id	sid	tid	token	lemma	pos
fsr-3735	1	1	pii	pii	PROPN
fsr-3735	1	2	:	:	PUNCT
fsr-3735	1	3	1057	1057	NUM
fsr-3735	1	4	-	-	PUNCT
fsr-3735	1	5	0810(95)90014	0810(95)90014	NUM
fsr-3735	1	6	-	-	PUNCT
fsr-3735	1	7	4	4	NUM
fsr-3735	1	8	financial	financial	ADJ
fsr-3735	1	9	servlces	servlce	NOUN
fsr-3735	1	10	review	review	NOUN
fsr-3735	1	11	,	,	PUNCT
fsr-3735	1	12	4	4	NUM
fsr-3735	1	13	(	(	PUNCT
fsr-3735	1	14	1	1	NUM
fsr-3735	1	15	):	):	PUNCT
fsr-3735	1	16	9	9	NUM
fsr-3735	1	17	-	-	SYM
fsr-3735	1	18	22	22	NUM
fsr-3735	1	19	copyright	copyright	NOUN
fsr-3735	1	20	0	0	NUM
fsr-3735	1	21	1995	1995	NUM
fsr-3735	1	22	by	by	ADP
fsr-3735	1	23	jai	jai	PROPN
fsr-3735	1	24	press	press	PROPN
fsr-3735	1	25	inc	inc	PROPN
fsr-3735	1	26	.	.	PROPN
fsr-3735	1	27	issn	issn	PROPN
fsr-3735	1	28	:	:	PUNCT
fsr-3735	1	29	1057	1057	NUM
fsr-3735	1	30	-	-	SYM
fsr-3735	1	31	0810	0810	NUM
fsr-3735	1	32	all	all	DET
fsr-3735	1	33	rights	right	NOUN
fsr-3735	1	34	of	of	ADP
fsr-3735	1	35	reproduction	reproduction	NOUN
fsr-3735	1	36	in	in	ADP
fsr-3735	1	37	any	any	DET
fsr-3735	1	38	form	form	NOUN
fsr-3735	1	39	reserved	reserve	VERB
fsr-3735	1	40	.	.	PUNCT
fsr-3735	2	1	tax	tax	NOUN
fsr-3735	2	2	savings	saving	NOUN
fsr-3735	2	3	opportunities	opportunity	NOUN
fsr-3735	2	4	in	in	ADP
fsr-3735	2	5	estate	estate	NOUN
fsr-3735	2	6	freeze	freeze	NOUN
fsr-3735	2	7	transactions	transaction	NOUN
fsr-3735	2	8	:	:	PUNCT
fsr-3735	2	9	an	an	DET
fsr-3735	2	10	application	application	NOUN
fsr-3735	2	11	of	of	ADP
fsr-3735	2	12	the	the	DET
fsr-3735	2	13	black	black	ADJ
fsr-3735	2	14	scholes	schole	NOUN
fsr-3735	2	15	model	model	PROPN
fsr-3735	2	16	james	james	PROPN
fsr-3735	2	17	r.	r.	PROPN
fsr-3735	2	18	hamill	hamill	PROPN
fsr-3735	2	19	joel	joel	PROPN
fsr-3735	2	20	s.	s.	PROPN
fsr-3735	2	21	stemberg	stemberg	PROPN
fsr-3735	2	22	transfer	transfer	NOUN
fsr-3735	2	23	tax	tax	NOUN
fsr-3735	2	24	valuation	valuation	NOUN
fsr-3735	2	25	rules	rule	NOUN
fsr-3735	2	26	for	for	ADP
fsr-3735	2	27	interests	interest	NOUN
fsr-3735	2	28	in	in	ADP
fsr-3735	2	29	family	family	NOUN
fsr-3735	2	30	businesses	business	NOUN
fsr-3735	2	31	include	include	VERB
fsr-3735	2	32	a	a	DET
fsr-3735	2	33	minimum	minimum	ADJ
fsr-3735	2	34	value	value	NOUN
fsr-3735	2	35	to	to	PART
fsr-3735	2	36	reflect	reflect	VERB
fsr-3735	2	37	the	the	DET
fsr-3735	2	38	option	option	NOUN
fsr-3735	2	39	value	value	NOUN
fsr-3735	2	40	of	of	ADP
fsr-3735	2	41	“	"	PUNCT
fsr-3735	2	42	junior	junior	ADJ
fsr-3735	2	43	”	"	PUNCT
fsr-3735	2	44	equity	equity	NOUN
fsr-3735	2	45	interests	interest	NOUN
fsr-3735	2	46	transferred	transfer	VERB
fsr-3735	2	47	tofamily	tofamily	ADJ
fsr-3735	2	48	members	member	NOUN
fsr-3735	2	49	.	.	PUNCT
fsr-3735	3	1	we	we	PRON
fsr-3735	3	2	examine	examine	VERB
fsr-3735	3	3	the	the	DET
fsr-3735	3	4	option	option	NOUN
fsr-3735	3	5	features	feature	NOUN
fsr-3735	3	6	of	of	ADP
fsr-3735	3	7	the	the	DET
fsr-3735	3	8	junior	junior	ADJ
fsr-3735	3	9	interest	interest	NOUN
fsr-3735	3	10	and	and	CCONJ
fsr-3735	3	11	use	use	VERB
fsr-3735	3	12	the	the	DET
fsr-3735	3	13	black&holes	black&hole	NOUN
fsr-3735	3	14	model	model	NOUN
fsr-3735	3	15	to	to	PART
fsr-3735	3	16	identify	identify	VERB
fsr-3735	3	17	situations	situation	NOUN
fsr-3735	3	18	in	in	ADP
fsr-3735	3	19	which	which	PRON
fsr-3735	3	20	an	an	DET
fsr-3735	3	21	estate	estate	NOUN
fsr-3735	3	22	planner	planner	NOUN
fsr-3735	3	23	could	could	AUX
fsr-3735	3	24	structure	structure	VERB
fsr-3735	3	25	a	a	DET
fsr-3735	3	26	plan	plan	NOUN
fsr-3735	3	27	of	of	ADP
fsr-3735	3	28	ownership	ownership	NOUN
fsr-3735	3	29	succession	succession	NOUN
fsr-3735	3	30	that	that	PRON
fsr-3735	3	31	results	result	VERB
fsr-3735	3	32	in	in	ADP
fsr-3735	3	33	undervaluation	undervaluation	NOUN
fsr-3735	3	34	of	of	ADP
fsr-3735	3	35	the	the	DET
fsr-3735	3	36	transferred	transfer	VERB
fsr-3735	3	37	interest	interest	NOUN
fsr-3735	3	38	.	.	PUNCT
fsr-3735	4	1	the	the	DET
fsr-3735	4	2	black	black	ADJ
fsr-3735	4	3	-	-	PUNCT
fsr-3735	4	4	scholes	schole	NOUN
fsr-3735	4	5	model	model	NOUN
fsr-3735	4	6	may	may	AUX
fsr-3735	4	7	also	also	ADV
fsr-3735	4	8	be	be	AUX
fsr-3735	4	9	used	use	VERB
fsr-3735	4	10	to	to	PART
fsr-3735	4	11	identify	identify	VERB
fsr-3735	4	12	situations	situation	NOUN
fsr-3735	4	13	in	in	ADP
fsr-3735	4	14	which	which	PRON
fsr-3735	4	15	a	a	DET
fsr-3735	4	16	lifetime	lifetime	NOUN
fsr-3735	4	17	ownership	ownership	NOUN
fsr-3735	4	18	transfer	transfer	NOUN
fsr-3735	4	19	should	should	AUX
fsr-3735	4	20	be	be	AUX
fsr-3735	4	21	avoided	avoid	VERB
fsr-3735	4	22	because	because	SCONJ
fsr-3735	4	23	of	of	ADP
fsr-3735	4	24	the	the	DET
fsr-3735	4	25	minimum	minimum	ADJ
fsr-3735	4	26	value	value	NOUN
fsr-3735	4	27	rule	rule	NOUN
fsr-3735	4	28	.	.	PUNCT
fsr-3735	5	1	i.	i.	PROPN
fsr-3735	5	2	introduction	introduction	NOUN
fsr-3735	5	3	it	it	PRON
fsr-3735	5	4	is	be	AUX
fsr-3735	5	5	well	well	ADV
fsr-3735	5	6	documented	document	VERB
fsr-3735	5	7	that	that	SCONJ
fsr-3735	5	8	organizations	organization	NOUN
fsr-3735	5	9	will	will	AUX
fsr-3735	5	10	structure	structure	VERB
fsr-3735	5	11	their	their	PRON
fsr-3735	5	12	affairs	affair	NOUN
fsr-3735	5	13	to	to	PART
fsr-3735	5	14	minimize	minimize	VERB
fsr-3735	5	15	costs	cost	NOUN
fsr-3735	5	16	,	,	PUNCT
fsr-3735	5	17	both	both	CCONJ
fsr-3735	5	18	explicit	explicit	ADJ
fsr-3735	5	19	and	and	CCONJ
fsr-3735	5	20	implicit	implicit	ADJ
fsr-3735	5	21	,	,	PUNCT
fsr-3735	5	22	and	and	CCONJ
fsr-3735	5	23	will	will	AUX
fsr-3735	5	24	also	also	ADV
fsr-3735	5	25	restructure	restructure	VERB
fsr-3735	5	26	in	in	ADP
fsr-3735	5	27	response	response	NOUN
fsr-3735	5	28	to	to	ADP
fsr-3735	5	29	changing	change	VERB
fsr-3735	5	30	costs	cost	NOUN
fsr-3735	5	31	(	(	PUNCT
fsr-3735	5	32	wilson	wilson	PROPN
fsr-3735	5	33	,	,	PUNCT
fsr-3735	5	34	1991	1991	NUM
fsr-3735	5	35	)	)	PUNCT
fsr-3735	5	36	.	.	PUNCT
fsr-3735	6	1	prior	prior	ADV
fsr-3735	6	2	to	to	ADP
fsr-3735	6	3	the	the	DET
fsr-3735	6	4	1987	1987	NUM
fsr-3735	6	5	tax	tax	NOUN
fsr-3735	6	6	act	act	NOUN
fsr-3735	6	7	,	,	PUNCT
fsr-3735	6	8	it	it	PRON
fsr-3735	6	9	was	be	AUX
fsr-3735	6	10	common	common	ADJ
fsr-3735	6	11	for	for	ADP
fsr-3735	6	12	closely	closely	ADV
fsr-3735	6	13	held	hold	VERB
fsr-3735	6	14	business	business	NOUN
fsr-3735	6	15	organizations	organization	NOUN
fsr-3735	6	16	to	to	PART
fsr-3735	6	17	engage	engage	VERB
fsr-3735	6	18	in	in	ADP
fsr-3735	6	19	costly	costly	ADJ
fsr-3735	6	20	restructuring	restructuring	NOUN
fsr-3735	6	21	of	of	ADP
fsr-3735	6	22	ownership	ownership	NOUN
fsr-3735	6	23	(	(	PUNCT
fsr-3735	6	24	estate	estate	NOUN
fsr-3735	6	25	valuation	valuation	NOUN
fsr-3735	6	26	“	"	PUNCT
fsr-3735	6	27	freezes	freeze	NOUN
fsr-3735	6	28	”	"	PUNCT
fsr-3735	6	29	)	)	PUNCT
fsr-3735	6	30	to	to	PART
fsr-3735	6	31	minimize	minimize	VERB
fsr-3735	6	32	future	future	ADJ
fsr-3735	6	33	estate	estate	NOUN
fsr-3735	6	34	taxes	taxis	NOUN
fsr-3735	6	35	resulting	result	VERB
fsr-3735	6	36	from	from	ADP
fsr-3735	6	37	the	the	DET
fsr-3735	6	38	death	death	NOUN
fsr-3735	6	39	of	of	ADP
fsr-3735	6	40	the	the	DET
fsr-3735	6	41	senior	senior	ADJ
fsr-3735	6	42	generation	generation	NOUN
fsr-3735	6	43	owner	owner	NOUN
fsr-3735	6	44	.	.	PUNCT
fsr-3735	7	1	in	in	ADP
fsr-3735	7	2	response	response	NOUN
fsr-3735	7	3	to	to	ADP
fsr-3735	7	4	perceived	perceive	VERB
fsr-3735	7	5	abuses	abuse	NOUN
fsr-3735	7	6	,	,	PUNCT
fsr-3735	7	7	congress	congress	PROPN
fsr-3735	7	8	,	,	PUNCT
fsr-3735	7	9	in	in	ADP
fsr-3735	7	10	1987	1987	NUM
fsr-3735	7	11	,	,	PUNCT
fsr-3735	7	12	enacted	enact	VERB
fsr-3735	7	13	statutory	statutory	ADJ
fsr-3735	7	14	rules	rule	NOUN
fsr-3735	7	15	that	that	PRON
fsr-3735	7	16	generally	generally	ADV
fsr-3735	7	17	eliminated	eliminate	VERB
fsr-3735	7	18	the	the	DET
fsr-3735	7	19	tax	tax	NOUN
fsr-3735	7	20	advan	advan	NOUN
fsr-3735	7	21	tages	tage	NOUN
fsr-3735	7	22	of	of	ADP
fsr-3735	7	23	such	such	ADJ
fsr-3735	7	24	restructurings	restructuring	NOUN
fsr-3735	7	25	.	.	PUNCT
fsr-3735	8	1	however	however	ADV
fsr-3735	8	2	,	,	PUNCT
fsr-3735	8	3	the	the	DET
fsr-3735	8	4	1987	1987	NUM
fsr-3735	8	5	changes	change	NOUN
fsr-3735	8	6	raised	raise	VERB
fsr-3735	8	7	concerns	concern	NOUN
fsr-3735	8	8	that	that	SCONJ
fsr-3735	8	9	family	family	NOUN
fsr-3735	8	10	-	-	PUNCT
fsr-3735	8	11	con	con	NOUN
fsr-3735	8	12	trolled	troll	VERB
fsr-3735	8	13	businesses	business	NOUN
fsr-3735	8	14	could	could	AUX
fsr-3735	8	15	be	be	AUX
fsr-3735	8	16	forced	force	VERB
fsr-3735	8	17	to	to	PART
fsr-3735	8	18	admit	admit	VERB
fsr-3735	8	19	outside	outside	ADP
fsr-3735	8	20	owners	owner	NOUN
fsr-3735	8	21	to	to	PART
fsr-3735	8	22	satisfy	satisfy	VERB
fsr-3735	8	23	an	an	DET
fsr-3735	8	24	estate	estate	NOUN
fsr-3735	8	25	tax	tax	NOUN
fsr-3735	8	26	liability	liability	NOUN
fsr-3735	8	27	and	and	CCONJ
fsr-3735	8	28	that	that	SCONJ
fsr-3735	8	29	uncertainty	uncertainty	NOUN
fsr-3735	8	30	regarding	regard	VERB
fsr-3735	8	31	the	the	DET
fsr-3735	8	32	application	application	NOUN
fsr-3735	8	33	of	of	ADP
fsr-3735	8	34	the	the	DET
fsr-3735	8	35	rules	rule	NOUN
fsr-3735	8	36	could	could	AUX
fsr-3735	8	37	also	also	ADV
fsr-3735	8	38	severely	severely	ADV
fsr-3735	8	39	restrict	restrict	VERB
fsr-3735	8	40	commonly	commonly	ADV
fsr-3735	8	41	used	use	VERB
fsr-3735	8	42	ownership	ownership	NOUN
fsr-3735	8	43	forms	form	NOUN
fsr-3735	8	44	that	that	PRON
fsr-3735	8	45	were	be	AUX
fsr-3735	8	46	not	not	PART
fsr-3735	8	47	adopted	adopt	VERB
fsr-3735	8	48	to	to	PART
fsr-3735	8	49	save	save	VERB
fsr-3735	8	50	taxes	taxis	NOUN
fsr-3735	8	51	.	.	PUNCT
fsr-3735	9	1	in	in	ADP
fsr-3735	9	2	response	response	NOUN
fsr-3735	9	3	to	to	ADP
fsr-3735	9	4	growing	grow	VERB
fsr-3735	9	5	criticism	criticism	NOUN
fsr-3735	9	6	,	,	PUNCT
fsr-3735	9	7	in	in	ADP
fsr-3735	9	8	1990	1990	NUM
fsr-3735	9	9	congress	congress	NOUN
fsr-3735	9	10	retroactively	retroactively	ADV
fsr-3735	9	11	repealed	repeal	VERB
fsr-3735	9	12	the	the	DET
fsr-3735	9	13	1987	1987	NUM
fsr-3735	9	14	changes	change	NOUN
fsr-3735	9	15	and	and	CCONJ
fsr-3735	9	16	replaced	replace	VERB
fsr-3735	9	17	them	they	PRON
fsr-3735	9	18	with	with	ADP
fsr-3735	9	19	a	a	DET
fsr-3735	9	20	new	new	ADJ
fsr-3735	9	21	set	set	NOUN
fsr-3735	9	22	of	of	ADP
fsr-3735	9	23	rules	rule	NOUN
fsr-3735	9	24	.	.	PUNCT
fsr-3735	10	1	the	the	DET
fsr-3735	10	2	1990	1990	NUM
fsr-3735	10	3	provisions	provision	NOUN
fsr-3735	10	4	attempt	attempt	VERB
fsr-3735	10	5	to	to	PART
fsr-3735	10	6	recognize	recognize	VERB
fsr-3735	10	7	the	the	DET
fsr-3735	10	8	call	call	NOUN
fsr-3735	10	9	option	option	NOUN
fsr-3735	10	10	features	feature	NOUN
fsr-3735	10	11	of	of	ADP
fsr-3735	10	12	junior	junior	ADJ
fsr-3735	10	13	equity	equity	NOUN
fsr-3735	10	14	interests	interest	NOUN
fsr-3735	10	15	created	create	VERB
fsr-3735	10	16	by	by	ADP
fsr-3735	10	17	estate	estate	NOUN
fsr-3735	10	18	freeze	freeze	NOUN
fsr-3735	10	19	restructurings	restructuring	NOUN
fsr-3735	10	20	.	.	PUNCT
fsr-3735	11	1	the	the	DET
fsr-3735	11	2	option	option	NOUN
fsr-3735	11	3	value	value	NOUN
fsr-3735	11	4	is	be	AUX
fsr-3735	11	5	explicitly	explicitly	ADV
fsr-3735	11	6	recognized	recognize	VERB
fsr-3735	11	7	by	by	ADP
fsr-3735	11	8	use	use	NOUN
fsr-3735	11	9	of	of	ADP
fsr-3735	11	10	a	a	DET
fsr-3735	11	11	single	single	ADJ
fsr-3735	11	12	minimum	minimum	NOUN
fsr-3735	11	13	value	value	NOUN
fsr-3735	11	14	that	that	PRON
fsr-3735	11	15	applies	apply	VERB
fsr-3735	11	16	to	to	ADP
fsr-3735	11	17	all	all	DET
fsr-3735	11	18	transferred	transfer	VERB
fsr-3735	11	19	junior	junior	ADJ
fsr-3735	11	20	interests	interest	NOUN
fsr-3735	11	21	.	.	PUNCT
fsr-3735	12	1	the	the	DET
fsr-3735	12	2	purpose	purpose	NOUN
fsr-3735	12	3	of	of	ADP
fsr-3735	12	4	this	this	DET
fsr-3735	12	5	article	article	NOUN
fsr-3735	12	6	is	be	AUX
fsr-3735	12	7	to	to	PART
fsr-3735	12	8	show	show	VERB
fsr-3735	12	9	situations	situation	NOUN
fsr-3735	12	10	where	where	SCONJ
fsr-3735	12	11	the	the	DET
fsr-3735	12	12	minimum	minimum	ADJ
fsr-3735	12	13	value	value	NOUN
fsr-3735	12	14	rule	rule	NOUN
fsr-3735	12	15	is	be	AUX
fsr-3735	12	16	most	most	ADV
fsr-3735	12	17	likely	likely	ADJ
fsr-3735	12	18	to	to	PART
fsr-3735	12	19	misstate	misstate	VERB
fsr-3735	12	20	the	the	DET
fsr-3735	12	21	james	james	PROPN
fsr-3735	12	22	r.	r.	PROPN
fsr-3735	12	23	hamill	hamill	PROPN
fsr-3735	12	24	l	l	PROPN
fsr-3735	12	25	anderson	anderson	PROPN
fsr-3735	12	26	schools	schools	PROPN
fsr-3735	12	27	of	of	ADP
fsr-3735	12	28	management	management	NOUN
fsr-3735	12	29	,	,	PUNCT
fsr-3735	12	30	university	university	NOUN
fsr-3735	12	31	of	of	ADP
fsr-3735	12	32	new	new	PROPN
fsr-3735	12	33	mexico	mexico	PROPN
fsr-3735	12	34	,	,	PUNCT
fsr-3735	12	35	albuquerque	albuquerque	NOUN
fsr-3735	12	36	,	,	PUNCT
fsr-3735	12	37	new	new	PROPN
fsr-3735	12	38	mexico	mexico	PROPN
fsr-3735	12	39	87131	87131	NUM
fsr-3735	12	40	.	.	PUNCT
fsr-3735	13	1	joel	joel	PROPN
fsr-3735	13	2	s.	s.	PROPN
fsr-3735	13	3	sternberg	sternberg	PROPN
fsr-3735	13	4	l	l	PROPN
fsr-3735	13	5	department	department	PROPN
fsr-3735	13	6	of	of	ADP
fsr-3735	13	7	finance	finance	NOUN
fsr-3735	13	8	,	,	PUNCT
fsr-3735	13	9	university	university	PROPN
fsr-3735	13	10	of	of	ADP
fsr-3735	13	11	arizona	arizona	PROPN
fsr-3735	13	12	,	,	PUNCT
fsr-3735	13	13	tucson	tucson	PROPN
fsr-3735	13	14	,	,	PUNCT
fsr-3735	13	15	arizona	arizona	PROPN
fsr-3735	13	16	85721	85721	NUM
fsr-3735	13	17	.	.	PUNCT
fsr-3735	14	1	10	10	NUM
fsr-3735	14	2	financial	financial	ADJ
fsr-3735	14	3	services	service	NOUN
fsr-3735	14	4	review	review	VERB
fsr-3735	14	5	4(l	4(l	NUM
fsr-3735	14	6	)	)	PUNCT
fsr-3735	14	7	1995	1995	NUM
fsr-3735	14	8	option	option	NOUN
fsr-3735	14	9	value	value	NOUN
fsr-3735	14	10	of	of	ADP
fsr-3735	14	11	the	the	DET
fsr-3735	14	12	transferred	transfer	VERB
fsr-3735	14	13	interest	interest	NOUN
fsr-3735	14	14	.	.	PUNCT
fsr-3735	15	1	we	we	PRON
fsr-3735	15	2	use	use	VERB
fsr-3735	15	3	the	the	DET
fsr-3735	15	4	option	option	NOUN
fsr-3735	15	5	pricing	pricing	NOUN
fsr-3735	15	6	model	model	NOUN
fsr-3735	15	7	developed	develop	VERB
fsr-3735	15	8	by	by	ADP
fsr-3735	15	9	black	black	ADJ
fsr-3735	15	10	and	and	CCONJ
fsr-3735	15	11	scholes	schole	NOUN
fsr-3735	15	12	(	(	PUNCT
fsr-3735	15	13	1973	1973	NUM
fsr-3735	15	14	)	)	PUNCT
fsr-3735	15	15	to	to	PART
fsr-3735	15	16	identify	identify	VERB
fsr-3735	15	17	fact	fact	NOUN
fsr-3735	15	18	patterns	pattern	NOUN
fsr-3735	15	19	in	in	ADP
fsr-3735	15	20	which	which	PRON
fsr-3735	15	21	a	a	DET
fsr-3735	15	22	business	business	NOUN
fsr-3735	15	23	recapitalization	recapitalization	NOUN
fsr-3735	15	24	may	may	AUX
fsr-3735	15	25	still	still	ADV
fsr-3735	15	26	minimize	minimize	VERB
fsr-3735	15	27	transfer	transfer	NOUN
fsr-3735	15	28	taxes	taxis	NOUN
fsr-3735	15	29	because	because	SCONJ
fsr-3735	15	30	of	of	ADP
fsr-3735	15	31	improper	improper	ADJ
fsr-3735	15	32	valuation	valuation	NOUN
fsr-3735	15	33	of	of	ADP
fsr-3735	15	34	the	the	DET
fsr-3735	15	35	option	option	NOUN
fsr-3735	15	36	.	.	PUNCT
fsr-3735	16	1	limitations	limitation	NOUN
fsr-3735	16	2	on	on	ADP
fsr-3735	16	3	the	the	DET
fsr-3735	16	4	use	use	NOUN
fsr-3735	16	5	of	of	ADP
fsr-3735	16	6	the	the	DET
fsr-3735	16	7	black	black	ADJ
fsr-3735	16	8	-	-	PUNCT
fsr-3735	16	9	scholes	schole	NOUN
fsr-3735	16	10	model	model	NOUN
fsr-3735	16	11	for	for	ADP
fsr-3735	16	12	this	this	DET
fsr-3735	16	13	purpose	purpose	NOUN
fsr-3735	16	14	will	will	AUX
fsr-3735	16	15	also	also	ADV
fsr-3735	16	16	be	be	AUX
fsr-3735	16	17	addressed	address	VERB
fsr-3735	16	18	.	.	PUNCT
fsr-3735	17	1	ii	ii	X
fsr-3735	17	2	.	.	PUNCT
fsr-3735	18	1	description	description	NOUN
fsr-3735	18	2	of	of	ADP
fsr-3735	18	3	estate	estate	NOUN
fsr-3735	18	4	freeze	freeze	NOUN
fsr-3735	18	5	transactions	transaction	NOUN
fsr-3735	18	6	a	a	DET
fsr-3735	18	7	significant	significant	ADJ
fsr-3735	18	8	portion	portion	NOUN
fsr-3735	18	9	of	of	ADP
fsr-3735	18	10	the	the	DET
fsr-3735	18	11	net	net	ADJ
fsr-3735	18	12	worth	worth	NOUN
fsr-3735	18	13	of	of	ADP
fsr-3735	18	14	the	the	DET
fsr-3735	18	15	owner	owner	NOUN
fsr-3735	18	16	of	of	ADP
fsr-3735	18	17	a	a	DET
fsr-3735	18	18	closely	closely	ADV
fsr-3735	18	19	held	hold	VERB
fsr-3735	18	20	business	business	NOUN
fsr-3735	18	21	is	be	AUX
fsr-3735	18	22	the	the	DET
fsr-3735	18	23	value	value	NOUN
fsr-3735	18	24	of	of	ADP
fsr-3735	18	25	the	the	DET
fsr-3735	18	26	business	business	NOUN
fsr-3735	18	27	itself	itself	PRON
fsr-3735	18	28	,	,	PUNCT
fsr-3735	18	29	’	'	PUNCT
fsr-3735	18	30	and	and	CCONJ
fsr-3735	18	31	taxes	taxis	NOUN
fsr-3735	18	32	imposed	impose	VERB
fsr-3735	18	33	on	on	ADP
fsr-3735	18	34	the	the	DET
fsr-3735	18	35	transfer	transfer	NOUN
fsr-3735	18	36	of	of	ADP
fsr-3735	18	37	ownership	ownership	NOUN
fsr-3735	18	38	to	to	ADP
fsr-3735	18	39	younger	young	ADJ
fsr-3735	18	40	generation	generation	NOUN
fsr-3735	18	41	family	family	NOUN
fsr-3735	18	42	members	member	NOUN
fsr-3735	18	43	can	can	AUX
fsr-3735	18	44	force	force	VERB
fsr-3735	18	45	the	the	DET
fsr-3735	18	46	sale	sale	NOUN
fsr-3735	18	47	of	of	ADP
fsr-3735	18	48	business	business	NOUN
fsr-3735	18	49	assets	asset	NOUN
fsr-3735	18	50	or	or	CCONJ
fsr-3735	18	51	equity	equity	NOUN
fsr-3735	18	52	interests	interest	NOUN
fsr-3735	18	53	to	to	PART
fsr-3735	18	54	satisfy	satisfy	VERB
fsr-3735	18	55	the	the	DET
fsr-3735	18	56	tax	tax	NOUN
fsr-3735	18	57	liability	liability	NOUN
fsr-3735	18	58	.	.	PUNCT
fsr-3735	19	1	to	to	PART
fsr-3735	19	2	mini	mini	VERB
fsr-3735	19	3	~	~	PROPN
fsr-3735	19	4	ze	ze	PROPN
fsr-3735	19	5	the	the	DET
fsr-3735	19	6	effects	effect	NOUN
fsr-3735	19	7	of	of	ADP
fsr-3735	19	8	transfer	transfer	NOUN
fsr-3735	19	9	taxes	taxis	NOUN
fsr-3735	19	10	,	,	PUNCT
fsr-3735	19	11	it	it	PRON
fsr-3735	19	12	has	have	AUX
fsr-3735	19	13	been	be	AUX
fsr-3735	19	14	common	common	ADJ
fsr-3735	19	15	to	to	PART
fsr-3735	19	16	incur	incur	VERB
fsr-3735	19	17	costs	cost	NOUN
fsr-3735	19	18	to	to	PART
fsr-3735	19	19	recapitalize	recapitalize	VERB
fsr-3735	19	20	the	the	DET
fsr-3735	19	21	business	business	NOUN
fsr-3735	19	22	ownership	ownership	NOUN
fsr-3735	19	23	.	.	PUNCT
fsr-3735	20	1	typically	typically	ADV
fsr-3735	20	2	,	,	PUNCT
fsr-3735	20	3	a	a	DET
fsr-3735	20	4	family	family	NOUN
fsr-3735	20	5	corporation	corporation	NOUN
fsr-3735	20	6	will	will	AUX
fsr-3735	20	7	issue	issue	VERB
fsr-3735	20	8	two	two	NUM
fsr-3735	20	9	classes	class	NOUN
fsr-3735	20	10	of	of	ADP
fsr-3735	20	11	equity	equity	NOUN
fsr-3735	20	12	,	,	PUNCT
fsr-3735	20	13	with	with	ADP
fsr-3735	20	14	voting	vote	VERB
fsr-3735	20	15	preferred	prefer	VERB
fsr-3735	20	16	retained	retain	VERB
fsr-3735	20	17	by	by	ADP
fsr-3735	20	18	the	the	DET
fsr-3735	20	19	older	old	ADJ
fsr-3735	20	20	generation	generation	NOUN
fsr-3735	20	21	and	and	CCONJ
fsr-3735	20	22	nonvoting	nonvoting	ADJ
fsr-3735	20	23	common	common	PROPN
fsr-3735	20	24	transferred	transfer	VERB
fsr-3735	20	25	to	to	ADP
fsr-3735	20	26	the	the	DET
fsr-3735	20	27	younger	young	ADJ
fsr-3735	20	28	generation	generation	NOUN
fsr-3735	20	29	.	.	PUNCT
fsr-3735	21	1	*	*	PUNCT
fsr-3735	22	1	the	the	DET
fsr-3735	22	2	terms	term	NOUN
fsr-3735	22	3	of	of	ADP
fsr-3735	22	4	the	the	DET
fsr-3735	22	5	retained	retain	VERB
fsr-3735	22	6	interest	interest	NOUN
fsr-3735	22	7	are	be	AUX
fsr-3735	22	8	intended	intend	VERB
fsr-3735	22	9	to	to	PART
fsr-3735	22	10	“	"	PUNCT
fsr-3735	22	11	freeze	freeze	VERB
fsr-3735	22	12	”	"	PUNCT
fsr-3735	22	13	its	its	PRON
fsr-3735	22	14	value	value	NOUN
fsr-3735	22	15	at	at	ADP
fsr-3735	22	16	an	an	DET
fsr-3735	22	17	amount	amount	NOUN
fsr-3735	22	18	approximating	approximate	VERB
fsr-3735	22	19	the	the	DET
fsr-3735	22	20	value	value	NOUN
fsr-3735	22	21	of	of	ADP
fsr-3735	22	22	the	the	DET
fsr-3735	22	23	entity	entity	NOUN
fsr-3735	22	24	at	at	ADP
fsr-3735	22	25	the	the	DET
fsr-3735	22	26	date	date	NOUN
fsr-3735	22	27	of	of	ADP
fsr-3735	22	28	recapitalization	recapitalization	NOUN
fsr-3735	22	29	.	.	PUNCT
fsr-3735	23	1	this	this	PRON
fsr-3735	23	2	would	would	AUX
fsr-3735	23	3	typically	typically	ADV
fsr-3735	23	4	involve	involve	VERB
fsr-3735	23	5	a	a	DET
fsr-3735	23	6	stated	stated	ADJ
fsr-3735	23	7	r	r	NOUN
fsr-3735	23	8	~	~	SYM
fsr-3735	23	9	emption	emption	NOUN
fsr-3735	23	10	value	value	NOUN
fsr-3735	23	11	for	for	ADP
fsr-3735	23	12	the	the	DET
fsr-3735	23	13	preferred	preferred	ADJ
fsr-3735	23	14	issue	issue	NOUN
fsr-3735	23	15	that	that	PRON
fsr-3735	23	16	would	would	AUX
fsr-3735	23	17	fix	fix	VERB
fsr-3735	23	18	the	the	DET
fsr-3735	23	19	amount	amount	NOUN
fsr-3735	23	20	that	that	PRON
fsr-3735	23	21	the	the	DET
fsr-3735	23	22	estate	estate	NOUN
fsr-3735	23	23	would	would	AUX
fsr-3735	23	24	receive	receive	VERB
fsr-3735	23	25	for	for	ADP
fsr-3735	23	26	the	the	DET
fsr-3735	23	27	interest	interest	NOUN
fsr-3735	23	28	.	.	PUNCT
fsr-3735	24	1	rights	right	NOUN
fsr-3735	24	2	attached	attach	VERB
fsr-3735	24	3	to	to	ADP
fsr-3735	24	4	the	the	DET
fsr-3735	24	5	retained	retain	VERB
fsr-3735	24	6	interest	interest	NOUN
fsr-3735	24	7	would	would	AUX
fsr-3735	24	8	support	support	VERB
fsr-3735	24	9	an	an	DET
fsr-3735	24	10	appraisal	appraisal	NOUN
fsr-3735	24	11	assigning	assign	VERB
fsr-3735	24	12	a	a	DET
fsr-3735	24	13	large	large	ADJ
fsr-3735	24	14	value	value	NOUN
fsr-3735	24	15	to	to	ADP
fsr-3735	24	16	the	the	DET
fsr-3735	24	17	retained	retain	VERB
fsr-3735	24	18	interest	interest	NOUN
fsr-3735	24	19	and	and	CCONJ
fsr-3735	24	20	a	a	DET
fsr-3735	24	21	corresponding	correspond	VERB
fsr-3735	24	22	small	small	ADJ
fsr-3735	24	23	value	value	NOUN
fsr-3735	24	24	to	to	ADP
fsr-3735	24	25	the	the	DET
fsr-3735	24	26	transferred	transfer	VERB
fsr-3735	24	27	interest	interest	NOUN
fsr-3735	24	28	,	,	PUNCT
fsr-3735	24	29	although	although	SCONJ
fsr-3735	24	30	there	there	PRON
fsr-3735	24	31	often	often	ADV
fsr-3735	24	32	was	be	AUX
fsr-3735	24	33	no	no	DET
fsr-3735	24	34	intent	intent	NOUN
fsr-3735	24	35	that	that	SCONJ
fsr-3735	24	36	the	the	DET
fsr-3735	24	37	rights	right	NOUN
fsr-3735	24	38	would	would	AUX
fsr-3735	24	39	ever	ever	ADV
fsr-3735	24	40	be	be	AUX
fsr-3735	24	41	exercised3	exercised3	NOUN
fsr-3735	24	42	the	the	DET
fsr-3735	24	43	estate	estate	NOUN
fsr-3735	24	44	freeze	freeze	NOUN
fsr-3735	24	45	was	be	AUX
fsr-3735	24	46	designed	design	VERB
fsr-3735	24	47	to	to	PART
fsr-3735	24	48	serve	serve	VERB
fsr-3735	24	49	two	two	NUM
fsr-3735	24	50	purposes	purpose	NOUN
fsr-3735	24	51	.	.	PUNCT
fsr-3735	25	1	first	first	ADV
fsr-3735	25	2	,	,	PUNCT
fsr-3735	25	3	there	there	PRON
fsr-3735	25	4	would	would	AUX
fsr-3735	25	5	be	be	AUX
fsr-3735	25	6	little	little	ADJ
fsr-3735	25	7	or	or	CCONJ
fsr-3735	25	8	no	no	DET
fsr-3735	25	9	gift	gift	NOUN
fsr-3735	25	10	tax	tax	NOUN
fsr-3735	25	11	attributable	attributable	ADJ
fsr-3735	25	12	to	to	ADP
fsr-3735	25	13	the	the	DET
fsr-3735	25	14	transfer	transfer	NOUN
fsr-3735	25	15	to	to	ADP
fsr-3735	25	16	the	the	DET
fsr-3735	25	17	younger	young	ADJ
fsr-3735	25	18	generation	generation	NOUN
fsr-3735	25	19	,	,	PUNCT
fsr-3735	25	20	because	because	SCONJ
fsr-3735	25	21	the	the	DET
fsr-3735	25	22	interest	interest	NOUN
fsr-3735	25	23	was	be	AUX
fsr-3735	25	24	assumed	assume	VERB
fsr-3735	25	25	to	to	PART
fsr-3735	25	26	have	have	VERB
fsr-3735	25	27	little	little	ADJ
fsr-3735	25	28	value	value	NOUN
fsr-3735	25	29	!	!	PUNCT
fsr-3735	26	1	second	second	ADJ
fsr-3735	26	2	,	,	PUNCT
fsr-3735	26	3	the	the	DET
fsr-3735	26	4	estate	estate	NOUN
fsr-3735	26	5	tax	tax	NOUN
fsr-3735	26	6	value	value	NOUN
fsr-3735	26	7	of	of	ADP
fsr-3735	26	8	the	the	DET
fsr-3735	26	9	retained	retain	VERB
fsr-3735	26	10	interest	interest	NOUN
fsr-3735	26	11	would	would	AUX
fsr-3735	26	12	be	be	AUX
fsr-3735	26	13	deterministic	deterministic	ADJ
fsr-3735	26	14	,	,	PUNCT
fsr-3735	26	15	because	because	SCONJ
fsr-3735	26	16	all	all	DET
fsr-3735	26	17	future	future	ADJ
fsr-3735	26	18	increases	increase	NOUN
fsr-3735	26	19	in	in	ADP
fsr-3735	26	20	the	the	DET
fsr-3735	26	21	value	value	NOUN
fsr-3735	26	22	of	of	ADP
fsr-3735	26	23	the	the	DET
fsr-3735	26	24	corporation	corporation	NOUN
fsr-3735	26	25	would	would	AUX
fsr-3735	26	26	be	be	AUX
fsr-3735	26	27	captured	capture	VERB
fsr-3735	26	28	by	by	ADP
fsr-3735	26	29	the	the	DET
fsr-3735	26	30	transferred	transfer	VERB
fsr-3735	26	31	interest	interest	NOUN
fsr-3735	26	32	.	.	PUNCT
fsr-3735	27	1	in	in	ADP
fsr-3735	27	2	1987	1987	NUM
fsr-3735	27	3	,	,	PUNCT
fsr-3735	27	4	congress	congress	PROPN
fsr-3735	27	5	adopted	adopt	VERB
fsr-3735	27	6	valuation	valuation	NOUN
fsr-3735	27	7	rules	rule	NOUN
fsr-3735	27	8	applicable	applicable	ADJ
fsr-3735	27	9	to	to	PART
fsr-3735	27	10	freeze	freeze	VERB
fsr-3735	27	11	transactions	transaction	NOUN
fsr-3735	27	12	that	that	PRON
fsr-3735	27	13	received	receive	VERB
fsr-3735	27	14	critical	critical	ADJ
fsr-3735	27	15	commentary	commentary	NOUN
fsr-3735	27	16	from	from	ADP
fsr-3735	27	17	business	business	NOUN
fsr-3735	27	18	owners	owner	NOUN
fsr-3735	27	19	and	and	CCONJ
fsr-3735	27	20	tax	tax	NOUN
fsr-3735	27	21	experts	expert	NOUN
fsr-3735	27	22	.	.	PUNCT
fsr-3735	28	1	the	the	DET
fsr-3735	28	2	joint	joint	ADJ
fsr-3735	28	3	committee	committee	NOUN
fsr-3735	28	4	on	on	ADP
fsr-3735	28	5	taxation	taxation	NOUN
fsr-3735	28	6	(	(	PUNCT
fsr-3735	28	7	jct	jct	PROPN
fsr-3735	28	8	)	)	PUNCT
fsr-3735	28	9	prepared	prepare	VERB
fsr-3735	28	10	a	a	DET
fsr-3735	28	11	discussion	discussion	NOUN
fsr-3735	28	12	draft	draft	NOUN
fsr-3735	28	13	describing	describe	VERB
fsr-3735	28	14	problems	problem	NOUN
fsr-3735	28	15	with	with	ADP
fsr-3735	28	16	the	the	DET
fsr-3735	28	17	1987	1987	NUM
fsr-3735	28	18	rules	rule	NOUN
fsr-3735	28	19	and	and	CCONJ
fsr-3735	28	20	suggesting	suggest	VERB
fsr-3735	28	21	that	that	SCONJ
fsr-3735	28	22	rights	right	NOUN
fsr-3735	28	23	retained	retain	VERB
fsr-3735	28	24	by	by	ADP
fsr-3735	28	25	the	the	DET
fsr-3735	28	26	senior	senior	ADJ
fsr-3735	28	27	generation	generation	NOUN
fsr-3735	28	28	be	be	AUX
fsr-3735	28	29	valued	value	VERB
fsr-3735	28	30	at	at	ADP
fsr-3735	28	31	zero	zero	NUM
fsr-3735	28	32	unless	unless	SCONJ
fsr-3735	28	33	the	the	DET
fsr-3735	28	34	rights	right	NOUN
fsr-3735	28	35	must	must	AUX
fsr-3735	28	36	be	be	AUX
fsr-3735	28	37	exercised	exercise	VERB
fsr-3735	28	38	within	within	ADP
fsr-3735	28	39	a	a	DET
fsr-3735	28	40	specified	specified	ADJ
fsr-3735	28	41	time	time	NOUN
fsr-3735	28	42	and	and	CCONJ
fsr-3735	28	43	at	at	ADP
fsr-3735	28	44	a	a	DET
fsr-3735	28	45	specified	specified	ADJ
fsr-3735	28	46	amount5	amount5	NOUN
fsr-3735	28	47	the	the	DET
fsr-3735	28	48	jct	jct	PROPN
fsr-3735	28	49	noted	note	VERB
fsr-3735	28	50	that	that	SCONJ
fsr-3735	28	51	the	the	DET
fsr-3735	28	52	interest	interest	NOUN
fsr-3735	28	53	transferred	transfer	VERB
fsr-3735	28	54	to	to	ADP
fsr-3735	28	55	the	the	DET
fsr-3735	28	56	younger	young	ADJ
fsr-3735	28	57	generation	generation	NOUN
fsr-3735	28	58	contained	contain	VERB
fsr-3735	28	59	elements	element	NOUN
fsr-3735	28	60	of	of	ADP
fsr-3735	28	61	a	a	DET
fsr-3735	28	62	call	call	NOUN
fsr-3735	28	63	option	option	NOUN
fsr-3735	28	64	and	and	CCONJ
fsr-3735	28	65	that	that	SCONJ
fsr-3735	28	66	the	the	DET
fsr-3735	28	67	call	call	NOUN
fsr-3735	28	68	feature	feature	NOUN
fsr-3735	28	69	is	be	AUX
fsr-3735	28	70	undervalued	undervalue	VERB
fsr-3735	28	71	by	by	ADP
fsr-3735	28	72	taxpayers	taxpayer	NOUN
fsr-3735	28	73	.	.	PUNCT
fsr-3735	29	1	to	to	PART
fsr-3735	29	2	reflect	reflect	VERB
fsr-3735	29	3	the	the	DET
fsr-3735	29	4	option	option	NOUN
fsr-3735	29	5	value	value	NOUN
fsr-3735	29	6	,	,	PUNCT
fsr-3735	29	7	the	the	DET
fsr-3735	29	8	jct	jct	NOUN
fsr-3735	29	9	recommended	recommend	VERB
fsr-3735	29	10	that	that	SCONJ
fsr-3735	29	11	a	a	DET
fsr-3735	29	12	minimum	minimum	ADJ
fsr-3735	29	13	value	value	NOUN
fsr-3735	29	14	of	of	ADP
fsr-3735	29	15	20	20	NUM
fsr-3735	29	16	%	%	NOUN
fsr-3735	29	17	of	of	ADP
fsr-3735	29	18	the	the	DET
fsr-3735	29	19	total	total	ADJ
fsr-3735	29	20	value	value	NOUN
fsr-3735	29	21	of	of	ADP
fsr-3735	29	22	the	the	DET
fsr-3735	29	23	interests	interest	NOUN
fsr-3735	29	24	held	hold	VERB
fsr-3735	29	25	by	by	ADP
fsr-3735	29	26	the	the	DET
fsr-3735	29	27	senior	senior	ADJ
fsr-3735	29	28	generation	generation	NOUN
fsr-3735	29	29	family	family	NOUN
fsr-3735	29	30	member	member	NOUN
fsr-3735	29	31	be	be	AUX
fsr-3735	29	32	assigned	assign	VERB
fsr-3735	29	33	to	to	ADP
fsr-3735	29	34	the	the	DET
fsr-3735	29	35	junior	junior	ADJ
fsr-3735	29	36	interest	interest	NOUN
fsr-3735	29	37	,	,	PUNCT
