id	sid	tid	token	lemma	pos
fbem-9133	1	1	frontiers	frontier	NOUN
fbem-9133	1	2	in	in	ADP
fbem-9133	1	3	business	business	NOUN
fbem-9133	1	4	,	,	PUNCT
fbem-9133	1	5	economics	economic	NOUN
fbem-9133	1	6	and	and	CCONJ
fbem-9133	1	7	management	management	NOUN
fbem-9133	1	8	issn	issn	PROPN
fbem-9133	1	9	:	:	PUNCT
fbem-9133	1	10	2766	2766	NUM
fbem-9133	1	11	-	-	PUNCT
fbem-9133	1	12	824x	824x	NUM
fbem-9133	1	13	|	|	ADJ
fbem-9133	1	14	vol	vol	NOUN
fbem-9133	1	15	.	.	PROPN
fbem-9133	2	1	9	9	NUM
fbem-9133	2	2	,	,	PUNCT
fbem-9133	2	3	no	no	INTJ
fbem-9133	2	4	.	.	NOUN
fbem-9133	2	5	2	2	NUM
fbem-9133	2	6	,	,	PUNCT
fbem-9133	2	7	2023	2023	NUM
fbem-9133	2	8	91	91	NUM
fbem-9133	2	9	stock	stock	NOUN
fbem-9133	2	10	liquidity	liquidity	NOUN
fbem-9133	2	11	and	and	CCONJ
fbem-9133	2	12	cash	cash	NOUN
fbem-9133	2	13	holdings	holding	NOUN
fbem-9133	2	14	:	:	PUNCT
fbem-9133	2	15	evidence	evidence	NOUN
fbem-9133	2	16	from	from	ADP
fbem-9133	2	17	stock	stock	NOUN
fbem-9133	2	18	buybacks	buyback	NOUN
fbem-9133	2	19	zhijian	zhijian	PROPN
fbem-9133	2	20	wu	wu	PROPN
fbem-9133	2	21	school	school	PROPN
fbem-9133	2	22	of	of	ADP
fbem-9133	2	23	nanjing	nanjing	PROPN
fbem-9133	2	24	normal	normal	ADJ
fbem-9133	2	25	university	university	PROPN
fbem-9133	2	26	,	,	PUNCT
fbem-9133	2	27	nanjing	nanjing	PROPN
fbem-9133	2	28	210000	210000	NUM
fbem-9133	2	29	,	,	PUNCT
fbem-9133	2	30	china	china	PROPN
fbem-9133	2	31	abstract	abstract	NOUN
fbem-9133	2	32	:	:	PUNCT
fbem-9133	2	33	in	in	ADP
fbem-9133	2	34	view	view	NOUN
fbem-9133	2	35	of	of	ADP
fbem-9133	2	36	the	the	DET
fbem-9133	2	37	traditional	traditional	ADJ
fbem-9133	2	38	view	view	NOUN
fbem-9133	2	39	that	that	SCONJ
fbem-9133	2	40	stock	stock	NOUN
fbem-9133	2	41	liquidity	liquidity	NOUN
fbem-9133	2	42	reduces	reduce	VERB
fbem-9133	2	43	the	the	DET
fbem-9133	2	44	cash	cash	NOUN
fbem-9133	2	45	holding	holding	NOUN
fbem-9133	2	46	level	level	NOUN
fbem-9133	2	47	of	of	ADP
fbem-9133	2	48	listed	list	VERB
fbem-9133	2	49	companies	company	NOUN
fbem-9133	2	50	by	by	ADP
fbem-9133	2	51	alleviating	alleviate	VERB
fbem-9133	2	52	financing	financing	NOUN
fbem-9133	2	53	constraints	constraint	NOUN
fbem-9133	2	54	and	and	CCONJ
fbem-9133	2	55	restraining	restrain	VERB
fbem-9133	2	56	agency	agency	NOUN
fbem-9133	2	57	costs	cost	NOUN
fbem-9133	2	58	,	,	PUNCT
fbem-9133	2	59	this	this	DET
fbem-9133	2	60	paper	paper	NOUN
fbem-9133	2	61	starts	start	VERB
fbem-9133	2	62	from	from	ADP
fbem-9133	2	63	the	the	DET
fbem-9133	2	64	company	company	NOUN
fbem-9133	2	65	's	's	PART
fbem-9133	2	66	stock	stock	NOUN
fbem-9133	2	67	repurchase	repurchase	NOUN
fbem-9133	2	68	motivation	motivation	NOUN
fbem-9133	2	69	and	and	CCONJ
fbem-9133	2	70	finds	find	VERB
fbem-9133	2	71	that	that	SCONJ
fbem-9133	2	72	high	high	ADJ
fbem-9133	2	73	stock	stock	NOUN
fbem-9133	2	74	liquidity	liquidity	NOUN
fbem-9133	2	75	may	may	AUX
fbem-9133	2	76	strengthen	strengthen	VERB
fbem-9133	2	77	the	the	DET
fbem-9133	2	78	company	company	NOUN
fbem-9133	2	79	's	's	PART
fbem-9133	2	80	stock	stock	NOUN
fbem-9133	2	81	repurchase	repurchase	NOUN
fbem-9133	2	82	motivation	motivation	NOUN
fbem-9133	2	83	and	and	CCONJ
fbem-9133	2	84	thus	thus	ADV
fbem-9133	2	85	promote	promote	VERB
fbem-9133	2	86	the	the	DET
fbem-9133	2	87	company	company	NOUN
fbem-9133	2	88	to	to	PART
fbem-9133	2	89	improve	improve	VERB
fbem-9133	2	90	its	its	PRON
fbem-9133	2	91	cash	cash	NOUN
fbem-9133	2	92	holding	holding	NOUN
fbem-9133	2	93	level	level	NOUN
fbem-9133	2	94	.	.	PUNCT
fbem-9133	3	1	based	base	VERB
fbem-9133	3	2	on	on	ADP
fbem-9133	3	3	the	the	DET
fbem-9133	3	4	empirical	empirical	ADJ
fbem-9133	3	5	evidence	evidence	NOUN
fbem-9133	3	6	of	of	ADP
fbem-9133	3	7	chinese	chinese	ADJ
fbem-9133	3	8	a	a	DET
fbem-9133	3	9	-	-	PUNCT
fbem-9133	3	10	share	share	NOUN
fbem-9133	3	11	listed	list	VERB
fbem-9133	3	12	companies	company	NOUN
fbem-9133	3	13	from	from	ADP
fbem-9133	3	14	2011	2011	NUM
fbem-9133	3	15	to	to	ADP
fbem-9133	3	16	2021	2021	NUM
fbem-9133	3	17	,	,	PUNCT
fbem-9133	3	18	it	it	PRON
fbem-9133	3	19	is	be	AUX
fbem-9133	3	20	shown	show	VERB
fbem-9133	3	21	that	that	SCONJ
fbem-9133	3	22	stock	stock	NOUN
fbem-9133	3	23	liquidity	liquidity	NOUN
fbem-9133	3	24	can	can	AUX
fbem-9133	3	25	significantly	significantly	ADV
fbem-9133	3	26	increase	increase	VERB
fbem-9133	3	27	the	the	DET
fbem-9133	3	28	company	company	NOUN
fbem-9133	3	29	's	's	PART
fbem-9133	3	30	cash	cash	NOUN
fbem-9133	3	31	holdings	holding	NOUN
fbem-9133	3	32	,	,	PUNCT
fbem-9133	3	33	and	and	CCONJ
fbem-9133	3	34	through	through	ADP
fbem-9133	3	35	the	the	DET
fbem-9133	3	36	relaxation	relaxation	NOUN
fbem-9133	3	37	of	of	ADP
fbem-9133	3	38	the	the	DET
fbem-9133	3	39	buyback	buyback	NOUN
fbem-9133	3	40	policy	policy	NOUN
fbem-9133	3	41	in	in	ADP
fbem-9133	3	42	2018	2018	NUM
fbem-9133	3	43	as	as	ADP
fbem-9133	3	44	an	an	DET
fbem-9133	3	45	exogenous	exogenous	ADJ
fbem-9133	3	46	shock	shock	NOUN
fbem-9133	3	47	,	,	PUNCT
fbem-9133	3	48	it	it	PRON
fbem-9133	3	49	is	be	AUX
fbem-9133	3	50	verified	verify	VERB
fbem-9133	3	51	by	by	ADP
fbem-9133	3	52	the	the	DET
fbem-9133	3	53	differential	differential	ADJ
fbem-9133	3	54	difference	difference	NOUN
fbem-9133	3	55	method	method	NOUN
fbem-9133	3	56	that	that	SCONJ
fbem-9133	3	57	after	after	ADP
fbem-9133	3	58	the	the	DET
fbem-9133	3	59	relaxation	relaxation	NOUN
fbem-9133	3	60	of	of	ADP
fbem-9133	3	61	the	the	DET
fbem-9133	3	62	policy	policy	NOUN
fbem-9133	3	63	,	,	PUNCT
fbem-9133	3	64	the	the	DET
fbem-9133	3	65	company	company	NOUN
fbem-9133	3	66	with	with	ADP
fbem-9133	3	67	high	high	ADJ
fbem-9133	3	68	stock	stock	NOUN
fbem-9133	3	69	liquidity	liquidity	NOUN
fbem-9133	3	70	will	will	AUX
fbem-9133	3	71	increase	increase	VERB
fbem-9133	3	72	more	more	ADJ
fbem-9133	3	73	cash	cash	NOUN
fbem-9133	3	74	holdings	holding	NOUN
fbem-9133	3	75	than	than	ADP
fbem-9133	3	76	the	the	DET
fbem-9133	3	77	company	company	NOUN
fbem-9133	3	78	with	with	ADP
fbem-9133	3	79	low	low	ADJ
fbem-9133	3	80	stock	stock	NOUN
fbem-9133	3	81	liquidity	liquidity	NOUN
fbem-9133	3	82	.	.	PUNCT
fbem-9133	4	1	further	further	ADJ
fbem-9133	4	2	research	research	NOUN
fbem-9133	4	3	shows	show	VERB
fbem-9133	4	4	that	that	SCONJ
fbem-9133	4	5	the	the	DET
fbem-9133	4	6	property	property	NOUN
fbem-9133	4	7	rights	right	NOUN
fbem-9133	4	8	of	of	ADP
fbem-9133	4	9	listed	list	VERB
fbem-9133	4	10	companies	company	NOUN
fbem-9133	4	11	and	and	CCONJ
fbem-9133	4	12	the	the	DET
fbem-9133	4	13	heterogeneity	heterogeneity	NOUN
fbem-9133	4	14	of	of	ADP
fbem-9133	4	15	the	the	DET
fbem-9133	4	16	characteristics	characteristic	NOUN
fbem-9133	4	17	of	of	ADP
fbem-9133	4	18	senior	senior	ADJ
fbem-9133	4	19	executives	executive	NOUN
fbem-9133	4	20	will	will	AUX
fbem-9133	4	21	affect	affect	VERB
fbem-9133	4	22	the	the	DET
fbem-9133	4	23	promoting	promote	VERB
fbem-9133	4	24	effect	effect	NOUN
fbem-9133	4	25	of	of	ADP
fbem-9133	4	26	stock	stock	NOUN
fbem-9133	4	27	liquidity	liquidity	NOUN
fbem-9133	4	28	on	on	ADP
fbem-9133	4	29	cash	cash	NOUN
fbem-9133	4	30	holdings	holding	NOUN
fbem-9133	4	31	.	.	PUNCT
fbem-9133	5	1	keywords	keyword	NOUN
fbem-9133	5	2	:	:	PUNCT
fbem-9133	5	3	stock	stock	NOUN
fbem-9133	5	4	liquidity	liquidity	NOUN
fbem-9133	5	5	,	,	PUNCT
fbem-9133	5	6	cash	cash	NOUN
fbem-9133	5	7	holding	holding	NOUN
fbem-9133	5	8	,	,	PUNCT
fbem-9133	5	9	stock	stock	NOUN
fbem-9133	5	10	buyback	buyback	NOUN
fbem-9133	5	11	,	,	PUNCT
fbem-9133	5	12	difference	difference	NOUN
fbem-9133	5	13	of	of	ADP
fbem-9133	5	14	difference	difference	NOUN
fbem-9133	5	15	.	.	PUNCT
fbem-9133	6	1	1	1	X
fbem-9133	6	2	.	.	X
fbem-9133	6	3	introduction	introduction	NOUN
fbem-9133	6	4	in	in	ADP
fbem-9133	6	5	march	march	PROPN
fbem-9133	6	6	2018	2018	NUM
fbem-9133	6	7	,	,	PUNCT
fbem-9133	6	8	the	the	DET
fbem-9133	6	9	shareholding	shareholding	NOUN
fbem-9133	6	10	pledge	pledge	NOUN
fbem-9133	6	11	of	of	ADP
fbem-9133	6	12	jia	jia	PROPN
fbem-9133	6	13	yueting	yueting	PROPN
fbem-9133	6	14	,	,	PUNCT
fbem-9133	6	15	the	the	DET
fbem-9133	6	16	controlling	control	VERB
fbem-9133	6	17	shareholder	shareholder	NOUN
