id	sid	tid	token	lemma	pos
fbem-6231	1	1	frontiers	frontier	NOUN
fbem-6231	1	2	in	in	ADP
fbem-6231	1	3	business	business	NOUN
fbem-6231	1	4	,	,	PUNCT
fbem-6231	1	5	economics	economic	NOUN
fbem-6231	1	6	and	and	CCONJ
fbem-6231	1	7	management	management	NOUN
fbem-6231	1	8	issn	issn	PROPN
fbem-6231	1	9	:	:	PUNCT
fbem-6231	1	10	2766	2766	NUM
fbem-6231	1	11	-	-	PUNCT
fbem-6231	1	12	824x	824x	NUM
fbem-6231	1	13	|	|	ADJ
fbem-6231	1	14	vol	vol	NOUN
fbem-6231	1	15	.	.	PROPN
fbem-6231	1	16	8	8	NUM
fbem-6231	1	17	,	,	PUNCT
fbem-6231	1	18	no	no	INTJ
fbem-6231	1	19	.	.	NOUN
fbem-6231	1	20	1	1	NUM
fbem-6231	1	21	,	,	PUNCT
fbem-6231	1	22	2023	2023	NUM
fbem-6231	1	23	281	281	NUM
fbem-6231	1	24	can	can	AUX
fbem-6231	1	25	leverage	leverage	VERB
fbem-6231	1	26	level	level	NOUN
fbem-6231	1	27	explain	explain	VERB
fbem-6231	1	28	value	value	NOUN
fbem-6231	1	29	premium	premium	NOUN
fbem-6231	1	30	-based	-base	VERB
fbem-6231	1	31	on	on	ADP
fbem-6231	1	32	china	china	PROPN
fbem-6231	1	33	's	's	PART
fbem-6231	1	34	a	a	DET
fbem-6231	1	35	-	-	PUNCT
fbem-6231	1	36	share	share	NOUN
fbem-6231	1	37	market	market	NOUN
fbem-6231	1	38	hongjie	hongjie	PROPN
fbem-6231	1	39	wu	wu	PROPN
fbem-6231	1	40	foshan	foshan	PROPN
fbem-6231	1	41	university	university	PROPN
fbem-6231	1	42	of	of	ADP
fbem-6231	1	43	science	science	NOUN
fbem-6231	1	44	and	and	CCONJ
fbem-6231	1	45	technology	technology	NOUN
fbem-6231	1	46	,	,	PUNCT
fbem-6231	1	47	foshan	foshan	PROPN
fbem-6231	1	48	,	,	PUNCT
fbem-6231	1	49	guangdong	guangdong	PROPN
fbem-6231	1	50	,	,	PUNCT
fbem-6231	1	51	china	china	PROPN
fbem-6231	1	52	abstract	abstract	PROPN
fbem-6231	1	53	:	:	PUNCT
fbem-6231	1	54	according	accord	VERB
fbem-6231	1	55	to	to	ADP
fbem-6231	1	56	the	the	DET
fbem-6231	1	57	traditional	traditional	ADJ
fbem-6231	1	58	mm	mm	PROPN
fbem-6231	1	59	theory	theory	NOUN
fbem-6231	1	60	,	,	PUNCT
fbem-6231	1	61	in	in	ADP
fbem-6231	1	62	the	the	DET
fbem-6231	1	63	case	case	NOUN
fbem-6231	1	64	of	of	ADP
fbem-6231	1	65	taxation	taxation	NOUN
fbem-6231	1	66	,	,	PUNCT
fbem-6231	1	67	the	the	DET
fbem-6231	1	68	level	level	NOUN
fbem-6231	1	69	of	of	ADP
fbem-6231	1	70	leverage	leverage	NOUN
fbem-6231	1	71	of	of	ADP
fbem-6231	1	72	a	a	DET
fbem-6231	1	73	company	company	NOUN
fbem-6231	1	74	will	will	AUX
fbem-6231	1	75	affect	affect	VERB
fbem-6231	1	76	its	its	PRON
fbem-6231	1	77	market	market	NOUN
fbem-6231	1	78	value	value	NOUN
fbem-6231	1	79	.	.	PUNCT
fbem-6231	2	1	this	this	DET
fbem-6231	2	2	article	article	NOUN
fbem-6231	2	3	conducts	conduct	VERB
fbem-6231	2	4	an	an	DET
fbem-6231	2	5	empirical	empirical	ADJ
fbem-6231	2	6	study	study	NOUN
fbem-6231	2	7	on	on	ADP
fbem-6231	2	8	the	the	DET
fbem-6231	2	9	reasons	reason	NOUN
fbem-6231	2	10	for	for	ADP
fbem-6231	2	11	the	the	DET
fbem-6231	2	12	existence	existence	NOUN
fbem-6231	2	13	of	of	ADP
fbem-6231	2	14	the	the	DET
fbem-6231	2	15	value	value	NOUN
fbem-6231	2	16	premium	premium	NOUN
fbem-6231	2	17	in	in	ADP
fbem-6231	2	18	china	china	PROPN
fbem-6231	2	19	's	's	PART
fbem-6231	2	20	a	a	DET
fbem-6231	2	21	-	-	PUNCT
fbem-6231	2	22	share	share	NOUN
fbem-6231	2	23	market	market	NOUN
fbem-6231	2	24	.	.	PUNCT
fbem-6231	3	1	it	it	PRON
fbem-6231	3	2	is	be	AUX
fbem-6231	3	3	believed	believe	VERB
fbem-6231	3	4	that	that	SCONJ
fbem-6231	3	5	different	different	ADJ
fbem-6231	3	6	levels	level	NOUN
fbem-6231	3	7	of	of	ADP
fbem-6231	3	8	leverage	leverage	NOUN
fbem-6231	3	9	of	of	ADP
fbem-6231	3	10	enterprises	enterprise	NOUN
fbem-6231	3	11	will	will	AUX
fbem-6231	3	12	have	have	VERB
fbem-6231	3	13	an	an	DET
fbem-6231	3	14	impact	impact	NOUN
fbem-6231	3	15	on	on	ADP
fbem-6231	3	16	the	the	DET
fbem-6231	3	17	value	value	NOUN
fbem-6231	3	18	of	of	ADP
fbem-6231	3	19	enterprises	enterprise	NOUN
fbem-6231	3	20	in	in	ADP
fbem-6231	3	21	china	china	PROPN
fbem-6231	3	22	's	's	PART
fbem-6231	3	23	ashare	ashare	ADJ
fbem-6231	3	24	market	market	NOUN
fbem-6231	3	25	,	,	PUNCT
fbem-6231	3	26	thereby	thereby	ADV
fbem-6231	3	27	affecting	affect	VERB
fbem-6231	3	28	their	their	PRON
fbem-6231	3	29	profitability	profitability	NOUN
fbem-6231	3	30	.	.	PUNCT
fbem-6231	4	1	after	after	ADP
fbem-6231	4	2	constructing	construct	VERB
fbem-6231	4	3	a	a	DET
fbem-6231	4	4	fama	fama	NOUN
fbem-6231	4	5	three	three	NUM
fbem-6231	4	6	factor	factor	NOUN
fbem-6231	4	7	capital	capital	NOUN
fbem-6231	4	8	asset	asset	NOUN
fbem-6231	4	9	pricing	pricing	NOUN
fbem-6231	4	10	model	model	NOUN
fbem-6231	4	11	and	and	CCONJ
fbem-6231	4	12	confirming	confirm	VERB
fbem-6231	4	13	that	that	SCONJ
fbem-6231	4	14	there	there	PRON
fbem-6231	4	15	is	be	VERB
fbem-6231	4	16	indeed	indeed	ADV
fbem-6231	4	17	a	a	DET
fbem-6231	4	18	value	value	NOUN
fbem-6231	4	19	premium	premium	NOUN
fbem-6231	4	20	in	in	ADP
fbem-6231	4	21	the	the	DET
fbem-6231	4	22	chinese	chinese	ADJ
fbem-6231	4	23	stock	stock	NOUN
fbem-6231	4	24	market	market	NOUN
fbem-6231	4	25	,	,	PUNCT
fbem-6231	4	26	this	this	DET
fbem-6231	4	27	paper	paper	NOUN
fbem-6231	4	28	incorporates	incorporate	VERB
fbem-6231	4	29	the	the	DET
fbem-6231	4	30	financial	financial	ADJ
fbem-6231	4	31	leverage	leverage	NOUN
fbem-6231	4	32	,	,	PUNCT
fbem-6231	4	33	operational	operational	ADJ
fbem-6231	4	34	leverage	leverage	NOUN
fbem-6231	4	35	,	,	PUNCT
fbem-6231	4	36	and	and	CCONJ
fbem-6231	4	37	comprehensive	comprehensive	ADJ
fbem-6231	4	38	leverage	leverage	NOUN
fbem-6231	4	39	of	of	ADP
fbem-6231	4	40	enterprises	enterprise	NOUN
fbem-6231	4	41	in	in	ADP
fbem-6231	4	42	the	the	DET
fbem-6231	4	43	a	a	DET
fbem-6231	4	44	-	-	PUNCT
fbem-6231	4	45	share	share	NOUN
fbem-6231	4	46	market	market	NOUN
fbem-6231	4	47	into	into	ADP
fbem-6231	4	48	the	the	DET
fbem-6231	4	49	fama	fama	NOUN
fbem-6231	4	50	three	three	NUM
fbem-6231	4	51	factor	factor	NOUN
fbem-6231	4	52	capital	capital	NOUN
fbem-6231	4	53	asset	asset	NOUN
fbem-6231	4	54	pricing	pricing	NOUN
fbem-6231	4	55	model	model	NOUN
fbem-6231	4	56	,	,	PUNCT
fbem-6231	4	57	and	and	CCONJ
fbem-6231	4	58	uses	use	VERB
fbem-6231	4	59	the	the	DET
fbem-6231	4	60	ols	ol	NOUN
fbem-6231	4	61	regression	regression	NOUN
fbem-6231	4	62	method	method	NOUN
fbem-6231	4	63	for	for	ADP
fbem-6231	4	64	enterprises	enterprise	NOUN
fbem-6231	4	65	in	in	ADP
fbem-6231	4	66	the	the	DET
fbem-6231	4	67	chinese	chinese	ADJ
fbem-6231	4	68	a	a	DET
fbem-6231	4	69	-	-	PUNCT
fbem-6231	4	70	share	share	NOUN
fbem-6231	4	71	market	market	NOUN
fbem-6231	4	72	.	.	PUNCT
fbem-6231	5	1	the	the	DET
fbem-6231	5	2	empirical	empirical	ADJ
fbem-6231	5	3	results	result	NOUN
fbem-6231	5	4	show	show	VERB
fbem-6231	5	5	that	that	SCONJ
fbem-6231	5	6	the	the	DET
fbem-6231	5	7	value	value	NOUN
fbem-6231	5	8	premium	premium	NOUN
fbem-6231	5	9	reflects	reflect	VERB
fbem-6231	5	10	the	the	DET
fbem-6231	5	11	compensation	compensation	NOUN
fbem-6231	5	12	for	for	ADP
fbem-6231	5	13	taking	take	VERB
fbem-6231	5	14	more	more	ADJ
fbem-6231	5	15	risks	risk	NOUN
fbem-6231	5	16	and	and	CCONJ
fbem-6231	5	17	is	be	AUX
fbem-6231	5	18	related	relate	VERB
fbem-6231	5	19	to	to	ADP
fbem-6231	5	20	financial	financial	ADJ
fbem-6231	5	21	leverage	leverage	NOUN
fbem-6231	5	22	,	,	PUNCT
fbem-6231	5	23	operational	operational	ADJ
fbem-6231	5	24	leverage	leverage	NOUN
fbem-6231	5	25	,	,	PUNCT
fbem-6231	5	26	and	and	CCONJ
fbem-6231	5	27	comprehensive	comprehensive	ADJ
fbem-6231	5	28	leverage	leverage	NOUN
fbem-6231	5	29	.	.	PUNCT
fbem-6231	6	1	keywords	keyword	NOUN
fbem-6231	6	2	:	:	PUNCT
fbem-6231	6	3	leverage	leverage	NOUN
fbem-6231	6	4	,	,	PUNCT
fbem-6231	6	5	value	value	NOUN
fbem-6231	6	6	premium	premium	NOUN
fbem-6231	6	7	,	,	PUNCT
fbem-6231	6	8	three	three	NUM
fbem-6231	6	9	factor	factor	NOUN
fbem-6231	6	10	model	model	NOUN
fbem-6231	6	11	,	,	PUNCT
fbem-6231	6	12	mm	mm	PROPN
fbem-6231	6	13	theorem	theorem	NOUN
fbem-6231	6	14	.	.	PROPN
fbem-6231	6	15	1	1	NUM
fbem-6231	6	16	.	.	PUNCT
fbem-6231	7	1	journals	journal	NOUN
fbem-6231	7	2	reviewed	review	VERB
fbem-6231	7	3	in	in	ADP
fbem-6231	7	4	recent	recent	ADJ
fbem-6231	7	5	years	year	NOUN
fbem-6231	7	6	,	,	PUNCT
fbem-6231	7	7	many	many	ADJ
fbem-6231	7	8	scholars	scholar	NOUN
fbem-6231	7	9	have	have	AUX
fbem-6231	7	10	conducted	conduct	VERB
fbem-6231	7	11	a	a	DET
fbem-6231	7	12	lot	lot	NOUN
fbem-6231	7	13	of	of	ADP
fbem-6231	7	14	empirical	empirical	ADJ
fbem-6231	7	15	research	research	NOUN
fbem-6231	7	16	on	on	ADP
fbem-6231	7	17	why	why	SCONJ
fbem-6231	7	18	stocks	stock	NOUN
fbem-6231	7	19	with	with	ADP
fbem-6231	7	20	high	high	ADJ
fbem-6231	7	21	book	book	NOUN
fbem-6231	7	22	to	to	ADP
fbem-6231	7	23	market	market	NOUN
fbem-6231	7	24	ratios	ratio	NOUN
fbem-6231	7	25	obtain	obtain	VERB
fbem-6231	7	26	higher	high	ADJ
fbem-6231	7	27	returns	return	NOUN
fbem-6231	7	28	than	than	ADP
fbem-6231	7	29	stocks	stock	NOUN
fbem-6231	7	30	with	with	ADP
fbem-6231	7	31	low	low	ADJ
fbem-6231	7	32	book	book	NOUN
fbem-6231	7	33	to	to	ADP
fbem-6231	7	34	market	market	NOUN
fbem-6231	7	35	ratios	ratio	NOUN
fbem-6231	7	36	.	.	PUNCT
fbem-6231	8	1	the	the	DET
fbem-6231	8	2	existing	exist	VERB
fbem-6231	8	3	literature	literature	NOUN
fbem-6231	8	4	mainly	mainly	ADV
fbem-6231	8	5	focuses	focus	VERB
fbem-6231	8	6	on	on	ADP
fbem-6231	8	7	the	the	DET
fbem-6231	8	8	following	follow	VERB
fbem-6231	8	9	aspects	aspect	NOUN
fbem-6231	8	10	in	in	ADP
fbem-6231	8	11	explaining	explain	VERB
fbem-6231	8	12	the	the	DET
fbem-6231	8	13	"	"	PUNCT
fbem-6231	8	14	puzzle	puzzle	NOUN
fbem-6231	8	15	of	of	ADP
fbem-6231	8	16	value	value	NOUN
fbem-6231	8	17	premium	premium	NOUN
fbem-6231	8	18	"	"	PUNCT
fbem-6231	8	19	:	:	PUNCT
fbem-6231	8	20	explanations	explanation	NOUN
fbem-6231	8	21	based	base	VERB
fbem-6231	8	22	on	on	ADP
fbem-6231	8	23	data	datum	NOUN
fbem-6231	8	24	mining	mining	NOUN
fbem-6231	8	25	and	and	CCONJ
fbem-6231	8	26	sample	sample	NOUN
fbem-6231	8	27	selection	selection	NOUN
fbem-6231	8	28	bias	bias	NOUN
fbem-6231	8	29	;	;	PUNCT
fbem-6231	8	30	risk	risk	NOUN
fbem-6231	8	31	based	base	VERB
fbem-6231	8	32	interpretation	interpretation	NOUN
fbem-6231	8	33	;	;	PUNCT
fbem-6231	8	34	an	an	DET
fbem-6231	8	35	explanation	explanation	NOUN
fbem-6231	8	36	based	base	VERB
fbem-6231	8	37	on	on	ADP
fbem-6231	8	38	the	the	DET
fbem-6231	8	39	nature	nature	NOUN
fbem-6231	8	40	of	of	ADP
fbem-6231	8	41	investor	investor	NOUN
fbem-6231	8	42	behavior	behavior	NOUN
fbem-6231	8	43	.	.	PUNCT
fbem-6231	9	1	black	black	ADJ
fbem-6231	9	2	(	(	PUNCT
fbem-6231	9	3	1993	1993	NUM
fbem-6231	9	4	)	)	PUNCT
fbem-6231	9	5	and	and	CCONJ
fbem-6231	9	6	mackinlay	mackinlay	NOUN
fbem-6231	9	7	(	(	PUNCT
fbem-6231	9	8	1995	1995	NUM
fbem-6231	9	9	)	)	PUNCT
fbem-6231	9	10	pointed	point	VERB
fbem-6231	9	11	out	out	ADP
fbem-6231	9	12	that	that	SCONJ
fbem-6231	9	13	due	due	ADP
fbem-6231	9	14	to	to	ADP
fbem-6231	9	15	data	data	NOUN
fbem-6231	9	16	mining	mining	NOUN
fbem-6231	9	17	,	,	PUNCT
fbem-6231	9	18	the	the	DET
fbem-6231	9	19	specificity	specificity	NOUN
fbem-6231	9	20	of	of	ADP
fbem-6231	9	21	the	the	DET
fbem-6231	9	22	sample	sample	NOUN
fbem-6231	9	23	interval	interval	NOUN
fbem-6231	9	24	caused	cause	VERB
fbem-6231	9	25	a	a	DET
fbem-6231	9	26	value	value	NOUN
fbem-6231	9	27	premium	premium	NOUN
fbem-6231	9	28	,	,	PUNCT
fbem-6231	9	29	and	and	CCONJ
fbem-6231	9	30	he	he	PRON
fbem-6231	9	31	believed	believe	VERB
fbem-6231	9	32	that	that	SCONJ
fbem-6231	9	33	this	this	DET
fbem-6231	9	34	situation	situation	NOUN
fbem-6231	9	35	would	would	AUX
fbem-6231	9	36	not	not	PART
fbem-6231	9	37	continue	continue	VERB
fbem-6231	9	38	in	in	ADP
fbem-6231	9	39	the	the	DET
fbem-6231	9	40	future	future	NOUN
fbem-6231	9	41	.	.	PUNCT
fbem-6231	10	1	as	as	ADV
fbem-6231	10	2	early	early	ADV
fbem-6231	10	3	as	as	ADP
fbem-6231	10	4	1990	1990	NUM
fbem-6231	10	5	,	,	PUNCT
fbem-6231	10	6	lo	lo	PROPN
fbem-6231	10	7	and	and	CCONJ
fbem-6231	10	8	mackinlay	mackinlay	NOUN
fbem-6231	10	9	proposed	propose	VERB
fbem-6231	10	10	the	the	DET
fbem-6231	10	11	issue	issue	NOUN
fbem-6231	10	12	of	of	ADP
fbem-6231	10	13	data	datum	NOUN
fbem-6231	10	14	mining	mining	NOUN
fbem-6231	10	15	,	,	PUNCT
fbem-6231	10	16	which	which	PRON
fbem-6231	10	17	they	they	PRON
fbem-6231	10	18	referred	refer	VERB
fbem-6231	10	19	to	to	ADP
fbem-6231	10	20	as	as	ADP
fbem-6231	10	21	data	datum	NOUN
fbem-6231	10	22	snooping	snooping	NOUN
fbem-6231	10	23	.	.	PUNCT
fbem-6231	11	1	kothari	kothari	PROPN
fbem-6231	11	2	et	et	PROPN
fbem-6231	11	3	al	al	PROPN
fbem-6231	11	4	.	.	PROPN
fbem-6231	11	5	(	(	PUNCT
fbem-6231	11	6	1994	1994	NUM
fbem-6231	11	7	)	)	PUNCT
fbem-6231	11	8	believed	believe	VERB
fbem-6231	11	9	that	that	SCONJ
fbem-6231	11	10	due	due	ADP
fbem-6231	11	11	to	to	ADP
fbem-6231	11	12	sample	sample	NOUN
fbem-6231	11	13	selection	selection	NOUN
fbem-6231	11	14	bias	bias	NOUN
fbem-6231	11	15	,	,	PUNCT
fbem-6231	11	16	when	when	SCONJ
fbem-6231	11	17	the	the	DET
fbem-6231	11	18	analysis	analysis	NOUN
fbem-6231	11	19	is	be	AUX
fbem-6231	11	20	based	base	VERB
fbem-6231	11	21	on	on	ADP
fbem-6231	11	22	assets	asset	NOUN
fbem-6231	11	23	in	in	ADP
fbem-6231	11	24	the	the	DET
fbem-6231	11	25	compustat	compustat	NOUN
fbem-6231	11	26	database	database	NOUN
fbem-6231	11	27	,	,	PUNCT
fbem-6231	11	28	research	research	NOUN
fbem-6231	11	29	may	may	AUX
fbem-6231	11	30	generate	generate	VERB
fbem-6231	11	31	significant	significant	ADJ
fbem-6231	11	32	bias	bias	NOUN
fbem-6231	11	33	.	.	PUNCT
fbem-6231	12	1	however	however	ADV
fbem-6231	12	2	,	,	PUNCT
fbem-6231	12	3	some	some	DET
fbem-6231	12	4	scholars	scholar	NOUN
fbem-6231	12	5	later	later	ADV
fbem-6231	12	6	found	find	VERB
fbem-6231	12	7	that	that	SCONJ
fbem-6231	12	8	the	the	DET
fbem-6231	12	9	bm	bm	PROPN
fbem-6231	12	10	effect	effect	PROPN
fbem-6231	12	11	still	still	ADV
fbem-6231	12	12	exists	exist	VERB
fbem-6231	12	13	significantly	significantly	ADV
fbem-6231	12	14	after	after	ADP
fbem-6231	12	15	testing	test	VERB
fbem-6231	12	16	the	the	DET
fbem-6231	12	17	stock	stock	NOUN
fbem-6231	12	18	market	market	NOUN
fbem-6231	12	19	outside	outside	ADP
fbem-6231	12	20	the	the	DET
fbem-6231	12	21	united	united	PROPN
fbem-6231	12	22	states	states	PROPN
fbem-6231	12	23	or	or	CCONJ
fbem-6231	12	24	extending	extend	VERB
fbem-6231	12	25	the	the	DET
fbem-6231	12	26	test	test	NOUN
fbem-6231	12	27	period	period	NOUN
fbem-6231	12	28	,	,	PUNCT
fbem-6231	12	29	thereby	thereby	ADV
fbem-6231	12	30	denying	deny	VERB
fbem-6231	12	31	the	the	DET
fbem-6231	12	32	explanation	explanation	NOUN
fbem-6231	12	33	of	of	ADP
fbem-6231	12	34	black	black	ADJ
fbem-6231	12	35	et	et	PROPN
fbem-6231	12	36	al	al	PROPN
fbem-6231	12	37	.	.	PUNCT
fbem-6231	13	1	in	in	ADP
fbem-6231	13	2	addition	addition	NOUN
fbem-6231	13	3	,	,	PUNCT
fbem-6231	13	4	some	some	DET
fbem-6231	13	5	scholars	scholar	NOUN
fbem-6231	13	6	attribute	attribute	VERB
fbem-6231	13	7	the	the	DET
fbem-6231	13	8	value	value	NOUN
fbem-6231	13	9	premium	premium	NOUN
fbem-6231	13	10	to	to	PART
fbem-6231	13	11	risk	risk	VERB
fbem-6231	13	12	compensation	compensation	NOUN
fbem-6231	13	13	pairs	pair	NOUN
fbem-6231	13	14	,	,	PUNCT
fbem-6231	13	15	and	and	CCONJ
fbem-6231	13	16	different	different	ADJ
fbem-6231	13	17	scholars	scholar	NOUN
fbem-6231	13	18	have	have	VERB
fbem-6231	13	19	different	different	ADJ
fbem-6231	13	20	views	view	NOUN
fbem-6231	13	21	on	on	ADP
fbem-6231	13	22	the	the	DET
fbem-6231	13	23	impact	impact	NOUN
fbem-6231	13	24	of	of	ADP
fbem-6231	13	25	risk	risk	NOUN
fbem-6231	13	26	on	on	ADP
fbem-6231	13	27	yield	yield	NOUN
fbem-6231	13	28	.	.	PUNCT
fbem-6231	14	1	fama	fama	PROPN
fbem-6231	14	2	and	and	CCONJ
fbem-6231	14	3	french	french	ADJ
fbem-6231	14	4	(	(	PUNCT
fbem-6231	14	5	1992	1992	NUM
fbem-6231	14	6	)	)	PUNCT
fbem-6231	14	7	and	and	CCONJ
fbem-6231	14	8	chen	chen	PROPN
fbem-6231	14	9	and	and	CCONJ
fbem-6231	14	10	zhang	zhang	PROPN
fbem-6231	14	11	(	(	PUNCT
fbem-6231	14	12	1998	1998	NUM
fbem-6231	14	13	)	)	PUNCT
fbem-6231	14	14	believe	believe	VERB
fbem-6231	14	15	that	that	SCONJ
fbem-6231	14	16	value	value	NOUN
fbem-6231	14	17	stocks	stock	NOUN
fbem-6231	14	18	are	be	AUX
fbem-6231	14	19	generally	generally	ADV
fbem-6231	14	20	companies	company	NOUN
fbem-6231	14	21	whose	whose	DET
fbem-6231	14	22	market	market	NOUN
fbem-6231	14	23	expectations	expectation	NOUN
fbem-6231	14	24	for	for	ADP
fbem-6231	14	25	the	the	DET
fbem-6231	14	26	company	company	NOUN
fbem-6231	14	27	's	's	PART
fbem-6231	14	28	future	future	NOUN
fbem-6231	14	29	are	be	AUX
fbem-6231	14	30	not	not	PART
fbem-6231	14	31	optimistic	optimistic	ADJ
fbem-6231	14	32	.	.	PUNCT
fbem-6231	15	1	they	they	PRON
fbem-6231	15	2	have	have	VERB
fbem-6231	15	3	lower	low	ADJ
fbem-6231	15	4	returns	return	NOUN
fbem-6231	15	5	,	,	PUNCT
fbem-6231	15	6	higher	high	ADJ
fbem-6231	15	7	earnings	earning	NOUN
fbem-6231	15	8	uncertainty	uncertainty	NOUN
fbem-6231	15	9	,	,	PUNCT
fbem-6231	15	10	higher	high	ADJ
fbem-6231	15	11	leverage	leverage	NOUN
fbem-6231	15	12	levels	level	NOUN
fbem-6231	15	13	,	,	PUNCT
fbem-6231	15	14	and	and	CCONJ
fbem-6231	15	15	higher	high	ADJ
fbem-6231	15	16	risks	risk	NOUN
fbem-6231	15	17	.	.	PUNCT
fbem-6231	16	1	therefore	therefore	ADV
fbem-6231	16	2	,	,	PUNCT
fbem-6231	16	3	higher	high	ADJ
fbem-6231	16	4	returns	return	NOUN
fbem-6231	16	5	from	from	ADP
fbem-6231	16	6	value	value	NOUN
fbem-6231	16	7	stocks	stock	NOUN
fbem-6231	16	8	than	than	ADP
fbem-6231	16	9	growth	growth	NOUN
fbem-6231	16	10	stocks	stock	NOUN
fbem-6231	16	11	are	be	AUX
fbem-6231	16	12	compensation	compensation	NOUN
fbem-6231	16	13	for	for	ADP
fbem-6231	16	14	risks	risk	NOUN
fbem-6231	16	15	.	.	PUNCT
fbem-6231	17	1	carlson	carlson	PROPN
fbem-6231	17	2	et	et	PROPN
fbem-6231	17	3	al	al	PROPN
fbem-6231	17	4	.	.	PROPN
fbem-6231	17	5	(	(	PUNCT
fbem-6231	17	6	2004	2004	NUM
fbem-6231	17	7	)	)	PUNCT
fbem-6231	17	8	simulated	simulate	VERB
fbem-6231	17	9	the	the	DET
fbem-6231	17	10	relationship	relationship	NOUN
fbem-6231	17	11	between	between	ADP
fbem-6231	17	12	expected	expect	VERB
fbem-6231	17	13	returns	return	NOUN
fbem-6231	17	14	and	and	CCONJ
fbem-6231	17	15	internal	internal	ADJ
fbem-6231	17	16	investment	investment	NOUN
fbem-6231	17	17	decisions	decision	NOUN
fbem-6231	17	18	,	,	PUNCT
fbem-6231	17	19	and	and	CCONJ
fbem-6231	17	20	found	find	VERB
fbem-6231	17	21	that	that	SCONJ
fbem-6231	17	22	the	the	DET
fbem-6231	17	23	value	value	NOUN
fbem-6231	17	24	premium	premium	NOUN
fbem-6231	17	25	was	be	AUX
fbem-6231	17	26	driven	drive	VERB
fbem-6231	17	27	by	by	ADP
fbem-6231	17	28	operational	operational	ADJ
fbem-6231	17	29	leverage	leverage	NOUN
fbem-6231	17	30	.	.	PUNCT
fbem-6231	18	1	novy	novy	PROPN
fbem-6231	18	2	marx	marx	PROPN
fbem-6231	18	3	(	(	PUNCT
fbem-6231	18	4	2007	2007	NUM
fbem-6231	18	5	)	)	PUNCT
fbem-6231	18	6	provided	provide	VERB
fbem-6231	18	7	empirical	empirical	ADJ
fbem-6231	18	8	evidence	evidence	NOUN
fbem-6231	18	9	in	in	ADP
fbem-6231	18	10	support	support	NOUN
fbem-6231	18	11	of	of	ADP
fbem-6231	18	12	the	the	DET
fbem-6231	18	13	carlson	carlson	PROPN
fbem-6231	18	14	et	et	PROPN
fbem-6231	18	15	al	al	PROPN
fbem-6231	18	16	.	.	PROPN
fbem-6231	19	1	(	(	PUNCT
fbem-6231	19	2	2004	2004	NUM
fbem-6231	19	3	)	)	PUNCT
fbem-6231	19	4	model	model	NOUN
fbem-6231	19	5	.	.	PUNCT
fbem-6231	20	1	cai	cai	PROPN
fbem-6231	20	2	haihong	haihong	PROPN
fbem-6231	20	3	and	and	CCONJ
fbem-6231	20	4	wu	wu	PROPN
fbem-6231	20	5	shinong	shinong	PROPN
fbem-6231	20	6	(	(	PUNCT
fbem-6231	20	7	2003	2003	NUM
fbem-6231	20	8	)	)	PUNCT
fbem-6231	20	9	found	find	VERB
fbem-6231	20	10	evidence	evidence	NOUN
fbem-6231	20	11	that	that	SCONJ
fbem-6231	20	12	they	they	PRON
fbem-6231	20	13	refused	refuse	VERB
fbem-6231	20	14	to	to	PART
fbem-6231	20	15	explain	explain	VERB
fbem-6231	20	16	the	the	DET
fbem-6231	20	17	value	value	NOUN
fbem-6231	20	18	premium	premium	NOUN
fbem-6231	20	19	from	from	ADP
fbem-6231	20	20	a	a	DET
fbem-6231	20	21	behavioral	behavioral	ADJ
fbem-6231	20	22	perspective	perspective	NOUN
fbem-6231	20	23	.	.	PUNCT
fbem-6231	21	1	wang	wang	PROPN
fbem-6231	21	2	jinbin	jinbin	PROPN
fbem-6231	21	3	(	(	PUNCT
fbem-6231	21	4	2004	2004	NUM
fbem-6231	21	5	)	)	PUNCT
fbem-6231	21	6	proved	prove	VERB
fbem-6231	21	7	that	that	SCONJ
fbem-6231	21	8	there	there	PRON
fbem-6231	21	9	is	be	VERB
fbem-6231	21	10	a	a	DET
fbem-6231	21	11	significant	significant	ADJ
fbem-6231	21	12	value	value	NOUN
fbem-6231	21	13	premium	premium	NOUN
fbem-6231	21	14	in	in	ADP
fbem-6231	21	15	china	china	PROPN
fbem-6231	21	16	's	's	PART
fbem-6231	21	17	stock	stock	NOUN
fbem-6231	21	18	market	market	NOUN
fbem-6231	21	19	.	.	PUNCT
fbem-6231	22	1	the	the	DET
fbem-6231	22	2	capm	capm	PROPN
fbem-6231	22	3	model	model	NOUN
fbem-6231	22	4	well	well	ADV
fbem-6231	22	5	explains	explain	VERB
fbem-6231	22	6	the	the	DET
fbem-6231	22	7	investment	investment	NOUN
fbem-6231	22	8	premium	premium	NOUN
fbem-6231	22	9	of	of	ADP
fbem-6231	22	10	the	the	DET
fbem-6231	22	11	value	value	NOUN
fbem-6231	22	12	stock	stock	NOUN
fbem-6231	22	13	portfolio	portfolio	NOUN
fbem-6231	22	14	,	,	PUNCT
fbem-6231	22	15	and	and	CCONJ
fbem-6231	22	16	adding	add	VERB
fbem-6231	22	17	the	the	DET
