3415	190	71	*	*	PUNCT
fsr-3415	190	72	*	*	PUNCT
fsr-3415	190	73	*	*	PUNCT
fsr-3415	190	74	manager	manager	NOUN
fsr-3415	190	75	incent	incent	NOUN
fsr-3415	190	76	rate	rate	NOUN
fsr-3415	190	77	2,349	2,349	NUM
fsr-3415	190	78	3.285	3.285	NUM
fsr-3415	190	79	1.116	1.116	NUM
fsr-3415	190	80	1,724	1,724	NUM
fsr-3415	190	81	3.272	3.272	NUM
fsr-3415	190	82	1.109	1.109	NUM
fsr-3415	190	83	625	625	NUM
fsr-3415	190	84	3.322	3.322	NUM
fsr-3415	190	85	1.135	1.135	NUM
fsr-3415	190	86	�	�	PROPN
fsr-3415	190	87	0.049	0.049	NUM
fsr-3415	190	88	corp	corp	PROPN
fsr-3415	190	89	culture	culture	NOUN
fsr-3415	190	90	rate	rate	NOUN
fsr-3415	190	91	2,349	2,349	NUM
fsr-3415	190	92	3.698	3.698	NUM
fsr-3415	190	93	0.999	0.999	NUM
fsr-3415	190	94	1,724	1,724	NUM
fsr-3415	190	95	3.513	3.513	NUM
fsr-3415	190	96	0.965	0.965	NUM
fsr-3415	190	97	625	625	NUM
fsr-3415	190	98	4.206	4.206	NUM
fsr-3415	190	99	0.913	0.913	NUM
fsr-3415	190	100	�	�	NOUN
fsr-3415	190	101	0.693	0.693	NUM
fsr-3415	190	102	*	*	PUNCT
fsr-3415	190	103	*	*	PUNCT
fsr-3415	190	104	*	*	VERB
fsr-3415	190	105	age	age	NOUN
fsr-3415	190	106	in	in	ADP
fsr-3415	190	107	years	year	NOUN
fsr-3415	190	108	2,349	2,349	NUM
fsr-3415	190	109	18.640	18.640	NUM
fsr-3415	190	110	15.901	15.901	NUM
fsr-3415	190	111	1,724	1,724	NUM
fsr-3415	190	112	20.119	20.119	NUM
fsr-3415	190	113	16.937	16.937	NUM
fsr-3415	190	114	625	625	NUM
fsr-3415	190	115	14.560	14.560	NUM
fsr-3415	190	116	11.688	11.688	NUM
fsr-3415	190	117	5.559	5.559	NUM
fsr-3415	190	118	*	*	PUNCT
fsr-3415	190	119	*	*	PUNCT
fsr-3415	190	120	*	*	PUNCT
fsr-3415	190	121	fund	fund	NOUN
fsr-3415	190	122	assets	asset	NOUN
fsr-3415	190	123	in	in	ADP
fsr-3415	190	124	mill	mill	NOUN
fsr-3415	190	125	2,348	2,348	NUM
fsr-3415	190	126	4.429	4.429	NUM
fsr-3415	190	127	1.189	1.189	NUM
fsr-3415	190	128	1,724	1,724	NUM
fsr-3415	190	129	4.530	4.530	NUM
fsr-3415	190	130	1.124	1.124	NUM
fsr-3415	190	131	625	625	NUM
fsr-3415	190	132	4.151	4.151	NUM
fsr-3415	190	133	11.181	11.181	NUM
fsr-3415	190	134	0.379	0.379	NUM
fsr-3415	190	135	family	family	NOUN
fsr-3415	190	136	assets	asset	NOUN
fsr-3415	190	137	in	in	ADP
fsr-3415	190	138	mill	mill	NOUN
fsr-3415	190	139	2,349	2,349	NUM
fsr-3415	190	140	111.263	111.263	NUM
fsr-3415	190	141	169.974	169.974	NUM
fsr-3415	190	142	1,723	1,723	NUM
fsr-3415	190	143	90.923	90.923	NUM
fsr-3415	190	144	148.013	148.013	NUM
fsr-3415	190	145	625	625	NUM
fsr-3415	190	146	167.337	167.337	NUM
fsr-3415	190	147	209.564	209.564	NUM
fsr-3415	190	148	�	�	PROPN
fsr-3415	190	149	76.415	76.415	NUM
fsr-3415	190	150	*	*	PUNCT
fsr-3415	190	151	*	*	PUNCT
fsr-3415	190	152	*	*	PUNCT
fsr-3415	190	153	load	load	VERB
fsr-3415	190	154	2,349	2,349	NUM
fsr-3415	190	155	0.603	0.603	NUM
fsr-3415	190	156	0.489	0.489	NUM
fsr-3415	190	157	1,724	1,724	NUM
fsr-3415	190	158	0.803	0.803	NUM
fsr-3415	190	159	0.398	0.398	NUM
fsr-3415	190	160	625	625	NUM
fsr-3415	190	161	0.051	0.051	NUM
fsr-3415	190	162	0.221	0.221	NUM
fsr-3415	190	163	0.752	0.752	NUM
fsr-3415	190	164	*	*	PUNCT
fsr-3415	190	165	*	*	PUNCT
fsr-3415	190	166	*	*	PUNCT
fsr-3415	190	167	instl	instl	PROPN
fsr-3415	190	168	2,349	2,349	NUM
fsr-3415	190	169	0.130	0.130	NUM
fsr-3415	190	170	0.165	0.165	NUM
fsr-3415	190	171	1,724	1,724	NUM
fsr-3415	190	172	0.168	0.168	NUM
fsr-3415	190	173	0.150	0.150	NUM
fsr-3415	190	174	625	625	NUM
fsr-3415	190	175	0.026	0.026	NUM
fsr-3415	190	176	0.158	0.158	NUM
fsr-3415	190	177	0.143	0.143	NUM
fsr-3415	190	178	*	*	PUNCT
fsr-3415	191	1	*	*	PUNCT
fsr-3415	191	2	*	*	PUNCT
fsr-3415	192	1	12b-1	12b-1	NUM
fsr-3415	192	2	2,349	2,349	NUM
fsr-3415	192	3	0.303	0.303	NUM
fsr-3415	192	4	0.248	0.248	NUM
fsr-3415	192	5	1,724	1,724	NUM
fsr-3415	192	6	0.401	0.401	NUM
fsr-3415	192	7	0.210	0.210	NUM
fsr-3415	192	8	625	625	NUM
fsr-3415	192	9	0.033	0.033	NUM
fsr-3415	192	10	0.100	0.100	NUM
fsr-3415	192	11	0.368	0.368	NUM
fsr-3415	192	12	*	*	PUNCT
fsr-3415	193	1	*	*	PUNCT
fsr-3415	193	2	*	*	PUNCT
fsr-3415	193	3	ms	ms	PROPN
fsr-3415	193	4	2,349	2,349	NUM
fsr-3415	193	5	0.734	0.734	NUM
fsr-3415	193	6	0.442	0.442	NUM
fsr-3415	193	7	1,724	1,724	NUM
fsr-3415	193	8	1.000	1.000	NUM
fsr-3415	193	9	0.000	0.000	NUM
fsr-3415	193	10	625	625	NUM
fsr-3415	193	11	0.000	0.000	NUM
fsr-3415	193	12	0.000	0.000	NUM
fsr-3415	193	13	netexpense	netexpense	NOUN
fsr-3415	193	14	2,349	2,349	NUM
fsr-3415	193	15	0.940	0.940	NUM
fsr-3415	193	16	0.369	0.369	NUM
fsr-3415	193	17	1,724	1,724	NUM
fsr-3415	193	18	0.945	0.945	NUM
fsr-3415	193	19	0.346	0.346	NUM
fsr-3415	193	20	625	625	NUM
fsr-3415	193	21	0.926	0.926	NUM
fsr-3415	193	22	0.424	0.424	NUM
fsr-3415	193	23	0.019	0.019	NUM
fsr-3415	193	24	mgr	mgr	NOUN
fsr-3415	193	25	tenure	tenure	NOUN
fsr-3415	193	26	in	in	ADP
fsr-3415	193	27	years	year	NOUN
fsr-3415	193	28	2,336	2,336	NUM
fsr-3415	193	29	5.938	5.938	NUM
fsr-3415	193	30	4.643	4.643	NUM
fsr-3415	193	31	1,722	1,722	NUM
fsr-3415	193	32	5.861	5.861	NUM
fsr-3415	193	33	4.434	4.434	NUM
fsr-3415	193	34	614	614	NUM
fsr-3415	193	35	6.154	6.154	NUM
fsr-3415	193	36	5.184	5.184	NUM
fsr-3415	193	37	�	�	NOUN
fsr-3415	193	38	0.293	0.293	NUM
fsr-3415	193	39	note	note	NOUN
fsr-3415	193	40	:	:	PUNCT
fsr-3415	193	41	*	*	PUNCT
fsr-3415	193	42	*	*	PUNCT
fsr-3415	193	43	*	*	PUNCT
fsr-3415	193	44	p	p	X
fsr-3415	193	45	�	�	PROPN
fsr-3415	193	46	0.01	0.01	NUM
fsr-3415	193	47	.	.	PUNCT
fsr-3415	194	1	this	this	DET
fsr-3415	194	2	table	table	NOUN
fsr-3415	194	3	presents	present	VERB
fsr-3415	194	4	the	the	DET
fsr-3415	194	5	summary	summary	NOUN
fsr-3415	194	6	statistics	statistic	NOUN
fsr-3415	194	7	for	for	ADP
fsr-3415	194	8	the	the	DET
fsr-3415	194	9	entire	entire	ADJ
fsr-3415	194	10	sample	sample	NOUN
fsr-3415	194	11	of	of	ADP
fsr-3415	194	12	fund	fund	NOUN
fsr-3415	194	13	level	level	NOUN
fsr-3415	194	14	observations	observation	NOUN
fsr-3415	194	15	in	in	ADP
fsr-3415	194	16	the	the	DET
fsr-3415	194	17	growth	growth	NOUN
fsr-3415	194	18	and	and	CCONJ
fsr-3415	194	19	income	income	NOUN
fsr-3415	194	20	,	,	PUNCT
fsr-3415	194	21	growth	growth	NOUN
fsr-3415	194	22	,	,	PUNCT
fsr-3415	194	23	agg	agg	PROPN
fsr-3415	194	24	growth	growth	NOUN
fsr-3415	194	25	,	,	PUNCT
fsr-3415	194	26	and	and	CCONJ
fsr-3415	194	27	small	small	ADJ
fsr-3415	194	28	cap	cap	NOUN
fsr-3415	194	29	investment	investment	NOUN
fsr-3415	194	30	objectives	objective	NOUN
fsr-3415	194	31	.	.	PUNCT
fsr-3415	195	1	we	we	PRON
fsr-3415	195	2	present	present	VERB
fsr-3415	195	3	the	the	DET
fsr-3415	195	4	pooled	pooled	ADJ
fsr-3415	195	5	sample	sample	NOUN
fsr-3415	195	6	results	result	NOUN
fsr-3415	195	7	and	and	CCONJ
fsr-3415	195	8	the	the	DET
fsr-3415	195	9	non	non	NOUN
fsr-3415	195	10	-	-	NOUN
fsr-3415	195	11	ms	ms	NOUN
fsr-3415	195	12	and	and	CCONJ
fsr-3415	195	13	ms	ms	NOUN
fsr-3415	195	14	sub	sub	NOUN
fsr-3415	195	15	-	-	NOUN
fsr-3415	195	16	samples	sample	NOUN
fsr-3415	195	17	for	for	ADP
fsr-3415	195	18	comparison	comparison	NOUN
fsr-3415	195	19	.	.	PUNCT
fsr-3415	196	1	board	board	NOUN
fsr-3415	196	2	qual	qual	PROPN
fsr-3415	196	3	rate	rate	NOUN
fsr-3415	196	4	,	,	PUNCT
fsr-3415	196	5	manager	manager	NOUN
fsr-3415	196	6	incent	incent	NOUN
fsr-3415	196	7	rate	rate	NOUN
fsr-3415	196	8	,	,	PUNCT
fsr-3415	196	9	and	and	CCONJ
fsr-3415	196	10	corp	corp	PROPN
fsr-3415	196	11	culture	culture	NOUN
fsr-3415	196	12	rate	rate	NOUN
fsr-3415	196	13	are	be	AUX
fsr-3415	196	14	measures	measure	NOUN
fsr-3415	196	15	of	of	ADP
fsr-3415	196	16	board	board	NOUN
fsr-3415	196	17	quality	quality	NOUN
fsr-3415	196	18	,	,	PUNCT
fsr-3415	196	19	managerial	managerial	ADJ
fsr-3415	196	20	incentives	incentive	NOUN
fsr-3415	196	21	,	,	PUNCT
fsr-3415	196	22	and	and	CCONJ
fsr-3415	196	23	fund	fund	NOUN
fsr-3415	196	24	sponsor	sponsor	NOUN
fsr-3415	196	25	corporate	corporate	ADJ
fsr-3415	196	26	culture	culture	NOUN
fsr-3415	196	27	as	as	SCONJ
fsr-3415	196	28	evaluated	evaluate	VERB
fsr-3415	196	29	by	by	ADP
fsr-3415	196	30	morningstar	morningstar	NOUN
fsr-3415	196	31	.	.	PUNCT
fsr-3415	197	1	each	each	PRON
fsr-3415	197	2	ranges	range	VERB
fsr-3415	197	3	from	from	ADP
fsr-3415	197	4	1	1	NUM
fsr-3415	197	5	(	(	PUNCT
fsr-3415	197	6	lowest	low	ADJ
fsr-3415	197	7	)	)	PUNCT
fsr-3415	197	8	to	to	ADP
fsr-3415	197	9	5	5	NUM
fsr-3415	197	10	(	(	PUNCT
fsr-3415	197	11	highest	high	ADJ
fsr-3415	197	12	)	)	PUNCT
fsr-3415	197	13	.	.	PUNCT
fsr-3415	198	1	ms	ms	PROPN
fsr-3415	198	2	is	be	AUX
fsr-3415	198	3	equal	equal	ADJ
fsr-3415	198	4	to	to	ADP
fsr-3415	198	5	1	1	NUM
fsr-3415	198	6	if	if	SCONJ
fsr-3415	198	7	the	the	DET
fsr-3415	198	8	fund	fund	NOUN
fsr-3415	198	9	is	be	AUX
fsr-3415	198	10	an	an	DET
fsr-3415	198	11	ms	ms	NOUN
fsr-3415	198	12	fund	fund	NOUN
fsr-3415	198	13	and	and	CCONJ
fsr-3415	198	14	0	0	NUM
fsr-3415	198	15	otherwise	otherwise	ADV
fsr-3415	198	16	.	.	PUNCT
fsr-3415	199	1	load	load	NOUN
fsr-3415	199	2	is	be	AUX
fsr-3415	199	3	a	a	DET
fsr-3415	199	4	dummy	dummy	ADJ
fsr-3415	199	5	equal	equal	ADJ
fsr-3415	199	6	to	to	ADP
fsr-3415	199	7	one	one	NUM
fsr-3415	199	8	if	if	SCONJ
fsr-3415	199	9	the	the	DET
fsr-3415	199	10	fund	fund	NOUN
fsr-3415	199	11	has	have	VERB
fsr-3415	199	12	a	a	DET
fsr-3415	199	13	commission	commission	NOUN
fsr-3415	199	14	structure	structure	NOUN
fsr-3415	199	15	(	(	PUNCT
fsr-3415	199	16	fel	fel	NOUN
fsr-3415	199	17	,	,	PUNCT
fsr-3415	199	18	cdsc	cdsc	ADJ
fsr-3415	199	19	,	,	PUNCT
fsr-3415	199	20	or	or	CCONJ
fsr-3415	199	21	level	level	NOUN
fsr-3415	199	22	load	load	NOUN
fsr-3415	199	23	)	)	PUNCT
fsr-3415	199	24	associated	associate	VERB
fsr-3415	199	25	with	with	ADP
fsr-3415	199	26	it	it	PRON
fsr-3415	199	27	and	and	CCONJ
fsr-3415	199	28	0	0	NUM
fsr-3415	199	29	otherwise	otherwise	ADV
fsr-3415	199	30	.	.	PUNCT
fsr-3415	200	1	instl	instl	PROPN
fsr-3415	200	2	equals	equal	VERB
fsr-3415	200	3	1	1	NUM
fsr-3415	200	4	if	if	SCONJ
fsr-3415	200	5	the	the	DET
fsr-3415	200	6	fund	fund	NOUN
fsr-3415	200	7	is	be	AUX
fsr-3415	200	8	for	for	ADP
fsr-3415	200	9	institutional	institutional	ADJ
fsr-3415	200	10	investors	investor	NOUN
fsr-3415	200	11	or	or	CCONJ
fsr-3415	200	12	has	have	VERB
fsr-3415	200	13	a	a	DET
fsr-3415	200	14	class	class	NOUN
fsr-3415	200	15	for	for	ADP
fsr-3415	200	16	institutional	institutional	ADJ
fsr-3415	200	17	investors	investor	NOUN
fsr-3415	200	18	and	and	CCONJ
fsr-3415	200	19	0	0	NUM
fsr-3415	200	20	otherwise	otherwise	ADV
fsr-3415	200	21	.	.	PUNCT
fsr-3415	201	1	fund	fund	NOUN
fsr-3415	201	2	assets	asset	NOUN
fsr-3415	201	3	and	and	CCONJ
fsr-3415	201	4	family	family	NOUN
fsr-3415	201	5	assets	asset	NOUN
fsr-3415	201	6	are	be	AUX
fsr-3415	201	7	measured	measure	VERB
fsr-3415	201	8	in	in	ADP
fsr-3415	201	9	millions	million	NOUN
fsr-3415	201	10	of	of	ADP
fsr-3415	201	11	dollars	dollar	NOUN
fsr-3415	201	12	and	and	CCONJ
fsr-3415	201	13	measure	measure	VERB
fsr-3415	201	14	the	the	DET
fsr-3415	201	15	size	size	NOUN
fsr-3415	201	16	of	of	ADP
fsr-3415	201	17	the	the	DET
fsr-3415	201	18	fund	fund	NOUN
fsr-3415	201	19	and	and	CCONJ
fsr-3415	201	20	fund	fund	NOUN
fsr-3415	201	21	sponsor	sponsor	NOUN
fsr-3415	201	22	,	,	PUNCT
fsr-3415	201	23	respectively	respectively	ADV
fsr-3415	201	24	.	.	PUNCT
fsr-3415	202	1	fund	fund	NOUN
fsr-3415	202	2	age	age	NOUN
fsr-3415	202	3	and	and	CCONJ
fsr-3415	202	4	mgr	mgr	PROPN
fsr-3415	202	5	tenure	tenure	NOUN
fsr-3415	202	6	are	be	AUX
fsr-3415	202	7	measured	measure	VERB
fsr-3415	202	8	in	in	ADP
fsr-3415	202	9	years	year	NOUN
fsr-3415	202	10	and	and	CCONJ
fsr-3415	202	11	measure	measure	VERB
fsr-3415	202	12	the	the	DET
fsr-3415	202	13	age	age	NOUN
fsr-3415	202	14	of	of	ADP
fsr-3415	202	15	the	the	DET
fsr-3415	202	16	fund	fund	NOUN
fsr-3415	202	17	and	and	CCONJ
fsr-3415	202	18	the	the	DET
fsr-3415	202	19	length	length	NOUN
fsr-3415	202	20	of	of	ADP
fsr-3415	202	21	time	time	NOUN
fsr-3415	202	22	the	the	DET
fsr-3415	202	23	manager	manager	NOUN
fsr-3415	202	24	has	have	AUX
fsr-3415	202	25	been	be	AUX
fsr-3415	202	26	with	with	ADP
fsr-3415	202	27	the	the	DET
fsr-3415	202	28	fund	fund	NOUN
fsr-3415	202	29	.	.	PUNCT
fsr-3415	203	1	12b-1	12b-1	NUM
fsr-3415	203	2	equals	equal	VERB
fsr-3415	203	3	one	one	NUM
fsr-3415	203	4	if	if	SCONJ
fsr-3415	203	5	the	the	DET
fsr-3415	203	6	fund	fund	NOUN
fsr-3415	203	7	or	or	CCONJ
fsr-3415	203	8	a	a	DET
fsr-3415	203	9	class	class	NOUN
fsr-3415	203	10	of	of	ADP
fsr-3415	203	11	the	the	DET
fsr-3415	203	12	fund	fund	NOUN
fsr-3415	203	13	has	have	VERB
fsr-3415	203	14	a	a	DET
fsr-3415	203	15	12b-1	12b-1	NUM
fsr-3415	203	16	fee	fee	NOUN
fsr-3415	203	17	and	and	CCONJ
fsr-3415	203	18	0	0	NUM
fsr-3415	203	19	otherwise	otherwise	ADV
fsr-3415	203	20	.	.	PUNCT
fsr-3415	204	1	netexpense	netexpense	PROPN
fsr-3415	204	2	is	be	AUX
fsr-3415	204	3	the	the	DET
fsr-3415	204	4	difference	difference	NOUN
fsr-3415	204	5	between	between	ADP
fsr-3415	204	6	the	the	DET
fsr-3415	204	7	funds	fund	NOUN
fsr-3415	204	8	gross	gross	ADJ
fsr-3415	204	9	expense	expense	NOUN
fsr-3415	204	10	ratio	ratio	NOUN
fsr-3415	204	11	and	and	CCONJ
fsr-3415	204	12	any	any	DET
fsr-3415	204	13	12b-1	12b-1	NUM
fsr-3415	204	14	fee	fee	NOUN
fsr-3415	204	15	.	.	PUNCT
fsr-3415	205	1	year	year	NOUN
fsr-3415	205	2	is	be	AUX
fsr-3415	205	3	the	the	DET
fsr-3415	205	4	year	year	NOUN
fsr-3415	205	5	in	in	ADP
fsr-3415	205	6	which	which	PRON
fsr-3415	205	7	the	the	DET
fsr-3415	205	8	fund	fund	NOUN
fsr-3415	205	9	is	be	AUX
fsr-3415	205	10	in	in	ADP
fsr-3415	205	11	the	the	DET
fsr-3415	205	12	sample	sample	NOUN
fsr-3415	205	13	.	.	PUNCT
fsr-3415	206	1	the	the	DET
fsr-3415	206	2	final	final	ADJ
fsr-3415	206	3	column	column	NOUN
fsr-3415	206	4	represents	represent	VERB
fsr-3415	206	5	the	the	DET
fsr-3415	206	6	results	result	NOUN
fsr-3415	206	7	of	of	ADP
fsr-3415	206	8	a	a	DET
fsr-3415	206	9	t	t	NOUN
fsr-3415	206	10	-	-	PUNCT
fsr-3415	206	11	test	test	NOUN
fsr-3415	206	12	between	between	ADP
fsr-3415	206	13	the	the	DET
fsr-3415	206	14	non	non	NOUN
fsr-3415	206	15	-	-	NOUN
fsr-3415	206	16	ms	ms	NOUN
fsr-3415	206	17	and	and	CCONJ
fsr-3415	206	18	ms	ms	NOUN
fsr-3415	206	19	sub	sub	NOUN
fsr-3415	206	20	-	-	NOUN
fsr-3415	206	21	samples	sample	NOUN
fsr-3415	206	22	for	for	ADP
fsr-3415	206	23	the	the	DET
fsr-3415	206	24	variables	variable	NOUN
fsr-3415	206	25	.	.	PUNCT
fsr-3415	207	1	the	the	DET
fsr-3415	207	2	t	t	NOUN
fsr-3415	207	3	-	-	PUNCT
fsr-3415	207	4	value	value	NOUN
fsr-3415	207	5	and	and	CCONJ
fsr-3415	207	6	the	the	DET
fsr-3415	207	7	p	p	NOUN
fsr-3415	207	8	-	-	PUNCT
fsr-3415	207	9	value	value	NOUN
fsr-3415	207	10	are	be	AUX
fsr-3415	207	11	presented	present	VERB
fsr-3415	207	12	.	.	PUNCT
fsr-3415	208	1	the	the	DET
fsr-3415	208	2	samples	sample	NOUN
fsr-3415	208	3	are	be	AUX
fsr-3415	208	4	not	not	PART
fsr-3415	208	5	assumed	assume	VERB
fsr-3415	208	6	to	to	PART
fsr-3415	208	7	have	have	VERB
fsr-3415	208	8	equal	equal	ADJ
fsr-3415	208	9	variances	variance	NOUN
fsr-3415	208	10	.	.	PUNCT
fsr-3415	209	1	asterisks	asterisk	NOUN
fsr-3415	209	2	represent	represent	VERB
fsr-3415	209	3	significance	significance	NOUN
fsr-3415	209	4	at	at	ADP
fsr-3415	209	5	the	the	DET
fsr-3415	209	6	10	10	NUM
fsr-3415	209	7	%	%	NOUN
fsr-3415	209	8	(	(	PUNCT
fsr-3415	209	9	*	*	NOUN
fsr-3415	209	10	)	)	PUNCT
fsr-3415	209	11	,	,	PUNCT
fsr-3415	209	12	5	5	NUM
fsr-3415	209	13	%	%	NOUN
fsr-3415	209	14	(	(	PUNCT
fsr-3415	209	15	*	*	NOUN
fsr-3415	209	16	*	*	PUNCT
fsr-3415	209	17	)	)	PUNCT
fsr-3415	209	18	,	,	PUNCT
fsr-3415	209	19	and	and	CCONJ
fsr-3415	209	20	1	1	NUM
fsr-3415	209	21	%	%	NOUN
fsr-3415	209	22	(	(	PUNCT
fsr-3415	209	23	*	*	PUNCT
fsr-3415	209	24	*	*	PUNCT
fsr-3415	209	25	*	*	NOUN
fsr-3415	209	26	)	)	PUNCT
fsr-3415	209	27	level	level	NOUN
fsr-3415	209	28	,	,	PUNCT
fsr-3415	209	29	respectively	respectively	ADV
fsr-3415	209	30	.	.	PUNCT
fsr-3415	209	31	57j	57j	NUM
fsr-3415	209	32	.	.	PUNCT
fsr-3415	210	1	handy	handy	ADJ
fsr-3415	210	2	,	,	PUNCT
fsr-3415	210	3	t.	t.	PROPN
fsr-3415	210	4	smythe	smythe	PROPN
fsr-3415	210	5	/	/	SYM
fsr-3415	210	6	financial	financial	ADJ
fsr-3415	210	7	services	service	NOUN
fsr-3415	210	8	review	review	VERB
fsr-3415	210	9	28	28	NUM
fsr-3415	210	10	(	(	PUNCT
fsr-3415	210	11	2020	2020	NUM
fsr-3415	210	12	)	)	PUNCT
fsr-3415	210	13	49	49	NUM
fsr-3415	210	14	-	-	SYM
fsr-3415	210	15	65	65	NUM
fsr-3415	210	16	the	the	DET
fsr-3415	210	17	ordered	order	VERB
fsr-3415	210	18	probit	probit	NOUN
fsr-3415	210	19	model	model	NOUN
fsr-3415	210	20	described	describe	VERB
fsr-3415	210	21	by	by	ADP
fsr-3415	210	22	equation	equation	NOUN
fsr-3415	210	23	(	(	PUNCT
fsr-3415	210	24	1	1	NUM
fsr-3415	210	25	)	)	PUNCT
fsr-3415	210	26	.	.	PUNCT
fsr-3415	211	1	the	the	DET
fsr-3415	211	2	results	result	NOUN
fsr-3415	211	3	are	be	AUX
fsr-3415	211	4	presented	present	VERB
fsr-3415	211	5	for	for	ADP
fsr-3415	211	6	each	each	DET
fsr-3415	211	7	dependent	dependent	ADJ
fsr-3415	211	8	variable	variable	NOUN
fsr-3415	211	9	separately	separately	ADV
fsr-3415	211	10	.	.	PUNCT
fsr-3415	212	1	5.2.1	5.2.1	X
fsr-3415	212	2	.	.	X
fsr-3415	212	3	board	board	NOUN
fsr-3415	212	4	qual	qual	PROPN
fsr-3415	212	5	rate	rate	PROPN
fsr-3415	212	6	table	table	NOUN
fsr-3415	212	7	2	2	NUM
fsr-3415	212	8	presents	present	VERB
fsr-3415	212	9	the	the	DET
fsr-3415	212	10	results	result	NOUN
fsr-3415	212	11	analyzing	analyze	VERB
fsr-3415	212	12	the	the	DET
fsr-3415	212	13	relationship	relationship	NOUN
fsr-3415	212	14	between	between	ADP
fsr-3415	212	15	board	board	NOUN
fsr-3415	212	16	qual	qual	ADJ
fsr-3415	212	17	rate	rate	NOUN
fsr-3415	212	18	and	and	CCONJ
fsr-3415	212	19	the	the	DET
fsr-3415	212	20	fund	fund	NOUN
fsr-3415	212	21	characteristics	characteristic	NOUN
fsr-3415	212	22	discussed	discuss	VERB
fsr-3415	212	23	previously	previously	ADV
fsr-3415	212	24	.	.	PUNCT
fsr-3415	213	1	our	our	PRON
fsr-3415	213	2	primary	primary	ADJ
fsr-3415	213	3	interest	interest	NOUN
fsr-3415	213	4	is	be	AUX
fsr-3415	213	5	on	on	ADP
fsr-3415	213	6	the	the	DET
fsr-3415	213	7	variables	variable	NOUN
fsr-3415	213	8	ms	ms	PROPN
fsr-3415	213	9	and	and	CCONJ
fsr-3415	213	10	corp	corp	PROPN
fsr-3415	213	11	culture	culture	NOUN
fsr-3415	213	12	rate	rate	NOUN
fsr-3415	213	13	.	.	PUNCT
fsr-3415	214	1	based	base	VERB
fsr-3415	214	2	on	on	ADP
fsr-3415	214	3	hypothesis	hypothesis	NOUN
fsr-3415	214	4	1(a	1(a	NUM
fsr-3415	214	5	)	)	PUNCT
fsr-3415	214	6	,	,	PUNCT
fsr-3415	214	7	we	we	PRON
fsr-3415	214	8	expect	expect	VERB
fsr-3415	214	9	the	the	DET
fsr-3415	214	10	coefficient	coefficient	NOUN
fsr-3415	214	11	estimate	estimate	NOUN
fsr-3415	214	12	for	for	SCONJ
fsr-3415	214	13	ms	ms	NOUN
fsr-3415	214	14	to	to	PART
fsr-3415	214	15	be	be	AUX
fsr-3415	214	16	positive	positive	ADJ
fsr-3415	214	17	and	and	CCONJ
fsr-3415	214	18	statistically	statistically	ADV
fsr-3415	214	19	significant	significant	ADJ
fsr-3415	214	20	.	.	PUNCT
fsr-3415	215	1	the	the	DET
fsr-3415	215	2	results	result	NOUN
fsr-3415	215	3	in	in	ADP
fsr-3415	215	4	column	column	NOUN
fsr-3415	215	5	(	(	PUNCT
fsr-3415	215	6	1	1	X
fsr-3415	215	7	)	)	PUNCT
fsr-3415	215	8	do	do	AUX
fsr-3415	215	9	not	not	PART
fsr-3415	215	10	support	support	VERB
fsr-3415	215	11	the	the	DET
fsr-3415	215	12	hypothesis	hypothesis	NOUN
fsr-3415	215	13	but	but	CCONJ
fsr-3415	215	14	do	do	AUX
fsr-3415	215	15	corroborate	corroborate	VERB
fsr-3415	215	16	the	the	DET
fsr-3415	215	17	univariate	univariate	ADJ
fsr-3415	215	18	analysis	analysis	NOUN
fsr-3415	215	19	above	above	ADV
fsr-3415	215	20	.	.	PUNCT
fsr-3415	216	1	ms	ms	PROPN
fsr-3415	216	2	is	be	AUX
fsr-3415	216	3	negative	negative	ADJ
fsr-3415	216	4	and	and	CCONJ
fsr-3415	216	5	statistically	statistically	ADV
fsr-3415	216	6	significant	significant	ADJ
fsr-3415	216	7	.	.	PUNCT
fsr-3415	217	1	the	the	DET
fsr-3415	217	2	results	result	NOUN
fsr-3415	217	3	indicate	indicate	VERB
fsr-3415	217	4	that	that	SCONJ
fsr-3415	217	5	ms	ms	PROPN
fsr-3415	217	6	funds	fund	NOUN
fsr-3415	217	7	are	be	AUX
fsr-3415	217	8	less	less	ADV
fsr-3415	217	9	likely	likely	ADJ
fsr-3415	217	10	(	(	PUNCT
fsr-3415	217	11	likelier	likeli	ADJ
fsr-3415	217	12	)	)	PUNCT
fsr-3415	217	13	to	to	PART
fsr-3415	217	14	have	have	VERB
fsr-3415	217	15	higher	high	ADJ
fsr-3415	217	16	(	(	PUNCT
fsr-3415	217	17	lower	low	ADJ
fsr-3415	217	18	)	)	PUNCT
fsr-3415	217	19	board	board	NOUN
fsr-3415	217	20	quality	quality	NOUN
fsr-3415	217	21	scores	score	NOUN
fsr-3415	217	22	than	than	ADP
fsr-3415	217	23	non	non	ADJ
fsr-3415	217	24	-	-	ADJ
fsr-3415	217	25	ms	ms	ADJ
fsr-3415	217	26	funds	fund	NOUN
fsr-3415	217	27	.	.	PUNCT
fsr-3415	218	1	this	this	DET
fsr-3415	218	2	result	result	NOUN
fsr-3415	218	3	is	be	AUX
fsr-3415	218	4	concerning	concern	VERB
fsr-3415	218	5	given	give	VERB
fsr-3415	218	6	the	the	DET
fsr-3415	218	7	sec	sec	PROPN
fsr-3415	218	8	’s	’s	PART
fsr-3415	218	9	focus	focus	NOUN
fsr-3415	218	10	on	on	ADP
fsr-3415	218	11	protecting	protect	VERB
fsr-3415	218	12	individual	individual	ADJ