fbem-9133	6	18	of	of	ADP
fbem-9133	6	19	letv	letv	ADJ
fbem-9133	6	20	,	,	PUNCT
fbem-9133	6	21	exploded	explode	VERB
fbem-9133	6	22	.	.	PUNCT
fbem-9133	7	1	since	since	SCONJ
fbem-9133	7	2	then	then	ADV
fbem-9133	7	3	,	,	PUNCT
fbem-9133	7	4	the	the	DET
fbem-9133	7	5	stock	stock	NOUN
fbem-9133	7	6	price	price	NOUN
fbem-9133	7	7	has	have	AUX
fbem-9133	7	8	continued	continue	VERB
fbem-9133	7	9	to	to	PART
fbem-9133	7	10	decline	decline	VERB
fbem-9133	7	11	,	,	PUNCT
fbem-9133	7	12	and	and	CCONJ
fbem-9133	7	13	the	the	DET
fbem-9133	7	14	whole	whole	ADJ
fbem-9133	7	15	a	a	DET
fbem-9133	7	16	-	-	PUNCT
fbem-9133	7	17	share	share	NOUN
fbem-9133	7	18	market	market	NOUN
fbem-9133	7	19	has	have	AUX
fbem-9133	7	20	also	also	ADV
fbem-9133	7	21	started	start	VERB
fbem-9133	7	22	a	a	DET
fbem-9133	7	23	trend	trend	NOUN
fbem-9133	7	24	of	of	ADP
fbem-9133	7	25	collective	collective	ADJ
fbem-9133	7	26	liquidation	liquidation	NOUN
fbem-9133	7	27	.	.	PUNCT
fbem-9133	8	1	in	in	ADP
fbem-9133	8	2	order	order	NOUN
fbem-9133	8	3	to	to	PART
fbem-9133	8	4	solve	solve	VERB
fbem-9133	8	5	the	the	DET
fbem-9133	8	6	crisis	crisis	NOUN
fbem-9133	8	7	of	of	ADP
fbem-9133	8	8	the	the	DET
fbem-9133	8	9	stock	stock	NOUN
fbem-9133	8	10	mortgage	mortgage	NOUN
fbem-9133	8	11	collective	collective	ADJ
fbem-9133	8	12	explosion	explosion	NOUN
fbem-9133	8	13	,	,	PUNCT
fbem-9133	8	14	chinese	chinese	ADJ
fbem-9133	8	15	regulatory	regulatory	ADJ
fbem-9133	8	16	authorities	authority	NOUN
fbem-9133	8	17	release	release	VERB
fbem-9133	8	18	positive	positive	ADJ
fbem-9133	8	19	signals	signal	NOUN
fbem-9133	8	20	,	,	PUNCT
fbem-9133	8	21	encourage	encourage	VERB
fbem-9133	8	22	and	and	CCONJ
fbem-9133	8	23	support	support	VERB
fbem-9133	8	24	listed	list	VERB
fbem-9133	8	25	companies	company	NOUN
fbem-9133	8	26	to	to	PART
fbem-9133	8	27	repurchase	repurchase	VERB
fbem-9133	8	28	shares	share	NOUN
fbem-9133	8	29	to	to	PART
fbem-9133	8	30	stabilize	stabilize	VERB
fbem-9133	8	31	the	the	DET
fbem-9133	8	32	stock	stock	NOUN
fbem-9133	8	33	price	price	NOUN
fbem-9133	8	34	,	,	PUNCT
fbem-9133	8	35	boost	boost	VERB
fbem-9133	8	36	market	market	NOUN
fbem-9133	8	37	confidence	confidence	NOUN
fbem-9133	8	38	and	and	CCONJ
fbem-9133	8	39	save	save	VERB
fbem-9133	8	40	the	the	DET
fbem-9133	8	41	stock	stock	NOUN
fbem-9133	8	42	market	market	NOUN
fbem-9133	8	43	crisis	crisis	NOUN
fbem-9133	8	44	.	.	PUNCT
fbem-9133	9	1	in	in	ADP
fbem-9133	9	2	2018	2018	NUM
fbem-9133	9	3	,	,	PUNCT
fbem-9133	9	4	the	the	DET
fbem-9133	9	5	company	company	NOUN
fbem-9133	9	6	law	law	NOUN
fbem-9133	9	7	(	(	PUNCT
fbem-9133	9	8	2018	2018	NUM
fbem-9133	9	9	amendment	amendment	NOUN
fbem-9133	9	10	)	)	PUNCT
fbem-9133	9	11	amended	amend	VERB
fbem-9133	9	12	the	the	DET
fbem-9133	9	13	original	original	ADJ
fbem-9133	9	14	company	company	NOUN
fbem-9133	9	15	law	law	NOUN
fbem-9133	9	16	,	,	PUNCT
fbem-9133	9	17	further	far	ADV
fbem-9133	9	18	improved	improve	VERB
fbem-9133	9	19	the	the	DET
fbem-9133	9	20	company	company	NOUN
fbem-9133	9	21	's	's	PART
fbem-9133	9	22	share	share	NOUN
fbem-9133	9	23	repurchase	repurchase	NOUN
fbem-9133	9	24	system	system	NOUN
fbem-9133	9	25	,	,	PUNCT
fbem-9133	9	26	increased	increase	VERB
fbem-9133	9	27	the	the	DET
fbem-9133	9	28	circumstances	circumstance	NOUN
fbem-9133	9	29	allowing	allow	VERB
fbem-9133	9	30	share	share	NOUN
fbem-9133	9	31	repurchase	repurchase	VERB
fbem-9133	9	32	,	,	PUNCT
fbem-9133	9	33	appropriately	appropriately	ADV
fbem-9133	9	34	simplified	simplify	VERB
fbem-9133	9	35	the	the	DET
fbem-9133	9	36	decision	decision	NOUN
fbem-9133	9	37	-	-	PUNCT
fbem-9133	9	38	making	make	VERB
fbem-9133	9	39	procedure	procedure	NOUN
fbem-9133	9	40	for	for	ADP
fbem-9133	9	41	share	share	NOUN
fbem-9133	9	42	repurchase	repurchase	NOUN
fbem-9133	9	43	,	,	PUNCT
fbem-9133	9	44	raised	raise	VERB
fbem-9133	9	45	the	the	DET
fbem-9133	9	46	upper	upper	ADJ
fbem-9133	9	47	limit	limit	NOUN
fbem-9133	9	48	of	of	ADP
fbem-9133	9	49	the	the	DET
fbem-9133	9	50	number	number	NOUN
fbem-9133	9	51	of	of	ADP
fbem-9133	9	52	shares	share	NOUN
fbem-9133	9	53	held	hold	VERB
fbem-9133	9	54	by	by	ADP
fbem-9133	9	55	the	the	DET
fbem-9133	9	56	company	company	NOUN
fbem-9133	9	57	,	,	PUNCT
fbem-9133	9	58	and	and	CCONJ
fbem-9133	9	59	extended	extend	VERB
fbem-9133	9	60	the	the	DET
fbem-9133	9	61	period	period	NOUN
fbem-9133	9	62	of	of	ADP
fbem-9133	9	63	holding	hold	VERB
fbem-9133	9	64	repurchased	repurchase	VERB
fbem-9133	9	65	shares	share	NOUN
fbem-9133	9	66	.	.	PUNCT
fbem-9133	10	1	at	at	ADP
fbem-9133	10	2	this	this	DET
fbem-9133	10	3	point	point	NOUN
fbem-9133	10	4	,	,	PUNCT
fbem-9133	10	5	our	our	PRON
fbem-9133	10	6	country	country	NOUN
fbem-9133	10	7	started	start	VERB
fbem-9133	10	8	the	the	DET
fbem-9133	10	9	buyback	buyback	NOUN
fbem-9133	10	10	wave	wave	NOUN
fbem-9133	10	11	.	.	PUNCT
fbem-9133	11	1	in	in	ADP
fbem-9133	11	2	2018	2018	NUM
fbem-9133	11	3	,	,	PUNCT
fbem-9133	11	4	the	the	DET
fbem-9133	11	5	number	number	NOUN
fbem-9133	11	6	of	of	ADP
fbem-9133	11	7	repurchases	repurchase	NOUN
fbem-9133	11	8	of	of	ADP
fbem-9133	11	9	listed	list	VERB
fbem-9133	11	10	companies	company	NOUN
fbem-9133	11	11	reached	reach	VERB
fbem-9133	11	12	853	853	NUM
fbem-9133	11	13	times	time	NOUN
fbem-9133	11	14	,	,	PUNCT
fbem-9133	11	15	and	and	CCONJ
fbem-9133	11	16	in	in	ADP
fbem-9133	11	17	2019	2019	NUM
fbem-9133	11	18	,	,	PUNCT
fbem-9133	11	19	the	the	DET
fbem-9133	11	20	number	number	NOUN
fbem-9133	11	21	of	of	ADP
fbem-9133	11	22	repurchases	repurchase	NOUN
fbem-9133	11	23	reached	reach	VERB
fbem-9133	11	24	1,492	1,492	NUM
fbem-9133	11	25	times	time	NOUN
fbem-9133	11	26	,	,	PUNCT
fbem-9133	11	27	with	with	ADP
fbem-9133	11	28	the	the	DET
fbem-9133	11	29	amount	amount	NOUN
fbem-9133	11	30	of	of	ADP
fbem-9133	11	31	repurchases	repurchase	NOUN
fbem-9133	11	32	reaching	reach	VERB
fbem-9133	11	33	94.775	94.775	NUM
fbem-9133	11	34	billion	billion	NUM
fbem-9133	11	35	yuan	yuan	NOUN
fbem-9133	11	36	.	.	PUNCT
fbem-9133	12	1	in	in	ADP
fbem-9133	12	2	2020	2020	NUM
fbem-9133	12	3	,	,	PUNCT
fbem-9133	12	4	the	the	DET
fbem-9133	12	5	number	number	NOUN
fbem-9133	12	6	of	of	ADP
fbem-9133	12	7	repurchases	repurchase	NOUN
fbem-9133	12	8	decreased	decrease	VERB
fbem-9133	12	9	slightly	slightly	ADV
fbem-9133	12	10	,	,	PUNCT
fbem-9133	12	11	but	but	CCONJ
fbem-9133	12	12	still	still	ADV
fbem-9133	12	13	maintained	maintain	VERB
fbem-9133	12	14	the	the	DET
fbem-9133	12	15	level	level	NOUN
fbem-9133	12	16	of	of	ADP
fbem-9133	12	17	thousands	thousand	NOUN
fbem-9133	12	18	,	,	PUNCT
fbem-9133	12	19	with	with	ADP
fbem-9133	12	20	1322	1322	NUM
fbem-9133	12	21	times	time	NOUN
fbem-9133	12	22	of	of	ADP
fbem-9133	12	23	repurchases	repurchase	NOUN
fbem-9133	12	24	.	.	PUNCT
fbem-9133	13	1	in	in	ADP
fbem-9133	13	2	2021	2021	NUM
fbem-9133	13	3	,	,	PUNCT
fbem-9133	13	4	a	a	DET
fbem-9133	13	5	total	total	NOUN
fbem-9133	13	6	of	of	ADP
fbem-9133	13	7	945	945	NUM
fbem-9133	13	8	companies	company	NOUN
fbem-9133	13	9	in	in	ADP
fbem-9133	13	10	shanghai	shanghai	PROPN
fbem-9133	13	11	and	and	CCONJ
fbem-9133	13	12	shenzhen	shenzhen	PROPN
fbem-9133	13	13	bought	buy	VERB
fbem-9133	13	14	back	back	ADP
fbem-9133	13	15	shares	share	NOUN
fbem-9133	13	16	,	,	PUNCT
fbem-9133	13	17	with	with	ADP
fbem-9133	13	18	the	the	DET
fbem-9133	13	19	amount	amount	NOUN
fbem-9133	13	20	already	already	ADV
fbem-9133	13	21	reaching	reach	VERB
fbem-9133	13	22	121.226	121.226	NUM
fbem-9133	13	23	billion	billion	NUM
fbem-9133	13	24	yuan	yuan	NOUN
fbem-9133	13	25	.	.	PUNCT
fbem-9133	14	1	by	by	ADP
fbem-9133	14	2	november	november	PROPN
fbem-9133	14	3	2022	2022	NUM
fbem-9133	14	4	,	,	PUNCT
fbem-9133	14	5	a	a	DET
fbem-9133	14	6	total	total	NOUN
fbem-9133	14	7	of	of	ADP
fbem-9133	14	8	1,100	1,100	NUM
fbem-9133	14	9	listed	list	VERB
fbem-9133	14	10	companies	company	NOUN
fbem-9133	14	11	had	have	AUX
fbem-9133	14	12	followed	follow	VERB
fbem-9133	14	13	the	the	DET
fbem-9133	14	14	buyback	buyback	NOUN
fbem-9133	14	15	trend	trend	NOUN
fbem-9133	14	16	,	,	PUNCT
fbem-9133	14	17	repurchasing	repurchase	VERB
fbem-9133	14	18	a	a	DET
