id	sid	tid	token	lemma	pos
fbem-12624	1	1	frontiers	frontier	NOUN
fbem-12624	1	2	in	in	ADP
fbem-12624	1	3	business	business	NOUN
fbem-12624	1	4	,	,	PUNCT
fbem-12624	1	5	economics	economic	NOUN
fbem-12624	1	6	and	and	CCONJ
fbem-12624	1	7	management	management	NOUN
fbem-12624	1	8	issn	issn	PROPN
fbem-12624	1	9	:	:	PUNCT
fbem-12624	1	10	2766	2766	NUM
fbem-12624	1	11	-	-	PUNCT
fbem-12624	1	12	824x	824x	NUM
fbem-12624	1	13	|	|	ADJ
fbem-12624	1	14	vol	vol	NOUN
fbem-12624	1	15	.	.	PUNCT
fbem-12624	2	1	11	11	NUM
fbem-12624	2	2	,	,	PUNCT
fbem-12624	2	3	no	no	INTJ
fbem-12624	2	4	.	.	NOUN
fbem-12624	2	5	2	2	NUM
fbem-12624	2	6	,	,	PUNCT
fbem-12624	2	7	2023	2023	NUM
fbem-12624	2	8	276	276	NUM
fbem-12624	2	9	how	how	SCONJ
fbem-12624	2	10	do	do	AUX
fbem-12624	2	11	tax	tax	NOUN
fbem-12624	2	12	incentives	incentive	NOUN
fbem-12624	2	13	affect	affect	VERB
fbem-12624	2	14	firm	firm	ADJ
fbem-12624	2	15	value	value	NOUN
fbem-12624	2	16	?	?	PUNCT
fbem-12624	3	1	evidence	evidence	NOUN
fbem-12624	3	2	from	from	ADP
fbem-12624	3	3	china	china	PROPN
fbem-12624	3	4	jian	jian	PROPN
fbem-12624	3	5	peng1	peng1	PROPN
fbem-12624	3	6	,	,	PUNCT
fbem-12624	3	7	savannah	savannah	PROPN
fbem-12624	3	8	yuanyuan	yuanyuan	PROPN
fbem-12624	3	9	guo2	guo2	PROPN
fbem-12624	3	10	,	,	PUNCT
fbem-12624	3	11	*	*	PUNCT
fbem-12624	3	12	,	,	PUNCT
fbem-12624	3	13	yun	yun	PROPN
fbem-12624	3	14	li3	li3	PROPN
fbem-12624	3	15	1	1	NUM
fbem-12624	3	16	school	school	NOUN
fbem-12624	3	17	of	of	ADP
fbem-12624	3	18	economics	economic	NOUN
fbem-12624	3	19	,	,	PUNCT
fbem-12624	3	20	shenzhen	shenzhen	PROPN
fbem-12624	3	21	polytechnic	polytechnic	PROPN
fbem-12624	3	22	,	,	PUNCT
fbem-12624	3	23	shenzhen	shenzhen	PROPN
fbem-12624	3	24	,	,	PUNCT
fbem-12624	3	25	china	china	PROPN
fbem-12624	3	26	2	2	NUM
fbem-12624	3	27	university	university	PROPN
fbem-12624	3	28	of	of	ADP
fbem-12624	3	29	nevada	nevada	PROPN
fbem-12624	3	30	,	,	PUNCT
fbem-12624	3	31	reno	reno	PROPN
fbem-12624	3	32	,	,	PUNCT
fbem-12624	3	33	usa	usa	PROPN
fbem-12624	3	34	3	3	NUM
fbem-12624	3	35	shenzhen	shenzhen	PROPN
fbem-12624	3	36	no.3	no.3	PROPN
fbem-12624	3	37	vocational	vocational	ADJ
fbem-12624	3	38	school	school	NOUN
fbem-12624	3	39	,	,	PUNCT
fbem-12624	3	40	shenzhen	shenzhen	PROPN
fbem-12624	3	41	,	,	PUNCT
fbem-12624	3	42	china	china	PROPN
fbem-12624	3	43	*	*	PUNCT
fbem-12624	3	44	corresponding	correspond	VERB
fbem-12624	3	45	author	author	NOUN
fbem-12624	3	46	:	:	PUNCT
fbem-12624	3	47	jian	jian	PROPN
fbem-12624	3	48	peng	peng	PROPN
fbem-12624	3	49	(	(	PUNCT
fbem-12624	3	50	email	email	NOUN
fbem-12624	3	51	:	:	PUNCT
fbem-12624	3	52	pengjian1@szpt.edu.cn	pengjian1@szpt.edu.cn	NOUN
fbem-12624	3	53	)	)	PUNCT
fbem-12624	3	54	abstract	abstract	NOUN
fbem-12624	3	55	:	:	PUNCT
fbem-12624	3	56	using	use	VERB
fbem-12624	3	57	a	a	DET
fbem-12624	3	58	unique	unique	ADJ
fbem-12624	3	59	chinese	chinese	ADJ
fbem-12624	3	60	quasi	quasi	NOUN
fbem-12624	3	61	-	-	NOUN
fbem-12624	3	62	experiment	experiment	NOUN
fbem-12624	3	63	of	of	ADP
fbem-12624	3	64	corporate	corporate	ADJ
fbem-12624	3	65	tax	tax	NOUN
fbem-12624	3	66	policy	policy	NOUN
fbem-12624	3	67	changes	change	NOUN
fbem-12624	3	68	in	in	ADP
fbem-12624	3	69	2014	2014	NUM
fbem-12624	3	70	,	,	PUNCT
fbem-12624	3	71	we	we	PRON
fbem-12624	3	72	examine	examine	VERB
fbem-12624	3	73	the	the	DET
fbem-12624	3	74	effectiveness	effectiveness	NOUN
fbem-12624	3	75	of	of	ADP
fbem-12624	3	76	introducing	introduce	VERB
fbem-12624	3	77	accelerated	accelerate	VERB
fbem-12624	3	78	depreciation	depreciation	NOUN
fbem-12624	3	79	as	as	ADP
fbem-12624	3	80	a	a	DET
fbem-12624	3	81	corporate	corporate	ADJ
fbem-12624	3	82	tax	tax	NOUN
fbem-12624	3	83	incentive	incentive	NOUN
fbem-12624	3	84	on	on	ADP
fbem-12624	3	85	improving	improve	VERB
fbem-12624	3	86	firm	firm	ADJ
fbem-12624	3	87	value	value	NOUN
fbem-12624	3	88	.	.	PUNCT
fbem-12624	4	1	the	the	DET
fbem-12624	4	2	results	result	NOUN
fbem-12624	4	3	show	show	VERB
fbem-12624	4	4	that	that	SCONJ
fbem-12624	4	5	,	,	PUNCT
fbem-12624	4	6	relative	relative	ADJ
fbem-12624	4	7	to	to	ADP
fbem-12624	4	8	control	control	NOUN
fbem-12624	4	9	firms	firm	NOUN
fbem-12624	4	10	,	,	PUNCT
fbem-12624	4	11	treatment	treatment	NOUN
fbem-12624	4	12	firms	firm	NOUN
fbem-12624	4	13	that	that	PRON
fbem-12624	4	14	received	receive	VERB
fbem-12624	4	15	the	the	DET
fbem-12624	4	16	accelerated	accelerated	ADJ
fbem-12624	4	17	depreciation	depreciation	NOUN
fbem-12624	4	18	tax	tax	NOUN
fbem-12624	4	19	treatment	treatment	NOUN
fbem-12624	4	20	experience	experience	NOUN
fbem-12624	4	21	significant	significant	ADJ
fbem-12624	4	22	improvement	improvement	NOUN
fbem-12624	4	23	in	in	ADP
fbem-12624	4	24	total	total	ADJ
fbem-12624	4	25	factor	factor	NOUN
fbem-12624	4	26	productivity	productivity	NOUN
fbem-12624	4	27	(	(	PUNCT
fbem-12624	4	28	tfp	tfp	PROPN
fbem-12624	4	29	)	)	PUNCT
fbem-12624	4	30	both	both	PRON
fbem-12624	4	31	immediately	immediately	ADV
fbem-12624	4	32	and	and	CCONJ
fbem-12624	4	33	in	in	ADP
fbem-12624	4	34	the	the	DET
fbem-12624	4	35	long	long	ADJ
fbem-12624	4	36	term	term	NOUN
fbem-12624	4	37	.	.	PUNCT
fbem-12624	5	1	we	we	PRON
fbem-12624	5	2	also	also	ADV
fbem-12624	5	3	find	find	VERB
fbem-12624	5	4	that	that	SCONJ
fbem-12624	5	5	the	the	DET
fbem-12624	5	6	enhanced	enhanced	ADJ
fbem-12624	5	7	firm	firm	ADJ
fbem-12624	5	8	value	value	NOUN
fbem-12624	5	9	is	be	AUX
fbem-12624	5	10	achieved	achieve	VERB
fbem-12624	5	11	through	through	ADP
fbem-12624	5	12	optimized	optimize	VERB
fbem-12624	5	13	capital	capital	NOUN
fbem-12624	5	14	structure	structure	NOUN
fbem-12624	5	15	and	and	CCONJ
fbem-12624	5	16	increased	increase	VERB
fbem-12624	5	17	level	level	NOUN
fbem-12624	5	18	of	of	ADP
fbem-12624	5	19	innovation	innovation	NOUN
fbem-12624	5	20	.	.	PUNCT
fbem-12624	6	1	we	we	PRON
fbem-12624	6	2	further	far	ADV
fbem-12624	6	3	find	find	VERB
fbem-12624	6	4	that	that	SCONJ
fbem-12624	6	5	the	the	DET
fbem-12624	6	6	beneficial	beneficial	ADJ
fbem-12624	6	7	effects	effect	NOUN
fbem-12624	6	8	are	be	AUX
fbem-12624	6	9	more	more	ADV
fbem-12624	6	10	pronounced	pronounced	ADJ
fbem-12624	6	11	in	in	ADP
fbem-12624	6	12	state	state	NOUN
fbem-12624	6	13	-	-	PUNCT
fbem-12624	6	14	owned	own	VERB
fbem-12624	6	15	enterprises	enterprise	NOUN
fbem-12624	6	16	(	(	PUNCT
fbem-12624	6	17	soe	soe	PROPN
fbem-12624	6	18	)	)	PUNCT
fbem-12624	6	19	,	,	PUNCT
fbem-12624	6	20	firms	firm	NOUN
fbem-12624	6	21	with	with	ADP
fbem-12624	6	22	high	high	ADJ
fbem-12624	6	23	labor	labor	NOUN
fbem-12624	6	24	intensity	intensity	NOUN
fbem-12624	6	25	,	,	PUNCT
fbem-12624	6	26	financial	financial	ADJ
fbem-12624	6	27	constraints	constraint	NOUN
fbem-12624	6	28	,	,	PUNCT
fbem-12624	6	29	high	high	ADJ
fbem-12624	6	30	growth	growth	NOUN
fbem-12624	6	31	,	,	PUNCT
fbem-12624	6	32	and	and	CCONJ
fbem-12624	6	33	locations	location	NOUN
fbem-12624	6	34	in	in	ADP
fbem-12624	6	35	high	high	ADJ
fbem-12624	6	36	marketization	marketization	NOUN
fbem-12624	6	37	provinces	province	NOUN
fbem-12624	6	38	.	.	PUNCT
fbem-12624	7	1	our	our	PRON
fbem-12624	7	2	research	research	NOUN
fbem-12624	7	3	uniquely	uniquely	ADV
fbem-12624	7	4	contributes	contribute	VERB
fbem-12624	7	5	by	by	ADP
fbem-12624	7	6	providing	provide	VERB
fbem-12624	7	7	evidence	evidence	NOUN
fbem-12624	7	8	of	of	ADP
fbem-12624	7	9	the	the	DET
fbem-12624	7	10	microeconomic	microeconomic	ADJ
fbem-12624	7	11	benefits	benefit	NOUN
fbem-12624	7	12	of	of	ADP
fbem-12624	7	13	corporate	corporate	ADJ
fbem-12624	7	14	tax	tax	NOUN
fbem-12624	7	15	policies	policy	NOUN
fbem-12624	7	16	in	in	ADP
fbem-12624	7	17	an	an	DET
fbem-12624	7	18	emerging	emerge	VERB
fbem-12624	7	19	market	market	NOUN
fbem-12624	7	20	.	.	PUNCT
fbem-12624	8	1	keywords	keyword	NOUN
fbem-12624	8	2	:	:	PUNCT
fbem-12624	8	3	accelerated	accelerate	VERB
fbem-12624	8	4	depreciation	depreciation	NOUN
fbem-12624	8	5	,	,	PUNCT
fbem-12624	8	6	total	total	ADJ
fbem-12624	8	7	factor	factor	NOUN
fbem-12624	8	8	productivity	productivity	NOUN
fbem-12624	8	9	,	,	PUNCT
fbem-12624	8	10	capital	capital	NOUN
fbem-12624	8	11	efficiency	efficiency	NOUN
fbem-12624	8	12	,	,	PUNCT
fbem-12624	8	13	emerging	emerge	VERB
fbem-12624	8	14	markets	market	NOUN
fbem-12624	8	15	.	.	PUNCT
fbem-12624	9	1	1	1	X
fbem-12624	9	2	.	.	X
fbem-12624	9	3	introduction	introduction	NOUN
fbem-12624	9	4	optimizing	optimize	VERB
fbem-12624	9	5	the	the	DET
fbem-12624	9	6	allocation	allocation	NOUN
fbem-12624	9	7	of	of	ADP
fbem-12624	9	8	production	production	NOUN
fbem-12624	9	9	factors	factor	NOUN
fbem-12624	9	10	played	play	VERB
fbem-12624	9	11	a	a	DET
fbem-12624	9	12	critical	critical	ADJ
fbem-12624	9	13	role	role	NOUN
fbem-12624	9	14	in	in	ADP
fbem-12624	9	15	the	the	DET
fbem-12624	9	16	history	history	NOUN
fbem-12624	9	17	of	of	ADP
fbem-12624	9	18	industrialization	industrialization	NOUN
fbem-12624	9	19	and	and	CCONJ
fbem-12624	9	20	the	the	DET
fbem-12624	9	21	development	development	NOUN
fbem-12624	9	22	of	of	ADP
fbem-12624	9	23	a	a	DET
fbem-12624	9	24	market	market	NOUN
fbem-12624	9	25	economy	economy	NOUN
fbem-12624	9	26	(	(	PUNCT
fbem-12624	9	27	hopenhayn	hopenhayn	PROPN
fbem-12624	9	28	,	,	PUNCT
fbem-12624	9	29	2011	2011	NUM
fbem-12624	9	30	)	)	PUNCT
fbem-12624	9	31	.	.	PUNCT
fbem-12624	10	1	creating	create	VERB
fbem-12624	10	2	policies	policy	NOUN
fbem-12624	10	3	to	to	PART
fbem-12624	10	4	encourage	encourage	VERB
fbem-12624	10	5	corporate	corporate	ADJ
fbem-12624	10	6	productivity	productivity	NOUN
fbem-12624	10	7	and	and	CCONJ
fbem-12624	10	8	enhance	enhance	VERB
fbem-12624	10	9	capital	capital	NOUN
fbem-12624	10	10	efficiency	efficiency	NOUN
fbem-12624	10	11	,	,	PUNCT
fbem-12624	10	12	therefore	therefore	ADV
fbem-12624	10	13	,	,	PUNCT
fbem-12624	10	14	has	have	AUX
fbem-12624	10	15	been	be	AUX
fbem-12624	10	16	a	a	DET
fbem-12624	10	17	goal	goal	NOUN
fbem-12624	10	18	of	of	ADP
fbem-12624	10	19	policymakers	policymaker	NOUN
fbem-12624	10	20	in	in	ADP
fbem-12624	10	21	many	many	ADJ
fbem-12624	10	22	countries	country	NOUN
fbem-12624	10	23	.	.	PUNCT
fbem-12624	11	1	improving	improve	VERB
fbem-12624	11	2	firm	firm	ADJ
fbem-12624	11	3	productivity	productivity	NOUN
fbem-12624	11	4	and	and	CCONJ
fbem-12624	11	5	efficiency	efficiency	NOUN
fbem-12624	11	6	may	may	AUX
fbem-12624	11	7	be	be	AUX
fbem-12624	11	8	particularly	particularly	ADV
fbem-12624	11	9	important	important	ADJ
fbem-12624	11	10	in	in	ADP
fbem-12624	11	11	emerging	emerge	VERB
fbem-12624	11	12	markets	market	NOUN
fbem-12624	11	13	,	,	PUNCT
fbem-12624	11	14	many	many	ADJ
fbem-12624	11	15	of	of	ADP
fbem-12624	11	16	which	which	PRON
fbem-12624	11	17	face	face	VERB
fbem-12624	11	18	challenges	challenge	NOUN
fbem-12624	11	19	such	such	ADJ
fbem-12624	11	20	as	as	ADP
fbem-12624	11	21	population	population	NOUN
fbem-12624	11	22	loss	loss	NOUN
fbem-12624	11	23	,	,	PUNCT
fbem-12624	11	24	decelerating	decelerate	VERB
fbem-12624	11	25	economic	economic	ADJ
fbem-12624	11	26	growth	growth	NOUN
fbem-12624	11	27	,	,	PUNCT
fbem-12624	11	28	and	and	CCONJ
fbem-12624	11	29	industry	industry	NOUN
fbem-12624	11	30	structural	structural	ADJ
fbem-12624	11	31	transformation	transformation	NOUN
fbem-12624	11	32	difficulties	difficulty	NOUN
fbem-12624	11	33	.	.	PUNCT
fbem-12624	12	1	all	all	PRON
fbem-12624	12	2	of	of	ADP
fbem-12624	12	3	these	these	DET
fbem-12624	12	4	issues	issue	NOUN
fbem-12624	12	5	highlight	highlight	VERB
fbem-12624	12	6	the	the	DET
fbem-12624	12	7	need	need	NOUN
fbem-12624	12	8	for	for	ADP
fbem-12624	12	9	increased	increase	VERB
fbem-12624	12	10	aggregate	aggregate	ADJ
fbem-12624	12	11	productivity	productivity	NOUN
fbem-12624	12	12	(	(	PUNCT
fbem-12624	12	13	hsieh	hsieh	PROPN
fbem-12624	12	14	and	and	CCONJ
fbem-12624	12	15	klenow	klenow	PROPN
fbem-12624	12	16	2009	2009	NUM
fbem-12624	12	17	;	;	PUNCT
fbem-12624	12	18	everaert	everaert	NOUN
fbem-12624	12	19	,	,	PUNCT
fbem-12624	12	20	heylen	heylen	NOUN
fbem-12624	12	21	and	and	CCONJ
fbem-12624	12	22	schoonackers	schoonacker	NOUN
fbem-12624	12	23	2015	2015	NUM
fbem-12624	12	24	)	)	PUNCT
fbem-12624	12	25	.	.	PUNCT
fbem-12624	13	1	various	various	ADJ
fbem-12624	13	2	governments	government	NOUN
fbem-12624	13	3	have	have	AUX
fbem-12624	13	4	engaged	engage	VERB
fbem-12624	13	5	corporate	corporate	ADJ
fbem-12624	13	6	tax	tax	NOUN
fbem-12624	13	7	policies	policy	NOUN
fbem-12624	13	8	as	as	ADP
fbem-12624	13	9	an	an	DET
fbem-12624	13	10	essential	essential	ADJ
fbem-12624	13	11	measure	measure	NOUN
fbem-12624	13	12	to	to	PART
fbem-12624	13	13	stabilize	stabilize	VERB
fbem-12624	13	14	economic	economic	ADJ
fbem-12624	13	15	growth	growth	NOUN
fbem-12624	13	16	,	,	PUNCT
fbem-12624	13	17	facilitate	facilitate	VERB
fbem-12624	13	18	industrial	industrial	ADJ
fbem-12624	13	19	transformation	transformation	NOUN
fbem-12624	13	20	,	,	PUNCT
fbem-12624	13	21	and	and	CCONJ
fbem-12624	13	22	reduce	reduce	VERB
fbem-12624	13	23	the	the	DET
fbem-12624	13	24	development	development	NOUN
fbem-12624	13	25	gap	gap	NOUN
fbem-12624	13	26	among	among	ADP
fbem-12624	13	27	regions	region	NOUN
fbem-12624	13	28	(	(	PUNCT
fbem-12624	13	29	wu	wu	PROPN
fbem-12624	13	30	,	,	PUNCT
fbem-12624	13	31	2005	2005	NUM
fbem-12624	13	32	)	)	PUNCT
fbem-12624	13	33	.	.	PUNCT
fbem-12624	14	1	in	in	ADP
fbem-12624	14	2	particular	particular	ADJ
fbem-12624	14	3	,	,	PUNCT
fbem-12624	14	4	introducing	introduce	VERB
fbem-12624	14	5	an	an	DET
fbem-12624	14	6	accelerated	accelerated	ADJ
fbem-12624	14	7	depreciation	depreciation	NOUN
fbem-12624	14	8	policy	policy	NOUN
fbem-12624	14	9	in	in	ADP
fbem-12624	14	10	addition	addition	NOUN
fbem-12624	14	11	to	to	ADP
fbem-12624	14	12	the	the	DET
fbem-12624	14	13	straight	straight	ADJ
fbem-12624	14	14	-	-	PUNCT
fbem-12624	14	15	line	line	NOUN
fbem-12624	14	16	depreciation	depreciation	NOUN
fbem-12624	14	17	method	method	NOUN
fbem-12624	14	18	could	could	AUX
fbem-12624	14	19	help	help	VERB
fbem-12624	14	20	achieve	achieve	VERB
fbem-12624	14	21	these	these	DET
fbem-12624	14	22	goals	goal	NOUN
fbem-12624	14	23	in	in	ADP
fbem-12624	14	24	emerging	emerge	VERB
fbem-12624	14	25	markets	market	NOUN
fbem-12624	14	26	for	for	ADP
fbem-12624	14	27	three	three	NUM
fbem-12624	14	28	reasons	reason	NOUN
fbem-12624	14	29	.	.	PUNCT
fbem-12624	15	1	first	first	ADV
fbem-12624	15	2	,	,	PUNCT
fbem-12624	15	3	accelerated	accelerate	VERB
fbem-12624	15	4	depreciation	depreciation	NOUN
fbem-12624	15	5	records	record	NOUN
fbem-12624	15	6	higher	high	ADJ
fbem-12624	15	7	expenses	expense	NOUN
fbem-12624	15	8	in	in	ADP
fbem-12624	15	9	the	the	DET
fbem-12624	15	10	early	early	ADJ
fbem-12624	15	11	years	year	NOUN
fbem-12624	15	12	of	of	ADP
fbem-12624	15	13	an	an	DET
fbem-12624	15	14	asset	asset	NOUN
fbem-12624	15	15	’s	’s	PART
fbem-12624	15	16	life	life	NOUN
fbem-12624	15	17	,	,	PUNCT
fbem-12624	15	18	therefore	therefore	ADV
fbem-12624	15	19	lowering	lower	VERB
fbem-12624	15	20	the	the	DET
fbem-12624	15	21	company	company	NOUN
fbem-12624	15	22	’s	’s	PART
fbem-12624	15	23	taxable	taxable	ADJ
fbem-12624	15	24	income	income	NOUN
fbem-12624	15	25	and	and	CCONJ
fbem-12624	15	26	thus	thus	ADV
fbem-12624	15	27	income	income	NOUN
fbem-12624	15	28	taxes	taxis	NOUN
fbem-12624	15	29	in	in	ADP
fbem-12624	15	30	those	those	DET
fbem-12624	15	31	years	year	NOUN
fbem-12624	15	32	.	.	PUNCT
fbem-12624	16	1	a	a	DET
fbem-12624	16	2	reduction	reduction	NOUN
fbem-12624	16	3	of	of	ADP
fbem-12624	16	4	tax	tax	NOUN
fbem-12624	16	5	expenses	expense	NOUN
fbem-12624	16	6	helps	help	VERB
fbem-12624	16	7	lighten	lighten	VERB
fbem-12624	16	8	a	a	DET
fbem-12624	16	9	company	company	NOUN
fbem-12624	16	10	’s	’s	PART
fbem-12624	16	11	financing	financing	NOUN
fbem-12624	16	12	pressure	pressure	NOUN
fbem-12624	16	13	and	and	CCONJ
fbem-12624	16	14	the	the	DET
fbem-12624	16	15	risk	risk	NOUN
fbem-12624	16	16	of	of	ADP
fbem-12624	16	17	a	a	DET
fbem-12624	16	18	cash	cash	NOUN
fbem-12624	16	19	shortage	shortage	NOUN
fbem-12624	16	20	.	.	PUNCT
fbem-12624	17	1	companies	company	NOUN
fbem-12624	17	2	can	can	AUX
fbem-12624	17	3	also	also	ADV
fbem-12624	17	4	use	use	VERB
fbem-12624	17	5	the	the	DET
fbem-12624	17	6	excess	excess	ADJ
fbem-12624	17	7	cash	cash	NOUN
fbem-12624	17	8	saved	save	VERB
fbem-12624	17	9	from	from	ADP
fbem-12624	17	10	taxes	taxis	NOUN
fbem-12624	17	11	to	to	PART
fbem-12624	17	12	capitalize	capitalize	VERB
fbem-12624	17	13	on	on	ADP
fbem-12624	17	14	research	research	NOUN
fbem-12624	17	15	and	and	CCONJ
fbem-12624	17	16	development	development	NOUN
fbem-12624	17	17	(	(	PUNCT
fbem-12624	17	18	r&d	r&d	NOUN
fbem-12624	17	19	)	)	PUNCT
fbem-12624	17	20	activities	activity	NOUN
fbem-12624	17	21	,	,	PUNCT
fbem-12624	17	22	further	far	ADV
fbem-12624	17	23	boosting	boost	VERB
fbem-12624	17	24	the	the	DET
fbem-12624	17	25	company	company	NOUN
fbem-12624	17	26	’s	’s	PART
fbem-12624	17	27	productivity	productivity	NOUN
fbem-12624	17	28	and	and	CCONJ
fbem-12624	17	29	compatibility	compatibility	NOUN
fbem-12624	17	30	(	(	PUNCT
fbem-12624	17	31	koowattanatianchai	koowattanatianchai	NOUN
fbem-12624	17	32	and	and	CCONJ
fbem-12624	17	33	charles	charle	NOUN
fbem-12624	17	34	2013	2013	NUM
fbem-12624	17	35	)	)	PUNCT
fbem-12624	17	36	.	.	PUNCT
fbem-12624	18	1	second	second	ADJ
fbem-12624	18	2	,	,	PUNCT
fbem-12624	18	3	by	by	ADP
fbem-12624	18	4	expediting	expedite	VERB
fbem-12624	18	5	the	the	DET
fbem-12624	18	6	accrual	accrual	ADJ
fbem-12624	18	7	process	process	NOUN
fbem-12624	18	8	and	and	CCONJ
fbem-12624	18	9	expensing	expense	VERB
fbem-12624	18	10	fixed	fix	VERB
fbem-12624	18	11	assets	asset	NOUN
fbem-12624	18	12	sooner	soon	ADV
fbem-12624	18	13	,	,	PUNCT
fbem-12624	18	14	accelerated	accelerate	VERB
fbem-12624	18	15	depreciation	depreciation	NOUN
fbem-12624	18	16	promotes	promote	VERB
fbem-12624	18	17	asset	asset	NOUN
fbem-12624	18	18	liquidity	liquidity	NOUN
fbem-12624	18	19	and	and	CCONJ
fbem-12624	18	20	encourages	encourage	VERB
fbem-12624	18	21	companies	company	NOUN
fbem-12624	18	22	to	to	PART
fbem-12624	18	23	invest	invest	VERB
fbem-12624	18	24	in	in	ADP
fbem-12624	18	25	new	new	ADJ
fbem-12624	18	26	machines	machine	NOUN
fbem-12624	18	27	and	and	CCONJ
fbem-12624	18	28	upgrade	upgrade	VERB
fbem-12624	18	29	existing	exist	VERB
fbem-12624	18	30	technologies	technology	NOUN
fbem-12624	18	31	.	.	PUNCT
fbem-12624	19	1	third	third	ADJ
fbem-12624	19	2	,	,	PUNCT
fbem-12624	19	3	many	many	ADJ
fbem-12624	19	4	emerging	emerge	VERB
fbem-12624	19	5	countries	country	NOUN
fbem-12624	19	6	often	often	ADV
fbem-12624	19	7	face	face	VERB
fbem-12624	19	8	a	a	DET
fbem-12624	19	9	labor	labor	NOUN
fbem-12624	19	10	shortage	shortage	NOUN
fbem-12624	19	11	problem	problem	NOUN
fbem-12624	19	12	(	(	PUNCT
fbem-12624	19	13	wei	wei	PROPN
fbem-12624	19	14	,	,	PUNCT
fbem-12624	19	15	xie	xie	PROPN
fbem-12624	19	16	,	,	PUNCT
fbem-12624	19	17	and	and	CCONJ
fbem-12624	19	18	zhang	zhang	PROPN
fbem-12624	19	19	,	,	PUNCT
fbem-12624	19	20	2017	2017	NUM
fbem-12624	19	21	)	)	PUNCT
fbem-12624	19	22	.	.	PUNCT
fbem-12624	20	1	by	by	ADP
fbem-12624	20	2	reducing	reduce	VERB
fbem-12624	20	3	the	the	DET
fbem-12624	20	4	overall	overall	ADJ
fbem-12624	20	5	after	after	ADP
fbem-12624	20	6	-	-	PUNCT
fbem-12624	20	7	tax	tax	NOUN
fbem-12624	20	8	expense	expense	NOUN
fbem-12624	20	9	of	of	ADP
fbem-12624	20	10	machine	machine	NOUN
fbem-12624	20	11	purchases	purchase	NOUN
fbem-12624	20	12	,	,	PUNCT
fbem-12624	20	13	accelerated	accelerate	VERB
fbem-12624	20	14	depreciation	depreciation	NOUN
fbem-12624	20	15	encourages	encourage	VERB
fbem-12624	20	16	companies	company	NOUN
fbem-12624	20	17	to	to	PART
fbem-12624	20	18	resolve	resolve	VERB
fbem-12624	20	19	labor	labor	NOUN
fbem-12624	20	20	-	-	PUNCT
fbem-12624	20	21	shortage	shortage	NOUN
fbem-12624	20	22	issues	issue	NOUN
fbem-12624	20	23	by	by	ADP
fbem-12624	20	24	replacing	replace	VERB
fbem-12624	20	25	human	human	ADJ
fbem-12624	20	26	labor	labor	NOUN
fbem-12624	20	27	and	and	CCONJ
fbem-12624	20	28	leveraging	leverage	VERB
fbem-12624	20	29	business	business	NOUN
fbem-12624	20	30	operations	operation	NOUN
fbem-12624	20	31	with	with	ADP
fbem-12624	20	32	fixed	fix	VERB
fbem-12624	20	33	costs	cost	NOUN
fbem-12624	20	34	.	.	PUNCT
fbem-12624	21	1	as	as	ADP
fbem-12624	21	2	a	a	DET
fbem-12624	21	3	result	result	NOUN
fbem-12624	21	4	,	,	PUNCT
fbem-12624	21	5	companies	company	NOUN
fbem-12624	21	6	can	can	AUX
fbem-12624	21	7	achieve	achieve	VERB
fbem-12624	21	8	an	an	DET
fbem-12624	21	9	optimized	optimize	VERB
fbem-12624	21	10	capital	capital	NOUN
fbem-12624	21	11	-	-	PUNCT
fbem-12624	21	12	to	to	ADP
fbem-12624	21	13	-	-	PUNCT
fbem-12624	21	14	labor	labor	NOUN
fbem-12624	21	15	ratio	ratio	NOUN
fbem-12624	21	16	and	and	CCONJ
fbem-12624	21	17	higher	high	ADJ
fbem-12624	21	18	production	production	NOUN
fbem-12624	21	19	efficiency	efficiency	NOUN
fbem-12624	21	20	.	.	PUNCT
fbem-12624	22	1	we	we	PRON
fbem-12624	22	2	examine	examine	VERB
fbem-12624	22	3	the	the	DET
fbem-12624	22	4	effectiveness	effectiveness	NOUN
fbem-12624	22	5	of	of	ADP
fbem-12624	22	6	introducing	introduce	VERB
fbem-12624	22	7	accelerated	accelerate	VERB
fbem-12624	22	8	depreciation	depreciation	NOUN
fbem-12624	22	9	as	as	ADP
fbem-12624	22	10	a	a	DET
fbem-12624	22	11	corporate	corporate	ADJ
fbem-12624	22	12	tax	tax	NOUN
fbem-12624	22	13	incentive	incentive	NOUN
fbem-12624	22	14	on	on	ADP
fbem-12624	22	15	improving	improve	VERB
fbem-12624	22	16	firm	firm	ADJ
fbem-12624	22	17	productivity	productivity	NOUN
fbem-12624	22	18	in	in	ADP
fbem-12624	22	19	emerging	emerge	VERB
fbem-12624	22	20	markets	market	NOUN
fbem-12624	22	21	.	.	PUNCT
fbem-12624	23	1	relative	relative	ADJ
fbem-12624	23	2	to	to	ADP
fbem-12624	23	3	other	other	ADJ
fbem-12624	23	4	taxreduction	taxreduction	NOUN
fbem-12624	23	5	policies	policy	NOUN
fbem-12624	23	6	,	,	PUNCT
fbem-12624	23	7	the	the	DET
fbem-12624	23	8	accelerated	accelerate	VERB
fbem-12624	23	9	depreciation	depreciation	NOUN
fbem-12624	23	10	tax	tax	NOUN
fbem-12624	23	11	policy	policy	NOUN
fbem-12624	23	12	is	be	AUX
fbem-12624	23	13	unique	unique	ADJ
fbem-12624	23	14	in	in	ADP
fbem-12624	23	15	that	that	PRON
fbem-12624	23	16	,	,	PUNCT
fbem-12624	23	17	unlike	unlike	ADP
fbem-12624	23	18	other	other	ADJ
fbem-12624	23	19	tax	tax	NOUN
fbem-12624	23	20	-	-	PUNCT
fbem-12624	23	21	reduction	reduction	NOUN
fbem-12624	23	22	policies	policy	NOUN
fbem-12624	23	23	that	that	PRON
fbem-12624	23	24	directly	directly	ADV
fbem-12624	23	25	lower	low	ADJ
fbem-12624	23	26	the	the	DET
fbem-12624	23	27	total	total	ADJ
fbem-12624	23	28	amount	amount	NOUN
fbem-12624	23	29	of	of	ADP
fbem-12624	23	30	corporate	corporate	ADJ
fbem-12624	23	31	tax	tax	NOUN
fbem-12624	23	32	expense	expense	NOUN
fbem-12624	23	33	,	,	PUNCT
fbem-12624	23	34	accelerated	accelerate	VERB
fbem-12624	23	35	depreciation	depreciation	NOUN
fbem-12624	23	36	does	do	AUX
fbem-12624	23	37	not	not	PART
fbem-12624	23	38	affect	affect	VERB
fbem-12624	23	39	the	the	DET
fbem-12624	23	40	total	total	ADJ
fbem-12624	23	41	amount	amount	NOUN
fbem-12624	23	42	of	of	ADP
fbem-12624	23	43	corporate	corporate	ADJ
fbem-12624	23	44	tax	tax	NOUN
fbem-12624	23	45	comparing	compare	VERB
fbem-12624	23	46	to	to	ADP
fbem-12624	23	47	straight	straight	ADJ
fbem-12624	23	48	-	-	PUNCT
fbem-12624	23	49	line	line	NOUN
fbem-12624	23	50	deprecation	deprecation	NOUN
fbem-12624	23	51	.	.	PUNCT
fbem-12624	24	1	the	the	DET
fbem-12624	24	2	policy	policy	NOUN
fbem-12624	24	3	only	only	ADV
fbem-12624	24	4	affects	affect	VERB
fbem-12624	24	5	the	the	DET
fbem-12624	24	6	timing	timing	NOUN
fbem-12624	24	7	of	of	ADP
fbem-12624	24	8	the	the	DET
fbem-12624	24	9	depreciation	depreciation	NOUN
fbem-12624	24	10	expense	expense	NOUN
fbem-12624	24	11	and	and	CCONJ
fbem-12624	24	12	thus	thus	ADV
fbem-12624	24	13	alters	alter	VERB
fbem-12624	24	14	the	the	DET
fbem-12624	24	15	investment	investment	NOUN
fbem-12624	24	16	return	return	NOUN
fbem-12624	24	17	on	on	ADP
fbem-12624	24	18	purchasing	purchase	VERB
fbem-12624	24	19	fixed	fix	VERB
fbem-12624	24	20	assets	asset	NOUN
fbem-12624	24	21	through	through	ADP
fbem-12624	24	22	time	time	NOUN
fbem-12624	24	23	value	value	NOUN
fbem-12624	24	24	of	of	ADP
fbem-12624	24	25	money	money	NOUN
fbem-12624	24	26	.	.	PUNCT
fbem-12624	25	1	to	to	PART
fbem-12624	25	2	address	address	VERB
fbem-12624	25	3	our	our	PRON
fbem-12624	25	4	research	research	NOUN
fbem-12624	25	5	question	question	NOUN
fbem-12624	25	6	of	of	ADP
fbem-12624	25	7	whether	whether	SCONJ
fbem-12624	25	8	introducing	introduce	VERB
fbem-12624	25	9	accelerated	accelerate	VERB
fbem-12624	25	10	depreciation	depreciation	NOUN
fbem-12624	25	11	as	as	ADP
fbem-12624	25	12	a	a	DET
fbem-12624	25	13	corporate	corporate	ADJ
fbem-12624	25	14	tax	tax	NOUN
fbem-12624	25	15	policy	policy	NOUN
fbem-12624	25	16	improves	improve	VERB
fbem-12624	25	17	firm	firm	ADJ
fbem-12624	25	18	productivity	productivity	NOUN
fbem-12624	25	19	,	,	PUNCT
fbem-12624	25	20	we	we	PRON
fbem-12624	25	21	use	use	VERB
fbem-12624	25	22	a	a	DET
fbem-12624	25	23	unique	unique	ADJ
fbem-12624	25	24	chinese	chinese	ADJ
fbem-12624	25	25	quasi	quasi	NOUN
fbem-12624	25	26	-	-	NOUN
fbem-12624	25	27	experiment	experiment	NOUN
fbem-12624	25	28	of	of	ADP
fbem-12624	25	29	corporate	corporate	ADJ
fbem-12624	25	30	tax	tax	NOUN
fbem-12624	25	31	policy	policy	NOUN
fbem-12624	25	32	changes	change	NOUN
fbem-12624	25	33	passed	pass	VERB
fbem-12624	25	34	in	in	ADP
fbem-12624	25	35	2014	2014	NUM
fbem-12624	25	36	,	,	PUNCT
fbem-12624	25	37	which	which	PRON
fbem-12624	25	38	allowed	allow	VERB
fbem-12624	25	39	selected	select	VERB
fbem-12624	25	40	firms	firm	NOUN
fbem-12624	25	41	to	to	PART
fbem-12624	25	42	expense	expense	VERB
fbem-12624	25	43	fixed	fix	VERB
fbem-12624	25	44	assets	asset	NOUN
fbem-12624	25	45	using	use	VERB
fbem-12624	25	46	accelerated	accelerate	VERB
fbem-12624	25	47	deprecation	deprecation	NOUN
fbem-12624	25	48	methods	method	NOUN
fbem-12624	25	49	on	on	ADP
fbem-12624	25	50	their	their	PRON
fbem-12624	25	51	tax	tax	NOUN
fbem-12624	25	52	return	return	NOUN
fbem-12624	25	53	in	in	ADP
fbem-12624	25	54	addition	addition	NOUN
fbem-12624	25	55	to	to	ADP
fbem-12624	25	56	the	the	DET
fbem-12624	25	57	straight	straight	ADJ
fbem-12624	25	58	-	-	PUNCT
fbem-12624	25	59	line	line	NOUN
fbem-12624	25	60	deprecation	deprecation	NOUN
fbem-12624	25	61	method	method	NOUN
fbem-12624	25	62	accepted	accept	VERB
fbem-12624	25	63	previously	previously	ADV
fbem-12624	25	64	.	.	PUNCT
fbem-12624	26	1	china	china	PROPN
fbem-12624	26	2	provides	provide	VERB
fbem-12624	26	3	an	an	DET
fbem-12624	26	4	ideal	ideal	ADJ
fbem-12624	26	5	environment	environment	NOUN
fbem-12624	26	6	to	to	PART
fbem-12624	26	7	study	study	VERB
fbem-12624	26	8	our	our	PRON
fbem-12624	26	9	research	research	NOUN
fbem-12624	26	10	question	question	NOUN
fbem-12624	26	11	for	for	ADP
fbem-12624	26	12	several	several	ADJ
fbem-12624	26	13	reasons	reason	NOUN
fbem-12624	26	14	.	.	PUNCT
fbem-12624	27	1	first	first	ADV
fbem-12624	27	2	,	,	PUNCT
fbem-12624	27	3	existing	exist	VERB
fbem-12624	27	4	research	research	NOUN
fbem-12624	27	5	on	on	ADP
fbem-12624	27	6	the	the	DET
fbem-12624	27	7	effect	effect	NOUN
fbem-12624	27	8	of	of	ADP
fbem-12624	27	9	accelerated	accelerate	VERB
fbem-12624	27	10	deprecation	deprecation	NOUN
fbem-12624	27	11	mainly	mainly	ADV
fbem-12624	27	12	focuses	focus	VERB
fbem-12624	27	13	on	on	ADP
fbem-12624	27	14	u.s	u.s	PROPN
fbem-12624	27	15	.	.	PROPN
fbem-12624	27	16	policies	policy	NOUN
fbem-12624	27	17	(	(	PUNCT
fbem-12624	27	18	house	house	NOUN
fbem-12624	27	19	and	and	CCONJ
fbem-12624	27	20	shapiro	shapiro	PROPN
fbem-12624	27	21	,	,	PUNCT
fbem-12624	27	22	2008	2008	NUM
fbem-12624	27	23	;	;	PUNCT
fbem-12624	27	24	zwick	zwick	PROPN
fbem-12624	27	25	and	and	CCONJ
fbem-12624	27	26	mahon	mahon	PROPN
fbem-12624	27	27	,	,	PUNCT
fbem-12624	27	28	2017	2017	NUM
fbem-12624	27	29	)	)	PUNCT
fbem-12624	27	30	where	where	SCONJ
fbem-12624	27	31	accelerated	accelerate	VERB
fbem-12624	27	32	depreciation	depreciation	NOUN
fbem-12624	27	33	is	be	AUX
fbem-12624	27	34	allowed	allow	VERB
fbem-12624	27	35	for	for	ADP
fbem-12624	27	36	all	all	DET
fbem-12624	27	37	companies	company	NOUN
fbem-12624	27	38	.	.	PUNCT
fbem-12624	28	1	however	however	ADV
fbem-12624	28	2	,	,	PUNCT
fbem-12624	28	3	isolating	isolate	VERB
fbem-12624	28	4	the	the	DET
fbem-12624	28	5	effect	effect	NOUN
fbem-12624	28	6	of	of	ADP
fbem-12624	28	7	the	the	DET
fbem-12624	28	8	accelerated	accelerated	ADJ
fbem-12624	28	9	depreciation	depreciation	NOUN
fbem-12624	28	10	from	from	ADP
fbem-12624	28	11	other	other	ADJ
fbem-12624	28	12	contemporaneous	contemporaneous	ADJ
fbem-12624	28	13	factors	factor	NOUN
fbem-12624	28	14	is	be	AUX
fbem-12624	28	15	very	very	ADV
fbem-12624	28	16	difficult	difficult	ADJ
fbem-12624	28	17	in	in	ADP
fbem-12624	28	18	the	the	DET
fbem-12624	28	19	u.s	u.s	PROPN
fbem-12624	28	20	.	.	PROPN
fbem-12624	28	21	setting	setting	NOUN
fbem-12624	28	22	.	.	PUNCT
fbem-12624	29	1	for	for	ADP
fbem-12624	29	2	example	example	NOUN
fbem-12624	29	3	,	,	PUNCT
fbem-12624	29	4	zwick	zwick	PROPN
fbem-12624	29	5	and	and	CCONJ
fbem-12624	29	6	mahon	mahon	PROPN
fbem-12624	29	7	(	(	PUNCT
fbem-12624	29	8	2017	2017	NUM
fbem-12624	29	9	)	)	PUNCT
fbem-12624	29	10	show	show	VERB
fbem-12624	29	11	that	that	SCONJ
fbem-12624	29	12	the	the	DET
fbem-12624	29	13	accelerated	accelerated	ADJ
fbem-12624	29	14	depreciation	depreciation	NOUN
fbem-12624	29	15	effect	effect	NOUN
fbem-12624	29	16	index	index	NOUN
fbem-12624	29	17	changes	change	VERB
fbem-12624	29	18	from	from	ADP
fbem-12624	29	19	0.874	0.874	NUM
fbem-12624	29	20	to	to	ADP
fbem-12624	29	21	0.946	0.946	NUM
fbem-12624	29	22	from	from	ADP
fbem-12624	29	23	the	the	DET
fbem-12624	29	24	10th	10th	ADJ
fbem-12624	29	25	percentile	percentile	NOUN
fbem-12624	29	26	to	to	ADP
fbem-12624	29	27	the	the	DET
fbem-12624	29	28	90th	90th	ADJ
fbem-12624	29	29	percentile	percentile	NOUN
fbem-12624	29	30	,	,	PUNCT
fbem-12624	29	31	which	which	PRON
fbem-12624	29	32	creates	create	VERB
fbem-12624	29	33	a	a	DET
fbem-12624	29	34	very	very	ADV
fbem-12624	29	35	narrow	narrow	ADJ
fbem-12624	29	36	window	window	NOUN
fbem-12624	29	37	of	of	ADP
fbem-12624	29	38	variability	variability	NOUN
fbem-12624	29	39	in	in	ADP
fbem-12624	29	40	this	this	DET
fbem-12624	29	41	key	key	ADJ
fbem-12624	29	42	variable	variable	NOUN
fbem-12624	29	43	for	for	SCONJ
fbem-12624	29	44	researchers	researcher	NOUN
fbem-12624	29	45	to	to	PART
fbem-12624	29	46	explore	explore	VERB
fbem-12624	29	47	any	any	DET
fbem-12624	29	48	potential	potential	ADJ
fbem-12624	29	49	benefits	benefit	NOUN
fbem-12624	29	50	.	.	PUNCT
fbem-12624	30	1	on	on	ADP
fbem-12624	30	2	the	the	DET
fbem-12624	30	3	other	other	ADJ
fbem-12624	30	4	hand	hand	NOUN
fbem-12624	30	5	,	,	PUNCT
fbem-12624	30	6	china	china	PROPN
fbem-12624	30	7	previously	previously	ADV
fbem-12624	30	8	only	only	ADV
fbem-12624	30	9	allowed	allow	VERB
fbem-12624	30	10	the	the	DET
fbem-12624	30	11	straight	straight	ADJ
fbem-12624	30	12	-	-	PUNCT
fbem-12624	30	13	line	line	NOUN
fbem-12624	30	14	method	method	NOUN
fbem-12624	30	15	for	for	ADP
fbem-12624	30	16	most	most	ADJ
fbem-12624	30	17	fixed	fix	VERB
fbem-12624	30	18	assets	asset	NOUN
fbem-12624	30	19	for	for	ADP
fbem-12624	30	20	income	income	NOUN
fbem-12624	30	21	tax	tax	NOUN
fbem-12624	30	22	purposes	purpose	NOUN
fbem-12624	30	23	(	(	PUNCT
fbem-12624	30	24	state	state	NOUN
fbem-12624	30	25	taxation	taxation	NOUN
fbem-12624	30	26	administration	administration	NOUN
fbem-12624	30	27	,	,	PUNCT
fbem-12624	30	28	2007	2007	NUM
fbem-12624	30	29	)	)	PUNCT
fbem-12624	30	30	.	.	PUNCT
fbem-12624	31	1	only	only	ADV
fbem-12624	31	2	recently	recently	ADV
fbem-12624	31	3	in	in	ADP
fbem-12624	31	4	2014	2014	NUM
fbem-12624	31	5	,	,	PUNCT
fbem-12624	31	6	china	china	PROPN
fbem-12624	31	7	selected	select	VERB
fbem-12624	31	8	six	six	NUM
fbem-12624	31	9	industries	industry	NOUN
fbem-12624	31	10	to	to	PART
fbem-12624	31	11	receive	receive	VERB
fbem-12624	31	12	the	the	DET
fbem-12624	31	13	accelerated	accelerated	ADJ
fbem-12624	31	14	depreciation	depreciation	NOUN
fbem-12624	31	15	tax	tax	NOUN
fbem-12624	31	16	treatment	treatment	NOUN
fbem-12624	31	17	,	,	PUNCT
fbem-12624	31	18	and	and	CCONJ
fbem-12624	31	19	the	the	DET
fbem-12624	31	20	remaining	remain	VERB
fbem-12624	31	21	277	277	NUM
fbem-12624	31	22	industries	industry	NOUN
fbem-12624	31	23	naturally	naturally	ADV
fbem-12624	31	24	became	become	VERB
fbem-12624	31	25	the	the	DET
fbem-12624	31	26	control	control	NOUN
fbem-12624	31	27	group	group	NOUN
fbem-12624	31	28	.	.	PUNCT
fbem-12624	32	1	the	the	DET
fbem-12624	32	2	introduction	introduction	NOUN
fbem-12624	32	3	of	of	ADP
fbem-12624	32	4	this	this	DET
fbem-12624	32	5	tax	tax	NOUN
fbem-12624	32	6	policy	policy	NOUN
fbem-12624	32	7	leads	lead	VERB
fbem-12624	32	8	to	to	ADP
fbem-12624	32	9	an	an	DET
fbem-12624	32	10	exogenous	exogenous	ADJ
fbem-12624	32	11	shock	shock	NOUN
fbem-12624	32	12	to	to	ADP
fbem-12624	32	13	firms	firm	NOUN
fbem-12624	32	14	’	'	PUNCT
fbem-12624	32	15	incentives	incentive	NOUN
fbem-12624	32	16	to	to	PART
fbem-12624	32	17	change	change	VERB
fbem-12624	32	18	their	their	PRON
fbem-12624	32	19	investing	investing	NOUN
fbem-12624	32	20	and	and	CCONJ
fbem-12624	32	21	operating	operating	NOUN
fbem-12624	32	22	behavior	behavior	NOUN
fbem-12624	32	23	,	,	PUNCT
fbem-12624	32	24	which	which	PRON
fbem-12624	32	25	provides	provide	VERB
fbem-12624	32	26	us	we	PRON
fbem-12624	32	27	with	with	ADP
fbem-12624	32	28	a	a	DET
fbem-12624	32	29	research	research	NOUN
fbem-12624	32	30	setting	set	VERB
fbem-12624	32	31	to	to	PART
fbem-12624	32	32	avoid	avoid	VERB
fbem-12624	32	33	endogenous	endogenous	ADJ
fbem-12624	32	34	problems	problem	NOUN
fbem-12624	32	35	arising	arise	VERB
fbem-12624	32	36	from	from	ADP
fbem-12624	32	37	omitted	omit	VERB
fbem-12624	32	38	correlated	correlate	VERB
fbem-12624	32	39	variables	variable	NOUN
fbem-12624	32	40	or	or	CCONJ
fbem-12624	32	41	measurement	measurement	NOUN
fbem-12624	32	42	errors	error	NOUN
fbem-12624	32	43	that	that	PRON
fbem-12624	32	44	commonly	commonly	ADV
fbem-12624	32	45	exist	exist	VERB
fbem-12624	32	46	in	in	ADP
fbem-12624	32	47	the	the	DET
fbem-12624	32	48	tax	tax	NOUN
fbem-12624	32	49	research	research	NOUN
fbem-12624	32	50	(	(	PUNCT
fbem-12624	32	51	cummins	cummin	NOUN
fbem-12624	32	52	,	,	PUNCT
fbem-12624	32	53	hassett	hassett	PROPN
fbem-12624	32	54	,	,	PUNCT
fbem-12624	32	55	hubbard	hubbard	PROPN
fbem-12624	32	56	,	,	PUNCT
fbem-12624	32	57	hall	hall	NOUN
fbem-12624	32	58	and	and	CCONJ
fbem-12624	32	59	caballero	caballero	PROPN
fbem-12624	32	60	1994	1994	NUM
fbem-12624	32	61	)	)	PUNCT
fbem-12624	32	62	.	.	PUNCT
fbem-12624	33	1	second	second	ADJ
fbem-12624	33	2	,	,	PUNCT
fbem-12624	33	3	unlike	unlike	ADP
fbem-12624	33	4	mature	mature	ADJ
fbem-12624	33	5	markets	market	NOUN
fbem-12624	33	6	such	such	ADJ
fbem-12624	33	7	as	as	ADP
fbem-12624	33	8	the	the	DET
fbem-12624	33	9	u.s	u.s	PROPN
fbem-12624	33	10	.	.	PROPN
fbem-12624	33	11	,	,	PUNCT
fbem-12624	33	12	china	china	PROPN
fbem-12624	33	13	set	set	VERB
fbem-12624	33	14	up	up	ADP
fbem-12624	33	15	the	the	DET
fbem-12624	33	16	accelerated	accelerated	ADJ
fbem-12624	33	17	depreciation	depreciation	NOUN
fbem-12624	33	18	in	in	ADP
fbem-12624	33	19	its	its	PRON
fbem-12624	33	20	recent	recent	ADJ
fbem-12624	33	21	corporate	corporate	ADJ
fbem-12624	33	22	tax	tax	NOUN
fbem-12624	33	23	policy	policy	NOUN
fbem-12624	33	24	changes	change	NOUN
fbem-12624	33	25	not	not	PART
fbem-12624	33	26	merely	merely	ADV
fbem-12624	33	27	to	to	PART
fbem-12624	33	28	reduce	reduce	VERB
fbem-12624	33	29	companies	company	NOUN
fbem-12624	33	30	’	’	PART
fbem-12624	33	31	tax	tax	NOUN
fbem-12624	33	32	bill	bill	NOUN
fbem-12624	33	33	in	in	ADP
fbem-12624	33	34	the	the	DET
fbem-12624	33	35	short	short	ADJ
fbem-12624	33	36	term	term	NOUN
fbem-12624	33	37	,	,	PUNCT
fbem-12624	33	38	but	but	CCONJ
fbem-12624	33	39	also	also	ADV
fbem-12624	33	40	to	to	PART
fbem-12624	33	41	encourage	encourage	VERB
fbem-12624	33	42	production	production	NOUN
fbem-12624	33	43	factor	factor	NOUN
fbem-12624	33	44	substitution	substitution	NOUN
fbem-12624	33	45	for	for	ADP
fbem-12624	33	46	long	long	ADJ
fbem-12624	33	47	-	-	PUNCT
fbem-12624	33	48	term	term	NOUN
fbem-12624	33	49	purposes	purpose	NOUN
fbem-12624	33	50	.	.	PUNCT
fbem-12624	34	1	a	a	DET
fbem-12624	34	2	cheaper	cheap	ADJ
fbem-12624	34	3	after	after	ADP
fbem-12624	34	4	-	-	PUNCT
fbem-12624	34	5	tax	tax	NOUN
fbem-12624	34	6	asset	asset	NOUN
fbem-12624	34	7	translates	translate	VERB
fbem-12624	34	8	to	to	ADP
fbem-12624	34	9	a	a	DET
fbem-12624	34	10	higher	high	ADJ
fbem-12624	34	11	human	human	ADJ
fbem-12624	34	12	labor	labor	NOUN
fbem-12624	34	13	cost	cost	NOUN
fbem-12624	34	14	,	,	PUNCT
fbem-12624	34	15	which	which	PRON
fbem-12624	34	16	motivates	motivate	VERB
fbem-12624	34	17	companies	company	NOUN
fbem-12624	34	18	,	,	PUNCT
fbem-12624	34	19	especially	especially	ADV
fbem-12624	34	20	those	those	PRON
fbem-12624	34	21	in	in	ADP
fbem-12624	34	22	labor	labor	NOUN
fbem-12624	34	23	-	-	PUNCT
fbem-12624	34	24	intensive	intensive	ADJ
fbem-12624	34	25	industries	industry	NOUN
fbem-12624	34	26	,	,	PUNCT
fbem-12624	34	27	to	to	PART
fbem-12624	34	28	replace	replace	VERB
fbem-12624	34	29	human	human	ADJ
fbem-12624	34	30	labor	labor	NOUN
fbem-12624	34	31	with	with	ADP
fbem-12624	34	32	machines	machine	NOUN
fbem-12624	34	33	.	.	PUNCT
fbem-12624	35	1	therefore	therefore	ADV
fbem-12624	35	2	,	,	PUNCT
fbem-12624	35	3	accelerated	accelerate	VERB
fbem-12624	35	4	depreciation	depreciation	NOUN
fbem-12624	35	5	serves	serve	VERB
fbem-12624	35	6	as	as	ADP
fbem-12624	35	7	a	a	DET
fbem-12624	35	8	macroeconomic	macroeconomic	ADJ
fbem-12624	35	9	tool	tool	NOUN
fbem-12624	35	10	for	for	ADP
fbem-12624	35	11	the	the	DET
fbem-12624	35	12	chinese	chinese	ADJ
fbem-12624	35	13	government	government	NOUN
fbem-12624	35	14	to	to	PART
fbem-12624	35	15	help	help	VERB
fbem-12624	35	16	companies	company	NOUN
fbem-12624	35	17	optimize	optimize	VERB
fbem-12624	35	18	the	the	DET
fbem-12624	35	19	allocation	allocation	NOUN
fbem-12624	35	20	of	of	ADP
fbem-12624	35	21	production	production	NOUN
fbem-12624	35	22	factors	factor	NOUN
fbem-12624	35	23	and	and	CCONJ
fbem-12624	35	24	enhance	enhance	VERB
fbem-12624	35	25	capital	capital	NOUN
fbem-12624	35	26	efficiency	efficiency	NOUN
fbem-12624	35	27	.	.	PUNCT
fbem-12624	36	1	third	third	ADJ
fbem-12624	36	2	,	,	PUNCT
fbem-12624	36	3	as	as	ADP
fbem-12624	36	4	the	the	DET
fbem-12624	36	5	world	world	NOUN
fbem-12624	36	6	's	's	PART
fbem-12624	36	7	second	second	ADV
fbem-12624	36	8	-	-	PUNCT
fbem-12624	36	9	largest	large	ADJ
fbem-12624	36	10	economy	economy	NOUN
fbem-12624	36	11	by	by	ADP
fbem-12624	36	12	gross	gross	ADJ
fbem-12624	36	13	domestic	domestic	ADJ
fbem-12624	36	14	product	product	NOUN
fbem-12624	36	15	(	(	PUNCT
fbem-12624	36	16	gdp	gdp	NOUN
fbem-12624	36	17	)	)	PUNCT
fbem-12624	36	18	,	,	PUNCT
fbem-12624	36	19	china	china	PROPN
fbem-12624	36	20	experiences	experience	VERB
fbem-12624	36	21	many	many	ADJ
fbem-12624	36	22	challenges	challenge	NOUN
fbem-12624	36	23	that	that	PRON
fbem-12624	36	24	also	also	ADV
fbem-12624	36	25	appear	appear	VERB
fbem-12624	36	26	in	in	ADP
fbem-12624	36	27	other	other	ADJ
fbem-12624	36	28	emerging	emerge	VERB
fbem-12624	36	29	markets	market	NOUN
fbem-12624	36	30	but	but	CCONJ
fbem-12624	36	31	to	to	ADP
fbem-12624	36	32	a	a	DET
fbem-12624	36	33	greater	great	ADJ
fbem-12624	36	34	extent	extent	NOUN
fbem-12624	36	35	.	.	PUNCT
fbem-12624	37	1	for	for	ADP
fbem-12624	37	2	example	example	NOUN
fbem-12624	37	3	,	,	PUNCT
fbem-12624	37	4	china	china	PROPN
fbem-12624	37	5	’	'	PUNCT
fbem-12624	37	6	manufacturing	manufacturing	NOUN
fbem-12624	37	7	activities	activity	NOUN
fbem-12624	37	8	sank	sink	VERB
fbem-12624	37	9	to	to	ADP
fbem-12624	37	10	a	a	DET
fbem-12624	37	11	three	three	NUM
fbem-12624	37	12	-	-	PUNCT
fbem-12624	37	13	year	year	NOUN
fbem-12624	37	14	low	low	NOUN
fbem-12624	37	15	in	in	ADP
fbem-12624	37	16	august	august	PROPN
fbem-12624	37	17	2015	2015	NUM
fbem-12624	37	18	,	,	PUNCT
fbem-12624	37	19	causing	cause	VERB
fbem-12624	37	20	growing	grow	VERB
fbem-12624	37	21	nervousness	nervousness	NOUN
fbem-12624	37	22	among	among	ADP
fbem-12624	37	23	economists	economist	NOUN
fbem-12624	37	24	and	and	CCONJ
fbem-12624	37	25	investors	investor	NOUN
fbem-12624	37	26	around	around	ADP
fbem-12624	37	27	the	the	DET
fbem-12624	37	28	globe	globe	NOUN
fbem-12624	37	29	(	(	PUNCT
fbem-12624	37	30	new	new	PROPN
fbem-12624	37	31	york	york	PROPN
fbem-12624	37	32	times	times	PROPN
fbem-12624	37	33	,	,	PUNCT
fbem-12624	37	34	2015	2015	NUM
fbem-12624	37	35	)	)	PUNCT
fbem-12624	37	36	.	.	PUNCT
fbem-12624	38	1	china	china	PROPN
fbem-12624	38	2	is	be	AUX
fbem-12624	38	3	also	also	ADV
fbem-12624	38	4	facing	face	VERB
fbem-12624	38	5	its	its	PRON
fbem-12624	38	6	most	most	ADV
fbem-12624	38	7	abrupt	abrupt	ADJ
fbem-12624	38	8	population	population	NOUN
fbem-12624	38	9	decline	decline	NOUN
fbem-12624	38	10	in	in	ADP
fbem-12624	38	11	decades	decade	NOUN
fbem-12624	38	12	(	(	PUNCT
fbem-12624	38	13	new	new	PROPN
fbem-12624	38	14	york	york	PROPN
fbem-12624	38	15	times	times	PROPN
fbem-12624	38	16	,	,	PUNCT
fbem-12624	38	17	2019	2019	NUM
fbem-12624	38	18	)	)	PUNCT
fbem-12624	38	19	,	,	PUNCT
fbem-12624	38	20	which	which	PRON
fbem-12624	38	21	for	for	ADP
fbem-12624	38	22	the	the	DET
fbem-12624	38	23	world	world	NOUN
fbem-12624	38	24	's	's	PART
fbem-12624	38	25	largest	large	ADJ
fbem-12624	38	26	manufacturing	manufacturing	NOUN
fbem-12624	38	27	economy	economy	NOUN
fbem-12624	38	28	,	,	PUNCT
fbem-12624	38	29	means	mean	VERB
fbem-12624	38	30	a	a	DET
fbem-12624	38	31	labor	labor	NOUN
fbem-12624	38	32	shortage	shortage	NOUN
fbem-12624	38	33	and	and	CCONJ
fbem-12624	38	34	a	a	DET
fbem-12624	38	35	further	further	ADJ
fbem-12624	38	36	economic	economic	ADJ
fbem-12624	38	37	slowdown	slowdown	NOUN
fbem-12624	38	38	.	.	PUNCT
fbem-12624	39	1	therefore	therefore	ADV
fbem-12624	39	2	,	,	PUNCT
fbem-12624	39	3	research	research	NOUN
fbem-12624	39	4	investigating	investigate	VERB
fbem-12624	39	5	the	the	DET
fbem-12624	39	6	effect	effect	NOUN
fbem-12624	39	7	of	of	ADP
fbem-12624	39	8	tax	tax	NOUN
fbem-12624	39	9	policy	policy	NOUN
fbem-12624	39	10	changes	change	NOUN
fbem-12624	39	11	in	in	ADP
fbem-12624	39	12	china	china	PROPN
fbem-12624	39	13	provides	provide	VERB
fbem-12624	39	14	valuable	valuable	ADJ
fbem-12624	39	15	insights	insight	NOUN
fbem-12624	39	16	into	into	ADP
fbem-12624	39	17	other	other	ADJ
fbem-12624	39	18	emerging	emerge	VERB
fbem-12624	39	19	markets	market	NOUN
fbem-12624	39	20	.	.	PUNCT
fbem-12624	40	1	using	use	VERB
fbem-12624	40	2	ordinary	ordinary	ADJ
fbem-12624	40	3	least	least	ADJ
fbem-12624	40	4	squares	square	NOUN
fbem-12624	40	5	(	(	PUNCT
fbem-12624	40	6	ols	ol	NOUN
fbem-12624	40	7	)	)	PUNCT
fbem-12624	40	8	regressions	regression	NOUN
fbem-12624	40	9	,	,	PUNCT
fbem-12624	40	10	we	we	PRON
fbem-12624	40	11	find	find	VERB
fbem-12624	40	12	that	that	SCONJ
fbem-12624	40	13	,	,	PUNCT
fbem-12624	40	14	relative	relative	ADJ