fsr-3415	218	13	investors	investor	NOUN
fsr-3415	218	14	,	,	PUNCT
fsr-3415	218	15	as	as	SCONJ
fsr-3415	218	16	investors	investor	NOUN
fsr-3415	218	17	in	in	ADP
fsr-3415	218	18	ms	ms	ADJ
fsr-3415	218	19	funds	fund	NOUN
fsr-3415	218	20	are	be	AUX
fsr-3415	218	21	likely	likely	ADJ
fsr-3415	218	22	to	to	PART
fsr-3415	218	23	be	be	AUX
fsr-3415	218	24	most	most	ADV
fsr-3415	218	25	vulnerable	vulnerable	ADJ
fsr-3415	218	26	to	to	ADP
fsr-3415	218	27	the	the	DET
fsr-3415	218	28	principal	principal	ADJ
fsr-3415	218	29	-	-	PUNCT
fsr-3415	218	30	agent	agent	NOUN
fsr-3415	218	31	problem	problem	NOUN
fsr-3415	218	32	with	with	ADP
fsr-3415	218	33	fund	fund	NOUN
fsr-3415	218	34	management	management	NOUN
fsr-3415	218	35	.	.	PUNCT
fsr-3415	219	1	table	table	NOUN
fsr-3415	219	2	3	3	NUM
fsr-3415	219	3	,	,	PUNCT
fsr-3415	219	4	panels	panel	VERB
fsr-3415	219	5	a	a	PRON
fsr-3415	219	6	and	and	CCONJ
fsr-3415	219	7	b	b	NOUN
fsr-3415	219	8	provide	provide	NOUN
fsr-3415	219	9	predicted	predict	VERB
fsr-3415	219	10	probabilities.7	probabilities.7	NOUN
fsr-3415	219	11	panel	panel	NOUN
fsr-3415	219	12	a	a	DET
fsr-3415	219	13	indicates	indicate	VERB
fsr-3415	219	14	that	that	SCONJ
fsr-3415	219	15	ms	ms	PROPN
fsr-3415	219	16	funds	fund	NOUN
fsr-3415	219	17	are	be	AUX
fsr-3415	219	18	three	three	NUM
fsr-3415	219	19	times	time	NOUN
fsr-3415	219	20	more	more	ADV
fsr-3415	219	21	likely	likely	ADJ
fsr-3415	219	22	to	to	PART
fsr-3415	219	23	have	have	VERB
fsr-3415	219	24	the	the	DET
fsr-3415	219	25	lowest	low	ADJ
fsr-3415	219	26	board	board	NOUN
fsr-3415	219	27	quality	quality	NOUN
fsr-3415	219	28	rating	rating	NOUN
fsr-3415	219	29	(	(	PUNCT
fsr-3415	219	30	a	a	DET
fsr-3415	219	31	probability	probability	NOUN
fsr-3415	219	32	of	of	ADP
fsr-3415	219	33	0.4	0.4	NUM
fsr-3415	219	34	%	%	NOUN
fsr-3415	219	35	vs.	vs.	ADP
fsr-3415	219	36	0.1	0.1	NUM
fsr-3415	219	37	%	%	NOUN
fsr-3415	219	38	,	,	PUNCT
fsr-3415	219	39	respectively	respectively	ADV
fsr-3415	219	40	)	)	PUNCT
fsr-3415	219	41	and	and	CCONJ
fsr-3415	219	42	are	be	AUX
fsr-3415	219	43	consistently	consistently	ADV
fsr-3415	219	44	more	more	ADV
fsr-3415	219	45	likely	likely	ADJ
fsr-3415	219	46	to	to	PART
fsr-3415	219	47	have	have	VERB
fsr-3415	219	48	below	below	ADP
fsr-3415	219	49	average	average	ADJ
fsr-3415	219	50	board	board	NOUN
fsr-3415	219	51	quality	quality	NOUN
fsr-3415	219	52	ratings	rating	NOUN
fsr-3415	219	53	.	.	PUNCT
fsr-3415	220	1	moreover	moreover	ADV
fsr-3415	220	2	,	,	PUNCT
fsr-3415	220	3	ms	ms	ADJ
fsr-3415	220	4	funds	fund	NOUN
fsr-3415	220	5	are	be	AUX
fsr-3415	220	6	significantly	significantly	ADV
fsr-3415	220	7	less	less	ADV
fsr-3415	220	8	likely	likely	ADJ
fsr-3415	220	9	to	to	PART
fsr-3415	220	10	achieve	achieve	VERB
fsr-3415	220	11	the	the	DET
fsr-3415	220	12	highest	high	ADJ
fsr-3415	220	13	board	board	NOUN
fsr-3415	220	14	quality	quality	NOUN
fsr-3415	220	15	rating	rating	NOUN
fsr-3415	220	16	(	(	PUNCT
fsr-3415	220	17	12.2	12.2	NUM
fsr-3415	220	18	%	%	NOUN
fsr-3415	220	19	vs.	vs.	ADP
fsr-3415	220	20	20	20	NUM
fsr-3415	220	21	%	%	NOUN
fsr-3415	220	22	,	,	PUNCT
fsr-3415	220	23	respectively	respectively	ADV
fsr-3415	220	24	)	)	PUNCT
fsr-3415	220	25	.	.	PUNCT
fsr-3415	221	1	in	in	ADP
fsr-3415	221	2	column	column	NOUN
fsr-3415	221	3	(	(	PUNCT
fsr-3415	221	4	2	2	NUM
fsr-3415	221	5	)	)	PUNCT
fsr-3415	221	6	of	of	ADP
fsr-3415	221	7	table	table	NOUN
fsr-3415	221	8	2	2	NUM
fsr-3415	221	9	,	,	PUNCT
fsr-3415	221	10	we	we	PRON
fsr-3415	221	11	test	test	VERB
fsr-3415	221	12	hypothesis	hypothesis	NOUN
fsr-3415	221	13	2(a	2(a	NUM
fsr-3415	221	14	)	)	PUNCT
fsr-3415	221	15	,	,	PUNCT
fsr-3415	221	16	that	that	ADV
fsr-3415	221	17	is	is	ADV
fsr-3415	221	18	,	,	PUNCT
fsr-3415	221	19	whether	whether	SCONJ
fsr-3415	221	20	fund	fund	NOUN
fsr-3415	221	21	sponsors	sponsor	NOUN
fsr-3415	221	22	with	with	ADP
fsr-3415	221	23	better	well	ADJ
fsr-3415	221	24	corporate	corporate	ADJ
fsr-3415	221	25	culture	culture	NOUN
fsr-3415	221	26	,	,	PUNCT
fsr-3415	221	27	as	as	SCONJ
fsr-3415	221	28	rated	rate	VERB
fsr-3415	221	29	by	by	ADP
fsr-3415	221	30	morningstar	morningstar	NOUN
fsr-3415	221	31	,	,	PUNCT
fsr-3415	221	32	are	be	AUX
fsr-3415	221	33	more	more	ADV
fsr-3415	221	34	likely	likely	ADJ
fsr-3415	221	35	to	to	PART
fsr-3415	221	36	operate	operate	VERB
fsr-3415	221	37	funds	fund	NOUN
fsr-3415	221	38	with	with	ADP
fsr-3415	221	39	better	well	ADJ
fsr-3415	221	40	board	board	NOUN
fsr-3415	221	41	quality	quality	NOUN
fsr-3415	221	42	.	.	PUNCT
fsr-3415	222	1	there	there	PRON
fsr-3415	222	2	is	be	VERB
fsr-3415	222	3	strong	strong	ADJ
fsr-3415	222	4	support	support	NOUN
fsr-3415	222	5	for	for	ADP
fsr-3415	222	6	hypothesis	hypothesis	NOUN
fsr-3415	222	7	2(a	2(a	NUM
fsr-3415	222	8	)	)	PUNCT
fsr-3415	222	9	.	.	PUNCT
fsr-3415	223	1	corp	corp	PROPN
fsr-3415	223	2	culture	culture	PROPN
fsr-3415	223	3	rate	rate	NOUN
fsr-3415	223	4	is	be	AUX
fsr-3415	223	5	positive	positive	ADJ
fsr-3415	223	6	and	and	CCONJ
fsr-3415	223	7	table	table	NOUN
fsr-3415	223	8	2	2	NUM
fsr-3415	223	9	board	board	NOUN
fsr-3415	223	10	qual	qual	ADJ
fsr-3415	223	11	rate	rate	PROPN
fsr-3415	223	12	dependent	dependent	ADJ
fsr-3415	223	13	variable	variable	ADJ
fsr-3415	223	14	variable	variable	NOUN
fsr-3415	223	15	(	(	PUNCT
fsr-3415	223	16	1	1	NUM
fsr-3415	223	17	)	)	PUNCT
fsr-3415	223	18	(	(	PUNCT
fsr-3415	223	19	2	2	X
fsr-3415	223	20	)	)	PUNCT
fsr-3415	223	21	corp	corp	PROPN
fsr-3415	223	22	culture	culture	NOUN
fsr-3415	223	23	rate	rate	NOUN
fsr-3415	223	24	0.417	0.417	NUM
fsr-3415	223	25	*	*	PUNCT
fsr-3415	223	26	*	*	PUNCT
fsr-3415	223	27	*	*	PUNCT
fsr-3415	223	28	(	(	PUNCT
fsr-3415	223	29	0.0306	0.0306	NUM
fsr-3415	223	30	)	)	PUNCT
fsr-3415	223	31	ms	ms	PROPN
fsr-3415	223	32	�	�	PROPN
fsr-3415	223	33	0.333	0.333	NUM
fsr-3415	223	34	*	*	PUNCT
fsr-3415	223	35	*	*	PUNCT
fsr-3415	223	36	*	*	PUNCT
fsr-3415	223	37	(	(	PUNCT
fsr-3415	223	38	0.0845	0.0845	NUM
fsr-3415	223	39	)	)	PUNCT
fsr-3415	223	40	�	�	NOUN
fsr-3415	223	41	0.352	0.352	NUM
fsr-3415	223	42	*	*	PUNCT
fsr-3415	223	43	*	*	PUNCT
fsr-3415	223	44	*	*	PUNCT
fsr-3415	223	45	(	(	PUNCT
fsr-3415	223	46	0.0794	0.0794	NUM
fsr-3415	223	47	)	)	PUNCT
fsr-3415	223	48	load	load	VERB
fsr-3415	223	49	0.132	0.132	NUM
fsr-3415	223	50	(	(	PUNCT
fsr-3415	223	51	0.100	0.100	NUM
fsr-3415	223	52	)	)	PUNCT
fsr-3415	223	53	0.286	0.286	NUM
fsr-3415	223	54	*	*	PUNCT
fsr-3415	223	55	*	*	PUNCT
fsr-3415	223	56	*	*	PUNCT
fsr-3415	223	57	(	(	PUNCT
fsr-3415	223	58	0.0946	0.0946	NUM
fsr-3415	223	59	)	)	PUNCT
fsr-3415	223	60	instl	instl	PROPN
fsr-3415	223	61	�	�	PROPN
fsr-3415	223	62	0.0403	0.0403	NUM
fsr-3415	223	63	(	(	PUNCT
fsr-3415	223	64	0.0555	0.0555	NUM
fsr-3415	223	65	)	)	PUNCT
fsr-3415	223	66	0.0222	0.0222	NUM
fsr-3415	223	67	(	(	PUNCT
fsr-3415	223	68	0.0540	0.0540	NUM
fsr-3415	223	69	)	)	PUNCT
fsr-3415	223	70	family	family	NOUN
fsr-3415	223	71	assets	asset	NOUN
fsr-3415	223	72	�	�	VERB
fsr-3415	223	73	0.0576	0.0576	NUM
fsr-3415	223	74	*	*	PUNCT
fsr-3415	223	75	*	*	PUNCT
fsr-3415	223	76	*	*	PUNCT
fsr-3415	223	77	(	(	PUNCT
fsr-3415	223	78	0.0147	0.0147	NUM
fsr-3415	223	79	)	)	PUNCT
fsr-3415	223	80	�	�	NOUN
fsr-3415	223	81	0.0883	0.0883	NUM
fsr-3415	223	82	*	*	PUNCT
fsr-3415	223	83	*	*	PUNCT
fsr-3415	223	84	*	*	PUNCT
fsr-3415	223	85	(	(	PUNCT
fsr-3415	223	86	0.0148	0.0148	NUM
fsr-3415	223	87	)	)	PUNCT
fsr-3415	223	88	family	family	NOUN
fsr-3415	223	89	age	age	NOUN
fsr-3415	223	90	�	�	PROPN
fsr-3415	223	91	0.149	0.149	NUM
fsr-3415	223	92	*	*	PUNCT
fsr-3415	223	93	*	*	PUNCT
fsr-3415	223	94	*	*	PUNCT
fsr-3415	223	95	(	(	PUNCT
fsr-3415	223	96	0.0324	0.0324	NUM
fsr-3415	223	97	)	)	PUNCT
fsr-3415	223	98	�	�	NOUN
fsr-3415	223	99	0.0651	0.0651	NUM
fsr-3415	223	100	*	*	PUNCT
fsr-3415	223	101	*	*	PUNCT
fsr-3415	223	102	(	(	PUNCT
fsr-3415	223	103	0.0322	0.0322	NUM
fsr-3415	223	104	)	)	PUNCT
fsr-3415	223	105	lnassets	lnasset	NOUN
fsr-3415	223	106	0.125	0.125	NUM
fsr-3415	223	107	*	*	PUNCT
fsr-3415	223	108	*	*	PUNCT
fsr-3415	223	109	*	*	PUNCT
fsr-3415	223	110	(	(	PUNCT
fsr-3415	223	111	0.0197	0.0197	NUM
fsr-3415	223	112	)	)	PUNCT
fsr-3415	223	113	0.0851	0.0851	NUM
fsr-3415	223	114	*	*	PUNCT
fsr-3415	223	115	*	*	PUNCT
fsr-3415	223	116	*	*	PUNCT
fsr-3415	223	117	(	(	PUNCT
fsr-3415	223	118	0.0187	0.0187	NUM
fsr-3415	223	119	)	)	PUNCT
fsr-3415	223	120	12b-1	12b-1	NUM
fsr-3415	223	121	�	�	PROPN
fsr-3415	223	122	0.265	0.265	NUM
fsr-3415	223	123	*	*	PUNCT
fsr-3415	223	124	(	(	PUNCT
fsr-3415	223	125	0.149	0.149	NUM
fsr-3415	223	126	)	)	PUNCT
fsr-3415	223	127	�	�	PROPN
fsr-3415	223	128	0.0582	0.0582	NUM
fsr-3415	223	129	(	(	PUNCT
fsr-3415	223	130	0.145	0.145	NUM
fsr-3415	223	131	)	)	PUNCT
fsr-3415	223	132	agg	agg	PROPN
fsr-3415	223	133	growth	growth	NOUN
fsr-3415	223	134	�	�	PROPN
fsr-3415	223	135	0.133	0.133	NUM
fsr-3415	223	136	(	(	PUNCT
fsr-3415	223	137	0.110	0.110	NUM
fsr-3415	223	138	)	)	PUNCT
fsr-3415	223	139	�	�	PROPN
fsr-3415	223	140	0.0117	0.0117	NUM
fsr-3415	223	141	(	(	PUNCT
fsr-3415	223	142	0.114	0.114	NUM
fsr-3415	223	143	)	)	PUNCT
fsr-3415	223	144	growth	growth	NOUN
fsr-3415	223	145	0.00986	0.00986	NUM
fsr-3415	223	146	(	(	PUNCT
fsr-3415	223	147	0.0540	0.0540	NUM
fsr-3415	223	148	)	)	PUNCT
fsr-3415	223	149	0.0148	0.0148	NUM
fsr-3415	223	150	(	(	PUNCT
fsr-3415	223	151	0.0541	0.0541	NUM
fsr-3415	223	152	)	)	PUNCT
fsr-3415	223	153	small	small	ADJ
fsr-3415	223	154	cap	cap	NOUN
fsr-3415	223	155	0.100	0.100	NUM
fsr-3415	223	156	(	(	PUNCT
fsr-3415	223	157	0.0749	0.0749	NUM
fsr-3415	223	158	)	)	PUNCT
fsr-3415	223	159	0.0527	0.0527	NUM
fsr-3415	223	160	(	(	PUNCT
fsr-3415	223	161	0.0759	0.0759	NUM
fsr-3415	223	162	)	)	PUNCT
fsr-3415	223	163	mgr	mgr	NOUN
fsr-3415	223	164	tenure	tenure	NOUN
fsr-3415	223	165	0.131	0.131	NUM
fsr-3415	223	166	*	*	PUNCT
fsr-3415	223	167	*	*	PUNCT
fsr-3415	223	168	*	*	PUNCT
fsr-3415	223	169	(	(	PUNCT
fsr-3415	223	170	0.0240	0.0240	NUM
fsr-3415	223	171	)	)	PUNCT
fsr-3415	223	172	0.0807	0.0807	NUM
fsr-3415	223	173	*	*	PUNCT
fsr-3415	223	174	*	*	PUNCT
fsr-3415	223	175	*	*	PUNCT
fsr-3415	223	176	(	(	PUNCT
fsr-3415	223	177	0.0245	0.0245	NUM
fsr-3415	223	178	)	)	PUNCT
fsr-3415	223	179	year	year	NOUN
fsr-3415	223	180	�	�	PROPN
fsr-3415	223	181	0.0263	0.0263	NUM
fsr-3415	223	182	(	(	PUNCT
fsr-3415	223	183	0.0194	0.0194	NUM
fsr-3415	223	184	)	)	PUNCT
fsr-3415	223	185	�	�	PROPN
fsr-3415	223	186	0.0340	0.0340	NUM
fsr-3415	223	187	*	*	SYM
fsr-3415	223	188	(	(	PUNCT
fsr-3415	223	189	0.0193	0.0193	NUM
fsr-3415	223	190	)	)	PUNCT
fsr-3415	223	191	year	year	NOUN
fsr-3415	223	192	-	-	PUNCT
fsr-3415	223	193	fixed	fix	VERB
fsr-3415	223	194	effects	effect	NOUN
fsr-3415	224	1	yes	yes	INTJ
fsr-3415	225	1	yes	yes	INTJ
fsr-3415	225	2	observations	observation	NOUN
fsr-3415	225	3	2,324	2,324	NUM
fsr-3415	225	4	2,324	2,324	NUM
fsr-3415	225	5	note	note	NOUN
fsr-3415	225	6	:	:	PUNCT
fsr-3415	225	7	robust	robust	ADJ
fsr-3415	225	8	standard	standard	ADJ
fsr-3415	225	9	errors	error	NOUN
fsr-3415	225	10	in	in	ADP
fsr-3415	225	11	parentheses	parenthesis	NOUN
fsr-3415	225	12	.	.	PUNCT
fsr-3415	226	1	*	*	PUNCT
fsr-3415	226	2	p	p	X
fsr-3415	226	3	�	�	PROPN
fsr-3415	226	4	0.1	0.1	NUM
fsr-3415	226	5	,	,	PUNCT
fsr-3415	226	6	*	*	PUNCT
fsr-3415	226	7	*	*	PUNCT
fsr-3415	226	8	p	p	X
fsr-3415	226	9	�	�	PROPN
fsr-3415	226	10	0.05	0.05	NUM
fsr-3415	226	11	,	,	PUNCT
fsr-3415	226	12	*	*	PUNCT
fsr-3415	226	13	*	*	PUNCT
fsr-3415	226	14	*	*	PUNCT
fsr-3415	226	15	p	p	X
fsr-3415	226	16	�	�	PROPN
fsr-3415	226	17	0.01	0.01	NUM
fsr-3415	226	18	.	.	PUNCT
fsr-3415	227	1	this	this	DET
fsr-3415	227	2	table	table	NOUN
fsr-3415	227	3	presents	present	VERB
fsr-3415	227	4	ordered	order	VERB
fsr-3415	227	5	probit	probit	NOUN
fsr-3415	227	6	results	result	NOUN
fsr-3415	227	7	of	of	ADP
fsr-3415	227	8	estimating	estimate	VERB
fsr-3415	227	9	equation	equation	NOUN
fsr-3415	227	10	(	(	PUNCT
fsr-3415	227	11	1	1	NUM
fsr-3415	227	12	)	)	PUNCT
fsr-3415	227	13	with	with	ADP
fsr-3415	227	14	board	board	NOUN
fsr-3415	227	15	qual	qual	ADJ
fsr-3415	227	16	rate	rate	NOUN
fsr-3415	227	17	as	as	ADP
fsr-3415	227	18	the	the	DET
fsr-3415	227	19	dependent	dependent	ADJ
fsr-3415	227	20	variable	variable	NOUN
fsr-3415	227	21	.	.	PUNCT
fsr-3415	228	1	all	all	DET
fsr-3415	228	2	variables	variable	NOUN
fsr-3415	228	3	are	be	AUX
fsr-3415	228	4	defined	define	VERB
fsr-3415	228	5	as	as	ADP
fsr-3415	228	6	in	in	ADP
fsr-3415	228	7	the	the	DET
fsr-3415	228	8	table	table	NOUN
fsr-3415	228	9	1	1	NUM
fsr-3415	228	10	heading	heading	NOUN
fsr-3415	228	11	,	,	PUNCT
fsr-3415	228	12	except	except	SCONJ
fsr-3415	228	13	family	family	NOUN
fsr-3415	228	14	assets	asset	NOUN
fsr-3415	228	15	,	,	PUNCT
fsr-3415	228	16	fund	fund	NOUN
fsr-3415	228	17	assets	asset	NOUN
fsr-3415	228	18	,	,	PUNCT
fsr-3415	228	19	fund	fund	NOUN
fsr-3415	228	20	age	age	NOUN
fsr-3415	228	21	,	,	PUNCT
fsr-3415	228	22	and	and	CCONJ
fsr-3415	228	23	mgr	mgr	PROPN
fsr-3415	228	24	tenure	tenure	NOUN
fsr-3415	228	25	,	,	PUNCT
fsr-3415	228	26	which	which	PRON
fsr-3415	228	27	are	be	AUX
fsr-3415	228	28	the	the	DET
fsr-3415	228	29	log	log	NOUN
fsr-3415	228	30	transformed	transform	VERB
fsr-3415	228	31	value	value	NOUN
fsr-3415	228	32	of	of	ADP
fsr-3415	228	33	family	family	NOUN
fsr-3415	228	34	assets	asset	NOUN
fsr-3415	228	35	,	,	PUNCT
fsr-3415	228	36	fund	fund	VERB
fsr-3415	228	37	net	net	ADJ
fsr-3415	228	38	assets	asset	NOUN
fsr-3415	228	39	,	,	PUNCT
fsr-3415	228	40	fund	fund	NOUN
fsr-3415	228	41	age	age	NOUN
fsr-3415	228	42	,	,	PUNCT
fsr-3415	228	43	and	and	CCONJ
fsr-3415	228	44	fund	fund	NOUN
fsr-3415	228	45	manager	manager	NOUN
fsr-3415	228	46	tenure	tenure	NOUN
fsr-3415	228	47	.	.	PUNCT
fsr-3415	229	1	year	year	NOUN
fsr-3415	229	2	-	-	PUNCT
fsr-3415	229	3	fixed	fix	VERB
fsr-3415	229	4	effects	effect	NOUN
fsr-3415	229	5	are	be	AUX
fsr-3415	229	6	included	include	VERB
fsr-3415	229	7	and	and	CCONJ
fsr-3415	229	8	standard	standard	ADJ
fsr-3415	229	9	errors	error	NOUN
fsr-3415	229	10	are	be	AUX
fsr-3415	229	11	robust	robust	ADJ
fsr-3415	229	12	to	to	ADP
fsr-3415	229	13	heteroscedasticity	heteroscedasticity	NOUN
fsr-3415	229	14	.	.	PUNCT
fsr-3415	230	1	asterisks	asterisk	NOUN
fsr-3415	230	2	represent	represent	VERB
fsr-3415	230	3	significance	significance	NOUN
fsr-3415	230	4	at	at	ADP
fsr-3415	230	5	the	the	DET
fsr-3415	230	6	10	10	NUM
fsr-3415	230	7	%	%	NOUN
fsr-3415	230	8	(	(	PUNCT
fsr-3415	230	9	*	*	NOUN
fsr-3415	230	10	)	)	PUNCT
fsr-3415	230	11	,	,	PUNCT
fsr-3415	230	12	5	5	NUM
fsr-3415	230	13	%	%	NOUN
fsr-3415	230	14	(	(	PUNCT
fsr-3415	230	15	*	*	NOUN
fsr-3415	230	16	*	*	PUNCT
fsr-3415	230	17	)	)	PUNCT
fsr-3415	230	18	,	,	PUNCT
fsr-3415	230	19	and	and	CCONJ
fsr-3415	230	20	1	1	NUM
fsr-3415	230	21	%	%	NOUN
fsr-3415	230	22	(	(	PUNCT
fsr-3415	230	23	*	*	PUNCT
fsr-3415	230	24	*	*	PUNCT
fsr-3415	230	25	*	*	NOUN
fsr-3415	230	26	)	)	PUNCT
fsr-3415	230	27	level	level	NOUN
fsr-3415	230	28	,	,	PUNCT
fsr-3415	230	29	respectively	respectively	ADV
fsr-3415	230	30	.	.	PUNCT
fsr-3415	231	1	58	58	NUM
fsr-3415	231	2	j.	j.	PROPN
fsr-3415	231	3	handy	handy	PROPN
fsr-3415	231	4	,	,	PUNCT
fsr-3415	231	5	t.	t.	PROPN
fsr-3415	231	6	smythe	smythe	PROPN
fsr-3415	231	7	/	/	SYM
fsr-3415	231	8	financial	financial	ADJ
fsr-3415	231	9	services	service	NOUN
fsr-3415	231	10	review	review	VERB
fsr-3415	231	11	28	28	NUM
fsr-3415	231	12	(	(	PUNCT
fsr-3415	231	13	2020	2020	NUM
fsr-3415	231	14	)	)	PUNCT
fsr-3415	231	15	49	49	NUM
fsr-3415	231	16	-	-	SYM
fsr-3415	231	17	65	65	NUM
fsr-3415	231	18	significant	significant	ADJ
fsr-3415	231	19	at	at	ADP
fsr-3415	231	20	the	the	DET
fsr-3415	231	21	1	1	NUM
fsr-3415	231	22	%	%	NOUN
fsr-3415	231	23	level	level	NOUN
fsr-3415	231	24	.	.	PUNCT
fsr-3415	232	1	equally	equally	ADV
fsr-3415	232	2	important	important	ADJ
fsr-3415	232	3	is	be	AUX
fsr-3415	232	4	that	that	SCONJ
fsr-3415	232	5	our	our	PRON
fsr-3415	232	6	primary	primary	ADJ
fsr-3415	232	7	variable	variable	NOUN
fsr-3415	232	8	of	of	ADP
fsr-3415	232	9	interest	interest	NOUN
fsr-3415	232	10	,	,	PUNCT
fsr-3415	232	11	ms	ms	PROPN
fsr-3415	232	12	,	,	PUNCT
fsr-3415	232	13	continues	continue	VERB
fsr-3415	232	14	to	to	PART
fsr-3415	232	15	be	be	AUX
fsr-3415	232	16	negative	negative	ADJ
fsr-3415	232	17	and	and	CCONJ
fsr-3415	232	18	significant	significant	ADJ
fsr-3415	232	19	.	.	PUNCT
fsr-3415	233	1	panel	panel	NOUN
fsr-3415	233	2	b	b	PROPN
fsr-3415	233	3	of	of	ADP
fsr-3415	233	4	table	table	NOUN
fsr-3415	233	5	3	3	NUM
fsr-3415	233	6	further	further	ADJ
fsr-3415	233	7	details	detail	NOUN
fsr-3415	233	8	the	the	DET
fsr-3415	233	9	results	result	NOUN
fsr-3415	233	10	.	.	PUNCT
fsr-3415	234	1	across	across	ADP
fsr-3415	234	2	all	all	DET
fsr-3415	234	3	corporate	corporate	ADJ
fsr-3415	234	4	culture	culture	NOUN
fsr-3415	234	5	ratings	rating	NOUN
fsr-3415	234	6	,	,	PUNCT
fsr-3415	234	7	ms	ms	PROPN
fsr-3415	234	8	funds	fund	NOUN
fsr-3415	234	9	are	be	AUX
fsr-3415	234	10	more	more	ADV
fsr-3415	234	11	likely	likely	ADJ
fsr-3415	234	12	to	to	PART
fsr-3415	234	13	have	have	VERB
fsr-3415	234	14	lower	low	ADJ
fsr-3415	234	15	board	board	NOUN
fsr-3415	234	16	quality	quality	NOUN
fsr-3415	234	17	ratings	rating	NOUN
fsr-3415	234	18	compared	compare	VERB
fsr-3415	234	19	with	with	ADP
fsr-3415	234	20	non	non	ADJ
fsr-3415	234	21	-	-	ADJ
fsr-3415	234	22	ms	ms	ADJ
fsr-3415	234	23	funds	fund	NOUN
fsr-3415	234	24	and	and	CCONJ
fsr-3415	234	25	in	in	ADP
fsr-3415	234	26	most	most	ADJ
fsr-3415	234	27	cases	case	NOUN
fsr-3415	234	28	are	be	AUX
fsr-3415	234	29	half	half	ADV
fsr-3415	234	30	as	as	ADV
fsr-3415	234	31	likely	likely	ADJ
fsr-3415	234	32	to	to	PART
fsr-3415	234	33	achieve	achieve	VERB
fsr-3415	234	34	the	the	DET
fsr-3415	234	35	highest	high	ADJ
fsr-3415	234	36	board	board	NOUN
fsr-3415	234	37	quality	quality	NOUN
fsr-3415	234	38	ratings	rating	NOUN
fsr-3415	234	39	(	(	PUNCT
fsr-3415	234	40	a	a	DET
fsr-3415	234	41	rating	rating	NOUN
fsr-3415	234	42	of	of	ADP
fsr-3415	234	43	4	4	NUM
fsr-3415	234	44	or	or	CCONJ
fsr-3415	234	45	5	5	NUM
fsr-3415	234	46	)	)	PUNCT
fsr-3415	234	47	.	.	PUNCT
fsr-3415	235	1	interestingly	interestingly	ADV
fsr-3415	235	2	,	,	PUNCT
fsr-3415	235	3	as	as	ADP
fsr-3415	235	4	corporate	corporate	ADJ
fsr-3415	235	5	culture	culture	NOUN
fsr-3415	235	6	ratings	rating	NOUN
fsr-3415	235	7	increase	increase	NOUN
fsr-3415	235	8	,	,	PUNCT
fsr-3415	235	9	ms	ms	NOUN
fsr-3415	235	10	and	and	CCONJ
fsr-3415	235	11	non	non	ADJ
fsr-3415	235	12	-	-	ADJ
fsr-3415	235	13	ms	ms	ADJ
fsr-3415	235	14	funds	fund	NOUN
fsr-3415	235	15	are	be	AUX
fsr-3415	235	16	less	less	ADV
fsr-3415	235	17	likely	likely	ADJ
fsr-3415	235	18	to	to	PART
fsr-3415	235	19	have	have	VERB
fsr-3415	235	20	poor	poor	ADJ
fsr-3415	235	21	board	board	NOUN
fsr-3415	235	22	quality	quality	NOUN
fsr-3415	235	23	ratings	rating	NOUN
fsr-3415	235	24	and	and	CCONJ
fsr-3415	235	25	are	be	AUX
fsr-3415	235	26	more	more	ADV
fsr-3415	235	27	likely	likely	ADJ
fsr-3415	235	28	to	to	PART
fsr-3415	235	29	have	have	VERB
fsr-3415	235	30	higher	high	ADJ
fsr-3415	235	31	ratings	rating	NOUN
fsr-3415	235	32	,	,	PUNCT
fsr-3415	235	33	so	so	SCONJ
fsr-3415	235	34	fund	fund	NOUN
fsr-3415	235	35	sponsor	sponsor	NOUN
fsr-3415	235	36	culture	culture	NOUN
fsr-3415	235	37	clearly	clearly	ADV
fsr-3415	235	38	influences	influence	VERB
fsr-3415	235	39	governance	governance	NOUN
fsr-3415	235	40	at	at	ADP
fsr-3415	235	41	the	the	DET
fsr-3415	235	42	fund	fund	NOUN
fsr-3415	235	43	level	level	NOUN
fsr-3415	235	44	.	.	PUNCT
fsr-3415	236	1	the	the	DET
fsr-3415	236	2	general	general	ADJ
fsr-3415	236	3	relationship	relationship	NOUN
fsr-3415	236	4	continues	continue	VERB
fsr-3415	236	5	to	to	PART
fsr-3415	236	6	hold	hold	VERB
fsr-3415	236	7	:	:	PUNCT
fsr-3415	236	8	ms	ms	ADJ
fsr-3415	236	9	funds	fund	NOUN
fsr-3415	236	10	are	be	AUX
fsr-3415	236	11	more	more	ADV
fsr-3415	236	12	likely	likely	ADJ
fsr-3415	236	13	to	to	PART
fsr-3415	236	14	have	have	VERB
fsr-3415	236	15	lower	low	ADJ
fsr-3415	236	16	board	board	NOUN
fsr-3415	236	17	quality	quality	NOUN
fsr-3415	236	18	ratings	rating	NOUN
fsr-3415	236	19	compared	compare	VERB
fsr-3415	236	20	with	with	ADP
fsr-3415	236	21	non	non	ADJ
fsr-3415	236	22	-	-	ADJ
fsr-3415	236	23	ms	ms	ADJ
fsr-3415	236	24	funds	fund	NOUN
fsr-3415	236	25	.	.	PUNCT
fsr-3415	237	1	when	when	SCONJ
fsr-3415	237	2	comparing	compare	VERB
fsr-3415	237	3	funds	fund	NOUN
fsr-3415	237	4	with	with	ADP
fsr-3415	237	5	the	the	DET
fsr-3415	237	6	worst	bad	ADJ
fsr-3415	237	7	corporate	corporate	ADJ
fsr-3415	237	8	culture	culture	NOUN
fsr-3415	237	9	ratings	rating	NOUN
fsr-3415	237	10	(	(	PUNCT
fsr-3415	237	11	a	a	DET
fsr-3415	237	12	score	score	NOUN
fsr-3415	237	13	of	of	ADP
fsr-3415	237	14	1	1	NUM
fsr-3415	237	15	)	)	PUNCT
fsr-3415	237	16	,	,	PUNCT
fsr-3415	237	17	the	the	DET
fsr-3415	237	18	model	model	NOUN
fsr-3415	237	19	predicts	predict	VERB