fbem-9133	14	19	total	total	NOUN
fbem-9133	14	20	of	of	ADP
fbem-9133	14	21	158.9	158.9	NUM
fbem-9133	14	22	billion	billion	NUM
fbem-9133	14	23	yuan	yuan	NOUN
fbem-9133	14	24	,	,	PUNCT
fbem-9133	14	25	an	an	DET
fbem-9133	14	26	increase	increase	NOUN
fbem-9133	14	27	of	of	ADP
fbem-9133	14	28	85.5	85.5	NUM
fbem-9133	14	29	%	%	NOUN
fbem-9133	14	30	compared	compare	VERB
fbem-9133	14	31	with	with	ADP
fbem-9133	14	32	the	the	DET
fbem-9133	14	33	same	same	ADJ
fbem-9133	14	34	period	period	NOUN
fbem-9133	14	35	last	last	ADJ
fbem-9133	14	36	year	year	NOUN
fbem-9133	14	37	.	.	PUNCT
fbem-9133	15	1	stock	stock	NOUN
fbem-9133	15	2	buyback	buyback	NOUN
fbem-9133	15	3	has	have	AUX
fbem-9133	15	4	become	become	VERB
fbem-9133	15	5	a	a	DET
fbem-9133	15	6	tool	tool	NOUN
fbem-9133	15	7	for	for	SCONJ
fbem-9133	15	8	chinese	chinese	ADJ
fbem-9133	15	9	listed	list	VERB
fbem-9133	15	10	companies	company	NOUN
fbem-9133	15	11	to	to	PART
fbem-9133	15	12	manage	manage	VERB
fbem-9133	15	13	market	market	NOUN
fbem-9133	15	14	value	value	NOUN
fbem-9133	15	15	and	and	CCONJ
fbem-9133	15	16	boost	boost	VERB
fbem-9133	15	17	market	market	NOUN
fbem-9133	15	18	confidence	confidence	NOUN
fbem-9133	15	19	.	.	PUNCT
fbem-9133	16	1	it	it	PRON
fbem-9133	16	2	also	also	ADV
fbem-9133	16	3	brings	bring	VERB
fbem-9133	16	4	certain	certain	ADJ
fbem-9133	16	5	changes	change	NOUN
fbem-9133	16	6	to	to	ADP
fbem-9133	16	7	companies	company	NOUN
fbem-9133	16	8	'	'	PART
fbem-9133	16	9	behavior	behavior	NOUN
fbem-9133	16	10	and	and	CCONJ
fbem-9133	16	11	decision	decision	NOUN
fbem-9133	16	12	-	-	PUNCT
fbem-9133	16	13	making	making	NOUN
fbem-9133	16	14	as	as	ADV
fbem-9133	16	15	well	well	ADV
fbem-9133	16	16	as	as	ADP
fbem-9133	16	17	the	the	DET
fbem-9133	16	18	operation	operation	NOUN
fbem-9133	16	19	of	of	ADP
fbem-9133	16	20	the	the	DET
fbem-9133	16	21	whole	whole	ADJ
fbem-9133	16	22	capital	capital	NOUN
fbem-9133	16	23	market	market	NOUN
fbem-9133	16	24	.	.	PUNCT
fbem-9133	17	1	2	2	X
fbem-9133	17	2	.	.	X
fbem-9133	17	3	theoretical	theoretical	ADJ
fbem-9133	17	4	analysis	analysis	NOUN
fbem-9133	17	5	and	and	CCONJ
fbem-9133	17	6	hypothesis	hypothesis	NOUN
fbem-9133	17	7	first	first	ADV
fbem-9133	17	8	of	of	ADP
fbem-9133	17	9	all	all	PRON
fbem-9133	17	10	,	,	PUNCT
fbem-9133	17	11	according	accord	VERB
fbem-9133	17	12	to	to	ADP
fbem-9133	17	13	the	the	DET
fbem-9133	17	14	traditional	traditional	ADJ
fbem-9133	17	15	view	view	NOUN
fbem-9133	17	16	,	,	PUNCT
fbem-9133	17	17	stock	stock	NOUN
fbem-9133	17	18	liquidity	liquidity	NOUN
fbem-9133	17	19	can	can	AUX
fbem-9133	17	20	reduce	reduce	VERB
fbem-9133	17	21	the	the	DET
fbem-9133	17	22	degree	degree	NOUN
fbem-9133	17	23	of	of	ADP
fbem-9133	17	24	information	information	NOUN
fbem-9133	17	25	asymmetry	asymmetry	NOUN
fbem-9133	17	26	to	to	ADP
fbem-9133	17	27	some	some	DET
fbem-9133	17	28	extent	extent	NOUN
fbem-9133	17	29	and	and	CCONJ
fbem-9133	17	30	ease	ease	VERB
fbem-9133	17	31	the	the	DET
fbem-9133	17	32	financing	financing	NOUN
fbem-9133	17	33	constraints	constraint	NOUN
fbem-9133	17	34	of	of	ADP
fbem-9133	17	35	companies	company	NOUN
fbem-9133	17	36	by	by	ADP
fbem-9133	17	37	increasing	increase	VERB
fbem-9133	17	38	the	the	DET
fbem-9133	17	39	information	information	NOUN
fbem-9133	17	40	content	content	NOUN
fbem-9133	17	41	of	of	ADP
fbem-9133	17	42	stock	stock	NOUN
fbem-9133	17	43	prices	price	NOUN
fbem-9133	17	44	and	and	CCONJ
fbem-9133	17	45	strengthening	strengthen	VERB
fbem-9133	17	46	the	the	DET
fbem-9133	17	47	constraints	constraint	NOUN
fbem-9133	17	48	of	of	ADP
fbem-9133	17	49	external	external	ADJ
fbem-9133	17	50	major	major	ADJ
fbem-9133	17	51	shareholders	shareholder	NOUN
fbem-9133	17	52	on	on	ADP
fbem-9133	17	53	managers	manager	NOUN
fbem-9133	17	54	,	,	PUNCT
fbem-9133	17	55	thus	thus	ADV
fbem-9133	17	56	weakening	weaken	VERB
fbem-9133	17	57	the	the	DET
fbem-9133	17	58	precautionary	precautionary	ADJ
fbem-9133	17	59	motivation	motivation	NOUN
fbem-9133	17	60	of	of	ADP
fbem-9133	17	61	companies	company	NOUN
fbem-9133	17	62	to	to	PART
fbem-9133	17	63	increase	increase	VERB
fbem-9133	17	64	cash	cash	NOUN
fbem-9133	17	65	holdings	holding	NOUN
fbem-9133	17	66	.	.	PUNCT
fbem-9133	18	1	however	however	ADV
fbem-9133	18	2	,	,	PUNCT
fbem-9133	18	3	the	the	DET
fbem-9133	18	4	effect	effect	NOUN
fbem-9133	18	5	of	of	ADP
fbem-9133	18	6	stock	stock	NOUN
fbem-9133	18	7	liquidity	liquidity	NOUN
fbem-9133	18	8	on	on	ADP
fbem-9133	18	9	cash	cash	NOUN
fbem-9133	18	10	holdings	holding	NOUN
fbem-9133	18	11	may	may	AUX
fbem-9133	18	12	be	be	AUX
fbem-9133	18	13	reversed	reverse	VERB
fbem-9133	18	14	when	when	SCONJ
fbem-9133	18	15	stock	stock	NOUN
fbem-9133	18	16	buybacks	buyback	NOUN
fbem-9133	18	17	are	be	AUX
fbem-9133	18	18	taken	take	VERB
fbem-9133	18	19	into	into	ADP
fbem-9133	18	20	account	account	NOUN
fbem-9133	18	21	.	.	PUNCT
fbem-9133	19	1	when	when	SCONJ
fbem-9133	19	2	the	the	DET
fbem-9133	19	3	listed	list	VERB
fbem-9133	19	4	company	company	NOUN
fbem-9133	19	5	needs	need	VERB
fbem-9133	19	6	stock	stock	NOUN
fbem-9133	19	7	repurchase	repurchase	NOUN
fbem-9133	19	8	to	to	PART
fbem-9133	19	9	carry	carry	VERB
fbem-9133	19	10	out	out	ADP
fbem-9133	19	11	employee	employee	NOUN
fbem-9133	19	12	equity	equity	NOUN
fbem-9133	19	13	incentive	incentive	NOUN
fbem-9133	19	14	or	or	CCONJ
fbem-9133	19	15	dividend	dividend	NOUN
fbem-9133	19	16	distribution	distribution	NOUN
fbem-9133	19	17	,	,	PUNCT
fbem-9133	19	18	the	the	DET
fbem-9133	19	19	listed	list	VERB
fbem-9133	19	20	company	company	NOUN
fbem-9133	19	21	needs	need	VERB
fbem-9133	19	22	to	to	PART
fbem-9133	19	23	consider	consider	VERB
fbem-9133	19	24	the	the	DET
fbem-9133	19	25	cost	cost	NOUN
fbem-9133	19	26	of	of	ADP
fbem-9133	19	27	stock	stock	NOUN
fbem-9133	19	28	repurchase	repurchase	NOUN
fbem-9133	19	29	.	.	PUNCT
fbem-9133	20	1	for	for	ADP
fbem-9133	20	2	companies	company	NOUN
fbem-9133	20	3	with	with	ADP
fbem-9133	20	4	low	low	ADJ
fbem-9133	20	5	stock	stock	NOUN
fbem-9133	20	6	liquidity	liquidity	NOUN
fbem-9133	20	7	,	,	PUNCT
fbem-9133	20	8	the	the	DET
fbem-9133	20	9	transaction	transaction	NOUN
fbem-9133	20	10	cost	cost	NOUN
fbem-9133	20	11	is	be	AUX
fbem-9133	20	12	very	very	ADV
fbem-9133	20	13	high	high	ADJ
fbem-9133	20	14	at	at	ADP
fbem-9133	20	15	this	this	DET
fbem-9133	20	16	time	time	NOUN
fbem-9133	20	17	,	,	PUNCT
fbem-9133	20	18	and	and	CCONJ
fbem-9133	20	19	the	the	DET
fbem-9133	20	20	company	company	NOUN
fbem-9133	20	21	's	's	PART
fbem-9133	20	22	managers	manager	NOUN
fbem-9133	20	23	are	be	AUX
fbem-9133	20	24	not	not	PART
fbem-9133	20	25	inclined	inclined	ADJ
fbem-9133	20	26	to	to	PART
fbem-9133	20	27	use	use	VERB
fbem-9133	20	28	stock	stock	NOUN
fbem-9133	20	29	repurchase	repurchase	NOUN
fbem-9133	20	30	.	.	PUNCT
fbem-9133	21	1	moreover	moreover	ADV
fbem-9133	21	2	,	,	PUNCT
fbem-9133	21	3	such	such	ADJ
fbem-9133	21	4	trading	trading	NOUN
fbem-9133	21	5	activities	activity	NOUN
fbem-9133	21	6	will	will	AUX
fbem-9133	21	7	further	far	ADV
fbem-9133	21	8	expand	expand	VERB
fbem-9133	21	9	the	the	DET
fbem-9133	21	10	bid	bid	NOUN
fbem-9133	21	11	-	-	PUNCT
fbem-9133	21	12	ask	ask	NOUN
fbem-9133	21	13	spread	spread	NOUN
fbem-9133	21	14	and	and	CCONJ
fbem-9133	21	15	increase	increase	VERB
fbem-9133	21	16	the	the	DET
fbem-9133	21	17	transaction	transaction	NOUN
fbem-9133	21	18	cost	cost	NOUN
fbem-9133	21	19	of	of	ADP
fbem-9133	21	20	the	the	DET
fbem-9133	21	21	stock	stock	NOUN
fbem-9133	21	22	,	,	PUNCT
fbem-9133	21	23	leading	lead	VERB
fbem-9133	21	24	to	to	ADP
fbem-9133	21	25	a	a	DET
fbem-9133	21	26	further	further	ADJ
fbem-9133	21	27	decline	decline	NOUN
fbem-9133	21	28	in	in	ADP
fbem-9133	21	29	liquidity	liquidity	NOUN
fbem-9133	21	30	(	(	PUNCT
fbem-9133	21	31	barclay	barclay	NOUN
fbem-9133	21	32	and	and	CCONJ
fbem-9133	21	33	smith	smith	PROPN
fbem-9133	21	34	,	,	PUNCT
fbem-9133	21	35	1988	1988	NUM
fbem-9133	21	36	)	)	PUNCT
fbem-9133	21	37	.	.	PUNCT
fbem-9133	22	1	that	that	PRON
fbem-9133	22	2	can	can	AUX
fbem-9133	22	3	be	be	AUX
fbem-9133	22	4	hard	hard	ADJ
fbem-9133	22	5	for	for	SCONJ