fbem-12624	40	15	to	to	ADP
fbem-12624	40	16	control	control	NOUN
fbem-12624	40	17	firms	firm	NOUN
fbem-12624	40	18	,	,	PUNCT
fbem-12624	40	19	firms	firm	NOUN
fbem-12624	40	20	from	from	ADP
fbem-12624	40	21	the	the	DET
fbem-12624	40	22	six	six	NUM
fbem-12624	40	23	industries	industry	NOUN
fbem-12624	40	24	that	that	PRON
fbem-12624	40	25	received	receive	VERB
fbem-12624	40	26	the	the	DET
fbem-12624	40	27	accelerated	accelerated	ADJ
fbem-12624	40	28	depreciation	depreciation	NOUN
fbem-12624	40	29	tax	tax	NOUN
fbem-12624	40	30	treatment	treatment	NOUN
fbem-12624	40	31	experience	experience	NOUN
fbem-12624	40	32	significant	significant	ADJ
fbem-12624	40	33	improvement	improvement	NOUN
fbem-12624	40	34	in	in	ADP
fbem-12624	40	35	total	total	ADJ
fbem-12624	40	36	factor	factor	NOUN
fbem-12624	40	37	productivity	productivity	NOUN
fbem-12624	40	38	(	(	PUNCT
fbem-12624	40	39	tfp	tfp	PROPN
fbem-12624	40	40	)	)	PUNCT
fbem-12624	40	41	,	,	PUNCT
fbem-12624	40	42	our	our	PRON
fbem-12624	40	43	proxy	proxy	NOUN
fbem-12624	40	44	for	for	ADP
fbem-12624	40	45	firm	firm	ADJ
fbem-12624	40	46	value	value	NOUN
fbem-12624	40	47	(	(	PUNCT
fbem-12624	40	48	bertrand	bertrand	PROPN
fbem-12624	40	49	and	and	CCONJ
fbem-12624	40	50	mullainathan	mullainathan	PROPN
fbem-12624	40	51	2003	2003	NUM
fbem-12624	40	52	;	;	PUNCT
fbem-12624	40	53	giannetti	giannetti	PROPN
fbem-12624	40	54	,	,	PUNCT
fbem-12624	40	55	liao	liao	PROPN
fbem-12624	40	56	,	,	PUNCT
fbem-12624	40	57	and	and	CCONJ
fbem-12624	40	58	yu	yu	PROPN
fbem-12624	40	59	2015	2015	NUM
fbem-12624	40	60	)	)	PUNCT
fbem-12624	40	61	.	.	PUNCT
fbem-12624	41	1	in	in	ADP
fbem-12624	41	2	particular	particular	ADJ
fbem-12624	41	3	,	,	PUNCT
fbem-12624	41	4	we	we	PRON
fbem-12624	41	5	find	find	VERB
fbem-12624	41	6	that	that	SCONJ
fbem-12624	41	7	tfp	tfp	PROPN
fbem-12624	41	8	significantly	significantly	ADV
fbem-12624	41	9	increases	increase	VERB
fbem-12624	41	10	in	in	ADP
fbem-12624	41	11	the	the	DET
fbem-12624	41	12	same	same	ADJ
fbem-12624	41	13	year	year	NOUN
fbem-12624	41	14	of	of	ADP
fbem-12624	41	15	the	the	DET
fbem-12624	41	16	tax	tax	NOUN
fbem-12624	41	17	treatment	treatment	NOUN
fbem-12624	41	18	,	,	PUNCT
fbem-12624	41	19	suggesting	suggest	VERB
fbem-12624	41	20	that	that	SCONJ
fbem-12624	41	21	the	the	DET
fbem-12624	41	22	accelerated	accelerated	ADJ
fbem-12624	41	23	depreciation	depreciation	NOUN
fbem-12624	41	24	policy	policy	NOUN
fbem-12624	41	25	has	have	VERB
fbem-12624	41	26	an	an	DET
fbem-12624	41	27	immediate	immediate	ADJ
fbem-12624	41	28	effect	effect	NOUN
fbem-12624	41	29	on	on	ADP
fbem-12624	41	30	enhancing	enhance	VERB
fbem-12624	41	31	firm	firm	ADJ
fbem-12624	41	32	performance	performance	NOUN
fbem-12624	41	33	.	.	PUNCT
fbem-12624	42	1	we	we	PRON
fbem-12624	42	2	also	also	ADV
fbem-12624	42	3	find	find	VERB
fbem-12624	42	4	that	that	SCONJ
fbem-12624	42	5	,	,	PUNCT
fbem-12624	42	6	relative	relative	ADJ
fbem-12624	42	7	to	to	ADP
fbem-12624	42	8	control	control	NOUN
fbem-12624	42	9	firms	firm	NOUN
fbem-12624	42	10	,	,	PUNCT
fbem-12624	42	11	treatment	treatment	NOUN
fbem-12624	42	12	firms	firm	NOUN
fbem-12624	42	13	continue	continue	VERB
fbem-12624	42	14	to	to	PART
fbem-12624	42	15	observe	observe	VERB
fbem-12624	42	16	increased	increase	VERB
fbem-12624	42	17	tfp	tfp	PROPN
fbem-12624	42	18	one	one	NUM
fbem-12624	42	19	and	and	CCONJ
fbem-12624	42	20	two	two	NUM
fbem-12624	42	21	years	year	NOUN
fbem-12624	42	22	after	after	ADP
fbem-12624	42	23	the	the	DET
fbem-12624	42	24	introduction	introduction	NOUN
fbem-12624	42	25	of	of	ADP
fbem-12624	42	26	the	the	DET
fbem-12624	42	27	accelerated	accelerated	ADJ
fbem-12624	42	28	depreciation	depreciation	NOUN
fbem-12624	42	29	methods	method	NOUN
fbem-12624	42	30	,	,	PUNCT
fbem-12624	42	31	demonstrating	demonstrate	VERB
fbem-12624	42	32	the	the	DET
fbem-12624	42	33	long	long	ADJ
fbem-12624	42	34	-	-	PUNCT
fbem-12624	42	35	term	term	NOUN
fbem-12624	42	36	benefits	benefit	NOUN
fbem-12624	42	37	of	of	ADP
fbem-12624	42	38	such	such	DET
fbem-12624	42	39	a	a	DET
fbem-12624	42	40	policy	policy	NOUN
fbem-12624	42	41	.	.	PUNCT
fbem-12624	43	1	to	to	PART
fbem-12624	43	2	mitigate	mitigate	VERB
fbem-12624	43	3	concerns	concern	NOUN
fbem-12624	43	4	that	that	SCONJ
fbem-12624	43	5	selection	selection	NOUN
fbem-12624	43	6	bias	bias	NOUN
fbem-12624	43	7	might	might	AUX
fbem-12624	43	8	affect	affect	VERB
fbem-12624	43	9	our	our	PRON
fbem-12624	43	10	findings	finding	NOUN
fbem-12624	43	11	,	,	PUNCT
fbem-12624	43	12	we	we	PRON
fbem-12624	43	13	perform	perform	VERB
fbem-12624	43	14	a	a	DET
fbem-12624	43	15	propensity	propensity	NOUN
fbem-12624	43	16	-	-	PUNCT
fbem-12624	43	17	score	score	NOUN
fbem-12624	43	18	matching	matching	NOUN
fbem-12624	43	19	(	(	PUNCT
fbem-12624	43	20	psm	psm	NOUN
fbem-12624	43	21	)	)	PUNCT
fbem-12624	43	22	procedure	procedure	NOUN
fbem-12624	43	23	and	and	CCONJ
fbem-12624	43	24	use	use	VERB
fbem-12624	43	25	the	the	DET
fbem-12624	43	26	matched	match	VERB
fbem-12624	43	27	sample	sample	NOUN
fbem-12624	43	28	to	to	PART
fbem-12624	43	29	run	run	VERB
fbem-12624	43	30	a	a	DET
fbem-12624	43	31	difference	difference	NOUN
fbem-12624	43	32	-	-	PUNCT
fbem-12624	43	33	in	in	ADP
fbem-12624	43	34	-	-	PUNCT
fbem-12624	43	35	differences	difference	NOUN
fbem-12624	43	36	(	(	PUNCT
fbem-12624	43	37	did	do	AUX
fbem-12624	43	38	)	)	PUNCT
fbem-12624	43	39	analysis	analysis	NOUN
fbem-12624	43	40	,	,	PUNCT
fbem-12624	43	41	and	and	CCONJ
fbem-12624	43	42	our	our	PRON
fbem-12624	43	43	results	result	NOUN
fbem-12624	43	44	still	still	ADV
fbem-12624	43	45	hold	hold	VERB
fbem-12624	43	46	.	.	PUNCT
fbem-12624	44	1	in	in	ADP
fbem-12624	44	2	further	further	ADJ
fbem-12624	44	3	analyses	analysis	NOUN
fbem-12624	44	4	,	,	PUNCT
fbem-12624	44	5	we	we	PRON
fbem-12624	44	6	show	show	VERB
fbem-12624	44	7	that	that	SCONJ
fbem-12624	44	8	the	the	DET
fbem-12624	44	9	improved	improve	VERB
fbem-12624	44	10	firm	firm	ADJ
fbem-12624	44	11	value	value	NOUN
fbem-12624	44	12	is	be	AUX
fbem-12624	44	13	achieved	achieve	VERB
fbem-12624	44	14	through	through	ADP
fbem-12624	44	15	equipment	equipment	NOUN
fbem-12624	44	16	purchases	purchase	NOUN
fbem-12624	44	17	,	,	PUNCT
fbem-12624	44	18	enhanced	enhance	VERB
fbem-12624	44	19	capital	capital	NOUN
fbem-12624	44	20	-	-	PUNCT
fbem-12624	44	21	to	to	ADP
fbem-12624	44	22	-	-	PUNCT
fbem-12624	44	23	labor	labor	NOUN
fbem-12624	44	24	rate	rate	NOUN
fbem-12624	44	25	,	,	PUNCT
fbem-12624	44	26	and	and	CCONJ
fbem-12624	44	27	decreased	decrease	VERB
fbem-12624	44	28	employment	employment	NOUN
fbem-12624	44	29	of	of	ADP
fbem-12624	44	30	unskilled	unskilled	ADJ
fbem-12624	44	31	workers	worker	NOUN
fbem-12624	44	32	.	.	PUNCT
fbem-12624	45	1	these	these	DET
fbem-12624	45	2	findings	finding	NOUN
fbem-12624	45	3	highlight	highlight	VERB
fbem-12624	45	4	the	the	DET
fbem-12624	45	5	channels	channel	NOUN
fbem-12624	45	6	through	through	ADP
fbem-12624	45	7	which	which	PRON
fbem-12624	45	8	tax	tax	NOUN
fbem-12624	45	9	policies	policy	NOUN
fbem-12624	45	10	matter	matter	VERB
fbem-12624	45	11	and	and	CCONJ
fbem-12624	45	12	can	can	AUX
fbem-12624	45	13	promote	promote	VERB
fbem-12624	45	14	optimization	optimization	NOUN
fbem-12624	45	15	of	of	ADP
fbem-12624	45	16	company	company	NOUN
fbem-12624	45	17	structures	structure	NOUN
fbem-12624	45	18	and	and	CCONJ
fbem-12624	45	19	improve	improve	VERB
fbem-12624	45	20	firm	firm	ADJ
fbem-12624	45	21	value	value	NOUN
fbem-12624	45	22	.	.	PUNCT
fbem-12624	46	1	we	we	PRON
fbem-12624	46	2	further	far	ADV
fbem-12624	46	3	probe	probe	VERB
fbem-12624	46	4	our	our	PRON
fbem-12624	46	5	research	research	NOUN
fbem-12624	46	6	question	question	NOUN
fbem-12624	46	7	by	by	ADP
fbem-12624	46	8	performing	perform	VERB
fbem-12624	46	9	several	several	ADJ
fbem-12624	46	10	cross	cross	ADJ
fbem-12624	46	11	-	-	ADJ
fbem-12624	46	12	sectional	sectional	ADJ
fbem-12624	46	13	analyses	analysis	NOUN
fbem-12624	46	14	.	.	PUNCT
fbem-12624	47	1	first	first	ADV
fbem-12624	47	2	,	,	PUNCT
fbem-12624	47	3	we	we	PRON
fbem-12624	47	4	separate	separate	VERB
fbem-12624	47	5	our	our	PRON
fbem-12624	47	6	sample	sample	NOUN
fbem-12624	47	7	into	into	ADP
fbem-12624	47	8	state	state	NOUN
fbem-12624	47	9	-	-	PUNCT
fbem-12624	47	10	owned	own	VERB
fbem-12624	47	11	enterprises	enterprise	NOUN
fbem-12624	47	12	(	(	PUNCT
fbem-12624	47	13	soe	soe	PROPN
fbem-12624	47	14	)	)	PUNCT
fbem-12624	47	15	and	and	CCONJ
fbem-12624	47	16	non	non	ADJ
fbem-12624	47	17	-	-	ADJ
fbem-12624	47	18	soe	soe	ADJ
fbem-12624	47	19	firms	firm	NOUN
fbem-12624	47	20	.	.	PUNCT
fbem-12624	48	1	because	because	SCONJ
fbem-12624	48	2	soes	soe	NOUN
fbem-12624	48	3	carry	carry	VERB
fbem-12624	48	4	heavy	heavy	ADJ
fbem-12624	48	5	social	social	ADJ
fbem-12624	48	6	responsibility	responsibility	NOUN
fbem-12624	48	7	to	to	PART
fbem-12624	48	8	provide	provide	VERB
fbem-12624	48	9	employment	employment	NOUN
fbem-12624	48	10	and	and	CCONJ
fbem-12624	48	11	can	can	AUX
fbem-12624	48	12	not	not	PART
fbem-12624	48	13	dismiss	dismiss	VERB
fbem-12624	48	14	employees	employee	NOUN
fbem-12624	48	15	easily	easily	ADV
fbem-12624	48	16	,	,	PUNCT
fbem-12624	48	17	we	we	PRON
fbem-12624	48	18	expect	expect	VERB
fbem-12624	48	19	that	that	SCONJ
fbem-12624	48	20	soe	soe	PROPN
fbem-12624	48	21	firms	firm	NOUN
fbem-12624	48	22	are	be	AUX
fbem-12624	48	23	less	less	ADV
fbem-12624	48	24	sensitive	sensitive	ADJ
fbem-12624	48	25	to	to	ADP
fbem-12624	48	26	the	the	DET
fbem-12624	48	27	depreciation	depreciation	NOUN
fbem-12624	48	28	method	method	NOUN
fbem-12624	48	29	changes	change	NOUN
fbem-12624	48	30	in	in	ADP
fbem-12624	48	31	tax	tax	NOUN
fbem-12624	48	32	policies	policy	NOUN
fbem-12624	48	33	.	.	PUNCT
fbem-12624	49	1	our	our	PRON
fbem-12624	49	2	result	result	NOUN
fbem-12624	49	3	confirms	confirm	VERB
fbem-12624	49	4	this	this	DET
fbem-12624	49	5	expectation	expectation	NOUN
fbem-12624	49	6	,	,	PUNCT
fbem-12624	49	7	and	and	CCONJ
fbem-12624	49	8	we	we	PRON
fbem-12624	49	9	find	find	VERB
fbem-12624	49	10	that	that	SCONJ
fbem-12624	49	11	the	the	DET
fbem-12624	49	12	effect	effect	NOUN
fbem-12624	49	13	of	of	ADP
fbem-12624	49	14	accelerated	accelerate	VERB
fbem-12624	49	15	depreciation	depreciation	NOUN
fbem-12624	49	16	on	on	ADP
fbem-12624	49	17	improving	improve	VERB
fbem-12624	49	18	tfp	tfp	PROPN
fbem-12624	49	19	is	be	AUX
fbem-12624	49	20	concentrated	concentrate	VERB
fbem-12624	49	21	in	in	ADP
fbem-12624	49	22	non	non	ADJ
fbem-12624	49	23	-	-	ADJ
fbem-12624	49	24	soe	soe	ADJ
fbem-12624	49	25	firms	firm	NOUN
fbem-12624	49	26	.	.	PUNCT
fbem-12624	50	1	second	second	ADJ
fbem-12624	50	2	,	,	PUNCT
fbem-12624	50	3	we	we	PRON
fbem-12624	50	4	partition	partition	VERB
fbem-12624	50	5	firms	firm	NOUN
fbem-12624	50	6	into	into	ADP
fbem-12624	50	7	capital	capital	NOUN
fbem-12624	50	8	-	-	PUNCT
fbem-12624	50	9	intensive	intensive	ADJ
fbem-12624	50	10	and	and	CCONJ
fbem-12624	50	11	labor	labor	NOUN
fbem-12624	50	12	-	-	PUNCT
fbem-12624	50	13	intensive	intensive	ADJ
fbem-12624	50	14	groups	group	NOUN
fbem-12624	50	15	.	.	PUNCT
fbem-12624	51	1	we	we	PRON
fbem-12624	51	2	expect	expect	VERB
fbem-12624	51	3	and	and	CCONJ
fbem-12624	51	4	find	find	VERB
fbem-12624	51	5	that	that	SCONJ
fbem-12624	51	6	our	our	PRON
fbem-12624	51	7	results	result	NOUN
fbem-12624	51	8	are	be	AUX
fbem-12624	51	9	more	more	ADV
fbem-12624	51	10	pronounced	pronounced	ADJ
fbem-12624	51	11	in	in	ADP
fbem-12624	51	12	labor	labor	NOUN
fbem-12624	51	13	-	-	PUNCT
fbem-12624	51	14	intensive	intensive	ADJ
fbem-12624	51	15	firms	firm	NOUN
fbem-12624	51	16	that	that	PRON
fbem-12624	51	17	can	can	AUX
fbem-12624	51	18	benefit	benefit	VERB
fbem-12624	51	19	from	from	ADP
fbem-12624	51	20	the	the	DET
fbem-12624	51	21	tax	tax	NOUN
fbem-12624	51	22	incentive	incentive	NOUN
fbem-12624	51	23	by	by	ADP
fbem-12624	51	24	switching	switch	VERB
fbem-12624	51	25	human	human	ADJ
fbem-12624	51	26	labor	labor	NOUN
fbem-12624	51	27	with	with	ADP
fbem-12624	51	28	machines	machine	NOUN
fbem-12624	51	29	.	.	PUNCT
fbem-12624	52	1	third	third	ADV
fbem-12624	52	2	,	,	PUNCT
fbem-12624	52	3	we	we	PRON
fbem-12624	52	4	split	split	VERB
fbem-12624	52	5	our	our	PRON
fbem-12624	52	6	sample	sample	NOUN
fbem-12624	52	7	into	into	ADP
fbem-12624	52	8	groups	group	NOUN
fbem-12624	52	9	with	with	ADP
fbem-12624	52	10	and	and	CCONJ
fbem-12624	52	11	without	without	ADP
fbem-12624	52	12	financial	financial	ADJ
fbem-12624	52	13	constraints	constraint	NOUN
fbem-12624	52	14	.	.	PUNCT
fbem-12624	53	1	we	we	PRON
fbem-12624	53	2	argue	argue	VERB
fbem-12624	53	3	that	that	SCONJ
fbem-12624	53	4	firms	firm	NOUN
fbem-12624	53	5	with	with	ADP
fbem-12624	53	6	financial	financial	ADJ
fbem-12624	53	7	constraints	constraint	NOUN
fbem-12624	53	8	can	can	AUX
fbem-12624	53	9	benefit	benefit	VERB
fbem-12624	53	10	more	more	ADJ
fbem-12624	53	11	from	from	ADP
fbem-12624	53	12	the	the	DET
fbem-12624	53	13	early	early	ADJ
fbem-12624	53	14	-	-	PUNCT
fbem-12624	53	15	year	year	NOUN
fbem-12624	53	16	tax	tax	NOUN
fbem-12624	53	17	savings	saving	NOUN
fbem-12624	53	18	associated	associate	VERB
fbem-12624	53	19	with	with	ADP
fbem-12624	53	20	the	the	DET
fbem-12624	53	21	accelerated	accelerated	ADJ
fbem-12624	53	22	depreciation	depreciation	NOUN
fbem-12624	53	23	policy	policy	NOUN
fbem-12624	53	24	,	,	PUNCT
fbem-12624	53	25	therefore	therefore	ADV
fbem-12624	53	26	experiencing	experience	VERB
fbem-12624	53	27	a	a	DET
fbem-12624	53	28	higher	high	ADJ
fbem-12624	53	29	increase	increase	NOUN
fbem-12624	53	30	in	in	ADP
fbem-12624	53	31	tfp	tfp	PROPN
fbem-12624	53	32	.	.	PUNCT
fbem-12624	54	1	the	the	DET
fbem-12624	54	2	results	result	NOUN
fbem-12624	54	3	are	be	AUX
fbem-12624	54	4	consistent	consistent	ADJ
fbem-12624	54	5	with	with	ADP
fbem-12624	54	6	this	this	DET
fbem-12624	54	7	view	view	NOUN
fbem-12624	54	8	.	.	PUNCT
fbem-12624	55	1	fourth	fourth	ADJ
fbem-12624	55	2	,	,	PUNCT
fbem-12624	55	3	when	when	SCONJ
fbem-12624	55	4	we	we	PRON
fbem-12624	55	5	divide	divide	VERB
fbem-12624	55	6	our	our	PRON
fbem-12624	55	7	sample	sample	NOUN
fbem-12624	55	8	into	into	ADP
fbem-12624	55	9	high	high	ADJ
fbem-12624	55	10	and	and	CCONJ
fbem-12624	55	11	low	low	ADJ
fbem-12624	55	12	growth	growth	NOUN
fbem-12624	55	13	firms	firm	NOUN
fbem-12624	55	14	,	,	PUNCT
fbem-12624	55	15	we	we	PRON
fbem-12624	55	16	find	find	VERB
fbem-12624	55	17	that	that	SCONJ
fbem-12624	55	18	the	the	DET
fbem-12624	55	19	effect	effect	NOUN
fbem-12624	55	20	of	of	ADP
fbem-12624	55	21	the	the	DET
fbem-12624	55	22	tax	tax	NOUN
fbem-12624	55	23	policy	policy	NOUN
fbem-12624	55	24	change	change	NOUN
fbem-12624	55	25	on	on	ADP
fbem-12624	55	26	tfp	tfp	PROPN
fbem-12624	55	27	is	be	AUX
fbem-12624	55	28	more	more	ADV
fbem-12624	55	29	focused	focused	ADJ
fbem-12624	55	30	on	on	ADP
fbem-12624	55	31	high	high	ADJ
fbem-12624	55	32	growth	growth	NOUN
fbem-12624	55	33	firms	firm	NOUN
fbem-12624	55	34	,	,	PUNCT
fbem-12624	55	35	presumably	presumably	ADV
fbem-12624	55	36	because	because	SCONJ
fbem-12624	55	37	these	these	DET
fbem-12624	55	38	firms	firm	NOUN
fbem-12624	55	39	have	have	VERB
fbem-12624	55	40	more	more	ADJ
fbem-12624	55	41	demand	demand	NOUN
fbem-12624	55	42	for	for	ADP
fbem-12624	55	43	equipment	equipment	NOUN
fbem-12624	55	44	upgrades	upgrade	NOUN
fbem-12624	55	45	.	.	PUNCT
fbem-12624	56	1	fifth	fifth	ADJ
fbem-12624	56	2	,	,	PUNCT
fbem-12624	56	3	we	we	PRON
fbem-12624	56	4	partition	partition	VERB
fbem-12624	56	5	our	our	PRON
fbem-12624	56	6	firms	firm	NOUN
fbem-12624	56	7	by	by	ADP
fbem-12624	56	8	location	location	NOUN
fbem-12624	56	9	into	into	ADP
fbem-12624	56	10	low	low	ADJ
fbem-12624	56	11	and	and	CCONJ
fbem-12624	56	12	high	high	ADJ
fbem-12624	56	13	marketization	marketization	NOUN
fbem-12624	56	14	areas	area	NOUN
fbem-12624	56	15	.	.	PUNCT
fbem-12624	57	1	we	we	PRON
fbem-12624	57	2	argue	argue	VERB
fbem-12624	57	3	that	that	SCONJ
fbem-12624	57	4	because	because	SCONJ
fbem-12624	57	5	human	human	ADJ
fbem-12624	57	6	labor	labor	NOUN
fbem-12624	57	7	is	be	AUX
fbem-12624	57	8	relatively	relatively	ADV
fbem-12624	57	9	more	more	ADV
fbem-12624	57	10	expensive	expensive	ADJ
fbem-12624	57	11	and	and	CCONJ
fbem-12624	57	12	labor	labor	NOUN
fbem-12624	57	13	shortage	shortage	NOUN
fbem-12624	57	14	is	be	AUX
fbem-12624	57	15	more	more	ADV
fbem-12624	57	16	severe	severe	ADJ
fbem-12624	57	17	in	in	ADP
fbem-12624	57	18	high	high	ADJ
fbem-12624	57	19	marketization	marketization	NOUN
fbem-12624	57	20	regions	region	NOUN
fbem-12624	57	21	,	,	PUNCT
fbem-12624	57	22	firms	firm	NOUN
fbem-12624	57	23	located	locate	VERB
fbem-12624	57	24	in	in	ADP
fbem-12624	57	25	these	these	DET
fbem-12624	57	26	areas	area	NOUN
fbem-12624	57	27	should	should	AUX
fbem-12624	57	28	reap	reap	VERB
fbem-12624	57	29	more	more	ADJ
fbem-12624	57	30	benefits	benefit	NOUN
fbem-12624	57	31	from	from	ADP
fbem-12624	57	32	the	the	DET
fbem-12624	57	33	depreciation	depreciation	NOUN
fbem-12624	57	34	policy	policy	NOUN
fbem-12624	57	35	change	change	NOUN
fbem-12624	57	36	.	.	PUNCT
fbem-12624	58	1	our	our	PRON
fbem-12624	58	2	finding	finding	NOUN
fbem-12624	58	3	supports	support	VERB
fbem-12624	58	4	this	this	DET
fbem-12624	58	5	argument	argument	NOUN
fbem-12624	58	6	.	.	PUNCT
fbem-12624	59	1	our	our	PRON
fbem-12624	59	2	results	result	NOUN
fbem-12624	59	3	stand	stand	VERB
fbem-12624	59	4	up	up	ADP
fbem-12624	59	5	to	to	ADP
fbem-12624	59	6	a	a	DET
fbem-12624	59	7	battery	battery	NOUN
fbem-12624	59	8	of	of	ADP
fbem-12624	59	9	robustness	robustness	NOUN
fbem-12624	59	10	checks	check	NOUN
fbem-12624	59	11	.	.	PUNCT
fbem-12624	60	1	first	first	ADV
fbem-12624	60	2	,	,	PUNCT
fbem-12624	60	3	three	three	NUM
fbem-12624	60	4	provinces	province	NOUN
fbem-12624	60	5	in	in	ADP
fbem-12624	60	6	northeast	northeast	ADJ
fbem-12624	60	7	china	china	PROPN
fbem-12624	60	8	went	go	VERB
fbem-12624	60	9	through	through	ADP
fbem-12624	60	10	similar	similar	ADJ
fbem-12624	60	11	accelerated	accelerate	VERB
fbem-12624	60	12	depreciation	depreciation	NOUN
fbem-12624	60	13	tax	tax	NOUN
fbem-12624	60	14	policy	policy	NOUN
fbem-12624	60	15	changes	change	NOUN
fbem-12624	60	16	in	in	ADP
fbem-12624	60	17	2004	2004	NUM
fbem-12624	60	18	.	.	PUNCT
fbem-12624	61	1	we	we	PRON
fbem-12624	61	2	verify	verify	VERB
fbem-12624	61	3	that	that	SCONJ
fbem-12624	61	4	removing	remove	VERB
fbem-12624	61	5	firms	firm	NOUN
fbem-12624	61	6	incorporated	incorporate	VERB
fbem-12624	61	7	in	in	ADP
fbem-12624	61	8	those	those	DET
fbem-12624	61	9	three	three	NUM
fbem-12624	61	10	provinces	province	NOUN
fbem-12624	61	11	does	do	AUX
fbem-12624	61	12	not	not	PART
fbem-12624	61	13	affect	affect	VERB
fbem-12624	61	14	our	our	PRON
fbem-12624	61	15	conclusions	conclusion	NOUN
fbem-12624	61	16	.	.	PUNCT
fbem-12624	62	1	second	second	ADJ
fbem-12624	62	2	,	,	PUNCT
fbem-12624	62	3	we	we	PRON
fbem-12624	62	4	restrict	restrict	VERB
fbem-12624	62	5	our	our	PRON
fbem-12624	62	6	observations	observation	NOUN
fbem-12624	62	7	to	to	ADP
fbem-12624	62	8	a	a	DET
fbem-12624	62	9	balanced	balanced	ADJ
fbem-12624	62	10	sample	sample	NOUN
fbem-12624	62	11	and	and	CCONJ
fbem-12624	62	12	demonstrate	demonstrate	VERB
fbem-12624	62	13	that	that	SCONJ
fbem-12624	62	14	our	our	PRON
fbem-12624	62	15	findings	finding	NOUN
fbem-12624	62	16	are	be	AUX
fbem-12624	62	17	not	not	PART
fbem-12624	62	18	driven	drive	VERB
fbem-12624	62	19	by	by	ADP
fbem-12624	62	20	survival	survival	NOUN
fbem-12624	62	21	bias	bias	PROPN
fbem-12624	62	22	.	.	PUNCT
fbem-12624	63	1	third	third	ADJ
fbem-12624	63	2	,	,	PUNCT
fbem-12624	63	3	in	in	ADP
fbem-12624	63	4	a	a	DET
fbem-12624	63	5	falsification	falsification	NOUN
fbem-12624	63	6	test	test	NOUN
fbem-12624	63	7	,	,	PUNCT
fbem-12624	63	8	we	we	PRON
fbem-12624	63	9	show	show	VERB
fbem-12624	63	10	that	that	SCONJ
fbem-12624	63	11	treatment	treatment	NOUN
fbem-12624	63	12	firms	firm	NOUN
fbem-12624	63	13	do	do	AUX
fbem-12624	63	14	not	not	PART
fbem-12624	63	15	increase	increase	VERB
fbem-12624	63	16	purchases	purchase	NOUN
fbem-12624	63	17	in	in	ADP
fbem-12624	63	18	current	current	ADJ
fbem-12624	63	19	assets	asset	NOUN
fbem-12624	63	20	not	not	PART
fbem-12624	63	21	affected	affect	VERB
fbem-12624	63	22	by	by	ADP
fbem-12624	63	23	the	the	DET
fbem-12624	63	24	accelerated	accelerated	ADJ
fbem-12624	63	25	depreciation	depreciation	NOUN
fbem-12624	63	26	rules	rule	NOUN
fbem-12624	63	27	.	.	PUNCT
fbem-12624	64	1	fourth	fourth	ADV
fbem-12624	64	2	,	,	PUNCT
fbem-12624	64	3	we	we	PRON
fbem-12624	64	4	conduct	conduct	VERB
fbem-12624	64	5	a	a	DET
fbem-12624	64	6	placebo	placebo	NOUN
fbem-12624	64	7	test	test	NOUN
fbem-12624	64	8	with	with	ADP
fbem-12624	64	9	randomization	randomization	NOUN
fbem-12624	64	10	of	of	ADP
fbem-12624	64	11	the	the	DET
fbem-12624	64	12	treatment	treatment	NOUN
fbem-12624	64	13	as	as	ADP
fbem-12624	64	14	a	a	DET
fbem-12624	64	15	second	second	ADJ
fbem-12624	64	16	falsification	falsification	NOUN
fbem-12624	64	17	test	test	NOUN
fbem-12624	64	18	(	(	PUNCT
fbem-12624	64	19	chen	chen	PROPN
fbem-12624	64	20	,	,	PUNCT
fbem-12624	64	21	li	li	PROPN
fbem-12624	64	22	,	,	PUNCT
fbem-12624	64	23	and	and	CCONJ
fbem-12624	64	24	lu	lu	PROPN
fbem-12624	64	25	2018	2018	NUM
fbem-12624	64	26	)	)	PUNCT
fbem-12624	64	27	.	.	PUNCT
fbem-12624	65	1	we	we	PRON
fbem-12624	65	2	discover	discover	VERB
fbem-12624	65	3	that	that	SCONJ
fbem-12624	65	4	the	the	DET
fbem-12624	65	5	falsified	falsified	ADJ
fbem-12624	65	6	regressor	regressor	NOUN
fbem-12624	65	7	produces	produce	VERB
fbem-12624	65	8	zero	zero	NUM
fbem-12624	65	9	effect	effect	NOUN
fbem-12624	65	10	on	on	ADP
fbem-12624	65	11	tfp	tfp	PROPN
fbem-12624	65	12	,	,	PUNCT
fbem-12624	65	13	providing	provide	VERB
fbem-12624	65	14	further	further	ADJ
fbem-12624	65	15	support	support	NOUN
fbem-12624	65	16	for	for	ADP
fbem-12624	65	17	our	our	PRON
fbem-12624	65	18	conclusion	conclusion	NOUN
fbem-12624	65	19	.	.	PUNCT
fbem-12624	66	1	overall	overall	ADV
fbem-12624	66	2	,	,	PUNCT
fbem-12624	66	3	our	our	PRON
fbem-12624	66	4	results	result	NOUN
fbem-12624	66	5	suggest	suggest	VERB
fbem-12624	66	6	that	that	SCONJ
fbem-12624	66	7	,	,	PUNCT
fbem-12624	66	8	compared	compare	VERB
fbem-12624	66	9	to	to	ADP
fbem-12624	66	10	the	the	DET
fbem-12624	66	11	straight	straight	ADJ
fbem-12624	66	12	-	-	PUNCT
fbem-12624	66	13	line	line	NOUN
fbem-12624	66	14	depreciation	depreciation	NOUN
fbem-12624	66	15	method	method	NOUN
fbem-12624	66	16	,	,	PUNCT
fbem-12624	66	17	adopting	adopt	VERB
fbem-12624	66	18	accelerated	accelerate	VERB
fbem-12624	66	19	depreciation	depreciation	NOUN
fbem-12624	66	20	facilitates	facilitate	VERB
fbem-12624	66	21	companies	company	NOUN
fbem-12624	66	22	’	’	PART
fbem-12624	66	23	efficiency	efficiency	NOUN
fbem-12624	66	24	in	in	ADP
fbem-12624	66	25	their	their	PRON
fbem-12624	66	26	capital	capital	NOUN
fbem-12624	66	27	and	and	CCONJ
fbem-12624	66	28	operating	operating	NOUN
fbem-12624	66	29	structures	structure	NOUN
fbem-12624	66	30	and	and	CCONJ
fbem-12624	66	31	therefore	therefore	ADV
fbem-12624	66	32	significantly	significantly	ADV
fbem-12624	66	33	improves	improve	VERB
fbem-12624	66	34	firm	firm	ADJ
fbem-12624	66	35	value	value	NOUN
fbem-12624	66	36	.	.	PUNCT
fbem-12624	67	1	we	we	PRON
fbem-12624	67	2	contribute	contribute	VERB
fbem-12624	67	3	in	in	ADP
fbem-12624	67	4	the	the	DET
fbem-12624	67	5	following	following	ADJ
fbem-12624	67	6	ways	way	NOUN
fbem-12624	67	7	.	.	PUNCT
fbem-12624	68	1	first	first	ADV
fbem-12624	68	2	,	,	PUNCT
fbem-12624	68	3	our	our	PRON
fbem-12624	68	4	paper	paper	NOUN
fbem-12624	68	5	is	be	AUX
fbem-12624	68	6	related	relate	VERB
fbem-12624	68	7	to	to	ADP
fbem-12624	68	8	the	the	DET
fbem-12624	68	9	literature	literature	NOUN
fbem-12624	68	10	exploring	explore	VERB
fbem-12624	68	11	the	the	DET
fbem-12624	68	12	effect	effect	NOUN
fbem-12624	68	13	of	of	ADP
fbem-12624	68	14	tax	tax	NOUN
fbem-12624	68	15	policy	policy	NOUN
fbem-12624	68	16	changes	change	NOUN
fbem-12624	68	17	.	.	PUNCT
fbem-12624	69	1	most	most	ADJ
fbem-12624	69	2	of	of	ADP
fbem-12624	69	3	the	the	DET
fbem-12624	69	4	studies	study	NOUN
fbem-12624	69	5	in	in	ADP
fbem-12624	69	6	this	this	DET
fbem-12624	69	7	area	area	NOUN
fbem-12624	69	8	focus	focus	VERB
fbem-12624	69	9	on	on	ADP
fbem-12624	69	10	the	the	DET
fbem-12624	69	11	shortterm	shortterm	PROPN
fbem-12624	69	12	benefits	benefit	NOUN
fbem-12624	69	13	of	of	ADP
fbem-12624	69	14	the	the	DET
fbem-12624	69	15	tax	tax	NOUN
fbem-12624	69	16	policy	policy	NOUN
fbem-12624	69	17	changes	change	NOUN
fbem-12624	69	18	(	(	PUNCT
fbem-12624	69	19	house	house	NOUN
fbem-12624	69	20	and	and	CCONJ
fbem-12624	69	21	shapiro	shapiro	PROPN
fbem-12624	69	22	2008	2008	NUM
fbem-12624	69	23	;	;	PUNCT
fbem-12624	69	24	wielhouwer	wielhouwer	NOUN
fbem-12624	69	25	and	and	CCONJ
fbem-12624	69	26	wiersma	wiersma	NOUN
fbem-12624	69	27	2014	2014	NUM
fbem-12624	69	28	;	;	PUNCT
fbem-12624	69	29	zwick	zwick	PROPN
fbem-12624	69	30	and	and	CCONJ
fbem-12624	69	31	mahon	mahon	PROPN
fbem-12624	69	32	2017	2017	NUM
fbem-12624	69	33	)	)	PUNCT
fbem-12624	69	34	.	.	PUNCT
fbem-12624	70	1	our	our	PRON
fbem-12624	70	2	research	research	NOUN
fbem-12624	70	3	uniquely	uniquely	ADV
fbem-12624	70	4	contributes	contribute	VERB
fbem-12624	70	5	by	by	ADP
fbem-12624	70	6	demonstrating	demonstrate	VERB
fbem-12624	70	7	that	that	SCONJ
fbem-12624	70	8	the	the	DET
fbem-12624	70	9	accelerated	accelerated	ADJ
fbem-12624	70	10	depreciation	depreciation	NOUN
fbem-12624	70	11	tax	tax	NOUN
fbem-12624	70	12	incentive	incentive	NOUN
fbem-12624	70	13	produces	produce	VERB
fbem-12624	70	14	significant	significant	ADJ
fbem-12624	70	15	long	long	ADJ
fbem-12624	70	16	-	-	PUNCT
fbem-12624	70	17	term	term	NOUN
fbem-12624	70	18	benefits	benefit	NOUN
fbem-12624	70	19	by	by	ADP
fbem-12624	70	20	encouraging	encourage	VERB
fbem-12624	70	21	optimal	optimal	ADJ
fbem-12624	70	22	capital	capital	NOUN
fbem-12624	70	23	-	-	PUNCT
fbem-12624	70	24	labor	labor	NOUN
fbem-12624	70	25	structure	structure	NOUN
fbem-12624	70	26	.	.	PUNCT
fbem-12624	71	1	second	second	ADJ
fbem-12624	71	2	,	,	PUNCT
fbem-12624	71	3	our	our	PRON
fbem-12624	71	4	work	work	NOUN
fbem-12624	71	5	is	be	AUX
fbem-12624	71	6	also	also	ADV
fbem-12624	71	7	related	relate	VERB
fbem-12624	71	8	to	to	ADP
fbem-12624	71	9	the	the	DET
fbem-12624	71	10	literature	literature	NOUN
fbem-12624	71	11	on	on	ADP
fbem-12624	71	12	the	the	DET
fbem-12624	71	13	microeconomic	microeconomic	ADJ
fbem-12624	71	14	consequences	consequence	NOUN
fbem-12624	71	15	of	of	ADP
fbem-12624	71	16	macroeconomic	macroeconomic	ADJ
fbem-12624	71	17	policies	policy	NOUN
fbem-12624	71	18	(	(	PUNCT
fbem-12624	71	19	hsieh	hsieh	NOUN
fbem-12624	71	20	and	and	CCONJ
fbem-12624	71	21	klenow	klenow	NOUN
fbem-12624	71	22	2009	2009	NUM
fbem-12624	71	23	)	)	PUNCT
fbem-12624	71	24	.	.	PUNCT
fbem-12624	72	1	different	different	ADJ
fbem-12624	72	2	from	from	ADP
fbem-12624	72	3	research	research	NOUN
fbem-12624	72	4	that	that	PRON
fbem-12624	72	5	directly	directly	ADV
fbem-12624	72	6	addresses	address	VERB
fbem-12624	72	7	the	the	DET
fbem-12624	72	8	effects	effect	NOUN
fbem-12624	72	9	of	of	ADP
fbem-12624	72	10	macroeconomic	macroeconomic	ADJ
fbem-12624	72	11	policies	policy	NOUN
fbem-12624	72	12	on	on	ADP
fbem-12624	72	13	macroeconomic	macroeconomic	ADJ
fbem-12624	72	14	output	output	NOUN
fbem-12624	72	15	(	(	PUNCT
fbem-12624	72	16	mountford	mountford	NOUN
fbem-12624	72	17	and	and	CCONJ
fbem-12624	72	18	uhlig	uhlig	ADJ
fbem-12624	72	19	2009	2009	NUM
fbem-12624	72	20	;	;	PUNCT
fbem-12624	72	21	castelnuovo	castelnuovo	PROPN
fbem-12624	72	22	and	and	CCONJ
fbem-12624	72	23	lim	lim	PROPN
fbem-12624	72	24	2019	2019	NUM
fbem-12624	72	25	)	)	PUNCT
fbem-12624	72	26	,	,	PUNCT
fbem-12624	72	27	we	we	PRON
fbem-12624	72	28	provide	provide	VERB
fbem-12624	72	29	evidence	evidence	NOUN
fbem-12624	72	30	on	on	ADP
fbem-12624	72	31	a	a	DET
fbem-12624	72	32	firm	firm	ADJ
fbem-12624	72	33	angel	angel	NOUN
fbem-12624	72	34	about	about	ADP
fbem-12624	72	35	the	the	DET
fbem-12624	72	36	effect	effect	NOUN
fbem-12624	72	37	of	of	ADP
fbem-12624	72	38	a	a	DET
fbem-12624	72	39	national	national	ADJ
fbem-12624	72	40	policy	policy	NOUN
fbem-12624	72	41	.	.	PUNCT
fbem-12624	73	1	third	third	ADJ
fbem-12624	73	2	,	,	PUNCT
fbem-12624	73	3	the	the	DET
fbem-12624	73	4	findings	finding	NOUN
fbem-12624	73	5	in	in	ADP
fbem-12624	73	6	our	our	PRON
fbem-12624	73	7	study	study	NOUN
fbem-12624	73	8	have	have	VERB
fbem-12624	73	9	noteworthy	noteworthy	ADJ
fbem-12624	73	10	implications	implication	NOUN
fbem-12624	73	11	for	for	ADP
fbem-12624	73	12	other	other	ADJ
fbem-12624	73	13	emerging	emerge	VERB
fbem-12624	73	14	economies	economy	NOUN
fbem-12624	73	15	.	.	PUNCT
fbem-12624	74	1	many	many	ADJ
fbem-12624	74	2	emerging	emerge	VERB
fbem-12624	74	3	markets	market	NOUN
fbem-12624	74	4	are	be	AUX
fbem-12624	74	5	facing	face	VERB
fbem-12624	74	6	challenges	challenge	NOUN
fbem-12624	74	7	such	such	ADJ
fbem-12624	74	8	as	as	ADP
fbem-12624	74	9	industrial	industrial	ADJ
fbem-12624	74	10	transformation	transformation	NOUN
fbem-12624	74	11	and	and	CCONJ
fbem-12624	74	12	decreasing	decrease	VERB
fbem-12624	74	13	profits	profit	NOUN
fbem-12624	74	14	from	from	ADP
fbem-12624	74	15	cheap	cheap	ADJ
fbem-12624	74	16	labor	labor	NOUN
fbem-12624	74	17	.	.	PUNCT
fbem-12624	75	1	we	we	PRON
fbem-12624	75	2	show	show	VERB
fbem-12624	75	3	that	that	SCONJ
fbem-12624	75	4	the	the	DET
fbem-12624	75	5	depreciation	depreciation	NOUN
fbem-12624	75	6	policy	policy	NOUN
fbem-12624	75	7	changes	change	NOUN
fbem-12624	75	8	can	can	AUX
fbem-12624	75	9	help	help	VERB
fbem-12624	75	10	solve	solve	VERB
fbem-12624	75	11	these	these	DET
fbem-12624	75	12	issues	issue	NOUN
fbem-12624	75	13	by	by	ADP
fbem-12624	75	14	promoting	promote	VERB
fbem-12624	75	15	fixed	fix	VERB
fbem-12624	75	16	asset	asset	NOUN
fbem-12624	75	17	investment	investment	NOUN
fbem-12624	75	18	,	,	PUNCT
fbem-12624	75	19	assisting	assist	VERB
fbem-12624	75	20	cash	cash	NOUN
fbem-12624	75	21	-	-	PUNCT
fbem-12624	75	22	flow	flow	NOUN
fbem-12624	75	23	turnover	turnover	NOUN
fbem-12624	75	24	,	,	PUNCT
fbem-12624	75	25	and	and	CCONJ
fbem-12624	75	26	encouraging	encourage	VERB
fbem-12624	75	27	research	research	NOUN
fbem-12624	75	28	and	and	CCONJ
fbem-12624	75	29	innovation	innovation	NOUN
fbem-12624	75	30	.	.	PUNCT
fbem-12624	76	1	the	the	DET
fbem-12624	76	2	rest	rest	NOUN
fbem-12624	76	3	of	of	ADP
fbem-12624	76	4	the	the	DET
fbem-12624	76	5	paper	paper	NOUN
fbem-12624	76	6	is	be	AUX
fbem-12624	76	7	organized	organize	VERB
fbem-12624	76	8	as	as	SCONJ
fbem-12624	76	9	follows	follow	VERB
fbem-12624	76	10	.	.	PUNCT
fbem-12624	77	1	section	section	NOUN
fbem-12624	77	2	2	2	NUM
fbem-12624	77	3	discusses	discuss	VERB
fbem-12624	77	4	the	the	DET
fbem-12624	77	5	institutional	institutional	ADJ
fbem-12624	77	6	background	background	NOUN
fbem-12624	77	7	of	of	ADP
fbem-12624	77	8	industrial	industrial	ADJ
fbem-12624	77	9	transformation	transformation	NOUN
fbem-12624	77	10	in	in	ADP
fbem-12624	77	11	china	china	PROPN
fbem-12624	77	12	and	and	CCONJ
fbem-12624	77	13	reviews	review	VERB
fbem-12624	77	14	the	the	DET
fbem-12624	77	15	2014	2014	NUM
fbem-12624	77	16	chinese	chinese	ADJ
fbem-12624	77	17	depreciation	depreciation	NOUN
fbem-12624	77	18	tax	tax	NOUN
fbem-12624	77	19	policy	policy	NOUN
fbem-12624	77	20	changes	change	NOUN
fbem-12624	77	21	in	in	ADP
fbem-12624	77	22	more	more	ADJ
fbem-12624	77	23	detail	detail	NOUN
fbem-12624	77	24	.	.	PUNCT
fbem-12624	78	1	section	section	NOUN
fbem-12624	78	2	3	3	NUM
fbem-12624	78	3	describes	describe	VERB
fbem-12624	78	4	sample	sample	NOUN
fbem-12624	78	5	selection	selection	NOUN
fbem-12624	78	6	,	,	PUNCT
fbem-12624	78	7	variable	variable	ADJ
fbem-12624	78	8	definitions	definition	NOUN
fbem-12624	78	9	,	,	PUNCT
fbem-12624	78	10	and	and	CCONJ
fbem-12624	78	11	descriptive	descriptive	ADJ
fbem-12624	78	12	statistics	statistic	NOUN
fbem-12624	78	13	.	.	PUNCT
fbem-12624	79	1	section	section	NOUN
fbem-12624	79	2	4	4	NUM
fbem-12624	79	3	presents	present	VERB
fbem-12624	79	4	regression	regression	NOUN
fbem-12624	79	5	results	result	NOUN
fbem-12624	79	6	.	.	PUNCT
fbem-12624	80	1	in	in	ADP
fbem-12624	80	2	278	278	NUM
fbem-12624	80	3	section	section	NOUN
fbem-12624	80	4	5	5	NUM
fbem-12624	80	5	,	,	PUNCT
fbem-12624	80	6	we	we	PRON
fbem-12624	80	7	conduct	conduct	VERB
fbem-12624	80	8	several	several	ADJ
fbem-12624	80	9	additional	additional	ADJ
fbem-12624	80	10	analyses	analysis	NOUN
fbem-12624	80	11	and	and	CCONJ
fbem-12624	80	12	robustness	robustness	NOUN
fbem-12624	80	13	checks	check	NOUN
fbem-12624	80	14	.	.	PUNCT
fbem-12624	81	1	we	we	PRON
fbem-12624	81	2	conclude	conclude	VERB
fbem-12624	81	3	in	in	ADP
fbem-12624	81	4	section	section	NOUN
fbem-12624	81	5	6	6	NUM
fbem-12624	81	6	.	.	NOUN
fbem-12624	81	7	2	2	NUM
fbem-12624	81	8	.	.	X
fbem-12624	81	9	institutional	institutional	ADJ
fbem-12624	81	10	background	background	NOUN
fbem-12624	81	11	2.1	2.1	NUM
fbem-12624	81	12	.	.	PUNCT
fbem-12624	82	1	industrial	industrial	ADJ
fbem-12624	82	2	transformations	transformation	NOUN
fbem-12624	82	3	the	the	DET
fbem-12624	82	4	world	world	NOUN
fbem-12624	82	5	’s	’s	PART
fbem-12624	82	6	economy	economy	NOUN
fbem-12624	82	7	has	have	AUX
fbem-12624	82	8	experienced	experience	VERB
fbem-12624	82	9	three	three	NUM
fbem-12624	82	10	industrial	industrial	ADJ
fbem-12624	82	11	transformations	transformation	NOUN
fbem-12624	82	12	.	.	PUNCT
fbem-12624	83	1	the	the	DET
fbem-12624	83	2	first	first	ADJ
fbem-12624	83	3	happened	happen	VERB
fbem-12624	83	4	after	after	ADP
fbem-12624	83	5	world	world	PROPN
fbem-12624	83	6	war	war	PROPN
fbem-12624	83	7	ii	ii	PROPN
fbem-12624	83	8	,	,	PUNCT
fbem-12624	83	9	when	when	SCONJ
fbem-12624	83	10	the	the	DET
fbem-12624	83	11	u.s	u.s	PROPN
fbem-12624	83	12	.	.	PROPN
fbem-12624	83	13	transferred	transfer	VERB
fbem-12624	83	14	its	its	PRON
fbem-12624	83	15	labor	labor	NOUN
fbem-12624	83	16	-	-	PUNCT
fbem-12624	83	17	intensive	intensive	ADJ
fbem-12624	83	18	industries	industry	NOUN
fbem-12624	83	19	to	to	ADP
fbem-12624	83	20	japan	japan	PROPN
fbem-12624	83	21	and	and	CCONJ
fbem-12624	83	22	germany	germany	PROPN
fbem-12624	83	23	.	.	PUNCT
fbem-12624	84	1	the	the	DET
fbem-12624	84	2	second	second	ADJ
fbem-12624	84	3	transformation	transformation	NOUN
fbem-12624	84	4	happened	happen	VERB
fbem-12624	84	5	in	in	ADP
fbem-12624	84	6	the	the	DET
fbem-12624	84	7	1960s	1960	NOUN
fbem-12624	84	8	,	,	PUNCT
fbem-12624	84	9	when	when	SCONJ
fbem-12624	84	10	japan	japan	PROPN
fbem-12624	84	11	and	and	CCONJ
fbem-12624	84	12	germany	germany	PROPN
fbem-12624	84	13	brought	bring	VERB
fbem-12624	84	14	labor	labor	NOUN
fbem-12624	84	15	-	-	PUNCT
fbem-12624	84	16	intensive	intensive	ADJ
fbem-12624	84	17	industries	industry	NOUN
fbem-12624	84	18	to	to	ADP
fbem-12624	84	19	taiwan	taiwan	PROPN
fbem-12624	84	20	,	,	PUNCT
fbem-12624	84	21	hong	hong	PROPN
fbem-12624	84	22	kong	kong	PROPN
fbem-12624	84	23	,	,	PUNCT
fbem-12624	84	24	south	south	PROPN
fbem-12624	84	25	korea	korea	PROPN
fbem-12624	84	26	,	,	PUNCT
fbem-12624	84	27	and	and	CCONJ
fbem-12624	84	28	singapore	singapore	PROPN
fbem-12624	84	29	(	(	PUNCT
fbem-12624	84	30	also	also	ADV
fbem-12624	84	31	known	know	VERB
fbem-12624	84	32	as	as	ADP
fbem-12624	84	33	the	the	DET
fbem-12624	84	34	“	"	PUNCT
fbem-12624	84	35	four	four	NUM
fbem-12624	84	36	asian	asian	ADJ
fbem-12624	84	37	tigers	tiger	NOUN
fbem-12624	84	38	”	"	PUNCT
fbem-12624	84	39	)	)	PUNCT
fbem-12624	84	40	.	.	PUNCT
fbem-12624	85	1	the	the	DET
fbem-12624	85	2	most	most	ADV
fbem-12624	85	3	recent	recent	ADJ
fbem-12624	85	4	industrial	industrial	ADJ
fbem-12624	85	5	transformation	transformation	NOUN
fbem-12624	85	6	occurred	occur	VERB
fbem-12624	85	7	in	in	ADP
fbem-12624	85	8	the	the	DET
fbem-12624	85	9	1980s	1980	NOUN
fbem-12624	85	10	,	,	PUNCT
fbem-12624	85	11	when	when	SCONJ
fbem-12624	85	12	the	the	DET
fbem-12624	85	13	four	four	NUM
fbem-12624	85	14	asian	asian	ADJ
fbem-12624	85	15	tigers	tiger	NOUN
fbem-12624	85	16	transferred	transfer	VERB
fbem-12624	85	17	labor	labor	NOUN
fbem-12624	85	18	-	-	PUNCT
fbem-12624	85	19	intensive	intensive	ADJ
fbem-12624	85	20	industries	industry	NOUN
fbem-12624	85	21	to	to	ADP
fbem-12624	85	22	mainland	mainland	NOUN
fbem-12624	85	23	china	china	PROPN
fbem-12624	85	24	,	,	PUNCT
fbem-12624	85	25	contributing	contribute	VERB
fbem-12624	85	26	to	to	ADP
fbem-12624	85	27	the	the	DET
fbem-12624	85	28	fastest	fast	ADV
fbem-12624	85	29	-	-	PUNCT
fbem-12624	85	30	growing	grow	VERB
fbem-12624	85	31	thirty	thirty	NUM
fbem-12624	85	32	years	year	NOUN
fbem-12624	85	33	in	in	ADP
fbem-12624	85	34	china	china	PROPN
fbem-12624	85	35	’s	’s	PART
fbem-12624	85	36	economic	economic	ADJ
fbem-12624	85	37	history	history	NOUN
fbem-12624	85	38	.	.	PUNCT
fbem-12624	86	1	with	with	ADP
fbem-12624	86	2	the	the	DET
fbem-12624	86	3	advantage	advantage	NOUN
fbem-12624	86	4	of	of	ADP
fbem-12624	86	5	cheap	cheap	ADJ
fbem-12624	86	6	labor	labor	NOUN
fbem-12624	86	7	,	,	PUNCT
fbem-12624	86	8	china	china	PROPN
fbem-12624	86	9	has	have	AUX
fbem-12624	86	10	developed	develop	VERB
fbem-12624	86	11	into	into	ADP
fbem-12624	86	12	the	the	DET
fbem-12624	86	13	world	world	NOUN
fbem-12624	86	14	's	's	PART
fbem-12624	86	15	second	second	ADV
fbem-12624	86	16	-	-	PUNCT
fbem-12624	86	17	largest	large	ADJ
fbem-12624	86	18	economy	economy	NOUN
fbem-12624	86	19	.	.	PUNCT
fbem-12624	87	1	however	however	ADV
fbem-12624	87	2	,	,	PUNCT
fbem-12624	87	3	as	as	ADP
fbem-12624	87	4	an	an	DET
fbem-12624	87	5	emerging	emerge	VERB
fbem-12624	87	6	country	country	NOUN
fbem-12624	87	7	,	,	PUNCT
fbem-12624	87	8	china	china	PROPN
fbem-12624	87	9	still	still	ADV
fbem-12624	87	10	faces	face	VERB
fbem-12624	87	11	many	many	ADJ
fbem-12624	87	12	challenges	challenge	NOUN
fbem-12624	87	13	in	in	ADP
fbem-12624	87	14	the	the	DET
fbem-12624	87	15	economic	economic	ADJ
fbem-12624	87	16	transformation	transformation	NOUN
fbem-12624	87	17	process	process	NOUN
fbem-12624	87	18	.	.	PUNCT
fbem-12624	88	1	beginning	begin	VERB
fbem-12624	88	2	in	in	ADP
fbem-12624	88	3	2004	2004	NUM
fbem-12624	88	4	,	,	PUNCT
fbem-12624	88	5	china	china	PROPN
fbem-12624	88	6	’s	’s	PART
fbem-12624	88	7	coastal	coastal	ADJ
fbem-12624	88	8	areas	area	NOUN
fbem-12624	88	9	started	start	VERB
fbem-12624	88	10	to	to	PART
fbem-12624	88	11	experience	experience	VERB
fbem-12624	88	12	labor	labor	NOUN
fbem-12624	88	13	shortages	shortage	NOUN
fbem-12624	88	14	and	and	CCONJ
fbem-12624	88	15	difficulties	difficulty	NOUN
fbem-12624	88	16	in	in	ADP
fbem-12624	88	17	recruiting	recruit	VERB
fbem-12624	88	18	workers	worker	NOUN
fbem-12624	88	19	.	.	PUNCT
fbem-12624	89	1	labor	labor	NOUN
fbem-12624	89	2	shortages	shortage	NOUN
fbem-12624	89	3	caused	cause	VERB
fbem-12624	89	4	labor	labor	NOUN
fbem-12624	89	5	costs	cost	NOUN
fbem-12624	89	6	to	to	PART
fbem-12624	89	7	surge	surge	VERB
fbem-12624	89	8	rapidly	rapidly	ADV
fbem-12624	89	9	,	,	PUNCT
fbem-12624	89	10	and	and	CCONJ
fbem-12624	89	11	migrant	migrant	ADJ
fbem-12624	89	12	workers	worker	NOUN
fbem-12624	89	13	’	’	PART
fbem-12624	89	14	wages	wage	NOUN
fbem-12624	89	15	increased	increase	VERB
fbem-12624	89	16	at	at	ADP
fbem-12624	89	17	an	an	DET
fbem-12624	89	18	average	average	ADJ
fbem-12624	89	19	rate	rate	NOUN
fbem-12624	89	20	of	of	ADP
fbem-12624	89	21	10	10	NUM
fbem-12624	89	22	%	%	NOUN
fbem-12624	89	23	annually	annually	ADV
fbem-12624	89	24	(	(	PUNCT
fbem-12624	89	25	cai	cai	X
fbem-12624	89	26	,	,	PUNCT
fbem-12624	89	27	2010	2010	NUM
fbem-12624	89	28	;	;	PUNCT
fbem-12624	89	29	cai	cai	PROPN
fbem-12624	89	30	and	and	CCONJ
fbem-12624	89	31	du	du	PROPN
fbem-12624	89	32	,	,	PUNCT
fbem-12624	89	33	2011	2011	NUM
fbem-12624	89	34	)	)	PUNCT
fbem-12624	89	35	.	.	PUNCT
fbem-12624	90	1	as	as	SCONJ
fbem-12624	90	2	china	china	PROPN
fbem-12624	90	3	's	's	PART
fbem-12624	90	4	cheap	cheap	ADJ
fbem-12624	90	5	labor	labor	NOUN
fbem-12624	90	6	advantage	advantage	NOUN
fbem-12624	90	7	gradually	gradually	ADV
fbem-12624	90	8	disappears	disappear	VERB
fbem-12624	90	9	and	and	CCONJ
fbem-12624	90	10	the	the	DET
fbem-12624	90	11	population	population	NOUN
fbem-12624	90	12	rapidly	rapidly	ADV
fbem-12624	90	13	ages	age	NOUN
fbem-12624	90	14	,	,	PUNCT
fbem-12624	90	15	substituting	substitute	VERB
fbem-12624	90	16	labor	labor	NOUN
fbem-12624	90	17	with	with	ADP
fbem-12624	90	18	fixed	fix	VERB
fbem-12624	90	19	assets	asset	NOUN
fbem-12624	90	20	becomes	become	VERB
fbem-12624	90	21	the	the	DET
fbem-12624	90	22	only	only	ADJ
fbem-12624	90	23	way	way	NOUN
fbem-12624	90	24	forward	forward	ADV
fbem-12624	90	25	for	for	ADP
fbem-12624	90	26	business	business	NOUN
fbem-12624	90	27	development	development	NOUN
fbem-12624	90	28	(	(	PUNCT
fbem-12624	90	29	hicks	hicks	PROPN
fbem-12624	90	30	1962	1962	NUM
fbem-12624	90	31	;	;	PUNCT
fbem-12624	90	32	cai	cai	X
fbem-12624	90	33	,	,	PUNCT
fbem-12624	90	34	wang	wang	PROPN
fbem-12624	90	35	,	,	PUNCT
fbem-12624	90	36	and	and	CCONJ
fbem-12624	90	37	qu	qu	PROPN
fbem-12624	90	38	2009	2009	NUM
fbem-12624	90	39	;	;	PUNCT
fbem-12624	90	40	wei	wei	PROPN
fbem-12624	90	41	,	,	PUNCT
fbem-12624	90	42	xie	xie	PROPN
fbem-12624	90	43	,	,	PUNCT
fbem-12624	90	44	and	and	CCONJ
fbem-12624	90	45	zhang	zhang	PROPN
fbem-12624	90	46	2017	2017	NUM
fbem-12624	90	47	)	)	PUNCT
fbem-12624	90	48	.	.	PUNCT
fbem-12624	91	1	rising	rise	VERB
fbem-12624	91	2	labor	labor	NOUN
fbem-12624	91	3	costs	cost	NOUN
fbem-12624	91	4	could	could	AUX
fbem-12624	91	5	result	result	VERB
fbem-12624	91	6	in	in	ADP
fbem-12624	91	7	three	three	NUM
fbem-12624	91	8	consequences	consequence	NOUN
fbem-12624	91	9	.	.	PUNCT
fbem-12624	92	1	first	first	ADV
fbem-12624	92	2	,	,	PUNCT
fbem-12624	92	3	some	some	DET
fbem-12624	92	4	companies	company	NOUN
fbem-12624	92	5	may	may	AUX
fbem-12624	92	6	not	not	PART
fbem-12624	92	7	have	have	VERB
fbem-12624	92	8	any	any	DET
fbem-12624	92	9	growth	growth	NOUN
fbem-12624	92	10	opportunities	opportunity	NOUN
fbem-12624	92	11	and	and	CCONJ
fbem-12624	92	12	could	could	AUX
fbem-12624	92	13	not	not	PART
fbem-12624	92	14	move	move	VERB
fbem-12624	92	15	production	production	NOUN
fbem-12624	92	16	to	to	ADP
fbem-12624	92	17	areas	area	NOUN
fbem-12624	92	18	with	with	ADP
fbem-12624	92	19	cheaper	cheap	ADJ
fbem-12624	92	20	labor	labor	NOUN
fbem-12624	92	21	.	.	PUNCT
fbem-12624	93	1	if	if	SCONJ
fbem-12624	93	2	such	such	ADJ
fbem-12624	93	3	companies	company	NOUN
fbem-12624	93	4	can	can	AUX
fbem-12624	93	5	not	not	PART
fbem-12624	93	6	adjust	adjust	VERB
fbem-12624	93	7	to	to	ADP
fbem-12624	93	8	the	the	DET
fbem-12624	93	9	increased	increase	VERB
fbem-12624	93	10	costs	cost	NOUN
fbem-12624	93	11	,	,	PUNCT
fbem-12624	93	12	they	they	PRON
fbem-12624	93	13	will	will	AUX
fbem-12624	93	14	be	be	AUX
fbem-12624	93	15	forced	force	VERB
fbem-12624	93	16	out	out	ADP
fbem-12624	93	17	of	of	ADP
fbem-12624	93	18	the	the	DET
fbem-12624	93	19	market	market	NOUN
fbem-12624	93	20	very	very	ADV
fbem-12624	93	21	quickly	quickly	ADV
fbem-12624	93	22	(	(	PUNCT
fbem-12624	93	23	cai	cai	X
fbem-12624	93	24	,	,	PUNCT
fbem-12624	93	25	2010	2010	NUM
fbem-12624	93	26	;	;	PUNCT