fbem-6231	22	18	explanatory	explanatory	ADJ
fbem-6231	22	19	factor	factor	NOUN
fbem-6231	22	20	of	of	ADP
fbem-6231	22	21	the	the	DET
fbem-6231	22	22	difference	difference	NOUN
fbem-6231	22	23	between	between	ADP
fbem-6231	22	24	the	the	DET
fbem-6231	22	25	premium	premium	NOUN
fbem-6231	22	26	of	of	ADP
fbem-6231	22	27	the	the	DET
fbem-6231	22	28	value	value	NOUN
fbem-6231	22	29	stock	stock	NOUN
fbem-6231	22	30	portfolio	portfolio	NOUN
fbem-6231	22	31	and	and	CCONJ
fbem-6231	22	32	the	the	DET
fbem-6231	22	33	growth	growth	NOUN
fbem-6231	22	34	stock	stock	NOUN
fbem-6231	22	35	portfolio	portfolio	NOUN
fbem-6231	22	36	improves	improve	VERB
fbem-6231	22	37	the	the	DET
fbem-6231	22	38	fitting	fitting	ADJ
fbem-6231	22	39	degree	degree	NOUN
fbem-6231	22	40	of	of	ADP
fbem-6231	22	41	the	the	DET
fbem-6231	22	42	model	model	NOUN
fbem-6231	22	43	.	.	PUNCT
fbem-6231	23	1	wu	wu	PROPN
fbem-6231	23	2	shinong	shinong	PROPN
fbem-6231	23	3	,	,	PUNCT
fbem-6231	23	4	xu	xu	PROPN
fbem-6231	23	5	nianxing	nianxing	PROPN
fbem-6231	23	6	(	(	PUNCT
fbem-6231	23	7	2004	2004	NUM
fbem-6231	23	8	)	)	PUNCT
fbem-6231	23	9	,	,	PUNCT
fbem-6231	23	10	shi	shi	PROPN
fbem-6231	23	11	yuyou	yuyou	PROPN
fbem-6231	23	12	,	,	PUNCT
fbem-6231	23	13	et	et	PROPN
fbem-6231	23	14	al	al	PROPN
fbem-6231	23	15	.	.	PUNCT
fbem-6231	23	16	(	(	PUNCT
fbem-6231	23	17	2008	2008	NUM
fbem-6231	23	18	)	)	PUNCT
fbem-6231	23	19	found	find	VERB
fbem-6231	23	20	that	that	SCONJ
fbem-6231	23	21	there	there	PRON
fbem-6231	23	22	is	be	VERB
fbem-6231	23	23	a	a	DET
fbem-6231	23	24	significant	significant	ADJ
fbem-6231	23	25	book	book	NOUN
fbem-6231	23	26	to	to	ADP
fbem-6231	23	27	market	market	NOUN
fbem-6231	23	28	effect	effect	NOUN
fbem-6231	23	29	(	(	PUNCT
fbem-6231	23	30	bm	bm	NOUN
fbem-6231	23	31	effect	effect	PROPN
fbem-6231	23	32	)	)	PUNCT
fbem-6231	23	33	in	in	ADP
fbem-6231	23	34	china	china	PROPN
fbem-6231	23	35	's	's	PART
fbem-6231	23	36	stock	stock	NOUN
fbem-6231	23	37	market	market	NOUN
fbem-6231	23	38	,	,	PUNCT
fbem-6231	23	39	and	and	CCONJ
fbem-6231	23	40	the	the	DET
fbem-6231	23	41	changes	change	NOUN
fbem-6231	23	42	in	in	ADP
fbem-6231	23	43	cross	cross	ADJ
fbem-6231	23	44	-	-	ADJ
fbem-6231	23	45	sectional	sectional	ADJ
fbem-6231	23	46	returns	return	NOUN
fbem-6231	23	47	of	of	ADP
fbem-6231	23	48	chinese	chinese	ADJ
fbem-6231	23	49	stocks	stock	NOUN
fbem-6231	23	50	depend	depend	VERB
fbem-6231	23	51	on	on	ADP
fbem-6231	23	52	risk	risk	NOUN
fbem-6231	23	53	factors	factor	NOUN
fbem-6231	23	54	.	.	PUNCT
fbem-6231	24	1	fama	fama	PROPN
fbem-6231	24	2	and	and	CCONJ
fbem-6231	24	3	french	french	ADJ
fbem-6231	24	4	(	(	PUNCT
fbem-6231	24	5	2006	2006	NUM
fbem-6231	24	6	)	)	PUNCT
fbem-6231	24	7	and	and	CCONJ
fbem-6231	24	8	ang	ang	PROPN
fbem-6231	24	9	and	and	CCONJ
fbem-6231	24	10	chen	chen	PROPN
fbem-6231	24	11	(	(	PUNCT
fbem-6231	24	12	2007	2007	NUM
fbem-6231	24	13	)	)	PUNCT
fbem-6231	24	14	found	find	VERB
fbem-6231	24	15	that	that	SCONJ
fbem-6231	24	16	the	the	DET
fbem-6231	24	17	unconditional	unconditional	ADJ
fbem-6231	24	18	capm	capm	PROPN
fbem-6231	24	19	model	model	NOUN
fbem-6231	24	20	had	have	VERB
fbem-6231	24	21	no	no	DET
fbem-6231	24	22	explanatory	explanatory	ADJ
fbem-6231	24	23	power	power	NOUN
fbem-6231	24	24	for	for	ADP
fbem-6231	24	25	the	the	DET
fbem-6231	24	26	value	value	NOUN
fbem-6231	24	27	premium	premium	NOUN
fbem-6231	24	28	after	after	ADP
fbem-6231	24	29	1963	1963	NUM
fbem-6231	24	30	.	.	PUNCT
fbem-6231	25	1	therefore	therefore	ADV
fbem-6231	25	2	,	,	PUNCT
fbem-6231	25	3	scholars	scholar	NOUN
fbem-6231	25	4	revised	revise	VERB
fbem-6231	25	5	the	the	DET
fbem-6231	25	6	capm	capm	PROPN
fbem-6231	25	7	model	model	NOUN
fbem-6231	25	8	and	and	CCONJ
fbem-6231	25	9	began	begin	VERB
fbem-6231	25	10	to	to	PART
fbem-6231	25	11	study	study	VERB
fbem-6231	25	12	the	the	DET
fbem-6231	25	13	relationship	relationship	NOUN
fbem-6231	25	14	between	between	ADP
fbem-6231	25	15	time	time	NOUN
fbem-6231	25	16	varying	vary	VERB
fbem-6231	25	17	risk	risk	NOUN
fbem-6231	25	18	and	and	CCONJ
fbem-6231	25	19	value	value	NOUN
fbem-6231	25	20	premium	premium	NOUN
fbem-6231	25	21	.	.	PUNCT
fbem-6231	26	1	the	the	DET
fbem-6231	26	2	core	core	NOUN
fbem-6231	26	3	of	of	ADP
fbem-6231	26	4	this	this	DET
fbem-6231	26	5	type	type	NOUN
fbem-6231	26	6	of	of	ADP
fbem-6231	26	7	literature	literature	NOUN
fbem-6231	26	8	is	be	AUX
fbem-6231	26	9	β	β	NOUN
fbem-6231	26	10	changes	change	NOUN
fbem-6231	26	11	will	will	AUX
fbem-6231	26	12	occur	occur	VERB
fbem-6231	26	13	as	as	ADP
fbem-6231	26	14	the	the	DET
fbem-6231	26	15	economic	economic	ADJ
fbem-6231	26	16	state	state	NOUN
fbem-6231	26	17	or	or	CCONJ
fbem-6231	26	18	macroeconomic	macroeconomic	ADJ
fbem-6231	26	19	variables	variable	NOUN
fbem-6231	26	20	change	change	NOUN
fbem-6231	26	21	.	.	PUNCT
fbem-6231	27	1	petkova	petkova	PROPN
fbem-6231	27	2	and	and	CCONJ
fbem-6231	27	3	zhang	zhang	PROPN
fbem-6231	27	4	(	(	PUNCT
fbem-6231	27	5	2005	2005	NUM
fbem-6231	27	6	)	)	PUNCT
fbem-6231	27	7	used	use	VERB
fbem-6231	27	8	conditional	conditional	ADJ
fbem-6231	27	9	capm	capm	PROPN
fbem-6231	27	10	to	to	PART
fbem-6231	27	11	study	study	VERB
fbem-6231	27	12	the	the	DET
fbem-6231	27	13	relative	relative	ADJ
fbem-6231	27	14	risk	risk	NOUN
fbem-6231	27	15	of	of	ADP
fbem-6231	27	16	value	value	NOUN
fbem-6231	27	17	stocks	stock	NOUN
fbem-6231	27	18	and	and	CCONJ
fbem-6231	27	19	growth	growth	NOUN
fbem-6231	27	20	stocks	stock	NOUN
fbem-6231	27	21	,	,	PUNCT
fbem-6231	27	22	and	and	CCONJ
fbem-6231	27	23	found	find	VERB
fbem-6231	27	24	that	that	SCONJ
fbem-6231	27	25	time	time	NOUN
fbem-6231	27	26	-	-	PUNCT
fbem-6231	27	27	varying	vary	VERB
fbem-6231	27	28	risk	risk	NOUN
fbem-6231	27	29	can	can	AUX
fbem-6231	27	30	explain	explain	VERB
fbem-6231	27	31	the	the	DET
fbem-6231	27	32	value	value	NOUN
fbem-6231	27	33	premium	premium	NOUN
fbem-6231	27	34	.	.	PUNCT
fbem-6231	28	1	zhang	zhang	PROPN
fbem-6231	28	2	(	(	PUNCT
fbem-6231	28	3	2005	2005	NUM
fbem-6231	28	4	)	)	PUNCT
fbem-6231	28	5	found	find	VERB
fbem-6231	28	6	that	that	SCONJ
fbem-6231	28	7	value	value	NOUN
fbem-6231	28	8	stocks	stock	NOUN
fbem-6231	28	9	have	have	VERB
fbem-6231	28	10	higher	high	ADJ
fbem-6231	28	11	risks	risk	NOUN
fbem-6231	28	12	than	than	ADP
fbem-6231	28	13	growth	growth	NOUN
fbem-6231	28	14	stocks	stock	NOUN
fbem-6231	28	15	when	when	SCONJ
fbem-6231	28	16	studying	study	VERB
fbem-6231	28	17	the	the	DET
fbem-6231	28	18	relationship	relationship	NOUN
fbem-6231	28	19	between	between	ADP
fbem-6231	28	20	time	time	NOUN
fbem-6231	28	21	-	-	PUNCT
fbem-6231	28	22	varying	vary	VERB
fbem-6231	28	23	risk	risk	NOUN
fbem-6231	28	24	and	and	CCONJ
fbem-6231	28	25	value	value	NOUN
fbem-6231	28	26	premium	premium	NOUN
fbem-6231	28	27	,	,	PUNCT
fbem-6231	28	28	especially	especially	ADV
fbem-6231	28	29	when	when	SCONJ
fbem-6231	28	30	the	the	DET
fbem-6231	28	31	economic	economic	ADJ
fbem-6231	28	32	environment	environment	NOUN
fbem-6231	28	33	is	be	AUX
fbem-6231	28	34	poor	poor	ADJ
fbem-6231	28	35	(	(	PUNCT
fbem-6231	28	36	the	the	DET
fbem-6231	28	37	cost	cost	NOUN
fbem-6231	28	38	of	of	ADP
fbem-6231	28	39	risk	risk	NOUN
fbem-6231	28	40	is	be	AUX
fbem-6231	28	41	higher	high	ADJ
fbem-6231	28	42	)	)	PUNCT
fbem-6231	28	43	.	.	PUNCT
fbem-6231	29	1	cooper	cooper	PROPN
fbem-6231	29	2	(	(	PUNCT
fbem-6231	29	3	2006	2006	NUM
fbem-6231	29	4	)	)	PUNCT
fbem-6231	29	5	developed	develop	VERB
fbem-6231	29	6	an	an	DET
fbem-6231	29	7	actual	actual	ADJ
fbem-6231	29	8	option	option	NOUN
fbem-6231	29	9	model	model	NOUN
fbem-6231	29	10	based	base	VERB
fbem-6231	29	11	on	on	ADP
fbem-6231	29	12	the	the	DET
fbem-6231	29	13	work	work	NOUN
fbem-6231	29	14	of	of	ADP
fbem-6231	29	15	zhang	zhang	PROPN
fbem-6231	29	16	(	(	PUNCT
fbem-6231	29	17	2005	2005	NUM
fbem-6231	29	18	)	)	PUNCT
fbem-6231	29	19	,	,	PUNCT
fbem-6231	29	20	which	which	PRON
fbem-6231	29	21	takes	take	VERB
fbem-6231	29	22	into	into	ADP
fbem-6231	29	23	account	account	NOUN
fbem-6231	29	24	the	the	DET
fbem-6231	29	25	observed	observe	VERB
fbem-6231	29	26	value	value	NOUN
fbem-6231	29	27	premium	premium	NOUN
fbem-6231	29	28	.	.	PUNCT
fbem-6231	30	1	he	he	PRON
fbem-6231	30	2	showed	show	VERB
fbem-6231	30	3	that	that	SCONJ
fbem-6231	30	4	the	the	DET
fbem-6231	30	5	irreversibility	irreversibility	NOUN
fbem-6231	30	6	of	of	ADP
fbem-6231	30	7	investment	investment	NOUN
fbem-6231	30	8	is	be	AUX
fbem-6231	30	9	the	the	DET
fbem-6231	30	10	driving	drive	VERB
fbem-6231	30	11	force	force	NOUN
fbem-6231	30	12	behind	behind	ADP
fbem-6231	30	13	the	the	DET
fbem-6231	30	14	value	value	NOUN
fbem-6231	30	15	premium	premium	NOUN
fbem-6231	30	16	.	.	PUNCT
fbem-6231	31	1	lewellen	lewellen	NOUN
fbem-6231	31	2	and	and	CCONJ
fbem-6231	31	3	nagel	nagel	PROPN
fbem-6231	31	4	(	(	PUNCT
fbem-6231	31	5	2006	2006	NUM
fbem-6231	31	6	)	)	PUNCT
fbem-6231	31	7	expressed	express	VERB
fbem-6231	31	8	doubts	doubt	NOUN
fbem-6231	31	9	about	about	ADP
fbem-6231	31	10	the	the	DET
fbem-6231	31	11	conclusions	conclusion	NOUN
fbem-6231	31	12	drawn	draw	VERB
fbem-6231	31	13	by	by	ADP
fbem-6231	31	14	the	the	DET
fbem-6231	31	15	conditional	conditional	ADJ
fbem-6231	31	16	capm	capm	PROPN
fbem-6231	31	17	model	model	NOUN
fbem-6231	31	18	used	use	VERB
fbem-6231	31	19	in	in	ADP
fbem-6231	31	20	zhang	zhang	PROPN
fbem-6231	31	21	(	(	PUNCT
fbem-6231	31	22	2005	2005	NUM
fbem-6231	31	23	)	)	PUNCT
fbem-6231	31	24	's	's	PART
fbem-6231	31	25	study	study	NOUN
fbem-6231	31	26	;	;	PUNCT
fbem-6231	31	27	however	however	ADV
fbem-6231	31	28	,	,	PUNCT
fbem-6231	31	29	guo	guo	PROPN
fbem-6231	31	30	et	et	PROPN
fbem-6231	31	31	al	al	PROPN
fbem-6231	31	32	.	.	PROPN
fbem-6231	32	1	(	(	PUNCT
fbem-6231	32	2	2009	2009	NUM
fbem-6231	32	3	)	)	PUNCT
fbem-6231	32	4	demonstrated	demonstrate	VERB
fbem-6231	32	5	a	a	DET
fbem-6231	32	6	positive	positive	ADJ
fbem-6231	32	7	correlation	correlation	NOUN
fbem-6231	32	8	between	between	ADP
fbem-6231	32	9	value	value	NOUN
fbem-6231	32	10	premium	premium	NOUN
fbem-6231	32	11	and	and	CCONJ
fbem-6231	32	12	conditional	conditional	ADJ
fbem-6231	32	13	variance	variance	NOUN
fbem-6231	32	14	.	.	PUNCT
fbem-6231	33	1	they	they	PRON
fbem-6231	33	2	further	far	ADV
fbem-6231	33	3	demonstrated	demonstrate	VERB
fbem-6231	33	4	that	that	SCONJ
fbem-6231	33	5	value	value	NOUN
fbem-6231	33	6	stocks	stock	NOUN
fbem-6231	33	7	are	be	AUX
fbem-6231	33	8	more	more	ADV
fbem-6231	33	9	risky	risky	ADJ
fbem-6231	33	10	than	than	ADP
fbem-6231	33	11	growth	growth	NOUN
fbem-6231	33	12	stocks	stock	NOUN
fbem-6231	33	13	when	when	SCONJ
fbem-6231	33	14	the	the	DET
fbem-6231	33	15	economy	economy	NOUN
fbem-6231	33	16	is	be	AUX
fbem-6231	33	17	poor	poor	ADJ
fbem-6231	33	18	.	.	PUNCT
fbem-6231	34	1	some	some	DET
fbem-6231	34	2	scholars	scholar	NOUN
fbem-6231	34	3	attribute	attribute	VERB
fbem-6231	34	4	the	the	DET
fbem-6231	34	5	value	value	NOUN
fbem-6231	34	6	premium	premium	NOUN
fbem-6231	34	7	to	to	ADP
fbem-6231	34	8	behavioral	behavioral	ADJ
fbem-6231	34	9	factors	factor	NOUN
fbem-6231	34	10	,	,	PUNCT
fbem-6231	34	11	believing	believe	VERB
fbem-6231	34	12	that	that	SCONJ
fbem-6231	34	13	investors	investor	NOUN
fbem-6231	34	14	will	will	AUX
fbem-6231	34	15	predict	predict	VERB
fbem-6231	34	16	future	future	ADJ
fbem-6231	34	17	stock	stock	NOUN
fbem-6231	34	18	trends	trend	NOUN
fbem-6231	34	19	based	base	VERB
fbem-6231	34	20	on	on	ADP
fbem-6231	34	21	the	the	DET
fbem-6231	34	22	past	past	ADJ
fbem-6231	34	23	stock	stock	NOUN
fbem-6231	34	24	prices	price	NOUN
fbem-6231	34	25	and	and	CCONJ
fbem-6231	34	26	operating	operating	NOUN
fbem-6231	34	27	conditions	condition	NOUN
fbem-6231	34	28	of	of	ADP
fbem-6231	34	29	enterprises	enterprise	NOUN
fbem-6231	34	30	.	.	PUNCT
fbem-6231	35	1	especially	especially	ADV
fbem-6231	35	2	,	,	PUNCT
fbem-6231	35	3	investors	investor	NOUN
fbem-6231	35	4	naively	naively	ADV
fbem-6231	35	5	infer	infer	VERB
fbem-6231	35	6	past	past	ADP
fbem-6231	35	7	company	company	NOUN
fbem-6231	35	8	performance	performance	NOUN
fbem-6231	35	9	,	,	PUNCT
fbem-6231	35	10	leading	lead	VERB
fbem-6231	35	11	to	to	ADP
fbem-6231	35	12	an	an	DET
fbem-6231	35	13	overreaction	overreaction	NOUN
fbem-6231	35	14	of	of	ADP
fbem-6231	35	15	stock	stock	NOUN
fbem-6231	35	16	prices	price	NOUN
fbem-6231	35	17	to	to	ADP
fbem-6231	35	18	"	"	PUNCT
fbem-6231	35	19	too	too	ADV
fbem-6231	35	20	high	high	ADJ
fbem-6231	35	21	"	"	PUNCT
fbem-6231	35	22	and	and	CCONJ
fbem-6231	35	23	"	"	PUNCT
fbem-6231	35	24	too	too	ADV
fbem-6231	35	25	low	low	ADJ
fbem-6231	35	26	"	"	PUNCT
fbem-6231	35	27	growth	growth	NOUN
fbem-6231	35	28	stocks	stock	NOUN
fbem-6231	35	29	.	.	PUNCT
fbem-6231	36	1	based	base	VERB
fbem-6231	36	2	on	on	ADP
fbem-6231	36	3	behavioral	behavioral	ADJ
fbem-6231	36	4	factors	factor	NOUN
fbem-6231	36	5	,	,	PUNCT
fbem-6231	36	6	gulen	gulen	VERB
fbem-6231	36	7	et	et	NOUN
fbem-6231	36	8	al	al	PROPN
fbem-6231	36	9	.	.	PROPN
fbem-6231	37	1	(	(	PUNCT
fbem-6231	37	2	2011	2011	NUM
fbem-6231	37	3	)	)	PUNCT
fbem-6231	37	4	used	use	VERB
fbem-6231	37	5	a	a	DET
fbem-6231	37	6	markov	markov	NOUN
fbem-6231	37	7	transformation	transformation	NOUN
fbem-6231	37	8	model	model	NOUN
fbem-6231	37	9	to	to	PART
fbem-6231	37	10	examine	examine	VERB
fbem-6231	37	11	the	the	DET
fbem-6231	37	12	timevarying	timevarye	VERB
fbem-6231	37	13	nature	nature	NOUN
fbem-6231	37	14	of	of	ADP
fbem-6231	37	15	value	value	NOUN
fbem-6231	37	16	premiums	premium	NOUN
fbem-6231	37	17	,	,	PUNCT
fbem-6231	37	18	and	and	CCONJ
fbem-6231	37	19	found	find	VERB
fbem-6231	37	20	that	that	SCONJ
fbem-6231	37	21	there	there	PRON
fbem-6231	37	22	was	be	VERB
fbem-6231	37	23	a	a	DET
fbem-6231	37	24	282	282	NUM
fbem-6231	37	25	significant	significant	ADJ
fbem-6231	37	26	difference	difference	NOUN
fbem-6231	37	27	in	in	ADP
fbem-6231	37	28	the	the	DET
fbem-6231	37	29	response	response	NOUN
fbem-6231	37	30	of	of	ADP
fbem-6231	37	31	expected	expect	VERB
fbem-6231	37	32	returns	return	NOUN
fbem-6231	37	33	between	between	ADP
fbem-6231	37	34	value	value	NOUN
fbem-6231	37	35	stocks	stock	NOUN
fbem-6231	37	36	and	and	CCONJ
fbem-6231	37	37	growth	growth	NOUN
fbem-6231	37	38	stocks	stock	NOUN
fbem-6231	37	39	to	to	ADP
fbem-6231	37	40	the	the	DET
fbem-6231	37	41	overall	overall	ADJ
fbem-6231	37	42	economic	economic	ADJ
fbem-6231	37	43	environment	environment	NOUN
fbem-6231	37	44	impact	impact	NOUN
fbem-6231	37	45	.	.	PUNCT
fbem-6231	38	1	value	value	NOUN
fbem-6231	38	2	premiums	premium	NOUN
fbem-6231	38	3	were	be	AUX
fbem-6231	38	4	timevarying	timevarye	VERB
fbem-6231	38	5	,	,	PUNCT
fbem-6231	38	6	rising	rise	VERB
fbem-6231	38	7	during	during	ADP
fbem-6231	38	8	periods	period	NOUN
fbem-6231	38	9	of	of	ADP
fbem-6231	38	10	high	high	ADJ
fbem-6231	38	11	volatility	volatility	NOUN
fbem-6231	38	12	,	,	PUNCT
fbem-6231	38	13	and	and	CCONJ
fbem-6231	38	14	then	then	ADV
fbem-6231	38	15	gradually	gradually	ADV
fbem-6231	38	16	declining	decline	VERB
fbem-6231	38	17	.	.	PUNCT
fbem-6231	39	1	huang	huang	PROPN
fbem-6231	39	2	fenhong	fenhong	PROPN
fbem-6231	39	3	and	and	CCONJ
fbem-6231	39	4	wang	wang	PROPN
fbem-6231	39	5	zhiqiang	zhiqiang	PROPN
fbem-6231	39	6	(	(	PUNCT
fbem-6231	39	7	2015	2015	NUM
fbem-6231	39	8	)	)	PUNCT
fbem-6231	39	9	used	use	VERB
fbem-6231	39	10	the	the	DET
fbem-6231	39	11	gjr	gjr	NOUN
fbem-6231	39	12	garch	garch	NOUN
fbem-6231	39	13	m	m	PROPN
fbem-6231	39	14	model	model	NOUN
fbem-6231	39	15	to	to	PART
fbem-6231	39	16	investigate	investigate	VERB
fbem-6231	39	17	the	the	DET
fbem-6231	39	18	time	time	NOUN
fbem-6231	39	19	-	-	PUNCT
fbem-6231	39	20	varying	vary	VERB
fbem-6231	39	21	idiosyncratic	idiosyncratic	ADJ
fbem-6231	39	22	volatility	volatility	NOUN
fbem-6231	39	23	characteristics	characteristic	NOUN
fbem-6231	39	24	of	of	ADP
fbem-6231	39	25	chinese	chinese	ADJ
fbem-6231	39	26	value	value	NOUN
fbem-6231	39	27	stocks	stock	NOUN
fbem-6231	39	28	and	and	CCONJ
fbem-6231	39	29	growth	growth	NOUN
fbem-6231	39	30	stocks	stock	NOUN
fbem-6231	39	31	based	base	VERB
fbem-6231	39	32	on	on	ADP
fbem-6231	39	33	the	the	DET
fbem-6231	39	34	conditional	conditional	ADJ
fbem-6231	39	35	capm	capm	PROPN
fbem-6231	39	36	framework	framework	NOUN
fbem-6231	39	37	,	,	PUNCT
fbem-6231	39	38	and	and	CCONJ
fbem-6231	39	39	analyzed	analyze	VERB
fbem-6231	39	40	the	the	DET
fbem-6231	39	41	correlation	correlation	NOUN
fbem-6231	39	42	between	between	ADP
fbem-6231	39	43	value	value	NOUN
fbem-6231	39	44	premium	premium	NOUN
fbem-6231	39	45	and	and	CCONJ
fbem-6231	39	46	time	time	NOUN
fbem-6231	39	47	-	-	PUNCT
fbem-6231	39	48	varying	vary	VERB
fbem-6231	39	49	idiosyncratic	idiosyncratic	ADJ
fbem-6231	39	50	risk	risk	NOUN
fbem-6231	39	51	.	.	PUNCT
fbem-6231	40	1	the	the	DET
fbem-6231	40	2	results	result	NOUN
fbem-6231	40	3	showed	show	VERB
fbem-6231	40	4	that	that	SCONJ
fbem-6231	40	5	idiosyncratic	idiosyncratic	ADJ
fbem-6231	40	6	volatility	volatility	NOUN
fbem-6231	40	7	risk	risk	NOUN
fbem-6231	40	8	can	can	AUX
fbem-6231	40	9	explain	explain	VERB
fbem-6231	40	10	value	value	NOUN
fbem-6231	40	11	premium	premium	NOUN
fbem-6231	40	12	.	.	PUNCT
fbem-6231	41	1	lakonishok	lakonishok	NOUN
fbem-6231	41	2	et	et	PROPN
fbem-6231	41	3	al	al	PROPN
fbem-6231	41	4	.	.	PROPN
fbem-6231	42	1	(	(	PUNCT
fbem-6231	42	2	1994	1994	NUM
fbem-6231	42	3	,	,	PUNCT
fbem-6231	42	4	lsv	lsv	NOUN
fbem-6231	42	5	)	)	PUNCT
fbem-6231	42	6	,	,	PUNCT
fbem-6231	42	7	la	la	PROPN
fbem-6231	42	8	porta	porta	NOUN
fbem-6231	42	9	et	et	PROPN
fbem-6231	42	10	al	al	PROPN
fbem-6231	42	11	.	.	PROPN
fbem-6231	43	1	(	(	PUNCT
fbem-6231	43	2	1997	1997	NUM
fbem-6231	43	3	)	)	PUNCT
fbem-6231	43	4	,	,	PUNCT
fbem-6231	43	5	ali	ali	PROPN
fbem-6231	43	6	et	et	PROPN
fbem-6231	43	7	al	al	PROPN
fbem-6231	43	8	.	.	PROPN
fbem-6231	44	1	(	(	PUNCT
fbem-6231	44	2	2003	2003	NUM
fbem-6231	44	3	)	)	PUNCT
fbem-6231	44	4	believe	believe	VERB
fbem-6231	44	5	that	that	SCONJ
fbem-6231	44	6	the	the	DET
fbem-6231	44	7	market	market	NOUN
fbem-6231	44	8	always	always	ADV
fbem-6231	44	9	underestimates	underestimate	VERB
fbem-6231	44	10	value	value	NOUN
fbem-6231	44	11	stocks	stock	NOUN
fbem-6231	44	12	and	and	CCONJ
fbem-6231	44	13	overestimates	overestimate	VERB
fbem-6231	44	14	growth	growth	NOUN
fbem-6231	44	15	stocks	stock	NOUN
fbem-6231	44	16	.	.	PUNCT
fbem-6231	45	1	when	when	SCONJ
fbem-6231	45	2	the	the	DET
fbem-6231	45	3	market	market	NOUN
fbem-6231	45	4	corrects	correct	VERB
fbem-6231	45	5	price	price	NOUN
fbem-6231	45	6	errors	error	NOUN
fbem-6231	45	7	,	,	PUNCT
fbem-6231	45	8	value	value	NOUN
fbem-6231	45	9	stocks	stock	NOUN
fbem-6231	45	10	gain	gain	VERB
fbem-6231	45	11	higher	high	ADJ
fbem-6231	45	12	returns	return	NOUN
fbem-6231	45	13	than	than	ADP
fbem-6231	45	14	growth	growth	NOUN
fbem-6231	45	15	stocks	stock	NOUN
fbem-6231	45	16	.	.	PUNCT
fbem-6231	46	1	a	a	DET
fbem-6231	46	2	study	study	NOUN
fbem-6231	46	3	by	by	ADP
fbem-6231	46	4	griffin	griffin	PROPN
fbem-6231	46	5	and	and	CCONJ
fbem-6231	46	6	lemmon	lemmon	PROPN
fbem-6231	46	7	(	(	PUNCT
fbem-6231	46	8	2002	2002	NUM
fbem-6231	46	9	)	)	PUNCT
fbem-6231	46	10	found	find	VERB
fbem-6231	46	11	that	that	SCONJ
fbem-6231	46	12	companies	company	NOUN
fbem-6231	46	13	with	with	ADP
fbem-6231	46	14	high	high	ADJ
fbem-6231	46	15	distress	distress	NOUN
fbem-6231	46	16	risks	risk	NOUN
fbem-6231	46	17	have	have	VERB
fbem-6231	46	18	the	the	DET
fbem-6231	46	19	greatest	great	ADJ
fbem-6231	46	20	return	return	NOUN
fbem-6231	46	21	reversals	reversal	NOUN
fbem-6231	46	22	before	before	ADP
fbem-6231	46	23	and	and	CCONJ
fbem-6231	46	24	after	after	ADP
fbem-6231	46	25	the	the	DET
fbem-6231	46	26	release	release	NOUN
fbem-6231	46	27	of	of	ADP
fbem-6231	46	28	earnings	earning	NOUN
fbem-6231	46	29	announcements	announcement	NOUN
fbem-6231	46	30	,	,	PUNCT
fbem-6231	46	31	so	so	SCONJ
fbem-6231	46	32	the	the	DET
fbem-6231	46	33	benefits	benefit	NOUN
fbem-6231	46	34	of	of	ADP
fbem-6231	46	35	distress	distress	NOUN
fbem-6231	46	36	risk	risk	NOUN
fbem-6231	46	37	are	be	AUX
fbem-6231	46	38	attributed	attribute	VERB
fbem-6231	46	39	to	to	ADP
fbem-6231	46	40	mispricing	misprice	VERB
fbem-6231	46	41	.	.	PUNCT
fbem-6231	47	1	berker	berker	NOUN
fbem-6231	47	2	and	and	CCONJ
fbem-6231	47	3	wurgler	wurgler	NOUN
fbem-6231	47	4	(	(	PUNCT
fbem-6231	47	5	2006	2006	NUM
fbem-6231	47	6	)	)	PUNCT
fbem-6231	47	7	believe	believe	VERB
fbem-6231	47	8	that	that	SCONJ
fbem-6231	47	9	stock	stock	NOUN
fbem-6231	47	10	prices	price	NOUN
fbem-6231	47	11	are	be	AUX
fbem-6231	47	12	influenced	influence	VERB
fbem-6231	47	13	by	by	ADP
fbem-6231	47	14	investors	investor	NOUN
fbem-6231	47	15	'	'	PART
fbem-6231	47	16	"	"	PUNCT
fbem-6231	47	17	emotional	emotional	ADJ
fbem-6231	47	18	"	"	PUNCT
fbem-6231	47	19	states	state	NOUN
fbem-6231	47	20	.	.	PUNCT
fbem-6231	48	1	brennan	brennan	PROPN
fbem-6231	48	2	and	and	CCONJ
fbem-6231	48	3	wang	wang	PROPN
fbem-6231	48	4	(	(	PUNCT
fbem-6231	48	5	2010	2010	NUM
fbem-6231	48	6	)	)	PUNCT
fbem-6231	48	7	showed	show	VERB
fbem-6231	48	8	that	that	SCONJ
fbem-6231	48	9	when	when	SCONJ
fbem-6231	48	10	stock	stock	NOUN