fsr-3735	29	38	the	the	DET
fsr-3735	29	39	1990	1990	NUM
fsr-3735	29	40	tax	tax	NOUN
fsr-3735	29	41	act	act	NOUN
fsr-3735	29	42	adopted	adopt	VERB
fsr-3735	29	43	a	a	DET
fsr-3735	29	44	10	10	NUM
fsr-3735	29	45	%	%	NOUN
fsr-3735	29	46	minimum	minimum	NOUN
fsr-3735	29	47	value	value	NOUN
fsr-3735	29	48	rule	rule	NOUN
fsr-3735	29	49	to	to	PART
fsr-3735	29	50	explicitly	explicitly	ADV
fsr-3735	29	51	reflect	reflect	VERB
fsr-3735	29	52	the	the	DET
fsr-3735	29	53	option	option	NOUN
fsr-3735	29	54	feature	feature	NOUN
fsr-3735	29	55	of	of	ADP
fsr-3735	29	56	the	the	DET
fsr-3735	29	57	transferred	transfer	VERB
fsr-3735	29	58	interest.6	interest.6	NOUN
fsr-3735	29	59	the	the	DET
fsr-3735	29	60	remainder	remainder	NOUN
fsr-3735	29	61	of	of	ADP
fsr-3735	29	62	this	this	DET
fsr-3735	29	63	article	article	NOUN
fsr-3735	29	64	evaluates	evaluate	VERB
fsr-3735	29	65	the	the	DET
fsr-3735	29	66	basis	basis	NOUN
fsr-3735	29	67	for	for	ADP
fsr-3735	29	68	treating	treat	VERB
fsr-3735	29	69	the	the	DET
fsr-3735	29	70	transferred	transfer	VERB
fsr-3735	29	71	interest	interest	NOUN
fsr-3735	29	72	as	as	ADP
fsr-3735	29	73	possessing	possess	VERB
fsr-3735	29	74	the	the	DET
fsr-3735	29	75	characteristics	characteristic	NOUN
fsr-3735	29	76	of	of	ADP
fsr-3735	29	77	acall	acall	ADJ
fsr-3735	29	78	option	option	NOUN
fsr-3735	29	79	and	and	CCONJ
fsr-3735	29	80	analyzes	analyze	VERB
fsr-3735	29	81	how	how	SCONJ
fsr-3735	29	82	the	the	DET
fsr-3735	29	83	option	option	NOUN
fsr-3735	29	84	feature	feature	NOUN
fsr-3735	29	85	could	could	AUX
fsr-3735	29	86	be	be	AUX
fsr-3735	29	87	valued	value	VERB
fsr-3735	29	88	.	.	PUNCT
fsr-3735	30	1	the	the	DET
fsr-3735	30	2	statutory	statutory	ADJ
fsr-3735	30	3	minimum	minimum	NOUN
fsr-3735	30	4	value	value	NOUN
fsr-3735	30	5	rule	rule	NOUN
fsr-3735	30	6	is	be	AUX
fsr-3735	30	7	compared	compare	VERB
fsr-3735	30	8	to	to	ADP
fsr-3735	30	9	use	use	NOUN
fsr-3735	30	10	of	of	ADP
fsr-3735	30	11	the	the	DET
fsr-3735	30	12	black	black	ADJ
fsr-3735	30	13	-	-	PUNCT
fsr-3735	30	14	scholes	schole	NOUN
fsr-3735	30	15	option	option	NOUN
fsr-3735	30	16	pricing	pricing	NOUN
fsr-3735	30	17	model	model	NOUN
fsr-3735	30	18	(	(	PUNCT
fsr-3735	30	19	opm	opm	PROPN
fsr-3735	30	20	)	)	PUNCT
fsr-3735	30	21	,	,	PUNCT
fsr-3735	30	22	and	and	CCONJ
fsr-3735	30	23	implications	implication	NOUN
fsr-3735	30	24	for	for	ADP
fsr-3735	30	25	the	the	DET
fsr-3735	30	26	structure	structure	NOUN
fsr-3735	30	27	of	of	ADP
fsr-3735	30	28	future	future	ADJ
fsr-3735	30	29	freeze	freeze	NOUN
fsr-3735	30	30	transactions	transaction	NOUN
fsr-3735	30	31	are	be	AUX
fsr-3735	30	32	discussed	discuss	VERB
fsr-3735	30	33	.	.	PUNCT
fsr-3735	31	1	iii	iii	X
fsr-3735	31	2	.	.	PUNCT
fsr-3735	31	3	call	call	NOUN
fsr-3735	31	4	option	option	NOUN
fsr-3735	31	5	features	feature	NOUN
fsr-3735	31	6	of	of	ADP
fsr-3735	31	7	junior	junior	ADJ
fsr-3735	31	8	equity	equity	NOUN
fsr-3735	31	9	interests	interest	NOUN
fsr-3735	31	10	at	at	ADP
fsr-3735	31	11	the	the	DET
fsr-3735	31	12	death	death	NOUN
fsr-3735	31	13	of	of	ADP
fsr-3735	31	14	the	the	DET
fsr-3735	31	15	senior	senior	ADJ
fsr-3735	31	16	generation	generation	NOUN
fsr-3735	31	17	family	family	NOUN
fsr-3735	31	18	member	member	NOUN
fsr-3735	31	19	following	follow	VERB
fsr-3735	31	20	an	an	DET
fsr-3735	31	21	estate	estate	NOUN
fsr-3735	31	22	freeze	freeze	NOUN
fsr-3735	31	23	recapitaliza	recapitaliza	NOUN
fsr-3735	31	24	tion	tion	NOUN
fsr-3735	31	25	,	,	PUNCT
fsr-3735	31	26	the	the	DET
fsr-3735	31	27	retained	retain	VERB
fsr-3735	31	28	preferred	preferred	ADJ
fsr-3735	31	29	stock	stock	NOUN
fsr-3735	31	30	would	would	AUX
fsr-3735	31	31	be	be	AUX
fsr-3735	31	32	redeemed	redeem	VERB
fsr-3735	31	33	by	by	ADP
fsr-3735	31	34	the	the	DET
fsr-3735	31	35	corporation	corporation	NOUN
fsr-3735	31	36	,	,	PUNCT
fsr-3735	31	37	’	'	PUNCT
fsr-3735	31	38	“	"	PUNCT
fsr-3735	31	39	bootstrapping	bootstrappe	VERB
fsr-3735	31	40	”	"	PUNCT
fsr-3735	31	41	the	the	DET
fsr-3735	31	42	junior	junior	ADJ
fsr-3735	31	43	equity	equity	NOUN
fsr-3735	31	44	interest	interest	NOUN
fsr-3735	31	45	holders	holder	NOUN
fsr-3735	31	46	into	into	ADP
fsr-3735	31	47	complete	complete	ADJ
fsr-3735	31	48	ownership	ownership	NOUN
fsr-3735	31	49	of	of	ADP
fsr-3735	31	50	the	the	DET
fsr-3735	31	51	firm	firm	NOUN
fsr-3735	31	52	.	.	PUNCT
fsr-3735	32	1	if	if	SCONJ
fsr-3735	32	2	the	the	DET
fsr-3735	32	3	value	value	NOUN
fsr-3735	32	4	of	of	ADP
fsr-3735	32	5	the	the	DET
fsr-3735	32	6	firm	firm	ADJ
fsr-3735	32	7	tax	tax	NOUN
fsr-3735	32	8	savings	saving	NOUN
fsr-3735	32	9	opportunities	opportunity	NOUN
fsr-3735	32	10	in	in	ADP
fsr-3735	32	11	estate	estate	NOUN
fsr-3735	32	12	freeze	freeze	NOUN
fsr-3735	32	13	transactions	transaction	NOUN
fsr-3735	32	14	11	11	NUM
fsr-3735	32	15	declines	decline	NOUN
fsr-3735	32	16	below	below	ADP
fsr-3735	32	17	the	the	DET
fsr-3735	32	18	stated	stated	ADJ
fsr-3735	32	19	redemption	redemption	NOUN
fsr-3735	32	20	price	price	NOUN
fsr-3735	32	21	,	,	PUNCT
fsr-3735	32	22	the	the	DET
fsr-3735	32	23	junior	junior	ADJ
fsr-3735	32	24	equity	equity	NOUN
fsr-3735	32	25	owners	owner	NOUN
fsr-3735	32	26	can	can	AUX
fsr-3735	32	27	not	not	PART
fsr-3735	32	28	be	be	AUX
fsr-3735	32	29	forced	force	VERB
fsr-3735	32	30	to	to	PART
fsr-3735	32	31	contribute	contribute	VERB
fsr-3735	32	32	to	to	ADP
fsr-3735	32	33	capital	capital	NOUN
fsr-3735	32	34	the	the	DET
fsr-3735	32	35	excess	excess	NOUN
fsr-3735	32	36	of	of	ADP
fsr-3735	32	37	the	the	DET
fsr-3735	32	38	redemption	redemption	NOUN
fsr-3735	32	39	price	price	NOUN
fsr-3735	32	40	over	over	ADP
fsr-3735	32	41	the	the	DET
fsr-3735	32	42	value	value	NOUN
fsr-3735	32	43	of	of	ADP
fsr-3735	32	44	firm	firm	ADJ
fsr-3735	32	45	assets	asset	NOUN
fsr-3735	32	46	to	to	PART
fsr-3735	32	47	fund	fund	VERB
fsr-3735	32	48	the	the	DET
fsr-3735	32	49	redemption	redemption	NOUN
fsr-3735	32	50	(	(	PUNCT
fsr-3735	32	51	as	as	ADP
fsr-3735	32	52	equity	equity	NOUN
fsr-3735	32	53	owners	owner	NOUN
fsr-3735	32	54	,	,	PUNCT
fsr-3735	32	55	they	they	PRON
fsr-3735	32	56	can	can	AUX
fsr-3735	32	57	simply	simply	ADV
fsr-3735	32	58	walk	walk	VERB
fsr-3735	32	59	away	away	ADV
fsr-3735	32	60	from	from	ADP
fsr-3735	32	61	a	a	DET
fsr-3735	32	62	corporation	corporation	NOUN
fsr-3735	32	63	with	with	ADP
fsr-3735	32	64	assets	asset	NOUN
fsr-3735	32	65	valued	value	VERB
fsr-3735	32	66	at	at	ADP
fsr-3735	32	67	less	less	ADJ
fsr-3735	32	68	than	than	ADP
fsr-3735	32	69	the	the	DET
fsr-3735	32	70	redemption	redemption	NOUN
fsr-3735	32	71	claim	claim	NOUN
fsr-3735	32	72	of	of	ADP
fsr-3735	32	73	the	the	DET
fsr-3735	32	74	preferred	preferred	ADJ
fsr-3735	32	75	stock	stock	NOUN
fsr-3735	32	76	interest	interest	NOUN
fsr-3735	32	77	)	)	PUNCT
fsr-3735	32	78	.	.	PUNCT
fsr-3735	33	1	thus	thus	ADV
fsr-3735	33	2	,	,	PUNCT
fsr-3735	33	3	the	the	DET
fsr-3735	33	4	junior	junior	ADJ
fsr-3735	33	5	equity	equity	NOUN
fsr-3735	33	6	owners	owner	NOUN
fsr-3735	33	7	have	have	VERB
fsr-3735	33	8	the	the	DET
fsr-3735	33	9	right	right	NOUN
fsr-3735	33	10	,	,	PUNCT
fsr-3735	33	11	but	but	CCONJ
fsr-3735	33	12	not	not	PART
fsr-3735	33	13	the	the	DET
fsr-3735	33	14	obligation	obligation	NOUN
fsr-3735	33	15	,	,	PUNCT
fsr-3735	33	16	to	to	PART
fsr-3735	33	17	acquire	acquire	VERB
fsr-3735	33	18	full	full	ADJ
fsr-3735	33	19	ownership	ownership	NOUN
fsr-3735	33	20	by	by	ADP
fsr-3735	33	21	payment	payment	NOUN
fsr-3735	33	22	of	of	ADP
fsr-3735	33	23	a	a	DET
fsr-3735	33	24	fixed	fix	VERB
fsr-3735	33	25	sum	sum	NOUN
fsr-3735	33	26	at	at	ADP
fsr-3735	33	27	a	a	DET
fsr-3735	33	28	deter	deter	NOUN
fsr-3735	33	29	~	~	PUNCT
fsr-3735	33	30	nable	nable	ADJ
fsr-3735	33	31	time	time	NOUN
fsr-3735	33	32	.	.	PUNCT
fsr-3735	34	1	in	in	ADP
fsr-3735	34	2	this	this	DET
fsr-3735	34	3	way	way	NOUN
fsr-3735	34	4	,	,	PUNCT
fsr-3735	34	5	their	their	PRON
fsr-3735	34	6	ownership	ownership	NOUN
fsr-3735	34	7	interest	interest	NOUN
fsr-3735	34	8	resembles	resemble	VERB
fsr-3735	34	9	that	that	PRON
fsr-3735	34	10	of	of	ADP
fsr-3735	34	11	a	a	DET
fsr-3735	34	12	call	call	NOUN
fsr-3735	34	13	option	option	NOUN
fsr-3735	34	14	.	.	PUNCT
fsr-3735	34	15	’	'	PUNCT
fsr-3735	35	1	the	the	DET
fsr-3735	35	2	use	use	NOUN
fsr-3735	35	3	of	of	ADP
fsr-3735	35	4	a	a	DET
fsr-3735	35	5	minimum	minimum	ADJ
fsr-3735	35	6	value	value	NOUN
fsr-3735	35	7	may	may	AUX
fsr-3735	35	8	not	not	PART
fsr-3735	35	9	be	be	AUX
fsr-3735	35	10	appropriate	appropriate	ADJ
fsr-3735	35	11	to	to	PART
fsr-3735	35	12	value	value	VERB
fsr-3735	35	13	the	the	DET
fsr-3735	35	14	call	call	NOUN
fsr-3735	35	15	feature	feature	NOUN
fsr-3735	35	16	of	of	ADP
fsr-3735	35	17	the	the	DET
fsr-3735	35	18	junior	junior	ADJ
fsr-3735	35	19	interest	interest	NOUN
fsr-3735	35	20	.	.	PUNCT
fsr-3735	36	1	while	while	SCONJ
fsr-3735	36	2	attractive	attractive	ADJ
fsr-3735	36	3	for	for	ADP
fsr-3735	36	4	the	the	DET
fsr-3735	36	5	policy	policy	NOUN
fsr-3735	36	6	reasons	reason	NOUN
fsr-3735	36	7	of	of	ADP
fsr-3735	36	8	objectivity	objectivity	NOUN
fsr-3735	36	9	and	and	CCONJ
fsr-3735	36	10	simplicity	simplicity	NOUN
fsr-3735	36	11	,	,	PUNCT
fsr-3735	36	12	the	the	DET
fsr-3735	36	13	minimum	minimum	ADJ
fsr-3735	36	14	value	value	NOUN
fsr-3735	36	15	rule	rule	NOUN
fsr-3735	36	16	may	may	AUX
fsr-3735	36	17	lead	lead	VERB
fsr-3735	36	18	to	to	ADP
fsr-3735	36	19	an	an	DET
fsr-3735	36	20	undervaluation	undervaluation	NOUN
fsr-3735	36	21	of	of	ADP
fsr-3735	36	22	the	the	DET
fsr-3735	36	23	option	option	NOUN
fsr-3735	36	24	feature	feature	NOUN
fsr-3735	36	25	of	of	ADP
fsr-3735	36	26	the	the	DET
fsr-3735	36	27	junior	junior	ADJ
fsr-3735	36	28	interest	interest	NOUN
fsr-3735	36	29	.	.	PUNCT
fsr-3735	37	1	identifying	identify	VERB
fsr-3735	37	2	the	the	DET
fsr-3735	37	3	situations	situation	NOUN
fsr-3735	37	4	where	where	SCONJ
fsr-3735	37	5	the	the	DET
fsr-3735	37	6	transferred	transfer	VERB
fsr-3735	37	7	interest	interest	NOUN
fsr-3735	37	8	may	may	AUX
fsr-3735	37	9	be	be	AUX
fsr-3735	37	10	undervalued	undervalue	VERB
fsr-3735	37	11	can	can	AUX
fsr-3735	37	12	be	be	AUX
fsr-3735	37	13	of	of	ADP
fsr-3735	37	14	assistance	assistance	NOUN
fsr-3735	37	15	to	to	PART
fsr-3735	37	16	estate	estate	VERB
fsr-3735	37	17	planners	planner	NOUN
fsr-3735	37	18	structuring	structure	VERB
fsr-3735	37	19	freeze	freeze	NOUN
fsr-3735	37	20	transactions	transaction	NOUN
fsr-3735	37	21	.	.	PUNCT
fsr-3735	38	1	we	we	PRON
fsr-3735	38	2	believe	believe	VERB
fsr-3735	38	3	that	that	SCONJ
fsr-3735	38	4	the	the	DET
fsr-3735	38	5	opm	opm	NOUN
fsr-3735	38	6	may	may	AUX
fsr-3735	38	7	be	be	AUX
fsr-3735	38	8	used	use	VERB
fsr-3735	38	9	to	to	PART
fsr-3735	38	10	develop	develop	VERB
fsr-3735	38	11	a	a	DET
fsr-3735	38	12	representative	representative	ADJ
fsr-3735	38	13	value	value	NOUN
fsr-3735	38	14	of	of	ADP
fsr-3735	38	15	the	the	DET
fsr-3735	38	16	call	call	NOUN
fsr-3735	38	17	feature	feature	NOUN
fsr-3735	38	18	of	of	ADP
fsr-3735	38	19	the	the	DET
fsr-3735	38	20	junior	junior	ADJ
fsr-3735	38	21	interest	interest	NOUN
fsr-3735	38	22	.	.	PUNCT
fsr-3735	39	1	use	use	NOUN
fsr-3735	39	2	of	of	ADP
fsr-3735	39	3	opm	opm	PROPN
fsr-3735	39	4	to	to	PART
fsr-3735	39	5	value	value	VERB
fsr-3735	39	6	the	the	DET
fsr-3735	39	7	call	call	NOUN
fsr-3735	39	8	option	option	NOUN
fsr-3735	39	9	feature	feature	NOUN
fsr-3735	39	10	of	of	ADP
fsr-3735	39	11	junior	junior	ADJ
fsr-3735	39	12	equity	equity	NOUN
fsr-3735	39	13	interests	interest	NOUN
fsr-3735	39	14	relies	rely	VERB
fsr-3735	39	15	on	on	ADP
fsr-3735	39	16	the	the	DET
fsr-3735	39	17	ability	ability	NOUN
fsr-3735	39	18	to	to	PART
fsr-3735	39	19	reasonably	reasonably	ADV
fsr-3735	39	20	estimate	estimate	VERB
fsr-3735	39	21	the	the	DET
fsr-3735	39	22	model	model	NOUN
fsr-3735	39	23	parameters	parameter	NOUN
fsr-3735	39	24	in	in	ADP
fsr-3735	39	25	relation	relation	NOUN
fsr-3735	39	26	to	to	ADP
fsr-3735	39	27	an	an	DET
fsr-3735	39	28	estate	estate	NOUN
fsr-3735	39	29	freeze	freeze	NOUN
fsr-3735	39	30	recapitalization	recapitalization	NOUN
fsr-3735	39	31	.	.	PUNCT
fsr-3735	40	1	the	the	DET
fsr-3735	40	2	following	follow	VERB
fsr-3735	40	3	form	form	NOUN
fsr-3735	40	4	of	of	ADP
fsr-3735	40	5	the	the	DET
fsr-3735	40	6	opm	opm	NOUN
fsr-3735	40	7	was	be	AUX
fsr-3735	40	8	used	use	VERB
fsr-3735	40	9	in	in	ADP
fsr-3735	40	10	this	this	DET
fsr-3735	40	11	article	article	NOUN
fsr-3735	40	12	:	:	PUNCT
fsr-3735	40	13	where	where	SCONJ
fsr-3735	40	14	c	c	NOUN
fsr-3735	40	15	=	=	SYM
fsr-3735	40	16	sn(dt	sn(dt	PROPN
fsr-3735	40	17	)	)	PUNCT
fsr-3735	40	18	keen	keen	ADJ
fsr-3735	40	19	n	n	CCONJ
fsr-3735	40	20	(	(	PUNCT
fsr-3735	40	21	&	&	CCONJ
fsr-3735	40	22	)	)	PUNCT
fsr-3735	40	23	d	d	NOUN
fsr-3735	40	24	,	,	PUNCT
fsr-3735	40	25	=	=	SYM
fsr-3735	40	26	ln(s	ln(s	X
fsr-3735	40	27	/	/	SYM
fsr-3735	40	28	ke-	ke-	NOUN
fsr-3735	40	29	“	"	PUNCT
fsr-3735	40	30	)	)	PUNCT
fsr-3735	40	31	/	/	SYM
fsr-3735	40	32	04	04	NUM
fsr-3735	40	33	+	+	NUM
fsr-3735	40	34	l/20	l/20	PROPN
fsr-3735	40	35	*	*	PUNCT
fsr-3735	40	36	d2	d2	PROPN
fsr-3735	40	37	=	=	PROPN
fsr-3735	40	38	d,-cd	d,-cd	PROPN
fsr-3735	40	39	(	(	PUNCT
fsr-3735	40	40	1	1	X
fsr-3735	40	41	)	)	PUNCT
fsr-3735	41	1	c	c	NOUN
fsr-3735	42	1	=	=	SYM
fsr-3735	42	2	value	value	NOUN
fsr-3735	42	3	of	of	ADP
fsr-3735	42	4	call	call	NOUN
fsr-3735	42	5	option	option	NOUN
fsr-3735	42	6	s	s	PART
fsr-3735	42	7	=	=	NOUN
fsr-3735	42	8	company	company	NOUN
fsr-3735	42	9	value	value	NOUN
fsr-3735	42	10	at	at	ADP
fsr-3735	42	11	the	the	DET
fsr-3735	42	12	date	date	NOUN
fsr-3735	42	13	of	of	ADP
fsr-3735	42	14	the	the	DET
fsr-3735	42	15	r	r	PROPN
fsr-3735	42	16	~	~	SYM
fsr-3735	42	17	apit	apit	PROPN
fsr-3735	42	18	~	~	SYM
fsr-3735	42	19	ization	ization	PROPN
fsr-3735	42	20	n	n	NOUN
fsr-3735	42	21	=	=	SYM
fsr-3735	42	22	normal	normal	ADJ
fsr-3735	42	23	density	density	NOUN
fsr-3735	42	24	function	function	NOUN
fsr-3735	42	25	k	k	NOUN
fsr-3735	43	1	=	=	PUNCT
fsr-3735	43	2	strike	strike	NOUN
fsr-3735	43	3	or	or	CCONJ
fsr-3735	43	4	exercise	exercise	VERB
fsr-3735	43	5	price	price	NOUN
fsr-3735	43	6	cr	cr	NOUN
fsr-3735	43	7	=	=	PUNCT
fsr-3735	43	8	annual	annual	ADJ
fsr-3735	43	9	logarithmic	logarithmic	ADJ
fsr-3735	43	10	standard	standard	ADJ
fsr-3735	43	11	deviation	deviation	NOUN
fsr-3735	43	12	of	of	ADP
fsr-3735	43	13	company	company	NOUN
fsr-3735	43	14	returns	return	VERB
fsr-3735	43	15	t	t	NOUN
fsr-3735	43	16	=	=	PUNCT
fsr-3735	43	17	time	time	NOUN
fsr-3735	43	18	to	to	ADP
fsr-3735	43	19	expiration	expiration	NOUN
fsr-3735	43	20	of	of	ADP
fsr-3735	43	21	option	option	NOUN
fsr-3735	43	22	right	right	ADJ
fsr-3735	43	23	r	r	NOUN
fsr-3735	43	24	=	=	SYM
fsr-3735	43	25	logarithmic	logarithmic	ADJ
fsr-3735	43	26	risk	risk	NOUN
fsr-3735	43	27	-	-	PUNCT
fsr-3735	43	28	free	free	ADJ
fsr-3735	43	29	interest	interest	NOUN
fsr-3735	43	30	rate	rate	NOUN
fsr-3735	43	31	a	a	DET
fsr-3735	43	32	call	call	NOUN
fsr-3735	43	33	option	option	NOUN
fsr-3735	43	34	on	on	ADP
fsr-3735	43	35	an	an	DET
fsr-3735	43	36	asset	asset	NOUN
fsr-3735	43	37	represents	represent	VERB
fsr-3735	43	38	a	a	DET
fsr-3735	43	39	long	long	ADJ
fsr-3735	43	40	position	position	NOUN
fsr-3735	43	41	in	in	ADP
fsr-3735	43	42	that	that	DET
fsr-3735	43	43	asset	asset	NOUN
fsr-3735	43	44	,	,	PUNCT
fsr-3735	43	45	together	together	ADV
fsr-3735	43	46	with	with	ADP
fsr-3735	43	47	riskless	riskless	NOUN
fsr-3735	43	48	borrowing	borrowing	NOUN
fsr-3735	43	49	because	because	SCONJ
fsr-3735	43	50	the	the	DET
fsr-3735	43	51	option	option	NOUN
fsr-3735	43	52	holder	holder	NOUN
fsr-3735	43	53	may	may	AUX
fsr-3735	43	54	earn	earn	VERB
fsr-3735	43	55	interest	interest	NOUN
fsr-3735	43	56	on	on	ADP
fsr-3735	43	57	the	the	DET
fsr-3735	43	58	strike	strike	NOUN
fsr-3735	43	59	price	price	NOUN
fsr-3735	43	60	until	until	SCONJ
fsr-3735	43	61	he	he	PRON
fsr-3735	43	62	exercises	exercise	VERB
fsr-3735	43	63	the	the	DET
fsr-3735	43	64	option	option	NOUN
fsr-3735	43	65	.	.	PUNCT
fsr-3735	44	1	n(q	n(q	PROPN
fsr-3735	44	2	)	)	PUNCT
fsr-3735	44	3	is	be	AUX
fsr-3735	44	4	the	the	DET
fsr-3735	44	5	probability	probability	NOUN
fsr-3735	44	6	that	that	SCONJ
fsr-3735	44	7	the	the	DET
fsr-3735	44	8	option	option	NOUN
fsr-3735	44	9	will	will	AUX
fsr-3735	44	10	finish	finish	VERB
fsr-3735	44	11	in	in	ADP
fsr-3735	44	12	-	-	PUNCT
fsr-3735	44	13	the	the	DET
fsr-3735	44	14	-	-	PUNCT
fsr-3735	44	15	money	money	NOUN
fsr-3735	44	16	and	and	CCONJ
fsr-3735	44	17	therefore	therefore	ADV
fsr-3735	44	18	be	be	AUX
fsr-3735	44	19	exercised	exercise	VERB
fsr-3735	44	20	,	,	PUNCT
fsr-3735	44	21	and	and	CCONJ
fsr-3735	44	22	this	this	DET
fsr-3735	44	23	probability	probability	NOUN
fsr-3735	44	24	increases	increase	VERB
fsr-3735	44	25	as	as	ADP
fsr-3735	44	26	the	the	DET
fsr-3735	44	27	underlying	underlie	VERB
fsr-3735	44	28	asset	asset	NOUN
fsr-3735	44	29	value	value	NOUN
fsr-3735	44	30	increases	increase	NOUN
fsr-3735	44	31	.	.	PUNCT
fsr-3735	45	1	the	the	DET
fsr-3735	45	2	final	final	ADJ
fsr-3735	45	3	term	term	NOUN
fsr-3735	45	4	in	in	ADP
fsr-3735	45	5	equation	equation	NOUN
fsr-3735	45	6	(	(	PUNCT
fsr-3735	45	7	1	1	X
fsr-3735	45	8	)	)	PUNCT
fsr-3735	45	9	is	be	AUX
fsr-3735	45	10	the	the	DET
fsr-3735	45	11	product	product	NOUN
fsr-3735	45	12	of	of	ADP
fsr-3735	45	13	the	the	DET
fsr-3735	45	14	strike	strike	NOUN
fsr-3735	45	15	price	price	NOUN
fsr-3735	45	16	and	and	CCONJ
fsr-3735	45	17	the	the	DET
fsr-3735	45	18	probability	probability	NOUN
fsr-3735	45	19	of	of	ADP
fsr-3735	45	20	the	the	DET
fsr-3735	45	21	option	option	NOUN
fsr-3735	45	22	being	be	AUX
fsr-3735	45	23	exercised	exercise	VERB
fsr-3735	45	24	,	,	PUNCT
fsr-3735	45	25	discounted	discount	VERB
fsr-3735	45	26	,	,	PUNCT
fsr-3735	45	27	and	and	CCONJ
fsr-3735	45	28	represents	represent	VERB
fsr-3735	45	29	the	the	DET
fsr-3735	45	30	effective	effective	ADJ
fsr-3735	45	31	amount	amount	NOUN
fsr-3735	45	32	being	be	AUX
fsr-3735	45	33	borrowed	borrow	VERB
fsr-3735	45	34	at	at	ADP
fsr-3735	45	35	any	any	DET
fsr-3735	45	36	point	point	NOUN
fsr-3735	45	37	in	in	ADP
fsr-3735	45	38	time	time	NOUN
fsr-3735	45	39	.	.	PUNCT
fsr-3735	46	1	n(q	n(q	PROPN
fsr-3735	46	2	)	)	PUNCT
fsr-3735	46	3	is	be	AUX
fsr-3735	46	4	the	the	DET
fsr-3735	46	5	fractional	fractional	ADJ
fsr-3735	46	6	shares	share	NOUN
fsr-3735	46	7	of	of	ADP
fsr-3735	46	8	stock	stock	NOUN
fsr-3735	46	9	represented	represent	VERB
fsr-3735	46	10	by	by	ADP
fsr-3735	46	11	the	the	DET
fsr-3735	46	12	option	option	NOUN
fsr-3735	46	13	at	at	ADP
fsr-3735	46	14	any	any	DET
fsr-3735	46	15	time	time	NOUN
fsr-3735	46	16	and	and	CCONJ
fsr-3735	46	17	is	be	AUX
fsr-3735	46	18	also	also	ADV
fsr-3735	46	19	known	know	VERB
fsr-3735	46	20	as	as	ADP
fsr-3735	46	21	the	the	DET
fsr-3735	46	22	hedge	hedge	NOUN
fsr-3735	46	23	ratio	ratio	NOUN
fsr-3735	46	24	or	or	CCONJ
fsr-3735	46	25	delta	delta	NOUN
fsr-3735	46	26	of	of	ADP
fsr-3735	46	27	the	the	DET
fsr-3735	46	28	option	option	NOUN
fsr-3735	46	29	.	.	PUNCT
fsr-3735	47	1	as	as	ADP
fsr-3735	47	2	the	the	DET
fsr-3735	47	3	stock	stock	NOUN
fsr-3735	47	4	price	price	NOUN
fsr-3735	47	5	rises	rise	NOUN
fsr-3735	47	6	,	,	PUNCT
fsr-3735	47	7	changes	change	NOUN
fsr-3735	47	8	in	in	ADP
fsr-3735	47	9	the	the	DET
fsr-3735	47	10	option	option	NOUN
fsr-3735	47	11	value	value	NOUN
fsr-3735	47	12	more	more	ADV
fsr-3735	47	13	closely	closely	ADV
fsr-3735	47	14	match	match	VERB
fsr-3735	47	15	changes	change	NOUN
fsr-3735	47	16	in	in	ADP
fsr-3735	47	17	the	the	DET
fsr-3735	47	18	value	value	NOUN
fsr-3735	47	19	of	of	ADP
fsr-3735	47	20	the	the	DET
fsr-3735	47	21	stock	stock	NOUN
fsr-3735	47	22	and	and	CCONJ
fsr-3735	47	23	n(d	n(d	PROPN
fsr-3735	47	24	,	,	PUNCT
fsr-3735	47	25	)	)	PUNCT
fsr-3735	47	26	increases	increase	NOUN
fsr-3735	47	27	.	.	PUNCT
fsr-3735	47	28	’	'	PUNCT
fsr-3735	48	1	the	the	DET
fsr-3735	48	2	first	first	ADJ
fsr-3735	48	3	term	term	NOUN
fsr-3735	48	4	in	in	ADP
fsr-3735	48	5	equation	equation	NOUN
fsr-3735	48	6	(	(	PUNCT
fsr-3735	48	7	1	1	X
fsr-3735	48	8	)	)	PUNCT
fsr-3735	48	9	is	be	AUX
fsr-3735	48	10	the	the	DET
fsr-3735	48	11	dollar	dollar	NOUN
fsr-3735	48	12	amount	amount	NOUN
fsr-3735	48	13	of	of	ADP
fsr-3735	48	14	stock	stock	NOUN
fsr-3735	48	15	represented	represent	VERB
fsr-3735	48	16	by	by	ADP
fsr-3735	48	17	the	the	DET
fsr-3735	48	18	option	option	NOUN
fsr-3735	48	19	at	at	ADP
fsr-3735	48	20	any	any	DET
fsr-3735	48	21	point	point	NOUN
fsr-3735	48	22	in	in	ADP
fsr-3735	48	23	time	time	NOUN
fsr-3735	48	24	.	.	PUNCT
fsr-3735	49	1	the	the	DET
fsr-3735	49	2	subsequent	subsequent	ADJ
fsr-3735	49	3	sections	section	NOUN
fsr-3735	49	4	discuss	discuss	VERB
fsr-3735	49	5	how	how	SCONJ
fsr-3735	49	6	the	the	DET
fsr-3735	49	7	parameters	parameter	NOUN
fsr-3735	49	8	of	of	ADP
fsr-3735	49	9	the	the	DET
fsr-3735	49	10	opm	opm	PROPN
fsr-3735	49	11	could	could	AUX
fsr-3735	49	12	be	be	AUX
fsr-3735	49	13	estimated	estimate	VERB
fsr-3735	49	14	in	in	ADP
fsr-3735	49	15	a	a	DET
fsr-3735	49	16	freeze	freeze	NOUN
fsr-3735	49	17	transaction	transaction	NOUN
fsr-3735	49	18	.	.	PUNCT
fsr-3735	50	1	we	we	PRON
fsr-3735	50	2	then	then	ADV
fsr-3735	50	3	provide	provide	VERB
fsr-3735	50	4	an	an	DET
fsr-3735	50	5	example	example	NOUN
fsr-3735	50	6	of	of	ADP
fsr-3735	50	7	the	the	DET
fsr-3735	50	8	use	use	NOUN
fsr-3735	50	9	of	of	ADP
fsr-3735	50	10	opm	opm	PROPN
fsr-3735	50	11	to	to	PART
fsr-3735	50	12	identify	identify	VERB
fsr-3735	50	13	situations	situation	NOUN
fsr-3735	50	14	where	where	SCONJ
fsr-3735	50	15	a	a	DET
fsr-3735	50	16	freeze	freeze	NOUN
fsr-3735	50	17	transaction	transaction	NOUN
fsr-3735	50	18	leads	lead	VERB
fsr-3735	50	19	to	to	ADP
fsr-3735	50	20	the	the	DET
fsr-3735	50	21	most	most	ADV
fsr-3735	50	22	favorable	favorable	ADJ
fsr-3735	50	23	or	or	CCONJ
fsr-3735	50	24	unfavorable	unfavorable	ADJ
fsr-3735	50	25	tax	tax	NOUN
fsr-3735	50	26	law	law	NOUN
fsr-3735	50	27	valuation	valuation	NOUN
fsr-3735	50	28	.	.	PUNCT
fsr-3735	51	1	future	future	ADJ
fsr-3735	51	2	estate	estate	NOUN
fsr-3735	51	3	freezes	freeze	VERB
fsr-3735	51	4	may	may	AUX
fsr-3735	51	5	be	be	AUX
fsr-3735	51	6	structured	structure	VERB
fsr-3735	51	7	to	to	PART
fsr-3735	51	8	take	take	VERB
fsr-3735	51	9	advantage	advantage	NOUN
fsr-3735	51	10	of	of	ADP
fsr-3735	51	11	situations	situation	NOUN
fsr-3735	51	12	where	where	SCONJ
fsr-3735	51	13	the	the	DET
fsr-3735	51	14	~nimum	~nimum	NUM
fsr-3735	51	15	value	value	NOUN
fsr-3735	51	16	rule	rule	NOUN
fsr-3735	51	17	undervalues	undervalue	VERB
fsr-3735	51	18	the	the	DET
fsr-3735	51	19	call	call	NOUN
fsr-3735	51	20	feature	feature	NOUN
fsr-3735	51	21	of	of	ADP
fsr-3735	51	22	the	the	DET
fsr-3735	51	23	transferred	transfer	VERB
fsr-3735	51	24	interest	interest	NOUN
fsr-3735	51	25	.	.	PUNCT
fsr-3735	52	1	12	12	NUM
fsr-3735	52	2	financial	financial	ADJ
fsr-3735	52	3	services	service	NOUN
fsr-3735	52	4	review	review	VERB
fsr-3735	52	5	4	4	NUM
fsr-3735	52	6	(	(	PUNCT
fsr-3735	52	7	1	1	NUM
fsr-3735	52	8	)	)	PUNCT
fsr-3735	52	9	1995	1995	NUM
fsr-3735	52	10	a.	a.	NOUN
fsr-3735	52	11	value	value	NOUN
fsr-3735	52	12	of	of	ADP
fsr-3735	52	13	the	the	DET
fsr-3735	52	14	asset	asset	NOUN
fsr-3735	52	15	subject	subject	NOUN
fsr-3735	52	16	to	to	ADP
fsr-3735	52	17	the	the	DET
fsr-3735	52	18	option	option	NOUN
fsr-3735	52	19	right	right	ADV
fsr-3735	52	20	in	in	ADP
fsr-3735	52	21	an	an	DET
fsr-3735	52	22	estate	estate	NOUN
fsr-3735	52	23	freeze	freeze	NOUN
fsr-3735	52	24	transaction	transaction	NOUN
fsr-3735	52	25	,	,	PUNCT
fsr-3735	52	26	the	the	DET
fsr-3735	52	27	junior	junior	ADJ
fsr-3735	52	28	equity	equity	NOUN
fsr-3735	52	29	owners	owner	NOUN
fsr-3735	52	30	can	can	AUX
fsr-3735	52	31	acquire	acquire	VERB
fsr-3735	52	32	ownership	ownership	NOUN
fsr-3735	52	33	of	of	ADP
fsr-3735	52	34	the	the	DET
fsr-3735	52	35	entity	entity	NOUN
fsr-3735	52	36	by	by	ADP
fsr-3735	52	37	redeeming	redeem	VERB
fsr-3735	52	38	the	the	DET
fsr-3735	52	39	senior	senior	ADJ
fsr-3735	52	40	equity	equity	NOUN
fsr-3735	52	41	interest	interest	NOUN
fsr-3735	52	42	.	.	PUNCT
fsr-3735	53	1	although	although	SCONJ
fsr-3735	53	2	valuation	valuation	NOUN
fsr-3735	53	3	of	of	ADP
fsr-3735	53	4	a	a	DET
fsr-3735	53	5	closely	closely	ADV
fsr-3735	53	6	held	hold	VERB
fsr-3735	53	7	business	business	NOUN
fsr-3735	53	8	is	be	AUX
fsr-3735	53	9	difficult	difficult	ADJ
fsr-3735	53	10	,	,	PUNCT
fsr-3735	53	11	firm	firm	ADJ
fsr-3735	53	12	value	value	NOUN
fsr-3735	53	13	must	must	AUX
fsr-3735	53	14	otherwise	otherwise	ADV
fsr-3735	53	15	be	be	AUX
fsr-3735	53	16	determined	determine	VERB
fsr-3735	53	17	at	at	ADP
fsr-3735	53	18	the	the	DET
fsr-3735	53	19	time	time	NOUN
fsr-3735	53	20	of	of	ADP
fsr-3735	53	21	the	the	DET
fsr-3735	53	22	recapitalization	recapitalization	NOUN
fsr-3735	53	23	transaction	transaction	NOUN
fsr-3735	53	24	,	,	PUNCT
fsr-3735	53	25	and	and	CCONJ
fsr-3735	53	26	opm	opm	PROPN
fsr-3735	53	27	would	would	AUX
fsr-3735	53	28	add	add	VERB
fsr-3735	53	29	no	no	DET
fsr-3735	53	30	complexity	complexity	NOUN
fsr-3735	53	31	.	.	PUNCT
fsr-3735	53	32	”	"	PUNCT
fsr-3735	54	1	b.	b.	PROPN
fsr-3735	54	2	exercise	exercise	NOUN
fsr-3735	54	3	price	price	NOUN
fsr-3735	54	4	of	of	ADP
fsr-3735	54	5	the	the	DET
fsr-3735	54	6	option	option	NOUN
fsr-3735	54	7	right	right	ADV
fsr-3735	55	1	the	the	DET
fsr-3735	55	2	exercise	exercise	NOUN
fsr-3735	55	3	price	price	NOUN
fsr-3735	55	4	of	of	ADP
fsr-3735	55	5	the	the	DET
fsr-3735	55	6	option	option	NOUN
fsr-3735	55	7	right	right	ADV
fsr-3735	55	8	is	be	AUX
fsr-3735	55	9	the	the	DET
fsr-3735	55	10	redemption	redemption	NOUN
fsr-3735	55	11	price	price	NOUN
fsr-3735	55	12	of	of	ADP
fsr-3735	55	13	the	the	DET
fsr-3735	55	14	retained	retain	VERB
fsr-3735	55	15	interest	interest	NOUN
fsr-3735	55	16	of	of	ADP
fsr-3735	55	17	the	the	DET
fsr-3735	55	18	senior	senior	ADJ
fsr-3735	55	19	generation	generation	NOUN
fsr-3735	55	20	family	family	NOUN
fsr-3735	55	21	member	member	NOUN
fsr-3735	55	22	.	.	PUNCT
fsr-3735	56	1	typically	typically	ADV
fsr-3735	56	2	,	,	PUNCT
fsr-3735	56	3	this	this	DET
fsr-3735	56	4	amount	amount	NOUN
fsr-3735	56	5	will	will	AUX
fsr-3735	56	6	approximate	approximate	VERB
fsr-3735	56	7	the	the	DET
fsr-3735	56	8	value	value	NOUN
fsr-3735	56	9	of	of	ADP
fsr-3735	56	10	the	the	DET
fsr-3735	56	11	firm	firm	NOUN
fsr-3735	56	12	at	at	ADP
fsr-3735	56	13	the	the	DET
fsr-3735	56	14	date	date	NOUN
fsr-3735	56	15	of	of	ADP
fsr-3735	56	16	recapitalization	recapitalization	NOUN
fsr-3735	56	17	.	.	PUNCT
fsr-3735	57	1	in	in	ADP
fsr-3735	57	2	any	any	DET
fsr-3735	57	3	event	event	NOUN
fsr-3735	57	4	,	,	PUNCT
fsr-3735	57	5	the	the	DET
fsr-3735	57	6	amount	amount	NOUN
fsr-3735	57	7	is	be	AUX
fsr-3735	57	8	generally	generally	ADV
fsr-3735	57	9	readily	readily	ADV
fsr-3735	57	10	determinable	determinable	ADJ
fsr-3735	57	11	by	by	ADP
fsr-3735	57	12	reference	reference	NOUN
fsr-3735	57	13	to	to	ADP
fsr-3735	57	14	the	the	DET
fsr-3735	57	15	stated	state	VERB
fsr-3735	57	16	terms	term	NOUN
fsr-3735	57	17	of	of	ADP
fsr-3735	57	18	the	the	DET
fsr-3735	57	19	redemption	redemption	NOUN
fsr-3735	57	20	agreement	agreement	NOUN
fsr-3735	57	21	for	for	ADP
fsr-3735	57	22	the	the	DET
fsr-3735	57	23	retained	retain	VERB
fsr-3735	57	24	interest	interest	NOUN
fsr-3735	57	25	.	.	PUNCT
fsr-3735	58	1	c.	c.	NOUN
fsr-3735	58	2	risk	risk	NOUN
fsr-3735	58	3	-	-	PUNCT
fsr-3735	58	4	free	free	ADJ
fsr-3735	58	5	rate	rate	NOUN
fsr-3735	58	6	of	of	ADP
fsr-3735	58	7	return	return	NOUN
fsr-3735	58	8	the	the	DET
fsr-3735	58	9	value	value	NOUN
fsr-3735	58	10	of	of	ADP
fsr-3735	58	11	the	the	DET
fsr-3735	58	12	call	call	NOUN
fsr-3735	58	13	option	option	NOUN
fsr-3735	58	14	is	be	AUX
fsr-3735	58	15	,	,	PUNCT
fsr-3735	58	16	in	in	ADP
fsr-3735	58	17	part	part	NOUN
fsr-3735	58	18	,	,	PUNCT
fsr-3735	58	19	a	a	DET
fsr-3735	58	20	function	function	NOUN
fsr-3735	58	21	of	of	ADP
fsr-3735	58	22	the	the	DET
fsr-3735	58	23	interest	interest	NOUN
fsr-3735	58	24	rate	rate	NOUN
fsr-3735	58	25	which	which	PRON
fsr-3735	58	26	enters	enter	VERB
fsr-3735	58	27	the	the	DET
fsr-3735	58	28	second	second	ADJ
fsr-3735	58	29	term	term	NOUN
fsr-3735	58	30	,	,	PUNCT
fsr-3735	58	31	ke-	ke-	X
fsr-3735	58	32	“	"	PUNCT
fsr-3735	58	33	,	,	PUNCT
fsr-3735	58	34	of	of	ADP
fsr-3735	58	35	the	the	DET
fsr-3735	58	36	opm	opm	PROPN
fsr-3735	58	37	.	.	PUNCT
fsr-3735	59	1	this	this	PRON
fsr-3735	59	2	reflects	reflect	VERB
fsr-3735	59	3	the	the	DET
fsr-3735	59	4	fact	fact	NOUN
fsr-3735	59	5	that	that	SCONJ
fsr-3735	59	6	the	the	DET
fsr-3735	59	7	holder	holder	NOUN
fsr-3735	59	8	of	of	ADP
