id	sid	tid	token	lemma	pos
fbem-23682	1	1	frontiers	frontier	NOUN
fbem-23682	1	2	in	in	ADP
fbem-23682	1	3	business	business	NOUN
fbem-23682	1	4	,	,	PUNCT
fbem-23682	1	5	economics	economic	NOUN
fbem-23682	1	6	and	and	CCONJ
fbem-23682	1	7	management	management	NOUN
fbem-23682	1	8	issn	issn	PROPN
fbem-23682	1	9	:	:	PUNCT
fbem-23682	1	10	2766	2766	NUM
fbem-23682	1	11	-	-	PUNCT
fbem-23682	1	12	824x	824x	NUM
fbem-23682	1	13	|	|	ADJ
fbem-23682	1	14	vol	vol	NOUN
fbem-23682	1	15	.	.	PROPN
fbem-23682	1	16	15	15	NUM
fbem-23682	1	17	,	,	PUNCT
fbem-23682	1	18	no	no	INTJ
fbem-23682	1	19	.	.	NOUN
fbem-23682	1	20	3	3	NUM
fbem-23682	1	21	,	,	PUNCT
fbem-23682	1	22	2024	2024	NUM
fbem-23682	1	23	229	229	NUM
fbem-23682	1	24	independent	independent	ADJ
fbem-23682	1	25	directors	director	NOUN
fbem-23682	1	26	'	'	PART
fbem-23682	1	27	opposition	opposition	NOUN
fbem-23682	1	28	,	,	PUNCT
fbem-23682	1	29	earnings	earning	NOUN
fbem-23682	1	30	management	management	NOUN
fbem-23682	1	31	and	and	CCONJ
fbem-23682	1	32	the	the	DET
fbem-23682	1	33	risk	risk	NOUN
fbem-23682	1	34	of	of	ADP
fbem-23682	1	35	stock	stock	NOUN
fbem-23682	1	36	price	price	NOUN
fbem-23682	1	37	crash	crash	NOUN
fbem-23682	1	38	yida	yida	PROPN
fbem-23682	1	39	ren	ren	PROPN
fbem-23682	1	40	international	international	PROPN
fbem-23682	1	41	business	business	PROPN
fbem-23682	1	42	school	school	PROPN
fbem-23682	1	43	,	,	PUNCT
fbem-23682	1	44	henan	henan	PROPN
fbem-23682	1	45	university	university	PROPN
fbem-23682	1	46	,	,	PUNCT
fbem-23682	1	47	zhengzhou	zhengzhou	PROPN
fbem-23682	1	48	450046	450046	NUM
fbem-23682	1	49	,	,	PUNCT
fbem-23682	1	50	china	china	PROPN
fbem-23682	1	51	ryida27@163.com	ryida27@163.com	X
fbem-23682	1	52	abstract	abstract	NOUN
fbem-23682	1	53	:	:	PUNCT
fbem-23682	1	54	in	in	ADP
fbem-23682	1	55	recent	recent	ADJ
fbem-23682	1	56	years	year	NOUN
fbem-23682	1	57	,	,	PUNCT
fbem-23682	1	58	stock	stock	NOUN
fbem-23682	1	59	price	price	NOUN
fbem-23682	1	60	crash	crash	NOUN
fbem-23682	1	61	events	event	NOUN
fbem-23682	1	62	have	have	AUX
fbem-23682	1	63	occurred	occur	VERB
fbem-23682	1	64	from	from	ADP
fbem-23682	1	65	time	time	NOUN
fbem-23682	1	66	to	to	ADP
fbem-23682	1	67	time	time	NOUN
fbem-23682	1	68	,	,	PUNCT
fbem-23682	1	69	resulting	result	VERB
fbem-23682	1	70	in	in	ADP
fbem-23682	1	71	the	the	DET
fbem-23682	1	72	unstable	unstable	ADJ
fbem-23682	1	73	operation	operation	NOUN
fbem-23682	1	74	of	of	ADP
fbem-23682	1	75	the	the	DET
fbem-23682	1	76	capital	capital	NOUN
fbem-23682	1	77	market	market	NOUN
fbem-23682	1	78	.	.	PUNCT
fbem-23682	2	1	the	the	DET
fbem-23682	2	2	risk	risk	NOUN
fbem-23682	2	3	of	of	ADP
fbem-23682	2	4	stock	stock	NOUN
fbem-23682	2	5	price	price	NOUN
fbem-23682	2	6	crash	crash	NOUN
fbem-23682	2	7	has	have	AUX
fbem-23682	2	8	drawn	draw	VERB
fbem-23682	2	9	wide	wide	ADJ
fbem-23682	2	10	attention	attention	NOUN
fbem-23682	2	11	from	from	ADP
fbem-23682	2	12	all	all	DET
fbem-23682	2	13	walks	walk	NOUN
fbem-23682	2	14	of	of	ADP
fbem-23682	2	15	life	life	NOUN
fbem-23682	2	16	.	.	PUNCT
fbem-23682	3	1	this	this	DET
fbem-23682	3	2	paper	paper	NOUN
fbem-23682	3	3	examines	examine	VERB
fbem-23682	3	4	the	the	DET
fbem-23682	3	5	data	datum	NOUN
fbem-23682	3	6	o	o	NOUN
fbem-23682	3	7	f	f	NOUN
fbem-23682	3	8	ashare	ashare	VERB
fbem-23682	3	9	listed	list	VERB
fbem-23682	3	10	companies	company	NOUN
fbem-23682	3	11	from	from	ADP
fbem-23682	3	12	2007	2007	NUM
fbem-23682	3	13	to	to	ADP
fbem-23682	3	14	2021	2021	NUM
fbem-23682	3	15	to	to	PART
fbem-23682	3	16	study	study	VERB
fbem-23682	3	17	the	the	DET
fbem-23682	3	18	impact	impact	NOUN
fbem-23682	3	19	of	of	ADP
fbem-23682	3	20	independent	independent	ADJ
fbem-23682	3	21	directors	director	NOUN
fbem-23682	3	22	'	'	PART
fbem-23682	3	23	dissenting	dissent	VERB
fbem-23682	3	24	opinions	opinion	NOUN
fbem-23682	3	25	on	on	ADP
fbem-23682	3	26	the	the	DET
fbem-23682	3	27	risk	risk	NOUN
fbem-23682	3	28	of	of	ADP
fbem-23682	3	29	stock	stock	NOUN
fbem-23682	3	30	price	price	NOUN
fbem-23682	3	31	crash	crash	NOUN
fbem-23682	3	32	.	.	PUNCT
fbem-23682	4	1	the	the	DET
fbem-23682	4	2	study	study	NOUN
fbem-23682	4	3	found	find	VERB
fbem-23682	4	4	that	that	SCONJ
fbem-23682	4	5	the	the	DET
fbem-23682	4	6	independent	independent	ADJ
fbem-23682	4	7	directors	director	NOUN
fbem-23682	4	8	'	'	PART
fbem-23682	4	9	dissenting	dissent	VERB
fbem-23682	4	10	opinions	opinion	NOUN
fbem-23682	4	11	were	be	AUX
fbem-23682	4	12	negatively	negatively	ADV
fbem-23682	4	13	correlated	correlate	VERB
fbem-23682	4	14	with	with	ADP
fbem-23682	4	15	the	the	DET
fbem-23682	4	16	risk	risk	NOUN
fbem-23682	4	17	of	of	ADP
fbem-23682	4	18	a	a	DET
fbem-23682	4	19	stock	stock	NOUN
fbem-23682	4	20	price	price	NOUN
fbem-23682	4	21	crash	crash	NOUN
fbem-23682	4	22	,	,	PUNCT
fbem-23682	4	23	and	and	CCONJ
fbem-23682	4	24	this	this	DET
fbem-23682	4	25	conclusion	conclusion	NOUN
fbem-23682	4	26	was	be	AUX
fbem-23682	4	27	still	still	ADV
fbem-23682	4	28	valid	valid	ADJ
fbem-23682	4	29	after	after	ADP
fbem-23682	4	30	a	a	DET
fbem-23682	4	31	series	series	NOUN
fbem-23682	4	32	of	of	ADP
fbem-23682	4	33	robustness	robustness	NOUN
fbem-23682	4	34	tests	test	NOUN
fbem-23682	4	35	.	.	PUNCT
fbem-23682	5	1	the	the	DET
fbem-23682	5	2	mechanism	mechanism	NOUN
fbem-23682	5	3	analysis	analysis	NOUN
fbem-23682	5	4	shows	show	VERB
fbem-23682	5	5	that	that	SCONJ
fbem-23682	5	6	the	the	DET
fbem-23682	5	7	independent	independent	ADJ
fbem-23682	5	8	directors	director	NOUN
fbem-23682	5	9	'	'	PART
fbem-23682	5	10	objection	objection	NOUN
fbem-23682	5	11	can	can	AUX
fbem-23682	5	12	exert	exert	VERB
fbem-23682	5	13	the	the	DET
fbem-23682	5	14	governance	governance	NOUN
fbem-23682	5	15	effect	effect	NOUN
fbem-23682	5	16	,	,	PUNCT
fbem-23682	5	17	restrain	restrain	VERB
fbem-23682	5	18	the	the	DET
fbem-23682	5	19	abnormal	abnormal	ADJ
fbem-23682	5	20	related	relate	VERB
fbem-23682	5	21	party	party	NOUN
fbem-23682	5	22	transactions	transaction	NOUN
fbem-23682	5	23	and	and	CCONJ
fbem-23682	5	24	earnin	earnin	ADJ
fbem-23682	5	25	gs	gs	PROPN
fbem-23682	5	26	management	management	NOUN
fbem-23682	5	27	behavior	behavior	NOUN
fbem-23682	5	28	of	of	ADP
fbem-23682	5	29	the	the	DET
fbem-23682	5	30	majority	majority	NOUN
fbem-23682	5	31	shareholders	shareholder	NOUN
fbem-23682	5	32	,	,	PUNCT
fbem-23682	5	33	and	and	CCONJ
fbem-23682	5	34	thus	thus	ADV
fbem-23682	5	35	reduce	reduce	VERB
fbem-23682	5	36	the	the	DET
fbem-23682	5	37	risk	risk	NOUN
fbem-23682	5	38	of	of	ADP
fbem-23682	5	39	corporate	corporate	ADJ
fbem-23682	5	40	stock	stock	NOUN
fbem-23682	5	41	price	price	NOUN
fbem-23682	5	42	crash	crash	NOUN
fbem-23682	5	43	.	.	PUNCT
fbem-23682	6	1	the	the	DET
fbem-23682	6	2	above	above	ADJ
fbem-23682	6	3	results	result	NOUN
fbem-23682	6	4	are	be	AUX
fbem-23682	6	5	consistent	consistent	ADJ
fbem-23682	6	6	with	with	ADP
fbem-23682	6	7	the	the	DET
fbem-23682	6	8	logic	logic	NOUN
fbem-23682	6	9	that	that	SCONJ
fbem-23682	6	10	independent	independent	ADJ
fbem-23682	6	11	directors	director	NOUN
fbem-23682	6	12	exert	exert	VERB
fbem-23682	6	13	signaling	signal	VERB
fbem-23682	6	14	and	and	CCONJ
fbem-23682	6	15	governance	governance	NOUN
fbem-23682	6	16	effects	effect	NOUN
fbem-23682	6	17	by	by	ADP
fbem-23682	6	18	expressing	express	VERB
fbem-23682	6	19	dissenting	dissent	VERB
fbem-23682	6	20	opinions	opinion	NOUN
fbem-23682	6	21	to	to	PART
fbem-23682	6	22	control	control	VERB
fbem-23682	6	23	the	the	DET
fbem-23682	6	24	risk	risk	NOUN
fbem-23682	6	25	of	of	ADP
fbem-23682	6	26	stock	stock	NOUN
fbem-23682	6	27	price	price	NOUN
fbem-23682	6	28	collapse	collapse	NOUN
fbem-23682	6	29	.	.	PUNCT
fbem-23682	7	1	this	this	DET
fbem-23682	7	2	conclusion	conclusion	NOUN
fbem-23682	7	3	has	have	VERB
fbem-23682	7	4	certain	certain	ADJ
fbem-23682	7	5	significance	significance	NOUN
fbem-23682	7	6	for	for	ADP
fbem-23682	7	7	preventing	prevent	VERB
fbem-23682	7	8	the	the	DET
fbem-23682	7	9	risk	risk	NOUN
fbem-23682	7	10	of	of	ADP
fbem-23682	7	11	stock	stock	NOUN
fbem-23682	7	12	price	price	NOUN
fbem-23682	7	13	collapse	collapse	NOUN
fbem-23682	7	14	and	and	CCONJ
fbem-23682	7	15	promoting	promote	VERB
fbem-23682	7	16	the	the	DET
fbem-23682	7	17	stable	stable	ADJ
fbem-23682	7	18	development	development	NOUN
fbem-23682	7	19	of	of	ADP
fbem-23682	7	20	capital	capital	NOUN
fbem-23682	7	21	market	market	NOUN
fbem-23682	7	22	.	.	PUNCT
fbem-23682	8	1	keywords	keyword	NOUN
fbem-23682	8	2	:	:	PUNCT
fbem-23682	8	3	governance	governance	NOUN
fbem-23682	8	4	effect	effect	NOUN
fbem-23682	8	5	of	of	ADP
fbem-23682	8	6	independent	independent	ADJ
fbem-23682	8	7	directors	director	NOUN
fbem-23682	8	8	,	,	PUNCT
fbem-23682	8	9	risk	risk	NOUN
fbem-23682	8	10	of	of	ADP
fbem-23682	8	11	stock	stock	NOUN
fbem-23682	8	12	price	price	NOUN
fbem-23682	8	13	crash	crash	NOUN
fbem-23682	8	14	.	.	PUNCT
fbem-23682	9	1	1	1	X
fbem-23682	9	2	.	.	X
fbem-23682	9	3	introduction	introduction	NOUN
fbem-23682	9	4	in	in	ADP
fbem-23682	9	5	recent	recent	ADJ
fbem-23682	9	6	decades	decade	NOUN
fbem-23682	9	7	,	,	PUNCT
fbem-23682	9	8	the	the	DET
fbem-23682	9	9	economic	economic	ADJ
fbem-23682	9	10	level	level	NOUN
fbem-23682	9	11	of	of	ADP
fbem-23682	9	12	china	china	PROPN
fbem-23682	9	13	has	have	AUX
fbem-23682	9	14	developed	develop	VERB
fbem-23682	9	15	rapidly	rapidly	ADV
fbem-23682	9	16	and	and	CCONJ
fbem-23682	9	17	the	the	DET
fbem-23682	9	18	vitality	vitality	NOUN
fbem-23682	9	19	of	of	ADP
fbem-23682	9	20	china	china	PROPN
fbem-23682	9	21	's	's	PART
fbem-23682	9	22	financial	financial	ADJ
fbem-23682	9	23	market	market	NOUN
fbem-23682	9	24	has	have	AUX
fbem-23682	9	25	become	become	VERB
fbem-23682	9	26	increasingly	increasingly	ADV
fbem-23682	9	27	strong	strong	ADJ
fbem-23682	9	28	.	.	PUNCT
fbem-23682	10	1	in	in	ADP
fbem-23682	10	2	the	the	DET
fbem-23682	10	3	face	face	NOUN
fbem-23682	10	4	of	of	ADP
fbem-23682	10	5	the	the	DET
fbem-23682	10	6	current	current	ADJ
fbem-23682	10	7	demand	demand	NOUN
fbem-23682	10	8	for	for	ADP
fbem-23682	10	9	high	high	ADJ
fbem-23682	10	10	-	-	PUNCT
fbem-23682	10	11	quality	quality	NOUN
fbem-23682	10	12	economic	economic	ADJ
fbem-23682	10	13	development	development	NOUN
fbem-23682	10	14	,	,	PUNCT
fbem-23682	10	15	it	it	PRON
fbem-23682	10	16	is	be	AUX
fbem-23682	10	17	particularly	particularly	ADV
fbem-23682	10	18	important	important	ADJ
fbem-23682	10	19	to	to	PART
fbem-23682	10	20	safeguard	safeguard	VERB
fbem-23682	10	21	the	the	DET
fbem-23682	10	22	health	health	NOUN
fbem-23682	10	23	and	and	CCONJ
fbem-23682	10	24	stability	stability	NOUN
fbem-23682	10	25	of	of	ADP
fbem-23682	10	26	financial	financial	ADJ
fbem-23682	10	27	markets	market	NOUN
fbem-23682	10	28	.	.	PUNCT
fbem-23682	11	1	xi	xi	NOUN
fbem-23682	11	2	jinping	jinpe	VERB
fbem-23682	11	3	once	once	ADV
fbem-23682	11	4	pointed	point	VERB
fbem-23682	11	5	out	out	ADP
fbem-23682	11	6	that	that	SCONJ
fbem-23682	11	7	"	"	PUNCT
fbem-23682	11	8	finance	finance	NOUN
fbem-23682	11	9	is	be	AUX
fbem-23682	11	10	an	an	DET
fbem-23682	11	11	important	important	ADJ
fbem-23682	11	12	core	core	NOUN
fbem-23682	11	13	competitiveness	competitiveness	NOUN
fbem-23682	11	14	of	of	ADP
fbem-23682	11	15	the	the	DET
fbem-23682	11	16	country	country	NOUN
fbem-23682	11	17	,	,	PUNCT
fbem-23682	11	18	financial	financial	ADJ
fbem-23682	11	19	security	security	NOUN
fbem-23682	11	20	is	be	AUX
fbem-23682	11	21	an	an	DET
fbem-23682	11	22	important	important	ADJ
fbem-23682	11	23	component	component	NOUN
fbem-23682	11	24	of	of	ADP
fbem-23682	11	25	national	national	ADJ
fbem-23682	11	26	security	security	NOUN
fbem-23682	11	27	,	,	PUNCT
fbem-23682	11	28	and	and	CCONJ
fbem-23682	11	29	financial	financial	ADJ
fbem-23682	11	30	system	system	NOUN
fbem-23682	11	31	is	be	AUX
fbem-23682	11	32	an	an	DET
fbem-23682	11	33	important	important	ADJ
fbem-23682	11	34	basic	basic	ADJ
fbem-23682	11	35	system	system	NOUN
fbem-23682	11	36	in	in	ADP
fbem-23682	11	37	economic	economic	ADJ
fbem-23682	11	38	and	and	CCONJ
fbem-23682	11	39	social	social	ADJ
fbem-23682	11	40	development	development	NOUN
fbem-23682	11	41	"	"	PUNCT
fbem-23682	11	42	,	,	PUNCT
fbem-23682	11	43	stressing	stress	VERB
fbem-23682	11	44	the	the	DET
fbem-23682	11	45	importance	importance	NOUN
fbem-23682	11	46	of	of	ADP
fbem-23682	11	47	stable	stable	ADJ
fbem-23682	11	48	and	and	CCONJ
fbem-23682	11	49	safe	safe	ADJ
fbem-23682	11	50	financial	financial	ADJ
fbem-23682	11	51	markets	market	NOUN
fbem-23682	11	52	and	and	CCONJ
fbem-23682	11	53	controllable	controllable	ADJ
fbem-23682	11	54	risks	risk	NOUN
fbem-23682	11	55	.	.	PUNCT
fbem-23682	12	1	however	however	ADV
fbem-23682	12	2	,	,	PUNCT
fbem-23682	12	3	compared	compare	VERB
fbem-23682	12	4	with	with	ADP
fbem-23682	12	5	developed	develop	VERB
fbem-23682	12	6	market	market	NOUN
fbem-23682	12	7	countries	country	NOUN
fbem-23682	12	8	such	such	ADJ
fbem-23682	12	9	as	as	ADP
fbem-23682	12	10	the	the	DET
fbem-23682	12	11	united	united	PROPN
fbem-23682	12	12	states	states	PROPN
fbem-23682	12	13	and	and	CCONJ
fbem-23682	12	14	the	the	DET
fbem-23682	12	15	united	united	ADJ
fbem-23682	12	16	kingdom	kingdom	PROPN
fbem-23682	12	17	,	,	PUNCT
fbem-23682	12	18	china	china	PROPN
fbem-23682	12	19	's	's	PART
fbem-23682	12	20	capital	capital	NOUN
fbem-23682	12	21	market	market	NOUN
fbem-23682	12	22	needs	need	VERB
fbem-23682	12	23	to	to	PART
fbem-23682	12	24	be	be	AUX
fbem-23682	12	25	improved	improve	VERB
fbem-23682	12	26	.	.	PUNCT
fbem-23682	13	1	problems	problem	NOUN
fbem-23682	13	2	such	such	ADJ
fbem-23682	13	3	as	as	ADP
fbem-23682	13	4	a	a	DET
fbem-23682	13	5	weak	weak	ADJ
fbem-23682	13	6	sense	sense	NOUN
fbem-23682	13	7	of	of	ADP
fbem-23682	13	8	risk	risk	NOUN
fbem-23682	13	9	,	,	PUNCT
fbem-23682	13	10	a	a	DET
fbem-23682	13	11	large	large	ADJ
fbem-23682	13	12	number	number	NOUN
fbem-23682	13	13	of	of	ADP
fbem-23682	13	14	small	small	ADJ
fbem-23682	13	15	and	and	CCONJ
fbem-23682	13	16	medium	medium	ADJ
fbem-23682	13	17	-	-	PUNCT
fbem-23682	13	18	sized	sized	ADJ
fbem-23682	13	19	investors	investor	NOUN
fbem-23682	13	20	,	,	PUNCT
fbem-23682	13	21	and	and	CCONJ
fbem-23682	13	22	loopholes	loophole	NOUN
fbem-23682	13	23	in	in	ADP
fbem-23682	13	24	the	the	DET
fbem-23682	13	25	information	information	NOUN
fbem-23682	13	26	disclosure	disclosure	NOUN
fbem-23682	13	27	and	and	CCONJ
fbem-23682	13	28	governance	governance	NOUN
fbem-23682	13	29	systems	system	NOUN
fbem-23682	13	30	of	of	ADP
fbem-23682	13	31	listed	list	VERB
fbem-23682	13	32	companies	company	NOUN
fbem-23682	13	33	often	often	ADV
fbem-23682	13	34	lead	lead	VERB
fbem-23682	13	35	to	to	ADP
fbem-23682	13	36	the	the	DET
fbem-23682	13	37	risk	risk	NOUN
fbem-23682	13	38	of	of	ADP
fbem-23682	13	39	stock	stock	NOUN
fbem-23682	13	40	price	price	NOUN
fbem-23682	13	41	collapse	collapse	NOUN
fbem-23682	13	42	,	,	PUNCT
fbem-23682	13	43	which	which	PRON
fbem-23682	13	44	threatens	threaten	VERB
fbem-23682	13	45	the	the	DET
fbem-23682	13	46	stability	stability	NOUN
fbem-23682	13	47	of	of	ADP
fbem-23682	13	48	financial	financial	ADJ
fbem-23682	13	49	markets	market	NOUN
fbem-23682	13	50	.	.	PUNCT
fbem-23682	14	1	therefore	therefore	ADV
fbem-23682	14	2	,	,	PUNCT
fbem-23682	14	3	in	in	ADP
fbem-23682	14	4	order	order	NOUN
fbem-23682	14	5	to	to	PART
fbem-23682	14	6	ensure	ensure	VERB
fbem-23682	14	7	the	the	DET
fbem-23682	14	8	stability	stability	NOUN
fbem-23682	14	9	of	of	ADP
fbem-23682	14	10	the	the	DET
fbem-23682	14	11	financial	financial	ADJ
fbem-23682	14	12	market	market	NOUN
fbem-23682	14	13	and	and	CCONJ
fbem-23682	14	14	better	well	ADV
fbem-23682	14	15	serve	serve	VERB
fbem-23682	14	16	the	the	DET
fbem-23682	14	17	real	real	ADJ
fbem-23682	14	18	economy	economy	NOUN
fbem-23682	14	19	and	and	CCONJ
fbem-23682	14	20	realize	realize	VERB
fbem-23682	14	21	the	the	DET
fbem-23682	14	22	high	high	ADJ
fbem-23682	14	23	-	-	PUNCT
fbem-23682	14	24	quality	quality	NOUN
fbem-23682	14	25	development	development	NOUN
fbem-23682	14	26	of	of	ADP
fbem-23682	14	27	the	the	DET
fbem-23682	14	28	national	national	ADJ
fbem-23682	14	29	economy	economy	NOUN
fbem-23682	14	30	,	,	PUNCT
fbem-23682	14	31	we	we	PRON
fbem-23682	14	32	need	need	VERB
fbem-23682	14	33	to	to	PART
fbem-23682	14	34	explore	explore	VERB
fbem-23682	14	35	the	the	DET
fbem-23682	14	36	influencing	influence	VERB
fbem-23682	14	37	factors	factor	NOUN
fbem-23682	14	38	of	of	ADP
fbem-23682	14	39	the	the	DET
fbem-23682	14	40	risk	risk	NOUN
fbem-23682	14	41	of	of	ADP
fbem-23682	14	42	stock	stock	NOUN
fbem-23682	14	43	price	price	NOUN
fbem-23682	14	44	crash	crash	NOUN
fbem-23682	14	45	.	.	PUNCT
fbem-23682	15	1	in	in	ADP
fbem-23682	15	2	theory	theory	NOUN
fbem-23682	15	3	,	,	PUNCT
fbem-23682	15	4	an	an	DET
fbem-23682	15	5	independent	independent	ADJ
fbem-23682	15	6	director	director	NOUN
fbem-23682	15	7	's	's	PART
fbem-23682	15	8	dissenting	dissent	VERB
fbem-23682	15	9	opinion	opinion	NOUN
fbem-23682	15	10	could	could	AUX
fbem-23682	15	11	reduce	reduce	VERB
fbem-23682	15	12	the	the	DET
fbem-23682	15	13	risk	risk	NOUN
fbem-23682	15	14	of	of	ADP
fbem-23682	15	15	a	a	DET
fbem-23682	15	16	crash	crash	NOUN
fbem-23682	15	17	in	in	ADP
fbem-23682	15	18	a	a	DET
fbem-23682	15	19	company	company	NOUN
fbem-23682	15	20	's	's	PART
fbem-23682	15	21	share	share	NOUN
fbem-23682	15	22	price	price	NOUN
fbem-23682	15	23	.	.	PUNCT
fbem-23682	16	1	the	the	DET
fbem-23682	16	2	dissenting	dissent	VERB
fbem-23682	16	3	opinions	opinion	NOUN
fbem-23682	16	4	expressed	express	VERB
fbem-23682	16	5	by	by	ADP
fbem-23682	16	6	independent	independent	ADJ
fbem-23682	16	7	directors	director	NOUN
fbem-23682	16	8	can	can	AUX
fbem-23682	16	9	play	play	VERB
fbem-23682	16	10	a	a	DET
fbem-23682	16	11	signaling	signal	VERB
fbem-23682	16	12	role	role	NOUN
fbem-23682	16	13	and	and	CCONJ
fbem-23682	16	14	a	a	DET
fbem-23682	16	15	governance	governance	NOUN
fbem-23682	16	16	effect	effect	NOUN
fbem-23682	16	17	.	.	PUNCT
fbem-23682	17	1	signaling	signal	VERB
fbem-23682	17	2	can	can	AUX
fbem-23682	17	3	release	release	VERB
fbem-23682	17	4	the	the	DET
fbem-23682	17	5	negative	negative	ADJ
fbem-23682	17	6	news	news	NOUN
fbem-23682	17	7	of	of	ADP
fbem-23682	17	8	the	the	DET
fbem-23682	17	9	company	company	NOUN
fbem-23682	17	10	in	in	ADP
fbem-23682	17	11	advance	advance	NOUN
fbem-23682	17	12	and	and	CCONJ
fbem-23682	17	13	reduce	reduce	VERB
fbem-23682	17	14	the	the	DET
fbem-23682	17	15	internal	internal	ADJ
fbem-23682	17	16	extrusion	extrusion	NOUN
fbem-23682	17	17	of	of	ADP
fbem-23682	17	18	negative	negative	ADJ
fbem-23682	17	19	information	information	NOUN
fbem-23682	17	20	.	.	PUNCT
fbem-23682	18	1	however	however	ADV
fbem-23682	18	2	,	,	PUNCT
fbem-23682	18	3	the	the	DET
fbem-23682	18	4	"	"	PUNCT
fbem-23682	18	5	signaling	signaling	ADJ
fbem-23682	18	6	effect	effect	NOUN
fbem-23682	18	7	"	"	PUNCT
fbem-23682	18	8	will	will	AUX
fbem-23682	18	9	attract	attract	VERB
fbem-23682	18	10	the	the	DET
fbem-23682	18	11	attention	attention	NOUN
fbem-23682	18	12	of	of	ADP
fbem-23682	18	13	various	various	ADJ
fbem-23682	18	14	participants	participant	NOUN
fbem-23682	18	15	related	relate	VERB
fbem-23682	18	16	to	to	ADP
fbem-23682	18	17	the	the	DET
fbem-23682	18	18	company	company	NOUN
fbem-23682	18	19	,	,	PUNCT
fbem-23682	18	20	and	and	CCONJ
fbem-23682	18	21	then	then	ADV
fbem-23682	18	22	generate	generate	VERB
fbem-23682	18	23	the	the	DET
fbem-23682	18	24	"	"	PUNCT
fbem-23682	18	25	governance	governance	NOUN
fbem-23682	18	26	effect	effect	NOUN
fbem-23682	18	27	"	"	PUNCT
fbem-23682	18	28	,	,	PUNCT
fbem-23682	18	29	which	which	PRON
fbem-23682	18	30	will	will	AUX
fbem-23682	18	31	supervise	supervise	VERB
fbem-23682	18	32	the	the	DET
fbem-23682	18	33	abnormal	abnormal	ADJ
fbem-23682	18	34	related	relate	VERB
fbem-23682	18	35	party	party	NOUN
fbem-23682	18	36	transactions	transaction	NOUN
fbem-23682	18	37	of	of	ADP
fbem-23682	18	38	the	the	DET
fbem-23682	18	39	company	company	NOUN
fbem-23682	18	40	,	,	PUNCT
fbem-23682	18	41	restrain	restrain	VERB
fbem-23682	18	42	the	the	DET
fbem-23682	18	43	capital	capital	NOUN
fbem-23682	18	44	occupation	occupation	NOUN
fbem-23682	18	45	behavior	behavior	NOUN
fbem-23682	18	46	of	of	ADP
fbem-23682	18	47	major	major	ADJ
fbem-23682	18	48	shareholders	shareholder	NOUN
fbem-23682	18	49	and	and	CCONJ
fbem-23682	18	50	restrain	restrain	VERB
fbem-23682	18	51	the	the	DET
fbem-23682	18	52	earnings	earning	NOUN
fbem-23682	18	53	management	management	NOUN
fbem-23682	18	54	behavior	behavior	NOUN
fbem-23682	18	55	(	(	PUNCT
fbem-23682	18	56	ye	ye	NOUN
fbem-23682	18	57	kangtao	kangtao	PROPN
fbem-23682	18	58	et	et	PROPN
fbem-23682	18	59	al	al	PROPN
fbem-23682	18	60	.	.	PROPN
fbem-23682	18	61	,	,	PUNCT
fbem-23682	18	62	2007	2007	NUM
fbem-23682	18	63	)	)	PUNCT
fbem-23682	18	64	.	.	PUNCT
fbem-23682	19	1	as	as	ADP
fbem-23682	19	2	an	an	DET
fbem-23682	19	3	important	important	ADJ
fbem-23682	19	4	institutional	institutional	ADJ
fbem-23682	19	5	arrangement	arrangement	NOUN
fbem-23682	19	6	in	in	ADP
fbem-23682	19	7	the	the	DET
fbem-23682	19	8	corporate	corporate	ADJ
fbem-23682	19	9	governance	governance	NOUN
fbem-23682	19	10	structure	structure	NOUN
fbem-23682	19	11	,	,	PUNCT
fbem-23682	19	12	the	the	DET
fbem-23682	19	13	independent	independent	ADJ
fbem-23682	19	14	director	director	NOUN
fbem-23682	19	15	system	system	NOUN
fbem-23682	19	16	can	can	AUX
fbem-23682	19	17	play	play	VERB
fbem-23682	19	18	a	a	DET
fbem-23682	19	19	role	role	NOUN
fbem-23682	19	20	in	in	ADP
fbem-23682	19	21	alleviating	alleviate	VERB
fbem-23682	19	22	the	the	DET
fbem-23682	19	23	first	first	ADJ
fbem-23682	19	24	and	and	CCONJ
fbem-23682	19	25	second	second	ADJ
fbem-23682	19	26	class	class	NOUN
fbem-23682	19	27	agency	agency	NOUN
fbem-23682	19	28	conflicts	conflict	NOUN
fbem-23682	19	29	(	(	PUNCT
fbem-23682	19	30	fama	fama	PROPN
fbem-23682	19	31	and	and	CCONJ
fbem-23682	19	32	jensen	jensen	PROPN
fbem-23682	19	33	,	,	PUNCT
fbem-23682	19	34	1983	1983	NUM
fbem-23682	19	35	)	)	PUNCT
fbem-23682	19	36	.	.	PUNCT
fbem-23682	20	1	the	the	DET
fbem-23682	20	2	role	role	NOUN
fbem-23682	20	3	of	of	ADP
fbem-23682	20	4	governance	governance	NOUN
fbem-23682	20	5	can	can	AUX
fbem-23682	20	6	improve	improve	VERB
fbem-23682	20	7	the	the	DET
fbem-23682	20	8	transparency	transparency	NOUN
fbem-23682	20	9	of	of	ADP
fbem-23682	20	10	corporate	corporate	ADJ
fbem-23682	20	11	information	information	NOUN
fbem-23682	20	12	,	,	PUNCT
fbem-23682	20	13	optimize	optimize	VERB
fbem-23682	20	14	the	the	DET
fbem-23682	20	15	actual	actual	ADJ
fbem-23682	20	16	financial	financial	ADJ
fbem-23682	20	17	position	position	NOUN
fbem-23682	20	18	and	and	CCONJ
fbem-23682	20	19	earnings	earning	NOUN
fbem-23682	20	20	quality	quality	NOUN
fbem-23682	20	21	of	of	ADP
fbem-23682	20	22	the	the	DET
fbem-23682	20	23	company	company	NOUN
fbem-23682	20	24	,	,	PUNCT
fbem-23682	20	25	and	and	CCONJ
fbem-23682	20	26	thus	thus	ADV
fbem-23682	20	27	reduce	reduce	VERB
fbem-23682	20	28	the	the	DET
fbem-23682	20	29	risk	risk	NOUN
fbem-23682	20	30	of	of	ADP
fbem-23682	20	31	a	a	DET
fbem-23682	20	32	collapse	collapse	NOUN
fbem-23682	20	33	of	of	ADP
fbem-23682	20	34	the	the	DET
fbem-23682	20	35	company	company	NOUN
fbem-23682	20	36	's	's	PART
fbem-23682	20	37	share	share	NOUN
fbem-23682	20	38	price	price	NOUN
fbem-23682	20	39	.	.	PUNCT
fbem-23682	21	1	the	the	DET
fbem-23682	21	2	dissenting	dissent	VERB
fbem-23682	21	3	opinion	opinion	NOUN
fbem-23682	21	4	of	of	ADP
fbem-23682	21	5	the	the	DET
fbem-23682	21	6	independent	independent	ADJ
fbem-23682	21	7	directors	director	NOUN
fbem-23682	21	8	may	may	AUX
fbem-23682	21	9	not	not	PART
fbem-23682	21	10	be	be	AUX
fbem-23682	21	11	effective	effective	ADJ
fbem-23682	21	12	in	in	ADP
fbem-23682	21	13	reducing	reduce	VERB
fbem-23682	21	14	the	the	DET
fbem-23682	21	15	risk	risk	NOUN
fbem-23682	21	16	of	of	ADP
fbem-23682	21	17	a	a	DET
fbem-23682	21	18	stock	stock	NOUN
fbem-23682	21	19	price	price	NOUN
fbem-23682	21	20	crash	crash	NOUN
fbem-23682	21	21	.	.	PUNCT
fbem-23682	22	1	at	at	ADP
fbem-23682	22	2	present	present	ADJ
fbem-23682	22	3	,	,	PUNCT
fbem-23682	22	4	china	china	PROPN
fbem-23682	22	5	's	's	PART
fbem-23682	22	6	listed	list	VERB
fbem-23682	22	7	companies	company	NOUN
fbem-23682	22	8	generally	generally	ADV
fbem-23682	22	9	have	have	VERB
fbem-23682	22	10	the	the	DET
fbem-23682	22	11	characteristics	characteristic	NOUN
fbem-23682	22	12	of	of	ADP
fbem-23682	22	13	concentration	concentration	NOUN
fbem-23682	22	14	of	of	ADP
fbem-23682	22	15	equity	equity	NOUN
fbem-23682	22	16	,	,	PUNCT
fbem-23682	22	17	and	and	CCONJ
fbem-23682	22	18	the	the	DET
fbem-23682	22	19	majority	majority	NOUN
fbem-23682	22	20	shareholders	shareholder	NOUN
fbem-23682	22	21	have	have	VERB
fbem-23682	22	22	strong	strong	ADJ
fbem-23682	22	23	control	control	NOUN
fbem-23682	22	24	and	and	CCONJ
fbem-23682	22	25	decision	decision	NOUN
fbem-23682	22	26	-	-	PUNCT
fbem-23682	22	27	making	make	VERB
fbem-23682	22	28	power	power	NOUN
fbem-23682	22	29	over	over	ADP
fbem-23682	22	30	the	the	DET
fbem-23682	22	31	company	company	NOUN
fbem-23682	22	32	.	.	PUNCT
fbem-23682	23	1	china	china	PROPN
fbem-23682	23	2	's	's	PART
fbem-23682	23	3	relatively	relatively	ADV
fbem-23682	23	4	weak	weak	ADJ
fbem-23682	23	5	legal	legal	ADJ
fbem-23682	23	6	risk	risk	NOUN
fbem-23682	23	7	makes	make	VERB
fbem-23682	23	8	the	the	DET
fbem-23682	23	9	cost	cost	NOUN
fbem-23682	23	10	of	of	ADP
fbem-23682	23	11	punishment	punishment	NOUN
fbem-23682	23	12	for	for	ADP
fbem-23682	23	13	non	non	ADJ
fbem-23682	23	14	-	-	NOUN
fbem-23682	23	15	compliance	compliance	NOUN
fbem-23682	23	16	by	by	ADP
fbem-23682	23	17	major	major	ADJ
fbem-23682	23	18	shareholders	shareholder	NOUN
fbem-23682	23	19	low	low	ADJ
fbem-23682	23	20	.	.	PUNCT
fbem-23682	24	1	at	at	ADP
fbem-23682	24	2	the	the	DET
fbem-23682	24	3	same	same	ADJ
fbem-23682	24	4	time	time	NOUN
fbem-23682	24	5	,	,	PUNCT
fbem-23682	24	6	the	the	DET
fbem-23682	24	7	imperfect	imperfect	ADJ
fbem-23682	24	8	safeguard	safeguard	NOUN
fbem-23682	24	9	system	system	NOUN
fbem-23682	24	10	can	can	AUX
fbem-23682	24	11	not	not	PART
fbem-23682	24	12	effectively	effectively	ADV
fbem-23682	24	13	safeguard	safeguard	VERB
fbem-23682	24	14	the	the	DET
fbem-23682	24	15	risk	risk	NOUN
fbem-23682	24	16	of	of	ADP
fbem-23682	24	17	independent	independent	ADJ
fbem-23682	24	18	directors	director	NOUN
fbem-23682	24	19	expressing	express	VERB
fbem-23682	24	20	their	their	PRON
fbem-23682	24	21	opinions	opinion	NOUN
fbem-23682	24	22	(	(	PUNCT
fbem-23682	24	23	wang	wang	PROPN
fbem-23682	24	24	bing	bing	PROPN
fbem-23682	24	25	,	,	PUNCT
fbem-23682	24	26	2007	2007	NUM
fbem-23682	24	27	)	)	PUNCT
fbem-23682	24	28	,	,	PUNCT
fbem-23682	24	29	which	which	PRON
fbem-23682	24	30	leads	lead	VERB
fbem-23682	24	31	to	to	ADP
fbem-23682	24	32	the	the	DET
fbem-23682	24	33	high	high	ADJ
fbem-23682	24	34	risk	risk	NOUN
fbem-23682	24	35	of	of	ADP
fbem-23682	24	36	expressing	express	VERB
fbem-23682	24	37	dissenting	dissent	VERB
fbem-23682	24	38	opinions	opinion	NOUN
fbem-23682	24	39	and	and	CCONJ
fbem-23682	24	40	the	the	DET
fbem-23682	24	41	lack	lack	NOUN
fbem-23682	24	42	of	of	ADP
fbem-23682	24	43	motivation	motivation	NOUN
fbem-23682	24	44	of	of	ADP
fbem-23682	24	45	independent	independent	ADJ
fbem-23682	24	46	directors	director	NOUN
fbem-23682	24	47	to	to	PART
fbem-23682	24	48	point	point	VERB
fbem-23682	24	49	out	out	ADP
fbem-23682	24	50	internal	internal	ADJ
fbem-23682	24	51	irregularities	irregularity	NOUN
fbem-23682	24	52	.	.	PUNCT
fbem-23682	25	1	many	many	ADJ
fbem-23682	25	2	independent	independent	ADJ
fbem-23682	25	3	directors	director	NOUN
fbem-23682	25	4	are	be	AUX
fbem-23682	25	5	considered	consider	VERB
fbem-23682	25	6	to	to	PART
fbem-23682	25	7	be	be	AUX
fbem-23682	25	8	just	just	ADV
fbem-23682	25	9	"	"	PUNCT
fbem-23682	25	10	vase	vase	NOUN
fbem-23682	25	11	roles	role	NOUN
fbem-23682	25	12	"	"	PUNCT
fbem-23682	25	13	(	(	PUNCT
fbem-23682	25	14	tang	tang	PROPN
fbem-23682	25	15	qingquan	qingquan	PROPN
fbem-23682	25	16	,	,	PUNCT
fbem-23682	25	17	2006	2006	NUM
fbem-23682	25	18	;	;	PUNCT
fbem-23682	25	19	xiao	xiao	PROPN
fbem-23682	25	20	weijia	weijia	PROPN
fbem-23682	25	21	et	et	PROPN
fbem-23682	25	22	al	al	PROPN
fbem-23682	25	23	.	.	PROPN
fbem-23682	25	24	,	,	PUNCT
fbem-23682	25	25	2009	2009	NUM
fbem-23682	25	26	;	;	PUNCT
fbem-23682	25	27	tang	tang	PROPN
fbem-23682	25	28	xuesong	xuesong	PROPN
fbem-23682	25	29	et	et	PROPN
fbem-23682	25	30	al	al	PROPN
fbem-23682	25	31	.	.	PROPN
fbem-23682	25	32	,	,	PUNCT
fbem-23682	25	33	2010	2010	NUM
fbem-23682	25	34	;	;	PUNCT
fbem-23682	25	35	ye	ye	PRON
fbem-23682	25	36	kangtao	kangtao	PROPN
fbem-23682	25	37	et	et	PROPN
fbem-23682	25	38	al	al	PROPN
fbem-23682	25	39	.	.	PROPN
fbem-23682	25	40	,	,	PUNCT
fbem-23682	25	41	2011	2011	NUM
fbem-23682	25	42	)	)	PUNCT
fbem-23682	25	43	.	.	PUNCT
fbem-23682	26	1	therefore	therefore	ADV
fbem-23682	26	2	,	,	PUNCT
fbem-23682	26	3	the	the	DET
fbem-23682	26	4	low	low	ADJ
fbem-23682	26	5	proportion	proportion	NOUN
fbem-23682	26	6	of	of	ADP
fbem-23682	26	7	dissenting	dissent	VERB
fbem-23682	26	8	votes	vote	NOUN
fbem-23682	26	9	can	can	AUX
fbem-23682	26	10	not	not	PART
fbem-23682	26	11	effectively	effectively	ADV
fbem-23682	26	12	prevent	prevent	VERB
fbem-23682	26	13	the	the	DET
fbem-23682	26	14	violation	violation	NOUN
fbem-23682	26	15	and	and	CCONJ
fbem-23682	26	16	effectively	effectively	ADV
fbem-23682	26	17	reduce	reduce	VERB
fbem-23682	26	18	the	the	DET
fbem-23682	26	19	risk	risk	NOUN
fbem-23682	26	20	of	of	ADP
fbem-23682	26	21	the	the	DET
fbem-23682	26	22	company	company	NOUN
fbem-23682	26	23	's	's	PART
fbem-23682	26	24	stock	stock	NOUN
fbem-23682	26	25	price	price	NOUN
fbem-23682	26	26	collapsing	collapse	VERB
fbem-23682	26	27	.	.	PUNCT
fbem-23682	27	1	from	from	ADP
fbem-23682	27	2	the	the	DET
fbem-23682	27	3	theoretical	theoretical	ADJ
fbem-23682	27	4	analysis	analysis	NOUN
fbem-23682	27	5	,	,	PUNCT
fbem-23682	27	6	the	the	DET
fbem-23682	27	7	impact	impact	NOUN
fbem-23682	27	8	direction	direction	NOUN
fbem-23682	27	9	of	of	ADP
fbem-23682	27	10	independent	independent	ADJ
fbem-23682	27	11	directors	director	NOUN
fbem-23682	27	12	'	'	PART
fbem-23682	27	13	negative	negative	ADJ
fbem-23682	27	14	vote	vote	NOUN
fbem-23682	27	15	on	on	ADP
fbem-23682	27	16	the	the	DET
fbem-23682	27	17	risk	risk	NOUN
fbem-23682	27	18	of	of	ADP
fbem-23682	27	19	stock	stock	NOUN
fbem-23682	27	20	price	price	NOUN
fbem-23682	27	21	crash	crash	NOUN
fbem-23682	27	22	is	be	AUX
fbem-23682	27	23	still	still	ADV
fbem-23682	27	24	unclear	unclear	ADJ
fbem-23682	27	25	,	,	PUNCT
fbem-23682	27	26	so	so	ADV
fbem-23682	27	27	we	we	PRON
fbem-23682	27	28	test	test	VERB
fbem-23682	27	29	the	the	DET
fbem-23682	27	30	problem	problem	NOUN
fbem-23682	27	31	through	through	ADP
fbem-23682	27	32	empirical	empirical	ADJ
fbem-23682	27	33	research	research	NOUN
fbem-23682	27	34	.	.	PUNCT
fbem-23682	28	1	we	we	PRON
fbem-23682	28	2	used	use	VERB
fbem-23682	28	3	a	a	DET
fbem-23682	28	4	sample	sample	NOUN
fbem-23682	28	5	of	of	ADP
fbem-23682	28	6	a	a	DET
fbem-23682	28	7	-	-	PUNCT
fbem-23682	28	8	share	share	NOUN
fbem-23682	28	9	listed	list	VERB
fbem-23682	28	10	companies	company	NOUN
fbem-23682	28	11	from	from	ADP
fbem-23682	28	12	2007	2007	NUM
fbem-23682	28	13	to	to	ADP
fbem-23682	28	14	2021	2021	NUM
fbem-23682	28	15	to	to	PART
fbem-23682	28	16	prove	prove	VERB
fbem-23682	28	17	that	that	SCONJ
fbem-23682	28	18	there	there	PRON
fbem-23682	28	19	is	be	VERB
fbem-23682	28	20	a	a	DET
fbem-23682	28	21	negative	negative	ADJ
fbem-23682	28	22	correlation	correlation	NOUN
fbem-23682	28	23	between	between	ADP
fbem-23682	28	24	the	the	DET
fbem-23682	28	25	dissenting	dissent	VERB
fbem-23682	28	26	opinions	opinion	NOUN
fbem-23682	28	27	of	of	ADP
fbem-23682	28	28	independent	independent	ADJ
fbem-23682	28	29	directors	director	NOUN
fbem-23682	28	30	and	and	CCONJ
fbem-23682	28	31	the	the	DET
fbem-23682	28	32	risk	risk	NOUN
fbem-23682	28	33	of	of	ADP
fbem-23682	28	34	stock	stock	NOUN
fbem-23682	28	35	price	price	NOUN
fbem-23682	28	36	crash	crash	NOUN
fbem-23682	28	37	.	.	PUNCT
fbem-23682	29	1	further	further	ADJ
fbem-23682	29	2	analysis	analysis	NOUN
fbem-23682	29	3	shows	show	VERB
fbem-23682	29	4	that	that	SCONJ
fbem-23682	29	5	the	the	DET
fbem-23682	29	6	dissenting	dissent	VERB
fbem-23682	29	7	opinions	opinion	NOUN
fbem-23682	29	8	of	of	ADP
fbem-23682	29	9	independent	independent	ADJ
fbem-23682	29	10	directors	director	NOUN
fbem-23682	29	11	can	can	AUX
fbem-23682	29	12	indeed	indeed	ADV
fbem-23682	29	13	restrain	restrain	VERB
fbem-23682	29	14	the	the	DET
fbem-23682	29	15	abnormal	abnormal	ADJ
fbem-23682	29	16	related	relate	VERB
fbem-23682	29	17	party	party	NOUN
fbem-23682	29	18	transactions	transaction	NOUN
fbem-23682	29	19	and	and	CCONJ
fbem-23682	29	20	earnings	earning	NOUN
fbem-23682	29	21	management	management	NOUN
fbem-23682	29	22	behavior	behavior	NOUN
fbem-23682	29	23	of	of	ADP
fbem-23682	29	24	the	the	DET
fbem-23682	29	25	majority	majority	NOUN
fbem-23682	29	26	shareholders	shareholder	NOUN
fbem-23682	29	27	.	.	PUNCT
fbem-23682	30	1	the	the	DET
fbem-23682	30	2	above	above	ADJ
fbem-23682	30	3	results	result	NOUN
fbem-23682	30	4	are	be	AUX
fbem-23682	30	5	consistent	consistent	ADJ
fbem-23682	30	6	with	with	ADP
fbem-23682	30	7	the	the	DET
fbem-23682	30	8	logic	logic	NOUN
fbem-23682	30	9	that	that	PRON
fbem-23682	30	10	independent	independent	ADJ
fbem-23682	30	11	230	230	NUM
fbem-23682	30	12	directors	director	NOUN
fbem-23682	30	13	exert	exert	VERB
fbem-23682	30	14	governance	governance	NOUN
fbem-23682	30	15	effect	effect	NOUN
fbem-23682	30	16	by	by	ADP
fbem-23682	30	17	expressing	express	VERB
fbem-23682	30	18	dissenting	dissent	VERB
fbem-23682	30	19	opinions	opinion	NOUN
fbem-23682	30	20	,	,	PUNCT
fbem-23682	30	21	thus	thus	ADV
fbem-23682	30	22	reducing	reduce	VERB
fbem-23682	30	23	the	the	DET
fbem-23682	30	24	risk	risk	NOUN
fbem-23682	30	25	of	of	ADP
fbem-23682	30	26	stock	stock	NOUN
fbem-23682	30	27	price	price	NOUN
fbem-23682	30	28	collapse	collapse	NOUN
fbem-23682	30	29	.	.	PUNCT
fbem-23682	31	1	the	the	DET
fbem-23682	31	2	contributions	contribution	NOUN
fbem-23682	31	3	of	of	ADP
fbem-23682	31	4	this	this	DET
fbem-23682	31	5	paper	paper	NOUN
fbem-23682	31	6	may	may	AUX
fbem-23682	31	7	be	be	AUX
fbem-23682	31	8	as	as	SCONJ
fbem-23682	31	9	follows	follow	VERB
fbem-23682	31	10	:	:	PUNCT
fbem-23682	31	11	first	first	ADV
fbem-23682	31	12	,	,	PUNCT
fbem-23682	31	13	it	it	PRON
fbem-23682	31	14	expands	expand	VERB
fbem-23682	31	15	the	the	DET
fbem-23682	31	16	research	research	NOUN
fbem-23682	31	17	on	on	ADP
fbem-23682	31	18	the	the	DET
fbem-23682	31	19	economic	economic	ADJ
fbem-23682	31	20	consequences	consequence	NOUN
fbem-23682	31	21	of	of	ADP
fbem-23682	31	22	independent	independent	ADJ
fbem-23682	31	23	director	director	NOUN
fbem-23682	31	24	system	system	NOUN
fbem-23682	31	25	.	.	PUNCT
fbem-23682	32	1	the	the	DET
fbem-23682	32	2	existing	exist	VERB
fbem-23682	32	3	research	research	NOUN
fbem-23682	32	4	on	on	ADP
fbem-23682	32	5	the	the	DET
fbem-23682	32	6	independent	independent	ADJ
fbem-23682	32	7	director	director	NOUN
fbem-23682	32	8	system	system	NOUN
fbem-23682	32	9	mainly	mainly	ADV
fbem-23682	32	10	discusses	discuss	VERB
fbem-23682	32	11	its	its	PRON
fbem-23682	32	12	role	role	NOUN
fbem-23682	32	13	in	in	ADP
fbem-23682	32	14	alleviating	alleviate	VERB
fbem-23682	32	15	agency	agency	NOUN
fbem-23682	32	16	conflicts	conflict	NOUN
fbem-23682	32	17	from	from	ADP
fbem-23682	32	18	the	the	DET
fbem-23682	32	19	perspective	perspective	NOUN
fbem-23682	32	20	of	of	ADP
fbem-23682	32	21	corporate	corporate	ADJ
fbem-23682	32	22	governance	governance	NOUN
fbem-23682	32	23	,	,	PUNCT
fbem-23682	32	24	such	such	ADJ
fbem-23682	32	25	as	as	ADP
fbem-23682	32	26	the	the	DET
fbem-23682	32	27	impact	impact	NOUN
fbem-23682	32	28	on	on	ADP
fbem-23682	32	29	corporate	corporate	ADJ
fbem-23682	32	30	mergers	merger	NOUN
fbem-23682	32	31	and	and	CCONJ
fbem-23682	32	32	acquisitions	acquisition	NOUN
fbem-23682	32	33	and	and	CCONJ
fbem-23682	32	34	investment	investment	NOUN
fbem-23682	32	35	projects	project	NOUN
fbem-23682	32	36	(	(	PUNCT
fbem-23682	32	37	adams	adam	NOUN
fbem-23682	32	38	et	et	PROPN
fbem-23682	32	39	al	al	PROPN
fbem-23682	32	40	.	.	PROPN
fbem-23682	32	41	,	,	PUNCT
fbem-23682	32	42	2010	2010	NUM
fbem-23682	32	43	)	)	PUNCT
fbem-23682	32	44	,	,	PUNCT
fbem-23682	32	45	the	the	DET
fbem-23682	32	46	impact	impact	NOUN
fbem-23682	32	47	on	on	ADP
fbem-23682	32	48	the	the	DET
fbem-23682	32	49	quality	quality	NOUN
fbem-23682	32	50	of	of	ADP
fbem-23682	32	51	corporate	corporate	ADJ
fbem-23682	32	52	earnings	earning	NOUN
fbem-23682	32	53	(	(	PUNCT
fbem-23682	32	54	wang	wang	PROPN
fbem-23682	32	55	bing	bing	NOUN
fbem-23682	32	56	,	,	PUNCT
fbem-23682	32	57	2007	2007	NUM
fbem-23682	32	58	)	)	PUNCT
fbem-23682	32	59	,	,	PUNCT
fbem-23682	32	60	and	and	CCONJ
fbem-23682	32	61	the	the	DET
fbem-23682	32	62	impact	impact	NOUN
fbem-23682	32	63	on	on	ADP
fbem-23682	32	64	the	the	DET
fbem-23682	32	65	capital	capital	NOUN
fbem-23682	32	66	occupation	occupation	NOUN
fbem-23682	32	67	behavior	behavior	NOUN
fbem-23682	32	68	of	of	ADP
fbem-23682	32	69	major	major	ADJ
fbem-23682	32	70	shareholders	shareholder	NOUN
fbem-23682	32	71	(	(	PUNCT
fbem-23682	32	72	ye	ye	NOUN
fbem-23682	32	73	kangtao	kangtao	PROPN
fbem-23682	32	74	et	et	PROPN
fbem-23682	32	75	al	al	PROPN
fbem-23682	32	76	.	.	PROPN
fbem-23682	32	77	,	,	PUNCT
fbem-23682	32	78	2007	2007	NUM
fbem-23682	32	79	)	)	PUNCT
fbem-23682	32	80	.	.	PUNCT
fbem-23682	33	1	this	this	DET
fbem-23682	33	2	paper	paper	NOUN
fbem-23682	33	3	discusses	discuss	VERB
fbem-23682	33	4	whether	whether	SCONJ
fbem-23682	33	5	the	the	DET
fbem-23682	33	6	governance	governance	NOUN
fbem-23682	33	7	effect	effect	NOUN
fbem-23682	33	8	of	of	ADP
fbem-23682	33	9	the	the	DET
fbem-23682	33	10	independent	independent	ADJ
fbem-23682	33	11	directors	director	NOUN
fbem-23682	33	12	'	'	PART
fbem-23682	33	13	dissenting	dissent	VERB
fbem-23682	33	14	opinions	opinion	NOUN
fbem-23682	33	15	will	will	AUX
fbem-23682	33	16	further	far	ADV
fbem-23682	33	17	affect	affect	VERB
fbem-23682	33	18	the	the	DET
fbem-23682	33	19	risk	risk	NOUN
fbem-23682	33	20	of	of	ADP
fbem-23682	33	21	the	the	DET
fbem-23682	33	22	company	company	NOUN
fbem-23682	33	23	's	's	PART
fbem-23682	33	24	stock	stock	NOUN
fbem-23682	33	25	price	price	NOUN
fbem-23682	33	26	crash	crash	NOUN
fbem-23682	33	27	.	.	PUNCT
fbem-23682	34	1	the	the	DET
fbem-23682	34	2	second	second	ADJ
fbem-23682	34	3	is	be	AUX
fbem-23682	34	4	different	different	ADJ
fbem-23682	34	5	from	from	ADP
fbem-23682	34	6	the	the	DET
fbem-23682	34	7	previous	previous	ADJ
fbem-23682	34	8	research	research	NOUN
fbem-23682	34	9	.	.	PUNCT
fbem-23682	35	1	from	from	ADP
fbem-23682	35	2	the	the	DET
fbem-23682	35	3	perspective	perspective	NOUN
fbem-23682	35	4	of	of	ADP
fbem-23682	35	5	governance	governance	NOUN
fbem-23682	35	6	effect	effect	NOUN
fbem-23682	35	7	,	,	PUNCT
fbem-23682	35	8	this	this	DET
fbem-23682	35	9	paper	paper	NOUN
fbem-23682	35	10	tests	test	VERB
fbem-23682	35	11	the	the	DET
fbem-23682	35	12	impact	impact	NOUN
fbem-23682	35	13	of	of	ADP
fbem-23682	35	14	independent	independent	ADJ
fbem-23682	35	15	directors	director	NOUN
fbem-23682	35	16	'	'	PART
fbem-23682	35	17	objection	objection	NOUN
fbem-23682	35	18	on	on	ADP
fbem-23682	35	19	the	the	DET
fbem-23682	35	20	risk	risk	NOUN
fbem-23682	35	21	of	of	ADP
fbem-23682	35	22	stock	stock	NOUN
fbem-23682	35	23	price	price	NOUN
fbem-23682	35	24	crash	crash	NOUN
fbem-23682	35	25	,	,	PUNCT
fbem-23682	35	26	and	and	CCONJ
fbem-23682	35	27	expands	expand	VERB
fbem-23682	35	28	the	the	DET
fbem-23682	35	29	understanding	understanding	NOUN
fbem-23682	35	30	of	of	ADP
fbem-23682	35	31	the	the	DET
fbem-23682	35	32	relationship	relationship	NOUN
fbem-23682	35	33	between	between	ADP
fbem-23682	35	34	independent	independent	ADJ
fbem-23682	35	35	director	director	NOUN
fbem-23682	35	36	system	system	NOUN
fbem-23682	35	37	and	and	CCONJ
fbem-23682	35	38	stock	stock	NOUN
fbem-23682	35	39	price	price	NOUN
fbem-23682	35	40	crash	crash	NOUN
fbem-23682	35	41	.	.	PUNCT
fbem-23682	36	1	thirdly	thirdly	ADV
fbem-23682	36	2	,	,	PUNCT
fbem-23682	36	3	it	it	PRON
fbem-23682	36	4	has	have	VERB
fbem-23682	36	5	certain	certain	ADJ
fbem-23682	36	6	practical	practical	ADJ
fbem-23682	36	7	significance	significance	NOUN
fbem-23682	36	8	.	.	PUNCT
fbem-23682	37	1	this	this	DET
fbem-23682	37	2	paper	paper	NOUN
fbem-23682	37	3	analyzes	analyze	VERB
fbem-23682	37	4	the	the	DET
fbem-23682	37	5	positive	positive	ADJ
fbem-23682	37	6	impact	impact	NOUN
fbem-23682	37	7	of	of	ADP
fbem-23682	37	8	the	the	DET
fbem-23682	37	9	independent	independent	ADJ
fbem-23682	37	10	director	director	NOUN
fbem-23682	37	11	system	system	NOUN
fbem-23682	37	12	on	on	ADP
fbem-23682	37	13	controlling	control	VERB
fbem-23682	37	14	the	the	DET
fbem-23682	37	15	risk	risk	NOUN
fbem-23682	37	16	of	of	ADP
fbem-23682	37	17	stock	stock	NOUN
fbem-23682	37	18	price	price	NOUN
fbem-23682	37	19	crash	crash	NOUN
fbem-23682	37	20	,	,	PUNCT
fbem-23682	37	21	and	and	CCONJ
fbem-23682	37	22	shows	show	VERB
fbem-23682	37	23	the	the	DET
fbem-23682	37	24	role	role	NOUN
fbem-23682	37	25	that	that	PRON
fbem-23682	37	26	independent	independent	ADJ
fbem-23682	37	27	directors	director	NOUN
fbem-23682	37	28	can	can	AUX
fbem-23682	37	29	play	play	VERB
fbem-23682	37	30	in	in	ADP
fbem-23682	37	31	the	the	DET
fbem-23682	37	32	financial	financial	ADJ
fbem-23682	37	33	market	market	NOUN
fbem-23682	37	34	of	of	ADP
fbem-23682	37	35	china	china	PROPN
fbem-23682	37	36	.	.	PUNCT
fbem-23682	38	1	the	the	DET
fbem-23682	38	2	structure	structure	NOUN
fbem-23682	38	3	of	of	ADP
fbem-23682	38	4	this	this	DET
fbem-23682	38	5	paper	paper	NOUN
fbem-23682	38	6	is	be	AUX
fbem-23682	38	7	as	as	SCONJ
fbem-23682	38	8	follows	follow	VERB
fbem-23682	38	9	:	:	PUNCT
fbem-23682	38	10	the	the	DET
fbem-23682	38	11	second	second	ADJ
fbem-23682	38	12	part	part	NOUN
fbem-23682	38	13	is	be	AUX
fbem-23682	38	14	a	a	DET
fbem-23682	38	15	literature	literature	NOUN
fbem-23682	38	16	review	review	NOUN
fbem-23682	38	17	of	of	ADP
fbem-23682	38	18	the	the	DET
fbem-23682	38	19	existing	exist	VERB
fbem-23682	38	20	research	research	NOUN
fbem-23682	38	21	,	,	PUNCT
fbem-23682	38	22	the	the	DET
fbem-23682	38	23	third	third	ADJ
fbem-23682	38	24	part	part	NOUN
fbem-23682	38	25	is	be	AUX
fbem-23682	38	26	research	research	NOUN
fbem-23682	38	27	hypothesis	hypothesis	NOUN
fbem-23682	38	28	and	and	CCONJ
fbem-23682	38	29	empirical	empirical	ADJ
fbem-23682	38	30	design	design	NOUN
fbem-23682	38	31	,	,	PUNCT
fbem-23682	38	32	the	the	DET
fbem-23682	38	33	fourth	fourth	ADJ
fbem-23682	38	34	part	part	NOUN
fbem-23682	38	35	is	be	AUX
fbem-23682	38	36	empirical	empirical	ADJ
fbem-23682	38	37	results	result	NOUN
fbem-23682	38	38	and	and	CCONJ
fbem-23682	38	39	analysis	analysis	NOUN
fbem-23682	38	40	,	,	PUNCT
fbem-23682	38	41	the	the	DET
fbem-23682	38	42	fifth	fifth	ADJ
fbem-23682	38	43	part	part	NOUN
fbem-23682	38	44	is	be	AUX
fbem-23682	38	45	further	further	ADJ
fbem-23682	38	46	test	test	NOUN
fbem-23682	38	47	analysis	analysis	NOUN
fbem-23682	38	48	,	,	PUNCT
fbem-23682	38	49	and	and	CCONJ
fbem-23682	38	50	the	the	DET
fbem-23682	38	51	sixth	sixth	ADJ
fbem-23682	38	52	part	part	NOUN
fbem-23682	38	53	is	be	AUX
fbem-23682	38	54	conclusion	conclusion	NOUN
fbem-23682	38	55	.	.	PUNCT
fbem-23682	39	1	2	2	X
fbem-23682	39	2	.	.	X
fbem-23682	39	3	literature	literature	NOUN
fbem-23682	39	4	review	review	VERB
fbem-23682	39	5	2.1	2.1	NUM
fbem-23682	39	6	.	.	PUNCT
fbem-23682	40	1	research	research	NOUN
fbem-23682	40	2	on	on	ADP
fbem-23682	40	3	independent	independent	ADJ
fbem-23682	40	4	directors	director	NOUN
fbem-23682	40	5	an	an	DET
fbem-23682	40	6	independent	independent	ADJ
fbem-23682	40	7	director	director	NOUN
fbem-23682	40	8	is	be	AUX
fbem-23682	40	9	a	a	DET
fbem-23682	40	10	director	director	NOUN
fbem-23682	40	11	who	who	PRON
fbem-23682	40	12	is	be	AUX
fbem-23682	40	13	independent	independent	ADJ
fbem-23682	40	14	of	of	ADP
fbem-23682	40	15	the	the	DET
