id	sid	tid	token	lemma	pos
fsr-3820	1	1	pii	pii	PROPN
fsr-3820	1	2	:	:	PUNCT
fsr-3820	1	3	s1057	s1057	NOUN
fsr-3820	1	4	-	-	PUNCT
fsr-3820	1	5	0810(97)90024	0810(97)90024	NOUN
fsr-3820	1	6	-	-	ADJ
fsr-3820	1	7	x	x	ADJ
fsr-3820	1	8	financial	financial	ADJ
fsr-3820	1	9	services	service	NOUN
fsr-3820	1	10	review	review	NOUN
fsr-3820	1	11	,	,	PUNCT
fsr-3820	1	12	6(2	6(2	NUM
fsr-3820	1	13	):	):	PUNCT
fsr-3820	1	14	141	141	NUM
fsr-3820	1	15	-	-	SYM
fsr-3820	1	16	1.50	1.50	NUM
fsr-3820	1	17	copyright	copyright	NOUN
fsr-3820	1	18	0	0	NUM
fsr-3820	1	19	1997	1997	NUM
fsr-3820	1	20	by	by	ADP
fsr-3820	1	21	jai	jai	PROPN
fsr-3820	1	22	press	press	PROPN
fsr-3820	1	23	inc	inc	PROPN
fsr-3820	1	24	.	.	PROPN
fsr-3820	1	25	issn	issn	PROPN
fsr-3820	1	26	:	:	PUNCT
fsr-3820	1	27	1057	1057	NUM
fsr-3820	1	28	-	-	SYM
fsr-3820	1	29	0810	0810	NUM
fsr-3820	1	30	all	all	DET
fsr-3820	1	31	rights	right	NOUN
fsr-3820	1	32	of	of	ADP
fsr-3820	1	33	reproduction	reproduction	NOUN
fsr-3820	1	34	in	in	ADP
fsr-3820	1	35	any	any	DET
fsr-3820	1	36	form	form	NOUN
fsr-3820	1	37	reserved	reserve	VERB
fsr-3820	1	38	.	.	PUNCT
fsr-3820	2	1	conversions	conversion	NOUN
fsr-3820	2	2	of	of	ADP
fsr-3820	2	3	mutual	mutual	ADJ
fsr-3820	2	4	savings	saving	NOUN
fsr-3820	2	5	institutions	institution	NOUN
fsr-3820	2	6	:	:	PUNCT
fsr-3820	2	7	do	do	AUX
fsr-3820	2	8	initial	initial	ADJ
fsr-3820	2	9	returns	return	NOUN
fsr-3820	2	10	from	from	ADP
fsr-3820	2	11	these	these	DET
fsr-3820	2	12	ipos	ipos	NOUN
fsr-3820	2	13	provide	provide	VERB
fsr-3820	2	14	investors	investor	NOUN
fsr-3820	2	15	with	with	ADP
fsr-3820	2	16	windfall	windfall	NOUN
fsr-3820	2	17	profits	profit	NOUN
fsr-3820	2	18	?	?	PUNCT
fsr-3820	3	1	julie	julie	PROPN
fsr-3820	3	2	a.b	a.b	PROPN
fsr-3820	3	3	.	.	PROPN
fsr-3820	3	4	cagle	cagle	PROPN
fsr-3820	3	5	gary	gary	PROPN
fsr-3820	3	6	e.	e.	PROPN
fsr-3820	3	7	porter	porter	PROPN
fsr-3820	3	8	we	we	PRON
fsr-3820	3	9	examine	examine	VERB
fsr-3820	3	10	initial	initial	ADJ
fsr-3820	3	11	returns	return	NOUN
fsr-3820	3	12	offidly	offidly	ADV
fsr-3820	3	13	underwritten	underwritten	ADJ
fsr-3820	3	14	ipos	ipos	NOUN
fsr-3820	3	15	of	of	ADP
fsr-3820	3	16	converting	convert	VERB
fsr-3820	3	17	thrifts	thrift	NOUN
fsr-3820	3	18	for	for	ADP
fsr-3820	3	19	evidence	evidence	NOUN
fsr-3820	3	20	that	that	SCONJ
fsr-3820	3	21	managers	manager	NOUN
fsr-3820	3	22	and	and	CCONJ
fsr-3820	3	23	depositors	depositor	NOUN
fsr-3820	3	24	of	of	ADP
fsr-3820	3	25	conversion	conversion	NOUN
fsr-3820	3	26	-	-	PUNCT
fsr-3820	3	27	related	relate	VERB
fsr-3820	3	28	offers	offer	NOUN
fsr-3820	3	29	earn	earn	VERB
fsr-3820	3	30	significantly	significantly	ADV
fsr-3820	3	31	greater	great	ADJ
fsr-3820	3	32	returns	return	NOUN
fsr-3820	3	33	than	than	ADP
fsr-3820	3	34	investors	investor	NOUN
fsr-3820	3	35	in	in	ADP
fsr-3820	3	36	ipos	ipos	NOUN
fsr-3820	3	37	of	of	ADP
fsr-3820	3	38	otherfinancial	otherfinancial	ADJ
fsr-3820	3	39	institutions	institution	NOUN
fsr-3820	3	40	.	.	PUNCT
fsr-3820	4	1	regulators	regulator	NOUN
fsr-3820	4	2	have	have	AUX
fsr-3820	4	3	suggested	suggest	VERB
fsr-3820	4	4	that	that	SCONJ
fsr-3820	4	5	new	new	ADJ
fsr-3820	4	6	guidelines	guideline	NOUN
fsr-3820	4	7	for	for	ADP
fsr-3820	4	8	conversion	conversion	NOUN
fsr-3820	4	9	from	from	ADP
fsr-3820	4	10	a	a	DET
fsr-3820	4	11	mutual	mutual	NOUN
fsr-3820	4	12	to	to	ADP
fsr-3820	4	13	a	a	DET
fsr-3820	4	14	stock	stock	NOUN
fsr-3820	4	15	thrift	thrift	NOUN
fsr-3820	4	16	are	be	AUX
fsr-3820	4	17	designed	design	VERB
fsr-3820	4	18	to	to	PART
fsr-3820	4	19	curb	curb	VERB
fsr-3820	4	20	“	"	PUNCT
fsr-3820	4	21	windfall	windfall	NOUN
fsr-3820	4	22	profits	profit	NOUN
fsr-3820	4	23	”	"	PUNCT
fsr-3820	4	24	earned	earn	VERB
fsr-3820	4	25	by	by	ADP
fsr-3820	4	26	insiders	insider	NOUN
fsr-3820	4	27	investing	invest	VERB
fsr-3820	4	28	in	in	ADP
fsr-3820	4	29	conversion	conversion	NOUN
fsr-3820	4	30	-	-	PUNCT
fsr-3820	4	31	related	relate	VERB
fsr-3820	4	32	ipos	ipos	NOUN
fsr-3820	4	33	.	.	PUNCT
fsr-3820	5	1	while	while	SCONJ
fsr-3820	5	2	there	there	PRON
fsr-3820	5	3	are	be	VERB
fsr-3820	5	4	reports	report	NOUN
fsr-3820	5	5	of	of	ADP
fsr-3820	5	6	average	average	ADJ
fsr-3820	5	7	initial	initial	ADJ
fsr-3820	5	8	returns	return	NOUN
fsr-3820	5	9	of	of	ADP
fsr-3820	5	10	more	more	ADJ
fsr-3820	5	11	than	than	ADP
fsr-3820	5	12	20	20	NUM
fsr-3820	5	13	%	%	NOUN
fsr-3820	5	14	for	for	ADP
fsr-3820	5	15	conversion	conversion	NOUN
fsr-3820	5	16	-	-	PUNCT
fsr-3820	5	17	related	relate	VERB
fsr-3820	5	18	ipos	ipos	NOUN
fsr-3820	5	19	,	,	PUNCT
fsr-3820	5	20	our	our	PRON
fsr-3820	5	21	results	result	NOUN
fsr-3820	5	22	suggest	suggest	VERB
fsr-3820	5	23	that	that	SCONJ
fsr-3820	5	24	investors	investor	NOUN
fsr-3820	5	25	earn	earn	VERB
fsr-3820	5	26	average	average	ADJ
fsr-3820	5	27	initial	initial	ADJ
fsr-3820	5	28	returns	return	NOUN
fsr-3820	5	29	of	of	ADP
fsr-3820	5	30	about	about	ADV
fsr-3820	5	31	7	7	NUM
fsr-3820	5	32	%	%	NOUN
fsr-3820	5	33	,	,	PUNCT
fsr-3820	5	34	which	which	PRON
fsr-3820	5	35	is	be	AUX
fsr-3820	5	36	not	not	PART
fsr-3820	5	37	significantly	significantly	ADV
fsr-3820	5	38	different	different	ADJ
fsr-3820	5	39	than	than	ADP
fsr-3820	5	40	returns	return	NOUN
fsr-3820	5	41	from	from	ADP
fsr-3820	5	42	ipos	ipos	NOUN
fsr-3820	5	43	of	of	ADP
fsr-3820	5	44	other	other	ADJ
fsr-3820	5	45	thrifts	thrift	NOUN
fsr-3820	5	46	and	and	CCONJ
fsr-3820	5	47	commercial	commercial	ADJ
fsr-3820	5	48	banks	bank	NOUN
fsr-3820	5	49	,	,	PUNCT
fsr-3820	5	50	i.	i.	NOUN
fsr-3820	5	51	introduction	introduction	NOUN
fsr-3820	5	52	conversions	conversion	NOUN
fsr-3820	5	53	of	of	ADP
fsr-3820	5	54	mutual	mutual	ADJ
fsr-3820	5	55	savings	saving	NOUN
fsr-3820	5	56	and	and	CCONJ
fsr-3820	5	57	loans	loan	NOUN
fsr-3820	5	58	to	to	ADP
fsr-3820	5	59	stock	stock	NOUN
fsr-3820	5	60	organizations	organization	NOUN
fsr-3820	5	61	are	be	AUX
fsr-3820	5	62	accompanied	accompany	VERB
fsr-3820	5	63	by	by	ADP
fsr-3820	5	64	initial	initial	ADJ
fsr-3820	5	65	public	public	ADJ
fsr-3820	5	66	offers	offer	NOUN
fsr-3820	5	67	(	(	PUNCT
fsr-3820	5	68	ipos	ipos	NOUN
fsr-3820	5	69	)	)	PUNCT
fsr-3820	5	70	of	of	ADP
fsr-3820	5	71	stock	stock	NOUN
fsr-3820	5	72	which	which	PRON
fsr-3820	5	73	infuse	infuse	VERB
fsr-3820	5	74	the	the	DET
fsr-3820	5	75	institutions	institution	NOUN
fsr-3820	5	76	with	with	ADP
fsr-3820	5	77	equity	equity	NOUN
fsr-3820	5	78	capital	capital	NOUN
fsr-3820	5	79	.	.	PUNCT
fsr-3820	6	1	average	average	ADJ
fsr-3820	6	2	ini	ini	PROPN
fsr-3820	6	3	tial	tial	ADJ
fsr-3820	6	4	returns	return	NOUN
fsr-3820	6	5	of	of	ADP
fsr-3820	6	6	24	24	NUM
fsr-3820	6	7	%	%	NOUN
fsr-3820	6	8	for	for	ADP
fsr-3820	6	9	1992	1992	NUM
fsr-3820	6	10	and	and	CCONJ
fsr-3820	6	11	29	29	NUM
fsr-3820	6	12	%	%	NOUN
fsr-3820	6	13	for	for	ADP
fsr-3820	6	14	1993	1993	NUM
fsr-3820	6	15	have	have	AUX
fsr-3820	6	16	been	be	AUX
fsr-3820	6	17	reported	report	VERB
fsr-3820	6	18	for	for	ADP
fsr-3820	6	19	conversion	conversion	NOUN
fsr-3820	6	20	-	-	PUNCT
fsr-3820	6	21	related	relate	VERB
fsr-3820	6	22	ipos	ipos	NOUN
fsr-3820	6	23	(	(	PUNCT
fsr-3820	6	24	barth	barth	NOUN
fsr-3820	6	25	,	,	PUNCT
fsr-3820	6	26	brumbaugh	brumbaugh	NOUN
fsr-3820	6	27	,	,	PUNCT
fsr-3820	6	28	&	&	CCONJ
fsr-3820	6	29	kleidon	kleidon	ADJ
fsr-3820	6	30	,	,	PUNCT
fsr-3820	6	31	1994	1994	NUM
fsr-3820	6	32	)	)	PUNCT
fsr-3820	6	33	,	,	PUNCT
fsr-3820	6	34	which	which	PRON
fsr-3820	6	35	is	be	AUX
fsr-3820	6	36	several	several	ADJ
fsr-3820	6	37	times	time	NOUN
fsr-3820	6	38	the	the	DET
fsr-3820	6	39	average	average	ADJ
fsr-3820	6	40	initial	initial	ADJ
fsr-3820	6	41	return	return	NOUN
fsr-3820	6	42	of	of	ADP
fsr-3820	6	43	7	7	NUM
fsr-3820	6	44	%	%	NOUN
fsr-3820	6	45	for	for	ADP
fsr-3820	6	46	conversions	conversion	NOUN
fsr-3820	6	47	during	during	ADP
fsr-3820	6	48	the	the	DET
fsr-3820	6	49	mid-1980s	mid-1980	NOUN
fsr-3820	6	50	(	(	PUNCT
fsr-3820	6	51	alli	alli	PROPN
fsr-3820	6	52	,	,	PUNCT
fsr-3820	6	53	yau	yau	PROPN
fsr-3820	6	54	,	,	PUNCT
fsr-3820	6	55	&	&	CCONJ
fsr-3820	6	56	yung	yung	PROPN
fsr-3820	6	57	,	,	PUNCT
fsr-3820	6	58	1994	1994	NUM
fsr-3820	6	59	)	)	PUNCT
fsr-3820	6	60	.	.	PUNCT
fsr-3820	7	1	the	the	DET
fsr-3820	7	2	office	office	NOUN
fsr-3820	7	3	of	of	ADP
fsr-3820	7	4	thrift	thrift	NOUN
fsr-3820	7	5	supervision	supervision	NOUN
fsr-3820	7	6	(	(	PUNCT
fsr-3820	7	7	ots	ots	PROPN
fsr-3820	7	8	)	)	PUNCT
fsr-3820	7	9	and	and	CCONJ
fsr-3820	7	10	the	the	DET
fsr-3820	7	11	federal	federal	ADJ
fsr-3820	7	12	deposit	deposit	NOUN
fsr-3820	7	13	insurance	insurance	NOUN
fsr-3820	7	14	corporation	corporation	NOUN
fsr-3820	7	15	(	(	PUNCT
fsr-3820	7	16	fdic	fdic	PROPN
fsr-3820	7	17	)	)	PUNCT
fsr-3820	7	18	adopted	adopt	VERB
fsr-3820	7	19	new	new	ADJ
fsr-3820	7	20	guidelines	guideline	NOUN
fsr-3820	7	21	for	for	ADP
fsr-3820	7	22	conversions	conversion	NOUN
fsr-3820	7	23	,	,	PUNCT
fsr-3820	7	24	effective	effective	ADJ
fsr-3820	7	25	january	january	PROPN
fsr-3820	7	26	1	1	NUM
fsr-3820	7	27	,	,	PUNCT
fsr-3820	7	28	1995	1995	NUM
fsr-3820	7	29	,	,	PUNCT
fsr-3820	7	30	intended	intend	VERB
fsr-3820	7	31	to	to	PART
fsr-3820	7	32	reduce	reduce	VERB
fsr-3820	7	33	the	the	DET
fsr-3820	7	34	ability	ability	NOUN
fsr-3820	7	35	of	of	ADP
fsr-3820	7	36	bank	bank	NOUN
fsr-3820	7	37	executives	executive	NOUN
fsr-3820	7	38	to	to	PART
fsr-3820	7	39	earn	earn	VERB
fsr-3820	7	40	excessive	excessive	ADJ
fsr-3820	7	41	profits	profit	NOUN
fsr-3820	7	42	from	from	ADP
fsr-3820	7	43	the	the	DET
fsr-3820	7	44	conversion	conversion	NOUN
fsr-3820	7	45	process	process	NOUN
fsr-3820	7	46	.	.	PUNCT
fsr-3820	8	1	in	in	ADP
fsr-3820	8	2	partic	partic	ADJ
fsr-3820	8	3	ular	ular	NOUN
fsr-3820	8	4	,	,	PUNCT
fsr-3820	8	5	regulators	regulator	NOUN
fsr-3820	8	6	suggest	suggest	VERB
fsr-3820	8	7	that	that	SCONJ
fsr-3820	8	8	insider	insider	NOUN
fsr-3820	8	9	’s	’s	PART
fsr-3820	8	10	set	set	VERB
fsr-3820	8	11	the	the	DET
fsr-3820	8	12	offer	offer	NOUN
fsr-3820	8	13	price	price	NOUN
fsr-3820	8	14	of	of	ADP
fsr-3820	8	15	the	the	DET
fsr-3820	8	16	ipo	ipo	NOUN
fsr-3820	8	17	too	too	ADV
fsr-3820	8	18	low	low	ADJ
fsr-3820	8	19	or	or	CCONJ
fsr-3820	8	20	take	take	VERB
fsr-3820	8	21	a	a	DET
fsr-3820	8	22	dispro	dispro	ADJ
fsr-3820	8	23	portionate	portionate	ADJ
fsr-3820	8	24	number	number	NOUN
fsr-3820	8	25	of	of	ADP
fsr-3820	8	26	shares	share	NOUN
fsr-3820	8	27	.	.	PUNCT
fsr-3820	9	1	the	the	DET
fsr-3820	9	2	new	new	ADJ
fsr-3820	9	3	rules	rule	NOUN
fsr-3820	9	4	include	include	VERB
fsr-3820	9	5	a	a	DET
fsr-3820	9	6	requirement	requirement	NOUN
fsr-3820	9	7	that	that	SCONJ
fsr-3820	9	8	long	long	ADJ
fsr-3820	9	9	-	-	PUNCT
fsr-3820	9	10	term	term	NOUN
fsr-3820	9	11	depositors	depositor	NOUN
fsr-3820	9	12	be	be	AUX
fsr-3820	9	13	given	give	VERB
fsr-3820	9	14	first	first	ADJ
fsr-3820	9	15	chance	chance	NOUN
fsr-3820	9	16	to	to	PART
fsr-3820	9	17	buy	buy	VERB
fsr-3820	9	18	the	the	DET
fsr-3820	9	19	stock	stock	NOUN
fsr-3820	9	20	of	of	ADP
fsr-3820	9	21	a	a	DET
fsr-3820	9	22	converting	convert	VERB
fsr-3820	9	23	institution	institution	NOUN
fsr-3820	9	24	and	and	CCONJ
fsr-3820	9	25	ban	ban	VERB
fsr-3820	9	26	the	the	DET
fsr-3820	9	27	use	use	NOUN
fsr-3820	9	28	of	of	ADP
fsr-3820	9	29	“	"	PUNCT
fsr-3820	9	30	running	run	VERB
fsr-3820	9	31	proxies	proxy	NOUN
fsr-3820	9	32	,	,	PUNCT
fsr-3820	9	33	”	"	PUNCT
fsr-3820	9	34	which	which	PRON
fsr-3820	9	35	are	be	AUX
fsr-3820	9	36	obtained	obtain	VERB
fsr-3820	9	37	from	from	ADP
fsr-3820	9	38	depositors	depositor	NOUN
fsr-3820	9	39	when	when	SCONJ
fsr-3820	9	40	accounts	account	NOUN
fsr-3820	9	41	are	be	AUX
fsr-3820	9	42	opened	open	VERB
fsr-3820	9	43	and	and	CCONJ
fsr-3820	9	44	julie	julie	PROPN
fsr-3820	9	45	a.b	a.b	PROPN
fsr-3820	9	46	.	.	PROPN
fsr-3820	9	47	cagle	cagle	PROPN
fsr-3820	9	48	l	l	PROPN
fsr-3820	9	49	assistant	assistant	NOUN
fsr-3820	9	50	professor	professor	NOUN
fsr-3820	9	51	of	of	ADP
fsr-3820	9	52	finance	finance	NOUN
fsr-3820	9	53	,	,	PUNCT
fsr-3820	9	54	college	college	NOUN
fsr-3820	9	55	of	of	ADP
fsr-3820	9	56	business	business	PROPN
fsr-3820	9	57	administration	administration	PROPN
fsr-3820	9	58	,	,	PUNCT
fsr-3820	9	59	xavier	xavier	PROPN
fsr-3820	9	60	university	university	PROPN
fsr-3820	9	61	,	,	PUNCT
fsr-3820	9	62	cincinnati	cincinnati	PROPN
fsr-3820	9	63	,	,	PUNCT
fsr-3820	9	64	oh	oh	NUM
fsr-3820	9	65	45207	45207	NUM
fsr-3820	9	66	;	;	PUNCT
fsr-3820	9	67	e	e	X
fsr-3820	9	68	-	-	NOUN
fsr-3820	9	69	mail	mail	NOUN
fsr-3820	9	70	:	:	PUNCT
fsr-3820	9	71	cagle@xavier.xu.edu	cagle@xavier.xu.edu	VERB
fsr-3820	9	72	.	.	PUNCT
fsr-3820	10	1	gary	gary	PROPN
fsr-3820	10	2	e.	e.	PROPN
fsr-3820	10	3	porter	porter	PROPN
fsr-3820	10	4	l	l	PROPN
fsr-3820	10	5	assistant	assistant	NOUN
fsr-3820	10	6	professor	professor	NOUN
fsr-3820	10	7	of	of	ADP
fsr-3820	10	8	finance	finance	NOUN
fsr-3820	10	9	,	,	PUNCT
fsr-3820	10	10	college	college	NOUN
fsr-3820	10	11	of	of	ADP
fsr-3820	10	12	business	business	PROPN
fsr-3820	10	13	administration	administration	PROPN
fsr-3820	10	14	,	,	PUNCT
fsr-3820	10	15	university	university	NOUN
fsr-3820	10	16	of	of	ADP
fsr-3820	10	17	central	central	PROPN
fsr-3820	10	18	florida	florida	PROPN
fsr-3820	10	19	,	,	PUNCT
fsr-3820	10	20	orlando	orlando	PROPN
fsr-3820	10	21	,	,	PUNCT
fsr-3820	10	22	fl	fl	PROPN
fsr-3820	10	23	32816	32816	NUM
fsr-3820	10	24	;	;	PUNCT
fsr-3820	10	25	e	e	X
fsr-3820	10	26	-	-	NOUN
fsr-3820	10	27	mail	mail	NOUN
fsr-3820	10	28	:	:	PUNCT
fsr-3820	11	1	gary.porter@bus.ucf.edu	gary.porter@bus.ucf.edu	NOUN
fsr-3820	11	2	.	.	PUNCT
fsr-3820	11	3	142	142	NUM
fsr-3820	11	4	financial	financial	ADJ
fsr-3820	11	5	services	service	NOUN
fsr-3820	11	6	review	review	VERB
fsr-3820	11	7	6(2	6(2	NUM
fsr-3820	11	8	)	)	PUNCT
fsr-3820	11	9	1997	1997	NUM
fsr-3820	11	10	used	use	VERB
fsr-3820	11	11	by	by	ADP
fsr-3820	11	12	managers	manager	NOUN
fsr-3820	11	13	without	without	ADP
fsr-3820	11	14	authorization	authorization	NOUN
fsr-3820	11	15	.	.	PUNCT
fsr-3820	12	1	stock	stock	NOUN
fsr-3820	12	2	option	option	NOUN
fsr-3820	12	3	plans	plan	NOUN
fsr-3820	12	4	or	or	CCONJ
fsr-3820	12	5	other	other	ADJ
fsr-3820	12	6	nonqualified	nonqualifie	VERB
fsr-3820	12	7	stock	stock	NOUN
fsr-3820	12	8	benefit	benefit	NOUN
fsr-3820	12	9	plans	plan	NOUN
fsr-3820	12	10	are	be	AUX
fsr-3820	12	11	also	also	ADV
fsr-3820	12	12	prohibited	prohibit	VERB
fsr-3820	12	13	from	from	ADP
fsr-3820	12	14	being	be	AUX
fsr-3820	12	15	implemented	implement	VERB
fsr-3820	12	16	within	within	ADP
fsr-3820	12	17	one	one	NUM
fsr-3820	12	18	year	year	NOUN
fsr-3820	12	19	of	of	ADP
fsr-3820	12	20	conversion	conversion	NOUN
fsr-3820	12	21	,	,	PUNCT
fsr-3820	12	22	unless	unless	SCONJ
fsr-3820	12	23	the	the	DET
fsr-3820	12	24	plan	plan	NOUN
fsr-3820	12	25	is	be	AUX
fsr-3820	12	26	fully	fully	ADV
fsr-3820	12	27	disclosed	disclose	VERB
fsr-3820	12	28	in	in	ADP
fsr-3820	12	29	the	the	DET
fsr-3820	12	30	offering	offering	NOUN
fsr-3820	12	31	materials	material	NOUN
fsr-3820	12	32	.	.	PUNCT
fsr-3820	13	1	the	the	DET
fsr-3820	13	2	ability	ability	NOUN
fsr-3820	13	3	to	to	PART
fsr-3820	13	4	capture	capture	VERB
fsr-3820	13	5	abnormal	abnormal	ADJ
fsr-3820	13	6	returns	return	NOUN
fsr-3820	13	7	in	in	ADP
fsr-3820	13	8	conversion	conversion	NOUN
fsr-3820	13	9	-	-	PUNCT
fsr-3820	13	10	related	relate	VERB
fsr-3820	13	11	initial	initial	ADJ
fsr-3820	13	12	offers	offer	NOUN
fsr-3820	13	13	is	be	AUX
fsr-3820	13	14	of	of	ADP
fsr-3820	13	15	partic	partic	ADJ
fsr-3820	13	16	ular	ular	ADJ
fsr-3820	13	17	significance	significance	NOUN
fsr-3820	13	18	to	to	ADP
fsr-3820	13	19	individual	individual	ADJ
fsr-3820	13	20	investors	investor	NOUN
fsr-3820	13	21	because	because	SCONJ
fsr-3820	13	22	it	it	PRON
fsr-3820	13	23	contrasts	contrast	VERB
fsr-3820	13	24	sharply	sharply	ADV
fsr-3820	13	25	with	with	ADP
fsr-3820	13	26	their	their	PRON
fsr-3820	13	27	experience	experience	NOUN
fsr-3820	13	28	in	in	ADP
fsr-3820	13	29	the	the	DET
fsr-3820	13	30	typical	typical	ADJ
fsr-3820	13	31	ipo	ipo	NOUN
fsr-3820	13	32	market	market	NOUN
fsr-3820	13	33	.	.	PUNCT
fsr-3820	14	1	individual	individual	ADJ
fsr-3820	14	2	investors	investor	NOUN
fsr-3820	14	3	are	be	AUX
fsr-3820	14	4	usually	usually	ADV
fsr-3820	14	5	at	at	ADP
fsr-3820	14	6	a	a	DET
fsr-3820	14	7	big	big	ADJ
fsr-3820	14	8	disadvantage	disadvantage	NOUN
fsr-3820	14	9	in	in	ADP
fsr-3820	14	10	the	the	DET
fsr-3820	14	11	ipo	ipo	NOUN
fsr-3820	14	12	market	market	NOUN
fsr-3820	14	13	because	because	SCONJ
fsr-3820	14	14	lucrative	lucrative	ADJ
fsr-3820	14	15	offers	offer	NOUN
fsr-3820	14	16	are	be	AUX
fsr-3820	14	17	preserved	preserve	VERB
fsr-3820	14	18	for	for	ADP
fsr-3820	14	19	institutional	institutional	ADJ
fsr-3820	14	20	investors	investor	NOUN
fsr-3820	14	21	,	,	PUNCT
fsr-3820	14	22	with	with	ADP
fsr-3820	14	23	individual	individual	ADJ
fsr-3820	14	24	investors	investor	NOUN
fsr-3820	14	25	receiving	receive	VERB
fsr-3820	14	26	a	a	DET
fsr-3820	14	27	disproportionate	disproportionate	ADJ
fsr-3820	14	28	share	share	NOUN
fsr-3820	14	29	of	of	ADP
fsr-3820	14	30	losing	lose	VERB
fsr-3820	14	31	offers	offer	NOUN
fsr-3820	14	32	(	(	PUNCT
fsr-3820	14	33	ibbotson	ibbotson	PROPN
fsr-3820	14	34	,	,	PUNCT
fsr-3820	14	35	sindelar	sindelar	NOUN
fsr-3820	14	36	,	,	PUNCT
fsr-3820	14	37	62	62	NUM
fsr-3820	14	38	ritter	ritter	NOUN
fsr-3820	14	39	,	,	PUNCT
fsr-3820	14	40	1994	1994	NUM
fsr-3820	14	41	)	)	PUNCT
fsr-3820	14	42	.	.	PUNCT
fsr-3820	15	1	conversion	conversion	NOUN
fsr-3820	15	2	-	-	PUNCT
fsr-3820	15	3	related	relate	VERB
fsr-3820	15	4	ipos	ipos	NOUN
fsr-3820	15	5	give	give	VERB
fsr-3820	15	6	priority	priority	NOUN
fsr-3820	15	7	to	to	ADP
fsr-3820	15	8	depositors	depositor	NOUN
fsr-3820	15	9	in	in	ADP
fsr-3820	15	10	the	the	DET
fsr-3820	15	11	mutual	mutual	ADJ
fsr-3820	15	12	thrift	thrift	NOUN
fsr-3820	15	13	,	,	PUNCT
fsr-3820	15	14	so	so	SCONJ
fsr-3820	15	15	individual	individual	ADJ
fsr-3820	15	16	investors	investor	NOUN
fsr-3820	15	17	,	,	PUNCT
fsr-3820	15	18	as	as	ADP
fsr-3820	15	19	depositors	depositor	NOUN
fsr-3820	15	20	,	,	PUNCT
fsr-3820	15	21	can	can	AUX
fsr-3820	15	22	not	not	PART
fsr-3820	15	23	be	be	AUX
fsr-3820	15	24	closed	close	VERB
fsr-3820	15	25	-	-	PUNCT
fsr-3820	15	26	out	out	NOUN
fsr-3820	15	27	of	of	ADP
fsr-3820	15	28	the	the	DET
fsr-3820	15	29	offer	offer	NOUN
fsr-3820	15	30	in	in	ADP
fsr-3820	15	31	favor	favor	NOUN
fsr-3820	15	32	of	of	ADP
fsr-3820	15	33	institutional	institutional	ADJ
fsr-3820	15	34	investors	investor	NOUN
fsr-3820	15	35	.	.	PUNCT
fsr-3820	16	1	this	this	DET
fsr-3820	16	2	study	study	NOUN
fsr-3820	16	3	examines	examine	VERB
fsr-3820	16	4	the	the	DET
fsr-3820	16	5	following	follow	VERB
fsr-3820	16	6	hypotheses	hypothesis	NOUN
fsr-3820	16	7	:	:	PUNCT
fsr-3820	16	8	h	h	NOUN
fsr-3820	16	9	,	,	PUNCT
fsr-3820	16	10	:	:	PUNCT
fsr-3820	16	11	ipos	ipos	NOUN
fsr-3820	16	12	of	of	ADP
fsr-3820	16	13	converting	convert	VERB
fsr-3820	16	14	institutions	institution	NOUN
fsr-3820	16	15	are	be	AUX
fsr-3820	16	16	not	not	PART
fsr-3820	16	17	priced	price	VERB
fsr-3820	16	18	significantly	significantly	ADV
fsr-3820	16	19	different	different	ADJ
fsr-3820	16	20	from	from	ADP
fsr-3820	16	21	ipos	ipos	NOUN
fsr-3820	16	22	of	of	ADP
fsr-3820	16	23	other	other	ADJ
fsr-3820	16	24	financial	financial	ADJ
fsr-3820	16	25	institutions	institution	NOUN
fsr-3820	16	26	.	.	PUNCT
fsr-3820	17	1	ha	ha	INTJ
fsr-3820	17	2	:	:	PUNCT
fsr-3820	17	3	ipos	ipos	NOUN
fsr-3820	17	4	of	of	ADP
fsr-3820	17	5	converting	convert	VERB
fsr-3820	17	6	institutions	institution	NOUN
fsr-3820	17	7	are	be	AUX
fsr-3820	17	8	significantly	significantly	ADV
fsr-3820	17	9	more	more	ADV
fsr-3820	17	10	underpriced	underpriced	ADJ
fsr-3820	17	11	than	than	ADP
fsr-3820	17	12	ipos	ipos	NOUN
fsr-3820	17	13	of	of	ADP
fsr-3820	17	14	other	other	ADJ
fsr-3820	17	15	financial	financial	ADJ
fsr-3820	17	16	institutions	institution	NOUN
fsr-3820	17	17	.	.	PUNCT
fsr-3820	18	1	the	the	DET
fsr-3820	18	2	results	result	NOUN
fsr-3820	18	3	of	of	ADP
fsr-3820	18	4	the	the	DET
fsr-3820	18	5	analysis	analysis	NOUN
fsr-3820	18	6	will	will	AUX
fsr-3820	18	7	also	also	ADV
fsr-3820	18	8	provide	provide	VERB
fsr-3820	18	9	important	important	ADJ
fsr-3820	18	10	information	information	NOUN
fsr-3820	18	11	to	to	ADP
fsr-3820	18	12	depositors	depositor	NOUN
fsr-3820	18	13	and	and	CCONJ
fsr-3820	18	14	regulators	regulator	NOUN
fsr-3820	18	15	.	.	PUNCT
fsr-3820	19	1	if	if	SCONJ
fsr-3820	19	2	depositors	depositor	NOUN
fsr-3820	19	3	have	have	VERB
fsr-3820	19	4	the	the	DET
fsr-3820	19	5	ability	ability	NOUN
fsr-3820	19	6	to	to	PART
fsr-3820	19	7	earn	earn	VERB
fsr-3820	19	8	abnormal	abnormal	ADJ
fsr-3820	19	9	returns	return	NOUN
fsr-3820	19	10	by	by	ADP
fsr-3820	19	11	investing	invest	VERB
fsr-3820	19	12	in	in	ADP
fsr-3820	19	13	conver	conver	PROPN
fsr-3820	19	14	sion	sion	NOUN
fsr-3820	19	15	-	-	PUNCT
fsr-3820	19	16	related	relate	VERB
fsr-3820	19	17	ipos	ipos	NOUN
fsr-3820	19	18	,	,	PUNCT
fsr-3820	19	19	it	it	PRON
fsr-3820	19	20	might	might	AUX
fsr-3820	19	21	affect	affect	VERB
fsr-3820	19	22	their	their	PRON
fsr-3820	19	23	willingness	willingness	NOUN
fsr-3820	19	24	to	to	PART
fsr-3820	19	25	approve	approve	VERB
fsr-3820	19	26	the	the	DET
fsr-3820	19	27	conversion	conversion	NOUN
fsr-3820	19	28	plan	plan	NOUN
fsr-3820	19	29	,	,	PUNCT
fsr-3820	19	30	as	as	ADV
fsr-3820	19	31	well	well	ADV
fsr-3820	19	32	their	their	PRON
fsr-3820	19	33	decision	decision	NOUN
fsr-3820	19	34	to	to	PART
fsr-3820	19	35	invest	invest	VERB
fsr-3820	19	36	in	in	ADP
fsr-3820	19	37	the	the	DET
fsr-3820	19	38	subsequent	subsequent	ADJ
fsr-3820	19	39	ipo	ipo	NOUN
fsr-3820	19	40	.	.	PUNCT
fsr-3820	20	1	the	the	DET
fsr-3820	20	2	evidence	evidence	NOUN
fsr-3820	20	3	will	will	AUX
fsr-3820	20	4	also	also	ADV
fsr-3820	20	5	provide	provide	VERB
fsr-3820	20	6	information	information	NOUN
fsr-3820	20	7	for	for	ADP
fsr-3820	20	8	regulators	regulator	NOUN
fsr-3820	20	9	regarding	regard	VERB
fsr-3820	20	10	the	the	DET
