id	sid	tid	token	lemma	pos
fbem-4893	1	1	frontiers	frontier	NOUN
fbem-4893	1	2	in	in	ADP
fbem-4893	1	3	business	business	NOUN
fbem-4893	1	4	,	,	PUNCT
fbem-4893	1	5	economics	economic	NOUN
fbem-4893	1	6	and	and	CCONJ
fbem-4893	1	7	management	management	NOUN
fbem-4893	1	8	issn	issn	PROPN
fbem-4893	1	9	:	:	PUNCT
fbem-4893	1	10	2766	2766	NUM
fbem-4893	1	11	-	-	PUNCT
fbem-4893	1	12	824x	824x	NUM
fbem-4893	1	13	|	|	ADJ
fbem-4893	1	14	vol	vol	NOUN
fbem-4893	1	15	.	.	PUNCT
fbem-4893	2	1	7	7	NUM
fbem-4893	2	2	,	,	PUNCT
fbem-4893	2	3	no	no	INTJ
fbem-4893	2	4	.	.	NOUN
fbem-4893	2	5	2	2	NUM
fbem-4893	2	6	,	,	PUNCT
fbem-4893	2	7	2023	2023	NUM
fbem-4893	2	8	203	203	NUM
fbem-4893	2	9	research	research	NOUN
fbem-4893	2	10	on	on	ADP
fbem-4893	2	11	the	the	DET
fbem-4893	2	12	influence	influence	NOUN
fbem-4893	2	13	of	of	ADP
fbem-4893	2	14	strategic	strategic	ADJ
fbem-4893	2	15	difference	difference	NOUN
fbem-4893	2	16	on	on	ADP
fbem-4893	2	17	stock	stock	NOUN
fbem-4893	2	18	price	price	NOUN
fbem-4893	2	19	synchronization	synchronization	NOUN
fbem-4893	2	20	jingjing	jingjing	PROPN
fbem-4893	2	21	wang	wang	PROPN
fbem-4893	2	22	,	,	PUNCT
fbem-4893	2	23	yihan	yihan	PROPN
fbem-4893	2	24	yuan	yuan	PROPN
fbem-4893	2	25	school	school	PROPN
fbem-4893	2	26	of	of	ADP
fbem-4893	2	27	shanghai	shanghai	PROPN
fbem-4893	2	28	university	university	PROPN
fbem-4893	2	29	,	,	PUNCT
fbem-4893	2	30	shanghai	shanghai	PROPN
fbem-4893	2	31	,	,	PUNCT
fbem-4893	2	32	china	china	PROPN
fbem-4893	2	33	abstract	abstract	PROPN
fbem-4893	2	34	:	:	PUNCT
fbem-4893	2	35	stock	stock	NOUN
fbem-4893	2	36	price	price	NOUN
fbem-4893	2	37	synchronization	synchronization	NOUN
fbem-4893	2	38	is	be	AUX
fbem-4893	2	39	an	an	DET
fbem-4893	2	40	important	important	ADJ
fbem-4893	2	41	index	index	NOUN
fbem-4893	2	42	to	to	PART
fbem-4893	2	43	measure	measure	VERB
fbem-4893	2	44	the	the	DET
fbem-4893	2	45	content	content	NOUN
fbem-4893	2	46	of	of	ADP
fbem-4893	2	47	idiosyncratic	idiosyncratic	ADJ
fbem-4893	2	48	information	information	NOUN
fbem-4893	2	49	in	in	ADP
fbem-4893	2	50	a	a	DET
fbem-4893	2	51	company	company	NOUN
fbem-4893	2	52	's	's	PART
fbem-4893	2	53	stock	stock	NOUN
fbem-4893	2	54	price	price	NOUN
fbem-4893	2	55	.	.	PUNCT
fbem-4893	3	1	taking	take	VERB
fbem-4893	3	2	the	the	DET
fbem-4893	3	3	increasingly	increasingly	ADV
fbem-4893	3	4	fierce	fierce	ADJ
fbem-4893	3	5	market	market	NOUN
fbem-4893	3	6	competition	competition	NOUN
fbem-4893	3	7	as	as	ADP
fbem-4893	3	8	the	the	DET
fbem-4893	3	9	background	background	NOUN
fbem-4893	3	10	,	,	PUNCT
fbem-4893	3	11	this	this	DET
fbem-4893	3	12	paper	paper	NOUN
fbem-4893	3	13	discusses	discuss	VERB
fbem-4893	3	14	the	the	DET
fbem-4893	3	15	relationship	relationship	NOUN
fbem-4893	3	16	between	between	ADP
fbem-4893	3	17	strategic	strategic	ADJ
fbem-4893	3	18	difference	difference	NOUN
fbem-4893	3	19	and	and	CCONJ
fbem-4893	3	20	stock	stock	NOUN
fbem-4893	3	21	price	price	NOUN
fbem-4893	3	22	synchronization	synchronization	NOUN
fbem-4893	3	23	in	in	ADP
fbem-4893	3	24	china	china	PROPN
fbem-4893	3	25	's	's	PART
fbem-4893	3	26	stock	stock	NOUN
fbem-4893	3	27	market	market	NOUN
fbem-4893	3	28	with	with	ADP
fbem-4893	3	29	more	more	ADJ
fbem-4893	3	30	noise	noise	NOUN
fbem-4893	3	31	trading	trading	NOUN
fbem-4893	3	32	,	,	PUNCT
fbem-4893	3	33	and	and	CCONJ
fbem-4893	3	34	considers	consider	VERB
fbem-4893	3	35	the	the	DET
fbem-4893	3	36	influence	influence	NOUN
fbem-4893	3	37	of	of	ADP
fbem-4893	3	38	property	property	NOUN
fbem-4893	3	39	right	right	ADJ
fbem-4893	3	40	nature	nature	NOUN
fbem-4893	3	41	and	and	CCONJ
fbem-4893	3	42	ownership	ownership	NOUN
fbem-4893	3	43	concentration	concentration	NOUN
fbem-4893	3	44	on	on	ADP
fbem-4893	3	45	this	this	DET
fbem-4893	3	46	relationship	relationship	NOUN
fbem-4893	3	47	.	.	PUNCT
fbem-4893	4	1	the	the	DET
fbem-4893	4	2	results	result	NOUN
fbem-4893	4	3	show	show	VERB
fbem-4893	4	4	that	that	SCONJ
fbem-4893	4	5	:	:	PUNCT
fbem-4893	4	6	(	(	PUNCT
fbem-4893	4	7	1	1	X
fbem-4893	4	8	)	)	PUNCT
fbem-4893	4	9	the	the	PRON
fbem-4893	4	10	higher	high	ADJ
fbem-4893	4	11	the	the	DET
fbem-4893	4	12	difference	difference	NOUN
fbem-4893	4	13	of	of	ADP
fbem-4893	4	14	corporate	corporate	ADJ
fbem-4893	4	15	strategy	strategy	NOUN
fbem-4893	4	16	,	,	PUNCT
fbem-4893	4	17	the	the	PRON
fbem-4893	4	18	lower	low	ADJ
fbem-4893	4	19	the	the	DET
fbem-4893	4	20	synchronization	synchronization	NOUN
fbem-4893	4	21	of	of	ADP
fbem-4893	4	22	stock	stock	NOUN
fbem-4893	4	23	price	price	NOUN
fbem-4893	4	24	;	;	PUNCT
fbem-4893	4	25	(	(	PUNCT
fbem-4893	4	26	2	2	X
fbem-4893	4	27	)	)	PUNCT
fbem-4893	4	28	state	state	NOUN
fbem-4893	4	29	owned	own	VERB
fbem-4893	4	30	enterprises	enterprise	NOUN
fbem-4893	4	31	and	and	CCONJ
fbem-4893	4	32	ownership	ownership	NOUN
fbem-4893	4	33	concentration	concentration	NOUN
fbem-4893	4	34	can	can	AUX
fbem-4893	4	35	promote	promote	VERB
fbem-4893	4	36	the	the	DET
fbem-4893	4	37	negative	negative	ADJ
fbem-4893	4	38	correlation	correlation	NOUN
fbem-4893	4	39	between	between	ADP
fbem-4893	4	40	them	they	PRON
fbem-4893	4	41	.	.	PUNCT
fbem-4893	5	1	from	from	ADP
fbem-4893	5	2	the	the	DET
fbem-4893	5	3	new	new	ADJ
fbem-4893	5	4	perspective	perspective	NOUN
fbem-4893	5	5	of	of	ADP
fbem-4893	5	6	noise	noise	NOUN
fbem-4893	5	7	interpretation	interpretation	NOUN
fbem-4893	5	8	,	,	PUNCT
fbem-4893	5	9	this	this	DET
fbem-4893	5	10	study	study	NOUN
fbem-4893	5	11	finds	find	VERB
fbem-4893	5	12	that	that	SCONJ
fbem-4893	5	13	when	when	SCONJ
fbem-4893	5	14	noise	noise	NOUN
fbem-4893	5	15	trading	trading	NOUN
fbem-4893	5	16	becomes	become	VERB
fbem-4893	5	17	the	the	DET
fbem-4893	5	18	main	main	ADJ
fbem-4893	5	19	influencing	influence	VERB
fbem-4893	5	20	factor	factor	NOUN
fbem-4893	5	21	of	of	ADP
fbem-4893	5	22	stock	stock	NOUN
fbem-4893	5	23	price	price	NOUN
fbem-4893	5	24	synchronization	synchronization	NOUN
fbem-4893	5	25	,	,	PUNCT
fbem-4893	5	26	a	a	DET
fbem-4893	5	27	higher	high	ADJ
fbem-4893	5	28	degree	degree	NOUN
fbem-4893	5	29	of	of	ADP
fbem-4893	5	30	strategic	strategic	ADJ
fbem-4893	5	31	difference	difference	NOUN
fbem-4893	5	32	will	will	AUX
fbem-4893	5	33	increase	increase	VERB
fbem-4893	5	34	the	the	DET
fbem-4893	5	35	degree	degree	NOUN
fbem-4893	5	36	of	of	ADP
fbem-4893	5	37	corporate	corporate	ADJ
fbem-4893	5	38	information	information	NOUN
fbem-4893	5	39	asymmetry	asymmetry	NOUN
fbem-4893	5	40	,	,	PUNCT
fbem-4893	5	41	cause	cause	VERB
fbem-4893	5	42	investors	investor	NOUN
fbem-4893	5	43	to	to	PART
fbem-4893	5	44	blindly	blindly	ADV
fbem-4893	5	45	follow	follow	VERB
fbem-4893	5	46	the	the	DET
fbem-4893	5	47	crowd	crowd	NOUN
fbem-4893	5	48	and	and	CCONJ
fbem-4893	5	49	other	other	ADJ
fbem-4893	5	50	more	more	ADV
fbem-4893	5	51	irrational	irrational	ADJ
fbem-4893	5	52	noise	noise	NOUN
fbem-4893	5	53	trading	trading	NOUN
fbem-4893	5	54	,	,	PUNCT
fbem-4893	5	55	improve	improve	VERB
fbem-4893	5	56	the	the	DET
fbem-4893	5	57	heterogeneous	heterogeneous	ADJ
fbem-4893	5	58	fluctuation	fluctuation	NOUN
fbem-4893	5	59	level	level	NOUN
fbem-4893	5	60	of	of	ADP
fbem-4893	5	61	stock	stock	NOUN
fbem-4893	5	62	price	price	NOUN
fbem-4893	5	63	,	,	PUNCT
fbem-4893	5	64	and	and	CCONJ
fbem-4893	5	65	then	then	ADV
fbem-4893	5	66	reduce	reduce	VERB
fbem-4893	5	67	the	the	DET
fbem-4893	5	68	level	level	NOUN
fbem-4893	5	69	of	of	ADP
fbem-4893	5	70	stock	stock	NOUN
fbem-4893	5	71	price	price	NOUN
fbem-4893	5	72	synchronization	synchronization	NOUN
fbem-4893	5	73	.	.	PUNCT
fbem-4893	6	1	keywords	keyword	NOUN
fbem-4893	6	2	:	:	PUNCT
fbem-4893	6	3	strategic	strategic	ADJ
fbem-4893	6	4	difference	difference	NOUN
fbem-4893	6	5	,	,	PUNCT
fbem-4893	6	6	equity	equity	NOUN
fbem-4893	6	7	concentration	concentration	NOUN
fbem-4893	6	8	,	,	PUNCT
fbem-4893	6	9	the	the	DET
fbem-4893	6	10	nature	nature	NOUN
fbem-4893	6	11	of	of	ADP
fbem-4893	6	12	property	property	NOUN
fbem-4893	6	13	rights	right	NOUN
fbem-4893	6	14	,	,	PUNCT
fbem-4893	6	15	stock	stock	NOUN
fbem-4893	6	16	price	price	NOUN
fbem-4893	6	17	synchronization	synchronization	NOUN
fbem-4893	6	18	.	.	PUNCT
fbem-4893	7	1	1	1	X
fbem-4893	7	2	.	.	X
fbem-4893	7	3	introduction	introduction	NOUN
fbem-4893	7	4	the	the	DET
fbem-4893	7	5	report	report	NOUN
fbem-4893	7	6	of	of	ADP
fbem-4893	7	7	the	the	DET
fbem-4893	7	8	19th	19th	ADJ
fbem-4893	7	9	national	national	PROPN
fbem-4893	7	10	congress	congress	PROPN
fbem-4893	7	11	put	put	VERB
fbem-4893	7	12	forward	forward	ADV
fbem-4893	7	13	the	the	DET
fbem-4893	7	14	direction	direction	NOUN
fbem-4893	7	15	of	of	ADP
fbem-4893	7	16	china	china	PROPN
fbem-4893	7	17	's	's	PART
fbem-4893	7	18	financial	financial	ADJ
fbem-4893	7	19	development	development	NOUN
fbem-4893	7	20	in	in	ADP
fbem-4893	7	21	the	the	DET
fbem-4893	7	22	new	new	ADJ
fbem-4893	7	23	era	era	NOUN
fbem-4893	7	24	of	of	ADP
fbem-4893	7	25	"	"	PUNCT
fbem-4893	7	26	deepening	deepen	VERB
fbem-4893	7	27	the	the	DET
fbem-4893	7	28	reform	reform	NOUN
fbem-4893	7	29	of	of	ADP
fbem-4893	7	30	the	the	DET
fbem-4893	7	31	financial	financial	ADJ
fbem-4893	7	32	system	system	NOUN
fbem-4893	7	33	and	and	CCONJ
fbem-4893	7	34	enhancing	enhance	VERB
fbem-4893	7	35	the	the	DET
fbem-4893	7	36	ability	ability	NOUN
fbem-4893	7	37	of	of	ADP
fbem-4893	7	38	financial	financial	ADJ
fbem-4893	7	39	services	service	NOUN
fbem-4893	7	40	to	to	ADP
fbem-4893	7	41	the	the	DET
fbem-4893	7	42	real	real	ADJ
fbem-4893	7	43	economy	economy	NOUN
fbem-4893	7	44	"	"	PUNCT
fbem-4893	7	45	.	.	PUNCT
fbem-4893	8	1	as	as	ADP
fbem-4893	8	2	an	an	DET
fbem-4893	8	3	important	important	ADJ
fbem-4893	8	4	indicator	indicator	NOUN
fbem-4893	8	5	to	to	PART
fbem-4893	8	6	measure	measure	VERB
fbem-4893	8	7	the	the	DET
fbem-4893	8	8	pricing	pricing	NOUN
fbem-4893	8	9	efficiency	efficiency	NOUN
fbem-4893	8	10	of	of	ADP
fbem-4893	8	11	the	the	DET
fbem-4893	8	12	capital	capital	NOUN
fbem-4893	8	13	market	market	NOUN
fbem-4893	8	14	,	,	PUNCT
fbem-4893	8	15	it	it	PRON
fbem-4893	8	16	is	be	AUX
fbem-4893	8	17	of	of	ADP
fbem-4893	8	18	great	great	ADJ
fbem-4893	8	19	significance	significance	NOUN
fbem-4893	8	20	to	to	PART
fbem-4893	8	21	explore	explore	VERB
fbem-4893	8	22	its	its	PRON
fbem-4893	8	23	influencing	influence	VERB
fbem-4893	8	24	factors	factor	NOUN
fbem-4893	8	25	and	and	CCONJ
fbem-4893	8	26	mechanism	mechanism	NOUN
fbem-4893	8	27	under	under	ADP
fbem-4893	8	28	the	the	DET
fbem-4893	8	29	current	current	ADJ
fbem-4893	8	30	situation	situation	NOUN
fbem-4893	8	31	to	to	PART
fbem-4893	8	32	help	help	VERB
fbem-4893	8	33	financial	financial	ADJ
fbem-4893	8	34	development	development	NOUN
fbem-4893	8	35	.	.	PUNCT
fbem-4893	9	1	the	the	DET
fbem-4893	9	2	relationship	relationship	NOUN
fbem-4893	9	3	between	between	ADP
fbem-4893	9	4	it	it	PRON
fbem-4893	9	5	and	and	CCONJ
fbem-4893	9	6	information	information	NOUN
fbem-4893	9	7	content	content	NOUN
fbem-4893	9	8	depends	depend	VERB
fbem-4893	9	9	on	on	ADP
fbem-4893	9	10	the	the	DET
fbem-4893	9	11	formation	formation	NOUN
fbem-4893	9	12	mechanism	mechanism	NOUN
fbem-4893	9	13	of	of	ADP
fbem-4893	9	14	stock	stock	NOUN
fbem-4893	9	15	price	price	NOUN
fbem-4893	9	16	(	(	PUNCT
fbem-4893	9	17	zhou	zhou	PROPN
fbem-4893	9	18	linjie	linjie	PROPN
fbem-4893	9	19	,	,	PUNCT
fbem-4893	9	20	2014	2014	NUM
fbem-4893	9	21	)	)	PUNCT
fbem-4893	9	22	.	.	PUNCT
fbem-4893	10	1	in	in	ADP
fbem-4893	10	2	the	the	DET
fbem-4893	10	3	stock	stock	NOUN
fbem-4893	10	4	market	market	NOUN
fbem-4893	10	5	with	with	ADP
fbem-4893	10	6	less	less	ADJ
fbem-4893	10	7	noise	noise	NOUN
fbem-4893	10	8	,	,	PUNCT
fbem-4893	10	9	the	the	DET
fbem-4893	10	10	stock	stock	NOUN
fbem-4893	10	11	price	price	NOUN
fbem-4893	10	12	with	with	ADP
fbem-4893	10	13	company	company	NOUN
fbem-4893	10	14	characteristics	characteristic	NOUN
fbem-4893	10	15	information	information	NOUN
fbem-4893	10	16	can	can	AUX
fbem-4893	10	17	fully	fully	ADV
fbem-4893	10	18	reflect	reflect	VERB
fbem-4893	10	19	the	the	DET
fbem-4893	10	20	internal	internal	ADJ
fbem-4893	10	21	value	value	NOUN
fbem-4893	10	22	of	of	ADP
fbem-4893	10	23	the	the	DET
fbem-4893	10	24	company	company	NOUN
fbem-4893	10	25	(	(	PUNCT
fbem-4893	10	26	fama	fama	PROPN
fbem-4893	10	27	,	,	PUNCT
fbem-4893	10	28	1965	1965	NUM
fbem-4893	10	29	)	)	PUNCT
fbem-4893	10	30	,	,	PUNCT
fbem-4893	10	31	and	and	CCONJ
fbem-4893	10	32	then	then	ADV
fbem-4893	10	33	show	show	VERB
fbem-4893	10	34	a	a	DET
fbem-4893	10	35	low	low	ADJ
fbem-4893	10	36	share	share	NOUN
fbem-4893	10	37	price	price	NOUN
fbem-4893	10	38	synchronization	synchronization	NOUN
fbem-4893	10	39	(	(	PUNCT
fbem-4893	10	40	morck	morck	PROPN
fbem-4893	10	41	et	et	PROPN
fbem-4893	10	42	al	al	PROPN
fbem-4893	10	43	.	.	PROPN
fbem-4893	10	44	,	,	PUNCT
fbem-4893	10	45	2000	2000	NUM
fbem-4893	10	46	;	;	PUNCT
fbem-4893	10	47	durnev	durnev	NOUN
fbem-4893	10	48	et	et	PROPN
fbem-4893	10	49	al	al	PROPN
fbem-4893	10	50	.	.	PROPN
fbem-4893	10	51	,	,	PUNCT
fbem-4893	10	52	2003	2003	NUM
fbem-4893	10	53	)	)	PUNCT
fbem-4893	10	54	.	.	PUNCT
fbem-4893	11	1	however	however	ADV
fbem-4893	11	2	,	,	PUNCT
fbem-4893	11	3	due	due	ADP
fbem-4893	11	4	to	to	ADP
fbem-4893	11	5	the	the	DET
fbem-4893	11	6	imperfect	imperfect	ADJ
fbem-4893	11	7	market	market	NOUN
fbem-4893	11	8	supervision	supervision	NOUN
fbem-4893	11	9	system	system	NOUN
fbem-4893	11	10	and	and	CCONJ
fbem-4893	11	11	the	the	DET
fbem-4893	11	12	low	low	ADJ
fbem-4893	11	13	efficiency	efficiency	NOUN
fbem-4893	11	14	of	of	ADP
fbem-4893	11	15	corporate	corporate	ADJ
fbem-4893	11	16	governance	governance	NOUN
fbem-4893	11	17	in	in	ADP
fbem-4893	11	18	emerging	emerge	VERB
fbem-4893	11	19	capital	capital	NOUN
fbem-4893	11	20	markets	market	NOUN
fbem-4893	11	21	such	such	ADJ
fbem-4893	11	22	as	as	ADP
fbem-4893	11	23	china	china	PROPN
fbem-4893	11	24	,	,	PUNCT
fbem-4893	11	25	there	there	PRON
fbem-4893	11	26	are	be	VERB
fbem-4893	11	27	many	many	ADJ
fbem-4893	11	28	irrational	irrational	ADJ
fbem-4893	11	29	behaviors	behavior	NOUN
fbem-4893	11	30	in	in	ADP
fbem-4893	11	31	the	the	DET
fbem-4893	11	32	stock	stock	NOUN
fbem-4893	11	33	market	market	NOUN
fbem-4893	11	34	,	,	PUNCT
fbem-4893	11	35	such	such	ADJ
fbem-4893	11	36	as	as	ADP
fbem-4893	11	37	noise	noise	NOUN
fbem-4893	11	38	trading	trading	NOUN
fbem-4893	11	39	and	and	CCONJ
fbem-4893	11	40	blind	blind	ADJ
fbem-4893	11	41	conformity	conformity	NOUN
fbem-4893	11	42	of	of	ADP
fbem-4893	11	43	investors	investor	NOUN
fbem-4893	11	44	,	,	PUNCT
fbem-4893	11	45	which	which	PRON
fbem-4893	11	46	reduces	reduce	VERB
fbem-4893	11	47	the	the	DET
fbem-4893	11	48	synchronization	synchronization	NOUN
fbem-4893	11	49	of	of	ADP
fbem-4893	11	50	stock	stock	NOUN
fbem-4893	11	51	prices	price	NOUN
fbem-4893	11	52	(	(	PUNCT
fbem-4893	11	53	wang	wang	PROPN
fbem-4893	11	54	yaping	yaping	PROPN
fbem-4893	11	55	et	et	PROPN
fbem-4893	11	56	al	al	PROPN
fbem-4893	11	57	.	.	PROPN
fbem-4893	11	58	,	,	PUNCT
fbem-4893	11	59	2009	2009	NUM
fbem-4893	11	60	)	)	PUNCT
fbem-4893	11	61	.	.	PUNCT
fbem-4893	12	1	in	in	ADP
fbem-4893	12	2	view	view	NOUN
fbem-4893	12	3	of	of	ADP
fbem-4893	12	4	this	this	PRON
fbem-4893	12	5	,	,	PUNCT
fbem-4893	12	6	based	base	VERB
fbem-4893	12	7	on	on	ADP
fbem-4893	12	8	the	the	DET
fbem-4893	12	9	theory	theory	NOUN
fbem-4893	12	10	of	of	ADP
fbem-4893	12	11	noise	noise	NOUN
fbem-4893	12	12	interpretation	interpretation	NOUN
fbem-4893	12	13	,	,	PUNCT
fbem-4893	12	14	this	this	DET
fbem-4893	12	15	paper	paper	NOUN
fbem-4893	12	16	studies	study	VERB
fbem-4893	12	17	the	the	DET
fbem-4893	12	18	specific	specific	ADJ
fbem-4893	12	19	factors	factor	NOUN
fbem-4893	12	20	affecting	affect	VERB
fbem-4893	12	21	the	the	DET
fbem-4893	12	22	synchronization	synchronization	NOUN
fbem-4893	12	23	of	of	ADP
fbem-4893	12	24	stock	stock	NOUN
fbem-4893	12	25	prices	price	NOUN
fbem-4893	12	26	.	.	PUNCT
fbem-4893	13	1	management	management	NOUN
fbem-4893	13	2	research	research	NOUN
fbem-4893	13	3	points	point	VERB
fbem-4893	13	4	out	out	ADP
fbem-4893	13	5	that	that	SCONJ
fbem-4893	13	6	strategy	strategy	NOUN
fbem-4893	13	7	is	be	AUX
fbem-4893	13	8	a	a	DET
fbem-4893	13	9	series	series	NOUN
fbem-4893	13	10	of	of	ADP
fbem-4893	13	11	actions	action	NOUN
fbem-4893	13	12	taken	take	VERB
fbem-4893	13	13	by	by	ADP
fbem-4893	13	14	the	the	DET
fbem-4893	13	15	company	company	NOUN
fbem-4893	13	16	to	to	PART
fbem-4893	13	17	obtain	obtain	VERB
fbem-4893	13	18	core	core	ADJ
fbem-4893	13	19	competitive	competitive	ADJ
fbem-4893	13	20	advantages	advantage	NOUN
fbem-4893	13	21	(	(	PUNCT
fbem-4893	13	22	hitt	hitt	X
fbem-4893	13	23	ma	ma	PROPN
fbem-4893	13	24	,	,	PUNCT
fbem-4893	13	25	2011	2011	NUM
fbem-4893	13	26	)	)	PUNCT
fbem-4893	13	27	,	,	PUNCT
fbem-4893	13	28	and	and	CCONJ
fbem-4893	13	29	is	be	AUX
fbem-4893	13	30	the	the	DET
fbem-4893	13	31	company	company	NOUN
fbem-4893	13	32	's	's	PART
fbem-4893	13	33	choice	choice	NOUN
fbem-4893	13	34	of	of	ADP
fbem-4893	13	35	future	future	ADJ
fbem-4893	13	36	business	business	NOUN
fbem-4893	13	37	mode	mode	NOUN
fbem-4893	13	38	and	and	CCONJ
fbem-4893	13	39	value	value	NOUN
fbem-4893	13	40	-	-	PUNCT
fbem-4893	13	41	added	add	VERB
fbem-4893	13	42	mode	mode	NOUN
fbem-4893	13	43	(	(	PUNCT
fbem-4893	13	44	zhang	zhang	PROPN
fbem-4893	13	45	jing	jing	PROPN
fbem-4893	13	46	,	,	PUNCT
fbem-4893	13	47	2021	2021	NUM
fbem-4893	13	48	)	)	PUNCT
fbem-4893	13	49	.	.	PUNCT
fbem-4893	14	1	the	the	DET
fbem-4893	14	2	strategic	strategic	ADJ
fbem-4893	14	3	difference	difference	NOUN
fbem-4893	14	4	refers	refer	VERB
fbem-4893	14	5	to	to	ADP
fbem-4893	14	6	the	the	DET
fbem-4893	14	7	degree	degree	NOUN
fbem-4893	14	8	to	to	PART
fbem-4893	14	9	which	which	PRON
fbem-4893	14	10	the	the	DET
fbem-4893	14	11	company	company	NOUN
fbem-4893	14	12	's	's	PART
fbem-4893	14	13	strategy	strategy	NOUN
fbem-4893	14	14	deviates	deviate	VERB
fbem-4893	14	15	from	from	ADP
fbem-4893	14	16	the	the	DET
fbem-4893	14	17	industry	industry	NOUN
fbem-4893	14	18	's	's	PART
fbem-4893	14	19	conventional	conventional	ADJ
fbem-4893	14	20	model	model	NOUN
fbem-4893	14	21	(	(	PUNCT
fbem-4893	14	22	tang	tang	PROPN
fbem-4893	14	23	j	j	PROPN
fbem-4893	14	24	,	,	PUNCT
fbem-4893	14	25	2011	2011	NUM
fbem-4893	14	26	)	)	PUNCT
fbem-4893	14	27	.	.	PUNCT
fbem-4893	15	1	the	the	DET
fbem-4893	15	2	specific	specific	ADJ
fbem-4893	15	3	strategic	strategic	ADJ
fbem-4893	15	4	choice	choice	NOUN
fbem-4893	15	5	determines	determine	VERB
fbem-4893	15	6	the	the	DET
fbem-4893	15	7	company	company	NOUN
fbem-4893	15	8	's	's	PART
fbem-4893	15	9	unique	unique	ADJ
fbem-4893	15	10	organizational	organizational	ADJ
fbem-4893	15	11	structure	structure	NOUN
fbem-4893	15	12	and	and	CCONJ
fbem-4893	15	13	resource	resource	NOUN
fbem-4893	15	14	allocation	allocation	NOUN
fbem-4893	15	15	efficiency	efficiency	NOUN
fbem-4893	15	16	.	.	PUNCT
fbem-4893	16	1	conventional	conventional	ADJ
fbem-4893	16	2	strategy	strategy	NOUN
fbem-4893	16	3	can	can	AUX
fbem-4893	16	4	only	only	ADV
fbem-4893	16	5	make	make	VERB
fbem-4893	16	6	the	the	DET
fbem-4893	16	7	company	company	NOUN
fbem-4893	16	8	obtain	obtain	VERB
fbem-4893	16	9	average	average	ADJ
fbem-4893	16	10	profits	profit	NOUN
fbem-4893	16	11	,	,	PUNCT
fbem-4893	16	12	and	and	CCONJ
fbem-4893	16	13	only	only	ADV
fbem-4893	16	14	unconventional	unconventional	ADJ
fbem-4893	16	15	strategy	strategy	NOUN
fbem-4893	16	16	can	can	AUX
fbem-4893	16	17	help	help	VERB
fbem-4893	16	18	the	the	DET
fbem-4893	16	19	company	company	NOUN
fbem-4893	16	20	obtain	obtain	VERB
fbem-4893	16	21	excess	excess	ADJ
fbem-4893	16	22	profits	profit	NOUN
fbem-4893	16	23	(	(	PUNCT
fbem-4893	16	24	deephouse	deephouse	PROPN
fbem-4893	16	25	,	,	PUNCT
fbem-4893	16	26	1999	1999	NUM
fbem-4893	16	27	)	)	PUNCT
fbem-4893	16	28	.	.	PUNCT
fbem-4893	17	1	however	however	ADV
fbem-4893	17	2	,	,	PUNCT
fbem-4893	17	3	large	large	ADJ
fbem-4893	17	4	strategic	strategic	ADJ
fbem-4893	17	5	differences	difference	NOUN
fbem-4893	17	6	often	often	ADV
fbem-4893	17	7	increase	increase	VERB
fbem-4893	17	8	the	the	DET
fbem-4893	17	9	degree	degree	NOUN
fbem-4893	17	10	of	of	ADP
fbem-4893	17	11	information	information	NOUN
fbem-4893	17	12	asymmetry	asymmetry	NOUN
fbem-4893	17	13	of	of	ADP
fbem-4893	17	14	the	the	DET
fbem-4893	17	15	company	company	NOUN
fbem-4893	17	16	and	and	CCONJ
fbem-4893	17	17	aggravate	aggravate	VERB
fbem-4893	17	18	the	the	DET
fbem-4893	17	19	principal	principal	ADJ
fbem-4893	17	20	-	-	PUNCT
fbem-4893	17	21	agent	agent	NOUN
fbem-4893	17	22	problem	problem	NOUN
fbem-4893	17	23	;	;	PUNCT
fbem-4893	17	24	the	the	DET
fbem-4893	17	25	management	management	NOUN
fbem-4893	17	26	may	may	AUX
fbem-4893	17	27	also	also	ADV
fbem-4893	17	28	only	only	ADV
fbem-4893	17	29	disclose	disclose	VERB
fbem-4893	17	30	the	the	DET
fbem-4893	17	31	"	"	PUNCT
fbem-4893	17	32	good	good	ADJ
fbem-4893	17	33	news	news	NOUN
fbem-4893	17	34	"	"	PUNCT
fbem-4893	17	35	of	of	ADP
fbem-4893	17	36	the	the	DET
fbem-4893	17	37	company	company	NOUN
fbem-4893	17	38	's	's	PART
fbem-4893	17	39	strategy	strategy	NOUN
fbem-4893	17	40	and	and	CCONJ
fbem-4893	17	41	use	use	VERB
fbem-4893	17	42	the	the	DET
fbem-4893	17	43	strategic	strategic	ADJ
fbem-4893	17	44	difference	difference	NOUN
fbem-4893	17	45	to	to	PART
fbem-4893	17	46	conduct	conduct	VERB
fbem-4893	17	47	earnings	earning	NOUN
fbem-4893	17	48	management	management	NOUN
fbem-4893	17	49	,	,	PUNCT
fbem-4893	17	50	increase	increase	VERB
fbem-4893	17	51	the	the	DET
fbem-4893	17	52	noise	noise	NOUN
fbem-4893	17	53	content	content	NOUN
fbem-4893	17	54	of	of	ADP
fbem-4893	17	55	the	the	DET
fbem-4893	17	56	stock	stock	NOUN
fbem-4893	17	57	market	market	NOUN
fbem-4893	17	58	,	,	PUNCT
fbem-4893	17	59	cause	cause	VERB
fbem-4893	17	60	more	more	ADJ
fbem-4893	17	61	noise	noise	NOUN
fbem-4893	17	62	trading	trading	NOUN
fbem-4893	17	63	,	,	PUNCT
fbem-4893	17	64	and	and	CCONJ
fbem-4893	17	65	reduce	reduce	VERB
fbem-4893	17	66	the	the	DET
fbem-4893	17	67	synchronization	synchronization	NOUN
fbem-4893	17	68	of	of	ADP
fbem-4893	17	69	stock	stock	NOUN
fbem-4893	17	70	prices	price	NOUN
fbem-4893	17	71	.	.	PUNCT
fbem-4893	18	1	at	at	ADP
fbem-4893	18	2	the	the	DET
fbem-4893	18	3	same	same	ADJ
fbem-4893	18	4	time	time	NOUN
fbem-4893	18	5	,	,	PUNCT
fbem-4893	18	6	considering	consider	VERB
fbem-4893	18	7	that	that	SCONJ
fbem-4893	18	8	more	more	ADJ
fbem-4893	18	9	and	and	CCONJ
fbem-4893	18	10	more	more	ADJ
fbem-4893	18	11	companies	company	NOUN
fbem-4893	18	12	have	have	AUX
fbem-4893	18	13	begun	begin	VERB
fbem-4893	18	14	to	to	PART
fbem-4893	18	15	implement	implement	VERB
fbem-4893	18	16	differentiation	differentiation	NOUN
fbem-4893	18	17	strategies	strategy	NOUN
fbem-4893	18	18	,	,	PUNCT
fbem-4893	18	19	it	it	PRON
fbem-4893	18	20	is	be	AUX
fbem-4893	18	21	of	of	ADP
fbem-4893	18	22	great	great	ADJ
fbem-4893	18	23	significance	significance	NOUN
fbem-4893	18	24	to	to	PART
fbem-4893	18	25	explore	explore	VERB
fbem-4893	18	26	the	the	DET
fbem-4893	18	27	mechanism	mechanism	NOUN
fbem-4893	18	28	of	of	ADP
fbem-4893	18	29	strategic	strategic	ADJ
fbem-4893	18	30	differentiation	differentiation	NOUN
fbem-4893	18	31	on	on	ADP
fbem-4893	18	32	stock	stock	NOUN
fbem-4893	18	33	price	price	NOUN
fbem-4893	18	34	synchronization	synchronization	NOUN
fbem-4893	18	35	.	.	PUNCT
fbem-4893	19	1	in	in	ADP
fbem-4893	19	2	view	view	NOUN
fbem-4893	19	3	of	of	ADP
fbem-4893	19	4	this	this	PRON
fbem-4893	19	5	,	,	PUNCT
fbem-4893	19	6	taking	take	VERB
fbem-4893	19	7	the	the	DET
fbem-4893	19	8	listed	list	VERB
fbem-4893	19	9	companies	company	NOUN
fbem-4893	19	10	in	in	ADP
fbem-4893	19	11	shanghai	shanghai	PROPN
fbem-4893	19	12	and	and	CCONJ
fbem-4893	19	13	shenzhen	shenzhen	PROPN
fbem-4893	19	14	a	a	PROPN
fbem-4893	19	15	-	-	PUNCT
fbem-4893	19	16	shares	share	NOUN
fbem-4893	19	17	from	from	ADP
fbem-4893	19	18	2009	2009	NUM
fbem-4893	19	19	to	to	ADP
fbem-4893	19	20	2019	2019	NUM
fbem-4893	19	21	as	as	ADP
fbem-4893	19	22	samples	sample	NOUN
fbem-4893	19	23	,	,	PUNCT
fbem-4893	19	24	this	this	DET
fbem-4893	19	25	paper	paper	NOUN
fbem-4893	19	26	empirically	empirically	ADV
fbem-4893	19	27	tests	test	VERB
fbem-4893	19	28	the	the	DET
fbem-4893	19	29	impact	impact	NOUN
fbem-4893	19	30	of	of	ADP
fbem-4893	19	31	strategic	strategic	ADJ
fbem-4893	19	32	difference	difference	NOUN
fbem-4893	19	33	on	on	ADP
fbem-4893	19	34	the	the	DET
fbem-4893	19	35	synchronization	synchronization	NOUN
fbem-4893	19	36	of	of	ADP
fbem-4893	19	37	share	share	NOUN
fbem-4893	19	38	prices	price	NOUN
fbem-4893	19	39	,	,	PUNCT
fbem-4893	19	40	as	as	ADV
fbem-4893	19	41	well	well	ADV
fbem-4893	19	42	as	as	ADP
fbem-4893	19	43	the	the	DET
fbem-4893	19	44	regulatory	regulatory	ADJ
fbem-4893	19	45	effect	effect	NOUN
fbem-4893	19	46	of	of	ADP
fbem-4893	19	47	the	the	DET
fbem-4893	19	48	nature	nature	NOUN
fbem-4893	19	49	of	of	ADP
fbem-4893	19	50	property	property	NOUN
fbem-4893	19	51	rights	right	NOUN
fbem-4893	19	52	and	and	CCONJ
fbem-4893	19	53	equity	equity	NOUN
fbem-4893	19	54	concentration	concentration	NOUN
fbem-4893	19	55	.	.	PUNCT
fbem-4893	20	1	compared	compare	VERB
fbem-4893	20	2	with	with	ADP
fbem-4893	20	3	the	the	DET
fbem-4893	20	4	existing	exist	VERB
fbem-4893	20	5	research	research	NOUN
fbem-4893	20	6	,	,	PUNCT
fbem-4893	20	7	the	the	DET
fbem-4893	20	8	main	main	ADJ
fbem-4893	20	9	contributions	contribution	NOUN
fbem-4893	20	10	of	of	ADP
fbem-4893	20	11	this	this	DET
fbem-4893	20	12	paper	paper	NOUN
fbem-4893	20	13	are	be	AUX
fbem-4893	20	14	as	as	SCONJ
fbem-4893	20	15	follows	follow	VERB
fbem-4893	20	16	:	:	PUNCT
fbem-4893	20	17	(	(	PUNCT
fbem-4893	20	18	1	1	X
fbem-4893	20	19	)	)	PUNCT
fbem-4893	20	20	from	from	ADP
fbem-4893	20	21	the	the	DET
fbem-4893	20	22	new	new	ADJ
fbem-4893	20	23	perspective	perspective	NOUN
fbem-4893	20	24	of	of	ADP
fbem-4893	20	25	noise	noise	NOUN
fbem-4893	20	26	interpretation	interpretation	NOUN
fbem-4893	20	27	,	,	PUNCT
fbem-4893	20	28	study	study	VERB
fbem-4893	20	29	the	the	DET
fbem-4893	20	30	phenomenon	phenomenon	NOUN
fbem-4893	20	31	of	of	ADP
fbem-4893	20	32	"	"	PUNCT
fbem-4893	20	33	rising	rise	VERB
fbem-4893	20	34	and	and	CCONJ
fbem-4893	20	35	falling	fall	VERB
fbem-4893	20	36	at	at	ADP
fbem-4893	20	37	the	the	DET
fbem-4893	20	38	same	same	ADJ
fbem-4893	20	39	time	time	NOUN
fbem-4893	20	40	"	"	PUNCT
fbem-4893	20	41	of	of	ADP
fbem-4893	20	42	stock	stock	NOUN
fbem-4893	20	43	prices	price	NOUN
fbem-4893	20	44	in	in	ADP
fbem-4893	20	45	china	china	PROPN
fbem-4893	20	46	's	's	PART
fbem-4893	20	47	capital	capital	NOUN
fbem-4893	20	48	market	market	NOUN
fbem-4893	20	49	,	,	PUNCT
fbem-4893	20	50	and	and	CCONJ
fbem-4893	20	51	expand	expand	VERB
fbem-4893	20	52	the	the	DET
fbem-4893	20	53	application	application	NOUN
fbem-4893	20	54	of	of	ADP
fbem-4893	20	55	strategic	strategic	ADJ
fbem-4893	20	56	difference	difference	NOUN
fbem-4893	20	57	in	in	ADP
fbem-4893	20	58	the	the	DET
fbem-4893	20	59	capital	capital	NOUN
fbem-4893	20	60	market	market	NOUN
fbem-4893	20	61	.	.	PUNCT
fbem-4893	21	1	(	(	PUNCT
fbem-4893	21	2	2	2	X
fbem-4893	21	3	)	)	PUNCT
fbem-4893	21	4	it	it	PRON
fbem-4893	21	5	further	far	ADV
fbem-4893	21	6	explores	explore	VERB
fbem-4893	21	7	the	the	DET
fbem-4893	21	8	nature	nature	NOUN
fbem-4893	21	9	of	of	ADP
fbem-4893	21	10	property	property	NOUN
fbem-4893	21	11	rights	right	NOUN
fbem-4893	21	12	,	,	PUNCT
fbem-4893	21	13	the	the	DET
fbem-4893	21	14	external	external	ADJ
fbem-4893	21	15	supervision	supervision	NOUN
fbem-4893	21	16	of	of	ADP
fbem-4893	21	17	equity	equity	NOUN
fbem-4893	21	18	structure	structure	NOUN
fbem-4893	21	19	and	and	CCONJ
fbem-4893	21	20	the	the	DET
fbem-4893	21	21	role	role	NOUN