fbem-23682	40	16	shareholders	shareholder	NOUN
fbem-23682	40	17	of	of	ADP
fbem-23682	40	18	the	the	DET
fbem-23682	40	19	company	company	NOUN
fbem-23682	40	20	,	,	PUNCT
fbem-23682	40	21	does	do	AUX
fbem-23682	40	22	not	not	PART
fbem-23682	40	23	hold	hold	VERB
fbem-23682	40	24	office	office	NOUN
fbem-23682	40	25	within	within	ADP
fbem-23682	40	26	the	the	DET
fbem-23682	40	27	company	company	NOUN
fbem-23682	40	28	,	,	PUNCT
fbem-23682	40	29	has	have	VERB
fbem-23682	40	30	no	no	DET
fbem-23682	40	31	significant	significant	ADJ
fbem-23682	40	32	business	business	NOUN
fbem-23682	40	33	or	or	CCONJ
fbem-23682	40	34	professional	professional	ADJ
fbem-23682	40	35	ties	tie	NOUN
fbem-23682	40	36	with	with	ADP
fbem-23682	40	37	the	the	DET
fbem-23682	40	38	company	company	NOUN
fbem-23682	40	39	or	or	CCONJ
fbem-23682	40	40	the	the	DET
fbem-23682	40	41	company	company	NOUN
fbem-23682	40	42	's	's	PART
fbem-23682	40	43	management	management	NOUN
fbem-23682	40	44	,	,	PUNCT
fbem-23682	40	45	and	and	CCONJ
fbem-23682	40	46	makes	make	VERB
fbem-23682	40	47	independent	independent	ADJ
fbem-23682	40	48	judgment	judgment	NOUN
fbem-23682	40	49	on	on	ADP
fbem-23682	40	50	the	the	DET
fbem-23682	40	51	affairs	affair	NOUN
fbem-23682	40	52	of	of	ADP
fbem-23682	40	53	the	the	DET
fbem-23682	40	54	company	company	NOUN
fbem-23682	40	55	.	.	PUNCT
fbem-23682	41	1	on	on	ADP
fbem-23682	41	2	the	the	DET
fbem-23682	41	3	one	one	NUM
fbem-23682	41	4	hand	hand	NOUN
fbem-23682	41	5	,	,	PUNCT
fbem-23682	41	6	independent	independent	ADJ
fbem-23682	41	7	directors	director	NOUN
fbem-23682	41	8	with	with	ADP
fbem-23682	41	9	professional	professional	ADJ
fbem-23682	41	10	background	background	NOUN
fbem-23682	41	11	can	can	AUX
fbem-23682	41	12	rely	rely	VERB
fbem-23682	41	13	on	on	ADP
fbem-23682	41	14	their	their	PRON
fbem-23682	41	15	knowledge	knowledge	NOUN
fbem-23682	41	16	and	and	CCONJ
fbem-23682	41	17	experience	experience	NOUN
fbem-23682	41	18	to	to	PART
fbem-23682	41	19	provide	provide	VERB
fbem-23682	41	20	constructive	constructive	ADJ
fbem-23682	41	21	suggestions	suggestion	NOUN
fbem-23682	41	22	for	for	ADP
fbem-23682	41	23	the	the	DET
fbem-23682	41	24	company	company	NOUN
fbem-23682	41	25	's	's	PART
fbem-23682	41	26	decisionmaking	decisionmaking	NOUN
fbem-23682	41	27	and	and	CCONJ
fbem-23682	41	28	development	development	NOUN
fbem-23682	41	29	and	and	CCONJ
fbem-23682	41	30	play	play	VERB
fbem-23682	41	31	an	an	DET
fbem-23682	41	32	advisory	advisory	ADJ
fbem-23682	41	33	role	role	NOUN
fbem-23682	41	34	.	.	PUNCT
fbem-23682	42	1	on	on	ADP
fbem-23682	42	2	the	the	DET
fbem-23682	42	3	other	other	ADJ
fbem-23682	42	4	hand	hand	NOUN
fbem-23682	42	5	,	,	PUNCT
fbem-23682	42	6	the	the	DET
fbem-23682	42	7	existence	existence	NOUN
fbem-23682	42	8	of	of	ADP
fbem-23682	42	9	independent	independent	ADJ
fbem-23682	42	10	directors	director	NOUN
fbem-23682	42	11	as	as	ADP
fbem-23682	42	12	independent	independent	ADJ
fbem-23682	42	13	of	of	ADP
fbem-23682	42	14	other	other	ADJ
fbem-23682	42	15	stakeholders	stakeholder	NOUN
fbem-23682	42	16	in	in	ADP
fbem-23682	42	17	the	the	DET
fbem-23682	42	18	company	company	NOUN
fbem-23682	42	19	can	can	AUX
fbem-23682	42	20	supervise	supervise	VERB
fbem-23682	42	21	and	and	CCONJ
fbem-23682	42	22	restrain	restrain	VERB
fbem-23682	42	23	the	the	DET
fbem-23682	42	24	behavior	behavior	NOUN
fbem-23682	42	25	of	of	ADP
fbem-23682	42	26	management	management	NOUN
fbem-23682	42	27	and	and	CCONJ
fbem-23682	42	28	major	major	ADJ
fbem-23682	42	29	shareholders	shareholder	NOUN
fbem-23682	42	30	,	,	PUNCT
fbem-23682	42	31	and	and	CCONJ
fbem-23682	42	32	protect	protect	VERB
fbem-23682	42	33	the	the	DET
fbem-23682	42	34	interests	interest	NOUN
fbem-23682	42	35	of	of	ADP
fbem-23682	42	36	the	the	DET
fbem-23682	42	37	company	company	NOUN
fbem-23682	42	38	as	as	ADP
fbem-23682	42	39	a	a	DET
fbem-23682	42	40	whole	whole	NOUN
fbem-23682	42	41	and	and	CCONJ
fbem-23682	42	42	the	the	DET
fbem-23682	42	43	interests	interest	NOUN
fbem-23682	42	44	of	of	ADP
fbem-23682	42	45	minority	minority	NOUN
fbem-23682	42	46	shareholders	shareholder	NOUN
fbem-23682	42	47	.	.	PUNCT
fbem-23682	43	1	at	at	ADP
fbem-23682	43	2	present	present	ADJ
fbem-23682	43	3	,	,	PUNCT
fbem-23682	43	4	some	some	DET
fbem-23682	43	5	researchers	researcher	NOUN
fbem-23682	43	6	focus	focus	VERB
fbem-23682	43	7	on	on	ADP
fbem-23682	43	8	the	the	DET
fbem-23682	43	9	analysis	analysis	NOUN
fbem-23682	43	10	and	and	CCONJ
fbem-23682	43	11	research	research	NOUN
fbem-23682	43	12	from	from	ADP
fbem-23682	43	13	the	the	DET
fbem-23682	43	14	perspective	perspective	NOUN
fbem-23682	43	15	of	of	ADP
fbem-23682	43	16	independent	independent	ADJ
fbem-23682	43	17	directors	director	NOUN
fbem-23682	43	18	'	'	PART
fbem-23682	43	19	advisory	advisory	ADJ
fbem-23682	43	20	role	role	NOUN
fbem-23682	43	21	in	in	ADP
fbem-23682	43	22	corporate	corporate	ADJ
fbem-23682	43	23	management	management	NOUN
fbem-23682	43	24	.	.	PUNCT
fbem-23682	44	1	independent	independent	ADJ
fbem-23682	44	2	directors	director	NOUN
fbem-23682	44	3	are	be	AUX
fbem-23682	44	4	able	able	ADJ
fbem-23682	44	5	to	to	PART
fbem-23682	44	6	use	use	VERB
fbem-23682	44	7	their	their	PRON
fbem-23682	44	8	expertise	expertise	NOUN
fbem-23682	44	9	and	and	CCONJ
fbem-23682	44	10	insights	insight	NOUN
fbem-23682	44	11	to	to	PART
fbem-23682	44	12	provide	provide	VERB
fbem-23682	44	13	reference	reference	NOUN
fbem-23682	44	14	for	for	ADP
fbem-23682	44	15	the	the	DET
fbem-23682	44	16	board	board	NOUN
fbem-23682	44	17	's	's	PART
fbem-23682	44	18	decisions	decision	NOUN
fbem-23682	44	19	and	and	CCONJ
fbem-23682	44	20	improve	improve	VERB
fbem-23682	44	21	the	the	DET
fbem-23682	44	22	company	company	NOUN
fbem-23682	44	23	's	's	PART
fbem-23682	44	24	decision	decision	NOUN
fbem-23682	44	25	-	-	PUNCT
fbem-23682	44	26	making	make	VERB
fbem-23682	44	27	level	level	NOUN
fbem-23682	44	28	and	and	CCONJ
fbem-23682	44	29	operating	operating	NOUN
fbem-23682	44	30	performance	performance	NOUN
fbem-23682	44	31	.	.	PUNCT
fbem-23682	45	1	ye	ye	PRON
fbem-23682	45	2	kangtao	kangtao	PROPN
fbem-23682	45	3	et	et	PROPN
fbem-23682	45	4	al	al	PROPN
fbem-23682	45	5	.	.	PROPN
fbem-23682	46	1	(	(	PUNCT
fbem-23682	46	2	2007	2007	NUM
fbem-23682	46	3	)	)	PUNCT
fbem-23682	46	4	considered	consider	VERB
fbem-23682	46	5	consulting	consult	VERB
fbem-23682	46	6	to	to	PART
fbem-23682	46	7	be	be	AUX
fbem-23682	46	8	one	one	NUM
fbem-23682	46	9	of	of	ADP
fbem-23682	46	10	the	the	DET
fbem-23682	46	11	main	main	ADJ
fbem-23682	46	12	functions	function	NOUN
fbem-23682	46	13	of	of	ADP
fbem-23682	46	14	independent	independent	ADJ
fbem-23682	46	15	directors	director	NOUN
fbem-23682	46	16	.	.	PUNCT
fbem-23682	47	1	huang	huang	PROPN
fbem-23682	47	2	haijie	haijie	PROPN
fbem-23682	47	3	et	et	PROPN
fbem-23682	47	4	al	al	PROPN
fbem-23682	47	5	.	.	PROPN
fbem-23682	48	1	(	(	PUNCT
fbem-23682	48	2	2016	2016	NUM
fbem-23682	48	3	)	)	PUNCT
fbem-23682	48	4	said	say	VERB
fbem-23682	48	5	that	that	SCONJ
fbem-23682	48	6	independent	independent	ADJ
fbem-23682	48	7	directors	director	NOUN
fbem-23682	48	8	with	with	ADP
fbem-23682	48	9	professional	professional	ADJ
fbem-23682	48	10	background	background	NOUN
fbem-23682	48	11	have	have	VERB
fbem-23682	48	12	a	a	DET
fbem-23682	48	13	more	more	ADV
fbem-23682	48	14	professional	professional	ADJ
fbem-23682	48	15	understanding	understanding	NOUN
fbem-23682	48	16	of	of	ADP
fbem-23682	48	17	the	the	DET
fbem-23682	48	18	generation	generation	NOUN
fbem-23682	48	19	and	and	CCONJ
fbem-23682	48	20	disclosure	disclosure	NOUN
fbem-23682	48	21	of	of	ADP
fbem-23682	48	22	the	the	DET
fbem-23682	48	23	company	company	NOUN
fbem-23682	48	24	's	's	PART
fbem-23682	48	25	financial	financial	ADJ
fbem-23682	48	26	reports	report	NOUN
fbem-23682	48	27	,	,	PUNCT
fbem-23682	48	28	thus	thus	ADV
fbem-23682	48	29	affecting	affect	VERB
fbem-23682	48	30	the	the	DET
fbem-23682	48	31	company	company	NOUN
fbem-23682	48	32	's	's	PART
fbem-23682	48	33	earnings	earning	NOUN
fbem-23682	48	34	quality	quality	NOUN
fbem-23682	48	35	.	.	PUNCT
fbem-23682	49	1	xie	xie	PROPN
fbem-23682	49	2	et	et	PROPN
fbem-23682	49	3	al	al	PROPN
fbem-23682	49	4	.	.	PROPN
fbem-23682	50	1	(	(	PUNCT
fbem-23682	50	2	2003	2003	NUM
fbem-23682	50	3	)	)	PUNCT
fbem-23682	50	4	,	,	PUNCT
fbem-23682	50	5	hu	hu	PROPN
fbem-23682	50	6	yiming	yiming	PROPN
fbem-23682	50	7	and	and	CCONJ
fbem-23682	50	8	tang	tang	PROPN
fbem-23682	50	9	songlian	songlian	PROPN
fbem-23682	50	10	(	(	PUNCT
fbem-23682	50	11	2008	2008	NUM
fbem-23682	50	12	)	)	PUNCT
fbem-23682	50	13	found	find	VERB
fbem-23682	50	14	that	that	SCONJ
fbem-23682	50	15	independent	independent	ADJ
fbem-23682	50	16	directors	director	NOUN
fbem-23682	50	17	specializing	specialize	VERB
fbem-23682	50	18	in	in	ADP
fbem-23682	50	19	accounting	accounting	NOUN
fbem-23682	50	20	can	can	AUX
fbem-23682	50	21	improve	improve	VERB
fbem-23682	50	22	the	the	DET
fbem-23682	50	23	company	company	NOUN
fbem-23682	50	24	's	's	PART
fbem-23682	50	25	earnings	earning	NOUN
fbem-23682	50	26	quality	quality	NOUN
fbem-23682	50	27	.	.	PUNCT
fbem-23682	51	1	francis	francis	PROPN
fbem-23682	51	2	et	et	PROPN
fbem-23682	51	3	al	al	PROPN
fbem-23682	51	4	.	.	PROPN
fbem-23682	52	1	(	(	PUNCT
fbem-23682	52	2	2015	2015	NUM
fbem-23682	52	3	)	)	PUNCT
fbem-23682	52	4	found	find	VERB
fbem-23682	52	5	that	that	SCONJ
fbem-23682	52	6	independent	independent	ADJ
fbem-23682	52	7	directors	director	NOUN
fbem-23682	52	8	from	from	ADP
fbem-23682	52	9	scholars	scholar	NOUN
fbem-23682	52	10	have	have	VERB
fbem-23682	52	11	a	a	DET
fbem-23682	52	12	positive	positive	ADJ
fbem-23682	52	13	impact	impact	NOUN
fbem-23682	52	14	on	on	ADP
fbem-23682	52	15	the	the	DET
fbem-23682	52	16	company	company	NOUN
fbem-23682	52	17	's	's	PART
fbem-23682	52	18	earnings	earning	NOUN
fbem-23682	52	19	quality	quality	NOUN
fbem-23682	52	20	.	.	PUNCT
fbem-23682	53	1	another	another	DET
fbem-23682	53	2	part	part	NOUN
fbem-23682	53	3	of	of	ADP
fbem-23682	53	4	researchers	researcher	NOUN
fbem-23682	53	5	focuses	focus	VERB
fbem-23682	53	6	on	on	ADP
fbem-23682	53	7	the	the	DET
fbem-23682	53	8	governance	governance	NOUN
fbem-23682	53	9	role	role	NOUN
fbem-23682	53	10	played	play	VERB
fbem-23682	53	11	by	by	ADP
fbem-23682	53	12	independent	independent	ADJ
fbem-23682	53	13	directors	director	NOUN
fbem-23682	53	14	.	.	PUNCT
fbem-23682	54	1	fama	fama	PROPN
fbem-23682	54	2	and	and	CCONJ
fbem-23682	54	3	jensen	jensen	PROPN
fbem-23682	54	4	pointed	point	VERB
fbem-23682	54	5	out	out	ADP
fbem-23682	54	6	that	that	SCONJ
fbem-23682	54	7	the	the	DET
fbem-23682	54	8	board	board	NOUN
fbem-23682	54	9	of	of	ADP
fbem-23682	54	10	directors	director	NOUN
fbem-23682	54	11	is	be	AUX
fbem-23682	54	12	an	an	DET
fbem-23682	54	13	important	important	ADJ
fbem-23682	54	14	institutional	institutional	ADJ
fbem-23682	54	15	arrangement	arrangement	NOUN
fbem-23682	54	16	in	in	ADP
fbem-23682	54	17	the	the	DET
fbem-23682	54	18	corporate	corporate	ADJ
fbem-23682	54	19	governance	governance	NOUN
fbem-23682	54	20	structure	structure	NOUN
fbem-23682	54	21	,	,	PUNCT
fbem-23682	54	22	and	and	CCONJ
fbem-23682	54	23	independent	independent	ADJ
fbem-23682	54	24	directors	director	NOUN
fbem-23682	54	25	should	should	AUX
fbem-23682	54	26	play	play	VERB
fbem-23682	54	27	an	an	DET
fbem-23682	54	28	important	important	ADJ
fbem-23682	54	29	role	role	NOUN
fbem-23682	54	30	in	in	ADP
fbem-23682	54	31	alleviating	alleviate	VERB
fbem-23682	54	32	agency	agency	NOUN
fbem-23682	54	33	conflicts	conflict	NOUN
fbem-23682	54	34	and	and	CCONJ
fbem-23682	54	35	protecting	protect	VERB
fbem-23682	54	36	the	the	DET
fbem-23682	54	37	interests	interest	NOUN
fbem-23682	54	38	of	of	ADP
fbem-23682	54	39	small	small	ADJ
fbem-23682	54	40	and	and	CCONJ
fbem-23682	54	41	medium	medium	ADJ
fbem-23682	54	42	-	-	PUNCT
fbem-23682	54	43	sized	sized	ADJ
fbem-23682	54	44	investors	investor	NOUN
fbem-23682	54	45	(	(	PUNCT
fbem-23682	54	46	fama	fama	PROPN
fbem-23682	54	47	and	and	CCONJ
fbem-23682	54	48	jensen	jensen	PROPN
fbem-23682	54	49	,	,	PUNCT
fbem-23682	54	50	1983	1983	NUM
fbem-23682	54	51	;	;	PUNCT
fbem-23682	55	1	adams	adams	PROPN
fbem-23682	55	2	et	et	PROPN
fbem-23682	55	3	al	al	PROPN
fbem-23682	55	4	.	.	PROPN
fbem-23682	55	5	,	,	PUNCT
fbem-23682	55	6	2010	2010	NUM
fbem-23682	55	7	)	)	PUNCT
fbem-23682	55	8	.	.	PUNCT
fbem-23682	56	1	for	for	ADP
fbem-23682	56	2	the	the	DET
fbem-23682	56	3	second	second	ADJ
fbem-23682	56	4	type	type	NOUN
fbem-23682	56	5	of	of	ADP
fbem-23682	56	6	agency	agency	NOUN
fbem-23682	56	7	problem	problem	NOUN
fbem-23682	56	8	between	between	ADP
fbem-23682	56	9	majority	majority	NOUN
fbem-23682	56	10	shareholders	shareholder	NOUN
fbem-23682	56	11	and	and	CCONJ
fbem-23682	56	12	minority	minority	NOUN
fbem-23682	56	13	shareholders	shareholder	NOUN
fbem-23682	56	14	(	(	PUNCT
fbem-23682	56	15	morck	morck	PROPN
fbem-23682	56	16	et	et	PROPN
fbem-23682	56	17	al	al	PROPN
fbem-23682	56	18	.	.	PROPN
fbem-23682	56	19	,	,	PUNCT
fbem-23682	56	20	1988	1988	NUM
fbem-23682	56	21	;	;	PUNCT
fbem-23682	56	22	claessens	claessen	VERB
fbem-23682	56	23	et	et	PROPN
fbem-23682	56	24	al	al	PROPN
fbem-23682	56	25	.	.	PROPN
fbem-23682	56	26	,	,	PUNCT
fbem-23682	56	27	2000	2000	NUM
fbem-23682	56	28	)	)	PUNCT
fbem-23682	56	29	,	,	PUNCT
fbem-23682	56	30	ye	ye	PRON
fbem-23682	56	31	kangtao	kangtao	PROPN
fbem-23682	56	32	et	et	PROPN
fbem-23682	56	33	al	al	PROPN
fbem-23682	56	34	.	.	PROPN
fbem-23682	57	1	(	(	PUNCT
fbem-23682	57	2	2007	2007	NUM
fbem-23682	57	3	)	)	PUNCT
fbem-23682	57	4	found	find	VERB
fbem-23682	57	5	that	that	SCONJ
fbem-23682	57	6	independent	independent	ADJ
fbem-23682	57	7	directors	director	NOUN
fbem-23682	57	8	can	can	AUX
fbem-23682	57	9	supervise	supervise	VERB
fbem-23682	57	10	related	related	ADJ
fbem-23682	57	11	party	party	NOUN
fbem-23682	57	12	transactions	transaction	NOUN
fbem-23682	57	13	and	and	CCONJ
fbem-23682	57	14	restrain	restrain	VERB
fbem-23682	57	15	the	the	DET
fbem-23682	57	16	appropriation	appropriation	NOUN
fbem-23682	57	17	of	of	ADP
fbem-23682	57	18	funds	fund	NOUN
fbem-23682	57	19	by	by	ADP
fbem-23682	57	20	large	large	ADJ
fbem-23682	57	21	shareholders	shareholder	NOUN
fbem-23682	57	22	.	.	PUNCT
fbem-23682	58	1	liu	liu	PROPN
fbem-23682	58	2	suzhi	suzhi	PROPN
fbem-23682	58	3	(	(	PUNCT
fbem-23682	58	4	2007	2007	NUM
fbem-23682	58	5	)	)	PUNCT
fbem-23682	58	6	et	et	PROPN
fbem-23682	58	7	al	al	PROPN
fbem-23682	58	8	.	.	PROPN
fbem-23682	58	9	found	find	VERB
fbem-23682	58	10	that	that	SCONJ
fbem-23682	58	11	independent	independent	ADJ
fbem-23682	58	12	directors	director	NOUN
fbem-23682	58	13	can	can	AUX
fbem-23682	58	14	play	play	VERB
fbem-23682	58	15	a	a	DET
fbem-23682	58	16	mitigating	mitigate	VERB
fbem-23682	58	17	role	role	NOUN
fbem-23682	58	18	by	by	ADP
fbem-23682	58	19	soliciting	solicit	VERB
fbem-23682	58	20	the	the	DET
fbem-23682	58	21	voting	voting	NOUN
fbem-23682	58	22	rights	right	NOUN
fbem-23682	58	23	entrusted	entrust	VERB
fbem-23682	58	24	by	by	ADP
fbem-23682	58	25	small	small	ADJ
fbem-23682	58	26	shareholders	shareholder	NOUN
fbem-23682	58	27	,	,	PUNCT
fbem-23682	58	28	attending	attend	VERB
fbem-23682	58	29	shareholders	shareholder	NOUN
fbem-23682	58	30	'	'	PART
fbem-23682	58	31	meetings	meeting	NOUN
fbem-23682	58	32	and	and	CCONJ
fbem-23682	58	33	voting	vote	VERB
fbem-23682	58	34	against	against	ADP
fbem-23682	58	35	the	the	DET
fbem-23682	58	36	motion	motion	NOUN
fbem-23682	58	37	that	that	SCONJ
fbem-23682	58	38	large	large	ADJ
fbem-23682	58	39	shareholders	shareholder	NOUN
fbem-23682	58	40	harm	harm	VERB
fbem-23682	58	41	small	small	ADJ
fbem-23682	58	42	shareholders	shareholder	NOUN
fbem-23682	58	43	.	.	PUNCT
fbem-23682	59	1	zhi	zhi	PROPN
fbem-23682	59	2	xiaoqiang	xiaoqiang	PROPN
fbem-23682	60	1	and	and	CCONJ
fbem-23682	60	2	tong	tong	PROPN
fbem-23682	60	3	pan	pan	PROPN
fbem-23682	60	4	(	(	PUNCT
fbem-23682	60	5	2005	2005	NUM
fbem-23682	60	6	)	)	PUNCT
fbem-23682	60	7	found	find	VERB
fbem-23682	60	8	that	that	SCONJ
fbem-23682	60	9	independent	independent	ADJ
fbem-23682	60	10	directors	director	NOUN
fbem-23682	60	11	can	can	AUX
fbem-23682	60	12	identify	identify	VERB
fbem-23682	60	13	the	the	DET
fbem-23682	60	14	company	company	NOUN
fbem-23682	60	15	's	's	PART
fbem-23682	60	16	earnings	earning	NOUN
fbem-23682	60	17	management	management	NOUN
fbem-23682	60	18	behavior	behavior	NOUN
fbem-23682	60	19	.	.	PUNCT
fbem-23682	61	1	tang	tang	PROPN
fbem-23682	61	2	qingquan	qingquan	PROPN
fbem-23682	61	3	(	(	PUNCT
fbem-23682	61	4	2005	2005	NUM
fbem-23682	61	5	)	)	PUNCT
fbem-23682	61	6	,	,	PUNCT
fbem-23682	61	7	gao	gao	PROPN
fbem-23682	61	8	lei	lei	PROPN
fbem-23682	61	9	and	and	CCONJ
fbem-23682	61	10	others	other	NOUN
fbem-23682	61	11	(	(	PUNCT
fbem-23682	61	12	2006	2006	NUM
fbem-23682	61	13	)	)	PUNCT
fbem-23682	61	14	did	do	AUX
fbem-23682	61	15	not	not	PART
fbem-23682	61	16	find	find	VERB
fbem-23682	61	17	a	a	DET
fbem-23682	61	18	significant	significant	ADJ
fbem-23682	61	19	negative	negative	ADJ
fbem-23682	61	20	correlation	correlation	NOUN
fbem-23682	61	21	between	between	ADP
fbem-23682	61	22	the	the	DET
fbem-23682	61	23	capital	capital	NOUN
fbem-23682	61	24	occupation	occupation	NOUN
fbem-23682	61	25	of	of	ADP
fbem-23682	61	26	independent	independent	ADJ
fbem-23682	61	27	directors	director	NOUN
fbem-23682	61	28	and	and	CCONJ
fbem-23682	61	29	major	major	ADJ
fbem-23682	61	30	shareholders	shareholder	NOUN
fbem-23682	61	31	.	.	PUNCT
fbem-23682	62	1	wang	wang	PROPN
fbem-23682	62	2	bing	bing	PROPN
fbem-23682	62	3	(	(	PUNCT
fbem-23682	62	4	2007	2007	NUM
fbem-23682	62	5	)	)	PUNCT
fbem-23682	62	6	found	find	VERB
fbem-23682	62	7	that	that	SCONJ
fbem-23682	62	8	independent	independent	ADJ
fbem-23682	62	9	directors	director	NOUN
fbem-23682	62	10	of	of	ADP
fbem-23682	62	11	listed	list	VERB
fbem-23682	62	12	companies	company	NOUN
fbem-23682	62	13	in	in	ADP
fbem-23682	62	14	china	china	PROPN
fbem-23682	62	15	did	do	AUX
fbem-23682	62	16	not	not	PART
fbem-23682	62	17	play	play	VERB
fbem-23682	62	18	an	an	DET
fbem-23682	62	19	effective	effective	ADJ
fbem-23682	62	20	role	role	NOUN
fbem-23682	62	21	in	in	ADP
fbem-23682	62	22	supervision	supervision	NOUN
fbem-23682	62	23	and	and	CCONJ
fbem-23682	62	24	governance	governance	NOUN
fbem-23682	62	25	from	from	ADP
fbem-23682	62	26	the	the	DET
fbem-23682	62	27	perspective	perspective	NOUN
fbem-23682	62	28	of	of	ADP
fbem-23682	62	29	earnings	earning	NOUN
fbem-23682	62	30	quality	quality	NOUN
fbem-23682	62	31	.	.	PUNCT
fbem-23682	63	1	more	more	ADJ
fbem-23682	63	2	research	research	NOUN
fbem-23682	63	3	also	also	ADV
fbem-23682	63	4	shows	show	VERB
fbem-23682	63	5	that	that	SCONJ
fbem-23682	63	6	independent	independent	ADJ
fbem-23682	63	7	directors	director	NOUN
fbem-23682	63	8	in	in	ADP
fbem-23682	63	9	china	china	PROPN
fbem-23682	63	10	mostly	mostly	ADV
fbem-23682	63	11	play	play	VERB
fbem-23682	63	12	the	the	DET
fbem-23682	63	13	role	role	NOUN
fbem-23682	63	14	of	of	ADP
fbem-23682	63	15	"	"	PUNCT
fbem-23682	63	16	vase	vase	NOUN
fbem-23682	63	17	"	"	PUNCT
fbem-23682	63	18	(	(	PUNCT
fbem-23682	63	19	tang	tang	PROPN
fbem-23682	63	20	qingquan	qingquan	PROPN
fbem-23682	63	21	,	,	PUNCT
fbem-23682	63	22	2006	2006	NUM
fbem-23682	63	23	;	;	PUNCT
fbem-23682	63	24	xiao	xiao	PROPN
fbem-23682	63	25	weijia	weijia	PROPN
fbem-23682	63	26	et	et	PROPN
fbem-23682	63	27	al	al	PROPN
fbem-23682	63	28	.	.	PROPN
fbem-23682	63	29	,	,	PUNCT
fbem-23682	63	30	2009	2009	NUM
fbem-23682	63	31	;	;	PUNCT
fbem-23682	63	32	tang	tang	PROPN
fbem-23682	63	33	xuesong	xuesong	PROPN
fbem-23682	63	34	et	et	PROPN
fbem-23682	63	35	al	al	PROPN
fbem-23682	63	36	.	.	PROPN
fbem-23682	63	37	,	,	PUNCT
fbem-23682	63	38	2010	2010	NUM
fbem-23682	63	39	;	;	PUNCT
fbem-23682	63	40	ye	ye	PRON
fbem-23682	63	41	kangtao	kangtao	PROPN
fbem-23682	63	42	et	et	PROPN
fbem-23682	63	43	al	al	PROPN
fbem-23682	63	44	.	.	PROPN
fbem-23682	63	45	,	,	PUNCT
fbem-23682	63	46	2011	2011	NUM
fbem-23682	63	47	)	)	PUNCT
fbem-23682	63	48	.	.	PUNCT
fbem-23682	64	1	2.2	2.2	NUM
fbem-23682	64	2	.	.	PUNCT
fbem-23682	64	3	research	research	NOUN
fbem-23682	64	4	on	on	ADP
fbem-23682	64	5	the	the	DET
fbem-23682	64	6	risk	risk	NOUN
fbem-23682	64	7	of	of	ADP
fbem-23682	64	8	stock	stock	NOUN
fbem-23682	64	9	price	price	NOUN
fbem-23682	64	10	crash	crash	NOUN
fbem-23682	64	11	the	the	DET
fbem-23682	64	12	stock	stock	NOUN
fbem-23682	64	13	price	price	NOUN
fbem-23682	64	14	crash	crash	NOUN
fbem-23682	64	15	refers	refer	VERB
fbem-23682	64	16	to	to	ADP
fbem-23682	64	17	the	the	DET
fbem-23682	64	18	phenomenon	phenomenon	NOUN
fbem-23682	64	19	that	that	SCONJ
fbem-23682	64	20	the	the	DET
fbem-23682	64	21	stock	stock	NOUN
fbem-23682	64	22	price	price	NOUN
fbem-23682	64	23	of	of	ADP
fbem-23682	64	24	a	a	DET
fbem-23682	64	25	company	company	NOUN
fbem-23682	64	26	falls	fall	VERB
fbem-23682	64	27	sharply	sharply	ADV
fbem-23682	64	28	in	in	ADP
fbem-23682	64	29	a	a	DET
fbem-23682	64	30	short	short	ADJ
fbem-23682	64	31	period	period	NOUN
fbem-23682	64	32	of	of	ADP
fbem-23682	64	33	time	time	NOUN
fbem-23682	64	34	due	due	ADP
fbem-23682	64	35	to	to	ADP
fbem-23682	64	36	the	the	DET
fbem-23682	64	37	sudden	sudden	ADJ
fbem-23682	64	38	release	release	NOUN
fbem-23682	64	39	of	of	ADP
fbem-23682	64	40	the	the	DET
fbem-23682	64	41	company	company	NOUN
fbem-23682	64	42	's	's	PART
fbem-23682	64	43	backlog	backlog	NOUN
fbem-23682	64	44	of	of	ADP
fbem-23682	64	45	negative	negative	ADJ
fbem-23682	64	46	news	news	NOUN
fbem-23682	64	47	and	and	CCONJ
fbem-23682	64	48	the	the	DET
fbem-23682	64	49	impact	impact	NOUN
fbem-23682	64	50	on	on	ADP
fbem-23682	64	51	investors	investor	NOUN
fbem-23682	64	52	'	'	PART
fbem-23682	64	53	emotions	emotion	NOUN
fbem-23682	64	54	.	.	PUNCT
fbem-23682	65	1	the	the	DET
fbem-23682	65	2	stock	stock	NOUN
fbem-23682	65	3	price	price	NOUN
fbem-23682	65	4	crash	crash	NOUN
fbem-23682	65	5	has	have	VERB
fbem-23682	65	6	a	a	DET
fbem-23682	65	7	serious	serious	ADJ
fbem-23682	65	8	negative	negative	ADJ
fbem-23682	65	9	impact	impact	NOUN
fbem-23682	65	10	on	on	ADP
fbem-23682	65	11	the	the	DET
fbem-23682	65	12	stability	stability	NOUN
fbem-23682	65	13	and	and	CCONJ
fbem-23682	65	14	health	health	NOUN
fbem-23682	65	15	of	of	ADP
fbem-23682	65	16	the	the	DET
fbem-23682	65	17	capital	capital	NOUN
fbem-23682	65	18	market	market	NOUN
fbem-23682	65	19	and	and	CCONJ
fbem-23682	65	20	the	the	DET
fbem-23682	65	21	interests	interest	NOUN
fbem-23682	65	22	of	of	ADP
fbem-23682	65	23	investors	investor	NOUN
fbem-23682	65	24	.	.	PUNCT
fbem-23682	66	1	therefore	therefore	ADV
fbem-23682	66	2	,	,	PUNCT
fbem-23682	66	3	the	the	DET
fbem-23682	66	4	factors	factor	NOUN
fbem-23682	66	5	that	that	PRON
fbem-23682	66	6	lead	lead	VERB
fbem-23682	66	7	to	to	ADP
fbem-23682	66	8	the	the	DET
fbem-23682	66	9	formation	formation	NOUN
fbem-23682	66	10	of	of	ADP
fbem-23682	66	11	the	the	DET
fbem-23682	66	12	risk	risk	NOUN
fbem-23682	66	13	of	of	ADP
fbem-23682	66	14	stock	stock	NOUN
fbem-23682	66	15	price	price	NOUN
fbem-23682	66	16	crash	crash	NOUN
fbem-23682	66	17	have	have	AUX
fbem-23682	66	18	also	also	ADV
fbem-23682	66	19	become	become	VERB
fbem-23682	66	20	one	one	NUM
fbem-23682	66	21	of	of	ADP
fbem-23682	66	22	the	the	DET
fbem-23682	66	23	important	important	ADJ
fbem-23682	66	24	research	research	NOUN
fbem-23682	66	25	topics	topic	NOUN
fbem-23682	66	26	.	.	PUNCT
fbem-23682	67	1	the	the	DET
fbem-23682	67	2	existing	exist	VERB
fbem-23682	67	3	research	research	NOUN
fbem-23682	67	4	mainly	mainly	ADV
fbem-23682	67	5	analyzes	analyze	VERB
fbem-23682	67	6	the	the	DET
fbem-23682	67	7	internal	internal	ADJ
fbem-23682	67	8	and	and	CCONJ
fbem-23682	67	9	external	external	ADJ
fbem-23682	67	10	factors	factor	NOUN
fbem-23682	67	11	of	of	ADP
fbem-23682	67	12	the	the	DET
fbem-23682	67	13	company	company	NOUN
fbem-23682	67	14	.	.	PUNCT
fbem-23682	68	1	jin	jin	NOUN
fbem-23682	68	2	and	and	CCONJ
fbem-23682	68	3	myers	myers	PROPN
fbem-23682	68	4	(	(	PUNCT
fbem-23682	68	5	2006	2006	NUM
fbem-23682	68	6	)	)	PUNCT
fbem-23682	68	7	and	and	CCONJ
fbem-23682	68	8	hutton	hutton	PROPN
fbem-23682	68	9	et	et	PROPN
fbem-23682	68	10	al	al	PROPN
fbem-23682	68	11	.	.	PROPN
fbem-23682	68	12	(	(	PUNCT
fbem-23682	68	13	2009	2009	NUM
fbem-23682	68	14	)	)	PUNCT
fbem-23682	68	15	have	have	AUX
fbem-23682	68	16	all	all	PRON
fbem-23682	68	17	found	find	VERB
fbem-23682	68	18	that	that	SCONJ
fbem-23682	68	19	the	the	DET
fbem-23682	68	20	principal	principal	ADJ
fbem-23682	68	21	-	-	PUNCT
fbem-23682	68	22	agent	agent	NOUN
fbem-23682	68	23	problem	problem	NOUN
fbem-23682	68	24	is	be	AUX
fbem-23682	68	25	the	the	DET
fbem-23682	68	26	main	main	ADJ
fbem-23682	68	27	internal	internal	ADJ
fbem-23682	68	28	influencing	influence	VERB
fbem-23682	68	29	factor	factor	NOUN
fbem-23682	68	30	of	of	ADP
fbem-23682	68	31	the	the	DET
fbem-23682	68	32	risk	risk	NOUN
fbem-23682	68	33	of	of	ADP
fbem-23682	68	34	stock	stock	NOUN
fbem-23682	68	35	price	price	NOUN
fbem-23682	68	36	collapse	collapse	NOUN
fbem-23682	68	37	.	.	PUNCT
fbem-23682	69	1	due	due	ADP
fbem-23682	69	2	to	to	ADP
fbem-23682	69	3	the	the	DET
fbem-23682	69	4	information	information	NOUN
fbem-23682	69	5	asymmetry	asymmetry	NOUN
fbem-23682	69	6	between	between	ADP
fbem-23682	69	7	the	the	DET
fbem-23682	69	8	management	management	NOUN
fbem-23682	69	9	and	and	CCONJ
fbem-23682	69	10	the	the	DET
fbem-23682	69	11	shareholders	shareholder	NOUN
fbem-23682	69	12	,	,	PUNCT
fbem-23682	69	13	the	the	DET
fbem-23682	69	14	management	management	NOUN
fbem-23682	69	15	deliberately	deliberately	ADV
fbem-23682	69	16	hides	hide	VERB
fbem-23682	69	17	the	the	DET
fbem-23682	69	18	negative	negative	ADJ
fbem-23682	69	19	news	news	NOUN
fbem-23682	69	20	in	in	ADP
fbem-23682	69	21	the	the	DET
fbem-23682	69	22	operation	operation	NOUN
fbem-23682	69	23	and	and	CCONJ
fbem-23682	69	24	investment	investment	NOUN
fbem-23682	69	25	activities	activity	NOUN
fbem-23682	69	26	of	of	ADP
fbem-23682	69	27	the	the	DET
fbem-23682	69	28	enterprise	enterprise	NOUN
fbem-23682	69	29	for	for	ADP
fbem-23682	69	30	the	the	DET
fbem-23682	69	31	sake	sake	NOUN
fbem-23682	69	32	of	of	ADP
fbem-23682	69	33	personal	personal	ADJ
fbem-23682	69	34	interests	interest	NOUN
fbem-23682	69	35	.	.	PUNCT
fbem-23682	70	1	the	the	DET
fbem-23682	70	2	opportunistic	opportunistic	ADJ
fbem-23682	70	3	behavior	behavior	NOUN
fbem-23682	70	4	of	of	ADP
fbem-23682	70	5	the	the	DET
fbem-23682	70	6	management	management	NOUN
fbem-23682	70	7	leads	lead	VERB
fbem-23682	70	8	to	to	ADP
fbem-23682	70	9	the	the	DET
fbem-23682	70	10	backlog	backlog	NOUN
fbem-23682	70	11	of	of	ADP
fbem-23682	70	12	negative	negative	ADJ
fbem-23682	70	13	news	news	NOUN
fbem-23682	70	14	.	.	PUNCT
fbem-23682	71	1	when	when	SCONJ
fbem-23682	71	2	the	the	DET
fbem-23682	71	3	accumulated	accumulate	VERB
fbem-23682	71	4	negative	negative	ADJ
fbem-23682	71	5	news	news	NOUN
fbem-23682	71	6	can	can	AUX
fbem-23682	71	7	no	no	ADV
fbem-23682	71	8	longer	long	ADV
fbem-23682	71	9	be	be	AUX
fbem-23682	71	10	concealed	conceal	VERB
fbem-23682	71	11	and	and	CCONJ
fbem-23682	71	12	released	release	VERB
fbem-23682	71	13	at	at	ADP
fbem-23682	71	14	one	one	NUM
fbem-23682	71	15	time	time	NOUN
fbem-23682	71	16	,	,	PUNCT
fbem-23682	71	17	it	it	PRON
fbem-23682	71	18	will	will	AUX
fbem-23682	71	19	cause	cause	VERB
fbem-23682	71	20	the	the	DET
fbem-23682	71	21	investors	investor	NOUN
fbem-23682	71	22	to	to	PART
fbem-23682	71	23	be	be	AUX
fbem-23682	71	24	emotionally	emotionally	ADV
fbem-23682	71	25	impacted	impact	VERB
fbem-23682	71	26	and	and	CCONJ
fbem-23682	71	27	sell	sell	VERB
fbem-23682	71	28	off	off	ADP
fbem-23682	71	29	the	the	DET
fbem-23682	71	30	shares	share	NOUN
fbem-23682	71	31	,	,	PUNCT
fbem-23682	71	32	thus	thus	ADV
fbem-23682	71	33	causing	cause	VERB
fbem-23682	71	34	the	the	DET
fbem-23682	71	35	stock	stock	NOUN
fbem-23682	71	36	price	price	NOUN
fbem-23682	71	37	to	to	ADP
fbem-23682	71	38	crash	crash	NOUN
fbem-23682	71	39	.	.	PUNCT
fbem-23682	72	1	in	in	ADP
fbem-23682	72	2	addition	addition	NOUN
fbem-23682	72	3	,	,	PUNCT
fbem-23682	72	4	wang	wang	PROPN
fbem-23682	72	5	huacheng	huacheng	PROPN
fbem-23682	72	6	et	et	PROPN
fbem-23682	72	7	al	al	PROPN
fbem-23682	72	8	.	.	PROPN
fbem-23682	73	1	(	(	PUNCT
fbem-23682	73	2	2015	2015	NUM
fbem-23682	73	3	)	)	PUNCT
fbem-23682	73	4	found	find	VERB
fbem-23682	73	5	that	that	SCONJ
fbem-23682	73	6	the	the	DET
fbem-23682	73	7	increase	increase	NOUN
fbem-23682	73	8	in	in	ADP
fbem-23682	73	9	the	the	DET
fbem-23682	73	10	shareholding	shareholding	NOUN
fbem-23682	73	11	ratio	ratio	NOUN
fbem-23682	73	12	of	of	ADP
fbem-23682	73	13	major	major	ADJ
fbem-23682	73	14	shareholders	shareholder	NOUN
fbem-23682	73	15	can	can	AUX
fbem-23682	73	16	reduce	reduce	VERB
fbem-23682	73	17	the	the	DET
fbem-23682	73	18	risk	risk	NOUN
fbem-23682	73	19	of	of	ADP
fbem-23682	73	20	stock	stock	NOUN
fbem-23682	73	21	price	price	NOUN
fbem-23682	73	22	crash	crash	NOUN
fbem-23682	73	23	,	,	PUNCT
fbem-23682	73	24	and	and	CCONJ
fbem-23682	73	25	song	song	NOUN
fbem-23682	73	26	xian	xian	PROPN
fbem-23682	73	27	zhong	zhong	PROPN
fbem-23682	73	28	(	(	PUNCT
fbem-23682	73	29	2017	2017	NUM
fbem-23682	73	30	)	)	PUNCT
fbem-23682	73	31	showed	show	VERB
fbem-23682	73	32	that	that	SCONJ
fbem-23682	73	33	there	there	PRON
fbem-23682	73	34	was	be	VERB
fbem-23682	73	35	a	a	DET
fbem-23682	73	36	negative	negative	ADJ
fbem-23682	73	37	correlation	correlation	NOUN
fbem-23682	73	38	between	between	ADP
fbem-23682	73	39	the	the	DET
fbem-23682	73	40	corporate	corporate	ADJ
fbem-23682	73	41	social	social	ADJ
fbem-23682	73	42	responsibility	responsibility	NOUN
fbem-23682	73	43	information	information	NOUN
fbem-23682	73	44	disclosure	disclosure	NOUN
fbem-23682	73	45	and	and	CCONJ
fbem-23682	73	46	the	the	DET
fbem-23682	73	47	risk	risk	NOUN
fbem-23682	73	48	of	of	ADP
fbem-23682	73	49	stock	stock	NOUN
fbem-23682	73	50	price	price	NOUN
fbem-23682	73	51	crash	crash	NOUN
fbem-23682	73	52	.	.	PUNCT
fbem-23682	74	1	there	there	PRON
fbem-23682	74	2	are	be	VERB
fbem-23682	74	3	also	also	ADV
fbem-23682	74	4	other	other	ADJ
fbem-23682	74	5	scholars	scholar	NOUN
fbem-23682	74	6	who	who	PRON
fbem-23682	74	7	have	have	VERB
fbem-23682	74	8	different	different	ADJ
fbem-23682	74	9	opinions	opinion	NOUN
fbem-23682	74	10	from	from	ADP
fbem-23682	74	11	corporate	corporate	ADJ
fbem-23682	74	12	tax	tax	NOUN
fbem-23682	74	13	avoidance	avoidance	NOUN
fbem-23682	74	14	(	(	PUNCT
fbem-23682	74	15	kim	kim	PROPN
fbem-23682	74	16	et	et	PROPN
fbem-23682	74	17	al	al	PROPN
fbem-23682	74	18	.	.	PROPN
fbem-23682	74	19	,	,	PUNCT
fbem-23682	74	20	2011a	2011a	NUM
fbem-23682	74	21	)	)	PUNCT
fbem-23682	74	22	,	,	PUNCT
fbem-23682	74	23	accounting	account	VERB
fbem-23682	74	24	conservatism	conservatism	NOUN
fbem-23682	74	25	(	(	PUNCT
fbem-23682	74	26	kim	kim	PROPN
fbem-23682	74	27	and	and	CCONJ
fbem-23682	74	28	zhang	zhang	PROPN
fbem-23682	74	29	,	,	PUNCT
fbem-23682	74	30	2012	2012	NUM
fbem-23682	74	31	)	)	PUNCT
fbem-23682	74	32	,	,	PUNCT
fbem-23682	74	33	executive	executive	NOUN
fbem-23682	74	34	compensation	compensation	NOUN
fbem-23682	74	35	incentives	incentive	NOUN
fbem-23682	74	36	(	(	PUNCT
fbem-23682	74	37	xu	xu	INTJ
fbem-23682	74	38	et	et	PROPN
fbem-23682	74	39	al	al	PROPN
fbem-23682	74	40	.	.	PROPN
fbem-23682	74	41	,	,	PUNCT
fbem-23682	74	42	2014	2014	NUM
fbem-23682	74	43	)	)	PUNCT
fbem-23682	74	44	,	,	PUNCT
fbem-23682	74	45	financial	financial	ADJ
fbem-23682	74	46	reporting	reporting	NOUN
fbem-23682	74	47	quality	quality	NOUN
fbem-23682	74	48	(	(	PUNCT
fbem-23682	74	49	hutton	hutton	PROPN
fbem-23682	74	50	et	et	PROPN
fbem-23682	74	51	al	al	PROPN
fbem-23682	74	52	.	.	PROPN
fbem-23682	74	53	,	,	PUNCT
fbem-23682	74	54	2009	2009	NUM
fbem-23682	74	55	;	;	PUNCT
fbem-23682	74	56	kim	kim	PROPN
fbem-23682	74	57	and	and	CCONJ
fbem-23682	74	58	zhang	zhang	PROPN
fbem-23682	74	59	,	,	PUNCT
fbem-23682	74	60	2014	2014	NUM
fbem-23682	74	61	)	)	PUNCT
fbem-23682	74	62	,	,	PUNCT
fbem-23682	74	63	over	over	ADP
fbem-23682	74	64	231	231	NUM
fbem-23682	74	65	investment	investment	NOUN
fbem-23682	74	66	(	(	PUNCT
fbem-23682	74	67	jiang	jiang	PROPN
fbem-23682	74	68	xuanyu	xuanyu	PROPN
fbem-23682	74	69	and	and	CCONJ
fbem-23682	74	70	xu	xu	PROPN
fbem-23682	74	71	nianhang	nianhang	PROPN
fbem-23682	74	72	,	,	PUNCT
fbem-23682	74	73	2015	2015	NUM
fbem-23682	74	74	)	)	PUNCT
fbem-23682	74	75	,	,	PUNCT
fbem-23682	74	76	majority	majority	NOUN
fbem-23682	74	77	shareholder	shareholder	NOUN
fbem-23682	74	78	supervision	supervision	NOUN
fbem-23682	74	79	(	(	PUNCT
fbem-23682	74	80	wang	wang	PROPN
fbem-23682	74	81	huacheng	huacheng	PROPN
fbem-23682	74	82	et	et	PROPN
fbem-23682	74	83	al	al	PROPN
fbem-23682	74	84	.	.	PROPN
fbem-23682	74	85	,	,	PUNCT
fbem-23682	74	86	2015	2015	NUM
fbem-23682	74	87	)	)	PUNCT
fbem-23682	74	88	and	and	CCONJ
fbem-23682	74	89	internal	internal	ADJ
fbem-23682	74	90	control	control	NOUN
fbem-23682	74	91	information	information	NOUN
fbem-23682	74	92	disclosure	disclosure	NOUN
fbem-23682	74	93	(	(	PUNCT
fbem-23682	74	94	ye	ye	NOUN
fbem-23682	74	95	kangtao	kangtao	PROPN
fbem-23682	74	96	et	et	PROPN
fbem-23682	74	97	al	al	PROPN
fbem-23682	74	98	.	.	PROPN
fbem-23682	74	99	,	,	PUNCT
fbem-23682	74	100	2015	2015	NUM
fbem-23682	74	101	)	)	PUNCT
fbem-23682	74	102	.	.	PUNCT
fbem-23682	75	1	to	to	PART
fbem-23682	75	2	sum	sum	VERB
fbem-23682	75	3	up	up	ADP
fbem-23682	75	4	,	,	PUNCT
fbem-23682	75	5	the	the	DET
fbem-23682	75	6	independent	independent	ADJ
fbem-23682	75	7	director	director	NOUN
fbem-23682	75	8	's	's	PART
fbem-23682	75	9	advisory	advisory	ADJ
fbem-23682	75	10	function	function	NOUN
fbem-23682	75	11	in	in	ADP
fbem-23682	75	12	the	the	DET
fbem-23682	75	13	enterprise	enterprise	NOUN
fbem-23682	75	14	has	have	AUX
fbem-23682	75	15	been	be	AUX
fbem-23682	75	16	generally	generally	ADV
fbem-23682	75	17	recognized	recognize	VERB
fbem-23682	75	18	,	,	PUNCT
fbem-23682	75	19	but	but	CCONJ
fbem-23682	75	20	the	the	DET
fbem-23682	75	21	evidence	evidence	NOUN
fbem-23682	75	22	of	of	ADP
fbem-23682	75	23	its	its	PRON
fbem-23682	75	24	governance	governance	NOUN
fbem-23682	75	25	role	role	NOUN
fbem-23682	75	26	is	be	AUX
fbem-23682	75	27	still	still	ADV
fbem-23682	75	28	controversial	controversial	ADJ
fbem-23682	75	29	,	,	PUNCT
fbem-23682	75	30	and	and	CCONJ
fbem-23682	75	31	the	the	DET
fbem-23682	75	32	current	current	ADJ
fbem-23682	75	33	research	research	NOUN
fbem-23682	75	34	mostly	mostly	ADV
fbem-23682	75	35	proves	prove	VERB
fbem-23682	75	36	that	that	SCONJ
fbem-23682	75	37	the	the	DET
fbem-23682	75	38	independent	independent	ADJ
fbem-23682	75	39	director	director	NOUN
fbem-23682	75	40	plays	play	VERB
fbem-23682	75	41	a	a	DET
fbem-23682	75	42	governance	governance	NOUN
fbem-23682	75	43	role	role	NOUN
fbem-23682	75	44	from	from	ADP
fbem-23682	75	45	an	an	DET
fbem-23682	75	46	indirect	indirect	ADJ
fbem-23682	75	47	perspective	perspective	NOUN
fbem-23682	75	48	,	,	PUNCT
fbem-23682	75	49	and	and	CCONJ
fbem-23682	75	50	less	less	ADV
fbem-23682	75	51	directly	directly	ADV
fbem-23682	75	52	observes	observe	VERB
fbem-23682	75	53	the	the	DET
fbem-23682	75	54	governance	governance	NOUN
fbem-23682	75	55	behavior	behavior	NOUN
fbem-23682	75	56	of	of	ADP
fbem-23682	75	57	the	the	DET
fbem-23682	75	58	independent	independent	ADJ
fbem-23682	75	59	director	director	NOUN
fbem-23682	75	60	.	.	PUNCT
fbem-23682	76	1	in	in	ADP
fbem-23682	76	2	addition	addition	NOUN
fbem-23682	76	3	,	,	PUNCT
fbem-23682	76	4	in	in	ADP
fbem-23682	76	5	the	the	DET
fbem-23682	76	6	existing	exist	VERB
fbem-23682	76	7	research	research	NOUN
fbem-23682	76	8	,	,	PUNCT
fbem-23682	76	9	the	the	DET
fbem-23682	76	10	number	number	NOUN
fbem-23682	76	11	of	of	ADP
fbem-23682	76	12	factors	factor	NOUN
fbem-23682	76	13	that	that	PRON
fbem-23682	76	14	will	will	AUX
fbem-23682	76	15	affect	affect	VERB
fbem-23682	76	16	the	the	DET
fbem-23682	76	17	risk	risk	NOUN
fbem-23682	76	18	of	of	ADP
fbem-23682	76	19	a	a	DET
fbem-23682	76	20	stock	stock	NOUN
fbem-23682	76	21	price	price	NOUN
fbem-23682	76	22	crash	crash	NOUN
fbem-23682	76	23	that	that	PRON
fbem-23682	76	24	focus	focus	VERB
fbem-23682	76	25	on	on	ADP
fbem-23682	76	26	the	the	DET
fbem-23682	76	27	specific	specific	ADJ
fbem-23682	76	28	act	act	NOUN
fbem-23682	76	29	of	of	ADP
fbem-23682	76	30	independent	independent	ADJ
fbem-23682	76	31	directors	director	NOUN
fbem-23682	76	32	against	against	ADP
fbem-23682	76	33	is	be	AUX
fbem-23682	76	34	relatively	relatively	ADV
fbem-23682	76	35	small	small	ADJ
fbem-23682	76	36	.	.	PUNCT
fbem-23682	77	1	therefore	therefore	ADV
fbem-23682	77	2	,	,	PUNCT
fbem-23682	77	3	this	this	DET
fbem-23682	77	4	paper	paper	NOUN
fbem-23682	77	5	measures	measure	VERB
fbem-23682	77	6	the	the	DET
fbem-23682	77	7	independent	independent	ADJ
fbem-23682	77	8	director	director	NOUN
fbem-23682	77	9	's	's	PART
fbem-23682	77	10	governance	governance	NOUN
fbem-23682	77	11	activities	activity	NOUN
fbem-23682	77	12	from	from	ADP
fbem-23682	77	13	the	the	DET
fbem-23682	77	14	independent	independent	ADJ
fbem-23682	77	15	director	director	NOUN
fbem-23682	77	16	's	's	PART
fbem-23682	77	17	negative	negative	ADJ
fbem-23682	77	18	vote	vote	NOUN
fbem-23682	77	19	,	,	PUNCT
fbem-23682	77	20	which	which	PRON
fbem-23682	77	21	is	be	AUX
fbem-23682	77	22	an	an	DET
fbem-23682	77	23	active	active	ADJ
fbem-23682	77	24	intervention	intervention	NOUN
fbem-23682	77	25	to	to	ADP
fbem-23682	77	26	the	the	DET
fbem-23682	77	27	enterprise	enterprise	NOUN
fbem-23682	77	28	,	,	PUNCT
fbem-23682	77	29	and	and	CCONJ
fbem-23682	77	30	explores	explore	VERB
fbem-23682	77	31	whether	whether	SCONJ
fbem-23682	77	32	this	this	DET
fbem-23682	77	33	method	method	NOUN
fbem-23682	77	34	has	have	VERB
fbem-23682	77	35	actual	actual	ADJ
fbem-23682	77	36	governance	governance	NOUN
fbem-23682	77	37	effect	effect	NOUN
fbem-23682	77	38	.	.	PUNCT
fbem-23682	78	1	3	3	X
fbem-23682	78	2	.	.	X
fbem-23682	78	3	research	research	NOUN
fbem-23682	78	4	assumptions	assumption	NOUN
fbem-23682	78	5	and	and	CCONJ
fbem-23682	78	6	empirical	empirical	ADJ
fbem-23682	78	7	design	design	NOUN
fbem-23682	78	8	3.1	3.1	NUM
fbem-23682	78	9	.	.	PUNCT
fbem-23682	79	1	research	research	NOUN
fbem-23682	79	2	hypothesis	hypothesis	NOUN
fbem-23682	79	3	the	the	DET
fbem-23682	79	4	independent	independent	ADJ
fbem-23682	79	5	directors	director	NOUN
fbem-23682	79	6	'	'	PART
fbem-23682	79	7	negative	negative	ADJ
fbem-23682	79	8	vote	vote	NOUN
fbem-23682	79	9	may	may	AUX
fbem-23682	79	10	play	play	VERB
fbem-23682	79	11	a	a	DET
fbem-23682	79	12	"	"	PUNCT
fbem-23682	79	13	signaling	signal	VERB
fbem-23682	79	14	role	role	NOUN
fbem-23682	79	15	"	"	PUNCT
fbem-23682	79	16	to	to	PART
fbem-23682	79	17	release	release	VERB
fbem-23682	79	18	the	the	DET
fbem-23682	79	19	negative	negative	ADJ
fbem-23682	79	20	news	news	NOUN
fbem-23682	79	21	of	of	ADP
fbem-23682	79	22	the	the	DET
fbem-23682	79	23	company	company	NOUN
fbem-23682	79	24	in	in	ADP
fbem-23682	79	25	advance	advance	NOUN
fbem-23682	79	26	and	and	CCONJ
fbem-23682	79	27	trigger	trigger	VERB
fbem-23682	79	28	a	a	DET
fbem-23682	79	29	"	"	PUNCT
fbem-23682	79	30	governance	governance	NOUN
fbem-23682	79	31	effect	effect	NOUN
fbem-23682	79	32	"	"	PUNCT
fbem-23682	79	33	to	to	PART
fbem-23682	79	34	inhibit	inhibit	VERB
fbem-23682	79	35	the	the	DET
fbem-23682	79	36	"	"	PUNCT
fbem-23682	79	37	hollowing	hollow	VERB
fbem-23682	79	38	out	out	ADP
fbem-23682	79	39	"	"	PUNCT
fbem-23682	79	40	of	of	ADP
fbem-23682	79	41	major	major	ADJ
fbem-23682	79	42	shareholders	shareholder	NOUN
fbem-23682	79	43	,	,	PUNCT
fbem-23682	79	44	related	relate	VERB
fbem-23682	79	45	party	party	NOUN
fbem-23682	79	46	transactions	transaction	NOUN
fbem-23682	79	47	and	and	CCONJ
fbem-23682	79	48	earnings	earning	NOUN
fbem-23682	79	49	management	management	NOUN
fbem-23682	79	50	,	,	PUNCT
fbem-23682	79	51	which	which	PRON
fbem-23682	79	52	in	in	ADP
fbem-23682	79	53	turn	turn	NOUN
fbem-23682	79	54	may	may	AUX
fbem-23682	79	55	affect	affect	VERB
fbem-23682	79	56	the	the	DET
fbem-23682	79	57	risk	risk	NOUN
fbem-23682	79	58	of	of	ADP
fbem-23682	79	59	stock	stock	NOUN
fbem-23682	79	60	price	price	NOUN
fbem-23682	79	61	collapse	collapse	NOUN
fbem-23682	79	62	.	.	PUNCT
fbem-23682	80	1	first	first	ADV
fbem-23682	80	2	,	,	PUNCT
fbem-23682	80	3	a	a	DET
fbem-23682	80	4	negative	negative	ADJ
fbem-23682	80	5	vote	vote	NOUN
fbem-23682	80	6	by	by	ADP
fbem-23682	80	7	an	an	DET
fbem-23682	80	8	independent	independent	ADJ
fbem-23682	80	9	director	director	NOUN
fbem-23682	80	10	may	may	AUX
fbem-23682	80	11	have	have	VERB
fbem-23682	80	12	the	the	DET
fbem-23682	80	13	following	following	ADJ
fbem-23682	80	14	effects	effect	NOUN
fbem-23682	80	15	:	:	PUNCT
fbem-23682	80	16	first	first	ADV
fbem-23682	80	17	,	,	PUNCT
fbem-23682	80	18	the	the	DET
fbem-23682	80	19	role	role	NOUN
fbem-23682	80	20	of	of	ADP
fbem-23682	80	21	signals	signal	NOUN
fbem-23682	80	22	.	.	PUNCT
fbem-23682	81	1	the	the	DET
fbem-23682	81	2	independent	independent	ADJ
fbem-23682	81	3	directors	director	NOUN
fbem-23682	81	4	'	'	PART
fbem-23682	81	5	negative	negative	ADJ
fbem-23682	81	6	opinion	opinion	NOUN
fbem-23682	81	7	on	on	ADP
fbem-23682	81	8	the	the	DET
fbem-23682	81	9	board	board	NOUN
fbem-23682	81	10	's	's	PART
fbem-23682	81	11	motion	motion	NOUN
fbem-23682	81	12	is	be	AUX
fbem-23682	81	13	the	the	DET
fbem-23682	81	14	most	most	ADV
fbem-23682	81	15	true	true	ADJ
fbem-23682	81	16	and	and	CCONJ
fbem-23682	81	17	direct	direct	ADJ
fbem-23682	81	18	manifestation	manifestation	NOUN
fbem-23682	81	19	of	of	ADP
fbem-23682	81	20	the	the	DET
fbem-23682	81	21	independent	independent	ADJ
fbem-23682	81	22	directors	director	NOUN
fbem-23682	81	23	'	'	PART
fbem-23682	81	24	performance	performance	NOUN
fbem-23682	81	25	of	of	ADP
fbem-23682	81	26	duties	duty	NOUN
fbem-23682	81	27	(	(	PUNCT
fbem-23682	81	28	zheng	zheng	PROPN
fbem-23682	81	29	zhigang	zhigang	PROPN
fbem-23682	81	30	et	et	PROPN
fbem-23682	81	31	al	al	PROPN
fbem-23682	81	32	.	.	PROPN
fbem-23682	81	33	,	,	PUNCT
fbem-23682	81	34	2016	2016	NUM
fbem-23682	81	35	)	)	PUNCT
fbem-23682	81	36	.	.	PUNCT
fbem-23682	82	1	the	the	DET
fbem-23682	82	2	independent	independent	ADJ
fbem-23682	82	3	directors	director	NOUN
fbem-23682	82	4	'	'	PART
fbem-23682	82	5	negative	negative	ADJ
fbem-23682	82	6	vote	vote	NOUN
fbem-23682	82	7	on	on	ADP
fbem-23682	82	8	the	the	DET
fbem-23682	82	9	board	board	NOUN
fbem-23682	82	10	's	's	PART
fbem-23682	82	11	motion	motion	NOUN
fbem-23682	82	12	can	can	AUX
fbem-23682	82	13	indirectly	indirectly	ADV
fbem-23682	82	14	convey	convey	VERB
fbem-23682	82	15	the	the	DET
fbem-23682	82	16	omissions	omission	NOUN
fbem-23682	82	17	and	and	CCONJ
fbem-23682	82	18	hidden	hidden	ADJ
fbem-23682	82	19	problems	problem	NOUN
fbem-23682	82	20	in	in	ADP
fbem-23682	82	21	the	the	DET
fbem-23682	82	22	company	company	NOUN
fbem-23682	82	23	's	's	PART
fbem-23682	82	24	operation	operation	NOUN
fbem-23682	82	25	and	and	CCONJ
fbem-23682	82	26	management	management	NOUN
fbem-23682	82	27	.	.	PUNCT
fbem-23682	83	1	as	as	ADP
fbem-23682	83	2	a	a	DET
fbem-23682	83	3	matter	matter	NOUN
fbem-23682	83	4	of	of	ADP
fbem-23682	83	5	fact	fact	NOUN
fbem-23682	83	6	,	,	PUNCT
fbem-23682	83	7	the	the	DET
fbem-23682	83	8	percentage	percentage	NOUN
fbem-23682	83	9	of	of	ADP
fbem-23682	83	10	board	board	NOUN
fbem-23682	83	11	members	member	NOUN
fbem-23682	83	12	who	who	PRON
fbem-23682	83	13	clearly	clearly	ADV
fbem-23682	83	14	express	express	VERB
fbem-23682	83	15	their	their	PRON
fbem-23682	83	16	negative	negative	ADJ
fbem-23682	83	17	votes	vote	NOUN
fbem-23682	83	18	is	be	AUX
fbem-23682	83	19	relatively	relatively	ADV
fbem-23682	83	20	low	low	ADJ
fbem-23682	83	21	and	and	CCONJ
fbem-23682	83	22	it	it	PRON
fbem-23682	83	23	is	be	AUX
fbem-23682	83	24	difficult	difficult	ADJ
fbem-23682	83	25	to	to	PART
fbem-23682	83	26	actually	actually	ADV
fbem-23682	83	27	obstruct	obstruct	VERB
fbem-23682	83	28	the	the	DET
fbem-23682	83	29	implementation	implementation	NOUN
fbem-23682	83	30	of	of	ADP
fbem-23682	83	31	the	the	DET
fbem-23682	83	32	motion	motion	NOUN
fbem-23682	83	33	.	.	PUNCT