fbem-6231	48	11	prices	price	NOUN
fbem-6231	48	12	are	be	AUX
fbem-6231	48	13	affected	affect	VERB
fbem-6231	48	14	by	by	ADP
fbem-6231	48	15	mispricing	misprice	VERB
fbem-6231	48	16	,	,	PUNCT
fbem-6231	48	17	the	the	DET
fbem-6231	48	18	expected	expect	VERB
fbem-6231	48	19	return	return	NOUN
fbem-6231	48	20	may	may	AUX
fbem-6231	48	21	depend	depend	VERB
fbem-6231	48	22	not	not	PART
fbem-6231	48	23	only	only	ADV
fbem-6231	48	24	on	on	ADP
fbem-6231	48	25	the	the	DET
fbem-6231	48	26	basic	basic	ADJ
fbem-6231	48	27	risks	risk	NOUN
fbem-6231	48	28	included	include	VERB
fbem-6231	48	29	in	in	ADP
fbem-6231	48	30	the	the	DET
fbem-6231	48	31	standard	standard	ADJ
fbem-6231	48	32	asset	asset	NOUN
fbem-6231	48	33	pricing	pricing	NOUN
fbem-6231	48	34	model	model	NOUN
fbem-6231	48	35	,	,	PUNCT
fbem-6231	48	36	but	but	CCONJ
fbem-6231	48	37	also	also	ADV
fbem-6231	48	38	on	on	ADP
fbem-6231	48	39	the	the	DET
fbem-6231	48	40	type	type	NOUN
fbem-6231	48	41	and	and	CCONJ
fbem-6231	48	42	extent	extent	NOUN
fbem-6231	48	43	of	of	ADP
fbem-6231	48	44	asset	asset	NOUN
fbem-6231	48	45	mispricing	misprice	VERB
fbem-6231	48	46	.	.	PUNCT
fbem-6231	49	1	doukas	douka	NOUN
fbem-6231	49	2	et	et	PROPN
fbem-6231	49	3	al	al	PROPN
fbem-6231	49	4	.	.	PROPN
fbem-6231	50	1	(	(	PUNCT
fbem-6231	50	2	2010	2010	NUM
fbem-6231	50	3	)	)	PUNCT
fbem-6231	50	4	examined	examine	VERB
fbem-6231	50	5	the	the	DET
fbem-6231	50	6	relationship	relationship	NOUN
fbem-6231	50	7	between	between	ADP
fbem-6231	50	8	mispricing	misprice	VERB
fbem-6231	50	9	and	and	CCONJ
fbem-6231	50	10	arbitrage	arbitrage	NOUN
fbem-6231	50	11	risk	risk	NOUN
fbem-6231	50	12	,	,	PUNCT
fbem-6231	50	13	and	and	CCONJ
fbem-6231	50	14	found	find	VERB
fbem-6231	50	15	that	that	SCONJ
fbem-6231	50	16	stocks	stock	NOUN
fbem-6231	50	17	with	with	ADP
fbem-6231	50	18	high	high	ADJ
fbem-6231	50	19	arbitrage	arbitrage	NOUN
fbem-6231	50	20	risk	risk	NOUN
fbem-6231	50	21	have	have	VERB
fbem-6231	50	22	higher	high	ADJ
fbem-6231	50	23	mispricing	mispricing	NOUN
fbem-6231	50	24	than	than	ADP
fbem-6231	50	25	stocks	stock	NOUN
fbem-6231	50	26	with	with	ADP
fbem-6231	50	27	low	low	ADJ
fbem-6231	50	28	arbitrage	arbitrage	NOUN
fbem-6231	50	29	risk	risk	NOUN
fbem-6231	50	30	.	.	PUNCT
fbem-6231	51	1	wang	wang	PROPN
fbem-6231	51	2	lei	lei	PROPN
fbem-6231	51	3	and	and	CCONJ
fbem-6231	51	4	liu	liu	PROPN
fbem-6231	51	5	yaqing	yaqing	PROPN
fbem-6231	51	6	(	(	PUNCT
fbem-6231	51	7	2011	2011	NUM
fbem-6231	51	8	)	)	PUNCT
fbem-6231	51	9	drew	draw	VERB
fbem-6231	51	10	a	a	DET
fbem-6231	51	11	conclusion	conclusion	NOUN
fbem-6231	51	12	that	that	SCONJ
fbem-6231	51	13	the	the	DET
fbem-6231	51	14	value	value	NOUN
fbem-6231	51	15	premium	premium	NOUN
fbem-6231	51	16	was	be	AUX
fbem-6231	51	17	caused	cause	VERB
fbem-6231	51	18	by	by	ADP
fbem-6231	51	19	investors	investor	NOUN
fbem-6231	51	20	'	'	PART
fbem-6231	51	21	overreaction	overreaction	NOUN
fbem-6231	51	22	to	to	ADP
fbem-6231	51	23	the	the	DET
fbem-6231	51	24	company	company	NOUN
fbem-6231	51	25	's	's	PART
fbem-6231	51	26	development	development	NOUN
fbem-6231	51	27	expectations	expectation	NOUN
fbem-6231	51	28	by	by	ADP
fbem-6231	51	29	decomposing	decompose	VERB
fbem-6231	51	30	the	the	DET
fbem-6231	51	31	book	book	NOUN
fbem-6231	51	32	to	to	ADP
fbem-6231	51	33	market	market	NOUN
fbem-6231	51	34	ratio	ratio	NOUN
fbem-6231	51	35	.	.	PUNCT
fbem-6231	52	1	zhang	zhang	PROPN
fbem-6231	52	2	zongxin	zongxin	PROPN
fbem-6231	52	3	and	and	CCONJ
fbem-6231	52	4	wang	wang	PROPN
fbem-6231	52	5	hailiang	hailiang	PROPN
fbem-6231	52	6	(	(	PUNCT
fbem-6231	52	7	2013	2013	NUM
fbem-6231	52	8	)	)	PUNCT
fbem-6231	52	9	introduced	introduce	VERB
fbem-6231	52	10	subjective	subjective	ADJ
fbem-6231	52	11	belief	belief	NOUN
fbem-6231	52	12	as	as	ADP
fbem-6231	52	13	a	a	DET
fbem-6231	52	14	variable	variable	NOUN
fbem-6231	52	15	to	to	PART
fbem-6231	52	16	empirically	empirically	ADV
fbem-6231	52	17	analyze	analyze	VERB
fbem-6231	52	18	investor	investor	NOUN
fbem-6231	52	19	sentiment	sentiment	NOUN
fbem-6231	52	20	and	and	CCONJ
fbem-6231	52	21	market	market	NOUN
fbem-6231	52	22	volatility	volatility	NOUN
fbem-6231	52	23	.	.	PUNCT
fbem-6231	53	1	the	the	DET
fbem-6231	53	2	results	result	NOUN
fbem-6231	53	3	show	show	VERB
fbem-6231	53	4	that	that	SCONJ
fbem-6231	53	5	investor	investor	NOUN
fbem-6231	53	6	sentiment	sentiment	NOUN
fbem-6231	53	7	has	have	VERB
fbem-6231	53	8	a	a	DET
fbem-6231	53	9	significant	significant	ADJ
fbem-6231	53	10	positive	positive	ADJ
fbem-6231	53	11	impact	impact	NOUN
fbem-6231	53	12	on	on	ADP
fbem-6231	53	13	both	both	DET
fbem-6231	53	14	belief	belief	NOUN
fbem-6231	53	15	and	and	CCONJ
fbem-6231	53	16	yield	yield	VERB
fbem-6231	53	17	volatility	volatility	NOUN
fbem-6231	53	18	.	.	PUNCT
fbem-6231	54	1	clark	clark	PROPN
fbem-6231	54	2	and	and	CCONJ
fbem-6231	54	3	qiao	qiao	PROPN
fbem-6231	54	4	(	(	PUNCT
fbem-6231	54	5	2020	2020	NUM
fbem-6231	54	6	)	)	PUNCT
fbem-6231	54	7	did	do	AUX
fbem-6231	54	8	not	not	PART
fbem-6231	54	9	find	find	VERB
fbem-6231	54	10	evidence	evidence	NOUN
fbem-6231	54	11	of	of	ADP
fbem-6231	54	12	behavioral	behavioral	ADJ
fbem-6231	54	13	factors	factor	NOUN
fbem-6231	54	14	that	that	PRON
fbem-6231	54	15	contribute	contribute	VERB
fbem-6231	54	16	to	to	ADP
fbem-6231	54	17	the	the	DET
fbem-6231	54	18	premium	premium	NOUN
fbem-6231	54	19	,	,	PUNCT
fbem-6231	54	20	such	such	ADJ
fbem-6231	54	21	as	as	ADP
fbem-6231	54	22	overreaction	overreaction	NOUN
fbem-6231	54	23	/	/	SYM
fbem-6231	54	24	underreaction	underreaction	NOUN
fbem-6231	54	25	.	.	PUNCT
fbem-6231	55	1	however	however	ADV
fbem-6231	55	2	,	,	PUNCT
fbem-6231	55	3	they	they	PRON
fbem-6231	55	4	do	do	AUX
fbem-6231	55	5	find	find	VERB
fbem-6231	55	6	strong	strong	ADJ
fbem-6231	55	7	evidence	evidence	NOUN
fbem-6231	55	8	that	that	SCONJ
fbem-6231	55	9	it	it	PRON
fbem-6231	55	10	is	be	AUX
fbem-6231	55	11	reasonable	reasonable	ADJ
fbem-6231	55	12	to	to	PART
fbem-6231	55	13	explain	explain	VERB
fbem-6231	55	14	the	the	DET
fbem-6231	55	15	value	value	NOUN
fbem-6231	55	16	premium	premium	NOUN
fbem-6231	55	17	puzzle	puzzle	NOUN
fbem-6231	55	18	from	from	ADP
fbem-6231	55	19	the	the	DET
fbem-6231	55	20	perspective	perspective	NOUN
fbem-6231	55	21	of	of	ADP
fbem-6231	55	22	risk	risk	NOUN
fbem-6231	55	23	compensation	compensation	NOUN
fbem-6231	55	24	in	in	ADP
fbem-6231	55	25	china	china	PROPN
fbem-6231	55	26	's	's	PART
fbem-6231	55	27	stock	stock	NOUN
fbem-6231	55	28	market	market	NOUN
fbem-6231	55	29	.	.	PUNCT
fbem-6231	56	1	in	in	ADP
fbem-6231	56	2	summary	summary	NOUN
fbem-6231	56	3	,	,	PUNCT
fbem-6231	56	4	there	there	PRON
fbem-6231	56	5	are	be	VERB
fbem-6231	56	6	few	few	ADJ
fbem-6231	56	7	literatures	literature	NOUN
fbem-6231	56	8	that	that	PRON
fbem-6231	56	9	use	use	VERB
fbem-6231	56	10	different	different	ADJ
fbem-6231	56	11	leverage	leverage	NOUN
fbem-6231	56	12	of	of	ADP
fbem-6231	56	13	companies	company	NOUN
fbem-6231	56	14	as	as	ADP
fbem-6231	56	15	an	an	DET
fbem-6231	56	16	explanation	explanation	NOUN
fbem-6231	56	17	for	for	ADP
fbem-6231	56	18	the	the	DET
fbem-6231	56	19	value	value	NOUN
fbem-6231	56	20	premium	premium	NOUN
fbem-6231	56	21	of	of	ADP
fbem-6231	56	22	companies	company	NOUN
fbem-6231	56	23	.	.	PUNCT
fbem-6231	57	1	this	this	DET
fbem-6231	57	2	article	article	NOUN
fbem-6231	57	3	will	will	AUX
fbem-6231	57	4	then	then	ADV
fbem-6231	57	5	explore	explore	VERB
fbem-6231	57	6	whether	whether	SCONJ
fbem-6231	57	7	financial	financial	ADJ
fbem-6231	57	8	leverage	leverage	NOUN
fbem-6231	57	9	,	,	PUNCT
fbem-6231	57	10	operational	operational	ADJ
fbem-6231	57	11	leverage	leverage	NOUN
fbem-6231	57	12	,	,	PUNCT
fbem-6231	57	13	and	and	CCONJ
fbem-6231	57	14	comprehensive	comprehensive	ADJ
fbem-6231	57	15	leverage	leverage	NOUN
fbem-6231	57	16	of	of	ADP
fbem-6231	57	17	enterprises	enterprise	NOUN
fbem-6231	57	18	in	in	ADP
fbem-6231	57	19	the	the	DET
fbem-6231	57	20	chinese	chinese	ADJ
fbem-6231	57	21	a	a	DET
fbem-6231	57	22	-	-	PUNCT
fbem-6231	57	23	share	share	NOUN
fbem-6231	57	24	market	market	NOUN
fbem-6231	57	25	can	can	AUX
fbem-6231	57	26	be	be	AUX
fbem-6231	57	27	used	use	VERB
fbem-6231	57	28	as	as	ADP
fbem-6231	57	29	an	an	DET
fbem-6231	57	30	explanation	explanation	NOUN
fbem-6231	57	31	factor	factor	NOUN
fbem-6231	57	32	for	for	ADP
fbem-6231	57	33	the	the	DET
fbem-6231	57	34	value	value	NOUN
fbem-6231	57	35	premium	premium	NOUN
fbem-6231	57	36	.	.	PUNCT
fbem-6231	58	1	2	2	X
fbem-6231	58	2	.	.	X
fbem-6231	58	3	research	research	NOUN
fbem-6231	58	4	assumptions	assumption	NOUN
fbem-6231	58	5	and	and	CCONJ
fbem-6231	58	6	model	model	NOUN
fbem-6231	58	7	construction	construction	NOUN
fbem-6231	58	8	2.1	2.1	NUM
fbem-6231	58	9	.	.	PUNCT
fbem-6231	59	1	research	research	NOUN
fbem-6231	59	2	hypothesis	hypothesis	NOUN
fbem-6231	59	3	hypothesis	hypothesis	NOUN
fbem-6231	59	4	1	1	NUM
fbem-6231	59	5	:	:	PUNCT
fbem-6231	59	6	financial	financial	ADJ
fbem-6231	59	7	leverage	leverage	NOUN
fbem-6231	59	8	acts	act	VERB
fbem-6231	59	9	positively	positively	ADV
fbem-6231	59	10	on	on	ADP
fbem-6231	59	11	corporate	corporate	ADJ
fbem-6231	59	12	returns	return	NOUN
fbem-6231	59	13	,	,	PUNCT
fbem-6231	59	14	which	which	PRON
fbem-6231	59	15	is	be	AUX
fbem-6231	59	16	one	one	NUM
fbem-6231	59	17	of	of	ADP
fbem-6231	59	18	the	the	DET
fbem-6231	59	19	explanatory	explanatory	ADJ
fbem-6231	59	20	factors	factor	NOUN
fbem-6231	59	21	for	for	ADP
fbem-6231	59	22	value	value	NOUN
fbem-6231	59	23	premium	premium	NOUN
fbem-6231	59	24	.	.	PUNCT
fbem-6231	60	1	with	with	SCONJ
fbem-6231	60	2	the	the	DET
fbem-6231	60	3	capital	capital	NOUN
fbem-6231	60	4	structure	structure	NOUN
fbem-6231	60	5	unchanged	unchanged	ADJ
fbem-6231	60	6	,	,	PUNCT
fbem-6231	60	7	the	the	PRON
fbem-6231	60	8	larger	large	ADJ
fbem-6231	60	9	the	the	DET
fbem-6231	60	10	financial	financial	ADJ
fbem-6231	60	11	leverage	leverage	NOUN
fbem-6231	60	12	coefficient	coefficient	NOUN
fbem-6231	60	13	,	,	PUNCT
fbem-6231	60	14	the	the	DET
fbem-6231	60	15	more	more	ADV
fbem-6231	60	16	sensitive	sensitive	ADJ
fbem-6231	60	17	the	the	DET
fbem-6231	60	18	return	return	NOUN
fbem-6231	60	19	on	on	ADP
fbem-6231	60	20	capital	capital	NOUN
fbem-6231	60	21	is	be	AUX
fbem-6231	60	22	to	to	ADP
fbem-6231	60	23	changes	change	NOUN
fbem-6231	60	24	in	in	ADP
fbem-6231	60	25	the	the	DET
fbem-6231	60	26	ebit	ebit	NOUN
fbem-6231	60	27	margin	margin	NOUN
fbem-6231	60	28	,	,	PUNCT
fbem-6231	60	29	which	which	PRON
fbem-6231	60	30	means	mean	VERB
fbem-6231	60	31	that	that	SCONJ
fbem-6231	60	32	if	if	SCONJ
fbem-6231	60	33	the	the	DET
fbem-6231	60	34	ebit	ebit	NOUN
fbem-6231	60	35	margin	margin	NOUN
fbem-6231	60	36	increases	increase	NOUN
fbem-6231	60	37	,	,	PUNCT
fbem-6231	60	38	the	the	DET
fbem-6231	60	39	capital	capital	NOUN
fbem-6231	60	40	margin	margin	NOUN
fbem-6231	60	41	will	will	AUX
fbem-6231	60	42	increase	increase	VERB
fbem-6231	60	43	by	by	ADP
fbem-6231	60	44	a	a	DET
fbem-6231	60	45	greater	great	ADJ
fbem-6231	60	46	margin	margin	NOUN
fbem-6231	60	47	.	.	PUNCT
fbem-6231	61	1	therefore	therefore	ADV
fbem-6231	61	2	,	,	PUNCT
fbem-6231	61	3	financial	financial	ADJ
fbem-6231	61	4	leverage	leverage	NOUN
fbem-6231	61	5	may	may	AUX
fbem-6231	61	6	affect	affect	VERB
fbem-6231	61	7	the	the	DET
fbem-6231	61	8	value	value	NOUN
fbem-6231	61	9	of	of	ADP
fbem-6231	61	10	the	the	DET
fbem-6231	61	11	enterprise	enterprise	NOUN
fbem-6231	61	12	and	and	CCONJ
fbem-6231	61	13	thus	thus	ADV
fbem-6231	61	14	the	the	DET
fbem-6231	61	15	rate	rate	NOUN
fbem-6231	61	16	of	of	ADP
fbem-6231	61	17	return	return	NOUN
fbem-6231	61	18	.	.	PUNCT
fbem-6231	62	1	hypothesis	hypothesis	NOUN
fbem-6231	62	2	2	2	NUM
fbem-6231	62	3	:	:	PUNCT
fbem-6231	62	4	operating	operate	VERB
fbem-6231	62	5	leverage	leverage	NOUN
fbem-6231	62	6	acts	act	VERB
fbem-6231	62	7	positively	positively	ADV
fbem-6231	62	8	on	on	ADP
fbem-6231	62	9	corporate	corporate	ADJ
fbem-6231	62	10	returns	return	NOUN
fbem-6231	62	11	and	and	CCONJ
fbem-6231	62	12	is	be	AUX
fbem-6231	62	13	an	an	DET
fbem-6231	62	14	explanatory	explanatory	ADJ
fbem-6231	62	15	factor	factor	NOUN
fbem-6231	62	16	for	for	ADP
fbem-6231	62	17	value	value	NOUN
fbem-6231	62	18	premium	premium	NOUN
fbem-6231	62	19	.	.	PUNCT
fbem-6231	63	1	the	the	DET
fbem-6231	63	2	operating	operate	VERB
fbem-6231	63	3	leverage	leverage	NOUN
fbem-6231	63	4	coefficient	coefficient	NOUN
fbem-6231	63	5	is	be	AUX
fbem-6231	63	6	a	a	DET
fbem-6231	63	7	reflection	reflection	NOUN
fbem-6231	63	8	of	of	ADP
fbem-6231	63	9	the	the	DET
fbem-6231	63	10	operating	operate	VERB
fbem-6231	63	11	status	status	NOUN
fbem-6231	63	12	of	of	ADP
fbem-6231	63	13	enterprises	enterprise	NOUN
fbem-6231	63	14	.	.	PUNCT
fbem-6231	64	1	large	large	ADJ
fbem-6231	64	2	-	-	PUNCT
fbem-6231	64	3	scale	scale	NOUN
fbem-6231	64	4	enterprises	enterprise	NOUN
fbem-6231	64	5	often	often	ADV
fbem-6231	64	6	have	have	VERB
fbem-6231	64	7	a	a	DET
fbem-6231	64	8	high	high	ADJ
fbem-6231	64	9	proportion	proportion	NOUN
fbem-6231	64	10	of	of	ADP
fbem-6231	64	11	heavy	heavy	ADJ
fbem-6231	64	12	assets	asset	NOUN
fbem-6231	64	13	,	,	PUNCT
fbem-6231	64	14	which	which	PRON
fbem-6231	64	15	determines	determine	VERB
fbem-6231	64	16	that	that	SCONJ
fbem-6231	64	17	their	their	PRON
fbem-6231	64	18	profit	profit	NOUN
fbem-6231	64	19	change	change	NOUN
fbem-6231	64	20	rate	rate	NOUN
fbem-6231	64	21	is	be	AUX
fbem-6231	64	22	far	far	ADV
fbem-6231	64	23	greater	great	ADJ
fbem-6231	64	24	than	than	ADP
fbem-6231	64	25	the	the	DET
fbem-6231	64	26	sales	sale	NOUN
fbem-6231	64	27	change	change	NOUN
fbem-6231	64	28	rate	rate	NOUN
fbem-6231	64	29	.	.	PUNCT
fbem-6231	65	1	when	when	SCONJ
fbem-6231	65	2	business	business	NOUN
fbem-6231	65	3	increases	increase	NOUN
fbem-6231	65	4	,	,	PUNCT
fbem-6231	65	5	profits	profit	NOUN
fbem-6231	65	6	will	will	AUX
fbem-6231	65	7	multiply	multiply	VERB
fbem-6231	65	8	by	by	ADP
fbem-6231	65	9	the	the	DET
fbem-6231	65	10	multiple	multiple	NOUN
fbem-6231	65	11	of	of	ADP
fbem-6231	65	12	operating	operate	VERB
fbem-6231	65	13	leverage	leverage	NOUN
fbem-6231	65	14	,	,	PUNCT
fbem-6231	65	15	which	which	PRON
fbem-6231	65	16	indicates	indicate	VERB
fbem-6231	65	17	that	that	SCONJ
fbem-6231	65	18	if	if	SCONJ
fbem-6231	65	19	a	a	DET
fbem-6231	65	20	company	company	NOUN
fbem-6231	65	21	has	have	VERB
fbem-6231	65	22	a	a	DET
fbem-6231	65	23	higher	high	ADJ
fbem-6231	65	24	operating	operating	NOUN
fbem-6231	65	25	leverage	leverage	NOUN
fbem-6231	65	26	,	,	PUNCT
fbem-6231	65	27	the	the	PRON
fbem-6231	65	28	greater	great	ADJ
fbem-6231	65	29	the	the	DET
fbem-6231	65	30	margin	margin	NOUN
fbem-6231	65	31	of	of	ADP
fbem-6231	65	32	profit	profit	NOUN
fbem-6231	65	33	change	change	NOUN
fbem-6231	65	34	,	,	PUNCT
fbem-6231	65	35	and	and	CCONJ
fbem-6231	65	36	vice	vice	ADV
fbem-6231	65	37	versa	versa	ADV
fbem-6231	65	38	,	,	PUNCT
fbem-6231	65	39	the	the	PRON
fbem-6231	65	40	greater	great	ADJ
fbem-6231	65	41	the	the	DET
fbem-6231	65	42	loss	loss	NOUN
fbem-6231	65	43	.	.	PUNCT
fbem-6231	66	1	therefore	therefore	ADV
fbem-6231	66	2	,	,	PUNCT
fbem-6231	66	3	operating	operate	VERB
fbem-6231	66	4	leverage	leverage	NOUN
fbem-6231	66	5	may	may	AUX
fbem-6231	66	6	affect	affect	VERB
fbem-6231	66	7	the	the	DET
fbem-6231	66	8	value	value	NOUN
fbem-6231	66	9	of	of	ADP
fbem-6231	66	10	the	the	DET
fbem-6231	66	11	enterprise	enterprise	NOUN
fbem-6231	66	12	and	and	CCONJ
fbem-6231	66	13	thus	thus	ADV
fbem-6231	66	14	the	the	DET
fbem-6231	66	15	rate	rate	NOUN
fbem-6231	66	16	of	of	ADP
fbem-6231	66	17	return	return	NOUN
fbem-6231	66	18	hypothesis	hypothesis	NOUN
fbem-6231	66	19	3	3	NUM
fbem-6231	66	20	:	:	PUNCT
fbem-6231	66	21	comprehensive	comprehensive	ADJ
fbem-6231	66	22	leverage	leverage	NOUN
fbem-6231	66	23	acts	act	VERB
fbem-6231	66	24	positively	positively	ADV
fbem-6231	66	25	on	on	ADP
fbem-6231	66	26	corporate	corporate	ADJ
fbem-6231	66	27	returns	return	NOUN
fbem-6231	66	28	and	and	CCONJ
fbem-6231	66	29	is	be	AUX
fbem-6231	66	30	an	an	DET
fbem-6231	66	31	explanatory	explanatory	ADJ
fbem-6231	66	32	factor	factor	NOUN
fbem-6231	66	33	for	for	ADP
fbem-6231	66	34	value	value	NOUN
fbem-6231	66	35	premium	premium	NOUN
fbem-6231	66	36	.	.	PUNCT
fbem-6231	67	1	comprehensive	comprehensive	ADJ
fbem-6231	67	2	leverage	leverage	NOUN
fbem-6231	67	3	refers	refer	VERB
fbem-6231	67	4	to	to	ADP
fbem-6231	67	5	the	the	DET
fbem-6231	67	6	combined	combined	ADJ
fbem-6231	67	7	effect	effect	NOUN
fbem-6231	67	8	of	of	ADP
fbem-6231	67	9	operational	operational	ADJ
fbem-6231	67	10	and	and	CCONJ
fbem-6231	67	11	financial	financial	ADJ
fbem-6231	67	12	leverage	leverage	NOUN
fbem-6231	67	13	.	.	PUNCT
fbem-6231	68	1	according	accord	VERB
fbem-6231	68	2	to	to	ADP
fbem-6231	68	3	the	the	DET
fbem-6231	68	4	previous	previous	ADJ
fbem-6231	68	5	two	two	NUM
fbem-6231	68	6	assumptions	assumption	NOUN
fbem-6231	68	7	,	,	PUNCT
fbem-6231	68	8	if	if	SCONJ
fbem-6231	68	9	both	both	CCONJ
fbem-6231	68	10	operational	operational	ADJ
fbem-6231	68	11	and	and	CCONJ
fbem-6231	68	12	financial	financial	ADJ
fbem-6231	68	13	leverage	leverage	NOUN
fbem-6231	68	14	can	can	AUX
fbem-6231	68	15	positively	positively	ADV
fbem-6231	68	16	affect	affect	VERB
fbem-6231	68	17	the	the	DET
fbem-6231	68	18	return	return	NOUN
fbem-6231	68	19	of	of	ADP
fbem-6231	68	20	an	an	DET
fbem-6231	68	21	enterprise	enterprise	NOUN
fbem-6231	68	22	,	,	PUNCT
fbem-6231	68	23	then	then	ADV
fbem-6231	68	24	comprehensive	comprehensive	ADJ
fbem-6231	68	25	leverage	leverage	NOUN
fbem-6231	68	26	should	should	AUX
fbem-6231	68	27	also	also	ADV
fbem-6231	68	28	be	be	AUX
fbem-6231	68	29	able	able	ADJ
fbem-6231	68	30	to	to	PART
fbem-6231	68	31	positively	positively	ADV
fbem-6231	68	32	affect	affect	VERB
fbem-6231	68	33	the	the	DET
fbem-6231	68	34	return	return	NOUN
fbem-6231	68	35	of	of	ADP
fbem-6231	68	36	an	an	DET
fbem-6231	68	37	enterprise	enterprise	NOUN
fbem-6231	68	38	under	under	ADP
fbem-6231	68	39	the	the	DET
fbem-6231	68	40	conditions	condition	NOUN
fbem-6231	68	41	of	of	ADP
fbem-6231	68	42	the	the	DET
fbem-6231	68	43	above	above	ADJ
fbem-6231	68	44	assumptions	assumption	NOUN
fbem-6231	68	45	.	.	PUNCT
fbem-6231	69	1	2.2	2.2	NUM
fbem-6231	69	2	.	.	PUNCT
fbem-6231	69	3	model	model	NOUN
fbem-6231	69	4	building	build	VERB
fbem-6231	69	5	2.2.1	2.2.1	NUM
fbem-6231	69	6	.	.	PUNCT
fbem-6231	70	1	fama	fama	PROPN
fbem-6231	70	2	french	french	ADJ
fbem-6231	70	3	three	three	NUM
fbem-6231	70	4	factor	factor	NOUN
fbem-6231	70	5	model	model	NOUN
fbem-6231	70	6	1	1	NUM
fbem-6231	70	7	.	.	PUNCT
fbem-6231	70	8	factor	factor	NOUN
fbem-6231	70	9	construction	construction	NOUN
fbem-6231	70	10	first	first	ADV
fbem-6231	70	11	,	,	PUNCT
fbem-6231	70	12	construct	construct	VERB
fbem-6231	70	13	risk	risk	NOUN
fbem-6231	70	14	factors	factor	NOUN
fbem-6231	70	15	.	.	PUNCT
fbem-6231	71	1	the	the	DET
fbem-6231	71	2	grouping	group	VERB
fbem-6231	71	3	method	method	NOUN
fbem-6231	71	4	is	be	AUX
fbem-6231	71	5	2	2	NUM
fbem-6231	71	6	×	×	NOUN
fbem-6231	71	7	method	method	NOUN
fbem-6231	71	8	3	3	NUM
fbem-6231	71	9	:	:	PUNCT
fbem-6231	71	10	firstly	firstly	ADV
fbem-6231	71	11	,	,	PUNCT
fbem-6231	71	12	divide	divide	VERB
fbem-6231	71	13	the	the	DET
fbem-6231	71	14	market	market	NOUN
fbem-6231	71	15	value	value	NOUN
fbem-6231	71	16	of	of	ADP
fbem-6231	71	17	sample	sample	NOUN
fbem-6231	71	18	stocks	stock	NOUN
fbem-6231	71	19	into	into	ADP
fbem-6231	71	20	small	small	ADJ
fbem-6231	71	21	market	market	NOUN
fbem-6231	71	22	value	value	NOUN
fbem-6231	71	23	group	group	NOUN
fbem-6231	71	24	(	(	PUNCT
fbem-6231	71	25	s	s	NOUN
fbem-6231	71	26	)	)	PUNCT
fbem-6231	71	27	and	and	CCONJ
fbem-6231	71	28	large	large	ADJ
fbem-6231	71	29	market	market	NOUN
fbem-6231	71	30	value	value	NOUN
fbem-6231	71	31	group	group	NOUN
fbem-6231	71	32	(	(	PUNCT
fbem-6231	71	33	b	b	NOUN
fbem-6231	71	34	)	)	PUNCT
fbem-6231	71	35	according	accord	VERB
fbem-6231	71	36	to	to	ADP
fbem-6231	71	37	their	their	PRON
fbem-6231	71	38	size	size	NOUN
fbem-6231	71	39	.	.	PUNCT
fbem-6231	72	1	secondly	secondly	ADV
fbem-6231	72	2	,	,	PUNCT
fbem-6231	72	3	according	accord	VERB
fbem-6231	72	4	to	to	ADP
fbem-6231	72	5	the	the	DET
fbem-6231	72	6	size	size	NOUN
fbem-6231	72	7	of	of	ADP
fbem-6231	72	8	the	the	DET
fbem-6231	72	9	book	book	NOUN
fbem-6231	72	10	to	to	ADP
fbem-6231	72	11	market	market	NOUN
fbem-6231	72	12	ratio	ratio	NOUN
fbem-6231	72	13	,	,	PUNCT
fbem-6231	72	14	the	the	DET
fbem-6231	72	15	sample	sample	NOUN
fbem-6231	72	16	stocks	stock	NOUN
fbem-6231	72	17	are	be	AUX
fbem-6231	72	18	sorted	sort	VERB
fbem-6231	72	19	in	in	ADP
fbem-6231	72	20	groups	group	NOUN
fbem-6231	72	21	s	s	PART
fbem-6231	72	22	and	and	CCONJ
fbem-6231	72	23	b	b	NOUN
fbem-6231	72	24	,	,	PUNCT
fbem-6231	72	25	and	and	CCONJ
fbem-6231	72	26	are	be	AUX
fbem-6231	72	27	divided	divide	VERB
fbem-6231	72	28	into	into	ADP
fbem-6231	72	29	six	six	NUM
fbem-6231	72	30	groups	group	NOUN
fbem-6231	72	31	on	on	ADP
fbem-6231	72	32	average	average	ADJ
fbem-6231	72	33	,	,	PUNCT