fbem-4893	21	22	of	of	ADP
fbem-4893	21	23	internal	internal	ADJ
fbem-4893	21	24	governance	governance	NOUN
fbem-4893	21	25	.	.	PUNCT
fbem-4893	22	1	(	(	PUNCT
fbem-4893	22	2	3	3	X
fbem-4893	22	3	)	)	PUNCT
fbem-4893	22	4	to	to	PART
fbem-4893	22	5	provide	provide	VERB
fbem-4893	22	6	reference	reference	NOUN
fbem-4893	22	7	for	for	ADP
fbem-4893	22	8	regulatory	regulatory	ADJ
fbem-4893	22	9	authorities	authority	NOUN
fbem-4893	22	10	to	to	PART
fbem-4893	22	11	further	far	ADV
fbem-4893	22	12	standardize	standardize	VERB
fbem-4893	22	13	the	the	DET
fbem-4893	22	14	capital	capital	NOUN
fbem-4893	22	15	market	market	NOUN
fbem-4893	22	16	,	,	PUNCT
fbem-4893	22	17	improve	improve	VERB
fbem-4893	22	18	corporate	corporate	ADJ
fbem-4893	22	19	governance	governance	NOUN
fbem-4893	22	20	and	and	CCONJ
fbem-4893	22	21	improve	improve	VERB
fbem-4893	22	22	the	the	DET
fbem-4893	22	23	quality	quality	NOUN
fbem-4893	22	24	of	of	ADP
fbem-4893	22	25	information	information	NOUN
fbem-4893	22	26	disclosure	disclosure	NOUN
fbem-4893	22	27	,	,	PUNCT
fbem-4893	22	28	and	and	CCONJ
fbem-4893	22	29	promote	promote	VERB
fbem-4893	22	30	the	the	DET
fbem-4893	22	31	improvement	improvement	NOUN
fbem-4893	22	32	of	of	ADP
fbem-4893	22	33	the	the	DET
fbem-4893	22	34	allocation	allocation	NOUN
fbem-4893	22	35	function	function	NOUN
fbem-4893	22	36	of	of	ADP
fbem-4893	22	37	resources	resource	NOUN
fbem-4893	22	38	in	in	ADP
fbem-4893	22	39	the	the	DET
fbem-4893	22	40	capital	capital	NOUN
fbem-4893	22	41	market	market	NOUN
fbem-4893	22	42	.	.	PUNCT
fbem-4893	23	1	2	2	X
fbem-4893	23	2	.	.	X
fbem-4893	23	3	literature	literature	NOUN
fbem-4893	23	4	references	reference	NOUN
fbem-4893	23	5	the	the	DET
fbem-4893	23	6	lower	low	ADJ
fbem-4893	23	7	share	share	NOUN
fbem-4893	23	8	price	price	NOUN
fbem-4893	23	9	synchronism	synchronism	NOUN
fbem-4893	23	10	reflects	reflect	VERB
fbem-4893	23	11	the	the	DET
fbem-4893	23	12	higher	high	ADJ
fbem-4893	23	13	idiosyncratic	idiosyncratic	ADJ
fbem-4893	23	14	earnings	earning	NOUN
fbem-4893	23	15	of	of	ADP
fbem-4893	23	16	the	the	DET
fbem-4893	23	17	company	company	NOUN
fbem-4893	23	18	,	,	PUNCT
fbem-4893	23	19	but	but	CCONJ
fbem-4893	23	20	whether	whether	SCONJ
fbem-4893	23	21	the	the	DET
fbem-4893	23	22	share	share	NOUN
fbem-4893	23	23	price	price	NOUN
fbem-4893	23	24	synchronism	synchronism	NOUN
fbem-4893	23	25	is	be	AUX
fbem-4893	23	26	affected	affect	VERB
fbem-4893	23	27	by	by	ADP
fbem-4893	23	28	market	market	NOUN
fbem-4893	23	29	noise	noise	NOUN
fbem-4893	23	30	or	or	CCONJ
fbem-4893	23	31	determined	determine	VERB
fbem-4893	23	32	by	by	ADP
fbem-4893	23	33	the	the	DET
fbem-4893	23	34	idiosyncratic	idiosyncratic	ADJ
fbem-4893	23	35	information	information	NOUN
fbem-4893	23	36	content	content	NOUN
fbem-4893	23	37	in	in	ADP
fbem-4893	23	38	the	the	DET
fbem-4893	23	39	share	share	NOUN
fbem-4893	23	40	price	price	NOUN
fbem-4893	23	41	is	be	AUX
fbem-4893	23	42	a	a	DET
fbem-4893	23	43	place	place	NOUN
fbem-4893	23	44	where	where	SCONJ
fbem-4893	23	45	scholars	scholar	NOUN
fbem-4893	23	46	differ	differ	VERB
fbem-4893	23	47	widely	widely	ADV
fbem-4893	23	48	today	today	NOUN
fbem-4893	23	49	.	.	PUNCT
fbem-4893	24	1	in	in	ADP
fbem-4893	24	2	view	view	NOUN
fbem-4893	24	3	of	of	ADP
fbem-4893	24	4	this	this	DET
fbem-4893	24	5	problem	problem	NOUN
fbem-4893	24	6	,	,	PUNCT
fbem-4893	24	7	information	information	NOUN
fbem-4893	24	8	interpretation	interpretation	NOUN
fbem-4893	24	9	theory	theory	NOUN
fbem-4893	24	10	and	and	CCONJ
fbem-4893	24	11	noise	noise	NOUN
fbem-4893	24	12	interpretation	interpretation	NOUN
fbem-4893	24	13	theory	theory	NOUN
fbem-4893	24	14	have	have	AUX
fbem-4893	24	15	gradually	gradually	ADV
fbem-4893	24	16	formed	form	VERB
fbem-4893	24	17	.	.	PUNCT
fbem-4893	25	1	scholars	scholar	NOUN
fbem-4893	25	2	represented	represent	VERB
fbem-4893	25	3	by	by	ADP
fbem-4893	25	4	morck	morck	NOUN
fbem-4893	25	5	support	support	NOUN
fbem-4893	25	6	the	the	DET
fbem-4893	25	7	"	"	PUNCT
fbem-4893	25	8	information	information	NOUN
fbem-4893	25	9	interpretation	interpretation	NOUN
fbem-4893	25	10	theory	theory	NOUN
fbem-4893	25	11	"	"	PUNCT
fbem-4893	25	12	,	,	PUNCT
fbem-4893	25	13	believing	believe	VERB
fbem-4893	25	14	that	that	SCONJ
fbem-4893	25	15	the	the	DET
fbem-4893	25	16	individual	individual	ADJ
fbem-4893	25	17	fluctuations	fluctuation	NOUN
fbem-4893	25	18	of	of	ADP
fbem-4893	25	19	the	the	DET
fbem-4893	25	20	company	company	NOUN
fbem-4893	25	21	's	's	PART
fbem-4893	25	22	stock	stock	NOUN
fbem-4893	25	23	price	price	NOUN
fbem-4893	25	24	are	be	AUX
fbem-4893	25	25	related	relate	VERB
fbem-4893	25	26	to	to	ADP
fbem-4893	25	27	the	the	DET
fbem-4893	25	28	private	private	ADJ
fbem-4893	25	29	information	information	NOUN
fbem-4893	25	30	content	content	NOUN
fbem-4893	25	31	contained	contain	VERB
fbem-4893	25	32	in	in	ADP
fbem-4893	25	33	the	the	DET
fbem-4893	25	34	stock	stock	NOUN
fbem-4893	25	35	price	price	NOUN
fbem-4893	25	36	.	.	PUNCT
fbem-4893	26	1	kim	kim	PROPN
fbem-4893	26	2	et	et	PROPN
fbem-4893	26	3	al	al	PROPN
fbem-4893	26	4	.	.	PROPN
fbem-4893	27	1	chan&hamed	chan&hamed	PROPN
fbem-4893	27	2	(	(	PUNCT
fbem-4893	27	3	2006	2006	NUM
fbem-4893	27	4	)	)	PUNCT
fbem-4893	27	5	focused	focus	VERB
fbem-4893	27	6	on	on	ADP
fbem-4893	27	7	china	china	PROPN
fbem-4893	27	8	and	and	CCONJ
fbem-4893	27	9	other	other	ADJ
fbem-4893	27	10	emerging	emerge	VERB
fbem-4893	27	11	markets	market	NOUN
fbem-4893	27	12	that	that	PRON
fbem-4893	27	13	lack	lack	VERB
fbem-4893	27	14	laws	law	NOUN
fbem-4893	27	15	and	and	CCONJ
fbem-4893	27	16	regulations	regulation	NOUN
fbem-4893	27	17	,	,	PUNCT
fbem-4893	27	18	and	and	CCONJ
fbem-4893	27	19	believed	believe	VERB
fbem-4893	27	20	204	204	NUM
fbem-4893	27	21	that	that	PRON
fbem-4893	27	22	lower	low	ADJ
fbem-4893	27	23	corporate	corporate	ADJ
fbem-4893	27	24	information	information	NOUN
fbem-4893	27	25	transparency	transparency	NOUN
fbem-4893	27	26	would	would	AUX
fbem-4893	27	27	improve	improve	VERB
fbem-4893	27	28	the	the	DET
fbem-4893	27	29	synchronization	synchronization	NOUN
fbem-4893	27	30	of	of	ADP
fbem-4893	27	31	share	share	NOUN
fbem-4893	27	32	prices	price	NOUN
fbem-4893	27	33	.	.	PUNCT
fbem-4893	28	1	zhu	zhu	PROPN
fbem-4893	28	2	tao	tao	PROPN
fbem-4893	28	3	et	et	PROPN
fbem-4893	28	4	al	al	PROPN
fbem-4893	28	5	.	.	PROPN
fbem-4893	28	6	(	(	PUNCT
fbem-4893	28	7	2020	2020	NUM
fbem-4893	28	8	)	)	PUNCT
fbem-4893	28	9	found	find	VERB
fbem-4893	28	10	that	that	SCONJ
fbem-4893	28	11	the	the	DET
fbem-4893	28	12	revision	revision	NOUN
fbem-4893	28	13	of	of	ADP
fbem-4893	28	14	the	the	DET
fbem-4893	28	15	government	government	NOUN
fbem-4893	28	16	subsidy	subsidy	NOUN
fbem-4893	28	17	standard	standard	NOUN
fbem-4893	28	18	enhanced	enhance	VERB
fbem-4893	28	19	the	the	DET
fbem-4893	28	20	heterogeneous	heterogeneous	ADJ
fbem-4893	28	21	information	information	NOUN
fbem-4893	28	22	disclosure	disclosure	NOUN
fbem-4893	28	23	of	of	ADP
fbem-4893	28	24	companies	company	NOUN
fbem-4893	28	25	and	and	CCONJ
fbem-4893	28	26	effectively	effectively	ADV
fbem-4893	28	27	reduced	reduce	VERB
fbem-4893	28	28	the	the	DET
fbem-4893	28	29	synchronization	synchronization	NOUN
fbem-4893	28	30	of	of	ADP
fbem-4893	28	31	share	share	NOUN
fbem-4893	28	32	prices	price	NOUN
fbem-4893	28	33	.	.	PUNCT
fbem-4893	29	1	based	base	VERB
fbem-4893	29	2	on	on	ADP
fbem-4893	29	3	the	the	DET
fbem-4893	29	4	"	"	PUNCT
fbem-4893	29	5	information	information	NOUN
fbem-4893	29	6	efficiency	efficiency	NOUN
fbem-4893	29	7	theory	theory	NOUN
fbem-4893	29	8	"	"	PUNCT
fbem-4893	29	9	,	,	PUNCT
fbem-4893	29	10	scholars	scholar	NOUN
fbem-4893	29	11	have	have	AUX
fbem-4893	29	12	explored	explore	VERB
fbem-4893	29	13	the	the	DET
fbem-4893	29	14	factors	factor	NOUN
fbem-4893	29	15	that	that	PRON
fbem-4893	29	16	affect	affect	VERB
fbem-4893	29	17	the	the	DET
fbem-4893	29	18	synchronization	synchronization	NOUN
fbem-4893	29	19	of	of	ADP
fbem-4893	29	20	stock	stock	NOUN
fbem-4893	29	21	prices	price	NOUN
fbem-4893	29	22	,	,	PUNCT
fbem-4893	29	23	such	such	ADJ
fbem-4893	29	24	as	as	ADP
fbem-4893	29	25	corporate	corporate	ADJ
fbem-4893	29	26	governance	governance	NOUN
fbem-4893	29	27	,	,	PUNCT
fbem-4893	29	28	political	political	ADJ
fbem-4893	29	29	relations	relation	NOUN
fbem-4893	29	30	,	,	PUNCT
fbem-4893	29	31	analysts	analyst	NOUN
fbem-4893	29	32	,	,	PUNCT
fbem-4893	29	33	institutional	institutional	ADJ
fbem-4893	29	34	shareholding	shareholding	NOUN
fbem-4893	29	35	,	,	PUNCT
fbem-4893	29	36	media	medium	NOUN
fbem-4893	29	37	reports	report	NOUN
fbem-4893	29	38	,	,	PUNCT
fbem-4893	29	39	legal	legal	ADJ
fbem-4893	29	40	systems	system	NOUN
fbem-4893	29	41	,	,	PUNCT
fbem-4893	29	42	etc	etc	X
fbem-4893	29	43	.	.	X
fbem-4893	29	44	however	however	ADV
fbem-4893	29	45	,	,	PUNCT
fbem-4893	29	46	with	with	ADP
fbem-4893	29	47	the	the	DET
fbem-4893	29	48	in	in	ADP
fbem-4893	29	49	-	-	PUNCT
fbem-4893	29	50	depth	depth	NOUN
fbem-4893	29	51	study	study	NOUN
fbem-4893	29	52	of	of	ADP
fbem-4893	29	53	the	the	DET
fbem-4893	29	54	synchronization	synchronization	NOUN
fbem-4893	29	55	of	of	ADP
fbem-4893	29	56	stock	stock	NOUN
fbem-4893	29	57	prices	price	NOUN
fbem-4893	29	58	,	,	PUNCT
fbem-4893	29	59	some	some	DET
fbem-4893	29	60	scholars	scholar	NOUN
fbem-4893	29	61	questioned	question	VERB
fbem-4893	29	62	the	the	DET
fbem-4893	29	63	information	information	NOUN
fbem-4893	29	64	interpretation	interpretation	NOUN
fbem-4893	29	65	theory	theory	NOUN
fbem-4893	29	66	and	and	CCONJ
fbem-4893	29	67	put	put	VERB
fbem-4893	29	68	forward	forward	ADV
fbem-4893	29	69	another	another	DET
fbem-4893	29	70	theory	theory	NOUN
fbem-4893	29	71	,	,	PUNCT
fbem-4893	29	72	the	the	DET
fbem-4893	29	73	noise	noise	NOUN
fbem-4893	29	74	interpretation	interpretation	NOUN
fbem-4893	29	75	theory	theory	NOUN
fbem-4893	29	76	,	,	PUNCT
fbem-4893	29	77	which	which	PRON
fbem-4893	29	78	believed	believe	VERB
fbem-4893	29	79	that	that	SCONJ
fbem-4893	29	80	the	the	DET
fbem-4893	29	81	more	more	ADV
fbem-4893	29	82	irrational	irrational	ADJ
fbem-4893	29	83	behavior	behavior	NOUN
fbem-4893	29	84	of	of	ADP
fbem-4893	29	85	investors	investor	NOUN
fbem-4893	29	86	in	in	ADP
fbem-4893	29	87	the	the	DET
fbem-4893	29	88	market	market	NOUN
fbem-4893	29	89	,	,	PUNCT
fbem-4893	29	90	the	the	PRON
fbem-4893	29	91	greater	great	ADJ
fbem-4893	29	92	the	the	DET
fbem-4893	29	93	impact	impact	NOUN
fbem-4893	29	94	of	of	ADP
fbem-4893	29	95	noise	noise	NOUN
fbem-4893	29	96	on	on	ADP
fbem-4893	29	97	stocks	stock	NOUN
fbem-4893	29	98	,	,	PUNCT
fbem-4893	29	99	and	and	CCONJ
fbem-4893	29	100	the	the	DET
fbem-4893	29	101	lower	low	ADJ
fbem-4893	29	102	the	the	DET
fbem-4893	29	103	synchronization	synchronization	NOUN
fbem-4893	29	104	of	of	ADP
fbem-4893	29	105	stock	stock	NOUN
fbem-4893	29	106	prices	price	NOUN
fbem-4893	29	107	.	.	PUNCT
fbem-4893	30	1	shiller	shiller	PROPN
fbem-4893	30	2	(	(	PUNCT
fbem-4893	30	3	1981	1981	NUM
fbem-4893	30	4	)	)	PUNCT
fbem-4893	30	5	and	and	CCONJ
fbem-4893	30	6	patrick	patrick	PROPN
fbem-4893	30	7	et	et	PROPN
fbem-4893	30	8	al	al	PROPN
fbem-4893	30	9	.	.	PUNCT
fbem-4893	31	1	wang	wang	PROPN
fbem-4893	31	2	yaping	yap	VERB
fbem-4893	31	3	et	et	PROPN
fbem-4893	31	4	al	al	PROPN
fbem-4893	31	5	.	.	PROPN
fbem-4893	32	1	(	(	PUNCT
fbem-4893	32	2	2009	2009	NUM
fbem-4893	32	3	)	)	PUNCT
fbem-4893	32	4	,	,	PUNCT
fbem-4893	32	5	lee	lee	PROPN
fbem-4893	32	6	and	and	CCONJ
fbem-4893	32	7	liu	liu	PROPN
fbem-4893	32	8	21	21	NUM
fbem-4893	32	9	(	(	PUNCT
fbem-4893	32	10	2011	2011	NUM
fbem-4893	32	11	)	)	PUNCT
fbem-4893	32	12	pointed	point	VERB
fbem-4893	32	13	out	out	ADP
fbem-4893	32	14	that	that	SCONJ
fbem-4893	32	15	when	when	SCONJ
fbem-4893	32	16	the	the	DET
fbem-4893	32	17	stock	stock	NOUN
fbem-4893	32	18	price	price	NOUN
fbem-4893	32	19	is	be	AUX
fbem-4893	32	20	mainly	mainly	ADV
fbem-4893	32	21	driven	drive	VERB
fbem-4893	32	22	by	by	ADP
fbem-4893	32	23	noise	noise	NOUN
fbem-4893	32	24	,	,	PUNCT
fbem-4893	32	25	the	the	DET
fbem-4893	32	26	level	level	NOUN
fbem-4893	32	27	of	of	ADP
fbem-4893	32	28	stock	stock	NOUN
fbem-4893	32	29	price	price	NOUN
fbem-4893	32	30	synchronization	synchronization	NOUN
fbem-4893	32	31	is	be	AUX
fbem-4893	32	32	positively	positively	ADV
fbem-4893	32	33	correlated	correlate	VERB
fbem-4893	32	34	with	with	ADP
fbem-4893	32	35	the	the	DET
fbem-4893	32	36	information	information	NOUN
fbem-4893	32	37	content	content	NOUN
fbem-4893	32	38	of	of	ADP
fbem-4893	32	39	the	the	DET
fbem-4893	32	40	stock	stock	NOUN
fbem-4893	32	41	price	price	NOUN
fbem-4893	32	42	.	.	PUNCT
fbem-4893	33	1	morck	morck	PROPN
fbem-4893	33	2	et	et	PROPN
fbem-4893	33	3	al	al	PROPN
fbem-4893	33	4	.	.	PROPN
fbem-4893	33	5	hu	hu	PROPN
fbem-4893	33	6	and	and	CCONJ
fbem-4893	33	7	liu	liu	PROPN
fbem-4893	33	8	(	(	PUNCT
fbem-4893	33	9	2013	2013	NUM
fbem-4893	33	10	)	)	PUNCT
fbem-4893	33	11	pointed	point	VERB
fbem-4893	33	12	out	out	ADP
fbem-4893	33	13	that	that	SCONJ
fbem-4893	33	14	the	the	DET
fbem-4893	33	15	meaning	meaning	NOUN
fbem-4893	33	16	of	of	ADP
fbem-4893	33	17	stock	stock	NOUN
fbem-4893	33	18	price	price	NOUN
fbem-4893	33	19	synchronization	synchronization	NOUN
fbem-4893	33	20	in	in	ADP
fbem-4893	33	21	china	china	PROPN
fbem-4893	33	22	is	be	AUX
fbem-4893	33	23	quite	quite	ADV
fbem-4893	33	24	different	different	ADJ
fbem-4893	33	25	from	from	ADP
fbem-4893	33	26	that	that	PRON
fbem-4893	33	27	in	in	ADP
fbem-4893	33	28	developed	develop	VERB
fbem-4893	33	29	markets	market	NOUN
fbem-4893	33	30	in	in	ADP
fbem-4893	33	31	europe	europe	PROPN
fbem-4893	33	32	and	and	CCONJ
fbem-4893	33	33	the	the	DET
fbem-4893	33	34	united	united	PROPN
fbem-4893	33	35	states	states	PROPN
fbem-4893	33	36	,	,	PUNCT
fbem-4893	33	37	and	and	CCONJ
fbem-4893	33	38	lower	low	ADJ
fbem-4893	33	39	stock	stock	NOUN
fbem-4893	33	40	price	price	NOUN
fbem-4893	33	41	synchronization	synchronization	NOUN
fbem-4893	33	42	means	mean	VERB
fbem-4893	33	43	more	more	ADJ
fbem-4893	33	44	noise	noise	NOUN
fbem-4893	33	45	trading	trading	NOUN
fbem-4893	33	46	and	and	CCONJ
fbem-4893	33	47	lower	low	ADJ
fbem-4893	33	48	stock	stock	NOUN
fbem-4893	33	49	price	price	NOUN
fbem-4893	33	50	information	information	NOUN
fbem-4893	33	51	content	content	NOUN
fbem-4893	33	52	.	.	PUNCT
fbem-4893	34	1	xu	xu	PROPN
fbem-4893	35	1	nianxing	nianxe	VERB
fbem-4893	35	2	et	et	PROPN
fbem-4893	35	3	al	al	PROPN
fbem-4893	35	4	.	.	PUNCT
fbem-4893	36	1	(	(	PUNCT
fbem-4893	36	2	2011	2011	NUM
fbem-4893	36	3	)	)	PUNCT
fbem-4893	36	4	,	,	PUNCT
fbem-4893	36	5	shi	shi	PROPN
fbem-4893	36	6	yong	yong	PROPN
fbem-4893	36	7	(	(	PUNCT
fbem-4893	36	8	2013	2013	NUM
fbem-4893	36	9	)	)	PUNCT
fbem-4893	36	10	,	,	PUNCT
fbem-4893	36	11	zhou	zhou	PROPN
fbem-4893	36	12	linjie	linjie	PROPN
fbem-4893	36	13	(	(	PUNCT
fbem-4893	36	14	2014	2014	NUM
fbem-4893	36	15	)	)	PUNCT
fbem-4893	36	16	,	,	PUNCT
fbem-4893	36	17	luo	luo	PROPN
fbem-4893	36	18	jinhui	jinhui	PROPN
fbem-4893	36	19	et	et	PROPN
fbem-4893	36	20	al	al	PROPN
fbem-4893	36	21	.	.	PROPN
fbem-4893	37	1	(	(	PUNCT
fbem-4893	37	2	2015	2015	NUM
fbem-4893	37	3	)	)	PUNCT
fbem-4893	37	4	also	also	ADV
fbem-4893	37	5	support	support	VERB
fbem-4893	37	6	the	the	DET
fbem-4893	37	7	above	above	ADJ
fbem-4893	37	8	views	view	NOUN
fbem-4893	37	9	.	.	PUNCT
fbem-4893	38	1	since	since	SCONJ
fbem-4893	38	2	china	china	PROPN
fbem-4893	38	3	's	's	PART
fbem-4893	38	4	capital	capital	NOUN
fbem-4893	38	5	market	market	NOUN
fbem-4893	38	6	still	still	ADV
fbem-4893	38	7	lags	lag	VERB
fbem-4893	38	8	behind	behind	ADP
fbem-4893	38	9	developed	develop	VERB
fbem-4893	38	10	capital	capital	NOUN
fbem-4893	38	11	markets	market	NOUN
fbem-4893	38	12	in	in	ADP
fbem-4893	38	13	terms	term	NOUN
fbem-4893	38	14	of	of	ADP
fbem-4893	38	15	legal	legal	ADJ
fbem-4893	38	16	system	system	NOUN
fbem-4893	38	17	,	,	PUNCT
fbem-4893	38	18	information	information	NOUN
fbem-4893	38	19	transparency	transparency	NOUN
fbem-4893	38	20	,	,	PUNCT
fbem-4893	38	21	etc	etc	X
fbem-4893	38	22	.	.	X
fbem-4893	38	23	,	,	PUNCT
fbem-4893	38	24	empirical	empirical	ADJ
fbem-4893	38	25	research	research	NOUN
fbem-4893	38	26	on	on	ADP
fbem-4893	38	27	china	china	PROPN
fbem-4893	38	28	's	's	PART
fbem-4893	38	29	capital	capital	NOUN
fbem-4893	38	30	market	market	NOUN
fbem-4893	38	31	is	be	AUX
fbem-4893	38	32	more	more	ADV
fbem-4893	38	33	supportive	supportive	ADJ
fbem-4893	38	34	of	of	ADP
fbem-4893	38	35	noise	noise	NOUN
fbem-4893	38	36	interpretation	interpretation	NOUN
fbem-4893	38	37	.	.	PUNCT
fbem-4893	39	1	at	at	ADP
fbem-4893	39	2	the	the	DET
fbem-4893	39	3	same	same	ADJ
fbem-4893	39	4	time	time	NOUN
fbem-4893	39	5	,	,	PUNCT
fbem-4893	39	6	chinese	chinese	ADJ
fbem-4893	39	7	scholars	scholar	NOUN
fbem-4893	39	8	'	'	PART
fbem-4893	39	9	research	research	NOUN
fbem-4893	39	10	on	on	ADP
fbem-4893	39	11	the	the	DET
fbem-4893	39	12	impact	impact	NOUN
fbem-4893	39	13	of	of	ADP
fbem-4893	39	14	corporate	corporate	ADJ
fbem-4893	39	15	strategic	strategic	ADJ
fbem-4893	39	16	differences	difference	NOUN
fbem-4893	39	17	on	on	ADP
fbem-4893	39	18	corporate	corporate	ADJ
fbem-4893	39	19	behavior	behavior	NOUN
fbem-4893	39	20	and	and	CCONJ
fbem-4893	39	21	economic	economic	ADJ
fbem-4893	39	22	consequences	consequence	NOUN
fbem-4893	39	23	mainly	mainly	ADV
fbem-4893	39	24	focuses	focus	VERB
fbem-4893	39	25	on	on	ADP
fbem-4893	39	26	earnings	earning	NOUN
fbem-4893	39	27	management	management	NOUN
fbem-4893	39	28	behavior	behavior	NOUN
fbem-4893	39	29	,	,	PUNCT
fbem-4893	39	30	corporate	corporate	ADJ
fbem-4893	39	31	performance	performance	NOUN
fbem-4893	39	32	,	,	PUNCT
fbem-4893	39	33	tax	tax	NOUN
fbem-4893	39	34	evasion	evasion	NOUN
fbem-4893	39	35	,	,	PUNCT
fbem-4893	39	36	and	and	CCONJ
fbem-4893	39	37	loan	loan	NOUN
fbem-4893	39	38	contracts	contract	NOUN
fbem-4893	39	39	.	.	PUNCT
fbem-4893	40	1	considering	consider	VERB
fbem-4893	40	2	that	that	SCONJ
fbem-4893	40	3	the	the	DET
fbem-4893	40	4	strategic	strategic	ADJ
fbem-4893	40	5	differences	difference	NOUN
fbem-4893	40	6	related	relate	VERB
fbem-4893	40	7	to	to	ADP
fbem-4893	40	8	the	the	DET
fbem-4893	40	9	long	long	ADJ
fbem-4893	40	10	-	-	PUNCT
fbem-4893	40	11	term	term	NOUN
fbem-4893	40	12	development	development	NOUN
fbem-4893	40	13	of	of	ADP
fbem-4893	40	14	the	the	DET
fbem-4893	40	15	company	company	NOUN
fbem-4893	40	16	will	will	AUX
fbem-4893	40	17	often	often	ADV
fbem-4893	40	18	reduce	reduce	VERB
fbem-4893	40	19	the	the	DET
fbem-4893	40	20	company	company	NOUN
fbem-4893	40	21	's	's	PART
fbem-4893	40	22	information	information	NOUN
fbem-4893	40	23	transparency	transparency	NOUN
fbem-4893	40	24	,	,	PUNCT
fbem-4893	40	25	increase	increase	VERB
fbem-4893	40	26	the	the	DET
fbem-4893	40	27	noise	noise	NOUN
fbem-4893	40	28	trading	trading	NOUN
fbem-4893	40	29	in	in	ADP
fbem-4893	40	30	the	the	DET
fbem-4893	40	31	stock	stock	NOUN
fbem-4893	40	32	market	market	NOUN
fbem-4893	40	33	,	,	PUNCT
fbem-4893	40	34	and	and	CCONJ
fbem-4893	40	35	cause	cause	VERB
fbem-4893	40	36	the	the	DET
fbem-4893	40	37	heterogeneity	heterogeneity	NOUN
fbem-4893	40	38	fluctuation	fluctuation	NOUN
fbem-4893	40	39	of	of	ADP
fbem-4893	40	40	the	the	DET
fbem-4893	40	41	stock	stock	NOUN
fbem-4893	40	42	price	price	NOUN
fbem-4893	40	43	.	.	PUNCT
fbem-4893	41	1	therefore	therefore	ADV
fbem-4893	41	2	,	,	PUNCT
fbem-4893	41	3	based	base	VERB
fbem-4893	41	4	on	on	ADP
fbem-4893	41	5	the	the	DET
fbem-4893	41	6	theory	theory	NOUN
fbem-4893	41	7	of	of	ADP
fbem-4893	41	8	noise	noise	NOUN
fbem-4893	41	9	interpretation	interpretation	NOUN
fbem-4893	41	10	,	,	PUNCT
fbem-4893	41	11	this	this	DET
fbem-4893	41	12	paper	paper	NOUN
fbem-4893	41	13	discusses	discuss	VERB
fbem-4893	41	14	the	the	DET
fbem-4893	41	15	impact	impact	NOUN
fbem-4893	41	16	of	of	ADP
fbem-4893	41	17	strategic	strategic	ADJ
fbem-4893	41	18	difference	difference	NOUN
fbem-4893	41	19	on	on	ADP
fbem-4893	41	20	stock	stock	NOUN
fbem-4893	41	21	price	price	NOUN
fbem-4893	41	22	synchronization	synchronization	NOUN
fbem-4893	41	23	and	and	CCONJ
fbem-4893	41	24	information	information	NOUN
fbem-4893	41	25	content	content	NOUN
fbem-4893	41	26	in	in	ADP
fbem-4893	41	27	china	china	PROPN
fbem-4893	41	28	's	's	PART
fbem-4893	41	29	market	market	NOUN
fbem-4893	41	30	with	with	ADP
fbem-4893	41	31	more	more	ADJ
fbem-4893	41	32	noise	noise	NOUN
fbem-4893	41	33	transactions	transaction	NOUN
fbem-4893	41	34	,	,	PUNCT
fbem-4893	41	35	and	and	CCONJ
fbem-4893	41	36	introduces	introduce	VERB
fbem-4893	41	37	the	the	DET
fbem-4893	41	38	regulatory	regulatory	ADJ
fbem-4893	41	39	role	role	NOUN
fbem-4893	41	40	of	of	ADP
fbem-4893	41	41	equity	equity	NOUN
fbem-4893	41	42	concentration	concentration	NOUN
fbem-4893	41	43	and	and	CCONJ
fbem-4893	41	44	property	property	NOUN
fbem-4893	41	45	nature	nature	NOUN
fbem-4893	41	46	to	to	PART
fbem-4893	41	47	enrich	enrich	VERB
fbem-4893	41	48	relevant	relevant	ADJ
fbem-4893	41	49	theoretical	theoretical	ADJ
fbem-4893	41	50	research	research	NOUN
fbem-4893	41	51	.	.	PUNCT
fbem-4893	42	1	3	3	X
fbem-4893	42	2	.	.	X
fbem-4893	42	3	research	research	NOUN
fbem-4893	42	4	hypothesis	hypothesis	NOUN
fbem-4893	42	5	as	as	ADP
fbem-4893	42	6	a	a	DET
fbem-4893	42	7	kind	kind	NOUN
fbem-4893	42	8	of	of	ADP
fbem-4893	42	9	corporate	corporate	ADJ
fbem-4893	42	10	idiosyncratic	idiosyncratic	ADJ
fbem-4893	42	11	information	information	NOUN
fbem-4893	42	12	,	,	PUNCT
fbem-4893	42	13	corporate	corporate	ADJ
fbem-4893	42	14	strategy	strategy	NOUN
fbem-4893	42	15	has	have	VERB
fbem-4893	42	16	rich	rich	ADJ
fbem-4893	42	17	information	information	NOUN
fbem-4893	42	18	content	content	NOUN
fbem-4893	42	19	,	,	PUNCT
fbem-4893	42	20	which	which	PRON
fbem-4893	42	21	will	will	AUX
fbem-4893	42	22	increase	increase	VERB
fbem-4893	42	23	the	the	DET
fbem-4893	42	24	idiosyncratic	idiosyncratic	ADJ
fbem-4893	42	25	information	information	NOUN
fbem-4893	42	26	content	content	NOUN
fbem-4893	42	27	incorporated	incorporate	VERB
fbem-4893	42	28	into	into	ADP
fbem-4893	42	29	the	the	DET
fbem-4893	42	30	company	company	NOUN
fbem-4893	42	31	's	's	PART
fbem-4893	42	32	stock	stock	NOUN
fbem-4893	42	33	price	price	NOUN
fbem-4893	42	34	and	and	CCONJ
fbem-4893	42	35	cause	cause	VERB
fbem-4893	42	36	the	the	DET
fbem-4893	42	37	stock	stock	NOUN
fbem-4893	42	38	price	price	NOUN
fbem-4893	42	39	fluctuation	fluctuation	NOUN
fbem-4893	42	40	in	in	ADP
fbem-4893	42	41	the	the	DET
fbem-4893	42	42	capital	capital	NOUN
fbem-4893	42	43	market	market	NOUN
fbem-4893	42	44	(	(	PUNCT
fbem-4893	42	45	chung	chung	PROPN
fbem-4893	42	46	et	et	PROPN
fbem-4893	42	47	al	al	PROPN
fbem-4893	42	48	.	.	PROPN
fbem-4893	42	49	,	,	PUNCT
fbem-4893	42	50	1993	1993	NUM
fbem-4893	42	51	)	)	PUNCT
fbem-4893	42	52	.	.	PUNCT
fbem-4893	43	1	in	in	ADP
fbem-4893	43	2	addition	addition	NOUN
fbem-4893	43	3	,	,	PUNCT
fbem-4893	43	4	enterprises	enterprise	NOUN
fbem-4893	43	5	that	that	PRON
fbem-4893	43	6	implement	implement	VERB
fbem-4893	43	7	differentiation	differentiation	NOUN
fbem-4893	43	8	strategy	strategy	NOUN
fbem-4893	43	9	(	(	PUNCT
fbem-4893	43	10	with	with	ADP
fbem-4893	43	11	a	a	DET
fbem-4893	43	12	large	large	ADJ
fbem-4893	43	13	degree	degree	NOUN
fbem-4893	43	14	of	of	ADP
fbem-4893	43	15	strategic	strategic	ADJ
fbem-4893	43	16	differentiation	differentiation	NOUN
fbem-4893	43	17	)	)	PUNCT
fbem-4893	43	18	will	will	AUX
fbem-4893	43	19	promote	promote	VERB
fbem-4893	43	20	the	the	DET
fbem-4893	43	21	realization	realization	NOUN
fbem-4893	43	22	of	of	ADP
fbem-4893	43	23	their	their	PRON
fbem-4893	43	24	strategy	strategy	NOUN
fbem-4893	43	25	by	by	ADP
fbem-4893	43	26	increasing	increase	VERB
fbem-4893	43	27	innovation	innovation	NOUN
fbem-4893	43	28	efforts	effort	NOUN
fbem-4893	43	29	(	(	PUNCT
fbem-4893	43	30	such	such	ADJ
fbem-4893	43	31	as	as	ADP
fbem-4893	43	32	focusing	focus	VERB
fbem-4893	43	33	on	on	ADP
fbem-4893	43	34	the	the	DET
fbem-4893	43	35	upgrading	upgrading	NOUN
fbem-4893	43	36	of	of	ADP
fbem-4893	43	37	existing	exist	VERB
fbem-4893	43	38	products	product	NOUN
fbem-4893	43	39	and	and	CCONJ
fbem-4893	43	40	the	the	DET
fbem-4893	43	41	development	development	NOUN
fbem-4893	43	42	of	of	ADP
fbem-4893	43	43	new	new	ADJ
fbem-4893	43	44	blue	blue	ADJ
fbem-4893	43	45	ocean	ocean	NOUN
fbem-4893	43	46	markets	market	NOUN
fbem-4893	43	47	)	)	PUNCT
fbem-4893	43	48	,	,	PUNCT
fbem-4893	43	49	which	which	PRON
fbem-4893	43	50	will	will	AUX
fbem-4893	43	51	make	make	VERB
fbem-4893	43	52	enterprises	enterprise	NOUN
fbem-4893	43	53	contain	contain	VERB
fbem-4893	43	54	more	more	ADV
fbem-4893	43	55	characteristic	characteristic	ADJ
fbem-4893	43	56	information	information	NOUN
fbem-4893	43	57	(	(	PUNCT
fbem-4893	43	58	miles	mile	NOUN
fbem-4893	43	59	et	et	PROPN
fbem-4893	43	60	al	al	PROPN
fbem-4893	43	61	.	.	PROPN
fbem-4893	43	62	,	,	PUNCT
fbem-4893	43	63	2003	2003	NUM
fbem-4893	43	64	)	)	PUNCT
fbem-4893	43	65	.	.	PUNCT
fbem-4893	44	1	at	at	ADP
fbem-4893	44	2	the	the	DET
fbem-4893	44	3	same	same	ADJ
fbem-4893	44	4	time	time	NOUN
fbem-4893	44	5	,	,	PUNCT
fbem-4893	44	6	according	accord	VERB
fbem-4893	44	7	to	to	ADP
fbem-4893	44	8	the	the	DET
fbem-4893	44	9	signal	signal	ADJ
fbem-4893	44	10	transmission	transmission	NOUN
fbem-4893	44	11	theory	theory	NOUN
fbem-4893	44	12	,	,	PUNCT
fbem-4893	44	13	when	when	SCONJ
fbem-4893	44	14	the	the	DET
fbem-4893	44	15	enterprise	enterprise	NOUN
fbem-4893	44	16	strategy	strategy	NOUN
fbem-4893	44	17	deviates	deviate	VERB
fbem-4893	44	18	from	from	ADP
fbem-4893	44	19	the	the	DET
fbem-4893	44	20	overall	overall	ADJ
fbem-4893	44	21	strategy	strategy	NOUN
fbem-4893	44	22	of	of	ADP
fbem-4893	44	23	the	the	DET
fbem-4893	44	24	industry	industry	NOUN
fbem-4893	44	25	,	,	PUNCT
fbem-4893	44	26	the	the	DET
fbem-4893	44	27	deviation	deviation	NOUN
fbem-4893	44	28	degree	degree	NOUN
fbem-4893	44	29	is	be	AUX
fbem-4893	44	30	an	an	DET
fbem-4893	44	31	important	important	ADJ
fbem-4893	44	32	signal	signal	NOUN
fbem-4893	44	33	for	for	SCONJ
fbem-4893	44	34	the	the	DET
fbem-4893	44	35	enterprise	enterprise	NOUN
fbem-4893	44	36	to	to	PART
fbem-4893	44	37	transmit	transmit	VERB
fbem-4893	44	38	the	the	DET
fbem-4893	44	39	future	future	ADJ
fbem-4893	44	40	strategic	strategic	ADJ
fbem-4893	44	41	direction	direction	NOUN
fbem-4893	44	42	to	to	ADP
fbem-4893	44	43	investors	investor	NOUN
fbem-4893	44	44	,	,	PUNCT
fbem-4893	44	45	and	and	CCONJ
fbem-4893	44	46	is	be	AUX
fbem-4893	44	47	a	a	DET
fbem-4893	44	48	positive	positive	ADJ
fbem-4893	44	49	signal	signal	NOUN
fbem-4893	44	50	for	for	ADP
fbem-4893	44	51	the	the	DET
fbem-4893	44	52	deviated	deviate	VERB
fbem-4893	44	53	enterprise	enterprise	NOUN
fbem-4893	44	54	to	to	PART
fbem-4893	44	55	release	release	VERB
fbem-4893	44	56	its	its	PRON
fbem-4893	44	57	willingness	willingness	NOUN
fbem-4893	44	58	to	to	PART
fbem-4893	44	59	bear	bear	VERB
fbem-4893	44	60	innovation	innovation	NOUN
fbem-4893	44	61	risks	risk	NOUN
fbem-4893	44	62	,	,	PUNCT
fbem-4893	44	63	which	which	PRON
fbem-4893	44	64	will	will	AUX
fbem-4893	44	65	attract	attract	VERB
fbem-4893	44	66	more	more	ADJ
fbem-4893	44	67	market	market	NOUN
fbem-4893	44	68	attention	attention	NOUN
fbem-4893	44	69	,	,	PUNCT
fbem-4893	44	70	attract	attract	VERB
fbem-4893	44	71	analysts	analyst	NOUN
fbem-4893	44	72	to	to	PART
fbem-4893	44	73	gain	gain	VERB
fbem-4893	44	74	private	private	ADJ
fbem-4893	44	75	information	information	NOUN
fbem-4893	44	76	and	and	CCONJ
fbem-4893	44	77	potential	potential	ADJ
fbem-4893	44	78	excess	excess	ADJ
fbem-4893	44	79	income	income	NOUN
fbem-4893	44	80	through	through	ADP
fbem-4893	44	81	interpretation	interpretation	NOUN