fbem-9133	22	6	listed	list	VERB
fbem-9133	22	7	companies	company	NOUN
fbem-9133	22	8	to	to	PART
fbem-9133	22	9	swallow	swallow	VERB
fbem-9133	22	10	.	.	PUNCT
fbem-9133	23	1	on	on	ADP
fbem-9133	23	2	the	the	DET
fbem-9133	23	3	other	other	ADJ
fbem-9133	23	4	hand	hand	NOUN
fbem-9133	23	5	,	,	PUNCT
fbem-9133	23	6	when	when	SCONJ
fbem-9133	23	7	the	the	DET
fbem-9133	23	8	listed	list	VERB
fbem-9133	23	9	companies	company	NOUN
fbem-9133	23	10	with	with	ADP
fbem-9133	23	11	better	well	ADJ
fbem-9133	23	12	stock	stock	NOUN
fbem-9133	23	13	liquidity	liquidity	NOUN
fbem-9133	23	14	conduct	conduct	NOUN
fbem-9133	23	15	stock	stock	NOUN
fbem-9133	23	16	buyback	buyback	NOUN
fbem-9133	23	17	,	,	PUNCT
fbem-9133	23	18	they	they	PRON
fbem-9133	23	19	can	can	AUX
fbem-9133	23	20	quickly	quickly	ADV
fbem-9133	23	21	complete	complete	VERB
fbem-9133	23	22	the	the	DET
fbem-9133	23	23	transaction	transaction	NOUN
fbem-9133	23	24	at	at	ADP
fbem-9133	23	25	a	a	DET
fbem-9133	23	26	smaller	small	ADJ
fbem-9133	23	27	cost	cost	NOUN
fbem-9133	23	28	and	and	CCONJ
fbem-9133	23	29	have	have	VERB
fbem-9133	23	30	less	less	ADJ
fbem-9133	23	31	impact	impact	NOUN
fbem-9133	23	32	on	on	ADP
fbem-9133	23	33	the	the	DET
fbem-9133	23	34	subsequent	subsequent	ADJ
fbem-9133	23	35	stock	stock	NOUN
fbem-9133	23	36	price	price	NOUN
fbem-9133	23	37	,	,	PUNCT
fbem-9133	23	38	so	so	SCONJ
fbem-9133	23	39	the	the	DET
fbem-9133	23	40	companies	company	NOUN
fbem-9133	23	41	are	be	AUX
fbem-9133	23	42	more	more	ADV
fbem-9133	23	43	likely	likely	ADJ
fbem-9133	23	44	to	to	PART
fbem-9133	23	45	choose	choose	VERB
fbem-9133	23	46	stock	stock	NOUN
fbem-9133	23	47	buyback	buyback	NOUN
fbem-9133	23	48	.	.	PUNCT
fbem-9133	24	1	considering	consider	VERB
fbem-9133	24	2	that	that	SCONJ
fbem-9133	24	3	listed	list	VERB
fbem-9133	24	4	companies	company	NOUN
fbem-9133	24	5	face	face	VERB
fbem-9133	24	6	downward	downward	ADJ
fbem-9133	24	7	pressure	pressure	NOUN
fbem-9133	24	8	on	on	ADP
fbem-9133	24	9	stock	stock	NOUN
fbem-9133	24	10	prices	price	NOUN
fbem-9133	24	11	,	,	PUNCT
fbem-9133	24	12	listed	list	VERB
fbem-9133	24	13	companies	company	NOUN
fbem-9133	24	14	are	be	AUX
fbem-9133	24	15	in	in	ADP
fbem-9133	24	16	urgent	urgent	ADJ
fbem-9133	24	17	need	need	NOUN
fbem-9133	24	18	of	of	ADP
fbem-9133	24	19	stock	stock	NOUN
fbem-9133	24	20	buybacks	buyback	NOUN
fbem-9133	24	21	to	to	PART
fbem-9133	24	22	raise	raise	VERB
fbem-9133	24	23	stock	stock	NOUN
fbem-9133	24	24	prices	price	NOUN
fbem-9133	24	25	and	and	CCONJ
fbem-9133	24	26	boost	boost	VERB
fbem-9133	24	27	market	market	NOUN
fbem-9133	24	28	confidence	confidence	NOUN
fbem-9133	24	29	.	.	PUNCT
fbem-9133	25	1	or	or	CCONJ
fbem-9133	25	2	when	when	SCONJ
fbem-9133	25	3	a	a	DET
fbem-9133	25	4	public	public	ADJ
fbem-9133	25	5	company	company	NOUN
fbem-9133	25	6	thinks	think	VERB
fbem-9133	25	7	its	its	PRON
fbem-9133	25	8	share	share	NOUN
fbem-9133	25	9	price	price	NOUN
fbem-9133	25	10	does	do	AUX
fbem-9133	25	11	not	not	PART
fbem-9133	25	12	fully	fully	ADV
fbem-9133	25	13	reflect	reflect	VERB
fbem-9133	25	14	the	the	DET
fbem-9133	25	15	value	value	NOUN
fbem-9133	25	16	of	of	ADP
fbem-9133	25	17	the	the	DET
fbem-9133	25	18	company	company	NOUN
fbem-9133	25	19	.	.	PUNCT
fbem-9133	26	1	peyer	peyer	NOUN
fbem-9133	26	2	and	and	CCONJ
fbem-9133	26	3	vermaelen	vermaelen	PROPN
fbem-9133	26	4	(	(	PUNCT
fbem-9133	26	5	2009	2009	NUM
fbem-9133	26	6	)	)	PUNCT
fbem-9133	26	7	argued	argue	VERB
fbem-9133	26	8	that	that	SCONJ
fbem-9133	26	9	listed	list	VERB
fbem-9133	26	10	companies	company	NOUN
fbem-9133	26	11	have	have	VERB
fbem-9133	26	12	the	the	DET
fbem-9133	26	13	incentive	incentive	NOUN
fbem-9133	26	14	to	to	PART
fbem-9133	26	15	repurchase	repurchase	VERB
fbem-9133	26	16	undervalued	undervalue	VERB
fbem-9133	26	17	shares	share	NOUN
fbem-9133	26	18	,	,	PUNCT
fbem-9133	26	19	because	because	SCONJ
fbem-9133	26	20	repurchase	repurchase	VERB
fbem-9133	26	21	of	of	ADP
fbem-9133	26	22	undervalued	undervalue	VERB
fbem-9133	26	23	shares	share	NOUN
fbem-9133	26	24	is	be	AUX
fbem-9133	26	25	not	not	PART
fbem-9133	26	26	only	only	ADV
fbem-9133	26	27	beneficial	beneficial	ADJ
fbem-9133	26	28	to	to	ADP
fbem-9133	26	29	shareholders	shareholder	NOUN
fbem-9133	26	30	,	,	PUNCT
fbem-9133	26	31	but	but	CCONJ
fbem-9133	26	32	also	also	ADV
fbem-9133	26	33	beneficial	beneficial	ADJ
fbem-9133	26	34	to	to	ADP
fbem-9133	26	35	managers	manager	NOUN
fbem-9133	26	36	.	.	PUNCT
fbem-9133	27	1	at	at	ADP
fbem-9133	27	2	this	this	DET
fbem-9133	27	3	point	point	NOUN
fbem-9133	27	4	,	,	PUNCT
fbem-9133	27	5	the	the	PRON
fbem-9133	27	6	higher	high	ADJ
fbem-9133	27	7	the	the	DET
fbem-9133	27	8	stock	stock	NOUN
fbem-9133	27	9	liquidity	liquidity	NOUN
fbem-9133	27	10	of	of	ADP
fbem-9133	27	11	the	the	DET
fbem-9133	27	12	listed	list	VERB
fbem-9133	27	13	company	company	NOUN
fbem-9133	27	14	,	,	PUNCT
fbem-9133	27	15	the	the	DET
fbem-9133	27	16	more	more	ADJ
fbem-9133	27	17	cash	cash	NOUN
fbem-9133	27	18	the	the	DET
fbem-9133	27	19	company	company	NOUN
fbem-9133	27	20	needs	need	VERB
fbem-9133	27	21	to	to	PART
fbem-9133	27	22	buy	buy	VERB
fbem-9133	27	23	back	back	ADP
fbem-9133	27	24	the	the	DET
fbem-9133	27	25	stock	stock	NOUN
fbem-9133	27	26	.	.	PUNCT
fbem-9133	28	1	this	this	PRON
fbem-9133	28	2	is	be	AUX
fbem-9133	28	3	because	because	SCONJ
fbem-9133	28	4	if	if	SCONJ
fbem-9133	28	5	the	the	DET
fbem-9133	28	6	stock	stock	NOUN
fbem-9133	28	7	repurchase	repurchase	NOUN
fbem-9133	28	8	is	be	AUX
fbem-9133	28	9	carried	carry	VERB
fbem-9133	28	10	out	out	ADP
fbem-9133	28	11	to	to	PART
fbem-9133	28	12	relieve	relieve	VERB
fbem-9133	28	13	the	the	DET
fbem-9133	28	14	downward	downward	ADJ
fbem-9133	28	15	pressure	pressure	NOUN
fbem-9133	28	16	on	on	ADP
fbem-9133	28	17	the	the	DET
fbem-9133	28	18	stock	stock	NOUN
fbem-9133	28	19	and	and	CCONJ
fbem-9133	28	20	raise	raise	VERB
fbem-9133	28	21	the	the	DET
fbem-9133	28	22	stock	stock	NOUN
fbem-9133	28	23	price	price	NOUN
fbem-9133	28	24	,	,	PUNCT
fbem-9133	28	25	when	when	SCONJ
fbem-9133	28	26	the	the	DET
fbem-9133	28	27	stock	stock	NOUN
fbem-9133	28	28	liquidity	liquidity	NOUN
fbem-9133	28	29	of	of	ADP
fbem-9133	28	30	the	the	DET
fbem-9133	28	31	listed	list	VERB
fbem-9133	28	32	company	company	NOUN
fbem-9133	28	33	is	be	AUX
fbem-9133	28	34	larger	large	ADJ
fbem-9133	28	35	,	,	PUNCT
fbem-9133	28	36	it	it	PRON
fbem-9133	28	37	means	mean	VERB
fbem-9133	28	38	that	that	SCONJ
fbem-9133	28	39	the	the	DET
fbem-9133	28	40	buyback	buyback	NOUN
fbem-9133	28	41	transaction	transaction	NOUN
fbem-9133	28	42	has	have	VERB
fbem-9133	28	43	less	less	ADJ
fbem-9133	28	44	impact	impact	NOUN
fbem-9133	28	45	on	on	ADP
fbem-9133	28	46	the	the	DET
fbem-9133	28	47	stock	stock	NOUN
fbem-9133	28	48	price	price	NOUN
fbem-9133	28	49	,	,	PUNCT
fbem-9133	28	50	and	and	CCONJ
fbem-9133	28	51	more	more	ADJ
fbem-9133	28	52	transactions	transaction	NOUN
fbem-9133	28	53	are	be	AUX
fbem-9133	28	54	needed	need	VERB
fbem-9133	28	55	to	to	PART
fbem-9133	28	56	raise	raise	VERB
fbem-9133	28	57	the	the	DET
fbem-9133	28	58	same	same	ADJ
fbem-9133	28	59	stock	stock	NOUN
fbem-9133	28	60	price	price	NOUN
fbem-9133	28	61	to	to	PART
fbem-9133	28	62	achieve	achieve	VERB
fbem-9133	28	63	the	the	DET
fbem-9133	28	64	goal	goal	NOUN
fbem-9133	28	65	,	,	PUNCT
fbem-9133	28	66	which	which	PRON
fbem-9133	28	67	means	mean	VERB
fbem-9133	28	68	that	that	SCONJ
fbem-9133	28	69	the	the	DET
fbem-9133	28	70	listed	list	VERB
fbem-9133	28	71	company	company	NOUN
fbem-9133	28	72	needs	need	VERB
fbem-9133	28	73	more	more	ADJ
fbem-9133	28	74	cash	cash	NOUN
fbem-9133	28	75	assets	asset	NOUN
fbem-9133	28	76	.	.	PUNCT
fbem-9133	29	1	so	so	ADV
fbem-9133	29	2	the	the	DET
fbem-9133	29	3	first	first	ADJ
fbem-9133	29	4	competing	compete	VERB
fbem-9133	29	5	hypothesis	hypothesis	NOUN
fbem-9133	29	6	is	be	AUX
fbem-9133	29	7	proposed	propose	VERB
fbem-9133	29	8	:	:	PUNCT
fbem-9133	29	9	92	92	NUM
fbem-9133	29	10	h1a	h1a	NOUN
fbem-9133	29	11	:	:	PUNCT
fbem-9133	29	12	under	under	ADP
fbem-9133	29	13	certain	certain	ADJ
fbem-9133	29	14	other	other	ADJ