fsr-3735	59	9	a	a	DET
fsr-3735	59	10	european	european	ADJ
fsr-3735	59	11	call	call	NOUN
fsr-3735	59	12	option	option	NOUN
fsr-3735	59	13	will	will	AUX
fsr-3735	59	14	not	not	PART
fsr-3735	59	15	exercise	exercise	VERB
fsr-3735	59	16	the	the	DET
fsr-3735	59	17	option	option	NOUN
fsr-3735	59	18	,	,	PUNCT
fsr-3735	59	19	nor	nor	CCONJ
fsr-3735	59	20	pay	pay	VERB
fsr-3735	59	21	the	the	DET
fsr-3735	59	22	strike	strike	NOUN
fsr-3735	59	23	price	price	NOUN
fsr-3735	59	24	,	,	PUNCT
fsr-3735	59	25	until	until	SCONJ
fsr-3735	59	26	expiration	expiration	NOUN
fsr-3735	59	27	of	of	ADP
fsr-3735	59	28	the	the	DET
fsr-3735	59	29	option	option	NOUN
fsr-3735	59	30	right	right	NOUN
fsr-3735	59	31	.	.	PUNCT
fsr-3735	60	1	therefore	therefore	ADV
fsr-3735	60	2	,	,	PUNCT
fsr-3735	60	3	the	the	DET
fsr-3735	60	4	higher	high	ADJ
fsr-3735	60	5	(	(	PUNCT
fsr-3735	60	6	lower	low	ADJ
fsr-3735	60	7	)	)	PUNCT
fsr-3735	60	8	is	be	AUX
fsr-3735	60	9	r	r	NOUN
fsr-3735	60	10	,	,	PUNCT
fsr-3735	60	11	the	the	DET
fsr-3735	60	12	lower	low	ADJ
fsr-3735	60	13	(	(	PUNCT
fsr-3735	60	14	higher	high	ADJ
fsr-3735	60	15	)	)	PUNCT
fsr-3735	60	16	will	will	AUX
fsr-3735	60	17	be	be	AUX
fsr-3735	60	18	the	the	DET
fsr-3735	60	19	present	present	ADJ
fsr-3735	60	20	value	value	NOUN
fsr-3735	60	21	of	of	ADP
fsr-3735	60	22	the	the	DET
fsr-3735	60	23	strike	strike	NOUN
fsr-3735	60	24	price	price	NOUN
fsr-3735	60	25	and	and	CCONJ
fsr-3735	60	26	the	the	DET
fsr-3735	60	27	higher	high	ADJ
fsr-3735	60	28	(	(	PUNCT
fsr-3735	60	29	lower	low	ADJ
fsr-3735	60	30	)	)	PUNCT
fsr-3735	60	31	will	will	AUX
fsr-3735	60	32	be	be	AUX
fsr-3735	60	33	the	the	DET
fsr-3735	60	34	value	value	NOUN
fsr-3735	60	35	of	of	ADP
fsr-3735	60	36	the	the	DET
fsr-3735	60	37	call	call	NOUN
fsr-3735	60	38	option	option	NOUN
fsr-3735	60	39	.	.	PUNCT
fsr-3735	61	1	the	the	DET
fsr-3735	61	2	yield	yield	NOUN
fsr-3735	61	3	on	on	ADP
fsr-3735	61	4	a	a	DET
fsr-3735	61	5	u.s	u.s	PROPN
fsr-3735	61	6	.	.	PROPN
fsr-3735	61	7	treasury	treasury	PROPN
fsr-3735	61	8	security	security	NOUN
fsr-3735	61	9	is	be	AUX
fsr-3735	61	10	typically	typically	ADV
fsr-3735	61	11	used	use	VERB
fsr-3735	61	12	as	as	ADP
fsr-3735	61	13	a	a	DET
fsr-3735	61	14	surrogate	surrogate	NOUN
fsr-3735	61	15	for	for	ADP
fsr-3735	61	16	the	the	DET
fsr-3735	61	17	risk	risk	NOUN
fsr-3735	61	18	-	-	PUNCT
fsr-3735	61	19	free	free	ADJ
fsr-3735	61	20	rate	rate	NOUN
fsr-3735	61	21	of	of	ADP
fsr-3735	61	22	return	return	NOUN
fsr-3735	61	23	.	.	PUNCT
fsr-3735	62	1	a	a	DET
fsr-3735	62	2	treasury	treasury	NOUN
fsr-3735	62	3	yield	yield	NOUN
fsr-3735	62	4	for	for	ADP
fsr-3735	62	5	an	an	DET
fsr-3735	62	6	instrument	instrument	NOUN
fsr-3735	62	7	with	with	ADP
fsr-3735	62	8	a	a	DET
fsr-3735	62	9	term	term	NOUN
fsr-3735	62	10	comparable	comparable	ADJ
fsr-3735	62	11	to	to	ADP
fsr-3735	62	12	that	that	PRON
fsr-3735	62	13	of	of	ADP
fsr-3735	62	14	the	the	DET
fsr-3735	62	15	redemption	redemption	NOUN
fsr-3735	62	16	agreement	agreement	NOUN
fsr-3735	62	17	could	could	AUX
fsr-3735	62	18	be	be	AUX
fsr-3735	62	19	used	use	VERB
fsr-3735	62	20	as	as	ADP
fsr-3735	62	21	the	the	DET
fsr-3735	62	22	risk	risk	NOUN
fsr-3735	62	23	-	-	PUNCT
fsr-3735	62	24	free	free	ADJ
fsr-3735	62	25	rate	rate	NOUN
fsr-3735	62	26	.	.	PUNCT
fsr-3735	63	1	d.	d.	PROPN
fsr-3735	63	2	variance	variance	NOUN
fsr-3735	63	3	of	of	ADP
fsr-3735	63	4	asset	asset	NOUN
fsr-3735	63	5	returns	return	NOUN
fsr-3735	63	6	and	and	CCONJ
fsr-3735	63	7	time	time	NOUN
fsr-3735	63	8	to	to	ADP
fsr-3735	63	9	maturity	maturity	NOUN
fsr-3735	63	10	of	of	ADP
fsr-3735	63	11	the	the	DET
fsr-3735	63	12	option	option	NOUN
fsr-3735	63	13	the	the	DET
fsr-3735	63	14	value	value	NOUN
fsr-3735	63	15	of	of	ADP
fsr-3735	63	16	an	an	DET
fsr-3735	63	17	option	option	NOUN
fsr-3735	63	18	is	be	AUX
fsr-3735	63	19	an	an	DET
fsr-3735	63	20	increasing	increase	VERB
fsr-3735	63	21	function	function	NOUN
fsr-3735	63	22	of	of	ADP
fsr-3735	63	23	both	both	CCONJ
fsr-3735	63	24	annual	annual	ADJ
fsr-3735	63	25	return	return	NOUN
fsr-3735	63	26	variance	variance	NOUN
fsr-3735	63	27	and	and	CCONJ
fsr-3735	63	28	time	time	NOUN
fsr-3735	63	29	.	.	PUNCT
fsr-3735	64	1	the	the	DET
fsr-3735	64	2	greater	great	ADJ
fsr-3735	64	3	is	be	AUX
fsr-3735	64	4	the	the	DET
fsr-3735	64	5	annual	annual	ADJ
fsr-3735	64	6	return	return	NOUN
fsr-3735	64	7	variance	variance	NOUN
fsr-3735	64	8	or	or	CCONJ
fsr-3735	64	9	the	the	DET
fsr-3735	64	10	time	time	NOUN
fsr-3735	64	11	to	to	ADP
fsr-3735	64	12	maturity	maturity	NOUN
fsr-3735	64	13	of	of	ADP
fsr-3735	64	14	the	the	DET
fsr-3735	64	15	option	option	NOUN
fsr-3735	64	16	,	,	PUNCT
fsr-3735	64	17	the	the	DET
fsr-3735	64	18	greater	great	ADJ
fsr-3735	64	19	will	will	AUX
fsr-3735	64	20	be	be	AUX
fsr-3735	64	21	the	the	DET
fsr-3735	64	22	variance	variance	NOUN
fsr-3735	64	23	of	of	ADP
fsr-3735	64	24	the	the	DET
fsr-3735	64	25	asset	asset	NOUN
fsr-3735	64	26	return	return	NOUN
fsr-3735	64	27	distribution	distribution	NOUN
fsr-3735	64	28	,	,	PUNCT
fsr-3735	64	29	o	o	NOUN
fsr-3735	64	30	&	&	CCONJ
fsr-3735	64	31	,	,	PUNCT
fsr-3735	64	32	over	over	ADP
fsr-3735	64	33	the	the	DET
fsr-3735	64	34	life	life	NOUN
fsr-3735	64	35	of	of	ADP
fsr-3735	64	36	the	the	DET
fsr-3735	64	37	option	option	NOUN
fsr-3735	64	38	.	.	PUNCT
fsr-3735	65	1	since	since	SCONJ
fsr-3735	65	2	a	a	DET
fsr-3735	65	3	call	call	NOUN
fsr-3735	65	4	option	option	NOUN
fsr-3735	65	5	is	be	AUX
fsr-3735	65	6	a	a	DET
fsr-3735	65	7	contingent	contingent	ADJ
fsr-3735	65	8	claim	claim	NOUN
fsr-3735	65	9	,	,	PUNCT
fsr-3735	65	10	losses	loss	NOUN
fsr-3735	65	11	can	can	AUX
fsr-3735	65	12	never	never	ADV
fsr-3735	65	13	exceed	exceed	VERB
fsr-3735	65	14	the	the	DET
fsr-3735	65	15	amount	amount	NOUN
fsr-3735	65	16	paid	pay	VERB
fsr-3735	65	17	to	to	PART
fsr-3735	65	18	acquire	acquire	VERB
fsr-3735	65	19	the	the	DET
fsr-3735	65	20	option	option	NOUN
fsr-3735	65	21	,	,	PUNCT
fsr-3735	65	22	regardless	regardless	ADV
fsr-3735	65	23	of	of	ADP
fsr-3735	65	24	the	the	DET
fsr-3735	65	25	actual	actual	ADJ
fsr-3735	65	26	return	return	NOUN
fsr-3735	65	27	distribution	distribution	NOUN
fsr-3735	65	28	from	from	ADP
fsr-3735	65	29	the	the	DET
fsr-3735	65	30	asset	asset	NOUN
fsr-3735	65	31	.	.	PUNCT
fsr-3735	66	1	positive	positive	ADJ
fsr-3735	66	2	returns	return	NOUN
fsr-3735	66	3	,	,	PUNCT
fsr-3735	66	4	however	however	ADV
fsr-3735	66	5	,	,	PUNCT
fsr-3735	66	6	occur	occur	VERB
fsr-3735	66	7	whenever	whenever	SCONJ
fsr-3735	66	8	the	the	DET
fsr-3735	66	9	value	value	NOUN
fsr-3735	66	10	of	of	ADP
fsr-3735	66	11	the	the	DET
fsr-3735	66	12	asset	asset	NOUN
fsr-3735	66	13	exceeds	exceed	VERB
fsr-3735	66	14	the	the	DET
fsr-3735	66	15	sum	sum	NOUN
fsr-3735	66	16	of	of	ADP
fsr-3735	66	17	the	the	DET
fsr-3735	66	18	exercise	exercise	NOUN
fsr-3735	66	19	price	price	NOUN
fsr-3735	66	20	and	and	CCONJ
fsr-3735	66	21	the	the	DET
fsr-3735	66	22	amount	amount	NOUN
fsr-3735	66	23	paid	pay	VERB
fsr-3735	66	24	to	to	PART
fsr-3735	66	25	acquire	acquire	VERB
fsr-3735	66	26	the	the	DET
fsr-3735	66	27	option	option	NOUN
fsr-3735	66	28	.	.	PUNCT
fsr-3735	67	1	thus	thus	ADV
fsr-3735	67	2	,	,	PUNCT
fsr-3735	67	3	the	the	DET
fsr-3735	67	4	option	option	NOUN
fsr-3735	67	5	holder	holder	NOUN
fsr-3735	67	6	benefits	benefit	VERB
fsr-3735	67	7	from	from	ADP
fsr-3735	67	8	the	the	DET
fsr-3735	67	9	entire	entire	ADJ
fsr-3735	67	10	right	right	ADJ
fsr-3735	67	11	tail	tail	NOUN
fsr-3735	67	12	of	of	ADP
fsr-3735	67	13	the	the	DET
fsr-3735	67	14	distribution	distribution	NOUN
fsr-3735	67	15	of	of	ADP
fsr-3735	67	16	returns	return	NOUN
fsr-3735	67	17	,	,	PUNCT
fsr-3735	67	18	while	while	SCONJ
fsr-3735	67	19	his	his	PRON
fsr-3735	67	20	losses	loss	NOUN
fsr-3735	67	21	from	from	ADP
fsr-3735	67	22	returns	return	NOUN
fsr-3735	67	23	in	in	ADP
fsr-3735	67	24	the	the	DET
fsr-3735	67	25	left	left	ADJ
fsr-3735	67	26	tail	tail	NOUN
fsr-3735	67	27	of	of	ADP
fsr-3735	67	28	the	the	DET
fsr-3735	67	29	distribution	distribution	NOUN
fsr-3735	67	30	are	be	AUX
fsr-3735	67	31	truncated	truncate	VERB
fsr-3735	67	32	because	because	SCONJ
fsr-3735	67	33	they	they	PRON
fsr-3735	67	34	are	be	AUX
fsr-3735	67	35	limited	limit	VERB
fsr-3735	67	36	to	to	ADP
fsr-3735	67	37	the	the	DET
fsr-3735	67	38	amount	amount	NOUN
fsr-3735	67	39	paid	pay	VERB
fsr-3735	67	40	to	to	PART
fsr-3735	67	41	acquire	acquire	VERB
fsr-3735	67	42	the	the	DET
fsr-3735	67	43	option	option	NOUN
fsr-3735	67	44	.	.	PUNCT
fsr-3735	68	1	as	as	SCONJ
fsr-3735	68	2	time	time	NOUN
fsr-3735	68	3	to	to	ADP
fsr-3735	68	4	maturity	maturity	NOUN
fsr-3735	68	5	lengthens	lengthen	VERB
fsr-3735	68	6	,	,	PUNCT
fsr-3735	68	7	the	the	DET
fsr-3735	68	8	option	option	NOUN
fsr-3735	68	9	holder	holder	NOUN
fsr-3735	68	10	can	can	AUX
fsr-3735	68	11	also	also	ADV
fsr-3735	68	12	collect	collect	VERB
fsr-3735	68	13	interest	interest	NOUN
fsr-3735	68	14	on	on	ADP
fsr-3735	68	15	money	money	NOUN
fsr-3735	68	16	that	that	PRON
fsr-3735	68	17	would	would	AUX
fsr-3735	68	18	otherwise	otherwise	ADV
fsr-3735	68	19	have	have	AUX
fsr-3735	68	20	been	be	AUX
fsr-3735	68	21	used	use	VERB
fsr-3735	68	22	to	to	PART
fsr-3735	68	23	exercise	exercise	VERB
fsr-3735	68	24	the	the	DET
fsr-3735	68	25	option	option	NOUN
fsr-3735	68	26	right	right	ADV
fsr-3735	68	27	.	.	PUNCT
fsr-3735	69	1	the	the	DET
fsr-3735	69	2	value	value	NOUN
fsr-3735	69	3	of	of	ADP
fsr-3735	69	4	a	a	DET
fsr-3735	69	5	closely	closely	ADV
fsr-3735	69	6	held	hold	VERB
fsr-3735	69	7	firm	firm	NOUN
fsr-3735	69	8	,	,	PUNCT
fsr-3735	69	9	at	at	ADP
fsr-3735	69	10	any	any	DET
fsr-3735	69	11	point	point	NOUN
fsr-3735	69	12	in	in	ADP
fsr-3735	69	13	time	time	NOUN
fsr-3735	69	14	,	,	PUNCT
fsr-3735	69	15	is	be	AUX
fsr-3735	69	16	not	not	PART
fsr-3735	69	17	supported	support	VERB
fsr-3735	69	18	by	by	ADP
fsr-3735	69	19	equity	equity	NOUN
fsr-3735	69	20	traded	trade	VERB
fsr-3735	69	21	on	on	ADP
fsr-3735	69	22	an	an	DET
fsr-3735	69	23	active	active	ADJ
fsr-3735	69	24	exchange	exchange	NOUN
fsr-3735	69	25	.	.	PUNCT
fsr-3735	70	1	firms	firm	NOUN
fsr-3735	70	2	may	may	AUX
fsr-3735	70	3	rely	rely	VERB
fsr-3735	70	4	on	on	ADP
fsr-3735	70	5	use	use	NOUN
fsr-3735	70	6	of	of	ADP
fsr-3735	70	7	an	an	DET
fsr-3735	70	8	appraisal	appraisal	NOUN
fsr-3735	70	9	to	to	PART
fsr-3735	70	10	determine	determine	VERB
fsr-3735	70	11	value	value	NOUN
fsr-3735	70	12	.	.	PUNCT
fsr-3735	71	1	however	however	ADV
fsr-3735	71	2	,	,	PUNCT
fsr-3735	71	3	because	because	SCONJ
fsr-3735	71	4	appraisals	appraisal	NOUN
fsr-3735	71	5	can	can	AUX
fsr-3735	71	6	be	be	AUX
fsr-3735	71	7	very	very	ADV
fsr-3735	71	8	costly	costly	ADJ
fsr-3735	71	9	,	,	PUNCT
fsr-3735	71	10	many	many	ADJ
fsr-3735	71	11	closely	closely	ADV
fsr-3735	71	12	held	hold	VERB
fsr-3735	71	13	businesses	business	NOUN
fsr-3735	71	14	planning	plan	VERB
fsr-3735	71	15	for	for	ADP
fsr-3735	71	16	succession	succession	NOUN
fsr-3735	71	17	within	within	ADP
fsr-3735	71	18	the	the	DET
fsr-3735	71	19	family	family	NOUN
fsr-3735	71	20	define	define	NOUN
fsr-3735	71	21	value	value	NOUN
fsr-3735	71	22	by	by	ADP
fsr-3735	71	23	reference	reference	NOUN
fsr-3735	71	24	to	to	ADP
fsr-3735	71	25	financial	financial	ADJ
fsr-3735	71	26	statements	statement	NOUN
fsr-3735	71	27	(	(	PUNCT
fsr-3735	71	28	that	that	PRON
fsr-3735	71	29	is	is	ADV
fsr-3735	71	30	,	,	PUNCT
fsr-3735	71	31	book	book	NOUN
fsr-3735	71	32	value	value	NOUN
fsr-3735	71	33	)	)	PUNCT
fsr-3735	71	34	.	.	PUNCT
fsr-3735	72	1	book	book	NOUN
fsr-3735	72	2	value	value	NOUN
fsr-3735	72	3	and	and	CCONJ
fsr-3735	72	4	market	market	NOUN
fsr-3735	72	5	value	value	NOUN
fsr-3735	72	6	are	be	AUX
fsr-3735	72	7	not	not	PART
fsr-3735	72	8	the	the	DET
fsr-3735	72	9	same	same	ADJ
fsr-3735	72	10	,	,	PUNCT
fsr-3735	72	11	but	but	CCONJ
fsr-3735	72	12	the	the	DET
fsr-3735	72	13	purpose	purpose	NOUN
fsr-3735	72	14	of	of	ADP
fsr-3735	72	15	our	our	PRON
fsr-3735	72	16	analysis	analysis	NOUN
fsr-3735	72	17	is	be	AUX
fsr-3735	72	18	to	to	PART
fsr-3735	72	19	identify	identify	VERB
fsr-3735	72	20	situations	situation	NOUN
fsr-3735	72	21	in	in	ADP
fsr-3735	72	22	which	which	PRON
fsr-3735	72	23	the	the	DET
fsr-3735	72	24	transfer	transfer	NOUN
fsr-3735	72	25	tax	tax	NOUN
fsr-3735	72	26	value	value	NOUN
fsr-3735	72	27	of	of	ADP
fsr-3735	72	28	the	the	DET
fsr-3735	72	29	firm	firm	NOUN
fsr-3735	72	30	is	be	AUX
fsr-3735	72	31	too	too	ADV
fsr-3735	72	32	low	low	ADJ
fsr-3735	72	33	.	.	PUNCT
fsr-3735	73	1	book	book	NOUN
fsr-3735	73	2	value	value	NOUN
fsr-3735	73	3	is	be	AUX
fsr-3735	73	4	accepted	accept	VERB
fsr-3735	73	5	for	for	ADP
fsr-3735	73	6	purposes	purpose	NOUN
fsr-3735	73	7	of	of	ADP
fsr-3735	73	8	the	the	DET
fsr-3735	73	9	transfer	transfer	NOUN
fsr-3735	73	10	tax	tax	NOUN
fsr-3735	73	11	and	and	CCONJ
fsr-3735	73	12	is	be	AUX
fsr-3735	73	13	often	often	ADV
fsr-3735	73	14	used	use	VERB
fsr-3735	73	15	by	by	ADP
fsr-3735	73	16	family	family	NOUN
fsr-3735	73	17	businesses	business	NOUN
fsr-3735	73	18	.	.	PUNCT
fsr-3735	74	1	if	if	SCONJ
fsr-3735	74	2	book	book	NOUN
fsr-3735	74	3	value	value	NOUN
fsr-3735	74	4	is	be	AUX
fsr-3735	74	5	used	use	VERB
fsr-3735	74	6	in	in	ADP
fsr-3735	74	7	a	a	DET
fsr-3735	74	8	buy	buy	NOUN
fsr-3735	74	9	-	-	PUNCT
fsr-3735	74	10	sell	sell	NOUN
fsr-3735	74	11	agreement	agreement	NOUN
fsr-3735	74	12	,	,	PUNCT
fsr-3735	74	13	then	then	ADV
fsr-3735	74	14	the	the	DET
fsr-3735	74	15	variance	variance	NOUN
fsr-3735	74	16	of	of	ADP
fsr-3735	74	17	the	the	DET
fsr-3735	74	18	value	value	NOUN
fsr-3735	74	19	may	may	AUX
fsr-3735	74	20	be	be	AUX
fsr-3735	74	21	readily	readily	ADV
fsr-3735	74	22	determined	determine	VERB
fsr-3735	74	23	.	.	PUNCT
fsr-3735	75	1	if	if	SCONJ
fsr-3735	75	2	value	value	NOUN
fsr-3735	75	3	is	be	AUX
fsr-3735	75	4	to	to	PART
fsr-3735	75	5	be	be	AUX
fsr-3735	75	6	set	set	VERB
fsr-3735	75	7	by	by	ADP
fsr-3735	75	8	appraisal	appraisal	NOUN
fsr-3735	75	9	,	,	PUNCT
fsr-3735	75	10	the	the	DET
fsr-3735	75	11	firm	firm	NOUN
fsr-3735	75	12	must	must	AUX
fsr-3735	75	13	have	have	VERB
fsr-3735	75	14	an	an	DET
fsr-3735	75	15	appraisal	appraisal	NOUN
fsr-3735	75	16	conducted	conduct	VERB
fsr-3735	75	17	at	at	ADP
fsr-3735	75	18	the	the	DET
fsr-3735	75	19	time	time	NOUN
fsr-3735	75	20	of	of	ADP
fsr-3735	75	21	the	the	DET
fsr-3735	75	22	initial	initial	ADJ
fsr-3735	75	23	tax	tax	NOUN
fsr-3735	75	24	savings	saving	NOUN
fsr-3735	75	25	opportunities	opportunity	NOUN
fsr-3735	75	26	in	in	ADP
fsr-3735	75	27	estate	estate	NOUN
fsr-3735	75	28	freeze	freeze	NOUN
fsr-3735	75	29	transactions	transaction	NOUN
fsr-3735	75	30	13	13	NUM
fsr-3735	75	31	recapitalization	recapitalization	NOUN
fsr-3735	75	32	to	to	PART
fsr-3735	75	33	support	support	VERB
fsr-3735	75	34	the	the	DET
fsr-3735	75	35	values	value	NOUN
fsr-3735	75	36	assigned	assign	VERB
fsr-3735	75	37	to	to	ADP
fsr-3735	75	38	the	the	DET
fsr-3735	75	39	retained	retain	VERB
fsr-3735	75	40	and	and	CCONJ
fsr-3735	75	41	transferred	transfer	VERB
fsr-3735	75	42	interest	interest	NOUN
fsr-3735	75	43	.	.	PUNCT
fsr-3735	76	1	if	if	SCONJ
fsr-3735	76	2	the	the	DET
fsr-3735	76	3	appraiser	appraiser	NOUN
fsr-3735	76	4	uses	use	VERB
fsr-3735	76	5	capitalization	capitalization	NOUN
fsr-3735	76	6	of	of	ADP
fsr-3735	76	7	earnings	earning	NOUN
fsr-3735	76	8	,	,	PUNCT
fsr-3735	76	9	then	then	ADV
fsr-3735	76	10	earnings	earning	NOUN
fsr-3735	76	11	variance	variance	NOUN
fsr-3735	76	12	may	may	AUX
fsr-3735	76	13	be	be	AUX
fsr-3735	76	14	an	an	DET
fsr-3735	76	15	appropriate	appropriate	ADJ
fsr-3735	76	16	proxy	proxy	NOUN
fsr-3735	76	17	for	for	ADP
fsr-3735	76	18	annual	annual	ADJ
fsr-3735	76	19	return	return	NOUN
fsr-3735	76	20	variance	variance	NOUN
fsr-3735	76	21	.	.	PUNCT
fsr-3735	77	1	the	the	DET
fsr-3735	77	2	same	same	ADJ
fsr-3735	77	3	may	may	AUX
fsr-3735	77	4	be	be	AUX
fsr-3735	77	5	said	say	VERB
fsr-3735	77	6	for	for	ADP
fsr-3735	77	7	use	use	NOUN
fsr-3735	77	8	of	of	ADP
fsr-3735	77	9	cash	cash	NOUN
fsr-3735	77	10	flow	flow	NOUN
fsr-3735	77	11	valuation	valuation	NOUN
fsr-3735	77	12	or	or	CCONJ
fsr-3735	77	13	any	any	DET
fsr-3735	77	14	other	other	ADJ
fsr-3735	77	15	approach	approach	NOUN
fsr-3735	77	16	favored	favor	VERB
fsr-3735	77	17	by	by	ADP
fsr-3735	77	18	a	a	DET
fsr-3735	77	19	competent	competent	ADJ
fsr-3735	77	20	appraiser	appraiser	NOUN
fsr-3735	77	21	.	.	PUNCT
fsr-3735	78	1	the	the	DET
fsr-3735	78	2	insights	insight	NOUN
fsr-3735	78	3	and	and	CCONJ
fsr-3735	78	4	analysis	analysis	NOUN
fsr-3735	78	5	used	use	VERB
fsr-3735	78	6	by	by	ADP
fsr-3735	78	7	the	the	DET
fsr-3735	78	8	appraiser	appraiser	NOUN
fsr-3735	78	9	at	at	ADP
fsr-3735	78	10	the	the	DET
fsr-3735	78	11	time	time	NOUN
fsr-3735	78	12	of	of	ADP
fsr-3735	78	13	the	the	DET
fsr-3735	78	14	recapitalization	recapitalization	NOUN
fsr-3735	78	15	may	may	AUX
fsr-3735	78	16	be	be	AUX
fsr-3735	78	17	used	use	VERB
fsr-3735	78	18	to	to	PART
fsr-3735	78	19	develop	develop	VERB
fsr-3735	78	20	a	a	DET
fsr-3735	78	21	return	return	NOUN
fsr-3735	78	22	variance	variance	NOUN
fsr-3735	78	23	proxy	proxy	NOUN
fsr-3735	78	24	.	.	PUNCT
fsr-3735	79	1	the	the	DET
fsr-3735	79	2	results	result	NOUN
fsr-3735	79	3	of	of	ADP
fsr-3735	79	4	use	use	NOUN
fsr-3735	79	5	of	of	ADP
fsr-3735	79	6	the	the	DET
fsr-3735	79	7	opm	opm	NOUN
fsr-3735	79	8	may	may	AUX
fsr-3735	79	9	also	also	ADV
fsr-3735	79	10	be	be	AUX
fsr-3735	79	11	readily	readily	ADV
fsr-3735	79	12	analyzed	analyze	VERB
fsr-3735	79	13	for	for	ADP
fsr-3735	79	14	sensitivity	sensitivity	NOUN
fsr-3735	79	15	to	to	ADP
fsr-3735	79	16	different	different	ADJ
fsr-3735	79	17	specifications	specification	NOUN
fsr-3735	79	18	of	of	ADP
fsr-3735	79	19	the	the	DET
fsr-3735	79	20	return	return	NOUN
fsr-3735	79	21	variance	variance	NOUN
fsr-3735	79	22	,	,	PUNCT
fsr-3735	79	23	as	as	SCONJ
fsr-3735	79	24	shown	show	VERB
fsr-3735	79	25	in	in	ADP
fsr-3735	79	26	our	our	PRON
fsr-3735	79	27	example	example	NOUN
fsr-3735	79	28	.	.	PUNCT
fsr-3735	80	1	if	if	SCONJ
fsr-3735	80	2	the	the	DET
fsr-3735	80	3	senior	senior	ADJ
fsr-3735	80	4	equity	equity	NOUN
fsr-3735	80	5	interest	interest	NOUN
fsr-3735	80	6	must	must	AUX
fsr-3735	80	7	be	be	AUX
fsr-3735	80	8	redeemed	redeem	VERB
fsr-3735	80	9	by	by	ADP
fsr-3735	80	10	a	a	DET
fsr-3735	80	11	certain	certain	ADJ
fsr-3735	80	12	date	date	NOUN
fsr-3735	80	13	,	,	PUNCT
fsr-3735	80	14	clearly	clearly	ADV
fsr-3735	80	15	that	that	PRON
fsr-3735	80	16	represents	represent	VERB
fsr-3735	80	17	the	the	DET
fsr-3735	80	18	maturity	maturity	NOUN
fsr-3735	80	19	period	period	NOUN
fsr-3735	80	20	.	.	PUNCT
fsr-3735	81	1	generally	generally	ADV
fsr-3735	81	2	,	,	PUNCT
fsr-3735	81	3	the	the	DET
fsr-3735	81	4	redemption	redemption	NOUN
fsr-3735	81	5	of	of	ADP
fsr-3735	81	6	the	the	DET
fsr-3735	81	7	senior	senior	ADJ
fsr-3735	81	8	interest	interest	NOUN
fsr-3735	81	9	is	be	AUX
fsr-3735	81	10	expected	expect	VERB
fsr-3735	81	11	to	to	PART
fsr-3735	81	12	occur	occur	VERB
fsr-3735	81	13	upon	upon	SCONJ
fsr-3735	81	14	the	the	DET
fsr-3735	81	15	death	death	NOUN
fsr-3735	81	16	of	of	ADP
fsr-3735	81	17	the	the	DET
fsr-3735	81	18	holder	holder	NOUN
fsr-3735	81	19	(	(	PUNCT
fsr-3735	81	20	since	since	SCONJ
fsr-3735	81	21	the	the	DET
fsr-3735	81	22	recapitalization	recapitalization	NOUN
fsr-3735	81	23	is	be	AUX
fsr-3735	81	24	intended	intend	VERB
fsr-3735	81	25	to	to	PART
fsr-3735	81	26	freeze	freeze	VERB
fsr-3735	81	27	the	the	DET
fsr-3735	81	28	value	value	NOUN
fsr-3735	81	29	of	of	ADP
fsr-3735	81	30	the	the	DET
fsr-3735	81	31	senior	senior	ADJ
fsr-3735	81	32	interest	interest	NOUN
fsr-3735	81	33	for	for	ADP
fsr-3735	81	34	estate	estate	NOUN
fsr-3735	81	35	tax	tax	NOUN
fsr-3735	81	36	purposes	purpose	NOUN
fsr-3735	81	37	)	)	PUNCT
fsr-3735	81	38	.	.	PUNCT
fsr-3735	82	1	in	in	ADP
fsr-3735	82	2	the	the	DET
fsr-3735	82	3	analysis	analysis	NOUN
fsr-3735	82	4	presented	present	VERB
fsr-3735	82	5	in	in	ADP
fsr-3735	82	6	this	this	DET
fsr-3735	82	7	article	article	NOUN
fsr-3735	82	8	,	,	PUNCT
fsr-3735	82	9	we	we	PRON
fsr-3735	82	10	use	use	VERB
fsr-3735	82	11	the	the	DET
fsr-3735	82	12	life	life	NOUN
fsr-3735	82	13	expectancy	expectancy	NOUN
fsr-3735	82	14	of	of	ADP
fsr-3735	82	15	the	the	DET
fsr-3735	82	16	senior	senior	ADJ
fsr-3735	82	17	generation	generation	NOUN
fsr-3735	82	18	family	family	NOUN
fsr-3735	82	19	member	member	NOUN
fsr-3735	82	20	as	as	ADP
fsr-3735	82	21	the	the	DET
fsr-3735	82	22	maturity	maturity	NOUN
fsr-3735	82	23	period	period	NOUN
fsr-3735	82	24	.	.	PUNCT
fsr-3735	83	1	since	since	SCONJ
fsr-3735	83	2	the	the	DET
fsr-3735	83	3	life	life	NOUN
fsr-3735	83	4	expectancy	expectancy	NOUN
fsr-3735	83	5	(	(	PUNCT
fsr-3735	83	6	which	which	PRON
fsr-3735	83	7	could	could	AUX
fsr-3735	83	8	also	also	ADV
fsr-3735	83	9	be	be	AUX
fsr-3735	83	10	for	for	ADP
fsr-3735	83	11	joint	joint	ADJ
fsr-3735	83	12	lives	life	NOUN
fsr-3735	83	13	)	)	PUNCT
fsr-3735	83	14	is	be	AUX
fsr-3735	83	15	the	the	DET
fsr-3735	83	16	longest	long	ADJ
fsr-3735	83	17	period	period	NOUN
fsr-3735	83	18	to	to	ADP
fsr-3735	83	19	maturity	maturity	NOUN
fsr-3735	83	20	,	,	PUNCT
fsr-3735	83	21	the	the	DET
fsr-3735	83	22	value	value	NOUN
fsr-3735	83	23	of	of	ADP
fsr-3735	83	24	the	the	DET
fsr-3735	83	25	call	call	NOUN
fsr-3735	83	26	feature	feature	NOUN
fsr-3735	83	27	and	and	CCONJ
fsr-3735	83	28	the	the	DET
fsr-3735	83	29	taxable	taxable	ADJ
fsr-3735	83	30	transfer	transfer	NOUN
fsr-3735	83	31	at	at	ADP
fsr-3735	83	32	the	the	DET
fsr-3735	83	33	time	time	NOUN
fsr-3735	83	34	the	the	DET
fsr-3735	83	35	junior	junior	ADJ
fsr-3735	83	36	equity	equity	NOUN
fsr-3735	83	37	interest	interest	NOUN
fsr-3735	83	38	is	be	AUX
fsr-3735	83	39	created	create	VERB
fsr-3735	83	40	will	will	AUX
fsr-3735	83	41	be	be	AUX
fsr-3735	83	42	maximized	maximize	VERB
fsr-3735	83	43	for	for	ADP
fsr-3735	83	44	a	a	DET
fsr-3735	83	45	given	give	VERB
fsr-3735	83	46	dividend	dividend	NOUN
fsr-3735	83	47	payout	payout	NOUN
fsr-3735	83	48	.	.	PUNCT
fsr-3735	84	1	the	the	DET
fsr-3735	84	2	maturity	maturity	NOUN
fsr-3735	84	3	assumption	assumption	NOUN
fsr-3735	84	4	could	could	AUX
fsr-3735	84	5	readily	readily	ADV
fsr-3735	84	6	be	be	AUX
fsr-3735	84	7	altered	alter	VERB
fsr-3735	84	8	for	for	ADP
fsr-3735	84	9	a	a	DET
fsr-3735	84	10	more	more	ADV
fsr-3735	84	11	specific	specific	ADJ
fsr-3735	84	12	fact	fact	NOUN
fsr-3735	84	13	pattern	pattern	NOUN
fsr-3735	84	14	.	.	PUNCT
fsr-3735	85	1	iv	iv	X
fsr-3735	85	2	.	.	PUNCT
fsr-3735	86	1	a	a	DET
fsr-3735	86	2	comparisonof	comparisonof	NOUN
fsr-3735	86	3	opm	opm	PROPN
fsr-3735	86	4	andthestatljtoryminimljmvalue	andthestatljtoryminimljmvalue	NOUN
fsr-3735	86	5	in	in	ADP
fsr-3735	86	6	this	this	DET
fsr-3735	86	7	section	section	NOUN
fsr-3735	86	8	,	,	PUNCT
fsr-3735	86	9	we	we	PRON
fsr-3735	86	10	compare	compare	VERB
fsr-3735	86	11	the	the	DET
fsr-3735	86	12	value	value	NOUN
fsr-3735	86	13	assigned	assign	VERB
fsr-3735	86	14	to	to	ADP
fsr-3735	86	15	a	a	DET
fsr-3735	86	16	junior	junior	ADJ
fsr-3735	86	17	equity	equity	NOUN
fsr-3735	86	18	interest	interest	NOUN
fsr-3735	86	19	under	under	ADP
fsr-3735	86	20	the	the	DET
fsr-3735	86	21	new	new	ADJ
fsr-3735	86	22	tax	tax	NOUN
fsr-3735	86	23	valuation	valuation	NOUN
fsr-3735	86	24	rules	rule	VERB
fsr-3735	86	25	with	with	ADP
fsr-3735	86	26	that	that	PRON
fsr-3735	86	27	obtained	obtain	VERB
fsr-3735	86	28	using	use	VERB
fsr-3735	86	29	the	the	DET
fsr-3735	86	30	black	black	ADJ
fsr-3735	86	31	-	-	PUNCT
fsr-3735	86	32	scholes	schole	NOUN
fsr-3735	86	33	model	model	NOUN
fsr-3735	86	34	.	.	PUNCT
fsr-3735	87	1	the	the	DET
fsr-3735	87	2	black	black	ADJ
fsr-3735	87	3	-	-	PUNCT
fsr-3735	87	4	scholes	schole	NOUN
fsr-3735	87	5	model	model	NOUN
fsr-3735	87	6	will	will	AUX
fsr-3735	87	7	value	value	VERB
fsr-3735	87	8	only	only	ADV
fsr-3735	87	9	the	the	DET
fsr-3735	87	10	call	call	NOUN
fsr-3735	87	11	feature	feature	NOUN
fsr-3735	87	12	of	of	ADP
fsr-3735	87	13	the	the	DET
fsr-3735	87	14	junior	junior	ADJ
fsr-3735	87	15	interest	interest	NOUN
fsr-3735	87	16	,	,	PUNCT
fsr-3735	87	17	while	while	SCONJ
fsr-3735	87	18	the	the	DET
fsr-3735	87	19	tax	tax	NOUN
fsr-3735	87	20	law	law	NOUN
fsr-3735	87	21	requires	require	VERB
fsr-3735	87	22	valuation	valuation	NOUN
fsr-3735	87	23	of	of	ADP
fsr-3735	87	24	the	the	DET
fsr-3735	87	25	entire	entire	ADJ
fsr-3735	87	26	interest	interest	NOUN
fsr-3735	87	27	.	.	PUNCT
fsr-3735	88	1	however	however	ADV
fsr-3735	88	2	,	,	PUNCT
fsr-3735	88	3	in	in	ADP
fsr-3735	88	4	situations	situation	NOUN
fsr-3735	88	5	where	where	SCONJ
fsr-3735	88	6	the	the	DET
fsr-3735	88	7	10	10	NUM
fsr-3735	88	8	%	%	NOUN
fsr-3735	88	9	minimum	minimum	NOUN
fsr-3735	88	10	value	value	NOUN
fsr-3735	88	11	rule	rule	NOUN
fsr-3735	88	12	of	of	ADP
fsr-3735	88	13	the	the	DET
fsr-3735	88	14	tax	tax	NOUN
fsr-3735	88	15	law	law	NOUN
fsr-3735	88	16	applies	apply	VERB
fsr-3735	88	17	,	,	PUNCT
fsr-3735	88	18	the	the	DET
fsr-3735	88	19	junior	junior	ADJ
fsr-3735	88	20	interest	interest	NOUN
fsr-3735	88	21	is	be	AUX
fsr-3735	88	22	valued	value	VERB
fsr-3735	88	23	strictly	strictly	ADV
fsr-3735	88	24	as	as	ADP
fsr-3735	88	25	a	a	DET
fsr-3735	88	26	call	call	NOUN
fsr-3735	88	27	option	option	NOUN
fsr-3735	88	28	and	and	CCONJ
fsr-3735	88	29	opm	opm	PROPN
fsr-3735	88	30	would	would	AUX
fsr-3735	88	31	provide	provide	VERB
fsr-3735	88	32	a	a	DET
fsr-3735	88	33	relevant	relevant	ADJ
fsr-3735	88	34	comparison	comparison	NOUN
fsr-3735	88	35	.	.	PUNCT
fsr-3735	88	36	’	'	PUNCT
fsr-3735	88	37	’	'	PUNCT
fsr-3735	89	1	a	a	DET
fsr-3735	89	2	comparison	comparison	NOUN
fsr-3735	89	3	of	of	ADP
fsr-3735	89	4	opm	opm	PROPN
fsr-3735	89	5	and	and	CCONJ
fsr-3735	89	6	current	current	ADJ
fsr-3735	89	7	tax	tax	NOUN
fsr-3735	89	8	law	law	NOUN
fsr-3735	89	9	valuation	valuation	NOUN
fsr-3735	89	10	is	be	AUX
fsr-3735	89	11	of	of	ADP
fsr-3735	89	12	interest	interest	NOUN
fsr-3735	89	13	in	in	ADP
fsr-3735	89	14	two	two	NUM
fsr-3735	89	15	situations	situation	NOUN
fsr-3735	89	16	.	.	PUNCT
fsr-3735	90	1	first	first	ADV
fsr-3735	90	2	,	,	PUNCT
fsr-3735	90	3	if	if	SCONJ
fsr-3735	90	4	the	the	DET
fsr-3735	90	5	tax	tax	NOUN
fsr-3735	90	6	law	law	NOUN
fsr-3735	90	7	value	value	NOUN
fsr-3735	90	8	of	of	ADP
fsr-3735	90	9	the	the	DET
fsr-3735	90	10	junior	junior	ADJ
fsr-3735	90	11	interest	interest	NOUN
fsr-3735	90	12	is	be	AUX
fsr-3735	90	13	determined	determine	VERB
fsr-3735	90	14	to	to	PART
fsr-3735	90	15	be	be	AUX
fsr-3735	90	16	less	less	ADJ
fsr-3735	90	17	than	than	ADP
fsr-3735	90	18	10	10	NUM
fsr-3735	90	19	%	%	NOUN
fsr-3735	90	20	of	of	ADP
fsr-3735	90	21	the	the	DET
fsr-3735	90	22	value	value	NOUN
fsr-3735	90	23	of	of	ADP
fsr-3735	90	24	all	all	DET
fsr-3735	90	25	interests	interest	NOUN
fsr-3735	90	26	,	,	PUNCT
fsr-3735	90	27	the	the	DET
fsr-3735	90	28	minimum	minimum	ADJ
fsr-3735	90	29	value	value	NOUN
fsr-3735	90	30	rule	rule	NOUN
fsr-3735	90	31	is	be	AUX
fsr-3735	90	32	binding	bind	VERB
fsr-3735	90	33	and	and	CCONJ
fsr-3735	90	34	the	the	DET
fsr-3735	90	35	interest	interest	NOUN
fsr-3735	90	36	is	be	AUX
fsr-3735	90	37	valued	value	VERB
fsr-3735	90	38	strictly	strictly	ADV
fsr-3735	90	39	as	as	ADP
fsr-3735	90	40	a	a	DET
fsr-3735	90	41	call	call	NOUN
fsr-3735	90	42	option	option	NOUN
fsr-3735	90	43	.	.	PUNCT
fsr-3735	91	1	opm	opm	PROPN
fsr-3735	91	2	can	can	AUX
fsr-3735	91	3	then	then	ADV
fsr-3735	91	4	be	be	AUX
fsr-3735	91	5	used	use	VERB
fsr-3735	91	6	to	to	PART
fsr-3735	91	7	determine	determine	VERB
fsr-3735	91	8	whether	whether	SCONJ
fsr-3735	91	9	the	the	DET
fsr-3735	91	10	option	option	NOUN
fsr-3735	91	11	value	value	NOUN
fsr-3735	91	12	is	be	AUX
fsr-3735	91	13	appropriate	appropriate	ADJ
fsr-3735	91	14	(	(	PUNCT
fsr-3735	91	15	either	either	CCONJ
fsr-3735	91	16	too	too	ADV
fsr-3735	91	17	high	high	ADJ
fsr-3735	91	18	or	or	CCONJ
fsr-3735	91	19	too	too	ADV
fsr-3735	91	20	low	low	ADJ
fsr-3735	91	21	)	)	PUNCT
fsr-3735	91	22	given	give	VERB
fsr-3735	91	23	the	the	DET
fsr-3735	91	24	terms	term	NOUN
fsr-3735	91	25	of	of	ADP
fsr-3735	91	26	the	the	DET
fsr-3735	91	27	instrument	instrument	NOUN
fsr-3735	91	28	.	.	PUNCT
fsr-3735	92	1	the	the	DET
fsr-3735	92	2	second	second	ADJ
fsr-3735	92	3	situation	situation	NOUN
fsr-3735	92	4	occurs	occur	VERB
fsr-3735	92	5	if	if	SCONJ
fsr-3735	92	6	the	the	DET
fsr-3735	92	7	tax	tax	NOUN
fsr-3735	92	8	law	law	NOUN
fsr-3735	92	9	value	value	NOUN
fsr-3735	92	10	is	be	AUX
fsr-3735	92	11	not	not	PART
fsr-3735	92	12	less	less	ADJ
fsr-3735	92	13	than	than	ADP
fsr-3735	92	14	lo%	lo%	NOUN
fsr-3735	92	15	,	,	PUNCT
fsr-3735	92	16	the	the	DET