fbem-4893	44	82	,	,	PUNCT
fbem-4893	44	83	and	and	CCONJ
fbem-4893	44	84	help	help	VERB
fbem-4893	44	85	investors	investor	NOUN
fbem-4893	44	86	further	far	ADV
fbem-4893	44	87	understand	understand	VERB
fbem-4893	44	88	the	the	DET
fbem-4893	44	89	future	future	ADJ
fbem-4893	44	90	development	development	NOUN
fbem-4893	44	91	prospects	prospect	NOUN
fbem-4893	44	92	of	of	ADP
fbem-4893	44	93	the	the	DET
fbem-4893	44	94	enterprise	enterprise	NOUN
fbem-4893	44	95	,	,	PUNCT
fbem-4893	44	96	reduce	reduce	VERB
fbem-4893	44	97	the	the	DET
fbem-4893	44	98	information	information	NOUN
fbem-4893	44	99	asymmetry	asymmetry	NOUN
fbem-4893	44	100	between	between	ADP
fbem-4893	44	101	enterprises	enterprise	NOUN
fbem-4893	44	102	and	and	CCONJ
fbem-4893	44	103	external	external	ADJ
fbem-4893	44	104	investors	investor	NOUN
fbem-4893	44	105	,	,	PUNCT
fbem-4893	44	106	increase	increase	VERB
fbem-4893	44	107	the	the	DET
fbem-4893	44	108	information	information	NOUN
fbem-4893	44	109	content	content	NOUN
fbem-4893	44	110	of	of	ADP
fbem-4893	44	111	corporate	corporate	ADJ
fbem-4893	44	112	strategic	strategic	ADJ
fbem-4893	44	113	characteristics	characteristic	NOUN
fbem-4893	44	114	in	in	ADP
fbem-4893	44	115	the	the	DET
fbem-4893	44	116	stock	stock	NOUN
fbem-4893	44	117	price	price	NOUN
fbem-4893	44	118	,	,	PUNCT
fbem-4893	44	119	and	and	CCONJ
fbem-4893	44	120	optimize	optimize	VERB
fbem-4893	44	121	the	the	DET
fbem-4893	44	122	enterprise	enterprise	NOUN
fbem-4893	44	123	information	information	NOUN
fbem-4893	44	124	environment	environment	NOUN
fbem-4893	44	125	(	(	PUNCT
fbem-4893	44	126	you	you	PRON
fbem-4893	44	127	daming	dam	VERB
fbem-4893	44	128	,	,	PUNCT
fbem-4893	44	129	2017	2017	NUM
fbem-4893	44	130	)	)	PUNCT
fbem-4893	44	131	.	.	PUNCT
fbem-4893	45	1	although	although	SCONJ
fbem-4893	45	2	compared	compare	VERB
fbem-4893	45	3	with	with	ADP
fbem-4893	45	4	the	the	DET
fbem-4893	45	5	securities	security	NOUN
fbem-4893	45	6	market	market	NOUN
fbem-4893	45	7	of	of	ADP
fbem-4893	45	8	developed	develop	VERB
fbem-4893	45	9	countries	country	NOUN
fbem-4893	45	10	,	,	PUNCT
fbem-4893	45	11	china	china	PROPN
fbem-4893	45	12	's	's	PART
fbem-4893	45	13	securities	security	NOUN
fbem-4893	45	14	market	market	NOUN
fbem-4893	45	15	has	have	VERB
fbem-4893	45	16	a	a	DET
fbem-4893	45	17	relatively	relatively	ADV
fbem-4893	45	18	short	short	ADJ
fbem-4893	45	19	formation	formation	NOUN
fbem-4893	45	20	time	time	NOUN
fbem-4893	45	21	and	and	CCONJ
fbem-4893	45	22	is	be	AUX
fbem-4893	45	23	not	not	PART
fbem-4893	45	24	yet	yet	ADV
fbem-4893	45	25	mature	mature	ADJ
fbem-4893	45	26	,	,	PUNCT
fbem-4893	45	27	with	with	ADP
fbem-4893	45	28	the	the	DET
fbem-4893	45	29	establishment	establishment	NOUN
fbem-4893	45	30	and	and	CCONJ
fbem-4893	45	31	improvement	improvement	NOUN
fbem-4893	45	32	of	of	ADP
fbem-4893	45	33	various	various	ADJ
fbem-4893	45	34	regulatory	regulatory	ADJ
fbem-4893	45	35	systems	system	NOUN
fbem-4893	45	36	and	and	CCONJ
fbem-4893	45	37	legal	legal	ADJ
fbem-4893	45	38	systems	system	NOUN
fbem-4893	45	39	,	,	PUNCT
fbem-4893	45	40	china	china	PROPN
fbem-4893	45	41	's	's	PART
fbem-4893	45	42	securities	security	NOUN
fbem-4893	45	43	market	market	NOUN
fbem-4893	45	44	is	be	AUX
fbem-4893	45	45	an	an	DET
fbem-4893	45	46	effective	effective	ADJ
fbem-4893	45	47	market	market	NOUN
fbem-4893	45	48	.	.	PUNCT
fbem-4893	46	1	in	in	ADP
fbem-4893	46	2	the	the	DET
fbem-4893	46	3	effective	effective	ADJ
fbem-4893	46	4	capital	capital	NOUN
fbem-4893	46	5	market	market	NOUN
fbem-4893	46	6	,	,	PUNCT
fbem-4893	46	7	the	the	DET
fbem-4893	46	8	company	company	NOUN
fbem-4893	46	9	's	's	PART
fbem-4893	46	10	share	share	NOUN
fbem-4893	46	11	price	price	NOUN
fbem-4893	46	12	will	will	AUX
fbem-4893	46	13	fully	fully	ADV
fbem-4893	46	14	contain	contain	VERB
fbem-4893	46	15	all	all	DET
fbem-4893	46	16	kinds	kind	NOUN
fbem-4893	46	17	of	of	ADP
fbem-4893	46	18	information	information	NOUN
fbem-4893	46	19	,	,	PUNCT
fbem-4893	46	20	and	and	CCONJ
fbem-4893	46	21	rational	rational	ADJ
fbem-4893	46	22	investors	investor	NOUN
fbem-4893	46	23	will	will	AUX
fbem-4893	46	24	reduce	reduce	VERB
fbem-4893	46	25	the	the	DET
fbem-4893	46	26	impact	impact	NOUN
fbem-4893	46	27	of	of	ADP
fbem-4893	46	28	noise	noise	NOUN
fbem-4893	46	29	on	on	ADP
fbem-4893	46	30	the	the	DET
fbem-4893	46	31	share	share	NOUN
fbem-4893	46	32	price	price	NOUN
fbem-4893	46	33	.	.	PUNCT
fbem-4893	47	1	therefore	therefore	ADV
fbem-4893	47	2	,	,	PUNCT
fbem-4893	47	3	the	the	DET
fbem-4893	47	4	company	company	NOUN
fbem-4893	47	5	's	's	PART
fbem-4893	47	6	idiosyncratic	idiosyncratic	ADJ
fbem-4893	47	7	information	information	NOUN
fbem-4893	47	8	is	be	AUX
fbem-4893	47	9	one	one	NUM
fbem-4893	47	10	of	of	ADP
fbem-4893	47	11	the	the	DET
fbem-4893	47	12	main	main	ADJ
fbem-4893	47	13	factors	factor	NOUN
fbem-4893	47	14	of	of	ADP
fbem-4893	47	15	the	the	DET
fbem-4893	47	16	company	company	NOUN
fbem-4893	47	17	's	's	PART
fbem-4893	47	18	share	share	NOUN
fbem-4893	47	19	price	price	NOUN
fbem-4893	47	20	and	and	CCONJ
fbem-4893	47	21	the	the	DET
fbem-4893	47	22	level	level	NOUN
fbem-4893	47	23	of	of	ADP
fbem-4893	47	24	synchronization	synchronization	NOUN
fbem-4893	47	25	of	of	ADP
fbem-4893	47	26	share	share	NOUN
fbem-4893	47	27	price	price	NOUN
fbem-4893	47	28	.	.	PUNCT
fbem-4893	48	1	（	（	PUNCT
fbem-4893	48	2	morck	morck	PROPN
fbem-4893	48	3	et	et	PROPN
fbem-4893	48	4	al	al	PROPN
fbem-4893	48	5	.	.	PROPN
fbem-4893	48	6	,2000；durnev	,2000；durnev	PUNCT
fbem-4893	48	7	et	et	PROPN
fbem-4893	48	8	al	al	PROPN
fbem-4893	48	9	.	.	PROPN
fbem-4893	48	10	,2003	,2003	PROPN
fbem-4893	49	1	）	）	PUNCT
fbem-4893	49	2	。	。	X
fbem-4893	49	3	when	when	SCONJ
fbem-4893	49	4	the	the	DET
fbem-4893	49	5	share	share	NOUN
fbem-4893	49	6	price	price	NOUN
fbem-4893	49	7	reflects	reflect	VERB
fbem-4893	49	8	more	more	ADJ
fbem-4893	49	9	information	information	NOUN
fbem-4893	49	10	about	about	ADP
fbem-4893	49	11	the	the	DET
fbem-4893	49	12	characteristics	characteristic	NOUN
fbem-4893	49	13	of	of	ADP
fbem-4893	49	14	the	the	DET
fbem-4893	49	15	company	company	NOUN
fbem-4893	49	16	,	,	PUNCT
fbem-4893	49	17	its	its	PRON
fbem-4893	49	18	share	share	NOUN
fbem-4893	49	19	price	price	NOUN
fbem-4893	49	20	synchronization	synchronization	NOUN
fbem-4893	49	21	level	level	NOUN
fbem-4893	49	22	will	will	AUX
fbem-4893	49	23	be	be	AUX
fbem-4893	49	24	effectively	effectively	ADV
fbem-4893	49	25	reduced	reduce	VERB
fbem-4893	49	26	,	,	PUNCT
fbem-4893	49	27	and	and	CCONJ
fbem-4893	49	28	the	the	DET
fbem-4893	49	29	efficiency	efficiency	NOUN
fbem-4893	49	30	of	of	ADP
fbem-4893	49	31	resource	resource	NOUN
fbem-4893	49	32	allocation	allocation	NOUN
fbem-4893	49	33	in	in	ADP
fbem-4893	49	34	the	the	DET
fbem-4893	49	35	capital	capital	NOUN
fbem-4893	49	36	market	market	NOUN
fbem-4893	49	37	will	will	AUX
fbem-4893	49	38	also	also	ADV
fbem-4893	49	39	be	be	AUX
fbem-4893	49	40	improved	improve	VERB
fbem-4893	49	41	.	.	PUNCT
fbem-4893	50	1	accordingly	accordingly	ADV
fbem-4893	50	2	,	,	PUNCT
fbem-4893	50	3	the	the	DET
fbem-4893	50	4	core	core	NOUN
fbem-4893	50	5	assumptions	assumption	NOUN
fbem-4893	50	6	of	of	ADP
fbem-4893	50	7	this	this	DET
fbem-4893	50	8	paper	paper	NOUN
fbem-4893	50	9	are	be	AUX
fbem-4893	50	10	proposed	propose	VERB
fbem-4893	50	11	:	:	PUNCT
fbem-4893	50	12	h1	h1	X
fbem-4893	50	13	:	:	PUNCT
fbem-4893	50	14	on	on	ADP
fbem-4893	50	15	the	the	DET
fbem-4893	50	16	premise	premise	NOUN
fbem-4893	50	17	of	of	ADP
fbem-4893	50	18	controlling	control	VERB
fbem-4893	50	19	other	other	ADJ
fbem-4893	50	20	factors	factor	NOUN
fbem-4893	50	21	,	,	PUNCT
fbem-4893	50	22	the	the	PRON
fbem-4893	50	23	greater	great	ADJ
fbem-4893	50	24	the	the	DET
fbem-4893	50	25	strategic	strategic	ADJ
fbem-4893	50	26	difference	difference	NOUN
fbem-4893	50	27	,	,	PUNCT
fbem-4893	50	28	the	the	PRON
fbem-4893	50	29	lower	low	ADJ
fbem-4893	50	30	the	the	DET
fbem-4893	50	31	synchronization	synchronization	NOUN
fbem-4893	50	32	of	of	ADP
fbem-4893	50	33	stock	stock	NOUN
fbem-4893	50	34	prices	price	NOUN
fbem-4893	50	35	.	.	PUNCT
fbem-4893	51	1	with	with	ADP
fbem-4893	51	2	the	the	DET
fbem-4893	51	3	implementation	implementation	NOUN
fbem-4893	51	4	and	and	CCONJ
fbem-4893	51	5	in	in	ADP
fbem-4893	51	6	-	-	PUNCT
fbem-4893	51	7	depth	depth	NOUN
fbem-4893	51	8	development	development	NOUN
fbem-4893	51	9	of	of	ADP
fbem-4893	51	10	the	the	DET
fbem-4893	51	11	reform	reform	NOUN
fbem-4893	51	12	of	of	ADP
fbem-4893	51	13	"	"	PUNCT
fbem-4893	51	14	decentralization	decentralization	NOUN
fbem-4893	51	15	and	and	CCONJ
fbem-4893	51	16	transfer	transfer	NOUN
fbem-4893	51	17	of	of	ADP
fbem-4893	51	18	benefits	benefit	NOUN
fbem-4893	51	19	"	"	PUNCT
fbem-4893	51	20	in	in	ADP
fbem-4893	51	21	stateowned	stateowne	VERB
fbem-4893	51	22	enterprises	enterprise	NOUN
fbem-4893	51	23	in	in	ADP
fbem-4893	51	24	1979	1979	NUM
fbem-4893	51	25	,	,	PUNCT
fbem-4893	51	26	the	the	DET
fbem-4893	51	27	power	power	NOUN
fbem-4893	51	28	of	of	ADP
fbem-4893	51	29	senior	senior	ADJ
fbem-4893	51	30	executives	executive	NOUN
fbem-4893	51	31	in	in	ADP
fbem-4893	51	32	state	state	NOUN
fbem-4893	51	33	-	-	PUNCT
fbem-4893	51	34	owned	own	VERB
fbem-4893	51	35	enterprises	enterprise	NOUN
fbem-4893	51	36	has	have	AUX
fbem-4893	51	37	been	be	AUX
fbem-4893	51	38	increasing	increase	VERB
fbem-4893	51	39	(	(	PUNCT
fbem-4893	51	40	lu	lu	PROPN
fbem-4893	51	41	rui	rui	PROPN
fbem-4893	51	42	,	,	PUNCT
fbem-4893	51	43	2007	2007	NUM
fbem-4893	51	44	)	)	PUNCT
fbem-4893	51	45	,	,	PUNCT
fbem-4893	51	46	and	and	CCONJ
fbem-4893	51	47	their	their	PRON
fbem-4893	51	48	enthusiasm	enthusiasm	NOUN
fbem-4893	51	49	has	have	AUX
fbem-4893	51	50	also	also	ADV
fbem-4893	51	51	been	be	AUX
fbem-4893	51	52	increasing	increase	VERB
fbem-4893	51	53	(	(	PUNCT
fbem-4893	51	54	zhang	zhang	PROPN
fbem-4893	51	55	ruijun	ruijun	PROPN
fbem-4893	51	56	et	et	PROPN
fbem-4893	51	57	al	al	PROPN
fbem-4893	51	58	.	.	PROPN
fbem-4893	51	59	,	,	PUNCT
fbem-4893	51	60	2013	2013	NUM
fbem-4893	51	61	)	)	PUNCT
fbem-4893	51	62	.	.	PUNCT
fbem-4893	52	1	however	however	ADV
fbem-4893	52	2	,	,	PUNCT
fbem-4893	52	3	there	there	PRON
fbem-4893	52	4	is	be	VERB
fbem-4893	52	5	a	a	DET
fbem-4893	52	6	phenomenon	phenomenon	NOUN
fbem-4893	52	7	of	of	ADP
fbem-4893	52	8	"	"	PUNCT
fbem-4893	52	9	owner	owner	NOUN
fbem-4893	52	10	vacancy	vacancy	NOUN
fbem-4893	52	11	"	"	PUNCT
fbem-4893	52	12	in	in	ADP
fbem-4893	52	13	the	the	DET
fbem-4893	52	14	operation	operation	NOUN
fbem-4893	52	15	process	process	NOUN
fbem-4893	52	16	of	of	ADP
fbem-4893	52	17	state	state	NOUN
fbem-4893	52	18	-	-	PUNCT
fbem-4893	52	19	owned	own	VERB
fbem-4893	52	20	enterprises	enterprise	NOUN
fbem-4893	52	21	,	,	PUNCT
fbem-4893	52	22	and	and	CCONJ
fbem-4893	52	23	their	their	PRON
fbem-4893	52	24	property	property	NOUN
fbem-4893	52	25	representatives	representative	NOUN
fbem-4893	52	26	can	can	AUX
fbem-4893	52	27	not	not	PART
fbem-4893	52	28	obtain	obtain	VERB
fbem-4893	52	29	corresponding	correspond	VERB
fbem-4893	52	30	"	"	PUNCT
fbem-4893	52	31	income	income	NOUN
fbem-4893	52	32	"	"	PUNCT
fbem-4893	52	33	through	through	ADP
fbem-4893	52	34	the	the	DET
fbem-4893	52	35	supervision	supervision	NOUN
fbem-4893	52	36	of	of	ADP
fbem-4893	52	37	the	the	DET
fbem-4893	52	38	management	management	NOUN
fbem-4893	52	39	,	,	PUNCT
fbem-4893	52	40	resulting	result	VERB
fbem-4893	52	41	in	in	ADP
fbem-4893	52	42	the	the	DET
fbem-4893	52	43	management	management	NOUN
fbem-4893	52	44	becoming	become	VERB
fbem-4893	52	45	the	the	DET
fbem-4893	52	46	actual	actual	ADJ
fbem-4893	52	47	controller	controller	NOUN
fbem-4893	52	48	of	of	ADP
fbem-4893	52	49	the	the	DET
fbem-4893	52	50	company	company	NOUN
fbem-4893	52	51	,	,	PUNCT
fbem-4893	52	52	and	and	CCONJ
fbem-4893	52	53	causing	cause	VERB
fbem-4893	52	54	more	more	ADV
fbem-4893	52	55	serious	serious	ADJ
fbem-4893	52	56	principal	principal	ADJ
fbem-4893	52	57	-	-	PUNCT
fbem-4893	52	58	agent	agent	NOUN
fbem-4893	52	59	problems	problem	NOUN
fbem-4893	52	60	(	(	PUNCT
fbem-4893	52	61	huang	huang	PROPN
fbem-4893	52	62	youwei	youwei	PROPN
fbem-4893	52	63	,	,	PUNCT
fbem-4893	52	64	wang	wang	PROPN
fbem-4893	52	65	jina	jina	PROPN
fbem-4893	52	66	,	,	PUNCT
fbem-4893	52	67	2021	2021	NUM
fbem-4893	52	68	)	)	PUNCT
fbem-4893	52	69	.	.	PUNCT
fbem-4893	53	1	therefore	therefore	ADV
fbem-4893	53	2	,	,	PUNCT
fbem-4893	53	3	while	while	SCONJ
fbem-4893	53	4	the	the	DET
fbem-4893	53	5	power	power	NOUN
fbem-4893	53	6	of	of	ADP
fbem-4893	53	7	senior	senior	ADJ
fbem-4893	53	8	executives	executive	NOUN
fbem-4893	53	9	has	have	AUX
fbem-4893	53	10	increased	increase	VERB
fbem-4893	53	11	,	,	PUNCT
fbem-4893	53	12	it	it	PRON
fbem-4893	53	13	has	have	AUX
fbem-4893	53	14	also	also	ADV
fbem-4893	53	15	triggered	trigger	VERB
fbem-4893	53	16	serious	serious	ADJ
fbem-4893	53	17	"	"	PUNCT
fbem-4893	53	18	insider	insider	NOUN
fbem-4893	53	19	control	control	NOUN
fbem-4893	53	20	"	"	PUNCT
fbem-4893	53	21	problems	problem	NOUN
fbem-4893	53	22	such	such	ADJ
fbem-4893	53	23	as	as	ADP
fbem-4893	53	24	excessive	excessive	ADJ
fbem-4893	53	25	investment	investment	NOUN
fbem-4893	53	26	by	by	ADP
fbem-4893	53	27	the	the	DET
fbem-4893	53	28	management	management	NOUN
fbem-4893	53	29	,	,	PUNCT
fbem-4893	53	30	consumption	consumption	NOUN
fbem-4893	53	31	with	with	ADP
fbem-4893	53	32	public	public	ADJ
fbem-4893	53	33	funds	fund	NOUN
fbem-4893	53	34	,	,	PUNCT
fbem-4893	53	35	and	and	CCONJ
fbem-4893	53	36	privatization	privatization	NOUN
fbem-4893	53	37	of	of	ADP
fbem-4893	53	38	company	company	NOUN
fbem-4893	53	39	assets	asset	NOUN
fbem-4893	53	40	in	in	ADP
fbem-4893	53	41	disguised	disguised	ADJ
fbem-4893	53	42	form	form	NOUN
fbem-4893	53	43	(	(	PUNCT
fbem-4893	53	44	li	li	PROPN
fbem-4893	53	45	xiaorong	xiaorong	PROPN
fbem-4893	53	46	,	,	PUNCT
fbem-4893	53	47	2018	2018	NUM
fbem-4893	53	48	)	)	PUNCT
fbem-4893	53	49	.	.	PUNCT
fbem-4893	54	1	at	at	ADP
fbem-4893	54	2	the	the	DET
fbem-4893	54	3	same	same	ADJ
fbem-4893	54	4	time	time	NOUN
fbem-4893	54	5	,	,	PUNCT
fbem-4893	54	6	the	the	DET
fbem-4893	54	7	high	high	ADJ
fbem-4893	54	8	proportion	proportion	NOUN
fbem-4893	54	9	of	of	ADP
fbem-4893	54	10	words	word	NOUN
fbem-4893	54	11	in	in	ADP
fbem-4893	54	12	the	the	DET
fbem-4893	54	13	company	company	NOUN
fbem-4893	54	14	's	's	PART
fbem-4893	54	15	strategic	strategic	ADJ
fbem-4893	54	16	information	information	NOUN
fbem-4893	54	17	makes	make	VERB
fbem-4893	54	18	its	its	PRON
fbem-4893	54	19	information	information	NOUN
fbem-4893	54	20	disclosure	disclosure	VERB
fbem-4893	54	21	more	more	ADV
fbem-4893	54	22	subjective	subjective	ADJ
fbem-4893	54	23	,	,	PUNCT
fbem-4893	54	24	and	and	CCONJ
fbem-4893	54	25	the	the	DET
fbem-4893	54	26	management	management	NOUN
fbem-4893	54	27	has	have	VERB
fbem-4893	54	28	a	a	DET
fbem-4893	54	29	large	large	ADJ
fbem-4893	54	30	decision	decision	NOUN
fbem-4893	54	31	-	-	PUNCT
fbem-4893	54	32	making	make	VERB
fbem-4893	54	33	space	space	NOUN
fbem-4893	54	34	for	for	ADP
fbem-4893	54	35	the	the	DET
fbem-4893	54	36	disclosure	disclosure	NOUN
fbem-4893	54	37	of	of	ADP
fbem-4893	54	38	strategic	strategic	ADJ
fbem-4893	54	39	information	information	NOUN
fbem-4893	54	40	and	and	CCONJ
fbem-4893	54	41	the	the	DET
fbem-4893	54	42	way	way	NOUN
fbem-4893	54	43	of	of	ADP
fbem-4893	54	44	disclosure	disclosure	NOUN
fbem-4893	54	45	.	.	PUNCT
fbem-4893	55	1	the	the	DET
fbem-4893	55	2	corporate	corporate	ADJ
fbem-4893	55	3	information	information	NOUN
fbem-4893	55	4	transparency	transparency	NOUN
fbem-4893	55	5	reduced	reduce	VERB
fbem-4893	55	6	by	by	ADP
fbem-4893	55	7	the	the	DET
fbem-4893	55	8	strategic	strategic	ADJ
fbem-4893	55	9	difference	difference	NOUN
fbem-4893	55	10	will	will	AUX
fbem-4893	55	11	increase	increase	VERB
fbem-4893	55	12	the	the	DET
fbem-4893	55	13	selective	selective	ADJ
fbem-4893	55	14	disclosure	disclosure	NOUN
fbem-4893	55	15	of	of	ADP
fbem-4893	55	16	strategic	strategic	ADJ
fbem-4893	55	17	information	information	NOUN
fbem-4893	55	18	by	by	ADP
fbem-4893	55	19	weakening	weaken	VERB
fbem-4893	55	20	the	the	DET
fbem-4893	55	21	supervision	supervision	NOUN
fbem-4893	55	22	and	and	CCONJ
fbem-4893	55	23	ability	ability	NOUN
fbem-4893	55	24	of	of	ADP
fbem-4893	55	25	other	other	ADJ
fbem-4893	55	26	stakeholders	stakeholder	NOUN
fbem-4893	55	27	on	on	ADP
fbem-4893	55	28	the	the	DET
fbem-4893	55	29	management	management	NOUN
fbem-4893	55	30	,	,	PUNCT
fbem-4893	55	31	and	and	CCONJ
fbem-4893	55	32	seek	seek	VERB
fbem-4893	55	33	space	space	NOUN
fbem-4893	55	34	for	for	ADP
fbem-4893	55	35	private	private	ADJ
fbem-4893	55	36	interests	interest	NOUN
fbem-4893	55	37	accordingly	accordingly	ADV
fbem-4893	55	38	(	(	PUNCT
fbem-4893	55	39	wang	wang	PROPN
fbem-4893	55	40	aiqun	aiqun	PROPN
fbem-4893	55	41	,	,	PUNCT
fbem-4893	55	42	liu	liu	PROPN
fbem-4893	55	43	yaona	yaona	PROPN
fbem-4893	55	44	,	,	PUNCT
fbem-4893	55	45	2021	2021	NUM
fbem-4893	55	46	)	)	PUNCT
fbem-4893	55	47	,	,	PUNCT
fbem-4893	55	48	thus	thus	ADV
fbem-4893	55	49	triggering	trigger	VERB
fbem-4893	55	50	more	more	ADJ
fbem-4893	55	51	noise	noise	NOUN
fbem-4893	55	52	transactions	transaction	NOUN
fbem-4893	55	53	and	and	CCONJ
fbem-4893	55	54	reducing	reduce	VERB
fbem-4893	55	55	the	the	DET
fbem-4893	55	56	synchronization	synchronization	NOUN
fbem-4893	55	57	of	of	ADP
fbem-4893	55	58	the	the	DET
fbem-4893	55	59	company	company	NOUN
fbem-4893	55	60	's	's	PART
fbem-4893	55	61	share	share	NOUN
fbem-4893	55	62	price	price	NOUN
fbem-4893	55	63	.	.	PUNCT
fbem-4893	56	1	therefore	therefore	ADV
fbem-4893	56	2	,	,	PUNCT
fbem-4893	56	3	compared	compare	VERB
fbem-4893	56	4	with	with	ADP
fbem-4893	56	5	non	non	ADJ
fbem-4893	56	6	-	-	ADJ
fbem-4893	56	7	state	state	NOUN
fbem-4893	56	8	-	-	PUNCT
fbem-4893	56	9	owned	own	VERB
fbem-4893	56	10	enterprises	enterprise	NOUN
fbem-4893	56	11	,	,	PUNCT
fbem-4893	56	12	state	state	NOUN
fbem-4893	56	13	-	-	PUNCT
fbem-4893	56	14	owned	own	VERB
fbem-4893	56	15	enterprises	enterprise	NOUN
fbem-4893	56	16	facing	face	VERB
fbem-4893	56	17	more	more	ADV
fbem-4893	56	18	serious	serious	ADJ
fbem-4893	56	19	principal	principal	ADJ
fbem-4893	56	20	-	-	PUNCT
fbem-4893	56	21	agent	agent	NOUN
fbem-4893	56	22	problems	problem	NOUN
fbem-4893	56	23	have	have	AUX
fbem-4893	56	24	increased	increase	VERB
fbem-4893	56	25	their	their	PRON
fbem-4893	56	26	insiders	insider	NOUN
fbem-4893	56	27	'	'	PART
fbem-4893	56	28	behavior	behavior	NOUN
fbem-4893	56	29	of	of	ADP
fbem-4893	56	30	manipulating	manipulate	VERB
fbem-4893	56	31	strategic	strategic	ADJ
fbem-4893	56	32	information	information	NOUN
fbem-4893	56	33	and	and	CCONJ
fbem-4893	56	34	using	use	VERB
fbem-4893	56	35	strategic	strategic	ADJ
fbem-4893	56	36	205	205	NUM
fbem-4893	56	37	differences	difference	NOUN
fbem-4893	56	38	for	for	ADP
fbem-4893	56	39	earnings	earning	NOUN
fbem-4893	56	40	management	management	NOUN
fbem-4893	56	41	to	to	PART
fbem-4893	56	42	seek	seek	VERB
fbem-4893	56	43	private	private	ADJ
fbem-4893	56	44	interests	interest	NOUN
fbem-4893	56	45	(	(	PUNCT
fbem-4893	56	46	wang	wang	PROPN
fbem-4893	56	47	aiqun	aiqun	PROPN
fbem-4893	56	48	,	,	PUNCT
fbem-4893	56	49	liu	liu	PROPN
fbem-4893	56	50	yaona	yaona	PROPN
fbem-4893	56	51	,	,	PUNCT
fbem-4893	56	52	2021	2021	NUM
fbem-4893	56	53	)	)	PUNCT
fbem-4893	56	54	,	,	PUNCT
fbem-4893	56	55	resulting	result	VERB
fbem-4893	56	56	in	in	ADP
fbem-4893	56	57	lower	low	ADJ
fbem-4893	56	58	corporate	corporate	ADJ
fbem-4893	56	59	information	information	NOUN
fbem-4893	56	60	transparency	transparency	NOUN
fbem-4893	56	61	,	,	PUNCT
fbem-4893	56	62	and	and	CCONJ
fbem-4893	56	63	investors	investor	NOUN
fbem-4893	56	64	unable	unable	ADJ
fbem-4893	56	65	to	to	PART
fbem-4893	56	66	make	make	VERB
fbem-4893	56	67	rational	rational	ADJ
fbem-4893	56	68	decisions	decision	NOUN
fbem-4893	56	69	will	will	AUX
fbem-4893	56	70	conduct	conduct	VERB
fbem-4893	56	71	more	more	ADJ
fbem-4893	56	72	noise	noise	NOUN
fbem-4893	56	73	transactions	transaction	NOUN
fbem-4893	56	74	,	,	PUNCT
fbem-4893	56	75	this	this	PRON
fbem-4893	56	76	led	lead	VERB
fbem-4893	56	77	to	to	ADP
fbem-4893	56	78	the	the	DET
fbem-4893	56	79	further	further	ADJ
fbem-4893	56	80	reduction	reduction	NOUN
fbem-4893	56	81	of	of	ADP
fbem-4893	56	82	the	the	DET
fbem-4893	56	83	synchronization	synchronization	NOUN
fbem-4893	56	84	level	level	NOUN
fbem-4893	56	85	of	of	ADP
fbem-4893	56	86	the	the	DET
fbem-4893	56	87	company	company	NOUN
fbem-4893	56	88	's	's	PART
fbem-4893	56	89	share	share	NOUN
fbem-4893	56	90	price	price	NOUN
fbem-4893	56	91	.	.	PUNCT
fbem-4893	57	1	based	base	VERB
fbem-4893	57	2	on	on	ADP
fbem-4893	57	3	the	the	DET
fbem-4893	57	4	above	above	ADJ
fbem-4893	57	5	analysis	analysis	NOUN
fbem-4893	57	6	,	,	PUNCT
fbem-4893	57	7	this	this	DET
fbem-4893	57	8	paper	paper	NOUN
fbem-4893	57	9	proposes	propose	VERB
fbem-4893	57	10	the	the	DET
fbem-4893	57	11	following	follow	VERB
fbem-4893	57	12	assumptions	assumption	NOUN
fbem-4893	57	13	:	:	PUNCT
fbem-4893	57	14	h2	h2	NOUN
fbem-4893	57	15	:	:	PUNCT
fbem-4893	57	16	under	under	ADP
fbem-4893	57	17	the	the	DET
fbem-4893	57	18	premise	premise	NOUN
fbem-4893	57	19	of	of	ADP
fbem-4893	57	20	controlling	control	VERB
fbem-4893	57	21	other	other	ADJ
fbem-4893	57	22	factors	factor	NOUN
fbem-4893	57	23	,	,	PUNCT
fbem-4893	57	24	in	in	ADP
fbem-4893	57	25	the	the	DET
fbem-4893	57	26	market	market	NOUN
fbem-4893	57	27	with	with	ADP
fbem-4893	57	28	a	a	DET
fbem-4893	57	29	large	large	ADJ
fbem-4893	57	30	number	number	NOUN
fbem-4893	57	31	of	of	ADP
fbem-4893	57	32	noise	noise	NOUN
fbem-4893	57	33	transactions	transaction	NOUN
fbem-4893	57	34	,	,	PUNCT
fbem-4893	57	35	state	state	NOUN
fbem-4893	57	36	-	-	PUNCT
fbem-4893	57	37	owned	own	VERB
fbem-4893	57	38	enterprises	enterprise	NOUN
fbem-4893	57	39	can	can	AUX
fbem-4893	57	40	promote	promote	VERB
fbem-4893	57	41	the	the	DET
fbem-4893	57	42	negative	negative	ADJ
fbem-4893	57	43	correlation	correlation	NOUN
fbem-4893	57	44	between	between	ADP
fbem-4893	57	45	strategic	strategic	ADJ
fbem-4893	57	46	difference	difference	NOUN
fbem-4893	57	47	and	and	CCONJ
fbem-4893	57	48	stock	stock	NOUN
fbem-4893	57	49	price	price	NOUN
fbem-4893	57	50	synchronization	synchronization	NOUN
fbem-4893	57	51	compared	compare	VERB
fbem-4893	57	52	with	with	ADP
fbem-4893	57	53	non	non	ADJ
fbem-4893	57	54	-	-	ADJ
fbem-4893	57	55	state	state	ADJ
fbem-4893	57	56	enterprises	enterprise	NOUN
fbem-4893	57	57	.	.	PUNCT
fbem-4893	58	1	for	for	ADP
fbem-4893	58	2	the	the	DET
fbem-4893	58	3	first	first	ADJ
fbem-4893	58	4	type	type	NOUN
fbem-4893	58	5	of	of	ADP
fbem-4893	58	6	agency	agency	NOUN
fbem-4893	58	7	problem	problem	NOUN
fbem-4893	58	8	,	,	PUNCT
fbem-4893	58	9	grossman	grossman	PROPN
fbem-4893	58	10	et	et	PROPN
fbem-4893	58	11	al	al	PROPN
fbem-4893	58	12	(	(	PUNCT
fbem-4893	58	13	1980	1980	NUM
fbem-4893	58	14	)	)	PUNCT
fbem-4893	58	15	believed	believe	VERB
fbem-4893	58	16	that	that	SCONJ
fbem-4893	58	17	the	the	DET
fbem-4893	58	18	decentralized	decentralized	ADJ
fbem-4893	58	19	ownership	ownership	NOUN
fbem-4893	58	20	structure	structure	NOUN
fbem-4893	58	21	would	would	AUX
fbem-4893	58	22	hamper	hamper	VERB
fbem-4893	58	23	the	the	DET
fbem-4893	58	24	shareholders	shareholder	NOUN
fbem-4893	58	25	'	'	PART
fbem-4893	58	26	power	power	NOUN
fbem-4893	58	27	to	to	PART
fbem-4893	58	28	participate	participate	VERB
fbem-4893	58	29	in	in	ADP
fbem-4893	58	30	business	business	NOUN
fbem-4893	58	31	decisions	decision	NOUN
fbem-4893	58	32	,	,	PUNCT
fbem-4893	58	33	making	make	VERB
fbem-4893	58	34	it	it	PRON
fbem-4893	58	35	impossible	impossible	ADJ
fbem-4893	58	36	for	for	SCONJ
fbem-4893	58	37	them	they	PRON
fbem-4893	58	38	to	to	PART
fbem-4893	58	39	make	make	VERB
fbem-4893	58	40	decisions	decision	NOUN
fbem-4893	58	41	on	on	ADP
fbem-4893	58	42	a	a	DET
fbem-4893	58	43	certain	certain	ADJ
fbem-4893	58	44	problem	problem	NOUN
fbem-4893	58	45	efficiently	efficiently	ADV
fbem-4893	58	46	and	and	CCONJ
fbem-4893	58	47	quickly	quickly	ADV
fbem-4893	58	48	;	;	PUNCT
fbem-4893	58	49	it	it	PRON
fbem-4893	58	50	will	will	AUX
fbem-4893	58	51	even	even	ADV
fbem-4893	58	52	induce	induce	VERB
fbem-4893	58	53	shareholders	shareholder	NOUN
fbem-4893	58	54	'	'	PART
fbem-4893	58	55	"	"	PUNCT
fbem-4893	58	56	hitchhiking	hitchhike	VERB
fbem-4893	58	57	"	"	PUNCT
fbem-4893	58	58	mentality	mentality	NOUN
fbem-4893	58	59	,	,	PUNCT
fbem-4893	58	60	make	make	VERB
fbem-4893	58	61	them	they	PRON
fbem-4893	58	62	have	have	VERB
fbem-4893	58	63	governance	governance	NOUN
fbem-4893	58	64	inertia	inertia	NOUN
fbem-4893	58	65	and	and	CCONJ
fbem-4893	58	66	relax	relax	VERB
fbem-4893	58	67	the	the	DET
fbem-4893	58	68	supervision	supervision	NOUN
fbem-4893	58	69	of	of	ADP
fbem-4893	58	70	managers	manager	NOUN
fbem-4893	58	71	.	.	PUNCT
fbem-4893	59	1	at	at	ADP
fbem-4893	59	2	the	the	DET
fbem-4893	59	3	same	same	ADJ
fbem-4893	59	4	time	time	NOUN
fbem-4893	59	5	,	,	PUNCT
fbem-4893	59	6	the	the	DET
fbem-4893	59	7	dominant	dominant	ADJ
fbem-4893	59	8	voice	voice	NOUN
fbem-4893	59	9	of	of	ADP
fbem-4893	59	10	the	the	DET
fbem-4893	59	11	management	management	NOUN
fbem-4893	59	12	in	in	ADP
fbem-4893	59	13	the	the	DET
fbem-4893	59	14	production	production	NOUN
fbem-4893	59	15	and	and	CCONJ
fbem-4893	59	16	operation	operation	NOUN
fbem-4893	59	17	process	process	NOUN
fbem-4893	59	18	of	of	ADP
fbem-4893	59	19	the	the	DET
fbem-4893	59	20	enterprise	enterprise	NOUN
fbem-4893	59	21	will	will	AUX
fbem-4893	59	22	lead	lead	VERB
fbem-4893	59	23	to	to	ADP
fbem-4893	59	24	the	the	DET
fbem-4893	59	25	shareholders	shareholder	NOUN
fbem-4893	59	26	'	'	PART
fbem-4893	59	27	containment	containment	NOUN
fbem-4893	59	28	at	at	ADP
fbem-4893	59	29	a	a	DET
fbem-4893	59	30	higher	high	ADJ
fbem-4893	59	31	cost	cost	NOUN
fbem-4893	59	32	,	,	PUNCT
fbem-4893	59	33	which	which	PRON
fbem-4893	59	34	further	far	ADV
fbem-4893	59	35	reduces	reduce	VERB
fbem-4893	59	36	the	the	DET
fbem-4893	59	37	shareholders	shareholder	NOUN
fbem-4893	59	38	'	'	PART
fbem-4893	59	39	willingness	willingness	NOUN
fbem-4893	59	40	to	to	PART
fbem-4893	59	41	govern	govern	VERB
fbem-4893	59	42	the	the	DET
fbem-4893	59	43	company	company	NOUN
fbem-4893	59	44	,	,	PUNCT
fbem-4893	59	45	and	and	CCONJ
fbem-4893	59	46	will	will	AUX
fbem-4893	59	47	also	also	ADV
fbem-4893	59	48	,	,	PUNCT
fbem-4893	59	49	to	to	ADP
fbem-4893	59	50	a	a	DET
fbem-4893	59	51	certain	certain	ADJ
fbem-4893	59	52	extent	extent	NOUN
fbem-4893	59	53	,	,	PUNCT
fbem-4893	59	54	encourage	encourage	VERB
fbem-4893	59	55	the	the	DET
fbem-4893	59	56	management	management	NOUN
fbem-4893	59	57	to	to	PART
fbem-4893	59	58	conduct	conduct	VERB
fbem-4893	59	59	opportunistic	opportunistic	ADJ
fbem-4893	59	60	behavior	behavior	NOUN
fbem-4893	59	61	in	in	ADP
fbem-4893	59	62	order	order	NOUN
fbem-4893	59	63	to	to	PART
fbem-4893	59	64	maximize	maximize	VERB
fbem-4893	59	65	their	their	PRON
fbem-4893	59	66	personal	personal	ADJ
fbem-4893	59	67	interests	interest	NOUN
fbem-4893	59	68	,	,	PUNCT
fbem-4893	59	69	and	and	CCONJ
fbem-4893	59	70	weaken	weaken	VERB
fbem-4893	59	71	their	their	PRON
fbem-4893	59	72	motivation	motivation	NOUN
fbem-4893	59	73	to	to	PART
fbem-4893	59	74	disclose	disclose	VERB
fbem-4893	59	75	high	high	ADJ
fbem-4893	59	76	-	-	PUNCT
fbem-4893	59	77	quality	quality	NOUN
fbem-4893	59	78	accounting	accounting	NOUN
fbem-4893	59	79	information	information	NOUN
fbem-4893	59	80	hide	hide	VERB
fbem-4893	59	81	the	the	DET
fbem-4893	59	82	adverse	adverse	ADJ
fbem-4893	59	83	news	news	NOUN
fbem-4893	59	84	about	about	ADP
fbem-4893	59	85	the	the	DET