fsr-3415	237	20	ms	ms	ADJ
fsr-3415	237	21	funds	fund	NOUN
fsr-3415	237	22	will	will	AUX
fsr-3415	237	23	have	have	VERB
fsr-3415	237	24	the	the	DET
fsr-3415	237	25	worst	bad	ADJ
fsr-3415	237	26	board	board	NOUN
fsr-3415	237	27	quality	quality	NOUN
fsr-3415	237	28	rating	rating	NOUN
fsr-3415	237	29	(	(	PUNCT
fsr-3415	237	30	a	a	DET
fsr-3415	237	31	score	score	NOUN
fsr-3415	237	32	of	of	ADP
fsr-3415	237	33	1	1	NUM
fsr-3415	237	34	)	)	PUNCT
fsr-3415	237	35	with	with	ADP
fsr-3415	237	36	a	a	DET
fsr-3415	237	37	3.8	3.8	NUM
fsr-3415	237	38	%	%	NOUN
fsr-3415	237	39	probability	probability	NOUN
fsr-3415	237	40	.	.	PUNCT
fsr-3415	238	1	this	this	PRON
fsr-3415	238	2	is	be	AUX
fsr-3415	238	3	double	double	DET
fsr-3415	238	4	the	the	DET
fsr-3415	238	5	1.7	1.7	NUM
fsr-3415	238	6	%	%	NOUN
fsr-3415	238	7	probability	probability	NOUN
fsr-3415	238	8	associated	associate	VERB
fsr-3415	238	9	with	with	ADP
fsr-3415	238	10	non	non	ADJ
fsr-3415	238	11	-	-	ADJ
fsr-3415	238	12	ms	ms	ADJ
fsr-3415	238	13	funds	fund	NOUN
fsr-3415	238	14	.	.	PUNCT
fsr-3415	239	1	for	for	ADP
fsr-3415	239	2	the	the	DET
fsr-3415	239	3	same	same	ADJ
fsr-3415	239	4	corporate	corporate	ADJ
fsr-3415	239	5	culture	culture	NOUN
fsr-3415	239	6	rating	rating	NOUN
fsr-3415	239	7	,	,	PUNCT
fsr-3415	239	8	ms	ms	PROPN
fsr-3415	239	9	funds	fund	NOUN
fsr-3415	239	10	have	have	VERB
fsr-3415	239	11	only	only	ADV
fsr-3415	239	12	a	a	DET
fsr-3415	239	13	1	1	NUM
fsr-3415	239	14	%	%	NOUN
fsr-3415	239	15	chance	chance	NOUN
fsr-3415	239	16	of	of	ADP
fsr-3415	239	17	receiving	receive	VERB
fsr-3415	239	18	the	the	DET
fsr-3415	239	19	highest	high	ADJ
fsr-3415	239	20	board	board	NOUN
fsr-3415	239	21	quality	quality	NOUN
fsr-3415	239	22	rating	rating	NOUN
fsr-3415	239	23	(	(	PUNCT
fsr-3415	239	24	a	a	DET
fsr-3415	239	25	score	score	NOUN
fsr-3415	239	26	of	of	ADP
fsr-3415	239	27	5	5	NUM
fsr-3415	239	28	)	)	PUNCT
fsr-3415	239	29	while	while	SCONJ
fsr-3415	239	30	non	non	ADJ
fsr-3415	239	31	-	-	ADJ
fsr-3415	239	32	ms	ms	ADJ
fsr-3415	239	33	funds	fund	NOUN
fsr-3415	239	34	have	have	VERB
fsr-3415	239	35	a	a	DET
fsr-3415	239	36	2.3	2.3	NUM
fsr-3415	239	37	%	%	NOUN
fsr-3415	239	38	chance	chance	NOUN
fsr-3415	239	39	.	.	PUNCT
fsr-3415	240	1	focusing	focus	VERB
fsr-3415	240	2	on	on	ADP
fsr-3415	240	3	sponsors	sponsor	NOUN
fsr-3415	240	4	table	table	NOUN
fsr-3415	240	5	3	3	NUM
fsr-3415	240	6	board	board	NOUN
fsr-3415	240	7	qual	qual	ADJ
fsr-3415	240	8	rate	rate	PROPN
fsr-3415	240	9	predictive	predictive	ADJ
fsr-3415	240	10	probabilities	probability	NOUN
fsr-3415	240	11	panel	panel	NOUN
fsr-3415	240	12	a	a	X
fsr-3415	240	13	:	:	PUNCT
fsr-3415	240	14	ms	ms	PROPN
fsr-3415	240	15	board	board	PROPN
fsr-3415	240	16	qual	qual	PROPN
fsr-3415	240	17	rate	rate	PROPN
fsr-3415	240	18	1	1	NUM
fsr-3415	240	19	2	2	NUM
fsr-3415	240	20	3	3	NUM
fsr-3415	240	21	4	4	NUM
fsr-3415	240	22	5	5	NUM
fsr-3415	240	23	0	0	NUM
fsr-3415	240	24	0.001	0.001	NUM
fsr-3415	240	25	0.017	0.017	NUM
fsr-3415	240	26	0.277	0.277	NUM
fsr-3415	240	27	0.505	0.505	NUM
fsr-3415	240	28	0.2	0.2	NUM
fsr-3415	240	29	1	1	NUM
fsr-3415	240	30	0.004	0.004	NUM
fsr-3415	240	31	0.036	0.036	NUM
fsr-3415	240	32	0.375	0.375	NUM
fsr-3415	240	33	0.464	0.464	NUM
fsr-3415	240	34	0.122	0.122	NUM
fsr-3415	240	35	difference	difference	NOUN
fsr-3415	240	36	(	(	PUNCT
fsr-3415	240	37	basis	basis	NOUN
fsr-3415	240	38	points	point	NOUN
fsr-3415	240	39	)	)	PUNCT
fsr-3415	240	40	30	30	NUM
fsr-3415	240	41	190	190	NUM
fsr-3415	240	42	980	980	NUM
fsr-3415	240	43	�	�	PROPN
fsr-3415	240	44	410	410	NUM
fsr-3415	240	45	�	�	SYM
fsr-3415	240	46	780	780	NUM
fsr-3415	240	47	%	%	NOUN
fsr-3415	240	48	difference	difference	NOUN
fsr-3415	240	49	300.00	300.00	NUM
fsr-3415	240	50	%	%	NOUN
fsr-3415	240	51	111.76	111.76	NUM
fsr-3415	240	52	%	%	NOUN
fsr-3415	240	53	35.38	35.38	NUM
fsr-3415	240	54	%	%	NOUN
fsr-3415	240	55	�	�	NOUN
fsr-3415	240	56	8.12	8.12	NUM
fsr-3415	240	57	%	%	NOUN
fsr-3415	240	58	�	�	PROPN
fsr-3415	240	59	39.00	39.00	NUM
fsr-3415	240	60	%	%	NOUN
fsr-3415	240	61	panel	panel	NOUN
fsr-3415	240	62	b	b	NOUN
fsr-3415	240	63	:	:	PUNCT
fsr-3415	240	64	board	board	PROPN
fsr-3415	240	65	qual	qual	PROPN
fsr-3415	240	66	rate	rate	PROPN
fsr-3415	240	67	corp	corp	PROPN
fsr-3415	240	68	culture	culture	PROPN
fsr-3415	240	69	rate	rate	NOUN
fsr-3415	240	70	ms	ms	PROPN
fsr-3415	240	71	1	1	NUM
fsr-3415	240	72	2	2	NUM
fsr-3415	240	73	3	3	NUM
fsr-3415	240	74	4	4	NUM
fsr-3415	240	75	5	5	NUM
fsr-3415	240	76	1	1	NUM
fsr-3415	240	77	0	0	NUM
fsr-3415	240	78	0.017	0.017	NUM
fsr-3415	240	79	0.112	0.112	NUM
fsr-3415	240	80	0.57	0.57	NUM
fsr-3415	240	81	0.277	0.277	NUM
fsr-3415	240	82	0.023	0.023	NUM
fsr-3415	240	83	1	1	NUM
fsr-3415	240	84	1	1	NUM
fsr-3415	240	85	0.038	0.038	NUM
fsr-3415	240	86	0.178	0.178	NUM
fsr-3415	240	87	0.591	0.591	NUM
fsr-3415	240	88	0.183	0.183	NUM
fsr-3415	240	89	0.01	0.01	NUM
fsr-3415	240	90	difference	difference	NOUN
fsr-3415	240	91	(	(	PUNCT
fsr-3415	240	92	basis	basis	NOUN
fsr-3415	240	93	points	point	NOUN
fsr-3415	240	94	)	)	PUNCT
fsr-3415	240	95	210	210	NUM
fsr-3415	240	96	660	660	NUM
fsr-3415	240	97	210	210	NUM
fsr-3415	240	98	�	�	PROPN
fsr-3415	240	99	940	940	NUM
fsr-3415	240	100	�	�	NOUN
fsr-3415	240	101	130	130	NUM
fsr-3415	240	102	%	%	NOUN
fsr-3415	240	103	difference	difference	NOUN
fsr-3415	240	104	123.53	123.53	NUM
fsr-3415	240	105	%	%	NOUN
fsr-3415	240	106	58.93	58.93	NUM
fsr-3415	240	107	%	%	NOUN
fsr-3415	240	108	3.68	3.68	NUM
fsr-3415	240	109	%	%	NOUN
fsr-3415	240	110	�	�	NOUN
fsr-3415	240	111	33.94	33.94	NUM
fsr-3415	240	112	%	%	NOUN
fsr-3415	240	113	�	�	NOUN
fsr-3415	240	114	56.52	56.52	NUM
fsr-3415	240	115	%	%	NOUN
fsr-3415	240	116	2	2	NUM
fsr-3415	240	117	0	0	NUM
fsr-3415	240	118	0.006	0.006	NUM
fsr-3415	240	119	0.057	0.057	NUM
fsr-3415	240	120	0.485	0.485	NUM
fsr-3415	240	121	0.396	0.396	NUM
fsr-3415	240	122	0.056	0.056	NUM
fsr-3415	240	123	2	2	NUM
fsr-3415	240	124	1	1	NUM
fsr-3415	240	125	0.015	0.015	NUM
fsr-3415	240	126	0.102	0.102	NUM
fsr-3415	240	127	0.561	0.561	NUM
fsr-3415	240	128	0.295	0.295	NUM
fsr-3415	240	129	0.027	0.027	NUM
fsr-3415	240	130	difference	difference	NOUN
fsr-3415	240	131	(	(	PUNCT
fsr-3415	240	132	basis	basis	NOUN
fsr-3415	240	133	points	point	NOUN
fsr-3415	240	134	)	)	PUNCT
fsr-3415	240	135	90	90	NUM
fsr-3415	240	136	450	450	NUM
fsr-3415	240	137	760	760	NUM
fsr-3415	240	138	�	�	PROPN
fsr-3415	240	139	1010	1010	NUM
fsr-3415	240	140	�	�	PROPN
fsr-3415	240	141	290	290	NUM
fsr-3415	240	142	%	%	NOUN
fsr-3415	240	143	difference	difference	NOUN
fsr-3415	240	144	150.00	150.00	NUM
fsr-3415	240	145	%	%	NOUN
fsr-3415	240	146	78.95	78.95	NUM
fsr-3415	240	147	%	%	NOUN
fsr-3415	240	148	15.67	15.67	NUM
fsr-3415	240	149	%	%	NOUN
fsr-3415	240	150	�	�	NOUN
fsr-3415	240	151	25.51	25.51	NUM
fsr-3415	240	152	%	%	NOUN
fsr-3415	240	153	�	�	NOUN
fsr-3415	240	154	51.79	51.79	NUM
fsr-3415	240	155	%	%	NOUN
fsr-3415	240	156	3	3	NUM
fsr-3415	240	157	0	0	NUM
fsr-3415	240	158	0.002	0.002	NUM
fsr-3415	240	159	0.025	0.025	NUM
fsr-3415	240	160	0.361	0.361	NUM
fsr-3415	240	161	0.493	0.493	NUM
fsr-3415	240	162	0.119	0.119	NUM
fsr-3415	240	163	3	3	NUM
fsr-3415	240	164	1	1	NUM
fsr-3415	240	165	0.005	0.005	NUM
fsr-3415	240	166	0.05	0.05	NUM
fsr-3415	240	167	0.467	0.467	NUM
fsr-3415	240	168	0.414	0.414	NUM
fsr-3415	240	169	0.064	0.064	NUM
fsr-3415	240	170	difference	difference	NOUN
fsr-3415	240	171	(	(	PUNCT
fsr-3415	240	172	basis	basis	NOUN
fsr-3415	240	173	points	point	NOUN
fsr-3415	240	174	)	)	PUNCT
fsr-3415	240	175	30	30	NUM
fsr-3415	240	176	250	250	NUM
fsr-3415	240	177	1060	1060	NUM
fsr-3415	240	178	�	�	PROPN
fsr-3415	240	179	790	790	NUM
fsr-3415	240	180	�	�	SYM
fsr-3415	240	181	550	550	NUM
fsr-3415	240	182	%	%	NOUN
fsr-3415	240	183	difference	difference	NOUN
fsr-3415	240	184	150.00	150.00	NUM
fsr-3415	240	185	%	%	NOUN
fsr-3415	240	186	100.00	100.00	NUM
fsr-3415	240	187	%	%	NOUN
fsr-3415	240	188	29.36	29.36	NUM
fsr-3415	240	189	%	%	NOUN
fsr-3415	240	190	�	�	NOUN
fsr-3415	240	191	16.02	16.02	NUM
fsr-3415	240	192	%	%	NOUN
fsr-3415	240	193	�	�	NOUN
fsr-3415	240	194	46.22	46.22	NUM
fsr-3415	240	195	%	%	NOUN
fsr-3415	240	196	4	4	NUM
fsr-3415	240	197	0	0	NUM
fsr-3415	240	198	0	0	NUM
fsr-3415	240	199	0.009	0.009	NUM
fsr-3415	240	200	0.235	0.235	NUM
fsr-3415	240	201	0.536	0.536	NUM
fsr-3415	240	202	0.219	0.219	NUM
fsr-3415	240	203	4	4	NUM
fsr-3415	240	204	1	1	NUM
fsr-3415	240	205	0.001	0.001	NUM
fsr-3415	240	206	0.021	0.021	NUM
fsr-3415	240	207	0.341	0.341	NUM
fsr-3415	240	208	0.504	0.504	NUM
fsr-3415	240	209	0.132	0.132	NUM
fsr-3415	240	210	difference	difference	NOUN
fsr-3415	240	211	(	(	PUNCT
fsr-3415	240	212	basis	basis	NOUN
fsr-3415	240	213	points	point	NOUN
fsr-3415	240	214	)	)	PUNCT
fsr-3415	240	215	10	10	NUM
fsr-3415	240	216	120	120	NUM
fsr-3415	240	217	1060	1060	NUM
fsr-3415	240	218	�	�	SYM
fsr-3415	240	219	320	320	NUM
fsr-3415	240	220	�	�	NOUN
fsr-3415	240	221	870	870	NUM
fsr-3415	240	222	%	%	NOUN
fsr-3415	240	223	difference	difference	NOUN
fsr-3415	240	224	n	n	CCONJ
fsr-3415	240	225	/	/	SYM
fsr-3415	240	226	a	a	DET
fsr-3415	240	227	133.33	133.33	NUM
fsr-3415	240	228	%	%	NOUN
fsr-3415	240	229	45.11	45.11	NUM
fsr-3415	240	230	%	%	NOUN
fsr-3415	240	231	�	�	NOUN
fsr-3415	240	232	5.97	5.97	NUM
fsr-3415	240	233	%	%	NOUN
fsr-3415	240	234	�	�	NOUN
fsr-3415	240	235	39.73	39.73	NUM
fsr-3415	240	236	%	%	NOUN
fsr-3415	240	237	5	5	NUM
fsr-3415	240	238	0	0	NUM
fsr-3415	240	239	0	0	NUM
fsr-3415	240	240	0.003	0.003	NUM
fsr-3415	240	241	0.134	0.134	NUM
fsr-3415	240	242	0.507	0.507	NUM
fsr-3415	240	243	0.356	0.356	NUM
fsr-3415	240	244	5	5	NUM
fsr-3415	240	245	1	1	NUM
fsr-3415	240	246	0	0	NUM
fsr-3415	240	247	0.008	0.008	NUM
fsr-3415	240	248	0.218	0.218	NUM
fsr-3415	240	249	0.536	0.536	NUM
fsr-3415	240	250	0.238	0.238	NUM
fsr-3415	240	251	difference	difference	NOUN
fsr-3415	240	252	0	0	NUM
fsr-3415	240	253	50	50	NUM
fsr-3415	240	254	840	840	NUM
fsr-3415	240	255	290	290	NUM
fsr-3415	240	256	�	�	NOUN
fsr-3415	240	257	1180	1180	NUM
fsr-3415	240	258	%	%	NOUN
fsr-3415	240	259	difference	difference	NOUN
fsr-3415	240	260	n	n	CCONJ
fsr-3415	240	261	/	/	SYM
fsr-3415	240	262	a	a	DET
fsr-3415	240	263	166.67	166.67	NUM
fsr-3415	240	264	%	%	NOUN
fsr-3415	240	265	62.69	62.69	NUM
fsr-3415	240	266	%	%	NOUN
fsr-3415	240	267	5.72	5.72	NUM
fsr-3415	240	268	%	%	NOUN
fsr-3415	240	269	�	�	NOUN
fsr-3415	240	270	33.15	33.15	NUM
fsr-3415	240	271	%	%	NOUN
fsr-3415	240	272	this	this	DET
fsr-3415	240	273	table	table	NOUN
fsr-3415	240	274	presents	present	VERB
fsr-3415	240	275	predicted	predict	VERB
fsr-3415	240	276	probabilities	probability	NOUN
fsr-3415	240	277	resulting	result	VERB
fsr-3415	240	278	from	from	ADP
fsr-3415	240	279	ordered	order	VERB
fsr-3415	240	280	probit	probit	NOUN
fsr-3415	240	281	regressions	regression	NOUN
fsr-3415	240	282	.	.	PUNCT
fsr-3415	241	1	board	board	NOUN
fsr-3415	241	2	qual	qual	PROPN
fsr-3415	241	3	rate	rate	NOUN
fsr-3415	241	4	takes	take	VERB
fsr-3415	241	5	on	on	ADP
fsr-3415	241	6	an	an	DET
fsr-3415	241	7	integer	integer	NOUN
fsr-3415	241	8	value	value	NOUN
fsr-3415	241	9	between	between	ADP
fsr-3415	241	10	1	1	NUM
fsr-3415	241	11	and	and	CCONJ
fsr-3415	241	12	5	5	NUM
fsr-3415	241	13	reflecting	reflect	VERB
fsr-3415	241	14	the	the	DET
fsr-3415	241	15	morningstar	morningstar	PROPN
fsr-3415	241	16	board	board	PROPN
fsr-3415	241	17	quality	quality	NOUN
fsr-3415	241	18	rating	rating	NOUN
fsr-3415	241	19	.	.	PUNCT
fsr-3415	242	1	ms	ms	PROPN
fsr-3415	242	2	equals	equal	VERB
fsr-3415	242	3	zero	zero	NUM
fsr-3415	242	4	if	if	SCONJ
fsr-3415	242	5	the	the	DET
fsr-3415	242	6	fund	fund	NOUN
fsr-3415	242	7	is	be	AUX
fsr-3415	242	8	a	a	DET
fsr-3415	242	9	non	non	ADJ
fsr-3415	242	10	-	-	ADJ
fsr-3415	242	11	ms	ms	ADJ
fsr-3415	242	12	fund	fund	NOUN
fsr-3415	242	13	and	and	CCONJ
fsr-3415	242	14	1	1	NUM
fsr-3415	242	15	if	if	SCONJ
fsr-3415	242	16	the	the	DET
fsr-3415	242	17	fund	fund	NOUN
fsr-3415	242	18	is	be	AUX
fsr-3415	242	19	an	an	DET
fsr-3415	242	20	ms	ms	PROPN
fsr-3415	242	21	fund	fund	NOUN
fsr-3415	242	22	.	.	PUNCT
fsr-3415	243	1	the	the	DET
fsr-3415	243	2	values	value	NOUN
fsr-3415	243	3	within	within	ADP
fsr-3415	243	4	the	the	DET
fsr-3415	243	5	table	table	NOUN
fsr-3415	243	6	,	,	PUNCT
fsr-3415	243	7	unless	unless	SCONJ
fsr-3415	243	8	labelled	label	VERB
fsr-3415	243	9	otherwise	otherwise	ADV
fsr-3415	243	10	,	,	PUNCT
fsr-3415	243	11	represent	represent	VERB
fsr-3415	243	12	percentages	percentage	NOUN
fsr-3415	243	13	in	in	ADP
fsr-3415	243	14	decimal	decimal	ADJ
fsr-3415	243	15	form	form	NOUN
fsr-3415	243	16	.	.	PUNCT
fsr-3415	244	1	panel	panel	NOUN
fsr-3415	244	2	a	a	PRON
fsr-3415	244	3	provides	provide	VERB
fsr-3415	244	4	predicted	predict	VERB
fsr-3415	244	5	probabilities	probability	NOUN
fsr-3415	244	6	based	base	VERB
fsr-3415	244	7	on	on	ADP
fsr-3415	244	8	fund	fund	NOUN
fsr-3415	244	9	type	type	NOUN
fsr-3415	244	10	alone	alone	ADV
fsr-3415	244	11	.	.	PUNCT
fsr-3415	245	1	panel	panel	NOUN
fsr-3415	245	2	b	b	PROPN
fsr-3415	245	3	provides	provide	VERB
fsr-3415	245	4	predicted	predict	VERB
fsr-3415	245	5	probabilities	probability	NOUN
fsr-3415	245	6	for	for	ADP
fsr-3415	245	7	ms	ms	PROPN
fsr-3415	245	8	and	and	CCONJ
fsr-3415	245	9	non	non	ADJ
fsr-3415	245	10	-	-	ADJ
fsr-3415	245	11	ms	ms	ADJ
fsr-3415	245	12	funds	fund	NOUN
fsr-3415	245	13	conditional	conditional	ADJ
fsr-3415	245	14	on	on	ADP
fsr-3415	245	15	their	their	PRON
fsr-3415	245	16	morningstar	morningstar	NOUN
fsr-3415	245	17	corporate	corporate	ADJ
fsr-3415	245	18	culture	culture	NOUN
fsr-3415	245	19	rating	rating	NOUN
fsr-3415	245	20	.	.	PUNCT
fsr-3415	246	1	59j	59j	NOUN
fsr-3415	246	2	.	.	PUNCT
fsr-3415	247	1	handy	handy	ADJ
fsr-3415	247	2	,	,	PUNCT
fsr-3415	247	3	t.	t.	PROPN
fsr-3415	247	4	smythe	smythe	PROPN
fsr-3415	247	5	/	/	SYM
fsr-3415	247	6	financial	financial	ADJ
fsr-3415	247	7	services	service	NOUN
fsr-3415	247	8	review	review	VERB
fsr-3415	247	9	28	28	NUM
fsr-3415	247	10	(	(	PUNCT
fsr-3415	247	11	2020	2020	NUM
fsr-3415	247	12	)	)	PUNCT
fsr-3415	247	13	49	49	NUM
fsr-3415	247	14	-	-	SYM
fsr-3415	247	15	65	65	NUM
fsr-3415	247	16	with	with	ADP
fsr-3415	247	17	only	only	ADV
fsr-3415	247	18	the	the	DET
fsr-3415	247	19	highest	high	ADJ
fsr-3415	247	20	corporate	corporate	ADJ
fsr-3415	247	21	culture	culture	NOUN
fsr-3415	247	22	rating	rating	NOUN
fsr-3415	247	23	(	(	PUNCT
fsr-3415	247	24	a	a	DET
fsr-3415	247	25	score	score	NOUN
fsr-3415	247	26	of	of	ADP
fsr-3415	247	27	5	5	NUM
fsr-3415	247	28	)	)	PUNCT
fsr-3415	247	29	,	,	PUNCT
fsr-3415	247	30	no	no	DET
fsr-3415	247	31	firms	firm	NOUN
fsr-3415	247	32	have	have	VERB
fsr-3415	247	33	a	a	DET
fsr-3415	247	34	board	board	NOUN
fsr-3415	247	35	quality	quality	NOUN
fsr-3415	247	36	score	score	NOUN
fsr-3415	247	37	of	of	ADP
fsr-3415	247	38	1	1	NUM
fsr-3415	247	39	;	;	PUNCT
fsr-3415	247	40	however	however	ADV
fsr-3415	247	41	,	,	PUNCT
fsr-3415	247	42	ms	ms	PROPN
fsr-3415	247	43	funds	fund	NOUN
fsr-3415	247	44	are	be	AUX
fsr-3415	247	45	twice	twice	ADV
fsr-3415	247	46	as	as	ADV
fsr-3415	247	47	likely	likely	ADJ
fsr-3415	247	48	to	to	PART
fsr-3415	247	49	receive	receive	VERB
fsr-3415	247	50	the	the	DET
fsr-3415	247	51	next	next	ADJ
fsr-3415	247	52	worse	bad	ADJ
fsr-3415	247	53	rating	rating	NOUN
fsr-3415	247	54	(	(	PUNCT
fsr-3415	247	55	0.8	0.8	NUM
fsr-3415	247	56	%	%	NOUN
fsr-3415	247	57	vs.	vs.	ADP
fsr-3415	247	58	0.3	0.3	NUM
fsr-3415	247	59	%	%	NOUN
fsr-3415	247	60	,	,	PUNCT
fsr-3415	247	61	respectively	respectively	ADV
fsr-3415	247	62	)	)	PUNCT
fsr-3415	247	63	and	and	CCONJ
fsr-3415	247	64	are	be	AUX
fsr-3415	247	65	significantly	significantly	ADV
fsr-3415	247	66	less	less	ADV
fsr-3415	247	67	likely	likely	ADJ
fsr-3415	247	68	to	to	PART
fsr-3415	247	69	achieve	achieve	VERB
fsr-3415	247	70	the	the	DET
fsr-3415	247	71	highest	high	ADJ
fsr-3415	247	72	board	board	NOUN
fsr-3415	247	73	quality	quality	NOUN
fsr-3415	247	74	score	score	NOUN
fsr-3415	247	75	(	(	PUNCT
fsr-3415	247	76	23.8	23.8	NUM
fsr-3415	247	77	%	%	NOUN
fsr-3415	247	78	vs.	vs.	ADP
fsr-3415	247	79	35.6	35.6	NUM
fsr-3415	247	80	%	%	NOUN
fsr-3415	247	81	)	)	PUNCT
fsr-3415	247	82	.	.	PUNCT
fsr-3415	248	1	a	a	DET
fsr-3415	248	2	visual	visual	ADJ
fsr-3415	248	3	representation	representation	NOUN
fsr-3415	248	4	of	of	ADP
fsr-3415	248	5	predicted	predict	VERB
fsr-3415	248	6	probabilities	probability	NOUN
fsr-3415	248	7	is	be	AUX
fsr-3415	248	8	useful	useful	ADJ
fsr-3415	248	9	.	.	PUNCT
fsr-3415	249	1	fig	fig	NOUN
fsr-3415	249	2	.	.	PUNCT
fsr-3415	250	1	1	1	NUM
fsr-3415	250	2	provides	provide	VERB
fsr-3415	250	3	a	a	DET
fsr-3415	250	4	graphical	graphical	ADJ
fsr-3415	250	5	comparison	comparison	NOUN
fsr-3415	250	6	of	of	ADP
fsr-3415	250	7	board	board	NOUN
fsr-3415	250	8	qual	qual	ADJ
fsr-3415	250	9	rate	rate	NOUN
fsr-3415	250	10	across	across	ADP
fsr-3415	250	11	mutual	mutual	ADJ
fsr-3415	250	12	fund	fund	NOUN
fsr-3415	250	13	types	type	NOUN
fsr-3415	250	14	(	(	PUNCT
fsr-3415	250	15	ms	ms	PROPN
fsr-3415	250	16	vs.	vs.	X
fsr-3415	250	17	non	non	PROPN
fsr-3415	250	18	-	-	ADJ
fsr-3415	250	19	ms	ms	ADJ
fsr-3415	250	20	,	,	PUNCT
fsr-3415	250	21	fig	fig	NOUN
fsr-3415	250	22	.	.	PUNCT
fsr-3415	251	1	1a	1a	NOUN
fsr-3415	251	2	)	)	PUNCT
fsr-3415	251	3	and	and	CCONJ
fsr-3415	251	4	across	across	ADP
fsr-3415	251	5	mutual	mutual	ADJ
fsr-3415	251	6	fund	fund	NOUN
fsr-3415	251	7	type	type	NOUN
fsr-3415	251	8	and	and	CCONJ
fsr-3415	251	9	corp	corp	PROPN
fsr-3415	251	10	culture	culture	NOUN
fsr-3415	251	11	rate	rate	NOUN
fsr-3415	251	12	(	(	PUNCT
fsr-3415	251	13	fig	fig	NOUN
fsr-3415	251	14	.	.	PUNCT
fsr-3415	252	1	1b).8	1b).8	NUM
fsr-3415	252	2	both	both	DET
fsr-3415	252	3	figures	figure	NOUN
fsr-3415	252	4	show	show	VERB
fsr-3415	252	5	that	that	SCONJ
fsr-3415	252	6	non	non	ADJ
fsr-3415	252	7	-	-	ADJ
fsr-3415	252	8	ms	ms	ADJ
fsr-3415	252	9	funds	fund	NOUN
fsr-3415	252	10	have	have	VERB
fsr-3415	252	11	lower	low	ADJ
fsr-3415	252	12	probabilities	probability	NOUN
fsr-3415	252	13	of	of	ADP
fsr-3415	252	14	receiving	receive	VERB
fsr-3415	252	15	lower	low	ADJ
fsr-3415	252	16	board	board	NOUN
fsr-3415	252	17	quality	quality	NOUN
fsr-3415	252	18	ratings	rating	NOUN
fsr-3415	252	19	and	and	CCONJ
fsr-3415	252	20	higher	high	ADJ
fsr-3415	252	21	fig	fig	NOUN
fsr-3415	252	22	.	.	PUNCT
fsr-3415	253	1	1	1	X
fsr-3415	253	2	.	.	X
fsr-3415	254	1	ms	ms	PROPN
fsr-3415	254	2	versus	versus	ADP
fsr-3415	254	3	non	non	ADJ
fsr-3415	254	4	-	-	ADJ
fsr-3415	254	5	ms	ms	ADJ
fsr-3415	254	6	board	board	PROPN
fsr-3415	254	7	qual	qual	PROPN
fsr-3415	254	8	rate	rate	PROPN
fsr-3415	254	9	fig	fig	PROPN
fsr-3415	254	10	.	.	PUNCT
fsr-3415	255	1	1	1	NUM
fsr-3415	255	2	compares	compare	VERB
fsr-3415	255	3	board	board	NOUN
fsr-3415	255	4	qual	qual	ADJ
fsr-3415	255	5	rate	rate	PROPN
fsr-3415	255	6	across	across	ADP
fsr-3415	255	7	fund	fund	NOUN
fsr-3415	255	8	type	type	NOUN
fsr-3415	255	9	(	(	PUNCT
fsr-3415	255	10	ms	ms	PROPN
fsr-3415	255	11	vs.	vs.	X
fsr-3415	255	12	non	non	PROPN
fsr-3415	255	13	-	-	PROPN
fsr-3415	255	14	ms	ms	ADJ
fsr-3415	255	15	;	;	PUNCT
fsr-3415	255	16	fig	fig	NOUN
fsr-3415	255	17	.	.	PUNCT
fsr-3415	256	1	1a	1a	NOUN
fsr-3415	256	2	)	)	PUNCT
fsr-3415	256	3	and	and	CCONJ
fsr-3415	256	4	across	across	ADP
fsr-3415	256	5	both	both	PRON
fsr-3415	256	6	fund	fund	NOUN
fsr-3415	256	7	type	type	NOUN
fsr-3415	256	8	and	and	CCONJ
fsr-3415	256	9	corp	corp	PROPN
fsr-3415	256	10	culture	culture	NOUN
fsr-3415	256	11	rate	rate	NOUN
fsr-3415	256	12	(	(	PUNCT
fsr-3415	256	13	fig	fig	NOUN
fsr-3415	256	14	.	.	PUNCT
fsr-3415	257	1	1b	1b	NUM
fsr-3415	257	2	)	)	PUNCT
fsr-3415	257	3	series	series	PROPN
fsr-3415	257	4	ms	ms	PROPN
fsr-3415	257	5	�	�	PROPN
fsr-3415	257	6	0	0	NUM
fsr-3415	257	7	reflects	reflect	VERB
fsr-3415	257	8	non	non	ADJ
fsr-3415	257	9	-	-	ADJ
fsr-3415	257	10	ms	ms	ADJ
fsr-3415	257	11	funds	fund	NOUN
fsr-3415	257	12	in	in	ADP
fsr-3415	257	13	fig	fig	NOUN
fsr-3415	257	14	.	.	PUNCT
fsr-3415	258	1	1a	1a	PROPN
fsr-3415	258	2	.	.	PUNCT
fsr-3415	259	1	series	series	PROPN
fsr-3415	259	2	ms	ms	PROPN
fsr-3415	259	3	�	�	PROPN
fsr-3415	259	4	1	1	NUM
fsr-3415	259	5	reflects	reflect	VERB
fsr-3415	259	6	ms	ms	ADJ
fsr-3415	259	7	funds	fund	NOUN
fsr-3415	259	8	in	in	ADP
fsr-3415	259	9	fig	fig	NOUN
fsr-3415	259	10	.	.	PUNCT
fsr-3415	260	1	1a	1a	PROPN
fsr-3415	260	2	.	.	PUNCT
fsr-3415	261	1	series	series	PROPN
fsr-3415	261	2	ms1c1	ms1c1	NOUN
fsr-3415	261	3	graphs	graph	NOUN
fsr-3415	261	4	predicted	predict	VERB
fsr-3415	261	5	probabilities	probability	NOUN
fsr-3415	261	6	for	for	ADP
fsr-3415	261	7	ms	ms	ADJ
fsr-3415	261	8	funds	fund	NOUN
fsr-3415	261	9	with	with	ADP
fsr-3415	261	10	the	the	DET
fsr-3415	261	11	lowest	low	ADJ
fsr-3415	261	12	corp	corp	PROPN
fsr-3415	261	13	culture	culture	NOUN
fsr-3415	261	14	rate	rate	PROPN