fbem-6231	72	34	namely	namely	ADV
fbem-6231	72	35	,	,	PUNCT
fbem-6231	72	36	s	s	X
fbem-6231	72	37	/	/	SYM
fbem-6231	72	38	l	l	NOUN
fbem-6231	72	39	,	,	PUNCT
fbem-6231	72	40	s	s	PROPN
fbem-6231	72	41	/	/	SYM
fbem-6231	72	42	m	m	PROPN
fbem-6231	72	43	,	,	PUNCT
fbem-6231	72	44	s	s	PROPN
fbem-6231	72	45	/	/	SYM
fbem-6231	72	46	h	h	NOUN
fbem-6231	72	47	,	,	PUNCT
fbem-6231	72	48	b	b	NOUN
fbem-6231	72	49	/	/	SYM
fbem-6231	72	50	l	l	NOUN
fbem-6231	72	51	,	,	PUNCT
fbem-6231	72	52	b	b	X
fbem-6231	72	53	/	/	SYM
fbem-6231	72	54	m	m	PROPN
fbem-6231	72	55	,	,	PUNCT
fbem-6231	72	56	and	and	CCONJ
fbem-6231	72	57	b	b	X
fbem-6231	72	58	/	/	SYM
fbem-6231	72	59	h.	h.	PROPN
fbem-6231	72	60	finally	finally	ADV
fbem-6231	72	61	,	,	PUNCT
fbem-6231	72	62	the	the	DET
fbem-6231	72	63	time	time	NOUN
fbem-6231	72	64	series	series	NOUN
fbem-6231	72	65	of	of	ADP
fbem-6231	72	66	the	the	DET
fbem-6231	72	67	scale	scale	NOUN
fbem-6231	72	68	factor	factor	NOUN
fbem-6231	72	69	smbt	smbt	NOUN
fbem-6231	72	70	and	and	CCONJ
fbem-6231	72	71	the	the	DET
fbem-6231	72	72	book	book	NOUN
fbem-6231	72	73	to	to	ADP
fbem-6231	72	74	market	market	NOUN
fbem-6231	72	75	ratio	ratio	NOUN
fbem-6231	72	76	hmlt	hmlt	PROPN
fbem-6231	72	77	(	(	PUNCT
fbem-6231	72	78	where	where	SCONJ
fbem-6231	72	79	t=1,2,511	t=1,2,511	X
fbem-6231	72	80	)	)	PUNCT
fbem-6231	72	81	is	be	AUX
fbem-6231	72	82	constructed	construct	VERB
fbem-6231	72	83	by	by	ADP
fbem-6231	72	84	dividing	divide	VERB
fbem-6231	72	85	the	the	DET
fbem-6231	72	86	returns	return	NOUN
fbem-6231	72	87	of	of	ADP
fbem-6231	72	88	each	each	DET
fbem-6231	72	89	portfolio	portfolio	NOUN
fbem-6231	72	90	.	.	PUNCT
fbem-6231	73	1	the	the	DET
fbem-6231	73	2	specific	specific	ADJ
fbem-6231	73	3	formula	formula	NOUN
fbem-6231	73	4	is	be	AUX
fbem-6231	73	5	:	:	PUNCT
fbem-6231	73	6	smbt=[(sl+sm+sh)-(bl+bm+bh)]/3	smbt=[(sl+sm+sh)-(bl+bm+bh)]/3	PROPN
fbem-6231	73	7	hmlt=[(sh+bh)-(sl+bl)]/2	hmlt=[(sh+bh)-(sl+bl)]/2	VERB
fbem-6231	73	8	2	2	NUM
fbem-6231	73	9	.	.	PUNCT
fbem-6231	73	10	variable	variable	ADJ
fbem-6231	73	11	selection	selection	NOUN
fbem-6231	73	12	financial	financial	ADJ
fbem-6231	73	13	leverage	leverage	NOUN
fbem-6231	73	14	(	(	PUNCT
fbem-6231	73	15	cwgg	cwgg	NOUN
fbem-6231	73	16	)	)	PUNCT
fbem-6231	73	17	,	,	PUNCT
fbem-6231	73	18	operating	operate	VERB
fbem-6231	73	19	leverage	leverage	NOUN
fbem-6231	73	20	(	(	PUNCT
fbem-6231	73	21	jwgg	jwgg	PROPN
fbem-6231	73	22	)	)	PUNCT
fbem-6231	73	23	,	,	PUNCT
fbem-6231	73	24	comprehensive	comprehensive	ADJ
fbem-6231	73	25	leverage	leverage	NOUN
fbem-6231	73	26	(	(	PUNCT
fbem-6231	73	27	zhgg	zhgg	NOUN
fbem-6231	73	28	)	)	PUNCT
fbem-6231	73	29	2.2.2	2.2.2	NUM
fbem-6231	73	30	.	.	X
fbem-6231	74	1	four	four	NUM
fbem-6231	74	2	factor	factor	NOUN
fbem-6231	74	3	model	model	NOUN
fbem-6231	74	4	1	1	NUM
fbem-6231	74	5	.	.	PUNCT
fbem-6231	74	6	factor	factor	NOUN
fbem-6231	74	7	construction	construction	NOUN
fbem-6231	74	8	the	the	DET
fbem-6231	74	9	specific	specific	ADJ
fbem-6231	74	10	formula	formula	NOUN
fbem-6231	74	11	is	be	AUX
fbem-6231	74	12	:	:	PUNCT
fbem-6231	74	13	e[rit]-rft	e[rit]-rft	PROPN
fbem-6231	74	14	=	=	PRON
fbem-6231	74	15	βi(e[rmt]-rft)+aismbt+hihmlt	βi(e[rmt]-rft)+aismbt+hihmlt	NOUN
fbem-6231	74	16	where	where	SCONJ
fbem-6231	74	17	e	e	PROPN
fbem-6231	74	18	[	[	X
fbem-6231	74	19	rit	rit	X
fbem-6231	74	20	]	]	X
fbem-6231	74	21	represents	represent	VERB
fbem-6231	74	22	the	the	DET
fbem-6231	74	23	yield	yield	NOUN
fbem-6231	74	24	of	of	ADP
fbem-6231	74	25	asset	asset	NOUN
fbem-6231	74	26	portfolio	portfolio	NOUN
fbem-6231	74	27	(	(	PUNCT
fbem-6231	74	28	individual	individual	ADJ
fbem-6231	74	29	stock	stock	NOUN
fbem-6231	74	30	)	)	PUNCT
fbem-6231	75	1	i	i	PRON
fbem-6231	75	2	in	in	ADP
fbem-6231	75	3	period	period	NOUN
fbem-6231	75	4	t	t	PROPN
fbem-6231	75	5	;	;	PUNCT
fbem-6231	75	6	rft	rft	NOUN
fbem-6231	75	7	represents	represent	VERB
fbem-6231	75	8	the	the	DET
fbem-6231	75	9	risk	risk	NOUN
fbem-6231	75	10	-	-	PUNCT
fbem-6231	75	11	free	free	ADJ
fbem-6231	75	12	return	return	NOUN
fbem-6231	75	13	rate	rate	NOUN
fbem-6231	75	14	for	for	ADP
fbem-6231	75	15	the	the	DET
fbem-6231	75	16	period	period	NOUN
fbem-6231	75	17	t	t	NOUN
fbem-6231	75	18	;	;	PUNCT
fbem-6231	75	19	e	e	X
fbem-6231	75	20	[	[	X
fbem-6231	75	21	rmt	rmt	NOUN
fbem-6231	75	22	]	]	PUNCT
fbem-6231	75	23	represents	represent	VERB
fbem-6231	75	24	the	the	DET
fbem-6231	75	25	market	market	NOUN
fbem-6231	75	26	yield	yield	NOUN
fbem-6231	75	27	for	for	ADP
fbem-6231	75	28	the	the	DET
fbem-6231	75	29	period	period	NOUN
fbem-6231	75	30	t	t	NOUN
fbem-6231	75	31	;	;	PUNCT
fbem-6231	75	32	smbt	smbt	NOUN
fbem-6231	75	33	is	be	AUX
fbem-6231	75	34	the	the	DET
fbem-6231	75	35	scale	scale	NOUN
fbem-6231	75	36	factor	factor	NOUN
fbem-6231	75	37	yield	yield	NOUN
fbem-6231	75	38	ratio	ratio	NOUN
fbem-6231	75	39	for	for	ADP
fbem-6231	75	40	period	period	NOUN
fbem-6231	75	41	t	t	NOUN
fbem-6231	75	42	;	;	PUNCT
fbem-6231	75	43	hmlt	hmlt	PROPN
fbem-6231	75	44	is	be	AUX
fbem-6231	75	45	the	the	DET
fbem-6231	75	46	book	book	NOUN
fbem-6231	75	47	to	to	ADP
fbem-6231	75	48	market	market	NOUN
fbem-6231	75	49	ratio	ratio	NOUN
fbem-6231	75	50	factor	factor	NOUN
fbem-6231	75	51	yield	yield	NOUN
fbem-6231	75	52	of	of	ADP
fbem-6231	75	53	period	period	NOUN
fbem-6231	75	54	t	t	PROPN
fbem-6231	75	55	,	,	PUNCT
fbem-6231	75	56	βi	βi	PRON
fbem-6231	75	57	represents	represent	VERB
fbem-6231	75	58	the	the	DET
fbem-6231	75	59	coefficient	coefficient	NOUN
fbem-6231	75	60	of	of	ADP
fbem-6231	75	61	market	market	NOUN
fbem-6231	75	62	risk	risk	NOUN
fbem-6231	75	63	of	of	ADP
fbem-6231	75	64	portfolio	portfolio	NOUN
fbem-6231	75	65	i	i	PRON
fbem-6231	75	66	,	,	PUNCT
fbem-6231	75	67	ai	ai	VERB
fbem-6231	75	68	represents	represent	VERB
fbem-6231	75	69	the	the	DET
fbem-6231	75	70	coefficient	coefficient	NOUN
fbem-6231	75	71	of	of	ADP
fbem-6231	75	72	scale	scale	NOUN
fbem-6231	75	73	factor	factor	NOUN
fbem-6231	75	74	,	,	PUNCT
fbem-6231	75	75	and	and	CCONJ
fbem-6231	75	76	hi	hi	INTJ
fbem-6231	75	77	represents	represent	VERB
fbem-6231	75	78	the	the	DET
fbem-6231	75	79	coefficient	coefficient	NOUN
fbem-6231	75	80	of	of	ADP
fbem-6231	75	81	book	book	NOUN
fbem-6231	75	82	to	to	ADP
fbem-6231	75	83	market	market	NOUN
fbem-6231	75	84	ratio	ratio	NOUN
fbem-6231	75	85	factor	factor	NOUN
fbem-6231	75	86	.	.	PUNCT
fbem-6231	76	1	in	in	ADP
fbem-6231	76	2	order	order	NOUN
fbem-6231	76	3	to	to	PART
fbem-6231	76	4	investigate	investigate	VERB
fbem-6231	76	5	whether	whether	SCONJ
fbem-6231	76	6	the	the	DET
fbem-6231	76	7	value	value	NOUN
fbem-6231	76	8	premium	premium	NOUN
fbem-6231	76	9	compensates	compensate	NOUN
fbem-6231	76	10	for	for	ADP
fbem-6231	76	11	the	the	DET
fbem-6231	76	12	higher	high	ADJ
fbem-6231	76	13	financial	financial	ADJ
fbem-6231	76	14	leverage	leverage	NOUN
fbem-6231	76	15	risk	risk	NOUN
fbem-6231	76	16	of	of	ADP
fbem-6231	76	17	chinese	chinese	ADJ
fbem-6231	76	18	a	a	DET
fbem-6231	76	19	-	-	PUNCT
fbem-6231	76	20	share	share	NOUN
fbem-6231	76	21	companies	company	NOUN
fbem-6231	76	22	,	,	PUNCT
fbem-6231	76	23	the	the	DET
fbem-6231	76	24	following	follow	VERB
fbem-6231	76	25	procedure	procedure	NOUN
fbem-6231	76	26	will	will	AUX
fbem-6231	76	27	be	be	AUX
fbem-6231	76	28	used	use	VERB
fbem-6231	76	29	in	in	ADP
fbem-6231	76	30	this	this	DET
fbem-6231	76	31	article	article	NOUN
fbem-6231	76	32	.	.	PUNCT
fbem-6231	77	1	in	in	ADP
fbem-6231	77	2	step	step	NOUN
fbem-6231	77	3	1	1	NUM
fbem-6231	77	4	,	,	PUNCT
fbem-6231	77	5	we	we	PRON
fbem-6231	77	6	tested	test	VERB
fbem-6231	77	7	whether	whether	SCONJ
fbem-6231	77	8	financial	financial	ADJ
fbem-6231	77	9	leverage	leverage	NOUN
fbem-6231	77	10	risk	risk	NOUN
fbem-6231	77	11	can	can	AUX
fbem-6231	77	12	be	be	AUX
fbem-6231	77	13	captured	capture	VERB
fbem-6231	77	14	by	by	ADP
fbem-6231	77	15	standard	standard	ADJ
fbem-6231	77	16	capm	capm	PROPN
fbem-6231	77	17	.	.	PUNCT
fbem-6231	78	1	to	to	PART
fbem-6231	78	2	do	do	VERB
fbem-6231	78	3	this	this	PRON
fbem-6231	78	4	,	,	PUNCT
fbem-6231	78	5	we	we	PRON
fbem-6231	78	6	run	run	VERB
fbem-6231	78	7	the	the	DET
fbem-6231	78	8	following	follow	VERB
fbem-6231	78	9	regression	regression	NOUN
fbem-6231	78	10	:	:	PUNCT
fbem-6231	78	11	ri	ri	NOUN
fbem-6231	78	12	-	-	PUNCT
fbem-6231	78	13	rf	rf	NOUN
fbem-6231	78	14	=	=	ADJ
fbem-6231	78	15	ai+b	ai+b	X
fbem-6231	78	16	(	(	PUNCT
fbem-6231	78	17	rm	rm	NOUN
fbem-6231	78	18	-	-	PUNCT
fbem-6231	78	19	rf)+u	rf)+u	PROPN
fbem-6231	78	20	.	.	PUNCT
fbem-6231	79	1	where	where	SCONJ
fbem-6231	79	2	ri	ri	PROPN
fbem-6231	79	3	is	be	AUX
fbem-6231	79	4	the	the	DET
fbem-6231	79	5	calculated	calculated	ADJ
fbem-6231	79	6	monthly	monthly	ADJ
fbem-6231	79	7	weighted	weight	VERB
fbem-6231	79	8	return	return	NOUN
fbem-6231	79	9	of	of	ADP
fbem-6231	79	10	the	the	DET
fbem-6231	79	11	portfolio	portfolio	NOUN
fbem-6231	79	12	.	.	PUNCT
fbem-6231	80	1	rf	rf	PRON
fbem-6231	80	2	is	be	AUX
fbem-6231	80	3	the	the	DET
fbem-6231	80	4	monthly	monthly	ADJ
fbem-6231	80	5	risk	risk	NOUN
fbem-6231	80	6	-	-	PUNCT
fbem-6231	80	7	free	free	ADJ
fbem-6231	80	8	interest	interest	NOUN
fbem-6231	80	9	rate	rate	NOUN
fbem-6231	80	10	,	,	PUNCT
fbem-6231	80	11	converted	convert	VERB
fbem-6231	80	12	from	from	ADP
fbem-6231	80	13	the	the	DET
fbem-6231	80	14	threemonth	threemonth	ADJ
fbem-6231	80	15	fixed	fix	VERB
fbem-6231	80	16	deposit	deposit	NOUN
fbem-6231	80	17	benchmark	benchmark	NOUN
fbem-6231	80	18	interest	interest	NOUN
fbem-6231	80	19	rate	rate	NOUN
fbem-6231	80	20	;	;	PUNCT
fbem-6231	80	21	rm	rm	NOUN
fbem-6231	80	22	this	this	PRON
fbem-6231	80	23	is	be	AUX
fbem-6231	80	24	the	the	DET
fbem-6231	80	25	weighted	weighted	ADJ
fbem-6231	80	26	market	market	NOUN
fbem-6231	80	27	return	return	NOUN
fbem-6231	80	28	of	of	ADP
fbem-6231	80	29	the	the	DET
fbem-6231	80	30	a	a	DET
fbem-6231	80	31	-	-	PUNCT
fbem-6231	80	32	share	share	NOUN
fbem-6231	80	33	stock	stock	NOUN
fbem-6231	80	34	market	market	NOUN
fbem-6231	80	35	.	.	PUNCT
fbem-6231	81	1	if	if	SCONJ
fbem-6231	81	2	leverage	leverage	NOUN
fbem-6231	81	3	is	be	AUX
fbem-6231	81	4	a	a	DET
fbem-6231	81	5	risk	risk	NOUN
fbem-6231	81	6	factor	factor	NOUN
fbem-6231	81	7	that	that	PRON
fbem-6231	81	8	capm	capm	PROPN
fbem-6231	81	9	ignores	ignore	VERB
fbem-6231	81	10	,	,	PUNCT
fbem-6231	81	11	we	we	PRON
fbem-6231	81	12	expect	expect	VERB
fbem-6231	81	13	the	the	DET
fbem-6231	81	14	abnormal	abnormal	ADJ
fbem-6231	81	15	return	return	NOUN
fbem-6231	81	16	on	on	ADP
fbem-6231	81	17	intercept	intercept	NOUN
fbem-6231	81	18	measurements	measurement	NOUN
fbem-6231	81	19	in	in	ADP
fbem-6231	81	20	regression	regression	NOUN
fbem-6231	81	21	to	to	ADP
fbem-6231	81	22	283	283	NUM
fbem-6231	81	23	increase	increase	NOUN
fbem-6231	81	24	as	as	ADP
fbem-6231	81	25	leverage	leverage	NOUN
fbem-6231	81	26	increases	increase	NOUN
fbem-6231	81	27	.	.	PUNCT
fbem-6231	82	1	in	in	ADP
fbem-6231	82	2	step	step	NOUN
fbem-6231	82	3	2	2	NUM
fbem-6231	82	4	,	,	PUNCT
fbem-6231	82	5	we	we	PRON
fbem-6231	82	6	examined	examine	VERB
fbem-6231	82	7	the	the	DET
fbem-6231	82	8	relationship	relationship	NOUN
fbem-6231	82	9	between	between	ADP
fbem-6231	82	10	financial	financial	ADJ
fbem-6231	82	11	leverage	leverage	NOUN
fbem-6231	82	12	,	,	PUNCT
fbem-6231	82	13	operational	operational	ADJ
fbem-6231	82	14	leverage	leverage	NOUN
fbem-6231	82	15	,	,	PUNCT
fbem-6231	82	16	comprehensive	comprehensive	ADJ
fbem-6231	82	17	leverage	leverage	NOUN
fbem-6231	82	18	,	,	PUNCT
fbem-6231	82	19	and	and	CCONJ
fbem-6231	82	20	average	average	ADJ
fbem-6231	82	21	stock	stock	NOUN
fbem-6231	82	22	returns	return	NOUN
fbem-6231	82	23	.	.	PUNCT
fbem-6231	83	1	if	if	SCONJ
fbem-6231	83	2	three	three	NUM
fbem-6231	83	3	types	type	NOUN
fbem-6231	83	4	of	of	ADP
fbem-6231	83	5	leverage	leverage	NOUN
fbem-6231	83	6	are	be	AUX
fbem-6231	83	7	risk	risk	NOUN
fbem-6231	83	8	factors	factor	NOUN
fbem-6231	83	9	for	for	ADP
fbem-6231	83	10	value	value	NOUN
fbem-6231	83	11	premiums	premium	NOUN
fbem-6231	83	12	,	,	PUNCT
fbem-6231	83	13	we	we	PRON
fbem-6231	83	14	may	may	AUX
fbem-6231	83	15	observe	observe	VERB
fbem-6231	83	16	that	that	SCONJ
fbem-6231	83	17	companies	company	NOUN
fbem-6231	83	18	with	with	ADP
fbem-6231	83	19	high	high	ADJ
fbem-6231	83	20	levels	level	NOUN
fbem-6231	83	21	of	of	ADP
fbem-6231	83	22	leverage	leverage	NOUN
fbem-6231	83	23	receive	receive	VERB
fbem-6231	83	24	higher	high	ADJ
fbem-6231	83	25	average	average	ADJ
fbem-6231	83	26	returns	return	NOUN
fbem-6231	83	27	than	than	ADP
fbem-6231	83	28	companies	company	NOUN
fbem-6231	83	29	with	with	ADP
fbem-6231	83	30	low	low	ADJ
fbem-6231	83	31	levels	level	NOUN
fbem-6231	83	32	of	of	ADP
fbem-6231	83	33	leverage	leverage	NOUN
fbem-6231	83	34	.	.	PUNCT
fbem-6231	84	1	2	2	X
fbem-6231	84	2	.	.	X
fbem-6231	84	3	sample	sample	NOUN
fbem-6231	84	4	selection	selection	NOUN
fbem-6231	84	5	and	and	CCONJ
fbem-6231	84	6	data	datum	NOUN
fbem-6231	84	7	processing	process	VERB
fbem-6231	84	8	this	this	DET
fbem-6231	84	9	article	article	NOUN
fbem-6231	84	10	selects	select	VERB
fbem-6231	84	11	the	the	DET
fbem-6231	84	12	26th	26th	ADJ
fbem-6231	84	13	week	week	NOUN
fbem-6231	84	14	of	of	ADP
fbem-6231	84	15	2010	2010	NUM
fbem-6231	84	16	to	to	ADP
fbem-6231	84	17	the	the	DET
fbem-6231	84	18	26th	26th	ADJ
fbem-6231	84	19	week	week	NOUN
fbem-6231	84	20	of	of	ADP
fbem-6231	84	21	2016	2016	NUM
fbem-6231	84	22	as	as	ADP
fbem-6231	84	23	the	the	DET
fbem-6231	84	24	sample	sample	NOUN
fbem-6231	84	25	interval	interval	NOUN
fbem-6231	84	26	,	,	PUNCT
fbem-6231	84	27	with	with	ADP
fbem-6231	84	28	a	a	DET
fbem-6231	84	29	time	time	NOUN
fbem-6231	84	30	span	span	NOUN
fbem-6231	84	31	of	of	ADP
fbem-6231	84	32	6	6	NUM
fbem-6231	84	33	years	year	NOUN
fbem-6231	84	34	and	and	CCONJ
fbem-6231	84	35	a	a	DET
fbem-6231	84	36	total	total	NOUN
fbem-6231	84	37	of	of	ADP
fbem-6231	84	38	511	511	NUM
fbem-6231	84	39	valid	valid	ADJ
fbem-6231	84	40	data	datum	NOUN
fbem-6231	84	41	.	.	PUNCT
fbem-6231	85	1	the	the	DET
fbem-6231	85	2	risk	risk	NOUN
fbem-6231	85	3	-	-	PUNCT
fbem-6231	85	4	free	free	ADJ
fbem-6231	85	5	rate	rate	NOUN
fbem-6231	85	6	of	of	ADP
fbem-6231	85	7	return	return	NOUN
fbem-6231	85	8	in	in	ADP
fbem-6231	85	9	this	this	DET
fbem-6231	85	10	article	article	NOUN
fbem-6231	85	11	is	be	AUX
fbem-6231	85	12	the	the	DET
fbem-6231	85	13	benchmark	benchmark	ADJ
fbem-6231	85	14	interest	interest	NOUN
fbem-6231	85	15	rate	rate	NOUN
fbem-6231	85	16	announced	announce	VERB
fbem-6231	85	17	by	by	ADP
fbem-6231	85	18	the	the	DET
fbem-6231	85	19	central	central	ADJ
fbem-6231	85	20	bank	bank	NOUN
fbem-6231	85	21	for	for	ADP
fbem-6231	85	22	fixed	fix	VERB
fbem-6231	85	23	deposit	deposit	NOUN
fbem-6231	85	24	in	in	ADP
fbem-6231	85	25	march	march	PROPN
fbem-6231	85	26	,	,	PUNCT
fbem-6231	85	27	as	as	ADV
fbem-6231	85	28	well	well	ADV
fbem-6231	85	29	as	as	ADP
fbem-6231	85	30	the	the	DET
fbem-6231	85	31	financial	financial	ADJ
fbem-6231	85	32	leverage	leverage	NOUN
fbem-6231	85	33	,	,	PUNCT
fbem-6231	85	34	operating	operating	NOUN
fbem-6231	85	35	leverage	leverage	NOUN
fbem-6231	85	36	,	,	PUNCT
fbem-6231	85	37	and	and	CCONJ
fbem-6231	85	38	comprehensive	comprehensive	ADJ
fbem-6231	85	39	leverage	leverage	NOUN
fbem-6231	85	40	data	datum	NOUN
fbem-6231	85	41	of	of	ADP
fbem-6231	85	42	listed	list	VERB
fbem-6231	85	43	a	a	DET
fbem-6231	85	44	-	-	PUNCT
fbem-6231	85	45	share	share	NOUN
fbem-6231	85	46	companies	company	NOUN
fbem-6231	85	47	.	.	PUNCT
fbem-6231	86	1	all	all	DET
fbem-6231	86	2	data	datum	NOUN
fbem-6231	86	3	used	use	VERB
fbem-6231	86	4	in	in	ADP
fbem-6231	86	5	this	this	DET
fbem-6231	86	6	study	study	NOUN
fbem-6231	86	7	were	be	AUX
fbem-6231	86	8	collected	collect	VERB
fbem-6231	86	9	from	from	ADP
fbem-6231	86	10	china	china	PROPN
fbem-6231	86	11	stock	stock	NOUN
fbem-6231	86	12	market	market	NOUN
fbem-6231	86	13	and	and	CCONJ
fbem-6231	86	14	accounting	accounting	NOUN
fbem-6231	86	15	research	research	NOUN
fbem-6231	86	16	(	(	PUNCT
fbem-6231	86	17	csmar	csmar	PROPN
fbem-6231	86	18	guotai	guotai	PROPN
fbem-6231	86	19	jun'an	jun'an	PROPN
fbem-6231	86	20	database	database	PROPN
fbem-6231	86	21	)	)	PUNCT
fbem-6231	86	22	,	,	PUNCT
fbem-6231	86	23	and	and	CCONJ
fbem-6231	86	24	fama	fama	NOUN
fbem-6231	86	25	threefactor	threefactor	NOUN
fbem-6231	86	26	data	datum	NOUN
fbem-6231	86	27	was	be	AUX
fbem-6231	86	28	obtained	obtain	VERB
fbem-6231	86	29	from	from	ADP
fbem-6231	86	30	guotai	guotai	PROPN
fbem-6231	86	31	jun'an	jun'an	NOUN
fbem-6231	86	32	.	.	PUNCT
fbem-6231	87	1	3	3	X
fbem-6231	87	2	.	.	X
fbem-6231	87	3	empirical	empirical	ADJ
fbem-6231	87	4	analysis	analysis	NOUN
fbem-6231	87	5	3.1	3.1	NUM
fbem-6231	87	6	.	.	PUNCT
fbem-6231	87	7	descriptive	descriptive	ADJ
fbem-6231	87	8	statistics	statistic	NOUN
fbem-6231	87	9	table	table	NOUN
fbem-6231	87	10	1	1	NUM
fbem-6231	87	11	.	.	PUNCT
fbem-6231	88	1	stats	stat	NOUN
fbem-6231	88	2	ri	ri	PROPN
fbem-6231	88	3	rm	rm	PROPN
fbem-6231	88	4	smb1	smb1	PROPN
fbem-6231	88	5	hml1	hml1	PROPN
fbem-6231	88	6	cwgg	cwgg	PROPN
fbem-6231	88	7	jygg	jygg	ADV
fbem-6231	88	8	zhgg	zhgg	NOUN
fbem-6231	88	9	mean	mean	VERB
fbem-6231	88	10	-0.0262	-0.0262	PROPN
fbem-6231	88	11	-0.0327	-0.0327	NOUN
fbem-6231	89	1	0.00503	0.00503	NUM
fbem-6231	89	2	0.000309	0.000309	NUM
fbem-6231	89	3	1.459	1.459	NUM
fbem-6231	89	4	1.248	1.248	NUM
fbem-6231	89	5	1.863	1.863	NUM
fbem-6231	89	6	sd	sd	ADP
fbem-6231	89	7	0.164	0.164	NUM
fbem-6231	89	8	0.0646	0.0646	NUM
fbem-6231	89	9	0.0295	0.0295	NUM
fbem-6231	89	10	0.0273	0.0273	NUM
fbem-6231	89	11	1.381	1.381	NUM
fbem-6231	89	12	0.575	0.575	NUM
fbem-6231	89	13	2.307	2.307	NUM
fbem-6231	89	14	skewness	skewness	NOUN
fbem-6231	89	15	10.33	10.33	NUM
fbem-6231	89	16	-0.132	-0.132	NUM
fbem-6231	89	17	0.330	0.330	NUM
fbem-6231	89	18	0.513	0.513	NUM
fbem-6231	89	19	4.820	4.820	NUM
fbem-6231	89	20	4.129	4.129	NUM
fbem-6231	89	21	5.000	5.000	NUM
fbem-6231	89	22	kurtosis	kurtosis	VERB
fbem-6231	89	23	484.2	484.2	NUM
fbem-6231	89	24	4.402	4.402	NUM
fbem-6231	89	25	3.415	3.415	NUM
fbem-6231	89	26	3.919	3.919	NUM
fbem-6231	89	27	29.31	29.31	NUM
fbem-6231	89	28	23.18	23.18	NUM
fbem-6231	89	29	31.23	31.23	NUM
fbem-6231	89	30	min	min	NOUN
fbem-6231	89	31	-0.879	-0.879	ADJ
fbem-6231	89	32	-0.273	-0.273	PRON
fbem-6231	89	33	-0.0659	-0.0659	NOUN
fbem-6231	89	34	-0.0719	-0.0719	NOUN
fbem-6231	90	1	0.0775	0.0775	NUM
fbem-6231	90	2	1	1	NUM
fbem-6231	90	3	0.250	0.250	NUM
fbem-6231	90	4	p5	p5	ADJ
fbem-6231	90	5	-0.222	-0.222	NOUN
fbem-6231	90	6	-0.135	-0.135	NUM
fbem-6231	90	7	-0.0460	-0.0460	VERB
fbem-6231	90	8	-0.0383	-0.0383	VERB
fbem-6231	90	9	0.790	0.790	NUM
fbem-6231	90	10	1	1	NUM
fbem-6231	90	11	0.838	0.838	NUM
fbem-6231	90	12	p25	p25	NOUN
fbem-6231	90	13	-0.107	-0.107	PUNCT
fbem-6231	90	14	-0.0717	-0.0717	PROPN
fbem-6231	90	15	-0.0149	-0.0149	NOUN
fbem-6231	90	16	-0.0179	-0.0179	VERB
fbem-6231	90	17	0.986	0.986	NUM
fbem-6231	90	18	1	1	NUM
fbem-6231	90	19	1.009	1.009	NUM
fbem-6231	90	20	p50	p50	NOUN
fbem-6231	90	21	-0.0406	-0.0406	NOUN
fbem-6231	90	22	-0.0324	-0.0324	VERB
fbem-6231	90	23	0.00510	0.00510	NUM
fbem-6231	90	24	-0.00323	-0.00323	NOUN
fbem-6231	91	1	1.074	1.074	NUM
fbem-6231	91	2	1	1	NUM
fbem-6231	91	3	1.199	1.199	NUM
fbem-6231	91	4	p75	p75	NOUN
fbem-6231	91	5	0.0342	0.0342	NUM
fbem-6231	91	6	0.00164	0.00164	NUM
fbem-6231	91	7	0.0224	0.0224	NUM
fbem-6231	91	8	0.0169	0.0169	NUM
fbem-6231	91	9	1.351	1.351	NUM
fbem-6231	91	10	1.260	1.260	NUM
fbem-6231	91	11	1.683	1.683	NUM
fbem-6231	91	12	p99	p99	PROPN
fbem-6231	91	13	0.429	0.429	NUM
fbem-6231	91	14	0.120	0.120	NUM
fbem-6231	91	15	0.0931	0.0931	NUM
fbem-6231	91	16	0.0771	0.0771	NUM
fbem-6231	91	17	10.82	10.82	NUM
fbem-6231	91	18	4.922	4.922	NUM
fbem-6231	91	19	17.84	17.84	NUM
fbem-6231	91	20	max	max	PROPN
fbem-6231	91	21	12.79	12.79	NUM
fbem-6231	91	22	0.131	0.131	NUM
fbem-6231	91	23	0.0991	0.0991	NUM
fbem-6231	91	24	0.0944	0.0944	NUM
fbem-6231	91	25	10.82	10.82	NUM
fbem-6231	91	26	4.922	4.922	NUM
fbem-6231	91	27	17.84	17.84	NUM
fbem-6231	91	28	n	n	PROPN
fbem-6231	91	29	325394	325394	NUM
fbem-6231	91	30	325394	325394	NUM
fbem-6231	91	31	325394	325394	NUM
fbem-6231	91	32	325394	325394	NUM
fbem-6231	91	33	325415	325415	NUM
fbem-6231	91	34	322348	322348	NUM
fbem-6231	91	35	313608	313608	NUM
fbem-6231	91	36	t	t	NOUN
fbem-6231	91	37	statistics	statistic	NOUN
fbem-6231	91	38	in	in	ADP
fbem-6231	91	39	brackets	bracket	NOUN
fbem-6231	91	40	p	p	X
fbem-6231	91	41	<	<	X
fbem-6231	91	42	0.10	0.10	NUM
fbem-6231	91	43	,	,	PUNCT
fbem-6231	91	44	*	*	PUNCT
fbem-6231	91	45	*	*	PUNCT
fbem-6231	91	46	p	p	X
fbem-6231	91	47	<	<	X
fbem-6231	91	48	0.05	0.05	NUM
fbem-6231	91	49	,	,	PUNCT
fbem-6231	91	50	*	*	PUNCT
fbem-6231	91	51	*	*	PUNCT
fbem-6231	91	52	*	*	PUNCT
fbem-6231	91	53	p	p	X
fbem-6231	91	54	<	<	X
fbem-6231	91	55	0.01	0.01	NUM
fbem-6231	91	56	table	table	NOUN
fbem-6231	91	57	1	1	NUM
fbem-6231	91	58	reports	report	VERB
fbem-6231	91	59	the	the	DET
fbem-6231	91	60	descriptive	descriptive	ADJ
fbem-6231	91	61	statistical	statistical	ADJ