fbem-4893	59	86	company	company	NOUN
fbem-4893	59	87	's	's	PART
fbem-4893	59	88	strategy	strategy	NOUN
fbem-4893	59	89	and	and	CCONJ
fbem-4893	59	90	use	use	VERB
fbem-4893	59	91	the	the	DET
fbem-4893	59	92	strategic	strategic	ADJ
fbem-4893	59	93	difference	difference	NOUN
fbem-4893	59	94	for	for	ADP
fbem-4893	59	95	earnings	earning	NOUN
fbem-4893	59	96	management	management	NOUN
fbem-4893	59	97	.	.	PUNCT
fbem-4893	60	1	under	under	ADP
fbem-4893	60	2	the	the	DET
fbem-4893	60	3	relatively	relatively	ADV
fbem-4893	60	4	centralized	centralized	ADJ
fbem-4893	60	5	ownership	ownership	NOUN
fbem-4893	60	6	structure	structure	NOUN
fbem-4893	60	7	,	,	PUNCT
fbem-4893	60	8	the	the	DET
fbem-4893	60	9	major	major	ADJ
fbem-4893	60	10	shareholders	shareholder	NOUN
fbem-4893	60	11	with	with	ADP
fbem-4893	60	12	higher	high	ADJ
fbem-4893	60	13	shareholding	shareholding	NOUN
fbem-4893	60	14	ratio	ratio	NOUN
fbem-4893	60	15	will	will	AUX
fbem-4893	60	16	have	have	VERB
fbem-4893	60	17	greater	great	ADJ
fbem-4893	60	18	motivation	motivation	NOUN
fbem-4893	60	19	to	to	PART
fbem-4893	60	20	actively	actively	ADV
fbem-4893	60	21	supervise	supervise	VERB
fbem-4893	60	22	the	the	DET
fbem-4893	60	23	management	management	NOUN
fbem-4893	60	24	and	and	CCONJ
fbem-4893	60	25	participate	participate	VERB
fbem-4893	60	26	in	in	ADP
fbem-4893	60	27	corporate	corporate	ADJ
fbem-4893	60	28	governance	governance	NOUN
fbem-4893	60	29	in	in	ADP
fbem-4893	60	30	order	order	NOUN
fbem-4893	60	31	to	to	PART
fbem-4893	60	32	obtain	obtain	VERB
fbem-4893	60	33	more	more	ADV
fbem-4893	60	34	distributable	distributable	ADJ
fbem-4893	60	35	profits	profit	NOUN
fbem-4893	60	36	.	.	PUNCT
fbem-4893	61	1	shleifer	shleifer	PROPN
fbem-4893	61	2	et	et	PROPN
fbem-4893	61	3	al	al	PROPN
fbem-4893	61	4	(	(	PUNCT
fbem-4893	61	5	1986	1986	NUM
fbem-4893	61	6	)	)	PUNCT
fbem-4893	61	7	pointed	point	VERB
fbem-4893	61	8	out	out	ADP
fbem-4893	61	9	that	that	SCONJ
fbem-4893	61	10	the	the	DET
fbem-4893	61	11	governance	governance	NOUN
fbem-4893	61	12	and	and	CCONJ
fbem-4893	61	13	supervision	supervision	NOUN
fbem-4893	61	14	role	role	NOUN
fbem-4893	61	15	played	play	VERB
fbem-4893	61	16	by	by	ADP
fbem-4893	61	17	major	major	ADJ
fbem-4893	61	18	shareholders	shareholder	NOUN
fbem-4893	61	19	can	can	AUX
fbem-4893	61	20	effectively	effectively	ADV
fbem-4893	61	21	curb	curb	VERB
fbem-4893	61	22	the	the	DET
fbem-4893	61	23	opportunistic	opportunistic	ADJ
fbem-4893	61	24	behavior	behavior	NOUN
fbem-4893	61	25	of	of	ADP
fbem-4893	61	26	managers	manager	NOUN
fbem-4893	61	27	in	in	ADP
fbem-4893	61	28	order	order	NOUN
fbem-4893	61	29	to	to	PART
fbem-4893	61	30	grab	grab	VERB
fbem-4893	61	31	personal	personal	ADJ
fbem-4893	61	32	interests	interest	NOUN
fbem-4893	61	33	,	,	PUNCT
fbem-4893	61	34	and	and	CCONJ
fbem-4893	61	35	effectively	effectively	ADV
fbem-4893	61	36	improve	improve	VERB
fbem-4893	61	37	the	the	DET
fbem-4893	61	38	transparency	transparency	NOUN
fbem-4893	61	39	of	of	ADP
fbem-4893	61	40	corporate	corporate	ADJ
fbem-4893	61	41	strategic	strategic	ADJ
fbem-4893	61	42	characteristics	characteristic	NOUN
fbem-4893	61	43	.	.	PUNCT
fbem-4893	62	1	with	with	ADP
fbem-4893	62	2	the	the	DET
fbem-4893	62	3	weakening	weakening	NOUN
fbem-4893	62	4	of	of	ADP
fbem-4893	62	5	information	information	NOUN
fbem-4893	62	6	asymmetry	asymmetry	NOUN
fbem-4893	62	7	between	between	ADP
fbem-4893	62	8	the	the	DET
fbem-4893	62	9	internal	internal	ADJ
fbem-4893	62	10	and	and	CCONJ
fbem-4893	62	11	external	external	ADJ
fbem-4893	62	12	parts	part	NOUN
fbem-4893	62	13	of	of	ADP
fbem-4893	62	14	the	the	DET
fbem-4893	62	15	company	company	NOUN
fbem-4893	62	16	and	and	CCONJ
fbem-4893	62	17	the	the	DET
fbem-4893	62	18	increase	increase	NOUN
fbem-4893	62	19	of	of	ADP
fbem-4893	62	20	information	information	NOUN
fbem-4893	62	21	content	content	NOUN
fbem-4893	62	22	of	of	ADP
fbem-4893	62	23	strategic	strategic	ADJ
fbem-4893	62	24	characteristics	characteristic	NOUN
fbem-4893	62	25	in	in	ADP
fbem-4893	62	26	the	the	DET
fbem-4893	62	27	company	company	NOUN
fbem-4893	62	28	's	's	PART
fbem-4893	62	29	share	share	NOUN
fbem-4893	62	30	price	price	NOUN
fbem-4893	62	31	,	,	PUNCT
fbem-4893	62	32	the	the	DET
fbem-4893	62	33	synchronization	synchronization	NOUN
fbem-4893	62	34	of	of	ADP
fbem-4893	62	35	the	the	DET
fbem-4893	62	36	company	company	NOUN
fbem-4893	62	37	's	's	PART
fbem-4893	62	38	share	share	NOUN
fbem-4893	62	39	price	price	NOUN
fbem-4893	62	40	will	will	AUX
fbem-4893	62	41	also	also	ADV
fbem-4893	62	42	decrease	decrease	VERB
fbem-4893	62	43	.	.	PUNCT
fbem-4893	63	1	based	base	VERB
fbem-4893	63	2	on	on	ADP
fbem-4893	63	3	the	the	DET
fbem-4893	63	4	above	above	ADJ
fbem-4893	63	5	analysis	analysis	NOUN
fbem-4893	63	6	,	,	PUNCT
fbem-4893	63	7	this	this	DET
fbem-4893	63	8	paper	paper	NOUN
fbem-4893	63	9	proposes	propose	VERB
fbem-4893	63	10	the	the	DET
fbem-4893	63	11	following	follow	VERB
fbem-4893	63	12	assumptions	assumption	NOUN
fbem-4893	63	13	:	:	PUNCT
fbem-4893	63	14	h3	h3	NOUN
fbem-4893	63	15	:	:	PUNCT
fbem-4893	63	16	under	under	ADP
fbem-4893	63	17	the	the	DET
fbem-4893	63	18	premise	premise	NOUN
fbem-4893	63	19	of	of	ADP
fbem-4893	63	20	controlling	control	VERB
fbem-4893	63	21	other	other	ADJ
fbem-4893	63	22	factors	factor	NOUN
fbem-4893	63	23	,	,	PUNCT
fbem-4893	63	24	compared	compare	VERB
fbem-4893	63	25	with	with	ADP
fbem-4893	63	26	enterprises	enterprise	NOUN
fbem-4893	63	27	with	with	ADP
fbem-4893	63	28	dispersed	disperse	VERB
fbem-4893	63	29	equity	equity	NOUN
fbem-4893	63	30	,	,	PUNCT
fbem-4893	63	31	enterprises	enterprise	NOUN
fbem-4893	63	32	with	with	ADP
fbem-4893	63	33	concentrated	concentrated	ADJ
fbem-4893	63	34	equity	equity	NOUN
fbem-4893	63	35	can	can	AUX
fbem-4893	63	36	promote	promote	VERB
fbem-4893	63	37	the	the	DET
fbem-4893	63	38	negative	negative	ADJ
fbem-4893	63	39	correlation	correlation	NOUN
fbem-4893	63	40	between	between	ADP
fbem-4893	63	41	strategic	strategic	ADJ
fbem-4893	63	42	difference	difference	NOUN
fbem-4893	63	43	and	and	CCONJ
fbem-4893	63	44	stock	stock	NOUN
fbem-4893	63	45	price	price	NOUN
fbem-4893	63	46	synchronization	synchronization	NOUN
fbem-4893	63	47	.	.	PUNCT
fbem-4893	64	1	4	4	X
fbem-4893	64	2	.	.	X
fbem-4893	64	3	research	research	NOUN
fbem-4893	64	4	design	design	NOUN
fbem-4893	64	5	4.1	4.1	NUM
fbem-4893	64	6	.	.	PUNCT
fbem-4893	65	1	sample	sample	NOUN
fbem-4893	65	2	selection	selection	NOUN
fbem-4893	65	3	this	this	DET
fbem-4893	65	4	paper	paper	NOUN
fbem-4893	65	5	takes	take	VERB
fbem-4893	65	6	all	all	DET
fbem-4893	65	7	a	a	DET
fbem-4893	65	8	-	-	PUNCT
fbem-4893	65	9	share	share	NOUN
fbem-4893	65	10	listed	list	VERB
fbem-4893	65	11	companies	company	NOUN
fbem-4893	65	12	in	in	ADP
fbem-4893	65	13	shanghai	shanghai	PROPN
fbem-4893	65	14	and	and	CCONJ
fbem-4893	65	15	shenzhen	shenzhen	PROPN
fbem-4893	65	16	from	from	ADP
fbem-4893	65	17	2009	2009	NUM
fbem-4893	65	18	to	to	ADP
fbem-4893	65	19	2019	2019	NUM
fbem-4893	65	20	as	as	ADP
fbem-4893	65	21	the	the	DET
fbem-4893	65	22	initial	initial	ADJ
fbem-4893	65	23	sample	sample	NOUN
fbem-4893	65	24	,	,	PUNCT
fbem-4893	65	25	and	and	CCONJ
fbem-4893	65	26	processes	process	VERB
fbem-4893	65	27	the	the	DET
fbem-4893	65	28	data	datum	NOUN
fbem-4893	65	29	according	accord	VERB
fbem-4893	65	30	to	to	ADP
fbem-4893	65	31	the	the	DET
fbem-4893	65	32	following	following	ADJ
fbem-4893	65	33	principles	principle	NOUN
fbem-4893	65	34	:	:	PUNCT
fbem-4893	65	35	(	(	PUNCT
fbem-4893	65	36	1	1	X
fbem-4893	65	37	)	)	PUNCT
fbem-4893	65	38	eliminate	eliminate	VERB
fbem-4893	65	39	all	all	DET
fbem-4893	65	40	financial	financial	ADJ
fbem-4893	65	41	listed	list	VERB
fbem-4893	65	42	companies	company	NOUN
fbem-4893	65	43	;	;	PUNCT
fbem-4893	65	44	(	(	PUNCT
fbem-4893	65	45	2	2	X
fbem-4893	65	46	)	)	PUNCT
fbem-4893	65	47	eliminate	eliminate	VERB
fbem-4893	65	48	the	the	DET
fbem-4893	65	49	observations	observation	NOUN
fbem-4893	65	50	with	with	ADP
fbem-4893	65	51	abnormal	abnormal	ADJ
fbem-4893	65	52	and	and	CCONJ
fbem-4893	65	53	missing	miss	VERB
fbem-4893	65	54	data	datum	NOUN
fbem-4893	65	55	;	;	PUNCT
fbem-4893	65	56	(	(	PUNCT
fbem-4893	65	57	3	3	X
fbem-4893	65	58	)	)	PUNCT
fbem-4893	65	59	exclude	exclude	VERB
fbem-4893	65	60	st	st	PROPN
fbem-4893	65	61	and	and	CCONJ
fbem-4893	65	62	*	*	PROPN
fbem-4893	65	63	st	st	PROPN
fbem-4893	65	64	listed	list	VERB
fbem-4893	65	65	companies	company	NOUN
fbem-4893	65	66	;	;	PUNCT
fbem-4893	65	67	(	(	PUNCT
fbem-4893	65	68	4	4	X
fbem-4893	65	69	)	)	PUNCT
fbem-4893	65	70	in	in	ADP
fbem-4893	65	71	order	order	NOUN
fbem-4893	65	72	to	to	PART
fbem-4893	65	73	ensure	ensure	VERB
fbem-4893	65	74	the	the	DET
fbem-4893	65	75	accuracy	accuracy	NOUN
fbem-4893	65	76	of	of	ADP
fbem-4893	65	77	the	the	DET
fbem-4893	65	78	calculation	calculation	NOUN
fbem-4893	65	79	of	of	ADP
fbem-4893	65	80	stock	stock	NOUN
fbem-4893	65	81	price	price	NOUN
fbem-4893	65	82	synchronization	synchronization	NOUN
fbem-4893	65	83	,	,	PUNCT
fbem-4893	65	84	with	with	ADP
fbem-4893	65	85	reference	reference	NOUN
fbem-4893	65	86	to	to	ADP
fbem-4893	65	87	the	the	DET
fbem-4893	65	88	practices	practice	NOUN
fbem-4893	65	89	of	of	ADP
fbem-4893	65	90	other	other	ADJ
fbem-4893	65	91	scholars	scholar	NOUN
fbem-4893	65	92	,	,	PUNCT
fbem-4893	65	93	the	the	DET
fbem-4893	65	94	samples	sample	NOUN
fbem-4893	65	95	with	with	ADP
fbem-4893	65	96	annual	annual	ADJ
fbem-4893	65	97	weekly	weekly	ADJ
fbem-4893	65	98	return	return	NOUN
fbem-4893	65	99	of	of	ADP
fbem-4893	65	100	individual	individual	ADJ
fbem-4893	65	101	stocks	stock	NOUN
fbem-4893	65	102	less	less	ADJ
fbem-4893	65	103	than	than	ADP
fbem-4893	65	104	30	30	NUM
fbem-4893	65	105	observations	observation	NOUN
fbem-4893	65	106	are	be	AUX
fbem-4893	65	107	eliminated	eliminate	VERB
fbem-4893	65	108	;	;	PUNCT
fbem-4893	65	109	(	(	PUNCT
fbem-4893	65	110	5	5	X
fbem-4893	65	111	)	)	PUNCT
fbem-4893	65	112	in	in	ADP
fbem-4893	65	113	order	order	NOUN
fbem-4893	65	114	to	to	PART
fbem-4893	65	115	eliminate	eliminate	VERB
fbem-4893	65	116	the	the	DET
fbem-4893	65	117	impact	impact	NOUN
fbem-4893	65	118	of	of	ADP
fbem-4893	65	119	extreme	extreme	ADJ
fbem-4893	65	120	values	value	NOUN
fbem-4893	65	121	,	,	PUNCT
fbem-4893	65	122	this	this	DET
fbem-4893	65	123	paper	paper	NOUN
fbem-4893	65	124	shrinks	shrink	VERB
fbem-4893	65	125	the	the	DET
fbem-4893	65	126	tail	tail	NOUN
fbem-4893	65	127	of	of	ADP
fbem-4893	65	128	all	all	DET
fbem-4893	65	129	continuous	continuous	ADJ
fbem-4893	65	130	variables	variable	NOUN
fbem-4893	65	131	at	at	ADP
fbem-4893	65	132	the	the	DET
fbem-4893	65	133	level	level	NOUN
fbem-4893	65	134	of	of	ADP
fbem-4893	65	135	1	1	NUM
fbem-4893	65	136	%	%	NOUN
fbem-4893	65	137	and	and	CCONJ
fbem-4893	65	138	99	99	NUM
fbem-4893	65	139	%	%	NOUN
fbem-4893	65	140	.	.	PUNCT
fbem-4893	66	1	the	the	DET
fbem-4893	66	2	data	datum	NOUN
fbem-4893	66	3	used	use	VERB
fbem-4893	66	4	are	be	AUX
fbem-4893	66	5	from	from	ADP
fbem-4893	66	6	csmar	csmar	PROPN
fbem-4893	66	7	database	database	NOUN
fbem-4893	66	8	and	and	CCONJ
fbem-4893	66	9	wiind	wiind	ADJ
fbem-4893	66	10	financial	financial	ADJ
fbem-4893	66	11	data	data	PROPN
fbem-4893	66	12	terminal	terminal	NOUN
fbem-4893	66	13	.	.	PUNCT
fbem-4893	67	1	4.2	4.2	NUM
fbem-4893	67	2	.	.	PUNCT
fbem-4893	67	3	variable	variable	ADJ
fbem-4893	67	4	selection	selection	NOUN
fbem-4893	67	5	4.2.1	4.2.1	NUM
fbem-4893	67	6	.	.	PUNCT
fbem-4893	67	7	explained	explain	VERB
fbem-4893	67	8	variable	variable	NOUN
fbem-4893	67	9	:	:	PUNCT
fbem-4893	67	10	stock	stock	NOUN
fbem-4893	67	11	price	price	NOUN
fbem-4893	67	12	synchronization	synchronization	NOUN
fbem-4893	67	13	this	this	DET
fbem-4893	67	14	paper	paper	NOUN
fbem-4893	67	15	adopts	adopt	VERB
fbem-4893	67	16	a	a	DET
fbem-4893	67	17	model	model	NOUN
fbem-4893	67	18	considering	consider	VERB
fbem-4893	67	19	market	market	NOUN
fbem-4893	67	20	and	and	CCONJ
fbem-4893	67	21	industry	industry	NOUN
fbem-4893	67	22	returns	return	NOUN
fbem-4893	67	23	,	,	PUNCT
fbem-4893	67	24	and	and	CCONJ
fbem-4893	67	25	uses	use	VERB
fbem-4893	67	26	the	the	DET
fbem-4893	67	27	adjusted	adjusted	ADJ
fbem-4893	67	28	goodness	goodness	NOUN
fbem-4893	67	29	of	of	ADP
fbem-4893	67	30	fit	fit	ADJ
fbem-4893	67	31	r2	r2	PROPN
fbem-4893	67	32	as	as	ADP
fbem-4893	67	33	an	an	DET
fbem-4893	67	34	indicator	indicator	NOUN
fbem-4893	67	35	to	to	PART
fbem-4893	67	36	measure	measure	VERB
fbem-4893	67	37	the	the	DET
fbem-4893	67	38	synchronization	synchronization	NOUN
fbem-4893	67	39	of	of	ADP
fbem-4893	67	40	stock	stock	NOUN
fbem-4893	67	41	prices	price	NOUN
fbem-4893	67	42	.	.	PUNCT
fbem-4893	68	1	the	the	DET
fbem-4893	68	2	model	model	NOUN
fbem-4893	68	3	is	be	AUX
fbem-4893	68	4	as	as	SCONJ
fbem-4893	68	5	follows	follow	VERB
fbem-4893	68	6	:	:	PUNCT
fbem-4893	68	7	titktmtki	titktmtki	NOUN
fbem-4893	68	8	rrr	rrr	VERB
fbem-4893	68	9	,	,	PUNCT
fbem-4893	68	10	,	,	PUNCT
fbem-4893	68	11	2,10	2,10	PROPN
fbem-4893	68	12	,	,	PUNCT
fbem-4893	68	13	,	,	PUNCT
fbem-4893	68	14			PUNCT
fbem-4893	68	15			PROPN
fbem-4893	68	16	(	(	PUNCT
fbem-4893	68	17	1	1	NUM
fbem-4893	68	18	)	)	PUNCT
fbem-4893	68	19			NOUN
fbem-4893	68	20			NOUN
fbem-4893	68	21			PROPN
fbem-4893	68	22			PROPN
fbem-4893	68	23			PROPN
fbem-4893	68	24			NOUN
fbem-4893	68	25			NOUN
fbem-4893	68	26			NOUN
fbem-4893	68	27	2	2	NUM
fbem-4893	68	28	2	2	NUM
fbem-4893	68	29	1	1	NUM
fbem-4893	68	30	r	r	NOUN
fbem-4893	68	31	r	r	NOUN
fbem-4893	68	32	lnsync	lnsync	NOUN
fbem-4893	68	33	(	(	PUNCT
fbem-4893	68	34	2	2	X
fbem-4893	68	35	)	)	PUNCT
fbem-4893	68	36	𝑅	𝑅	PROPN
fbem-4893	68	37	,	,	PUNCT
fbem-4893	68	38	,	,	PUNCT
fbem-4893	68	39	is	be	AUX
fbem-4893	68	40	the	the	DET
fbem-4893	68	41	rate	rate	NOUN
fbem-4893	68	42	of	of	ADP
fbem-4893	68	43	return	return	NOUN
fbem-4893	68	44	on	on	ADP
fbem-4893	68	45	reinvestment	reinvestment	NOUN
fbem-4893	68	46	of	of	ADP
fbem-4893	68	47	cash	cash	NOUN
fbem-4893	68	48	dividends	dividend	NOUN
fbem-4893	68	49	for	for	ADP
fbem-4893	68	50	companies	company	NOUN
fbem-4893	68	51	in	in	ADP
fbem-4893	68	52	the	the	DET
fbem-4893	68	53	k	k	PROPN
fbem-4893	68	54	industry	industry	NOUN
fbem-4893	68	55	i	i	PRON
fbem-4893	68	56	in	in	ADP
fbem-4893	68	57	week	week	NOUN
fbem-4893	68	58	t	t	PROPN
fbem-4893	68	59	,	,	PUNCT
fbem-4893	68	60	𝑅	𝑅	PROPN
fbem-4893	68	61	,	,	PUNCT
fbem-4893	68	62	is	be	AUX
fbem-4893	68	63	the	the	DET
fbem-4893	68	64	average	average	ADJ
fbem-4893	68	65	rate	rate	NOUN
fbem-4893	68	66	of	of	ADP
fbem-4893	68	67	return	return	NOUN
fbem-4893	68	68	weighted	weight	VERB
fbem-4893	68	69	by	by	ADP
fbem-4893	68	70	the	the	DET
fbem-4893	68	71	market	market	NOUN
fbem-4893	68	72	value	value	NOUN
fbem-4893	68	73	of	of	ADP
fbem-4893	68	74	all	all	DET
fbem-4893	68	75	a	a	DET
fbem-4893	68	76	-	-	PUNCT
fbem-4893	68	77	shares	share	NOUN
fbem-4893	68	78	in	in	ADP
fbem-4893	68	79	week	week	NOUN
fbem-4893	68	80	t	t	PROPN
fbem-4893	68	81	,	,	PUNCT
fbem-4893	68	82	𝑅	𝑅	PROPN
fbem-4893	68	83	,	,	PUNCT
fbem-4893	68	84	is	be	AUX
fbem-4893	68	85	the	the	DET
fbem-4893	68	86	industry	industry	NOUN
fbem-4893	68	87	yield	yield	NOUN
fbem-4893	68	88	of	of	ADP
fbem-4893	68	89	industry	industry	NOUN
fbem-4893	68	90	k	k	NOUN
fbem-4893	68	91	in	in	ADP
fbem-4893	68	92	week	week	NOUN
fbem-4893	68	93	t.	t.	NOUN
fbem-4893	68	94	in	in	ADP
fbem-4893	68	95	order	order	NOUN
fbem-4893	68	96	to	to	PART
fbem-4893	68	97	have	have	AUX
fbem-4893	68	98	enough	enough	ADJ
fbem-4893	68	99	samples	sample	NOUN
fbem-4893	68	100	to	to	PART
fbem-4893	68	101	obtain	obtain	VERB
fbem-4893	68	102	the	the	DET
fbem-4893	68	103	goodness	goodness	NOUN
fbem-4893	68	104	of	of	ADP
fbem-4893	68	105	fit	fit	ADJ
fbem-4893	68	106	r2	r2	NOUN
fbem-4893	68	107	of	of	ADP
fbem-4893	68	108	individual	individual	ADJ
fbem-4893	68	109	stocks	stock	NOUN
fbem-4893	68	110	,	,	PUNCT
fbem-4893	68	111	when	when	SCONJ
fbem-4893	68	112	regressing	regress	VERB
fbem-4893	68	113	the	the	DET
fbem-4893	68	114	model	model	NOUN
fbem-4893	68	115	(	(	PUNCT
fbem-4893	68	116	1	1	NUM
fbem-4893	68	117	)	)	PUNCT
fbem-4893	68	118	,	,	PUNCT
fbem-4893	68	119	the	the	DET
fbem-4893	68	120	samples	sample	NOUN
fbem-4893	68	121	with	with	ADP
fbem-4893	68	122	less	less	ADJ
fbem-4893	68	123	than	than	ADP
fbem-4893	68	124	30	30	NUM
fbem-4893	68	125	trading	trading	NOUN
fbem-4893	68	126	weeks	week	NOUN
fbem-4893	68	127	in	in	ADP
fbem-4893	68	128	the	the	DET
fbem-4893	68	129	year	year	NOUN
fbem-4893	68	130	are	be	AUX
fbem-4893	68	131	excluded	exclude	VERB
fbem-4893	68	132	.	.	PUNCT
fbem-4893	69	1	because	because	SCONJ
fbem-4893	69	2	the	the	DET
fbem-4893	69	3	r2	r2	PROPN
fbem-4893	69	4	range	range	NOUN
fbem-4893	69	5	is	be	AUX
fbem-4893	69	6	between	between	ADP
fbem-4893	69	7	0	0	NUM
fbem-4893	69	8	-	-	SYM
fbem-4893	69	9	1	1	NUM
fbem-4893	69	10	,	,	PUNCT
fbem-4893	69	11	which	which	PRON
fbem-4893	69	12	does	do	AUX
fbem-4893	69	13	not	not	PART
fbem-4893	69	14	meet	meet	VERB
fbem-4893	69	15	the	the	DET
fbem-4893	69	16	regression	regression	NOUN
fbem-4893	69	17	requirements	requirement	NOUN
fbem-4893	69	18	,	,	PUNCT
fbem-4893	69	19	we	we	PRON
fbem-4893	69	20	use	use	VERB
fbem-4893	69	21	formula	formula	NOUN
fbem-4893	69	22	(	(	PUNCT
fbem-4893	69	23	2	2	NUM
fbem-4893	69	24	)	)	PUNCT
fbem-4893	69	25	to	to	PART
fbem-4893	69	26	logarithmize	logarithmize	VERB
fbem-4893	69	27	r2	r2	NOUN
fbem-4893	69	28	,	,	PUNCT
fbem-4893	69	29	and	and	CCONJ
fbem-4893	69	30	finally	finally	ADV
fbem-4893	69	31	get	get	VERB
fbem-4893	69	32	the	the	DET
fbem-4893	69	33	stock	stock	NOUN
fbem-4893	69	34	price	price	NOUN
fbem-4893	69	35	synchronization	synchronization	NOUN
fbem-4893	69	36	index	index	NOUN
fbem-4893	69	37	sync	sync	NOUN
fbem-4893	69	38	.	.	PUNCT
fbem-4893	70	1	the	the	DET
fbem-4893	70	2	stock	stock	NOUN
fbem-4893	70	3	price	price	NOUN
fbem-4893	70	4	is	be	AUX
fbem-4893	70	5	affected	affect	VERB
fbem-4893	70	6	by	by	ADP
fbem-4893	70	7	more	more	ADJ
fbem-4893	70	8	corporate	corporate	ADJ
fbem-4893	70	9	idiosyncratic	idiosyncratic	ADJ
fbem-4893	70	10	information	information	NOUN
fbem-4893	70	11	.	.	PUNCT
fbem-4893	71	1	the	the	PRON
fbem-4893	71	2	larger	large	ADJ
fbem-4893	71	3	the	the	DET
fbem-4893	71	4	εi	εi	ADJ
fbem-4893	71	5	,	,	PUNCT
fbem-4893	71	6	t.	t.	PROPN
fbem-4893	71	7	,	,	PUNCT
fbem-4893	71	8	the	the	PRON
fbem-4893	71	9	smaller	small	ADJ
fbem-4893	71	10	the	the	DET
fbem-4893	71	11	goodness	goodness	NOUN
fbem-4893	71	12	of	of	ADP
fbem-4893	71	13	fit	fit	ADJ
fbem-4893	71	14	r2	r2	NOUN
fbem-4893	71	15	,	,	PUNCT
fbem-4893	71	16	and	and	CCONJ
fbem-4893	71	17	the	the	DET
fbem-4893	71	18	smaller	small	ADJ
fbem-4893	71	19	the	the	DET
fbem-4893	71	20	sync	sync	NOUN
fbem-4893	71	21	of	of	ADP
fbem-4893	71	22	stock	stock	NOUN
fbem-4893	71	23	price	price	NOUN
fbem-4893	71	24	synchronization	synchronization	NOUN
fbem-4893	71	25	in	in	ADP
fbem-4893	71	26	model	model	NOUN
fbem-4893	71	27	(	(	PUNCT
fbem-4893	71	28	2	2	NUM
fbem-4893	71	29	)	)	PUNCT
fbem-4893	71	30	.	.	PUNCT
fbem-4893	72	1	4.2.2	4.2.2	X
fbem-4893	72	2	.	.	PUNCT
fbem-4893	72	3	explanatory	explanatory	ADJ
fbem-4893	72	4	variable	variable	ADJ
fbem-4893	72	5	:	:	PUNCT
fbem-4893	72	6	strategic	strategic	ADJ
fbem-4893	72	7	difference	difference	NOUN
fbem-4893	72	8	tang	tang	NOUN
fbem-4893	72	9	(	(	PUNCT
fbem-4893	72	10	2011	2011	NUM
fbem-4893	72	11	)	)	PUNCT
fbem-4893	72	12	pointed	point	VERB
fbem-4893	72	13	out	out	ADP
fbem-4893	72	14	that	that	SCONJ
fbem-4893	72	15	the	the	DET
fbem-4893	72	16	difference	difference	NOUN
fbem-4893	72	17	in	in	ADP
fbem-4893	72	18	resource	resource	NOUN
fbem-4893	72	19	allocation	allocation	NOUN
fbem-4893	72	20	structure	structure	NOUN
fbem-4893	72	21	of	of	ADP
fbem-4893	72	22	the	the	DET
fbem-4893	72	23	company	company	NOUN
fbem-4893	72	24	represents	represent	VERB
fbem-4893	72	25	the	the	DET
fbem-4893	72	26	difference	difference	NOUN
fbem-4893	72	27	in	in	ADP
fbem-4893	72	28	strategic	strategic	ADJ
fbem-4893	72	29	choice	choice	NOUN
fbem-4893	72	30	of	of	ADP
fbem-4893	72	31	the	the	DET
fbem-4893	72	32	company	company	NOUN
fbem-4893	72	33	.	.	PUNCT
fbem-4893	73	1	based	base	VERB
fbem-4893	73	2	on	on	ADP
fbem-4893	73	3	its	its	PRON
fbem-4893	73	4	measurement	measurement	NOUN
fbem-4893	73	5	method	method	NOUN
fbem-4893	73	6	,	,	PUNCT
fbem-4893	73	7	this	this	DET
fbem-4893	73	8	paper	paper	NOUN
fbem-4893	73	9	first	first	ADV
fbem-4893	73	10	calculates	calculate	VERB
fbem-4893	73	11	the	the	DET
fbem-4893	73	12	company	company	NOUN
fbem-4893	73	13	's	's	PART
fbem-4893	73	14	advertising	advertising	NOUN
fbem-4893	73	15	intensity	intensity	NOUN
fbem-4893	73	16	(	(	PUNCT
fbem-4893	73	17	a	a	NOUN
fbem-4893	73	18	)	)	PUNCT
fbem-4893	73	19	(	(	PUNCT
fbem-4893	73	20	sales	sale	NOUN
fbem-4893	73	21	expense	expense	NOUN
fbem-4893	73	22	/	/	SYM
fbem-4893	73	23	operating	operate	VERB
fbem-4893	73	24	income	income	NOUN
fbem-4893	73	25	)	)	PUNCT
fbem-4893	73	26	,	,	PUNCT
fbem-4893	73	27	r&d	r&d	NOUN
fbem-4893	73	28	intensity	intensity	NOUN
fbem-4893	73	29	(	(	PUNCT
fbem-4893	73	30	b	b	NOUN
fbem-4893	73	31	)	)	PUNCT
fbem-4893	73	32	(	(	PUNCT
fbem-4893	73	33	intangible	intangible	ADJ
fbem-4893	73	34	asset	asset	NOUN
fbem-4893	73	35	net	net	ADJ
fbem-4893	73	36	value	value	NOUN
fbem-4893	73	37	/	/	SYM
fbem-4893	73	38	operating	operate	VERB
fbem-4893	73	39	income	income	NOUN
fbem-4893	73	40	)	)	PUNCT
fbem-4893	73	41	,	,	PUNCT
fbem-4893	73	42	management	management	NOUN
fbem-4893	73	43	expense	expense	NOUN
fbem-4893	73	44	investment	investment	NOUN
fbem-4893	73	45	intensity	intensity	NOUN
fbem-4893	73	46	(	(	PUNCT
fbem-4893	73	47	c	c	NOUN
fbem-4893	73	48	)	)	PUNCT
fbem-4893	73	49	(	(	PUNCT
fbem-4893	73	50	management	management	NOUN
fbem-4893	73	51	expense	expense	NOUN
fbem-4893	73	52	/	/	SYM
fbem-4893	73	53	operating	operate	VERB
fbem-4893	73	54	income	income	NOUN
fbem-4893	73	55	)	)	PUNCT
fbem-4893	73	56	,	,	PUNCT
fbem-4893	73	57	fixed	fix	VERB
fbem-4893	73	58	asset	asset	NOUN
fbem-4893	73	59	renewal	renewal	NOUN
fbem-4893	73	60	degree	degree	NOUN
fbem-4893	73	61	(	(	PUNCT
fbem-4893	73	62	d	d	NOUN
fbem-4893	73	63	)	)	PUNCT
fbem-4893	73	64	(	(	PUNCT
fbem-4893	73	65	fixed	fix	VERB
fbem-4893	73	66	asset	asset	NOUN
fbem-4893	73	67	net	net	ADJ
fbem-4893	73	68	value	value	NOUN
fbem-4893	73	69	/	/	SYM
fbem-4893	73	70	original	original	ADJ
fbem-4893	73	71	value	value	NOUN
fbem-4893	73	72	of	of	ADP
fbem-4893	73	73	fixed	fix	VERB
fbem-4893	73	74	assets	asset	NOUN
fbem-4893	73	75	)	)	PUNCT
fbem-4893	73	76	,	,	PUNCT
fbem-4893	73	77	capital	capital	NOUN
fbem-4893	73	78	intensity	intensity	NOUN
fbem-4893	73	79	(	(	PUNCT
fbem-4893	73	80	e	e	NOUN
fbem-4893	73	81	)	)	PUNCT
fbem-4893	73	82	(	(	PUNCT
fbem-4893	73	83	fixed	fix	VERB
fbem-4893	73	84	assets	asset	NOUN
fbem-4893	73	85	/	/	SYM
fbem-4893	73	86	number	number	NOUN
fbem-4893	73	87	of	of	ADP
fbem-4893	73	88	employees	employee	NOUN
fbem-4893	73	89	)	)	PUNCT
fbem-4893	73	90	financial	financial	ADJ
fbem-4893	73	91	leverage	leverage	NOUN
fbem-4893	73	92	(	(	PUNCT
fbem-4893	73	93	f	f	X
fbem-4893	73	94	)	)	PUNCT
fbem-4893	73	95	(	(	PUNCT
fbem-4893	73	96	total	total	ADJ
fbem-4893	73	97	debt	debt	NOUN
fbem-4893	73	98	calculated	calculate	VERB
fbem-4893	73	99	from	from	ADP
fbem-4893	73	100	bonds	bond	NOUN
fbem-4893	73	101	payable	payable	ADJ
fbem-4893	73	102	and	and	CCONJ
fbem-4893	73	103	long	long	ADJ
fbem-4893	73	104	-	-	PUNCT
fbem-4893	73	105	term	term	NOUN
fbem-4893	73	106	and	and	CCONJ
fbem-4893	73	107	short	short	ADJ
fbem-4893	73	108	-	-	PUNCT
fbem-4893	73	109	term	term	NOUN
fbem-4893	73	110	borrowings	borrowing	NOUN
fbem-4893	73	111	/	/	SYM
fbem-4893	73	112	book	book	NOUN
fbem-4893	73	113	value	value	NOUN
fbem-4893	73	114	of	of	ADP
fbem-4893	73	115	corporate	corporate	ADJ
fbem-4893	73	116	equity	equity	NOUN
fbem-4893	73	117	)	)	PUNCT
fbem-4893	73	118	.	.	PUNCT
fbem-4893	74	1	the	the	DET
fbem-4893	74	2	strategic	strategic	ADJ
fbem-4893	74	3	difference	difference	NOUN
fbem-4893	74	4	index	index	NOUN
fbem-4893	74	5	calculated	calculate	VERB
fbem-4893	74	6	based	base	VERB
fbem-4893	74	7	on	on	ADP
fbem-4893	74	8	the	the	DET
fbem-4893	74	9	above	above	ADJ
fbem-4893	74	10	fields	field	NOUN
fbem-4893	74	11	can	can	AUX
fbem-4893	74	12	comprehensively	comprehensively	ADV
fbem-4893	74	13	reflect	reflect	VERB
fbem-4893	74	14	the	the	DET
fbem-4893	74	15	company	company	NOUN
fbem-4893	74	16	's	's	PART
fbem-4893	74	17	strategic	strategic	ADJ
fbem-4893	74	18	differences	difference	NOUN
fbem-4893	74	19	.	.	PUNCT
fbem-4893	75	1	further	far	ADV
fbem-4893	75	2	,	,	PUNCT
fbem-4893	75	3	this	this	DET
fbem-4893	75	4	paper	paper	NOUN
fbem-4893	75	5	standardizes	standardize	VERB
fbem-4893	75	6	the	the	DET
fbem-4893	75	7	strategic	strategic	ADJ
fbem-4893	75	8	dimensions	dimension	NOUN
fbem-4893	75	9	of	of	ADP
fbem-4893	75	10	these	these	DET
fbem-4893	75	11	six	six	NUM
fbem-4893	75	12	key	key	ADJ
fbem-4893	75	13	areas	area	NOUN
fbem-4893	75	14	of	of	ADP
fbem-4893	75	15	each	each	DET
fbem-4893	75	16	company	company	NOUN
fbem-4893	75	17	every	every	DET
fbem-4893	75	18	year	year	NOUN
fbem-4893	75	19	,	,	PUNCT
fbem-4893	75	20	and	and	CCONJ
fbem-4893	75	21	then	then	ADV
fbem-4893	75	22	takes	take	VERB
fbem-4893	75	23	their	their	PRON
fbem-4893	75	24	absolute	absolute	ADJ
fbem-4893	75	25	values	value	NOUN
fbem-4893	75	26	.	.	PUNCT
fbem-4893	76	1	finally	finally	ADV
fbem-4893	76	2	,	,	PUNCT
fbem-4893	76	3	take	take	VERB
fbem-4893	76	4	the	the	DET
fbem-4893	76	5	average	average	NOUN
fbem-4893	76	6	of	of	ADP
fbem-4893	76	7	the	the	DET
fbem-4893	76	8	six	six	NUM
fbem-4893	76	9	standardized	standardized	ADJ
fbem-4893	76	10	dimensions	dimension	NOUN
fbem-4893	76	11	of	of	ADP
fbem-4893	76	12	each	each	DET
fbem-4893	76	13	company	company	NOUN
fbem-4893	76	14	to	to	PART
fbem-4893	76	15	get	get	VERB
fbem-4893	76	16	the	the	DET
fbem-4893	76	17	strategic	strategic	ADJ
fbem-4893	76	18	difference	difference	NOUN
fbem-4893	76	19	index	index	NOUN
fbem-4893	76	20	(	(	PUNCT
fbem-4893	76	21	ds	ds	NOUN
fbem-4893	76	22	)	)	PUNCT
fbem-4893	76	23	,	,	PUNCT
fbem-4893	76	24	and	and	CCONJ
fbem-4893	76	25	refer	refer	VERB
fbem-4893	76	26	to	to	ADP
fbem-4893	76	27	formula	formula	NOUN
fbem-4893	76	28	(	(	PUNCT
fbem-4893	76	29	3	3	NUM
fbem-4893	76	30	)	)	PUNCT
fbem-4893	76	31	.	.	PUNCT
fbem-4893	77	1	the	the	PRON
fbem-4893	77	2	larger	large	ADJ
fbem-4893	77	3	the	the	DET
fbem-4893	77	4	index	index	NOUN
fbem-4893	77	5	,	,	PUNCT
fbem-4893	77	6	the	the	PRON
fbem-4893	77	7	greater	great	ADJ
fbem-4893	77	8	the	the	DET
fbem-4893	77	9	deviation	deviation	NOUN
fbem-4893	77	10	of	of	ADP
fbem-4893	77	11	the	the	DET
fbem-4893	77	12	company	company	NOUN
fbem-4893	77	13	from	from	ADP
fbem-4893	77	14	the	the	DET
fbem-4893	77	15	strategy	strategy	NOUN
fbem-4893	77	16	of	of	ADP
fbem-4893	77	17	competitors	competitor	NOUN
fbem-4893	77	18	in	in	ADP
fbem-4893	77	19	the	the	DET
fbem-4893	77	20	same	same	ADJ
fbem-4893	77	21	industry	industry	NOUN
fbem-4893	77	22	in	in	ADP
fbem-4893	77	23	the	the	DET
fbem-4893	77	24	same	same	ADJ
fbem-4893	77	25	year	year	NOUN
fbem-4893	77	26	.	.	PUNCT
fbem-4893	78	1	6	6	NUM
fbem-4893	78	2	)	)	PUNCT
fbem-4893	78	3	(	(	PUNCT
fbem-4893	78	4	)	)	PUNCT
fbem-4893	78	5	(	(	PUNCT
fbem-4893	78	6	)	)	PUNCT
fbem-4893	78	7	(	(	PUNCT
fbem-4893	78	8	)	)	PUNCT
fbem-4893	78	9	(	(	PUNCT
fbem-4893	78	10	)	)	PUNCT
fbem-4893	78	11	(	(	PUNCT
fbem-4893	78	12	)	)	PUNCT
fbem-4893	78	13	(	(	PUNCT
fbem-4893	78	14	)	)	PUNCT
fbem-4893	78	15	(	(	PUNCT
fbem-4893	78	16	)	)	PUNCT
fbem-4893	78	17	(	(	PUNCT
fbem-4893	78	18	)	)	PUNCT
fbem-4893	78	19	(	(	PUNCT
fbem-4893	78	20	)	)	PUNCT
fbem-4893	78	21	(	(	PUNCT
