id	sid	tid	token	lemma	pos
fbem-31288	1	1	frontiers	frontier	NOUN
fbem-31288	1	2	in	in	ADP
fbem-31288	1	3	business	business	NOUN
fbem-31288	1	4	,	,	PUNCT
fbem-31288	1	5	economics	economic	NOUN
fbem-31288	1	6	and	and	CCONJ
fbem-31288	1	7	management	management	NOUN
fbem-31288	1	8	issn	issn	PROPN
fbem-31288	1	9	:	:	PUNCT
fbem-31288	1	10	2766	2766	NUM
fbem-31288	1	11	-	-	PUNCT
fbem-31288	1	12	824x	824x	NUM
fbem-31288	1	13	|	|	ADJ
fbem-31288	1	14	vol	vol	NOUN
fbem-31288	1	15	.	.	PROPN
fbem-31288	1	16	20	20	NUM
fbem-31288	1	17	,	,	PUNCT
fbem-31288	1	18	no	no	INTJ
fbem-31288	1	19	.	.	NOUN
fbem-31288	1	20	1	1	NUM
fbem-31288	1	21	,	,	PUNCT
fbem-31288	1	22	2025	2025	NUM
fbem-31288	1	23	36	36	NUM
fbem-31288	1	24	the	the	DET
fbem-31288	1	25	impact	impact	NOUN
fbem-31288	1	26	of	of	ADP
fbem-31288	1	27	short	short	ADJ
fbem-31288	1	28	selling	selling	NOUN
fbem-31288	1	29	on	on	ADP
fbem-31288	1	30	stock	stock	NOUN
fbem-31288	1	31	price	price	NOUN
fbem-31288	1	32	crash	crash	NOUN
fbem-31288	1	33	risk	risk	NOUN
fbem-31288	1	34	:	:	PUNCT
fbem-31288	1	35	a	a	DET
fbem-31288	1	36	study	study	NOUN
fbem-31288	1	37	of	of	ADP
fbem-31288	1	38	market	market	NOUN
fbem-31288	1	39	conditions	condition	NOUN
fbem-31288	1	40	jiaxin	jiaxin	NOUN
fbem-31288	1	41	ding	de	VERB
fbem-31288	1	42	school	school	NOUN
fbem-31288	1	43	of	of	ADP
fbem-31288	1	44	management	management	NOUN
fbem-31288	1	45	,	,	PUNCT
fbem-31288	1	46	zhejiang	zhejiang	PROPN
fbem-31288	1	47	university	university	PROPN
fbem-31288	1	48	of	of	ADP
fbem-31288	1	49	technology	technology	PROPN
fbem-31288	1	50	,	,	PUNCT
fbem-31288	1	51	hangzhou	hangzhou	PROPN
fbem-31288	1	52	,	,	PUNCT
fbem-31288	1	53	310014	310014	NUM
fbem-31288	1	54	,	,	PUNCT
fbem-31288	1	55	china	china	PROPN
fbem-31288	1	56	djx_20051129@163.com	djx_20051129@163.com	PROPN
fbem-31288	2	1	abstract	abstract	PROPN
fbem-31288	2	2	:	:	PUNCT
fbem-31288	2	3	as	as	SCONJ
fbem-31288	2	4	china	china	PROPN
fbem-31288	2	5	's	's	PART
fbem-31288	2	6	capital	capital	NOUN
fbem-31288	2	7	market	market	NOUN
fbem-31288	2	8	continues	continue	VERB
fbem-31288	2	9	to	to	PART
fbem-31288	2	10	evolve	evolve	VERB
fbem-31288	2	11	,	,	PUNCT
fbem-31288	2	12	businesses	business	NOUN
fbem-31288	2	13	have	have	AUX
fbem-31288	2	14	increasingly	increasingly	ADV
fbem-31288	2	15	acknowledged	acknowledge	VERB
fbem-31288	2	16	the	the	DET
fbem-31288	2	17	significance	significance	NOUN
fbem-31288	2	18	of	of	ADP
fbem-31288	2	19	the	the	DET
fbem-31288	2	20	short	short	ADJ
fbem-31288	2	21	selling	selling	NOUN
fbem-31288	2	22	mechanism	mechanism	NOUN
fbem-31288	2	23	within	within	ADP
fbem-31288	2	24	its	its	PRON
fbem-31288	2	25	framework	framework	NOUN
fbem-31288	2	26	.	.	PUNCT
fbem-31288	3	1	to	to	PART
fbem-31288	3	2	gain	gain	VERB
fbem-31288	3	3	a	a	DET
fbem-31288	3	4	deeper	deep	ADJ
fbem-31288	3	5	understanding	understanding	NOUN
fbem-31288	3	6	of	of	ADP
fbem-31288	3	7	its	its	PRON
fbem-31288	3	8	influence	influence	NOUN
fbem-31288	3	9	,	,	PUNCT
fbem-31288	3	10	this	this	DET
fbem-31288	3	11	analysis	analysis	NOUN
fbem-31288	3	12	explores	explore	VERB
fbem-31288	3	13	the	the	DET
fbem-31288	3	14	interplay	interplay	NOUN
fbem-31288	3	15	between	between	ADP
fbem-31288	3	16	the	the	DET
fbem-31288	3	17	short	short	ADJ
fbem-31288	3	18	selling	selling	NOUN
fbem-31288	3	19	mechanism	mechanism	NOUN
fbem-31288	3	20	and	and	CCONJ
fbem-31288	3	21	the	the	DET
fbem-31288	3	22	risk	risk	NOUN
fbem-31288	3	23	of	of	ADP
fbem-31288	3	24	stock	stock	NOUN
fbem-31288	3	25	price	price	NOUN
fbem-31288	3	26	crashes	crash	NOUN
fbem-31288	3	27	,	,	PUNCT
fbem-31288	3	28	examining	examine	VERB
fbem-31288	3	29	both	both	CCONJ
fbem-31288	3	30	the	the	DET
fbem-31288	3	31	market	market	NOUN
fbem-31288	3	32	environment	environment	NOUN
fbem-31288	3	33	and	and	CCONJ
fbem-31288	3	34	investor	investor	NOUN
fbem-31288	3	35	behavior	behavior	NOUN
fbem-31288	3	36	.	.	PUNCT
fbem-31288	4	1	by	by	ADP
fbem-31288	4	2	focusing	focus	VERB
fbem-31288	4	3	on	on	ADP
fbem-31288	4	4	shanghai	shanghai	PROPN
fbem-31288	4	5	and	and	CCONJ
fbem-31288	4	6	shenzhen	shenzhen	PROPN
fbem-31288	4	7	a	a	PROPN
fbem-31288	4	8	-	-	PUNCT
fbem-31288	4	9	share	share	NOUN
fbem-31288	4	10	listed	list	VERB
fbem-31288	4	11	companies	company	NOUN
fbem-31288	4	12	between	between	ADP
fbem-31288	4	13	2010	2010	NUM
fbem-31288	4	14	and	and	CCONJ
fbem-31288	4	15	2021	2021	NUM
fbem-31288	4	16	,	,	PUNCT
fbem-31288	4	17	this	this	DET
fbem-31288	4	18	study	study	NOUN
fbem-31288	4	19	sheds	shed	VERB
fbem-31288	4	20	light	light	NOUN
fbem-31288	4	21	on	on	ADP
fbem-31288	4	22	the	the	DET
fbem-31288	4	23	empirical	empirical	ADJ
fbem-31288	4	24	relationship	relationship	NOUN
fbem-31288	4	25	between	between	ADP
fbem-31288	4	26	short	short	ADJ
fbem-31288	4	27	selling	selling	NOUN
fbem-31288	4	28	policies	policy	NOUN
fbem-31288	4	29	and	and	CCONJ
fbem-31288	4	30	extreme	extreme	ADJ
fbem-31288	4	31	stock	stock	NOUN
fbem-31288	4	32	price	price	NOUN
fbem-31288	4	33	volatility	volatility	NOUN
fbem-31288	4	34	.	.	PUNCT
fbem-31288	5	1	our	our	PRON
fbem-31288	5	2	findings	finding	NOUN
fbem-31288	5	3	indicate	indicate	VERB
fbem-31288	5	4	that	that	SCONJ
fbem-31288	5	5	the	the	DET
fbem-31288	5	6	implementation	implementation	NOUN
fbem-31288	5	7	of	of	ADP
fbem-31288	5	8	short	short	ADJ
fbem-31288	5	9	selling	selling	NOUN
fbem-31288	5	10	mechanisms	mechanism	NOUN
fbem-31288	5	11	contributes	contribute	VERB
fbem-31288	5	12	to	to	ADP
fbem-31288	5	13	mitigating	mitigate	VERB
fbem-31288	5	14	such	such	ADJ
fbem-31288	5	15	volatility	volatility	NOUN
fbem-31288	5	16	.	.	PUNCT
fbem-31288	6	1	however	however	ADV
fbem-31288	6	2	,	,	PUNCT
fbem-31288	6	3	it	it	PRON
fbem-31288	6	4	is	be	AUX
fbem-31288	6	5	crucial	crucial	ADJ
fbem-31288	6	6	to	to	PART
fbem-31288	6	7	note	note	VERB
fbem-31288	6	8	that	that	SCONJ
fbem-31288	6	9	the	the	DET
fbem-31288	6	10	efficacy	efficacy	NOUN
fbem-31288	6	11	of	of	ADP
fbem-31288	6	12	these	these	DET
fbem-31288	6	13	mechanisms	mechanism	NOUN
fbem-31288	6	14	in	in	ADP
fbem-31288	6	15	reducing	reduce	VERB
fbem-31288	6	16	the	the	DET
fbem-31288	6	17	risk	risk	NOUN
fbem-31288	6	18	of	of	ADP
fbem-31288	6	19	stock	stock	NOUN
fbem-31288	6	20	price	price	NOUN
fbem-31288	6	21	crashes	crash	NOUN
fbem-31288	6	22	is	be	AUX
fbem-31288	6	23	notably	notably	ADV
fbem-31288	6	24	influenced	influence	VERB
fbem-31288	6	25	by	by	ADP
fbem-31288	6	26	the	the	DET
fbem-31288	6	27	market	market	NOUN
fbem-31288	6	28	environment	environment	NOUN
fbem-31288	6	29	.	.	PUNCT
fbem-31288	7	1	the	the	DET
fbem-31288	7	2	results	result	NOUN
fbem-31288	7	3	highlight	highlight	VERB
fbem-31288	7	4	the	the	DET
fbem-31288	7	5	importance	importance	NOUN
fbem-31288	7	6	of	of	ADP
fbem-31288	7	7	considering	consider	VERB
fbem-31288	7	8	market	market	NOUN
fbem-31288	7	9	dynamics	dynamic	NOUN
fbem-31288	7	10	and	and	CCONJ
fbem-31288	7	11	investor	investor	NOUN
fbem-31288	7	12	responses	response	NOUN
fbem-31288	7	13	when	when	SCONJ
fbem-31288	7	14	assessing	assess	VERB
fbem-31288	7	15	the	the	DET
fbem-31288	7	16	role	role	NOUN
fbem-31288	7	17	of	of	ADP
fbem-31288	7	18	short	short	ADJ
fbem-31288	7	19	selling	selling	NOUN
fbem-31288	7	20	in	in	ADP
fbem-31288	7	21	the	the	DET
fbem-31288	7	22	chinese	chinese	ADJ
fbem-31288	7	23	capital	capital	NOUN
fbem-31288	7	24	market	market	NOUN
fbem-31288	7	25	.	.	PUNCT
fbem-31288	8	1	keywords	keyword	NOUN
fbem-31288	8	2	:	:	PUNCT
fbem-31288	8	3	short	short	ADJ
fbem-31288	8	4	selling	selling	NOUN
fbem-31288	8	5	mechanism	mechanism	NOUN
fbem-31288	8	6	;	;	PUNCT
fbem-31288	8	7	stock	stock	NOUN
fbem-31288	8	8	price	price	NOUN
fbem-31288	8	9	crash	crash	NOUN
fbem-31288	8	10	risk	risk	NOUN
fbem-31288	8	11	;	;	PUNCT
fbem-31288	8	12	stock	stock	NOUN
fbem-31288	8	13	liquidity	liquidity	NOUN
fbem-31288	8	14	;	;	PUNCT
fbem-31288	8	15	quality	quality	NOUN
fbem-31288	8	16	of	of	ADP
fbem-31288	8	17	information	information	NOUN
fbem-31288	8	18	disclosure	disclosure	NOUN
fbem-31288	8	19	.	.	PUNCT
fbem-31288	9	1	1	1	X
fbem-31288	9	2	.	.	X
fbem-31288	9	3	introduction	introduction	NOUN
fbem-31288	9	4	since	since	SCONJ
fbem-31288	9	5	the	the	DET
fbem-31288	9	6	introduction	introduction	NOUN
fbem-31288	9	7	of	of	ADP
fbem-31288	9	8	margin	margin	NOUN
fbem-31288	9	9	trading	trading	NOUN
fbem-31288	9	10	and	and	CCONJ
fbem-31288	9	11	short	short	ADJ
fbem-31288	9	12	selling	selling	NOUN
fbem-31288	9	13	in	in	ADP
fbem-31288	9	14	china	china	PROPN
fbem-31288	9	15	's	's	PART
fbem-31288	9	16	securities	security	NOUN
fbem-31288	9	17	market	market	NOUN
fbem-31288	9	18	in	in	ADP
fbem-31288	9	19	2010	2010	NUM
fbem-31288	9	20	,	,	PUNCT
fbem-31288	9	21	the	the	DET
fbem-31288	9	22	short	short	ADJ
fbem-31288	9	23	selling	selling	NOUN
fbem-31288	9	24	mechanism	mechanism	NOUN
fbem-31288	9	25	has	have	AUX
fbem-31288	9	26	gained	gain	VERB
fbem-31288	9	27	prominence	prominence	NOUN
fbem-31288	9	28	.	.	PUNCT
fbem-31288	10	1	its	its	PRON
fbem-31288	10	2	effect	effect	NOUN
fbem-31288	10	3	on	on	ADP
fbem-31288	10	4	stock	stock	NOUN
fbem-31288	10	5	price	price	NOUN
fbem-31288	10	6	crash	crash	NOUN
fbem-31288	10	7	risk	risk	NOUN
fbem-31288	10	8	remains	remain	VERB
fbem-31288	10	9	contentious	contentious	ADJ
fbem-31288	10	10	.	.	PUNCT
fbem-31288	11	1	some	some	DET
fbem-31288	11	2	experts	expert	NOUN
fbem-31288	11	3	contend	contend	VERB
fbem-31288	11	4	that	that	SCONJ
fbem-31288	11	5	short	short	ADJ
fbem-31288	11	6	sellers	seller	NOUN
fbem-31288	11	7	uncovering	uncover	VERB
fbem-31288	11	8	negative	negative	ADJ
fbem-31288	11	9	news	news	NOUN
fbem-31288	11	10	push	push	NOUN
fbem-31288	11	11	companies	company	NOUN
fbem-31288	11	12	to	to	PART
fbem-31288	11	13	enhance	enhance	VERB
fbem-31288	11	14	disclosure	disclosure	NOUN
fbem-31288	11	15	quality	quality	NOUN
fbem-31288	11	16	,	,	PUNCT
fbem-31288	11	17	thereby	thereby	ADV
fbem-31288	11	18	reducing	reduce	VERB
fbem-31288	11	19	information	information	NOUN
fbem-31288	11	20	asymmetry	asymmetry	NOUN
fbem-31288	11	21	and	and	CCONJ
fbem-31288	11	22	controlling	control	VERB
fbem-31288	11	23	stock	stock	NOUN
fbem-31288	11	24	price	price	NOUN
fbem-31288	11	25	crash	crash	NOUN
fbem-31288	11	26	risks	risk	NOUN
fbem-31288	11	27	[	[	X
fbem-31288	11	28	1	1	NUM
fbem-31288	11	29	]	]	PUNCT
fbem-31288	11	30	.	.	PUNCT
fbem-31288	12	1	according	accord	VERB
fbem-31288	12	2	to	to	ADP
fbem-31288	12	3	governance	governance	NOUN
fbem-31288	12	4	theory	theory	NOUN
fbem-31288	12	5	,	,	PUNCT
fbem-31288	12	6	high	high	ADJ
fbem-31288	12	7	stock	stock	NOUN
fbem-31288	12	8	liquidity	liquidity	NOUN
fbem-31288	12	9	fosters	foster	VERB
fbem-31288	12	10	informed	informed	ADJ
fbem-31288	12	11	trading	trading	NOUN
fbem-31288	12	12	and	and	CCONJ
fbem-31288	12	13	enhances	enhance	VERB
fbem-31288	12	14	shareholder	shareholder	NOUN
fbem-31288	12	15	oversight	oversight	NOUN
fbem-31288	12	16	,	,	PUNCT
fbem-31288	12	17	potentially	potentially	ADV
fbem-31288	12	18	decreasing	decrease	VERB
fbem-31288	12	19	the	the	DET
fbem-31288	12	20	risk	risk	NOUN
fbem-31288	12	21	of	of	ADP
fbem-31288	12	22	stock	stock	NOUN
fbem-31288	12	23	price	price	NOUN
fbem-31288	12	24	crashes	crash	NOUN
fbem-31288	12	25	.	.	PUNCT
fbem-31288	13	1	conversely	conversely	ADV
fbem-31288	13	2	,	,	PUNCT
fbem-31288	13	3	significant	significant	ADJ
fbem-31288	13	4	reductions	reduction	NOUN
fbem-31288	13	5	or	or	CCONJ
fbem-31288	13	6	withdrawals	withdrawal	NOUN
fbem-31288	13	7	by	by	ADP
fbem-31288	13	8	major	major	ADJ
fbem-31288	13	9	shareholders	shareholder	NOUN
fbem-31288	13	10	may	may	AUX
fbem-31288	13	11	elevate	elevate	VERB
fbem-31288	13	12	this	this	DET
fbem-31288	13	13	risk	risk	NOUN
fbem-31288	13	14	.	.	PUNCT
fbem-31288	14	1	alternatively	alternatively	ADV
fbem-31288	14	2	,	,	PUNCT
fbem-31288	14	3	the	the	DET
fbem-31288	14	4	shortterm	shortterm	PROPN
fbem-31288	14	5	behavior	behavior	NOUN
fbem-31288	14	6	theory	theory	NOUN
fbem-31288	14	7	posits	posit	VERB
fbem-31288	14	8	that	that	SCONJ
fbem-31288	14	9	high	high	ADJ
fbem-31288	14	10	liquidity	liquidity	NOUN
fbem-31288	14	11	attracts	attract	VERB
fbem-31288	14	12	shortterm	shortterm	PROPN
fbem-31288	14	13	investors	investor	NOUN
fbem-31288	14	14	,	,	PUNCT
fbem-31288	14	15	heightening	heighten	VERB
fbem-31288	14	16	pressure	pressure	NOUN
fbem-31288	14	17	on	on	ADP
fbem-31288	14	18	management	management	NOUN
fbem-31288	14	19	to	to	PART
fbem-31288	14	20	meet	meet	VERB
fbem-31288	14	21	immediate	immediate	ADJ
fbem-31288	14	22	performance	performance	NOUN
fbem-31288	14	23	targets	target	NOUN
fbem-31288	14	24	and	and	CCONJ
fbem-31288	14	25	thereby	thereby	ADV
fbem-31288	14	26	increasing	increase	VERB
fbem-31288	14	27	the	the	DET
fbem-31288	14	28	chance	chance	NOUN
fbem-31288	14	29	of	of	ADP
fbem-31288	14	30	a	a	DET
fbem-31288	14	31	stock	stock	NOUN
fbem-31288	14	32	price	price	NOUN
fbem-31288	14	33	crash	crash	NOUN
fbem-31288	14	34	[	[	X
fbem-31288	14	35	2	2	NUM
fbem-31288	14	36	]	]	PUNCT
fbem-31288	14	37	.	.	PUNCT
fbem-31288	15	1	for	for	ADP
fbem-31288	15	2	firms	firm	NOUN
fbem-31288	15	3	with	with	ADP
fbem-31288	15	4	low	low	ADJ
fbem-31288	15	5	stock	stock	NOUN
fbem-31288	15	6	liquidity	liquidity	NOUN
fbem-31288	15	7	,	,	PUNCT
fbem-31288	15	8	the	the	DET
fbem-31288	15	9	short	short	ADJ
fbem-31288	15	10	selling	selling	NOUN
fbem-31288	15	11	mechanism	mechanism	NOUN
fbem-31288	15	12	can	can	AUX
fbem-31288	15	13	be	be	AUX
fbem-31288	15	14	more	more	ADV
fbem-31288	15	15	effective	effective	ADJ
fbem-31288	15	16	in	in	ADP
fbem-31288	15	17	mitigating	mitigate	VERB
fbem-31288	15	18	crash	crash	NOUN
fbem-31288	15	19	risks	risk	NOUN
fbem-31288	15	20	.	.	PUNCT
fbem-31288	16	1	however	however	ADV
fbem-31288	16	2	,	,	PUNCT
fbem-31288	16	3	in	in	ADP
fbem-31288	16	4	highly	highly	ADV
fbem-31288	16	5	liquid	liquid	ADJ
fbem-31288	16	6	companies	company	NOUN
fbem-31288	16	7	,	,	PUNCT
fbem-31288	16	8	short	short	ADJ
fbem-31288	16	9	selling	selling	NOUN
fbem-31288	16	10	may	may	AUX
fbem-31288	16	11	intensify	intensify	VERB
fbem-31288	16	12	performance	performance	NOUN
fbem-31288	16	13	pressures	pressure	NOUN
fbem-31288	16	14	on	on	ADP
fbem-31288	16	15	managers	manager	NOUN
fbem-31288	16	16	,	,	PUNCT
fbem-31288	16	17	leading	lead	VERB
fbem-31288	16	18	them	they	PRON
fbem-31288	16	19	to	to	PART
fbem-31288	16	20	conceal	conceal	VERB
fbem-31288	16	21	negative	negative	ADJ
fbem-31288	16	22	news	news	NOUN
fbem-31288	16	23	and	and	CCONJ
fbem-31288	16	24	potentially	potentially	ADV
fbem-31288	16	25	triggering	trigger	VERB
fbem-31288	16	26	a	a	DET
fbem-31288	16	27	stock	stock	NOUN
fbem-31288	16	28	price	price	NOUN
fbem-31288	16	29	crash	crash	NOUN
fbem-31288	16	30	[	[	X
fbem-31288	16	31	3	3	NUM
fbem-31288	16	32	]	]	PUNCT
fbem-31288	16	33	.	.	PUNCT
fbem-31288	17	1	thus	thus	ADV
fbem-31288	17	2	,	,	PUNCT
fbem-31288	17	3	the	the	DET
fbem-31288	17	4	impact	impact	NOUN
fbem-31288	17	5	of	of	ADP
fbem-31288	17	6	stock	stock	NOUN
fbem-31288	17	7	liquidity	liquidity	NOUN
fbem-31288	17	8	on	on	ADP
fbem-31288	17	9	the	the	DET
fbem-31288	17	10	effectiveness	effectiveness	NOUN
fbem-31288	17	11	of	of	ADP
fbem-31288	17	12	the	the	DET
fbem-31288	17	13	short	short	ADJ
fbem-31288	17	14	selling	selling	NOUN
fbem-31288	17	15	mechanism	mechanism	NOUN
fbem-31288	17	16	appears	appear	VERB
fbem-31288	17	17	nuanced	nuanced	ADJ
fbem-31288	17	18	and	and	CCONJ
fbem-31288	17	19	context	context	NOUN
fbem-31288	17	20	-	-	PUNCT
fbem-31288	17	21	dependent	dependent	ADJ
fbem-31288	17	22	.	.	PUNCT
fbem-31288	18	1	the	the	DET
fbem-31288	18	2	quality	quality	NOUN
fbem-31288	18	3	of	of	ADP
fbem-31288	18	4	information	information	NOUN
fbem-31288	18	5	disclosure	disclosure	NOUN
fbem-31288	18	6	impacts	impact	VERB
fbem-31288	18	7	the	the	DET
fbem-31288	18	8	effectiveness	effectiveness	NOUN
fbem-31288	18	9	of	of	ADP
fbem-31288	18	10	the	the	DET
fbem-31288	18	11	short	short	ADJ
fbem-31288	18	12	selling	selling	NOUN
fbem-31288	18	13	mechanism	mechanism	NOUN
fbem-31288	18	14	.	.	PUNCT
fbem-31288	19	1	poor	poor	ADJ
fbem-31288	19	2	disclosure	disclosure	NOUN
fbem-31288	19	3	quality	quality	NOUN
fbem-31288	19	4	leads	lead	VERB
fbem-31288	19	5	to	to	ADP
fbem-31288	19	6	information	information	NOUN
fbem-31288	19	7	asymmetry	asymmetry	NOUN
fbem-31288	19	8	,	,	PUNCT
fbem-31288	19	9	but	but	CCONJ
fbem-31288	19	10	short	short	ADJ
fbem-31288	19	11	selling	selling	NOUN
fbem-31288	19	12	can	can	AUX
fbem-31288	19	13	pressure	pressure	VERB
fbem-31288	19	14	companies	company	NOUN
fbem-31288	19	15	to	to	PART
fbem-31288	19	16	improve	improve	VERB
fbem-31288	19	17	disclosure	disclosure	NOUN
fbem-31288	19	18	and	and	CCONJ
fbem-31288	19	19	reduce	reduce	VERB
fbem-31288	19	20	crash	crash	NOUN
fbem-31288	19	21	risks	risk	NOUN
fbem-31288	19	22	.	.	PUNCT
fbem-31288	20	1	conversely	conversely	ADV
fbem-31288	20	2	,	,	PUNCT
fbem-31288	20	3	high	high	ADJ
fbem-31288	20	4	-	-	PUNCT
fbem-31288	20	5	quality	quality	NOUN
fbem-31288	20	6	disclosure	disclosure	NOUN
fbem-31288	20	7	makes	make	VERB
fbem-31288	20	8	short	short	ADJ
fbem-31288	20	9	selling	sell	VERB
fbem-31288	20	10	less	less	ADV
fbem-31288	20	11	influential	influential	ADJ
fbem-31288	20	12	.	.	PUNCT
fbem-31288	21	1	using	use	VERB
fbem-31288	21	2	2010	2010	NUM
fbem-31288	21	3	-	-	SYM
fbem-31288	21	4	2021	2021	NUM
fbem-31288	21	5	shanghai	shanghai	PROPN
fbem-31288	21	6	and	and	CCONJ
fbem-31288	21	7	shenzhen	shenzhen	PROPN
fbem-31288	21	8	a	a	PROPN
fbem-31288	21	9	-	-	PUNCT
fbem-31288	21	10	share	share	NOUN
fbem-31288	21	11	data	datum	NOUN
fbem-31288	21	12	,	,	PUNCT
fbem-31288	21	13	this	this	DET
fbem-31288	21	14	article	article	NOUN
fbem-31288	21	15	examines	examine	VERB
fbem-31288	21	16	the	the	DET
fbem-31288	21	17	impact	impact	NOUN
fbem-31288	21	18	of	of	ADP
fbem-31288	21	19	the	the	DET
fbem-31288	21	20	short	short	ADJ
fbem-31288	21	21	selling	selling	NOUN
fbem-31288	21	22	mechanism	mechanism	NOUN
fbem-31288	21	23	on	on	ADP
fbem-31288	21	24	stock	stock	NOUN
fbem-31288	21	25	price	price	NOUN
fbem-31288	21	26	crash	crash	NOUN
fbem-31288	21	27	risk	risk	NOUN
fbem-31288	21	28	via	via	ADP
fbem-31288	21	29	a	a	DET
fbem-31288	21	30	differences	difference	NOUN
fbem-31288	21	31	-	-	PUNCT
fbem-31288	21	32	indifferences	indifference	NOUN
fbem-31288	21	33	model	model	NOUN
fbem-31288	21	34	.	.	PUNCT
fbem-31288	22	1	it	it	PRON
fbem-31288	22	2	systematically	systematically	ADV
fbem-31288	22	3	explores	explore	VERB
fbem-31288	22	4	this	this	DET
fbem-31288	22	5	mechanism	mechanism	NOUN
fbem-31288	22	6	's	's	PART
fbem-31288	22	7	path	path	NOUN
fbem-31288	22	8	by	by	ADP
fbem-31288	22	9	incorporating	incorporate	VERB
fbem-31288	22	10	the	the	DET
fbem-31288	22	11	moderating	moderate	VERB
fbem-31288	22	12	influence	influence	NOUN
fbem-31288	22	13	of	of	ADP
fbem-31288	22	14	the	the	DET
fbem-31288	22	15	market	market	NOUN
fbem-31288	22	16	environment	environment	NOUN
fbem-31288	22	17	.	.	PUNCT
fbem-31288	23	1	the	the	DET
fbem-31288	23	2	innovations	innovation	NOUN
fbem-31288	23	3	of	of	ADP
fbem-31288	23	4	this	this	DET
fbem-31288	23	5	article	article	NOUN
fbem-31288	23	6	include	include	VERB
fbem-31288	23	7	,	,	PUNCT
fbem-31288	23	8	offering	offer	VERB
fbem-31288	23	9	empirical	empirical	ADJ
fbem-31288	23	10	support	support	NOUN
fbem-31288	23	11	for	for	ADP
fbem-31288	23	12	differentiated	differentiated	ADJ
fbem-31288	23	13	regulatory	regulatory	ADJ
fbem-31288	23	14	policies	policy	NOUN
fbem-31288	23	15	,	,	PUNCT
fbem-31288	23	16	showcasing	showcase	VERB
fbem-31288	23	17	practical	practical	ADJ
fbem-31288	23	18	innovation	innovation	NOUN
fbem-31288	23	19	value	value	NOUN
fbem-31288	23	20	,	,	PUNCT
fbem-31288	23	21	conducting	conduct	VERB
fbem-31288	23	22	heterogeneity	heterogeneity	NOUN
fbem-31288	23	23	analysis	analysis	NOUN
fbem-31288	23	24	to	to	PART
fbem-31288	23	25	reveal	reveal	VERB
fbem-31288	23	26	the	the	DET
fbem-31288	23	27	operational	operational	ADJ
fbem-31288	23	28	path	path	NOUN
fbem-31288	23	29	of	of	ADP
fbem-31288	23	30	the	the	DET
fbem-31288	23	31	short	short	ADJ
fbem-31288	23	32	selling	selling	NOUN
fbem-31288	23	33	mechanism	mechanism	NOUN
fbem-31288	23	34	,	,	PUNCT
fbem-31288	23	35	addressing	address	VERB
fbem-31288	23	36	the	the	DET
fbem-31288	23	37	current	current	ADJ
fbem-31288	23	38	"	"	PUNCT
fbem-31288	23	39	mechanism	mechanism	NOUN
fbem-31288	23	40	black	black	ADJ
fbem-31288	23	41	box	box	NOUN
fbem-31288	23	42	"	"	PUNCT
fbem-31288	23	43	issue	issue	NOUN
fbem-31288	23	44	,	,	PUNCT
fbem-31288	23	45	and	and	CCONJ
fbem-31288	23	46	verifying	verify	VERB
fbem-31288	23	47	that	that	DET
fbem-31288	23	48	short	short	ADJ
fbem-31288	23	49	selling	selling	NOUN
fbem-31288	23	50	can	can	AUX
fbem-31288	23	51	mitigate	mitigate	VERB
fbem-31288	23	52	the	the	DET
fbem-31288	23	53	risk	risk	NOUN
fbem-31288	23	54	of	of	ADP
fbem-31288	23	55	stock	stock	NOUN
fbem-31288	23	56	price	price	NOUN
fbem-31288	23	57	crashes	crash	NOUN
fbem-31288	23	58	,	,	PUNCT
fbem-31288	23	59	thereby	thereby	ADV
fbem-31288	23	60	resolving	resolve	VERB
fbem-31288	23	61	contradictory	contradictory	ADJ
fbem-31288	23	62	literature	literature	NOUN
fbem-31288	23	63	findings	finding	NOUN
fbem-31288	23	64	on	on	ADP
fbem-31288	23	65	its	its	PRON
fbem-31288	23	66	impact	impact	NOUN
fbem-31288	23	67	.	.	PUNCT
fbem-31288	24	1	2	2	X
fbem-31288	24	2	.	.	X
fbem-31288	24	3	literature	literature	NOUN
fbem-31288	24	4	review	review	PROPN
fbem-31288	24	5	and	and	CCONJ
fbem-31288	24	6	research	research	NOUN