fsr-3820	20	11	pricing	pricing	NOUN
fsr-3820	20	12	of	of	ADP
fsr-3820	20	13	the	the	DET
fsr-3820	20	14	conversion	conversion	NOUN
fsr-3820	20	15	-	-	PUNCT
fsr-3820	20	16	related	relate	VERB
fsr-3820	20	17	ipo	ipo	NOUN
fsr-3820	20	18	as	as	ADP
fsr-3820	20	19	a	a	DET
fsr-3820	20	20	means	means	NOUN
fsr-3820	20	21	of	of	ADP
fsr-3820	20	22	wealth	wealth	NOUN
fsr-3820	20	23	transfer	transfer	NOUN
fsr-3820	20	24	to	to	ADP
fsr-3820	20	25	insiders	insider	NOUN
fsr-3820	20	26	.	.	PUNCT
fsr-3820	21	1	the	the	DET
fsr-3820	21	2	following	follow	VERB
fsr-3820	21	3	section	section	NOUN
fsr-3820	21	4	contains	contain	VERB
fsr-3820	21	5	a	a	DET
fsr-3820	21	6	discussion	discussion	NOUN
fsr-3820	21	7	of	of	ADP
fsr-3820	21	8	the	the	DET
fsr-3820	21	9	agency	agency	NOUN
fsr-3820	21	10	issues	issue	NOUN
fsr-3820	21	11	associated	associate	VERB
fsr-3820	21	12	with	with	ADP
fsr-3820	21	13	con	con	NOUN
fsr-3820	21	14	verting	verte	VERB
fsr-3820	21	15	mutual	mutual	ADJ
fsr-3820	21	16	organizations	organization	NOUN
fsr-3820	21	17	to	to	ADP
fsr-3820	21	18	stock	stock	NOUN
fsr-3820	21	19	organizations	organization	NOUN
fsr-3820	21	20	and	and	CCONJ
fsr-3820	21	21	a	a	DET
fsr-3820	21	22	summary	summary	NOUN
fsr-3820	21	23	of	of	ADP
fsr-3820	21	24	empirical	empirical	ADJ
fsr-3820	21	25	studies	study	NOUN
fsr-3820	21	26	related	relate	VERB
fsr-3820	21	27	to	to	ADP
fsr-3820	21	28	conversions	conversion	NOUN
fsr-3820	21	29	.	.	PUNCT
fsr-3820	22	1	the	the	DET
fsr-3820	22	2	data	datum	NOUN
fsr-3820	22	3	and	and	CCONJ
fsr-3820	22	4	methodology	methodology	NOUN
fsr-3820	22	5	used	use	VERB
fsr-3820	22	6	to	to	PART
fsr-3820	22	7	analyze	analyze	VERB
fsr-3820	22	8	ipo	ipo	NOUN
fsr-3820	22	9	underpricing	underpricing	NOUN
fsr-3820	22	10	is	be	AUX
fsr-3820	22	11	pre	pre	AUX
fsr-3820	22	12	sented	sente	VERB
fsr-3820	22	13	,	,	PUNCT
fsr-3820	22	14	followed	follow	VERB
fsr-3820	22	15	by	by	ADP
fsr-3820	22	16	the	the	DET
fsr-3820	22	17	results	result	NOUN
fsr-3820	22	18	of	of	ADP
fsr-3820	22	19	the	the	DET
fsr-3820	22	20	study	study	NOUN
fsr-3820	22	21	.	.	PUNCT
fsr-3820	23	1	finally	finally	ADV
fsr-3820	23	2	,	,	PUNCT
fsr-3820	23	3	a	a	DET
fsr-3820	23	4	summary	summary	NOUN
fsr-3820	23	5	of	of	ADP
fsr-3820	23	6	the	the	DET
fsr-3820	23	7	study	study	NOUN
fsr-3820	23	8	and	and	CCONJ
fsr-3820	23	9	implica	implica	PROPN
fsr-3820	23	10	tions	tion	NOUN
fsr-3820	23	11	for	for	ADP
fsr-3820	23	12	conversion	conversion	NOUN
fsr-3820	23	13	investors	investor	NOUN
fsr-3820	23	14	are	be	AUX
fsr-3820	23	15	discussed	discuss	VERB
fsr-3820	23	16	.	.	PUNCT
fsr-3820	24	1	ii	ii	X
fsr-3820	24	2	.	.	PUNCT
fsr-3820	25	1	overview	overview	NOUN
fsr-3820	25	2	of	of	ADP
fsr-3820	25	3	conversion	conversion	NOUN
fsr-3820	25	4	studies	study	NOUN
fsr-3820	25	5	the	the	DET
fsr-3820	25	6	increased	increase	VERB
fsr-3820	25	7	regulatory	regulatory	ADJ
fsr-3820	25	8	scrutiny	scrutiny	NOUN
fsr-3820	25	9	associated	associate	VERB
fsr-3820	25	10	with	with	ADP
fsr-3820	25	11	conversion	conversion	NOUN
fsr-3820	25	12	reflects	reflect	VERB
fsr-3820	25	13	the	the	DET
fsr-3820	25	14	uncertainty	uncertainty	NOUN
fsr-3820	25	15	asso	asso	NOUN
fsr-3820	25	16	ciated	ciate	VERB
fsr-3820	25	17	with	with	ADP
fsr-3820	25	18	effective	effective	ADJ
fsr-3820	25	19	control	control	NOUN
fsr-3820	25	20	of	of	ADP
fsr-3820	25	21	mutual	mutual	ADJ
fsr-3820	25	22	organizations	organization	NOUN
fsr-3820	25	23	.	.	PUNCT
fsr-3820	26	1	first	first	ADV
fsr-3820	26	2	,	,	PUNCT
fsr-3820	26	3	mutual	mutual	ADJ
fsr-3820	26	4	organizations	organization	NOUN
fsr-3820	26	5	are	be	AUX
fsr-3820	26	6	insu	insu	ADV
fsr-3820	26	7	lated	late	VERB
fsr-3820	26	8	from	from	ADP
fsr-3820	26	9	the	the	DET
fsr-3820	26	10	market	market	NOUN
fsr-3820	26	11	for	for	ADP
fsr-3820	26	12	corporate	corporate	ADJ
fsr-3820	26	13	control	control	NOUN
fsr-3820	26	14	because	because	SCONJ
fsr-3820	26	15	there	there	PRON
fsr-3820	26	16	is	be	VERB
fsr-3820	26	17	no	no	DET
fsr-3820	26	18	marketable	marketable	ADJ
fsr-3820	26	19	ownership	ownership	NOUN
fsr-3820	26	20	claim	claim	NOUN
fsr-3820	26	21	.	.	PUNCT
fsr-3820	27	1	also	also	ADV
fsr-3820	27	2	,	,	PUNCT
fsr-3820	27	3	unlike	unlike	ADP
fsr-3820	27	4	publicly	publicly	ADV
fsr-3820	27	5	-	-	PUNCT
fsr-3820	27	6	owned	own	VERB
fsr-3820	27	7	institutions	institution	NOUN
fsr-3820	27	8	,	,	PUNCT
fsr-3820	27	9	outside	outside	ADP
fsr-3820	27	10	board	board	NOUN
fsr-3820	27	11	members	member	NOUN
fsr-3820	27	12	are	be	AUX
fsr-3820	27	13	generally	generally	ADV
fsr-3820	27	14	cho	cho	PROPN
fsr-3820	27	15	sen	sen	PROPN
fsr-3820	27	16	by	by	ADP
fsr-3820	27	17	internal	internal	ADJ
fsr-3820	27	18	managers	manager	NOUN
fsr-3820	27	19	.	.	PUNCT
fsr-3820	28	1	as	as	ADP
fsr-3820	28	2	a	a	DET
fsr-3820	28	3	result	result	NOUN
fsr-3820	28	4	,	,	PUNCT
fsr-3820	28	5	boards	board	NOUN
fsr-3820	28	6	of	of	ADP
fsr-3820	28	7	directors	director	NOUN
fsr-3820	28	8	may	may	AUX
fsr-3820	28	9	play	play	VERB
fsr-3820	28	10	less	less	ADJ
fsr-3820	28	11	of	of	ADP
fsr-3820	28	12	a	a	DET
fsr-3820	28	13	monitoring	monitoring	NOUN
fsr-3820	28	14	role	role	NOUN
fsr-3820	28	15	in	in	ADP
fsr-3820	28	16	mutual	mutual	ADJ
fsr-3820	28	17	organizations	organization	NOUN
fsr-3820	28	18	than	than	SCONJ
fsr-3820	28	19	they	they	PRON
fsr-3820	28	20	do	do	AUX
fsr-3820	28	21	in	in	ADP
fsr-3820	28	22	public	public	ADJ
fsr-3820	28	23	corporations	corporation	NOUN
fsr-3820	28	24	.	.	PUNCT
fsr-3820	29	1	finally	finally	ADV
fsr-3820	29	2	,	,	PUNCT
fsr-3820	29	3	owners	owner	NOUN
fsr-3820	29	4	of	of	ADP
fsr-3820	29	5	mutual	mutual	ADJ
fsr-3820	29	6	organizations	organization	NOUN
fsr-3820	29	7	(	(	PUNCT
fsr-3820	29	8	the	the	DET
fsr-3820	29	9	depositors	depositor	NOUN
fsr-3820	29	10	)	)	PUNCT
fsr-3820	29	11	regularly	regularly	ADV
fsr-3820	29	12	give	give	VERB
fsr-3820	29	13	insiders	insider	NOUN
fsr-3820	29	14	perpetual	perpetual	ADJ
fsr-3820	29	15	proxies	proxy	NOUN
fsr-3820	29	16	that	that	PRON
fsr-3820	29	17	have	have	AUX
fsr-3820	29	18	limited	limit	VERB
fsr-3820	29	19	disclosure	disclosure	NOUN
fsr-3820	29	20	requirements	requirement	NOUN
fsr-3820	29	21	.	.	PUNCT
fsr-3820	30	1	for	for	ADP
fsr-3820	30	2	these	these	DET
fsr-3820	30	3	reasons	reason	NOUN
fsr-3820	30	4	,	,	PUNCT
fsr-3820	30	5	management	management	NOUN
fsr-3820	30	6	may	may	AUX
fsr-3820	30	7	have	have	VERB
fsr-3820	30	8	effective	effective	ADJ
fsr-3820	30	9	control	control	NOUN
fsr-3820	30	10	of	of	ADP
fsr-3820	30	11	the	the	DET
fsr-3820	30	12	mutual	mutual	ADJ
fsr-3820	30	13	organization	organization	NOUN
fsr-3820	30	14	(	(	PUNCT
fsr-3820	30	15	kreider	kreider	NOUN
fsr-3820	30	16	,	,	PUNCT
fsr-3820	30	17	1972	1972	NUM
fsr-3820	30	18	)	)	PUNCT
fsr-3820	30	19	.	.	PUNCT
fsr-3820	31	1	as	as	ADP
fsr-3820	31	2	a	a	DET
fsr-3820	31	3	result	result	NOUN
fsr-3820	31	4	,	,	PUNCT
fsr-3820	31	5	managers	manager	NOUN
fsr-3820	31	6	of	of	ADP
fsr-3820	31	7	mutual	mutual	ADJ
fsr-3820	31	8	organizations	organization	NOUN
fsr-3820	31	9	may	may	AUX
fsr-3820	31	10	be	be	AUX
fsr-3820	31	11	more	more	ADV
fsr-3820	31	12	effective	effective	ADJ
fsr-3820	31	13	at	at	ADP
fsr-3820	31	14	,	,	PUNCT
fsr-3820	31	15	and/or	and/or	CCONJ
fsr-3820	31	16	more	more	ADV
fsr-3820	31	17	likely	likely	ADJ
fsr-3820	31	18	to	to	PART
fsr-3820	31	19	,	,	PUNCT
fsr-3820	31	20	expropriate	expropriate	VERB
fsr-3820	31	21	wealth	wealth	NOUN
fsr-3820	31	22	from	from	ADP
fsr-3820	31	23	other	other	ADJ
fsr-3820	31	24	claims	claim	NOUN
fsr-3820	31	25	holders	holder	NOUN
fsr-3820	31	26	by	by	ADP
fsr-3820	31	27	underpricing	underprice	VERB
fsr-3820	31	28	conversions	conversion	NOUN
fsr-3820	31	29	.	.	PUNCT
fsr-3820	32	1	however	however	ADV
fsr-3820	32	2	,	,	PUNCT
fsr-3820	32	3	conversion	conversion	NOUN
fsr-3820	32	4	to	to	ADP
fsr-3820	32	5	a	a	DET
fsr-3820	32	6	stock	stock	NOUN
fsr-3820	32	7	thrift	thrift	NOUN
fsr-3820	32	8	will	will	AUX
fsr-3820	32	9	also	also	ADV
fsr-3820	32	10	subject	subject	VERB
fsr-3820	32	11	the	the	DET
fsr-3820	32	12	man	man	NOUN
fsr-3820	32	13	agers	ager	NOUN
fsr-3820	32	14	of	of	ADP
fsr-3820	32	15	such	such	ADJ
fsr-3820	32	16	firms	firm	NOUN
fsr-3820	32	17	to	to	ADP
fsr-3820	32	18	the	the	DET
fsr-3820	32	19	market	market	NOUN
fsr-3820	32	20	for	for	ADP
fsr-3820	32	21	corporate	corporate	ADJ
fsr-3820	32	22	control	control	NOUN
fsr-3820	32	23	at	at	ADP
fsr-3820	32	24	some	some	DET
fsr-3820	32	25	point	point	NOUN
fsr-3820	32	26	in	in	ADP
fsr-3820	32	27	the	the	DET
fsr-3820	32	28	future	future	NOUN
fsr-3820	32	29	,	,	PUNCT
fsr-3820	32	30	although	although	SCONJ
fsr-3820	32	31	regulatory	regulatory	ADJ
fsr-3820	32	32	restrictions	restriction	NOUN
fsr-3820	32	33	offer	offer	VERB
fsr-3820	32	34	protection	protection	NOUN
fsr-3820	32	35	from	from	ADP
fsr-3820	32	36	hostile	hostile	ADJ
fsr-3820	32	37	takeovers	takeover	NOUN
fsr-3820	32	38	for	for	ADP
fsr-3820	32	39	3	3	NUM
fsr-3820	32	40	to	to	PART
fsr-3820	32	41	5	5	NUM
fsr-3820	32	42	years	year	NOUN
fsr-3820	32	43	post	post	ADJ
fsr-3820	32	44	-	-	ADJ
fsr-3820	32	45	conver	conver	ADJ
fsr-3820	32	46	sion	sion	NOUN
fsr-3820	32	47	(	(	PUNCT
fsr-3820	32	48	cordell	cordell	PROPN
fsr-3820	32	49	,	,	PUNCT
fsr-3820	32	50	macdonald	macdonald	PROPN
fsr-3820	32	51	,	,	PUNCT
fsr-3820	32	52	&	&	CCONJ
fsr-3820	32	53	wohar	wohar	PROPN
fsr-3820	32	54	,	,	PUNCT
fsr-3820	32	55	1993	1993	NUM
fsr-3820	32	56	)	)	PUNCT
fsr-3820	32	57	.	.	PUNCT
fsr-3820	33	1	if	if	SCONJ
fsr-3820	33	2	conversions	conversion	NOUN
fsr-3820	33	3	are	be	AUX
fsr-3820	33	4	motivated	motivate	VERB
fsr-3820	33	5	by	by	ADP
fsr-3820	33	6	expropria	expropria	NOUN
fsr-3820	33	7	conversions	conversion	NOUN
fsr-3820	33	8	of	of	ADP
fsr-3820	33	9	mutual	mutual	ADJ
fsr-3820	33	10	savings	saving	NOUN
fsr-3820	33	11	instihrtions	instihrtion	NOUN
fsr-3820	33	12	143	143	PRON
fsr-3820	33	13	tion	tion	NOUN
fsr-3820	33	14	,	,	PUNCT
fsr-3820	33	15	management	management	NOUN
fsr-3820	33	16	must	must	AUX
fsr-3820	33	17	believe	believe	VERB
fsr-3820	33	18	that	that	SCONJ
fsr-3820	33	19	the	the	DET
fsr-3820	33	20	wealth	wealth	NOUN
fsr-3820	33	21	transferred	transfer	VERB
fsr-3820	33	22	by	by	ADP
fsr-3820	33	23	conversion	conversion	NOUN
fsr-3820	33	24	to	to	ADP
fsr-3820	33	25	a	a	DET
fsr-3820	33	26	stock	stock	NOUN
fsr-3820	33	27	company	company	NOUN
fsr-3820	33	28	is	be	AUX
fsr-3820	33	29	greater	great	ADJ
fsr-3820	33	30	than	than	SCONJ
fsr-3820	33	31	that	that	PRON
fsr-3820	33	32	would	would	AUX
fsr-3820	33	33	accrue	accrue	VERB
fsr-3820	33	34	in	in	ADP
fsr-3820	33	35	the	the	DET
fsr-3820	33	36	future	future	NOUN
fsr-3820	33	37	if	if	SCONJ
fsr-3820	33	38	the	the	DET
fsr-3820	33	39	firm	firm	NOUN
fsr-3820	33	40	operated	operate	VERB
fsr-3820	33	41	as	as	ADP
fsr-3820	33	42	a	a	DET
fsr-3820	33	43	mutual	mutual	ADJ
fsr-3820	33	44	organization	organization	NOUN
fsr-3820	33	45	and	and	CCONJ
fsr-3820	33	46	management	management	NOUN
fsr-3820	33	47	maintained	maintain	VERB
fsr-3820	33	48	effective	effective	ADJ
fsr-3820	33	49	control	control	NOUN
fsr-3820	33	50	.	.	PUNCT
fsr-3820	34	1	in	in	ADP
fsr-3820	34	2	addition	addition	NOUN
fsr-3820	34	3	to	to	ADP
fsr-3820	34	4	temporary	temporary	ADJ
fsr-3820	34	5	insulation	insulation	NOUN
fsr-3820	34	6	from	from	ADP
fsr-3820	34	7	the	the	DET
fsr-3820	34	8	market	market	NOUN
fsr-3820	34	9	for	for	ADP
fsr-3820	34	10	corporate	corporate	ADJ
fsr-3820	34	11	control	control	NOUN
fsr-3820	34	12	,	,	PUNCT
fsr-3820	34	13	conversion	conversion	NOUN
fsr-3820	34	14	related	relate	VERB
fsr-3820	34	15	ipos	ipos	NOUN
fsr-3820	34	16	differ	differ	VERB
fsr-3820	34	17	in	in	ADP
fsr-3820	34	18	several	several	ADJ
fsr-3820	34	19	other	other	ADJ
fsr-3820	34	20	ways	way	NOUN
fsr-3820	34	21	from	from	ADP
fsr-3820	34	22	typical	typical	ADJ
fsr-3820	34	23	ipos	ipos	NOUN
fsr-3820	34	24	.	.	PUNCT
fsr-3820	35	1	the	the	DET
fsr-3820	35	2	underpricing	underpricing	NOUN
fsr-3820	35	3	of	of	ADP
fsr-3820	35	4	an	an	DET
fsr-3820	35	5	ipo	ipo	NOUN
fsr-3820	35	6	associated	associate	VERB
fsr-3820	35	7	with	with	ADP
fsr-3820	35	8	a	a	DET
fsr-3820	35	9	conversion	conversion	NOUN
fsr-3820	35	10	can	can	AUX
fsr-3820	35	11	take	take	VERB
fsr-3820	35	12	place	place	NOUN
fsr-3820	35	13	in	in	ADP
fsr-3820	35	14	the	the	DET
fsr-3820	35	15	absence	absence	NOUN
fsr-3820	35	16	of	of	ADP
fsr-3820	35	17	asymmetric	asymmetric	ADJ
fsr-3820	35	18	information	information	NOUN
fsr-3820	35	19	,	,	PUNCT
fsr-3820	35	20	that	that	ADV
fsr-3820	35	21	is	is	ADV
fsr-3820	35	22	,	,	PUNCT
fsr-3820	35	23	even	even	ADV
fsr-3820	35	24	if	if	SCONJ
fsr-3820	35	25	outsiders	outsider	NOUN
fsr-3820	35	26	have	have	VERB
fsr-3820	35	27	full	full	ADJ
fsr-3820	35	28	information	information	NOUN
fsr-3820	35	29	about	about	ADP
fsr-3820	35	30	the	the	DET
fsr-3820	35	31	risks	risk	NOUN
fsr-3820	35	32	of	of	ADP
fsr-3820	35	33	the	the	DET
fsr-3820	35	34	issuing	issue	VERB
fsr-3820	35	35	bank	bank	NOUN
fsr-3820	35	36	.	.	PUNCT
fsr-3820	36	1	this	this	PRON
fsr-3820	36	2	under	under	ADP
fsr-3820	36	3	pricing	pricing	NOUN
fsr-3820	36	4	can	can	AUX
fsr-3820	36	5	occur	occur	VERB
fsr-3820	36	6	because	because	SCONJ
fsr-3820	36	7	the	the	DET
fsr-3820	36	8	thrift	thrift	NOUN
fsr-3820	36	9	’s	’s	PART
fsr-3820	36	10	initial	initial	ADJ
fsr-3820	36	11	shareholders	shareholder	NOUN
fsr-3820	36	12	receive	receive	VERB
fsr-3820	36	13	pro	pro	ADJ
fsr-3820	36	14	-	-	ADJ
fsr-3820	36	15	rata	rata	ADJ
fsr-3820	36	16	claims	claim	NOUN
fsr-3820	36	17	to	to	ADP
fsr-3820	36	18	the	the	DET
fsr-3820	36	19	pro	pro	ADJ
fsr-3820	36	20	ceeds	ceed	NOUN
fsr-3820	36	21	of	of	ADP
fsr-3820	36	22	the	the	DET
fsr-3820	36	23	sale	sale	NOUN
fsr-3820	36	24	of	of	ADP
fsr-3820	36	25	stock	stock	NOUN
fsr-3820	36	26	since	since	SCONJ
fsr-3820	36	27	no	no	DET
fsr-3820	36	28	founding	founding	NOUN
fsr-3820	36	29	owners	owner	NOUN
fsr-3820	36	30	exist	exist	VERB
fsr-3820	36	31	to	to	PART
fsr-3820	36	32	claim	claim	VERB
fsr-3820	36	33	a	a	DET
fsr-3820	36	34	portion	portion	NOUN
fsr-3820	36	35	of	of	ADP
fsr-3820	36	36	the	the	DET
fsr-3820	36	37	net	net	ADJ
fsr-3820	36	38	proceeds	proceed	NOUN
fsr-3820	36	39	or	or	CCONJ
fsr-3820	36	40	the	the	DET
fsr-3820	36	41	initial	initial	ADJ
fsr-3820	36	42	net	net	ADJ
fsr-3820	36	43	worth	worth	NOUN
fsr-3820	36	44	as	as	ADP
fsr-3820	36	45	in	in	ADP
fsr-3820	36	46	a	a	DET
fsr-3820	36	47	typical	typical	ADJ
fsr-3820	36	48	ipo	ipo	NOUN
fsr-3820	36	49	(	(	PUNCT
fsr-3820	36	50	masulis	masulis	PROPN
fsr-3820	36	51	,	,	PUNCT
fsr-3820	36	52	1987	1987	NUM
fsr-3820	36	53	)	)	PUNCT
fsr-3820	36	54	.	.	PUNCT
fsr-3820	37	1	as	as	ADP
fsr-3820	37	2	a	a	DET
fsr-3820	37	3	result	result	NOUN
fsr-3820	37	4	,	,	PUNCT
fsr-3820	37	5	some	some	DET
fsr-3820	37	6	underpricing	underpricing	NOUN
fsr-3820	37	7	is	be	AUX
fsr-3820	37	8	predicted	predict	VERB
fsr-3820	37	9	as	as	ADV
fsr-3820	37	10	long	long	ADV
fsr-3820	37	11	as	as	SCONJ
fsr-3820	37	12	the	the	DET
fsr-3820	37	13	thrift	thrift	NOUN
fsr-3820	37	14	has	have	VERB
fsr-3820	37	15	positive	positive	ADJ
fsr-3820	37	16	pre	pre	ADJ
fsr-3820	37	17	-	-	ADJ
fsr-3820	37	18	conversion	conversion	ADJ
fsr-3820	37	19	value	value	NOUN
fsr-3820	37	20	,	,	PUNCT
fsr-3820	37	21	and	and	CCONJ
fsr-3820	37	22	the	the	DET
fsr-3820	37	23	proceeds	proceed	NOUN
fsr-3820	37	24	are	be	AUX
fsr-3820	37	25	not	not	PART
fsr-3820	37	26	expected	expect	VERB
fsr-3820	37	27	to	to	PART
fsr-3820	37	28	be	be	AUX
fsr-3820	37	29	invested	invest	VERB
fsr-3820	37	30	in	in	ADP
fsr-3820	37	31	unprofitable	unprofitable	ADJ
fsr-3820	37	32	ventures	venture	NOUN
fsr-3820	37	33	.	.	PUNCT
fsr-3820	38	1	conversion	conversion	NOUN
fsr-3820	38	2	-	-	PUNCT
fsr-3820	38	3	related	relate	VERB
fsr-3820	38	4	ipos	ipos	NOUN
fsr-3820	38	5	are	be	AUX
fsr-3820	38	6	also	also	ADV
fsr-3820	38	7	less	less	ADV
fsr-3820	38	8	likely	likely	ADJ
fsr-3820	38	9	to	to	PART
fsr-3820	38	10	experience	experience	VERB
fsr-3820	38	11	potential	potential	ADJ
fsr-3820	38	12	conflicts	conflict	NOUN
fsr-3820	38	13	of	of	ADP
fsr-3820	38	14	inter	inter	NOUN
fsr-3820	38	15	est	est	X
fsr-3820	38	16	between	between	ADP
fsr-3820	38	17	insiders	insider	NOUN
fsr-3820	38	18	and	and	CCONJ
fsr-3820	38	19	outside	outside	ADP
fsr-3820	38	20	investors	investor	NOUN
fsr-3820	38	21	because	because	SCONJ
fsr-3820	38	22	insiders	insider	NOUN
fsr-3820	38	23	and	and	CCONJ
fsr-3820	38	24	outsiders	outsider	NOUN
fsr-3820	38	25	will	will	AUX
fsr-3820	38	26	buy	buy	VERB
fsr-3820	38	27	shares	share	NOUN
fsr-3820	38	28	at	at	ADP
fsr-3820	38	29	the	the	DET
fsr-3820	38	30	same	same	ADJ
fsr-3820	38	31	price	price	NOUN
fsr-3820	38	32	,	,	PUNCT
fsr-3820	38	33	though	though	SCONJ
fsr-3820	38	34	insiders	insider	NOUN
fsr-3820	38	35	must	must	AUX
fsr-3820	38	36	hold	hold	VERB
fsr-3820	38	37	shares	share	NOUN
fsr-3820	38	38	for	for	ADP
fsr-3820	38	39	one	one	NUM
fsr-3820	38	40	year	year	NOUN
fsr-3820	38	41	after	after	ADP
fsr-3820	38	42	conversion	conversion	NOUN
fsr-3820	38	43	(	(	PUNCT
fsr-3820	38	44	maksimo	maksimo	PROPN
fsr-3820	38	45	vie	vie	PROPN
fsr-3820	38	46	&	&	CCONJ
fsr-3820	38	47	unal	unal	PROPN
fsr-3820	38	48	,	,	PUNCT
fsr-3820	38	49	1993	1993	NUM
fsr-3820	38	50	)	)	PUNCT
fsr-3820	38	51	.	.	PUNCT
fsr-3820	39	1	depositors	depositor	NOUN
fsr-3820	39	2	may	may	AUX
fsr-3820	39	3	subscribe	subscribe	VERB
fsr-3820	39	4	to	to	ADP
fsr-3820	39	5	a	a	DET
fsr-3820	39	6	maximum	maximum	NOUN
fsr-3820	39	7	of	of	ADP
fsr-3820	39	8	5	5	NUM
fsr-3820	39	9	%	%	NOUN
fsr-3820	39	10	of	of	ADP
fsr-3820	39	11	the	the	DET
fsr-3820	39	12	issue	issue	NOUN
fsr-3820	39	13	,	,	PUNCT
fsr-3820	39	14	whereas	whereas	SCONJ
fsr-3820	39	15	collective	collective	ADJ
fsr-3820	39	16	management	management	NOUN
fsr-3820	39	17	holdings	holding	NOUN
fsr-3820	39	18	have	have	VERB
fsr-3820	39	19	a	a	DET
fsr-3820	39	20	maximum	maximum	NOUN
fsr-3820	39	21	of	of	ADP
fsr-3820	39	22	15%-25	15%-25	NUM
fsr-3820	39	23	%	%	NOUN
fsr-3820	39	24	of	of	ADP
fsr-3820	39	25	the	the	DET
fsr-3820	39	26	issue	issue	NOUN
fsr-3820	39	27	(	(	PUNCT
fsr-3820	39	28	aharony	aharony	NOUN
fsr-3820	39	29	,	,	PUNCT
fsr-3820	39	30	falk	falk	NOUN
fsr-3820	39	31	,	,	PUNCT
fsr-3820	39	32	&	&	CCONJ
fsr-3820	39	33	linn	linn	PROPN
fsr-3820	39	34	,	,	PUNCT
fsr-3820	39	35	1996	1996	NUM
fsr-3820	39	36	)	)	PUNCT
fsr-3820	39	37	.	.	PUNCT
fsr-3820	40	1	aharony	aharony	PROPN
fsr-3820	40	2	,	,	PUNCT
fsr-3820	40	3	et	et	PROPN
fsr-3820	40	4	al	al	PROPN
fsr-3820	40	5	.	.	PROPN
fsr-3820	40	6	report	report	PROPN
fsr-3820	40	7	average	average	ADJ
fsr-3820	40	8	subscription	subscription	NOUN
fsr-3820	40	9	rates	rate	NOUN
fsr-3820	40	10	of	of	ADP
fsr-3820	40	11	39	39	NUM
fsr-3820	40	12	%	%	NOUN
fsr-3820	40	13	for	for	ADP
fsr-3820	40	14	regular	regular	ADJ
fsr-3820	40	15	depositors	depositor	NOUN
fsr-3820	40	16	and	and	CCONJ
fsr-3820	40	17	5	5	NUM
fsr-3820	40	18	%	%	NOUN
fsr-3820	40	19	for	for	ADP
fsr-3820	40	20	management	management	NOUN
fsr-3820	40	21	,	,	PUNCT
fsr-3820	40	22	while	while	SCONJ
fsr-3820	40	23	dunham	dunham	PROPN
fsr-3820	40	24	(	(	PUNCT
fsr-3820	40	25	1985	1985	NUM
fsr-3820	40	26	)	)	PUNCT
fsr-3820	40	27	suggests	suggest	VERB
fsr-3820	40	28	managers	manager	NOUN
fsr-3820	40	29	and	and	CCONJ
fsr-3820	40	30	direc	direc	NOUN
fsr-3820	40	31	tors	tor	NOUN
fsr-3820	40	32	purchase	purchase	VERB
fsr-3820	40	33	an	an	DET
fsr-3820	40	34	average	average	NOUN
fsr-3820	40	35	of	of	ADP
fsr-3820	40	36	20	20	NUM
fsr-3820	40	37	%	%	NOUN
fsr-3820	40	38	of	of	ADP
fsr-3820	40	39	all	all	DET
fsr-3820	40	40	conversion	conversion	NOUN
fsr-3820	40	41	shares	share	NOUN
fsr-3820	40	42	.	.	PUNCT
fsr-3820	41	1	empirical	empirical	ADJ
fsr-3820	41	2	research	research	NOUN
fsr-3820	41	3	has	have	AUX
fsr-3820	41	4	addressed	address	VERB
fsr-3820	41	5	possible	possible	ADJ
fsr-3820	41	6	motivations	motivation	NOUN
fsr-3820	41	7	for	for	ADP
fsr-3820	41	8	conversion	conversion	NOUN
fsr-3820	41	9	of	of	ADP
fsr-3820	41	10	savings	saving	NOUN
fsr-3820	41	11	and	and	CCONJ
fsr-3820	41	12	loans	loan	NOUN
fsr-3820	41	13	,	,	PUNCT
fsr-3820	41	14	including	include	VERB
fsr-3820	41	15	expropriation	expropriation	NOUN
fsr-3820	41	16	as	as	SCONJ
fsr-3820	41	17	asserted	assert	VERB
fsr-3820	41	18	by	by	ADP
fsr-3820	41	19	regulators	regulator	NOUN
fsr-3820	41	20	.	.	PUNCT
fsr-3820	42	1	masulis	masulis	PROPN
fsr-3820	42	2	(	(	PUNCT
fsr-3820	42	3	1987	1987	NUM
fsr-3820	42	4	)	)	PUNCT
fsr-3820	42	5	provides	provide	VERB
fsr-3820	42	6	evi	evi	NOUN
fsr-3820	42	7	dence	dence	NOUN
fsr-3820	42	8	that	that	SCONJ
fsr-3820	42	9	conversions	conversion	NOUN
fsr-3820	42	10	from	from	ADP
fsr-3820	42	11	the	the	DET
fsr-3820	42	12	period	period	NOUN
fsr-3820	42	13	1976	1976	NUM
fsr-3820	42	14	-	-	SYM
fsr-3820	42	15	1983	1983	NUM
fsr-3820	42	16	were	be	AUX
fsr-3820	42	17	motivated	motivate	VERB
fsr-3820	42	18	by	by	ADP
fsr-3820	42	19	efficiency	efficiency	NOUN
fsr-3820	42	20	rather	rather	ADV
fsr-3820	42	21	than	than	ADP
fsr-3820	42	22	expropriation	expropriation	NOUN
fsr-3820	42	23	.	.	PUNCT
fsr-3820	43	1	the	the	DET
fsr-3820	43	2	results	result	NOUN
fsr-3820	43	3	suggest	suggest	VERB
fsr-3820	43	4	an	an	DET
fsr-3820	43	5	increase	increase	NOUN
fsr-3820	43	6	in	in	ADP
fsr-3820	43	7	both	both	DET
fsr-3820	43	8	management	management	NOUN
fsr-3820	43	9	turnover	turnover	NOUN
fsr-3820	43	10	and	and	CCONJ
fsr-3820	43	11	access	access	NOUN
fsr-3820	43	12	to	to	ADP
fsr-3820	43	13	capital	capital	NOUN
fsr-3820	43	14	.	.	PUNCT
fsr-3820	44	1	the	the	DET
fsr-3820	44	2	conversion	conversion	NOUN
fsr-3820	44	3	-	-	PUNCT
fsr-3820	44	4	related	relate	VERB
fsr-3820	44	5	ipos	ipos	NOUN
fsr-3820	44	6	were	be	AUX
fsr-3820	44	7	found	find	VERB
fsr-3820	44	8	to	to	PART
fsr-3820	44	9	generate	generate	VERB
fsr-3820	44	10	average	average	ADJ
fsr-3820	44	11	initial	initial	ADJ
fsr-3820	44	12	returns	return	NOUN
fsr-3820	44	13	of	of	ADP
fsr-3820	44	14	5.61	5.61	NUM
fsr-3820	44	15	%	%	NOUN
fsr-3820	44	16	.	.	PUNCT
fsr-3820	45	1	similar	similar	ADJ
fsr-3820	45	2	studies	study	NOUN