fbem-12624	93	27	nikkei	nikkei	PROPN
fbem-12624	93	28	asian	asian	PROPN
fbem-12624	93	29	review	review	PROPN
fbem-12624	93	30	2019	2019	NUM
fbem-12624	93	31	)	)	PUNCT
fbem-12624	93	32	.	.	PUNCT
fbem-12624	94	1	second	second	ADJ
fbem-12624	94	2	,	,	PUNCT
fbem-12624	94	3	some	some	DET
fbem-12624	94	4	firms	firm	NOUN
fbem-12624	94	5	may	may	AUX
fbem-12624	94	6	relocate	relocate	VERB
fbem-12624	94	7	.	.	PUNCT
fbem-12624	95	1	rising	rise	VERB
fbem-12624	95	2	labor	labor	NOUN
fbem-12624	95	3	costs	cost	NOUN
fbem-12624	95	4	can	can	AUX
fbem-12624	95	5	significantly	significantly	ADV
fbem-12624	95	6	lower	lower	VERB
fbem-12624	95	7	some	some	DET
fbem-12624	95	8	companies	company	NOUN
fbem-12624	95	9	’	'	PUNCT
fbem-12624	95	10	compatibility	compatibility	NOUN
fbem-12624	95	11	in	in	ADP
fbem-12624	95	12	local	local	ADJ
fbem-12624	95	13	markets	market	NOUN
fbem-12624	95	14	,	,	PUNCT
fbem-12624	95	15	forcing	force	VERB
fbem-12624	95	16	them	they	PRON
fbem-12624	95	17	to	to	PART
fbem-12624	95	18	relocate	relocate	VERB
fbem-12624	95	19	to	to	ADP
fbem-12624	95	20	areas	area	NOUN
fbem-12624	95	21	with	with	ADP
fbem-12624	95	22	cheaper	cheap	ADJ
fbem-12624	95	23	workers	worker	NOUN
fbem-12624	95	24	,	,	PUNCT
fbem-12624	95	25	such	such	ADJ
fbem-12624	95	26	as	as	ADP
fbem-12624	95	27	southeast	southeast	PROPN
fbem-12624	95	28	asia	asia	PROPN
fbem-12624	95	29	.	.	PUNCT
fbem-12624	96	1	this	this	DET
fbem-12624	96	2	move	move	NOUN
fbem-12624	96	3	could	could	AUX
fbem-12624	96	4	stimulate	stimulate	VERB
fbem-12624	96	5	a	a	DET
fbem-12624	96	6	new	new	ADJ
fbem-12624	96	7	round	round	NOUN
fbem-12624	96	8	of	of	ADP
fbem-12624	96	9	industrial	industrial	ADJ
fbem-12624	96	10	transformation	transformation	NOUN
fbem-12624	96	11	(	(	PUNCT
fbem-12624	96	12	cai	cai	X
fbem-12624	96	13	,	,	PUNCT
fbem-12624	96	14	wang	wang	PROPN
fbem-12624	96	15	,	,	PUNCT
fbem-12624	96	16	and	and	CCONJ
fbem-12624	96	17	qu	qu	PROPN
fbem-12624	96	18	2009	2009	NUM
fbem-12624	96	19	)	)	PUNCT
fbem-12624	96	20	.	.	PUNCT
fbem-12624	97	1	third	third	ADV
fbem-12624	97	2	,	,	PUNCT
fbem-12624	97	3	some	some	DET
fbem-12624	97	4	companies	company	NOUN
fbem-12624	97	5	may	may	AUX
fbem-12624	97	6	ease	ease	VERB
fbem-12624	97	7	the	the	DET
fbem-12624	97	8	pressure	pressure	NOUN
fbem-12624	97	9	from	from	ADP
fbem-12624	97	10	rising	rise	VERB
fbem-12624	97	11	labor	labor	NOUN
fbem-12624	97	12	costs	cost	NOUN
fbem-12624	97	13	by	by	ADP
fbem-12624	97	14	adjusting	adjust	VERB
fbem-12624	97	15	the	the	DET
fbem-12624	97	16	capital	capital	NOUN
fbem-12624	97	17	structure	structure	NOUN
fbem-12624	97	18	.	.	PUNCT
fbem-12624	98	1	with	with	ADP
fbem-12624	98	2	an	an	DET
fbem-12624	98	3	optimized	optimize	VERB
fbem-12624	98	4	capital	capital	NOUN
fbem-12624	98	5	-	-	PUNCT
fbem-12624	98	6	tolabor	tolabor	NOUN
fbem-12624	98	7	ratio	ratio	NOUN
fbem-12624	98	8	,	,	PUNCT
fbem-12624	98	9	these	these	DET
fbem-12624	98	10	companies	company	NOUN
fbem-12624	98	11	are	be	AUX
fbem-12624	98	12	more	more	ADV
fbem-12624	98	13	likely	likely	ADJ
fbem-12624	98	14	to	to	PART
fbem-12624	98	15	innovate	innovate	VERB
fbem-12624	98	16	and	and	CCONJ
fbem-12624	98	17	upgrade	upgrade	VERB
fbem-12624	98	18	to	to	ADP
fbem-12624	98	19	advanced	advanced	ADJ
fbem-12624	98	20	technology	technology	NOUN
fbem-12624	98	21	and	and	CCONJ
fbem-12624	98	22	machines	machine	NOUN
fbem-12624	98	23	,	,	PUNCT
fbem-12624	98	24	therefore	therefore	ADV
fbem-12624	98	25	solving	solve	VERB
fbem-12624	98	26	the	the	DET
fbem-12624	98	27	problem	problem	NOUN
fbem-12624	98	28	of	of	ADP
fbem-12624	98	29	higher	high	ADJ
fbem-12624	98	30	labor	labor	NOUN
fbem-12624	98	31	costs	cost	NOUN
fbem-12624	98	32	(	(	PUNCT
fbem-12624	98	33	wei	wei	PROPN
fbem-12624	98	34	,	,	PUNCT
fbem-12624	98	35	xie	xie	PROPN
fbem-12624	98	36	,	,	PUNCT
fbem-12624	98	37	and	and	CCONJ
fbem-12624	98	38	zhang	zhang	PROPN
fbem-12624	98	39	2017	2017	NUM
fbem-12624	98	40	)	)	PUNCT
fbem-12624	98	41	.	.	PUNCT
fbem-12624	99	1	the	the	DET
fbem-12624	99	2	chinese	chinese	ADJ
fbem-12624	99	3	government	government	NOUN
fbem-12624	99	4	introduced	introduce	VERB
fbem-12624	99	5	a	a	DET
fbem-12624	99	6	series	series	NOUN
fbem-12624	99	7	of	of	ADP
fbem-12624	99	8	measures	measure	NOUN
fbem-12624	99	9	to	to	PART
fbem-12624	99	10	encourage	encourage	VERB
fbem-12624	99	11	companies	company	NOUN
fbem-12624	99	12	to	to	PART
fbem-12624	99	13	optimize	optimize	VERB
fbem-12624	99	14	capital	capital	NOUN
fbem-12624	99	15	structure	structure	NOUN
fbem-12624	99	16	,	,	PUNCT
fbem-12624	99	17	among	among	ADP
fbem-12624	99	18	which	which	PRON
fbem-12624	99	19	is	be	AUX
fbem-12624	99	20	the	the	DET
fbem-12624	99	21	2014	2014	NUM
fbem-12624	99	22	accelerated	accelerate	VERB
fbem-12624	99	23	depreciation	depreciation	NOUN
fbem-12624	99	24	tax	tax	NOUN
fbem-12624	99	25	policy	policy	NOUN
fbem-12624	99	26	.	.	PUNCT
fbem-12624	100	1	this	this	DET
fbem-12624	100	2	policy	policy	NOUN
fbem-12624	100	3	encourages	encourage	VERB
fbem-12624	100	4	companies	company	NOUN
fbem-12624	100	5	to	to	PART
fbem-12624	100	6	purchase	purchase	VERB
fbem-12624	100	7	capital	capital	NOUN
fbem-12624	100	8	assets	asset	NOUN
fbem-12624	100	9	by	by	ADP
fbem-12624	100	10	directly	directly	ADV
fbem-12624	100	11	granting	grant	VERB
fbem-12624	100	12	tax	tax	NOUN
fbem-12624	100	13	cuts	cut	NOUN
fbem-12624	100	14	when	when	SCONJ
fbem-12624	100	15	companies	company	NOUN
fbem-12624	100	16	use	use	VERB
fbem-12624	100	17	advanced	advanced	ADJ
fbem-12624	100	18	machinery	machinery	NOUN
fbem-12624	100	19	and	and	CCONJ
fbem-12624	100	20	equipment	equipment	NOUN
fbem-12624	100	21	to	to	PART
fbem-12624	100	22	replace	replace	VERB
fbem-12624	100	23	labor	labor	NOUN
fbem-12624	100	24	.	.	PUNCT
fbem-12624	101	1	this	this	DET
fbem-12624	101	2	policy	policy	NOUN
fbem-12624	101	3	is	be	AUX
fbem-12624	101	4	different	different	ADJ
fbem-12624	101	5	from	from	ADP
fbem-12624	101	6	the	the	DET
fbem-12624	101	7	accelerated	accelerated	ADJ
fbem-12624	101	8	depreciation	depreciation	NOUN
fbem-12624	101	9	policy	policy	NOUN
fbem-12624	101	10	for	for	ADP
fbem-12624	101	11	fixed	fix	VERB
fbem-12624	101	12	assets	asset	NOUN
fbem-12624	101	13	implemented	implement	VERB
fbem-12624	101	14	in	in	ADP
fbem-12624	101	15	relatively	relatively	ADV
fbem-12624	101	16	mature	mature	ADJ
fbem-12624	101	17	markets	market	NOUN
fbem-12624	101	18	such	such	ADJ
fbem-12624	101	19	as	as	ADP
fbem-12624	101	20	the	the	DET
fbem-12624	101	21	u.s	u.s	PROPN
fbem-12624	101	22	.	.	PROPN
fbem-12624	101	23	in	in	SCONJ
fbem-12624	101	24	that	that	SCONJ
fbem-12624	101	25	the	the	DET
fbem-12624	101	26	u.s	u.s	PROPN
fbem-12624	101	27	.	.	PROPN
fbem-12624	101	28	policy	policy	NOUN
fbem-12624	101	29	does	do	AUX
fbem-12624	101	30	not	not	PART
fbem-12624	101	31	involve	involve	VERB
fbem-12624	101	32	factor	factor	NOUN
fbem-12624	101	33	substitution	substitution	NOUN
fbem-12624	101	34	,	,	PUNCT
fbem-12624	101	35	nor	nor	CCONJ
fbem-12624	101	36	does	do	AUX
fbem-12624	101	37	it	it	PRON
fbem-12624	101	38	encourage	encourage	VERB
fbem-12624	101	39	capitalization	capitalization	NOUN
fbem-12624	101	40	.	.	PUNCT
fbem-12624	102	1	the	the	DET
fbem-12624	102	2	u.s	u.s	PROPN
fbem-12624	102	3	.	.	PROPN
fbem-12624	102	4	depreciation	depreciation	NOUN
fbem-12624	102	5	system	system	NOUN
fbem-12624	102	6	is	be	AUX
fbem-12624	102	7	set	set	VERB
fbem-12624	102	8	up	up	ADP
fbem-12624	102	9	for	for	ADP
fbem-12624	102	10	corporate	corporate	ADJ
fbem-12624	102	11	tax	tax	NOUN
fbem-12624	102	12	reduction	reduction	NOUN
fbem-12624	102	13	,	,	PUNCT
fbem-12624	102	14	whereas	whereas	SCONJ
fbem-12624	102	15	the	the	DET
fbem-12624	102	16	chinese	chinese	ADJ
fbem-12624	102	17	depreciation	depreciation	NOUN
fbem-12624	102	18	policy	policy	NOUN
fbem-12624	102	19	is	be	AUX
fbem-12624	102	20	created	create	VERB
fbem-12624	102	21	to	to	PART
fbem-12624	102	22	assist	assist	VERB
fbem-12624	102	23	in	in	ADP
fbem-12624	102	24	capital	capital	NOUN
fbem-12624	102	25	structural	structural	ADJ
fbem-12624	102	26	upgrades	upgrade	NOUN
fbem-12624	102	27	,	,	PUNCT
fbem-12624	102	28	therefore	therefore	ADV
fbem-12624	102	29	laying	lay	VERB
fbem-12624	102	30	down	down	ADP
fbem-12624	102	31	the	the	DET
fbem-12624	102	32	foundation	foundation	NOUN
fbem-12624	102	33	for	for	ADP
fbem-12624	102	34	the	the	DET
fbem-12624	102	35	next	next	ADJ
fbem-12624	102	36	round	round	NOUN
fbem-12624	102	37	of	of	ADP
fbem-12624	102	38	industrial	industrial	ADJ
fbem-12624	102	39	transformation	transformation	NOUN
fbem-12624	102	40	.	.	PUNCT
fbem-12624	103	1	2.2	2.2	NUM
fbem-12624	103	2	.	.	PUNCT
fbem-12624	104	1	the	the	DET
fbem-12624	104	2	2014	2014	NUM
fbem-12624	104	3	accelerated	accelerate	VERB
fbem-12624	104	4	depreciation	depreciation	NOUN
fbem-12624	104	5	tax	tax	NOUN
fbem-12624	104	6	policy	policy	NOUN
fbem-12624	104	7	on	on	ADP
fbem-12624	104	8	september	september	PROPN
fbem-12624	104	9	24	24	NUM
fbem-12624	104	10	,	,	PUNCT
fbem-12624	104	11	2014	2014	NUM
fbem-12624	104	12	,	,	PUNCT
fbem-12624	104	13	the	the	DET
fbem-12624	104	14	chinese	chinese	ADJ
fbem-12624	104	15	state	state	PROPN
fbem-12624	104	16	council	council	PROPN
fbem-12624	104	17	executive	executive	PROPN
fbem-12624	104	18	meeting	meeting	NOUN
fbem-12624	104	19	decided	decide	VERB
fbem-12624	104	20	to	to	PART
fbem-12624	104	21	allow	allow	VERB
fbem-12624	104	22	enterprises	enterprise	NOUN
fbem-12624	104	23	in	in	ADP
fbem-12624	104	24	six	six	NUM
fbem-12624	104	25	pilot	pilot	NOUN
fbem-12624	104	26	industries	industry	NOUN
fbem-12624	104	27	to	to	PART
fbem-12624	104	28	use	use	VERB
fbem-12624	104	29	accelerated	accelerate	VERB
fbem-12624	104	30	depreciation	depreciation	NOUN
fbem-12624	104	31	methods	method	NOUN
fbem-12624	104	32	,	,	PUNCT
fbem-12624	104	33	including	include	VERB
fbem-12624	104	34	shortened	shorten	VERB
fbem-12624	104	35	-	-	PUNCT
fbem-12624	104	36	depreciable	depreciable	VERB
fbem-12624	104	37	-	-	PUNCT
fbem-12624	104	38	life	life	NOUN
fbem-12624	104	39	method	method	NOUN
fbem-12624	104	40	(	(	PUNCT
fbem-12624	104	41	not	not	PART
fbem-12624	104	42	less	less	ADJ
fbem-12624	104	43	than	than	ADP
fbem-12624	104	44	60	60	NUM
fbem-12624	104	45	%	%	NOUN
fbem-12624	104	46	of	of	ADP
fbem-12624	104	47	the	the	DET
fbem-12624	104	48	specified	specified	ADJ
fbem-12624	104	49	period	period	NOUN
fbem-12624	104	50	)	)	PUNCT
fbem-12624	104	51	,	,	PUNCT
fbem-12624	104	52	double	double	ADJ
fbem-12624	104	53	-	-	PUNCT
fbem-12624	104	54	declining	decline	VERB
fbem-12624	104	55	balance	balance	NOUN
fbem-12624	104	56	method	method	NOUN
fbem-12624	104	57	,	,	PUNCT
fbem-12624	104	58	and	and	CCONJ
fbem-12624	104	59	the	the	DET
fbem-12624	104	60	sum	sum	NOUN
fbem-12624	104	61	-	-	PUNCT
fbem-12624	104	62	of	of	ADP
fbem-12624	104	63	-	-	PUNCT
fbem-12624	104	64	years	year	NOUN
fbem-12624	104	65	-	-	PUNCT
fbem-12624	104	66	digit	digit	NOUN
fbem-12624	104	67	method	method	NOUN
fbem-12624	104	68	,	,	PUNCT
fbem-12624	104	69	to	to	PART
fbem-12624	104	70	record	record	VERB
fbem-12624	104	71	depreciation	depreciation	NOUN
fbem-12624	104	72	of	of	ADP
fbem-12624	104	73	any	any	DET
fbem-12624	104	74	assets	asset	NOUN
fbem-12624	104	75	purchased	purchase	VERB
fbem-12624	104	76	after	after	ADP
fbem-12624	104	77	january	january	PROPN
fbem-12624	104	78	1st	1st	PROPN
fbem-12624	104	79	,	,	PUNCT
fbem-12624	104	80	2014	2014	NUM
fbem-12624	104	81	in	in	ADP
fbem-12624	104	82	addition	addition	NOUN
fbem-12624	104	83	to	to	ADP
fbem-12624	104	84	the	the	DET
fbem-12624	104	85	straight	straight	ADJ
fbem-12624	104	86	-	-	PUNCT
fbem-12624	104	87	line	line	NOUN
fbem-12624	104	88	depreciation	depreciation	NOUN
fbem-12624	104	89	method	method	NOUN
fbem-12624	104	90	previously	previously	ADV
fbem-12624	104	91	allowed	allow	VERB
fbem-12624	104	92	.	.	PUNCT
fbem-12624	105	1	these	these	DET
fbem-12624	105	2	six	six	NUM
fbem-12624	105	3	pilot	pilot	NOUN
fbem-12624	105	4	industries	industry	NOUN
fbem-12624	105	5	include	include	VERB
fbem-12624	105	6	biopharmaceutical	biopharmaceutical	NOUN
fbem-12624	105	7	manufacturing	manufacturing	NOUN
fbem-12624	105	8	;	;	PUNCT
fbem-12624	105	9	special	special	ADJ
fbem-12624	105	10	equipment	equipment	NOUN
fbem-12624	105	11	manufacturing	manufacturing	NOUN
fbem-12624	105	12	;	;	PUNCT
fbem-12624	105	13	railway	railway	NOUN
fbem-12624	105	14	,	,	PUNCT
fbem-12624	105	15	shipbuilding	shipbuilding	NOUN
fbem-12624	105	16	,	,	PUNCT
fbem-12624	105	17	aerospace	aerospace	NOUN
fbem-12624	105	18	and	and	CCONJ
fbem-12624	105	19	other	other	ADJ
fbem-12624	105	20	transportation	transportation	NOUN
fbem-12624	105	21	equipment	equipment	NOUN
fbem-12624	105	22	manufacturing	manufacturing	NOUN
fbem-12624	105	23	;	;	PUNCT
fbem-12624	105	24	computer	computer	NOUN
fbem-12624	105	25	,	,	PUNCT
fbem-12624	105	26	communications	communication	NOUN
fbem-12624	105	27	and	and	CCONJ
fbem-12624	105	28	other	other	ADJ
fbem-12624	105	29	electronic	electronic	ADJ
fbem-12624	105	30	equipment	equipment	NOUN
fbem-12624	105	31	manufacturing	manufacturing	NOUN
fbem-12624	105	32	;	;	PUNCT
fbem-12624	105	33	instrumentation	instrumentation	NOUN
fbem-12624	105	34	manufacturing	manufacturing	NOUN
fbem-12624	105	35	;	;	PUNCT
fbem-12624	105	36	and	and	CCONJ
fbem-12624	105	37	information	information	NOUN
fbem-12624	105	38	transmission	transmission	NOUN
fbem-12624	105	39	,	,	PUNCT
fbem-12624	105	40	software	software	NOUN
fbem-12624	105	41	and	and	CCONJ
fbem-12624	105	42	information	information	NOUN
fbem-12624	105	43	technology	technology	NOUN
fbem-12624	105	44	services	service	NOUN
fbem-12624	105	45	.	.	PUNCT
fbem-12624	106	1	this	this	PRON
fbem-12624	106	2	accelerated	accelerate	VERB
fbem-12624	106	3	depreciation	depreciation	NOUN
fbem-12624	106	4	policy	policy	NOUN
fbem-12624	106	5	aims	aim	VERB
fbem-12624	106	6	at	at	ADP
fbem-12624	106	7	increasing	increase	VERB
fbem-12624	106	8	the	the	DET
fbem-12624	106	9	deductible	deductible	ADJ
fbem-12624	106	10	amount	amount	NOUN
fbem-12624	106	11	of	of	ADP
fbem-12624	106	12	a	a	DET
fbem-12624	106	13	company	company	NOUN
fbem-12624	106	14	’s	’s	PART
fbem-12624	106	15	initial	initial	ADJ
fbem-12624	106	16	investment	investment	NOUN
fbem-12624	106	17	,	,	PUNCT
fbem-12624	106	18	reducing	reduce	VERB
fbem-12624	106	19	immediate	immediate	ADJ
fbem-12624	106	20	tax	tax	NOUN
fbem-12624	106	21	burdens	burden	NOUN
fbem-12624	106	22	,	,	PUNCT
fbem-12624	106	23	and	and	CCONJ
fbem-12624	106	24	encouraging	encourage	VERB
fbem-12624	106	25	firms	firm	NOUN
fbem-12624	106	26	to	to	PART
fbem-12624	106	27	speed	speed	VERB
fbem-12624	106	28	up	up	ADP
fbem-12624	106	29	the	the	DET
fbem-12624	106	30	process	process	NOUN
fbem-12624	106	31	of	of	ADP
fbem-12624	106	32	upgrading	upgrading	NOUN
fbem-12624	106	33	and	and	CCONJ
fbem-12624	106	34	transformation	transformation	NOUN
fbem-12624	106	35	.	.	PUNCT
fbem-12624	107	1	in	in	ADP
fbem-12624	107	2	2015	2015	NUM
fbem-12624	107	3	,	,	PUNCT
fbem-12624	107	4	this	this	PRON
fbem-12624	107	5	accelerated	accelerate	VERB
fbem-12624	107	6	depreciation	depreciation	NOUN
fbem-12624	107	7	policy	policy	NOUN
fbem-12624	107	8	was	be	AUX
fbem-12624	107	9	extended	extend	VERB
fbem-12624	107	10	to	to	ADP
fbem-12624	107	11	four	four	NUM
fbem-12624	107	12	more	more	ADJ
fbem-12624	107	13	industries	industry	NOUN
fbem-12624	107	14	,	,	PUNCT
fbem-12624	107	15	including	include	VERB
fbem-12624	107	16	light	light	ADJ
fbem-12624	107	17	industrial	industrial	ADJ
fbem-12624	107	18	manufacturing	manufacturing	NOUN
fbem-12624	107	19	,	,	PUNCT
fbem-12624	107	20	textiles	textile	NOUN
fbem-12624	107	21	,	,	PUNCT
fbem-12624	107	22	machinery	machinery	NOUN
fbem-12624	107	23	,	,	PUNCT
fbem-12624	107	24	and	and	CCONJ
fbem-12624	107	25	automobiles	automobile	NOUN
fbem-12624	107	26	(	(	PUNCT
fbem-12624	107	27	state	state	NOUN
fbem-12624	107	28	taxation	taxation	NOUN
fbem-12624	107	29	administration	administration	NOUN
fbem-12624	107	30	,	,	PUNCT
fbem-12624	107	31	2014	2014	NUM
fbem-12624	107	32	)	)	PUNCT
fbem-12624	107	33	.	.	PUNCT
fbem-12624	108	1	3	3	X
fbem-12624	108	2	.	.	X
fbem-12624	108	3	sample	sample	NOUN
fbem-12624	108	4	descriptions	description	NOUN
fbem-12624	108	5	,	,	PUNCT
fbem-12624	108	6	variable	variable	ADJ
fbem-12624	108	7	definitions	definition	NOUN
fbem-12624	108	8	,	,	PUNCT
fbem-12624	108	9	and	and	CCONJ
fbem-12624	108	10	descriptive	descriptive	ADJ
fbem-12624	108	11	statistics	statistic	NOUN
fbem-12624	108	12	3.1	3.1	NUM
fbem-12624	108	13	.	.	PUNCT
fbem-12624	109	1	sample	sample	NOUN
fbem-12624	109	2	descriptions	description	NOUN
fbem-12624	109	3	to	to	PART
fbem-12624	109	4	explore	explore	VERB
fbem-12624	109	5	the	the	DET
fbem-12624	109	6	effect	effect	NOUN
fbem-12624	109	7	of	of	ADP
fbem-12624	109	8	accelerated	accelerated	ADJ
fbem-12624	109	9	depreciation	depreciation	NOUN
fbem-12624	109	10	on	on	ADP
fbem-12624	109	11	firm	firm	ADJ
fbem-12624	109	12	value	value	NOUN
fbem-12624	109	13	,	,	PUNCT
fbem-12624	109	14	we	we	PRON
fbem-12624	109	15	begin	begin	VERB
fbem-12624	109	16	by	by	ADP
fbem-12624	109	17	constructing	construct	VERB
fbem-12624	109	18	a	a	DET
fbem-12624	109	19	sample	sample	NOUN
fbem-12624	109	20	with	with	ADP
fbem-12624	109	21	all	all	DET
fbem-12624	109	22	observations	observation	NOUN
fbem-12624	109	23	between	between	ADP
fbem-12624	109	24	2010	2010	NUM
fbem-12624	109	25	and	and	CCONJ
fbem-12624	109	26	2017	2017	NUM
fbem-12624	109	27	in	in	ADP
fbem-12624	109	28	the	the	DET
fbem-12624	109	29	chinese	chinese	ADJ
fbem-12624	109	30	stock	stock	NOUN
fbem-12624	109	31	market	market	NOUN
fbem-12624	109	32	and	and	CCONJ
fbem-12624	109	33	accounting	accounting	NOUN
fbem-12624	109	34	research	research	NOUN
fbem-12624	109	35	(	(	PUNCT
fbem-12624	109	36	csmar	csmar	PROPN
fbem-12624	109	37	)	)	PUNCT
fbem-12624	109	38	database	database	NOUN
fbem-12624	109	39	.	.	PUNCT
fbem-12624	110	1	we	we	PRON
fbem-12624	110	2	apply	apply	VERB
fbem-12624	110	3	several	several	ADJ
fbem-12624	110	4	restrictions	restriction	NOUN
fbem-12624	110	5	to	to	PART
fbem-12624	110	6	construct	construct	VERB
fbem-12624	110	7	our	our	PRON
fbem-12624	110	8	sample	sample	NOUN
fbem-12624	110	9	,	,	PUNCT
fbem-12624	110	10	following	follow	VERB
fbem-12624	110	11	brandt	brandt	PROPN
fbem-12624	110	12	et	et	PROPN
fbem-12624	110	13	al	al	PROPN
fbem-12624	110	14	.	.	PROPN
fbem-12624	111	1	(	(	PUNCT
fbem-12624	111	2	2012	2012	NUM
fbem-12624	111	3	)	)	PUNCT
fbem-12624	111	4	.	.	PUNCT
fbem-12624	112	1	we	we	PRON
fbem-12624	112	2	first	first	ADV
fbem-12624	112	3	exclude	exclude	VERB
fbem-12624	112	4	observations	observation	NOUN
fbem-12624	112	5	with	with	ADP
fbem-12624	112	6	missing	miss	VERB
fbem-12624	112	7	data	datum	NOUN
fbem-12624	112	8	on	on	ADP
fbem-12624	112	9	total	total	ADJ
fbem-12624	112	10	assets	asset	NOUN
fbem-12624	112	11	,	,	PUNCT
fbem-12624	112	12	number	number	NOUN
fbem-12624	112	13	of	of	ADP
fbem-12624	112	14	employees	employee	NOUN
fbem-12624	112	15	,	,	PUNCT
fbem-12624	112	16	wages	wage	NOUN
fbem-12624	112	17	payable	payable	ADJ
fbem-12624	112	18	,	,	PUNCT
fbem-12624	112	19	sales	sale	NOUN
fbem-12624	112	20	,	,	PUNCT
fbem-12624	112	21	and	and	CCONJ
fbem-12624	112	22	net	net	ADJ
fbem-12624	112	23	operating	operate	VERB
fbem-12624	112	24	cash	cash	NOUN
fbem-12624	112	25	flow	flow	NOUN
fbem-12624	112	26	.	.	PUNCT
fbem-12624	113	1	we	we	PRON
fbem-12624	113	2	further	far	ADV
fbem-12624	113	3	require	require	VERB
fbem-12624	113	4	our	our	PRON
fbem-12624	113	5	observations	observation	NOUN
fbem-12624	113	6	to	to	PART
fbem-12624	113	7	have	have	VERB
fbem-12624	113	8	total	total	ADJ
fbem-12624	113	9	assets	asset	NOUN
fbem-12624	113	10	greater	great	ADJ
fbem-12624	113	11	than	than	ADP
fbem-12624	113	12	current	current	ADJ
fbem-12624	113	13	assets	asset	NOUN
fbem-12624	113	14	,	,	PUNCT
fbem-12624	113	15	total	total	ADJ
fbem-12624	113	16	assets	asset	NOUN
fbem-12624	113	17	higher	high	ADJ
fbem-12624	113	18	than	than	ADP
fbem-12624	113	19	the	the	DET
fbem-12624	113	20	net	net	ADJ
fbem-12624	113	21	value	value	NOUN
fbem-12624	113	22	of	of	ADP
fbem-12624	113	23	fixed	fix	VERB
fbem-12624	113	24	assets	asset	NOUN
fbem-12624	113	25	,	,	PUNCT
fbem-12624	113	26	and	and	CCONJ
fbem-12624	113	27	accumulated	accumulate	VERB
fbem-12624	113	28	depreciation	depreciation	NOUN
fbem-12624	113	29	greater	great	ADJ
fbem-12624	113	30	than	than	ADP
fbem-12624	113	31	current	current	ADJ
fbem-12624	113	32	depreciation	depreciation	NOUN
fbem-12624	113	33	.	.	PUNCT
fbem-12624	114	1	we	we	PRON
fbem-12624	114	2	then	then	ADV
fbem-12624	114	3	exclude	exclude	VERB
fbem-12624	114	4	loss	loss	NOUN
fbem-12624	114	5	firms	firm	NOUN
fbem-12624	114	6	as	as	ADV
fbem-12624	114	7	well	well	ADV
fbem-12624	114	8	as	as	ADP
fbem-12624	114	9	firms	firm	NOUN
fbem-12624	114	10	in	in	ADP
fbem-12624	114	11	the	the	DET
fbem-12624	114	12	financial	financial	ADJ
fbem-12624	114	13	industry	industry	NOUN
fbem-12624	114	14	(	(	PUNCT
fbem-12624	114	15	fang	fang	PROPN
fbem-12624	114	16	,	,	PUNCT
fbem-12624	114	17	lerner	lerner	PROPN
fbem-12624	114	18	,	,	PUNCT
fbem-12624	114	19	and	and	CCONJ
fbem-12624	114	20	wu	wu	PROPN
fbem-12624	114	21	,	,	PUNCT
fbem-12624	114	22	2017	2017	NUM
fbem-12624	114	23	)	)	PUNCT
fbem-12624	114	24	.	.	PUNCT
fbem-12624	115	1	finally	finally	ADV
fbem-12624	115	2	,	,	PUNCT
fbem-12624	115	3	we	we	PRON
fbem-12624	115	4	truncate	truncate	VERB
fbem-12624	115	5	extreme	extreme	ADJ
fbem-12624	115	6	variables	variable	NOUN
fbem-12624	115	7	at	at	ADP
fbem-12624	115	8	1	1	NUM
fbem-12624	115	9	%	%	NOUN
fbem-12624	115	10	on	on	ADP
fbem-12624	115	11	each	each	DET
fbem-12624	115	12	tail	tail	NOUN
fbem-12624	115	13	.	.	PUNCT
fbem-12624	116	1	our	our	PRON
fbem-12624	116	2	final	final	ADJ
fbem-12624	116	3	sample	sample	NOUN
fbem-12624	116	4	consists	consist	VERB
fbem-12624	116	5	of	of	ADP
fbem-12624	116	6	14,133	14,133	NUM
fbem-12624	116	7	firm	firm	ADJ
fbem-12624	116	8	-	-	PUNCT
fbem-12624	116	9	year	year	NOUN
fbem-12624	116	10	observations	observation	NOUN
fbem-12624	116	11	.	.	PUNCT
fbem-12624	117	1	we	we	PRON
fbem-12624	117	2	summarize	summarize	VERB
fbem-12624	117	3	our	our	PRON
fbem-12624	117	4	sample	sample	NOUN
fbem-12624	117	5	selection	selection	NOUN
fbem-12624	117	6	process	process	NOUN
fbem-12624	117	7	in	in	ADP
fbem-12624	117	8	table	table	NOUN
fbem-12624	117	9	1	1	NUM
fbem-12624	117	10	.	.	PUNCT
fbem-12624	117	11	table	table	NOUN
fbem-12624	117	12	1	1	NUM
fbem-12624	117	13	.	.	PUNCT
fbem-12624	117	14	sample	sample	NOUN
fbem-12624	117	15	selection	selection	NOUN
fbem-12624	117	16	procedure	procedure	NOUN
fbem-12624	117	17	total	total	NOUN
fbem-12624	117	18	firm	firm	ADJ
fbem-12624	117	19	-	-	PUNCT
fbem-12624	117	20	year	year	NOUN
fbem-12624	117	21	(	(	PUNCT
fbem-12624	117	22	2010	2010	NUM
fbem-12624	117	23	–	–	PUNCT
fbem-12624	117	24	2016	2016	NUM
fbem-12624	117	25	)	)	PUNCT
fbem-12624	117	26	16,698	16,698	NUM
fbem-12624	117	27	less	less	ADJ
fbem-12624	117	28	:	:	PUNCT
fbem-12624	117	29	firm	firm	ADJ
fbem-12624	117	30	-	-	PUNCT
fbem-12624	117	31	years	year	NOUN
fbem-12624	117	32	without	without	ADP
fbem-12624	117	33	data	datum	NOUN
fbem-12624	117	34	on	on	ADP
fbem-12624	117	35	total	total	ADJ
fbem-12624	117	36	assets	asset	NOUN
fbem-12624	117	37	,	,	PUNCT
fbem-12624	117	38	number	number	NOUN
fbem-12624	117	39	of	of	ADP
fbem-12624	117	40	employees	employee	NOUN
fbem-12624	117	41	,	,	PUNCT
fbem-12624	117	42	wages	wage	NOUN
fbem-12624	117	43	payable	payable	ADJ
fbem-12624	117	44	,	,	PUNCT
fbem-12624	117	45	sales	sale	NOUN
fbem-12624	117	46	,	,	PUNCT
fbem-12624	117	47	and	and	CCONJ
fbem-12624	117	48	net	net	ADJ
fbem-12624	117	49	operating	operate	VERB
fbem-12624	117	50	cash	cash	NOUN
fbem-12624	117	51	flow	flow	NOUN
fbem-12624	117	52	-1,835	-1,835	NOUN
fbem-12624	117	53	less	less	ADJ
fbem-12624	117	54	:	:	PUNCT
fbem-12624	117	55	firm	firm	ADJ
fbem-12624	117	56	-	-	PUNCT
fbem-12624	117	57	years	year	NOUN
fbem-12624	117	58	with	with	ADP
fbem-12624	117	59	total	total	ADJ
fbem-12624	117	60	assets	asset	NOUN
fbem-12624	117	61	less	less	ADJ
fbem-12624	117	62	than	than	ADP
fbem-12624	117	63	current	current	ADJ
fbem-12624	117	64	assets	asset	NOUN
fbem-12624	117	65	,	,	PUNCT
fbem-12624	117	66	total	total	ADJ
fbem-12624	117	67	assets	asset	NOUN
fbem-12624	117	68	less	less	ADJ
fbem-12624	117	69	than	than	ADP
fbem-12624	117	70	the	the	DET
fbem-12624	117	71	net	net	ADJ
fbem-12624	117	72	value	value	NOUN
fbem-12624	117	73	of	of	ADP
fbem-12624	117	74	fixed	fix	VERB
fbem-12624	117	75	assets	asset	NOUN
fbem-12624	117	76	,	,	PUNCT
fbem-12624	117	77	or	or	CCONJ
fbem-12624	117	78	accumulated	accumulate	VERB
fbem-12624	117	79	depreciation	depreciation	NOUN
fbem-12624	117	80	less	less	ADJ
fbem-12624	117	81	than	than	ADP
fbem-12624	117	82	current	current	ADJ
fbem-12624	117	83	depreciation	depreciation	NOUN
fbem-12624	117	84	-463	-463	PROPN
fbem-12624	117	85	less	less	ADJ
fbem-12624	117	86	:	:	PUNCT
fbem-12624	117	87	loss	loss	NOUN
fbem-12624	117	88	firms	firm	NOUN
fbem-12624	117	89	and	and	CCONJ
fbem-12624	117	90	financial	financial	ADJ
fbem-12624	117	91	firms	firm	NOUN
fbem-12624	117	92	-267	-267	PROPN
fbem-12624	117	93	firm	firm	ADJ
fbem-12624	117	94	-	-	PUNCT
fbem-12624	117	95	years	year	NOUN
fbem-12624	117	96	with	with	ADP
fbem-12624	117	97	available	available	ADJ
fbem-12624	117	98	data	datum	NOUN
fbem-12624	117	99	14,133	14,133	NUM
fbem-12624	117	100	3.2	3.2	NUM
fbem-12624	117	101	.	.	PUNCT
fbem-12624	118	1	variable	variable	ADJ
fbem-12624	118	2	definitions	definition	NOUN
fbem-12624	118	3	accelerated	accelerate	VERB
fbem-12624	118	4	depreciation	depreciation	NOUN
fbem-12624	118	5	is	be	AUX
fbem-12624	118	6	allowed	allow	VERB
fbem-12624	118	7	for	for	ADP
fbem-12624	118	8	fixed	fix	VERB
fbem-12624	118	9	assets	asset	NOUN
fbem-12624	118	10	purchased	purchase	VERB
fbem-12624	118	11	beginning	begin	VERB
fbem-12624	118	12	in	in	ADP
fbem-12624	118	13	2014	2014	NUM
fbem-12624	118	14	by	by	ADP
fbem-12624	118	15	the	the	DET
fbem-12624	118	16	6	6	NUM
fbem-12624	118	17	pilot	pilot	NOUN
fbem-12624	118	18	industries	industry	NOUN
fbem-12624	118	19	and	and	CCONJ
fbem-12624	118	20	in	in	ADP
fbem-12624	118	21	2015	2015	NUM
fbem-12624	118	22	by	by	ADP
fbem-12624	118	23	the	the	DET
fbem-12624	118	24	4	4	NUM
fbem-12624	118	25	additional	additional	ADJ
fbem-12624	118	26	pilot	pilot	NOUN
fbem-12624	118	27	industries	industry	NOUN
fbem-12624	118	28	.	.	PUNCT
fbem-12624	119	1	to	to	PART
fbem-12624	119	2	identify	identify	VERB
fbem-12624	119	3	the	the	DET
fbem-12624	119	4	effect	effect	NOUN
fbem-12624	119	5	of	of	ADP
fbem-12624	119	6	accelerated	accelerate	VERB
fbem-12624	119	7	depreciation	depreciation	NOUN
fbem-12624	119	8	tax	tax	NOUN
fbem-12624	119	9	policy	policy	NOUN
fbem-12624	119	10	changes	change	NOUN
fbem-12624	119	11	on	on	ADP
fbem-12624	119	12	firm	firm	ADJ
fbem-12624	119	13	value	value	NOUN
fbem-12624	119	14	,	,	PUNCT
fbem-12624	119	15	we	we	PRON
fbem-12624	119	16	first	first	ADV
fbem-12624	119	17	create	create	VERB
fbem-12624	119	18	an	an	DET
fbem-12624	119	19	indicator	indicator	NOUN
fbem-12624	119	20	variable	variable	NOUN
fbem-12624	119	21	to	to	PART
fbem-12624	119	22	denote	denote	VERB
fbem-12624	119	23	firms	firm	NOUN
fbem-12624	119	24	in	in	ADP
fbem-12624	119	25	the	the	DET
fbem-12624	119	26	pilot	pilot	NOUN
fbem-12624	119	27	industries	industry	NOUN
fbem-12624	119	28	as	as	ADP
fbem-12624	119	29	the	the	DET
fbem-12624	119	30	treatment	treatment	NOUN
fbem-12624	119	31	group	group	NOUN
fbem-12624	119	32	.	.	PUNCT
fbem-12624	120	1	specifically	specifically	ADV
fbem-12624	120	2	,	,	PUNCT
fbem-12624	120	3	posttreat	posttreat	NOUN
fbem-12624	120	4	equals	equal	VERB
fbem-12624	120	5	one	one	NUM
fbem-12624	120	6	for	for	ADP
fbem-12624	120	7	firms	firm	NOUN
fbem-12624	120	8	in	in	ADP
fbem-12624	120	9	the	the	DET
fbem-12624	120	10	initial	initial	ADJ
fbem-12624	120	11	6	6	NUM
fbem-12624	120	12	pilot	pilot	NOUN
fbem-12624	120	13	industries	industry	NOUN
fbem-12624	120	14	for	for	ADP
fbem-12624	120	15	the	the	DET
fbem-12624	120	16	fiscal	fiscal	ADJ
fbem-12624	120	17	year	year	NOUN
fbem-12624	120	18	2014	2014	NUM
fbem-12624	120	19	and	and	CCONJ
fbem-12624	120	20	after	after	ADV
fbem-12624	120	21	,	,	PUNCT
fbem-12624	120	22	as	as	ADV
fbem-12624	120	23	well	well	ADV
fbem-12624	120	24	as	as	ADP
fbem-12624	120	25	firms	firm	NOUN
fbem-12624	120	26	in	in	ADP
fbem-12624	120	27	the	the	DET
fbem-12624	120	28	4	4	NUM
fbem-12624	120	29	additional	additional	ADJ
fbem-12624	120	30	279	279	NUM
fbem-12624	120	31	pilot	pilot	NOUN
fbem-12624	120	32	industries	industry	NOUN
fbem-12624	120	33	for	for	ADP
fbem-12624	120	34	the	the	DET
fbem-12624	120	35	fiscal	fiscal	ADJ
fbem-12624	120	36	year	year	NOUN
fbem-12624	120	37	2015	2015	NUM
fbem-12624	120	38	and	and	CCONJ
fbem-12624	120	39	after	after	ADV
fbem-12624	120	40	,	,	PUNCT
fbem-12624	120	41	and	and	CCONJ
fbem-12624	120	42	zero	zero	NUM
fbem-12624	120	43	otherwise	otherwise	ADV
fbem-12624	120	44	.	.	PUNCT
fbem-12624	121	1	the	the	DET
fbem-12624	121	2	6	6	NUM
fbem-12624	121	3	initial	initial	ADJ
fbem-12624	121	4	pilot	pilot	NOUN
fbem-12624	121	5	industries	industry	NOUN
fbem-12624	121	6	include	include	VERB
fbem-12624	121	7	biopharmaceutical	biopharmaceutical	NOUN
fbem-12624	121	8	manufacturing	manufacturing	NOUN
fbem-12624	121	9	;	;	PUNCT
fbem-12624	121	10	special	special	ADJ
fbem-12624	121	11	equipment	equipment	NOUN
fbem-12624	121	12	manufacturing	manufacturing	NOUN
fbem-12624	121	13	;	;	PUNCT
fbem-12624	121	14	railway	railway	NOUN
fbem-12624	121	15	,	,	PUNCT
fbem-12624	121	16	shipbuilding	shipbuilding	NOUN
fbem-12624	121	17	,	,	PUNCT
fbem-12624	121	18	aerospace	aerospace	NOUN
fbem-12624	121	19	and	and	CCONJ
fbem-12624	121	20	other	other	ADJ
fbem-12624	121	21	transportation	transportation	NOUN
fbem-12624	121	22	equipment	equipment	NOUN
fbem-12624	121	23	manufacturing	manufacturing	NOUN
fbem-12624	121	24	;	;	PUNCT
fbem-12624	121	25	computer	computer	NOUN
fbem-12624	121	26	,	,	PUNCT
fbem-12624	121	27	communications	communication	NOUN
fbem-12624	121	28	and	and	CCONJ
fbem-12624	121	29	other	other	ADJ
fbem-12624	121	30	electronic	electronic	ADJ
fbem-12624	121	31	equipment	equipment	NOUN
fbem-12624	121	32	manufacturing	manufacturing	NOUN
fbem-12624	121	33	;	;	PUNCT
fbem-12624	121	34	instrumentation	instrumentation	NOUN
fbem-12624	121	35	manufacturing	manufacturing	NOUN
fbem-12624	121	36	;	;	PUNCT
fbem-12624	121	37	and	and	CCONJ
fbem-12624	121	38	information	information	NOUN
fbem-12624	121	39	transmission	transmission	NOUN
fbem-12624	121	40	,	,	PUNCT
fbem-12624	121	41	software	software	NOUN
fbem-12624	121	42	and	and	CCONJ
fbem-12624	121	43	information	information	NOUN
fbem-12624	121	44	technology	technology	NOUN
fbem-12624	121	45	services	service	NOUN
fbem-12624	121	46	.	.	PUNCT
fbem-12624	122	1	the	the	DET
fbem-12624	122	2	4	4	NUM
fbem-12624	122	3	additional	additional	ADJ
fbem-12624	122	4	pilot	pilot	NOUN
fbem-12624	122	5	industries	industry	NOUN
fbem-12624	122	6	include	include	VERB
fbem-12624	122	7	light	light	ADJ
fbem-12624	122	8	industrial	industrial	ADJ
fbem-12624	122	9	manufacturing	manufacturing	NOUN
fbem-12624	122	10	,	,	PUNCT
fbem-12624	122	11	textiles	textile	NOUN
fbem-12624	122	12	,	,	PUNCT
fbem-12624	122	13	machinery	machinery	NOUN
fbem-12624	122	14	,	,	PUNCT
fbem-12624	122	15	and	and	CCONJ
fbem-12624	122	16	automobiles	automobile	NOUN
fbem-12624	122	17	.	.	PUNCT
fbem-12624	123	1	we	we	PRON
fbem-12624	123	2	use	use	VERB
fbem-12624	123	3	tfp	tfp	PROPN
fbem-12624	123	4	as	as	ADP
fbem-12624	123	5	our	our	PRON
fbem-12624	123	6	dependent	dependent	ADJ
fbem-12624	123	7	variable	variable	NOUN
fbem-12624	123	8	to	to	PART
fbem-12624	123	9	capture	capture	VERB
fbem-12624	123	10	firm	firm	ADJ
fbem-12624	123	11	value	value	NOUN
fbem-12624	123	12	.	.	PUNCT
fbem-12624	124	1	following	follow	VERB
fbem-12624	124	2	giannetti	giannetti	PROPN
fbem-12624	124	3	et	et	PROPN
fbem-12624	124	4	al	al	PROPN
fbem-12624	124	5	.	.	PROPN
fbem-12624	125	1	(	(	PUNCT
fbem-12624	125	2	2015	2015	NUM
fbem-12624	125	3	)	)	PUNCT
fbem-12624	125	4	and	and	CCONJ
fbem-12624	125	5	krishnan	krishnan	PROPN
fbem-12624	125	6	et	et	PROPN
fbem-12624	125	7	al	al	PROPN
fbem-12624	125	8	.	.	PROPN
fbem-12624	126	1	(	(	PUNCT
fbem-12624	126	2	2015	2015	NUM
fbem-12624	126	3	)	)	PUNCT
fbem-12624	126	4	,	,	PUNCT
fbem-12624	126	5	we	we	PRON
fbem-12624	126	6	compute	compute	VERB
fbem-12624	126	7	tfp	tfp	PROPN
fbem-12624	126	8	as	as	ADP
fbem-12624	126	9	the	the	DET
fbem-12624	126	10	residual	residual	NOUN
fbem-12624	126	11	of	of	ADP
fbem-12624	126	12	the	the	DET
fbem-12624	126	13	regression	regression	NOUN
fbem-12624	126	14	in	in	ADP
fbem-12624	126	15	eq	eq	NOUN
fbem-12624	126	16	(	(	PUNCT
fbem-12624	126	17	1	1	NUM
fbem-12624	126	18	):	):	PUNCT
fbem-12624	126	19	𝐿𝑛	𝐿𝑛	PROPN
fbem-12624	126	20	𝑌	𝑌	PROPN
fbem-12624	126	21	,	,	PUNCT
fbem-12624	126	22	,	,	PUNCT
fbem-12624	126	23	𝛼	𝛼	INTJ
fbem-12624	126	24	,	,	PUNCT
fbem-12624	126	25	𝛽	𝛽	NOUN
fbem-12624	126	26	,	,	PUNCT
fbem-12624	126	27	𝐿𝑛	𝐿𝑛	PROPN
fbem-12624	126	28	𝐿	𝐿	PROPN
fbem-12624	126	29	,	,	PUNCT
fbem-12624	126	30	,	,	PUNCT
fbem-12624	126	31	𝛾	𝛾	PROPN
fbem-12624	126	32	,	,	PUNCT
fbem-12624	127	1	𝐿𝑛	𝐿𝑛	PROPN
fbem-12624	127	2	𝐾	𝐾	PROPN
fbem-12624	127	3	,	,	PUNCT
fbem-12624	127	4	,	,	PUNCT
fbem-12624	127	5	𝛿	𝛿	X
fbem-12624	127	6	,	,	PUNCT
fbem-12624	127	7	𝐿𝑛	𝐿𝑛	PROPN
fbem-12624	127	8	𝑀	𝑀	PROPN
fbem-12624	127	9	,	,	PUNCT
fbem-12624	127	10	,	,	PUNCT
fbem-12624	127	11	𝜀	𝜀	X
fbem-12624	127	12	,	,	PUNCT
fbem-12624	127	13	,	,	PUNCT
fbem-12624	127	14	,	,	PUNCT
fbem-12624	127	15	(	(	PUNCT
fbem-12624	127	16	1	1	X
fbem-12624	127	17	)	)	PUNCT
fbem-12624	127	18	where	where	SCONJ
fbem-12624	127	19	𝑌	𝑌	PROPN
fbem-12624	127	20	,	,	PUNCT
fbem-12624	127	21	,	,	PUNCT
fbem-12624	127	22	represents	represent	VERB
fbem-12624	127	23	total	total	ADJ
fbem-12624	127	24	sales	sale	NOUN
fbem-12624	127	25	(	(	PUNCT
fbem-12624	127	26	in	in	ADP
fbem-12624	127	27	thousands	thousand	NOUN
fbem-12624	127	28	of	of	ADP
fbem-12624	127	29	rmb	rmb	NOUN
fbem-12624	127	30	)	)	PUNCT
fbem-12624	127	31	of	of	ADP
fbem-12624	127	32	firm	firm	ADJ
fbem-12624	127	33	i	i	PRON
fbem-12624	127	34	belonging	belong	VERB
fbem-12624	127	35	to	to	ADP
fbem-12624	127	36	industry	industry	NOUN
fbem-12624	127	37	j	j	PROPN
fbem-12624	127	38	during	during	ADP
fbem-12624	127	39	year	year	NOUN
fbem-12624	127	40	t.	t.	PROPN
fbem-12624	127	41	l	l	PROPN
fbem-12624	127	42	is	be	AUX
fbem-12624	127	43	the	the	DET
fbem-12624	127	44	number	number	NOUN
fbem-12624	127	45	of	of	ADP
fbem-12624	127	46	workers	worker	NOUN
fbem-12624	127	47	(	(	PUNCT
fbem-12624	127	48	in	in	ADP
fbem-12624	127	49	thousands	thousand	NOUN
fbem-12624	127	50	of	of	ADP
fbem-12624	127	51	people	people	NOUN
fbem-12624	127	52	)	)	PUNCT
fbem-12624	127	53	,	,	PUNCT
fbem-12624	127	54	k	k	PROPN
fbem-12624	127	55	equals	equal	VERB
fbem-12624	127	56	total	total	ADJ
fbem-12624	127	57	assets	asset	NOUN
fbem-12624	127	58	(	(	PUNCT
fbem-12624	127	59	in	in	ADP
fbem-12624	127	60	thousands	thousand	NOUN
fbem-12624	127	61	of	of	ADP
fbem-12624	127	62	rmb	rmb	NOUN
fbem-12624	127	63	)	)	PUNCT
fbem-12624	127	64	,	,	PUNCT
fbem-12624	127	65	and	and	CCONJ
fbem-12624	127	66	m	m	PROPN
fbem-12624	127	67	represents	represent	VERB
fbem-12624	127	68	expenses	expense	NOUN
fbem-12624	127	69	for	for	ADP
fbem-12624	127	70	the	the	DET
fbem-12624	127	71	cost	cost	NOUN
fbem-12624	127	72	of	of	ADP
fbem-12624	127	73	materials	material	NOUN
fbem-12624	127	74	and	and	CCONJ
fbem-12624	127	75	other	other	ADJ
fbem-12624	127	76	inputs	input	NOUN
fbem-12624	127	77	measured	measure	VERB
fbem-12624	127	78	using	use	VERB
fbem-12624	127	79	the	the	DET
fbem-12624	127	80	“	"	PUNCT
fbem-12624	127	81	cash	cash	NOUN
fbem-12624	127	82	paid	pay	VERB
fbem-12624	127	83	for	for	ADP
fbem-12624	127	84	the	the	DET
fbem-12624	127	85	purchase	purchase	NOUN
fbem-12624	127	86	of	of	ADP
fbem-12624	127	87	goods	good	NOUN
fbem-12624	127	88	and	and	CCONJ
fbem-12624	127	89	services	service	NOUN
fbem-12624	127	90	(	(	PUNCT
fbem-12624	127	91	in	in	ADP
fbem-12624	127	92	thousands	thousand	NOUN
fbem-12624	127	93	of	of	ADP
fbem-12624	127	94	rmb	rmb	NOUN
fbem-12624	127	95	)	)	PUNCT
fbem-12624	127	96	”	"	PUNCT
fbem-12624	127	97	variable	variable	NOUN
fbem-12624	127	98	.	.	PUNCT
fbem-12624	128	1	we	we	PRON
fbem-12624	128	2	estimate	estimate	VERB
fbem-12624	128	3	eq	eq	ADP
fbem-12624	128	4	.	.	PUNCT
fbem-12624	129	1	(	(	PUNCT
fbem-12624	129	2	1	1	NUM
fbem-12624	129	3	)	)	PUNCT
fbem-12624	129	4	by	by	ADP
fbem-12624	129	5	industry	industry	NOUN
fbem-12624	129	6	and	and	CCONJ
fbem-12624	129	7	year	year	NOUN
fbem-12624	129	8	.	.	PUNCT
fbem-12624	130	1	we	we	PRON
fbem-12624	130	2	include	include	VERB
fbem-12624	130	3	a	a	DET
fbem-12624	130	4	series	series	NOUN
fbem-12624	130	5	of	of	ADP
fbem-12624	130	6	time	time	NOUN
fbem-12624	130	7	-	-	PUNCT
fbem-12624	130	8	variant	variant	NOUN
fbem-12624	130	9	factors	factor	NOUN
fbem-12624	130	10	in	in	ADP
fbem-12624	130	11	our	our	PRON
fbem-12624	130	12	ols	ol	NOUN
fbem-12624	130	13	regressions	regression	NOUN
fbem-12624	130	14	as	as	ADP
fbem-12624	130	15	control	control	NOUN
fbem-12624	130	16	variables	variable	NOUN
fbem-12624	130	17	.	.	PUNCT
fbem-12624	131	1	following	follow	VERB
fbem-12624	131	2	prior	prior	ADJ
fbem-12624	131	3	literature	literature	NOUN
fbem-12624	131	4	,	,	PUNCT
fbem-12624	131	5	we	we	PRON
fbem-12624	131	6	include	include	VERB
fbem-12624	131	7	research	research	NOUN
fbem-12624	131	8	and	and	CCONJ
fbem-12624	131	9	development	development	NOUN
fbem-12624	131	10	(	(	PUNCT
fbem-12624	131	11	r&d	r&d	NOUN
fbem-12624	131	12	)	)	PUNCT
fbem-12624	131	13	,	,	PUNCT
fbem-12624	131	14	firm	firm	ADJ
fbem-12624	131	15	size	size	NOUN
fbem-12624	131	16	(	(	PUNCT
fbem-12624	131	17	size	size	NOUN
fbem-12624	131	18	)	)	PUNCT
fbem-12624	131	19	,	,	PUNCT
fbem-12624	131	20	return	return	VERB
fbem-12624	131	21	-	-	PUNCT
fbem-12624	131	22	on	on	ADP
fbem-12624	131	23	-	-	PUNCT
fbem-12624	131	24	assets	asset	NOUN
fbem-12624	131	25	(	(	PUNCT
fbem-12624	131	26	roa	roa	NOUN
fbem-12624	131	27	)	)	PUNCT
fbem-12624	131	28	,	,	PUNCT
fbem-12624	131	29	tobin	tobin	PROPN
fbem-12624	131	30	’s	’s	PART
fbem-12624	131	31	q	q	PROPN
fbem-12624	131	32	(	(	PUNCT
fbem-12624	131	33	tobin	tobin	NOUN
fbem-12624	131	34	-	-	PUNCT
fbem-12624	131	35	q	q	NOUN
fbem-12624	131	36	)	)	PUNCT
fbem-12624	131	37	,	,	PUNCT
fbem-12624	131	38	leverage	leverage	NOUN
fbem-12624	131	39	(	(	PUNCT
fbem-12624	131	40	leverage	leverage	NOUN
fbem-12624	131	41	)	)	PUNCT
fbem-12624	131	42	,	,	PUNCT
fbem-12624	131	43	firm	firm	ADJ
fbem-12624	131	44	age	age	NOUN
fbem-12624	131	45	(	(	PUNCT
fbem-12624	131	46	age	age	NOUN
fbem-12624	131	47	)	)	PUNCT
fbem-12624	131	48	,	,	PUNCT
fbem-12624	131	49	institutional	institutional	ADJ
fbem-12624	131	50	ownership	ownership	NOUN
fbem-12624	131	51	(	(	PUNCT
fbem-12624	131	52	inshold	inshold	NOUN
fbem-12624	131	53	)	)	PUNCT
fbem-12624	131	54	,	,	PUNCT
fbem-12624	131	55	and	and	CCONJ
fbem-12624	131	56	herfindahl	herfindahl	VERB
fbem-12624	131	57	index	index	NOUN
fbem-12624	131	58	(	(	PUNCT
fbem-12624	131	59	hhi	hhi	NOUN
fbem-12624	131	60	)	)	PUNCT
fbem-12624	131	61	(	(	PUNCT
fbem-12624	131	62	aboody	aboody	NOUN
fbem-12624	131	63	and	and	CCONJ
fbem-12624	131	64	lev	lev	NOUN
fbem-12624	131	65	,	,	PUNCT
fbem-12624	131	66	2000	2000	NUM
fbem-12624	131	67	;	;	PUNCT
fbem-12624	131	68	godfrey	godfrey	PROPN
fbem-12624	131	69	and	and	CCONJ
fbem-12624	131	70	hamilton	hamilton	PROPN
fbem-12624	131	71	,	,	PUNCT
fbem-12624	131	72	2005	2005	NUM
fbem-12624	131	73	;	;	PUNCT
fbem-12624	131	74	gao	gao	PROPN
fbem-12624	131	75	,	,	PUNCT
fbem-12624	131	76	zhang	zhang	PROPN
fbem-12624	131	77	and	and	CCONJ
fbem-12624	131	78	zhang	zhang	PROPN
fbem-12624	131	79	,	,	PUNCT
fbem-12624	131	80	2018	2018	NUM
fbem-12624	131	81	;	;	PUNCT
fbem-12624	131	82	matsumoto	matsumoto	PROPN
fbem-12624	131	83	,	,	PUNCT
fbem-12624	131	84	2002	2002	NUM
fbem-12624	131	85	;	;	PUNCT
fbem-12624	131	86	yu	yu	PROPN
fbem-12624	131	87	,	,	PUNCT
fbem-12624	131	88	2008	2008	NUM
fbem-12624	131	89	)	)	PUNCT
fbem-12624	131	90	.	.	PUNCT
fbem-12624	132	1	we	we	PRON
fbem-12624	132	2	detail	detail	VERB
fbem-12624	132	3	the	the	DET
fbem-12624	132	4	definitions	definition	NOUN
fbem-12624	132	5	of	of	ADP
fbem-12624	132	6	each	each	DET
fbem-12624	132	7	variable	variable	NOUN
fbem-12624	132	8	in	in	ADP
fbem-12624	132	9	appendix	appendix	ADJ
fbem-12624	132	10	a.	a.	NOUN
fbem-12624	132	11	appendix	appendix	NOUN
fbem-12624	132	12	a	a	DET
fbem-12624	132	13	:	:	PUNCT
fbem-12624	132	14	variable	variable	ADJ
fbem-12624	132	15	definitions	definition	NOUN
fbem-12624	132	16	variables	variable	VERB
fbem-12624	132	17	definitions	definition	VERB
fbem-12624	132	18	tfp	tfp	PROPN
fbem-12624	132	19	total	total	ADJ
fbem-12624	132	20	factor	factor	NOUN
fbem-12624	132	21	productivity	productivity	NOUN
fbem-12624	132	22	calculated	calculate	VERB
fbem-12624	132	23	using	use	VERB
fbem-12624	132	24	eq	eq	X
fbem-12624	132	25	.	.	PUNCT
fbem-12624	133	1	(	(	PUNCT
fbem-12624	133	2	1	1	NUM
fbem-12624	133	3	)	)	PUNCT
fbem-12624	133	4	.	.	PUNCT
fbem-12624	134	1	posttreat	posttreat	NOUN
fbem-12624	134	2	equals	equal	VERB
fbem-12624	134	3	one	one	NUM
fbem-12624	134	4	for	for	ADP
fbem-12624	134	5	firms	firm	NOUN
fbem-12624	134	6	in	in	ADP
fbem-12624	134	7	the	the	DET
fbem-12624	134	8	initial	initial	ADJ
fbem-12624	134	9	6	6	NUM
fbem-12624	134	10	pilot	pilot	NOUN
fbem-12624	134	11	industries	industry	NOUN
fbem-12624	134	12	for	for	ADP
fbem-12624	134	13	the	the	DET
fbem-12624	134	14	fiscal	fiscal	ADJ
fbem-12624	134	15	year	year	NOUN
fbem-12624	134	16	2014	2014	NUM
fbem-12624	134	17	and	and	CCONJ
fbem-12624	134	18	after	after	ADV
fbem-12624	134	19	,	,	PUNCT
fbem-12624	134	20	as	as	ADV
fbem-12624	134	21	well	well	ADV
fbem-12624	134	22	as	as	ADP
fbem-12624	134	23	firms	firm	NOUN
fbem-12624	134	24	in	in	ADP
fbem-12624	134	25	the	the	DET
fbem-12624	134	26	4	4	NUM
fbem-12624	134	27	additional	additional	ADJ
fbem-12624	134	28	pilot	pilot	NOUN
fbem-12624	134	29	industries	industry	NOUN
fbem-12624	134	30	for	for	ADP
fbem-12624	134	31	the	the	DET
fbem-12624	134	32	fiscal	fiscal	ADJ
fbem-12624	134	33	year	year	NOUN
fbem-12624	134	34	2015	2015	NUM
fbem-12624	134	35	and	and	CCONJ
fbem-12624	134	36	after	after	ADV
fbem-12624	134	37	,	,	PUNCT
fbem-12624	134	38	and	and	CCONJ
fbem-12624	134	39	zero	zero	NUM
fbem-12624	134	40	otherwise	otherwise	ADV
fbem-12624	134	41	.	.	PUNCT
fbem-12624	135	1	r&d	r&d	NOUN
fbem-12624	135	2	r&d	r&d	NOUN
fbem-12624	135	3	expenditure	expenditure	NOUN
fbem-12624	135	4	divided	divide	VERB
fbem-12624	135	5	by	by	ADP
fbem-12624	135	6	total	total	ADJ
fbem-12624	135	7	assets	asset	NOUN
fbem-12624	135	8	size	size	NOUN
fbem-12624	135	9	the	the	DET
fbem-12624	135	10	natural	natural	ADJ
fbem-12624	135	11	log	log	NOUN
fbem-12624	135	12	of	of	ADP
fbem-12624	135	13	total	total	ADJ
fbem-12624	135	14	assets	asset	NOUN
fbem-12624	135	15	roa	roa	PROPN
fbem-12624	135	16	net	net	ADJ
fbem-12624	135	17	income	income	NOUN