fsr-3735	92	17	minimum	minimum	ADJ
fsr-3735	92	18	value	value	NOUN
fsr-3735	92	19	rule	rule	NOUN
fsr-3735	92	20	is	be	AUX
fsr-3735	92	21	nonbinding	nonbinde	VERB
fsr-3735	92	22	,	,	PUNCT
fsr-3735	92	23	and	and	CCONJ
fsr-3735	92	24	the	the	DET
fsr-3735	92	25	interest	interest	NOUN
fsr-3735	92	26	is	be	AUX
fsr-3735	92	27	valued	value	VERB
fsr-3735	92	28	using	use	VERB
fsr-3735	92	29	new	new	ADJ
fsr-3735	92	30	tax	tax	NOUN
fsr-3735	92	31	law	law	NOUN
fsr-3735	92	32	valuation	valuation	NOUN
fsr-3735	92	33	principles	principle	NOUN
fsr-3735	92	34	without	without	ADP
fsr-3735	92	35	regard	regard	NOUN
fsr-3735	92	36	to	to	ADP
fsr-3735	92	37	the	the	DET
fsr-3735	92	38	option	option	NOUN
fsr-3735	92	39	feature	feature	NOUN
fsr-3735	92	40	.	.	PUNCT
fsr-3735	93	1	opm	opm	PROPN
fsr-3735	93	2	can	can	AUX
fsr-3735	93	3	then	then	ADV
fsr-3735	93	4	be	be	AUX
fsr-3735	93	5	used	use	VERB
fsr-3735	93	6	to	to	PART
fsr-3735	93	7	determine	determine	VERB
fsr-3735	93	8	whether	whether	SCONJ
fsr-3735	93	9	the	the	DET
fsr-3735	93	10	option	option	NOUN
fsr-3735	93	11	value	value	NOUN
fsr-3735	93	12	exceeds	exceed	VERB
fsr-3735	93	13	the	the	DET
fsr-3735	93	14	value	value	NOUN
fsr-3735	93	15	of	of	ADP
fsr-3735	93	16	the	the	DET
fsr-3735	93	17	interest	interest	NOUN
fsr-3735	93	18	as	as	SCONJ
fsr-3735	93	19	determined	determine	VERB
fsr-3735	93	20	under	under	ADP
fsr-3735	93	21	tax	tax	NOUN
fsr-3735	93	22	law	law	NOUN
fsr-3735	93	23	principles	principle	NOUN
fsr-3735	93	24	.	.	PUNCT
fsr-3735	94	1	since	since	SCONJ
fsr-3735	94	2	the	the	DET
fsr-3735	94	3	option	option	NOUN
fsr-3735	94	4	value	value	NOUN
fsr-3735	94	5	is	be	AUX
fsr-3735	94	6	only	only	ADV
fsr-3735	94	7	part	part	NOUN
fsr-3735	94	8	of	of	ADP
fsr-3735	94	9	the	the	DET
fsr-3735	94	10	total	total	ADJ
fsr-3735	94	11	value	value	NOUN
fsr-3735	94	12	of	of	ADP
fsr-3735	94	13	the	the	DET
fsr-3735	94	14	junior	junior	ADJ
fsr-3735	94	15	interest	interest	NOUN
fsr-3735	94	16	,	,	PUNCT
fsr-3735	94	17	an	an	DET
fsr-3735	94	18	opm	opm	NOUN
fsr-3735	94	19	value	value	NOUN
fsr-3735	94	20	in	in	ADP
fsr-3735	94	21	excess	excess	NOUN
fsr-3735	94	22	of	of	ADP
fsr-3735	94	23	tax	tax	NOUN
fsr-3735	94	24	law	law	NOUN
fsr-3735	94	25	value	value	NOUN
fsr-3735	94	26	would	would	AUX
fsr-3735	94	27	suggest	suggest	VERB
fsr-3735	94	28	that	that	SCONJ
fsr-3735	94	29	the	the	DET
fsr-3735	94	30	true	true	ADJ
fsr-3735	94	31	value	value	NOUN
fsr-3735	94	32	may	may	AUX
fsr-3735	94	33	be	be	AUX
fsr-3735	94	34	substantially	substantially	ADV
fsr-3735	94	35	understated	understate	VERB
fsr-3735	94	36	by	by	ADP
fsr-3735	94	37	the	the	DET
fsr-3735	94	38	tax	tax	NOUN
fsr-3735	94	39	law	law	NOUN
fsr-3735	94	40	.	.	PUNCT
fsr-3735	95	1	as	as	SCONJ
fsr-3735	95	2	discussed	discuss	VERB
fsr-3735	95	3	later	later	ADV
fsr-3735	95	4	,	,	PUNCT
fsr-3735	95	5	this	this	DET
fsr-3735	95	6	analysis	analysis	NOUN
fsr-3735	95	7	is	be	AUX
fsr-3735	95	8	limited	limit	VERB
fsr-3735	95	9	by	by	ADP
fsr-3735	95	10	the	the	DET
fsr-3735	95	11	appropriateness	appropriateness	NOUN
fsr-3735	95	12	of	of	ADP
fsr-3735	95	13	the	the	DET
fsr-3735	95	14	use	use	NOUN
fsr-3735	95	15	of	of	ADP
fsr-3735	95	16	opm	opm	PROPN
fsr-3735	95	17	to	to	PART
fsr-3735	95	18	value	value	VERB
fsr-3735	95	19	the	the	DET
fsr-3735	95	20	junior	junior	ADJ
fsr-3735	95	21	interest	interest	NOUN
fsr-3735	95	22	.	.	PUNCT
fsr-3735	96	1	the	the	DET
fsr-3735	96	2	tax	tax	NOUN
fsr-3735	96	3	law	law	NOUN
fsr-3735	96	4	values	value	VERB
fsr-3735	96	5	the	the	DET
fsr-3735	96	6	junior	junior	ADJ
fsr-3735	96	7	interest	interest	NOUN
fsr-3735	96	8	by	by	ADP
fsr-3735	96	9	subtracting	subtract	VERB
fsr-3735	96	10	the	the	DET
fsr-3735	96	11	value	value	NOUN
fsr-3735	96	12	of	of	ADP
fsr-3735	96	13	the	the	DET
fsr-3735	96	14	retained	retain	VERB
fsr-3735	96	15	(	(	PUNCT
fsr-3735	96	16	senior	senior	ADJ
fsr-3735	96	17	)	)	PUNCT
fsr-3735	96	18	interest	interest	NOUN
fsr-3735	96	19	from	from	ADP
fsr-3735	96	20	the	the	DET
fsr-3735	96	21	total	total	ADJ
fsr-3735	96	22	value	value	NOUN
fsr-3735	96	23	of	of	ADP
fsr-3735	96	24	the	the	DET
fsr-3735	96	25	firm.12	firm.12	NOUN
fsr-3735	96	26	the	the	DET
fsr-3735	96	27	senior	senior	ADJ
fsr-3735	96	28	interest	interest	NOUN
fsr-3735	96	29	is	be	AUX
fsr-3735	96	30	valued	value	VERB
fsr-3735	96	31	by	by	ADP
fsr-3735	96	32	discounting	discount	VERB
fsr-3735	96	33	required	require	VERB
fsr-3735	96	34	cash	cash	NOUN
fsr-3735	96	35	flows	flow	NOUN
fsr-3735	96	36	at	at	ADP
fsr-3735	96	37	a	a	DET
fsr-3735	96	38	rate	rate	NOUN
fsr-3735	96	39	equal	equal	ADJ
fsr-3735	96	40	to	to	ADP
fsr-3735	96	41	120	120	NUM
fsr-3735	96	42	%	%	NOUN
fsr-3735	96	43	of	of	ADP
fsr-3735	96	44	the	the	DET
fsr-3735	96	45	“	"	PUNCT
fsr-3735	96	46	applicable	applicable	ADJ
fsr-3735	96	47	federal	federal	ADJ
fsr-3735	96	48	rate	rate	NOUN
fsr-3735	96	49	”	"	PUNCT
fsr-3735	96	50	(	(	PUNCT
fsr-3735	96	51	afr	afr	NOUN
fsr-3735	96	52	)	)	PUNCT
fsr-3735	96	53	as	as	SCONJ
fsr-3735	96	54	determined	determine	VERB
fsr-3735	96	55	under	under	ADP
fsr-3735	96	56	section	section	NOUN
fsr-3735	96	57	1274	1274	NUM
fsr-3735	96	58	of	of	ADP
fsr-3735	96	59	the	the	DET
fsr-3735	96	60	internal	internal	ADJ
fsr-3735	96	61	revenue	revenue	NOUN
fsr-3735	96	62	code	code	NOUN
fsr-3735	96	63	.	.	PUNCT
fsr-3735	97	1	the	the	DET
fsr-3735	97	2	afr	afr	PROPN
fsr-3735	97	3	is	be	AUX
fsr-3735	97	4	a	a	DET
fsr-3735	97	5	treasury	treasury	NOUN
fsr-3735	97	6	security	security	NOUN
fsr-3735	97	7	yield	yield	NOUN
fsr-3735	97	8	for	for	ADP
fsr-3735	97	9	an	an	DET
fsr-3735	97	10	instrument	instrument	NOUN
fsr-3735	97	11	of	of	ADP
fsr-3735	97	12	similar	similar	ADJ
fsr-3735	97	13	maturity	maturity	NOUN
fsr-3735	97	14	.	.	PUNCT
fsr-3735	98	1	the	the	DET
fsr-3735	98	2	only	only	ADJ
fsr-3735	98	3	cash	cash	NOUN
fsr-3735	98	4	flows	flow	NOUN
fsr-3735	98	5	that	that	PRON
fsr-3735	98	6	are	be	AUX
fsr-3735	98	7	discounted	discount	VERB
fsr-3735	98	8	are	be	AUX
fsr-3735	98	9	those	those	PRON
fsr-3735	98	10	that	that	PRON
fsr-3735	98	11	,	,	PUNCT
fsr-3735	98	12	under	under	ADP
fsr-3735	98	13	the	the	DET
fsr-3735	98	14	terms	term	NOUN
fsr-3735	98	15	of	of	ADP
fsr-3735	98	16	the	the	DET
fsr-3735	98	17	instrument	instrument	NOUN
fsr-3735	98	18	,	,	PUNCT
fsr-3735	98	19	must	must	AUX
fsr-3735	98	20	be	be	AUX
fsr-3735	98	21	paid	pay	VERB
fsr-3735	98	22	with	with	ADP
fsr-3735	98	23	certainty	certainty	NOUN
fsr-3735	98	24	(	(	PUNCT
fsr-3735	98	25	see	see	VERB
fsr-3735	98	26	irc	irc	PROPN
fsr-3735	98	27	section	section	NOUN
fsr-3735	98	28	2701	2701	NUM
fsr-3735	98	29	(	(	PUNCT
fsr-3735	98	30	a	a	NOUN
fsr-3735	98	31	)	)	PUNCT
fsr-3735	98	32	)	)	PUNCT
fsr-3735	98	33	.	.	PUNCT
fsr-3735	99	1	we	we	PRON
fsr-3735	99	2	will	will	AUX
fsr-3735	99	3	consider	consider	VERB
fsr-3735	99	4	three	three	NUM
fsr-3735	99	5	different	different	ADJ
fsr-3735	99	6	situations	situation	NOUN
fsr-3735	99	7	:	:	PUNCT
fsr-3735	99	8	14	14	NUM
fsr-3735	99	9	financial	financial	ADJ
fsr-3735	99	10	services	service	NOUN
fsr-3735	99	11	review	review	VERB
fsr-3735	99	12	4(l	4(l	NUM
fsr-3735	99	13	)	)	PUNCT
fsr-3735	99	14	1995	1995	NUM
fsr-3735	99	15	a	a	DET
fsr-3735	99	16	preferred	prefer	VERB
fsr-3735	99	17	stock	stock	NOUN
fsr-3735	99	18	issue	issue	NOUN
fsr-3735	99	19	that	that	PRON
fsr-3735	99	20	provides	provide	VERB
fsr-3735	99	21	for	for	ADP
fsr-3735	99	22	a	a	DET
fsr-3735	99	23	cumulative	cumulative	ADJ
fsr-3735	99	24	dividend	dividend	NOUN
fsr-3735	99	25	yield	yield	NOUN
fsr-3735	99	26	equal	equal	ADJ
fsr-3735	99	27	to	to	ADP
fsr-3735	99	28	120	120	NUM
fsr-3735	99	29	%	%	NOUN
fsr-3735	99	30	of	of	ADP
fsr-3735	99	31	the	the	DET
fsr-3735	99	32	air	air	NOUN
fsr-3735	99	33	,	,	PUNCT
fsr-3735	99	34	and	and	CCONJ
fsr-3735	99	35	a	a	DET
fsr-3735	99	36	redemption	redemption	NOUN
fsr-3735	99	37	value	value	NOUN
fsr-3735	99	38	equal	equal	ADJ
fsr-3735	99	39	to	to	ADP
fsr-3735	99	40	the	the	DET
fsr-3735	99	41	date	date	NOUN
fsr-3735	99	42	-	-	PUNCT
fsr-3735	99	43	of	of	ADP
fsr-3735	99	44	-	-	PUNCT
fsr-3735	99	45	recapitalization	recapitalization	NOUN
fsr-3735	99	46	value	value	NOUN
fsr-3735	99	47	of	of	ADP
fsr-3735	99	48	the	the	DET
fsr-3735	99	49	firm	firm	NOUN
fsr-3735	99	50	,	,	PUNCT
fsr-3735	99	51	with	with	ADP
fsr-3735	99	52	redemption	redemption	NOUN
fsr-3735	99	53	required	require	VERB
fsr-3735	99	54	at	at	ADP
fsr-3735	99	55	the	the	DET
fsr-3735	99	56	death	death	NOUN
fsr-3735	99	57	of	of	ADP
fsr-3735	99	58	the	the	DET
fsr-3735	99	59	senior	senior	ADJ
fsr-3735	99	60	interest	interest	NOUN
fsr-3735	99	61	holder	holder	NOUN
fsr-3735	99	62	.	.	PUNCT
fsr-3735	100	1	a	a	DET
fsr-3735	100	2	preferred	prefer	VERB
fsr-3735	100	3	stock	stock	NOUN
fsr-3735	100	4	issue	issue	NOUN
fsr-3735	100	5	that	that	PRON
fsr-3735	100	6	provides	provide	VERB
fsr-3735	100	7	for	for	ADP
fsr-3735	100	8	a	a	DET
fsr-3735	100	9	cumulative	cumulative	ADJ
fsr-3735	100	10	dividend	dividend	NOUN
fsr-3735	100	11	yield	yield	NOUN
fsr-3735	100	12	equal	equal	ADJ
fsr-3735	100	13	to	to	ADP
fsr-3735	100	14	the	the	DET
fsr-3735	100	15	afr	afr	NOUN
fsr-3735	100	16	,	,	PUNCT
fsr-3735	100	17	and	and	CCONJ
fsr-3735	100	18	a	a	DET
fsr-3735	100	19	redemption	redemption	NOUN
fsr-3735	100	20	value	value	NOUN
fsr-3735	100	21	equal	equal	ADJ
fsr-3735	100	22	to	to	ADP
fsr-3735	100	23	the	the	DET
fsr-3735	100	24	date	date	NOUN
fsr-3735	100	25	-	-	PUNCT
fsr-3735	100	26	of	of	ADP
fsr-3735	100	27	-	-	PUNCT
fsr-3735	100	28	recapitalization	recapitalization	NOUN
fsr-3735	100	29	value	value	NOUN
fsr-3735	100	30	of	of	ADP
fsr-3735	100	31	the	the	DET
fsr-3735	100	32	firm	firm	NOUN
fsr-3735	100	33	,	,	PUNCT
fsr-3735	100	34	with	with	ADP
fsr-3735	100	35	redemption	redemption	NOUN
fsr-3735	100	36	required	require	VERB
fsr-3735	100	37	at	at	ADP
fsr-3735	100	38	the	the	DET
fsr-3735	100	39	death	death	NOUN
fsr-3735	100	40	of	of	ADP
fsr-3735	100	41	the	the	DET
fsr-3735	100	42	senior	senior	ADJ
fsr-3735	100	43	interest	interest	NOUN
fsr-3735	100	44	holder	holder	NOUN
fsr-3735	100	45	.	.	PUNCT
fsr-3735	101	1	a	a	DET
fsr-3735	101	2	preferred	prefer	VERB
fsr-3735	101	3	stock	stock	NOUN
fsr-3735	101	4	issue	issue	NOUN
fsr-3735	101	5	that	that	PRON
fsr-3735	101	6	provides	provide	VERB
fsr-3735	101	7	for	for	ADP
fsr-3735	101	8	no	no	DET
fsr-3735	101	9	required	required	ADJ
fsr-3735	101	10	payment	payment	NOUN
fsr-3735	101	11	of	of	ADP
fsr-3735	101	12	a	a	DET
fsr-3735	101	13	dividend	dividend	NOUN
fsr-3735	101	14	,	,	PUNCT
fsr-3735	101	15	and	and	CCONJ
fsr-3735	101	16	a	a	DET
fsr-3735	101	17	redemption	redemption	NOUN
fsr-3735	101	18	value	value	NOUN
fsr-3735	101	19	equal	equal	ADJ
fsr-3735	101	20	to	to	ADP
fsr-3735	101	21	the	the	DET
fsr-3735	101	22	date	date	NOUN
fsr-3735	101	23	-	-	PUNCT
fsr-3735	101	24	of	of	ADP
fsr-3735	101	25	-	-	PUNCT
fsr-3735	101	26	recapitalization	recapitalization	NOUN
fsr-3735	101	27	value	value	NOUN
fsr-3735	101	28	of	of	ADP
fsr-3735	101	29	the	the	DET
fsr-3735	101	30	firm	firm	NOUN
fsr-3735	101	31	,	,	PUNCT
fsr-3735	101	32	with	with	ADP
fsr-3735	101	33	redemption	redemption	NOUN
fsr-3735	101	34	required	require	VERB
fsr-3735	101	35	at	at	ADP
fsr-3735	101	36	the	the	DET
fsr-3735	101	37	death	death	NOUN
fsr-3735	101	38	of	of	ADP
fsr-3735	101	39	the	the	DET
fsr-3735	101	40	senior	senior	ADJ
fsr-3735	101	41	interest	interest	NOUN
fsr-3735	101	42	holder	holder	NOUN
fsr-3735	101	43	.	.	PUNCT
fsr-3735	102	1	table	table	NOUN
fsr-3735	102	2	1	1	NUM
fsr-3735	102	3	value	value	NOUN
fsr-3735	102	4	of	of	ADP
fsr-3735	102	5	call	call	NOUN
fsr-3735	102	6	option	option	NOUN
fsr-3735	102	7	feature	feature	NOUN
fsr-3735	102	8	of	of	ADP
fsr-3735	102	9	junior	junior	ADJ
fsr-3735	102	10	equity	equity	NOUN
fsr-3735	102	11	interest	interest	NOUN
fsr-3735	102	12	using	use	VERB
fsr-3735	102	13	opm	opm	NOUN
fsr-3735	102	14	,	,	PUNCT
fsr-3735	102	15	expressed	express	VERB
fsr-3735	102	16	as	as	ADP
fsr-3735	102	17	a	a	DET
fsr-3735	102	18	percentage	percentage	NOUN
fsr-3735	102	19	of	of	ADP
fsr-3735	102	20	firm	firm	ADJ
fsr-3735	102	21	value	value	NOUN
fsr-3735	102	22	(	(	PUNCT
fsr-3735	102	23	dividend	dividend	NOUN
fsr-3735	102	24	payout	payout	NOUN
fsr-3735	102	25	=	=	SYM
fsr-3735	102	26	120	120	NUM
fsr-3735	102	27	%	%	NOUN
fsr-3735	102	28	of	of	ADP
fsr-3735	102	29	afr	afr	NOUN
fsr-3735	102	30	)	)	PUNCT
fsr-3735	102	31	value	value	NOUN
fsr-3735	102	32	determined	determine	VERB
fsr-3735	102	33	using	use	VERB
fsr-3735	102	34	opm	opm	PROPN
fsr-3735	102	35	with	with	ADP
fsr-3735	102	36	log	log	NOUN
fsr-3735	102	37	-	-	PUNCT
fsr-3735	102	38	volatility	volatility	NOUN
fsr-3735	102	39	of	of	ADP
fsr-3735	102	40	:	:	PUNCT
fsr-3735	102	41	entrepreneur	entrepreneur	NOUN
fsr-3735	102	42	tax	tax	NOUN
fsr-3735	102	43	law	law	NOUN
fsr-3735	102	44	value	value	NOUN
fsr-3735	102	45	20	20	NUM
fsr-3735	102	46	%	%	NOUN
fsr-3735	102	47	30	30	NUM
fsr-3735	102	48	%	%	NOUN
fsr-3735	102	49	40	40	NUM
fsr-3735	102	50	%	%	NOUN
fsr-3735	102	51	life	life	NOUN
fsr-3735	102	52	expectancy	expectancy	NOUN
fsr-3735	102	53	i%	i%	NOUN
fsr-3735	102	54	)	)	PUNCT
fsr-3735	102	55	(	(	PUNCT
fsr-3735	102	56	%	%	INTJ
fsr-3735	102	57	)	)	PUNCT
fsr-3735	102	58	c%	c%	VERB
fsr-3735	102	59	)	)	PUNCT
fsr-3735	102	60	c%	c%	VERB
fsr-3735	102	61	)	)	PUNCT
fsr-3735	102	62	1	1	NUM
fsr-3735	102	63	10.0	10.0	NUM
fsr-3735	102	64	6.6	6.6	NUM
fsr-3735	102	65	10.2	10.2	NUM
fsr-3735	102	66	13.8	13.8	NUM
fsr-3735	102	67	2	2	NUM
fsr-3735	102	68	10.0	10.0	NUM
fsr-3735	102	69	8.2	8.2	NUM
fsr-3735	102	70	12.9	12.9	NUM
fsr-3735	102	71	17.4	17.4	NUM
fsr-3735	102	72	3	3	NUM
fsr-3735	102	73	10.0	10.0	NUM
fsr-3735	102	74	8.9	8.9	NUM
fsr-3735	102	75	14.1	14.1	NUM
fsr-3735	102	76	19.1	19.1	NUM
fsr-3735	102	77	4	4	NUM
fsr-3735	102	78	10.0	10.0	NUM
fsr-3735	102	79	9.1	9.1	NUM
fsr-3735	102	80	14.5	14.5	NUM
fsr-3735	102	81	19.8	19.8	NUM
fsr-3735	102	82	5	5	NUM
fsr-3735	102	83	10.0	10.0	NUM
fsr-3735	102	84	9.1	9.1	NUM
fsr-3735	102	85	14.6	14.6	NUM
fsr-3735	102	86	19.9	19.9	NUM
fsr-3735	102	87	6	6	NUM
fsr-3735	102	88	10.0	10.0	NUM
fsr-3735	102	89	8.9	8.9	NUM
fsr-3735	102	90	14.4	14.4	NUM
fsr-3735	102	91	19.6	19.6	NUM
fsr-3735	102	92	7	7	NUM
fsr-3735	102	93	10.0	10.0	NUM
fsr-3735	102	94	8.6	8.6	NUM
fsr-3735	102	95	14.0	14.0	NUM
fsr-3735	102	96	19.1	19.1	NUM
fsr-3735	102	97	8	8	NUM
fsr-3735	102	98	10.0	10.0	NUM
fsr-3735	102	99	8.3	8.3	NUM
fsr-3735	102	100	13.5	13.5	NUM
fsr-3735	102	101	18.4	18.4	NUM
fsr-3735	102	102	9	9	NUM
fsr-3735	102	103	10.0	10.0	NUM
fsr-3735	102	104	7.9	7.9	NUM
fsr-3735	102	105	12.9	12.9	NUM
fsr-3735	102	106	17.6	17.6	NUM
fsr-3735	102	107	10	10	NUM
fsr-3735	102	108	10.0	10.0	NUM
fsr-3735	102	109	7.5	7.5	NUM
fsr-3735	102	110	12.2	12.2	NUM
fsr-3735	102	111	16.7	16.7	NUM
fsr-3735	102	112	11	11	NUM
fsr-3735	102	113	10.0	10.0	NUM
fsr-3735	102	114	7.0	7.0	NUM
fsr-3735	102	115	11.6	11.6	NUM
fsr-3735	102	116	15.8	15.8	NUM
fsr-3735	102	117	12	12	NUM
fsr-3735	102	118	10.0	10.0	NUM
fsr-3735	102	119	6.6	6.6	NUM
fsr-3735	102	120	10.9	10.9	NUM
fsr-3735	102	121	14.9	14.9	NUM
fsr-3735	102	122	13	13	NUM
fsr-3735	102	123	10.0	10.0	NUM
fsr-3735	102	124	6.2	6.2	NUM
fsr-3735	102	125	10.2	10.2	NUM
fsr-3735	102	126	14.0	14.0	NUM
fsr-3735	102	127	14	14	NUM
fsr-3735	102	128	10.0	10.0	NUM
fsr-3735	102	129	5.8	5.8	NUM
fsr-3735	102	130	9.6	9.6	NUM
fsr-3735	102	131	13.1	13.1	NUM
fsr-3735	102	132	15	15	NUM
fsr-3735	102	133	10.0	10.0	NUM
fsr-3735	102	134	5.4	5.4	NUM
fsr-3735	102	135	9.0	9.0	NUM
fsr-3735	102	136	12.2	12.2	NUM
fsr-3735	102	137	16	16	NUM
fsr-3735	102	138	10.0	10.0	NUM
fsr-3735	102	139	5.0	5.0	NUM
fsr-3735	102	140	8.4	8.4	NUM
fsr-3735	102	141	11.4	11.4	NUM
fsr-3735	102	142	17	17	NUM
fsr-3735	102	143	10.0	10.0	NUM
fsr-3735	102	144	4.7	4.7	NUM
fsr-3735	102	145	7.8	7.8	NUM
fsr-3735	102	146	10.6	10.6	NUM
fsr-3735	102	147	18	18	NUM
fsr-3735	102	148	10.0	10.0	NUM
fsr-3735	102	149	4.3	4.3	NUM
fsr-3735	102	150	7.3	7.3	NUM
fsr-3735	102	151	9.9	9.9	NUM
fsr-3735	102	152	19	19	NUM
fsr-3735	102	153	10.0	10.0	NUM
fsr-3735	102	154	4.0	4.0	NUM
fsr-3735	102	155	6.7	6.7	NUM
fsr-3735	102	156	9.2	9.2	NUM
fsr-3735	102	157	20	20	NUM
fsr-3735	102	158	10.0	10.0	NUM
fsr-3735	102	159	3.7	3.7	NUM
fsr-3735	102	160	6.3	6.3	NUM
fsr-3735	102	161	8.5	8.5	NUM
fsr-3735	102	162	21	21	NUM
fsr-3735	102	163	10.0	10.0	NUM
fsr-3735	102	164	3.4	3.4	NUM
fsr-3735	102	165	5.8	5.8	NUM
fsr-3735	102	166	7.9	7.9	NUM
fsr-3735	102	167	22	22	NUM
fsr-3735	102	168	10.0	10.0	NUM
fsr-3735	102	169	3.2	3.2	NUM
fsr-3735	102	170	5.4	5.4	NUM
fsr-3735	102	171	7.3	7.3	NUM
fsr-3735	102	172	23	23	NUM
fsr-3735	102	173	10.0	10.0	NUM
fsr-3735	102	174	2.9	2.9	NUM
fsr-3735	102	175	5.0	5.0	NUM
fsr-3735	102	176	6.7	6.7	NUM
fsr-3735	102	177	24	24	NUM
fsr-3735	102	178	10.0	10.0	NUM
fsr-3735	102	179	2.7	2.7	NUM
fsr-3735	102	180	4.6	4.6	NUM
fsr-3735	102	181	6.2	6.2	NUM
fsr-3735	102	182	25	25	NUM
fsr-3735	102	183	10.0	10.0	NUM
fsr-3735	102	184	2.5	2.5	NUM
fsr-3735	102	185	4.2	4.2	NUM
fsr-3735	102	186	5.7	5.7	NUM
fsr-3735	102	187	26	26	NUM
fsr-3735	102	188	10.0	10.0	NUM
fsr-3735	102	189	2.3	2.3	NUM
fsr-3735	102	190	3.9	3.9	NUM
fsr-3735	102	191	5.3	5.3	NUM
fsr-3735	102	192	27	27	NUM
fsr-3735	102	193	10.0	10.0	NUM
fsr-3735	102	194	2.1	2.1	NUM
fsr-3735	102	195	3.6	3.6	NUM
fsr-3735	102	196	4.9	4.9	NUM
fsr-3735	102	197	28	28	NUM
fsr-3735	102	198	10.0	10.0	NUM
fsr-3735	102	199	1.9	1.9	NUM
fsr-3735	102	200	3.3	3.3	NUM
fsr-3735	102	201	4.5	4.5	NUM
fsr-3735	102	202	29	29	NUM
fsr-3735	102	203	10.0	10.0	NUM
fsr-3735	102	204	1.8	1.8	NUM
fsr-3735	102	205	3.1	3.1	NUM
fsr-3735	102	206	4.1	4.1	NUM
fsr-3735	102	207	30	30	NUM
fsr-3735	102	208	10.0	10.0	NUM
fsr-3735	102	209	1.6	1.6	NUM
fsr-3735	102	210	2.8	2.8	NUM
fsr-3735	102	211	3.8	3.8	NUM
fsr-3735	102	212	31	31	NUM
fsr-3735	102	213	10.0	10.0	NUM
fsr-3735	102	214	1.5	1.5	NUM
fsr-3735	102	215	2.6	2.6	NUM
fsr-3735	102	216	3.5	3.5	NUM
fsr-3735	102	217	32	32	NUM
fsr-3735	102	218	10.0	10.0	NUM
fsr-3735	102	219	1.4	1.4	NUM
fsr-3735	102	220	2.4	2.4	NUM
fsr-3735	102	221	3.2	3.2	NUM
fsr-3735	102	222	tax	tax	NOUN
fsr-3735	102	223	savings	saving	NOUN
fsr-3735	102	224	opportunities	opportunity	NOUN
fsr-3735	102	225	in	in	ADP
fsr-3735	102	226	estate	estate	NOUN
fsr-3735	102	227	freeze	freeze	NOUN
fsr-3735	102	228	transactions	transaction	NOUN
fsr-3735	102	229	1.5	1.5	NUM
fsr-3735	102	230	in	in	ADP
fsr-3735	102	231	generalized	generalized	ADJ
fsr-3735	102	232	form	form	NOUN
fsr-3735	102	233	,	,	PUNCT
fsr-3735	102	234	and	and	CCONJ
fsr-3735	102	235	assuming	assume	VERB
fsr-3735	102	236	a	a	DET
fsr-3735	102	237	constant	constant	ADJ
fsr-3735	102	238	dollar	dollar	NOUN
fsr-3735	102	239	payout	payout	NOUN
fsr-3735	102	240	,	,	PUNCT
fsr-3735	102	241	the	the	DET
fsr-3735	102	242	tax	tax	NOUN
fsr-3735	102	243	law	law	NOUN
fsr-3735	102	244	would	would	AUX
fsr-3735	102	245	compute	compute	VERB
fsr-3735	102	246	the	the	DET
fsr-3735	102	247	value	value	NOUN
fsr-3735	102	248	of	of	ADP
fsr-3735	102	249	the	the	DET
fsr-3735	102	250	junior	junior	ADJ
fsr-3735	102	251	interest	interest	NOUN
fsr-3735	102	252	as	as	ADP
fsr-3735	102	253	:	:	PUNCT
fsr-3735	102	254	firmval	firmval	NOUN
fsr-3735	102	255	[	[	X
fsr-3735	102	256	annualdiv	annualdiv	X
fsr-3735	102	257	(	(	PUNCT
fsr-3735	102	258	1	1	NUM
fsr-3735	102	259	(	(	PUNCT
fsr-3735	102	260	1	1	NUM
fsr-3735	102	261	+	+	NOUN
fsr-3735	102	262	r)-	r)-	X
fsr-3735	102	263	”	"	PUNCT
fsr-3735	102	264	/	/	SYM
fsr-3735	102	265	r	r	NOUN
fsr-3735	102	266	)	)	PUNCT
fsr-3735	102	267	+	+	CCONJ
fsr-3735	102	268	firmval	firmval	NOUN
fsr-3735	102	269	/	/	SYM
fsr-3735	102	270	(	(	PUNCT
fsr-3735	102	271	1	1	NUM
fsr-3735	102	272	+	+	NOUN
fsr-3735	102	273	r	r	NOUN
fsr-3735	102	274	)	)	PUNCT
fsr-3735	102	275	‘	'	PUNCT
fsr-3735	102	276	]	]	X
fsr-3735	102	277	(	(	PUNCT
fsr-3735	102	278	2	2	NUM
fsr-3735	102	279	)	)	PUNCT
fsr-3735	102	280	where	where	SCONJ
fsr-3735	102	281	:	:	PUNCT
fsr-3735	102	282	fzrmval	fzrmval	ADJ
fsr-3735	102	283	=	=	PUNCT
fsr-3735	102	284	date	date	NOUN
fsr-3735	102	285	-	-	PUNCT
fsr-3735	102	286	of	of	ADP
fsr-3735	102	287	-	-	PUNCT
fsr-3735	102	288	recapitalization	recapitalization	NOUN
fsr-3735	102	289	value	value	NOUN
fsr-3735	102	290	of	of	ADP
fsr-3735	102	291	the	the	DET
fsr-3735	102	292	firm	firm	NOUN
fsr-3735	102	293	annualdiv	annualdiv	NOUN
fsr-3735	102	294	=	=	SYM
fsr-3735	102	295	annual	annual	ADJ
fsr-3735	102	296	dividend	dividend	NOUN
fsr-3735	102	297	required	require	VERB
fsr-3735	102	298	to	to	PART
fsr-3735	102	299	be	be	AUX
fsr-3735	102	300	paid	pay	VERB
fsr-3735	102	301	r	r	NOUN
fsr-3735	102	302	=	=	SYM
fsr-3735	102	303	discount	discount	NOUN
fsr-3735	102	304	rate	rate	NOUN
fsr-3735	102	305	to	to	PART
fsr-3735	102	306	be	be	AUX
fsr-3735	102	307	applied	apply	VERB
fsr-3735	102	308	to	to	ADP
fsr-3735	102	309	cash	cash	NOUN
fsr-3735	102	310	flows	flow	NOUN
fsr-3735	102	311	n	n	NOUN
fsr-3735	102	312	=	=	NOUN
fsr-3735	102	313	term	term	NOUN
fsr-3735	102	314	of	of	ADP
fsr-3735	102	315	analysis	analysis	NOUN
fsr-3735	102	316	,	,	PUNCT
fsr-3735	102	317	equal	equal	ADJ
fsr-3735	102	318	to	to	ADP
fsr-3735	102	319	the	the	DET
fsr-3735	102	320	entrepreneur	entrepreneur	NOUN
fsr-3735	102	321	’s	’s	PART
fsr-3735	102	322	life	life	NOUN
fsr-3735	102	323	expectancy	expectancy	NOUN
fsr-3735	102	324	at	at	ADP
fsr-3735	102	325	the	the	DET
fsr-3735	102	326	date	date	NOUN
fsr-3735	102	327	of	of	ADP
fsr-3735	102	328	the	the	DET
fsr-3735	102	329	recapitalization	recapitalization	NOUN
fsr-3735	102	330	.	.	PUNCT
fsr-3735	103	1	in	in	ADP
fsr-3735	103	2	no	no	DET
fsr-3735	103	3	event	event	NOUN
fsr-3735	103	4	can	can	AUX
fsr-3735	103	5	the	the	DET
fsr-3735	103	6	junior	junior	ADJ
fsr-3735	103	7	interest	interest	NOUN
fsr-3735	103	8	be	be	AUX
fsr-3735	103	9	valued	value	VERB
fsr-3735	103	10	at	at	ADP
fsr-3735	103	11	less	less	ADJ
fsr-3735	103	12	than	than	ADP
fsr-3735	103	13	.10	.10	NUM
fsr-3735	103	14	firmval	firmval	NOUN
fsr-3735	103	15	.	.	PUNCT
fsr-3735	104	1	the	the	DET
fsr-3735	104	2	bracketed	bracketed	ADJ
fsr-3735	104	3	terms	term	NOUN
fsr-3735	104	4	in	in	ADP
fsr-3735	104	5	equation	equation	NOUN
fsr-3735	104	6	(	(	PUNCT
fsr-3735	104	7	2	2	X
fsr-3735	104	8	)	)	PUNCT
fsr-3735	104	9	represent	represent	VERB
fsr-3735	104	10	the	the	DET
fsr-3735	104	11	present	present	ADJ
fsr-3735	104	12	value	value	NOUN
fsr-3735	104	13	of	of	ADP
fsr-3735	104	14	the	the	DET
fsr-3735	104	15	dividend	dividend	NOUN
fsr-3735	104	16	stream	stream	NOUN
fsr-3735	104	17	received	receive	VERB
fsr-3735	104	18	by	by	ADP
fsr-3735	104	19	the	the	DET
fsr-3735	104	20	senior	senior	ADJ
fsr-3735	104	21	generation	generation	NOUN
fsr-3735	104	22	and	and	CCONJ
fsr-3735	104	23	the	the	DET
fsr-3735	104	24	present	present	ADJ
fsr-3735	104	25	value	value	NOUN
fsr-3735	104	26	of	of	ADP
fsr-3735	104	27	the	the	DET
fsr-3735	104	28	redemption	redemption	NOUN
fsr-3735	104	29	payment	payment	NOUN
fsr-3735	104	30	.	.	PUNCT
fsr-3735	105	1	equation	equation	NOUN
fsr-3735	105	2	(	(	PUNCT
fsr-3735	105	3	2	2	X
fsr-3735	105	4	)	)	PUNCT
fsr-3735	105	5	holds	hold	VERB
fsr-3735	105	6	for	for	ADP
fsr-3735	105	7	the	the	DET
fsr-3735	105	8	fact	fact	NOUN
fsr-3735	105	9	pattern	pattern	NOUN
fsr-3735	105	10	assumed	assume	VERB
fsr-3735	105	11	in	in	ADP
fsr-3735	105	12	this	this	DET
fsr-3735	105	13	analysis	analysis	NOUN
fsr-3735	105	14	.	.	PUNCT
fsr-3735	106	1	for	for	ADP
fsr-3735	106	2	more	more	ADV
fsr-3735	106	3	complex	complex	ADJ
fsr-3735	106	4	recapitalization	recapitalization	NOUN
fsr-3735	106	5	terms	term	NOUN
fsr-3735	106	6	,	,	PUNCT
fsr-3735	106	7	the	the	DET
fsr-3735	106	8	value	value	NOUN
fsr-3735	106	9	of	of	ADP
fsr-3735	106	10	the	the	DET
fsr-3735	106	11	junior	junior	ADJ
fsr-3735	106	12	interest	interest	NOUN
fsr-3735	106	13	would	would	AUX
fsr-3735	106	14	be	be	AUX
fsr-3735	106	15	modified	modify	VERB
fsr-3735	106	16	,	,	PUNCT
fsr-3735	106	17	although	although	SCONJ
fsr-3735	106	18	the	the	DET
fsr-3735	106	19	value	value	NOUN
fsr-3735	106	20	would	would	AUX
fsr-3735	106	21	not	not	PART
fsr-3735	106	22	be	be	AUX
fsr-3735	106	23	difficult	difficult	ADJ
fsr-3735	106	24	to	to	PART
fsr-3735	106	25	model	model	VERB
fsr-3735	106	26	.	.	PUNCT
fsr-3735	107	1	the	the	DET
fsr-3735	107	2	analysis	analysis	NOUN
fsr-3735	107	3	that	that	PRON
fsr-3735	107	4	follows	follow	VERB
fsr-3735	107	5	assumes	assume	VERB
fsr-3735	107	6	that	that	SCONJ
fsr-3735	107	7	120	120	NUM
fsr-3735	107	8	%	%	NOUN
fsr-3735	107	9	of	of	ADP
fsr-3735	107	10	the	the	DET
fsr-3735	107	11	afr	afr	NOUN
fsr-3735	107	12	is	be	AUX
fsr-3735	107	13	10	10	NUM
fsr-3735	107	14	%	%	NOUN
fsr-3735	107	15	.	.	PUNCT
fsr-3735	108	1	thus	thus	ADV
fsr-3735	108	2	,	,	PUNCT
fsr-3735	108	3	r	r	NOUN
fsr-3735	108	4	=	=	PUNCT
fsr-3735	108	5	.lo	.lo	PROPN
fsr-3735	108	6	and	and	CCONJ
fsr-3735	108	7	the	the	DET
fsr-3735	108	8	afr	afr	NOUN
fsr-3735	108	9	=	=	SYM
fsr-3735	108	10	.0833	.0833	PROPN
fsr-3735	108	11	.	.	PUNCT
fsr-3735	109	1	the	the	DET
fsr-3735	109	2	dividend	dividend	NOUN
fsr-3735	109	3	yield	yield	NOUN
fsr-3735	109	4	will	will	AUX
fsr-3735	109	5	be	be	AUX
fsr-3735	109	6	10	10	NUM
fsr-3735	109	7	%	%	NOUN
fsr-3735	109	8	of	of	ADP
fsr-3735	109	9	firm	firm	ADJ
fsr-3735	109	10	value	value	NOUN
fsr-3735	109	11	,	,	PUNCT
fsr-3735	109	12	8.33	8.33	NUM
fsr-3735	109	13	%	%	NOUN
fsr-3735	109	14	of	of	ADP
fsr-3735	109	15	firm	firm	ADJ
fsr-3735	109	16	value	value	NOUN
fsr-3735	109	17	,	,	PUNCT
fsr-3735	109	18	and	and	CCONJ
fsr-3735	109	19	zero	zero	NUM
fsr-3735	109	20	,	,	PUNCT
fsr-3735	109	21	in	in	ADP
fsr-3735	109	22	the	the	DET
fsr-3735	109	23	respective	respective	ADJ
fsr-3735	109	24	situations	situation	NOUN
fsr-3735	109	25	under	under	ADP
fsr-3735	109	26	review	review	NOUN
fsr-3735	109	27	.	.	PUNCT
fsr-3735	110	1	the	the	DET
fsr-3735	110	2	analysis	analysis	NOUN
fsr-3735	110	3	will	will	AUX
fsr-3735	110	4	examine	examine	VERB
fsr-3735	110	5	life	life	NOUN
fsr-3735	110	6	-	-	PUNCT
fsr-3735	110	7	expectancy	expectancy	NOUN
fsr-3735	110	8	from	from	ADP
fsr-3735	110	9	l-32	l-32	ADV
fsr-3735	110	10	years	year	NOUN
fsr-3735	110	11	with	with	ADP
fsr-3735	110	12	log	log	NOUN
fsr-3735	110	13	volatility	volatility	NOUN
fsr-3735	110	14	in	in	ADP
fsr-3735	110	15	the	the	DET
fsr-3735	110	16	blacwscholes	blacwschole	NOUN
fsr-3735	110	17	model	model	NOUN
fsr-3735	110	18	set	set	VERB
fsr-3735	110	19	at	at	ADP
fsr-3735	110	20	20	20	NUM
fsr-3735	110	21	%	%	NOUN
fsr-3735	110	22	,	,	PUNCT
fsr-3735	110	23	30	30	NUM
fsr-3735	110	24	%	%	NOUN
fsr-3735	110	25	,	,	PUNCT
fsr-3735	110	26	and	and	CCONJ
fsr-3735	110	27	40	40	NUM
fsr-3735	110	28	%	%	NOUN
fsr-3735	110	29	.	.	PUNCT
fsr-3735	111	1	a.	a.	NOUN
fsr-3735	111	2	dividend	dividend	NOUN
fsr-3735	111	3	yield	yield	NOUN
fsr-3735	111	4	equal	equal	ADJ
fsr-3735	111	5	to	to	ADP
fsr-3735	111	6	120	120	NUM
fsr-3735	111	7	%	%	NOUN
fsr-3735	111	8	of	of	ADP
fsr-3735	111	9	the	the	DET
fsr-3735	111	10	afr	afr	NOUN
fsr-3735	111	11	when	when	SCONJ
fsr-3735	111	12	the	the	DET
fsr-3735	111	13	dividend	dividend	NOUN
fsr-3735	111	14	yield	yield	NOUN
fsr-3735	111	15	equals	equal	VERB
fsr-3735	111	16	the	the	DET
fsr-3735	111	17	discount	discount	NOUN
fsr-3735	111	18	rate	rate	NOUN
fsr-3735	111	19	used	use	VERB
fsr-3735	111	20	for	for	ADP
fsr-3735	111	21	tax	tax	NOUN
fsr-3735	111	22	law	law	NOUN
fsr-3735	111	23	valuation	valuation	NOUN
fsr-3735	111	24	,	,	PUNCT
fsr-3735	111	25	and	and	CCONJ
fsr-3735	111	26	the	the	DET
fsr-3735	111	27	redemption	redemption	NOUN
fsr-3735	111	28	value	value	NOUN
fsr-3735	111	29	of	of	ADP
fsr-3735	111	30	the	the	DET
fsr-3735	111	31	senior	senior	ADJ
fsr-3735	111	32	interest	interest	NOUN
fsr-3735	111	33	equals	equal	VERB
fsr-3735	111	34	the	the	DET
fsr-3735	111	35	initial	initial	ADJ
fsr-3735	111	36	value	value	NOUN
fsr-3735	111	37	of	of	ADP
fsr-3735	111	38	the	the	DET
fsr-3735	111	39	firm	firm	NOUN
fsr-3735	111	40	,	,	PUNCT
fsr-3735	111	41	the	the	DET
fsr-3735	111	42	value	value	NOUN
fsr-3735	111	43	of	of	ADP
fsr-3735	111	44	the	the	DET
fsr-3735	111	45	junior	junior	ADJ
fsr-3735	111	46	interest	interest	NOUN
fsr-3735	111	47	is	be	AUX
fsr-3735	111	48	zero	zero	NUM
fsr-3735	111	49	using	use	VERB
fsr-3735	111	50	the	the	DET
fsr-3735	111	51	subtraction	subtraction	NOUN
fsr-3735	111	52	method	method	NOUN
fsr-3735	111	53	.	.	PUNCT
fsr-3735	112	1	(	(	PUNCT
fsr-3735	112	2	the	the	DET
fsr-3735	112	3	senior	senior	ADJ
fsr-3735	112	4	interest	interest	NOUN
fsr-3735	112	5	is	be	AUX
fsr-3735	112	6	equivalent	equivalent	ADJ
fsr-3735	112	7	to	to	ADP