fbem-31288	24	7	hypotheses	hypothesis	NOUN
fbem-31288	24	8	2.1	2.1	NUM
fbem-31288	24	9	.	.	PUNCT
fbem-31288	25	1	short	short	ADJ
fbem-31288	25	2	selling	selling	NOUN
fbem-31288	25	3	mechanism	mechanism	NOUN
fbem-31288	25	4	and	and	CCONJ
fbem-31288	25	5	stock	stock	NOUN
fbem-31288	25	6	price	price	NOUN
fbem-31288	25	7	crash	crash	NOUN
fbem-31288	25	8	risk	risk	NOUN
fbem-31288	25	9	xu	xu	PROPN
fbem-31288	25	10	fei	fei	PROPN
fbem-31288	25	11	suggests	suggest	VERB
fbem-31288	25	12	that	that	SCONJ
fbem-31288	25	13	relaxing	relax	VERB
fbem-31288	25	14	short	short	ADJ
fbem-31288	25	15	-	-	PUNCT
fbem-31288	25	16	selling	sell	VERB
fbem-31288	25	17	regulations	regulation	NOUN
fbem-31288	25	18	mitigates	mitigate	VERB
fbem-31288	25	19	the	the	DET
fbem-31288	25	20	impact	impact	NOUN
fbem-31288	25	21	of	of	ADP
fbem-31288	25	22	analysts	analyst	NOUN
fbem-31288	25	23	'	'	PART
fbem-31288	25	24	optimistic	optimistic	ADJ
fbem-31288	25	25	ratings	rating	NOUN
fbem-31288	25	26	on	on	ADP
fbem-31288	25	27	stock	stock	NOUN
fbem-31288	25	28	price	price	NOUN
fbem-31288	25	29	crash	crash	NOUN
fbem-31288	25	30	risks	risk	NOUN
fbem-31288	25	31	,	,	PUNCT
fbem-31288	25	32	preventing	prevent	VERB
fbem-31288	25	33	crashes	crash	NOUN
fbem-31288	25	34	driven	drive	VERB
fbem-31288	25	35	by	by	ADP
fbem-31288	25	36	concealed	conceal	VERB
fbem-31288	25	37	negative	negative	ADJ
fbem-31288	25	38	information	information	NOUN
fbem-31288	25	39	[	[	X
fbem-31288	25	40	4	4	NUM
fbem-31288	25	41	]	]	PUNCT
fbem-31288	25	42	.	.	PUNCT
fbem-31288	26	1	meng	meng	PROPN
fbem-31288	26	2	qingbin	qingbin	PROPN
fbem-31288	26	3	argues	argue	VERB
fbem-31288	26	4	that	that	SCONJ
fbem-31288	26	5	the	the	DET
fbem-31288	26	6	short	short	ADJ
fbem-31288	26	7	selling	selling	NOUN
fbem-31288	26	8	mechanism	mechanism	NOUN
fbem-31288	26	9	enhances	enhance	VERB
fbem-31288	26	10	price	price	NOUN
fbem-31288	26	11	discovery	discovery	NOUN
fbem-31288	26	12	,	,	PUNCT
fbem-31288	26	13	strengthens	strengthen	VERB
fbem-31288	26	14	external	external	ADJ
fbem-31288	26	15	supervision	supervision	NOUN
fbem-31288	26	16	,	,	PUNCT
fbem-31288	26	17	improves	improve	VERB
fbem-31288	26	18	stock	stock	NOUN
fbem-31288	26	19	price	price	NOUN
fbem-31288	26	20	information	information	NOUN
fbem-31288	26	21	efficiency	efficiency	NOUN
fbem-31288	26	22	,	,	PUNCT
fbem-31288	26	23	and	and	CCONJ
fbem-31288	26	24	reduces	reduce	VERB
fbem-31288	26	25	risks	risk	NOUN
fbem-31288	26	26	[	[	X
fbem-31288	26	27	5	5	NUM
fbem-31288	26	28	]	]	PUNCT
fbem-31288	26	29	.	.	PUNCT
fbem-31288	27	1	previous	previous	ADJ
fbem-31288	27	2	studies	study	NOUN
fbem-31288	27	3	[	[	X
fbem-31288	27	4	1	1	X
fbem-31288	27	5	]	]	X
fbem-31288	27	6	highlight	highlight	VERB
fbem-31288	27	7	short	short	ADJ
fbem-31288	27	8	sellers	seller	NOUN
fbem-31288	27	9	'	'	PART
fbem-31288	27	10	crucial	crucial	ADJ
fbem-31288	27	11	role	role	NOUN
fbem-31288	27	12	in	in	ADP
fbem-31288	27	13	revealing	reveal	VERB
fbem-31288	27	14	hidden	hide	VERB
fbem-31288	27	15	negative	negative	ADJ
fbem-31288	27	16	information	information	NOUN
fbem-31288	27	17	.	.	PUNCT
fbem-31288	28	1	chu	chu	PROPN
fbem-31288	28	2	jian	jian	PROPN
fbem-31288	28	3	and	and	CCONJ
fbem-31288	28	4	fang	fang	PROPN
fbem-31288	28	5	junxiong	junxiong	PROPN
fbem-31288	28	6	found	find	VERB
fbem-31288	28	7	that	that	SCONJ
fbem-31288	28	8	margin	margin	NOUN
fbem-31288	28	9	trading	trading	NOUN
fbem-31288	28	10	and	and	CCONJ
fbem-31288	28	11	short	short	ADJ
fbem-31288	28	12	selling	selling	NOUN
fbem-31288	28	13	increase	increase	VERB
fbem-31288	28	14	stock	stock	NOUN
fbem-31288	28	15	price	price	NOUN
fbem-31288	28	16	crash	crash	NOUN
fbem-31288	28	17	risks	risk	NOUN
fbem-31288	28	18	[	[	X
fbem-31288	28	19	6	6	NUM
fbem-31288	28	20	]	]	PUNCT
fbem-31288	28	21	.	.	PUNCT
fbem-31288	29	1	allen	allen	PROPN
fbem-31288	29	2	and	and	CCONJ
fbem-31288	29	3	gale	gale	NOUN
fbem-31288	29	4	argued	argue	VERB
fbem-31288	29	5	unrestricted	unrestricted	ADJ
fbem-31288	29	6	short	short	ADJ
fbem-31288	29	7	selling	selling	NOUN
fbem-31288	29	8	deteriorates	deteriorate	VERB
fbem-31288	29	9	the	the	DET
fbem-31288	29	10	market	market	NOUN
fbem-31288	29	11	environment	environment	NOUN
fbem-31288	29	12	and	and	CCONJ
fbem-31288	29	13	boosts	boost	VERB
fbem-31288	29	14	crash	crash	NOUN
fbem-31288	29	15	risks	risk	NOUN
fbem-31288	29	16	[	[	X
fbem-31288	29	17	7	7	NUM
fbem-31288	29	18	]	]	PUNCT
fbem-31288	29	19	.	.	PUNCT
fbem-31288	30	1	however	however	ADV
fbem-31288	30	2	,	,	PUNCT
fbem-31288	30	3	post-2010	post-2010	ADJ
fbem-31288	30	4	short	short	ADJ
fbem-31288	30	5	selling	selling	NOUN
fbem-31288	30	6	deregulation	deregulation	NOUN
fbem-31288	30	7	has	have	AUX
fbem-31288	30	8	empowered	empower	VERB
fbem-31288	30	9	short	short	ADJ
fbem-31288	30	10	sellers	seller	NOUN
fbem-31288	30	11	to	to	PART
fbem-31288	30	12	uncover	uncover	VERB
fbem-31288	30	13	negative	negative	ADJ
fbem-31288	30	14	news	news	NOUN
fbem-31288	30	15	,	,	PUNCT
fbem-31288	30	16	reducing	reduce	VERB
fbem-31288	30	17	information	information	NOUN
fbem-31288	30	18	asymmetry	asymmetry	NOUN
fbem-31288	30	19	,	,	PUNCT
fbem-31288	30	20	aiding	aid	VERB
fbem-31288	30	21	investors	investor	NOUN
fbem-31288	30	22	in	in	ADP
fbem-31288	30	23	using	use	VERB
fbem-31288	30	24	diverse	diverse	ADJ
fbem-31288	30	25	information	information	NOUN
fbem-31288	30	26	,	,	PUNCT
fbem-31288	30	27	improving	improve	VERB
fbem-31288	30	28	pricing	pricing	NOUN
fbem-31288	30	29	efficiency	efficiency	NOUN
fbem-31288	30	30	,	,	PUNCT
fbem-31288	30	31	and	and	CCONJ
fbem-31288	30	32	lowering	lower	VERB
fbem-31288	30	33	crash	crash	NOUN
fbem-31288	30	34	risks	risk	NOUN
fbem-31288	30	35	.	.	PUNCT
fbem-31288	31	1	based	base	VERB
fbem-31288	31	2	on	on	ADP
fbem-31288	31	3	this	this	PRON
fbem-31288	31	4	,	,	PUNCT
fbem-31288	31	5	the	the	DET
fbem-31288	31	6	following	follow	VERB
fbem-31288	31	7	assumptions	assumption	NOUN
fbem-31288	31	8	are	be	AUX
fbem-31288	31	9	proposed	propose	VERB
fbem-31288	31	10	:	:	PUNCT
fbem-31288	31	11	h1	h1	NOUN
fbem-31288	31	12	:	:	PUNCT
fbem-31288	31	13	short	short	ADJ
fbem-31288	31	14	selling	selling	NOUN
fbem-31288	31	15	mechanisms	mechanism	NOUN
fbem-31288	31	16	are	be	AUX
fbem-31288	31	17	associated	associate	VERB
fbem-31288	31	18	with	with	ADP
fbem-31288	31	19	a	a	DET
fbem-31288	31	20	lower	low	ADJ
fbem-31288	31	21	likelihood	likelihood	NOUN
fbem-31288	31	22	of	of	ADP
fbem-31288	31	23	stock	stock	NOUN
fbem-31288	31	24	price	price	NOUN
fbem-31288	31	25	crashes	crash	NOUN
fbem-31288	31	26	.	.	PUNCT
fbem-31288	32	1	2.2	2.2	NUM
fbem-31288	32	2	.	.	PUNCT
fbem-31288	32	3	short	short	ADJ
fbem-31288	32	4	selling	selling	NOUN
fbem-31288	32	5	mechanism	mechanism	NOUN
fbem-31288	32	6	,	,	PUNCT
fbem-31288	32	7	stock	stock	NOUN
fbem-31288	32	8	liquidity	liquidity	NOUN
fbem-31288	32	9	and	and	CCONJ
fbem-31288	32	10	stock	stock	NOUN
fbem-31288	32	11	price	price	NOUN
fbem-31288	32	12	crash	crash	NOUN
fbem-31288	32	13	risk	risk	NOUN
fbem-31288	32	14	existing	exist	VERB
fbem-31288	32	15	literature	literature	NOUN
fbem-31288	32	16	on	on	ADP
fbem-31288	32	17	short	short	ADJ
fbem-31288	32	18	selling	selling	NOUN
fbem-31288	32	19	focuses	focus	VERB
fbem-31288	32	20	on	on	ADP
fbem-31288	32	21	stock	stock	NOUN
fbem-31288	32	22	price	price	NOUN
fbem-31288	32	23	informativeness	informativeness	NOUN
fbem-31288	32	24	and	and	CCONJ
fbem-31288	32	25	price	price	NOUN
fbem-31288	32	26	stability	stability	NOUN
fbem-31288	32	27	[	[	X
fbem-31288	32	28	8	8	NUM
fbem-31288	32	29	,	,	PUNCT
fbem-31288	32	30	9	9	NUM
fbem-31288	32	31	]	]	PUNCT
fbem-31288	32	32	.	.	PUNCT
fbem-31288	33	1	tang	tang	PROPN
fbem-31288	33	2	song	song	PROPN
fbem-31288	33	3	,	,	PUNCT
fbem-31288	33	4	wu	wu	PROPN
fbem-31288	33	5	qiujun	qiujun	PROPN
fbem-31288	33	6	,	,	PUNCT
fbem-31288	33	7	and	and	CCONJ
fbem-31288	33	8	wendell	wendell	PROPN
fbem-31288	33	9	et	et	PROPN
fbem-31288	33	10	al	al	PROPN
fbem-31288	33	11	found	find	VERB
fbem-31288	33	12	that	that	DET
fbem-31288	33	13	margin	margin	NOUN
fbem-31288	33	14	37	37	NUM
fbem-31288	33	15	trading	trading	NOUN
fbem-31288	33	16	and	and	CCONJ
fbem-31288	33	17	short	short	ADJ
fbem-31288	33	18	selling	selling	NOUN
fbem-31288	33	19	target	target	NOUN
fbem-31288	33	20	stocks	stock	NOUN
fbem-31288	33	21	quickly	quickly	ADV
fbem-31288	33	22	absorb	absorb	VERB
fbem-31288	33	23	negative	negative	ADJ
fbem-31288	33	24	information	information	NOUN
fbem-31288	33	25	post	post	NOUN
fbem-31288	33	26	-	-	NOUN
fbem-31288	33	27	designation	designation	NOUN
fbem-31288	33	28	,	,	PUNCT
fbem-31288	33	29	significantly	significantly	ADV
fbem-31288	33	30	reducing	reduce	VERB
fbem-31288	33	31	stock	stock	NOUN
fbem-31288	33	32	price	price	NOUN
fbem-31288	33	33	crash	crash	NOUN
fbem-31288	33	34	risks	risk	NOUN
fbem-31288	33	35	and	and	CCONJ
fbem-31288	33	36	enhancing	enhance	VERB
fbem-31288	33	37	pricing	pricing	NOUN
fbem-31288	33	38	efficiency	efficiency	NOUN
fbem-31288	33	39	compared	compare	VERB
fbem-31288	33	40	to	to	ADP
fbem-31288	33	41	non	non	ADJ
fbem-31288	33	42	-	-	ADJ
fbem-31288	33	43	target	target	ADJ
fbem-31288	33	44	stocks	stock	NOUN
fbem-31288	33	45	[	[	X
fbem-31288	33	46	10	10	NUM
fbem-31288	33	47	]	]	PUNCT
fbem-31288	33	48	.	.	PUNCT
fbem-31288	34	1	li	li	PROPN
fbem-31288	34	2	zhisheng	zhisheng	PROPN
fbem-31288	34	3	,	,	PUNCT
fbem-31288	34	4	du	du	PROPN
fbem-31288	34	5	shuang	shuang	PROPN
fbem-31288	34	6	,	,	PUNCT
fbem-31288	34	7	and	and	CCONJ
fbem-31288	34	8	lin	lin	PROPN
fbem-31288	34	9	bingxuan	bingxuan	PROPN
fbem-31288	34	10	found	find	VERB
fbem-31288	34	11	that	that	SCONJ
fbem-31288	34	12	introducing	introduce	VERB
fbem-31288	34	13	a	a	DET
fbem-31288	34	14	short	short	ADJ
fbem-31288	34	15	selling	selling	NOUN
fbem-31288	34	16	mechanism	mechanism	NOUN
fbem-31288	34	17	effectively	effectively	ADV
fbem-31288	34	18	reduces	reduce	VERB
fbem-31288	34	19	price	price	NOUN
fbem-31288	34	20	volatility	volatility	NOUN
fbem-31288	34	21	and	and	CCONJ
fbem-31288	34	22	stock	stock	NOUN
fbem-31288	34	23	price	price	NOUN
fbem-31288	34	24	jump	jump	NOUN
fbem-31288	34	25	risks	risk	NOUN
fbem-31288	34	26	of	of	ADP
fbem-31288	34	27	underlying	underlie	VERB
fbem-31288	34	28	stocks	stock	NOUN
fbem-31288	34	29	,	,	PUNCT
fbem-31288	34	30	thus	thus	ADV
fbem-31288	34	31	controlling	control	VERB
fbem-31288	34	32	stock	stock	NOUN
fbem-31288	34	33	price	price	NOUN
fbem-31288	34	34	surges	surge	NOUN
fbem-31288	34	35	and	and	CCONJ
fbem-31288	34	36	crashes	crash	VERB
fbem-31288	34	37	[	[	X
fbem-31288	34	38	11	11	NUM
fbem-31288	34	39	]	]	PUNCT
fbem-31288	34	40	.	.	PUNCT
fbem-31288	35	1	from	from	ADP
fbem-31288	35	2	this	this	PRON
fbem-31288	35	3	,	,	PUNCT
fbem-31288	35	4	it	it	PRON
fbem-31288	35	5	can	can	AUX
fbem-31288	35	6	be	be	AUX
fbem-31288	35	7	seen	see	VERB
fbem-31288	35	8	that	that	SCONJ
fbem-31288	35	9	the	the	DET
fbem-31288	35	10	short	short	ADJ
fbem-31288	35	11	selling	selling	NOUN
fbem-31288	35	12	mechanism	mechanism	NOUN
fbem-31288	35	13	can	can	AUX
fbem-31288	35	14	increase	increase	VERB
fbem-31288	35	15	the	the	DET
fbem-31288	35	16	information	information	NOUN
fbem-31288	35	17	content	content	NOUN
fbem-31288	35	18	of	of	ADP
fbem-31288	35	19	stock	stock	NOUN
fbem-31288	35	20	prices	price	NOUN
fbem-31288	35	21	and	and	CCONJ
fbem-31288	35	22	price	price	NOUN
fbem-31288	35	23	stability	stability	NOUN
fbem-31288	35	24	,	,	PUNCT
fbem-31288	35	25	thereby	thereby	ADV
fbem-31288	35	26	reducing	reduce	VERB
fbem-31288	35	27	the	the	DET
fbem-31288	35	28	risk	risk	NOUN
fbem-31288	35	29	of	of	ADP
fbem-31288	35	30	stock	stock	NOUN
fbem-31288	35	31	price	price	NOUN
fbem-31288	35	32	crashes	crash	NOUN
fbem-31288	35	33	.	.	PUNCT
fbem-31288	36	1	in	in	ADP
fbem-31288	36	2	enterprises	enterprise	NOUN
fbem-31288	36	3	with	with	ADP
fbem-31288	36	4	high	high	ADJ
fbem-31288	36	5	stock	stock	NOUN
fbem-31288	36	6	liquidity	liquidity	NOUN
fbem-31288	36	7	,	,	PUNCT
fbem-31288	36	8	the	the	DET
fbem-31288	36	9	information	information	NOUN
fbem-31288	36	10	content	content	NOUN
fbem-31288	36	11	of	of	ADP
fbem-31288	36	12	their	their	PRON
fbem-31288	36	13	own	own	ADJ
fbem-31288	36	14	stock	stock	NOUN
fbem-31288	36	15	prices	price	NOUN
fbem-31288	36	16	is	be	AUX
fbem-31288	36	17	already	already	ADV
fbem-31288	36	18	relatively	relatively	ADV
fbem-31288	36	19	high	high	ADJ
fbem-31288	36	20	,	,	PUNCT
fbem-31288	36	21	and	and	CCONJ
fbem-31288	36	22	capital	capital	NOUN
fbem-31288	36	23	allocation	allocation	NOUN
fbem-31288	36	24	efficiency	efficiency	NOUN
fbem-31288	36	25	,	,	PUNCT
fbem-31288	36	26	capital	capital	NOUN
fbem-31288	36	27	cost	cost	NOUN
fbem-31288	36	28	,	,	PUNCT
fbem-31288	36	29	etc	etc	X
fbem-31288	36	30	.	.	X
fbem-31288	36	31	are	be	AUX
fbem-31288	36	32	relatively	relatively	ADV
fbem-31288	36	33	better	well	ADJ
fbem-31288	36	34	than	than	ADP
fbem-31288	36	35	those	those	PRON
fbem-31288	36	36	of	of	ADP
fbem-31288	36	37	enterprises	enterprise	NOUN
fbem-31288	36	38	with	with	ADP
fbem-31288	36	39	poor	poor	ADJ
fbem-31288	36	40	stock	stock	NOUN
fbem-31288	36	41	liquidity	liquidity	NOUN
fbem-31288	36	42	.	.	PUNCT
fbem-31288	37	1	based	base	VERB
fbem-31288	37	2	on	on	ADP
fbem-31288	37	3	this	this	PRON
fbem-31288	37	4	,	,	PUNCT
fbem-31288	37	5	the	the	DET
fbem-31288	37	6	following	follow	VERB
fbem-31288	37	7	hypotheses	hypothesis	NOUN
fbem-31288	37	8	are	be	AUX
fbem-31288	37	9	proposed	propose	VERB
fbem-31288	37	10	:	:	PUNCT
fbem-31288	37	11	h2	h2	NOUN
fbem-31288	37	12	:	:	PUNCT
fbem-31288	37	13	the	the	DET
fbem-31288	37	14	short	short	ADJ
fbem-31288	37	15	selling	selling	NOUN
fbem-31288	37	16	system	system	NOUN
fbem-31288	37	17	is	be	AUX
fbem-31288	37	18	more	more	ADV
fbem-31288	37	19	effective	effective	ADJ
fbem-31288	37	20	in	in	ADP
fbem-31288	37	21	mitigating	mitigate	VERB
fbem-31288	37	22	the	the	DET
fbem-31288	37	23	risk	risk	NOUN
fbem-31288	37	24	of	of	ADP
fbem-31288	37	25	stock	stock	NOUN
fbem-31288	37	26	price	price	NOUN
fbem-31288	37	27	crashes	crash	NOUN
fbem-31288	37	28	for	for	ADP
fbem-31288	37	29	companies	company	NOUN
fbem-31288	37	30	with	with	ADP
fbem-31288	37	31	low	low	ADJ
fbem-31288	37	32	stock	stock	NOUN
fbem-31288	37	33	liquidity	liquidity	NOUN
fbem-31288	37	34	compared	compare	VERB
fbem-31288	37	35	to	to	ADP
fbem-31288	37	36	companies	company	NOUN
fbem-31288	37	37	with	with	ADP
fbem-31288	37	38	high	high	ADJ
fbem-31288	37	39	stock	stock	NOUN
fbem-31288	37	40	liquidity	liquidity	NOUN
fbem-31288	37	41	.	.	PUNCT
fbem-31288	38	1	2.3	2.3	NUM
fbem-31288	38	2	.	.	PUNCT
fbem-31288	38	3	short	short	ADJ
fbem-31288	38	4	selling	selling	NOUN
fbem-31288	38	5	mechanism	mechanism	NOUN
fbem-31288	38	6	,	,	PUNCT
fbem-31288	38	7	quality	quality	NOUN
fbem-31288	38	8	of	of	ADP
fbem-31288	38	9	information	information	NOUN
fbem-31288	38	10	disclosure	disclosure	NOUN
fbem-31288	38	11	and	and	CCONJ
fbem-31288	38	12	risk	risk	NOUN
fbem-31288	38	13	of	of	ADP
fbem-31288	38	14	stock	stock	NOUN
fbem-31288	38	15	price	price	NOUN
fbem-31288	38	16	crash	crash	NOUN
fbem-31288	38	17	the	the	DET
fbem-31288	38	18	short	short	ADJ
fbem-31288	38	19	selling	selling	NOUN
fbem-31288	38	20	mechanism	mechanism	NOUN
fbem-31288	38	21	enhances	enhance	VERB
fbem-31288	38	22	stock	stock	NOUN
fbem-31288	38	23	price	price	NOUN
fbem-31288	38	24	informativeness	informativeness	NOUN
fbem-31288	38	25	and	and	CCONJ
fbem-31288	38	26	stability	stability	NOUN
fbem-31288	38	27	,	,	PUNCT
fbem-31288	38	28	reducing	reduce	VERB
fbem-31288	38	29	crash	crash	NOUN
fbem-31288	38	30	risks	risk	NOUN
fbem-31288	38	31	.	.	PUNCT
fbem-31288	39	1	in	in	ADP
fbem-31288	39	2	highly	highly	ADV
fbem-31288	39	3	liquid	liquid	ADJ
fbem-31288	39	4	stocks	stock	NOUN
fbem-31288	39	5	,	,	PUNCT
fbem-31288	39	6	information	information	NOUN
fbem-31288	39	7	content	content	NOUN
fbem-31288	39	8	is	be	AUX
fbem-31288	39	9	already	already	ADV
fbem-31288	39	10	high	high	ADJ
fbem-31288	39	11	,	,	PUNCT
fbem-31288	39	12	contributing	contribute	VERB
fbem-31288	39	13	to	to	ADP
fbem-31288	39	14	better	well	ADJ
fbem-31288	39	15	capital	capital	NOUN
fbem-31288	39	16	allocation	allocation	NOUN
fbem-31288	39	17	and	and	CCONJ
fbem-31288	39	18	lower	low	ADJ
fbem-31288	39	19	costs	cost	NOUN
fbem-31288	39	20	.	.	PUNCT
fbem-31288	40	1	based	base	VERB
fbem-31288	40	2	on	on	ADP
fbem-31288	40	3	information	information	NOUN
fbem-31288	40	4	asymmetry	asymmetry	NOUN
fbem-31288	40	5	theory	theory	NOUN
fbem-31288	40	6	,	,	PUNCT
fbem-31288	40	7	poor	poor	ADJ
fbem-31288	40	8	information	information	NOUN
fbem-31288	40	9	transparency	transparency	NOUN
fbem-31288	40	10	in	in	ADP
fbem-31288	40	11	companies	company	NOUN
fbem-31288	40	12	increases	increase	VERB
fbem-31288	40	13	stock	stock	NOUN
fbem-31288	40	14	price	price	NOUN
fbem-31288	40	15	crash	crash	NOUN
fbem-31288	40	16	risks	risk	NOUN
fbem-31288	40	17	[	[	X
fbem-31288	40	18	12	12	NUM
fbem-31288	40	19	]	]	PUNCT
fbem-31288	40	20	.	.	PUNCT
fbem-31288	41	1	high	high	ADJ
fbem-31288	41	2	-	-	PUNCT
fbem-31288	41	3	quality	quality	NOUN
fbem-31288	41	4	disclosure	disclosure	NOUN
fbem-31288	41	5	enables	enable	VERB
fbem-31288	41	6	investors	investor	NOUN
fbem-31288	41	7	to	to	PART
fbem-31288	41	8	fully	fully	ADV
fbem-31288	41	9	understand	understand	VERB
fbem-31288	41	10	a	a	DET
fbem-31288	41	11	company	company	NOUN
fbem-31288	41	12	,	,	PUNCT
fbem-31288	41	13	reducing	reduce	VERB
fbem-31288	41	14	valuation	valuation	NOUN
fbem-31288	41	15	bias	bias	NOUN
fbem-31288	41	16	and	and	CCONJ
fbem-31288	41	17	crash	crash	NOUN
fbem-31288	41	18	risks	risk	NOUN
fbem-31288	41	19	[	[	X
fbem-31288	41	20	13	13	NUM
fbem-31288	41	21	]	]	PUNCT
fbem-31288	41	22	.	.	PUNCT
fbem-31288	42	1	conversely	conversely	ADV
fbem-31288	42	2	,	,	PUNCT
fbem-31288	42	3	low	low	ADJ
fbem-31288	42	4	disclosure	disclosure	NOUN
fbem-31288	42	5	quality	quality	NOUN
fbem-31288	42	6	leads	lead	VERB
fbem-31288	42	7	to	to	ADP
fbem-31288	42	8	negative	negative	ADJ
fbem-31288	42	9	information	information	NOUN
fbem-31288	42	10	accumulation	accumulation	NOUN
fbem-31288	42	11	,	,	PUNCT
fbem-31288	42	12	sending	send	VERB
fbem-31288	42	13	negative	negative	ADJ
fbem-31288	42	14	signals	signal	NOUN
fbem-31288	42	15	and	and	CCONJ
fbem-31288	42	16	increasing	increase	VERB
fbem-31288	42	17	crash	crash	NOUN
fbem-31288	42	18	risks	risk	NOUN
fbem-31288	42	19	[	[	X
fbem-31288	42	20	14	14	NUM
fbem-31288	42	21	]	]	PUNCT
fbem-31288	42	22	.	.	PUNCT
fbem-31288	43	1	short	short	ADJ
fbem-31288	43	2	sellers	seller	NOUN
fbem-31288	43	3	seek	seek	VERB
fbem-31288	43	4	profits	profit	NOUN
fbem-31288	43	5	by	by	ADP
fbem-31288	43	6	uncovering	uncover	VERB
fbem-31288	43	7	negative	negative	ADJ
fbem-31288	43	8	company	company	NOUN
fbem-31288	43	9	information	information	NOUN
fbem-31288	43	10	,	,	PUNCT
fbem-31288	43	11	pressuring	pressure	VERB
fbem-31288	43	12	management	management	NOUN
fbem-31288	43	13	to	to	PART
fbem-31288	43	14	boost	boost	VERB
fbem-31288	43	15	transparency	transparency	NOUN
fbem-31288	43	16	.	.	PUNCT
fbem-31288	44	1	in	in	ADP
fbem-31288	44	2	markets	market	NOUN
fbem-31288	44	3	permitting	permit	VERB
fbem-31288	44	4	short	short	ADJ
fbem-31288	44	5	selling	selling	NOUN
fbem-31288	44	6	,	,	PUNCT
fbem-31288	44	7	firms	firm	NOUN
fbem-31288	44	8	are	be	AUX
fbem-31288	44	9	induced	induce	VERB
fbem-31288	44	10	to	to	PART
fbem-31288	44	11	minimize	minimize	VERB
fbem-31288	44	12	earnings	earning	NOUN
fbem-31288	44	13	management	management	NOUN
fbem-31288	44	14	,	,	PUNCT
fbem-31288	44	15	enhancing	enhance	VERB
fbem-31288	44	16	the	the	DET
fbem-31288	44	17	market	market	NOUN
fbem-31288	44	18	's	's	PART
fbem-31288	44	19	perception	perception	NOUN
fbem-31288	44	20	of	of	ADP
fbem-31288	44	21	their	their	PRON
fbem-31288	44	22	financial	financial	ADJ
fbem-31288	44	23	information	information	NOUN
fbem-31288	44	24	quality	quality	NOUN
fbem-31288	44	25	[	[	X
fbem-31288	44	26	15	15	NUM
fbem-31288	44	27	]	]	PUNCT
fbem-31288	44	28	.	.	PUNCT
fbem-31288	45	1	additionally	additionally	ADV
fbem-31288	45	2	,	,	PUNCT
fbem-31288	45	3	the	the	DET
fbem-31288	45	4	short	short	ADJ
fbem-31288	45	5	selling	selling	NOUN
fbem-31288	45	6	mechanism	mechanism	NOUN
fbem-31288	45	7	acts	act	VERB
fbem-31288	45	8	as	as	ADP
fbem-31288	45	9	an	an	DET
fbem-31288	45	10	external	external	ADJ
fbem-31288	45	11	overseer	overseer	NOUN
fbem-31288	45	12	,	,	PUNCT
fbem-31288	45	13	prompting	prompt	VERB
fbem-31288	45	14	companies	company	NOUN
fbem-31288	45	15	to	to	PART
fbem-31288	45	16	disclose	disclose	VERB
fbem-31288	45	17	more	more	ADJ
fbem-31288	45	18	information	information	NOUN
fbem-31288	45	19	.	.	PUNCT
fbem-31288	46	1	most	most	ADJ
fbem-31288	46	2	studies	study	NOUN
fbem-31288	46	3	indicate	indicate	VERB
fbem-31288	46	4	that	that	SCONJ
fbem-31288	46	5	short	short	ADJ
fbem-31288	46	6	selling	selling	NOUN
fbem-31288	46	7	enhances	enhance	VERB
fbem-31288	46	8	market	market	NOUN
fbem-31288	46	9	information	information	NOUN
fbem-31288	46	10	efficiency	efficiency	NOUN
fbem-31288	46	11	,	,	PUNCT
fbem-31288	46	12	corrects	correct	VERB
fbem-31288	46	13	disclosure	disclosure	NOUN
fbem-31288	46	14	biases	bias	NOUN
fbem-31288	46	15	,	,	PUNCT
fbem-31288	46	16	and	and	CCONJ
fbem-31288	46	17	improves	improve	VERB
fbem-31288	46	18	transparency	transparency	NOUN
fbem-31288	47	1	[	[	X
fbem-31288	47	2	16	16	NUM
fbem-31288	47	3	]	]	PUNCT
fbem-31288	47	4	.	.	PUNCT
fbem-31288	48	1	in	in	ADP
fbem-31288	48	2	summary	summary	NOUN