fbem-4893	78	22	)	)	PUNCT
fbem-4893	78	23	(	(	PUNCT
fbem-4893	78	24	)	)	PUNCT
fbem-4893	78	25	(	(	PUNCT
fbem-4893	78	26			PROPN
fbem-4893	78	27			PROPN
fbem-4893	78	28			PROPN
fbem-4893	78	29			PROPN
fbem-4893	78	30			X
fbem-4893	78	31			NOUN
fbem-4893	78	32			NOUN
fbem-4893	78	33			VERB
fbem-4893	78	34			PROPN
fbem-4893	78	35			PROPN
fbem-4893	78	36			VERB
fbem-4893	78	37			PROPN
fbem-4893	78	38			VERB
fbem-4893	78	39			PROPN
fbem-4893	78	40			VERB
fbem-4893	78	41			PROPN
fbem-4893	78	42			VERB
fbem-4893	78	43			PROPN
fbem-4893	78	44			VERB
fbem-4893	78	45			PROPN
fbem-4893	78	46			PROPN
fbem-4893	78	47	fsd	fsd	PROPN
fbem-4893	78	48	fmeanf	fmeanf	PROPN
fbem-4893	78	49	esd	esd	PROPN
fbem-4893	78	50	emeane	emeane	PROPN
fbem-4893	78	51	dsd	dsd	PROPN
fbem-4893	78	52	dmeand	dmeand	PROPN
fbem-4893	78	53	csd	csd	PROPN
fbem-4893	78	54	cmeanc	cmeanc	PROPN
fbem-4893	78	55	bsd	bsd	PROPN
fbem-4893	78	56	bmeanb	bmeanb	PROPN
fbem-4893	79	1	asd	asd	PROPN
fbem-4893	79	2	ameana	ameana	PROPN
fbem-4893	79	3	ds	ds	PROPN
fbem-4893	79	4	(	(	PUNCT
fbem-4893	79	5	3	3	NUM
fbem-4893	79	6	)	)	PUNCT
fbem-4893	79	7	206	206	NUM
fbem-4893	79	8	4.2.3	4.2.3	NUM
fbem-4893	79	9	.	.	PUNCT
fbem-4893	80	1	control	control	NOUN
fbem-4893	80	2	variables	variable	NOUN
fbem-4893	80	3	in	in	ADP
fbem-4893	80	4	addition	addition	NOUN
fbem-4893	80	5	to	to	ADP
fbem-4893	80	6	the	the	DET
fbem-4893	80	7	influence	influence	NOUN
fbem-4893	80	8	of	of	ADP
fbem-4893	80	9	strategic	strategic	ADJ
fbem-4893	80	10	difference	difference	NOUN
fbem-4893	80	11	,	,	PUNCT
fbem-4893	80	12	property	property	NOUN
fbem-4893	80	13	right	right	ADJ
fbem-4893	80	14	nature	nature	NOUN
fbem-4893	80	15	and	and	CCONJ
fbem-4893	80	16	equity	equity	NOUN
fbem-4893	80	17	concentration	concentration	NOUN
fbem-4893	80	18	,	,	PUNCT
fbem-4893	80	19	the	the	DET
fbem-4893	80	20	characteristics	characteristic	NOUN
fbem-4893	80	21	of	of	ADP
fbem-4893	80	22	the	the	DET
fbem-4893	80	23	company	company	NOUN
fbem-4893	80	24	itself	itself	PRON
fbem-4893	80	25	will	will	AUX
fbem-4893	80	26	also	also	ADV
fbem-4893	80	27	affect	affect	VERB
fbem-4893	80	28	the	the	DET
fbem-4893	80	29	synchronization	synchronization	NOUN
fbem-4893	80	30	of	of	ADP
fbem-4893	80	31	share	share	NOUN
fbem-4893	80	32	prices	price	NOUN
fbem-4893	80	33	.	.	PUNCT
fbem-4893	81	1	referring	refer	VERB
fbem-4893	81	2	to	to	ADP
fbem-4893	81	3	the	the	DET
fbem-4893	81	4	results	result	NOUN
fbem-4893	81	5	of	of	ADP
fbem-4893	81	6	most	most	ADJ
fbem-4893	81	7	scholars	scholar	NOUN
fbem-4893	81	8	'	'	PART
fbem-4893	81	9	research	research	NOUN
fbem-4893	81	10	on	on	ADP
fbem-4893	81	11	the	the	DET
fbem-4893	81	12	synchronization	synchronization	NOUN
fbem-4893	81	13	of	of	ADP
fbem-4893	81	14	stock	stock	NOUN
fbem-4893	81	15	prices	price	NOUN
fbem-4893	81	16	,	,	PUNCT
fbem-4893	81	17	the	the	DET
fbem-4893	81	18	following	follow	VERB
fbem-4893	81	19	control	control	NOUN
fbem-4893	81	20	variables	variable	NOUN
fbem-4893	81	21	are	be	AUX
fbem-4893	81	22	selected	select	VERB
fbem-4893	81	23	:	:	PUNCT
fbem-4893	81	24	financial	financial	ADJ
fbem-4893	81	25	leverage	leverage	NOUN
fbem-4893	81	26	(	(	PUNCT
fbem-4893	81	27	lev	lev	NOUN
fbem-4893	81	28	)	)	PUNCT
fbem-4893	81	29	,	,	PUNCT
fbem-4893	81	30	company	company	NOUN
fbem-4893	81	31	size	size	NOUN
fbem-4893	81	32	(	(	PUNCT
fbem-4893	81	33	size	size	NOUN
fbem-4893	81	34	)	)	PUNCT
fbem-4893	81	35	,	,	PUNCT
fbem-4893	81	36	operating	operate	VERB
fbem-4893	81	37	income	income	NOUN
fbem-4893	81	38	growth	growth	NOUN
fbem-4893	81	39	rate	rate	NOUN
fbem-4893	81	40	(	(	PUNCT
fbem-4893	81	41	grow	grow	VERB
fbem-4893	81	42	)	)	PUNCT
fbem-4893	81	43	,	,	PUNCT
fbem-4893	81	44	standard	standard	ADJ
fbem-4893	81	45	deviation	deviation	NOUN
fbem-4893	81	46	of	of	ADP
fbem-4893	81	47	return	return	NOUN
fbem-4893	81	48	on	on	ADP
fbem-4893	81	49	net	net	ADJ
fbem-4893	81	50	assets	asset	NOUN
fbem-4893	81	51	(	(	PUNCT
fbem-4893	81	52	roesd	roesd	NOUN
fbem-4893	81	53	)	)	PUNCT
fbem-4893	81	54	,	,	PUNCT
fbem-4893	81	55	etc	etc	X
fbem-4893	81	56	.	.	X
fbem-4893	82	1	in	in	ADP
fbem-4893	82	2	addition	addition	NOUN
fbem-4893	82	3	,	,	PUNCT
fbem-4893	82	4	the	the	DET
fbem-4893	82	5	industry	industry	NOUN
fbem-4893	82	6	(	(	PUNCT
fbem-4893	82	7	ind	ind	NOUN
fbem-4893	82	8	)	)	PUNCT
fbem-4893	82	9	and	and	CCONJ
fbem-4893	82	10	year	year	NOUN
fbem-4893	82	11	(	(	PUNCT
fbem-4893	82	12	year	year	NOUN
fbem-4893	82	13	)	)	PUNCT
fbem-4893	82	14	variables	variable	NOUN
fbem-4893	82	15	are	be	AUX
fbem-4893	82	16	also	also	ADV
fbem-4893	82	17	controlled	control	VERB
fbem-4893	82	18	.	.	PUNCT
fbem-4893	83	1	the	the	DET
fbem-4893	83	2	industry	industry	NOUN
fbem-4893	83	3	variables	variable	NOUN
fbem-4893	83	4	include	include	VERB
fbem-4893	83	5	17	17	NUM
fbem-4893	83	6	variables	variable	NOUN
fbem-4893	83	7	excluding	exclude	VERB
fbem-4893	83	8	the	the	DET
fbem-4893	83	9	financial	financial	ADJ
fbem-4893	83	10	industry	industry	NOUN
fbem-4893	83	11	,	,	PUNCT
fbem-4893	83	12	and	and	CCONJ
fbem-4893	83	13	the	the	DET
fbem-4893	83	14	definitions	definition	NOUN
fbem-4893	83	15	of	of	ADP
fbem-4893	83	16	each	each	DET
fbem-4893	83	17	variable	variable	NOUN
fbem-4893	83	18	are	be	AUX
fbem-4893	83	19	shown	show	VERB
fbem-4893	83	20	in	in	ADP
fbem-4893	83	21	table	table	NOUN
fbem-4893	83	22	1	1	NUM
fbem-4893	83	23	.	.	PUNCT
fbem-4893	83	24	table	table	NOUN
fbem-4893	83	25	1	1	NUM
fbem-4893	83	26	.	.	PUNCT
fbem-4893	83	27	variable	variable	ADJ
fbem-4893	83	28	definition	definition	NOUN
fbem-4893	83	29	variable	variable	ADJ
fbem-4893	83	30	type	type	NOUN
fbem-4893	83	31	variable	variable	ADJ
fbem-4893	83	32	name	name	NOUN
fbem-4893	83	33	variable	variable	ADJ
fbem-4893	83	34	symbol	symbol	NOUN
fbem-4893	83	35	variable	variable	ADJ
fbem-4893	83	36	definition	definition	NOUN
fbem-4893	83	37	interpreted	interpret	VERB
fbem-4893	83	38	variable	variable	ADJ
fbem-4893	83	39	stock	stock	NOUN
fbem-4893	83	40	price	price	NOUN
fbem-4893	83	41	synchronization	synchronization	NOUN
fbem-4893	83	42	sync	sync	NOUN
fbem-4893	83	43	the	the	DET
fbem-4893	83	44	part	part	NOUN
fbem-4893	83	45	of	of	ADP
fbem-4893	83	46	individual	individual	ADJ
fbem-4893	83	47	stock	stock	NOUN
fbem-4893	83	48	yield	yield	NOUN
fbem-4893	83	49	explained	explain	VERB
fbem-4893	83	50	by	by	ADP
fbem-4893	83	51	market	market	NOUN
fbem-4893	83	52	yield	yield	NOUN
fbem-4893	83	53	and	and	CCONJ
fbem-4893	83	54	industry	industry	NOUN
fbem-4893	83	55	yield	yield	VERB
fbem-4893	83	56	explanatory	explanatory	ADJ
fbem-4893	83	57	variable	variable	ADJ
fbem-4893	83	58	strategic	strategic	ADJ
fbem-4893	83	59	difference	difference	NOUN
fbem-4893	83	60	ds	ds	NOUN
fbem-4893	83	61	take	take	VERB
fbem-4893	83	62	the	the	DET
fbem-4893	83	63	average	average	ADJ
fbem-4893	83	64	value	value	NOUN
fbem-4893	83	65	of	of	ADP
fbem-4893	83	66	the	the	DET
fbem-4893	83	67	six	six	NUM
fbem-4893	83	68	dimensions	dimension	NOUN
fbem-4893	83	69	to	to	PART
fbem-4893	83	70	measure	measure	VERB
fbem-4893	83	71	the	the	DET
fbem-4893	83	72	company	company	NOUN
fbem-4893	83	73	's	's	PART
fbem-4893	83	74	strategy	strategy	NOUN
fbem-4893	83	75	after	after	ADP
fbem-4893	83	76	standardization	standardization	NOUN
fbem-4893	83	77	adjusting	adjust	VERB
fbem-4893	83	78	variables	variable	NOUN
fbem-4893	83	79	nature	nature	NOUN
fbem-4893	83	80	of	of	ADP
fbem-4893	83	81	property	property	NOUN
fbem-4893	83	82	rights	right	NOUN
fbem-4893	83	83	soe	soe	PROPN
fbem-4893	83	84	1	1	NUM
fbem-4893	83	85	for	for	ADP
fbem-4893	83	86	state	state	NOUN
fbem-4893	83	87	-	-	PUNCT
fbem-4893	83	88	owned	own	VERB
fbem-4893	83	89	enterprises	enterprise	NOUN
fbem-4893	83	90	and	and	CCONJ
fbem-4893	83	91	0	0	NUM
fbem-4893	83	92	for	for	ADP
fbem-4893	83	93	non	non	ADJ
fbem-4893	83	94	-	-	ADJ
fbem-4893	83	95	state	state	ADJ
fbem-4893	83	96	enterprises	enterprise	NOUN
fbem-4893	83	97	equity	equity	NOUN
fbem-4893	83	98	concentration	concentration	NOUN
fbem-4893	83	99	oc	oc	VERB
fbem-4893	83	100	if	if	SCONJ
fbem-4893	83	101	the	the	DET
fbem-4893	83	102	shareholding	shareholding	NOUN
fbem-4893	83	103	ratio	ratio	NOUN
fbem-4893	83	104	of	of	ADP
fbem-4893	83	105	the	the	DET
fbem-4893	83	106	largest	large	ADJ
fbem-4893	83	107	shareholder	shareholder	NOUN
fbem-4893	83	108	exceeds	exceed	VERB
fbem-4893	83	109	35	35	NUM
fbem-4893	83	110	%	%	NOUN
fbem-4893	83	111	,	,	PUNCT
fbem-4893	83	112	the	the	DET
fbem-4893	83	113	value	value	NOUN
fbem-4893	83	114	is	be	AUX
fbem-4893	83	115	1	1	NUM
fbem-4893	83	116	,	,	PUNCT
fbem-4893	83	117	otherwise	otherwise	ADV
fbem-4893	83	118	the	the	DET
fbem-4893	83	119	value	value	NOUN
fbem-4893	83	120	is	be	AUX
fbem-4893	83	121	0	0	NUM
fbem-4893	83	122	control	control	NOUN
fbem-4893	83	123	variable	variable	ADJ
fbem-4893	83	124	asset	asset	NOUN
fbem-4893	83	125	-	-	PUNCT
fbem-4893	83	126	liability	liability	NOUN
fbem-4893	83	127	ratio	ratio	NOUN
fbem-4893	83	128	lev	lev	NOUN
fbem-4893	83	129	total	total	ADJ
fbem-4893	83	130	liabilities	liability	NOUN
fbem-4893	83	131	/	/	SYM
fbem-4893	83	132	total	total	ADJ
fbem-4893	83	133	assets	asset	NOUN
fbem-4893	83	134	×	×	NOUN
fbem-4893	83	135	100	100	NUM
fbem-4893	83	136	%	%	NOUN
fbem-4893	83	137	company	company	NOUN
fbem-4893	83	138	size	size	NOUN
fbem-4893	83	139	size	size	NOUN
fbem-4893	83	140	natural	natural	ADJ
fbem-4893	83	141	logarithm	logarithm	NOUN
fbem-4893	83	142	of	of	ADP
fbem-4893	83	143	total	total	ADJ
fbem-4893	83	144	assets	asset	NOUN
fbem-4893	83	145	operating	operate	VERB
fbem-4893	83	146	revenue	revenue	NOUN
fbem-4893	83	147	growth	growth	NOUN
fbem-4893	83	148	rate	rate	NOUN
fbem-4893	83	149	grow	grow	VERB
fbem-4893	83	150	(	(	PUNCT
fbem-4893	83	151	current	current	ADJ
fbem-4893	83	152	operating	operating	NOUN
fbem-4893	83	153	income	income	NOUN
fbem-4893	83	154	previous	previous	ADJ
fbem-4893	83	155	operating	operate	VERB
fbem-4893	83	156	income)/previous	income)/previous	ADJ
fbem-4893	83	157	operating	operating	NOUN
fbem-4893	83	158	income	income	NOUN
fbem-4893	83	159	×	×	NOUN
fbem-4893	83	160	100	100	NUM
fbem-4893	83	161	%	%	NOUN
fbem-4893	83	162	standard	standard	ADJ
fbem-4893	83	163	deviation	deviation	NOUN
fbem-4893	83	164	of	of	ADP
fbem-4893	83	165	return	return	NOUN
fbem-4893	83	166	on	on	ADP
fbem-4893	83	167	net	net	ADJ
fbem-4893	83	168	assets	asset	NOUN
fbem-4893	83	169	roesd	roesd	VERB
fbem-4893	83	170	standard	standard	ADJ
fbem-4893	83	171	deviation	deviation	NOUN
fbem-4893	83	172	of	of	ADP
fbem-4893	83	173	return	return	NOUN
fbem-4893	83	174	on	on	ADP
fbem-4893	83	175	net	net	ADJ
fbem-4893	83	176	assets	asset	NOUN
fbem-4893	83	177	over	over	ADP
fbem-4893	83	178	three	three	NUM
fbem-4893	83	179	years	year	NOUN
fbem-4893	83	180	book	book	NOUN
fbem-4893	83	181	to	to	ADP
fbem-4893	83	182	market	market	NOUN
fbem-4893	83	183	ratio	ratio	NOUN
fbem-4893	83	184	bm	bm	PROPN
fbem-4893	83	185	total	total	PROPN
fbem-4893	83	186	book	book	NOUN
fbem-4893	83	187	value	value	NOUN
fbem-4893	83	188	of	of	ADP
fbem-4893	83	189	assets	asset	NOUN
fbem-4893	83	190	/	/	SYM
fbem-4893	83	191	market	market	NOUN
fbem-4893	83	192	value	value	NOUN
fbem-4893	83	193	of	of	ADP
fbem-4893	83	194	the	the	DET
fbem-4893	83	195	company	company	NOUN
fbem-4893	83	196	×	×	NOUN
fbem-4893	83	197	100	100	NUM
fbem-4893	83	198	%	%	NOUN
fbem-4893	83	199	turnover	turnover	NOUN
fbem-4893	83	200	rate	rate	NOUN
fbem-4893	83	201	tnr	tnr	PROPN
fbem-4893	83	202	average	average	ADJ
fbem-4893	83	203	daily	daily	ADJ
fbem-4893	83	204	stock	stock	NOUN
fbem-4893	83	205	turnover	turnover	NOUN
fbem-4893	83	206	rate	rate	NOUN
fbem-4893	83	207	calculated	calculate	VERB
fbem-4893	83	208	by	by	ADP
fbem-4893	83	209	the	the	DET
fbem-4893	83	210	number	number	NOUN
fbem-4893	83	211	of	of	ADP
fbem-4893	83	212	outstanding	outstanding	ADJ
fbem-4893	83	213	shares	share	NOUN
fbem-4893	83	214	in	in	ADP
fbem-4893	83	215	the	the	DET
fbem-4893	83	216	year	year	NOUN
fbem-4893	83	217	four	four	NUM
fbem-4893	83	218	major	major	ADJ
fbem-4893	83	219	audits	audits	NOUN
fbem-4893	83	220	big4	big4	NOUN
fbem-4893	83	221	dummy	dummy	ADJ
fbem-4893	83	222	variable	variable	NOUN
fbem-4893	83	223	,	,	PUNCT
fbem-4893	83	224	1	1	NUM
fbem-4893	83	225	if	if	SCONJ
fbem-4893	83	226	the	the	DET
fbem-4893	83	227	auditor	auditor	NOUN
fbem-4893	83	228	is	be	AUX
fbem-4893	83	229	from	from	ADP
fbem-4893	83	230	the	the	DET
fbem-4893	83	231	four	four	NUM
fbem-4893	83	232	major	major	ADJ
fbem-4893	83	233	accounting	accounting	NOUN
fbem-4893	83	234	firms	firm	NOUN
fbem-4893	83	235	,	,	PUNCT
fbem-4893	83	236	otherwise	otherwise	ADV
fbem-4893	83	237	0	0	NUM
fbem-4893	83	238	shareholding	shareholding	NOUN
fbem-4893	83	239	ratio	ratio	NOUN
fbem-4893	83	240	of	of	ADP
fbem-4893	83	241	institutional	institutional	ADJ
fbem-4893	83	242	investors	investor	NOUN
fbem-4893	83	243	ishare	ishare	VERB
fbem-4893	83	244	proportion	proportion	NOUN
fbem-4893	83	245	of	of	ADP
fbem-4893	83	246	institutional	institutional	ADJ
fbem-4893	83	247	investors	investor	NOUN
fbem-4893	83	248	'	'	PART
fbem-4893	83	249	shareholding	shareholding	NOUN
fbem-4893	83	250	in	in	ADP
fbem-4893	83	251	total	total	ADJ
fbem-4893	83	252	share	share	NOUN
fbem-4893	83	253	capital	capital	NOUN
fbem-4893	83	254	at	at	ADP
fbem-4893	83	255	the	the	DET
fbem-4893	83	256	end	end	NOUN
fbem-4893	83	257	of	of	ADP
fbem-4893	83	258	the	the	DET
fbem-4893	83	259	year	year	NOUN
fbem-4893	83	260	listing	listing	NOUN
fbem-4893	83	261	period	period	NOUN
fbem-4893	83	262	age	age	NOUN
fbem-4893	83	263	the	the	DET
fbem-4893	83	264	interval	interval	NOUN
fbem-4893	83	265	between	between	ADP
fbem-4893	83	266	the	the	DET
fbem-4893	83	267	company	company	NOUN
fbem-4893	83	268	's	's	PART
fbem-4893	83	269	initial	initial	ADJ
fbem-4893	83	270	public	public	ADJ
fbem-4893	83	271	offering	offering	NOUN
fbem-4893	83	272	and	and	CCONJ
fbem-4893	83	273	2019	2019	NUM
fbem-4893	83	274	industry	industry	NOUN
fbem-4893	83	275	ind	ind	NOUN
fbem-4893	83	276	industry	industry	NOUN
fbem-4893	83	277	dummy	dummy	ADJ
fbem-4893	83	278	variable	variable	NOUN
fbem-4893	83	279	,	,	PUNCT
fbem-4893	83	280	1	1	NUM
fbem-4893	83	281	if	if	SCONJ
fbem-4893	83	282	it	it	PRON
fbem-4893	83	283	belongs	belong	VERB
fbem-4893	83	284	to	to	ADP
fbem-4893	83	285	a	a	DET
fbem-4893	83	286	certain	certain	ADJ
fbem-4893	83	287	industry	industry	NOUN
fbem-4893	83	288	,	,	PUNCT
fbem-4893	83	289	otherwise	otherwise	ADV
fbem-4893	83	290	0	0	NUM
fbem-4893	83	291	year	year	NOUN
fbem-4893	83	292	year	year	NOUN
fbem-4893	83	293	the	the	DET
fbem-4893	83	294	annual	annual	ADJ
fbem-4893	83	295	dummy	dummy	ADJ
fbem-4893	83	296	variable	variable	NOUN
fbem-4893	83	297	is	be	AUX
fbem-4893	83	298	1	1	NUM
fbem-4893	83	299	if	if	SCONJ
fbem-4893	83	300	it	it	PRON
fbem-4893	83	301	belongs	belong	VERB
fbem-4893	83	302	to	to	ADP
fbem-4893	83	303	a	a	DET
fbem-4893	83	304	certain	certain	ADJ
fbem-4893	83	305	year	year	NOUN
fbem-4893	83	306	,	,	PUNCT
fbem-4893	83	307	otherwise	otherwise	ADV
fbem-4893	83	308	it	it	PRON
fbem-4893	83	309	is	be	AUX
fbem-4893	83	310	0	0	NUM
fbem-4893	83	311	4.3	4.3	NUM
fbem-4893	83	312	.	.	PUNCT
fbem-4893	83	313	model	model	NOUN
fbem-4893	83	314	construction	construction	NOUN
fbem-4893	83	315	in	in	ADP
fbem-4893	83	316	order	order	NOUN
fbem-4893	83	317	to	to	PART
fbem-4893	83	318	examine	examine	VERB
fbem-4893	83	319	the	the	DET
fbem-4893	83	320	impact	impact	NOUN
fbem-4893	83	321	of	of	ADP
fbem-4893	83	322	strategic	strategic	ADJ
fbem-4893	83	323	difference	difference	NOUN
fbem-4893	83	324	on	on	ADP
fbem-4893	83	325	the	the	DET
fbem-4893	83	326	synchronization	synchronization	NOUN
fbem-4893	83	327	of	of	ADP
fbem-4893	83	328	the	the	DET
fbem-4893	83	329	company	company	NOUN
fbem-4893	83	330	's	's	PART
fbem-4893	83	331	share	share	NOUN
fbem-4893	83	332	price	price	NOUN
fbem-4893	83	333	and	and	CCONJ
fbem-4893	83	334	the	the	DET
fbem-4893	83	335	regulatory	regulatory	ADJ
fbem-4893	83	336	role	role	NOUN
fbem-4893	83	337	of	of	ADP
fbem-4893	83	338	the	the	DET
fbem-4893	83	339	nature	nature	NOUN
fbem-4893	83	340	of	of	ADP
fbem-4893	83	341	property	property	NOUN
fbem-4893	83	342	rights	right	NOUN
fbem-4893	83	343	and	and	CCONJ
fbem-4893	83	344	equity	equity	NOUN
fbem-4893	83	345	concentration	concentration	NOUN
fbem-4893	83	346	,	,	PUNCT
fbem-4893	83	347	this	this	DET
fbem-4893	83	348	paper	paper	NOUN
fbem-4893	83	349	selects	select	VERB
fbem-4893	83	350	2009	2009	NUM
fbem-4893	83	351	-	-	SYM
fbem-4893	83	352	2019	2019	NUM
fbem-4893	83	353	as	as	ADP
fbem-4893	83	354	the	the	DET
fbem-4893	83	355	research	research	NOUN
fbem-4893	83	356	period	period	NOUN
fbem-4893	83	357	,	,	PUNCT
fbem-4893	83	358	and	and	CCONJ
fbem-4893	83	359	sets	set	VERB
fbem-4893	83	360	model	model	NOUN
fbem-4893	83	361	(	(	PUNCT
fbem-4893	83	362	4	4	X
fbem-4893	83	363	)	)	PUNCT
fbem-4893	83	364	model	model	NOUN
fbem-4893	83	365	(	(	PUNCT
fbem-4893	83	366	6	6	NUM
fbem-4893	83	367	)	)	PUNCT
fbem-4893	83	368	to	to	PART
fbem-4893	83	369	test	test	VERB
fbem-4893	83	370	the	the	DET
fbem-4893	83	371	research	research	NOUN
fbem-4893	83	372	hypothesis	hypothesis	NOUN
fbem-4893	83	373	:	:	PUNCT
fbem-4893	83	374	1	1	X
fbem-4893	83	375	.	.	X
fbem-4893	83	376	test	test	VERB
fbem-4893	83	377	the	the	DET
fbem-4893	83	378	impact	impact	NOUN
fbem-4893	83	379	of	of	ADP
fbem-4893	83	380	strategic	strategic	ADJ
fbem-4893	83	381	difference	difference	NOUN
fbem-4893	83	382	on	on	ADP
fbem-4893	83	383	the	the	DET
fbem-4893	83	384	synchronization	synchronization	NOUN
fbem-4893	83	385	of	of	ADP
fbem-4893	83	386	the	the	DET
fbem-4893	83	387	company	company	NOUN
fbem-4893	83	388	's	's	PART
fbem-4893	83	389	share	share	NOUN
fbem-4893	83	390	price	price	NOUN
fbem-4893	83	391	.	.	PUNCT
fbem-4893	84	1	titijtiti	titijtiti	ADJ
fbem-4893	84	2	yearfeindfecontroldssync	yearfeindfecontroldssync	NOUN
fbem-4893	84	3	,	,	PUNCT
fbem-4893	84	4	,	,	PUNCT
fbem-4893	84	5	,	,	PUNCT
fbem-4893	84	6	10	10	NUM
fbem-4893	84	7	,	,	PUNCT
fbem-4893	84	8			X
fbem-4893	84	9			PROPN
fbem-4893	84	10			X
fbem-4893	84	11	(	(	PUNCT
fbem-4893	84	12	4	4	NUM
fbem-4893	84	13	)	)	SYM
fbem-4893	84	14	2	2	NUM
fbem-4893	84	15	.	.	X
fbem-4893	84	16	test	test	VERB
fbem-4893	84	17	the	the	DET
fbem-4893	84	18	moderating	moderate	VERB
fbem-4893	84	19	effect	effect	NOUN
fbem-4893	84	20	of	of	ADP
fbem-4893	84	21	the	the	DET
fbem-4893	84	22	nature	nature	NOUN
fbem-4893	84	23	of	of	ADP
fbem-4893	84	24	property	property	NOUN
fbem-4893	84	25	rights	right	NOUN
fbem-4893	84	26	on	on	ADP
fbem-4893	84	27	the	the	DET
fbem-4893	84	28	relationship	relationship	NOUN
fbem-4893	84	29	between	between	ADP
fbem-4893	84	30	strategic	strategic	ADJ
fbem-4893	84	31	difference	difference	NOUN
fbem-4893	84	32	and	and	CCONJ
fbem-4893	84	33	stock	stock	NOUN
fbem-4893	84	34	price	price	NOUN
fbem-4893	84	35	synchronization	synchronization	NOUN
fbem-4893	84	36	.	.	PUNCT
fbem-4893	85	1	tititi	tititi	PROPN
fbem-4893	85	2	yearfeindfecontrolsoedssoedssync	yearfeindfecontrolsoedssoedssync	PROPN
fbem-4893	85	3	,	,	PUNCT
fbem-4893	85	4	,	,	PUNCT
fbem-4893	85	5	43210	43210	NUM
fbem-4893	85	6	,	,	PUNCT
fbem-4893	85	7	*	*	PUNCT
fbem-4893	85	8			X
fbem-4893	85	9			X
fbem-4893	85	10	(	(	PUNCT
fbem-4893	85	11	5	5	NUM
fbem-4893	85	12	)	)	PUNCT
fbem-4893	85	13	3	3	NUM
fbem-4893	85	14	.	.	X
fbem-4893	85	15	test	test	VERB
fbem-4893	85	16	the	the	DET
fbem-4893	85	17	regulatory	regulatory	ADJ
fbem-4893	85	18	effect	effect	NOUN
fbem-4893	85	19	of	of	ADP
fbem-4893	85	20	equity	equity	NOUN
fbem-4893	85	21	concentration	concentration	NOUN
fbem-4893	85	22	on	on	ADP
fbem-4893	85	23	the	the	DET
fbem-4893	85	24	relationship	relationship	NOUN
fbem-4893	85	25	between	between	ADP
fbem-4893	85	26	strategic	strategic	ADJ
fbem-4893	85	27	difference	difference	NOUN
fbem-4893	85	28	and	and	CCONJ
fbem-4893	85	29	stock	stock	NOUN
fbem-4893	85	30	price	price	NOUN
fbem-4893	85	31	synchronization	synchronization	NOUN
fbem-4893	85	32	.	.	PUNCT
fbem-4893	86	1	tititi	tititi	PROPN
fbem-4893	86	2	yearfeindfecontrolocdsocdssync	yearfeindfecontrolocdsocdssync	PROPN
fbem-4893	86	3	,	,	PUNCT
fbem-4893	86	4	,	,	PUNCT
fbem-4893	86	5	43210	43210	NUM
fbem-4893	86	6	,	,	PUNCT
fbem-4893	86	7	*	*	PUNCT
fbem-4893	86	8			X
fbem-4893	86	9			X
fbem-4893	86	10	(	(	PUNCT
fbem-4893	86	11	6	6	NUM
fbem-4893	86	12	)	)	PUNCT
fbem-4893	86	13	5	5	NUM
fbem-4893	86	14	.	.	PUNCT
fbem-4893	87	1	analysis	analysis	NOUN
fbem-4893	87	2	of	of	ADP
fbem-4893	87	3	empirical	empirical	ADJ
fbem-4893	87	4	results	result	NOUN
fbem-4893	87	5	5.1	5.1	NUM
fbem-4893	87	6	.	.	PUNCT
fbem-4893	88	1	descriptive	descriptive	ADJ
fbem-4893	88	2	statistics	statistic	NOUN
fbem-4893	88	3	table	table	NOUN
fbem-4893	88	4	2	2	NUM
fbem-4893	88	5	shows	show	VERB
fbem-4893	88	6	the	the	DET
fbem-4893	88	7	descriptive	descriptive	ADJ
fbem-4893	88	8	statistical	statistical	ADJ
fbem-4893	88	9	results	result	NOUN
fbem-4893	88	10	of	of	ADP
fbem-4893	88	11	each	each	DET
fbem-4893	88	12	variable	variable	NOUN
fbem-4893	88	13	.	.	PUNCT
fbem-4893	89	1	the	the	DET
fbem-4893	89	2	average	average	ADJ
fbem-4893	89	3	value	value	NOUN
fbem-4893	89	4	of	of	ADP
fbem-4893	89	5	the	the	DET
fbem-4893	89	6	synchronicity	synchronicity	NOUN
fbem-4893	89	7	variable	variable	NOUN
fbem-4893	89	8	of	of	ADP
fbem-4893	89	9	the	the	DET
fbem-4893	89	10	company	company	NOUN
fbem-4893	89	11	's	's	PART
fbem-4893	89	12	share	share	NOUN
fbem-4893	89	13	price	price	NOUN
fbem-4893	89	14	is	be	AUX
fbem-4893	89	15	-0.533	-0.533	PUNCT
fbem-4893	89	16	,	,	PUNCT
fbem-4893	89	17	which	which	PRON
fbem-4893	89	18	is	be	AUX
fbem-4893	89	19	lower	low	ADJ
fbem-4893	89	20	than	than	ADP
fbem-4893	89	21	the	the	DET
fbem-4893	89	22	previous	previous	ADJ
fbem-4893	89	23	literature	literature	NOUN
fbem-4893	89	24	data	datum	NOUN
fbem-4893	89	25	,	,	PUNCT
fbem-4893	89	26	but	but	CCONJ
fbem-4893	89	27	this	this	DET
fbem-4893	89	28	result	result	NOUN
fbem-4893	89	29	is	be	AUX
fbem-4893	89	30	still	still	ADV
fbem-4893	89	31	significantly	significantly	ADV
fbem-4893	89	32	higher	high	ADJ
fbem-4893	89	33	than	than	ADP
fbem-4893	89	34	that	that	PRON
fbem-4893	89	35	of	of	ADP
fbem-4893	89	36	developed	develop	VERB
fbem-4893	89	37	countries	country	NOUN
fbem-4893	89	38	,	,	PUNCT
fbem-4893	89	39	indicating	indicate	VERB
fbem-4893	89	40	that	that	SCONJ
fbem-4893	89	41	china	china	PROPN
fbem-4893	89	42	's	's	PART
fbem-4893	89	43	capital	capital	NOUN
fbem-4893	89	44	market	market	NOUN
fbem-4893	89	45	needs	need	VERB
fbem-4893	89	46	further	further	ADJ
fbem-4893	89	47	development	development	NOUN
fbem-4893	89	48	;	;	PUNCT
fbem-4893	89	49	the	the	DET
fbem-4893	89	50	standard	standard	ADJ
fbem-4893	89	51	deviation	deviation	NOUN
fbem-4893	89	52	is	be	AUX
fbem-4893	89	53	0.820	0.820	NUM
fbem-4893	89	54	,	,	PUNCT
fbem-4893	89	55	indicating	indicate	VERB
fbem-4893	89	56	that	that	SCONJ
fbem-4893	89	57	there	there	PRON
fbem-4893	89	58	is	be	VERB
fbem-4893	89	59	a	a	DET
fbem-4893	89	60	large	large	ADJ
fbem-4893	89	61	difference	difference	NOUN
fbem-4893	89	62	in	in	ADP
fbem-4893	89	63	the	the	DET
fbem-4893	89	64	synchronization	synchronization	NOUN
fbem-4893	89	65	of	of	ADP
fbem-4893	89	66	stock	stock	NOUN
fbem-4893	89	67	prices	price	NOUN
fbem-4893	89	68	of	of	ADP
fbem-4893	89	69	sample	sample	NOUN
fbem-4893	89	70	companies	company	NOUN
fbem-4893	89	71	.	.	PUNCT
fbem-4893	90	1	the	the	DET
fbem-4893	90	2	average	average	ADJ
fbem-4893	90	3	value	value	NOUN
fbem-4893	90	4	of	of	ADP
fbem-4893	90	5	the	the	DET
fbem-4893	90	6	company	company	NOUN
fbem-4893	90	7	's	's	PART
fbem-4893	90	8	strategy	strategy	NOUN
fbem-4893	90	9	difference	difference	NOUN
fbem-4893	90	10	(	(	PUNCT
fbem-4893	90	11	ds	ds	NOUN
fbem-4893	90	12	)	)	PUNCT
fbem-4893	90	13	is	be	AUX
fbem-4893	90	14	0.505	0.505	NUM
fbem-4893	90	15	,	,	PUNCT
fbem-4893	90	16	and	and	CCONJ
fbem-4893	90	17	the	the	DET
fbem-4893	90	18	difference	difference	NOUN
fbem-4893	90	19	between	between	ADP
fbem-4893	90	20	the	the	DET
fbem-4893	90	21	maximum	maximum	ADJ
fbem-4893	90	22	value	value	NOUN
fbem-4893	90	23	(	(	PUNCT
fbem-4893	90	24	2.047	2.047	NUM
fbem-4893	90	25	)	)	PUNCT
fbem-4893	90	26	and	and	CCONJ
fbem-4893	90	27	the	the	DET
fbem-4893	90	28	minimum	minimum	ADJ
fbem-4893	90	29	value	value	NOUN
fbem-4893	90	30	(	(	PUNCT
fbem-4893	90	31	0.139	0.139	NUM
fbem-4893	90	32	)	)	PUNCT
fbem-4893	90	33	is	be	AUX
fbem-4893	90	34	large	large	ADJ
fbem-4893	90	35	,	,	PUNCT
fbem-4893	90	36	indicating	indicate	VERB
fbem-4893	90	37	that	that	SCONJ
fbem-4893	90	38	the	the	DET
fbem-4893	90	39	company	company	NOUN
fbem-4893	90	40	's	's	PART
fbem-4893	90	41	strategy	strategy	NOUN
fbem-4893	90	42	in	in	ADP
fbem-4893	90	43	the	the	DET
fbem-4893	90	44	research	research	NOUN
fbem-4893	90	45	sample	sample	NOUN
fbem-4893	90	46	deviates	deviate	VERB
fbem-4893	90	47	from	from	ADP
fbem-4893	90	48	the	the	DET
fbem-4893	90	49	industry	industry	NOUN
fbem-4893	90	50	's	's	PART
fbem-4893	90	51	conventional	conventional	ADJ
fbem-4893	90	52	strategy	strategy	NOUN
fbem-4893	90	53	greatly	greatly	ADV
fbem-4893	90	54	.	.	PUNCT
fbem-4893	91	1	the	the	DET
fbem-4893	91	2	average	average	ADJ
fbem-4893	91	3	shareholding	shareholding	NOUN
fbem-4893	91	4	ratio	ratio	NOUN
fbem-4893	91	5	of	of	ADP
fbem-4893	91	6	institutional	institutional	ADJ
fbem-4893	91	7	207	207	NUM
fbem-4893	91	8	investors	investor	NOUN
fbem-4893	91	9	(	(	PUNCT
fbem-4893	91	10	ishare	ishare	NOUN
fbem-4893	91	11	)	)	PUNCT
fbem-4893	91	12	is	be	AUX
fbem-4893	91	13	38.73	38.73	NUM
fbem-4893	91	14	%	%	NOUN
fbem-4893	91	15	,	,	PUNCT
fbem-4893	91	16	which	which	PRON
fbem-4893	91	17	indicates	indicate	VERB
fbem-4893	91	18	that	that	SCONJ
fbem-4893	91	19	although	although	SCONJ
fbem-4893	91	20	institutional	institutional	ADJ
fbem-4893	91	21	investors	investor	NOUN
fbem-4893	91	22	in	in	ADP
fbem-4893	91	23	china	china	PROPN
fbem-4893	91	24	started	start	VERB
fbem-4893	91	25	late	late	ADV
fbem-4893	91	26	,	,	PUNCT
fbem-4893	91	27	their	their	PRON
fbem-4893	91	28	shareholding	shareholding	NOUN
fbem-4893	91	29	ratio	ratio	NOUN
fbem-4893	91	30	has	have	AUX
fbem-4893	91	31	reached	reach	VERB
fbem-4893	91	32	a	a	DET
fbem-4893	91	33	high	high	ADJ
fbem-4893	91	34	level	level	NOUN
fbem-4893	91	35	and	and	CCONJ
fbem-4893	91	36	become	become	VERB
fbem-4893	91	37	an	an	DET
fbem-4893	91	38	important	important	ADJ
fbem-4893	91	39	force	force	NOUN
fbem-4893	91	40	in	in	ADP
fbem-4893	91	41	the	the	DET
fbem-4893	91	42	capital	capital	NOUN
fbem-4893	91	43	market	market	NOUN
fbem-4893	91	44	under	under	ADP
fbem-4893	91	45	the	the	DET
fbem-4893	91	46	promotion	promotion	NOUN
fbem-4893	91	47	and	and	CCONJ
fbem-4893	91	48	protection	protection	NOUN
fbem-4893	91	49	of	of	ADP
fbem-4893	91	50	national	national	ADJ
fbem-4893	91	51	policies	policy	NOUN
fbem-4893	91	52	.	.	PUNCT
fbem-4893	92	1	secondly	secondly	ADV
fbem-4893	92	2	,	,	PUNCT
fbem-4893	92	3	there	there	PRON
fbem-4893	92	4	is	be	VERB
fbem-4893	92	5	a	a	DET
fbem-4893	92	6	large	large	ADJ
fbem-4893	92	7	difference	difference	NOUN
fbem-4893	92	8	between	between	ADP
fbem-4893	92	9	the	the	DET
fbem-4893	92	10	highest	high	ADJ
fbem-4893	92	11	value	value	NOUN
fbem-4893	92	12	and	and	CCONJ
fbem-4893	92	13	the	the	DET
fbem-4893	92	14	lowest	low	ADJ
fbem-4893	92	15	value	value	NOUN
fbem-4893	92	16	,	,	PUNCT
fbem-4893	92	17	indicating	indicate	VERB
fbem-4893	92	18	that	that	SCONJ
fbem-4893	92	19	the	the	DET
fbem-4893	92	20	shareholding	shareholding	NOUN
fbem-4893	92	21	ratio	ratio	NOUN
fbem-4893	92	22	of	of	ADP
fbem-4893	92	23	institutional	institutional	ADJ
fbem-4893	92	24	investors	investor	NOUN