fsr-3735	112	8	a	a	DET
fsr-3735	112	9	4	4	NUM
fsr-3735	112	10	os01	os01	PROPN
fsr-3735	112	11	’	'	PUNCT
fsr-3735	112	12	”	"	PUNCT
fsr-3735	112	13	”	"	PUNCT
fsr-3735	112	14	”	"	PUNCT
fsr-3735	112	15	’	'	PUNCT
fsr-3735	112	16	”	"	PUNCT
fsr-3735	112	17	”	"	PUNCT
fsr-3735	112	18	”	"	PUNCT
fsr-3735	112	19	’	'	PUNCT
fsr-3735	112	20	”	"	PUNCT
fsr-3735	112	21	”	"	PUNCT
fsr-3735	112	22	”	"	PUNCT
fsr-3735	112	23	’	'	PUNCT
fsr-3735	112	24	”	"	PUNCT
fsr-3735	112	25	”	"	PUNCT
fsr-3735	112	26	”	"	PUNCT
fsr-3735	112	27	’	'	PUNCT
fsr-3735	112	28	”	"	PUNCT
fsr-3735	112	29	’	'	PUNCT
fsr-3735	112	30	1	1	NUM
fsr-3735	112	31	2	2	NUM
fsr-3735	112	32	3	3	NUM
fsr-3735	112	33	4	4	NUM
fsr-3735	112	34	5	5	NUM
fsr-3735	112	35	6	6	NUM
fsr-3735	112	36	7	7	NUM
fsr-3735	112	37	8	8	NUM
fsr-3735	112	38	9	9	NUM
fsr-3735	112	39	1011121314151617181920212223242526272829303132	1011121314151617181920212223242526272829303132	NUM
fsr-3735	112	40	life	life	NOUN
fsr-3735	112	41	expectancy	expectancy	NOUN
fsr-3735	112	42	of	of	ADP
fsr-3735	112	43	entrepreneur	entrepreneur	NOUN
fsr-3735	112	44	_	_	PROPN
fsr-3735	112	45	.	.	PUNCT
fsr-3735	113	1	_	_	PUNCT
fsr-3735	113	2	20	20	NUM
fsr-3735	113	3	%	%	NOUN
fsr-3735	113	4	volatility	volatility	NOUN
fsr-3735	113	5	+	+	CCONJ
fsr-3735	113	6	30	30	NUM
fsr-3735	113	7	%	%	NOUN
fsr-3735	113	8	volatility	volatility	NOUN
fsr-3735	113	9	_	_	PUNCT
fsr-3735	113	10	,	,	PUNCT
fsr-3735	113	11	_	_	DET
fsr-3735	113	12	40	40	NUM
fsr-3735	113	13	%	%	NOUN
fsr-3735	113	14	volatility	volatility	NOUN
fsr-3735	113	15	figure	figure	NOUN
fsr-3735	113	16	1	1	NUM
fsr-3735	113	17	.	.	PUNCT
fsr-3735	113	18	value	value	NOUN
fsr-3735	113	19	of	of	ADP
fsr-3735	113	20	option	option	NOUN
fsr-3735	113	21	feature	feature	NOUN
fsr-3735	113	22	of	of	ADP
fsr-3735	113	23	junior	junior	ADJ
fsr-3735	113	24	equity	equity	NOUN
fsr-3735	113	25	interest	interest	NOUN
fsr-3735	113	26	(	(	PUNCT
fsr-3735	113	27	10	10	NUM
fsr-3735	113	28	%	%	NOUN
fsr-3735	113	29	dividend	dividend	NOUN
fsr-3735	113	30	,	,	PUNCT
fsr-3735	113	31	8.33	8.33	NUM
fsr-3735	113	32	%	%	NOUN
fsr-3735	113	33	afr	afr	NOUN
fsr-3735	113	34	)	)	PUNCT
fsr-3735	113	35	16	16	NUM
fsr-3735	113	36	financial	financial	ADJ
fsr-3735	113	37	services	service	NOUN
fsr-3735	113	38	review	review	VERB
fsr-3735	113	39	4	4	NUM
fsr-3735	113	40	(	(	PUNCT
fsr-3735	113	41	1	1	NUM
fsr-3735	113	42	)	)	PUNCT
fsr-3735	113	43	1995	1995	NUM
fsr-3735	113	44	table	table	NOUN
fsr-3735	113	45	2	2	NUM
fsr-3735	113	46	value	value	NOUN
fsr-3735	113	47	of	of	ADP
fsr-3735	113	48	call	call	NOUN
fsr-3735	113	49	option	option	NOUN
fsr-3735	113	50	feature	feature	NOUN
fsr-3735	113	51	of	of	ADP
fsr-3735	113	52	junior	junior	ADJ
fsr-3735	113	53	equity	equity	NOUN
fsr-3735	113	54	interest	interest	NOUN
fsr-3735	113	55	using	use	VERB
fsr-3735	113	56	opm	opm	NOUN
fsr-3735	113	57	,	,	PUNCT
fsr-3735	113	58	expressed	express	VERB
fsr-3735	113	59	as	as	ADP
fsr-3735	113	60	a	a	DET
fsr-3735	113	61	percentage	percentage	NOUN
fsr-3735	113	62	of	of	ADP
fsr-3735	113	63	firm	firm	ADJ
fsr-3735	113	64	value	value	NOUN
fsr-3735	113	65	(	(	PUNCT
fsr-3735	113	66	dividend	dividend	NOUN
fsr-3735	113	67	payout	payout	NOUN
fsr-3735	113	68	=	=	NUM
fsr-3735	113	69	100	100	NUM
fsr-3735	113	70	%	%	NOUN
fsr-3735	113	71	of	of	ADP
fsr-3735	113	72	afr	afr	NOUN
fsr-3735	113	73	)	)	PUNCT
fsr-3735	113	74	value	value	NOUN
fsr-3735	113	75	determined	determine	VERB
fsr-3735	113	76	using	use	VERB
fsr-3735	113	77	opm	opm	PROPN
fsr-3735	113	78	with	with	ADP
fsr-3735	113	79	log	log	NOUN
fsr-3735	113	80	-	-	PUNCT
fsr-3735	113	81	volatility	volatility	NOUN
fsr-3735	113	82	of	of	ADP
fsr-3735	113	83	:	:	PUNCT
fsr-3735	113	84	entrepreneur	entrepreneur	NOUN
fsr-3735	113	85	life	life	NOUN
fsr-3735	113	86	tar	tar	NOUN
fsr-3735	113	87	hw	hw	PROPN
fsr-3735	113	88	value	value	NOUN
fsr-3735	113	89	20	20	NUM
fsr-3735	113	90	%	%	NOUN
fsr-3735	113	91	30	30	NUM
fsr-3735	113	92	%	%	NOUN
fsr-3735	113	93	40	40	NUM
fsr-3735	113	94	%	%	NOUN
fsr-3735	113	95	expectancy	expectancy	NOUN
fsr-3735	113	96	i%i	i%i	NOUN
fsr-3735	114	1	(	(	PUNCT
fsr-3735	114	2	%	%	INTJ
fsr-3735	114	3	i	i	INTJ
fsr-3735	114	4	(	(	PUNCT
fsr-3735	114	5	%	%	INTJ
fsr-3735	114	6	/o	/o	PUNCT
fsr-3735	114	7	)	)	PUNCT
fsr-3735	114	8	f%	f%	NOUN
fsr-3735	114	9	)	)	PUNCT
fsr-3735	114	10	1	1	NUM
fsr-3735	114	11	10.0	10.0	NUM
fsr-3735	114	12	7.4	7.4	NUM
fsr-3735	114	13	11.1	11.1	NUM
fsr-3735	114	14	14.7	14.7	NUM
fsr-3735	114	15	2	2	NUM
fsr-3735	114	16	10.0	10.0	NUM
fsr-3735	114	17	9.8	9.8	NUM
fsr-3735	114	18	14.5	14.5	NUM
fsr-3735	114	19	19.2	19.2	NUM
fsr-3735	114	20	3	3	NUM
fsr-3735	114	21	10.0	10.0	NUM
fsr-3735	114	22	11.2	11.2	NUM
fsr-3735	114	23	16.5	16.5	NUM
fsr-3735	114	24	21.7	21.7	NUM
fsr-3735	114	25	4	4	NUM
fsr-3735	114	26	10.0	10.0	NUM
fsr-3735	114	27	12.1	12.1	NUM
fsr-3735	114	28	17.7	17.7	NUM
fsr-3735	114	29	23.2	23.2	NUM
fsr-3735	114	30	5	5	NUM
fsr-3735	114	31	10.0	10.0	NUM
fsr-3735	114	32	12.7	12.7	NUM
fsr-3735	114	33	18.5	18.5	NUM
fsr-3735	114	34	24.1	24.1	NUM
fsr-3735	114	35	6	6	NUM
fsr-3735	114	36	10.0	10.0	NUM
fsr-3735	114	37	13.1	13.1	NUM
fsr-3735	114	38	18.9	18.9	NUM
fsr-3735	114	39	24.5	24.5	NUM
fsr-3735	114	40	7	7	NUM
fsr-3735	114	41	10.0	10.0	NUM
fsr-3735	114	42	13.4	13.4	NUM
fsr-3735	114	43	19.2	19.2	NUM
fsr-3735	114	44	24.7	24.7	NUM
fsr-3735	114	45	3	3	NUM
fsr-3735	114	46	10.0	10.0	NUM
fsr-3735	114	47	13.5	13.5	NUM
fsr-3735	114	48	19.2	19.2	NUM
fsr-3735	114	49	24.6	24.6	NUM
fsr-3735	114	50	9	9	NUM
fsr-3735	114	51	10.0	10.0	NUM
fsr-3735	114	52	13.6	13.6	NUM
fsr-3735	114	53	19.2	19.2	NUM
fsr-3735	114	54	24.4	24.4	NUM
fsr-3735	114	55	10	10	NUM
fsr-3735	114	56	10.2	10.2	NUM
fsr-3735	114	57	13.7	13.7	NUM
fsr-3735	114	58	19.1	19.1	NUM
fsr-3735	114	59	24.1	24.1	NUM
fsr-3735	114	60	11	11	NUM
fsr-3735	114	61	10.9	10.9	NUM
fsr-3735	114	62	13.7	13.7	NUM
fsr-3735	114	63	18.9	18.9	NUM
fsr-3735	114	64	23.8	23.8	NUM
fsr-3735	114	65	12	12	NUM
fsr-3735	114	66	11.3	11.3	NUM
fsr-3735	114	67	13.7	13.7	NUM
fsr-3735	114	68	18.7	18.7	NUM
fsr-3735	114	69	23.4	23.4	NUM
fsr-3735	114	70	13	13	NUM
fsr-3735	114	71	11.8	11.8	NUM
fsr-3735	114	72	13.7	13.7	NUM
fsr-3735	114	73	18.5	18.5	NUM
fsr-3735	114	74	23.0	23.0	NUM
fsr-3735	114	75	14	14	NUM
fsr-3735	114	76	12.3	12.3	NUM
fsr-3735	114	77	13.6	13.6	NUM
fsr-3735	114	78	18.3	18.3	NUM
fsr-3735	114	79	22.5	22.5	NUM
fsr-3735	114	80	1.5	1.5	NUM
fsr-3735	114	81	12.7	12.7	NUM
fsr-3735	114	82	13.6	13.6	NUM
fsr-3735	114	83	18.1	18.1	NUM
fsr-3735	114	84	22.1	22.1	NUM
fsr-3735	114	85	16	16	NUM
fsr-3735	114	86	13.0	13.0	NUM
fsr-3735	114	87	13.6	13.6	NUM
fsr-3735	114	88	17.9	17.9	NUM
fsr-3735	114	89	21.7	21.7	NUM
fsr-3735	114	90	17	17	NUM
fsr-3735	114	91	13.4	13.4	NUM
fsr-3735	114	92	13.6	13.6	NUM
fsr-3735	114	93	17.6	17.6	NUM
fsr-3735	114	94	21.3	21.3	NUM
fsr-3735	114	95	18	18	NUM
fsr-3735	114	96	13.7	13.7	NUM
fsr-3735	114	97	13.6	13.6	NUM
fsr-3735	114	98	17.4	17.4	NUM
fsr-3735	114	99	20.9	20.9	NUM
fsr-3735	114	100	19	19	NUM
fsr-3735	114	101	13.9	13.9	NUM
fsr-3735	114	102	13.6	13.6	NUM
fsr-3735	114	103	17.2	17.2	NUM
fsr-3735	114	104	20.5	20.5	NUM
fsr-3735	114	105	20	20	NUM
fsr-3735	114	106	14.2	14.2	NUM
fsr-3735	114	107	13.6	13.6	NUM
fsr-3735	114	108	17.1	17.1	NUM
fsr-3735	114	109	20.2	20.2	NUM
fsr-3735	114	110	21	21	NUM
fsr-3735	114	111	14.4	14.4	NUM
fsr-3735	114	112	13.6	13.6	NUM
fsr-3735	114	113	16.9	16.9	NUM
fsr-3735	114	114	19.8	19.8	NUM
fsr-3735	114	115	22	22	NUM
fsr-3735	114	116	14.6	14.6	NUM
fsr-3735	114	117	13.6	13.6	NUM
fsr-3735	114	118	16.8	16.8	NUM
fsr-3735	114	119	19.5	19.5	NUM
fsr-3735	114	120	23	23	NUM
fsr-3735	114	121	14.8	14.8	NUM
fsr-3735	114	122	13.7	13.7	NUM
fsr-3735	114	123	16.6	16.6	NUM
fsr-3735	114	124	19.2	19.2	NUM
fsr-3735	114	125	24	24	NUM
fsr-3735	114	126	15.0	15.0	NUM
fsr-3735	114	127	13.7	13.7	NUM
fsr-3735	114	128	16.5	16.5	NUM
fsr-3735	114	129	19.0	19.0	NUM
fsr-3735	114	130	25	25	NUM
fsr-3735	114	131	15.2	15.2	NUM
fsr-3735	114	132	13.8	13.8	NUM
fsr-3735	114	133	16.4	16.4	NUM
fsr-3735	114	134	18.7	18.7	NUM
fsr-3735	114	135	26	26	NUM
fsr-3735	114	136	15.3	15.3	NUM
fsr-3735	114	137	13.8	13.8	NUM
fsr-3735	114	138	16.3	16.3	NUM
fsr-3735	114	139	18.5	18.5	NUM
fsr-3735	114	140	27	27	NUM
fsr-3735	114	141	15.5	15.5	NUM
fsr-3735	114	142	13.9	13.9	NUM
fsr-3735	114	143	16.2	16.2	NUM
fsr-3735	114	144	18.3	18.3	NUM
fsr-3735	114	145	28	28	NUM
fsr-3735	114	146	15.6	15.6	NUM
fsr-3735	114	147	13.9	13.9	NUM
fsr-3735	114	148	16.2	16.2	NUM
fsr-3735	114	149	18.1	18.1	NUM
fsr-3735	114	150	29	29	NUM
fsr-3735	114	151	15.7	15.7	NUM
fsr-3735	114	152	14.0	14.0	NUM
fsr-3735	114	153	16.1	16.1	NUM
fsr-3735	114	154	17.9	17.9	NUM
fsr-3735	114	155	30	30	NUM
fsr-3735	114	156	15.8	15.8	NUM
fsr-3735	114	157	14.1	14.1	NUM
fsr-3735	114	158	16.1	16.1	NUM
fsr-3735	114	159	17.8	17.8	NUM
fsr-3735	114	160	31	31	NUM
fsr-3735	114	161	15.8	15.8	NUM
fsr-3735	114	162	14.2	14.2	NUM
fsr-3735	114	163	16.0	16.0	NUM
fsr-3735	114	164	17.7	17.7	NUM
fsr-3735	114	165	32	32	NUM
fsr-3735	114	166	15.9	15.9	NUM
fsr-3735	114	167	14.3	14.3	NUM
fsr-3735	114	168	16.0	16.0	NUM
fsr-3735	114	169	17.5	17.5	NUM
fsr-3735	114	170	bond	bond	NOUN
fsr-3735	114	171	with	with	ADP
fsr-3735	114	172	a	a	DET
fsr-3735	114	173	coupon	coupon	NOUN
fsr-3735	114	174	equal	equal	ADJ
fsr-3735	114	175	to	to	ADP
fsr-3735	114	176	the	the	DET
fsr-3735	114	177	required	require	VERB
fsr-3735	114	178	market	market	NOUN
fsr-3735	114	179	return	return	NOUN
fsr-3735	114	180	and	and	CCONJ
fsr-3735	114	181	a	a	DET
fsr-3735	114	182	r	r	NOUN
fsr-3735	114	183	~	~	SYM
fsr-3735	114	184	emption	emption	NOUN
fsr-3735	114	185	value	value	NOUN
fsr-3735	114	186	equal	equal	ADJ
fsr-3735	114	187	to	to	ADP
fsr-3735	114	188	par	par	NOUN
fsr-3735	114	189	.	.	PUNCT
fsr-3735	114	190	)	)	PUNCT
fsr-3735	115	1	however	however	ADV
fsr-3735	115	2	,	,	PUNCT
fsr-3735	115	3	the	the	DET
fsr-3735	115	4	tax	tax	NOUN
fsr-3735	115	5	law	law	NOUN
fsr-3735	115	6	requires	require	VERB
fsr-3735	115	7	that	that	SCONJ
fsr-3735	115	8	the	the	DET
fsr-3735	115	9	value	value	NOUN
fsr-3735	115	10	of	of	ADP
fsr-3735	115	11	the	the	DET
fsr-3735	115	12	junior	junior	ADJ
fsr-3735	115	13	interest	interest	NOUN
fsr-3735	115	14	be	be	AUX
fsr-3735	115	15	equal	equal	ADJ
fsr-3735	115	16	to	to	ADP
fsr-3735	115	17	10	10	NUM
fsr-3735	115	18	%	%	NOUN
fsr-3735	115	19	of	of	ADP
fsr-3735	115	20	firm	firm	ADJ
fsr-3735	115	21	value	value	NOUN
fsr-3735	115	22	,	,	PUNCT
fsr-3735	115	23	to	to	PART
fsr-3735	115	24	reflect	reflect	VERB
fsr-3735	115	25	the	the	DET
fsr-3735	115	26	call	call	NOUN
fsr-3735	115	27	feature	feature	NOUN
fsr-3735	115	28	of	of	ADP
fsr-3735	115	29	the	the	DET
fsr-3735	115	30	interest	interest	NOUN
fsr-3735	115	31	.	.	PUNCT
fsr-3735	116	1	as	as	SCONJ
fsr-3735	116	2	shown	show	VERB
fsr-3735	116	3	in	in	ADP
fsr-3735	116	4	table	table	NOUN
fsr-3735	116	5	1	1	NUM
fsr-3735	116	6	,	,	PUNCT
fsr-3735	116	7	the	the	DET
fsr-3735	116	8	option	option	NOUN
fsr-3735	116	9	value	value	NOUN
fsr-3735	116	10	of	of	ADP
fsr-3735	116	11	the	the	DET
fsr-3735	116	12	junior	junior	ADJ
fsr-3735	116	13	interest	interest	NOUN
fsr-3735	116	14	determined	determine	VERB
fsr-3735	116	15	using	use	VERB
fsr-3735	116	16	opm	opm	PROPN
fsr-3735	116	17	varies	vary	VERB
fsr-3735	116	18	from	from	ADP
fsr-3735	116	19	1.4	1.4	NUM
fsr-3735	116	20	%	%	NOUN
fsr-3735	116	21	to	to	ADP
fsr-3735	116	22	19.9	19.9	NUM
fsr-3735	116	23	%	%	NOUN
fsr-3735	116	24	of	of	ADP
fsr-3735	116	25	fitm	fitm	ADJ
fsr-3735	116	26	value	value	NOUN
fsr-3735	116	27	,	,	PUNCT
fsr-3735	116	28	depending	depend	VERB
fsr-3735	116	29	on	on	ADP
fsr-3735	116	30	volatility	volatility	NOUN
fsr-3735	116	31	and	and	CCONJ
fsr-3735	116	32	entrepreneur	entrepreneur	NOUN
fsr-3735	116	33	life	life	NOUN
fsr-3735	116	34	expectancy	expectancy	NOUN
fsr-3735	116	35	.	.	PUNCT
fsr-3735	117	1	when	when	SCONJ
fsr-3735	117	2	log	log	NOUN
fsr-3735	117	3	volatility	volatility	NOUN
fsr-3735	117	4	is	be	AUX
fsr-3735	117	5	low	low	ADJ
fsr-3735	117	6	(	(	PUNCT
fsr-3735	117	7	20%),13	20%),13	NUM
fsr-3735	117	8	the	the	DET
fsr-3735	117	9	opm	opm	PROPN
fsr-3735	117	10	v	v	PROPN
fsr-3735	117	11	~	~	PROPN
fsr-3735	117	12	uation	uation	NOUN
fsr-3735	117	13	is	be	AUX
fsr-3735	117	14	below	below	ADP
fsr-3735	117	15	10	10	NUM
fsr-3735	117	16	%	%	NOUN
fsr-3735	117	17	for	for	ADP
fsr-3735	117	18	all	all	DET
fsr-3735	117	19	time	time	NOUN
fsr-3735	117	20	periods	period	NOUN
fsr-3735	117	21	.	.	PUNCT
fsr-3735	118	1	the	the	DET
fsr-3735	118	2	tax	tax	NOUN
fsr-3735	118	3	law	law	NOUN
fsr-3735	118	4	then	then	ADV
fsr-3735	118	5	values	value	VERB
fsr-3735	118	6	the	the	DET
fsr-3735	118	7	call	call	NOUN
fsr-3735	118	8	feature	feature	NOUN
fsr-3735	118	9	of	of	ADP
fsr-3735	118	10	the	the	DET
fsr-3735	118	11	junior	junior	ADJ
fsr-3735	118	12	interest	interest	NOUN
fsr-3735	118	13	at	at	ADP
fsr-3735	118	14	an	an	DET
fsr-3735	118	15	amount	amount	NOUN
fsr-3735	118	16	in	in	ADP
fsr-3735	118	17	excess	excess	NOUN
fsr-3735	118	18	of	of	ADP
fsr-3735	118	19	the	the	DET
fsr-3735	118	20	opm	opm	NOUN
fsr-3735	118	21	value	value	NOUN
fsr-3735	118	22	,	,	PUNCT
fsr-3735	118	23	with	with	ADP
fsr-3735	118	24	the	the	DET
fsr-3735	118	25	difference	difference	NOUN
fsr-3735	118	26	generally	generally	ADV
fsr-3735	118	27	increasing	increase	VERB
fsr-3735	118	28	with	with	ADP
fsr-3735	118	29	the	the	DET
fsr-3735	118	30	life	life	NOUN
fsr-3735	118	31	expectancy	expectancy	NOUN
fsr-3735	118	32	of	of	ADP
fsr-3735	118	33	the	the	DET
fsr-3735	118	34	entrepreneur	entrepreneur	NOUN
fsr-3735	118	35	(	(	PUNCT
fsr-3735	118	36	see	see	VERB
fsr-3735	118	37	figure	figure	NOUN
fsr-3735	118	38	1	1	NUM
fsr-3735	118	39	)	)	PUNCT
fsr-3735	118	40	.	.	PUNCT
fsr-3735	119	1	the	the	DET
fsr-3735	119	2	valuation	valuation	NOUN
fsr-3735	119	3	difference	difference	NOUN
fsr-3735	119	4	ranges	range	VERB
fsr-3735	119	5	from	from	ADP
fsr-3735	119	6	less	less	ADJ
fsr-3735	119	7	than	than	ADP
fsr-3735	119	8	10	10	NUM
fsr-3735	119	9	%	%	NOUN
fsr-3735	119	10	to	to	ADP
fsr-3735	119	11	in	in	ADP
fsr-3735	119	12	excess	excess	NOUN
fsr-3735	119	13	of	of	ADP
fsr-3735	119	14	600	600	NUM
fsr-3735	119	15	%	%	NOUN
fsr-3735	119	16	of	of	ADP
fsr-3735	119	17	the	the	DET
fsr-3735	119	18	value	value	NOUN
fsr-3735	119	19	determined	determine	VERB
fsr-3735	119	20	using	use	VERB
fsr-3735	119	21	opm	opm	PROPN
fsr-3735	119	22	.	.	PUNCT
fsr-3735	120	1	when	when	SCONJ
fsr-3735	120	2	log	log	NOUN
fsr-3735	120	3	volatility	volatility	NOUN
fsr-3735	120	4	is	be	AUX
fsr-3735	120	5	30	30	NUM
fsr-3735	120	6	%	%	NOUN
fsr-3735	120	7	,	,	PUNCT
fsr-3735	120	8	the	the	DET
fsr-3735	120	9	opm	opm	PROPN
fsr-3735	120	10	call	call	NOUN
fsr-3735	120	11	value	value	NOUN
fsr-3735	120	12	is	be	AUX
fsr-3735	120	13	in	in	ADP
fsr-3735	120	14	excess	excess	NOUN
fsr-3735	120	15	of	of	ADP
fsr-3735	120	16	10	10	NUM
fsr-3735	120	17	%	%	NOUN
fsr-3735	120	18	for	for	ADP
fsr-3735	120	19	life	life	NOUN
fsr-3735	120	20	expectancies	expectancy	NOUN
fsr-3735	120	21	less	less	ADJ
fsr-3735	120	22	than	than	ADP
fsr-3735	120	23	app	app	PROPN
fsr-3735	120	24	~	~	NOUN
fsr-3735	120	25	ximately	ximately	ADV
fsr-3735	120	26	13.3	13.3	NUM
fsr-3735	120	27	years	year	NOUN
fsr-3735	120	28	,	,	PUNCT
fsr-3735	120	29	and	and	CCONJ
fsr-3735	120	30	less	less	ADJ
fsr-3735	120	31	than	than	ADP
fsr-3735	120	32	10	10	NUM
fsr-3735	120	33	%	%	NOUN
fsr-3735	120	34	otherwise	otherwise	ADV
fsr-3735	120	35	.	.	PUNCT
fsr-3735	121	1	depending	depend	VERB
fsr-3735	121	2	on	on	ADP
fsr-3735	121	3	the	the	DET
fsr-3735	121	4	term	term	NOUN
fsr-3735	121	5	,	,	PUNCT
fsr-3735	121	6	tax	tax	NOUN
fsr-3735	121	7	savings	saving	NOUN
fsr-3735	121	8	~ppor	~ppor	ADP
fsr-3735	121	9	~	~	SYM
fsr-3735	121	10	ni	ni	PROPN
fsr-3735	121	11	~	~	NOUN
fsr-3735	121	12	es	es	NOUN
fsr-3735	121	13	in	in	ADP
fsr-3735	121	14	estate	estate	NOUN
fsr-3735	121	15	freeze	freeze	VERB
fsr-3735	121	16	~rans	~ran	NOUN
fsr-3735	121	17	~	~	SYM
fsr-3735	121	18	ct~~s	ct~~s	X
fsr-3735	121	19	17	17	NUM
fsr-3735	121	20	1	1	NUM
fsr-3735	121	21	2	2	NUM
fsr-3735	121	22	3	3	NUM
fsr-3735	121	23	4	4	NUM
fsr-3735	121	24	5	5	NUM
fsr-3735	121	25	6	6	NUM
fsr-3735	121	26	7	7	NUM
fsr-3735	121	27	8	8	NUM
fsr-3735	121	28	91011121311151617181920212223252526272829303132	91011121311151617181920212223252526272829303132	NUM
fsr-3735	121	29	life	life	NOUN
fsr-3735	121	30	expectancy	expectancy	NOUN
fsr-3735	121	31	of	of	ADP
fsr-3735	121	32	entrepreneur	entrepreneur	NOUN
fsr-3735	121	33	20	20	NUM
fsr-3735	121	34	%	%	NOUN
fsr-3735	121	35	volatility	volatility	NOUN
fsr-3735	121	36	+	+	CCONJ
fsr-3735	121	37	30	30	NUM
fsr-3735	121	38	%	%	NOUN
fsr-3735	121	39	volatility	volatility	NOUN
fsr-3735	121	40	+	+	CCONJ
fsr-3735	121	41	40	40	NUM
fsr-3735	121	42	%	%	NOUN
fsr-3735	121	43	volatility	volatility	NOUN
fsr-3735	121	44	figure	figure	NOUN
fsr-3735	121	45	2	2	NUM
fsr-3735	121	46	.	.	NOUN
fsr-3735	121	47	value	value	NOUN
fsr-3735	121	48	of	of	ADP
fsr-3735	121	49	option	option	NOUN
fsr-3735	121	50	feature	feature	NOUN
fsr-3735	121	51	of	of	ADP
fsr-3735	121	52	junior	junior	ADJ
fsr-3735	121	53	equity	equity	NOUN
fsr-3735	121	54	interest	interest	NOUN
fsr-3735	121	55	(	(	PUNCT
fsr-3735	121	56	8.33	8.33	NUM
fsr-3735	121	57	%	%	NOUN
fsr-3735	121	58	dividend	dividend	NOUN
fsr-3735	121	59	,	,	PUNCT
fsr-3735	121	60	8.33	8.33	NUM
fsr-3735	121	61	%	%	NOUN
fsr-3735	121	62	afr	afr	NOUN
fsr-3735	121	63	)	)	PUNCT
fsr-3735	121	64	the	the	DET
fsr-3735	121	65	minimum	minimum	ADJ
fsr-3735	121	66	value	value	NOUN
fsr-3735	121	67	rule	rule	NOUN
fsr-3735	121	68	can	can	AUX
fsr-3735	121	69	lead	lead	VERB
fsr-3735	121	70	to	to	ADP
fsr-3735	121	71	valuations	valuation	NOUN
fsr-3735	121	72	less	less	ADJ
fsr-3735	121	73	than	than	ADP
fsr-3735	121	74	opm	opm	NOUN
fsr-3735	121	75	by	by	ADP
fsr-3735	121	76	more	more	ADJ
fsr-3735	121	77	than	than	ADP
fsr-3735	121	78	30	30	NUM
fsr-3735	121	79	%	%	NOUN
fsr-3735	121	80	(	(	PUNCT
fsr-3735	121	81	for	for	ADP
fsr-3735	121	82	shorter	short	ADJ
fsr-3735	121	83	life	life	NOUN
fsr-3735	121	84	expectancies	expectancy	NOUN
fsr-3735	121	85	)	)	PUNCT
fsr-3735	121	86	and	and	CCONJ
fsr-3735	121	87	valuations	valuation	NOUN
fsr-3735	121	88	higher	high	ADJ
fsr-3735	121	89	than	than	ADP
fsr-3735	121	90	opm	opm	PROPN
fsr-3735	121	91	by	by	ADP
fsr-3735	121	92	more	more	ADJ
fsr-3735	121	93	than	than	ADP
fsr-3735	121	94	300	300	NUM
fsr-3735	121	95	%	%	NOUN
fsr-3735	121	96	(	(	PUNCT
fsr-3735	121	97	for	for	ADP
fsr-3735	121	98	longer	long	ADJ
fsr-3735	121	99	life	life	NOUN
fsr-3735	121	100	expectancies	expectancy	NOUN
fsr-3735	121	101	)	)	PUNCT
fsr-3735	121	102	.	.	PUNCT
fsr-3735	122	1	log	log	VERB
fsr-3735	122	2	volatility	volatility	NOUN
fsr-3735	122	3	of	of	ADP
fsr-3735	122	4	40	40	NUM
fsr-3735	122	5	%	%	NOUN
fsr-3735	122	6	produces	produce	VERB
fsr-3735	122	7	similar	similar	ADJ
fsr-3735	122	8	results	result	NOUN
fsr-3735	122	9	,	,	PUNCT
fsr-3735	122	10	with	with	ADP
fsr-3735	122	11	tax	tax	NOUN
fsr-3735	122	12	law	law	NOUN
fsr-3735	122	13	undervaluations	undervaluation	NOUN
fsr-3735	122	14	relative	relative	ADJ
fsr-3735	122	15	to	to	ADP
fsr-3735	122	16	opm	opm	PROPN
fsr-3735	122	17	magnified	magnify	VERB
fsr-3735	122	18	and	and	CCONJ
fsr-3735	122	19	overvaluations	overvaluation	NOUN
fsr-3735	122	20	reduced	reduce	VERB
fsr-3735	122	21	.	.	PUNCT
fsr-3735	123	1	the	the	DET
fsr-3735	123	2	crossover	crossover	NOUN
fsr-3735	123	3	point	point	NOUN
fsr-3735	123	4	,	,	PUNCT
fsr-3735	123	5	where	where	SCONJ
fsr-3735	123	6	the	the	DET
fsr-3735	123	7	minimum	minimum	ADJ
fsr-3735	123	8	value	value	NOUN
fsr-3735	123	9	rule	rule	NOUN
fsr-3735	123	10	and	and	CCONJ
fsr-3735	123	11	opm	opm	PROPN
fsr-3735	123	12	produce	produce	VERB
fsr-3735	123	13	similar	similar	ADJ
fsr-3735	123	14	values	value	NOUN
fsr-3735	123	15	,	,	PUNCT
fsr-3735	123	16	occurs	occur	VERB
fsr-3735	123	17	at	at	ADP
fsr-3735	123	18	13.3	13.3	NUM
fsr-3735	123	19	years	year	NOUN
fsr-3735	123	20	with	with	ADP
fsr-3735	123	21	30	30	NUM
fsr-3735	123	22	%	%	NOUN
fsr-3735	123	23	volatility	volatility	NOUN
fsr-3735	123	24	and	and	CCONJ
fsr-3735	123	25	17.9	17.9	NUM
fsr-3735	123	26	years	year	NOUN
fsr-3735	123	27	with	with	ADP
fsr-3735	123	28	40	40	NUM
fsr-3735	123	29	%	%	NOUN
fsr-3735	123	30	volatility	volatility	NOUN
fsr-3735	123	31	.	.	PUNCT
fsr-3735	124	1	figure	figure	NOUN
fsr-3735	124	2	1	1	NUM
fsr-3735	124	3	shows	show	VERB
fsr-3735	124	4	the	the	DET
fsr-3735	124	5	call	call	NOUN
fsr-3735	124	6	value	value	NOUN
fsr-3735	124	7	as	as	ADP
fsr-3735	124	8	a	a	DET
fsr-3735	124	9	function	function	NOUN
fsr-3735	124	10	of	of	ADP
fsr-3735	124	11	entrepreneur	entrepreneur	NOUN
fsr-3735	124	12	life	life	NOUN
fsr-3735	124	13	expectancy	expectancy	NOUN
fsr-3735	124	14	for	for	ADP
fsr-3735	124	15	each	each	DET
fsr-3735	124	16	level	level	NOUN
fsr-3735	124	17	of	of	ADP
fsr-3735	124	18	volatility	volatility	NOUN
fsr-3735	124	19	.	.	PUNCT
fsr-3735	125	1	b.	b.	PROPN
fsr-3735	125	2	dividend	dividend	NOUN
fsr-3735	125	3	yield	yield	NOUN
fsr-3735	125	4	equal	equal	ADJ
fsr-3735	125	5	to	to	ADP
fsr-3735	125	6	the	the	DET
fsr-3735	125	7	afx	afx	NOUN
fsr-3735	125	8	when	when	SCONJ
fsr-3735	125	9	the	the	DET
fsr-3735	125	10	dividend	dividend	NOUN
fsr-3735	125	11	yield	yield	NOUN
fsr-3735	125	12	equals	equal	VERB
fsr-3735	125	13	the	the	DET
fsr-3735	125	14	afr	afr	NOUN
fsr-3735	125	15	,	,	PUNCT
fsr-3735	125	16	the	the	DET
fsr-3735	125	17	value	value	NOUN
fsr-3735	125	18	of	of	ADP
fsr-3735	125	19	the	the	DET
fsr-3735	125	20	junior	junior	ADJ
fsr-3735	125	21	interest	interest	NOUN
fsr-3735	125	22	as	as	SCONJ
fsr-3735	125	23	determined	determine	VERB
fsr-3735	125	24	by	by	ADP
fsr-3735	125	25	tax	tax	NOUN
fsr-3735	125	26	law	law	NOUN
fsr-3735	125	27	is	be	AUX
fsr-3735	125	28	always	always	ADV
fsr-3735	125	29	positive	positive	ADJ
fsr-3735	125	30	,	,	PUNCT
fsr-3735	125	31	because	because	SCONJ
fsr-3735	125	32	the	the	DET
fsr-3735	125	33	cash	cash	NOUN
fsr-3735	125	34	flows	flow	NOUN
fsr-3735	125	35	generated	generate	VERB
fsr-3735	125	36	by	by	ADP
fsr-3735	125	37	the	the	DET
fsr-3735	125	38	senior	senior	ADJ
fsr-3735	125	39	interest	interest	NOUN
fsr-3735	125	40	are	be	AUX
fsr-3735	125	41	less	less	ADJ
fsr-3735	125	42	than	than	ADP
fsr-3735	125	43	the	the	DET
fsr-3735	125	44	required	require	VERB
fsr-3735	125	45	market	market	NOUN
fsr-3735	125	46	rate	rate	NOUN
fsr-3735	125	47	-	-	PUNCT
fsr-3735	125	48	of	of	ADP
fsr-3735	125	49	-	-	PUNCT
fsr-3735	125	50	return	return	NOUN
fsr-3735	125	51	-	-	PUNCT
fsr-3735	125	52	that	that	ADV
fsr-3735	125	53	is	be	AUX
fsr-3735	125	54	,	,	PUNCT
fsr-3735	125	55	the	the	DET
fsr-3735	125	56	senior	senior	ADJ
fsr-3735	125	57	interest	interest	NOUN
fsr-3735	125	58	is	be	AUX
fsr-3735	125	59	valued	value	VERB
fsr-3735	125	60	at	at	ADP
fsr-3735	125	61	a	a	DET
fsr-3735	125	62	discount	discount	NOUN
fsr-3735	125	63	from	from	ADP
fsr-3735	125	64	firm	firm	ADJ
fsr-3735	125	65	value	value	NOUN
fsr-3735	125	66	and	and	CCONJ
fsr-3735	125	67	the	the	DET
fsr-3735	125	68	subtraction	subtraction	NOUN
fsr-3735	125	69	method	method	NOUN
fsr-3735	125	70	results	result	NOUN
fsr-3735	125	71	in	in	ADP
fsr-3735	125	72	a	a	DET
fsr-3735	125	73	positive	positive	ADJ
fsr-3735	125	74	value	value	NOUN
fsr-3735	125	75	assigned	assign	VERB
fsr-3735	125	76	to	to	ADP
fsr-3735	125	77	the	the	DET
fsr-3735	125	78	junior	junior	ADJ
fsr-3735	125	79	interest	interest	NOUN
fsr-3735	125	80	.	.	PUNCT
fsr-3735	126	1	for	for	ADP
fsr-3735	126	2	an	an	DET
fsr-3735	126	3	entrepreneur	entrepreneur	NOUN
fsr-3735	126	4	life	life	NOUN
fsr-3735	126	5	expectancy	expectancy	NOUN
fsr-3735	126	6	of	of	ADP
fsr-3735	126	7	less	less	ADJ
fsr-3735	126	8	than	than	ADP
fsr-3735	126	9	10	10	NUM
fsr-3735	126	10	years	year	NOUN
fsr-3735	126	11	,	,	PUNCT
fsr-3735	126	12	the	the	DET
fsr-3735	126	13	value	value	NOUN
fsr-3735	126	14	of	of	ADP
fsr-3735	126	15	the	the	DET
fsr-3735	126	16	junior	junior	ADJ
fsr-3735	126	17	interest	interest	NOUN
fsr-3735	126	18	as	as	SCONJ
fsr-3735	126	19	determined	determine	VERB
fsr-3735	126	20	by	by	ADP
fsr-3735	126	21	tax	tax	NOUN
fsr-3735	126	22	law	law	NOUN
fsr-3735	126	23	is	be	AUX
fsr-3735	126	24	less	less	ADJ
fsr-3735	126	25	than	than	ADP
fsr-3735	126	26	10	10	NUM
fsr-3735	126	27	%	%	NOUN
fsr-3735	126	28	of	of	ADP
fsr-3735	126	29	the	the	DET
fsr-3735	126	30	firm	firm	ADJ
fsr-3735	126	31	value	value	NOUN
fsr-3735	126	32	.	.	PUNCT
fsr-3735	127	1	the	the	DET
fsr-3735	127	2	minimum	minimum	ADJ
fsr-3735	127	3	value	value	NOUN
fsr-3735	127	4	rule	rule	NOUN
fsr-3735	127	5	,	,	PUNCT
fsr-3735	127	6	therefore	therefore	ADV
fsr-3735	127	7	,	,	PUNCT
fsr-3735	127	8	is	be	AUX
fsr-3735	127	9	binding	bind	VERB
fsr-3735	127	10	only	only	ADV
fsr-3735	127	11	for	for	ADP
fsr-3735	127	12	life	life	NOUN
fsr-3735	127	13	expectancies	expectancy	NOUN
fsr-3735	127	14	less	less	ADJ
fsr-3735	127	15	than	than	ADP
fsr-3735	127	16	10	10	NUM
fsr-3735	127	17	years	year	NOUN
fsr-3735	127	18	and	and	CCONJ
fsr-3735	127	19	is	be	AUX
fsr-3735	127	20	nonbinding	nonbinde	VERB
fsr-3735	127	21	otherwise	otherwise	ADV
fsr-3735	127	22	.	.	PUNCT
fsr-3735	128	1	in	in	ADP
fsr-3735	128	2	contrast	contrast	NOUN
fsr-3735	128	3	,	,	PUNCT
fsr-3735	128	4	as	as	SCONJ
fsr-3735	128	5	shown	show	VERB
fsr-3735	128	6	in	in	ADP
fsr-3735	128	7	table	table	NOUN
fsr-3735	128	8	2	2	NUM
fsr-3735	128	9	,	,	PUNCT
fsr-3735	128	10	the	the	DET
fsr-3735	128	11	opm	opm	NOUN
fsr-3735	128	12	value	value	NOUN
fsr-3735	128	13	of	of	ADP
fsr-3735	128	14	the	the	DET
fsr-3735	128	15	call	call	NOUN
fsr-3735	128	16	feature	feature	NOUN
fsr-3735	128	17	of	of	ADP
fsr-3735	128	18	the	the	DET
fsr-3735	128	19	junior	junior	ADJ
fsr-3735	128	20	interest	interest	NOUN
fsr-3735	128	21	exceeds	exceed	VERB
fsr-3735	128	22	10	10	NUM
fsr-3735	128	23	%	%	NOUN
fsr-3735	128	24	for	for	ADP
fsr-3735	128	25	all	all	DET
fsr-3735	128	26	situations	situation	NOUN
fsr-3735	128	27	except	except	SCONJ
fsr-3735	128	28	20	20	NUM
fsr-3735	128	29	%	%	NOUN
fsr-3735	128	30	volatility	volatility	NOUN
fsr-3735	128	31	with	with	ADP
fsr-3735	128	32	life	life	NOUN
fsr-3735	128	33	expectancy	expectancy	NOUN
fsr-3735	128	34	of	of	ADP
fsr-3735	128	35	two	two	NUM
fsr-3735	128	36	years	year	NOUN
fsr-3735	128	37	or	or	CCONJ
fsr-3735	128	38	less	less	ADJ
fsr-3735	128	39	.	.	PUNCT
fsr-3735	129	1	for	for	ADP
fsr-3735	129	2	life	life	NOUN
fsr-3735	129	3	expectancies	expectancy	NOUN
fsr-3735	129	4	of	of	ADP
fsr-3735	129	5	less	less	ADJ
fsr-3735	129	6	than	than	ADP
fsr-3735	129	7	10	10	NUM
fsr-3735	129	8	years	year	NOUN
fsr-3735	129	9	(	(	PUNCT
fsr-3735	129	10	when	when	SCONJ
fsr-3735	129	11	the	the	DET
fsr-3735	129	12	~nimum	~nimum	NUM
fsr-3735	129	13	value	value	NOUN
fsr-3735	129	14	rule	rule	NOUN
fsr-3735	129	15	is	be	AUX
fsr-3735	129	16	bindings	binding	NOUN
fsr-3735	129	17	,	,	PUNCT
fsr-3735	129	18	the	the	DET
fsr-3735	129	19	tax	tax	NOUN
fsr-3735	129	20	law	law	NOUN
fsr-3735	129	21	value	value	NOUN
fsr-3735	129	22	is	be	AUX
fsr-3735	129	23	less	less	ADJ
fsr-3735	129	24	than	than	ADP
fsr-3735	129	25	the	the	DET
fsr-3735	129	26	opm	opm	NOUN
fsr-3735	129	27	call	call	NOUN
fsr-3735	129	28	value	value	NOUN
fsr-3735	129	29	of	of	ADP
fsr-3735	129	30	the	the	DET
fsr-3735	129	31	junior	junior	ADJ
fsr-3735	129	32	interest	interest	NOUN
fsr-3735	129	33	,	,	PUNCT
fsr-3735	129	34	except	except	SCONJ
fsr-3735	129	35	as	as	SCONJ
fsr-3735	129	36	noted	note	VERB
fsr-3735	129	37	in	in	ADP
fsr-3735	129	38	the	the	DET
fsr-3735	129	39	preceding	precede	VERB
fsr-3735	129	40	sentence	sentence	NOUN
fsr-3735	129	41	,	,	PUNCT
fsr-3735	129	42	and	and	CCONJ
fsr-3735	129	43	the	the	DET
fsr-3735	129	44	difference	difference	NOUN
fsr-3735	129	45	increases	increase	VERB
fsr-3735	129	46	with	with	ADP
fsr-3735	129	47	increasing	increase	VERB
fsr-3735	129	48	volatility	volatility	NOUN
fsr-3735	129	49	.	.	PUNCT
fsr-3735	130	1	figure	figure	NOUN
fsr-3735	130	2	2	2	NUM
fsr-3735	130	3	shows	show	VERB
fsr-3735	130	4	the	the	DET
fsr-3735	130	5	call	call	NOUN
fsr-3735	130	6	value	value	NOUN
fsr-3735	130	7	as	as	ADP
fsr-3735	130	8	a	a	DET
fsr-3735	130	9	function	function	NOUN
fsr-3735	130	10	of	of	ADP
fsr-3735	130	11	entrepreneur	entrepreneur	NOUN
fsr-3735	130	12	life	life	NOUN
fsr-3735	130	13	expectancy	expectancy	NOUN
fsr-3735	130	14	for	for	ADP
fsr-3735	130	15	each	each	DET
fsr-3735	130	16	level	level	NOUN
fsr-3735	130	17	of	of	ADP
fsr-3735	130	18	volatility	volatility	NOUN
fsr-3735	130	19	.	.	PUNCT
fsr-3735	131	1	18	18	NUM