fsr-3820	45	3	of	of	ADP
fsr-3820	45	4	conversions	conversion	NOUN
fsr-3820	45	5	in	in	ADP
fsr-3820	45	6	the	the	DET
fsr-3820	45	7	1980s	1980	NOUN
fsr-3820	45	8	do	do	AUX
fsr-3820	45	9	not	not	PART
fsr-3820	45	10	find	find	VERB
fsr-3820	45	11	evidence	evidence	NOUN
fsr-3820	45	12	consis	consis	NOUN
fsr-3820	45	13	tent	tent	NOUN
fsr-3820	45	14	with	with	ADP
fsr-3820	45	15	efficiency	efficiency	NOUN
fsr-3820	45	16	gains	gain	NOUN
fsr-3820	45	17	,	,	PUNCT
fsr-3820	45	18	nor	nor	CCONJ
fsr-3820	45	19	are	be	AUX
fsr-3820	45	20	the	the	DET
fsr-3820	45	21	results	result	NOUN
fsr-3820	45	22	suggestive	suggestive	ADJ
fsr-3820	45	23	of	of	ADP
fsr-3820	45	24	expropriation	expropriation	NOUN
fsr-3820	45	25	.	.	PUNCT
fsr-3820	46	1	simons	simon	NOUN
fsr-3820	46	2	(	(	PUNCT
fsr-3820	46	3	1992	1992	NUM
fsr-3820	46	4	)	)	PUNCT
fsr-3820	46	5	compares	compare	VERB
fsr-3820	46	6	55	55	NUM
fsr-3820	46	7	converted	convert	VERB
fsr-3820	46	8	new	new	PROPN
fsr-3820	46	9	england	england	PROPN
fsr-3820	46	10	savings	saving	NOUN
fsr-3820	46	11	banks	bank	NOUN
fsr-3820	46	12	to	to	ADP
fsr-3820	46	13	mutual	mutual	ADJ
fsr-3820	46	14	savings	saving	NOUN
fsr-3820	46	15	banks	bank	NOUN
fsr-3820	46	16	over	over	ADP
fsr-3820	46	17	the	the	DET
fsr-3820	46	18	period	period	NOUN
fsr-3820	46	19	1983	1983	NUM
fsr-3820	46	20	-	-	SYM
fsr-3820	46	21	1990	1990	NUM
fsr-3820	46	22	,	,	PUNCT
fsr-3820	46	23	and	and	CCONJ
fsr-3820	46	24	her	her	PRON
fsr-3820	46	25	results	result	NOUN
fsr-3820	46	26	suggest	suggest	VERB
fsr-3820	46	27	that	that	SCONJ
fsr-3820	46	28	converted	convert	VERB
fsr-3820	46	29	institutions	institution	NOUN
fsr-3820	46	30	have	have	VERB
fsr-3820	46	31	a	a	DET
fsr-3820	46	32	greater	great	ADJ
fsr-3820	46	33	pro	pro	ADJ
fsr-3820	46	34	pensity	pensity	NOUN
fsr-3820	46	35	to	to	PART
fsr-3820	46	36	assume	assume	VERB
fsr-3820	46	37	risk	risk	NOUN
fsr-3820	46	38	,	,	PUNCT
fsr-3820	46	39	while	while	SCONJ
fsr-3820	46	40	no	no	DET
fsr-3820	46	41	increase	increase	NOUN
fsr-3820	46	42	in	in	ADP
fsr-3820	46	43	profitability	profitability	NOUN
fsr-3820	46	44	is	be	AUX
fsr-3820	46	45	found	find	VERB
fsr-3820	46	46	.	.	PUNCT
fsr-3820	47	1	cordell	cordell	PROPN
fsr-3820	47	2	,	,	PUNCT
fsr-3820	47	3	et	et	PROPN
fsr-3820	47	4	al	al	PROPN
fsr-3820	47	5	.	.	PROPN
fsr-3820	47	6	(	(	PUNCT
fsr-3820	47	7	1993	1993	NUM
fsr-3820	47	8	)	)	PUNCT
fsr-3820	47	9	find	find	VERB
fsr-3820	47	10	similar	similar	ADJ
fsr-3820	47	11	trends	trend	NOUN
fsr-3820	47	12	.	.	PUNCT
fsr-3820	48	1	simon	simon	PROPN
fsr-3820	48	2	’s	’s	PART
fsr-3820	48	3	analysis	analysis	NOUN
fsr-3820	48	4	of	of	ADP
fsr-3820	48	5	insider	insider	NOUN
fsr-3820	48	6	ownership	ownership	NOUN
fsr-3820	48	7	indicates	indicate	VERB
fsr-3820	48	8	management	management	NOUN
fsr-3820	48	9	and	and	CCONJ
fsr-3820	48	10	directors	director	NOUN
fsr-3820	48	11	are	be	AUX
fsr-3820	48	12	more	more	ADV
fsr-3820	48	13	likely	likely	ADJ
fsr-3820	48	14	to	to	PART
fsr-3820	48	15	increase	increase	VERB
fsr-3820	48	16	their	their	PRON
fsr-3820	48	17	stake	stake	NOUN
fsr-3820	48	18	in	in	ADP
fsr-3820	48	19	thrifts	thrift	NOUN
fsr-3820	48	20	as	as	ADP
fsr-3820	48	21	the	the	DET
fsr-3820	48	22	risk	risk	NOUN
fsr-3820	48	23	of	of	ADP
fsr-3820	48	24	the	the	DET
fsr-3820	48	25	assets	asset	NOUN
fsr-3820	48	26	increase	increase	NOUN
fsr-3820	48	27	.	.	PUNCT
fsr-3820	49	1	however	however	ADV
fsr-3820	49	2	,	,	PUNCT
fsr-3820	49	3	the	the	DET
fsr-3820	49	4	moti	moti	PROPN
fsr-3820	49	5	vation	vation	NOUN
fsr-3820	49	6	for	for	ADP
fsr-3820	49	7	management	management	NOUN
fsr-3820	49	8	to	to	PART
fsr-3820	49	9	increase	increase	VERB
fsr-3820	49	10	risk	risk	NOUN
fsr-3820	49	11	while	while	SCONJ
fsr-3820	49	12	reducing	reduce	VERB
fsr-3820	49	13	job	job	NOUN
fsr-3820	49	14	stability	stability	NOUN
fsr-3820	49	15	is	be	AUX
fsr-3820	49	16	not	not	PART
fsr-3820	49	17	addressed	address	VERB
fsr-3820	49	18	.	.	PUNCT
fsr-3820	50	1	while	while	SCONJ
fsr-3820	50	2	managers	manager	NOUN
fsr-3820	50	3	may	may	AUX
fsr-3820	50	4	benefit	benefit	VERB
fsr-3820	50	5	from	from	ADP
fsr-3820	50	6	increased	increase	VERB
fsr-3820	50	7	returns	return	NOUN
fsr-3820	50	8	associated	associate	VERB
fsr-3820	50	9	with	with	ADP
fsr-3820	50	10	increased	increase	VERB
fsr-3820	50	11	risk	risk	NOUN
fsr-3820	50	12	through	through	ADP
fsr-3820	50	13	stock	stock	NOUN
fsr-3820	50	14	ownership	ownership	NOUN
fsr-3820	50	15	,	,	PUNCT
fsr-3820	50	16	they	they	PRON
fsr-3820	50	17	simultaneously	simultaneously	ADV
fsr-3820	50	18	put	put	VERB
fsr-3820	50	19	their	their	PRON
fsr-3820	50	20	human	human	ADJ
fsr-3820	50	21	capital	capital	NOUN
fsr-3820	50	22	at	at	ADP
fsr-3820	50	23	risk	risk	NOUN
fsr-3820	50	24	.	.	PUNCT
fsr-3820	51	1	regulator	regulator	NOUN
fsr-3820	51	2	and	and	CCONJ
fsr-3820	51	3	media	medium	NOUN
fsr-3820	51	4	reports	report	NOUN
fsr-3820	51	5	on	on	ADP
fsr-3820	51	6	conversions	conversion	NOUN
fsr-3820	51	7	suggest	suggest	VERB
fsr-3820	51	8	that	that	SCONJ
fsr-3820	51	9	the	the	DET
fsr-3820	51	10	change	change	NOUN
fsr-3820	51	11	to	to	ADP
fsr-3820	51	12	a	a	DET
fsr-3820	51	13	stock	stock	NOUN
fsr-3820	51	14	organi	organi	PROPN
fsr-3820	51	15	zation	zation	NOUN
fsr-3820	51	16	may	may	AUX
fsr-3820	51	17	provide	provide	VERB
fsr-3820	51	18	excessive	excessive	ADJ
fsr-3820	51	19	compensation	compensation	NOUN
fsr-3820	51	20	to	to	ADP
fsr-3820	51	21	managers	manager	NOUN
fsr-3820	51	22	and	and	CCONJ
fsr-3820	51	23	trustees	trustee	NOUN
fsr-3820	51	24	through	through	ADP
fsr-3820	51	25	ipo	ipo	PROPN
fsr-3820	51	26	sub	sub	NOUN
fsr-3820	51	27	scription	scription	NOUN
fsr-3820	51	28	or	or	CCONJ
fsr-3820	51	29	stock	stock	NOUN
fsr-3820	51	30	compensation	compensation	NOUN
fsr-3820	51	31	.	.	PUNCT
fsr-3820	52	1	while	while	SCONJ
fsr-3820	52	2	the	the	DET
fsr-3820	52	3	range	range	NOUN
fsr-3820	52	4	for	for	ADP
fsr-3820	52	5	the	the	DET
fsr-3820	52	6	value	value	NOUN
fsr-3820	52	7	of	of	ADP
fsr-3820	52	8	the	the	DET
fsr-3820	52	9	offering	offering	NOUN
fsr-3820	52	10	is	be	AUX
fsr-3820	52	11	determined	determine	VERB
fsr-3820	52	12	by	by	ADP
fsr-3820	52	13	independent	independent	ADJ
fsr-3820	52	14	appraisal	appraisal	NOUN
fsr-3820	52	15	,	,	PUNCT
fsr-3820	52	16	the	the	DET
fsr-3820	52	17	stock	stock	NOUN
fsr-3820	52	18	is	be	AUX
fsr-3820	52	19	generally	generally	ADV
fsr-3820	52	20	offered	offer	VERB
fsr-3820	52	21	within	within	ADP
fsr-3820	52	22	a	a	DET
fsr-3820	52	23	range	range	NOUN
fsr-3820	52	24	of	of	ADP
fsr-3820	52	25	15	15	NUM
fsr-3820	52	26	%	%	NOUN
fsr-3820	52	27	above	above	ADP
fsr-3820	52	28	or	or	CCONJ
fsr-3820	52	29	below	below	ADV
fsr-3820	52	30	appraised	appraise	VERB
fsr-3820	52	31	value	value	NOUN
fsr-3820	52	32	as	as	SCONJ
fsr-3820	52	33	decided	decide	VERB
fsr-3820	52	34	by	by	ADP
fsr-3820	52	35	management	management	NOUN
fsr-3820	52	36	and	and	CCONJ
fsr-3820	52	37	approved	approve	VERB
fsr-3820	52	38	by	by	ADP
fsr-3820	52	39	regulators	regulator	NOUN
fsr-3820	52	40	(	(	PUNCT
fsr-3820	52	41	simons	simon	NOUN
fsr-3820	52	42	,	,	PUNCT
fsr-3820	52	43	1992	1992	NUM
fsr-3820	52	44	)	)	PUNCT
fsr-3820	52	45	.	.	PUNCT
fsr-3820	53	1	because	because	SCONJ
fsr-3820	53	2	the	the	DET
fsr-3820	53	3	conversion	conversion	NOUN
fsr-3820	53	4	price	price	NOUN
fsr-3820	53	5	tends	tend	VERB
fsr-3820	53	6	to	to	PART
fsr-3820	53	7	be	be	AUX
fsr-3820	53	8	below	below	ADP
fsr-3820	53	9	market	market	NOUN
fsr-3820	53	10	value	value	NOUN
fsr-3820	53	11	,	,	PUNCT
fsr-3820	53	12	managers	manager	NOUN
fsr-3820	53	13	and	and	CCONJ
fsr-3820	53	14	trustees	trustee	NOUN
fsr-3820	53	15	as	as	SCONJ
fsr-3820	53	16	subscribers	subscriber	NOUN
fsr-3820	53	17	to	to	ADP
fsr-3820	53	18	the	the	DET
fsr-3820	53	19	ipo	ipo	NOUN
fsr-3820	53	20	have	have	VERB
fsr-3820	53	21	an	an	DET
fsr-3820	53	22	opportunity	opportunity	NOUN
fsr-3820	53	23	to	to	PART
fsr-3820	53	24	profit	profit	VERB
fsr-3820	53	25	from	from	ADP
fsr-3820	53	26	the	the	DET
fsr-3820	53	27	conversion	conversion	NOUN
fsr-3820	53	28	.	.	PUNCT
fsr-3820	54	1	this	this	PRON
fsr-3820	54	2	suggests	suggest	VERB
fsr-3820	54	3	that	that	SCONJ
fsr-3820	54	4	the	the	PRON
fsr-3820	54	5	greater	great	ADJ
fsr-3820	54	6	the	the	DET
fsr-3820	54	7	difference	difference	NOUN
fsr-3820	54	8	between	between	ADP
fsr-3820	54	9	the	the	DET
fsr-3820	54	10	conversion	conversion	NOUN
fsr-3820	54	11	price	price	NOUN
fsr-3820	54	12	and	and	CCONJ
fsr-3820	54	13	perceived	perceive	VERB
fsr-3820	54	14	market	market	NOUN
fsr-3820	54	15	value	value	NOUN
fsr-3820	54	16	,	,	PUNCT
fsr-3820	54	17	the	the	DET
fsr-3820	54	18	more	more	ADV
fsr-3820	54	19	likely	likely	ADJ
fsr-3820	54	20	management	management	NOUN
fsr-3820	54	21	is	be	AUX
fsr-3820	54	22	to	to	PART
fsr-3820	54	23	seek	seek	VERB
fsr-3820	54	24	conversion	conversion	NOUN
fsr-3820	54	25	.	.	PUNCT
fsr-3820	55	1	if	if	SCONJ
fsr-3820	55	2	conversion	conversion	NOUN
fsr-3820	55	3	reflects	reflect	VERB
fsr-3820	55	4	an	an	DET
fsr-3820	55	5	attempt	attempt	NOUN
fsr-3820	55	6	by	by	ADP
fsr-3820	55	7	management	management	NOUN
fsr-3820	55	8	to	to	PART
fsr-3820	55	9	expropriate	expropriate	VERB
fsr-3820	55	10	wealth	wealth	NOUN
fsr-3820	55	11	by	by	ADP
fsr-3820	55	12	using	use	VERB
fsr-3820	55	13	their	their	PRON
fsr-3820	55	14	ability	ability	NOUN
fsr-3820	55	15	to	to	PART
fsr-3820	55	16	manipulate	manipulate	VERB
fsr-3820	55	17	the	the	DET
fsr-3820	55	18	offer	offer	NOUN
fsr-3820	55	19	price	price	NOUN
fsr-3820	55	20	,	,	PUNCT
fsr-3820	55	21	all	all	DET
fsr-3820	55	22	144	144	NUM
fsr-3820	55	23	financial	financial	ADJ
fsr-3820	55	24	services	service	NOUN
fsr-3820	55	25	review	review	VERB
fsr-3820	55	26	6(2	6(2	NUM
fsr-3820	55	27	)	)	PUNCT
fsr-3820	55	28	1997	1997	NUM
fsr-3820	55	29	else	else	ADV
fsr-3820	55	30	equal	equal	ADJ
fsr-3820	55	31	,	,	PUNCT
fsr-3820	55	32	underpricing	underprice	VERB
fsr-3820	55	33	of	of	ADP
fsr-3820	55	34	converting	convert	VERB
fsr-3820	55	35	institutions	institution	NOUN
fsr-3820	55	36	’	'	PUNCT
fsr-3820	55	37	ipos	ipos	NOUN
fsr-3820	55	38	will	will	AUX
fsr-3820	55	39	be	be	AUX
fsr-3820	55	40	greater	great	ADJ
fsr-3820	55	41	than	than	ADP
fsr-3820	55	42	underpricing	underprice	VERB
fsr-3820	55	43	of	of	ADP
fsr-3820	55	44	ipos	ipos	NOUN
fsr-3820	55	45	for	for	ADP
fsr-3820	55	46	other	other	ADJ
fsr-3820	55	47	savings	saving	NOUN
fsr-3820	55	48	institutions	institution	NOUN
fsr-3820	55	49	.	.	PUNCT
fsr-3820	56	1	maksimovic	maksimovic	ADJ
fsr-3820	56	2	and	and	CCONJ
fsr-3820	56	3	unal	unal	ADJ
fsr-3820	56	4	(	(	PUNCT
fsr-3820	56	5	1993	1993	NUM
fsr-3820	56	6	)	)	PUNCT
fsr-3820	56	7	study	study	VERB
fsr-3820	56	8	the	the	DET
fsr-3820	56	9	post	post	ADJ
fsr-3820	56	10	-	-	ADJ
fsr-3820	56	11	offer	offer	ADJ
fsr-3820	56	12	price	price	NOUN
fsr-3820	56	13	performance	performance	NOUN
fsr-3820	56	14	of	of	ADP
fsr-3820	56	15	287	287	NUM
fsr-3820	56	16	thrifts	thrift	NOUN
fsr-3820	56	17	converting	convert	VERB
fsr-3820	56	18	during	during	ADP
fsr-3820	56	19	1980	1980	NUM
fsr-3820	56	20	-	-	SYM
fsr-3820	56	21	1988	1988	NUM
fsr-3820	56	22	.	.	PUNCT
fsr-3820	57	1	on	on	ADP
fsr-3820	57	2	average	average	ADJ
fsr-3820	57	3	,	,	PUNCT
fsr-3820	57	4	the	the	DET
fsr-3820	57	5	converted	converted	ADJ
fsr-3820	57	6	thrift	thrift	NOUN
fsr-3820	57	7	’s	’s	PART
fsr-3820	57	8	ipos	ipos	NOUN
fsr-3820	57	9	are	be	AUX
fsr-3820	57	10	offered	offer	VERB
fsr-3820	57	11	at	at	ADP
fsr-3820	57	12	5	5	NUM
fsr-3820	57	13	%	%	NOUN
fsr-3820	57	14	below	below	ADP
fsr-3820	57	15	their	their	PRON
fsr-3820	57	16	initial	initial	ADJ
fsr-3820	57	17	market	market	NOUN
fsr-3820	57	18	value	value	NOUN
fsr-3820	57	19	.	.	PUNCT
fsr-3820	58	1	the	the	DET
fsr-3820	58	2	choice	choice	NOUN
fsr-3820	58	3	of	of	ADP
fsr-3820	58	4	offer	offer	NOUN
fsr-3820	58	5	size	size	NOUN
fsr-3820	58	6	by	by	ADP
fsr-3820	58	7	converting	convert	VERB
fsr-3820	58	8	institutions	institution	NOUN
fsr-3820	58	9	was	be	AUX
fsr-3820	58	10	examined	examine	VERB
fsr-3820	58	11	to	to	PART
fsr-3820	58	12	determine	determine	VERB
fsr-3820	58	13	the	the	DET
fsr-3820	58	14	extent	extent	NOUN
fsr-3820	58	15	to	to	PART
fsr-3820	58	16	which	which	PRON
fsr-3820	58	17	management	management	NOUN
fsr-3820	58	18	and	and	CCONJ
fsr-3820	58	19	outsider	outsider	NOUN
fsr-3820	58	20	interests	interest	NOUN
fsr-3820	58	21	are	be	AUX
fsr-3820	58	22	aligned	align	VERB
fsr-3820	58	23	.	.	PUNCT
fsr-3820	59	1	management	management	NOUN
fsr-3820	59	2	can	can	AUX
fsr-3820	59	3	choose	choose	VERB
fsr-3820	59	4	between	between	ADP
fsr-3820	59	5	minimizing	minimize	VERB
fsr-3820	59	6	issue	issue	NOUN
fsr-3820	59	7	value	value	NOUN
fsr-3820	59	8	,	,	PUNCT
fsr-3820	59	9	thereby	thereby	ADV
fsr-3820	59	10	lowering	lower	VERB
fsr-3820	59	11	their	their	PRON
fsr-3820	59	12	purchase	purchase	NOUN
fsr-3820	59	13	price	price	NOUN
fsr-3820	59	14	for	for	ADP
fsr-3820	59	15	a	a	DET
fsr-3820	59	16	set	set	ADJ
fsr-3820	59	17	number	number	NOUN
fsr-3820	59	18	of	of	ADP
fsr-3820	59	19	shares	share	NOUN
fsr-3820	59	20	,	,	PUNCT
fsr-3820	59	21	or	or	CCONJ
fsr-3820	59	22	maximizing	maximize	VERB
fsr-3820	59	23	issue	issue	NOUN
fsr-3820	59	24	value	value	NOUN
fsr-3820	59	25	,	,	PUNCT
fsr-3820	59	26	thereby	thereby	ADV
fsr-3820	59	27	raising	raise	VERB
fsr-3820	59	28	the	the	DET
fsr-3820	59	29	amount	amount	NOUN
fsr-3820	59	30	of	of	ADP
fsr-3820	59	31	capital	capital	NOUN
fsr-3820	59	32	and	and	CCONJ
fsr-3820	59	33	financial	financial	ADJ
fsr-3820	59	34	slack	slack	NOUN
fsr-3820	59	35	available	available	ADJ
fsr-3820	59	36	to	to	PART
fsr-3820	59	37	consume	consume	VERB
fsr-3820	59	38	perquisites	perquisite	NOUN
fsr-3820	59	39	.	.	PUNCT
fsr-3820	60	1	the	the	DET
fsr-3820	60	2	results	result	NOUN
fsr-3820	60	3	indicate	indicate	VERB
fsr-3820	60	4	manager	manager	NOUN
fsr-3820	60	5	and	and	CCONJ
fsr-3820	60	6	investor	investor	NOUN
fsr-3820	60	7	interests	interest	NOUN
fsr-3820	60	8	are	be	AUX
fsr-3820	60	9	aligned	align	VERB
fsr-3820	60	10	regarding	regard	VERB
fsr-3820	60	11	the	the	DET
fsr-3820	60	12	choice	choice	NOUN
fsr-3820	60	13	of	of	ADP
fsr-3820	60	14	issue	issue	NOUN
fsr-3820	60	15	size	size	NOUN
fsr-3820	60	16	;	;	PUNCT
fsr-3820	60	17	that	that	PRON
fsr-3820	60	18	is	is	ADV
fsr-3820	60	19	,	,	PUNCT
fsr-3820	60	20	issue	issue	NOUN
fsr-3820	60	21	size	size	NOUN
fsr-3820	60	22	and	and	CCONJ
fsr-3820	60	23	underpricing	underpricing	NOUN
fsr-3820	60	24	are	be	AUX
fsr-3820	60	25	positively	positively	ADV
fsr-3820	60	26	related	relate	VERB
fsr-3820	60	27	.	.	PUNCT
fsr-3820	61	1	the	the	DET
fsr-3820	61	2	influence	influence	NOUN
fsr-3820	61	3	of	of	ADP
fsr-3820	61	4	the	the	DET
fsr-3820	61	5	participation	participation	NOUN
fsr-3820	61	6	of	of	ADP
fsr-3820	61	7	depositors	depositor	NOUN
fsr-3820	61	8	and	and	CCONJ
fsr-3820	61	9	management	management	NOUN
fsr-3820	61	10	in	in	ADP
fsr-3820	61	11	the	the	DET
fsr-3820	61	12	offering	offering	NOUN
fsr-3820	61	13	is	be	AUX
fsr-3820	61	14	examined	examine	VERB
fsr-3820	61	15	by	by	ADP
fsr-3820	61	16	aharony	aharony	NOUN
fsr-3820	61	17	,	,	PUNCT
fsr-3820	61	18	et	et	PROPN
fsr-3820	61	19	al	al	PROPN
fsr-3820	61	20	.	.	PUNCT
fsr-3820	62	1	(	(	PUNCT
fsr-3820	62	2	1996	1996	NUM
fsr-3820	62	3	)	)	PUNCT
fsr-3820	62	4	.	.	PUNCT
fsr-3820	63	1	in	in	ADP
fsr-3820	63	2	a	a	DET
fsr-3820	63	3	study	study	NOUN
fsr-3820	63	4	of	of	ADP
fsr-3820	63	5	100	100	NUM
fsr-3820	63	6	conversions	conversion	NOUN
fsr-3820	63	7	between	between	ADP
fsr-3820	63	8	january	january	PROPN
fsr-3820	63	9	1984	1984	NUM
fsr-3820	63	10	and	and	CCONJ
fsr-3820	63	11	june	june	PROPN
fsr-3820	63	12	1987	1987	NUM
fsr-3820	63	13	,	,	PUNCT
fsr-3820	63	14	they	they	PRON
fsr-3820	63	15	find	find	VERB
fsr-3820	63	16	that	that	SCONJ
fsr-3820	63	17	following	follow	VERB
fsr-3820	63	18	the	the	DET
fsr-3820	63	19	conversion	conversion	NOUN
fsr-3820	63	20	the	the	DET
fsr-3820	63	21	value	value	NOUN
fsr-3820	63	22	of	of	ADP
fsr-3820	63	23	the	the	DET
fsr-3820	63	24	converted	convert	VERB
fsr-3820	63	25	institu	institu	NOUN
fsr-3820	63	26	tion	tion	NOUN
fsr-3820	63	27	is	be	AUX
fsr-3820	63	28	positively	positively	ADV
fsr-3820	63	29	related	relate	VERB
fsr-3820	63	30	to	to	ADP
fsr-3820	63	31	depositors	depositor	NOUN
fsr-3820	63	32	’	’	PART
fsr-3820	63	33	subscriptions	subscription	NOUN
fsr-3820	63	34	.	.	PUNCT
fsr-3820	64	1	for	for	ADP
fsr-3820	64	2	small	small	ADJ
fsr-3820	64	3	levels	level	NOUN
fsr-3820	64	4	of	of	ADP
fsr-3820	64	5	managerial	managerial	ADJ
fsr-3820	64	6	sub	sub	NOUN
fsr-3820	64	7	scription	scription	NOUN
fsr-3820	64	8	,	,	PUNCT
fsr-3820	64	9	they	they	PRON
fsr-3820	64	10	find	find	VERB
fsr-3820	64	11	a	a	DET
fsr-3820	64	12	negative	negative	ADJ
fsr-3820	64	13	relationship	relationship	NOUN
fsr-3820	64	14	between	between	ADP
fsr-3820	64	15	managerial	managerial	ADJ
fsr-3820	64	16	ownership	ownership	NOUN
fsr-3820	64	17	and	and	CCONJ
fsr-3820	64	18	the	the	DET
fsr-3820	64	19	value	value	NOUN
fsr-3820	64	20	of	of	ADP
fsr-3820	64	21	the	the	DET
fsr-3820	64	22	converted	converted	ADJ
fsr-3820	64	23	institution	institution	NOUN
fsr-3820	64	24	,	,	PUNCT
fsr-3820	64	25	but	but	CCONJ
fsr-3820	64	26	this	this	DET
fsr-3820	64	27	relationship	relationship	NOUN
fsr-3820	64	28	turns	turn	VERB
fsr-3820	64	29	less	less	ADV
fsr-3820	64	30	negative	negative	ADJ
fsr-3820	64	31	as	as	ADP
fsr-3820	64	32	managerial	managerial	ADJ
fsr-3820	64	33	subscrip	subscrip	NOUN
fsr-3820	64	34	tion	tion	NOUN
fsr-3820	64	35	increases	increase	NOUN
fsr-3820	64	36	.	.	PUNCT
fsr-3820	65	1	the	the	DET
fsr-3820	65	2	average	average	ADJ
fsr-3820	65	3	level	level	NOUN
fsr-3820	65	4	of	of	ADP
fsr-3820	65	5	underpricing	underprice	VERB
fsr-3820	65	6	for	for	ADP
fsr-3820	65	7	firms	firm	NOUN
fsr-3820	65	8	in	in	ADP
fsr-3820	65	9	the	the	DET
fsr-3820	65	10	sample	sample	NOUN
fsr-3820	65	11	was	be	AUX
fsr-3820	65	12	6.5	6.5	NUM
fsr-3820	65	13	%	%	NOUN
fsr-3820	65	14	.	.	PUNCT
fsr-3820	66	1	they	they	PRON
fsr-3820	66	2	also	also	ADV
fsr-3820	66	3	report	report	VERB
fsr-3820	66	4	that	that	SCONJ
fsr-3820	66	5	the	the	DET
fsr-3820	66	6	majority	majority	NOUN
fsr-3820	66	7	of	of	ADP
fsr-3820	66	8	offerings	offering	NOUN
fsr-3820	66	9	are	be	AUX
fsr-3820	66	10	generally	generally	ADV
fsr-3820	66	11	purchased	purchase	VERB
fsr-3820	66	12	by	by	ADP
fsr-3820	66	13	outside	outside	ADJ
fsr-3820	66	14	investors	investor	NOUN
fsr-3820	66	15	,	,	PUNCT
fsr-3820	66	16	rather	rather	ADV
fsr-3820	66	17	than	than	ADP
fsr-3820	66	18	by	by	ADP
fsr-3820	66	19	depositors	depositor	NOUN
fsr-3820	66	20	or	or	CCONJ
fsr-3820	66	21	employees	employee	NOUN
fsr-3820	66	22	of	of	ADP
fsr-3820	66	23	the	the	DET
fsr-3820	66	24	converting	convert	VERB
fsr-3820	66	25	institutions	institution	NOUN
fsr-3820	66	26	.	.	PUNCT
fsr-3820	67	1	these	these	DET
fsr-3820	67	2	studies	study	NOUN
fsr-3820	67	3	of	of	ADP
fsr-3820	67	4	ipos	ipos	NOUN
fsr-3820	67	5	of	of	ADP
fsr-3820	67	6	converting	convert	VERB
fsr-3820	67	7	institutions	institution	NOUN
fsr-3820	67	8	provide	provide	VERB
fsr-3820	67	9	evidence	evidence	NOUN
fsr-3820	67	10	that	that	SCONJ
fsr-3820	67	11	they	they	PRON
fsr-3820	67	12	are	be	AUX
fsr-3820	67	13	consis	consis	NOUN
fsr-3820	67	14	tently	tently	ADV
fsr-3820	67	15	underpriced	underprice	VERB
fsr-3820	67	16	.	.	PUNCT
fsr-3820	68	1	however	however	ADV
fsr-3820	68	2	,	,	PUNCT
fsr-3820	68	3	underpricing	underprice	VERB
fsr-3820	68	4	of	of	ADP
fsr-3820	68	5	ipos	ipos	NOUN
fsr-3820	68	6	is	be	AUX
fsr-3820	68	7	a	a	DET
fsr-3820	68	8	well	well	ADV
fsr-3820	68	9	-	-	PUNCT
fsr-3820	68	10	documented	document	VERB
fsr-3820	68	11	phenomenon	phenomenon	NOUN
fsr-3820	68	12	out	out	ADP
fsr-3820	68	13	side	side	NOUN
fsr-3820	68	14	of	of	ADP
fsr-3820	68	15	converting	convert	VERB
fsr-3820	68	16	institutions	institution	NOUN
fsr-3820	68	17	or	or	CCONJ
fsr-3820	68	18	financial	financial	ADJ
fsr-3820	68	19	institutions	institution	NOUN
fsr-3820	68	20	.	.	PUNCT
fsr-3820	69	1	some	some	DET
fsr-3820	69	2	theoretical	theoretical	ADJ
fsr-3820	69	3	works	work	NOUN
fsr-3820	69	4	suggest	suggest	VERB
fsr-3820	69	5	that	that	SCONJ
fsr-3820	69	6	the	the	DET
fsr-3820	69	7	underpricing	underpricing	NOUN
fsr-3820	69	8	of	of	ADP
fsr-3820	69	9	ipos	ipos	NOUN
fsr-3820	69	10	is	be	AUX
fsr-3820	69	11	associated	associate	VERB
fsr-3820	69	12	with	with	ADP
fsr-3820	69	13	asymmetric	asymmetric	ADJ
fsr-3820	69	14	information	information	NOUN
fsr-3820	69	15	and	and	CCONJ
fsr-3820	69	16	investors	investor	NOUN
fsr-3820	69	17	’	'	PUNCT
fsr-3820	69	18	con	con	PROPN
fsr-3820	69	19	cerns	cern	NOUN
fsr-3820	69	20	that	that	SCONJ
fsr-3820	69	21	the	the	DET
fsr-3820	69	22	decision	decision	NOUN
fsr-3820	69	23	to	to	PART
fsr-3820	69	24	issue	issue	VERB
fsr-3820	69	25	equity	equity	NOUN
fsr-3820	69	26	is	be	AUX
fsr-3820	69	27	an	an	DET
fsr-3820	69	28	attempt	attempt	NOUN
fsr-3820	69	29	to	to	PART
fsr-3820	69	30	expropriate	expropriate	VERB
fsr-3820	69	31	wealth	wealth	NOUN
fsr-3820	69	32	from	from	ADP
fsr-3820	69	33	outsiders	outsider	NOUN
fsr-3820	69	34	(	(	PUNCT
fsr-3820	69	35	ibbotson	ibbotson	PROPN
fsr-3820	69	36	,	,	PUNCT
fsr-3820	69	37	et	et	PROPN
fsr-3820	69	38	al	al	PROPN
fsr-3820	69	39	.	.	PROPN
fsr-3820	69	40	,	,	PUNCT
fsr-3820	69	41	1994	1994	NUM
fsr-3820	69	42	)	)	PUNCT
fsr-3820	69	43	.	.	PUNCT
fsr-3820	70	1	empirical	empirical	ADJ
fsr-3820	70	2	studies	study	NOUN
fsr-3820	70	3	have	have	AUX
fsr-3820	70	4	found	find	VERB
fsr-3820	70	5	evidence	evidence	NOUN
fsr-3820	70	6	that	that	SCONJ
fsr-3820	70	7	the	the	DET
fsr-3820	70	8	underpricing	underpricing	NOUN
fsr-3820	70	9	for	for	ADP
fsr-3820	70	10	ipos	ipos	NOUN
fsr-3820	70	11	of	of	ADP
fsr-3820	70	12	financial	financial	ADJ
fsr-3820	70	13	institutions	institution	NOUN
fsr-3820	70	14	is	be	AUX
fsr-3820	70	15	related	relate	VERB
fsr-3820	70	16	to	to	ADP
fsr-3820	70	17	proxies	proxy	NOUN
fsr-3820	70	18	for	for	ADP
fsr-3820	70	19	asymmetric	asymmetric	ADJ
fsr-3820	70	20	information	information	NOUN
fsr-3820	70	21	.	.	PUNCT