fbem-4893	92	25	is	be	AUX
fbem-4893	92	26	not	not	PART
fbem-4893	92	27	evenly	evenly	ADV
fbem-4893	92	28	distributed	distribute	VERB
fbem-4893	92	29	.	.	PUNCT
fbem-4893	93	1	table	table	NOUN
fbem-4893	93	2	2	2	NUM
fbem-4893	93	3	.	.	PUNCT
fbem-4893	93	4	descriptive	descriptive	ADJ
fbem-4893	93	5	statistics	statistic	NOUN
fbem-4893	93	6	of	of	ADP
fbem-4893	93	7	variables	variable	NOUN
fbem-4893	93	8	variable	variable	ADJ
fbem-4893	93	9	name	name	NOUN
fbem-4893	93	10	number	number	NOUN
fbem-4893	93	11	of	of	ADP
fbem-4893	93	12	samples	sample	NOUN
fbem-4893	93	13	average	average	ADJ
fbem-4893	93	14	median	median	ADJ
fbem-4893	93	15	standard	standard	ADJ
fbem-4893	93	16	deviation	deviation	NOUN
fbem-4893	93	17	minimum	minimum	NOUN
fbem-4893	93	18	p25	p25	NOUN
fbem-4893	93	19	p75	p75	ADJ
fbem-4893	93	20	maximum	maximum	ADJ
fbem-4893	93	21	sync	sync	NOUN
fbem-4893	93	22	23758	23758	NUM
fbem-4893	93	23	-0.533	-0.533	NUM
fbem-4893	93	24	-0.487	-0.487	NOUN
fbem-4893	93	25	0.820	0.820	NUM
fbem-4893	93	26	-3.833	-3.833	PUNCT
fbem-4893	94	1	-1.252	-1.252	PROPN
fbem-4893	94	2	0.072	0.072	NUM
fbem-4893	94	3	1.591	1.591	NUM
fbem-4893	94	4	ds	ds	ADP
fbem-4893	94	5	23758	23758	NUM
fbem-4893	94	6	0.505	0.505	NUM
fbem-4893	94	7	0.414	0.414	NUM
fbem-4893	94	8	0.323	0.323	NUM
fbem-4893	94	9	0.139	0.139	NUM
fbem-4893	94	10	0.303	0.303	NUM
fbem-4893	94	11	0.594	0.594	NUM
fbem-4893	94	12	2.047	2.047	NUM
fbem-4893	94	13	soe	soe	PROPN
fbem-4893	94	14	23758	23758	NUM
fbem-4893	94	15	0.419	0.419	NUM
fbem-4893	94	16	0	0	NUM
fbem-4893	94	17	0.493	0.493	NUM
fbem-4893	94	18	0	0	NUM
fbem-4893	94	19	0	0	NUM
fbem-4893	94	20	1	1	NUM
fbem-4893	94	21	1	1	NUM
fbem-4893	94	22	oc	oc	ADP
fbem-4893	94	23	23758	23758	NUM
fbem-4893	94	24	0.456	0.456	NUM
fbem-4893	94	25	0	0	NUM
fbem-4893	94	26	0.498	0.498	NUM
fbem-4893	94	27	0	0	NUM
fbem-4893	94	28	0	0	NUM
fbem-4893	94	29	1	1	NUM
fbem-4893	94	30	1	1	NUM
fbem-4893	94	31	lev	lev	NOUN
fbem-4893	94	32	23758	23758	NUM
fbem-4893	94	33	0.408	0.408	NUM
fbem-4893	94	34	0.396	0.396	NUM
fbem-4893	94	35	0.222	0.222	NUM
fbem-4893	94	36	0.0140	0.0140	NUM
fbem-4893	94	37	0.230	0.230	NUM
fbem-4893	94	38	0.568	0.568	NUM
fbem-4893	94	39	0.980	0.980	NUM
fbem-4893	94	40	size	size	NOUN
fbem-4893	94	41	23758	23758	NUM
fbem-4893	94	42	22.04	22.04	NUM
fbem-4893	94	43	21.88	21.88	NUM
fbem-4893	94	44	1.289	1.289	NUM
fbem-4893	94	45	19.47	19.47	NUM
fbem-4893	94	46	21.11	21.11	NUM
fbem-4893	94	47	22.79	22.79	NUM
fbem-4893	94	48	26	26	NUM
fbem-4893	94	49	grow	grow	VERB
fbem-4893	94	50	23758	23758	NUM
fbem-4893	94	51	0.198	0.198	NUM
fbem-4893	94	52	0.116	0.116	NUM
fbem-4893	94	53	0.492	0.492	NUM
fbem-4893	94	54	-0.591	-0.591	NOUN
fbem-4893	94	55	-0.0210	-0.0210	NOUN
fbem-4893	94	56	0.285	0.285	NUM
fbem-4893	94	57	3.335	3.335	NUM
fbem-4893	94	58	roesd	roesd	NOUN
fbem-4893	94	59	23758	23758	NUM
fbem-4893	94	60	0.0770	0.0770	NUM
fbem-4893	94	61	0.0390	0.0390	NUM
fbem-4893	94	62	0.127	0.127	NUM
fbem-4893	94	63	0	0	NUM
fbem-4893	94	64	0.0170	0.0170	NUM
fbem-4893	94	65	0.0840	0.0840	NUM
fbem-4893	94	66	0.905	0.905	NUM
fbem-4893	94	67	bm	bm	PROPN
fbem-4893	94	68	23758	23758	NUM
fbem-4893	94	69	0.609	0.609	NUM
fbem-4893	94	70	0.610	0.610	NUM
fbem-4893	94	71	0.242	0.242	NUM
fbem-4893	94	72	0.109	0.109	NUM
fbem-4893	94	73	0.422	0.422	NUM
fbem-4893	94	74	0.798	0.798	NUM
fbem-4893	94	75	1.107	1.107	NUM
fbem-4893	94	76	ishare	ishare	NOUN
fbem-4893	94	77	23758	23758	NUM
fbem-4893	94	78	38.78	38.78	NUM
fbem-4893	94	79	37.91	37.91	NUM
fbem-4893	94	80	21.10	21.10	NUM
fbem-4893	94	81	0.00500	0.00500	NUM
fbem-4893	94	82	1.014	1.014	NUM
fbem-4893	94	83	26.49	26.49	NUM
fbem-4893	94	84	76.51	76.51	NUM
fbem-4893	94	85	tnr	tnr	PROPN
fbem-4893	94	86	23758	23758	NUM
fbem-4893	94	87	1.724	1.724	NUM
fbem-4893	94	88	1.338	1.338	NUM
fbem-4893	94	89	1.350	1.350	NUM
fbem-4893	94	90	0.163	0.163	NUM
fbem-4893	94	91	0.769	0.769	NUM
fbem-4893	94	92	2.264	2.264	NUM
fbem-4893	94	93	7.162	7.162	NUM
fbem-4893	94	94	age	age	NOUN
fbem-4893	94	95	23758	23758	NUM
fbem-4893	94	96	9.872	9.872	NUM
fbem-4893	94	97	9	9	NUM
fbem-4893	94	98	6.615	6.615	NUM
fbem-4893	94	99	0	0	NUM
fbem-4893	94	100	4	4	NUM
fbem-4893	94	101	15	15	NUM
fbem-4893	94	102	28	28	NUM
fbem-4893	94	103	big4	big4	NOUN
fbem-4893	94	104	23758	23758	NUM
fbem-4893	94	105	0.0530	0.0530	NUM
fbem-4893	94	106	0	0	NUM
fbem-4893	94	107	0.223	0.223	NUM
fbem-4893	94	108	0	0	NUM
fbem-4893	94	109	0	0	NUM
fbem-4893	94	110	0	0	NUM
fbem-4893	94	111	1	1	NUM
fbem-4893	94	112	5.2	5.2	NUM
fbem-4893	94	113	.	.	PUNCT
fbem-4893	95	1	regression	regression	VERB
fbem-4893	95	2	analysis	analysis	NOUN
fbem-4893	95	3	the	the	DET
fbem-4893	95	4	regression	regression	NOUN
fbem-4893	95	5	results	result	NOUN
fbem-4893	95	6	of	of	ADP
fbem-4893	95	7	each	each	DET
fbem-4893	95	8	model	model	NOUN
fbem-4893	95	9	reported	report	VERB
fbem-4893	95	10	in	in	ADP
fbem-4893	95	11	table	table	NOUN
fbem-4893	95	12	3	3	NUM
fbem-4893	95	13	confirm	confirm	VERB
fbem-4893	95	14	the	the	DET
fbem-4893	95	15	above	above	ADJ
fbem-4893	95	16	inference	inference	NOUN
fbem-4893	95	17	.	.	PUNCT
fbem-4893	96	1	the	the	DET
fbem-4893	96	2	first	first	ADJ
fbem-4893	96	3	column	column	NOUN
fbem-4893	96	4	tests	test	VERB
fbem-4893	96	5	the	the	DET
fbem-4893	96	6	relationship	relationship	NOUN
fbem-4893	96	7	between	between	ADP
fbem-4893	96	8	strategic	strategic	ADJ
fbem-4893	96	9	difference	difference	NOUN
fbem-4893	96	10	and	and	CCONJ
fbem-4893	96	11	stock	stock	NOUN
fbem-4893	96	12	price	price	NOUN
fbem-4893	96	13	synchronization	synchronization	NOUN
fbem-4893	96	14	.	.	PUNCT
fbem-4893	97	1	the	the	DET
fbem-4893	97	2	regression	regression	NOUN
fbem-4893	97	3	coefficient	coefficient	NOUN
fbem-4893	97	4	of	of	ADP
fbem-4893	97	5	strategic	strategic	ADJ
fbem-4893	97	6	difference	difference	NOUN
fbem-4893	97	7	ds	ds	NOUN
fbem-4893	97	8	is	be	AUX
fbem-4893	97	9	significantly	significantly	ADV
fbem-4893	97	10	negative	negative	ADJ
fbem-4893	97	11	at	at	ADP
fbem-4893	97	12	the	the	DET
fbem-4893	97	13	level	level	NOUN
fbem-4893	97	14	of	of	ADP
fbem-4893	97	15	1	1	NUM
fbem-4893	97	16	%	%	NOUN
fbem-4893	97	17	.	.	PUNCT
fbem-4893	98	1	this	this	PRON
fbem-4893	98	2	shows	show	VERB
fbem-4893	98	3	that	that	SCONJ
fbem-4893	98	4	the	the	DET
fbem-4893	98	5	strategic	strategic	ADJ
fbem-4893	98	6	difference	difference	NOUN
fbem-4893	98	7	significantly	significantly	ADV
fbem-4893	98	8	reduces	reduce	VERB
fbem-4893	98	9	the	the	DET
fbem-4893	98	10	synchronization	synchronization	NOUN
fbem-4893	98	11	of	of	ADP
fbem-4893	98	12	the	the	DET
fbem-4893	98	13	company	company	NOUN
fbem-4893	98	14	's	's	PART
fbem-4893	98	15	share	share	NOUN
fbem-4893	98	16	price	price	NOUN
fbem-4893	98	17	by	by	ADP
fbem-4893	98	18	enriching	enrich	VERB
fbem-4893	98	19	the	the	DET
fbem-4893	98	20	idiosyncratic	idiosyncratic	ADJ
fbem-4893	98	21	information	information	NOUN
fbem-4893	98	22	content	content	NOUN
fbem-4893	98	23	in	in	ADP
fbem-4893	98	24	the	the	DET
fbem-4893	98	25	company	company	NOUN
fbem-4893	98	26	's	's	PART
fbem-4893	98	27	share	share	NOUN
fbem-4893	98	28	price	price	NOUN
fbem-4893	98	29	.	.	PUNCT
fbem-4893	99	1	hypothesis	hypothesis	NOUN
fbem-4893	99	2	1	1	NUM
fbem-4893	99	3	is	be	AUX
fbem-4893	99	4	verified	verify	VERB
fbem-4893	99	5	.	.	PUNCT
fbem-4893	100	1	table	table	NOUN
fbem-4893	100	2	3	3	NUM
fbem-4893	100	3	.	.	PUNCT
fbem-4893	101	1	regression	regression	NOUN
fbem-4893	101	2	results	result	NOUN
fbem-4893	101	3	of	of	ADP
fbem-4893	101	4	each	each	DET
fbem-4893	101	5	model	model	NOUN
fbem-4893	101	6	variable	variable	ADJ
fbem-4893	101	7	name	name	NOUN
fbem-4893	101	8	model	model	NOUN
fbem-4893	101	9	(	(	PUNCT
fbem-4893	101	10	4	4	X
fbem-4893	101	11	)	)	PUNCT
fbem-4893	101	12	model	model	NOUN
fbem-4893	101	13	(	(	PUNCT
fbem-4893	101	14	5	5	NUM
fbem-4893	101	15	)	)	PUNCT
fbem-4893	101	16	model	model	NOUN
fbem-4893	101	17	(	(	PUNCT
fbem-4893	101	18	6	6	NUM
fbem-4893	101	19	)	)	PUNCT
fbem-4893	101	20	sync	sync	NOUN
fbem-4893	101	21	sync	sync	NOUN
fbem-4893	101	22	sync	sync	PROPN
fbem-4893	101	23	ds	ds	PROPN
fbem-4893	101	24	-0.083	-0.083	NOUN
fbem-4893	101	25	*	*	NOUN
fbem-4893	101	26	*	*	PUNCT
fbem-4893	101	27	*	*	PUNCT
fbem-4893	101	28	-0.057	-0.057	PUNCT
fbem-4893	101	29	*	*	PUNCT
fbem-4893	101	30	*	*	PUNCT
fbem-4893	101	31	*	*	PUNCT
fbem-4893	101	32	-0.061	-0.061	PUNCT
fbem-4893	101	33	*	*	PUNCT
fbem-4893	101	34	*	*	PUNCT
fbem-4893	101	35	*	*	PUNCT
fbem-4893	101	36	(	(	PUNCT
fbem-4893	101	37	-5.53	-5.53	NOUN
fbem-4893	101	38	)	)	PUNCT
fbem-4893	101	39	(	(	PUNCT
fbem-4893	101	40	-3.05	-3.05	NOUN
fbem-4893	101	41	)	)	PUNCT
fbem-4893	101	42	(	(	PUNCT
fbem-4893	101	43	-3.40	-3.40	X
fbem-4893	101	44	)	)	PUNCT
fbem-4893	101	45	ds*soe	ds*soe	PROPN
fbem-4893	101	46	-0.049	-0.049	X
fbem-4893	101	47	*	*	PUNCT
fbem-4893	101	48	(	(	PUNCT
fbem-4893	101	49	-1.72	-1.72	PROPN
fbem-4893	101	50	)	)	PUNCT
fbem-4893	101	51	soe	soe	PROPN
fbem-4893	101	52	0.130	0.130	NUM
fbem-4893	101	53	*	*	PUNCT
fbem-4893	101	54	*	*	PUNCT
fbem-4893	101	55	*	*	PUNCT
fbem-4893	101	56	(	(	PUNCT
fbem-4893	101	57	7.52	7.52	NUM
fbem-4893	101	58	)	)	PUNCT
fbem-4893	101	59	ds*oc	ds*oc	NOUN
fbem-4893	101	60	-0.070	-0.070	NOUN
fbem-4893	101	61	*	*	PUNCT
fbem-4893	101	62	*	*	PUNCT
fbem-4893	101	63	(	(	PUNCT
fbem-4893	101	64	-2.39	-2.39	PROPN
fbem-4893	101	65	)	)	PUNCT
fbem-4893	101	66	oc	oc	ADP
fbem-4893	101	67	0.007	0.007	NUM
fbem-4893	101	68	(	(	PUNCT
fbem-4893	101	69	0.40	0.40	NUM
fbem-4893	101	70	)	)	PUNCT
fbem-4893	101	71	lev	lev	NOUN
fbem-4893	101	72	-0.202	-0.202	PROPN
fbem-4893	101	73	*	*	PUNCT
fbem-4893	101	74	*	*	PUNCT
fbem-4893	101	75	*	*	PUNCT
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fbem-4893	101	77	*	*	PUNCT
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fbem-4893	101	79	*	*	PUNCT
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fbem-4893	101	81	*	*	PUNCT
fbem-4893	101	82	*	*	PUNCT
fbem-4893	101	83	*	*	PUNCT
fbem-4893	101	84	(	(	PUNCT
fbem-4893	101	85	-8.36	-8.36	NUM
fbem-4893	101	86	)	)	PUNCT
fbem-4893	101	87	(	(	PUNCT
fbem-4893	101	88	-8.75	-8.75	NUM
fbem-4893	101	89	)	)	PUNCT
fbem-4893	101	90	(	(	PUNCT
fbem-4893	101	91	-8.48	-8.48	NOUN
fbem-4893	101	92	)	)	PUNCT
fbem-4893	101	93	size	size	NOUN
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fbem-4893	101	95	*	*	PUNCT
fbem-4893	101	96	*	*	PUNCT
fbem-4893	101	97	*	*	PUNCT
fbem-4893	101	98	0.032	0.032	NUM
fbem-4893	101	99	*	*	PUNCT
fbem-4893	101	100	*	*	PUNCT
fbem-4893	101	101	*	*	PUNCT
fbem-4893	101	102	0.043	0.043	NUM
fbem-4893	101	103	*	*	PUNCT
fbem-4893	101	104	*	*	PUNCT
fbem-4893	101	105	*	*	PUNCT
fbem-4893	101	106	(	(	PUNCT
fbem-4893	101	107	6.74	6.74	NUM
fbem-4893	101	108	)	)	PUNCT
fbem-4893	101	109	(	(	PUNCT
fbem-4893	101	110	5.36	5.36	NUM
fbem-4893	101	111	)	)	PUNCT
fbem-4893	101	112	(	(	PUNCT
fbem-4893	101	113	7.13	7.13	NUM
fbem-4893	101	114	)	)	PUNCT
fbem-4893	101	115	grow	grow	VERB
fbem-4893	101	116	-0.141	-0.141	X
fbem-4893	101	117	*	*	PUNCT
fbem-4893	101	118	*	*	PUNCT
fbem-4893	101	119	*	*	PUNCT
fbem-4893	101	120	-0.136	-0.136	ADJ
fbem-4893	101	121	*	*	PUNCT
fbem-4893	101	122	*	*	PUNCT
fbem-4893	101	123	*	*	PUNCT
fbem-4893	102	1	-0.141	-0.141	PUNCT
fbem-4893	102	2	*	*	PUNCT
fbem-4893	102	3	*	*	PUNCT
fbem-4893	102	4	*	*	PUNCT
fbem-4893	102	5	(	(	PUNCT
fbem-4893	102	6	-15.12	-15.12	NOUN
fbem-4893	102	7	)	)	PUNCT
fbem-4893	102	8	(	(	PUNCT
fbem-4893	102	9	-14.60	-14.60	PROPN
fbem-4893	102	10	)	)	PUNCT
fbem-4893	102	11	(	(	PUNCT
fbem-4893	102	12	-15.17	-15.17	PROPN
fbem-4893	102	13	)	)	PUNCT
fbem-4893	102	14	roesd	roesd	NOUN
fbem-4893	102	15	-0.355	-0.355	PUNCT
fbem-4893	102	16	*	*	PUNCT
fbem-4893	102	17	*	*	PUNCT
fbem-4893	102	18	*	*	PUNCT
fbem-4893	102	19	-0.339	-0.339	PUNCT
fbem-4893	102	20	*	*	PUNCT
fbem-4893	102	21	*	*	PUNCT
fbem-4893	102	22	*	*	PUNCT
fbem-4893	102	23	-0.353	-0.353	PUNCT
fbem-4893	102	24	*	*	PUNCT
fbem-4893	102	25	*	*	PUNCT
fbem-4893	102	26	*	*	PUNCT
fbem-4893	102	27	(	(	PUNCT
fbem-4893	102	28	-9.12	-9.12	NOUN
fbem-4893	102	29	)	)	PUNCT
fbem-4893	102	30	(	(	PUNCT
fbem-4893	102	31	-8.68	-8.68	NOUN
fbem-4893	102	32	)	)	PUNCT
fbem-4893	102	33	(	(	PUNCT
fbem-4893	102	34	-9.07	-9.07	NOUN
fbem-4893	102	35	)	)	PUNCT
fbem-4893	102	36	bm	bm	PROPN
fbem-4893	102	37	0.656	0.656	NUM
fbem-4893	102	38	*	*	PUNCT
fbem-4893	102	39	*	*	PUNCT
fbem-4893	102	40	*	*	PUNCT
fbem-4893	103	1	0.654	0.654	NUM
fbem-4893	103	2	*	*	PUNCT
fbem-4893	103	3	*	*	PUNCT
fbem-4893	103	4	*	*	PUNCT
fbem-4893	103	5	0.660	0.660	NUM
fbem-4893	103	6	*	*	PUNCT
fbem-4893	103	7	*	*	PUNCT
fbem-4893	103	8	*	*	PUNCT
fbem-4893	103	9	(	(	PUNCT
fbem-4893	103	10	22.82	22.82	NUM
fbem-4893	103	11	)	)	PUNCT
fbem-4893	103	12	(	(	PUNCT
fbem-4893	103	13	22.84	22.84	NUM
fbem-4893	103	14	)	)	PUNCT
fbem-4893	103	15	(	(	PUNCT
fbem-4893	103	16	22.96	22.96	NUM
fbem-4893	103	17	)	)	PUNCT
fbem-4893	103	18	ishare	ishare	NOUN
fbem-4893	103	19	-0.001	-0.001	PUNCT
fbem-4893	104	1	*	*	PUNCT
fbem-4893	104	2	*	*	PUNCT
fbem-4893	104	3	*	*	PUNCT
fbem-4893	104	4	-0.002	-0.002	PUNCT
fbem-4893	104	5	*	*	PUNCT
fbem-4893	104	6	*	*	PUNCT
fbem-4893	104	7	*	*	PUNCT
fbem-4893	104	8	-0.001	-0.001	PUNCT
fbem-4893	105	1	*	*	PUNCT
fbem-4893	105	2	*	*	PUNCT
fbem-4893	105	3	*	*	PUNCT
fbem-4893	105	4	(	(	PUNCT
fbem-4893	105	5	-6.51	-6.51	NOUN
fbem-4893	105	6	)	)	PUNCT
fbem-4893	105	7	(	(	PUNCT
fbem-4893	105	8	-7.35	-7.35	NOUN
fbem-4893	105	9	)	)	PUNCT
fbem-4893	105	10	(	(	PUNCT
fbem-4893	105	11	-6.00	-6.00	NOUN
fbem-4893	105	12	)	)	PUNCT
fbem-4893	105	13	tnr	tnr	PROPN
fbem-4893	105	14	-0.102	-0.102	PUNCT
fbem-4893	105	15	*	*	PUNCT
fbem-4893	105	16	*	*	PUNCT
fbem-4893	105	17	*	*	PUNCT
fbem-4893	106	1	-0.102	-0.102	PUNCT
fbem-4893	107	1	*	*	PUNCT
fbem-4893	107	2	*	*	PUNCT
fbem-4893	107	3	*	*	PUNCT
fbem-4893	107	4	-0.102	-0.102	PUNCT
fbem-4893	107	5	*	*	PUNCT
fbem-4893	107	6	*	*	PUNCT
fbem-4893	107	7	*	*	PUNCT
fbem-4893	107	8	(	(	PUNCT
fbem-4893	107	9	-26.17	-26.17	NOUN
fbem-4893	107	10	)	)	PUNCT
fbem-4893	107	11	(	(	PUNCT
fbem-4893	107	12	-26.19	-26.19	NOUN
fbem-4893	107	13	)	)	PUNCT
fbem-4893	107	14	(	(	PUNCT
fbem-4893	107	15	-26.14	-26.14	NOUN
fbem-4893	107	16	)	)	PUNCT
fbem-4893	107	17	big4	big4	NOUN
fbem-4893	107	18	-0.045	-0.045	NOUN
fbem-4893	107	19	*	*	NOUN
fbem-4893	107	20	*	*	PUNCT
fbem-4893	107	21	-0.047	-0.047	PUNCT
fbem-4893	107	22	*	*	PUNCT
fbem-4893	107	23	*	*	PUNCT
fbem-4893	107	24	-0.043	-0.043	PUNCT
fbem-4893	107	25	*	*	PUNCT
fbem-4893	107	26	(	(	PUNCT
fbem-4893	107	27	-2.01	-2.01	NUM
fbem-4893	107	28	)	)	PUNCT
fbem-4893	107	29	(	(	PUNCT
fbem-4893	107	30	-2.14	-2.14	NOUN
fbem-4893	107	31	)	)	PUNCT
fbem-4893	107	32	(	(	PUNCT
fbem-4893	107	33	-1.95	-1.95	NOUN
fbem-4893	107	34	)	)	PUNCT
fbem-4893	107	35	age	age	NOUN
fbem-4893	107	36	-0.002	-0.002	PUNCT
fbem-4893	107	37	*	*	PUNCT
fbem-4893	107	38	*	*	PUNCT
fbem-4893	107	39	*	*	PUNCT
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fbem-4893	108	1	*	*	PUNCT
fbem-4893	108	2	*	*	PUNCT
fbem-4893	108	3	*	*	PUNCT
fbem-4893	108	4	-0.003	-0.003	PUNCT
fbem-4893	108	5	*	*	PUNCT
fbem-4893	108	6	*	*	PUNCT
fbem-4893	108	7	*	*	PUNCT
fbem-4893	108	8	(	(	PUNCT
fbem-4893	108	9	-2.84	-2.84	NOUN
fbem-4893	108	10	)	)	PUNCT
fbem-4893	108	11	(	(	PUNCT
fbem-4893	108	12	-6.03	-6.03	X
fbem-4893	108	13	)	)	PUNCT
fbem-4893	108	14	(	(	PUNCT
fbem-4893	108	15	-3.16	-3.16	NOUN
fbem-4893	108	16	)	)	PUNCT
fbem-4893	108	17	ind	ind	PROPN
fbem-4893	108	18	control	control	PROPN
fbem-4893	108	19	control	control	PROPN
fbem-4893	108	20	control	control	PROPN
fbem-4893	108	21	year	year	PROPN
fbem-4893	108	22	control	control	PROPN
fbem-4893	108	23	control	control	PROPN
fbem-4893	108	24	control	control	PROPN
fbem-4893	108	25	observations	observation	NOUN
fbem-4893	108	26	23,758	23,758	NUM
fbem-4893	108	27	23,758	23,758	NUM
fbem-4893	108	28	23,758	23,758	NUM
fbem-4893	108	29	adj	adj	X
fbem-4893	108	30	r2	r2	PROPN
fbem-4893	109	1	0.359	0.359	NUM
fbem-4893	109	2	0.362	0.362	NUM
fbem-4893	109	3	0.359	0.359	NUM
fbem-4893	109	4	*	*	PUNCT
fbem-4893	109	5	*	*	PUNCT
fbem-4893	109	6	*	*	PUNCT
fbem-4893	109	7	p<0.01	p<0.01	PROPN
fbem-4893	109	8	,	,	PUNCT
fbem-4893	109	9	*	*	PUNCT
fbem-4893	109	10	*	*	PUNCT
fbem-4893	109	11	p<0.05	p<0.05	NOUN
fbem-4893	109	12	,	,	PUNCT
fbem-4893	109	13	*	*	SYM
fbem-4893	109	14	p<0.1	p<0.1	NUM
fbem-4893	109	15	208	208	NUM
fbem-4893	109	16	the	the	DET
fbem-4893	109	17	second	second	ADJ
fbem-4893	109	18	column	column	NOUN
fbem-4893	109	19	examines	examine	VERB
fbem-4893	109	20	the	the	DET
fbem-4893	109	21	effect	effect	NOUN
fbem-4893	109	22	of	of	ADP
fbem-4893	109	23	property	property	NOUN
fbem-4893	109	24	right	right	ADJ
fbem-4893	109	25	nature	nature	NOUN
fbem-4893	109	26	on	on	ADP
fbem-4893	109	27	the	the	DET
fbem-4893	109	28	relationship	relationship	NOUN
fbem-4893	109	29	between	between	ADP
fbem-4893	109	30	strategic	strategic	ADJ
fbem-4893	109	31	difference	difference	NOUN
fbem-4893	109	32	and	and	CCONJ
fbem-4893	109	33	stock	stock	NOUN
fbem-4893	109	34	price	price	NOUN
fbem-4893	109	35	synchronization	synchronization	NOUN
fbem-4893	109	36	.	.	PUNCT
fbem-4893	110	1	through	through	ADP
fbem-4893	110	2	regression	regression	NOUN
fbem-4893	110	3	of	of	ADP
fbem-4893	110	4	model	model	NOUN
fbem-4893	110	5	(	(	PUNCT
fbem-4893	110	6	5	5	NUM
fbem-4893	110	7	)	)	PUNCT
fbem-4893	110	8	,	,	PUNCT
fbem-4893	110	9	we	we	PRON
fbem-4893	110	10	can	can	AUX
fbem-4893	110	11	see	see	VERB
fbem-4893	110	12	that	that	SCONJ
fbem-4893	110	13	the	the	DET
fbem-4893	110	14	regression	regression	NOUN
fbem-4893	110	15	coefficient	coefficient	NOUN
fbem-4893	110	16	of	of	ADP
fbem-4893	110	17	ds	ds	PROPN
fbem-4893	110	18	*	*	PUNCT
fbem-4893	110	19	soe	soe	PROPN
fbem-4893	110	20	,	,	PUNCT
fbem-4893	110	21	the	the	DET
fbem-4893	110	22	product	product	NOUN
fbem-4893	110	23	of	of	ADP
fbem-4893	110	24	property	property	NOUN
fbem-4893	110	25	right	right	ADJ
fbem-4893	110	26	nature	nature	NOUN
fbem-4893	110	27	and	and	CCONJ
fbem-4893	110	28	strategic	strategic	ADJ
fbem-4893	110	29	difference	difference	NOUN
fbem-4893	110	30	,	,	PUNCT
fbem-4893	110	31	is	be	AUX
fbem-4893	110	32	significantly	significantly	ADV
fbem-4893	110	33	negative	negative	ADJ
fbem-4893	110	34	at	at	ADP
fbem-4893	110	35	the	the	DET
fbem-4893	110	36	level	level	NOUN
fbem-4893	110	37	of	of	ADP
fbem-4893	110	38	10	10	NUM
fbem-4893	110	39	%	%	NOUN
fbem-4893	110	40	.	.	PUNCT
fbem-4893	111	1	this	this	PRON
fbem-4893	111	2	shows	show	VERB
fbem-4893	111	3	that	that	SCONJ
fbem-4893	111	4	compared	compare	VERB
fbem-4893	111	5	with	with	ADP
fbem-4893	111	6	non	non	ADJ
fbem-4893	111	7	-	-	ADJ
fbem-4893	111	8	state	state	NOUN
fbem-4893	111	9	-	-	PUNCT
fbem-4893	111	10	owned	own	VERB
fbem-4893	111	11	enterprises	enterprise	NOUN
fbem-4893	111	12	,	,	PUNCT
fbem-4893	111	13	the	the	DET
fbem-4893	111	14	higher	high	ADJ
fbem-4893	111	15	degree	degree	NOUN
fbem-4893	111	16	of	of	ADP
fbem-4893	111	17	strategic	strategic	ADJ
fbem-4893	111	18	difference	difference	NOUN
fbem-4893	111	19	in	in	ADP
fbem-4893	111	20	state	state	NOUN
fbem-4893	111	21	-	-	PUNCT
fbem-4893	111	22	owned	own	VERB
fbem-4893	111	23	enterprises	enterprise	NOUN
fbem-4893	111	24	will	will	AUX
fbem-4893	111	25	promote	promote	VERB
fbem-4893	111	26	the	the	DET
fbem-4893	111	27	more	more	ADV
fbem-4893	111	28	accurate	accurate	ADJ
fbem-4893	111	29	and	and	CCONJ
fbem-4893	111	30	full	full	ADJ
fbem-4893	111	31	disclosure	disclosure	NOUN
fbem-4893	111	32	of	of	ADP
fbem-4893	111	33	strategic	strategic	ADJ
fbem-4893	111	34	information	information	NOUN
fbem-4893	111	35	,	,	PUNCT
fbem-4893	111	36	thus	thus	ADV
fbem-4893	111	37	effectively	effectively	ADV
fbem-4893	111	38	improving	improve	VERB
fbem-4893	111	39	the	the	DET
fbem-4893	111	40	content	content	NOUN
fbem-4893	111	41	of	of	ADP
fbem-4893	111	42	strategic	strategic	ADJ
fbem-4893	111	43	characteristic	characteristic	ADJ
fbem-4893	111	44	information	information	NOUN
fbem-4893	111	45	in	in	ADP
fbem-4893	111	46	the	the	DET
fbem-4893	111	47	stock	stock	NOUN
fbem-4893	111	48	price	price	NOUN
fbem-4893	111	49	and	and	CCONJ
fbem-4893	111	50	reducing	reduce	VERB
fbem-4893	111	51	the	the	DET
fbem-4893	111	52	level	level	NOUN
fbem-4893	111	53	of	of	ADP
fbem-4893	111	54	synchronization	synchronization	NOUN
fbem-4893	111	55	of	of	ADP
fbem-4893	111	56	the	the	DET
fbem-4893	111	57	company	company	NOUN
fbem-4893	111	58	's	's	PART
fbem-4893	111	59	stock	stock	NOUN
fbem-4893	111	60	price	price	NOUN
fbem-4893	111	61	,	,	PUNCT
fbem-4893	111	62	that	that	ADV
fbem-4893	111	63	is	is	ADV
fbem-4893	111	64	,	,	PUNCT
fbem-4893	111	65	state	state	NOUN
fbem-4893	111	66	-	-	PUNCT
fbem-4893	111	67	owned	own	VERB
fbem-4893	111	68	enterprises	enterprise	NOUN
fbem-4893	111	69	strengthen	strengthen	VERB
fbem-4893	111	70	the	the	DET
fbem-4893	111	71	negative	negative	ADJ
fbem-4893	111	72	correlation	correlation	NOUN
fbem-4893	111	73	between	between	ADP
fbem-4893	111	74	the	the	DET
fbem-4893	111	75	degree	degree	NOUN
fbem-4893	111	76	of	of	ADP
fbem-4893	111	77	strategic	strategic	ADJ
fbem-4893	111	78	difference	difference	NOUN
fbem-4893	111	79	and	and	CCONJ
fbem-4893	111	80	the	the	DET
fbem-4893	111	81	synchronization	synchronization	NOUN
fbem-4893	111	82	of	of	ADP
fbem-4893	111	83	stock	stock	NOUN
fbem-4893	111	84	price	price	NOUN
fbem-4893	111	85	.	.	PUNCT
fbem-4893	112	1	hypothesis	hypothesis	NOUN
fbem-4893	112	2	2	2	NUM
fbem-4893	112	3	is	be	AUX
fbem-4893	112	4	verified	verify	VERB
fbem-4893	112	5	.	.	PUNCT
fbem-4893	113	1	the	the	DET
fbem-4893	113	2	third	third	ADJ
fbem-4893	113	3	column	column	NOUN
fbem-4893	113	4	examines	examine	VERB
fbem-4893	113	5	the	the	DET
fbem-4893	113	6	impact	impact	NOUN
fbem-4893	113	7	of	of	ADP
fbem-4893	113	8	equity	equity	NOUN
fbem-4893	113	9	concentration	concentration	NOUN
fbem-4893	113	10	on	on	ADP
fbem-4893	113	11	the	the	DET
fbem-4893	113	12	relationship	relationship	NOUN
fbem-4893	113	13	between	between	ADP
fbem-4893	113	14	strategic	strategic	ADJ
fbem-4893	113	15	difference	difference	NOUN
fbem-4893	113	16	and	and	CCONJ
fbem-4893	113	17	stock	stock	NOUN
fbem-4893	113	18	price	price	NOUN
fbem-4893	113	19	synchronization	synchronization	NOUN
fbem-4893	113	20	.	.	PUNCT
fbem-4893	114	1	through	through	ADP
fbem-4893	114	2	regression	regression	NOUN
fbem-4893	114	3	of	of	ADP
fbem-4893	114	4	model	model	NOUN
fbem-4893	114	5	(	(	PUNCT
fbem-4893	114	6	6	6	NUM
fbem-4893	114	7	)	)	PUNCT
fbem-4893	114	8	,	,	PUNCT
fbem-4893	114	9	we	we	PRON
fbem-4893	114	10	can	can	AUX
fbem-4893	114	11	see	see	VERB
fbem-4893	114	12	that	that	SCONJ
fbem-4893	114	13	the	the	DET
fbem-4893	114	14	regression	regression	NOUN
fbem-4893	114	15	coefficient	coefficient	NOUN
fbem-4893	114	16	of	of	ADP
fbem-4893	114	17	ds	ds	PROPN
fbem-4893	114	18	*	*	ADJ
fbem-4893	114	19	oc	oc	PROPN
fbem-4893	114	20	,	,	PUNCT
fbem-4893	114	21	the	the	DET
fbem-4893	114	22	product	product	NOUN
fbem-4893	114	23	of	of	ADP
fbem-4893	114	24	equity	equity	NOUN
fbem-4893	114	25	concentration	concentration	NOUN
fbem-4893	114	26	and	and	CCONJ
fbem-4893	114	27	strategic	strategic	ADJ
fbem-4893	114	28	difference	difference	NOUN
fbem-4893	114	29	,	,	PUNCT
fbem-4893	114	30	is	be	AUX
fbem-4893	114	31	significantly	significantly	ADV
fbem-4893	114	32	negative	negative	ADJ
fbem-4893	114	33	at	at	ADP
fbem-4893	114	34	the	the	DET
fbem-4893	114	35	level	level	NOUN
fbem-4893	114	36	of	of	ADP
fbem-4893	114	37	5	5	NUM
fbem-4893	114	38	%	%	NOUN
fbem-4893	114	39	.	.	PUNCT
fbem-4893	115	1	this	this	PRON
fbem-4893	115	2	shows	show	VERB
fbem-4893	115	3	that	that	SCONJ
fbem-4893	115	4	the	the	DET
fbem-4893	115	5	governance	governance	NOUN
fbem-4893	115	6	and	and	CCONJ
fbem-4893	115	7	supervision	supervision	NOUN
fbem-4893	115	8	role	role	NOUN
fbem-4893	115	9	played	play	VERB
fbem-4893	115	10	by	by	ADP
fbem-4893	115	11	the	the	DET
fbem-4893	115	12	major	major	ADJ
fbem-4893	115	13	shareholders	shareholder	NOUN
fbem-4893	115	14	in	in	ADP
fbem-4893	115	15	equity	equity	NOUN
fbem-4893	115	16	concentration	concentration	NOUN
fbem-4893	115	17	companies	company	NOUN
fbem-4893	115	18	can	can	AUX
fbem-4893	115	19	effectively	effectively	ADV
fbem-4893	115	20	inhibit	inhibit	VERB
fbem-4893	115	21	the	the	DET
fbem-4893	115	22	opportunistic	opportunistic	ADJ
fbem-4893	115	23	behavior	behavior	NOUN
fbem-4893	115	24	of	of	ADP
fbem-4893	115	25	managers	manager	NOUN
fbem-4893	115	26	,	,	PUNCT
fbem-4893	115	27	increase	increase	VERB
fbem-4893	115	28	the	the	DET
fbem-4893	115	29	transparency	transparency	NOUN
fbem-4893	115	30	of	of	ADP
fbem-4893	115	31	corporate	corporate	ADJ
fbem-4893	115	32	information	information	NOUN
fbem-4893	115	33	and	and	CCONJ
fbem-4893	115	34	the	the	DET
fbem-4893	115	35	content	content	NOUN
fbem-4893	115	36	of	of	ADP
fbem-4893	115	37	strategic	strategic	ADJ
fbem-4893	115	38	characteristics	characteristic	NOUN
fbem-4893	115	39	in	in	ADP
fbem-4893	115	40	stock	stock	NOUN
fbem-4893	115	41	prices	price	NOUN
fbem-4893	115	42	,	,	PUNCT
fbem-4893	115	43	and	and	CCONJ
fbem-4893	115	44	promote	promote	VERB
fbem-4893	115	45	the	the	DET
fbem-4893	115	46	reduction	reduction	NOUN
fbem-4893	115	47	of	of	ADP
fbem-4893	115	48	stock	stock	NOUN
fbem-4893	115	49	price	price	NOUN
fbem-4893	115	50	synchronization	synchronization	NOUN
fbem-4893	115	51	,	,	PUNCT
fbem-4893	115	52	that	that	ADV
fbem-4893	115	53	is	is	ADV
fbem-4893	115	54	,	,	PUNCT
fbem-4893	115	55	equity	equity	NOUN
fbem-4893	115	56	concentration	concentration	NOUN
fbem-4893	115	57	strengthens	strengthen	VERB
fbem-4893	115	58	the	the	DET
fbem-4893	115	59	negative	negative	ADJ
fbem-4893	115	60	correlation	correlation	NOUN
fbem-4893	115	61	between	between	ADP
fbem-4893	115	62	strategic	strategic	ADJ
fbem-4893	115	63	difference	difference	NOUN
fbem-4893	115	64	and	and	CCONJ
fbem-4893	115	65	stock	stock	NOUN
fbem-4893	115	66	price	price	NOUN
fbem-4893	115	67	synchronization	synchronization	NOUN
fbem-4893	115	68	.	.	PUNCT
fbem-4893	116	1	hypothesis	hypothesis	NOUN
fbem-4893	116	2	3	3	NUM
fbem-4893	116	3	is	be	AUX
fbem-4893	116	4	verified	verify	VERB
fbem-4893	116	5	.	.	PUNCT
fbem-4893	117	1	6	6	X
fbem-4893	117	2	.	.	X
fbem-4893	117	3	robustness	robustness	NOUN
fbem-4893	117	4	check	check	VERB
fbem-4893	117	5	the	the	DET
fbem-4893	117	6	above	above	ADJ
fbem-4893	117	7	multiple	multiple	ADJ
fbem-4893	117	8	regression	regression	NOUN
fbem-4893	117	9	results	result	NOUN
fbem-4893	117	10	provide	provide	VERB
fbem-4893	117	11	preliminary	preliminary	ADJ
fbem-4893	117	12	evidence	evidence	NOUN
fbem-4893	117	13	for	for	ADP
fbem-4893	117	14	the	the	DET
fbem-4893	117	15	impact	impact	NOUN
fbem-4893	117	16	of	of	ADP
fbem-4893	117	17	strategic	strategic	ADJ
fbem-4893	117	18	differences	difference	NOUN
fbem-4893	117	19	on	on	ADP
fbem-4893	117	20	the	the	DET
fbem-4893	117	21	synchronization	synchronization	NOUN
fbem-4893	117	22	of	of	ADP
fbem-4893	117	23	stock	stock	NOUN
fbem-4893	117	24	prices	price	NOUN
fbem-4893	117	25	,	,	PUNCT
fbem-4893	117	26	as	as	ADV
fbem-4893	117	27	well	well	ADV
fbem-4893	117	28	as	as	ADP
fbem-4893	117	29	the	the	DET
fbem-4893	117	30	regulatory	regulatory	ADJ
fbem-4893	117	31	role	role	NOUN
fbem-4893	117	32	of	of	ADP
fbem-4893	117	33	the	the	DET
fbem-4893	117	34	nature	nature	NOUN
fbem-4893	117	35	of	of	ADP
fbem-4893	117	36	property	property	NOUN
fbem-4893	117	37	rights	right	NOUN
fbem-4893	117	38	and	and	CCONJ
fbem-4893	117	39	equity	equity	NOUN
fbem-4893	117	40	concentration	concentration	NOUN
fbem-4893	117	41	.	.	PUNCT
fbem-4893	118	1	in	in	ADP
fbem-4893	118	2	order	order	NOUN
fbem-4893	118	3	to	to	PART
fbem-4893	118	4	increase	increase	VERB
fbem-4893	118	5	the	the	DET