fbem-12624	135	18	scaled	scale	VERB
fbem-12624	135	19	by	by	ADP
fbem-12624	135	20	lagged	lag	VERB
fbem-12624	135	21	total	total	ADJ
fbem-12624	135	22	assets	asset	NOUN
fbem-12624	135	23	tobin	tobin	NOUN
fbem-12624	135	24	-	-	PUNCT
fbem-12624	135	25	q	q	NOUN
fbem-12624	135	26	market	market	NOUN
fbem-12624	135	27	value	value	NOUN
fbem-12624	135	28	equity	equity	NOUN
fbem-12624	135	29	scaled	scale	VERB
fbem-12624	135	30	by	by	ADP
fbem-12624	135	31	lagged	lag	VERB
fbem-12624	135	32	total	total	ADJ
fbem-12624	135	33	assets	asset	NOUN
fbem-12624	135	34	inshold	inshold	VERB
fbem-12624	135	35	percentage	percentage	NOUN
fbem-12624	135	36	of	of	ADP
fbem-12624	135	37	shares	share	NOUN
fbem-12624	135	38	held	hold	VERB
fbem-12624	135	39	by	by	ADP
fbem-12624	135	40	institutional	institutional	ADJ
fbem-12624	135	41	owners	owner	NOUN
fbem-12624	135	42	leverage	leverage	VERB
fbem-12624	135	43	total	total	ADJ
fbem-12624	135	44	liabilities	liability	NOUN
fbem-12624	135	45	over	over	ADP
fbem-12624	135	46	total	total	ADJ
fbem-12624	135	47	assets	asset	NOUN
fbem-12624	135	48	age	age	VERB
fbem-12624	135	49	the	the	DET
fbem-12624	135	50	number	number	NOUN
fbem-12624	135	51	of	of	ADP
fbem-12624	135	52	years	year	NOUN
fbem-12624	135	53	elapsed	elapse	VERB
fbem-12624	135	54	since	since	SCONJ
fbem-12624	135	55	a	a	DET
fbem-12624	135	56	firm	firm	NOUN
fbem-12624	135	57	is	be	AUX
fbem-12624	135	58	established	establish	VERB
fbem-12624	135	59	hhi	hhi	NOUN
fbem-12624	135	60	the	the	DET
fbem-12624	135	61	herfindahl	herfindahl	PROPN
fbem-12624	135	62	index	index	NOUN
fbem-12624	135	63	calculated	calculate	VERB
fbem-12624	135	64	based	base	VERB
fbem-12624	135	65	on	on	ADP
fbem-12624	135	66	the	the	DET
fbem-12624	135	67	three	three	NUM
fbem-12624	135	68	-	-	PUNCT
fbem-12624	135	69	digit	digit	NOUN
fbem-12624	135	70	sic	sic	ADJ
fbem-12624	135	71	code	code	NOUN
fbem-12624	135	72	3.3	3.3	NUM
fbem-12624	135	73	.	.	PUNCT
fbem-12624	136	1	descriptive	descriptive	ADJ
fbem-12624	136	2	statistics	statistic	NOUN
fbem-12624	136	3	table	table	NOUN
fbem-12624	136	4	2	2	NUM
fbem-12624	136	5	provides	provide	VERB
fbem-12624	136	6	summary	summary	NOUN
fbem-12624	136	7	statistics	statistic	NOUN
fbem-12624	136	8	.	.	PUNCT
fbem-12624	137	1	the	the	DET
fbem-12624	137	2	mean	mean	ADJ
fbem-12624	137	3	value	value	NOUN
fbem-12624	137	4	of	of	ADP
fbem-12624	137	5	tfp	tfp	PROPN
fbem-12624	137	6	is	be	AUX
fbem-12624	137	7	-0.0046	-0.0046	NOUN
fbem-12624	137	8	with	with	ADP
fbem-12624	137	9	a	a	DET
fbem-12624	137	10	standard	standard	ADJ
fbem-12624	137	11	deviation	deviation	NOUN
fbem-12624	137	12	of	of	ADP
fbem-12624	137	13	0.3056	0.3056	NUM
fbem-12624	137	14	,	,	PUNCT
fbem-12624	137	15	which	which	PRON
fbem-12624	137	16	is	be	AUX
fbem-12624	137	17	comparable	comparable	ADJ
fbem-12624	137	18	to	to	ADP
fbem-12624	137	19	the	the	DET
fbem-12624	137	20	mean	mean	NOUN
fbem-12624	137	21	of	of	ADP
fbem-12624	137	22	-0.008	-0.008	PROPN
fbem-12624	137	23	and	and	CCONJ
fbem-12624	137	24	the	the	DET
fbem-12624	137	25	standard	standard	ADJ
fbem-12624	137	26	deviation	deviation	NOUN
fbem-12624	137	27	of	of	ADP
fbem-12624	137	28	0.265	0.265	NUM
fbem-12624	137	29	in	in	ADP
fbem-12624	137	30	giannetti	giannetti	PROPN
fbem-12624	137	31	et	et	PROPN
fbem-12624	137	32	al	al	PROPN
fbem-12624	137	33	.	.	PROPN
fbem-12624	138	1	(	(	PUNCT
fbem-12624	138	2	2015	2015	NUM
fbem-12624	138	3	)	)	PUNCT
fbem-12624	138	4	.	.	PUNCT
fbem-12624	139	1	the	the	DET
fbem-12624	139	2	mean	mean	ADJ
fbem-12624	139	3	value	value	NOUN
fbem-12624	139	4	posttreat	posttreat	NOUN
fbem-12624	139	5	is	be	AUX
fbem-12624	139	6	0.203	0.203	NUM
fbem-12624	139	7	,	,	PUNCT
fbem-12624	139	8	suggesting	suggest	VERB
fbem-12624	139	9	that	that	SCONJ
fbem-12624	139	10	the	the	DET
fbem-12624	139	11	number	number	NOUN
fbem-12624	139	12	of	of	ADP
fbem-12624	139	13	treatment	treatment	NOUN
fbem-12624	139	14	firm	firm	ADJ
fbem-12624	139	15	-	-	PUNCT
fbem-12624	139	16	year	year	NOUN
fbem-12624	139	17	observations	observation	NOUN
fbem-12624	139	18	represents	represent	VERB
fbem-12624	139	19	approximately	approximately	ADV
fbem-12624	139	20	20.3	20.3	NUM
fbem-12624	139	21	%	%	NOUN
fbem-12624	139	22	of	of	ADP
fbem-12624	139	23	the	the	DET
fbem-12624	139	24	whole	whole	ADJ
fbem-12624	139	25	sample	sample	NOUN
fbem-12624	139	26	.	.	PUNCT
fbem-12624	140	1	the	the	DET
fbem-12624	140	2	average	average	ADJ
fbem-12624	140	3	firm	firm	NOUN
fbem-12624	140	4	in	in	ADP
fbem-12624	140	5	our	our	PRON
fbem-12624	140	6	sample	sample	NOUN
fbem-12624	140	7	has	have	VERB
fbem-12624	140	8	a	a	DET
fbem-12624	140	9	total	total	ADJ
fbem-12624	140	10	asset	asset	NOUN
fbem-12624	140	11	of	of	ADP
fbem-12624	140	12	3,400	3,400	NUM
fbem-12624	140	13	million	million	NUM
fbem-12624	140	14	rmb	rmb	NOUN
fbem-12624	140	15	,	,	PUNCT
fbem-12624	140	16	an	an	DET
fbem-12624	140	17	r&d	r&d	NOUN
fbem-12624	140	18	of	of	ADP
fbem-12624	140	19	1.55	1.55	NUM
fbem-12624	140	20	%	%	NOUN
fbem-12624	140	21	,	,	PUNCT
fbem-12624	140	22	a	a	DET
fbem-12624	140	23	roa	roa	NOUN
fbem-12624	140	24	about	about	ADV
fbem-12624	140	25	3.73	3.73	NUM
fbem-12624	140	26	%	%	NOUN
fbem-12624	140	27	,	,	PUNCT
fbem-12624	140	28	a	a	DET
fbem-12624	140	29	market	market	NOUN
fbem-12624	140	30	value	value	NOUN
fbem-12624	140	31	of	of	ADP
fbem-12624	140	32	about	about	ADV
fbem-12624	140	33	2.4	2.4	NUM
fbem-12624	140	34	times	time	NOUN
fbem-12624	140	35	its	its	PRON
fbem-12624	140	36	book	book	NOUN
fbem-12624	140	37	value	value	NOUN
fbem-12624	140	38	,	,	PUNCT
fbem-12624	140	39	and	and	CCONJ
fbem-12624	140	40	institutional	institutional	ADJ
fbem-12624	140	41	ownership	ownership	NOUN
fbem-12624	140	42	about	about	ADV
fbem-12624	140	43	22	22	NUM
fbem-12624	140	44	%	%	NOUN
fbem-12624	140	45	.	.	PUNCT
fbem-12624	141	1	the	the	DET
fbem-12624	141	2	mean	mean	ADJ
fbem-12624	141	3	leverage	leverage	NOUN
fbem-12624	141	4	in	in	ADP
fbem-12624	141	5	our	our	PRON
fbem-12624	141	6	sample	sample	NOUN
fbem-12624	141	7	is	be	AUX
fbem-12624	141	8	0.4389	0.4389	NUM
fbem-12624	141	9	,	,	PUNCT
fbem-12624	141	10	and	and	CCONJ
fbem-12624	141	11	the	the	DET
fbem-12624	141	12	average	average	ADJ
fbem-12624	141	13	firm	firm	ADJ
fbem-12624	141	14	age	age	NOUN
fbem-12624	141	15	is	be	AUX
fbem-12624	141	16	16	16	NUM
fbem-12624	141	17	.	.	PUNCT
fbem-12624	141	18	table	table	NOUN
fbem-12624	141	19	2	2	NUM
fbem-12624	141	20	.	.	PUNCT
fbem-12624	142	1	summary	summary	NOUN
fbem-12624	142	2	statistics	statistic	NOUN
fbem-12624	142	3	variables	variable	NOUN
fbem-12624	142	4	mean	mean	VERB
fbem-12624	142	5	std	std	X
fbem-12624	142	6	.	.	PUNCT
fbem-12624	143	1	dev	dev	PROPN
fbem-12624	143	2	p25	p25	PROPN
fbem-12624	143	3	medium	medium	NOUN
fbem-12624	143	4	p75	p75	ADJ
fbem-12624	143	5	tfp	tfp	PROPN
fbem-12624	143	6	-0.0046	-0.0046	NOUN
fbem-12624	143	7	0.3056	0.3056	NUM
fbem-12624	143	8	-0.1629	-0.1629	X
fbem-12624	143	9	0.0368	0.0368	NUM
fbem-12624	144	1	0.1813	0.1813	NUM
fbem-12624	144	2	posttreat	posttreat	NOUN
fbem-12624	144	3	0.2030	0.2030	NUM
fbem-12624	144	4	0.4022	0.4022	NUM
fbem-12624	144	5	0	0	NUM
fbem-12624	144	6	0	0	NUM
fbem-12624	144	7	0	0	NUM
fbem-12624	145	1	r&d	r&d	NOUN
fbem-12624	145	2	0.0155	0.0155	NUM
fbem-12624	145	3	0.0186	0.0186	NUM
fbem-12624	145	4	0.0003	0.0003	NUM
fbem-12624	145	5	0.0113	0.0113	NUM
fbem-12624	145	6	0.0231	0.0231	NUM
fbem-12624	145	7	size	size	NOUN
fbem-12624	145	8	21.950	21.950	NUM
fbem-12624	145	9	1.2291	1.2291	NUM
fbem-12624	145	10	21.0813	21.0813	NUM
fbem-12624	145	11	21.811	21.811	NUM
fbem-12624	145	12	22.658	22.658	NUM
fbem-12624	145	13	roa	roa	NOUN
fbem-12624	145	14	0.0373	0.0373	NUM
fbem-12624	145	15	0.0569	0.0569	NUM
fbem-12624	145	16	0.0131	0.0131	NUM
fbem-12624	145	17	0.0350	0.0350	NUM
fbem-12624	145	18	0.0641	0.0641	NUM
fbem-12624	145	19	tobin	tobin	NOUN
fbem-12624	145	20	-	-	PUNCT
fbem-12624	145	21	q	q	PROPN
fbem-12624	145	22	2.3965	2.3965	NUM
fbem-12624	145	23	2.1860	2.1860	NUM
fbem-12624	145	24	0.9735	0.9735	NUM
fbem-12624	145	25	1.7485	1.7485	NUM
fbem-12624	145	26	3.0392	3.0392	NUM
fbem-12624	145	27	inshold	inshold	VERB
fbem-12624	145	28	0.2202	0.2202	NUM
fbem-12624	145	29	0.2125	0.2125	NUM
fbem-12624	145	30	0.0506	0.0506	NUM
fbem-12624	145	31	0.1469	0.1469	NUM
fbem-12624	145	32	0.3354	0.3354	NUM
fbem-12624	145	33	leverage	leverage	NOUN
fbem-12624	145	34	0.4389	0.4389	NUM
fbem-12624	145	35	0.2238	0.2238	NUM
fbem-12624	145	36	0.2601	0.2601	NUM
fbem-12624	145	37	0.4298	0.4298	NUM
fbem-12624	145	38	0.6076	0.6076	NUM
fbem-12624	145	39	age	age	NOUN
fbem-12624	145	40	2.7723	2.7723	NUM
fbem-12624	145	41	0.3464	0.3464	NUM
fbem-12624	145	42	2.5649	2.5649	NUM
fbem-12624	145	43	2.8332	2.8332	NUM
fbem-12624	145	44	2.9957	2.9957	NUM
fbem-12624	145	45	hhi	hhi	NOUN
fbem-12624	145	46	2.2477	2.2477	NUM
fbem-12624	145	47	0.7891	0.7891	NUM
fbem-12624	145	48	1.7039	1.7039	NUM
fbem-12624	145	49	1.8073	1.8073	NUM
fbem-12624	145	50	2.9047	2.9047	NUM
fbem-12624	145	51	4	4	NUM
fbem-12624	145	52	.	.	PUNCT
fbem-12624	145	53	empirical	empirical	ADJ
fbem-12624	145	54	results	result	NOUN
fbem-12624	145	55	4.1	4.1	NUM
fbem-12624	145	56	.	.	PUNCT
fbem-12624	146	1	baseline	baseline	ADJ
fbem-12624	146	2	difference	difference	NOUN
fbem-12624	146	3	-	-	PUNCT
fbem-12624	146	4	in	in	ADP
fbem-12624	146	5	-	-	PUNCT
fbem-12624	146	6	differences	difference	NOUN
fbem-12624	146	7	results	result	NOUN
fbem-12624	146	8	since	since	SCONJ
fbem-12624	146	9	the	the	DET
fbem-12624	146	10	accelerated	accelerate	VERB
fbem-12624	146	11	depreciation	depreciation	NOUN
fbem-12624	146	12	tax	tax	NOUN
fbem-12624	146	13	policy	policy	NOUN
fbem-12624	146	14	was	be	AUX
fbem-12624	146	15	introduced	introduce	VERB
fbem-12624	146	16	at	at	ADP
fbem-12624	146	17	different	different	ADJ
fbem-12624	146	18	times	time	NOUN
fbem-12624	146	19	to	to	ADP
fbem-12624	146	20	various	various	ADJ
fbem-12624	146	21	industries	industry	NOUN
fbem-12624	146	22	,	,	PUNCT
fbem-12624	146	23	our	our	PRON
fbem-12624	146	24	treatment	treatment	NOUN
fbem-12624	146	25	firms	firm	NOUN
fbem-12624	146	26	change	change	VERB
fbem-12624	146	27	over	over	ADP
fbem-12624	146	28	time	time	NOUN
fbem-12624	146	29	,	,	PUNCT
fbem-12624	146	30	which	which	PRON
fbem-12624	146	31	creates	create	VERB
fbem-12624	146	32	both	both	DET
fbem-12624	146	33	timeseries	timeserie	NOUN
fbem-12624	146	34	and	and	CCONJ
fbem-12624	146	35	cross	cross	ADJ
fbem-12624	146	36	-	-	ADJ
fbem-12624	146	37	sectional	sectional	ADJ
fbem-12624	146	38	variation	variation	NOUN
fbem-12624	146	39	in	in	ADP
fbem-12624	146	40	firm	firm	ADJ
fbem-12624	146	41	incentives	incentive	NOUN
fbem-12624	146	42	to	to	PART
fbem-12624	146	43	increase	increase	VERB
fbem-12624	146	44	firm	firm	ADJ
fbem-12624	146	45	value	value	NOUN
fbem-12624	146	46	.	.	PUNCT
fbem-12624	147	1	we	we	PRON
fbem-12624	147	2	follow	follow	VERB
fbem-12624	147	3	bertrand	bertrand	PROPN
fbem-12624	147	4	and	and	CCONJ
fbem-12624	147	5	mullainatha	mullainatha	PROPN
fbem-12624	147	6	(	(	PUNCT
fbem-12624	147	7	2003	2003	NUM
fbem-12624	147	8	)	)	PUNCT
fbem-12624	147	9	and	and	CCONJ
fbem-12624	147	10	adopt	adopt	VERB
fbem-12624	147	11	a	a	DET
fbem-12624	147	12	difference	difference	NOUN
fbem-12624	147	13	-	-	PUNCT
fbem-12624	147	14	in	in	ADP
fbem-12624	147	15	-	-	PUNCT
fbem-12624	147	16	differences	difference	NOUN
fbem-12624	147	17	(	(	PUNCT
fbem-12624	147	18	did	do	AUX
fbem-12624	147	19	)	)	PUNCT
fbem-12624	147	20	approach	approach	NOUN
fbem-12624	147	21	:	:	PUNCT
fbem-12624	147	22	𝑇𝐹𝑃	𝑇𝐹𝑃	PROPN
fbem-12624	147	23	,	,	PUNCT
fbem-12624	147	24	𝛽	𝛽	PROPN
fbem-12624	147	25	𝑃𝑜𝑠𝑡𝑇𝑟𝑒𝑎𝑡	𝑃𝑜𝑠𝑡𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	147	26	,	,	PUNCT
fbem-12624	147	27	∑𝛽	∑𝛽	PROPN
fbem-12624	147	28	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-12624	147	29	,	,	PUNCT
fbem-12624	147	30	𝜀	𝜀	X
fbem-12624	147	31	,	,	PUNCT
fbem-12624	147	32	,	,	PUNCT
fbem-12624	147	33	(	(	PUNCT
fbem-12624	147	34	2	2	X
fbem-12624	147	35	)	)	PUNCT
fbem-12624	147	36	the	the	DET
fbem-12624	147	37	dependent	dependent	ADJ
fbem-12624	147	38	variable	variable	ADJ
fbem-12624	147	39	tfp	tfp	PROPN
fbem-12624	147	40	and	and	CCONJ
fbem-12624	147	41	the	the	DET
fbem-12624	147	42	main	main	ADJ
fbem-12624	147	43	independent	independent	ADJ
fbem-12624	147	44	variable	variable	ADJ
fbem-12624	147	45	posttreat	posttreat	NOUN
fbem-12624	147	46	are	be	AUX
fbem-12624	147	47	both	both	PRON
fbem-12624	147	48	defined	define	VERB
fbem-12624	147	49	above	above	ADV
fbem-12624	147	50	.	.	PUNCT
fbem-12624	148	1	we	we	PRON
fbem-12624	148	2	measure	measure	VERB
fbem-12624	148	3	tfp	tfp	PROPN
fbem-12624	148	4	in	in	ADP
fbem-12624	148	5	year	year	NOUN
fbem-12624	148	6	t	t	PROPN
fbem-12624	148	7	and	and	CCONJ
fbem-12624	148	8	posttreat	posttreat	NOUN
fbem-12624	148	9	in	in	ADP
fbem-12624	148	10	year	year	NOUN
fbem-12624	148	11	t-1	t-1	PROPN
fbem-12624	148	12	to	to	PART
fbem-12624	148	13	infer	infer	VERB
fbem-12624	148	14	causality	causality	NOUN
fbem-12624	148	15	.	.	PUNCT
fbem-12624	149	1	controls	control	NOUN
fbem-12624	149	2	refer	refer	VERB
fbem-12624	149	3	to	to	ADP
fbem-12624	149	4	the	the	DET
fbem-12624	149	5	array	array	NOUN
fbem-12624	149	6	of	of	ADP
fbem-12624	149	7	control	control	NOUN
fbem-12624	149	8	variables	variable	NOUN
fbem-12624	149	9	also	also	ADV
fbem-12624	149	10	discussed	discuss	VERB
fbem-12624	149	11	previously	previously	ADV
fbem-12624	149	12	,	,	PUNCT
fbem-12624	149	13	measured	measure	VERB
fbem-12624	149	14	contemporaneously	contemporaneously	ADV
fbem-12624	149	15	at	at	ADP
fbem-12624	149	16	the	the	DET
fbem-12624	149	17	end	end	NOUN
fbem-12624	149	18	of	of	ADP
fbem-12624	149	19	each	each	DET
fbem-12624	149	20	year	year	NOUN
fbem-12624	149	21	.	.	PUNCT
fbem-12624	150	1	we	we	PRON
fbem-12624	150	2	also	also	ADV
fbem-12624	150	3	include	include	VERB
fbem-12624	150	4	firm	firm	ADJ
fbem-12624	150	5	fixed	fix	VERB
fbem-12624	150	6	effects	effect	NOUN
fbem-12624	150	7	,	,	PUNCT
fbem-12624	150	8	year	year	NOUN
fbem-12624	150	9	fixed	fix	VERB
fbem-12624	150	10	effects	effect	NOUN
fbem-12624	150	11	,	,	PUNCT
fbem-12624	150	12	industry	industry	NOUN
fbem-12624	150	13	-	-	PUNCT
fbem-12624	150	14	year	year	NOUN
fbem-12624	150	15	fixed	fix	VERB
fbem-12624	150	16	effects	effect	NOUN
fbem-12624	150	17	,	,	PUNCT
fbem-12624	150	18	and	and	CCONJ
fbem-12624	150	19	province	province	NOUN
fbem-12624	150	20	-	-	PUNCT
fbem-12624	150	21	year	year	NOUN
fbem-12624	150	22	fixed	fix	VERB
fbem-12624	150	23	effects	effect	NOUN
fbem-12624	150	24	.	.	PUNCT
fbem-12624	151	1	we	we	PRON
fbem-12624	151	2	cluster	cluster	VERB
fbem-12624	151	3	standard	standard	ADJ
fbem-12624	151	4	errors	error	NOUN
fbem-12624	151	5	by	by	ADP
fbem-12624	151	6	firm	firm	NOUN
fbem-12624	151	7	.	.	PUNCT
fbem-12624	152	1	because	because	SCONJ
fbem-12624	152	2	posttreat	posttreat	NOUN
fbem-12624	152	3	measures	measure	VERB
fbem-12624	152	4	the	the	DET
fbem-12624	152	5	difference	difference	NOUN
fbem-12624	152	6	in	in	ADP
fbem-12624	152	7	tfp	tfp	PROPN
fbem-12624	152	8	between	between	ADP
fbem-12624	152	9	treatment	treatment	NOUN
fbem-12624	152	10	firms	firm	NOUN
fbem-12624	152	11	and	and	CCONJ
fbem-12624	152	12	control	control	NOUN
fbem-12624	152	13	firms	firm	NOUN
fbem-12624	152	14	before	before	ADP
fbem-12624	152	15	and	and	CCONJ
fbem-12624	152	16	after	after	ADP
fbem-12624	152	17	the	the	DET
fbem-12624	152	18	tax	tax	NOUN
fbem-12624	152	19	policy	policy	NOUN
fbem-12624	152	20	change	change	NOUN
fbem-12624	152	21	,	,	PUNCT
fbem-12624	152	22	the	the	DET
fbem-12624	152	23	coefficient	coefficient	NOUN
fbem-12624	152	24	on	on	ADP
fbem-12624	152	25	posttreat	posttreat	NOUN
fbem-12624	152	26	would	would	AUX
fbem-12624	152	27	capture	capture	VERB
fbem-12624	152	28	this	this	DET
fbem-12624	152	29	difference	difference	NOUN
fbem-12624	152	30	-	-	PUNCT
fbem-12624	152	31	in	in	ADP
fbem-12624	152	32	280	280	NUM
fbem-12624	152	33	differences	difference	NOUN
fbem-12624	152	34	.	.	PUNCT
fbem-12624	153	1	a	a	DET
fbem-12624	153	2	positive	positive	ADJ
fbem-12624	153	3	𝛽	𝛽	NOUN
fbem-12624	153	4	would	would	AUX
fbem-12624	153	5	support	support	VERB
fbem-12624	153	6	our	our	PRON
fbem-12624	153	7	prediction	prediction	NOUN
fbem-12624	153	8	that	that	SCONJ
fbem-12624	153	9	adopting	adopt	VERB
fbem-12624	153	10	the	the	DET
fbem-12624	153	11	accelerated	accelerated	ADJ
fbem-12624	153	12	depreciation	depreciation	NOUN
fbem-12624	153	13	tax	tax	NOUN
fbem-12624	153	14	policy	policy	NOUN
fbem-12624	153	15	enhances	enhance	VERB
fbem-12624	153	16	firm	firm	ADJ
fbem-12624	153	17	value	value	NOUN
fbem-12624	153	18	.	.	PUNCT
fbem-12624	154	1	we	we	PRON
fbem-12624	154	2	present	present	VERB
fbem-12624	154	3	the	the	DET
fbem-12624	154	4	regression	regression	NOUN
fbem-12624	154	5	results	result	NOUN
fbem-12624	154	6	for	for	ADP
fbem-12624	154	7	model	model	NOUN
fbem-12624	154	8	(	(	PUNCT
fbem-12624	154	9	2	2	NUM
fbem-12624	154	10	)	)	PUNCT
fbem-12624	154	11	in	in	ADP
fbem-12624	154	12	table	table	NOUN
fbem-12624	154	13	3	3	NUM
fbem-12624	154	14	.	.	PUNCT
fbem-12624	155	1	in	in	ADP
fbem-12624	155	2	column	column	NOUN
fbem-12624	155	3	(	(	PUNCT
fbem-12624	155	4	1	1	NUM
fbem-12624	155	5	)	)	PUNCT
fbem-12624	155	6	,	,	PUNCT
fbem-12624	155	7	we	we	PRON
fbem-12624	155	8	show	show	VERB
fbem-12624	155	9	the	the	DET
fbem-12624	155	10	simple	simple	ADJ
fbem-12624	155	11	regression	regression	NOUN
fbem-12624	155	12	results	result	NOUN
fbem-12624	155	13	without	without	ADP
fbem-12624	155	14	control	control	NOUN
fbem-12624	155	15	variables	variable	NOUN
fbem-12624	155	16	.	.	PUNCT
fbem-12624	156	1	the	the	DET
fbem-12624	156	2	coefficient	coefficient	NOUN
fbem-12624	156	3	on	on	ADP
fbem-12624	156	4	posttreat	posttreat	NOUN
fbem-12624	156	5	in	in	ADP
fbem-12624	156	6	this	this	DET
fbem-12624	156	7	simple	simple	ADJ
fbem-12624	156	8	regression	regression	NOUN
fbem-12624	156	9	is	be	AUX
fbem-12624	156	10	positive	positive	ADJ
fbem-12624	156	11	(	(	PUNCT
fbem-12624	156	12	0.043	0.043	NUM
fbem-12624	156	13	)	)	PUNCT
fbem-12624	156	14	and	and	CCONJ
fbem-12624	156	15	significant	significant	ADJ
fbem-12624	156	16	at	at	ADP
fbem-12624	156	17	the	the	DET
fbem-12624	156	18	1	1	NUM
fbem-12624	156	19	%	%	NOUN
fbem-12624	156	20	level	level	NOUN
fbem-12624	156	21	.	.	PUNCT
fbem-12624	157	1	in	in	ADP
fbem-12624	157	2	column	column	NOUN
fbem-12624	157	3	(	(	PUNCT
fbem-12624	157	4	2	2	NUM
fbem-12624	157	5	)	)	PUNCT
fbem-12624	157	6	,	,	PUNCT
fbem-12624	157	7	when	when	SCONJ
fbem-12624	157	8	we	we	PRON
fbem-12624	157	9	include	include	VERB
fbem-12624	157	10	the	the	DET
fbem-12624	157	11	control	control	NOUN
fbem-12624	157	12	variables	variable	NOUN
fbem-12624	157	13	,	,	PUNCT
fbem-12624	157	14	we	we	PRON
fbem-12624	157	15	find	find	VERB
fbem-12624	157	16	that	that	SCONJ
fbem-12624	157	17	𝛽	𝛽	NOUN
fbem-12624	157	18	(	(	PUNCT
fbem-12624	157	19	0.046	0.046	NUM
fbem-12624	157	20	)	)	PUNCT
fbem-12624	157	21	remains	remain	VERB
fbem-12624	157	22	significantly	significantly	ADV
fbem-12624	157	23	positive	positive	ADJ
fbem-12624	157	24	at	at	ADP
fbem-12624	157	25	the	the	DET
fbem-12624	157	26	1	1	NUM
fbem-12624	157	27	%	%	NOUN
fbem-12624	157	28	level	level	NOUN
fbem-12624	157	29	.	.	PUNCT
fbem-12624	158	1	in	in	ADP
fbem-12624	158	2	terms	term	NOUN
fbem-12624	158	3	of	of	ADP
fbem-12624	158	4	economic	economic	ADJ
fbem-12624	158	5	significance	significance	NOUN
fbem-12624	158	6	,	,	PUNCT
fbem-12624	158	7	the	the	DET
fbem-12624	158	8	coefficient	coefficient	NOUN
fbem-12624	158	9	𝛽	𝛽	PROPN
fbem-12624	158	10	in	in	ADP
fbem-12624	158	11	column	column	NOUN
fbem-12624	158	12	(	(	PUNCT
fbem-12624	158	13	2	2	NUM
fbem-12624	158	14	)	)	PUNCT
fbem-12624	158	15	implies	imply	VERB
fbem-12624	158	16	that	that	SCONJ
fbem-12624	158	17	treatment	treatment	NOUN
fbem-12624	158	18	firms	firm	NOUN
fbem-12624	158	19	experience	experience	VERB
fbem-12624	158	20	a	a	DET
fbem-12624	158	21	10	10	NUM
fbem-12624	158	22	%	%	NOUN
fbem-12624	158	23	(	(	PUNCT
fbem-12624	158	24	0.046/|-0.0046|	0.046/|-0.0046|	PROPN
fbem-12624	158	25	)	)	PUNCT
fbem-12624	158	26	boost	boost	NOUN
fbem-12624	158	27	in	in	ADP
fbem-12624	158	28	tfp	tfp	PROPN
fbem-12624	158	29	.	.	PUNCT
fbem-12624	159	1	overall	overall	ADV
fbem-12624	159	2	,	,	PUNCT
fbem-12624	159	3	our	our	PRON
fbem-12624	159	4	baseline	baseline	NOUN
fbem-12624	159	5	did	do	AUX
fbem-12624	159	6	model	model	NOUN
fbem-12624	159	7	suggests	suggest	VERB
fbem-12624	159	8	that	that	PRON
fbem-12624	159	9	accelerated	accelerate	VERB
fbem-12624	159	10	depreciation	depreciation	NOUN
fbem-12624	159	11	significantly	significantly	ADV
fbem-12624	159	12	improves	improve	VERB
fbem-12624	159	13	companies	company	NOUN
fbem-12624	159	14	’	'	PUNCT
fbem-12624	159	15	tfp	tfp	PROPN
fbem-12624	159	16	,	,	PUNCT
fbem-12624	159	17	which	which	PRON
fbem-12624	159	18	is	be	AUX
fbem-12624	159	19	consistent	consistent	ADJ
fbem-12624	159	20	with	with	ADP
fbem-12624	159	21	our	our	PRON
fbem-12624	159	22	expectation	expectation	NOUN
fbem-12624	159	23	.	.	PUNCT
fbem-12624	160	1	table	table	NOUN
fbem-12624	160	2	3	3	NUM
fbem-12624	160	3	.	.	PUNCT
fbem-12624	160	4	baseline	baseline	ADJ
fbem-12624	160	5	difference	difference	NOUN
fbem-12624	160	6	-	-	PUNCT
fbem-12624	160	7	in	in	ADP
fbem-12624	160	8	-	-	PUNCT
fbem-12624	160	9	differences	difference	NOUN
fbem-12624	160	10	regression	regression	NOUN
fbem-12624	160	11	dv=	dv=	PROPN
fbem-12624	160	12	tfp	tfp	PROPN
fbem-12624	160	13	(	(	PUNCT
fbem-12624	160	14	1	1	NUM
fbem-12624	160	15	)	)	PUNCT
fbem-12624	160	16	(	(	PUNCT
fbem-12624	160	17	2	2	NUM
fbem-12624	160	18	)	)	PUNCT
fbem-12624	160	19	(	(	PUNCT
fbem-12624	160	20	3	3	X
fbem-12624	160	21	)	)	PUNCT
fbem-12624	160	22	posttreat	posttreat	NOUN
fbem-12624	160	23	0.043	0.043	NUM
fbem-12624	160	24	*	*	PUNCT
fbem-12624	160	25	*	*	PUNCT
fbem-12624	160	26	*	*	PUNCT
fbem-12624	160	27	0.046	0.046	NUM
fbem-12624	160	28	*	*	PUNCT
fbem-12624	160	29	*	*	PUNCT
fbem-12624	160	30	*	*	PUNCT
fbem-12624	160	31	(	(	PUNCT
fbem-12624	160	32	3.964	3.964	NUM
fbem-12624	160	33	)	)	PUNCT
fbem-12624	160	34	(	(	PUNCT
fbem-12624	160	35	4.295	4.295	NUM
fbem-12624	160	36	)	)	PUNCT
fbem-12624	160	37	treat-2	treat-2	NUM
fbem-12624	160	38	0.007	0.007	NUM
fbem-12624	160	39	(	(	PUNCT
fbem-12624	160	40	0.428	0.428	NUM
fbem-12624	160	41	)	)	PUNCT
fbem-12624	160	42	treat-1	treat-1	ADP
fbem-12624	160	43	0.019	0.019	NUM
fbem-12624	160	44	(	(	PUNCT
fbem-12624	160	45	1.166	1.166	NUM
fbem-12624	160	46	)	)	PUNCT
fbem-12624	160	47	treat	treat	VERB
fbem-12624	160	48	0.044	0.044	NUM
fbem-12624	160	49	*	*	PUNCT
fbem-12624	160	50	*	*	PUNCT
fbem-12624	160	51	*	*	PUNCT
fbem-12624	160	52	(	(	PUNCT
fbem-12624	160	53	3.349	3.349	NUM
fbem-12624	160	54	)	)	PUNCT
fbem-12624	160	55	treat+1	treat+1	PROPN
fbem-12624	160	56	0.059	0.059	NUM
fbem-12624	160	57	*	*	PUNCT
fbem-12624	160	58	*	*	PUNCT
fbem-12624	160	59	*	*	PUNCT
fbem-12624	160	60	(	(	PUNCT
fbem-12624	160	61	3.959	3.959	NUM
fbem-12624	160	62	)	)	PUNCT
fbem-12624	160	63	treat+2	treat+2	NOUN
fbem-12624	160	64	0.055	0.055	NUM
fbem-12624	160	65	*	*	PUNCT
fbem-12624	160	66	*	*	PUNCT
fbem-12624	160	67	*	*	PUNCT
fbem-12624	160	68	(	(	PUNCT
fbem-12624	160	69	2.817	2.817	NUM
fbem-12624	160	70	)	)	PUNCT
fbem-12624	160	71	r&d	r&d	NOUN
fbem-12624	160	72	-0.183	-0.183	X
fbem-12624	161	1	-0.212	-0.212	PROPN
fbem-12624	161	2	(	(	PUNCT
fbem-12624	161	3	-0.625	-0.625	NOUN
fbem-12624	161	4	)	)	PUNCT
fbem-12624	161	5	(	(	PUNCT
fbem-12624	161	6	-0.730	-0.730	X
fbem-12624	161	7	)	)	PUNCT
fbem-12624	161	8	size	size	NOUN
fbem-12624	161	9	-0.090	-0.090	PUNCT
fbem-12624	161	10	*	*	PUNCT
fbem-12624	161	11	*	*	PUNCT
fbem-12624	161	12	*	*	PUNCT
fbem-12624	161	13	-0.090	-0.090	PUNCT
fbem-12624	161	14	*	*	PUNCT
fbem-12624	161	15	*	*	PUNCT
fbem-12624	161	16	*	*	PUNCT
fbem-12624	161	17	(	(	PUNCT
fbem-12624	161	18	-9.887	-9.887	X
fbem-12624	161	19	)	)	PUNCT
fbem-12624	161	20	(	(	PUNCT
fbem-12624	161	21	-9.929	-9.929	NOUN
fbem-12624	161	22	)	)	PUNCT
fbem-12624	161	23	roa	roa	NOUN
fbem-12624	161	24	-0.002	-0.002	PUNCT
fbem-12624	161	25	0.001	0.001	NUM
fbem-12624	161	26	(	(	PUNCT
fbem-12624	161	27	-0.027	-0.027	NUM
fbem-12624	161	28	)	)	PUNCT
fbem-12624	161	29	(	(	PUNCT
fbem-12624	161	30	0.014	0.014	NUM
fbem-12624	161	31	)	)	PUNCT
fbem-12624	161	32	tobin	tobin	NOUN
fbem-12624	161	33	-	-	PUNCT
fbem-12624	161	34	q	q	PROPN
fbem-12624	161	35	-0.000	-0.000	X
fbem-12624	161	36	-0.001	-0.001	NOUN
fbem-12624	161	37	(	(	PUNCT
fbem-12624	161	38	-0.179	-0.179	NOUN
fbem-12624	161	39	)	)	PUNCT
fbem-12624	161	40	(	(	PUNCT
fbem-12624	161	41	-0.274	-0.274	NOUN
fbem-12624	161	42	)	)	PUNCT
fbem-12624	161	43	inshold	inshold	VERB
fbem-12624	161	44	-0.012	-0.012	INTJ
fbem-12624	161	45	-0.012	-0.012	INTJ
fbem-12624	161	46	(	(	PUNCT
fbem-12624	161	47	-0.548	-0.548	NUM
fbem-12624	161	48	)	)	PUNCT
fbem-12624	161	49	(	(	PUNCT
fbem-12624	161	50	-0.543	-0.543	NOUN
fbem-12624	161	51	)	)	PUNCT
fbem-12624	161	52	leverage	leverage	NOUN
fbem-12624	161	53	0.040	0.040	NUM
fbem-12624	161	54	0.040	0.040	NUM
fbem-12624	161	55	(	(	PUNCT
fbem-12624	161	56	1.267	1.267	NUM
fbem-12624	161	57	)	)	PUNCT
fbem-12624	161	58	(	(	PUNCT
fbem-12624	161	59	1.281	1.281	NUM
fbem-12624	161	60	)	)	PUNCT
fbem-12624	161	61	age	age	NOUN
fbem-12624	161	62	0.119	0.119	NUM
fbem-12624	161	63	*	*	NOUN
fbem-12624	161	64	0.116	0.116	NUM
fbem-12624	161	65	*	*	PUNCT
fbem-12624	161	66	(	(	PUNCT
fbem-12624	161	67	1.811	1.811	NUM
fbem-12624	161	68	)	)	PUNCT
fbem-12624	161	69	(	(	PUNCT
fbem-12624	161	70	1.764	1.764	NUM
fbem-12624	161	71	)	)	PUNCT
fbem-12624	161	72	hhi	hhi	NOUN
fbem-12624	161	73	-0.096	-0.096	PROPN
fbem-12624	161	74	*	*	PUNCT
fbem-12624	161	75	-0.097	-0.097	PUNCT
fbem-12624	161	76	*	*	PUNCT
fbem-12624	161	77	(	(	PUNCT
fbem-12624	161	78	-1.750	-1.750	NOUN
fbem-12624	161	79	)	)	PUNCT
fbem-12624	161	80	(	(	PUNCT
fbem-12624	161	81	-1.761	-1.761	NUM
fbem-12624	161	82	)	)	PUNCT
fbem-12624	161	83	province×year	province×year	NOUN
fbem-12624	161	84	fe	fe	INTJ
fbem-12624	162	1	yes	yes	INTJ
fbem-12624	162	2	yes	yes	INTJ
fbem-12624	163	1	yes	yes	INTJ
fbem-12624	163	2	industry×year	industry×year	INTJ
fbem-12624	163	3	fe	fe	INTJ
fbem-12624	164	1	yes	yes	INTJ
fbem-12624	164	2	yes	yes	INTJ
fbem-12624	164	3	yes	yes	INTJ
fbem-12624	164	4	firm	firm	ADJ
fbem-12624	164	5	fe	fe	INTJ
fbem-12624	165	1	yes	yes	INTJ
fbem-12624	166	1	yes	yes	INTJ
fbem-12624	167	1	yes	yes	INTJ
fbem-12624	167	2	year	year	NOUN
fbem-12624	168	1	fe	fe	INTJ
fbem-12624	169	1	yes	yes	INTJ
fbem-12624	169	2	yes	yes	INTJ
fbem-12624	170	1	yes	yes	INTJ
fbem-12624	171	1	n	n	ADV
fbem-12624	171	2	14,133	14,133	NUM
fbem-12624	171	3	14,133	14,133	NUM
fbem-12624	171	4	14,133	14,133	NUM
fbem-12624	171	5	adjusted	adjust	VERB
fbem-12624	171	6	r2	r2	PROPN
fbem-12624	171	7	0.037	0.037	NUM
fbem-12624	171	8	0.050	0.050	NUM
fbem-12624	171	9	0.051	0.051	NUM
fbem-12624	171	10	to	to	PART
fbem-12624	171	11	further	far	ADV
fbem-12624	171	12	explore	explore	VERB
fbem-12624	171	13	any	any	DET
fbem-12624	171	14	potential	potential	ADJ
fbem-12624	171	15	long	long	ADJ
fbem-12624	171	16	-	-	PUNCT
fbem-12624	171	17	term	term	NOUN
fbem-12624	171	18	benefits	benefit	NOUN
fbem-12624	171	19	of	of	ADP
fbem-12624	171	20	the	the	DET
fbem-12624	171	21	tax	tax	NOUN
fbem-12624	171	22	policy	policy	NOUN
fbem-12624	171	23	change	change	NOUN
fbem-12624	171	24	,	,	PUNCT
fbem-12624	171	25	we	we	PRON
fbem-12624	171	26	extend	extend	VERB
fbem-12624	171	27	our	our	PRON
fbem-12624	171	28	time	time	NOUN
fbem-12624	171	29	horizon	horizon	NOUN
fbem-12624	171	30	to	to	PART
fbem-12624	171	31	allow	allow	VERB
fbem-12624	171	32	us	we	PRON
fbem-12624	171	33	to	to	PART
fbem-12624	171	34	investigate	investigate	VERB
fbem-12624	171	35	the	the	DET
fbem-12624	171	36	effects	effect	NOUN
fbem-12624	171	37	of	of	ADP
fbem-12624	171	38	multiple	multiple	ADJ
fbem-12624	171	39	years	year	NOUN
fbem-12624	171	40	in	in	ADP
fbem-12624	171	41	the	the	DET
fbem-12624	171	42	regression	regression	NOUN
fbem-12624	171	43	.	.	PUNCT
fbem-12624	172	1	specifically	specifically	ADV
fbem-12624	172	2	,	,	PUNCT
fbem-12624	172	3	we	we	PRON
fbem-12624	172	4	set	set	VERB
fbem-12624	172	5	indicator	indicator	NOUN
fbem-12624	172	6	variables	variable	VERB
fbem-12624	172	7	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	172	8	,	,	PUNCT
fbem-12624	172	9	,	,	PUNCT
fbem-12624	172	10	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	172	11	,	,	PUNCT
fbem-12624	172	12	,	,	PUNCT
fbem-12624	172	13	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	172	14	,	,	PUNCT
fbem-12624	172	15	,	,	PUNCT
fbem-12624	172	16	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	172	17	,	,	PUNCT
fbem-12624	172	18	,	,	PUNCT
fbem-12624	172	19	and	and	CCONJ
fbem-12624	172	20	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	172	21	,	,	PUNCT
fbem-12624	172	22	equal	equal	ADJ
fbem-12624	172	23	one	one	NUM
fbem-12624	172	24	for	for	ADP
fbem-12624	172	25	treatment	treatment	NOUN
fbem-12624	172	26	firms	firm	NOUN
fbem-12624	172	27	in	in	ADP
fbem-12624	172	28	years	year	NOUN
fbem-12624	172	29	t-2	t-2	PROPN
fbem-12624	172	30	,	,	PUNCT
fbem-12624	172	31	t-1	t-1	PROPN
fbem-12624	172	32	,	,	PUNCT
fbem-12624	172	33	t	t	PROPN
fbem-12624	172	34	,	,	PUNCT
fbem-12624	172	35	t+1	t+1	PRON
fbem-12624	172	36	,	,	PUNCT
fbem-12624	172	37	and	and	CCONJ
fbem-12624	172	38	t+2	t+2	NUM
fbem-12624	172	39	,	,	PUNCT
fbem-12624	172	40	respectively	respectively	ADV
fbem-12624	172	41	,	,	PUNCT
fbem-12624	172	42	where	where	SCONJ
fbem-12624	172	43	year	year	NOUN
fbem-12624	172	44	t	t	PROPN
fbem-12624	172	45	is	be	AUX
fbem-12624	172	46	the	the	DET
fbem-12624	172	47	first	first	ADJ
fbem-12624	172	48	year	year	NOUN
fbem-12624	172	49	of	of	ADP
fbem-12624	172	50	the	the	DET
fbem-12624	172	51	depreciation	depreciation	NOUN
fbem-12624	172	52	changes	change	NOUN
fbem-12624	172	53	.	.	PUNCT
fbem-12624	173	1	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	NOUN
fbem-12624	173	2	,	,	PUNCT
fbem-12624	173	3	,	,	PUNCT
fbem-12624	173	4	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	173	5	,	,	PUNCT
fbem-12624	173	6	,	,	PUNCT
fbem-12624	173	7	and	and	CCONJ
fbem-12624	173	8	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	173	9	,	,	PUNCT
fbem-12624	173	10	would	would	AUX
fbem-12624	173	11	help	help	VERB
fbem-12624	173	12	us	we	PRON
fbem-12624	173	13	isolate	isolate	VERB
fbem-12624	173	14	any	any	DET
fbem-12624	173	15	immediate	immediate	ADJ
fbem-12624	173	16	benefits	benefit	NOUN
fbem-12624	173	17	from	from	ADP
fbem-12624	173	18	the	the	DET
fbem-12624	173	19	long	long	ADJ
fbem-12624	173	20	-	-	PUNCT
fbem-12624	173	21	term	term	NOUN
fbem-12624	173	22	effects	effect	NOUN
fbem-12624	173	23	by	by	ADP
fbem-12624	173	24	year	year	NOUN
fbem-12624	173	25	,	,	PUNCT
fbem-12624	173	26	and	and	CCONJ
fbem-12624	173	27	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	173	28	,	,	PUNCT
fbem-12624	173	29	and	and	CCONJ
fbem-12624	173	30	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	173	31	,	,	PUNCT
fbem-12624	173	32	would	would	AUX
fbem-12624	173	33	verify	verify	VERB
fbem-12624	173	34	the	the	DET
fbem-12624	173	35	parallel	parallel	ADJ
fbem-12624	173	36	trend	trend	NOUN
fbem-12624	173	37	assumption	assumption	NOUN
fbem-12624	173	38	in	in	ADP
fbem-12624	173	39	our	our	PRON
fbem-12624	173	40	did	did	ADJ
fbem-12624	173	41	model	model	NOUN
fbem-12624	173	42	.	.	PUNCT
fbem-12624	174	1	our	our	PRON
fbem-12624	174	2	extended	extended	ADJ
fbem-12624	174	3	baseline	baseline	NOUN
fbem-12624	174	4	did	do	AUX
fbem-12624	174	5	model	model	NOUN
fbem-12624	174	6	is	be	AUX
fbem-12624	174	7	as	as	SCONJ
fbem-12624	174	8	follows	follow	VERB
fbem-12624	174	9	:	:	PUNCT
fbem-12624	174	10	𝑇𝐹𝑃	𝑇𝐹𝑃	PROPN
fbem-12624	174	11	,	,	PUNCT
fbem-12624	174	12	𝛽	𝛽	PROPN
fbem-12624	174	13	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	174	14	,	,	PUNCT
fbem-12624	174	15	𝛽	𝛽	PROPN
fbem-12624	174	16	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	174	17	.	.	PUNCT
fbem-12624	175	1	𝛽	𝛽	PROPN
fbem-12624	175	2	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	175	3	,	,	PUNCT
fbem-12624	175	4	𝛽	𝛽	PROPN
fbem-12624	175	5	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	175	6	,	,	PUNCT
fbem-12624	175	7	𝛽	𝛽	PROPN
fbem-12624	175	8	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	175	9	,	,	PUNCT
fbem-12624	175	10	∑𝛽	∑𝛽	PROPN
fbem-12624	175	11	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠	PROPN
fbem-12624	175	12	,	,	PUNCT
fbem-12624	175	13	𝜀	𝜀	X
fbem-12624	175	14	,	,	PUNCT
fbem-12624	175	15	(	(	PUNCT
fbem-12624	175	16	3	3	X
fbem-12624	175	17	)	)	PUNCT
fbem-12624	175	18	if	if	SCONJ
fbem-12624	175	19	the	the	DET
fbem-12624	175	20	accelerated	accelerate	VERB
fbem-12624	175	21	depreciation	depreciation	NOUN
fbem-12624	175	22	tax	tax	NOUN
fbem-12624	175	23	policy	policy	NOUN
fbem-12624	175	24	change	change	NOUN
fbem-12624	175	25	has	have	VERB
fbem-12624	175	26	any	any	DET
fbem-12624	175	27	long	long	ADJ
fbem-12624	175	28	-	-	PUNCT
fbem-12624	175	29	term	term	NOUN
fbem-12624	175	30	effect	effect	NOUN
fbem-12624	175	31	on	on	ADP
fbem-12624	175	32	enhancing	enhance	VERB
fbem-12624	175	33	firm	firm	ADJ
fbem-12624	175	34	value	value	NOUN
fbem-12624	175	35	,	,	PUNCT
fbem-12624	175	36	we	we	PRON
fbem-12624	175	37	would	would	AUX
fbem-12624	175	38	expect	expect	VERB
fbem-12624	175	39	to	to	PART
fbem-12624	175	40	find	find	VERB
fbem-12624	175	41	a	a	DET
fbem-12624	175	42	positive	positive	ADJ
fbem-12624	175	43	𝛽	𝛽	NOUN
fbem-12624	175	44	and	and	CCONJ
fbem-12624	175	45	𝛽	𝛽	NOUN
fbem-12624	175	46	.	.	PUNCT
fbem-12624	176	1	to	to	PART
fbem-12624	176	2	fulfill	fulfill	VERB
fbem-12624	176	3	the	the	DET
fbem-12624	176	4	parallel	parallel	ADJ
fbem-12624	176	5	trend	trend	NOUN
fbem-12624	176	6	assumption	assumption	NOUN
fbem-12624	176	7	where	where	SCONJ
fbem-12624	176	8	in	in	ADP
fbem-12624	176	9	the	the	DET
fbem-12624	176	10	absence	absence	NOUN
fbem-12624	176	11	of	of	ADP
fbem-12624	176	12	treatment	treatment	NOUN
fbem-12624	176	13	,	,	PUNCT
fbem-12624	176	14	the	the	DET
fbem-12624	176	15	difference	difference	NOUN
fbem-12624	176	16	in	in	ADP
fbem-12624	176	17	tfp	tfp	PROPN
fbem-12624	176	18	between	between	ADP
fbem-12624	176	19	our	our	PRON
fbem-12624	176	20	treatment	treatment	NOUN
fbem-12624	176	21	and	and	CCONJ
fbem-12624	176	22	control	control	NOUN
fbem-12624	176	23	groups	group	NOUN
fbem-12624	176	24	would	would	AUX
fbem-12624	176	25	be	be	AUX
fbem-12624	176	26	constant	constant	ADJ
fbem-12624	176	27	,	,	PUNCT
fbem-12624	176	28	we	we	PRON
fbem-12624	176	29	expect	expect	VERB
fbem-12624	176	30	to	to	PART
fbem-12624	176	31	see	see	VERB
fbem-12624	176	32	𝛽	𝛽	NOUN
fbem-12624	176	33	and	and	CCONJ
fbem-12624	176	34	𝛽	𝛽	NOUN
fbem-12624	176	35	being	be	AUX
fbem-12624	176	36	insignificantly	insignificantly	ADV
fbem-12624	176	37	different	different	ADJ
fbem-12624	176	38	from	from	ADP
fbem-12624	176	39	zero	zero	NUM
fbem-12624	176	40	.	.	PUNCT
fbem-12624	177	1	we	we	PRON
fbem-12624	177	2	present	present	VERB
fbem-12624	177	3	the	the	DET
fbem-12624	177	4	results	result	NOUN
fbem-12624	177	5	for	for	ADP
fbem-12624	177	6	our	our	PRON
fbem-12624	177	7	expanded	expand	VERB
fbem-12624	177	8	baseline	baseline	NOUN
fbem-12624	177	9	did	do	AUX
fbem-12624	177	10	model	model	NOUN
fbem-12624	177	11	estimated	estimate	VERB
fbem-12624	177	12	using	use	VERB
fbem-12624	177	13	eq	eq	X
fbem-12624	177	14	.	.	PUNCT
fbem-12624	178	1	(	(	PUNCT
fbem-12624	178	2	3	3	X
fbem-12624	178	3	)	)	PUNCT
fbem-12624	178	4	in	in	ADP
fbem-12624	178	5	column	column	NOUN
fbem-12624	178	6	(	(	PUNCT
fbem-12624	178	7	3	3	NUM
fbem-12624	178	8	)	)	PUNCT
fbem-12624	178	9	of	of	ADP
fbem-12624	178	10	table	table	NOUN
fbem-12624	178	11	3	3	X
fbem-12624	178	12	.	.	PUNCT
fbem-12624	179	1	we	we	PRON
fbem-12624	179	2	find	find	VERB
fbem-12624	179	3	that	that	SCONJ
fbem-12624	179	4	both	both	PRON
fbem-12624	179	5	𝛽	𝛽	NOUN
fbem-12624	179	6	and	and	CCONJ
fbem-12624	179	7	𝛽	𝛽	NOUN
fbem-12624	179	8	are	be	AUX
fbem-12624	179	9	not	not	PART
fbem-12624	179	10	significantly	significantly	ADV
fbem-12624	179	11	different	different	ADJ
fbem-12624	179	12	from	from	ADP
fbem-12624	179	13	zero	zero	NUM
fbem-12624	179	14	,	,	PUNCT
fbem-12624	179	15	suggesting	suggest	VERB
fbem-12624	179	16	that	that	SCONJ
fbem-12624	179	17	prior	prior	ADV
fbem-12624	179	18	to	to	ADP
fbem-12624	179	19	the	the	DET
fbem-12624	179	20	tax	tax	NOUN
fbem-12624	179	21	policy	policy	NOUN
fbem-12624	179	22	change	change	NOUN
fbem-12624	179	23	,	,	PUNCT
fbem-12624	179	24	firms	firm	NOUN
fbem-12624	179	25	in	in	ADP
fbem-12624	179	26	our	our	PRON
fbem-12624	179	27	treatment	treatment	NOUN
fbem-12624	179	28	and	and	CCONJ
fbem-12624	179	29	control	control	NOUN
fbem-12624	179	30	groups	group	NOUN
fbem-12624	179	31	did	do	AUX
fbem-12624	179	32	not	not	PART
fbem-12624	179	33	exhibit	exhibit	VERB
fbem-12624	179	34	different	different	ADJ
fbem-12624	179	35	levels	level	NOUN
fbem-12624	179	36	of	of	ADP
fbem-12624	179	37	tfp	tfp	PROPN
fbem-12624	179	38	.	.	PUNCT
fbem-12624	180	1	consistent	consistent	ADJ
fbem-12624	180	2	with	with	ADP
fbem-12624	180	3	our	our	PRON
fbem-12624	180	4	previous	previous	ADJ
fbem-12624	180	5	findings	finding	NOUN
fbem-12624	180	6	from	from	ADP
fbem-12624	180	7	model	model	NOUN
fbem-12624	180	8	(	(	PUNCT
fbem-12624	180	9	2	2	NUM
fbem-12624	180	10	)	)	PUNCT
fbem-12624	180	11	,	,	PUNCT
fbem-12624	180	12	results	result	NOUN
fbem-12624	180	13	show	show	VERB
fbem-12624	180	14	a	a	DET
fbem-12624	180	15	significant	significant	ADJ
fbem-12624	180	16	and	and	CCONJ
fbem-12624	180	17	positive	positive	ADJ
fbem-12624	180	18	coefficient	coefficient	NOUN
fbem-12624	180	19	(	(	PUNCT
fbem-12624	180	20	𝛽	𝛽	NOUN
fbem-12624	180	21	on	on	ADP
fbem-12624	180	22	𝑇𝑟𝑒𝑎𝑡	𝑇𝑟𝑒𝑎𝑡	PROPN
fbem-12624	180	23	,	,	PUNCT
fbem-12624	180	24	(	(	PUNCT
fbem-12624	180	25	0.044	0.044	NUM
fbem-12624	180	26	)	)	PUNCT
fbem-12624	180	27	,	,	PUNCT
fbem-12624	180	28	representing	represent	VERB
fbem-12624	180	29	the	the	DET
fbem-12624	180	30	immediate	immediate	ADJ
fbem-12624	180	31	benefits	benefit	NOUN
fbem-12624	180	32	accelerated	accelerate	VERB
fbem-12624	180	33	depreciation	depreciation	NOUN
fbem-12624	180	34	brings	bring	VERB
fbem-12624	180	35	to	to	ADP
fbem-12624	180	36	adopting	adopt	VERB
fbem-12624	180	37	firms	firm	NOUN
fbem-12624	180	38	in	in	ADP
fbem-12624	180	39	281	281	NUM
fbem-12624	180	40	the	the	DET
fbem-12624	180	41	same	same	ADJ
fbem-12624	180	42	year	year	NOUN
fbem-12624	180	43	of	of	ADP
fbem-12624	180	44	the	the	DET
fbem-12624	180	45	policy	policy	NOUN
fbem-12624	180	46	adoption	adoption	NOUN
fbem-12624	180	47	.	.	PUNCT
fbem-12624	181	1	we	we	PRON
fbem-12624	181	2	also	also	ADV
fbem-12624	181	3	discover	discover	VERB
fbem-12624	181	4	that	that	SCONJ
fbem-12624	181	5	both	both	DET
fbem-12624	181	6	𝛽	𝛽	NOUN
fbem-12624	181	7	(	(	PUNCT
fbem-12624	181	8	0.059	0.059	NUM
fbem-12624	181	9	)	)	PUNCT
fbem-12624	181	10	and	and	CCONJ
fbem-12624	181	11	𝛽	𝛽	PROPN
fbem-12624	181	12	(	(	PUNCT
fbem-12624	181	13	0.055	0.055	NUM
fbem-12624	181	14	)	)	PUNCT
fbem-12624	181	15	are	be	AUX
fbem-12624	181	16	significantly	significantly	ADV
fbem-12624	181	17	positive	positive	ADJ
fbem-12624	181	18	,	,	PUNCT
fbem-12624	181	19	indicating	indicate	VERB
fbem-12624	181	20	that	that	SCONJ
fbem-12624	181	21	the	the	DET
fbem-12624	181	22	adoption	adoption	NOUN
fbem-12624	181	23	of	of	ADP
fbem-12624	181	24	accelerated	accelerate	VERB
fbem-12624	181	25	depreciation	depreciation	NOUN
fbem-12624	181	26	has	have	VERB
fbem-12624	181	27	a	a	DET
fbem-12624	181	28	trailing	trail	VERB
fbem-12624	181	29	effect	effect	NOUN
fbem-12624	181	30	on	on	ADP
fbem-12624	181	31	enhancing	enhance	VERB
fbem-12624	181	32	firm	firm	ADJ
fbem-12624	181	33	value	value	NOUN
fbem-12624	181	34	that	that	PRON
fbem-12624	181	35	lasts	last	VERB
fbem-12624	181	36	even	even	ADV
fbem-12624	181	37	two	two	NUM
fbem-12624	181	38	years	year	NOUN
fbem-12624	181	39	post	post	ADJ
fbem-12624	181	40	-	-	NOUN
fbem-12624	181	41	adoption	adoption	NOUN
fbem-12624	181	42	.	.	PUNCT
fbem-12624	182	1	4.2	4.2	NUM
fbem-12624	182	2	.	.	PUNCT
fbem-12624	183	1	psm	psm	NOUN
fbem-12624	183	2	-	-	PUNCT
fbem-12624	183	3	did	do	AUX
fbem-12624	183	4	results	result	NOUN
fbem-12624	183	5	to	to	PART
fbem-12624	183	6	further	far	ADV
fbem-12624	183	7	mitigate	mitigate	VERB
fbem-12624	183	8	concerns	concern	NOUN
fbem-12624	183	9	related	relate	VERB
fbem-12624	183	10	to	to	ADP
fbem-12624	183	11	selection	selection	NOUN
fbem-12624	183	12	bias	bias	NOUN
fbem-12624	183	13	which	which	PRON
fbem-12624	183	14	might	might	AUX
fbem-12624	183	15	affect	affect	VERB
fbem-12624	183	16	the	the	DET
fbem-12624	183	17	results	result	NOUN
fbem-12624	183	18	in	in	ADP
fbem-12624	183	19	our	our	PRON
fbem-12624	183	20	baseline	baseline	NOUN
fbem-12624	183	21	models	model	NOUN
fbem-12624	183	22	,	,	PUNCT
fbem-12624	183	23	we	we	PRON
fbem-12624	183	24	perform	perform	VERB
fbem-12624	183	25	a	a	DET
fbem-12624	183	26	psm	psm	NOUN
fbem-12624	183	27	to	to	PART
fbem-12624	183	28	match	match	VERB
fbem-12624	183	29	our	our	PRON
fbem-12624	183	30	treatment	treatment	NOUN
fbem-12624	183	31	firms	firm	NOUN
fbem-12624	183	32	in	in	ADP
fbem-12624	183	33	the	the	DET
fbem-12624	183	34	pilot	pilot	NOUN
fbem-12624	183	35	industries	industry	NOUN
fbem-12624	183	36	to	to	ADP
fbem-12624	183	37	their	their	PRON
fbem-12624	183	38	counterparts	counterpart	NOUN
fbem-12624	183	39	not	not	PART
fbem-12624	183	40	in	in	ADP
fbem-12624	183	41	the	the	DET
fbem-12624	183	42	pilot	pilot	NOUN
fbem-12624	183	43	industries	industry	NOUN
fbem-12624	183	44	.	.	PUNCT
fbem-12624	184	1	specifically	specifically	ADV
fbem-12624	184	2	,	,	PUNCT
fbem-12624	184	3	we	we	PRON
fbem-12624	184	4	calculate	calculate	VERB
fbem-12624	184	5	a	a	DET
fbem-12624	184	6	propensity	propensity	NOUN
fbem-12624	184	7	score	score	NOUN
fbem-12624	184	8	using	use	VERB
fbem-12624	184	9	a	a	DET
fbem-12624	184	10	logit	logit	NOUN
fbem-12624	184	11	regression	regression	NOUN
fbem-12624	184	12	base	base	NOUN
fbem-12624	184	13	on	on	ADP
fbem-12624	184	14	size	size	NOUN
fbem-12624	184	15	,	,	PUNCT
fbem-12624	184	16	roa	roa	PROPN
fbem-12624	184	17	,	,	PUNCT
fbem-12624	184	18	tobin	tobin	PROPN
fbem-12624	184	19	-	-	PUNCT
fbem-12624	184	20	q	q	NOUN
fbem-12624	184	21	,	,	PUNCT
fbem-12624	184	22	inshold	inshold	ADJ
fbem-12624	184	23	,	,	PUNCT
fbem-12624	184	24	leverage	leverage	NOUN
fbem-12624	184	25	,	,	PUNCT
fbem-12624	184	26	age	age	NOUN
fbem-12624	184	27	,	,	PUNCT
fbem-12624	184	28	and	and	CCONJ
fbem-12624	184	29	hhi	hhi	NOUN
fbem-12624	184	30	for	for	ADP
fbem-12624	184	31	every	every	DET
fbem-12624	184	32	firm	firm	NOUN
fbem-12624	184	33	in	in	ADP
fbem-12624	184	34	our	our	PRON
fbem-12624	184	35	sample	sample	NOUN
fbem-12624	184	36	.	.	PUNCT
fbem-12624	185	1	for	for	ADP
fbem-12624	185	2	each	each	DET
fbem-12624	185	3	treatment	treatment	NOUN
fbem-12624	185	4	firm	firm	NOUN
fbem-12624	185	5	,	,	PUNCT
fbem-12624	185	6	we	we	PRON
fbem-12624	185	7	perform	perform	VERB
fbem-12624	185	8	a	a	DET
fbem-12624	185	9	one	one	NUM
fbem-12624	185	10	-	-	PUNCT