fsr-3735	131	2	financial	financial	ADJ
fsr-3735	131	3	services	service	NOUN
fsr-3735	131	4	review	review	VERB
fsr-3735	131	5	4	4	NUM
fsr-3735	131	6	(	(	PUNCT
fsr-3735	131	7	1	1	NUM
fsr-3735	131	8	)	)	PUNCT
fsr-3735	131	9	1995	1995	NUM
fsr-3735	131	10	c.	c.	NOUN
fsr-3735	131	11	dividend	dividend	NOUN
fsr-3735	131	12	yield	yield	NOUN
fsr-3735	131	13	equal	equal	ADJ
fsr-3735	131	14	to	to	ADP
fsr-3735	131	15	zero	zero	NUM
fsr-3735	131	16	if	if	SCONJ
fsr-3735	131	17	the	the	DET
fsr-3735	131	18	dividend	dividend	NOUN
fsr-3735	131	19	yield	yield	NOUN
fsr-3735	131	20	on	on	ADP
fsr-3735	131	21	the	the	DET
fsr-3735	131	22	senior	senior	ADJ
fsr-3735	131	23	interest	interest	NOUN
fsr-3735	131	24	is	be	AUX
fsr-3735	131	25	equal	equal	ADJ
fsr-3735	131	26	to	to	ADP
fsr-3735	131	27	zero	zero	NUM
fsr-3735	131	28	,	,	PUNCT
fsr-3735	131	29	the	the	DET
fsr-3735	131	30	value	value	NOUN
fsr-3735	131	31	of	of	ADP
fsr-3735	131	32	the	the	DET
fsr-3735	131	33	senior	senior	ADJ
fsr-3735	131	34	interest	interest	NOUN
fsr-3735	131	35	is	be	AUX
fsr-3735	131	36	equal	equal	ADJ
fsr-3735	131	37	to	to	ADP
fsr-3735	131	38	the	the	DET
fsr-3735	131	39	present	present	ADJ
fsr-3735	131	40	value	value	NOUN
fsr-3735	131	41	of	of	ADP
fsr-3735	131	42	the	the	DET
fsr-3735	131	43	stated	stated	ADJ
fsr-3735	131	44	redemption	redemption	NOUN
fsr-3735	131	45	amount	amount	NOUN
fsr-3735	131	46	,	,	PUNCT
fsr-3735	131	47	paid	pay	VERB
fsr-3735	131	48	at	at	ADP
fsr-3735	131	49	the	the	DET
fsr-3735	131	50	death	death	NOUN
fsr-3735	131	51	of	of	ADP
fsr-3735	131	52	the	the	DET
fsr-3735	131	53	entrepreneur	entrepreneur	NOUN
fsr-3735	131	54	.	.	PUNCT
fsr-3735	132	1	the	the	DET
fsr-3735	132	2	subtraction	subtraction	NOUN
fsr-3735	132	3	method	method	NOUN
fsr-3735	132	4	assigns	assign	VERB
fsr-3735	132	5	a	a	DET
fsr-3735	132	6	relatively	relatively	ADV
fsr-3735	132	7	large	large	ADJ
fsr-3735	132	8	value	value	NOUN
fsr-3735	132	9	to	to	ADP
fsr-3735	132	10	the	the	DET
fsr-3735	132	11	junior	junior	ADJ
fsr-3735	132	12	interest	interest	NOUN
fsr-3735	132	13	,	,	PUNCT
fsr-3735	132	14	and	and	CCONJ
fsr-3735	132	15	the	the	DET
fsr-3735	132	16	minimum	minimum	ADJ
fsr-3735	132	17	10	10	NUM
fsr-3735	132	18	%	%	NOUN
fsr-3735	132	19	value	value	NOUN
fsr-3735	132	20	is	be	AUX
fsr-3735	132	21	binding	bind	VERB
fsr-3735	132	22	only	only	ADV
fsr-3735	132	23	for	for	ADP
fsr-3735	132	24	a	a	DET
fsr-3735	132	25	life	life	NOUN
fsr-3735	132	26	expectancy	expectancy	NOUN
fsr-3735	132	27	of	of	ADP
fsr-3735	132	28	one	one	NUM
fsr-3735	132	29	year.14	year.14	NOUN
fsr-3735	132	30	thus	thus	ADV
fsr-3735	132	31	,	,	PUNCT
fsr-3735	132	32	for	for	ADP
fsr-3735	132	33	tax	tax	NOUN
fsr-3735	132	34	purposes	purpose	NOUN
fsr-3735	132	35	,	,	PUNCT
fsr-3735	132	36	the	the	DET
fsr-3735	132	37	value	value	NOUN
fsr-3735	132	38	of	of	ADP
fsr-3735	132	39	the	the	DET
fsr-3735	132	40	junior	junior	ADJ
fsr-3735	132	41	interest	interest	NOUN
fsr-3735	132	42	is	be	AUX
fsr-3735	132	43	determined	determine	VERB
fsr-3735	132	44	without	without	ADP
fsr-3735	132	45	regard	regard	NOUN
fsr-3735	132	46	to	to	ADP
fsr-3735	132	47	the	the	DET
fsr-3735	132	48	minimum	minimum	ADJ
fsr-3735	132	49	value	value	NOUN
fsr-3735	132	50	rule	rule	NOUN
fsr-3735	132	51	.	.	PUNCT
fsr-3735	133	1	as	as	SCONJ
fsr-3735	133	2	shown	show	VERB
fsr-3735	133	3	in	in	ADP
fsr-3735	133	4	table	table	NOUN
fsr-3735	133	5	3	3	NUM
fsr-3735	133	6	,	,	PUNCT
fsr-3735	133	7	the	the	DET
fsr-3735	133	8	call	call	NOUN
fsr-3735	133	9	value	value	NOUN
fsr-3735	133	10	of	of	ADP
fsr-3735	133	11	the	the	DET
fsr-3735	133	12	junior	junior	ADJ
fsr-3735	133	13	interest	interest	NOUN
fsr-3735	133	14	for	for	ADP
fsr-3735	133	15	the	the	DET
fsr-3735	133	16	zero	zero	NUM
fsr-3735	133	17	dividend	dividend	NOUN
fsr-3735	133	18	case	case	NOUN
fsr-3735	133	19	,	,	PUNCT
fsr-3735	133	20	as	as	SCONJ
fsr-3735	133	21	determined	determined	ADJ
fsr-3735	133	22	using	use	VERB
fsr-3735	133	23	opm	opm	NOUN
fsr-3735	133	24	,	,	PUNCT
fsr-3735	133	25	exceeds	exceed	VERB
fsr-3735	133	26	10	10	NUM
fsr-3735	133	27	%	%	NOUN
fsr-3735	133	28	for	for	ADP
fsr-3735	133	29	all	all	DET
fsr-3735	133	30	life	life	NOUN
fsr-3735	133	31	expectancies	expectancy	NOUN
fsr-3735	133	32	and	and	CCONJ
fsr-3735	133	33	all	all	DET
fsr-3735	133	34	volatilities	volatility	NOUN
fsr-3735	133	35	.	.	PUNCT
fsr-3735	134	1	further	far	ADV
fsr-3735	134	2	,	,	PUNCT
fsr-3735	134	3	the	the	DET
fsr-3735	134	4	tax	tax	NOUN
fsr-3735	134	5	law	law	NOUN
fsr-3735	134	6	valuation	valuation	NOUN
fsr-3735	134	7	rules	rule	NOUN
fsr-3735	134	8	approximate	approximate	VERB
fsr-3735	134	9	the	the	DET
fsr-3735	134	10	call	call	NOUN
fsr-3735	134	11	value	value	NOUN
fsr-3735	134	12	of	of	ADP
fsr-3735	134	13	the	the	DET
fsr-3735	134	14	junior	junior	ADJ
fsr-3735	134	15	interest	interest	NOUN
fsr-3735	134	16	as	as	SCONJ
fsr-3735	134	17	determined	determine	VERB
fsr-3735	134	18	using	use	VERB
fsr-3735	134	19	opm	opm	NOUN
fsr-3735	134	20	,	,	PUNCT
fsr-3735	134	21	particularly	particularly	ADV
fsr-3735	134	22	for	for	ADP
fsr-3735	134	23	longer	long	ADJ
fsr-3735	134	24	life	life	NOUN
fsr-3735	134	25	expectancies	expectancy	NOUN
fsr-3735	134	26	.	.	PUNCT
fsr-3735	135	1	figure	figure	NOUN
fsr-3735	135	2	3	3	NUM
fsr-3735	135	3	shows	show	VERB
fsr-3735	135	4	the	the	DET
fsr-3735	135	5	call	call	NOUN
fsr-3735	135	6	value	value	NOUN
fsr-3735	135	7	as	as	ADP
fsr-3735	135	8	a	a	DET
fsr-3735	135	9	function	function	NOUN
fsr-3735	135	10	of	of	ADP
fsr-3735	135	11	entrepreneur	entrepreneur	NOUN
fsr-3735	135	12	life	life	NOUN
fsr-3735	135	13	expectancy	expectancy	NOUN
fsr-3735	135	14	for	for	ADP
fsr-3735	135	15	each	each	DET
fsr-3735	135	16	level	level	NOUN
fsr-3735	135	17	of	of	ADP
fsr-3735	135	18	volatility	volatility	NOUN
fsr-3735	135	19	.	.	PUNCT
fsr-3735	136	1	table	table	NOUN
fsr-3735	136	2	3	3	NUM
fsr-3735	136	3	value	value	NOUN
fsr-3735	136	4	of	of	ADP
fsr-3735	136	5	call	call	NOUN
fsr-3735	136	6	option	option	NOUN
fsr-3735	136	7	feature	feature	NOUN
fsr-3735	136	8	of	of	ADP
fsr-3735	136	9	junior	junior	ADJ
fsr-3735	136	10	equity	equity	NOUN
fsr-3735	136	11	interest	interest	NOUN
fsr-3735	136	12	using	use	VERB
fsr-3735	136	13	opm	opm	NOUN
fsr-3735	136	14	,	,	PUNCT
fsr-3735	136	15	expressed	express	VERB
fsr-3735	136	16	as	as	ADP
fsr-3735	136	17	a	a	DET
fsr-3735	136	18	percentage	percentage	NOUN
fsr-3735	136	19	of	of	ADP
fsr-3735	136	20	firm	firm	ADJ
fsr-3735	136	21	value	value	NOUN
fsr-3735	136	22	(	(	PUNCT
fsr-3735	136	23	dividend	dividend	NOUN
fsr-3735	136	24	payout	payout	NOUN
fsr-3735	136	25	=	=	SYM
fsr-3735	136	26	zero	zero	NUM
fsr-3735	136	27	)	)	PUNCT
fsr-3735	136	28	value	value	NOUN
fsr-3735	136	29	determined	determine	VERB
fsr-3735	136	30	using	use	VERB
fsr-3735	136	31	opm	opm	PROPN
fsr-3735	136	32	with	with	ADP
fsr-3735	136	33	log	log	NOUN
fsr-3735	136	34	-	-	PUNCT
fsr-3735	136	35	volatility	volatility	NOUN
fsr-3735	136	36	of	of	ADP
fsr-3735	136	37	:	:	PUNCT
fsr-3735	136	38	entrepreneur	entrepreneur	NOUN
fsr-3735	136	39	life	life	NOUN
fsr-3735	136	40	expectancy	expectancy	NOUN
fsr-3735	136	41	1	1	NUM
fsr-3735	136	42	2	2	NUM
fsr-3735	136	43	3	3	NUM
fsr-3735	136	44	4	4	NUM
fsr-3735	136	45	5	5	NUM
fsr-3735	136	46	6	6	NUM
fsr-3735	136	47	7	7	NUM
fsr-3735	136	48	8	8	NUM
fsr-3735	136	49	9	9	NUM
fsr-3735	136	50	10	10	NUM
fsr-3735	136	51	11	11	NUM
fsr-3735	136	52	12	12	NUM
fsr-3735	136	53	13	13	NUM
fsr-3735	136	54	14	14	NUM
fsr-3735	136	55	15	15	NUM
fsr-3735	136	56	16	16	NUM
fsr-3735	136	57	17	17	NUM
fsr-3735	136	58	18	18	NUM
fsr-3735	136	59	19	19	NUM
fsr-3735	136	60	20	20	NUM
fsr-3735	136	61	21	21	NUM
fsr-3735	136	62	22	22	NUM
fsr-3735	136	63	23	23	NUM
fsr-3735	136	64	24	24	NUM
fsr-3735	136	65	25	25	NUM
fsr-3735	136	66	26	26	NUM
fsr-3735	136	67	27	27	NUM
fsr-3735	136	68	28	28	NUM
fsr-3735	136	69	29	29	NUM
fsr-3735	136	70	30	30	NUM
fsr-3735	136	71	31	31	NUM
fsr-3735	136	72	32	32	NUM
fsr-3735	136	73	tar	tar	NOUN
fsr-3735	136	74	law	law	NOUN
fsr-3735	136	75	value	value	NOUN
fsr-3735	136	76	20	20	NUM
fsr-3735	136	77	%	%	NOUN
fsr-3735	136	78	(	(	PUNCT
fsr-3735	136	79	o/4	o/4	NUM
fsr-3735	136	80	)	)	PUNCT
fsr-3735	136	81	(	(	PUNCT
fsr-3735	136	82	%	%	INTJ
fsr-3735	136	83	)	)	PUNCT
fsr-3735	136	84	10.0	10.0	NUM
fsr-3735	136	85	12.1	12.1	NUM
fsr-3735	136	86	17.4	17.4	NUM
fsr-3735	136	87	19.4	19.4	NUM
fsr-3735	136	88	24.9	24.9	NUM
fsr-3735	136	89	25.8	25.8	NUM
fsr-3735	136	90	31.7	31.7	NUM
fsr-3735	136	91	31.4	31.4	NUM
fsr-3735	136	92	37.9	37.9	NUM
fsr-3735	136	93	36.6	36.6	NUM
fsr-3735	136	94	43.6	43.6	NUM
fsr-3735	136	95	41.4	41.4	NUM
fsr-3735	136	96	48.7	48.7	NUM
fsr-3735	136	97	45.8	45.8	NUM
fsr-3735	136	98	53.3	53.3	NUM
fsr-3735	136	99	49.9	49.9	NUM
fsr-3735	136	100	57.6	57.6	NUM
fsr-3735	136	101	53.6	53.6	NUM
fsr-3735	136	102	61.4	61.4	NUM
fsr-3735	136	103	57.1	57.1	NUM
fsr-3735	136	104	65.0	65.0	NUM
fsr-3735	136	105	60.3	60.3	NUM
fsr-3735	136	106	68.1	68.1	NUM
fsr-3735	136	107	63.3	63.3	NUM
fsr-3735	136	108	71.0	71.0	NUM
fsr-3735	136	109	66.0	66.0	NUM
fsr-3735	136	110	73.7	73.7	NUM
fsr-3735	136	111	68.6	68.6	NUM
fsr-3735	136	112	76.1	76.1	NUM
fsr-3735	136	113	71.0	71.0	NUM
fsr-3735	136	114	78.2	78.2	NUM
fsr-3735	136	115	73.1	73.1	NUM
fsr-3735	136	116	80.2	80.2	NUM
fsr-3735	136	117	75.2	75.2	NUM
fsr-3735	136	118	82.0	82.0	NUM
fsr-3735	136	119	77.0	77.0	NUM
fsr-3735	136	120	83.6	83.6	NUM
fsr-3735	136	121	78.8	78.8	NUM
fsr-3735	136	122	85.1	85.1	NUM
fsr-3735	136	123	80.4	80.4	NUM
fsr-3735	136	124	86.5	86.5	NUM
fsr-3735	136	125	81.9	81.9	NUM
fsr-3735	136	126	87.7	87.7	NUM
fsr-3735	136	127	83.2	83.2	NUM
fsr-3735	136	128	88.8	88.8	NUM
fsr-3735	136	129	84.5	84.5	NUM
fsr-3735	136	130	89.8	89.8	NUM
fsr-3735	136	131	85.7	85.7	NUM
fsr-3735	136	132	90.8	90.8	NUM
fsr-3735	136	133	86.8	86.8	NUM
fsr-3735	136	134	91.6	91.6	NUM
fsr-3735	136	135	87.8	87.8	NUM
fsr-3735	136	136	92.4	92.4	NUM
fsr-3735	136	137	88.7	88.7	NUM
fsr-3735	136	138	93.1	93.1	NUM
fsr-3735	136	139	89.6	89.6	NUM
fsr-3735	136	140	93.7	93.7	NUM
fsr-3735	136	141	90.4	90.4	NUM
fsr-3735	136	142	94.3	94.3	NUM
fsr-3735	136	143	91.1	91.1	NUM
fsr-3735	136	144	94.8	94.8	NUM
fsr-3735	136	145	91.8	91.8	NUM
fsr-3735	136	146	95.3	95.3	NUM
fsr-3735	136	147	92.4	92.4	NUM
fsr-3735	136	148	30	30	NUM
fsr-3735	136	149	%	%	NOUN
fsr-3735	136	150	(	(	PUNCT
fsr-3735	136	151	%	%	INTJ
fsr-3735	136	152	j	j	PROPN
fsr-3735	136	153	15.7	15.7	NUM
fsr-3735	136	154	24.0	24.0	NUM
fsr-3735	136	155	30.9	30.9	NUM
fsr-3735	136	156	36.8	36.8	NUM
fsr-3735	136	157	42.0	42.0	NUM
fsr-3735	136	158	46.7	46.7	NUM
fsr-3735	136	159	51.0	51.0	NUM
fsr-3735	136	160	54.9	54.9	NUM
fsr-3735	136	161	58.4	58.4	NUM
fsr-3735	136	162	61.7	61.7	NUM
fsr-3735	136	163	64.7	64.7	NUM
fsr-3735	136	164	67.4	67.4	NUM
fsr-3735	136	165	69.9	69.9	NUM
fsr-3735	136	166	72.2	72.2	NUM
fsr-3735	136	167	74.4	74.4	NUM
fsr-3735	136	168	76.3	76.3	NUM
fsr-3735	136	169	78.1	78.1	NUM
fsr-3735	136	170	79.8	79.8	NUM
fsr-3735	136	171	81.4	81.4	NUM
fsr-3735	136	172	82.8	82.8	NUM
fsr-3735	136	173	84.1	84.1	NUM
fsr-3735	136	174	85.3	85.3	NUM
fsr-3735	136	175	86.4	86.4	NUM
fsr-3735	136	176	87.4	87.4	NUM
fsr-3735	136	177	88.4	88.4	NUM
fsr-3735	136	178	89.3	89.3	NUM
fsr-3735	136	179	90.1	90.1	NUM
fsr-3735	136	180	90.8	90.8	NUM
fsr-3735	136	181	91.5	91.5	NUM
fsr-3735	136	182	92.2	92.2	NUM
fsr-3735	136	183	92.8	92.8	NUM
fsr-3735	136	184	93.3	93.3	NUM
fsr-3735	136	185	f%	f%	NOUN
fsr-3735	136	186	)	)	PUNCT
fsr-3735	136	187	19.4	19.4	NUM
fsr-3735	136	188	28.8	28.8	NUM
fsr-3735	136	189	36.3	36.3	NUM
fsr-3735	136	190	42.5	42.5	NUM
fsr-3735	136	191	47.9	47.9	NUM
fsr-3735	136	192	52.7	52.7	NUM
fsr-3735	136	193	57.0	57.0	NUM
fsr-3735	136	194	60.7	60.7	NUM
fsr-3735	136	195	64.2	64.2	NUM
fsr-3735	136	196	67.2	67.2	NUM
fsr-3735	136	197	70.0	70.0	NUM
fsr-3735	136	198	72.6	72.6	NUM
fsr-3735	136	199	74.9	74.9	NUM
fsr-3735	136	200	77.0	77.0	NUM
fsr-3735	136	201	78.9	78.9	NUM
fsr-3735	136	202	80.6	80.6	NUM
fsr-3735	136	203	82.2	82.2	NUM
fsr-3735	136	204	83.7	83.7	NUM
fsr-3735	136	205	85.0	85.0	NUM
fsr-3735	136	206	86.2	86.2	NUM
fsr-3735	136	207	87.3	87.3	NUM
fsr-3735	136	208	88.4	88.4	NUM
fsr-3735	136	209	89.3	89.3	NUM
fsr-3735	136	210	90.2	90.2	NUM
fsr-3735	136	211	91.0	91.0	NUM
fsr-3735	136	212	91.7	91.7	NUM
fsr-3735	136	213	92.4	92.4	NUM
fsr-3735	136	214	93.0	93.0	NUM
fsr-3735	136	215	93.5	93.5	NUM
fsr-3735	136	216	94.0	94.0	NUM
fsr-3735	136	217	94.5	94.5	NUM
fsr-3735	136	218	95.0	95.0	NUM
fsr-3735	136	219	tax	tax	NOUN
fsr-3735	136	220	savings	saving	NOUN
fsr-3735	136	221	op	op	NOUN
fsr-3735	136	222	~	~	X
fsr-3735	136	223	or	or	CCONJ
fsr-3735	136	224	~	~	PUNCT
fsr-3735	136	225	nities	nitie	NOUN
fsr-3735	136	226	in	in	ADP
fsr-3735	136	227	estate	estate	NOUN
fsr-3735	136	228	freeze	freeze	VERB
fsr-3735	136	229	transa~~~s	transa~~~s	NUM
fsr-3735	136	230	19	19	NUM
fsr-3735	136	231	tj	tj	NOUN
fsr-3735	136	232	3	3	NUM
fsr-3735	136	233	90	90	NUM
fsr-3735	136	234	%	%	NOUN
fsr-3735	136	235	s	s	PART
fsr-3735	136	236	80	80	NUM
fsr-3735	136	237	%	%	NOUN
fsr-3735	136	238	2	2	NUM
fsr-3735	136	239	8	8	NUM
fsr-3735	136	240	70	70	NUM
fsr-3735	136	241	%	%	NOUN
fsr-3735	136	242	?	?	PUNCT
fsr-3735	136	243	?	?	PUNCT
fsr-3735	137	1	60	60	NUM
fsr-3735	137	2	%	%	NOUN
fsr-3735	137	3	5	5	NUM
fsr-3735	137	4	8	8	NUM
fsr-3735	137	5	50	50	NUM
fsr-3735	137	6	%	%	NOUN
fsr-3735	137	7	iis	iis	NOUN
fsr-3735	137	8	40	40	NUM
fsr-3735	137	9	%	%	NOUN
fsr-3735	137	10	%	%	NOUN
fsr-3735	137	11	30	30	NUM
fsr-3735	137	12	%	%	NOUN
fsr-3735	137	13	g	g	NOUN
fsr-3735	137	14	20	20	NUM
fsr-3735	137	15	%	%	NOUN
fsr-3735	137	16	0	0	NUM
fsr-3735	137	17	”	"	PUNCT
fsr-3735	137	18	=	=	NOUN
fsr-3735	137	19	:	:	PUNCT
fsr-3735	137	20	10	10	NUM
fsr-3735	137	21	%	%	NOUN
fsr-3735	137	22	s	s	PART
fsr-3735	137	23	0	0	NUM
fsr-3735	137	24	%	%	NOUN
fsr-3735	137	25	t	t	NOUN
fsr-3735	137	26	#	#	NOUN
fsr-3735	137	27	if	if	SCONJ
fsr-3735	137	28	,	,	PUNCT
fsr-3735	137	29	,	,	PUNCT
fsr-3735	137	30	,	,	PUNCT
fsr-3735	137	31	t	t	PROPN
fsr-3735	137	32	,	,	PUNCT
fsr-3735	137	33	,	,	PUNCT
fsr-3735	137	34	i	i	PRON
fsr-3735	137	35	61	61	NUM
fsr-3735	137	36	it	it	PRON
fsr-3735	138	1	i	i	PRON
fsr-3735	138	2	i	i	PRON
fsr-3735	139	1	i	i	PRON
fsr-3735	139	2	i	i	VERB
fsr-3735	139	3	ii	ii	VERB
fsr-3735	139	4	#	#	SYM
fsr-3735	139	5	iii	iii	NOUN
fsr-3735	139	6	iiii	iiii	NOUN
fsr-3735	139	7	f	f	NOUN
fsr-3735	140	1	3	3	NUM
fsr-3735	140	2	1	1	NUM
fsr-3735	140	3	1	1	NUM
fsr-3735	140	4	2	2	NUM
fsr-3735	140	5	3	3	NUM
fsr-3735	140	6	4	4	NUM
fsr-3735	140	7	5	5	NUM
fsr-3735	140	8	6	6	NUM
fsr-3735	140	9	7	7	NUM
fsr-3735	140	10	8	8	NUM
fsr-3735	140	11	9	9	NUM
fsr-3735	140	12	10111213141516171819202l2223242526272829303132	10111213141516171819202l2223242526272829303132	NUM
fsr-3735	140	13	life	life	NOUN
fsr-3735	140	14	expectancy	expectancy	NOUN
fsr-3735	140	15	of	of	ADP
fsr-3735	140	16	entrepreneur	entrepreneur	NOUN
fsr-3735	140	17	_	_	NOUN
fsr-3735	140	18	20	20	NUM
fsr-3735	140	19	%	%	NOUN
fsr-3735	140	20	volatility	volatility	NOUN
fsr-3735	140	21	_	_	PUNCT
fsr-3735	141	1	+	+	PUNCT
fsr-3735	141	2	_	_	NOUN
fsr-3735	141	3	30	30	NUM
fsr-3735	141	4	%	%	NOUN
fsr-3735	141	5	volatility	volatility	NOUN
fsr-3735	141	6	+	+	CCONJ
fsr-3735	141	7	40	40	NUM
fsr-3735	141	8	%	%	NOUN
fsr-3735	141	9	volatility	volatility	NOUN
fsr-3735	141	10	figure	figure	NOUN
fsr-3735	141	11	3	3	NUM
fsr-3735	141	12	.	.	NOUN
fsr-3735	141	13	value	value	NOUN
fsr-3735	141	14	of	of	ADP
fsr-3735	141	15	option	option	NOUN
fsr-3735	141	16	feature	feature	NOUN
fsr-3735	141	17	of	of	ADP
fsr-3735	141	18	junior	junior	ADJ
fsr-3735	141	19	equity	equity	NOUN
fsr-3735	141	20	interest	interest	NOUN
fsr-3735	141	21	(	(	PUNCT
fsr-3735	141	22	0	0	NUM
fsr-3735	141	23	%	%	NOUN
fsr-3735	141	24	dividend	dividend	NOUN
fsr-3735	141	25	,	,	PUNCT
fsr-3735	141	26	8.33	8.33	NUM
fsr-3735	141	27	%	%	NOUN
fsr-3735	141	28	afr	afr	NOUN
fsr-3735	141	29	)	)	PUNCT
fsr-3735	141	30	d.	d.	NOUN
fsr-3735	141	31	analysis	analysis	NOUN
fsr-3735	141	32	of	of	ADP
fsr-3735	141	33	results	result	NOUN
fsr-3735	141	34	in	in	ADP
fsr-3735	141	35	figures	figure	NOUN
fsr-3735	141	36	1	1	NUM
fsr-3735	141	37	and	and	CCONJ
fsr-3735	141	38	2	2	NUM
fsr-3735	141	39	,	,	PUNCT
fsr-3735	141	40	there	there	PRON
fsr-3735	141	41	are	be	VERB
fsr-3735	141	42	two	two	NUM
fsr-3735	141	43	principal	principal	ADJ
fsr-3735	141	44	factors	factor	NOUN
fsr-3735	141	45	affecting	affect	VERB
fsr-3735	141	46	the	the	DET
fsr-3735	141	47	value	value	NOUN
fsr-3735	141	48	of	of	ADP
fsr-3735	141	49	the	the	DET
fsr-3735	141	50	option	option	NOUN
fsr-3735	141	51	over	over	ADP
fsr-3735	141	52	time	time	NOUN
fsr-3735	141	53	.	.	PUNCT
fsr-3735	142	1	on	on	ADP
fsr-3735	142	2	the	the	DET
fsr-3735	142	3	one	one	NUM
fsr-3735	142	4	hand	hand	NOUN
fsr-3735	142	5	,	,	PUNCT
fsr-3735	142	6	all	all	PRON
fsr-3735	142	7	of	of	ADP
fsr-3735	142	8	the	the	DET
fsr-3735	142	9	option	option	NOUN
fsr-3735	142	10	values	value	NOUN
fsr-3735	142	11	are	be	AUX
fsr-3735	142	12	enhanced	enhance	VERB
fsr-3735	142	13	by	by	ADP
fsr-3735	142	14	the	the	DET
fsr-3735	142	15	increase	increase	NOUN
fsr-3735	142	16	in	in	ADP
fsr-3735	142	17	variance	variance	NOUN
fsr-3735	142	18	that	that	PRON
fsr-3735	142	19	occurs	occur	VERB
fsr-3735	142	20	as	as	ADP
fsr-3735	142	21	the	the	DET
fsr-3735	142	22	time	time	NOUN
fsr-3735	142	23	to	to	ADP
fsr-3735	142	24	expiration	expiration	NOUN
fsr-3735	142	25	increases	increase	NOUN
fsr-3735	142	26	,	,	PUNCT
fsr-3735	142	27	ceteris	ceteris	NOUN
fsr-3735	142	28	paribus	paribus	NOUN
fsr-3735	142	29	.	.	PUNCT
fsr-3735	143	1	on	on	ADP
fsr-3735	143	2	the	the	DET
fsr-3735	143	3	other	other	ADJ
fsr-3735	143	4	hand	hand	NOUN
fsr-3735	143	5	,	,	PUNCT
fsr-3735	143	6	as	as	ADP
fsr-3735	143	7	time	time	NOUN
fsr-3735	143	8	increases	increase	NOUN
fsr-3735	143	9	,	,	PUNCT
fsr-3735	143	10	more	more	ADJ
fsr-3735	143	11	dividends	dividend	NOUN
fsr-3735	143	12	are	be	AUX
fsr-3735	143	13	paid	pay	VERB
fsr-3735	143	14	on	on	ADP
fsr-3735	143	15	the	the	DET
fsr-3735	143	16	senior	senior	ADJ
fsr-3735	143	17	equity	equity	NOUN
fsr-3735	143	18	interest	interest	NOUN
fsr-3735	143	19	,	,	PUNCT
fsr-3735	143	20	reducing	reduce	VERB
fsr-3735	143	21	the	the	DET
fsr-3735	143	22	value	value	NOUN
fsr-3735	143	23	of	of	ADP
fsr-3735	143	24	the	the	DET
fsr-3735	143	25	underlying	underlie	VERB
fsr-3735	143	26	asset	asset	NOUN
fsr-3735	143	27	and	and	CCONJ
fsr-3735	143	28	thereby	thereby	ADV
fsr-3735	143	29	the	the	DET
fsr-3735	143	30	option	option	NOUN
fsr-3735	143	31	right	right	ADJ
fsr-3735	143	32	.	.	PUNCT
fsr-3735	144	1	for	for	ADP
fsr-3735	144	2	the	the	DET
fsr-3735	144	3	10	10	NUM
fsr-3735	144	4	%	%	NOUN
fsr-3735	144	5	dividend	dividend	NOUN
fsr-3735	144	6	case	case	NOUN
fsr-3735	144	7	(	(	PUNCT
fsr-3735	144	8	figure	figure	NOUN
fsr-3735	144	9	l	l	NOUN
fsr-3735	144	10	)	)	PUNCT
fsr-3735	144	11	,	,	PUNCT
fsr-3735	144	12	at	at	ADP
fsr-3735	144	13	first	first	ADV
fsr-3735	144	14	the	the	DET
fsr-3735	144	15	variance	variance	NOUN
fsr-3735	144	16	has	have	VERB
fsr-3735	144	17	the	the	DET
fsr-3735	144	18	stronger	strong	ADJ
fsr-3735	144	19	effect	effect	NOUN
fsr-3735	144	20	,	,	PUNCT
fsr-3735	144	21	leading	lead	VERB
fsr-3735	144	22	to	to	ADP
fsr-3735	144	23	increasing	increase	VERB
fsr-3735	144	24	option	option	NOUN
fsr-3735	144	25	values	value	NOUN
fsr-3735	144	26	,	,	PUNCT
fsr-3735	144	27	as	as	SCONJ
fsr-3735	144	28	time	time	NOUN
fsr-3735	144	29	passes	pass	VERB
fsr-3735	144	30	,	,	PUNCT
fsr-3735	144	31	the	the	DET
fsr-3735	144	32	negative	negative	ADJ
fsr-3735	144	33	effect	effect	NOUN
fsr-3735	144	34	of	of	ADP
fsr-3735	144	35	the	the	DET
fsr-3735	144	36	dividend	dividend	NOUN
fsr-3735	144	37	payout	payout	NOUN
fsr-3735	144	38	increases	increase	NOUN
fsr-3735	144	39	in	in	ADP
fsr-3735	144	40	importance	importance	NOUN
fsr-3735	144	41	,	,	PUNCT
fsr-3735	144	42	leading	lead	VERB
fsr-3735	144	43	to	to	ADP
fsr-3735	144	44	a	a	DET
fsr-3735	144	45	steady	steady	ADJ
fsr-3735	144	46	decrease	decrease	NOUN
fsr-3735	144	47	in	in	ADP
fsr-3735	144	48	the	the	DET
fsr-3735	144	49	value	value	NOUN
fsr-3735	144	50	of	of	ADP
fsr-3735	144	51	the	the	DET
fsr-3735	144	52	option	option	NOUN
fsr-3735	144	53	towards	towards	ADP
fsr-3735	144	54	zero	zero	NUM
fsr-3735	144	55	.	.	PUNCT
fsr-3735	145	1	in	in	ADP
fsr-3735	145	2	the	the	DET
fsr-3735	145	3	8.33	8.33	NUM
fsr-3735	145	4	%	%	NOUN
fsr-3735	145	5	dividend	dividend	NOUN
fsr-3735	145	6	case	case	NOUN
fsr-3735	145	7	(	(	PUNCT
fsr-3735	145	8	figure	figure	NOUN
fsr-3735	145	9	2	2	NUM
fsr-3735	145	10	)	)	PUNCT
fsr-3735	145	11	,	,	PUNCT
fsr-3735	145	12	a	a	DET
fsr-3735	145	13	point	point	NOUN
fsr-3735	145	14	is	be	AUX
fsr-3735	145	15	reached	reach	VERB
fsr-3735	145	16	where	where	SCONJ
fsr-3735	145	17	the	the	DET
fsr-3735	145	18	dividend	dividend	NOUN
fsr-3735	145	19	and	and	CCONJ
fsr-3735	145	20	variance	variance	NOUN
fsr-3735	145	21	effects	effect	NOUN
fsr-3735	145	22	essentially	essentially	ADV
fsr-3735	145	23	cancel	cancel	VERB
fsr-3735	145	24	,	,	PUNCT
fsr-3735	145	25	and	and	CCONJ
fsr-3735	145	26	the	the	DET
fsr-3735	145	27	option	option	NOUN
fsr-3735	145	28	value	value	NOUN
fsr-3735	145	29	levels	level	NOUN
fsr-3735	145	30	at	at	ADP
fsr-3735	145	31	approximately	approximately	ADV
fsr-3735	145	32	15	15	NUM
fsr-3735	145	33	%	%	NOUN
fsr-3735	145	34	of	of	ADP
fsr-3735	145	35	firm	firm	ADJ
fsr-3735	145	36	value	value	NOUN
fsr-3735	145	37	for	for	ADP
fsr-3735	145	38	all	all	DET
fsr-3735	145	39	volatilities	volatility	NOUN
fsr-3735	145	40	.	.	PUNCT
fsr-3735	146	1	in	in	ADP
fsr-3735	146	2	the	the	DET
fsr-3735	146	3	no	no	DET
fsr-3735	146	4	dividend	dividend	NOUN
fsr-3735	146	5	case	case	NOUN
fsr-3735	146	6	(	(	PUNCT
fsr-3735	146	7	figure	figure	NOUN
fsr-3735	146	8	3	3	NUM
fsr-3735	146	9	)	)	PUNCT
fsr-3735	146	10	,	,	PUNCT
fsr-3735	146	11	the	the	DET
fsr-3735	146	12	dividend	dividend	NOUN
fsr-3735	146	13	effect	effect	NOUN
fsr-3735	146	14	is	be	AUX
fsr-3735	146	15	nonexistent	nonexistent	ADJ
fsr-3735	146	16	and	and	CCONJ
fsr-3735	146	17	the	the	DET
fsr-3735	146	18	value	value	NOUN
fsr-3735	146	19	of	of	ADP
fsr-3735	146	20	the	the	DET
fsr-3735	146	21	option	option	NOUN
fsr-3735	146	22	increases	increase	NOUN
fsr-3735	146	23	with	with	ADP
fsr-3735	146	24	time	time	NOUN
fsr-3735	146	25	for	for	ADP
fsr-3735	146	26	all	all	DET
fsr-3735	146	27	volatilities	volatility	NOUN
fsr-3735	146	28	.	.	PUNCT
fsr-3735	147	1	since	since	SCONJ
fsr-3735	147	2	an	an	DET
fsr-3735	147	3	option	option	NOUN
fsr-3735	147	4	can	can	AUX
fsr-3735	147	5	never	never	ADV
fsr-3735	147	6	be	be	AUX
fsr-3735	147	7	worth	worth	ADJ
fsr-3735	147	8	more	more	ADJ
fsr-3735	147	9	than	than	ADP
fsr-3735	147	10	its	its	PRON
fsr-3735	147	11	underlying	underlie	VERB
fsr-3735	147	12	asset	asset	NOUN
fsr-3735	147	13	without	without	ADP
fsr-3735	147	14	creating	create	VERB
fsr-3735	147	15	arbitrage	arbitrage	NOUN
fsr-3735	147	16	opportunities	opportunity	NOUN
fsr-3735	147	17	,	,	PUNCT
fsr-3735	147	18	the	the	DET
fsr-3735	147	19	option	option	NOUN
fsr-3735	147	20	value	value	NOUN
fsr-3735	147	21	is	be	AUX
fsr-3735	147	22	bounded	bound	VERB
fsr-3735	147	23	at	at	ADP
fsr-3735	147	24	100	100	NUM
fsr-3735	147	25	%	%	NOUN
fsr-3735	147	26	of	of	ADP
fsr-3735	147	27	company	company	NOUN
fsr-3735	147	28	value	value	NOUN
fsr-3735	147	29	and	and	CCONJ
fsr-3735	147	30	the	the	DET
fsr-3735	147	31	lines	line	NOUN
fsr-3735	147	32	in	in	ADP
fsr-3735	147	33	figure	figure	NOUN
fsr-3735	147	34	3	3	NUM
fsr-3735	147	35	converge	converge	VERB
fsr-3735	147	36	with	with	ADP
fsr-3735	147	37	time	time	NOUN
fsr-3735	147	38	.	.	PUNCT
fsr-3735	148	1	the	the	DET
fsr-3735	148	2	1990	1990	NUM
fsr-3735	148	3	tax	tax	NOUN
fsr-3735	148	4	act	act	NOUN
fsr-3735	148	5	explicitly	explicitly	ADV
fsr-3735	148	6	requires	require	VERB
fsr-3735	148	7	that	that	SCONJ
fsr-3735	148	8	the	the	DET
fsr-3735	148	9	call	call	NOUN
fsr-3735	148	10	value	value	NOUN
fsr-3735	148	11	of	of	ADP
fsr-3735	148	12	the	the	DET
fsr-3735	148	13	interest	interest	NOUN
fsr-3735	148	14	be	be	AUX
fsr-3735	148	15	recognized	recognize	VERB
fsr-3735	148	16	through	through	ADP
fsr-3735	148	17	a	a	DET
fsr-3735	148	18	statutory	statutory	ADJ
fsr-3735	148	19	minimum	minimum	NOUN
fsr-3735	148	20	value	value	NOUN
fsr-3735	148	21	rule	rule	NOUN
fsr-3735	148	22	.	.	PUNCT
fsr-3735	149	1	the	the	DET
fsr-3735	149	2	minimum	minimum	ADJ
fsr-3735	149	3	value	value	NOUN
fsr-3735	149	4	rule	rule	NOUN
fsr-3735	149	5	generally	generally	ADV
fsr-3735	149	6	will	will	AUX
fsr-3735	149	7	apply	apply	VERB
fsr-3735	149	8	only	only	ADV
fsr-3735	149	9	when	when	SCONJ
fsr-3735	149	10	the	the	DET
fsr-3735	149	11	retained	retain	VERB
fsr-3735	149	12	interest	interest	NOUN
fsr-3735	149	13	provides	provide	VERB
fsr-3735	149	14	for	for	ADP
fsr-3735	149	15	fixed	fix	VERB
fsr-3735	149	16	,	,	PUNCT
fsr-3735	149	17	cumulative	cumulative	ADJ
fsr-3735	149	18	dividend	dividend	NOUN
fsr-3735	149	19	payments	payment	NOUN
fsr-3735	149	20	,	,	PUNCT
fsr-3735	149	21	and	and	CCONJ
fsr-3735	149	22	then	then	ADV
fsr-3735	149	23	only	only	ADV
fsr-3735	149	24	for	for	ADP
fsr-3735	149	25	certain	certain	ADJ
fsr-3735	149	26	payment	payment	NOUN
fsr-3735	149	27	terms	term	NOUN
fsr-3735	149	28	.	.	PUNCT
fsr-3735	150	1	payment	payment	NOUN
fsr-3735	150	2	terms	term	NOUN
fsr-3735	150	3	that	that	PRON
fsr-3735	150	4	result	result	VERB
fsr-3735	150	5	in	in	ADP
fsr-3735	150	6	a	a	DET
fsr-3735	150	7	binding	bind	VERB
fsr-3735	150	8	minimum	minimum	NOUN
fsr-3735	150	9	value	value	NOUN
fsr-3735	150	10	rule	rule	NOUN
fsr-3735	150	11	should	should	AUX
fsr-3735	150	12	be	be	AUX
fsr-3735	150	13	avoided	avoid	VERB
fsr-3735	150	14	if	if	SCONJ
fsr-3735	150	15	the	the	DET
fsr-3735	150	16	opm	opm	NOUN
fsr-3735	150	17	suggests	suggest	VERB
fsr-3735	150	18	the	the	DET
fsr-3735	150	19	junior	junior	ADJ
fsr-3735	150	20	interest	interest	NOUN
fsr-3735	150	21	option	option	NOUN
fsr-3735	150	22	feature	feature	NOUN
fsr-3735	150	23	is	be	AUX
fsr-3735	150	24	worth	worth	ADJ
fsr-3735	150	25	less	less	ADJ
fsr-3735	150	26	than	than	ADP
fsr-3735	150	27	10	10	NUM
fsr-3735	150	28	%	%	NOUN
fsr-3735	150	29	of	of	ADP
fsr-3735	150	30	fkm	fkm	NOUN
fsr-3735	150	31	value	value	NOUN
fsr-3735	150	32	.	.	PUNCT
fsr-3735	151	1	for	for	ADP
fsr-3735	151	2	example	example	NOUN
fsr-3735	151	3	,	,	PUNCT
fsr-3735	151	4	in	in	ADP
fsr-3735	151	5	the	the	DET
fsr-3735	151	6	analysis	analysis	NOUN
fsr-3735	151	7	conducted	conduct	VERB
fsr-3735	151	8	in	in	ADP
fsr-3735	151	9	this	this	DET
fsr-3735	151	10	article	article	NOUN
fsr-3735	151	11	,	,	PUNCT
fsr-3735	151	12	with	with	ADP
fsr-3735	151	13	tog	tog	PROPN
fsr-3735	151	14	volatility	volatility	NOUN
fsr-3735	151	15	of	of	ADP
fsr-3735	151	16	20	20	NUM
fsr-3735	151	17	%	%	NOUN
fsr-3735	151	18	,	,	PUNCT
fsr-3735	151	19	it	it	PRON
fsr-3735	151	20	is	be	AUX
fsr-3735	151	21	not	not	PART
fsr-3735	151	22	advisable	advisable	ADJ
fsr-3735	151	23	to	to	PART
fsr-3735	151	24	pay	pay	VERB
fsr-3735	151	25	a	a	DET
fsr-3735	151	26	dividend	dividend	NOUN
fsr-3735	151	27	equal	equal	ADJ
fsr-3735	151	28	to	to	ADP
fsr-3735	151	29	the	the	DET
fsr-3735	151	30	discount	discount	NOUN
fsr-3735	151	31	rate	rate	NOUN
fsr-3735	151	32	used	use	VERB
fsr-3735	151	33	for	for	ADP
fsr-3735	151	34	tax	tax	NOUN
fsr-3735	151	35	law	law	NOUN
fsr-3735	151	36	valuation	valuation	NOUN
fsr-3735	151	37	.	.	PUNCT
fsr-3735	152	1	in	in	ADP
fsr-3735	152	2	such	such	DET
fsr-3735	152	3	a	a	DET
fsr-3735	152	4	case	case	NOUN
fsr-3735	152	5	,	,	PUNCT
fsr-3735	152	6	the	the	DET
fsr-3735	152	7	statutory	statutory	ADJ
fsr-3735	152	8	minimum	minimum	NOUN
fsr-3735	152	9	value	value	NOUN
fsr-3735	152	10	rule	rule	NOUN
fsr-3735	152	11	is	be	AUX
fsr-3735	152	12	binding	bind	VERB
fsr-3735	152	13	and	and	CCONJ
fsr-3735	152	14	opm	opm	PROPN
fsr-3735	152	15	suggests	suggest	VERB
fsr-3735	152	16	that	that	SCONJ
fsr-3735	152	17	the	the	DET
fsr-3735	152	18	call	call	NOUN
fsr-3735	152	19	value	value	NOUN
fsr-3735	152	20	will	will	AUX
fsr-3735	152	21	be	be	AUX
fsr-3735	152	22	overstated	overstate	VERB
fsr-3735	152	23	,	,	PUNCT
fsr-3735	152	24	with	with	ADP
fsr-3735	152	25	the	the	DET
fsr-3735	152	26	overstatement	overstatement	NOUN
fsr-3735	152	27	generally	generally	ADV
fsr-3735	152	28	increasing	increase	VERB
fsr-3735	152	29	with	with	ADP
fsr-3735	152	30	the	the	DET
fsr-3735	152	31	life	life	NOUN
fsr-3735	152	32	expectancy	expectancy	NOUN
fsr-3735	152	33	20	20	NUM
fsr-3735	152	34	financial	financial	ADJ