fbem-6231	91	62	analysis	analysis	NOUN
fbem-6231	91	63	of	of	ADP
fbem-6231	91	64	the	the	DET
fbem-6231	91	65	full	full	ADJ
fbem-6231	91	66	sample	sample	NOUN
fbem-6231	91	67	of	of	ADP
fbem-6231	91	68	the	the	DET
fbem-6231	91	69	main	main	ADJ
fbem-6231	91	70	variables	variable	NOUN
fbem-6231	91	71	used	use	VERB
fbem-6231	91	72	in	in	ADP
fbem-6231	91	73	this	this	DET
fbem-6231	91	74	study	study	NOUN
fbem-6231	91	75	,	,	PUNCT
fbem-6231	91	76	including	include	VERB
fbem-6231	91	77	the	the	DET
fbem-6231	91	78	total	total	ADJ
fbem-6231	91	79	number	number	NOUN
fbem-6231	91	80	of	of	ADP
fbem-6231	91	81	sample	sample	NOUN
fbem-6231	91	82	observations	observation	NOUN
fbem-6231	91	83	of	of	ADP
fbem-6231	91	84	individual	individual	ADJ
fbem-6231	91	85	stock	stock	NOUN
fbem-6231	91	86	returns	return	NOUN
fbem-6231	91	87	and	and	CCONJ
fbem-6231	91	88	risk	risk	NOUN
fbem-6231	91	89	-	-	PUNCT
fbem-6231	91	90	free	free	ADJ
fbem-6231	91	91	returns	return	NOUN
fbem-6231	91	92	,	,	PUNCT
fbem-6231	91	93	market	market	NOUN
fbem-6231	91	94	portfolio	portfolio	NOUN
fbem-6231	91	95	factors	factor	NOUN
fbem-6231	91	96	,	,	PUNCT
fbem-6231	91	97	scale	scale	NOUN
fbem-6231	91	98	factors	factor	NOUN
fbem-6231	91	99	,	,	PUNCT
fbem-6231	91	100	book	book	NOUN
fbem-6231	91	101	to	to	ADP
fbem-6231	91	102	market	market	NOUN
fbem-6231	91	103	ratios	ratio	NOUN
fbem-6231	91	104	,	,	PUNCT
fbem-6231	91	105	financial	financial	ADJ
fbem-6231	91	106	leverage	leverage	NOUN
fbem-6231	91	107	,	,	PUNCT
fbem-6231	91	108	operating	operating	NOUN
fbem-6231	91	109	leverage	leverage	NOUN
fbem-6231	91	110	,	,	PUNCT
fbem-6231	91	111	and	and	CCONJ
fbem-6231	91	112	comprehensive	comprehensive	ADJ
fbem-6231	91	113	leverage	leverage	NOUN
fbem-6231	91	114	,	,	PUNCT
fbem-6231	91	115	as	as	ADV
fbem-6231	91	116	well	well	ADV
fbem-6231	91	117	as	as	ADP
fbem-6231	91	118	the	the	DET
fbem-6231	91	119	average	average	ADJ
fbem-6231	91	120	,	,	PUNCT
fbem-6231	91	121	standard	standard	ADJ
fbem-6231	91	122	deviation	deviation	NOUN
fbem-6231	91	123	,	,	PUNCT
fbem-6231	91	124	skewness	skewness	NOUN
fbem-6231	91	125	,	,	PUNCT
fbem-6231	91	126	kurtosis	kurtosis	NOUN
fbem-6231	91	127	,	,	PUNCT
fbem-6231	91	128	minimum	minimum	ADJ
fbem-6231	91	129	,	,	PUNCT
fbem-6231	91	130	maximum	maximum	ADJ
fbem-6231	91	131	,	,	PUNCT
fbem-6231	91	132	and	and	CCONJ
fbem-6231	91	133	25	25	NUM
fbem-6231	91	134	%	%	NOUN
fbem-6231	91	135	quantile	quantile	ADJ
fbem-6231	91	136	values	value	NOUN
fbem-6231	91	137	of	of	ADP
fbem-6231	91	138	the	the	DET
fbem-6231	91	139	observed	observe	VERB
fbem-6231	91	140	values	value	NOUN
fbem-6231	91	141	of	of	ADP
fbem-6231	91	142	each	each	DET
fbem-6231	91	143	variable	variable	ADJ
fbem-6231	91	144	time	time	NOUN
fbem-6231	91	145	series	series	PROPN
fbem-6231	91	146	averages	average	NOUN
fbem-6231	91	147	of	of	ADP
fbem-6231	91	148	50	50	NUM
fbem-6231	91	149	%	%	NOUN
fbem-6231	91	150	quantile	quantile	ADJ
fbem-6231	91	151	values	value	NOUN
fbem-6231	91	152	(	(	PUNCT
fbem-6231	91	153	i.e.	i.e.	X
fbem-6231	91	154	,	,	PUNCT
fbem-6231	91	155	median	median	ADJ
fbem-6231	91	156	)	)	PUNCT
fbem-6231	91	157	,	,	PUNCT
fbem-6231	91	158	75	75	NUM
fbem-6231	91	159	%	%	NOUN
fbem-6231	91	160	quantile	quantile	ADJ
fbem-6231	91	161	values	value	NOUN
fbem-6231	91	162	,	,	PUNCT
fbem-6231	91	163	and	and	CCONJ
fbem-6231	91	164	90	90	NUM
fbem-6231	91	165	%	%	NOUN
fbem-6231	91	166	quantile	quantile	ADJ
fbem-6231	91	167	values	value	NOUN
fbem-6231	91	168	.	.	PUNCT
fbem-6231	92	1	where	where	SCONJ
fbem-6231	92	2	ri	ri	PROPN
fbem-6231	92	3	is	be	AUX
fbem-6231	92	4	the	the	DET
fbem-6231	92	5	mean	mean	ADJ
fbem-6231	92	6	value	value	NOUN
fbem-6231	92	7	of	of	ADP
fbem-6231	92	8	the	the	DET
fbem-6231	92	9	difference	difference	NOUN
fbem-6231	92	10	between	between	ADP
fbem-6231	92	11	the	the	DET
fbem-6231	92	12	individual	individual	ADJ
fbem-6231	92	13	stock	stock	NOUN
fbem-6231	92	14	yield	yield	NOUN
fbem-6231	92	15	and	and	CCONJ
fbem-6231	92	16	the	the	DET
fbem-6231	92	17	risk	risk	NOUN
fbem-6231	92	18	-	-	PUNCT
fbem-6231	92	19	free	free	ADJ
fbem-6231	92	20	interest	interest	NOUN
fbem-6231	92	21	rate	rate	NOUN
fbem-6231	92	22	,	,	PUNCT
fbem-6231	92	23	which	which	PRON
fbem-6231	92	24	is	be	AUX
fbem-6231	92	25	-0.0261	-0.0261	NOUN
fbem-6231	92	26	,	,	PUNCT
fbem-6231	92	27	and	and	CCONJ
fbem-6231	92	28	the	the	DET
fbem-6231	92	29	standard	standard	ADJ
fbem-6231	92	30	deviation	deviation	NOUN
fbem-6231	92	31	is	be	AUX
fbem-6231	92	32	0.1647	0.1647	NUM
fbem-6231	92	33	,	,	PUNCT
fbem-6231	92	34	indicating	indicate	VERB
fbem-6231	92	35	that	that	SCONJ
fbem-6231	92	36	the	the	DET
fbem-6231	92	37	difference	difference	NOUN
fbem-6231	92	38	between	between	ADP
fbem-6231	92	39	the	the	DET
fbem-6231	92	40	individual	individual	ADJ
fbem-6231	92	41	stock	stock	NOUN
fbem-6231	92	42	yield	yield	NOUN
fbem-6231	92	43	and	and	CCONJ
fbem-6231	92	44	the	the	DET
fbem-6231	92	45	riskfree	riskfree	PROPN
fbem-6231	92	46	interest	interest	NOUN
fbem-6231	92	47	rate	rate	NOUN
fbem-6231	92	48	was	be	AUX
fbem-6231	92	49	higher	high	ADJ
fbem-6231	92	50	than	than	ADP
fbem-6231	92	51	people	people	NOUN
fbem-6231	92	52	expected	expect	VERB
fbem-6231	92	53	between	between	ADP
fbem-6231	92	54	the	the	DET
fbem-6231	92	55	26th	26th	ADJ
fbem-6231	92	56	week	week	NOUN
fbem-6231	92	57	of	of	ADP
fbem-6231	92	58	2010	2010	NUM
fbem-6231	92	59	and	and	CCONJ
fbem-6231	92	60	the	the	DET
fbem-6231	92	61	26th	26th	ADJ
fbem-6231	92	62	week	week	NOUN
fbem-6231	92	63	of	of	ADP
fbem-6231	92	64	2016	2016	NUM
fbem-6231	92	65	,	,	PUNCT
fbem-6231	92	66	and	and	CCONJ
fbem-6231	92	67	the	the	DET
fbem-6231	92	68	volatility	volatility	NOUN
fbem-6231	92	69	of	of	ADP
fbem-6231	92	70	the	the	DET
fbem-6231	92	71	individual	individual	ADJ
fbem-6231	92	72	stock	stock	NOUN
fbem-6231	92	73	yield	yield	NOUN
fbem-6231	92	74	was	be	AUX
fbem-6231	92	75	significant	significant	ADJ
fbem-6231	92	76	.	.	PUNCT
fbem-6231	93	1	skewness	skewness	NOUN
fbem-6231	93	2	is	be	AUX
fbem-6231	93	3	10.33	10.33	NUM
fbem-6231	93	4	,	,	PUNCT
fbem-6231	93	5	and	and	CCONJ
fbem-6231	93	6	kurtosis	kurtosis	VERB
fbem-6231	93	7	is	be	AUX
fbem-6231	93	8	484.15	484.15	NUM
fbem-6231	93	9	.	.	PUNCT
fbem-6231	94	1	skewness	skewness	NOUN
fbem-6231	94	2	is	be	AUX
fbem-6231	94	3	not	not	PART
fbem-6231	94	4	significantly	significantly	ADV
fbem-6231	94	5	different	different	ADJ
fbem-6231	94	6	from	from	ADP
fbem-6231	94	7	normal	normal	ADJ
fbem-6231	94	8	distribution	distribution	NOUN
fbem-6231	94	9	,	,	PUNCT
fbem-6231	94	10	and	and	CCONJ
fbem-6231	94	11	kurtosis	kurtosis	NOUN
fbem-6231	94	12	is	be	AUX
fbem-6231	94	13	higher	high	ADJ
fbem-6231	94	14	than	than	ADP
fbem-6231	94	15	normal	normal	ADJ
fbem-6231	94	16	distribution	distribution	NOUN
fbem-6231	94	17	.	.	PUNCT
fbem-6231	95	1	the	the	DET
fbem-6231	95	2	average	average	ADJ
fbem-6231	95	3	value	value	NOUN
fbem-6231	95	4	of	of	ADP
fbem-6231	95	5	the	the	DET
fbem-6231	95	6	rp	rp	NOUN
fbem-6231	95	7	market	market	NOUN
fbem-6231	95	8	portfolio	portfolio	NOUN
fbem-6231	95	9	factors	factor	NOUN
fbem-6231	95	10	is	be	AUX
fbem-6231	95	11	0.01	0.01	NUM
fbem-6231	95	12	,	,	PUNCT
fbem-6231	95	13	the	the	DET
fbem-6231	95	14	standard	standard	ADJ
fbem-6231	95	15	deviation	deviation	NOUN
fbem-6231	95	16	is	be	AUX
fbem-6231	95	17	0.1	0.1	NUM
fbem-6231	95	18	,	,	PUNCT
fbem-6231	95	19	and	and	CCONJ
fbem-6231	95	20	the	the	DET
fbem-6231	95	21	skewness	skewness	NOUN
fbem-6231	95	22	and	and	CCONJ
fbem-6231	95	23	kurtosis	kurtosis	NOUN
fbem-6231	95	24	are	be	AUX
fbem-6231	95	25	small	small	ADJ
fbem-6231	95	26	,	,	PUNCT
fbem-6231	95	27	indicating	indicate	VERB
fbem-6231	95	28	that	that	SCONJ
fbem-6231	95	29	they	they	PRON
fbem-6231	95	30	basically	basically	ADV
fbem-6231	95	31	conform	conform	VERB
fbem-6231	95	32	to	to	ADP
fbem-6231	95	33	the	the	DET
fbem-6231	95	34	normal	normal	ADJ
fbem-6231	95	35	distribution	distribution	NOUN
fbem-6231	95	36	.	.	PUNCT
fbem-6231	96	1	the	the	DET
fbem-6231	96	2	smb1	smb1	ADJ
fbem-6231	96	3	scale	scale	NOUN
fbem-6231	96	4	factor	factor	NOUN
fbem-6231	96	5	has	have	VERB
fbem-6231	96	6	a	a	DET
fbem-6231	96	7	small	small	ADJ
fbem-6231	96	8	mean	mean	NOUN
fbem-6231	96	9	and	and	CCONJ
fbem-6231	96	10	standard	standard	ADJ
fbem-6231	96	11	deviation	deviation	NOUN
fbem-6231	96	12	,	,	PUNCT
fbem-6231	96	13	and	and	CCONJ
fbem-6231	96	14	basically	basically	ADV
fbem-6231	96	15	conforms	conform	VERB
fbem-6231	96	16	to	to	ADP
fbem-6231	96	17	a	a	DET
fbem-6231	96	18	normal	normal	ADJ
fbem-6231	96	19	distribution	distribution	NOUN
fbem-6231	96	20	.	.	PUNCT
fbem-6231	97	1	the	the	DET
fbem-6231	97	2	average	average	ADJ
fbem-6231	97	3	book	book	NOUN
fbem-6231	97	4	to	to	ADP
fbem-6231	97	5	market	market	NOUN
fbem-6231	97	6	ratio	ratio	NOUN
fbem-6231	97	7	of	of	ADP
fbem-6231	97	8	hml1	hml1	PROPN
fbem-6231	97	9	is	be	AUX
fbem-6231	97	10	0.00026	0.00026	NUM
fbem-6231	97	11	,	,	PUNCT
fbem-6231	97	12	with	with	ADP
fbem-6231	97	13	a	a	DET
fbem-6231	97	14	standard	standard	ADJ
fbem-6231	97	15	deviation	deviation	NOUN
fbem-6231	97	16	of	of	ADP
fbem-6231	97	17	0.0272	0.0272	NUM
fbem-6231	97	18	;	;	PUNCT
fbem-6231	97	19	smb1	smb1	PROPN
fbem-6231	97	20	has	have	VERB
fbem-6231	97	21	a	a	DET
fbem-6231	97	22	mean	mean	ADJ
fbem-6231	97	23	value	value	NOUN
fbem-6231	97	24	of	of	ADP
fbem-6231	97	25	0.005	0.005	NUM
fbem-6231	97	26	and	and	CCONJ
fbem-6231	97	27	a	a	DET
fbem-6231	97	28	standard	standard	ADJ
fbem-6231	97	29	deviation	deviation	NOUN
fbem-6231	97	30	of	of	ADP
fbem-6231	97	31	0.029	0.029	NUM
fbem-6231	97	32	,	,	PUNCT
fbem-6231	97	33	with	with	ADP
fbem-6231	97	34	deviations	deviation	NOUN
fbem-6231	97	35	in	in	ADP
fbem-6231	97	36	both	both	CCONJ
fbem-6231	97	37	skewness	skewness	NOUN
fbem-6231	97	38	and	and	CCONJ
fbem-6231	97	39	kurtosis	kurtosis	NOUN
fbem-6231	97	40	;	;	PUNCT
fbem-6231	97	41	the	the	DET
fbem-6231	97	42	average	average	ADJ
fbem-6231	97	43	value	value	NOUN
fbem-6231	97	44	of	of	ADP
fbem-6231	97	45	financial	financial	ADJ
fbem-6231	97	46	leverage	leverage	NOUN
fbem-6231	97	47	,	,	PUNCT
fbem-6231	97	48	operating	operating	NOUN
fbem-6231	97	49	leverage	leverage	NOUN
fbem-6231	97	50	,	,	PUNCT
fbem-6231	97	51	and	and	CCONJ
fbem-6231	97	52	comprehensive	comprehensive	ADJ
fbem-6231	97	53	leverage	leverage	NOUN
fbem-6231	97	54	is	be	AUX
fbem-6231	97	55	around	around	ADP
fbem-6231	97	56	1.5	1.5	NUM
fbem-6231	97	57	,	,	PUNCT
fbem-6231	97	58	with	with	ADP
fbem-6231	97	59	small	small	ADJ
fbem-6231	97	60	standard	standard	ADJ
fbem-6231	97	61	deviation	deviation	NOUN
fbem-6231	97	62	and	and	CCONJ
fbem-6231	97	63	kurtosis	kurtosis	NOUN
fbem-6231	97	64	,	,	PUNCT
fbem-6231	97	65	but	but	CCONJ
fbem-6231	97	66	a	a	DET
fbem-6231	97	67	large	large	ADJ
fbem-6231	97	68	skewness	skewness	NOUN
fbem-6231	97	69	.	.	PUNCT
fbem-6231	98	1	3.2	3.2	NUM
fbem-6231	98	2	.	.	PUNCT
fbem-6231	99	1	three	three	NUM
fbem-6231	99	2	factor	factor	NOUN
fbem-6231	99	3	efficiency	efficiency	NOUN
fbem-6231	99	4	test	test	NOUN
fbem-6231	99	5	of	of	ADP
fbem-6231	99	6	chinese	chinese	ADJ
fbem-6231	99	7	stock	stock	NOUN
fbem-6231	99	8	market	market	NOUN
fbem-6231	99	9	according	accord	VERB
fbem-6231	99	10	to	to	ADP
fbem-6231	99	11	the	the	DET
fbem-6231	99	12	three	three	NUM
fbem-6231	99	13	factor	factor	NOUN
fbem-6231	99	14	model	model	NOUN
fbem-6231	99	15	formula	formula	NOUN
fbem-6231	99	16	:	:	PUNCT
fbem-6231	99	17	e[rit]-rft=	e[rit]-rft=	X
fbem-6231	99	18	β	β	X
fbem-6231	99	19	i(e[rmt]-rft)+aismbt+hihmlt	i(e[rmt]-rft)+aismbt+hihmlt	X
fbem-6231	100	1	the	the	DET
fbem-6231	100	2	three	three	NUM
fbem-6231	100	3	factor	factor	NOUN
fbem-6231	100	4	data	datum	NOUN
fbem-6231	100	5	of	of	ADP
fbem-6231	100	6	china	china	PROPN
fbem-6231	100	7	's	's	PART
fbem-6231	100	8	a	a	DET
fbem-6231	100	9	-	-	PUNCT
fbem-6231	100	10	share	share	NOUN
fbem-6231	100	11	market	market	NOUN
fbem-6231	100	12	obtained	obtain	VERB
fbem-6231	100	13	from	from	ADP
fbem-6231	100	14	csmar	csmar	PROPN
fbem-6231	100	15	were	be	AUX
fbem-6231	100	16	regressed	regress	VERB
fbem-6231	100	17	using	use	VERB
fbem-6231	100	18	stata	stata	NOUN
fbem-6231	100	19	software	software	NOUN
fbem-6231	100	20	,	,	PUNCT
fbem-6231	100	21	and	and	CCONJ
fbem-6231	100	22	the	the	DET
fbem-6231	100	23	regression	regression	NOUN
fbem-6231	100	24	results	result	NOUN
fbem-6231	100	25	are	be	AUX
fbem-6231	100	26	shown	show	VERB
fbem-6231	100	27	in	in	ADP
fbem-6231	100	28	table	table	NOUN
fbem-6231	100	29	2	2	NUM
fbem-6231	100	30	:	:	PUNCT
fbem-6231	100	31	table	table	NOUN
fbem-6231	100	32	2	2	NUM
fbem-6231	100	33	.	.	PUNCT
fbem-6231	101	1	variables	variable	NOUN
fbem-6231	101	2	ri	ri	PROPN
fbem-6231	101	3	rm	rm	PROPN
fbem-6231	101	4	1.098	1.098	NUM
fbem-6231	101	5	*	*	PUNCT
fbem-6231	101	6	*	*	PUNCT
fbem-6231	101	7	*	*	PUNCT
fbem-6231	101	8	(	(	PUNCT
fbem-6231	101	9	273.913	273.913	NUM
fbem-6231	101	10	)	)	PUNCT
fbem-6231	101	11	smb1	smb1	NOUN
fbem-6231	101	12	0.548	0.548	NOUN
fbem-6231	101	13	*	*	PUNCT
fbem-6231	101	14	*	*	PUNCT
fbem-6231	101	15	*	*	PUNCT
fbem-6231	101	16	(	(	PUNCT
fbem-6231	101	17	62.733	62.733	NUM
fbem-6231	101	18	)	)	PUNCT
fbem-6231	101	19	hml1	hml1	NOUN
fbem-6231	101	20	0.209	0.209	NUM
fbem-6231	101	21	*	*	PUNCT
fbem-6231	101	22	*	*	PUNCT
fbem-6231	101	23	*	*	PUNCT
fbem-6231	101	24	(	(	PUNCT
fbem-6231	101	25	22.114	22.114	NUM
fbem-6231	101	26	)	)	PUNCT
fbem-6231	101	27	constant	constant	ADJ
fbem-6231	101	28	0.007	0.007	NUM
fbem-6231	101	29	*	*	PUNCT
fbem-6231	101	30	*	*	PUNCT
fbem-6231	101	31	*	*	PUNCT
fbem-6231	101	32	(	(	PUNCT
fbem-6231	101	33	23.192	23.192	NUM
fbem-6231	101	34	)	)	PUNCT
fbem-6231	101	35	observations	observation	NOUN
fbem-6231	101	36	325.394	325.394	NUM
fbem-6231	101	37	r	r	NOUN
fbem-6231	101	38	-	-	PUNCT
fbem-6231	101	39	squared	square	VERB
fbem-6231	101	40	0.209	0.209	NUM
fbem-6231	101	41	f	f	PROPN
fbem-6231	101	42	28699	28699	NUM
fbem-6231	101	43	t	t	PROPN
fbem-6231	101	44	statistics	statistic	NOUN
fbem-6231	101	45	in	in	ADP
fbem-6231	101	46	brackets	bracket	NOUN
fbem-6231	101	47	p	p	X
fbem-6231	101	48	<	<	X
fbem-6231	101	49	0.10	0.10	NUM
fbem-6231	101	50	,	,	PUNCT
fbem-6231	101	51	*	*	PUNCT
fbem-6231	101	52	*	*	PUNCT
fbem-6231	102	1	p	p	X
fbem-6231	102	2	<	<	X
fbem-6231	102	3	0.05	0.05	NUM
fbem-6231	102	4	,	,	PUNCT
fbem-6231	102	5	*	*	PUNCT
fbem-6231	102	6	*	*	PUNCT
fbem-6231	102	7	*	*	PUNCT
fbem-6231	103	1	p	p	X
fbem-6231	103	2	<	<	X
fbem-6231	103	3	0.01	0.01	NUM
fbem-6231	103	4	the	the	DET
fbem-6231	103	5	three	three	NUM
fbem-6231	103	6	factors	factor	NOUN
fbem-6231	103	7	are	be	AUX
fbem-6231	103	8	regressed	regress	VERB
fbem-6231	103	9	using	use	VERB
fbem-6231	103	10	ols	ol	NOUN
fbem-6231	103	11	by	by	ADP
fbem-6231	103	12	narrowing	narrow	VERB
fbem-6231	103	13	the	the	DET
fbem-6231	103	14	three	three	NUM
fbem-6231	103	15	factor	factor	NOUN
fbem-6231	103	16	data	datum	NOUN
fbem-6231	103	17	(	(	PUNCT
fbem-6231	103	18	replacing	replace	VERB
fbem-6231	103	19	values	value	NOUN
fbem-6231	103	20	that	that	PRON
fbem-6231	103	21	are	be	AUX
fbem-6231	103	22	outside	outside	ADP
fbem-6231	103	23	the	the	DET
fbem-6231	103	24	variable	variable	ADJ
fbem-6231	103	25	range	range	NOUN
fbem-6231	103	26	of	of	ADP
fbem-6231	103	27	99	99	NUM
fbem-6231	103	28	percent	percent	NOUN
fbem-6231	103	29	and	and	CCONJ
fbem-6231	103	30	less	less	ADJ
fbem-6231	103	31	than	than	ADP
fbem-6231	103	32	1	1	NUM
fbem-6231	103	33	percent	percent	NOUN
fbem-6231	103	34	with	with	ADP
fbem-6231	103	35	percentile	percentile	ADJ
fbem-6231	103	36	values	value	NOUN
fbem-6231	103	37	)	)	PUNCT
fbem-6231	103	38	.	.	PUNCT
fbem-6231	104	1	from	from	ADP
fbem-6231	104	2	table	table	NOUN
fbem-6231	104	3	3	3	NUM
fbem-6231	104	4	of	of	ADP
fbem-6231	104	5	the	the	DET
fbem-6231	104	6	regression	regression	NOUN
fbem-6231	104	7	results	result	NOUN
fbem-6231	104	8	,	,	PUNCT
fbem-6231	104	9	it	it	PRON
fbem-6231	104	10	can	can	AUX
fbem-6231	104	11	be	be	AUX
fbem-6231	104	12	seen	see	VERB
fbem-6231	104	13	that	that	SCONJ
fbem-6231	104	14	the	the	DET
fbem-6231	104	15	market	market	NOUN
fbem-6231	104	16	factor	factor	NOUN
fbem-6231	104	17	,	,	PUNCT
fbem-6231	104	18	scale	scale	NOUN
fbem-6231	104	19	factor	factor	NOUN
fbem-6231	104	20	,	,	PUNCT
fbem-6231	104	21	and	and	CCONJ
fbem-6231	104	22	value	value	NOUN
fbem-6231	104	23	factor	factor	NOUN
fbem-6231	104	24	all	all	PRON
fbem-6231	104	25	reject	reject	VERB
fbem-6231	104	26	the	the	DET
fbem-6231	104	27	assumption	assumption	NOUN
fbem-6231	104	28	of	of	ADP
fbem-6231	104	29	a	a	DET
fbem-6231	104	30	coefficient	coefficient	NOUN
fbem-6231	104	31	of	of	ADP
fbem-6231	104	32	0	0	NUM
fbem-6231	104	33	at	at	ADP
fbem-6231	104	34	a	a	DET
fbem-6231	104	35	99	99	NUM
fbem-6231	104	36	%	%	NOUN
fbem-6231	104	37	confidence	confidence	NOUN
fbem-6231	104	38	level	level	NOUN
fbem-6231	104	39	,	,	PUNCT
fbem-6231	104	40	indicating	indicate	VERB
fbem-6231	104	41	that	that	SCONJ
fbem-6231	104	42	the	the	DET
fbem-6231	104	43	value	value	NOUN
fbem-6231	104	44	and	and	CCONJ
fbem-6231	104	45	size	size	NOUN
fbem-6231	104	46	of	of	ADP
fbem-6231	104	47	enterprises	enterprise	NOUN
fbem-6231	104	48	in	in	ADP
fbem-6231	104	49	the	the	DET
fbem-6231	104	50	chinese	chinese	ADJ
fbem-6231	104	51	a	a	DET
fbem-6231	104	52	-	-	PUNCT
fbem-6231	104	53	share	share	NOUN
fbem-6231	104	54	market	market	NOUN
fbem-6231	104	55	do	do	AUX
fbem-6231	104	56	affect	affect	VERB
fbem-6231	104	57	the	the	DET
fbem-6231	104	58	return	return	NOUN
fbem-6231	104	59	rate	rate	NOUN
fbem-6231	104	60	of	of	ADP
fbem-6231	104	61	enterprises	enterprise	NOUN
fbem-6231	104	62	.	.	PUNCT
fbem-6231	105	1	the	the	DET
fbem-6231	105	2	coefficient	coefficient	NOUN
fbem-6231	105	3	of	of	ADP
fbem-6231	105	4	the	the	DET
fbem-6231	105	5	scale	scale	NOUN
fbem-6231	105	6	factor	factor	NOUN
fbem-6231	105	7	smb1	smb1	NOUN
fbem-6231	105	8	is	be	AUX
fbem-6231	105	9	0.548	0.548	NUM
fbem-6231	105	10	,	,	PUNCT
fbem-6231	105	11	indicating	indicate	VERB
fbem-6231	105	12	that	that	SCONJ
fbem-6231	105	13	284	284	NUM
fbem-6231	105	14	the	the	PRON
fbem-6231	105	15	larger	large	ADJ
fbem-6231	105	16	the	the	DET
fbem-6231	105	17	enterprise	enterprise	NOUN
fbem-6231	105	18	's	's	PART
fbem-6231	105	19	size	size	NOUN
fbem-6231	105	20	,	,	PUNCT
fbem-6231	105	21	the	the	PRON
fbem-6231	105	22	greater	great	ADJ
fbem-6231	105	23	its	its	PRON
fbem-6231	105	24	return	return	NOUN
fbem-6231	105	25	rate	rate	NOUN
fbem-6231	105	26	,	,	PUNCT
fbem-6231	105	27	and	and	CCONJ
fbem-6231	105	28	verifying	verify	VERB
fbem-6231	105	29	that	that	SCONJ
fbem-6231	105	30	the	the	PRON
fbem-6231	105	31	larger	large	ADJ
fbem-6231	105	32	the	the	DET
fbem-6231	105	33	enterprise	enterprise	NOUN
fbem-6231	105	34	's	's	PART
fbem-6231	105	35	size	size	NOUN
fbem-6231	105	36	,	,	PUNCT
fbem-6231	105	37	the	the	PRON
fbem-6231	105	38	higher	high	ADJ
fbem-6231	105	39	the	the	DET
fbem-6231	105	40	rate	rate	NOUN
fbem-6231	105	41	of	of	ADP
fbem-6231	105	42	return	return	NOUN
fbem-6231	105	43	of	of	ADP
fbem-6231	105	44	the	the	DET
fbem-6231	105	45	enterprise	enterprise	NOUN
fbem-6231	105	46	.	.	PUNCT
fbem-6231	106	1	the	the	DET
fbem-6231	106	2	coefficient	coefficient	NOUN
fbem-6231	106	3	of	of	ADP
fbem-6231	106	4	the	the	DET
fbem-6231	106	5	value	value	NOUN
fbem-6231	106	6	factor	factor	NOUN
fbem-6231	106	7	hml1	hml1	PROPN
fbem-6231	106	8	is	be	AUX
fbem-6231	106	9	0.209	0.209	NUM
fbem-6231	106	10	,	,	PUNCT
fbem-6231	106	11	which	which	PRON
fbem-6231	106	12	indicates	indicate	VERB
fbem-6231	106	13	that	that	SCONJ
fbem-6231	106	14	the	the	DET
fbem-6231	106	15	book	book	NOUN
fbem-6231	106	16	value	value	NOUN
fbem-6231	106	17	of	of	ADP
fbem-6231	106	18	enterprises	enterprise	NOUN
fbem-6231	106	19	in	in	ADP
fbem-6231	106	20	the	the	DET
fbem-6231	106	21	chinese	chinese	ADJ
fbem-6231	106	22	a	a	DET
fbem-6231	106	23	-	-	PUNCT
fbem-6231	106	24	share	share	NOUN
fbem-6231	106	25	market	market	NOUN
fbem-6231	106	26	is	be	AUX
fbem-6231	106	27	about	about	ADV
fbem-6231	106	28	high	high	ADJ
fbem-6231	106	29	,	,	PUNCT
fbem-6231	106	30	and	and	CCONJ
fbem-6231	106	31	their	their	PRON
fbem-6231	106	32	stock	stock	NOUN
fbem-6231	106	33	returns	return	NOUN
fbem-6231	106	34	will	will	AUX
fbem-6231	106	35	also	also	ADV
fbem-6231	106	36	be	be	AUX
fbem-6231	106	37	correspondingly	correspondingly	ADV
fbem-6231	106	38	high	high	ADJ
fbem-6231	106	39	.	.	PUNCT
fbem-6231	107	1	this	this	PRON
fbem-6231	107	2	satisfies	satisfy	VERB
fbem-6231	107	3	the	the	DET
fbem-6231	107	4	value	value	NOUN
fbem-6231	107	5	premium	premium	NOUN
fbem-6231	107	6	hypothesis	hypothesis	NOUN
fbem-6231	107	7	,	,	PUNCT
fbem-6231	107	8	indicating	indicate	VERB
fbem-6231	107	9	that	that	SCONJ
fbem-6231	107	10	there	there	PRON
fbem-6231	107	11	is	be	VERB
fbem-6231	107	12	a	a	DET
fbem-6231	107	13	value	value	NOUN
fbem-6231	107	14	premium	premium	NOUN
fbem-6231	107	15	in	in	ADP
fbem-6231	107	16	the	the	DET
fbem-6231	107	17	chinese	chinese	ADJ
fbem-6231	107	18	a	a	DET
fbem-6231	107	19	-	-	PUNCT
fbem-6231	107	20	share	share	NOUN
fbem-6231	107	21	market	market	NOUN