fbem-31288	48	3	,	,	PUNCT
fbem-31288	48	4	companies	company	NOUN
fbem-31288	48	5	with	with	ADP
fbem-31288	48	6	high	high	ADJ
fbem-31288	48	7	-	-	PUNCT
fbem-31288	48	8	quality	quality	NOUN
fbem-31288	48	9	information	information	NOUN
fbem-31288	48	10	disclosure	disclosure	NOUN
fbem-31288	48	11	experience	experience	NOUN
fbem-31288	48	12	low	low	ADJ
fbem-31288	48	13	information	information	PROPN
fbem-31288	48	14	asymmetry	asymmetry	NOUN
fbem-31288	48	15	,	,	PUNCT
fbem-31288	48	16	fewer	few	ADJ
fbem-31288	48	17	negative	negative	ADJ
fbem-31288	48	18	news	news	NOUN
fbem-31288	48	19	,	,	PUNCT
fbem-31288	48	20	and	and	CCONJ
fbem-31288	48	21	reduced	reduce	VERB
fbem-31288	48	22	stock	stock	NOUN
fbem-31288	48	23	price	price	NOUN
fbem-31288	48	24	crash	crash	NOUN
fbem-31288	48	25	risks	risk	NOUN
fbem-31288	48	26	,	,	PUNCT
fbem-31288	48	27	making	make	VERB
fbem-31288	48	28	the	the	DET
fbem-31288	48	29	short	short	ADJ
fbem-31288	48	30	selling	selling	NOUN
fbem-31288	48	31	mechanism	mechanism	NOUN
fbem-31288	48	32	less	less	ADV
fbem-31288	48	33	significant	significant	ADJ
fbem-31288	48	34	.	.	PUNCT
fbem-31288	49	1	conversely	conversely	ADV
fbem-31288	49	2	,	,	PUNCT
fbem-31288	49	3	firms	firm	NOUN
fbem-31288	49	4	with	with	ADP
fbem-31288	49	5	low	low	ADJ
fbem-31288	49	6	disclosure	disclosure	NOUN
fbem-31288	49	7	quality	quality	NOUN
fbem-31288	49	8	often	often	ADV
fbem-31288	49	9	conceal	conceal	VERB
fbem-31288	49	10	negative	negative	ADJ
fbem-31288	49	11	news	news	NOUN
fbem-31288	49	12	,	,	PUNCT
fbem-31288	49	13	increasing	increase	VERB
fbem-31288	49	14	crash	crash	NOUN
fbem-31288	49	15	risks	risk	NOUN
fbem-31288	49	16	.	.	PUNCT
fbem-31288	50	1	introducing	introduce	VERB
fbem-31288	50	2	short	short	ADJ
fbem-31288	50	3	selling	selling	NOUN
fbem-31288	50	4	in	in	ADP
fbem-31288	50	5	such	such	ADJ
fbem-31288	50	6	cases	case	NOUN
fbem-31288	50	7	can	can	AUX
fbem-31288	50	8	motivate	motivate	VERB
fbem-31288	50	9	management	management	NOUN
fbem-31288	50	10	to	to	PART
fbem-31288	50	11	decrease	decrease	VERB
fbem-31288	50	12	earnings	earning	NOUN
fbem-31288	50	13	management	management	NOUN
fbem-31288	50	14	,	,	PUNCT
fbem-31288	50	15	disclose	disclose	VERB
fbem-31288	50	16	negative	negative	ADJ
fbem-31288	50	17	information	information	NOUN
fbem-31288	50	18	,	,	PUNCT
fbem-31288	50	19	correct	correct	ADJ
fbem-31288	50	20	disclosure	disclosure	NOUN
fbem-31288	50	21	biases	bias	NOUN
fbem-31288	50	22	,	,	PUNCT
fbem-31288	50	23	and	and	CCONJ
fbem-31288	50	24	effectively	effectively	ADV
fbem-31288	50	25	mitigate	mitigate	VERB
fbem-31288	50	26	crash	crash	NOUN
fbem-31288	50	27	risks	risk	NOUN
fbem-31288	50	28	.	.	PUNCT
fbem-31288	51	1	based	base	VERB
fbem-31288	51	2	on	on	ADP
fbem-31288	51	3	this	this	PRON
fbem-31288	51	4	,	,	PUNCT
fbem-31288	51	5	the	the	DET
fbem-31288	51	6	following	follow	VERB
fbem-31288	51	7	assumptions	assumption	NOUN
fbem-31288	51	8	are	be	AUX
fbem-31288	51	9	proposed	propose	VERB
fbem-31288	51	10	:	:	PUNCT
fbem-31288	51	11	h3	h3	NOUN
fbem-31288	51	12	,	,	PUNCT
fbem-31288	51	13	the	the	DET
fbem-31288	51	14	short	short	ADJ
fbem-31288	51	15	selling	selling	NOUN
fbem-31288	51	16	mechanism	mechanism	NOUN
fbem-31288	51	17	is	be	AUX
fbem-31288	51	18	more	more	ADV
fbem-31288	51	19	effective	effective	ADJ
fbem-31288	51	20	at	at	ADP
fbem-31288	51	21	reducing	reduce	VERB
fbem-31288	51	22	stock	stock	NOUN
fbem-31288	51	23	price	price	NOUN
fbem-31288	51	24	crash	crash	NOUN
fbem-31288	51	25	risks	risk	NOUN
fbem-31288	51	26	in	in	ADP
fbem-31288	51	27	companies	company	NOUN
fbem-31288	51	28	with	with	ADP
fbem-31288	51	29	low	low	ADJ
fbem-31288	51	30	disclosure	disclosure	NOUN
fbem-31288	51	31	quality	quality	NOUN
fbem-31288	51	32	compared	compare	VERB
fbem-31288	51	33	to	to	ADP
fbem-31288	51	34	those	those	PRON
fbem-31288	51	35	with	with	ADP
fbem-31288	51	36	high	high	ADJ
fbem-31288	51	37	disclosure	disclosure	NOUN
fbem-31288	51	38	quality	quality	NOUN
fbem-31288	51	39	.	.	PUNCT
fbem-31288	52	1	3	3	X
fbem-31288	52	2	.	.	X
fbem-31288	52	3	data	datum	NOUN
fbem-31288	52	4	sources	source	NOUN
fbem-31288	52	5	and	and	CCONJ
fbem-31288	52	6	variable	variable	ADJ
fbem-31288	52	7	design	design	NOUN
fbem-31288	52	8	3.1	3.1	NUM
fbem-31288	52	9	.	.	PUNCT
fbem-31288	52	10	data	datum	NOUN
fbem-31288	52	11	sources	source	NOUN
fbem-31288	52	12	and	and	CCONJ
fbem-31288	52	13	exclusion	exclusion	NOUN
fbem-31288	52	14	3.1.1	3.1.1	NUM
fbem-31288	52	15	.	.	PUNCT
fbem-31288	53	1	sources	source	NOUN
fbem-31288	53	2	of	of	ADP
fbem-31288	53	3	data	datum	NOUN
fbem-31288	53	4	the	the	DET
fbem-31288	53	5	research	research	NOUN
fbem-31288	53	6	data	datum	NOUN
fbem-31288	53	7	in	in	ADP
fbem-31288	53	8	this	this	DET
fbem-31288	53	9	paper	paper	NOUN
fbem-31288	53	10	spans	span	VERB
fbem-31288	53	11	the	the	DET
fbem-31288	53	12	2010	2010	NUM
fbem-31288	53	13	-	-	SYM
fbem-31288	53	14	2021	2021	NUM
fbem-31288	53	15	period	period	NOUN
fbem-31288	53	16	,	,	PUNCT
fbem-31288	53	17	encompassing	encompass	VERB
fbem-31288	53	18	publicly	publicly	ADV
fbem-31288	53	19	disclosed	disclose	VERB
fbem-31288	53	20	information	information	NOUN
fbem-31288	53	21	of	of	ADP
fbem-31288	53	22	shanghai	shanghai	PROPN
fbem-31288	53	23	and	and	CCONJ
fbem-31288	53	24	shenzhen	shenzhen	PROPN
fbem-31288	53	25	a	a	PROPN
fbem-31288	53	26	-	-	PUNCT
fbem-31288	53	27	share	share	NOUN
fbem-31288	53	28	listed	list	VERB
fbem-31288	53	29	companies	company	NOUN
fbem-31288	53	30	.	.	PUNCT
fbem-31288	54	1	short	short	ADJ
fbem-31288	54	2	selling	selling	NOUN
fbem-31288	54	3	mechanism	mechanism	NOUN
fbem-31288	54	4	data	datum	NOUN
fbem-31288	54	5	originates	originate	NOUN
fbem-31288	54	6	from	from	ADP
fbem-31288	54	7	the	the	DET
fbem-31288	54	8	rui	rui	PROPN
fbem-31288	54	9	si	si	PROPN
fbem-31288	54	10	database	database	PROPN
fbem-31288	54	11	,	,	PUNCT
fbem-31288	54	12	internal	internal	ADJ
fbem-31288	54	13	control	control	NOUN
fbem-31288	54	14	quality	quality	NOUN
fbem-31288	54	15	from	from	ADP
fbem-31288	54	16	the	the	DET
fbem-31288	54	17	dibo	dibo	PROPN
fbem-31288	54	18	internal	internal	PROPN
fbem-31288	54	19	control	control	PROPN
fbem-31288	54	20	index	index	PROPN
fbem-31288	54	21	,	,	PUNCT
fbem-31288	54	22	and	and	CCONJ
fbem-31288	54	23	other	other	ADJ
fbem-31288	54	24	necessary	necessary	ADJ
fbem-31288	54	25	information	information	NOUN
fbem-31288	54	26	from	from	ADP
fbem-31288	54	27	the	the	DET
fbem-31288	54	28	csmar	csmar	PROPN
fbem-31288	54	29	database	database	NOUN
fbem-31288	54	30	.	.	PUNCT
fbem-31288	55	1	3.1.2	3.1.2	X
fbem-31288	55	2	.	.	PUNCT
fbem-31288	55	3	data	datum	NOUN
fbem-31288	55	4	exclusion	exclusion	NOUN
fbem-31288	55	5	according	accord	VERB
fbem-31288	55	6	to	to	ADP
fbem-31288	55	7	the	the	DET
fbem-31288	55	8	research	research	NOUN
fbem-31288	55	9	requirements	requirement	NOUN
fbem-31288	55	10	,	,	PUNCT
fbem-31288	55	11	excel	excel	VERB
fbem-31288	55	12	and	and	CCONJ
fbem-31288	55	13	stata18.0	stata18.0	PROPN
fbem-31288	55	14	software	software	NOUN
fbem-31288	55	15	were	be	AUX
fbem-31288	55	16	used	use	VERB
fbem-31288	55	17	to	to	PART
fbem-31288	55	18	screen	screen	VERB
fbem-31288	55	19	and	and	CCONJ
fbem-31288	55	20	eliminate	eliminate	VERB
fbem-31288	55	21	the	the	DET
fbem-31288	55	22	original	original	ADJ
fbem-31288	55	23	data	datum	NOUN
fbem-31288	55	24	as	as	SCONJ
fbem-31288	55	25	follows	follow	VERB
fbem-31288	55	26	:	:	PUNCT
fbem-31288	55	27	(	(	PUNCT
fbem-31288	55	28	1	1	X
fbem-31288	55	29	)	)	PUNCT
fbem-31288	55	30	remove	remove	VERB
fbem-31288	55	31	st	st	PROPN
fbem-31288	55	32	/	/	SYM
fbem-31288	55	33	pt	pt	PROPN
fbem-31288	55	34	listed	list	VERB
fbem-31288	55	35	companies	company	NOUN
fbem-31288	55	36	.	.	PUNCT
fbem-31288	56	1	(	(	PUNCT
fbem-31288	56	2	2	2	X
fbem-31288	56	3	)	)	PUNCT
fbem-31288	56	4	financial	financial	ADJ
fbem-31288	56	5	companies	company	NOUN
fbem-31288	56	6	are	be	AUX
fbem-31288	56	7	excluded	exclude	VERB
fbem-31288	56	8	.	.	PUNCT
fbem-31288	57	1	(	(	PUNCT
fbem-31288	57	2	3	3	X
fbem-31288	57	3	)	)	PUNCT
fbem-31288	57	4	exclude	exclude	VERB
fbem-31288	57	5	samples	sample	NOUN
fbem-31288	57	6	with	with	ADP
fbem-31288	57	7	missing	miss	VERB
fbem-31288	57	8	main	main	ADJ
fbem-31288	57	9	data	datum	NOUN
fbem-31288	57	10	.	.	PUNCT
fbem-31288	58	1	(	(	PUNCT
fbem-31288	58	2	4	4	X
fbem-31288	58	3	)	)	PUNCT
fbem-31288	58	4	exclude	exclude	VERB
fbem-31288	58	5	samples	sample	NOUN
fbem-31288	58	6	with	with	ADP
fbem-31288	58	7	a	a	DET
fbem-31288	58	8	debt	debt	NOUN
fbem-31288	58	9	-	-	PUNCT
fbem-31288	58	10	to	to	ADP
fbem-31288	58	11	-	-	PUNCT
fbem-31288	58	12	asset	asset	NOUN
fbem-31288	58	13	ratio	ratio	NOUN
fbem-31288	58	14	exceeding	exceed	VERB
fbem-31288	58	15	100	100	NUM
fbem-31288	58	16	%	%	NOUN
fbem-31288	58	17	.	.	PUNCT
fbem-31288	59	1	(	(	PUNCT
fbem-31288	59	2	5	5	X
fbem-31288	59	3	)	)	PUNCT
fbem-31288	59	4	exclude	exclude	VERB
fbem-31288	59	5	the	the	DET
fbem-31288	59	6	2015	2015	NUM
fbem-31288	59	7	data	data	NOUN
fbem-31288	59	8	sample	sample	NOUN
fbem-31288	59	9	(	(	PUNCT
fbem-31288	59	10	to	to	PART
fbem-31288	59	11	avoid	avoid	VERB
fbem-31288	59	12	data	datum	NOUN
fbem-31288	59	13	anomalies	anomaly	NOUN
fbem-31288	59	14	that	that	SCONJ
fbem-31288	59	15	a	a	DET
fbem-31288	59	16	stock	stock	NOUN
fbem-31288	59	17	market	market	NOUN
fbem-31288	59	18	crash	crash	NOUN
fbem-31288	59	19	might	might	AUX
fbem-31288	59	20	cause	cause	VERB
fbem-31288	59	21	)	)	PUNCT
fbem-31288	59	22	.	.	PUNCT
fbem-31288	60	1	before	before	ADP
fbem-31288	60	2	regression	regression	NOUN
fbem-31288	60	3	,	,	PUNCT
fbem-31288	60	4	continuous	continuous	ADJ
fbem-31288	60	5	variables	variable	NOUN
fbem-31288	60	6	are	be	AUX
fbem-31288	60	7	truncated	truncate	VERB
fbem-31288	60	8	at	at	ADP
fbem-31288	60	9	the	the	DET
fbem-31288	60	10	5th	5th	ADJ
fbem-31288	60	11	and	and	CCONJ
fbem-31288	60	12	95th	95th	ADJ
fbem-31288	60	13	percentiles	percentile	NOUN
fbem-31288	60	14	to	to	PART
fbem-31288	60	15	mitigate	mitigate	VERB
fbem-31288	60	16	the	the	DET
fbem-31288	60	17	influence	influence	NOUN
fbem-31288	60	18	of	of	ADP
fbem-31288	60	19	outliers	outlier	NOUN
fbem-31288	60	20	and	and	CCONJ
fbem-31288	60	21	extreme	extreme	ADJ
fbem-31288	60	22	values	value	NOUN
fbem-31288	60	23	on	on	ADP
fbem-31288	60	24	the	the	DET
fbem-31288	60	25	results	result	NOUN
fbem-31288	60	26	.	.	PUNCT
fbem-31288	61	1	3.2	3.2	NUM
fbem-31288	61	2	.	.	PUNCT
fbem-31288	61	3	variable	variable	ADJ
fbem-31288	61	4	measurement	measurement	NOUN
fbem-31288	61	5	and	and	CCONJ
fbem-31288	61	6	definition	definition	NOUN
fbem-31288	61	7	3.2.1	3.2.1	NUM
fbem-31288	61	8	.	.	PUNCT
fbem-31288	61	9	explained	explain	VERB
fbem-31288	61	10	variable	variable	NOUN
fbem-31288	61	11	:	:	PUNCT
fbem-31288	61	12	risk	risk	NOUN
fbem-31288	61	13	of	of	ADP
fbem-31288	61	14	stock	stock	NOUN
fbem-31288	61	15	price	price	NOUN
fbem-31288	61	16	crash	crash	NOUN
fbem-31288	61	17	the	the	DET
fbem-31288	61	18	calculation	calculation	NOUN
fbem-31288	61	19	method	method	NOUN
fbem-31288	61	20	of	of	ADP
fbem-31288	61	21	the	the	DET
fbem-31288	61	22	stock	stock	NOUN
fbem-31288	61	23	price	price	NOUN
fbem-31288	61	24	crash	crash	NOUN
fbem-31288	61	25	risk	risk	NOUN
fbem-31288	61	26	indicator	indicator	NOUN
fbem-31288	61	27	uses	use	VERB
fbem-31288	61	28	the	the	DET
fbem-31288	61	29	negative	negative	ADJ
fbem-31288	61	30	return	return	NOUN
fbem-31288	61	31	skew	skew	ADJ
fbem-31288	61	32	coefficient	coefficient	NOUN
fbem-31288	61	33	(	(	PUNCT
fbem-31288	61	34	ncskew	ncskew	NOUN
fbem-31288	61	35	)	)	PUNCT
fbem-31288	61	36	and	and	CCONJ
fbem-31288	61	37	the	the	DET
fbem-31288	61	38	upward	upward	ADJ
fbem-31288	61	39	and	and	CCONJ
fbem-31288	61	40	downward	downward	ADJ
fbem-31288	61	41	volatility	volatility	NOUN
fbem-31288	61	42	of	of	ADP
fbem-31288	61	43	returns	return	NOUN
fbem-31288	61	44	(	(	PUNCT
fbem-31288	61	45	duvol	duvol	NOUN
fbem-31288	61	46	)	)	PUNCT
fbem-31288	61	47	to	to	PART
fbem-31288	61	48	measure	measure	VERB
fbem-31288	61	49	the	the	DET
fbem-31288	61	50	stock	stock	NOUN
fbem-31288	61	51	price	price	NOUN
fbem-31288	61	52	crash	crash	NOUN
fbem-31288	61	53	risk	risk	NOUN
fbem-31288	61	54	.	.	PUNCT
fbem-31288	62	1	3.2.2	3.2.2	X
fbem-31288	62	2	.	.	PUNCT
fbem-31288	62	3	explanatory	explanatory	ADJ
fbem-31288	62	4	variables	variable	NOUN
fbem-31288	62	5	(	(	PUNCT
fbem-31288	62	6	1	1	X
fbem-31288	62	7	)	)	PUNCT
fbem-31288	62	8	short	short	ADJ
fbem-31288	62	9	selling	selling	NOUN
fbem-31288	62	10	mechanism	mechanism	NOUN
fbem-31288	62	11	select	select	VERB
fbem-31288	62	12	the	the	DET
fbem-31288	62	13	treat	treat	NOUN
fbem-31288	62	14	×	×	NOUN
fbem-31288	62	15	post	post	NOUN
fbem-31288	62	16	of	of	ADP
fbem-31288	62	17	the	the	DET
fbem-31288	62	18	short	short	ADJ
fbem-31288	62	19	selling	selling	NOUN
fbem-31288	62	20	mechanism	mechanism	NOUN
fbem-31288	62	21	as	as	ADP
fbem-31288	62	22	the	the	DET
fbem-31288	62	23	explanatory	explanatory	ADJ
fbem-31288	62	24	variable	variable	NOUN
fbem-31288	62	25	for	for	ADP
fbem-31288	62	26	this	this	DET
fbem-31288	62	27	paper	paper	NOUN
fbem-31288	62	28	.	.	PUNCT
fbem-31288	63	1	treat	treat	NOUN
fbem-31288	63	2	is	be	AUX
fbem-31288	63	3	a	a	DET
fbem-31288	63	4	dummy	dummy	ADJ
fbem-31288	63	5	variable	variable	NOUN
fbem-31288	63	6	for	for	ADP
fbem-31288	63	7	enterprises	enterprise	NOUN
fbem-31288	63	8	that	that	PRON
fbem-31288	63	9	indicate	indicate	VERB
fbem-31288	63	10	whether	whether	SCONJ
fbem-31288	63	11	an	an	DET
fbem-31288	63	12	enterprise	enterprise	NOUN
fbem-31288	63	13	is	be	AUX
fbem-31288	63	14	included	include	VERB
fbem-31288	63	15	in	in	ADP
fbem-31288	63	16	the	the	DET
fbem-31288	63	17	margin	margin	NOUN
fbem-31288	63	18	trading	trading	NOUN
fbem-31288	63	19	target	target	NOUN
fbem-31288	63	20	.	.	PUNCT
fbem-31288	64	1	it	it	PRON
fbem-31288	64	2	takes	take	VERB
fbem-31288	64	3	1	1	NUM
fbem-31288	64	4	if	if	SCONJ
fbem-31288	64	5	the	the	DET
fbem-31288	64	6	enterprise	enterprise	NOUN
fbem-31288	64	7	is	be	AUX
fbem-31288	64	8	included	include	VERB
fbem-31288	64	9	in	in	ADP
fbem-31288	64	10	the	the	DET
fbem-31288	64	11	margin	margin	NOUN
fbem-31288	64	12	trading	trading	NOUN
fbem-31288	64	13	target	target	NOUN
fbem-31288	64	14	and	and	CCONJ
fbem-31288	64	15	0	0	NUM
fbem-31288	64	16	if	if	SCONJ
fbem-31288	64	17	not	not	PART
fbem-31288	64	18	.	.	PUNCT
fbem-31288	65	1	post	post	NOUN
fbem-31288	65	2	is	be	AUX
fbem-31288	65	3	a	a	DET
fbem-31288	65	4	policy	policy	NOUN
fbem-31288	65	5	status	status	NOUN
fbem-31288	65	6	dummy	dummy	ADJ
fbem-31288	65	7	variable	variable	NOUN
fbem-31288	65	8	indicating	indicate	VERB
fbem-31288	65	9	whether	whether	SCONJ
fbem-31288	65	10	the	the	DET
fbem-31288	65	11	policy	policy	NOUN
fbem-31288	65	12	was	be	AUX
fbem-31288	65	13	implemented	implement	VERB
fbem-31288	65	14	at	at	ADP
fbem-31288	65	15	that	that	DET
fbem-31288	65	16	point	point	NOUN
fbem-31288	65	17	in	in	ADP
fbem-31288	65	18	time	time	NOUN
fbem-31288	65	19	,	,	PUNCT
fbem-31288	65	20	taking	take	VERB
fbem-31288	65	21	1	1	NUM
fbem-31288	65	22	if	if	SCONJ
fbem-31288	65	23	the	the	DET
fbem-31288	65	24	policy	policy	NOUN
fbem-31288	65	25	was	be	AUX
fbem-31288	65	26	implemented	implement	VERB
fbem-31288	65	27	in	in	ADP
fbem-31288	65	28	that	that	DET
fbem-31288	65	29	year	year	NOUN
fbem-31288	65	30	,	,	PUNCT
fbem-31288	65	31	or	or	CCONJ
fbem-31288	65	32	0	0	NUM
fbem-31288	65	33	if	if	SCONJ
fbem-31288	65	34	not	not	PART
fbem-31288	65	35	.	.	PUNCT
fbem-31288	66	1	the	the	DET
fbem-31288	66	2	resulting	result	VERB
fbem-31288	66	3	treat	treat	NOUN
fbem-31288	66	4	×	×	NOUN
fbem-31288	66	5	post=	post=	NOUN
fbem-31288	66	6	1	1	NUM
fbem-31288	66	7	indicates	indicate	VERB
fbem-31288	66	8	that	that	SCONJ
fbem-31288	66	9	the	the	DET
fbem-31288	66	10	enterprise	enterprise	NOUN
fbem-31288	66	11	is	be	AUX
fbem-31288	66	12	in	in	ADP
fbem-31288	66	13	a	a	DET
fbem-31288	66	14	shortsellable	shortsellable	ADJ
fbem-31288	66	15	state	state	NOUN
fbem-31288	66	16	in	in	ADP
fbem-31288	66	17	that	that	DET
fbem-31288	66	18	year	year	NOUN
fbem-31288	66	19	.	.	PUNCT
fbem-31288	67	1	moderating	moderate	VERB
fbem-31288	67	2	variables	variable	NOUN
fbem-31288	67	3	(	(	PUNCT
fbem-31288	67	4	2	2	X
fbem-31288	67	5	)	)	PUNCT
fbem-31288	67	6	stock	stock	NOUN
fbem-31288	67	7	liquidity	liquidity	NOUN
fbem-31288	67	8	measure	measure	NOUN
fbem-31288	67	9	it	it	PRON
fbem-31288	67	10	using	use	VERB
fbem-31288	67	11	the	the	DET
fbem-31288	67	12	individual	individual	ADJ
fbem-31288	67	13	stock	stock	NOUN
fbem-31288	67	14	amuid	amuid	ADJ
fbem-31288	67	15	indicator	indicator	NOUN
fbem-31288	67	16	,	,	PUNCT
fbem-31288	67	17	or	or	CCONJ
fbem-31288	67	18	illiq	illiq	ADV
fbem-31288	67	19	.	.	PUNCT
fbem-31288	68	1	stocks	stock	NOUN
fbem-31288	68	2	in	in	ADP
fbem-31288	68	3	the	the	DET
fbem-31288	68	4	period	period	NOUN
fbem-31288	68	5	of	of	ADP
fbem-31288	68	6	i	i	PRON
fbem-31288	68	7	in	in	ADP
fbem-31288	68	8	y	y	PROPN
fbem-31288	68	9	illiq	illiq	ADJ
fbem-31288	68	10	calculation	calculation	NOUN
fbem-31288	68	11	formula	formula	NOUN
fbem-31288	68	12	is	be	AUX
fbem-31288	68	13	:	:	PUNCT
fbem-31288	68	14	𝐼	𝐼	PROPN
fbem-31288	68	15	𝐿	𝐿	PROPN
fbem-31288	68	16	𝐿	𝐿	PROPN
fbem-31288	68	17	𝐼	𝐼	ADP
fbem-31288	68	18	𝑄	𝑄	PROPN
fbem-31288	68	19	𝑖	𝑖	NOUN
fbem-31288	68	20	𝑦	𝑦	NOUN
fbem-31288	68	21	=	=	SYM
fbem-31288	68	22	108	108	NUM
fbem-31288	68	23	∗	∗	NOUN
fbem-31288	68	24	1	1	NUM
fbem-31288	68	25	/	/	SYM
fbem-31288	68	26	𝐷	𝐷	PROPN
fbem-31288	68	27	𝑖	𝑖	SYM
fbem-31288	68	28	𝑦	𝑦	NOUN
fbem-31288	68	29	∑	∑	PROPN
fbem-31288	68	30	|	|	PROPN
fbem-31288	68	31	𝑅	𝑅	PROPN
fbem-31288	68	32	𝑖	𝑖	PROPN
fbem-31288	68	33	𝑦	𝑦	PROPN
fbem-31288	68	34	𝑑	𝑑	NOUN
fbem-31288	68	35	|	|	ADV
fbem-31288	68	36	/	/	SYM
fbem-31288	68	37	𝑉	𝑉	NOUN
fbem-31288	68	38	𝑂	𝑂	PROPN
fbem-31288	68	39	𝐿	𝐿	PROPN
fbem-31288	68	40	𝐷	𝐷	PROPN
fbem-31288	68	41	𝑖	𝑖	VERB
fbem-31288	68	42	𝑣	𝑣	ADP
fbem-31288	68	43	𝑦	𝑦	PROPN
fbem-31288	68	44	𝑑	𝑑	PROPN
fbem-31288	68	45	𝐷	𝐷	PROPN
fbem-31288	68	46	𝑖	𝑖	SYM
fbem-31288	68	47	𝑦	𝑦	NOUN
fbem-31288	68	48	𝑡	𝑡	X
fbem-31288	68	49	=	=	SYM
fbem-31288	68	50	1	1	NUM
fbem-31288	68	51	(	(	PUNCT
fbem-31288	68	52	3	3	NUM
fbem-31288	68	53	)	)	PUNCT
fbem-31288	68	54	quality	quality	NOUN
fbem-31288	68	55	of	of	ADP
fbem-31288	68	56	financial	financial	ADJ
fbem-31288	68	57	information	information	NOUN
fbem-31288	68	58	disclosure	disclosure	VERB
fbem-31288	68	59	the	the	DET
fbem-31288	68	60	shenzhen	shenzhen	PROPN
fbem-31288	68	61	and	and	CCONJ
fbem-31288	68	62	shanghai	shanghai	PROPN
fbem-31288	68	63	stock	stock	PROPN
fbem-31288	68	64	exchanges	exchange	NOUN
fbem-31288	68	65	evaluate	evaluate	VERB
fbem-31288	68	66	listed	list	VERB
fbem-31288	68	67	companies	company	NOUN
fbem-31288	68	68	'	'	PART
fbem-31288	68	69	information	information	NOUN
fbem-31288	68	70	disclosure	disclosure	NOUN
fbem-31288	68	71	,	,	PUNCT
fbem-31288	68	72	categorizing	categorize	VERB
fbem-31288	68	73	them	they	PRON
fbem-31288	68	74	as	as	ADP
fbem-31288	68	75	excellent	excellent	ADJ
fbem-31288	68	76	,	,	PUNCT
fbem-31288	68	77	good	good	ADJ
fbem-31288	68	78	,	,	PUNCT
fbem-31288	68	79	qualified	qualified	ADJ
fbem-31288	68	80	,	,	PUNCT
fbem-31288	68	81	and	and	CCONJ
fbem-31288	68	82	unqualified	unqualified	ADJ
fbem-31288	68	83	,	,	PUNCT
fbem-31288	68	84	with	with	ADP
fbem-31288	68	85	corresponding	correspond	VERB
fbem-31288	68	86	values	value	NOUN
fbem-31288	68	87	of	of	ADP
fbem-31288	68	88	4,3,2	4,3,2	NOUN
fbem-31288	68	89	,	,	PUNCT
fbem-31288	68	90	and	and	CCONJ
fbem-31288	68	91	1	1	X
fbem-31288	68	92	.	.	X
fbem-31288	68	93	companies	company	NOUN
fbem-31288	68	94	with	with	ADP
fbem-31288	68	95	higher	high	ADJ
fbem-31288	68	96	ratings	rating	NOUN
fbem-31288	68	97	produce	produce	VERB
fbem-31288	68	98	better	well	ADJ
fbem-31288	68	99	financial	financial	ADJ
fbem-31288	68	100	information	information	NOUN
fbem-31288	68	101	.	.	PUNCT
fbem-31288	69	1	this	this	DET
fbem-31288	69	2	assessment	assessment	NOUN
fbem-31288	69	3	ensures	ensure	VERB
fbem-31288	69	4	transparency	transparency	NOUN
fbem-31288	69	5	and	and	CCONJ
fbem-31288	69	6	reliability	reliability	NOUN
fbem-31288	69	7	in	in	ADP
fbem-31288	69	8	the	the	DET
fbem-31288	69	9	market	market	NOUN
fbem-31288	69	10	,	,	PUNCT
fbem-31288	69	11	guiding	guide	VERB
fbem-31288	69	12	investors	investor	NOUN
fbem-31288	69	13	towards	towards	ADP
fbem-31288	69	14	companies	company	NOUN
fbem-31288	69	15	with	with	ADP
fbem-31288	69	16	high	high	ADJ
fbem-31288	69	17	-	-	PUNCT
fbem-31288	69	18	quality	quality	NOUN
fbem-31288	69	19	disclosure	disclosure	NOUN
fbem-31288	69	20	practices	practice	NOUN
fbem-31288	69	21	.	.	PUNCT
fbem-31288	70	1	by	by	ADP
fbem-31288	70	2	analyzing	analyze	VERB
fbem-31288	70	3	these	these	DET
fbem-31288	70	4	evaluations	evaluation	NOUN
fbem-31288	70	5	,	,	PUNCT
fbem-31288	70	6	investors	investor	NOUN
fbem-31288	70	7	can	can	AUX
fbem-31288	70	8	make	make	VERB
fbem-31288	70	9	informed	informed	ADJ
fbem-31288	70	10	decisions	decision	NOUN
fbem-31288	70	11	based	base	VERB
fbem-31288	70	12	on	on	ADP
fbem-31288	70	13	reliable	reliable	ADJ
fbem-31288	70	14	financial	financial	ADJ
fbem-31288	70	15	information	information	NOUN
fbem-31288	70	16	.	.	PUNCT
fbem-31288	71	1	3.2.3	3.2.3	X
fbem-31288	71	2	.	.	X
fbem-31288	71	3	control	control	NOUN
fbem-31288	71	4	variables	variable	NOUN
fbem-31288	71	5	referring	refer	VERB
fbem-31288	71	6	to	to	ADP
fbem-31288	71	7	the	the	DET
fbem-31288	71	8	existing	exist	VERB