fbem-9133	29	15	conditions	condition	NOUN
fbem-9133	29	16	,	,	PUNCT
fbem-9133	29	17	the	the	PRON
fbem-9133	29	18	higher	high	ADJ
fbem-9133	29	19	the	the	DET
fbem-9133	29	20	stock	stock	NOUN
fbem-9133	29	21	liquidity	liquidity	NOUN
fbem-9133	29	22	,	,	PUNCT
fbem-9133	29	23	the	the	PRON
fbem-9133	29	24	higher	high	ADJ
fbem-9133	29	25	the	the	DET
fbem-9133	29	26	cash	cash	NOUN
fbem-9133	29	27	holding	holding	NOUN
fbem-9133	29	28	level	level	NOUN
fbem-9133	29	29	of	of	ADP
fbem-9133	29	30	the	the	DET
fbem-9133	29	31	company	company	NOUN
fbem-9133	29	32	.	.	PUNCT
fbem-9133	30	1	h1b	h1b	PROPN
fbem-9133	30	2	:	:	PUNCT
fbem-9133	30	3	if	if	SCONJ
fbem-9133	30	4	other	other	ADJ
fbem-9133	30	5	conditions	condition	NOUN
fbem-9133	30	6	are	be	AUX
fbem-9133	30	7	certain	certain	ADJ
fbem-9133	30	8	,	,	PUNCT
fbem-9133	30	9	the	the	PRON
fbem-9133	30	10	higher	high	ADJ
fbem-9133	30	11	the	the	DET
fbem-9133	30	12	stock	stock	NOUN
fbem-9133	30	13	liquidity	liquidity	NOUN
fbem-9133	30	14	,	,	PUNCT
fbem-9133	30	15	the	the	PRON
fbem-9133	30	16	lower	low	ADJ
fbem-9133	30	17	the	the	DET
fbem-9133	30	18	cash	cash	NOUN
fbem-9133	30	19	holding	holding	NOUN
fbem-9133	30	20	level	level	NOUN
fbem-9133	30	21	of	of	ADP
fbem-9133	30	22	the	the	DET
fbem-9133	30	23	company	company	NOUN
fbem-9133	30	24	.	.	PUNCT
fbem-9133	31	1	before	before	ADP
fbem-9133	31	2	2018	2018	NUM
fbem-9133	31	3	,	,	PUNCT
fbem-9133	31	4	china	china	PROPN
fbem-9133	31	5	securities	securities	PROPN
fbem-9133	31	6	regulatory	regulatory	PROPN
fbem-9133	31	7	commission	commission	PROPN
fbem-9133	31	8	banned	ban	VERB
fbem-9133	31	9	share	share	NOUN
fbem-9133	31	10	repurchase	repurchase	VERB
fbem-9133	31	11	in	in	ADP
fbem-9133	31	12	theory	theory	NOUN
fbem-9133	31	13	,	,	PUNCT
fbem-9133	31	14	but	but	CCONJ
fbem-9133	31	15	allowed	allow	VERB
fbem-9133	31	16	it	it	PRON
fbem-9133	31	17	in	in	ADP
fbem-9133	31	18	practice	practice	NOUN
fbem-9133	31	19	.	.	PUNCT
fbem-9133	32	1	therefore	therefore	ADV
fbem-9133	32	2	,	,	PUNCT
fbem-9133	32	3	before	before	ADV
fbem-9133	32	4	,	,	PUNCT
fbem-9133	32	5	due	due	ADP
fbem-9133	32	6	to	to	ADP
fbem-9133	32	7	the	the	DET
fbem-9133	32	8	existence	existence	NOUN
fbem-9133	32	9	of	of	ADP
fbem-9133	32	10	laws	law	NOUN
fbem-9133	32	11	and	and	CCONJ
fbem-9133	32	12	regulations	regulation	NOUN
fbem-9133	32	13	,	,	PUNCT
fbem-9133	32	14	the	the	DET
fbem-9133	32	15	motivation	motivation	NOUN
fbem-9133	32	16	of	of	ADP
fbem-9133	32	17	stock	stock	NOUN
fbem-9133	32	18	buyback	buyback	NOUN
fbem-9133	32	19	of	of	ADP
fbem-9133	32	20	chinese	chinese	ADJ
fbem-9133	32	21	listed	list	VERB
fbem-9133	32	22	companies	company	NOUN
fbem-9133	32	23	was	be	AUX
fbem-9133	32	24	severely	severely	ADV
fbem-9133	32	25	limited	limited	ADJ
fbem-9133	32	26	.	.	PUNCT
fbem-9133	33	1	however	however	ADV
fbem-9133	33	2	,	,	PUNCT
fbem-9133	33	3	after	after	SCONJ
fbem-9133	33	4	the	the	DET
fbem-9133	33	5	stock	stock	NOUN
fbem-9133	33	6	buyback	buyback	NOUN
fbem-9133	33	7	policy	policy	NOUN
fbem-9133	33	8	was	be	AUX
fbem-9133	33	9	relaxed	relax	VERB
fbem-9133	33	10	,	,	PUNCT
fbem-9133	33	11	listed	list	VERB
fbem-9133	33	12	companies	company	NOUN
fbem-9133	33	13	could	could	AUX
fbem-9133	33	14	carry	carry	VERB
fbem-9133	33	15	out	out	ADP
fbem-9133	33	16	stock	stock	NOUN
fbem-9133	33	17	buyback	buyback	NOUN
fbem-9133	33	18	more	more	ADV
fbem-9133	33	19	flexibly	flexibly	ADV
fbem-9133	33	20	according	accord	VERB
fbem-9133	33	21	to	to	ADP
fbem-9133	33	22	their	their	PRON
fbem-9133	33	23	own	own	ADJ
fbem-9133	33	24	conditions	condition	NOUN
fbem-9133	33	25	,	,	PUNCT
fbem-9133	33	26	and	and	CCONJ
fbem-9133	33	27	the	the	DET
fbem-9133	33	28	motivation	motivation	NOUN
fbem-9133	33	29	of	of	ADP
fbem-9133	33	30	stock	stock	NOUN
fbem-9133	33	31	buyback	buyback	NOUN
fbem-9133	33	32	was	be	AUX
fbem-9133	33	33	further	far	ADV
fbem-9133	33	34	released	release	VERB
fbem-9133	33	35	.	.	PUNCT
fbem-9133	34	1	therefore	therefore	ADV
fbem-9133	34	2	,	,	PUNCT
fbem-9133	34	3	compared	compare	VERB
fbem-9133	34	4	with	with	ADP
fbem-9133	34	5	listed	list	VERB
fbem-9133	34	6	companies	company	NOUN
fbem-9133	34	7	with	with	ADP
fbem-9133	34	8	low	low	ADJ
fbem-9133	34	9	stock	stock	NOUN
fbem-9133	34	10	liquidity	liquidity	NOUN
fbem-9133	34	11	,	,	PUNCT
fbem-9133	34	12	listed	list	VERB
fbem-9133	34	13	companies	company	NOUN
fbem-9133	34	14	with	with	ADP
fbem-9133	34	15	high	high	ADJ
fbem-9133	34	16	stock	stock	NOUN
fbem-9133	34	17	liquidity	liquidity	NOUN
fbem-9133	34	18	are	be	AUX
fbem-9133	34	19	more	more	ADV
fbem-9133	34	20	likely	likely	ADJ
fbem-9133	34	21	to	to	PART
fbem-9133	34	22	use	use	VERB
fbem-9133	34	23	stock	stock	NOUN
fbem-9133	34	24	repurchase	repurchase	NOUN
fbem-9133	34	25	or	or	CCONJ
fbem-9133	34	26	need	need	VERB
fbem-9133	34	27	more	more	ADJ
fbem-9133	34	28	funds	fund	NOUN
fbem-9133	34	29	in	in	ADP
fbem-9133	34	30	stock	stock	NOUN
fbem-9133	34	31	repurchase	repurchase	NOUN
fbem-9133	34	32	.	.	PUNCT
fbem-9133	35	1	in	in	ADP
fbem-9133	35	2	order	order	NOUN
fbem-9133	35	3	to	to	PART
fbem-9133	35	4	meet	meet	VERB
fbem-9133	35	5	the	the	DET
fbem-9133	35	6	stock	stock	NOUN
fbem-9133	35	7	buyback	buyback	NOUN
fbem-9133	35	8	demand	demand	NOUN
fbem-9133	35	9	of	of	ADP
fbem-9133	35	10	listed	list	VERB
fbem-9133	35	11	companies	company	NOUN
fbem-9133	35	12	,	,	PUNCT
fbem-9133	35	13	they	they	PRON
fbem-9133	35	14	need	need	VERB
fbem-9133	35	15	to	to	PART
fbem-9133	35	16	reserve	reserve	VERB
fbem-9133	35	17	more	more	ADJ
fbem-9133	35	18	cash	cash	NOUN
fbem-9133	35	19	assets	asset	NOUN
fbem-9133	35	20	in	in	ADP
fbem-9133	35	21	the	the	DET
fbem-9133	35	22	current	current	ADJ
fbem-9133	35	23	period	period	NOUN
fbem-9133	35	24	.	.	PUNCT
fbem-9133	36	1	so	so	ADV
fbem-9133	36	2	the	the	DET
fbem-9133	36	3	second	second	ADJ
fbem-9133	36	4	hypothesis	hypothesis	NOUN
fbem-9133	36	5	is	be	AUX
fbem-9133	36	6	proposed	propose	VERB
fbem-9133	36	7	:	:	PUNCT
fbem-9133	36	8	h2	h2	NOUN
fbem-9133	36	9	:	:	PUNCT
fbem-9133	36	10	other	other	ADJ
fbem-9133	36	11	things	thing	NOUN
fbem-9133	36	12	being	be	AUX
fbem-9133	36	13	equal	equal	ADJ
fbem-9133	36	14	,	,	PUNCT
fbem-9133	36	15	when	when	SCONJ
fbem-9133	36	16	the	the	DET
fbem-9133	36	17	stock	stock	NOUN
fbem-9133	36	18	buyback	buyback	NOUN
fbem-9133	36	19	rules	rule	NOUN
fbem-9133	36	20	are	be	AUX
fbem-9133	36	21	relaxed	relax	VERB
fbem-9133	36	22	,	,	PUNCT
fbem-9133	36	23	companies	company	NOUN
fbem-9133	36	24	with	with	ADP
fbem-9133	36	25	high	high	ADJ
fbem-9133	36	26	stock	stock	NOUN
fbem-9133	36	27	liquidity	liquidity	NOUN
fbem-9133	36	28	increase	increase	VERB
fbem-9133	36	29	their	their	PRON
fbem-9133	36	30	cash	cash	NOUN
fbem-9133	36	31	holdings	holding	NOUN
fbem-9133	36	32	more	more	ADJ
fbem-9133	36	33	.	.	PUNCT
fbem-9133	37	1	chinese	chinese	ADJ
fbem-9133	37	2	listed	list	VERB
fbem-9133	37	3	companies	company	NOUN
fbem-9133	37	4	have	have	VERB
fbem-9133	37	5	some	some	DET
fbem-9133	37	6	differences	difference	NOUN
fbem-9133	37	7	in	in	ADP
fbem-9133	37	8	property	property	NOUN
fbem-9133	37	9	right	right	ADJ
fbem-9133	37	10	nature	nature	NOUN
fbem-9133	37	11	and	and	CCONJ
fbem-9133	37	12	characteristics	characteristic	NOUN
fbem-9133	37	13	of	of	ADP
fbem-9133	37	14	senior	senior	ADJ
fbem-9133	37	15	management	management	NOUN
fbem-9133	37	16	team	team	NOUN
fbem-9133	37	17	.	.	PUNCT
fbem-9133	38	1	therefore	therefore	ADV
fbem-9133	38	2	,	,	PUNCT
fbem-9133	38	3	heterogeneity	heterogeneity	NOUN
fbem-9133	38	4	analysis	analysis	NOUN
fbem-9133	38	5	to	to	PART
fbem-9133	38	6	distinguish	distinguish	VERB
fbem-9133	38	7	these	these	DET
fbem-9133	38	8	factors	factor	NOUN
fbem-9133	38	9	is	be	AUX
fbem-9133	38	10	an	an	DET
fbem-9133	38	11	indispensable	indispensable	ADJ
fbem-9133	38	12	part	part	NOUN
fbem-9133	38	13	of	of	ADP
fbem-9133	38	14	the	the	DET
fbem-9133	38	15	research	research	NOUN
fbem-9133	38	16	.	.	PUNCT
fbem-9133	39	1	the	the	DET
fbem-9133	39	2	political	political	ADJ
fbem-9133	39	3	connections	connection	NOUN
fbem-9133	39	4	owned	own	VERB
fbem-9133	39	5	by	by	ADP
fbem-9133	39	6	state	state	NOUN