fbem-6231	107	22	.	.	PUNCT
fbem-6231	108	1	from	from	ADP
fbem-6231	108	2	the	the	DET
fbem-6231	108	3	fitting	fitting	ADJ
fbem-6231	108	4	degree	degree	NOUN
fbem-6231	108	5	of	of	ADP
fbem-6231	108	6	the	the	DET
fbem-6231	108	7	model	model	NOUN
fbem-6231	108	8	,	,	PUNCT
fbem-6231	108	9	the	the	DET
fbem-6231	108	10	square	square	ADJ
fbem-6231	108	11	value	value	NOUN
fbem-6231	108	12	of	of	ADP
fbem-6231	108	13	r	r	NOUN
fbem-6231	108	14	is	be	AUX
fbem-6231	108	15	0.209	0.209	NUM
fbem-6231	108	16	,	,	PUNCT
fbem-6231	108	17	and	and	CCONJ
fbem-6231	108	18	the	the	DET
fbem-6231	108	19	fitting	fitting	ADJ
fbem-6231	108	20	degree	degree	NOUN
fbem-6231	108	21	of	of	ADP
fbem-6231	108	22	the	the	DET
fbem-6231	108	23	model	model	NOUN
fbem-6231	108	24	is	be	AUX
fbem-6231	108	25	average	average	ADJ
fbem-6231	108	26	.	.	PUNCT
fbem-6231	109	1	3.3	3.3	NUM
fbem-6231	109	2	.	.	PUNCT
fbem-6231	110	1	regression	regression	VERB
fbem-6231	110	2	analysis	analysis	NOUN
fbem-6231	110	3	according	accord	VERB
fbem-6231	110	4	to	to	ADP
fbem-6231	110	5	the	the	DET
fbem-6231	110	6	regression	regression	NOUN
fbem-6231	110	7	equation	equation	NOUN
fbem-6231	110	8	:	:	PUNCT
fbem-6231	110	9	e[rit]-rft=	e[rit]-rft=	X
fbem-6231	110	10	β	β	X
fbem-6231	110	11	i(e[rmt]-rft)+aismbt+hihmlt+cicwgg	i(e[rmt]-rft)+aismbt+hihmlt+cicwgg	PROPN
fbem-6231	110	12	e[rit]-rft=	e[rit]-rft=	X
fbem-6231	110	13	β	β	X
fbem-6231	110	14	i(e[rmt]-rft)+aismbt+hihmlt+mijygg	i(e[rmt]-rft)+aismbt+hihmlt+mijygg	NOUN
fbem-6231	110	15	e[rit]-rft=	e[rit]-rft=	ADP
fbem-6231	110	16	β	β	X
fbem-6231	110	17	i(e[rmt]-rft)+aismbt+hihmlt+lizhgg	i(e[rmt]-rft)+aismbt+hihmlt+lizhgg	NOUN
fbem-6231	110	18	variables	variable	NOUN
fbem-6231	110	19	(	(	PUNCT
fbem-6231	110	20	1	1	X
fbem-6231	110	21	)	)	PUNCT
fbem-6231	110	22	model1	model1	PROPN
fbem-6231	111	1	ri	ri	X
fbem-6231	111	2	(	(	PUNCT
fbem-6231	111	3	2	2	X
fbem-6231	111	4	)	)	PUNCT
fbem-6231	111	5	model2	model2	NOUN
fbem-6231	111	6	ri	ri	NOUN
fbem-6231	111	7	(	(	PUNCT
fbem-6231	111	8	3	3	X
fbem-6231	111	9	)	)	PUNCT
fbem-6231	111	10	model3	model3	NOUN
fbem-6231	111	11	ri	ri	PROPN
fbem-6231	111	12	rm	rm	PROPN
fbem-6231	111	13	smb1	smb1	PROPN
fbem-6231	111	14	hml1	hml1	PROPN
fbem-6231	111	15	cwgg	cwgg	PROPN
fbem-6231	111	16	jygg	jygg	ADV
fbem-6231	111	17	zhgg	zhgg	NOUN
fbem-6231	111	18	constant	constant	VERB
fbem-6231	111	19	1.097	1.097	NUM
fbem-6231	111	20	*	*	PUNCT
fbem-6231	111	21	*	*	PUNCT
fbem-6231	111	22	*	*	PUNCT
fbem-6231	111	23	(	(	PUNCT
fbem-6231	111	24	274.229	274.229	NUM
fbem-6231	111	25	)	)	PUNCT
fbem-6231	111	26	0.547	0.547	NUM
fbem-6231	111	27	*	*	PUNCT
fbem-6231	111	28	*	*	PUNCT
fbem-6231	111	29	*	*	PUNCT
fbem-6231	111	30	(	(	PUNCT
fbem-6231	111	31	62.801	62.801	NUM
fbem-6231	111	32	)	)	PUNCT
fbem-6231	111	33	0.210	0.210	NUM
fbem-6231	111	34	*	*	PUNCT
fbem-6231	111	35	*	*	PUNCT
fbem-6231	111	36	*	*	PUNCT
fbem-6231	111	37	(	(	PUNCT
fbem-6231	111	38	22.263	22.263	NUM
fbem-6231	111	39	)	)	PUNCT
fbem-6231	111	40	-0.001	-0.001	NOUN
fbem-6231	112	1	*	*	PUNCT
fbem-6231	112	2	*	*	PUNCT
fbem-6231	112	3	*	*	PUNCT
fbem-6231	112	4	(	(	PUNCT
fbem-6231	112	5	-2.970	-2.970	PROPN
fbem-6231	112	6	)	)	PUNCT
fbem-6231	112	7	0.008	0.008	NUM
fbem-6231	112	8	*	*	PUNCT
fbem-6231	112	9	*	*	PUNCT
fbem-6231	112	10	*	*	PUNCT
fbem-6231	112	11	1.097	1.097	NUM
fbem-6231	112	12	*	*	PUNCT
fbem-6231	112	13	*	*	PUNCT
fbem-6231	112	14	*	*	PUNCT
fbem-6231	112	15	(	(	PUNCT
fbem-6231	112	16	272.501	272.501	NUM
fbem-6231	112	17	)	)	PUNCT
fbem-6231	112	18	0.546	0.546	NUM
fbem-6231	112	19	*	*	PUNCT
fbem-6231	112	20	*	*	PUNCT
fbem-6231	112	21	*	*	PUNCT
fbem-6231	112	22	(	(	PUNCT
fbem-6231	112	23	62.332	62.332	NUM
fbem-6231	112	24	)	)	PUNCT
fbem-6231	112	25	0.212	0.212	NUM
fbem-6231	112	26	*	*	PUNCT
fbem-6231	112	27	*	*	PUNCT
fbem-6231	112	28	*	*	PUNCT
fbem-6231	112	29	(	(	PUNCT
fbem-6231	112	30	22.366	22.366	NUM
fbem-6231	112	31	)	)	PUNCT
fbem-6231	112	32	-0.002	-0.002	PUNCT
fbem-6231	113	1	*	*	PUNCT
fbem-6231	113	2	*	*	PUNCT
fbem-6231	113	3	*	*	PUNCT
fbem-6231	113	4	(	(	PUNCT
fbem-6231	113	5	-3.398	-3.398	NUM
fbem-6231	113	6	)	)	PUNCT
fbem-6231	113	7	0.009	0.009	NUM
fbem-6231	113	8	*	*	PUNCT
fbem-6231	113	9	*	*	PUNCT
fbem-6231	113	10	*	*	PUNCT
fbem-6231	113	11	1.096	1.096	NUM
fbem-6231	113	12	*	*	NOUN
fbem-6231	113	13	*	*	PUNCT
fbem-6231	113	14	*	*	PUNCT
fbem-6231	113	15	(	(	PUNCT
fbem-6231	113	16	267.194	267.194	NUM
fbem-6231	113	17	)	)	PUNCT
fbem-6231	113	18	0.548	0.548	NUM
fbem-6231	113	19	*	*	PUNCT
fbem-6231	113	20	*	*	PUNCT
fbem-6231	113	21	*	*	PUNCT
fbem-6231	113	22	(	(	PUNCT
fbem-6231	113	23	61.375	61.375	NUM
fbem-6231	113	24	)	)	PUNCT
fbem-6231	113	25	0.211	0.211	NUM
fbem-6231	113	26	*	*	PUNCT
fbem-6231	113	27	*	*	PUNCT
fbem-6231	113	28	*	*	PUNCT
fbem-6231	113	29	(	(	PUNCT
fbem-6231	113	30	21.852	21.852	NUM
fbem-6231	113	31	)	)	PUNCT
fbem-6231	113	32	-0.001	-0.001	NOUN
fbem-6231	114	1	*	*	PUNCT
fbem-6231	114	2	*	*	PUNCT
fbem-6231	114	3	*	*	PUNCT
fbem-6231	114	4	(	(	PUNCT
fbem-6231	114	5	-4.848	-4.848	NOUN
fbem-6231	114	6	)	)	PUNCT
fbem-6231	114	7	0.008	0.008	NUM
fbem-6231	114	8	*	*	PUNCT
fbem-6231	114	9	*	*	PUNCT
fbem-6231	114	10	*	*	PUNCT
fbem-6231	114	11	(	(	PUNCT
fbem-6231	114	12	18.932	18.932	NUM
fbem-6231	114	13	)	)	PUNCT
fbem-6231	114	14	(	(	PUNCT
fbem-6231	114	15	13.699	13.699	NUM
fbem-6231	114	16	)	)	PUNCT
fbem-6231	114	17	(	(	PUNCT
fbem-6231	114	18	21.421	21.421	NUM
fbem-6231	114	19	)	)	PUNCT
fbem-6231	114	20	observations	observation	NOUN
fbem-6231	114	21	324,519	324,519	NUM
fbem-6231	114	22	321,453	321,453	NUM
fbem-6231	114	23	312,734	312,734	NUM
fbem-6231	114	24	r	r	NOUN
fbem-6231	114	25	-	-	PUNCT
fbem-6231	114	26	squared	square	VERB
fbem-6231	114	27	0.210	0.210	NUM
fbem-6231	114	28	0.210	0.210	NUM
fbem-6231	114	29	0.208	0.208	NUM
fbem-6231	114	30	f	f	PROPN
fbem-6231	114	31	21590	21590	NUM
fbem-6231	114	32	21328	21328	NUM
fbem-6231	114	33	20506	20506	NUM
fbem-6231	114	34	t	t	PROPN
fbem-6231	114	35	statistics	statistic	NOUN
fbem-6231	114	36	in	in	ADP
fbem-6231	114	37	brackets	bracket	NOUN
fbem-6231	114	38	p	p	X
fbem-6231	114	39	<	<	X
fbem-6231	114	40	0.10	0.10	NUM
fbem-6231	114	41	,	,	PUNCT
fbem-6231	114	42	*	*	PUNCT
fbem-6231	114	43	*	*	PUNCT
fbem-6231	115	1	p	p	X
fbem-6231	115	2	<	<	X
fbem-6231	115	3	0.05	0.05	NUM
fbem-6231	115	4	,	,	PUNCT
fbem-6231	115	5	*	*	PUNCT
fbem-6231	115	6	*	*	PUNCT
fbem-6231	115	7	*	*	PUNCT
fbem-6231	116	1	p	p	X
fbem-6231	116	2	<	<	X
fbem-6231	116	3	0.01	0.01	NUM
fbem-6231	116	4	3.3.1	3.3.1	NUM
fbem-6231	116	5	.	.	PUNCT
fbem-6231	117	1	ncorporating	ncorporate	VERB
fbem-6231	117	2	financial	financial	ADJ
fbem-6231	117	3	leverage	leverage	NOUN
fbem-6231	117	4	into	into	ADP
fbem-6231	117	5	a	a	DET
fbem-6231	117	6	three	three	NUM
fbem-6231	117	7	factor	factor	NOUN
fbem-6231	117	8	model	model	NOUN
fbem-6231	117	9	model	model	NOUN
fbem-6231	117	10	1	1	NUM
fbem-6231	117	11	incorporates	incorporate	VERB
fbem-6231	117	12	financial	financial	ADJ
fbem-6231	117	13	leverage	leverage	NOUN
fbem-6231	117	14	into	into	ADP
fbem-6231	117	15	a	a	DET
fbem-6231	117	16	three	three	NUM
fbem-6231	117	17	factor	factor	NOUN
fbem-6231	117	18	model	model	NOUN
fbem-6231	117	19	.	.	PUNCT
fbem-6231	118	1	after	after	SCONJ
fbem-6231	118	2	all	all	DET
fbem-6231	118	3	data	datum	NOUN
fbem-6231	118	4	has	have	AUX
fbem-6231	118	5	been	be	AUX
fbem-6231	118	6	deflated	deflate	VERB
fbem-6231	118	7	and	and	CCONJ
fbem-6231	118	8	financial	financial	ADJ
fbem-6231	118	9	leverage	leverage	NOUN
fbem-6231	118	10	has	have	AUX
fbem-6231	118	11	been	be	AUX
fbem-6231	118	12	added	add	VERB
fbem-6231	118	13	,	,	PUNCT
fbem-6231	118	14	the	the	DET
fbem-6231	118	15	regression	regression	NOUN
fbem-6231	118	16	results	result	NOUN
fbem-6231	118	17	show	show	VERB
fbem-6231	118	18	that	that	SCONJ
fbem-6231	118	19	the	the	DET
fbem-6231	118	20	market	market	NOUN
fbem-6231	118	21	factor	factor	NOUN
fbem-6231	118	22	,	,	PUNCT
fbem-6231	118	23	scale	scale	NOUN
fbem-6231	118	24	factor	factor	NOUN
fbem-6231	118	25	,	,	PUNCT
fbem-6231	118	26	and	and	CCONJ
fbem-6231	118	27	value	value	NOUN
fbem-6231	118	28	factor	factor	NOUN
fbem-6231	118	29	still	still	ADV
fbem-6231	118	30	reject	reject	VERB
fbem-6231	118	31	the	the	DET
fbem-6231	118	32	original	original	ADJ
fbem-6231	118	33	assumption	assumption	NOUN
fbem-6231	118	34	at	at	ADP
fbem-6231	118	35	a	a	DET
fbem-6231	118	36	99	99	NUM
fbem-6231	118	37	%	%	NOUN
fbem-6231	118	38	confidence	confidence	NOUN
fbem-6231	118	39	level	level	NOUN
fbem-6231	118	40	.	.	PUNCT
fbem-6231	119	1	the	the	DET
fbem-6231	119	2	coefficient	coefficient	NOUN
fbem-6231	119	3	of	of	ADP
fbem-6231	119	4	the	the	DET
fbem-6231	119	5	scale	scale	NOUN
fbem-6231	119	6	factor	factor	NOUN
fbem-6231	119	7	smb1	smb1	NOUN
fbem-6231	119	8	has	have	AUX
fbem-6231	119	9	changed	change	VERB
fbem-6231	119	10	to	to	ADP
fbem-6231	119	11	0.548	0.548	NUM
fbem-6231	119	12	and	and	CCONJ
fbem-6231	119	13	remains	remain	VERB
fbem-6231	119	14	positive	positive	ADJ
fbem-6231	119	15	after	after	ADP
fbem-6231	119	16	addition	addition	NOUN
fbem-6231	119	17	,	,	PUNCT
fbem-6231	119	18	which	which	PRON
fbem-6231	119	19	still	still	ADV
fbem-6231	119	20	does	do	AUX
fbem-6231	119	21	not	not	PART
fbem-6231	119	22	comply	comply	VERB
fbem-6231	119	23	with	with	ADP
fbem-6231	119	24	the	the	DET
fbem-6231	119	25	scale	scale	NOUN
fbem-6231	119	26	effect	effect	NOUN
fbem-6231	119	27	,	,	PUNCT
fbem-6231	119	28	and	and	CCONJ
fbem-6231	119	29	the	the	DET
fbem-6231	119	30	scale	scale	NOUN
fbem-6231	119	31	factor	factor	NOUN
fbem-6231	119	32	of	of	ADP
fbem-6231	119	33	coefficient	coefficient	NOUN
fbem-6231	119	34	change	change	NOUN
fbem-6231	119	35	slightly	slightly	ADV
fbem-6231	119	36	increases	increase	NOUN
fbem-6231	119	37	after	after	ADP
fbem-6231	119	38	adding	add	VERB
fbem-6231	119	39	financial	financial	ADJ
fbem-6231	119	40	leverage	leverage	NOUN
fbem-6231	119	41	.	.	PUNCT
fbem-6231	120	1	the	the	DET
fbem-6231	120	2	coefficient	coefficient	NOUN
fbem-6231	120	3	of	of	ADP
fbem-6231	120	4	the	the	DET
fbem-6231	120	5	value	value	NOUN
fbem-6231	120	6	factor	factor	NOUN
fbem-6231	120	7	hml1	hml1	PROPN
fbem-6231	120	8	has	have	AUX
fbem-6231	120	9	changed	change	VERB
fbem-6231	120	10	to	to	ADP
fbem-6231	120	11	0.210	0.210	NUM
fbem-6231	120	12	,	,	PUNCT
fbem-6231	120	13	which	which	PRON
fbem-6231	120	14	is	be	AUX
fbem-6231	120	15	slightly	slightly	ADV
fbem-6231	120	16	higher	high	ADJ
fbem-6231	120	17	than	than	ADP
fbem-6231	120	18	the	the	DET
fbem-6231	120	19	coefficient	coefficient	NOUN
fbem-6231	120	20	without	without	ADP
fbem-6231	120	21	adding	add	VERB
fbem-6231	120	22	financial	financial	ADJ
fbem-6231	120	23	leverage	leverage	NOUN
fbem-6231	120	24	,	,	PUNCT
fbem-6231	120	25	indicating	indicate	VERB
fbem-6231	120	26	that	that	SCONJ
fbem-6231	120	27	the	the	DET
fbem-6231	120	28	addition	addition	NOUN
fbem-6231	120	29	of	of	ADP
fbem-6231	120	30	financial	financial	ADJ
fbem-6231	120	31	leverage	leverage	NOUN
fbem-6231	120	32	can	can	AUX
fbem-6231	120	33	share	share	VERB
fbem-6231	120	34	the	the	DET
fbem-6231	120	35	explanatory	explanatory	ADJ
fbem-6231	120	36	power	power	NOUN
fbem-6231	120	37	of	of	ADP
fbem-6231	120	38	the	the	DET
fbem-6231	120	39	value	value	NOUN
fbem-6231	120	40	premium	premium	NOUN
fbem-6231	120	41	to	to	ADP
fbem-6231	120	42	a	a	DET
fbem-6231	120	43	certain	certain	ADJ
fbem-6231	120	44	extent	extent	NOUN
fbem-6231	120	45	.	.	PUNCT
fbem-6231	121	1	the	the	DET
fbem-6231	121	2	financial	financial	ADJ
fbem-6231	121	3	leverage	leverage	NOUN
fbem-6231	121	4	coefficient	coefficient	NOUN
fbem-6231	121	5	is	be	AUX
fbem-6231	121	6	0.001	0.001	NUM
fbem-6231	121	7	,	,	PUNCT
fbem-6231	121	8	and	and	CCONJ
fbem-6231	121	9	the	the	DET
fbem-6231	121	10	original	original	ADJ
fbem-6231	121	11	assumption	assumption	NOUN
fbem-6231	121	12	is	be	AUX
fbem-6231	121	13	rejected	reject	VERB
fbem-6231	121	14	at	at	ADP
fbem-6231	121	15	a	a	DET
fbem-6231	121	16	99	99	NUM
fbem-6231	121	17	%	%	NOUN
fbem-6231	121	18	confidence	confidence	NOUN
fbem-6231	121	19	level	level	NOUN
fbem-6231	121	20	,	,	PUNCT
fbem-6231	121	21	indicating	indicate	VERB
fbem-6231	121	22	that	that	SCONJ
fbem-6231	121	23	financial	financial	ADJ
fbem-6231	121	24	leverage	leverage	NOUN
fbem-6231	121	25	can	can	AUX
fbem-6231	121	26	explain	explain	VERB
fbem-6231	121	27	the	the	DET
fbem-6231	121	28	yield	yield	NOUN
fbem-6231	121	29	to	to	ADP
fbem-6231	121	30	some	some	DET
fbem-6231	121	31	extent	extent	NOUN
fbem-6231	121	32	,	,	PUNCT
fbem-6231	121	33	but	but	CCONJ
fbem-6231	121	34	the	the	DET
fbem-6231	121	35	financial	financial	ADJ
fbem-6231	121	36	leverage	leverage	NOUN
fbem-6231	121	37	coefficient	coefficient	NOUN
fbem-6231	121	38	is	be	AUX
fbem-6231	121	39	negative	negative	ADJ
fbem-6231	121	40	,	,	PUNCT
fbem-6231	121	41	contrary	contrary	ADV
fbem-6231	121	42	to	to	ADP
fbem-6231	121	43	the	the	DET
fbem-6231	121	44	assumption	assumption	NOUN
fbem-6231	121	45	in	in	ADP
fbem-6231	121	46	this	this	DET
fbem-6231	121	47	article	article	NOUN
fbem-6231	121	48	,	,	PUNCT
fbem-6231	121	49	which	which	PRON
fbem-6231	121	50	means	mean	VERB
fbem-6231	121	51	that	that	SCONJ
fbem-6231	121	52	the	the	PRON
fbem-6231	121	53	higher	high	ADJ
fbem-6231	121	54	the	the	DET
fbem-6231	121	55	financial	financial	ADJ
fbem-6231	121	56	leverage	leverage	NOUN
fbem-6231	121	57	level	level	NOUN
fbem-6231	121	58	of	of	ADP
fbem-6231	121	59	the	the	DET
fbem-6231	121	60	enterprise	enterprise	NOUN
fbem-6231	121	61	,	,	PUNCT
fbem-6231	121	62	the	the	PRON
fbem-6231	121	63	lower	low	ADJ
fbem-6231	121	64	the	the	DET
fbem-6231	121	65	yield	yield	NOUN
fbem-6231	121	66	.	.	PUNCT
fbem-6231	122	1	3.3.2	3.3.2	X
fbem-6231	122	2	.	.	X
fbem-6231	122	3	incorporating	incorporate	VERB
fbem-6231	122	4	operational	operational	ADJ
fbem-6231	122	5	leverage	leverage	NOUN
fbem-6231	122	6	into	into	ADP
fbem-6231	122	7	a	a	DET
fbem-6231	122	8	three	three	NUM
fbem-6231	122	9	factor	factor	NOUN
fbem-6231	122	10	model	model	NOUN
fbem-6231	122	11	model	model	NOUN
fbem-6231	122	12	2	2	NUM
fbem-6231	122	13	incorporates	incorporate	VERB
fbem-6231	122	14	operating	operate	VERB
fbem-6231	122	15	leverage	leverage	NOUN
fbem-6231	122	16	into	into	ADP
fbem-6231	122	17	a	a	DET
fbem-6231	122	18	three	three	NUM
fbem-6231	122	19	-	-	PUNCT
fbem-6231	122	20	factor	factor	NOUN
fbem-6231	122	21	model	model	NOUN
fbem-6231	122	22	,	,	PUNCT
fbem-6231	122	23	and	and	CCONJ
fbem-6231	122	24	also	also	ADV
fbem-6231	122	25	performs	perform	VERB
fbem-6231	122	26	tailing	tail	VERB
fbem-6231	122	27	treatment	treatment	NOUN
fbem-6231	122	28	on	on	ADP
fbem-6231	122	29	all	all	DET
fbem-6231	122	30	the	the	DET
fbem-6231	122	31	above	above	ADJ
fbem-6231	122	32	variables	variable	NOUN
fbem-6231	122	33	.	.	PUNCT
fbem-6231	123	1	from	from	ADP
fbem-6231	123	2	the	the	DET
fbem-6231	123	3	regression	regression	NOUN
fbem-6231	123	4	results	result	NOUN
fbem-6231	123	5	of	of	ADP
fbem-6231	123	6	adding	add	VERB
fbem-6231	123	7	operating	operating	NOUN
fbem-6231	123	8	leverage	leverage	NOUN
fbem-6231	123	9	,	,	PUNCT
fbem-6231	123	10	it	it	PRON
fbem-6231	123	11	can	can	AUX
fbem-6231	123	12	be	be	AUX
fbem-6231	123	13	seen	see	VERB
fbem-6231	123	14	that	that	SCONJ
fbem-6231	123	15	market	market	NOUN
fbem-6231	123	16	factors	factor	NOUN
fbem-6231	123	17	,	,	PUNCT
fbem-6231	123	18	scale	scale	NOUN
fbem-6231	123	19	factors	factor	NOUN
fbem-6231	123	20	,	,	PUNCT
fbem-6231	123	21	and	and	CCONJ
fbem-6231	123	22	value	value	NOUN
fbem-6231	123	23	factors	factor	NOUN
fbem-6231	123	24	reject	reject	VERB
fbem-6231	123	25	the	the	DET
fbem-6231	123	26	original	original	ADJ
fbem-6231	123	27	hypothesis	hypothesis	NOUN
fbem-6231	123	28	at	at	ADP
fbem-6231	123	29	a	a	DET
fbem-6231	123	30	confidence	confidence	NOUN
fbem-6231	123	31	level	level	NOUN
fbem-6231	123	32	of	of	ADP
fbem-6231	123	33	99	99	NUM
fbem-6231	123	34	%	%	NOUN
fbem-6231	123	35	,	,	PUNCT
fbem-6231	123	36	with	with	ADP
fbem-6231	123	37	the	the	DET
fbem-6231	123	38	coefficient	coefficient	NOUN
fbem-6231	123	39	of	of	ADP
fbem-6231	123	40	scale	scale	NOUN
fbem-6231	123	41	factor	factor	NOUN
fbem-6231	123	42	smb1	smb1	NOUN
fbem-6231	123	43	changing	change	VERB
fbem-6231	123	44	to	to	ADP
fbem-6231	123	45	0.546	0.546	NUM
fbem-6231	123	46	,	,	PUNCT
fbem-6231	123	47	which	which	PRON
fbem-6231	123	48	has	have	VERB
fbem-6231	123	49	little	little	ADJ
fbem-6231	123	50	change	change	NOUN
fbem-6231	123	51	from	from	ADP
fbem-6231	123	52	the	the	DET
fbem-6231	123	53	coefficient	coefficient	NOUN
fbem-6231	123	54	value	value	NOUN
fbem-6231	123	55	of	of	ADP
fbem-6231	123	56	the	the	DET
fbem-6231	123	57	three	three	NUM
fbem-6231	123	58	-	-	PUNCT
fbem-6231	123	59	factor	factor	NOUN
fbem-6231	123	60	model	model	NOUN
fbem-6231	123	61	.	.	PUNCT
fbem-6231	124	1	the	the	DET
fbem-6231	124	2	coefficient	coefficient	NOUN
fbem-6231	124	3	of	of	ADP
fbem-6231	124	4	hml1	hml1	PROPN
fbem-6231	124	5	has	have	AUX
fbem-6231	124	6	changed	change	VERB
fbem-6231	124	7	to	to	ADP
fbem-6231	124	8	0.212	0.212	NUM
fbem-6231	124	9	,	,	PUNCT
fbem-6231	124	10	slightly	slightly	ADV
fbem-6231	124	11	increasing	increase	VERB
fbem-6231	124	12	compared	compare	VERB
fbem-6231	124	13	to	to	ADP
fbem-6231	124	14	the	the	DET
fbem-6231	124	15	coefficient	coefficient	NOUN
fbem-6231	124	16	without	without	ADP
fbem-6231	124	17	adding	add	VERB
fbem-6231	124	18	operating	operating	NOUN
fbem-6231	124	19	leverage	leverage	NOUN
fbem-6231	124	20	,	,	PUNCT
fbem-6231	124	21	indicating	indicate	VERB
fbem-6231	124	22	that	that	SCONJ
fbem-6231	124	23	the	the	DET
fbem-6231	124	24	addition	addition	NOUN
fbem-6231	124	25	of	of	ADP
fbem-6231	124	26	operating	operate	VERB
fbem-6231	124	27	leverage	leverage	NOUN
fbem-6231	124	28	can	can	AUX
fbem-6231	124	29	explain	explain	VERB
fbem-6231	124	30	the	the	DET
fbem-6231	124	31	value	value	NOUN
fbem-6231	124	32	premium	premium	NOUN
fbem-6231	124	33	to	to	ADP
fbem-6231	124	34	some	some	DET
fbem-6231	124	35	extent	extent	NOUN
fbem-6231	124	36	.	.	PUNCT
fbem-6231	125	1	the	the	DET
fbem-6231	125	2	operating	operate	VERB
fbem-6231	125	3	leverage	leverage	NOUN
fbem-6231	125	4	coefficient	coefficient	NOUN
fbem-6231	125	5	is	be	AUX
fbem-6231	125	6	-0.002	-0.002	PUNCT
fbem-6231	125	7	and	and	CCONJ
fbem-6231	125	8	the	the	DET
fbem-6231	125	9	original	original	ADJ
fbem-6231	125	10	assumption	assumption	NOUN
fbem-6231	125	11	is	be	AUX
fbem-6231	125	12	rejected	reject	VERB
fbem-6231	125	13	at	at	ADP
fbem-6231	125	14	a	a	DET
fbem-6231	125	15	99	99	NUM
fbem-6231	125	16	%	%	NOUN
fbem-6231	125	17	confidence	confidence	NOUN
fbem-6231	125	18	level	level	NOUN
fbem-6231	125	19	,	,	PUNCT
fbem-6231	125	20	indicating	indicate	VERB
fbem-6231	125	21	that	that	SCONJ
fbem-6231	125	22	operating	operating	NOUN
fbem-6231	125	23	leverage	leverage	NOUN
fbem-6231	125	24	can	can	AUX
fbem-6231	125	25	explain	explain	VERB
fbem-6231	125	26	the	the	DET
fbem-6231	125	27	yield	yield	NOUN
fbem-6231	125	28	to	to	ADP
fbem-6231	125	29	some	some	DET
fbem-6231	125	30	extent	extent	NOUN
fbem-6231	125	31	,	,	PUNCT
fbem-6231	125	32	but	but	CCONJ
fbem-6231	125	33	the	the	DET
fbem-6231	125	34	operating	operate	VERB
fbem-6231	125	35	leverage	leverage	NOUN
fbem-6231	125	36	coefficient	coefficient	NOUN
fbem-6231	125	37	is	be	AUX
fbem-6231	125	38	negative	negative	ADJ
fbem-6231	125	39	.	.	PUNCT
fbem-6231	126	1	similarly	similarly	ADV
fbem-6231	126	2	,	,	PUNCT
fbem-6231	126	3	contrary	contrary	ADV
fbem-6231	126	4	to	to	ADP
fbem-6231	126	5	the	the	DET
fbem-6231	126	6	assumptions	assumption	NOUN
fbem-6231	126	7	made	make	VERB
fbem-6231	126	8	in	in	ADP
fbem-6231	126	9	this	this	DET
fbem-6231	126	10	article	article	NOUN
fbem-6231	126	11	,	,	PUNCT
fbem-6231	126	12	it	it	PRON
fbem-6231	126	13	means	mean	VERB
fbem-6231	126	14	that	that	SCONJ
fbem-6231	126	15	the	the	PRON
fbem-6231	126	16	higher	high	ADJ
fbem-6231	126	17	the	the	DET
fbem-6231	126	18	level	level	NOUN
fbem-6231	126	19	of	of	ADP
fbem-6231	126	20	operating	operate	VERB
fbem-6231	126	21	leverage	leverage	NOUN
fbem-6231	126	22	of	of	ADP
fbem-6231	126	23	the	the	DET
fbem-6231	126	24	enterprise	enterprise	NOUN
fbem-6231	126	25	,	,	PUNCT
fbem-6231	126	26	the	the	PRON
fbem-6231	126	27	lower	low	ADJ
fbem-6231	126	28	the	the	DET
fbem-6231	126	29	yield	yield	NOUN
fbem-6231	126	30	.	.	PUNCT
fbem-6231	127	1	3.3.3	3.3.3	X
fbem-6231	127	2	.	.	PUNCT
fbem-6231	127	3	integrating	integrate	VERB
fbem-6231	127	4	comprehensive	comprehensive	ADJ
fbem-6231	127	5	leverage	leverage	NOUN
fbem-6231	127	6	into	into	ADP
fbem-6231	127	7	a	a	DET
fbem-6231	127	8	three	three	NUM
fbem-6231	127	9	factor	factor	NOUN
fbem-6231	127	10	model	model	NOUN
fbem-6231	127	11	after	after	ADP
fbem-6231	127	12	over	over	ADV
fbem-6231	127	13	-	-	PUNCT
fbem-6231	127	14	tailing	tail	VERB
fbem-6231	127	15	all	all	DET
fbem-6231	127	16	variables	variable	NOUN
fbem-6231	127	17	in	in	ADP
fbem-6231	127	18	model	model	NOUN
fbem-6231	127	19	3	3	NUM
fbem-6231	127	20	and	and	CCONJ
fbem-6231	127	21	incorporating	incorporate	VERB