fbem-12624	185	11	to	to	ADP
fbem-12624	185	12	-	-	PUNCT
fbem-12624	185	13	one	one	NUM
fbem-12624	185	14	match	match	NOUN
fbem-12624	185	15	with	with	ADP
fbem-12624	185	16	replacement	replacement	NOUN
fbem-12624	185	17	to	to	PART
fbem-12624	185	18	find	find	VERB
fbem-12624	185	19	the	the	DET
fbem-12624	185	20	best	good	ADJ
fbem-12624	185	21	quality	quality	NOUN
fbem-12624	185	22	control	control	NOUN
fbem-12624	185	23	based	base	VERB
fbem-12624	185	24	on	on	ADP
fbem-12624	185	25	the	the	DET
fbem-12624	185	26	propensity	propensity	NOUN
fbem-12624	185	27	score	score	NOUN
fbem-12624	185	28	we	we	PRON
fbem-12624	185	29	calculated	calculate	VERB
fbem-12624	185	30	.	.	PUNCT
fbem-12624	186	1	this	this	DET
fbem-12624	186	2	process	process	NOUN
fbem-12624	186	3	generates	generate	VERB
fbem-12624	186	4	1,456	1,456	NUM
fbem-12624	186	5	pairs	pair	NOUN
fbem-12624	186	6	of	of	ADP
fbem-12624	186	7	matched	match	VERB
fbem-12624	186	8	-	-	PUNCT
fbem-12624	186	9	firm	firm	NOUN
fbem-12624	186	10	pairs	pair	NOUN
fbem-12624	186	11	.	.	PUNCT
fbem-12624	187	1	we	we	PRON
fbem-12624	187	2	then	then	ADV
fbem-12624	187	3	re	re	VERB
fbem-12624	187	4	-	-	VERB
fbem-12624	187	5	estimate	estimate	VERB
fbem-12624	187	6	our	our	PRON
fbem-12624	187	7	baseline	baseline	NOUN
fbem-12624	187	8	did	do	AUX
fbem-12624	187	9	model	model	NOUN
fbem-12624	187	10	in	in	ADP
fbem-12624	187	11	eq	eq	PROPN
fbem-12624	187	12	.	.	PUNCT
fbem-12624	188	1	(	(	PUNCT
fbem-12624	188	2	2	2	X
fbem-12624	188	3	)	)	PUNCT
fbem-12624	188	4	using	use	VERB
fbem-12624	188	5	our	our	PRON
fbem-12624	188	6	matched	match	VERB
fbem-12624	188	7	sample	sample	NOUN
fbem-12624	188	8	.	.	PUNCT
fbem-12624	189	1	we	we	PRON
fbem-12624	189	2	report	report	VERB
fbem-12624	189	3	our	our	PRON
fbem-12624	189	4	psm	psm	NOUN
fbem-12624	189	5	-	-	PUNCT
fbem-12624	189	6	did	do	AUX
fbem-12624	189	7	results	result	NOUN
fbem-12624	189	8	in	in	ADP
fbem-12624	189	9	table	table	NOUN
fbem-12624	189	10	4	4	NUM
fbem-12624	189	11	.	.	PUNCT
fbem-12624	190	1	in	in	ADP
fbem-12624	190	2	panel	panel	NOUN
fbem-12624	190	3	a	a	X
fbem-12624	190	4	,	,	PUNCT
fbem-12624	190	5	we	we	PRON
fbem-12624	190	6	present	present	VERB
fbem-12624	190	7	a	a	DET
fbem-12624	190	8	comparison	comparison	NOUN
fbem-12624	190	9	of	of	ADP
fbem-12624	190	10	the	the	DET
fbem-12624	190	11	1,456	1,456	NUM
fbem-12624	190	12	pairs	pair	NOUN
fbem-12624	190	13	of	of	ADP
fbem-12624	190	14	firms	firm	NOUN
fbem-12624	190	15	allowed	allow	VERB
fbem-12624	190	16	and	and	CCONJ
fbem-12624	190	17	not	not	PART
fbem-12624	190	18	allowed	allow	VERB
fbem-12624	190	19	to	to	PART
fbem-12624	190	20	use	use	VERB
fbem-12624	190	21	the	the	DET
fbem-12624	190	22	accelerated	accelerate	VERB
fbem-12624	190	23	depreciation	depreciation	NOUN
fbem-12624	190	24	tax	tax	NOUN
fbem-12624	190	25	preferential	preferential	ADJ
fbem-12624	190	26	policy	policy	NOUN
fbem-12624	190	27	.	.	PUNCT
fbem-12624	191	1	the	the	DET
fbem-12624	191	2	t	t	PROPN
fbem-12624	191	3	-	-	PUNCT
fbem-12624	191	4	statistics	statistic	NOUN
fbem-12624	191	5	show	show	VERB
fbem-12624	191	6	that	that	SCONJ
fbem-12624	191	7	there	there	PRON
fbem-12624	191	8	are	be	VERB
fbem-12624	191	9	no	no	DET
fbem-12624	191	10	significant	significant	ADJ
fbem-12624	191	11	differences	difference	NOUN
fbem-12624	191	12	between	between	ADP
fbem-12624	191	13	the	the	DET
fbem-12624	191	14	treatment	treatment	NOUN
fbem-12624	191	15	firms	firm	NOUN
fbem-12624	191	16	and	and	CCONJ
fbem-12624	191	17	their	their	PRON
fbem-12624	191	18	matched	match	VERB
fbem-12624	191	19	counterparts	counterpart	NOUN
fbem-12624	191	20	in	in	ADP
fbem-12624	191	21	all	all	DET
fbem-12624	191	22	the	the	DET
fbem-12624	191	23	variables	variable	NOUN
fbem-12624	191	24	used	use	VERB
fbem-12624	191	25	in	in	ADP
fbem-12624	191	26	the	the	DET
fbem-12624	191	27	regression	regression	NOUN
fbem-12624	191	28	.	.	PUNCT
fbem-12624	192	1	we	we	PRON
fbem-12624	192	2	report	report	VERB
fbem-12624	192	3	the	the	DET
fbem-12624	192	4	regression	regression	NOUN
fbem-12624	192	5	results	result	NOUN
fbem-12624	192	6	when	when	SCONJ
fbem-12624	192	7	we	we	PRON
fbem-12624	192	8	re	re	VERB
fbem-12624	192	9	-	-	VERB
fbem-12624	192	10	run	run	VERB
fbem-12624	192	11	eq	eq	ADP
fbem-12624	192	12	.	.	PUNCT
fbem-12624	193	1	(	(	PUNCT
fbem-12624	193	2	2	2	X
fbem-12624	193	3	)	)	PUNCT
fbem-12624	193	4	using	use	VERB
fbem-12624	193	5	our	our	PRON
fbem-12624	193	6	matched	match	VERB
fbem-12624	193	7	sample	sample	NOUN
fbem-12624	193	8	in	in	ADP
fbem-12624	193	9	panel	panel	NOUN
fbem-12624	193	10	b.	b.	PROPN
fbem-12624	194	1	the	the	DET
fbem-12624	194	2	coefficient	coefficient	NOUN
fbem-12624	194	3	on	on	ADP
fbem-12624	194	4	posttreat	posttreat	NOUN
fbem-12624	194	5	(	(	PUNCT
fbem-12624	194	6	0.044	0.044	NUM
fbem-12624	194	7	)	)	PUNCT
fbem-12624	194	8	is	be	AUX
fbem-12624	194	9	significantly	significantly	ADV
fbem-12624	194	10	positive	positive	ADJ
fbem-12624	194	11	at	at	ADP
fbem-12624	194	12	the	the	DET
fbem-12624	194	13	1	1	NUM
fbem-12624	194	14	%	%	NOUN
fbem-12624	194	15	level	level	NOUN
fbem-12624	194	16	,	,	PUNCT
fbem-12624	194	17	providing	provide	VERB
fbem-12624	194	18	evidence	evidence	NOUN
fbem-12624	194	19	that	that	SCONJ
fbem-12624	194	20	our	our	PRON
fbem-12624	194	21	main	main	ADJ
fbem-12624	194	22	findings	finding	NOUN
fbem-12624	194	23	–	–	PUNCT
fbem-12624	194	24	implementing	implement	VERB
fbem-12624	194	25	the	the	DET
fbem-12624	194	26	accelerated	accelerated	ADJ
fbem-12624	194	27	depreciation	depreciation	NOUN
fbem-12624	194	28	tax	tax	NOUN
fbem-12624	194	29	policy	policy	NOUN
fbem-12624	194	30	significantly	significantly	ADV
fbem-12624	194	31	enhances	enhance	VERB
fbem-12624	194	32	firm	firm	ADJ
fbem-12624	194	33	value	value	NOUN
fbem-12624	194	34	–	–	PUNCT
fbem-12624	194	35	are	be	AUX
fbem-12624	194	36	not	not	PART
fbem-12624	194	37	affected	affect	VERB
fbem-12624	194	38	by	by	ADP
fbem-12624	194	39	potential	potential	ADJ
fbem-12624	194	40	selection	selection	NOUN
fbem-12624	194	41	bias	bias	NOUN
fbem-12624	194	42	.	.	PUNCT
fbem-12624	195	1	table	table	NOUN
fbem-12624	195	2	4	4	NUM
fbem-12624	195	3	.	.	PUNCT
fbem-12624	196	1	psm	psm	NOUN
fbem-12624	196	2	-	-	PUNCT
fbem-12624	196	3	did	do	AUX
fbem-12624	196	4	panel	panel	NOUN
fbem-12624	196	5	a	a	DET
fbem-12624	196	6	:	:	PUNCT
fbem-12624	196	7	comparison	comparison	NOUN
fbem-12624	196	8	of	of	ADP
fbem-12624	196	9	treatment	treatment	NOUN
fbem-12624	196	10	groups	group	NOUN
fbem-12624	196	11	and	and	CCONJ
fbem-12624	196	12	control	control	NOUN
fbem-12624	196	13	group	group	NOUN
fbem-12624	196	14	after	after	ADP
fbem-12624	196	15	matching	match	VERB
fbem-12624	196	16	treatment	treatment	NOUN
fbem-12624	196	17	control	control	PROPN
fbem-12624	196	18	diff	diff	PROPN
fbem-12624	196	19	t	t	PROPN
fbem-12624	196	20	-	-	PUNCT
fbem-12624	196	21	statistic	statistic	NOUN
fbem-12624	196	22	treat	treat	NOUN
fbem-12624	196	23	=	=	SYM
fbem-12624	196	24	1	1	NUM
fbem-12624	196	25	treat	treat	NOUN
fbem-12624	196	26	=	=	SYM
fbem-12624	196	27	0	0	NUM
fbem-12624	196	28	r&d	r&d	NOUN
fbem-12624	196	29	0.023	0.023	NUM
fbem-12624	196	30	0.022	0.022	NUM
fbem-12624	196	31	0.001	0.001	NUM
fbem-12624	196	32	1.31	1.31	NUM
fbem-12624	196	33	size	size	NOUN
fbem-12624	196	34	21.964	21.964	NUM
fbem-12624	196	35	21.981	21.981	NUM
fbem-12624	196	36	-0.017	-0.017	ADP
fbem-12624	196	37	-0.47	-0.47	DET
fbem-12624	196	38	roa	roa	PROPN
fbem-12624	196	39	0.041	0.041	NUM
fbem-12624	196	40	0.042	0.042	NUM
fbem-12624	196	41	-0.001	-0.001	X
fbem-12624	196	42	-0.34	-0.34	PROPN
fbem-12624	196	43	tobin	tobin	NOUN
fbem-12624	196	44	-	-	PUNCT
fbem-12624	196	45	q	q	PROPN
fbem-12624	196	46	3.267	3.267	NUM
fbem-12624	196	47	3.215	3.215	NUM
fbem-12624	196	48	0.052	0.052	NUM
fbem-12624	196	49	0.72	0.72	NUM
fbem-12624	196	50	inshold	inshold	VERB
fbem-12624	196	51	0.273	0.273	NUM
fbem-12624	196	52	0.270	0.270	NUM
fbem-12624	196	53	0.003	0.003	NUM
fbem-12624	196	54	0.44	0.44	NUM
fbem-12624	196	55	leverage	leverage	NOUN
fbem-12624	196	56	0.382	0.382	NUM
fbem-12624	196	57	0.377	0.377	NUM
fbem-12624	196	58	0.005	0.005	NUM
fbem-12624	196	59	0.93	0.93	NUM
fbem-12624	196	60	age	age	NOUN
fbem-12624	196	61	2.816	2.816	NUM
fbem-12624	196	62	2.823	2.823	NUM
fbem-12624	196	63	-0.007	-0.007	NOUN
fbem-12624	196	64	-0.73	-0.73	NUM
fbem-12624	196	65	hhi	hhi	NOUN
fbem-12624	196	66	2.603	2.603	NUM
fbem-12624	196	67	2.602	2.602	NUM
fbem-12624	196	68	0.001	0.001	NUM
fbem-12624	196	69	0.05	0.05	NUM
fbem-12624	196	70	panel	panel	NOUN
fbem-12624	196	71	b	b	NOUN
fbem-12624	196	72	:	:	PUNCT
fbem-12624	196	73	multivariate	multivariate	NOUN
fbem-12624	196	74	results	result	NOUN
fbem-12624	196	75	using	use	VERB
fbem-12624	196	76	psm	psm	PROPN
fbem-12624	196	77	sample	sample	PROPN
fbem-12624	196	78	dv	dv	PROPN
fbem-12624	196	79	=	=	PROPN
fbem-12624	196	80	tfp	tfp	PROPN
fbem-12624	196	81	posttreat	posttreat	NOUN
fbem-12624	196	82	0.044	0.044	NUM
fbem-12624	196	83	*	*	PUNCT
fbem-12624	196	84	*	*	PUNCT
fbem-12624	196	85	*	*	PUNCT
fbem-12624	196	86	(	(	PUNCT
fbem-12624	196	87	3.802	3.802	NUM
fbem-12624	196	88	)	)	PUNCT
fbem-12624	196	89	r&d	r&d	NOUN
fbem-12624	196	90	-0.072	-0.072	NOUN
fbem-12624	196	91	(	(	PUNCT
fbem-12624	196	92	-0.245	-0.245	ADJ
fbem-12624	196	93	)	)	PUNCT
fbem-12624	196	94	size	size	NOUN
fbem-12624	196	95	-0.088	-0.088	NOUN
fbem-12624	196	96	*	*	PUNCT
fbem-12624	196	97	*	*	PUNCT
fbem-12624	196	98	*	*	PUNCT
fbem-12624	196	99	(	(	PUNCT
fbem-12624	196	100	-8.774	-8.774	NOUN
fbem-12624	196	101	)	)	PUNCT
fbem-12624	196	102	roa	roa	NOUN
fbem-12624	196	103	-0.045	-0.045	PROPN
fbem-12624	196	104	(	(	PUNCT
fbem-12624	196	105	-0.614	-0.614	NOUN
fbem-12624	196	106	)	)	PUNCT
fbem-12624	196	107	tobin	tobin	NOUN
fbem-12624	196	108	-	-	PUNCT
fbem-12624	196	109	q	q	NOUN
fbem-12624	196	110	0.000	0.000	NUM
fbem-12624	196	111	(	(	PUNCT
fbem-12624	196	112	0.097	0.097	NUM
fbem-12624	196	113	)	)	PUNCT
fbem-12624	196	114	inshold	inshold	VERB
fbem-12624	196	115	-0.030	-0.030	NUM
fbem-12624	196	116	(	(	PUNCT
fbem-12624	196	117	-1.257	-1.257	NOUN
fbem-12624	196	118	)	)	PUNCT
fbem-12624	196	119	leverage	leverage	NOUN
fbem-12624	196	120	0.026	0.026	NUM
fbem-12624	196	121	(	(	PUNCT
fbem-12624	196	122	0.767	0.767	NUM
fbem-12624	196	123	)	)	PUNCT
fbem-12624	196	124	age	age	NOUN
fbem-12624	196	125	0.092	0.092	NUM
fbem-12624	196	126	(	(	PUNCT
fbem-12624	196	127	1.263	1.263	NUM
fbem-12624	196	128	)	)	PUNCT
fbem-12624	196	129	hhi	hhi	NOUN
fbem-12624	196	130	-0.118	-0.118	NOUN
fbem-12624	196	131	*	*	PUNCT
fbem-12624	196	132	*	*	PUNCT
fbem-12624	196	133	(	(	PUNCT
fbem-12624	196	134	-1.973	-1.973	NOUN
fbem-12624	196	135	)	)	PUNCT
fbem-12624	196	136	province×year	province×year	NOUN
fbem-12624	196	137	fe	fe	INTJ
fbem-12624	197	1	yes	yes	INTJ
fbem-12624	197	2	industry×year	industry×year	PROPN
fbem-12624	197	3	fe	fe	INTJ
fbem-12624	198	1	yes	yes	INTJ
fbem-12624	198	2	firm	firm	ADJ
fbem-12624	198	3	fe	fe	INTJ
fbem-12624	198	4	yes	yes	INTJ
fbem-12624	198	5	year	year	NOUN
fbem-12624	198	6	fe	fe	INTJ
fbem-12624	198	7	yes	yes	INTJ
fbem-12624	198	8	n	n	ADV
fbem-12624	198	9	10,661	10,661	NUM
fbem-12624	198	10	adjusted	adjust	VERB
fbem-12624	198	11	r2	r2	NOUN
fbem-12624	198	12	0.058	0.058	NUM
fbem-12624	198	13	5	5	NUM
fbem-12624	198	14	.	.	PUNCT
fbem-12624	199	1	additional	additional	ADJ
fbem-12624	199	2	tests	test	NOUN
fbem-12624	199	3	5.1	5.1	NUM
fbem-12624	199	4	.	.	PUNCT
fbem-12624	200	1	mechanisms	mechanism	NOUN
fbem-12624	200	2	to	to	PART
fbem-12624	200	3	further	far	ADV
fbem-12624	200	4	probe	probe	VERB
fbem-12624	200	5	our	our	PRON
fbem-12624	200	6	research	research	NOUN
fbem-12624	200	7	question	question	NOUN
fbem-12624	200	8	,	,	PUNCT
fbem-12624	200	9	we	we	PRON
fbem-12624	200	10	investigate	investigate	VERB
fbem-12624	200	11	several	several	ADJ
fbem-12624	200	12	mechanisms	mechanism	NOUN
fbem-12624	200	13	through	through	ADP
fbem-12624	200	14	which	which	PRON
fbem-12624	200	15	implementing	implement	VERB
fbem-12624	200	16	the	the	DET
fbem-12624	200	17	accelerated	accelerated	ADJ
fbem-12624	200	18	depreciation	depreciation	NOUN
fbem-12624	200	19	tax	tax	NOUN
fbem-12624	200	20	policy	policy	NOUN
fbem-12624	200	21	can	can	AUX
fbem-12624	200	22	increase	increase	VERB
fbem-12624	200	23	firm	firm	ADJ
fbem-12624	200	24	value	value	NOUN
fbem-12624	200	25	.	.	PUNCT
fbem-12624	201	1	in	in	ADP
fbem-12624	201	2	particular	particular	ADJ
fbem-12624	201	3	,	,	PUNCT
fbem-12624	201	4	we	we	PRON
fbem-12624	201	5	study	study	VERB
fbem-12624	201	6	the	the	DET
fbem-12624	201	7	effects	effect	NOUN
fbem-12624	201	8	of	of	ADP
fbem-12624	201	9	accelerated	accelerate	VERB
fbem-12624	201	10	depreciation	depreciation	NOUN
fbem-12624	201	11	adoption	adoption	NOUN
fbem-12624	201	12	on	on	ADP
fbem-12624	201	13	capital	capital	NOUN
fbem-12624	201	14	structure	structure	NOUN
fbem-12624	201	15	and	and	CCONJ
fbem-12624	201	16	innovation	innovation	NOUN
fbem-12624	201	17	.	.	PUNCT
fbem-12624	202	1	the	the	DET
fbem-12624	202	2	accelerated	accelerate	VERB
fbem-12624	202	3	depreciation	depreciation	NOUN
fbem-12624	202	4	policy	policy	NOUN
fbem-12624	202	5	lowers	lower	VERB
fbem-12624	202	6	the	the	DET
fbem-12624	202	7	price	price	NOUN
fbem-12624	202	8	of	of	ADP
fbem-12624	202	9	capital	capital	NOUN
fbem-12624	202	10	assets	asset	NOUN
fbem-12624	202	11	,	,	PUNCT
fbem-12624	202	12	causing	cause	VERB
fbem-12624	202	13	labor	labor	NOUN
fbem-12624	202	14	to	to	PART
fbem-12624	202	15	become	become	VERB
fbem-12624	202	16	a	a	DET
fbem-12624	202	17	relatively	relatively	ADV
fbem-12624	202	18	more	more	ADV
fbem-12624	202	19	expensive	expensive	ADJ
fbem-12624	202	20	production	production	NOUN
fbem-12624	202	21	factor	factor	NOUN
fbem-12624	202	22	.	.	PUNCT
fbem-12624	203	1	companies	company	NOUN
fbem-12624	203	2	therefore	therefore	ADV
fbem-12624	203	3	have	have	VERB
fbem-12624	203	4	strong	strong	ADJ
fbem-12624	203	5	incentives	incentive	NOUN
fbem-12624	203	6	for	for	ADP
fbem-12624	203	7	production	production	NOUN
fbem-12624	203	8	factor	factor	NOUN
fbem-12624	203	9	substitution	substitution	NOUN
fbem-12624	203	10	,	,	PUNCT
fbem-12624	203	11	resulting	result	VERB
fbem-12624	203	12	in	in	ADP
fbem-12624	203	13	increased	increase	VERB
fbem-12624	203	14	demand	demand	NOUN
fbem-12624	203	15	for	for	ADP
fbem-12624	203	16	machinery	machinery	NOUN
fbem-12624	203	17	and	and	CCONJ
fbem-12624	203	18	equipment	equipment	NOUN
fbem-12624	203	19	in	in	ADP
fbem-12624	203	20	the	the	DET
fbem-12624	203	21	market	market	NOUN
fbem-12624	203	22	(	(	PUNCT
fbem-12624	203	23	hicks	hicks	PROPN
fbem-12624	203	24	1932	1932	NUM
fbem-12624	203	25	;	;	PUNCT
fbem-12624	203	26	elvin	elvin	PROPN
fbem-12624	203	27	,	,	PUNCT
fbem-12624	203	28	1972	1972	NUM
fbem-12624	203	29	;	;	PUNCT
fbem-12624	203	30	allen	allen	PROPN
fbem-12624	203	31	,	,	PUNCT
fbem-12624	203	32	2009	2009	NUM
fbem-12624	203	33	;	;	PUNCT
fbem-12624	203	34	bena	bena	NOUN
fbem-12624	203	35	and	and	CCONJ
fbem-12624	203	36	simintsz	simintsz	NOUN
fbem-12624	203	37	,	,	PUNCT
fbem-12624	203	38	2016	2016	NUM
fbem-12624	203	39	;	;	PUNCT
fbem-12624	203	40	irmen	irman	NOUN
fbem-12624	203	41	,	,	PUNCT
fbem-12624	203	42	2017	2017	NUM
fbem-12624	203	43	)	)	PUNCT
fbem-12624	203	44	.	.	PUNCT
fbem-12624	204	1	we	we	PRON
fbem-12624	204	2	capture	capture	VERB
fbem-12624	204	3	changes	change	NOUN
fbem-12624	204	4	in	in	ADP
fbem-12624	204	5	a	a	DET
fbem-12624	204	6	firm	firm	NOUN
fbem-12624	204	7	’s	’s	PART
fbem-12624	204	8	capital	capital	NOUN
fbem-12624	204	9	structure	structure	NOUN
fbem-12624	204	10	using	use	VERB
fbem-12624	204	11	three	three	NUM
fbem-12624	204	12	measurements	measurement	NOUN
fbem-12624	204	13	,	,	PUNCT
fbem-12624	204	14	including	include	VERB
fbem-12624	204	15	changes	change	NOUN
fbem-12624	204	16	in	in	ADP
fbem-12624	204	17	the	the	DET
fbem-12624	204	18	amount	amount	NOUN
fbem-12624	204	19	of	of	ADP
fbem-12624	204	20	company	company	NOUN
fbem-12624	204	21	equipment	equipment	NOUN
fbem-12624	204	22	(	(	PUNCT
fbem-12624	204	23	equipment	equipment	NOUN
fbem-12624	204	24	)	)	PUNCT
fbem-12624	204	25	,	,	PUNCT
fbem-12624	204	26	the	the	DET
fbem-12624	204	27	capital	capital	NOUN
fbem-12624	204	28	-	-	PUNCT
fbem-12624	204	29	to	to	ADP
fbem-12624	204	30	-	-	PUNCT
fbem-12624	204	31	labor	labor	NOUN
fbem-12624	204	32	rate	rate	NOUN
fbem-12624	204	33	(	(	PUNCT
fbem-12624	204	34	capitallabor	capitallabor	NOUN
fbem-12624	204	35	rate	rate	NOUN
fbem-12624	204	36	)	)	PUNCT
fbem-12624	204	37	,	,	PUNCT
fbem-12624	204	38	and	and	CCONJ
fbem-12624	204	39	the	the	DET
fbem-12624	204	40	number	number	NOUN
fbem-12624	204	41	of	of	ADP
fbem-12624	204	42	unskilled	unskilled	ADJ
fbem-12624	204	43	employees	employee	NOUN
fbem-12624	204	44	(	(	PUNCT
fbem-12624	204	45	employment	employment	NOUN
fbem-12624	204	46	)	)	PUNCT
fbem-12624	204	47	.	.	PUNCT
fbem-12624	205	1	we	we	PRON
fbem-12624	205	2	replace	replace	VERB
fbem-12624	205	3	the	the	DET
fbem-12624	205	4	dependent	dependent	ADJ
fbem-12624	205	5	variable	variable	NOUN
fbem-12624	205	6	in	in	ADP
fbem-12624	205	7	eq	eq	ADP
fbem-12624	205	8	.	.	PUNCT
fbem-12624	206	1	(	(	PUNCT
fbem-12624	206	2	2	2	NUM
fbem-12624	206	3	)	)	PUNCT
fbem-12624	206	4	with	with	ADP
fbem-12624	206	5	our	our	PRON
fbem-12624	206	6	three	three	NUM
fbem-12624	206	7	measurements	measurement	NOUN
fbem-12624	206	8	of	of	ADP
fbem-12624	206	9	capital	capital	NOUN
fbem-12624	206	10	structure	structure	NOUN
fbem-12624	206	11	and	and	CCONJ
fbem-12624	206	12	rerun	rerun	VERB
fbem-12624	206	13	our	our	PRON
fbem-12624	206	14	baseline	baseline	NOUN
fbem-12624	206	15	regressions	regression	NOUN
fbem-12624	206	16	.	.	PUNCT
fbem-12624	207	1	we	we	PRON
fbem-12624	207	2	show	show	VERB
fbem-12624	207	3	the	the	DET
fbem-12624	207	4	results	result	NOUN
fbem-12624	207	5	in	in	ADP
fbem-12624	207	6	table	table	NOUN
fbem-12624	207	7	5	5	NUM
fbem-12624	207	8	,	,	PUNCT
fbem-12624	207	9	panel	panel	NOUN
fbem-12624	207	10	a.	a.	NOUN
fbem-12624	207	11	our	our	PRON
fbem-12624	207	12	analyses	analysis	NOUN
fbem-12624	207	13	reveal	reveal	VERB
fbem-12624	207	14	that	that	SCONJ
fbem-12624	207	15	,	,	PUNCT
fbem-12624	207	16	relative	relative	ADJ
fbem-12624	207	17	to	to	ADP
fbem-12624	207	18	control	control	NOUN
fbem-12624	207	19	firms	firm	NOUN
fbem-12624	207	20	,	,	PUNCT
fbem-12624	207	21	treatment	treatment	NOUN
fbem-12624	207	22	firms	firm	NOUN
fbem-12624	207	23	experience	experience	VERB
fbem-12624	207	24	a	a	DET
fbem-12624	207	25	significant	significant	ADJ
fbem-12624	207	26	increase	increase	NOUN
fbem-12624	207	27	in	in	ADP
fbem-12624	207	28	both	both	DET
fbem-12624	207	29	net	net	ADJ
fbem-12624	207	30	equipment	equipment	NOUN
fbem-12624	207	31	value	value	NOUN
fbem-12624	207	32	(	(	PUNCT
fbem-12624	207	33	0.080	0.080	NUM
fbem-12624	207	34	)	)	PUNCT
fbem-12624	207	35	and	and	CCONJ
fbem-12624	207	36	capital	capital	NOUN
fbem-12624	207	37	-	-	PUNCT
fbem-12624	207	38	to	to	ADP
fbem-12624	207	39	-	-	PUNCT
fbem-12624	207	40	labor	labor	NOUN
fbem-12624	207	41	rate	rate	NOUN
fbem-12624	207	42	(	(	PUNCT
fbem-12624	207	43	0.019	0.019	NUM
fbem-12624	207	44	)	)	PUNCT
fbem-12624	207	45	,	,	PUNCT
fbem-12624	207	46	as	as	ADV
fbem-12624	207	47	well	well	ADV
fbem-12624	207	48	as	as	ADP
fbem-12624	207	49	a	a	DET
fbem-12624	207	50	282	282	NUM
fbem-12624	207	51	dramatically	dramatically	ADV
fbem-12624	207	52	decreased	decrease	VERB
fbem-12624	207	53	number	number	NOUN
fbem-12624	207	54	of	of	ADP
fbem-12624	207	55	unskilled	unskilled	ADJ
fbem-12624	207	56	laborers	laborer	NOUN
fbem-12624	207	57	(	(	PUNCT
fbem-12624	207	58	-0.321	-0.321	NUM
fbem-12624	207	59	)	)	PUNCT
fbem-12624	207	60	.	.	PUNCT
fbem-12624	208	1	these	these	DET
fbem-12624	208	2	results	result	NOUN
fbem-12624	208	3	are	be	AUX
fbem-12624	208	4	consistent	consistent	ADJ
fbem-12624	208	5	with	with	ADP
fbem-12624	208	6	our	our	PRON
fbem-12624	208	7	argument	argument	NOUN
fbem-12624	208	8	--because	--because	PUNCT
fbem-12624	208	9	assets	asset	NOUN
fbem-12624	208	10	become	become	VERB
fbem-12624	208	11	cheaper	cheap	ADJ
fbem-12624	208	12	under	under	ADP
fbem-12624	208	13	the	the	DET
fbem-12624	208	14	accelerated	accelerate	VERB
fbem-12624	208	15	depreciation	depreciation	NOUN
fbem-12624	208	16	tax	tax	NOUN
fbem-12624	208	17	policy	policy	NOUN
fbem-12624	208	18	,	,	PUNCT
fbem-12624	208	19	pilot	pilot	NOUN
fbem-12624	208	20	companies	company	NOUN
fbem-12624	208	21	have	have	VERB
fbem-12624	208	22	more	more	ADJ
fbem-12624	208	23	incentives	incentive	NOUN
fbem-12624	208	24	to	to	PART
fbem-12624	208	25	purchase	purchase	VERB
fbem-12624	208	26	new	new	ADJ
fbem-12624	208	27	machines	machine	NOUN
fbem-12624	208	28	and	and	CCONJ
fbem-12624	208	29	equipment	equipment	NOUN
fbem-12624	208	30	and	and	CCONJ
fbem-12624	208	31	replace	replace	VERB
fbem-12624	208	32	lower	low	ADJ
fbem-12624	208	33	-	-	PUNCT
fbem-12624	208	34	level	level	NOUN
fbem-12624	208	35	employees	employee	NOUN
fbem-12624	208	36	,	,	PUNCT
fbem-12624	208	37	leading	lead	VERB
fbem-12624	208	38	to	to	ADP
fbem-12624	208	39	more	more	ADV
fbem-12624	208	40	streamlined	streamlined	ADJ
fbem-12624	208	41	production	production	NOUN
fbem-12624	208	42	processes	process	NOUN
fbem-12624	208	43	and	and	CCONJ
fbem-12624	208	44	greater	great	ADJ
fbem-12624	208	45	operating	operating	NOUN
fbem-12624	208	46	efficiency	efficiency	NOUN
fbem-12624	208	47	.	.	PUNCT
fbem-12624	209	1	to	to	PART
fbem-12624	209	2	measure	measure	VERB
fbem-12624	209	3	different	different	ADJ
fbem-12624	209	4	aspects	aspect	NOUN
fbem-12624	209	5	of	of	ADP
fbem-12624	209	6	a	a	DET
fbem-12624	209	7	firm	firm	NOUN
fbem-12624	209	8	’s	’s	PART
fbem-12624	209	9	engagement	engagement	NOUN
fbem-12624	209	10	in	in	ADP
fbem-12624	209	11	innovation	innovation	NOUN
fbem-12624	209	12	,	,	PUNCT
fbem-12624	209	13	we	we	PRON
fbem-12624	209	14	use	use	VERB
fbem-12624	209	15	three	three	NUM
fbem-12624	209	16	proxies	proxy	NOUN
fbem-12624	209	17	.	.	PUNCT
fbem-12624	210	1	following	follow	VERB
fbem-12624	210	2	hall	hall	PROPN
fbem-12624	210	3	,	,	PUNCT
fbem-12624	210	4	jaffe	jaffe	PROPN
fbem-12624	210	5	and	and	CCONJ
fbem-12624	210	6	trajtenberg	trajtenberg	PROPN
fbem-12624	210	7	(	(	PUNCT
fbem-12624	210	8	2001	2001	NUM
fbem-12624	210	9	)	)	PUNCT
fbem-12624	210	10	and	and	CCONJ
fbem-12624	210	11	hall	hall	NOUN
fbem-12624	210	12	et	et	PROPN
fbem-12624	210	13	al	al	PROPN
fbem-12624	210	14	.	.	PUNCT
fbem-12624	211	1	(	(	PUNCT
fbem-12624	211	2	2005	2005	NUM
fbem-12624	211	3	)	)	PUNCT
fbem-12624	211	4	,	,	PUNCT
fbem-12624	211	5	we	we	PRON
fbem-12624	211	6	calculate	calculate	VERB
fbem-12624	211	7	invent	invent	NOUN
fbem-12624	211	8	as	as	ADP
fbem-12624	211	9	the	the	DET
fbem-12624	211	10	number	number	NOUN
fbem-12624	211	11	of	of	ADP
fbem-12624	211	12	invention	invention	NOUN
fbem-12624	211	13	patents	patent	NOUN
fbem-12624	211	14	granted	grant	VERB
fbem-12624	211	15	,	,	PUNCT
fbem-12624	211	16	utility	utility	NOUN
fbem-12624	211	17	as	as	ADP
fbem-12624	211	18	the	the	DET
fbem-12624	211	19	number	number	NOUN
fbem-12624	211	20	of	of	ADP
fbem-12624	211	21	utility	utility	NOUN
fbem-12624	211	22	model	model	NOUN
fbem-12624	211	23	patents	patent	NOUN
fbem-12624	211	24	authorized	authorize	VERB
fbem-12624	211	25	,	,	PUNCT
fbem-12624	211	26	and	and	CCONJ
fbem-12624	211	27	design	design	NOUN
fbem-12624	211	28	as	as	ADP
fbem-12624	211	29	the	the	DET
fbem-12624	211	30	number	number	NOUN
fbem-12624	211	31	of	of	ADP
fbem-12624	211	32	approved	approve	VERB
fbem-12624	211	33	patented	patented	ADJ
fbem-12624	211	34	design	design	NOUN
fbem-12624	211	35	applications	application	NOUN
fbem-12624	211	36	.	.	PUNCT
fbem-12624	212	1	similar	similar	ADJ
fbem-12624	212	2	to	to	ADP
fbem-12624	212	3	the	the	DET
fbem-12624	212	4	tests	test	NOUN
fbem-12624	212	5	above	above	ADV
fbem-12624	212	6	,	,	PUNCT
fbem-12624	212	7	we	we	PRON
fbem-12624	212	8	re	re	VERB
fbem-12624	212	9	-	-	VERB
fbem-12624	212	10	run	run	VERB
fbem-12624	212	11	our	our	PRON
fbem-12624	212	12	baseline	baseline	NOUN
fbem-12624	212	13	model	model	NOUN
fbem-12624	212	14	in	in	ADP
fbem-12624	212	15	eq	eq	PROPN
fbem-12624	212	16	.	.	PUNCT
fbem-12624	213	1	(	(	PUNCT
fbem-12624	213	2	2	2	NUM
fbem-12624	213	3	)	)	PUNCT
fbem-12624	213	4	with	with	ADP
fbem-12624	213	5	these	these	DET
fbem-12624	213	6	three	three	NUM
fbem-12624	213	7	innovation	innovation	NOUN
fbem-12624	213	8	variables	variable	NOUN
fbem-12624	213	9	as	as	ADP
fbem-12624	213	10	the	the	DET
fbem-12624	213	11	new	new	ADJ
fbem-12624	213	12	dependent	dependent	ADJ
fbem-12624	213	13	variables	variable	NOUN
fbem-12624	213	14	and	and	CCONJ
fbem-12624	213	15	display	display	VERB
fbem-12624	213	16	the	the	DET
fbem-12624	213	17	regression	regression	NOUN
fbem-12624	213	18	results	result	NOUN
fbem-12624	213	19	in	in	ADP
fbem-12624	213	20	table	table	NOUN
fbem-12624	213	21	5	5	NUM
fbem-12624	213	22	,	,	PUNCT
fbem-12624	213	23	panel	panel	NOUN
fbem-12624	213	24	b.	b.	NOUN
fbem-12624	213	25	we	we	PRON
fbem-12624	213	26	find	find	VERB
fbem-12624	213	27	a	a	DET
fbem-12624	213	28	significantly	significantly	ADV
fbem-12624	213	29	positive	positive	ADJ
fbem-12624	213	30	coefficient	coefficient	NOUN
fbem-12624	213	31	on	on	ADP
fbem-12624	213	32	posttreat	posttreat	NOUN
fbem-12624	213	33	in	in	ADP
fbem-12624	213	34	all	all	DET
fbem-12624	213	35	three	three	NUM
fbem-12624	213	36	specifications	specification	NOUN
fbem-12624	213	37	,	,	PUNCT
fbem-12624	213	38	which	which	PRON
fbem-12624	213	39	provide	provide	VERB
fbem-12624	213	40	evidence	evidence	NOUN
fbem-12624	213	41	that	that	SCONJ
fbem-12624	213	42	adoption	adoption	NOUN
fbem-12624	213	43	of	of	ADP
fbem-12624	213	44	the	the	DET
fbem-12624	213	45	accelerated	accelerate	VERB
fbem-12624	213	46	deprecation	deprecation	NOUN
fbem-12624	213	47	tax	tax	NOUN
fbem-12624	213	48	policy	policy	NOUN
fbem-12624	213	49	encourages	encourage	VERB
fbem-12624	213	50	a	a	DET
fbem-12624	213	51	firm	firm	NOUN
fbem-12624	213	52	to	to	PART
fbem-12624	213	53	engage	engage	VERB
fbem-12624	213	54	in	in	ADP
fbem-12624	213	55	more	more	ADJ
fbem-12624	213	56	research	research	NOUN
fbem-12624	213	57	and	and	CCONJ
fbem-12624	213	58	innovation	innovation	NOUN
fbem-12624	213	59	,	,	PUNCT
fbem-12624	213	60	leading	lead	VERB
fbem-12624	213	61	to	to	ADP
fbem-12624	213	62	more	more	ADJ
fbem-12624	213	63	invention	invention	NOUN
fbem-12624	213	64	patents	patent	NOUN
fbem-12624	213	65	,	,	PUNCT
fbem-12624	213	66	utility	utility	NOUN
fbem-12624	213	67	model	model	NOUN
fbem-12624	213	68	patents	patent	NOUN
fbem-12624	213	69	,	,	PUNCT
fbem-12624	213	70	and	and	CCONJ
fbem-12624	213	71	patented	patented	ADJ
fbem-12624	213	72	design	design	NOUN
fbem-12624	213	73	applications	application	NOUN
fbem-12624	213	74	.	.	PUNCT
fbem-12624	214	1	table	table	NOUN
fbem-12624	214	2	5	5	NUM
fbem-12624	214	3	.	.	PUNCT
fbem-12624	215	1	mechanisms	mechanism	NOUN
fbem-12624	215	2	panel	panel	NOUN
fbem-12624	215	3	a	a	DET
fbem-12624	215	4	:	:	PUNCT
fbem-12624	215	5	accelerated	accelerated	ADJ
fbem-12624	215	6	depreciation	depreciation	NOUN
fbem-12624	215	7	and	and	CCONJ
fbem-12624	215	8	capital	capital	NOUN
fbem-12624	215	9	structure	structure	NOUN
fbem-12624	215	10	(	(	PUNCT
fbem-12624	215	11	1	1	NUM
fbem-12624	215	12	)	)	PUNCT
fbem-12624	215	13	(	(	PUNCT
fbem-12624	215	14	2	2	NUM
fbem-12624	215	15	)	)	PUNCT
fbem-12624	215	16	(	(	PUNCT
fbem-12624	215	17	3	3	X
fbem-12624	215	18	)	)	PUNCT
fbem-12624	215	19	dv=	dv=	PROPN
fbem-12624	215	20	ln(equipment	ln(equipment	PROPN
fbem-12624	215	21	)	)	PUNCT
fbem-12624	215	22	ln(employment	ln(employment	NOUN
fbem-12624	215	23	)	)	PUNCT
fbem-12624	215	24	capital	capital	NOUN
fbem-12624	215	25	-	-	PUNCT
fbem-12624	215	26	labor	labor	NOUN
fbem-12624	215	27	rate	rate	NOUN
fbem-12624	215	28	posttreat	posttreat	NOUN
fbem-12624	215	29	0.080	0.080	PROPN
fbem-12624	215	30	*	*	PROPN
fbem-12624	215	31	*	*	PUNCT
fbem-12624	215	32	-0.321	-0.321	PROPN
fbem-12624	215	33	*	*	PUNCT
fbem-12624	215	34	*	*	PUNCT
fbem-12624	215	35	*	*	PUNCT
fbem-12624	215	36	0.019	0.019	NUM
fbem-12624	215	37	*	*	PUNCT
fbem-12624	215	38	*	*	PUNCT
fbem-12624	215	39	(	(	PUNCT
fbem-12624	215	40	2.015	2.015	NUM
fbem-12624	215	41	)	)	PUNCT
fbem-12624	215	42	(	(	PUNCT
fbem-12624	215	43	-2.826	-2.826	PROPN
fbem-12624	215	44	)	)	PUNCT
fbem-12624	215	45	(	(	PUNCT
fbem-12624	215	46	2.127	2.127	NUM
fbem-12624	215	47	)	)	PUNCT
fbem-12624	215	48	r&d	r&d	NOUN
fbem-12624	215	49	8.404	8.404	NUM
fbem-12624	215	50	*	*	PUNCT
fbem-12624	215	51	*	*	PUNCT
fbem-12624	215	52	*	*	PUNCT
fbem-12624	215	53	-0.494	-0.494	X
fbem-12624	215	54	-1.501	-1.501	PUNCT
fbem-12624	215	55	*	*	PUNCT
fbem-12624	215	56	*	*	PUNCT
fbem-12624	215	57	*	*	PUNCT
fbem-12624	215	58	(	(	PUNCT
fbem-12624	215	59	3.239	3.239	NUM
fbem-12624	215	60	)	)	PUNCT
fbem-12624	215	61	(	(	PUNCT
fbem-12624	215	62	-0.117	-0.117	NUM
fbem-12624	215	63	)	)	PUNCT
fbem-12624	215	64	(	(	PUNCT
fbem-12624	215	65	-6.194	-6.194	NOUN
fbem-12624	215	66	)	)	PUNCT
fbem-12624	215	67	size	size	NOUN
fbem-12624	215	68	0.741	0.741	NUM
fbem-12624	215	69	*	*	PUNCT
fbem-12624	215	70	*	*	PUNCT
fbem-12624	215	71	*	*	PUNCT
fbem-12624	215	72	1.378	1.378	NUM
fbem-12624	215	73	*	*	PUNCT
fbem-12624	215	74	*	*	PUNCT
fbem-12624	215	75	*	*	PUNCT
fbem-12624	215	76	-0.135	-0.135	PUNCT
fbem-12624	215	77	*	*	PUNCT
fbem-12624	215	78	*	*	PUNCT
fbem-12624	215	79	*	*	PUNCT
fbem-12624	215	80	(	(	PUNCT
fbem-12624	215	81	10.984	10.984	NUM
fbem-12624	215	82	)	)	PUNCT
fbem-12624	215	83	(	(	PUNCT
fbem-12624	215	84	11.847	11.847	NUM
fbem-12624	215	85	)	)	PUNCT
fbem-12624	215	86	(	(	PUNCT
fbem-12624	215	87	-8.898	-8.898	PROPN
fbem-12624	215	88	)	)	PUNCT
fbem-12624	215	89	roa	roa	NOUN
fbem-12624	216	1	-1.666	-1.666	PROPN
fbem-12624	216	2	*	*	PROPN
fbem-12624	216	3	*	*	PUNCT
fbem-12624	216	4	*	*	PUNCT
fbem-12624	217	1	-1.963	-1.963	PUNCT
fbem-12624	217	2	*	*	PUNCT
fbem-12624	217	3	*	*	PUNCT
fbem-12624	217	4	*	*	PUNCT
fbem-12624	217	5	-0.017	-0.017	PUNCT
fbem-12624	217	6	(	(	PUNCT
fbem-12624	217	7	-3.975	-3.975	PROPN
fbem-12624	217	8	)	)	PUNCT
fbem-12624	217	9	(	(	PUNCT
fbem-12624	217	10	-2.642	-2.642	ADV
fbem-12624	217	11	)	)	PUNCT
fbem-12624	217	12	(	(	PUNCT
fbem-12624	217	13	-0.236	-0.236	PROPN
fbem-12624	217	14	)	)	PUNCT
fbem-12624	217	15	tobin	tobin	NOUN
fbem-12624	217	16	-	-	PUNCT
fbem-12624	217	17	q	q	NOUN
fbem-12624	217	18	-0.059	-0.059	PROPN
fbem-12624	217	19	*	*	PUNCT
fbem-12624	217	20	*	*	PUNCT
fbem-12624	217	21	*	*	PUNCT
fbem-12624	217	22	0.238	0.238	NUM
fbem-12624	217	23	*	*	PUNCT
fbem-12624	217	24	*	*	PUNCT
fbem-12624	217	25	*	*	PUNCT
fbem-12624	217	26	-0.002	-0.002	PUNCT
fbem-12624	217	27	(	(	PUNCT
fbem-12624	217	28	-3.823	-3.823	NUM
fbem-12624	217	29	)	)	PUNCT
fbem-12624	217	30	(	(	PUNCT
fbem-12624	217	31	7.824	7.824	NUM
fbem-12624	217	32	)	)	PUNCT
fbem-12624	217	33	(	(	PUNCT
fbem-12624	217	34	-0.443	-0.443	NUM
fbem-12624	217	35	)	)	PUNCT
fbem-12624	217	36	inshold	inshold	VERB
fbem-12624	217	37	-0.006	-0.006	NOUN
fbem-12624	217	38	-0.598	-0.598	X
fbem-12624	217	39	*	*	SYM
fbem-12624	217	40	*	*	PUNCT
fbem-12624	217	41	-0.017	-0.017	PUNCT
fbem-12624	217	42	(	(	PUNCT
fbem-12624	217	43	-0.088	-0.088	NUM
fbem-12624	217	44	)	)	PUNCT
fbem-12624	217	45	(	(	PUNCT
fbem-12624	217	46	-2.508	-2.508	NUM
fbem-12624	217	47	)	)	PUNCT
fbem-12624	217	48	(	(	PUNCT
fbem-12624	217	49	-1.000	-1.000	X
fbem-12624	217	50	)	)	PUNCT
fbem-12624	217	51	leverage	leverage	NOUN
fbem-12624	217	52	0.269	0.269	NUM
fbem-12624	217	53	-0.040	-0.040	NUM
fbem-12624	217	54	-0.061	-0.061	X
fbem-12624	217	55	(	(	PUNCT
fbem-12624	217	56	1.165	1.165	NUM
fbem-12624	217	57	)	)	PUNCT
fbem-12624	217	58	(	(	PUNCT
fbem-12624	217	59	-0.102	-0.102	X
fbem-12624	217	60	)	)	PUNCT
fbem-12624	217	61	(	(	PUNCT
fbem-12624	217	62	-1.302	-1.302	X
fbem-12624	217	63	)	)	PUNCT
fbem-12624	217	64	age	age	NOUN
fbem-12624	217	65	1.006	1.006	NUM
fbem-12624	217	66	*	*	PUNCT
fbem-12624	217	67	*	*	PUNCT
fbem-12624	217	68	*	*	PUNCT
fbem-12624	218	1	-2.228	-2.228	PUNCT
fbem-12624	218	2	*	*	PUNCT
fbem-12624	218	3	*	*	PUNCT
fbem-12624	218	4	*	*	PUNCT
fbem-12624	219	1	0.097	0.097	NUM
fbem-12624	219	2	*	*	SYM
fbem-12624	219	3	(	(	PUNCT
fbem-12624	219	4	4.440	4.440	NUM
fbem-12624	219	5	)	)	PUNCT
fbem-12624	219	6	(	(	PUNCT
fbem-12624	219	7	-2.960	-2.960	PROPN
fbem-12624	219	8	)	)	PUNCT
fbem-12624	219	9	(	(	PUNCT
fbem-12624	219	10	1.820	1.820	NUM
fbem-12624	219	11	)	)	PUNCT
fbem-12624	219	12	hhi	hhi	NOUN
fbem-12624	219	13	0.148	0.148	NUM
fbem-12624	219	14	*	*	NOUN
fbem-12624	219	15	1.034	1.034	NUM
fbem-12624	219	16	*	*	SYM
fbem-12624	219	17	-0.041	-0.041	PUNCT
fbem-12624	219	18	(	(	PUNCT
fbem-12624	219	19	1.732	1.732	NUM
fbem-12624	219	20	)	)	PUNCT
fbem-12624	219	21	(	(	PUNCT
fbem-12624	219	22	1.706	1.706	NUM
fbem-12624	219	23	)	)	PUNCT
fbem-12624	219	24	(	(	PUNCT
fbem-12624	219	25	-0.478	-0.478	NOUN
fbem-12624	219	26	)	)	PUNCT
fbem-12624	219	27	province×year	province×year	NOUN
fbem-12624	219	28	fe	fe	INTJ
fbem-12624	220	1	yes	yes	INTJ
fbem-12624	220	2	yes	yes	INTJ
fbem-12624	221	1	yes	yes	INTJ
fbem-12624	221	2	industry×year	industry×year	INTJ
fbem-12624	221	3	fe	fe	INTJ
fbem-12624	222	1	yes	yes	INTJ
fbem-12624	222	2	yes	yes	INTJ
fbem-12624	222	3	yes	yes	INTJ
fbem-12624	222	4	firm	firm	ADJ
fbem-12624	222	5	fe	fe	INTJ
fbem-12624	223	1	yes	yes	INTJ
fbem-12624	224	1	yes	yes	INTJ
fbem-12624	225	1	yes	yes	INTJ
fbem-12624	225	2	year	year	NOUN
fbem-12624	226	1	fe	fe	INTJ
fbem-12624	227	1	yes	yes	INTJ
fbem-12624	227	2	yes	yes	INTJ
fbem-12624	228	1	yes	yes	INTJ
fbem-12624	229	1	n	n	ADV
fbem-12624	229	2	14,133	14,133	NUM
fbem-12624	229	3	14,133	14,133	NUM
fbem-12624	229	4	14,133	14,133	NUM
fbem-12624	229	5	adjusted	adjust	VERB
fbem-12624	229	6	r2	r2	NOUN
fbem-12624	229	7	0.194	0.194	NUM
fbem-12624	229	8	0.828	0.828	NUM
fbem-12624	229	9	0.081	0.081	NUM
fbem-12624	229	10	panel	panel	NOUN
fbem-12624	229	11	b	b	NOUN
fbem-12624	229	12	:	:	PUNCT
fbem-12624	229	13	accelerated	accelerate	VERB
fbem-12624	229	14	depreciation	depreciation	NOUN
fbem-12624	229	15	and	and	CCONJ
fbem-12624	229	16	corporate	corporate	ADJ
fbem-12624	229	17	innovation	innovation	NOUN
fbem-12624	229	18	(	(	PUNCT
fbem-12624	229	19	1	1	NUM
fbem-12624	229	20	)	)	PUNCT
fbem-12624	229	21	(	(	PUNCT
fbem-12624	229	22	2	2	NUM
fbem-12624	229	23	)	)	PUNCT
fbem-12624	229	24	(	(	PUNCT
fbem-12624	229	25	3	3	X
fbem-12624	229	26	)	)	PUNCT
fbem-12624	229	27	dv=	dv=	PROPN
fbem-12624	229	28	ln(1+invent	ln(1+invent	PROPN
fbem-12624	229	29	)	)	PUNCT
fbem-12624	229	30	ln(1+utility	ln(1+utility	PROPN
fbem-12624	229	31	)	)	PUNCT
fbem-12624	229	32	ln(1+design	ln(1+design	PROPN
fbem-12624	229	33	)	)	PUNCT
fbem-12624	229	34	posttreat	posttreat	NOUN
fbem-12624	229	35	0.240	0.240	NUM
fbem-12624	229	36	*	*	PUNCT
fbem-12624	229	37	*	*	PUNCT
fbem-12624	229	38	*	*	PUNCT
fbem-12624	229	39	0.274	0.274	NUM
fbem-12624	229	40	*	*	PUNCT
fbem-12624	229	41	*	*	PUNCT
fbem-12624	229	42	*	*	PUNCT
fbem-12624	229	43	0.116	0.116	NUM
fbem-12624	229	44	*	*	PUNCT
fbem-12624	229	45	*	*	PUNCT
fbem-12624	229	46	*	*	PUNCT
fbem-12624	229	47	(	(	PUNCT
fbem-12624	229	48	8.641	8.641	NUM
fbem-12624	229	49	)	)	PUNCT
fbem-12624	229	50	(	(	PUNCT
fbem-12624	229	51	6.519	6.519	NUM
fbem-12624	229	52	)	)	PUNCT
fbem-12624	229	53	(	(	PUNCT
fbem-12624	229	54	7.076	7.076	NUM
fbem-12624	229	55	)	)	PUNCT
fbem-12624	229	56	r&d	r&d	NOUN
fbem-12624	229	57	1.951	1.951	NUM
fbem-12624	229	58	*	*	PUNCT
fbem-12624	229	59	*	*	NOUN
fbem-12624	229	60	1.388	1.388	NUM
fbem-12624	229	61	0.627	0.627	NUM
fbem-12624	229	62	(	(	PUNCT
fbem-12624	229	63	2.412	2.412	NUM
fbem-12624	229	64	)	)	PUNCT
fbem-12624	229	65	(	(	PUNCT
fbem-12624	229	66	1.211	1.211	NUM
fbem-12624	229	67	)	)	PUNCT
fbem-12624	229	68	(	(	PUNCT
fbem-12624	229	69	1.363	1.363	NUM
fbem-12624	229	70	)	)	PUNCT
fbem-12624	229	71	size	size	NOUN
fbem-12624	229	72	-0.081	-0.081	PROPN
fbem-12624	229	73	*	*	PUNCT
fbem-12624	229	74	*	*	PUNCT
fbem-12624	229	75	*	*	PUNCT
fbem-12624	229	76	-0.115	-0.115	PUNCT
fbem-12624	229	77	*	*	PUNCT
fbem-12624	229	78	*	*	PUNCT
fbem-12624	229	79	*	*	PUNCT
fbem-12624	229	80	-0.049	-0.049	PUNCT
fbem-12624	229	81	*	*	PUNCT
fbem-12624	229	82	*	*	PUNCT
fbem-12624	229	83	*	*	PUNCT
fbem-12624	229	84	(	(	PUNCT
fbem-12624	229	85	-4.368	-4.368	NOUN
fbem-12624	229	86	)	)	PUNCT
fbem-12624	229	87	(	(	PUNCT
fbem-12624	229	88	-3.985	-3.985	NOUN
fbem-12624	229	89	)	)	PUNCT
fbem-12624	229	90	(	(	PUNCT
fbem-12624	229	91	-4.400	-4.400	NOUN
fbem-12624	229	92	)	)	PUNCT
fbem-12624	229	93	roa	roa	NOUN
fbem-12624	229	94	-0.067	-0.067	NOUN
fbem-12624	229	95	-0.402	-0.402	PUNCT
fbem-12624	229	96	*	*	PUNCT
fbem-12624	229	97	*	*	PUNCT
fbem-12624	230	1	-0.150	-0.150	PUNCT
fbem-12624	231	1	*	*	PUNCT
fbem-12624	231	2	*	*	PUNCT
fbem-12624	231	3	(	(	PUNCT
fbem-12624	231	4	-0.529	-0.529	NOUN
fbem-12624	231	5	)	)	PUNCT
fbem-12624	231	6	(	(	PUNCT
fbem-12624	231	7	-2.099	-2.099	NUM
fbem-12624	231	8	)	)	PUNCT
fbem-12624	231	9	(	(	PUNCT
fbem-12624	231	10	-2.109	-2.109	NUM
fbem-12624	231	11	)	)	PUNCT
fbem-12624	231	12	tobin	tobin	NOUN
fbem-12624	231	13	-	-	PUNCT
fbem-12624	231	14	q	q	NOUN
fbem-12624	231	15	-0.023	-0.023	NOUN
fbem-12624	231	16	*	*	PUNCT
fbem-12624	231	17	*	*	PUNCT
fbem-12624	231	18	*	*	PUNCT
fbem-12624	232	1	-0.021	-0.021	NOUN
fbem-12624	232	2	*	*	PUNCT
fbem-12624	232	3	*	*	NOUN
fbem-12624	232	4	-0.011	-0.011	PUNCT
fbem-12624	232	5	*	*	PUNCT
fbem-12624	232	6	*	*	PUNCT
fbem-12624	232	7	*	*	PUNCT
fbem-12624	232	8	(	(	PUNCT
fbem-12624	232	9	-4.146	-4.146	NOUN
fbem-12624	232	10	)	)	PUNCT
fbem-12624	232	11	(	(	PUNCT
fbem-12624	232	12	-2.483	-2.483	NOUN
fbem-12624	232	13	)	)	PUNCT
fbem-12624	232	14	(	(	PUNCT
fbem-12624	232	15	-3.586	-3.586	NOUN
fbem-12624	232	16	)	)	PUNCT
fbem-12624	232	17	inshold	inshold	VERB
fbem-12624	232	18	-0.115	-0.115	PROPN
fbem-12624	232	19	*	*	PUNCT
fbem-12624	232	20	*	*	PUNCT
fbem-12624	232	21	-0.197	-0.197	PROPN
fbem-12624	232	22	*	*	PUNCT
fbem-12624	232	23	*	*	PUNCT
fbem-12624	232	24	-0.043	-0.043	PRON
fbem-12624	232	25	(	(	PUNCT
fbem-12624	232	26	-2.153	-2.153	NUM
fbem-12624	232	27	)	)	PUNCT
fbem-12624	232	28	(	(	PUNCT
fbem-12624	232	29	-2.487	-2.487	NUM
fbem-12624	232	30	)	)	PUNCT
fbem-12624	232	31	(	(	PUNCT
fbem-12624	232	32	-1.407	-1.407	X
fbem-12624	232	33	)	)	PUNCT
fbem-12624	232	34	leverage	leverage	NOUN
fbem-12624	232	35	0.221	0.221	NUM
fbem-12624	232	36	*	*	PUNCT
fbem-12624	232	37	*	*	PUNCT
fbem-12624	232	38	*	*	PUNCT
fbem-12624	232	39	0.390	0.390	NUM
fbem-12624	232	40	*	*	PUNCT
fbem-12624	232	41	*	*	PUNCT
fbem-12624	232	42	*	*	NOUN
fbem-12624	232	43	0.104	0.104	NUM
fbem-12624	232	44	*	*	PUNCT
fbem-12624	232	45	*	*	PUNCT
fbem-12624	232	46	*	*	PUNCT
fbem-12624	232	47	(	(	PUNCT
fbem-12624	232	48	3.835	3.835	NUM
fbem-12624	232	49	)	)	PUNCT
fbem-12624	232	50	(	(	PUNCT
fbem-12624	232	51	4.017	4.017	NUM
fbem-12624	232	52	)	)	PUNCT
fbem-12624	232	53	(	(	PUNCT
fbem-12624	232	54	3.086	3.086	NUM
fbem-12624	232	55	)	)	PUNCT
fbem-12624	232	56	age	age	NOUN
fbem-12624	232	57	1.164	1.164	NUM
fbem-12624	232	58	*	*	PUNCT
fbem-12624	232	59	*	*	PUNCT
fbem-12624	232	60	*	*	PUNCT
fbem-12624	232	61	2.457	2.457	NUM
fbem-12624	232	62	*	*	NOUN
fbem-12624	232	63	*	*	PUNCT
fbem-12624	232	64	*	*	PUNCT
fbem-12624	232	65	0.678	0.678	NUM
fbem-12624	232	66	*	*	PUNCT
fbem-12624	232	67	*	*	PUNCT
fbem-12624	232	68	*	*	PUNCT
fbem-12624	232	69	(	(	PUNCT
fbem-12624	232	70	6.749	6.749	NUM
fbem-12624	232	71	)	)	PUNCT
fbem-12624	232	72	(	(	PUNCT
fbem-12624	232	73	8.444	8.444	NUM
fbem-12624	232	74	)	)	PUNCT
fbem-12624	232	75	(	(	PUNCT
fbem-12624	232	76	5.616	5.616	NUM
fbem-12624	232	77	)	)	PUNCT
fbem-12624	232	78	hhi	hhi	NOUN
fbem-12624	232	79	0.081	0.081	NUM
fbem-12624	232	80	0.174	0.174	NUM
fbem-12624	232	81	0.062	0.062	NUM
fbem-12624	232	82	*	*	PUNCT
fbem-12624	232	83	*	*	PUNCT
fbem-12624	232	84	(	(	PUNCT
fbem-12624	232	85	1.104	1.104	NUM
fbem-12624	232	86	)	)	PUNCT
fbem-12624	232	87	(	(	PUNCT
fbem-12624	232	88	1.317	1.317	NUM
fbem-12624	232	89	)	)	PUNCT
fbem-12624	232	90	(	(	PUNCT
fbem-12624	232	91	2.235	2.235	NUM
fbem-12624	232	92	)	)	PUNCT
fbem-12624	232	93	province×year	province×year	NOUN
fbem-12624	232	94	fe	fe	INTJ
fbem-12624	233	1	yes	yes	INTJ
fbem-12624	233	2	yes	yes	INTJ
fbem-12624	234	1	yes	yes	INTJ
fbem-12624	234	2	industry×year	industry×year	INTJ
fbem-12624	234	3	fe	fe	INTJ
fbem-12624	235	1	yes	yes	INTJ
fbem-12624	235	2	yes	yes	INTJ
fbem-12624	235	3	yes	yes	INTJ
fbem-12624	235	4	firm	firm	ADJ
fbem-12624	235	5	fe	fe	INTJ
fbem-12624	236	1	yes	yes	INTJ
fbem-12624	237	1	yes	yes	INTJ
fbem-12624	238	1	yes	yes	INTJ
fbem-12624	238	2	year	year	NOUN
fbem-12624	239	1	fe	fe	INTJ
fbem-12624	240	1	yes	yes	INTJ
fbem-12624	240	2	yes	yes	INTJ
fbem-12624	241	1	yes	yes	INTJ
fbem-12624	242	1	n	n	ADV
fbem-12624	242	2	14,133	14,133	NUM
fbem-12624	242	3	14,133	14,133	NUM
fbem-12624	243	1	14,133	14,133	NUM
fbem-12624	243	2	adjusted	adjust	VERB
fbem-12624	243	3	r2	r2	NOUN
fbem-12624	243	4	0.141	0.141	NUM
fbem-12624	243	5	0.154	0.154	NUM
fbem-12624	243	6	0.126	0.126	NUM
fbem-12624	243	7	283	283	NUM
fbem-12624	243	8	5.2	5.2	NUM
fbem-12624	243	9	.	.	PUNCT
fbem-12624	244	1	cross	cross	ADJ
fbem-12624	244	2	-	-	ADJ
fbem-12624	244	3	sectional	sectional	ADJ
fbem-12624	244	4	analyses	analysis	NOUN
fbem-12624	244	5	to	to	PART
fbem-12624	244	6	further	far	ADV
fbem-12624	244	7	understand	understand	VERB
fbem-12624	244	8	the	the	DET
fbem-12624	244	9	effect	effect	NOUN
fbem-12624	244	10	of	of	ADP
fbem-12624	244	11	accelerated	accelerated	ADJ
fbem-12624	244	12	depreciation	depreciation	NOUN
fbem-12624	244	13	on	on	ADP
fbem-12624	244	14	firm	firm	ADJ
fbem-12624	244	15	value	value	NOUN
fbem-12624	244	16	,	,	PUNCT
fbem-12624	244	17	we	we	PRON
fbem-12624	244	18	perform	perform	VERB
fbem-12624	244	19	several	several	ADJ
fbem-12624	244	20	cross	cross	ADJ
fbem-12624	244	21	-	-	ADJ
fbem-12624	244	22	sectional	sectional	ADJ
fbem-12624	244	23	analyses	analysis	NOUN
fbem-12624	244	24	.	.	PUNCT
fbem-12624	245	1	5.2.1	5.2.1	X
fbem-12624	245	2	.	.	PUNCT
fbem-12624	245	3	seo	seo	NOUN
fbem-12624	245	4	vs.	vs.	ADP
fbem-12624	245	5	non	non	ADJ
fbem-12624	245	6	-	-	NOUN
fbem-12624	245	7	seo	seo	ADJ
fbem-12624	245	8	in	in	ADP
fbem-12624	245	9	addition	addition	NOUN
fbem-12624	245	10	to	to	ADP
fbem-12624	245	11	economic	economic	ADJ
fbem-12624	245	12	functions	function	NOUN
fbem-12624	245	13	,	,	PUNCT
fbem-12624	245	14	seos	seo	NOUN
fbem-12624	245	15	also	also	ADV
fbem-12624	245	16	carry	carry	VERB
fbem-12624	245	17	heavy	heavy	ADJ
fbem-12624	245	18	social	social	ADJ
fbem-12624	245	19	responsibilities	responsibility	NOUN
fbem-12624	245	20	,	,	PUNCT
fbem-12624	245	21	including	include	VERB
fbem-12624	245	22	protecting	protect	VERB
fbem-12624	245	23	the	the	DET
fbem-12624	245	24	environment	environment	NOUN
fbem-12624	245	25	,	,	PUNCT
fbem-12624	245	26	providing	provide	VERB
fbem-12624	245	27	employment	employment	NOUN
fbem-12624	245	28	,	,	PUNCT
fbem-12624	245	29	and	and	CCONJ
fbem-12624	245	30	maintaining	maintain	VERB
fbem-12624	245	31	social	social	ADJ
fbem-12624	245	32	stability	stability	NOUN
fbem-12624	245	33	.	.	PUNCT