fbem-4893	118	6	robustness	robustness	NOUN
fbem-4893	118	7	of	of	ADP
fbem-4893	118	8	the	the	DET
fbem-4893	118	9	conclusion	conclusion	NOUN
fbem-4893	118	10	,	,	PUNCT
fbem-4893	118	11	the	the	DET
fbem-4893	118	12	following	follow	VERB
fbem-4893	118	13	tests	test	NOUN
fbem-4893	118	14	are	be	AUX
fbem-4893	118	15	carried	carry	VERB
fbem-4893	118	16	out	out	ADP
fbem-4893	118	17	in	in	ADP
fbem-4893	118	18	this	this	DET
fbem-4893	118	19	paper	paper	NOUN
fbem-4893	118	20	:	:	PUNCT
fbem-4893	118	21	(	(	PUNCT
fbem-4893	118	22	1	1	X
fbem-4893	118	23	)	)	PUNCT
fbem-4893	118	24	select	select	VERB
fbem-4893	118	25	the	the	DET
fbem-4893	118	26	lag	lag	NOUN
fbem-4893	118	27	period	period	NOUN
fbem-4893	118	28	1	1	NUM
fbem-4893	118	29	(	(	PUNCT
fbem-4893	118	30	ds_1	ds_1	PROPN
fbem-4893	118	31	)	)	PUNCT
fbem-4893	118	32	of	of	ADP
fbem-4893	118	33	the	the	DET
fbem-4893	118	34	strategic	strategic	ADJ
fbem-4893	118	35	difference	difference	NOUN
fbem-4893	118	36	as	as	ADP
fbem-4893	118	37	the	the	DET
fbem-4893	118	38	tool	tool	NOUN
fbem-4893	118	39	variable	variable	NOUN
fbem-4893	118	40	,	,	PUNCT
fbem-4893	118	41	and	and	CCONJ
fbem-4893	118	42	use	use	VERB
fbem-4893	118	43	the	the	DET
fbem-4893	118	44	two	two	NUM
fbem-4893	118	45	-	-	PUNCT
fbem-4893	118	46	stage	stage	NOUN
fbem-4893	118	47	regression	regression	NOUN
fbem-4893	118	48	model	model	NOUN
fbem-4893	118	49	to	to	PART
fbem-4893	118	50	test	test	VERB
fbem-4893	118	51	;	;	PUNCT
fbem-4893	118	52	(	(	PUNCT
fbem-4893	118	53	2	2	X
fbem-4893	118	54	)	)	PUNCT
fbem-4893	118	55	referring	refer	VERB
fbem-4893	118	56	to	to	ADP
fbem-4893	118	57	the	the	DET
fbem-4893	118	58	practice	practice	NOUN
fbem-4893	118	59	of	of	ADP
fbem-4893	118	60	yi	yi	PROPN
fbem-4893	118	61	zhihong	zhihong	NOUN
fbem-4893	118	62	(	(	PUNCT
fbem-4893	118	63	2019	2019	NUM
fbem-4893	118	64	)	)	PUNCT
fbem-4893	118	65	,	,	PUNCT
fbem-4893	118	66	the	the	DET
fbem-4893	118	67	market	market	NOUN
fbem-4893	118	68	rate	rate	NOUN
fbem-4893	118	69	of	of	ADP
fbem-4893	118	70	return	return	NOUN
fbem-4893	118	71	and	and	CCONJ
fbem-4893	118	72	industry	industry	NOUN
fbem-4893	118	73	rate	rate	NOUN
fbem-4893	118	74	of	of	ADP
fbem-4893	118	75	return	return	NOUN
fbem-4893	118	76	with	with	ADP
fbem-4893	118	77	a	a	DET
fbem-4893	118	78	lag	lag	NOUN
fbem-4893	118	79	of	of	ADP
fbem-4893	118	80	one	one	NUM
fbem-4893	118	81	period	period	NOUN
fbem-4893	118	82	are	be	AUX
fbem-4893	118	83	considered	consider	VERB
fbem-4893	118	84	in	in	ADP
fbem-4893	118	85	the	the	DET
fbem-4893	118	86	formula	formula	NOUN
fbem-4893	118	87	for	for	ADP
fbem-4893	118	88	calculating	calculate	VERB
fbem-4893	118	89	r2	r2	NOUN
fbem-4893	118	90	,	,	PUNCT
fbem-4893	118	91	and	and	CCONJ
fbem-4893	118	92	r2	r2	PROPN
fbem-4893	118	93	is	be	AUX
fbem-4893	118	94	recalculated	recalculate	VERB
fbem-4893	118	95	and	and	CCONJ
fbem-4893	118	96	regressed	regress	VERB
fbem-4893	118	97	;	;	PUNCT
fbem-4893	118	98	(	(	PUNCT
fbem-4893	118	99	3	3	X
fbem-4893	118	100	)	)	PUNCT
fbem-4893	118	101	referring	refer	VERB
fbem-4893	118	102	to	to	ADP
fbem-4893	118	103	tang	tang	PROPN
fbem-4893	118	104	et	et	PROPN
fbem-4893	118	105	al	al	PROPN
fbem-4893	118	106	.	.	PUNCT
fbem-4893	119	1	the	the	DET
fbem-4893	119	2	regression	regression	NOUN
fbem-4893	119	3	results	result	NOUN
fbem-4893	119	4	of	of	ADP
fbem-4893	119	5	the	the	DET
fbem-4893	119	6	variables	variable	NOUN
fbem-4893	119	7	under	under	ADP
fbem-4893	119	8	these	these	DET
fbem-4893	119	9	three	three	NUM
fbem-4893	119	10	methods	method	NOUN
fbem-4893	119	11	are	be	AUX
fbem-4893	119	12	similar	similar	ADJ
fbem-4893	119	13	to	to	ADP
fbem-4893	119	14	the	the	DET
fbem-4893	119	15	previous	previous	ADJ
fbem-4893	119	16	ones	one	NOUN
fbem-4893	119	17	,	,	PUNCT
fbem-4893	119	18	indicating	indicate	VERB
fbem-4893	119	19	that	that	SCONJ
fbem-4893	119	20	the	the	DET
fbem-4893	119	21	research	research	NOUN
fbem-4893	119	22	conclusions	conclusion	NOUN
fbem-4893	119	23	of	of	ADP
fbem-4893	119	24	this	this	DET
fbem-4893	119	25	paper	paper	NOUN
fbem-4893	119	26	are	be	AUX
fbem-4893	119	27	robust	robust	ADJ
fbem-4893	119	28	and	and	CCONJ
fbem-4893	119	29	reliable	reliable	ADJ
fbem-4893	119	30	.	.	PUNCT
fbem-4893	120	1	7	7	X
fbem-4893	120	2	.	.	X
fbem-4893	120	3	conclusion	conclusion	NOUN
fbem-4893	120	4	in	in	ADP
fbem-4893	120	5	recent	recent	ADJ
fbem-4893	120	6	years	year	NOUN
fbem-4893	120	7	,	,	PUNCT
fbem-4893	120	8	with	with	ADP
fbem-4893	120	9	the	the	DET
fbem-4893	120	10	increasingly	increasingly	ADV
fbem-4893	120	11	fierce	fierce	ADJ
fbem-4893	120	12	market	market	NOUN
fbem-4893	120	13	competition	competition	NOUN
fbem-4893	120	14	,	,	PUNCT
fbem-4893	120	15	more	more	ADJ
fbem-4893	120	16	and	and	CCONJ
fbem-4893	120	17	more	more	ADJ
fbem-4893	120	18	enterprises	enterprise	NOUN
fbem-4893	120	19	have	have	AUX
fbem-4893	120	20	begun	begin	VERB
fbem-4893	120	21	to	to	PART
fbem-4893	120	22	establish	establish	VERB
fbem-4893	120	23	and	and	CCONJ
fbem-4893	120	24	maintain	maintain	VERB
fbem-4893	120	25	competitive	competitive	ADJ
fbem-4893	120	26	advantages	advantage	NOUN
fbem-4893	120	27	by	by	ADP
fbem-4893	120	28	improving	improve	VERB
fbem-4893	120	29	the	the	DET
fbem-4893	120	30	degree	degree	NOUN
fbem-4893	120	31	of	of	ADP
fbem-4893	120	32	strategic	strategic	ADJ
fbem-4893	120	33	difference	difference	NOUN
fbem-4893	120	34	.	.	PUNCT
fbem-4893	121	1	relevant	relevant	ADJ
fbem-4893	121	2	studies	study	NOUN
fbem-4893	121	3	on	on	ADP
fbem-4893	121	4	the	the	DET
fbem-4893	121	5	economic	economic	ADJ
fbem-4893	121	6	consequences	consequence	NOUN
fbem-4893	121	7	of	of	ADP
fbem-4893	121	8	strategic	strategic	ADJ
fbem-4893	121	9	differences	difference	NOUN
fbem-4893	121	10	have	have	AUX
fbem-4893	121	11	also	also	ADV
fbem-4893	121	12	emerged	emerge	VERB
fbem-4893	121	13	in	in	ADP
fbem-4893	121	14	endlessly	endlessly	ADV
fbem-4893	121	15	.	.	PUNCT
fbem-4893	122	1	therefore	therefore	ADV
fbem-4893	122	2	,	,	PUNCT
fbem-4893	122	3	from	from	ADP
fbem-4893	122	4	the	the	DET
fbem-4893	122	5	perspective	perspective	NOUN
fbem-4893	122	6	of	of	ADP
fbem-4893	122	7	stock	stock	NOUN
fbem-4893	122	8	price	price	NOUN
fbem-4893	122	9	synchronization	synchronization	NOUN
fbem-4893	122	10	,	,	PUNCT
fbem-4893	122	11	this	this	DET
fbem-4893	122	12	paper	paper	NOUN
fbem-4893	122	13	analyzes	analyze	VERB
fbem-4893	122	14	the	the	DET
fbem-4893	122	15	mechanism	mechanism	NOUN
fbem-4893	122	16	of	of	ADP
fbem-4893	122	17	strategic	strategic	ADJ
fbem-4893	122	18	difference	difference	NOUN
fbem-4893	122	19	on	on	ADP
fbem-4893	122	20	it	it	PRON
fbem-4893	122	21	,	,	PUNCT
fbem-4893	122	22	and	and	CCONJ
fbem-4893	122	23	selects	select	VERB
fbem-4893	122	24	the	the	DET
fbem-4893	122	25	ashare	ashare	ADJ
fbem-4893	122	26	non	non	ADJ
fbem-4893	122	27	-	-	ADJ
fbem-4893	122	28	financial	financial	ADJ
fbem-4893	122	29	insurance	insurance	NOUN
fbem-4893	122	30	listed	list	VERB
fbem-4893	122	31	companies	company	NOUN
fbem-4893	122	32	from	from	ADP
fbem-4893	122	33	2009	2009	NUM
fbem-4893	122	34	to	to	ADP
fbem-4893	122	35	2019	2019	NUM
fbem-4893	122	36	as	as	ADP
fbem-4893	122	37	the	the	DET
fbem-4893	122	38	research	research	NOUN
fbem-4893	122	39	object	object	NOUN
fbem-4893	122	40	.	.	PUNCT
fbem-4893	123	1	through	through	ADP
fbem-4893	123	2	empirical	empirical	ADJ
fbem-4893	123	3	tests	test	NOUN
fbem-4893	123	4	,	,	PUNCT
fbem-4893	123	5	it	it	PRON
fbem-4893	123	6	is	be	AUX
fbem-4893	123	7	found	find	VERB
fbem-4893	123	8	that	that	SCONJ
fbem-4893	123	9	the	the	DET
fbem-4893	123	10	stock	stock	NOUN
fbem-4893	123	11	price	price	NOUN
fbem-4893	123	12	synchronization	synchronization	NOUN
fbem-4893	123	13	decreases	decrease	VERB
fbem-4893	123	14	with	with	ADP
fbem-4893	123	15	the	the	DET
fbem-4893	123	16	increase	increase	NOUN
fbem-4893	123	17	of	of	ADP
fbem-4893	123	18	strategic	strategic	ADJ
fbem-4893	123	19	difference	difference	NOUN
fbem-4893	123	20	,	,	PUNCT
fbem-4893	123	21	and	and	CCONJ
fbem-4893	123	22	the	the	DET
fbem-4893	123	23	state	state	NOUN
fbem-4893	123	24	-	-	PUNCT
fbem-4893	123	25	owned	own	VERB
fbem-4893	123	26	enterprises	enterprise	NOUN
fbem-4893	123	27	and	and	CCONJ
fbem-4893	123	28	equity	equity	NOUN
fbem-4893	123	29	concentration	concentration	NOUN
fbem-4893	123	30	strengthen	strengthen	VERB
fbem-4893	123	31	the	the	DET
fbem-4893	123	32	negative	negative	ADJ
fbem-4893	123	33	correlation	correlation	NOUN
fbem-4893	123	34	between	between	ADP
fbem-4893	123	35	strategic	strategic	ADJ
fbem-4893	123	36	difference	difference	NOUN
fbem-4893	123	37	and	and	CCONJ
fbem-4893	123	38	stock	stock	NOUN
fbem-4893	123	39	price	price	NOUN
fbem-4893	123	40	synchronization	synchronization	NOUN
fbem-4893	123	41	.	.	PUNCT
fbem-4893	124	1	based	base	VERB
fbem-4893	124	2	on	on	ADP
fbem-4893	124	3	the	the	DET
fbem-4893	124	4	above	above	ADJ
fbem-4893	124	5	research	research	NOUN
fbem-4893	124	6	findings	finding	NOUN
fbem-4893	124	7	,	,	PUNCT
fbem-4893	124	8	this	this	DET
fbem-4893	124	9	paper	paper	NOUN
fbem-4893	124	10	puts	put	VERB
fbem-4893	124	11	forward	forward	ADV
fbem-4893	124	12	the	the	DET
fbem-4893	124	13	following	follow	VERB
fbem-4893	124	14	suggestions	suggestion	NOUN
fbem-4893	124	15	:	:	PUNCT
fbem-4893	124	16	first	first	ADV
fbem-4893	124	17	,	,	PUNCT
fbem-4893	124	18	listed	list	VERB
fbem-4893	124	19	companies	company	NOUN
fbem-4893	124	20	can	can	AUX
fbem-4893	124	21	establish	establish	VERB
fbem-4893	124	22	competitive	competitive	ADJ
fbem-4893	124	23	advantages	advantage	NOUN
fbem-4893	124	24	by	by	ADP
fbem-4893	124	25	properly	properly	ADV
fbem-4893	124	26	strengthening	strengthen	VERB
fbem-4893	124	27	their	their	PRON
fbem-4893	124	28	strategic	strategic	ADJ
fbem-4893	124	29	differentiation	differentiation	NOUN
fbem-4893	124	30	on	on	ADP
fbem-4893	124	31	the	the	DET
fbem-4893	124	32	premise	premise	NOUN
fbem-4893	124	33	of	of	ADP
fbem-4893	124	34	ensuring	ensure	VERB
fbem-4893	124	35	their	their	PRON
fbem-4893	124	36	own	own	ADJ
fbem-4893	124	37	stability	stability	NOUN
fbem-4893	124	38	and	and	CCONJ
fbem-4893	124	39	profitability	profitability	NOUN
fbem-4893	124	40	,	,	PUNCT
fbem-4893	124	41	but	but	CCONJ
fbem-4893	124	42	they	they	PRON
fbem-4893	124	43	should	should	AUX
fbem-4893	124	44	pay	pay	VERB
fbem-4893	124	45	attention	attention	NOUN
fbem-4893	124	46	to	to	ADP
fbem-4893	124	47	the	the	DET
fbem-4893	124	48	transparency	transparency	NOUN
fbem-4893	124	49	of	of	ADP
fbem-4893	124	50	enterprise	enterprise	NOUN
fbem-4893	124	51	information	information	NOUN
fbem-4893	124	52	and	and	CCONJ
fbem-4893	124	53	make	make	VERB
fbem-4893	124	54	reasonable	reasonable	ADJ
fbem-4893	124	55	disclosure	disclosure	NOUN
fbem-4893	124	56	of	of	ADP
fbem-4893	124	57	relevant	relevant	ADJ
fbem-4893	124	58	strategic	strategic	ADJ
fbem-4893	124	59	information	information	NOUN
fbem-4893	124	60	while	while	SCONJ
fbem-4893	124	61	improving	improve	VERB
fbem-4893	124	62	their	their	PRON
fbem-4893	124	63	strategic	strategic	ADJ
fbem-4893	124	64	differentiation	differentiation	NOUN
fbem-4893	124	65	;	;	PUNCT
fbem-4893	124	66	secondly	secondly	ADV
fbem-4893	124	67	,	,	PUNCT
fbem-4893	124	68	in	in	ADP
fbem-4893	124	69	view	view	NOUN
fbem-4893	124	70	of	of	ADP
fbem-4893	124	71	the	the	DET
fbem-4893	124	72	more	more	ADV
fbem-4893	124	73	serious	serious	ADJ
fbem-4893	124	74	agency	agency	NOUN
fbem-4893	124	75	problems	problem	NOUN
fbem-4893	124	76	caused	cause	VERB
fbem-4893	124	77	by	by	ADP
fbem-4893	124	78	the	the	DET
fbem-4893	124	79	"	"	PUNCT
fbem-4893	124	80	owner	owner	NOUN
fbem-4893	124	81	vacancy	vacancy	NOUN
fbem-4893	124	82	"	"	PUNCT
fbem-4893	124	83	of	of	ADP
fbem-4893	124	84	state	state	NOUN
fbem-4893	124	85	-	-	PUNCT
fbem-4893	124	86	owned	own	VERB
fbem-4893	124	87	enterprises	enterprise	NOUN
fbem-4893	124	88	,	,	PUNCT
fbem-4893	124	89	the	the	DET
fbem-4893	124	90	company	company	NOUN
fbem-4893	124	91	needs	need	VERB
fbem-4893	124	92	to	to	PART
fbem-4893	124	93	develop	develop	VERB
fbem-4893	124	94	a	a	DET
fbem-4893	124	95	reasonable	reasonable	ADJ
fbem-4893	124	96	supervision	supervision	NOUN
fbem-4893	124	97	and	and	CCONJ
fbem-4893	124	98	governance	governance	NOUN
fbem-4893	124	99	mechanism	mechanism	NOUN
fbem-4893	124	100	and	and	CCONJ
fbem-4893	124	101	improve	improve	VERB
fbem-4893	124	102	the	the	DET
fbem-4893	124	103	strategic	strategic	ADJ
fbem-4893	124	104	information	information	NOUN
fbem-4893	124	105	disclosure	disclosure	NOUN
fbem-4893	124	106	;	;	PUNCT
fbem-4893	124	107	finally	finally	ADV
fbem-4893	124	108	,	,	PUNCT
fbem-4893	124	109	the	the	DET
fbem-4893	124	110	company	company	NOUN
fbem-4893	124	111	needs	need	VERB
fbem-4893	124	112	to	to	PART
fbem-4893	124	113	reasonably	reasonably	ADV
fbem-4893	124	114	arrange	arrange	VERB
fbem-4893	124	115	the	the	DET
fbem-4893	124	116	equity	equity	NOUN
fbem-4893	124	117	structure	structure	NOUN
fbem-4893	124	118	,	,	PUNCT
fbem-4893	124	119	especially	especially	ADV
fbem-4893	124	120	the	the	DET
fbem-4893	124	121	enterprises	enterprise	NOUN
fbem-4893	124	122	with	with	ADP
fbem-4893	124	123	relatively	relatively	ADV
fbem-4893	124	124	concentrated	concentrated	ADJ
fbem-4893	124	125	equity	equity	NOUN
fbem-4893	124	126	structure	structure	NOUN
fbem-4893	124	127	,	,	PUNCT
fbem-4893	124	128	need	need	VERB
fbem-4893	124	129	to	to	PART
fbem-4893	124	130	avoid	avoid	VERB
fbem-4893	124	131	the	the	DET
fbem-4893	124	132	encroachment	encroachment	NOUN
fbem-4893	124	133	of	of	ADP
fbem-4893	124	134	the	the	DET
fbem-4893	124	135	interests	interest	NOUN
fbem-4893	124	136	of	of	ADP
fbem-4893	124	137	major	major	ADJ
fbem-4893	124	138	shareholders	shareholder	NOUN
fbem-4893	124	139	,	,	PUNCT
fbem-4893	124	140	pay	pay	VERB
fbem-4893	124	141	attention	attention	NOUN
fbem-4893	124	142	to	to	ADP
fbem-4893	124	143	strengthening	strengthen	VERB
fbem-4893	124	144	the	the	DET
fbem-4893	124	145	improvement	improvement	NOUN
fbem-4893	124	146	of	of	ADP
fbem-4893	124	147	the	the	DET
fbem-4893	124	148	information	information	NOUN
fbem-4893	124	149	disclosure	disclosure	NOUN
fbem-4893	124	150	system	system	NOUN
fbem-4893	124	151	and	and	CCONJ
fbem-4893	124	152	internal	internal	ADJ
fbem-4893	124	153	control	control	NOUN
fbem-4893	124	154	system	system	NOUN
fbem-4893	124	155	,	,	PUNCT
fbem-4893	124	156	alleviate	alleviate	VERB
fbem-4893	124	157	the	the	DET
fbem-4893	124	158	information	information	NOUN
fbem-4893	124	159	asymmetry	asymmetry	NOUN
fbem-4893	124	160	,	,	PUNCT
fbem-4893	124	161	promote	promote	VERB
fbem-4893	124	162	the	the	DET
fbem-4893	124	163	long	long	ADJ
fbem-4893	124	164	-	-	PUNCT
fbem-4893	124	165	term	term	NOUN
fbem-4893	124	166	development	development	NOUN
fbem-4893	124	167	of	of	ADP
fbem-4893	124	168	china	china	PROPN
fbem-4893	124	169	's	's	PART
fbem-4893	124	170	companies	company	NOUN
fbem-4893	124	171	,	,	PUNCT
fbem-4893	124	172	and	and	CCONJ
fbem-4893	124	173	improve	improve	VERB
fbem-4893	124	174	the	the	DET
fbem-4893	124	175	information	information	NOUN
fbem-4893	124	176	efficiency	efficiency	NOUN
fbem-4893	124	177	of	of	ADP
fbem-4893	124	178	china	china	PROPN
fbem-4893	124	179	's	's	PART
fbem-4893	124	180	capital	capital	NOUN
fbem-4893	124	181	market	market	NOUN
fbem-4893	124	182	by	by	ADP
fbem-4893	124	183	improving	improve	VERB
fbem-4893	124	184	the	the	DET
fbem-4893	124	185	transparency	transparency	NOUN
fbem-4893	124	186	of	of	ADP
fbem-4893	124	187	strategic	strategic	ADJ
fbem-4893	124	188	information	information	NOUN
fbem-4893	124	189	disclosure	disclosure	NOUN
fbem-4893	124	190	and	and	CCONJ
fbem-4893	124	191	enhancing	enhance	VERB
fbem-4893	124	192	the	the	DET
fbem-4893	124	193	overall	overall	ADJ
fbem-4893	124	194	information	information	NOUN
fbem-4893	124	195	quality	quality	NOUN
fbem-4893	124	196	of	of	ADP
fbem-4893	124	197	the	the	DET
fbem-4893	124	198	company	company	NOUN
fbem-4893	124	199	.	.	PUNCT
fbem-4893	125	1	references	reference	NOUN
fbem-4893	125	2	[	[	X
fbem-4893	125	3	1	1	X
fbem-4893	125	4	]	]	PUNCT
fbem-4893	125	5	fama	fama	PROPN
fbem-4893	125	6	e.	e.	PROPN
fbem-4893	126	1	f	f	PROPN
fbem-4893	126	2	..	..	PUNCT
fbem-4893	126	3	the	the	DET
fbem-4893	126	4	behavior	behavior	NOUN
fbem-4893	126	5	of	of	ADP
fbem-4893	126	6	stock	stock	NOUN
fbem-4893	126	7	-	-	PUNCT
fbem-4893	126	8	market	market	NOUN
fbem-4893	126	9	prices[j	prices[j	PROPN
fbem-4893	126	10	]	]	PUNCT
fbem-4893	126	11	.	.	PUNCT
fbem-4893	127	1	the	the	DET
fbem-4893	127	2	journal	journal	NOUN
fbem-4893	127	3	of	of	ADP
fbem-4893	127	4	business	business	NOUN
fbem-4893	127	5	,	,	PUNCT
fbem-4893	127	6	1965	1965	NUM
fbem-4893	127	7	,	,	PUNCT
fbem-4893	127	8	38(1	38(1	NUM
fbem-4893	127	9	):	):	PUNCT
fbem-4893	127	10	34	34	NUM
fbem-4893	127	11	-	-	SYM
fbem-4893	127	12	105	105	NUM
fbem-4893	127	13	.	.	PUNCT
fbem-4893	128	1	[	[	X
fbem-4893	128	2	2	2	NUM
fbem-4893	128	3	]	]	X
fbem-4893	128	4	morck	morck	PROPN
fbem-4893	128	5	,	,	PUNCT
fbem-4893	128	6	r.	r.	PROPN
fbem-4893	128	7	,	,	PUNCT
fbem-4893	128	8	b.	b.	PROPN
fbem-4893	128	9	yeung	yeung	PROPN
fbem-4893	128	10	,	,	PUNCT
fbem-4893	128	11	and	and	CCONJ
fbem-4893	128	12	w.	w.	PROPN
fbem-4893	128	13	yu	yu	PROPN
fbem-4893	128	14	.	.	PUNCT
fbem-4893	129	1	the	the	DET
fbem-4893	129	2	information	information	NOUN
fbem-4893	129	3	content	content	NOUN
fbem-4893	129	4	of	of	ADP
fbem-4893	129	5	stock	stock	NOUN
fbem-4893	129	6	markets	market	NOUN
fbem-4893	129	7	:	:	PUNCT
fbem-4893	129	8	why	why	SCONJ
fbem-4893	129	9	do	do	AUX
fbem-4893	129	10	emerging	emerge	VERB
fbem-4893	129	11	markets	market	NOUN
fbem-4893	129	12	have	have	VERB
fbem-4893	129	13	synchronous	synchronous	ADJ
fbem-4893	129	14	stock	stock	NOUN
fbem-4893	129	15	price	price	NOUN
fbem-4893	129	16	movements[j	movements[j	PROPN
fbem-4893	129	17	]	]	PUNCT
fbem-4893	129	18	.	.	PUNCT
fbem-4893	130	1	journal	journal	PROPN
fbem-4893	130	2	of	of	ADP
fbem-4893	130	3	financial	financial	ADJ
fbem-4893	130	4	economics	economic	NOUN
fbem-4893	130	5	,	,	PUNCT
fbem-4893	130	6	2000	2000	NUM
fbem-4893	130	7	,	,	PUNCT
fbem-4893	130	8	58	58	NUM
fbem-4893	130	9	(	(	PUNCT
fbem-4893	130	10	1	1	NUM
fbem-4893	130	11	-	-	SYM
fbem-4893	130	12	2	2	NUM
fbem-4893	130	13	)	)	PUNCT
fbem-4893	130	14	:	:	PUNCT
fbem-4893	130	15	215	215	NUM
fbem-4893	130	16	-	-	SYM
fbem-4893	130	17	260	260	NUM
fbem-4893	130	18	.	.	PUNCT
fbem-4893	131	1	[	[	X
fbem-4893	131	2	3	3	X
fbem-4893	131	3	]	]	SYM
fbem-4893	131	4	hitt	hitt	X
fbem-4893	131	5	m	m	PROPN
fbem-4893	131	6	a	a	PROPN
fbem-4893	131	7	,	,	PUNCT
fbem-4893	131	8	ireland	ireland	NOUN
fbem-4893	131	9	r	r	PROPN
fbem-4893	131	10	d	d	PROPN
fbem-4893	131	11	,	,	PUNCT
fbem-4893	131	12	sirmon	sirmon	PROPN
fbem-4893	131	13	d	d	NOUN
fbem-4893	131	14	g	g	PROPN
fbem-4893	131	15	,	,	PUNCT
fbem-4893	131	16	trahms	trahm	NOUN
fbem-4893	131	17	c	c	PROPN
fbem-4893	131	18	a.strategic	a.strategic	NOUN
fbem-4893	131	19	entrepreneurship	entrepreneurship	NOUN
fbem-4893	131	20	:	:	PUNCT
fbem-4893	131	21	creating	create	VERB
fbem-4893	131	22	val	val	NOUN
fbem-4893	131	23	-	-	PUNCT
fbem-4893	131	24	ue	ue	NOUN
fbem-4893	131	25	for	for	ADP
fbem-4893	131	26	individuals	individual	NOUN
fbem-4893	131	27	,	,	PUNCT
fbem-4893	131	28	organizations	organization	NOUN
fbem-4893	131	29	,	,	PUNCT
fbem-4893	131	30	and	and	CCONJ
fbem-4893	131	31	society[j].the	society[j].the	DET
fbem-4893	131	32	academy	academy	NOUN
fbem-4893	131	33	of	of	ADP
fbem-4893	131	34	management	management	NOUN
fbem-4893	131	35	perspectives,2011,25(2):57	perspectives,2011,25(2):57	NOUN
fbem-4893	131	36	-	-	SYM
fbem-4893	131	37	75	75	NUM
fbem-4893	131	38	.	.	PUNCT
fbem-4893	132	1	[	[	X
fbem-4893	132	2	4	4	NUM
fbem-4893	132	3	]	]	X
fbem-4893	132	4	zhang	zhang	PROPN
fbem-4893	132	5	jing	jing	PROPN
fbem-4893	132	6	,	,	PUNCT
fbem-4893	132	7	zhang	zhang	PROPN
fbem-4893	132	8	yanchao	yanchao	PROPN
fbem-4893	132	9	.	.	PUNCT
fbem-4893	133	1	corporate	corporate	ADJ
fbem-4893	133	2	strategic	strategic	ADJ
fbem-4893	133	3	differentiation	differentiation	NOUN
fbem-4893	133	4	and	and	CCONJ
fbem-4893	133	5	financing	financing	NOUN
fbem-4893	133	6	constraints	constraint	NOUN
fbem-4893	133	7	:	:	PUNCT
fbem-4893	133	8	a	a	DET
fbem-4893	133	9	study	study	NOUN
fbem-4893	133	10	based	base	VERB
fbem-4893	133	11	on	on	ADP
fbem-4893	133	12	the	the	DET
fbem-4893	133	13	perspective	perspective	NOUN
fbem-4893	133	14	of	of	ADP
fbem-4893	133	15	information	information	NOUN
fbem-4893	133	16	asymmetry	asymmetry	NOUN
fbem-4893	134	1	[	[	X
fbem-4893	134	2	j	j	X
fbem-4893	134	3	]	]	X
fbem-4893	134	4	.	.	PUNCT
fbem-4893	135	1	journal	journal	PROPN
fbem-4893	135	2	of	of	ADP
fbem-4893	135	3	beijing	beijing	PROPN
fbem-4893	135	4	business	business	PROPN
fbem-4893	135	5	university	university	PROPN
fbem-4893	135	6	(	(	PUNCT
fbem-4893	135	7	social	social	ADJ
fbem-4893	135	8	science	science	NOUN
fbem-4893	135	9	edition	edition	PROPN
fbem-4893	135	10	)	)	PUNCT
fbem-4893	135	11	,	,	PUNCT
fbem-4893	135	12	2021,36	2021,36	NUM
fbem-4893	135	13	(	(	PUNCT
fbem-4893	135	14	02	02	NUM
fbem-4893	135	15	):	):	PUNCT
fbem-4893	135	16	92	92	NUM
fbem-4893	135	17	-	-	SYM
fbem-4893	135	18	104	104	NUM
fbem-4893	135	19	.	.	PUNCT
fbem-4893	136	1	[	[	X
fbem-4893	136	2	5	5	NUM
fbem-4893	136	3	]	]	X
fbem-4893	136	4	tang	tang	PROPN
fbem-4893	136	5	j	j	PROPN
fbem-4893	136	6	,	,	PUNCT
fbem-4893	136	7	crossan	crossan	PROPN
fbem-4893	136	8	m	m	PROPN
fbem-4893	136	9	,	,	PUNCT
fbem-4893	136	10	rowe	rowe	PROPN
fbem-4893	136	11	w	w	PROPN
fbem-4893	136	12	g.dominant	g.dominant	PROPN
fbem-4893	136	13	ceo	ceo	PROPN
fbem-4893	136	14	,	,	PUNCT
fbem-4893	136	15	deviant	deviant	ADJ
fbem-4893	136	16	strategy	strategy	NOUN
fbem-4893	136	17	,	,	PUNCT
fbem-4893	136	18	and	and	CCONJ
fbem-4893	136	19	extreme	extreme	ADJ
fbem-4893	136	20	performance	performance	NOUN
fbem-4893	136	21	:	:	PUNCT
fbem-4893	136	22	the	the	DET
fbem-4893	136	23	moderating	moderate	VERB
fbem-4893	136	24	role	role	NOUN
fbem-4893	136	25	of	of	ADP
fbem-4893	136	26	a	a	DET
fbem-4893	136	27	powerful	powerful	ADJ
fbem-4893	136	28	board	board	NOUN
fbem-4893	137	1	[	[	X
fbem-4893	137	2	j	j	X
fbem-4893	137	3	]	]	X
fbem-4893	137	4	.	.	PUNCT
fbem-4893	138	1	journal	journal	PROPN
fbem-4893	138	2	of	of	ADP
fbem-4893	138	3	management	management	NOUN
fbem-4893	138	4	studies	study	NOUN
fbem-4893	138	5	,	,	PUNCT
fbem-4893	138	6	2011	2011	NUM
fbem-4893	138	7	,	,	PUNCT
fbem-4893	138	8	48(7	48(7	NUM
fbem-4893	138	9	):	):	PUNCT
fbem-4893	138	10	1479	1479	NUM
fbem-4893	138	11	-	-	SYM
fbem-4893	138	12	1503	1503	NUM
fbem-4893	138	13	.	.	PUNCT
fbem-4893	139	1	[	[	X
fbem-4893	139	2	6	6	NUM
fbem-4893	139	3	]	]	PUNCT
fbem-4893	139	4	deephouse	deephouse	PROPN
fbem-4893	139	5	d.	d.	PROPN
fbem-4893	139	6	l	l	PROPN
fbem-4893	139	7	..	..	PUNCT
fbem-4893	139	8	to	to	PART
fbem-4893	139	9	be	be	AUX
fbem-4893	139	10	different	different	ADJ
fbem-4893	139	11	,	,	PUNCT
fbem-4893	139	12	or	or	CCONJ
fbem-4893	139	13	to	to	PART
fbem-4893	139	14	be	be	AUX
fbem-4893	139	15	the	the	DET
fbem-4893	139	16	same	same	ADJ
fbem-4893	139	17	?	?	PUNCT
fbem-4893	140	1	it	it	PRON
fbem-4893	140	2	’s	’	VERB
fbem-4893	140	3	a	a	DET
fbem-4893	140	4	question	question	NOUN
fbem-4893	140	5	(	(	PUNCT
fbem-4893	140	6	and	and	CCONJ
fbem-4893	140	7	theory	theory	NOUN
fbem-4893	140	8	)	)	PUNCT
fbem-4893	140	9	of	of	ADP
fbem-4893	140	10	strateg	strateg	NOUN
fbem-4893	140	11	-	-	PUNCT
fbem-4893	140	12	ic	ic	PROPN
fbem-4893	140	13	balance[j	balance[j	PROPN
fbem-4893	140	14	]	]	PUNCT
fbem-4893	140	15	.	.	PUNCT
fbem-4893	141	1	strategic	strategic	ADJ
fbem-4893	141	2	management	management	NOUN
fbem-4893	141	3	journal	journal	NOUN
fbem-4893	141	4	,	,	PUNCT
fbem-4893	141	5	1999	1999	NUM
fbem-4893	141	6	,	,	PUNCT
fbem-4893	141	7	20(2	20(2	NUM
fbem-4893	141	8	):	):	PUNCT
fbem-4893	141	9	147	147	NUM
fbem-4893	141	10	-	-	SYM
fbem-4893	141	11	166	166	NUM
fbem-4893	141	12	.	.	PUNCT
fbem-4893	142	1	[	[	X
fbem-4893	142	2	7	7	NUM
fbem-4893	142	3	]	]	SYM
fbem-4893	142	4	boudoukh	boudoukh	PROPN
fbem-4893	142	5	j	j	PROPN
fbem-4893	142	6	,	,	PUNCT
fbem-4893	142	7	feldman	feldman	PROPN
fbem-4893	142	8	r	r	PROPN
fbem-4893	142	9	,	,	PUNCT
fbem-4893	142	10	kogan	kogan	PROPN
fbem-4893	142	11	s.	s.	PROPN
fbem-4893	142	12	which	which	PRON
fbem-4893	142	13	news	news	NOUN
fbem-4893	142	14	moves	move	VERB
fbem-4893	142	15	stock	stock	NOUN
fbem-4893	142	16	prices	price	NOUN
fbem-4893	142	17	?	?	PUNCT
fbem-4893	143	1	a	a	DET
fbem-4893	143	2	textual	textual	ADJ
fbem-4893	143	3	analysis[j	analysis[j	NOUN
fbem-4893	143	4	]	]	PUNCT
fbem-4893	143	5	.	.	PUNCT
fbem-4893	144	1	ssrn	ssrn	PROPN
fbem-4893	144	2	electronic	electronic	ADJ
fbem-4893	144	3	journal	journal	NOUN
fbem-4893	144	4	,	,	PUNCT
fbem-4893	144	5	2012	2012	NUM
fbem-4893	144	6	.	.	PUNCT
fbem-4893	145	1	[	[	X
fbem-4893	145	2	8	8	NUM
fbem-4893	145	3	]	]	PUNCT
fbem-4893	145	4	durnev	durnev	NOUN
fbem-4893	145	5	,	,	PUNCT
fbem-4893	145	6	a.	a.	PROPN
fbem-4893	145	7	,	,	PUNCT
fbem-4893	145	8	r.	r.	PROPN
fbem-4893	145	9	morck	morck	PROPN
fbem-4893	145	10	,	,	PUNCT
fbem-4893	145	11	and	and	CCONJ
fbem-4893	145	12	b.	b.	PROPN
fbem-4893	145	13	yeung	yeung	PROPN
fbem-4893	145	14	.	.	PUNCT
fbem-4893	146	1	value	value	NOUN
fbem-4893	146	2	-	-	PUNCT
fbem-4893	146	3	enhancing	enhance	VERB
fbem-4893	146	4	capital	capital	NOUN
fbem-4893	146	5	budgeting	budgeting	NOUN
fbem-4893	146	6	and	and	CCONJ
fbem-4893	146	7	firm	firm	ADJ
fbem-4893	146	8	-	-	PUNCT
fbem-4893	146	9	specific	specific	ADJ
fbem-4893	146	10	stock	stock	NOUN
fbem-4893	146	11	return	return	NOUN
fbem-4893	146	12	variation[j	variation[j	PROPN
fbem-4893	146	13	]	]	PUNCT
fbem-4893	146	14	.	.	PUNCT
fbem-4893	147	1	journal	journal	PROPN
fbem-4893	147	2	of	of	ADP
fbem-4893	147	3	finance	finance	NOUN
fbem-4893	147	4	,	,	PUNCT
fbem-4893	147	5	2004	2004	NUM
fbem-4893	147	6	,	,	PUNCT
fbem-4893	147	7	59	59	NUM
fbem-4893	147	8	(	(	PUNCT
fbem-4893	147	9	1	1	NUM
fbem-4893	147	10	)	)	PUNCT
fbem-4893	147	11	:	:	PUNCT
fbem-4893	147	12	65	65	NUM
fbem-4893	147	13	-	-	SYM
fbem-4893	147	14	105	105	NUM
fbem-4893	147	15	.	.	PUNCT
fbem-4893	148	1	[	[	X
fbem-4893	148	2	9	9	NUM
fbem-4893	148	3	]	]	X
fbem-4893	148	4	grossman	grossman	PROPN
fbem-4893	148	5	s.j	s.j	PROPN
fbem-4893	148	6	.	.	PROPN
fbem-4893	148	7	,hart	,hart	PUNCT
fbem-4893	148	8	o.d	o.d	PROPN
fbem-4893	148	9	.	.	PROPN
fbem-4893	148	10	,1980,“takeover	,1980,“takeover	PUNCT
fbem-4893	148	11	bids	bid	NOUN
fbem-4893	148	12	,	,	PUNCT
fbem-4893	148	13	thefree	thefree	NOUN
fbem-4893	148	14	-	-	PUNCT
fbem-4893	148	15	rider	rider	NOUN
fbem-4893	148	16	problem	problem	NOUN
fbem-4893	148	17	and	and	CCONJ
fbem-4893	148	18	the	the	DET
fbem-4893	148	19	theory	theory	NOUN
fbem-4893	148	20	of	of	ADP
fbem-4893	148	21	the	the	DET
fbem-4893	148	22	corporation”,the	corporation”,the	DET
fbem-4893	148	23	bell	bell	PROPN
fbem-4893	148	24	journal	journal	PROPN
fbem-4893	148	25	of	of	ADP
fbem-4893	148	26	economics	economic	NOUN
fbem-4893	148	27	,	,	PUNCT
fbem-4893	148	28	vol.11,pp.42~64	vol.11,pp.42~64	ADV
fbem-4893	148	29	.	.	PUNCT
fbem-4893	149	1	[	[	X
fbem-4893	149	2	10	10	NUM
fbem-4893	149	3	]	]	X
fbem-4893	149	4	gorton	gorton	PROPN
fbem-4893	149	5	g.	g.	PROPN
fbem-4893	149	6	,schmid	,schmid	PUNCT
fbem-4893	149	7	f.	f.	PROPN
fbem-4893	149	8	,1999,“corporate	,1999,“corporate	PUNCT
fbem-4893	149	9	governance	governance	NOUN
fbem-4893	149	10	,	,	PUNCT
fbem-4893	149	11	ownership	ownership	NOUN
fbem-4893	149	12	dispersion	dispersion	NOUN
fbem-4893	149	13	and	and	CCONJ
fbem-4893	149	14	efficiency	efficiency	NOUN
fbem-4893	149	15	:	:	PUNCT
fbem-4893	149	16	e	e	X
fbem-4893	149	17	-	-	ADJ
fbem-4893	149	18	mpirical	mpirical	ADJ