fbem-31288	71	9	text	text	NOUN
fbem-31288	71	10	,	,	PUNCT
fbem-31288	71	11	the	the	DET
fbem-31288	71	12	following	follow	VERB
fbem-31288	71	13	control	control	NOUN
fbem-31288	71	14	variables	variable	NOUN
fbem-31288	71	15	are	be	AUX
fbem-31288	71	16	added	add	VERB
fbem-31288	71	17	in	in	ADP
fbem-31288	71	18	this	this	DET
fbem-31288	71	19	paper	paper	NOUN
fbem-31288	71	20	:	:	PUNCT
fbem-31288	71	21	capital	capital	NOUN
fbem-31288	71	22	intensity	intensity	PROPN
fbem-31288	71	23	ci	ci	PROPN
fbem-31288	71	24	;	;	PUNCT
fbem-31288	71	25	debt	debt	NOUN
fbem-31288	71	26	-	-	PUNCT
fbem-31288	71	27	to	to	ADP
fbem-31288	71	28	-	-	PUNCT
fbem-31288	71	29	asset	asset	NOUN
fbem-31288	71	30	ratio	ratio	NOUN
fbem-31288	71	31	(	(	PUNCT
fbem-31288	71	32	lev	lev	NOUN
fbem-31288	71	33	)	)	PUNCT
fbem-31288	71	34	;	;	PUNCT
fbem-31288	71	35	return	return	VERB
fbem-31288	71	36	on	on	ADP
fbem-31288	71	37	total	total	ADJ
fbem-31288	71	38	assets	asset	NOUN
fbem-31288	71	39	(	(	PUNCT
fbem-31288	71	40	roa	roa	PROPN
fbem-31288	71	41	)	)	PUNCT
fbem-31288	71	42	;	;	PUNCT
fbem-31288	71	43	stock	stock	NOUN
fbem-31288	71	44	price	price	NOUN
fbem-31288	71	45	synchronicity	synchronicity	NOUN
fbem-31288	71	46	(	(	PUNCT
fbem-31288	71	47	gjtbx	gjtbx	PROPN
fbem-31288	71	48	)	)	PUNCT
fbem-31288	71	49	;	;	PUNCT
fbem-31288	71	50	internal	internal	ADJ
fbem-31288	71	51	control	control	NOUN
fbem-31288	71	52	quality	quality	NOUN
fbem-31288	71	53	(	(	PUNCT
fbem-31288	71	54	lnnk	lnnk	NOUN
fbem-31288	71	55	)	)	PUNCT
fbem-31288	71	56	;	;	PUNCT
fbem-31288	71	57	annual	annual	ADJ
fbem-31288	71	58	stock	stock	NOUN
fbem-31288	71	59	turnover	turnover	NOUN
fbem-31288	71	60	rate	rate	NOUN
fbem-31288	71	61	(	(	PUNCT
fbem-31288	71	62	tover	tover	NOUN
fbem-31288	71	63	)	)	PUNCT
fbem-31288	71	64	,	,	PUNCT
fbem-31288	71	65	logarithmic	logarithmic	ADJ
fbem-31288	71	66	processing	processing	NOUN
fbem-31288	71	67	;	;	PUNCT
fbem-31288	71	68	annual	annual	ADJ
fbem-31288	71	69	individual	individual	ADJ
fbem-31288	71	70	stock	stock	NOUN
fbem-31288	71	71	return	return	NOUN
fbem-31288	71	72	rate	rate	NOUN
fbem-31288	71	73	(	(	PUNCT
fbem-31288	71	74	yretwd	yretwd	PROPN
fbem-31288	71	75	)	)	PUNCT
fbem-31288	71	76	;	;	PUNCT
fbem-31288	71	77	board	board	NOUN
fbem-31288	71	78	size	size	NOUN
fbem-31288	71	79	.	.	PUNCT
fbem-31288	72	1	38	38	NUM
fbem-31288	72	2	3.2.4	3.2.4	NUM
fbem-31288	72	3	.	.	PUNCT
fbem-31288	73	1	model	model	NOUN
fbem-31288	73	2	design	design	NOUN
fbem-31288	73	3	this	this	DET
fbem-31288	73	4	paper	paper	NOUN
fbem-31288	73	5	mainly	mainly	ADV
fbem-31288	73	6	uses	use	VERB
fbem-31288	73	7	the	the	DET
fbem-31288	73	8	difference	difference	NOUN
fbem-31288	73	9	-	-	PUNCT
fbem-31288	73	10	in	in	ADP
fbem-31288	73	11	-	-	PUNCT
fbem-31288	73	12	differences	difference	NOUN
fbem-31288	73	13	did	do	VERB
fbem-31288	73	14	model	model	NOUN
fbem-31288	73	15	,	,	PUNCT
fbem-31288	73	16	along	along	ADP
fbem-31288	73	17	with	with	ADP
fbem-31288	73	18	bidirectional	bidirectional	ADJ
fbem-31288	73	19	fixed	fix	VERB
fbem-31288	73	20	effects	effect	NOUN
fbem-31288	73	21	,	,	PUNCT
fbem-31288	73	22	fixed	fix	VERB
fbem-31288	73	23	individuals	individual	NOUN
fbem-31288	73	24	and	and	CCONJ
fbem-31288	73	25	years	year	NOUN
fbem-31288	73	26	.	.	PUNCT
fbem-31288	74	1	ncskew𝑖,𝑡	ncskew𝑖,𝑡	NUM
fbem-31288	74	2	 	 	SPACE
fbem-31288	74	3	(	(	PUNCT
fbem-31288	74	4	𝐷𝑈𝑉𝑂𝐿𝑖,𝑡	𝐷𝑈𝑉𝑂𝐿𝑖,𝑡	ADJ
fbem-31288	74	5	)	)	PUNCT
fbem-31288	74	6	=	=	SYM
fbem-31288	75	1	α𝑖	α𝑖	PART
fbem-31288	75	2	+	+	NUM
fbem-31288	75	3	δ𝑡	δ𝑡	X
fbem-31288	75	4	+	+	CCONJ
fbem-31288	75	5	β3	β3	ADP
fbem-31288	75	6	⋅	⋅	PROPN
fbem-31288	75	7	(	(	PUNCT
fbem-31288	75	8	treat𝑖	treat𝑖	NOUN
fbem-31288	75	9	×	×	PROPN
fbem-31288	75	10	post𝑡	post𝑡	ADV
fbem-31288	75	11	)	)	PUNCT
fbem-31288	76	1	+	+	CCONJ
fbem-31288	76	2	γ	γ	X
fbem-31288	76	3	⋅	⋅	X
fbem-31288	76	4	control𝑖,𝑡	control𝑖,𝑡	NOUN
fbem-31288	76	5	+	+	SYM
fbem-31288	76	6	ϵ𝑖,𝑡	ϵ𝑖,𝑡	X
fbem-31288	76	7	4	4	X
fbem-31288	76	8	.	.	NOUN
fbem-31288	76	9	empirical	empirical	ADJ
fbem-31288	76	10	research	research	NOUN
fbem-31288	76	11	4.1	4.1	NUM
fbem-31288	76	12	.	.	PUNCT
fbem-31288	77	1	descriptive	descriptive	ADJ
fbem-31288	77	2	statistics	statistic	NOUN
fbem-31288	77	3	over	over	ADP
fbem-31288	77	4	a	a	DET
fbem-31288	77	5	span	span	NOUN
fbem-31288	77	6	of	of	ADP
fbem-31288	77	7	12	12	NUM
fbem-31288	77	8	years	year	NOUN
fbem-31288	77	9	from	from	ADP
fbem-31288	77	10	2010	2010	NUM
fbem-31288	77	11	to	to	ADP
fbem-31288	77	12	2021	2021	NUM
fbem-31288	77	13	,	,	PUNCT
fbem-31288	77	14	a	a	DET
fbem-31288	77	15	comprehensive	comprehensive	ADJ
fbem-31288	77	16	dataset	dataset	NOUN
fbem-31288	77	17	including	include	VERB
fbem-31288	77	18	17,832	17,832	NUM
fbem-31288	77	19	firm	firm	ADJ
fbem-31288	77	20	-	-	PUNCT
fbem-31288	77	21	year	year	NOUN
fbem-31288	77	22	observations	observation	NOUN
fbem-31288	77	23	from	from	ADP
fbem-31288	77	24	shanghai	shanghai	PROPN
fbem-31288	77	25	and	and	CCONJ
fbem-31288	77	26	shenzhen	shenzhen	PROPN
fbem-31288	77	27	a	a	PROPN
fbem-31288	77	28	-	-	PUNCT
fbem-31288	77	29	shares	share	NOUN
fbem-31288	77	30	was	be	AUX
fbem-31288	77	31	analyzed	analyze	VERB
fbem-31288	77	32	.	.	PUNCT
fbem-31288	78	1	key	key	ADJ
fbem-31288	78	2	metrics	metric	NOUN
fbem-31288	78	3	such	such	ADJ
fbem-31288	78	4	as	as	ADP
fbem-31288	78	5	ncskew	ncskew	NOUN
fbem-31288	78	6	and	and	CCONJ
fbem-31288	78	7	duvol	duvol	NOUN
fbem-31288	78	8	were	be	AUX
fbem-31288	78	9	found	find	VERB
fbem-31288	78	10	to	to	PART
fbem-31288	78	11	have	have	AUX
fbem-31288	78	12	mean	mean	ADJ
fbem-31288	78	13	values	value	NOUN
fbem-31288	78	14	of	of	ADP
fbem-31288	78	15	-0.300,0.635	-0.300,0.635	NOUN
fbem-31288	78	16	and	and	CCONJ
fbem-31288	78	17	-0.192,0.437	-0.192,0.437	NOUN
fbem-31288	78	18	respectively	respectively	ADV
fbem-31288	78	19	,	,	PUNCT
fbem-31288	78	20	aligning	align	VERB
fbem-31288	78	21	closely	closely	ADV
fbem-31288	78	22	with	with	ADP
fbem-31288	78	23	existing	exist	VERB
fbem-31288	78	24	research	research	NOUN
fbem-31288	78	25	,	,	PUNCT
fbem-31288	78	26	ensuring	ensure	VERB
fbem-31288	78	27	the	the	DET
fbem-31288	78	28	reliability	reliability	NOUN
fbem-31288	78	29	of	of	ADP
fbem-31288	78	30	the	the	DET
fbem-31288	78	31	data	datum	NOUN
fbem-31288	78	32	.	.	PUNCT
fbem-31288	79	1	an	an	DET
fbem-31288	79	2	interesting	interesting	ADJ
fbem-31288	79	3	finding	finding	NOUN
fbem-31288	79	4	was	be	AUX
fbem-31288	79	5	the	the	DET
fbem-31288	79	6	treatpost	treatpost	NOUN
fbem-31288	79	7	metric	metric	NOUN
fbem-31288	79	8	,	,	PUNCT
fbem-31288	79	9	related	relate	VERB
fbem-31288	79	10	to	to	ADP
fbem-31288	79	11	short	short	ADJ
fbem-31288	79	12	selling	selling	NOUN
fbem-31288	79	13	mechanisms	mechanism	NOUN
fbem-31288	79	14	,	,	PUNCT
fbem-31288	79	15	with	with	ADP
fbem-31288	79	16	a	a	DET
fbem-31288	79	17	mean	mean	NOUN
fbem-31288	79	18	of	of	ADP
fbem-31288	79	19	0.631	0.631	NUM
fbem-31288	79	20	and	and	CCONJ
fbem-31288	79	21	a	a	DET
fbem-31288	79	22	standard	standard	ADJ
fbem-31288	79	23	deviation	deviation	NOUN
fbem-31288	79	24	of	of	ADP
fbem-31288	79	25	0.483	0.483	NUM
fbem-31288	79	26	,	,	PUNCT
fbem-31288	79	27	indicating	indicate	VERB
fbem-31288	79	28	that	that	SCONJ
fbem-31288	79	29	approximately	approximately	ADV
fbem-31288	79	30	63	63	NUM
fbem-31288	79	31	%	%	NOUN
fbem-31288	79	32	of	of	ADP
fbem-31288	79	33	the	the	DET
fbem-31288	79	34	sample	sample	NOUN
fbem-31288	79	35	fell	fall	VERB
fbem-31288	79	36	into	into	ADP
fbem-31288	79	37	the	the	DET
fbem-31288	79	38	post	post	ADJ
fbem-31288	79	39	-	-	ADJ
fbem-31288	79	40	short	short	ADJ
fbem-31288	79	41	selling	selling	NOUN
fbem-31288	79	42	mechanism	mechanism	NOUN
fbem-31288	79	43	treatment	treatment	NOUN
fbem-31288	79	44	group	group	NOUN
fbem-31288	79	45	.	.	PUNCT
fbem-31288	80	1	this	this	DET
fbem-31288	80	2	distribution	distribution	NOUN
fbem-31288	80	3	reflects	reflect	VERB
fbem-31288	80	4	the	the	DET
fbem-31288	80	5	gradual	gradual	ADJ
fbem-31288	80	6	policy	policy	NOUN
fbem-31288	80	7	promotion	promotion	NOUN
fbem-31288	80	8	characteristic	characteristic	NOUN
fbem-31288	80	9	,	,	PUNCT
fbem-31288	80	10	shedding	shed	VERB
fbem-31288	80	11	light	light	NOUN
fbem-31288	80	12	on	on	ADP
fbem-31288	80	13	the	the	DET
fbem-31288	80	14	evolving	evolve	VERB
fbem-31288	80	15	nature	nature	NOUN
fbem-31288	80	16	of	of	ADP
fbem-31288	80	17	the	the	DET
fbem-31288	80	18	market	market	NOUN
fbem-31288	80	19	dynamics	dynamic	NOUN
fbem-31288	80	20	over	over	ADP
fbem-31288	80	21	time	time	NOUN
fbem-31288	80	22	.	.	PUNCT
fbem-31288	81	1	table	table	NOUN
fbem-31288	81	2	1	1	NUM
fbem-31288	81	3	.	.	PUNCT
fbem-31288	81	4	descriptive	descriptive	ADJ
fbem-31288	81	5	statistics	statistic	NOUN
fbem-31288	81	6	variable	variable	NOUN
fbem-31288	82	1	n	n	ADV
fbem-31288	82	2	mean	mean	VERB
fbem-31288	82	3	sd	sd	ADP
fbem-31288	82	4	p25	p25	NOUN
fbem-31288	82	5	p50	p50	NOUN
fbem-31288	82	6	p75	p75	ADJ
fbem-31288	82	7	min	min	PROPN
fbem-31288	82	8	max	max	PROPN
fbem-31288	82	9	ncskew	ncskew	NOUN
fbem-31288	82	10	17,832.000	17,832.000	NUM
fbem-31288	83	1	-0.300	-0.300	NUM
fbem-31288	83	2	0.635	0.635	NUM
fbem-31288	83	3	-0.702	-0.702	NUM
fbem-31288	83	4	-0.252	-0.252	NOUN
fbem-31288	84	1	0.139	0.139	NUM
fbem-31288	84	2	-1.629	-1.629	NUM
fbem-31288	84	3	0.820	0.820	NUM
fbem-31288	84	4	duvol	duvol	NOUN
fbem-31288	84	5	17,832.000	17,832.000	NUM
fbem-31288	84	6	-0.192	-0.192	NUM
fbem-31288	84	7	0.437	0.437	NUM
fbem-31288	84	8	-0.505	-0.505	NOUN
fbem-31288	84	9	-0.189	-0.189	NOUN
fbem-31288	84	10	0.129	0.129	NUM
fbem-31288	84	11	-0.997	-0.997	SYM
fbem-31288	84	12	0.600	0.600	NUM
fbem-31288	84	13	treatpost	treatpost	NOUN
fbem-31288	84	14	17,832.000	17,832.000	NUM
fbem-31288	84	15	0.631	0.631	NUM
fbem-31288	84	16	0.483	0.483	NUM
fbem-31288	84	17	0.000	0.000	NUM
fbem-31288	84	18	1.000	1.000	NUM
fbem-31288	84	19	1.000	1.000	NUM
fbem-31288	84	20	0.000	0.000	NUM
fbem-31288	84	21	1.000	1.000	NUM
fbem-31288	84	22	illiq_y	illiq_y	NOUN
fbem-31288	84	23	17,832.000	17,832.000	NUM
fbem-31288	84	24	0.044	0.044	NUM
fbem-31288	84	25	0.034	0.034	NUM
fbem-31288	84	26	0.017	0.017	NUM
fbem-31288	84	27	0.034	0.034	NUM
fbem-31288	84	28	0.062	0.062	NUM
fbem-31288	84	29	0.005	0.005	NUM
fbem-31288	84	30	0.128	0.128	NUM
fbem-31288	84	31	quality	quality	NOUN
fbem-31288	84	32	17,832.000	17,832.000	NUM
fbem-31288	84	33	3.107	3.107	NUM
fbem-31288	84	34	0.573	0.573	NUM
fbem-31288	84	35	3.000	3.000	NUM
fbem-31288	84	36	3.000	3.000	NUM
fbem-31288	84	37	3.000	3.000	NUM
fbem-31288	84	38	2.000	2.000	NUM
fbem-31288	84	39	4.000	4.000	NUM
fbem-31288	84	40	yretwd	yretwd	NOUN
fbem-31288	84	41	17,832.000	17,832.000	NUM
fbem-31288	84	42	0.089	0.089	NUM
fbem-31288	84	43	0.389	0.389	NUM
fbem-31288	84	44	-0.204	-0.204	NUM
fbem-31288	84	45	0.018	0.018	NUM
fbem-31288	84	46	0.297	0.297	NUM
fbem-31288	84	47	-0.442	-0.442	NUM
fbem-31288	84	48	1.015	1.015	NUM
fbem-31288	84	49	tover	tover	NOUN
fbem-31288	84	50	17,832.000	17,832.000	NUM
fbem-31288	84	51	-3.469	-3.469	NOUN
fbem-31288	84	52	0.893	0.893	NUM
fbem-31288	84	53	-4.080	-4.080	NUM
fbem-31288	84	54	-3.380	-3.380	NUM
fbem-31288	84	55	-2.781	-2.781	NUM
fbem-31288	84	56	-5.294	-5.294	NUM
fbem-31288	84	57	-2.058	-2.058	X
fbem-31288	84	58	roa	roa	PROPN
fbem-31288	84	59	17,832.000	17,832.000	NUM
fbem-31288	84	60	0.042	0.042	NUM
fbem-31288	84	61	0.043	0.043	NUM
fbem-31288	84	62	0.015	0.015	NUM
fbem-31288	84	63	0.038	0.038	NUM
fbem-31288	84	64	0.068	0.068	NUM
fbem-31288	84	65	-0.049	-0.049	PUNCT
fbem-31288	84	66	0.131	0.131	NUM
fbem-31288	84	67	ci	ci	NOUN
fbem-31288	84	68	17,832.000	17,832.000	NUM
fbem-31288	84	69	2.261	2.261	NUM
fbem-31288	84	70	1.340	1.340	NUM
fbem-31288	84	71	1.312	1.312	NUM
fbem-31288	84	72	1.879	1.879	NUM
fbem-31288	84	73	2.763	2.763	NUM
fbem-31288	84	74	0.714	0.714	NUM
fbem-31288	84	75	5.859	5.859	NUM
fbem-31288	84	76	lnnk	lnnk	NOUN
fbem-31288	84	77	17,832.000	17,832.000	NUM
fbem-31288	84	78	6.486	6.486	NUM
fbem-31288	84	79	0.089	0.089	NUM
fbem-31288	84	80	6.434	6.434	NUM
fbem-31288	84	81	6.501	6.501	NUM
fbem-31288	84	82	6.551	6.551	NUM
fbem-31288	84	83	6.278	6.278	NUM
fbem-31288	84	84	6.621	6.621	NUM
fbem-31288	84	85	gjtbx	gjtbx	NOUN
fbem-31288	84	86	17,832.000	17,832.000	NUM
fbem-31288	84	87	0.401	0.401	NUM
fbem-31288	84	88	0.194	0.194	NUM
fbem-31288	84	89	0.248	0.248	NUM
fbem-31288	84	90	0.400	0.400	NUM
fbem-31288	84	91	0.552	0.552	NUM
fbem-31288	84	92	0.073	0.073	NUM
fbem-31288	84	93	0.741	0.741	NUM
fbem-31288	84	94	4.2	4.2	NUM
fbem-31288	84	95	.	.	PUNCT
fbem-31288	85	1	principal	principal	ADJ
fbem-31288	85	2	hypothesis	hypothesis	NOUN
fbem-31288	85	3	regression	regression	NOUN
fbem-31288	85	4	table	table	NOUN
fbem-31288	85	5	2	2	NUM
fbem-31288	85	6	.	.	PUNCT
fbem-31288	85	7	robust	robust	ADJ
fbem-31288	85	8	t	t	PROPN
fbem-31288	85	9	-	-	PUNCT
fbem-31288	85	10	statistics	statistic	NOUN
fbem-31288	85	11	in	in	ADP
fbem-31288	85	12	parentheses	parenthesis	NOUN
fbem-31288	85	13	(	(	PUNCT
fbem-31288	85	14	1	1	NUM
fbem-31288	85	15	)	)	PUNCT
fbem-31288	85	16	(	(	PUNCT
fbem-31288	85	17	2	2	X
fbem-31288	85	18	)	)	PUNCT
fbem-31288	85	19	variables	variable	NOUN
fbem-31288	85	20	ncskew	ncskew	NOUN
fbem-31288	85	21	duvol	duvol	NOUN
fbem-31288	85	22	treatpost	treatpost	VERB
fbem-31288	85	23	0.1207	0.1207	NUM
fbem-31288	85	24	*	*	PUNCT
fbem-31288	86	1	*	*	PUNCT
fbem-31288	86	2	0.0930	0.0930	NUM
fbem-31288	86	3	*	*	PUNCT
fbem-31288	86	4	*	*	PUNCT
fbem-31288	86	5	(	(	PUNCT
fbem-31288	86	6	-1.9613	-1.9613	ADJ
fbem-31288	86	7	)	)	PUNCT
fbem-31288	86	8	(	(	PUNCT
fbem-31288	86	9	-2.1848	-2.1848	X
fbem-31288	86	10	)	)	PUNCT
fbem-31288	86	11	yretwd	yretwd	NOUN
fbem-31288	86	12	0.3257	0.3257	NUM
fbem-31288	86	13	*	*	PUNCT
fbem-31288	87	1	*	*	PUNCT
fbem-31288	87	2	*	*	PUNCT
fbem-31288	87	3	0.2585	0.2585	NUM
fbem-31288	87	4	*	*	PUNCT
fbem-31288	88	1	*	*	PUNCT
fbem-31288	88	2	*	*	PUNCT
fbem-31288	88	3	(	(	PUNCT
fbem-31288	88	4	-19.7520	-19.7520	SYM
fbem-31288	88	5	)	)	PUNCT
fbem-31288	88	6	(	(	PUNCT
fbem-31288	88	7	-22.4469	-22.4469	X
fbem-31288	88	8	)	)	PUNCT
fbem-31288	88	9	tover	tover	NOUN
fbem-31288	88	10	0.0550	0.0550	NUM
fbem-31288	89	1	*	*	PUNCT
fbem-31288	90	1	*	*	PUNCT
fbem-31288	91	1	*	*	PUNCT
fbem-31288	92	1	0.0181	0.0181	NUM
fbem-31288	92	2	*	*	PUNCT
fbem-31288	93	1	*	*	PUNCT
fbem-31288	93	2	(	(	PUNCT
fbem-31288	93	3	-4.8262	-4.8262	ADJ
fbem-31288	93	4	)	)	PUNCT
fbem-31288	93	5	(	(	PUNCT
fbem-31288	93	6	-2.2251	-2.2251	PROPN
fbem-31288	93	7	)	)	PUNCT
fbem-31288	93	8	roa	roa	NOUN
fbem-31288	93	9	0.9671	0.9671	NUM
fbem-31288	94	1	*	*	PUNCT
fbem-31288	95	1	*	*	PUNCT
fbem-31288	96	1	*	*	PUNCT
fbem-31288	97	1	0.6232	0.6232	NUM
fbem-31288	97	2	*	*	PUNCT
fbem-31288	98	1	*	*	PUNCT
fbem-31288	98	2	*	*	PUNCT
fbem-31288	98	3	(	(	PUNCT
fbem-31288	98	4	5.1367	5.1367	NUM
fbem-31288	98	5	)	)	PUNCT
fbem-31288	98	6	(	(	PUNCT
fbem-31288	98	7	4.7524	4.7524	NUM
fbem-31288	98	8	)	)	PUNCT
fbem-31288	98	9	ci	ci	NOUN
fbem-31288	98	10	0.0059	0.0059	NUM
fbem-31288	98	11	0.0086	0.0086	NUM
fbem-31288	98	12	(	(	PUNCT
fbem-31288	98	13	0.7091	0.7091	NUM
fbem-31288	98	14	)	)	PUNCT
fbem-31288	98	15	(	(	PUNCT
fbem-31288	98	16	1.4829	1.4829	NUM
fbem-31288	98	17	)	)	PUNCT
fbem-31288	98	18	lnnk	lnnk	NOUN
fbem-31288	98	19	0.2225	0.2225	NUM
fbem-31288	99	1	*	*	PUNCT
fbem-31288	100	1	*	*	PUNCT
fbem-31288	100	2	*	*	PUNCT
fbem-31288	101	1	0.1433	0.1433	NUM
fbem-31288	101	2	*	*	PUNCT
fbem-31288	102	1	*	*	PUNCT
fbem-31288	102	2	*	*	PUNCT
fbem-31288	102	3	(	(	PUNCT
fbem-31288	102	4	-3.1708	-3.1708	ADJ
fbem-31288	102	5	)	)	PUNCT
fbem-31288	102	6	(	(	PUNCT
fbem-31288	102	7	-3.0100	-3.0100	INTJ
fbem-31288	102	8	)	)	PUNCT
fbem-31288	102	9	gjtbx	gjtbx	NOUN
fbem-31288	102	10	0.4661	0.4661	NUM
fbem-31288	102	11	*	*	PUNCT
fbem-31288	103	1	*	*	PUNCT
fbem-31288	103	2	*	*	PUNCT
fbem-31288	104	1	0.2380	0.2380	NUM
fbem-31288	104	2	*	*	PUNCT
fbem-31288	105	1	*	*	PUNCT
fbem-31288	105	2	*	*	PUNCT
fbem-31288	105	3	(	(	PUNCT
fbem-31288	105	4	12.4078	12.4078	NUM
fbem-31288	105	5	)	)	PUNCT
fbem-31288	105	6	(	(	PUNCT
fbem-31288	105	7	9.3937	9.3937	NUM
fbem-31288	105	8	)	)	PUNCT
fbem-31288	105	9	constant	constant	ADJ
fbem-31288	105	10	0.8169	0.8169	NUM
fbem-31288	105	11	*	*	PUNCT
fbem-31288	105	12	0.6156	0.6156	NUM
fbem-31288	105	13	*	*	PUNCT
fbem-31288	106	1	*	*	PUNCT
fbem-31288	106	2	(	(	PUNCT
fbem-31288	106	3	1.8114	1.8114	NUM
fbem-31288	106	4	)	)	PUNCT
fbem-31288	106	5	(	(	PUNCT
fbem-31288	106	6	2.0040	2.0040	NUM
fbem-31288	106	7	)	)	PUNCT
fbem-31288	106	8	observations	observation	NOUN
fbem-31288	106	9	17,696	17,696	NUM
fbem-31288	106	10	17,696	17,696	NUM
fbem-31288	106	11	r	r	NOUN
fbem-31288	106	12	-	-	PUNCT
fbem-31288	106	13	squared	square	VERB
fbem-31288	106	14	0.270	0.270	NUM
fbem-31288	106	15	0.267	0.267	NUM
fbem-31288	106	16	yearfix	yearfix	NOUN
fbem-31288	107	1	yes	yes	INTJ
fbem-31288	107	2	yes	yes	INTJ
fbem-31288	107	3	idfix	idfix	NOUN
fbem-31288	108	1	yes	yes	INTJ
fbem-31288	108	2	yes	yes	INTJ
fbem-31288	109	1	*	*	PUNCT
fbem-31288	109	2	*	*	PUNCT
fbem-31288	109	3	p<0.01	p<0.01	PROPN
fbem-31288	109	4	,	,	PUNCT
fbem-31288	109	5	*	*	PUNCT
fbem-31288	109	6	*	*	PUNCT
fbem-31288	109	7	p<0.05	p<0.05	NOUN
fbem-31288	109	8	,	,	PUNCT
fbem-31288	109	9	*	*	PUNCT
fbem-31288	109	10	p<0.1	p<0.1	X
fbem-31288	109	11	the	the	DET
fbem-31288	109	12	analysis	analysis	NOUN
fbem-31288	109	13	from	from	ADP
fbem-31288	109	14	table	table	NOUN
fbem-31288	109	15	4	4	NUM
fbem-31288	109	16	reveals	reveal	VERB
fbem-31288	109	17	key	key	ADJ
fbem-31288	109	18	insights	insight	NOUN
fbem-31288	109	19	into	into	ADP
fbem-31288	109	20	the	the	DET
fbem-31288	109	21	impact	impact	NOUN
fbem-31288	109	22	of	of	ADP
fbem-31288	109	23	various	various	ADJ
fbem-31288	109	24	factors	factor	NOUN
fbem-31288	109	25	on	on	ADP
fbem-31288	109	26	the	the	DET
fbem-31288	109	27	risk	risk	NOUN
fbem-31288	109	28	of	of	ADP
fbem-31288	109	29	stock	stock	NOUN
fbem-31288	109	30	price	price	NOUN
fbem-31288	109	31	crashes	crash	NOUN
fbem-31288	109	32	.	.	PUNCT
fbem-31288	110	1	the	the	DET
fbem-31288	110	2	coefficients	coefficient	NOUN
fbem-31288	110	3	of	of	ADP
fbem-31288	110	4	ncskew	ncskew	NOUN
fbem-31288	110	5	and	and	CCONJ
fbem-31288	110	6	duvol	duvol	VERB
fbem-31288	110	7	in	in	ADP
fbem-31288	110	8	the	the	DET
fbem-31288	110	9	main	main	ADJ
fbem-31288	110	10	regression	regression	NOUN
fbem-31288	110	11	hypothesis	hypothesis	NOUN
fbem-31288	110	12	stand	stand	VERB
fbem-31288	110	13	out	out	ADP
fbem-31288	110	14	significantly	significantly	ADV
fbem-31288	110	15	with	with	ADP
fbem-31288	110	16	negative	negative	ADJ
fbem-31288	110	17	values	value	NOUN
fbem-31288	110	18	of	of	ADP
fbem-31288	110	19	-0.7	-0.7	PROPN
fbem-31288	110	20	,	,	PUNCT
fbem-31288	110	21	both	both	PRON
fbem-31288	110	22	statistically	statistically	ADV
fbem-31288	110	23	significant	significant	ADJ
fbem-31288	110	24	at	at	ADP
fbem-31288	110	25	the	the	DET
fbem-31288	110	26	5	5	NUM
fbem-31288	110	27	%	%	NOUN
fbem-31288	110	28	level	level	NOUN
fbem-31288	110	29	.	.	PUNCT
fbem-31288	111	1	this	this	PRON
fbem-31288	111	2	points	point	VERB
fbem-31288	111	3	to	to	ADP
fbem-31288	111	4	the	the	DET
fbem-31288	111	5	crucial	crucial	ADJ
fbem-31288	111	6	role	role	NOUN
fbem-31288	111	7	of	of	ADP
fbem-31288	111	8	the	the	DET
fbem-31288	111	9	short	short	ADJ
fbem-31288	111	10	selling	selling	NOUN
fbem-31288	111	11	mechanism	mechanism	NOUN
fbem-31288	111	12	in	in	ADP
fbem-31288	111	13	reducing	reduce	VERB
fbem-31288	111	14	the	the	DET
fbem-31288	111	15	likelihood	likelihood	NOUN
fbem-31288	111	16	of	of	ADP
fbem-31288	111	17	stock	stock	NOUN
fbem-31288	111	18	price	price	NOUN
fbem-31288	111	19	collapses	collapse	NOUN
fbem-31288	111	20	,	,	PUNCT
fbem-31288	111	21	showcasing	showcase	VERB
fbem-31288	111	22	the	the	DET
fbem-31288	111	23	effectiveness	effectiveness	NOUN
fbem-31288	111	24	of	of	ADP
fbem-31288	111	25	intervention	intervention	NOUN
fbem-31288	111	26	policies	policy	NOUN
fbem-31288	111	27	in	in	ADP
fbem-31288	111	28	mitigating	mitigate	VERB
fbem-31288	111	29	market	market	NOUN
fbem-31288	111	30	risks	risk	NOUN
fbem-31288	111	31	.	.	PUNCT
fbem-31288	112	1	moreover	moreover	ADV
fbem-31288	112	2	,	,	PUNCT
fbem-31288	112	3	the	the	DET
fbem-31288	112	4	variables	variable	NOUN
fbem-31288	112	5	yretwd	yretwd	PROPN
fbem-31288	112	6	,	,	PUNCT
fbem-31288	112	7	tover	tover	NOUN
fbem-31288	112	8	,	,	PUNCT
fbem-31288	112	9	lnnk	lnnk	PROPN
fbem-31288	112	10	show	show	VERB
fbem-31288	112	11	significant	significant	ADJ
fbem-31288	112	12	negative	negative	ADJ
fbem-31288	112	13	trends	trend	NOUN
fbem-31288	112	14	,	,	PUNCT
fbem-31288	112	15	indicating	indicate	VERB
fbem-31288	112	16	that	that	SCONJ
fbem-31288	112	17	factors	factor	NOUN
fbem-31288	112	18	such	such	ADJ
fbem-31288	112	19	as	as	ADP
fbem-31288	112	20	annual	annual	ADJ
fbem-31288	112	21	individual	individual	ADJ
fbem-31288	112	22	stock	stock	NOUN
fbem-31288	112	23	turnover	turnover	NOUN
fbem-31288	112	24	rate	rate	NOUN
fbem-31288	112	25	,	,	PUNCT
fbem-31288	112	26	return	return	VERB
fbem-31288	112	27	on	on	ADP
fbem-31288	112	28	total	total	ADJ
fbem-31288	112	29	assets	asset	NOUN
fbem-31288	112	30	,	,	PUNCT
fbem-31288	112	31	and	and	CCONJ
fbem-31288	112	32	stock	stock	NOUN
fbem-31288	112	33	price	price	NOUN
fbem-31288	112	34	synchronization	synchronization	NOUN
fbem-31288	112	35	have	have	VERB
fbem-31288	112	36	a	a	DET
fbem-31288	112	37	positive	positive	ADJ
fbem-31288	112	38	impact	impact	NOUN
fbem-31288	112	39	on	on	ADP