fsr-3415	261	15	(	(	PUNCT
fsr-3415	261	16	corp	corp	PROPN
fsr-3415	261	17	culture	culture	PROPN
fsr-3415	261	18	rate	rate	PROPN
fsr-3415	261	19	�	�	PROPN
fsr-3415	261	20	1	1	NUM
fsr-3415	261	21	;	;	PUNCT
fsr-3415	261	22	fig	fig	NOUN
fsr-3415	261	23	.	.	PUNCT
fsr-3415	262	1	1b	1b	NUM
fsr-3415	262	2	)	)	PUNCT
fsr-3415	262	3	.	.	PUNCT
fsr-3415	263	1	series	serie	NOUN
fsr-3415	263	2	ms1c5	ms1c5	PROPN
fsr-3415	263	3	graphs	graph	VERB
fsr-3415	263	4	predicted	predict	VERB
fsr-3415	263	5	probabilities	probability	NOUN
fsr-3415	263	6	for	for	ADP
fsr-3415	263	7	ms	ms	ADJ
fsr-3415	263	8	funds	fund	NOUN
fsr-3415	263	9	with	with	ADP
fsr-3415	263	10	the	the	DET
fsr-3415	263	11	highest	high	ADJ
fsr-3415	263	12	corp	corp	PROPN
fsr-3415	263	13	culture	culture	NOUN
fsr-3415	263	14	rate	rate	PROPN
fsr-3415	263	15	(	(	PUNCT
fsr-3415	263	16	corp	corp	PROPN
fsr-3415	263	17	culture	culture	PROPN
fsr-3415	263	18	rate	rate	PROPN
fsr-3415	263	19	�	�	PROPN
fsr-3415	263	20	5	5	NUM
fsr-3415	263	21	;	;	PUNCT
fsr-3415	263	22	fig	fig	NOUN
fsr-3415	263	23	.	.	PUNCT
fsr-3415	264	1	1b	1b	NUM
fsr-3415	264	2	)	)	PUNCT
fsr-3415	264	3	.	.	PUNCT
fsr-3415	265	1	series	series	PROPN
fsr-3415	265	2	ms0c1	ms0c1	PROPN
fsr-3415	265	3	graphs	graph	NOUN
fsr-3415	265	4	predicted	predict	VERB
fsr-3415	265	5	probabilities	probability	NOUN
fsr-3415	265	6	for	for	ADP
fsr-3415	265	7	non	non	ADJ
fsr-3415	265	8	-	-	ADJ
fsr-3415	265	9	ms	ms	ADJ
fsr-3415	265	10	funds	fund	NOUN
fsr-3415	265	11	with	with	ADP
fsr-3415	265	12	the	the	DET
fsr-3415	265	13	lowest	low	ADJ
fsr-3415	265	14	corp	corp	PROPN
fsr-3415	265	15	culture	culture	NOUN
fsr-3415	265	16	rate	rate	PROPN
fsr-3415	265	17	(	(	PUNCT
fsr-3415	265	18	corp	corp	PROPN
fsr-3415	265	19	culture	culture	PROPN
fsr-3415	265	20	rate	rate	PROPN
fsr-3415	265	21	�	�	PROPN
fsr-3415	265	22	1	1	NUM
fsr-3415	265	23	;	;	PUNCT
fsr-3415	265	24	fig	fig	NOUN
fsr-3415	265	25	.	.	PUNCT
fsr-3415	266	1	1b	1b	NUM
fsr-3415	266	2	)	)	PUNCT
fsr-3415	266	3	.	.	PUNCT
fsr-3415	267	1	series	series	PROPN
fsr-3415	267	2	ms0c5	ms0c5	NOUN
fsr-3415	267	3	graphs	graph	NOUN
fsr-3415	267	4	predicted	predict	VERB
fsr-3415	267	5	probabilities	probability	NOUN
fsr-3415	267	6	for	for	ADP
fsr-3415	267	7	non	non	ADJ
fsr-3415	267	8	-	-	ADJ
fsr-3415	267	9	ms	ms	ADJ
fsr-3415	267	10	funds	fund	NOUN
fsr-3415	267	11	with	with	ADP
fsr-3415	267	12	the	the	DET
fsr-3415	267	13	highest	high	ADJ
fsr-3415	267	14	corp	corp	PROPN
fsr-3415	267	15	culture	culture	NOUN
fsr-3415	267	16	rate	rate	PROPN
fsr-3415	267	17	(	(	PUNCT
fsr-3415	267	18	corp	corp	PROPN
fsr-3415	267	19	culture	culture	PROPN
fsr-3415	267	20	rate	rate	PROPN
fsr-3415	267	21	�	�	PROPN
fsr-3415	267	22	5	5	NUM
fsr-3415	267	23	;	;	PUNCT
fsr-3415	267	24	fig	fig	NOUN
fsr-3415	267	25	.	.	PUNCT
fsr-3415	268	1	1b	1b	NUM
fsr-3415	268	2	)	)	PUNCT
fsr-3415	268	3	.	.	PUNCT
fsr-3415	269	1	60	60	NUM
fsr-3415	269	2	j.	j.	PROPN
fsr-3415	269	3	handy	handy	PROPN
fsr-3415	269	4	,	,	PUNCT
fsr-3415	269	5	t.	t.	PROPN
fsr-3415	269	6	smythe	smythe	PROPN
fsr-3415	269	7	/	/	SYM
fsr-3415	269	8	financial	financial	ADJ
fsr-3415	269	9	services	service	NOUN
fsr-3415	269	10	review	review	VERB
fsr-3415	269	11	28	28	NUM
fsr-3415	269	12	(	(	PUNCT
fsr-3415	269	13	2020	2020	NUM
fsr-3415	269	14	)	)	PUNCT
fsr-3415	269	15	49	49	NUM
fsr-3415	269	16	-	-	SYM
fsr-3415	269	17	65	65	NUM
fsr-3415	269	18	probabilities	probability	NOUN
fsr-3415	269	19	of	of	ADP
fsr-3415	269	20	higher	high	ADJ
fsr-3415	269	21	board	board	NOUN
fsr-3415	269	22	quality	quality	NOUN
fsr-3415	269	23	ratings	rating	NOUN
fsr-3415	269	24	(	(	PUNCT
fsr-3415	269	25	ms0c1	ms0c1	PROPN
fsr-3415	269	26	and	and	CCONJ
fsr-3415	269	27	ms0c5	ms0c5	NOUN
fsr-3415	269	28	)	)	PUNCT
fsr-3415	269	29	.	.	PUNCT
fsr-3415	270	1	at	at	ADP
fsr-3415	270	2	the	the	DET
fsr-3415	270	3	most	most	ADV
fsr-3415	270	4	extreme	extreme	ADJ
fsr-3415	270	5	,	,	PUNCT
fsr-3415	270	6	fig	fig	NOUN
fsr-3415	270	7	.	.	PUNCT
fsr-3415	270	8	1b	1b	PROPN
fsr-3415	270	9	shows	show	VERB
fsr-3415	270	10	that	that	SCONJ
fsr-3415	270	11	non	non	ADJ
fsr-3415	270	12	-	-	ADJ
fsr-3415	270	13	ms	ms	ADJ
fsr-3415	270	14	funds	fund	NOUN
fsr-3415	270	15	with	with	ADP
fsr-3415	270	16	the	the	DET
fsr-3415	270	17	higher	high	ADJ
fsr-3415	270	18	corporate	corporate	ADJ
fsr-3415	270	19	culture	culture	NOUN
fsr-3415	270	20	ratings	rating	NOUN
fsr-3415	270	21	have	have	VERB
fsr-3415	270	22	approximately	approximately	ADV
fsr-3415	270	23	a	a	DET
fsr-3415	270	24	40	40	NUM
fsr-3415	270	25	%	%	NOUN
fsr-3415	270	26	higher	high	ADJ
fsr-3415	270	27	chance	chance	NOUN
fsr-3415	270	28	of	of	ADP
fsr-3415	270	29	receiving	receive	VERB
fsr-3415	270	30	a	a	DET
fsr-3415	270	31	top	top	ADJ
fsr-3415	270	32	board	board	NOUN
fsr-3415	270	33	quality	quality	NOUN
fsr-3415	270	34	rating	rating	NOUN
fsr-3415	270	35	than	than	ADP
fsr-3415	270	36	ms	ms	ADJ
fsr-3415	270	37	funds	fund	NOUN
fsr-3415	270	38	with	with	ADP
fsr-3415	270	39	the	the	DET
fsr-3415	270	40	lowest	low	ADJ
fsr-3415	270	41	corporate	corporate	ADJ
fsr-3415	270	42	culture	culture	NOUN
fsr-3415	270	43	rating	rating	NOUN
fsr-3415	270	44	.	.	PUNCT
fsr-3415	271	1	we	we	PRON
fsr-3415	271	2	next	next	ADV
fsr-3415	271	3	discuss	discuss	VERB
fsr-3415	271	4	the	the	DET
fsr-3415	271	5	results	result	NOUN
fsr-3415	271	6	for	for	ADP
fsr-3415	271	7	the	the	DET
fsr-3415	271	8	control	control	NOUN
fsr-3415	271	9	variables	variable	NOUN
fsr-3415	271	10	in	in	ADP
fsr-3415	271	11	table	table	NOUN
fsr-3415	271	12	2	2	NUM
fsr-3415	271	13	,	,	PUNCT
fsr-3415	271	14	although	although	SCONJ
fsr-3415	271	15	for	for	ADP
fsr-3415	271	16	space	space	NOUN
fsr-3415	271	17	considerations	consideration	NOUN
fsr-3415	271	18	we	we	PRON
fsr-3415	271	19	do	do	AUX
fsr-3415	271	20	not	not	PART
fsr-3415	271	21	provide	provide	VERB
fsr-3415	271	22	or	or	CCONJ
fsr-3415	271	23	discuss	discuss	VERB
fsr-3415	271	24	predicted	predict	VERB
fsr-3415	271	25	probabilities	probability	NOUN
fsr-3415	271	26	.	.	PUNCT
fsr-3415	272	1	the	the	DET
fsr-3415	272	2	variables	variable	NOUN
fsr-3415	272	3	agg	agg	PROPN
fsr-3415	272	4	growth	growth	NOUN
fsr-3415	272	5	,	,	PUNCT
fsr-3415	272	6	growth	growth	NOUN
fsr-3415	272	7	,	,	PUNCT
fsr-3415	272	8	and	and	CCONJ
fsr-3415	272	9	small	small	ADJ
fsr-3415	272	10	cap	cap	NOUN
fsr-3415	272	11	are	be	AUX
fsr-3415	272	12	not	not	PART
fsr-3415	272	13	statistically	statistically	ADV
fsr-3415	272	14	significant	significant	ADJ
fsr-3415	272	15	.	.	PUNCT
fsr-3415	273	1	however	however	ADV
fsr-3415	273	2	,	,	PUNCT
fsr-3415	273	3	other	other	ADJ
fsr-3415	273	4	fund	fund	NOUN
fsr-3415	273	5	characteristics	characteristic	NOUN
fsr-3415	273	6	are	be	AUX
fsr-3415	273	7	significantly	significantly	ADV
fsr-3415	273	8	correlated	correlate	VERB
fsr-3415	273	9	with	with	ADP
fsr-3415	273	10	board	board	NOUN
fsr-3415	273	11	quality	quality	NOUN
fsr-3415	273	12	.	.	PUNCT
fsr-3415	274	1	funds	fund	NOUN
fsr-3415	274	2	with	with	ADP
fsr-3415	274	3	12b-1	12b-1	NUM
fsr-3415	274	4	fees	fee	NOUN
fsr-3415	274	5	(	(	PUNCT
fsr-3415	274	6	12b-1	12b-1	NUM
fsr-3415	274	7	)	)	PUNCT
fsr-3415	274	8	have	have	VERB
fsr-3415	274	9	significantly	significantly	ADV
fsr-3415	274	10	lower	low	ADJ
fsr-3415	274	11	board	board	NOUN
fsr-3415	274	12	quality	quality	NOUN
fsr-3415	274	13	ratings	rating	NOUN
fsr-3415	274	14	than	than	ADP
fsr-3415	274	15	those	those	PRON
fsr-3415	274	16	without	without	ADP
fsr-3415	274	17	a	a	DET
fsr-3415	274	18	12b-1	12b-1	NUM
fsr-3415	274	19	fee	fee	NOUN
fsr-3415	274	20	in	in	ADP
fsr-3415	274	21	column	column	NOUN
fsr-3415	274	22	(	(	PUNCT
fsr-3415	274	23	1	1	NUM
fsr-3415	274	24	)	)	PUNCT
fsr-3415	274	25	.	.	PUNCT
fsr-3415	275	1	however	however	ADV
fsr-3415	275	2	,	,	PUNCT
fsr-3415	275	3	when	when	SCONJ
fsr-3415	275	4	corp	corp	PROPN
fsr-3415	275	5	culture	culture	NOUN
fsr-3415	275	6	rate	rate	NOUN
fsr-3415	275	7	is	be	AUX
fsr-3415	275	8	included	include	VERB
fsr-3415	275	9	in	in	ADP
fsr-3415	275	10	column	column	NOUN
fsr-3415	275	11	(	(	PUNCT
fsr-3415	275	12	2	2	NUM
fsr-3415	275	13	)	)	PUNCT
fsr-3415	275	14	,	,	PUNCT
fsr-3415	275	15	12b-1	12b-1	NUM
fsr-3415	275	16	is	be	AUX
fsr-3415	275	17	no	no	ADV
fsr-3415	275	18	longer	long	ADV
fsr-3415	275	19	statistically	statistically	ADV
fsr-3415	275	20	significant	significant	ADJ
fsr-3415	275	21	.	.	PUNCT
fsr-3415	276	1	in	in	ADP
fsr-3415	276	2	contrast	contrast	NOUN
fsr-3415	276	3	,	,	PUNCT
fsr-3415	276	4	load	load	NOUN
fsr-3415	276	5	is	be	AUX
fsr-3415	276	6	positive	positive	ADJ
fsr-3415	276	7	but	but	CCONJ
fsr-3415	276	8	not	not	PART
fsr-3415	276	9	significant	significant	ADJ
fsr-3415	276	10	in	in	ADP
fsr-3415	276	11	column	column	NOUN
fsr-3415	276	12	(	(	PUNCT
fsr-3415	276	13	1	1	NUM
fsr-3415	276	14	)	)	PUNCT
fsr-3415	276	15	,	,	PUNCT
fsr-3415	276	16	but	but	CCONJ
fsr-3415	276	17	when	when	SCONJ
fsr-3415	276	18	corp	corp	PROPN
fsr-3415	276	19	culture	culture	NOUN
fsr-3415	276	20	rate	rate	NOUN
fsr-3415	276	21	is	be	AUX
fsr-3415	276	22	included	include	VERB
fsr-3415	276	23	in	in	ADP
fsr-3415	276	24	column	column	NOUN
fsr-3415	276	25	(	(	PUNCT
fsr-3415	276	26	2	2	NUM
fsr-3415	276	27	)	)	PUNCT
fsr-3415	276	28	,	,	PUNCT
fsr-3415	276	29	load	load	NOUN
fsr-3415	276	30	is	be	AUX
fsr-3415	276	31	positive	positive	ADJ
fsr-3415	276	32	and	and	CCONJ
fsr-3415	276	33	statistically	statistically	ADV
fsr-3415	276	34	significant	significant	ADJ
fsr-3415	276	35	.	.	PUNCT
fsr-3415	277	1	looking	look	VERB
fsr-3415	277	2	at	at	ADP
fsr-3415	277	3	characteristics	characteristic	NOUN
fsr-3415	277	4	related	relate	VERB
fsr-3415	277	5	to	to	ADP
fsr-3415	277	6	family	family	NOUN
fsr-3415	277	7	/	/	SYM
fsr-3415	277	8	fund	fund	NOUN
fsr-3415	277	9	size	size	NOUN
fsr-3415	277	10	,	,	PUNCT
fsr-3415	277	11	age	age	NOUN
fsr-3415	277	12	,	,	PUNCT
fsr-3415	277	13	and	and	CCONJ
fsr-3415	277	14	manager	manager	NOUN
fsr-3415	277	15	tenure	tenure	NOUN
fsr-3415	277	16	tells	tell	VERB
fsr-3415	277	17	a	a	DET
fsr-3415	277	18	mixed	mixed	ADJ
fsr-3415	277	19	story	story	NOUN
fsr-3415	277	20	.	.	PUNCT
fsr-3415	278	1	larger	large	ADJ
fsr-3415	278	2	fund	fund	NOUN
fsr-3415	278	3	families	family	NOUN
fsr-3415	278	4	(	(	PUNCT
fsr-3415	278	5	family	family	NOUN
fsr-3415	278	6	assets	asset	NOUN
fsr-3415	278	7	)	)	PUNCT
fsr-3415	278	8	are	be	AUX
fsr-3415	278	9	associated	associate	VERB
fsr-3415	278	10	with	with	ADP
fsr-3415	278	11	lower	low	ADJ
fsr-3415	278	12	board	board	NOUN
fsr-3415	278	13	qual	qual	ADJ
fsr-3415	278	14	rate	rate	NOUN
fsr-3415	278	15	,	,	PUNCT
fsr-3415	278	16	independent	independent	ADJ
fsr-3415	278	17	of	of	ADP
fsr-3415	278	18	the	the	DET
fsr-3415	278	19	effect	effect	NOUN
fsr-3415	278	20	of	of	ADP
fsr-3415	278	21	corporate	corporate	ADJ
fsr-3415	278	22	culture	culture	NOUN
fsr-3415	278	23	,	,	PUNCT
fsr-3415	278	24	as	as	SCONJ
fsr-3415	278	25	are	be	AUX
fsr-3415	278	26	older	old	ADJ
fsr-3415	278	27	funds	fund	NOUN
fsr-3415	278	28	(	(	PUNCT
fsr-3415	278	29	fund	fund	NOUN
fsr-3415	278	30	age	age	NOUN
fsr-3415	278	31	)	)	PUNCT
fsr-3415	278	32	.	.	PUNCT
fsr-3415	279	1	both	both	DET
fsr-3415	279	2	results	result	NOUN
fsr-3415	279	3	are	be	AUX
fsr-3415	279	4	consistent	consistent	ADJ
fsr-3415	279	5	with	with	ADP
fsr-3415	279	6	fund	fund	NOUN
fsr-3415	279	7	families	family	NOUN
fsr-3415	279	8	(	(	PUNCT
fsr-3415	279	9	older	old	ADJ
fsr-3415	279	10	funds	fund	NOUN
fsr-3415	279	11	)	)	PUNCT
fsr-3415	279	12	being	be	AUX
fsr-3415	279	13	complacent	complacent	ADJ
fsr-3415	279	14	,	,	PUNCT
fsr-3415	279	15	possibly	possibly	ADV
fsr-3415	279	16	because	because	SCONJ
fsr-3415	279	17	of	of	ADP
fsr-3415	279	18	prior	prior	ADJ
fsr-3415	279	19	success	success	NOUN
fsr-3415	279	20	.	.	PUNCT
fsr-3415	280	1	also	also	ADV
fsr-3415	280	2	,	,	PUNCT
fsr-3415	280	3	larger	large	ADJ
fsr-3415	280	4	fund	fund	NOUN
fsr-3415	280	5	families	family	NOUN
fsr-3415	280	6	may	may	AUX
fsr-3415	280	7	be	be	AUX
fsr-3415	280	8	more	more	ADV
fsr-3415	280	9	likely	likely	ADJ
fsr-3415	280	10	to	to	PART
fsr-3415	280	11	use	use	VERB
fsr-3415	280	12	“	"	PUNCT
fsr-3415	280	13	captured	capture	VERB
fsr-3415	280	14	boards	board	NOUN
fsr-3415	280	15	,	,	PUNCT
fsr-3415	280	16	”	"	PUNCT
fsr-3415	280	17	that	that	PRON
fsr-3415	280	18	is	be	AUX
fsr-3415	280	19	,	,	PUNCT
fsr-3415	280	20	board	board	NOUN
fsr-3415	280	21	members	member	NOUN
fsr-3415	280	22	sit	sit	VERB
fsr-3415	280	23	on	on	ADP
fsr-3415	280	24	multiple	multiple	ADJ
fsr-3415	280	25	boards	board	NOUN
fsr-3415	280	26	within	within	ADP
fsr-3415	280	27	a	a	DET
fsr-3415	280	28	family	family	NOUN
fsr-3415	280	29	,	,	PUNCT
fsr-3415	280	30	receiving	receive	VERB
fsr-3415	280	31	significant	significant	ADJ
fsr-3415	280	32	levels	level	NOUN
fsr-3415	280	33	of	of	ADP
fsr-3415	280	34	compensation	compensation	NOUN
fsr-3415	280	35	from	from	ADP
fsr-3415	280	36	the	the	DET
fsr-3415	280	37	family	family	NOUN
fsr-3415	280	38	.	.	PUNCT
fsr-3415	281	1	in	in	ADP
fsr-3415	281	2	contrast	contrast	NOUN
fsr-3415	281	3	to	to	ADP
fsr-3415	281	4	family	family	NOUN
fsr-3415	281	5	size	size	NOUN
fsr-3415	281	6	and	and	CCONJ
fsr-3415	281	7	fund	fund	NOUN
fsr-3415	281	8	age	age	NOUN
fsr-3415	281	9	,	,	PUNCT
fsr-3415	281	10	larger	large	ADJ
fsr-3415	281	11	funds	fund	NOUN
fsr-3415	281	12	(	(	PUNCT
fsr-3415	281	13	fund	fund	NOUN
fsr-3415	281	14	assets	asset	NOUN
fsr-3415	281	15	)	)	PUNCT
fsr-3415	281	16	and	and	CCONJ
fsr-3415	281	17	funds	fund	NOUN
fsr-3415	281	18	with	with	ADP
fsr-3415	281	19	longer	long	ADJ
fsr-3415	281	20	tenured	tenure	VERB
fsr-3415	281	21	managers	manager	NOUN
fsr-3415	281	22	(	(	PUNCT
fsr-3415	281	23	mgr	mgr	PROPN
fsr-3415	281	24	tenure	tenure	NOUN
fsr-3415	281	25	)	)	PUNCT
fsr-3415	281	26	have	have	VERB
fsr-3415	281	27	higher	high	ADJ
fsr-3415	281	28	measures	measure	NOUN
fsr-3415	281	29	of	of	ADP
fsr-3415	281	30	board	board	NOUN
fsr-3415	281	31	qual	qual	ADJ
fsr-3415	281	32	rate	rate	NOUN
fsr-3415	281	33	.	.	PUNCT
fsr-3415	282	1	the	the	DET
fsr-3415	282	2	finding	finding	NOUN
fsr-3415	282	3	for	for	ADP
fsr-3415	282	4	fund	fund	NOUN
fsr-3415	282	5	assets	asset	NOUN
fsr-3415	282	6	may	may	AUX
fsr-3415	282	7	be	be	AUX
fsr-3415	282	8	indicative	indicative	ADJ
fsr-3415	282	9	of	of	ADP
fsr-3415	282	10	larger	large	ADJ
fsr-3415	282	11	funds	fund	NOUN
fsr-3415	282	12	being	be	AUX
fsr-3415	282	13	in	in	ADP
fsr-3415	282	14	the	the	DET
fsr-3415	282	15	spotlight	spotlight	NOUN
fsr-3415	282	16	and	and	CCONJ
fsr-3415	282	17	responding	respond	VERB
fsr-3415	282	18	to	to	ADP
fsr-3415	282	19	implicit	implicit	ADJ
fsr-3415	282	20	pressure	pressure	NOUN
fsr-3415	282	21	to	to	PART
fsr-3415	282	22	provide	provide	VERB
fsr-3415	282	23	strong	strong	ADJ
fsr-3415	282	24	governance	governance	NOUN
fsr-3415	282	25	.	.	PUNCT
fsr-3415	283	1	the	the	DET
fsr-3415	283	2	finding	finding	NOUN
fsr-3415	283	3	for	for	ADP
fsr-3415	283	4	longer	long	ADJ
fsr-3415	283	5	tenured	tenure	VERB
fsr-3415	283	6	managers	manager	NOUN
fsr-3415	283	7	is	be	AUX
fsr-3415	283	8	consistent	consistent	ADJ
fsr-3415	283	9	with	with	ADP
fsr-3415	283	10	these	these	DET
fsr-3415	283	11	managers	manager	NOUN
fsr-3415	283	12	finding	find	VERB
fsr-3415	283	13	value	value	NOUN
fsr-3415	283	14	in	in	ADP
fsr-3415	283	15	strong	strong	ADJ
fsr-3415	283	16	governance	governance	NOUN
fsr-3415	283	17	.	.	PUNCT
fsr-3415	284	1	the	the	DET
fsr-3415	284	2	final	final	ADJ
fsr-3415	284	3	control	control	NOUN
fsr-3415	284	4	,	,	PUNCT
fsr-3415	284	5	year	year	NOUN
fsr-3415	284	6	,	,	PUNCT
fsr-3415	284	7	indicates	indicate	VERB
fsr-3415	284	8	that	that	SCONJ
fsr-3415	284	9	on	on	ADP
fsr-3415	284	10	average	average	ADJ
fsr-3415	284	11	board	board	NOUN
fsr-3415	284	12	qual	qual	ADJ
fsr-3415	284	13	rate	rate	NOUN
fsr-3415	284	14	is	be	AUX
fsr-3415	284	15	declining	decline	VERB
fsr-3415	284	16	over	over	ADP
fsr-3415	284	17	the	the	DET
fsr-3415	284	18	sample	sample	NOUN
fsr-3415	284	19	period	period	NOUN
fsr-3415	284	20	,	,	PUNCT
fsr-3415	284	21	although	although	SCONJ
fsr-3415	284	22	only	only	ADV
fsr-3415	284	23	significantly	significantly	ADV
fsr-3415	284	24	so	so	ADV
fsr-3415	284	25	when	when	SCONJ
fsr-3415	284	26	corp	corp	PROPN
fsr-3415	284	27	culture	culture	NOUN
fsr-3415	284	28	rate	rate	NOUN
fsr-3415	284	29	in	in	ADP
fsr-3415	284	30	included	include	VERB
fsr-3415	284	31	in	in	ADP
fsr-3415	284	32	the	the	DET
fsr-3415	284	33	model	model	NOUN
fsr-3415	284	34	.	.	PUNCT
fsr-3415	285	1	5.2.2	5.2.2	NUM
fsr-3415	285	2	.	.	PUNCT
fsr-3415	285	3	manager	manager	NOUN
fsr-3415	285	4	incent	incent	VERB
fsr-3415	285	5	rate	rate	NOUN
fsr-3415	285	6	results	result	NOUN
fsr-3415	285	7	from	from	ADP
fsr-3415	285	8	estimating	estimate	VERB
fsr-3415	285	9	equation	equation	NOUN
fsr-3415	285	10	(	(	PUNCT
fsr-3415	285	11	1	1	NUM
fsr-3415	285	12	)	)	PUNCT
fsr-3415	285	13	with	with	ADP
fsr-3415	285	14	manager	manager	NOUN
fsr-3415	285	15	incent	incent	NOUN
fsr-3415	285	16	rate	rate	NOUN
fsr-3415	285	17	as	as	SCONJ
fsr-3415	285	18	the	the	DET
fsr-3415	285	19	dependent	dependent	ADJ
fsr-3415	285	20	variable	variable	NOUN
fsr-3415	285	21	are	be	AUX
fsr-3415	285	22	presented	present	VERB
fsr-3415	285	23	in	in	ADP
fsr-3415	285	24	table	table	NOUN
fsr-3415	285	25	4	4	NUM
fsr-3415	285	26	.	.	PUNCT
fsr-3415	286	1	as	as	SCONJ
fsr-3415	286	2	discussed	discuss	VERB
fsr-3415	286	3	above	above	ADV
fsr-3415	286	4	,	,	PUNCT
fsr-3415	286	5	we	we	PRON
fsr-3415	286	6	augment	augment	VERB
fsr-3415	286	7	the	the	DET
fsr-3415	286	8	control	control	NOUN
fsr-3415	286	9	variables	variable	NOUN
fsr-3415	286	10	by	by	ADP
fsr-3415	286	11	including	include	VERB
fsr-3415	286	12	corp	corp	PROPN
fsr-3415	286	13	culture	culture	NOUN
fsr-3415	286	14	rate	rate	NOUN
fsr-3415	286	15	(	(	PUNCT
fsr-3415	286	16	hypothesis	hypothesis	NOUN
fsr-3415	286	17	2(b	2(b	NUM
fsr-3415	286	18	)	)	PUNCT
fsr-3415	286	19	)	)	PUNCT
fsr-3415	286	20	and	and	CCONJ
fsr-3415	286	21	board	board	NOUN
fsr-3415	286	22	qual	qual	ADJ
fsr-3415	286	23	rate	rate	NOUN
fsr-3415	286	24	(	(	PUNCT
fsr-3415	286	25	hypothesis	hypothesis	NOUN
fsr-3415	286	26	3	3	NUM
fsr-3415	286	27	)	)	PUNCT
fsr-3415	286	28	in	in	ADP
fsr-3415	286	29	the	the	DET
fsr-3415	286	30	model	model	NOUN
fsr-3415	286	31	.	.	PUNCT
fsr-3415	287	1	additionally	additionally	ADV
fsr-3415	287	2	,	,	PUNCT
fsr-3415	287	3	we	we	PRON
fsr-3415	287	4	include	include	VERB
fsr-3415	287	5	netexpense	netexpense	NOUN
fsr-3415	287	6	as	as	ADP
fsr-3415	287	7	an	an	DET
fsr-3415	287	8	additional	additional	ADJ
fsr-3415	287	9	control	control	NOUN
fsr-3415	287	10	variable	variable	NOUN
fsr-3415	287	11	.	.	PUNCT
fsr-3415	288	1	when	when	SCONJ
fsr-3415	288	2	analyzing	analyze	VERB
fsr-3415	288	3	hypothesis	hypothesis	NOUN
fsr-3415	288	4	1(b	1(b	NUM
fsr-3415	288	5	)	)	PUNCT
fsr-3415	288	6	,	,	PUNCT
fsr-3415	288	7	column	column	NOUN
fsr-3415	288	8	(	(	PUNCT
fsr-3415	288	9	1	1	NUM
fsr-3415	288	10	)	)	PUNCT
fsr-3415	288	11	in	in	ADP
fsr-3415	288	12	table	table	NOUN
fsr-3415	288	13	4	4	NUM
fsr-3415	288	14	shows	show	VERB
fsr-3415	288	15	that	that	SCONJ
fsr-3415	288	16	ms	ms	PROPN
fsr-3415	288	17	is	be	AUX
fsr-3415	288	18	negative	negative	ADJ
fsr-3415	288	19	and	and	CCONJ
fsr-3415	288	20	significant	significant	ADJ
fsr-3415	288	21	,	,	PUNCT
fsr-3415	288	22	indicating	indicate	VERB
fsr-3415	288	23	ms	ms	ADJ
fsr-3415	288	24	funds	fund	NOUN
fsr-3415	288	25	are	be	AUX
fsr-3415	288	26	less	less	ADJ
fsr-3415	288	27	(	(	PUNCT
fsr-3415	288	28	more	more	ADJ
fsr-3415	288	29	)	)	PUNCT
fsr-3415	288	30	likely	likely	ADJ
fsr-3415	288	31	to	to	PART
fsr-3415	288	32	have	have	VERB
fsr-3415	288	33	higher	high	ADJ
fsr-3415	288	34	(	(	PUNCT
fsr-3415	288	35	lower	low	ADJ
fsr-3415	288	36	)	)	PUNCT
fsr-3415	288	37	managerial	managerial	ADJ
fsr-3415	288	38	incentive	incentive	NOUN
fsr-3415	288	39	ratings	rating	NOUN
fsr-3415	288	40	than	than	ADP
fsr-3415	288	41	non	non	ADJ
fsr-3415	288	42	-	-	ADJ
fsr-3415	288	43	ms	ms	ADJ
fsr-3415	288	44	funds	fund	NOUN
fsr-3415	288	45	,	,	PUNCT
fsr-3415	288	46	which	which	PRON
fsr-3415	288	47	does	do	AUX
fsr-3415	288	48	not	not	PART
fsr-3415	288	49	support	support	VERB
fsr-3415	288	50	hypothesis	hypothesis	NOUN
fsr-3415	288	51	1(b	1(b	NUM
fsr-3415	288	52	)	)	PUNCT
fsr-3415	288	53	.	.	PUNCT
fsr-3415	289	1	table	table	NOUN
fsr-3415	289	2	5	5	NUM
fsr-3415	289	3	,	,	PUNCT
fsr-3415	289	4	panels	panel	VERB
fsr-3415	289	5	a	a	DET
fsr-3415	289	6	and	and	CCONJ
fsr-3415	289	7	b	b	NOUN
fsr-3415	289	8	provide	provide	NOUN
fsr-3415	289	9	predicted	predict	VERB
fsr-3415	289	10	probabilities	probability	NOUN
fsr-3415	289	11	of	of	ADP
fsr-3415	289	12	the	the	DET
fsr-3415	289	13	variables	variable	NOUN
fsr-3415	289	14	of	of	ADP
fsr-3415	289	15	interest	interest	NOUN
fsr-3415	289	16	,	,	PUNCT
fsr-3415	289	17	similar	similar	ADJ
fsr-3415	289	18	to	to	ADP
fsr-3415	289	19	table	table	NOUN
fsr-3415	289	20	3	3	NUM