fbem-23682	84	1	however	however	ADV
fbem-23682	84	2	,	,	PUNCT
fbem-23682	84	3	from	from	ADP
fbem-23682	84	4	the	the	DET
fbem-23682	84	5	perspective	perspective	NOUN
fbem-23682	84	6	of	of	ADP
fbem-23682	84	7	information	information	NOUN
fbem-23682	84	8	transmission	transmission	NOUN
fbem-23682	84	9	,	,	PUNCT
fbem-23682	84	10	in	in	ADP
fbem-23682	84	11	view	view	NOUN
fbem-23682	84	12	of	of	ADP
fbem-23682	84	13	the	the	DET
fbem-23682	84	14	common	common	ADJ
fbem-23682	84	15	phenomenon	phenomenon	NOUN
fbem-23682	84	16	that	that	SCONJ
fbem-23682	84	17	the	the	DET
fbem-23682	84	18	two	two	NUM
fbem-23682	84	19	positions	position	NOUN
fbem-23682	84	20	of	of	ADP
fbem-23682	84	21	chairman	chairman	NOUN
fbem-23682	84	22	and	and	CCONJ
fbem-23682	84	23	ceo	ceo	NOUN
fbem-23682	84	24	of	of	ADP
fbem-23682	84	25	an	an	DET
fbem-23682	84	26	enterprise	enterprise	NOUN
fbem-23682	84	27	in	in	ADP
fbem-23682	84	28	china	china	PROPN
fbem-23682	84	29	are	be	AUX
fbem-23682	84	30	combined	combine	VERB
fbem-23682	84	31	,	,	PUNCT
fbem-23682	84	32	if	if	SCONJ
fbem-23682	84	33	the	the	DET
fbem-23682	84	34	management	management	NOUN
fbem-23682	84	35	puts	put	VERB
fbem-23682	84	36	forward	forward	ADV
fbem-23682	84	37	a	a	DET
fbem-23682	84	38	proposal	proposal	NOUN
fbem-23682	84	39	and	and	CCONJ
fbem-23682	84	40	hopes	hope	VERB
fbem-23682	84	41	to	to	PART
fbem-23682	84	42	obtain	obtain	VERB
fbem-23682	84	43	the	the	DET
fbem-23682	84	44	approval	approval	NOUN
fbem-23682	84	45	of	of	ADP
fbem-23682	84	46	the	the	DET
fbem-23682	84	47	board	board	NOUN
fbem-23682	84	48	of	of	ADP
fbem-23682	84	49	directors	director	NOUN
fbem-23682	84	50	for	for	ADP
fbem-23682	84	51	implementation	implementation	NOUN
fbem-23682	84	52	,	,	PUNCT
fbem-23682	84	53	it	it	PRON
fbem-23682	84	54	may	may	AUX
fbem-23682	84	55	be	be	AUX
fbem-23682	84	56	approved	approve	VERB
fbem-23682	84	57	because	because	SCONJ
fbem-23682	84	58	it	it	PRON
fbem-23682	84	59	is	be	AUX
fbem-23682	84	60	in	in	ADP
fbem-23682	84	61	the	the	DET
fbem-23682	84	62	personal	personal	ADJ
fbem-23682	84	63	interests	interest	NOUN
fbem-23682	84	64	of	of	ADP
fbem-23682	84	65	the	the	DET
fbem-23682	84	66	chairman	chairman	NOUN
fbem-23682	84	67	,	,	PUNCT
fbem-23682	84	68	even	even	ADV
fbem-23682	84	69	if	if	SCONJ
fbem-23682	84	70	there	there	PRON
fbem-23682	84	71	are	be	VERB
fbem-23682	84	72	hidden	hidden	ADJ
fbem-23682	84	73	risks	risk	NOUN
fbem-23682	84	74	or	or	CCONJ
fbem-23682	84	75	problems	problem	NOUN
fbem-23682	84	76	in	in	ADP
fbem-23682	84	77	the	the	DET
fbem-23682	84	78	project	project	NOUN
fbem-23682	84	79	,	,	PUNCT
fbem-23682	84	80	such	such	ADJ
fbem-23682	84	81	as	as	ADP
fbem-23682	84	82	merger	merger	NOUN
fbem-23682	84	83	and	and	CCONJ
fbem-23682	84	84	acquisition	acquisition	NOUN
fbem-23682	84	85	involving	involve	VERB
fbem-23682	84	86	a	a	DET
fbem-23682	84	87	large	large	ADJ
fbem-23682	84	88	amount	amount	NOUN
fbem-23682	84	89	of	of	ADP
fbem-23682	84	90	money	money	NOUN
fbem-23682	84	91	.	.	PUNCT
fbem-23682	85	1	in	in	ADP
fbem-23682	85	2	order	order	NOUN
fbem-23682	85	3	to	to	PART
fbem-23682	85	4	avoid	avoid	VERB
fbem-23682	85	5	the	the	DET
fbem-23682	85	6	supervision	supervision	NOUN
fbem-23682	85	7	from	from	ADP
fbem-23682	85	8	the	the	DET
fbem-23682	85	9	shareholders	shareholder	NOUN
fbem-23682	85	10	'	'	PART
fbem-23682	85	11	meeting	meeting	NOUN
fbem-23682	85	12	and	and	CCONJ
fbem-23682	85	13	ensure	ensure	VERB
fbem-23682	85	14	the	the	DET
fbem-23682	85	15	smooth	smooth	ADJ
fbem-23682	85	16	progress	progress	NOUN
fbem-23682	85	17	of	of	ADP
fbem-23682	85	18	the	the	DET
fbem-23682	85	19	project	project	NOUN
fbem-23682	85	20	,	,	PUNCT
fbem-23682	85	21	the	the	DET
fbem-23682	85	22	management	management	NOUN
fbem-23682	85	23	may	may	AUX
fbem-23682	85	24	deliberately	deliberately	ADV
fbem-23682	85	25	hide	hide	VERB
fbem-23682	85	26	some	some	DET
fbem-23682	85	27	negative	negative	ADJ
fbem-23682	85	28	information	information	NOUN
fbem-23682	85	29	,	,	PUNCT
fbem-23682	85	30	and	and	CCONJ
fbem-23682	85	31	once	once	ADV
fbem-23682	85	32	the	the	DET
fbem-23682	85	33	independent	independent	ADJ
fbem-23682	85	34	directors	director	NOUN
fbem-23682	85	35	express	express	VERB
fbem-23682	85	36	clear	clear	ADJ
fbem-23682	85	37	opposition	opposition	NOUN
fbem-23682	85	38	to	to	ADP
fbem-23682	85	39	the	the	DET
fbem-23682	85	40	proposal	proposal	NOUN
fbem-23682	85	41	,	,	PUNCT
fbem-23682	85	42	it	it	PRON
fbem-23682	85	43	indicates	indicate	VERB
fbem-23682	85	44	that	that	SCONJ
fbem-23682	85	45	they	they	PRON
fbem-23682	85	46	have	have	AUX
fbem-23682	85	47	mastered	master	VERB
fbem-23682	85	48	the	the	DET
fbem-23682	85	49	internal	internal	ADJ
fbem-23682	85	50	information	information	NOUN
fbem-23682	85	51	and	and	CCONJ
fbem-23682	85	52	indirectly	indirectly	ADV
fbem-23682	85	53	transmit	transmit	VERB
fbem-23682	85	54	the	the	DET
fbem-23682	85	55	information	information	NOUN
fbem-23682	85	56	about	about	ADP
fbem-23682	85	57	the	the	DET
fbem-23682	85	58	hidden	hide	VERB
fbem-23682	85	59	dangers	danger	NOUN
fbem-23682	85	60	of	of	ADP
fbem-23682	85	61	the	the	DET
fbem-23682	85	62	project	project	NOUN
fbem-23682	85	63	to	to	ADP
fbem-23682	85	64	the	the	DET
fbem-23682	85	65	outside	outside	NOUN
fbem-23682	85	66	.	.	PUNCT
fbem-23682	86	1	the	the	DET
fbem-23682	86	2	dissenting	dissent	VERB
fbem-23682	86	3	vote	vote	NOUN
fbem-23682	86	4	by	by	ADP
fbem-23682	86	5	the	the	DET
fbem-23682	86	6	independent	independent	ADJ
fbem-23682	86	7	directors	director	NOUN
fbem-23682	86	8	may	may	AUX
fbem-23682	86	9	attract	attract	VERB
fbem-23682	86	10	close	close	ADJ
fbem-23682	86	11	attention	attention	NOUN
fbem-23682	86	12	from	from	ADP
fbem-23682	86	13	the	the	DET
fbem-23682	86	14	market	market	NOUN
fbem-23682	86	15	and	and	CCONJ
fbem-23682	86	16	various	various	ADJ
fbem-23682	86	17	participants	participant	NOUN
fbem-23682	86	18	,	,	PUNCT
fbem-23682	86	19	as	as	ADV
fbem-23682	86	20	well	well	ADV
fbem-23682	86	21	as	as	ADP
fbem-23682	86	22	more	more	ADV
fbem-23682	86	23	stringent	stringent	ADJ
fbem-23682	86	24	scrutiny	scrutiny	NOUN
fbem-23682	86	25	by	by	ADP
fbem-23682	86	26	the	the	DET
fbem-23682	86	27	regulatory	regulatory	ADJ
fbem-23682	86	28	authorities	authority	NOUN
fbem-23682	86	29	.	.	PUNCT
fbem-23682	87	1	studies	study	NOUN
fbem-23682	87	2	have	have	AUX
fbem-23682	87	3	shown	show	VERB
fbem-23682	87	4	that	that	SCONJ
fbem-23682	87	5	for	for	ADP
fbem-23682	87	6	false	false	ADJ
fbem-23682	87	7	statements	statement	NOUN
fbem-23682	87	8	of	of	ADP
fbem-23682	87	9	listed	list	VERB
fbem-23682	87	10	companies	company	NOUN
fbem-23682	87	11	,	,	PUNCT
fbem-23682	87	12	the	the	DET
fbem-23682	87	13	regulatory	regulatory	ADJ
fbem-23682	87	14	penalties	penalty	NOUN
fbem-23682	87	15	imposed	impose	VERB
fbem-23682	87	16	by	by	ADP
fbem-23682	87	17	the	the	DET
fbem-23682	87	18	csrc	csrc	NOUN
fbem-23682	87	19	and	and	CCONJ
fbem-23682	87	20	the	the	DET
fbem-23682	87	21	exchanges	exchange	NOUN
fbem-23682	87	22	will	will	AUX
fbem-23682	87	23	have	have	VERB
fbem-23682	87	24	significant	significant	ADJ
fbem-23682	87	25	economic	economic	ADJ
fbem-23682	87	26	consequences	consequence	NOUN
fbem-23682	87	27	for	for	ADP
fbem-23682	87	28	listed	list	VERB
fbem-23682	87	29	companies	company	NOUN
fbem-23682	87	30	(	(	PUNCT
fbem-23682	87	31	chen	chen	PROPN
fbem-23682	87	32	et	et	PROPN
fbem-23682	87	33	al	al	PROPN
fbem-23682	87	34	.	.	PROPN
fbem-23682	87	35	,	,	PUNCT
fbem-23682	87	36	2005	2005	NUM
fbem-23682	87	37	;	;	PUNCT
fbem-23682	87	38	liebman	liebman	NOUN
fbem-23682	87	39	and	and	CCONJ
fbem-23682	87	40	milhaupt	milhaupt	NOUN
fbem-23682	87	41	,	,	PUNCT
fbem-23682	87	42	2008	2008	NUM
fbem-23682	87	43	)	)	PUNCT
fbem-23682	87	44	.	.	PUNCT
fbem-23682	88	1	second	second	ADJ
fbem-23682	88	2	,	,	PUNCT
fbem-23682	88	3	the	the	DET
fbem-23682	88	4	governance	governance	NOUN
fbem-23682	88	5	effect	effect	NOUN
fbem-23682	88	6	.	.	PUNCT
fbem-23682	89	1	in	in	ADP
fbem-23682	89	2	the	the	DET
fbem-23682	89	3	existing	exist	VERB
fbem-23682	89	4	research	research	NOUN
fbem-23682	89	5	,	,	PUNCT
fbem-23682	89	6	fama	fama	PROPN
fbem-23682	89	7	and	and	CCONJ
fbem-23682	89	8	jensen	jensen	PROPN
fbem-23682	89	9	(	(	PUNCT
fbem-23682	89	10	1983	1983	NUM
fbem-23682	89	11	)	)	PUNCT
fbem-23682	89	12	believe	believe	VERB
fbem-23682	89	13	that	that	SCONJ
fbem-23682	89	14	independent	independent	ADJ
fbem-23682	89	15	directors	director	NOUN
fbem-23682	89	16	have	have	VERB
fbem-23682	89	17	the	the	DET
fbem-23682	89	18	characteristics	characteristic	NOUN
fbem-23682	89	19	of	of	ADP
fbem-23682	89	20	"	"	PUNCT
fbem-23682	89	21	independence	independence	NOUN
fbem-23682	89	22	"	"	PUNCT
fbem-23682	89	23	and	and	CCONJ
fbem-23682	89	24	"	"	PUNCT
fbem-23682	89	25	external	external	ADJ
fbem-23682	89	26	"	"	PUNCT
fbem-23682	89	27	and	and	CCONJ
fbem-23682	89	28	are	be	AUX
fbem-23682	89	29	an	an	DET
fbem-23682	89	30	important	important	ADJ
fbem-23682	89	31	corporate	corporate	ADJ
fbem-23682	89	32	governance	governance	NOUN
fbem-23682	89	33	mechanism	mechanism	NOUN
fbem-23682	89	34	to	to	PART
fbem-23682	89	35	play	play	VERB
fbem-23682	89	36	a	a	DET
fbem-23682	89	37	supervisory	supervisory	ADJ
fbem-23682	89	38	role	role	NOUN
fbem-23682	89	39	and	and	CCONJ
fbem-23682	89	40	solve	solve	VERB
fbem-23682	89	41	the	the	DET
fbem-23682	89	42	agency	agency	NOUN
fbem-23682	89	43	problem	problem	NOUN
fbem-23682	89	44	of	of	ADP
fbem-23682	89	45	modern	modern	ADJ
fbem-23682	89	46	companies	company	NOUN
fbem-23682	89	47	.	.	PUNCT
fbem-23682	90	1	ye	ye	PRON
fbem-23682	90	2	kangtao	kangtao	PROPN
fbem-23682	90	3	and	and	CCONJ
fbem-23682	90	4	others	other	NOUN
fbem-23682	90	5	(	(	PUNCT
fbem-23682	90	6	2011	2011	NUM
fbem-23682	90	7	)	)	PUNCT
fbem-23682	90	8	believe	believe	VERB
fbem-23682	90	9	that	that	SCONJ
fbem-23682	90	10	the	the	DET
fbem-23682	90	11	independent	independent	ADJ
fbem-23682	90	12	directors	director	NOUN
fbem-23682	90	13	'	'	PART
fbem-23682	90	14	participation	participation	NOUN
fbem-23682	90	15	in	in	ADP
fbem-23682	90	16	the	the	DET
fbem-23682	90	17	formation	formation	NOUN
fbem-23682	90	18	of	of	ADP
fbem-23682	90	19	corporate	corporate	ADJ
fbem-23682	90	20	decisions	decision	NOUN
fbem-23682	90	21	can	can	AUX
fbem-23682	90	22	be	be	AUX
fbem-23682	90	23	observed	observe	VERB
fbem-23682	90	24	by	by	ADP
fbem-23682	90	25	studying	study	VERB
fbem-23682	90	26	how	how	SCONJ
fbem-23682	90	27	the	the	DET
fbem-23682	90	28	independent	independent	ADJ
fbem-23682	90	29	directors	director	NOUN
fbem-23682	90	30	put	put	VERB
fbem-23682	90	31	forward	forward	ADV
fbem-23682	90	32	negative	negative	ADJ
fbem-23682	90	33	opinions	opinion	NOUN
fbem-23682	90	34	on	on	ADP
fbem-23682	90	35	the	the	DET
fbem-23682	90	36	board	board	NOUN
fbem-23682	90	37	's	's	PART
fbem-23682	90	38	proposals	proposal	NOUN
fbem-23682	90	39	.	.	PUNCT
fbem-23682	91	1	jiang	jiang	PROPN
fbem-23682	91	2	et	et	PROPN
fbem-23682	91	3	al	al	PROPN
fbem-23682	91	4	.	.	PROPN
fbem-23682	92	1	(	(	PUNCT
fbem-23682	92	2	2015	2015	NUM
fbem-23682	92	3	)	)	PUNCT
fbem-23682	92	4	found	find	VERB
fbem-23682	92	5	that	that	SCONJ
fbem-23682	92	6	independent	independent	ADJ
fbem-23682	92	7	directors	director	NOUN
fbem-23682	92	8	'	'	PART
fbem-23682	92	9	questioning	questioning	NOUN
fbem-23682	92	10	could	could	AUX
fbem-23682	92	11	improve	improve	VERB
fbem-23682	92	12	corporate	corporate	ADJ
fbem-23682	92	13	transparency	transparency	NOUN
fbem-23682	92	14	and	and	CCONJ
fbem-23682	92	15	governance	governance	NOUN
fbem-23682	92	16	.	.	PUNCT
fbem-23682	93	1	the	the	DET
fbem-23682	93	2	highly	highly	ADV
fbem-23682	93	3	concentrated	concentrated	ADJ
fbem-23682	93	4	ownership	ownership	NOUN
fbem-23682	93	5	structure	structure	NOUN
fbem-23682	93	6	is	be	AUX
fbem-23682	93	7	one	one	NUM
fbem-23682	93	8	of	of	ADP
fbem-23682	93	9	the	the	DET
fbem-23682	93	10	significant	significant	ADJ
fbem-23682	93	11	characteristics	characteristic	NOUN
fbem-23682	93	12	of	of	ADP
fbem-23682	93	13	listed	list	VERB
fbem-23682	93	14	companies	company	NOUN
fbem-23682	93	15	in	in	ADP
fbem-23682	93	16	china	china	PROPN
fbem-23682	93	17	,	,	PUNCT
fbem-23682	93	18	which	which	PRON
fbem-23682	93	19	leads	lead	VERB
fbem-23682	93	20	to	to	ADP
fbem-23682	93	21	the	the	DET
fbem-23682	93	22	second	second	ADJ
fbem-23682	93	23	type	type	NOUN
fbem-23682	93	24	agency	agency	NOUN
fbem-23682	93	25	problem	problem	NOUN
fbem-23682	93	26	is	be	AUX
fbem-23682	93	27	often	often	ADV
fbem-23682	93	28	more	more	ADV
fbem-23682	93	29	serious	serious	ADJ
fbem-23682	93	30	.	.	PUNCT
fbem-23682	94	1	large	large	ADJ
fbem-23682	94	2	shareholders	shareholder	NOUN
fbem-23682	94	3	often	often	ADV
fbem-23682	94	4	use	use	VERB
fbem-23682	94	5	their	their	PRON
fbem-23682	94	6	absolute	absolute	ADJ
fbem-23682	94	7	control	control	NOUN
fbem-23682	94	8	to	to	PART
fbem-23682	94	9	damage	damage	VERB
fbem-23682	94	10	the	the	DET
fbem-23682	94	11	interests	interest	NOUN
fbem-23682	94	12	of	of	ADP
fbem-23682	94	13	small	small	ADJ
fbem-23682	94	14	and	and	CCONJ
fbem-23682	94	15	medium	medium	ADJ
fbem-23682	94	16	shareholders	shareholder	NOUN
fbem-23682	94	17	through	through	ADP
fbem-23682	94	18	earnings	earning	NOUN
fbem-23682	94	19	management	management	NOUN
fbem-23682	94	20	,	,	PUNCT
fbem-23682	94	21	related	relate	VERB
fbem-23682	94	22	party	party	NOUN
fbem-23682	94	23	transactions	transaction	NOUN
fbem-23682	94	24	,	,	PUNCT
fbem-23682	94	25	market	market	NOUN
fbem-23682	94	26	manipulation	manipulation	NOUN
fbem-23682	94	27	and	and	CCONJ
fbem-23682	94	28	other	other	ADJ
fbem-23682	94	29	means	mean	NOUN
fbem-23682	94	30	.	.	PUNCT
fbem-23682	95	1	(	(	PUNCT
fbem-23682	95	2	jian	jian	PROPN
fbem-23682	95	3	and	and	CCONJ
fbem-23682	95	4	wong	wong	PROPN
fbem-23682	95	5	,	,	PUNCT
fbem-23682	95	6	2003	2003	NUM
fbem-23682	95	7	;	;	PUNCT
fbem-23682	95	8	jiang	jiang	PROPN
fbem-23682	95	9	guohua	guohua	PROPN
fbem-23682	95	10	and	and	CCONJ
fbem-23682	95	11	yue	yue	PROPN
fbem-23682	95	12	heng	heng	PROPN
fbem-23682	95	13	,	,	PUNCT
fbem-23682	95	14	2005	2005	NUM
fbem-23682	95	15	;	;	PUNCT
fbem-23682	95	16	li	li	PROPN
fbem-23682	95	17	zengquan	zengquan	PROPN
fbem-23682	95	18	et	et	PROPN
fbem-23682	95	19	al	al	PROPN
fbem-23682	95	20	.	.	PROPN
fbem-23682	95	21	,	,	PUNCT
fbem-23682	95	22	2004	2004	NUM
fbem-23682	95	23	)	)	PUNCT
fbem-23682	95	24	.	.	PUNCT
fbem-23682	96	1	to	to	PART
fbem-23682	96	2	sum	sum	VERB
fbem-23682	96	3	up	up	ADP
fbem-23682	96	4	,	,	PUNCT
fbem-23682	96	5	on	on	ADP
fbem-23682	96	6	the	the	DET
fbem-23682	96	7	one	one	NUM
fbem-23682	96	8	hand	hand	NOUN
fbem-23682	96	9	,	,	PUNCT
fbem-23682	96	10	the	the	DET
fbem-23682	96	11	independent	independent	ADJ
fbem-23682	96	12	directors	director	NOUN
fbem-23682	96	13	'	'	PART
fbem-23682	96	14	negative	negative	ADJ
fbem-23682	96	15	vote	vote	NOUN
fbem-23682	96	16	can	can	AUX
fbem-23682	96	17	directly	directly	ADV
fbem-23682	96	18	mitigate	mitigate	VERB
fbem-23682	96	19	the	the	DET
fbem-23682	96	20	risk	risk	NOUN
fbem-23682	96	21	of	of	ADP
fbem-23682	96	22	a	a	DET
fbem-23682	96	23	stock	stock	NOUN
fbem-23682	96	24	price	price	NOUN
fbem-23682	96	25	crash	crash	NOUN
fbem-23682	96	26	to	to	ADP
fbem-23682	96	27	a	a	DET
fbem-23682	96	28	certain	certain	ADJ
fbem-23682	96	29	extent	extent	NOUN
fbem-23682	96	30	by	by	ADP
fbem-23682	96	31	playing	play	VERB
fbem-23682	96	32	a	a	DET
fbem-23682	96	33	"	"	PUNCT
fbem-23682	96	34	signaling	signal	VERB
fbem-23682	96	35	role	role	NOUN
fbem-23682	96	36	"	"	PUNCT
fbem-23682	96	37	to	to	PART
fbem-23682	96	38	release	release	VERB
fbem-23682	96	39	negative	negative	ADJ
fbem-23682	96	40	news	news	NOUN
fbem-23682	96	41	.	.	PUNCT
fbem-23682	97	1	on	on	ADP
fbem-23682	97	2	the	the	DET
fbem-23682	97	3	other	other	ADJ
fbem-23682	97	4	hand	hand	NOUN
fbem-23682	97	5	,	,	PUNCT
fbem-23682	97	6	the	the	DET
fbem-23682	97	7	"	"	PUNCT
fbem-23682	97	8	signaling	signal	VERB
fbem-23682	97	9	effect	effect	NOUN
fbem-23682	97	10	"	"	PUNCT
fbem-23682	97	11	of	of	ADP
fbem-23682	97	12	the	the	DET
fbem-23682	97	13	independent	independent	ADJ
fbem-23682	97	14	director	director	NOUN
fbem-23682	97	15	's	's	PART
fbem-23682	97	16	negative	negative	ADJ
fbem-23682	97	17	vote	vote	NOUN
fbem-23682	97	18	will	will	AUX
fbem-23682	97	19	attract	attract	VERB
fbem-23682	97	20	attention	attention	NOUN
fbem-23682	97	21	from	from	ADP
fbem-23682	97	22	many	many	ADJ
fbem-23682	97	23	parties	party	NOUN
fbem-23682	97	24	,	,	PUNCT
fbem-23682	97	25	resulting	result	VERB
fbem-23682	97	26	in	in	ADP
fbem-23682	97	27	"	"	PUNCT
fbem-23682	97	28	governance	governance	NOUN
fbem-23682	97	29	effect	effect	NOUN
fbem-23682	97	30	"	"	PUNCT
fbem-23682	97	31	to	to	PART
fbem-23682	97	32	ease	ease	VERB
fbem-23682	97	33	the	the	DET
fbem-23682	97	34	second	second	ADJ
fbem-23682	97	35	type	type	NOUN
fbem-23682	97	36	of	of	ADP
fbem-23682	97	37	agency	agency	NOUN
fbem-23682	97	38	conflict	conflict	NOUN
fbem-23682	97	39	and	and	CCONJ
fbem-23682	97	40	reduce	reduce	VERB
fbem-23682	97	41	the	the	DET
fbem-23682	97	42	risk	risk	NOUN
fbem-23682	97	43	of	of	ADP
fbem-23682	97	44	stock	stock	NOUN
fbem-23682	97	45	price	price	NOUN
fbem-23682	97	46	crash	crash	NOUN
fbem-23682	97	47	.	.	PUNCT
fbem-23682	98	1	based	base	VERB
fbem-23682	98	2	on	on	ADP
fbem-23682	98	3	the	the	DET
fbem-23682	98	4	above	above	ADJ
fbem-23682	98	5	analysis	analysis	NOUN
fbem-23682	98	6	,	,	PUNCT
fbem-23682	98	7	we	we	PRON
fbem-23682	98	8	propose	propose	VERB
fbem-23682	98	9	the	the	DET
fbem-23682	98	10	hypothesis	hypothesis	NOUN
fbem-23682	98	11	to	to	PART
fbem-23682	98	12	be	be	AUX
fbem-23682	98	13	tested	test	VERB
fbem-23682	98	14	:	:	PUNCT
fbem-23682	98	15	hypothesis	hypothesis	NOUN
fbem-23682	98	16	:	:	PUNCT
fbem-23682	98	17	given	give	VERB
fbem-23682	98	18	the	the	DET
fbem-23682	98	19	same	same	ADJ
fbem-23682	98	20	other	other	ADJ
fbem-23682	98	21	conditions	condition	NOUN
fbem-23682	98	22	,	,	PUNCT
fbem-23682	98	23	the	the	DET
fbem-23682	98	24	risk	risk	NOUN
fbem-23682	98	25	of	of	ADP
fbem-23682	98	26	a	a	DET
fbem-23682	98	27	crash	crash	NOUN
fbem-23682	98	28	in	in	ADP
fbem-23682	98	29	the	the	DET
fbem-23682	98	30	company	company	NOUN
fbem-23682	98	31	's	's	PART
fbem-23682	98	32	share	share	NOUN
fbem-23682	98	33	price	price	NOUN
fbem-23682	98	34	decreases	decrease	NOUN
fbem-23682	98	35	when	when	SCONJ
fbem-23682	98	36	the	the	DET
fbem-23682	98	37	independent	independent	ADJ
fbem-23682	98	38	directors	director	NOUN
fbem-23682	98	39	voice	voice	VERB
fbem-23682	98	40	their	their	PRON
fbem-23682	98	41	opposition	opposition	NOUN
fbem-23682	98	42	.	.	PUNCT
fbem-23682	99	1	3.2	3.2	NUM
fbem-23682	99	2	.	.	PUNCT
fbem-23682	100	1	empirical	empirical	ADJ
fbem-23682	100	2	design	design	NOUN
fbem-23682	100	3	in	in	ADP
fbem-23682	100	4	order	order	NOUN
fbem-23682	100	5	to	to	PART
fbem-23682	100	6	verify	verify	VERB
fbem-23682	100	7	whether	whether	SCONJ
fbem-23682	100	8	the	the	DET
fbem-23682	100	9	independent	independent	ADJ
fbem-23682	100	10	directors	director	NOUN
fbem-23682	100	11	'	'	PART
fbem-23682	100	12	dissenting	dissent	VERB
fbem-23682	100	13	opinions	opinion	NOUN
fbem-23682	100	14	can	can	AUX
fbem-23682	100	15	reduce	reduce	VERB
fbem-23682	100	16	the	the	DET
fbem-23682	100	17	risk	risk	NOUN
fbem-23682	100	18	of	of	ADP
fbem-23682	100	19	stock	stock	NOUN
fbem-23682	100	20	price	price	NOUN
fbem-23682	100	21	crash	crash	NOUN
fbem-23682	100	22	,	,	PUNCT
fbem-23682	100	23	the	the	DET
fbem-23682	100	24	following	follow	VERB
fbem-23682	100	25	regression	regression	NOUN
fbem-23682	100	26	model	model	NOUN
fbem-23682	100	27	is	be	AUX
fbem-23682	100	28	set	set	VERB
fbem-23682	100	29	with	with	ADP
fbem-23682	100	30	reference	reference	NOUN
fbem-23682	100	31	to	to	ADP
fbem-23682	100	32	song	song	NOUN
fbem-23682	100	33	xian	xian	PROPN
fbem-23682	100	34	zhong	zhong	PROPN
fbem-23682	100	35	(	(	PUNCT
fbem-23682	100	36	2017	2017	NUM
fbem-23682	100	37	)	)	PUNCT
fbem-23682	100	38	,	,	PUNCT
fbem-23682	100	39	zhang	zhang	PROPN
fbem-23682	100	40	xiaoyu	xiaoyu	PROPN
fbem-23682	100	41	and	and	CCONJ
fbem-23682	100	42	xu	xu	PROPN
fbem-23682	100	43	longbing	longbing	NOUN
fbem-23682	100	44	(	(	PUNCT
fbem-23682	100	45	2017	2017	NUM
fbem-23682	100	46	):	):	PUNCT
fbem-23682	100	47	titititi	titititi	VERB
fbem-23682	100	48	industryyearcontrolsdispprovecrashrisk	industryyearcontrolsdispprovecrashrisk	NOUN
fbem-23682	100	49	,	,	PUNCT
fbem-23682	100	50	,	,	PUNCT
fbem-23682	100	51	,	,	PUNCT
fbem-23682	100	52	10	10	NUM
fbem-23682	100	53	,	,	PUNCT
fbem-23682	100	54			X
fbem-23682	101	1	+	+	PROPN
fbem-23682	101	2	+	+	ADJ
fbem-23682	101	3	+	+	ADJ
fbem-23682	101	4	+	+	ADJ
fbem-23682	101	5	+	+	NOUN
fbem-23682	101	6	=	=	X
fbem-23682	101	7			X
fbem-23682	101	8			X
fbem-23682	101	9	(	(	PUNCT
fbem-23682	101	10	1	1	NUM
fbem-23682	101	11	)	)	PUNCT
fbem-23682	101	12	3.2.1	3.2.1	NUM
fbem-23682	101	13	.	.	PUNCT
fbem-23682	102	1	risk	risk	NOUN
fbem-23682	102	2	of	of	ADP
fbem-23682	102	3	stock	stock	NOUN
fbem-23682	102	4	price	price	NOUN
fbem-23682	102	5	crash	crash	NOUN
fbem-23682	102	6	ti	ti	NOUN
fbem-23682	102	7	crashrisk	crashrisk	NOUN
fbem-23682	102	8	,	,	PUNCT
fbem-23682	102	9	is	be	AUX
fbem-23682	102	10	a	a	DET
fbem-23682	102	11	measure	measure	NOUN
fbem-23682	102	12	of	of	ADP
fbem-23682	102	13	the	the	DET
fbem-23682	102	14	company	company	NOUN
fbem-23682	102	15	's	's	PART
fbem-23682	102	16	risk	risk	NOUN
fbem-23682	102	17	of	of	ADP
fbem-23682	102	18	a	a	DET
fbem-23682	102	19	stock	stock	NOUN
fbem-23682	102	20	price	price	NOUN
fbem-23682	102	21	crash	crash	NOUN
fbem-23682	102	22	in	in	ADP
fbem-23682	102	23	period	period	NOUN
fbem-23682	102	24	:	:	PUNCT
fbem-23682	102	25	and	and	CCONJ
fbem-23682	102	26	.	.	PUNCT
fbem-23682	103	1	referring	refer	VERB
fbem-23682	103	2	to	to	ADP
fbem-23682	103	3	the	the	DET
fbem-23682	103	4	research	research	NOUN
fbem-23682	103	5	of	of	ADP
fbem-23682	103	6	hutton	hutton	PROPN
fbem-23682	103	7	et	et	PROPN
fbem-23682	103	8	al	al	PROPN
fbem-23682	103	9	.	.	PROPN
fbem-23682	104	1	(	(	PUNCT
fbem-23682	104	2	2009	2009	NUM
fbem-23682	104	3	)	)	PUNCT
fbem-23682	104	4	and	and	CCONJ
fbem-23682	104	5	kim	kim	PROPN
fbem-23682	104	6	et	et	PROPN
fbem-23682	104	7	al	al	PROPN
fbem-23682	104	8	.	.	PROPN
fbem-23682	104	9	(	(	PUNCT
fbem-23682	104	10	2011a	2011a	NUM
fbem-23682	104	11	)	)	PUNCT
fbem-23682	104	12	,	,	PUNCT
fbem-23682	104	13	this	this	DET
fbem-23682	104	14	paper	paper	NOUN
fbem-23682	104	15	adopts	adopt	VERB
fbem-23682	104	16	the	the	DET
fbem-23682	104	17	following	follow	VERB
fbem-23682	104	18	method	method	NOUN
fbem-23682	104	19	to	to	PART
fbem-23682	104	20	measure	measure	VERB
fbem-23682	104	21	the	the	DET
fbem-23682	104	22	risk	risk	NOUN
fbem-23682	104	23	of	of	ADP
fbem-23682	104	24	stock	stock	NOUN
fbem-23682	104	25	price	price	NOUN
fbem-23682	104	26	collapse	collapse	NOUN
fbem-23682	104	27	:	:	PUNCT
fbem-23682	104	28	firstly	firstly	ADV
fbem-23682	104	29	,	,	PUNCT
fbem-23682	104	30	calculate	calculate	VERB
fbem-23682	104	31	the	the	DET
fbem-23682	104	32	weekly	weekly	ADJ
fbem-23682	104	33	return	return	NOUN
fbem-23682	104	34	of	of	ADP
fbem-23682	104	35	individual	individual	ADJ
fbem-23682	104	36	stocks	stock	NOUN
fbem-23682	104	37	after	after	ADP
fbem-23682	104	38	adjusting	adjust	VERB
fbem-23682	104	39	the	the	DET
fbem-23682	104	40	market	market	NOUN
fbem-23682	104	41	return	return	NOUN
fbem-23682	104	42	rate	rate	NOUN
fbem-23682	104	43	according	accord	VERB
fbem-23682	104	44	to	to	ADP
fbem-23682	104	45	model	model	NOUN
fbem-23682	104	46	(	(	PUNCT
fbem-23682	104	47	2	2	NUM
fbem-23682	104	48	)	)	PUNCT
fbem-23682	104	49	.	.	PUNCT
fbem-23682	105	1	titmtmtmtmtmti	titmtmtmtmtmti	PROPN
fbem-23682	105	2	rrrrrr	rrrrrr	PROPN
fbem-23682	105	3	,	,	PUNCT
fbem-23682	105	4	2,51,4,31,22,1	2,51,4,31,22,1	NUM
fbem-23682	105	5	,	,	PUNCT
fbem-23682	105	6			X
fbem-23682	106	1	+	+	PROPN
fbem-23682	106	2	+	+	ADJ
fbem-23682	106	3	+	+	ADJ
fbem-23682	106	4	+	+	ADJ
fbem-23682	106	5	+	+	ADJ
fbem-23682	106	6	+	+	ADJ
fbem-23682	106	7	=	=	ADJ
fbem-23682	106	8	+	+	ADJ
fbem-23682	106	9	+	+	NOUN
fbem-23682	106	10	−−	−−	NOUN
fbem-23682	106	11	(	(	PUNCT
fbem-23682	106	12	2	2	NUM
fbem-23682	106	13	)	)	PUNCT
fbem-23682	106	14	among	among	ADP
fbem-23682	106	15	them	they	PRON
fbem-23682	106	16	,	,	PUNCT
fbem-23682	106	17	ti	ti	NOUN
fbem-23682	106	18	r	r	NOUN
fbem-23682	106	19	,	,	PUNCT
fbem-23682	106	20	is	be	AUX
fbem-23682	106	21	the	the	DET
fbem-23682	106	22	return	return	NOUN
fbem-23682	106	23	rate	rate	NOUN
fbem-23682	106	24	of	of	ADP
fbem-23682	106	25	the	the	DET
fbem-23682	106	26	i	i	PROPN
fbem-23682	106	27	company	company	NOUN
fbem-23682	106	28	considering	consider	VERB
fbem-23682	106	29	the	the	DET
fbem-23682	106	30	reinvestment	reinvestment	NOUN
fbem-23682	106	31	of	of	ADP
fbem-23682	106	32	cash	cash	NOUN
fbem-23682	106	33	dividends	dividend	NOUN
fbem-23682	106	34	in	in	ADP
fbem-23682	106	35	week	week	NOUN
fbem-23682	106	36	t	t	PROPN
fbem-23682	106	37	,	,	PUNCT
fbem-23682	106	38	and	and	CCONJ
fbem-23682	106	39	tm	tm	DET
fbem-23682	106	40	r	r	NOUN
fbem-23682	106	41	,	,	PUNCT
fbem-23682	106	42	is	be	AUX
fbem-23682	106	43	the	the	DET
fbem-23682	106	44	market	market	NOUN
fbem-23682	106	45	return	return	NOUN
fbem-23682	106	46	rate	rate	NOUN
fbem-23682	106	47	of	of	ADP
fbem-23682	106	48	all	all	DET
fbem-23682	106	49	a	a	DET
fbem-23682	106	50	-	-	PUNCT
fbem-23682	106	51	share	share	NOUN
fbem-23682	106	52	companies	company	NOUN
fbem-23682	106	53	in	in	ADP
fbem-23682	106	54	week	week	NOUN
fbem-23682	106	55	t	t	PROPN
fbem-23682	106	56	after	after	ADP
fbem-23682	106	57	the	the	DET
fbem-23682	106	58	weighted	weight	VERB
fbem-23682	106	59	average	average	NOUN
fbem-23682	106	60	of	of	ADP
fbem-23682	106	61	the	the	DET
fbem-23682	106	62	current	current	ADJ
fbem-23682	106	63	market	market	NOUN
fbem-23682	106	64	value	value	NOUN
fbem-23682	106	65	.	.	PUNCT
fbem-23682	107	1	we	we	PRON
fbem-23682	107	2	add	add	VERB
fbem-23682	107	3	forward	forward	ADJ
fbem-23682	107	4	term	term	NOUN
fbem-23682	107	5	and	and	CCONJ
fbem-23682	107	6	backward	backward	ADJ
fbem-23682	107	7	term	term	NOUN
fbem-23682	107	8	of	of	ADP
fbem-23682	107	9	tm	tm	PROPN
fbem-23682	107	10	r	r	NOUN
fbem-23682	107	11	,	,	PUNCT
fbem-23682	107	12	to	to	ADP
fbem-23682	107	13	model	model	NOUN
fbem-23682	107	14	(	(	PUNCT
fbem-23682	107	15	2	2	NUM
fbem-23682	107	16	)	)	PUNCT
fbem-23682	107	17	to	to	PART
fbem-23682	107	18	reduce	reduce	VERB
fbem-23682	107	19	the	the	DET
fbem-23682	107	20	possible	possible	ADJ
fbem-23682	107	21	bias	bias	NOUN
fbem-23682	107	22	caused	cause	VERB
fbem-23682	107	23	by	by	ADP
fbem-23682	107	24	asynchronous	asynchronous	ADJ
fbem-23682	107	25	stock	stock	NOUN
fbem-23682	107	26	transactions	transaction	NOUN
fbem-23682	107	27	.	.	PUNCT
fbem-23682	108	1	ti	ti	X
fbem-23682	108	2	,	,	PUNCT
fbem-23682	108	3			PROPN
fbem-23682	108	4	is	be	AUX
fbem-23682	108	5	the	the	DET
fbem-23682	108	6	portion	portion	NOUN
fbem-23682	108	7	of	of	ADP
fbem-23682	108	8	the	the	DET
fbem-23682	108	9	company	company	NOUN
fbem-23682	108	10	's	's	PART
fbem-23682	108	11	week	week	NOUN
fbem-23682	108	12	t	t	PROPN
fbem-23682	108	13	yield	yield	VERB
fbem-23682	108	14	232	232	NUM
fbem-23682	108	15	that	that	PRON
fbem-23682	108	16	can	can	AUX
fbem-23682	108	17	not	not	PART
fbem-23682	108	18	be	be	AUX
fbem-23682	108	19	explained	explain	VERB
fbem-23682	108	20	by	by	ADP
fbem-23682	108	21	market	market	NOUN
fbem-23682	108	22	yield	yield	NOUN
fbem-23682	108	23	.	.	PUNCT
fbem-23682	109	1	then	then	ADV
fbem-23682	109	2	,	,	PUNCT
fbem-23682	109	3	based	base	VERB
fbem-23682	109	4	on	on	ADP
fbem-23682	109	5	)	)	PUNCT
fbem-23682	109	6	1ln	1ln	NOUN
fbem-23682	109	7	(	(	PUNCT
fbem-23682	109	8	,	,	PUNCT
fbem-23682	109	9	,	,	PUNCT
fbem-23682	109	10	titi	titi	PROPN
fbem-23682	109	11	w	w	NOUN
fbem-23682	109	12	+=	+=	NOUN
fbem-23682	109	13	to	to	PART
fbem-23682	109	14	construct	construct	VERB
fbem-23682	109	15	two	two	NUM
fbem-23682	109	16	measures	measure	NOUN
fbem-23682	109	17	to	to	PART
fbem-23682	109	18	measure	measure	VERB
fbem-23682	109	19	the	the	DET
fbem-23682	109	20	risk	risk	NOUN
fbem-23682	109	21	of	of	ADP
fbem-23682	109	22	a	a	DET
fbem-23682	109	23	stock	stock	NOUN
fbem-23682	109	24	price	price	NOUN
fbem-23682	109	25	crash	crash	NOUN
fbem-23682	109	26	,	,	PUNCT
fbem-23682	109	27	using	use	VERB
fbem-23682	109	28	ti	ti	PROPN
fbem-23682	109	29	w	w	PROPN
fbem-23682	109	30	,	,	PUNCT
fbem-23682	109	31	as	as	ADP
fbem-23682	109	32	a	a	DET
fbem-23682	109	33	specific	specific	ADJ
fbem-23682	109	34	yield	yield	NOUN
fbem-23682	109	35	representing	represent	VERB
fbem-23682	109	36	the	the	DET
fbem-23682	109	37	individual	individual	ADJ
fbem-23682	109	38	stock	stock	NOUN
fbem-23682	109	39	at	at	ADP
fbem-23682	109	40	week	week	NOUN
fbem-23682	109	41	t	t	PROPN
fbem-23682	109	42	:	:	PUNCT
fbem-23682	109	43	skewness	skewness	NOUN
fbem-23682	109	44	coefficient	coefficient	NOUN
fbem-23682	109	45	of	of	ADP
fbem-23682	109	46	negative	negative	ADJ
fbem-23682	109	47	returns	return	NOUN
fbem-23682	109	48	(	(	PUNCT
fbem-23682	109	49	ncskew	ncskew	NOUN
fbem-23682	109	50	):	):	PUNCT
fbem-23682	109	51			ADV
fbem-23682	109	52	−−−−=	−−−−=	X
fbem-23682	109	53	]	]	X
fbem-23682	109	54	)	)	PUNCT
fbem-23682	109	55	)	)	PUNCT
fbem-23682	110	1	(	(	PUNCT
fbem-23682	110	2	2)(1/[(])1	2)(1/[(])1	NUM
fbem-23682	110	3	(	(	PUNCT
fbem-23682	110	4	[	[	PUNCT
fbem-23682	110	5	2/32	2/32	NUM
fbem-23682	110	6	,	,	PUNCT
fbem-23682	110	7	3	3	NUM
fbem-23682	110	8	,	,	PUNCT
fbem-23682	110	9	2/3	2/3	NUM
fbem-23682	110	10	,	,	PUNCT
fbem-23682	110	11	tititi	tititi	NOUN
fbem-23682	110	12	wnnwnnncskew	wnnwnnncskew	NOUN
fbem-23682	110	13	(	(	PUNCT
fbem-23682	110	14	3	3	NUM
fbem-23682	110	15	)	)	PUNCT
fbem-23682	110	16	n	n	PRON
fbem-23682	110	17	is	be	AUX
fbem-23682	110	18	the	the	DET
fbem-23682	110	19	number	number	NOUN
fbem-23682	110	20	of	of	ADP
fbem-23682	110	21	trading	trading	NOUN
fbem-23682	110	22	weeks	week	NOUN
fbem-23682	110	23	of	of	ADP
fbem-23682	110	24	the	the	DET
fbem-23682	110	25	i	i	PROPN
fbem-23682	110	26	company	company	NOUN
fbem-23682	110	27	in	in	ADP
fbem-23682	110	28	the	the	DET
fbem-23682	110	29	t	t	NOUN
fbem-23682	110	30	period	period	NOUN
fbem-23682	110	31	,	,	PUNCT
fbem-23682	110	32	the	the	DET
fbem-23682	110	33	larger	large	ADJ
fbem-23682	110	34	,	,	PUNCT
fbem-23682	110	35	indicating	indicate	VERB
fbem-23682	110	36	that	that	SCONJ
fbem-23682	110	37	the	the	PRON
fbem-23682	110	38	more	more	ADV
fbem-23682	110	39	serious	serious	ADJ
fbem-23682	110	40	the	the	DET
fbem-23682	110	41	negative	negative	ADJ
fbem-23682	110	42	skewness	skewness	NOUN
fbem-23682	110	43	of	of	ADP
fbem-23682	110	44	the	the	DET
fbem-23682	110	45	company	company	NOUN
fbem-23682	110	46	's	's	PART
fbem-23682	110	47	stock	stock	NOUN
fbem-23682	110	48	returns	return	NOUN
fbem-23682	110	49	in	in	ADP
fbem-23682	110	50	the	the	DET
fbem-23682	110	51	period	period	NOUN
fbem-23682	110	52	,	,	PUNCT
fbem-23682	110	53	the	the	PRON
fbem-23682	110	54	higher	high	ADJ
fbem-23682	110	55	the	the	DET
fbem-23682	110	56	risk	risk	NOUN
fbem-23682	110	57	of	of	ADP
fbem-23682	110	58	a	a	DET
fbem-23682	110	59	stock	stock	NOUN
fbem-23682	110	60	price	price	NOUN
fbem-23682	110	61	crash	crash	NOUN
fbem-23682	110	62	.	.	PUNCT
fbem-23682	111	1	negative	negative	ADJ
fbem-23682	111	2	volatility	volatility	NOUN
fbem-23682	111	3	rate	rate	NOUN
fbem-23682	111	4	of	of	ADP
fbem-23682	111	5	corporate	corporate	ADJ
fbem-23682	111	6	yields	yield	NOUN
fbem-23682	111	7	(	(	PUNCT
fbem-23682	111	8	duvol	duvol	NOUN
fbem-23682	111	9	):	):	PUNCT
fbem-23682	111	10	]	]	PUNCT
fbem-23682	111	11	}	}	PUNCT
fbem-23682	111	12	)	)	PUNCT
fbem-23682	111	13	1/[(])1log	1/[(])1log	X
fbem-23682	111	14	{	{	PUNCT
fbem-23682	111	15	[	[	X
fbem-23682	111	16	(	(	PUNCT
fbem-23682	111	17	2	2	NUM
fbem-23682	111	18	,	,	PUNCT
fbem-23682	111	19	2	2	NUM
fbem-23682	111	20	,	,	PUNCT
fbem-23682	111	21	,	,	PUNCT
fbem-23682	111	22			ADV
fbem-23682	111	23	−−=	−−=	X
fbem-23682	111	24	up	up	ADP
fbem-23682	111	25	tid	tid	NOUN
fbem-23682	111	26	down	down	ADP
fbem-23682	111	27	tiuti	tiuti	DET
fbem-23682	111	28	wnwnduvol	wnwnduvol	X
fbem-23682	111	29	(	(	PUNCT
fbem-23682	111	30	4	4	NUM
fbem-23682	111	31	)	)	PUNCT
fbem-23682	111	32	when	when	SCONJ
fbem-23682	111	33	the	the	DET
fbem-23682	111	34	i	i	PROPN
fbem-23682	111	35	company	company	NOUN
fbem-23682	111	36	's	's	PART
fbem-23682	111	37	weekly	weekly	ADJ
fbem-23682	111	38	yield	yield	NOUN
fbem-23682	111	39	is	be	AUX
fbem-23682	111	40	higher	high	ADJ
fbem-23682	111	41	(	(	PUNCT
fbem-23682	111	42	lower	low	ADJ
fbem-23682	111	43	)	)	PUNCT
fbem-23682	111	44	than	than	ADP
fbem-23682	111	45	the	the	DET
fbem-23682	111	46	t	t	PROPN
fbem-23682	111	47	period	period	NOUN
fbem-23682	111	48	average	average	ADJ
fbem-23682	111	49	yield	yield	NOUN
fbem-23682	111	50	(	(	PUNCT
fbem-23682	111	51	recorded	record	VERB
fbem-23682	111	52	as	as	ADP
fbem-23682	111	53	)	)	PUNCT
fbem-23682	111	54	(	(	PUNCT
fbem-23682	111	55	downup	downup	ADJ
fbem-23682	111	56	)	)	PUNCT
fbem-23682	111	57	,	,	PUNCT
fbem-23682	111	58	the	the	DET
fbem-23682	111	59	corresponding	corresponding	ADJ
fbem-23682	111	60	period	period	NOUN
fbem-23682	111	61	weeks	week	NOUN
fbem-23682	111	62	are	be	AUX
fbem-23682	111	63	)	)	PUNCT
fbem-23682	111	64	(	(	PUNCT
fbem-23682	111	65	du	du	PROPN
fbem-23682	111	66	nn	nn	PROPN
fbem-23682	111	67	.	.	PUNCT
fbem-23682	112	1	the	the	PRON
fbem-23682	112	2	bigger	big	ADJ
fbem-23682	112	3	the	the	DET
fbem-23682	112	4	ti	ti	NOUN
fbem-23682	112	5	duvol	duvol	NOUN
fbem-23682	112	6	,	,	PUNCT
fbem-23682	112	7	is	be	AUX
fbem-23682	112	8	,	,	PUNCT
fbem-23682	112	9	the	the	PRON
fbem-23682	112	10	greater	great	ADJ
fbem-23682	112	11	the	the	DET
fbem-23682	112	12	left	left	ADJ
fbem-23682	112	13	deviation	deviation	NOUN
fbem-23682	112	14	of	of	ADP
fbem-23682	112	15	the	the	DET
fbem-23682	112	16	company	company	NOUN
fbem-23682	112	17	's	's	PART
fbem-23682	112	18	stock	stock	NOUN
fbem-23682	112	19	yield	yield	NOUN
fbem-23682	112	20	and	and	CCONJ
fbem-23682	112	21	the	the	PRON
fbem-23682	112	22	higher	high	ADJ
fbem-23682	112	23	the	the	DET
fbem-23682	112	24	risk	risk	NOUN
fbem-23682	112	25	of	of	ADP
fbem-23682	112	26	a	a	DET
fbem-23682	112	27	stock	stock	NOUN
fbem-23682	112	28	price	price	NOUN
fbem-23682	112	29	crash	crash	NOUN
fbem-23682	112	30	.	.	PUNCT
fbem-23682	113	1	3.2.2	3.2.2	NUM
fbem-23682	113	2	.	.	PUNCT
fbem-23682	113	3	independent	independent	ADJ
fbem-23682	113	4	director	director	NOUN
fbem-23682	113	5	voted	vote	VERB
fbem-23682	113	6	against	against	ADP
fbem-23682	113	7	the	the	DET
fbem-23682	113	8	dummy	dummy	ADJ
fbem-23682	113	9	variable	variable	NOUN
fbem-23682	113	10	ti	ti	NOUN
fbem-23682	113	11	dispprove	dispprove	ADJ
fbem-23682	113	12	,	,	PUNCT
fbem-23682	113	13	is	be	AUX
fbem-23682	113	14	used	use	VERB
fbem-23682	113	15	to	to	PART
fbem-23682	113	16	express	express	VERB
fbem-23682	113	17	the	the	DET
fbem-23682	113	18	dissenting	dissent	VERB
fbem-23682	113	19	opinions	opinion	NOUN
fbem-23682	113	20	expressed	express	VERB
fbem-23682	113	21	by	by	ADP
fbem-23682	113	22	the	the	DET
fbem-23682	113	23	independent	independent	ADJ
fbem-23682	113	24	directors	director	NOUN
fbem-23682	113	25	of	of	ADP
fbem-23682	113	26	the	the	DET
fbem-23682	113	27	company	company	NOUN
fbem-23682	113	28	in	in	ADP
fbem-23682	113	29	the	the	DET
fbem-23682	113	30	current	current	ADJ
fbem-23682	113	31	period	period	NOUN
fbem-23682	113	32	.	.	PUNCT
fbem-23682	114	1	referring	refer	VERB
fbem-23682	114	2	to	to	ADP
fbem-23682	114	3	the	the	DET
fbem-23682	114	4	practice	practice	NOUN
fbem-23682	114	5	in	in	ADP
fbem-23682	114	6	the	the	DET
fbem-23682	114	7	existing	exist	VERB
fbem-23682	114	8	literature	literature	NOUN
fbem-23682	114	9	(	(	PUNCT
fbem-23682	114	10	liang	liang	PROPN
fbem-23682	114	11	quan	quan	PROPN
fbem-23682	114	12	xi	xi	PROPN
fbem-23682	114	13	and	and	CCONJ
fbem-23682	114	14	zeng	zeng	PROPN
fbem-23682	114	15	hai	hai	PROPN
fbem-23682	114	16	shu	shu	PROPN
fbem-23682	114	17	,	,	PUNCT
fbem-23682	114	18	2016	2016	NUM
fbem-23682	114	19	)	)	PUNCT
fbem-23682	114	20	,	,	PUNCT
fbem-23682	114	21	if	if	SCONJ
fbem-23682	114	22	there	there	PRON
fbem-23682	114	23	is	be	VERB
fbem-23682	114	24	any	any	DET
fbem-23682	114	25	objection	objection	NOUN
fbem-23682	114	26	from	from	ADP
fbem-23682	114	27	the	the	DET
fbem-23682	114	28	independent	independent	ADJ
fbem-23682	114	29	director	director	NOUN
fbem-23682	114	30	,	,	PUNCT
fbem-23682	114	31	1	1	NUM
fbem-23682	114	32	is	be	AUX
fbem-23682	114	33	taken	take	VERB
fbem-23682	114	34	;	;	PUNCT
fbem-23682	114	35	otherwise	otherwise	ADV
fbem-23682	114	36	,	,	PUNCT
fbem-23682	114	37	0	0	NUM
fbem-23682	114	38	is	be	AUX
fbem-23682	114	39	taken	take	VERB
fbem-23682	114	40	.	.	PUNCT
fbem-23682	115	1	where	where	SCONJ
fbem-23682	115	2	the	the	DET
fbem-23682	115	3	dissenting	dissent	VERB
fbem-23682	115	4	opinion	opinion	NOUN
fbem-23682	115	5	is	be	AUX
fbem-23682	115	6	expressed	express	VERB
fbem-23682	115	7	as	as	ADP
fbem-23682	115	8	all	all	DET
fbem-23682	115	9	opinions	opinion	NOUN
fbem-23682	115	10	except	except	SCONJ
fbem-23682	115	11	the	the	DET
fbem-23682	115	12	opinion	opinion	NOUN
fbem-23682	115	13	type	type	NOUN
fbem-23682	115	14	of	of	AUX
fbem-23682	115	15	"	"	PUNCT
fbem-23682	115	16	agree	agree	VERB
fbem-23682	115	17	"	"	PUNCT
fbem-23682	115	18	.	.	PUNCT
fbem-23682	116	1	this	this	DET
fbem-23682	116	2	paper	paper	NOUN
fbem-23682	116	3	mainly	mainly	ADV
fbem-23682	116	4	focuses	focus	VERB
fbem-23682	116	5	on	on	ADP
fbem-23682	116	6	the	the	DET
fbem-23682	116	7	estimation	estimation	NOUN
fbem-23682	116	8	of	of	ADP
fbem-23682	116	9	regression	regression	NOUN
fbem-23682	116	10	coefficient	coefficient	NOUN
fbem-23682	116	11	of	of	ADP
fbem-23682	116	12	1	1	NUM
fbem-23682	116	13			NOUN
fbem-23682	116	14	.	.	PUNCT
fbem-23682	117	1	if	if	SCONJ
fbem-23682	117	2	the	the	DET
fbem-23682	117	3	estimation	estimation	NOUN
fbem-23682	117	4	is	be	AUX
fbem-23682	117	5	significantly	significantly	ADV
fbem-23682	117	6	negative	negative	ADJ
fbem-23682	117	7	,	,	PUNCT
fbem-23682	117	8	it	it	PRON
fbem-23682	117	9	indicates	indicate	VERB
fbem-23682	117	10	that	that	SCONJ
fbem-23682	117	11	the	the	DET
fbem-23682	117	12	independent	independent	ADJ
fbem-23682	117	13	directors	director	NOUN
fbem-23682	117	14	'	'	PART
fbem-23682	117	15	dissenting	dissent	VERB
fbem-23682	117	16	opinion	opinion	NOUN
fbem-23682	117	17	can	can	AUX
fbem-23682	117	18	reduce	reduce	VERB
fbem-23682	117	19	the	the	DET
fbem-23682	117	20	risk	risk	NOUN
fbem-23682	117	21	of	of	ADP
fbem-23682	117	22	stock	stock	NOUN
fbem-23682	117	23	price	price	NOUN
fbem-23682	117	24	crash	crash	NOUN
fbem-23682	117	25	.	.	PUNCT
fbem-23682	118	1	the	the	DET
fbem-23682	118	2	assumption	assumption	NOUN
fbem-23682	118	3	in	in	ADP
fbem-23682	118	4	this	this	DET
fbem-23682	118	5	paper	paper	NOUN
fbem-23682	118	6	it	it	PRON
fbem-23682	118	7	is	be	AUX
fbem-23682	118	8	proved	prove	VERB
fbem-23682	118	9	.	.	PUNCT
fbem-23682	119	1	3.2.3	3.2.3	X
fbem-23682	119	2	.	.	X
fbem-23682	119	3	control	control	PROPN
fbem-23682	119	4	variable	variable	ADJ
fbem-23682	119	5	control	control	NOUN
fbem-23682	119	6	is	be	AUX
fbem-23682	119	7	a	a	DET
fbem-23682	119	8	series	series	NOUN
fbem-23682	119	9	of	of	ADP
fbem-23682	119	10	control	control	NOUN
fbem-23682	119	11	variables	variable	NOUN
fbem-23682	119	12	,	,	PUNCT
fbem-23682	119	13	including	include	VERB
fbem-23682	119	14	:	:	PUNCT
fbem-23682	119	15	logarithm	logarithm	NOUN
fbem-23682	119	16	of	of	ADP
fbem-23682	119	17	total	total	ADJ
fbem-23682	119	18	assets	asset	NOUN
fbem-23682	119	19	of	of	ADP
fbem-23682	119	20	an	an	DET
fbem-23682	119	21	enterprise	enterprise	NOUN
fbem-23682	119	22	(	(	PUNCT
fbem-23682	119	23	size	size	NOUN
fbem-23682	119	24	)	)	PUNCT
fbem-23682	119	25	;	;	PUNCT
fbem-23682	119	26	corporate	corporate	ADJ
fbem-23682	119	27	asset	asset	NOUN
fbem-23682	119	28	-	-	PUNCT
fbem-23682	119	29	liability	liability	NOUN
fbem-23682	119	30	ratio	ratio	NOUN
fbem-23682	119	31	(	(	PUNCT
fbem-23682	119	32	lev	lev	NOUN
fbem-23682	119	33	)	)	PUNCT
fbem-23682	119	34	;	;	PUNCT
fbem-23682	119	35	the	the	DET
fbem-23682	119	36	return	return	NOUN
fbem-23682	119	37	on	on	ADP
fbem-23682	119	38	assets	asset	NOUN
fbem-23682	119	39	of	of	ADP
fbem-23682	119	40	the	the	DET
fbem-23682	119	41	enterprise	enterprise	NOUN
fbem-23682	119	42	,	,	PUNCT
fbem-23682	119	43	i.e.	i.e.	X
fbem-23682	119	44	the	the	DET
fbem-23682	119	45	ratio	ratio	NOUN
fbem-23682	119	46	of	of	ADP
fbem-23682	119	47	net	net	ADJ
fbem-23682	119	48	profit	profit	NOUN
fbem-23682	119	49	after	after	ADP
fbem-23682	119	50	tax	tax	NOUN
fbem-23682	119	51	to	to	ADP
fbem-23682	119	52	total	total	ADJ
fbem-23682	119	53	assets	asset	NOUN
fbem-23682	119	54	(	(	PUNCT
fbem-23682	119	55	roa	roa	PROPN
fbem-23682	119	56	)	)	PUNCT
fbem-23682	119	57	;	;	PUNCT
fbem-23682	119	58	the	the	DET
fbem-23682	119	59	shareholding	shareholding	NOUN
fbem-23682	119	60	ratio	ratio	NOUN
fbem-23682	119	61	of	of	ADP
fbem-23682	119	62	the	the	DET
fbem-23682	119	63	largest	large	ADJ
fbem-23682	119	64	shareholder	shareholder	NOUN
fbem-23682	119	65	(	(	PUNCT
fbem-23682	119	66	1top	1top	PROPN
fbem-23682	119	67	)	)	PUNCT
fbem-23682	119	68	;	;	PUNCT
fbem-23682	119	69	revenue	revenue	NOUN
fbem-23682	119	70	growth	growth	NOUN
fbem-23682	119	71	rate	rate	NOUN
fbem-23682	119	72	,	,	PUNCT
fbem-23682	119	73	i.e.	i.e.	X
fbem-23682	119	74	the	the	DET
fbem-23682	119	75	ratio	ratio	NOUN
fbem-23682	119	76	of	of	ADP
fbem-23682	119	77	period	period	NOUN
fbem-23682	119	78	and	and	CCONJ
fbem-23682	119	79	period	period	NOUN
fbem-23682	119	80	revenue	revenue	NOUN
fbem-23682	119	81	difference	difference	NOUN
fbem-23682	119	82	to	to	ADP
fbem-23682	119	83	period	period	NOUN
fbem-23682	119	84	revenue	revenue	NOUN
fbem-23682	119	85	(	(	PUNCT
fbem-23682	119	86	growth	growth	NOUN
fbem-23682	119	87	)	)	PUNCT
fbem-23682	119	88	;	;	PUNCT
fbem-23682	119	89	proportion	proportion	NOUN
fbem-23682	119	90	of	of	ADP
fbem-23682	119	91	current	current	ADJ
fbem-23682	119	92	assets	asset	NOUN
fbem-23682	119	93	,	,	PUNCT
fbem-23682	119	94	i.e.	i.e.	X
fbem-23682	119	95	the	the	DET
fbem-23682	119	96	ratio	ratio	NOUN
fbem-23682	119	97	of	of	ADP
fbem-23682	119	98	current	current	ADJ
fbem-23682	119	99	assets	asset	NOUN
fbem-23682	119	100	at	at	ADP
fbem-23682	119	101	the	the	DET
fbem-23682	119	102	end	end	NOUN
fbem-23682	119	103	of	of	ADP
fbem-23682	119	104	the	the	DET
fbem-23682	119	105	period	period	NOUN
fbem-23682	119	106	to	to	ADP
fbem-23682	119	107	total	total	ADJ
fbem-23682	119	108	assets	asset	NOUN
fbem-23682	119	109	at	at	ADP
fbem-23682	119	110	the	the	DET
fbem-23682	119	111	end	end	NOUN
fbem-23682	119	112	of	of	ADP
fbem-23682	119	113	the	the	DET
fbem-23682	119	114	period	period	NOUN
fbem-23682	119	115	(	(	PUNCT
fbem-23682	119	116	liqasset	liqasset	PROPN
fbem-23682	119	117	)	)	PUNCT
fbem-23682	119	118	;	;	PUNCT
fbem-23682	119	119	ratio	ratio	NOUN
fbem-23682	119	120	of	of	ADP
fbem-23682	119	121	cash	cash	NOUN
fbem-23682	119	122	flows	flow	NOUN
fbem-23682	119	123	from	from	ADP
fbem-23682	119	124	operating	operate	VERB
fbem-23682	119	125	activities	activity	NOUN
fbem-23682	119	126	to	to	ADP
fbem-23682	119	127	total	total	ADJ
fbem-23682	119	128	assets	asset	NOUN
fbem-23682	119	129	(	(	PUNCT
fbem-23682	119	130	cash	cash	NOUN
fbem-23682	119	131	)	)	PUNCT
fbem-23682	119	132	;	;	PUNCT
fbem-23682	119	133	if	if	SCONJ
fbem-23682	119	134	the	the	DET
fbem-23682	119	135	enterprise	enterprise	NOUN
fbem-23682	119	136	is	be	AUX
fbem-23682	119	137	a	a	DET
fbem-23682	119	138	state	state	NOUN
fbem-23682	119	139	-	-	PUNCT
fbem-23682	119	140	owned	own	VERB
fbem-23682	119	141	enterprise	enterprise	NOUN
fbem-23682	119	142	,	,	PUNCT
fbem-23682	119	143	take	take	VERB
fbem-23682	119	144	1	1	NUM
fbem-23682	119	145	;	;	PUNCT
fbem-23682	119	146	otherwise	otherwise	ADV
fbem-23682	119	147	,	,	PUNCT
fbem-23682	119	148	take	take	VERB
fbem-23682	119	149	0	0	NUM
fbem-23682	120	1	(	(	PUNCT
fbem-23682	120	2	soe	soe	PROPN
fbem-23682	120	3	)	)	PUNCT
fbem-23682	120	4	;	;	PUNCT
fbem-23682	120	5	the	the	DET