fbem-31288	112	40	diminishing	diminish	VERB
fbem-31288	112	41	the	the	DET
fbem-31288	112	42	risk	risk	NOUN
fbem-31288	112	43	of	of	ADP
fbem-31288	112	44	stock	stock	NOUN
fbem-31288	112	45	price	price	NOUN
fbem-31288	112	46	crashes	crash	NOUN
fbem-31288	112	47	.	.	PUNCT
fbem-31288	113	1	by	by	ADP
fbem-31288	113	2	utilizing	utilize	VERB
fbem-31288	113	3	a	a	DET
fbem-31288	113	4	directional	directional	ADJ
fbem-31288	113	5	fixed	fix	VERB
fbem-31288	113	6	effect	effect	NOUN
fbem-31288	113	7	that	that	PRON
fbem-31288	113	8	accounts	account	VERB
fbem-31288	113	9	for	for	ADP
fbem-31288	113	10	both	both	DET
fbem-31288	113	11	year	year	NOUN
fbem-31288	113	12	and	and	CCONJ
fbem-31288	113	13	individual	individual	ADJ
fbem-31288	113	14	effects	effect	NOUN
fbem-31288	113	15	,	,	PUNCT
fbem-31288	113	16	the	the	DET
fbem-31288	113	17	analysis	analysis	NOUN
fbem-31288	113	18	successfully	successfully	ADV
fbem-31288	113	19	addresses	address	VERB
fbem-31288	113	20	potential	potential	ADJ
fbem-31288	113	21	biases	bias	NOUN
fbem-31288	113	22	from	from	ADP
fbem-31288	113	23	omitted	omit	VERB
fbem-31288	113	24	variables	variable	NOUN
fbem-31288	113	25	.	.	PUNCT
fbem-31288	114	1	with	with	ADP
fbem-31288	114	2	a	a	DET
fbem-31288	114	3	robust	robust	ADJ
fbem-31288	114	4	sample	sample	NOUN
fbem-31288	114	5	size	size	NOUN
fbem-31288	114	6	of	of	ADP
fbem-31288	114	7	17,696	17,696	NUM
fbem-31288	114	8	observations	observation	NOUN
fbem-31288	114	9	,	,	PUNCT
fbem-31288	114	10	the	the	DET
fbem-31288	114	11	study	study	NOUN
fbem-31288	114	12	's	's	PART
fbem-31288	114	13	results	result	NOUN
fbem-31288	114	14	are	be	AUX
fbem-31288	114	15	deemed	deem	VERB
fbem-31288	114	16	reliable	reliable	ADJ
fbem-31288	114	17	and	and	CCONJ
fbem-31288	114	18	offer	offer	VERB
fbem-31288	114	19	valuable	valuable	ADJ
fbem-31288	114	20	insights	insight	NOUN
fbem-31288	114	21	for	for	ADP
fbem-31288	114	22	investors	investor	NOUN
fbem-31288	114	23	and	and	CCONJ
fbem-31288	114	24	policymakers	policymaker	NOUN
fbem-31288	114	25	alike	alike	ADV
fbem-31288	114	26	.	.	PUNCT
fbem-31288	115	1	4.3	4.3	NUM
fbem-31288	115	2	.	.	PUNCT
fbem-31288	116	1	heterogeneity	heterogeneity	NOUN
fbem-31288	116	2	analysis	analysis	NOUN
fbem-31288	116	3	4.3.1	4.3.1	NUM
fbem-31288	116	4	.	.	PUNCT
fbem-31288	117	1	short	short	ADJ
fbem-31288	117	2	selling	selling	NOUN
fbem-31288	117	3	,	,	PUNCT
fbem-31288	117	4	stock	stock	NOUN
fbem-31288	117	5	liquidity	liquidity	NOUN
fbem-31288	117	6	,	,	PUNCT
fbem-31288	117	7	stock	stock	NOUN
fbem-31288	117	8	price	price	NOUN
fbem-31288	117	9	crash	crash	NOUN
fbem-31288	117	10	risk	risk	NOUN
fbem-31288	117	11	table3	table3	PROPN
fbem-31288	117	12	analyzes	analyze	VERB
fbem-31288	117	13	the	the	DET
fbem-31288	117	14	impact	impact	NOUN
fbem-31288	117	15	of	of	ADP
fbem-31288	117	16	various	various	ADJ
fbem-31288	117	17	factors	factor	NOUN
fbem-31288	117	18	on	on	ADP
fbem-31288	117	19	the	the	DET
fbem-31288	117	20	risk	risk	NOUN
fbem-31288	117	21	of	of	ADP
fbem-31288	117	22	stock	stock	NOUN
fbem-31288	117	23	crashes	crash	NOUN
fbem-31288	117	24	(	(	PUNCT
fbem-31288	117	25	measured	measure	VERB
fbem-31288	117	26	by	by	ADP
fbem-31288	117	27	ncskew	ncskew	NOUN
fbem-31288	117	28	and	and	CCONJ
fbem-31288	117	29	duvol	duvol	NOUN
fbem-31288	117	30	)	)	PUNCT
fbem-31288	117	31	by	by	ADP
fbem-31288	117	32	categorizing	categorize	VERB
fbem-31288	117	33	the	the	DET
fbem-31288	117	34	sample	sample	NOUN
fbem-31288	117	35	into	into	ADP
fbem-31288	117	36	low	low	ADJ
fbem-31288	117	37	stock	stock	NOUN
fbem-31288	117	38	liquidity	liquidity	NOUN
fbem-31288	117	39	(	(	PUNCT
fbem-31288	117	40	group1	group1	PROPN
fbem-31288	117	41	)	)	PUNCT
fbem-31288	117	42	and	and	CCONJ
fbem-31288	117	43	high	high	ADJ
fbem-31288	117	44	stock	stock	NOUN
fbem-31288	117	45	liquidity	liquidity	NOUN
fbem-31288	117	46	(	(	PUNCT
fbem-31288	117	47	group	group	NOUN
fbem-31288	117	48	2	2	NUM
fbem-31288	117	49	)	)	PUNCT
fbem-31288	117	50	.	.	PUNCT
fbem-31288	118	1	the	the	DET
fbem-31288	118	2	findings	finding	NOUN
fbem-31288	118	3	illuminate	illuminate	VERB
fbem-31288	118	4	the	the	DET
fbem-31288	118	5	relationship	relationship	NOUN
fbem-31288	118	6	between	between	ADP
fbem-31288	118	7	these	these	DET
fbem-31288	118	8	variables	variable	NOUN
fbem-31288	118	9	and	and	CCONJ
fbem-31288	118	10	stock	stock	NOUN
fbem-31288	118	11	crash	crash	NOUN
fbem-31288	118	12	risk	risk	NOUN
fbem-31288	118	13	based	base	VERB
fbem-31288	118	14	on	on	ADP
fbem-31288	118	15	liquidity	liquidity	NOUN
fbem-31288	118	16	levels	level	NOUN
fbem-31288	118	17	.	.	PUNCT
fbem-31288	119	1	in	in	ADP
fbem-31288	119	2	the	the	DET
fbem-31288	119	3	low	low	ADJ
fbem-31288	119	4	liquidity	liquidity	NOUN
fbem-31288	119	5	group	group	NOUN
fbem-31288	119	6	,	,	PUNCT
fbem-31288	119	7	the	the	DET
fbem-31288	119	8	coefficient	coefficient	NOUN
fbem-31288	119	9	was	be	AUX
fbem-31288	119	10	significantly	significantly	ADV
fbem-31288	119	11	negative	negative	ADJ
fbem-31288	119	12	,	,	PUNCT
fbem-31288	119	13	indicating	indicate	VERB
fbem-31288	119	14	that	that	SCONJ
fbem-31288	119	15	policy	policy	NOUN
fbem-31288	119	16	intervention	intervention	NOUN
fbem-31288	119	17	significantly	significantly	ADV
fbem-31288	119	18	reduces	reduce	VERB
fbem-31288	119	19	crash	crash	NOUN
fbem-31288	119	20	risk	risk	NOUN
fbem-31288	119	21	in	in	ADP
fbem-31288	119	22	a	a	DET
fbem-31288	119	23	less	less	ADV
fbem-31288	119	24	liquid	liquid	ADJ
fbem-31288	119	25	environment	environment	NOUN
fbem-31288	119	26	.	.	PUNCT
fbem-31288	120	1	in	in	ADP
fbem-31288	120	2	the	the	DET
fbem-31288	120	3	high	high	ADJ
fbem-31288	120	4	liquidity	liquidity	NOUN
fbem-31288	120	5	group	group	NOUN
fbem-31288	120	6	,	,	PUNCT
fbem-31288	120	7	the	the	DET
fbem-31288	120	8	coefficient	coefficient	NOUN
fbem-31288	120	9	was	be	AUX
fbem-31288	120	10	still	still	ADV
fbem-31288	120	11	negative	negative	ADJ
fbem-31288	120	12	,	,	PUNCT
fbem-31288	120	13	but	but	CCONJ
fbem-31288	120	14	the	the	DET
fbem-31288	120	15	absolute	absolute	ADJ
fbem-31288	120	16	value	value	NOUN
fbem-31288	120	17	was	be	AUX
fbem-31288	120	18	smaller	small	ADJ
fbem-31288	120	19	,	,	PUNCT
fbem-31288	120	20	indicating	indicate	VERB
fbem-31288	120	21	that	that	SCONJ
fbem-31288	120	22	the	the	DET
fbem-31288	120	23	policy	policy	NOUN
fbem-31288	120	24	effect	effect	NOUN
fbem-31288	120	25	weakened	weaken	VERB
fbem-31288	120	26	in	in	ADP
fbem-31288	120	27	a	a	DET
fbem-31288	120	28	market	market	NOUN
fbem-31288	120	29	with	with	ADP
fbem-31288	120	30	good	good	ADJ
fbem-31288	120	31	liquidity	liquidity	NOUN
fbem-31288	120	32	.	.	PUNCT
fbem-31288	121	1	the	the	DET
fbem-31288	121	2	effectiveness	effectiveness	NOUN
fbem-31288	121	3	of	of	ADP
fbem-31288	121	4	policy	policy	NOUN
fbem-31288	121	5	intervention	intervention	NOUN
fbem-31288	121	6	in	in	ADP
fbem-31288	121	7	reducing	reduce	VERB
fbem-31288	121	8	crash	crash	NOUN
fbem-31288	121	9	risk	risk	NOUN
fbem-31288	121	10	is	be	AUX
fbem-31288	121	11	more	more	ADV
fbem-31288	121	12	pronounced	pronounced	ADJ
fbem-31288	121	13	in	in	ADP
fbem-31288	121	14	low	low	ADJ
fbem-31288	121	15	-	-	PUNCT
fbem-31288	121	16	liquidity	liquidity	NOUN
fbem-31288	121	17	markets	market	NOUN
fbem-31288	121	18	.	.	PUNCT
fbem-31288	122	1	in	in	ADP
fbem-31288	122	2	such	such	ADJ
fbem-31288	122	3	markets	market	NOUN
fbem-31288	122	4	,	,	PUNCT
fbem-31288	122	5	external	external	ADJ
fbem-31288	122	6	intervention	intervention	NOUN
fbem-31288	122	7	plays	play	VERB
fbem-31288	122	8	a	a	DET
fbem-31288	122	9	crucial	crucial	ADJ
fbem-31288	122	10	role	role	NOUN
fbem-31288	122	11	in	in	ADP
fbem-31288	122	12	stabilizing	stabilize	VERB
fbem-31288	122	13	expectations	expectation	NOUN
fbem-31288	122	14	,	,	PUNCT
fbem-31288	122	15	thereby	thereby	ADV
fbem-31288	122	16	mitigating	mitigate	VERB
fbem-31288	122	17	the	the	DET
fbem-31288	122	18	potential	potential	NOUN
fbem-31288	122	19	for	for	ADP
fbem-31288	122	20	crashes	crash	NOUN
fbem-31288	122	21	.	.	PUNCT
fbem-31288	123	1	this	this	PRON
fbem-31288	123	2	highlights	highlight	VERB
fbem-31288	123	3	the	the	DET
fbem-31288	123	4	importance	importance	NOUN
fbem-31288	123	5	of	of	ADP
fbem-31288	123	6	proactive	proactive	ADJ
fbem-31288	123	7	policy	policy	NOUN
fbem-31288	123	8	measures	measure	NOUN
fbem-31288	123	9	in	in	ADP
fbem-31288	123	10	managing	manage	VERB
fbem-31288	123	11	market	market	NOUN
fbem-31288	123	12	volatility	volatility	NOUN
fbem-31288	123	13	.	.	PUNCT
fbem-31288	124	1	39	39	NUM
fbem-31288	124	2	table	table	NOUN
fbem-31288	124	3	3	3	NUM
fbem-31288	124	4	.	.	PUNCT
fbem-31288	125	1	heterogeneity	heterogeneity	NOUN
fbem-31288	125	2	analysis	analysis	NOUN
fbem-31288	125	3	:	:	PUNCT
fbem-31288	125	4	stock	stock	NOUN
fbem-31288	125	5	liquidity	liquidity	NOUN
fbem-31288	125	6	low	low	ADJ
fbem-31288	125	7	stock	stock	NOUN
fbem-31288	125	8	liquidity	liquidity	NOUN
fbem-31288	125	9	(	(	PUNCT
fbem-31288	125	10	1	1	NUM
fbem-31288	125	11	)	)	PUNCT
fbem-31288	125	12	(	(	PUNCT
fbem-31288	125	13	1	1	X
fbem-31288	125	14	)	)	PUNCT
fbem-31288	125	15	high	high	ADJ
fbem-31288	125	16	stock	stock	NOUN
fbem-31288	125	17	liquidity	liquidity	NOUN
fbem-31288	125	18	(	(	PUNCT
fbem-31288	125	19	2	2	NUM
fbem-31288	125	20	)	)	PUNCT
fbem-31288	125	21	(	(	PUNCT
fbem-31288	125	22	2	2	NUM
fbem-31288	125	23	)	)	PUNCT
fbem-31288	125	24	ncskew	ncskew	NOUN
fbem-31288	125	25	duvol	duvol	NOUN
fbem-31288	125	26	ncskew	ncskew	NOUN
fbem-31288	125	27	duvol	duvol	NOUN
fbem-31288	125	28	treatpost	treatpost	VERB
fbem-31288	125	29	0.069	0.069	NUM
fbem-31288	125	30	*	*	PUNCT
fbem-31288	126	1	*	*	PUNCT
fbem-31288	127	1	*	*	PUNCT
fbem-31288	127	2	0.056	0.056	NUM
fbem-31288	127	3	*	*	PUNCT
fbem-31288	127	4	*	*	PUNCT
fbem-31288	127	5	*	*	PUNCT
fbem-31288	127	6	treatpost	treatpost	NOUN
fbem-31288	127	7	0.039	0.039	NUM
fbem-31288	127	8	*	*	PUNCT
fbem-31288	128	1	*	*	PUNCT
fbem-31288	129	1	*	*	PUNCT
fbem-31288	130	1	0.032	0.032	NUM
fbem-31288	130	2	*	*	PUNCT
fbem-31288	131	1	*	*	PUNCT
fbem-31288	131	2	*	*	PUNCT
fbem-31288	131	3	(	(	PUNCT
fbem-31288	131	4	-4.351	-4.351	NOUN
fbem-31288	131	5	)	)	PUNCT
fbem-31288	131	6	(	(	PUNCT
fbem-31288	131	7	-5.196	-5.196	NUM
fbem-31288	131	8	)	)	PUNCT
fbem-31288	131	9	(	(	PUNCT
fbem-31288	131	10	-2.685	-2.685	PUNCT
fbem-31288	131	11	)	)	PUNCT
fbem-31288	131	12	(	(	PUNCT
fbem-31288	131	13	-3.084	-3.084	NOUN
fbem-31288	131	14	)	)	PUNCT
fbem-31288	131	15	illiq_y	illiq_y	NOUN
fbem-31288	132	1	4.235	4.235	NUM
fbem-31288	132	2	*	*	PUNCT
fbem-31288	132	3	*	*	PUNCT
fbem-31288	132	4	2.313	2.313	NUM
fbem-31288	132	5	*	*	PUNCT
fbem-31288	132	6	illiq_y	illiq_y	NOUN
fbem-31288	132	7	7.316	7.316	NUM
fbem-31288	132	8	*	*	PUNCT
fbem-31288	133	1	*	*	PUNCT
fbem-31288	134	1	*	*	PUNCT
fbem-31288	134	2	5.746	5.746	NUM
fbem-31288	134	3	*	*	PUNCT
fbem-31288	135	1	*	*	PUNCT
fbem-31288	135	2	*	*	PUNCT
fbem-31288	135	3	(	(	PUNCT
fbem-31288	135	4	-2.103	-2.103	NOUN
fbem-31288	135	5	)	)	PUNCT
fbem-31288	135	6	(	(	PUNCT
fbem-31288	135	7	-1.707	-1.707	NOUN
fbem-31288	135	8	)	)	PUNCT
fbem-31288	135	9	(	(	PUNCT
fbem-31288	135	10	4.070	4.070	NUM
fbem-31288	135	11	)	)	PUNCT
fbem-31288	135	12	(	(	PUNCT
fbem-31288	135	13	4.570	4.570	NUM
fbem-31288	135	14	)	)	PUNCT
fbem-31288	135	15	yretwd	yretwd	NOUN
fbem-31288	135	16	0.370	0.370	NUM
fbem-31288	136	1	*	*	PUNCT
fbem-31288	137	1	*	*	PUNCT
fbem-31288	137	2	*	*	PUNCT
fbem-31288	138	1	0.264	0.264	NUM
fbem-31288	138	2	*	*	PUNCT
fbem-31288	139	1	*	*	PUNCT
fbem-31288	139	2	*	*	PUNCT
fbem-31288	139	3	yretwd	yretwd	NOUN
fbem-31288	139	4	0.250	0.250	NUM
fbem-31288	139	5	*	*	PUNCT
fbem-31288	140	1	*	*	PUNCT
fbem-31288	140	2	*	*	PUNCT
fbem-31288	140	3	0.201	0.201	NUM
fbem-31288	140	4	*	*	PUNCT
fbem-31288	140	5	*	*	PUNCT
fbem-31288	140	6	*	*	PUNCT
fbem-31288	140	7	(	(	PUNCT
fbem-31288	140	8	-15.750	-15.750	PROPN
fbem-31288	140	9	)	)	PUNCT
fbem-31288	140	10	(	(	PUNCT
fbem-31288	140	11	-16.705	-16.705	NOUN
fbem-31288	140	12	)	)	PUNCT
fbem-31288	140	13	(	(	PUNCT
fbem-31288	140	14	-15.753	-15.753	NUM
fbem-31288	140	15	)	)	PUNCT
fbem-31288	140	16	(	(	PUNCT
fbem-31288	140	17	-18.089	-18.089	NOUN
fbem-31288	140	18	)	)	PUNCT
fbem-31288	140	19	tover	tover	NOUN
fbem-31288	140	20	0.311	0.311	NUM
fbem-31288	140	21	*	*	NUM
fbem-31288	140	22	0.177	0.177	NUM
fbem-31288	140	23	tover	tover	NOUN
fbem-31288	140	24	0.132	0.132	NUM
fbem-31288	140	25	*	*	PUNCT
fbem-31288	141	1	*	*	PUNCT
fbem-31288	142	1	*	*	PUNCT
fbem-31288	142	2	0.089	0.089	NUM
fbem-31288	142	3	*	*	PUNCT
fbem-31288	143	1	*	*	PUNCT
fbem-31288	143	2	*	*	PUNCT
fbem-31288	143	3	(	(	PUNCT
fbem-31288	143	4	1.906	1.906	NUM
fbem-31288	143	5	)	)	PUNCT
fbem-31288	143	6	(	(	PUNCT
fbem-31288	143	7	1.612	1.612	NUM
fbem-31288	143	8	)	)	PUNCT
fbem-31288	143	9	(	(	PUNCT
fbem-31288	143	10	-4.148	-4.148	NOUN
fbem-31288	143	11	)	)	PUNCT
fbem-31288	143	12	(	(	PUNCT
fbem-31288	143	13	-4.018	-4.018	X
fbem-31288	143	14	)	)	PUNCT
fbem-31288	143	15	roa	roa	PROPN
fbem-31288	143	16	1.197	1.197	NUM
fbem-31288	143	17	*	*	PUNCT
fbem-31288	144	1	*	*	PUNCT
fbem-31288	144	2	*	*	PUNCT
fbem-31288	144	3	0.758	0.758	NUM
fbem-31288	144	4	*	*	PUNCT
fbem-31288	145	1	*	*	PUNCT
fbem-31288	145	2	*	*	PUNCT
fbem-31288	145	3	roa	roa	PROPN
fbem-31288	145	4	1.473	1.473	NUM
fbem-31288	145	5	*	*	PUNCT
fbem-31288	146	1	*	*	PUNCT
fbem-31288	146	2	*	*	PUNCT
fbem-31288	146	3	0.949	0.949	NUM
fbem-31288	146	4	*	*	PUNCT
fbem-31288	147	1	*	*	PUNCT
fbem-31288	147	2	*	*	PUNCT
fbem-31288	147	3	(	(	PUNCT
fbem-31288	147	4	5.486	5.486	NUM
fbem-31288	147	5	)	)	PUNCT
fbem-31288	147	6	(	(	PUNCT
fbem-31288	147	7	5.162	5.162	NUM
fbem-31288	147	8	)	)	PUNCT
fbem-31288	147	9	(	(	PUNCT
fbem-31288	147	10	9.864	9.864	NUM
fbem-31288	147	11	)	)	PUNCT
fbem-31288	147	12	(	(	PUNCT
fbem-31288	147	13	9.087	9.087	NUM
fbem-31288	147	14	)	)	PUNCT
fbem-31288	147	15	ci	ci	PROPN
fbem-31288	147	16	0.017	0.017	NUM
fbem-31288	147	17	*	*	PUNCT
fbem-31288	148	1	*	*	PUNCT
fbem-31288	148	2	*	*	PUNCT
fbem-31288	148	3	0.009	0.009	NUM
fbem-31288	148	4	*	*	PUNCT
fbem-31288	148	5	*	*	PUNCT
fbem-31288	148	6	ci	ci	NOUN
fbem-31288	148	7	0.004	0.004	NUM
fbem-31288	148	8	0.005	0.005	NUM
fbem-31288	148	9	(	(	PUNCT
fbem-31288	148	10	-2.849	-2.849	X
fbem-31288	148	11	)	)	PUNCT
fbem-31288	148	12	(	(	PUNCT
fbem-31288	148	13	-2.343	-2.343	NOUN
fbem-31288	148	14	)	)	PUNCT
fbem-31288	148	15	(	(	PUNCT
fbem-31288	148	16	0.786	0.786	NUM
fbem-31288	148	17	)	)	PUNCT
fbem-31288	148	18	(	(	PUNCT
fbem-31288	148	19	1.576	1.576	NUM
fbem-31288	148	20	)	)	PUNCT
fbem-31288	148	21	lnnk	lnnk	NOUN
fbem-31288	148	22	0.005	0.005	NUM
fbem-31288	148	23	0.009	0.009	NUM
fbem-31288	148	24	lnnk	lnnk	NOUN
fbem-31288	148	25	0.177	0.177	NUM
fbem-31288	148	26	*	*	PUNCT
fbem-31288	149	1	*	*	PUNCT
fbem-31288	149	2	0.092	0.092	NUM
fbem-31288	149	3	*	*	PUNCT
fbem-31288	149	4	(	(	PUNCT
fbem-31288	149	5	0.053	0.053	NUM
fbem-31288	149	6	)	)	PUNCT
fbem-31288	149	7	(	(	PUNCT
fbem-31288	149	8	0.138	0.138	NUM
fbem-31288	149	9	)	)	PUNCT
fbem-31288	149	10	(	(	PUNCT
fbem-31288	149	11	-2.447	-2.447	NOUN
fbem-31288	149	12	)	)	PUNCT
fbem-31288	149	13	(	(	PUNCT
fbem-31288	149	14	-1.829	-1.829	NOUN
fbem-31288	149	15	)	)	PUNCT
fbem-31288	149	16	gjtbx	gjtbx	NOUN
fbem-31288	149	17	0.264	0.264	NUM
fbem-31288	149	18	*	*	PUNCT
fbem-31288	150	1	*	*	PUNCT
fbem-31288	151	1	*	*	PUNCT
fbem-31288	151	2	0.084	0.084	NUM
fbem-31288	151	3	*	*	PUNCT
fbem-31288	151	4	*	*	PUNCT
fbem-31288	151	5	*	*	PUNCT
fbem-31288	151	6	gjtbx	gjtbx	PROPN
fbem-31288	151	7	0.091	0.091	NUM
fbem-31288	151	8	*	*	PUNCT
fbem-31288	152	1	*	*	PUNCT
fbem-31288	152	2	*	*	PUNCT
fbem-31288	152	3	-0.011	-0.011	PRON
fbem-31288	152	4	(	(	PUNCT
fbem-31288	152	5	5.767	5.767	NUM
fbem-31288	152	6	)	)	PUNCT
fbem-31288	152	7	(	(	PUNCT
fbem-31288	152	8	2.731	2.731	NUM
fbem-31288	152	9	)	)	PUNCT
fbem-31288	152	10	(	(	PUNCT
fbem-31288	152	11	2.875	2.875	NUM
fbem-31288	152	12	)	)	PUNCT
fbem-31288	152	13	(	(	PUNCT
fbem-31288	152	14	-0.489	-0.489	X
fbem-31288	152	15	)	)	PUNCT
fbem-31288	152	16	_	_	PRON
fbem-31288	152	17	cons	con	NOUN
fbem-31288	152	18	0.744	0.744	NUM
fbem-31288	152	19	0.402	0.402	NUM
fbem-31288	152	20	_	_	PUNCT
fbem-31288	152	21	cons	con	NOUN
fbem-31288	152	22	0.108	0.108	NUM
fbem-31288	152	23	-0.087	-0.087	PUNCT
fbem-31288	152	24	(	(	PUNCT
fbem-31288	152	25	0.861	0.861	NUM
fbem-31288	152	26	)	)	PUNCT
fbem-31288	152	27	(	(	PUNCT
fbem-31288	152	28	0.692	0.692	NUM
fbem-31288	152	29	)	)	PUNCT
fbem-31288	152	30	(	(	PUNCT
fbem-31288	152	31	0.225	0.225	NUM
fbem-31288	152	32	)	)	PUNCT
fbem-31288	152	33	(	(	PUNCT
fbem-31288	152	34	-0.259	-0.259	X
fbem-31288	152	35	)	)	PUNCT
fbem-31288	152	36	n	n	CCONJ
fbem-31288	152	37	6987	6987	NUM
fbem-31288	152	38	6987	6987	NUM
fbem-31288	153	1	n	n	PROPN
fbem-31288	153	2	10845	10845	NUM
fbem-31288	153	3	10845	10845	NUM
fbem-31288	153	4	r2	r2	PROPN
fbem-31288	153	5	0.060	0.060	NUM
fbem-31288	153	6	0.056	0.056	NUM
fbem-31288	153	7	r2	r2	PROPN
fbem-31288	153	8	0.036	0.036	NUM
fbem-31288	153	9	0.040	0.040	NUM
fbem-31288	153	10	4.3.2	4.3.2	NOUN
fbem-31288	153	11	.	.	PUNCT
fbem-31288	154	1	short	short	ADJ
fbem-31288	154	2	selling	selling	NOUN
fbem-31288	154	3	,	,	PUNCT
fbem-31288	154	4	quality	quality	NOUN
fbem-31288	154	5	of	of	ADP
fbem-31288	154	6	information	information	NOUN
fbem-31288	154	7	disclosure	disclosure	NOUN
fbem-31288	154	8	,	,	PUNCT
fbem-31288	154	9	risk	risk	NOUN
fbem-31288	154	10	of	of	ADP
fbem-31288	154	11	stock	stock	NOUN
fbem-31288	154	12	price	price	NOUN
fbem-31288	154	13	crash	crash	NOUN
fbem-31288	154	14	the	the	DET
fbem-31288	154	15	study	study	NOUN
fbem-31288	154	16	revealed	reveal	VERB
fbem-31288	154	17	that	that	SCONJ
fbem-31288	154	18	in	in	ADP
fbem-31288	154	19	the	the	DET
fbem-31288	154	20	low	low	ADJ
fbem-31288	154	21	-	-	PUNCT
fbem-31288	154	22	quality	quality	NOUN
fbem-31288	154	23	group	group	NOUN
fbem-31288	154	24	,	,	PUNCT
fbem-31288	154	25	the	the	DET
fbem-31288	154	26	treatpost	treatpost	NOUN
fbem-31288	154	27	coefficient	coefficient	NOUN
fbem-31288	154	28	had	have	VERB
fbem-31288	154	29	a	a	DET
fbem-31288	154	30	higher	high	ADJ
fbem-31288	154	31	significance	significance	NOUN
fbem-31288	154	32	compared	compare	VERB
fbem-31288	154	33	to	to	ADP
fbem-31288	154	34	the	the	DET
fbem-31288	154	35	high	high	ADJ
fbem-31288	154	36	-	-	PUNCT
fbem-31288	154	37	quality	quality	NOUN
fbem-31288	154	38	group	group	NOUN
fbem-31288	154	39	.	.	PUNCT
fbem-31288	155	1	this	this	PRON
fbem-31288	155	2	indicates	indicate	VERB
fbem-31288	155	3	that	that	SCONJ
fbem-31288	155	4	the	the	DET
fbem-31288	155	5	real	real	ADJ
fbem-31288	155	6	space	space	NOUN
fbem-31288	155	7	mechanism	mechanism	NOUN
fbem-31288	155	8	was	be	AUX
fbem-31288	155	9	more	more	ADV
fbem-31288	155	10	stable	stable	ADJ
fbem-31288	155	11	and	and	CCONJ
fbem-31288	155	12	effective	effective	ADJ
fbem-31288	155	13	in	in	ADP
fbem-31288	155	14	mitigating	mitigate	VERB
fbem-31288	155	15	risks	risk	NOUN
fbem-31288	155	16	in	in	ADP
fbem-31288	155	17	low	low	ADJ
fbem-31288	155	18	-	-	PUNCT
fbem-31288	155	19	quality	quality	NOUN
fbem-31288	155	20	enterprises	enterprise	NOUN
fbem-31288	155	21	.	.	PUNCT
fbem-31288	156	1	specifically	specifically	ADV
fbem-31288	156	2	,	,	PUNCT
fbem-31288	156	3	the	the	DET
fbem-31288	156	4	treatpost	treatpost	NOUN
fbem-31288	156	5	coefficients	coefficient	NOUN
fbem-31288	156	6	were	be	AUX
fbem-31288	156	7	-0.054	-0.054	PUNCT
fbem-31288	156	8	and	and	CCONJ
fbem-31288	156	9	-0.043	-0.043	X
fbem-31288	156	10	in	in	ADP
fbem-31288	156	11	the	the	DET
fbem-31288	156	12	low	low	ADJ
fbem-31288	156	13	-	-	PUNCT
fbem-31288	156	14	quality	quality	NOUN
fbem-31288	156	15	group	group	NOUN
fbem-31288	156	16	,	,	PUNCT
fbem-31288	156	17	both	both	PRON
fbem-31288	156	18	achieving	achieve	VERB
fbem-31288	156	19	three	three	NUM
fbem-31288	156	20	-	-	PUNCT
fbem-31288	156	21	star	star	NOUN
fbem-31288	156	22	significance	significance	NOUN
fbem-31288	156	23	.	.	PUNCT
fbem-31288	157	1	in	in	ADP
fbem-31288	157	2	contrast	contrast	NOUN
fbem-31288	157	3	,	,	PUNCT
fbem-31288	157	4	the	the	DET
fbem-31288	157	5	highquality	highquality	NOUN
fbem-31288	157	6	group	group	NOUN
fbem-31288	157	7	had	have	VERB
fbem-31288	157	8	coefficients	coefficient	NOUN
fbem-31288	157	9	of	of	ADP
fbem-31288	157	10	-0.056	-0.056	PUNCT
fbem-31288	157	11	and	and	CCONJ
fbem-31288	157	12	-0.053	-0.053	ADJ
fbem-31288	157	13	,	,	PUNCT
fbem-31288	157	14	with	with	ADP
fbem-31288	157	15	only	only	ADV
fbem-31288	157	16	two	two	NUM
fbem-31288	157	17	-	-	PUNCT
fbem-31288	157	18	star	star	NOUN
fbem-31288	157	19	significance	significance	NOUN
fbem-31288	157	20	.	.	PUNCT
fbem-31288	158	1	the	the	DET
fbem-31288	158	2	study	study	NOUN
fbem-31288	158	3	compared	compare	VERB
fbem-31288	158	4	two	two	NUM
fbem-31288	158	5	groups	group	NOUN
fbem-31288	158	6	based	base	VERB
fbem-31288	158	7	on	on	ADP
fbem-31288	158	8	disclosure	disclosure	NOUN
fbem-31288	158	9	quality	quality	NOUN
fbem-31288	158	10	in	in	ADP
fbem-31288	158	11	companies	company	NOUN
fbem-31288	158	12	to	to	PART
fbem-31288	158	13	analyze	analyze	VERB
fbem-31288	158	14	the	the	DET
fbem-31288	158	15	impact	impact	NOUN
fbem-31288	158	16	on	on	ADP
fbem-31288	158	17	the	the	DET
fbem-31288	158	18	risk	risk	NOUN
fbem-31288	158	19	of	of	ADP
fbem-31288	158	20	stock	stock	NOUN
fbem-31288	158	21	price	price	NOUN
fbem-31288	158	22	crashes	crash	NOUN
fbem-31288	158	23	.	.	PUNCT
fbem-31288	159	1	the	the	DET
fbem-31288	159	2	group	group	NOUN
fbem-31288	159	3	with	with	ADP