fbem-6231	127	22	comprehensive	comprehensive	ADJ
fbem-6231	127	23	leverage	leverage	NOUN
fbem-6231	127	24	into	into	ADP
fbem-6231	127	25	the	the	DET
fbem-6231	127	26	three	three	NUM
fbem-6231	127	27	-	-	PUNCT
fbem-6231	127	28	factor	factor	NOUN
fbem-6231	127	29	model	model	NOUN
fbem-6231	127	30	,	,	PUNCT
fbem-6231	127	31	from	from	ADP
fbem-6231	127	32	the	the	DET
fbem-6231	127	33	perspective	perspective	NOUN
fbem-6231	127	34	of	of	ADP
fbem-6231	127	35	regression	regression	NOUN
fbem-6231	127	36	results	result	NOUN
fbem-6231	127	37	,	,	PUNCT
fbem-6231	127	38	the	the	DET
fbem-6231	127	39	coefficients	coefficient	NOUN
fbem-6231	127	40	of	of	ADP
fbem-6231	127	41	the	the	DET
fbem-6231	127	42	three	three	NUM
fbem-6231	127	43	factors	factor	NOUN
fbem-6231	127	44	are	be	AUX
fbem-6231	127	45	almost	almost	ADV
fbem-6231	127	46	the	the	DET
fbem-6231	127	47	same	same	ADJ
fbem-6231	127	48	as	as	ADP
fbem-6231	127	49	those	those	PRON
fbem-6231	127	50	of	of	ADP
fbem-6231	127	51	the	the	DET
fbem-6231	127	52	model	model	NOUN
fbem-6231	127	53	without	without	ADP
fbem-6231	127	54	comprehensive	comprehensive	ADJ
fbem-6231	127	55	leverage	leverage	NOUN
fbem-6231	127	56	,	,	PUNCT
fbem-6231	127	57	and	and	CCONJ
fbem-6231	127	58	still	still	ADV
fbem-6231	127	59	maintain	maintain	VERB
fbem-6231	127	60	high	high	ADJ
fbem-6231	127	61	significance	significance	NOUN
fbem-6231	127	62	,	,	PUNCT
fbem-6231	127	63	indicating	indicate	VERB
fbem-6231	127	64	that	that	SCONJ
fbem-6231	127	65	the	the	DET
fbem-6231	127	66	effects	effect	NOUN
fbem-6231	127	67	of	of	ADP
fbem-6231	127	68	the	the	DET
fbem-6231	127	69	three	three	NUM
fbem-6231	127	70	factors	factor	NOUN
fbem-6231	127	71	on	on	ADP
fbem-6231	127	72	chinese	chinese	ADJ
fbem-6231	127	73	a	a	DET
fbem-6231	127	74	-	-	PUNCT
fbem-6231	127	75	share	share	NOUN
fbem-6231	127	76	market	market	NOUN
fbem-6231	127	77	enterprises	enterprise	NOUN
fbem-6231	127	78	are	be	AUX
fbem-6231	127	79	significant	significant	ADJ
fbem-6231	127	80	after	after	ADP
fbem-6231	127	81	adding	add	VERB
fbem-6231	127	82	comprehensive	comprehensive	ADJ
fbem-6231	127	83	leverage	leverage	NOUN
fbem-6231	127	84	.	.	PUNCT
fbem-6231	128	1	after	after	ADP
fbem-6231	128	2	adding	add	VERB
fbem-6231	128	3	comprehensive	comprehensive	ADJ
fbem-6231	128	4	leverage	leverage	NOUN
fbem-6231	128	5	,	,	PUNCT
fbem-6231	128	6	the	the	DET
fbem-6231	128	7	comprehensive	comprehensive	ADJ
fbem-6231	128	8	leverage	leverage	NOUN
fbem-6231	128	9	coefficient	coefficient	NOUN
fbem-6231	128	10	is	be	AUX
fbem-6231	128	11	-0.001	-0.001	NUM
fbem-6231	128	12	,	,	PUNCT
fbem-6231	128	13	which	which	PRON
fbem-6231	128	14	rejects	reject	VERB
fbem-6231	128	15	the	the	DET
fbem-6231	128	16	original	original	ADJ
fbem-6231	128	17	hypothesis	hypothesis	NOUN
fbem-6231	128	18	at	at	ADP
fbem-6231	128	19	a	a	DET
fbem-6231	128	20	99	99	NUM
fbem-6231	128	21	%	%	NOUN
fbem-6231	128	22	confidence	confidence	NOUN
fbem-6231	128	23	level	level	NOUN
fbem-6231	128	24	,	,	PUNCT
fbem-6231	128	25	indicating	indicate	VERB
fbem-6231	128	26	that	that	SCONJ
fbem-6231	128	27	comprehensive	comprehensive	ADJ
fbem-6231	128	28	leverage	leverage	NOUN
fbem-6231	128	29	has	have	VERB
fbem-6231	128	30	an	an	DET
fbem-6231	128	31	impact	impact	NOUN
fbem-6231	128	32	on	on	ADP
fbem-6231	128	33	the	the	DET
fbem-6231	128	34	return	return	NOUN
fbem-6231	128	35	rate	rate	NOUN
fbem-6231	128	36	of	of	ADP
fbem-6231	128	37	the	the	DET
fbem-6231	128	38	enterprise	enterprise	NOUN
fbem-6231	128	39	and	and	CCONJ
fbem-6231	128	40	has	have	VERB
fbem-6231	128	41	a	a	DET
fbem-6231	128	42	negative	negative	ADJ
fbem-6231	128	43	impact	impact	NOUN
fbem-6231	128	44	.	.	PUNCT
fbem-6231	129	1	that	that	PRON
fbem-6231	129	2	is	be	AUX
fbem-6231	129	3	,	,	PUNCT
fbem-6231	129	4	the	the	PRON
fbem-6231	129	5	higher	high	ADJ
fbem-6231	129	6	the	the	DET
fbem-6231	129	7	comprehensive	comprehensive	ADJ
fbem-6231	129	8	leverage	leverage	NOUN
fbem-6231	129	9	of	of	ADP
fbem-6231	129	10	the	the	DET
fbem-6231	129	11	enterprise	enterprise	NOUN
fbem-6231	129	12	,	,	PUNCT
fbem-6231	129	13	the	the	PRON
fbem-6231	129	14	lower	low	ADJ
fbem-6231	129	15	the	the	DET
fbem-6231	129	16	return	return	NOUN
fbem-6231	129	17	rate	rate	NOUN
fbem-6231	129	18	of	of	ADP
fbem-6231	129	19	the	the	DET
fbem-6231	129	20	enterprise	enterprise	NOUN
fbem-6231	129	21	,	,	PUNCT
fbem-6231	129	22	which	which	PRON
fbem-6231	129	23	is	be	AUX
fbem-6231	129	24	inconsistent	inconsistent	ADJ
fbem-6231	129	25	with	with	ADP
fbem-6231	129	26	the	the	DET
fbem-6231	129	27	original	original	ADJ
fbem-6231	129	28	hypothesis	hypothesis	NOUN
fbem-6231	129	29	.	.	PUNCT
fbem-6231	130	1	from	from	ADP
fbem-6231	130	2	the	the	DET
fbem-6231	130	3	overall	overall	ADJ
fbem-6231	130	4	regression	regression	NOUN
fbem-6231	130	5	results	result	NOUN
fbem-6231	130	6	of	of	ADP
fbem-6231	130	7	adding	add	VERB
fbem-6231	130	8	three	three	NUM
fbem-6231	130	9	levers	lever	NOUN
fbem-6231	130	10	,	,	PUNCT
fbem-6231	130	11	it	it	PRON
fbem-6231	130	12	285	285	NUM
fbem-6231	130	13	can	can	AUX
fbem-6231	130	14	be	be	AUX
fbem-6231	130	15	seen	see	VERB
fbem-6231	130	16	that	that	SCONJ
fbem-6231	130	17	the	the	DET
fbem-6231	130	18	t	t	PROPN
fbem-6231	130	19	values	value	NOUN
fbem-6231	130	20	of	of	ADP
fbem-6231	130	21	market	market	NOUN
fbem-6231	130	22	factors	factor	NOUN
fbem-6231	130	23	,	,	PUNCT
fbem-6231	130	24	scale	scale	NOUN
fbem-6231	130	25	factors	factor	NOUN
fbem-6231	130	26	,	,	PUNCT
fbem-6231	130	27	and	and	CCONJ
fbem-6231	130	28	value	value	NOUN
fbem-6231	130	29	factors	factor	NOUN
fbem-6231	130	30	are	be	AUX
fbem-6231	130	31	larger	large	ADJ
fbem-6231	130	32	,	,	PUNCT
fbem-6231	130	33	reject	reject	VERB
fbem-6231	130	34	the	the	DET
fbem-6231	130	35	hypothesis	hypothesis	NOUN
fbem-6231	130	36	at	at	ADP
fbem-6231	130	37	a	a	DET
fbem-6231	130	38	99	99	NUM
fbem-6231	130	39	%	%	NOUN
fbem-6231	130	40	confidence	confidence	NOUN
fbem-6231	130	41	level	level	NOUN
fbem-6231	130	42	,	,	PUNCT
fbem-6231	130	43	where	where	SCONJ
fbem-6231	130	44	the	the	DET
fbem-6231	130	45	coefficient	coefficient	NOUN
fbem-6231	130	46	of	of	ADP
fbem-6231	130	47	the	the	DET
fbem-6231	130	48	scale	scale	NOUN
fbem-6231	130	49	factor	factor	NOUN
fbem-6231	130	50	smb1	smb1	ADJ
fbem-6231	130	51	changes	change	NOUN
fbem-6231	130	52	to	to	ADP
fbem-6231	130	53	0.548	0.548	NUM
fbem-6231	130	54	,	,	PUNCT
fbem-6231	130	55	indicating	indicate	VERB
fbem-6231	130	56	that	that	SCONJ
fbem-6231	130	57	the	the	PRON
fbem-6231	130	58	larger	large	ADJ
fbem-6231	130	59	the	the	DET
fbem-6231	130	60	enterprise	enterprise	NOUN
fbem-6231	130	61	's	's	PART
fbem-6231	130	62	size	size	NOUN
fbem-6231	130	63	,	,	PUNCT
fbem-6231	130	64	the	the	PRON
fbem-6231	130	65	greater	great	ADJ
fbem-6231	130	66	its	its	PRON
fbem-6231	130	67	return	return	NOUN
fbem-6231	130	68	,	,	PUNCT
fbem-6231	130	69	which	which	PRON
fbem-6231	130	70	is	be	AUX
fbem-6231	130	71	still	still	ADV
fbem-6231	130	72	inconsistent	inconsistent	ADJ
fbem-6231	130	73	with	with	ADP
fbem-6231	130	74	the	the	DET
fbem-6231	130	75	scale	scale	NOUN
fbem-6231	130	76	effect	effect	NOUN
fbem-6231	130	77	.	.	PUNCT
fbem-6231	131	1	the	the	DET
fbem-6231	131	2	coefficient	coefficient	NOUN
fbem-6231	131	3	of	of	ADP
fbem-6231	131	4	the	the	DET
fbem-6231	131	5	value	value	NOUN
fbem-6231	131	6	factor	factor	NOUN
fbem-6231	131	7	hml1	hml1	NOUN
fbem-6231	131	8	changes	change	VERB
fbem-6231	131	9	to	to	ADP
fbem-6231	131	10	0.211	0.211	NUM
fbem-6231	131	11	,	,	PUNCT
fbem-6231	131	12	which	which	PRON
fbem-6231	131	13	is	be	AUX
fbem-6231	131	14	almost	almost	ADV
fbem-6231	131	15	the	the	DET
fbem-6231	131	16	same	same	ADJ
fbem-6231	131	17	as	as	ADP
fbem-6231	131	18	the	the	DET
fbem-6231	131	19	coefficient	coefficient	NOUN
fbem-6231	131	20	of	of	ADP
fbem-6231	131	21	the	the	DET
fbem-6231	131	22	three	three	NUM
fbem-6231	131	23	-	-	PUNCT
fbem-6231	131	24	factor	factor	NOUN
fbem-6231	131	25	test	test	NOUN
fbem-6231	131	26	model	model	NOUN
fbem-6231	131	27	,	,	PUNCT
fbem-6231	131	28	but	but	CCONJ
fbem-6231	131	29	the	the	DET
fbem-6231	131	30	coefficient	coefficient	NOUN
fbem-6231	131	31	decreases	decrease	VERB
fbem-6231	131	32	after	after	ADP
fbem-6231	131	33	the	the	DET
fbem-6231	131	34	addition	addition	NOUN
fbem-6231	131	35	of	of	ADP
fbem-6231	131	36	leverage	leverage	NOUN
fbem-6231	131	37	,	,	PUNCT
fbem-6231	131	38	indicating	indicate	VERB
fbem-6231	131	39	that	that	SCONJ
fbem-6231	131	40	the	the	DET
fbem-6231	131	41	addition	addition	NOUN
fbem-6231	131	42	of	of	ADP
fbem-6231	131	43	leverage	leverage	NOUN
fbem-6231	131	44	can	can	AUX
fbem-6231	131	45	explain	explain	VERB
fbem-6231	131	46	the	the	DET
fbem-6231	131	47	value	value	NOUN
fbem-6231	131	48	premium	premium	NOUN
fbem-6231	131	49	to	to	ADP
fbem-6231	131	50	some	some	DET
fbem-6231	131	51	extent	extent	NOUN
fbem-6231	131	52	.	.	PUNCT
fbem-6231	132	1	from	from	ADP
fbem-6231	132	2	the	the	DET
fbem-6231	132	3	fitting	fitting	ADJ
fbem-6231	132	4	degree	degree	NOUN
fbem-6231	132	5	of	of	ADP
fbem-6231	132	6	the	the	DET
fbem-6231	132	7	model	model	NOUN
fbem-6231	132	8	,	,	PUNCT
fbem-6231	132	9	the	the	DET
fbem-6231	132	10	square	square	ADJ
fbem-6231	132	11	value	value	NOUN
fbem-6231	132	12	of	of	ADP
fbem-6231	132	13	r	r	NOUN
fbem-6231	132	14	is	be	AUX
fbem-6231	132	15	0.208	0.208	NUM
fbem-6231	132	16	,	,	PUNCT
fbem-6231	132	17	and	and	CCONJ
fbem-6231	132	18	the	the	DET
fbem-6231	132	19	fitting	fitting	ADJ
fbem-6231	132	20	degree	degree	NOUN
fbem-6231	132	21	of	of	ADP
fbem-6231	132	22	the	the	DET
fbem-6231	132	23	model	model	NOUN
fbem-6231	132	24	is	be	AUX
fbem-6231	132	25	still	still	ADV
fbem-6231	132	26	average	average	ADJ
fbem-6231	132	27	.	.	PUNCT
fbem-6231	133	1	4	4	X
fbem-6231	133	2	.	.	X
fbem-6231	133	3	conclusions	conclusion	NOUN
fbem-6231	133	4	and	and	CCONJ
fbem-6231	133	5	recommendations	recommendation	NOUN
fbem-6231	133	6	after	after	ADP
fbem-6231	133	7	conducting	conduct	VERB
fbem-6231	133	8	a	a	DET
fbem-6231	133	9	three	three	NUM
fbem-6231	133	10	factor	factor	NOUN
fbem-6231	133	11	test	test	NOUN
fbem-6231	133	12	on	on	ADP
fbem-6231	133	13	china	china	PROPN
fbem-6231	133	14	's	's	PART
fbem-6231	133	15	a	a	DET
fbem-6231	133	16	-	-	PUNCT
fbem-6231	133	17	share	share	NOUN
fbem-6231	133	18	market	market	NOUN
fbem-6231	133	19	and	and	CCONJ
fbem-6231	133	20	incorporating	incorporate	VERB
fbem-6231	133	21	leverage	leverage	NOUN
fbem-6231	133	22	ratio	ratio	NOUN
fbem-6231	133	23	as	as	ADP
fbem-6231	133	24	the	the	DET
fbem-6231	133	25	fourth	fourth	ADJ
fbem-6231	133	26	factor	factor	NOUN
fbem-6231	133	27	into	into	ADP
fbem-6231	133	28	the	the	DET
fbem-6231	133	29	three	three	NUM
fbem-6231	133	30	factor	factor	NOUN
fbem-6231	133	31	model	model	NOUN
fbem-6231	133	32	,	,	PUNCT
fbem-6231	133	33	and	and	CCONJ
fbem-6231	133	34	conducting	conduct	VERB
fbem-6231	133	35	empirical	empirical	ADJ
fbem-6231	133	36	analysis	analysis	NOUN
fbem-6231	133	37	,	,	PUNCT
fbem-6231	133	38	the	the	DET
fbem-6231	133	39	following	follow	VERB
fbem-6231	133	40	conclusions	conclusion	NOUN
fbem-6231	133	41	are	be	AUX
fbem-6231	133	42	reached	reach	VERB
fbem-6231	133	43	:	:	PUNCT
fbem-6231	133	44	conclusion	conclusion	NOUN
fbem-6231	133	45	1	1	NUM
fbem-6231	133	46	:	:	PUNCT
fbem-6231	133	47	in	in	ADP
fbem-6231	133	48	the	the	DET
fbem-6231	133	49	three	three	NUM
fbem-6231	133	50	-	-	PUNCT
fbem-6231	133	51	factor	factor	NOUN
fbem-6231	133	52	effectiveness	effectiveness	NOUN
fbem-6231	133	53	test	test	NOUN
fbem-6231	133	54	of	of	ADP
fbem-6231	133	55	china	china	PROPN
fbem-6231	133	56	's	's	PART
fbem-6231	133	57	a	a	DET
fbem-6231	133	58	-	-	PUNCT
fbem-6231	133	59	share	share	NOUN
fbem-6231	133	60	market	market	NOUN
fbem-6231	133	61	,	,	PUNCT
fbem-6231	133	62	it	it	PRON
fbem-6231	133	63	is	be	AUX
fbem-6231	133	64	found	find	VERB
fbem-6231	133	65	that	that	SCONJ
fbem-6231	133	66	there	there	PRON
fbem-6231	133	67	is	be	VERB
fbem-6231	133	68	indeed	indeed	ADV
fbem-6231	133	69	a	a	DET
fbem-6231	133	70	value	value	NOUN
fbem-6231	133	71	effect	effect	NOUN
fbem-6231	133	72	in	in	ADP
fbem-6231	133	73	china	china	PROPN
fbem-6231	133	74	's	's	PART
fbem-6231	133	75	a	a	DET
fbem-6231	133	76	-	-	PUNCT
fbem-6231	133	77	share	share	NOUN
fbem-6231	133	78	market	market	NOUN
fbem-6231	133	79	,	,	PUNCT
fbem-6231	133	80	indicating	indicate	VERB
fbem-6231	133	81	that	that	SCONJ
fbem-6231	133	82	the	the	PRON
fbem-6231	133	83	larger	large	ADJ
fbem-6231	133	84	the	the	DET
fbem-6231	133	85	market	market	NOUN
fbem-6231	133	86	value	value	NOUN
fbem-6231	133	87	of	of	ADP
fbem-6231	133	88	enterprises	enterprise	NOUN
fbem-6231	133	89	in	in	ADP
fbem-6231	133	90	china	china	PROPN
fbem-6231	133	91	's	's	PART
fbem-6231	133	92	a	a	DET
fbem-6231	133	93	-	-	PUNCT
fbem-6231	133	94	share	share	NOUN
fbem-6231	133	95	market	market	NOUN
fbem-6231	133	96	,	,	PUNCT
fbem-6231	133	97	the	the	PRON
fbem-6231	133	98	stronger	strong	ADJ
fbem-6231	133	99	their	their	PRON
fbem-6231	133	100	profitability	profitability	NOUN
fbem-6231	133	101	and	and	CCONJ
fbem-6231	133	102	the	the	PRON
fbem-6231	133	103	higher	high	ADJ
fbem-6231	133	104	their	their	PRON
fbem-6231	133	105	yield	yield	NOUN
fbem-6231	133	106	.	.	PUNCT
fbem-6231	134	1	conclusion	conclusion	NOUN
fbem-6231	134	2	2	2	NUM
fbem-6231	134	3	:	:	PUNCT
fbem-6231	134	4	the	the	DET
fbem-6231	134	5	regression	regression	NOUN
fbem-6231	134	6	results	result	NOUN
fbem-6231	134	7	of	of	ADP
fbem-6231	134	8	adding	add	VERB
fbem-6231	134	9	different	different	ADJ
fbem-6231	134	10	leverage	leverage	NOUN
fbem-6231	134	11	to	to	ADP
fbem-6231	134	12	the	the	DET
fbem-6231	134	13	three	three	NUM
fbem-6231	134	14	-	-	PUNCT
fbem-6231	134	15	factor	factor	NOUN
fbem-6231	134	16	model	model	NOUN
fbem-6231	134	17	show	show	VERB
fbem-6231	134	18	that	that	SCONJ
fbem-6231	134	19	operational	operational	ADJ
fbem-6231	134	20	leverage	leverage	NOUN
fbem-6231	134	21	,	,	PUNCT
fbem-6231	134	22	financial	financial	ADJ
fbem-6231	134	23	leverage	leverage	NOUN
fbem-6231	134	24	,	,	PUNCT
fbem-6231	134	25	and	and	CCONJ
fbem-6231	134	26	comprehensive	comprehensive	ADJ
fbem-6231	134	27	leverage	leverage	NOUN
fbem-6231	134	28	are	be	AUX
fbem-6231	134	29	all	all	ADV
fbem-6231	134	30	related	related	ADJ
fbem-6231	134	31	to	to	ADP
fbem-6231	134	32	the	the	DET
fbem-6231	134	33	return	return	NOUN
fbem-6231	134	34	of	of	ADP
fbem-6231	134	35	the	the	DET
fbem-6231	134	36	enterprise	enterprise	NOUN
fbem-6231	134	37	,	,	PUNCT
fbem-6231	134	38	but	but	CCONJ
fbem-6231	134	39	the	the	DET
fbem-6231	134	40	leverage	leverage	NOUN
fbem-6231	134	41	of	of	ADP
fbem-6231	134	42	the	the	DET
fbem-6231	134	43	enterprise	enterprise	NOUN
fbem-6231	134	44	is	be	AUX
fbem-6231	134	45	negatively	negatively	ADV
fbem-6231	134	46	correlated	correlate	VERB
fbem-6231	134	47	with	with	ADP
fbem-6231	134	48	the	the	DET
fbem-6231	134	49	return	return	NOUN
fbem-6231	134	50	of	of	ADP
fbem-6231	134	51	the	the	DET
fbem-6231	134	52	enterprise	enterprise	NOUN
fbem-6231	134	53	,	,	PUNCT
fbem-6231	134	54	that	that	ADV
fbem-6231	134	55	is	is	ADV
fbem-6231	134	56	,	,	PUNCT
fbem-6231	134	57	the	the	PRON
fbem-6231	134	58	higher	high	ADJ
fbem-6231	134	59	the	the	DET
fbem-6231	134	60	leverage	leverage	NOUN
fbem-6231	134	61	level	level	NOUN
fbem-6231	134	62	of	of	ADP
fbem-6231	134	63	the	the	DET
fbem-6231	134	64	enterprise	enterprise	NOUN
fbem-6231	134	65	,	,	PUNCT
fbem-6231	134	66	the	the	PRON
fbem-6231	134	67	lower	low	ADJ
fbem-6231	134	68	the	the	DET
fbem-6231	134	69	return	return	NOUN
fbem-6231	134	70	of	of	ADP
fbem-6231	134	71	the	the	DET
fbem-6231	134	72	enterprise	enterprise	NOUN
fbem-6231	134	73	,	,	PUNCT
fbem-6231	134	74	which	which	PRON
fbem-6231	134	75	indicates	indicate	VERB
fbem-6231	134	76	that	that	SCONJ
fbem-6231	134	77	enterprises	enterprise	NOUN
fbem-6231	134	78	in	in	ADP
fbem-6231	134	79	china	china	PROPN
fbem-6231	134	80	's	's	PART
fbem-6231	134	81	a	a	DET
fbem-6231	134	82	-	-	PUNCT
fbem-6231	134	83	share	share	NOUN
fbem-6231	134	84	market	market	NOUN
fbem-6231	134	85	do	do	AUX
fbem-6231	134	86	not	not	PART
fbem-6231	134	87	meet	meet	VERB
fbem-6231	134	88	the	the	DET
fbem-6231	134	89	tax	tax	NOUN
fbem-6231	134	90	shield	shield	NOUN
fbem-6231	134	91	effect	effect	NOUN
fbem-6231	134	92	,	,	PUNCT
fbem-6231	134	93	which	which	PRON
fbem-6231	134	94	is	be	AUX
fbem-6231	134	95	most	most	ADV
fbem-6231	134	96	likely	likely	ADJ
fbem-6231	134	97	due	due	ADP
fbem-6231	134	98	to	to	ADP
fbem-6231	134	99	the	the	DET
fbem-6231	134	100	increase	increase	NOUN
fbem-6231	134	101	in	in	ADP
fbem-6231	134	102	the	the	DET
fbem-6231	134	103	leverage	leverage	NOUN
fbem-6231	134	104	level	level	NOUN
fbem-6231	134	105	of	of	ADP
fbem-6231	134	106	the	the	DET
fbem-6231	134	107	enterprise	enterprise	NOUN
fbem-6231	134	108	,	,	PUNCT
fbem-6231	134	109	this	this	PRON
fbem-6231	134	110	leads	lead	VERB
fbem-6231	134	111	to	to	ADP
fbem-6231	134	112	an	an	DET
fbem-6231	134	113	increase	increase	NOUN
fbem-6231	134	114	in	in	ADP
fbem-6231	134	115	the	the	DET
fbem-6231	134	116	cost	cost	NOUN
fbem-6231	134	117	of	of	ADP
fbem-6231	134	118	bankruptcy	bankruptcy	NOUN
fbem-6231	134	119	and	and	CCONJ
fbem-6231	134	120	ultimately	ultimately	ADV
fbem-6231	134	121	a	a	DET
fbem-6231	134	122	decrease	decrease	NOUN
fbem-6231	134	123	in	in	ADP
fbem-6231	134	124	the	the	DET
fbem-6231	134	125	profitability	profitability	NOUN
fbem-6231	134	126	of	of	ADP
fbem-6231	134	127	the	the	DET
fbem-6231	134	128	enterprise	enterprise	NOUN
fbem-6231	134	129	.	.	PUNCT
fbem-6231	135	1	conclusion	conclusion	NOUN
fbem-6231	135	2	3	3	NUM
fbem-6231	135	3	:	:	PUNCT
fbem-6231	135	4	from	from	ADP
fbem-6231	135	5	the	the	DET
fbem-6231	135	6	regression	regression	NOUN
fbem-6231	135	7	results	result	NOUN
fbem-6231	135	8	of	of	ADP
fbem-6231	135	9	the	the	DET
fbem-6231	135	10	three	three	NUM
fbem-6231	135	11	levers	lever	NOUN
fbem-6231	135	12	,	,	PUNCT
fbem-6231	135	13	operational	operational	ADJ
fbem-6231	135	14	leverage	leverage	NOUN
fbem-6231	135	15	has	have	VERB
fbem-6231	135	16	the	the	DET
fbem-6231	135	17	greatest	great	ADJ
fbem-6231	135	18	impact	impact	NOUN
fbem-6231	135	19	on	on	ADP
fbem-6231	135	20	the	the	DET
fbem-6231	135	21	return	return	NOUN
fbem-6231	135	22	of	of	ADP
fbem-6231	135	23	enterprises	enterprise	NOUN
fbem-6231	135	24	,	,	PUNCT
fbem-6231	135	25	followed	follow	VERB
fbem-6231	135	26	by	by	ADP
fbem-6231	135	27	financial	financial	ADJ
fbem-6231	135	28	leverage	leverage	NOUN
fbem-6231	135	29	,	,	PUNCT
fbem-6231	135	30	and	and	CCONJ
fbem-6231	135	31	comprehensive	comprehensive	ADJ
fbem-6231	135	32	leverage	leverage	NOUN
fbem-6231	135	33	.	.	PUNCT
fbem-6231	136	1	conclusion	conclusion	NOUN
fbem-6231	136	2	4	4	NUM
fbem-6231	136	3	:	:	PUNCT
fbem-6231	136	4	the	the	DET
fbem-6231	136	5	value	value	NOUN
fbem-6231	136	6	premium	premium	NOUN
fbem-6231	136	7	coefficient	coefficient	NOUN
fbem-6231	136	8	varies	vary	VERB
fbem-6231	136	9	with	with	ADP
fbem-6231	136	10	the	the	DET
fbem-6231	136	11	addition	addition	NOUN
fbem-6231	136	12	of	of	ADP
fbem-6231	136	13	different	different	ADJ
fbem-6231	136	14	leverage	leverage	NOUN
fbem-6231	136	15	,	,	PUNCT
fbem-6231	136	16	indicating	indicate	VERB
fbem-6231	136	17	that	that	SCONJ
fbem-6231	136	18	the	the	DET
fbem-6231	136	19	addition	addition	NOUN
fbem-6231	136	20	of	of	ADP
fbem-6231	136	21	leverage	leverage	NOUN
fbem-6231	136	22	can	can	AUX
fbem-6231	136	23	explain	explain	VERB
fbem-6231	136	24	the	the	DET
fbem-6231	136	25	value	value	NOUN
fbem-6231	136	26	premium	premium	NOUN
fbem-6231	136	27	to	to	ADP
fbem-6231	136	28	a	a	DET
fbem-6231	136	29	certain	certain	ADJ
fbem-6231	136	30	extent	extent	NOUN
fbem-6231	136	31	.	.	PUNCT
fbem-6231	137	1	references	reference	NOUN
fbem-6231	137	2	[	[	X
fbem-6231	137	3	1	1	X
fbem-6231	137	4	]	]	PUNCT
fbem-6231	137	5	wang	wang	PROPN
fbem-6231	137	6	jinbin	jinbin	PROPN
fbem-6231	137	7	.	.	PUNCT
fbem-6231	138	1	value	value	NOUN
fbem-6231	138	2	premium	premium	NOUN
fbem-6231	138	3	:	:	PUNCT
fbem-6231	138	4	china	china	PROPN
fbem-6231	138	5	's	's	PART
fbem-6231	138	6	stock	stock	NOUN
fbem-6231	138	7	market	market	NOUN
fbem-6231	138	8	19942002	19942002	NUM
fbem-6231	139	1	[	[	X
fbem-6231	139	2	j	j	X
fbem-6231	139	3	]	]	X
fbem-6231	139	4	.	.	PUNCT
fbem-6231	140	1	financial	financial	ADJ
fbem-6231	140	2	research	research	NOUN
fbem-6231	140	3	.	.	PUNCT
fbem-6231	141	1	2004	2004	NUM
fbem-6231	141	2	(	(	PUNCT
fbem-6231	141	3	3	3	NUM
fbem-6231	141	4	):	):	PUNCT
fbem-6231	141	5	79	79	NUM
fbem-6231	141	6	-	-	SYM
fbem-6231	141	7	89	89	NUM
fbem-6231	141	8	.	.	PUNCT
fbem-6231	142	1	[	[	X
fbem-6231	142	2	2	2	X
fbem-6231	142	3	]	]	X
fbem-6231	142	4	wang	wang	PROPN
fbem-6231	142	5	lei	lei	PROPN
fbem-6231	142	6	,	,	PUNCT
fbem-6231	142	7	liu	liu	PROPN
fbem-6231	142	8	yaqing	yaqing	PROPN
fbem-6231	142	9	.	.	PUNCT
fbem-6231	143	1	analysis	analysis	NOUN
fbem-6231	143	2	of	of	ADP
fbem-6231	143	3	the	the	DET
fbem-6231	143	4	causes	cause	NOUN
fbem-6231	143	5	of	of	ADP