fbem-23682	120	6	number	number	NOUN
fbem-23682	120	7	of	of	ADP
fbem-23682	120	8	years	year	NOUN
fbem-23682	120	9	of	of	ADP
fbem-23682	120	10	incorporation	incorporation	NOUN
fbem-23682	120	11	of	of	ADP
fbem-23682	120	12	the	the	DET
fbem-23682	120	13	company	company	NOUN
fbem-23682	120	14	is	be	AUX
fbem-23682	120	15	taken	take	VERB
fbem-23682	120	16	as	as	ADP
fbem-23682	120	17	the	the	DET
fbem-23682	120	18	logarithm	logarithm	NOUN
fbem-23682	120	19	(	(	PUNCT
fbem-23682	120	20	age	age	NOUN
fbem-23682	120	21	)	)	PUNCT
fbem-23682	120	22	;	;	PUNCT
fbem-23682	120	23	if	if	SCONJ
fbem-23682	120	24	the	the	DET
fbem-23682	120	25	two	two	NUM
fbem-23682	120	26	positions	position	NOUN
fbem-23682	120	27	are	be	AUX
fbem-23682	120	28	combined	combine	VERB
fbem-23682	120	29	,	,	PUNCT
fbem-23682	120	30	1	1	NUM
fbem-23682	120	31	will	will	AUX
fbem-23682	120	32	be	be	AUX
fbem-23682	120	33	taken	take	VERB
fbem-23682	120	34	if	if	SCONJ
fbem-23682	120	35	the	the	DET
fbem-23682	120	36	chairman	chairman	NOUN
fbem-23682	120	37	and	and	CCONJ
fbem-23682	120	38	general	general	ADJ
fbem-23682	120	39	manager	manager	NOUN
fbem-23682	120	40	are	be	AUX
fbem-23682	120	41	the	the	DET
fbem-23682	120	42	same	same	ADJ
fbem-23682	120	43	person	person	NOUN
fbem-23682	120	44	,	,	PUNCT
fbem-23682	120	45	otherwise	otherwise	ADV
fbem-23682	120	46	0	0	NUM
fbem-23682	120	47	will	will	AUX
fbem-23682	120	48	be	be	AUX
fbem-23682	120	49	taken	take	VERB
fbem-23682	120	50	as	as	ADP
fbem-23682	120	51	(	(	PUNCT
fbem-23682	120	52	dual	dual	ADJ
fbem-23682	120	53	)	)	PUNCT
fbem-23682	120	54	;	;	PUNCT
fbem-23682	120	55	if	if	SCONJ
fbem-23682	120	56	the	the	DET
fbem-23682	120	57	auditor	auditor	NOUN
fbem-23682	120	58	is	be	AUX
fbem-23682	120	59	from	from	ADP
fbem-23682	120	60	the	the	DET
fbem-23682	120	61	four	four	NUM
fbem-23682	120	62	largest	large	ADJ
fbem-23682	120	63	accounting	accounting	NOUN
fbem-23682	120	64	firms	firm	NOUN
fbem-23682	120	65	in	in	ADP
fbem-23682	120	66	the	the	DET
fbem-23682	120	67	world	world	NOUN
fbem-23682	120	68	,	,	PUNCT
fbem-23682	120	69	the	the	DET
fbem-23682	120	70	value	value	NOUN
fbem-23682	120	71	will	will	AUX
fbem-23682	120	72	be	be	AUX
fbem-23682	120	73	1	1	NUM
fbem-23682	120	74	;	;	PUNCT
fbem-23682	120	75	otherwise	otherwise	ADV
fbem-23682	120	76	,	,	PUNCT
fbem-23682	120	77	the	the	DET
fbem-23682	120	78	value	value	NOUN
fbem-23682	120	79	will	will	AUX
fbem-23682	120	80	be	be	AUX
fbem-23682	120	81	0	0	NUM
fbem-23682	121	1	(	(	PUNCT
fbem-23682	121	2	4big	4big	PROPN
fbem-23682	121	3	)	)	PUNCT
fbem-23682	121	4	;	;	PUNCT
fbem-23682	121	5	the	the	DET
fbem-23682	121	6	number	number	NOUN
fbem-23682	121	7	of	of	ADP
fbem-23682	121	8	listed	list	VERB
fbem-23682	121	9	companies	company	NOUN
fbem-23682	121	10	tracked	track	VERB
fbem-23682	121	11	by	by	ADP
fbem-23682	121	12	analysts	analyst	NOUN
fbem-23682	121	13	in	in	ADP
fbem-23682	121	14	the	the	DET
fbem-23682	121	15	current	current	ADJ
fbem-23682	121	16	year	year	NOUN
fbem-23682	121	17	is	be	AUX
fbem-23682	121	18	1	1	NUM
fbem-23682	121	19	plus	plus	CCONJ
fbem-23682	121	20	the	the	DET
fbem-23682	121	21	logarithm	logarithm	NOUN
fbem-23682	121	22	(	(	PUNCT
fbem-23682	121	23	analysts	analyst	NOUN
fbem-23682	121	24	)	)	PUNCT
fbem-23682	121	25	.	.	PUNCT
fbem-23682	122	1	table	table	NOUN
fbem-23682	122	2	1	1	NUM
fbem-23682	122	3	.	.	PUNCT
fbem-23682	122	4	variable	variable	ADJ
fbem-23682	122	5	definition	definition	NOUN
fbem-23682	122	6	and	and	CCONJ
fbem-23682	122	7	construction	construction	NOUN
fbem-23682	122	8	variable	variable	ADJ
fbem-23682	122	9	symbol	symbol	NOUN
fbem-23682	122	10	variable	variable	ADJ
fbem-23682	122	11	name	name	NOUN
fbem-23682	122	12	variable	variable	ADJ
fbem-23682	122	13	construction	construction	NOUN
fbem-23682	122	14	description	description	NOUN
fbem-23682	122	15	ncskew	ncskew	NOUN
fbem-23682	122	16	risk	risk	NOUN
fbem-23682	122	17	of	of	ADP
fbem-23682	122	18	stock	stock	NOUN
fbem-23682	122	19	price	price	NOUN
fbem-23682	122	20	crash	crash	NOUN
fbem-23682	122	21	see	see	VERB
fbem-23682	122	22	the	the	DET
fbem-23682	122	23	text	text	NOUN
fbem-23682	122	24	for	for	ADP
fbem-23682	122	25	the	the	DET
fbem-23682	122	26	skewness	skewness	NOUN
fbem-23682	122	27	coefficient	coefficient	NOUN
fbem-23682	122	28	of	of	ADP
fbem-23682	122	29	negative	negative	ADJ
fbem-23682	122	30	returns	return	NOUN
fbem-23682	122	31	on	on	ADP
fbem-23682	122	32	corporate	corporate	ADJ
fbem-23682	122	33	shares	share	NOUN
fbem-23682	122	34	.	.	PUNCT
fbem-23682	123	1	duvol	duvol	VERB
fbem-23682	123	2	risk	risk	NOUN
fbem-23682	123	3	of	of	ADP
fbem-23682	123	4	stock	stock	NOUN
fbem-23682	123	5	price	price	NOUN
fbem-23682	123	6	crash	crash	NOUN
fbem-23682	123	7	the	the	DET
fbem-23682	123	8	rate	rate	NOUN
fbem-23682	123	9	at	at	ADP
fbem-23682	123	10	which	which	PRON
fbem-23682	123	11	a	a	DET
fbem-23682	123	12	company	company	NOUN
fbem-23682	123	13	's	's	PART
fbem-23682	123	14	stock	stock	NOUN
fbem-23682	123	15	returns	return	NOUN
fbem-23682	123	16	fluctuate	fluctuate	NOUN
fbem-23682	123	17	,	,	PUNCT
fbem-23682	123	18	see	see	VERB
fbem-23682	123	19	the	the	DET
fbem-23682	123	20	text	text	NOUN
fbem-23682	123	21	.	.	PUNCT
fbem-23682	124	1	dispprove	dispprove	VERB
fbem-23682	124	2	the	the	DET
fbem-23682	124	3	independent	independent	ADJ
fbem-23682	124	4	directors	director	NOUN
fbem-23682	124	5	voted	vote	VERB
fbem-23682	124	6	against	against	ADP
fbem-23682	124	7	it	it	PRON
fbem-23682	124	8	.	.	PUNCT
fbem-23682	125	1	if	if	SCONJ
fbem-23682	125	2	there	there	PRON
fbem-23682	125	3	is	be	VERB
fbem-23682	125	4	an	an	DET
fbem-23682	125	5	objection	objection	NOUN
fbem-23682	125	6	from	from	ADP
fbem-23682	125	7	an	an	DET
fbem-23682	125	8	independent	independent	ADJ
fbem-23682	125	9	director	director	NOUN
fbem-23682	125	10	,	,	PUNCT
fbem-23682	125	11	1	1	NUM
fbem-23682	125	12	is	be	AUX
fbem-23682	125	13	used	use	VERB
fbem-23682	125	14	;	;	PUNCT
fbem-23682	125	15	otherwise	otherwise	ADV
fbem-23682	125	16	,	,	PUNCT
fbem-23682	125	17	0	0	NUM
fbem-23682	125	18	is	be	AUX
fbem-23682	125	19	used	use	VERB
fbem-23682	125	20	.	.	PUNCT
fbem-23682	126	1	size	size	NOUN
fbem-23682	126	2	total	total	ADJ
fbem-23682	126	3	assets	asset	NOUN
fbem-23682	126	4	the	the	DET
fbem-23682	126	5	total	total	ADJ
fbem-23682	126	6	assets	asset	NOUN
fbem-23682	126	7	of	of	ADP
fbem-23682	126	8	an	an	DET
fbem-23682	126	9	enterprise	enterprise	NOUN
fbem-23682	126	10	are	be	AUX
fbem-23682	126	11	logarithmic	logarithmic	ADJ
fbem-23682	126	12	.	.	PUNCT
fbem-23682	127	1	lev	lev	ADJ
fbem-23682	127	2	asset	asset	NOUN
fbem-23682	127	3	-	-	PUNCT
fbem-23682	127	4	liability	liability	NOUN
fbem-23682	127	5	ratio	ratio	NOUN
fbem-23682	127	6	ratio	ratio	NOUN
fbem-23682	127	7	of	of	ADP
fbem-23682	127	8	total	total	ADJ
fbem-23682	127	9	liabilities	liability	NOUN
fbem-23682	127	10	to	to	PART
fbem-23682	127	11	total	total	VERB
fbem-23682	127	12	assets	asset	NOUN
fbem-23682	127	13	roa	roa	PROPN
fbem-23682	127	14	return	return	VERB
fbem-23682	127	15	on	on	ADP
fbem-23682	127	16	asset	asset	NOUN
fbem-23682	127	17	ratio	ratio	NOUN
fbem-23682	127	18	of	of	ADP
fbem-23682	127	19	net	net	ADJ
fbem-23682	127	20	profit	profit	NOUN
fbem-23682	127	21	after	after	ADP
fbem-23682	127	22	tax	tax	NOUN
fbem-23682	127	23	to	to	ADP
fbem-23682	127	24	total	total	ADJ
fbem-23682	127	25	assets	asset	NOUN
fbem-23682	127	26	1top	1top	PROPN
fbem-23682	127	27	the	the	DET
fbem-23682	127	28	largest	large	ADJ
fbem-23682	127	29	shareholder	shareholder	NOUN
fbem-23682	127	30	's	's	PART
fbem-23682	127	31	shareholding	shareholding	NOUN
fbem-23682	127	32	ratio	ratio	NOUN
fbem-23682	127	33	the	the	DET
fbem-23682	127	34	shareholding	shareholding	NOUN
fbem-23682	127	35	ratio	ratio	NOUN
fbem-23682	127	36	of	of	ADP
fbem-23682	127	37	the	the	DET
fbem-23682	127	38	largest	large	ADJ
fbem-23682	127	39	shareholder	shareholder	NOUN
fbem-23682	127	40	in	in	ADP
fbem-23682	127	41	the	the	DET
fbem-23682	127	42	enterprise	enterprise	NOUN
fbem-23682	127	43	growth	growth	NOUN
fbem-23682	127	44	revenue	revenue	NOUN
fbem-23682	127	45	growth	growth	NOUN
fbem-23682	127	46	rate	rate	NOUN
fbem-23682	127	47	period	period	NOUN
fbem-23682	127	48	t	t	PROPN
fbem-23682	127	49	and	and	CCONJ
fbem-23682	127	50	t-1	t-1	PROPN
fbem-23682	127	51	revenue	revenue	NOUN
fbem-23682	127	52	variance	variance	NOUN
fbem-23682	127	53	vs.	vs.	ADP
fbem-23682	127	54	period	period	NOUN
fbem-23682	127	55	revenue	revenue	NOUN
fbem-23682	127	56	t-1	t-1	PROPN
fbem-23682	127	57	liqasset	liqasset	VERB
fbem-23682	127	58	proportion	proportion	NOUN
fbem-23682	127	59	of	of	ADP
fbem-23682	127	60	current	current	ADJ
fbem-23682	127	61	assets	asset	NOUN
fbem-23682	127	62	ratio	ratio	NOUN
fbem-23682	127	63	of	of	ADP
fbem-23682	127	64	current	current	ADJ
fbem-23682	127	65	assets	asset	NOUN
fbem-23682	127	66	at	at	ADP
fbem-23682	127	67	the	the	DET
fbem-23682	127	68	end	end	NOUN
fbem-23682	127	69	of	of	ADP
fbem-23682	127	70	the	the	DET
fbem-23682	127	71	period	period	NOUN
fbem-23682	127	72	to	to	ADP
fbem-23682	127	73	total	total	ADJ
fbem-23682	127	74	assets	asset	NOUN
fbem-23682	127	75	at	at	ADP
fbem-23682	127	76	the	the	DET
fbem-23682	127	77	end	end	NOUN
fbem-23682	127	78	of	of	ADP
fbem-23682	127	79	the	the	DET
fbem-23682	127	80	period	period	NOUN
fbem-23682	127	81	cash	cash	NOUN
fbem-23682	127	82	cash	cash	NOUN
fbem-23682	127	83	flow	flow	NOUN
fbem-23682	127	84	position	position	NOUN
fbem-23682	127	85	ratio	ratio	NOUN
fbem-23682	127	86	of	of	ADP
fbem-23682	127	87	cash	cash	NOUN
fbem-23682	127	88	flows	flow	NOUN
fbem-23682	127	89	from	from	ADP
fbem-23682	127	90	operating	operate	VERB
fbem-23682	127	91	activities	activity	NOUN
fbem-23682	127	92	to	to	ADP
fbem-23682	127	93	total	total	ADJ
fbem-23682	127	94	assets	asset	NOUN
fbem-23682	127	95	soe	soe	ADJ
fbem-23682	127	96	enterprise	enterprise	NOUN
fbem-23682	127	97	nature	nature	NOUN
fbem-23682	127	98	if	if	SCONJ
fbem-23682	127	99	the	the	DET
fbem-23682	127	100	enterprise	enterprise	NOUN
fbem-23682	127	101	is	be	AUX
fbem-23682	127	102	a	a	DET
fbem-23682	127	103	state	state	NOUN
fbem-23682	127	104	-	-	PUNCT
fbem-23682	127	105	owned	own	VERB
fbem-23682	127	106	enterprise	enterprise	NOUN
fbem-23682	127	107	,	,	PUNCT
fbem-23682	127	108	take	take	VERB
fbem-23682	127	109	1	1	NUM
fbem-23682	127	110	;	;	PUNCT
fbem-23682	127	111	otherwise	otherwise	ADV
fbem-23682	127	112	,	,	PUNCT
fbem-23682	127	113	take	take	VERB
fbem-23682	127	114	0	0	NUM
fbem-23682	127	115	age	age	NOUN
fbem-23682	127	116	business	business	NOUN
fbem-23682	127	117	life	life	NOUN
fbem-23682	127	118	the	the	DET
fbem-23682	127	119	number	number	NOUN
fbem-23682	127	120	of	of	ADP
fbem-23682	127	121	years	year	NOUN
fbem-23682	127	122	of	of	ADP
fbem-23682	127	123	establishment	establishment	NOUN
fbem-23682	127	124	of	of	ADP
fbem-23682	127	125	the	the	DET
fbem-23682	127	126	enterprise	enterprise	NOUN
fbem-23682	127	127	is	be	AUX
fbem-23682	127	128	taken	take	VERB
fbem-23682	127	129	as	as	ADP
fbem-23682	127	130	the	the	DET
fbem-23682	127	131	logarithm	logarithm	NOUN
fbem-23682	127	132	dual	dual	ADJ
fbem-23682	127	133	integration	integration	NOUN
fbem-23682	127	134	of	of	ADP
fbem-23682	127	135	two	two	NUM
fbem-23682	127	136	functions	function	NOUN
fbem-23682	127	137	if	if	SCONJ
fbem-23682	127	138	the	the	DET
fbem-23682	127	139	chairman	chairman	NOUN
fbem-23682	127	140	and	and	CCONJ
fbem-23682	127	141	general	general	ADJ
fbem-23682	127	142	manager	manager	NOUN
fbem-23682	127	143	are	be	AUX
fbem-23682	127	144	the	the	DET
fbem-23682	127	145	same	same	ADJ
fbem-23682	127	146	person	person	NOUN
fbem-23682	127	147	,	,	PUNCT
fbem-23682	127	148	1	1	NUM
fbem-23682	127	149	will	will	AUX
fbem-23682	127	150	be	be	AUX
fbem-23682	127	151	taken	take	VERB
fbem-23682	127	152	;	;	PUNCT
fbem-23682	127	153	otherwise	otherwise	ADV
fbem-23682	127	154	,	,	PUNCT
fbem-23682	127	155	0	0	NUM
fbem-23682	127	156	will	will	AUX
fbem-23682	127	157	be	be	AUX
fbem-23682	127	158	taken	take	VERB
fbem-23682	127	159	.	.	PUNCT
fbem-23682	128	1	4big	4big	NUM
fbem-23682	128	2	audit	audit	NOUN
fbem-23682	128	3	quality	quality	NOUN
fbem-23682	128	4	if	if	SCONJ
fbem-23682	128	5	the	the	DET
fbem-23682	128	6	auditor	auditor	NOUN
fbem-23682	128	7	is	be	AUX
fbem-23682	128	8	from	from	ADP
fbem-23682	128	9	the	the	DET
fbem-23682	128	10	four	four	NUM
fbem-23682	128	11	largest	large	ADJ
fbem-23682	128	12	accounting	accounting	NOUN
fbem-23682	128	13	firms	firm	NOUN
fbem-23682	128	14	in	in	ADP
fbem-23682	128	15	the	the	DET
fbem-23682	128	16	world	world	NOUN
fbem-23682	128	17	,	,	PUNCT
fbem-23682	128	18	1	1	NUM
fbem-23682	128	19	will	will	AUX
fbem-23682	128	20	be	be	AUX
fbem-23682	128	21	used	use	VERB
fbem-23682	128	22	;	;	PUNCT
fbem-23682	128	23	otherwise	otherwise	ADV
fbem-23682	128	24	,	,	PUNCT
fbem-23682	128	25	0	0	NUM
fbem-23682	128	26	will	will	AUX
fbem-23682	128	27	be	be	AUX
fbem-23682	128	28	used	use	VERB
fbem-23682	128	29	.	.	PUNCT
fbem-23682	129	1	analysts	analyst	NOUN
fbem-23682	129	2	analyst	analyst	NOUN
fbem-23682	129	3	tracking	track	VERB
fbem-23682	129	4	the	the	DET
fbem-23682	129	5	number	number	NOUN
fbem-23682	129	6	of	of	ADP
fbem-23682	129	7	listed	list	VERB
fbem-23682	129	8	companies	company	NOUN
fbem-23682	129	9	tracked	track	VERB
fbem-23682	129	10	by	by	ADP
fbem-23682	129	11	analysts	analyst	NOUN
fbem-23682	129	12	in	in	ADP
fbem-23682	129	13	the	the	DET
fbem-23682	129	14	current	current	ADJ
fbem-23682	129	15	year	year	NOUN
fbem-23682	129	16	is	be	AUX
fbem-23682	129	17	1	1	NUM
fbem-23682	129	18	plus	plus	CCONJ
fbem-23682	129	19	the	the	DET
fbem-23682	129	20	logarithm	logarithm	NOUN
fbem-23682	129	21	3.3	3.3	NUM
fbem-23682	129	22	.	.	PUNCT
fbem-23682	130	1	data	datum	NOUN
fbem-23682	130	2	source	source	NOUN
fbem-23682	130	3	this	this	DET
fbem-23682	130	4	study	study	NOUN
fbem-23682	130	5	takes	take	VERB
fbem-23682	130	6	a	a	DET
fbem-23682	130	7	-	-	PUNCT
fbem-23682	130	8	share	share	NOUN
fbem-23682	130	9	listed	list	VERB
fbem-23682	130	10	companies	company	NOUN
fbem-23682	130	11	from	from	ADP
fbem-23682	130	12	january	january	PROPN
fbem-23682	130	13	1	1	NUM
fbem-23682	130	14	,	,	PUNCT
fbem-23682	130	15	2007	2007	NUM
fbem-23682	130	16	to	to	ADP
fbem-23682	130	17	december	december	PROPN
fbem-23682	130	18	31	31	NUM
fbem-23682	130	19	,	,	PUNCT
fbem-23682	130	20	2021	2021	NUM
fbem-23682	130	21	as	as	ADP
fbem-23682	130	22	the	the	DET
fbem-23682	130	23	research	research	NOUN
fbem-23682	130	24	object	object	NOUN
fbem-23682	130	25	,	,	PUNCT
fbem-23682	130	26	and	and	CCONJ
fbem-23682	130	27	selects	select	VERB
fbem-23682	130	28	the	the	DET
fbem-23682	130	29	list	list	NOUN
fbem-23682	130	30	of	of	ADP
fbem-23682	130	31	listed	list	VERB
fbem-23682	130	32	companies	company	NOUN
fbem-23682	130	33	,	,	PUNCT
fbem-23682	130	34	relevant	relevant	ADJ
fbem-23682	130	35	market	market	NOUN
fbem-23682	130	36	data	datum	NOUN
fbem-23682	130	37	and	and	CCONJ
fbem-23682	130	38	financial	financial	ADJ
fbem-23682	130	39	data	datum	NOUN
fbem-23682	130	40	from	from	ADP
fbem-23682	130	41	china	china	PROPN
fbem-23682	130	42	taian	taian	PROPN
fbem-23682	130	43	database	database	PROPN
fbem-23682	130	44	csmar	csmar	PROPN
fbem-23682	130	45	.	.	PUNCT
fbem-23682	131	1	referring	refer	VERB
fbem-23682	131	2	to	to	ADP
fbem-23682	131	3	the	the	DET
fbem-23682	131	4	existing	exist	VERB
fbem-23682	131	5	literature	literature	NOUN
fbem-23682	131	6	,	,	PUNCT
fbem-23682	131	7	we	we	PRON
fbem-23682	131	8	processed	process	VERB
fbem-23682	131	9	the	the	DET
fbem-23682	131	10	initial	initial	ADJ
fbem-23682	131	11	sample	sample	NOUN
fbem-23682	131	12	as	as	SCONJ
fbem-23682	131	13	follows	follow	VERB
fbem-23682	131	14	:	:	PUNCT
fbem-23682	131	15	(	(	PUNCT
fbem-23682	131	16	1	1	X
fbem-23682	131	17	)	)	PUNCT
fbem-23682	131	18	the	the	DET
fbem-23682	131	19	financial	financial	ADJ
fbem-23682	131	20	industry	industry	NOUN
fbem-23682	131	21	companies	company	NOUN
fbem-23682	131	22	were	be	AUX
fbem-23682	131	23	excluded	exclude	VERB
fbem-23682	131	24	due	due	ADP
fbem-23682	131	25	to	to	ADP
fbem-23682	131	26	the	the	DET
fbem-23682	131	27	particularity	particularity	NOUN
fbem-23682	131	28	of	of	ADP
fbem-23682	131	29	the	the	DET
fbem-23682	131	30	financial	financial	ADJ
fbem-23682	131	31	industry	industry	NOUN
fbem-23682	131	32	report	report	NOUN
fbem-23682	131	33	structure	structure	NOUN
fbem-23682	131	34	;	;	PUNCT
fbem-23682	131	35	(	(	PUNCT
fbem-23682	131	36	2	2	X
fbem-23682	131	37	)	)	PUNCT
fbem-23682	131	38	because	because	SCONJ
fbem-23682	131	39	the	the	DET
fbem-23682	131	40	financial	financial	ADJ
fbem-23682	131	41	data	datum	NOUN
fbem-23682	131	42	of	of	ADP
fbem-23682	131	43	st	st	PROPN
fbem-23682	131	44	enterprises	enterprise	NOUN
fbem-23682	131	45	may	may	AUX
fbem-23682	131	46	be	be	AUX
fbem-23682	131	47	specially	specially	ADV
fbem-23682	131	48	processed	process	VERB
fbem-23682	131	49	,	,	PUNCT
fbem-23682	131	50	the	the	DET
fbem-23682	131	51	st	st	PROPN
fbem-23682	131	52	*	*	PROPN
fbem-23682	131	53	and	and	CCONJ
fbem-23682	131	54	st	st	PROPN
fbem-23682	131	55	class	class	NOUN
fbem-23682	131	56	stocks	stock	NOUN
fbem-23682	131	57	are	be	AUX
fbem-23682	131	58	excluded	exclude	VERB
fbem-23682	131	59	;	;	PUNCT
fbem-23682	131	60	(	(	PUNCT
fbem-23682	131	61	3	3	X
fbem-23682	131	62	)	)	PUNCT
fbem-23682	131	63	removing	remove	VERB
fbem-23682	131	64	samples	sample	NOUN
fbem-23682	131	65	with	with	ADP
fbem-23682	131	66	missing	miss	VERB
fbem-23682	131	67	data	datum	NOUN
fbem-23682	131	68	;	;	PUNCT
fbem-23682	131	69	(	(	PUNCT
fbem-23682	131	70	4	4	X
fbem-23682	131	71	)	)	PUNCT
fbem-23682	131	72	shrink	shrink	VERB
fbem-23682	131	73	the	the	DET
fbem-23682	131	74	tail	tail	NOUN
fbem-23682	131	75	of	of	ADP
fbem-23682	131	76	continuous	continuous	ADJ
fbem-23682	131	77	variables	variable	NOUN
fbem-23682	131	78	at	at	ADP
fbem-23682	131	79	1	1	NUM
fbem-23682	131	80	%	%	NOUN
fbem-23682	131	81	and	and	CCONJ
fbem-23682	131	82	99	99	NUM
fbem-23682	131	83	%	%	NOUN
fbem-23682	131	84	points	point	NOUN
fbem-23682	131	85	respectively	respectively	ADV
fbem-23682	131	86	to	to	ADP
fbem-23682	131	87	233	233	NUM
fbem-23682	131	88	control	control	NOUN
fbem-23682	131	89	the	the	DET
fbem-23682	131	90	effect	effect	NOUN
fbem-23682	131	91	of	of	ADP
fbem-23682	131	92	outliers	outlier	NOUN
fbem-23682	131	93	.	.	PUNCT
fbem-23682	132	1	3.4	3.4	NUM
fbem-23682	132	2	.	.	PUNCT
fbem-23682	132	3	descriptive	descriptive	ADJ
fbem-23682	132	4	statistic	statistic	NOUN
fbem-23682	132	5	table	table	NOUN
fbem-23682	132	6	2	2	NUM
fbem-23682	132	7	.	.	PUNCT
fbem-23682	132	8	descriptive	descriptive	ADJ
fbem-23682	132	9	statistic	statistic	NOUN
fbem-23682	132	10	(	(	PUNCT
fbem-23682	132	11	1	1	NUM
fbem-23682	132	12	)	)	PUNCT
fbem-23682	132	13	(	(	PUNCT
fbem-23682	132	14	2	2	NUM
fbem-23682	132	15	)	)	PUNCT
fbem-23682	132	16	(	(	PUNCT
fbem-23682	132	17	3	3	X
fbem-23682	132	18	)	)	PUNCT
fbem-23682	132	19	(	(	PUNCT
fbem-23682	132	20	4	4	NUM
fbem-23682	132	21	)	)	PUNCT
fbem-23682	132	22	(	(	PUNCT
fbem-23682	132	23	5	5	X
fbem-23682	132	24	)	)	PUNCT
fbem-23682	132	25	variable	variable	ADJ
fbem-23682	132	26	sample	sample	NOUN
fbem-23682	132	27	size	size	NOUN
fbem-23682	132	28	average	average	ADJ
fbem-23682	132	29	/	/	SYM
fbem-23682	132	30	mean	mean	NOUN
fbem-23682	132	31	value	value	NOUN
fbem-23682	132	32	standard	standard	ADJ
fbem-23682	132	33	deviation	deviation	NOUN
fbem-23682	132	34	minimum	minimum	NOUN
fbem-23682	132	35	value	value	NOUN
fbem-23682	132	36	maximum	maximum	PROPN
fbem-23682	132	37	t	t	PROPN
fbem-23682	132	38	ncskew	ncskew	NOUN
fbem-23682	132	39	33,393	33,393	NUM
fbem-23682	132	40	-0.418	-0.418	NUM
fbem-23682	132	41	0.734	0.734	NUM
fbem-23682	132	42	-2.626	-2.626	NUM
fbem-23682	132	43	1.636	1.636	NUM
fbem-23682	132	44	t	t	NOUN
fbem-23682	132	45	duvol	duvol	NOUN
fbem-23682	132	46	33,393	33,393	NUM
fbem-23682	132	47	-0.295	-0.295	NOUN
fbem-23682	133	1	0.481	0.481	NUM
fbem-23682	133	2	-1.470	-1.470	NUM
fbem-23682	133	3	0.945	0.945	NUM
fbem-23682	133	4	t	t	PROPN
fbem-23682	133	5	dispprove	dispprove	NOUN
fbem-23682	133	6	33,393	33,393	NUM
fbem-23682	133	7	0.0172	0.0172	NUM
fbem-23682	133	8	0.130	0.130	NUM
fbem-23682	133	9	0	0	NUM
fbem-23682	134	1	one	one	NUM
fbem-23682	134	2	t	t	NOUN
fbem-23682	134	3	size	size	NOUN
fbem-23682	134	4	33,393	33,393	NUM
fbem-23682	134	5	22.14	22.14	NUM
fbem-23682	134	6	1.294	1.294	NUM
fbem-23682	134	7	19.69	19.69	NUM
fbem-23682	134	8	26.14	26.14	NUM
fbem-23682	134	9	t	t	NOUN
fbem-23682	134	10	lev	lev	NOUN
fbem-23682	134	11	33,393	33,393	NUM
fbem-23682	134	12	0.434	0.434	NUM
fbem-23682	134	13	0.209	0.209	NUM
fbem-23682	134	14	0.0535	0.0535	NUM
fbem-23682	134	15	0.929	0.929	NUM
fbem-23682	134	16	t	t	NOUN
fbem-23682	134	17	roa	roa	PROPN
fbem-23682	134	18	33,393	33,393	NUM
fbem-23682	134	19	0.0378	0.0378	NUM
fbem-23682	135	1	0.0631	0.0631	NUM
fbem-23682	135	2	-0.272	-0.272	NOUN
fbem-23682	135	3	0.200	0.200	NUM
fbem-23682	135	4	t	t	PROPN
fbem-23682	135	5	top1	top1	PROPN
fbem-23682	135	6	33,393	33,393	NUM
fbem-23682	135	7	34.80	34.80	NUM
fbem-23682	135	8	14.94	14.94	NUM
fbem-23682	135	9	8.700	8.700	NUM
fbem-23682	135	10	74.45	74.45	NUM
fbem-23682	135	11	t	t	NOUN
fbem-23682	135	12	growth	growth	NOUN
fbem-23682	135	13	33,393	33,393	NUM
fbem-23682	135	14	0.382	0.382	NUM
fbem-23682	135	15	1.015	1.015	NUM
fbem-23682	135	16	-0.670	-0.670	PUNCT
fbem-23682	135	17	7.141	7.141	NUM
fbem-23682	135	18	t	t	NOUN
fbem-23682	135	19	liqasset	liqasset	VERB
fbem-23682	135	20	33,393	33,393	NUM
fbem-23682	135	21	0.567	0.567	NUM
fbem-23682	135	22	0.206	0.206	NUM
fbem-23682	135	23	0.0931	0.0931	NUM
fbem-23682	135	24	0.958	0.958	NUM
fbem-23682	135	25	t	t	NOUN
fbem-23682	135	26	cash	cash	NOUN
fbem-23682	135	27	33,393	33,393	NUM
fbem-23682	135	28	0.0477	0.0477	NUM
fbem-23682	136	1	0.0709	0.0709	NUM
fbem-23682	136	2	-0.172	-0.172	NUM
fbem-23682	136	3	0.248	0.248	NUM
fbem-23682	136	4	t	t	PROPN
fbem-23682	136	5	soe	soe	PROPN
fbem-23682	136	6	33,393	33,393	NUM
fbem-23682	136	7	0.384	0.384	NUM
fbem-23682	136	8	0.486	0.486	NUM
fbem-23682	136	9	0	0	NUM
fbem-23682	136	10	one	one	NUM
fbem-23682	136	11	t	t	NOUN
fbem-23682	136	12	age	age	NOUN
fbem-23682	136	13	33,393	33,393	NUM
fbem-23682	136	14	2.852	2.852	NUM
fbem-23682	136	15	0.351	0.351	NUM
fbem-23682	136	16	1.792	1.792	NUM
fbem-23682	136	17	3.497	3.497	NUM
fbem-23682	136	18	t	t	NOUN
fbem-23682	136	19	dual	dual	ADJ
fbem-23682	136	20	33,393	33,393	NUM
fbem-23682	136	21	0.260	0.260	NUM
fbem-23682	136	22	0.439	0.439	NUM
fbem-23682	136	23	0	0	NUM
fbem-23682	137	1	one	one	NUM
fbem-23682	138	1	t	t	NOUN
fbem-23682	138	2	big4	big4	NOUN
fbem-23682	138	3	33,393	33,393	NUM
fbem-23682	138	4	0.0585	0.0585	NUM
fbem-23682	138	5	0.235	0.235	NUM
fbem-23682	138	6	0	0	NUM
fbem-23682	138	7	one	one	NUM
fbem-23682	138	8	t	t	NOUN
fbem-23682	138	9	analysts	analyst	NOUN
fbem-23682	138	10	33,393	33,393	NUM
fbem-23682	138	11	1.416	1.416	NUM
fbem-23682	138	12	1.189	1.189	NUM
fbem-23682	138	13	0	0	NUM
fbem-23682	138	14	3.784	3.784	NUM
fbem-23682	138	15	table	table	NOUN
fbem-23682	138	16	2	2	NUM
fbem-23682	138	17	is	be	AUX
fbem-23682	138	18	a	a	DET
fbem-23682	138	19	descriptive	descriptive	ADJ
fbem-23682	138	20	statistic	statistic	NOUN
fbem-23682	138	21	:	:	PUNCT
fbem-23682	138	22	the	the	DET
fbem-23682	138	23	average	average	ADJ
fbem-23682	138	24	value	value	NOUN
fbem-23682	138	25	of	of	ADP
fbem-23682	138	26	dispprove	dispprove	NOUN
fbem-23682	138	27	is	be	AUX
fbem-23682	138	28	0.0172	0.0172	NUM
fbem-23682	138	29	,	,	PUNCT
fbem-23682	138	30	indicating	indicate	VERB
fbem-23682	138	31	that	that	SCONJ
fbem-23682	138	32	the	the	DET
fbem-23682	138	33	percentage	percentage	NOUN
fbem-23682	138	34	of	of	ADP
fbem-23682	138	35	dissenting	dissent	VERB
fbem-23682	138	36	opinions	opinion	NOUN
fbem-23682	138	37	expressed	express	VERB
fbem-23682	138	38	by	by	ADP
fbem-23682	138	39	independent	independent	ADJ
fbem-23682	138	40	directors	director	NOUN
fbem-23682	138	41	on	on	ADP
fbem-23682	138	42	the	the	DET
fbem-23682	138	43	board	board	NOUN
fbem-23682	138	44	is	be	AUX
fbem-23682	138	45	1.72	1.72	NUM
fbem-23682	138	46	%	%	NOUN
fbem-23682	138	47	.	.	PUNCT
fbem-23682	139	1	generally	generally	ADV
fbem-23682	139	2	speaking	speak	VERB
fbem-23682	139	3	,	,	PUNCT
fbem-23682	139	4	the	the	DET
fbem-23682	139	5	percentage	percentage	NOUN
fbem-23682	139	6	of	of	ADP
fbem-23682	139	7	dissenting	dissent	VERB
fbem-23682	139	8	opinions	opinion	NOUN
fbem-23682	139	9	expressed	express	VERB
fbem-23682	139	10	by	by	ADP
fbem-23682	139	11	independent	independent	ADJ
fbem-23682	139	12	directors	director	NOUN
fbem-23682	139	13	is	be	AUX
fbem-23682	139	14	not	not	PART
fbem-23682	139	15	very	very	ADV
fbem-23682	139	16	high	high	ADJ
fbem-23682	139	17	;	;	PUNCT
fbem-23682	139	18	the	the	DET
fbem-23682	139	19	average	average	ADJ
fbem-23682	139	20	value	value	NOUN
fbem-23682	139	21	of	of	ADP
fbem-23682	139	22	dual	dual	ADJ
fbem-23682	139	23	is	be	AUX
fbem-23682	139	24	0.26	0.26	NUM
fbem-23682	139	25	,	,	PUNCT
fbem-23682	139	26	which	which	PRON
fbem-23682	139	27	indicates	indicate	VERB
fbem-23682	139	28	that	that	SCONJ
fbem-23682	139	29	in	in	ADP
fbem-23682	139	30	the	the	DET
fbem-23682	139	31	selected	select	VERB
fbem-23682	139	32	sample	sample	NOUN
fbem-23682	139	33	of	of	ADP
fbem-23682	139	34	listed	list	VERB
fbem-23682	139	35	companies	company	NOUN
fbem-23682	139	36	,	,	PUNCT
fbem-23682	139	37	the	the	DET
fbem-23682	139	38	ratio	ratio	NOUN
fbem-23682	139	39	of	of	ADP
fbem-23682	139	40	general	general	ADJ
fbem-23682	139	41	manager	manager	NOUN
fbem-23682	139	42	to	to	ADP
fbem-23682	139	43	chairman	chairman	NOUN
fbem-23682	139	44	is	be	AUX
fbem-23682	139	45	26	26	NUM
fbem-23682	139	46	%	%	NOUN
fbem-23682	139	47	.	.	PUNCT
fbem-23682	140	1	the	the	DET
fbem-23682	140	2	average	average	ADJ
fbem-23682	140	3	value	value	NOUN
fbem-23682	140	4	of	of	ADP
fbem-23682	140	5	4big	4big	PROPN
fbem-23682	140	6	is	be	AUX
fbem-23682	140	7	0.0585	0.0585	NUM
fbem-23682	140	8	,	,	PUNCT
fbem-23682	140	9	indicating	indicate	VERB
fbem-23682	140	10	that	that	SCONJ
fbem-23682	140	11	5.85	5.85	NUM
fbem-23682	140	12	%	%	NOUN
fbem-23682	140	13	of	of	ADP
fbem-23682	140	14	the	the	DET
fbem-23682	140	15	companies	company	NOUN
fbem-23682	140	16	in	in	ADP
fbem-23682	140	17	the	the	DET
fbem-23682	140	18	selected	select	VERB
fbem-23682	140	19	sample	sample	NOUN
fbem-23682	140	20	employ	employ	VERB
fbem-23682	140	21	auditors	auditor	NOUN
fbem-23682	140	22	from	from	ADP
fbem-23682	140	23	the	the	DET
fbem-23682	140	24	four	four	NUM
fbem-23682	140	25	largest	large	ADJ
fbem-23682	140	26	international	international	ADJ
fbem-23682	140	27	accounting	accounting	NOUN
fbem-23682	140	28	firms	firm	NOUN
fbem-23682	140	29	.	.	PUNCT
fbem-23682	141	1	the	the	DET
fbem-23682	141	2	large	large	ADJ
fbem-23682	141	3	standard	standard	ADJ
fbem-23682	141	4	deviation	deviation	NOUN
fbem-23682	141	5	of	of	ADP
fbem-23682	141	6	dependent	dependent	ADJ
fbem-23682	141	7	variable	variable	ADJ
fbem-23682	141	8	and	and	CCONJ
fbem-23682	141	9	independent	independent	ADJ
fbem-23682	141	10	variable	variable	NOUN
fbem-23682	141	11	indicates	indicate	VERB
fbem-23682	141	12	that	that	SCONJ
fbem-23682	141	13	there	there	PRON
fbem-23682	141	14	are	be	VERB
fbem-23682	141	15	obvious	obvious	ADJ
fbem-23682	141	16	differences	difference	NOUN
fbem-23682	141	17	between	between	ADP
fbem-23682	141	18	enterprises	enterprise	NOUN
fbem-23682	141	19	.	.	PUNCT
fbem-23682	142	1	in	in	ADP
fbem-23682	142	2	addition	addition	NOUN
fbem-23682	142	3	,	,	PUNCT
fbem-23682	142	4	the	the	DET
fbem-23682	142	5	correlation	correlation	NOUN
fbem-23682	142	6	analysis	analysis	NOUN
fbem-23682	142	7	is	be	AUX
fbem-23682	142	8	also	also	ADV
fbem-23682	142	9	carried	carry	VERB
fbem-23682	142	10	out	out	ADP
fbem-23682	142	11	in	in	ADP
fbem-23682	142	12	this	this	DET
fbem-23682	142	13	paper	paper	NOUN
fbem-23682	142	14	.	.	PUNCT
fbem-23682	143	1	it	it	PRON
fbem-23682	143	2	is	be	AUX
fbem-23682	143	3	found	find	VERB
fbem-23682	143	4	that	that	SCONJ
fbem-23682	143	5	the	the	DET
fbem-23682	143	6	correlation	correlation	NOUN
fbem-23682	143	7	coefficient	coefficient	NOUN
fbem-23682	143	8	between	between	ADP
fbem-23682	143	9	the	the	DET
fbem-23682	143	10	control	control	NOUN
fbem-23682	143	11	variables	variable	NOUN
fbem-23682	143	12	is	be	AUX
fbem-23682	143	13	not	not	PART
fbem-23682	143	14	large	large	ADJ
fbem-23682	143	15	and	and	CCONJ
fbem-23682	143	16	the	the	DET
fbem-23682	143	17	variance	variance	NOUN
fbem-23682	143	18	expansion	expansion	NOUN
fbem-23682	143	19	factor	factor	NOUN
fbem-23682	143	20	is	be	AUX
fbem-23682	143	21	less	less	ADJ
fbem-23682	143	22	than	than	ADP
fbem-23682	143	23	5	5	NUM
fbem-23682	143	24	,	,	PUNCT
fbem-23682	143	25	which	which	PRON
fbem-23682	143	26	indicates	indicate	VERB
fbem-23682	143	27	that	that	SCONJ
fbem-23682	143	28	there	there	PRON
fbem-23682	143	29	is	be	VERB
fbem-23682	143	30	no	no	DET
fbem-23682	143	31	serious	serious	ADJ
fbem-23682	143	32	multicollinearity	multicollinearity	NOUN
fbem-23682	143	33	problem	problem	NOUN
fbem-23682	143	34	.	.	PUNCT
fbem-23682	144	1	results	result	NOUN
fbem-23682	144	2	are	be	AUX
fbem-23682	144	3	not	not	PART
fbem-23682	144	4	reported	report	VERB
fbem-23682	144	5	due	due	ADP
fbem-23682	144	6	to	to	ADP
fbem-23682	144	7	space	space	NOUN
fbem-23682	144	8	limitations	limitation	NOUN
fbem-23682	144	9	.	.	PUNCT
fbem-23682	145	1	234	234	NUM
fbem-23682	145	2	4	4	NUM
fbem-23682	145	3	.	.	PUNCT
fbem-23682	145	4	empirical	empirical	ADJ
fbem-23682	145	5	results	result	NOUN
fbem-23682	145	6	and	and	CCONJ
fbem-23682	145	7	analysis	analysis	NOUN
fbem-23682	145	8	4.1	4.1	NUM
fbem-23682	145	9	.	.	PUNCT
fbem-23682	146	1	benchmark	benchmark	NOUN
fbem-23682	146	2	regression	regression	NOUN
fbem-23682	146	3	analysis	analysis	NOUN
fbem-23682	146	4	table	table	NOUN
fbem-23682	146	5	3	3	NUM
fbem-23682	146	6	.	.	PUNCT
fbem-23682	146	7	ols	ol	NOUN
fbem-23682	146	8	regression	regression	NOUN
fbem-23682	146	9	results	result	NOUN
fbem-23682	146	10	(	(	PUNCT
fbem-23682	146	11	1	1	NUM
fbem-23682	146	12	)	)	PUNCT
fbem-23682	146	13	(	(	PUNCT
fbem-23682	146	14	2	2	NUM
fbem-23682	146	15	)	)	PUNCT
fbem-23682	146	16	(	(	PUNCT
fbem-23682	146	17	3	3	X
fbem-23682	146	18	)	)	PUNCT
fbem-23682	146	19	(	(	PUNCT
fbem-23682	146	20	4	4	X
fbem-23682	146	21	)	)	PUNCT
fbem-23682	146	22	variable	variable	ADJ
fbem-23682	146	23	tncskew	tncskew	NOUN
fbem-23682	146	24	t	t	PROPN
fbem-23682	146	25	duvol	duvol	NOUN
fbem-23682	146	26	t	t	PROPN
fbem-23682	146	27	ncskew	ncskew	NOUN
fbem-23682	146	28	t	t	PROPN
fbem-23682	146	29	duvol	duvol	PROPN
fbem-23682	146	30	t	t	PROPN
fbem-23682	146	31	dispprove	dispprove	PROPN
fbem-23682	146	32	-0.269	-0.269	PUNCT
fbem-23682	146	33	*	*	PUNCT
fbem-23682	146	34	*	*	PUNCT
fbem-23682	146	35	*	*	PUNCT
fbem-23682	147	1	-0.281	-0.281	PUNCT
fbem-23682	148	1	*	*	PUNCT
fbem-23682	148	2	*	*	PUNCT
fbem-23682	148	3	*	*	PUNCT
fbem-23682	148	4	-0.264	-0.264	VERB
fbem-23682	148	5	*	*	PUNCT
fbem-23682	148	6	*	*	PUNCT
fbem-23682	148	7	*	*	PUNCT
fbem-23682	148	8	-0.280	-0.280	PUNCT
fbem-23682	149	1	*	*	PUNCT
fbem-23682	149	2	*	*	PUNCT
fbem-23682	149	3	*	*	PUNCT
fbem-23682	149	4	(	(	PUNCT
fbem-23682	149	5	-8.268	-8.268	NOUN
fbem-23682	149	6	)	)	PUNCT
fbem-23682	149	7	(	(	PUNCT
fbem-23682	149	8	-12.225	-12.225	CCONJ
fbem-23682	149	9	)	)	PUNCT
fbem-23682	149	10	(	(	PUNCT
fbem-23682	149	11	-8.167	-8.167	ADV
fbem-23682	149	12	)	)	PUNCT
fbem-23682	149	13	(	(	PUNCT
fbem-23682	149	14	-12.208	-12.208	NOUN
fbem-23682	149	15	)	)	PUNCT
fbem-23682	149	16	t	t	NOUN
fbem-23682	149	17	size	size	NOUN
fbem-23682	149	18	0.010	0.010	NUM
fbem-23682	149	19	0.003	0.003	NUM
fbem-23682	149	20	(	(	PUNCT
fbem-23682	149	21	0.988	0.988	NUM
fbem-23682	149	22	)	)	PUNCT
fbem-23682	149	23	(	(	PUNCT
fbem-23682	149	24	0.439	0.439	NUM
fbem-23682	149	25	)	)	PUNCT
fbem-23682	149	26	t	t	NOUN
fbem-23682	149	27	lev	lev	NOUN
fbem-23682	149	28	-0.061	-0.061	PUNCT
fbem-23682	149	29	-0.041	-0.041	PUNCT
fbem-23682	149	30	(	(	PUNCT
fbem-23682	149	31	-1.378	-1.378	X
fbem-23682	149	32	)	)	PUNCT
fbem-23682	149	33	(	(	PUNCT
fbem-23682	149	34	-1.421	-1.421	X
fbem-23682	149	35	)	)	PUNCT
fbem-23682	149	36	t	t	NOUN
fbem-23682	149	37	roa	roa	NOUN
fbem-23682	149	38	-0.209	-0.209	NOUN
fbem-23682	149	39	*	*	NOUN
fbem-23682	149	40	*	*	PUNCT
fbem-23682	149	41	-0.179	-0.179	NOUN
fbem-23682	149	42	*	*	PUNCT
fbem-23682	149	43	*	*	PUNCT
fbem-23682	149	44	*	*	PUNCT
fbem-23682	149	45	(	(	PUNCT
fbem-23682	149	46	-2.090	-2.090	NOUN
fbem-23682	149	47	)	)	PUNCT
fbem-23682	149	48	(	(	PUNCT
fbem-23682	149	49	-2.784	-2.784	NOUN
fbem-23682	149	50	)	)	PUNCT
fbem-23682	149	51	t	t	PROPN
fbem-23682	149	52	top1	top1	PROPN
fbem-23682	149	53	-0.002	-0.002	PUNCT
fbem-23682	149	54	*	*	PUNCT
fbem-23682	149	55	*	*	PUNCT
fbem-23682	149	56	-0.001	-0.001	PUNCT
fbem-23682	150	1	*	*	PUNCT
fbem-23682	150	2	*	*	PUNCT
fbem-23682	150	3	(	(	PUNCT
fbem-23682	150	4	-2.100	-2.100	ADJ
fbem-23682	150	5	)	)	PUNCT
fbem-23682	150	6	(	(	PUNCT
fbem-23682	150	7	-2.262	-2.262	NUM
fbem-23682	150	8	)	)	PUNCT
fbem-23682	150	9	t	t	NOUN
fbem-23682	150	10	growth	growth	NOUN
fbem-23682	150	11	-0.002	-0.002	PUNCT
fbem-23682	150	12	0.001	0.001	NUM
fbem-23682	150	13	(	(	PUNCT
fbem-23682	150	14	-0.398	-0.398	NUM
fbem-23682	150	15	)	)	PUNCT
fbem-23682	150	16	(	(	PUNCT
fbem-23682	150	17	0.392	0.392	NUM
fbem-23682	150	18	)	)	PUNCT
fbem-23682	150	19	t	t	NOUN
fbem-23682	150	20	liqasset	liqasset	NOUN
fbem-23682	150	21	-0.005	-0.005	PUNCT
fbem-23682	150	22	0.026	0.026	NUM
fbem-23682	150	23	(	(	PUNCT
fbem-23682	150	24	-0.106	-0.106	NUM
fbem-23682	150	25	)	)	PUNCT
fbem-23682	150	26	(	(	PUNCT
fbem-23682	150	27	0.895	0.895	NUM
fbem-23682	150	28	)	)	PUNCT
fbem-23682	150	29	t	t	NOUN
fbem-23682	150	30	cash	cash	NOUN
fbem-23682	150	31	0.018	0.018	NUM
fbem-23682	150	32	0.002	0.002	NUM
fbem-23682	150	33	(	(	PUNCT
fbem-23682	150	34	0.246	0.246	NUM
fbem-23682	150	35	)	)	PUNCT
fbem-23682	150	36	(	(	PUNCT
fbem-23682	150	37	0.042	0.042	NUM
fbem-23682	150	38	)	)	PUNCT
fbem-23682	150	39	t	t	PROPN
fbem-23682	150	40	soe	soe	PROPN
fbem-23682	151	1	-0.072	-0.072	PROPN
fbem-23682	151	2	*	*	PUNCT
fbem-23682	151	3	*	*	PUNCT
fbem-23682	151	4	*	*	PUNCT
fbem-23682	151	5	-0.052	-0.052	PUNCT
fbem-23682	151	6	*	*	PUNCT
fbem-23682	151	7	*	*	PUNCT
fbem-23682	151	8	*	*	PUNCT
fbem-23682	151	9	(	(	PUNCT
fbem-23682	151	10	-2.783	-2.783	PUNCT
fbem-23682	151	11	)	)	PUNCT
fbem-23682	151	12	(	(	PUNCT
fbem-23682	151	13	-3.236	-3.236	X
fbem-23682	151	14	)	)	PUNCT
fbem-23682	151	15	t	t	NOUN
fbem-23682	151	16	age	age	NOUN
fbem-23682	152	1	-0.022	-0.022	INTJ
fbem-23682	152	2	-0.043	-0.043	INTJ
fbem-23682	152	3	(	(	PUNCT
fbem-23682	152	4	-0.324	-0.324	NOUN
fbem-23682	152	5	)	)	PUNCT
fbem-23682	152	6	(	(	PUNCT
fbem-23682	152	7	-0.952	-0.952	NOUN
fbem-23682	152	8	)	)	PUNCT
fbem-23682	152	9	t	t	NOUN
fbem-23682	153	1	dual	dual	ADJ
fbem-23682	153	2	0.003	0.003	NUM
fbem-23682	153	3	0.001	0.001	NUM
fbem-23682	153	4	(	(	PUNCT
fbem-23682	153	5	0.195	0.195	NUM
fbem-23682	153	6	)	)	PUNCT
fbem-23682	153	7	(	(	PUNCT
fbem-23682	153	8	0.066	0.066	NUM
fbem-23682	153	9	)	)	PUNCT
fbem-23682	153	10	t	t	NOUN
fbem-23682	153	11	big4	big4	NOUN
fbem-23682	153	12	-0.077	-0.077	PROPN
fbem-23682	153	13	*	*	PUNCT
fbem-23682	153	14	-0.058	-0.058	PROPN
fbem-23682	153	15	*	*	PUNCT
fbem-23682	153	16	*	*	PUNCT
fbem-23682	153	17	(	(	PUNCT
fbem-23682	153	18	-1.910	-1.910	NOUN
fbem-23682	153	19	)	)	PUNCT
fbem-23682	153	20	(	(	PUNCT
fbem-23682	153	21	-2.267	-2.267	NOUN
fbem-23682	153	22	)	)	PUNCT
fbem-23682	153	23	t	t	PROPN
fbem-23682	153	24	analysts	analyst	NOUN
fbem-23682	153	25	0.065	0.065	NUM
fbem-23682	153	26	*	*	PUNCT
fbem-23682	153	27	*	*	PUNCT
fbem-23682	153	28	*	*	PUNCT
fbem-23682	153	29	0.034	0.034	NUM
fbem-23682	153	30	*	*	PUNCT
fbem-23682	153	31	*	*	PUNCT
fbem-23682	153	32	*	*	PUNCT
fbem-23682	153	33	(	(	PUNCT
fbem-23682	153	34	10.377	10.377	NUM
fbem-23682	153	35	)	)	PUNCT
fbem-23682	153	36	(	(	PUNCT
fbem-23682	153	37	8.387	8.387	NUM
fbem-23682	153	38	)	)	PUNCT
fbem-23682	153	39	constant	constant	ADJ
fbem-23682	153	40	term	term	NOUN
fbem-23682	153	41	-0.374	-0.374	PUNCT
fbem-23682	153	42	*	*	PUNCT
fbem-23682	153	43	*	*	PUNCT
fbem-23682	153	44	*	*	PUNCT
fbem-23682	153	45	-0.285	-0.285	PUNCT
fbem-23682	153	46	*	*	PUNCT
fbem-23682	153	47	*	*	PUNCT
fbem-23682	153	48	*	*	PUNCT
fbem-23682	154	1	-0.479	-0.479	PUNCT
fbem-23682	154	2	*	*	SYM
fbem-23682	154	3	-0.208	-0.208	X
fbem-23682	154	4	(	(	PUNCT
fbem-23682	154	5	-18.759	-18.759	PROPN
fbem-23682	154	6	)	)	PUNCT
fbem-23682	154	7	(	(	PUNCT
fbem-23682	154	8	-19.335	-19.335	NOUN
fbem-23682	154	9	)	)	PUNCT
fbem-23682	154	10	(	(	PUNCT
fbem-23682	154	11	-1.850	-1.850	PUNCT
fbem-23682	154	12	)	)	PUNCT
fbem-23682	154	13	(	(	PUNCT
fbem-23682	154	14	-1.202	-1.202	NOUN
fbem-23682	154	15	)	)	PUNCT
fbem-23682	154	16	observed	observed	ADJ
fbem-23682	154	17	value	value	NOUN
fbem-23682	154	18	33,393	33,393	NUM
fbem-23682	154	19	33,393	33,393	NUM
fbem-23682	154	20	33,393	33,393	NUM
fbem-23682	154	21	33,393	33,393	NUM
fbem-23682	154	22	2	2	NUM
fbem-23682	154	23	r	r	NOUN
fbem-23682	154	24	0.034	0.034	NUM
fbem-23682	154	25	0.041	0.041	NUM
fbem-23682	154	26	0.039	0.039	NUM
fbem-23682	154	27	0.045	0.045	NUM
fbem-23682	154	28	firm	firm	ADJ
fbem-23682	154	29	fixed	fix	VERB
fbem-23682	154	30	effect	effect	NOUN
fbem-23682	155	1	yes	yes	INTJ
fbem-23682	155	2	yes	yes	INTJ
fbem-23682	156	1	yes	yes	INTJ
fbem-23682	156	2	yes	yes	INTJ
fbem-23682	156	3	annual	annual	ADJ
fbem-23682	156	4	fixed	fix	VERB
fbem-23682	156	5	effect	effect	NOUN
fbem-23682	157	1	yes	yes	INTJ
fbem-23682	157	2	yes	yes	INTJ
fbem-23682	158	1	yes	yes	INTJ
fbem-23682	158	2	yes	yes	INTJ
fbem-23682	158	3	note	note	VERB
fbem-23682	158	4	:	:	PUNCT
fbem-23682	159	1	*	*	PUNCT
fbem-23682	159	2	*	*	PUNCT
fbem-23682	160	1	*	*	PUNCT
fbem-23682	160	2	,	,	PUNCT
fbem-23682	160	3	*	*	PUNCT
fbem-23682	160	4	*	*	PUNCT
fbem-23682	160	5	,	,	PUNCT
fbem-23682	160	6	*	*	PUNCT
fbem-23682	160	7	are	be	AUX
fbem-23682	160	8	significant	significant	ADJ
fbem-23682	160	9	at	at	ADP
fbem-23682	160	10	1	1	NUM
fbem-23682	160	11	%	%	NOUN
fbem-23682	160	12	,	,	PUNCT
fbem-23682	160	13	5	5	NUM
fbem-23682	160	14	%	%	NOUN
fbem-23682	160	15	and	and	CCONJ
fbem-23682	160	16	10	10	NUM
fbem-23682	160	17	%	%	NOUN
fbem-23682	160	18	respectively	respectively	ADV
fbem-23682	160	19	;	;	PUNCT
fbem-23682	160	20	the	the	DET
fbem-23682	160	21	value	value	NOUN
fbem-23682	160	22	of	of	ADP
fbem-23682	160	23	t	t	PROPN
fbem-23682	160	24	is	be	AUX
fbem-23682	160	25	in	in	ADP
fbem-23682	160	26	parentheses	parenthesis	NOUN
fbem-23682	160	27	.	.	PUNCT
fbem-23682	160	28	table	table	NOUN
fbem-23682	160	29	3	3	NUM
fbem-23682	160	30	to	to	ADP
fbem-23682	160	31	table	table	NOUN
fbem-23682	160	32	11	11	NUM
fbem-23682	160	33	are	be	AUX
fbem-23682	160	34	the	the	DET
fbem-23682	160	35	same	same	ADJ
fbem-23682	160	36	.	.	PUNCT
fbem-23682	161	1	table	table	NOUN
fbem-23682	161	2	3	3	NUM
fbem-23682	161	3	shows	show	VERB
fbem-23682	161	4	the	the	DET
fbem-23682	161	5	ols	ol	NOUN
fbem-23682	161	6	regression	regression	NOUN
fbem-23682	161	7	results	result	NOUN
fbem-23682	161	8	of	of	ADP
fbem-23682	161	9	the	the	DET
fbem-23682	161	10	independent	independent	ADJ
fbem-23682	161	11	directors	director	NOUN
fbem-23682	161	12	'	'	PART
fbem-23682	161	13	dissenting	dissent	VERB
fbem-23682	161	14	votes	vote	NOUN
fbem-23682	161	15	and	and	CCONJ
fbem-23682	161	16	the	the	DET
fbem-23682	161	17	risk	risk	NOUN
fbem-23682	161	18	of	of	ADP
fbem-23682	161	19	the	the	DET
fbem-23682	161	20	company	company	NOUN
fbem-23682	161	21	's	's	PART
fbem-23682	161	22	share	share	NOUN
fbem-23682	161	23	price	price	NOUN
fbem-23682	161	24	collapsing	collapse	VERB
fbem-23682	161	25	.	.	PUNCT
fbem-23682	162	1	columns	column	NOUN
fbem-23682	162	2	(	(	PUNCT
fbem-23682	162	3	1	1	NUM
fbem-23682	162	4	)	)	PUNCT
fbem-23682	162	5	and	and	CCONJ
fbem-23682	162	6	(	(	PUNCT
fbem-23682	162	7	2	2	X
fbem-23682	162	8	)	)	PUNCT
fbem-23682	162	9	represent	represent	VERB
fbem-23682	162	10	the	the	DET
fbem-23682	162	11	regression	regression	NOUN
fbem-23682	162	12	results	result	NOUN
fbem-23682	162	13	after	after	ADP
fbem-23682	162	14	excluding	exclude	VERB
fbem-23682	162	15	the	the	DET
fbem-23682	162	16	control	control	NOUN
fbem-23682	162	17	variables	variable	NOUN
fbem-23682	162	18	and	and	CCONJ
fbem-23682	162	19	including	include	VERB
fbem-23682	162	20	the	the	DET
fbem-23682	162	21	control	control	NOUN
fbem-23682	162	22	variables	variable	NOUN
fbem-23682	162	23	to	to	PART
fbem-23682	162	24	measure	measure	VERB
fbem-23682	162	25	the	the	DET
fbem-23682	162	26	risk	risk	NOUN
fbem-23682	162	27	of	of	ADP
fbem-23682	162	28	stock	stock	NOUN
fbem-23682	162	29	price	price	NOUN
fbem-23682	162	30	collapse	collapse	NOUN
fbem-23682	162	31	;	;	PUNCT
fbem-23682	162	32	columns	column	NOUN
fbem-23682	162	33	(	(	PUNCT
fbem-23682	162	34	3	3	NUM
fbem-23682	162	35	)	)	PUNCT
fbem-23682	162	36	and	and	CCONJ
fbem-23682	162	37	(	(	PUNCT
fbem-23682	162	38	4	4	X
fbem-23682	162	39	)	)	PUNCT
fbem-23682	162	40	represent	represent	VERB
fbem-23682	162	41	regression	regression	NOUN
fbem-23682	162	42	results	result	NOUN
fbem-23682	162	43	that	that	PRON
fbem-23682	162	44	measure	measure	VERB
fbem-23682	162	45	the	the	DET
fbem-23682	162	46	risk	risk	NOUN
fbem-23682	162	47	of	of	ADP
fbem-23682	162	48	a	a	DET
fbem-23682	162	49	stock	stock	NOUN
fbem-23682	162	50	price	price	NOUN
fbem-23682	162	51	crash	crash	NOUN
fbem-23682	162	52	by	by	ADP
fbem-23682	162	53	duvol	duvol	NOUN
fbem-23682	162	54	,	,	PUNCT
fbem-23682	162	55	excluding	exclude	VERB
fbem-23682	162	56	the	the	DET
fbem-23682	162	57	control	control	NOUN
fbem-23682	162	58	variables	variable	NOUN
fbem-23682	162	59	and	and	CCONJ
fbem-23682	162	60	including	include	VERB
fbem-23682	162	61	the	the	DET
fbem-23682	162	62	control	control	NOUN
fbem-23682	162	63	variables	variable	NOUN
fbem-23682	162	64	.	.	PUNCT
fbem-23682	163	1	in	in	ADP
fbem-23682	163	2	columns	column	NOUN
fbem-23682	163	3	(	(	PUNCT
fbem-23682	163	4	1	1	NUM
fbem-23682	163	5	)	)	PUNCT
fbem-23682	163	6	and	and	CCONJ
fbem-23682	163	7	(	(	PUNCT
fbem-23682	163	8	3	3	NUM
fbem-23682	163	9	)	)	PUNCT
fbem-23682	163	10	,	,	PUNCT
fbem-23682	163	11	we	we	PRON
fbem-23682	163	12	do	do	AUX
fbem-23682	163	13	not	not	PART
fbem-23682	163	14	include	include	VERB
fbem-23682	163	15	the	the	DET
fbem-23682	163	16	control	control	NOUN
fbem-23682	163	17	variable	variable	NOUN
fbem-23682	163	18	,	,	PUNCT
fbem-23682	163	19	and	and	CCONJ
fbem-23682	163	20	the	the	DET
fbem-23682	163	21	coefficient	coefficient	NOUN
fbem-23682	163	22	of	of	ADP
fbem-23682	163	23	dispprove	dispprove	NOUN
fbem-23682	163	24	at	at	ADP
fbem-23682	163	25	this	this	DET
fbem-23682	163	26	time	time	NOUN
fbem-23682	163	27	is	be	AUX
fbem-23682	163	28	-0.269	-0.269	PUNCT
fbem-23682	163	29	and	and	CCONJ
fbem-23682	163	30	-0.281	-0.281	PUNCT
fbem-23682	163	31	measured	measure	VERB
fbem-23682	163	32	by	by	ADP
fbem-23682	163	33	ncskew	ncskew	NOUN
fbem-23682	163	34	and	and	CCONJ
fbem-23682	163	35	duvol	duvol	VERB
fbem-23682	163	36	when	when	SCONJ
fbem-23682	163	37	the	the	DET
fbem-23682	163	38	risk	risk	NOUN
fbem-23682	163	39	of	of	ADP
fbem-23682	163	40	stock	stock	NOUN
fbem-23682	163	41	price	price	NOUN
fbem-23682	163	42	collapse	collapse	NOUN
fbem-23682	163	43	is	be	AUX
fbem-23682	163	44	measured	measure	VERB
fbem-23682	163	45	and	and	CCONJ
fbem-23682	163	46	significant	significant	ADJ
fbem-23682	163	47	,	,	PUNCT
fbem-23682	163	48	indicating	indicate	VERB
fbem-23682	163	49	that	that	SCONJ
fbem-23682	163	50	the	the	DET
fbem-23682	163	51	independent	independent	ADJ
fbem-23682	163	52	directors	director	NOUN
fbem-23682	163	53	'	'	PART
fbem-23682	163	54	dissenting	dissent	VERB
fbem-23682	163	55	opinion	opinion	NOUN
fbem-23682	163	56	can	can	AUX
fbem-23682	163	57	reduce	reduce	VERB
fbem-23682	163	58	the	the	DET
fbem-23682	163	59	risk	risk	NOUN
fbem-23682	163	60	of	of	ADP
fbem-23682	163	61	stock	stock	NOUN
fbem-23682	163	62	price	price	NOUN
fbem-23682	163	63	collapse	collapse	NOUN
fbem-23682	163	64	without	without	ADP
fbem-23682	163	65	controlling	control	VERB