fsr-3820	71	1	offer	offer	VERB
fsr-3820	71	2	size	size	NOUN
fsr-3820	71	3	(	(	PUNCT
fsr-3820	71	4	megginson	megginson	PROPN
fsr-3820	71	5	&	&	CCONJ
fsr-3820	71	6	weiss	weiss	PROPN
fsr-3820	71	7	,	,	PUNCT
fsr-3820	71	8	1991	1991	NUM
fsr-3820	71	9	)	)	PUNCT
fsr-3820	71	10	,	,	PUNCT
fsr-3820	71	11	age	age	NOUN
fsr-3820	71	12	of	of	ADP
fsr-3820	71	13	the	the	DET
fsr-3820	71	14	firm	firm	NOUN
fsr-3820	71	15	(	(	PUNCT
fsr-3820	71	16	muscarella	muscarella	PROPN
fsr-3820	71	17	&	&	CCONJ
fsr-3820	71	18	vetsuypens	vetsuypen	NOUN
fsr-3820	71	19	,	,	PUNCT
fsr-3820	71	20	1987	1987	NUM
fsr-3820	71	21	;	;	PUNCT
fsr-3820	71	22	barry	barry	PROPN
fsr-3820	71	23	&	&	CCONJ
fsr-3820	71	24	brown	brown	PROPN
fsr-3820	71	25	,	,	PUNCT
fsr-3820	71	26	1984	1984	NUM
fsr-3820	71	27	;	;	PUNCT
fsr-3820	71	28	megginson	megginson	PROPN
fsr-3820	71	29	&	&	CCONJ
fsr-3820	71	30	weiss	weiss	PROPN
fsr-3820	71	31	,	,	PUNCT
fsr-3820	71	32	1991	1991	NUM
fsr-3820	71	33	)	)	PUNCT
fsr-3820	71	34	underwriter	underwriter	NOUN
fsr-3820	71	35	reputation	reputation	NOUN
fsr-3820	71	36	(	(	PUNCT
fsr-3820	71	37	carter	carter	PROPN
fsr-3820	71	38	&	&	CCONJ
fsr-3820	71	39	manaster	manaster	PROPN
fsr-3820	71	40	,	,	PUNCT
fsr-3820	71	41	1990	1990	NUM
fsr-3820	71	42	;	;	PUNCT
fsr-3820	71	43	logue	logue	PROPN
fsr-3820	71	44	,	,	PUNCT
fsr-3820	71	45	1973	1973	NUM
fsr-3820	71	46	;	;	PUNCT
fsr-3820	71	47	mcdonald	mcdonald	PROPN
fsr-3820	71	48	&	&	CCONJ
fsr-3820	71	49	fisher	fisher	PROPN
fsr-3820	71	50	,	,	PUNCT
fsr-3820	71	51	1972	1972	NUM
fsr-3820	71	52	)	)	PUNCT
fsr-3820	71	53	and	and	CCONJ
fsr-3820	71	54	the	the	DET
fsr-3820	71	55	volatility	volatility	NOUN
fsr-3820	71	56	of	of	ADP
fsr-3820	71	57	post	post	ADJ
fsr-3820	71	58	-	-	ADJ
fsr-3820	71	59	offer	offer	ADJ
fsr-3820	71	60	returns	return	NOUN
fsr-3820	71	61	(	(	PUNCT
fsr-3820	71	62	ritter	ritter	NOUN
fsr-3820	71	63	,	,	PUNCT
fsr-3820	71	64	1984	1984	NUM
fsr-3820	71	65	)	)	PUNCT
fsr-3820	71	66	have	have	AUX
fsr-3820	71	67	all	all	PRON
fsr-3820	71	68	been	be	AUX
fsr-3820	71	69	associated	associate	VERB
fsr-3820	71	70	with	with	ADP
fsr-3820	71	71	ipo	ipo	NOUN
fsr-3820	71	72	underpricing	underpricing	NOUN
fsr-3820	71	73	.	.	PUNCT
fsr-3820	72	1	if	if	SCONJ
fsr-3820	72	2	insiders	insider	NOUN
fsr-3820	72	3	profit	profit	VERB
fsr-3820	72	4	by	by	ADP
fsr-3820	72	5	setting	set	VERB
fsr-3820	72	6	the	the	DET
fsr-3820	72	7	initial	initial	ADJ
fsr-3820	72	8	offer	offer	NOUN
fsr-3820	72	9	price	price	NOUN
fsr-3820	72	10	too	too	ADV
fsr-3820	72	11	low	low	ADJ
fsr-3820	72	12	,	,	PUNCT
fsr-3820	72	13	ipos	ipos	NOUN
fsr-3820	72	14	associated	associate	VERB
fsr-3820	72	15	with	with	ADP
fsr-3820	72	16	conver	conver	NOUN
fsr-3820	72	17	sion	sion	NOUN
fsr-3820	72	18	should	should	AUX
fsr-3820	72	19	be	be	AUX
fsr-3820	72	20	more	more	ADV
fsr-3820	72	21	underpriced	underpriced	ADJ
fsr-3820	72	22	than	than	ADP
fsr-3820	72	23	ipos	ipos	NOUN
fsr-3820	72	24	of	of	ADP
fsr-3820	72	25	other	other	ADJ
fsr-3820	72	26	financial	financial	ADJ
fsr-3820	72	27	institutions	institution	NOUN
fsr-3820	72	28	with	with	ADP
fsr-3820	72	29	similar	similar	ADJ
fsr-3820	72	30	lev	lev	NOUN
fsr-3820	72	31	els	el	NOUN
fsr-3820	72	32	of	of	ADP
fsr-3820	72	33	asymmetric	asymmetric	ADJ
fsr-3820	72	34	information	information	NOUN
fsr-3820	72	35	.	.	PUNCT
fsr-3820	73	1	alli	alli	PROPN
fsr-3820	73	2	,	,	PUNCT
fsr-3820	73	3	yau	yau	PROPN
fsr-3820	73	4	,	,	PUNCT
fsr-3820	73	5	and	and	CCONJ
fsr-3820	73	6	yung	yung	NOUN
fsr-3820	73	7	(	(	PUNCT
fsr-3820	73	8	1994	1994	NUM
fsr-3820	73	9	)	)	PUNCT
fsr-3820	73	10	report	report	NOUN
fsr-3820	73	11	that	that	SCONJ
fsr-3820	73	12	conversion	conversion	NOUN
fsr-3820	73	13	related	related	ADJ
fsr-3820	73	14	ipos	ipos	NOUN
fsr-3820	73	15	are	be	AUX
fsr-3820	73	16	priced	price	VERB
fsr-3820	73	17	similarly	similarly	ADV
fsr-3820	73	18	to	to	ADP
fsr-3820	73	19	ipos	ipos	NOUN
fsr-3820	73	20	of	of	ADP
fsr-3820	73	21	nonfinancial	nonfinancial	ADJ
fsr-3820	73	22	institutions	institution	NOUN
fsr-3820	73	23	,	,	PUNCT
fsr-3820	73	24	but	but	CCONJ
fsr-3820	73	25	conversion	conversion	NOUN
fsr-3820	73	26	-	-	PUNCT
fsr-3820	73	27	related	relate	VERB
fsr-3820	73	28	ipos	ipos	NOUN
fsr-3820	73	29	are	be	AUX
fsr-3820	73	30	significantly	significantly	ADV
fsr-3820	73	31	more	more	ADV
fsr-3820	73	32	underpriced	underpriced	ADJ
fsr-3820	73	33	than	than	ADP
fsr-3820	73	34	ipos	ipos	NOUN
fsr-3820	73	35	of	of	ADP
fsr-3820	73	36	other	other	ADJ
fsr-3820	73	37	financial	financial	ADJ
fsr-3820	73	38	institutions	institution	NOUN
fsr-3820	73	39	.	.	PUNCT
fsr-3820	74	1	the	the	DET
fsr-3820	74	2	average	average	ADJ
fsr-3820	74	3	underpricing	underpricing	NOUN
fsr-3820	74	4	reported	report	VERB
fsr-3820	74	5	was	be	AUX
fsr-3820	74	6	7	7	NUM
fsr-3820	74	7	%	%	NOUN
fsr-3820	74	8	for	for	ADP
fsr-3820	74	9	converting	convert	VERB
fsr-3820	74	10	thrifts	thrift	NOUN
fsr-3820	74	11	and	and	CCONJ
fsr-3820	74	12	5	5	NUM
fsr-3820	74	13	%	%	NOUN
fsr-3820	74	14	for	for	ADP
fsr-3820	74	15	other	other	ADJ
fsr-3820	74	16	financial	financial	ADJ
fsr-3820	74	17	institutions	institution	NOUN
fsr-3820	74	18	.	.	PUNCT
fsr-3820	75	1	the	the	DET
fsr-3820	75	2	other	other	ADJ
fsr-3820	75	3	financial	financial	ADJ
fsr-3820	75	4	institutions	institution	NOUN
fsr-3820	75	5	include	include	VERB
fsr-3820	75	6	banks	bank	NOUN
fsr-3820	75	7	,	,	PUNCT
fsr-3820	75	8	bank	bank	NOUN
fsr-3820	75	9	holding	hold	VERB
fsr-3820	75	10	companies	company	NOUN
fsr-3820	75	11	(	(	PUNCT
fsr-3820	75	12	bhcs	bhcs	NOUN
fsr-3820	75	13	)	)	PUNCT
fsr-3820	75	14	,	,	PUNCT
fsr-3820	75	15	and	and	CCONJ
fsr-3820	75	16	other	other	ADJ
fsr-3820	75	17	thrifts	thrift	NOUN
fsr-3820	75	18	.	.	PUNCT
fsr-3820	76	1	they	they	PRON
fsr-3820	76	2	argue	argue	VERB
fsr-3820	76	3	that	that	SCONJ
fsr-3820	76	4	the	the	DET
fsr-3820	76	5	lower	low	ADJ
fsr-3820	76	6	level	level	NOUN
fsr-3820	76	7	of	of	ADP
fsr-3820	76	8	underpricing	underpricing	NOUN
fsr-3820	76	9	for	for	ADP
fsr-3820	76	10	ipos	ipos	NOUN
fsr-3820	76	11	of	of	ADP
fsr-3820	76	12	other	other	ADJ
fsr-3820	76	13	financial	financial	ADJ
fsr-3820	76	14	institu	institu	NOUN
fsr-3820	76	15	tions	tion	NOUN
fsr-3820	76	16	reflects	reflect	VERB
fsr-3820	76	17	reduced	reduced	ADJ
fsr-3820	76	18	uncertainty	uncertainty	NOUN
fsr-3820	76	19	as	as	ADP
fsr-3820	76	20	the	the	DET
fsr-3820	76	21	result	result	NOUN
fsr-3820	76	22	of	of	ADP
fsr-3820	76	23	regulation	regulation	NOUN
fsr-3820	76	24	.	.	PUNCT
fsr-3820	77	1	they	they	PRON
fsr-3820	77	2	further	far	ADV
fsr-3820	77	3	suggest	suggest	VERB
fsr-3820	77	4	that	that	SCONJ
fsr-3820	77	5	this	this	DET
fsr-3820	77	6	regulation	regulation	NOUN
fsr-3820	77	7	effect	effect	NOUN
fsr-3820	77	8	is	be	AUX
fsr-3820	77	9	offset	offset	VERB
fsr-3820	77	10	for	for	ADP
fsr-3820	77	11	converting	convert	VERB
fsr-3820	77	12	institutions	institution	NOUN
fsr-3820	77	13	by	by	ADP
fsr-3820	77	14	a	a	DET
fsr-3820	77	15	one	one	NUM
fsr-3820	77	16	-	-	PUNCT
fsr-3820	77	17	time	time	NOUN
fsr-3820	77	18	economic	economic	ADJ
fsr-3820	77	19	gain	gain	NOUN
fsr-3820	77	20	that	that	PRON
fsr-3820	77	21	may	may	AUX
fsr-3820	77	22	result	result	VERB
fsr-3820	77	23	from	from	ADP
fsr-3820	77	24	conversion	conversion	NOUN
fsr-3820	77	25	.	.	PUNCT
fsr-3820	78	1	unlike	unlike	ADP
fsr-3820	78	2	the	the	DET
fsr-3820	78	3	alli	alli	PROPN
fsr-3820	78	4	,	,	PUNCT
fsr-3820	78	5	yau	yau	PROPN
fsr-3820	78	6	,	,	PUNCT
fsr-3820	78	7	and	and	CCONJ
fsr-3820	78	8	yung	yung	NOUN
fsr-3820	78	9	(	(	PUNCT
fsr-3820	78	10	1994	1994	NUM
fsr-3820	78	11	)	)	PUNCT
fsr-3820	78	12	study	study	NOUN
fsr-3820	78	13	,	,	PUNCT
fsr-3820	78	14	this	this	DET
fsr-3820	78	15	study	study	NOUN
fsr-3820	78	16	does	do	AUX
fsr-3820	78	17	not	not	PART
fsr-3820	78	18	include	include	VERB
fsr-3820	78	19	bhcs	bhcs	NOUN
fsr-3820	78	20	.	.	PUNCT
fsr-3820	79	1	bhcs	bhcs	NOUN
fsr-3820	79	2	differ	differ	VERB
fsr-3820	79	3	from	from	ADP
fsr-3820	79	4	banks	bank	NOUN
fsr-3820	79	5	in	in	ADP
fsr-3820	79	6	several	several	ADJ
fsr-3820	79	7	ways	way	NOUN
fsr-3820	79	8	which	which	PRON
fsr-3820	79	9	may	may	AUX
fsr-3820	79	10	influence	influence	VERB
fsr-3820	79	11	uncertainty	uncertainty	NOUN
fsr-3820	79	12	or	or	CCONJ
fsr-3820	79	13	asymmetric	asymmetric	ADJ
fsr-3820	79	14	informa	informa	ADJ
fsr-3820	79	15	tion	tion	NOUN
fsr-3820	79	16	surrounding	surround	VERB
fsr-3820	79	17	initial	initial	ADJ
fsr-3820	79	18	offerings	offering	NOUN
fsr-3820	79	19	by	by	ADP
fsr-3820	79	20	these	these	DET
fsr-3820	79	21	institutions	institution	NOUN
fsr-3820	79	22	.	.	PUNCT
fsr-3820	80	1	these	these	PRON
fsr-3820	80	2	include	include	VERB
fsr-3820	80	3	the	the	DET
fsr-3820	80	4	ability	ability	NOUN
fsr-3820	80	5	of	of	ADP
fsr-3820	80	6	bhcs	bhcs	NOUN
fsr-3820	80	7	to	to	PART
fsr-3820	80	8	“	"	PUNCT
fsr-3820	80	9	downstream	downstream	PROPN
fsr-3820	80	10	”	"	PUNCT
fsr-3820	80	11	borrowed	borrow	VERB
fsr-3820	80	12	capital	capital	NOUN
fsr-3820	80	13	as	as	ADP
fsr-3820	80	14	equity	equity	NOUN
fsr-3820	80	15	for	for	ADP
fsr-3820	80	16	subsidiary	subsidiary	ADJ
fsr-3820	80	17	banks	bank	NOUN
fsr-3820	80	18	and	and	CCONJ
fsr-3820	80	19	engage	engage	VERB
fsr-3820	80	20	in	in	ADP
fsr-3820	80	21	nonbanking	nonbanking	ADJ
fsr-3820	80	22	activities	activity	NOUN
fsr-3820	80	23	via	via	ADP
fsr-3820	80	24	nonbank	nonbank	NOUN
fsr-3820	80	25	subsidiaries	subsidiary	NOUN
fsr-3820	80	26	.	.	PUNCT
fsr-3820	81	1	evidence	evidence	NOUN
fsr-3820	81	2	provided	provide	VERB
fsr-3820	81	3	by	by	ADP
fsr-3820	81	4	polonchek	polonchek	ADJ
fsr-3820	81	5	,	,	PUNCT
fsr-3820	81	6	slovin	slovin	NOUN
fsr-3820	81	7	,	,	PUNCT
fsr-3820	81	8	and	and	CCONJ
fsr-3820	81	9	sushka	sushka	NOUN
fsr-3820	81	10	conversions	conversion	NOUN
fsr-3820	81	11	of	of	ADP
fsr-3820	81	12	mutual	mutual	ADJ
fsr-3820	81	13	savings	saving	NOUN
fsr-3820	81	14	institutions	institution	NOUN
fsr-3820	81	15	145	145	NUM
fsr-3820	81	16	(	(	PUNCT
fsr-3820	81	17	1989	1989	NUM
fsr-3820	81	18	)	)	PUNCT
fsr-3820	81	19	suggests	suggest	VERB
fsr-3820	81	20	that	that	SCONJ
fsr-3820	81	21	capital	capital	NOUN
fsr-3820	81	22	standards	standard	NOUN
fsr-3820	81	23	reduce	reduce	VERB
fsr-3820	81	24	the	the	DET
fsr-3820	81	25	underpricing	underpricing	NOUN
fsr-3820	81	26	of	of	ADP
fsr-3820	81	27	seasoned	seasoned	ADJ
fsr-3820	81	28	bank	bank	NOUN
fsr-3820	81	29	stocks	stock	NOUN
fsr-3820	81	30	rel	rel	ADV
fsr-3820	81	31	ative	ative	ADJ
fsr-3820	81	32	to	to	ADP
fsr-3820	81	33	those	those	PRON
fsr-3820	81	34	of	of	ADP
fsr-3820	81	35	nonfinancial	nonfinancial	ADJ
fsr-3820	81	36	firms	firm	NOUN
fsr-3820	81	37	because	because	SCONJ
fsr-3820	81	38	leverage	leverage	NOUN
fsr-3820	81	39	restrictions	restriction	NOUN
fsr-3820	81	40	of	of	ADP
fsr-3820	81	41	banks	bank	NOUN
fsr-3820	81	42	inject	inject	VERB
fsr-3820	81	43	noise	noise	NOUN
fsr-3820	81	44	into	into	ADP
fsr-3820	81	45	the	the	DET
fsr-3820	81	46	negative	negative	ADJ
fsr-3820	81	47	information	information	NOUN
fsr-3820	81	48	conveyed	convey	VERB
fsr-3820	81	49	by	by	ADP
fsr-3820	81	50	the	the	DET
fsr-3820	81	51	announcement	announcement	NOUN
fsr-3820	81	52	to	to	PART
fsr-3820	81	53	issue	issue	VERB
fsr-3820	81	54	equity	equity	NOUN
fsr-3820	81	55	.	.	PUNCT
fsr-3820	82	1	similarly	similarly	ADV
fsr-3820	82	2	,	,	PUNCT
fsr-3820	82	3	the	the	DET
fsr-3820	82	4	ability	ability	NOUN
fsr-3820	82	5	of	of	ADP
fsr-3820	82	6	a	a	DET
fsr-3820	82	7	bank	bank	NOUN
fsr-3820	82	8	subsidiary	subsidiary	NOUN
fsr-3820	82	9	to	to	PART
fsr-3820	82	10	receive	receive	VERB
fsr-3820	82	11	equity	equity	NOUN
fsr-3820	82	12	capital	capital	NOUN
fsr-3820	82	13	from	from	ADP
fsr-3820	82	14	its	its	PRON
fsr-3820	82	15	parent	parent	NOUN
fsr-3820	82	16	may	may	AUX
fsr-3820	82	17	affect	affect	VERB
fsr-3820	82	18	the	the	DET
fsr-3820	82	19	informa	informa	ADJ
fsr-3820	82	20	tion	tion	NOUN
fsr-3820	82	21	conveyed	convey	VERB
fsr-3820	82	22	by	by	ADP
fsr-3820	82	23	the	the	DET
fsr-3820	82	24	announcement	announcement	NOUN
fsr-3820	82	25	of	of	ADP
fsr-3820	82	26	a	a	DET
fsr-3820	82	27	security	security	NOUN
fsr-3820	82	28	issue	issue	NOUN
fsr-3820	82	29	.	.	PUNCT
fsr-3820	83	1	also	also	ADV
fsr-3820	83	2	,	,	PUNCT
fsr-3820	83	3	if	if	SCONJ
fsr-3820	83	4	regulations	regulation	NOUN
fsr-3820	83	5	reduce	reduce	VERB
fsr-3820	83	6	the	the	DET
fsr-3820	83	7	level	level	NOUN
fsr-3820	83	8	of	of	ADP
fsr-3820	83	9	asymmetric	asymmetric	ADJ
fsr-3820	83	10	information	information	NOUN
fsr-3820	83	11	,	,	PUNCT
fsr-3820	83	12	the	the	DET
fsr-3820	83	13	restrictions	restriction	NOUN
fsr-3820	83	14	of	of	ADP
fsr-3820	83	15	the	the	DET
fsr-3820	83	16	bhc	bhc	NOUN
fsr-3820	83	17	act	act	NOUN
fsr-3820	83	18	and	and	CCONJ
fsr-3820	83	19	its	its	PRON
fsr-3820	83	20	amendments	amendment	NOUN
fsr-3820	83	21	may	may	AUX
fsr-3820	83	22	have	have	VERB
fsr-3820	83	23	an	an	DET
fsr-3820	83	24	effect	effect	NOUN
fsr-3820	83	25	.	.	PUNCT
fsr-3820	84	1	iii	iii	X
fsr-3820	84	2	.	.	PUNCT
fsr-3820	84	3	data	datum	NOUN
fsr-3820	84	4	and	and	CCONJ
fsr-3820	84	5	methodology	methodology	NOUN
fsr-3820	84	6	our	our	PRON
fsr-3820	84	7	sample	sample	NOUN
fsr-3820	84	8	is	be	AUX
fsr-3820	84	9	chosen	choose	VERB
fsr-3820	84	10	from	from	ADP
fsr-3820	84	11	the	the	DET
fsr-3820	84	12	list	list	NOUN
fsr-3820	84	13	of	of	ADP
fsr-3820	84	14	fully	fully	ADV
fsr-3820	84	15	underwritten	underwritten	ADJ
fsr-3820	84	16	depository	depository	NOUN
fsr-3820	84	17	institution	institution	NOUN
fsr-3820	84	18	equity	equity	NOUN
fsr-3820	84	19	ipos	ipos	PROPN
fsr-3820	84	20	reported	report	VERB
fsr-3820	84	21	in	in	ADP
fsr-3820	84	22	the	the	DET
fsr-3820	84	23	directory	directory	NOUN
fsr-3820	84	24	of	of	ADP
fsr-3820	84	25	corporate	corporate	ADJ
fsr-3820	84	26	financing	financing	NOUN
fsr-3820	84	27	,	,	PUNCT
fsr-3820	84	28	published	publish	VERB
fsr-3820	84	29	by	by	ADP
fsr-3820	84	30	investment	investment	NOUN
fsr-3820	84	31	dealer	dealer	NOUN
fsr-3820	84	32	digest	digest	NOUN
fsr-3820	84	33	,	,	PUNCT
fsr-3820	84	34	for	for	ADP
fsr-3820	84	35	the	the	DET
fsr-3820	84	36	period	period	NOUN
fsr-3820	84	37	january	january	PROPN
fsr-3820	84	38	1982	1982	NUM
fsr-3820	84	39	through	through	ADP
fsr-3820	84	40	december	december	PROPN
fsr-3820	84	41	1994	1994	NUM
fsr-3820	84	42	.	.	PUNCT
fsr-3820	85	1	conversion	conversion	NOUN
fsr-3820	85	2	status	status	NOUN
fsr-3820	85	3	was	be	AUX
fsr-3820	85	4	determined	determine	VERB
fsr-3820	85	5	using	use	VERB
fsr-3820	85	6	the	the	DET
fsr-3820	85	7	“	"	PUNCT
fsr-3820	85	8	history	history	NOUN
fsr-3820	85	9	”	"	PUNCT
fsr-3820	85	10	section	section	NOUN
fsr-3820	85	11	of	of	ADP
fsr-3820	85	12	each	each	DET
fsr-3820	85	13	institution	institution	NOUN
fsr-3820	85	14	in	in	ADP
fsr-3820	85	15	moody	moody	PROPN
fsr-3820	85	16	’s	’s	PART
fsr-3820	85	17	bank	bank	PROPN
fsr-3820	85	18	and	and	CCONJ
fsr-3820	85	19	finance	finance	NOUN
fsr-3820	85	20	manual	manual	NOUN
fsr-3820	85	21	.	.	PUNCT
fsr-3820	86	1	thrift	thrift	NOUN
fsr-3820	86	2	conversions	conversion	NOUN
fsr-3820	86	3	were	be	AUX
fsr-3820	86	4	verified	verify	VERB
fsr-3820	86	5	using	use	VERB
fsr-3820	86	6	a	a	DET
fsr-3820	86	7	list	list	NOUN
fsr-3820	86	8	of	of	ADP
fsr-3820	86	9	approved	approve	VERB
fsr-3820	86	10	conversions	conversion	NOUN
fsr-3820	86	11	from	from	ADP
fsr-3820	86	12	the	the	DET
fsr-3820	86	13	ots	ots	PROPN
fsr-3820	86	14	and	and	CCONJ
fsr-3820	86	15	the	the	DET
fsr-3820	86	16	lexis	lexis	PROPN
fsr-3820	86	17	/	/	SYM
fsr-3820	86	18	nexis	nexis	PROPN
fsr-3820	86	19	database	database	NOUN
fsr-3820	86	20	.	.	PUNCT
fsr-3820	87	1	the	the	DET
fsr-3820	87	2	type	type	NOUN
fsr-3820	87	3	of	of	ADP
fsr-3820	87	4	each	each	DET
fsr-3820	87	5	depository	depository	NOUN
fsr-3820	87	6	institution	institution	NOUN
fsr-3820	87	7	was	be	AUX
fsr-3820	87	8	determined	determine	VERB
fsr-3820	87	9	using	use	VERB
fsr-3820	87	10	both	both	CCONJ
fsr-3820	87	11	moody	moody	PROPN
fsr-3820	87	12	’s	’s	PART
fsr-3820	87	13	bank	bank	PROPN
fsr-3820	87	14	and	and	CCONJ
fsr-3820	87	15	finance	finance	NOUN
fsr-3820	87	16	manual	manual	NOUN
fsr-3820	87	17	and	and	CCONJ
fsr-3820	87	18	ward	ward	NOUN
fsr-3820	87	19	’s	’s	PART
fsr-3820	87	20	business	business	NOUN
fsr-3820	87	21	directory	directory	NOUN
fsr-3820	87	22	.	.	PUNCT
fsr-3820	88	1	the	the	DET
fsr-3820	88	2	financial	financial	ADJ
fsr-3820	88	3	institu	institu	NOUN
fsr-3820	88	4	tions	tion	NOUN
fsr-3820	88	5	include	include	VERB
fsr-3820	88	6	savings	saving	NOUN
fsr-3820	88	7	and	and	CCONJ
fsr-3820	88	8	loans	loan	NOUN
fsr-3820	88	9	,	,	PUNCT
fsr-3820	88	10	savings	saving	NOUN
fsr-3820	88	11	banks	bank	NOUN
fsr-3820	88	12	,	,	PUNCT
fsr-3820	88	13	and	and	CCONJ
fsr-3820	88	14	commercial	commercial	ADJ
fsr-3820	88	15	banks	bank	NOUN
fsr-3820	88	16	(	(	PUNCT
fsr-3820	88	17	sic	sic	ADJ
fsr-3820	88	18	6021	6021	NUM
fsr-3820	88	19	,	,	PUNCT
fsr-3820	88	20	6022	6022	NUM
fsr-3820	88	21	,	,	PUNCT
fsr-3820	88	22	6035	6035	NUM
fsr-3820	88	23	,	,	PUNCT
fsr-3820	88	24	and	and	CCONJ
fsr-3820	88	25	6036	6036	NUM
fsr-3820	88	26	at	at	ADP
fsr-3820	88	27	the	the	DET
fsr-3820	88	28	time	time	NOUN
fsr-3820	88	29	of	of	ADP
fsr-3820	88	30	the	the	DET
fsr-3820	88	31	initial	initial	ADJ
fsr-3820	88	32	offer	offer	NOUN
fsr-3820	88	33	)	)	PUNCT
fsr-3820	88	34	.	.	PUNCT
fsr-3820	89	1	ideally	ideally	ADV
fsr-3820	89	2	,	,	PUNCT
fsr-3820	89	3	our	our	PRON
fsr-3820	89	4	test	test	NOUN
fsr-3820	89	5	of	of	ADP
fsr-3820	89	6	the	the	DET
fsr-3820	89	7	influence	influence	NOUN
fsr-3820	89	8	of	of	ADP
fsr-3820	89	9	the	the	DET
fsr-3820	89	10	conversion	conversion	NOUN
fsr-3820	89	11	process	process	NOUN
fsr-3820	89	12	on	on	ADP
fsr-3820	89	13	pricing	pricing	NOUN
fsr-3820	89	14	of	of	ADP
fsr-3820	89	15	ipos	ipos	PROPN
fsr-3820	89	16	requires	require	VERB
fsr-3820	89	17	a	a	DET
fsr-3820	89	18	sample	sample	NOUN
fsr-3820	89	19	of	of	ADP
fsr-3820	89	20	converting	convert	VERB
fsr-3820	89	21	thrifts	thrift	NOUN
fsr-3820	89	22	and	and	CCONJ
fsr-3820	89	23	a	a	DET
fsr-3820	89	24	control	control	NOUN
fsr-3820	89	25	sample	sample	NOUN
fsr-3820	89	26	of	of	ADP
fsr-3820	89	27	ipos	ipos	NOUN
fsr-3820	89	28	of	of	ADP
fsr-3820	89	29	other	other	ADJ
fsr-3820	89	30	thrifts	thrift	NOUN
fsr-3820	89	31	,	,	PUNCT
fsr-3820	89	32	that	that	ADV
fsr-3820	89	33	is	is	ADV
fsr-3820	89	34	,	,	PUNCT
fsr-3820	89	35	thrifts	thrift	NOUN
fsr-3820	89	36	that	that	PRON
fsr-3820	89	37	did	do	AUX
fsr-3820	89	38	not	not	PART
fsr-3820	89	39	operate	operate	VERB
fsr-3820	89	40	previously	previously	ADV
fsr-3820	89	41	as	as	ADP
fsr-3820	89	42	a	a	DET
fsr-3820	89	43	mutual	mutual	ADJ
fsr-3820	89	44	.	.	PUNCT
fsr-3820	90	1	asymmetric	asymmetric	ADJ
fsr-3820	90	2	information	information	NOUN
fsr-3820	90	3	in	in	ADP
fsr-3820	90	4	convert	convert	VERB
fsr-3820	90	5	ing	ing	ADJ
fsr-3820	90	6	thrifts	thrift	NOUN
fsr-3820	90	7	should	should	AUX
fsr-3820	90	8	be	be	AUX
fsr-3820	90	9	the	the	DET
fsr-3820	90	10	same	same	ADJ
fsr-3820	90	11	as	as	ADP
fsr-3820	90	12	that	that	PRON
fsr-3820	90	13	of	of	ADP
fsr-3820	90	14	other	other	ADJ
fsr-3820	90	15	thrifts	thrift	NOUN
fsr-3820	90	16	,	,	PUNCT
fsr-3820	90	17	unless	unless	SCONJ
fsr-3820	90	18	the	the	DET
fsr-3820	90	19	conversion	conversion	NOUN
fsr-3820	90	20	process	process	NOUN
fsr-3820	90	21	influ	influ	ADJ
fsr-3820	90	22	ences	ence	VERB
fsr-3820	90	23	the	the	DET
fsr-3820	90	24	dissemination	dissemination	NOUN
fsr-3820	90	25	of	of	ADP
fsr-3820	90	26	information	information	NOUN
fsr-3820	90	27	.	.	PUNCT
fsr-3820	91	1	however	however	ADV
fsr-3820	91	2	,	,	PUNCT
fsr-3820	91	3	due	due	ADP
fsr-3820	91	4	to	to	ADP
fsr-3820	91	5	the	the	DET
fsr-3820	91	6	small	small	ADJ
fsr-3820	91	7	number	number	NOUN
fsr-3820	91	8	of	of	ADP
fsr-3820	91	9	initial	initial	ADJ
fsr-3820	91	10	offers	offer	NOUN
fsr-3820	91	11	by	by	ADP
fsr-3820	91	12	other	other	ADJ
fsr-3820	91	13	thrifts	thrift	NOUN
fsr-3820	91	14	,	,	PUNCT
fsr-3820	91	15	we	we	PRON
fsr-3820	91	16	expand	expand	VERB
fsr-3820	91	17	the	the	DET
fsr-3820	91	18	control	control	NOUN
fsr-3820	91	19	sample	sample	NOUN
fsr-3820	91	20	to	to	PART
fsr-3820	91	21	include	include	VERB
fsr-3820	91	22	ipos	ipos	NOUN
fsr-3820	91	23	of	of	ADP
fsr-3820	91	24	commercial	commercial	ADJ
fsr-3820	91	25	banks	bank	NOUN
fsr-3820	91	26	.	.	PUNCT
fsr-3820	92	1	commercial	commercial	ADJ
fsr-3820	92	2	banks	bank	NOUN
fsr-3820	92	3	are	be	AUX
fsr-3820	92	4	similar	similar	ADJ
fsr-3820	92	5	to	to	ADP
fsr-3820	92	6	thrifts	thrift	NOUN
fsr-3820	92	7	in	in	SCONJ
fsr-3820	92	8	that	that	SCONJ
fsr-3820	92	9	they	they	PRON
fsr-3820	92	10	are	be	AUX
fsr-3820	92	11	subject	subject	ADJ
fsr-3820	92	12	to	to	ADP
fsr-3820	92	13	similar	similar	ADJ
fsr-3820	92	14	regula	regula	NOUN
fsr-3820	92	15	tory	tory	NOUN
fsr-3820	92	16	restrictions	restriction	NOUN
fsr-3820	92	17	and	and	CCONJ
fsr-3820	92	18	requirements	requirement	NOUN
fsr-3820	92	19	,	,	PUNCT
fsr-3820	92	20	though	though	SCONJ
fsr-3820	92	21	regulatory	regulatory	ADJ
fsr-3820	92	22	authority	authority	NOUN
fsr-3820	92	23	may	may	AUX
fsr-3820	92	24	differ	differ	VERB
fsr-3820	92	25	.	.	PUNCT
fsr-3820	93	1	both	both	DET
fsr-3820	93	2	institu	institu	NOUN
fsr-3820	93	3	tions	tion	NOUN
fsr-3820	93	4	also	also	ADV
fsr-3820	93	5	have	have	VERB
fsr-3820	93	6	similar	similar	ADJ
fsr-3820	93	7	sources	source	NOUN
fsr-3820	93	8	of	of	ADP
fsr-3820	93	9	funds	fund	NOUN
fsr-3820	93	10	,	,	PUNCT
fsr-3820	93	11	though	though	SCONJ
fsr-3820	93	12	concentration	concentration	NOUN
fsr-3820	93	13	of	of	ADP
fsr-3820	93	14	their	their	PRON
fsr-3820	93	15	loan	loan	NOUN
fsr-3820	93	16	portfolios	portfolio	NOUN
fsr-3820	93	17	differs	differ	VERB
fsr-3820	93	18	.	.	PUNCT
fsr-3820	94	1	it	it	PRON
fsr-3820	94	2	is	be	AUX
fsr-3820	94	3	not	not	PART
fsr-3820	94	4	clear	clear	ADJ
fsr-3820	94	5	how	how	SCONJ
fsr-3820	94	6	differences	difference	NOUN
fsr-3820	94	7	in	in	ADP
fsr-3820	94	8	the	the	DET
fsr-3820	94	9	asset	asset	NOUN
fsr-3820	94	10	structures	structure	NOUN