fbem-31288	159	4	low	low	ADJ
fbem-31288	159	5	-	-	PUNCT
fbem-31288	159	6	quality	quality	NOUN
fbem-31288	159	7	disclosure	disclosure	NOUN
fbem-31288	159	8	had	have	VERB
fbem-31288	159	9	a	a	DET
fbem-31288	159	10	larger	large	ADJ
fbem-31288	159	11	sample	sample	NOUN
fbem-31288	159	12	size	size	NOUN
fbem-31288	159	13	(	(	PUNCT
fbem-31288	159	14	n=13851	n=13851	PROPN
fbem-31288	159	15	vs.3981	vs.3981	PROPN
fbem-31288	159	16	)	)	PUNCT
fbem-31288	159	17	and	and	CCONJ
fbem-31288	159	18	a	a	DET
fbem-31288	159	19	slightly	slightly	ADV
fbem-31288	159	20	higher	high	ADJ
fbem-31288	159	21	model	model	NOUN
fbem-31288	159	22	r²	r²	NOUN
fbem-31288	159	23	(	(	PUNCT
fbem-31288	159	24	0.047	0.047	NUM
fbem-31288	159	25	vs.0.042	vs.0.042	NUM
fbem-31288	159	26	)	)	PUNCT
fbem-31288	159	27	,	,	PUNCT
fbem-31288	159	28	indicating	indicate	VERB
fbem-31288	159	29	stronger	strong	ADJ
fbem-31288	159	30	statistical	statistical	ADJ
fbem-31288	159	31	support	support	NOUN
fbem-31288	159	32	for	for	ADP
fbem-31288	159	33	the	the	DET
fbem-31288	159	34	conclusions	conclusion	NOUN
fbem-31288	159	35	drawn	draw	VERB
fbem-31288	159	36	from	from	ADP
fbem-31288	159	37	this	this	DET
fbem-31288	159	38	group	group	NOUN
fbem-31288	159	39	.	.	PUNCT
fbem-31288	160	1	the	the	DET
fbem-31288	160	2	data	datum	NOUN
fbem-31288	160	3	suggested	suggest	VERB
fbem-31288	160	4	that	that	SCONJ
fbem-31288	160	5	in	in	ADP
fbem-31288	160	6	companies	company	NOUN
fbem-31288	160	7	with	with	ADP
fbem-31288	160	8	low	low	ADJ
fbem-31288	160	9	disclosure	disclosure	NOUN
fbem-31288	160	10	quality	quality	NOUN
fbem-31288	160	11	,	,	PUNCT
fbem-31288	160	12	the	the	DET
fbem-31288	160	13	null	null	ADJ
fbem-31288	160	14	mechanism	mechanism	NOUN
fbem-31288	160	15	had	have	VERB
fbem-31288	160	16	a	a	DET
fbem-31288	160	17	more	more	ADV
fbem-31288	160	18	significant	significant	ADJ
fbem-31288	160	19	mitigating	mitigating	NOUN
fbem-31288	160	20	effect	effect	NOUN
fbem-31288	160	21	on	on	ADP
fbem-31288	160	22	the	the	DET
fbem-31288	160	23	risk	risk	NOUN
fbem-31288	160	24	of	of	ADP
fbem-31288	160	25	stock	stock	NOUN
fbem-31288	160	26	price	price	NOUN
fbem-31288	160	27	crashes	crash	NOUN
fbem-31288	160	28	.	.	PUNCT
fbem-31288	161	1	this	this	PRON
fbem-31288	161	2	was	be	AUX
fbem-31288	161	3	supported	support	VERB
fbem-31288	161	4	by	by	ADP
fbem-31288	161	5	the	the	DET
fbem-31288	161	6	higher	high	ADJ
fbem-31288	161	7	significance	significance	NOUN
fbem-31288	161	8	of	of	ADP
fbem-31288	161	9	the	the	DET
fbem-31288	161	10	treatpost	treatpost	NOUN
fbem-31288	161	11	and	and	CCONJ
fbem-31288	161	12	the	the	DET
fbem-31288	161	13	statistical	statistical	ADJ
fbem-31288	161	14	robustness	robustness	NOUN
fbem-31288	161	15	of	of	ADP
fbem-31288	161	16	the	the	DET
fbem-31288	161	17	larger	large	ADJ
fbem-31288	161	18	sample	sample	NOUN
fbem-31288	161	19	size	size	NOUN
fbem-31288	161	20	,	,	PUNCT
fbem-31288	161	21	supporting	support	VERB
fbem-31288	161	22	the	the	DET
fbem-31288	161	23	null	null	ADJ
fbem-31288	161	24	hypothesis	hypothesis	NOUN
fbem-31288	161	25	.	.	PUNCT
fbem-31288	162	1	table	table	NOUN
fbem-31288	162	2	4	4	NUM
fbem-31288	162	3	.	.	PUNCT
fbem-31288	163	1	heterogeneity	heterogeneity	NOUN
fbem-31288	163	2	analysis	analysis	NOUN
fbem-31288	163	3	:	:	PUNCT
fbem-31288	163	4	quality	quality	NOUN
fbem-31288	163	5	of	of	ADP
fbem-31288	163	6	information	information	NOUN
fbem-31288	163	7	disclosure	disclosure	VERB
fbem-31288	163	8	the	the	DET
fbem-31288	163	9	quality	quality	NOUN
fbem-31288	163	10	of	of	ADP
fbem-31288	163	11	information	information	NOUN
fbem-31288	163	12	disclosure	disclosure	NOUN
fbem-31288	163	13	is	be	AUX
fbem-31288	163	14	high	high	ADJ
fbem-31288	163	15	(	(	PUNCT
fbem-31288	163	16	1	1	NUM
fbem-31288	163	17	)	)	PUNCT
fbem-31288	163	18	(	(	PUNCT
fbem-31288	163	19	1	1	X
fbem-31288	163	20	)	)	PUNCT
fbem-31288	163	21	low	low	ADJ
fbem-31288	163	22	quality	quality	NOUN
fbem-31288	163	23	of	of	ADP
fbem-31288	163	24	information	information	NOUN
fbem-31288	163	25	disclosure	disclosure	NOUN
fbem-31288	163	26	(	(	PUNCT
fbem-31288	163	27	2	2	NUM
fbem-31288	163	28	)	)	PUNCT
fbem-31288	163	29	(	(	PUNCT
fbem-31288	163	30	2	2	NUM
fbem-31288	163	31	)	)	PUNCT
fbem-31288	163	32	ncskew	ncskew	NOUN
fbem-31288	163	33	duvol	duvol	NOUN
fbem-31288	163	34	ncskew	ncskew	NOUN
fbem-31288	163	35	duvol	duvol	NOUN
fbem-31288	163	36	treatpost	treatpost	VERB
fbem-31288	163	37	0.056	0.056	NUM
fbem-31288	163	38	*	*	PUNCT
fbem-31288	163	39	*	*	PUNCT
fbem-31288	163	40	0.053	0.053	NUM
fbem-31288	163	41	*	*	PUNCT
fbem-31288	164	1	*	*	PUNCT
fbem-31288	164	2	*	*	PUNCT
fbem-31288	164	3	treatpost	treatpost	VERB
fbem-31288	164	4	0.054	0.054	NUM
fbem-31288	164	5	*	*	PUNCT
fbem-31288	165	1	*	*	PUNCT
fbem-31288	166	1	*	*	PUNCT
fbem-31288	166	2	0.043	0.043	NUM
fbem-31288	166	3	*	*	PUNCT
fbem-31288	167	1	*	*	PUNCT
fbem-31288	167	2	*	*	PUNCT
fbem-31288	167	3	(	(	PUNCT
fbem-31288	167	4	-2.226	-2.226	NOUN
fbem-31288	167	5	)	)	PUNCT
fbem-31288	167	6	(	(	PUNCT
fbem-31288	167	7	-3.009	-3.009	NOUN
fbem-31288	167	8	)	)	PUNCT
fbem-31288	167	9	(	(	PUNCT
fbem-31288	167	10	-4.516	-4.516	NOUN
fbem-31288	167	11	)	)	PUNCT
fbem-31288	167	12	(	(	PUNCT
fbem-31288	167	13	-5.289	-5.289	NOUN
fbem-31288	167	14	)	)	PUNCT
fbem-31288	167	15	yretwd	yretwd	NOUN
fbem-31288	167	16	0.209	0.209	NUM
fbem-31288	168	1	*	*	PUNCT
fbem-31288	169	1	*	*	PUNCT
fbem-31288	170	1	*	*	PUNCT
fbem-31288	170	2	0.175	0.175	NUM
fbem-31288	170	3	*	*	PUNCT
fbem-31288	171	1	*	*	PUNCT
fbem-31288	171	2	*	*	PUNCT
fbem-31288	171	3	yretwd	yretwd	NOUN
fbem-31288	171	4	0.315	0.315	NUM
fbem-31288	171	5	*	*	PUNCT
fbem-31288	172	1	*	*	PUNCT
fbem-31288	173	1	*	*	PUNCT
fbem-31288	173	2	0.236	0.236	NUM
fbem-31288	173	3	*	*	PUNCT
fbem-31288	173	4	*	*	PUNCT
fbem-31288	173	5	*	*	PUNCT
fbem-31288	173	6	(	(	PUNCT
fbem-31288	173	7	-8.064	-8.064	ADJ
fbem-31288	173	8	)	)	PUNCT
fbem-31288	173	9	(	(	PUNCT
fbem-31288	173	10	-9.496	-9.496	NOUN
fbem-31288	173	11	)	)	PUNCT
fbem-31288	173	12	(	(	PUNCT
fbem-31288	173	13	-20.571	-20.571	PROPN
fbem-31288	173	14	)	)	PUNCT
fbem-31288	173	15	(	(	PUNCT
fbem-31288	173	16	-22.526	-22.526	NOUN
fbem-31288	173	17	)	)	PUNCT
fbem-31288	173	18	tover	tover	NOUN
fbem-31288	173	19	-0.007	-0.007	NOUN
fbem-31288	173	20	0.006	0.006	NUM
fbem-31288	173	21	tover	tover	NOUN
fbem-31288	173	22	0.014	0.014	NUM
fbem-31288	173	23	*	*	PUNCT
fbem-31288	174	1	*	*	PUNCT
fbem-31288	174	2	0.006	0.006	NUM
fbem-31288	174	3	(	(	PUNCT
fbem-31288	174	4	-0.634	-0.634	NOUN
fbem-31288	174	5	)	)	PUNCT
fbem-31288	174	6	(	(	PUNCT
fbem-31288	174	7	0.829	0.829	NUM
fbem-31288	174	8	)	)	PUNCT
fbem-31288	174	9	(	(	PUNCT
fbem-31288	174	10	-1.972	-1.972	ADJ
fbem-31288	174	11	)	)	PUNCT
fbem-31288	174	12	(	(	PUNCT
fbem-31288	174	13	1.170	1.170	NUM
fbem-31288	174	14	)	)	PUNCT
fbem-31288	174	15	roa	roa	PROPN
fbem-31288	174	16	2.021	2.021	NUM
fbem-31288	174	17	*	*	PUNCT
fbem-31288	175	1	*	*	PUNCT
fbem-31288	176	1	*	*	PUNCT
fbem-31288	176	2	1.346	1.346	NUM
fbem-31288	176	3	*	*	PUNCT
fbem-31288	176	4	*	*	PUNCT
fbem-31288	176	5	*	*	PUNCT
fbem-31288	176	6	roa	roa	PROPN
fbem-31288	176	7	1.230	1.230	NUM
fbem-31288	177	1	*	*	PUNCT
fbem-31288	178	1	*	*	PUNCT
fbem-31288	178	2	*	*	PUNCT
fbem-31288	178	3	0.755	0.755	NUM
fbem-31288	178	4	*	*	PUNCT
fbem-31288	178	5	*	*	PUNCT
fbem-31288	178	6	*	*	PUNCT
fbem-31288	178	7	(	(	PUNCT
fbem-31288	178	8	7.609	7.609	NUM
fbem-31288	178	9	)	)	PUNCT
fbem-31288	178	10	(	(	PUNCT
fbem-31288	178	11	7.139	7.139	NUM
fbem-31288	178	12	)	)	PUNCT
fbem-31288	178	13	(	(	PUNCT
fbem-31288	178	14	8.564	8.564	NUM
fbem-31288	178	15	)	)	PUNCT
fbem-31288	178	16	(	(	PUNCT
fbem-31288	178	17	7.711	7.711	NUM
fbem-31288	178	18	)	)	PUNCT
fbem-31288	178	19	ci	ci	PROPN
fbem-31288	178	20	0.014	0.014	NUM
fbem-31288	178	21	*	*	PUNCT
fbem-31288	178	22	-0.007	-0.007	PROPN
fbem-31288	178	23	ci	ci	NOUN
fbem-31288	178	24	-0.002	-0.002	PUNCT
fbem-31288	178	25	0.001	0.001	NUM
fbem-31288	178	26	(	(	PUNCT
fbem-31288	178	27	-1.867	-1.867	NOUN
fbem-31288	178	28	)	)	PUNCT
fbem-31288	178	29	(	(	PUNCT
fbem-31288	178	30	-1.323	-1.323	ADJ
fbem-31288	178	31	)	)	PUNCT
fbem-31288	178	32	(	(	PUNCT
fbem-31288	178	33	-0.537	-0.537	NOUN
fbem-31288	178	34	)	)	PUNCT
fbem-31288	178	35	(	(	PUNCT
fbem-31288	178	36	0.347	0.347	X
fbem-31288	178	37	)	)	PUNCT
fbem-31288	178	38	lnnk	lnnk	NOUN
fbem-31288	178	39	0.079	0.079	NUM
fbem-31288	178	40	0.064	0.064	NUM
fbem-31288	178	41	lnnk	lnnk	NOUN
fbem-31288	178	42	0.137	0.137	NUM
fbem-31288	178	43	*	*	PUNCT
fbem-31288	179	1	*	*	PUNCT
fbem-31288	179	2	-0.074	-0.074	X
fbem-31288	179	3	(	(	PUNCT
fbem-31288	179	4	0.583	0.583	NUM
fbem-31288	179	5	)	)	PUNCT
fbem-31288	179	6	(	(	PUNCT
fbem-31288	179	7	0.665	0.665	NUM
fbem-31288	179	8	)	)	PUNCT
fbem-31288	179	9	(	(	PUNCT
fbem-31288	179	10	-2.070	-2.070	ADP
fbem-31288	179	11	)	)	PUNCT
fbem-31288	179	12	(	(	PUNCT
fbem-31288	179	13	-1.636	-1.636	NOUN
fbem-31288	179	14	)	)	PUNCT
fbem-31288	179	15	gjtbx	gjtbx	NOUN
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fbem-31288	179	17	*	*	PUNCT
fbem-31288	180	1	*	*	PUNCT
fbem-31288	180	2	*	*	PUNCT
fbem-31288	180	3	0.071	0.071	NUM
fbem-31288	180	4	*	*	PUNCT
fbem-31288	180	5	gjtbx	gjtbx	NOUN
fbem-31288	180	6	0.133	0.133	NUM
fbem-31288	180	7	*	*	PUNCT
fbem-31288	181	1	*	*	PUNCT
fbem-31288	182	1	*	*	PUNCT
fbem-31288	182	2	0.014	0.014	NUM
fbem-31288	182	3	(	(	PUNCT
fbem-31288	182	4	4.729	4.729	NUM
fbem-31288	182	5	)	)	PUNCT
fbem-31288	182	6	(	(	PUNCT
fbem-31288	182	7	1.889	1.889	NUM
fbem-31288	182	8	)	)	PUNCT
fbem-31288	182	9	(	(	PUNCT
fbem-31288	182	10	4.420	4.420	NUM
fbem-31288	182	11	)	)	PUNCT
fbem-31288	182	12	(	(	PUNCT
fbem-31288	182	13	0.663	0.663	NUM
fbem-31288	182	14	)	)	PUNCT
fbem-31288	183	1	_	_	NOUN
fbem-31288	183	2	cons	con	NOUN
fbem-31288	183	3	-0.949	-0.949	PUNCT
fbem-31288	183	4	-0.608	-0.608	PUNCT
fbem-31288	183	5	_	_	PUNCT
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fbem-31288	183	7	0.496	0.496	NUM
fbem-31288	183	8	0.310	0.310	NUM
fbem-31288	183	9	(	(	PUNCT
fbem-31288	183	10	-1.083	-1.083	NOUN
fbem-31288	183	11	)	)	PUNCT
fbem-31288	183	12	(	(	PUNCT
fbem-31288	183	13	-0.977	-0.977	NOUN
fbem-31288	183	14	)	)	PUNCT
fbem-31288	183	15	(	(	PUNCT
fbem-31288	183	16	1.161	1.161	NUM
fbem-31288	183	17	)	)	PUNCT
fbem-31288	183	18	(	(	PUNCT
fbem-31288	183	19	1.065	1.065	NUM
fbem-31288	183	20	)	)	PUNCT
fbem-31288	183	21	n	n	CCONJ
fbem-31288	183	22	3981	3981	NUM
fbem-31288	183	23	3981	3981	NUM
fbem-31288	183	24	n	n	PROPN
fbem-31288	183	25	13851	13851	NUM
fbem-31288	183	26	13851	13851	NUM
fbem-31288	183	27	r2	r2	PROPN
fbem-31288	183	28	0.042	0.042	NUM
fbem-31288	183	29	0.042	0.042	NUM
fbem-31288	183	30	r2	r2	PROPN
fbem-31288	183	31	0.044	0.044	NUM
fbem-31288	183	32	0.047	0.047	NUM
fbem-31288	183	33	40	40	NUM
fbem-31288	183	34	4.4	4.4	NUM
fbem-31288	183	35	.	.	PUNCT
fbem-31288	184	1	robustness	robustness	NOUN
fbem-31288	184	2	tests	test	NOUN
fbem-31288	184	3	4.4.1	4.4.1	NUM
fbem-31288	184	4	.	.	PUNCT
fbem-31288	185	1	extended	extend	VERB
fbem-31288	185	2	variables	variable	NOUN
fbem-31288	185	3	the	the	DET
fbem-31288	185	4	short	short	ADJ
fbem-31288	185	5	selling	selling	NOUN
fbem-31288	185	6	mechanism	mechanism	NOUN
fbem-31288	185	7	has	have	VERB
fbem-31288	185	8	a	a	DET
fbem-31288	185	9	significant	significant	ADJ
fbem-31288	185	10	impact	impact	NOUN
fbem-31288	185	11	on	on	ADP
fbem-31288	185	12	reducing	reduce	VERB
fbem-31288	185	13	the	the	DET
fbem-31288	185	14	negative	negative	ADJ
fbem-31288	185	15	return	return	NOUN
fbem-31288	185	16	skew	skew	ADJ
fbem-31288	185	17	coefficient	coefficient	NOUN
fbem-31288	185	18	,	,	PUNCT
fbem-31288	185	19	ultimately	ultimately	ADV
fbem-31288	185	20	lowering	lower	VERB
fbem-31288	185	21	the	the	DET
fbem-31288	185	22	risk	risk	NOUN
fbem-31288	185	23	of	of	ADP
fbem-31288	185	24	stock	stock	NOUN
fbem-31288	185	25	price	price	NOUN
fbem-31288	185	26	crash	crash	NOUN
fbem-31288	185	27	.	.	PUNCT
fbem-31288	186	1	the	the	DET
fbem-31288	186	2	coefficient	coefficient	NOUN
fbem-31288	186	3	of	of	ADP
fbem-31288	186	4	0.120	0.120	NUM
fbem-31288	186	5	(	(	PUNCT
fbem-31288	186	6	t=-1.956	t=-1.956	NOUN
fbem-31288	186	7	,	,	PUNCT
fbem-31288	186	8	p<0.05	p<0.05	NOUN
fbem-31288	186	9	)	)	PUNCT
fbem-31288	186	10	supports	support	VERB
fbem-31288	186	11	this	this	DET
fbem-31288	186	12	finding	finding	NOUN
fbem-31288	186	13	,	,	PUNCT
fbem-31288	186	14	highlighting	highlight	VERB
fbem-31288	186	15	the	the	DET
fbem-31288	186	16	effectiveness	effectiveness	NOUN
fbem-31288	186	17	of	of	ADP
fbem-31288	186	18	short	short	ADJ
fbem-31288	186	19	selling	selling	NOUN
fbem-31288	186	20	in	in	ADP
fbem-31288	186	21	minimizing	minimize	VERB
fbem-31288	186	22	financial	financial	ADJ
fbem-31288	186	23	volatility	volatility	NOUN
fbem-31288	186	24	.	.	PUNCT
fbem-31288	187	1	duvol	duvol	NOUN
fbem-31288	187	2	:	:	PUNCT
fbem-31288	187	3	the	the	DET
fbem-31288	187	4	coefficient	coefficient	NOUN
fbem-31288	187	5	is	be	AUX
fbem-31288	187	6	-0.093	-0.093	NUM
fbem-31288	187	7	(	(	PUNCT
fbem-31288	187	8	t=-2.178	t=-2.178	PROPN
fbem-31288	187	9	,	,	PUNCT
fbem-31288	187	10	p<0.01	p<0.01	PROPN
fbem-31288	187	11	)	)	PUNCT
fbem-31288	187	12	,	,	PUNCT
fbem-31288	187	13	which	which	PRON
fbem-31288	187	14	also	also	ADV
fbem-31288	187	15	shows	show	VERB
fbem-31288	187	16	that	that	SCONJ
fbem-31288	187	17	the	the	DET
fbem-31288	187	18	short	short	ADJ
fbem-31288	187	19	selling	selling	NOUN
fbem-31288	187	20	mechanism	mechanism	NOUN
fbem-31288	187	21	significantly	significantly	ADV
fbem-31288	187	22	reduces	reduce	VERB
fbem-31288	187	23	the	the	DET
fbem-31288	187	24	volatility	volatility	NOUN
fbem-31288	187	25	of	of	ADP
fbem-31288	187	26	returns	return	NOUN
fbem-31288	187	27	up	up	ADP
fbem-31288	187	28	and	and	CCONJ
fbem-31288	187	29	down	down	ADV
fbem-31288	187	30	,	,	PUNCT
fbem-31288	187	31	further	far	ADV
fbem-31288	187	32	verifying	verify	VERB
fbem-31288	187	33	its	its	PRON
fbem-31288	187	34	inhibitory	inhibitory	ADJ
fbem-31288	187	35	effect	effect	NOUN
fbem-31288	187	36	on	on	ADP
fbem-31288	187	37	the	the	DET
fbem-31288	187	38	risk	risk	NOUN
fbem-31288	187	39	of	of	ADP
fbem-31288	187	40	crash	crash	NOUN
fbem-31288	187	41	.	.	PUNCT
fbem-31288	188	1	conclusion	conclusion	NOUN
fbem-31288	188	2	:	:	PUNCT
fbem-31288	188	3	after	after	ADP
fbem-31288	188	4	adding	add	VERB
fbem-31288	188	5	additional	additional	ADJ
fbem-31288	188	6	control	control	NOUN
fbem-31288	188	7	variables	variable	NOUN
fbem-31288	188	8	,	,	PUNCT
fbem-31288	188	9	the	the	DET
fbem-31288	188	10	negative	negative	ADJ
fbem-31288	188	11	impact	impact	NOUN
fbem-31288	188	12	of	of	ADP
fbem-31288	188	13	the	the	DET
fbem-31288	188	14	short	short	ADJ
fbem-31288	188	15	selling	selling	NOUN
fbem-31288	188	16	mechanism	mechanism	NOUN
fbem-31288	188	17	on	on	ADP
fbem-31288	188	18	stock	stock	NOUN
fbem-31288	188	19	price	price	NOUN
fbem-31288	188	20	crash	crash	NOUN
fbem-31288	188	21	risk	risk	NOUN
fbem-31288	188	22	remains	remain	VERB
fbem-31288	188	23	robust	robust	ADJ
fbem-31288	188	24	,	,	PUNCT
fbem-31288	188	25	supporting	support	VERB
fbem-31288	188	26	hypothesis	hypothesis	NOUN
fbem-31288	188	27	h1	h1	NOUN
fbem-31288	188	28	.	.	PUNCT
fbem-31288	189	1	the	the	DET
fbem-31288	189	2	larger	large	ADJ
fbem-31288	189	3	sample	sample	NOUN
fbem-31288	189	4	size	size	NOUN
fbem-31288	189	5	(	(	PUNCT
fbem-31288	189	6	n=17,696	n=17,696	NOUN
fbem-31288	189	7	)	)	PUNCT
fbem-31288	189	8	enhances	enhance	VERB
fbem-31288	189	9	the	the	DET
fbem-31288	189	10	reliability	reliability	NOUN
fbem-31288	189	11	of	of	ADP
fbem-31288	189	12	the	the	DET
fbem-31288	189	13	results	result	NOUN
fbem-31288	189	14	.	.	PUNCT
fbem-31288	190	1	r²	r²	NOUN
fbem-31288	190	2	was	be	AUX
fbem-31288	190	3	0.270	0.270	NUM
fbem-31288	190	4	-	-	PUNCT
fbem-31288	190	5	0.267	0.267	NUM
fbem-31288	190	6	,	,	PUNCT
fbem-31288	190	7	indicating	indicate	VERB
fbem-31288	190	8	that	that	SCONJ
fbem-31288	190	9	the	the	DET
fbem-31288	190	10	model	model	NOUN
fbem-31288	190	11	explained	explain	VERB
fbem-31288	190	12	about	about	ADV
fbem-31288	190	13	27	27	NUM
fbem-31288	190	14	%	%	NOUN
fbem-31288	190	15	of	of	ADP
fbem-31288	190	16	the	the	DET
fbem-31288	190	17	variations	variation	NOUN
fbem-31288	190	18	,	,	PUNCT
fbem-31288	190	19	with	with	ADP
fbem-31288	190	20	room	room	NOUN
fbem-31288	190	21	for	for	ADP
fbem-31288	190	22	improvement	improvement	NOUN
fbem-31288	190	23	.	.	PUNCT
fbem-31288	191	1	the	the	DET
fbem-31288	191	2	robustness	robustness	NOUN
fbem-31288	191	3	test	test	NOUN
fbem-31288	191	4	validates	validate	VERB
fbem-31288	191	5	the	the	DET
fbem-31288	191	6	suppression	suppression	NOUN
fbem-31288	191	7	effect	effect	NOUN
fbem-31288	191	8	of	of	ADP
fbem-31288	191	9	the	the	DET
fbem-31288	191	10	short	short	ADJ
fbem-31288	191	11	selling	selling	NOUN
fbem-31288	191	12	mechanism	mechanism	NOUN
fbem-31288	191	13	on	on	ADP
fbem-31288	191	14	the	the	DET
fbem-31288	191	15	risk	risk	NOUN
fbem-31288	191	16	of	of	ADP
fbem-31288	191	17	stock	stock	NOUN
fbem-31288	191	18	price	price	NOUN
fbem-31288	191	19	crashes	crash	NOUN
fbem-31288	191	20	(	(	PUNCT
fbem-31288	191	21	h1	h1	NOUN
fbem-31288	191	22	holds	hold	VERB
fbem-31288	191	23	)	)	PUNCT
fbem-31288	191	24	,	,	PUNCT
fbem-31288	191	25	and	and	CCONJ
fbem-31288	191	26	the	the	DET
fbem-31288	191	27	addition	addition	NOUN
fbem-31288	191	28	of	of	ADP
fbem-31288	191	29	control	control	NOUN
fbem-31288	191	30	variables	variable	NOUN
fbem-31288	191	31	does	do	AUX
fbem-31288	191	32	not	not	PART
fbem-31288	191	33	change	change	VERB
fbem-31288	191	34	the	the	DET
fbem-31288	191	35	core	core	NOUN
fbem-31288	191	36	conclusion	conclusion	NOUN
fbem-31288	191	37	,	,	PUNCT
fbem-31288	191	38	indicating	indicate	VERB
fbem-31288	191	39	that	that	SCONJ
fbem-31288	191	40	the	the	DET
fbem-31288	191	41	results	result	NOUN
fbem-31288	191	42	are	be	AUX
fbem-31288	191	43	robust	robust	ADJ
fbem-31288	191	44	.	.	PUNCT
fbem-31288	192	1	table	table	NOUN
fbem-31288	192	2	5	5	NUM
fbem-31288	192	3	.	.	PUNCT
fbem-31288	193	1	robustness	robustness	NOUN
fbem-31288	193	2	tests	test	NOUN
fbem-31288	193	3	:	:	PUNCT
fbem-31288	193	4	extended	extended	ADJ
fbem-31288	193	5	variables	variable	NOUN
fbem-31288	193	6	(	(	PUNCT
fbem-31288	193	7	1	1	NUM
fbem-31288	193	8	)	)	PUNCT
fbem-31288	193	9	(	(	PUNCT
fbem-31288	193	10	1	1	X
fbem-31288	193	11	)	)	PUNCT
fbem-31288	193	12	ncskew	ncskew	NOUN
fbem-31288	193	13	duvol	duvol	NOUN
fbem-31288	193	14	treatpost	treatpost	VERB
fbem-31288	193	15	0.120	0.120	NUM
fbem-31288	193	16	*	*	SYM
fbem-31288	193	17	0.093	0.093	NUM
fbem-31288	193	18	*	*	PUNCT
fbem-31288	194	1	*	*	PUNCT
fbem-31288	194	2	(	(	PUNCT
fbem-31288	194	3	-1.956	-1.956	NUM
fbem-31288	194	4	)	)	PUNCT
fbem-31288	194	5	(	(	PUNCT
fbem-31288	194	6	-2.178	-2.178	X
fbem-31288	194	7	)	)	PUNCT
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fbem-31288	194	9	0.325	0.325	PROPN
fbem-31288	194	10	*	*	PUNCT
fbem-31288	195	1	*	*	PUNCT
fbem-31288	196	1	*	*	PUNCT
fbem-31288	196	2	0.258	0.258	NUM
fbem-31288	196	3	*	*	PUNCT
fbem-31288	197	1	*	*	PUNCT
fbem-31288	197	2	*	*	PUNCT
fbem-31288	197	3	(	(	PUNCT
fbem-31288	197	4	-19.679	-19.679	PROPN
fbem-31288	197	5	)	)	PUNCT
fbem-31288	197	6	(	(	PUNCT
fbem-31288	197	7	-22.357	-22.357	X
fbem-31288	197	8	)	)	PUNCT
fbem-31288	197	9	tover	tover	NOUN
fbem-31288	197	10	0.055	0.055	NUM
fbem-31288	197	11	*	*	PUNCT
fbem-31288	198	1	*	*	PUNCT
fbem-31288	199	1	*	*	PUNCT
fbem-31288	199	2	0.019	0.019	NUM
fbem-31288	199	3	*	*	PUNCT
fbem-31288	199	4	*	*	PUNCT
fbem-31288	199	5	(	(	PUNCT
fbem-31288	199	6	-4.834	-4.834	ADP
fbem-31288	199	7	)	)	PUNCT
fbem-31288	199	8	(	(	PUNCT
fbem-31288	199	9	-2.268	-2.268	X
fbem-31288	199	10	)	)	PUNCT
fbem-31288	199	11	roa	roa	PROPN
fbem-31288	199	12	0.922	0.922	NUM
fbem-31288	199	13	*	*	PUNCT
fbem-31288	200	1	*	*	PUNCT
fbem-31288	200	2	*	*	PUNCT
fbem-31288	200	3	0.578	0.578	NUM
fbem-31288	200	4	*	*	PUNCT
fbem-31288	201	1	*	*	PUNCT
fbem-31288	201	2	*	*	PUNCT
fbem-31288	201	3	(	(	PUNCT
fbem-31288	201	4	4.684	4.684	NUM
fbem-31288	201	5	)	)	PUNCT
fbem-31288	201	6	(	(	PUNCT
fbem-31288	201	7	4.174	4.174	NUM
fbem-31288	201	8	)	)	PUNCT
fbem-31288	201	9	ci	ci	NOUN
fbem-31288	201	10	0.005	0.005	NUM
fbem-31288	201	11	0.008	0.008	NUM
fbem-31288	201	12	(	(	PUNCT
fbem-31288	201	13	0.604	0.604	NUM
fbem-31288	201	14	)	)	PUNCT
fbem-31288	201	15	(	(	PUNCT
fbem-31288	201	16	1.335	1.335	NUM
fbem-31288	201	17	)	)	PUNCT
fbem-31288	201	18	lnnk	lnnk	NOUN
fbem-31288	201	19	0.220	0.220	NUM
fbem-31288	201	20	*	*	PUNCT
fbem-31288	202	1	*	*	PUNCT
fbem-31288	202	2	*	*	PUNCT
fbem-31288	202	3	0.141	0.141	NUM
fbem-31288	202	4	*	*	PUNCT
fbem-31288	202	5	*	*	PUNCT
fbem-31288	202	6	*	*	PUNCT
fbem-31288	202	7	(	(	PUNCT
fbem-31288	202	8	-3.139	-3.139	NOUN
fbem-31288	202	9	)	)	PUNCT
fbem-31288	202	10	(	(	PUNCT
fbem-31288	202	11	-2.952	-2.952	NOUN
fbem-31288	202	12	)	)	PUNCT
fbem-31288	202	13	gjtbx	gjtbx	NOUN
fbem-31288	202	14	0.466	0.466	NUM
fbem-31288	202	15	*	*	PUNCT
fbem-31288	203	1	*	*	PUNCT
fbem-31288	203	2	*	*	PUNCT
fbem-31288	203	3	0.238	0.238	NUM
fbem-31288	204	1	*	*	PUNCT
fbem-31288	204	2	*	*	PUNCT
fbem-31288	204	3	*	*	PUNCT
fbem-31288	204	4	(	(	PUNCT
fbem-31288	204	5	12.398	12.398	NUM
fbem-31288	204	6	)	)	PUNCT
fbem-31288	204	7	(	(	PUNCT
fbem-31288	204	8	9.380	9.380	NUM
fbem-31288	204	9	)	)	PUNCT
fbem-31288	204	10	lev	lev	NOUN
fbem-31288	204	11	-0.046	-0.046	VERB
fbem-31288	204	12	-0.046	-0.046	PROPN
fbem-31288	204	13	(	(	PUNCT