fsr-3415	289	21	.	.	X
fsr-3415	289	22	panel	panel	NOUN
fsr-3415	289	23	a	a	DET
fsr-3415	289	24	focuses	focus	VERB
fsr-3415	289	25	strictly	strictly	ADV
fsr-3415	289	26	on	on	ADP
fsr-3415	289	27	the	the	DET
fsr-3415	289	28	fund	fund	NOUN
fsr-3415	289	29	structure	structure	NOUN
fsr-3415	289	30	’s	’s	PART
fsr-3415	289	31	relationship	relationship	NOUN
fsr-3415	289	32	to	to	ADP
fsr-3415	289	33	the	the	DET
fsr-3415	289	34	managerial	managerial	ADJ
fsr-3415	289	35	incentive	incentive	NOUN
fsr-3415	289	36	rating	rating	NOUN
fsr-3415	289	37	.	.	PUNCT
fsr-3415	290	1	ms	ms	ADJ
fsr-3415	290	2	funds	fund	NOUN
fsr-3415	290	3	are	be	AUX
fsr-3415	290	4	twice	twice	ADV
fsr-3415	290	5	as	as	ADV
fsr-3415	290	6	likely	likely	ADJ
fsr-3415	290	7	to	to	PART
fsr-3415	290	8	have	have	VERB
fsr-3415	290	9	the	the	DET
fsr-3415	290	10	lowest	low	ADJ
fsr-3415	290	11	managerial	managerial	ADJ
fsr-3415	290	12	incentive	incentive	NOUN
fsr-3415	290	13	rating	rating	NOUN
fsr-3415	290	14	(	(	PUNCT
fsr-3415	290	15	7.3	7.3	NUM
fsr-3415	290	16	%	%	NOUN
fsr-3415	290	17	vs.	vs.	ADP
fsr-3415	290	18	3.5	3.5	NUM
fsr-3415	290	19	%	%	NOUN
fsr-3415	290	20	,	,	PUNCT
fsr-3415	290	21	respectively	respectively	ADV
fsr-3415	290	22	)	)	PUNCT
fsr-3415	290	23	and	and	CCONJ
fsr-3415	290	24	are	be	AUX
fsr-3415	290	25	significantly	significantly	ADV
fsr-3415	290	26	less	less	ADV
fsr-3415	290	27	likely	likely	ADJ
fsr-3415	290	28	to	to	PART
fsr-3415	290	29	achieve	achieve	VERB
fsr-3415	290	30	the	the	DET
fsr-3415	290	31	highest	high	ADJ
fsr-3415	290	32	managerial	managerial	ADJ
fsr-3415	290	33	incentive	incentive	NOUN
fsr-3415	290	34	rating	rating	NOUN
fsr-3415	290	35	(	(	PUNCT
fsr-3415	290	36	15.4	15.4	NUM
fsr-3415	290	37	%	%	NOUN
fsr-3415	290	38	vs.	vs.	ADP
fsr-3415	290	39	25.6	25.6	NUM
fsr-3415	290	40	%	%	NOUN
fsr-3415	290	41	)	)	PUNCT
fsr-3415	290	42	.	.	PUNCT
fsr-3415	291	1	in	in	ADP
fsr-3415	291	2	total	total	NOUN
fsr-3415	291	3	,	,	PUNCT
fsr-3415	291	4	the	the	DET
fsr-3415	291	5	findings	finding	NOUN
fsr-3415	291	6	suggest	suggest	VERB
fsr-3415	291	7	that	that	SCONJ
fsr-3415	291	8	managerial	managerial	ADJ
fsr-3415	291	9	incentives	incentive	NOUN
fsr-3415	291	10	are	be	AUX
fsr-3415	291	11	less	less	ADV
fsr-3415	291	12	likely	likely	ADV
fsr-3415	291	13	aligned	align	VERB
fsr-3415	291	14	with	with	ADP
fsr-3415	291	15	retail	retail	ADJ
fsr-3415	291	16	investors	investor	NOUN
fsr-3415	291	17	in	in	ADP
fsr-3415	291	18	the	the	DET
fsr-3415	291	19	advisor	advisor	NOUN
fsr-3415	291	20	-	-	PUNCT
fsr-3415	291	21	sold	sell	VERB
fsr-3415	291	22	channel	channel	NOUN
fsr-3415	291	23	,	,	PUNCT
fsr-3415	291	24	giving	give	VERB
fsr-3415	291	25	rise	rise	NOUN
fsr-3415	291	26	to	to	ADP
fsr-3415	291	27	a	a	DET
fsr-3415	291	28	more	more	ADV
fsr-3415	291	29	pronounced	pronounced	ADJ
fsr-3415	291	30	principal	principal	ADJ
fsr-3415	291	31	-	-	PUNCT
fsr-3415	291	32	agent	agent	NOUN
fsr-3415	291	33	problem	problem	NOUN
fsr-3415	291	34	between	between	ADP
fsr-3415	291	35	shareholders	shareholder	NOUN
fsr-3415	291	36	and	and	CCONJ
fsr-3415	291	37	fund	fund	NOUN
fsr-3415	291	38	management	management	NOUN
fsr-3415	291	39	.	.	PUNCT
fsr-3415	292	1	61j	61j	PROPN
fsr-3415	292	2	.	.	PUNCT
fsr-3415	293	1	handy	handy	ADJ
fsr-3415	293	2	,	,	PUNCT
fsr-3415	293	3	t.	t.	PROPN
fsr-3415	293	4	smythe	smythe	PROPN
fsr-3415	293	5	/	/	SYM
fsr-3415	293	6	financial	financial	ADJ
fsr-3415	293	7	services	service	NOUN
fsr-3415	293	8	review	review	VERB
fsr-3415	293	9	28	28	NUM
fsr-3415	293	10	(	(	PUNCT
fsr-3415	293	11	2020	2020	NUM
fsr-3415	293	12	)	)	PUNCT
fsr-3415	293	13	49	49	NUM
fsr-3415	293	14	-	-	SYM
fsr-3415	293	15	65	65	NUM
fsr-3415	293	16	as	as	SCONJ
fsr-3415	293	17	argued	argue	VERB
fsr-3415	293	18	above	above	ADV
fsr-3415	293	19	,	,	PUNCT
fsr-3415	293	20	corporate	corporate	ADJ
fsr-3415	293	21	culture	culture	NOUN
fsr-3415	293	22	and	and	CCONJ
fsr-3415	293	23	board	board	NOUN
fsr-3415	293	24	quality	quality	NOUN
fsr-3415	293	25	may	may	AUX
fsr-3415	293	26	influence	influence	VERB
fsr-3415	293	27	managerial	managerial	ADJ
fsr-3415	293	28	incentive	incentive	NOUN
fsr-3415	293	29	quality	quality	NOUN
fsr-3415	293	30	independently	independently	ADV
fsr-3415	293	31	.	.	PUNCT
fsr-3415	294	1	the	the	DET
fsr-3415	294	2	results	result	NOUN
fsr-3415	294	3	in	in	ADP
fsr-3415	294	4	columns	column	NOUN
fsr-3415	294	5	(	(	PUNCT
fsr-3415	294	6	2–4	2–4	NUM
fsr-3415	294	7	)	)	PUNCT
fsr-3415	294	8	of	of	ADP
fsr-3415	294	9	table	table	NOUN
fsr-3415	294	10	4	4	NUM
fsr-3415	294	11	provide	provide	VERB
fsr-3415	294	12	support	support	NOUN
fsr-3415	294	13	for	for	ADP
fsr-3415	294	14	the	the	DET
fsr-3415	294	15	hypotheses	hypothesis	NOUN
fsr-3415	294	16	that	that	PRON
fsr-3415	294	17	higher	high	ADJ
fsr-3415	294	18	corporate	corporate	ADJ
fsr-3415	294	19	culture	culture	NOUN
fsr-3415	294	20	ratings	rating	NOUN
fsr-3415	294	21	lead	lead	VERB
fsr-3415	294	22	to	to	ADP
fsr-3415	294	23	higher	high	ADJ
fsr-3415	294	24	managerial	managerial	ADJ
fsr-3415	294	25	incentive	incentive	NOUN
fsr-3415	294	26	ratings	rating	NOUN
fsr-3415	294	27	(	(	PUNCT
fsr-3415	294	28	hypothesis	hypothesis	NOUN
fsr-3415	294	29	2(b	2(b	NUM
fsr-3415	294	30	)	)	PUNCT
fsr-3415	294	31	)	)	PUNCT
fsr-3415	295	1	and	and	CCONJ
fsr-3415	295	2	higher	high	ADJ
fsr-3415	295	3	board	board	NOUN
fsr-3415	295	4	quality	quality	NOUN
fsr-3415	295	5	ratings	rating	NOUN
fsr-3415	295	6	lead	lead	VERB
fsr-3415	295	7	to	to	ADP
fsr-3415	295	8	higher	high	ADJ
fsr-3415	295	9	managerial	managerial	ADJ
fsr-3415	295	10	incentive	incentive	NOUN
fsr-3415	295	11	ratings	rating	NOUN
fsr-3415	295	12	(	(	PUNCT
fsr-3415	295	13	hypothesis	hypothesis	NOUN
fsr-3415	295	14	3	3	NUM
fsr-3415	295	15	)	)	PUNCT
fsr-3415	295	16	,	,	PUNCT
fsr-3415	295	17	independently	independently	ADV
fsr-3415	295	18	,	,	PUNCT
fsr-3415	295	19	and	and	CCONJ
fsr-3415	295	20	when	when	SCONJ
fsr-3415	295	21	both	both	PRON
fsr-3415	295	22	are	be	AUX
fsr-3415	295	23	included	include	VERB
fsr-3415	295	24	in	in	ADP
fsr-3415	295	25	the	the	DET
fsr-3415	295	26	model	model	NOUN
fsr-3415	295	27	(	(	PUNCT
fsr-3415	295	28	column	column	NOUN
fsr-3415	295	29	(	(	PUNCT
fsr-3415	295	30	4	4	NUM
fsr-3415	295	31	)	)	PUNCT
fsr-3415	295	32	)	)	PUNCT
fsr-3415	295	33	.	.	PUNCT
fsr-3415	296	1	funds	fund	NOUN
fsr-3415	296	2	with	with	ADP
fsr-3415	296	3	higher	high	ADJ
fsr-3415	296	4	corp	corp	PROPN
fsr-3415	296	5	culture	culture	NOUN
fsr-3415	296	6	rate	rate	NOUN
fsr-3415	296	7	and	and	CCONJ
fsr-3415	296	8	higher	high	ADJ
fsr-3415	296	9	board	board	NOUN
fsr-3415	296	10	qual	qual	PROPN
fsr-3415	296	11	rate	rate	NOUN
fsr-3415	296	12	are	be	AUX
fsr-3415	296	13	more	more	ADV
fsr-3415	296	14	likely	likely	ADJ
fsr-3415	296	15	to	to	PART
fsr-3415	296	16	have	have	VERB
fsr-3415	296	17	higher	high	ADJ
fsr-3415	296	18	managerial	managerial	ADJ
fsr-3415	296	19	incentive	incentive	NOUN
fsr-3415	296	20	ratings	rating	NOUN
fsr-3415	296	21	,	,	PUNCT
fsr-3415	296	22	a	a	DET
fsr-3415	296	23	sign	sign	NOUN
fsr-3415	296	24	of	of	ADP
fsr-3415	296	25	strong	strong	ADJ
fsr-3415	296	26	sponsor	sponsor	NOUN
fsr-3415	296	27	and	and	CCONJ
fsr-3415	296	28	fund	fund	NOUN
fsr-3415	296	29	level	level	NOUN
fsr-3415	296	30	governance	governance	NOUN
fsr-3415	296	31	.	.	PUNCT
fsr-3415	297	1	ms	ms	PROPN
fsr-3415	297	2	funds	fund	NOUN
fsr-3415	297	3	continue	continue	VERB
fsr-3415	297	4	to	to	PART
fsr-3415	297	5	have	have	VERB
fsr-3415	297	6	lower	low	ADJ
fsr-3415	297	7	managerial	managerial	ADJ
fsr-3415	297	8	incentive	incentive	NOUN
fsr-3415	297	9	ratings	rating	NOUN
fsr-3415	297	10	.	.	PUNCT
fsr-3415	298	1	the	the	DET
fsr-3415	298	2	significance	significance	NOUN
fsr-3415	298	3	of	of	ADP
fsr-3415	298	4	the	the	DET
fsr-3415	298	5	ms	ms	PROPN
fsr-3415	298	6	variable	variable	NOUN
fsr-3415	298	7	in	in	ADP
fsr-3415	298	8	table	table	NOUN
fsr-3415	298	9	4	4	NUM
fsr-3415	298	10	when	when	SCONJ
fsr-3415	298	11	compared	compare	VERB
fsr-3415	298	12	with	with	ADP
fsr-3415	298	13	the	the	DET
fsr-3415	298	14	univariate	univariate	ADJ
fsr-3415	298	15	findings	finding	NOUN
fsr-3415	298	16	in	in	ADP
fsr-3415	298	17	table	table	NOUN
fsr-3415	298	18	1	1	NUM
fsr-3415	298	19	highlights	highlight	NOUN
fsr-3415	298	20	the	the	DET
fsr-3415	298	21	importance	importance	NOUN
fsr-3415	298	22	of	of	ADP
fsr-3415	298	23	multivariate	multivariate	NOUN
fsr-3415	298	24	analysis	analysis	NOUN
fsr-3415	298	25	.	.	PUNCT
fsr-3415	299	1	panel	panel	NOUN
fsr-3415	299	2	b	b	PROPN
fsr-3415	299	3	of	of	ADP
fsr-3415	299	4	table	table	NOUN
fsr-3415	299	5	5	5	NUM
fsr-3415	299	6	presents	present	VERB
fsr-3415	299	7	the	the	DET
fsr-3415	299	8	analysis	analysis	NOUN
fsr-3415	299	9	of	of	ADP
fsr-3415	299	10	how	how	SCONJ
fsr-3415	299	11	the	the	DET
fsr-3415	299	12	predicted	predict	VERB
fsr-3415	299	13	probability	probability	NOUN
fsr-3415	299	14	of	of	ADP
fsr-3415	299	15	achieving	achieve	VERB
fsr-3415	299	16	a	a	DET
fsr-3415	299	17	certain	certain	ADJ
fsr-3415	299	18	managerial	managerial	ADJ
fsr-3415	299	19	incentive	incentive	NOUN
fsr-3415	299	20	rating	rating	NOUN
fsr-3415	299	21	changes	change	NOUN
fsr-3415	299	22	across	across	ADP
fsr-3415	299	23	fund	fund	NOUN
fsr-3415	299	24	type	type	NOUN
fsr-3415	299	25	and	and	CCONJ
fsr-3415	299	26	either	either	ADV
fsr-3415	299	27	,	,	PUNCT
fsr-3415	299	28	the	the	DET
fsr-3415	299	29	corporate	corporate	ADJ
fsr-3415	299	30	culture	culture	NOUN
fsr-3415	299	31	rating	rating	NOUN
fsr-3415	299	32	or	or	CCONJ
fsr-3415	299	33	the	the	DET
fsr-3415	299	34	board	board	NOUN
fsr-3415	299	35	quality	quality	NOUN
fsr-3415	299	36	rating	rating	NOUN
fsr-3415	299	37	.	.	PUNCT
fsr-3415	300	1	the	the	DET
fsr-3415	300	2	results	result	NOUN
fsr-3415	300	3	are	be	AUX
fsr-3415	300	4	similar	similar	ADJ
fsr-3415	300	5	across	across	ADP
fsr-3415	300	6	rating	rating	NOUN
fsr-3415	300	7	type	type	NOUN
fsr-3415	300	8	and	and	CCONJ
fsr-3415	300	9	echo	echo	VERB
fsr-3415	300	10	results	result	NOUN
fsr-3415	300	11	in	in	ADP
fsr-3415	300	12	panel	panel	NOUN
fsr-3415	300	13	b	b	PROPN
fsr-3415	300	14	of	of	ADP
fsr-3415	300	15	table	table	NOUN
fsr-3415	300	16	3	3	NUM
fsr-3415	300	17	.	.	PUNCT
fsr-3415	301	1	ms	ms	NOUN
fsr-3415	301	2	funds	fund	NOUN
fsr-3415	301	3	with	with	ADP
fsr-3415	301	4	the	the	DET
fsr-3415	301	5	lowest	low	ADJ
fsr-3415	301	6	corporate	corporate	ADJ
fsr-3415	301	7	culture	culture	NOUN
fsr-3415	301	8	ratings	rating	NOUN
fsr-3415	301	9	are	be	AUX
fsr-3415	301	10	likelier	likeli	ADJ
fsr-3415	301	11	to	to	PART
fsr-3415	301	12	have	have	VERB
fsr-3415	301	13	the	the	DET
fsr-3415	301	14	lowest	low	ADJ
fsr-3415	301	15	managerial	managerial	ADJ
fsr-3415	301	16	incentive	incentive	NOUN
fsr-3415	301	17	ratings	rating	NOUN
fsr-3415	301	18	with	with	ADP
fsr-3415	301	19	a	a	DET
fsr-3415	301	20	12.9	12.9	NUM
fsr-3415	301	21	%	%	NOUN
fsr-3415	301	22	probability	probability	NOUN
fsr-3415	301	23	(	(	PUNCT
fsr-3415	301	24	compared	compare	VERB
fsr-3415	301	25	with	with	ADP
fsr-3415	301	26	non	non	ADJ
fsr-3415	301	27	-	-	ADJ
fsr-3415	301	28	ms	ms	ADJ
fsr-3415	301	29	’	'	PUNCT
fsr-3415	301	30	6.9	6.9	NUM
fsr-3415	301	31	%	%	NOUN
fsr-3415	301	32	probability	probability	NOUN
fsr-3415	301	33	)	)	PUNCT
fsr-3415	301	34	.	.	PUNCT
fsr-3415	302	1	additionally	additionally	ADV
fsr-3415	302	2	,	,	PUNCT
fsr-3415	302	3	ms	ms	PROPN
fsr-3415	302	4	funds	fund	NOUN
fsr-3415	302	5	with	with	ADP
fsr-3415	302	6	the	the	DET
fsr-3415	302	7	lowest	low	ADJ
fsr-3415	302	8	corporate	corporate	ADJ
fsr-3415	302	9	culture	culture	NOUN
fsr-3415	302	10	ratings	rating	NOUN
fsr-3415	302	11	are	be	AUX
fsr-3415	302	12	also	also	ADV
fsr-3415	302	13	significantly	significantly	ADV
fsr-3415	302	14	less	less	ADV
fsr-3415	302	15	likely	likely	ADJ
fsr-3415	302	16	to	to	PART
fsr-3415	302	17	have	have	VERB
fsr-3415	302	18	the	the	DET
fsr-3415	302	19	highest	high	ADJ
fsr-3415	302	20	managerial	managerial	ADJ
fsr-3415	302	21	incentive	incentive	NOUN
fsr-3415	302	22	ratings	rating	NOUN
fsr-3415	302	23	(	(	PUNCT
fsr-3415	302	24	8.8	8.8	NUM
fsr-3415	302	25	%	%	NOUN
fsr-3415	302	26	vs.	vs.	ADP
fsr-3415	302	27	16.2	16.2	NUM
fsr-3415	302	28	%	%	NOUN
fsr-3415	302	29	,	,	PUNCT
fsr-3415	302	30	respectively	respectively	ADV
fsr-3415	302	31	)	)	PUNCT
fsr-3415	302	32	.	.	PUNCT
fsr-3415	303	1	as	as	SCONJ
fsr-3415	303	2	corporate	corporate	ADJ
fsr-3415	303	3	culture	culture	NOUN
fsr-3415	303	4	improves	improve	VERB
fsr-3415	303	5	,	,	PUNCT
fsr-3415	303	6	both	both	CCONJ
fsr-3415	303	7	ms	ms	PROPN
fsr-3415	303	8	and	and	CCONJ
fsr-3415	303	9	non	non	ADJ
fsr-3415	303	10	-	-	ADJ
fsr-3415	303	11	ms	ms	ADJ
fsr-3415	303	12	funds	fund	NOUN
fsr-3415	303	13	are	be	AUX
fsr-3415	303	14	more	more	ADV
fsr-3415	303	15	likely	likely	ADJ
fsr-3415	303	16	to	to	PART
fsr-3415	303	17	achieve	achieve	VERB
fsr-3415	303	18	higher	high	ADJ
fsr-3415	303	19	managerial	managerial	ADJ
fsr-3415	303	20	incentive	incentive	NOUN
fsr-3415	303	21	ratings	rating	NOUN
fsr-3415	303	22	;	;	PUNCT
fsr-3415	303	23	however	however	ADV
fsr-3415	303	24	,	,	PUNCT
fsr-3415	303	25	ms	ms	PROPN
fsr-3415	303	26	funds	fund	NOUN
fsr-3415	303	27	are	be	AUX
fsr-3415	303	28	more	more	ADV
fsr-3415	303	29	likely	likely	ADJ
fsr-3415	303	30	to	to	PART
fsr-3415	303	31	achieve	achieve	VERB
fsr-3415	303	32	lower	low	ADJ
fsr-3415	303	33	scores	score	NOUN
fsr-3415	303	34	and	and	CCONJ
fsr-3415	303	35	less	less	ADV
fsr-3415	303	36	likely	likely	ADJ
fsr-3415	303	37	to	to	PART
fsr-3415	303	38	achieve	achieve	VERB
fsr-3415	303	39	higher	high	ADJ
fsr-3415	303	40	scores	score	NOUN
fsr-3415	303	41	compared	compare	VERB
fsr-3415	303	42	with	with	ADP
fsr-3415	303	43	non	non	ADJ
fsr-3415	303	44	-	-	ADJ
fsr-3415	303	45	ms	ms	ADJ
fsr-3415	303	46	funds	fund	NOUN
fsr-3415	303	47	.	.	PUNCT
fsr-3415	304	1	for	for	ADP
fsr-3415	304	2	example	example	NOUN
fsr-3415	304	3	,	,	PUNCT
fsr-3415	304	4	funds	fund	NOUN
fsr-3415	304	5	having	have	VERB
fsr-3415	304	6	a	a	DET
fsr-3415	304	7	corporate	corporate	ADJ
fsr-3415	304	8	culture	culture	NOUN
fsr-3415	304	9	rating	rating	NOUN
fsr-3415	304	10	of	of	ADP
fsr-3415	304	11	5	5	NUM
fsr-3415	304	12	,	,	PUNCT
fsr-3415	304	13	non	non	ADJ
fsr-3415	304	14	-	-	ADJ
fsr-3415	304	15	ms	ms	ADJ
fsr-3415	304	16	funds	fund	NOUN
fsr-3415	304	17	have	have	VERB
fsr-3415	304	18	a	a	DET
fsr-3415	304	19	31	31	NUM
fsr-3415	304	20	%	%	NOUN
fsr-3415	304	21	probability	probability	NOUN
fsr-3415	304	22	of	of	ADP
fsr-3415	304	23	achieving	achieve	VERB
fsr-3415	304	24	the	the	DET
fsr-3415	304	25	highest	high	ADJ
fsr-3415	304	26	managerial	managerial	ADJ
fsr-3415	304	27	incentive	incentive	NOUN
fsr-3415	304	28	rating	rating	NOUN
fsr-3415	304	29	,	,	PUNCT
fsr-3415	304	30	while	while	SCONJ
fsr-3415	304	31	ms	ms	ADJ
fsr-3415	304	32	funds	fund	NOUN
fsr-3415	304	33	only	only	ADV
fsr-3415	304	34	have	have	VERB
fsr-3415	304	35	a	a	DET
fsr-3415	304	36	19.5	19.5	NUM
fsr-3415	304	37	%	%	NOUN
fsr-3415	304	38	table	table	NOUN
fsr-3415	304	39	4	4	NUM
fsr-3415	304	40	manager	manager	NOUN
fsr-3415	304	41	incent	incent	VERB
fsr-3415	304	42	rate	rate	NOUN
fsr-3415	304	43	dependent	dependent	ADJ
fsr-3415	304	44	variable	variable	ADJ
fsr-3415	304	45	variable	variable	NOUN
fsr-3415	304	46	(	(	PUNCT
fsr-3415	304	47	1	1	NUM
fsr-3415	304	48	)	)	PUNCT
fsr-3415	304	49	(	(	PUNCT
fsr-3415	304	50	2	2	NUM
fsr-3415	304	51	)	)	PUNCT
fsr-3415	304	52	(	(	PUNCT
fsr-3415	304	53	3	3	X
fsr-3415	304	54	)	)	PUNCT
fsr-3415	304	55	(	(	PUNCT
fsr-3415	304	56	4	4	X
fsr-3415	304	57	)	)	PUNCT
fsr-3415	304	58	board	board	NOUN
fsr-3415	304	59	qual	qual	PROPN
fsr-3415	304	60	rate	rate	PROPN
fsr-3415	304	61	0.140	0.140	NUM
fsr-3415	304	62	*	*	PUNCT
fsr-3415	304	63	*	*	PUNCT
fsr-3415	304	64	*	*	PUNCT
fsr-3415	304	65	(	(	PUNCT
fsr-3415	304	66	0.0314	0.0314	NUM
fsr-3415	304	67	)	)	PUNCT
fsr-3415	304	68	0.0955	0.0955	NUM
fsr-3415	304	69	*	*	PUNCT
fsr-3415	304	70	*	*	PUNCT
fsr-3415	304	71	*	*	PUNCT
fsr-3415	304	72	(	(	PUNCT
fsr-3415	304	73	0.0324	0.0324	NUM
fsr-3415	304	74	)	)	PUNCT
fsr-3415	304	75	corporate	corporate	ADJ
fsr-3415	304	76	cult	cult	NOUN
fsr-3415	304	77	rate	rate	NOUN
fsr-3415	304	78	0.158	0.158	NUM
fsr-3415	304	79	*	*	PUNCT
fsr-3415	304	80	*	*	PUNCT
fsr-3415	304	81	*	*	PUNCT
fsr-3415	304	82	(	(	PUNCT
fsr-3415	304	83	0.0285	0.0285	NUM
fsr-3415	304	84	)	)	PUNCT
fsr-3415	304	85	0.134	0.134	NUM
fsr-3415	304	86	*	*	PUNCT
fsr-3415	304	87	*	*	PUNCT
fsr-3415	304	88	*	*	PUNCT
fsr-3415	304	89	(	(	PUNCT
fsr-3415	304	90	0.0296	0.0296	NUM
fsr-3415	304	91	)	)	PUNCT
fsr-3415	304	92	ms	ms	PROPN
fsr-3415	304	93	�	�	PROPN
fsr-3415	304	94	0.411	0.411	NUM
fsr-3415	304	95	*	*	PUNCT
fsr-3415	304	96	*	*	PUNCT
fsr-3415	304	97	*	*	PUNCT
fsr-3415	304	98	(	(	PUNCT
fsr-3415	304	99	0.0830	0.0830	NUM
fsr-3415	304	100	)	)	PUNCT
fsr-3415	304	101	�	�	NOUN
fsr-3415	304	102	0.385	0.385	NUM
fsr-3415	304	103	*	*	PUNCT
fsr-3415	304	104	*	*	PUNCT
fsr-3415	304	105	*	*	PUNCT
fsr-3415	304	106	(	(	PUNCT
fsr-3415	304	107	0.0830	0.0830	NUM
fsr-3415	304	108	)	)	PUNCT
fsr-3415	304	109	�	�	PROPN
fsr-3415	304	110	0.416	0.416	NUM
fsr-3415	304	111	*	*	PUNCT
fsr-3415	304	112	*	*	PUNCT
fsr-3415	304	113	*	*	PUNCT
fsr-3415	304	114	(	(	PUNCT
fsr-3415	304	115	0.0842	0.0842	NUM
fsr-3415	304	116	)	)	PUNCT
fsr-3415	304	117	�	�	NOUN
fsr-3415	304	118	0.398	0.398	NUM
fsr-3415	304	119	*	*	PUNCT
fsr-3415	304	120	*	*	PUNCT
fsr-3415	304	121	*	*	PUNCT
fsr-3415	304	122	(	(	PUNCT
fsr-3415	304	123	0.0844	0.0844	NUM
fsr-3415	304	124	)	)	PUNCT
fsr-3415	304	125	load	load	VERB
fsr-3415	304	126	0.149	0.149	NUM
fsr-3415	304	127	(	(	PUNCT
fsr-3415	304	128	0.0983	0.0983	NUM
fsr-3415	304	129	)	)	PUNCT
fsr-3415	304	130	0.133	0.133	NUM
fsr-3415	304	131	(	(	PUNCT
fsr-3415	304	132	0.0984	0.0984	NUM
fsr-3415	304	133	)	)	PUNCT
fsr-3415	304	134	0.198	0.198	NUM
fsr-3415	304	135	*	*	PUNCT
fsr-3415	304	136	(	(	PUNCT
fsr-3415	304	137	0.102	0.102	NUM
fsr-3415	304	138	)	)	PUNCT
fsr-3415	304	139	0.179	0.179	NUM
fsr-3415	304	140	*	*	PUNCT
fsr-3415	304	141	(	(	PUNCT
fsr-3415	304	142	0.102	0.102	NUM
fsr-3415	304	143	)	)	PUNCT
fsr-3415	304	144	instl	instl	PROPN
fsr-3415	304	145	�	�	PROPN
fsr-3415	304	146	0.144	0.144	NUM
fsr-3415	304	147	*	*	NOUN
fsr-3415	304	148	*	*	PUNCT
fsr-3415	304	149	(	(	PUNCT
fsr-3415	304	150	0.0573	0.0573	NUM
fsr-3415	304	151	)	)	PUNCT
fsr-3415	304	152	�	�	PROPN
fsr-3415	304	153	0.139	0.139	NUM
fsr-3415	304	154	*	*	SYM
fsr-3415	304	155	*	*	PUNCT
fsr-3415	304	156	(	(	PUNCT
fsr-3415	304	157	0.0573	0.0573	NUM
fsr-3415	304	158	)	)	PUNCT
fsr-3415	304	159	�	�	NOUN
fsr-3415	304	160	0.118	0.118	NUM
fsr-3415	304	161	*	*	PUNCT
fsr-3415	304	162	*	*	PUNCT
fsr-3415	304	163	(	(	PUNCT
fsr-3415	304	164	0.0575	0.0575	NUM
fsr-3415	304	165	)	)	PUNCT
fsr-3415	304	166	�	�	PROPN
fsr-3415	304	167	0.118	0.118	NUM
fsr-3415	304	168	*	*	SYM
fsr-3415	304	169	*	*	PUNCT
fsr-3415	304	170	(	(	PUNCT
fsr-3415	304	171	0.0575	0.0575	NUM
fsr-3415	304	172	)	)	PUNCT
fsr-3415	304	173	netexpense	netexpense	PROPN
fsr-3415	304	174	�	�	PROPN
fsr-3415	304	175	0.0163	0.0163	NUM
fsr-3415	304	176	(	(	PUNCT
fsr-3415	304	177	0.0821	0.0821	NUM
fsr-3415	304	178	)	)	PUNCT
fsr-3415	304	179	0.0215	0.0215	NUM
fsr-3415	304	180	(	(	PUNCT
fsr-3415	304	181	0.0823	0.0823	NUM
fsr-3415	304	182	)	)	PUNCT
fsr-3415	304	183	0.0243	0.0243	NOUN
fsr-3415	304	184	(	(	PUNCT
fsr-3415	304	185	0.0823	0.0823	NUM
fsr-3415	304	186	)	)	PUNCT
fsr-3415	304	187	0.0437	0.0437	NUM
fsr-3415	304	188	(	(	PUNCT
fsr-3415	304	189	0.0827	0.0827	NUM
fsr-3415	304	190	)	)	PUNCT
fsr-3415	304	191	family	family	NOUN
fsr-3415	304	192	assets	asset	NOUN
fsr-3415	304	193	�	�	VERB
fsr-3415	304	194	0.113	0.113	NUM
fsr-3415	304	195	*	*	PUNCT
fsr-3415	304	196	*	*	PUNCT
fsr-3415	304	197	*	*	PUNCT
fsr-3415	304	198	(	(	PUNCT
fsr-3415	304	199	0.0164	0.0164	NUM
fsr-3415	304	200	)	)	PUNCT
fsr-3415	304	201	�	�	PROPN
fsr-3415	304	202	0.105	0.105	NUM
fsr-3415	304	203	*	*	NOUN
fsr-3415	304	204	*	*	PUNCT
fsr-3415	304	205	*	*	PUNCT
fsr-3415	304	206	(	(	PUNCT
fsr-3415	304	207	0.0164	0.0164	NUM
fsr-3415	304	208	)	)	PUNCT
fsr-3415	304	209	�	�	NOUN
fsr-3415	304	210	0.121	0.121	NUM
fsr-3415	304	211	*	*	PUNCT
fsr-3415	304	212	*	*	PUNCT
fsr-3415	304	213	*	*	PUNCT
fsr-3415	304	214	(	(	PUNCT
fsr-3415	304	215	0.0165	0.0165	NUM
fsr-3415	304	216	)	)	PUNCT
fsr-3415	304	217	�	�	NOUN
fsr-3415	304	218	0.115	0.115	NUM
fsr-3415	304	219	*	*	PUNCT
fsr-3415	304	220	*	*	PUNCT
fsr-3415	304	221	*	*	PUNCT
fsr-3415	304	222	(	(	PUNCT
fsr-3415	304	223	0.0167	0.0167	NUM
fsr-3415	304	224	)	)	PUNCT
fsr-3415	304	225	fund	fund	NOUN
fsr-3415	304	226	assets	asset	NOUN
fsr-3415	304	227	0.152	0.152	NUM
fsr-3415	304	228	*	*	PUNCT
fsr-3415	304	229	*	*	PUNCT
fsr-3415	304	230	*	*	PUNCT
fsr-3415	304	231	(	(	PUNCT
fsr-3415	304	232	0.0172	0.0172	NUM
fsr-3415	304	233	)	)	PUNCT
fsr-3415	304	234	0.143	0.143	NUM
fsr-3415	304	235	*	*	PUNCT
fsr-3415	304	236	*	*	PUNCT