fsr-3820	94	11	of	of	ADP
fsr-3820	94	12	the	the	DET
fsr-3820	94	13	two	two	NUM
fsr-3820	94	14	types	type	NOUN
fsr-3820	94	15	of	of	ADP
fsr-3820	94	16	institu	institu	NOUN
fsr-3820	94	17	tions	tion	NOUN
fsr-3820	94	18	would	would	AUX
fsr-3820	94	19	affect	affect	VERB
fsr-3820	94	20	the	the	DET
fsr-3820	94	21	market	market	NOUN
fsr-3820	94	22	’s	’s	PART
fsr-3820	94	23	ability	ability	NOUN
fsr-3820	94	24	to	to	PART
fsr-3820	94	25	value	value	VERB
fsr-3820	94	26	initial	initial	ADJ
fsr-3820	94	27	offers	offer	NOUN
fsr-3820	94	28	of	of	ADP
fsr-3820	94	29	stock	stock	NOUN
fsr-3820	94	30	.	.	PUNCT
fsr-3820	95	1	the	the	DET
fsr-3820	95	2	sample	sample	NOUN
fsr-3820	95	3	of	of	ADP
fsr-3820	95	4	other	other	ADJ
fsr-3820	95	5	financial	financial	ADJ
fsr-3820	95	6	institutions	institution	NOUN
fsr-3820	95	7	includes	include	VERB
fsr-3820	95	8	commercial	commercial	ADJ
fsr-3820	95	9	banks	bank	NOUN
fsr-3820	95	10	,	,	PUNCT
fsr-3820	95	11	as	as	ADV
fsr-3820	95	12	well	well	ADV
fsr-3820	95	13	as	as	ADP
fsr-3820	95	14	thrifts	thrift	NOUN
fsr-3820	95	15	that	that	PRON
fsr-3820	95	16	did	do	AUX
fsr-3820	95	17	not	not	PART
fsr-3820	95	18	operate	operate	VERB
fsr-3820	95	19	previously	previously	ADV
fsr-3820	95	20	as	as	ADP
fsr-3820	95	21	a	a	DET
fsr-3820	95	22	mutual	mutual	ADJ
fsr-3820	95	23	.	.	PUNCT
fsr-3820	96	1	our	our	PRON
fsr-3820	96	2	analysis	analysis	NOUN
fsr-3820	96	3	of	of	ADP
fsr-3820	96	4	the	the	DET
fsr-3820	96	5	initial	initial	ADJ
fsr-3820	96	6	returns	return	NOUN
fsr-3820	96	7	employs	employ	VERB
fsr-3820	96	8	two	two	NUM
fsr-3820	96	9	econometric	econometric	ADJ
fsr-3820	96	10	models	model	NOUN
fsr-3820	96	11	.	.	PUNCT
fsr-3820	97	1	model	model	NOUN
fsr-3820	97	2	1	1	NUM
fsr-3820	97	3	,	,	PUNCT
fsr-3820	97	4	below	below	ADV
fsr-3820	97	5	,	,	PUNCT
fsr-3820	97	6	uses	use	VERB
fsr-3820	97	7	an	an	DET
fsr-3820	97	8	indicator	indicator	NOUN
fsr-3820	97	9	variable	variable	NOUN
fsr-3820	97	10	(	(	PUNCT
fsr-3820	97	11	convrsn	convrsn	PROPN
fsr-3820	97	12	)	)	PUNCT
fsr-3820	97	13	to	to	PART
fsr-3820	97	14	distinguish	distinguish	VERB
fsr-3820	97	15	offers	offer	NOUN
fsr-3820	97	16	of	of	ADP
fsr-3820	97	17	converting	convert	VERB
fsr-3820	97	18	thrifts	thrift	NOUN
fsr-3820	97	19	.	.	PUNCT
fsr-3820	98	1	model	model	NOUN
fsr-3820	98	2	1	1	NUM
fsr-3820	98	3	:	:	PUNCT
fsr-3820	98	4	ri	ri	NOUN
fsr-3820	98	5	=	=	PUNCT
fsr-3820	98	6	(	(	PUNCT
fsr-3820	98	7	3	3	NUM
fsr-3820	98	8	,	,	PUNCT
fsr-3820	98	9	+	+	NOUN
fsr-3820	98	10	b	b	X
fsr-3820	98	11	,	,	PUNCT
fsr-3820	98	12	conversni	conversni	NOUN
fsr-3820	98	13	+	+	CCONJ
fsr-3820	98	14	82	82	NUM
fsr-3820	98	15	lofsizei	lofsizei	ADJ
fsr-3820	98	16	+	+	CCONJ
fsr-3820	98	17	b3	b3	NOUN
fsr-3820	98	18	agei	agei	NOUN
fsr-3820	98	19	+	+	CCONJ
fsr-3820	98	20	b	b	NOUN
fsr-3820	98	21	,	,	PUNCT
fsr-3820	98	22	reputei	reputei	NOUN
fsr-3820	98	23	+	+	CCONJ
fsr-3820	98	24	b	b	NOUN
fsr-3820	98	25	,	,	PUNCT
fsr-3820	98	26	std	std	NOUN
fsr-3820	98	27	,	,	PUNCT
fsr-3820	98	28	+	+	CCONJ
fsr-3820	98	29	ei	ei	X
fsr-3820	98	30	(	(	PUNCT
fsr-3820	98	31	1	1	NUM
fsr-3820	98	32	)	)	PUNCT
fsr-3820	98	33	where	where	SCONJ
fsr-3820	98	34	ri	ri	NOUN
fsr-3820	98	35	=	=	PUNCT
fsr-3820	98	36	(	(	PUNCT
fsr-3820	98	37	closing	closing	NOUN
fsr-3820	98	38	price	price	NOUN
fsr-3820	98	39	on	on	ADP
fsr-3820	98	40	the	the	DET
fsr-3820	98	41	first	first	ADJ
fsr-3820	98	42	day	day	NOUN
fsr-3820	98	43	of	of	ADP
fsr-3820	98	44	trading)/(ofser	trading)/(ofs	ADJ
fsr-3820	98	45	price	price	NOUN
fsr-3820	98	46	)	)	PUNCT
fsr-3820	98	47	-1	-1	ADP
fsr-3820	98	48	,	,	PUNCT
fsr-3820	98	49	for	for	ADP
fsr-3820	98	50	firm	firm	ADJ
fsr-3820	98	51	i.	i.	PROPN
fsr-3820	98	52	conversn	conversn	PROPN
fsr-3820	98	53	=	=	SYM
fsr-3820	98	54	1	1	NUM
fsr-3820	98	55	,	,	PUNCT
fsr-3820	98	56	if	if	SCONJ
fsr-3820	98	57	the	the	DET
fsr-3820	98	58	ipo	ipo	NOUN
fsr-3820	98	59	is	be	AUX
fsr-3820	98	60	offered	offer	VERB
fsr-3820	98	61	by	by	ADP
fsr-3820	98	62	a	a	DET
fsr-3820	98	63	converting	convert	VERB
fsr-3820	98	64	thrift	thrift	NOUN
fsr-3820	98	65	,	,	PUNCT
fsr-3820	98	66	and	and	CCONJ
fsr-3820	98	67	0	0	NUM
fsr-3820	98	68	,	,	PUNCT
fsr-3820	98	69	otherwise	otherwise	ADV
fsr-3820	98	70	.	.	PUNCT
fsr-3820	99	1	lofsize	lofsize	VERB
fsr-3820	99	2	=	=	PUNCT
fsr-3820	99	3	the	the	DET
fsr-3820	99	4	natural	natural	ADJ
fsr-3820	99	5	log	log	NOUN
fsr-3820	99	6	of	of	ADP
fsr-3820	99	7	the	the	DET
fsr-3820	99	8	product	product	NOUN
fsr-3820	99	9	of	of	ADP
fsr-3820	99	10	offer	offer	NOUN
fsr-3820	99	11	price	price	NOUN
fsr-3820	99	12	and	and	CCONJ
fsr-3820	99	13	number	number	NOUN
fsr-3820	99	14	of	of	ADP
fsr-3820	99	15	shares	share	NOUN
fsr-3820	99	16	issued	issue	VERB
fsr-3820	99	17	.	.	PUNCT
fsr-3820	100	1	age	age	NOUN
fsr-3820	100	2	=	=	PUNCT
fsr-3820	100	3	the	the	DET
fsr-3820	100	4	number	number	NOUN
fsr-3820	100	5	of	of	ADP
fsr-3820	100	6	years	year	NOUN
fsr-3820	100	7	from	from	ADP
fsr-3820	100	8	establishment	establishment	NOUN
fsr-3820	100	9	of	of	ADP
fsr-3820	100	10	the	the	DET
fsr-3820	100	11	firm	firm	NOUN
fsr-3820	100	12	until	until	ADP
fsr-3820	100	13	the	the	DET
fsr-3820	100	14	ipo	ipo	NOUN
fsr-3820	100	15	.	.	PUNCT
fsr-3820	101	1	146	146	NUM
fsr-3820	101	2	financial	financial	ADJ
fsr-3820	101	3	services	service	NOUN
fsr-3820	101	4	review	review	VERB
fsr-3820	101	5	6(2	6(2	NUM
fsr-3820	101	6	)	)	PUNCT
fsr-3820	101	7	1997	1997	NUM
fsr-3820	101	8	repute	repute	NOUN
fsr-3820	101	9	=	=	SYM
fsr-3820	101	10	1	1	NUM
fsr-3820	101	11	,	,	PUNCT
fsr-3820	101	12	if	if	SCONJ
fsr-3820	101	13	the	the	DET
fsr-3820	101	14	lead	lead	ADJ
fsr-3820	101	15	underwriter	underwriter	NOUN
fsr-3820	101	16	is	be	AUX
fsr-3820	101	17	among	among	ADP
fsr-3820	101	18	the	the	DET
fsr-3820	101	19	top	top	ADJ
fsr-3820	101	20	15	15	NUM
fsr-3820	101	21	underwriters	underwriter	NOUN
fsr-3820	101	22	for	for	ADP
fsr-3820	101	23	the	the	DET
fsr-3820	101	24	year	year	NOUN
fsr-3820	101	25	of	of	ADP
fsr-3820	101	26	offer	offer	NOUN
fsr-3820	101	27	in	in	ADP
fsr-3820	101	28	terms	term	NOUN
fsr-3820	101	29	of	of	ADP
fsr-3820	101	30	market	market	NOUN
fsr-3820	101	31	value	value	NOUN
fsr-3820	101	32	,	,	PUNCT
fsr-3820	101	33	and	and	CCONJ
fsr-3820	101	34	0	0	NUM
fsr-3820	101	35	,	,	PUNCT
fsr-3820	101	36	otherwise	otherwise	ADV
fsr-3820	101	37	.	.	PUNCT
fsr-3820	102	1	std	std	NOUN
fsr-3820	102	2	=	=	PUNCT
fsr-3820	103	1	the	the	DET
fsr-3820	103	2	standard	standard	ADJ
fsr-3820	103	3	deviation	deviation	NOUN
fsr-3820	103	4	of	of	ADP
fsr-3820	103	5	daily	daily	ADJ
fsr-3820	103	6	returns	return	NOUN
fsr-3820	103	7	for	for	ADP
fsr-3820	103	8	the	the	DET
fsr-3820	103	9	first	first	ADJ
fsr-3820	103	10	20	20	NUM
fsr-3820	103	11	trading	trading	NOUN
fsr-3820	103	12	days	day	NOUN
fsr-3820	103	13	following	follow	VERB
fsr-3820	103	14	the	the	DET
fsr-3820	103	15	initial	initial	ADJ
fsr-3820	103	16	trading	trading	NOUN
fsr-3820	103	17	day	day	NOUN
fsr-3820	103	18	(	(	PUNCT
fsr-3820	103	19	days	day	NOUN
fsr-3820	103	20	l-20	l-20	NOUN
fsr-3820	103	21	)	)	PUNCT
fsr-3820	103	22	.	.	PUNCT
fsr-3820	104	1	offer	offer	NOUN
fsr-3820	104	2	size	size	NOUN
fsr-3820	104	3	,	,	PUNCT
fsr-3820	104	4	age	age	NOUN
fsr-3820	104	5	of	of	ADP
fsr-3820	104	6	the	the	DET
fsr-3820	104	7	institution	institution	NOUN
fsr-3820	104	8	,	,	PUNCT
fsr-3820	104	9	investment	investment	NOUN
fsr-3820	104	10	banker	banker	NOUN
fsr-3820	104	11	’s	’s	PART
fsr-3820	104	12	reputation	reputation	NOUN
fsr-3820	104	13	,	,	PUNCT
fsr-3820	104	14	and	and	CCONJ
fsr-3820	104	15	post	post	ADJ
fsr-3820	104	16	-	-	ADJ
fsr-3820	104	17	offer	offer	ADJ
fsr-3820	104	18	vola	vola	PROPN
fsr-3820	104	19	tility	tility	NOUN
fsr-3820	104	20	of	of	ADP
fsr-3820	104	21	returns	return	NOUN
fsr-3820	104	22	have	have	AUX
fsr-3820	104	23	been	be	AUX
fsr-3820	104	24	shown	show	VERB
fsr-3820	104	25	to	to	PART
fsr-3820	104	26	be	be	AUX
fsr-3820	104	27	associated	associate	VERB
fsr-3820	104	28	with	with	ADP
fsr-3820	104	29	the	the	DET
fsr-3820	104	30	initial	initial	ADJ
fsr-3820	104	31	return	return	NOUN
fsr-3820	104	32	of	of	ADP
fsr-3820	104	33	ipos	ipos	NOUN
fsr-3820	104	34	.	.	PUNCT
fsr-3820	105	1	we	we	PRON
fsr-3820	105	2	use	use	VERB
fsr-3820	105	3	the	the	DET
fsr-3820	105	4	natural	natural	ADJ
fsr-3820	105	5	log	log	NOUN
fsr-3820	105	6	of	of	ADP
fsr-3820	105	7	the	the	DET
fsr-3820	105	8	dollar	dollar	NOUN
fsr-3820	105	9	amount	amount	NOUN
fsr-3820	105	10	of	of	ADP
fsr-3820	105	11	the	the	DET
fsr-3820	105	12	initial	initial	ADJ
fsr-3820	105	13	equity	equity	NOUN
fsr-3820	105	14	offering	offering	NOUN
fsr-3820	105	15	(	(	PUNCT
fsr-3820	105	16	lofsize	lofsize	PROPN
fsr-3820	105	17	)	)	PUNCT
fsr-3820	105	18	as	as	SCONJ
fsr-3820	105	19	reported	report	VERB
fsr-3820	105	20	in	in	ADP
fsr-3820	105	21	the	the	DET
fsr-3820	105	22	directory	directory	NOUN
fsr-3820	105	23	ofcorporate	ofcorporate	NOUN
fsr-3820	105	24	financing	financing	NOUN
fsr-3820	105	25	.	.	PUNCT
fsr-3820	106	1	the	the	DET
fsr-3820	106	2	variable	variable	ADJ
fsr-3820	106	3	age	age	NOUN
fsr-3820	106	4	is	be	AUX
fsr-3820	106	5	the	the	DET
fsr-3820	106	6	difference	difference	NOUN
fsr-3820	106	7	between	between	ADP
fsr-3820	106	8	the	the	DET
fsr-3820	106	9	year	year	NOUN
fsr-3820	106	10	of	of	ADP
fsr-3820	106	11	the	the	DET
fsr-3820	106	12	ipo	ipo	NOUN
fsr-3820	106	13	and	and	CCONJ
fsr-3820	106	14	the	the	DET
fsr-3820	106	15	year	year	NOUN
fsr-3820	106	16	of	of	ADP
fsr-3820	106	17	the	the	DET
fsr-3820	106	18	institution	institution	NOUN
fsr-3820	106	19	’s	’s	PART
fsr-3820	106	20	establishment	establishment	NOUN
fsr-3820	106	21	,	,	PUNCT
fsr-3820	106	22	reported	report	VERB
fsr-3820	106	23	in	in	ADP
fsr-3820	106	24	moody	moody	PROPN
fsr-3820	106	25	’s	’s	PART
fsr-3820	106	26	bunk	bunk	PROPN
fsr-3820	106	27	and	and	CCONJ
fsr-3820	106	28	finance	finance	NOUN
fsr-3820	106	29	manual	manual	NOUN
fsr-3820	106	30	.	.	PUNCT
fsr-3820	107	1	investment	investment	NOUN
fsr-3820	107	2	banker	banker	NOUN
fsr-3820	107	3	reputation	reputation	NOUN
fsr-3820	107	4	(	(	PUNCT
fsr-3820	107	5	repute	repute	NOUN
fsr-3820	107	6	)	)	PUNCT
fsr-3820	107	7	is	be	AUX
fsr-3820	107	8	measured	measure	VERB
fsr-3820	107	9	according	accord	VERB
fsr-3820	107	10	to	to	ADP
fsr-3820	107	11	the	the	DET
fsr-3820	107	12	ordinal	ordinal	ADJ
fsr-3820	107	13	scale	scale	NOUN
fsr-3820	107	14	developed	develop	VERB
fsr-3820	107	15	in	in	ADP
fsr-3820	107	16	carter	carter	PROPN
fsr-3820	107	17	and	and	CCONJ
fsr-3820	107	18	manaster	manaster	NOUN
fsr-3820	107	19	(	(	PUNCT
fsr-3820	107	20	1990	1990	NUM
fsr-3820	107	21	)	)	PUNCT
fsr-3820	107	22	.	.	PUNCT
fsr-3820	108	1	their	their	PRON
fsr-3820	108	2	procedure	procedure	NOUN
fsr-3820	108	3	uses	use	VERB
fsr-3820	108	4	the	the	PRON
fsr-3820	108	5	under	under	ADP
fsr-3820	108	6	writer	writer	NOUN
fsr-3820	108	7	listing	list	VERB
fsr-3820	108	8	position	position	NOUN
fsr-3820	108	9	in	in	ADP
fsr-3820	108	10	the	the	DET
fsr-3820	108	11	tombstones	tombstone	NOUN
fsr-3820	108	12	to	to	PART
fsr-3820	108	13	rank	rank	VERB
fsr-3820	108	14	investment	investment	NOUN
fsr-3820	108	15	bankers	banker	NOUN
fsr-3820	108	16	.	.	PUNCT
fsr-3820	109	1	our	our	PRON
fsr-3820	109	2	methodology	methodology	NOUN
fsr-3820	109	3	is	be	AUX
fsr-3820	109	4	a	a	DET
fsr-3820	109	5	variation	variation	NOUN
fsr-3820	109	6	of	of	ADP
fsr-3820	109	7	the	the	DET
fsr-3820	109	8	adaptation	adaptation	NOUN
fsr-3820	109	9	of	of	ADP
fsr-3820	109	10	the	the	DET
fsr-3820	109	11	carter	carter	PROPN
fsr-3820	109	12	and	and	CCONJ
fsr-3820	109	13	manaster	manaster	NOUN
fsr-3820	109	14	scale	scale	NOUN
fsr-3820	109	15	presented	present	VERB
fsr-3820	109	16	in	in	ADP
fsr-3820	109	17	megginson	megginson	PROPN
fsr-3820	109	18	and	and	CCONJ
fsr-3820	109	19	weiss	weiss	PROPN
fsr-3820	109	20	(	(	PUNCT
fsr-3820	109	21	1991	1991	NUM
fsr-3820	109	22	)	)	PUNCT
fsr-3820	109	23	.	.	PUNCT
fsr-3820	110	1	using	use	VERB
fsr-3820	110	2	the	the	DET
fsr-3820	110	3	directory	directory	NOUN
fsr-3820	110	4	of	of	ADP
fsr-3820	110	5	corporate	corporate	ADJ
fsr-3820	110	6	financing	financing	NOUN
fsr-3820	110	7	,	,	PUNCT
fsr-3820	110	8	the	the	DET
fsr-3820	110	9	top	top	ADJ
fsr-3820	110	10	15	15	NUM
fsr-3820	110	11	underwriters	underwriter	NOUN
fsr-3820	110	12	,	,	PUNCT
fsr-3820	110	13	in	in	ADP
fsr-3820	110	14	terms	term	NOUN
fsr-3820	110	15	of	of	ADP
fsr-3820	110	16	total	total	ADJ
fsr-3820	110	17	market	market	NOUN
fsr-3820	110	18	value	value	NOUN
fsr-3820	110	19	of	of	ADP
fsr-3820	110	20	offerings	offering	NOUN
fsr-3820	110	21	,	,	PUNCT
fsr-3820	110	22	were	be	AUX
fsr-3820	110	23	identified	identify	VERB
fsr-3820	110	24	for	for	ADP
fsr-3820	110	25	each	each	PRON
fsr-3820	110	26	of	of	ADP
fsr-3820	110	27	the	the	DET
fsr-3820	110	28	thirteen	thirteen	NUM
fsr-3820	110	29	sample	sample	NOUN
fsr-3820	110	30	years	year	NOUN
fsr-3820	110	31	.	.	PUNCT
fsr-3820	111	1	for	for	ADP
fsr-3820	111	2	each	each	DET
fsr-3820	111	3	year	year	NOUN
fsr-3820	111	4	,	,	PUNCT
fsr-3820	111	5	the	the	DET
fsr-3820	111	6	top	top	ADJ
fsr-3820	111	7	15	15	NUM
fsr-3820	111	8	underwriters	underwriter	NOUN
fsr-3820	111	9	are	be	AUX
fsr-3820	111	10	deemed	deem	VERB
fsr-3820	111	11	to	to	PART
fsr-3820	111	12	be	be	AUX
fsr-3820	111	13	of	of	ADP
fsr-3820	111	14	high	high	ADJ
fsr-3820	111	15	reputation	reputation	NOUN
fsr-3820	111	16	,	,	PUNCT
fsr-3820	111	17	while	while	SCONJ
fsr-3820	111	18	all	all	DET
fsr-3820	111	19	others	other	NOUN
fsr-3820	111	20	are	be	AUX
fsr-3820	111	21	not	not	PART
fsr-3820	111	22	.	.	PUNCT
fsr-3820	112	1	the	the	DET
fsr-3820	112	2	lead	lead	ADJ
fsr-3820	112	3	investment	investment	NOUN
fsr-3820	112	4	banker	banker	NOUN
fsr-3820	112	5	for	for	ADP
fsr-3820	112	6	each	each	DET
fsr-3820	112	7	ipo	ipo	NOUN
fsr-3820	112	8	and	and	CCONJ
fsr-3820	112	9	the	the	DET
fsr-3820	112	10	offer	offer	NOUN
fsr-3820	112	11	price	price	NOUN
fsr-3820	112	12	and	and	CCONJ
fsr-3820	112	13	issue	issue	NOUN
fsr-3820	112	14	size	size	NOUN
fsr-3820	112	15	were	be	AUX
fsr-3820	112	16	collected	collect	VERB
fsr-3820	112	17	from	from	ADP
fsr-3820	112	18	the	the	DET
fsr-3820	112	19	directory	directory	NOUN
fsr-3820	112	20	of	of	ADP
fsr-3820	112	21	corporate	corporate	ADJ
fsr-3820	112	22	financing	financing	NOUN
fsr-3820	112	23	.	.	PUNCT
fsr-3820	113	1	since	since	SCONJ
fsr-3820	113	2	the	the	DET
fsr-3820	113	3	directory	directory	NOUN
fsr-3820	113	4	of	of	ADP
fsr-3820	113	5	corpo	corpo	NOUN
fsr-3820	113	6	rate	rate	NOUN
fsr-3820	113	7	financing	financing	NOUN
fsr-3820	113	8	discontinued	discontinue	VERB
fsr-3820	113	9	reporting	report	VERB
fsr-3820	113	10	the	the	DET
fsr-3820	113	11	lead	lead	ADJ
fsr-3820	113	12	underwriter	underwriter	NOUN
fsr-3820	113	13	in	in	ADP
fsr-3820	113	14	1991	1991	NUM
fsr-3820	113	15	,	,	PUNCT
fsr-3820	113	16	moody	moody	PROPN
fsr-3820	113	17	’s	’s	PART
fsr-3820	113	18	bank	bank	PROPN
fsr-3820	113	19	and	and	CCONJ
fsr-3820	113	20	finance	finance	NOUN
fsr-3820	113	21	manual	manual	NOUN
fsr-3820	113	22	was	be	AUX
fsr-3820	113	23	used	use	VERB
fsr-3820	113	24	to	to	PART
fsr-3820	113	25	obtain	obtain	VERB
fsr-3820	113	26	this	this	DET
fsr-3820	113	27	information	information	NOUN
fsr-3820	113	28	for	for	ADP
fsr-3820	113	29	subsequent	subsequent	ADJ
fsr-3820	113	30	years	year	NOUN
fsr-3820	113	31	.	.	PUNCT
fsr-3820	114	1	volatility	volatility	NOUN
fsr-3820	114	2	of	of	ADP
fsr-3820	114	3	the	the	DET
fsr-3820	114	4	post	post	ADJ
fsr-3820	114	5	-	-	ADJ
fsr-3820	114	6	offer	offer	ADJ
fsr-3820	114	7	returns	return	NOUN
fsr-3820	114	8	is	be	AUX
fsr-3820	114	9	captured	capture	VERB
fsr-3820	114	10	by	by	ADP
fsr-3820	114	11	the	the	DET
fsr-3820	114	12	variable	variable	ADJ
fsr-3820	114	13	std	std	NOUN
fsr-3820	114	14	.	.	PUNCT
fsr-3820	115	1	std	std	NOUN
fsr-3820	115	2	is	be	AUX
fsr-3820	115	3	the	the	DET
fsr-3820	115	4	standard	standard	ADJ
fsr-3820	115	5	deviation	deviation	NOUN
fsr-3820	115	6	of	of	ADP
fsr-3820	115	7	the	the	DET
fsr-3820	115	8	returns	return	NOUN
fsr-3820	115	9	for	for	ADP
fsr-3820	115	10	the	the	DET
fsr-3820	115	11	20	20	NUM
fsr-3820	115	12	days	day	NOUN
fsr-3820	115	13	following	follow	VERB
fsr-3820	115	14	the	the	DET
fsr-3820	115	15	first	first	ADJ
fsr-3820	115	16	day	day	NOUN
fsr-3820	115	17	of	of	ADP
fsr-3820	115	18	trading	trading	NOUN
fsr-3820	115	19	,	,	PUNCT
fsr-3820	115	20	days	day	NOUN
fsr-3820	115	21	l-20	l-20	ADV
fsr-3820	115	22	,	,	PUNCT
fsr-3820	115	23	where	where	SCONJ
fsr-3820	115	24	day	day	NOUN
fsr-3820	115	25	0	0	NUM
fsr-3820	115	26	is	be	AUX
fsr-3820	115	27	the	the	DET
fsr-3820	115	28	first	first	ADJ
fsr-3820	115	29	day	day	NOUN
fsr-3820	115	30	of	of	ADP
fsr-3820	115	31	trading	trading	NOUN
fsr-3820	115	32	.	.	PUNCT
fsr-3820	116	1	the	the	DET
fsr-3820	116	2	closing	closing	NOUN
fsr-3820	116	3	price	price	NOUN
fsr-3820	116	4	on	on	ADP
fsr-3820	116	5	the	the	DET
fsr-3820	116	6	first	first	ADJ
fsr-3820	116	7	day	day	NOUN
fsr-3820	116	8	of	of	ADP
fsr-3820	116	9	trading	trading	NOUN
fsr-3820	116	10	and	and	CCONJ
fsr-3820	116	11	the	the	DET
fsr-3820	116	12	subsequent	subsequent	ADJ
fsr-3820	116	13	20	20	NUM
fsr-3820	116	14	days	day	NOUN
fsr-3820	116	15	of	of	ADP
fsr-3820	116	16	returns	return	NOUN
fsr-3820	116	17	were	be	AUX
fsr-3820	116	18	obtained	obtain	VERB
fsr-3820	116	19	from	from	ADP
fsr-3820	116	20	the	the	DET
fsr-3820	116	21	crsp	crsp	PROPN
fsr-3820	116	22	data	datum	NOUN
fsr-3820	116	23	tapes	tape	NOUN
fsr-3820	116	24	.	.	PUNCT
fsr-3820	117	1	the	the	DET
fsr-3820	117	2	unadjusted	unadjusted	ADJ
fsr-3820	117	3	percentage	percentage	NOUN
fsr-3820	117	4	change	change	NOUN
fsr-3820	117	5	between	between	ADP
fsr-3820	117	6	the	the	DET
fsr-3820	117	7	offer	offer	NOUN
fsr-3820	117	8	price	price	NOUN
fsr-3820	117	9	and	and	CCONJ
fsr-3820	117	10	the	the	DET
fsr-3820	117	11	closing	closing	NOUN
fsr-3820	117	12	price	price	NOUN
fsr-3820	117	13	on	on	ADP
fsr-3820	117	14	the	the	DET
fsr-3820	117	15	first	first	ADJ
fsr-3820	117	16	day	day	NOUN
fsr-3820	117	17	of	of	ADP
fsr-3820	117	18	trading	trading	NOUN
fsr-3820	117	19	is	be	AUX
fsr-3820	117	20	used	use	VERB
fsr-3820	117	21	to	to	PART
fsr-3820	117	22	analyze	analyze	VERB
fsr-3820	117	23	the	the	DET
fsr-3820	117	24	degree	degree	NOUN
fsr-3820	117	25	of	of	ADP
fsr-3820	117	26	under	under	ADP
fsr-3820	117	27	pricing	pricing	NOUN
fsr-3820	117	28	of	of	ADP
fsr-3820	117	29	the	the	DET
fsr-3820	117	30	ipos	ipos	NOUN
fsr-3820	117	31	.	.	PUNCT
fsr-3820	118	1	beatty	beatty	PROPN
fsr-3820	118	2	and	and	CCONJ
fsr-3820	118	3	ritter	ritter	PROPN
fsr-3820	118	4	(	(	PUNCT
fsr-3820	118	5	1986	1986	NUM
fsr-3820	118	6	)	)	PUNCT
fsr-3820	118	7	show	show	VERB
fsr-3820	118	8	that	that	SCONJ
fsr-3820	118	9	a	a	DET
fsr-3820	118	10	market	market	NOUN
fsr-3820	118	11	adjustment	adjustment	NOUN
fsr-3820	118	12	of	of	ADP
fsr-3820	118	13	the	the	DET
fsr-3820	118	14	ipo	ipo	PROPN
fsr-3820	118	15	ini	ini	PROPN
fsr-3820	118	16	tial	tial	PROPN
fsr-3820	118	17	return	return	NOUN
fsr-3820	118	18	is	be	AUX
fsr-3820	118	19	less	less	ADJ
fsr-3820	118	20	than	than	ADP
fsr-3820	118	21	0.1	0.1	NUM
fsr-3820	118	22	%	%	NOUN
fsr-3820	118	23	and	and	CCONJ
fsr-3820	118	24	has	have	VERB
fsr-3820	118	25	an	an	DET
fsr-3820	118	26	insignificant	insignificant	ADJ
fsr-3820	118	27	impact	impact	NOUN
fsr-3820	118	28	on	on	ADP
fsr-3820	118	29	the	the	DET
fsr-3820	118	30	calculation	calculation	NOUN
fsr-3820	118	31	of	of	ADP
fsr-3820	118	32	the	the	DET
fsr-3820	118	33	degree	degree	NOUN
fsr-3820	118	34	of	of	ADP
fsr-3820	118	35	underpricing	underprice	VERB
fsr-3820	118	36	.	.	PUNCT
fsr-3820	119	1	model	model	NOUN
fsr-3820	119	2	2	2	NUM
fsr-3820	119	3	accounts	account	NOUN
fsr-3820	119	4	for	for	ADP
fsr-3820	119	5	the	the	DET
fsr-3820	119	6	high	high	ADJ
fsr-3820	119	7	correlation	correlation	NOUN
fsr-3820	119	8	between	between	ADP
fsr-3820	119	9	the	the	DET
fsr-3820	119	10	variables	variable	NOUN
fsr-3820	119	11	for	for	ADP
fsr-3820	119	12	reputation	reputation	NOUN
fsr-3820	119	13	and	and	CCONJ
fsr-3820	119	14	offer	offer	VERB
fsr-3820	119	15	size	size	NOUN
fsr-3820	119	16	by	by	ADP
fsr-3820	119	17	eliminating	eliminate	VERB
fsr-3820	119	18	the	the	DET
fsr-3820	119	19	offer	offer	NOUN
fsr-3820	119	20	size	size	NOUN
fsr-3820	119	21	variable	variable	NOUN
fsr-3820	119	22	.	.	PUNCT
fsr-3820	120	1	estimation	estimation	NOUN
fsr-3820	120	2	of	of	ADP
fsr-3820	120	3	the	the	DET
fsr-3820	120	4	two	two	NUM
fsr-3820	120	5	models	model	NOUN
fsr-3820	120	6	is	be	AUX
fsr-3820	120	7	repeated	repeat	VERB
fsr-3820	120	8	for	for	ADP
fsr-3820	120	9	the	the	DET
fsr-3820	120	10	broader	broad	ADJ
fsr-3820	120	11	control	control	NOUN
fsr-3820	120	12	sample	sample	NOUN
fsr-3820	120	13	of	of	ADP
fsr-3820	120	14	commercial	commercial	ADJ
fsr-3820	120	15	banks	bank	NOUN
fsr-3820	120	16	and	and	CCONJ
fsr-3820	120	17	thrifts	thrift	NOUN
fsr-3820	120	18	.	.	PUNCT
fsr-3820	121	1	iv	iv	X
fsr-3820	121	2	.	.	PROPN
fsr-3820	122	1	results	result	NOUN
fsr-3820	122	2	table	table	NOUN
fsr-3820	122	3	1	1	NUM
fsr-3820	122	4	provides	provide	VERB
fsr-3820	122	5	summary	summary	NOUN
fsr-3820	122	6	statistics	statistic	NOUN
fsr-3820	122	7	for	for	ADP
fsr-3820	122	8	the	the	DET
fsr-3820	122	9	sample	sample	NOUN
fsr-3820	122	10	of	of	ADP
fsr-3820	122	11	ipos	ipos	PROPN
fsr-3820	122	12	.	.	PUNCT
fsr-3820	123	1	converting	convert	VERB
fsr-3820	123	2	thrift	thrift	NOUN
fsr-3820	123	3	institutions	institution	NOUN
fsr-3820	123	4	are	be	AUX
fsr-3820	123	5	substantially	substantially	ADV
fsr-3820	123	6	older	old	ADJ
fsr-3820	123	7	than	than	ADP
fsr-3820	123	8	the	the	DET
fsr-3820	123	9	banks	bank	NOUN
fsr-3820	123	10	at	at	ADP
fsr-3820	123	11	the	the	DET
fsr-3820	123	12	time	time	NOUN
fsr-3820	123	13	of	of	ADP
fsr-3820	123	14	the	the	DET
fsr-3820	123	15	initial	initial	ADJ
fsr-3820	123	16	offering	offering	NOUN
fsr-3820	123	17	.	.	PUNCT
fsr-3820	124	1	commercial	commercial	ADJ
fsr-3820	124	2	banks	bank	NOUN
fsr-3820	124	3	are	be	AUX
fsr-3820	124	4	the	the	DET