fbem-23682	163	66	other	other	ADJ
fbem-23682	163	67	factors	factor	NOUN
fbem-23682	163	68	.	.	PUNCT
fbem-23682	164	1	in	in	ADP
fbem-23682	164	2	columns	column	NOUN
fbem-23682	164	3	(	(	PUNCT
fbem-23682	164	4	2	2	NUM
fbem-23682	164	5	)	)	PUNCT
fbem-23682	164	6	and	and	CCONJ
fbem-23682	164	7	(	(	PUNCT
fbem-23682	164	8	4	4	NUM
fbem-23682	164	9	)	)	PUNCT
fbem-23682	164	10	,	,	PUNCT
fbem-23682	164	11	we	we	PRON
fbem-23682	164	12	included	include	VERB
fbem-23682	164	13	other	other	ADJ
fbem-23682	164	14	company	company	NOUN
fbem-23682	164	15	characteristic	characteristic	ADJ
fbem-23682	164	16	variables	variable	NOUN
fbem-23682	164	17	such	such	ADJ
fbem-23682	164	18	as	as	ADP
fbem-23682	164	19	the	the	DET
fbem-23682	164	20	company	company	NOUN
fbem-23682	164	21	's	's	PART
fbem-23682	164	22	asset	asset	NOUN
fbem-23682	164	23	size	size	NOUN
fbem-23682	164	24	(	(	PUNCT
fbem-23682	164	25	size	size	NOUN
fbem-23682	164	26	)	)	PUNCT
fbem-23682	164	27	,	,	PUNCT
fbem-23682	164	28	asset	asset	NOUN
fbem-23682	164	29	-	-	PUNCT
fbem-23682	164	30	liability	liability	NOUN
fbem-23682	164	31	ratio	ratio	NOUN
fbem-23682	164	32	(	(	PUNCT
fbem-23682	164	33	lev	lev	NOUN
fbem-23682	164	34	)	)	PUNCT
fbem-23682	164	35	,	,	PUNCT
fbem-23682	164	36	shareholding	shareholding	NOUN
fbem-23682	164	37	ratio	ratio	NOUN
fbem-23682	164	38	of	of	ADP
fbem-23682	164	39	major	major	ADJ
fbem-23682	164	40	shareholders	shareholder	NOUN
fbem-23682	164	41	(	(	PUNCT
fbem-23682	164	42	1top	1top	NUM
fbem-23682	164	43	)	)	PUNCT
fbem-23682	164	44	,	,	PUNCT
fbem-23682	164	45	and	and	CCONJ
fbem-23682	164	46	whether	whether	SCONJ
fbem-23682	164	47	the	the	DET
fbem-23682	164	48	auditor	auditor	NOUN
fbem-23682	164	49	is	be	AUX
fbem-23682	164	50	from	from	ADP
fbem-23682	164	51	the	the	DET
fbem-23682	164	52	four	four	NUM
fbem-23682	164	53	largest	large	ADJ
fbem-23682	164	54	international	international	ADJ
fbem-23682	164	55	accounting	accounting	NOUN
fbem-23682	164	56	firms	firm	NOUN
fbem-23682	164	57	(	(	PUNCT
fbem-23682	164	58	4big	4big	PROPN
fbem-23682	164	59	)	)	PUNCT
fbem-23682	164	60	.	.	PUNCT
fbem-23682	165	1	the	the	DET
fbem-23682	165	2	coefficients	coefficient	NOUN
fbem-23682	165	3	of	of	ADP
fbem-23682	165	4	dispprove	dispprove	NOUN
fbem-23682	165	5	changed	change	VERB
fbem-23682	165	6	to	to	ADP
fbem-23682	165	7	0.265	0.265	NUM
fbem-23682	165	8	and	and	CCONJ
fbem-23682	165	9	-0.280	-0.280	VERB
fbem-23682	165	10	and	and	CCONJ
fbem-23682	165	11	are	be	AUX
fbem-23682	165	12	still	still	ADV
fbem-23682	165	13	significant	significant	ADJ
fbem-23682	165	14	at	at	ADP
fbem-23682	165	15	1	1	NUM
fbem-23682	165	16	%	%	NOUN
fbem-23682	165	17	.	.	PUNCT
fbem-23682	166	1	the	the	DET
fbem-23682	166	2	above	above	ADJ
fbem-23682	166	3	regression	regression	NOUN
fbem-23682	166	4	results	result	NOUN
fbem-23682	166	5	show	show	VERB
fbem-23682	166	6	that	that	SCONJ
fbem-23682	166	7	there	there	PRON
fbem-23682	166	8	is	be	VERB
fbem-23682	166	9	a	a	DET
fbem-23682	166	10	significant	significant	ADJ
fbem-23682	166	11	negative	negative	ADJ
fbem-23682	166	12	correlation	correlation	NOUN
fbem-23682	166	13	between	between	ADP
fbem-23682	166	14	independent	independent	ADJ
fbem-23682	166	15	directors	director	NOUN
fbem-23682	166	16	'	'	PART
fbem-23682	166	17	negative	negative	ADJ
fbem-23682	166	18	vote	vote	NOUN
fbem-23682	166	19	and	and	CCONJ
fbem-23682	166	20	the	the	DET
fbem-23682	166	21	risk	risk	NOUN
fbem-23682	166	22	of	of	ADP
fbem-23682	166	23	stock	stock	NOUN
fbem-23682	166	24	price	price	NOUN
fbem-23682	166	25	crash	crash	NOUN
fbem-23682	166	26	,	,	PUNCT
fbem-23682	166	27	regardless	regardless	ADV
fbem-23682	166	28	of	of	ADP
fbem-23682	166	29	whether	whether	SCONJ
fbem-23682	166	30	the	the	DET
fbem-23682	166	31	influence	influence	NOUN
fbem-23682	166	32	of	of	ADP
fbem-23682	166	33	control	control	NOUN
fbem-23682	166	34	variables	variable	NOUN
fbem-23682	166	35	is	be	AUX
fbem-23682	166	36	considered	consider	VERB
fbem-23682	166	37	,	,	PUNCT
fbem-23682	166	38	which	which	PRON
fbem-23682	166	39	supports	support	VERB
fbem-23682	166	40	the	the	DET
fbem-23682	166	41	expectation	expectation	NOUN
fbem-23682	166	42	of	of	ADP
fbem-23682	166	43	the	the	DET
fbem-23682	166	44	research	research	NOUN
fbem-23682	166	45	hypothesis	hypothesis	NOUN
fbem-23682	166	46	in	in	ADP
fbem-23682	166	47	this	this	DET
fbem-23682	166	48	paper	paper	NOUN
fbem-23682	166	49	.	.	PUNCT
fbem-23682	167	1	4.2	4.2	NUM
fbem-23682	167	2	.	.	PUNCT
fbem-23682	167	3	robustness	robustness	NOUN
fbem-23682	167	4	test	test	NOUN
fbem-23682	167	5	because	because	SCONJ
fbem-23682	167	6	the	the	DET
fbem-23682	167	7	regression	regression	NOUN
fbem-23682	167	8	results	result	NOUN
fbem-23682	167	9	may	may	AUX
fbem-23682	167	10	be	be	AUX
fbem-23682	167	11	accidental	accidental	ADJ
fbem-23682	167	12	,	,	PUNCT
fbem-23682	167	13	in	in	ADP
fbem-23682	167	14	order	order	NOUN
fbem-23682	167	15	to	to	PART
fbem-23682	167	16	verify	verify	VERB
fbem-23682	167	17	the	the	DET
fbem-23682	167	18	robustness	robustness	NOUN
fbem-23682	167	19	,	,	PUNCT
fbem-23682	167	20	this	this	DET
fbem-23682	167	21	paper	paper	NOUN
fbem-23682	167	22	uses	use	VERB
fbem-23682	167	23	the	the	DET
fbem-23682	167	24	replacement	replacement	NOUN
fbem-23682	167	25	of	of	ADP
fbem-23682	167	26	the	the	DET
fbem-23682	167	27	explanatory	explanatory	ADJ
fbem-23682	167	28	variable	variable	ADJ
fbem-23682	167	29	measure	measure	NOUN
fbem-23682	167	30	,	,	PUNCT
fbem-23682	167	31	the	the	DET
fbem-23682	167	32	replacement	replacement	NOUN
fbem-23682	167	33	of	of	ADP
fbem-23682	167	34	the	the	DET
fbem-23682	167	35	explanatory	explanatory	ADJ
fbem-23682	167	36	variable	variable	ADJ
fbem-23682	167	37	measure	measure	NOUN
fbem-23682	167	38	and	and	CCONJ
fbem-23682	167	39	the	the	DET
fbem-23682	167	40	propensity	propensity	NOUN
fbem-23682	167	41	score	score	NOUN
fbem-23682	167	42	matching	matching	NOUN
fbem-23682	167	43	method	method	NOUN
fbem-23682	167	44	(	(	PUNCT
fbem-23682	167	45	psm	psm	NOUN
fbem-23682	167	46	)	)	PUNCT
fbem-23682	167	47	to	to	PART
fbem-23682	167	48	test	test	VERB
fbem-23682	167	49	the	the	DET
fbem-23682	167	50	robustness	robustness	NOUN
fbem-23682	167	51	.	.	PUNCT
fbem-23682	168	1	4.2.1	4.2.1	NOUN
fbem-23682	168	2	.	.	PUNCT
fbem-23682	169	1	replace	replace	VERB
fbem-23682	169	2	the	the	DET
fbem-23682	169	3	explanatory	explanatory	ADJ
fbem-23682	169	4	variable	variable	ADJ
fbem-23682	169	5	measure	measure	NOUN
fbem-23682	169	6	the	the	DET
fbem-23682	169	7	explanatory	explanatory	ADJ
fbem-23682	169	8	variables	variable	NOUN
fbem-23682	169	9	in	in	ADP
fbem-23682	169	10	model	model	NOUN
fbem-23682	169	11	(	(	PUNCT
fbem-23682	169	12	1	1	X
fbem-23682	169	13	)	)	PUNCT
fbem-23682	169	14	were	be	AUX
fbem-23682	169	15	replaced	replace	VERB
fbem-23682	169	16	by	by	ADP
fbem-23682	169	17	2dispprove	2dispprove	NUM
fbem-23682	169	18	and	and	CCONJ
fbem-23682	169	19	ratedispprove	ratedispprove	VERB
fbem-23682	169	20	_	_	PUNCT
fbem-23682	169	21	were	be	AUX
fbem-23682	169	22	regressed	regress	VERB
fbem-23682	169	23	.	.	PUNCT
fbem-23682	170	1	for	for	ADP
fbem-23682	170	2	the	the	DET
fbem-23682	170	3	virtual	virtual	ADJ
fbem-23682	170	4	variable	variable	NOUN
fbem-23682	170	5	2dispprove	2dispprove	NUM
fbem-23682	170	6	,	,	PUNCT
fbem-23682	170	7	1	1	NUM
fbem-23682	170	8	is	be	AUX
fbem-23682	170	9	taken	take	VERB
fbem-23682	170	10	when	when	SCONJ
fbem-23682	170	11	the	the	DET
fbem-23682	170	12	independent	independent	ADJ
fbem-23682	170	13	director	director	NOUN
fbem-23682	170	14	of	of	ADP
fbem-23682	170	15	the	the	DET
fbem-23682	170	16	enterprise	enterprise	NOUN
fbem-23682	170	17	raises	raise	VERB
fbem-23682	170	18	an	an	DET
fbem-23682	170	19	objection	objection	NOUN
fbem-23682	170	20	in	in	ADP
fbem-23682	170	21	the	the	DET
fbem-23682	170	22	current	current	ADJ
fbem-23682	170	23	year	year	NOUN
fbem-23682	170	24	;	;	PUNCT
fbem-23682	170	25	otherwise	otherwise	ADV
fbem-23682	170	26	,	,	PUNCT
fbem-23682	170	27	0	0	NUM
fbem-23682	170	28	is	be	AUX
fbem-23682	170	29	taken	take	VERB
fbem-23682	170	30	,	,	PUNCT
fbem-23682	170	31	in	in	ADP
fbem-23682	170	32	which	which	PRON
fbem-23682	170	33	the	the	DET
fbem-23682	170	34	objection	objection	NOUN
fbem-23682	170	35	is	be	AUX
fbem-23682	170	36	expressed	express	VERB
fbem-23682	170	37	as	as	ADP
fbem-23682	170	38	all	all	DET
fbem-23682	170	39	opinions	opinion	NOUN
fbem-23682	170	40	except	except	SCONJ
fbem-23682	170	41	"	"	PUNCT
fbem-23682	170	42	agree	agree	VERB
fbem-23682	170	43	"	"	PUNCT
fbem-23682	170	44	and	and	CCONJ
fbem-23682	170	45	"	"	PUNCT
fbem-23682	170	46	others	other	NOUN
fbem-23682	170	47	"	"	PUNCT
fbem-23682	170	48	.	.	PUNCT
fbem-23682	171	1	ratedispprove	ratedispprove	VERB
fbem-23682	171	2	_	_	PRON
fbem-23682	171	3	is	be	AUX
fbem-23682	171	4	the	the	DET
fbem-23682	171	5	percentage	percentage	NOUN
fbem-23682	171	6	of	of	ADP
fbem-23682	171	7	dissenting	dissent	VERB
fbem-23682	171	8	opinions	opinion	NOUN
fbem-23682	171	9	,	,	PUNCT
fbem-23682	171	10	where	where	SCONJ
fbem-23682	171	11	dissenting	dissent	VERB
fbem-23682	171	12	235	235	NUM
fbem-23682	171	13	opinions	opinion	NOUN
fbem-23682	171	14	are	be	AUX
fbem-23682	171	15	all	all	PRON
fbem-23682	171	16	opinions	opinion	NOUN
fbem-23682	171	17	except	except	SCONJ
fbem-23682	171	18	for	for	ADP
fbem-23682	171	19	the	the	DET
fbem-23682	171	20	opinion	opinion	NOUN
fbem-23682	171	21	type	type	NOUN
fbem-23682	171	22	of	of	ADP
fbem-23682	171	23	"	"	PUNCT
fbem-23682	171	24	agree	agree	VERB
fbem-23682	171	25	"	"	PUNCT
fbem-23682	171	26	.	.	PUNCT
fbem-23682	172	1	table	table	NOUN
fbem-23682	172	2	4	4	NUM
fbem-23682	172	3	.	.	PUNCT
fbem-23682	172	4	replace	replace	VERB
fbem-23682	172	5	the	the	DET
fbem-23682	172	6	explanatory	explanatory	ADJ
fbem-23682	172	7	variable	variable	ADJ
fbem-23682	172	8	measure	measure	NOUN
fbem-23682	172	9	(	(	PUNCT
fbem-23682	172	10	1	1	NUM
fbem-23682	172	11	)	)	PUNCT
fbem-23682	172	12	(	(	PUNCT
fbem-23682	172	13	2	2	NUM
fbem-23682	172	14	)	)	PUNCT
fbem-23682	172	15	(	(	PUNCT
fbem-23682	172	16	3	3	X
fbem-23682	172	17	)	)	PUNCT
fbem-23682	172	18	(	(	PUNCT
fbem-23682	172	19	4	4	X
fbem-23682	172	20	)	)	PUNCT
fbem-23682	172	21	variable	variable	ADJ
fbem-23682	172	22	tncskew	tncskew	NOUN
fbem-23682	172	23	t	t	PROPN
fbem-23682	172	24	ncskew	ncskew	NOUN
fbem-23682	172	25	t	t	PROPN
fbem-23682	172	26	duvol	duvol	PROPN
fbem-23682	172	27	t	t	PROPN
fbem-23682	172	28	duvol	duvol	VERB
fbem-23682	172	29	2dispprove	2dispprove	PRON
fbem-23682	172	30	-0.241	-0.241	X
fbem-23682	172	31	*	*	PUNCT
fbem-23682	172	32	*	*	PUNCT
fbem-23682	172	33	*	*	PUNCT
fbem-23682	173	1	-0.282	-0.282	PUNCT
fbem-23682	173	2	*	*	PUNCT
fbem-23682	173	3	*	*	PUNCT
fbem-23682	173	4	*	*	PUNCT
fbem-23682	173	5	(	(	PUNCT
fbem-23682	173	6	-5.610	-5.610	NOUN
fbem-23682	173	7	)	)	PUNCT
fbem-23682	173	8	(	(	PUNCT
fbem-23682	173	9	-9.800	-9.800	ADJ
fbem-23682	173	10	)	)	PUNCT
fbem-23682	173	11	ratedispprove	ratedispprove	VERB
fbem-23682	173	12	_	_	PRON
fbem-23682	173	13	-0.568	-0.568	PUNCT
fbem-23682	173	14	*	*	PUNCT
fbem-23682	173	15	*	*	PUNCT
fbem-23682	173	16	*	*	PUNCT
fbem-23682	173	17	-0.538	-0.538	PUNCT
fbem-23682	173	18	*	*	PUNCT
fbem-23682	173	19	*	*	PUNCT
fbem-23682	173	20	*	*	PUNCT
fbem-23682	173	21	(	(	PUNCT
fbem-23682	173	22	-7.152	-7.152	PROPN
fbem-23682	173	23	)	)	PUNCT
fbem-23682	173	24	(	(	PUNCT
fbem-23682	173	25	-8.437	-8.437	X
fbem-23682	173	26	)	)	PUNCT
fbem-23682	173	27	t	t	NOUN
fbem-23682	173	28	size	size	NOUN
fbem-23682	173	29	0.011	0.011	NUM
fbem-23682	173	30	0.011	0.011	NUM
fbem-23682	173	31	0.004	0.004	NUM
fbem-23682	173	32	0.004	0.004	NUM
fbem-23682	173	33	(	(	PUNCT
fbem-23682	173	34	1.041	1.041	NUM
fbem-23682	173	35	)	)	PUNCT
fbem-23682	173	36	(	(	PUNCT
fbem-23682	173	37	1.032	1.032	NUM
fbem-23682	173	38	)	)	PUNCT
fbem-23682	173	39	(	(	PUNCT
fbem-23682	173	40	0.510	0.510	NUM
fbem-23682	173	41	)	)	PUNCT
fbem-23682	173	42	(	(	PUNCT
fbem-23682	173	43	0.523	0.523	NUM
fbem-23682	173	44	)	)	PUNCT
fbem-23682	173	45	t	t	NOUN
fbem-23682	173	46	lev	lev	NOUN
fbem-23682	173	47	-0.062	-0.062	X
fbem-23682	173	48	-0.060	-0.060	NOUN
fbem-23682	173	49	-0.042	-0.042	X
fbem-23682	173	50	-0.040	-0.040	NUM
fbem-23682	173	51	(	(	PUNCT
fbem-23682	173	52	-1.383	-1.383	NUM
fbem-23682	173	53	)	)	PUNCT
fbem-23682	173	54	(	(	PUNCT
fbem-23682	173	55	-1.346	-1.346	NUM
fbem-23682	173	56	)	)	PUNCT
fbem-23682	173	57	(	(	PUNCT
fbem-23682	173	58	-1.417	-1.417	NUM
fbem-23682	173	59	)	)	PUNCT
fbem-23682	173	60	(	(	PUNCT
fbem-23682	173	61	-1.379	-1.379	PROPN
fbem-23682	173	62	)	)	PUNCT
fbem-23682	173	63	t	t	PROPN
fbem-23682	173	64	roa	roa	PROPN
fbem-23682	173	65	-0.206	-0.206	PROPN
fbem-23682	173	66	*	*	PUNCT
fbem-23682	173	67	*	*	PUNCT
fbem-23682	173	68	-0.200	-0.200	PUNCT
fbem-23682	173	69	*	*	PUNCT
fbem-23682	173	70	*	*	PUNCT
fbem-23682	173	71	-0.176	-0.176	NOUN
fbem-23682	173	72	*	*	PUNCT
fbem-23682	173	73	*	*	PUNCT
fbem-23682	173	74	*	*	PUNCT
fbem-23682	173	75	-0.170	-0.170	PUNCT
fbem-23682	173	76	*	*	PUNCT
fbem-23682	173	77	*	*	PUNCT
fbem-23682	173	78	*	*	PUNCT
fbem-23682	173	79	(	(	PUNCT
fbem-23682	173	80	-2.059	-2.059	PROPN
fbem-23682	173	81	)	)	PUNCT
fbem-23682	173	82	(	(	PUNCT
fbem-23682	173	83	-2.003	-2.003	NOUN
fbem-23682	173	84	)	)	PUNCT
fbem-23682	173	85	(	(	PUNCT
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fbem-23682	173	87	)	)	PUNCT
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fbem-23682	173	89	-2.639	-2.639	PROPN
fbem-23682	173	90	)	)	PUNCT
fbem-23682	173	91	t	t	PROPN
fbem-23682	173	92	top1	top1	PROPN
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fbem-23682	173	95	*	*	PUNCT
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fbem-23682	173	97	*	*	PUNCT
fbem-23682	173	98	*	*	PUNCT
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fbem-23682	173	100	*	*	PUNCT
fbem-23682	173	101	*	*	PUNCT
fbem-23682	173	102	-0.001	-0.001	PUNCT
fbem-23682	174	1	*	*	PUNCT
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fbem-23682	174	3	(	(	PUNCT
fbem-23682	174	4	-2.090	-2.090	NOUN
fbem-23682	174	5	)	)	PUNCT
fbem-23682	174	6	(	(	PUNCT
fbem-23682	174	7	-2.136	-2.136	NUM
fbem-23682	174	8	)	)	PUNCT
fbem-23682	174	9	(	(	PUNCT
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fbem-23682	174	11	)	)	PUNCT
fbem-23682	174	12	(	(	PUNCT
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fbem-23682	174	14	)	)	PUNCT
fbem-23682	174	15	t	t	NOUN
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fbem-23682	174	18	-0.002	-0.002	PUNCT
fbem-23682	174	19	0.001	0.001	NUM
fbem-23682	174	20	0.001	0.001	NUM
fbem-23682	174	21	(	(	PUNCT
fbem-23682	174	22	-0.416	-0.416	NOUN
fbem-23682	174	23	)	)	PUNCT
fbem-23682	174	24	(	(	PUNCT
fbem-23682	174	25	-0.370	-0.370	NUM
fbem-23682	174	26	)	)	PUNCT
fbem-23682	174	27	(	(	PUNCT
fbem-23682	174	28	0.349	0.349	NUM
fbem-23682	174	29	)	)	PUNCT
fbem-23682	174	30	(	(	PUNCT
fbem-23682	174	31	0.435	0.435	NUM
fbem-23682	174	32	)	)	PUNCT
fbem-23682	174	33	t	t	NOUN
fbem-23682	174	34	liqasset	liqasset	NOUN
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fbem-23682	174	37	0.023	0.023	NUM
fbem-23682	174	38	0.025	0.025	NUM
fbem-23682	174	39	(	(	PUNCT
fbem-23682	174	40	-0.159	-0.159	PROPN
fbem-23682	174	41	)	)	PUNCT
fbem-23682	174	42	(	(	PUNCT
fbem-23682	174	43	-0.109	-0.109	NUM
fbem-23682	174	44	)	)	PUNCT
fbem-23682	174	45	(	(	PUNCT
fbem-23682	174	46	0.812	0.812	NUM
fbem-23682	174	47	)	)	PUNCT
fbem-23682	174	48	(	(	PUNCT
fbem-23682	174	49	0.872	0.872	NUM
fbem-23682	174	50	)	)	PUNCT
fbem-23682	174	51	t	t	NOUN
fbem-23682	174	52	cash	cash	NOUN
fbem-23682	174	53	0.019	0.019	NUM
fbem-23682	174	54	0.017	0.017	NUM
fbem-23682	174	55	0.003	0.003	NUM
fbem-23682	174	56	0.001	0.001	NUM
fbem-23682	174	57	(	(	PUNCT
fbem-23682	174	58	0.252	0.252	NUM
fbem-23682	174	59	)	)	PUNCT
fbem-23682	174	60	(	(	PUNCT
fbem-23682	174	61	0.230	0.230	NUM
fbem-23682	174	62	)	)	PUNCT
fbem-23682	174	63	(	(	PUNCT
fbem-23682	174	64	0.063	0.063	NUM
fbem-23682	174	65	)	)	PUNCT
fbem-23682	174	66	(	(	PUNCT
fbem-23682	174	67	0.011	0.011	NUM
fbem-23682	174	68	)	)	PUNCT
fbem-23682	174	69	t	t	PROPN
fbem-23682	174	70	soe	soe	PROPN
fbem-23682	174	71	-0.071	-0.071	PROPN
fbem-23682	174	72	*	*	PUNCT
fbem-23682	174	73	*	*	PUNCT
fbem-23682	174	74	*	*	PUNCT
fbem-23682	174	75	-0.072	-0.072	PUNCT
fbem-23682	174	76	*	*	PUNCT
fbem-23682	174	77	*	*	PUNCT
fbem-23682	174	78	*	*	PUNCT
fbem-23682	174	79	-0.052	-0.052	PUNCT
fbem-23682	174	80	*	*	PUNCT
fbem-23682	174	81	*	*	PUNCT
fbem-23682	174	82	*	*	PUNCT
fbem-23682	174	83	-0.052	-0.052	PUNCT
fbem-23682	174	84	*	*	PUNCT
fbem-23682	174	85	*	*	PUNCT
fbem-23682	174	86	*	*	PUNCT
fbem-23682	174	87	(	(	PUNCT
fbem-23682	174	88	-2.752	-2.752	X
fbem-23682	174	89	)	)	PUNCT
fbem-23682	174	90	(	(	PUNCT
fbem-23682	174	91	-2.793	-2.793	X
fbem-23682	174	92	)	)	PUNCT
fbem-23682	174	93	(	(	PUNCT
fbem-23682	174	94	-3.191	-3.191	X
fbem-23682	174	95	)	)	PUNCT
fbem-23682	174	96	(	(	PUNCT
fbem-23682	174	97	-3.243	-3.243	PROPN
fbem-23682	174	98	)	)	PUNCT
fbem-23682	174	99	t	t	NOUN
fbem-23682	174	100	age	age	NOUN
fbem-23682	174	101	-0.009	-0.009	X
fbem-23682	174	102	-0.011	-0.011	PRON
fbem-23682	174	103	-0.029	-0.029	PROPN
fbem-23682	174	104	-0.030	-0.030	PUNCT
fbem-23682	174	105	(	(	PUNCT
fbem-23682	174	106	-0.134	-0.134	NUM
fbem-23682	174	107	)	)	PUNCT
fbem-23682	174	108	(	(	PUNCT
fbem-23682	174	109	-0.152	-0.152	X
fbem-23682	174	110	)	)	PUNCT
fbem-23682	174	111	(	(	PUNCT
fbem-23682	174	112	-0.651	-0.651	NOUN
fbem-23682	174	113	)	)	PUNCT
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fbem-23682	174	116	)	)	PUNCT
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fbem-23682	174	118	dual	dual	ADJ
fbem-23682	174	119	0.003	0.003	NUM
fbem-23682	174	120	0.003	0.003	NUM
fbem-23682	174	121	0.000	0.000	NUM
fbem-23682	174	122	0.001	0.001	NUM
fbem-23682	174	123	(	(	PUNCT
fbem-23682	174	124	0.183	0.183	NUM
fbem-23682	174	125	)	)	PUNCT
fbem-23682	174	126	(	(	PUNCT
fbem-23682	174	127	0.191	0.191	NUM
fbem-23682	174	128	)	)	PUNCT
fbem-23682	174	129	(	(	PUNCT
fbem-23682	174	130	0.041	0.041	NUM
fbem-23682	174	131	)	)	PUNCT
fbem-23682	174	132	(	(	PUNCT
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fbem-23682	174	134	)	)	PUNCT
fbem-23682	174	135	t	t	PROPN
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fbem-23682	174	141	*	*	SYM
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fbem-23682	174	143	*	*	NOUN
fbem-23682	174	144	*	*	PUNCT
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fbem-23682	174	146	*	*	PUNCT
fbem-23682	174	147	*	*	PUNCT
fbem-23682	174	148	(	(	PUNCT
fbem-23682	174	149	-1.978	-1.978	X
fbem-23682	174	150	)	)	PUNCT
fbem-23682	174	151	(	(	PUNCT
fbem-23682	174	152	-1.948	-1.948	NOUN
fbem-23682	174	153	)	)	PUNCT
fbem-23682	174	154	(	(	PUNCT
fbem-23682	174	155	-2.395	-2.395	NOUN
fbem-23682	174	156	)	)	PUNCT
fbem-23682	174	157	(	(	PUNCT
fbem-23682	174	158	-2.329	-2.329	NUM
fbem-23682	174	159	)	)	PUNCT
fbem-23682	174	160	t	t	PROPN
fbem-23682	174	161	analysts	analyst	NOUN
fbem-23682	175	1	0.065	0.065	NUM
fbem-23682	175	2	*	*	PUNCT
fbem-23682	175	3	*	*	PUNCT
fbem-23682	175	4	*	*	PUNCT
fbem-23682	175	5	0.065	0.065	NUM
fbem-23682	175	6	*	*	PUNCT
fbem-23682	175	7	*	*	PUNCT
fbem-23682	175	8	*	*	PUNCT
fbem-23682	175	9	0.034	0.034	NUM
fbem-23682	175	10	*	*	PUNCT
fbem-23682	175	11	*	*	PUNCT
fbem-23682	175	12	*	*	PUNCT
fbem-23682	175	13	0.034	0.034	NUM
fbem-23682	175	14	*	*	PUNCT
fbem-23682	175	15	*	*	PUNCT
fbem-23682	175	16	*	*	PUNCT
fbem-23682	175	17	(	(	PUNCT
fbem-23682	175	18	10.388	10.388	NUM
fbem-23682	175	19	)	)	PUNCT
fbem-23682	175	20	(	(	PUNCT
fbem-23682	175	21	10.386	10.386	NUM
fbem-23682	175	22	)	)	PUNCT
fbem-23682	175	23	(	(	PUNCT
fbem-23682	175	24	8.396	8.396	NUM
fbem-23682	175	25	)	)	PUNCT
fbem-23682	175	26	(	(	PUNCT
fbem-23682	175	27	8.388	8.388	NUM
fbem-23682	175	28	)	)	PUNCT
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fbem-23682	175	32	*	*	PUNCT
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fbem-23682	175	35	*	*	PUNCT
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fbem-23682	175	38	*	*	SYM
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fbem-23682	175	40	(	(	PUNCT
fbem-23682	175	41	-2.190	-2.190	NOUN
fbem-23682	175	42	)	)	PUNCT
fbem-23682	175	43	(	(	PUNCT
fbem-23682	175	44	-1.987	-1.987	NOUN
fbem-23682	175	45	)	)	PUNCT
fbem-23682	175	46	(	(	PUNCT
fbem-23682	175	47	-1.722	-1.722	NUM
fbem-23682	175	48	)	)	PUNCT
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fbem-23682	175	51	)	)	PUNCT
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fbem-23682	175	53	value	value	NOUN
fbem-23682	175	54	33,393	33,393	NUM
fbem-23682	175	55	33,393	33,393	NUM
fbem-23682	175	56	33,393	33,393	NUM
fbem-23682	175	57	33,393	33,393	NUM
fbem-23682	175	58	2	2	NUM
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fbem-23682	175	61	0.038	0.038	NUM
fbem-23682	175	62	0.043	0.043	NUM
fbem-23682	175	63	0.042	0.042	NUM
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fbem-23682	175	65	fixed	fix	VERB
fbem-23682	175	66	effect	effect	NOUN
fbem-23682	176	1	yes	yes	INTJ
fbem-23682	176	2	yes	yes	INTJ
fbem-23682	177	1	yes	yes	INTJ
fbem-23682	177	2	yes	yes	INTJ
fbem-23682	177	3	annual	annual	ADJ
fbem-23682	177	4	fixed	fix	VERB
fbem-23682	177	5	effect	effect	NOUN
fbem-23682	178	1	yes	yes	INTJ
fbem-23682	178	2	yes	yes	INTJ
fbem-23682	179	1	yes	yes	INTJ
fbem-23682	180	1	yes	yes	INTJ
fbem-23682	180	2	table	table	NOUN
fbem-23682	180	3	4	4	NUM
fbem-23682	180	4	shows	show	VERB
fbem-23682	180	5	the	the	DET
fbem-23682	180	6	ols	ol	NOUN
fbem-23682	180	7	regression	regression	NOUN
fbem-23682	180	8	results	result	NOUN
fbem-23682	180	9	after	after	ADP
fbem-23682	180	10	changing	change	VERB
fbem-23682	180	11	the	the	DET
fbem-23682	180	12	explanatory	explanatory	ADJ
fbem-23682	180	13	variable	variable	ADJ
fbem-23682	180	14	measure	measure	NOUN
fbem-23682	180	15	.	.	PUNCT
fbem-23682	181	1	(	(	PUNCT
fbem-23682	181	2	1	1	X
fbem-23682	181	3	)	)	PUNCT
fbem-23682	181	4	and	and	CCONJ
fbem-23682	181	5	(	(	PUNCT
fbem-23682	181	6	3	3	X
fbem-23682	181	7	)	)	PUNCT
fbem-23682	181	8	show	show	VERB
fbem-23682	181	9	the	the	DET
fbem-23682	181	10	regression	regression	NOUN
fbem-23682	181	11	results	result	NOUN
fbem-23682	181	12	of	of	ADP
fbem-23682	181	13	2dispprove	2dispprove	NUM
fbem-23682	181	14	as	as	ADP
fbem-23682	181	15	explanatory	explanatory	ADJ
fbem-23682	181	16	variables	variable	NOUN
fbem-23682	181	17	,	,	PUNCT
fbem-23682	181	18	and	and	CCONJ
fbem-23682	181	19	the	the	DET
fbem-23682	181	20	coefficients	coefficient	NOUN
fbem-23682	181	21	are	be	AUX
fbem-23682	181	22	significantly	significantly	ADV
fbem-23682	181	23	negative	negative	ADJ
fbem-23682	181	24	at	at	ADP
fbem-23682	181	25	the	the	DET
fbem-23682	181	26	level	level	NOUN
fbem-23682	181	27	of	of	ADP
fbem-23682	181	28	1	1	NUM
fbem-23682	181	29	%	%	NOUN
fbem-23682	181	30	in	in	ADP
fbem-23682	181	31	both	both	DET
fbem-23682	181	32	columns	column	NOUN
fbem-23682	181	33	of	of	ADP
fbem-23682	181	34	regression	regression	NOUN
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fbem-23682	181	36	(	(	PUNCT
fbem-23682	181	37	2	2	X
fbem-23682	181	38	)	)	PUNCT
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fbem-23682	181	40	(	(	PUNCT
fbem-23682	181	41	4	4	X
fbem-23682	181	42	)	)	PUNCT
fbem-23682	181	43	show	show	VERB
fbem-23682	181	44	the	the	DET
fbem-23682	181	45	regression	regression	NOUN
fbem-23682	181	46	results	result	NOUN
fbem-23682	181	47	after	after	ADP
fbem-23682	181	48	taking	take	VERB
fbem-23682	181	49	ratedispprove	ratedispprove	VERB
fbem-23682	181	50	_	_	NOUN
fbem-23682	181	51	as	as	ADP
fbem-23682	181	52	explanatory	explanatory	ADJ
fbem-23682	181	53	variables	variable	NOUN
fbem-23682	181	54	,	,	PUNCT
fbem-23682	181	55	and	and	CCONJ
fbem-23682	181	56	the	the	DET
fbem-23682	181	57	coefficient	coefficient	NOUN
fbem-23682	181	58	is	be	AUX
fbem-23682	181	59	also	also	ADV
fbem-23682	181	60	significantly	significantly	ADV
fbem-23682	181	61	negative	negative	ADJ
fbem-23682	181	62	at	at	ADP
fbem-23682	181	63	the	the	DET
fbem-23682	181	64	level	level	NOUN
fbem-23682	181	65	of	of	ADP
fbem-23682	181	66	1	1	NUM
fbem-23682	181	67	%	%	NOUN
fbem-23682	181	68	in	in	ADP
fbem-23682	181	69	both	both	DET
fbem-23682	181	70	columns	column	NOUN
fbem-23682	181	71	of	of	ADP
fbem-23682	181	72	regression	regression	NOUN
fbem-23682	181	73	.	.	PUNCT
fbem-23682	182	1	the	the	DET
fbem-23682	182	2	results	result	NOUN
fbem-23682	182	3	show	show	VERB
fbem-23682	182	4	that	that	SCONJ
fbem-23682	182	5	the	the	DET
fbem-23682	182	6	negative	negative	ADJ
fbem-23682	182	7	correlation	correlation	NOUN
fbem-23682	182	8	between	between	ADP
fbem-23682	182	9	independent	independent	ADJ
fbem-23682	182	10	directors	director	NOUN
fbem-23682	182	11	'	'	PART
fbem-23682	182	12	dissenting	dissent	VERB
fbem-23682	182	13	opinions	opinion	NOUN
fbem-23682	182	14	and	and	CCONJ
fbem-23682	182	15	the	the	DET
fbem-23682	182	16	risk	risk	NOUN
fbem-23682	182	17	of	of	ADP
fbem-23682	182	18	stock	stock	NOUN
fbem-23682	182	19	price	price	NOUN
fbem-23682	182	20	crash	crash	NOUN
fbem-23682	182	21	is	be	AUX
fbem-23682	182	22	still	still	ADV
fbem-23682	182	23	valid	valid	ADJ
fbem-23682	182	24	even	even	ADV
fbem-23682	182	25	if	if	SCONJ
fbem-23682	182	26	the	the	DET
fbem-23682	182	27	measurement	measurement	NOUN
fbem-23682	182	28	method	method	NOUN
fbem-23682	182	29	of	of	ADP
fbem-23682	182	30	independent	independent	ADJ
fbem-23682	182	31	directors	director	NOUN
fbem-23682	182	32	'	'	PART
fbem-23682	182	33	dissenting	dissent	VERB
fbem-23682	182	34	opinions	opinion	NOUN
fbem-23682	182	35	is	be	AUX
fbem-23682	182	36	changed	change	VERB
fbem-23682	182	37	,	,	PUNCT
fbem-23682	182	38	which	which	PRON
fbem-23682	182	39	indicates	indicate	VERB
fbem-23682	182	40	that	that	SCONJ
fbem-23682	182	41	the	the	DET
fbem-23682	182	42	conclusion	conclusion	NOUN
fbem-23682	182	43	of	of	ADP
fbem-23682	182	44	this	this	DET
fbem-23682	182	45	paper	paper	NOUN
fbem-23682	182	46	is	be	AUX
fbem-23682	182	47	robust	robust	ADJ
fbem-23682	182	48	.	.	PUNCT
fbem-23682	183	1	4.2.2	4.2.2	X
fbem-23682	183	2	.	.	PUNCT
fbem-23682	183	3	replace	replace	VERB
fbem-23682	183	4	the	the	DET
fbem-23682	183	5	interpreted	interpret	VERB
fbem-23682	183	6	variable	variable	ADJ
fbem-23682	183	7	measure	measure	NOUN
fbem-23682	183	8	since	since	SCONJ
fbem-23682	183	9	the	the	DET
fbem-23682	183	10	risk	risk	NOUN
fbem-23682	183	11	of	of	ADP
fbem-23682	183	12	a	a	DET
fbem-23682	183	13	stock	stock	NOUN
fbem-23682	183	14	price	price	NOUN
fbem-23682	183	15	crash	crash	NOUN
fbem-23682	183	16	reflects	reflect	VERB
fbem-23682	183	17	the	the	DET
fbem-23682	183	18	concealment	concealment	NOUN
fbem-23682	183	19	of	of	ADP
fbem-23682	183	20	the	the	DET
fbem-23682	183	21	company	company	NOUN
fbem-23682	183	22	's	's	PART
fbem-23682	183	23	negative	negative	ADJ
fbem-23682	183	24	news	news	NOUN
fbem-23682	183	25	,	,	PUNCT
fbem-23682	183	26	it	it	PRON
fbem-23682	183	27	is	be	AUX
fbem-23682	183	28	essentially	essentially	ADV
fbem-23682	183	29	a	a	DET
fbem-23682	183	30	measure	measure	NOUN
fbem-23682	183	31	of	of	ADP
fbem-23682	183	32	the	the	DET
fbem-23682	183	33	information	information	NOUN
fbem-23682	183	34	content	content	NOUN
fbem-23682	183	35	of	of	ADP
fbem-23682	183	36	the	the	DET
fbem-23682	183	37	stock	stock	NOUN
fbem-23682	183	38	price	price	NOUN
fbem-23682	183	39	.	.	PUNCT
fbem-23682	184	1	another	another	DET
fbem-23682	184	2	common	common	ADJ
fbem-23682	184	3	measure	measure	NOUN
fbem-23682	184	4	of	of	ADP
fbem-23682	184	5	the	the	DET
fbem-23682	184	6	information	information	NOUN
fbem-23682	184	7	content	content	NOUN
fbem-23682	184	8	of	of	ADP
fbem-23682	184	9	stock	stock	NOUN
fbem-23682	184	10	price	price	NOUN
fbem-23682	184	11	is	be	AUX
fbem-23682	184	12	stock	stock	NOUN
fbem-23682	184	13	price	price	NOUN
fbem-23682	184	14	synchronicity	synchronicity	NOUN
fbem-23682	184	15	,	,	PUNCT
fbem-23682	184	16	so	so	SCONJ
fbem-23682	184	17	we	we	PRON
fbem-23682	184	18	use	use	VERB
fbem-23682	184	19	stock	stock	NOUN
fbem-23682	184	20	price	price	NOUN
fbem-23682	184	21	synchronicity	synchronicity	NOUN
fbem-23682	184	22	as	as	ADP
fbem-23682	184	23	an	an	DET
fbem-23682	184	24	alternative	alternative	ADJ
fbem-23682	184	25	measure	measure	NOUN
fbem-23682	184	26	of	of	ADP
fbem-23682	184	27	the	the	DET
fbem-23682	184	28	explained	explain	VERB
fbem-23682	184	29	variable	variable	NOUN
fbem-23682	184	30	.	.	PUNCT
fbem-23682	185	1	therefore	therefore	ADV
fbem-23682	185	2	,	,	PUNCT
fbem-23682	185	3	we	we	PRON
fbem-23682	185	4	replace	replace	VERB
fbem-23682	185	5	the	the	DET
fbem-23682	185	6	explained	explain	VERB
fbem-23682	185	7	variable	variable	NOUN
fbem-23682	185	8	of	of	ADP
fbem-23682	185	9	model	model	NOUN
fbem-23682	185	10	(	(	PUNCT
fbem-23682	185	11	1	1	NUM
fbem-23682	185	12	)	)	PUNCT
fbem-23682	185	13	with	with	ADP
fbem-23682	185	14	1synch	1synch	NUM
fbem-23682	185	15	and	and	CCONJ
fbem-23682	185	16	2synch	2synch	NUM
fbem-23682	185	17	for	for	ADP
fbem-23682	185	18	regression	regression	NOUN
fbem-23682	185	19	.	.	PUNCT
fbem-23682	186	1	1synch	1synch	NUM
fbem-23682	186	2	referring	refer	VERB
fbem-23682	186	3	to	to	ADP
fbem-23682	186	4	the	the	DET
fbem-23682	186	5	measurement	measurement	NOUN
fbem-23682	186	6	method	method	NOUN
fbem-23682	186	7	of	of	ADP
fbem-23682	186	8	zhou	zhou	PROPN
fbem-23682	186	9	linjie	linjie	PROPN
fbem-23682	186	10	(	(	PUNCT
fbem-23682	186	11	2014	2014	NUM
fbem-23682	186	12	)	)	PUNCT
fbem-23682	186	13	stock	stock	NOUN
fbem-23682	186	14	price	price	NOUN
fbem-23682	186	15	synchronicity	synchronicity	NOUN
fbem-23682	186	16	,	,	PUNCT
fbem-23682	186	17	the	the	DET
fbem-23682	186	18	model	model	NOUN
fbem-23682	186	19	is	be	AUX
fbem-23682	186	20	as	as	SCONJ
fbem-23682	186	21	follows	follow	VERB
fbem-23682	186	22	:	:	PUNCT
fbem-23682	186	23	first	first	ADV
fbem-23682	186	24	,	,	PUNCT
fbem-23682	186	25	a	a	DET
fbem-23682	186	26	measurement	measurement	NOUN
fbem-23682	186	27	model	model	NOUN
fbem-23682	186	28	of	of	ADP
fbem-23682	186	29	2	2	NUM
fbem-23682	186	30	r	r	NOUN
fbem-23682	186	31	is	be	AUX
fbem-23682	186	32	established	establish	VERB
fbem-23682	186	33	according	accord	VERB
fbem-23682	186	34	to	to	ADP
fbem-23682	186	35	the	the	DET
fbem-23682	186	36	methods	method	NOUN
fbem-23682	186	37	of	of	ADP
fbem-23682	186	38	morck	morck	PROPN
fbem-23682	186	39	er	er	INTJ
fbem-23682	186	40	al	al	PROPN
fbem-23682	186	41	.	.	PROPN
fbem-23682	187	1	(	(	PUNCT
fbem-23682	187	2	2000	2000	NUM
fbem-23682	187	3	)	)	PUNCT
fbem-23682	187	4	and	and	CCONJ
fbem-23682	187	5	durnev	durnev	NOUN
fbem-23682	187	6	et	et	PROPN
fbem-23682	187	7	al	al	PROPN
fbem-23682	187	8	.	.	PUNCT
fbem-23682	188	1	(	(	PUNCT
fbem-23682	188	2	2003	2003	NUM
fbem-23682	188	3	)	)	PUNCT
fbem-23682	188	4	.	.	PUNCT
fbem-23682	189	1	the	the	DET
fbem-23682	189	2	regression	regression	NOUN
fbem-23682	189	3	equation	equation	NOUN
fbem-23682	189	4	of	of	ADP
fbem-23682	189	5	each	each	DET
fbem-23682	189	6	company	company	NOUN
fbem-23682	189	7	is	be	AUX
fbem-23682	189	8	as	as	SCONJ
fbem-23682	189	9	follows	follow	VERB
fbem-23682	189	10	:	:	PUNCT
fbem-23682	189	11	twjtwitjtwmtjtjtwj	twjtwitjtwmtjtjtwj	ADJ
fbem-23682	189	12	rrr	rrr	NOUN
fbem-23682	189	13	,	,	PUNCT
fbem-23682	189	14	,	,	PUNCT
fbem-23682	189	15	,	,	PUNCT
fbem-23682	189	16	,	,	PUNCT
fbem-23682	189	17	,	,	PUNCT
fbem-23682	189	18	,	,	PUNCT
fbem-23682	189	19	,	,	PUNCT
fbem-23682	189	20	,	,	PUNCT
fbem-23682	189	21	,	,	PUNCT
fbem-23682	189	22	,	,	PUNCT
fbem-23682	189	23	,	,	PUNCT
fbem-23682	189	24			NOUN
fbem-23682	189	25	+	+	PROPN
fbem-23682	189	26	+	+	ADJ
fbem-23682	189	27	+	+	NOUN
fbem-23682	189	28	=	=	X
fbem-23682	189	29	(	(	PUNCT
fbem-23682	189	30	5	5	NUM
fbem-23682	189	31	)	)	PUNCT
fbem-23682	189	32	twj	twj	NOUN
fbem-23682	189	33	r	r	NOUN
fbem-23682	189	34	,	,	PUNCT
fbem-23682	189	35	,	,	PUNCT
fbem-23682	189	36	is	be	AUX
fbem-23682	189	37	the	the	DET
fbem-23682	189	38	j	j	PROPN
fbem-23682	189	39	company	company	NOUN
fbem-23682	189	40	's	's	PART
fbem-23682	189	41	total	total	ADJ
fbem-23682	189	42	revenue	revenue	NOUN
fbem-23682	189	43	for	for	ADP
fbem-23682	189	44	the	the	DET
fbem-23682	189	45	w	w	NOUN
fbem-23682	189	46	week	week	NOUN
fbem-23682	189	47	of	of	ADP
fbem-23682	189	48	the	the	DET
fbem-23682	189	49	t	t	PROPN
fbem-23682	189	50	fiscal	fiscal	ADJ
fbem-23682	189	51	year	year	NOUN
fbem-23682	189	52	,	,	PUNCT
fbem-23682	189	53	twm	twm	ADJ
fbem-23682	189	54	r	r	NOUN
fbem-23682	189	55	,	,	PUNCT
fbem-23682	189	56	,	,	PUNCT
fbem-23682	189	57	is	be	AUX
fbem-23682	189	58	the	the	DET
fbem-23682	189	59	market	market	NOUN
fbem-23682	189	60	revenue	revenue	NOUN
fbem-23682	189	61	for	for	ADP
fbem-23682	189	62	the	the	DET
fbem-23682	189	63	w	w	NOUN
fbem-23682	189	64	week	week	NOUN
fbem-23682	189	65	of	of	ADP
fbem-23682	189	66	the	the	DET
fbem-23682	189	67	t	t	PROPN
fbem-23682	189	68	fiscal	fiscal	ADJ
fbem-23682	189	69	year	year	NOUN
fbem-23682	189	70	,	,	PUNCT
fbem-23682	189	71	and	and	CCONJ
fbem-23682	189	72	twi	twi	VERB
fbem-23682	189	73	r	r	NOUN
fbem-23682	189	74	,	,	PUNCT
fbem-23682	189	75	,	,	PUNCT
fbem-23682	189	76	is	be	AUX
fbem-23682	189	77	the	the	DET
fbem-23682	189	78	industry	industry	NOUN
fbem-23682	189	79	's	's	PART
fbem-23682	189	80	revenue	revenue	NOUN
fbem-23682	189	81	for	for	ADP
fbem-23682	189	82	the	the	DET
fbem-23682	189	83	w	w	NOUN
fbem-23682	189	84	week	week	NOUN
fbem-23682	189	85	of	of	ADP
fbem-23682	189	86	the	the	DET
fbem-23682	189	87	t	t	PROPN
fbem-23682	189	88	fiscal	fiscal	ADJ
fbem-23682	189	89	year	year	NOUN
fbem-23682	189	90	based	base	VERB
fbem-23682	189	91	on	on	ADP
fbem-23682	189	92	the	the	DET
fbem-23682	189	93	shenwan	shenwan	NOUN
fbem-23682	189	94	level	level	NOUN
fbem-23682	189	95	1	1	NUM
fbem-23682	189	96	industry	industry	NOUN
fbem-23682	189	97	index	index	NOUN
fbem-23682	189	98	.	.	PUNCT
fbem-23682	190	1	among	among	ADP
fbem-23682	190	2	them	they	PRON
fbem-23682	190	3	,	,	PUNCT
fbem-23682	190	4	market	market	NOUN
fbem-23682	190	5	revenue	revenue	NOUN
fbem-23682	190	6	and	and	CCONJ
fbem-23682	190	7	industry	industry	NOUN
fbem-23682	190	8	revenue	revenue	NOUN
fbem-23682	190	9	are	be	AUX
fbem-23682	190	10	the	the	DET
fbem-23682	190	11	weighted	weight	VERB
fbem-23682	190	12	average	average	NOUN
fbem-23682	190	13	after	after	ADP
fbem-23682	190	14	excluding	exclude	VERB
fbem-23682	190	15	companies	company	NOUN
fbem-23682	190	16	(	(	PUNCT
fbem-23682	190	17	market	market	NOUN
fbem-23682	190	18	revenue	revenue	NOUN
fbem-23682	190	19	is	be	AUX
fbem-23682	190	20	calculated	calculate	VERB
fbem-23682	190	21	by	by	ADP
fbem-23682	190	22	a	a	DET
fbem-23682	190	23	similar	similar	ADJ
fbem-23682	190	24	method	method	NOUN
fbem-23682	190	25	)	)	PUNCT
fbem-23682	190	26	,	,	PUNCT
fbem-23682	190	27	and	and	CCONJ
fbem-23682	190	28	industry	industry	NOUN
fbem-23682	190	29	revenue	revenue	NOUN
fbem-23682	190	30	is	be	AUX
fbem-23682	190	31	calculated	calculate	VERB
fbem-23682	190	32	as	as	SCONJ
fbem-23682	190	33	follows	follow	VERB
fbem-23682	190	34	:	:	PUNCT
fbem-23682	190	35	236	236	NUM
fbem-23682	190	36	1	1	NUM
fbem-23682	190	37	)	)	PUNCT
fbem-23682	190	38	(	(	PUNCT
fbem-23682	190	39	,	,	PUNCT
fbem-23682	190	40	,	,	PUNCT
fbem-23682	190	41	,	,	PUNCT
fbem-23682	190	42	,	,	PUNCT
fbem-23682	190	43	,	,	PUNCT
fbem-23682	190	44	,	,	PUNCT
fbem-23682	190	45	,	,	PUNCT
fbem-23682	190	46	,	,	PUNCT
fbem-23682	190	47	,	,	PUNCT
fbem-23682	190	48	,	,	PUNCT
fbem-23682	190	49	,	,	PUNCT
fbem-23682	190	50	−	−	PROPN
fbem-23682	190	51	−	−	PROPN
fbem-23682	190	52	=	=	SYM
fbem-23682	190	53			PROPN
fbem-23682	190	54			NOUN
fbem-23682	190	55	wi	wi	PROPN
fbem-23682	190	56	ik	ik	PROPN
fbem-23682	190	57	twjtwjtwktwk	twjtwjtwktwk	PROPN
fbem-23682	190	58	twi	twi	PROPN
fbem-23682	190	59	j	j	PROPN
fbem-23682	190	60	rwrw	rwrw	PROPN
fbem-23682	190	61	r	r	NOUN
fbem-23682	190	62	(	(	PUNCT
fbem-23682	190	63	6	6	NUM
fbem-23682	190	64	)	)	PUNCT
fbem-23682	190	65	twk	twk	NOUN
fbem-23682	190	66	w	w	NOUN
fbem-23682	190	67	,	,	PUNCT
fbem-23682	190	68	,	,	PUNCT
fbem-23682	190	69	is	be	AUX
fbem-23682	190	70	the	the	DET
fbem-23682	190	71	market	market	NOUN
fbem-23682	190	72	value	value	NOUN
fbem-23682	190	73	weight	weight	NOUN
fbem-23682	190	74	of	of	ADP
fbem-23682	190	75	the	the	DET
fbem-23682	190	76	j	j	PROPN
fbem-23682	190	77	companies	company	NOUN
fbem-23682	190	78	in	in	ADP
fbem-23682	190	79	the	the	DET
fbem-23682	190	80	industry	industry	NOUN
fbem-23682	190	81	in	in	ADP
fbem-23682	190	82	the	the	DET
fbem-23682	190	83	w	w	NOUN
fbem-23682	190	84	week	week	NOUN
fbem-23682	190	85	of	of	ADP
fbem-23682	190	86	the	the	DET
fbem-23682	190	87	t	t	PROPN
fbem-23682	190	88	fiscal	fiscal	ADJ
fbem-23682	190	89	year	year	NOUN
fbem-23682	190	90	,	,	PUNCT
fbem-23682	190	91	and	and	CCONJ
fbem-23682	190	92	wi	wi	PROPN
fbem-23682	190	93	j	j	PROPN
fbem-23682	190	94	,	,	PUNCT
fbem-23682	190	95	is	be	AUX
fbem-23682	190	96	the	the	DET
fbem-23682	190	97	number	number	NOUN
fbem-23682	190	98	of	of	ADP
fbem-23682	190	99	companies	company	NOUN
fbem-23682	190	100	in	in	ADP
fbem-23682	190	101	the	the	DET
fbem-23682	190	102	i	i	PROPN
fbem-23682	190	103	industry	industry	NOUN
fbem-23682	190	104	in	in	ADP
fbem-23682	190	105	the	the	DET
fbem-23682	190	106	w	w	NOUN
fbem-23682	190	107	week	week	NOUN
fbem-23682	190	108	.	.	PUNCT
fbem-23682	191	1	finally	finally	ADV
fbem-23682	191	2	,	,	PUNCT
fbem-23682	191	3	the	the	DET
fbem-23682	191	4	stock	stock	NOUN
fbem-23682	191	5	price	price	NOUN
fbem-23682	191	6	synchronicity	synchronicity	NOUN
fbem-23682	191	7	(	(	PUNCT
fbem-23682	191	8	1synch	1synch	NUM
fbem-23682	191	9	)	)	PUNCT
fbem-23682	191	10	is	be	AUX
fbem-23682	191	11	defined	define	VERB
fbem-23682	191	12	as	as	SCONJ
fbem-23682	191	13	follows	follow	VERB
fbem-23682	191	14	:	:	PUNCT
fbem-23682	191	15	)	)	PUNCT
fbem-23682	191	16	1	1	NUM
fbem-23682	191	17	log(1	log(1	NOUN
fbem-23682	191	18	2	2	NUM
fbem-23682	191	19	,	,	PUNCT
fbem-23682	191	20	,	,	PUNCT
fbem-23682	191	21	2	2	NUM
fbem-23682	191	22	,	,	PUNCT
fbem-23682	191	23	,	,	PUNCT
fbem-23682	191	24	tjadj	tjadj	NOUN
fbem-23682	191	25	tjadj	tjadj	NOUN
fbem-23682	191	26	r	r	NOUN
fbem-23682	191	27	r	r	NOUN
fbem-23682	191	28	synch	synch	NOUN
fbem-23682	191	29	−	−	PROPN
fbem-23682	191	30	=	=	SYM
fbem-23682	191	31	(	(	PUNCT
fbem-23682	191	32	7	7	NUM
fbem-23682	191	33	)	)	PUNCT
fbem-23682	191	34	among	among	ADP
fbem-23682	191	35	them	they	PRON
fbem-23682	191	36	,	,	PUNCT
fbem-23682	191	37	2	2	NUM
fbem-23682	191	38	,	,	PUNCT
fbem-23682	191	39	,	,	PUNCT
fbem-23682	191	40	tjadj	tjadj	NOUN
fbem-23682	191	41	r	r	NOUN
fbem-23682	191	42	is	be	AUX
fbem-23682	191	43	the	the	DET
fbem-23682	191	44	adjusted	adjust	VERB
fbem-23682	191	45	2r	2r	NUM
fbem-23682	191	46	value	value	NOUN
fbem-23682	191	47	obtained	obtain	VERB
fbem-23682	191	48	by	by	ADP
fbem-23682	191	49	the	the	DET
fbem-23682	191	50	company	company	NOUN
fbem-23682	191	51	after	after	ADP
fbem-23682	191	52	regression	regression	NOUN
fbem-23682	191	53	with	with	ADP
fbem-23682	191	54	the	the	DET
fbem-23682	191	55	model	model	NOUN
fbem-23682	191	56	in	in	ADP
fbem-23682	191	57	the	the	DET
fbem-23682	191	58	fiscal	fiscal	ADJ
fbem-23682	191	59	year	year	NOUN
fbem-23682	191	60	.	.	PUNCT
fbem-23682	192	1	2synch	2synch	NUM
fbem-23682	192	2	referring	refer	VERB
fbem-23682	192	3	to	to	ADP
fbem-23682	192	4	the	the	DET
fbem-23682	192	5	measurement	measurement	NOUN
fbem-23682	192	6	method	method	NOUN
fbem-23682	192	7	of	of	ADP
fbem-23682	192	8	stock	stock	NOUN
fbem-23682	192	9	price	price	NOUN
fbem-23682	192	10	synchronicity	synchronicity	NOUN
fbem-23682	192	11	of	of	ADP
fbem-23682	192	12	yizhihong	yizhihong	NOUN
fbem-23682	192	13	et	et	PROPN
fbem-23682	192	14	al	al	PROPN
fbem-23682	192	15	.	.	PUNCT
fbem-23682	193	1	(	(	PUNCT
fbem-23682	193	2	2018	2018	NUM
fbem-23682	193	3	)	)	PUNCT
fbem-23682	193	4	,	,	PUNCT
fbem-23682	193	5	the	the	DET
fbem-23682	193	6	model	model	NOUN
fbem-23682	193	7	is	be	AUX
fbem-23682	193	8	as	as	SCONJ
fbem-23682	193	9	follows	follow	VERB
fbem-23682	193	10	:	:	PUNCT
fbem-23682	193	11	first	first	ADV
fbem-23682	193	12	,	,	PUNCT
fbem-23682	193	13	calculate	calculate	VERB
fbem-23682	193	14	the	the	DET
fbem-23682	193	15	weekly	weekly	ADJ
fbem-23682	193	16	earnings	earning	NOUN
fbem-23682	193	17	data	datum	NOUN
fbem-23682	193	18	for	for	ADP
fbem-23682	193	19	the	the	DET
fbem-23682	193	20	stock	stock	NOUN
fbem-23682	194	1	i	i	PRON
fbem-23682	194	2	:	:	PUNCT
fbem-23682	194	3	twitwitwitwmtwmtwi	twitwitwitwmtwmtwi	ADJ
fbem-23682	194	4	rrrrr	rrrrr	NOUN
fbem-23682	194	5	,	,	PUNCT
fbem-23682	194	6	,	,	PUNCT
fbem-23682	194	7	,	,	PUNCT
fbem-23682	194	8	1,4,,3,1,2,,10	1,4,,3,1,2,,10	NUM
fbem-23682	194	9	,	,	PUNCT
fbem-23682	194	10	,	,	PUNCT
fbem-23682	194	11			PROPN
fbem-23682	194	12	+	+	ADJ
fbem-23682	194	13	+	+	ADJ
fbem-23682	194	14	+	+	ADJ
fbem-23682	194	15	+	+	ADJ
fbem-23682	194	16	+	+	ADJ
fbem-23682	194	17	=	=	ADJ
fbem-23682	194	18	−−	−−	NOUN
fbem-23682	194	19	(	(	PUNCT
fbem-23682	194	20	8)	8)	NUM
fbem-23682	194	21	among	among	ADP
fbem-23682	194	22	them	they	PRON
fbem-23682	194	23	,	,	PUNCT
fbem-23682	194	24	twir	twir	PROPN
fbem-23682	194	25	,	,	PUNCT
fbem-23682	194	26	,	,	PUNCT
fbem-23682	194	27	is	be	AUX
fbem-23682	194	28	the	the	DET
fbem-23682	194	29	return	return	NOUN
fbem-23682	194	30	rate	rate	NOUN
fbem-23682	194	31	of	of	ADP
fbem-23682	194	32	the	the	DET
fbem-23682	194	33	i	i	PROPN
fbem-23682	194	34	company	company	NOUN
fbem-23682	194	35	after	after	ADP
fbem-23682	194	36	considering	consider	VERB
fbem-23682	194	37	the	the	DET
fbem-23682	194	38	reinvestment	reinvestment	NOUN
fbem-23682	194	39	of	of	ADP
fbem-23682	194	40	the	the	DET
fbem-23682	194	41	cash	cash	NOUN
fbem-23682	194	42	dividend	dividend	NOUN
fbem-23682	194	43	in	in	ADP
fbem-23682	194	44	the	the	DET
fbem-23682	194	45	w	w	NOUN
fbem-23682	194	46	week	week	NOUN
fbem-23682	194	47	;	;	PUNCT
fbem-23682	194	48	twmr	twmr	NOUN
fbem-23682	194	49	,	,	PUNCT
fbem-23682	194	50	,	,	PUNCT
fbem-23682	194	51	is	be	AUX
fbem-23682	194	52	the	the	DET
fbem-23682	194	53	market	market	NOUN
fbem-23682	194	54	's	's	PART
fbem-23682	194	55	weighted	weighted	ADJ
fbem-23682	194	56	average	average	NOUN
fbem-23682	194	57	of	of	ADP
fbem-23682	194	58	all	all	DET
fbem-23682	194	59	companies	company	NOUN
fbem-23682	194	60	'	'	PART
fbem-23682	194	61	market	market	NOUN
fbem-23682	194	62	capitalisation	capitalisation	NOUN
fbem-23682	194	63	yields	yield	NOUN
fbem-23682	194	64	in	in	ADP
fbem-23682	194	65	the	the	DET
fbem-23682	194	66	w	w	NOUN
fbem-23682	194	67	week	week	NOUN
fbem-23682	194	68	of	of	ADP
fbem-23682	194	69	the	the	DET
fbem-23682	194	70	t	t	NOUN
fbem-23682	194	71	year	year	NOUN
fbem-23682	194	72	;	;	PUNCT
fbem-23682	194	73	all	all	DET
fbem-23682	194	74	twir	twir	NOUN
fbem-23682	194	75	,	,	PUNCT
fbem-23682	194	76	,	,	PUNCT
fbem-23682	194	77	is	be	AUX
fbem-23682	194	78	the	the	DET
fbem-23682	194	79	rate	rate	NOUN
fbem-23682	194	80	of	of	ADP
fbem-23682	194	81	return	return	NOUN
fbem-23682	194	82	after	after	ADP
fbem-23682	194	83	excluding	exclude	VERB
fbem-23682	194	84	shares	share	NOUN
fbem-23682	194	85	for	for	ADP
fbem-23682	194	86	the	the	DET
fbem-23682	194	87	industry	industry	NOUN
fbem-23682	194	88	in	in	ADP
fbem-23682	194	89	which	which	PRON
fbem-23682	194	90	the	the	DET
fbem-23682	194	91	i	i	PROPN
fbem-23682	194	92	company	company	NOUN
fbem-23682	194	93	is	be	AUX
fbem-23682	194	94	located	locate	VERB
fbem-23682	194	95	,	,	PUNCT
fbem-23682	194	96	weighted	weight	VERB
fbem-23682	194	97	by	by	ADP
fbem-23682	194	98	the	the	DET
fbem-23682	194	99	market	market	NOUN
fbem-23682	194	100	value	value	NOUN
fbem-23682	194	101	in	in	ADP
fbem-23682	194	102	circulation	circulation	NOUN
fbem-23682	194	103	of	of	ADP
fbem-23682	194	104	the	the	DET
fbem-23682	194	105	other	other	ADJ
fbem-23682	194	106	companies	company	NOUN
fbem-23682	194	107	.	.	PUNCT
fbem-23682	195	1	finally	finally	ADV
fbem-23682	195	2	,	,	PUNCT
fbem-23682	195	3	define	define	VERB
fbem-23682	195	4	the	the	DET
fbem-23682	195	5	stock	stock	NOUN
fbem-23682	195	6	price	price	NOUN
fbem-23682	195	7	synchronicity	synchronicity	NOUN
fbem-23682	195	8	(	(	PUNCT