fbem-9133	39	7	-	-	PUNCT
fbem-9133	39	8	owned	own	VERB
fbem-9133	39	9	enterprises	enterprise	NOUN
fbem-9133	39	10	will	will	AUX
fbem-9133	39	11	bring	bring	VERB
fbem-9133	39	12	certain	certain	ADJ
fbem-9133	39	13	advantages	advantage	NOUN
fbem-9133	39	14	to	to	ADP
fbem-9133	39	15	their	their	PRON
fbem-9133	39	16	operation	operation	NOUN
fbem-9133	39	17	.	.	PUNCT
fbem-9133	40	1	they	they	PRON
fbem-9133	40	2	can	can	AUX
fbem-9133	40	3	not	not	PART
fbem-9133	40	4	only	only	ADV
fbem-9133	40	5	obtain	obtain	VERB
fbem-9133	40	6	more	more	ADJ
fbem-9133	40	7	credit	credit	NOUN
fbem-9133	40	8	resources	resource	NOUN
fbem-9133	40	9	(	(	PUNCT
fbem-9133	40	10	yu	yu	PROPN
fbem-9133	40	11	minggui	minggui	PROPN
fbem-9133	40	12	et	et	PROPN
fbem-9133	40	13	al	al	PROPN
fbem-9133	40	14	.	.	PROPN
fbem-9133	40	15	,	,	PUNCT
fbem-9133	40	16	2008	2008	NUM
fbem-9133	40	17	)	)	PUNCT
fbem-9133	40	18	,	,	PUNCT
fbem-9133	40	19	but	but	CCONJ
fbem-9133	40	20	also	also	ADV
fbem-9133	40	21	the	the	DET
fbem-9133	40	22	government	government	NOUN
fbem-9133	40	23	has	have	VERB
fbem-9133	40	24	a	a	DET
fbem-9133	40	25	"	"	PUNCT
fbem-9133	40	26	protective	protective	ADJ
fbem-9133	40	27	effect	effect	NOUN
fbem-9133	40	28	"	"	PUNCT
fbem-9133	40	29	on	on	ADP
fbem-9133	40	30	state	state	NOUN
fbem-9133	40	31	-	-	PUNCT
fbem-9133	40	32	owned	own	VERB
fbem-9133	40	33	enterprises	enterprise	NOUN
fbem-9133	40	34	.	.	PUNCT
fbem-9133	41	1	even	even	ADV
fbem-9133	41	2	if	if	SCONJ
fbem-9133	41	3	state	state	NOUN
fbem-9133	41	4	-	-	PUNCT
fbem-9133	41	5	owned	own	VERB
fbem-9133	41	6	enterprises	enterprise	NOUN
fbem-9133	41	7	can	can	AUX
fbem-9133	41	8	not	not	PART
fbem-9133	41	9	repay	repay	VERB
fbem-9133	41	10	loans	loan	NOUN
fbem-9133	41	11	,	,	PUNCT
fbem-9133	41	12	the	the	DET
fbem-9133	41	13	government	government	NOUN
fbem-9133	41	14	will	will	AUX
fbem-9133	41	15	help	help	VERB
fbem-9133	41	16	them	they	PRON
fbem-9133	41	17	(	(	PUNCT
fbem-9133	41	18	xie	xie	PROPN
fbem-9133	41	19	deren	deren	PROPN
fbem-9133	41	20	and	and	CCONJ
fbem-9133	41	21	chen	chen	PROPN
fbem-9133	41	22	yunsen	yunsen	PROPN
fbem-9133	41	23	,	,	PUNCT
fbem-9133	41	24	2009	2009	NUM
fbem-9133	41	25	)	)	PUNCT
fbem-9133	41	26	.	.	PUNCT
fbem-9133	42	1	lin	lin	PROPN
fbem-9133	42	2	yifu	yifu	PROPN
fbem-9133	42	3	(	(	PUNCT
fbem-9133	42	4	2004	2004	NUM
fbem-9133	42	5	)	)	PUNCT
fbem-9133	42	6	found	find	VERB
fbem-9133	42	7	that	that	SCONJ
fbem-9133	42	8	stateowned	stateowne	VERB
fbem-9133	42	9	companies	company	NOUN
fbem-9133	42	10	and	and	CCONJ
fbem-9133	42	11	non	non	ADJ
fbem-9133	42	12	-	-	ADJ
fbem-9133	42	13	state	state	NOUN
fbem-9133	42	14	-	-	PUNCT
fbem-9133	42	15	owned	own	VERB
fbem-9133	42	16	companies	company	NOUN
fbem-9133	42	17	face	face	VERB
fbem-9133	42	18	different	different	ADJ
fbem-9133	42	19	financing	financing	NOUN
fbem-9133	42	20	constraints	constraint	NOUN
fbem-9133	42	21	.	.	PUNCT
fbem-9133	43	1	therefore	therefore	ADV
fbem-9133	43	2	,	,	PUNCT
fbem-9133	43	3	there	there	PRON
fbem-9133	43	4	is	be	VERB
fbem-9133	43	5	a	a	DET
fbem-9133	43	6	big	big	ADJ
fbem-9133	43	7	gap	gap	NOUN
fbem-9133	43	8	between	between	ADP
fbem-9133	43	9	the	the	DET
fbem-9133	43	10	financing	financing	NOUN
fbem-9133	43	11	ability	ability	NOUN
fbem-9133	43	12	of	of	ADP
fbem-9133	43	13	state	state	NOUN
fbem-9133	43	14	-	-	PUNCT
fbem-9133	43	15	owned	own	VERB
fbem-9133	43	16	companies	company	NOUN
fbem-9133	43	17	and	and	CCONJ
fbem-9133	43	18	non	non	ADJ
fbem-9133	43	19	-	-	ADJ
fbem-9133	43	20	state	state	NOUN
fbem-9133	43	21	-	-	PUNCT
fbem-9133	43	22	owned	own	VERB
fbem-9133	43	23	companies	company	NOUN
fbem-9133	43	24	in	in	ADP
fbem-9133	43	25	the	the	DET
fbem-9133	43	26	market	market	NOUN
fbem-9133	43	27	.	.	PUNCT
fbem-9133	44	1	non	non	ADJ
fbem-9133	44	2	-	-	ADJ
fbem-9133	44	3	state	state	ADJ
fbem-9133	44	4	companies	company	NOUN
fbem-9133	44	5	find	find	VERB
fbem-9133	44	6	it	it	PRON
fbem-9133	44	7	harder	hard	ADJ
fbem-9133	44	8	to	to	PART
fbem-9133	44	9	get	get	VERB
fbem-9133	44	10	loans	loan	NOUN
fbem-9133	44	11	from	from	ADP
fbem-9133	44	12	governmentcontrolled	governmentcontrolle	VERB
fbem-9133	44	13	banks	bank	NOUN
fbem-9133	44	14	or	or	CCONJ
fbem-9133	44	15	have	have	VERB
fbem-9133	44	16	to	to	PART
fbem-9133	44	17	pay	pay	VERB
fbem-9133	44	18	higher	high	ADJ
fbem-9133	44	19	financing	financing	NOUN
fbem-9133	44	20	costs	cost	NOUN
fbem-9133	44	21	to	to	PART
fbem-9133	44	22	get	get	VERB
fbem-9133	44	23	them	they	PRON
fbem-9133	44	24	.	.	PUNCT
fbem-9133	45	1	for	for	ADP
fbem-9133	45	2	state	state	NOUN
fbem-9133	45	3	-	-	PUNCT
fbem-9133	45	4	owned	own	VERB
fbem-9133	45	5	enterprises	enterprise	NOUN
fbem-9133	45	6	,	,	PUNCT
fbem-9133	45	7	whether	whether	SCONJ
fbem-9133	45	8	the	the	DET
fbem-9133	45	9	government	government	NOUN
fbem-9133	45	10	can	can	AUX
fbem-9133	45	11	directly	directly	ADV
fbem-9133	45	12	intervene	intervene	VERB
fbem-9133	45	13	in	in	ADP
fbem-9133	45	14	the	the	DET
fbem-9133	45	15	credit	credit	NOUN
fbem-9133	45	16	decisions	decision	NOUN
fbem-9133	45	17	of	of	ADP
fbem-9133	45	18	chinese	chinese	ADJ
fbem-9133	45	19	banks	bank	NOUN
fbem-9133	45	20	or	or	CCONJ
fbem-9133	45	21	the	the	DET
fbem-9133	45	22	government	government	NOUN
fbem-9133	45	23	's	's	PART
fbem-9133	45	24	implicit	implicit	ADJ
fbem-9133	45	25	guarantee	guarantee	NOUN
fbem-9133	45	26	,	,	PUNCT
fbem-9133	45	27	it	it	PRON
fbem-9133	45	28	can	can	AUX
fbem-9133	45	29	effectively	effectively	ADV
fbem-9133	45	30	reduce	reduce	VERB
fbem-9133	45	31	their	their	PRON
fbem-9133	45	32	financing	financing	NOUN
fbem-9133	45	33	costs	cost	NOUN
fbem-9133	45	34	.	.	PUNCT
fbem-9133	46	1	therefore	therefore	ADV
fbem-9133	46	2	,	,	PUNCT
fbem-9133	46	3	when	when	SCONJ
fbem-9133	46	4	non	non	ADJ
fbem-9133	46	5	-	-	ADJ
fbem-9133	46	6	stateowned	stateowned	ADJ
fbem-9133	46	7	companies	company	NOUN
fbem-9133	46	8	may	may	AUX
fbem-9133	46	9	face	face	VERB
fbem-9133	46	10	the	the	DET
fbem-9133	46	11	opportunity	opportunity	NOUN
fbem-9133	46	12	of	of	ADP
fbem-9133	46	13	share	share	NOUN
fbem-9133	46	14	repurchase	repurchase	VERB
fbem-9133	46	15	in	in	ADP
fbem-9133	46	16	the	the	DET
fbem-9133	46	17	future	future	NOUN
fbem-9133	46	18	or	or	CCONJ
fbem-9133	46	19	need	need	VERB
fbem-9133	46	20	share	share	NOUN
fbem-9133	46	21	repurchase	repurchase	NOUN
fbem-9133	46	22	,	,	PUNCT
fbem-9133	46	23	they	they	PRON
fbem-9133	46	24	need	need	VERB
fbem-9133	46	25	funds	fund	NOUN
fbem-9133	46	26	to	to	PART
fbem-9133	46	27	repurchase	repurchase	VERB
fbem-9133	46	28	shares	share	NOUN
fbem-9133	46	29	.	.	PUNCT
fbem-9133	47	1	at	at	ADP
fbem-9133	47	2	this	this	DET
fbem-9133	47	3	time	time	NOUN
fbem-9133	47	4	,	,	PUNCT
fbem-9133	47	5	compared	compare	VERB
fbem-9133	47	6	with	with	ADP
fbem-9133	47	7	the	the	DET
fbem-9133	47	8	high	high	ADJ
fbem-9133	47	9	financing	financing	NOUN
fbem-9133	47	10	cost	cost	NOUN
fbem-9133	47	11	of	of	ADP
fbem-9133	47	12	state	state	NOUN
fbem-9133	47	13	-	-	PUNCT
fbem-9133	47	14	owned	own	VERB
fbem-9133	47	15	companies	company	NOUN
fbem-9133	47	16	,	,	PUNCT
fbem-9133	47	17	they	they	PRON
fbem-9133	47	18	may	may	AUX
fbem-9133	47	19	need	need	VERB
fbem-9133	47	20	their	their	PRON
fbem-9133	47	21	own	own	ADJ
fbem-9133	47	22	cash	cash	NOUN
fbem-9133	47	23	holdings	holding	NOUN
fbem-9133	47	24	.	.	PUNCT
fbem-9133	48	1	the	the	DET
fbem-9133	48	2	main	main	ADJ
fbem-9133	48	3	advantages	advantage	NOUN
fbem-9133	48	4	of	of	ADP
fbem-9133	48	5	the	the	DET
fbem-9133	48	6	integration	integration	NOUN
fbem-9133	48	7	of	of	ADP
fbem-9133	48	8	the	the	DET
fbem-9133	48	9	two	two	NUM
fbem-9133	48	10	positions	position	NOUN
fbem-9133	48	11	are	be	AUX
fbem-9133	48	12	the	the	DET
fbem-9133	48	13	lower	low	ADJ
fbem-9133	48	14	communication	communication	NOUN
fbem-9133	48	15	cost	cost	NOUN
fbem-9133	48	16	and	and	CCONJ
fbem-9133	48	17	decision	decision	NOUN
fbem-9133	48	18	-	-	PUNCT
fbem-9133	48	19	making	make	VERB
fbem-9133	48	20	cost	cost	NOUN
fbem-9133	48	21	of	of	ADP
fbem-9133	48	22	the	the	DET
fbem-9133	48	23	chairman	chairman	NOUN
fbem-9133	48	24	and	and	CCONJ
fbem-9133	48	25	ceo	ceo	NOUN