fsr-3820	124	5	largest	large	ADJ
fsr-3820	124	6	firms	firm	NOUN
fsr-3820	124	7	in	in	ADP
fsr-3820	124	8	the	the	DET
fsr-3820	124	9	sample	sample	NOUN
fsr-3820	124	10	in	in	ADP
fsr-3820	124	11	terms	term	NOUN
fsr-3820	124	12	of	of	ADP
fsr-3820	124	13	average	average	ADJ
fsr-3820	124	14	total	total	ADJ
fsr-3820	124	15	assets	asset	NOUN
fsr-3820	124	16	,	,	PUNCT
fsr-3820	124	17	while	while	SCONJ
fsr-3820	124	18	thrifts	thrift	NOUN
fsr-3820	124	19	are	be	AUX
fsr-3820	124	20	larger	large	ADJ
fsr-3820	124	21	when	when	SCONJ
fsr-3820	124	22	comparing	compare	VERB
fsr-3820	124	23	medians	median	NOUN
fsr-3820	124	24	.	.	PUNCT
fsr-3820	125	1	all	all	DET
fsr-3820	125	2	subsamples	subsample	NOUN
fsr-3820	125	3	of	of	ADP
fsr-3820	125	4	depository	depository	NOUN
fsr-3820	125	5	institutions	institution	NOUN
fsr-3820	125	6	experience	experience	VERB
fsr-3820	125	7	average	average	ADJ
fsr-3820	125	8	underpricing	underpricing	NOUN
fsr-3820	125	9	that	that	PRON
fsr-3820	125	10	is	be	AUX
fsr-3820	125	11	different	different	ADJ
fsr-3820	125	12	from	from	ADP
fsr-3820	125	13	zero	zero	NUM
fsr-3820	125	14	at	at	ADP
fsr-3820	125	15	the	the	DET
fsr-3820	125	16	1	1	NUM
fsr-3820	125	17	%	%	NOUN
fsr-3820	125	18	level	level	NOUN
fsr-3820	125	19	of	of	ADP
fsr-3820	125	20	significance	significance	NOUN
fsr-3820	125	21	.	.	PUNCT
fsr-3820	126	1	the	the	DET
fsr-3820	126	2	level	level	NOUN
fsr-3820	126	3	of	of	ADP
fsr-3820	126	4	under	under	ADP
fsr-3820	126	5	pricing	pricing	NOUN
fsr-3820	126	6	for	for	ADP
fsr-3820	126	7	financial	financial	ADJ
fsr-3820	126	8	institutions	institution	NOUN
fsr-3820	126	9	is	be	AUX
fsr-3820	126	10	similar	similar	ADJ
fsr-3820	126	11	to	to	ADP
fsr-3820	126	12	that	that	PRON
fsr-3820	126	13	reported	report	VERB
fsr-3820	126	14	in	in	ADP
fsr-3820	126	15	previous	previous	ADJ
fsr-3820	126	16	empirical	empirical	ADJ
fsr-3820	126	17	studies	study	NOUN
fsr-3820	126	18	(	(	PUNCT
fsr-3820	126	19	aharony	aharony	PROPN
fsr-3820	126	20	,	,	PUNCT
fsr-3820	126	21	et	et	PROPN
fsr-3820	126	22	al	al	PROPN
fsr-3820	126	23	.	.	PROPN
fsr-3820	126	24	,	,	PUNCT
fsr-3820	126	25	1996	1996	NUM
fsr-3820	126	26	;	;	PUNCT
fsr-3820	126	27	alli	alli	PROPN
fsr-3820	126	28	,	,	PUNCT
fsr-3820	126	29	et	et	PROPN
fsr-3820	126	30	al	al	PROPN
fsr-3820	126	31	.	.	PROPN
fsr-3820	126	32	,	,	PUNCT
fsr-3820	126	33	1994	1994	NUM
fsr-3820	126	34	;	;	PUNCT
fsr-3820	126	35	maksimovic	maksimovic	PROPN
fsr-3820	126	36	&	&	CCONJ
fsr-3820	126	37	unal	unal	ADJ
fsr-3820	126	38	,	,	PUNCT
fsr-3820	126	39	1993	1993	NUM
fsr-3820	126	40	)	)	PUNCT
fsr-3820	126	41	.	.	PUNCT
fsr-3820	127	1	the	the	DET
fsr-3820	127	2	mean	mean	ADJ
fsr-3820	127	3	return	return	NOUN
fsr-3820	127	4	for	for	ADP
fsr-3820	127	5	the	the	DET
fsr-3820	127	6	converting	convert	VERB
fsr-3820	127	7	thrift	thrift	NOUN
fsr-3820	127	8	ipos	ipos	NOUN
fsr-3820	127	9	in	in	ADP
fsr-3820	127	10	the	the	DET
fsr-3820	127	11	sample	sample	NOUN
fsr-3820	127	12	,	,	PUNCT
fsr-3820	127	13	7.0	7.0	NUM
fsr-3820	127	14	%	%	NOUN
fsr-3820	127	15	,	,	PUNCT
fsr-3820	127	16	is	be	AUX
fsr-3820	127	17	not	not	PART
fsr-3820	127	18	significantly	significantly	ADV
fsr-3820	127	19	different	different	ADJ
fsr-3820	127	20	from	from	ADP
fsr-3820	127	21	the	the	DET
fsr-3820	127	22	mean	mean	ADJ
fsr-3820	127	23	return	return	NOUN
fsr-3820	127	24	of	of	ADP
fsr-3820	127	25	ipos	ipos	NOUN
fsr-3820	127	26	of	of	ADP
fsr-3820	127	27	other	other	ADJ
fsr-3820	127	28	financial	financial	ADJ
fsr-3820	127	29	institutions	institution	NOUN
fsr-3820	127	30	,	,	PUNCT
fsr-3820	127	31	5.7	5.7	NUM
fsr-3820	127	32	%	%	NOUN
fsr-3820	127	33	(	(	PUNCT
fsr-3820	127	34	t	t	NOUN
fsr-3820	127	35	=	=	SYM
fsr-3820	127	36	0.5	0.5	NUM
fsr-3820	127	37	1	1	NUM
fsr-3820	127	38	)	)	PUNCT
fsr-3820	127	39	.	.	PUNCT
fsr-3820	128	1	conversions	conversion	NOUN
fsr-3820	128	2	of	of	ADP
fsr-3820	128	3	mutual	mutual	ADJ
fsr-3820	128	4	savings	saving	NOUN
fsr-3820	128	5	institutions	institution	NOUN
fsr-3820	128	6	147	147	NUM
fsr-3820	128	7	table	table	NOUN
fsr-3820	128	8	1	1	NUM
fsr-3820	128	9	summary	summary	NOUN
fsr-3820	128	10	statistics	statistic	NOUN
fsr-3820	128	11	for	for	ADP
fsr-3820	128	12	sample	sample	NOUN
fsr-3820	128	13	of	of	ADP
fsr-3820	128	14	152	152	NUM
fsr-3820	128	15	initial	initial	ADJ
fsr-3820	128	16	public	public	ADJ
fsr-3820	128	17	offerings	offering	NOUN
fsr-3820	128	18	of	of	ADP
fsr-3820	128	19	common	common	ADJ
fsr-3820	128	20	equity	equity	NOUN
fsr-3820	128	21	by	by	ADP
fsr-3820	128	22	commercial	commercial	ADJ
fsr-3820	128	23	banks	bank	NOUN
fsr-3820	128	24	,	,	PUNCT
fsr-3820	128	25	and	and	CCONJ
fsr-3820	128	26	state	state	NOUN
fsr-3820	128	27	and	and	CCONJ
fsr-3820	128	28	federal	federal	ADJ
fsr-3820	128	29	chartered	chartered	ADJ
fsr-3820	128	30	thrifts	thrift	NOUN
fsr-3820	128	31	made	make	VERB
fsr-3820	128	32	between	between	ADP
fsr-3820	128	33	1982	1982	NUM
fsr-3820	128	34	and	and	CCONJ
fsr-3820	128	35	1994	1994	NUM
fsr-3820	128	36	thrifts	thrift	NOUN
fsr-3820	128	37	and	and	CCONJ
fsr-3820	128	38	commercial	commercial	ADJ
fsr-3820	128	39	banks	bank	NOUN
fsr-3820	128	40	n	n	NOUN
fsr-3820	128	41	=	=	SYM
fsr-3820	128	42	15.2	15.2	NUM
fsr-3820	128	43	thrifts	thrift	NOUN
fsr-3820	128	44	n	n	PROPN
fsr-3820	128	45	=	=	SYM
fsr-3820	128	46	119	119	NUM
fsr-3820	128	47	commercictl	commercictl	NOUN
fsr-3820	128	48	converting	convert	VERB
fsr-3820	128	49	banks	bank	NOUN
fsr-3820	128	50	thrifts	thrift	NOUN
fsr-3820	128	51	n	n	NOUN
fsr-3820	128	52	=	=	SYM
fsr-3820	128	53	33	33	NUM
fsr-3820	128	54	n	n	NOUN
fsr-3820	128	55	=	=	SYM
fsr-3820	128	56	107	107	NUM
fsr-3820	128	57	commercial	commercial	ADJ
fsr-3820	128	58	banks	bank	NOUN
fsr-3820	128	59	and	and	CCONJ
fsr-3820	128	60	other	other	ADJ
fsr-3820	128	61	thrifts	thrift	NOUN
fsr-3820	128	62	n	n	NOUN
fsr-3820	128	63	=	=	SYM
fsr-3820	128	64	45	45	NUM
fsr-3820	128	65	age	age	NOUN
fsr-3820	128	66	(	(	PUNCT
fsr-3820	128	67	ye=	ye=	NOUN
fsr-3820	128	68	)	)	PUNCT
fsr-3820	128	69	mean	mean	VERB
fsr-3820	128	70	38	38	NUM
fsr-3820	128	71	44	44	NUM
fsr-3820	128	72	15	15	NUM
fsr-3820	128	73	41	41	NUM
fsr-3820	128	74	17	17	NUM
fsr-3820	128	75	median	median	NOUN
fsr-3820	128	76	33	33	NUM
fsr-3820	128	77	50	50	NUM
fsr-3820	128	78	4	4	NUM
fsr-3820	128	79	53	53	NUM
fsr-3820	128	80	4	4	NUM
fsr-3820	128	81	assets	asset	NOUN
fsr-3820	128	82	(	(	PUNCT
fsr-3820	128	83	millions	million	NOUN
fsr-3820	128	84	)	)	PUNCT
fsr-3820	128	85	mean	mean	VERB
fsr-3820	128	86	$	$	SYM
fsr-3820	128	87	1,940	1,940	NUM
fsr-3820	128	88	$	$	SYM
fsr-3820	128	89	1,181	1,181	NUM
fsr-3820	128	90	$	$	SYM
fsr-3820	128	91	4,681	4,681	NUM
fsr-3820	128	92	$	$	SYM
fsr-3820	128	93	1,157	1,157	NUM
fsr-3820	128	94	$	$	SYM
fsr-3820	128	95	3,805	3,805	NUM
fsr-3820	128	96	median	median	NOUN
fsr-3820	128	97	$	$	SYM
fsr-3820	128	98	424	424	NUM
fsr-3820	128	99	$	$	SYM
fsr-3820	128	100	486	486	NUM
fsr-3820	128	101	$	$	SYM
fsr-3820	128	102	274	274	NUM
fsr-3820	128	103	$	$	SYM
fsr-3820	128	104	486	486	NUM
fsr-3820	128	105	$	$	SYM
fsr-3820	128	106	215	215	NUM
fsr-3820	128	107	offer	offer	NOUN
fsr-3820	128	108	size	size	NOUN
fsr-3820	128	109	(	(	PUNCT
fsr-3820	128	110	millions	million	NOUN
fsr-3820	128	111	)	)	PUNCT
fsr-3820	128	112	mean	mean	VERB
fsr-3820	129	1	$	$	SYM
fsr-3820	129	2	20.3	20.3	NUM
fsr-3820	129	3	i	i	PRON
fsr-3820	129	4	$	$	SYM
fsr-3820	129	5	21.02	21.02	NUM
fsr-3820	129	6	$	$	SYM
fsr-3820	129	7	17.71	17.71	NUM
fsr-3820	129	8	$	$	SYM
fsr-3820	129	9	21.96	21.96	NUM
fsr-3820	129	10	$	$	SYM
fsr-3820	129	11	16.38	16.38	NUM
fsr-3820	129	12	median	median	NOUN
fsr-3820	129	13	$	$	SYM
fsr-3820	129	14	9.00	9.00	NUM
fsr-3820	129	15	$	$	SYM
fsr-3820	129	16	9.53	9.53	NUM
fsr-3820	129	17	$	$	SYM
fsr-3820	129	18	6.60	6.60	NUM
fsr-3820	129	19	$	$	SYM
fsr-3820	129	20	9.53	9.53	NUM
fsr-3820	129	21	$	$	SYM
fsr-3820	129	22	7.10	7.10	NUM
fsr-3820	129	23	under	under	ADP
fsr-3820	129	24	pricing	pricing	NOUN
fsr-3820	129	25	(	(	PUNCT
fsr-3820	129	26	day	day	NOUN
fsr-3820	129	27	=	=	SYM
fsr-3820	129	28	0	0	X
fsr-3820	129	29	)	)	PUNCT
fsr-3820	129	30	mean	mean	NOUN
fsr-3820	129	31	*	*	NOUN
fsr-3820	129	32	6.6	6.6	NUM
fsr-3820	129	33	%	%	NOUN
fsr-3820	129	34	6.9	6.9	NUM
fsr-3820	129	35	%	%	NOUN
fsr-3820	129	36	5.4	5.4	NUM
fsr-3820	129	37	%	%	NOUN
fsr-3820	129	38	7.0	7.0	NUM
fsr-3820	129	39	%	%	NOUN
fsr-3820	129	40	5.7	5.7	NUM
fsr-3820	129	41	%	%	NOUN
fsr-3820	129	42	(	(	PUNCT
fsr-3820	129	43	7.47	7.47	NUM
fsr-3820	129	44	)	)	PUNCT
fsr-3820	129	45	*	*	PUNCT
fsr-3820	129	46	(	(	PUNCT
fsr-3820	129	47	7.10	7.10	NUM
fsr-3820	129	48	)	)	PUNCT
fsr-3820	129	49	*	*	PUNCT
fsr-3820	129	50	(	(	PUNCT
fsr-3820	129	51	2.62	2.62	NUM
fsr-3820	129	52	)	)	PUNCT
fsr-3820	129	53	*	*	PUNCT
fsr-3820	129	54	(	(	PUNCT
fsr-3820	129	55	7.02	7.02	NUM
fsr-3820	129	56	)	)	PUNCT
fsr-3820	129	57	*	*	PUNCT
fsr-3820	130	1	(	(	PUNCT
fsr-3820	130	2	3.10)%	3.10)%	NOUN
fsr-3820	130	3	median	median	NOUN
fsr-3820	130	4	2.2	2.2	NUM
fsr-3820	130	5	%	%	NOUN
fsr-3820	130	6	2.3	2.3	NUM
fsr-3820	130	7	%	%	NOUN
fsr-3820	130	8	1.5	1.5	NUM
fsr-3820	130	9	%	%	NOUN
fsr-3820	130	10	2.6	2.6	NUM
fsr-3820	130	11	%	%	NOUN
fsr-3820	130	12	1.8	1.8	NUM
fsr-3820	130	13	%	%	NOUN
fsr-3820	130	14	notes	note	NOUN
fsr-3820	130	15	:	:	PUNCT
fsr-3820	130	16	t	t	NOUN
fsr-3820	130	17	-	-	PUNCT
fsr-3820	130	18	test	test	NOUN
fsr-3820	130	19	for	for	ADP
fsr-3820	130	20	underpricing	underprice	VERB
fsr-3820	130	21	is	be	AUX
fsr-3820	130	22	ho	ho	ADJ
fsr-3820	130	23	:	:	PUNCT
fsr-3820	130	24	mean	mean	ADJ
fsr-3820	130	25	of	of	ADP
fsr-3820	130	26	(	(	PUNCT
fsr-3820	130	27	closing	close	VERB
fsr-3820	130	28	price	price	NOUN
fsr-3820	130	29	first	first	ADJ
fsr-3820	130	30	day	day	NOUN
fsr-3820	130	31	of	of	ADP
fsr-3820	130	32	tradmg	tradmg	NOUN
fsr-3820	130	33	offer	offer	NOUN
fsr-3820	130	34	price	price	NOUN
fsr-3820	130	35	)	)	PUNCT
fsr-3820	130	36	/	/	SYM
fsr-3820	130	37	offer	offer	VERB
fsr-3820	130	38	pnce	pnce	NOUN
fsr-3820	130	39	=	=	SYM
fsr-3820	130	40	0	0	X
fsr-3820	130	41	.	.	X
fsr-3820	131	1	*	*	PUNCT
fsr-3820	131	2	t	t	NOUN
fsr-3820	131	3	-	-	PUNCT
fsr-3820	131	4	statistic	statistic	NOUN
fsr-3820	131	5	for	for	ADP
fsr-3820	131	6	test	test	NOUN
fsr-3820	131	7	:	:	PUNCT
fsr-3820	132	1	mean	mean	VERB
fsr-3820	132	2	=	=	SYM
fsr-3820	132	3	0	0	NUM
fsr-3820	132	4	,	,	PUNCT
fsr-3820	132	5	in	in	ADP
fsr-3820	132	6	parentheses	parenthesis	NOUN
fsr-3820	132	7	.	.	PUNCT
fsr-3820	133	1	*	*	PUNCT
fsr-3820	133	2	significant	significant	ADJ
fsr-3820	133	3	at	at	ADP
fsr-3820	133	4	1	1	NUM
fsr-3820	133	5	%	%	NOUN
fsr-3820	133	6	level	level	NOUN
fsr-3820	133	7	,	,	PUNCT
fsr-3820	133	8	one	one	NUM
fsr-3820	133	9	-	-	PUNCT
fsr-3820	133	10	tail	tail	NOUN
fsr-3820	133	11	test	test	NOUN
fsr-3820	133	12	.	.	PUNCT
fsr-3820	134	1	the	the	DET
fsr-3820	134	2	difference	difference	NOUN
fsr-3820	134	3	m	m	VERB
fsr-3820	134	4	mean	mean	VERB
fsr-3820	134	5	returns	return	NOUN
fsr-3820	134	6	between	between	ADP
fsr-3820	134	7	thrift	thrift	NOUN
fsr-3820	134	8	and	and	CCONJ
fsr-3820	134	9	commercial	commercial	ADJ
fsr-3820	134	10	bank	bank	NOUN
fsr-3820	134	11	ipos	ipos	NOUN
fsr-3820	134	12	=	=	PUNCT
fsr-3820	134	13	1.5	1.5	NUM
fsr-3820	134	14	%	%	NOUN
fsr-3820	134	15	.	.	PUNCT
fsr-3820	135	1	t	t	NOUN
fsr-3820	135	2	-	-	PUNCT
fsr-3820	135	3	statistic	statistic	NOUN
fsr-3820	135	4	=	=	NOUN
fsr-3820	135	5	0.49	0.49	NUM
fsr-3820	135	6	.	.	PUNCT
fsr-3820	136	1	the	the	DET
fsr-3820	136	2	difference	difference	NOUN
fsr-3820	136	3	m	m	VERB
fsr-3820	136	4	mean	mean	VERB
fsr-3820	136	5	returns	return	NOUN
fsr-3820	136	6	between	between	ADP
fsr-3820	136	7	convening	convene	VERB
fsr-3820	136	8	thrift	thrift	NOUN
fsr-3820	136	9	ipos	ipos	NOUN
fsr-3820	136	10	and	and	CCONJ
fsr-3820	136	11	ipos	ipos	NOUN
fsr-3820	136	12	of	of	ADP
fsr-3820	136	13	other	other	ADJ
fsr-3820	136	14	financial	financial	ADJ
fsr-3820	136	15	insfitufmn	insfitufmn	NOUN
fsr-3820	136	16	=	=	PUNCT
fsr-3820	136	17	1.3	1.3	NUM
fsr-3820	136	18	%	%	NOUN
fsr-3820	136	19	.	.	PUNCT
fsr-3820	137	1	t	t	NOUN
fsr-3820	137	2	-	-	PUNCT
fsr-3820	137	3	statistic	statistic	NOUN
fsr-3820	137	4	=	=	NOUN
fsr-3820	137	5	0.51	0.51	NUM
fsr-3820	137	6	.	.	PUNCT
fsr-3820	137	7	table	table	NOUN
fsr-3820	137	8	2	2	NUM
fsr-3820	137	9	provides	provide	VERB
fsr-3820	137	10	results	result	NOUN
fsr-3820	137	11	of	of	ADP
fsr-3820	137	12	tests	test	NOUN
fsr-3820	137	13	of	of	ADP
fsr-3820	137	14	differences	difference	NOUN
fsr-3820	137	15	in	in	ADP
fsr-3820	137	16	underpricing	underprice	VERB
fsr-3820	137	17	between	between	ADP
fsr-3820	137	18	converting	convert	VERB
fsr-3820	137	19	thrifts	thrift	NOUN
fsr-3820	137	20	and	and	CCONJ
fsr-3820	137	21	other	other	ADJ
fsr-3820	137	22	financial	financial	ADJ
fsr-3820	137	23	institutions	institution	NOUN
fsr-3820	137	24	when	when	SCONJ
fsr-3820	137	25	offer	offer	VERB
fsr-3820	137	26	size	size	NOUN
fsr-3820	137	27	,	,	PUNCT
fsr-3820	137	28	age	age	NOUN
fsr-3820	137	29	of	of	ADP
fsr-3820	137	30	the	the	DET
fsr-3820	137	31	firm	firm	NOUN
fsr-3820	137	32	,	,	PUNCT
fsr-3820	137	33	underwriter	underwriter	NOUN
fsr-3820	137	34	reputa	reputa	PROPN
fsr-3820	137	35	tion	tion	NOUN
fsr-3820	137	36	,	,	PUNCT
fsr-3820	137	37	and	and	CCONJ
fsr-3820	137	38	post	post	ADJ
fsr-3820	137	39	-	-	ADJ
fsr-3820	137	40	offer	offer	ADJ
fsr-3820	137	41	standard	standard	ADJ
fsr-3820	137	42	deviation	deviation	NOUN
fsr-3820	137	43	of	of	ADP
fsr-3820	137	44	returns	return	NOUN
fsr-3820	137	45	are	be	AUX
fsr-3820	137	46	included	include	VERB
fsr-3820	137	47	as	as	ADP
fsr-3820	137	48	explanatory	explanatory	ADJ
fsr-3820	137	49	variables	variable	NOUN
fsr-3820	137	50	.	.	PUNCT
fsr-3820	138	1	panel	panel	NOUN
fsr-3820	138	2	a	a	PRON
fsr-3820	138	3	provides	provide	VERB
fsr-3820	138	4	results	result	NOUN
fsr-3820	138	5	for	for	ADP
fsr-3820	138	6	thrift	thrift	NOUN
fsr-3820	138	7	institutions	institution	NOUN
fsr-3820	138	8	only	only	ADV
fsr-3820	138	9	.	.	PUNCT
fsr-3820	139	1	converting	convert	VERB
fsr-3820	139	2	thrift	thrift	NOUN
fsr-3820	139	3	ipos	ipos	NOUN
fsr-3820	139	4	are	be	AUX
fsr-3820	139	5	found	find	VERB
fsr-3820	139	6	not	not	PART
fsr-3820	139	7	to	to	PART
fsr-3820	139	8	be	be	AUX
fsr-3820	139	9	priced	price	VERB
fsr-3820	139	10	differently	differently	ADV
fsr-3820	139	11	from	from	ADP
fsr-3820	139	12	ipos	ipos	NOUN
fsr-3820	139	13	of	of	ADP
fsr-3820	139	14	other	other	ADJ
fsr-3820	139	15	thrifts	thrift	NOUN
fsr-3820	139	16	(	(	PUNCT
fsr-3820	139	17	conversn	conversn	VERB
fsr-3820	139	18	=	=	SYM
fsr-3820	139	19	-0.001	-0.001	NOUN
fsr-3820	139	20	,	,	PUNCT
fsr-3820	139	21	t	t	NOUN
fsr-3820	139	22	=	=	SYM
fsr-3820	139	23	-0.17	-0.17	NOUN
fsr-3820	139	24	)	)	PUNCT
fsr-3820	139	25	.	.	PUNCT
fsr-3820	140	1	the	the	DET
fsr-3820	140	2	proxy	proxy	NOUN
fsr-3820	140	3	for	for	ADP
fsr-3820	140	4	reputation	reputation	NOUN
fsr-3820	140	5	is	be	AUX
fsr-3820	140	6	significant	significant	ADJ
fsr-3820	140	7	at	at	ADP
fsr-3820	140	8	the	the	DET
fsr-3820	140	9	10	10	NUM
fsr-3820	140	10	%	%	NOUN
fsr-3820	140	11	level	level	NOUN
fsr-3820	140	12	(	(	PUNCT
fsr-3820	140	13	repute	repute	NOUN
fsr-3820	140	14	=	=	SYM
fsr-3820	140	15	-0.032	-0.032	PROPN
fsr-3820	140	16	,	,	PUNCT
fsr-3820	140	17	t	t	NOUN
fsr-3820	140	18	=	=	SYM
fsr-3820	140	19	1.50	1.50	NUM
fsr-3820	140	20	)	)	PUNCT
fsr-3820	140	21	,	,	PUNCT
fsr-3820	140	22	indicating	indicate	VERB
fsr-3820	140	23	that	that	SCONJ
fsr-3820	140	24	ipos	ipos	NOUN
fsr-3820	140	25	of	of	ADP
fsr-3820	140	26	thrifts	thrift	NOUN
fsr-3820	140	27	underwritten	underwrite	VERB
fsr-3820	140	28	by	by	ADP
fsr-3820	140	29	bankers	banker	NOUN
fsr-3820	140	30	with	with	ADP
fsr-3820	140	31	greater	great	ADJ
fsr-3820	140	32	market	market	NOUN
fsr-3820	140	33	share	share	NOUN
fsr-3820	140	34	provide	provide	VERB
fsr-3820	140	35	lower	low	ADJ
fsr-3820	140	36	initial	initial	ADJ
fsr-3820	140	37	returns	return	NOUN
fsr-3820	140	38	.	.	PUNCT
fsr-3820	141	1	also	also	ADV
fsr-3820	141	2	,	,	PUNCT
fsr-3820	141	3	the	the	DET
fsr-3820	141	4	variable	variable	NOUN
fsr-3820	141	5	for	for	ADP
fsr-3820	141	6	post	post	ADJ
fsr-3820	141	7	-	-	ADJ
fsr-3820	141	8	issue	issue	NOUN
fsr-3820	141	9	volatility	volatility	NOUN
fsr-3820	141	10	is	be	AUX
fsr-3820	141	11	significant	significant	ADJ
fsr-3820	141	12	at	at	ADP
fsr-3820	141	13	the	the	DET
fsr-3820	141	14	1	1	NUM
fsr-3820	141	15	%	%	NOUN
fsr-3820	141	16	level	level	NOUN
fsr-3820	141	17	(	(	PUNCT
fsr-3820	141	18	std	std	NOUN
fsr-3820	141	19	=	=	SYM
fsr-3820	141	20	3.44	3.44	NUM
fsr-3820	141	21	,	,	PUNCT
fsr-3820	141	22	t	t	NOUN
fsr-3820	141	23	=	=	SYM
fsr-3820	141	24	3.32	3.32	NUM
fsr-3820	141	25	)	)	PUNCT
fsr-3820	141	26	,	,	PUNCT
fsr-3820	141	27	suggesting	suggest	VERB
fsr-3820	141	28	that	that	SCONJ
fsr-3820	141	29	higher	high	ADJ
fsr-3820	141	30	initial	initial	ADJ
fsr-3820	141	31	returns	return	NOUN
fsr-3820	141	32	are	be	AUX
fsr-3820	141	33	associated	associate	VERB
fsr-3820	141	34	with	with	ADP
fsr-3820	141	35	relatively	relatively	ADV
fsr-3820	141	36	greater	great	ADJ
fsr-3820	141	37	risk	risk	NOUN
fsr-3820	141	38	.	.	PUNCT
fsr-3820	142	1	model	model	NOUN
fsr-3820	142	2	2	2	NUM
fsr-3820	142	3	in	in	ADP
fsr-3820	142	4	panel	panel	NOUN
fsr-3820	142	5	a	a	PRON
fsr-3820	142	6	does	do	AUX
fsr-3820	142	7	not	not	PART
fsr-3820	142	8	include	include	VERB
fsr-3820	142	9	lofsize	lofsize	NOUN
fsr-3820	142	10	due	due	ADP
fsr-3820	142	11	to	to	ADP
fsr-3820	142	12	the	the	DET
fsr-3820	142	13	positive	positive	ADJ
fsr-3820	142	14	correlation	correlation	NOUN
fsr-3820	142	15	between	between	ADP
fsr-3820	142	16	the	the	DET
fsr-3820	142	17	size	size	NOUN
fsr-3820	142	18	of	of	ADP
fsr-3820	142	19	the	the	DET
fsr-3820	142	20	equity	equity	NOUN
fsr-3820	142	21	offer	offer	NOUN
fsr-3820	142	22	and	and	CCONJ
fsr-3820	142	23	the	the	DET
fsr-3820	142	24	reputation	reputation	NOUN
fsr-3820	142	25	variable	variable	NOUN
fsr-3820	142	26	(	(	PUNCT
fsr-3820	142	27	correlation	correlation	NOUN
fsr-3820	142	28	coefficient	coefficient	NOUN
fsr-3820	142	29	=	=	NOUN
fsr-3820	142	30	0.5	0.5	NUM
fsr-3820	142	31	1	1	NUM
fsr-3820	142	32	,	,	PUNCT
fsr-3820	142	33	p	p	NOUN
fsr-3820	142	34	-	-	PUNCT
fsr-3820	142	35	value	value	NOUN
fsr-3820	142	36	=	=	NOUN
fsr-3820	142	37	0.0001	0.0001	NUM
fsr-3820	142	38	)	)	PUNCT
fsr-3820	142	39	.	.	PUNCT
fsr-3820	143	1	the	the	DET
fsr-3820	143	2	reputation	reputation	NOUN
fsr-3820	143	3	variable	variable	NOUN
fsr-3820	143	4	is	be	AUX
fsr-3820	143	5	significant	significant	ADJ
fsr-3820	143	6	at	at	ADP
fsr-3820	143	7	the	the	DET
fsr-3820	143	8	1	1	NUM
fsr-3820	143	9	%	%	NOUN
fsr-3820	143	10	level	level	NOUN
fsr-3820	143	11	(	(	PUNCT
fsr-3820	143	12	repute	repute	NOUN
fsr-3820	143	13	=	=	SYM
fsr-3820	143	14	-0.048	-0.048	NOUN
fsr-3820	143	15	,	,	PUNCT
fsr-3820	143	16	t	t	NOUN
fsr-3820	143	17	=	=	NUM
fsr-3820	143	18	2.56	2.56	NUM
fsr-3820	143	19	)	)	PUNCT
fsr-3820	143	20	.	.	PUNCT
fsr-3820	144	1	the	the	DET
fsr-3820	144	2	omission	omission	NOUN
fsr-3820	144	3	of	of	ADP
fsr-3820	144	4	lofsize	lofsize	NOUN
fsr-3820	144	5	does	do	AUX
fsr-3820	144	6	not	not	PART
fsr-3820	144	7	affect	affect	VERB
fsr-3820	144	8	the	the	DET
fsr-3820	144	9	other	other	ADJ
fsr-3820	144	10	results	result	NOUN
fsr-3820	144	11	.	.	PUNCT
fsr-3820	145	1	panel	panel	NOUN
fsr-3820	145	2	b	b	PROPN
fsr-3820	145	3	contains	contain	VERB
fsr-3820	145	4	the	the	DET
fsr-3820	145	5	results	result	NOUN
fsr-3820	145	6	of	of	ADP
fsr-3820	145	7	our	our	PRON
fsr-3820	145	8	analysis	analysis	NOUN
fsr-3820	145	9	comparing	compare	VERB
fsr-3820	145	10	initial	initial	ADJ
fsr-3820	145	11	returns	return	NOUN
fsr-3820	145	12	of	of	ADP
fsr-3820	145	13	converting	convert	VERB
fsr-3820	145	14	thrifts	thrift	NOUN
fsr-3820	145	15	to	to	ADP
fsr-3820	145	16	those	those	PRON
fsr-3820	145	17	of	of	ADP
fsr-3820	145	18	other	other	ADJ
fsr-3820	145	19	thrifts	thrift	NOUN
fsr-3820	145	20	and	and	CCONJ
fsr-3820	145	21	commercial	commercial	ADJ
fsr-3820	145	22	banks	bank	NOUN
fsr-3820	145	23	.	.	PUNCT
fsr-3820	146	1	a	a	DET
fsr-3820	146	2	test	test	NOUN
fsr-3820	146	3	of	of	ADP
fsr-3820	146	4	residuals	residual	NOUN
fsr-3820	146	5	reveals	reveal	VERB
fsr-3820	146	6	the	the	DET
fsr-3820	146	7	pres	pres	PROPN
fsr-3820	146	8	ence	ence	NOUN
fsr-3820	146	9	of	of	ADP
fsr-3820	146	10	heteroskedasticity	heteroskedasticity	NOUN
fsr-3820	146	11	in	in	ADP
fsr-3820	146	12	model	model	NOUN
fsr-3820	146	13	1	1	NUM
fsr-3820	146	14	.	.	PUNCT
fsr-3820	147	1	in	in	ADP
fsr-3820	147	2	the	the	DET
fsr-3820	147	3	presence	presence	NOUN
fsr-3820	147	4	of	of	ADP
fsr-3820	147	5	heteroskedasticity	heteroskedasticity	NOUN
fsr-3820	147	6	,	,	PUNCT
fsr-3820	147	7	the	the	DET
fsr-3820	147	8	coeffi	coeffi	PROPN
fsr-3820	147	9	cient	cient	NOUN
fsr-3820	147	10	estimates	estimate	NOUN
fsr-3820	147	11	are	be	AUX
fsr-3820	147	12	accurate	accurate	ADJ
fsr-3820	147	13	,	,	PUNCT
fsr-3820	147	14	but	but	CCONJ
fsr-3820	147	15	the	the	DET
fsr-3820	147	16	test	test	NOUN
fsr-3820	147	17	statistics	statistic	NOUN
fsr-3820	147	18	are	be	AUX
fsr-3820	147	19	not	not	PART
fsr-3820	147	20	.	.	PUNCT
fsr-3820	148	1	a	a	DET
fsr-3820	148	2	correction	correction	NOUN
fsr-3820	148	3	procedure	procedure	NOUN
fsr-3820	148	4	suggested	suggest	VERB
fsr-3820	148	5	by	by	ADP
fsr-3820	148	6	white	white	ADJ
fsr-3820	148	7	(	(	PUNCT
fsr-3820	148	8	1980	1980	NUM
fsr-3820	148	9	)	)	PUNCT
fsr-3820	148	10	adjusts	adjust	VERB
fsr-3820	148	11	the	the	DET
fsr-3820	148	12	test	test	NOUN
fsr-3820	148	13	statistic	statistic	NOUN
fsr-3820	148	14	by	by	ADP
fsr-3820	148	15	producing	produce	VERB
fsr-3820	148	16	a	a	DET
fsr-3820	148	17	consistent	consistent	ADJ
fsr-3820	148	18	estimate	estimate	NOUN
fsr-3820	148	19	of	of	ADP
fsr-3820	148	20	the	the	DET
fsr-3820	148	21	covariance	covariance	NOUN
fsr-3820	148	22	matrix	matrix	NOUN
fsr-3820	148	23	.	.	PUNCT
fsr-3820	149	1	the	the	DET
fsr-3820	149	2	asymptotic	asymptotic	ADJ
fsr-3820	149	3	t	t	PROPN
fsr-3820	149	4	-	-	PUNCT