fbem-31288	204	14	-0.721	-0.721	NUM
fbem-31288	204	15	)	)	PUNCT
fbem-31288	204	16	(	(	PUNCT
fbem-31288	204	17	-1.049	-1.049	X
fbem-31288	204	18	)	)	PUNCT
fbem-31288	204	19	boardsize	boardsize	VERB
fbem-31288	204	20	0.005	0.005	NUM
fbem-31288	204	21	0.003	0.003	NUM
fbem-31288	204	22	(	(	PUNCT
fbem-31288	204	23	0.719	0.719	NUM
fbem-31288	204	24	)	)	PUNCT
fbem-31288	204	25	(	(	PUNCT
fbem-31288	204	26	0.641	0.641	NUM
fbem-31288	204	27	)	)	PUNCT
fbem-31288	205	1	_	_	NOUN
fbem-31288	205	2	cons	con	NOUN
fbem-31288	205	3	0.781	0.781	NUM
fbem-31288	205	4	*	*	PUNCT
fbem-31288	205	5	0.594	0.594	NUM
fbem-31288	205	6	*	*	PUNCT
fbem-31288	205	7	(	(	PUNCT
fbem-31288	205	8	1.717	1.717	NUM
fbem-31288	205	9	)	)	PUNCT
fbem-31288	205	10	(	(	PUNCT
fbem-31288	205	11	1.915	1.915	NUM
fbem-31288	205	12	)	)	PUNCT
fbem-31288	205	13	n	n	CCONJ
fbem-31288	205	14	17696	17696	NUM
fbem-31288	205	15	17696	17696	NUM
fbem-31288	205	16	r2	r2	NOUN
fbem-31288	205	17	0.270	0.270	NUM
fbem-31288	205	18	0.267	0.267	NUM
fbem-31288	205	19	4.4.2	4.4.2	NUM
fbem-31288	205	20	.	.	PUNCT
fbem-31288	206	1	alternative	alternative	ADJ
fbem-31288	206	2	variables	variable	NOUN
fbem-31288	206	3	crt1	crt1	PROPN
fbem-31288	206	4	and	and	CCONJ
fbem-31288	206	5	2	2	NUM
fbem-31288	206	6	are	be	AUX
fbem-31288	206	7	the	the	DET
fbem-31288	206	8	return	return	NOUN
fbem-31288	206	9	rates	rate	NOUN
fbem-31288	206	10	of	of	ADP
fbem-31288	206	11	stock	stock	NOUN
fbem-31288	206	12	price	price	NOUN
fbem-31288	206	13	volatility	volatility	NOUN
fbem-31288	206	14	under	under	ADP
fbem-31288	206	15	two	two	NUM
fbem-31288	206	16	calculation	calculation	NOUN
fbem-31288	206	17	methods	method	NOUN
fbem-31288	206	18	,	,	PUNCT
fbem-31288	206	19	which	which	PRON
fbem-31288	206	20	are	be	AUX
fbem-31288	206	21	used	use	VERB
fbem-31288	206	22	to	to	PART
fbem-31288	206	23	replace	replace	VERB
fbem-31288	206	24	the	the	DET
fbem-31288	206	25	two	two	NUM
fbem-31288	206	26	variables	variable	NOUN
fbem-31288	206	27	originally	originally	ADV
fbem-31288	206	28	used	use	VERB
fbem-31288	206	29	for	for	ADP
fbem-31288	206	30	the	the	DET
fbem-31288	206	31	risk	risk	NOUN
fbem-31288	206	32	of	of	ADP
fbem-31288	206	33	stock	stock	NOUN
fbem-31288	206	34	price	price	NOUN
fbem-31288	206	35	crash	crash	NOUN
fbem-31288	206	36	.	.	PUNCT
fbem-31288	207	1	in	in	ADP
fbem-31288	207	2	the	the	DET
fbem-31288	207	3	crt1	crt1	PROPN
fbem-31288	207	4	and	and	CCONJ
fbem-31288	207	5	crt2	crt2	PROPN
fbem-31288	207	6	models	model	NOUN
fbem-31288	207	7	,	,	PUNCT
fbem-31288	207	8	the	the	DET
fbem-31288	207	9	treatpost	treatpost	NOUN
fbem-31288	207	10	coefficients	coefficient	NOUN
fbem-31288	207	11	are	be	AUX
fbem-31288	207	12	-0.050	-0.050	PRON
fbem-31288	207	13	and	and	CCONJ
fbem-31288	207	14	-0.056	-0.056	NUM
fbem-31288	207	15	,	,	PUNCT
fbem-31288	207	16	respectively	respectively	ADV
fbem-31288	207	17	(	(	PUNCT
fbem-31288	207	18	significant	significant	ADJ
fbem-31288	207	19	at	at	ADP
fbem-31288	207	20	the	the	DET
fbem-31288	207	21	1	1	NUM
fbem-31288	207	22	%	%	NOUN
fbem-31288	207	23	level	level	NOUN
fbem-31288	207	24	)	)	PUNCT
fbem-31288	207	25	,	,	PUNCT
fbem-31288	207	26	and	and	CCONJ
fbem-31288	207	27	the	the	DET
fbem-31288	207	28	sign	sign	NOUN
fbem-31288	207	29	and	and	CCONJ
fbem-31288	207	30	significance	significance	NOUN
fbem-31288	207	31	are	be	AUX
fbem-31288	207	32	consistent	consistent	ADJ
fbem-31288	207	33	with	with	ADP
fbem-31288	207	34	the	the	DET
fbem-31288	207	35	original	original	ADJ
fbem-31288	207	36	model	model	NOUN
fbem-31288	207	37	.	.	PUNCT
fbem-31288	208	1	the	the	DET
fbem-31288	208	2	r²	r²	NOUN
fbem-31288	208	3	of	of	ADP
fbem-31288	208	4	the	the	DET
fbem-31288	208	5	crt1	crt1	PROPN
fbem-31288	208	6	and	and	CCONJ
fbem-31288	208	7	crt2	crt2	PROPN
fbem-31288	208	8	models	model	NOUN
fbem-31288	208	9	was	be	AUX
fbem-31288	208	10	0.664	0.664	NUM
fbem-31288	208	11	and	and	CCONJ
fbem-31288	208	12	0.580	0.580	NUM
fbem-31288	208	13	,	,	PUNCT
fbem-31288	208	14	respectively	respectively	ADV
fbem-31288	208	15	,	,	PUNCT
fbem-31288	208	16	indicating	indicate	VERB
fbem-31288	208	17	that	that	SCONJ
fbem-31288	208	18	the	the	DET
fbem-31288	208	19	alternative	alternative	ADJ
fbem-31288	208	20	dependent	dependent	ADJ
fbem-31288	208	21	variable	variable	NOUN
fbem-31288	208	22	(	(	PUNCT
fbem-31288	208	23	crt	crt	ADJ
fbem-31288	208	24	indicator	indicator	NOUN
fbem-31288	208	25	)	)	PUNCT
fbem-31288	208	26	was	be	AUX
fbem-31288	208	27	sensitive	sensitive	ADJ
fbem-31288	208	28	to	to	ADP
fbem-31288	208	29	the	the	DET
fbem-31288	208	30	explanatory	explanatory	ADJ
fbem-31288	208	31	variable	variable	NOUN
fbem-31288	208	32	,	,	PUNCT
fbem-31288	208	33	or	or	CCONJ
fbem-31288	208	34	that	that	SCONJ
fbem-31288	208	35	the	the	DET
fbem-31288	208	36	model	model	NOUN
fbem-31288	208	37	setting	set	VERB
fbem-31288	208	38	was	be	AUX
fbem-31288	208	39	in	in	ADP
fbem-31288	208	40	line	line	NOUN
fbem-31288	208	41	with	with	ADP
fbem-31288	208	42	the	the	DET
fbem-31288	208	43	volatility	volatility	NOUN
fbem-31288	208	44	characteristics	characteristic	NOUN
fbem-31288	208	45	.	.	PUNCT
fbem-31288	209	1	with	with	ADP
fbem-31288	209	2	a	a	DET
fbem-31288	209	3	sample	sample	NOUN
fbem-31288	209	4	size	size	NOUN
fbem-31288	209	5	of	of	ADP
fbem-31288	209	6	17,696	17,696	NUM
fbem-31288	209	7	observations	observation	NOUN
fbem-31288	209	8	,	,	PUNCT
fbem-31288	209	9	the	the	DET
fbem-31288	209	10	sample	sample	NOUN
fbem-31288	209	11	size	size	NOUN
fbem-31288	209	12	is	be	AUX
fbem-31288	209	13	sufficient	sufficient	ADJ
fbem-31288	209	14	and	and	CCONJ
fbem-31288	209	15	the	the	DET
fbem-31288	209	16	results	result	NOUN
fbem-31288	209	17	are	be	AUX
fbem-31288	209	18	reliable	reliable	ADJ
fbem-31288	209	19	.	.	PUNCT
fbem-31288	210	1	this	this	PRON
fbem-31288	210	2	shows	show	VERB
fbem-31288	210	3	that	that	SCONJ
fbem-31288	210	4	the	the	DET
fbem-31288	210	5	negative	negative	ADJ
fbem-31288	210	6	effects	effect	NOUN
fbem-31288	210	7	of	of	ADP
fbem-31288	210	8	the	the	DET
fbem-31288	210	9	core	core	ADJ
fbem-31288	210	10	variable	variable	ADJ
fbem-31288	210	11	treatpost	treatpost	NOUN
fbem-31288	210	12	are	be	AUX
fbem-31288	210	13	consistent	consistent	ADJ
fbem-31288	210	14	across	across	ADP
fbem-31288	210	15	different	different	ADJ
fbem-31288	210	16	dependent	dependent	ADJ
fbem-31288	210	17	variables	variable	NOUN
fbem-31288	210	18	,	,	PUNCT
fbem-31288	210	19	verifying	verify	VERB
fbem-31288	210	20	the	the	DET
fbem-31288	210	21	robustness	robustness	NOUN
fbem-31288	210	22	of	of	ADP
fbem-31288	210	23	the	the	DET
fbem-31288	210	24	original	original	ADJ
fbem-31288	210	25	study	study	NOUN
fbem-31288	210	26	.	.	PUNCT
fbem-31288	211	1	table	table	NOUN
fbem-31288	211	2	6	6	NUM
fbem-31288	211	3	.	.	PUNCT
fbem-31288	212	1	robustness	robustness	NOUN
fbem-31288	212	2	tests	test	NOUN
fbem-31288	212	3	:	:	PUNCT
fbem-31288	212	4	alternative	alternative	ADJ
fbem-31288	212	5	variables	variable	NOUN
fbem-31288	212	6	(	(	PUNCT
fbem-31288	212	7	1	1	NUM
fbem-31288	212	8	)	)	PUNCT
fbem-31288	212	9	(	(	PUNCT
fbem-31288	212	10	2	2	X
fbem-31288	212	11	)	)	PUNCT
fbem-31288	212	12	crt1	crt1	NOUN
fbem-31288	212	13	crt2	crt2	NOUN
fbem-31288	212	14	treatpost	treatpost	VERB
fbem-31288	212	15	0.050	0.050	NUM
fbem-31288	212	16	*	*	PUNCT
fbem-31288	213	1	*	*	PUNCT
fbem-31288	214	1	*	*	PUNCT
fbem-31288	215	1	0.056	0.056	NUM
fbem-31288	215	2	*	*	PUNCT
fbem-31288	215	3	*	*	PUNCT
fbem-31288	215	4	*	*	PUNCT
fbem-31288	215	5	(	(	PUNCT
fbem-31288	215	6	-3.694	-3.694	PROPN
fbem-31288	215	7	)	)	PUNCT
fbem-31288	215	8	(	(	PUNCT
fbem-31288	215	9	-3.125	-3.125	NOUN
fbem-31288	215	10	)	)	PUNCT
fbem-31288	215	11	yretwd	yretwd	NOUN
fbem-31288	215	12	0.211	0.211	NUM
fbem-31288	215	13	*	*	PUNCT
fbem-31288	216	1	*	*	PUNCT
fbem-31288	217	1	*	*	PUNCT
fbem-31288	217	2	0.277	0.277	NUM
fbem-31288	217	3	*	*	PUNCT
fbem-31288	218	1	*	*	PUNCT
fbem-31288	218	2	*	*	PUNCT
fbem-31288	218	3	(	(	PUNCT
fbem-31288	218	4	41.947	41.947	NUM
fbem-31288	218	5	)	)	PUNCT
fbem-31288	218	6	(	(	PUNCT
fbem-31288	218	7	38.862	38.862	NUM
fbem-31288	218	8	)	)	PUNCT
fbem-31288	218	9	tover	tover	NOUN
fbem-31288	218	10	0.126	0.126	NUM
fbem-31288	218	11	*	*	PUNCT
fbem-31288	219	1	*	*	PUNCT
fbem-31288	219	2	*	*	PUNCT
fbem-31288	219	3	0.132	0.132	NUM
fbem-31288	219	4	*	*	PUNCT
fbem-31288	220	1	*	*	PUNCT
fbem-31288	220	2	*	*	PUNCT
fbem-31288	220	3	(	(	PUNCT
fbem-31288	220	4	-30.708	-30.708	NUM
fbem-31288	220	5	)	)	PUNCT
fbem-31288	220	6	(	(	PUNCT
fbem-31288	220	7	-24.543	-24.543	PROPN
fbem-31288	220	8	)	)	PUNCT
fbem-31288	220	9	roa	roa	NOUN
fbem-31288	220	10	0.612	0.612	NUM
fbem-31288	220	11	*	*	PUNCT
fbem-31288	221	1	*	*	PUNCT
fbem-31288	222	1	*	*	PUNCT
fbem-31288	222	2	0.825	0.825	NUM
fbem-31288	223	1	*	*	PUNCT
fbem-31288	224	1	*	*	PUNCT
fbem-31288	224	2	*	*	PUNCT
fbem-31288	224	3	(	(	PUNCT
fbem-31288	224	4	-10.036	-10.036	PROPN
fbem-31288	224	5	)	)	PUNCT
fbem-31288	224	6	(	(	PUNCT
fbem-31288	224	7	-10.328	-10.328	X
fbem-31288	224	8	)	)	PUNCT
fbem-31288	224	9	ci	ci	NOUN
fbem-31288	224	10	0.000	0.000	NUM
fbem-31288	224	11	0.003	0.003	NUM
fbem-31288	224	12	(	(	PUNCT
fbem-31288	224	13	0.005	0.005	NUM
fbem-31288	224	14	)	)	PUNCT
fbem-31288	224	15	(	(	PUNCT
fbem-31288	224	16	0.894	0.894	NUM
fbem-31288	224	17	)	)	PUNCT
fbem-31288	224	18	lnnk	lnnk	NOUN
fbem-31288	224	19	0.156	0.156	NUM
fbem-31288	224	20	*	*	PUNCT
fbem-31288	225	1	*	*	PUNCT
fbem-31288	226	1	*	*	PUNCT
fbem-31288	226	2	0.182	0.182	NUM
fbem-31288	227	1	*	*	PUNCT
fbem-31288	228	1	*	*	PUNCT
fbem-31288	228	2	*	*	PUNCT
fbem-31288	228	3	(	(	PUNCT
fbem-31288	228	4	7.303	7.303	NUM
fbem-31288	228	5	)	)	PUNCT
fbem-31288	228	6	(	(	PUNCT
fbem-31288	228	7	6.659	6.659	NUM
fbem-31288	228	8	)	)	PUNCT
fbem-31288	228	9	gjtbx	gjtbx	NOUN
fbem-31288	228	10	0.163	0.163	NUM
fbem-31288	228	11	*	*	PUNCT
fbem-31288	229	1	*	*	PUNCT
fbem-31288	229	2	*	*	PUNCT
fbem-31288	229	3	0.235	0.235	NUM
fbem-31288	229	4	*	*	PUNCT
fbem-31288	229	5	*	*	PUNCT
fbem-31288	229	6	*	*	PUNCT
fbem-31288	229	7	(	(	PUNCT
fbem-31288	229	8	-13.708	-13.708	PROPN
fbem-31288	229	9	)	)	PUNCT
fbem-31288	229	10	(	(	PUNCT
fbem-31288	229	11	-14.460	-14.460	PRON
fbem-31288	229	12	)	)	PUNCT
fbem-31288	230	1	_	_	NOUN
fbem-31288	230	2	cons	con	VERB
fbem-31288	230	3	4.981	4.981	NUM
fbem-31288	230	4	*	*	PUNCT
fbem-31288	231	1	*	*	PUNCT
fbem-31288	231	2	*	*	PUNCT
fbem-31288	231	3	4.392	4.392	NUM
fbem-31288	231	4	*	*	PUNCT
fbem-31288	232	1	*	*	PUNCT
fbem-31288	232	2	*	*	PUNCT
fbem-31288	232	3	(	(	PUNCT
fbem-31288	232	4	-35.475	-35.475	PROPN
fbem-31288	232	5	)	)	PUNCT
fbem-31288	232	6	(	(	PUNCT
fbem-31288	232	7	-24.453	-24.453	INTJ
fbem-31288	232	8	)	)	PUNCT
fbem-31288	232	9	n	n	CCONJ
fbem-31288	232	10	17696	17696	NUM
fbem-31288	232	11	17696	17696	NUM
fbem-31288	232	12	r2	r2	PROPN
fbem-31288	232	13	0.664	0.664	NUM
fbem-31288	232	14	0.580	0.580	NUM
fbem-31288	232	15	5	5	NUM
fbem-31288	232	16	.	.	PUNCT
fbem-31288	233	1	research	research	NOUN
fbem-31288	233	2	conclusions	conclusion	NOUN
fbem-31288	233	3	and	and	CCONJ
fbem-31288	233	4	policy	policy	NOUN
fbem-31288	233	5	recommendations	recommendation	NOUN
fbem-31288	233	6	this	this	DET
fbem-31288	233	7	paper	paper	NOUN
fbem-31288	233	8	uses	use	VERB
fbem-31288	233	9	data	datum	NOUN
fbem-31288	233	10	from	from	ADP
fbem-31288	233	11	shanghai	shanghai	PROPN
fbem-31288	233	12	and	and	CCONJ
fbem-31288	233	13	shenzhen	shenzhen	PROPN
fbem-31288	233	14	listed	list	VERB
fbem-31288	233	15	ashares	ashare	NOUN
fbem-31288	233	16	from	from	ADP
fbem-31288	233	17	2010	2010	NUM
fbem-31288	233	18	to	to	ADP
fbem-31288	233	19	2021	2021	NUM
fbem-31288	233	20	.	.	PUNCT
fbem-31288	234	1	by	by	ADP
fbem-31288	234	2	building	build	VERB
fbem-31288	234	3	a	a	DET
fbem-31288	234	4	difference	difference	NOUN
fbem-31288	234	5	model	model	NOUN
fbem-31288	234	6	within	within	ADP
fbem-31288	234	7	differences	difference	NOUN
fbem-31288	234	8	,	,	PUNCT
fbem-31288	234	9	focus	focus	VERB
fbem-31288	234	10	on	on	ADP
fbem-31288	234	11	the	the	DET
fbem-31288	234	12	impact	impact	NOUN
fbem-31288	234	13	of	of	ADP
fbem-31288	234	14	short	short	ADJ
fbem-31288	234	15	selling	selling	NOUN
fbem-31288	234	16	mechanisms	mechanism	NOUN
fbem-31288	234	17	on	on	ADP
fbem-31288	234	18	the	the	DET
fbem-31288	234	19	risk	risk	NOUN
fbem-31288	234	20	of	of	ADP
fbem-31288	234	21	stock	stock	NOUN
fbem-31288	234	22	price	price	NOUN
fbem-31288	234	23	collapse	collapse	NOUN
fbem-31288	234	24	.	.	PUNCT
fbem-31288	235	1	by	by	ADP
fbem-31288	235	2	introducing	introduce	VERB
fbem-31288	235	3	the	the	DET
fbem-31288	235	4	moderating	moderate	VERB
fbem-31288	235	5	effects	effect	NOUN
fbem-31288	235	6	of	of	ADP
fbem-31288	235	7	market	market	NOUN
fbem-31288	235	8	environment	environment	NOUN
fbem-31288	235	9	(	(	PUNCT
fbem-31288	235	10	stock	stock	NOUN
fbem-31288	235	11	liquidity	liquidity	NOUN
fbem-31288	235	12	,	,	PUNCT
fbem-31288	235	13	quality	quality	NOUN
fbem-31288	235	14	of	of	ADP
fbem-31288	235	15	information	information	NOUN
fbem-31288	235	16	disclosure	disclosure	NOUN
fbem-31288	235	17	)	)	PUNCT
fbem-31288	235	18	and	and	CCONJ
fbem-31288	235	19	investor	investor	NOUN
fbem-31288	235	20	behavior	behavior	NOUN
fbem-31288	235	21	,	,	PUNCT
fbem-31288	235	22	it	it	PRON
fbem-31288	235	23	systematically	systematically	ADV
fbem-31288	235	24	explores	explore	VERB
fbem-31288	235	25	the	the	DET
fbem-31288	235	26	path	path	NOUN
fbem-31288	235	27	of	of	ADP
fbem-31288	235	28	action	action	NOUN
fbem-31288	235	29	of	of	ADP
fbem-31288	235	30	short	short	ADJ
fbem-31288	235	31	selling	selling	NOUN
fbem-31288	235	32	mechanism	mechanism	NOUN
fbem-31288	235	33	and	and	CCONJ
fbem-31288	235	34	concludes	conclude	VERB
fbem-31288	235	35	:	:	PUNCT
fbem-31288	236	1	1	1	X
fbem-31288	236	2	.	.	PUNCT
fbem-31288	236	3	the	the	DET
fbem-31288	236	4	analysis	analysis	NOUN
fbem-31288	236	5	corroborates	corroborate	VERB
fbem-31288	236	6	that	that	SCONJ
fbem-31288	236	7	short	short	ADJ
fbem-31288	236	8	selling	selling	NOUN
fbem-31288	236	9	acts	act	VERB
fbem-31288	236	10	as	as	ADP
fbem-31288	236	11	a	a	DET
fbem-31288	236	12	stabilizing	stabilizing	NOUN
fbem-31288	236	13	force	force	NOUN
fbem-31288	236	14	,	,	PUNCT
fbem-31288	236	15	curbing	curb	VERB
fbem-31288	236	16	the	the	DET
fbem-31288	236	17	likelihood	likelihood	NOUN
fbem-31288	236	18	of	of	ADP
fbem-31288	236	19	severe	severe	ADJ
fbem-31288	236	20	price	price	NOUN
fbem-31288	236	21	collapses	collapse	NOUN
fbem-31288	236	22	.	.	PUNCT
fbem-31288	237	1	2	2	X
fbem-31288	237	2	.	.	X
fbem-31288	237	3	there	there	PRON
fbem-31288	237	4	are	be	VERB
fbem-31288	237	5	significant	significant	ADJ
fbem-31288	237	6	differences	difference	NOUN
fbem-31288	237	7	in	in	ADP
fbem-31288	237	8	the	the	DET
fbem-31288	237	9	effectiveness	effectiveness	NOUN
fbem-31288	237	10	of	of	ADP
fbem-31288	237	11	short	short	ADJ
fbem-31288	237	12	selling	sell	VERB
fbem-31288	237	13	mechanisms	mechanism	NOUN
fbem-31288	237	14	:	:	PUNCT
fbem-31288	237	15	companies	company	NOUN
fbem-31288	237	16	with	with	ADP
fbem-31288	237	17	low	low	ADJ
fbem-31288	237	18	stock	stock	NOUN
fbem-31288	237	19	liquidity	liquidity	NOUN
fbem-31288	237	20	have	have	VERB
fbem-31288	237	21	a	a	DET
fbem-31288	237	22	more	more	ADV
fbem-31288	237	23	prominent	prominent	ADJ
fbem-31288	237	24	effect	effect	NOUN
fbem-31288	237	25	in	in	ADP
fbem-31288	237	26	mitigating	mitigate	VERB
fbem-31288	237	27	the	the	DET
fbem-31288	237	28	risk	risk	NOUN
fbem-31288	237	29	of	of	ADP
fbem-31288	237	30	stock	stock	NOUN
fbem-31288	237	31	price	price	NOUN
fbem-31288	237	32	crashes	crash	NOUN
fbem-31288	237	33	;	;	PUNCT
fbem-31288	237	34	companies	company	NOUN
fbem-31288	237	35	with	with	ADP
fbem-31288	237	36	lower	low	ADJ
fbem-31288	237	37	quality	quality	NOUN
fbem-31288	237	38	of	of	ADP
fbem-31288	237	39	information	information	NOUN
fbem-31288	237	40	disclosure	disclosure	NOUN
fbem-31288	237	41	benefited	benefit	VERB
fbem-31288	237	42	more	more	ADV
fbem-31288	237	43	significantly	significantly	ADV
fbem-31288	237	44	from	from	ADP
fbem-31288	237	45	the	the	DET
fbem-31288	237	46	short	short	ADJ
fbem-31288	237	47	selling	selling	NOUN
fbem-31288	237	48	mechanism	mechanism	NOUN
fbem-31288	237	49	,	,	PUNCT
fbem-31288	237	50	the	the	DET
fbem-31288	237	51	risk	risk	NOUN
fbem-31288	237	52	of	of	ADP
fbem-31288	237	53	stock	stock	NOUN
fbem-31288	237	54	price	price	NOUN
fbem-31288	237	55	collapse	collapse	NOUN
fbem-31288	237	56	has	have	AUX
fbem-31288	237	57	been	be	AUX
fbem-31288	237	58	significantly	significantly	ADV
fbem-31288	237	59	reduced	reduce	VERB
fbem-31288	237	60	.	.	PUNCT
fbem-31288	238	1	this	this	DET
fbem-31288	238	2	paper	paper	NOUN
fbem-31288	238	3	advocates	advocate	VERB
fbem-31288	238	4	for	for	ADP
fbem-31288	238	5	several	several	ADJ
fbem-31288	238	6	recommendations	recommendation	NOUN
fbem-31288	238	7	in	in	ADP
fbem-31288	238	8	light	light	NOUN
fbem-31288	238	9	of	of	ADP
fbem-31288	238	10	the	the	DET
fbem-31288	238	11	current	current	ADJ
fbem-31288	238	12	state	state	NOUN
fbem-31288	238	13	of	of	ADP
fbem-31288	238	14	china	china	PROPN
fbem-31288	238	15	's	's	PART
fbem-31288	238	16	capital	capital	NOUN
fbem-31288	238	17	market	market	NOUN
fbem-31288	238	18	development	development	NOUN
fbem-31288	238	19	.	.	PUNCT
fbem-31288	239	1	firstly	firstly	ADV
fbem-31288	239	2	,	,	PUNCT
fbem-31288	239	3	regulators	regulator	NOUN
fbem-31288	239	4	should	should	AUX
fbem-31288	239	5	recognize	recognize	VERB
fbem-31288	239	6	the	the	DET
fbem-31288	239	7	stabilizing	stabilize	VERB
fbem-31288	239	8	effect	effect	NOUN
fbem-31288	239	9	of	of	ADP
fbem-31288	239	10	short	short	ADJ
fbem-31288	239	11	selling	selling	NOUN
fbem-31288	239	12	in	in	ADP
fbem-31288	239	13	preventing	prevent	VERB
fbem-31288	239	14	severe	severe	ADJ
fbem-31288	239	15	price	price	NOUN
fbem-31288	239	16	collapses	collapse	NOUN
fbem-31288	239	17	.	.	PUNCT
fbem-31288	240	1	secondly	secondly	ADV
fbem-31288	240	2	,	,	PUNCT
fbem-31288	240	3	listed	list	VERB
fbem-31288	240	4	companies	company	NOUN
fbem-31288	240	5	should	should	AUX
fbem-31288	240	6	focus	focus	VERB
fbem-31288	240	7	on	on	ADP
fbem-31288	240	8	enhancing	enhance	VERB
fbem-31288	240	9	their	their	PRON
fbem-31288	240	10	information	information	NOUN
fbem-31288	240	11	disclosure	disclosure	NOUN
fbem-31288	240	12	systems	system	NOUN
fbem-31288	240	13	and	and	CCONJ
fbem-31288	240	14	implementing	implement	VERB
fbem-31288	240	15	external	external	ADJ
fbem-31288	240	16	supervision	supervision	NOUN
fbem-31288	240	17	mechanisms	mechanism	NOUN
fbem-31288	240	18	.	.	PUNCT
fbem-31288	241	1	thirdly	thirdly	ADV
fbem-31288	241	2	,	,	PUNCT
fbem-31288	241	3	there	there	PRON
fbem-31288	241	4	is	be	VERB
fbem-31288	241	5	a	a	DET
fbem-31288	241	6	need	need	NOUN
fbem-31288	241	7	to	to	PART
fbem-31288	241	8	improve	improve	VERB
fbem-31288	241	9	the	the	DET
fbem-31288	241	10	quality	quality	NOUN
fbem-31288	241	11	of	of	ADP
fbem-31288	241	12	information	information	NOUN
fbem-31288	241	13	disclosure	disclosure	NOUN
fbem-31288	241	14	and	and	CCONJ
fbem-31288	241	15	increase	increase	VERB
fbem-31288	241	16	the	the	DET
fbem-31288	241	17	content	content	NOUN
fbem-31288	241	18	of	of	ADP
fbem-31288	241	19	stock	stock	NOUN
fbem-31288	241	20	price	price	NOUN
fbem-31288	241	21	information	information	NOUN
fbem-31288	241	22	.	.	PUNCT
fbem-31288	242	1	lastly	lastly	ADV
fbem-31288	242	2	,	,	PUNCT
fbem-31288	242	3	investors	investor	NOUN
fbem-31288	242	4	should	should	AUX
fbem-31288	242	5	prioritize	prioritize	VERB
fbem-31288	242	6	gaining	gain	VERB
fbem-31288	242	7	market	market	NOUN
fbem-31288	242	8	expertise	expertise	NOUN
fbem-31288	242	9	,	,	PUNCT
fbem-31288	242	10	approach	approach	NOUN
fbem-31288	242	11	short	short	ADJ
fbem-31288	242	12	selling	selling	NOUN
fbem-31288	242	13	judiciously	judiciously	ADV
fbem-31288	242	14	,	,	PUNCT
fbem-31288	242	15	and	and	CCONJ
fbem-31288	242	16	utilize	utilize	VERB
fbem-31288	242	17	it	it	PRON
fbem-31288	242	18	effectively	effectively	ADV
fbem-31288	242	19	.	.	PUNCT
fbem-31288	243	1	by	by	ADP
fbem-31288	243	2	addressing	address	VERB
fbem-31288	243	3	these	these	DET
fbem-31288	243	4	recommendations	recommendation	NOUN
fbem-31288	243	5	from	from	ADP
fbem-31288	243	6	the	the	DET
fbem-31288	243	7	perspectives	perspective	NOUN
fbem-31288	243	8	of	of	ADP
fbem-31288	243	9	regulators	regulator	NOUN
fbem-31288	243	10	,	,	PUNCT
fbem-31288	243	11	listed	list	VERB
fbem-31288	243	12	companies	company	NOUN
fbem-31288	243	13	,	,	PUNCT
fbem-31288	243	14	and	and	CCONJ
fbem-31288	243	15	investors	investor	NOUN
fbem-31288	243	16	,	,	PUNCT
fbem-31288	243	17	china	china	PROPN
fbem-31288	243	18	's	's	PART
fbem-31288	243	19	capital	capital	NOUN
fbem-31288	243	20	market	market	NOUN
fbem-31288	243	21	can	can	AUX
fbem-31288	243	22	advance	advance	VERB
fbem-31288	243	23	towards	towards	ADP
fbem-31288	243	24	a	a	DET
fbem-31288	243	25	more	more	ADV
fbem-31288	243	26	41	41	NUM
fbem-31288	243	27	stable	stable	ADJ
fbem-31288	243	28	and	and	CCONJ
fbem-31288	243	29	efficient	efficient	ADJ
fbem-31288	243	30	future	future	NOUN
fbem-31288	243	31	.	.	PUNCT
fbem-31288	244	1	references	reference	NOUN
fbem-31288	244	2	[	[	X
fbem-31288	244	3	1	1	NUM
fbem-31288	244	4	]	]	X
fbem-31288	244	5	callen	callen	PROPN
fbem-31288	244	6	,	,	PUNCT
fbem-31288	244	7	j.	j.	PROPN
fbem-31288	244	8	l.	l.	PROPN
fbem-31288	244	9	,	,	PUNCT
fbem-31288	244	10	&	&	CCONJ
fbem-31288	244	11	fang	fang	PROPN