fbem-23682	195	9	2synch	2synch	NUM
fbem-23682	195	10	):	):	PUNCT
fbem-23682	195	11	)	)	PUNCT
fbem-23682	195	12	1	1	NUM
fbem-23682	196	1	ln(2	ln(2	PROPN
fbem-23682	196	2	2	2	NUM
fbem-23682	196	3	,	,	PUNCT
fbem-23682	196	4	2	2	NUM
fbem-23682	196	5	,	,	PUNCT
fbem-23682	196	6	,	,	PUNCT
fbem-23682	196	7	ti	ti	NOUN
fbem-23682	196	8	ti	ti	NOUN
fbem-23682	196	9	ti	ti	NOUN
fbem-23682	196	10	r	r	NOUN
fbem-23682	196	11	r	r	NOUN
fbem-23682	196	12	synch	synch	NOUN
fbem-23682	196	13	−	−	PROPN
fbem-23682	196	14	=	=	SYM
fbem-23682	196	15	(	(	PUNCT
fbem-23682	196	16	9	9	NUM
fbem-23682	196	17	)	)	PUNCT
fbem-23682	196	18	among	among	ADP
fbem-23682	196	19	them	they	PRON
fbem-23682	196	20	,	,	PUNCT
fbem-23682	196	21	2	2	NUM
fbem-23682	196	22	,	,	PUNCT
fbem-23682	196	23	ti	ti	NOUN
fbem-23682	196	24	r	r	NOUN
fbem-23682	196	25	is	be	AUX
fbem-23682	196	26	the	the	DET
fbem-23682	196	27	value	value	NOUN
fbem-23682	196	28	obtained	obtain	VERB
fbem-23682	196	29	by	by	ADP
fbem-23682	196	30	regression	regression	NOUN
fbem-23682	196	31	of	of	ADP
fbem-23682	196	32	the	the	DET
fbem-23682	196	33	model	model	NOUN
fbem-23682	196	34	in	in	ADP
fbem-23682	196	35	the	the	DET
fbem-23682	196	36	t	t	PROPN
fbem-23682	196	37	fiscal	fiscal	ADJ
fbem-23682	196	38	year	year	NOUN
fbem-23682	196	39	of	of	ADP
fbem-23682	196	40	the	the	DET
fbem-23682	196	41	i	i	PROPN
fbem-23682	196	42	company	company	NOUN
fbem-23682	196	43	.	.	PUNCT
fbem-23682	197	1	table	table	NOUN
fbem-23682	197	2	5	5	NUM
fbem-23682	197	3	.	.	PUNCT
fbem-23682	197	4	replace	replace	VERB
fbem-23682	197	5	the	the	DET
fbem-23682	197	6	interpreted	interpret	VERB
fbem-23682	197	7	variable	variable	ADJ
fbem-23682	197	8	measure	measure	NOUN
fbem-23682	197	9	(	(	PUNCT
fbem-23682	197	10	1	1	NUM
fbem-23682	197	11	)	)	PUNCT
fbem-23682	197	12	(	(	PUNCT
fbem-23682	197	13	2	2	X
fbem-23682	197	14	)	)	PUNCT
fbem-23682	197	15	variable	variable	NOUN
fbem-23682	197	16	1synch	1synch	NUM
fbem-23682	197	17	2synch	2synch	NUM
fbem-23682	197	18	t	t	PROPN
fbem-23682	197	19	dispprove	dispprove	NOUN
fbem-23682	197	20	-0.141	-0.141	PUNCT
fbem-23682	197	21	*	*	PUNCT
fbem-23682	197	22	*	*	PUNCT
fbem-23682	197	23	*	*	PUNCT
fbem-23682	197	24	-0.130	-0.130	PUNCT
fbem-23682	197	25	*	*	PUNCT
fbem-23682	197	26	*	*	PUNCT
fbem-23682	197	27	*	*	PUNCT
fbem-23682	197	28	(	(	PUNCT
fbem-23682	197	29	-3.928	-3.928	NUM
fbem-23682	197	30	)	)	PUNCT
fbem-23682	197	31	(	(	PUNCT
fbem-23682	197	32	-4.162	-4.162	NOUN
fbem-23682	197	33	)	)	PUNCT
fbem-23682	197	34	t	t	NOUN
fbem-23682	197	35	size	size	NOUN
fbem-23682	197	36	0.251	0.251	NUM
fbem-23682	197	37	*	*	PUNCT
fbem-23682	197	38	*	*	PUNCT
fbem-23682	197	39	*	*	PUNCT
fbem-23682	197	40	0.222	0.222	NUM
fbem-23682	197	41	*	*	NOUN
fbem-23682	197	42	*	*	PUNCT
fbem-23682	197	43	*	*	PUNCT
fbem-23682	197	44	(	(	PUNCT
fbem-23682	197	45	17.824	17.824	NUM
fbem-23682	197	46	)	)	PUNCT
fbem-23682	197	47	(	(	PUNCT
fbem-23682	197	48	17.828	17.828	NUM
fbem-23682	197	49	)	)	PUNCT
fbem-23682	197	50	t	t	NOUN
fbem-23682	197	51	lev	lev	NOUN
fbem-23682	197	52	-0.499	-0.499	PROPN
fbem-23682	197	53	*	*	PUNCT
fbem-23682	197	54	*	*	PUNCT
fbem-23682	197	55	*	*	PUNCT
fbem-23682	197	56	-0.445	-0.445	NOUN
fbem-23682	197	57	*	*	PUNCT
fbem-23682	197	58	*	*	PUNCT
fbem-23682	197	59	*	*	PUNCT
fbem-23682	197	60	(	(	PUNCT
fbem-23682	197	61	-8.924	-8.924	NOUN
fbem-23682	197	62	)	)	PUNCT
fbem-23682	197	63	(	(	PUNCT
fbem-23682	197	64	-9.175	-9.175	X
fbem-23682	197	65	)	)	PUNCT
fbem-23682	197	66	t	t	PROPN
fbem-23682	197	67	roa	roa	PROPN
fbem-23682	197	68	-0.447	-0.447	NOUN
fbem-23682	197	69	*	*	PUNCT
fbem-23682	197	70	*	*	PUNCT
fbem-23682	197	71	*	*	PUNCT
fbem-23682	197	72	-0.379	-0.379	PROPN
fbem-23682	197	73	*	*	PUNCT
fbem-23682	197	74	*	*	PUNCT
fbem-23682	197	75	*	*	PUNCT
fbem-23682	197	76	(	(	PUNCT
fbem-23682	197	77	-4.039	-4.039	NOUN
fbem-23682	197	78	)	)	PUNCT
fbem-23682	197	79	(	(	PUNCT
fbem-23682	197	80	-3.928	-3.928	X
fbem-23682	197	81	)	)	PUNCT
fbem-23682	197	82	t	t	PROPN
fbem-23682	197	83	top1	top1	PROPN
fbem-23682	197	84	0.000	0.000	NUM
fbem-23682	197	85	0.000	0.000	NUM
fbem-23682	197	86	(	(	PUNCT
fbem-23682	197	87	0.333	0.333	NUM
fbem-23682	197	88	)	)	PUNCT
fbem-23682	197	89	(	(	PUNCT
fbem-23682	197	90	0.148	0.148	NUM
fbem-23682	197	91	)	)	PUNCT
fbem-23682	197	92	t	t	NOUN
fbem-23682	197	93	growth	growth	NOUN
fbem-23682	197	94	-0.028	-0.028	NOUN
fbem-23682	197	95	*	*	PUNCT
fbem-23682	197	96	*	*	PUNCT
fbem-23682	197	97	*	*	PUNCT
fbem-23682	197	98	-0.024	-0.024	PUNCT
fbem-23682	197	99	*	*	PUNCT
fbem-23682	197	100	*	*	PUNCT
fbem-23682	197	101	*	*	PUNCT
fbem-23682	197	102	(	(	PUNCT
fbem-23682	197	103	-4.361	-4.361	NOUN
fbem-23682	197	104	)	)	PUNCT
fbem-23682	197	105	(	(	PUNCT
fbem-23682	197	106	-4.196	-4.196	NOUN
fbem-23682	197	107	)	)	PUNCT
fbem-23682	197	108	t	t	NOUN
fbem-23682	197	109	liqasset	liqasset	VERB
fbem-23682	197	110	-0.028	-0.028	PUNCT
fbem-23682	197	111	-0.019	-0.019	PUNCT
fbem-23682	197	112	(	(	PUNCT
fbem-23682	197	113	-0.514	-0.514	X
fbem-23682	197	114	)	)	PUNCT
fbem-23682	197	115	(	(	PUNCT
fbem-23682	197	116	-0.393	-0.393	NOUN
fbem-23682	197	117	)	)	PUNCT
fbem-23682	197	118	t	t	NOUN
fbem-23682	197	119	cash	cash	NOUN
fbem-23682	197	120	-0.073	-0.073	PUNCT
fbem-23682	198	1	-0.072	-0.072	NOUN
fbem-23682	198	2	(	(	PUNCT
fbem-23682	198	3	-0.869	-0.869	NUM
fbem-23682	198	4	)	)	PUNCT
fbem-23682	198	5	(	(	PUNCT
fbem-23682	198	6	-0.969	-0.969	NOUN
fbem-23682	198	7	)	)	PUNCT
fbem-23682	198	8	t	t	PROPN
fbem-23682	198	9	soe	soe	PROPN
fbem-23682	199	1	-0.046	-0.046	PROPN
fbem-23682	199	2	-0.041	-0.041	PUNCT
fbem-23682	199	3	(	(	PUNCT
fbem-23682	199	4	-1.392	-1.392	ADJ
fbem-23682	199	5	)	)	PUNCT
fbem-23682	199	6	(	(	PUNCT
fbem-23682	199	7	-1.393	-1.393	NOUN
fbem-23682	199	8	)	)	PUNCT
fbem-23682	199	9	t	t	NOUN
fbem-23682	199	10	age	age	NOUN
fbem-23682	199	11	-0.020	-0.020	VERB
fbem-23682	199	12	0.003	0.003	NUM
fbem-23682	199	13	(	(	PUNCT
fbem-23682	199	14	-0.213	-0.213	NUM
fbem-23682	199	15	)	)	PUNCT
fbem-23682	199	16	(	(	PUNCT
fbem-23682	199	17	0.036	0.036	X
fbem-23682	199	18	)	)	PUNCT
fbem-23682	199	19	t	t	NOUN
fbem-23682	199	20	dual	dual	ADJ
fbem-23682	199	21	-0.003	-0.003	PROPN
fbem-23682	199	22	-0.004	-0.004	PUNCT
fbem-23682	199	23	(	(	PUNCT
fbem-23682	199	24	-0.157	-0.157	NOUN
fbem-23682	199	25	)	)	PUNCT
fbem-23682	199	26	(	(	PUNCT
fbem-23682	199	27	-0.254	-0.254	X
fbem-23682	199	28	)	)	PUNCT
fbem-23682	199	29	t	t	PROPN
fbem-23682	199	30	big4	big4	PROPN
fbem-23682	199	31	0.046	0.046	NUM
fbem-23682	199	32	0.038	0.038	NUM
fbem-23682	199	33	(	(	PUNCT
fbem-23682	199	34	0.843	0.843	NUM
fbem-23682	199	35	)	)	PUNCT
fbem-23682	199	36	(	(	PUNCT
fbem-23682	199	37	0.751	0.751	NUM
fbem-23682	199	38	)	)	PUNCT
fbem-23682	200	1	t	t	NOUN
fbem-23682	200	2	analysts	analyst	NOUN
fbem-23682	200	3	-0.015	-0.015	PUNCT
fbem-23682	200	4	*	*	PUNCT
fbem-23682	200	5	*	*	PUNCT
fbem-23682	200	6	-0.017	-0.017	PROPN
fbem-23682	200	7	*	*	NOUN
fbem-23682	200	8	*	*	PUNCT
fbem-23682	200	9	(	(	PUNCT
fbem-23682	200	10	-1.969	-1.969	NOUN
fbem-23682	200	11	)	)	PUNCT
fbem-23682	200	12	(	(	PUNCT
fbem-23682	200	13	-2.431	-2.431	X
fbem-23682	200	14	)	)	PUNCT
fbem-23682	200	15	constant	constant	ADJ
fbem-23682	200	16	term	term	NOUN
fbem-23682	200	17	-5.435	-5.435	PUNCT
fbem-23682	200	18	*	*	PUNCT
fbem-23682	200	19	*	*	PUNCT
fbem-23682	200	20	*	*	PUNCT
fbem-23682	200	21	-4.755	-4.755	PUNCT
fbem-23682	200	22	*	*	PUNCT
fbem-23682	200	23	*	*	PUNCT
fbem-23682	200	24	*	*	PUNCT
fbem-23682	200	25	(	(	PUNCT
fbem-23682	200	26	-15.015	-15.015	INTJ
fbem-23682	200	27	)	)	PUNCT
fbem-23682	200	28	(	(	PUNCT
fbem-23682	200	29	-14.683	-14.683	NOUN
fbem-23682	200	30	)	)	PUNCT
fbem-23682	200	31	observed	observe	VERB
fbem-23682	200	32	value	value	NOUN
fbem-23682	200	33	32,540	32,540	NUM
fbem-23682	200	34	32,540	32,540	NUM
fbem-23682	200	35	2	2	NUM
fbem-23682	200	36	r	r	NOUN
fbem-23682	200	37	0.307	0.307	NUM
fbem-23682	200	38	0.313	0.313	NUM
fbem-23682	200	39	firm	firm	ADJ
fbem-23682	200	40	fixed	fix	VERB
fbem-23682	200	41	effect	effect	NOUN
fbem-23682	201	1	yes	yes	INTJ
fbem-23682	201	2	yes	yes	INTJ
fbem-23682	201	3	annual	annual	ADJ
fbem-23682	201	4	fixed	fix	VERB
fbem-23682	201	5	effect	effect	NOUN
fbem-23682	201	6	yes	yes	INTJ
fbem-23682	201	7	yes	yes	INTJ
fbem-23682	201	8	table	table	NOUN
fbem-23682	201	9	5	5	NUM
fbem-23682	201	10	shows	show	VERB
fbem-23682	201	11	the	the	DET
fbem-23682	201	12	ols	ol	NOUN
fbem-23682	201	13	regression	regression	NOUN
fbem-23682	201	14	results	result	NOUN
fbem-23682	201	15	after	after	ADP
fbem-23682	201	16	changing	change	VERB
fbem-23682	201	17	the	the	DET
fbem-23682	201	18	measures	measure	NOUN
fbem-23682	201	19	of	of	ADP
fbem-23682	201	20	the	the	DET
fbem-23682	201	21	explained	explain	VERB
fbem-23682	201	22	variables	variable	NOUN
fbem-23682	201	23	.	.	PUNCT
fbem-23682	202	1	columns	column	NOUN
fbem-23682	202	2	(	(	PUNCT
fbem-23682	202	3	1	1	NUM
fbem-23682	202	4	)	)	PUNCT
fbem-23682	202	5	and	and	CCONJ
fbem-23682	202	6	(	(	PUNCT
fbem-23682	202	7	2	2	X
fbem-23682	202	8	)	)	PUNCT
fbem-23682	202	9	respectively	respectively	ADV
fbem-23682	202	10	represent	represent	VERB
fbem-23682	202	11	the	the	DET
fbem-23682	202	12	regression	regression	NOUN
fbem-23682	202	13	results	result	NOUN
fbem-23682	202	14	with	with	ADP
fbem-23682	202	15	1synch	1synch	NUM
fbem-23682	202	16	and	and	CCONJ
fbem-23682	202	17	2synch	2synch	NUM
fbem-23682	202	18	as	as	ADP
fbem-23682	202	19	the	the	DET
fbem-23682	202	20	explained	explain	VERB
fbem-23682	202	21	variables	variable	NOUN
fbem-23682	202	22	,	,	PUNCT
fbem-23682	202	23	and	and	CCONJ
fbem-23682	202	24	the	the	DET
fbem-23682	202	25	coefficients	coefficient	NOUN
fbem-23682	202	26	remain	remain	VERB
fbem-23682	202	27	significantly	significantly	ADV
fbem-23682	202	28	negative	negative	ADJ
fbem-23682	202	29	at	at	ADP
fbem-23682	202	30	the	the	DET
fbem-23682	202	31	level	level	NOUN
fbem-23682	202	32	of	of	ADP
fbem-23682	202	33	1	1	NUM
fbem-23682	202	34	%	%	NOUN
fbem-23682	202	35	in	in	ADP
fbem-23682	202	36	the	the	DET
fbem-23682	202	37	twocolumn	twocolumn	NOUN
fbem-23682	202	38	regression	regression	NOUN
fbem-23682	202	39	.	.	PUNCT
fbem-23682	203	1	the	the	DET
fbem-23682	203	2	above	above	ADJ
fbem-23682	203	3	regression	regression	NOUN
fbem-23682	203	4	results	result	NOUN
fbem-23682	203	5	show	show	VERB
fbem-23682	203	6	that	that	SCONJ
fbem-23682	203	7	the	the	DET
fbem-23682	203	8	negative	negative	ADJ
fbem-23682	203	9	correlation	correlation	NOUN
fbem-23682	203	10	between	between	ADP
fbem-23682	203	11	the	the	DET
fbem-23682	203	12	independent	independent	ADJ
fbem-23682	203	13	directors	director	NOUN
fbem-23682	203	14	'	'	PART
fbem-23682	203	15	negative	negative	ADJ
fbem-23682	203	16	vote	vote	NOUN
fbem-23682	203	17	and	and	CCONJ
fbem-23682	203	18	the	the	DET
fbem-23682	203	19	risk	risk	NOUN
fbem-23682	203	20	of	of	ADP
fbem-23682	203	21	the	the	DET
fbem-23682	203	22	company	company	NOUN
fbem-23682	203	23	's	's	PART
fbem-23682	203	24	stock	stock	NOUN
fbem-23682	203	25	price	price	NOUN
fbem-23682	203	26	crash	crash	NOUN
fbem-23682	203	27	still	still	ADV
fbem-23682	203	28	holds	hold	VERB
fbem-23682	203	29	even	even	ADV
fbem-23682	203	30	if	if	SCONJ
fbem-23682	203	31	the	the	DET
fbem-23682	203	32	measurement	measurement	NOUN
fbem-23682	203	33	of	of	ADP
fbem-23682	203	34	the	the	DET
fbem-23682	203	35	explained	explain	VERB
fbem-23682	203	36	variable	variable	NOUN
fbem-23682	203	37	is	be	AUX
fbem-23682	203	38	changed	change	VERB
fbem-23682	203	39	and	and	CCONJ
fbem-23682	203	40	the	the	DET
fbem-23682	203	41	risk	risk	NOUN
fbem-23682	203	42	of	of	ADP
fbem-23682	203	43	stock	stock	NOUN
fbem-23682	203	44	price	price	NOUN
fbem-23682	203	45	crash	crash	NOUN
fbem-23682	203	46	is	be	AUX
fbem-23682	203	47	measured	measure	VERB
fbem-23682	203	48	by	by	ADP
fbem-23682	203	49	the	the	DET
fbem-23682	203	50	stock	stock	NOUN
fbem-23682	203	51	price	price	NOUN
fbem-23682	203	52	synchronicity	synchronicity	NOUN
fbem-23682	203	53	index	index	NOUN
fbem-23682	203	54	.	.	PUNCT
fbem-23682	204	1	4.2.3	4.2.3	X
fbem-23682	204	2	.	.	PUNCT
fbem-23682	205	1	propensity	propensity	NOUN
fbem-23682	205	2	score	score	NOUN
fbem-23682	205	3	matching	match	VERB
fbem-23682	205	4	this	this	DET
fbem-23682	205	5	paper	paper	NOUN
fbem-23682	205	6	uses	use	VERB
fbem-23682	205	7	the	the	DET
fbem-23682	205	8	propensity	propensity	NOUN
fbem-23682	205	9	score	score	NOUN
fbem-23682	205	10	matching	matching	NOUN
fbem-23682	205	11	method	method	NOUN
fbem-23682	205	12	(	(	PUNCT
fbem-23682	205	13	psm	psm	NOUN
fbem-23682	205	14	)	)	PUNCT
fbem-23682	205	15	to	to	PART
fbem-23682	205	16	process	process	VERB
fbem-23682	205	17	the	the	DET
fbem-23682	205	18	sample	sample	NOUN
fbem-23682	205	19	.	.	PUNCT
fbem-23682	206	1	this	this	DET
fbem-23682	206	2	paper	paper	NOUN
fbem-23682	206	3	selects	select	VERB
fbem-23682	206	4	enterprise	enterprise	NOUN
fbem-23682	206	5	size	size	NOUN
fbem-23682	206	6	,	,	PUNCT
fbem-23682	206	7	asset	asset	NOUN
fbem-23682	206	8	-	-	PUNCT
fbem-23682	206	9	liability	liability	NOUN
fbem-23682	206	10	ratio	ratio	NOUN
fbem-23682	206	11	,	,	PUNCT
fbem-23682	206	12	return	return	VERB
fbem-23682	206	13	on	on	ADP
fbem-23682	206	14	assets	asset	NOUN
fbem-23682	206	15	,	,	PUNCT
fbem-23682	206	16	shareholding	shareholding	NOUN
fbem-23682	206	17	ratio	ratio	NOUN
fbem-23682	206	18	of	of	ADP
fbem-23682	206	19	the	the	DET
fbem-23682	206	20	largest	large	ADJ
fbem-23682	206	21	shareholder	shareholder	NOUN
fbem-23682	206	22	,	,	PUNCT
fbem-23682	206	23	revenue	revenue	NOUN
fbem-23682	206	24	growth	growth	NOUN
fbem-23682	206	25	rate	rate	NOUN
fbem-23682	206	26	,	,	PUNCT
fbem-23682	206	27	proportion	proportion	NOUN
fbem-23682	206	28	of	of	ADP
fbem-23682	206	29	current	current	ADJ
fbem-23682	206	30	assets	asset	NOUN
fbem-23682	206	31	,	,	PUNCT
fbem-23682	206	32	ratio	ratio	NOUN
fbem-23682	206	33	of	of	ADP
fbem-23682	206	34	cash	cash	NOUN
fbem-23682	206	35	flows	flow	NOUN
fbem-23682	206	36	from	from	ADP
fbem-23682	206	37	operating	operate	VERB
fbem-23682	206	38	activities	activity	NOUN
fbem-23682	206	39	to	to	ADP
fbem-23682	206	40	total	total	ADJ
fbem-23682	206	41	assets	asset	NOUN
fbem-23682	206	42	,	,	PUNCT
fbem-23682	206	43	nature	nature	NOUN
fbem-23682	206	44	of	of	ADP
fbem-23682	206	45	the	the	DET
fbem-23682	206	46	enterprise	enterprise	NOUN
fbem-23682	206	47	,	,	PUNCT
fbem-23682	206	48	logarithm	logarithm	NOUN
fbem-23682	206	49	of	of	ADP
fbem-23682	206	50	the	the	DET
fbem-23682	206	51	company	company	NOUN
fbem-23682	206	52	's	's	PART
fbem-23682	206	53	establishment	establishment	NOUN
fbem-23682	206	54	period	period	NOUN
fbem-23682	206	55	,	,	PUNCT
fbem-23682	206	56	whether	whether	SCONJ
fbem-23682	206	57	two	two	NUM
fbem-23682	206	58	positions	position	NOUN
fbem-23682	206	59	are	be	AUX
fbem-23682	206	60	combined	combine	VERB
fbem-23682	206	61	,	,	PUNCT
fbem-23682	206	62	whether	whether	SCONJ
fbem-23682	206	63	the	the	DET
fbem-23682	206	64	auditor	auditor	NOUN
fbem-23682	206	65	is	be	AUX
fbem-23682	206	66	from	from	ADP
fbem-23682	206	67	the	the	DET
fbem-23682	206	68	four	four	NUM
fbem-23682	206	69	largest	large	ADJ
fbem-23682	206	70	accounting	accounting	NOUN
fbem-23682	206	71	firms	firm	NOUN
fbem-23682	206	72	in	in	ADP
fbem-23682	206	73	the	the	DET
fbem-23682	206	74	world	world	NOUN
fbem-23682	206	75	,	,	PUNCT
fbem-23682	206	76	and	and	CCONJ
fbem-23682	206	77	analyst	analyst	NOUN
fbem-23682	206	78	tracking	tracking	NOUN
fbem-23682	206	79	as	as	ADP
fbem-23682	206	80	the	the	DET
fbem-23682	206	81	characteristic	characteristic	ADJ
fbem-23682	206	82	variables	variable	NOUN
fbem-23682	206	83	.	.	PUNCT
fbem-23682	207	1	237	237	NUM
fbem-23682	207	2	table	table	NOUN
fbem-23682	207	3	6	6	NUM
fbem-23682	207	4	reports	report	NOUN
fbem-23682	207	5	the	the	DET
fbem-23682	207	6	regression	regression	NOUN
fbem-23682	207	7	results	result	NOUN
fbem-23682	207	8	of	of	ADP
fbem-23682	207	9	paired	pair	VERB
fbem-23682	207	10	samples	sample	NOUN
fbem-23682	207	11	using	use	VERB
fbem-23682	207	12	psm	psm	NOUN
fbem-23682	207	13	,	,	PUNCT
fbem-23682	207	14	the	the	DET
fbem-23682	207	15	coefficient	coefficient	NOUN
fbem-23682	207	16	of	of	ADP
fbem-23682	207	17	dispprove	dispprove	NOUN
fbem-23682	207	18	which	which	PRON
fbem-23682	207	19	is	be	AUX
fbem-23682	207	20	still	still	ADV
fbem-23682	207	21	significantly	significantly	ADV
fbem-23682	207	22	negative	negative	ADJ
fbem-23682	207	23	at	at	ADP
fbem-23682	207	24	1	1	NUM
fbem-23682	207	25	%	%	NOUN
fbem-23682	207	26	level	level	NOUN
fbem-23682	207	27	in	in	ADP
fbem-23682	207	28	the	the	DET
fbem-23682	207	29	two	two	NUM
fbem-23682	207	30	-	-	PUNCT
fbem-23682	207	31	column	column	NOUN
fbem-23682	207	32	regression	regression	NOUN
fbem-23682	207	33	,	,	PUNCT
fbem-23682	207	34	and	and	CCONJ
fbem-23682	207	35	the	the	DET
fbem-23682	207	36	results	result	NOUN
fbem-23682	207	37	have	have	AUX
fbem-23682	207	38	not	not	PART
fbem-23682	207	39	changed	change	VERB
fbem-23682	207	40	,	,	PUNCT
fbem-23682	207	41	which	which	PRON
fbem-23682	207	42	proves	prove	VERB
fbem-23682	207	43	the	the	DET
fbem-23682	207	44	robustness	robustness	NOUN
fbem-23682	207	45	of	of	ADP
fbem-23682	207	46	the	the	DET
fbem-23682	207	47	conclusions	conclusion	NOUN
fbem-23682	207	48	in	in	ADP
fbem-23682	207	49	this	this	DET
fbem-23682	207	50	paper	paper	NOUN
fbem-23682	207	51	.	.	PUNCT
fbem-23682	208	1	table	table	NOUN
fbem-23682	208	2	6	6	NUM
fbem-23682	208	3	.	.	PUNCT
fbem-23682	209	1	propensity	propensity	NOUN
fbem-23682	209	2	score	score	NOUN
fbem-23682	209	3	matching	matching	NOUN
fbem-23682	209	4	(	(	PUNCT
fbem-23682	209	5	psm	psm	NOUN
fbem-23682	209	6	)	)	PUNCT
fbem-23682	209	7	(	(	PUNCT
fbem-23682	209	8	1	1	X
fbem-23682	209	9	)	)	PUNCT
fbem-23682	209	10	(	(	PUNCT
fbem-23682	209	11	2	2	X
fbem-23682	209	12	)	)	PUNCT
fbem-23682	209	13	variable	variable	ADJ
fbem-23682	209	14	tncskew	tncskew	NOUN
fbem-23682	209	15	t	t	PROPN
fbem-23682	209	16	duvol	duvol	PROPN
fbem-23682	209	17	t	t	PROPN
fbem-23682	209	18	dispprove	dispprove	NOUN
fbem-23682	209	19	-0.297	-0.297	PUNCT
fbem-23682	209	20	*	*	PUNCT
fbem-23682	209	21	*	*	PUNCT
fbem-23682	209	22	*	*	PUNCT
fbem-23682	210	1	-0.201	-0.201	PUNCT
fbem-23682	210	2	*	*	PUNCT
fbem-23682	210	3	*	*	PUNCT
fbem-23682	210	4	*	*	PUNCT
fbem-23682	210	5	(	(	PUNCT
fbem-23682	210	6	-2.601	-2.601	X
fbem-23682	210	7	)	)	PUNCT
fbem-23682	210	8	(	(	PUNCT
fbem-23682	210	9	-2.673	-2.673	PROPN
fbem-23682	210	10	)	)	PUNCT
fbem-23682	210	11	t	t	NOUN
fbem-23682	210	12	size	size	NOUN
fbem-23682	210	13	0.016	0.016	NUM
fbem-23682	210	14	-0.003	-0.003	PROPN
fbem-23682	210	15	(	(	PUNCT
fbem-23682	210	16	0.166	0.166	NUM
fbem-23682	210	17	)	)	PUNCT
fbem-23682	210	18	(	(	PUNCT
fbem-23682	210	19	-0.045	-0.045	PROPN
fbem-23682	210	20	)	)	PUNCT
fbem-23682	210	21	t	t	NOUN
fbem-23682	210	22	lev	lev	NOUN
fbem-23682	210	23	0.720	0.720	NUM
fbem-23682	210	24	0.255	0.255	NUM
fbem-23682	210	25	(	(	PUNCT
fbem-23682	210	26	1.487	1.487	NUM
fbem-23682	210	27	)	)	PUNCT
fbem-23682	210	28	(	(	PUNCT
fbem-23682	210	29	0.913	0.913	NUM
fbem-23682	210	30	)	)	PUNCT
fbem-23682	210	31	t	t	PROPN
fbem-23682	210	32	roa	roa	PROPN
fbem-23682	210	33	0.096	0.096	NUM
fbem-23682	210	34	-0.096	-0.096	X
fbem-23682	210	35	(	(	PUNCT
fbem-23682	210	36	0.130	0.130	NUM
fbem-23682	210	37	)	)	PUNCT
fbem-23682	210	38	(	(	PUNCT
fbem-23682	210	39	-0.238	-0.238	NUM
fbem-23682	210	40	)	)	PUNCT
fbem-23682	210	41	t	t	PROPN
fbem-23682	210	42	top1	top1	PROPN
fbem-23682	210	43	-0.010	-0.010	PUNCT
fbem-23682	210	44	0.002	0.002	NUM
fbem-23682	210	45	(	(	PUNCT
fbem-23682	210	46	-1.316	-1.316	NUM
fbem-23682	210	47	)	)	PUNCT
fbem-23682	210	48	(	(	PUNCT
fbem-23682	210	49	0.500	0.500	NUM
fbem-23682	210	50	)	)	PUNCT
fbem-23682	210	51	t	t	NOUN
fbem-23682	210	52	growth	growth	NOUN
fbem-23682	210	53	-0.023	-0.023	X
fbem-23682	210	54	-0.044	-0.044	PROPN
fbem-23682	210	55	(	(	PUNCT
fbem-23682	210	56	-0.422	-0.422	NOUN
fbem-23682	210	57	)	)	PUNCT
fbem-23682	210	58	(	(	PUNCT
fbem-23682	210	59	-1.345	-1.345	X
fbem-23682	210	60	)	)	PUNCT
fbem-23682	210	61	t	t	NOUN
fbem-23682	210	62	liqasset	liqasset	VERB
fbem-23682	210	63	0.132	0.132	NUM
fbem-23682	210	64	0.129	0.129	NUM
fbem-23682	210	65	(	(	PUNCT
fbem-23682	210	66	0.292	0.292	NUM
fbem-23682	210	67	)	)	PUNCT
fbem-23682	210	68	(	(	PUNCT
fbem-23682	210	69	0.516	0.516	NUM
fbem-23682	210	70	)	)	PUNCT
fbem-23682	210	71	t	t	NOUN
fbem-23682	210	72	cash	cash	NOUN
fbem-23682	210	73	0.147	0.147	NUM
fbem-23682	210	74	0.216	0.216	NUM
fbem-23682	210	75	(	(	PUNCT
fbem-23682	210	76	0.199	0.199	NUM
fbem-23682	210	77	)	)	PUNCT
fbem-23682	210	78	(	(	PUNCT
fbem-23682	210	79	0.474	0.474	NUM
fbem-23682	210	80	)	)	PUNCT
fbem-23682	210	81	t	t	PROPN
fbem-23682	210	82	soe	soe	PROPN
fbem-23682	210	83	0.064	0.064	NUM
fbem-23682	210	84	-0.061	-0.061	PROPN
fbem-23682	210	85	(	(	PUNCT
fbem-23682	210	86	0.334	0.334	NUM
fbem-23682	210	87	)	)	PUNCT
fbem-23682	210	88	(	(	PUNCT
fbem-23682	210	89	-0.538	-0.538	NUM
fbem-23682	210	90	)	)	PUNCT
fbem-23682	210	91	t	t	NOUN
fbem-23682	210	92	age	age	NOUN
fbem-23682	210	93	0.084	0.084	NUM
fbem-23682	210	94	0.636	0.636	NUM
fbem-23682	210	95	*	*	PUNCT
fbem-23682	210	96	(	(	PUNCT
fbem-23682	210	97	0.148	0.148	NUM
fbem-23682	210	98	)	)	PUNCT
fbem-23682	210	99	(	(	PUNCT
fbem-23682	210	100	1.733	1.733	NUM
fbem-23682	210	101	)	)	PUNCT
fbem-23682	210	102	t	t	NOUN
fbem-23682	210	103	dual	dual	ADJ
fbem-23682	210	104	-0.200	-0.200	X
fbem-23682	210	105	-0.006	-0.006	PROPN
fbem-23682	210	106	(	(	PUNCT
fbem-23682	210	107	-1.217	-1.217	NOUN
fbem-23682	210	108	)	)	PUNCT
fbem-23682	210	109	(	(	PUNCT
fbem-23682	210	110	-0.057	-0.057	NOUN
fbem-23682	210	111	)	)	PUNCT
fbem-23682	210	112	t	t	NOUN
fbem-23682	210	113	big4	big4	NOUN
fbem-23682	210	114	0.789	0.789	NUM
fbem-23682	210	115	*	*	NOUN
fbem-23682	210	116	*	*	NOUN
fbem-23682	210	117	0.466	0.466	NUM
fbem-23682	210	118	*	*	PUNCT
fbem-23682	210	119	*	*	PUNCT
fbem-23682	210	120	*	*	PUNCT
fbem-23682	210	121	(	(	PUNCT
fbem-23682	210	122	2.086	2.086	NUM
fbem-23682	210	123	)	)	PUNCT
fbem-23682	210	124	(	(	PUNCT
fbem-23682	210	125	2.836	2.836	NUM
fbem-23682	210	126	)	)	PUNCT
fbem-23682	210	127	t	t	PROPN
fbem-23682	210	128	analysts	analyst	NOUN
fbem-23682	210	129	0.091	0.091	NUM
fbem-23682	210	130	0.084	0.084	NUM
fbem-23682	210	131	*	*	PUNCT
fbem-23682	210	132	(	(	PUNCT
fbem-23682	210	133	1.319	1.319	NUM
fbem-23682	210	134	)	)	PUNCT
fbem-23682	210	135	(	(	PUNCT
fbem-23682	210	136	1.935	1.935	NUM
fbem-23682	210	137	)	)	PUNCT
fbem-23682	210	138	constant	constant	ADJ
fbem-23682	210	139	term	term	NOUN
fbem-23682	210	140	-1.113	-1.113	NOUN
fbem-23682	210	141	-2.015	-2.015	PUNCT
fbem-23682	210	142	(	(	PUNCT
fbem-23682	210	143	-0.478	-0.478	PROPN
fbem-23682	210	144	)	)	PUNCT
fbem-23682	210	145	(	(	PUNCT
fbem-23682	210	146	-1.386	-1.386	X
fbem-23682	210	147	)	)	PUNCT
fbem-23682	210	148	observed	observe	VERB
fbem-23682	210	149	value	value	NOUN
fbem-23682	210	150	1,144	1,144	NUM
fbem-23682	210	151	1,144	1,144	NUM
fbem-23682	210	152	r2	r2	NOUN
fbem-23682	210	153	0.119	0.119	NUM
fbem-23682	210	154	0.173	0.173	NUM
fbem-23682	210	155	firm	firm	ADJ
fbem-23682	210	156	fixed	fix	VERB
fbem-23682	210	157	effect	effect	NOUN
fbem-23682	210	158	yes	yes	INTJ
fbem-23682	210	159	yes	yes	INTJ
fbem-23682	210	160	annual	annual	ADJ
fbem-23682	210	161	fixed	fix	VERB
fbem-23682	210	162	effect	effect	NOUN
fbem-23682	211	1	yes	yes	INTJ
fbem-23682	211	2	yes	yes	INTJ
fbem-23682	212	1	4.3	4.3	NUM
fbem-23682	212	2	.	.	PUNCT
fbem-23682	213	1	endogeneity	endogeneity	NOUN
fbem-23682	213	2	test	test	NOUN
fbem-23682	213	3	due	due	ADP
fbem-23682	213	4	to	to	ADP
fbem-23682	213	5	the	the	DET
fbem-23682	213	6	possible	possible	ADJ
fbem-23682	213	7	endogeneity	endogeneity	NOUN
fbem-23682	213	8	of	of	ADP
fbem-23682	213	9	sample	sample	NOUN
fbem-23682	213	10	selection	selection	NOUN
fbem-23682	213	11	,	,	PUNCT
fbem-23682	213	12	this	this	DET
fbem-23682	213	13	paper	paper	NOUN
fbem-23682	213	14	uses	use	VERB
fbem-23682	213	15	the	the	DET
fbem-23682	213	16	method	method	NOUN
fbem-23682	213	17	of	of	ADP
fbem-23682	213	18	liang	liang	PROPN
fbem-23682	213	19	quan	quan	PROPN
fbem-23682	213	20	-	-	PROPN
fbem-23682	213	21	xi	xi	PROPN
fbem-23682	213	22	and	and	CCONJ
fbem-23682	213	23	zeng	zeng	PROPN
fbem-23682	213	24	hai	hai	PROPN
fbem-23682	213	25	-	-	PUNCT
fbem-23682	213	26	shu	shu	PROPN
fbem-23682	213	27	(	(	PUNCT
fbem-23682	213	28	2016	2016	NUM
fbem-23682	213	29	)	)	PUNCT
fbem-23682	213	30	to	to	PART
fbem-23682	213	31	deal	deal	VERB
fbem-23682	213	32	with	with	ADP
fbem-23682	213	33	the	the	DET
fbem-23682	213	34	potential	potential	ADJ
fbem-23682	213	35	self	self	NOUN
fbem-23682	213	36	-	-	PUNCT
fbem-23682	213	37	selection	selection	NOUN
fbem-23682	213	38	problem	problem	NOUN
fbem-23682	213	39	by	by	ADP
fbem-23682	213	40	using	use	VERB
fbem-23682	213	41	the	the	DET
fbem-23682	213	42	heckman	heckman	PROPN
fbem-23682	213	43	two	two	NUM
fbem-23682	213	44	-	-	PUNCT
fbem-23682	213	45	stage	stage	NOUN
fbem-23682	213	46	method	method	NOUN
fbem-23682	213	47	.	.	PUNCT
fbem-23682	214	1	firstly	firstly	ADV
fbem-23682	214	2	,	,	PUNCT
fbem-23682	214	3	the	the	DET
fbem-23682	214	4	probit	probit	NOUN
fbem-23682	214	5	regression	regression	NOUN
fbem-23682	214	6	method	method	NOUN
fbem-23682	214	7	is	be	AUX
fbem-23682	214	8	used	use	VERB
fbem-23682	214	9	to	to	PART
fbem-23682	214	10	calculate	calculate	VERB
fbem-23682	214	11	the	the	DET
fbem-23682	214	12	imr	imr	NOUN
fbem-23682	214	13	value	value	NOUN
fbem-23682	214	14	(	(	PUNCT
fbem-23682	214	15	inverse	inverse	NOUN
fbem-23682	214	16	mills	mill	NOUN
fbem-23682	214	17	ratio	ratio	NOUN
fbem-23682	214	18	)	)	PUNCT
fbem-23682	214	19	of	of	ADP
fbem-23682	214	20	whether	whether	SCONJ
fbem-23682	214	21	the	the	DET
fbem-23682	214	22	company	company	NOUN
fbem-23682	214	23	has	have	AUX
fbem-23682	214	24	any	any	DET
fbem-23682	214	25	dissenting	dissent	VERB
fbem-23682	214	26	directors	director	NOUN
fbem-23682	214	27	by	by	ADP
fbem-23682	214	28	using	use	VERB
fbem-23682	214	29	the	the	DET
fbem-23682	214	30	model	model	NOUN
fbem-23682	214	31	(	(	PUNCT
fbem-23682	214	32	10	10	NUM
fbem-23682	214	33	)	)	PUNCT
fbem-23682	214	34	,	,	PUNCT
fbem-23682	214	35	and	and	CCONJ
fbem-23682	214	36	then	then	ADV
fbem-23682	214	37	the	the	DET
fbem-23682	214	38	imr	imr	NOUN
fbem-23682	214	39	value	value	NOUN
fbem-23682	214	40	is	be	AUX
fbem-23682	214	41	added	add	VERB
fbem-23682	214	42	to	to	ADP
fbem-23682	214	43	the	the	DET
fbem-23682	214	44	model	model	NOUN
fbem-23682	214	45	(	(	PUNCT
fbem-23682	214	46	1	1	NUM
fbem-23682	214	47	)	)	PUNCT
fbem-23682	214	48	as	as	ADP
fbem-23682	214	49	a	a	DET
fbem-23682	214	50	control	control	NOUN
fbem-23682	214	51	variable	variable	NOUN
fbem-23682	214	52	to	to	PART
fbem-23682	214	53	re	re	VERB
fbem-23682	214	54	-	-	VERB
fbem-23682	214	55	estimate	estimate	VERB
fbem-23682	214	56	the	the	DET
fbem-23682	214	57	coefficient	coefficient	NOUN
fbem-23682	214	58	of	of	ADP
fbem-23682	214	59	disapprove	disapprove	NOUN
fbem-23682	214	60	.	.	PUNCT
fbem-23682	215	1	tittt	tittt	NOUN
fbem-23682	215	2	ttttt	ttttt	NOUN
fbem-23682	215	3	ttttti	ttttti	VERB
fbem-23682	215	4	analystsbigdual	analystsbigdual	ADJ
fbem-23682	215	5	agesoecashliqassetgrowth	agesoecashliqassetgrowth	NOUN
fbem-23682	215	6	toproalevsizedispprove	toproalevsizedispprove	NOUN
fbem-23682	215	7	,	,	PUNCT
fbem-23682	215	8	112111110	112111110	NUM
fbem-23682	215	9	1918171615	1918171615	NUM
fbem-23682	215	10	141312110	141312110	NUM
fbem-23682	215	11	,	,	PUNCT
fbem-23682	215	12	4	4	NUM
fbem-23682	215	13	1)1pr	1)1pr	NUM
fbem-23682	215	14	(	(	PUNCT
fbem-23682	215	15			X
fbem-23682	215	16			PROPN
fbem-23682	215	17			PROPN
fbem-23682	215	18	+	+	PROPN
fbem-23682	215	19	+	+	ADJ
fbem-23682	215	20	+	+	ADJ
fbem-23682	215	21	+	+	ADJ
fbem-23682	215	22	+	+	ADJ
fbem-23682	215	23	+	+	ADJ
fbem-23682	215	24	+	+	ADJ
fbem-23682	215	25	+	+	ADJ
fbem-23682	215	26	+	+	ADJ
fbem-23682	215	27	+	+	ADJ
fbem-23682	215	28	+	+	ADJ
fbem-23682	215	29	+	+	ADJ
fbem-23682	215	30	+	+	ADJ
fbem-23682	215	31	=	=	NOUN
fbem-23682	215	32	=	=	NOUN
fbem-23682	215	33	−−−	−−−	NOUN
fbem-23682	215	34	−−−−−	−−−−−	NUM
fbem-23682	215	35	−−−−	−−−−	NUM
fbem-23682	215	36	(	(	PUNCT
fbem-23682	215	37	10	10	NUM
fbem-23682	215	38	)	)	PUNCT
fbem-23682	215	39	238	238	NUM
fbem-23682	215	40	table	table	NOUN
fbem-23682	215	41	7	7	NUM
fbem-23682	215	42	.	.	PUNCT
fbem-23682	216	1	heckman	heckman	PROPN
fbem-23682	216	2	two	two	NUM
fbem-23682	216	3	-	-	PUNCT
fbem-23682	216	4	stage	stage	NOUN
fbem-23682	216	5	method	method	NOUN
fbem-23682	216	6	(	(	PUNCT
fbem-23682	216	7	1	1	NUM
fbem-23682	216	8	)	)	PUNCT
fbem-23682	216	9	(	(	PUNCT
fbem-23682	216	10	2	2	X
fbem-23682	216	11	)	)	PUNCT
fbem-23682	216	12	variable	variable	ADJ
fbem-23682	216	13	tncskew	tncskew	NOUN
fbem-23682	216	14	t	t	PROPN
fbem-23682	216	15	duvol	duvol	PROPN
fbem-23682	216	16	t	t	PROPN
fbem-23682	216	17	dispprove	dispprove	VERB
fbem-23682	216	18	-0.266	-0.266	PUNCT
fbem-23682	216	19	*	*	PUNCT
fbem-23682	216	20	*	*	PUNCT
fbem-23682	216	21	*	*	PUNCT
fbem-23682	216	22	-0.281	-0.281	PUNCT
fbem-23682	217	1	*	*	PUNCT
fbem-23682	217	2	*	*	PUNCT
fbem-23682	217	3	*	*	PUNCT
fbem-23682	217	4	(	(	PUNCT
fbem-23682	217	5	-8.204	-8.204	NOUN
fbem-23682	217	6	)	)	PUNCT
fbem-23682	217	7	(	(	PUNCT
fbem-23682	217	8	-12.218	-12.218	NUM
fbem-23682	217	9	)	)	PUNCT
fbem-23682	217	10	imr	imr	NOUN
fbem-23682	217	11	8.434	8.434	NUM
fbem-23682	217	12	*	*	PUNCT
fbem-23682	217	13	*	*	PUNCT
fbem-23682	218	1	*	*	PUNCT
fbem-23682	218	2	4.124	4.124	NUM
fbem-23682	218	3	*	*	PUNCT
fbem-23682	218	4	*	*	PUNCT
fbem-23682	218	5	(	(	PUNCT
fbem-23682	218	6	2.825	2.825	NUM
fbem-23682	218	7	)	)	PUNCT
fbem-23682	218	8	(	(	PUNCT
fbem-23682	218	9	2.102	2.102	NUM
fbem-23682	218	10	)	)	PUNCT
fbem-23682	218	11	t	t	NOUN
fbem-23682	218	12	size	size	NOUN
fbem-23682	218	13	-0.433	-0.433	PUNCT
fbem-23682	218	14	*	*	PUNCT
fbem-23682	218	15	*	*	PUNCT
fbem-23682	218	16	*	*	PUNCT
fbem-23682	218	17	-0.214	-0.214	PROPN
fbem-23682	218	18	*	*	PUNCT
fbem-23682	218	19	*	*	PUNCT
fbem-23682	218	20	(	(	PUNCT
fbem-23682	218	21	-2.743	-2.743	NOUN
fbem-23682	218	22	)	)	PUNCT
fbem-23682	218	23	(	(	PUNCT
fbem-23682	218	24	-2.067	-2.067	NOUN
fbem-23682	218	25	)	)	PUNCT
fbem-23682	218	26	t	t	NOUN
fbem-23682	218	27	lev	lev	NOUN
fbem-23682	218	28	4.028	4.028	NUM
fbem-23682	218	29	*	*	PUNCT
fbem-23682	218	30	*	*	PUNCT
fbem-23682	218	31	*	*	PUNCT
fbem-23682	218	32	1.958	1.958	NUM
fbem-23682	218	33	*	*	NOUN
fbem-23682	218	34	*	*	PUNCT
fbem-23682	218	35	(	(	PUNCT
fbem-23682	218	36	2.778	2.778	NUM
fbem-23682	218	37	)	)	PUNCT
fbem-23682	218	38	(	(	PUNCT
fbem-23682	218	39	2.057	2.057	NUM
fbem-23682	218	40	)	)	PUNCT
fbem-23682	218	41	t	t	PROPN
fbem-23682	218	42	roa	roa	NOUN
fbem-23682	218	43	-1.697	-1.697	PUNCT
fbem-23682	218	44	*	*	PUNCT
fbem-23682	218	45	*	*	PUNCT
fbem-23682	218	46	*	*	PUNCT
fbem-23682	218	47	-0.906	-0.906	PUNCT
fbem-23682	218	48	*	*	PUNCT
fbem-23682	218	49	*	*	PUNCT
fbem-23682	218	50	(	(	PUNCT
fbem-23682	218	51	-3.164	-3.164	NOUN
fbem-23682	218	52	)	)	PUNCT
fbem-23682	218	53	(	(	PUNCT
fbem-23682	218	54	-2.555	-2.555	X
fbem-23682	218	55	)	)	PUNCT
fbem-23682	218	56	t	t	NOUN
fbem-23682	218	57	top1	top1	PROPN
fbem-23682	218	58	-0.034	-0.034	PROPN
fbem-23682	219	1	*	*	PUNCT
fbem-23682	219	2	*	*	PUNCT
fbem-23682	219	3	*	*	PUNCT
fbem-23682	219	4	-0.017	-0.017	PROPN
fbem-23682	219	5	*	*	PUNCT
fbem-23682	219	6	*	*	PUNCT
fbem-23682	219	7	(	(	PUNCT
fbem-23682	219	8	-2.956	-2.956	PROPN
fbem-23682	219	9	)	)	PUNCT
fbem-23682	219	10	(	(	PUNCT
fbem-23682	219	11	-2.245	-2.245	X
fbem-23682	219	12	)	)	PUNCT
fbem-23682	219	13	t	t	NOUN
fbem-23682	219	14	growth	growth	NOUN
fbem-23682	219	15	0.060	0.060	NUM
fbem-23682	219	16	*	*	PUNCT
fbem-23682	219	17	*	*	PUNCT
fbem-23682	219	18	*	*	PUNCT
fbem-23682	219	19	0.032	0.032	NUM
fbem-23682	219	20	*	*	PUNCT
fbem-23682	219	21	*	*	PUNCT
fbem-23682	219	22	(	(	PUNCT
fbem-23682	219	23	2.655	2.655	NUM
fbem-23682	219	24	)	)	PUNCT
fbem-23682	219	25	(	(	PUNCT
fbem-23682	219	26	2.123	2.123	NUM
fbem-23682	219	27	)	)	PUNCT
fbem-23682	219	28	t	t	NOUN
fbem-23682	219	29	liqasset	liqasset	NOUN
fbem-23682	219	30	-0.357	-0.357	NOUN
fbem-23682	219	31	*	*	PUNCT
fbem-23682	219	32	*	*	PUNCT
fbem-23682	219	33	*	*	PUNCT
fbem-23682	219	34	-0.147	-0.147	NOUN
fbem-23682	219	35	*	*	PUNCT
fbem-23682	219	36	(	(	PUNCT
fbem-23682	219	37	-2.675	-2.675	NOUN
fbem-23682	219	38	)	)	PUNCT
fbem-23682	219	39	(	(	PUNCT
fbem-23682	219	40	-1.676	-1.676	PUNCT
fbem-23682	219	41	)	)	PUNCT
fbem-23682	219	42	t	t	NOUN
fbem-23682	219	43	cash	cash	NOUN
fbem-23682	219	44	4.752	4.752	NUM
fbem-23682	219	45	*	*	PUNCT
fbem-23682	219	46	*	*	PUNCT
fbem-23682	219	47	*	*	PUNCT
fbem-23682	219	48	2.317	2.317	NUM
fbem-23682	219	49	*	*	NOUN
fbem-23682	219	50	*	*	PUNCT
fbem-23682	219	51	(	(	PUNCT
fbem-23682	219	52	2.831	2.831	NUM
fbem-23682	219	53	)	)	PUNCT
fbem-23682	219	54	(	(	PUNCT
fbem-23682	219	55	2.097	2.097	NUM
fbem-23682	219	56	)	)	PUNCT
fbem-23682	219	57	t	t	PROPN
fbem-23682	219	58	soe	soe	PROPN
fbem-23682	219	59	0.510	0.510	NUM
fbem-23682	220	1	*	*	PUNCT
fbem-23682	220	2	*	*	PUNCT
fbem-23682	220	3	0.232	0.232	NUM
fbem-23682	220	4	*	*	PUNCT
fbem-23682	220	5	(	(	PUNCT
fbem-23682	220	6	2.448	2.448	NUM
fbem-23682	220	7	)	)	PUNCT
fbem-23682	220	8	(	(	PUNCT
fbem-23682	220	9	1.707	1.707	NUM
fbem-23682	220	10	)	)	PUNCT
fbem-23682	220	11	t	t	NOUN
fbem-23682	220	12	age	age	NOUN
fbem-23682	220	13	-2.090	-2.090	NOUN
fbem-23682	220	14	*	*	PUNCT
fbem-23682	220	15	*	*	PUNCT
fbem-23682	220	16	*	*	PUNCT
fbem-23682	220	17	-1.054	-1.054	PUNCT
fbem-23682	220	18	*	*	PUNCT
fbem-23682	220	19	*	*	PUNCT
fbem-23682	220	20	(	(	PUNCT
fbem-23682	220	21	-2.842	-2.842	NUM
fbem-23682	220	22	)	)	PUNCT
fbem-23682	220	23	(	(	PUNCT
fbem-23682	220	24	-2.181	-2.181	X
fbem-23682	220	25	)	)	PUNCT
fbem-23682	220	26	t	t	NOUN
fbem-23682	220	27	dual	dual	ADJ
fbem-23682	220	28	-0.475	-0.475	NOUN
fbem-23682	220	29	*	*	PUNCT
fbem-23682	220	30	*	*	PUNCT
fbem-23682	220	31	*	*	PUNCT
fbem-23682	220	32	-0.233	-0.233	PUNCT
fbem-23682	220	33	*	*	PUNCT
fbem-23682	220	34	*	*	PUNCT
fbem-23682	220	35	(	(	PUNCT
fbem-23682	220	36	-2.808	-2.808	PROPN
fbem-23682	220	37	)	)	PUNCT
fbem-23682	220	38	(	(	PUNCT
fbem-23682	220	39	-2.097	-2.097	X
fbem-23682	220	40	)	)	PUNCT
fbem-23682	220	41	t	t	PROPN
fbem-23682	220	42	big4	big4	PROPN
fbem-23682	220	43	-0.064	-0.064	NOUN
fbem-23682	220	44	-0.052	-0.052	NOUN
fbem-23682	220	45	*	*	PUNCT
fbem-23682	220	46	*	*	PUNCT
fbem-23682	220	47	(	(	PUNCT
fbem-23682	220	48	-1.580	-1.580	NOUN
fbem-23682	220	49	)	)	PUNCT
fbem-23682	220	50	(	(	PUNCT
fbem-23682	220	51	-2.003	-2.003	NOUN
fbem-23682	220	52	)	)	PUNCT
fbem-23682	220	53	t	t	PROPN
fbem-23682	220	54	analysts	analyst	NOUN
fbem-23682	220	55	-0.838	-0.838	VERB
fbem-23682	220	56	*	*	PUNCT
fbem-23682	220	57	*	*	PUNCT
fbem-23682	220	58	*	*	PUNCT
fbem-23682	220	59	-0.407	-0.407	PUNCT
fbem-23682	220	60	*	*	PUNCT
fbem-23682	220	61	(	(	PUNCT
fbem-23682	220	62	-2.623	-2.623	NOUN
fbem-23682	220	63	)	)	PUNCT
fbem-23682	220	64	(	(	PUNCT
fbem-23682	220	65	-1.938	-1.938	NOUN
fbem-23682	220	66	)	)	PUNCT
fbem-23682	220	67	constant	constant	ADJ
fbem-23682	220	68	term	term	NOUN
fbem-23682	220	69	-5.557	-5.557	NOUN
fbem-23682	220	70	*	*	PUNCT
fbem-23682	220	71	*	*	PUNCT
fbem-23682	220	72	*	*	PUNCT
fbem-23682	220	73	-2.692	-2.692	PUNCT
fbem-23682	220	74	*	*	PUNCT
fbem-23682	220	75	*	*	PUNCT
fbem-23682	220	76	(	(	PUNCT
fbem-23682	220	77	-3.083	-3.083	INTJ
fbem-23682	220	78	)	)	PUNCT
fbem-23682	220	79	(	(	PUNCT
fbem-23682	220	80	-2.257	-2.257	NOUN
fbem-23682	220	81	)	)	PUNCT
fbem-23682	220	82	observed	observed	ADJ
fbem-23682	220	83	value	value	NOUN
fbem-23682	220	84	33,393	33,393	NUM
fbem-23682	220	85	33,393	33,393	NUM
fbem-23682	220	86	r2	r2	NOUN
fbem-23682	220	87	0.039	0.039	NUM
fbem-23682	220	88	0.045	0.045	NUM
fbem-23682	220	89	firm	firm	ADJ
fbem-23682	220	90	fixed	fix	VERB
fbem-23682	220	91	effect	effect	NOUN
fbem-23682	221	1	yes	yes	INTJ
fbem-23682	221	2	yes	yes	INTJ
fbem-23682	221	3	annual	annual	ADJ
fbem-23682	221	4	fixed	fix	VERB
fbem-23682	221	5	effect	effect	NOUN
fbem-23682	222	1	yes	yes	INTJ
fbem-23682	222	2	yes	yes	INTJ
fbem-23682	222	3	column	column	NOUN
fbem-23682	222	4	(	(	PUNCT
fbem-23682	222	5	1	1	NUM
fbem-23682	222	6	)	)	PUNCT
fbem-23682	222	7	of	of	ADP
fbem-23682	222	8	table	table	NOUN
fbem-23682	222	9	7	7	NUM
fbem-23682	222	10	reports	report	NOUN
fbem-23682	222	11	the	the	DET
fbem-23682	222	12	second	second	ADJ
fbem-23682	222	13	stage	stage	NOUN
fbem-23682	222	14	regression	regression	NOUN
fbem-23682	222	15	results	result	NOUN
fbem-23682	222	16	of	of	ADP
fbem-23682	222	17	the	the	DET
fbem-23682	222	18	heckman	heckman	PROPN
fbem-23682	222	19	treatment	treatment	NOUN
fbem-23682	222	20	effect	effect	NOUN
fbem-23682	222	21	of	of	ADP
fbem-23682	222	22	ncskew	ncskew	NOUN
fbem-23682	222	23	as	as	ADP
fbem-23682	222	24	a	a	DET
fbem-23682	222	25	dependent	dependent	ADJ
fbem-23682	222	26	variable	variable	NOUN
fbem-23682	222	27	;	;	PUNCT
fbem-23682	222	28	column	column	NOUN
fbem-23682	222	29	(	(	PUNCT
fbem-23682	222	30	2	2	X
fbem-23682	222	31	)	)	PUNCT
fbem-23682	222	32	reports	report	VERB
fbem-23682	222	33	the	the	DET
fbem-23682	222	34	second	second	ADJ
fbem-23682	222	35	stage	stage	NOUN
fbem-23682	222	36	regression	regression	NOUN
fbem-23682	222	37	results	result	NOUN
fbem-23682	222	38	when	when	SCONJ
fbem-23682	222	39	used	use	VERB
fbem-23682	222	40	duvol	duvol	NOUN
fbem-23682	222	41	as	as	ADP
fbem-23682	222	42	a	a	DET
fbem-23682	222	43	dependent	dependent	ADJ
fbem-23682	222	44	variable	variable	NOUN
fbem-23682	222	45	.	.	PUNCT
fbem-23682	223	1	the	the	DET
fbem-23682	223	2	results	result	NOUN
fbem-23682	223	3	show	show	VERB
fbem-23682	223	4	that	that	SCONJ
fbem-23682	223	5	the	the	DET
fbem-23682	223	6	coefficient	coefficient	NOUN
fbem-23682	223	7	of	of	ADP
fbem-23682	223	8	is	be	AUX
fbem-23682	223	9	significantly	significantly	ADV
fbem-23682	223	10	negative	negative	ADJ
fbem-23682	223	11	in	in	ADP
fbem-23682	223	12	the	the	DET
fbem-23682	223	13	two	two	NUM
fbem-23682	223	14	-	-	PUNCT
fbem-23682	223	15	column	column	NOUN
fbem-23682	223	16	regression	regression	NOUN
fbem-23682	223	17	,	,	PUNCT
fbem-23682	223	18	which	which	PRON
fbem-23682	223	19	indicates	indicate	VERB
fbem-23682	223	20	that	that	SCONJ
fbem-23682	223	21	the	the	DET
fbem-23682	223	22	sample	sample	NOUN
fbem-23682	223	23	does	do	AUX
fbem-23682	223	24	have	have	VERB
fbem-23682	223	25	a	a	DET
fbem-23682	223	26	serious	serious	ADJ
fbem-23682	223	27	problem	problem	NOUN
fbem-23682	223	28	of	of	ADP
fbem-23682	223	29	self	self	NOUN
fbem-23682	223	30	-	-	PUNCT
fbem-23682	223	31	selection	selection	NOUN
fbem-23682	223	32	bias	bias	NOUN
fbem-23682	223	33	.	.	PUNCT
fbem-23682	224	1	after	after	ADP
fbem-23682	224	2	adjusting	adjust	VERB
fbem-23682	224	3	the	the	DET
fbem-23682	224	4	sample	sample	NOUN
fbem-23682	224	5	self	self	NOUN
fbem-23682	224	6	-	-	PUNCT
fbem-23682	224	7	selection	selection	NOUN
fbem-23682	224	8	bias	bias	NOUN
fbem-23682	224	9	,	,	PUNCT
fbem-23682	224	10	the	the	DET
fbem-23682	224	11	coefficient	coefficient	NOUN
fbem-23682	224	12	of	of	ADP
fbem-23682	224	13	dispprove	dispprove	NOUN
fbem-23682	224	14	is	be	AUX
fbem-23682	224	15	significantly	significantly	ADV
fbem-23682	224	16	negative	negative	ADJ
fbem-23682	224	17	at	at	ADP
fbem-23682	224	18	1	1	NUM
fbem-23682	224	19	%	%	NOUN
fbem-23682	224	20	in	in	ADP
fbem-23682	224	21	both	both	DET
fbem-23682	224	22	series	series	NOUN
fbem-23682	224	23	of	of	ADP
fbem-23682	224	24	regression	regression	NOUN
fbem-23682	224	25	.	.	PUNCT
fbem-23682	225	1	the	the	DET
fbem-23682	225	2	above	above	ADJ
fbem-23682	225	3	regression	regression	NOUN
fbem-23682	225	4	results	result	NOUN
fbem-23682	225	5	indicate	indicate	VERB
fbem-23682	225	6	that	that	SCONJ
fbem-23682	225	7	there	there	PRON
fbem-23682	225	8	is	be	VERB
fbem-23682	225	9	still	still	ADV
fbem-23682	225	10	a	a	DET
fbem-23682	225	11	significant	significant	ADJ
fbem-23682	225	12	negative	negative	ADJ
fbem-23682	225	13	correlation	correlation	NOUN
fbem-23682	225	14	between	between	ADP
fbem-23682	225	15	the	the	DET
fbem-23682	225	16	independent	independent	ADJ
fbem-23682	225	17	directors	director	NOUN
fbem-23682	225	18	'	'	PART
fbem-23682	225	19	dissenting	dissent	VERB
fbem-23682	225	20	opinions	opinion	NOUN
fbem-23682	225	21	and	and	CCONJ
fbem-23682	225	22	the	the	DET
fbem-23682	225	23	risk	risk	NOUN
fbem-23682	225	24	of	of	ADP
fbem-23682	225	25	stock	stock	NOUN
fbem-23682	225	26	price	price	NOUN
fbem-23682	225	27	crash	crash	NOUN
fbem-23682	225	28	even	even	ADV
fbem-23682	225	29	under	under	ADP
fbem-23682	225	30	the	the	DET
fbem-23682	225	31	control	control	NOUN
fbem-23682	225	32	of	of	ADP
fbem-23682	225	33	sample	sample	NOUN
fbem-23682	225	34	selfselection	selfselection	NOUN
fbem-23682	225	35	bias	bias	NOUN
fbem-23682	225	36	.	.	PUNCT
fbem-23682	226	1	5	5	X
fbem-23682	226	2	.	.	X
fbem-23682	226	3	further	further	ADJ
fbem-23682	226	4	analysis	analysis	NOUN
fbem-23682	226	5	this	this	DET
fbem-23682	226	6	paper	paper	NOUN
fbem-23682	226	7	argues	argue	VERB
fbem-23682	226	8	that	that	SCONJ
fbem-23682	226	9	"	"	PUNCT
fbem-23682	226	10	governance	governance	NOUN
fbem-23682	226	11	effect	effect	NOUN
fbem-23682	226	12	"	"	PUNCT
fbem-23682	226	13	is	be	AUX
fbem-23682	226	14	the	the	DET
fbem-23682	226	15	main	main	ADJ
fbem-23682	226	16	transmission	transmission	NOUN
fbem-23682	226	17	mechanism	mechanism	NOUN
fbem-23682	226	18	of	of	ADP
fbem-23682	226	19	independent	independent	ADJ
fbem-23682	226	20	directors	director	NOUN
fbem-23682	226	21	'	'	PART
fbem-23682	226	22	dissenting	dissent	VERB
fbem-23682	226	23	opinions	opinion	NOUN
fbem-23682	226	24	affecting	affect	VERB
fbem-23682	226	25	the	the	DET
fbem-23682	226	26	risk	risk	NOUN
fbem-23682	226	27	of	of	ADP
fbem-23682	226	28	stock	stock	NOUN
fbem-23682	226	29	price	price	NOUN
fbem-23682	226	30	crash	crash	NOUN
fbem-23682	226	31	.	.	PUNCT
fbem-23682	227	1	independent	independent	ADJ
fbem-23682	227	2	directors	director	NOUN
fbem-23682	227	3	'	'	PART
fbem-23682	227	4	dissenting	dissent	VERB
fbem-23682	227	5	opinions	opinion	NOUN
fbem-23682	227	6	can	can	AUX
fbem-23682	227	7	play	play	VERB
fbem-23682	227	8	a	a	DET
fbem-23682	227	9	signal	signal	ADJ
fbem-23682	227	10	role	role	NOUN
fbem-23682	227	11	,	,	PUNCT
fbem-23682	227	12	trigger	trigger	NOUN
fbem-23682	227	13	attention	attention	NOUN
fbem-23682	227	14	and	and	CCONJ
fbem-23682	227	15	supervision	supervision	NOUN
fbem-23682	227	16	,	,	PUNCT
fbem-23682	227	17	alleviate	alleviate	VERB
fbem-23682	227	18	the	the	DET
fbem-23682	227	19	second	second	ADJ
fbem-23682	227	20	kind	kind	NOUN
fbem-23682	227	21	of	of	ADP
fbem-23682	227	22	agency	agency	NOUN
fbem-23682	227	23	conflict	conflict	NOUN
fbem-23682	227	24	,	,	PUNCT
fbem-23682	227	25	and	and	CCONJ
fbem-23682	227	26	inhibit	inhibit	VERB
fbem-23682	227	27	large	large	ADJ
fbem-23682	227	28	shareholders	shareholder	NOUN
fbem-23682	227	29	from	from	ADP
fbem-23682	227	30	hollowing	hollow	VERB
fbem-23682	227	31	out	out	ADP
fbem-23682	227	32	the	the	DET
fbem-23682	227	33	company	company	NOUN
fbem-23682	227	34	through	through	ADP
fbem-23682	227	35	abnormal	abnormal	ADJ
fbem-23682	227	36	connected	connect	VERB
fbem-23682	227	37	transactions	transaction	NOUN
fbem-23682	227	38	and	and	CCONJ
fbem-23682	227	39	information	information	NOUN
fbem-23682	227	40	manipulation	manipulation	NOUN
fbem-23682	227	41	,	,	PUNCT
fbem-23682	227	42	thus	thus	ADV
fbem-23682	227	43	reducing	reduce	VERB
fbem-23682	227	44	the	the	DET
fbem-23682	227	45	risk	risk	NOUN
fbem-23682	227	46	of	of	ADP
fbem-23682	227	47	stock	stock	NOUN
fbem-23682	227	48	price	price	NOUN
fbem-23682	227	49	crash	crash	NOUN
fbem-23682	227	50	of	of	ADP
fbem-23682	227	51	enterprises	enterprise	NOUN
fbem-23682	227	52	.	.	PUNCT
fbem-23682	228	1	to	to	PART
fbem-23682	228	2	sum	sum	VERB
fbem-23682	228	3	up	up	ADP
fbem-23682	228	4	,	,	PUNCT
fbem-23682	228	5	this	this	DET
fbem-23682	228	6	paper	paper	NOUN
fbem-23682	228	7	examines	examine	VERB
fbem-23682	228	8	whether	whether	SCONJ