fsr-3820	149	5	statistics	statistic	NOUN
fsr-3820	149	6	obtained	obtain	VERB
fsr-3820	149	7	from	from	ADP
fsr-3820	149	8	this	this	DET
fsr-3820	149	9	method	method	NOUN
fsr-3820	149	10	are	be	AUX
fsr-3820	149	11	reported	report	VERB
fsr-3820	149	12	.	.	PUNCT
fsr-3820	150	1	148	148	NUM
fsr-3820	150	2	financial	financial	ADJ
fsr-3820	150	3	services	service	NOUN
fsr-3820	150	4	review	review	VERB
fsr-3820	150	5	6(2	6(2	NUM
fsr-3820	150	6	)	)	PUNCT
fsr-3820	150	7	1997	1997	NUM
fsr-3820	150	8	table	table	NOUN
fsr-3820	150	9	2	2	NUM
fsr-3820	150	10	panel	panel	NOUN
fsr-3820	150	11	a.	a.	NOUN
fsr-3820	150	12	thrifts	thrift	NOUN
fsr-3820	150	13	regression	regression	VERB
fsr-3820	150	14	results	result	NOUN
fsr-3820	150	15	for	for	ADP
fsr-3820	150	16	a	a	DET
fsr-3820	150	17	sample	sample	NOUN
fsr-3820	150	18	of	of	ADP
fsr-3820	150	19	119	119	NUM
fsr-3820	150	20	thrift	thrift	NOUN
fsr-3820	150	21	ipos	ipos	NOUN
fsr-3820	150	22	from	from	ADP
fsr-3820	150	23	1982	1982	NUM
fsr-3820	150	24	through	through	ADP
fsr-3820	150	25	1994	1994	NUM
fsr-3820	150	26	,	,	PUNCT
fsr-3820	150	27	where	where	SCONJ
fsr-3820	150	28	initial	initial	ADJ
fsr-3820	150	29	return	return	NOUN
fsr-3820	150	30	is	be	AUX
fsr-3820	150	31	the	the	DET
fsr-3820	150	32	dependent	dependent	ADJ
fsr-3820	150	33	variable	variable	ADJ
fsr-3820	150	34	conversn	conversn	PROPN
fsr-3820	150	35	repute	repute	NOUN
fsr-3820	150	36	(	(	PUNCT
fsr-3820	150	37	n	n	CCONJ
fsr-3820	150	38	a&r2	a&r2	NUM
fsr-3820	150	39	intercept	intercept	NOUN
fsr-3820	150	40	(	(	PUNCT
fsr-3820	150	41	ii	ii	NOUN
fsr-3820	150	42	=	=	SYM
fsr-3820	150	43	107	107	NUM
fsr-3820	150	44	)	)	PUNCT
fsr-3820	150	45	lofxze	lofxze	NOUN
fsr-3820	150	46	age	age	NOUN
fsr-3820	150	47	=	=	NOUN
fsr-3820	150	48	60	60	NUM
fsr-3820	150	49	)	)	PUNCT
fsr-3820	150	50	std	std	NOUN
fsr-3820	150	51	prub	prub	NOUN
fsr-3820	150	52	f	f	PROPN
fsr-3820	150	53	model	model	NOUN
fsr-3820	150	54	1	1	NUM
fsr-3820	150	55	0.049	0.049	NUM
fsr-3820	150	56	-0.001	-0.001	PUNCT
fsr-3820	150	57	-0.013	-0.013	PUNCT
fsr-3820	150	58	0.000	0.000	NUM
fsr-3820	150	59	-0.032	-0.032	ADP
fsr-3820	150	60	3.44	3.44	NUM
fsr-3820	150	61	0.1037	0.1037	NUM
fsr-3820	150	62	(	(	PUNCT
fsr-3820	150	63	i	i	NOUN
fsr-3820	150	64	.33	.33	NUM
fsr-3820	150	65	)	)	PUNCT
fsr-3820	150	66	(	(	PUNCT
fsr-3820	150	67	-0.17	-0.17	NOUN
fsr-3820	150	68	)	)	PUNCT
fsr-3820	150	69	(	(	PUNCT
fsr-3820	150	70	-1.43	-1.43	NUM
fsr-3820	150	71	)	)	PUNCT
fsr-3820	150	72	(	(	PUNCT
fsr-3820	150	73	0.22	0.22	NUM
fsr-3820	150	74	)	)	PUNCT
fsr-3820	150	75	(	(	PUNCT
fsr-3820	150	76	-lso	-lso	ADV
fsr-3820	150	77	)	)	PUNCT
fsr-3820	150	78	*	*	PUNCT
fsr-3820	151	1	*	*	PUNCT
fsr-3820	151	2	*	*	PUNCT
fsr-3820	151	3	(	(	PUNCT
fsr-3820	151	4	3.32	3.32	NUM
fsr-3820	151	5	)	)	PUNCT
fsr-3820	151	6	*	*	PUNCT
fsr-3820	152	1	0.0037	0.0037	NUM
fsr-3820	152	2	model	model	NOUN
fsr-3820	152	3	2	2	NUM
fsr-3820	152	4	0.029	0.029	NUM
fsr-3820	152	5	-0.007	-0.007	X
fsr-3820	152	6	0.000	0.000	NUM
fsr-3820	152	7	-0.048	-0.048	NOUN
fsr-3820	152	8	3.51	3.51	NUM
fsr-3820	152	9	0.0959	0.0959	NUM
fsr-3820	152	10	(	(	PUNCT
fsr-3820	152	11	0.85	0.85	NUM
fsr-3820	152	12	)	)	PUNCT
fsr-3820	152	13	(	(	PUNCT
fsr-3820	152	14	-0.21	-0.21	NUM
fsr-3820	152	15	)	)	PUNCT
fsr-3820	152	16	(	(	PUNCT
fsr-3820	152	17	0.04	0.04	NUM
fsr-3820	152	18	)	)	PUNCT
fsr-3820	152	19	(	(	PUNCT
fsr-3820	152	20	-2.56	-2.56	NUM
fsr-3820	152	21	)	)	PUNCT
fsr-3820	152	22	*	*	PUNCT
fsr-3820	152	23	(	(	PUNCT
fsr-3820	152	24	3.37	3.37	NUM
fsr-3820	152	25	)	)	PUNCT
fsr-3820	152	26	*	*	PUNCT
fsr-3820	152	27	0.0037	0.0037	NUM
fsr-3820	152	28	panel	panel	NOUN
fsr-3820	152	29	b.	b.	PROPN
fsr-3820	152	30	banks	bank	NOUN
fsr-3820	152	31	and	and	CCONJ
fsr-3820	152	32	thrifts	thrift	NOUN
fsr-3820	152	33	regression	regression	VERB
fsr-3820	152	34	results	result	NOUN
fsr-3820	152	35	for	for	ADP
fsr-3820	152	36	a	a	DET
fsr-3820	152	37	sample	sample	NOUN
fsr-3820	152	38	of	of	ADP
fsr-3820	152	39	152	152	NUM
fsr-3820	152	40	thrift	thrift	NOUN
fsr-3820	152	41	and	and	CCONJ
fsr-3820	152	42	commercial	commercial	ADJ
fsr-3820	152	43	bank	bank	PROPN
fsr-3820	152	44	ipos	ipos	NOUN
fsr-3820	152	45	from	from	ADP
fsr-3820	152	46	1982	1982	NUM
fsr-3820	152	47	through	through	ADP
fsr-3820	152	48	1994	1994	NUM
fsr-3820	152	49	,	,	PUNCT
fsr-3820	152	50	where	where	SCONJ
fsr-3820	152	51	initial	initial	ADJ
fsr-3820	152	52	return	return	NOUN
fsr-3820	152	53	is	be	AUX
fsr-3820	152	54	the	the	DET
fsr-3820	152	55	dependent	dependent	ADJ
fsr-3820	152	56	variable	variable	ADJ
fsr-3820	152	57	converse	converse	NOUN
fsr-3820	152	58	repute	repute	NOUN
fsr-3820	152	59	adj	adj	PROPN
fsr-3820	152	60	r2	r2	PROPN
fsr-3820	152	61	intercept	intercept	PROPN
fsr-3820	152	62	{	{	PUNCT
fsr-3820	152	63	rz	rz	NOUN
fsr-3820	152	64	=	=	SYM
fsr-3820	152	65	107	107	NUM
fsr-3820	152	66	)	)	PUNCT
fsr-3820	152	67	lofsize	lofsize	VERB
fsr-3820	152	68	age	age	NOUN
fsr-3820	152	69	fn	fn	NOUN
fsr-3820	152	70	=	=	SYM
fsr-3820	152	71	69	69	NUM
fsr-3820	152	72	)	)	PUNCT
fsr-3820	152	73	std	std	NOUN
fsr-3820	152	74	prob	prob	PROPN
fsr-3820	152	75	>	>	X
fsr-3820	152	76	f	f	X
fsr-3820	152	77	~	~	PUNCT
fsr-3820	152	78	..	..	PUNCT
fsr-3820	152	79	--	--	PUNCT
fsr-3820	152	80	.....	.....	PUNCT
fsr-3820	152	81	model	model	NOUN
fsr-3820	152	82	1	1	NUM
fsr-3820	152	83	0.043	0.043	NUM
fsr-3820	152	84	0.0001	0.0001	NUM
fsr-3820	152	85	-0.017	-0.017	ADP
fsr-3820	152	86	o.octll	o.octll	NUM
fsr-3820	152	87	-0.010	-0.010	NUM
fsr-3820	152	88	3.30	3.30	NUM
fsr-3820	152	89	0.1001	0.1001	NUM
fsr-3820	152	90	(	(	PUNCT
fsr-3820	152	91	1.74	1.74	NUM
fsr-3820	152	92	)	)	PUNCT
fsr-3820	152	93	*	*	PUNCT
fsr-3820	153	1	*	*	PUNCT
fsr-3820	153	2	*	*	PUNCT
fsr-3820	153	3	(	(	PUNCT
fsr-3820	153	4	0.004	0.004	NUM
fsr-3820	153	5	)	)	PUNCT
fsr-3820	153	6	(	(	PUNCT
fsr-3820	153	7	1.42	1.42	NUM
fsr-3820	153	8	)	)	PUNCT
fsr-3820	153	9	(	(	PUNCT
fsr-3820	153	10	.036	.036	NUM
fsr-3820	153	11	)	)	PUNCT
fsr-3820	153	12	(	(	PUNCT
fsr-3820	153	13	0.39	0.39	NUM
fsr-3820	153	14	)	)	PUNCT
fsr-3820	153	15	(	(	PUNCT
fsr-3820	153	16	3.29	3.29	NUM
fsr-3820	153	17	)	)	PUNCT
fsr-3820	153	18	*	*	PUNCT
fsr-3820	154	1	0.0010	0.0010	NUM
fsr-3820	154	2	model	model	NOUN
fsr-3820	154	3	2	2	NUM
fsr-3820	154	4	0.012	0.012	NUM
fsr-3820	154	5	0.001	0.001	NUM
fsr-3820	154	6	0.000	0.000	NUM
fsr-3820	154	7	-0.029	-0.029	NOUN
fsr-3820	154	8	3.41	3.41	NUM
fsr-3820	154	9	0.0826	0.0826	NUM
fsr-3820	154	10	(	(	PUNCT
fsr-3820	154	11	0.58	0.58	NUM
fsr-3820	154	12	)	)	PUNCT
fsr-3820	154	13	(	(	PUNCT
fsr-3820	154	14	0.06	0.06	NUM
fsr-3820	154	15	)	)	PUNCT
fsr-3820	154	16	(	(	PUNCT
fsr-3820	154	17	0.12	0.12	NUM
fsr-3820	154	18	)	)	PUNCT
fsr-3820	154	19	(	(	PUNCT
fsr-3820	154	20	-1.62	-1.62	NOUN
fsr-3820	154	21	)	)	PUNCT
fsr-3820	154	22	*	*	PUNCT
fsr-3820	155	1	*	*	PUNCT
fsr-3820	155	2	*	*	PUNCT
fsr-3820	155	3	(	(	PUNCT
fsr-3820	155	4	3.87	3.87	NUM
fsr-3820	155	5	)	)	PUNCT
fsr-3820	155	6	*	*	PUNCT
fsr-3820	156	1	0.0022	0.0022	NUM
fsr-3820	156	2	niritps	niritps	ADV
fsr-3820	156	3	:	:	PUNCT
fsr-3820	156	4	*	*	PUNCT
fsr-3820	156	5	sqnificant	sqnificant	ADJ
fsr-3820	156	6	at	at	ADP
fsr-3820	156	7	1	1	NUM
fsr-3820	156	8	%	%	NOUN
fsr-3820	156	9	level	level	NOUN
fsr-3820	156	10	.	.	PUNCT
fsr-3820	157	1	one	one	NUM
fsr-3820	157	2	-	-	PUNCT
fsr-3820	157	3	tail	tail	NOUN
fsr-3820	157	4	test	test	NOUN
fsr-3820	157	5	.	.	PUNCT
fsr-3820	157	6	’	'	PUNCT
fsr-3820	158	1	*	*	PUNCT
fsr-3820	158	2	*	*	PUNCT
fsr-3820	158	3	significant	significant	ADJ
fsr-3820	158	4	at	at	ADP
fsr-3820	158	5	10	10	NUM
fsr-3820	158	6	%	%	NOUN
fsr-3820	158	7	level	level	NOUN
fsr-3820	158	8	,	,	PUNCT
fsr-3820	158	9	one	one	NUM
fsr-3820	158	10	-	-	PUNCT
fsr-3820	158	11	tail	tail	NOUN
fsr-3820	158	12	cat	cat	NOUN
fsr-3820	158	13	.	.	PUNCT
fsr-3820	159	1	rerun	rerun	NOUN
fsr-3820	159	2	=	=	PUNCT
fsr-3820	159	3	(	(	PUNCT
fsr-3820	159	4	price	price	NOUN
fsr-3820	159	5	at	at	ADP
fsr-3820	159	6	close	close	ADV
fsr-3820	159	7	of	of	ADP
fsr-3820	159	8	first	first	ADJ
fsr-3820	159	9	day	day	NOUN
fsr-3820	159	10	of	of	ADP
fsr-3820	159	11	tr	tr	VERB
fsr-3820	159	12	~	~	NOUN
fsr-3820	159	13	din~/~fer	din~/~fer	VERB
fsr-3820	159	14	pricei	pricei	NOUN
fsr-3820	159	15	-1	-1	X
fsr-3820	159	16	0	0	X
fsr-3820	159	17	.	.	PUNCT
fsr-3820	159	18	crsp	crsp	PROPN
fsr-3820	159	19	provides	provide	VERB
fsr-3820	159	20	the	the	DET
fsr-3820	159	21	closing	closing	NOUN
fsr-3820	159	22	price	price	NOUN
fsr-3820	159	23	nn	nn	PROPN
fsr-3820	159	24	day	day	NOUN
fsr-3820	159	25	r	r	NOUN
fsr-3820	159	26	or	or	CCONJ
fsr-3820	159	27	the	the	DET
fsr-3820	159	28	average	average	NOUN
fsr-3820	159	29	of	of	ADP
fsr-3820	159	30	the	the	DET
fsr-3820	159	31	bid	bid	NOUN
fsr-3820	159	32	/	/	SYM
fsr-3820	159	33	ask	ask	VERB
fsr-3820	159	34	prices	price	NOUN
fsr-3820	159	35	convrsn	convrsn	NOUN
fsr-3820	160	1	=	=	PUNCT
fsr-3820	160	2	i	i	INTJ
fsr-3820	160	3	,	,	PUNCT
fsr-3820	160	4	if	if	SCONJ
fsr-3820	160	5	the	the	DET
fsr-3820	160	6	thrift	thrift	NOUN
fsr-3820	160	7	ipo	ipo	NOUN
fsr-3820	160	8	was	be	AUX
fsr-3820	160	9	preceded	precede	VERB
fsr-3820	160	10	by	by	ADP
fsr-3820	160	11	the	the	DET
fsr-3820	160	12	c	c	PROPN
fsr-3820	160	13	~	~	NOUN
fsr-3820	160	14	nvetxon	nvetxon	NOUN
fsr-3820	160	15	of	of	ADP
fsr-3820	160	16	the	the	DET
fsr-3820	160	17	thrift	thrift	NOUN
fsr-3820	160	18	from	from	ADP
fsr-3820	160	19	mutual	mutual	ADJ
fsr-3820	160	20	ownership	ownership	NOUN
fsr-3820	160	21	to	to	ADP
fsr-3820	160	22	stock	stock	NOUN
fsr-3820	160	23	ownership	ownership	NOUN
fsr-3820	160	24	,	,	PUNCT
fsr-3820	160	25	0	0	NUM
fsr-3820	160	26	otherwise	otherwise	ADV
fsr-3820	160	27	.	.	PUNCT
fsr-3820	161	1	lofsize	lofsize	VERB
fsr-3820	161	2	=	=	PUNCT
fsr-3820	161	3	the	the	DET
fsr-3820	161	4	natural	natural	ADJ
fsr-3820	161	5	log	log	NOUN
fsr-3820	161	6	of	of	ADP
fsr-3820	161	7	the	the	DET
fsr-3820	161	8	product	product	NOUN
fsr-3820	161	9	of	of	ADP
fsr-3820	161	10	crtyrr	crtyrr	ADJ
fsr-3820	161	11	prices	price	NOUN
fsr-3820	161	12	and	and	CCONJ
fsr-3820	161	13	number	number	NOUN
fsr-3820	161	14	of	of	ADP
fsr-3820	161	15	shares	share	NOUN
fsr-3820	161	16	offered	offer	VERB
fsr-3820	161	17	.	.	PUNCT
fsr-3820	162	1	age	age	NOUN
fsr-3820	162	2	=	=	SYM
fsr-3820	162	3	year	year	NOUN
fsr-3820	162	4	of	of	ADP
fsr-3820	162	5	1po	1po	ADJ
fsr-3820	162	6	year	year	NOUN
fsr-3820	162	7	of	of	ADP
fsr-3820	162	8	e%ablishment	e%ablishment	PROPN
fsr-3820	162	9	.	.	PUNCT
fsr-3820	163	1	repute	repute	NOUN
fsr-3820	163	2	=	=	PROPN
fsr-3820	163	3	i	i	PROPN
fsr-3820	163	4	,	,	PUNCT
fsr-3820	163	5	if	if	SCONJ
fsr-3820	163	6	the	the	DET
fsr-3820	163	7	lead	lead	ADJ
fsr-3820	163	8	underwriter	underwriter	NOUN
fsr-3820	163	9	is	be	AUX
fsr-3820	163	10	among	among	ADP
fsr-3820	163	11	:	:	PUNCT
fsr-3820	163	12	the	the	DET
fsr-3820	163	13	top	top	ADJ
fsr-3820	163	14	i5	i5	NOUN
fsr-3820	163	15	in	in	ADP
fsr-3820	163	16	marker	marker	NOUN
fsr-3820	163	17	value	value	NOUN
fsr-3820	163	18	listed	list	VERB
fsr-3820	163	19	m	m	VERB
fsr-3820	163	20	the	the	DET
fsr-3820	163	21	directory	directory	NOUN
fsr-3820	163	22	of	of	ADP
fsr-3820	163	23	corporate	corporate	ADJ
fsr-3820	163	24	fmance	fmance	NOUN
fsr-3820	163	25	for	for	ADP
fsr-3820	163	26	year	year	NOUN
fsr-3820	163	27	of	of	ADP
fsr-3820	163	28	issue	issue	NOUN
fsr-3820	163	29	,	,	PUNCT
fsr-3820	163	30	0	0	NUM
fsr-3820	163	31	otherwise	otherwise	ADV
fsr-3820	163	32	.	.	PUNCT
fsr-3820	164	1	std	std	NOUN
fsr-3820	164	2	is	be	AUX
fsr-3820	164	3	the	the	DET
fsr-3820	164	4	stindard	stindard	NOUN
fsr-3820	164	5	deviation	deviation	NOUN
fsr-3820	164	6	of	of	ADP
fsr-3820	164	7	the	the	DET
fsr-3820	164	8	first	first	ADJ
fsr-3820	164	9	20	20	NUM
fsr-3820	164	10	returns	return	NOUN
fsr-3820	164	11	relative	relative	ADJ
fsr-3820	164	12	to	to	ADP
fsr-3820	164	13	the	the	DET
fsr-3820	164	14	day	day	NOUN
fsr-3820	164	15	of	of	ADP
fsr-3820	164	16	trading	trading	NOUN
fsr-3820	164	17	.	.	PUNCT
fsr-3820	165	1	regression	regression	NOUN
fsr-3820	165	2	models	model	NOUN
fsr-3820	165	3	were	be	AUX
fsr-3820	165	4	tested	test	VERB
fsr-3820	165	5	for	for	ADP
fsr-3820	165	6	heternskeda&tlcrty	heternskeda&tlcrty	PROPN
fsr-3820	165	7	.	.	PUNCT
fsr-3820	165	8	panel	panel	PROPN
fsr-3820	165	9	8	8	NUM
fsr-3820	165	10	,	,	PUNCT
fsr-3820	165	11	model	model	NOUN
fsr-3820	165	12	1	1	NUM
fsr-3820	165	13	exhibits	exhibit	VERB
fsr-3820	165	14	heteroskedarticify	heteroskedarticify	PROPN
fsr-3820	165	15	.	.	PUNCT
fsr-3820	166	1	aymp	aymp	PROPN
fsr-3820	166	2	totic	totic	PROPN
fsr-3820	167	1	i	i	PROPN
fsr-3820	167	2	-	-	PUNCT
fsr-3820	167	3	stafst	stafst	NOUN
fsr-3820	167	4	~	~	SYM
fsr-3820	167	5	cs	c	NOUN
fsr-3820	167	6	are	be	AUX
fsr-3820	167	7	reported	report	VERB
fsr-3820	167	8	besed	bese	VERB
fsr-3820	167	9	on	on	ADP
fsr-3820	167	10	white	white	ADJ
fsr-3820	167	11	(	(	PUNCT
fsr-3820	167	12	1980	1980	NUM
fsr-3820	167	13	)	)	PUNCT
fsr-3820	167	14	.	.	PUNCT
fsr-3820	168	1	the	the	DET
fsr-3820	168	2	adjustment	adjustment	NOUN
fsr-3820	168	3	rcsulfs	rcsulfs	NOUN
fsr-3820	168	4	in	in	ADP
fsr-3820	168	5	test	test	NOUN
fsr-3820	168	6	statstics	statstic	NOUN
fsr-3820	168	7	whzh	whzh	NOUN
fsr-3820	168	8	are	be	AUX
fsr-3820	168	9	posttive	posttive	ADJ
fsr-3820	168	10	.	.	PUNCT
fsr-3820	169	1	regardless	regardless	ADV
fsr-3820	169	2	of	of	ADP
fsr-3820	169	3	rhc	rhc	NOUN
fsr-3820	169	4	sign	sign	NOUN
fsr-3820	169	5	of	of	ADP
fsr-3820	169	6	the	the	DET
fsr-3820	169	7	coefficient	coefficient	NOUN
fsr-3820	169	8	.	.	PUNCT
fsr-3820	170	1	the	the	DET
fsr-3820	170	2	results	result	NOUN
fsr-3820	170	3	in	in	ADP
fsr-3820	170	4	panel	panel	NOUN
fsr-3820	170	5	b	b	NOUN
fsr-3820	170	6	are	be	AUX
fsr-3820	170	7	consistent	consistent	ADJ
fsr-3820	170	8	with	with	ADP
fsr-3820	170	9	those	those	PRON
fsr-3820	170	10	in	in	ADP
fsr-3820	170	11	panel	panel	NOUN
fsr-3820	170	12	a.	a.	NOUN
fsr-3820	170	13	conversion	conversion	PROPN
fsr-3820	170	14	is	be	AUX
fsr-3820	170	15	not	not	PART
fsr-3820	170	16	found	find	VERB
fsr-3820	170	17	to	to	PART
fsr-3820	170	18	affect	affect	VERB
fsr-3820	170	19	initial	initial	ADJ
fsr-3820	170	20	returns	return	NOUN
fsr-3820	170	21	,	,	PUNCT
fsr-3820	170	22	while	while	SCONJ
fsr-3820	170	23	underwriter	underwriter	NOUN
fsr-3820	170	24	reputation	reputation	NOUN
fsr-3820	170	25	and	and	CCONJ
fsr-3820	170	26	post	post	ADJ
fsr-3820	170	27	-	-	ADJ
fsr-3820	170	28	offer	offer	ADJ
fsr-3820	170	29	volatility	volatility	NOUN
fsr-3820	170	30	are	be	AUX
fsr-3820	170	31	both	both	PRON
fsr-3820	170	32	associ	associ	NOUN
fsr-3820	170	33	ated	ate	VERB
fsr-3820	170	34	with	with	ADP
fsr-3820	170	35	underpricing	underprice	VERB
fsr-3820	170	36	.	.	PUNCT
fsr-3820	171	1	after	after	ADP
fsr-3820	171	2	controlling	control	VERB
fsr-3820	171	3	for	for	ADP
fsr-3820	171	4	factors	factor	NOUN
fsr-3820	171	5	associated	associate	VERB
fsr-3820	171	6	with	with	ADP
fsr-3820	171	7	asymmetric	asymmetric	ADJ
fsr-3820	171	8	information	information	NOUN
fsr-3820	171	9	,	,	PUNCT
fsr-3820	171	10	we	we	PRON
fsr-3820	171	11	find	find	VERB
fsr-3820	171	12	no	no	DET
fsr-3820	171	13	evi	evi	NOUN
fsr-3820	171	14	dence	dence	NOUN
fsr-3820	171	15	that	that	SCONJ
fsr-3820	171	16	conversion	conversion	NOUN
fsr-3820	171	17	significantly	significantly	ADV
fsr-3820	171	18	affects	affect	VERB
fsr-3820	171	19	ipo	ipo	PROPN
fsr-3820	171	20	unde~~cing	unde~~cing	NOUN
fsr-3820	171	21	.	.	PUNCT
fsr-3820	172	1	this	this	PRON
fsr-3820	172	2	suggests	suggest	VERB
fsr-3820	172	3	that	that	SCONJ
fsr-3820	172	4	the	the	DET
fsr-3820	172	5	act	act	NOUN
fsr-3820	172	6	of	of	ADP
fsr-3820	172	7	conversion	conversion	NOUN
fsr-3820	172	8	does	do	AUX
fsr-3820	172	9	not	not	PART
fsr-3820	172	10	significantly	significantly	ADV
fsr-3820	172	11	influence	influence	VERB
fsr-3820	172	12	the	the	DET
fsr-3820	172	13	initial	initial	ADJ
fsr-3820	172	14	returns	return	NOUN
fsr-3820	172	15	of	of	ADP
fsr-3820	172	16	ipos	ipos	NOUN
fsr-3820	172	17	of	of	ADP
fsr-3820	172	18	financial	financial	ADJ
fsr-3820	172	19	institu	institu	NOUN
fsr-3820	172	20	tions	tion	NOUN
fsr-3820	172	21	.	.	PUNCT
fsr-3820	173	1	this	this	DET
fsr-3820	173	2	result	result	NOUN
fsr-3820	173	3	contrasts	contrast	VERB
fsr-3820	173	4	with	with	ADP
fsr-3820	173	5	alli	alli	PROPN
fsr-3820	173	6	,	,	PUNCT
fsr-3820	173	7	yau	yau	PROPN
fsr-3820	173	8	,	,	PUNCT
fsr-3820	173	9	and	and	CCONJ
fsr-3820	173	10	yung	yung	NOUN
fsr-3820	173	11	(	(	PUNCT
fsr-3820	173	12	1994	1994	NUM
fsr-3820	173	13	)	)	PUNCT
fsr-3820	173	14	who	who	PRON
fsr-3820	173	15	report	report	VERB
fsr-3820	173	16	conversion	conversion	NOUN
fsr-3820	173	17	-	-	PUNCT
fsr-3820	173	18	related	relate	VERB
fsr-3820	173	19	ipos	ipos	NOUN
fsr-3820	173	20	are	be	AUX
fsr-3820	173	21	significantly	significantly	ADV
fsr-3820	173	22	more	more	ADV
fsr-3820	173	23	underpriced	underpriced	ADJ
fsr-3820	173	24	than	than	ADP
fsr-3820	173	25	ipos	ipos	NOUN
fsr-3820	173	26	of	of	ADP
fsr-3820	173	27	other	other	ADJ
fsr-3820	173	28	financial	financial	ADJ
fsr-3820	173	29	institutions	institution	NOUN
fsr-3820	173	30	.	.	PUNCT
fsr-3820	174	1	vi	vi	X
fsr-3820	174	2	.	.	PROPN
fsr-3820	174	3	conclusion	conclusion	VERB
fsr-3820	174	4	the	the	DET
fsr-3820	174	5	results	result	NOUN
fsr-3820	174	6	of	of	ADP
fsr-3820	174	7	the	the	DET
fsr-3820	174	8	study	study	NOUN
fsr-3820	174	9	indicate	indicate	VERB
fsr-3820	174	10	that	that	SCONJ
fsr-3820	174	11	initial	initial	ADJ
fsr-3820	174	12	stock	stock	NOUN
fsr-3820	174	13	offers	offer	NOUN
fsr-3820	174	14	of	of	ADP
fsr-3820	174	15	converting	convert	VERB
fsr-3820	174	16	thrifts	thrift	NOUN
fsr-3820	174	17	are	be	AUX
fsr-3820	174	18	not	not	PART
fsr-3820	174	19	priced	price	VERB
fsr-3820	174	20	differently	differently	ADV
fsr-3820	174	21	than	than	ADP
fsr-3820	174	22	ipos	ipos	NOUN
fsr-3820	174	23	of	of	ADP
fsr-3820	174	24	other	other	ADJ
fsr-3820	174	25	financial	financial	ADJ
fsr-3820	174	26	institutions	institution	NOUN
fsr-3820	174	27	.	.	PUNCT
fsr-3820	175	1	from	from	ADP
fsr-3820	175	2	1982	1982	NUM
fsr-3820	175	3	through	through	ADP
fsr-3820	175	4	1994	1994	NUM
fsr-3820	175	5	fully	fully	ADV
fsr-3820	175	6	under	under	ADP
fsr-3820	175	7	written	write	VERB
fsr-3820	175	8	,	,	PUNCT
fsr-3820	175	9	conversion	conversion	NOUN
fsr-3820	175	10	-	-	PUNCT
fsr-3820	175	11	related	relate	VERB
fsr-3820	175	12	ipos	ipos	NOUN
fsr-3820	175	13	were	be	AUX
fsr-3820	175	14	underpriced	underprice	VERB
fsr-3820	175	15	,	,	PUNCT
fsr-3820	175	16	on	on	ADP
fsr-3820	175	17	average	average	ADJ
fsr-3820	175	18	,	,	PUNCT
fsr-3820	175	19	approximately	approximately	ADV
fsr-3820	175	20	7	7	NUM
fsr-3820	175	21	%	%	NOUN
fsr-3820	175	22	.	.	PUNCT
fsr-3820	176	1	the	the	DET
fsr-3820	176	2	evidence	evidence	NOUN
fsr-3820	176	3	is	be	AUX
fsr-3820	176	4	inconsistent	inconsistent	ADJ
fsr-3820	176	5	with	with	ADP
fsr-3820	176	6	claims	claim	NOUN
fsr-3820	176	7	that	that	SCONJ
fsr-3820	176	8	abnormal	abnormal	ADJ
fsr-3820	176	9	or	or	CCONJ
fsr-3820	176	10	windfall	windfall	NOUN
fsr-3820	176	11	gains	gain	NOUN
fsr-3820	176	12	accrue	accrue	ADJ
fsr-3820	176	13	to	to	ADP
fsr-3820	176	14	investors	investor	NOUN
fsr-3820	176	15	in	in	ADP
fsr-3820	176	16	conversions	conversion	NOUN
fsr-3820	176	17	of	of	ADP
fsr-3820	176	18	mutual	mutual	ADJ
fsr-3820	176	19	savings	saving	NOUN
fsr-3820	176	20	institutions	institution	NOUN
fsr-3820	176	21	149	149	NUM
fsr-3820	176	22	conversion	conversion	NOUN
fsr-3820	176	23	-	-	PUNCT
fsr-3820	176	24	related	relate	VERB
fsr-3820	176	25	ipos	ipos	NOUN
fsr-3820	176	26	.	.	PUNCT
fsr-3820	177	1	thus	thus	ADV
fsr-3820	177	2	,	,	PUNCT
fsr-3820	177	3	there	there	PRON
fsr-3820	177	4	is	be	VERB
fsr-3820	177	5	no	no	DET
fsr-3820	177	6	support	support	NOUN
fsr-3820	177	7	for	for	ADP
fsr-3820	177	8	the	the	DET
fsr-3820	177	9	assertion	assertion	NOUN
fsr-3820	177	10	that	that	SCONJ
fsr-3820	177	11	managers	manager	NOUN
fsr-3820	177	12	of	of	ADP
fsr-3820	177	13	con	con	PROPN
fsr-3820	177	14	verting	verte	VERB
fsr-3820	177	15	financial	financial	ADJ
fsr-3820	177	16	institutions	institution	NOUN
fsr-3820	177	17	gain	gain	VERB
fsr-3820	177	18	at	at	ADP
fsr-3820	177	19	the	the	DET
fsr-3820	177	20	expense	expense	NOUN
fsr-3820	177	21	of	of	ADP
fsr-3820	177	22	depositors	depositor	NOUN
fsr-3820	177	23	by	by	ADP
fsr-3820	177	24	setting	set	VERB
fsr-3820	177	25	ipo	ipo	NOUN
fsr-3820	177	26	offer	offer	NOUN
fsr-3820	177	27	prices	price	NOUN
fsr-3820	177	28	too	too	ADV
fsr-3820	177	29	low	low	ADJ
fsr-3820	177	30	.	.	PUNCT
fsr-3820	178	1	conversion	conversion	NOUN
fsr-3820	178	2	-	-	PUNCT
fsr-3820	178	3	related	relate	VERB
fsr-3820	178	4	ipos	ipos	NOUN
fsr-3820	178	5	do	do	AUX
fsr-3820	178	6	provide	provide	VERB
fsr-3820	178	7	the	the	DET
fsr-3820	178	8	opportunity	opportunity	NOUN
fsr-3820	178	9	for	for	SCONJ
fsr-3820	178	10	depositors	depositor	NOUN
fsr-3820	178	11	to	to	PART
fsr-3820	178	12	participate	participate	VERB
fsr-3820	178	13	in	in	ADP
fsr-3820	178	14	an	an	DET
fsr-3820	178	15	ipo	ipo	NOUN
fsr-3820	178	16	without	without	ADP
fsr-3820	178	17	competition	competition	NOUN
fsr-3820	178	18	from	from	ADP
fsr-3820	178	19	institutional	institutional	ADJ
fsr-3820	178	20	investors	investor	NOUN
fsr-3820	178	21	.	.	PUNCT
fsr-3820	179	1	the	the	DET
fsr-3820	179	2	results	result	NOUN
fsr-3820	179	3	suggest	suggest	VERB
fsr-3820	179	4	that	that	SCONJ
fsr-3820	179	5	,	,	PUNCT
fsr-3820	179	6	in	in	ADP
fsr-3820	179	7	evaluating	evaluate	VERB
fsr-3820	179	8	conversion	conversion	NOUN
fsr-3820	179	9	-	-	PUNCT
fsr-3820	179	10	related	relate	VERB
fsr-3820	179	11	ipos	ipos	NOUN
fsr-3820	179	12	,	,	PUNCT
fsr-3820	179	13	depositors	depositor	NOUN
fsr-3820	179	14	and	and	CCONJ
fsr-3820	179	15	regulators	regulator	NOUN
fsr-3820	179	16	should	should	AUX
fsr-3820	179	17	focus	focus	VERB
fsr-3820	179	18	on	on	ADP
fsr-3820	179	19	issues	issue	NOUN
fsr-3820	179	20	other	other	ADJ
fsr-3820	179	21	than	than	ADP
fsr-3820	179	22	offer	offer	VERB