fbem-12624	246	1	therefore	therefore	ADV
fbem-12624	246	2	,	,	PUNCT
fbem-12624	246	3	compared	compare	VERB
fbem-12624	246	4	with	with	ADP
fbem-12624	246	5	non	non	NOUN
fbem-12624	246	6	-	-	NOUN
fbem-12624	246	7	seos	seo	NOUN
fbem-12624	246	8	,	,	PUNCT
fbem-12624	246	9	seos	seo	NOUN
fbem-12624	246	10	have	have	VERB
fbem-12624	246	11	more	more	ADJ
fbem-12624	246	12	difficulty	difficulty	NOUN
fbem-12624	246	13	dismissing	dismiss	VERB
fbem-12624	246	14	workers	worker	NOUN
fbem-12624	246	15	and	and	CCONJ
fbem-12624	246	16	achieving	achieve	VERB
fbem-12624	246	17	structural	structural	ADJ
fbem-12624	246	18	upgrades	upgrade	NOUN
fbem-12624	246	19	(	(	PUNCT
fbem-12624	246	20	gu	gu	NOUN
fbem-12624	246	21	,	,	PUNCT
fbem-12624	246	22	tang	tang	PROPN
fbem-12624	246	23	,	,	PUNCT
fbem-12624	246	24	and	and	CCONJ
fbem-12624	246	25	wu	wu	PROPN
fbem-12624	246	26	2019	2019	NUM
fbem-12624	246	27	)	)	PUNCT
fbem-12624	246	28	,	,	PUNCT
fbem-12624	246	29	resulting	result	VERB
fbem-12624	246	30	in	in	ADP
fbem-12624	246	31	managers	manager	NOUN
fbem-12624	246	32	'	'	PART
fbem-12624	246	33	reluctance	reluctance	NOUN
fbem-12624	246	34	to	to	ADP
fbem-12624	246	35	substitute	substitute	NOUN
fbem-12624	246	36	machinery	machinery	NOUN
fbem-12624	246	37	for	for	ADP
fbem-12624	246	38	laborers	laborer	NOUN
fbem-12624	246	39	.	.	PUNCT
fbem-12624	247	1	we	we	PRON
fbem-12624	247	2	therefore	therefore	ADV
fbem-12624	247	3	expect	expect	VERB
fbem-12624	247	4	the	the	DET
fbem-12624	247	5	impact	impact	NOUN
fbem-12624	247	6	of	of	ADP
fbem-12624	247	7	accelerated	accelerate	VERB
fbem-12624	247	8	asset	asset	NOUN
fbem-12624	247	9	depreciation	depreciation	NOUN
fbem-12624	247	10	policies	policy	NOUN
fbem-12624	247	11	on	on	ADP
fbem-12624	247	12	non	non	NOUN
fbem-12624	247	13	-	-	NOUN
fbem-12624	247	14	seos	seo	NOUN
fbem-12624	247	15	to	to	PART
fbem-12624	247	16	be	be	AUX
fbem-12624	247	17	more	more	ADV
fbem-12624	247	18	evident	evident	ADJ
fbem-12624	247	19	.	.	PUNCT
fbem-12624	248	1	we	we	PRON
fbem-12624	248	2	split	split	VERB
fbem-12624	248	3	our	our	PRON
fbem-12624	248	4	sample	sample	NOUN
fbem-12624	248	5	into	into	ADP
fbem-12624	248	6	seos	seo	NOUN
fbem-12624	248	7	and	and	CCONJ
fbem-12624	248	8	non	non	NOUN
fbem-12624	248	9	-	-	NOUN
fbem-12624	248	10	seos	seo	NOUN
fbem-12624	248	11	based	base	VERB
fbem-12624	248	12	on	on	ADP
fbem-12624	248	13	listed	list	VERB
fbem-12624	248	14	company	company	NOUN
fbem-12624	248	15	's	's	PART
fbem-12624	248	16	"	"	PUNCT
fbem-12624	248	17	direct	direct	ADJ
fbem-12624	248	18	controlling	control	VERB
fbem-12624	248	19	shareholder	shareholder	NOUN
fbem-12624	248	20	nature	nature	NOUN
fbem-12624	248	21	"	"	PUNCT
fbem-12624	248	22	and	and	CCONJ
fbem-12624	248	23	"	"	PUNCT
fbem-12624	248	24	actual	actual	ADJ
fbem-12624	248	25	controller	controller	NOUN
fbem-12624	248	26	nature	nature	NOUN
fbem-12624	248	27	,	,	PUNCT
fbem-12624	248	28	"	"	PUNCT
fbem-12624	248	29	and	and	CCONJ
fbem-12624	248	30	then	then	ADV
fbem-12624	248	31	we	we	PRON
fbem-12624	248	32	re	re	VERB
fbem-12624	248	33	-	-	VERB
fbem-12624	248	34	run	run	VERB
fbem-12624	248	35	eq	eq	ADP
fbem-12624	248	36	.	.	PUNCT
fbem-12624	249	1	(	(	PUNCT
fbem-12624	249	2	2	2	X
fbem-12624	249	3	)	)	PUNCT
fbem-12624	249	4	using	use	VERB
fbem-12624	249	5	each	each	DET
fbem-12624	249	6	subsample	subsample	NOUN
fbem-12624	249	7	.	.	PUNCT
fbem-12624	250	1	we	we	PRON
fbem-12624	250	2	provide	provide	VERB
fbem-12624	250	3	the	the	DET
fbem-12624	250	4	findings	finding	NOUN
fbem-12624	250	5	in	in	ADP
fbem-12624	250	6	table	table	NOUN
fbem-12624	250	7	6	6	NUM
fbem-12624	250	8	,	,	PUNCT
fbem-12624	250	9	panel	panel	NOUN
fbem-12624	250	10	a.	a.	NOUN
fbem-12624	250	11	we	we	PRON
fbem-12624	250	12	find	find	VERB
fbem-12624	250	13	that	that	SCONJ
fbem-12624	250	14	the	the	DET
fbem-12624	250	15	coefficient	coefficient	NOUN
fbem-12624	250	16	of	of	ADP
fbem-12624	250	17	posttreat	posttreat	NOUN
fbem-12624	250	18	in	in	ADP
fbem-12624	250	19	column	column	NOUN
fbem-12624	250	20	(	(	PUNCT
fbem-12624	250	21	2	2	NUM
fbem-12624	250	22	)	)	PUNCT
fbem-12624	250	23	for	for	ADP
fbem-12624	250	24	non	non	NOUN
fbem-12624	250	25	-	-	NOUN
fbem-12624	250	26	seos	seo	NOUN
fbem-12624	250	27	is	be	AUX
fbem-12624	250	28	significantly	significantly	ADV
fbem-12624	250	29	positive	positive	ADJ
fbem-12624	250	30	at	at	ADP
fbem-12624	250	31	the	the	DET
fbem-12624	250	32	1	1	NUM
fbem-12624	250	33	%	%	NOUN
fbem-12624	250	34	level	level	NOUN
fbem-12624	250	35	,	,	PUNCT
fbem-12624	250	36	while	while	SCONJ
fbem-12624	250	37	the	the	DET
fbem-12624	250	38	coefficient	coefficient	NOUN
fbem-12624	250	39	of	of	ADP
fbem-12624	250	40	posttreat	posttreat	NOUN
fbem-12624	250	41	in	in	ADP
fbem-12624	250	42	column	column	NOUN
fbem-12624	250	43	(	(	PUNCT
fbem-12624	250	44	1	1	NUM
fbem-12624	250	45	)	)	PUNCT
fbem-12624	250	46	for	for	ADP
fbem-12624	250	47	seos	seo	NOUN
fbem-12624	250	48	is	be	AUX
fbem-12624	250	49	positive	positive	ADJ
fbem-12624	250	50	but	but	CCONJ
fbem-12624	250	51	insignificant	insignificant	ADJ
fbem-12624	250	52	,	,	PUNCT
fbem-12624	250	53	consistent	consistent	ADJ
fbem-12624	250	54	with	with	ADP
fbem-12624	250	55	our	our	PRON
fbem-12624	250	56	expectations	expectation	NOUN
fbem-12624	250	57	.	.	PUNCT
fbem-12624	251	1	5.2.2	5.2.2	NUM
fbem-12624	251	2	.	.	PUNCT
fbem-12624	251	3	capital	capital	NOUN
fbem-12624	251	4	-	-	PUNCT
fbem-12624	251	5	intensive	intensive	ADJ
fbem-12624	251	6	firms	firm	NOUN
fbem-12624	251	7	vs.	vs.	ADP
fbem-12624	251	8	labor	labor	NOUN
fbem-12624	251	9	-	-	PUNCT
fbem-12624	251	10	intensive	intensive	ADJ
fbem-12624	251	11	firms	firm	NOUN
fbem-12624	251	12	labor	labor	NOUN
fbem-12624	251	13	-	-	PUNCT
fbem-12624	251	14	intensive	intensive	ADJ
fbem-12624	251	15	companies	company	NOUN
fbem-12624	251	16	employ	employ	VERB
fbem-12624	251	17	a	a	DET
fbem-12624	251	18	large	large	ADJ
fbem-12624	251	19	number	number	NOUN
fbem-12624	251	20	of	of	ADP
fbem-12624	251	21	workers	worker	NOUN
fbem-12624	251	22	and	and	CCONJ
fbem-12624	251	23	bear	bear	VERB
fbem-12624	251	24	a	a	DET
fbem-12624	251	25	high	high	ADJ
fbem-12624	251	26	labor	labor	NOUN
fbem-12624	251	27	cost	cost	NOUN
fbem-12624	251	28	.	.	PUNCT
fbem-12624	252	1	therefore	therefore	ADV
fbem-12624	252	2	,	,	PUNCT
fbem-12624	252	3	when	when	SCONJ
fbem-12624	252	4	facing	face	VERB
fbem-12624	252	5	the	the	DET
fbem-12624	252	6	labor	labor	NOUN
fbem-12624	252	7	shortage	shortage	NOUN
fbem-12624	252	8	problem	problem	NOUN
fbem-12624	252	9	in	in	ADP
fbem-12624	252	10	china	china	PROPN
fbem-12624	252	11	,	,	PUNCT
fbem-12624	252	12	labor	labor	NOUN
fbem-12624	252	13	-	-	PUNCT
fbem-12624	252	14	intensive	intensive	ADJ
fbem-12624	252	15	companies	company	NOUN
fbem-12624	252	16	are	be	AUX
fbem-12624	252	17	more	more	ADV
fbem-12624	252	18	willing	willing	ADJ
fbem-12624	252	19	to	to	PART
fbem-12624	252	20	substitute	substitute	VERB
fbem-12624	252	21	labor	labor	NOUN
fbem-12624	252	22	with	with	ADP
fbem-12624	252	23	cheaper	cheap	ADJ
fbem-12624	252	24	production	production	NOUN
fbem-12624	252	25	factors	factor	NOUN
fbem-12624	252	26	than	than	ADP
fbem-12624	252	27	capital	capital	NOUN
fbem-12624	252	28	-	-	PUNCT
fbem-12624	252	29	intensive	intensive	ADJ
fbem-12624	252	30	firms	firm	NOUN
fbem-12624	252	31	(	(	PUNCT
fbem-12624	252	32	wei	wei	PROPN
fbem-12624	252	33	,	,	PUNCT
fbem-12624	252	34	xie	xie	PROPN
fbem-12624	252	35	,	,	PUNCT
fbem-12624	252	36	and	and	CCONJ
fbem-12624	252	37	zhang	zhang	PROPN
fbem-12624	252	38	2017	2017	NUM
fbem-12624	252	39	)	)	PUNCT
fbem-12624	252	40	.	.	PUNCT
fbem-12624	253	1	consequently	consequently	ADV
fbem-12624	253	2	,	,	PUNCT
fbem-12624	253	3	we	we	PRON
fbem-12624	253	4	believe	believe	VERB
fbem-12624	253	5	that	that	SCONJ
fbem-12624	253	6	the	the	DET
fbem-12624	253	7	impact	impact	NOUN
fbem-12624	253	8	of	of	ADP
fbem-12624	253	9	the	the	DET
fbem-12624	253	10	accelerated	accelerated	ADJ
fbem-12624	253	11	depreciation	depreciation	NOUN
fbem-12624	253	12	policies	policy	NOUN
fbem-12624	253	13	is	be	AUX
fbem-12624	253	14	more	more	ADV
fbem-12624	253	15	concentrated	concentrated	ADJ
fbem-12624	253	16	in	in	ADP
fbem-12624	253	17	labor	labor	NOUN
fbem-12624	253	18	-	-	PUNCT
fbem-12624	253	19	intensive	intensive	ADJ
fbem-12624	253	20	enterprises	enterprise	NOUN
fbem-12624	253	21	.	.	PUNCT
fbem-12624	254	1	we	we	PRON
fbem-12624	254	2	use	use	VERB
fbem-12624	254	3	the	the	DET
fbem-12624	254	4	average	average	ADJ
fbem-12624	254	5	salary	salary	NOUN
fbem-12624	254	6	of	of	ADP
fbem-12624	254	7	rankand	rankand	NOUN
fbem-12624	254	8	-	-	PUNCT
fbem-12624	254	9	file	file	NOUN
fbem-12624	254	10	employees	employee	NOUN
fbem-12624	254	11	,	,	PUNCT
fbem-12624	254	12	scaled	scale	VERB
fbem-12624	254	13	by	by	ADP
fbem-12624	254	14	the	the	DET
fbem-12624	254	15	company	company	NOUN
fbem-12624	254	16	's	's	PART
fbem-12624	254	17	total	total	ADJ
fbem-12624	254	18	sales	sale	NOUN
fbem-12624	254	19	,	,	PUNCT
fbem-12624	254	20	to	to	PART
fbem-12624	254	21	measure	measure	VERB
fbem-12624	254	22	labor	labor	NOUN
fbem-12624	254	23	intensity	intensity	NOUN
fbem-12624	254	24	.	.	PUNCT
fbem-12624	255	1	firms	firm	NOUN
fbem-12624	255	2	with	with	ADP
fbem-12624	255	3	labor	labor	NOUN
fbem-12624	255	4	intensity	intensity	NOUN
fbem-12624	255	5	greater	great	ADJ
fbem-12624	255	6	than	than	ADP
fbem-12624	255	7	our	our	PRON
fbem-12624	255	8	sample	sample	NOUN
fbem-12624	255	9	median	median	NOUN
fbem-12624	255	10	are	be	AUX
fbem-12624	255	11	classified	classify	VERB
fbem-12624	255	12	as	as	ADP
fbem-12624	255	13	labor	labor	NOUN
fbem-12624	255	14	-	-	PUNCT
fbem-12624	255	15	intensity	intensity	NOUN
fbem-12624	255	16	firms	firm	NOUN
fbem-12624	255	17	;	;	PUNCT
fbem-12624	255	18	otherwise	otherwise	ADV
fbem-12624	255	19	,	,	PUNCT
fbem-12624	255	20	we	we	PRON
fbem-12624	255	21	classify	classify	VERB
fbem-12624	255	22	them	they	PRON
fbem-12624	255	23	as	as	ADP
fbem-12624	255	24	capital	capital	NOUN
fbem-12624	255	25	-	-	PUNCT
fbem-12624	255	26	intensive	intensive	ADJ
fbem-12624	255	27	firms	firm	NOUN
fbem-12624	255	28	.	.	PUNCT
fbem-12624	256	1	we	we	PRON
fbem-12624	256	2	perform	perform	VERB
fbem-12624	256	3	cross	cross	ADJ
fbem-12624	256	4	-	-	ADJ
fbem-12624	256	5	sectional	sectional	ADJ
fbem-12624	256	6	analyses	analysis	NOUN
fbem-12624	256	7	using	use	VERB
fbem-12624	256	8	these	these	DET
fbem-12624	256	9	two	two	NUM
fbem-12624	256	10	groups	group	NOUN
fbem-12624	256	11	and	and	CCONJ
fbem-12624	256	12	present	present	VERB
fbem-12624	256	13	our	our	PRON
fbem-12624	256	14	regression	regression	NOUN
fbem-12624	256	15	results	result	NOUN
fbem-12624	256	16	in	in	ADP
fbem-12624	256	17	table	table	NOUN
fbem-12624	256	18	6	6	NUM
fbem-12624	256	19	,	,	PUNCT
fbem-12624	256	20	panel	panel	NOUN
fbem-12624	256	21	b.	b.	NOUN
fbem-12624	256	22	we	we	PRON
fbem-12624	256	23	find	find	VERB
fbem-12624	256	24	that	that	SCONJ
fbem-12624	256	25	the	the	DET
fbem-12624	256	26	coefficient	coefficient	NOUN
fbem-12624	256	27	of	of	ADP
fbem-12624	256	28	posttreat	posttreat	NOUN
fbem-12624	256	29	in	in	ADP
fbem-12624	256	30	column	column	NOUN
fbem-12624	256	31	(	(	PUNCT
fbem-12624	256	32	2	2	NUM
fbem-12624	256	33	)	)	PUNCT
fbem-12624	256	34	for	for	ADP
fbem-12624	256	35	labor	labor	NOUN
fbem-12624	256	36	-	-	PUNCT
fbem-12624	256	37	intensive	intensive	ADJ
fbem-12624	256	38	companies	company	NOUN
fbem-12624	256	39	is	be	AUX
fbem-12624	256	40	significantly	significantly	ADV
fbem-12624	256	41	positive	positive	ADJ
fbem-12624	256	42	at	at	ADP
fbem-12624	256	43	the	the	DET
fbem-12624	256	44	1	1	NUM
fbem-12624	256	45	%	%	NOUN
fbem-12624	256	46	level	level	NOUN
fbem-12624	256	47	,	,	PUNCT
fbem-12624	256	48	whereas	whereas	SCONJ
fbem-12624	256	49	the	the	DET
fbem-12624	256	50	coefficient	coefficient	NOUN
fbem-12624	256	51	of	of	ADP
fbem-12624	256	52	posttreat	posttreat	NOUN
fbem-12624	256	53	in	in	ADP
fbem-12624	256	54	column	column	NOUN
fbem-12624	256	55	(	(	PUNCT
fbem-12624	256	56	1	1	NUM
fbem-12624	256	57	)	)	PUNCT
fbem-12624	256	58	for	for	ADP
fbem-12624	256	59	capital	capital	NOUN
fbem-12624	256	60	intensity	intensity	NOUN
fbem-12624	256	61	firms	firm	NOUN
fbem-12624	256	62	is	be	AUX
fbem-12624	256	63	not	not	PART
fbem-12624	256	64	significantly	significantly	ADV
fbem-12624	256	65	different	different	ADJ
fbem-12624	256	66	from	from	ADP
fbem-12624	256	67	zero	zero	NUM
fbem-12624	256	68	.	.	PUNCT
fbem-12624	257	1	these	these	DET
fbem-12624	257	2	results	result	NOUN
fbem-12624	257	3	provide	provide	VERB
fbem-12624	257	4	evidence	evidence	NOUN
fbem-12624	257	5	to	to	PART
fbem-12624	257	6	support	support	VERB
fbem-12624	257	7	our	our	PRON
fbem-12624	257	8	argument	argument	NOUN
fbem-12624	257	9	that	that	SCONJ
fbem-12624	257	10	labor	labor	NOUN
fbem-12624	257	11	-	-	PUNCT
fbem-12624	257	12	intensive	intensive	ADJ
fbem-12624	257	13	firms	firm	NOUN
fbem-12624	257	14	have	have	AUX
fbem-12624	257	15	more	more	ADJ
fbem-12624	257	16	incentive	incentive	NOUN
fbem-12624	257	17	to	to	PART
fbem-12624	257	18	substitute	substitute	VERB
fbem-12624	257	19	production	production	NOUN
fbem-12624	257	20	factors	factor	NOUN
fbem-12624	257	21	under	under	ADP
fbem-12624	257	22	the	the	DET
fbem-12624	257	23	accelerated	accelerate	VERB
fbem-12624	257	24	depreciation	depreciation	NOUN
fbem-12624	257	25	tax	tax	NOUN
fbem-12624	257	26	policy	policy	NOUN
fbem-12624	257	27	.	.	PUNCT
fbem-12624	258	1	5.2.3	5.2.3	X
fbem-12624	258	2	.	.	PUNCT
fbem-12624	258	3	firms	firm	NOUN
fbem-12624	258	4	with	with	ADP
fbem-12624	258	5	and	and	CCONJ
fbem-12624	258	6	without	without	ADP
fbem-12624	258	7	financial	financial	ADJ
fbem-12624	258	8	constraints	constraint	NOUN
fbem-12624	258	9	since	since	SCONJ
fbem-12624	258	10	firms	firm	NOUN
fbem-12624	258	11	can	can	AUX
fbem-12624	258	12	save	save	VERB
fbem-12624	258	13	more	more	ADJ
fbem-12624	258	14	tax	tax	NOUN
fbem-12624	258	15	payments	payment	NOUN
fbem-12624	258	16	using	use	VERB
fbem-12624	258	17	accelerated	accelerate	VERB
fbem-12624	258	18	depreciation	depreciation	NOUN
fbem-12624	258	19	rather	rather	ADV
fbem-12624	258	20	than	than	ADP
fbem-12624	258	21	straight	straight	ADJ
fbem-12624	258	22	-	-	PUNCT
fbem-12624	258	23	line	line	NOUN
fbem-12624	258	24	depreciation	depreciation	NOUN
fbem-12624	258	25	,	,	PUNCT
fbem-12624	258	26	we	we	PRON
fbem-12624	258	27	expect	expect	VERB
fbem-12624	258	28	firms	firm	NOUN
fbem-12624	258	29	with	with	ADP
fbem-12624	258	30	financial	financial	ADJ
fbem-12624	258	31	constraints	constraint	NOUN
fbem-12624	258	32	to	to	PART
fbem-12624	258	33	be	be	AUX
fbem-12624	258	34	more	more	ADV
fbem-12624	258	35	motivated	motivated	ADJ
fbem-12624	258	36	to	to	PART
fbem-12624	258	37	take	take	VERB
fbem-12624	258	38	advantage	advantage	NOUN
fbem-12624	258	39	of	of	ADP
fbem-12624	258	40	this	this	DET
fbem-12624	258	41	tax	tax	NOUN
fbem-12624	258	42	policy	policy	NOUN
fbem-12624	258	43	change	change	NOUN
fbem-12624	258	44	than	than	ADP
fbem-12624	258	45	firms	firm	NOUN
fbem-12624	258	46	without	without	ADP
fbem-12624	258	47	financial	financial	ADJ
fbem-12624	258	48	constraints	constraint	NOUN
fbem-12624	258	49	.	.	PUNCT
fbem-12624	259	1	we	we	PRON
fbem-12624	259	2	follow	follow	VERB
fbem-12624	259	3	whited	white	VERB
fbem-12624	259	4	and	and	CCONJ
fbem-12624	259	5	wu	wu	PROPN
fbem-12624	259	6	(	(	PUNCT
fbem-12624	259	7	2006	2006	NUM
fbem-12624	259	8	)	)	PUNCT
fbem-12624	259	9	and	and	CCONJ
fbem-12624	259	10	calculate	calculate	VERB
fbem-12624	259	11	the	the	DET
fbem-12624	259	12	ww	ww	PROPN
fbem-12624	259	13	index	index	NOUN
fbem-12624	259	14	as	as	ADP
fbem-12624	259	15	our	our	PRON
fbem-12624	259	16	measure	measure	NOUN
fbem-12624	259	17	of	of	ADP
fbem-12624	259	18	financing	financing	NOUN
fbem-12624	259	19	constraint	constraint	NOUN
fbem-12624	259	20	:	:	PUNCT
fbem-12624	259	21	𝑊𝑊	𝑊𝑊	PROPN
fbem-12624	259	22	0.091	0.091	NUM
fbem-12624	259	23	∗	∗	NOUN
fbem-12624	259	24	𝐶𝐹/𝐴𝑠𝑠𝑒𝑡	𝐶𝐹/𝐴𝑠𝑠𝑒𝑡	PROPN
fbem-12624	259	25	0.062	0.062	NUM
fbem-12624	259	26	∗	∗	NOUN
fbem-12624	259	27	𝐷𝑖𝑣	𝐷𝑖𝑣	PROPN
fbem-12624	259	28	0.021	0.021	PROPN
fbem-12624	259	29	∗	∗	NOUN
fbem-12624	259	30	𝐿𝐿𝑖𝑎/𝐴𝑠𝑠𝑒𝑡	𝐿𝐿𝑖𝑎/𝐴𝑠𝑠𝑒𝑡	VERB
fbem-12624	259	31	0.044	0.044	NUM
fbem-12624	259	32	∗	∗	NOUN
fbem-12624	260	1	𝐿𝑛	𝐿𝑛	PROPN
fbem-12624	260	2	𝐴𝑠𝑠𝑒𝑡	𝐴𝑠𝑠𝑒𝑡	PROPN
fbem-12624	260	3	0.102	0.102	NUM
fbem-12624	260	4	∗	∗	VERB
fbem-12624	260	5	𝐺𝑟𝑜𝑤𝑡ℎ_𝑖𝑛𝑑	𝐺𝑟𝑜𝑤𝑡ℎ_𝑖𝑛𝑑	PROPN
fbem-12624	260	6	0.035	0.035	NUM
fbem-12624	260	7	∗	∗	NOUN
fbem-12624	260	8	𝐺𝑟𝑜𝑤𝑡ℎ_𝑓𝑖𝑟𝑚	𝐺𝑟𝑜𝑤𝑡ℎ_𝑓𝑖𝑟𝑚	PUNCT
fbem-12624	260	9	(	(	PUNCT
fbem-12624	260	10	4	4	NUM
fbem-12624	260	11	)	)	PUNCT
fbem-12624	260	12	in	in	ADP
fbem-12624	260	13	this	this	DET
fbem-12624	260	14	equation	equation	NOUN
fbem-12624	260	15	,	,	PUNCT
fbem-12624	260	16	cf	cf	X
fbem-12624	260	17	is	be	AUX
fbem-12624	260	18	the	the	DET
fbem-12624	260	19	operating	operate	VERB
fbem-12624	260	20	cash	cash	NOUN
fbem-12624	260	21	flow	flow	NOUN
fbem-12624	260	22	,	,	PUNCT
fbem-12624	260	23	asset	asset	NOUN
fbem-12624	260	24	is	be	AUX
fbem-12624	260	25	total	total	ADJ
fbem-12624	260	26	assets	asset	NOUN
fbem-12624	260	27	,	,	PUNCT
fbem-12624	260	28	div	div	X
fbem-12624	260	29	is	be	AUX
fbem-12624	260	30	a	a	DET
fbem-12624	260	31	dichotomous	dichotomous	ADJ
fbem-12624	260	32	variable	variable	NOUN
fbem-12624	260	33	for	for	ADP
fbem-12624	260	34	cash	cash	NOUN
fbem-12624	260	35	dividends	dividend	NOUN
fbem-12624	260	36	,	,	PUNCT
fbem-12624	260	37	llia	llia	PROPN
fbem-12624	260	38	is	be	AUX
fbem-12624	260	39	long	long	ADJ
fbem-12624	260	40	-	-	PUNCT
fbem-12624	260	41	term	term	NOUN
fbem-12624	260	42	liabilities	liability	NOUN
fbem-12624	260	43	,	,	PUNCT
fbem-12624	260	44	growth_ind	growth_ind	PROPN
fbem-12624	260	45	is	be	AUX
fbem-12624	260	46	the	the	DET
fbem-12624	260	47	industry	industry	NOUN
fbem-12624	260	48	sales	sale	NOUN
fbem-12624	260	49	growth	growth	NOUN
fbem-12624	260	50	and	and	CCONJ
fbem-12624	260	51	growth_firm	growth_firm	PROPN
fbem-12624	260	52	is	be	AUX
fbem-12624	260	53	the	the	DET
fbem-12624	260	54	firm	firm	NOUN
fbem-12624	260	55	’s	’s	PART
fbem-12624	260	56	sales	sale	NOUN
fbem-12624	260	57	growth	growth	NOUN
fbem-12624	260	58	.	.	PUNCT
fbem-12624	261	1	we	we	PRON
fbem-12624	261	2	categorize	categorize	VERB
fbem-12624	261	3	a	a	DET
fbem-12624	261	4	firm	firm	NOUN
fbem-12624	261	5	as	as	ADP
fbem-12624	261	6	having	have	VERB
fbem-12624	261	7	financial	financial	ADJ
fbem-12624	261	8	constraints	constraint	NOUN
fbem-12624	261	9	if	if	SCONJ
fbem-12624	261	10	its	its	PRON
fbem-12624	261	11	ww	ww	PROPN
fbem-12624	261	12	index	index	NOUN
fbem-12624	261	13	falls	fall	VERB
fbem-12624	261	14	into	into	ADP
fbem-12624	261	15	the	the	DET
fbem-12624	261	16	top	top	ADJ
fbem-12624	261	17	50	50	NUM
fbem-12624	261	18	%	%	NOUN
fbem-12624	261	19	in	in	ADP
fbem-12624	261	20	our	our	PRON
fbem-12624	261	21	sample	sample	NOUN
fbem-12624	261	22	.	.	PUNCT
fbem-12624	262	1	we	we	PRON
fbem-12624	262	2	present	present	VERB
fbem-12624	262	3	our	our	PRON
fbem-12624	262	4	cross	cross	ADJ
fbem-12624	262	5	-	-	ADJ
fbem-12624	262	6	sectional	sectional	ADJ
fbem-12624	262	7	regression	regression	NOUN
fbem-12624	262	8	results	result	NOUN
fbem-12624	262	9	by	by	ADP
fbem-12624	262	10	financial	financial	ADJ
fbem-12624	262	11	constraints	constraint	NOUN
fbem-12624	262	12	in	in	ADP
fbem-12624	262	13	table	table	NOUN
fbem-12624	262	14	6	6	NUM
fbem-12624	262	15	,	,	PUNCT
fbem-12624	262	16	panel	panel	NOUN
fbem-12624	262	17	c.	c.	NOUN
fbem-12624	262	18	as	as	SCONJ
fbem-12624	262	19	expected	expect	VERB
fbem-12624	262	20	,	,	PUNCT
fbem-12624	262	21	we	we	PRON
fbem-12624	262	22	find	find	VERB
fbem-12624	262	23	that	that	SCONJ
fbem-12624	262	24	the	the	DET
fbem-12624	262	25	effect	effect	NOUN
fbem-12624	262	26	of	of	ADP
fbem-12624	262	27	adopting	adopt	VERB
fbem-12624	262	28	an	an	DET
fbem-12624	262	29	accelerated	accelerated	ADJ
fbem-12624	262	30	depreciation	depreciation	NOUN
fbem-12624	262	31	on	on	ADP
fbem-12624	262	32	a	a	DET
fbem-12624	262	33	firm	firm	NOUN
fbem-12624	262	34	’s	’s	PART
fbem-12624	262	35	tfp	tfp	PROPN
fbem-12624	262	36	is	be	AUX
fbem-12624	262	37	focused	focus	VERB
fbem-12624	262	38	on	on	ADP
fbem-12624	262	39	firms	firm	NOUN
fbem-12624	262	40	with	with	ADP
fbem-12624	262	41	financial	financial	ADJ
fbem-12624	262	42	constraints	constraint	NOUN
fbem-12624	262	43	.	.	PUNCT
fbem-12624	263	1	specifically	specifically	ADV
fbem-12624	263	2	,	,	PUNCT
fbem-12624	263	3	the	the	DET
fbem-12624	263	4	coefficient	coefficient	NOUN
fbem-12624	263	5	on	on	ADP
fbem-12624	263	6	posttreat	posttreat	NOUN
fbem-12624	263	7	in	in	ADP
fbem-12624	263	8	column	column	NOUN
fbem-12624	263	9	(	(	PUNCT
fbem-12624	263	10	1	1	NUM
fbem-12624	263	11	)	)	PUNCT
fbem-12624	263	12	for	for	ADP
fbem-12624	263	13	financially	financially	ADV
fbem-12624	263	14	restrained	restrained	ADJ
fbem-12624	263	15	firms	firm	NOUN
fbem-12624	263	16	is	be	AUX
fbem-12624	263	17	significant	significant	ADJ
fbem-12624	263	18	and	and	CCONJ
fbem-12624	263	19	positive	positive	ADJ
fbem-12624	263	20	at	at	ADP
fbem-12624	263	21	1	1	NUM
fbem-12624	263	22	%	%	NOUN
fbem-12624	263	23	,	,	PUNCT
fbem-12624	263	24	but	but	CCONJ
fbem-12624	263	25	the	the	DET
fbem-12624	263	26	effect	effect	NOUN
fbem-12624	263	27	goes	go	VERB
fbem-12624	263	28	away	away	ADV
fbem-12624	263	29	in	in	ADP
fbem-12624	263	30	column	column	NOUN
fbem-12624	263	31	(	(	PUNCT
fbem-12624	263	32	2	2	NUM
fbem-12624	263	33	)	)	PUNCT
fbem-12624	263	34	for	for	ADP
fbem-12624	263	35	non	non	ADJ
fbem-12624	263	36	-	-	ADJ
fbem-12624	263	37	financially	financially	ADV
fbem-12624	263	38	strained	strained	ADJ
fbem-12624	263	39	firms	firm	NOUN
fbem-12624	263	40	.	.	PUNCT
fbem-12624	264	1	5.2.4	5.2.4	NUM
fbem-12624	264	2	.	.	PUNCT
fbem-12624	264	3	high	high	ADJ
fbem-12624	264	4	vs.	vs.	ADP
fbem-12624	264	5	low	low	ADJ
fbem-12624	264	6	growth	growth	NOUN
fbem-12624	264	7	firms	firm	NOUN
fbem-12624	264	8	considering	consider	VERB
fbem-12624	264	9	that	that	SCONJ
fbem-12624	264	10	we	we	PRON
fbem-12624	264	11	find	find	VERB
fbem-12624	264	12	the	the	DET
fbem-12624	264	13	effect	effect	NOUN
fbem-12624	264	14	of	of	ADP
fbem-12624	264	15	accelerated	accelerated	ADJ
fbem-12624	264	16	depreciation	depreciation	NOUN
fbem-12624	264	17	on	on	ADP
fbem-12624	264	18	tfp	tfp	PROPN
fbem-12624	264	19	is	be	AUX
fbem-12624	264	20	carried	carry	VERB
fbem-12624	264	21	out	out	ADP
fbem-12624	264	22	through	through	ADP
fbem-12624	264	23	increasing	increase	VERB
fbem-12624	264	24	equipment	equipment	NOUN
fbem-12624	264	25	purchases	purchase	NOUN
fbem-12624	264	26	in	in	ADP
fbem-12624	264	27	our	our	PRON
fbem-12624	264	28	previous	previous	ADJ
fbem-12624	264	29	test	test	NOUN
fbem-12624	264	30	,	,	PUNCT
fbem-12624	264	31	we	we	PRON
fbem-12624	264	32	expect	expect	VERB
fbem-12624	264	33	that	that	SCONJ
fbem-12624	264	34	high	high	ADJ
fbem-12624	264	35	growth	growth	NOUN
fbem-12624	264	36	firms	firm	NOUN
fbem-12624	264	37	with	with	ADP
fbem-12624	264	38	more	more	ADJ
fbem-12624	264	39	potential	potential	NOUN
fbem-12624	264	40	for	for	ADP
fbem-12624	264	41	equipment	equipment	NOUN
fbem-12624	264	42	upgrade	upgrade	VERB
fbem-12624	264	43	to	to	PART
fbem-12624	264	44	be	be	AUX
fbem-12624	264	45	more	more	ADV
fbem-12624	264	46	motivated	motivated	ADJ
fbem-12624	264	47	to	to	PART
fbem-12624	264	48	take	take	VERB
fbem-12624	264	49	advantage	advantage	NOUN
fbem-12624	264	50	of	of	ADP
fbem-12624	264	51	the	the	DET
fbem-12624	264	52	accelerated	accelerate	VERB
fbem-12624	264	53	depreciation	depreciation	NOUN
fbem-12624	264	54	than	than	ADP
fbem-12624	264	55	low	low	ADJ
fbem-12624	264	56	growth	growth	NOUN
fbem-12624	264	57	firms	firm	NOUN
fbem-12624	264	58	.	.	PUNCT
fbem-12624	265	1	we	we	PRON
fbem-12624	265	2	split	split	VERB
fbem-12624	265	3	our	our	PRON
fbem-12624	265	4	sample	sample	NOUN
fbem-12624	265	5	into	into	ADP
fbem-12624	265	6	high	high	ADJ
fbem-12624	265	7	and	and	CCONJ
fbem-12624	265	8	low	low	ADJ
fbem-12624	265	9	growth	growth	NOUN
fbem-12624	265	10	firms	firm	NOUN
fbem-12624	265	11	based	base	VERB
fbem-12624	265	12	on	on	ADP
fbem-12624	265	13	percentage	percentage	NOUN
fbem-12624	265	14	of	of	ADP
fbem-12624	265	15	sales	sale	NOUN
fbem-12624	265	16	growth	growth	NOUN
fbem-12624	265	17	,	,	PUNCT
fbem-12624	265	18	and	and	CCONJ
fbem-12624	265	19	we	we	PRON
fbem-12624	265	20	present	present	VERB
fbem-12624	265	21	our	our	PRON
fbem-12624	265	22	subsample	subsample	ADJ
fbem-12624	265	23	analysis	analysis	NOUN
fbem-12624	265	24	in	in	ADP
fbem-12624	265	25	table	table	NOUN
fbem-12624	265	26	6	6	NUM
fbem-12624	265	27	,	,	PUNCT
fbem-12624	265	28	panel	panel	NOUN
fbem-12624	265	29	d.	d.	NOUN
fbem-12624	265	30	we	we	PRON
fbem-12624	265	31	find	find	VERB
fbem-12624	265	32	that	that	SCONJ
fbem-12624	265	33	the	the	DET
fbem-12624	265	34	coefficient	coefficient	NOUN
fbem-12624	265	35	of	of	ADP
fbem-12624	265	36	posttreat	posttreat	NOUN
fbem-12624	265	37	in	in	ADP
fbem-12624	265	38	column	column	NOUN
fbem-12624	265	39	(	(	PUNCT
fbem-12624	265	40	1	1	NUM
fbem-12624	265	41	)	)	PUNCT
fbem-12624	265	42	for	for	ADP
fbem-12624	265	43	high	high	ADJ
fbem-12624	265	44	growth	growth	NOUN
fbem-12624	265	45	firms	firm	NOUN
fbem-12624	265	46	is	be	AUX
fbem-12624	265	47	significantly	significantly	ADV
fbem-12624	265	48	positive	positive	ADJ
fbem-12624	265	49	at	at	ADP
fbem-12624	265	50	the	the	DET
fbem-12624	265	51	level	level	NOUN
fbem-12624	265	52	of	of	ADP
fbem-12624	265	53	1	1	NUM
fbem-12624	265	54	%	%	NOUN
fbem-12624	265	55	.	.	PUNCT
fbem-12624	266	1	while	while	SCONJ
fbem-12624	266	2	the	the	DET
fbem-12624	266	3	coefficient	coefficient	NOUN
fbem-12624	266	4	of	of	ADP
fbem-12624	266	5	posttreat	posttreat	NOUN
fbem-12624	266	6	in	in	ADP
fbem-12624	266	7	column	column	NOUN
fbem-12624	266	8	(	(	PUNCT
fbem-12624	266	9	2	2	NUM
fbem-12624	266	10	)	)	PUNCT
fbem-12624	266	11	for	for	ADP
fbem-12624	266	12	low	low	ADJ
fbem-12624	266	13	growth	growth	NOUN
fbem-12624	266	14	firms	firm	NOUN
fbem-12624	266	15	is	be	AUX
fbem-12624	266	16	positive	positive	ADJ
fbem-12624	266	17	,	,	PUNCT
fbem-12624	266	18	it	it	PRON
fbem-12624	266	19	is	be	AUX
fbem-12624	266	20	not	not	PART
fbem-12624	266	21	statistically	statistically	ADV
fbem-12624	266	22	significant	significant	ADJ
fbem-12624	266	23	.	.	PUNCT
fbem-12624	267	1	overall	overall	ADV
fbem-12624	267	2	,	,	PUNCT
fbem-12624	267	3	we	we	PRON
fbem-12624	267	4	find	find	VERB
fbem-12624	267	5	evidence	evidence	NOUN
fbem-12624	267	6	that	that	SCONJ
fbem-12624	267	7	the	the	DET
fbem-12624	267	8	effect	effect	NOUN
fbem-12624	267	9	of	of	ADP
fbem-12624	267	10	accelerated	accelerated	ADJ
fbem-12624	267	11	depreciation	depreciation	NOUN
fbem-12624	267	12	on	on	ADP
fbem-12624	267	13	tfp	tfp	PROPN
fbem-12624	267	14	is	be	AUX
fbem-12624	267	15	more	more	ADV
fbem-12624	267	16	pronounced	pronounce	VERB
fbem-12624	267	17	in	in	ADP
fbem-12624	267	18	high	high	ADJ
fbem-12624	267	19	growth	growth	NOUN
fbem-12624	267	20	firms	firm	NOUN
fbem-12624	267	21	.	.	PUNCT
fbem-12624	268	1	5.2.5	5.2.5	X
fbem-12624	268	2	.	.	PUNCT
fbem-12624	268	3	firms	firm	NOUN
fbem-12624	268	4	in	in	ADP
fbem-12624	268	5	high	high	ADJ
fbem-12624	268	6	vs.	vs.	X
fbem-12624	268	7	low	low	ADJ
fbem-12624	268	8	marketization	marketization	NOUN
fbem-12624	268	9	provinces	province	NOUN
fbem-12624	268	10	from	from	ADP
fbem-12624	268	11	the	the	DET
fbem-12624	268	12	perspective	perspective	NOUN
fbem-12624	268	13	of	of	ADP
fbem-12624	268	14	china	china	PROPN
fbem-12624	268	15	's	's	PART
fbem-12624	268	16	economic	economic	ADJ
fbem-12624	268	17	development	development	NOUN
fbem-12624	268	18	,	,	PUNCT
fbem-12624	268	19	issues	issue	NOUN
fbem-12624	268	20	such	such	ADJ
fbem-12624	268	21	as	as	ADP
fbem-12624	268	22	labor	labor	NOUN
fbem-12624	268	23	shortage	shortage	NOUN
fbem-12624	268	24	and	and	CCONJ
fbem-12624	268	25	rising	rise	VERB
fbem-12624	268	26	labor	labor	NOUN
fbem-12624	268	27	costs	cost	NOUN
fbem-12624	268	28	first	first	ADV
fbem-12624	268	29	appeared	appear	VERB
fbem-12624	268	30	in	in	ADP
fbem-12624	268	31	developed	develop	VERB
fbem-12624	268	32	areas	area	NOUN
fbem-12624	268	33	.	.	PUNCT
fbem-12624	269	1	as	as	ADP
fbem-12624	269	2	a	a	DET
fbem-12624	269	3	result	result	NOUN
fbem-12624	269	4	,	,	PUNCT
fbem-12624	269	5	we	we	PRON
fbem-12624	269	6	believe	believe	VERB
fbem-12624	269	7	that	that	SCONJ
fbem-12624	269	8	the	the	DET
fbem-12624	269	9	accelerated	accelerated	ADJ
fbem-12624	269	10	depreciation	depreciation	NOUN
fbem-12624	269	11	policy	policy	NOUN
fbem-12624	269	12	should	should	AUX
fbem-12624	269	13	have	have	VERB
fbem-12624	269	14	more	more	ADV
fbem-12624	269	15	significant	significant	ADJ
fbem-12624	269	16	impact	impact	NOUN
fbem-12624	269	17	on	on	ADP
fbem-12624	269	18	firms	firm	NOUN
fbem-12624	269	19	in	in	ADP
fbem-12624	269	20	highly	highly	ADV
fbem-12624	269	21	-	-	PUNCT
fbem-12624	269	22	developed	develop	VERB
fbem-12624	269	23	provinces	province	NOUN
fbem-12624	269	24	.	.	PUNCT
fbem-12624	270	1	we	we	PRON
fbem-12624	270	2	use	use	VERB
fbem-12624	270	3	the	the	DET
fbem-12624	270	4	marketization	marketization	NOUN
fbem-12624	270	5	index	index	NOUN
fbem-12624	270	6	following	follow	VERB
fbem-12624	270	7	fan	fan	PROPN
fbem-12624	270	8	,	,	PUNCT
fbem-12624	270	9	wang	wang	PROPN
fbem-12624	270	10	and	and	CCONJ
fbem-12624	270	11	ma	ma	PROPN
fbem-12624	270	12	(	(	PUNCT
fbem-12624	270	13	2011	2011	NUM
fbem-12624	270	14	)	)	PUNCT
fbem-12624	270	15	to	to	PART
fbem-12624	270	16	measure	measure	VERB
fbem-12624	270	17	a	a	DET
fbem-12624	270	18	province	province	NOUN
fbem-12624	270	19	’s	’s	PART
fbem-12624	270	20	economic	economic	ADJ
fbem-12624	270	21	development	development	NOUN
fbem-12624	270	22	.	.	PUNCT
fbem-12624	271	1	if	if	SCONJ
fbem-12624	271	2	a	a	DET
fbem-12624	271	3	firm	firm	NOUN
fbem-12624	271	4	is	be	AUX
fbem-12624	271	5	located	locate	VERB
fbem-12624	271	6	in	in	ADP
fbem-12624	271	7	a	a	DET
fbem-12624	271	8	province	province	NOUN
fbem-12624	271	9	with	with	ADP
fbem-12624	271	10	a	a	DET
fbem-12624	271	11	marketization	marketization	NOUN
fbem-12624	271	12	index	index	NOUN
fbem-12624	271	13	above	above	ADP
fbem-12624	271	14	the	the	DET
fbem-12624	271	15	median	median	NOUN
fbem-12624	271	16	in	in	ADP
fbem-12624	271	17	our	our	PRON
fbem-12624	271	18	sample	sample	NOUN
fbem-12624	271	19	,	,	PUNCT
fbem-12624	271	20	then	then	ADV
fbem-12624	271	21	we	we	PRON
fbem-12624	271	22	define	define	VERB
fbem-12624	271	23	the	the	DET
fbem-12624	271	24	firm	firm	NOUN
fbem-12624	271	25	as	as	ADP
fbem-12624	271	26	high	high	ADJ
fbem-12624	271	27	marketization	marketization	NOUN
fbem-12624	271	28	firm	firm	NOUN
fbem-12624	271	29	,	,	PUNCT
fbem-12624	271	30	and	and	CCONJ
fbem-12624	271	31	vice	vice	ADV
fbem-12624	271	32	versa	versa	ADV
fbem-12624	271	33	.	.	PUNCT
fbem-12624	272	1	the	the	DET
fbem-12624	272	2	cross	cross	ADJ
fbem-12624	272	3	-	-	ADJ
fbem-12624	272	4	sectional	sectional	ADJ
fbem-12624	272	5	regression	regression	NOUN
fbem-12624	272	6	results	result	NOUN
fbem-12624	272	7	are	be	AUX
fbem-12624	272	8	shown	show	VERB
fbem-12624	272	9	in	in	ADP
fbem-12624	272	10	table	table	NOUN
fbem-12624	272	11	6	6	NUM
fbem-12624	272	12	,	,	PUNCT
fbem-12624	272	13	panel	panel	NOUN
fbem-12624	272	14	e.	e.	PROPN
fbem-12624	272	15	the	the	DET
fbem-12624	272	16	results	result	NOUN
fbem-12624	272	17	show	show	VERB
fbem-12624	272	18	that	that	SCONJ
fbem-12624	272	19	the	the	DET
fbem-12624	272	20	coefficient	coefficient	NOUN
fbem-12624	272	21	on	on	ADP
fbem-12624	272	22	posttreat	posttreat	NOUN
fbem-12624	272	23	in	in	ADP
fbem-12624	272	24	column	column	NOUN
fbem-12624	272	25	(	(	PUNCT
fbem-12624	272	26	1	1	NUM
fbem-12624	272	27	)	)	PUNCT
fbem-12624	272	28	for	for	ADP
fbem-12624	272	29	high	high	ADJ
fbem-12624	272	30	marketization	marketization	NOUN
fbem-12624	272	31	firms	firm	NOUN
fbem-12624	272	32	is	be	AUX
fbem-12624	272	33	significantly	significantly	ADV
fbem-12624	272	34	positive	positive	ADJ
fbem-12624	272	35	at	at	ADP
fbem-12624	272	36	the	the	DET
fbem-12624	272	37	1	1	NUM
fbem-12624	272	38	%	%	NOUN
fbem-12624	272	39	level	level	NOUN
fbem-12624	272	40	,	,	PUNCT
fbem-12624	272	41	while	while	SCONJ
fbem-12624	272	42	the	the	DET
fbem-12624	272	43	coefficient	coefficient	NOUN
fbem-12624	272	44	on	on	ADP
fbem-12624	272	45	posttreat	posttreat	NOUN
fbem-12624	272	46	in	in	ADP
fbem-12624	272	47	column	column	NOUN
fbem-12624	272	48	(	(	PUNCT
fbem-12624	272	49	2	2	NUM
fbem-12624	272	50	)	)	PUNCT
fbem-12624	272	51	for	for	ADP
fbem-12624	272	52	low	low	ADJ
fbem-12624	272	53	marketization	marketization	NOUN
fbem-12624	272	54	firms	firm	NOUN
fbem-12624	272	55	is	be	AUX
fbem-12624	272	56	not	not	PART
fbem-12624	272	57	different	different	ADJ
fbem-12624	272	58	from	from	ADP
fbem-12624	272	59	zero	zero	NUM
fbem-12624	272	60	.	.	PUNCT
fbem-12624	273	1	this	this	DET
fbem-12624	273	2	evidence	evidence	NOUN
fbem-12624	273	3	suggests	suggest	VERB
fbem-12624	273	4	that	that	SCONJ
fbem-12624	273	5	the	the	DET
fbem-12624	273	6	tfp	tfp	PROPN
fbem-12624	273	7	increase	increase	NOUN
fbem-12624	273	8	from	from	ADP
fbem-12624	273	9	selection	selection	NOUN
fbem-12624	273	10	accelerated	accelerate	VERB
fbem-12624	273	11	depreciation	depreciation	NOUN
fbem-12624	273	12	tax	tax	NOUN
fbem-12624	273	13	policy	policy	NOUN
fbem-12624	273	14	is	be	AUX
fbem-12624	273	15	highly	highly	ADV
fbem-12624	273	16	concentrated	concentrated	ADJ
fbem-12624	273	17	in	in	ADP
fbem-12624	273	18	regions	region	NOUN
fbem-12624	273	19	with	with	ADP
fbem-12624	273	20	a	a	DET
fbem-12624	273	21	high	high	ADJ
fbem-12624	273	22	degree	degree	NOUN
fbem-12624	273	23	of	of	ADP
fbem-12624	273	24	marketization	marketization	NOUN
fbem-12624	273	25	.	.	PUNCT
fbem-12624	274	1	5.3	5.3	NUM
fbem-12624	274	2	.	.	PUNCT
fbem-12624	275	1	robustness	robustness	NOUN
fbem-12624	275	2	checks	check	NOUN
fbem-12624	275	3	we	we	PRON
fbem-12624	275	4	carry	carry	VERB
fbem-12624	275	5	out	out	ADP
fbem-12624	275	6	a	a	DET
fbem-12624	275	7	battery	battery	NOUN
fbem-12624	275	8	of	of	ADP
fbem-12624	275	9	robustness	robustness	NOUN
fbem-12624	275	10	checks	check	NOUN
fbem-12624	275	11	.	.	PUNCT
fbem-12624	276	1	first	first	ADV
fbem-12624	276	2	,	,	PUNCT
fbem-12624	276	3	we	we	PRON
fbem-12624	276	4	exclude	exclude	VERB
fbem-12624	276	5	736	736	NUM
fbem-12624	276	6	firm	firm	ADJ
fbem-12624	276	7	-	-	PUNCT
fbem-12624	276	8	year	year	NOUN
fbem-12624	276	9	observations	observation	NOUN
fbem-12624	276	10	from	from	ADP
fbem-12624	276	11	the	the	DET
fbem-12624	276	12	three	three	NUM
fbem-12624	276	13	northeastern	northeastern	ADJ
fbem-12624	276	14	provinces	province	NOUN
fbem-12624	276	15	(	(	PUNCT
fbem-12624	276	16	i.e.	i.e.	X
fbem-12624	276	17	,	,	PUNCT
fbem-12624	276	18	heilongjiang	heilongjiang	PROPN
fbem-12624	276	19	province	province	PROPN
fbem-12624	276	20	,	,	PUNCT
fbem-12624	276	21	liaoning	liaoning	NOUN
fbem-12624	276	22	province	province	PROPN
fbem-12624	276	23	,	,	PUNCT
fbem-12624	276	24	and	and	CCONJ
fbem-12624	276	25	jilin	jilin	PROPN
fbem-12624	276	26	provinces	provinces	PROPN
fbem-12624	276	27	)	)	PUNCT
fbem-12624	276	28	from	from	ADP
fbem-12624	276	29	our	our	PRON
fbem-12624	276	30	sample	sample	NOUN
fbem-12624	276	31	.	.	PUNCT
fbem-12624	277	1	these	these	DET
fbem-12624	277	2	three	three	NUM
fbem-12624	277	3	provinces	province	NOUN
fbem-12624	277	4	have	have	AUX
fbem-12624	277	5	been	be	AUX
fbem-12624	277	6	allowed	allow	VERB
fbem-12624	277	7	to	to	PART
fbem-12624	277	8	use	use	VERB
fbem-12624	277	9	accelerated	accelerated	ADJ
fbem-12624	277	10	depreciation	depreciation	NOUN
fbem-12624	277	11	since	since	SCONJ
fbem-12624	277	12	the	the	DET
fbem-12624	277	13	corporate	corporate	ADJ
fbem-12624	277	14	income	income	NOUN
fbem-12624	277	15	tax	tax	NOUN
fbem-12624	277	16	and	and	CCONJ
fbem-12624	277	17	vat	vat	NOUN
fbem-12624	277	18	reform	reform	NOUN
fbem-12624	277	19	in	in	ADP
fbem-12624	277	20	2004	2004	NUM
fbem-12624	277	21	.	.	PUNCT
fbem-12624	278	1	we	we	PRON
fbem-12624	278	2	report	report	VERB
fbem-12624	278	3	this	this	DET
fbem-12624	278	4	robustness	robustness	NOUN
fbem-12624	278	5	analysis	analysis	NOUN
fbem-12624	278	6	in	in	ADP
fbem-12624	278	7	table	table	NOUN
fbem-12624	278	8	7	7	NUM
fbem-12624	278	9	,	,	PUNCT
fbem-12624	278	10	column	column	NOUN
fbem-12624	278	11	(	(	PUNCT
fbem-12624	278	12	1	1	NUM
fbem-12624	278	13	)	)	PUNCT
fbem-12624	278	14	.	.	PUNCT
fbem-12624	279	1	our	our	PRON
fbem-12624	279	2	conclusions	conclusion	NOUN
fbem-12624	279	3	are	be	AUX
fbem-12624	279	4	not	not	PART
fbem-12624	279	5	affected	affect	VERB
fbem-12624	279	6	by	by	ADP
fbem-12624	279	7	this	this	DET
fbem-12624	279	8	exclusion	exclusion	NOUN
fbem-12624	279	9	.	.	PUNCT
fbem-12624	280	1	second	second	ADJ
fbem-12624	280	2	,	,	PUNCT
fbem-12624	280	3	we	we	PRON
fbem-12624	280	4	rerun	rerun	VERB
fbem-12624	280	5	our	our	PRON
fbem-12624	280	6	primary	primary	ADJ
fbem-12624	280	7	analysis	analysis	NOUN
fbem-12624	280	8	using	use	VERB
fbem-12624	280	9	a	a	DET
fbem-12624	280	10	balanced	balanced	ADJ
fbem-12624	280	11	sample	sample	NOUN
fbem-12624	280	12	to	to	PART
fbem-12624	280	13	rule	rule	VERB
fbem-12624	280	14	out	out	ADP
fbem-12624	280	15	the	the	DET
fbem-12624	280	16	possibility	possibility	NOUN
fbem-12624	280	17	that	that	SCONJ
fbem-12624	280	18	new	new	ADJ
fbem-12624	280	19	firms	firm	NOUN
fbem-12624	280	20	coming	come	VERB
fbem-12624	280	21	into	into	ADP
fbem-12624	280	22	our	our	PRON
fbem-12624	280	23	sample	sample	NOUN
fbem-12624	280	24	tinted	tint	VERB
fbem-12624	280	25	the	the	DET
fbem-12624	280	26	results	result	NOUN
fbem-12624	280	27	.	.	PUNCT
fbem-12624	281	1	the	the	DET
fbem-12624	281	2	findings	finding	NOUN
fbem-12624	281	3	are	be	AUX
fbem-12624	281	4	displayed	display	VERB
fbem-12624	281	5	in	in	ADP
fbem-12624	281	6	column	column	NOUN
fbem-12624	281	7	(	(	PUNCT
fbem-12624	281	8	2	2	NUM
fbem-12624	281	9	)	)	PUNCT
fbem-12624	281	10	and	and	CCONJ
fbem-12624	281	11	are	be	AUX
fbem-12624	281	12	consistent	consistent	ADJ
fbem-12624	281	13	with	with	ADP
fbem-12624	281	14	our	our	PRON
fbem-12624	281	15	main	main	ADJ
fbem-12624	281	16	results	result	NOUN
fbem-12624	281	17	.	.	PUNCT
fbem-12624	282	1	third	third	ADV
fbem-12624	282	2	,	,	PUNCT
fbem-12624	282	3	since	since	SCONJ
fbem-12624	282	4	current	current	ADJ
fbem-12624	282	5	assets	asset	NOUN
fbem-12624	282	6	do	do	AUX
fbem-12624	282	7	not	not	PART
fbem-12624	282	8	involve	involve	VERB
fbem-12624	282	9	depreciation	depreciation	NOUN
fbem-12624	282	10	and	and	CCONJ
fbem-12624	282	11	should	should	AUX
fbem-12624	282	12	not	not	PART
fbem-12624	282	13	be	be	AUX
fbem-12624	282	14	affected	affect	VERB
fbem-12624	282	15	by	by	ADP
fbem-12624	282	16	the	the	DET
fbem-12624	282	17	change	change	NOUN
fbem-12624	282	18	in	in	ADP
fbem-12624	282	19	depreciation	depreciation	NOUN
fbem-12624	282	20	method	method	NOUN
fbem-12624	282	21	,	,	PUNCT
fbem-12624	282	22	we	we	PRON
fbem-12624	282	23	re	re	VERB
fbem-12624	282	24	-	-	VERB
fbem-12624	282	25	run	run	VERB
fbem-12624	282	26	our	our	PRON
fbem-12624	282	27	model	model	NOUN
fbem-12624	282	28	(	(	PUNCT
fbem-12624	282	29	2	2	X
fbem-12624	282	30	)	)	PUNCT
fbem-12624	282	31	using	use	VERB
fbem-12624	282	32	net	net	ADJ
fbem-12624	282	33	current	current	ADJ
fbem-12624	282	34	assets	asset	NOUN
fbem-12624	282	35	as	as	ADP
fbem-12624	282	36	the	the	DET
fbem-12624	282	37	dependent	dependent	ADJ
fbem-12624	282	38	variable	variable	NOUN
fbem-12624	282	39	as	as	ADP
fbem-12624	282	40	a	a	DET
fbem-12624	282	41	falsification	falsification	NOUN
fbem-12624	282	42	test	test	NOUN
fbem-12624	282	43	.	.	PUNCT
fbem-12624	283	1	we	we	PRON
fbem-12624	283	2	report	report	VERB
fbem-12624	283	3	our	our	PRON
fbem-12624	283	4	findings	finding	NOUN
fbem-12624	283	5	in	in	ADP
fbem-12624	283	6	column	column	NOUN
fbem-12624	283	7	(	(	PUNCT
fbem-12624	283	8	3	3	NUM
fbem-12624	283	9	)	)	PUNCT
fbem-12624	283	10	.	.	PUNCT
fbem-12624	284	1	we	we	PRON
fbem-12624	284	2	do	do	AUX
fbem-12624	284	3	not	not	PART
fbem-12624	284	4	find	find	VERB
fbem-12624	284	5	changes	change	NOUN
fbem-12624	284	6	in	in	ADP
fbem-12624	284	7	treatment	treatment	NOUN
fbem-12624	284	8	firms	firm	NOUN
fbem-12624	284	9	’	’	PART
fbem-12624	284	10	current	current	ADJ
fbem-12624	284	11	assets	asset	NOUN
fbem-12624	284	12	,	,	PUNCT
fbem-12624	284	13	which	which	PRON
fbem-12624	284	14	provides	provide	VERB
fbem-12624	284	15	falsification	falsification	NOUN
fbem-12624	284	16	comfort	comfort	NOUN
fbem-12624	284	17	for	for	ADP
fbem-12624	284	18	our	our	PRON
fbem-12624	284	19	main	main	ADJ
fbem-12624	284	20	results	result	NOUN
fbem-12624	284	21	.	.	PUNCT
fbem-12624	285	1	fourth	fourth	ADJ
fbem-12624	285	2	,	,	PUNCT
fbem-12624	285	3	we	we	PRON
fbem-12624	285	4	conduct	conduct	VERB
fbem-12624	285	5	a	a	DET
fbem-12624	285	6	placebo	placebo	NOUN
fbem-12624	285	7	test	test	NOUN
fbem-12624	285	8	with	with	ADP
fbem-12624	285	9	randomization	randomization	NOUN
fbem-12624	285	10	of	of	ADP
fbem-12624	285	11	the	the	DET
fbem-12624	285	12	treatment	treatment	NOUN
fbem-12624	285	13	as	as	ADP
fbem-12624	285	14	a	a	DET
fbem-12624	285	15	second	second	ADJ
fbem-12624	285	16	falsification	falsification	NOUN
fbem-12624	285	17	test	test	NOUN
fbem-12624	285	18	(	(	PUNCT
fbem-12624	285	19	chen	chen	PROPN
fbem-12624	285	20	,	,	PUNCT
fbem-12624	285	21	li	li	PROPN
fbem-12624	285	22	,	,	PUNCT
fbem-12624	285	23	and	and	CCONJ
fbem-12624	285	24	lu	lu	PROPN
fbem-12624	285	25	2018	2018	NUM
fbem-12624	285	26	)	)	PUNCT
fbem-12624	285	27	.	.	PUNCT
fbem-12624	286	1	we	we	PRON
fbem-12624	286	2	randomly	randomly	VERB
fbem-12624	286	3	select	select	VERB
fbem-12624	286	4	284	284	NUM
fbem-12624	286	5	3,048	3,048	NUM
fbem-12624	286	6	observations	observation	NOUN
fbem-12624	286	7	from	from	ADP
fbem-12624	286	8	our	our	PRON
fbem-12624	286	9	entire	entire	ADJ
fbem-12624	286	10	sample	sample	NOUN
fbem-12624	286	11	and	and	CCONJ
fbem-12624	286	12	categorize	categorize	VERB
fbem-12624	286	13	them	they	PRON
fbem-12624	286	14	as	as	ADP
fbem-12624	286	15	our	our	PRON
fbem-12624	286	16	false	false	ADJ
fbem-12624	286	17	treatment	treatment	NOUN
fbem-12624	286	18	firms	firm	NOUN
fbem-12624	286	19	(	(	PUNCT
fbem-12624	286	20	i.e.	i.e.	X
fbem-12624	286	21	,	,	PUNCT
fbem-12624	286	22	treatfalse=1	treatfalse=1	PROPN
fbem-12624	286	23	)	)	PUNCT
fbem-12624	286	24	.	.	PUNCT
fbem-12624	287	1	we	we	PRON
fbem-12624	287	2	code	code	VERB
fbem-12624	287	3	the	the	DET
fbem-12624	287	4	rest	rest	NOUN
fbem-12624	287	5	of	of	ADP
fbem-12624	287	6	the	the	DET
fbem-12624	287	7	observations	observation	NOUN
fbem-12624	287	8	as	as	ADP
fbem-12624	287	9	false	false	ADJ
fbem-12624	287	10	control	control	NOUN
fbem-12624	287	11	firms	firm	NOUN
fbem-12624	287	12	(	(	PUNCT
fbem-12624	287	13	i.e.	i.e.	X
fbem-12624	287	14	,	,	PUNCT
fbem-12624	287	15	treatfalse	treatfalse	NOUN
fbem-12624	287	16	=	=	NOUN
fbem-12624	287	17	0	0	NUM
fbem-12624	287	18	)	)	PUNCT
fbem-12624	287	19	and	and	CCONJ
fbem-12624	287	20	re	re	VERB
fbem-12624	287	21	-	-	VERB
fbem-12624	287	22	run	run	VERB
fbem-12624	287	23	our	our	PRON
fbem-12624	287	24	model	model	NOUN