fbem-9133	48	26	,	,	PUNCT
fbem-9133	48	27	the	the	DET
fbem-9133	48	28	greater	great	ADJ
fbem-9133	48	29	power	power	NOUN
fbem-9133	48	30	of	of	ADP
fbem-9133	48	31	the	the	DET
fbem-9133	48	32	management	management	NOUN
fbem-9133	48	33	,	,	PUNCT
fbem-9133	48	34	and	and	CCONJ
fbem-9133	48	35	the	the	DET
fbem-9133	48	36	clearer	clear	ADJ
fbem-9133	48	37	leadership	leadership	NOUN
fbem-9133	48	38	in	in	ADP
fbem-9133	48	39	listed	list	VERB
fbem-9133	48	40	companies	company	NOUN
fbem-9133	48	41	.	.	PUNCT
fbem-9133	49	1	however	however	ADV
fbem-9133	49	2	,	,	PUNCT
fbem-9133	49	3	the	the	DET
fbem-9133	49	4	separation	separation	NOUN
fbem-9133	49	5	of	of	ADP
fbem-9133	49	6	the	the	DET
fbem-9133	49	7	two	two	NUM
fbem-9133	49	8	positions	position	NOUN
fbem-9133	49	9	will	will	AUX
fbem-9133	49	10	lead	lead	VERB
fbem-9133	49	11	to	to	ADP
fbem-9133	49	12	natural	natural	ADJ
fbem-9133	49	13	conflicts	conflict	NOUN
fbem-9133	49	14	between	between	ADP
fbem-9133	49	15	the	the	DET
fbem-9133	49	16	board	board	NOUN
fbem-9133	49	17	of	of	ADP
fbem-9133	49	18	directors	director	NOUN
fbem-9133	49	19	and	and	CCONJ
fbem-9133	49	20	the	the	DET
fbem-9133	49	21	management	management	NOUN
fbem-9133	49	22	and	and	CCONJ
fbem-9133	49	23	misunderstandings	misunderstanding	NOUN
fbem-9133	49	24	in	in	ADP
fbem-9133	49	25	conveying	convey	VERB
fbem-9133	49	26	information	information	NOUN
fbem-9133	49	27	.	.	PUNCT
fbem-9133	50	1	therefore	therefore	ADV
fbem-9133	50	2	,	,	PUNCT
fbem-9133	50	3	when	when	SCONJ
fbem-9133	50	4	the	the	DET
fbem-9133	50	5	positions	position	NOUN
fbem-9133	50	6	of	of	ADP
fbem-9133	50	7	chairman	chairman	NOUN
fbem-9133	50	8	and	and	CCONJ
fbem-9133	50	9	ceo	ceo	NOUN
fbem-9133	50	10	of	of	ADP
fbem-9133	50	11	a	a	DET
fbem-9133	50	12	listed	list	VERB
fbem-9133	50	13	company	company	NOUN
fbem-9133	50	14	are	be	AUX
fbem-9133	50	15	combined	combine	VERB
fbem-9133	50	16	,	,	PUNCT
fbem-9133	50	17	managers	manager	NOUN
fbem-9133	50	18	will	will	AUX
fbem-9133	50	19	have	have	VERB
fbem-9133	50	20	more	more	ADJ
fbem-9133	50	21	say	say	VERB
fbem-9133	50	22	when	when	SCONJ
fbem-9133	50	23	they	they	PRON
fbem-9133	50	24	need	need	VERB
fbem-9133	50	25	to	to	PART
fbem-9133	50	26	carry	carry	VERB
fbem-9133	50	27	out	out	ADP
fbem-9133	50	28	share	share	NOUN
fbem-9133	50	29	repurchase	repurchase	NOUN
fbem-9133	50	30	,	,	PUNCT
fbem-9133	50	31	and	and	CCONJ
fbem-9133	50	32	have	have	VERB
fbem-9133	50	33	a	a	DET
fbem-9133	50	34	stronger	strong	ADJ
fbem-9133	50	35	influence	influence	NOUN
fbem-9133	50	36	on	on	ADP
fbem-9133	50	37	the	the	DET
fbem-9133	50	38	outcome	outcome	NOUN
fbem-9133	50	39	of	of	ADP
fbem-9133	50	40	decisions	decision	NOUN
fbem-9133	50	41	.	.	PUNCT
fbem-9133	51	1	managers	manager	NOUN
fbem-9133	51	2	know	know	VERB
fbem-9133	51	3	that	that	SCONJ
fbem-9133	51	4	their	their	PRON
fbem-9133	51	5	share	share	NOUN
fbem-9133	51	6	buy	buy	VERB
fbem-9133	51	7	-	-	PUNCT
fbem-9133	51	8	back	back	NOUN
fbem-9133	51	9	proposals	proposal	NOUN
fbem-9133	51	10	are	be	AUX
fbem-9133	51	11	more	more	ADV
fbem-9133	51	12	likely	likely	ADJ
fbem-9133	51	13	to	to	PART
fbem-9133	51	14	pass	pass	VERB
fbem-9133	51	15	.	.	PUNCT
fbem-9133	52	1	at	at	ADP
fbem-9133	52	2	the	the	DET
fbem-9133	52	3	same	same	ADJ
fbem-9133	52	4	time	time	NOUN
fbem-9133	52	5	,	,	PUNCT
fbem-9133	52	6	the	the	DET
fbem-9133	52	7	integration	integration	NOUN
fbem-9133	52	8	of	of	ADP
fbem-9133	52	9	the	the	DET
fbem-9133	52	10	two	two	NUM
fbem-9133	52	11	positions	position	NOUN
fbem-9133	52	12	also	also	ADV
fbem-9133	52	13	reduces	reduce	VERB
fbem-9133	52	14	the	the	DET
fbem-9133	52	15	communication	communication	NOUN
fbem-9133	52	16	cost	cost	NOUN
fbem-9133	52	17	of	of	ADP
fbem-9133	52	18	the	the	DET
fbem-9133	52	19	board	board	NOUN
fbem-9133	52	20	of	of	ADP
fbem-9133	52	21	directors	director	NOUN
fbem-9133	52	22	and	and	CCONJ
fbem-9133	52	23	the	the	DET
fbem-9133	52	24	ceo	ceo	NOUN
fbem-9133	52	25	to	to	ADP
fbem-9133	52	26	a	a	DET
fbem-9133	52	27	certain	certain	ADJ
fbem-9133	52	28	extent	extent	NOUN
fbem-9133	52	29	and	and	CCONJ
fbem-9133	52	30	improves	improve	VERB
fbem-9133	52	31	the	the	DET
fbem-9133	52	32	efficiency	efficiency	NOUN
fbem-9133	52	33	of	of	ADP
fbem-9133	52	34	decision	decision	NOUN
fbem-9133	52	35	-	-	PUNCT
fbem-9133	52	36	making	making	NOUN
fbem-9133	52	37	,	,	PUNCT
fbem-9133	52	38	which	which	PRON
fbem-9133	52	39	makes	make	VERB
fbem-9133	52	40	it	it	PRON
fbem-9133	52	41	more	more	ADV
fbem-9133	52	42	advantageous	advantageous	ADJ
fbem-9133	52	43	to	to	PART
fbem-9133	52	44	make	make	VERB
fbem-9133	52	45	decisions	decision	NOUN
fbem-9133	52	46	when	when	SCONJ
fbem-9133	52	47	faced	face	VERB
fbem-9133	52	48	with	with	ADP
fbem-9133	52	49	temporary	temporary	ADJ
fbem-9133	52	50	opportunities	opportunity	NOUN
fbem-9133	52	51	.	.	PUNCT
fbem-9133	53	1	the	the	DET
fbem-9133	53	2	market	market	NOUN
fbem-9133	53	3	situation	situation	NOUN
fbem-9133	53	4	changes	change	VERB
fbem-9133	53	5	rapidly	rapidly	ADV
fbem-9133	53	6	and	and	CCONJ
fbem-9133	53	7	the	the	DET
fbem-9133	53	8	opportunity	opportunity	NOUN
fbem-9133	53	9	is	be	AUX
fbem-9133	53	10	fleeting	fleeting	ADJ
fbem-9133	53	11	.	.	PUNCT
fbem-9133	54	1	the	the	DET
fbem-9133	54	2	managers	manager	NOUN
fbem-9133	54	3	of	of	ADP
fbem-9133	54	4	listed	list	VERB
fbem-9133	54	5	companies	company	NOUN
fbem-9133	54	6	need	need	VERB
fbem-9133	54	7	to	to	PART
fbem-9133	54	8	make	make	VERB
fbem-9133	54	9	reasonable	reasonable	ADJ
fbem-9133	54	10	decisions	decision	NOUN
fbem-9133	54	11	in	in	ADP
fbem-9133	54	12	a	a	DET
fbem-9133	54	13	very	very	ADV
fbem-9133	54	14	short	short	ADJ
fbem-9133	54	15	time	time	NOUN
fbem-9133	54	16	,	,	PUNCT
fbem-9133	54	17	such	such	ADJ
fbem-9133	54	18	as	as	ADP
fbem-9133	54	19	whether	whether	SCONJ
fbem-9133	54	20	to	to	PART
fbem-9133	54	21	carry	carry	VERB
fbem-9133	54	22	out	out	ADP
fbem-9133	54	23	share	share	NOUN
fbem-9133	54	24	repurchase	repurchase	NOUN
fbem-9133	54	25	,	,	PUNCT
fbem-9133	54	26	the	the	DET
fbem-9133	54	27	number	number	NOUN
fbem-9133	54	28	of	of	ADP
fbem-9133	54	29	share	share	NOUN
fbem-9133	54	30	repurchase	repurchase	NOUN
fbem-9133	54	31	shares	share	NOUN
fbem-9133	54	32	,	,	PUNCT
fbem-9133	54	33	the	the	DET
fbem-9133	54	34	appropriate	appropriate	ADJ
fbem-9133	54	35	price	price	NOUN
fbem-9133	54	36	and	and	CCONJ
fbem-9133	54	37	the	the	DET
fbem-9133	54	38	timing	timing	NOUN
fbem-9133	54	39	of	of	ADP
fbem-9133	54	40	share	share	NOUN
fbem-9133	54	41	repurchase	repurchase	NOUN
fbem-9133	54	42	,	,	PUNCT
fbem-9133	54	43	etc	etc	X
fbem-9133	54	44	.	.	X
fbem-9133	55	1	the	the	DET
fbem-9133	55	2	two	two	NUM
fbem-9133	55	3	-	-	PUNCT
fbem-9133	55	4	in	in	ADP
fbem-9133	55	5	-	-	PUNCT
fbem-9133	55	6	one	one	NUM
fbem-9133	55	7	system	system	NOUN
fbem-9133	55	8	improves	improve	VERB
fbem-9133	55	9	the	the	DET
fbem-9133	55	10	efficiency	efficiency	NOUN
fbem-9133	55	11	of	of	ADP
fbem-9133	55	12	share	share	NOUN
fbem-9133	55	13	repurchase	repurchase	NOUN
fbem-9133	55	14	decisions	decision	NOUN
fbem-9133	55	15	.	.	PUNCT
fbem-9133	56	1	therefore	therefore	ADV
fbem-9133	56	2	,	,	PUNCT
fbem-9133	56	3	when	when	SCONJ
fbem-9133	56	4	the	the	DET
fbem-9133	56	5	two	two	NUM
fbem-9133	56	6	roles	role	NOUN
fbem-9133	56	7	are	be	AUX
fbem-9133	56	8	combined	combine	VERB
fbem-9133	56	9	,	,	PUNCT
fbem-9133	56	10	managers	manager	NOUN
fbem-9133	56	11	are	be	AUX
fbem-9133	56	12	more	more	ADV
fbem-9133	56	13	likely	likely	ADJ
fbem-9133	56	14	to	to	PART
fbem-9133	56	15	approve	approve	VERB
fbem-9133	56	16	share	share	NOUN
fbem-9133	56	17	repurchase	repurchase	NOUN
fbem-9133	56	18	decision	decision	NOUN
fbem-9133	56	19	proposals	proposal	NOUN
fbem-9133	56	20	and	and	CCONJ
fbem-9133	56	21	have	have	VERB
fbem-9133	56	22	a	a	DET
fbem-9133	56	23	stronger	strong	ADJ
fbem-9133	56	24	incentive	incentive	NOUN
fbem-9133	56	25	to	to	PART
fbem-9133	56	26	reserve	reserve	VERB
fbem-9133	56	27	cash	cash	NOUN
fbem-9133	56	28	assets	asset	NOUN
fbem-9133	56	29	for	for	ADP
fbem-9133	56	30	share	share	NOUN
fbem-9133	56	31	repurchases	repurchase	NOUN