fsr-3415	304	237	*	*	PUNCT
fsr-3415	304	238	(	(	PUNCT
fsr-3415	304	239	0.0171	0.0171	NUM
fsr-3415	304	240	)	)	PUNCT
fsr-3415	304	241	0.138	0.138	NUM
fsr-3415	305	1	*	*	PUNCT
fsr-3415	305	2	*	*	PUNCT
fsr-3415	305	3	*	*	PUNCT
fsr-3415	305	4	(	(	PUNCT
fsr-3415	305	5	0.0173	0.0173	NUM
fsr-3415	305	6	)	)	PUNCT
fsr-3415	305	7	0.134	0.134	NUM
fsr-3415	305	8	*	*	PUNCT
fsr-3415	305	9	*	*	PUNCT
fsr-3415	305	10	*	*	PUNCT
fsr-3415	305	11	(	(	PUNCT
fsr-3415	305	12	0.0173	0.0173	NUM
fsr-3415	305	13	)	)	PUNCT
fsr-3415	305	14	12b-1	12b-1	NUM
fsr-3415	306	1	0.450	0.450	NUM
fsr-3415	306	2	*	*	PUNCT
fsr-3415	306	3	*	*	PUNCT
fsr-3415	306	4	*	*	PUNCT
fsr-3415	306	5	(	(	PUNCT
fsr-3415	306	6	0.121	0.121	NUM
fsr-3415	306	7	)	)	PUNCT
fsr-3415	306	8	0.475	0.475	NUM
fsr-3415	306	9	*	*	PUNCT
fsr-3415	306	10	*	*	PUNCT
fsr-3415	306	11	*	*	PUNCT
fsr-3415	306	12	(	(	PUNCT
fsr-3415	306	13	0.118	0.118	NUM
fsr-3415	306	14	)	)	PUNCT
fsr-3415	306	15	0.542	0.542	NUM
fsr-3415	307	1	*	*	PUNCT
fsr-3415	307	2	*	*	PUNCT
fsr-3415	307	3	*	*	PUNCT
fsr-3415	307	4	(	(	PUNCT
fsr-3415	307	5	0.122	0.122	NUM
fsr-3415	307	6	)	)	PUNCT
fsr-3415	307	7	0.546	0.546	NUM
fsr-3415	307	8	*	*	PUNCT
fsr-3415	307	9	*	*	PUNCT
fsr-3415	307	10	*	*	PUNCT
fsr-3415	307	11	(	(	PUNCT
fsr-3415	307	12	0.121	0.121	NUM
fsr-3415	307	13	)	)	PUNCT
fsr-3415	307	14	mgr	mgr	NOUN
fsr-3415	307	15	tenure	tenure	NOUN
fsr-3415	307	16	0.182	0.182	NOUN
fsr-3415	307	17	*	*	PUNCT
fsr-3415	307	18	*	*	PUNCT
fsr-3415	307	19	*	*	PUNCT
fsr-3415	307	20	(	(	PUNCT
fsr-3415	307	21	0.0240	0.0240	NUM
fsr-3415	307	22	)	)	PUNCT
fsr-3415	307	23	0.171	0.171	NUM
fsr-3415	307	24	*	*	PUNCT
fsr-3415	307	25	*	*	PUNCT
fsr-3415	307	26	*	*	PUNCT
fsr-3415	307	27	(	(	PUNCT
fsr-3415	307	28	0.0242	0.0242	NUM
fsr-3415	307	29	)	)	PUNCT
fsr-3415	307	30	0.163	0.163	NUM
fsr-3415	307	31	*	*	PUNCT
fsr-3415	307	32	*	*	PUNCT
fsr-3415	307	33	*	*	PUNCT
fsr-3415	307	34	(	(	PUNCT
fsr-3415	307	35	0.0241	0.0241	NUM
fsr-3415	307	36	)	)	PUNCT
fsr-3415	307	37	0.158	0.158	NUM
fsr-3415	307	38	*	*	PUNCT
fsr-3415	307	39	*	*	PUNCT
fsr-3415	307	40	*	*	PUNCT
fsr-3415	307	41	(	(	PUNCT
fsr-3415	307	42	0.0242	0.0242	NUM
fsr-3415	307	43	)	)	PUNCT
fsr-3415	307	44	fund	fund	NOUN
fsr-3415	307	45	age	age	NOUN
fsr-3415	307	46	�	�	PROPN
fsr-3415	307	47	0.0956	0.0956	NUM
fsr-3415	307	48	*	*	PUNCT
fsr-3415	307	49	*	*	PUNCT
fsr-3415	307	50	*	*	PUNCT
fsr-3415	307	51	(	(	PUNCT
fsr-3415	307	52	0.0293	0.0293	NUM
fsr-3415	307	53	)	)	PUNCT
fsr-3415	307	54	�	�	PROPN
fsr-3415	307	55	0.0817	0.0817	NUM
fsr-3415	307	56	*	*	PUNCT
fsr-3415	307	57	*	*	PUNCT
fsr-3415	307	58	*	*	PUNCT
fsr-3415	307	59	(	(	PUNCT
fsr-3415	307	60	0.0296	0.0296	NUM
fsr-3415	307	61	)	)	PUNCT
fsr-3415	307	62	�	�	PROPN
fsr-3415	307	63	0.0607	0.0607	NUM
fsr-3415	307	64	*	*	PUNCT
fsr-3415	307	65	*	*	PUNCT
fsr-3415	307	66	(	(	PUNCT
fsr-3415	307	67	0.0302	0.0302	NUM
fsr-3415	307	68	)	)	PUNCT
fsr-3415	307	69	�	�	NOUN
fsr-3415	307	70	0.0565	0.0565	NUM
fsr-3415	307	71	*	*	SYM
fsr-3415	307	72	(	(	PUNCT
fsr-3415	307	73	0.0303	0.0303	NUM
fsr-3415	307	74	)	)	PUNCT
fsr-3415	307	75	agg	agg	PROPN
fsr-3415	307	76	growth	growth	NOUN
fsr-3415	307	77	0.114	0.114	NUM
fsr-3415	307	78	(	(	PUNCT
fsr-3415	307	79	0.112	0.112	NUM
fsr-3415	307	80	)	)	PUNCT
fsr-3415	307	81	0.117	0.117	NUM
fsr-3415	307	82	(	(	PUNCT
fsr-3415	307	83	0.112	0.112	NUM
fsr-3415	307	84	)	)	PUNCT
fsr-3415	307	85	0.153	0.153	NUM
fsr-3415	307	86	(	(	PUNCT
fsr-3415	307	87	0.112	0.112	NUM
fsr-3415	307	88	)	)	PUNCT
fsr-3415	307	89	0.149	0.149	NUM
fsr-3415	307	90	(	(	PUNCT
fsr-3415	307	91	0.112	0.112	NUM
fsr-3415	307	92	)	)	PUNCT
fsr-3415	307	93	growth	growth	NOUN
fsr-3415	307	94	0.0752	0.0752	NUM
fsr-3415	307	95	(	(	PUNCT
fsr-3415	307	96	0.0545	0.0545	NUM
fsr-3415	307	97	)	)	PUNCT
fsr-3415	307	98	0.0681	0.0681	NUM
fsr-3415	307	99	(	(	PUNCT
fsr-3415	307	100	0.0550	0.0550	NUM
fsr-3415	307	101	)	)	PUNCT
fsr-3415	307	102	0.0707	0.0707	NUM
fsr-3415	307	103	(	(	PUNCT
fsr-3415	307	104	0.0553	0.0553	NUM
fsr-3415	307	105	)	)	PUNCT
fsr-3415	307	106	0.0666	0.0666	NUM
fsr-3415	307	107	(	(	PUNCT
fsr-3415	307	108	0.0555	0.0555	NUM
fsr-3415	307	109	)	)	PUNCT
fsr-3415	307	110	small	small	ADJ
fsr-3415	307	111	cap	cap	NOUN
fsr-3415	307	112	0.110	0.110	NUM
fsr-3415	307	113	(	(	PUNCT
fsr-3415	307	114	0.0753	0.0753	NUM
fsr-3415	307	115	)	)	PUNCT
fsr-3415	307	116	0.0895	0.0895	NUM
fsr-3415	307	117	(	(	PUNCT
fsr-3415	307	118	0.0762	0.0762	NUM
fsr-3415	307	119	)	)	PUNCT
fsr-3415	307	120	0.0796	0.0796	NUM
fsr-3415	307	121	(	(	PUNCT
fsr-3415	307	122	0.0765	0.0765	NUM
fsr-3415	307	123	)	)	PUNCT
fsr-3415	307	124	0.0701	0.0701	NUM
fsr-3415	307	125	(	(	PUNCT
fsr-3415	307	126	0.0769	0.0769	NUM
fsr-3415	307	127	)	)	PUNCT
fsr-3415	307	128	year	year	NOUN
fsr-3415	307	129	0.133	0.133	NUM
fsr-3415	307	130	*	*	PUNCT
fsr-3415	308	1	*	*	PUNCT
fsr-3415	308	2	*	*	PUNCT
fsr-3415	308	3	(	(	PUNCT
fsr-3415	308	4	0.0185	0.0185	NUM
fsr-3415	308	5	)	)	PUNCT
fsr-3415	308	6	0.136	0.136	NUM
fsr-3415	308	7	*	*	PUNCT
fsr-3415	308	8	*	*	PUNCT
fsr-3415	308	9	*	*	PUNCT
fsr-3415	308	10	(	(	PUNCT
fsr-3415	308	11	0.0185	0.0185	NUM
fsr-3415	308	12	)	)	PUNCT
fsr-3415	308	13	0.132	0.132	NUM
fsr-3415	308	14	*	*	PUNCT
fsr-3415	308	15	*	*	PUNCT
fsr-3415	308	16	*	*	PUNCT
fsr-3415	308	17	(	(	PUNCT
fsr-3415	308	18	0.0183	0.0183	NUM
fsr-3415	308	19	)	)	PUNCT
fsr-3415	308	20	0.134	0.134	NUM
fsr-3415	308	21	*	*	PUNCT
fsr-3415	308	22	*	*	PUNCT
fsr-3415	308	23	*	*	PUNCT
fsr-3415	308	24	(	(	PUNCT
fsr-3415	308	25	0.0184	0.0184	NUM
fsr-3415	308	26	)	)	PUNCT
fsr-3415	308	27	year	year	NOUN
fsr-3415	308	28	-	-	PUNCT
fsr-3415	308	29	fixed	fix	VERB
fsr-3415	308	30	effects	effect	NOUN
fsr-3415	309	1	yes	yes	INTJ
fsr-3415	310	1	yes	yes	INTJ
fsr-3415	311	1	yes	yes	INTJ
fsr-3415	311	2	yes	yes	INTJ
fsr-3415	311	3	observations	observation	NOUN
fsr-3415	311	4	2,324	2,324	NUM
fsr-3415	311	5	2,324	2,324	NUM
fsr-3415	311	6	2,324	2,324	NUM
fsr-3415	311	7	2,324	2,324	NUM
fsr-3415	311	8	note	note	NOUN
fsr-3415	311	9	:	:	PUNCT
fsr-3415	311	10	robust	robust	ADJ
fsr-3415	311	11	standard	standard	ADJ
fsr-3415	311	12	errors	error	NOUN
fsr-3415	311	13	in	in	ADP
fsr-3415	311	14	parentheses	parenthesis	NOUN
fsr-3415	311	15	.	.	PUNCT
fsr-3415	312	1	*	*	PUNCT
fsr-3415	312	2	p	p	X
fsr-3415	312	3	�	�	PROPN
fsr-3415	312	4	0.1	0.1	NUM
fsr-3415	312	5	,	,	PUNCT
fsr-3415	312	6	*	*	PUNCT
fsr-3415	312	7	*	*	PUNCT
fsr-3415	312	8	p	p	X
fsr-3415	312	9	�	�	PROPN
fsr-3415	312	10	0.05	0.05	NUM
fsr-3415	312	11	,	,	PUNCT
fsr-3415	312	12	*	*	PUNCT
fsr-3415	312	13	*	*	PUNCT
fsr-3415	312	14	*	*	PUNCT
fsr-3415	312	15	p	p	X
fsr-3415	312	16	�	�	PROPN
fsr-3415	312	17	0.01	0.01	NUM
fsr-3415	312	18	.	.	PUNCT
fsr-3415	313	1	this	this	DET
fsr-3415	313	2	table	table	NOUN
fsr-3415	313	3	presents	present	VERB
fsr-3415	313	4	ordered	order	VERB
fsr-3415	313	5	probit	probit	NOUN
fsr-3415	313	6	results	result	NOUN
fsr-3415	313	7	of	of	ADP
fsr-3415	313	8	estimating	estimate	VERB
fsr-3415	313	9	equation	equation	NOUN
fsr-3415	313	10	(	(	PUNCT
fsr-3415	313	11	1	1	NUM
fsr-3415	313	12	)	)	PUNCT
fsr-3415	313	13	with	with	ADP
fsr-3415	313	14	manager	manager	NOUN
fsr-3415	313	15	incent	incent	NOUN
fsr-3415	313	16	rate	rate	NOUN
fsr-3415	313	17	as	as	ADP
fsr-3415	313	18	the	the	DET
fsr-3415	313	19	dependent	dependent	ADJ
fsr-3415	313	20	variable	variable	NOUN
fsr-3415	313	21	.	.	PUNCT
fsr-3415	314	1	all	all	DET
fsr-3415	314	2	variables	variable	NOUN
fsr-3415	314	3	are	be	AUX
fsr-3415	314	4	defined	define	VERB
fsr-3415	314	5	as	as	ADP
fsr-3415	314	6	in	in	ADP
fsr-3415	314	7	the	the	DET
fsr-3415	314	8	table	table	NOUN
fsr-3415	314	9	1	1	NUM
fsr-3415	314	10	heading	heading	NOUN
fsr-3415	314	11	,	,	PUNCT
fsr-3415	314	12	except	except	SCONJ
fsr-3415	314	13	family	family	NOUN
fsr-3415	314	14	assets	asset	NOUN
fsr-3415	314	15	,	,	PUNCT
fsr-3415	314	16	fund	fund	NOUN
fsr-3415	314	17	assets	asset	NOUN
fsr-3415	314	18	,	,	PUNCT
fsr-3415	314	19	fund	fund	NOUN
fsr-3415	314	20	age	age	NOUN
fsr-3415	314	21	,	,	PUNCT
fsr-3415	314	22	and	and	CCONJ
fsr-3415	314	23	mgr	mgr	PROPN
fsr-3415	314	24	tenure	tenure	NOUN
fsr-3415	314	25	,	,	PUNCT
fsr-3415	314	26	which	which	PRON
fsr-3415	314	27	are	be	AUX
fsr-3415	314	28	the	the	DET
fsr-3415	314	29	log	log	NOUN
fsr-3415	314	30	transformed	transform	VERB
fsr-3415	314	31	value	value	NOUN
fsr-3415	314	32	of	of	ADP
fsr-3415	314	33	family	family	NOUN
fsr-3415	314	34	assets	asset	NOUN
fsr-3415	314	35	,	,	PUNCT
fsr-3415	314	36	fund	fund	VERB
fsr-3415	314	37	net	net	ADJ
fsr-3415	314	38	assets	asset	NOUN
fsr-3415	314	39	,	,	PUNCT
fsr-3415	314	40	fund	fund	NOUN
fsr-3415	314	41	age	age	NOUN
fsr-3415	314	42	,	,	PUNCT
fsr-3415	314	43	and	and	CCONJ
fsr-3415	314	44	fund	fund	NOUN
fsr-3415	314	45	manager	manager	NOUN
fsr-3415	314	46	tenure	tenure	NOUN
fsr-3415	314	47	.	.	PUNCT
fsr-3415	315	1	year	year	NOUN
fsr-3415	315	2	-	-	PUNCT
fsr-3415	315	3	fixed	fix	VERB
fsr-3415	315	4	effects	effect	NOUN
fsr-3415	315	5	are	be	AUX
fsr-3415	315	6	included	include	VERB
fsr-3415	315	7	and	and	CCONJ
fsr-3415	315	8	standard	standard	ADJ
fsr-3415	315	9	errors	error	NOUN
fsr-3415	315	10	are	be	AUX
fsr-3415	315	11	robust	robust	ADJ
fsr-3415	315	12	to	to	ADP
fsr-3415	315	13	heteroscedasticity	heteroscedasticity	NOUN
fsr-3415	315	14	.	.	PUNCT
fsr-3415	316	1	asterisks	asterisk	NOUN
fsr-3415	316	2	represent	represent	VERB
fsr-3415	316	3	significance	significance	NOUN
fsr-3415	316	4	at	at	ADP
fsr-3415	316	5	the	the	DET
fsr-3415	316	6	10	10	NUM
fsr-3415	316	7	%	%	NOUN
fsr-3415	316	8	(	(	PUNCT
fsr-3415	316	9	*	*	NOUN
fsr-3415	316	10	)	)	PUNCT
fsr-3415	316	11	,	,	PUNCT
fsr-3415	316	12	5	5	NUM
fsr-3415	316	13	%	%	NOUN
fsr-3415	316	14	(	(	PUNCT
fsr-3415	316	15	*	*	NOUN
fsr-3415	316	16	*	*	PUNCT
fsr-3415	316	17	)	)	PUNCT
fsr-3415	316	18	,	,	PUNCT
fsr-3415	316	19	and	and	CCONJ
fsr-3415	316	20	1	1	NUM
fsr-3415	316	21	%	%	NOUN
fsr-3415	316	22	(	(	PUNCT
fsr-3415	316	23	*	*	PUNCT
fsr-3415	316	24	*	*	PUNCT
fsr-3415	316	25	*	*	NOUN
fsr-3415	316	26	)	)	PUNCT
fsr-3415	316	27	level	level	NOUN
fsr-3415	316	28	,	,	PUNCT
fsr-3415	316	29	respectively	respectively	ADV
fsr-3415	316	30	.	.	PUNCT
fsr-3415	317	1	62	62	NUM
fsr-3415	317	2	j.	j.	PROPN
fsr-3415	317	3	handy	handy	PROPN
fsr-3415	317	4	,	,	PUNCT
fsr-3415	317	5	t.	t.	PROPN
fsr-3415	317	6	smythe	smythe	PROPN
fsr-3415	317	7	/	/	SYM
fsr-3415	317	8	financial	financial	ADJ
fsr-3415	317	9	services	service	NOUN
fsr-3415	317	10	review	review	VERB
fsr-3415	317	11	28	28	NUM
fsr-3415	317	12	(	(	PUNCT
fsr-3415	317	13	2020	2020	NUM
fsr-3415	317	14	)	)	PUNCT
fsr-3415	317	15	49	49	NUM
fsr-3415	317	16	-	-	SYM
fsr-3415	317	17	65	65	NUM
fsr-3415	317	18	t	t	PROPN
fsr-3415	317	19	ab	ab	PROPN
fsr-3415	317	20	le	le	PROPN
fsr-3415	317	21	5	5	NUM
fsr-3415	317	22	m	m	PROPN
fsr-3415	317	23	an	an	DET
fsr-3415	317	24	ag	ag	PROPN
fsr-3415	317	25	er	er	INTJ
fsr-3415	317	26	in	in	ADP
fsr-3415	317	27	ce	ce	PROPN
fsr-3415	317	28	nt	not	PART
fsr-3415	317	29	r	r	PROPN
fsr-3415	317	30	at	at	ADP
fsr-3415	317	31	e	e	NOUN
fsr-3415	317	32	pr	pr	NOUN
fsr-3415	318	1	ed	ed	NOUN
fsr-3415	318	2	ic	ic	PROPN
fsr-3415	319	1	tiv	tiv	PROPN
fsr-3415	319	2	e	e	PROPN
fsr-3415	319	3	pr	pr	PUNCT
fsr-3415	319	4	ob	ob	ADP
fsr-3415	319	5	ab	ab	PROPN
fsr-3415	319	6	ili	ili	PROPN
fsr-3415	319	7	tie	tie	VERB
fsr-3415	319	8	s	s	PART
fsr-3415	319	9	m	m	VERB
fsr-3415	319	10	an	an	DET
fsr-3415	319	11	ag	ag	PROPN
fsr-3415	319	12	er	er	INTJ
fsr-3415	319	13	in	in	ADP
fsr-3415	319	14	ce	ce	PROPN
fsr-3415	319	15	nt	not	PART
fsr-3415	319	16	r	r	PROPN
fsr-3415	319	17	at	at	ADP
fsr-3415	319	18	e	e	PROPN
fsr-3415	319	19	ta	ta	ADP
fsr-3415	319	20	ke	ke	PROPN
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fsr-3415	371	31	3	3	NUM
fsr-3415	371	32	0	0	NUM
fsr-3415	371	33	.	.	PUNCT
fsr-3415	371	34	25	25	NUM
fsr-3415	371	35	7	7	NUM
fsr-3415	371	36	0	0	NUM
fsr-3415	371	37	.	.	PUNCT
fsr-3415	371	38	31	31	NUM
fsr-3415	371	39	5	5	NUM
fsr-3415	371	40	0	0	NUM
fsr-3415	371	41	0	0	NUM
fsr-3415	371	42	.	.	PUNCT
fsr-3415	371	43	02	02	NUM
fsr-3415	371	44	7	7	NUM
fsr-3415	371	45	0	0	NUM
fsr-3415	371	46	.	.	PUNCT
fsr-3415	372	1	10	10	NUM
fsr-3415	372	2	1	1	NUM
fsr-3415	372	3	0	0	NUM
fsr-3415	372	4	.	.	PUNCT
fsr-3415	372	5	32	32	NUM
fsr-3415	372	6	4	4	NUM
fsr-3415	372	7	0	0	NUM
fsr-3415	372	8	.	.	PUNCT
fsr-3415	372	9	25	25	NUM
fsr-3415	372	10	6	6	NUM
fsr-3415	372	11	0	0	NUM
fsr-3415	372	12	.	.	NOUN
fsr-3415	372	13	29	29	NUM
fsr-3415	372	14	2	2	NUM
fsr-3415	372	15	5	5	NUM
fsr-3415	372	16	1	1	NUM
fsr-3415	372	17	0	0	NUM
fsr-3415	372	18	.	.	PUNCT
fsr-3415	373	1	05	05	NUM
fsr-3415	374	1	4	4	NUM
fsr-3415	374	2	0	0	NUM
fsr-3415	374	3	.	.	NOUN
fsr-3415	374	4	15	15	NUM
fsr-3415	374	5	3	3	NUM
fsr-3415	374	6	0	0	NUM
fsr-3415	374	7	.	.	PUNCT
fsr-3415	375	1	37	37	NUM
fsr-3415	375	2	0	0	NUM
fsr-3415	375	3	.	.	PUNCT
fsr-3415	376	1	22	22	NUM
fsr-3415	376	2	9	9	NUM
fsr-3415	376	3	0	0	NUM
fsr-3415	376	4	.	.	NOUN
fsr-3415	377	1	19	19	NUM
fsr-3415	377	2	5	5	NUM
fsr-3415	377	3	5	5	NUM
fsr-3415	377	4	1	1	NUM
fsr-3415	377	5	0	0	NUM
fsr-3415	377	6	.	.	PUNCT
fsr-3415	378	1	05	05	NUM
fsr-3415	378	2	8	8	NUM
fsr-3415	378	3	0	0	NUM
fsr-3415	378	4	.	.	PUNCT
fsr-3415	379	1	16	16	NUM
fsr-3415	379	2	1	1	NUM
fsr-3415	379	3	0	0	NUM
fsr-3415	379	4	.	.	PUNCT
fsr-3415	379	5	37	37	NUM
fsr-3415	379	6	7	7	NUM
fsr-3415	379	7	0	0	NUM
fsr-3415	379	8	.	.	PUNCT
fsr-3415	380	1	22	22	NUM
fsr-3415	380	2	4	4	NUM
fsr-3415	380	3	0	0	NUM
fsr-3415	380	4	.	.	PUNCT
fsr-3415	381	1	18	18	NUM
fsr-3415	381	2	d	d	NOUN
fsr-3415	381	3	if	if	SCONJ
fsr-3415	381	4	f.	f.	PROPN
fsr-3415	381	5	(	(	PUNCT
fsr-3415	381	6	b	b	PROPN
fsr-3415	381	7	ps	ps	PROPN
fsr-3415	381	8	)	)	PUNCT
fsr-3415	381	9	29	29	NUM
fsr-3415	381	10	0	0	NUM
fsr-3415	381	11	58	58	NUM
fsr-3415	381	12	0	0	NUM
fsr-3415	381	13	57	57	NUM
fsr-3415	381	14	0	0	NUM
fsr-3415	381	15	�	�	PROPN
fsr-3415	381	16	28	28	NUM
fsr-3415	381	17	0	0	NUM
fsr-3415	381	18	�	�	PROPN
fsr-3415	381	19	11	11	NUM
fsr-3415	381	20	50	50	NUM
fsr-3415	381	21	d	d	NOUN
fsr-3415	381	22	if	if	SCONJ
fsr-3415	381	23	f.	f.	PROPN
fsr-3415	381	24	(	(	PUNCT
fsr-3415	381	25	b	b	PROPN
fsr-3415	381	26	ps	ps	PROPN
fsr-3415	381	27	)	)	PUNCT
fsr-3415	381	28	31	31	NUM
fsr-3415	381	29	0	0	NUM
fsr-3415	381	30	60	60	NUM
fsr-3415	381	31	0	0	NUM
fsr-3415	381	32	53	53	NUM
fsr-3415	381	33	0	0	NUM
fsr-3415	381	34	�	�	PROPN
fsr-3415	381	35	32	32	NUM
fsr-3415	381	36	0	0	NUM
fsr-3415	381	37	�	�	PROPN
fsr-3415	381	38	11	11	NUM
fsr-3415	381	39	20	20	NUM
fsr-3415	381	40	%	%	NOUN
fsr-3415	382	1	d	d	NOUN
fsr-3415	382	2	if	if	SCONJ
fsr-3415	382	3	f	f	PROPN
fsr-3415	382	4	11	11	NUM
fsr-3415	382	5	6	6	NUM
fsr-3415	382	6	.	.	PUNCT
fsr-3415	382	7	00	00	NUM
fsr-3415	383	1	%	%	NOUN
fsr-3415	383	2	61	61	NUM
fsr-3415	383	3	.0	.0	NUM
fsr-3415	383	4	5	5	NUM
fsr-3415	383	5	%	%	NOUN
fsr-3415	383	6	18	18	NUM
fsr-3415	383	7	.2	.2	NUM
fsr-3415	383	8	1	1	NUM
fsr-3415	383	9	%	%	NOUN
fsr-3415	383	10	�	�	PROPN
fsr-3415	383	11	10	10	NUM
fsr-3415	383	12	.8	.8	NUM
fsr-3415	383	13	9	9	NUM
fsr-3415	383	14	%	%	NOUN
fsr-3415	383	15	�	�	PROPN
fsr-3415	383	16	37	37	NUM
fsr-3415	383	17	.1	.1	NUM
fsr-3415	383	18	0	0	NUM
fsr-3415	383	19	%	%	NOUN
fsr-3415	384	1	%	%	NOUN
fsr-3415	385	1	d	d	NOUN
fsr-3415	385	2	if	if	SCONJ
fsr-3415	385	3	f	f	PROPN
fsr-3415	385	4	11	11	NUM
fsr-3415	385	5	4	4	NUM
fsr-3415	385	6	.	.	PUNCT
fsr-3415	386	1	81	81	NUM
fsr-3415	386	2	%	%	NOUN
fsr-3415	386	3	59	59	NUM
fsr-3415	386	4	.4	.4	NUM
fsr-3415	386	5	1	1	NUM
fsr-3415	386	6	%	%	NOUN
fsr-3415	386	7	16	16	NUM
fsr-3415	386	8	.3	.3	NUM
fsr-3415	386	9	6	6	NUM
fsr-3415	386	10	%	%	NOUN
fsr-3415	386	11	�	�	PROPN
fsr-3415	386	12	12	12	NUM
fsr-3415	386	13	.5	.5	NUM
fsr-3415	386	14	0	0	NUM
fsr-3415	386	15	%	%	NOUN
fsr-3415	386	16	�	�	NOUN
fsr-3415	386	17	38	38	NUM
fsr-3415	386	18	.3	.3	NUM
fsr-3415	386	19	6	6	NUM
fsr-3415	386	20	%	%	NOUN
fsr-3415	386	21	m	m	VERB
fsr-3415	386	22	an	an	DET
fsr-3415	386	23	ag	ag	PROPN
fsr-3415	386	24	er	er	INTJ
fsr-3415	386	25	ia	ia	PROPN
fsr-3415	386	26	l	l	PROPN
fsr-3415	386	27	in	in	ADP
fsr-3415	386	28	ce	ce	PROPN
fsr-3415	386	29	nt	not	PART
fsr-3415	386	30	iv	iv	PROPN
fsr-3415	386	31	e	e	PROPN
fsr-3415	386	32	ra	ra	PROPN
fsr-3415	386	33	tin	tin	X
fsr-3415	386	34	g.	g.	PROPN
fsr-3415	386	35	m	m	PROPN
fsr-3415	386	36	s	s	PART
fsr-3415	386	37	eq	eq	PROPN
fsr-3415	387	1	ua	ua	PROPN
fsr-3415	387	2	ls	ls	PROPN
fsr-3415	387	3	ze	ze	PROPN
fsr-3415	387	4	ro	ro	PROPN
fsr-3415	387	5	if	if	SCONJ
fsr-3415	387	6	th	th	X
fsr-3415	387	7	e	e	NOUN
fsr-3415	387	8	fu	fu	NOUN
fsr-3415	388	1	nd	nd	ADV
fsr-3415	388	2	is	be	AUX
fsr-3415	388	3	a	a	DET
fsr-3415	388	4	n	n	NOUN
fsr-3415	388	5	on	on	ADP
fsr-3415	388	6	-m	-m	PUNCT
fsr-3415	388	7	s	s	NOUN
fsr-3415	388	8	fu	fu	NOUN
fsr-3415	388	9	nd	nd	ADP
fsr-3415	388	10	an	an	DET
fsr-3415	388	11	d	d	PROPN
fsr-3415	388	12	1	1	NUM
fsr-3415	388	13	if	if	SCONJ
fsr-3415	388	14	th	th	X
fsr-3415	388	15	e	e	NOUN
fsr-3415	388	16	fu	fu	NOUN
fsr-3415	388	17	nd	nd	ADV
fsr-3415	388	18	is	be	AUX
fsr-3415	388	19	an	an	DET
fsr-3415	388	20	m	m	PROPN
fsr-3415	388	21	s	s	NOUN
fsr-3415	388	22	fu	fu	NOUN
fsr-3415	389	1	nd	nd	INTJ
fsr-3415	389	2	.	.	PUNCT
fsr-3415	390	1	t	t	PROPN
fsr-3415	391	1	he	he	PRON
fsr-3415	391	2	va	va	PROPN
fsr-3415	392	1	lu	lu	PROPN
fsr-3415	393	1	es	es	PROPN
fsr-3415	394	1	w	w	PROPN
fsr-3415	395	1	ith	ith	PROPN
fsr-3415	395	2	in	in	ADP
fsr-3415	395	3	th	th	X
fsr-3415	395	4	e	e	X
fsr-3415	395	5	ta	ta	X
fsr-3415	395	6	bl	bl	PROPN
fsr-3415	395	7	e	e	PROPN
fsr-3415	395	8	,	,	PUNCT
fsr-3415	395	9	un	un	PROPN
fsr-3415	395	10	le	le	PROPN
fsr-3415	395	11	ss	ss	PROPN
fsr-3415	395	12	la	la	PROPN
fsr-3415	395	13	be	be	AUX
fsr-3415	395	14	lle	lle	PROPN
fsr-3415	396	1	d	d	INTJ
fsr-3415	396	2	ot	ot	INTJ
fsr-3415	396	3	he	he	PRON
fsr-3415	396	4	rw	rw	PROPN
fsr-3415	396	5	is	be	AUX
fsr-3415	396	6	e	e	NOUN
fsr-3415	396	7	,	,	PUNCT
fsr-3415	396	8	re	re	AUX
fsr-3415	396	9	pr	pr	X
fsr-3415	396	10	es	es	VERB
fsr-3415	396	11	en	en	INTJ
fsr-3415	396	12	tp	tp	X
fsr-3415	396	13	er	er	INTJ
fsr-3415	396	14	ce	ce	PROPN
fsr-3415	396	15	nt	not	PART
fsr-3415	396	16	ag	ag	PROPN
fsr-3415	396	17	es	es	X
fsr-3415	396	18	in	in	ADP
fsr-3415	396	19	de	de	X
fsr-3415	396	20	ci	ci	PROPN
fsr-3415	397	1	m	m	PROPN
fsr-3415	397	2	al	al	PROPN
fsr-3415	397	3	fo	fo	INTJ
fsr-3415	397	4	rm	rm	PROPN
fsr-3415	397	5	.p	.p	PROPN
fsr-3415	397	6	an	an	PROPN
fsr-3415	397	7	el	el	PROPN
fsr-3415	397	8	a	a	DET
fsr-3415	397	9	pr	pr	NOUN
fsr-3415	398	1	ov	ov	INTJ
fsr-3415	398	2	i	i	PROPN
fsr-3415	398	3	d	d	NOUN
fsr-3415	398	4	es	es	X
fsr-3415	398	5	pr	pr	NOUN
fsr-3415	399	1	ed	ed	INTJ
fsr-3415	399	2	ic	ic	INTJ
fsr-3415	400	1	te	te	PROPN
fsr-3415	400	2	d	d	X
fsr-3415	400	3	pr	pr	X
fsr-3415	400	4	ob	ob	X
fsr-3415	400	5	ab	ab	PROPN
fsr-3415	400	6	ili	ili	PROPN
fsr-3415	400	7	tie	tie	NOUN
fsr-3415	400	8	s	s	PROPN
fsr-3415	400	9	ba	ba	PROPN
fsr-3415	400	10	se	se	PROPN
fsr-3415	401	1	d	d	PROPN
fsr-3415	401	2	on	on	ADP
fsr-3415	401	3	fu	fu	PROPN
fsr-3415	402	1	nd	nd	INTJ
fsr-3415	402	2	ty	ty	INTJ
fsr-3415	402	3	pe	pe	INTJ
fsr-3415	402	4	al	al	PROPN
fsr-3415	402	5	on	on	ADP
fsr-3415	402	6	e.	e.	PROPN
fsr-3415	402	7	pa	pa	PROPN
fsr-3415	402	8	ne	ne	PROPN
fsr-3415	402	9	lb	lb	INTJ
fsr-3415	402	10	pr	pr	INTJ
fsr-3415	403	1	ov	ov	INTJ
fsr-3415	403	2	i	i	INTJ
fsr-3415	403	3	d	d	NOUN
fsr-3415	403	4	es	es	X
fsr-3415	403	5	pr	pr	NOUN
fsr-3415	404	1	ed	ed	INTJ
fsr-3415	404	2	ic	ic	INTJ
fsr-3415	405	1	te	te	PROPN
fsr-3415	405	2	d	d	X
fsr-3415	405	3	pr	pr	X
fsr-3415	405	4	ob	ob	X
fsr-3415	405	5	ab	ab	PROPN
fsr-3415	405	6	ili	ili	PROPN
fsr-3415	405	7	tie	tie	VERB
fsr-3415	405	8	s	s	NOUN
fsr-3415	405	9	fo	fo	ADP
fsr-3415	405	10	r	r	NOUN
fsr-3415	405	11	m	m	NOUN
fsr-3415	405	12	s	s	NOUN
fsr-3415	405	13	an	an	DET
fsr-3415	405	14	d	d	PROPN
fsr-3415	405	15	n	n	NOUN
fsr-3415	405	16	on	on	ADP
fsr-3415	405	17	-m	-m	PUNCT
fsr-3415	405	18	s	s	NOUN
fsr-3415	405	19	fu	fu	NOUN
fsr-3415	405	20	nd	nd	NOUN
fsr-3415	405	21	s	s	X
fsr-3415	405	22	co	co	NOUN
fsr-3415	405	23	nd	nd	ADV
fsr-3415	405	24	iti	iti	PROPN
fsr-3415	405	25	on	on	ADP
fsr-3415	405	26	al	al	PROPN
fsr-3415	405	27	on	on	ADP
fsr-3415	405	28	th	th	INTJ
fsr-3415	405	29	ei	ei	ADP
fsr-3415	405	30	r	r	NOUN
fsr-3415	405	31	m	m	PROPN
fsr-3415	405	32	or	or	CCONJ
fsr-3415	405	33	ni	ni	PROPN
fsr-3415	405	34	ng	ng	PROPN
fsr-3415	405	35	st	st	PROPN
fsr-3415	405	36	ar	ar	PROPN
fsr-3415	405	37	c	c	PROPN
fsr-3415	405	38	or	or	CCONJ
fsr-3415	405	39	po	po	INTJ
fsr-3415	405	40	ra	ra	INTJ
fsr-3415	406	1	te	te	INTJ
fsr-3415	406	2	c	c	X
fsr-3415	406	3	ul	ul	INTJ
fsr-3415	406	4	tu	tu	X
fsr-3415	406	5	re	re	ADJ
fsr-3415	406	6	ra	ra	PROPN
fsr-3415	406	7	tin	tin	NOUN
fsr-3415	406	8	g	g	PROPN
fsr-3415	406	9	or	or	CCONJ
fsr-3415	406	10	th	th	X
fsr-3415	406	11	e	e	NOUN
fsr-3415	406	12	m	m	NOUN
fsr-3415	406	13	or	or	CCONJ
fsr-3415	406	14	ni	ni	PROPN