fbem-12624	287	25	(	(	PUNCT
fbem-12624	287	26	2	2	NUM
fbem-12624	287	27	)	)	PUNCT
fbem-12624	287	28	with	with	ADP
fbem-12624	287	29	the	the	DET
fbem-12624	287	30	falsified	falsified	ADJ
fbem-12624	287	31	sample	sample	NOUN
fbem-12624	287	32	.	.	PUNCT
fbem-12624	288	1	we	we	PRON
fbem-12624	288	2	repeat	repeat	VERB
fbem-12624	288	3	this	this	DET
fbem-12624	288	4	process	process	NOUN
fbem-12624	288	5	1,000	1,000	NUM
fbem-12624	288	6	times	time	NOUN
fbem-12624	288	7	and	and	CCONJ
fbem-12624	288	8	report	report	VERB
fbem-12624	288	9	the	the	DET
fbem-12624	288	10	average	average	ADJ
fbem-12624	288	11	regression	regression	NOUN
fbem-12624	288	12	coefficients	coefficient	NOUN
fbem-12624	288	13	in	in	ADP
fbem-12624	288	14	column	column	NOUN
fbem-12624	288	15	(	(	PUNCT
fbem-12624	288	16	4	4	NUM
fbem-12624	288	17	)	)	PUNCT
fbem-12624	288	18	.	.	PUNCT
fbem-12624	289	1	we	we	PRON
fbem-12624	289	2	notice	notice	VERB
fbem-12624	289	3	that	that	SCONJ
fbem-12624	289	4	the	the	DET
fbem-12624	289	5	falsified	falsified	ADJ
fbem-12624	289	6	regressor	regressor	NOUN
fbem-12624	289	7	produces	produce	VERB
fbem-12624	289	8	zero	zero	NUM
fbem-12624	289	9	effect	effect	NOUN
fbem-12624	289	10	on	on	ADP
fbem-12624	289	11	tfp	tfp	PROPN
fbem-12624	289	12	,	,	PUNCT
fbem-12624	289	13	providing	provide	VERB
fbem-12624	289	14	further	further	ADJ
fbem-12624	289	15	support	support	NOUN
fbem-12624	289	16	for	for	ADP
fbem-12624	289	17	our	our	PRON
fbem-12624	289	18	conclusion	conclusion	NOUN
fbem-12624	289	19	.	.	PUNCT
fbem-12624	290	1	following	follow	VERB
fbem-12624	290	2	cai	cai	PROPN
fbem-12624	290	3	et	et	PROPN
fbem-12624	290	4	al	al	PROPN
fbem-12624	290	5	.	.	PROPN
fbem-12624	291	1	(	(	PUNCT
fbem-12624	291	2	2016	2016	NUM
fbem-12624	291	3	)	)	PUNCT
fbem-12624	291	4	,	,	PUNCT
fbem-12624	291	5	we	we	PRON
fbem-12624	291	6	plot	plot	VERB
fbem-12624	291	7	the	the	DET
fbem-12624	291	8	coefficients	coefficient	NOUN
fbem-12624	291	9	of	of	ADP
fbem-12624	291	10	treatfalse	treatfalse	NOUN
fbem-12624	291	11	obtained	obtain	VERB
fbem-12624	291	12	in	in	ADP
fbem-12624	291	13	the	the	DET
fbem-12624	291	14	1,000	1,000	NUM
fbem-12624	291	15	randomized	randomized	ADJ
fbem-12624	291	16	samples	sample	NOUN
fbem-12624	291	17	in	in	ADP
fbem-12624	291	18	a	a	DET
fbem-12624	291	19	scatter	scatter	NOUN
fbem-12624	291	20	plot	plot	NOUN
fbem-12624	291	21	against	against	ADP
fbem-12624	291	22	its	its	PRON
fbem-12624	291	23	p	p	NOUN
fbem-12624	291	24	-	-	PUNCT
fbem-12624	291	25	value	value	NOUN
fbem-12624	291	26	in	in	ADP
fbem-12624	291	27	figure	figure	NOUN
fbem-12624	291	28	2	2	NUM
fbem-12624	291	29	.	.	PUNCT
fbem-12624	292	1	we	we	PRON
fbem-12624	292	2	observe	observe	VERB
fbem-12624	292	3	that	that	SCONJ
fbem-12624	292	4	the	the	DET
fbem-12624	292	5	mean	mean	NOUN
fbem-12624	292	6	of	of	ADP
fbem-12624	292	7	treatfalse	treatfalse	NOUN
fbem-12624	292	8	is	be	AUX
fbem-12624	292	9	concentrated	concentrate	VERB
fbem-12624	292	10	around	around	ADP
fbem-12624	292	11	0	0	NUM
fbem-12624	292	12	,	,	PUNCT
fbem-12624	292	13	and	and	CCONJ
fbem-12624	292	14	most	most	ADJ
fbem-12624	292	15	of	of	ADP
fbem-12624	292	16	the	the	DET
fbem-12624	292	17	p	p	NOUN
fbem-12624	292	18	-	-	PUNCT
fbem-12624	292	19	values	value	NOUN
fbem-12624	292	20	are	be	AUX
fbem-12624	292	21	greater	great	ADJ
fbem-12624	292	22	than	than	ADP
fbem-12624	292	23	0.1	0.1	NUM
fbem-12624	292	24	.	.	PUNCT
fbem-12624	293	1	this	this	DET
fbem-12624	293	2	observation	observation	NOUN
fbem-12624	293	3	indicates	indicate	VERB
fbem-12624	293	4	that	that	SCONJ
fbem-12624	293	5	there	there	PRON
fbem-12624	293	6	are	be	VERB
fbem-12624	293	7	unlikely	unlikely	ADJ
fbem-12624	293	8	to	to	PART
fbem-12624	293	9	be	be	AUX
fbem-12624	293	10	any	any	DET
fbem-12624	293	11	missing	miss	VERB
fbem-12624	293	12	unobservable	unobservable	ADJ
fbem-12624	293	13	variables	variable	NOUN
fbem-12624	293	14	,	,	PUNCT
fbem-12624	293	15	and	and	CCONJ
fbem-12624	293	16	our	our	PRON
fbem-12624	293	17	regression	regression	NOUN
fbem-12624	293	18	results	result	NOUN
fbem-12624	293	19	are	be	AUX
fbem-12624	293	20	less	less	ADV
fbem-12624	293	21	likely	likely	ADJ
fbem-12624	293	22	to	to	PART
fbem-12624	293	23	be	be	AUX
fbem-12624	293	24	caused	cause	VERB
fbem-12624	293	25	by	by	ADP
fbem-12624	293	26	selection	selection	NOUN
fbem-12624	293	27	errors	error	NOUN
fbem-12624	293	28	due	due	ADJ
fbem-12624	293	29	to	to	ADP
fbem-12624	293	30	missing	miss	VERB
fbem-12624	293	31	unobservable	unobservable	ADJ
fbem-12624	293	32	variables	variable	NOUN
fbem-12624	293	33	.	.	PUNCT
fbem-12624	294	1	table	table	NOUN
fbem-12624	294	2	6	6	NUM
fbem-12624	294	3	.	.	PUNCT
fbem-12624	295	1	cross	cross	ADJ
fbem-12624	295	2	-	-	ADJ
fbem-12624	295	3	sectional	sectional	ADJ
fbem-12624	295	4	analyses	analysis	NOUN
fbem-12624	295	5	panel	panel	NOUN
fbem-12624	295	6	a	a	DET
fbem-12624	295	7	:	:	PUNCT
fbem-12624	295	8	soes	soe	NOUN
fbem-12624	295	9	vs.	vs.	CCONJ
fbem-12624	295	10	non	non	ADJ
fbem-12624	295	11	-	-	ADJ
fbem-12624	295	12	soes	soe	NOUN
fbem-12624	295	13	dv=	dv=	PROPN
fbem-12624	295	14	tfp	tfp	PROPN
fbem-12624	295	15	(	(	PUNCT
fbem-12624	295	16	1	1	NUM
fbem-12624	295	17	)	)	PUNCT
fbem-12624	295	18	soes	soe	NOUN
fbem-12624	295	19	(	(	PUNCT
fbem-12624	295	20	2	2	NUM
fbem-12624	295	21	)	)	PUNCT
fbem-12624	295	22	non	non	ADJ
fbem-12624	295	23	-	-	ADJ
fbem-12624	295	24	soes	soe	NOUN
fbem-12624	295	25	posttreat	posttreat	NOUN
fbem-12624	295	26	0.031	0.031	NUM
fbem-12624	295	27	0.047	0.047	NUM
fbem-12624	295	28	*	*	PUNCT
fbem-12624	295	29	*	*	PUNCT
fbem-12624	295	30	*	*	PUNCT
fbem-12624	295	31	(	(	PUNCT
fbem-12624	295	32	1.593	1.593	NUM
fbem-12624	295	33	)	)	PUNCT
fbem-12624	295	34	(	(	PUNCT
fbem-12624	295	35	3.660	3.660	NUM
fbem-12624	295	36	)	)	PUNCT
fbem-12624	295	37	controls	control	VERB
fbem-12624	295	38	yes	yes	INTJ
fbem-12624	296	1	yes	yes	INTJ
fbem-12624	297	1	province×year	province×year	NOUN
fbem-12624	297	2	fe	fe	INTJ
fbem-12624	298	1	yes	yes	INTJ
fbem-12624	298	2	yes	yes	INTJ
fbem-12624	298	3	industry×year	industry×year	INTJ
fbem-12624	298	4	fe	fe	INTJ
fbem-12624	299	1	yes	yes	INTJ
fbem-12624	299	2	yes	yes	INTJ
fbem-12624	299	3	firm	firm	ADJ
fbem-12624	299	4	fe	fe	INTJ
fbem-12624	300	1	yes	yes	INTJ
fbem-12624	300	2	yes	yes	INTJ
fbem-12624	300	3	year	year	NOUN
fbem-12624	300	4	fe	fe	INTJ
fbem-12624	301	1	yes	yes	INTJ
fbem-12624	301	2	yes	yes	INTJ
fbem-12624	301	3	n	n	ADV
fbem-12624	301	4	4,273	4,273	NUM
fbem-12624	301	5	9,860	9,860	NUM
fbem-12624	301	6	adjusted	adjust	VERB
fbem-12624	301	7	r2	r2	PROPN
fbem-12624	301	8	0.048	0.048	NUM
fbem-12624	301	9	0.054	0.054	NUM
fbem-12624	301	10	panel	panel	NOUN
fbem-12624	301	11	b	b	NOUN
fbem-12624	301	12	:	:	PUNCT
fbem-12624	301	13	capital	capital	NOUN
fbem-12624	301	14	-	-	PUNCT
fbem-12624	301	15	intensive	intensive	ADJ
fbem-12624	301	16	firms	firm	NOUN
fbem-12624	301	17	vs.	vs.	ADP
fbem-12624	301	18	labor	labor	NOUN
fbem-12624	301	19	-	-	PUNCT
fbem-12624	301	20	intensive	intensive	ADJ
fbem-12624	301	21	firms	firm	NOUN
fbem-12624	301	22	dv=	dv=	VERB
fbem-12624	301	23	tfp	tfp	PROPN
fbem-12624	301	24	(	(	PUNCT
fbem-12624	301	25	1	1	NUM
fbem-12624	301	26	)	)	PUNCT
fbem-12624	301	27	capital	capital	NOUN
fbem-12624	301	28	-	-	PUNCT
fbem-12624	301	29	intensive	intensive	ADJ
fbem-12624	301	30	firms	firm	NOUN
fbem-12624	301	31	(	(	PUNCT
fbem-12624	301	32	2	2	NUM
fbem-12624	301	33	)	)	PUNCT
fbem-12624	301	34	labor	labor	NOUN
fbem-12624	301	35	-	-	PUNCT
fbem-12624	301	36	intensive	intensive	ADJ
fbem-12624	301	37	firms	firm	NOUN
fbem-12624	301	38	posttreat	posttreat	VERB
fbem-12624	301	39	0.024	0.024	NUM
fbem-12624	301	40	0.074	0.074	NUM
fbem-12624	301	41	*	*	PUNCT
fbem-12624	301	42	*	*	PUNCT
fbem-12624	301	43	*	*	PUNCT
fbem-12624	301	44	(	(	PUNCT
fbem-12624	301	45	1.428	1.428	NUM
fbem-12624	301	46	)	)	PUNCT
fbem-12624	301	47	(	(	PUNCT
fbem-12624	301	48	5.000	5.000	NUM
fbem-12624	301	49	)	)	PUNCT
fbem-12624	301	50	controls	control	NOUN
fbem-12624	302	1	yes	yes	INTJ
fbem-12624	302	2	yes	yes	INTJ
fbem-12624	303	1	province×year	province×year	NOUN
fbem-12624	303	2	fe	fe	INTJ
fbem-12624	304	1	yes	yes	INTJ
fbem-12624	304	2	yes	yes	INTJ
fbem-12624	304	3	industry×year	industry×year	INTJ
fbem-12624	304	4	fe	fe	INTJ
fbem-12624	305	1	yes	yes	INTJ
fbem-12624	305	2	yes	yes	INTJ
fbem-12624	305	3	firm	firm	ADJ
fbem-12624	305	4	fe	fe	INTJ
fbem-12624	306	1	yes	yes	INTJ
fbem-12624	306	2	yes	yes	INTJ
fbem-12624	306	3	year	year	NOUN
fbem-12624	306	4	fe	fe	INTJ
fbem-12624	307	1	yes	yes	INTJ
fbem-12624	307	2	yes	yes	INTJ
fbem-12624	308	1	n	n	ADV
fbem-12624	308	2	6,799	6,799	NUM
fbem-12624	308	3	7,334	7,334	NUM
fbem-12624	308	4	adjusted	adjust	VERB
fbem-12624	308	5	r2	r2	NOUN
fbem-12624	308	6	0.036	0.036	NUM
fbem-12624	308	7	0.073	0.073	NUM
fbem-12624	308	8	panel	panel	NOUN
fbem-12624	308	9	c：firms	c：firm	VERB
fbem-12624	308	10	with	with	ADP
fbem-12624	308	11	and	and	CCONJ
fbem-12624	308	12	without	without	ADP
fbem-12624	308	13	financial	financial	ADJ
fbem-12624	308	14	constraints	constraint	NOUN
fbem-12624	308	15	dv=	dv=	PROPN
fbem-12624	308	16	tfp	tfp	PROPN
fbem-12624	308	17	(	(	PUNCT
fbem-12624	308	18	1	1	NUM
fbem-12624	308	19	)	)	PUNCT
fbem-12624	308	20	firms	firm	NOUN
fbem-12624	308	21	with	with	ADP
fbem-12624	308	22	financial	financial	ADJ
fbem-12624	308	23	constraints	constraint	NOUN
fbem-12624	308	24	(	(	PUNCT
fbem-12624	308	25	2	2	NUM
fbem-12624	308	26	)	)	PUNCT
fbem-12624	308	27	firms	firm	NOUN
fbem-12624	308	28	without	without	ADP
fbem-12624	308	29	financial	financial	ADJ
fbem-12624	308	30	constraints	constraint	NOUN
fbem-12624	308	31	posttreat	posttreat	VERB
fbem-12624	308	32	0.068	0.068	NUM
fbem-12624	308	33	*	*	PUNCT
fbem-12624	308	34	*	*	PUNCT
fbem-12624	308	35	*	*	X
fbem-12624	308	36	0.024	0.024	NUM
fbem-12624	308	37	(	(	PUNCT
fbem-12624	308	38	4.246	4.246	NUM
fbem-12624	308	39	)	)	PUNCT
fbem-12624	308	40	(	(	PUNCT
fbem-12624	308	41	1.603	1.603	NUM
fbem-12624	308	42	)	)	PUNCT
fbem-12624	308	43	controls	control	NOUN
fbem-12624	309	1	yes	yes	INTJ
fbem-12624	309	2	yes	yes	INTJ
fbem-12624	310	1	province×year	province×year	NOUN
fbem-12624	310	2	fe	fe	INTJ
fbem-12624	311	1	yes	yes	INTJ
fbem-12624	311	2	yes	yes	INTJ
fbem-12624	311	3	industry×year	industry×year	INTJ
fbem-12624	311	4	fe	fe	INTJ
fbem-12624	312	1	yes	yes	INTJ
fbem-12624	312	2	yes	yes	INTJ
fbem-12624	312	3	firm	firm	ADJ
fbem-12624	312	4	fe	fe	INTJ
fbem-12624	313	1	yes	yes	INTJ
fbem-12624	313	2	yes	yes	INTJ
fbem-12624	313	3	year	year	NOUN
fbem-12624	313	4	fe	fe	INTJ
fbem-12624	314	1	yes	yes	INTJ
fbem-12624	314	2	yes	yes	INTJ
fbem-12624	315	1	n	n	ADV
fbem-12624	315	2	7,550	7,550	NUM
fbem-12624	315	3	6,583	6,583	NUM
fbem-12624	315	4	adjusted	adjust	VERB
fbem-12624	315	5	r2	r2	NOUN
fbem-12624	315	6	0.024	0.024	NUM
fbem-12624	315	7	0.113	0.113	NUM
fbem-12624	315	8	panel	panel	NOUN
fbem-12624	315	9	d：high	d：high	ADJ
fbem-12624	315	10	vs.	vs.	ADP
fbem-12624	315	11	low	low	ADJ
fbem-12624	315	12	growth	growth	NOUN
fbem-12624	315	13	firms	firm	NOUN
fbem-12624	315	14	dv=	dv=	VERB
fbem-12624	315	15	tfp	tfp	PROPN
fbem-12624	315	16	(	(	PUNCT
fbem-12624	315	17	1	1	NUM
fbem-12624	315	18	)	)	PUNCT
fbem-12624	315	19	high	high	ADJ
fbem-12624	315	20	growth	growth	NOUN
fbem-12624	315	21	firms	firm	NOUN
fbem-12624	315	22	(	(	PUNCT
fbem-12624	315	23	2	2	NUM
fbem-12624	315	24	)	)	PUNCT
fbem-12624	315	25	low	low	ADJ
fbem-12624	315	26	growth	growth	NOUN
fbem-12624	315	27	firms	firm	NOUN
fbem-12624	315	28	posttreat	posttreat	VERB
fbem-12624	315	29	0.063	0.063	NUM
fbem-12624	315	30	*	*	PUNCT
fbem-12624	315	31	*	*	PUNCT
fbem-12624	315	32	*	*	PROPN
fbem-12624	315	33	0.021	0.021	NUM
fbem-12624	315	34	(	(	PUNCT
fbem-12624	315	35	4.006	4.006	NUM
fbem-12624	315	36	)	)	PUNCT
fbem-12624	315	37	(	(	PUNCT
fbem-12624	315	38	1.434	1.434	NUM
fbem-12624	315	39	)	)	PUNCT
fbem-12624	315	40	controls	control	NOUN
fbem-12624	315	41	yes	yes	INTJ
fbem-12624	316	1	yes	yes	INTJ
fbem-12624	317	1	province×year	province×year	NOUN
fbem-12624	317	2	fe	fe	INTJ
fbem-12624	318	1	yes	yes	INTJ
fbem-12624	318	2	yes	yes	INTJ
fbem-12624	318	3	industry×year	industry×year	INTJ
fbem-12624	318	4	fe	fe	INTJ
fbem-12624	319	1	yes	yes	INTJ
fbem-12624	319	2	yes	yes	INTJ
fbem-12624	319	3	firm	firm	ADJ
fbem-12624	319	4	fe	fe	INTJ
fbem-12624	320	1	yes	yes	INTJ
fbem-12624	320	2	yes	yes	INTJ
fbem-12624	320	3	year	year	NOUN
fbem-12624	320	4	fe	fe	INTJ
fbem-12624	321	1	yes	yes	INTJ
fbem-12624	321	2	yes	yes	INTJ
fbem-12624	322	1	n	n	ADV
fbem-12624	322	2	6,502	6,502	NUM
fbem-12624	322	3	7,631	7,631	NUM
fbem-12624	322	4	adjusted	adjust	VERB
fbem-12624	322	5	r2	r2	PROPN
fbem-12624	322	6	0.049	0.049	NUM
fbem-12624	322	7	0.138	0.138	NUM
fbem-12624	322	8	panel	panel	NOUN
fbem-12624	322	9	e：high	e：high	PROPN
fbem-12624	322	10	vs.	vs.	ADP
fbem-12624	322	11	low	low	ADJ
fbem-12624	322	12	marketization	marketization	NOUN
fbem-12624	322	13	firms	firm	NOUN
fbem-12624	322	14	dv=	dv=	VERB
fbem-12624	322	15	tfp	tfp	PROPN
fbem-12624	322	16	(	(	PUNCT
fbem-12624	322	17	1	1	NUM
fbem-12624	322	18	)	)	PUNCT
fbem-12624	322	19	high	high	ADJ
fbem-12624	322	20	marketization	marketization	NOUN
fbem-12624	322	21	firms	firm	NOUN
fbem-12624	322	22	(	(	PUNCT
fbem-12624	322	23	2	2	NUM
fbem-12624	322	24	)	)	PUNCT
fbem-12624	322	25	low	low	ADJ
fbem-12624	322	26	marketization	marketization	NOUN
fbem-12624	322	27	firms	firm	NOUN
fbem-12624	322	28	posttreat	posttreat	VERB
fbem-12624	322	29	0.061	0.061	PRON
fbem-12624	322	30	*	*	PUNCT
fbem-12624	322	31	*	*	PUNCT
fbem-12624	322	32	*	*	PUNCT
fbem-12624	322	33	-0.005	-0.005	INTJ
fbem-12624	322	34	(	(	PUNCT
fbem-12624	322	35	4.648	4.648	NUM
fbem-12624	322	36	)	)	PUNCT
fbem-12624	322	37	(	(	PUNCT
fbem-12624	322	38	-0.278	-0.278	NOUN
fbem-12624	322	39	)	)	PUNCT
fbem-12624	322	40	controls	control	NOUN
fbem-12624	323	1	yes	yes	INTJ
fbem-12624	324	1	yes	yes	INTJ
fbem-12624	325	1	province×year	province×year	NOUN
fbem-12624	325	2	fe	fe	INTJ
fbem-12624	326	1	yes	yes	INTJ
fbem-12624	326	2	yes	yes	INTJ
fbem-12624	326	3	industry×year	industry×year	INTJ
fbem-12624	326	4	fe	fe	INTJ
fbem-12624	327	1	yes	yes	INTJ
fbem-12624	327	2	yes	yes	INTJ
fbem-12624	327	3	firm	firm	ADJ
fbem-12624	327	4	fe	fe	INTJ
fbem-12624	328	1	yes	yes	INTJ
fbem-12624	328	2	yes	yes	INTJ
fbem-12624	328	3	year	year	NOUN
fbem-12624	328	4	fe	fe	INTJ
fbem-12624	329	1	yes	yes	INTJ
fbem-12624	329	2	yes	yes	INTJ
fbem-12624	330	1	n	n	ADV
fbem-12624	331	1	9,997	9,997	NUM
fbem-12624	331	2	4,136	4,136	NUM
fbem-12624	331	3	adjusted	adjust	VERB
fbem-12624	331	4	r2	r2	PROPN
fbem-12624	331	5	0.048	0.048	NUM
fbem-12624	331	6	0.065	0.065	NUM
fbem-12624	331	7	285	285	NUM
fbem-12624	331	8	table	table	NOUN
fbem-12624	331	9	7	7	NUM
fbem-12624	331	10	.	.	PUNCT
fbem-12624	332	1	robustness	robustness	NOUN
fbem-12624	332	2	checks	check	NOUN
fbem-12624	332	3	(	(	PUNCT
fbem-12624	332	4	1	1	X
fbem-12624	332	5	)	)	PUNCT
fbem-12624	332	6	exclude	exclude	VERB
fbem-12624	332	7	three	three	NUM
fbem-12624	332	8	northeastern	northeastern	ADJ
fbem-12624	332	9	provinces	province	NOUN
fbem-12624	332	10	(	(	PUNCT
fbem-12624	332	11	2	2	NUM
fbem-12624	332	12	)	)	PUNCT
fbem-12624	332	13	balanced	balanced	ADJ
fbem-12624	332	14	sample	sample	NOUN
fbem-12624	332	15	(	(	PUNCT
fbem-12624	332	16	3	3	X
fbem-12624	332	17	)	)	PUNCT
fbem-12624	332	18	current	current	ADJ
fbem-12624	332	19	assets	asset	NOUN
fbem-12624	332	20	(	(	PUNCT
fbem-12624	332	21	4	4	X
fbem-12624	332	22	)	)	PUNCT
fbem-12624	332	23	randomization	randomization	NOUN
fbem-12624	332	24	of	of	ADP
fbem-12624	332	25	treatment	treatment	NOUN
fbem-12624	332	26	dv=	dv=	PROPN
fbem-12624	332	27	tfp	tfp	PROPN
fbem-12624	332	28	dv	dv	PROPN
fbem-12624	332	29	=	=	PROPN
fbem-12624	332	30	tfp	tfp	PROPN
fbem-12624	332	31	dv	dv	PROPN
fbem-12624	332	32	=	=	PROPN
fbem-12624	332	33	net	net	ADJ
fbem-12624	332	34	current	current	ADJ
fbem-12624	332	35	assets	asset	NOUN
fbem-12624	332	36	dv	dv	PROPN
fbem-12624	332	37	=	=	PROPN
fbem-12624	332	38	tfp	tfp	PROPN
fbem-12624	332	39	posttreat	posttreat	VERB
fbem-12624	332	40	0.052	0.052	PRON
fbem-12624	332	41	*	*	PUNCT
fbem-12624	332	42	*	*	PUNCT
fbem-12624	332	43	*	*	PUNCT
fbem-12624	332	44	0.046	0.046	NUM
fbem-12624	332	45	*	*	PUNCT
fbem-12624	332	46	*	*	PUNCT
fbem-12624	332	47	*	*	NOUN
fbem-12624	332	48	0.208	0.208	NUM
fbem-12624	332	49	(	(	PUNCT
fbem-12624	332	50	4.749	4.749	NUM
fbem-12624	332	51	)	)	PUNCT
fbem-12624	332	52	(	(	PUNCT
fbem-12624	332	53	4.297	4.297	NUM
fbem-12624	332	54	)	)	PUNCT
fbem-12624	332	55	(	(	PUNCT
fbem-12624	332	56	1.374	1.374	NUM
fbem-12624	332	57	)	)	PUNCT
fbem-12624	332	58	treatfalse	treatfalse	NOUN
fbem-12624	332	59	0.001	0.001	NUM
fbem-12624	332	60	(	(	PUNCT
fbem-12624	332	61	0.356	0.356	NUM
fbem-12624	332	62	)	)	PUNCT
fbem-12624	332	63	controls	control	NOUN
fbem-12624	333	1	yes	yes	INTJ
fbem-12624	334	1	yes	yes	INTJ
fbem-12624	335	1	yes	yes	INTJ
fbem-12624	336	1	yes	yes	INTJ
fbem-12624	337	1	province×year	province×year	NOUN
fbem-12624	337	2	fe	fe	INTJ
fbem-12624	338	1	yes	yes	INTJ
fbem-12624	338	2	yes	yes	INTJ
fbem-12624	339	1	yes	yes	INTJ
fbem-12624	340	1	yes	yes	INTJ
fbem-12624	340	2	industry×year	industry×year	INTJ
fbem-12624	340	3	fe	fe	INTJ
fbem-12624	341	1	yes	yes	INTJ
fbem-12624	341	2	yes	yes	INTJ
fbem-12624	342	1	yes	yes	INTJ
fbem-12624	343	1	yes	yes	INTJ
fbem-12624	343	2	firm	firm	ADJ
fbem-12624	343	3	fe	fe	INTJ
fbem-12624	344	1	yes	yes	INTJ
fbem-12624	344	2	yes	yes	INTJ
fbem-12624	345	1	yes	yes	INTJ
fbem-12624	346	1	yes	yes	INTJ
fbem-12624	346	2	year	year	NOUN
fbem-12624	347	1	fe	fe	INTJ
fbem-12624	348	1	yes	yes	INTJ
fbem-12624	348	2	yes	yes	INTJ
fbem-12624	349	1	yes	yes	INTJ
fbem-12624	350	1	yes	yes	INTJ
fbem-12624	351	1	n	n	ADV
fbem-12624	351	2	13,397	13,397	NUM
fbem-12624	351	3	13,122	13,122	NUM
fbem-12624	351	4	14,133	14,133	NUM
fbem-12624	351	5	14,133	14,133	NUM
fbem-12624	351	6	adjusted	adjust	VERB
fbem-12624	351	7	r2	r2	PROPN
fbem-12624	351	8	0.053	0.053	NUM
fbem-12624	351	9	0.050	0.050	NUM
fbem-12624	351	10	0.004	0.004	NUM
fbem-12624	351	11	0.051	0.051	NUM
fbem-12624	351	12	figure	figure	NOUN
fbem-12624	351	13	2	2	NUM
fbem-12624	351	14	.	.	PUNCT
fbem-12624	351	15	placebo	placebo	NOUN
fbem-12624	351	16	test	test	NOUN
fbem-12624	351	17	with	with	ADP
fbem-12624	351	18	randomization	randomization	NOUN
fbem-12624	351	19	of	of	ADP
fbem-12624	351	20	the	the	DET
fbem-12624	351	21	treatment	treatment	NOUN
fbem-12624	351	22	6	6	NUM
fbem-12624	351	23	.	.	PUNCT
fbem-12624	351	24	conclusion	conclusion	NOUN
fbem-12624	351	25	resource	resource	NOUN
fbem-12624	351	26	allocation	allocation	NOUN
fbem-12624	351	27	efficiency	efficiency	NOUN
fbem-12624	351	28	is	be	AUX
fbem-12624	351	29	a	a	DET
fbem-12624	351	30	crucial	crucial	ADJ
fbem-12624	351	31	factor	factor	NOUN
fbem-12624	351	32	affecting	affect	VERB
fbem-12624	351	33	economic	economic	ADJ
fbem-12624	351	34	development	development	NOUN
fbem-12624	351	35	(	(	PUNCT
fbem-12624	351	36	hopenhayn	hopenhayn	PROPN
fbem-12624	351	37	,	,	PUNCT
fbem-12624	351	38	2011	2011	NUM
fbem-12624	351	39	)	)	PUNCT
fbem-12624	351	40	.	.	PUNCT
fbem-12624	352	1	as	as	ADP
fbem-12624	352	2	the	the	DET
fbem-12624	352	3	largest	large	ADJ
fbem-12624	352	4	developing	develop	VERB
fbem-12624	352	5	country	country	NOUN
fbem-12624	352	6	,	,	PUNCT
fbem-12624	352	7	china	china	PROPN
fbem-12624	352	8	's	's	PART
fbem-12624	352	9	capital	capital	NOUN
fbem-12624	352	10	and	and	CCONJ
fbem-12624	352	11	labor	labor	NOUN
fbem-12624	352	12	allocation	allocation	NOUN
fbem-12624	352	13	have	have	AUX
fbem-12624	352	14	been	be	AUX
fbem-12624	352	15	highly	highly	ADV
fbem-12624	352	16	distorted	distort	VERB
fbem-12624	352	17	during	during	ADP
fbem-12624	352	18	the	the	DET
fbem-12624	352	19	past	past	ADJ
fbem-12624	352	20	decades	decade	NOUN
fbem-12624	352	21	(	(	PUNCT
fbem-12624	352	22	hsieh	hsieh	PROPN
fbem-12624	352	23	and	and	CCONJ
fbem-12624	352	24	klenow	klenow	PROPN
fbem-12624	352	25	,	,	PUNCT
fbem-12624	352	26	2009	2009	NUM
fbem-12624	352	27	)	)	PUNCT
fbem-12624	352	28	.	.	PUNCT
fbem-12624	353	1	the	the	DET
fbem-12624	353	2	tax	tax	NOUN
fbem-12624	353	3	incentive	incentive	NOUN
fbem-12624	353	4	has	have	VERB
fbem-12624	353	5	an	an	DET
fbem-12624	353	6	essential	essential	ADJ
fbem-12624	353	7	role	role	NOUN
fbem-12624	353	8	in	in	ADP
fbem-12624	353	9	affecting	affect	VERB
fbem-12624	353	10	resource	resource	NOUN
fbem-12624	353	11	allocation	allocation	NOUN
fbem-12624	353	12	within	within	ADP
fbem-12624	353	13	the	the	DET
fbem-12624	353	14	firm	firm	NOUN
fbem-12624	353	15	.	.	PUNCT
fbem-12624	354	1	in	in	ADP
fbem-12624	354	2	this	this	DET
fbem-12624	354	3	paper	paper	NOUN
fbem-12624	354	4	,	,	PUNCT
fbem-12624	354	5	we	we	PRON
fbem-12624	354	6	examine	examine	VERB
fbem-12624	354	7	the	the	DET
fbem-12624	354	8	impact	impact	NOUN
fbem-12624	354	9	of	of	ADP
fbem-12624	354	10	a	a	DET
fbem-12624	354	11	tax	tax	NOUN
fbem-12624	354	12	reduction	reduction	NOUN
fbem-12624	354	13	policy	policy	NOUN
fbem-12624	354	14	,	,	PUNCT
fbem-12624	354	15	presented	present	VERB
fbem-12624	354	16	by	by	ADP
fbem-12624	354	17	an	an	DET
fbem-12624	354	18	accelerated	accelerated	ADJ
fbem-12624	354	19	depreciation	depreciation	NOUN
fbem-12624	354	20	policy	policy	NOUN
fbem-12624	354	21	launched	launch	VERB
fbem-12624	354	22	by	by	ADP
fbem-12624	354	23	china	china	PROPN
fbem-12624	354	24	in	in	ADP
fbem-12624	354	25	2014	2014	NUM
fbem-12624	354	26	,	,	PUNCT
fbem-12624	354	27	on	on	ADP
fbem-12624	354	28	the	the	DET
fbem-12624	354	29	efficiency	efficiency	NOUN
fbem-12624	354	30	of	of	ADP
fbem-12624	354	31	enterprise	enterprise	NOUN
fbem-12624	354	32	resource	resource	NOUN
fbem-12624	354	33	allocation	allocation	NOUN
fbem-12624	354	34	and	and	CCONJ
fbem-12624	354	35	enhancement	enhancement	NOUN
fbem-12624	354	36	in	in	ADP
fbem-12624	354	37	firms	firm	NOUN
fbem-12624	354	38	’	'	PUNCT
fbem-12624	354	39	value	value	NOUN
fbem-12624	354	40	.	.	PUNCT
fbem-12624	355	1	we	we	PRON
fbem-12624	355	2	discover	discover	VERB
fbem-12624	355	3	that	that	SCONJ
fbem-12624	355	4	,	,	PUNCT
fbem-12624	355	5	relative	relative	ADJ
fbem-12624	355	6	to	to	ADP
fbem-12624	355	7	control	control	NOUN
fbem-12624	355	8	firms	firm	NOUN
fbem-12624	355	9	,	,	PUNCT
fbem-12624	355	10	treatment	treatment	NOUN
fbem-12624	355	11	firms	firm	NOUN
fbem-12624	355	12	that	that	PRON
fbem-12624	355	13	received	receive	VERB
fbem-12624	355	14	the	the	DET
fbem-12624	355	15	accelerated	accelerated	ADJ
fbem-12624	355	16	depreciation	depreciation	NOUN
fbem-12624	355	17	tax	tax	NOUN
fbem-12624	355	18	treatment	treatment	NOUN
fbem-12624	355	19	experience	experience	NOUN
fbem-12624	355	20	significantly	significantly	ADV
fbem-12624	355	21	improved	improve	VERB
fbem-12624	355	22	in	in	ADP
fbem-12624	355	23	tfp	tfp	PROPN
fbem-12624	355	24	both	both	PRON
fbem-12624	355	25	immediately	immediately	ADV
fbem-12624	355	26	and	and	CCONJ
fbem-12624	355	27	in	in	ADP
fbem-12624	355	28	the	the	DET
fbem-12624	355	29	long	long	ADJ
fbem-12624	355	30	term	term	NOUN
fbem-12624	355	31	.	.	PUNCT
fbem-12624	356	1	further	further	ADJ
fbem-12624	356	2	analyses	analysis	NOUN
fbem-12624	356	3	reveal	reveal	VERB
fbem-12624	356	4	that	that	SCONJ
fbem-12624	356	5	the	the	DET
fbem-12624	356	6	higher	high	ADJ
fbem-12624	356	7	firm	firm	ADJ
fbem-12624	356	8	value	value	NOUN
fbem-12624	356	9	is	be	AUX
fbem-12624	356	10	achieved	achieve	VERB
fbem-12624	356	11	through	through	ADP
fbem-12624	356	12	enhanced	enhance	VERB
fbem-12624	356	13	capital	capital	NOUN
fbem-12624	356	14	structure	structure	NOUN
fbem-12624	356	15	and	and	CCONJ
fbem-12624	356	16	more	more	ADV
fbem-12624	356	17	productive	productive	ADJ
fbem-12624	356	18	innovation	innovation	NOUN
fbem-12624	356	19	activities	activity	NOUN
fbem-12624	356	20	.	.	PUNCT
fbem-12624	357	1	we	we	PRON
fbem-12624	357	2	further	far	ADV
fbem-12624	357	3	find	find	VERB
fbem-12624	357	4	that	that	SCONJ
fbem-12624	357	5	the	the	DET
fbem-12624	357	6	beneficial	beneficial	ADJ
fbem-12624	357	7	effect	effect	NOUN
fbem-12624	357	8	is	be	AUX
fbem-12624	357	9	more	more	ADV
fbem-12624	357	10	pronounced	pronounce	VERB
fbem-12624	357	11	in	in	ADP
fbem-12624	357	12	state	state	NOUN
fbem-12624	357	13	-	-	PUNCT
fbem-12624	357	14	owned	own	VERB
fbem-12624	357	15	enterprises	enterprise	NOUN
fbem-12624	357	16	(	(	PUNCT
fbem-12624	357	17	soe	soe	PROPN
fbem-12624	357	18	)	)	PUNCT
fbem-12624	357	19	and	and	CCONJ
fbem-12624	357	20	in	in	ADP
fbem-12624	357	21	firms	firm	NOUN
fbem-12624	357	22	with	with	ADP
fbem-12624	357	23	higher	high	ADJ
fbem-12624	357	24	labor	labor	NOUN
fbem-12624	357	25	intensity	intensity	NOUN
fbem-12624	357	26	,	,	PUNCT
fbem-12624	357	27	more	more	ADJ
fbem-12624	357	28	financial	financial	ADJ
fbem-12624	357	29	constraints	constraint	NOUN
fbem-12624	357	30	,	,	PUNCT
fbem-12624	357	31	higher	high	ADJ
fbem-12624	357	32	growth	growth	NOUN
fbem-12624	357	33	,	,	PUNCT
fbem-12624	357	34	and	and	CCONJ
fbem-12624	357	35	high	high	ADJ
fbem-12624	357	36	marketization	marketization	NOUN
fbem-12624	357	37	area	area	NOUN
fbem-12624	357	38	locations	location	NOUN
fbem-12624	357	39	.	.	PUNCT
fbem-12624	358	1	our	our	PRON
fbem-12624	358	2	paper	paper	NOUN
fbem-12624	358	3	uniquely	uniquely	ADV
fbem-12624	358	4	contributes	contribute	VERB
fbem-12624	358	5	to	to	ADP
fbem-12624	358	6	the	the	DET
fbem-12624	358	7	literature	literature	NOUN
fbem-12624	358	8	in	in	ADP
fbem-12624	358	9	many	many	ADJ
fbem-12624	358	10	ways	way	NOUN
fbem-12624	358	11	.	.	PUNCT
fbem-12624	359	1	we	we	PRON
fbem-12624	359	2	provide	provide	VERB
fbem-12624	359	3	empirical	empirical	ADJ
fbem-12624	359	4	evidence	evidence	NOUN
fbem-12624	359	5	for	for	ADP
fbem-12624	359	6	the	the	DET
fbem-12624	359	7	relationship	relationship	NOUN
fbem-12624	359	8	between	between	ADP
fbem-12624	359	9	tax	tax	NOUN
fbem-12624	359	10	incentives	incentive	NOUN
fbem-12624	359	11	and	and	CCONJ
fbem-12624	359	12	enterprise	enterprise	NOUN
fbem-12624	359	13	resource	resource	NOUN
fbem-12624	359	14	allocation	allocation	NOUN
fbem-12624	359	15	and	and	CCONJ
fbem-12624	359	16	firm	firm	ADJ
fbem-12624	359	17	value	value	NOUN
fbem-12624	359	18	.	.	PUNCT
fbem-12624	360	1	our	our	PRON
fbem-12624	360	2	study	study	NOUN
fbem-12624	360	3	also	also	ADV
fbem-12624	360	4	shows	show	VERB
fbem-12624	360	5	that	that	PRON
fbem-12624	360	6	accelerated	accelerate	VERB
fbem-12624	360	7	depreciation	depreciation	NOUN
fbem-12624	360	8	policy	policy	NOUN
fbem-12624	360	9	can	can	AUX
fbem-12624	360	10	promote	promote	VERB
fbem-12624	360	11	technological	technological	ADJ
fbem-12624	360	12	upgrades	upgrade	NOUN
fbem-12624	360	13	by	by	ADP
fbem-12624	360	14	reducing	reduce	VERB
fbem-12624	360	15	the	the	DET
fbem-12624	360	16	cost	cost	NOUN
fbem-12624	360	17	of	of	ADP
fbem-12624	360	18	investment	investment	NOUN
fbem-12624	360	19	in	in	ADP
fbem-12624	360	20	fixed	fix	VERB
fbem-12624	360	21	assets	asset	NOUN
fbem-12624	360	22	and	and	CCONJ
fbem-12624	360	23	mobilizing	mobilize	VERB
fbem-12624	360	24	the	the	DET
fbem-12624	360	25	willingness	willingness	NOUN
fbem-12624	360	26	and	and	CCONJ
fbem-12624	360	27	enthusiasm	enthusiasm	NOUN
fbem-12624	360	28	of	of	ADP
fbem-12624	360	29	investment	investment	NOUN
fbem-12624	360	30	in	in	ADP
fbem-12624	360	31	fixed	fix	VERB
fbem-12624	360	32	assets	asset	NOUN
fbem-12624	360	33	.	.	PUNCT
fbem-12624	361	1	additionally	additionally	ADV
fbem-12624	361	2	,	,	PUNCT
fbem-12624	361	3	our	our	PRON
fbem-12624	361	4	study	study	NOUN
fbem-12624	361	5	clarifies	clarify	VERB
fbem-12624	361	6	the	the	DET
fbem-12624	361	7	economic	economic	ADJ
fbem-12624	361	8	impact	impact	NOUN
fbem-12624	361	9	of	of	ADP
fbem-12624	361	10	tax	tax	NOUN
fbem-12624	361	11	incentive	incentive	NOUN
fbem-12624	361	12	policies	policy	NOUN
fbem-12624	361	13	in	in	ADP
fbem-12624	361	14	china	china	PROPN
fbem-12624	361	15	,	,	PUNCT
fbem-12624	361	16	especially	especially	ADV
fbem-12624	361	17	for	for	ADP
fbem-12624	361	18	developing	develop	VERB
fbem-12624	361	19	countries	country	NOUN
fbem-12624	361	20	that	that	PRON
fbem-12624	361	21	may	may	AUX
fbem-12624	361	22	seek	seek	VERB
fbem-12624	361	23	to	to	PART
fbem-12624	361	24	use	use	VERB
fbem-12624	361	25	tax	tax	NOUN
fbem-12624	361	26	incentives	incentive	NOUN
fbem-12624	361	27	to	to	PART
fbem-12624	361	28	promote	promote	VERB
fbem-12624	361	29	fixed	fix	VERB
fbem-12624	361	30	investment	investment	NOUN
fbem-12624	361	31	and	and	CCONJ
fbem-12624	361	32	technological	technological	ADJ
fbem-12624	361	33	upgrades	upgrade	NOUN
fbem-12624	361	34	.	.	PUNCT
fbem-12624	362	1	acknowledgment	acknowledgment	NOUN
fbem-12624	362	2	we	we	PRON
fbem-12624	362	3	thank	thank	VERB
fbem-12624	362	4	jianqiang	jianqiang	PROPN
fbem-12624	362	5	li	li	PROPN
fbem-12624	362	6	for	for	ADP
fbem-12624	362	7	the	the	DET
fbem-12624	362	8	data	datum	NOUN
fbem-12624	362	9	dealing	dealing	NOUN
fbem-12624	362	10	process	process	NOUN
fbem-12624	362	11	.	.	PUNCT
fbem-12624	363	1	references	reference	NOUN
fbem-12624	363	2	[	[	X
fbem-12624	363	3	1	1	NUM
fbem-12624	363	4	]	]	X
fbem-12624	363	5	aboody	aboody	NOUN
fbem-12624	363	6	,	,	PUNCT
fbem-12624	363	7	d.	d.	PROPN
fbem-12624	363	8	,	,	PUNCT
fbem-12624	363	9	lev	lev	PROPN
fbem-12624	363	10	,	,	PUNCT
fbem-12624	363	11	b.	b.	PROPN
fbem-12624	363	12	(	(	PUNCT
fbem-12624	363	13	2000	2000	NUM
fbem-12624	363	14	)	)	PUNCT
fbem-12624	363	15	.	.	PUNCT
fbem-12624	364	1	information	information	NOUN
fbem-12624	364	2	asymmetry	asymmetry	PROPN
fbem-12624	364	3	,	,	PUNCT
fbem-12624	364	4	r&d	r&d	NOUN
fbem-12624	364	5	,	,	PUNCT
fbem-12624	364	6	and	and	CCONJ
fbem-12624	364	7	insider	insider	NOUN
fbem-12624	364	8	gains	gain	NOUN
fbem-12624	364	9	.	.	PUNCT
fbem-12624	365	1	journal	journal	PROPN
fbem-12624	365	2	of	of	ADP
fbem-12624	365	3	finance	finance	NOUN
fbem-12624	365	4	,	,	PUNCT
fbem-12624	365	5	55(6	55(6	NUM
fbem-12624	365	6	)	)	PUNCT
fbem-12624	365	7	,	,	PUNCT
fbem-12624	365	8	2747–2766	2747–2766	NUM
fbem-12624	365	9	.	.	PUNCT
fbem-12624	366	1	[	[	X
fbem-12624	366	2	2	2	NUM
fbem-12624	366	3	]	]	PUNCT
fbem-12624	366	4	adkins	adkins	PROPN
fbem-12624	366	5	,	,	PUNCT
fbem-12624	366	6	r.	r.	PROPN
fbem-12624	366	7	,	,	PUNCT
fbem-12624	366	8	&	&	CCONJ
fbem-12624	366	9	paxson	paxson	PROPN
fbem-12624	366	10	,	,	PUNCT
fbem-12624	366	11	d.	d.	PROPN
fbem-12624	366	12	(	(	PUNCT
fbem-12624	366	13	2013	2013	NUM
fbem-12624	366	14	)	)	PUNCT
fbem-12624	366	15	.	.	PUNCT
fbem-12624	367	1	the	the	DET
fbem-12624	367	2	effect	effect	NOUN
fbem-12624	367	3	of	of	ADP
fbem-12624	367	4	tax	tax	NOUN
fbem-12624	367	5	depreciation	depreciation	NOUN
fbem-12624	367	6	on	on	ADP
fbem-12624	367	7	the	the	DET
fbem-12624	367	8	stochastic	stochastic	ADJ
fbem-12624	367	9	replacement	replacement	NOUN
fbem-12624	367	10	policy	policy	NOUN
fbem-12624	367	11	.	.	PUNCT
fbem-12624	368	1	european	european	ADJ
fbem-12624	368	2	journal	journal	PROPN
fbem-12624	368	3	of	of	ADP
fbem-12624	368	4	operational	operational	ADJ
fbem-12624	368	5	research	research	NOUN
fbem-12624	368	6	,	,	PUNCT
fbem-12624	368	7	229(1	229(1	NUM
fbem-12624	368	8	)	)	PUNCT
fbem-12624	368	9	,	,	PUNCT
fbem-12624	368	10	155	155	NUM
fbem-12624	368	11	-	-	SYM
fbem-12624	368	12	164	164	NUM
fbem-12624	368	13	.	.	PUNCT
fbem-12624	369	1	[	[	X
fbem-12624	369	2	3	3	NUM
fbem-12624	369	3	]	]	X
fbem-12624	369	4	allen	allen	PROPN
fbem-12624	369	5	,	,	PUNCT
fbem-12624	369	6	r.	r.	PROPN
fbem-12624	369	7	c.	c.	PROPN
fbem-12624	369	8	(	(	PUNCT
fbem-12624	369	9	2009	2009	NUM
fbem-12624	369	10	)	)	PUNCT
fbem-12624	369	11	.	.	PUNCT
fbem-12624	370	1	the	the	DET
fbem-12624	370	2	british	british	PROPN
fbem-12624	370	3	industrial	industrial	PROPN
fbem-12624	370	4	revolution	revolution	PROPN
fbem-12624	370	5	in	in	ADP
fbem-12624	370	6	global	global	ADJ
fbem-12624	370	7	perspective	perspective	PROPN
fbem-12624	370	8	.	.	PUNCT
fbem-12624	371	1	cambridge	cambridge	PROPN
fbem-12624	371	2	university	university	PROPN
fbem-12624	371	3	press	press	NOUN
fbem-12624	371	4	.	.	PUNCT
fbem-12624	372	1	[	[	X
fbem-12624	372	2	4	4	NUM
fbem-12624	372	3	]	]	X
fbem-12624	372	4	bena	bena	PROPN
fbem-12624	372	5	,	,	PUNCT
fbem-12624	372	6	j.	j.	PROPN
fbem-12624	372	7	,	,	PUNCT
fbem-12624	372	8	&	&	CCONJ
fbem-12624	372	9	simintzi	simintzi	PROPN
fbem-12624	372	10	,	,	PUNCT
fbem-12624	372	11	e.	e.	PROPN
fbem-12624	372	12	(	(	PUNCT
fbem-12624	372	13	2017	2017	NUM
fbem-12624	372	14	)	)	PUNCT
fbem-12624	372	15	.	.	PUNCT
fbem-12624	373	1	globalization	globalization	NOUN
fbem-12624	373	2	of	of	ADP
fbem-12624	373	3	work	work	NOUN
fbem-12624	373	4	and	and	CCONJ
fbem-12624	373	5	innovation	innovation	NOUN
fbem-12624	373	6	:	:	PUNCT
fbem-12624	373	7	evidence	evidence	NOUN
fbem-12624	373	8	from	from	ADP
fbem-12624	373	9	doing	do	VERB
fbem-12624	373	10	business	business	NOUN
fbem-12624	373	11	in	in	ADP
fbem-12624	373	12	china	china	PROPN
fbem-12624	373	13	.	.	PUNCT
fbem-12624	374	1	discussion	discussion	NOUN
fbem-12624	374	2	paper	paper	NOUN
fbem-12624	374	3	.	.	PUNCT
fbem-12624	375	1	0	0	NUM
fbem-12624	376	1	.0	.0	NUM
fbem-12624	376	2	5	5	NUM
fbem-12624	376	3	.1	.1	NUM
fbem-12624	376	4	.1	.1	NUM
fbem-12624	377	1	5	5	NUM
fbem-12624	378	1	p	p	NOUN
fbem-12624	378	2	-v	-v	PUNCT
fbem-12624	378	3	a	a	DET
fbem-12624	378	4	lu	lu	NOUN
fbem-12624	378	5	e	e	NOUN
fbem-12624	378	6	.4	.4	NUM
fbem-12624	379	1	.6	.6	NUM
fbem-12624	380	1	.8	.8	NUM
fbem-12624	380	2	1	1	NUM
fbem-12624	380	3	1	1	NUM
fbem-12624	380	4	.2	.2	NUM
fbem-12624	380	5	-.5	-.5	PROPN
fbem-12624	380	6	-.4	-.4	PROPN
fbem-12624	381	1	-.3	-.3	PROPN
fbem-12624	381	2	-.2	-.2	PROPN
fbem-12624	381	3	-.1	-.1	PROPN
fbem-12624	381	4	0	0	NUM
fbem-12624	381	5	.1	.1	NUM
fbem-12624	382	1	.2	.2	NUM
fbem-12624	382	2	.3	.3	NUM
fbem-12624	382	3	.4	.4	NUM
fbem-12624	382	4	.5	.5	NUM
fbem-12624	382	5	estimates	estimate	VERB
fbem-12624	382	6	kdensity	kdensity	NOUN
fbem-12624	382	7	of	of	ADP
fbem-12624	382	8	estimates	estimate	NOUN
fbem-12624	382	9	p	p	NOUN
fbem-12624	382	10	value	value	NOUN
fbem-12624	382	11	286	286	NUM
fbem-12624	382	12	[	[	SYM
fbem-12624	382	13	5	5	NUM
fbem-12624	382	14	]	]	PUNCT
fbem-12624	382	15	bernini	bernini	PROPN
fbem-12624	382	16	c.	c.	PROPN
fbem-12624	382	17	,	,	PUNCT
fbem-12624	382	18	cerqua	cerqua	NOUN
fbem-12624	382	19	a.	a.	PROPN
fbem-12624	382	20	,	,	PUNCT
fbem-12624	382	21	&	&	CCONJ
fbem-12624	382	22	pellegrini	pellegrini	PROPN
fbem-12624	382	23	g.	g.	PROPN
fbem-12624	382	24	(	(	PUNCT
fbem-12624	382	25	2017	2017	NUM
fbem-12624	382	26	)	)	PUNCT
fbem-12624	382	27	.	.	PUNCT
fbem-12624	383	1	public	public	ADJ
fbem-12624	383	2	subsidies	subsidy	NOUN
fbem-12624	383	3	,	,	PUNCT
fbem-12624	383	4	tfp	tfp	PROPN
fbem-12624	383	5	and	and	CCONJ
fbem-12624	383	6	efficiency	efficiency	NOUN
fbem-12624	383	7	:	:	PUNCT
fbem-12624	383	8	a	a	DET
fbem-12624	383	9	tale	tale	NOUN
fbem-12624	383	10	of	of	ADP
fbem-12624	383	11	complex	complex	ADJ
fbem-12624	383	12	relationships	relationship	NOUN
fbem-12624	383	13	,	,	PUNCT
fbem-12624	383	14	research	research	NOUN
fbem-12624	383	15	policy	policy	NOUN
fbem-12624	383	16	,	,	PUNCT
fbem-12624	383	17	46(4	46(4	NOUN
fbem-12624	383	18	):	):	PUNCT
fbem-12624	383	19	751−767	751−767	X
fbem-12624	383	20	.	.	PUNCT
fbem-12624	384	1	[	[	X
fbem-12624	384	2	6	6	NUM
fbem-12624	384	3	]	]	X
fbem-12624	384	4	bertrand	bertrand	PROPN
fbem-12624	384	5	,	,	PUNCT
fbem-12624	384	6	m.	m.	NOUN
fbem-12624	384	7	,	,	PUNCT
fbem-12624	384	8	&	&	CCONJ
fbem-12624	384	9	mullainathan	mullainathan	PROPN
fbem-12624	384	10	,	,	PUNCT
fbem-12624	384	11	s.	s.	PROPN
fbem-12624	384	12	(	(	PUNCT
fbem-12624	384	13	2003	2003	NUM
fbem-12624	384	14	)	)	PUNCT
fbem-12624	384	15	.	.	PUNCT
fbem-12624	385	1	enjoying	enjoy	VERB
fbem-12624	385	2	the	the	DET
fbem-12624	385	3	quiet	quiet	ADJ
fbem-12624	385	4	life	life	NOUN
fbem-12624	385	5	?	?	PUNCT
fbem-12624	386	1	corporate	corporate	ADJ
fbem-12624	386	2	governance	governance	NOUN
fbem-12624	386	3	and	and	CCONJ
fbem-12624	386	4	managerial	managerial	ADJ
fbem-12624	386	5	preferences	preference	NOUN
fbem-12624	386	6	.	.	PUNCT
fbem-12624	387	1	journal	journal	NOUN
fbem-12624	387	2	of	of	ADP
fbem-12624	387	3	political	political	ADJ
fbem-12624	387	4	economy	economy	NOUN
fbem-12624	387	5	,	,	PUNCT
fbem-12624	387	6	111(5	111(5	NUM
fbem-12624	387	7	)	)	PUNCT
fbem-12624	387	8	,	,	PUNCT
fbem-12624	387	9	1043	1043	NUM
fbem-12624	387	10	-	-	SYM
fbem-12624	387	11	1075	1075	NUM
fbem-12624	387	12	.	.	PUNCT
fbem-12624	388	1	[	[	X
fbem-12624	388	2	7	7	NUM
fbem-12624	388	3	]	]	X
fbem-12624	388	4	brandt	brandt	PROPN
fbem-12624	388	5	,	,	PUNCT
fbem-12624	388	6	l.	l.	PROPN
fbem-12624	388	7	,	,	PUNCT
fbem-12624	388	8	van	van	PROPN
fbem-12624	388	9	biesebroeck	biesebroeck	NOUN
fbem-12624	388	10	,	,	PUNCT
fbem-12624	388	11	j.	j.	PROPN
fbem-12624	388	12	,	,	PUNCT
fbem-12624	388	13	&	&	CCONJ
fbem-12624	388	14	zhang	zhang	PROPN
fbem-12624	388	15	,	,	PUNCT
fbem-12624	388	16	y.	y.	PROPN
fbem-12624	388	17	(	(	PUNCT
fbem-12624	388	18	2012	2012	NUM
fbem-12624	388	19	)	)	PUNCT
fbem-12624	388	20	.	.	PUNCT
fbem-12624	389	1	creative	creative	ADJ
fbem-12624	389	2	accounting	accounting	NOUN
fbem-12624	389	3	or	or	CCONJ
fbem-12624	389	4	creative	creative	ADJ
fbem-12624	389	5	destruction	destruction	NOUN
fbem-12624	389	6	?	?	PUNCT
fbem-12624	390	1	firm	firm	ADJ
fbem-12624	390	2	-	-	PUNCT
fbem-12624	390	3	level	level	NOUN
fbem-12624	390	4	productivity	productivity	NOUN
fbem-12624	390	5	growth	growth	NOUN
fbem-12624	390	6	in	in	ADP
fbem-12624	390	7	chinese	chinese	ADJ
fbem-12624	390	8	manufacturing	manufacturing	NOUN
fbem-12624	390	9	.	.	PUNCT
fbem-12624	391	1	journal	journal	PROPN
fbem-12624	391	2	of	of	ADP
fbem-12624	391	3	development	development	NOUN
fbem-12624	391	4	economics	economic	NOUN
fbem-12624	391	5	,	,	PUNCT
fbem-12624	391	6	97(2	97(2	NUM
fbem-12624	391	7	)	)	PUNCT
fbem-12624	391	8	,	,	PUNCT
fbem-12624	391	9	339	339	NUM
fbem-12624	391	10	-	-	SYM
fbem-12624	391	11	351	351	NUM
fbem-12624	391	12	.	.	PUNCT
fbem-12624	392	1	[	[	X
fbem-12624	392	2	8	8	NUM
fbem-12624	392	3	]	]	X
fbem-12624	392	4	cai	cai	X
fbem-12624	392	5	,	,	PUNCT
fbem-12624	392	6	f.	f.	PROPN
fbem-12624	392	7	(	(	PUNCT
fbem-12624	392	8	2010	2010	NUM
fbem-12624	392	9	)	)	PUNCT
fbem-12624	392	10	.	.	PUNCT
fbem-12624	392	11	demographic	demographic	ADJ
fbem-12624	392	12	transition	transition	NOUN
fbem-12624	392	13	,	,	PUNCT
fbem-12624	392	14	demographic	demographic	ADJ
fbem-12624	392	15	dividend	dividend	NOUN
fbem-12624	392	16	,	,	PUNCT
fbem-12624	392	17	and	and	CCONJ
fbem-12624	392	18	lewis	lewis	PROPN
fbem-12624	392	19	turning	turning	NOUN
fbem-12624	392	20	point	point	NOUN
fbem-12624	392	21	in	in	ADP
fbem-12624	392	22	china	china	PROPN
fbem-12624	392	23	.	.	PUNCT
fbem-12624	393	1	china	china	PROPN
fbem-12624	393	2	economic	economic	PROPN
fbem-12624	393	3	journal	journal	PROPN
fbem-12624	393	4	,	,	PUNCT
fbem-12624	393	5	3(2	3(2	NUM
fbem-12624	393	6	)	)	PUNCT
fbem-12624	393	7	,	,	PUNCT
fbem-12624	393	8	107	107	NUM
fbem-12624	393	9	-	-	SYM
fbem-12624	393	10	119	119	NUM
fbem-12624	393	11	.	.	PUNCT
fbem-12624	394	1	[	[	X
fbem-12624	394	2	9	9	NUM
fbem-12624	394	3	]	]	X
fbem-12624	394	4	cai	cai	X
fbem-12624	394	5	,	,	PUNCT
fbem-12624	394	6	f.	f.	PROPN
fbem-12624	394	7	,	,	PUNCT
fbem-12624	394	8	&	&	CCONJ
fbem-12624	394	9	du	du	PROPN
fbem-12624	394	10	,	,	PUNCT
fbem-12624	394	11	y.	y.	PROPN
fbem-12624	394	12	(	(	PUNCT
fbem-12624	394	13	2011	2011	NUM
fbem-12624	394	14	)	)	PUNCT
fbem-12624	394	15	.	.	PUNCT
fbem-12624	395	1	wage	wage	NOUN
fbem-12624	395	2	increases	increase	NOUN
fbem-12624	395	3	,	,	PUNCT
fbem-12624	395	4	wage	wage	NOUN
fbem-12624	395	5	convergence	convergence	NOUN
fbem-12624	395	6	,	,	PUNCT
fbem-12624	395	7	and	and	CCONJ
fbem-12624	395	8	the	the	DET
fbem-12624	395	9	lewis	lewis	PROPN
fbem-12624	395	10	turning	turning	NOUN
fbem-12624	395	11	point	point	NOUN
fbem-12624	395	12	in	in	ADP
fbem-12624	395	13	china	china	PROPN
fbem-12624	395	14	.	.	PUNCT
fbem-12624	396	1	china	china	PROPN
fbem-12624	396	2	economic	economic	PROPN
fbem-12624	396	3	review	review	PROPN
fbem-12624	396	4	,	,	PUNCT
fbem-12624	396	5	22(4	22(4	NUM
fbem-12624	396	6	)	)	PUNCT
fbem-12624	396	7	,	,	PUNCT
fbem-12624	396	8	601	601	NUM
fbem-12624	396	9	-	-	SYM
fbem-12624	396	10	610	610	NUM
fbem-12624	396	11	.	.	PUNCT
fbem-12624	397	1	[	[	X
fbem-12624	397	2	10	10	NUM
fbem-12624	397	3	]	]	X
fbem-12624	397	4	cai	cai	X
fbem-12624	397	5	,	,	PUNCT
fbem-12624	397	6	f.	f.	PROPN
fbem-12624	397	7	,	,	PUNCT
fbem-12624	397	8	wang	wang	PROPN
fbem-12624	397	9	,	,	PUNCT
fbem-12624	397	10	d.	d.	PROPN
fbem-12624	397	11	,	,	PUNCT
fbem-12624	397	12	&	&	CCONJ
fbem-12624	397	13	qu	qu	PROPN
fbem-12624	397	14	,	,	PUNCT
fbem-12624	397	15	y.	y.	PROPN
fbem-12624	397	16	(	(	PUNCT
fbem-12624	397	17	2009	2009	NUM
fbem-12624	397	18	)	)	PUNCT
fbem-12624	397	19	.	.	PUNCT
fbem-12624	398	1	flying	fly	VERB
fbem-12624	398	2	geese	geese	ADJ
fbem-12624	398	3	within	within	ADP
fbem-12624	398	4	borders	border	NOUN
fbem-12624	398	5	:	:	PUNCT
fbem-12624	398	6	how	how	SCONJ
fbem-12624	398	7	china	china	PROPN
fbem-12624	398	8	sustains	sustain	VERB
fbem-12624	398	9	its	its	PRON
fbem-12624	398	10	labor	labor	NOUN
fbem-12624	398	11	-	-	PUNCT
fbem-12624	398	12	intensive	intensive	ADJ
fbem-12624	398	13	industries	industry	NOUN
fbem-12624	398	14	?	?	PUNCT
fbem-12624	399	1	economic	economic	ADJ
fbem-12624	399	2	research	research	NOUN
fbem-12624	399	3	journal	journal	NOUN
fbem-12624	399	4	,	,	PUNCT
fbem-12624	399	5	9	9	NUM
fbem-12624	399	6	,	,	PUNCT
fbem-12624	399	7	4	4	NUM
fbem-12624	399	8	-	-	SYM
fbem-12624	399	9	14	14	NUM
fbem-12624	399	10	.	.	PUNCT
fbem-12624	400	1	[	[	X
fbem-12624	400	2	11	11	NUM
fbem-12624	400	3	]	]	X
fbem-12624	400	4	cai	cai	X
fbem-12624	400	5	,	,	PUNCT
fbem-12624	400	6	x.	x.	PROPN
fbem-12624	400	7	,	,	PUNCT
fbem-12624	400	8	lu	lu	PROPN
fbem-12624	400	9	,	,	PUNCT
fbem-12624	400	10	y.	y.	PROPN
fbem-12624	400	11	,	,	PUNCT
fbem-12624	400	12	wu	wu	PROPN
fbem-12624	400	13	,	,	PUNCT
fbem-12624	400	14	m.	m.	NOUN
fbem-12624	400	15	,	,	PUNCT
fbem-12624	400	16	&	&	CCONJ
fbem-12624	400	17	yu	yu	PROPN
fbem-12624	400	18	,	,	PUNCT
fbem-12624	400	19	l.	l.	PROPN
fbem-12624	400	20	(	(	PUNCT
fbem-12624	400	21	2016	2016	NUM
fbem-12624	400	22	)	)	PUNCT
fbem-12624	400	23	.	.	PUNCT
fbem-12624	401	1	does	do	AUX
fbem-12624	401	2	environmental	environmental	ADJ
fbem-12624	401	3	regulation	regulation	NOUN
fbem-12624	401	4	drive	drive	VERB
fbem-12624	401	5	away	away	ADV
fbem-12624	401	6	inbound	inbound	ADP
fbem-12624	401	7	foreign	foreign	ADJ
fbem-12624	401	8	direct	direct	ADJ
fbem-12624	401	9	investment	investment	NOUN
fbem-12624	401	10	?	?	PUNCT
fbem-12624	402	1	evidence	evidence	NOUN
fbem-12624	402	2	from	from	ADP
fbem-12624	402	3	a	a	DET
fbem-12624	402	4	quasi	quasi	ADJ
fbem-12624	402	5	-	-	ADJ
fbem-12624	402	6	natural	natural	ADJ
fbem-12624	402	7	experiment	experiment	NOUN
fbem-12624	402	8	in	in	ADP
fbem-12624	402	9	china	china	PROPN
fbem-12624	402	10	,	,	PUNCT
fbem-12624	402	11	journal	journal	NOUN
fbem-12624	402	12	of	of	ADP
fbem-12624	402	13	development	development	NOUN
fbem-12624	402	14	economics	economic	NOUN