fsr-3735	152	35	services	service	NOUN
fsr-3735	152	36	review	review	VERB
fsr-3735	152	37	4	4	NUM
fsr-3735	152	38	(	(	PUNCT
fsr-3735	152	39	1	1	NUM
fsr-3735	152	40	)	)	PUNCT
fsr-3735	152	41	1995	1995	NUM
fsr-3735	152	42	e	e	SYM
fsr-3735	152	43	70	70	NUM
fsr-3735	152	44	%	%	NOUN
fsr-3735	152	45	t	t	PROPN
fsr-3735	152	46	!	!	PUNCT
fsr-3735	153	1	c60	c60	NOUN
fsr-3735	153	2	%	%	NOUN
fsr-3735	153	3	s	s	VERB
fsr-3735	153	4	sj	sj	PROPN
fsr-3735	153	5	50	50	NUM
fsr-3735	153	6	%	%	NOUN
fsr-3735	153	7	8	8	NUM
fsr-3735	153	8	40	40	NUM
fsr-3735	153	9	%	%	NOUN
fsr-3735	153	10	1	1	NUM
fsr-3735	153	11	2	2	NUM
fsr-3735	153	12	3	3	NUM
fsr-3735	153	13	4	4	NUM
fsr-3735	153	14	5	5	NUM
fsr-3735	153	15	6	6	NUM
fsr-3735	153	16	7	7	NUM
fsr-3735	153	17	8	8	NUM
fsr-3735	153	18	9	9	NUM
fsr-3735	153	19	101112~314151617181920212223242526272829303132	101112~314151617181920212223242526272829303132	NUM
fsr-3735	153	20	life	life	NOUN
fsr-3735	153	21	expectancy	expectancy	NOUN
fsr-3735	153	22	of	of	ADP
fsr-3735	153	23	entrepreneur	entrepreneur	NOUN
fsr-3735	153	24	_	_	NOUN
fsr-3735	153	25	,	,	PUNCT
fsr-3735	153	26	_	_	PRON
fsr-3735	153	27	0	0	NUM
fsr-3735	153	28	%	%	NOUN
fsr-3735	153	29	dividend	dividend	NOUN
fsr-3735	153	30	+	+	CCONJ
fsr-3735	153	31	8.33	8.33	NUM
fsr-3735	153	32	%	%	NOUN
fsr-3735	153	33	dividend	dividend	NOUN
fsr-3735	153	34	+	+	CCONJ
fsr-3735	153	35	10	10	NUM
fsr-3735	153	36	%	%	NOUN
fsr-3735	153	37	dividend	dividend	NOUN
fsr-3735	153	38	figure	figure	NOUN
fsr-3735	153	39	4	4	NUM
fsr-3735	153	40	.	.	PUNCT
fsr-3735	153	41	implied	imply	VERB
fsr-3735	153	42	volatility	volatility	NOUN
fsr-3735	153	43	for	for	ADP
fsr-3735	153	44	10	10	NUM
fsr-3735	153	45	%	%	NOUN
fsr-3735	153	46	option	option	NOUN
fsr-3735	153	47	value	value	NOUN
fsr-3735	153	48	of	of	ADP
fsr-3735	153	49	the	the	DET
fsr-3735	153	50	entr	entr	NOUN
fsr-3735	153	51	~	~	SYM
fsr-3735	153	52	reneur	reneur	NOUN
fsr-3735	153	53	.	.	PUNCT
fsr-3735	154	1	if	if	SCONJ
fsr-3735	154	2	a	a	DET
fsr-3735	154	3	smaller	small	ADJ
fsr-3735	154	4	dividend	dividend	NOUN
fsr-3735	154	5	is	be	AUX
fsr-3735	154	6	paid	pay	VERB
fsr-3735	154	7	and	and	CCONJ
fsr-3735	154	8	the	the	DET
fsr-3735	154	9	entrepreneur	entrepreneur	NOUN
fsr-3735	154	10	’s	’s	PART
fsr-3735	154	11	life	life	NOUN
fsr-3735	154	12	expectancy	expectancy	NOUN
fsr-3735	154	13	is	be	AUX
fsr-3735	154	14	relatively	relatively	ADV
fsr-3735	154	15	short	short	ADJ
fsr-3735	154	16	,	,	PUNCT
fsr-3735	154	17	the	the	DET
fsr-3735	154	18	minimum	minimum	ADJ
fsr-3735	154	19	value	value	NOUN
fsr-3735	154	20	rule	rule	NOUN
fsr-3735	154	21	is	be	AUX
fsr-3735	154	22	binding	bind	VERB
fsr-3735	154	23	but	but	CCONJ
fsr-3735	154	24	the	the	DET
fsr-3735	154	25	call	call	NOUN
fsr-3735	154	26	feature	feature	NOUN
fsr-3735	154	27	of	of	ADP
fsr-3735	154	28	the	the	DET
fsr-3735	154	29	junior	junior	ADJ
fsr-3735	154	30	interest	interest	NOUN
fsr-3735	154	31	is	be	AUX
fsr-3735	154	32	undervalued	undervalue	VERB
fsr-3735	154	33	when	when	SCONJ
fsr-3735	154	34	opm	opm	PROPN
fsr-3735	154	35	is	be	AUX
fsr-3735	154	36	used	use	VERB
fsr-3735	154	37	as	as	ADP
fsr-3735	154	38	a	a	DET
fsr-3735	154	39	benchmark	benchmark	NOUN
fsr-3735	154	40	.	.	PUNCT
fsr-3735	155	1	as	as	ADP
fsr-3735	155	2	volatility	volatility	NOUN
fsr-3735	155	3	increases	increase	NOUN
fsr-3735	155	4	,	,	PUNCT
fsr-3735	155	5	the	the	DET
fsr-3735	155	6	opm	opm	NOUN
fsr-3735	155	7	value	value	NOUN
fsr-3735	155	8	of	of	ADP
fsr-3735	155	9	the	the	DET
fsr-3735	155	10	call	call	NOUN
fsr-3735	155	11	feature	feature	NOUN
fsr-3735	155	12	can	can	AUX
fsr-3735	155	13	exceed	exceed	VERB
fsr-3735	155	14	the	the	DET
fsr-3735	155	15	minimum	minimum	ADJ
fsr-3735	155	16	value	value	NOUN
fsr-3735	155	17	if	if	SCONJ
fsr-3735	155	18	the	the	DET
fsr-3735	155	19	dividend	dividend	NOUN
fsr-3735	155	20	yield	yield	NOUN
fsr-3735	155	21	equals	equal	VERB
fsr-3735	155	22	the	the	DET
fsr-3735	155	23	assumed	assumed	ADJ
fsr-3735	155	24	discount	discount	NOUN
fsr-3735	155	25	rate	rate	NOUN
fsr-3735	155	26	and	and	CCONJ
fsr-3735	155	27	the	the	DET
fsr-3735	155	28	life	life	NOUN
fsr-3735	155	29	expectancy	expectancy	NOUN
fsr-3735	155	30	of	of	ADP
fsr-3735	155	31	the	the	DET
fsr-3735	155	32	entrepreneur	entrepreneur	NOUN
fsr-3735	155	33	is	be	AUX
fsr-3735	155	34	short	short	ADJ
fsr-3735	155	35	,	,	PUNCT
fsr-3735	155	36	but	but	CCONJ
fsr-3735	155	37	this	this	PRON
fsr-3735	155	38	is	be	AUX
fsr-3735	155	39	reversed	reverse	VERB
fsr-3735	155	40	for	for	ADP
fsr-3735	155	41	longer	long	ADJ
fsr-3735	155	42	life	life	NOUN
fsr-3735	155	43	expectancies	expectancy	NOUN
fsr-3735	155	44	.	.	PUNCT
fsr-3735	156	1	the	the	DET
fsr-3735	156	2	informed	informed	ADJ
fsr-3735	156	3	estate	estate	NOUN
fsr-3735	156	4	planner	planner	NOUN
fsr-3735	156	5	has	have	VERB
fsr-3735	156	6	an	an	DET
fsr-3735	156	7	incentive	incentive	NOUN
fsr-3735	156	8	to	to	PART
fsr-3735	156	9	suggest	suggest	VERB
fsr-3735	156	10	terms	term	NOUN
fsr-3735	156	11	of	of	ADP
fsr-3735	156	12	the	the	DET
fsr-3735	156	13	senior	senior	ADJ
fsr-3735	156	14	interest	interest	NOUN
fsr-3735	156	15	to	to	PART
fsr-3735	156	16	take	take	VERB
fsr-3735	156	17	advantage	advantage	NOUN
fsr-3735	156	18	of	of	ADP
fsr-3735	156	19	any	any	DET
fsr-3735	156	20	valuation	valuation	NOUN
fsr-3735	156	21	distortions	distortion	NOUN
fsr-3735	156	22	created	create	VERB
fsr-3735	156	23	by	by	ADP
fsr-3735	156	24	tax	tax	NOUN
fsr-3735	156	25	law	law	NOUN
fsr-3735	156	26	.	.	PUNCT
fsr-3735	157	1	figure	figure	VERB
fsr-3735	157	2	4	4	NUM
fsr-3735	157	3	plots	plot	NOUN
fsr-3735	157	4	volatiiity	volatiiity	NOUN
fsr-3735	157	5	of	of	ADP
fsr-3735	157	6	the	the	DET
fsr-3735	157	7	firm	firm	NOUN
fsr-3735	157	8	on	on	ADP
fsr-3735	157	9	the	the	DET
fsr-3735	157	10	y	y	NOUN
fsr-3735	157	11	-	-	PUNCT
fsr-3735	157	12	axis	axis	NOUN
fsr-3735	157	13	and	and	CCONJ
fsr-3735	157	14	entrepreneur	entrepreneur	NOUN
fsr-3735	157	15	life	life	NOUN
fsr-3735	157	16	expectancy	expectancy	NOUN
fsr-3735	157	17	on	on	ADP
fsr-3735	157	18	the	the	DET
fsr-3735	157	19	x	x	NOUN
fsr-3735	157	20	-	-	NOUN
fsr-3735	157	21	axis	axis	NOUN
fsr-3735	157	22	with	with	ADP
fsr-3735	157	23	all	all	DET
fsr-3735	157	24	points	point	NOUN
fsr-3735	157	25	reflecting	reflect	VERB
fsr-3735	157	26	the	the	DET
fsr-3735	157	27	volatility	volatility	NOUN
fsr-3735	157	28	required	require	VERB
fsr-3735	157	29	to	to	PART
fsr-3735	157	30	value	value	VERB
fsr-3735	157	31	the	the	DET
fsr-3735	157	32	junior	junior	ADJ
fsr-3735	157	33	interest	interest	NOUN
fsr-3735	157	34	at	at	ADP
fsr-3735	157	35	10	10	NUM
fsr-3735	157	36	%	%	NOUN
fsr-3735	157	37	using	use	VERB
fsr-3735	157	38	opm	opm	NOUN
fsr-3735	157	39	.	.	PUNCT
fsr-3735	158	1	when	when	SCONJ
fsr-3735	158	2	no	no	DET
fsr-3735	158	3	dividend	dividend	NOUN
fsr-3735	158	4	is	be	AUX
fsr-3735	158	5	paid	pay	VERB
fsr-3735	158	6	on	on	ADP
fsr-3735	158	7	the	the	DET
fsr-3735	158	8	senior	senior	ADJ
fsr-3735	158	9	equity	equity	NOUN
fsr-3735	158	10	interest	interest	NOUN
fsr-3735	158	11	,	,	PUNCT
fsr-3735	158	12	the	the	DET
fsr-3735	158	13	underlying	underlie	VERB
fsr-3735	158	14	asset	asset	NOUN
fsr-3735	158	15	value	value	NOUN
fsr-3735	158	16	is	be	AUX
fsr-3735	158	17	assumed	assume	VERB
fsr-3735	158	18	to	to	PART
fsr-3735	158	19	steadily	steadily	ADV
fsr-3735	158	20	increase	increase	VERB
fsr-3735	158	21	and	and	CCONJ
fsr-3735	158	22	the	the	DET
fsr-3735	158	23	option	option	NOUN
fsr-3735	158	24	right	right	ADV
fsr-3735	158	25	becomes	become	VERB
fsr-3735	158	26	more	more	ADV
fsr-3735	158	27	valuable	valuable	ADJ
fsr-3735	158	28	with	with	ADP
fsr-3735	158	29	time	time	NOUN
fsr-3735	158	30	.	.	PUNCT
fsr-3735	159	1	in	in	ADP
fsr-3735	159	2	fact	fact	NOUN
fsr-3735	159	3	,	,	PUNCT
fsr-3735	159	4	with	with	ADP
fsr-3735	159	5	maturities	maturity	NOUN
fsr-3735	159	6	of	of	ADP
fsr-3735	159	7	four	four	NUM
fsr-3735	159	8	years	year	NOUN
fsr-3735	159	9	or	or	CCONJ
fsr-3735	159	10	longer	long	ADV
fsr-3735	159	11	there	there	PRON
fsr-3735	159	12	is	be	VERB
fsr-3735	159	13	no	no	DET
fsr-3735	159	14	volatility	volatility	NOUN
fsr-3735	159	15	low	low	ADJ
fsr-3735	159	16	enough	enough	ADV
fsr-3735	159	17	to	to	PART
fsr-3735	159	18	result	result	VERB
fsr-3735	159	19	in	in	ADP
fsr-3735	159	20	a	a	DET
fsr-3735	159	21	10	10	NUM
fsr-3735	159	22	%	%	NOUN
fsr-3735	159	23	(	(	PUNCT
fsr-3735	159	24	opm	opm	NOUN
fsr-3735	159	25	)	)	PUNCT
fsr-3735	159	26	option	option	NOUN
fsr-3735	159	27	value	value	NOUN
fsr-3735	159	28	.	.	PUNCT
fsr-3735	160	1	as	as	SCONJ
fsr-3735	160	2	the	the	DET
fsr-3735	160	3	dividend	dividend	NOUN
fsr-3735	160	4	payout	payout	NOUN
fsr-3735	160	5	grows	grow	VERB
fsr-3735	160	6	,	,	PUNCT
fsr-3735	160	7	the	the	DET
fsr-3735	160	8	decrease	decrease	NOUN
fsr-3735	160	9	in	in	ADP
fsr-3735	160	10	the	the	DET
fsr-3735	160	11	value	value	NOUN
fsr-3735	160	12	of	of	ADP
fsr-3735	160	13	the	the	DET
fsr-3735	160	14	underlying	underlie	VERB
fsr-3735	160	15	asset	asset	NOUN
fsr-3735	160	16	reduces	reduce	VERB
fsr-3735	160	17	the	the	DET
fsr-3735	160	18	value	value	NOUN
fsr-3735	160	19	of	of	ADP
fsr-3735	160	20	the	the	DET
fsr-3735	160	21	option	option	NOUN
fsr-3735	160	22	.	.	PUNCT
fsr-3735	161	1	at	at	ADP
fsr-3735	161	2	a	a	DET
fsr-3735	161	3	10	10	NUM
fsr-3735	161	4	%	%	NOUN
fsr-3735	161	5	payout	payout	NOUN
fsr-3735	161	6	,	,	PUNCT
fsr-3735	161	7	figure	figure	VERB
fsr-3735	161	8	4	4	NUM
fsr-3735	161	9	illustrates	illustrate	VERB
fsr-3735	161	10	that	that	SCONJ
fsr-3735	161	11	the	the	DET
fsr-3735	161	12	option	option	NOUN
fsr-3735	161	13	value	value	NOUN
fsr-3735	161	14	is	be	AUX
fsr-3735	161	15	less	less	ADJ
fsr-3735	161	16	than	than	ADP
fsr-3735	161	17	10	10	NUM
fsr-3735	161	18	%	%	NOUN
fsr-3735	161	19	regardless	regardless	ADV
fsr-3735	161	20	of	of	ADP
fsr-3735	161	21	the	the	DET
fsr-3735	161	22	volatility	volatility	NOUN
fsr-3735	161	23	level	level	NOUN
fsr-3735	161	24	when	when	SCONJ
fsr-3735	161	25	the	the	DET
fsr-3735	161	26	time	time	NOUN
fsr-3735	161	27	to	to	ADP
fsr-3735	161	28	maturity	maturity	NOUN
fsr-3735	161	29	exceeds	exceed	VERB
fsr-3735	161	30	2	2	NUM
fsr-3735	161	31	1	1	NUM
fsr-3735	161	32	years	year	NOUN
fsr-3735	161	33	.	.	PUNCT
fsr-3735	162	1	thus	thus	ADV
fsr-3735	162	2	,	,	PUNCT
fsr-3735	162	3	dividend	dividend	NOUN
fsr-3735	162	4	payments	payment	NOUN
fsr-3735	162	5	to	to	ADP
fsr-3735	162	6	the	the	DET
fsr-3735	162	7	senior	senior	ADJ
fsr-3735	162	8	generation	generation	NOUN
fsr-3735	162	9	that	that	PRON
fsr-3735	162	10	approximate	approximate	VERB
fsr-3735	162	11	the	the	DET
fsr-3735	162	12	valuation	valuation	NOUN
fsr-3735	162	13	discount	discount	NOUN
fsr-3735	162	14	rate	rate	NOUN
fsr-3735	162	15	(	(	PUNCT
fsr-3735	162	16	120	120	NUM
fsr-3735	162	17	%	%	NOUN
fsr-3735	162	18	of	of	ADP
fsr-3735	162	19	the	the	DET
fsr-3735	162	20	afr	afr	PROPN
fsr-3735	162	21	)	)	PUNCT
fsr-3735	162	22	shoufd	shoufd	NOUN
fsr-3735	162	23	be	be	AUX
fsr-3735	162	24	avoided	avoid	VERB
fsr-3735	162	25	if	if	SCONJ
fsr-3735	162	26	the	the	DET
fsr-3735	162	27	objective	objective	NOUN
fsr-3735	162	28	is	be	AUX
fsr-3735	162	29	to	to	PART
fsr-3735	162	30	minimize	minimize	VERB
fsr-3735	162	31	transfer	transfer	NOUN
fsr-3735	162	32	taxes	taxis	NOUN
fsr-3735	162	33	.	.	PUNCT
fsr-3735	163	1	this	this	PRON
fsr-3735	163	2	is	be	AUX
fsr-3735	163	3	because	because	SCONJ
fsr-3735	163	4	the	the	DET
fsr-3735	163	5	minimum	minimum	ADJ
fsr-3735	163	6	value	value	NOUN
fsr-3735	163	7	rule	rule	NOUN
fsr-3735	163	8	will	will	AUX
fsr-3735	163	9	be	be	AUX
fsr-3735	163	10	binding	bind	VERB
fsr-3735	163	11	,	,	PUNCT
fsr-3735	163	12	although	although	SCONJ
fsr-3735	163	13	the	the	DET
fsr-3735	163	14	call	call	NOUN
fsr-3735	163	15	value	value	NOUN
fsr-3735	163	16	of	of	ADP
fsr-3735	163	17	the	the	DET
fsr-3735	163	18	junior	junior	ADJ
fsr-3735	163	19	interest	interest	NOUN
fsr-3735	163	20	is	be	AUX
fsr-3735	163	21	likely	likely	ADJ
fsr-3735	163	22	to	to	PART
fsr-3735	163	23	be	be	AUX
fsr-3735	163	24	less	less	ADJ
fsr-3735	163	25	than	than	ADP
fsr-3735	163	26	the	the	DET
fsr-3735	163	27	10	10	NUM
fsr-3735	163	28	%	%	NOUN
fsr-3735	163	29	value	value	NOUN
fsr-3735	163	30	assigned	assign	VERB
fsr-3735	163	31	by	by	ADP
fsr-3735	163	32	law	law	NOUN
fsr-3735	163	33	.	.	PUNCT
fsr-3735	164	1	figure	figure	NOUN
fsr-3735	164	2	4	4	NUM
fsr-3735	164	3	is	be	AUX
fsr-3735	164	4	sensitive	sensitive	ADJ
fsr-3735	164	5	to	to	ADP
fsr-3735	164	6	the	the	DET
fsr-3735	164	7	dividend	dividend	NOUN
fsr-3735	164	8	payout	payout	NOUN
fsr-3735	164	9	assumptions	assumption	NOUN
fsr-3735	164	10	used	use	VERB
fsr-3735	164	11	in	in	ADP
fsr-3735	164	12	the	the	DET
fsr-3735	164	13	first	first	ADJ
fsr-3735	164	14	part	part	NOUN
fsr-3735	164	15	of	of	ADP
fsr-3735	164	16	this	this	DET
fsr-3735	164	17	analysis	analysis	NOUN
fsr-3735	164	18	.	.	PUNCT
fsr-3735	165	1	however	however	ADV
fsr-3735	165	2	,	,	PUNCT
fsr-3735	165	3	in	in	ADP
fsr-3735	165	4	conjunction	conjunction	NOUN
fsr-3735	165	5	with	with	ADP
fsr-3735	165	6	figures	figure	NOUN
fsr-3735	165	7	1	1	NUM
fsr-3735	165	8	-	-	SYM
fsr-3735	165	9	3	3	NUM
fsr-3735	165	10	,	,	PUNCT
fsr-3735	165	11	it	it	PRON
fsr-3735	165	12	shows	show	VERB
fsr-3735	165	13	that	that	SCONJ
fsr-3735	165	14	the	the	DET
fsr-3735	165	15	option	option	NOUN
fsr-3735	165	16	value	value	NOUN
fsr-3735	165	17	of	of	ADP
fsr-3735	165	18	the	the	DET
fsr-3735	165	19	junior	junior	ADJ
fsr-3735	165	20	equity	equity	NOUN
fsr-3735	165	21	interest	interest	NOUN
fsr-3735	165	22	is	be	AUX
fsr-3735	165	23	sensitive	sensitive	ADJ
fsr-3735	165	24	to	to	ADP
fsr-3735	165	25	the	the	DET
fsr-3735	165	26	interaction	interaction	NOUN
fsr-3735	165	27	of	of	ADP
fsr-3735	165	28	time	time	NOUN
fsr-3735	165	29	,	,	PUNCT
fsr-3735	165	30	volatility	volatility	NOUN
fsr-3735	165	31	,	,	PUNCT
fsr-3735	165	32	and	and	CCONJ
fsr-3735	165	33	dividend	dividend	NOUN
fsr-3735	165	34	payout	payout	NOUN
fsr-3735	165	35	.	.	PUNCT
fsr-3735	166	1	tax	tax	NOUN
fsr-3735	166	2	savings	saving	NOUN
fsr-3735	166	3	opportunities	opportunity	NOUN
fsr-3735	166	4	in	in	ADP
fsr-3735	166	5	estate	estate	NOUN
fsr-3735	166	6	freeze	freeze	NOUN
fsr-3735	166	7	transactions	transaction	NOUN
fsr-3735	166	8	21	21	NUM
fsr-3735	166	9	e.	e.	PROPN
fsr-3735	166	10	limitations	limitation	NOUN
fsr-3735	166	11	of	of	ADP
fsr-3735	166	12	this	this	DET
fsr-3735	166	13	analysis	analysis	NOUN
fsr-3735	166	14	there	there	PRON
fsr-3735	166	15	are	be	VERB
fsr-3735	166	16	two	two	NUM
fsr-3735	166	17	important	important	ADJ
fsr-3735	166	18	limitations	limitation	NOUN
fsr-3735	166	19	of	of	ADP
fsr-3735	166	20	the	the	DET
fsr-3735	166	21	analysis	analysis	NOUN
fsr-3735	166	22	shown	show	VERB
fsr-3735	166	23	in	in	ADP
fsr-3735	166	24	this	this	DET
fsr-3735	166	25	article	article	NOUN
fsr-3735	166	26	.	.	PUNCT
fsr-3735	167	1	first	first	ADV
fsr-3735	167	2	,	,	PUNCT
fsr-3735	167	3	a	a	DET
fsr-3735	167	4	valuation	valuation	NOUN
fsr-3735	167	5	expert	expert	NOUN
fsr-3735	167	6	hired	hire	VERB
fsr-3735	167	7	in	in	ADP
fsr-3735	167	8	connection	connection	NOUN
fsr-3735	167	9	with	with	ADP
fsr-3735	167	10	the	the	DET
fsr-3735	167	11	estate	estate	NOUN
fsr-3735	167	12	freeze	freeze	NOUN
fsr-3735	167	13	transaction	transaction	NOUN
fsr-3735	167	14	must	must	AUX
fsr-3735	167	15	be	be	AUX
fsr-3735	167	16	able	able	ADJ
fsr-3735	167	17	to	to	PART
fsr-3735	167	18	reasonably	reasonably	ADV
fsr-3735	167	19	estimate	estimate	VERB
fsr-3735	167	20	opm	opm	NOUN
fsr-3735	167	21	parameters	parameter	NOUN
fsr-3735	167	22	.	.	PUNCT
fsr-3735	168	1	as	as	SCONJ
fsr-3735	168	2	discussed	discuss	VERB
fsr-3735	168	3	above	above	ADV
fsr-3735	168	4	,	,	PUNCT
fsr-3735	168	5	volatility	volatility	NOUN
fsr-3735	168	6	of	of	ADP
fsr-3735	168	7	firm	firm	ADJ
fsr-3735	168	8	value	value	NOUN
fsr-3735	168	9	would	would	AUX
fsr-3735	168	10	be	be	AUX
fsr-3735	168	11	the	the	DET
fsr-3735	168	12	most	most	ADV
fsr-3735	168	13	difficult	difficult	ADJ
fsr-3735	168	14	parameter	parameter	NOUN
fsr-3735	168	15	to	to	PART
fsr-3735	168	16	estimate	estimate	VERB
fsr-3735	168	17	.	.	PUNCT
fsr-3735	169	1	however	however	ADV
fsr-3735	169	2	,	,	PUNCT
fsr-3735	169	3	as	as	SCONJ
fsr-3735	169	4	shown	show	VERB
fsr-3735	169	5	in	in	ADP
fsr-3735	169	6	figure	figure	NOUN
fsr-3735	169	7	4	4	NUM
fsr-3735	169	8	,	,	PUNCT
fsr-3735	169	9	it	it	PRON
fsr-3735	169	10	is	be	AUX
fsr-3735	169	11	possible	possible	ADJ
fsr-3735	169	12	to	to	PART
fsr-3735	169	13	determine	determine	VERB
fsr-3735	169	14	the	the	DET
fsr-3735	169	15	volatility	volatility	NOUN
fsr-3735	169	16	implied	imply	VERB
fsr-3735	169	17	by	by	ADP
fsr-3735	169	18	a	a	DET
fsr-3735	169	19	specified	specified	ADJ
fsr-3735	169	20	option	option	NOUN
fsr-3735	169	21	value	value	NOUN
fsr-3735	169	22	.	.	PUNCT
fsr-3735	170	1	if	if	SCONJ
fsr-3735	170	2	the	the	DET
fsr-3735	170	3	implied	imply	VERB
fsr-3735	170	4	volatility	volatility	NOUN
fsr-3735	170	5	appears	appear	VERB
fsr-3735	170	6	unreason	unreason	NOUN
fsr-3735	170	7	able	able	ADJ
fsr-3735	170	8	,	,	PUNCT
fsr-3735	170	9	then	then	ADV
fsr-3735	170	10	the	the	DET
fsr-3735	170	11	tax	tax	NOUN
fsr-3735	170	12	law	law	NOUN
fsr-3735	170	13	option	option	NOUN
fsr-3735	170	14	value	value	NOUN
fsr-3735	170	15	is	be	AUX
fsr-3735	170	16	also	also	ADV
fsr-3735	170	17	likely	likely	ADJ
fsr-3735	170	18	to	to	PART
fsr-3735	170	19	be	be	AUX
fsr-3735	170	20	unreasonable	unreasonable	ADJ
fsr-3735	170	21	.	.	PUNCT
fsr-3735	171	1	also	also	ADV
fsr-3735	171	2	,	,	PUNCT
fsr-3735	171	3	upper	upper	ADJ
fsr-3735	171	4	and	and	CCONJ
fsr-3735	171	5	lower	low	ADJ
fsr-3735	171	6	boundaries	boundary	NOUN
fsr-3735	171	7	could	could	AUX
fsr-3735	171	8	be	be	AUX
fsr-3735	171	9	specified	specify	VERB
fsr-3735	171	10	,	,	PUNCT
fsr-3735	171	11	and	and	CCONJ
fsr-3735	171	12	the	the	DET
fsr-3735	171	13	resulting	result	VERB
fsr-3735	171	14	option	option	NOUN
fsr-3735	171	15	values	value	NOUN
fsr-3735	171	16	could	could	AUX
fsr-3735	171	17	be	be	AUX
fsr-3735	171	18	examined	examine	VERB
fsr-3735	171	19	for	for	ADP
fsr-3735	171	20	sensitivity	sensitivity	NOUN
fsr-3735	171	21	to	to	ADP
fsr-3735	171	22	volatility	volatility	NOUN
fsr-3735	171	23	misspecifications	misspecification	NOUN
fsr-3735	171	24	.	.	PUNCT
fsr-3735	172	1	the	the	DET
fsr-3735	172	2	second	second	ADJ
fsr-3735	172	3	limitation	limitation	NOUN
fsr-3735	172	4	is	be	AUX
fsr-3735	172	5	whether	whether	SCONJ
fsr-3735	172	6	it	it	PRON
fsr-3735	172	7	is	be	AUX
fsr-3735	172	8	appropriate	appropriate	ADJ
fsr-3735	172	9	to	to	PART
fsr-3735	172	10	use	use	VERB
fsr-3735	172	11	the	the	DET
fsr-3735	172	12	black	black	ADJ
fsr-3735	172	13	-	-	PUNCT
fsr-3735	172	14	scholes	schole	NOUN
fsr-3735	172	15	model	model	NOUN
fsr-3735	172	16	to	to	PART
fsr-3735	172	17	value	value	VERB
fsr-3735	172	18	the	the	DET
fsr-3735	172	19	option	option	NOUN
fsr-3735	172	20	feature	feature	NOUN
fsr-3735	172	21	of	of	ADP
fsr-3735	172	22	the	the	DET
fsr-3735	172	23	junior	junior	ADJ
fsr-3735	172	24	interest	interest	NOUN
fsr-3735	172	25	.	.	PUNCT
fsr-3735	173	1	the	the	DET
fsr-3735	173	2	junior	junior	ADJ
fsr-3735	173	3	interest	interest	NOUN
fsr-3735	173	4	clearly	clearly	ADV
fsr-3735	173	5	has	have	VERB
fsr-3735	173	6	features	feature	NOUN
fsr-3735	173	7	of	of	ADP
fsr-3735	173	8	a	a	DET
fsr-3735	173	9	call	call	NOUN
fsr-3735	173	10	option	option	NOUN
fsr-3735	173	11	,	,	PUNCT
fsr-3735	173	12	but	but	CCONJ
fsr-3735	173	13	the	the	DET
fsr-3735	173	14	features	feature	NOUN
fsr-3735	173	15	do	do	AUX
fsr-3735	173	16	not	not	PART
fsr-3735	173	17	literally	literally	ADV
fsr-3735	173	18	meet	meet	VERB
fsr-3735	173	19	all	all	PRON
fsr-3735	173	20	of	of	ADP
fsr-3735	173	21	the	the	DET
fsr-3735	173	22	assumptions	assumption	NOUN
fsr-3735	173	23	of	of	ADP
fsr-3735	173	24	opm	opm	PROPN
fsr-3735	173	25	.	.	PUNCT
fsr-3735	174	1	for	for	ADP
fsr-3735	174	2	example	example	NOUN
fsr-3735	174	3	,	,	PUNCT
fsr-3735	174	4	if	if	SCONJ
fsr-3735	174	5	life	life	NOUN
fsr-3735	174	6	expectancy	expectancy	NOUN
fsr-3735	174	7	is	be	AUX
fsr-3735	174	8	viewed	view	VERB
fsr-3735	174	9	as	as	ADP
fsr-3735	174	10	the	the	DET
fsr-3735	174	11	maturity	maturity	NOUN
fsr-3735	174	12	date	date	NOUN
fsr-3735	174	13	,	,	PUNCT
fsr-3735	174	14	the	the	DET
fsr-3735	174	15	junior	junior	ADJ
fsr-3735	174	16	interest	interest	NOUN
fsr-3735	174	17	“	"	PUNCT
fsr-3735	174	18	option	option	NOUN
fsr-3735	174	19	”	"	PUNCT
fsr-3735	174	20	is	be	AUX
fsr-3735	174	21	not	not	PART
fsr-3735	174	22	strictly	strictly	ADV
fsr-3735	174	23	european	european	ADJ
fsr-3735	174	24	because	because	SCONJ
fsr-3735	174	25	the	the	DET
fsr-3735	174	26	senior	senior	ADJ
fsr-3735	174	27	generation	generation	NOUN
fsr-3735	174	28	owner	owner	NOUN
fsr-3735	174	29	can	can	AUX
fsr-3735	174	30	certainly	certainly	ADV
fsr-3735	174	31	die	die	VERB
fsr-3735	174	32	before	before	ADP
fsr-3735	174	33	“	"	PUNCT
fsr-3735	174	34	maturity	maturity	NOUN
fsr-3735	174	35	”	"	PUNCT
fsr-3735	174	36	and	and	CCONJ
fsr-3735	174	37	cause	cause	VERB
fsr-3735	174	38	an	an	DET
fsr-3735	174	39	early	early	ADJ
fsr-3735	174	40	exercise	exercise	NOUN
fsr-3735	174	41	.	.	PUNCT
fsr-3735	175	1	however	however	ADV
fsr-3735	175	2	,	,	PUNCT
fsr-3735	175	3	the	the	DET
fsr-3735	175	4	analysis	analysis	NOUN
fsr-3735	175	5	is	be	AUX
fsr-3735	175	6	intended	intend	VERB
fsr-3735	175	7	to	to	PART
fsr-3735	175	8	be	be	AUX
fsr-3735	175	9	used	use	VERB
fsr-3735	175	10	for	for	ADP
fsr-3735	175	11	planning	plan	VERB
fsr-3735	175	12	purposes	purpose	NOUN
fsr-3735	175	13	only	only	ADV
fsr-3735	175	14	and	and	CCONJ
fsr-3735	175	15	can	can	AUX
fsr-3735	175	16	incorporate	incorporate	VERB
fsr-3735	175	17	the	the	DET
fsr-3735	175	18	effects	effect	NOUN
fsr-3735	175	19	of	of	ADP
fsr-3735	175	20	an	an	DET
fsr-3735	175	21	exercise	exercise	NOUN
fsr-3735	175	22	at	at	ADP
fsr-3735	175	23	some	some	DET
fsr-3735	175	24	term	term	NOUN
fsr-3735	175	25	other	other	ADJ
fsr-3735	175	26	than	than	ADP
fsr-3735	175	27	life	life	NOUN
fsr-3735	175	28	expectancy	expectancy	NOUN
fsr-3735	175	29	.	.	PUNCT
fsr-3735	176	1	a	a	DET
fsr-3735	176	2	sensitivity	sensitivity	NOUN
fsr-3735	176	3	analysis	analysis	NOUN
fsr-3735	176	4	,	,	PUNCT
fsr-3735	176	5	similar	similar	ADJ
fsr-3735	176	6	to	to	ADP
fsr-3735	176	7	that	that	PRON
fsr-3735	176	8	shown	show	VERB
fsr-3735	176	9	in	in	ADP
fsr-3735	176	10	figures	figure	NOUN
fsr-3735	176	11	l-3	l-3	PROPN
fsr-3735	176	12	,	,	PUNCT
fsr-3735	176	13	can	can	AUX
fsr-3735	176	14	be	be	AUX
fsr-3735	176	15	useful	useful	ADJ
fsr-3735	176	16	in	in	ADP
fsr-3735	176	17	determining	determine	VERB
fsr-3735	176	18	the	the	DET
fsr-3735	176	19	effects	effect	NOUN
fsr-3735	176	20	of	of	ADP
fsr-3735	176	21	misspecification	misspecification	NOUN
fsr-3735	176	22	of	of	ADP
fsr-3735	176	23	a	a	DET
fsr-3735	176	24	model	model	NOUN
fsr-3735	176	25	parameter	parameter	NOUN
fsr-3735	176	26	.	.	PUNCT
fsr-3735	177	1	v.	v.	ADP
fsr-3735	177	2	conclusion	conclusion	NOUN
fsr-3735	177	3	this	this	DET
fsr-3735	177	4	article	article	NOUN
fsr-3735	177	5	compares	compare	VERB
fsr-3735	177	6	the	the	DET
fsr-3735	177	7	use	use	NOUN
fsr-3735	177	8	of	of	ADP
fsr-3735	177	9	the	the	DET
fsr-3735	177	10	statutory	statutory	ADJ
fsr-3735	177	11	minimum	minimum	NOUN
fsr-3735	177	12	value	value	NOUN
fsr-3735	177	13	rule	rule	NOUN
fsr-3735	177	14	,	,	PUNCT
fsr-3735	177	15	intended	intend	VERB
fsr-3735	177	16	to	to	PART
fsr-3735	177	17	capture	capture	VERB
fsr-3735	177	18	at	at	ADP
fsr-3735	177	19	least	least	ADJ
fsr-3735	177	20	the	the	DET
fsr-3735	177	21	option	option	NOUN
fsr-3735	177	22	value	value	NOUN
fsr-3735	177	23	of	of	ADP
fsr-3735	177	24	a	a	DET
fsr-3735	177	25	junior	junior	ADJ
fsr-3735	177	26	equity	equity	NOUN
fsr-3735	177	27	interest	interest	NOUN
fsr-3735	177	28	,	,	PUNCT
fsr-3735	177	29	with	with	ADP
fsr-3735	177	30	the	the	DET
fsr-3735	177	31	opm	opm	NOUN
fsr-3735	177	32	value	value	NOUN
fsr-3735	177	33	of	of	ADP
fsr-3735	177	34	the	the	DET
fsr-3735	177	35	option	option	NOUN
fsr-3735	177	36	feature	feature	NOUN
fsr-3735	177	37	.	.	PUNCT
fsr-3735	178	1	the	the	DET
fsr-3735	178	2	results	result	NOUN
fsr-3735	178	3	suggest	suggest	VERB
fsr-3735	178	4	that	that	SCONJ
fsr-3735	178	5	estate	estate	NOUN
fsr-3735	178	6	freeze	freeze	NOUN
fsr-3735	178	7	transactions	transaction	NOUN
fsr-3735	178	8	can	can	AUX
fsr-3735	178	9	still	still	ADV
fsr-3735	178	10	lead	lead	VERB
fsr-3735	178	11	to	to	PART
fsr-3735	178	12	transfer	transfer	VERB
fsr-3735	178	13	tax	tax	NOUN
fsr-3735	178	14	savings	saving	NOUN
fsr-3735	178	15	when	when	SCONJ
fsr-3735	178	16	the	the	DET
fsr-3735	178	17	tax	tax	NOUN
fsr-3735	178	18	law	law	NOUN
fsr-3735	178	19	understates	understate	VERB
fsr-3735	178	20	the	the	DET
fsr-3735	178	21	call	call	NOUN
fsr-3735	178	22	value	value	NOUN
fsr-3735	178	23	of	of	ADP
fsr-3735	178	24	the	the	DET
fsr-3735	178	25	transferred	transfer	VERB
fsr-3735	178	26	interest	interest	NOUN
fsr-3735	178	27	.	.	PUNCT
fsr-3735	179	1	conversely	conversely	ADV
fsr-3735	179	2	,	,	PUNCT
fsr-3735	179	3	estate	estate	NOUN
fsr-3735	179	4	freeze	freeze	NOUN
fsr-3735	179	5	terms	term	NOUN
fsr-3735	179	6	that	that	PRON
fsr-3735	179	7	result	result	VERB
fsr-3735	179	8	in	in	ADP
fsr-3735	179	9	a	a	DET
fsr-3735	179	10	binding	bind	VERB
fsr-3735	179	11	minimum	minimum	NOUN
fsr-3735	179	12	value	value	NOUN
fsr-3735	179	13	rule	rule	NOUN
fsr-3735	179	14	should	should	AUX
fsr-3735	179	15	be	be	AUX
fsr-3735	179	16	avoided	avoid	VERB
fsr-3735	179	17	if	if	SCONJ
fsr-3735	179	18	the	the	DET
fsr-3735	179	19	call	call	NOUN
fsr-3735	179	20	value	value	NOUN
fsr-3735	179	21	is	be	AUX
fsr-3735	179	22	less	less	ADJ
fsr-3735	179	23	than	than	ADP
fsr-3735	179	24	the	the	DET
fsr-3735	179	25	statutory	statutory	ADJ
fsr-3735	179	26	10	10	NUM
fsr-3735	179	27	%	%	NOUN
fsr-3735	179	28	.	.	PUNCT
fsr-3735	180	1	the	the	DET
fsr-3735	180	2	results	result	NOUN
fsr-3735	180	3	are	be	AUX
fsr-3735	180	4	limited	limit	VERB
fsr-3735	180	5	by	by	ADP
fsr-3735	180	6	the	the	DET
fsr-3735	180	7	ability	ability	NOUN
fsr-3735	180	8	of	of	ADP
fsr-3735	180	9	the	the	DET
fsr-3735	180	10	valuation	valuation	NOUN
fsr-3735	180	11	expert	expert	NOUN
fsr-3735	180	12	to	to	PART
fsr-3735	180	13	estimate	estimate	VERB
fsr-3735	180	14	opm	opm	NOUN
fsr-3735	180	15	parameters	parameter	NOUN
fsr-3735	180	16	and	and	CCONJ
fsr-3735	180	17	the	the	DET
fsr-3735	180	18	applicability	applicability	NOUN
fsr-3735	180	19	of	of	ADP
fsr-3735	180	20	the	the	DET
fsr-3735	180	21	black	black	ADJ
fsr-3735	180	22	-	-	PUNCT
fsr-3735	180	23	scholes	schole	NOUN
fsr-3735	180	24	model	model	NOUN
fsr-3735	180	25	to	to	ADP
fsr-3735	180	26	the	the	DET
fsr-3735	180	27	junior	junior	ADJ
fsr-3735	180	28	interest	interest	NOUN
fsr-3735	180	29	created	create	VERB
fsr-3735	180	30	in	in	ADP
fsr-3735	180	31	the	the	DET
fsr-3735	180	32	freeze	freeze	NOUN
fsr-3735	180	33	.	.	PUNCT
fsr-3735	181	1	notes	note	VERB
fsr-3735	181	2	1	1	NUM
fsr-3735	181	3	.	.	PUNCT
fsr-3735	181	4	prior	prior	ADJ
fsr-3735	181	5	research	research	NOUN
fsr-3735	181	6	has	have	AUX
fsr-3735	181	7	recognized	recognize	VERB
fsr-3735	181	8	that	that	SCONJ
fsr-3735	181	9	an	an	DET
fsr-3735	181	10	entrepreneur	entrepreneur	NOUN
fsr-3735	181	11	may	may	AUX
fsr-3735	181	12	not	not	PART
fsr-3735	181	13	be	be	AUX
fsr-3735	181	14	diversified	diversify	VERB
fsr-3735	181	15	to	to	ADP
fsr-3735	181	16	the	the	DET
fsr-3735	181	17	extent	extent	NOUN
fsr-3735	181	18	suggested	suggest	VERB
fsr-3735	181	19	by	by	ADP
fsr-3735	181	20	portfolio	portfolio	NOUN
fsr-3735	181	21	theory	theory	NOUN
fsr-3735	181	22	(	(	PUNCT
fsr-3735	181	23	leland	leland	PROPN
fsr-3735	181	24	&	&	CCONJ
fsr-3735	181	25	pyle	pyle	PROPN
fsr-3735	181	26	,	,	PUNCT
fsr-3735	181	27	1977	1977	NUM
fsr-3735	181	28	)	)	PUNCT
fsr-3735	181	29	.	.	PUNCT
fsr-3735	182	1	2	2	X
fsr-3735	182	2	.	.	X
fsr-3735	182	3	it	it	PRON
fsr-3735	182	4	is	be	AUX
fsr-3735	182	5	assumed	assume	VERB
fsr-3735	182	6	in	in	ADP
fsr-3735	182	7	this	this	DET
fsr-3735	182	8	analysis	analysis	NOUN
fsr-3735	182	9	that	that	SCONJ
fsr-3735	182	10	the	the	DET
fsr-3735	182	11	older	old	ADJ
fsr-3735	182	12	generation	generation	NOUN
fsr-3735	182	13	owns	own	VERB
fsr-3735	182	14	100	100	NUM
fsr-3735	182	15	%	%	NOUN
fsr-3735	182	16	of	of	ADP
fsr-3735	182	17	the	the	DET
fsr-3735	182	18	corporation	corporation	NOUN
fsr-3735	182	19	prior	prior	ADV
fsr-3735	182	20	to	to	ADP
fsr-3735	182	21	the	the	DET
fsr-3735	182	22	recapitalization	recapitalization	NOUN