fbem-6231	143	6	the	the	DET
fbem-6231	143	7	book	book	NOUN
fbem-6231	143	8	to	to	ADP
fbem-6231	143	9	market	market	NOUN
fbem-6231	143	10	value	value	NOUN
fbem-6231	143	11	ratio	ratio	NOUN
fbem-6231	143	12	effect	effect	NOUN
fbem-6231	143	13	in	in	ADP
fbem-6231	143	14	china	china	PROPN
fbem-6231	143	15	's	's	PART
fbem-6231	143	16	stock	stock	NOUN
fbem-6231	143	17	market	market	NOUN
fbem-6231	143	18	:	:	PUNCT
fbem-6231	143	19	based	base	VERB
fbem-6231	143	20	on	on	ADP
fbem-6231	143	21	the	the	DET
fbem-6231	143	22	behavioral	behavioral	ADJ
fbem-6231	143	23	finance	finance	NOUN
fbem-6231	143	24	perspective	perspective	NOUN
fbem-6231	144	1	[	[	X
fbem-6231	144	2	j	j	X
fbem-6231	144	3	]	]	X
fbem-6231	144	4	.	.	PUNCT
fbem-6231	144	5	economics	economic	NOUN
fbem-6231	144	6	and	and	CCONJ
fbem-6231	144	7	finance	finance	NOUN
fbem-6231	144	8	,	,	PUNCT
fbem-6231	144	9	2011	2011	NUM
fbem-6231	144	10	(	(	PUNCT
fbem-6231	144	11	10	10	NUM
fbem-6231	144	12	):	):	PUNCT
fbem-6231	144	13	43	43	NUM
fbem-6231	144	14	-	-	SYM
fbem-6231	144	15	48	48	NUM
fbem-6231	144	16	.	.	PUNCT
fbem-6231	145	1	[	[	X
fbem-6231	145	2	3	3	X
fbem-6231	145	3	]	]	X
fbem-6231	145	4	shi	shi	PROPN
fbem-6231	145	5	yuyou	yuyou	PROPN
fbem-6231	145	6	,	,	PUNCT
fbem-6231	145	7	zhong	zhong	PROPN
fbem-6231	145	8	weizhou	weizhou	PROPN
fbem-6231	145	9	,	,	PUNCT
fbem-6231	145	10	ma	ma	PROPN
fbem-6231	145	11	jun	jun	PROPN
fbem-6231	145	12	,	,	PUNCT
fbem-6231	145	13	et	et	PROPN
fbem-6231	145	14	al	al	PROPN
fbem-6231	145	15	.	.	PUNCT
fbem-6231	145	16	equity	equity	NOUN
fbem-6231	145	17	ratio	ratio	NOUN
fbem-6231	145	18	,	,	PUNCT
fbem-6231	145	19	book	book	NOUN
fbem-6231	145	20	value	value	NOUN
fbem-6231	145	21	ratio	ratio	NOUN
fbem-6231	145	22	,	,	PUNCT
fbem-6231	145	23	company	company	NOUN
fbem-6231	145	24	size	size	NOUN
fbem-6231	145	25	,	,	PUNCT
fbem-6231	145	26	and	and	CCONJ
fbem-6231	145	27	stock	stock	NOUN
fbem-6231	145	28	investment	investment	NOUN
fbem-6231	145	29	risk	risk	NOUN
fbem-6231	145	30	of	of	ADP
fbem-6231	145	31	stocks	stock	NOUN
fbem-6231	145	32	taking	take	VERB
fbem-6231	145	33	the	the	DET
fbem-6231	145	34	stock	stock	NOUN
fbem-6231	145	35	risk	risk	NOUN
fbem-6231	145	36	of	of	ADP
fbem-6231	145	37	10	10	NUM
fbem-6231	145	38	listed	list	VERB
fbem-6231	145	39	companies	company	NOUN
fbem-6231	145	40	in	in	ADP
fbem-6231	145	41	the	the	DET
fbem-6231	145	42	shanghai	shanghai	PROPN
fbem-6231	145	43	securities	securities	PROPN
fbem-6231	145	44	market	market	NOUN
fbem-6231	145	45	as	as	ADP
fbem-6231	145	46	an	an	DET
fbem-6231	145	47	example	example	NOUN
fbem-6231	146	1	[	[	X
fbem-6231	146	2	j	j	X
fbem-6231	146	3	]	]	X
fbem-6231	146	4	.	.	PUNCT
fbem-6231	147	1	financial	financial	ADJ
fbem-6231	147	2	research	research	NOUN
fbem-6231	147	3	.	.	PUNCT
fbem-6231	148	1	2008	2008	NUM
fbem-6231	148	2	(	(	PUNCT
fbem-6231	148	3	6	6	NUM
fbem-6231	148	4	):	):	PUNCT
fbem-6231	148	5	122	122	NUM
fbem-6231	148	6	-	-	SYM
fbem-6231	148	7	129	129	NUM
fbem-6231	148	8	.	.	PUNCT
fbem-6231	149	1	[	[	X
fbem-6231	149	2	4	4	NUM
fbem-6231	149	3	]	]	X
fbem-6231	149	4	wu	wu	PROPN
fbem-6231	149	5	shinong	shinong	PROPN
fbem-6231	149	6	,	,	PUNCT
fbem-6231	149	7	xu	xu	PROPN
fbem-6231	149	8	nianxing	nianxe	VERB
fbem-6231	149	9	comparative	comparative	ADJ
fbem-6231	149	10	study	study	NOUN
fbem-6231	149	11	on	on	ADP
fbem-6231	149	12	rational	rational	ADJ
fbem-6231	149	13	and	and	CCONJ
fbem-6231	149	14	irrational	irrational	ADJ
fbem-6231	149	15	pricing	pricing	NOUN
fbem-6231	149	16	models	model	NOUN
fbem-6231	149	17	of	of	ADP
fbem-6231	149	18	assets	asset	NOUN
fbem-6231	149	19	[	[	X
fbem-6231	149	20	j	j	X
fbem-6231	149	21	]	]	X
fbem-6231	149	22	economic	economic	ADJ
fbem-6231	149	23	research	research	NOUN
fbem-6231	149	24	,	,	PUNCT
fbem-6231	149	25	2004	2004	NUM
fbem-6231	149	26	,	,	PUNCT
fbem-6231	149	27	(	(	PUNCT
fbem-6231	149	28	6	6	NUM
fbem-6231	149	29	):	):	PUNCT
fbem-6231	149	30	105	105	NUM
fbem-6231	149	31	-	-	SYM
fbem-6231	149	32	116	116	NUM
fbem-6231	149	33	.	.	PUNCT
fbem-6231	150	1	[	[	X
fbem-6231	150	2	5	5	NUM
fbem-6231	150	3	]	]	X
fbem-6231	150	4	ashiq	ashiq	PROPN
fbem-6231	150	5	ali	ali	PROPN
fbem-6231	150	6	,	,	PUNCT
fbem-6231	150	7	lee	lee	PROPN
fbem-6231	150	8	-	-	PUNCT
fbem-6231	150	9	seok	seok	PROPN
fbem-6231	150	10	hwang	hwang	PROPN
fbem-6231	150	11	,	,	PUNCT
fbem-6231	150	12	mark	mark	PROPN
fbem-6231	150	13	a.trombley	a.trombley	ADJ
fbem-6231	150	14	,	,	PUNCT
fbem-6231	150	15	2003	2003	NUM
fbem-6231	150	16	,	,	PUNCT
fbem-6231	150	17	arbitrage	arbitrage	NOUN
fbem-6231	150	18	risk	risk	NOUN
fbem-6231	150	19	and	and	CCONJ
fbem-6231	150	20	the	the	DET
fbem-6231	150	21	book	book	NOUN
fbem-6231	150	22	-	-	PUNCT
fbem-6231	150	23	to	to	ADP
fbem-6231	150	24	-	-	PUNCT
fbem-6231	150	25	market	market	NOUN
fbem-6231	150	26	anomaly	anomaly	NOUN
fbem-6231	150	27	,	,	PUNCT
fbem-6231	150	28	journal	journal	NOUN
fbem-6231	150	29	of	of	ADP
fbem-6231	150	30	financial	financial	ADJ
fbem-6231	150	31	economics,69	economics,69	PROPN
fbem-6231	150	32	:	:	PUNCT
fbem-6231	150	33	355	355	NUM
fbem-6231	150	34	-373	-373	NOUN
fbem-6231	150	35	.	.	PUNCT
fbem-6231	151	1	[	[	X
fbem-6231	151	2	6	6	NUM
fbem-6231	151	3	]	]	X
fbem-6231	151	4	andrew	andrew	PROPN
fbem-6231	151	5	ang	ang	PROPN
fbem-6231	151	6	,	,	PUNCT
fbem-6231	151	7	joseph	joseph	PROPN
fbem-6231	151	8	chen,2007,capm	chen,2007,capm	NOUN
fbem-6231	151	9	over	over	ADP
fbem-6231	151	10	the	the	DET
fbem-6231	151	11	long	long	ADJ
fbem-6231	151	12	run	run	NOUN
fbem-6231	151	13	:	:	PUNCT
fbem-6231	151	14	1926	1926	NUM
fbem-6231	151	15	-2001,journal	-2001,journal	PROPN
fbem-6231	151	16	of	of	ADP
fbem-6231	151	17	empirical	empirical	ADJ
fbem-6231	151	18	finance	finance	NOUN
fbem-6231	151	19	,	,	PUNCT
fbem-6231	151	20	14:1	14:1	NUM
fbem-6231	151	21	-40	-40	NOUN
fbem-6231	151	22	.	.	PUNCT
fbem-6231	152	1	[	[	X
fbem-6231	152	2	7	7	X
fbem-6231	152	3	]	]	X
fbem-6231	152	4	k.c	k.c	X
fbem-6231	152	5	chan	chan	PROPN
fbem-6231	152	6	,	,	PUNCT
fbem-6231	152	7	naifu	naifu	PROPN
fbem-6231	152	8	chen	chen	PROPN
fbem-6231	152	9	,	,	PUNCT
fbem-6231	152	10	1991,structural	1991,structural	NUM
fbem-6231	152	11	and	and	CCONJ
fbem-6231	152	12	return	return	VERB
fbem-6231	152	13	characteristics	characteristic	NOUN
fbem-6231	152	14	of	of	ADP
fbem-6231	152	15	small	small	ADJ
fbem-6231	152	16	and	and	CCONJ
fbem-6231	152	17	large	large	ADJ
fbem-6231	152	18	firms	firm	NOUN
fbem-6231	152	19	,	,	PUNCT
fbem-6231	152	20	the	the	DET
fbem-6231	152	21	journal	journal	NOUN
fbem-6231	152	22	of	of	ADP
fbem-6231	152	23	finance,4	finance,4	PROPN
fbem-6231	152	24	:	:	PUNCT
fbem-6231	152	25	14671483	14671483	NUM
fbem-6231	152	26	.	.	PUNCT
fbem-6231	153	1	[	[	X
fbem-6231	153	2	8	8	NUM
fbem-6231	153	3	]	]	PUNCT
fbem-6231	153	4	naifu	naifu	NOUN
fbem-6231	153	5	,	,	PUNCT
fbem-6231	153	6	feng	feng	PROPN
fbem-6231	153	7	zhang	zhang	PROPN
fbem-6231	153	8	,	,	PUNCT
fbem-6231	153	9	1998	1998	NUM
fbem-6231	153	10	,	,	PUNCT
fbem-6231	153	11	risk	risk	NOUN
fbem-6231	153	12	and	and	CCONJ
fbem-6231	153	13	return	return	NOUN
fbem-6231	153	14	of	of	ADP
fbem-6231	153	15	value	value	NOUN
fbem-6231	153	16	stocks	stock	NOUN
fbem-6231	153	17	,	,	PUNCT
fbem-6231	153	18	the	the	DET
fbem-6231	153	19	journal	journal	NOUN
fbem-6231	153	20	of	of	ADP
fbem-6231	153	21	business,4	business,4	NOUN
fbem-6231	153	22	:	:	PUNCT
fbem-6231	153	23	501	501	NUM
fbem-6231	153	24	-	-	SYM
fbem-6231	153	25	535	535	NUM
fbem-6231	153	26	.	.	PUNCT
fbem-6231	154	1	[	[	X
fbem-6231	154	2	9	9	NUM
fbem-6231	154	3	]	]	SYM
fbem-6231	154	4	werner	werner	PROPN
fbem-6231	154	5	f.m	f.m	PROPN
fbem-6231	154	6	de	de	PROPN
fbem-6231	154	7	bondt	bondt	PROPN
fbem-6231	154	8	,	,	PUNCT
fbem-6231	154	9	richard	richard	PROPN
fbem-6231	154	10	h.thaler,1967	h.thaler,1967	PROPN
fbem-6231	154	11	,	,	PUNCT
fbem-6231	154	12	further	further	ADJ
fbem-6231	154	13	evidence	evidence	NOUN
fbem-6231	154	14	on	on	ADP
fbem-6231	154	15	investor	investor	NOUN
fbem-6231	154	16	overreaction	overreaction	NOUN
fbem-6231	154	17	and	and	CCONJ
fbem-6231	154	18	stock	stock	NOUN
fbem-6231	154	19	market	market	NOUN
fbem-6231	154	20	seasonality.3	seasonality.3	PROPN
fbem-6231	154	21	:	:	PUNCT
fbem-6231	154	22	557	557	NUM
fbem-6231	154	23	-	-	SYM
fbem-6231	154	24	581	581	NUM
fbem-6231	154	25	.	.	PUNCT
fbem-6231	155	1	[	[	X
fbem-6231	155	2	10	10	NUM
fbem-6231	155	3	]	]	X
fbem-6231	155	4	huseyin	huseyin	PROPN
fbem-6231	155	5	gulen	gulen	VERB
fbem-6231	155	6	,	,	PUNCT
fbem-6231	155	7	yuhang	yuhang	PROPN
fbem-6231	155	8	xing	xing	PROPN
fbem-6231	155	9	,	,	PUNCT
fbem-6231	155	10	and	and	CCONJ
fbem-6231	155	11	lu	lu	PROPN
fbem-6231	155	12	zhang,2011,value	zhang,2011,value	NOUN
fbem-6231	155	13	versus	versus	ADP
fbem-6231	155	14	growth	growth	NOUN
fbem-6231	155	15	:	:	PUNCT
fbem-6231	155	16	time	time	NOUN
fbem-6231	155	17	-	-	PUNCT
fbem-6231	155	18	varying	vary	VERB
fbem-6231	155	19	expected	expect	VERB
fbem-6231	155	20	stock	stock	NOUN
fbem-6231	155	21	returns	return	NOUN
fbem-6231	155	22	,	,	PUNCT
fbem-6231	155	23	financial	financial	ADJ
fbem-6231	155	24	management:381	management:381	NOUN
fbem-6231	155	25	-	-	NOUN
fbem-6231	155	26	407	407	NUM
fbem-6231	155	27	.	.	PUNCT
fbem-6231	156	1	[	[	X
fbem-6231	156	2	11	11	NUM
fbem-6231	156	3	]	]	X
fbem-6231	156	4	s.p	s.p	PROPN
fbem-6231	156	5	kothari	kothari	PROPN
fbem-6231	156	6	,	,	PUNCT
fbem-6231	156	7	jay	jay	PROPN
fbem-6231	156	8	shanken	shanken	PROPN
fbem-6231	156	9	,	,	PUNCT
fbem-6231	156	10	richard	richard	PROPN
fbem-6231	156	11	g.sloan	g.sloan	PROPN
fbem-6231	156	12	,	,	PUNCT
fbem-6231	156	13	1995,another	1995,another	NUM
fbem-6231	156	14	look	look	VERB
fbem-6231	156	15	at	at	ADP
fbem-6231	156	16	the	the	DET
fbem-6231	156	17	cross	cross	NOUN
fbem-6231	156	18	-	-	NOUN
fbem-6231	156	19	section	section	NOUN
fbem-6231	156	20	of	of	ADP
fbem-6231	156	21	expected	expect	VERB
fbem-6231	156	22	stock	stock	NOUN
fbem-6231	156	23	returns	return	NOUN
fbem-6231	156	24	,	,	PUNCT
fbem-6231	156	25	the	the	DET
fbem-6231	156	26	journal	journal	NOUN
fbem-6231	156	27	of	of	ADP
fbem-6231	156	28	finance	finance	NOUN
fbem-6231	156	29	,	,	PUNCT
fbem-6231	156	30	1	1	NUM
fbem-6231	156	31	:	:	SYM
fbem-6231	156	32	185	185	NUM
fbem-6231	156	33	-	-	SYM
fbem-6231	156	34	223	223	NUM
fbem-6231	156	35	.	.	PUNCT
fbem-6231	157	1	[	[	X
fbem-6231	157	2	12	12	NUM
fbem-6231	157	3	]	]	X
fbem-6231	157	4	rafael	rafael	PROPN
fbem-6231	157	5	la	la	PROPN
fbem-6231	157	6	porta	porta	PROPN
fbem-6231	157	7	,	,	PUNCT
fbem-6231	157	8	josef	josef	PROPN
fbem-6231	157	9	lakonishok	lakonishok	PROPN
fbem-6231	157	10	,	,	PUNCT
fbem-6231	157	11	andrei	andrei	PROPN
fbem-6231	157	12	shleifer	shleifer	PROPN
fbem-6231	157	13	,	,	PUNCT
fbem-6231	157	14	robert	robert	PROPN
fbem-6231	157	15	vishny,1997,good	vishny,1997,good	PROPN
fbem-6231	157	16	news	news	PROPN
fbem-6231	157	17	for	for	ADP
fbem-6231	157	18	value	value	NOUN
fbem-6231	157	19	stocks	stock	NOUN
fbem-6231	157	20	:	:	PUNCT
fbem-6231	157	21	further	further	ADJ
fbem-6231	157	22	evidence	evidence	NOUN
fbem-6231	157	23	on	on	ADP
fbem-6231	157	24	market	market	NOUN
fbem-6231	157	25	efficiency	efficiency	NOUN
fbem-6231	157	26	,	,	PUNCT
fbem-6231	157	27	the	the	DET
fbem-6231	157	28	journal	journal	NOUN
fbem-6231	157	29	of	of	ADP
fbem-6231	157	30	finance,2	finance,2	X
fbem-6231	157	31	:	:	PUNCT
fbem-6231	157	32	859	859	NUM
fbem-6231	157	33	-	-	SYM
fbem-6231	157	34	874	874	NUM
fbem-6231	157	35	.	.	PUNCT
fbem-6231	158	1	[	[	X
fbem-6231	158	2	13	13	NUM
fbem-6231	158	3	]	]	PUNCT
fbem-6231	158	4	a	a	DET
fbem-6231	158	5	craig	craig	PROPN
fbem-6231	158	6	mackinlay,1995	mackinlay,1995	PROPN
fbem-6231	158	7	,	,	PUNCT
fbem-6231	158	8	multifactor	multifactor	NOUN
fbem-6231	158	9	models	model	NOUN
fbem-6231	158	10	do	do	AUX
fbem-6231	158	11	not	not	PART
fbem-6231	158	12	explain	explain	VERB
fbem-6231	158	13	deviations	deviation	NOUN
fbem-6231	158	14	from	from	ADP
fbem-6231	158	15	the	the	DET
fbem-6231	158	16	capm,3	capm,3	ADJ
fbem-6231	158	17	:3	:3	NUM
fbem-6231	158	18	-	-	SYM
fbem-6231	158	19	28	28	NUM
fbem-6231	159	1	[	[	X
fbem-6231	159	2	14	14	NUM
fbem-6231	159	3	]	]	PUNCT
fbem-6231	159	4	ralitsa	ralitsa	VERB
fbem-6231	159	5	petkova	petkova	PROPN
fbem-6231	159	6	,	,	PUNCT
fbem-6231	159	7	lu	lu	PROPN
fbem-6231	159	8	zhang,2005	zhang,2005	NOUN
fbem-6231	159	9	,	,	PUNCT
fbem-6231	159	10	is	be	AUX
fbem-6231	159	11	value	value	NOUN
fbem-6231	159	12	riskier	risky	ADJ
fbem-6231	159	13	than	than	ADP
fbem-6231	159	14	growth?,journal	growth?,journal	NOUN
fbem-6231	159	15	of	of	ADP
fbem-6231	159	16	financial	financial	ADJ
fbem-6231	159	17	economics	economic	NOUN
fbem-6231	159	18	,	,	PUNCT
fbem-6231	159	19	78:187	78:187	NUM
fbem-6231	159	20	-	-	SYM
fbem-6231	159	21	202	202	NUM
fbem-6231	159	22	.	.	PUNCT
fbem-6231	160	1	[	[	X
fbem-6231	160	2	15	15	NUM
fbem-6231	160	3	]	]	X
fbem-6231	160	4	ludovic	ludovic	PROPN
fbem-6231	160	5	phalippou	phalippou	PROPN
fbem-6231	160	6	,	,	PUNCT
fbem-6231	160	7	2008	2008	NUM
fbem-6231	160	8	,	,	PUNCT
fbem-6231	160	9	where	where	SCONJ
fbem-6231	160	10	is	be	AUX
fbem-6231	160	11	the	the	DET
fbem-6231	160	12	value	value	NOUN
fbem-6231	160	13	premium	premium	NOUN
fbem-6231	160	14	?	?	PUNCT
fbem-6231	160	15	,	,	PUNCT
fbem-6231	160	16	financial	financial	ADJ
fbem-6231	160	17	analysts	analyst	NOUN
fbem-6231	160	18	journal,2	journal,2	NOUN
fbem-6231	160	19	:	:	PUNCT
fbem-6231	160	20	41	41	NUM
fbem-6231	160	21	-	-	SYM
fbem-6231	160	22	48	48	NUM
fbem-6231	160	23	.	.	PUNCT
fbem-6231	161	1	[	[	X
fbem-6231	161	2	16	16	NUM
fbem-6231	161	3	]	]	X
fbem-6231	161	4	barr	barr	PROPN
fbem-6231	161	5	rosenberg	rosenberg	PROPN
fbem-6231	161	6	,	,	PUNCT
fbem-6231	161	7	kenneth	kenneth	PROPN
fbem-6231	161	8	reid	reid	PROPN
fbem-6231	161	9	,	,	PUNCT
fbem-6231	161	10	ronald	ronald	PROPN
fbem-6231	161	11	lanstein	lanstein	PROPN
fbem-6231	161	12	,	,	PUNCT
fbem-6231	161	13	1985	1985	NUM
fbem-6231	161	14	,	,	PUNCT
fbem-6231	161	15	persuasive	persuasive	ADJ
fbem-6231	161	16	evidence	evidence	NOUN
fbem-6231	161	17	of	of	ADP
fbem-6231	161	18	market	market	NOUN
fbem-6231	161	19	inefficiency,11:915	inefficiency,11:915	NOUN
fbem-6231	161	20	.	.	PUNCT
fbem-6231	162	1	[	[	X
fbem-6231	162	2	17	17	NUM
fbem-6231	162	3	]	]	X
fbem-6231	162	4	andrei	andrei	NOUN
fbem-6231	162	5	shleifer	shleifer	PROPN
fbem-6231	162	6	,	,	PUNCT
fbem-6231	162	7	robert	robert	PROPN
fbem-6231	162	8	w.vishny	w.vishny	PROPN
fbem-6231	162	9	,	,	PUNCT
fbem-6231	162	10	1997	1997	NUM
fbem-6231	162	11	,	,	PUNCT
fbem-6231	162	12	the	the	DET
fbem-6231	162	13	limits	limit	NOUN
fbem-6231	162	14	of	of	ADP
fbem-6231	162	15	arbitrage	arbitrage	NOUN
fbem-6231	162	16	,	,	PUNCT
fbem-6231	162	17	the	the	DET
fbem-6231	162	18	journal	journal	NOUN
fbem-6231	162	19	of	of	ADP
fbem-6231	162	20	finance	finance	NOUN
fbem-6231	162	21	,	,	PUNCT
fbem-6231	162	22	1	1	NUM
fbem-6231	162	23	:	:	SYM
fbem-6231	162	24	35	35	NUM
fbem-6231	162	25	-	-	SYM
fbem-6231	162	26	55	55	NUM
fbem-6231	162	27	[	[	X
fbem-6231	162	28	18	18	NUM
fbem-6231	162	29	]	]	X
fbem-6231	162	30	s.p	s.p	PROPN
fbem-6231	162	31	.	.	PUNCT
fbem-6231	162	32	kothari	kothari	PROPN
fbem-6231	162	33	,	,	PUNCT
fbem-6231	162	34	jonathan	jonathan	PROPN
fbem-6231	162	35	lewellen	lewellen	PROPN
fbem-6231	162	36	,	,	PUNCT
fbem-6231	162	37	jerold	jerold	PROPN
fbem-6231	162	38	b.	b.	PROPN
fbem-6231	162	39	warner	warner	PROPN
fbem-6231	162	40	,	,	PUNCT
fbem-6231	162	41	2006	2006	NUM
fbem-6231	162	42	,	,	PUNCT
fbem-6231	162	43	stock	stock	NOUN
fbem-6231	162	44	returns	return	NOUN
fbem-6231	162	45	,	,	PUNCT
fbem-6231	162	46	aggregate	aggregate	ADJ
fbem-6231	162	47	earnings	earning	NOUN
fbem-6231	162	48	surprises	surprise	NOUN
fbem-6231	162	49	,	,	PUNCT
fbem-6231	162	50	and	and	CCONJ
fbem-6231	162	51	behavioral	behavioral	ADJ
fbem-6231	162	52	fifinance	fifinance	NOUN
fbem-6231	162	53	,	,	PUNCT
fbem-6231	162	54	79:537	79:537	NOUN
fbem-6231	162	55	-	-	SYM
fbem-6231	162	56	568	568	NUM
fbem-6231	162	57	.	.	PUNCT
fbem-6231	163	1	[	[	X
fbem-6231	163	2	19	19	NUM
fbem-6231	163	3	]	]	PUNCT
fbem-6231	163	4	ephraim	ephraim	PROPN
fbem-6231	163	5	clark	clark	PROPN
fbem-6231	163	6	,	,	PUNCT
fbem-6231	163	7	zhuo	zhuo	PROPN
fbem-6231	163	8	qiao,2019,the	qiao,2019,the	DET
fbem-6231	163	9	value	value	NOUN
fbem-6231	163	10	premium	premium	NOUN
fbem-6231	163	11	puzzle	puzzle	NOUN
fbem-6231	163	12	,	,	PUNCT
fbem-6231	163	13	behavior	behavior	NOUN
fbem-6231	163	14	versus	versus	ADP
fbem-6231	163	15	risk	risk	NOUN
fbem-6231	163	16	:	:	PUNCT
fbem-6231	163	17	new	new	ADJ
fbem-6231	163	18	evidence	evidence	NOUN
fbem-6231	163	19	from	from	ADP
fbem-6231	163	20	china	china	PROPN
fbem-6231	163	21	,	,	PUNCT
fbem-6231	163	22	the	the	DET
fbem-6231	163	23	quarterly	quarterly	ADJ
fbem-6231	163	24	review	review	NOUN
fbem-6231	163	25	of	of	ADP
fbem-6231	163	26	economics	economic	NOUN
fbem-6231	163	27	and	and	CCONJ
fbem-6231	163	28	finance,76:12	finance,76:12	NOUN
fbem-6231	163	29	-	-	NUM
fbem-6231	163	30	21	21	NUM
fbem-6231	163	31	.	.	PUNCT
fbem-6231	164	1	[	[	X
fbem-6231	164	2	20	20	NUM
fbem-6231	164	3	]	]	X
fbem-6231	164	4	daniel	daniel	PROPN
fbem-6231	164	5	,	,	PUNCT
fbem-6231	164	6	k.	k.	PROPN
fbem-6231	164	7	,	,	PUNCT
fbem-6231	164	8	&	&	CCONJ
fbem-6231	164	9	titman	titman	PROPN
fbem-6231	164	10	,	,	PUNCT
fbem-6231	164	11	s.	s.	PROPN
fbem-6231	164	12	,	,	PUNCT
fbem-6231	164	13	1997	1997	NUM
fbem-6231	164	14	,	,	PUNCT
fbem-6231	164	15	evidence	evidence	NOUN
fbem-6231	164	16	on	on	ADP
fbem-6231	164	17	the	the	DET
fbem-6231	164	18	characteristics	characteristic	NOUN
fbem-6231	164	19	of	of	ADP
fbem-6231	164	20	cross	cross	ADJ
fbem-6231	164	21	-	-	ADJ
fbem-6231	164	22	sectional	sectional	ADJ
fbem-6231	164	23	variation	variation	NOUN
fbem-6231	164	24	in	in	ADP
fbem-6231	164	25	common	common	ADJ
fbem-6231	164	26	stock	stock	NOUN
fbem-6231	164	27	returns	return	NOUN
fbem-6231	164	28	.	.	PUNCT
fbem-6231	165	1	journal	journal	NOUN
fbem-6231	165	2	of	of	ADP
fbem-6231	165	3	finance	finance	NOUN
fbem-6231	165	4	,	,	PUNCT
fbem-6231	165	5	52	52	NUM
fbem-6231	165	6	:	:	SYM
fbem-6231	165	7	1	1	NUM
fbem-6231	165	8	–	–	PUNCT
fbem-6231	165	9	33	33	NUM
fbem-6231	165	10	.	.	PUNCT
fbem-6231	166	1	[	[	X
fbem-6231	166	2	21	21	NUM
fbem-6231	166	3	]	]	X
fbem-6231	166	4	lakonishok	lakonishok	NOUN
fbem-6231	166	5	,	,	PUNCT
fbem-6231	166	6	j.	j.	PROPN
fbem-6231	166	7	,	,	PUNCT
fbem-6231	166	8	shleifer	shleifer	PROPN
fbem-6231	166	9	,	,	PUNCT
fbem-6231	166	10	a.	a.	PROPN
fbem-6231	166	11	,	,	PUNCT
fbem-6231	166	12	&	&	CCONJ
fbem-6231	166	13	vishny	vishny	PROPN
fbem-6231	166	14	,	,	PUNCT
fbem-6231	166	15	r.	r.	PROPN
fbem-6231	166	16	w.	w.	PROPN
fbem-6231	166	17	,	,	PUNCT
fbem-6231	166	18	1994	1994	NUM
fbem-6231	166	19	,	,	PUNCT
fbem-6231	166	20	contrarian	contrarian	ADJ
fbem-6231	166	21	investment	investment	NOUN
fbem-6231	166	22	,	,	PUNCT
fbem-6231	166	23	extrapolation	extrapolation	NOUN
fbem-6231	166	24	and	and	CCONJ
fbem-6231	166	25	risk	risk	NOUN
fbem-6231	166	26	.	.	PUNCT
fbem-6231	167	1	journal	journal	NOUN
fbem-6231	167	2	of	of	ADP
fbem-6231	167	3	finance	finance	NOUN
fbem-6231	167	4	,	,	PUNCT
fbem-6231	167	5	49	49	NUM
fbem-6231	167	6	:	:	SYM
fbem-6231	167	7	1541	1541	NUM
fbem-6231	167	8	–	–	PUNCT
fbem-6231	167	9	1578	1578	NUM
fbem-6231	167	10	.	.	PUNCT
fbem-6231	168	1	[	[	X
fbem-6231	168	2	22	22	NUM
fbem-6231	168	3	]	]	PUNCT
fbem-6231	168	4	fama	fama	PROPN
fbem-6231	168	5	,	,	PUNCT
fbem-6231	168	6	e.	e.	PROPN
fbem-6231	168	7	,	,	PUNCT
fbem-6231	168	8	k.	k.	PROPN
fbem-6231	168	9	french	french	PROPN
fbem-6231	168	10	.	.	PUNCT
fbem-6231	169	1	common	common	ADJ
fbem-6231	169	2	risk	risk	NOUN
fbem-6231	169	3	factors	factor	NOUN
fbem-6231	169	4	in	in	ADP
fbem-6231	169	5	the	the	DET
fbem-6231	169	6	returns	return	NOUN
fbem-6231	169	7	on	on	ADP
fbem-6231	169	8	stocks	stock	NOUN
fbem-6231	169	9	and	and	CCONJ
fbem-6231	169	10	bonds[j	bonds[j	PROPN
fbem-6231	169	11	]	]	PUNCT
fbem-6231	169	12	.	.	PUNCT
fbem-6231	170	1	journal	journal	PROPN
fbem-6231	170	2	of	of	ADP
fbem-6231	170	3	financial	financial	ADJ
fbem-6231	170	4	economics	economic	NOUN
fbem-6231	170	5	,	,	PUNCT
fbem-6231	170	6	1993	1993	NUM
fbem-6231	170	7	,	,	PUNCT
fbem-6231	170	8	33	33	NUM
fbem-6231	170	9	(	(	PUNCT
fbem-6231	170	10	1):3	1):3	NUM
fbem-6231	170	11	-	-	SYM
fbem-6231	170	12	56	56	NUM
fbem-6231	170	13	.	.	PUNCT
fbem-6231	171	1	[	[	X
fbem-6231	171	2	23	23	NUM
fbem-6231	171	3	]	]	X
fbem-6231	171	4	fama	fama	PROPN
fbem-6231	171	5	,	,	PUNCT
fbem-6231	171	6	e.	e.	PROPN
fbem-6231	171	7	,	,	PUNCT
fbem-6231	171	8	k.	k.	PROPN
fbem-6231	171	9	french	french	PROPN
fbem-6231	171	10	.	.	PUNCT
fbem-6231	172	1	industry	industry	NOUN
fbem-6231	172	2	costs	cost	NOUN
fbem-6231	172	3	of	of	ADP
fbem-6231	172	4	equity[j	equity[j	PROPN
fbem-6231	172	5	]	]	PUNCT
fbem-6231	172	6	.	.	PUNCT
fbem-6231	173	1	journal	journal	PROPN
fbem-6231	173	2	of	of	ADP
fbem-6231	173	3	financial	financial	ADJ
fbem-6231	173	4	economics	economic	NOUN
fbem-6231	173	5	,	,	PUNCT
fbem-6231	173	6	1997,43(2):153193	1997,43(2):153193	NUM
fbem-6231	173	7	.	.	PUNCT