fbem-12624	402	15	,	,	PUNCT
fbem-12624	402	16	123	123	NUM
fbem-12624	402	17	,	,	PUNCT
fbem-12624	402	18	73	73	NUM
fbem-12624	402	19	-	-	SYM
fbem-12624	402	20	85	85	NUM
fbem-12624	402	21	.	.	PUNCT
fbem-12624	403	1	[	[	X
fbem-12624	403	2	12	12	NUM
fbem-12624	403	3	]	]	X
fbem-12624	403	4	castelnuovo	castelnuovo	PROPN
fbem-12624	403	5	,	,	PUNCT
fbem-12624	403	6	e.	e.	PROPN
fbem-12624	403	7	,	,	PUNCT
fbem-12624	403	8	&	&	CCONJ
fbem-12624	403	9	lim	lim	PROPN
fbem-12624	403	10	,	,	PUNCT
fbem-12624	403	11	g.	g.	PROPN
fbem-12624	403	12	(	(	PUNCT
fbem-12624	403	13	2019	2019	NUM
fbem-12624	403	14	)	)	PUNCT
fbem-12624	403	15	.	.	PUNCT
fbem-12624	404	1	what	what	PRON
fbem-12624	404	2	do	do	AUX
fbem-12624	404	3	we	we	PRON
fbem-12624	404	4	know	know	VERB
fbem-12624	404	5	about	about	ADP
fbem-12624	404	6	the	the	DET
fbem-12624	404	7	macroeconomic	macroeconomic	ADJ
fbem-12624	404	8	effects	effect	NOUN
fbem-12624	404	9	of	of	ADP
fbem-12624	404	10	fiscal	fiscal	ADJ
fbem-12624	404	11	policy	policy	NOUN
fbem-12624	404	12	?	?	PUNCT
fbem-12624	405	1	a	a	DET
fbem-12624	405	2	brief	brief	ADJ
fbem-12624	405	3	survey	survey	NOUN
fbem-12624	405	4	of	of	ADP
fbem-12624	405	5	the	the	DET
fbem-12624	405	6	literature	literature	NOUN
fbem-12624	405	7	on	on	ADP
fbem-12624	405	8	fiscal	fiscal	ADJ
fbem-12624	405	9	multipliers	multiplier	NOUN
fbem-12624	405	10	.	.	PUNCT
fbem-12624	406	1	australian	australian	ADJ
fbem-12624	406	2	economic	economic	ADJ
fbem-12624	406	3	review	review	NOUN
fbem-12624	406	4	,	,	PUNCT
fbem-12624	406	5	52(1	52(1	NOUN
fbem-12624	406	6	)	)	PUNCT
fbem-12624	406	7	,	,	PUNCT
fbem-12624	406	8	78–93	78–93	NUM
fbem-12624	406	9	.	.	PUNCT
fbem-12624	407	1	[	[	X
fbem-12624	407	2	13	13	NUM
fbem-12624	407	3	]	]	X
fbem-12624	407	4	chen	chen	PROPN
fbem-12624	407	5	,	,	PUNCT
fbem-12624	407	6	y.	y.	PROPN
fbem-12624	407	7	j.	j.	PROPN
fbem-12624	407	8	,	,	PUNCT
fbem-12624	407	9	li	li	PROPN
fbem-12624	407	10	,	,	PUNCT
fbem-12624	407	11	p.	p.	PROPN
fbem-12624	407	12	,	,	PUNCT
fbem-12624	407	13	&	&	CCONJ
fbem-12624	407	14	lu	lu	PROPN
fbem-12624	407	15	,	,	PUNCT
fbem-12624	407	16	y.	y.	PROPN
fbem-12624	407	17	(	(	PUNCT
fbem-12624	407	18	2018	2018	NUM
fbem-12624	407	19	)	)	PUNCT
fbem-12624	407	20	.	.	PUNCT
fbem-12624	408	1	career	career	NOUN
fbem-12624	408	2	concerns	concern	NOUN
fbem-12624	408	3	and	and	CCONJ
fbem-12624	408	4	multitasking	multitaske	VERB
fbem-12624	408	5	local	local	ADJ
fbem-12624	408	6	bureaucrats	bureaucrat	NOUN
fbem-12624	408	7	:	:	PUNCT
fbem-12624	408	8	evidence	evidence	NOUN
fbem-12624	408	9	of	of	ADP
fbem-12624	408	10	a	a	DET
fbem-12624	408	11	target	target	NOUN
fbem-12624	408	12	-	-	PUNCT
fbem-12624	408	13	based	base	VERB
fbem-12624	408	14	performance	performance	NOUN
fbem-12624	408	15	evaluation	evaluation	NOUN
fbem-12624	408	16	system	system	NOUN
fbem-12624	408	17	in	in	ADP
fbem-12624	408	18	china	china	PROPN
fbem-12624	408	19	.	.	PUNCT
fbem-12624	409	1	journal	journal	PROPN
fbem-12624	409	2	of	of	ADP
fbem-12624	409	3	development	development	NOUN
fbem-12624	409	4	economics	economic	NOUN
fbem-12624	409	5	,	,	PUNCT
fbem-12624	409	6	133	133	NUM
fbem-12624	409	7	,	,	PUNCT
fbem-12624	409	8	84	84	NUM
fbem-12624	409	9	-	-	SYM
fbem-12624	409	10	101	101	NUM
fbem-12624	409	11	.	.	PUNCT
fbem-12624	410	1	[	[	X
fbem-12624	410	2	14	14	NUM
fbem-12624	410	3	]	]	PUNCT
fbem-12624	410	4	cummins	cummins	PROPN
fbem-12624	410	5	j.	j.	PROPN
fbem-12624	410	6	g.	g.	PROPN
fbem-12624	410	7	,	,	PUNCT
fbem-12624	410	8	hassett	hassett	PROPN
fbem-12624	410	9	k.	k.	PROPN
fbem-12624	410	10	a.	a.	PROPN
fbem-12624	410	11	,	,	PUNCT
fbem-12624	410	12	hubbard	hubbard	PROPN
fbem-12624	410	13	r.	r.	PROPN
fbem-12624	410	14	g.	g.	PROPN
fbem-12624	410	15	,	,	PUNCT
fbem-12624	410	16	hall	hall	PROPN
fbem-12624	410	17	r.	r.	PROPN
fbem-12624	410	18	e.	e.	PROPN
fbem-12624	410	19	&	&	CCONJ
fbem-12624	410	20	caballero	caballero	PROPN
fbem-12624	410	21	r.	r.	PROPN
fbem-12624	410	22	j.	j.	PROPN
fbem-12624	410	23	(	(	PUNCT
fbem-12624	410	24	1994	1994	NUM
fbem-12624	410	25	)	)	PUNCT
fbem-12624	410	26	.	.	PUNCT
fbem-12624	411	1	a	a	DET
fbem-12624	411	2	reconsideration	reconsideration	NOUN
fbem-12624	411	3	of	of	ADP
fbem-12624	411	4	investment	investment	NOUN
fbem-12624	411	5	behavior	behavior	NOUN
fbem-12624	411	6	using	use	VERB
fbem-12624	411	7	tax	tax	NOUN
fbem-12624	411	8	reforms	reform	NOUN
fbem-12624	411	9	as	as	ADP
fbem-12624	411	10	natural	natural	ADJ
fbem-12624	411	11	experiments，brookings	experiments，brooking	NOUN
fbem-12624	411	12	papers	paper	NOUN
fbem-12624	411	13	on	on	ADP
fbem-12624	411	14	economic	economic	ADJ
fbem-12624	411	15	activity	activity	NOUN
fbem-12624	411	16	,	,	PUNCT
fbem-12624	411	17	2	2	NUM
fbem-12624	411	18	:	:	SYM
fbem-12624	411	19	174	174	NUM
fbem-12624	411	20	.	.	PUNCT
fbem-12624	412	1	[	[	X
fbem-12624	412	2	15	15	NUM
fbem-12624	412	3	]	]	X
fbem-12624	412	4	elvin	elvin	PROPN
fbem-12624	412	5	,	,	PUNCT
fbem-12624	412	6	m.	m.	NOUN
fbem-12624	412	7	(	(	PUNCT
fbem-12624	412	8	1972	1972	NUM
fbem-12624	412	9	)	)	PUNCT
fbem-12624	412	10	.	.	PUNCT
fbem-12624	413	1	the	the	DET
fbem-12624	413	2	high	high	ADJ
fbem-12624	413	3	-	-	PUNCT
fbem-12624	413	4	level	level	NOUN
fbem-12624	413	5	equilibrium	equilibrium	NOUN
fbem-12624	413	6	trap	trap	NOUN
fbem-12624	413	7	:	:	PUNCT
fbem-12624	413	8	the	the	DET
fbem-12624	413	9	cause	cause	NOUN
fbem-12624	413	10	of	of	ADP
fbem-12624	413	11	the	the	DET
fbem-12624	413	12	decline	decline	NOUN
fbem-12624	413	13	of	of	ADP
fbem-12624	413	14	invention	invention	NOUN
fbem-12624	413	15	in	in	ADP
fbem-12624	413	16	the	the	DET
fbem-12624	413	17	traditional	traditional	ADJ
fbem-12624	413	18	chinese	chinese	ADJ
fbem-12624	413	19	textile	textile	NOUN
fbem-12624	413	20	industries	industry	NOUN
fbem-12624	413	21	.	.	PUNCT
fbem-12624	414	1	stanford	stanford	PROPN
fbem-12624	414	2	univ	univ	PROPN
fbem-12624	414	3	.	.	PUNCT
fbem-12624	415	1	press	press	PROPN
fbem-12624	415	2	.	.	PUNCT
fbem-12624	416	1	[	[	X
fbem-12624	416	2	16	16	NUM
fbem-12624	416	3	]	]	X
fbem-12624	416	4	everaert	everaert	PROPN
fbem-12624	416	5	g.	g.	PROPN
fbem-12624	416	6	,	,	PUNCT
fbem-12624	416	7	heylen	heylen	PROPN
fbem-12624	416	8	f.	f.	PROPN
fbem-12624	416	9	,	,	PUNCT
fbem-12624	416	10	&	&	CCONJ
fbem-12624	416	11	schoonackers	schoonackers	PROPN
fbem-12624	416	12	r.	r.	PROPN
fbem-12624	416	13	(	(	PUNCT
fbem-12624	416	14	2015	2015	NUM
fbem-12624	416	15	)	)	PUNCT
fbem-12624	416	16	.	.	PUNCT
fbem-12624	417	1	fiscal	fiscal	ADJ
fbem-12624	417	2	policy	policy	NOUN
fbem-12624	417	3	and	and	CCONJ
fbem-12624	417	4	tfp	tfp	PROPN
fbem-12624	417	5	in	in	ADP
fbem-12624	417	6	the	the	DET
fbem-12624	417	7	oecd	oecd	PROPN
fbem-12624	417	8	:	:	PUNCT
fbem-12624	417	9	measuring	measure	VERB
fbem-12624	417	10	direct	direct	ADJ
fbem-12624	417	11	and	and	CCONJ
fbem-12624	417	12	indirect	indirect	ADJ
fbem-12624	417	13	effects	effect	NOUN
fbem-12624	417	14	,	,	PUNCT
fbem-12624	417	15	empirical	empirical	ADJ
fbem-12624	417	16	economics	economic	NOUN
fbem-12624	417	17	,	,	PUNCT
fbem-12624	417	18	49(2	49(2	NUM
fbem-12624	417	19	):	):	PUNCT
fbem-12624	417	20	605−640	605−640	ADJ
fbem-12624	417	21	.	.	PUNCT
fbem-12624	418	1	[	[	X
fbem-12624	418	2	17	17	NUM
fbem-12624	418	3	]	]	X
fbem-12624	418	4	fan	fan	PROPN
fbem-12624	418	5	,	,	PUNCT
fbem-12624	418	6	g.	g.	PROPN
fbem-12624	418	7	,	,	PUNCT
fbem-12624	418	8	wang	wang	PROPN
fbem-12624	418	9	x.	x.	PROPN
fbem-12624	418	10	,	,	PUNCT
fbem-12624	418	11	&	&	CCONJ
fbem-12624	418	12	ma	ma	PROPN
fbem-12624	418	13	g.	g.	PROPN
fbem-12624	418	14	(	(	PUNCT
fbem-12624	418	15	2011	2011	NUM
fbem-12624	418	16	)	)	PUNCT
fbem-12624	418	17	.	.	PUNCT
fbem-12624	419	1	contribution	contribution	NOUN
fbem-12624	419	2	of	of	ADP
fbem-12624	419	3	marketization	marketization	NOUN
fbem-12624	419	4	to	to	ADP
fbem-12624	419	5	china	china	PROPN
fbem-12624	419	6	’s	’s	PART
fbem-12624	419	7	economic	economic	ADJ
fbem-12624	419	8	growt	growt	NOUN
fbem-12624	419	9	.	.	PUNCT
fbem-12624	420	1	economic	economic	ADJ
fbem-12624	420	2	research	research	NOUN
fbem-12624	420	3	journal	journal	PROPN
fbem-12624	420	4	,	,	PUNCT
fbem-12624	420	5	9(002	9(002	NUM
fbem-12624	420	6	)	)	PUNCT
fbem-12624	420	7	.	.	PUNCT
fbem-12624	421	1	[	[	X
fbem-12624	421	2	18	18	NUM
fbem-12624	421	3	]	]	SYM
fbem-12624	421	4	fang	fang	X
fbem-12624	421	5	,	,	PUNCT
fbem-12624	421	6	l.	l.	PROPN
fbem-12624	421	7	h.	h.	PROPN
fbem-12624	421	8	,	,	PUNCT
fbem-12624	421	9	lerner	lerner	PROPN
fbem-12624	421	10	j.	j.	PROPN
fbem-12624	421	11	,	,	PUNCT
fbem-12624	421	12	&	&	CCONJ
fbem-12624	421	13	wu	wu	PROPN
fbem-12624	421	14	,	,	PUNCT
fbem-12624	421	15	c.	c.	PROPN
fbem-12624	421	16	(	(	PUNCT
fbem-12624	421	17	2017	2017	NUM
fbem-12624	421	18	)	)	PUNCT
fbem-12624	421	19	.	.	PUNCT
fbem-12624	422	1	intellectual	intellectual	ADJ
fbem-12624	422	2	property	property	NOUN
fbem-12624	422	3	rights	right	NOUN
fbem-12624	422	4	protection	protection	NOUN
fbem-12624	422	5	,	,	PUNCT
fbem-12624	422	6	ownership	ownership	NOUN
fbem-12624	422	7	,	,	PUNCT
fbem-12624	422	8	and	and	CCONJ
fbem-12624	422	9	innovation	innovation	NOUN
fbem-12624	422	10	:	:	PUNCT
fbem-12624	422	11	evidence	evidence	NOUN
fbem-12624	422	12	from	from	ADP
fbem-12624	422	13	china	china	PROPN
fbem-12624	422	14	.	.	PUNCT
fbem-12624	423	1	the	the	DET
fbem-12624	423	2	review	review	NOUN
fbem-12624	423	3	of	of	ADP
fbem-12624	423	4	financial	financial	ADJ
fbem-12624	423	5	studies	study	NOUN
fbem-12624	423	6	,	,	PUNCT
fbem-12624	423	7	30(7	30(7	NUM
fbem-12624	423	8	)	)	PUNCT
fbem-12624	423	9	,	,	PUNCT
fbem-12624	423	10	2446	2446	NUM
fbem-12624	423	11	-	-	SYM
fbem-12624	423	12	2477	2477	NUM
fbem-12624	423	13	.	.	PUNCT
fbem-12624	424	1	[	[	X
fbem-12624	424	2	19	19	NUM
fbem-12624	424	3	]	]	X
fbem-12624	424	4	gao	gao	PROPN
fbem-12624	424	5	,	,	PUNCT
fbem-12624	424	6	h.	h.	PROPN
fbem-12624	424	7	,	,	PUNCT
fbem-12624	424	8	zhang	zhang	PROPN
fbem-12624	424	9	,	,	PUNCT
fbem-12624	424	10	h.	h.	PROPN
fbem-12624	424	11	,	,	PUNCT
fbem-12624	424	12	&	&	CCONJ
fbem-12624	424	13	zhang	zhang	PROPN
fbem-12624	424	14	,	,	PUNCT
fbem-12624	424	15	j.	j.	PROPN
fbem-12624	424	16	(	(	PUNCT
fbem-12624	424	17	2018	2018	NUM
fbem-12624	424	18	)	)	PUNCT
fbem-12624	424	19	.	.	PUNCT
fbem-12624	425	1	employee	employee	NOUN
fbem-12624	425	2	turnover	turnover	NOUN
fbem-12624	425	3	likelihood	likelihood	NOUN
fbem-12624	425	4	and	and	CCONJ
fbem-12624	425	5	earnings	earning	NOUN
fbem-12624	425	6	management	management	NOUN
fbem-12624	425	7	:	:	PUNCT
fbem-12624	425	8	evidence	evidence	NOUN
fbem-12624	425	9	from	from	ADP
fbem-12624	425	10	the	the	DET
fbem-12624	425	11	inevitable	inevitable	ADJ
fbem-12624	425	12	disclosure	disclosure	NOUN
fbem-12624	425	13	doctrine	doctrine	NOUN
fbem-12624	425	14	.	.	PUNCT
fbem-12624	426	1	review	review	NOUN
fbem-12624	426	2	of	of	ADP
fbem-12624	426	3	accounting	accounting	NOUN
fbem-12624	426	4	studies	study	NOUN
fbem-12624	426	5	,	,	PUNCT
fbem-12624	426	6	23(4	23(4	NUM
fbem-12624	426	7	):	):	PUNCT
fbem-12624	426	8	1424	1424	NUM
fbem-12624	426	9	-	-	SYM
fbem-12624	426	10	1470	1470	NUM
fbem-12624	426	11	.	.	PUNCT
fbem-12624	427	1	[	[	X
fbem-12624	427	2	20	20	NUM
fbem-12624	427	3	]	]	X
fbem-12624	427	4	giannetti	giannetti	NOUN
fbem-12624	427	5	,	,	PUNCT
fbem-12624	427	6	m.	m.	NOUN
fbem-12624	427	7	,	,	PUNCT
fbem-12624	427	8	liao	liao	PROPN
fbem-12624	427	9	,	,	PUNCT
fbem-12624	427	10	g.	g.	PROPN
fbem-12624	427	11	,	,	PUNCT
fbem-12624	427	12	&	&	CCONJ
fbem-12624	427	13	yu	yu	PROPN
fbem-12624	427	14	,	,	PUNCT
fbem-12624	427	15	x.	x.	NOUN
fbem-12624	427	16	(	(	PUNCT
fbem-12624	427	17	2015	2015	NUM
fbem-12624	427	18	)	)	PUNCT
fbem-12624	427	19	.	.	PUNCT
fbem-12624	428	1	the	the	DET
fbem-12624	428	2	brain	brain	NOUN
fbem-12624	428	3	gain	gain	NOUN
fbem-12624	428	4	of	of	ADP
fbem-12624	428	5	corporate	corporate	ADJ
fbem-12624	428	6	boards	board	NOUN
fbem-12624	428	7	:	:	PUNCT
fbem-12624	428	8	evidence	evidence	NOUN
fbem-12624	428	9	from	from	ADP
fbem-12624	428	10	china	china	PROPN
fbem-12624	428	11	,	,	PUNCT
fbem-12624	428	12	journal	journal	NOUN
fbem-12624	428	13	of	of	ADP
fbem-12624	428	14	finance	finance	NOUN
fbem-12624	428	15	,	,	PUNCT
fbem-12624	428	16	70(4	70(4	NUM
fbem-12624	428	17	)	)	PUNCT
fbem-12624	428	18	,	,	PUNCT
fbem-12624	428	19	1629	1629	NUM
fbem-12624	428	20	-	-	SYM
fbem-12624	428	21	1682	1682	NUM
fbem-12624	428	22	.	.	PUNCT
fbem-12624	429	1	[	[	X
fbem-12624	429	2	21	21	NUM
fbem-12624	429	3	]	]	X
fbem-12624	429	4	godfrey	godfrey	PROPN
fbem-12624	429	5	,	,	PUNCT
fbem-12624	429	6	j.	j.	PROPN
fbem-12624	429	7	m.	m.	PROPN
fbem-12624	429	8	,	,	PUNCT
fbem-12624	429	9	&	&	CCONJ
fbem-12624	429	10	hamilton	hamilton	PROPN
fbem-12624	429	11	,	,	PUNCT
fbem-12624	429	12	j.	j.	PROPN
fbem-12624	429	13	(	(	PUNCT
fbem-12624	429	14	2005	2005	NUM
fbem-12624	429	15	)	)	PUNCT
fbem-12624	429	16	.	.	PUNCT
fbem-12624	430	1	the	the	DET
fbem-12624	430	2	impact	impact	NOUN
fbem-12624	430	3	of	of	ADP
fbem-12624	430	4	r&d	r&d	NOUN
fbem-12624	430	5	intensity	intensity	NOUN
fbem-12624	430	6	on	on	ADP
fbem-12624	430	7	demand	demand	NOUN
fbem-12624	430	8	for	for	ADP
fbem-12624	430	9	specialist	specialist	ADJ
fbem-12624	430	10	auditor	auditor	NOUN
fbem-12624	430	11	services	service	NOUN
fbem-12624	430	12	.	.	PUNCT
fbem-12624	431	1	contemporary	contemporary	ADJ
fbem-12624	431	2	accounting	accounting	PROPN
fbem-12624	431	3	research	research	NOUN
fbem-12624	431	4	,	,	PUNCT
fbem-12624	431	5	22(1	22(1	NUM
fbem-12624	431	6	)	)	PUNCT
fbem-12624	431	7	,	,	PUNCT
fbem-12624	431	8	55–93	55–93	NUM
fbem-12624	431	9	.	.	PUNCT
fbem-12624	432	1	[	[	X
fbem-12624	432	2	22	22	NUM
fbem-12624	432	3	]	]	SYM
fbem-12624	432	4	gu	gu	PROPN
fbem-12624	432	5	,	,	PUNCT
fbem-12624	432	6	z.	z.	PROPN
fbem-12624	432	7	,	,	PUNCT
fbem-12624	432	8	tang	tang	PROPN
fbem-12624	432	9	s.	s.	PROPN
fbem-12624	432	10	,	,	PUNCT
fbem-12624	432	11	&	&	CCONJ
fbem-12624	432	12	wu	wu	PROPN
fbem-12624	432	13	,	,	PUNCT
fbem-12624	432	14	d.	d.	PROPN
fbem-12624	432	15	(	(	PUNCT
fbem-12624	432	16	2019	2019	NUM
fbem-12624	432	17	)	)	PUNCT
fbem-12624	432	18	.	.	PUNCT
fbem-12624	433	1	the	the	DET
fbem-12624	433	2	political	political	ADJ
fbem-12624	433	3	economy	economy	NOUN
fbem-12624	433	4	of	of	ADP
fbem-12624	433	5	labor	labor	NOUN
fbem-12624	433	6	-	-	PUNCT
fbem-12624	433	7	employment	employment	NOUN
fbem-12624	433	8	decisions	decision	NOUN
fbem-12624	433	9	:	:	PUNCT
fbem-12624	433	10	evidence	evidence	NOUN
fbem-12624	433	11	from	from	ADP
fbem-12624	433	12	china	china	PROPN
fbem-12624	433	13	,	,	PUNCT
fbem-12624	433	14	management	management	NOUN
fbem-12624	433	15	science	science	NOUN
fbem-12624	433	16	,	,	PUNCT
fbem-12624	433	17	forthcoming	forthcoming	ADJ
fbem-12624	433	18	.	.	PUNCT
fbem-12624	434	1	[	[	X
fbem-12624	434	2	23	23	NUM
fbem-12624	434	3	]	]	X
fbem-12624	434	4	hall	hall	NOUN
fbem-12624	434	5	,	,	PUNCT
fbem-12624	434	6	b.	b.	PROPN
fbem-12624	434	7	h.	h.	PROPN
fbem-12624	434	8	,	,	PUNCT
fbem-12624	434	9	jaffe	jaffe	PROPN
fbem-12624	434	10	,	,	PUNCT
fbem-12624	434	11	a.	a.	PROPN
fbem-12624	434	12	,	,	PUNCT
fbem-12624	434	13	&	&	CCONJ
fbem-12624	434	14	trajtenberg	trajtenberg	PROPN
fbem-12624	434	15	,	,	PUNCT
fbem-12624	434	16	m.	m.	NOUN
fbem-12624	434	17	(	(	PUNCT
fbem-12624	434	18	2005	2005	NUM
fbem-12624	434	19	)	)	PUNCT
fbem-12624	434	20	.	.	PUNCT
fbem-12624	435	1	market	market	NOUN
fbem-12624	435	2	value	value	NOUN
fbem-12624	435	3	and	and	CCONJ
fbem-12624	435	4	patent	patent	NOUN
fbem-12624	435	5	citations	citation	NOUN
fbem-12624	435	6	.	.	PUNCT
fbem-12624	436	1	rand	rand	NOUN
fbem-12624	436	2	journal	journal	PROPN
fbem-12624	436	3	of	of	ADP
fbem-12624	436	4	economics	economic	NOUN
fbem-12624	436	5	,	,	PUNCT
fbem-12624	436	6	16	16	NUM
fbem-12624	436	7	-	-	SYM
fbem-12624	436	8	38	38	NUM
fbem-12624	436	9	.	.	PUNCT
fbem-12624	437	1	[	[	X
fbem-12624	437	2	24	24	NUM
fbem-12624	437	3	]	]	SYM
fbem-12624	437	4	hall	hall	NOUN
fbem-12624	437	5	,	,	PUNCT
fbem-12624	437	6	b.	b.	PROPN
fbem-12624	437	7	h.	h.	PROPN
fbem-12624	437	8	,	,	PUNCT
fbem-12624	437	9	jaffe	jaffe	PROPN
fbem-12624	437	10	,	,	PUNCT
fbem-12624	437	11	a.	a.	PROPN
fbem-12624	437	12	b.	b.	PROPN
fbem-12624	437	13	,	,	PUNCT
fbem-12624	437	14	&	&	CCONJ
fbem-12624	437	15	trajtenberg	trajtenberg	PROPN
fbem-12624	437	16	,	,	PUNCT
fbem-12624	437	17	m.	m.	NOUN
fbem-12624	437	18	(	(	PUNCT
fbem-12624	437	19	2001	2001	NUM
fbem-12624	437	20	)	)	PUNCT
fbem-12624	437	21	.	.	PUNCT
fbem-12624	438	1	the	the	DET
fbem-12624	438	2	nber	nber	PROPN
fbem-12624	438	3	patent	patent	PROPN
fbem-12624	438	4	citation	citation	PROPN
fbem-12624	438	5	data	datum	NOUN
fbem-12624	438	6	file	file	NOUN
fbem-12624	438	7	:	:	PUNCT
fbem-12624	438	8	lessons	lesson	NOUN
fbem-12624	438	9	,	,	PUNCT
fbem-12624	438	10	insights	insight	NOUN
fbem-12624	438	11	and	and	CCONJ
fbem-12624	438	12	methodological	methodological	ADJ
fbem-12624	438	13	tools	tool	NOUN
fbem-12624	438	14	(	(	PUNCT
fbem-12624	438	15	no	no	INTJ
fbem-12624	438	16	.	.	PUNCT
fbem-12624	439	1	w8498	w8498	VERB
fbem-12624	439	2	)	)	PUNCT
fbem-12624	439	3	.	.	PUNCT
fbem-12624	440	1	national	national	PROPN
fbem-12624	440	2	bureau	bureau	PROPN
fbem-12624	440	3	of	of	ADP
fbem-12624	440	4	economic	economic	ADJ
fbem-12624	440	5	research	research	NOUN
fbem-12624	440	6	.	.	PUNCT
fbem-12624	441	1	[	[	X
fbem-12624	441	2	25	25	NUM
fbem-12624	441	3	]	]	PUNCT
fbem-12624	441	4	hicks	hicks	PROPN
fbem-12624	441	5	,	,	PUNCT
fbem-12624	441	6	j.	j.	PROPN
fbem-12624	441	7	(	(	PUNCT
fbem-12624	441	8	1963	1963	NUM
fbem-12624	441	9	)	)	PUNCT
fbem-12624	441	10	.	.	PUNCT
fbem-12624	442	1	the	the	DET
fbem-12624	442	2	theory	theory	NOUN
fbem-12624	442	3	of	of	ADP
fbem-12624	442	4	wages	wage	NOUN
fbem-12624	442	5	.	.	PUNCT
fbem-12624	443	1	springer	springer	NOUN
fbem-12624	443	2	.	.	PUNCT
fbem-12624	444	1	[	[	X
fbem-12624	444	2	26	26	NUM
fbem-12624	444	3	]	]	X
fbem-12624	444	4	hopenhayn	hopenhayn	PROPN
fbem-12624	444	5	,	,	PUNCT
fbem-12624	444	6	h.	h.	PROPN
fbem-12624	444	7	a.	a.	PROPN
fbem-12624	444	8	(	(	PUNCT
fbem-12624	444	9	2011	2011	NUM
fbem-12624	444	10	)	)	PUNCT
fbem-12624	444	11	.	.	PUNCT
fbem-12624	445	1	firm	firm	ADJ
fbem-12624	445	2	microstructure	microstructure	NOUN
fbem-12624	445	3	and	and	CCONJ
fbem-12624	445	4	aggregate	aggregate	ADJ
fbem-12624	445	5	productivity	productivity	NOUN
fbem-12624	445	6	.	.	PUNCT
fbem-12624	446	1	journal	journal	NOUN
fbem-12624	446	2	of	of	ADP
fbem-12624	446	3	money	money	NOUN
fbem-12624	446	4	,	,	PUNCT
fbem-12624	446	5	credit	credit	NOUN
fbem-12624	446	6	and	and	CCONJ
fbem-12624	446	7	banking	banking	NOUN
fbem-12624	446	8	,	,	PUNCT
fbem-12624	446	9	43	43	NUM
fbem-12624	446	10	,	,	PUNCT
fbem-12624	446	11	111145	111145	NUM
fbem-12624	446	12	.	.	PUNCT
fbem-12624	447	1	[	[	X
fbem-12624	447	2	27	27	NUM
fbem-12624	447	3	]	]	X
fbem-12624	447	4	house	house	PROPN
fbem-12624	447	5	c.	c.	PROPN
fbem-12624	447	6	,	,	PUNCT
fbem-12624	447	7	&	&	CCONJ
fbem-12624	447	8	shapiro	shapiro	PROPN
fbem-12624	447	9	m.	m.	PROPN
fbem-12624	447	10	d.	d.	PROPN
fbem-12624	447	11	(	(	PUNCT
fbem-12624	447	12	2008	2008	NUM
fbem-12624	447	13	)	)	PUNCT
fbem-12624	447	14	temporary	temporary	ADJ
fbem-12624	447	15	investment	investment	NOUN
fbem-12624	447	16	tax	tax	NOUN
fbem-12624	447	17	incentives	incentive	NOUN
fbem-12624	447	18	:	:	PUNCT
fbem-12624	447	19	theory	theory	NOUN
fbem-12624	447	20	with	with	ADP
fbem-12624	447	21	evidence	evidence	NOUN
fbem-12624	447	22	from	from	ADP
fbem-12624	447	23	bonus	bonus	NOUN
fbem-12624	447	24	depreciation	depreciation	NOUN
fbem-12624	447	25	,	,	PUNCT
fbem-12624	447	26	american	american	PROPN
fbem-12624	447	27	economic	economic	PROPN
fbem-12624	447	28	review	review	PROPN
fbem-12624	447	29	,	,	PUNCT
fbem-12624	447	30	98(3	98(3	PROPN
fbem-12624	447	31	):	):	PUNCT
fbem-12624	447	32	737−768	737−768	NOUN
fbem-12624	447	33	.	.	PUNCT
fbem-12624	448	1	[	[	X
fbem-12624	448	2	28	28	NUM
fbem-12624	448	3	]	]	X
fbem-12624	448	4	hussain	hussain	PROPN
fbem-12624	448	5	,	,	PUNCT
fbem-12624	448	6	s.	s.	PROPN
fbem-12624	448	7	m.	m.	PROPN
fbem-12624	448	8	(	(	PUNCT
fbem-12624	448	9	2015	2015	NUM
fbem-12624	448	10	)	)	PUNCT
fbem-12624	448	11	.	.	PUNCT
fbem-12624	449	1	the	the	DET
fbem-12624	449	2	contractionary	contractionary	ADJ
fbem-12624	449	3	effects	effect	NOUN
fbem-12624	449	4	of	of	ADP
fbem-12624	449	5	tax	tax	NOUN
fbem-12624	449	6	shocks	shock	NOUN
fbem-12624	449	7	on	on	ADP
fbem-12624	449	8	productivity	productivity	NOUN
fbem-12624	449	9	:	:	PUNCT
fbem-12624	449	10	an	an	DET
fbem-12624	449	11	empirical	empirical	ADJ
fbem-12624	449	12	and	and	CCONJ
fbem-12624	449	13	theoretical	theoretical	ADJ
fbem-12624	449	14	analysis	analysis	NOUN
fbem-12624	449	15	.	.	PUNCT
fbem-12624	450	1	journal	journal	NOUN
fbem-12624	450	2	of	of	ADP
fbem-12624	450	3	macroeconomics	macroeconomic	NOUN
fbem-12624	450	4	,	,	PUNCT
fbem-12624	450	5	43	43	NUM
fbem-12624	450	6	,	,	PUNCT
fbem-12624	450	7	93	93	NUM
fbem-12624	450	8	-	-	SYM
fbem-12624	450	9	107	107	NUM
fbem-12624	450	10	.	.	PUNCT
fbem-12624	451	1	[	[	X
fbem-12624	451	2	29	29	NUM
fbem-12624	451	3	]	]	X
fbem-12624	451	4	hsieh	hsieh	PROPN
fbem-12624	451	5	,	,	PUNCT
fbem-12624	451	6	c.-t	c.-t	PROPN
fbem-12624	451	7	.	.	PUNCT
fbem-12624	451	8	,	,	PUNCT
fbem-12624	451	9	&	&	CCONJ
fbem-12624	451	10	klenow	klenow	PROPN
fbem-12624	451	11	,	,	PUNCT
fbem-12624	451	12	p.j	p.j	PROPN
fbem-12624	451	13	.	.	PROPN
fbem-12624	451	14	(	(	PUNCT
fbem-12624	451	15	2009	2009	NUM
fbem-12624	451	16	)	)	PUNCT
fbem-12624	451	17	.	.	PUNCT
fbem-12624	452	1	misallocation	misallocation	NOUN
fbem-12624	452	2	and	and	CCONJ
fbem-12624	452	3	manufacturing	manufacture	VERB
fbem-12624	452	4	tfp	tfp	PROPN
fbem-12624	452	5	in	in	ADP
fbem-12624	452	6	china	china	PROPN
fbem-12624	452	7	and	and	CCONJ
fbem-12624	452	8	india	india	PROPN
fbem-12624	452	9	,	,	PUNCT
fbem-12624	452	10	quarterly	quarterly	ADJ
fbem-12624	452	11	journal	journal	NOUN
fbem-12624	452	12	of	of	ADP
fbem-12624	452	13	economics	economic	NOUN
fbem-12624	452	14	,	,	PUNCT
fbem-12624	452	15	124(4	124(4	NUM
fbem-12624	452	16	)	)	PUNCT
fbem-12624	452	17	,	,	PUNCT
fbem-12624	452	18	1403	1403	NUM
fbem-12624	452	19	-	-	SYM
fbem-12624	452	20	1448	1448	NUM
fbem-12624	452	21	.	.	PUNCT
fbem-12624	453	1	[	[	X
fbem-12624	453	2	30	30	NUM
fbem-12624	453	3	]	]	SYM
fbem-12624	453	4	irmen	irman	NOUN
fbem-12624	453	5	,	,	PUNCT
fbem-12624	453	6	a.	a.	NOUN
fbem-12624	453	7	(	(	PUNCT
fbem-12624	453	8	2017	2017	NUM
fbem-12624	453	9	)	)	PUNCT
fbem-12624	453	10	.	.	PUNCT
fbem-12624	454	1	capitaland	capitaland	PROPN
fbem-12624	454	2	labor	labor	NOUN
fbem-12624	454	3	-	-	PUNCT
fbem-12624	454	4	saving	save	VERB
fbem-12624	454	5	technical	technical	ADJ
fbem-12624	454	6	change	change	NOUN
fbem-12624	454	7	in	in	ADP
fbem-12624	454	8	an	an	DET
fbem-12624	454	9	aging	age	VERB
fbem-12624	454	10	economy	economy	NOUN
fbem-12624	454	11	.	.	PUNCT
fbem-12624	455	1	international	international	ADJ
fbem-12624	455	2	economic	economic	ADJ
fbem-12624	455	3	review	review	PROPN
fbem-12624	455	4	,	,	PUNCT
fbem-12624	455	5	58(1	58(1	NUM
fbem-12624	455	6	)	)	PUNCT
fbem-12624	455	7	,	,	PUNCT
fbem-12624	455	8	261	261	NUM
fbem-12624	455	9	-	-	SYM
fbem-12624	455	10	285	285	NUM
fbem-12624	455	11	.	.	PUNCT
fbem-12624	456	1	[	[	X
fbem-12624	456	2	31	31	NUM
fbem-12624	456	3	]	]	X
fbem-12624	456	4	koowattanatianchai	koowattanatianchai	PROPN
fbem-12624	456	5	,	,	PUNCT
fbem-12624	456	6	n.	n.	NOUN
fbem-12624	456	7	,	,	PUNCT
fbem-12624	456	8	&	&	CCONJ
fbem-12624	456	9	charles	charles	PROPN
fbem-12624	456	10	,	,	PUNCT
fbem-12624	456	11	m.	m.	PROPN
fbem-12624	456	12	b.	b.	PROPN
fbem-12624	456	13	(	(	PUNCT
fbem-12624	456	14	2015	2015	NUM
fbem-12624	456	15	)	)	PUNCT
fbem-12624	456	16	.	.	PUNCT
fbem-12624	457	1	a	a	DET
fbem-12624	457	2	mixed	mixed	ADJ
fbem-12624	457	3	methods	method	NOUN
fbem-12624	457	4	approach	approach	NOUN
fbem-12624	457	5	to	to	ADP
fbem-12624	457	6	studying	study	VERB
fbem-12624	457	7	asset	asset	NOUN
fbem-12624	457	8	replacement	replacement	NOUN
fbem-12624	457	9	decisions	decision	NOUN
fbem-12624	457	10	.	.	PUNCT
fbem-12624	458	1	international	international	ADJ
fbem-12624	458	2	journal	journal	PROPN
fbem-12624	458	3	of	of	ADP
fbem-12624	458	4	business	business	NOUN
fbem-12624	458	5	innovation	innovation	NOUN
fbem-12624	458	6	and	and	CCONJ
fbem-12624	458	7	research	research	NOUN
fbem-12624	458	8	,	,	PUNCT
fbem-12624	458	9	9(5	9(5	NUM
fbem-12624	458	10	)	)	PUNCT
fbem-12624	458	11	,	,	PUNCT
fbem-12624	458	12	544	544	NUM
fbem-12624	458	13	-	-	SYM
fbem-12624	458	14	567	567	NUM
fbem-12624	458	15	.	.	PUNCT
fbem-12624	459	1	[	[	X
fbem-12624	459	2	32	32	NUM
fbem-12624	459	3	]	]	SYM
fbem-12624	459	4	krishnan	krishnan	PROPN
fbem-12624	459	5	,	,	PUNCT
fbem-12624	459	6	k.	k.	PROPN
fbem-12624	459	7	,	,	PUNCT
fbem-12624	459	8	d.	d.	PROPN
fbem-12624	459	9	k.	k.	PROPN
fbem-12624	459	10	nandy	nandy	PROPN
fbem-12624	459	11	,	,	PUNCT
fbem-12624	459	12	&	&	CCONJ
fbem-12624	459	13	m.	m.	PROPN
fbem-12624	459	14	puri	puri	PROPN
fbem-12624	459	15	.	.	PUNCT
fbem-12624	460	1	(	(	PUNCT
fbem-12624	460	2	2015	2015	NUM
fbem-12624	460	3	)	)	PUNCT
fbem-12624	460	4	.	.	PUNCT
fbem-12624	461	1	does	do	AUX
fbem-12624	461	2	financing	financing	NOUN
fbem-12624	461	3	spur	spur	VERB
fbem-12624	461	4	small	small	ADJ
fbem-12624	461	5	business	business	NOUN
fbem-12624	461	6	productivity	productivity	NOUN
fbem-12624	461	7	?	?	PUNCT
fbem-12624	462	1	evidence	evidence	NOUN
fbem-12624	462	2	from	from	ADP
fbem-12624	462	3	a	a	DET
fbem-12624	462	4	natural	natural	ADJ
fbem-12624	462	5	experiment	experiment	NOUN
fbem-12624	462	6	.	.	PUNCT
fbem-12624	463	1	review	review	NOUN
fbem-12624	463	2	of	of	ADP
fbem-12624	463	3	financial	financial	ADJ
fbem-12624	463	4	studies	study	NOUN
fbem-12624	463	5	,	,	PUNCT
fbem-12624	463	6	28(6	28(6	NUM
fbem-12624	463	7	):	):	PUNCT
fbem-12624	463	8	1768	1768	NUM
fbem-12624	463	9	-	-	SYM
fbem-12624	463	10	1809	1809	NUM
fbem-12624	463	11	.	.	PUNCT
fbem-12624	464	1	[	[	X
fbem-12624	464	2	33	33	NUM
fbem-12624	464	3	]	]	X
fbem-12624	464	4	matsumoto	matsumoto	PROPN
fbem-12624	464	5	,	,	PUNCT
fbem-12624	464	6	d.	d.	PROPN
fbem-12624	464	7	a.	a.	PROPN
fbem-12624	464	8	(	(	PUNCT
fbem-12624	464	9	2002	2002	NUM
fbem-12624	464	10	)	)	PUNCT
fbem-12624	464	11	.	.	PUNCT
fbem-12624	465	1	management	management	NOUN
fbem-12624	465	2	’s	’s	PART
fbem-12624	465	3	incentives	incentive	NOUN
fbem-12624	465	4	to	to	PART
fbem-12624	465	5	avoid	avoid	VERB
fbem-12624	465	6	negative	negative	ADJ
fbem-12624	465	7	earnings	earning	NOUN
fbem-12624	465	8	surprises	surprise	NOUN
fbem-12624	465	9	.	.	PUNCT
fbem-12624	466	1	the	the	DET
fbem-12624	466	2	accounting	accounting	NOUN
fbem-12624	466	3	review	review	NOUN
fbem-12624	466	4	,	,	PUNCT
fbem-12624	466	5	77(3	77(3	PROPN
fbem-12624	466	6	)	)	PUNCT
fbem-12624	466	7	,	,	PUNCT
fbem-12624	466	8	483–514	483–514	NUM
fbem-12624	466	9	.	.	PUNCT
fbem-12624	467	1	[	[	X
fbem-12624	467	2	34	34	NUM
fbem-12624	467	3	]	]	SYM
fbem-12624	467	4	mountford	mountford	PROPN
fbem-12624	467	5	,	,	PUNCT
fbem-12624	467	6	a.	a.	NOUN
fbem-12624	467	7	,	,	PUNCT
fbem-12624	467	8	&	&	CCONJ
fbem-12624	467	9	uhlig	uhlig	PROPN
fbem-12624	467	10	,	,	PUNCT
fbem-12624	467	11	h.	h.	PROPN
fbem-12624	467	12	(	(	PUNCT
fbem-12624	467	13	2009).what	2009).what	X
fbem-12624	467	14	are	be	AUX
fbem-12624	467	15	the	the	DET
fbem-12624	467	16	effects	effect	NOUN
fbem-12624	467	17	of	of	ADP
fbem-12624	467	18	fiscal	fiscal	ADJ
fbem-12624	467	19	policy	policy	NOUN
fbem-12624	467	20	shocks	shock	NOUN
fbem-12624	467	21	?	?	PUNCT
fbem-12624	468	1	journal	journal	NOUN
fbem-12624	468	2	of	of	ADP
fbem-12624	468	3	applied	apply	VERB
fbem-12624	468	4	econometrics	econometric	NOUN
fbem-12624	468	5	,	,	PUNCT
fbem-12624	468	6	24(6):960	24(6):960	X
fbem-12624	468	7	-	-	PUNCT
fbem-12624	468	8	992	992	NUM
fbem-12624	468	9	.	.	PUNCT
fbem-12624	469	1	[	[	X
fbem-12624	469	2	35	35	NUM
fbem-12624	469	3	]	]	X
fbem-12624	469	4	nikkei	nikkei	PROPN
fbem-12624	469	5	asian	asian	PROPN
fbem-12624	469	6	review	review	PROPN
fbem-12624	469	7	.	.	PUNCT
fbem-12624	470	1	(	(	PUNCT
fbem-12624	470	2	2019	2019	NUM
fbem-12624	470	3	,	,	PUNCT
fbem-12624	470	4	january	january	PROPN
fbem-12624	470	5	6	6	NUM
fbem-12624	470	6	)	)	PUNCT
fbem-12624	470	7	.	.	PUNCT
fbem-12624	471	1	labor	labor	NOUN
fbem-12624	471	2	shortage	shortage	NOUN
fbem-12624	471	3	drives	drive	VERB
fbem-12624	471	4	more	more	ADJ
fbem-12624	471	5	bankruptcies	bankruptcy	NOUN
fbem-12624	471	6	in	in	ADP
fbem-12624	471	7	japan	japan	PROPN
fbem-12624	471	8	.	.	PUNCT
fbem-12624	472	1	retrieved	retrieve	VERB
fbem-12624	472	2	on	on	ADP
fbem-12624	472	3	september	september	PROPN
fbem-12624	472	4	14	14	NUM
fbem-12624	472	5	,	,	PUNCT
fbem-12624	472	6	2019	2019	NUM
fbem-12624	472	7	,	,	PUNCT
fbem-12624	472	8	from	from	ADP
fbem-12624	472	9	https://asia.nikkei.com/business/business-trends/laborshortage-drives-more-bankruptcies-in-japan	https://asia.nikkei.com/business/business-trends/laborshortage-drives-more-bankruptcies-in-japan	NOUN
fbem-12624	472	10	.	.	PUNCT
fbem-12624	473	1	[	[	X
fbem-12624	473	2	36	36	NUM
fbem-12624	473	3	]	]	X
fbem-12624	473	4	opp	opp	PROPN
fbem-12624	473	5	,	,	PUNCT
fbem-12624	473	6	m.	m.	NOUN
fbem-12624	473	7	m.	m.	NOUN
fbem-12624	473	8	,	,	PUNCT
fbem-12624	473	9	parlour	parlour	NOUN
fbem-12624	473	10	,	,	PUNCT
fbem-12624	473	11	c.	c.	PROPN
fbem-12624	473	12	a.	a.	PROPN
fbem-12624	473	13	,	,	PUNCT
fbem-12624	473	14	&	&	CCONJ
fbem-12624	473	15	walden	walden	PROPN
fbem-12624	473	16	,	,	PUNCT
fbem-12624	473	17	j.	j.	PROPN
fbem-12624	473	18	(	(	PUNCT
fbem-12624	473	19	2014	2014	NUM
fbem-12624	473	20	)	)	PUNCT
fbem-12624	473	21	.	.	PUNCT
fbem-12624	474	1	markup	markup	PROPN
fbem-12624	474	2	cycles	cycle	NOUN
fbem-12624	474	3	,	,	PUNCT
fbem-12624	474	4	dynamic	dynamic	ADJ
fbem-12624	474	5	misallocation	misallocation	NOUN
fbem-12624	474	6	,	,	PUNCT
fbem-12624	474	7	and	and	CCONJ
fbem-12624	474	8	amplification	amplification	NOUN
fbem-12624	474	9	,	,	PUNCT
fbem-12624	474	10	journal	journal	NOUN
fbem-12624	474	11	of	of	ADP
fbem-12624	474	12	economic	economic	ADJ
fbem-12624	474	13	theory	theory	NOUN
fbem-12624	474	14	,	,	PUNCT
fbem-12624	474	15	154	154	NUM
fbem-12624	474	16	:	:	SYM
fbem-12624	474	17	126	126	NUM
fbem-12624	474	18	-	-	SYM
fbem-12624	474	19	161	161	NUM
fbem-12624	474	20	.	.	PUNCT
fbem-12624	475	1	[	[	X
fbem-12624	475	2	37	37	NUM
fbem-12624	475	3	]	]	PUNCT
fbem-12624	475	4	state	state	NOUN
fbem-12624	475	5	taxation	taxation	NOUN
fbem-12624	475	6	administration	administration	NOUN
fbem-12624	475	7	.	.	PUNCT
fbem-12624	476	1	(	(	PUNCT
fbem-12624	476	2	2007	2007	NUM
fbem-12624	476	3	,	,	PUNCT
fbem-12624	476	4	december	december	PROPN
fbem-12624	476	5	6	6	NUM
fbem-12624	476	6	)	)	PUNCT
fbem-12624	476	7	.	.	PUNCT
fbem-12624	477	1	implementation	implementation	NOUN
fbem-12624	477	2	regulation	regulation	NOUN
fbem-12624	477	3	of	of	ADP
fbem-12624	477	4	the	the	DET
fbem-12624	477	5	enterprise	enterprise	NOUN
fbem-12624	477	6	income	income	NOUN
fbem-12624	477	7	tax	tax	NOUN
fbem-12624	477	8	law	law	NOUN
fbem-12624	477	9	of	of	ADP
fbem-12624	477	10	the	the	DET
fbem-12624	477	11	people	people	NOUN
fbem-12624	477	12	's	's	PART
fbem-12624	477	13	republic	republic	NOUN
fbem-12624	477	14	.	.	PUNCT
fbem-12624	478	1	retrieved	retrieve	VERB
fbem-12624	478	2	on	on	ADP
fbem-12624	478	3	september	september	PROPN
fbem-12624	478	4	9	9	NUM
fbem-12624	478	5	,	,	PUNCT
fbem-12624	478	6	2019	2019	NUM
fbem-12624	478	7	,	,	PUNCT
fbem-12624	478	8	from	from	ADP
fbem-12624	478	9	http://www.chinatax.gov.cn/n810341/n810765/n812176/n812	http://www.chinatax.gov.cn/n810341/n810765/n812176/n812	NOUN
fbem-12624	478	10	748	748	NUM
fbem-12624	478	11	/	/	SYM
fbem-12624	478	12	c1193046	c1193046	NOUN
fbem-12624	478	13	/	/	SYM
fbem-12624	478	14	content.html	content.html	PROPN
fbem-12624	478	15	(	(	PUNCT
fbem-12624	478	16	in	in	ADP
fbem-12624	478	17	chinese	chinese	PROPN
fbem-12624	478	18	)	)	PUNCT
fbem-12624	478	19	.	.	PUNCT
fbem-12624	479	1	[	[	X
fbem-12624	479	2	38	38	NUM
fbem-12624	479	3	]	]	PUNCT
fbem-12624	479	4	state	state	NOUN
fbem-12624	479	5	taxation	taxation	NOUN
fbem-12624	479	6	administration	administration	NOUN
fbem-12624	479	7	.	.	PUNCT
fbem-12624	480	1	(	(	PUNCT
fbem-12624	480	2	2014	2014	NUM
fbem-12624	480	3	,	,	PUNCT
fbem-12624	480	4	october	october	PROPN
fbem-12624	480	5	20	20	NUM
fbem-12624	480	6	)	)	PUNCT
fbem-12624	480	7	.	.	PUNCT
fbem-12624	481	1	notice	notice	VERB
fbem-12624	481	2	on	on	ADP
fbem-12624	481	3	improving	improve	VERB
fbem-12624	481	4	the	the	DET
fbem-12624	481	5	enterprise	enterprise	NOUN
fbem-12624	481	6	income	income	NOUN
fbem-12624	481	7	tax	tax	NOUN
fbem-12624	481	8	policy	policy	NOUN
fbem-12624	481	9	for	for	ADP
fbem-12624	481	10	accelerated	accelerated	ADJ
fbem-12624	481	11	depreciation	depreciation	NOUN
fbem-12624	481	12	of	of	ADP
fbem-12624	481	13	fixed	fix	VERB
fbem-12624	481	14	assets	asset	NOUN
fbem-12624	481	15	.	.	PUNCT
fbem-12624	482	1	retrieved	retrieve	VERB
fbem-12624	482	2	on	on	ADP
fbem-12624	482	3	september	september	PROPN
fbem-12624	482	4	9	9	NUM
fbem-12624	482	5	,	,	PUNCT
fbem-12624	482	6	2019	2019	NUM
fbem-12624	482	7	,	,	PUNCT
fbem-12624	482	8	from	from	ADP
fbem-12624	482	9	http://www.chinatax.gov.cn/n810341/n810755/c1260992/cont	http://www.chinatax.gov.cn/n810341/n810755/c1260992/cont	PROPN
fbem-12624	482	10	ent.html	ent.html	PUNCT
fbem-12624	482	11	(	(	PUNCT
fbem-12624	482	12	in	in	ADP
fbem-12624	482	13	chinese	chinese	PROPN
fbem-12624	482	14	)	)	PUNCT
fbem-12624	482	15	.	.	PUNCT
fbem-12624	483	1	[	[	X
fbem-12624	483	2	39	39	NUM
fbem-12624	483	3	]	]	PUNCT
fbem-12624	483	4	the	the	DET
fbem-12624	483	5	new	new	PROPN
fbem-12624	483	6	york	york	PROPN
fbem-12624	483	7	times	times	PROPN
fbem-12624	483	8	.	.	PUNCT
fbem-12624	484	1	(	(	PUNCT
fbem-12624	484	2	2015	2015	NUM
fbem-12624	484	3	,	,	PUNCT
fbem-12624	484	4	september	september	PROPN
fbem-12624	484	5	1	1	NUM
fbem-12624	484	6	)	)	PUNCT
fbem-12624	484	7	.	.	PUNCT
fbem-12624	485	1	stocks	stock	NOUN
fbem-12624	485	2	dive	dive	VERB
fbem-12624	485	3	as	as	ADP
fbem-12624	485	4	worries	worry	NOUN
fbem-12624	485	5	about	about	ADP
fbem-12624	485	6	asia	asia	PROPN
fbem-12624	485	7	reverberate	reverberate	VERB
fbem-12624	485	8	.	.	PUNCT
fbem-12624	486	1	retrieved	retrieve	VERB
fbem-12624	486	2	on	on	ADP
fbem-12624	486	3	july	july	PROPN
fbem-12624	486	4	25	25	NUM
fbem-12624	486	5	,	,	PUNCT
fbem-12624	486	6	2019	2019	NUM
fbem-12624	486	7	,	,	PUNCT
fbem-12624	486	8	from	from	ADP
fbem-12624	486	9	https://www.nytimes.com/2015/09/02/business/dealbook/dail	https://www.nytimes.com/2015/09/02/business/dealbook/dail	PROPN
fbem-12624	486	10	y-stock-market-activity.html	y-stock-market-activity.html	PROPN
fbem-12624	486	11	.	.	PUNCT
fbem-12624	487	1	[	[	X
fbem-12624	487	2	40	40	NUM
fbem-12624	487	3	]	]	PUNCT
fbem-12624	487	4	the	the	DET
fbem-12624	487	5	new	new	PROPN
fbem-12624	487	6	york	york	PROPN
fbem-12624	487	7	times	times	PROPN
fbem-12624	487	8	.	.	PUNCT
fbem-12624	488	1	(	(	PUNCT
fbem-12624	488	2	2019	2019	NUM
fbem-12624	488	3	,	,	PUNCT
fbem-12624	488	4	january	january	PROPN
fbem-12624	488	5	21	21	NUM
fbem-12624	488	6	)	)	PUNCT
fbem-12624	488	7	.	.	PUNCT
fbem-12624	489	1	china	china	PROPN
fbem-12624	489	2	’s	’s	PART
fbem-12624	489	3	looming	loom	VERB
fbem-12624	489	4	crisis	crisis	NOUN
fbem-12624	489	5	:	:	PUNCT
fbem-12624	489	6	a	a	DET
fbem-12624	489	7	shrinking	shrink	VERB
fbem-12624	489	8	population	population	NOUN
fbem-12624	489	9	.	.	PUNCT
fbem-12624	490	1	retrieved	retrieve	VERB
fbem-12624	490	2	on	on	ADP
fbem-12624	490	3	july	july	PROPN
fbem-12624	490	4	24	24	NUM
fbem-12624	490	5	,	,	PUNCT
fbem-12624	490	6	2019	2019	NUM
fbem-12624	490	7	,	,	PUNCT
fbem-12624	490	8	from	from	ADP
fbem-12624	490	9	https://www.nytimes.com/interactive/2019/01/17/world/asia/c	https://www.nytimes.com/interactive/2019/01/17/world/asia/c	NUM
fbem-12624	490	10	hina-populationcrisis.html?_ga=2.248934087.1968373327.15640167351353886149.1564016735	hina-populationcrisis.html?_ga=2.248934087.1968373327.15640167351353886149.1564016735	NOUN
fbem-12624	490	11	.	.	PUNCT
fbem-12624	491	1	287	287	NUM
fbem-12624	492	1	[	[	X
fbem-12624	492	2	41	41	NUM
fbem-12624	492	3	]	]	X
fbem-12624	492	4	wielhouwer	wielhouwer	PROPN
fbem-12624	492	5	j.	j.	PROPN
fbem-12624	492	6	l.	l.	PROPN
fbem-12624	492	7	,	,	PUNCT
fbem-12624	492	8	&	&	CCONJ
fbem-12624	492	9	wiersma	wiersma	PROPN
fbem-12624	492	10	e.	e.	PROPN
fbem-12624	492	11	(	(	PUNCT
fbem-12624	492	12	2014	2014	NUM
fbem-12624	492	13	)	)	PUNCT
fbem-12624	492	14	.	.	PUNCT
fbem-12624	493	1	investment	investment	NOUN
fbem-12624	493	2	decisions	decision	NOUN
fbem-12624	493	3	and	and	CCONJ
fbem-12624	493	4	depreciation	depreciation	NOUN
fbem-12624	493	5	choices	choice	NOUN
fbem-12624	493	6	under	under	ADP
fbem-12624	493	7	a	a	DET
fbem-12624	493	8	discretionary	discretionary	ADJ
fbem-12624	493	9	tax	tax	NOUN
fbem-12624	493	10	depreciation	depreciation	NOUN
fbem-12624	493	11	rule	rule	NOUN
fbem-12624	493	12	,	,	PUNCT
fbem-12624	493	13	european	european	ADJ
fbem-12624	493	14	accounting	accounting	PROPN
fbem-12624	493	15	review	review	PROPN
fbem-12624	493	16	,	,	PUNCT
fbem-12624	493	17	26(3	26(3	NUM
fbem-12624	493	18	):	):	PUNCT
fbem-12624	493	19	1−25	1−25	NUM
fbem-12624	493	20	.	.	PUNCT
fbem-12624	494	1	[	[	X
fbem-12624	494	2	42	42	NUM
fbem-12624	494	3	]	]	X
fbem-12624	494	4	wei	wei	PROPN
fbem-12624	494	5	,	,	PUNCT
fbem-12624	494	6	s.	s.	PROPN
fbem-12624	494	7	j.	j.	PROPN
fbem-12624	494	8	,	,	PUNCT
fbem-12624	494	9	xie	xie	PROPN
fbem-12624	494	10	,	,	PUNCT
fbem-12624	494	11	z.	z.	PROPN
fbem-12624	494	12	,	,	PUNCT
fbem-12624	494	13	&	&	CCONJ
fbem-12624	494	14	zhang	zhang	PROPN
fbem-12624	494	15	,	,	PUNCT
fbem-12624	494	16	x.	x.	PROPN
fbem-12624	494	17	(	(	PUNCT
fbem-12624	494	18	2017	2017	NUM
fbem-12624	494	19	)	)	PUNCT
fbem-12624	494	20	.	.	PUNCT
fbem-12624	495	1	from	from	ADP
fbem-12624	495	2	"	"	PUNCT
fbem-12624	495	3	made	make	VERB
fbem-12624	495	4	in	in	ADP
fbem-12624	495	5	china	china	PROPN
fbem-12624	495	6	"	"	PUNCT
fbem-12624	495	7	to	to	PART
fbem-12624	495	8	"	"	PUNCT
fbem-12624	495	9	innovated	innovate	VERB
fbem-12624	495	10	in	in	ADP
fbem-12624	495	11	china	china	PROPN
fbem-12624	495	12	"	"	PUNCT
fbem-12624	495	13	:	:	PUNCT
fbem-12624	495	14	necessity	necessity	NOUN
fbem-12624	495	15	,	,	PUNCT
fbem-12624	495	16	prospect	prospect	NOUN
fbem-12624	495	17	,	,	PUNCT
fbem-12624	495	18	and	and	CCONJ
fbem-12624	495	19	challenges	challenge	NOUN
fbem-12624	495	20	.	.	PUNCT
fbem-12624	496	1	journal	journal	NOUN
fbem-12624	496	2	of	of	ADP
fbem-12624	496	3	economic	economic	ADJ
fbem-12624	496	4	perspectives	perspective	NOUN
fbem-12624	496	5	,	,	PUNCT
fbem-12624	496	6	31(1	31(1	NUM
fbem-12624	496	7	)	)	PUNCT
fbem-12624	496	8	,	,	PUNCT
fbem-12624	496	9	49	49	NUM
fbem-12624	496	10	-	-	SYM
fbem-12624	496	11	70	70	NUM
fbem-12624	496	12	.	.	PUNCT
fbem-12624	497	1	[	[	X
fbem-12624	497	2	43	43	NUM
fbem-12624	497	3	]	]	PUNCT
fbem-12624	497	4	whited	white	VERB
fbem-12624	497	5	,	,	PUNCT
fbem-12624	497	6	t.	t.	NOUN
fbem-12624	497	7	m.	m.	NOUN
fbem-12624	497	8	,	,	PUNCT
fbem-12624	497	9	&	&	CCONJ
fbem-12624	497	10	wu	wu	PROPN
fbem-12624	497	11	,	,	PUNCT
fbem-12624	497	12	g.	g.	PROPN
fbem-12624	497	13	(	(	PUNCT
fbem-12624	497	14	2006	2006	NUM
fbem-12624	497	15	)	)	PUNCT
fbem-12624	497	16	.	.	PUNCT
fbem-12624	498	1	financial	financial	ADJ
fbem-12624	498	2	constraints	constraint	NOUN
fbem-12624	498	3	risk	risk	NOUN
fbem-12624	498	4	.	.	PUNCT
fbem-12624	499	1	the	the	DET
fbem-12624	499	2	review	review	NOUN
fbem-12624	499	3	of	of	ADP
fbem-12624	499	4	financial	financial	ADJ
fbem-12624	499	5	studies	study	NOUN
fbem-12624	499	6	,	,	PUNCT
fbem-12624	499	7	19(2	19(2	NUM
fbem-12624	499	8	)	)	PUNCT
fbem-12624	499	9	,	,	PUNCT
fbem-12624	499	10	531	531	NUM
fbem-12624	499	11	-	-	SYM
fbem-12624	499	12	559	559	NUM
fbem-12624	499	13	.	.	PUNCT
fbem-12624	500	1	[	[	X
fbem-12624	500	2	44	44	NUM
fbem-12624	500	3	]	]	SYM
fbem-12624	500	4	wu	wu	PROPN
fbem-12624	500	5	,	,	PUNCT
fbem-12624	500	6	y.	y.	PROPN
fbem-12624	500	7	(	(	PUNCT
fbem-12624	500	8	2005	2005	NUM
fbem-12624	500	9	)	)	PUNCT
fbem-12624	500	10	.	.	PUNCT
fbem-12624	501	1	the	the	DET
fbem-12624	501	2	effects	effect	NOUN
fbem-12624	501	3	of	of	ADP
fbem-12624	501	4	state	state	NOUN
fbem-12624	501	5	r&d	r&d	NOUN
fbem-12624	501	6	tax	tax	NOUN
fbem-12624	501	7	credits	credit	NOUN
fbem-12624	501	8	in	in	ADP
fbem-12624	501	9	stimulating	stimulate	VERB
fbem-12624	501	10	private	private	ADJ
fbem-12624	501	11	r&d	r&d	NOUN
fbem-12624	501	12	expenditure	expenditure	NOUN
fbem-12624	501	13	:	:	PUNCT
fbem-12624	501	14	a	a	DET
fbem-12624	501	15	cross‐state	cross‐state	NOUN
fbem-12624	501	16	empirical	empirical	ADJ
fbem-12624	501	17	analysis	analysis	NOUN
fbem-12624	501	18	.	.	PUNCT
fbem-12624	502	1	journal	journal	NOUN
fbem-12624	502	2	of	of	ADP
fbem-12624	502	3	policy	policy	NOUN
fbem-12624	502	4	analysis	analysis	NOUN
fbem-12624	502	5	and	and	CCONJ
fbem-12624	502	6	management	management	NOUN
fbem-12624	502	7	,	,	PUNCT
fbem-12624	502	8	24(4	24(4	NOUN
fbem-12624	502	9	)	)	PUNCT
fbem-12624	502	10	,	,	PUNCT
fbem-12624	502	11	785	785	NUM
fbem-12624	502	12	-	-	SYM
fbem-12624	502	13	802	802	NUM
fbem-12624	502	14	.	.	PUNCT
fbem-12624	503	1	[	[	X
fbem-12624	503	2	45	45	NUM
fbem-12624	503	3	]	]	SYM
fbem-12624	503	4	yu	yu	PROPN
fbem-12624	503	5	,	,	PUNCT
fbem-12624	503	6	f.	f.	PROPN
fbem-12624	503	7	(	(	PUNCT
fbem-12624	503	8	2008	2008	NUM
fbem-12624	503	9	)	)	PUNCT
fbem-12624	503	10	.	.	PUNCT
fbem-12624	504	1	analyst	analyst	NOUN
fbem-12624	504	2	coverage	coverage	NOUN
fbem-12624	504	3	and	and	CCONJ
fbem-12624	504	4	earnings	earning	NOUN
fbem-12624	504	5	management	management	NOUN
fbem-12624	504	6	.	.	PUNCT
fbem-12624	505	1	journal	journal	NOUN
fbem-12624	505	2	of	of	ADP
fbem-12624	505	3	financial	financial	ADJ
fbem-12624	505	4	economics	economic	NOUN
fbem-12624	505	5	,	,	PUNCT
fbem-12624	505	6	88(2	88(2	NUM
fbem-12624	505	7	)	)	PUNCT
fbem-12624	505	8	,	,	PUNCT
fbem-12624	505	9	245–271	245–271	NUM
fbem-12624	505	10	.	.	PUNCT
fbem-12624	506	1	[	[	X
fbem-12624	506	2	46	46	NUM
fbem-12624	506	3	]	]	PUNCT
fbem-12624	506	4	zwick	zwick	PROPN
fbem-12624	506	5	,	,	PUNCT
fbem-12624	506	6	e.	e.	PROPN
fbem-12624	506	7	,	,	PUNCT
fbem-12624	506	8	&	&	CCONJ
fbem-12624	506	9	mahon	mahon	PROPN
fbem-12624	506	10	,	,	PUNCT
fbem-12624	506	11	j.	j.	PROPN
fbem-12624	506	12	(	(	PUNCT
fbem-12624	506	13	2017	2017	NUM
fbem-12624	506	14	)	)	PUNCT
fbem-12624	506	15	.	.	PUNCT
fbem-12624	507	1	tax	tax	NOUN
fbem-12624	507	2	policy	policy	NOUN
fbem-12624	507	3	and	and	CCONJ
fbem-12624	507	4	heterogeneous	heterogeneous	ADJ
fbem-12624	507	5	investment	investment	NOUN
fbem-12624	507	6	behavior	behavior	NOUN
fbem-12624	507	7	.	.	PUNCT
fbem-12624	508	1	american	american	PROPN
fbem-12624	508	2	economic	economic	PROPN
fbem-12624	508	3	review	review	PROPN
fbem-12624	508	4	,	,	PUNCT
fbem-12624	508	5	107(1	107(1	NUM
fbem-12624	508	6	)	)	PUNCT
fbem-12624	508	7	,	,	PUNCT
fbem-12624	508	8	21748	21748	NUM
fbem-12624	508	9	.	.	PUNCT