fsr-3735	182	23	.	.	PUNCT
fsr-3735	183	1	the	the	DET
fsr-3735	183	2	costs	cost	NOUN
fsr-3735	183	3	of	of	ADP
fsr-3735	183	4	restructuring	restructure	VERB
fsr-3735	183	5	this	this	DET
fsr-3735	183	6	ownership	ownership	NOUN
fsr-3735	183	7	can	can	AUX
fsr-3735	183	8	be	be	AUX
fsr-3735	183	9	both	both	CCONJ
fsr-3735	183	10	monetary	monetary	ADJ
fsr-3735	183	11	and	and	CCONJ
fsr-3735	183	12	nonmone	nonmone	ADJ
fsr-3735	183	13	tary	tary	NOUN
fsr-3735	183	14	.	.	PUNCT
fsr-3735	184	1	3	3	X
fsr-3735	184	2	.	.	X
fsr-3735	184	3	these	these	DET
fsr-3735	184	4	rights	right	NOUN
fsr-3735	184	5	could	could	AUX
fsr-3735	184	6	include	include	VERB
fsr-3735	184	7	rights	right	NOUN
fsr-3735	184	8	to	to	ADP
fsr-3735	184	9	dividend	dividend	NOUN
fsr-3735	184	10	payments	payment	NOUN
fsr-3735	184	11	,	,	PUNCT
fsr-3735	184	12	to	to	PART
fsr-3735	184	13	liquidate	liquidate	VERB
fsr-3735	184	14	the	the	DET
fsr-3735	184	15	entity	entity	NOUN
fsr-3735	184	16	and	and	CCONJ
fsr-3735	184	17	receive	receive	VERB
fsr-3735	184	18	assets	asset	NOUN
fsr-3735	184	19	,	,	PUNCT
fsr-3735	184	20	to	to	PART
fsr-3735	184	21	put	put	VERB
fsr-3735	184	22	the	the	DET
fsr-3735	184	23	interest	interest	NOUN
fsr-3735	184	24	to	to	ADP
fsr-3735	184	25	the	the	DET
fsr-3735	184	26	entity	entity	NOUN
fsr-3735	184	27	,	,	PUNCT
fsr-3735	184	28	and	and	CCONJ
fsr-3735	184	29	to	to	PART
fsr-3735	184	30	convert	convert	VERB
fsr-3735	184	31	the	the	DET
fsr-3735	184	32	frozen	frozen	ADJ
fsr-3735	184	33	interest	interest	NOUN
fsr-3735	184	34	into	into	ADP
fsr-3735	184	35	an	an	DET
fsr-3735	184	36	interest	interest	NOUN
fsr-3735	184	37	with	with	ADP
fsr-3735	184	38	appreciation	appreciation	NOUN
fsr-3735	184	39	potential	potential	NOUN
fsr-3735	184	40	,	,	PUNCT
fsr-3735	184	41	among	among	ADP
fsr-3735	184	42	others	other	NOUN
fsr-3735	184	43	.	.	PUNCT
fsr-3735	185	1	because	because	SCONJ
fsr-3735	185	2	a	a	DET
fsr-3735	185	3	third	third	ADJ
fsr-3735	185	4	party	party	NOUN
fsr-3735	185	5	would	would	AUX
fsr-3735	185	6	pay	pay	VERB
fsr-3735	185	7	for	for	ADP
fsr-3735	185	8	these	these	DET
fsr-3735	185	9	rights	right	NOUN
fsr-3735	185	10	,	,	PUNCT
fsr-3735	185	11	an	an	DET
fsr-3735	185	12	appraisal	appraisal	NOUN
fsr-3735	185	13	could	could	AUX
fsr-3735	185	14	include	include	VERB
fsr-3735	185	15	the	the	DET
fsr-3735	185	16	value	value	NOUN
fsr-3735	185	17	of	of	ADP
fsr-3735	185	18	the	the	DET
fsr-3735	185	19	rights	right	NOUN
fsr-3735	185	20	.	.	PUNCT
fsr-3735	186	1	4	4	X
fsr-3735	186	2	.	.	X
fsr-3735	186	3	the	the	DET
fsr-3735	186	4	value	value	NOUN
fsr-3735	186	5	of	of	ADP
fsr-3735	186	6	the	the	DET
fsr-3735	186	7	transferred	transfer	VERB
fsr-3735	186	8	interest	interest	NOUN
fsr-3735	186	9	has	have	AUX
fsr-3735	186	10	been	be	AUX
fsr-3735	186	11	determined	determine	VERB
fsr-3735	186	12	by	by	ADP
fsr-3735	186	13	subtracting	subtract	VERB
fsr-3735	186	14	the	the	DET
fsr-3735	186	15	value	value	NOUN
fsr-3735	186	16	of	of	ADP
fsr-3735	186	17	the	the	DET
fsr-3735	186	18	retained	retain	VERB
fsr-3735	186	19	interest	interest	NOUN
fsr-3735	186	20	from	from	ADP
fsr-3735	186	21	the	the	DET
fsr-3735	186	22	total	total	ADJ
fsr-3735	186	23	value	value	NOUN
fsr-3735	186	24	of	of	ADP
fsr-3735	186	25	the	the	DET
fsr-3735	186	26	enterprise	enterprise	NOUN
fsr-3735	186	27	.	.	PUNCT
fsr-3735	187	1	by	by	ADP
fsr-3735	187	2	assigning	assign	VERB
fsr-3735	187	3	a	a	DET
fsr-3735	187	4	redemption	redemption	NOUN
fsr-3735	187	5	value	value	NOUN
fsr-3735	187	6	to	to	ADP
fsr-3735	187	7	the	the	DET
fsr-3735	187	8	preferred	prefer	VERB
fsr-3735	187	9	stock	stock	NOUN
fsr-3735	187	10	equal	equal	ADJ
fsr-3735	187	11	to	to	ADP
fsr-3735	187	12	the	the	DET
fsr-3735	187	13	date	date	NOUN
fsr-3735	187	14	-	-	PUNCT
fsr-3735	187	15	of	of	ADP
fsr-3735	187	16	-	-	PUNCT
fsr-3735	187	17	recapitalization	recapitalization	NOUN
fsr-3735	187	18	value	value	NOUN
fsr-3735	187	19	of	of	ADP
fsr-3735	187	20	the	the	DET
fsr-3735	187	21	entity	entity	NOUN
fsr-3735	187	22	and	and	CCONJ
fsr-3735	187	23	attaching	attach	VERB
fsr-3735	187	24	valuable	valuable	ADJ
fsr-3735	187	25	rights	right	NOUN
fsr-3735	187	26	to	to	ADP
fsr-3735	187	27	the	the	DET
fsr-3735	187	28	preferred	prefer	VERB
fsr-3735	187	29	,	,	PUNCT
fsr-3735	187	30	it	it	PRON
fsr-3735	187	31	was	be	AUX
fsr-3735	187	32	argued	argue	VERB
fsr-3735	187	33	that	that	SCONJ
fsr-3735	187	34	the	the	DET
fsr-3735	187	35	preferred	prefer	VERB
fsr-3735	187	36	value	value	NOUN
fsr-3735	187	37	approximated	approximate	VERB
fsr-3735	187	38	the	the	DET
fsr-3735	187	39	total	total	ADJ
fsr-3735	187	40	value	value	NOUN
fsr-3735	187	41	of	of	ADP
fsr-3735	187	42	the	the	DET
fsr-3735	187	43	entity	entity	NOUN
fsr-3735	187	44	.	.	PUNCT
fsr-3735	188	1	the	the	DET
fsr-3735	188	2	subtraction	subtraction	NOUN
fsr-3735	188	3	method	method	NOUN
fsr-3735	188	4	would	would	AUX
fsr-3735	188	5	then	then	ADV
fsr-3735	188	6	assign	assign	VERB
fsr-3735	188	7	very	very	ADV
fsr-3735	188	8	little	little	ADJ
fsr-3735	188	9	value	value	NOUN
fsr-3735	188	10	to	to	ADP
fsr-3735	188	11	the	the	DET
fsr-3735	188	12	transferred	transfer	VERB
fsr-3735	188	13	interest	interest	NOUN
fsr-3735	188	14	.	.	PUNCT
fsr-3735	189	1	enforcement	enforcement	NOUN
fsr-3735	189	2	22	22	NUM
fsr-3735	189	3	financial	financial	ADJ
fsr-3735	189	4	services	service	NOUN
fsr-3735	189	5	review	review	VERB
fsr-3735	189	6	4(l	4(l	NUM
fsr-3735	189	7	)	)	PUNCT
fsr-3735	189	8	1995	1995	NUM
fsr-3735	189	9	difficulties	difficulty	NOUN
fsr-3735	189	10	arose	arise	VERB
fsr-3735	189	11	because	because	SCONJ
fsr-3735	189	12	of	of	ADP
fsr-3735	189	13	the	the	DET
fsr-3735	189	14	inherently	inherently	ADV
fsr-3735	189	15	factual	factual	ADJ
fsr-3735	189	16	nature	nature	NOUN
fsr-3735	189	17	of	of	ADP
fsr-3735	189	18	a	a	DET
fsr-3735	189	19	valuation	valuation	NOUN
fsr-3735	189	20	question	question	NOUN
fsr-3735	189	21	and	and	CCONJ
fsr-3735	189	22	the	the	DET
fsr-3735	189	23	lack	lack	NOUN
fsr-3735	189	24	of	of	ADP
fsr-3735	189	25	any	any	DET
fsr-3735	189	26	statutory	statutory	ADJ
fsr-3735	189	27	guidance	guidance	NOUN
fsr-3735	189	28	.	.	PUNCT
fsr-3735	190	1	5	5	X
fsr-3735	190	2	.	.	X
fsr-3735	190	3	the	the	DET
fsr-3735	190	4	joint	joint	ADJ
fsr-3735	190	5	committee	committee	NOUN
fsr-3735	190	6	on	on	ADP
fsr-3735	190	7	taxation	taxation	NOUN
fsr-3735	190	8	is	be	AUX
fsr-3735	190	9	a	a	DET
fsr-3735	190	10	standing	stand	VERB
fsr-3735	190	11	committee	committee	PROPN
fsr-3735	190	12	of	of	ADP
fsr-3735	190	13	congress	congress	PROPN
fsr-3735	190	14	that	that	PRON
fsr-3735	190	15	advises	advise	VERB
fsr-3735	190	16	both	both	DET
fsr-3735	190	17	houses	house	NOUN
fsr-3735	190	18	on	on	ADP
fsr-3735	190	19	fiscal	fiscal	ADJ
fsr-3735	190	20	and	and	CCONJ
fsr-3735	190	21	administrative	administrative	ADJ
fsr-3735	190	22	issues	issue	NOUN
fsr-3735	190	23	associated	associate	VERB
fsr-3735	190	24	with	with	ADP
fsr-3735	190	25	tax	tax	NOUN
fsr-3735	190	26	legislation	legislation	NOUN
fsr-3735	190	27	.	.	PUNCT
fsr-3735	191	1	it	it	PRON
fsr-3735	191	2	consists	consist	VERB
fsr-3735	191	3	of	of	ADP
fsr-3735	191	4	members	member	NOUN
fsr-3735	191	5	of	of	ADP
fsr-3735	191	6	the	the	DET
fsr-3735	191	7	tax	tax	NOUN
fsr-3735	191	8	writing	writing	NOUN
fsr-3735	191	9	committees	committee	NOUN
fsr-3735	191	10	of	of	ADP
fsr-3735	191	11	congress	congress	PROPN
fsr-3735	191	12	and	and	CCONJ
fsr-3735	191	13	professional	professional	ADJ
fsr-3735	191	14	staff	staff	NOUN
fsr-3735	191	15	with	with	ADP
fsr-3735	191	16	backgrounds	background	NOUN
fsr-3735	191	17	in	in	ADP
fsr-3735	191	18	law	law	NOUN
fsr-3735	191	19	,	,	PUNCT
fsr-3735	191	20	economics	economic	NOUN
fsr-3735	191	21	,	,	PUNCT
fsr-3735	191	22	and	and	CCONJ
fsr-3735	191	23	accounting	accounting	NOUN
fsr-3735	191	24	.	.	PUNCT
fsr-3735	192	1	6	6	X
fsr-3735	192	2	.	.	X
fsr-3735	192	3	irc	irc	PROPN
fsr-3735	192	4	section	section	NOUN
fsr-3735	192	5	2701	2701	NUM
fsr-3735	192	6	(	(	PUNCT
fsr-3735	192	7	a)(4	a)(4	NUM
fsr-3735	192	8	)	)	PUNCT
fsr-3735	192	9	.	.	PUNCT
fsr-3735	193	1	the	the	DET
fsr-3735	193	2	minimum	minimum	ADJ
fsr-3735	193	3	value	value	NOUN
fsr-3735	193	4	rule	rule	NOUN
fsr-3735	193	5	was	be	AUX
fsr-3735	193	6	initially	initially	ADV
fsr-3735	193	7	set	set	VERB
fsr-3735	193	8	at	at	ADP
fsr-3735	193	9	20	20	NUM
fsr-3735	193	10	%	%	NOUN
fsr-3735	193	11	under	under	ADP
fsr-3735	193	12	h.r	h.r	PROPN
fsr-3735	193	13	.	.	PROPN
fsr-3735	193	14	5425	5425	NUM
fsr-3735	193	15	(	(	PUNCT
fsr-3735	193	16	august	august	PROPN
fsr-3735	193	17	1,1990	1,1990	NUM
fsr-3735	193	18	)	)	PUNCT
fsr-3735	193	19	,	,	PUNCT
fsr-3735	193	20	the	the	DET
fsr-3735	193	21	first	first	ADJ
fsr-3735	193	22	proposed	propose	VERB
fsr-3735	193	23	amendment	amendment	NOUN
fsr-3735	193	24	to	to	ADP
fsr-3735	193	25	the	the	DET
fsr-3735	193	26	estate	estate	NOUN
fsr-3735	193	27	freeze	freeze	VERB
fsr-3735	193	28	rules	rule	NOUN
fsr-3735	193	29	following	follow	VERB
fsr-3735	193	30	the	the	DET
fsr-3735	193	31	joint	joint	ADJ
fsr-3735	193	32	committee	committee	NOUN
fsr-3735	193	33	discussion	discussion	NOUN
fsr-3735	193	34	draft	draft	NOUN
fsr-3735	193	35	.	.	PUNCT
fsr-3735	194	1	the	the	DET
fsr-3735	194	2	senate	senate	PROPN
fsr-3735	194	3	eliminated	eliminate	VERB
fsr-3735	194	4	the	the	DET
fsr-3735	194	5	minimum	minimum	ADJ
fsr-3735	194	6	value	value	NOUN
fsr-3735	194	7	standard	standard	NOUN
fsr-3735	194	8	in	in	ADP
fsr-3735	194	9	s.	s.	PROPN
fsr-3735	194	10	3	3	NUM
fsr-3735	194	11	1	1	NUM
fsr-3735	194	12	i3	i3	NOUN
fsr-3735	194	13	(	(	PUNCT
fsr-3735	194	14	september	september	PROPN
fsr-3735	194	15	26	26	NUM
fsr-3735	194	16	,	,	PUNCT
fsr-3735	194	17	1990	1990	NUM
fsr-3735	194	18	)	)	PUNCT
fsr-3735	194	19	,	,	PUNCT
fsr-3735	194	20	but	but	CCONJ
fsr-3735	194	21	it	it	PRON
fsr-3735	194	22	later	later	ADV
fsr-3735	194	23	resurfaced	resurface	VERB
fsr-3735	194	24	at	at	ADP
fsr-3735	194	25	10	10	NUM
fsr-3735	194	26	%	%	NOUN
fsr-3735	194	27	in	in	ADP
fsr-3735	194	28	s.	s.	PROPN
fsr-3735	194	29	3209	3209	PROPN
fsr-3735	194	30	(	(	PUNCT
fsr-3735	194	31	october	october	PROPN
fsr-3735	194	32	13	13	NUM
fsr-3735	194	33	,	,	PUNCT
fsr-3735	194	34	1990	1990	NUM
fsr-3735	194	35	)	)	PUNCT
fsr-3735	194	36	.	.	PUNCT
fsr-3735	195	1	the	the	DET
fsr-3735	195	2	final	final	ADJ
fsr-3735	195	3	bill	bill	NOUN
fsr-3735	195	4	was	be	AUX
fsr-3735	195	5	approved	approve	VERB
fsr-3735	195	6	by	by	ADP
fsr-3735	195	7	both	both	DET
fsr-3735	195	8	houses	house	NOUN
fsr-3735	195	9	of	of	ADP
fsr-3735	195	10	congress	congress	PROPN
fsr-3735	195	11	on	on	ADP
fsr-3735	195	12	october	october	PROPN
fsr-3735	195	13	27	27	NUM
fsr-3735	195	14	,	,	PUNCT
fsr-3735	195	15	1990	1990	NUM
fsr-3735	195	16	,	,	PUNCT
fsr-3735	195	17	and	and	CCONJ
fsr-3735	195	18	retained	retain	VERB
fsr-3735	195	19	the	the	DET
fsr-3735	195	20	standard	standard	NOUN
fsr-3735	195	21	at	at	ADP
fsr-3735	195	22	10	10	NUM
fsr-3735	195	23	%	%	NOUN
fsr-3735	195	24	.	.	PUNCT
fsr-3735	196	1	7	7	X
fsr-3735	196	2	.	.	NUM
fsr-3735	196	3	or	or	CCONJ
fsr-3735	196	4	earlier	early	ADV
fsr-3735	196	5	,	,	PUNCT
fsr-3735	196	6	if	if	SCONJ
fsr-3735	196	7	the	the	DET
fsr-3735	196	8	agreement	agreement	NOUN
fsr-3735	196	9	so	so	ADV
fsr-3735	196	10	provides	provide	VERB
fsr-3735	196	11	.	.	PUNCT
fsr-3735	197	1	8	8	X
fsr-3735	197	2	.	.	X
fsr-3735	197	3	technically	technically	ADV
fsr-3735	197	4	,	,	PUNCT
fsr-3735	197	5	the	the	DET
fsr-3735	197	6	junior	junior	ADJ
fsr-3735	197	7	equity	equity	NOUN
fsr-3735	197	8	owners	owner	NOUN
fsr-3735	197	9	do	do	AUX
fsr-3735	197	10	have	have	VERB
fsr-3735	197	11	an	an	DET
fsr-3735	197	12	enforceable	enforceable	ADJ
fsr-3735	197	13	obligation	obligation	NOUN
fsr-3735	197	14	to	to	PART
fsr-3735	197	15	redeem	redeem	VERB
fsr-3735	197	16	the	the	DET
fsr-3735	197	17	senior	senior	ADJ
fsr-3735	197	18	interest	interest	NOUN
fsr-3735	197	19	.	.	PUNCT
fsr-3735	198	1	the	the	DET
fsr-3735	198	2	obligation	obligation	NOUN
fsr-3735	198	3	arises	arise	VERB
fsr-3735	198	4	from	from	ADP
fsr-3735	198	5	the	the	DET
fsr-3735	198	6	capacity	capacity	NOUN
fsr-3735	198	7	as	as	ADP
fsr-3735	198	8	equity	equity	NOUN
fsr-3735	198	9	owners	owner	NOUN
fsr-3735	198	10	of	of	ADP
fsr-3735	198	11	the	the	DET
fsr-3735	198	12	corporation	corporation	NOUN
fsr-3735	198	13	and	and	CCONJ
fsr-3735	198	14	is	be	AUX
fsr-3735	198	15	limited	limit	VERB
fsr-3735	198	16	to	to	ADP
fsr-3735	198	17	the	the	DET
fsr-3735	198	18	value	value	NOUN
fsr-3735	198	19	of	of	ADP
fsr-3735	198	20	firm	firm	ADJ
fsr-3735	198	21	assets	asset	NOUN
fsr-3735	198	22	,	,	PUNCT
fsr-3735	198	23	resulting	result	VERB
fsr-3735	198	24	in	in	ADP
fsr-3735	198	25	an	an	DET
fsr-3735	198	26	obligation	obligation	NOUN
fsr-3735	198	27	to	to	PART
fsr-3735	198	28	exercise	exercise	VERB
fsr-3735	198	29	the	the	DET
fsr-3735	198	30	option	option	NOUN
fsr-3735	198	31	when	when	SCONJ
fsr-3735	198	32	it	it	PRON
fsr-3735	198	33	finishes	finish	VERB
fsr-3735	198	34	in	in	ADP
fsr-3735	198	35	-	-	PUNCT
fsr-3735	198	36	the	the	DET
fsr-3735	198	37	-	-	PUNCT
fsr-3735	198	38	money	money	NOUN
fsr-3735	198	39	.	.	PUNCT
fsr-3735	199	1	since	since	SCONJ
fsr-3735	199	2	this	this	PRON
fsr-3735	199	3	is	be	AUX
fsr-3735	199	4	rational	rational	ADJ
fsr-3735	199	5	behavior	behavior	NOUN
fsr-3735	199	6	,	,	PUNCT
fsr-3735	199	7	the	the	DET
fsr-3735	199	8	obligation	obligation	NOUN
fsr-3735	199	9	does	do	AUX
fsr-3735	199	10	not	not	PART
fsr-3735	199	11	change	change	VERB
fsr-3735	199	12	our	our	PRON
fsr-3735	199	13	conclusion	conclusion	NOUN
fsr-3735	199	14	.	.	PUNCT
fsr-3735	200	1	9	9	X
fsr-3735	200	2	.	.	X
fsr-3735	201	1	at	at	ADP
fsr-3735	201	2	one	one	NUM
fsr-3735	201	3	extreme	extreme	NOUN
fsr-3735	201	4	,	,	PUNCT
fsr-3735	201	5	if	if	SCONJ
fsr-3735	201	6	there	there	PRON
fsr-3735	201	7	is	be	VERB
fsr-3735	201	8	absolute	absolute	ADJ
fsr-3735	201	9	certainty	certainty	NOUN
fsr-3735	201	10	that	that	SCONJ
fsr-3735	201	11	the	the	DET
fsr-3735	201	12	option	option	NOUN
fsr-3735	201	13	will	will	AUX
fsr-3735	201	14	be	be	AUX
fsr-3735	201	15	exercised	exercise	VERB
fsr-3735	201	16	,	,	PUNCT
fsr-3735	201	17	the	the	DET
fsr-3735	201	18	value	value	NOUN
fsr-3735	201	19	of	of	ADP
fsr-3735	201	20	the	the	DET
fsr-3735	201	21	option	option	NOUN
fsr-3735	201	22	will	will	AUX
fsr-3735	201	23	move	move	VERB
fsr-3735	201	24	dollar	dollar	NOUN
fsr-3735	201	25	-	-	PUNCT
fsr-3735	201	26	for	for	ADP
fsr-3735	201	27	-	-	PUNCT
fsr-3735	201	28	dollar	dollar	NOUN
fsr-3735	201	29	with	with	ADP
fsr-3735	201	30	the	the	DET
fsr-3735	201	31	underlying	underlie	VERB
fsr-3735	201	32	stock	stock	NOUN
fsr-3735	201	33	.	.	PUNCT
fsr-3735	202	1	n(d	n(d	NOUN
fsr-3735	202	2	,	,	PUNCT
fsr-3735	202	3	)	)	PUNCT
fsr-3735	202	4	will	will	AUX
fsr-3735	202	5	take	take	VERB
fsr-3735	202	6	on	on	ADP
fsr-3735	202	7	a	a	DET
fsr-3735	202	8	value	value	NOUN
fsr-3735	202	9	of	of	ADP
fsr-3735	202	10	1	1	NUM
fsr-3735	202	11	in	in	ADP
fsr-3735	202	12	this	this	DET
fsr-3735	202	13	situation	situation	NOUN
fsr-3735	202	14	because	because	SCONJ
fsr-3735	202	15	the	the	DET
fsr-3735	202	16	option	option	NOUN
fsr-3735	202	17	holder	holder	NOUN
fsr-3735	202	18	will	will	AUX
fsr-3735	202	19	inevitably	inevitably	ADV
fsr-3735	202	20	acquire	acquire	VERB
fsr-3735	202	21	the	the	DET
fsr-3735	202	22	stock	stock	NOUN
fsr-3735	202	23	by	by	ADP
fsr-3735	202	24	exercise	exercise	NOUN
fsr-3735	202	25	of	of	ADP
fsr-3735	202	26	the	the	DET
fsr-3735	202	27	option	option	NOUN
fsr-3735	202	28	.	.	PUNCT
fsr-3735	203	1	at	at	ADP
fsr-3735	203	2	the	the	DET
fsr-3735	203	3	opposite	opposite	ADJ
fsr-3735	203	4	extreme	extreme	NOUN
fsr-3735	203	5	,	,	PUNCT
fsr-3735	203	6	if	if	SCONJ
fsr-3735	203	7	there	there	PRON
fsr-3735	203	8	is	be	VERB
fsr-3735	203	9	no	no	DET
fsr-3735	203	10	chance	chance	NOUN
fsr-3735	203	11	of	of	ADP
fsr-3735	203	12	the	the	DET
fsr-3735	203	13	option	option	NOUN
fsr-3735	203	14	being	be	AUX
fsr-3735	203	15	exercised	exercise	VERB
fsr-3735	203	16	,	,	PUNCT
fsr-3735	203	17	the	the	DET
fsr-3735	203	18	option	option	NOUN
fsr-3735	203	19	value	value	NOUN
fsr-3735	203	20	is	be	AUX
fsr-3735	203	21	not	not	PART
fsr-3735	203	22	affected	affect	VERB
fsr-3735	203	23	by	by	ADP
fsr-3735	203	24	changes	change	NOUN
fsr-3735	203	25	in	in	ADP
fsr-3735	203	26	the	the	DET
fsr-3735	203	27	stock	stock	NOUN
fsr-3735	203	28	price	price	NOUN
fsr-3735	203	29	and	and	CCONJ
fsr-3735	203	30	n(d	n(d	NOUN
fsr-3735	203	31	,	,	PUNCT
fsr-3735	203	32	)	)	PUNCT
fsr-3735	203	33	equals	equal	VERB
fsr-3735	203	34	zero	zero	NUM
fsr-3735	203	35	.	.	PUNCT
fsr-3735	204	1	io	io	X
fsr-3735	204	2	.	.	PUNCT
fsr-3735	205	1	the	the	DET
fsr-3735	205	2	“	"	PUNCT
fsr-3735	205	3	subtraction	subtraction	NOUN
fsr-3735	205	4	”	"	PUNCT
fsr-3735	205	5	method	method	NOUN
fsr-3735	205	6	requires	require	VERB
fsr-3735	205	7	that	that	SCONJ
fsr-3735	205	8	the	the	DET
fsr-3735	205	9	value	value	NOUN
fsr-3735	205	10	of	of	ADP
fsr-3735	205	11	the	the	DET
fsr-3735	205	12	retained	retain	VERB
fsr-3735	205	13	interest	interest	NOUN
fsr-3735	205	14	be	be	AUX
fsr-3735	205	15	subtracted	subtract	VERB
fsr-3735	205	16	from	from	ADP
fsr-3735	205	17	the	the	DET
fsr-3735	205	18	total	total	ADJ
fsr-3735	205	19	value	value	NOUN
fsr-3735	205	20	to	to	PART
fsr-3735	205	21	determine	determine	VERB
fsr-3735	205	22	the	the	DET
fsr-3735	205	23	value	value	NOUN
fsr-3735	205	24	of	of	ADP
fsr-3735	205	25	the	the	DET
fsr-3735	205	26	transferred	transfer	VERB
fsr-3735	205	27	interest	interest	NOUN
fsr-3735	205	28	.	.	PUNCT
fsr-3735	206	1	1	1	NUM
fsr-3735	206	2	i.	i.	NOUN
fsr-3735	206	3	recall	recall	VERB
fsr-3735	206	4	that	that	SCONJ
fsr-3735	206	5	the	the	DET
fsr-3735	206	6	minimum	minimum	ADJ
fsr-3735	206	7	value	value	NOUN
fsr-3735	206	8	rule	rule	NOUN
fsr-3735	206	9	exists	exist	VERB
fsr-3735	206	10	to	to	PART
fsr-3735	206	11	recognize	recognize	VERB
fsr-3735	206	12	the	the	DET
fsr-3735	206	13	call	call	NOUN
fsr-3735	206	14	value	value	NOUN
fsr-3735	206	15	only	only	ADV
fsr-3735	206	16	.	.	PUNCT
fsr-3735	207	1	12	12	NUM
fsr-3735	207	2	.	.	PUNCT
fsr-3735	208	1	for	for	ADP
fsr-3735	208	2	ease	ease	NOUN
fsr-3735	208	3	of	of	ADP
fsr-3735	208	4	exposition	exposition	NOUN
fsr-3735	208	5	,	,	PUNCT
fsr-3735	208	6	we	we	PRON
fsr-3735	208	7	are	be	AUX
fsr-3735	208	8	again	again	ADV
fsr-3735	208	9	assuming	assume	VERB
fsr-3735	208	10	that	that	SCONJ
fsr-3735	208	11	the	the	DET
fsr-3735	208	12	senior	senior	ADJ
fsr-3735	208	13	generation	generation	NOUN
fsr-3735	208	14	initially	initially	ADV
fsr-3735	208	15	owns	own	VERB
fsr-3735	208	16	100	100	NUM
fsr-3735	208	17	%	%	NOUN
fsr-3735	208	18	of	of	ADP
fsr-3735	208	19	the	the	DET
fsr-3735	208	20	firm	firm	NOUN
fsr-3735	208	21	.	.	PUNCT
fsr-3735	209	1	the	the	DET
fsr-3735	209	2	analysis	analysis	NOUN
fsr-3735	209	3	could	could	AUX
fsr-3735	209	4	readily	readily	ADV
fsr-3735	209	5	be	be	AUX
fsr-3735	209	6	extended	extend	VERB
fsr-3735	209	7	to	to	ADP
fsr-3735	209	8	other	other	ADJ
fsr-3735	209	9	situations	situation	NOUN
fsr-3735	209	10	.	.	PUNCT
fsr-3735	210	1	13	13	NUM
fsr-3735	210	2	.	.	X
fsr-3735	211	1	one	one	NUM
fsr-3735	211	2	standard	standard	ADJ
fsr-3735	211	3	deviation	deviation	NOUN
fsr-3735	211	4	unit	unit	NOUN
fsr-3735	211	5	of	of	ADP
fsr-3735	211	6	20	20	NUM
fsr-3735	211	7	%	%	NOUN
fsr-3735	211	8	log	log	NOUN
fsr-3735	211	9	volatility	volatility	NOUN
fsr-3735	211	10	means	mean	VERB
fsr-3735	211	11	that	that	SCONJ
fsr-3735	211	12	the	the	DET
fsr-3735	211	13	value	value	NOUN
fsr-3735	211	14	of	of	ADP
fsr-3735	211	15	the	the	DET
fsr-3735	211	16	fii	fii	PROPN
fsr-3735	211	17	in	in	ADP
fsr-3735	211	18	one	one	NUM
fsr-3735	211	19	year	year	NOUN
fsr-3735	211	20	has	have	VERB
fsr-3735	211	21	the	the	DET
fsr-3735	211	22	same	same	ADJ
fsr-3735	211	23	probability	probability	NOUN
fsr-3735	211	24	of	of	ADP
fsr-3735	211	25	increasing	increase	VERB
fsr-3735	211	26	by	by	ADP
fsr-3735	211	27	20	20	NUM
fsr-3735	211	28	%	%	NOUN
fsr-3735	211	29	(	(	PUNCT
fsr-3735	211	30	a	a	DET
fsr-3735	211	31	factor	factor	NOUN
fsr-3735	211	32	of	of	ADP
fsr-3735	211	33	1.2	1.2	NUM
fsr-3735	211	34	in	in	ADP
fsr-3735	211	35	log	log	NOUN
fsr-3735	211	36	form	form	NOUN
fsr-3735	211	37	)	)	PUNCT
fsr-3735	211	38	as	as	ADP
fsr-3735	211	39	decreasing	decrease	VERB
fsr-3735	211	40	by	by	ADP
fsr-3735	211	41	20	20	NUM
fsr-3735	211	42	%	%	NOUN
fsr-3735	211	43	.	.	PUNCT
fsr-3735	212	1	that	that	PRON
fsr-3735	212	2	is	is	ADV
fsr-3735	212	3	,	,	PUNCT
fsr-3735	212	4	pr	pr	X
fsr-3735	212	5	.	.	PUNCT
fsr-3735	213	1	[	[	X
fsr-3735	213	2	vulue(r	vulue(r	NOUN
fsr-3735	213	3	,	,	PUNCT
fsr-3735	213	4	)	)	PUNCT
fsr-3735	213	5	=	=	SYM
fsr-3735	213	6	vulue(t	vulue(t	NOUN
fsr-3735	213	7	,	,	PUNCT
fsr-3735	213	8	)	)	PUNCT
fsr-3735	213	9	x	x	SYM
fsr-3735	213	10	i.21	i.21	NOUN
fsr-3735	213	11	=	=	SYM
fsr-3735	213	12	pr.[vu	pr.[vu	PROPN
fsr-3735	213	13	/	/	SYM
fsr-3735	213	14	ue(r	ue(r	NOUN
fsr-3735	213	15	,	,	PUNCT
fsr-3735	213	16	)	)	PUNCT
fsr-3735	213	17	=	=	SYM
fsr-3735	213	18	va	va	PROPN
fsr-3735	213	19	/	/	SYM
fsr-3735	213	20	ue(ro	ue(ro	PROPN
fsr-3735	213	21	)	)	PUNCT
fsr-3735	213	22	/	/	SYM
fsr-3735	214	1	1.21	1.21	NUM
fsr-3735	214	2	.	.	PUNCT
fsr-3735	215	1	14	14	NUM
fsr-3735	215	2	.	.	PUNCT
fsr-3735	216	1	of	of	ADP
fsr-3735	216	2	course	course	NOUN
fsr-3735	216	3	,	,	PUNCT
fsr-3735	216	4	this	this	PRON
fsr-3735	216	5	is	be	AUX
fsr-3735	216	6	a	a	DET
fsr-3735	216	7	function	function	NOUN
fsr-3735	216	8	of	of	ADP
fsr-3735	216	9	the	the	DET
fsr-3735	216	10	discount	discount	NOUN
fsr-3735	216	11	rate	rate	NOUN
fsr-3735	216	12	.	.	PUNCT
fsr-3735	217	1	in	in	ADP
fsr-3735	217	2	general	general	ADJ
fsr-3735	217	3	,	,	PUNCT
fsr-3735	217	4	the	the	DET
fsr-3735	217	5	minimum	minimum	ADJ
fsr-3735	217	6	value	value	NOUN
fsr-3735	217	7	rule	rule	NOUN
fsr-3735	217	8	would	would	AUX
fsr-3735	217	9	be	be	AUX
fsr-3735	217	10	binding	bind	VERB
fsr-3735	217	11	only	only	ADV
fsr-3735	217	12	when	when	SCONJ
fsr-3735	217	13	firmval	firmval	PROPN
fsr-3735	217	14	[	[	X
fsr-3735	217	15	firmval	firmval	NOUN
fsr-3735	217	16	/	/	SYM
fsr-3735	217	17	(	(	PUNCT
fsr-3735	217	18	l+r	l+r	ADV
fsr-3735	217	19	)	)	PUNCT
fsr-3735	217	20	“	"	PUNCT
fsr-3735	217	21	]	]	PUNCT
fsr-3735	217	22	<	<	X
fsr-3735	217	23	.10	.10	NUM
fsr-3735	217	24	firmval	firmval	NOUN
fsr-3735	217	25	.	.	PUNCT
fsr-3735	218	1	as	as	SCONJ
fsr-3735	218	2	r	r	NOUN
fsr-3735	218	3	decreases	decrease	NOUN
fsr-3735	218	4	(	(	PUNCT
fsr-3735	218	5	increases	increase	NOUN
fsr-3735	218	6	)	)	PUNCT
fsr-3735	218	7	,	,	PUNCT
fsr-3735	218	8	the	the	DET
fsr-3735	218	9	minimum	minimum	ADJ
fsr-3735	218	10	value	value	NOUN
fsr-3735	218	11	is	be	AUX
fsr-3735	218	12	binding	bind	VERB
fsr-3735	218	13	for	for	ADP
fsr-3735	218	14	longer	long	ADJ
fsr-3735	218	15	(	(	PUNCT
fsr-3735	218	16	shorter	short	ADJ
fsr-3735	218	17	)	)	PUNCT
fsr-3735	218	18	life	life	NOUN
fsr-3735	218	19	expectancies	expectancy	NOUN
fsr-3735	218	20	.	.	PUNCT
fsr-3735	219	1	references	reference	NOUN
fsr-3735	219	2	black	black	PROPN
fsr-3735	219	3	,	,	PUNCT
fsr-3735	219	4	f.	f.	PROPN
fsr-3735	219	5	,	,	PUNCT
fsr-3735	219	6	&	&	CCONJ
fsr-3735	219	7	scholes	scholes	PROPN
fsr-3735	219	8	,	,	PUNCT
fsr-3735	219	9	m.	m.	NOUN
fsr-3735	219	10	(	(	PUNCT
fsr-3735	219	11	1973	1973	NUM
fsr-3735	219	12	)	)	PUNCT
fsr-3735	219	13	.	.	PUNCT
fsr-3735	220	1	the	the	DET
fsr-3735	220	2	pricing	pricing	NOUN
fsr-3735	220	3	of	of	ADP
fsr-3735	220	4	options	option	NOUN
fsr-3735	220	5	and	and	CCONJ
fsr-3735	220	6	corporate	corporate	ADJ
fsr-3735	220	7	liabilities	liability	NOUN
fsr-3735	220	8	.	.	PUNCT
fsr-3735	221	1	journnl	journnl	NOUN
fsr-3735	221	2	of	of	ADP
fsr-3735	221	3	polirical	polirical	ADJ
fsr-3735	221	4	economy	economy	NOUN
fsr-3735	221	5	,	,	PUNCT
fsr-3735	221	6	bi(may	bi(may	X
fsr-3735	221	7	-	-	PUNCT
fsr-3735	221	8	june	june	PROPN
fsr-3735	221	9	)	)	PUNCT
fsr-3735	221	10	,	,	PUNCT
fsr-3735	221	11	637	637	NUM
fsr-3735	221	12	-	-	SYM
fsr-3735	221	13	654	654	NUM
fsr-3735	221	14	.	.	PUNCT
fsr-3735	222	1	joint	joint	ADJ
fsr-3735	222	2	committee	committee	NOUN
fsr-3735	222	3	on	on	ADP
fsr-3735	222	4	taxation	taxation	NOUN
fsr-3735	222	5	.	.	PUNCT
fsr-3735	223	1	(	(	PUNCT
fsr-3735	223	2	1990	1990	NUM
fsr-3735	223	3	,	,	PUNCT
fsr-3735	223	4	april	april	PROPN
fsr-3735	223	5	20	20	NUM
fsr-3735	223	6	)	)	PUNCT
fsr-3735	223	7	.	.	PUNCT
fsr-3735	224	1	federal	federal	ADJ
fsr-3735	224	2	transfer	transfer	NOUN
fsr-3735	224	3	fax	fax	NOUN
fsr-3735	224	4	consequences	consequence	NOUN
fsr-3735	224	5	of	of	ADP
fsr-3735	224	6	estate	estate	NOUN
fsr-3735	224	7	freezes	freeze	NOUN
fsr-3735	224	8	.	.	PUNCT
fsr-3735	225	1	(	(	PUNCT
fsr-3735	225	2	jcs-134’0	jcs-134’0	PROPN
fsr-3735	225	3	)	)	PUNCT
fsr-3735	225	4	.	.	PUNCT
fsr-3735	226	1	leland	leland	PROPN
fsr-3735	226	2	,	,	PUNCT
fsr-3735	226	3	h.	h.	PROPN
fsr-3735	226	4	,	,	PUNCT
fsr-3735	226	5	&	&	CCONJ
fsr-3735	226	6	pyle	pyle	PROPN
fsr-3735	226	7	,	,	PUNCT
fsr-3735	226	8	d.	d.	PROPN
fsr-3735	226	9	(	(	PUNCT
fsr-3735	226	10	1977	1977	NUM
fsr-3735	226	11	)	)	PUNCT
fsr-3735	226	12	.	.	PUNCT
fsr-3735	227	1	information	information	NOUN
fsr-3735	227	2	asymmetries	asymmetry	NOUN
fsr-3735	227	3	,	,	PUNCT
fsr-3735	227	4	financial	financial	ADJ
fsr-3735	227	5	structure	structure	NOUN
fsr-3735	227	6	,	,	PUNCT
fsr-3735	227	7	and	and	CCONJ
fsr-3735	227	8	financial	financial	ADJ
fsr-3735	227	9	intermedia	intermedia	PROPN
fsr-3735	227	10	tion	tion	PROPN
fsr-3735	227	11	.	.	PUNCT
fsr-3735	228	1	journal	journal	PROPN
fsr-3735	228	2	of	of	ADP
fsr-3735	228	3	finance	finance	NOUN
fsr-3735	228	4	,	,	PUNCT
fsr-3735	228	5	32(may	32(may	NUM
fsr-3735	228	6	)	)	PUNCT
fsr-3735	228	7	,	,	PUNCT
fsr-3735	228	8	371	371	NUM
fsr-3735	228	9	-	-	SYM
fsr-3735	228	10	385	385	NUM
fsr-3735	228	11	.	.	PUNCT
fsr-3735	229	1	merton	merton	PROPN
fsr-3735	229	2	,	,	PUNCT
fsr-3735	229	3	r.c	r.c	PROPN
fsr-3735	229	4	.	.	PROPN
fsr-3735	229	5	(	(	PUNCT
fsr-3735	229	6	1973	1973	NUM
fsr-3735	229	7	)	)	PUNCT
fsr-3735	229	8	.	.	PUNCT
fsr-3735	230	1	theory	theory	NOUN
fsr-3735	230	2	of	of	ADP
fsr-3735	230	3	rational	rational	ADJ
fsr-3735	230	4	option	option	NOUN
fsr-3735	230	5	pricing	pricing	NOUN
fsr-3735	230	6	.	.	PUNCT
fsr-3735	231	1	bell	bell	PROPN
fsr-3735	231	2	journal	journal	PROPN
fsr-3735	231	3	of	of	ADP
fsr-3735	231	4	economics	economic	NOUN
fsr-3735	231	5	and	and	CCONJ
fsr-3735	231	6	management	management	NOUN
fsr-3735	231	7	science	science	NOUN
fsr-3735	231	8	,	,	PUNCT
fsr-3735	231	9	i(spring	i(spring	NOUN
fsr-3735	231	10	)	)	PUNCT
fsr-3735	231	11	,	,	PUNCT
fsr-3735	231	12	141	141	NUM
fsr-3735	231	13	-	-	SYM
fsr-3735	231	14	183	183	NUM
fsr-3735	231	15	.	.	PUNCT
fsr-3735	232	1	irs	irs	PROPN
fsr-3735	232	2	may	may	AUX
fsr-3735	232	3	upstage	upstage	VERB
fsr-3735	232	4	hill	hill	NOUN
fsr-3735	232	5	as	as	ADP
fsr-3735	232	6	source	source	NOUN
fsr-3735	232	7	of	of	ADP
fsr-3735	232	8	big	big	ADJ
fsr-3735	232	9	tax	tax	NOUN
fsr-3735	232	10	news	news	NOUN
fsr-3735	232	11	in	in	ADP
fsr-3735	232	12	‘	'	PUNCT
fsr-3735	232	13	91	91	NUM
fsr-3735	232	14	,	,	PUNCT
fsr-3735	232	15	fba	fba	PROPN
fsr-3735	232	16	told	tell	VERB
fsr-3735	232	17	.	.	PUNCT
fsr-3735	233	1	(	(	PUNCT
fsr-3735	233	2	1991	1991	NUM
fsr-3735	233	3	)	)	PUNCT
fsr-3735	233	4	.	.	PUNCT
fsr-3735	234	1	tax	tax	NOUN
fsr-3735	234	2	notes	note	NOUN
fsr-3735	234	3	,	,	PUNCT
fsr-3735	234	4	(	(	PUNCT
fsr-3735	234	5	march	march	PROPN
fsr-3735	234	6	ll	ll	PROPN
fsr-3735	234	7	)	)	PUNCT
fsr-3735	234	8	,	,	PUNCT
fsr-3735	234	9	1044	1044	NUM
fsr-3735	234	10	-	-	SYM
fsr-3735	234	11	1045	1045	NUM
fsr-3735	234	12	.	.	PUNCT
fsr-3735	235	1	wilson	wilson	PROPN
fsr-3735	235	2	,	,	PUNCT
fsr-3735	235	3	p.	p.	NOUN
fsr-3735	235	4	(	(	PUNCT
fsr-3735	235	5	1991	1991	NUM
fsr-3735	235	6	)	)	PUNCT
fsr-3735	235	7	.	.	PUNCT
fsr-3735	236	1	future	future	ADJ
fsr-3735	236	2	research	research	NOUN
fsr-3735	236	3	directions	direction	NOUN
fsr-3735	236	4	in	in	ADP
fsr-3735	236	5	taxation	taxation	NOUN
fsr-3735	236	6	.	.	PUNCT
fsr-3735	237	1	the	the	DET
fsr-3735	237	2	journal	journal	NOUN
fsr-3735	237	3	of	of	ADP
fsr-3735	237	4	rhe	rhe	PROPN
fsr-3735	237	5	american	american	PROPN
fsr-3735	237	6	taxation	taxation	PROPN
fsr-3735	237	7	associafion	associafion	PROPN
fsr-3735	237	8	,	,	PUNCT
fsr-3735	237	9	13(fall	13(fall	NUM
fsr-3735	237	10	)	)	PUNCT
fsr-3735	237	11	,	,	PUNCT
fsr-3735	237	12	64	64	NUM
fsr-3735	237	13	-	-	SYM
fsr-3735	237	14	73	73	NUM
fsr-3735	237	15	.	.	PUNCT