fbem-23682	228	9	the	the	DET
fbem-23682	228	10	"	"	PUNCT
fbem-23682	228	11	governance	governance	NOUN
fbem-23682	228	12	effect	effect	NOUN
fbem-23682	228	13	"	"	PUNCT
fbem-23682	228	14	plays	play	VERB
fbem-23682	228	15	a	a	DET
fbem-23682	228	16	role	role	NOUN
fbem-23682	228	17	by	by	ADP
fbem-23682	228	18	examining	examine	VERB
fbem-23682	228	19	whether	whether	SCONJ
fbem-23682	228	20	independent	independent	ADJ
fbem-23682	228	21	directors	director	NOUN
fbem-23682	228	22	'	'	PART
fbem-23682	228	23	dissenting	dissent	VERB
fbem-23682	228	24	opinions	opinion	NOUN
fbem-23682	228	25	alleviate	alleviate	VERB
fbem-23682	228	26	the	the	DET
fbem-23682	228	27	second	second	ADJ
fbem-23682	228	28	kind	kind	NOUN
fbem-23682	228	29	of	of	ADP
fbem-23682	228	30	agency	agency	NOUN
fbem-23682	228	31	problem	problem	NOUN
fbem-23682	228	32	and	and	CCONJ
fbem-23682	228	33	information	information	NOUN
fbem-23682	228	34	manipulation	manipulation	NOUN
fbem-23682	228	35	problem	problem	NOUN
fbem-23682	228	36	.	.	PUNCT
fbem-23682	229	1	5.1.1	5.1.1	X
fbem-23682	229	2	.	.	PUNCT
fbem-23682	229	3	earnings	earning	NOUN
fbem-23682	229	4	management	management	NOUN
fbem-23682	229	5	we	we	PRON
fbem-23682	229	6	tested	test	VERB
fbem-23682	229	7	whether	whether	SCONJ
fbem-23682	229	8	the	the	DET
fbem-23682	229	9	independent	independent	ADJ
fbem-23682	229	10	directors	director	NOUN
fbem-23682	229	11	'	'	PART
fbem-23682	229	12	negative	negative	ADJ
fbem-23682	229	13	vote	vote	NOUN
fbem-23682	229	14	alleviated	alleviate	VERB
fbem-23682	229	15	the	the	DET
fbem-23682	229	16	problem	problem	NOUN
fbem-23682	229	17	of	of	ADP
fbem-23682	229	18	information	information	NOUN
fbem-23682	229	19	manipulation	manipulation	NOUN
fbem-23682	229	20	as	as	SCONJ
fbem-23682	229	21	follows	follow	VERB
fbem-23682	229	22	:	:	PUNCT
fbem-23682	229	23	firstly	firstly	ADV
fbem-23682	229	24	,	,	PUNCT
fbem-23682	229	25	the	the	DET
fbem-23682	229	26	accrual	accrual	ADJ
fbem-23682	229	27	earnings	earning	NOUN
fbem-23682	229	28	management	management	NOUN
fbem-23682	229	29	index	index	NOUN
fbem-23682	229	30	is	be	AUX
fbem-23682	229	31	calculated	calculate	VERB
fbem-23682	229	32	to	to	PART
fbem-23682	229	33	measure	measure	VERB
fbem-23682	229	34	the	the	DET
fbem-23682	229	35	information	information	NOUN
fbem-23682	229	36	manipulation	manipulation	NOUN
fbem-23682	229	37	behavior	behavior	NOUN
fbem-23682	229	38	and	and	CCONJ
fbem-23682	229	39	the	the	DET
fbem-23682	229	40	earnings	earning	NOUN
fbem-23682	229	41	management	management	NOUN
fbem-23682	229	42	behavior	behavior	NOUN
fbem-23682	229	43	of	of	ADP
fbem-23682	229	44	the	the	DET
fbem-23682	229	45	majority	majority	NOUN
fbem-23682	229	46	shareholders	shareholder	NOUN
fbem-23682	229	47	of	of	ADP
fbem-23682	229	48	the	the	DET
fbem-23682	229	49	enterprise	enterprise	NOUN
fbem-23682	229	50	by	by	ADP
fbem-23682	229	51	disacc	disacc	PROPN
fbem-23682	229	52	with	with	ADP
fbem-23682	229	53	reference	reference	NOUN
fbem-23682	229	54	to	to	ADP
fbem-23682	229	55	the	the	DET
fbem-23682	229	56	method	method	NOUN
fbem-23682	229	57	of	of	ADP
fbem-23682	229	58	huang	huang	PROPN
fbem-23682	229	59	hua	hua	PROPN
fbem-23682	229	60	et	et	PROPN
fbem-23682	229	61	al	al	PROPN
fbem-23682	229	62	.	.	PROPN
fbem-23682	230	1	(	(	PUNCT
fbem-23682	230	2	2020	2020	NUM
fbem-23682	230	3	)	)	PUNCT
fbem-23682	230	4	.	.	PUNCT
fbem-23682	231	1	the	the	DET
fbem-23682	231	2	cross	cross	ADJ
fbem-23682	231	3	-	-	ADJ
fbem-23682	231	4	section	section	ADJ
fbem-23682	231	5	modified	modify	VERB
fbem-23682	231	6	jones	jones	PROPN
fbem-23682	231	7	model	model	PROPN
fbem-23682	231	8	is	be	AUX
fbem-23682	231	9	adopted	adopt	VERB
fbem-23682	231	10	to	to	PART
fbem-23682	231	11	estimate	estimate	VERB
fbem-23682	231	12	the	the	DET
fbem-23682	231	13	accrued	accrue	VERB
fbem-23682	231	14	earnings	earning	NOUN
fbem-23682	231	15	management	management	NOUN
fbem-23682	231	16	level	level	NOUN
fbem-23682	231	17	of	of	ADP
fbem-23682	231	18	the	the	DET
fbem-23682	231	19	enterprise	enterprise	NOUN
fbem-23682	231	20	.	.	PUNCT
fbem-23682	232	1	the	the	DET
fbem-23682	232	2	specific	specific	ADJ
fbem-23682	232	3	calculation	calculation	NOUN
fbem-23682	232	4	method	method	NOUN
fbem-23682	232	5	is	be	AUX
fbem-23682	232	6	as	as	SCONJ
fbem-23682	232	7	follows	follow	VERB
fbem-23682	232	8	:	:	PUNCT
fbem-23682	232	9	first	first	ADV
fbem-23682	232	10	,	,	PUNCT
fbem-23682	232	11	the	the	DET
fbem-23682	232	12	model	model	NOUN
fbem-23682	232	13	(	(	PUNCT
fbem-23682	232	14	11	11	NUM
fbem-23682	232	15	)	)	PUNCT
fbem-23682	232	16	is	be	AUX
fbem-23682	232	17	regressed	regress	VERB
fbem-23682	232	18	,	,	PUNCT
fbem-23682	232	19	and	and	CCONJ
fbem-23682	232	20	the	the	DET
fbem-23682	232	21	estimated	estimate	VERB
fbem-23682	232	22	parameter	parameter	NOUN
fbem-23682	232	23	values	value	NOUN
fbem-23682	232	24	β1	β1	PROPN
fbem-23682	232	25	,	,	PUNCT
fbem-23682	232	26	β2	β2	VERB
fbem-23682	232	27	,	,	PUNCT
fbem-23682	232	28	β3	β3	NOUN
fbem-23682	232	29	are	be	AUX
fbem-23682	232	30	substituted	substitute	VERB
fbem-23682	232	31	into	into	ADP
fbem-23682	232	32	the	the	DET
fbem-23682	232	33	model	model	NOUN
fbem-23682	232	34	(	(	PUNCT
fbem-23682	232	35	12	12	NUM
fbem-23682	232	36	)	)	PUNCT
fbem-23682	232	37	to	to	PART
fbem-23682	232	38	obtain	obtain	VERB
fbem-23682	232	39	the	the	DET
fbem-23682	232	40	non	non	ADJ
fbem-23682	232	41	-	-	ADJ
fbem-23682	232	42	discretionary	discretionary	ADJ
fbem-23682	232	43	accruals	accrual	NOUN
fbem-23682	232	44	(	(	PUNCT
fbem-23682	232	45	nda	nda	PROPN
fbem-23682	232	46	)	)	PUNCT
fbem-23682	232	47	,	,	PUNCT
fbem-23682	232	48	and	and	CCONJ
fbem-23682	232	49	the	the	DET
fbem-23682	232	50	discretionary	discretionary	ADJ
fbem-23682	232	51	accruals	accrual	NOUN
fbem-23682	232	52	(	(	PUNCT
fbem-23682	232	53	da	da	NOUN
fbem-23682	232	54	)	)	PUNCT
fbem-23682	232	55	are	be	AUX
fbem-23682	232	56	obtained	obtain	VERB
fbem-23682	232	57	from	from	ADP
fbem-23682	232	58	the	the	DET
fbem-23682	232	59	model	model	NOUN
fbem-23682	232	60	(	(	PUNCT
fbem-23682	232	61	13	13	NUM
fbem-23682	232	62	)	)	PUNCT
fbem-23682	232	63	,	,	PUNCT
fbem-23682	232	64	and	and	CCONJ
fbem-23682	232	65	the	the	DET
fbem-23682	232	66	absolute	absolute	ADJ
fbem-23682	232	67	value	value	NOUN
fbem-23682	232	68	of	of	ADP
fbem-23682	232	69	the	the	DET
fbem-23682	232	70	discretionary	discretionary	ADJ
fbem-23682	232	71	accruals	accrual	NOUN
fbem-23682	232	72	is	be	AUX
fbem-23682	232	73	taken	take	VERB
fbem-23682	232	74	to	to	PART
fbem-23682	232	75	obtain	obtain	VERB
fbem-23682	232	76	the	the	DET
fbem-23682	232	77	enterprise	enterprise	NOUN
fbem-23682	232	78	accruals	accrual	NOUN
fbem-23682	232	79	management	management	NOUN
fbem-23682	232	80	index	index	NOUN
fbem-23682	232	81	(	(	PUNCT
fbem-23682	232	82	disacc	disacc	PROPN
fbem-23682	232	83	)	)	PUNCT
fbem-23682	232	84	.	.	PUNCT
fbem-23682	232	85	)	)	PUNCT
fbem-23682	233	1	/()/()/1(/	/()/()/1(/	PROPN
fbem-23682	233	2	1312111	1312111	NUM
fbem-23682	233	3	−−−−	−−−−	NUM
fbem-23682	234	1	+	+	NOUN
fbem-23682	234	2	+=	+=	PROPN
fbem-23682	234	3	ttttttt	ttttttt	NOUN
fbem-23682	234	4	afaariaatr	afaariaatr	PROPN
fbem-23682	234	5			NOUN
fbem-23682	234	6	(	(	PUNCT
fbem-23682	234	7	11	11	NUM
fbem-23682	234	8	)	)	PUNCT
fbem-23682	234	9	)	)	PUNCT
fbem-23682	234	10	/()//()/1	/()//()/1	PUNCT
fbem-23682	235	1	(	(	PUNCT
fbem-23682	235	2	1311211	1311211	NUM
fbem-23682	235	3	−−−−	−−−−	NUM
fbem-23682	236	1	+	+	NOUN
fbem-23682	236	2	−+=	−+=	NOUN
fbem-23682	236	3	tttttttt	tttttttt	NOUN
fbem-23682	236	4	afaaraarianda	afaaraarianda	PROPN
fbem-23682	236	5			NOUN
fbem-23682	236	6	(	(	PUNCT
fbem-23682	236	7	12	12	NUM
fbem-23682	236	8	)	)	PUNCT
fbem-23682	236	9	tttt	tttt	PROPN
fbem-23682	236	10	ndaatrda	ndaatrda	PROPN
fbem-23682	236	11	−=	−=	VERB
fbem-23682	236	12	−1	−1	VERB
fbem-23682	236	13	/	/	SYM
fbem-23682	236	14	(	(	PUNCT
fbem-23682	236	15	13	13	NUM
fbem-23682	236	16	)	)	PUNCT
fbem-23682	236	17	among	among	ADP
fbem-23682	236	18	them	they	PRON
fbem-23682	236	19	,	,	PUNCT
fbem-23682	236	20	tr	tr	VERB
fbem-23682	236	21	is	be	AUX
fbem-23682	236	22	the	the	DET
fbem-23682	236	23	total	total	ADJ
fbem-23682	236	24	accrued	accrue	VERB
fbem-23682	236	25	profit	profit	NOUN
fbem-23682	236	26	(	(	PUNCT
fbem-23682	236	27	net	net	ADJ
fbem-23682	236	28	profit	profit	NOUN
fbem-23682	236	29	less	less	ADJ
fbem-23682	236	30	cash	cash	NOUN
fbem-23682	236	31	flow	flow	NOUN
fbem-23682	236	32	from	from	ADP
fbem-23682	236	33	operating	operate	VERB
fbem-23682	236	34	activities	activity	NOUN
fbem-23682	236	35	)	)	PUNCT
fbem-23682	236	36	of	of	ADP
fbem-23682	236	37	the	the	DET
fbem-23682	236	38	company	company	NOUN
fbem-23682	236	39	,	,	PUNCT
fbem-23682	236	40	a	a	PRON
fbem-23682	236	41	is	be	AUX
fbem-23682	236	42	the	the	DET
fbem-23682	236	43	total	total	ADJ
fbem-23682	236	44	assets	asset	NOUN
fbem-23682	236	45	at	at	ADP
fbem-23682	236	46	the	the	DET
fbem-23682	236	47	end	end	NOUN
fbem-23682	236	48	of	of	ADP
fbem-23682	236	49	the	the	DET
fbem-23682	236	50	year	year	NOUN
fbem-23682	236	51	,	,	PUNCT
fbem-23682	236	52	tri	tri	PROPN
fbem-23682	236	53	is	be	AUX
fbem-23682	236	54	the	the	DET
fbem-23682	236	55	change	change	NOUN
fbem-23682	236	56	value	value	NOUN
fbem-23682	236	57	of	of	ADP
fbem-23682	236	58	the	the	DET
fbem-23682	236	59	company	company	NOUN
fbem-23682	236	60	's	's	PART
fbem-23682	236	61	annual	annual	ADJ
fbem-23682	236	62	operating	operate	VERB
fbem-23682	236	63	income	income	NOUN
fbem-23682	236	64	,	,	PUNCT
fbem-23682	236	65	fa	fa	PROPN
fbem-23682	236	66	is	be	AUX
fbem-23682	236	67	the	the	DET
fbem-23682	236	68	original	original	ADJ
fbem-23682	236	69	value	value	NOUN
fbem-23682	236	70	of	of	ADP
fbem-23682	236	71	the	the	DET
fbem-23682	236	72	company	company	NOUN
fbem-23682	236	73	's	's	PART
fbem-23682	236	74	fixed	fix	VERB
fbem-23682	236	75	assets	asset	NOUN
fbem-23682	236	76	at	at	ADP
fbem-23682	236	77	the	the	DET
fbem-23682	236	78	end	end	NOUN
fbem-23682	236	79	of	of	ADP
fbem-23682	236	80	the	the	DET
fbem-23682	236	81	year	year	NOUN
fbem-23682	236	82	,	,	PUNCT
fbem-23682	236	83	and	and	CCONJ
fbem-23682	236	84	t	t	PROPN
fbem-23682	236	85	ra	ra	NOUN
fbem-23682	236	86	is	be	AUX
fbem-23682	236	87	the	the	DET
fbem-23682	236	88	change	change	NOUN
fbem-23682	236	89	value	value	NOUN
fbem-23682	236	90	of	of	ADP
fbem-23682	236	91	the	the	DET
fbem-23682	236	92	company	company	NOUN
fbem-23682	236	93	's	's	PART
fbem-23682	236	94	annual	annual	ADJ
fbem-23682	236	95	accounts	account	NOUN
fbem-23682	236	96	receivable	receivable	ADJ
fbem-23682	236	97	.	.	PUNCT
fbem-23682	237	1	this	this	DET
fbem-23682	237	2	paper	paper	NOUN
fbem-23682	237	3	constructs	construct	VERB
fbem-23682	237	4	the	the	DET
fbem-23682	237	5	following	follow	VERB
fbem-23682	237	6	model	model	NOUN
fbem-23682	237	7	to	to	PART
fbem-23682	237	8	test	test	VERB
fbem-23682	237	9	this	this	DET
fbem-23682	237	10	path	path	NOUN
fbem-23682	237	11	of	of	ADP
fbem-23682	237	12	action	action	NOUN
fbem-23682	237	13	:	:	PUNCT
fbem-23682	237	14	firstly	firstly	ADV
fbem-23682	237	15	,	,	PUNCT
fbem-23682	237	16	model	model	NOUN
fbem-23682	237	17	(	(	PUNCT
fbem-23682	237	18	1	1	NUM
fbem-23682	237	19	)	)	PUNCT
fbem-23682	237	20	is	be	AUX
fbem-23682	237	21	used	use	VERB
fbem-23682	237	22	to	to	PART
fbem-23682	237	23	test	test	VERB
fbem-23682	237	24	the	the	DET
fbem-23682	237	25	impact	impact	NOUN
fbem-23682	237	26	of	of	ADP
fbem-23682	237	27	independent	independent	ADJ
fbem-23682	237	28	directors	director	NOUN
fbem-23682	237	29	'	'	PART
fbem-23682	237	30	objections	objection	NOUN
fbem-23682	237	31	on	on	ADP
fbem-23682	237	32	the	the	DET
fbem-23682	237	33	risk	risk	NOUN
fbem-23682	237	34	of	of	ADP
fbem-23682	237	35	stock	stock	NOUN
fbem-23682	237	36	price	price	NOUN
fbem-23682	237	37	crash	crash	NOUN
fbem-23682	237	38	;	;	PUNCT
fbem-23682	237	39	if	if	SCONJ
fbem-23682	237	40	the	the	DET
fbem-23682	237	41	coefficient	coefficient	NOUN
fbem-23682	237	42	of	of	ADP
fbem-23682	237	43	β1	β1	PROPN
fbem-23682	237	44	is	be	AUX
fbem-23682	237	45	significant	significant	ADJ
fbem-23682	237	46	,	,	PUNCT
fbem-23682	237	47	model	model	NOUN
fbem-23682	237	48	(	(	PUNCT
fbem-23682	237	49	14	14	NUM
fbem-23682	237	50	)	)	PUNCT
fbem-23682	237	51	is	be	AUX
fbem-23682	237	52	used	use	VERB
fbem-23682	237	53	to	to	PART
fbem-23682	237	54	test	test	VERB
fbem-23682	237	55	the	the	DET
fbem-23682	237	56	impact	impact	NOUN
fbem-23682	237	57	of	of	ADP
fbem-23682	237	58	independent	independent	ADJ
fbem-23682	237	59	directors	director	NOUN
fbem-23682	237	60	'	'	PART
fbem-23682	237	61	objections	objection	NOUN
fbem-23682	237	62	on	on	ADP
fbem-23682	237	63	the	the	DET
fbem-23682	237	64	intermediate	intermediate	ADJ
fbem-23682	237	65	variable	variable	NOUN
fbem-23682	237	66	(	(	PUNCT
fbem-23682	237	67	disacc	disacc	PROPN
fbem-23682	237	68	)	)	PUNCT
fbem-23682	237	69	;	;	PUNCT
fbem-23682	237	70	if	if	SCONJ
fbem-23682	237	71	the	the	DET
fbem-23682	237	72	coefficient	coefficient	NOUN
fbem-23682	237	73	of	of	ADP
fbem-23682	237	74	λ1	λ1	PROPN
fbem-23682	237	75	is	be	AUX
fbem-23682	237	76	significant	significant	ADJ
fbem-23682	237	77	,	,	PUNCT
fbem-23682	237	78	model	model	NOUN
fbem-23682	237	79	(	(	PUNCT
fbem-23682	237	80	15	15	NUM
fbem-23682	237	81	)	)	PUNCT
fbem-23682	237	82	is	be	AUX
fbem-23682	237	83	used	use	VERB
fbem-23682	237	84	to	to	PART
fbem-23682	237	85	test	test	VERB
fbem-23682	237	86	:	:	PUNCT
fbem-23682	237	87	if	if	SCONJ
fbem-23682	237	88	the	the	DET
fbem-23682	237	89	coefficient	coefficient	NOUN
fbem-23682	237	90	of	of	ADP
fbem-23682	237	91	β2	β2	PROPN
fbem-23682	237	92	is	be	AUX
fbem-23682	237	93	significant	significant	ADJ
fbem-23682	237	94	and	and	CCONJ
fbem-23682	237	95	β1	β1	PROPN
fbem-23682	237	96	is	be	AUX
fbem-23682	237	97	insignificant	insignificant	ADJ
fbem-23682	237	98	,	,	PUNCT
fbem-23682	237	99	it	it	PRON
fbem-23682	237	100	is	be	AUX
fbem-23682	237	101	a	a	DET
fbem-23682	237	102	complete	complete	ADJ
fbem-23682	237	103	intermediate	intermediate	ADJ
fbem-23682	237	104	effect	effect	NOUN
fbem-23682	237	105	;	;	PUNCT
fbem-23682	237	106	there	there	PRON
fbem-23682	237	107	is	be	VERB
fbem-23682	237	108	no	no	DET
fbem-23682	237	109	mediating	mediate	VERB
fbem-23682	237	110	effect	effect	NOUN
fbem-23682	237	111	if	if	SCONJ
fbem-23682	237	112	none	none	NOUN
fbem-23682	237	113	is	be	AUX
fbem-23682	237	114	significant	significant	ADJ
fbem-23682	237	115	;	;	PUNCT
fbem-23682	237	116	all	all	PRON
fbem-23682	237	117	of	of	ADP
fbem-23682	237	118	them	they	PRON
fbem-23682	237	119	are	be	AUX
fbem-23682	237	120	significant	significant	ADJ
fbem-23682	237	121	,	,	PUNCT
fbem-23682	237	122	which	which	PRON
fbem-23682	237	123	is	be	AUX
fbem-23682	237	124	part	part	NOUN
fbem-23682	237	125	of	of	ADP
fbem-23682	237	126	the	the	DET
fbem-23682	237	127	mediating	mediate	VERB
fbem-23682	237	128	effect	effect	NOUN
fbem-23682	237	129	.	.	PUNCT
fbem-23682	238	1	titititi	titititi	VERB
fbem-23682	238	2	controlsdispprovedisacc	controlsdispprovedisacc	NOUN
fbem-23682	238	3	,	,	PUNCT
fbem-23682	238	4	,	,	PUNCT
fbem-23682	238	5	,	,	PUNCT
fbem-23682	238	6	10	10	NUM
fbem-23682	238	7	,	,	PUNCT
fbem-23682	238	8			PROPN
fbem-23682	238	9	+	+	PUNCT
fbem-23682	238	10	+	+	PROPN
fbem-23682	238	11	+	+	NOUN
fbem-23682	238	12	=	=	X
fbem-23682	238	13	(	(	PUNCT
fbem-23682	238	14	14	14	NUM
fbem-23682	238	15	)	)	PUNCT
fbem-23682	238	16	tititititi	tititititi	PROPN
fbem-23682	238	17	controlsdisaccdispprovecrashrisk	controlsdisaccdispprovecrashrisk	NOUN
fbem-23682	238	18	,	,	PUNCT
fbem-23682	238	19	,	,	PUNCT
fbem-23682	238	20	,	,	PUNCT
fbem-23682	238	21	2,101	2,101	NUM
fbem-23682	238	22	,	,	PUNCT
fbem-23682	238	23			X
fbem-23682	239	1	+	+	PROPN
fbem-23682	239	2	+	+	ADJ
fbem-23682	239	3	+	+	ADJ
fbem-23682	239	4	+	+	NOUN
fbem-23682	239	5	=	=	X
fbem-23682	239	6	+	+	NUM
fbem-23682	239	7	(	(	PUNCT
fbem-23682	239	8	15	15	NUM
fbem-23682	239	9	)	)	SYM
fbem-23682	239	10	239	239	NUM
fbem-23682	239	11	column	column	NOUN
fbem-23682	239	12	(	(	PUNCT
fbem-23682	239	13	1	1	NUM
fbem-23682	239	14	)	)	PUNCT
fbem-23682	239	15	of	of	ADP
fbem-23682	239	16	table	table	NOUN
fbem-23682	239	17	8	8	NUM
fbem-23682	239	18	reports	report	VERB
fbem-23682	239	19	the	the	DET
fbem-23682	239	20	test	test	NOUN
fbem-23682	239	21	results	result	NOUN
fbem-23682	239	22	of	of	ADP
fbem-23682	239	23	earnings	earning	NOUN
fbem-23682	239	24	management	management	NOUN
fbem-23682	239	25	behavior	behavior	NOUN
fbem-23682	239	26	for	for	ADP
fbem-23682	239	27	disacc	disacc	VERB
fbem-23682	239	28	as	as	ADP
fbem-23682	239	29	an	an	DET
fbem-23682	239	30	intermediate	intermediate	ADJ
fbem-23682	239	31	variable	variable	NOUN
fbem-23682	239	32	.	.	PUNCT
fbem-23682	240	1	it	it	PRON
fbem-23682	240	2	can	can	AUX
fbem-23682	240	3	be	be	AUX
fbem-23682	240	4	seen	see	VERB
fbem-23682	240	5	that	that	SCONJ
fbem-23682	240	6	the	the	DET
fbem-23682	240	7	coefficient	coefficient	NOUN
fbem-23682	240	8	of	of	ADP
fbem-23682	240	9	dispprove	dispprove	NOUN
fbem-23682	240	10	is	be	AUX
fbem-23682	240	11	significantly	significantly	ADV
fbem-23682	240	12	negative	negative	ADJ
fbem-23682	240	13	at	at	ADP
fbem-23682	240	14	1	1	NUM
fbem-23682	240	15	%	%	NOUN
fbem-23682	240	16	,	,	PUNCT
fbem-23682	240	17	indicating	indicate	VERB
fbem-23682	240	18	that	that	SCONJ
fbem-23682	240	19	the	the	DET
fbem-23682	240	20	independent	independent	ADJ
fbem-23682	240	21	directors	director	NOUN
fbem-23682	240	22	'	'	PART
fbem-23682	240	23	dissenting	dissent	VERB
fbem-23682	240	24	opinions	opinion	NOUN
fbem-23682	240	25	can	can	AUX
fbem-23682	240	26	inhibit	inhibit	VERB
fbem-23682	240	27	the	the	DET
fbem-23682	240	28	majority	majority	NOUN
fbem-23682	240	29	shareholders	shareholder	NOUN
fbem-23682	240	30	'	'	PART
fbem-23682	240	31	earnings	earning	NOUN
fbem-23682	240	32	management	management	NOUN
fbem-23682	240	33	behavior	behavior	NOUN
fbem-23682	240	34	,	,	PUNCT
fbem-23682	240	35	and	and	CCONJ
fbem-23682	240	36	the	the	DET
fbem-23682	240	37	earnings	earning	NOUN
fbem-23682	240	38	management	management	NOUN
fbem-23682	240	39	behavior	behavior	NOUN
fbem-23682	240	40	under	under	ADP
fbem-23682	240	41	control	control	NOUN
fbem-23682	240	42	can	can	AUX
fbem-23682	240	43	help	help	VERB
fbem-23682	240	44	to	to	PART
fbem-23682	240	45	improve	improve	VERB
fbem-23682	240	46	the	the	DET
fbem-23682	240	47	transparency	transparency	NOUN
fbem-23682	240	48	of	of	ADP
fbem-23682	240	49	corporate	corporate	ADJ
fbem-23682	240	50	information	information	NOUN
fbem-23682	240	51	,	,	PUNCT
fbem-23682	240	52	reduce	reduce	VERB
fbem-23682	240	53	the	the	DET
fbem-23682	240	54	backlog	backlog	NOUN
fbem-23682	240	55	of	of	ADP
fbem-23682	240	56	negative	negative	ADJ
fbem-23682	240	57	information	information	NOUN
fbem-23682	240	58	within	within	ADP
fbem-23682	240	59	the	the	DET
fbem-23682	240	60	company	company	NOUN
fbem-23682	240	61	,	,	PUNCT
fbem-23682	240	62	and	and	CCONJ
fbem-23682	240	63	thus	thus	ADV
fbem-23682	240	64	reduce	reduce	VERB
fbem-23682	240	65	the	the	DET
fbem-23682	240	66	risk	risk	NOUN
fbem-23682	240	67	of	of	ADP
fbem-23682	240	68	the	the	DET
fbem-23682	240	69	company	company	NOUN
fbem-23682	240	70	's	's	PART
fbem-23682	240	71	stock	stock	NOUN
fbem-23682	240	72	price	price	NOUN
fbem-23682	240	73	crash	crash	NOUN
fbem-23682	240	74	.	.	PUNCT
fbem-23682	241	1	therefore	therefore	ADV
fbem-23682	241	2	,	,	PUNCT
fbem-23682	241	3	we	we	PRON
fbem-23682	241	4	believe	believe	VERB
fbem-23682	241	5	that	that	SCONJ
fbem-23682	241	6	earnings	earning	NOUN
fbem-23682	241	7	management	management	NOUN
fbem-23682	241	8	acts	act	VERB
fbem-23682	241	9	as	as	ADP
fbem-23682	241	10	an	an	DET
fbem-23682	241	11	intermediary	intermediary	NOUN
fbem-23682	241	12	between	between	ADP
fbem-23682	241	13	the	the	DET
fbem-23682	241	14	dissenting	dissent	VERB
fbem-23682	241	15	votes	vote	NOUN
fbem-23682	241	16	of	of	ADP
fbem-23682	241	17	independent	independent	ADJ
fbem-23682	241	18	directors	director	NOUN
fbem-23682	241	19	and	and	CCONJ
fbem-23682	241	20	the	the	DET
fbem-23682	241	21	risk	risk	NOUN
fbem-23682	241	22	of	of	ADP
fbem-23682	241	23	the	the	DET
fbem-23682	241	24	company	company	NOUN
fbem-23682	241	25	's	's	PART
fbem-23682	241	26	share	share	NOUN
fbem-23682	241	27	price	price	NOUN
fbem-23682	241	28	collapsing	collapsing	NOUN
fbem-23682	241	29	,	,	PUNCT
fbem-23682	241	30	which	which	PRON
fbem-23682	241	31	verifies	verify	VERB
fbem-23682	241	32	the	the	DET
fbem-23682	241	33	transmission	transmission	NOUN
fbem-23682	241	34	path	path	NOUN
fbem-23682	241	35	predicted	predict	VERB
fbem-23682	241	36	above	above	ADV
fbem-23682	241	37	.	.	PUNCT
fbem-23682	242	1	5.1.2	5.1.2	X
fbem-23682	242	2	.	.	X
fbem-23682	242	3	unusual	unusual	ADJ
fbem-23682	242	4	related	relate	VERB
fbem-23682	242	5	party	party	NOUN
fbem-23682	242	6	transactions	transaction	NOUN
fbem-23682	242	7	regarding	regard	VERB
fbem-23682	242	8	the	the	DET
fbem-23682	242	9	second	second	ADJ
fbem-23682	242	10	type	type	NOUN
fbem-23682	242	11	of	of	ADP
fbem-23682	242	12	agency	agency	NOUN
fbem-23682	242	13	conflicts	conflict	NOUN
fbem-23682	242	14	,	,	PUNCT
fbem-23682	242	15	we	we	PRON
fbem-23682	242	16	measure	measure	VERB
fbem-23682	242	17	the	the	DET
fbem-23682	242	18	abnormal	abnormal	ADJ
fbem-23682	242	19	related	relate	VERB
fbem-23682	242	20	party	party	NOUN
fbem-23682	242	21	transactions	transaction	NOUN
fbem-23682	242	22	(	(	PUNCT
fbem-23682	242	23	rptr	rptr	PROPN
fbem-23682	242	24	)	)	PUNCT
fbem-23682	242	25	with	with	ADP
fbem-23682	242	26	reference	reference	NOUN
fbem-23682	242	27	to	to	ADP
fbem-23682	242	28	chen	chen	PROPN
fbem-23682	242	29	donghua	donghua	PROPN
fbem-23682	242	30	et	et	PROPN
fbem-23682	242	31	al	al	PROPN
fbem-23682	242	32	.	.	PROPN
fbem-23682	243	1	(	(	PUNCT
fbem-23682	243	2	2017	2017	NUM
fbem-23682	243	3	)	)	PUNCT
fbem-23682	244	1	and	and	CCONJ
fbem-23682	244	2	measure	measure	VERB
fbem-23682	244	3	the	the	DET
fbem-23682	244	4	second	second	ADJ
fbem-23682	244	5	type	type	NOUN
fbem-23682	244	6	of	of	ADP
fbem-23682	244	7	agency	agency	NOUN
fbem-23682	244	8	problems	problem	NOUN
fbem-23682	244	9	with	with	ADP
fbem-23682	244	10	this	this	PRON
fbem-23682	244	11	:	:	PUNCT
fbem-23682	244	12	first	first	ADV
fbem-23682	244	13	,	,	PUNCT
fbem-23682	244	14	the	the	DET
fbem-23682	244	15	ratio	ratio	NOUN
fbem-23682	244	16	of	of	ADP
fbem-23682	244	17	annual	annual	ADJ
fbem-23682	244	18	purchases	purchase	NOUN
fbem-23682	244	19	and	and	CCONJ
fbem-23682	244	20	sales	sale	NOUN
fbem-23682	244	21	of	of	ADP
fbem-23682	244	22	goods	good	NOUN
fbem-23682	244	23	and	and	CCONJ
fbem-23682	244	24	services	service	NOUN
fbem-23682	244	25	purchased	purchase	VERB
fbem-23682	244	26	(	(	PUNCT
fbem-23682	244	27	received	receive	VERB
fbem-23682	244	28	)	)	PUNCT
fbem-23682	244	29	and	and	CCONJ
fbem-23682	244	30	sold	sell	VERB
fbem-23682	244	31	(	(	PUNCT
fbem-23682	244	32	provided	provide	VERB
fbem-23682	244	33	)	)	PUNCT
fbem-23682	244	34	by	by	ADP
fbem-23682	244	35	a	a	DET
fbem-23682	244	36	listed	list	VERB
fbem-23682	244	37	company	company	NOUN
fbem-23682	244	38	to	to	ADP
fbem-23682	244	39	its	its	PRON
fbem-23682	244	40	parent	parent	NOUN
fbem-23682	244	41	company	company	NOUN
fbem-23682	244	42	and	and	CCONJ
fbem-23682	244	43	other	other	ADJ
fbem-23682	244	44	enterprises	enterprise	NOUN
fbem-23682	244	45	controlled	control	VERB
fbem-23682	244	46	by	by	ADP
fbem-23682	244	47	the	the	DET
fbem-23682	244	48	same	same	ADJ
fbem-23682	244	49	parent	parent	NOUN
fbem-23682	244	50	company	company	NOUN
fbem-23682	244	51	to	to	ADP
fbem-23682	244	52	its	its	PRON
fbem-23682	244	53	total	total	ADJ
fbem-23682	244	54	assets	asset	NOUN
fbem-23682	244	55	is	be	AUX
fbem-23682	244	56	calculated	calculate	VERB
fbem-23682	244	57	.	.	PUNCT
fbem-23682	245	1	then	then	ADV
fbem-23682	245	2	,	,	PUNCT
fbem-23682	245	3	in	in	ADP
fbem-23682	245	4	order	order	NOUN
fbem-23682	245	5	to	to	PART
fbem-23682	245	6	exclude	exclude	VERB
fbem-23682	245	7	the	the	DET
fbem-23682	245	8	normal	normal	ADJ
fbem-23682	245	9	operation	operation	NOUN
fbem-23682	245	10	of	of	ADP
fbem-23682	245	11	the	the	DET
fbem-23682	245	12	enterprise	enterprise	NOUN
fbem-23682	245	13	in	in	ADP
fbem-23682	245	14	the	the	DET
fbem-23682	245	15	connected	connected	ADJ
fbem-23682	245	16	purchase	purchase	NOUN
fbem-23682	245	17	and	and	CCONJ
fbem-23682	245	18	sale	sale	NOUN
fbem-23682	245	19	,	,	PUNCT
fbem-23682	245	20	the	the	DET
fbem-23682	245	21	ratio	ratio	NOUN
fbem-23682	245	22	of	of	ADP
fbem-23682	245	23	annual	annual	ADJ
fbem-23682	245	24	purchase	purchase	NOUN
fbem-23682	245	25	and	and	CCONJ
fbem-23682	245	26	sale	sale	NOUN
fbem-23682	245	27	amount	amount	NOUN
fbem-23682	245	28	to	to	ADP
fbem-23682	245	29	total	total	ADJ
fbem-23682	245	30	assets	asset	NOUN
fbem-23682	245	31	is	be	AUX
fbem-23682	245	32	regressed	regress	VERB
fbem-23682	245	33	with	with	ADP
fbem-23682	245	34	the	the	DET
fbem-23682	245	35	method	method	NOUN
fbem-23682	245	36	of	of	ADP
fbem-23682	245	37	jian	jian	PROPN
fbem-23682	245	38	and	and	CCONJ
fbem-23682	245	39	wong(2010	wong(2010	NUM
fbem-23682	245	40	)	)	PUNCT
fbem-23682	245	41	,	,	PUNCT
fbem-23682	245	42	and	and	CCONJ
fbem-23682	245	43	the	the	DET
fbem-23682	245	44	absolute	absolute	ADJ
fbem-23682	245	45	value	value	NOUN
fbem-23682	245	46	of	of	ADP
fbem-23682	245	47	the	the	DET
fbem-23682	245	48	residual	residual	ADJ
fbem-23682	245	49	is	be	AUX
fbem-23682	245	50	taken	take	VERB
fbem-23682	245	51	to	to	PART
fbem-23682	245	52	represent	represent	VERB
fbem-23682	245	53	the	the	DET
fbem-23682	245	54	abnormal	abnormal	ADJ
fbem-23682	245	55	connected	connect	VERB
fbem-23682	245	56	transaction	transaction	NOUN
fbem-23682	245	57	level	level	NOUN
fbem-23682	245	58	,	,	PUNCT
fbem-23682	245	59	using	use	VERB
fbem-23682	245	60	the	the	DET
fbem-23682	245	61	total	total	ADJ
fbem-23682	245	62	assets	asset	NOUN
fbem-23682	245	63	of	of	ADP
fbem-23682	245	64	the	the	DET
fbem-23682	245	65	company	company	NOUN
fbem-23682	245	66	,	,	PUNCT
fbem-23682	245	67	the	the	DET
fbem-23682	245	68	leverage	leverage	NOUN
fbem-23682	245	69	ratio	ratio	NOUN
fbem-23682	245	70	of	of	ADP
fbem-23682	245	71	the	the	DET
fbem-23682	245	72	enterprise	enterprise	NOUN
fbem-23682	245	73	(	(	PUNCT
fbem-23682	245	74	the	the	DET
fbem-23682	245	75	ratio	ratio	NOUN
fbem-23682	245	76	of	of	ADP
fbem-23682	245	77	owner	owner	NOUN
fbem-23682	245	78	's	's	PART
fbem-23682	245	79	equity	equity	NOUN
fbem-23682	245	80	to	to	ADP
fbem-23682	245	81	total	total	ADJ
fbem-23682	245	82	assets	asset	NOUN
fbem-23682	245	83	)	)	PUNCT
fbem-23682	245	84	and	and	CCONJ
fbem-23682	245	85	the	the	DET
fbem-23682	245	86	market	market	NOUN
fbem-23682	245	87	-	-	PUNCT
fbem-23682	245	88	to	to	ADP
fbem-23682	245	89	-	-	PUNCT
fbem-23682	245	90	book	book	NOUN
fbem-23682	245	91	ratio	ratio	NOUN
fbem-23682	245	92	(	(	PUNCT
fbem-23682	245	93	the	the	DET
fbem-23682	245	94	market	market	NOUN
fbem-23682	245	95	value	value	NOUN
fbem-23682	245	96	of	of	ADP
fbem-23682	245	97	the	the	DET
fbem-23682	245	98	company	company	NOUN
fbem-23682	245	99	/	/	SYM
fbem-23682	245	100	shareholders	shareholder	NOUN
fbem-23682	245	101	'	'	PART
fbem-23682	245	102	equity	equity	NOUN
fbem-23682	245	103	)	)	PUNCT
fbem-23682	245	104	.	.	PUNCT
fbem-23682	246	1	in	in	ADP
fbem-23682	246	2	this	this	DET
fbem-23682	246	3	paper	paper	NOUN
fbem-23682	246	4	,	,	PUNCT
fbem-23682	246	5	the	the	DET
fbem-23682	246	6	following	follow	VERB
fbem-23682	246	7	model	model	NOUN
fbem-23682	246	8	is	be	AUX
fbem-23682	246	9	constructed	construct	VERB
fbem-23682	246	10	to	to	PART
fbem-23682	246	11	test	test	VERB
fbem-23682	246	12	this	this	DET
fbem-23682	246	13	action	action	NOUN
fbem-23682	246	14	path	path	NOUN
fbem-23682	246	15	.	.	PUNCT
fbem-23682	247	1	the	the	DET
fbem-23682	247	2	test	test	NOUN
fbem-23682	247	3	procedure	procedure	NOUN
fbem-23682	247	4	is	be	AUX
fbem-23682	247	5	referred	refer	VERB
fbem-23682	247	6	to	to	ADP
fbem-23682	247	7	above	above	ADV
fbem-23682	247	8	and	and	CCONJ
fbem-23682	247	9	will	will	AUX
fbem-23682	247	10	not	not	PART
fbem-23682	247	11	be	be	AUX
fbem-23682	247	12	described	describe	VERB
fbem-23682	247	13	here	here	ADV
fbem-23682	247	14	.	.	PUNCT
fbem-23682	248	1	titititi	titititi	VERB
fbem-23682	248	2	controlsdispproverptr	controlsdispproverptr	NOUN
fbem-23682	248	3	,	,	PUNCT
fbem-23682	248	4	,	,	PUNCT
fbem-23682	248	5	,	,	PUNCT
fbem-23682	248	6	10	10	NUM
fbem-23682	248	7	,	,	PUNCT
fbem-23682	248	8			PROPN
fbem-23682	248	9	+	+	PUNCT
fbem-23682	248	10	+	+	PROPN
fbem-23682	248	11	+	+	NOUN
fbem-23682	248	12	=	=	X
fbem-23682	248	13	(	(	PUNCT
fbem-23682	248	14	16	16	NUM
fbem-23682	248	15	)	)	PUNCT
fbem-23682	248	16	tititititi	tititititi	PROPN
fbem-23682	248	17	controlsrptrdispprovecrashrisk	controlsrptrdispprovecrashrisk	NOUN
fbem-23682	248	18	,	,	PUNCT
fbem-23682	248	19	,	,	PUNCT
fbem-23682	248	20	,	,	PUNCT
fbem-23682	248	21	2,101	2,101	NUM
fbem-23682	248	22	,	,	PUNCT
fbem-23682	248	23			X
fbem-23682	249	1	+	+	PROPN
fbem-23682	249	2	+	+	ADJ
fbem-23682	249	3	+	+	ADJ
fbem-23682	249	4	+	+	NOUN
fbem-23682	249	5	=	=	X
fbem-23682	249	6	+	+	NUM
fbem-23682	249	7	(	(	PUNCT
fbem-23682	249	8	17	17	NUM
fbem-23682	249	9	)	)	PUNCT
fbem-23682	249	10	column	column	NOUN
fbem-23682	249	11	(	(	PUNCT
fbem-23682	249	12	2	2	NUM
fbem-23682	249	13	)	)	PUNCT
fbem-23682	249	14	of	of	ADP
fbem-23682	249	15	table	table	NOUN
fbem-23682	249	16	8	8	NUM
fbem-23682	249	17	reports	report	VERB
fbem-23682	249	18	the	the	DET
fbem-23682	249	19	test	test	NOUN
fbem-23682	249	20	result	result	NOUN
fbem-23682	249	21	of	of	ADP
fbem-23682	249	22	abnormal	abnormal	ADJ
fbem-23682	249	23	related	relate	VERB
fbem-23682	249	24	party	party	NOUN
fbem-23682	249	25	transactions	transaction	NOUN
fbem-23682	249	26	for	for	ADP
fbem-23682	249	27	rptr	rptr	NOUN
fbem-23682	249	28	as	as	ADP
fbem-23682	249	29	an	an	DET
fbem-23682	249	30	intermediate	intermediate	ADJ
fbem-23682	249	31	variable	variable	NOUN
fbem-23682	249	32	.	.	PUNCT
fbem-23682	250	1	it	it	PRON
fbem-23682	250	2	can	can	AUX
fbem-23682	250	3	be	be	AUX
fbem-23682	250	4	seen	see	VERB
fbem-23682	250	5	that	that	SCONJ
fbem-23682	250	6	the	the	DET
fbem-23682	250	7	coefficient	coefficient	NOUN
fbem-23682	250	8	of	of	ADP
fbem-23682	250	9	disapprove	disapprove	NOUN
fbem-23682	250	10	is	be	AUX
fbem-23682	250	11	significantly	significantly	ADV
fbem-23682	250	12	negative	negative	ADJ
fbem-23682	250	13	at	at	ADP
fbem-23682	250	14	the	the	DET
fbem-23682	250	15	level	level	NOUN
fbem-23682	250	16	of	of	ADP
fbem-23682	250	17	1	1	NUM
fbem-23682	250	18	%	%	NOUN
fbem-23682	250	19	,	,	PUNCT
fbem-23682	250	20	indicating	indicate	VERB
fbem-23682	250	21	that	that	SCONJ
fbem-23682	250	22	the	the	DET
fbem-23682	250	23	independent	independent	ADJ
fbem-23682	250	24	directors	director	NOUN
fbem-23682	250	25	'	'	PART
fbem-23682	250	26	dissenting	dissent	VERB
fbem-23682	250	27	opinions	opinion	NOUN
fbem-23682	250	28	can	can	AUX
fbem-23682	250	29	inhibit	inhibit	VERB
fbem-23682	250	30	the	the	DET
fbem-23682	250	31	abnormal	abnormal	ADJ
fbem-23682	250	32	related	relate	VERB
fbem-23682	250	33	party	party	NOUN
fbem-23682	250	34	transactions	transaction	NOUN
fbem-23682	250	35	of	of	ADP
fbem-23682	250	36	the	the	DET
fbem-23682	250	37	company	company	NOUN
fbem-23682	250	38	,	,	PUNCT
fbem-23682	250	39	and	and	CCONJ
fbem-23682	250	40	the	the	DET
fbem-23682	250	41	reduction	reduction	NOUN
fbem-23682	250	42	of	of	ADP
fbem-23682	250	43	abnormal	abnormal	ADJ
fbem-23682	250	44	related	relate	VERB
fbem-23682	250	45	party	party	NOUN
fbem-23682	250	46	transactions	transaction	NOUN
fbem-23682	250	47	and	and	CCONJ
fbem-23682	250	48	"	"	PUNCT
fbem-23682	250	49	hollowing	hollow	VERB
fbem-23682	250	50	out	out	ADP
fbem-23682	250	51	"	"	PUNCT
fbem-23682	250	52	of	of	ADP
fbem-23682	250	53	large	large	ADJ
fbem-23682	250	54	shareholders	shareholder	NOUN
fbem-23682	250	55	will	will	AUX
fbem-23682	250	56	help	help	VERB
fbem-23682	250	57	to	to	PART
fbem-23682	250	58	improve	improve	VERB
fbem-23682	250	59	the	the	DET
fbem-23682	250	60	actual	actual	ADJ
fbem-23682	250	61	financial	financial	ADJ
fbem-23682	250	62	situation	situation	NOUN
fbem-23682	250	63	of	of	ADP
fbem-23682	250	64	the	the	DET
fbem-23682	250	65	company	company	NOUN
fbem-23682	250	66	and	and	CCONJ
fbem-23682	250	67	reduce	reduce	VERB
fbem-23682	250	68	the	the	DET
fbem-23682	250	69	risk	risk	NOUN
fbem-23682	250	70	of	of	ADP
fbem-23682	250	71	the	the	DET
fbem-23682	250	72	company	company	NOUN
fbem-23682	250	73	's	's	PART
fbem-23682	250	74	stock	stock	NOUN
fbem-23682	250	75	price	price	NOUN
fbem-23682	250	76	collapsing	collapse	VERB
fbem-23682	250	77	.	.	PUNCT
fbem-23682	251	1	in	in	ADP
fbem-23682	251	2	conclusion	conclusion	NOUN
fbem-23682	251	3	,	,	PUNCT
fbem-23682	251	4	we	we	PRON
fbem-23682	251	5	believe	believe	VERB
fbem-23682	251	6	that	that	SCONJ
fbem-23682	251	7	abnormal	abnormal	ADJ
fbem-23682	251	8	connected	connected	ADJ
fbem-23682	251	9	transactions	transaction	NOUN
fbem-23682	251	10	can	can	AUX
fbem-23682	251	11	also	also	ADV
fbem-23682	251	12	play	play	VERB
fbem-23682	251	13	an	an	DET
fbem-23682	251	14	intermediary	intermediary	ADJ
fbem-23682	251	15	role	role	NOUN
fbem-23682	251	16	between	between	ADP
fbem-23682	251	17	the	the	DET
fbem-23682	251	18	dissenting	dissent	VERB
fbem-23682	251	19	votes	vote	NOUN
fbem-23682	251	20	of	of	ADP
fbem-23682	251	21	independent	independent	ADJ
fbem-23682	251	22	directors	director	NOUN
fbem-23682	251	23	and	and	CCONJ
fbem-23682	251	24	the	the	DET
fbem-23682	251	25	risk	risk	NOUN
fbem-23682	251	26	of	of	ADP
fbem-23682	251	27	the	the	DET
fbem-23682	251	28	company	company	NOUN
fbem-23682	251	29	's	's	PART
fbem-23682	251	30	share	share	NOUN
fbem-23682	251	31	price	price	NOUN
fbem-23682	251	32	collapsing	collapsing	NOUN
fbem-23682	251	33	,	,	PUNCT
fbem-23682	251	34	which	which	PRON
fbem-23682	251	35	verifies	verify	VERB
fbem-23682	251	36	the	the	DET
fbem-23682	251	37	above	above	ADV
fbem-23682	251	38	-	-	PUNCT
fbem-23682	251	39	mentioned	mention	VERB
fbem-23682	251	40	forecast	forecast	NOUN
fbem-23682	251	41	of	of	ADP
fbem-23682	251	42	this	this	DET
fbem-23682	251	43	transmission	transmission	NOUN
fbem-23682	251	44	path	path	NOUN
fbem-23682	251	45	.	.	PUNCT
fbem-23682	252	1	table	table	NOUN
fbem-23682	252	2	8	8	NUM
fbem-23682	252	3	.	.	PUNCT
fbem-23682	252	4	mechanism	mechanism	NOUN
fbem-23682	252	5	test	test	NOUN
fbem-23682	252	6	(	(	PUNCT
fbem-23682	252	7	1	1	NUM
fbem-23682	252	8	)	)	PUNCT
fbem-23682	252	9	(	(	PUNCT
fbem-23682	252	10	2	2	X
fbem-23682	252	11	)	)	PUNCT
fbem-23682	252	12	variable	variable	NOUN
fbem-23682	252	13	disacc	disacc	PROPN
fbem-23682	252	14	rptr	rptr	PROPN
fbem-23682	252	15	t	t	PROPN
fbem-23682	252	16	dispprove	dispprove	PROPN
fbem-23682	253	1	-0.008	-0.008	PROPN
fbem-23682	253	2	*	*	PUNCT
fbem-23682	253	3	*	*	PUNCT
fbem-23682	253	4	-0.012	-0.012	PUNCT
fbem-23682	253	5	*	*	PUNCT
fbem-23682	253	6	*	*	PUNCT
fbem-23682	253	7	*	*	PUNCT
fbem-23682	253	8	(	(	PUNCT
fbem-23682	253	9	-2.521	-2.521	NOUN
fbem-23682	253	10	)	)	PUNCT
fbem-23682	253	11	(	(	PUNCT
fbem-23682	253	12	-2.712	-2.712	NOUN
fbem-23682	253	13	)	)	PUNCT
fbem-23682	253	14	t	t	NOUN
fbem-23682	253	15	size	size	NOUN
fbem-23682	253	16	-0.006	-0.006	PROPN
fbem-23682	253	17	*	*	PUNCT
fbem-23682	253	18	*	*	PUNCT
fbem-23682	253	19	*	*	PUNCT
fbem-23682	253	20	-0.011	-0.011	PUNCT
fbem-23682	253	21	*	*	PUNCT
fbem-23682	253	22	*	*	PUNCT
fbem-23682	253	23	*	*	PUNCT
fbem-23682	253	24	(	(	PUNCT
fbem-23682	253	25	-3.873	-3.873	NUM
fbem-23682	253	26	)	)	PUNCT
fbem-23682	253	27	(	(	PUNCT
fbem-23682	253	28	-4.969	-4.969	X
fbem-23682	253	29	)	)	PUNCT
fbem-23682	253	30	t	t	NOUN
fbem-23682	253	31	lev	lev	NOUN
fbem-23682	253	32	0.028	0.028	NUM
fbem-23682	253	33	*	*	PUNCT
fbem-23682	253	34	*	*	PUNCT
fbem-23682	253	35	*	*	PROPN
fbem-23682	253	36	-0.006	-0.006	X
fbem-23682	253	37	(	(	PUNCT
fbem-23682	253	38	5.022	5.022	NOUN
fbem-23682	253	39	)	)	PUNCT
fbem-23682	253	40	(	(	PUNCT
fbem-23682	253	41	-0.872	-0.872	PROPN
fbem-23682	253	42	)	)	PUNCT
fbem-23682	253	43	t	t	PROPN
fbem-23682	253	44	roa	roa	NOUN
fbem-23682	253	45	-0.146	-0.146	PROPN
fbem-23682	253	46	*	*	PUNCT
fbem-23682	253	47	*	*	PUNCT
fbem-23682	253	48	*	*	PUNCT
fbem-23682	253	49	0.019	0.019	NUM
fbem-23682	253	50	*	*	PUNCT
fbem-23682	253	51	(	(	PUNCT
fbem-23682	253	52	-8.071	-8.071	NOUN
fbem-23682	253	53	)	)	PUNCT
fbem-23682	253	54	(	(	PUNCT
fbem-23682	253	55	1.653	1.653	NUM
fbem-23682	253	56	)	)	PUNCT
fbem-23682	253	57	t	t	PROPN
fbem-23682	253	58	top1	top1	PROPN
fbem-23682	254	1	0.000	0.000	NUM
fbem-23682	254	2	0.000	0.000	NUM
fbem-23682	254	3	*	*	PUNCT
fbem-23682	254	4	*	*	PUNCT
fbem-23682	254	5	*	*	PUNCT
fbem-23682	254	6	(	(	PUNCT
fbem-23682	254	7	0.968	0.968	NUM
fbem-23682	254	8	)	)	PUNCT
fbem-23682	254	9	(	(	PUNCT
fbem-23682	254	10	2.868	2.868	NUM
fbem-23682	254	11	)	)	PUNCT
fbem-23682	254	12	t	t	NOUN
fbem-23682	254	13	growth	growth	NOUN
fbem-23682	254	14	0.003	0.003	NUM
fbem-23682	254	15	*	*	PUNCT
fbem-23682	254	16	*	*	PUNCT
fbem-23682	254	17	*	*	NOUN
fbem-23682	254	18	0.001	0.001	NUM
fbem-23682	254	19	(	(	PUNCT
fbem-23682	254	20	3.856	3.856	NUM
fbem-23682	254	21	)	)	PUNCT
fbem-23682	254	22	(	(	PUNCT
fbem-23682	254	23	1.637	1.637	NUM
fbem-23682	254	24	)	)	PUNCT
fbem-23682	254	25	t	t	NOUN
fbem-23682	254	26	liqasset	liqasset	VERB
fbem-23682	254	27	0.052	0.052	PRON
fbem-23682	254	28	*	*	PUNCT
fbem-23682	254	29	*	*	PUNCT
fbem-23682	254	30	*	*	PUNCT
fbem-23682	254	31	0.021	0.021	NUM
fbem-23682	254	32	*	*	PUNCT
fbem-23682	254	33	*	*	PUNCT
fbem-23682	254	34	*	*	PUNCT
fbem-23682	254	35	(	(	PUNCT
fbem-23682	254	36	9.770	9.770	NUM
fbem-23682	254	37	)	)	PUNCT
fbem-23682	254	38	(	(	PUNCT
fbem-23682	254	39	2.825	2.825	NUM
fbem-23682	254	40	)	)	PUNCT
fbem-23682	254	41	t	t	NOUN
fbem-23682	254	42	cash	cash	NOUN
fbem-23682	254	43	-0.152	-0.152	PUNCT
fbem-23682	254	44	*	*	PUNCT
fbem-23682	254	45	*	*	PUNCT
fbem-23682	254	46	*	*	PUNCT
fbem-23682	254	47	0.011	0.011	NUM
fbem-23682	254	48	(	(	PUNCT
fbem-23682	254	49	-11.889	-11.889	NOUN
fbem-23682	254	50	)	)	PUNCT
fbem-23682	254	51	(	(	PUNCT
fbem-23682	254	52	1.264	1.264	NUM
fbem-23682	254	53	)	)	PUNCT
fbem-23682	254	54	t	t	PROPN
fbem-23682	254	55	soe	soe	PROPN
fbem-23682	254	56	-0.001	-0.001	PUNCT
fbem-23682	255	1	0.020	0.020	NUM
fbem-23682	255	2	*	*	PUNCT
fbem-23682	255	3	*	*	PUNCT
fbem-23682	255	4	*	*	PUNCT
fbem-23682	255	5	(	(	PUNCT
fbem-23682	255	6	-0.620	-0.620	NOUN
fbem-23682	255	7	)	)	PUNCT
fbem-23682	255	8	(	(	PUNCT
fbem-23682	255	9	4.209	4.209	NUM
fbem-23682	255	10	)	)	PUNCT
fbem-23682	255	11	t	t	NOUN
fbem-23682	255	12	age	age	NOUN
fbem-23682	255	13	0.020	0.020	NUM
fbem-23682	255	14	*	*	PUNCT
fbem-23682	255	15	*	*	PUNCT
fbem-23682	255	16	0.023	0.023	NUM
fbem-23682	255	17	*	*	PUNCT
fbem-23682	255	18	(	(	PUNCT
fbem-23682	255	19	2.516	2.516	NUM
fbem-23682	255	20	)	)	PUNCT
fbem-23682	255	21	(	(	PUNCT
fbem-23682	255	22	1.772	1.772	NUM
fbem-23682	255	23	)	)	PUNCT
fbem-23682	255	24	t	t	NOUN
fbem-23682	255	25	dual	dual	ADJ
fbem-23682	255	26	-0.002	-0.002	PUNCT
fbem-23682	255	27	0.001	0.001	NUM
fbem-23682	255	28	(	(	PUNCT
fbem-23682	255	29	-0.963	-0.963	NUM
fbem-23682	255	30	)	)	PUNCT
fbem-23682	255	31	(	(	PUNCT
fbem-23682	255	32	0.936	0.936	NUM
fbem-23682	255	33	)	)	PUNCT
fbem-23682	255	34	t	t	PROPN
fbem-23682	255	35	big4	big4	PROPN
fbem-23682	255	36	0.001	0.001	NUM
fbem-23682	255	37	0.010	0.010	NUM
fbem-23682	255	38	(	(	PUNCT
fbem-23682	255	39	0.250	0.250	NUM
fbem-23682	255	40	)	)	PUNCT
fbem-23682	255	41	(	(	PUNCT
fbem-23682	255	42	1.463	1.463	NUM
fbem-23682	255	43	)	)	PUNCT
fbem-23682	255	44	t	t	PROPN
fbem-23682	255	45	analysts	analyst	NOUN
fbem-23682	255	46	0.007	0.007	NUM
fbem-23682	255	47	*	*	PUNCT
fbem-23682	255	48	*	*	PUNCT
fbem-23682	255	49	*	*	PUNCT
fbem-23682	255	50	-0.000	-0.000	PUNCT
fbem-23682	255	51	(	(	PUNCT
fbem-23682	255	52	10.024	10.024	NUM
fbem-23682	255	53	)	)	PUNCT
fbem-23682	255	54	(	(	PUNCT
fbem-23682	255	55	-0.015	-0.015	NOUN
fbem-23682	255	56	)	)	PUNCT
fbem-23682	255	57	constant	constant	ADJ
fbem-23682	255	58	term	term	NOUN
fbem-23682	255	59	0.138	0.138	NUM
fbem-23682	255	60	*	*	PUNCT
fbem-23682	255	61	*	*	PUNCT
fbem-23682	255	62	*	*	PUNCT
fbem-23682	255	63	0.131	0.131	NUM
fbem-23682	255	64	*	*	PUNCT
fbem-23682	255	65	*	*	PUNCT
fbem-23682	255	66	(	(	PUNCT
fbem-23682	255	67	4.139	4.139	NUM
fbem-23682	255	68	)	)	PUNCT
fbem-23682	255	69	(	(	PUNCT
fbem-23682	255	70	2.334	2.334	NUM
fbem-23682	255	71	)	)	PUNCT
fbem-23682	255	72	observed	observed	ADJ
fbem-23682	255	73	value	value	NOUN
fbem-23682	255	74	30,978	30,978	NUM
fbem-23682	255	75	32,662	32,662	NUM
fbem-23682	255	76	2	2	NUM
fbem-23682	255	77	r	r	NOUN
fbem-23682	255	78	0.074	0.074	NUM
fbem-23682	255	79	0.019	0.019	NUM
fbem-23682	255	80	firm	firm	ADJ
fbem-23682	255	81	fixed	fix	VERB
fbem-23682	255	82	effect	effect	NOUN
fbem-23682	255	83	yes	yes	INTJ
fbem-23682	255	84	yes	yes	INTJ
fbem-23682	255	85	annual	annual	ADJ
fbem-23682	255	86	fixed	fix	VERB
fbem-23682	255	87	effect	effect	NOUN
fbem-23682	256	1	yes	yes	INTJ
fbem-23682	256	2	yes	yes	INTJ
fbem-23682	256	3	240	240	NUM
fbem-23682	256	4	6	6	NUM
fbem-23682	256	5	.	.	PUNCT
fbem-23682	256	6	conclusion	conclusion	NOUN
fbem-23682	256	7	in	in	ADP
fbem-23682	256	8	the	the	DET
fbem-23682	256	9	face	face	NOUN
fbem-23682	256	10	of	of	ADP
fbem-23682	256	11	the	the	DET
fbem-23682	256	12	need	need	NOUN
fbem-23682	256	13	to	to	PART
fbem-23682	256	14	achieve	achieve	VERB
fbem-23682	256	15	high	high	ADJ
fbem-23682	256	16	-	-	PUNCT
fbem-23682	256	17	quality	quality	NOUN
fbem-23682	256	18	economic	economic	ADJ
fbem-23682	256	19	development	development	NOUN
fbem-23682	256	20	in	in	ADP
fbem-23682	256	21	china	china	PROPN
fbem-23682	256	22	,	,	PUNCT
fbem-23682	256	23	it	it	PRON
fbem-23682	256	24	is	be	AUX
fbem-23682	256	25	particularly	particularly	ADV
fbem-23682	256	26	important	important	ADJ
fbem-23682	256	27	to	to	PART
fbem-23682	256	28	safeguard	safeguard	VERB
fbem-23682	256	29	the	the	DET
fbem-23682	256	30	stability	stability	NOUN
fbem-23682	256	31	of	of	ADP
fbem-23682	256	32	the	the	DET
fbem-23682	256	33	financial	financial	ADJ
fbem-23682	256	34	market	market	NOUN
fbem-23682	256	35	.	.	PUNCT
fbem-23682	257	1	as	as	ADP
fbem-23682	257	2	a	a	DET
fbem-23682	257	3	major	major	ADJ
fbem-23682	257	4	hidden	hide	VERB
fbem-23682	257	5	danger	danger	NOUN
fbem-23682	257	6	affecting	affect	VERB
fbem-23682	257	7	the	the	DET
fbem-23682	257	8	stable	stable	ADJ
fbem-23682	257	9	development	development	NOUN
fbem-23682	257	10	of	of	ADP
fbem-23682	257	11	the	the	DET
fbem-23682	257	12	financial	financial	ADJ
fbem-23682	257	13	market	market	NOUN
fbem-23682	257	14	,	,	PUNCT
fbem-23682	257	15	the	the	DET
fbem-23682	257	16	risk	risk	NOUN
fbem-23682	257	17	of	of	ADP
fbem-23682	257	18	stock	stock	NOUN
fbem-23682	257	19	price	price	NOUN
fbem-23682	257	20	crash	crash	NOUN
fbem-23682	257	21	needs	need	VERB
fbem-23682	257	22	to	to	PART
fbem-23682	257	23	be	be	AUX
fbem-23682	257	24	effectively	effectively	ADV
fbem-23682	257	25	controlled	control	VERB
fbem-23682	257	26	by	by	ADP
fbem-23682	257	27	certain	certain	ADJ
fbem-23682	257	28	measures	measure	NOUN
fbem-23682	257	29	.	.	PUNCT
fbem-23682	258	1	in	in	ADP
fbem-23682	258	2	this	this	DET
fbem-23682	258	3	regard	regard	NOUN
fbem-23682	258	4	,	,	PUNCT
fbem-23682	258	5	this	this	DET
fbem-23682	258	6	paper	paper	NOUN
fbem-23682	258	7	studies	study	VERB
fbem-23682	258	8	the	the	DET
fbem-23682	258	9	impact	impact	NOUN
fbem-23682	258	10	mechanism	mechanism	NOUN
fbem-23682	258	11	of	of	ADP
fbem-23682	258	12	how	how	SCONJ
fbem-23682	258	13	independent	independent	ADJ
fbem-23682	258	14	directors	director	NOUN
fbem-23682	258	15	'	'	PART
fbem-23682	258	16	dissenting	dissent	VERB
fbem-23682	258	17	opinions	opinion	NOUN
fbem-23682	258	18	play	play	VERB
fbem-23682	258	19	a	a	DET
fbem-23682	258	20	governance	governance	NOUN
fbem-23682	258	21	role	role	NOUN
fbem-23682	258	22	to	to	PART
fbem-23682	258	23	reduce	reduce	VERB
fbem-23682	258	24	the	the	DET
fbem-23682	258	25	risk	risk	NOUN
fbem-23682	258	26	of	of	ADP
fbem-23682	258	27	corporate	corporate	ADJ
fbem-23682	258	28	stock	stock	NOUN