fsr-3415	406	15	ng	ng	PROPN
fsr-3415	406	16	st	st	PROPN
fsr-3415	406	17	ar	ar	PROPN
fsr-3415	406	18	b	b	PROPN
fsr-3415	406	19	oa	oa	PROPN
fsr-3415	406	20	rd	rd	PROPN
fsr-3415	406	21	q	q	PROPN
fsr-3415	406	22	ua	ua	PROPN
fsr-3415	406	23	lit	light	VERB
fsr-3415	406	24	y	y	PROPN
fsr-3415	406	25	ra	ra	PROPN
fsr-3415	406	26	tin	tin	PROPN
fsr-3415	406	27	g.	g.	PROPN
fsr-3415	406	28	63j	63j	X
fsr-3415	406	29	.	.	PUNCT
fsr-3415	407	1	handy	handy	ADJ
fsr-3415	407	2	,	,	PUNCT
fsr-3415	407	3	t.	t.	PROPN
fsr-3415	407	4	smythe	smythe	PROPN
fsr-3415	407	5	/	/	SYM
fsr-3415	407	6	financial	financial	ADJ
fsr-3415	407	7	services	service	NOUN
fsr-3415	407	8	review	review	VERB
fsr-3415	407	9	28	28	NUM
fsr-3415	407	10	(	(	PUNCT
fsr-3415	407	11	2020	2020	NUM
fsr-3415	407	12	)	)	PUNCT
fsr-3415	407	13	49	49	NUM
fsr-3415	407	14	-	-	SYM
fsr-3415	407	15	65	65	NUM
fsr-3415	407	16	probability	probability	NOUN
fsr-3415	407	17	.	.	PUNCT
fsr-3415	408	1	the	the	DET
fsr-3415	408	2	board	board	NOUN
fsr-3415	408	3	quality	quality	NOUN
fsr-3415	408	4	results	result	NOUN
fsr-3415	408	5	echo	echo	VERB
fsr-3415	408	6	the	the	DET
fsr-3415	408	7	corporate	corporate	ADJ
fsr-3415	408	8	culture	culture	NOUN
fsr-3415	408	9	findings	finding	NOUN
fsr-3415	408	10	.	.	PUNCT
fsr-3415	409	1	in	in	ADP
fsr-3415	409	2	short	short	ADJ
fsr-3415	409	3	,	,	PUNCT
fsr-3415	409	4	governance	governance	NOUN
fsr-3415	409	5	matters	matter	NOUN
fsr-3415	409	6	and	and	CCONJ
fsr-3415	409	7	appears	appear	VERB
fsr-3415	409	8	stronger	strong	ADJ
fsr-3415	409	9	in	in	ADP
fsr-3415	409	10	non	non	ADJ
fsr-3415	409	11	-	-	ADJ
fsr-3415	409	12	ms	ms	ADJ
fsr-3415	409	13	funds	fund	NOUN
fsr-3415	409	14	,	,	PUNCT
fsr-3415	409	15	as	as	SCONJ
fsr-3415	409	16	rated	rate	VERB
fsr-3415	409	17	by	by	ADP
fsr-3415	409	18	morningstar	morningstar	NOUN
fsr-3415	409	19	.	.	PUNCT
fsr-3415	410	1	the	the	DET
fsr-3415	410	2	results	result	NOUN
fsr-3415	410	3	for	for	ADP
fsr-3415	410	4	the	the	DET
fsr-3415	410	5	control	control	NOUN
fsr-3415	410	6	variables	variable	NOUN
fsr-3415	410	7	capturing	capture	VERB
fsr-3415	410	8	load	load	NOUN
fsr-3415	410	9	status	status	NOUN
fsr-3415	410	10	,	,	PUNCT
fsr-3415	410	11	fund	fund	NOUN
fsr-3415	410	12	objectives	objective	NOUN
fsr-3415	410	13	,	,	PUNCT
fsr-3415	410	14	family	family	NOUN
fsr-3415	410	15	size	size	NOUN
fsr-3415	410	16	,	,	PUNCT
fsr-3415	410	17	fund	fund	NOUN
fsr-3415	410	18	age	age	NOUN
fsr-3415	410	19	,	,	PUNCT
fsr-3415	410	20	fund	fund	NOUN
fsr-3415	410	21	size	size	NOUN
fsr-3415	410	22	,	,	PUNCT
fsr-3415	410	23	and	and	CCONJ
fsr-3415	410	24	manager	manager	NOUN
fsr-3415	410	25	tenure	tenure	NOUN
fsr-3415	410	26	are	be	AUX
fsr-3415	410	27	all	all	ADV
fsr-3415	410	28	similar	similar	ADJ
fsr-3415	410	29	to	to	ADP
fsr-3415	410	30	those	those	PRON
fsr-3415	410	31	in	in	ADP
fsr-3415	410	32	table	table	NOUN
fsr-3415	410	33	2	2	NUM
fsr-3415	410	34	.	.	PUNCT
fsr-3415	411	1	in	in	ADP
fsr-3415	411	2	all	all	DET
fsr-3415	411	3	columns	column	NOUN
fsr-3415	411	4	of	of	ADP
fsr-3415	411	5	table	table	NOUN
fsr-3415	411	6	4	4	NUM
fsr-3415	411	7	,	,	PUNCT
fsr-3415	411	8	instl	instl	PROPN
fsr-3415	411	9	is	be	AUX
fsr-3415	411	10	negative	negative	ADJ
fsr-3415	411	11	and	and	CCONJ
fsr-3415	411	12	statistically	statistically	ADV
fsr-3415	411	13	significant	significant	ADJ
fsr-3415	411	14	,	,	PUNCT
fsr-3415	411	15	indicating	indicate	VERB
fsr-3415	411	16	funds	fund	NOUN
fsr-3415	411	17	having	have	VERB
fsr-3415	411	18	an	an	DET
fsr-3415	411	19	institutional	institutional	ADJ
fsr-3415	411	20	presence	presence	NOUN
fsr-3415	411	21	have	have	VERB
fsr-3415	411	22	lower	low	ADJ
fsr-3415	411	23	managerial	managerial	ADJ
fsr-3415	411	24	incentive	incentive	NOUN
fsr-3415	411	25	ratings	rating	NOUN
fsr-3415	411	26	.	.	PUNCT
fsr-3415	412	1	in	in	ADP
fsr-3415	412	2	all	all	DET
fsr-3415	412	3	columns	column	NOUN
fsr-3415	412	4	,	,	PUNCT
fsr-3415	412	5	the	the	DET
fsr-3415	412	6	presence	presence	NOUN
fsr-3415	412	7	of	of	ADP
fsr-3415	412	8	a	a	DET
fsr-3415	412	9	12b-1	12b-1	NUM
fsr-3415	412	10	fee	fee	NOUN
fsr-3415	412	11	leads	lead	VERB
fsr-3415	412	12	to	to	ADP
fsr-3415	412	13	increased	increase	VERB
fsr-3415	412	14	manager	manager	NOUN
fsr-3415	412	15	incent	incent	NOUN
fsr-3415	412	16	rate	rate	NOUN
fsr-3415	412	17	.	.	PUNCT
fsr-3415	413	1	finally	finally	ADV
fsr-3415	413	2	,	,	PUNCT
fsr-3415	413	3	the	the	DET
fsr-3415	413	4	inclusion	inclusion	NOUN
fsr-3415	413	5	of	of	ADP
fsr-3415	413	6	netexpense	netexpense	NOUN
fsr-3415	413	7	to	to	ADP
fsr-3415	413	8	the	the	DET
fsr-3415	413	9	models	model	NOUN
fsr-3415	413	10	adds	add	VERB
fsr-3415	413	11	no	no	DET
fsr-3415	413	12	explanatory	explanatory	ADJ
fsr-3415	413	13	power	power	NOUN
fsr-3415	413	14	.	.	PUNCT
fsr-3415	414	1	finally	finally	ADV
fsr-3415	414	2	,	,	PUNCT
fsr-3415	414	3	unlike	unlike	ADP
fsr-3415	414	4	in	in	ADP
fsr-3415	414	5	table	table	NOUN
fsr-3415	414	6	2	2	NUM
fsr-3415	414	7	,	,	PUNCT
fsr-3415	414	8	year	year	NOUN
fsr-3415	414	9	is	be	AUX
fsr-3415	414	10	positive	positive	ADJ
fsr-3415	414	11	and	and	CCONJ
fsr-3415	414	12	significant	significant	ADJ
fsr-3415	414	13	,	,	PUNCT
fsr-3415	414	14	indicating	indicate	VERB
fsr-3415	414	15	that	that	SCONJ
fsr-3415	414	16	on	on	ADP
fsr-3415	414	17	average	average	ADJ
fsr-3415	414	18	managerial	managerial	ADJ
fsr-3415	414	19	incentive	incentive	NOUN
fsr-3415	414	20	ratings	rating	NOUN
fsr-3415	414	21	are	be	AUX
fsr-3415	414	22	increasing	increase	VERB
fsr-3415	414	23	during	during	ADP
fsr-3415	414	24	the	the	DET
fsr-3415	414	25	sample	sample	NOUN
fsr-3415	414	26	period	period	NOUN
fsr-3415	414	27	.	.	PUNCT
fsr-3415	415	1	6	6	X
fsr-3415	415	2	.	.	X
fsr-3415	415	3	conclusion	conclusion	NOUN
fsr-3415	415	4	while	while	SCONJ
fsr-3415	415	5	mutual	mutual	ADJ
fsr-3415	415	6	funds	fund	NOUN
fsr-3415	415	7	have	have	AUX
fsr-3415	415	8	been	be	AUX
fsr-3415	415	9	widely	widely	ADV
fsr-3415	415	10	studied	study	VERB
fsr-3415	415	11	,	,	PUNCT
fsr-3415	415	12	the	the	DET
fsr-3415	415	13	bulk	bulk	NOUN
fsr-3415	415	14	of	of	ADP
fsr-3415	415	15	the	the	DET
fsr-3415	415	16	work	work	NOUN
fsr-3415	415	17	has	have	AUX
fsr-3415	415	18	been	be	AUX
fsr-3415	415	19	in	in	ADP
fsr-3415	415	20	the	the	DET
fsr-3415	415	21	area	area	NOUN
fsr-3415	415	22	of	of	ADP
fsr-3415	415	23	performance	performance	NOUN
fsr-3415	415	24	and	and	CCONJ
fsr-3415	415	25	cost	cost	NOUN
fsr-3415	415	26	structure	structure	NOUN
fsr-3415	415	27	.	.	PUNCT
fsr-3415	416	1	there	there	PRON
fsr-3415	416	2	has	have	AUX
fsr-3415	416	3	been	be	AUX
fsr-3415	416	4	much	much	ADV
fsr-3415	416	5	less	less	ADJ
fsr-3415	416	6	work	work	NOUN
fsr-3415	416	7	,	,	PUNCT
fsr-3415	416	8	theoretical	theoretical	ADJ
fsr-3415	416	9	or	or	CCONJ
fsr-3415	416	10	empirical	empirical	ADJ
fsr-3415	416	11	,	,	PUNCT
fsr-3415	416	12	examining	examine	VERB
fsr-3415	416	13	the	the	DET
fsr-3415	416	14	ms	ms	PROPN
fsr-3415	416	15	fund	fund	NOUN
fsr-3415	416	16	structure	structure	NOUN
fsr-3415	416	17	introduced	introduce	VERB
fsr-3415	416	18	widely	widely	ADV
fsr-3415	416	19	in	in	ADP
fsr-3415	416	20	1995	1995	NUM
fsr-3415	416	21	.	.	PUNCT
fsr-3415	417	1	the	the	DET
fsr-3415	417	2	evidence	evidence	NOUN
fsr-3415	417	3	that	that	PRON
fsr-3415	417	4	does	do	AUX
fsr-3415	417	5	exist	exist	VERB
fsr-3415	417	6	is	be	AUX
fsr-3415	417	7	not	not	PART
fsr-3415	417	8	complimentary	complimentary	ADJ
fsr-3415	417	9	of	of	ADP
fsr-3415	417	10	the	the	DET
fsr-3415	417	11	structure	structure	NOUN
fsr-3415	417	12	.	.	PUNCT
fsr-3415	418	1	the	the	DET
fsr-3415	418	2	analysis	analysis	NOUN
fsr-3415	418	3	in	in	ADP
fsr-3415	418	4	this	this	DET
fsr-3415	418	5	article	article	NOUN
fsr-3415	418	6	finds	find	VERB
fsr-3415	418	7	further	further	ADJ
fsr-3415	418	8	evidence	evidence	NOUN
fsr-3415	418	9	highlighting	highlight	VERB
fsr-3415	418	10	problems	problem	NOUN
fsr-3415	418	11	with	with	ADP
fsr-3415	418	12	the	the	DET
fsr-3415	418	13	ms	ms	PROPN
fsr-3415	418	14	structure	structure	NOUN
fsr-3415	418	15	.	.	PUNCT
fsr-3415	419	1	ms	ms	PROPN
fsr-3415	419	2	funds	fund	NOUN
fsr-3415	419	3	have	have	VERB
fsr-3415	419	4	board	board	NOUN
fsr-3415	419	5	quality	quality	NOUN
fsr-3415	419	6	and	and	CCONJ
fsr-3415	419	7	managerial	managerial	ADJ
fsr-3415	419	8	incentive	incentive	NOUN
fsr-3415	419	9	ratings	rating	NOUN
fsr-3415	419	10	that	that	PRON
fsr-3415	419	11	would	would	AUX
fsr-3415	419	12	suggest	suggest	VERB
fsr-3415	419	13	that	that	SCONJ
fsr-3415	419	14	they	they	PRON
fsr-3415	419	15	,	,	PUNCT
fsr-3415	419	16	and	and	CCONJ
fsr-3415	419	17	the	the	DET
fsr-3415	419	18	companies	company	NOUN
fsr-3415	419	19	sponsoring	sponsor	VERB
fsr-3415	419	20	them	they	PRON
fsr-3415	419	21	,	,	PUNCT
fsr-3415	419	22	tend	tend	VERB
fsr-3415	419	23	to	to	PART
fsr-3415	419	24	align	align	VERB
fsr-3415	419	25	themselves	themselves	PRON
fsr-3415	419	26	with	with	ADP
fsr-3415	419	27	investor	investor	NOUN
fsr-3415	419	28	interests	interest	NOUN
fsr-3415	419	29	less	less	ADJ
fsr-3415	419	30	.	.	PUNCT
fsr-3415	420	1	specifically	specifically	ADV
fsr-3415	420	2	,	,	PUNCT
fsr-3415	420	3	the	the	DET
fsr-3415	420	4	governance	governance	NOUN
fsr-3415	420	5	quality	quality	NOUN
fsr-3415	420	6	appears	appear	VERB
fsr-3415	420	7	lower	low	ADJ
fsr-3415	420	8	than	than	ADP
fsr-3415	420	9	in	in	ADP
fsr-3415	420	10	non	non	ADJ
fsr-3415	420	11	-	-	ADJ
fsr-3415	420	12	ms	ms	ADJ
fsr-3415	420	13	funds	fund	NOUN
fsr-3415	420	14	as	as	SCONJ
fsr-3415	420	15	determined	determine	VERB
fsr-3415	420	16	by	by	ADP
fsr-3415	420	17	an	an	DET
fsr-3415	420	18	independent	independent	ADJ
fsr-3415	420	19	rating	rating	NOUN
fsr-3415	420	20	source	source	NOUN
fsr-3415	420	21	,	,	PUNCT
fsr-3415	420	22	morningstar	morningstar	PROPN
fsr-3415	420	23	.	.	PUNCT
fsr-3415	421	1	while	while	SCONJ
fsr-3415	421	2	we	we	PRON
fsr-3415	421	3	do	do	AUX
fsr-3415	421	4	not	not	PART
fsr-3415	421	5	attribute	attribute	VERB
fsr-3415	421	6	causality	causality	NOUN
fsr-3415	421	7	to	to	ADP
fsr-3415	421	8	these	these	DET
fsr-3415	421	9	results	result	NOUN
fsr-3415	421	10	,	,	PUNCT
fsr-3415	421	11	they	they	PRON
fsr-3415	421	12	do	do	AUX
fsr-3415	421	13	identify	identify	VERB
fsr-3415	421	14	another	another	DET
fsr-3415	421	15	unfavorable	unfavorable	ADJ
fsr-3415	421	16	characteristic	characteristic	NOUN
fsr-3415	421	17	associated	associate	VERB
fsr-3415	421	18	with	with	ADP
fsr-3415	421	19	the	the	DET
fsr-3415	421	20	ms	ms	PROPN
fsr-3415	421	21	structure	structure	NOUN
fsr-3415	421	22	.	.	PUNCT
fsr-3415	422	1	the	the	DET
fsr-3415	422	2	results	result	NOUN
fsr-3415	422	3	remain	remain	VERB
fsr-3415	422	4	consistent	consistent	ADJ
fsr-3415	422	5	as	as	SCONJ
fsr-3415	422	6	we	we	PRON
fsr-3415	422	7	account	account	VERB
fsr-3415	422	8	for	for	ADP
fsr-3415	422	9	changes	change	NOUN
fsr-3415	422	10	in	in	ADP
fsr-3415	422	11	other	other	ADJ
fsr-3415	422	12	governance	governance	NOUN
fsr-3415	422	13	variables	variable	NOUN
fsr-3415	422	14	.	.	PUNCT
fsr-3415	423	1	the	the	DET
fsr-3415	423	2	findings	finding	NOUN
fsr-3415	423	3	in	in	ADP
fsr-3415	423	4	this	this	DET
fsr-3415	423	5	article	article	NOUN
fsr-3415	423	6	suggest	suggest	VERB
fsr-3415	423	7	that	that	SCONJ
fsr-3415	423	8	in	in	ADP
fsr-3415	423	9	addition	addition	NOUN
fsr-3415	423	10	to	to	ADP
fsr-3415	423	11	the	the	DET
fsr-3415	423	12	risk	risk	NOUN
fsr-3415	423	13	of	of	ADP
fsr-3415	423	14	being	be	AUX
fsr-3415	423	15	directed	direct	VERB
fsr-3415	423	16	toward	toward	ADP
fsr-3415	423	17	classes	class	NOUN
fsr-3415	423	18	with	with	ADP
fsr-3415	423	19	suboptimal	suboptimal	ADJ
fsr-3415	423	20	costs	cost	NOUN
fsr-3415	423	21	,	,	PUNCT
fsr-3415	423	22	as	as	SCONJ
fsr-3415	423	23	suggested	suggest	VERB
fsr-3415	423	24	by	by	ADP
fsr-3415	423	25	o’neal	o’neal	NOUN
fsr-3415	423	26	(	(	PUNCT
fsr-3415	423	27	1999	1999	NUM
fsr-3415	423	28	)	)	PUNCT
fsr-3415	423	29	,	,	PUNCT
fsr-3415	423	30	advisor	advisor	NOUN
fsr-3415	423	31	-	-	PUNCT
fsr-3415	423	32	led	lead	VERB
fsr-3415	423	33	retail	retail	ADJ
fsr-3415	423	34	investors	investor	NOUN
fsr-3415	423	35	are	be	AUX
fsr-3415	423	36	also	also	ADV
fsr-3415	423	37	,	,	PUNCT
fsr-3415	423	38	simply	simply	ADV
fsr-3415	423	39	by	by	ADP
fsr-3415	423	40	investing	invest	VERB
fsr-3415	423	41	in	in	ADP
fsr-3415	423	42	ms	ms	ADJ
fsr-3415	423	43	funds	fund	NOUN
fsr-3415	423	44	,	,	PUNCT
fsr-3415	423	45	investing	invest	VERB
fsr-3415	423	46	in	in	ADP
fsr-3415	423	47	funds	fund	NOUN
fsr-3415	423	48	whose	whose	DET
fsr-3415	423	49	governance	governance	NOUN
fsr-3415	423	50	is	be	AUX
fsr-3415	423	51	subpar	subpar	ADJ
fsr-3415	423	52	compared	compare	VERB
fsr-3415	423	53	with	with	ADP
fsr-3415	423	54	non	non	ADJ
fsr-3415	423	55	-	-	ADJ
fsr-3415	423	56	ms	ms	ADJ
fsr-3415	423	57	funds	fund	NOUN
fsr-3415	423	58	.	.	PUNCT
fsr-3415	424	1	this	this	PRON
fsr-3415	424	2	is	be	AUX
fsr-3415	424	3	concerning	concern	VERB
fsr-3415	424	4	as	as	SCONJ
fsr-3415	424	5	investors	investor	NOUN
fsr-3415	424	6	in	in	ADP
fsr-3415	424	7	the	the	DET
fsr-3415	424	8	advisor	advisor	NOUN
fsr-3415	424	9	-	-	PUNCT
fsr-3415	424	10	sold	sell	VERB
fsr-3415	424	11	distribution	distribution	NOUN
fsr-3415	424	12	channel	channel	NOUN
fsr-3415	424	13	have	have	AUX
fsr-3415	424	14	been	be	AUX
fsr-3415	424	15	shown	show	VERB
fsr-3415	424	16	to	to	PART
fsr-3415	424	17	be	be	AUX
fsr-3415	424	18	less	less	ADV
fsr-3415	424	19	financially	financially	ADV
fsr-3415	424	20	savvy	savvy	ADJ
fsr-3415	424	21	.	.	PUNCT
fsr-3415	425	1	in	in	ADP
fsr-3415	425	2	total	total	NOUN
fsr-3415	425	3	,	,	PUNCT
fsr-3415	425	4	evidence	evidence	NOUN
fsr-3415	425	5	is	be	AUX
fsr-3415	425	6	mounting	mount	VERB
fsr-3415	425	7	against	against	ADP
fsr-3415	425	8	the	the	DET
fsr-3415	425	9	ms	ms	PROPN
fsr-3415	425	10	structure	structure	NOUN
fsr-3415	425	11	.	.	PUNCT
fsr-3415	426	1	notes	note	NOUN
fsr-3415	426	2	1	1	NUM
fsr-3415	426	3	we	we	PRON
fsr-3415	426	4	take	take	VERB
fsr-3415	426	5	the	the	DET
fsr-3415	426	6	morningstar	morningstar	NOUN
fsr-3415	426	7	ratings	rating	NOUN
fsr-3415	426	8	as	as	SCONJ
fsr-3415	426	9	given	give	VERB
fsr-3415	426	10	and	and	CCONJ
fsr-3415	426	11	assume	assume	VERB
fsr-3415	426	12	that	that	SCONJ
fsr-3415	426	13	they	they	PRON
fsr-3415	426	14	are	be	AUX
fsr-3415	426	15	unbiased	unbiased	ADJ
fsr-3415	426	16	and	and	CCONJ
fsr-3415	426	17	useful	useful	ADJ
fsr-3415	426	18	as	as	ADP
fsr-3415	426	19	tools	tool	NOUN
fsr-3415	426	20	to	to	PART
fsr-3415	426	21	evaluate	evaluate	VERB
fsr-3415	426	22	board	board	NOUN
fsr-3415	426	23	quality	quality	NOUN
fsr-3415	426	24	and	and	CCONJ
fsr-3415	426	25	managerial	managerial	ADJ
fsr-3415	426	26	incentives	incentive	NOUN
fsr-3415	426	27	,	,	PUNCT
fsr-3415	426	28	that	that	ADV
fsr-3415	426	29	is	is	ADV
fsr-3415	426	30	,	,	PUNCT
fsr-3415	426	31	this	this	DET
fsr-3415	426	32	article	article	NOUN
fsr-3415	426	33	does	do	AUX
fsr-3415	426	34	not	not	PART
fsr-3415	426	35	evaluate	evaluate	VERB
fsr-3415	426	36	board	board	NOUN
fsr-3415	426	37	or	or	CCONJ
fsr-3415	426	38	managerial	managerial	ADJ
fsr-3415	426	39	effectiveness	effectiveness	NOUN
fsr-3415	426	40	directly	directly	ADV
fsr-3415	426	41	.	.	PUNCT
fsr-3415	427	1	2	2	NUM
fsr-3415	427	2	here	here	ADV
fsr-3415	427	3	,	,	PUNCT
fsr-3415	427	4	the	the	DET
fsr-3415	427	5	term	term	NOUN
fsr-3415	427	6	“	"	PUNCT
fsr-3415	427	7	costs	cost	NOUN
fsr-3415	427	8	”	"	PUNCT
fsr-3415	427	9	encompasses	encompass	VERB
fsr-3415	427	10	commissions	commission	NOUN
fsr-3415	427	11	and	and	CCONJ
fsr-3415	427	12	ongoing	ongoing	ADJ
fsr-3415	427	13	fund	fund	NOUN
fsr-3415	427	14	expenses	expense	NOUN
fsr-3415	427	15	.	.	PUNCT
fsr-3415	428	1	often	often	ADV
fsr-3415	428	2	,	,	PUNCT
fsr-3415	428	3	the	the	DET
fsr-3415	428	4	term	term	NOUN
fsr-3415	428	5	cost	cost	NOUN
fsr-3415	428	6	is	be	AUX
fsr-3415	428	7	used	use	VERB
fsr-3415	428	8	interchangeably	interchangeably	ADV
fsr-3415	428	9	with	with	ADP
fsr-3415	428	10	“	"	PUNCT
fsr-3415	428	11	ongoing	ongoing	ADJ
fsr-3415	428	12	fund	fund	NOUN
fsr-3415	428	13	expenses	expense	NOUN
fsr-3415	428	14	”	"	PUNCT
fsr-3415	428	15	or	or	CCONJ
fsr-3415	428	16	the	the	DET
fsr-3415	428	17	“	"	PUNCT
fsr-3415	428	18	expense	expense	NOUN
fsr-3415	428	19	ratio	ratio	NOUN
fsr-3415	428	20	.	.	PUNCT
fsr-3415	428	21	”	"	PUNCT
fsr-3415	429	1	3	3	NUM
fsr-3415	429	2	it	it	PRON
fsr-3415	429	3	is	be	AUX
fsr-3415	429	4	important	important	ADJ
fsr-3415	429	5	to	to	PART
fsr-3415	429	6	note	note	VERB
fsr-3415	429	7	that	that	SCONJ
fsr-3415	429	8	the	the	DET
fsr-3415	429	9	authors	author	NOUN
fsr-3415	429	10	do	do	AUX
fsr-3415	429	11	not	not	PART
fsr-3415	429	12	mean	mean	VERB
fsr-3415	429	13	the	the	DET
fsr-3415	429	14	fund	fund	NOUN
fsr-3415	429	15	’s	’s	PART
fsr-3415	429	16	investment	investment	NOUN
fsr-3415	429	17	advisor	advisor	NOUN
fsr-3415	429	18	when	when	SCONJ
fsr-3415	429	19	referencing	reference	VERB
fsr-3415	429	20	“	"	PUNCT
fsr-3415	429	21	advisor	advisor	NOUN
fsr-3415	429	22	”	"	PUNCT
fsr-3415	429	23	but	but	CCONJ
fsr-3415	429	24	rather	rather	ADV
fsr-3415	429	25	mean	mean	VERB
fsr-3415	429	26	the	the	DET
fsr-3415	429	27	investor	investor	NOUN
fsr-3415	429	28	’s	’s	PART
fsr-3415	429	29	financial	financial	ADJ
fsr-3415	429	30	advisor	advisor	NOUN
fsr-3415	429	31	(	(	PUNCT
fsr-3415	429	32	broker	broker	PROPN
fsr-3415	429	33	,	,	PUNCT
fsr-3415	429	34	wealth	wealth	NOUN
fsr-3415	429	35	manager	manager	NOUN
fsr-3415	429	36	etc	etc	X
fsr-3415	429	37	.	.	PUNCT
fsr-3415	429	38	)	)	PUNCT
fsr-3415	429	39	.	.	PUNCT
fsr-3415	430	1	4	4	NUM
fsr-3415	430	2	we	we	PRON
fsr-3415	430	3	recognize	recognize	VERB
fsr-3415	430	4	that	that	SCONJ
fsr-3415	430	5	a	a	DET
fsr-3415	430	6	financial	financial	ADJ
fsr-3415	430	7	advisor	advisor	NOUN
fsr-3415	430	8	could	could	AUX
fsr-3415	430	9	also	also	ADV
fsr-3415	430	10	fulfill	fulfill	VERB
fsr-3415	430	11	some	some	PRON
fsr-3415	430	12	,	,	PUNCT
fsr-3415	430	13	or	or	CCONJ
fsr-3415	430	14	all	all	PRON
fsr-3415	430	15	,	,	PUNCT
fsr-3415	430	16	of	of	ADP
fsr-3415	430	17	this	this	DET
fsr-3415	430	18	oversight	oversight	NOUN
fsr-3415	430	19	role	role	NOUN
fsr-3415	430	20	,	,	PUNCT
fsr-3415	430	21	although	although	SCONJ
fsr-3415	430	22	literature	literature	NOUN
fsr-3415	430	23	cited	cite	VERB
fsr-3415	430	24	above	above	ADV
fsr-3415	430	25	suggests	suggest	VERB
fsr-3415	430	26	that	that	SCONJ
fsr-3415	430	27	they	they	PRON
fsr-3415	430	28	may	may	AUX
fsr-3415	430	29	not	not	PART
fsr-3415	430	30	.	.	PUNCT
fsr-3415	431	1	64	64	NUM
fsr-3415	431	2	j.	j.	PROPN
fsr-3415	431	3	handy	handy	PROPN
fsr-3415	431	4	,	,	PUNCT
fsr-3415	431	5	t.	t.	PROPN
fsr-3415	431	6	smythe	smythe	PROPN
fsr-3415	431	7	/	/	SYM
fsr-3415	431	8	financial	financial	ADJ
fsr-3415	431	9	services	service	NOUN
fsr-3415	431	10	review	review	VERB
fsr-3415	431	11	28	28	NUM
fsr-3415	431	12	(	(	PUNCT
fsr-3415	431	13	2020	2020	NUM
fsr-3415	431	14	)	)	PUNCT
fsr-3415	431	15	49	49	NUM
fsr-3415	431	16	-	-	SYM
fsr-3415	431	17	65	65	NUM
fsr-3415	431	18	5	5	NUM
fsr-3415	431	19	in	in	ADP
fsr-3415	431	20	an	an	DET
fsr-3415	431	21	effort	effort	NOUN
fsr-3415	431	22	to	to	PART
fsr-3415	431	23	update	update	VERB
fsr-3415	431	24	the	the	DET
fsr-3415	431	25	sample	sample	NOUN
fsr-3415	431	26	used	use	VERB
fsr-3415	431	27	in	in	ADP
fsr-3415	431	28	this	this	DET
fsr-3415	431	29	article	article	NOUN
fsr-3415	431	30	,	,	PUNCT
fsr-3415	431	31	the	the	DET
fsr-3415	431	32	authors	author	NOUN
fsr-3415	431	33	contacted	contact	VERB
fsr-3415	431	34	morningstar	morningstar	NOUN
fsr-3415	431	35	sales	sale	NOUN
fsr-3415	431	36	and	and	CCONJ
fsr-3415	431	37	research	research	NOUN
fsr-3415	431	38	departments	department	NOUN
fsr-3415	431	39	and	and	CCONJ
fsr-3415	431	40	were	be	AUX
fsr-3415	431	41	advised	advise	VERB
fsr-3415	431	42	that	that	SCONJ
fsr-3415	431	43	morningstar	morningstar	NOUN
fsr-3415	431	44	stopped	stop	VERB
fsr-3415	431	45	providing	provide	VERB
fsr-3415	431	46	stewardship	stewardship	NOUN
fsr-3415	431	47	ratings	rating	NOUN
fsr-3415	431	48	in	in	ADP
fsr-3415	431	49	approximately	approximately	ADV
fsr-3415	431	50	2017	2017	NUM
fsr-3415	431	51	.	.	PUNCT
fsr-3415	432	1	additionally	additionally	ADV
fsr-3415	432	2	,	,	PUNCT
fsr-3415	432	3	morningstar	morningstar	PROPN
fsr-3415	432	4	indicated	indicate	VERB
fsr-3415	432	5	that	that	SCONJ
fsr-3415	432	6	historical	historical	ADJ
fsr-3415	432	7	data	datum	NOUN
fsr-3415	432	8	was	be	AUX
fsr-3415	432	9	no	no	ADV
fsr-3415	432	10	longer	long	ADV
fsr-3415	432	11	available	available	ADJ
fsr-3415	432	12	.	.	PUNCT
fsr-3415	433	1	6	6	NUM
fsr-3415	433	2	see	see	VERB
fsr-3415	433	3	handy	handy	ADJ
fsr-3415	433	4	et	et	PROPN
fsr-3415	433	5	al	al	PROPN
fsr-3415	433	6	.	.	PUNCT
fsr-3415	434	1	(	(	PUNCT
fsr-3415	434	2	2018	2018	NUM
fsr-3415	434	3	)	)	PUNCT
fsr-3415	434	4	for	for	ADP