fsr-3820	179	23	price	price	NOUN
fsr-3820	179	24	.	.	PUNCT
fsr-3820	180	1	acknowledgments	acknowledgment	NOUN
fsr-3820	180	2	:	:	PUNCT
fsr-3820	180	3	we	we	PRON
fsr-3820	180	4	wish	wish	VERB
fsr-3820	180	5	to	to	PART
fsr-3820	180	6	thank	thank	VERB
fsr-3820	180	7	cyndi	cyndi	PROPN
fsr-3820	180	8	mcdonald	mcdonald	PROPN
fsr-3820	180	9	,	,	PUNCT
fsr-3820	180	10	james	james	PROPN
fsr-3820	180	11	wansley	wansley	PROPN
fsr-3820	180	12	,	,	PUNCT
fsr-3820	180	13	charlene	charlene	PROPN
fsr-3820	180	14	sullivan	sullivan	PROPN
fsr-3820	180	15	,	,	PUNCT
fsr-3820	180	16	and	and	CCONJ
fsr-3820	180	17	the	the	DET
fsr-3820	180	18	anonymous	anonymous	ADJ
fsr-3820	180	19	referees	referee	NOUN
fsr-3820	180	20	for	for	ADP
fsr-3820	180	21	their	their	PRON
fsr-3820	180	22	suggestions	suggestion	NOUN
fsr-3820	180	23	.	.	PUNCT
fsr-3820	181	1	thanks	thank	NOUN
fsr-3820	181	2	also	also	ADV
fsr-3820	181	3	to	to	ADP
fsr-3820	181	4	john	john	PROPN
fsr-3820	181	5	callahan	callahan	PROPN
fsr-3820	181	6	for	for	ADP
fsr-3820	181	7	his	his	PRON
fsr-3820	181	8	assistance	assistance	NOUN
fsr-3820	181	9	.	.	PUNCT
fsr-3820	182	1	references	reference	NOUN
fsr-3820	182	2	aharony	aharony	PROPN
fsr-3820	182	3	,	,	PUNCT
fsr-3820	182	4	j.	j.	PROPN
fsr-3820	182	5	,	,	PUNCT
fsr-3820	182	6	falk	falk	PROPN
fsr-3820	182	7	,	,	PUNCT
fsr-3820	182	8	h.	h.	PROPN
fsr-3820	182	9	,	,	PUNCT
fsr-3820	182	10	&	&	CCONJ
fsr-3820	182	11	lin	lin	PROPN
fsr-3820	182	12	,	,	PUNCT
fsr-3820	182	13	c.	c.	PROPN
fsr-3820	182	14	(	(	PUNCT
fsr-3820	182	15	1996	1996	NUM
fsr-3820	182	16	)	)	PUNCT
fsr-3820	182	17	.	.	PUNCT
fsr-3820	183	1	changes	change	NOUN
fsr-3820	183	2	in	in	ADP
fsr-3820	183	3	ownership	ownership	NOUN
fsr-3820	183	4	structure	structure	NOUN
fsr-3820	183	5	and	and	CCONJ
fsr-3820	183	6	the	the	DET
fsr-3820	183	7	value	value	NOUN
fsr-3820	183	8	of	of	ADP
fsr-3820	183	9	the	the	DET
fsr-3820	183	10	firm	firm	NOUN
fsr-3820	183	11	:	:	PUNCT
fsr-3820	183	12	the	the	DET
fsr-3820	183	13	case	case	NOUN
fsr-3820	183	14	for	for	ADP
fsr-3820	183	15	mutual	mutual	ADJ
fsr-3820	183	16	-	-	PUNCT
fsr-3820	183	17	to	to	ADP
fsr-3820	183	18	-	-	PUNCT
fsr-3820	183	19	stock	stock	NOUN
fsr-3820	183	20	converting	convert	VERB
fsr-3820	183	21	thrift	thrift	NOUN
fsr-3820	183	22	institutions	institution	NOUN
fsr-3820	183	23	.	.	PUNCT
fsr-3820	184	1	journal	journal	NOUN
fsr-3820	184	2	of	of	ADP
fsr-3820	184	3	corporate	corporate	ADJ
fsr-3820	184	4	finance	finance	NOUN
fsr-3820	184	5	,	,	PUNCT
fsr-3820	184	6	2(3	2(3	NUM
fsr-3820	184	7	)	)	PUNCT
fsr-3820	184	8	,	,	PUNCT
fsr-3820	184	9	301	301	NUM
fsr-3820	184	10	-	-	SYM
fsr-3820	184	11	316	316	NUM
fsr-3820	184	12	.	.	PUNCT
fsr-3820	185	1	alli	alli	PROPN
fsr-3820	185	2	,	,	PUNCT
fsr-3820	185	3	k.	k.	PROPN
fsr-3820	185	4	,	,	PUNCT
fsr-3820	185	5	yau	yau	PROPN
fsr-3820	185	6	,	,	PUNCT
fsr-3820	185	7	j.	j.	PROPN
fsr-3820	185	8	,	,	PUNCT
fsr-3820	185	9	&	&	CCONJ
fsr-3820	185	10	yung	yung	PROPN
fsr-3820	185	11	,	,	PUNCT
fsr-3820	185	12	k.	k.	PROPN
fsr-3820	185	13	(	(	PUNCT
fsr-3820	185	14	1994	1994	NUM
fsr-3820	185	15	)	)	PUNCT
fsr-3820	185	16	.	.	PUNCT
fsr-3820	186	1	the	the	DET
fsr-3820	186	2	underpricing	underpricing	NOUN
fsr-3820	186	3	of	of	ADP
fsr-3820	186	4	ipos	ipos	NOUN
fsr-3820	186	5	of	of	ADP
fsr-3820	186	6	financial	financial	ADJ
fsr-3820	186	7	institutions	institution	NOUN
fsr-3820	186	8	.	.	PUNCT
fsr-3820	187	1	journal	journal	PROPN
fsr-3820	187	2	of	of	ADP
fsr-3820	187	3	business	business	NOUN
fsr-3820	187	4	finance	finance	NOUN
fsr-3820	187	5	and	and	CCONJ
fsr-3820	187	6	accounting	accounting	NOUN
fsr-3820	187	7	,	,	PUNCT
fsr-3820	187	8	21	21	NUM
fsr-3820	187	9	,	,	PUNCT
fsr-3820	187	10	1023	1023	NUM
fsr-3820	187	11	-	-	SYM
fsr-3820	187	12	1030	1030	NUM
fsr-3820	187	13	.	.	PUNCT
fsr-3820	188	1	barth	barth	PROPN
fsr-3820	188	2	,	,	PUNCT
fsr-3820	188	3	j.r	j.r	PROPN
fsr-3820	188	4	.	.	PROPN
fsr-3820	188	5	,	,	PUNCT
fsr-3820	188	6	brumbaugh	brumbaugh	PROPN
fsr-3820	188	7	,	,	PUNCT
fsr-3820	188	8	b.	b.	PROPN
fsr-3820	188	9	,	,	PUNCT
fsr-3820	188	10	jr	jr	PROPN
fsr-3820	188	11	.	.	PROPN
fsr-3820	188	12	,	,	PUNCT
fsr-3820	188	13	&	&	CCONJ
fsr-3820	188	14	kleidon	kleidon	PROPN
fsr-3820	188	15	,	,	PUNCT
fsr-3820	188	16	a.w	a.w	PROPN
fsr-3820	188	17	.	.	PROPN
fsr-3820	188	18	(	(	PUNCT
fsr-3820	188	19	1994	1994	NUM
fsr-3820	188	20	)	)	PUNCT
fsr-3820	188	21	.	.	PUNCT
fsr-3820	189	1	“	"	PUNCT
fsr-3820	189	2	windfall	windfall	NOUN
fsr-3820	189	3	”	"	PUNCT
fsr-3820	189	4	gains	gain	NOUN
fsr-3820	189	5	in	in	ADP
fsr-3820	189	6	mutual	mutual	ADJ
fsr-3820	189	7	-	-	PUNCT
fsr-3820	189	8	to	to	ADP
fsr-3820	189	9	-	-	PUNCT
fsr-3820	189	10	stock	stock	NOUN
fsr-3820	189	11	con	con	NOUN
fsr-3820	189	12	versions	version	NOUN
fsr-3820	189	13	of	of	ADP
fsr-3820	189	14	thrift	thrift	NOUN
fsr-3820	189	15	institutions	institution	NOUN
fsr-3820	189	16	?	?	PUNCT
fsr-3820	190	1	challenge	challenge	NOUN
fsr-3820	190	2	,	,	PUNCT
fsr-3820	190	3	july	july	PROPN
fsr-3820	190	4	-	-	PUNCT
fsr-3820	190	5	august	august	PROPN
fsr-3820	190	6	,	,	PUNCT
fsr-3820	190	7	43	43	NUM
fsr-3820	190	8	-	-	SYM
fsr-3820	190	9	49	49	NUM
fsr-3820	190	10	.	.	PUNCT
fsr-3820	191	1	barry	barry	PROPN
fsr-3820	191	2	,	,	PUNCT
fsr-3820	191	3	c.b	c.b	PROPN
fsr-3820	191	4	.	.	PROPN
fsr-3820	191	5	,	,	PUNCT
fsr-3820	191	6	&	&	CCONJ
fsr-3820	191	7	brown	brown	PROPN
fsr-3820	191	8	,	,	PUNCT
fsr-3820	191	9	s.j	s.j	PROPN
fsr-3820	191	10	.	.	PROPN
fsr-3820	191	11	(	(	PUNCT
fsr-3820	191	12	1984	1984	NUM
fsr-3820	191	13	)	)	PUNCT
fsr-3820	191	14	.	.	PUNCT
fsr-3820	192	1	differential	differential	ADJ
fsr-3820	192	2	information	information	NOUN
fsr-3820	192	3	and	and	CCONJ
fsr-3820	192	4	the	the	DET
fsr-3820	192	5	small	small	ADJ
fsr-3820	192	6	firm	firm	ADJ
fsr-3820	192	7	effect	effect	NOUN
fsr-3820	192	8	.	.	PUNCT
fsr-3820	193	1	journal	journal	NOUN
fsr-3820	193	2	of	of	ADP
fsr-3820	193	3	financial	financial	ADJ
fsr-3820	193	4	economics	economic	NOUN
fsr-3820	193	5	,	,	PUNCT
fsr-3820	193	6	12(2	12(2	NUM
fsr-3820	193	7	)	)	PUNCT
fsr-3820	193	8	,	,	PUNCT
fsr-3820	193	9	283	283	NUM
fsr-3820	193	10	-	-	SYM
fsr-3820	193	11	294	294	NUM
fsr-3820	193	12	.	.	PUNCT
fsr-3820	194	1	beatty	beatty	PROPN
fsr-3820	194	2	,	,	PUNCT
fsr-3820	194	3	r.p	r.p	PROPN
fsr-3820	194	4	.	.	PROPN
fsr-3820	194	5	,	,	PUNCT
fsr-3820	194	6	&	&	CCONJ
fsr-3820	194	7	ritter	ritter	PROPN
fsr-3820	194	8	,	,	PUNCT
fsr-3820	194	9	j.r	j.r	PROPN
fsr-3820	194	10	.	.	PROPN
fsr-3820	194	11	(	(	PUNCT
fsr-3820	194	12	1986	1986	NUM
fsr-3820	194	13	)	)	PUNCT
fsr-3820	194	14	.	.	PUNCT
fsr-3820	195	1	investment	investment	NOUN
fsr-3820	195	2	banking	banking	NOUN
fsr-3820	195	3	,	,	PUNCT
fsr-3820	195	4	reputation	reputation	NOUN
fsr-3820	195	5	,	,	PUNCT
fsr-3820	195	6	and	and	CCONJ
fsr-3820	195	7	the	the	DET
fsr-3820	195	8	underpricing	underpricing	NOUN
fsr-3820	195	9	of	of	ADP
fsr-3820	195	10	initial	initial	ADJ
fsr-3820	195	11	public	public	ADJ
fsr-3820	195	12	offerings	offering	NOUN
fsr-3820	195	13	.	.	PUNCT
fsr-3820	196	1	journal	journal	NOUN
fsr-3820	196	2	of	of	ADP
fsr-3820	196	3	financial	financial	ADJ
fsr-3820	196	4	economics	economic	NOUN
fsr-3820	196	5	,	,	PUNCT
fsr-3820	196	6	15,213	15,213	NUM
fsr-3820	196	7	-	-	SYM
fsr-3820	196	8	232	232	NUM
fsr-3820	196	9	.	.	PUNCT
fsr-3820	197	1	carter	carter	PROPN
fsr-3820	197	2	,	,	PUNCT
fsr-3820	197	3	r.	r.	PROPN
fsr-3820	197	4	,	,	PUNCT
fsr-3820	197	5	&	&	CCONJ
fsr-3820	197	6	manaster	manaster	PROPN
fsr-3820	197	7	,	,	PUNCT
fsr-3820	197	8	s.	s.	PROPN
fsr-3820	197	9	(	(	PUNCT
fsr-3820	197	10	1990	1990	NUM
fsr-3820	197	11	)	)	PUNCT
fsr-3820	197	12	.	.	PUNCT
fsr-3820	198	1	initial	initial	ADJ
fsr-3820	198	2	public	public	ADJ
fsr-3820	198	3	offerings	offering	NOUN
fsr-3820	198	4	and	and	CCONJ
fsr-3820	198	5	underwriter	underwriter	NOUN
fsr-3820	198	6	reputation	reputation	NOUN
fsr-3820	198	7	.	.	PUNCT
fsr-3820	199	1	journal	journal	NOUN
fsr-3820	199	2	of	of	ADP
fsr-3820	199	3	finance	finance	NOUN
fsr-3820	199	4	,	,	PUNCT
fsr-3820	199	5	45	45	NUM
fsr-3820	199	6	,	,	PUNCT
fsr-3820	199	7	1045	1045	NUM
fsr-3820	199	8	-	-	SYM
fsr-3820	199	9	1067	1067	NUM
fsr-3820	199	10	.	.	PUNCT
fsr-3820	200	1	cordell	cordell	PROPN
fsr-3820	200	2	,	,	PUNCT
fsr-3820	200	3	l.	l.	PROPN
fsr-3820	200	4	,	,	PUNCT
fsr-3820	200	5	macdonald	macdonald	PROPN
fsr-3820	200	6	,	,	PUNCT
fsr-3820	200	7	g.	g.	PROPN
fsr-3820	200	8	,	,	PUNCT
fsr-3820	200	9	&	&	CCONJ
fsr-3820	200	10	wohar	wohar	PROPN
fsr-3820	200	11	,	,	PUNCT
fsr-3820	200	12	m.	m.	NOUN
fsr-3820	200	13	(	(	PUNCT
fsr-3820	200	14	1993	1993	NUM
fsr-3820	200	15	)	)	PUNCT
fsr-3820	200	16	.	.	PUNCT
fsr-3820	201	1	corporate	corporate	ADJ
fsr-3820	201	2	ownership	ownership	NOUN
fsr-3820	201	3	and	and	CCONJ
fsr-3820	201	4	the	the	DET
fsr-3820	201	5	thrift	thrift	NOUN
fsr-3820	201	6	crisis	crisis	NOUN
fsr-3820	201	7	.	.	PUNCT
fsr-3820	202	1	journal	journal	PROPN
fsr-3820	202	2	of	of	ADP
fsr-3820	202	3	law	law	NOUN
fsr-3820	202	4	and	and	CCONJ
fsr-3820	202	5	economics	economic	NOUN
fsr-3820	202	6	,	,	PUNCT
fsr-3820	202	7	36,719	36,719	NUM
fsr-3820	202	8	-	-	SYM
fsr-3820	202	9	755	755	NUM
fsr-3820	202	10	.	.	PUNCT
fsr-3820	203	1	dunham	dunham	PROPN
fsr-3820	203	2	,	,	PUNCT
fsr-3820	203	3	c.	c.	PROPN
fsr-3820	203	4	(	(	PUNCT
fsr-3820	203	5	1985	1985	NUM
fsr-3820	203	6	)	)	PUNCT
fsr-3820	203	7	.	.	PUNCT
fsr-3820	204	1	mutual	mutual	ADJ
fsr-3820	204	2	to	to	ADP
fsr-3820	204	3	stock	stock	NOUN
fsr-3820	204	4	conversion	conversion	NOUN
fsr-3820	204	5	by	by	ADP
fsr-3820	204	6	thrifts	thrift	NOUN
fsr-3820	204	7	:	:	PUNCT
fsr-3820	204	8	implications	implication	NOUN
fsr-3820	204	9	for	for	ADP
fsr-3820	204	10	soundness	soundness	NOUN
fsr-3820	204	11	.	.	PUNCT
fsr-3820	205	1	new	new	PROPN
fsr-3820	205	2	england	england	PROPN
fsr-3820	205	3	economic	economic	PROPN
fsr-3820	205	4	review	review	PROPN
fsr-3820	205	5	,	,	PUNCT
fsr-3820	205	6	january	january	PROPN
fsr-3820	205	7	/	/	SYM
fsr-3820	205	8	february	february	PROPN
fsr-3820	205	9	,	,	PUNCT
fsr-3820	205	10	3	3	NUM
fsr-3820	205	11	l-45	l-45	NOUN
fsr-3820	205	12	.	.	PUNCT
fsr-3820	206	1	ibbotson	ibbotson	PROPN
fsr-3820	206	2	,	,	PUNCT
fsr-3820	206	3	r.g	r.g	PROPN
fsr-3820	206	4	.	.	PROPN
fsr-3820	206	5	,	,	PUNCT
fsr-3820	206	6	sindelar	sindelar	PROPN
fsr-3820	206	7	,	,	PUNCT
fsr-3820	206	8	j.l	j.l	PROPN
fsr-3820	206	9	.	.	PROPN
fsr-3820	206	10	,	,	PUNCT
fsr-3820	206	11	&	&	CCONJ
fsr-3820	206	12	ritter	ritter	PROPN
fsr-3820	206	13	,	,	PUNCT
fsr-3820	206	14	j.r	j.r	PROPN
fsr-3820	206	15	.	.	PROPN
fsr-3820	206	16	(	(	PUNCT
fsr-3820	206	17	1994	1994	NUM
fsr-3820	206	18	)	)	PUNCT
fsr-3820	206	19	.	.	PUNCT
fsr-3820	207	1	the	the	DET
fsr-3820	207	2	market	market	NOUN
fsr-3820	207	3	’s	’s	PART
fsr-3820	207	4	problems	problem	NOUN
fsr-3820	207	5	with	with	ADP
fsr-3820	207	6	the	the	DET
fsr-3820	207	7	pricing	pricing	NOUN
fsr-3820	207	8	of	of	ADP
fsr-3820	207	9	ini	ini	PROPN
fsr-3820	207	10	tial	tial	ADJ
fsr-3820	207	11	public	public	ADJ
fsr-3820	207	12	offerings	offering	NOUN
fsr-3820	207	13	.	.	PUNCT
fsr-3820	208	1	journal	journal	NOUN
fsr-3820	208	2	of	of	ADP
fsr-3820	208	3	applied	apply	VERB
fsr-3820	208	4	corporate	corporate	ADJ
fsr-3820	208	5	finance	finance	NOUN
fsr-3820	208	6	,	,	PUNCT
fsr-3820	208	7	6,66	6,66	PROPN
fsr-3820	208	8	-	-	SYM
fsr-3820	208	9	74	74	NUM
fsr-3820	208	10	.	.	PUNCT
fsr-3820	209	1	kreider	kreider	NOUN
fsr-3820	209	2	,	,	PUNCT
fsr-3820	209	3	g.p	g.p	PROPN
fsr-3820	209	4	.	.	PROPN
fsr-3820	209	5	(	(	PUNCT
fsr-3820	209	6	1972	1972	NUM
fsr-3820	209	7	)	)	PUNCT
fsr-3820	209	8	.	.	PUNCT
fsr-3820	210	1	who	who	PRON
fsr-3820	210	2	owns	own	VERB
fsr-3820	210	3	the	the	DET
fsr-3820	210	4	mutt	mutt	NOUN
fsr-3820	210	5	&	&	CCONJ
fsr-3820	210	6	?	?	PUNCT
fsr-3820	211	1	proposals	proposal	NOUN
fsr-3820	211	2	for	for	ADP
fsr-3820	211	3	reform	reform	NOUN
fsr-3820	211	4	of	of	ADP
fsr-3820	211	5	membership	membership	NOUN
fsr-3820	211	6	rights	right	NOUN
fsr-3820	211	7	in	in	ADP
fsr-3820	211	8	mutual	mutual	ADJ
fsr-3820	211	9	insurance	insurance	NOUN
fsr-3820	211	10	and	and	CCONJ
fsr-3820	211	11	banking	banking	NOUN
fsr-3820	211	12	companies	company	NOUN
fsr-3820	211	13	.	.	PUNCT
fsr-3820	212	1	university	university	PROPN
fsr-3820	212	2	of	of	ADP
fsr-3820	212	3	cincinnati	cincinnati	PROPN
fsr-3820	212	4	law	law	PROPN
fsr-3820	212	5	review	review	PROPN
fsr-3820	212	6	,	,	PUNCT
fsr-3820	212	7	41(2	41(2	NUM
fsr-3820	212	8	)	)	PUNCT
fsr-3820	212	9	,	,	PUNCT
fsr-3820	212	10	275	275	NUM
fsr-3820	212	11	-	-	SYM
fsr-3820	212	12	295	295	NUM
fsr-3820	212	13	.	.	PUNCT
fsr-3820	213	1	logue	logue	PROPN
fsr-3820	213	2	,	,	PUNCT
fsr-3820	213	3	d.	d.	PROPN
fsr-3820	213	4	(	(	PUNCT
fsr-3820	213	5	1973	1973	NUM
fsr-3820	213	6	)	)	PUNCT
fsr-3820	213	7	.	.	PUNCT
fsr-3820	214	1	on	on	ADP
fsr-3820	214	2	the	the	DET
fsr-3820	214	3	pricing	pricing	NOUN
fsr-3820	214	4	of	of	ADP
fsr-3820	214	5	unseasoned	unseasoned	ADJ
fsr-3820	214	6	equity	equity	NOUN
fsr-3820	214	7	issues	issue	NOUN
fsr-3820	214	8	:	:	PUNCT
fsr-3820	214	9	1965	1965	NUM
fsr-3820	214	10	-	-	SYM
fsr-3820	214	11	1969	1969	NUM
fsr-3820	214	12	.	.	PUNCT
fsr-3820	215	1	journal	journal	NOUN
fsr-3820	215	2	of	of	ADP
fsr-3820	215	3	financial	financial	ADJ
fsr-3820	215	4	and	and	CCONJ
fsr-3820	215	5	quantitative	quantitative	ADJ
fsr-3820	215	6	analysis	analysis	NOUN
fsr-3820	215	7	,	,	PUNCT
fsr-3820	215	8	8	8	NUM
fsr-3820	215	9	,	,	PUNCT
fsr-3820	215	10	91102	91102	NUM
fsr-3820	215	11	.	.	PUNCT
fsr-3820	216	1	maksimovic	maksimovic	ADJ
fsr-3820	216	2	,	,	PUNCT
fsr-3820	216	3	v.	v.	PROPN
fsr-3820	216	4	,	,	PUNCT
fsr-3820	216	5	&	&	CCONJ
fsr-3820	216	6	unal	unal	PROPN
fsr-3820	216	7	,	,	PUNCT
fsr-3820	216	8	h.	h.	PROPN
fsr-3820	216	9	(	(	PUNCT
fsr-3820	216	10	1993	1993	NUM
fsr-3820	216	11	)	)	PUNCT
fsr-3820	216	12	.	.	PUNCT
fsr-3820	217	1	issue	issue	NOUN
fsr-3820	217	2	size	size	NOUN
fsr-3820	217	3	choice	choice	NOUN
fsr-3820	217	4	and	and	CCONJ
fsr-3820	217	5	the	the	DET
fsr-3820	217	6	underpricing	underpricing	NOUN
fsr-3820	217	7	in	in	ADP
fsr-3820	217	8	thrift	thrift	NOUN
fsr-3820	217	9	mutual	mutual	ADJ
fsr-3820	217	10	-	-	PUNCT
fsr-3820	217	11	to	to	ADP
fsr-3820	217	12	-	-	PUNCT
fsr-3820	217	13	stock	stock	NOUN
fsr-3820	217	14	conversions	conversion	NOUN
fsr-3820	217	15	.	.	PUNCT
fsr-3820	218	1	journal	journal	PROPN
fsr-3820	218	2	of	of	ADP
fsr-3820	218	3	finance	finance	NOUN
fsr-3820	218	4	,	,	PUNCT
fsr-3820	218	5	158	158	NUM
fsr-3820	218	6	,	,	PUNCT
fsr-3820	218	7	1659	1659	NUM
fsr-3820	218	8	-	-	SYM
fsr-3820	218	9	1691	1691	NUM
fsr-3820	218	10	.	.	PUNCT
fsr-3820	219	1	masulis	masulis	PROPN
fsr-3820	219	2	,	,	PUNCT
fsr-3820	219	3	r.w	r.w	PROPN
fsr-3820	219	4	.	.	PROPN
fsr-3820	219	5	(	(	PUNCT
fsr-3820	219	6	1987	1987	NUM
fsr-3820	219	7	)	)	PUNCT
fsr-3820	219	8	.	.	PUNCT
fsr-3820	220	1	changes	change	NOUN
fsr-3820	220	2	in	in	ADP
fsr-3820	220	3	ownership	ownership	NOUN
fsr-3820	220	4	structure	structure	NOUN
fsr-3820	220	5	.	.	PUNCT
fsr-3820	221	1	journal	journal	NOUN
fsr-3820	221	2	of	of	ADP
fsr-3820	221	3	financial	financial	ADJ
fsr-3820	221	4	economics	economic	NOUN
fsr-3820	221	5	,	,	PUNCT
fsr-3820	221	6	l&29	l&29	PROPN
fsr-3820	221	7	-	-	PUNCT
fsr-3820	221	8	59	59	NUM
fsr-3820	221	9	.	.	PUNCT
fsr-3820	222	1	mcdonald	mcdonald	PROPN
fsr-3820	222	2	,	,	PUNCT
fsr-3820	222	3	j.	j.	PROPN
fsr-3820	222	4	,	,	PUNCT
fsr-3820	222	5	&	&	CCONJ
fsr-3820	222	6	fisher	fisher	PROPN
fsr-3820	222	7	,	,	PUNCT
fsr-3820	222	8	a.	a.	NOUN
fsr-3820	222	9	(	(	PUNCT
fsr-3820	222	10	1972	1972	NUM
fsr-3820	222	11	)	)	PUNCT
fsr-3820	222	12	.	.	PUNCT
fsr-3820	223	1	new	new	ADJ
fsr-3820	223	2	issues	issue	NOUN
fsr-3820	223	3	stock	stock	NOUN
fsr-3820	223	4	price	price	NOUN
fsr-3820	223	5	behavior	behavior	NOUN
fsr-3820	223	6	.	.	PUNCT
fsr-3820	224	1	journal	journal	PROPN
fsr-3820	224	2	of	of	ADP
fsr-3820	224	3	finance	finance	NOUN
fsr-3820	224	4	,	,	PUNCT
fsr-3820	224	5	27	27	NUM
fsr-3820	224	6	,	,	PUNCT
fsr-3820	224	7	97	97	NUM
fsr-3820	224	8	102	102	NUM
fsr-3820	224	9	.	.	PUNCT
fsr-3820	225	1	megginson	megginson	PROPN
fsr-3820	225	2	,	,	PUNCT
fsr-3820	225	3	w.	w.	PROPN
fsr-3820	225	4	,	,	PUNCT
fsr-3820	225	5	&	&	CCONJ
fsr-3820	225	6	weiss	weiss	PROPN
fsr-3820	225	7	,	,	PUNCT
fsr-3820	225	8	k.	k.	PROPN
fsr-3820	225	9	(	(	PUNCT
fsr-3820	225	10	1991	1991	NUM
fsr-3820	225	11	)	)	PUNCT
fsr-3820	225	12	.	.	PUNCT
fsr-3820	226	1	venture	venture	NOUN
fsr-3820	226	2	capitalist	capitalist	ADJ
fsr-3820	226	3	certification	certification	NOUN
fsr-3820	226	4	of	of	ADP
fsr-3820	226	5	initial	initial	ADJ
fsr-3820	226	6	public	public	ADJ
fsr-3820	226	7	offerings	offering	NOUN
fsr-3820	226	8	.	.	PUNCT
fsr-3820	227	1	jour	jour	PROPN
fsr-3820	227	2	nal	nal	PROPN
fsr-3820	227	3	of	of	ADP
fsr-3820	227	4	finance	finance	NOUN
fsr-3820	227	5	,	,	PUNCT
fsr-3820	227	6	46	46	NUM
fsr-3820	227	7	,	,	PUNCT
fsr-3820	227	8	879	879	NUM
fsr-3820	227	9	-	-	SYM
fsr-3820	227	10	903	903	NUM
fsr-3820	227	11	.	.	PUNCT
fsr-3820	228	1	muscarella	muscarella	PROPN
fsr-3820	228	2	,	,	PUNCT
fsr-3820	228	3	c.j	c.j	PROPN
fsr-3820	228	4	.	.	PROPN
fsr-3820	228	5	,	,	PUNCT
fsr-3820	228	6	&	&	CCONJ
fsr-3820	228	7	vetsuypens	vetsuypen	NOUN
fsr-3820	228	8	,	,	PUNCT
fsr-3820	228	9	m.r	m.r	PROPN
fsr-3820	228	10	.	.	PROPN
fsr-3820	228	11	(	(	PUNCT
fsr-3820	228	12	1989	1989	NUM
fsr-3820	228	13	)	)	PUNCT
fsr-3820	228	14	.	.	PUNCT
fsr-3820	229	1	a	a	DET
fsr-3820	229	2	simple	simple	ADJ
fsr-3820	229	3	test	test	NOUN
fsr-3820	229	4	of	of	ADP
fsr-3820	229	5	baron	baron	NOUN
fsr-3820	229	6	’s	’s	PART
fsr-3820	229	7	model	model	NOUN
fsr-3820	229	8	of	of	ADP
fsr-3820	229	9	ipo	ipo	PROPN
fsr-3820	229	10	underpricing	underpricing	NOUN
fsr-3820	229	11	.	.	PUNCT
fsr-3820	230	1	journal	journal	NOUN
fsr-3820	230	2	of	of	ADP
fsr-3820	230	3	financial	financial	ADJ
fsr-3820	230	4	economics	economic	NOUN
fsr-3820	230	5	,	,	PUNCT
fsr-3820	230	6	24(l	24(l	NUM
fsr-3820	230	7	)	)	PUNCT
fsr-3820	230	8	,	,	PUNCT
fsr-3820	230	9	125	125	NUM
fsr-3820	230	10	-	-	SYM
fsr-3820	230	11	136	136	NUM
fsr-3820	230	12	.	.	PUNCT
fsr-3820	231	1	polonchek	polonchek	ADJ
fsr-3820	231	2	,	,	PUNCT
fsr-3820	231	3	j.	j.	PROPN
fsr-3820	231	4	,	,	PUNCT
fsr-3820	231	5	slovin	slovin	PROPN
fsr-3820	231	6	,	,	PUNCT
fsr-3820	231	7	m.	m.	NOUN
fsr-3820	231	8	,	,	PUNCT
fsr-3820	231	9	&	&	CCONJ
fsr-3820	231	10	sushka	sushka	PROPN
fsr-3820	231	11	,	,	PUNCT
fsr-3820	231	12	m.	m.	NOUN
fsr-3820	231	13	(	(	PUNCT
fsr-3820	231	14	1989	1989	NUM
fsr-3820	231	15	)	)	PUNCT
fsr-3820	231	16	.	.	PUNCT
fsr-3820	232	1	valuation	valuation	NOUN
fsr-3820	232	2	effects	effect	NOUN
fsr-3820	232	3	of	of	ADP
fsr-3820	232	4	commercial	commercial	ADJ
fsr-3820	232	5	bank	bank	NOUN
fsr-3820	232	6	securities	security	NOUN
fsr-3820	232	7	offerings	offering	NOUN
fsr-3820	232	8	.	.	PUNCT
fsr-3820	233	1	journal	journal	NOUN
fsr-3820	233	2	of	of	ADP
fsr-3820	233	3	banking	banking	NOUN
fsr-3820	233	4	and	and	CCONJ
fsr-3820	233	5	finance	finance	NOUN
fsr-3820	233	6	,	,	PUNCT
fsr-3820	233	7	13,443	13,443	NUM
fsr-3820	233	8	-	-	SYM
fsr-3820	233	9	461	461	NUM
fsr-3820	233	10	.	.	PUNCT
fsr-3820	234	1	ritter	ritter	PROPN
fsr-3820	234	2	,	,	PUNCT
fsr-3820	234	3	j.r	j.r	PROPN
fsr-3820	234	4	.	.	PROPN
fsr-3820	234	5	(	(	PUNCT
fsr-3820	234	6	1984	1984	NUM
fsr-3820	234	7	)	)	PUNCT
fsr-3820	234	8	.	.	PUNCT
fsr-3820	235	1	the	the	DET
fsr-3820	235	2	hot	hot	ADJ
fsr-3820	235	3	issue	issue	NOUN
fsr-3820	235	4	market	market	NOUN
fsr-3820	235	5	of	of	ADP
fsr-3820	235	6	1980	1980	NUM
fsr-3820	235	7	.	.	PUNCT
fsr-3820	236	1	journal	journal	NOUN
fsr-3820	236	2	of	of	ADP
fsr-3820	236	3	business	business	NOUN
fsr-3820	236	4	,	,	PUNCT
fsr-3820	236	5	.57(2	.57(2	PROPN
fsr-3820	236	6	)	)	PUNCT
fsr-3820	236	7	,	,	PUNCT
fsr-3820	236	8	215	215	NUM
fsr-3820	236	9	-	-	SYM
fsr-3820	236	10	240	240	NUM
fsr-3820	236	11	.	.	NOUN
fsr-3820	237	1	150	150	NUM
fsr-3820	237	2	financial	financial	ADJ
fsr-3820	237	3	services	service	NOUN
fsr-3820	237	4	review	review	VERB
fsr-3820	237	5	6(2	6(2	NUM
fsr-3820	237	6	)	)	PUNCT
fsr-3820	237	7	1997	1997	NUM
fsr-3820	237	8	simons	simon	NOUN
fsr-3820	237	9	,	,	PUNCT
fsr-3820	237	10	k.	k.	PROPN
fsr-3820	237	11	(	(	PUNCT
fsr-3820	237	12	1992	1992	NUM
fsr-3820	237	13	)	)	PUNCT
fsr-3820	237	14	.	.	PUNCT
fsr-3820	238	1	mutual	mutual	ADJ
fsr-3820	238	2	to	to	ADP
fsr-3820	238	3	stock	stock	NOUN
fsr-3820	238	4	conversions	conversion	NOUN
fsr-3820	238	5	by	by	ADP
fsr-3820	238	6	mutual	mutual	ADJ
fsr-3820	238	7	savings	saving	NOUN
fsr-3820	238	8	banks	bank	NOUN
fsr-3820	238	9	:	:	PUNCT
fsr-3820	238	10	where	where	SCONJ
fsr-3820	238	11	has	have	AUX
fsr-3820	238	12	all	all	DET
fsr-3820	238	13	the	the	DET
fsr-3820	238	14	money	money	NOUN
fsr-3820	238	15	gone	go	VERB
fsr-3820	238	16	?	?	PUNCT
fsr-3820	239	1	new	new	PROPN
fsr-3820	239	2	england	england	PROPN
fsr-3820	239	3	economic	economic	PROPN
fsr-3820	239	4	review	review	PROPN
fsr-3820	239	5	,	,	PUNCT
fsr-3820	239	6	march	march	PROPN
fsr-3820	239	7	-	-	PUNCT
fsr-3820	239	8	april	april	PROPN
fsr-3820	239	9	,	,	PUNCT
fsr-3820	239	10	4553	4553	NUM
fsr-3820	239	11	.	.	PUNCT
fsr-3820	240	1	white	white	ADJ
fsr-3820	240	2	.	.	PUNCT
fsr-3820	241	1	(	(	PUNCT
fsr-3820	241	2	1980	1980	NUM
fsr-3820	241	3	)	)	PUNCT
fsr-3820	241	4	.	.	PUNCT
fsr-3820	242	1	a	a	DET
fsr-3820	242	2	heteroskedasticity	heteroskedasticity	NOUN
fsr-3820	242	3	-	-	PUNCT
fsr-3820	242	4	consistent	consistent	ADJ
fsr-3820	242	5	covariance	covariance	NOUN
fsr-3820	242	6	matrix	matrix	NOUN
fsr-3820	242	7	estimator	estimator	NOUN
fsr-3820	242	8	and	and	CCONJ
fsr-3820	242	9	a	a	DET
fsr-3820	242	10	direct	direct	ADJ
fsr-3820	242	11	test	test	NOUN
fsr-3820	242	12	for	for	ADP
fsr-3820	242	13	het	het	PROPN
fsr-3820	242	14	eroskedasticity	eroskedasticity	NOUN
fsr-3820	242	15	.	.	PUNCT
fsr-3820	243	1	econometrica	econometrica	PROPN
fsr-3820	243	2	,	,	PUNCT
fsr-3820	243	3	48,817	48,817	NUM
fsr-3820	243	4	-	-	SYM
fsr-3820	243	5	838	838	NUM
fsr-3820	243	6	.	.	PUNCT