fbem-4893	149	19	evidence	evidence	NOUN
fbem-4893	149	20	from	from	ADP
fbem-4893	149	21	austrian	austrian	ADJ
fbem-4893	149	22	cooperative	cooperative	ADJ
fbem-4893	149	23	banking”,journal	banking”,journal	NOUN
fbem-4893	149	24	of	of	ADP
fbem-4893	149	25	corporate	corporate	ADJ
fbem-4893	149	26	finance	finance	NOUN
fbem-4893	149	27	,	,	PUNCT
fbem-4893	149	28	vol.5	vol.5	PROPN
fbem-4893	149	29	,	,	PUNCT
fbem-4893	149	30	pp.119~140	pp.119~140	ADJ
fbem-4893	149	31	.	.	PUNCT
fbem-4893	149	32	209	209	NUM
fbem-4893	150	1	[	[	X
fbem-4893	150	2	11	11	NUM
fbem-4893	150	3	]	]	X
fbem-4893	150	4	kim	kim	PROPN
fbem-4893	150	5	j	j	PROPN
fbem-4893	150	6	,	,	PUNCT
fbem-4893	150	7	zhang	zhang	PROPN
fbem-4893	150	8	h	h	PROPN
fbem-4893	150	9	,	,	PUNCT
fbem-4893	150	10	li	li	PROPN
fbem-4893	150	11	l	l	PROPN
fbem-4893	150	12	,	,	PUNCT
fbem-4893	150	13	et	et	PROPN
fbem-4893	150	14	al	al	PROPN
fbem-4893	150	15	.	.	PUNCT
fbem-4893	150	16	press	press	PROPN
fbem-4893	150	17	freedom	freedom	NOUN
fbem-4893	150	18	,	,	PUNCT
fbem-4893	150	19	externallygenerated	externallygenerate	VERB
fbem-4893	150	20	transparency	transparency	NOUN
fbem-4893	150	21	,	,	PUNCT
fbem-4893	150	22	and	and	CCONJ
fbem-4893	150	23	stock	stock	NOUN
fbem-4893	150	24	price	price	NOUN
fbem-4893	150	25	informativeness	informativeness	NOUN
fbem-4893	150	26	:	:	PUNCT
fbem-4893	150	27	international	international	ADJ
fbem-4893	150	28	evidence[j	evidence[j	PROPN
fbem-4893	150	29	]	]	PUNCT
fbem-4893	150	30	.	.	PUNCT
fbem-4893	151	1	journal	journal	PROPN
fbem-4893	151	2	of	of	ADP
fbem-4893	151	3	banking	banking	NOUN
fbem-4893	151	4	and	and	CCONJ
fbem-4893	151	5	finance	finance	NOUN
fbem-4893	151	6	,	,	PUNCT
fbem-4893	151	7	2014	2014	NUM
fbem-4893	151	8	,	,	PUNCT
fbem-4893	151	9	46	46	NUM
fbem-4893	151	10	:	:	SYM
fbem-4893	151	11	299	299	NUM
fbem-4893	151	12	310	310	NUM
fbem-4893	151	13	.	.	PUNCT
fbem-4893	152	1	[	[	X
fbem-4893	152	2	12	12	NUM
fbem-4893	152	3	]	]	X
fbem-4893	152	4	morck	morck	PROPN
fbem-4893	152	5	r	r	PROPN
fbem-4893	152	6	,	,	PUNCT
fbem-4893	152	7	yeung	yeung	PROPN
fbem-4893	152	8	b	b	PROPN
fbem-4893	152	9	,	,	PUNCT
fbem-4893	152	10	yu	yu	PROPN
fbem-4893	152	11	w.	w.	PROPN
fbem-4893	152	12	r	r	PROPN
fbem-4893	152	13	-	-	PUNCT
fbem-4893	152	14	squared	square	VERB
fbem-4893	152	15	and	and	CCONJ
fbem-4893	152	16	the	the	DET
fbem-4893	152	17	economy[r	economy[r	NOUN
fbem-4893	152	18	]	]	PUNCT
fbem-4893	152	19	.	.	PUNCT
fbem-4893	153	1	national	national	PROPN
fbem-4893	153	2	bureau	bureau	PROPN
fbem-4893	153	3	of	of	ADP
fbem-4893	153	4	economic	economic	ADJ
fbem-4893	153	5	research	research	NOUN
fbem-4893	153	6	working	working	NOUN
fbem-4893	153	7	paper	paper	NOUN
fbem-4893	153	8	,	,	PUNCT
fbem-4893	153	9	2013	2013	NUM
fbem-4893	153	10	.	.	PUNCT
fbem-4893	154	1	[	[	X
fbem-4893	154	2	13	13	NUM
fbem-4893	154	3	]	]	X
fbem-4893	154	4	patrick	patrick	PROPN
fbem-4893	154	5	j.	j.	PROPN
fbem-4893	154	6	kelly	kelly	PROPN
fbem-4893	154	7	.	.	PUNCT
fbem-4893	154	8	information	information	NOUN
fbem-4893	154	9	efficiency	efficiency	NOUN
fbem-4893	154	10	and	and	CCONJ
fbem-4893	154	11	firm	firm	ADJ
fbem-4893	154	12	-	-	PUNCT
fbem-4893	154	13	specific	specific	ADJ
fbem-4893	154	14	return	return	NOUN
fbem-4893	154	15	variation[r	variation[r	NOUN
fbem-4893	154	16	]	]	PUNCT
fbem-4893	154	17	.	.	PUNCT
fbem-4893	155	1	working	work	VERB
fbem-4893	155	2	paper	paper	NOUN
fbem-4893	155	3	series	series	NOUN
fbem-4893	155	4	,	,	PUNCT
fbem-4893	155	5	2005	2005	NUM
fbem-4893	155	6	.	.	PUNCT
fbem-4893	156	1	[	[	X
fbem-4893	156	2	14	14	NUM
fbem-4893	156	3	]	]	PUNCT
fbem-4893	156	4	shleifer	shleifer	PROPN
fbem-4893	156	5	a.	a.	PROPN
fbem-4893	156	6	,vishny	,vishny	PUNCT
fbem-4893	156	7	r.w	r.w	PROPN
fbem-4893	156	8	.	.	PROPN
fbem-4893	156	9	,1986,“large	,1986,“large	PUNCT
fbem-4893	156	10	shareholdersand	shareholdersand	NOUN
fbem-4893	156	11	corporate	corporate	ADJ
fbem-4893	156	12	control	control	NOUN
fbem-4893	156	13	”	"	PUNCT
fbem-4893	156	14	,	,	PUNCT
fbem-4893	156	15	the	the	DET
fbem-4893	156	16	journal	journal	NOUN
fbem-4893	156	17	of	of	ADP
fbem-4893	156	18	p	p	ADJ
fbem-4893	156	19	-	-	PUNCT
fbem-4893	156	20	olitical	olitical	ADJ
fbem-4893	156	21	economy	economy	NOUN
fbem-4893	156	22	,	,	PUNCT
fbem-4893	156	23	vol.94	vol.94	NOUN
fbem-4893	156	24	,	,	PUNCT
fbem-4893	156	25	pp.461	pp.461	NOUN
fbem-4893	156	26	.	.	PUNCT
fbem-4893	157	1	[	[	X
fbem-4893	157	2	15	15	NUM
fbem-4893	157	3	]	]	X
fbem-4893	157	4	tang	tang	PROPN
fbem-4893	157	5	j	j	PROPN
fbem-4893	157	6	,	,	PUNCT
fbem-4893	157	7	crossan	crossan	PROPN
fbem-4893	157	8	m	m	PROPN
fbem-4893	157	9	,	,	PUNCT
fbem-4893	157	10	rowe	rowe	PROPN
fbem-4893	157	11	w	w	PROPN
fbem-4893	157	12	g.	g.	PROPN
fbem-4893	157	13	dominant	dominant	PROPN
fbem-4893	157	14	ceo	ceo	PROPN
fbem-4893	157	15	,	,	PUNCT
fbem-4893	157	16	deviant	deviant	ADJ
fbem-4893	157	17	strategy	strategy	NOUN
fbem-4893	157	18	,	,	PUNCT
fbem-4893	157	19	and	and	CCONJ
fbem-4893	157	20	extreme	extreme	ADJ
fbem-4893	157	21	performance	performance	NOUN
fbem-4893	157	22	:	:	PUNCT
fbem-4893	157	23	the	the	DET
fbem-4893	157	24	moderating	moderate	VERB
fbem-4893	157	25	role	role	NOUN
fbem-4893	157	26	of	of	ADP
fbem-4893	157	27	a	a	DET
fbem-4893	157	28	power	power	NOUN
fbem-4893	157	29	fill	fill	NOUN
fbem-4893	157	30	board	board	NOUN
fbem-4893	157	31	[	[	X
fbem-4893	157	32	m	m	X
fbem-4893	157	33	]	]	X
fbem-4893	157	34	.	.	PUNCT
fbem-4893	158	1	journal	journal	PROPN
fbem-4893	158	2	of	of	ADP
fbem-4893	158	3	management	management	NOUN
fbem-4893	158	4	studies	study	NOUN
fbem-4893	158	5	.	.	PUNCT
fbem-4893	159	1	14791503	14791503	NUM
fbem-4893	159	2	.	.	PUNCT
fbem-4893	160	1	[	[	X
fbem-4893	160	2	16	16	NUM
fbem-4893	160	3	]	]	X
fbem-4893	160	4	guan	guan	PROPN
fbem-4893	160	5	feng	feng	PROPN
fbem-4893	160	6	,	,	PUNCT
fbem-4893	160	7	wang	wang	PROPN
fbem-4893	160	8	junjie	junjie	PROPN
fbem-4893	160	9	,	,	PUNCT
fbem-4893	160	10	zhang	zhang	PROPN
fbem-4893	160	11	guiqiao	guiqiao	PROPN
fbem-4893	160	12	.	.	PROPN
fbem-4893	160	13	political	political	ADJ
fbem-4893	160	14	and	and	CCONJ
fbem-4893	160	15	business	business	NOUN
fbem-4893	160	16	relations	relation	NOUN
fbem-4893	160	17	,	,	PUNCT
fbem-4893	160	18	analyst	analyst	NOUN
fbem-4893	160	19	forecasts	forecast	NOUN
fbem-4893	160	20	and	and	CCONJ
fbem-4893	160	21	stock	stock	NOUN
fbem-4893	160	22	price	price	NOUN
fbem-4893	160	23	synchronization	synchronization	NOUN
fbem-4893	160	24	a	a	DET
fbem-4893	160	25	quasi	quasi	ADJ
fbem-4893	160	26	-	-	ADJ
fbem-4893	160	27	natural	natural	ADJ
fbem-4893	160	28	experiment	experiment	NOUN
fbem-4893	160	29	based	base	VERB
fbem-4893	160	30	on	on	ADP
fbem-4893	160	31	the	the	DET
fbem-4893	160	32	fall	fall	NOUN
fbem-4893	160	33	of	of	ADP
fbem-4893	160	34	corrupt	corrupt	ADJ
fbem-4893	160	35	officials	official	NOUN
fbem-4893	160	36	[	[	X
fbem-4893	160	37	j	j	X
fbem-4893	160	38	]	]	X
fbem-4893	160	39	.	.	PUNCT
fbem-4893	161	1	financial	financial	ADJ
fbem-4893	161	2	research	research	NOUN
fbem-4893	161	3	,	,	PUNCT
fbem-4893	161	4	2018	2018	NUM
fbem-4893	161	5	,	,	PUNCT
fbem-4893	161	6	44	44	NUM
fbem-4893	161	7	(	(	PUNCT
fbem-4893	161	8	07	07	NUM
fbem-4893	161	9	):	):	PUNCT
fbem-4893	161	10	114125	114125	NUM
fbem-4893	161	11	.	.	PUNCT
fbem-4893	162	1	[	[	X
fbem-4893	162	2	17	17	NUM
fbem-4893	162	3	]	]	X
fbem-4893	162	4	hu	hu	PROPN
fbem-4893	162	5	jun	jun	PROPN
fbem-4893	162	6	,	,	PUNCT
fbem-4893	162	7	wang	wang	PROPN
fbem-4893	162	8	zhen	zhen	PROPN
fbem-4893	162	9	.	.	PUNCT
fbem-4893	163	1	microblog	microblog	PROPN
fbem-4893	163	2	,	,	PUNCT
fbem-4893	163	3	idiosyncratic	idiosyncratic	ADJ
fbem-4893	163	4	information	information	NOUN
fbem-4893	163	5	disclosure	disclosure	NOUN
fbem-4893	163	6	and	and	CCONJ
fbem-4893	163	7	stock	stock	NOUN
fbem-4893	163	8	price	price	NOUN
fbem-4893	163	9	synchronization	synchronization	NOUN
fbem-4893	164	1	[	[	X
fbem-4893	164	2	j	j	X
fbem-4893	164	3	]	]	X
fbem-4893	164	4	.	.	PUNCT
fbem-4893	165	1	financial	financial	ADJ
fbem-4893	165	2	research	research	NOUN
fbem-4893	165	3	,	,	PUNCT
fbem-4893	165	4	2015	2015	NUM
fbem-4893	165	5	,	,	PUNCT
fbem-4893	165	6	(	(	PUNCT
fbem-4893	165	7	11	11	NUM
fbem-4893	165	8	):	):	PUNCT
fbem-4893	165	9	190	190	NUM
fbem-4893	165	10	-	-	SYM
fbem-4893	165	11	206	206	NUM
fbem-4893	165	12	.	.	PUNCT
fbem-4893	166	1	[	[	X
fbem-4893	166	2	18	18	NUM
fbem-4893	166	3	]	]	X
fbem-4893	166	4	huang	huang	PROPN
fbem-4893	166	5	jun	jun	PROPN
fbem-4893	166	6	,	,	PUNCT
fbem-4893	166	7	guo	guo	PROPN
fbem-4893	166	8	zhaorui	zhaorui	PROPN
fbem-4893	166	9	.	.	PUNCT
fbem-4893	167	1	news	news	NOUN
fbem-4893	167	2	media	medium	NOUN
fbem-4893	167	3	report	report	NOUN
fbem-4893	167	4	and	and	CCONJ
fbem-4893	167	5	capital	capital	NOUN
fbem-4893	167	6	market	market	NOUN
fbem-4893	167	7	pricing	pricing	NOUN
fbem-4893	167	8	efficiency	efficiency	NOUN
fbem-4893	167	9	analysis	analysis	NOUN
fbem-4893	167	10	based	base	VERB
fbem-4893	167	11	on	on	ADP
fbem-4893	167	12	stock	stock	NOUN
fbem-4893	167	13	price	price	NOUN
fbem-4893	167	14	synchronization	synchronization	NOUN
fbem-4893	168	1	[	[	X
fbem-4893	168	2	j	j	X
fbem-4893	168	3	]	]	X
fbem-4893	168	4	.	.	PUNCT
fbem-4893	169	1	management	management	NOUN
fbem-4893	169	2	world	world	NOUN
fbem-4893	169	3	,	,	PUNCT
fbem-4893	169	4	2014	2014	NUM
fbem-4893	169	5	,	,	PUNCT
fbem-4893	169	6	(	(	PUNCT
fbem-4893	169	7	5	5	NUM
fbem-4893	169	8	):	):	PUNCT
fbem-4893	169	9	121	121	NUM
fbem-4893	169	10	-	-	SYM
fbem-4893	169	11	130	130	NUM
fbem-4893	169	12	.	.	PUNCT
fbem-4893	170	1	[	[	X
fbem-4893	170	2	19	19	NUM
fbem-4893	170	3	]	]	X
fbem-4893	170	4	he	he	PRON
fbem-4893	170	5	ying	ying	PROPN
fbem-4893	170	6	,	,	PUNCT
fbem-4893	170	7	ma	ma	PROPN
fbem-4893	170	8	ke	ke	PROPN
fbem-4893	170	9	.	.	PUNCT
fbem-4893	171	1	institutional	institutional	ADJ
fbem-4893	171	2	investor	investor	NOUN
fbem-4893	171	3	network	network	NOUN
fbem-4893	171	4	and	and	CCONJ
fbem-4893	171	5	stock	stock	NOUN
fbem-4893	171	6	price	price	NOUN
fbem-4893	171	7	synchronization	synchronization	NOUN
fbem-4893	171	8	.	.	PUNCT
fbem-4893	172	1	modern	modern	ADJ
fbem-4893	172	2	finance	finance	NOUN
fbem-4893	172	3	and	and	CCONJ
fbem-4893	172	4	economics	economic	NOUN
fbem-4893	172	5	(	(	PUNCT
fbem-4893	172	6	journal	journal	PROPN
fbem-4893	172	7	of	of	ADP
fbem-4893	172	8	tianjin	tianjin	PROPN
fbem-4893	172	9	university	university	PROPN
fbem-4893	172	10	of	of	ADP
fbem-4893	172	11	finance	finance	NOUN
fbem-4893	172	12	and	and	CCONJ
fbem-4893	172	13	economics	economic	NOUN
fbem-4893	172	14	)	)	PUNCT
fbem-4893	172	15	40.03	40.03	NUM
fbem-4893	172	16	(	(	PUNCT
fbem-4893	172	17	2020	2020	NUM
fbem-4893	172	18	):	):	PUNCT
fbem-4893	172	19	35	35	NUM
fbem-4893	172	20	-	-	SYM
fbem-4893	172	21	52	52	NUM
fbem-4893	172	22	.	.	PUNCT
fbem-4893	173	1	[	[	X
fbem-4893	173	2	20	20	NUM
fbem-4893	173	3	]	]	X
fbem-4893	173	4	luo	luo	PROPN
fbem-4893	173	5	zhonglian	zhonglian	PROPN
fbem-4893	173	6	,	,	PUNCT
fbem-4893	173	7	tian	tian	PROPN
fbem-4893	173	8	zhaofeng	zhaofeng	PROPN
fbem-4893	173	9	.	.	PUNCT
fbem-4893	174	1	strategic	strategic	ADJ
fbem-4893	174	2	differentiation	differentiation	NOUN
fbem-4893	174	3	,	,	PUNCT
fbem-4893	174	4	highquality	highquality	NOUN
fbem-4893	174	5	audit	audit	NOUN
fbem-4893	174	6	and	and	CCONJ
fbem-4893	174	7	comparability	comparability	NOUN
fbem-4893	174	8	of	of	ADP
fbem-4893	174	9	accounting	accounting	NOUN
fbem-4893	174	10	information	information	NOUN
fbem-4893	174	11	of	of	ADP
fbem-4893	174	12	listed	list	VERB
fbem-4893	174	13	companies	company	NOUN
fbem-4893	174	14	[	[	X
fbem-4893	174	15	j	j	X
fbem-4893	174	16	]	]	X
fbem-4893	174	17	journal	journal	PROPN
fbem-4893	174	18	of	of	ADP
fbem-4893	174	19	shanxi	shanxi	PROPN
fbem-4893	174	20	university	university	PROPN
fbem-4893	174	21	of	of	ADP
fbem-4893	174	22	finance	finance	NOUN
fbem-4893	174	23	and	and	CCONJ
fbem-4893	174	24	economics	economic	NOUN
fbem-4893	174	25	,	,	PUNCT
fbem-4893	174	26	2018,40	2018,40	NUM
fbem-4893	174	27	(	(	PUNCT
fbem-4893	174	28	08	08	NUM
fbem-4893	174	29	):	):	PUNCT
fbem-4893	174	30	109	109	NUM
fbem-4893	174	31	-	-	SYM
fbem-4893	174	32	124	124	NUM
fbem-4893	174	33	.	.	PUNCT
fbem-4893	175	1	[	[	X
fbem-4893	175	2	21	21	NUM
fbem-4893	175	3	]	]	X
fbem-4893	175	4	li	li	PROPN
fbem-4893	175	5	xiaorong	xiaorong	PROPN
fbem-4893	175	6	.	.	PUNCT
fbem-4893	175	7	synchronization	synchronization	NOUN
fbem-4893	175	8	of	of	ADP
fbem-4893	175	9	executive	executive	ADJ
fbem-4893	175	10	power	power	NOUN
fbem-4893	175	11	and	and	CCONJ
fbem-4893	175	12	stock	stock	NOUN
fbem-4893	175	13	price	price	NOUN
fbem-4893	175	14	in	in	ADP
fbem-4893	175	15	state	state	NOUN
fbem-4893	175	16	-	-	PUNCT
fbem-4893	175	17	owned	own	VERB
fbem-4893	175	18	enterprises	enterprise	NOUN
fbem-4893	175	19	[	[	X
fbem-4893	175	20	j	j	X
fbem-4893	175	21	]	]	X
fbem-4893	175	22	.	.	PUNCT
fbem-4893	176	1	journal	journal	PROPN
fbem-4893	176	2	of	of	ADP
fbem-4893	176	3	xiamen	xiamen	PROPN
fbem-4893	176	4	university	university	PROPN
fbem-4893	176	5	(	(	PUNCT
fbem-4893	176	6	philosophy	philosophy	NOUN
fbem-4893	176	7	and	and	CCONJ
fbem-4893	176	8	social	social	ADJ
fbem-4893	176	9	sciences	sciences	PROPN
fbem-4893	176	10	edition	edition	PROPN
fbem-4893	176	11	)	)	PUNCT
fbem-4893	176	12	2018	2018	NUM
fbem-4893	176	13	(	(	PUNCT
fbem-4893	176	14	02	02	NUM
fbem-4893	176	15	):	):	PUNCT
fbem-4893	176	16	85	85	NUM
fbem-4893	176	17	-	-	SYM
fbem-4893	176	18	95	95	NUM
fbem-4893	176	19	.	.	PUNCT
fbem-4893	177	1	[	[	X
fbem-4893	177	2	22	22	NUM
fbem-4893	177	3	]	]	X
fbem-4893	177	4	luo	luo	PROPN
fbem-4893	177	5	jinhui	jinhui	PROPN
fbem-4893	177	6	,	,	PUNCT
fbem-4893	177	7	xiang	xiang	PROPN
fbem-4893	177	8	yuangao	yuangao	PROPN
fbem-4893	177	9	,	,	PUNCT
fbem-4893	177	10	jin	jin	NOUN
fbem-4893	177	11	sijing	sije	VERB
fbem-4893	177	12	can	can	AUX
fbem-4893	177	13	the	the	DET
fbem-4893	177	14	secretary	secretary	PROPN
fbem-4893	177	15	of	of	ADP
fbem-4893	177	16	the	the	DET
fbem-4893	177	17	board	board	NOUN
fbem-4893	177	18	of	of	ADP
fbem-4893	177	19	directors	director	NOUN
fbem-4893	177	20	improve	improve	VERB
fbem-4893	177	21	the	the	DET
fbem-4893	177	22	efficiency	efficiency	NOUN
fbem-4893	177	23	of	of	ADP
fbem-4893	177	24	the	the	DET
fbem-4893	177	25	capital	capital	NOUN
fbem-4893	177	26	market	market	NOUN
fbem-4893	177	27	-empirical	-empirical	ADJ
fbem-4893	177	28	evidence	evidence	NOUN
fbem-4893	177	29	based	base	VERB
fbem-4893	177	30	on	on	ADP
fbem-4893	177	31	the	the	DET
fbem-4893	177	32	synchronization	synchronization	NOUN
fbem-4893	177	33	of	of	ADP
fbem-4893	177	34	share	share	NOUN
fbem-4893	177	35	prices	price	NOUN
fbem-4893	177	36	[	[	X
fbem-4893	177	37	j	j	X
fbem-4893	177	38	]	]	X
fbem-4893	177	39	journal	journal	PROPN
fbem-4893	177	40	of	of	ADP
fbem-4893	177	41	shanxi	shanxi	PROPN
fbem-4893	177	42	university	university	PROPN
fbem-4893	177	43	of	of	ADP
fbem-4893	177	44	finance	finance	NOUN
fbem-4893	177	45	and	and	CCONJ
fbem-4893	177	46	economics	economic	NOUN
fbem-4893	177	47	,	,	PUNCT
fbem-4893	177	48	2015	2015	NUM
fbem-4893	177	49	,	,	PUNCT
fbem-4893	177	50	37	37	NUM
fbem-4893	177	51	(	(	PUNCT
fbem-4893	177	52	12	12	NUM
fbem-4893	177	53	):	):	PUNCT
fbem-4893	177	54	80	80	NUM
fbem-4893	177	55	-	-	SYM
fbem-4893	177	56	90	90	NUM
fbem-4893	177	57	.	.	PUNCT
fbem-4893	178	1	[	[	X
fbem-4893	178	2	23	23	NUM
fbem-4893	178	3	]	]	X
fbem-4893	178	4	chung	chung	PROPN
fbem-4893	178	5	i.	i.	PROPN
fbem-4893	178	6	y.	y.	PROPN
fbem-4893	178	7	,	,	PUNCT
fbem-4893	178	8	koford	koford	PROPN
fbem-4893	178	9	k.	k.	PROPN
fbem-4893	178	10	j.	j.	PROPN
fbem-4893	178	11	,	,	PUNCT
fbem-4893	178	12	lee	lee	PROPN
fbem-4893	178	13	i	i	PRON
fbem-4893	178	14	..	..	PUNCT
fbem-4893	178	15	stock	stock	NOUN
fbem-4893	178	16	market	market	NOUN
fbem-4893	178	17	views	view	NOUN
fbem-4893	178	18	of	of	ADP
fbem-4893	178	19	corporate	corporate	ADJ
fbem-4893	178	20	multinationalism	multinationalism	NOUN
fbem-4893	178	21	:	:	PUNCT
fbem-4893	178	22	some	some	DET
fbem-4893	178	23	evidence	evidence	NOUN
fbem-4893	178	24	from	from	ADP
fbem-4893	178	25	announcements	announcement	NOUN
fbem-4893	178	26	of	of	ADP
fbem-4893	178	27	international	international	ADJ
fbem-4893	178	28	joint	joint	NOUN
fbem-4893	178	29	ventures[j	ventures[j	PROPN
fbem-4893	178	30	]	]	PUNCT
fbem-4893	178	31	.	.	PUNCT
fbem-4893	179	1	the	the	DET
fbem-4893	179	2	quarterly	quarterly	ADJ
fbem-4893	179	3	review	review	NOUN
fbem-4893	179	4	of	of	ADP
fbem-4893	179	5	economics	economic	NOUN
fbem-4893	179	6	and	and	CCONJ
fbem-4893	179	7	finance	finance	NOUN
fbem-4893	179	8	,	,	PUNCT
fbem-4893	179	9	1993	1993	NUM
fbem-4893	179	10	,	,	PUNCT
fbem-4893	179	11	33(3	33(3	NUM
fbem-4893	179	12	):	):	PUNCT
fbem-4893	179	13	275	275	NUM
fbem-4893	179	14	-	-	SYM
fbem-4893	179	15	29	29	NUM
fbem-4893	179	16	.	.	PUNCT
fbem-4893	180	1	[	[	X
fbem-4893	180	2	24	24	NUM
fbem-4893	180	3	]	]	X
fbem-4893	180	4	wang	wang	PROPN
fbem-4893	180	5	muzhi	muzhi	PROPN
fbem-4893	180	6	,	,	PUNCT
fbem-4893	180	7	li	li	PROPN
fbem-4893	180	8	dan	dan	PROPN
fbem-4893	180	9	.	.	PROPN
fbem-4893	180	10	new	new	ADJ
fbem-4893	180	11	audit	audit	NOUN
fbem-4893	180	12	report	report	NOUN
fbem-4893	180	13	and	and	CCONJ
fbem-4893	180	14	stock	stock	NOUN
fbem-4893	180	15	price	price	NOUN
fbem-4893	180	16	synchronization	synchronization	NOUN
fbem-4893	181	1	[	[	X
fbem-4893	181	2	j	j	X
fbem-4893	181	3	]	]	X
fbem-4893	181	4	.	.	PUNCT
fbem-4893	182	1	accounting	accounting	NOUN
fbem-4893	182	2	research	research	NOUN
fbem-4893	182	3	,	,	PUNCT
fbem-4893	182	4	2019	2019	NUM
fbem-4893	182	5	(	(	PUNCT
fbem-4893	182	6	01	01	NUM
fbem-4893	182	7	):	):	PUNCT
fbem-4893	182	8	86	86	NUM
fbem-4893	182	9	-	-	SYM
fbem-4893	182	10	92	92	NUM
fbem-4893	182	11	.	.	PUNCT
fbem-4893	183	1	[	[	X
fbem-4893	183	2	25	25	NUM
fbem-4893	183	3	]	]	X
fbem-4893	183	4	wang	wang	PROPN
fbem-4893	183	5	yunchen	yunchen	PROPN
fbem-4893	183	6	,	,	PUNCT
fbem-4893	183	7	li	li	PROPN
fbem-4893	183	8	ming	ming	PROPN
fbem-4893	183	9	,	,	PUNCT
fbem-4893	183	10	tang	tang	PROPN
fbem-4893	183	11	manping	manpe	VERB
fbem-4893	183	12	.	.	PUNCT
fbem-4893	184	1	the	the	DET
fbem-4893	184	2	nature	nature	NOUN
fbem-4893	184	3	of	of	ADP
fbem-4893	184	4	property	property	NOUN
fbem-4893	184	5	rights	right	NOUN
fbem-4893	184	6	,	,	PUNCT
fbem-4893	184	7	internal	internal	ADJ
fbem-4893	184	8	control	control	NOUN
fbem-4893	184	9	and	and	CCONJ
fbem-4893	184	10	quality	quality	NOUN
fbem-4893	184	11	of	of	ADP
fbem-4893	184	12	accounting	accounting	NOUN
fbem-4893	184	13	information	information	NOUN
fbem-4893	184	14	-empirical	-empirical	ADJ
fbem-4893	184	15	evidence	evidence	NOUN
fbem-4893	184	16	from	from	ADP
fbem-4893	184	17	china	china	PROPN
fbem-4893	184	18	's	's	PART
fbem-4893	184	19	main	main	ADJ
fbem-4893	184	20	board	board	NOUN
fbem-4893	184	21	listed	list	VERB
fbem-4893	184	22	companies	company	NOUN
fbem-4893	184	23	[	[	X
fbem-4893	184	24	j	j	X
fbem-4893	184	25	]	]	X
fbem-4893	184	26	.	.	PUNCT
fbem-4893	185	1	financial	financial	ADJ
fbem-4893	185	2	science	science	NOUN
fbem-4893	185	3	,	,	PUNCT
fbem-4893	185	4	2015	2015	NUM
fbem-4893	185	5	(	(	PUNCT
fbem-4893	185	6	04	04	NUM
fbem-4893	185	7	):	):	PUNCT
fbem-4893	185	8	97	97	NUM
fbem-4893	185	9	-	-	SYM
fbem-4893	185	10	106	106	NUM
fbem-4893	185	11	.	.	PUNCT
fbem-4893	186	1	[	[	X
fbem-4893	186	2	26	26	NUM
fbem-4893	186	3	]	]	X
fbem-4893	186	4	wu	wu	PROPN
fbem-4893	186	5	yibing	yibing	PROPN
fbem-4893	186	6	,	,	PUNCT
fbem-4893	186	7	liao	liao	PROPN
fbem-4893	186	8	yigang	yigang	PROPN
fbem-4893	186	9	,	,	PUNCT
fbem-4893	186	10	lin	lin	PROPN
fbem-4893	186	11	bo	bo	PROPN
fbem-4893	186	12	.	.	PUNCT
fbem-4893	187	1	analysis	analysis	NOUN
fbem-4893	187	2	of	of	ADP
fbem-4893	187	3	the	the	DET
fbem-4893	187	4	impact	impact	NOUN
fbem-4893	187	5	of	of	ADP
fbem-4893	187	6	equity	equity	NOUN
fbem-4893	187	7	structure	structure	NOUN
fbem-4893	187	8	on	on	ADP
fbem-4893	187	9	the	the	DET
fbem-4893	187	10	quality	quality	NOUN
fbem-4893	187	11	of	of	ADP
fbem-4893	187	12	internal	internal	ADJ
fbem-4893	187	13	control	control	NOUN
fbem-4893	187	14	of	of	ADP
fbem-4893	187	15	enterprises	enterprise	NOUN
fbem-4893	187	16	based	base	VERB
fbem-4893	187	17	on	on	ADP
fbem-4893	187	18	the	the	DET
fbem-4893	187	19	test	test	NOUN
fbem-4893	187	20	of	of	ADP
fbem-4893	187	21	internal	internal	ADJ
fbem-4893	187	22	control	control	PROPN
fbem-4893	187	23	information	information	NOUN
fbem-4893	187	24	data	datum	NOUN
fbem-4893	187	25	of	of	ADP
fbem-4893	187	26	listed	list	VERB
fbem-4893	187	27	companies	company	NOUN
fbem-4893	187	28	in	in	ADP
fbem-4893	187	29	2007	2007	NUM
fbem-4893	187	30	[	[	X
fbem-4893	187	31	j	j	X
fbem-4893	187	32	]	]	X
fbem-4893	187	33	.	.	PUNCT
fbem-4893	188	1	contemporary	contemporary	ADJ
fbem-4893	188	2	finance	finance	PROPN
fbem-4893	188	3	and	and	CCONJ
fbem-4893	188	4	economics	economic	NOUN
fbem-4893	188	5	,	,	PUNCT
fbem-4893	188	6	2009	2009	NUM
fbem-4893	188	7	(	(	PUNCT
fbem-4893	188	8	09	09	NUM
fbem-4893	188	9	):	):	PUNCT
fbem-4893	188	10	110	110	NUM
fbem-4893	188	11	-	-	SYM
fbem-4893	188	12	114	114	NUM
fbem-4893	188	13	.	.	PUNCT
fbem-4893	189	1	[	[	X
fbem-4893	189	2	27	27	NUM
fbem-4893	189	3	]	]	X
fbem-4893	189	4	yang	yang	PROPN
fbem-4893	189	5	jianhui	jianhui	PROPN
fbem-4893	189	6	,	,	PUNCT
fbem-4893	189	7	shen	shen	PROPN
fbem-4893	189	8	shu	shu	PROPN
fbem-4893	189	9	empirical	empirical	ADJ
fbem-4893	189	10	analysis	analysis	NOUN
fbem-4893	189	11	of	of	ADP
fbem-4893	189	12	the	the	DET
fbem-4893	189	13	impact	impact	NOUN
fbem-4893	189	14	of	of	ADP
fbem-4893	189	15	news	news	NOUN
fbem-4893	189	16	media	medium	NOUN
fbem-4893	189	17	reports	report	NOUN
fbem-4893	189	18	on	on	ADP
fbem-4893	189	19	stock	stock	NOUN
fbem-4893	189	20	price	price	NOUN
fbem-4893	189	21	synchronization	synchronization	NOUN
fbem-4893	189	22	[	[	X
fbem-4893	189	23	j	j	X
fbem-4893	189	24	]	]	X
fbem-4893	189	25	statistics	statistic	NOUN
fbem-4893	189	26	and	and	CCONJ
fbem-4893	189	27	decision	decision	NOUN
fbem-4893	189	28	,	,	PUNCT
fbem-4893	189	29	2018,34	2018,34	NUM
fbem-4893	189	30	(	(	PUNCT
fbem-4893	189	31	12	12	NUM
fbem-4893	189	32	):	):	PUNCT
fbem-4893	189	33	156	156	NUM
fbem-4893	189	34	-	-	SYM
fbem-4893	189	35	159	159	NUM
fbem-4893	189	36	.	.	PUNCT
fbem-4893	190	1	[	[	X
fbem-4893	190	2	28	28	NUM
fbem-4893	190	3	]	]	X
fbem-4893	190	4	zhou	zhou	PROPN
fbem-4893	190	5	linjie	linjie	PROPN
fbem-4893	190	6	.	.	PUNCT
fbem-4893	191	1	corporate	corporate	ADJ
fbem-4893	191	2	governance	governance	NOUN
fbem-4893	191	3	,	,	PUNCT
fbem-4893	191	4	institutional	institutional	ADJ
fbem-4893	191	5	ownership	ownership	NOUN
fbem-4893	191	6	and	and	CCONJ
fbem-4893	191	7	stock	stock	NOUN
fbem-4893	191	8	price	price	NOUN
fbem-4893	191	9	synchronizati	synchronizati	NOUN
fbem-4893	191	10	-	-	PUNCT
fbem-4893	191	11	on	on	ADP
fbem-4893	191	12	[	[	X
fbem-4893	191	13	j	j	X
fbem-4893	191	14	]	]	X
fbem-4893	191	15	.	.	PUNCT
fbem-4893	192	1	financial	financial	ADJ
fbem-4893	192	2	research	research	NOUN
fbem-4893	192	3	,	,	PUNCT
fbem-4893	192	4	2014	2014	NUM
fbem-4893	192	5	(	(	PUNCT
fbem-4893	192	6	8)	8)	NUM
fbem-4893	192	7	:	:	PUNCT
fbem-4893	192	8	146	146	NUM
fbem-4893	192	9	-	-	SYM
fbem-4893	192	10	161	161	NUM
fbem-4893	192	11	.	.	PUNCT
fbem-4893	193	1	[	[	X
fbem-4893	193	2	29	29	NUM
fbem-4893	193	3	]	]	X
fbem-4893	193	4	zhu	zhu	PROPN
fbem-4893	193	5	tao	tao	PROPN
fbem-4893	193	6	.	.	PUNCT
fbem-4893	194	1	does	do	AUX
fbem-4893	194	2	the	the	DET
fbem-4893	194	3	revision	revision	NOUN
fbem-4893	194	4	of	of	ADP
fbem-4893	194	5	the	the	DET
fbem-4893	194	6	government	government	NOUN
fbem-4893	194	7	subsidy	subsidy	NOUN
fbem-4893	194	8	standard	standard	NOUN
fbem-4893	194	9	reduce	reduce	VERB
fbem-4893	194	10	the	the	DET
fbem-4893	194	11	synchronizati	synchronizati	NOUN
fbem-4893	194	12	-	-	PUNCT
fbem-4893	194	13	on	on	ADP
fbem-4893	194	14	of	of	ADP
fbem-4893	194	15	the	the	DET
fbem-4893	194	16	company	company	NOUN
fbem-4893	194	17	's	's	PART
fbem-4893	194	18	share	share	NOUN
fbem-4893	194	19	price	price	NOUN
fbem-4893	194	20	?	?	PUNCT
fbem-4893	195	1	[	[	X
fbem-4893	195	2	j	j	X
fbem-4893	195	3	]	]	X
fbem-4893	195	4	.	.	PUNCT
fbem-4893	196	1	securities	security	NOUN
fbem-4893	196	2	market	market	PROPN
fbem-4893	196	3	herald	herald	PROPN
fbem-4893	196	4	,	,	PUNCT
fbem-4893	196	5	2020	2020	NUM
fbem-4893	196	6	,	,	PUNCT
fbem-4893	196	7	(	(	PUNCT
fbem-4893	196	8	03	03	NUM
fbem-4893	196	9	):	):	PUNCT
fbem-4893	196	10	49	49	NUM
fbem-4893	196	11	-	-	SYM
fbem-4893	196	12	57	57	NUM
fbem-4893	196	13	+	+	NOUN
fbem-4893	196	14	67	67	NUM
fbem-4893	196	15	.	.	PUNCT
fbem-4893	197	1	[	[	X
fbem-4893	197	2	30	30	NUM
fbem-4893	197	3	]	]	X
fbem-4893	197	4	yi	yi	PROPN
fbem-4893	197	5	zhihong	zhihong	PROPN
fbem-4893	197	6	,	,	PUNCT
fbem-4893	197	7	yang	yang	PROPN
fbem-4893	197	8	shengzhi	shengzhi	PROPN
fbem-4893	197	9	,	,	PUNCT
fbem-4893	197	10	chen	chen	PROPN
fbem-4893	197	11	qinyuan	qinyuan	PROPN
fbem-4893	197	12	.	.	PUNCT
fbem-4893	198	1	can	can	AUX
fbem-4893	198	2	analysts	analyst	NOUN
fbem-4893	198	3	reduce	reduce	VERB
fbem-4893	198	4	the	the	DET
fbem-4893	198	5	synchronization	synchronization	NOUN
fbem-4893	198	6	of	of	ADP
fbem-4893	198	7	share	share	NOUN
fbem-4893	198	8	prices	price	NOUN
fbem-4893	198	9	?	?	PUNCT
fbem-4893	199	1	an	an	DET
fbem-4893	199	2	empirical	empirical	ADJ
fbem-4893	199	3	study	study	NOUN
fbem-4893	199	4	based	base	VERB
fbem-4893	199	5	on	on	ADP
fbem-4893	199	6	the	the	DET
fbem-4893	199	7	text	text	NOUN
fbem-4893	199	8	analysis	analysis	NOUN
fbem-4893	199	9	of	of	ADP
fbem-4893	199	10	the	the	DET
fbem-4893	199	11	research	research	NOUN
fbem-4893	199	12	report	report	NOUN
fbem-4893	199	13	[	[	X
fbem-4893	199	14	j	j	X
fbem-4893	199	15	]	]	X
fbem-4893	199	16	.	.	PUNCT
fbem-4893	200	1	china	china	PROPN
fbem-4893	200	2	industrial	industrial	ADJ
fbem-4893	200	3	economy	economy	NOUN
fbem-4893	200	4	,	,	PUNCT
fbem-4893	200	5	2019	2019	NUM
fbem-4893	200	6	(	(	PUNCT
fbem-4893	200	7	01	01	NUM
fbem-4893	200	8	):	):	PUNCT
fbem-4893	200	9	156	156	NUM
fbem-4893	200	10	-	-	SYM
fbem-4893	200	11	173	173	NUM
fbem-4893	200	12	.	.	PUNCT
fbem-4893	201	1	[	[	X
fbem-4893	201	2	31	31	NUM
fbem-4893	201	3	]	]	X
fbem-4893	201	4	zhang	zhang	PROPN
fbem-4893	201	5	jun	jun	PROPN
fbem-4893	201	6	,	,	PUNCT
fbem-4893	201	7	liu	liu	PROPN
fbem-4893	201	8	bo	bo	PROPN
fbem-4893	201	9	,	,	PUNCT
fbem-4893	201	10	shen	shen	PROPN
fbem-4893	201	11	huayu	huayu	PROPN
fbem-4893	201	12	.	.	PUNCT
fbem-4893	202	1	share	share	NOUN
fbem-4893	202	2	price	price	NOUN
fbem-4893	202	3	synchronization	synchronization	NOUN
fbem-4893	202	4	and	and	CCONJ
fbem-4893	202	5	risk	risk	NOUN
fbem-4893	202	6	of	of	ADP
fbem-4893	202	7	share	share	NOUN
fbem-4893	202	8	price	price	NOUN
fbem-4893	202	9	collap	collap	NOUN
fbem-4893	202	10	-	-	PUNCT
fbem-4893	202	11	se	se	NOUN
fbem-4893	202	12	-based	-base	VERB
fbem-4893	202	13	on	on	ADP
fbem-4893	202	14	information	information	NOUN
fbem-4893	202	15	asymmetry	asymmetry	NOUN
fbem-4893	202	16	and	and	CCONJ
fbem-4893	202	17	corporate	corporate	ADJ
fbem-4893	202	18	governance	governance	NOUN
fbem-4893	202	19	perspective	perspective	NOUN
fbem-4893	203	1	[	[	X
fbem-4893	203	2	j	j	X
fbem-4893	203	3	]	]	X
fbem-4893	203	4	.	.	PUNCT
fbem-4893	204	1	financial	financial	PROPN
fbem-4893	204	2	sci	sci	PROPN
fbem-4893	204	3	-	-	PUNCT
fbem-4893	204	4	ence	ence	NOUN
fbem-4893	204	5	,	,	PUNCT
fbem-4893	204	6	2019	2019	NUM
fbem-4893	204	7	(	(	PUNCT
fbem-4893	204	8	04	04	NUM
fbem-4893	204	9	):	):	PUNCT
fbem-4893	204	10	13	13	NUM
fbem-4893	204	11	-	-	SYM
fbem-4893	204	12	25	25	NUM
fbem-4893	204	13	.	.	PUNCT