fbem-23682	258	29	price	price	NOUN
fbem-23682	258	30	crash	crash	NOUN
fbem-23682	258	31	.	.	PUNCT
fbem-23682	259	1	this	this	DET
fbem-23682	259	2	study	study	NOUN
fbem-23682	259	3	found	find	VERB
fbem-23682	259	4	that	that	SCONJ
fbem-23682	259	5	there	there	PRON
fbem-23682	259	6	was	be	VERB
fbem-23682	259	7	a	a	DET
fbem-23682	259	8	negative	negative	ADJ
fbem-23682	259	9	correlation	correlation	NOUN
fbem-23682	259	10	between	between	ADP
fbem-23682	259	11	independent	independent	ADJ
fbem-23682	259	12	directors	director	NOUN
fbem-23682	259	13	'	'	PART
fbem-23682	259	14	dissenting	dissent	VERB
fbem-23682	259	15	opinions	opinion	NOUN
fbem-23682	259	16	and	and	CCONJ
fbem-23682	259	17	the	the	DET
fbem-23682	259	18	risk	risk	NOUN
fbem-23682	259	19	of	of	ADP
fbem-23682	259	20	stock	stock	NOUN
fbem-23682	259	21	price	price	NOUN
fbem-23682	259	22	crash	crash	NOUN
fbem-23682	259	23	.	.	PUNCT
fbem-23682	260	1	the	the	DET
fbem-23682	260	2	independent	independent	ADJ
fbem-23682	260	3	directors	director	NOUN
fbem-23682	260	4	'	'	PART
fbem-23682	260	5	dissenting	dissent	VERB
fbem-23682	260	6	opinions	opinion	NOUN
fbem-23682	260	7	can	can	AUX
fbem-23682	260	8	play	play	VERB
fbem-23682	260	9	a	a	DET
fbem-23682	260	10	governance	governance	NOUN
fbem-23682	260	11	role	role	NOUN
fbem-23682	260	12	in	in	ADP
fbem-23682	260	13	restraining	restrain	VERB
fbem-23682	260	14	the	the	DET
fbem-23682	260	15	abnormal	abnormal	ADJ
fbem-23682	260	16	related	relate	VERB
fbem-23682	260	17	party	party	NOUN
fbem-23682	260	18	transactions	transaction	NOUN
fbem-23682	260	19	and	and	CCONJ
fbem-23682	260	20	earnings	earning	NOUN
fbem-23682	260	21	management	management	NOUN
fbem-23682	260	22	behavior	behavior	NOUN
fbem-23682	260	23	of	of	ADP
fbem-23682	260	24	the	the	DET
fbem-23682	260	25	majority	majority	NOUN
fbem-23682	260	26	shareholders	shareholder	NOUN
fbem-23682	260	27	,	,	PUNCT
fbem-23682	260	28	thus	thus	ADV
fbem-23682	260	29	reducing	reduce	VERB
fbem-23682	260	30	the	the	DET
fbem-23682	260	31	risk	risk	NOUN
fbem-23682	260	32	of	of	ADP
fbem-23682	260	33	stock	stock	NOUN
fbem-23682	260	34	price	price	NOUN
fbem-23682	260	35	collapse	collapse	NOUN
fbem-23682	260	36	;	;	PUNCT
fbem-23682	260	37	further	further	ADJ
fbem-23682	260	38	research	research	NOUN
fbem-23682	260	39	shows	show	VERB
fbem-23682	260	40	that	that	SCONJ
fbem-23682	260	41	the	the	DET
fbem-23682	260	42	independent	independent	ADJ
fbem-23682	260	43	directors	director	NOUN
fbem-23682	260	44	'	'	PART
fbem-23682	260	45	dissenting	dissent	VERB
fbem-23682	260	46	opinions	opinion	NOUN
fbem-23682	260	47	can	can	AUX
fbem-23682	260	48	significantly	significantly	ADV
fbem-23682	260	49	reduce	reduce	VERB
fbem-23682	260	50	the	the	DET
fbem-23682	260	51	risk	risk	NOUN
fbem-23682	260	52	of	of	ADP
fbem-23682	260	53	stock	stock	NOUN
fbem-23682	260	54	price	price	NOUN
fbem-23682	260	55	crash	crash	NOUN
fbem-23682	260	56	in	in	ADP
fbem-23682	260	57	the	the	DET
fbem-23682	260	58	case	case	NOUN
fbem-23682	260	59	of	of	ADP
fbem-23682	260	60	the	the	DET
fbem-23682	260	61	largest	large	ADJ
fbem-23682	260	62	shareholder	shareholder	NOUN
fbem-23682	260	63	with	with	ADP
fbem-23682	260	64	a	a	DET
fbem-23682	260	65	higher	high	ADJ
fbem-23682	260	66	shareholding	shareholding	NOUN
fbem-23682	260	67	ratio	ratio	NOUN
fbem-23682	260	68	,	,	PUNCT
fbem-23682	260	69	higher	high	ADJ
fbem-23682	260	70	audit	audit	NOUN
fbem-23682	260	71	quality	quality	NOUN
fbem-23682	260	72	and	and	CCONJ
fbem-23682	260	73	a	a	DET
fbem-23682	260	74	larger	large	ADJ
fbem-23682	260	75	number	number	NOUN
fbem-23682	260	76	of	of	ADP
fbem-23682	260	77	analysts	analyst	NOUN
fbem-23682	260	78	.	.	PUNCT
fbem-23682	261	1	through	through	ADP
fbem-23682	261	2	the	the	DET
fbem-23682	261	3	research	research	NOUN
fbem-23682	261	4	conclusion	conclusion	NOUN
fbem-23682	261	5	of	of	ADP
fbem-23682	261	6	this	this	DET
fbem-23682	261	7	paper	paper	NOUN
fbem-23682	261	8	,	,	PUNCT
fbem-23682	261	9	we	we	PRON
fbem-23682	261	10	think	think	VERB
fbem-23682	261	11	that	that	SCONJ
fbem-23682	261	12	if	if	SCONJ
fbem-23682	261	13	we	we	PRON
fbem-23682	261	14	want	want	VERB
fbem-23682	261	15	the	the	DET
fbem-23682	261	16	independent	independent	ADJ
fbem-23682	261	17	directors	director	NOUN
fbem-23682	261	18	to	to	PART
fbem-23682	261	19	have	have	VERB
fbem-23682	261	20	the	the	DET
fbem-23682	261	21	power	power	NOUN
fbem-23682	261	22	to	to	PART
fbem-23682	261	23	raise	raise	VERB
fbem-23682	261	24	objections	objection	NOUN
fbem-23682	261	25	to	to	ADP
fbem-23682	261	26	the	the	DET
fbem-23682	261	27	motion	motion	NOUN
fbem-23682	261	28	,	,	PUNCT
fbem-23682	261	29	truly	truly	ADV
fbem-23682	261	30	play	play	VERB
fbem-23682	261	31	the	the	DET
fbem-23682	261	32	governance	governance	NOUN
fbem-23682	261	33	role	role	NOUN
fbem-23682	261	34	of	of	ADP
fbem-23682	261	35	independent	independent	ADJ
fbem-23682	261	36	directors	director	NOUN
fbem-23682	261	37	and	and	CCONJ
fbem-23682	261	38	get	get	AUX
fbem-23682	261	39	rid	rid	VERB
fbem-23682	261	40	of	of	ADP
fbem-23682	261	41	the	the	DET
fbem-23682	261	42	title	title	NOUN
fbem-23682	261	43	of	of	ADP
fbem-23682	261	44	"	"	PUNCT
fbem-23682	261	45	vase	vase	NOUN
fbem-23682	261	46	director	director	NOUN
fbem-23682	261	47	"	"	PUNCT
fbem-23682	261	48	,	,	PUNCT
fbem-23682	261	49	we	we	PRON
fbem-23682	261	50	need	need	VERB
fbem-23682	261	51	to	to	PART
fbem-23682	261	52	further	far	ADV
fbem-23682	261	53	improve	improve	VERB
fbem-23682	261	54	the	the	DET
fbem-23682	261	55	relevant	relevant	ADJ
fbem-23682	261	56	system	system	NOUN
fbem-23682	261	57	.	.	PUNCT
fbem-23682	262	1	on	on	ADP
fbem-23682	262	2	the	the	DET
fbem-23682	262	3	one	one	NUM
fbem-23682	262	4	hand	hand	NOUN
fbem-23682	262	5	,	,	PUNCT
fbem-23682	262	6	the	the	DET
fbem-23682	262	7	internal	internal	ADJ
fbem-23682	262	8	governance	governance	NOUN
fbem-23682	262	9	structure	structure	NOUN
fbem-23682	262	10	of	of	ADP
fbem-23682	262	11	the	the	DET
fbem-23682	262	12	company	company	NOUN
fbem-23682	262	13	should	should	AUX
fbem-23682	262	14	be	be	AUX
fbem-23682	262	15	improved	improve	VERB
fbem-23682	262	16	to	to	PART
fbem-23682	262	17	strengthen	strengthen	VERB
fbem-23682	262	18	the	the	DET
fbem-23682	262	19	supervision	supervision	NOUN
fbem-23682	262	20	and	and	CCONJ
fbem-23682	262	21	restraint	restraint	NOUN
fbem-23682	262	22	on	on	ADP
fbem-23682	262	23	the	the	DET
fbem-23682	262	24	irregularities	irregularity	NOUN
fbem-23682	262	25	committed	commit	VERB
fbem-23682	262	26	by	by	ADP
fbem-23682	262	27	the	the	DET
fbem-23682	262	28	internal	internal	ADJ
fbem-23682	262	29	management	management	NOUN
fbem-23682	262	30	and	and	CCONJ
fbem-23682	262	31	major	major	ADJ
fbem-23682	262	32	shareholders	shareholder	NOUN
fbem-23682	262	33	of	of	ADP
fbem-23682	262	34	the	the	DET
fbem-23682	262	35	company	company	NOUN
fbem-23682	262	36	,	,	PUNCT
fbem-23682	262	37	so	so	SCONJ
fbem-23682	262	38	as	as	SCONJ
fbem-23682	262	39	to	to	PART
fbem-23682	262	40	prevent	prevent	VERB
fbem-23682	262	41	the	the	DET
fbem-23682	262	42	election	election	NOUN
fbem-23682	262	43	and	and	CCONJ
fbem-23682	262	44	re	re	NOUN
fbem-23682	262	45	-	-	NOUN
fbem-23682	262	46	election	election	NOUN
fbem-23682	262	47	of	of	ADP
fbem-23682	262	48	independent	independent	ADJ
fbem-23682	262	49	directors	director	NOUN
fbem-23682	262	50	from	from	ADP
fbem-23682	262	51	being	be	AUX
fbem-23682	262	52	manipulated	manipulate	VERB
fbem-23682	262	53	and	and	CCONJ
fbem-23682	262	54	interfered	interfere	VERB
fbem-23682	262	55	by	by	ADP
fbem-23682	262	56	major	major	ADJ
fbem-23682	262	57	shareholders	shareholder	NOUN
fbem-23682	262	58	,	,	PUNCT
fbem-23682	262	59	and	and	CCONJ
fbem-23682	262	60	to	to	PART
fbem-23682	262	61	enable	enable	VERB
fbem-23682	262	62	independent	independent	ADJ
fbem-23682	262	63	directors	director	NOUN
fbem-23682	262	64	to	to	PART
fbem-23682	262	65	express	express	VERB
fbem-23682	262	66	their	their	PRON
fbem-23682	262	67	opinions	opinion	NOUN
fbem-23682	262	68	independently	independently	ADV
fbem-23682	262	69	of	of	ADP
fbem-23682	262	70	the	the	DET
fbem-23682	262	71	interests	interest	NOUN
fbem-23682	262	72	of	of	ADP
fbem-23682	262	73	shareholders	shareholder	NOUN
fbem-23682	262	74	in	in	ADP
fbem-23682	262	75	a	a	DET
fbem-23682	262	76	fair	fair	ADJ
fbem-23682	262	77	manner	manner	NOUN
fbem-23682	262	78	.	.	PUNCT
fbem-23682	263	1	on	on	ADP
fbem-23682	263	2	the	the	DET
fbem-23682	263	3	other	other	ADJ
fbem-23682	263	4	hand	hand	NOUN
fbem-23682	263	5	,	,	PUNCT
fbem-23682	263	6	the	the	DET
fbem-23682	263	7	external	external	ADJ
fbem-23682	263	8	environment	environment	NOUN
fbem-23682	263	9	and	and	CCONJ
fbem-23682	263	10	regulations	regulation	NOUN
fbem-23682	263	11	also	also	ADV
fbem-23682	263	12	need	need	VERB
fbem-23682	263	13	to	to	PART
fbem-23682	263	14	be	be	AUX
fbem-23682	263	15	further	far	ADV
fbem-23682	263	16	improved	improve	VERB
fbem-23682	263	17	to	to	PART
fbem-23682	263	18	strengthen	strengthen	VERB
fbem-23682	263	19	the	the	DET
fbem-23682	263	20	supervision	supervision	NOUN
fbem-23682	263	21	of	of	ADP
fbem-23682	263	22	abnormal	abnormal	ADJ
fbem-23682	263	23	related	relate	VERB
fbem-23682	263	24	party	party	NOUN
fbem-23682	263	25	transactions	transaction	NOUN
fbem-23682	263	26	,	,	PUNCT
fbem-23682	263	27	earnings	earning	NOUN
fbem-23682	263	28	management	management	NOUN
fbem-23682	263	29	and	and	CCONJ
fbem-23682	263	30	other	other	ADJ
fbem-23682	263	31	acts	act	NOUN
fbem-23682	263	32	of	of	ADP
fbem-23682	263	33	the	the	DET
fbem-23682	263	34	company	company	NOUN
fbem-23682	263	35	,	,	PUNCT
fbem-23682	263	36	as	as	ADV
fbem-23682	263	37	well	well	ADV
fbem-23682	263	38	as	as	ADP
fbem-23682	263	39	the	the	DET
fbem-23682	263	40	punishment	punishment	NOUN
fbem-23682	263	41	of	of	ADP
fbem-23682	263	42	financial	financial	ADJ
fbem-23682	263	43	fraud	fraud	NOUN
fbem-23682	263	44	and	and	CCONJ
fbem-23682	263	45	other	other	ADJ
fbem-23682	263	46	irregularities	irregularity	NOUN
fbem-23682	263	47	;	;	PUNCT
fbem-23682	263	48	at	at	ADP
fbem-23682	263	49	the	the	DET
fbem-23682	263	50	same	same	ADJ
fbem-23682	263	51	time	time	NOUN
fbem-23682	263	52	,	,	PUNCT
fbem-23682	263	53	it	it	PRON
fbem-23682	263	54	is	be	AUX
fbem-23682	263	55	also	also	ADV
fbem-23682	263	56	necessary	necessary	ADJ
fbem-23682	263	57	to	to	PART
fbem-23682	263	58	strengthen	strengthen	VERB
fbem-23682	263	59	the	the	DET
fbem-23682	263	60	relevant	relevant	ADJ
fbem-23682	263	61	protection	protection	NOUN
fbem-23682	263	62	and	and	CCONJ
fbem-23682	263	63	litigation	litigation	NOUN
fbem-23682	263	64	systems	system	NOUN
fbem-23682	263	65	of	of	ADP
fbem-23682	263	66	independent	independent	ADJ
fbem-23682	263	67	directors	director	NOUN
fbem-23682	263	68	,	,	PUNCT
fbem-23682	263	69	reduce	reduce	VERB
fbem-23682	263	70	the	the	DET
fbem-23682	263	71	risks	risk	NOUN
fbem-23682	263	72	faced	face	VERB
fbem-23682	263	73	by	by	ADP
fbem-23682	263	74	independent	independent	ADJ
fbem-23682	263	75	directors	director	NOUN
fbem-23682	263	76	in	in	ADP
fbem-23682	263	77	expressing	express	VERB
fbem-23682	263	78	dissent	dissent	NOUN
fbem-23682	263	79	in	in	ADP
fbem-23682	263	80	the	the	DET
fbem-23682	263	81	company	company	NOUN
fbem-23682	263	82	,	,	PUNCT
fbem-23682	263	83	and	and	CCONJ
fbem-23682	263	84	ensure	ensure	VERB
fbem-23682	263	85	the	the	DET
fbem-23682	263	86	effective	effective	ADJ
fbem-23682	263	87	operation	operation	NOUN
fbem-23682	263	88	of	of	ADP
fbem-23682	263	89	the	the	DET
fbem-23682	263	90	independent	independent	ADJ
fbem-23682	263	91	director	director	NOUN
fbem-23682	263	92	system	system	NOUN
fbem-23682	263	93	.	.	PUNCT
fbem-23682	264	1	the	the	DET
fbem-23682	264	2	research	research	NOUN
fbem-23682	264	3	conclusion	conclusion	NOUN
fbem-23682	264	4	of	of	ADP
fbem-23682	264	5	this	this	DET
fbem-23682	264	6	paper	paper	NOUN
fbem-23682	264	7	has	have	VERB
fbem-23682	264	8	certain	certain	ADJ
fbem-23682	264	9	practical	practical	ADJ
fbem-23682	264	10	significance	significance	NOUN
fbem-23682	264	11	to	to	PART
fbem-23682	264	12	understand	understand	VERB
fbem-23682	264	13	the	the	DET
fbem-23682	264	14	transmission	transmission	NOUN
fbem-23682	264	15	path	path	NOUN
fbem-23682	264	16	between	between	ADP
fbem-23682	264	17	independent	independent	ADJ
fbem-23682	264	18	director	director	NOUN
fbem-23682	264	19	system	system	NOUN
fbem-23682	264	20	and	and	CCONJ
fbem-23682	264	21	the	the	DET
fbem-23682	264	22	risk	risk	NOUN
fbem-23682	264	23	of	of	ADP
fbem-23682	264	24	stock	stock	NOUN
fbem-23682	264	25	price	price	NOUN
fbem-23682	264	26	crash	crash	NOUN
fbem-23682	264	27	,	,	PUNCT
fbem-23682	264	28	and	and	CCONJ
fbem-23682	264	29	to	to	PART
fbem-23682	264	30	understand	understand	VERB
fbem-23682	264	31	the	the	DET
fbem-23682	264	32	role	role	NOUN
fbem-23682	264	33	of	of	ADP
fbem-23682	264	34	independent	independent	ADJ
fbem-23682	264	35	director	director	NOUN
fbem-23682	264	36	system	system	NOUN
fbem-23682	264	37	in	in	ADP
fbem-23682	264	38	stabilizing	stabilize	VERB
fbem-23682	264	39	the	the	DET
fbem-23682	264	40	financial	financial	ADJ
fbem-23682	264	41	markets	market	NOUN
fbem-23682	264	42	of	of	ADP
fbem-23682	264	43	emerging	emerge	VERB
fbem-23682	264	44	market	market	NOUN
fbem-23682	264	45	countries	country	NOUN
fbem-23682	264	46	.	.	PUNCT
fbem-23682	265	1	references	reference	NOUN
fbem-23682	265	2	[	[	X
fbem-23682	265	3	1	1	NUM
fbem-23682	265	4	]	]	X
fbem-23682	265	5	cai	cai	X
fbem-23682	265	6	,	,	PUNCT
fbem-23682	265	7	c.	c.	PROPN
fbem-23682	265	8	,	,	PUNCT
fbem-23682	265	9	zhu	zhu	PROPN
fbem-23682	265	10	,	,	PUNCT
fbem-23682	265	11	l.	l.	PROPN
fbem-23682	265	12	,	,	PUNCT
fbem-23682	265	13	qianwen	qianwen	PROPN
fbem-23682	265	14	,	,	PUNCT
fbem-23682	265	15	z.	z.	PROPN
fbem-23682	265	16	,	,	PUNCT
fbem-23682	265	17	&	&	CCONJ
fbem-23682	265	18	xiao	xiao	PROPN
fbem-23682	265	19	,	,	PUNCT
fbem-23682	265	20	y.	y.	PROPN
fbem-23682	265	21	(	(	PUNCT
fbem-23682	265	22	2021	2021	NUM
fbem-23682	265	23	)	)	PUNCT
fbem-23682	265	24	.	.	PUNCT
fbem-23682	266	1	multiple	multiple	ADJ
fbem-23682	266	2	large	large	ADJ
fbem-23682	266	3	shareholders	shareholder	NOUN
fbem-23682	266	4	and	and	CCONJ
fbem-23682	266	5	the	the	DET
fbem-23682	266	6	need	need	NOUN
fbem-23682	266	7	for	for	ADP
fbem-23682	266	8	high	high	ADJ
fbem-23682	266	9	-	-	PUNCT
fbem-23682	266	10	quality	quality	NOUN
fbem-23682	266	11	audit	audit	NOUN
fbem-23682	266	12	.	.	PUNCT
fbem-23682	267	1	accounting	accounting	NOUN
fbem-23682	267	2	research	research	NOUN
fbem-23682	267	3	,	,	PUNCT
fbem-23682	267	4	10	10	NUM
fbem-23682	267	5	.	.	PUNCT
fbem-23682	268	1	[	[	X
fbem-23682	268	2	2	2	NUM
fbem-23682	268	3	]	]	X
fbem-23682	268	4	chen	chen	PROPN
fbem-23682	268	5	,	,	PUNCT
fbem-23682	268	6	d.	d.	PROPN
fbem-23682	268	7	,	,	PUNCT
fbem-23682	268	8	&	&	CCONJ
fbem-23682	268	9	zhang	zhang	PROPN
fbem-23682	268	10	,	,	PUNCT
fbem-23682	268	11	j.	j.	PROPN
fbem-23682	268	12	(	(	PUNCT
fbem-23682	268	13	2017	2017	NUM
fbem-23682	268	14	)	)	PUNCT
fbem-23682	268	15	.	.	PUNCT
fbem-23682	269	1	is	be	AUX
fbem-23682	269	2	it	it	PRON
fbem-23682	269	3	reasonable	reasonable	ADJ
fbem-23682	269	4	for	for	ADP
fbem-23682	269	5	an	an	DET
fbem-23682	269	6	independent	independent	ADJ
fbem-23682	269	7	director	director	NOUN
fbem-23682	269	8	to	to	PART
fbem-23682	269	9	be	be	AUX
fbem-23682	269	10	re	re	VERB
fbem-23682	269	11	-	-	VERB
fbem-23682	269	12	elected	elect	VERB
fbem-23682	269	13	for	for	ADP
fbem-23682	269	14	only	only	ADV
fbem-23682	269	15	six	six	NUM
fbem-23682	269	16	years	year	NOUN
fbem-23682	269	17	?	?	PUNCT
fbem-23682	270	1	–	–	PUNCT
fbem-23682	270	2	based	base	VERB
fbem-23682	270	3	on	on	ADP
fbem-23682	270	4	the	the	DET
fbem-23682	270	5	empirical	empirical	ADJ
fbem-23682	270	6	study	study	NOUN
fbem-23682	270	7	of	of	ADP
fbem-23682	270	8	a	a	DET
fbem-23682	270	9	-	-	PUNCT
fbem-23682	270	10	share	share	NOUN
fbem-23682	270	11	listed	list	VERB
fbem-23682	270	12	companies	company	NOUN
fbem-23682	270	13	in	in	ADP
fbem-23682	270	14	china	china	PROPN
fbem-23682	270	15	.	.	PUNCT
fbem-23682	271	1	management	management	NOUN
fbem-23682	271	2	world	world	NOUN
fbem-23682	271	3	(	(	PUNCT
fbem-23682	271	4	monthly	monthly	ADJ
fbem-23682	271	5	)	)	PUNCT
fbem-23682	271	6	,	,	PUNCT
fbem-23682	271	7	5	5	X
fbem-23682	271	8	.	.	PUNCT
fbem-23682	272	1	[	[	X
fbem-23682	272	2	3	3	NUM
fbem-23682	272	3	]	]	X
fbem-23682	272	4	gao	gao	PROPN
fbem-23682	272	5	,	,	PUNCT
fbem-23682	272	6	l.	l.	PROPN
fbem-23682	272	7	,	,	PUNCT
fbem-23682	272	8	he	he	PRON
fbem-23682	272	9	,	,	PUNCT
fbem-23682	272	10	s.	s.	PROPN
fbem-23682	272	11	,	,	PUNCT
fbem-23682	272	12	&	&	CCONJ
fbem-23682	272	13	huang	huang	PROPN
fbem-23682	272	14	,	,	PUNCT
fbem-23682	272	15	z.	z.	PROPN
fbem-23682	272	16	(	(	PUNCT
fbem-23682	272	17	2006	2006	NUM
fbem-23682	272	18	)	)	PUNCT
fbem-23682	272	19	.	.	PUNCT
fbem-23682	273	1	corporate	corporate	ADJ
fbem-23682	273	2	governance	governance	NOUN
fbem-23682	273	3	and	and	CCONJ
fbem-23682	273	4	tunneling	tunneling	NOUN
fbem-23682	273	5	.	.	PUNCT
fbem-23682	274	1	economics	economic	NOUN
fbem-23682	274	2	(	(	PUNCT
fbem-23682	274	3	quarterly	quarterly	ADJ
fbem-23682	274	4	)	)	PUNCT
fbem-23682	274	5	,	,	PUNCT
fbem-23682	274	6	4	4	X
fbem-23682	274	7	.	.	PUNCT
fbem-23682	275	1	[	[	X
fbem-23682	275	2	4	4	NUM
fbem-23682	275	3	]	]	SYM
fbem-23682	275	4	hu	hu	PROPN
fbem-23682	275	5	,	,	PUNCT
fbem-23682	275	6	y.	y.	PROPN
fbem-23682	275	7	,	,	PUNCT
fbem-23682	275	8	&	&	CCONJ
fbem-23682	275	9	tang	tang	PROPN
fbem-23682	275	10	,	,	PUNCT
fbem-23682	275	11	s.	s.	PROPN
fbem-23682	275	12	(	(	PUNCT
fbem-23682	275	13	2008	2008	NUM
fbem-23682	275	14	)	)	PUNCT
fbem-23682	275	15	.	.	PUNCT
fbem-23682	276	1	independent	independent	ADJ
fbem-23682	276	2	directors	director	NOUN
fbem-23682	276	3	and	and	CCONJ
fbem-23682	276	4	earnings	earning	NOUN
fbem-23682	276	5	information	information	NOUN
fbem-23682	276	6	quality	quality	NOUN
fbem-23682	276	7	of	of	ADP
fbem-23682	276	8	listed	list	VERB
fbem-23682	276	9	companies	company	NOUN
fbem-23682	276	10	.	.	PUNCT
fbem-23682	277	1	managing	manage	VERB
fbem-23682	277	2	the	the	DET
fbem-23682	277	3	world	world	NOUN
fbem-23682	277	4	,	,	PUNCT
fbem-23682	277	5	9	9	NUM
fbem-23682	277	6	.	.	PUNCT
fbem-23682	278	1	[	[	X
fbem-23682	278	2	5	5	NUM
fbem-23682	278	3	]	]	X
fbem-23682	278	4	huang	huang	PROPN
fbem-23682	278	5	,	,	PUNCT
fbem-23682	278	6	h.	h.	PROPN
fbem-23682	278	7	,	,	PUNCT
fbem-23682	278	8	lu	lu	PROPN
fbem-23682	278	9	,	,	PUNCT
fbem-23682	278	10	c.	c.	PROPN
fbem-23682	278	11	,	,	PUNCT
fbem-23682	278	12	&	&	CCONJ
fbem-23682	278	13	ding	ding	PROPN
fbem-23682	278	14	,	,	PUNCT
fbem-23682	278	15	h.	h.	PROPN
fbem-23682	278	16	(	(	PUNCT
fbem-23682	278	17	2016	2016	NUM
fbem-23682	278	18	)	)	PUNCT
fbem-23682	278	19	.	.	PUNCT
fbem-23682	279	1	independent	independent	ADJ
fbem-23682	279	2	directors	director	NOUN
fbem-23682	279	3	'	'	PART
fbem-23682	279	4	reputation	reputation	NOUN
fbem-23682	279	5	and	and	CCONJ
fbem-23682	279	6	earnings	earning	NOUN
fbem-23682	279	7	quality	quality	NOUN
fbem-23682	279	8	:	:	PUNCT
fbem-23682	279	9	from	from	ADP
fbem-23682	279	10	the	the	DET
fbem-23682	279	11	perspective	perspective	NOUN
fbem-23682	279	12	of	of	ADP
fbem-23682	279	13	an	an	DET
fbem-23682	279	14	independent	independent	ADJ
fbem-23682	279	15	director	director	NOUN
fbem-23682	279	16	in	in	ADP
fbem-23682	279	17	accounting	accounting	NOUN
fbem-23682	279	18	.	.	PUNCT
fbem-23682	280	1	management	management	NOUN
fbem-23682	280	2	world	world	NOUN
fbem-23682	280	3	(	(	PUNCT
fbem-23682	280	4	monthly	monthly	ADJ
fbem-23682	280	5	)	)	PUNCT
fbem-23682	280	6	,	,	PUNCT
fbem-23682	280	7	3	3	X
fbem-23682	280	8	.	.	PUNCT
fbem-23682	281	1	[	[	X
fbem-23682	281	2	6	6	NUM
fbem-23682	281	3	]	]	X
fbem-23682	281	4	hua	hua	PROPN
fbem-23682	281	5	,	,	PUNCT
fbem-23682	281	6	h.	h.	PROPN
fbem-23682	281	7	,	,	PUNCT
fbem-23682	281	8	jingwei	jingwei	PROPN
fbem-23682	281	9	,	,	PUNCT
fbem-23682	281	10	h.	h.	PROPN
fbem-23682	281	11	,	,	PUNCT
fbem-23682	281	12	&	&	CCONJ
fbem-23682	281	13	yuyu	yuyu	PROPN
fbem-23682	281	14	,	,	PUNCT
fbem-23682	281	15	w.	w.	PROPN
fbem-23682	281	16	(	(	PUNCT
fbem-23682	281	17	2020	2020	NUM
fbem-23682	281	18	)	)	PUNCT
fbem-23682	281	19	.	.	PUNCT
fbem-23682	282	1	the	the	DET
fbem-23682	282	2	pilot	pilot	NOUN
fbem-23682	282	3	of	of	ADP
fbem-23682	282	4	the	the	DET
fbem-23682	282	5	board	board	NOUN
fbem-23682	282	6	of	of	ADP
fbem-23682	282	7	directors	director	NOUN
fbem-23682	282	8	of	of	ADP
fbem-23682	282	9	central	central	ADJ
fbem-23682	282	10	enterprises	enterprise	NOUN
fbem-23682	282	11	and	and	CCONJ
fbem-23682	282	12	the	the	DET
fbem-23682	282	13	earnings	earning	NOUN
fbem-23682	282	14	management	management	NOUN
fbem-23682	282	15	behavior	behavior	NOUN
fbem-23682	282	16	of	of	ADP
fbem-23682	282	17	listed	list	VERB
fbem-23682	282	18	companies	company	NOUN
fbem-23682	282	19	.	.	PUNCT
fbem-23682	283	1	accounting	accounting	NOUN
fbem-23682	283	2	research	research	NOUN
fbem-23682	283	3	,	,	PUNCT
fbem-23682	283	4	7	7	X
fbem-23682	283	5	.	.	PUNCT
fbem-23682	284	1	[	[	X
fbem-23682	284	2	7	7	NUM
fbem-23682	284	3	]	]	X
fbem-23682	284	4	jiang	jiang	PROPN
fbem-23682	284	5	,	,	PUNCT
fbem-23682	284	6	x.	x.	PROPN
fbem-23682	284	7	,	,	PUNCT
fbem-23682	284	8	&	&	CCONJ
fbem-23682	284	9	xu	xu	PROPN
fbem-23682	284	10	,	,	PUNCT
fbem-23682	284	11	n.	n.	PROPN
fbem-23682	284	12	(	(	PUNCT
fbem-23682	284	13	2015	2015	NUM
fbem-23682	284	14	)	)	PUNCT
fbem-23682	284	15	.	.	PUNCT
fbem-23682	285	1	corporate	corporate	ADJ
fbem-23682	285	2	overinvestment	overinvestment	NOUN
fbem-23682	285	3	and	and	CCONJ
fbem-23682	285	4	the	the	DET
fbem-23682	285	5	risk	risk	NOUN
fbem-23682	285	6	of	of	ADP
fbem-23682	285	7	stock	stock	NOUN
fbem-23682	285	8	price	price	NOUN
fbem-23682	285	9	crash	crash	NOUN
fbem-23682	285	10	.	.	PUNCT
fbem-23682	286	1	financial	financial	ADJ
fbem-23682	286	2	research	research	NOUN
fbem-23682	286	3	,	,	PUNCT
fbem-23682	286	4	8	8	NUM
fbem-23682	286	5	.	.	PUNCT
fbem-23682	287	1	[	[	X
fbem-23682	287	2	8	8	NUM
fbem-23682	287	3	]	]	X
fbem-23682	287	4	jiang	jiang	PROPN
fbem-23682	287	5	,	,	PUNCT
fbem-23682	287	6	g.	g.	PROPN
fbem-23682	287	7	,	,	PUNCT
fbem-23682	287	8	&	&	CCONJ
fbem-23682	287	9	yue	yue	PROPN
fbem-23682	287	10	,	,	PUNCT
fbem-23682	287	11	h.	h.	PROPN
fbem-23682	287	12	(	(	PUNCT
fbem-23682	287	13	2005	2005	NUM
fbem-23682	287	14	)	)	PUNCT
fbem-23682	287	15	.	.	PUNCT
fbem-23682	288	1	research	research	NOUN
fbem-23682	288	2	on	on	ADP
fbem-23682	288	3	the	the	DET
fbem-23682	288	4	relationship	relationship	NOUN
fbem-23682	288	5	between	between	ADP
fbem-23682	288	6	large	large	ADJ
fbem-23682	288	7	shareholders	shareholder	NOUN
fbem-23682	288	8	'	'	PART
fbem-23682	288	9	occupation	occupation	NOUN
fbem-23682	288	10	of	of	ADP
fbem-23682	288	11	listed	list	VERB
fbem-23682	288	12	companies	company	NOUN
fbem-23682	288	13	'	'	PART
fbem-23682	288	14	funds	fund	NOUN
fbem-23682	288	15	and	and	CCONJ
fbem-23682	288	16	listed	list	VERB
fbem-23682	288	17	companies	company	NOUN
fbem-23682	288	18	'	'	PART
fbem-23682	288	19	stock	stock	NOUN
fbem-23682	288	20	returns	return	NOUN
fbem-23682	288	21	.	.	PUNCT
fbem-23682	289	1	management	management	NOUN
fbem-23682	289	2	world	world	NOUN
fbem-23682	289	3	,	,	PUNCT
fbem-23682	289	4	9	9	NUM
fbem-23682	289	5	.	.	PUNCT
fbem-23682	290	1	[	[	X
fbem-23682	290	2	9	9	NUM
fbem-23682	290	3	]	]	SYM
fbem-23682	290	4	li	li	PROPN
fbem-23682	290	5	,	,	PUNCT
fbem-23682	290	6	c.	c.	PROPN
fbem-23682	290	7	,	,	PUNCT
fbem-23682	290	8	song	song	NOUN
fbem-23682	290	9	,	,	PUNCT
fbem-23682	290	10	m.	m.	NOUN
fbem-23682	290	11	,	,	PUNCT
fbem-23682	290	12	&	&	CCONJ
fbem-23682	290	13	natalie	natalie	PROPN
fbem-23682	290	14	.	.	PROPN
fbem-23682	290	15	(	(	PUNCT
fbem-23682	290	16	2014	2014	NUM
fbem-23682	290	17	)	)	PUNCT
fbem-23682	290	18	.	.	PUNCT
fbem-23682	291	1	analyst	analyst	NOUN
fbem-23682	291	2	tracking	tracking	NOUN
fbem-23682	291	3	and	and	CCONJ
fbem-23682	291	4	corporate	corporate	ADJ
fbem-23682	291	5	earnings	earning	NOUN
fbem-23682	291	6	management	management	NOUN
fbem-23682	291	7	:	:	PUNCT
fbem-23682	291	8	evidence	evidence	NOUN
fbem-23682	291	9	from	from	ADP
fbem-23682	291	10	listed	list	VERB
fbem-23682	291	11	companies	company	NOUN
fbem-23682	291	12	in	in	ADP
fbem-23682	291	13	china	china	PROPN
fbem-23682	291	14	.	.	PUNCT
fbem-23682	292	1	financial	financial	ADJ
fbem-23682	292	2	research	research	NOUN
fbem-23682	292	3	,	,	PUNCT
fbem-23682	292	4	7	7	X
fbem-23682	292	5	.	.	PUNCT
fbem-23682	293	1	[	[	X
fbem-23682	293	2	10	10	NUM
fbem-23682	293	3	]	]	X
fbem-23682	293	4	liu	liu	PROPN
fbem-23682	293	5	,	,	PUNCT
fbem-23682	293	6	s.	s.	PROPN
fbem-23682	293	7	(	(	PUNCT
fbem-23682	293	8	2007	2007	NUM
fbem-23682	293	9	)	)	PUNCT
fbem-23682	293	10	.	.	PUNCT
fbem-23682	294	1	an	an	DET
fbem-23682	294	2	empirical	empirical	ADJ
fbem-23682	294	3	analysis	analysis	NOUN
fbem-23682	294	4	of	of	ADP
fbem-23682	294	5	china	china	PROPN
fbem-23682	294	6	's	's	PART
fbem-23682	294	7	legal	legal	ADJ
fbem-23682	294	8	system	system	NOUN
fbem-23682	294	9	for	for	ADP
fbem-23682	294	10	soliciting	solicit	VERB
fbem-23682	294	11	shareholders	shareholder	NOUN
fbem-23682	294	12	'	'	PART
fbem-23682	294	13	power	power	NOUN
fbem-23682	294	14	of	of	ADP
fbem-23682	294	15	attorney	attorney	NOUN
fbem-23682	294	16	.	.	PUNCT
fbem-23682	295	1	law	law	PROPN
fbem-23682	295	2	review	review	PROPN
fbem-23682	295	3	,	,	PUNCT
fbem-23682	295	4	1	1	NUM
fbem-23682	295	5	.	.	PUNCT
fbem-23682	296	1	[	[	X
fbem-23682	296	2	11	11	NUM
fbem-23682	296	3	]	]	SYM
fbem-23682	296	4	pan	pan	NOUN
fbem-23682	296	5	,	,	PUNCT
fbem-23682	296	6	y.	y.	PROPN
fbem-23682	296	7	,	,	PUNCT
fbem-23682	296	8	dai	dai	PROPN
fbem-23682	296	9	,	,	PUNCT
fbem-23682	296	10	y.	y.	PROPN
fbem-23682	296	11	,	,	PUNCT
fbem-23682	296	12	&	&	CCONJ
fbem-23682	296	13	lin	lin	PROPN
fbem-23682	296	14	,	,	PUNCT
fbem-23682	296	15	c.	c.	PROPN
fbem-23682	296	16	(	(	PUNCT
fbem-23682	296	17	2011	2011	NUM
fbem-23682	296	18	)	)	PUNCT
fbem-23682	296	19	.	.	PUNCT
fbem-23682	297	1	information	information	NOUN
fbem-23682	297	2	opacity	opacity	NOUN
fbem-23682	297	3	,	,	PUNCT
fbem-23682	297	4	analysts	analyst	NOUN
fbem-23682	297	5	'	'	PART
fbem-23682	297	6	attention	attention	NOUN
fbem-23682	297	7	and	and	CCONJ
fbem-23682	297	8	the	the	DET
fbem-23682	297	9	risk	risk	NOUN
fbem-23682	297	10	of	of	ADP
fbem-23682	297	11	stock	stock	NOUN
fbem-23682	297	12	crash	crash	NOUN
fbem-23682	297	13	.	.	PUNCT
fbem-23682	298	1	financial	financial	ADJ
fbem-23682	298	2	research	research	NOUN
fbem-23682	298	3	,	,	PUNCT
fbem-23682	298	4	9	9	NUM
fbem-23682	298	5	.	.	PUNCT
fbem-23682	299	1	[	[	X
fbem-23682	299	2	12	12	NUM
fbem-23682	299	3	]	]	PUNCT
fbem-23682	299	4	song	song	NOUN
fbem-23682	299	5	,	,	PUNCT
fbem-23682	299	6	x.	x.	PROPN
fbem-23682	299	7	,	,	PUNCT
fbem-23682	299	8	hu	hu	PROPN
fbem-23682	299	9	,	,	PUNCT
fbem-23682	299	10	j.	j.	PROPN
fbem-23682	299	11	,	,	PUNCT
fbem-23682	299	12	&	&	CCONJ
fbem-23682	299	13	li	li	PROPN
fbem-23682	299	14	,	,	PUNCT
fbem-23682	299	15	s.	s.	PROPN
fbem-23682	299	16	(	(	PUNCT
fbem-23682	299	17	2017	2017	NUM
fbem-23682	299	18	)	)	PUNCT
fbem-23682	299	19	.	.	PUNCT
fbem-23682	300	1	social	social	ADJ
fbem-23682	300	2	responsibility	responsibility	NOUN
fbem-23682	300	3	information	information	NOUN
fbem-23682	300	4	disclosure	disclosure	NOUN
fbem-23682	300	5	and	and	CCONJ
fbem-23682	300	6	the	the	DET
fbem-23682	300	7	risk	risk	NOUN
fbem-23682	300	8	of	of	ADP
fbem-23682	300	9	stock	stock	NOUN
fbem-23682	300	10	price	price	NOUN
fbem-23682	300	11	collapse	collapse	NOUN
fbem-23682	300	12	.	.	PUNCT
fbem-23682	301	1	financial	financial	ADJ
fbem-23682	301	2	research	research	NOUN
fbem-23682	301	3	,	,	PUNCT
fbem-23682	301	4	4	4	X
fbem-23682	301	5	.	.	PUNCT
fbem-23682	302	1	[	[	X
fbem-23682	302	2	13	13	NUM
fbem-23682	302	3	]	]	X
fbem-23682	302	4	wang	wang	PROPN
fbem-23682	302	5	,	,	PUNCT
fbem-23682	302	6	h.	h.	PROPN
fbem-23682	302	7	,	,	PUNCT
fbem-23682	302	8	cao	cao	PROPN
fbem-23682	302	9	,	,	PUNCT
fbem-23682	302	10	f.	f.	PROPN
fbem-23682	302	11	,	,	PUNCT
fbem-23682	302	12	&	&	CCONJ
fbem-23682	302	13	ye	ye	PROPN
fbem-23682	302	14	,	,	PUNCT
fbem-23682	302	15	k.	k.	PROPN
fbem-23682	302	16	(	(	PUNCT
fbem-23682	302	17	2015	2015	NUM
fbem-23682	302	18	)	)	PUNCT
fbem-23682	302	19	.	.	PUNCT
fbem-23682	303	1	supervision	supervision	NOUN
fbem-23682	303	2	or	or	CCONJ
fbem-23682	303	3	tunneling	tunneling	NOUN
fbem-23682	303	4	:	:	PUNCT
fbem-23682	303	5	large	large	ADJ
fbem-23682	303	6	shareholders	shareholder	NOUN
fbem-23682	303	7	'	'	PART
fbem-23682	303	8	shareholding	shareholding	NOUN
fbem-23682	303	9	proportion	proportion	NOUN
fbem-23682	303	10	and	and	CCONJ
fbem-23682	303	11	the	the	DET
fbem-23682	303	12	risk	risk	NOUN
fbem-23682	303	13	of	of	ADP
fbem-23682	303	14	stock	stock	NOUN
fbem-23682	303	15	price	price	NOUN
fbem-23682	303	16	collapse	collapse	NOUN
fbem-23682	303	17	.	.	PUNCT
fbem-23682	304	1	managing	manage	VERB
fbem-23682	304	2	the	the	DET
fbem-23682	304	3	world	world	NOUN
fbem-23682	304	4	,	,	PUNCT
fbem-23682	304	5	2	2	X
fbem-23682	304	6	.	.	PUNCT
fbem-23682	305	1	[	[	X
fbem-23682	305	2	14	14	NUM
fbem-23682	305	3	]	]	SYM
fbem-23682	305	4	zhixiaoqiang	zhixiaoqiang	PROPN
fbem-23682	305	5	,	,	PUNCT
fbem-23682	305	6	t.	t.	PROPN
fbem-23682	305	7	,	,	PUNCT
fbem-23682	305	8	&	&	CCONJ
fbem-23682	305	9	tongpan	tongpan	PROPN
fbem-23682	305	10	.	.	PUNCT
fbem-23682	306	1	(	(	PUNCT
fbem-23682	306	2	2005	2005	NUM
fbem-23682	306	3	)	)	PUNCT
fbem-23682	306	4	.	.	PUNCT
fbem-23682	307	1	earnings	earning	NOUN
fbem-23682	307	2	management	management	NOUN
fbem-23682	307	3	,	,	PUNCT
fbem-23682	307	4	transfer	transfer	NOUN
fbem-23682	307	5	of	of	ADP
fbem-23682	307	6	control	control	NOUN
fbem-23682	307	7	and	and	CCONJ
fbem-23682	307	8	change	change	NOUN
fbem-23682	307	9	of	of	ADP
fbem-23682	307	10	independent	independent	ADJ
fbem-23682	307	11	directors	director	NOUN
fbem-23682	307	12	-	-	PUNCT
fbem-23682	307	13	also	also	ADV
fbem-23682	307	14	on	on	ADP
fbem-23682	307	15	the	the	DET
fbem-23682	307	16	role	role	NOUN
fbem-23682	307	17	of	of	ADP
fbem-23682	307	18	independent	independent	ADJ
fbem-23682	307	19	directors	director	NOUN
fbem-23682	307	20	in	in	ADP
fbem-23682	307	21	governance	governance	NOUN
fbem-23682	307	22	.	.	PUNCT
fbem-23682	308	1	management	management	NOUN
fbem-23682	308	2	world	world	NOUN
fbem-23682	308	3	,	,	PUNCT
fbem-23682	308	4	12	12	NUM
fbem-23682	308	5	.	.	PUNCT
fbem-23682	309	1	[	[	X
fbem-23682	309	2	15	15	NUM
fbem-23682	309	3	]	]	X
fbem-23682	309	4	zhou	zhou	PROPN
fbem-23682	309	5	,	,	PUNCT
fbem-23682	309	6	l.	l.	PROPN
fbem-23682	309	7	(	(	PUNCT
fbem-23682	309	8	2014	2014	NUM
fbem-23682	309	9	)	)	PUNCT
fbem-23682	309	10	.	.	PUNCT
fbem-23682	310	1	corporate	corporate	ADJ
fbem-23682	310	2	governance	governance	NOUN
fbem-23682	310	3	,	,	PUNCT
fbem-23682	310	4	institutional	institutional	ADJ
fbem-23682	310	5	ownership	ownership	NOUN
fbem-23682	310	6	and	and	CCONJ
fbem-23682	310	7	stock	stock	NOUN
fbem-23682	310	8	price	price	NOUN
fbem-23682	310	9	synchronicity	synchronicity	NOUN
fbem-23682	310	10	.	.	PUNCT
fbem-23682	311	1	financial	financial	ADJ
fbem-23682	311	2	research	research	NOUN
fbem-23682	311	3	,	,	PUNCT
fbem-23682	311	4	8	8	NUM
fbem-23682	311	5	.	.	PUNCT
fbem-23682	312	1	[	[	X
fbem-23682	312	2	16	16	NUM
fbem-23682	312	3	]	]	X
fbem-23682	312	4	adams	adams	PROPN
fbem-23682	312	5	,	,	PUNCT
fbem-23682	312	6	r.	r.	PROPN
fbem-23682	312	7	,	,	PUNCT
fbem-23682	312	8	hermalin	hermalin	PROPN
fbem-23682	312	9	,	,	PUNCT
fbem-23682	312	10	b.	b.	PROPN
fbem-23682	312	11	and	and	CCONJ
fbem-23682	312	12	weisbach	weisbach	NOUN
fbem-23682	312	13	,	,	PUNCT
fbem-23682	312	14	m.	m.	NOUN
fbem-23682	312	15	,	,	PUNCT
fbem-23682	312	16	2010	2010	NUM
fbem-23682	312	17	,	,	PUNCT
fbem-23682	312	18	“	"	PUNCT
fbem-23682	312	19	the	the	DET
fbem-23682	312	20	role	role	NOUN
fbem-23682	312	21	of	of	ADP
fbem-23682	312	22	boards	board	NOUN
fbem-23682	312	23	of	of	ADP
fbem-23682	312	24	directors	director	NOUN
fbem-23682	312	25	in	in	ADP
fbem-23682	312	26	corporate	corporate	ADJ
fbem-23682	312	27	governance	governance	NOUN
fbem-23682	312	28	:	:	PUNCT
fbem-23682	312	29	a	a	DET
fbem-23682	312	30	conceptual	conceptual	ADJ
fbem-23682	312	31	framework	framework	NOUN
fbem-23682	312	32	and	and	CCONJ
fbem-23682	312	33	survey	survey	NOUN
fbem-23682	312	34	”	"	PUNCT
fbem-23682	312	35	,	,	PUNCT
fbem-23682	312	36	journal	journal	NOUN
fbem-23682	312	37	of	of	ADP
fbem-23682	312	38	economic	economic	ADJ
fbem-23682	312	39	literature	literature	PROPN
fbem-23682	312	40	,	,	PUNCT
fbem-23682	312	41	vol.48	vol.48	PROPN
fbem-23682	312	42	,	,	PUNCT
fbem-23682	312	43	pp.58~107	pp.58~107	PROPN
fbem-23682	312	44	.	.	PUNCT
fbem-23682	313	1	[	[	X
fbem-23682	313	2	17	17	NUM
fbem-23682	313	3	]	]	X
fbem-23682	313	4	beyer	beyer	PROPN
fbem-23682	313	5	,	,	PUNCT
fbem-23682	313	6	a.	a.	PROPN
fbem-23682	313	7	,	,	PUNCT
fbem-23682	313	8	cohen	cohen	PROPN
fbem-23682	313	9	,	,	PUNCT
fbem-23682	313	10	d.a	d.a	PROPN
fbem-23682	313	11	.	.	PROPN
fbem-23682	313	12	,	,	PUNCT
fbem-23682	313	13	lys	lys	PROPN
fbem-23682	313	14	,	,	PUNCT
fbem-23682	313	15	t.z	t.z	PROPN
fbem-23682	313	16	.	.	PROPN
fbem-23682	313	17	and	and	CCONJ
fbem-23682	313	18	walther	walther	NOUN
fbem-23682	313	19	,	,	PUNCT
fbem-23682	313	20	b.r	b.r	PROPN
fbem-23682	313	21	.	.	PROPN
fbem-23682	313	22	,	,	PUNCT
fbem-23682	313	23	2010	2010	NUM
fbem-23682	313	24	,	,	PUNCT
fbem-23682	313	25	“	"	PUNCT
fbem-23682	313	26	the	the	DET
fbem-23682	313	27	financial	financial	ADJ
fbem-23682	313	28	reporting	reporting	NOUN
fbem-23682	313	29	environment	environment	NOUN
fbem-23682	313	30	:	:	PUNCT
fbem-23682	313	31	review	review	NOUN
fbem-23682	313	32	of	of	ADP
fbem-23682	313	33	the	the	DET
fbem-23682	313	34	recent	recent	ADJ
fbem-23682	313	35	literature”,journal	literature”,journal	PROPN
fbem-23682	313	36	of	of	ADP
fbem-23682	313	37	accounting	accounting	NOUN
fbem-23682	313	38	and	and	CCONJ
fbem-23682	313	39	economics	economic	NOUN
fbem-23682	313	40	,	,	PUNCT
fbem-23682	313	41	50	50	NUM
fbem-23682	313	42	,	,	PUNCT
fbem-23682	313	43	pp	pp	ADJ
fbem-23682	313	44	.	.	PUNCT
fbem-23682	313	45	296~343	296~343	NUM
fbem-23682	313	46	.	.	PUNCT
fbem-23682	314	1	[	[	X
fbem-23682	314	2	18	18	NUM
fbem-23682	314	3	]	]	PUNCT
fbem-23682	314	4	brickley	brickley	ADJ
fbem-23682	314	5	,	,	PUNCT
fbem-23682	314	6	j.	j.	PROPN
fbem-23682	314	7	,	,	PUNCT
fbem-23682	314	8	and	and	CCONJ
fbem-23682	314	9	c.	c.	PROPN
fbem-23682	314	10	james,1987	james,1987	PROPN
fbem-23682	314	11	,	,	PUNCT
fbem-23682	314	12	“	"	PUNCT
fbem-23682	314	13	the	the	DET
fbem-23682	314	14	takeover	takeover	NOUN
fbem-23682	314	15	market	market	NOUN
fbem-23682	314	16	,	,	PUNCT
fbem-23682	314	17	corporate	corporate	ADJ
fbem-23682	314	18	board	board	NOUN
fbem-23682	314	19	composition	composition	NOUN
fbem-23682	314	20	and	and	CCONJ
fbem-23682	314	21	ownership	ownership	NOUN
fbem-23682	314	22	structure	structure	NOUN
fbem-23682	314	23	:	:	PUNCT
fbem-23682	314	24	the	the	DET
fbem-23682	314	25	case	case	NOUN
fbem-23682	314	26	of	of	ADP
fbem-23682	314	27	banking”,journal	banking”,journal	ADJ
fbem-23682	314	28	of	of	ADP
fbem-23682	314	29	law	law	NOUN
fbem-23682	314	30	and	and	CCONJ
fbem-23682	314	31	economics	economic	NOUN
fbem-23682	314	32	,	,	PUNCT
fbem-23682	314	33	30	30	NUM
fbem-23682	314	34	,	,	PUNCT
fbem-23682	314	35	pp.161~190	pp.161~190	NOUN
fbem-23682	314	36	.	.	PUNCT
fbem-23682	315	1	[	[	X
fbem-23682	315	2	19	19	NUM
fbem-23682	315	3	]	]	X
fbem-23682	315	4	chen	chen	PROPN
fbem-23682	315	5	,	,	PUNCT
fbem-23682	315	6	g.	g.	PROPN
fbem-23682	315	7	,	,	PUNCT
fbem-23682	315	8	m	m	PROPN
fbem-23682	315	9	,	,	PUNCT
fbem-23682	315	10	firth	firth	PROPN
fbem-23682	315	11	,	,	PUNCT
fbem-23682	315	12	d.	d.	PROPN
fbem-23682	315	13	n.	n.	PROPN
fbem-23682	315	14	gao	gao	PROPN
fbem-23682	315	15	and	and	CCONJ
fbem-23682	315	16	o.	o.	PROPN
fbem-23682	315	17	m.	m.	PROPN
fbem-23682	315	18	rui	rui	PROPN
fbem-23682	315	19	,	,	PUNCT
fbem-23682	315	20	2005	2005	NUM
fbem-23682	315	21	,	,	PUNCT
fbem-23682	315	22	“	"	PUNCT
fbem-23682	315	23	is	be	AUX
fbem-23682	315	24	china	china	PROPN
fbem-23682	315	25	’s	’s	PART
fbem-23682	315	26	securities	securities	PROPN
fbem-23682	315	27	regulatory	regulatory	ADJ
fbem-23682	315	28	agency	agency	NOUN
fbem-23682	315	29	a	a	DET
fbem-23682	315	30	toothless	toothless	ADJ
fbem-23682	315	31	tiger	tiger	NOUN
fbem-23682	315	32	?	?	PUNCT
fbem-23682	316	1	evidence	evidence	NOUN
fbem-23682	316	2	from	from	ADP
fbem-23682	316	3	enforcement	enforcement	NOUN
fbem-23682	316	4	actions	action	NOUN
fbem-23682	316	5	”	"	PUNCT
fbem-23682	316	6	,	,	PUNCT
fbem-23682	316	7	journal	journal	NOUN
fbem-23682	316	8	of	of	ADP
fbem-23682	316	9	accounting	accounting	NOUN
fbem-23682	316	10	and	and	CCONJ
fbem-23682	316	11	public	public	ADJ
fbem-23682	316	12	policy	policy	NOUN
fbem-23682	316	13	,	,	PUNCT
fbem-23682	316	14	24	24	NUM
fbem-23682	316	15	,	,	PUNCT
fbem-23682	316	16	pp.451~488	pp.451~488	NOUN
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fbem-23682	317	2	20	20	NUM
fbem-23682	317	3	]	]	PUNCT
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fbem-23682	317	6	s.	s.	PROPN
fbem-23682	317	7	,	,	PUNCT
fbem-23682	317	8	s.	s.	PROPN
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fbem-23682	317	11	h.	h.	PROPN
fbem-23682	317	12	p.	p.	PROPN
fbem-23682	317	13	lang	lang	PROPN
fbem-23682	317	14	,	,	PUNCT
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fbem-23682	317	16	of	of	ADP
fbem-23682	317	17	ownership	ownership	NOUN
fbem-23682	317	18	from	from	ADP
fbem-23682	317	19	control	control	NOUN
fbem-23682	317	20	of	of	ADP
fbem-23682	317	21	east	east	ADJ
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fbem-23682	317	23	firms	firm	NOUN
fbem-23682	317	24	”	"	PUNCT
fbem-23682	317	25	,	,	PUNCT
fbem-23682	317	26	journal	journal	NOUN
fbem-23682	317	27	of	of	ADP
fbem-23682	317	28	financial	financial	ADJ
fbem-23682	317	29	economics	economic	NOUN
fbem-23682	317	30	,	,	PUNCT
fbem-23682	317	31	vol	vol	NOUN
fbem-23682	317	32	.	.	PROPN
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fbem-23682	318	2	,	,	PUNCT
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fbem-23682	319	2	.	.	PUNCT
fbem-23682	320	1	[	[	X
fbem-23682	320	2	21	21	NUM
fbem-23682	320	3	]	]	X
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fbem-23682	320	5	,	,	PUNCT
fbem-23682	320	6	e.	e.	PROPN
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fbem-23682	320	8	jensen	jensen	PROPN
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fbem-23682	320	10	m.	m.	NOUN
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fbem-23682	320	12	of	of	ADP
fbem-23682	320	13	ownership	ownership	NOUN
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fbem-23682	320	15	control	control	NOUN
fbem-23682	320	16	”	"	PUNCT
fbem-23682	320	17	,	,	PUNCT
fbem-23682	320	18	journal	journal	NOUN
fbem-23682	320	19	of	of	ADP
fbem-23682	320	20	law	law	NOUN
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fbem-23682	320	25	,	,	PUNCT
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fbem-23682	321	1	[	[	X
fbem-23682	321	2	22	22	NUM
fbem-23682	321	3	]	]	SYM
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fbem-23682	321	5	,	,	PUNCT
fbem-23682	321	6	b.	b.	PROPN
fbem-23682	321	7	,	,	PUNCT
fbem-23682	321	8	hasan	hasan	PROPN
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fbem-23682	321	10	i.	i.	PROPN
fbem-23682	321	11	and	and	CCONJ
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fbem-23682	321	13	,	,	PUNCT
fbem-23682	321	14	q.	q.	PROPN
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fbem-23682	321	17	in	in	ADP
fbem-23682	321	18	the	the	DET
fbem-23682	321	19	boardroom	boardroom	NOUN
fbem-23682	321	20	and	and	CCONJ
fbem-23682	321	21	their	their	PRON
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fbem-23682	321	23	on	on	ADP
fbem-23682	321	24	corporate	corporate	ADJ
fbem-23682	321	25	governance	governance	NOUN
fbem-23682	321	26	and	and	CCONJ
fbem-23682	321	27	firm	firm	ADJ
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fbem-23682	321	31	financial	financial	ADJ
fbem-23682	321	32	management	management	NOUN
fbem-23682	321	33	,	,	PUNCT
fbem-23682	321	34	vol.44	vol.44	NOUN
fbem-23682	321	35	,	,	PUNCT
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fbem-23682	321	40	23	23	NUM
fbem-23682	321	41	]	]	PUNCT
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fbem-23682	322	1	d.	d.	PROPN
fbem-23682	322	2	,	,	PUNCT
fbem-23682	322	3	and	and	CCONJ
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fbem-23682	322	5	,	,	PUNCT
fbem-23682	322	6	“	"	PUNCT
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fbem-23682	322	8	analysts	analyst	NOUN
fbem-23682	322	9	'	'	PART
fbem-23682	322	10	forecasts	forecast	NOUN
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fbem-23682	322	12	earnings	earning	NOUN
fbem-23682	322	13	:	:	PUNCT
fbem-23682	322	14	a	a	DET
fbem-23682	322	15	hetter	hetter	NOUN
fbem-23682	322	16	surrogate	surrogate	ADJ
fbem-23682	322	17	for	for	ADP
fbem-23682	322	18	market	market	NOUN
fbem-23682	322	19	expectations	expectation	NOUN
fbem-23682	322	20	”	"	PUNCT
fbem-23682	322	21	,	,	PUNCT
fbem-23682	322	22	journal	journal	NOUN
fbem-23682	322	23	of	of	ADP
fbem-23682	322	24	accounting	accounting	NOUN
fbem-23682	322	25	and	and	CCONJ
fbem-23682	322	26	economics	economic	NOUN
fbem-23682	322	27	,	,	PUNCT
fbem-23682	322	28	4	4	NUM
fbem-23682	322	29	,	,	PUNCT
fbem-23682	322	30	pp.85~107	pp.85~107	PROPN
fbem-23682	322	31	.	.	PUNCT
fbem-23682	323	1	[	[	X
fbem-23682	323	2	24	24	NUM
fbem-23682	323	3	]	]	X
fbem-23682	323	4	hutton	hutton	PROPN
fbem-23682	323	5	,	,	PUNCT
fbem-23682	323	6	a.p	a.p	PROPN
fbem-23682	323	7	.	.	PROPN
fbem-23682	323	8	,	,	PUNCT
fbem-23682	323	9	a.	a.	PROPN
fbem-23682	323	10	j.	j.	PROPN
fbem-23682	323	11	marcus	marcus	PROPN
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fbem-23682	323	13	h.	h.	PROPN
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fbem-23682	323	15	,	,	PUNCT
fbem-23682	323	16	“	"	PUNCT
fbem-23682	323	17	opaque	opaque	ADJ
fbem-23682	323	18	financial	financial	ADJ
fbem-23682	323	19	reports	report	NOUN
fbem-23682	323	20	,	,	PUNCT
fbem-23682	323	21	r2	r2	NOUN
fbem-23682	323	22	and	and	CCONJ
fbem-23682	323	23	crash	crash	NOUN
fbem-23682	323	24	risk”,journal	risk”,journal	PROPN
fbem-23682	323	25	of	of	ADP
fbem-23682	323	26	financial	financial	ADJ
fbem-23682	323	27	economics	economic	NOUN
fbem-23682	323	28	,	,	PUNCT
fbem-23682	323	29	vol	vol	NOUN
fbem-23682	323	30	.	.	PROPN
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fbem-23682	323	33	pp	pp	ADJ
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fbem-23682	323	35	67~86	67~86	NUM
fbem-23682	323	36	.	.	PUNCT
fbem-23682	324	1	[	[	X
fbem-23682	324	2	25	25	NUM
fbem-23682	324	3	]	]	PUNCT
fbem-23682	324	4	jensen	jensen	PROPN
fbem-23682	324	5	,	,	PUNCT
fbem-23682	324	6	m.c	m.c	PROPN
fbem-23682	324	7	.	.	PROPN
fbem-23682	324	8	,	,	PUNCT
fbem-23682	324	9	w.	w.	PROPN
fbem-23682	324	10	h.	h.	PROPN
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fbem-23682	324	14	,	,	PUNCT
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fbem-23682	324	20	:	:	PUNCT
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fbem-23682	324	22	behavior	behavior	NOUN
fbem-23682	324	23	,	,	PUNCT
fbem-23682	324	24	agency	agency	NOUN
fbem-23682	324	25	costs	cost	NOUN
fbem-23682	324	26	and	and	CCONJ
fbem-23682	324	27	capital	capital	NOUN
fbem-23682	324	28	structure	structure	NOUN
fbem-23682	324	29	”	"	PUNCT
fbem-23682	324	30	,	,	PUNCT
fbem-23682	324	31	journal	journal	NOUN
fbem-23682	324	32	of	of	ADP
fbem-23682	324	33	financial	financial	ADJ
fbem-23682	324	34	economics	economic	NOUN
fbem-23682	324	35	,	,	PUNCT
fbem-23682	324	36	vol	vol	NOUN
fbem-23682	324	37	.	.	PROPN
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fbem-23682	325	2	,	,	PUNCT
fbem-23682	325	3	pp	pp	ADJ
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fbem-23682	326	2	-	-	SYM
fbem-23682	326	3	360	360	NUM
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