fbem-31288	244	12	,	,	PUNCT
fbem-31288	244	13	x.	x.	NOUN
fbem-31288	244	14	(	(	PUNCT
fbem-31288	244	15	2015	2015	NUM
fbem-31288	244	16	)	)	PUNCT
fbem-31288	244	17	.	.	PUNCT
fbem-31288	245	1	short	short	ADJ
fbem-31288	245	2	interest	interest	NOUN
fbem-31288	245	3	and	and	CCONJ
fbem-31288	245	4	stock	stock	NOUN
fbem-31288	245	5	price	price	NOUN
fbem-31288	245	6	crash	crash	NOUN
fbem-31288	245	7	risk	risk	NOUN
fbem-31288	245	8	.	.	PUNCT
fbem-31288	246	1	journal	journal	NOUN
fbem-31288	246	2	of	of	ADP
fbem-31288	246	3	banking	banking	NOUN
fbem-31288	246	4	&	&	CCONJ
fbem-31288	246	5	finance	finance	PROPN
fbem-31288	246	6	,	,	PUNCT
fbem-31288	246	7	60	60	NUM
fbem-31288	246	8	,	,	PUNCT
fbem-31288	246	9	181	181	NUM
fbem-31288	246	10	-	-	SYM
fbem-31288	246	11	194	194	NUM
fbem-31288	246	12	.	.	PUNCT
fbem-31288	247	1	[	[	X
fbem-31288	247	2	2	2	NUM
fbem-31288	247	3	]	]	PUNCT
fbem-31288	247	4	lin	lin	PROPN
fbem-31288	247	5	yongjian	yongjian	PROPN
fbem-31288	247	6	,	,	PUNCT
fbem-31288	247	7	cao	cao	PROPN
fbem-31288	247	8	guohua	guohua	PROPN
fbem-31288	247	9	,	,	PUNCT
fbem-31288	247	10	shen	shen	PROPN
fbem-31288	247	11	huayu	huayu	PROPN
fbem-31288	247	12	.	.	PUNCT
fbem-31288	248	1	(	(	PUNCT
fbem-31288	248	2	2018	2018	NUM
fbem-31288	248	3	)	)	PUNCT
fbem-31288	248	4	stock	stock	NOUN
fbem-31288	248	5	liquidity	liquidity	NOUN
fbem-31288	248	6	and	and	CCONJ
fbem-31288	248	7	stock	stock	NOUN
fbem-31288	248	8	crash	crash	NOUN
fbem-31288	248	9	risk	risk	NOUN
fbem-31288	248	10	:	:	PUNCT
fbem-31288	248	11	a	a	DET
fbem-31288	248	12	perspective	perspective	NOUN
fbem-31288	248	13	on	on	ADP
fbem-31288	248	14	corporate	corporate	ADJ
fbem-31288	248	15	governance	governance	NOUN
fbem-31288	248	16	and	and	CCONJ
fbem-31288	248	17	short	short	ADJ
fbem-31288	248	18	-	-	PUNCT
fbem-31288	248	19	term	term	NOUN
fbem-31288	248	20	behavior	behavior	NOUN
fbem-31288	248	21	.	.	PUNCT
fbem-31288	249	1	journal	journal	PROPN
fbem-31288	249	2	of	of	ADP
fbem-31288	249	3	chongqing	chongqing	PROPN
fbem-31288	249	4	university	university	PROPN
fbem-31288	249	5	(	(	PUNCT
fbem-31288	249	6	social	social	ADJ
fbem-31288	249	7	science	science	NOUN
fbem-31288	249	8	edition	edition	PROPN
fbem-31288	249	9	)	)	PUNCT
fbem-31288	249	10	,	,	PUNCT
fbem-31288	249	11	24(02):47	24(02):47	NUM
fbem-31288	249	12	-	-	SYM
fbem-31288	249	13	65	65	NUM
fbem-31288	249	14	.	.	PUNCT
fbem-31288	250	1	[	[	X
fbem-31288	250	2	3	3	X
fbem-31288	250	3	]	]	X
fbem-31288	250	4	chen	chen	PROPN
fbem-31288	250	5	rong	rong	PROPN
fbem-31288	250	6	,	,	PUNCT
fbem-31288	250	7	wu	wu	PROPN
fbem-31288	250	8	yuxiang	yuxiang	PROPN
fbem-31288	250	9	.	.	PUNCT
fbem-31288	251	1	(	(	PUNCT
fbem-31288	251	2	2019	2019	NUM
fbem-31288	251	3	)	)	PUNCT
fbem-31288	251	4	liquidity	liquidity	NOUN
fbem-31288	251	5	and	and	CCONJ
fbem-31288	251	6	crash	crash	NOUN
fbem-31288	251	7	risk	risk	NOUN
fbem-31288	251	8	:	:	PUNCT
fbem-31288	251	9	a	a	DET
fbem-31288	251	10	study	study	NOUN
fbem-31288	251	11	based	base	VERB
fbem-31288	251	12	on	on	ADP
fbem-31288	251	13	china	china	PROPN
fbem-31288	251	14	's	's	PART
fbem-31288	251	15	a	a	DET
fbem-31288	251	16	-	-	PUNCT
fbem-31288	251	17	share	share	NOUN
fbem-31288	251	18	market	market	NOUN
fbem-31288	251	19	.	.	PUNCT
fbem-31288	252	1	management	management	NOUN
fbem-31288	252	2	science	science	NOUN
fbem-31288	252	3	,	,	PUNCT
fbem-31288	252	4	32(05):129	32(05):129	NUM
fbem-31288	252	5	-	-	SYM
fbem-31288	252	6	138	138	NUM
fbem-31288	252	7	.	.	PUNCT
fbem-31288	253	1	[	[	X
fbem-31288	253	2	4	4	NUM
fbem-31288	253	3	]	]	PUNCT
fbem-31288	253	4	xu	xu	PROPN
fbem-31288	253	5	fei	fei	PROPN
fbem-31288	253	6	.	.	PUNCT
fbem-31288	254	1	(	(	PUNCT
fbem-31288	254	2	2021	2021	NUM
fbem-31288	254	3	)	)	PUNCT
fbem-31288	254	4	deregulation	deregulation	NOUN
fbem-31288	254	5	of	of	ADP
fbem-31288	254	6	short	short	ADJ
fbem-31288	254	7	selling	selling	NOUN
fbem-31288	254	8	,	,	PUNCT
fbem-31288	254	9	analyst	analyst	NOUN
fbem-31288	254	10	ratings	rating	NOUN
fbem-31288	254	11	and	and	CCONJ
fbem-31288	254	12	stock	stock	NOUN
fbem-31288	254	13	price	price	NOUN
fbem-31288	254	14	crash	crash	NOUN
fbem-31288	254	15	risk	risk	NOUN
fbem-31288	254	16	:	:	PUNCT
fbem-31288	254	17	a	a	DET
fbem-31288	254	18	mechanism	mechanism	NOUN
fbem-31288	254	19	test	test	NOUN
fbem-31288	254	20	based	base	VERB
fbem-31288	254	21	on	on	ADP
fbem-31288	254	22	institutional	institutional	ADJ
fbem-31288	254	23	holdings	holding	NOUN
fbem-31288	254	24	and	and	CCONJ
fbem-31288	254	25	premium	premium	NOUN
fbem-31288	254	26	mergers	merger	NOUN
fbem-31288	254	27	and	and	CCONJ
fbem-31288	254	28	acquisitions	acquisition	NOUN
fbem-31288	254	29	.	.	PUNCT
fbem-31288	255	1	journal	journal	NOUN
fbem-31288	255	2	of	of	ADP
fbem-31288	255	3	anhui	anhui	PROPN
fbem-31288	255	4	normal	normal	PROPN
fbem-31288	255	5	university	university	PROPN
fbem-31288	255	6	(	(	PUNCT
fbem-31288	255	7	humanities	humanity	NOUN
fbem-31288	255	8	and	and	CCONJ
fbem-31288	255	9	social	social	ADJ
fbem-31288	255	10	science	science	NOUN
fbem-31288	255	11	edition	edition	PROPN
fbem-31288	255	12	)	)	PUNCT
fbem-31288	255	13	,	,	PUNCT
fbem-31288	255	14	49	49	NUM
fbem-31288	255	15	(	(	PUNCT
fbem-31288	255	16	4	4	NUM
fbem-31288	255	17	):	):	PUNCT
fbem-31288	255	18	106	106	NUM
fbem-31288	255	19	-	-	SYM
fbem-31288	255	20	121	121	NUM
fbem-31288	255	21	.	.	PUNCT
fbem-31288	256	1	[	[	X
fbem-31288	256	2	5	5	X
fbem-31288	256	3	]	]	PUNCT
fbem-31288	256	4	meng	meng	PROPN
fbem-31288	256	5	qingbin	qingbin	PROPN
fbem-31288	256	6	,	,	PUNCT
fbem-31288	256	7	hou	hou	PROPN
fbem-31288	256	8	deshuai	deshuai	PROPN
fbem-31288	256	9	,	,	PUNCT
fbem-31288	256	10	wang	wang	PROPN
fbem-31288	256	11	shuye	shuye	PROPN
fbem-31288	256	12	.	.	PUNCT
fbem-31288	257	1	(	(	PUNCT
fbem-31288	257	2	2018	2018	NUM
fbem-31288	257	3	)	)	PUNCT
fbem-31288	257	4	short	short	ADJ
fbem-31288	257	5	selling	selling	NOUN
fbem-31288	257	6	and	and	CCONJ
fbem-31288	257	7	stock	stock	NOUN
fbem-31288	257	8	price	price	NOUN
fbem-31288	257	9	crash	crash	NOUN
fbem-31288	257	10	risk	risk	NOUN
fbem-31288	257	11	empirical	empirical	ADJ
fbem-31288	257	12	evidence	evidence	NOUN
fbem-31288	257	13	based	base	VERB
fbem-31288	257	14	on	on	ADP
fbem-31288	257	15	the	the	DET
fbem-31288	257	16	chinese	chinese	ADJ
fbem-31288	257	17	stock	stock	NOUN
fbem-31288	257	18	market	market	NOUN
fbem-31288	257	19	.	.	PUNCT
fbem-31288	258	1	management	management	NOUN
fbem-31288	258	2	world	world	NOUN
fbem-31288	258	3	,	,	PUNCT
fbem-31288	258	4	(	(	PUNCT
fbem-31288	258	5	04	04	NUM
fbem-31288	258	6	):	):	PUNCT
fbem-31288	258	7	40	40	NUM
fbem-31288	258	8	-	-	SYM
fbem-31288	258	9	54	54	NUM
fbem-31288	258	10	.	.	PUNCT
fbem-31288	259	1	[	[	X
fbem-31288	259	2	6	6	NUM
fbem-31288	259	3	]	]	X
fbem-31288	259	4	chu	chu	PROPN
fbem-31288	259	5	jian	jian	PROPN
fbem-31288	259	6	,	,	PUNCT
fbem-31288	259	7	fang	fang	PROPN
fbem-31288	259	8	junxiong	junxiong	PROPN
fbem-31288	259	9	.	.	PUNCT
fbem-31288	260	1	(	(	PUNCT
fbem-31288	260	2	2016	2016	NUM
fbem-31288	260	3	)	)	PUNCT
fbem-31288	260	4	the	the	DET
fbem-31288	260	5	arrangement	arrangement	NOUN
fbem-31288	260	6	of	of	ADP
fbem-31288	260	7	china	china	PROPN
fbem-31288	260	8	's	's	PART
fbem-31288	260	9	margin	margin	NOUN
fbem-31288	260	10	trading	trading	NOUN
fbem-31288	260	11	system	system	NOUN
fbem-31288	260	12	and	and	CCONJ
fbem-31288	260	13	the	the	DET
fbem-31288	260	14	deterioration	deterioration	NOUN
fbem-31288	260	15	of	of	ADP
fbem-31288	260	16	stock	stock	NOUN
fbem-31288	260	17	price	price	NOUN
fbem-31288	260	18	crash	crash	NOUN
fbem-31288	260	19	risk	risk	NOUN
fbem-31288	260	20	.	.	PUNCT
fbem-31288	261	1	economic	economic	ADJ
fbem-31288	261	2	research	research	NOUN
fbem-31288	261	3	journal	journal	NOUN
fbem-31288	261	4	,	,	PUNCT
fbem-31288	261	5	51(05	51(05	NUM
fbem-31288	261	6	):	):	PUNCT
fbem-31288	261	7	143	143	NUM
fbem-31288	261	8	-	-	SYM
fbem-31288	261	9	158	158	NUM
fbem-31288	261	10	.	.	PUNCT
fbem-31288	262	1	[	[	X
fbem-31288	262	2	7	7	NUM
fbem-31288	262	3	]	]	SYM
fbem-31288	262	4	allen	allen	PROPN
fbem-31288	262	5	,	,	PUNCT
fbem-31288	262	6	f.	f.	PROPN
fbem-31288	262	7	,	,	PUNCT
fbem-31288	262	8	&	&	CCONJ
fbem-31288	262	9	gale	gale	PROPN
fbem-31288	262	10	,	,	PUNCT
fbem-31288	262	11	d.	d.	PROPN
fbem-31288	262	12	(	(	PUNCT
fbem-31288	262	13	1991	1991	NUM
fbem-31288	262	14	)	)	PUNCT
fbem-31288	262	15	.	.	PUNCT
fbem-31288	263	1	arbitrage	arbitrage	NOUN
fbem-31288	263	2	,	,	PUNCT
fbem-31288	263	3	short	short	ADJ
fbem-31288	263	4	sales	sale	NOUN
fbem-31288	263	5	,	,	PUNCT
fbem-31288	263	6	and	and	CCONJ
fbem-31288	263	7	financial	financial	ADJ
fbem-31288	263	8	innovation	innovation	NOUN
fbem-31288	263	9	.	.	PUNCT
fbem-31288	264	1	econometrica	econometrica	PROPN
fbem-31288	264	2	:	:	PUNCT
fbem-31288	264	3	journal	journal	NOUN
fbem-31288	264	4	of	of	ADP
fbem-31288	264	5	the	the	DET
fbem-31288	264	6	econometric	econometric	ADJ
fbem-31288	264	7	society	society	NOUN
fbem-31288	264	8	,	,	PUNCT
fbem-31288	264	9	1041	1041	NUM
fbem-31288	264	10	-	-	SYM
fbem-31288	264	11	1068	1068	NUM
fbem-31288	264	12	.	.	PUNCT
fbem-31288	265	1	[	[	X
fbem-31288	265	2	8	8	NUM
fbem-31288	265	3	]	]	X
fbem-31288	265	4	diamond	diamond	NOUN
fbem-31288	265	5	,	,	PUNCT
fbem-31288	265	6	d.	d.	PROPN
fbem-31288	265	7	w.	w.	PROPN
fbem-31288	265	8	,	,	PUNCT
fbem-31288	265	9	&	&	CCONJ
fbem-31288	265	10	verrecchia	verrecchia	PROPN
fbem-31288	265	11	,	,	PUNCT
fbem-31288	265	12	r.	r.	PROPN
fbem-31288	265	13	e.	e.	PROPN
fbem-31288	265	14	(	(	PUNCT
fbem-31288	265	15	1987	1987	NUM
fbem-31288	265	16	)	)	PUNCT
fbem-31288	265	17	.	.	PUNCT
fbem-31288	266	1	constraints	constraint	NOUN
fbem-31288	266	2	on	on	ADP
fbem-31288	266	3	short	short	ADJ
fbem-31288	266	4	-	-	PUNCT
fbem-31288	266	5	selling	sell	VERB
fbem-31288	266	6	and	and	CCONJ
fbem-31288	266	7	asset	asset	NOUN
fbem-31288	266	8	price	price	NOUN
fbem-31288	266	9	adjustment	adjustment	NOUN
fbem-31288	266	10	to	to	ADP
fbem-31288	266	11	private	private	ADJ
fbem-31288	266	12	information	information	NOUN
fbem-31288	266	13	.	.	PUNCT
fbem-31288	267	1	journal	journal	NOUN
fbem-31288	267	2	of	of	ADP
fbem-31288	267	3	financial	financial	ADJ
fbem-31288	267	4	economics	economic	NOUN
fbem-31288	267	5	,	,	PUNCT
fbem-31288	267	6	18(2	18(2	NUM
fbem-31288	267	7	)	)	PUNCT
fbem-31288	267	8	,	,	PUNCT
fbem-31288	267	9	277	277	NUM
fbem-31288	267	10	-	-	SYM
fbem-31288	267	11	311	311	NUM
fbem-31288	267	12	.	.	PUNCT
fbem-31288	268	1	[	[	X
fbem-31288	268	2	9	9	NUM
fbem-31288	268	3	]	]	X
fbem-31288	268	4	chang	chang	PROPN
fbem-31288	268	5	,	,	PUNCT
fbem-31288	268	6	e.	e.	PROPN
fbem-31288	268	7	c.	c.	PROPN
fbem-31288	268	8	,	,	PUNCT
fbem-31288	268	9	cheng	cheng	PROPN
fbem-31288	268	10	,	,	PUNCT
fbem-31288	268	11	j.	j.	PROPN
fbem-31288	268	12	w.	w.	PROPN
fbem-31288	268	13	,	,	PUNCT
fbem-31288	268	14	&	&	CCONJ
fbem-31288	268	15	yu	yu	PROPN
fbem-31288	268	16	,	,	PUNCT
fbem-31288	268	17	y.	y.	PROPN
fbem-31288	268	18	(	(	PUNCT
fbem-31288	268	19	2007	2007	NUM
fbem-31288	268	20	)	)	PUNCT
fbem-31288	268	21	.	.	PUNCT
fbem-31288	269	1	short‐sales	short‐sale	NOUN
fbem-31288	269	2	constraints	constraint	NOUN
fbem-31288	269	3	and	and	CCONJ
fbem-31288	269	4	price	price	NOUN
fbem-31288	269	5	discovery	discovery	NOUN
fbem-31288	269	6	:	:	PUNCT
fbem-31288	269	7	evidence	evidence	NOUN
fbem-31288	269	8	from	from	ADP
fbem-31288	269	9	the	the	DET
fbem-31288	269	10	hong	hong	PROPN
fbem-31288	269	11	kong	kong	PROPN
fbem-31288	269	12	market	market	NOUN
fbem-31288	269	13	.	.	PUNCT
fbem-31288	270	1	the	the	DET
fbem-31288	270	2	journal	journal	PROPN
fbem-31288	270	3	of	of	ADP
fbem-31288	270	4	finance	finance	NOUN
fbem-31288	270	5	,	,	PUNCT
fbem-31288	270	6	62(5	62(5	NOUN
fbem-31288	270	7	)	)	PUNCT
fbem-31288	270	8	,	,	PUNCT
fbem-31288	270	9	2097	2097	NUM
fbem-31288	270	10	-	-	SYM
fbem-31288	270	11	2121	2121	NUM
fbem-31288	270	12	.	.	PUNCT
fbem-31288	271	1	[	[	X
fbem-31288	271	2	10	10	NUM
fbem-31288	271	3	]	]	PUNCT
fbem-31288	271	4	tang	tang	NOUN
fbem-31288	271	5	song	song	NOUN
fbem-31288	271	6	,	,	PUNCT
fbem-31288	271	7	wu	wu	PROPN
fbem-31288	271	8	qiujun	qiujun	PROPN
fbem-31288	271	9	,	,	PUNCT
fbem-31288	271	10	wendell	wendell	PROPN
fbem-31288	271	11	,	,	PUNCT
fbem-31288	271	12	et	et	PROPN
fbem-31288	271	13	al	al	PROPN
fbem-31288	271	14	.	.	PUNCT
fbem-31288	272	1	(	(	PUNCT
fbem-31288	272	2	2016	2016	NUM
fbem-31288	272	3	)	)	PUNCT
fbem-31288	272	4	short	short	ADJ
fbem-31288	272	5	selling	selling	NOUN
fbem-31288	272	6	mechanism	mechanism	NOUN
fbem-31288	272	7	,	,	PUNCT
fbem-31288	272	8	stock	stock	NOUN
fbem-31288	272	9	price	price	NOUN
fbem-31288	272	10	information	information	NOUN
fbem-31288	272	11	content	content	NOUN
fbem-31288	272	12	and	and	CCONJ
fbem-31288	272	13	crash	crash	NOUN
fbem-31288	272	14	risk	risk	NOUN
fbem-31288	272	15	empirical	empirical	ADJ
fbem-31288	272	16	evidence	evidence	NOUN
fbem-31288	272	17	based	base	VERB
fbem-31288	272	18	on	on	ADP
fbem-31288	272	19	margin	margin	NOUN
fbem-31288	272	20	trading	trading	NOUN
fbem-31288	272	21	.	.	PUNCT
fbem-31288	273	1	study	study	NOUN
fbem-31288	273	2	of	of	ADP
fbem-31288	273	3	finance	finance	NOUN
fbem-31288	273	4	and	and	CCONJ
fbem-31288	273	5	economics	economic	NOUN
fbem-31288	273	6	,	,	PUNCT
fbem-31288	273	7	(	(	PUNCT
fbem-31288	273	8	8)	8)	NUM
fbem-31288	273	9	:	:	PUNCT
fbem-31288	273	10	74	74	NUM
fbem-31288	273	11	-	-	SYM
fbem-31288	273	12	84	84	NUM
fbem-31288	273	13	.	.	PUNCT
fbem-31288	274	1	[	[	X
fbem-31288	274	2	11	11	NUM
fbem-31288	274	3	]	]	X
fbem-31288	274	4	li	li	PROPN
fbem-31288	274	5	zhisheng	zhisheng	PROPN
fbem-31288	274	6	,	,	PUNCT
fbem-31288	274	7	du	du	PROPN
fbem-31288	274	8	shuang	shuang	PROPN
fbem-31288	274	9	,	,	PUNCT
fbem-31288	274	10	lin	lin	PROPN
fbem-31288	274	11	bingxuan	bingxuan	PROPN
fbem-31288	274	12	.	.	PUNCT
fbem-31288	274	13	(	(	PUNCT
fbem-31288	274	14	2015	2015	NUM
fbem-31288	274	15	)	)	PUNCT
fbem-31288	274	16	short	short	ADJ
fbem-31288	274	17	selling	selling	NOUN
fbem-31288	274	18	and	and	CCONJ
fbem-31288	274	19	stock	stock	NOUN
fbem-31288	274	20	price	price	NOUN
fbem-31288	274	21	stability	stability	NOUN
fbem-31288	274	22	a	a	DET
fbem-31288	274	23	natural	natural	ADJ
fbem-31288	274	24	experiment	experiment	NOUN
fbem-31288	274	25	from	from	ADP
fbem-31288	274	26	china	china	PROPN
fbem-31288	274	27	's	's	PART
fbem-31288	274	28	margin	margin	NOUN
fbem-31288	274	29	trading	trading	NOUN
fbem-31288	274	30	market	market	NOUN
fbem-31288	274	31	.	.	PUNCT
fbem-31288	275	1	journal	journal	NOUN
fbem-31288	275	2	of	of	ADP
fbem-31288	275	3	financial	financial	ADJ
fbem-31288	275	4	research	research	NOUN
fbem-31288	275	5	,	,	PUNCT
fbem-31288	275	6	(	(	PUNCT
fbem-31288	275	7	06):173	06):173	NOUN
fbem-31288	275	8	-	-	SYM
fbem-31288	275	9	188	188	NUM
fbem-31288	275	10	.	.	PUNCT
fbem-31288	276	1	[	[	X
fbem-31288	276	2	12	12	NUM
fbem-31288	276	3	]	]	X
fbem-31288	276	4	hutton	hutton	PROPN
fbem-31288	276	5	,	,	PUNCT
fbem-31288	276	6	a.	a.	PROPN
fbem-31288	276	7	p.	p.	PROPN
fbem-31288	276	8	,	,	PUNCT
fbem-31288	276	9	marcus	marcus	PROPN
fbem-31288	276	10	,	,	PUNCT
fbem-31288	276	11	a.	a.	PROPN
fbem-31288	276	12	j.	j.	PROPN
fbem-31288	276	13	,	,	PUNCT
fbem-31288	276	14	&	&	CCONJ
fbem-31288	276	15	tehranian	tehranian	PROPN
fbem-31288	276	16	,	,	PUNCT
fbem-31288	276	17	h.	h.	PROPN
fbem-31288	276	18	(	(	PUNCT
fbem-31288	276	19	2009	2009	NUM
fbem-31288	276	20	)	)	PUNCT
fbem-31288	276	21	.	.	PUNCT
fbem-31288	277	1	opaque	opaque	ADJ
fbem-31288	277	2	financial	financial	ADJ
fbem-31288	277	3	reports	report	NOUN
fbem-31288	277	4	,	,	PUNCT
fbem-31288	277	5	r2	r2	NOUN
fbem-31288	277	6	,	,	PUNCT
fbem-31288	277	7	and	and	CCONJ
fbem-31288	277	8	crash	crash	NOUN
fbem-31288	277	9	risk	risk	NOUN
fbem-31288	277	10	.	.	PUNCT
fbem-31288	278	1	journal	journal	NOUN
fbem-31288	278	2	of	of	ADP
fbem-31288	278	3	financial	financial	ADJ
fbem-31288	278	4	economics	economic	NOUN
fbem-31288	278	5	,	,	PUNCT
fbem-31288	278	6	94(1	94(1	NUM
fbem-31288	278	7	)	)	PUNCT
fbem-31288	278	8	,	,	PUNCT
fbem-31288	278	9	67	67	NUM
fbem-31288	278	10	-	-	SYM
fbem-31288	278	11	86	86	NUM
fbem-31288	278	12	.	.	PUNCT
fbem-31288	279	1	[	[	X
fbem-31288	279	2	13	13	NUM
fbem-31288	279	3	]	]	X
fbem-31288	279	4	chen	chen	PROPN
fbem-31288	279	5	yuanzhi	yuanzhi	PROPN
fbem-31288	279	6	,	,	PUNCT
fbem-31288	279	7	tian	tian	PROPN
fbem-31288	279	8	jing	jing	NOUN
fbem-31288	279	9	.	.	PUNCT
fbem-31288	280	1	(	(	PUNCT
fbem-31288	280	2	2021	2021	NUM
fbem-31288	280	3	)	)	PUNCT
fbem-31288	280	4	information	information	NOUN
fbem-31288	280	5	disclosure	disclosure	NOUN
fbem-31288	280	6	quality	quality	NOUN
fbem-31288	280	7	,	,	PUNCT
fbem-31288	280	8	investor	investor	NOUN
fbem-31288	280	9	expectations	expectation	NOUN
fbem-31288	280	10	and	and	CCONJ
fbem-31288	280	11	stock	stock	NOUN
fbem-31288	280	12	price	price	NOUN
fbem-31288	280	13	crash	crash	NOUN
fbem-31288	280	14	risk	risk	NOUN
fbem-31288	280	15	an	an	DET
fbem-31288	280	16	empirical	empirical	ADJ
fbem-31288	280	17	study	study	NOUN
fbem-31288	280	18	based	base	VERB
fbem-31288	280	19	on	on	ADP
fbem-31288	280	20	sme	sme	PROPN
fbem-31288	280	21	board	board	PROPN
fbem-31288	280	22	and	and	CCONJ
fbem-31288	280	23	growth	growth	NOUN
fbem-31288	280	24	enterprise	enterprise	NOUN
fbem-31288	280	25	market	market	NOUN
fbem-31288	280	26	listed	list	VERB
fbem-31288	280	27	companies	company	NOUN
fbem-31288	280	28	.	.	PUNCT
fbem-31288	281	1	financial	financial	ADJ
fbem-31288	281	2	regulation	regulation	NOUN
fbem-31288	281	3	research	research	NOUN
fbem-31288	281	4	,	,	PUNCT
fbem-31288	281	5	(	(	PUNCT
fbem-31288	281	6	12	12	NUM
fbem-31288	281	7	):	):	PUNCT
fbem-31288	281	8	75	75	NUM
fbem-31288	281	9	-	-	SYM
fbem-31288	281	10	91	91	NUM
fbem-31288	281	11	.	.	PUNCT
fbem-31288	282	1	[	[	X
fbem-31288	282	2	14	14	NUM
fbem-31288	282	3	]	]	PUNCT
fbem-31288	282	4	pan	pan	PROPN
fbem-31288	282	5	yue	yue	PROPN
fbem-31288	282	6	,	,	PUNCT
fbem-31288	282	7	dai	dai	PROPN
fbem-31288	282	8	yiyi	yiyi	PROPN
fbem-31288	282	9	,	,	PUNCT
fbem-31288	282	10	lin	lin	PROPN
fbem-31288	282	11	chaoqun	chaoqun	PROPN
fbem-31288	282	12	.	.	PUNCT
fbem-31288	283	1	(	(	PUNCT
fbem-31288	283	2	2011	2011	NUM
fbem-31288	283	3	)	)	PUNCT
fbem-31288	283	4	information	information	NOUN
fbem-31288	283	5	opacity	opacity	NOUN
fbem-31288	283	6	,	,	PUNCT
fbem-31288	283	7	analyst	analyst	NOUN
fbem-31288	283	8	notes	note	NOUN
fbem-31288	283	9	and	and	CCONJ
fbem-31288	283	10	individual	individual	ADJ
fbem-31288	283	11	stock	stock	NOUN
fbem-31288	283	12	crash	crash	NOUN
fbem-31288	283	13	risk	risk	NOUN
fbem-31288	283	14	.	.	PUNCT
fbem-31288	284	1	journal	journal	NOUN
fbem-31288	284	2	of	of	ADP
fbem-31288	284	3	financial	financial	ADJ
fbem-31288	284	4	research	research	NOUN
fbem-31288	284	5	,	,	PUNCT
fbem-31288	284	6	(	(	PUNCT
fbem-31288	284	7	9	9	NUM
fbem-31288	284	8	):	):	PUNCT
fbem-31288	284	9	138	138	NUM
fbem-31288	284	10	-	-	SYM
fbem-31288	284	11	151	151	NUM
fbem-31288	284	12	.	.	PUNCT
fbem-31288	285	1	[	[	X
fbem-31288	285	2	15	15	NUM
fbem-31288	285	3	]	]	X
fbem-31288	285	4	fang	fang	X
fbem-31288	285	5	,	,	PUNCT
fbem-31288	285	6	v.	v.	PROPN
fbem-31288	285	7	w.	w.	PROPN
fbem-31288	285	8	,	,	PUNCT
fbem-31288	285	9	huang	huang	PROPN
fbem-31288	285	10	,	,	PUNCT
fbem-31288	285	11	a.	a.	PROPN
fbem-31288	285	12	h.	h.	PROPN
fbem-31288	285	13	,	,	PUNCT
fbem-31288	285	14	&	&	CCONJ
fbem-31288	285	15	karpoff	karpoff	PROPN
fbem-31288	285	16	,	,	PUNCT
fbem-31288	285	17	j.	j.	PROPN
fbem-31288	285	18	m.	m.	PROPN
fbem-31288	285	19	(	(	PUNCT
fbem-31288	285	20	2016	2016	NUM
fbem-31288	285	21	)	)	PUNCT
fbem-31288	285	22	.	.	PUNCT
fbem-31288	286	1	short	short	ADJ
fbem-31288	286	2	selling	selling	NOUN
fbem-31288	286	3	and	and	CCONJ
fbem-31288	286	4	earnings	earning	NOUN
fbem-31288	286	5	management	management	NOUN
fbem-31288	286	6	:	:	PUNCT
fbem-31288	286	7	a	a	DET
fbem-31288	286	8	controlled	control	VERB
fbem-31288	286	9	experiment	experiment	NOUN
fbem-31288	286	10	.	.	PUNCT
fbem-31288	287	1	the	the	DET
fbem-31288	287	2	journal	journal	PROPN
fbem-31288	287	3	of	of	ADP
fbem-31288	287	4	finance	finance	NOUN
fbem-31288	287	5	,	,	PUNCT
fbem-31288	287	6	71(3	71(3	NUM
fbem-31288	287	7	)	)	PUNCT
fbem-31288	287	8	,	,	PUNCT
fbem-31288	287	9	1251	1251	NUM
fbem-31288	287	10	-	-	SYM
fbem-31288	287	11	1294	1294	NUM
fbem-31288	287	12	.	.	PUNCT
fbem-31288	288	1	[	[	X
fbem-31288	288	2	16	16	NUM
fbem-31288	288	3	]	]	X
fbem-31288	288	4	peng	peng	PROPN
fbem-31288	288	5	wenping	wenping	PROPN
fbem-31288	288	6	,	,	PUNCT
fbem-31288	288	7	zhang	zhang	PROPN
fbem-31288	288	8	shanshan	shanshan	PROPN
fbem-31288	288	9	.	.	PUNCT
fbem-31288	289	1	(	(	PUNCT
fbem-31288	289	2	2019	2019	NUM
fbem-31288	289	3	)	)	PUNCT
fbem-31288	289	4	short	short	ADJ
fbem-31288	289	5	selling	selling	NOUN
fbem-31288	289	6	,	,	PUNCT
fbem-31288	289	7	analyst	analyst	NOUN
fbem-31288	289	8	tracking	tracking	NOUN
fbem-31288	289	9	and	and	CCONJ
fbem-31288	289	10	the	the	DET
fbem-31288	289	11	quality	quality	NOUN
fbem-31288	289	12	of	of	ADP
fbem-31288	289	13	corporate	corporate	ADJ
fbem-31288	289	14	disclosure	disclosure	NOUN
fbem-31288	289	15	.	.	PUNCT
fbem-31288	290	1	journal	journal	PROPN
fbem-31288	290	2	of	of	ADP
fbem-31288	290	3	nanjing	nanjing	PROPN
fbem-31288	290	4	audit	audit	PROPN
fbem-31288	290	5	university	university	NOUN
fbem-31288	290	6	,	,	PUNCT
fbem-31288	290	7	16(03):46	16(03):46	NUM
fbem-31288	290	8	-	-	SYM
fbem-31288	290	9	54	54	NUM
fbem-31288	290	10	.	.	PUNCT