fsr-3415	434	5	how	how	SCONJ
fsr-3415	434	6	fund	fund	NOUN
fsr-3415	434	7	expenses	expense	NOUN
fsr-3415	434	8	and	and	CCONJ
fsr-3415	434	9	managerial	managerial	ADJ
fsr-3415	434	10	incentives	incentive	NOUN
fsr-3415	434	11	may	may	AUX
fsr-3415	434	12	be	be	AUX
fsr-3415	434	13	related	relate	VERB
fsr-3415	434	14	.	.	PUNCT
fsr-3415	435	1	7	7	NUM
fsr-3415	436	1	the	the	DET
fsr-3415	436	2	results	result	NOUN
fsr-3415	436	3	remain	remain	VERB
fsr-3415	436	4	consistent	consistent	ADJ
fsr-3415	436	5	when	when	SCONJ
fsr-3415	436	6	evaluating	evaluate	VERB
fsr-3415	436	7	predicted	predict	VERB
fsr-3415	436	8	probabilities	probability	NOUN
fsr-3415	436	9	holding	hold	VERB
fsr-3415	436	10	all	all	DET
fsr-3415	436	11	other	other	ADJ
fsr-3415	436	12	variables	variable	NOUN
fsr-3415	436	13	at	at	ADP
fsr-3415	436	14	the	the	DET
fsr-3415	436	15	mean	mean	NOUN
fsr-3415	436	16	here	here	ADV
fsr-3415	436	17	and	and	CCONJ
fsr-3415	436	18	in	in	ADP
fsr-3415	436	19	the	the	DET
fsr-3415	436	20	remainder	remainder	NOUN
fsr-3415	436	21	of	of	ADP
fsr-3415	436	22	the	the	DET
fsr-3415	436	23	article	article	NOUN
fsr-3415	436	24	.	.	PUNCT
fsr-3415	437	1	8	8	NUM
fsr-3415	437	2	we	we	PRON
fsr-3415	437	3	provide	provide	VERB
fsr-3415	437	4	the	the	DET
fsr-3415	437	5	graphical	graphical	ADJ
fsr-3415	437	6	representation	representation	NOUN
fsr-3415	437	7	for	for	ADP
fsr-3415	437	8	the	the	DET
fsr-3415	437	9	results	result	NOUN
fsr-3415	437	10	in	in	ADP
fsr-3415	437	11	table	table	NOUN
fsr-3415	437	12	2	2	NUM
fsr-3415	437	13	only	only	ADV
fsr-3415	437	14	.	.	PUNCT
fsr-3415	438	1	to	to	PART
fsr-3415	438	2	conserve	conserve	VERB
fsr-3415	438	3	space	space	NOUN
fsr-3415	438	4	,	,	PUNCT
fsr-3415	438	5	we	we	PRON
fsr-3415	438	6	do	do	AUX
fsr-3415	438	7	not	not	PART
fsr-3415	438	8	provide	provide	VERB
fsr-3415	438	9	figures	figure	NOUN
fsr-3415	438	10	for	for	ADP
fsr-3415	438	11	table	table	NOUN
fsr-3415	438	12	4	4	NUM
fsr-3415	438	13	,	,	PUNCT
fsr-3415	438	14	although	although	SCONJ
fsr-3415	438	15	the	the	DET
fsr-3415	438	16	conclusions	conclusion	NOUN
fsr-3415	438	17	mirror	mirror	VERB
fsr-3415	438	18	those	those	PRON
fsr-3415	438	19	in	in	ADP
fsr-3415	438	20	figure	figure	NOUN
fsr-3415	438	21	1	1	NUM
fsr-3415	438	22	and	and	CCONJ
fsr-3415	438	23	are	be	AUX
fsr-3415	438	24	available	available	ADJ
fsr-3415	438	25	upon	upon	SCONJ
fsr-3415	438	26	request	request	NOUN
fsr-3415	438	27	.	.	PUNCT
fsr-3415	439	1	references	reference	NOUN
fsr-3415	439	2	alexander	alexander	PROPN
fsr-3415	439	3	,	,	PUNCT
fsr-3415	439	4	g.	g.	PROPN
fsr-3415	439	5	j.	j.	PROPN
fsr-3415	439	6	,	,	PUNCT
fsr-3415	439	7	jones	jones	PROPN
fsr-3415	439	8	,	,	PUNCT
fsr-3415	439	9	j.	j.	PROPN
fsr-3415	439	10	d.	d.	PROPN
fsr-3415	439	11	,	,	PUNCT
fsr-3415	439	12	&	&	CCONJ
fsr-3415	439	13	nigro	nigro	PROPN
fsr-3415	439	14	,	,	PUNCT
fsr-3415	439	15	p.	p.	NOUN
fsr-3415	439	16	j.	j.	PROPN
fsr-3415	440	1	(	(	PUNCT
fsr-3415	440	2	1998	1998	NUM
fsr-3415	440	3	)	)	PUNCT
fsr-3415	440	4	.	.	PUNCT
fsr-3415	441	1	mutual	mutual	ADJ
fsr-3415	441	2	fund	fund	NOUN
fsr-3415	441	3	shareholders	shareholder	NOUN
fsr-3415	441	4	:	:	PUNCT
fsr-3415	441	5	characteristics	characteristic	NOUN
fsr-3415	441	6	,	,	PUNCT
fsr-3415	441	7	investor	investor	NOUN
fsr-3415	441	8	knowledge	knowledge	NOUN
fsr-3415	441	9	,	,	PUNCT
fsr-3415	441	10	and	and	CCONJ
fsr-3415	441	11	sources	source	NOUN
fsr-3415	441	12	of	of	ADP
fsr-3415	441	13	information	information	NOUN
fsr-3415	441	14	.	.	PUNCT
fsr-3415	442	1	financial	financial	ADJ
fsr-3415	442	2	services	service	NOUN
fsr-3415	442	3	review	review	PROPN
fsr-3415	442	4	,	,	PUNCT
fsr-3415	442	5	7	7	NUM
fsr-3415	442	6	,	,	PUNCT
fsr-3415	442	7	301–316	301–316	NUM
fsr-3415	442	8	.	.	PUNCT
fsr-3415	443	1	barber	barber	PROPN
fsr-3415	443	2	,	,	PUNCT
fsr-3415	443	3	b.	b.	PROPN
fsr-3415	443	4	m.	m.	PROPN
fsr-3415	443	5	,	,	PUNCT
fsr-3415	443	6	odean	odean	ADJ
fsr-3415	443	7	,	,	PUNCT
fsr-3415	443	8	t.	t.	PROPN
fsr-3415	443	9	,	,	PUNCT
fsr-3415	443	10	&	&	CCONJ
fsr-3415	443	11	zheng	zheng	PROPN
fsr-3415	443	12	,	,	PUNCT
fsr-3415	443	13	l.	l.	PROPN
fsr-3415	443	14	(	(	PUNCT
fsr-3415	443	15	2005	2005	NUM
fsr-3415	443	16	)	)	PUNCT
fsr-3415	443	17	.	.	PUNCT
fsr-3415	444	1	out	out	ADP
fsr-3415	444	2	of	of	ADP
fsr-3415	444	3	sight	sight	NOUN
fsr-3415	444	4	,	,	PUNCT
fsr-3415	444	5	out	out	ADP
fsr-3415	444	6	of	of	ADP
fsr-3415	444	7	mind	mind	NOUN
fsr-3415	444	8	:	:	PUNCT
fsr-3415	444	9	the	the	DET
fsr-3415	444	10	effects	effect	NOUN
fsr-3415	444	11	of	of	ADP
fsr-3415	444	12	expenses	expense	NOUN
fsr-3415	444	13	on	on	ADP
fsr-3415	444	14	mutual	mutual	ADJ
fsr-3415	444	15	fund	fund	NOUN
fsr-3415	444	16	flows	flow	NOUN
fsr-3415	444	17	.	.	PUNCT
fsr-3415	445	1	journal	journal	NOUN
fsr-3415	445	2	of	of	ADP
fsr-3415	445	3	business	business	NOUN
fsr-3415	445	4	,	,	PUNCT
fsr-3415	445	5	78	78	NUM
fsr-3415	445	6	,	,	PUNCT
fsr-3415	445	7	2095–2120	2095–2120	NUM
fsr-3415	445	8	.	.	PUNCT
fsr-3415	446	1	bergstresser	bergstresser	NOUN
fsr-3415	446	2	,	,	PUNCT
fsr-3415	446	3	d.	d.	PROPN
fsr-3415	446	4	,	,	PUNCT
fsr-3415	446	5	chalmers	chalmers	PROPN
fsr-3415	446	6	,	,	PUNCT
fsr-3415	446	7	j.	j.	PROPN
fsr-3415	446	8	m.	m.	PROPN
fsr-3415	446	9	r.	r.	PROPN
fsr-3415	446	10	,	,	PUNCT
fsr-3415	446	11	&	&	CCONJ
fsr-3415	446	12	tufano	tufano	ADJ
fsr-3415	446	13	,	,	PUNCT
fsr-3415	446	14	p.	p.	NOUN
fsr-3415	446	15	(	(	PUNCT
fsr-3415	446	16	2009	2009	NUM
fsr-3415	446	17	)	)	PUNCT
fsr-3415	446	18	.	.	PUNCT
fsr-3415	447	1	assessing	assess	VERB
fsr-3415	447	2	the	the	DET
fsr-3415	447	3	costs	cost	NOUN
fsr-3415	447	4	and	and	CCONJ
fsr-3415	447	5	benefits	benefit	NOUN
fsr-3415	447	6	of	of	ADP
fsr-3415	447	7	brokers	broker	NOUN
fsr-3415	447	8	in	in	ADP
fsr-3415	447	9	the	the	DET
fsr-3415	447	10	mutual	mutual	ADJ
fsr-3415	447	11	fund	fund	NOUN
fsr-3415	447	12	industry	industry	NOUN
fsr-3415	447	13	.	.	PUNCT
fsr-3415	448	1	the	the	DET
fsr-3415	448	2	review	review	NOUN
fsr-3415	448	3	of	of	ADP
fsr-3415	448	4	financial	financial	ADJ
fsr-3415	448	5	studies	study	NOUN
fsr-3415	448	6	,	,	PUNCT
fsr-3415	448	7	22	22	NUM
fsr-3415	448	8	,	,	PUNCT
fsr-3415	448	9	4129–4156	4129–4156	NUM
fsr-3415	448	10	.	.	PUNCT
fsr-3415	449	1	cao	cao	PROPN
fsr-3415	449	2	,	,	PUNCT
fsr-3415	449	3	j.	j.	PROPN
fsr-3415	449	4	,	,	PUNCT
fsr-3415	449	5	ghosh	ghosh	PROPN
fsr-3415	449	6	,	,	PUNCT
fsr-3415	449	7	a.	a.	PROPN
fsr-3415	449	8	,	,	PUNCT
fsr-3415	449	9	goh	goh	PROPN
fsr-3415	449	10	,	,	PUNCT
fsr-3415	449	11	j.	j.	PROPN
fsr-3415	449	12	,	,	PUNCT
fsr-3415	449	13	&	&	CCONJ
fsr-3415	449	14	ng	ng	PROPN
fsr-3415	449	15	,	,	PUNCT
fsr-3415	449	16	s.	s.	PROPN
fsr-3415	449	17	(	(	PUNCT
fsr-3415	449	18	2014	2014	NUM
fsr-3415	449	19	)	)	PUNCT
fsr-3415	449	20	.	.	PUNCT
fsr-3415	450	1	governance	governance	NOUN
fsr-3415	450	2	matter	matter	NOUN
fsr-3415	450	3	:	:	PUNCT
fsr-3415	450	4	morningstar	morningstar	NOUN
fsr-3415	450	5	stewardship	stewardship	NOUN
fsr-3415	450	6	grades	grade	NOUN
fsr-3415	450	7	and	and	CCONJ
fsr-3415	450	8	mutual	mutual	ADJ
fsr-3415	450	9	fund	fund	NOUN
fsr-3415	450	10	performance	performance	NOUN
fsr-3415	450	11	.	.	PUNCT
fsr-3415	451	1	working	work	VERB
fsr-3415	451	2	paper	paper	NOUN
fsr-3415	451	3	,	,	PUNCT
fsr-3415	451	4	singapore	singapore	PROPN
fsr-3415	451	5	management	management	PROPN
fsr-3415	451	6	university	university	PROPN
fsr-3415	451	7	.	.	PUNCT
fsr-3415	452	1	capon	capon	NOUN
fsr-3415	452	2	,	,	PUNCT
fsr-3415	452	3	n.	n.	NOUN
fsr-3415	452	4	,	,	PUNCT
fsr-3415	452	5	fitzsimons	fitzsimon	NOUN
fsr-3415	452	6	,	,	PUNCT
fsr-3415	452	7	g.	g.	PROPN
fsr-3415	452	8	j.	j.	PROPN
fsr-3415	452	9	,	,	PUNCT
fsr-3415	452	10	&	&	CCONJ
fsr-3415	452	11	prince	prince	PROPN
fsr-3415	452	12	,	,	PUNCT
fsr-3415	452	13	r.	r.	PROPN
fsr-3415	452	14	a.	a.	PROPN
fsr-3415	452	15	(	(	PUNCT
fsr-3415	452	16	1996	1996	NUM
fsr-3415	452	17	)	)	PUNCT
fsr-3415	452	18	.	.	PUNCT
fsr-3415	453	1	an	an	DET
fsr-3415	453	2	individual	individual	ADJ
fsr-3415	453	3	level	level	NOUN
fsr-3415	453	4	analysis	analysis	NOUN
fsr-3415	453	5	of	of	ADP
fsr-3415	453	6	the	the	DET
fsr-3415	453	7	mutual	mutual	ADJ
fsr-3415	453	8	fund	fund	NOUN
fsr-3415	453	9	investment	investment	NOUN
fsr-3415	453	10	decision	decision	NOUN
fsr-3415	453	11	.	.	PUNCT
fsr-3415	454	1	journal	journal	NOUN
fsr-3415	454	2	of	of	ADP
fsr-3415	454	3	financial	financial	ADJ
fsr-3415	454	4	services	service	NOUN
fsr-3415	454	5	research	research	NOUN
fsr-3415	454	6	,	,	PUNCT
fsr-3415	454	7	10	10	NUM
fsr-3415	454	8	,	,	PUNCT
fsr-3415	454	9	59–82	59–82	NUM
fsr-3415	454	10	.	.	PUNCT
fsr-3415	455	1	chou	chou	PROPN
fsr-3415	455	2	,	,	PUNCT
fsr-3415	455	3	j.	j.	PROPN
fsr-3415	455	4	,	,	PUNCT
fsr-3415	455	5	ng	ng	PROPN
fsr-3415	455	6	,	,	PUNCT
fsr-3415	455	7	l.	l.	PROPN
fsr-3415	455	8	,	,	PUNCT
fsr-3415	455	9	&	&	CCONJ
fsr-3415	455	10	wang	wang	PROPN
fsr-3415	455	11	,	,	PUNCT
fsr-3415	455	12	q.	q.	PROPN
fsr-3415	455	13	(	(	PUNCT
fsr-3415	455	14	2011	2011	NUM
fsr-3415	455	15	)	)	PUNCT
fsr-3415	455	16	.	.	PUNCT
fsr-3415	456	1	are	be	AUX
fsr-3415	456	2	better	well	ADV
fsr-3415	456	3	governed	govern	VERB
fsr-3415	456	4	funds	fund	NOUN
fsr-3415	456	5	better	well	ADJ
fsr-3415	456	6	monitors	monitor	NOUN
fsr-3415	456	7	?	?	PUNCT
fsr-3415	457	1	journal	journal	NOUN
fsr-3415	457	2	of	of	ADP
fsr-3415	457	3	corporate	corporate	ADJ
fsr-3415	457	4	finance	finance	NOUN
fsr-3415	457	5	,	,	PUNCT
fsr-3415	457	6	17	17	NUM
fsr-3415	457	7	,	,	PUNCT
fsr-3415	457	8	1254–1271	1254–1271	NUM
fsr-3415	457	9	.	.	PUNCT
fsr-3415	458	1	fact	fact	NOUN
fsr-3415	458	2	sheet	sheet	NOUN
fsr-3415	458	3	.	.	PUNCT
fsr-3415	459	1	(	(	PUNCT
fsr-3415	459	2	2006	2006	NUM
fsr-3415	459	3	)	)	PUNCT
fsr-3415	459	4	.	.	PUNCT
fsr-3415	460	1	the	the	DET
fsr-3415	460	2	morningstar	morningstar	PROPN
fsr-3415	460	3	stewardship	stewardship	NOUN
fsr-3415	460	4	grade	grade	NOUN
fsr-3415	460	5	for	for	ADP
fsr-3415	460	6	funds	fund	NOUN
fsr-3415	460	7	.	.	PUNCT
fsr-3415	461	1	(	(	PUNCT
fsr-3415	461	2	available	available	ADJ
fsr-3415	461	3	at	at	ADP
fsr-3415	461	4	https://quicktake.morningstar.com/	https://quicktake.morningstar.com/	PROPN
fsr-3415	461	5	datadefs	datadef	NOUN
fsr-3415	461	6	/	/	SYM
fsr-3415	461	7	stewgrademethodology.pdf	stewgrademethodology.pdf	X
fsr-3415	461	8	)	)	PUNCT
fsr-3415	461	9	.	.	PUNCT
fsr-3415	462	1	handy	handy	ADJ
fsr-3415	462	2	,	,	PUNCT
fsr-3415	462	3	j.	j.	PROPN
fsr-3415	462	4	,	,	PUNCT
fsr-3415	462	5	nichols	nichols	PROPN
fsr-3415	462	6	,	,	PUNCT
fsr-3415	462	7	h.	h.	PROPN
fsr-3415	462	8	,	,	PUNCT
fsr-3415	462	9	&	&	CCONJ
fsr-3415	462	10	smythe	smythe	PROPN
fsr-3415	462	11	,	,	PUNCT
fsr-3415	462	12	t.	t.	PROPN
fsr-3415	462	13	(	(	PUNCT
fsr-3415	462	14	2018	2018	NUM
fsr-3415	462	15	)	)	PUNCT
fsr-3415	462	16	.	.	PUNCT
fsr-3415	463	1	should	should	AUX
fsr-3415	463	2	investors	investor	NOUN
fsr-3415	463	3	care	care	VERB
fsr-3415	463	4	about	about	ADP
fsr-3415	463	5	mutual	mutual	ADJ
fsr-3415	463	6	fund	fund	NOUN
fsr-3415	463	7	governance	governance	NOUN
fsr-3415	463	8	quality	quality	NOUN
fsr-3415	463	9	?	?	PUNCT
fsr-3415	463	10	:	:	PUNCT
fsr-3415	463	11	evidence	evidence	NOUN
fsr-3415	463	12	from	from	ADP
fsr-3415	463	13	morningstar	morningstar	NOUN
fsr-3415	463	14	stewardship	stewardship	NOUN
fsr-3415	463	15	ratings	rating	NOUN
fsr-3415	463	16	.	.	PUNCT
fsr-3415	464	1	the	the	DET
fsr-3415	464	2	journal	journal	NOUN
fsr-3415	464	3	of	of	ADP
fsr-3415	464	4	wealth	wealth	NOUN
fsr-3415	464	5	management	management	NOUN
fsr-3415	464	6	,	,	PUNCT
fsr-3415	464	7	21	21	NUM
fsr-3415	464	8	,	,	PUNCT
fsr-3415	464	9	44–58	44–58	PROPN
fsr-3415	464	10	.	.	PUNCT
fsr-3415	465	1	jones	jones	PROPN
fsr-3415	465	2	,	,	PUNCT
fsr-3415	465	3	m.	m.	NOUN
fsr-3415	465	4	a.	a.	PROPN
fsr-3415	465	5	,	,	PUNCT
fsr-3415	465	6	lesseig	lesseig	PROPN
fsr-3415	465	7	,	,	PUNCT
fsr-3415	465	8	v.	v.	PROPN
fsr-3415	465	9	p.	p.	PROPN
fsr-3415	465	10	,	,	PUNCT
fsr-3415	465	11	&	&	CCONJ
fsr-3415	465	12	smythe	smythe	PROPN
fsr-3415	465	13	,	,	PUNCT
fsr-3415	465	14	t.	t.	PROPN
fsr-3415	465	15	i.	i.	PROPN
fsr-3415	465	16	(	(	PUNCT
fsr-3415	465	17	2005a	2005a	NUM
fsr-3415	465	18	)	)	PUNCT
fsr-3415	465	19	.	.	PUNCT
fsr-3415	466	1	financial	financial	ADJ
fsr-3415	466	2	advisors	advisor	NOUN
fsr-3415	466	3	and	and	CCONJ
fsr-3415	466	4	mutual	mutual	ADJ
fsr-3415	466	5	fund	fund	NOUN
fsr-3415	466	6	selection	selection	NOUN
fsr-3415	466	7	.	.	PUNCT
fsr-3415	467	1	journal	journal	PROPN
fsr-3415	467	2	of	of	ADP
fsr-3415	467	3	financial	financial	ADJ
fsr-3415	467	4	planning	planning	NOUN
fsr-3415	467	5	,	,	PUNCT
fsr-3415	467	6	18	18	NUM
fsr-3415	467	7	,	,	PUNCT
fsr-3415	467	8	64–70	64–70	NUM
fsr-3415	467	9	.	.	PUNCT
fsr-3415	468	1	jones	jones	PROPN
fsr-3415	468	2	,	,	PUNCT
fsr-3415	468	3	m.	m.	NOUN
fsr-3415	468	4	a.	a.	PROPN
fsr-3415	468	5	,	,	PUNCT
fsr-3415	468	6	lesseig	lesseig	PROPN
fsr-3415	468	7	,	,	PUNCT
fsr-3415	468	8	v.	v.	PROPN
fsr-3415	468	9	p.	p.	PROPN
fsr-3415	468	10	,	,	PUNCT
fsr-3415	468	11	&	&	CCONJ
fsr-3415	468	12	smythe	smythe	PROPN
fsr-3415	468	13	,	,	PUNCT
fsr-3415	468	14	t.	t.	PROPN
fsr-3415	468	15	i.	i.	PROPN
fsr-3415	468	16	(	(	PUNCT
fsr-3415	468	17	2005b	2005b	NUM
fsr-3415	468	18	)	)	PUNCT
fsr-3415	468	19	.	.	PUNCT
fsr-3415	469	1	financial	financial	ADJ
fsr-3415	469	2	advisors	advisor	NOUN
fsr-3415	469	3	and	and	CCONJ
fsr-3415	469	4	multiple	multiple	ADJ
fsr-3415	469	5	share	share	NOUN
fsr-3415	469	6	class	class	NOUN
fsr-3415	469	7	mutual	mutual	ADJ
fsr-3415	469	8	funds	fund	NOUN
fsr-3415	469	9	.	.	PUNCT
fsr-3415	470	1	financial	financial	ADJ
fsr-3415	470	2	services	service	NOUN
fsr-3415	470	3	review	review	PROPN
fsr-3415	470	4	,	,	PUNCT
fsr-3415	470	5	14	14	NUM
fsr-3415	470	6	,	,	PUNCT
fsr-3415	470	7	1–20	1–20	PROPN
fsr-3415	470	8	.	.	PUNCT
fsr-3415	470	9	lesseig	lesseig	PROPN
fsr-3415	470	10	,	,	PUNCT
fsr-3415	470	11	v.	v.	PROPN
fsr-3415	470	12	p.	p.	PROPN
fsr-3415	470	13	,	,	PUNCT
fsr-3415	470	14	long	long	ADV
fsr-3415	470	15	,	,	PUNCT
fsr-3415	470	16	d.	d.	PROPN
fsr-3415	470	17	m.	m.	PROPN
fsr-3415	470	18	,	,	PUNCT
fsr-3415	470	19	&	&	CCONJ
fsr-3415	470	20	smythe	smythe	PROPN
fsr-3415	470	21	,	,	PUNCT
fsr-3415	470	22	t.	t.	PROPN
fsr-3415	470	23	i.	i.	PROPN
fsr-3415	470	24	(	(	PUNCT
fsr-3415	470	25	2002	2002	NUM
fsr-3415	470	26	)	)	PUNCT
fsr-3415	470	27	.	.	PUNCT
fsr-3415	471	1	gains	gain	NOUN
fsr-3415	471	2	to	to	ADP
fsr-3415	471	3	mutual	mutual	ADJ
fsr-3415	471	4	fund	fund	NOUN
fsr-3415	471	5	sponsors	sponsor	NOUN
fsr-3415	471	6	offering	offer	VERB
fsr-3415	471	7	multiple	multiple	ADJ
fsr-3415	471	8	share	share	NOUN
fsr-3415	471	9	class	class	NOUN
fsr-3415	471	10	funds	fund	NOUN
fsr-3415	471	11	.	.	PUNCT
fsr-3415	472	1	journal	journal	NOUN
fsr-3415	472	2	of	of	ADP
fsr-3415	472	3	financial	financial	ADJ
fsr-3415	472	4	research	research	NOUN
fsr-3415	472	5	,	,	PUNCT
fsr-3415	472	6	25	25	NUM
fsr-3415	472	7	,	,	PUNCT
fsr-3415	472	8	81–98	81–98	NUM
fsr-3415	472	9	.	.	PUNCT
fsr-3415	473	1	livingston	livingston	PROPN
fsr-3415	473	2	,	,	PUNCT
fsr-3415	473	3	m.	m.	NOUN
fsr-3415	473	4	,	,	PUNCT
fsr-3415	473	5	&	&	CCONJ
fsr-3415	473	6	o’neal	o’neal	PROPN
fsr-3415	473	7	,	,	PUNCT
fsr-3415	473	8	e.	e.	PROPN
fsr-3415	473	9	s.	s.	PROPN
fsr-3415	473	10	(	(	PUNCT
fsr-3415	473	11	1998	1998	NUM
fsr-3415	473	12	)	)	PUNCT
fsr-3415	473	13	.	.	PUNCT
fsr-3415	474	1	the	the	DET
fsr-3415	474	2	cost	cost	NOUN
fsr-3415	474	3	of	of	ADP
fsr-3415	474	4	mutual	mutual	ADJ
fsr-3415	474	5	fund	fund	NOUN
fsr-3415	474	6	distribution	distribution	NOUN
fsr-3415	474	7	fees	fee	NOUN
fsr-3415	474	8	.	.	PUNCT
fsr-3415	475	1	journal	journal	NOUN
fsr-3415	475	2	of	of	ADP
fsr-3415	475	3	financial	financial	ADJ
fsr-3415	475	4	research	research	NOUN
fsr-3415	475	5	,	,	PUNCT
fsr-3415	475	6	21	21	NUM
fsr-3415	475	7	,	,	PUNCT
fsr-3415	475	8	205–218	205–218	NUM
fsr-3415	475	9	.	.	PUNCT
fsr-3415	476	1	moore	moore	PROPN
fsr-3415	476	2	,	,	PUNCT
fsr-3415	476	3	s.	s.	PROPN
fsr-3415	476	4	,	,	PUNCT
fsr-3415	476	5	&	&	CCONJ
fsr-3415	476	6	porter	porter	NOUN
fsr-3415	476	7	,	,	PUNCT
fsr-3415	476	8	g.	g.	PROPN
fsr-3415	476	9	e.	e.	PROPN
fsr-3415	476	10	(	(	PUNCT
fsr-3415	476	11	2017	2017	NUM
fsr-3415	476	12	)	)	PUNCT
fsr-3415	476	13	.	.	PUNCT
fsr-3415	477	1	can	can	AUX
fsr-3415	477	2	investors	investor	NOUN
fsr-3415	477	3	benefit	benefit	VERB
fsr-3415	477	4	from	from	ADP
fsr-3415	477	5	using	use	VERB
fsr-3415	477	6	morningstar	morningstar	PROPN
fsr-3415	477	7	’s	’s	PART
fsr-3415	477	8	stewardship	stewardship	NOUN
fsr-3415	477	9	grades	grade	NOUN
fsr-3415	477	10	?	?	PUNCT
fsr-3415	478	1	journal	journal	NOUN
fsr-3415	478	2	of	of	ADP
fsr-3415	478	3	accounting	accounting	NOUN
fsr-3415	478	4	and	and	CCONJ
fsr-3415	478	5	finance	finance	NOUN
fsr-3415	478	6	,	,	PUNCT
fsr-3415	478	7	17	17	NUM
fsr-3415	478	8	,	,	PUNCT
fsr-3415	478	9	130	130	NUM
fsr-3415	478	10	.	.	PUNCT
fsr-3415	479	1	nanda	nanda	PROPN
fsr-3415	479	2	,	,	PUNCT
fsr-3415	479	3	v.	v.	PROPN
fsr-3415	479	4	k.	k.	PROPN
fsr-3415	479	5	,	,	PUNCT
fsr-3415	479	6	wang	wang	PROPN
fsr-3415	479	7	,	,	PUNCT
fsr-3415	479	8	z.	z.	PROPN
fsr-3415	479	9	j.	j.	PROPN
fsr-3415	479	10	,	,	PUNCT
fsr-3415	479	11	&	&	CCONJ
fsr-3415	479	12	zheng	zheng	PROPN
fsr-3415	479	13	,	,	PUNCT
fsr-3415	479	14	l.	l.	PROPN
fsr-3415	479	15	(	(	PUNCT
fsr-3415	479	16	2009	2009	NUM
fsr-3415	479	17	)	)	PUNCT
fsr-3415	479	18	.	.	PUNCT
fsr-3415	480	1	the	the	DET
fsr-3415	480	2	abcs	abc	NOUN
fsr-3415	480	3	of	of	ADP
fsr-3415	480	4	mutual	mutual	ADJ
fsr-3415	480	5	funds	fund	NOUN
fsr-3415	480	6	:	:	PUNCT
fsr-3415	480	7	on	on	ADP
fsr-3415	480	8	the	the	DET
fsr-3415	480	9	introduction	introduction	NOUN
fsr-3415	480	10	of	of	ADP
fsr-3415	480	11	multiple	multiple	ADJ
fsr-3415	480	12	share	share	NOUN
fsr-3415	480	13	classes	class	NOUN
fsr-3415	480	14	.	.	PUNCT
fsr-3415	481	1	journal	journal	PROPN
fsr-3415	481	2	of	of	ADP
fsr-3415	481	3	financial	financial	ADJ
fsr-3415	481	4	intermediation	intermediation	NOUN
fsr-3415	481	5	,	,	PUNCT
fsr-3415	481	6	18	18	NUM
fsr-3415	481	7	,	,	PUNCT
fsr-3415	481	8	329–361	329–361	NUM
fsr-3415	481	9	.	.	PUNCT
fsr-3415	482	1	nofsinger	nofsinger	NOUN
fsr-3415	482	2	,	,	PUNCT
fsr-3415	482	3	j.	j.	PROPN
fsr-3415	482	4	r.	r.	PROPN
fsr-3415	482	5	,	,	PUNCT
fsr-3415	482	6	&	&	CCONJ
fsr-3415	482	7	varma	varma	PROPN
fsr-3415	482	8	,	,	PUNCT
fsr-3415	482	9	a.	a.	NOUN
fsr-3415	482	10	(	(	PUNCT
fsr-3415	482	11	2007	2007	NUM
fsr-3415	482	12	)	)	PUNCT
fsr-3415	482	13	.	.	PUNCT
fsr-3415	483	1	how	how	SCONJ
fsr-3415	483	2	analytical	analytical	ADJ
fsr-3415	483	3	is	be	AUX
fsr-3415	483	4	your	your	PRON
fsr-3415	483	5	financial	financial	ADJ
fsr-3415	483	6	advisor	advisor	NOUN
fsr-3415	483	7	?	?	PUNCT
fsr-3415	484	1	financial	financial	PROPN
fsr-3415	484	2	services	service	NOUN
fsr-3415	484	3	review	review	PROPN
fsr-3415	484	4	,	,	PUNCT
fsr-3415	484	5	16	16	NUM
fsr-3415	484	6	,	,	PUNCT
fsr-3415	484	7	245–260	245–260	NUM
fsr-3415	484	8	.	.	PUNCT
fsr-3415	485	1	o’neal	o’neal	PROPN
fsr-3415	485	2	,	,	PUNCT
fsr-3415	485	3	e.	e.	PROPN
fsr-3415	485	4	s.	s.	PROPN
fsr-3415	485	5	(	(	PUNCT
fsr-3415	485	6	1999	1999	NUM
fsr-3415	485	7	)	)	PUNCT
fsr-3415	485	8	.	.	PUNCT
fsr-3415	486	1	mutual	mutual	ADJ
fsr-3415	486	2	fund	fund	NOUN
fsr-3415	486	3	share	share	NOUN
fsr-3415	486	4	classes	class	NOUN
fsr-3415	486	5	and	and	CCONJ
fsr-3415	486	6	broker	broker	NOUN
fsr-3415	486	7	incentives	incentive	NOUN
fsr-3415	486	8	.	.	PUNCT
fsr-3415	487	1	financial	financial	ADJ
fsr-3415	487	2	analysts	analyst	NOUN
fsr-3415	487	3	journal	journal	PROPN
fsr-3415	487	4	,	,	PUNCT
fsr-3415	487	5	septemberoctober	septemberoctober	PROPN
fsr-3415	487	6	,	,	PUNCT
fsr-3415	487	7	76–87	76–87	NUM
fsr-3415	487	8	.	.	PUNCT
fsr-3415	488	1	securities	security	NOUN
fsr-3415	488	2	and	and	CCONJ
fsr-3415	488	3	exchange	exchange	PROPN
fsr-3415	488	4	commission	commission	PROPN
fsr-3415	488	5	rule	rule	VERB
fsr-3415	488	6	18f-3	18f-3	NUM
fsr-3415	488	7	adoption	adoption	NOUN
fsr-3415	488	8	release	release	NOUN
fsr-3415	488	9	,	,	PUNCT
fsr-3415	488	10	release	release	VERB
fsr-3415	488	11	no	no	NOUN
fsr-3415	488	12	.	.	NOUN
fsr-3415	488	13	33	33	NUM
fsr-3415	488	14	-	-	SYM
fsr-3415	488	15	7143	7143	NUM
fsr-3415	488	16	,	,	PUNCT
fsr-3415	488	17	ic-20915	ic-20915	ADJ
fsr-3415	488	18	,	,	PUNCT
fsr-3415	488	19	1995	1995	NUM
fsr-3415	488	20	.	.	PUNCT
fsr-3415	489	1	65j	65j	NOUN
fsr-3415	489	2	.	.	PUNCT
fsr-3415	490	1	handy	handy	ADJ
fsr-3415	490	2	,	,	PUNCT
fsr-3415	490	3	t.	t.	PROPN
fsr-3415	490	4	smythe	smythe	PROPN
fsr-3415	490	5	/	/	SYM
fsr-3415	490	6	financial	financial	ADJ
fsr-3415	490	7	services	service	NOUN
fsr-3415	490	8	review	review	VERB
fsr-3415	490	9	28	28	NUM
fsr-3415	490	10	(	(	PUNCT
fsr-3415	490	11	2020	2020	NUM
fsr-3415	490	12	)	)	PUNCT
fsr-3415	490	13	49	49	NUM
fsr-3415	490	14	-	-	SYM
fsr-3415	490	15	65	65	NUM