fbem-9133	56	32	in	in	ADP
fbem-9133	56	33	advance	advance	NOUN
fbem-9133	56	34	.	.	PUNCT
fbem-9133	57	1	huang	huang	PROPN
fbem-9133	57	2	guoliang	guoliang	PROPN
fbem-9133	57	3	and	and	CCONJ
fbem-9133	57	4	xu	xu	PROPN
fbem-9133	57	5	jiawu	jiawu	PROPN
fbem-9133	57	6	(	(	PUNCT
fbem-9133	57	7	2016	2016	NUM
fbem-9133	57	8	)	)	PUNCT
fbem-9133	57	9	found	find	VERB
fbem-9133	57	10	that	that	SCONJ
fbem-9133	57	11	the	the	DET
fbem-9133	57	12	overseas	overseas	ADJ
fbem-9133	57	13	background	background	NOUN
fbem-9133	57	14	of	of	ADP
fbem-9133	57	15	most	most	ADJ
fbem-9133	57	16	managers	manager	NOUN
fbem-9133	57	17	is	be	AUX
fbem-9133	57	18	mainly	mainly	ADV
fbem-9133	57	19	europe	europe	PROPN
fbem-9133	57	20	or	or	CCONJ
fbem-9133	57	21	the	the	DET
fbem-9133	57	22	united	united	PROPN
fbem-9133	57	23	states	states	PROPN
fbem-9133	57	24	.	.	PUNCT
fbem-9133	58	1	these	these	DET
fbem-9133	58	2	managers	manager	NOUN
fbem-9133	58	3	have	have	VERB
fbem-9133	58	4	superior	superior	ADJ
fbem-9133	58	5	management	management	NOUN
fbem-9133	58	6	skills	skill	NOUN
fbem-9133	58	7	,	,	PUNCT
fbem-9133	58	8	strong	strong	ADJ
fbem-9133	58	9	risk	risk	NOUN
fbem-9133	58	10	control	control	NOUN
fbem-9133	58	11	ability	ability	NOUN
fbem-9133	58	12	,	,	PUNCT
fbem-9133	58	13	and	and	CCONJ
fbem-9133	58	14	can	can	AUX
fbem-9133	58	15	develop	develop	VERB
fbem-9133	58	16	reasonable	reasonable	ADJ
fbem-9133	58	17	cash	cash	NOUN
fbem-9133	58	18	holdings	holding	NOUN
fbem-9133	58	19	and	and	CCONJ
fbem-9133	58	20	capital	capital	NOUN
fbem-9133	58	21	structure	structure	NOUN
fbem-9133	58	22	to	to	PART
fbem-9133	58	23	reduce	reduce	VERB
fbem-9133	58	24	the	the	DET
fbem-9133	58	25	bankruptcy	bankruptcy	NOUN
fbem-9133	58	26	probability	probability	NOUN
fbem-9133	58	27	of	of	ADP
fbem-9133	58	28	the	the	DET
fbem-9133	58	29	company	company	NOUN
fbem-9133	58	30	.	.	PUNCT
fbem-9133	59	1	at	at	ADP
fbem-9133	59	2	the	the	DET
fbem-9133	59	3	same	same	ADJ
fbem-9133	59	4	time	time	NOUN
fbem-9133	59	5	,	,	PUNCT
fbem-9133	59	6	under	under	ADP
fbem-9133	59	7	the	the	DET
fbem-9133	59	8	influence	influence	NOUN
fbem-9133	59	9	of	of	ADP
fbem-9133	59	10	overseas	overseas	ADJ
fbem-9133	59	11	social	social	ADJ
fbem-9133	59	12	culture	culture	NOUN
fbem-9133	59	13	,	,	PUNCT
fbem-9133	59	14	executives	executive	NOUN
fbem-9133	59	15	with	with	ADP
fbem-9133	59	16	overseas	overseas	ADJ
fbem-9133	59	17	backgrounds	background	NOUN
fbem-9133	59	18	tend	tend	VERB
fbem-9133	59	19	to	to	PART
fbem-9133	59	20	be	be	AUX
fbem-9133	59	21	more	more	ADV
fbem-9133	59	22	socially	socially	ADV
fbem-9133	59	23	responsible	responsible	ADJ
fbem-9133	59	24	and	and	CCONJ
fbem-9133	59	25	take	take	VERB
fbem-9133	59	26	the	the	DET
fbem-9133	59	27	initiative	initiative	NOUN
fbem-9133	59	28	to	to	PART
fbem-9133	59	29	avoid	avoid	VERB
fbem-9133	59	30	risks	risk	NOUN
fbem-9133	59	31	,	,	PUNCT
fbem-9133	59	32	reduce	reduce	VERB
fbem-9133	59	33	the	the	DET
fbem-9133	59	34	possibility	possibility	NOUN
fbem-9133	59	35	of	of	ADP
fbem-9133	59	36	bankruptcy	bankruptcy	NOUN
fbem-9133	59	37	of	of	ADP
fbem-9133	59	38	the	the	DET
fbem-9133	59	39	company	company	NOUN
fbem-9133	59	40	,	,	PUNCT
fbem-9133	59	41	improve	improve	VERB
fbem-9133	59	42	the	the	DET
fbem-9133	59	43	utilization	utilization	NOUN
fbem-9133	59	44	rate	rate	NOUN
fbem-9133	59	45	of	of	ADP
fbem-9133	59	46	corporate	corporate	ADJ
fbem-9133	59	47	resources	resource	NOUN
fbem-9133	59	48	,	,	PUNCT
fbem-9133	59	49	so	so	SCONJ
fbem-9133	59	50	as	as	SCONJ
fbem-9133	59	51	to	to	PART
fbem-9133	59	52	improve	improve	VERB
fbem-9133	59	53	the	the	DET
fbem-9133	59	54	company	company	NOUN
fbem-9133	59	55	's	's	PART
fbem-9133	59	56	earnings	earning	NOUN
fbem-9133	59	57	and	and	CCONJ
fbem-9133	59	58	reduce	reduce	VERB
fbem-9133	59	59	the	the	DET
fbem-9133	59	60	principal	principal	ADJ
fbem-9133	59	61	-	-	PUNCT
fbem-9133	59	62	agent	agent	NOUN
fbem-9133	59	63	risks	risk	NOUN
fbem-9133	59	64	of	of	ADP
fbem-9133	59	65	creditors	creditor	NOUN
fbem-9133	60	1	(	(	PUNCT
fbem-9133	60	2	wen	wen	INTJ
fbem-9133	60	3	wen	wen	PROPN
fbem-9133	60	4	et	et	PROPN
fbem-9133	60	5	al	al	PROPN
fbem-9133	60	6	.	.	PROPN
fbem-9133	60	7	,	,	PUNCT
fbem-9133	60	8	2017	2017	NUM
fbem-9133	60	9	)	)	PUNCT
fbem-9133	60	10	.	.	PUNCT
fbem-9133	61	1	at	at	ADP
fbem-9133	61	2	the	the	DET
fbem-9133	61	3	beginning	beginning	NOUN
fbem-9133	61	4	,	,	PUNCT
fbem-9133	61	5	share	share	NOUN
fbem-9133	61	6	buyback	buyback	NOUN
fbem-9133	61	7	is	be	AUX
fbem-9133	61	8	prohibited	prohibit	VERB
fbem-9133	61	9	in	in	ADP
fbem-9133	61	10	principle	principle	NOUN
fbem-9133	61	11	in	in	ADP
fbem-9133	61	12	our	our	PRON
fbem-9133	61	13	country	country	NOUN
fbem-9133	61	14	.	.	PUNCT
fbem-9133	62	1	domestic	domestic	ADJ
fbem-9133	62	2	management	management	NOUN
fbem-9133	62	3	personnel	personnel	NOUN
fbem-9133	62	4	may	may	AUX
fbem-9133	62	5	not	not	PART
fbem-9133	62	6	have	have	VERB
fbem-9133	62	7	a	a	DET
fbem-9133	62	8	deep	deep	ADJ
fbem-9133	62	9	understanding	understanding	NOUN
fbem-9133	62	10	of	of	ADP
fbem-9133	62	11	share	share	NOUN
fbem-9133	62	12	buyback	buyback	NOUN
fbem-9133	62	13	,	,	PUNCT
fbem-9133	62	14	and	and	CCONJ
fbem-9133	62	15	can	can	AUX
fbem-9133	62	16	not	not	PART
fbem-9133	62	17	accurately	accurately	ADV
fbem-9133	62	18	evaluate	evaluate	VERB
fbem-9133	62	19	the	the	DET
fbem-9133	62	20	economic	economic	ADJ
fbem-9133	62	21	consequences	consequence	NOUN
fbem-9133	62	22	of	of	ADP
fbem-9133	62	23	share	share	NOUN
fbem-9133	62	24	buyback	buyback	NOUN
fbem-9133	62	25	.	.	PUNCT
fbem-9133	63	1	in	in	ADP
fbem-9133	63	2	the	the	DET
fbem-9133	63	3	united	united	PROPN
fbem-9133	63	4	states	states	PROPN
fbem-9133	63	5	,	,	PUNCT
fbem-9133	63	6	the	the	DET
fbem-9133	63	7	share	share	NOUN
fbem-9133	63	8	repurchase	repurchase	NOUN
fbem-9133	63	9	market	market	NOUN
fbem-9133	63	10	was	be	AUX
fbem-9133	63	11	very	very	ADV
fbem-9133	63	12	developed	developed	ADJ
fbem-9133	63	13	in	in	ADP
fbem-9133	63	14	the	the	DET
fbem-9133	63	15	last	last	ADJ
fbem-9133	63	16	century	century	NOUN
fbem-9133	63	17	.	.	PUNCT
fbem-9133	64	1	therefore	therefore	ADV
fbem-9133	64	2	,	,	PUNCT
fbem-9133	64	3	management	management	NOUN
fbem-9133	64	4	personnel	personnel	NOUN
fbem-9133	64	5	with	with	ADP
fbem-9133	64	6	overseas	overseas	ADJ
fbem-9133	64	7	background	background	NOUN
fbem-9133	64	8	have	have	VERB
fbem-9133	64	9	a	a	DET
fbem-9133	64	10	more	more	ADV
fbem-9133	64	11	comprehensive	comprehensive	ADJ
fbem-9133	64	12	understanding	understanding	NOUN
fbem-9133	64	13	of	of	ADP
fbem-9133	64	14	share	share	NOUN
fbem-9133	64	15	repurchase	repurchase	NOUN
fbem-9133	64	16	and	and	CCONJ
fbem-9133	64	17	are	be	AUX
fbem-9133	64	18	more	more	ADV
fbem-9133	64	19	inclined	inclined	ADJ
fbem-9133	64	20	to	to	PART
fbem-9133	64	21	use	use	VERB
fbem-9133	64	22	share	share	NOUN
fbem-9133	64	23	repurchase	repurchase	VERB
fbem-9133	64	24	.	.	PUNCT
fbem-9133	65	1	at	at	ADP
fbem-9133	65	2	the	the	DET
fbem-9133	65	3	same	same	ADJ
fbem-9133	65	4	time	time	NOUN
fbem-9133	65	5	,	,	PUNCT
fbem-9133	65	6	executives	executive	NOUN
fbem-9133	65	7	with	with	ADP
fbem-9133	65	8	overseas	overseas	ADJ
fbem-9133	65	9	backgrounds	background	NOUN
fbem-9133	65	10	have	have	VERB
fbem-9133	65	11	a	a	DET
fbem-9133	65	12	stronger	strong	ADJ
fbem-9133	65	13	sense	sense	NOUN
fbem-9133	65	14	of	of	ADP
fbem-9133	65	15	risk	risk	NOUN
fbem-9133	65	16	aversion	aversion	NOUN
fbem-9133	65	17	and	and	CCONJ
fbem-9133	65	18	a	a	DET
fbem-9133	65	19	more	more	ADV
fbem-9133	65	20	conservative	conservative	ADJ
fbem-9133	65	21	and	and	CCONJ
fbem-9133	65	22	prudent	prudent	ADJ
fbem-9133	65	23	decision	decision	NOUN
fbem-9133	65	24	-	-	PUNCT
fbem-9133	65	25	making	make	VERB
fbem-9133	65	26	style	style	NOUN
fbem-9133	65	27	.	.	PUNCT
fbem-9133	66	1	when	when	SCONJ
fbem-9133	66	2	facing	face	VERB
fbem-9133	66	3	the	the	DET
fbem-9133	66	4	need	need	NOUN
fbem-9133	66	5	for	for	SCONJ
fbem-9133	66	6	share	share	NOUN
fbem-9133	66	7	repurchase	repurchase	VERB
fbem-9133	66	8	in	in	ADP
fbem-9133	66	9	the	the	DET
fbem-9133	66	10	future	future	NOUN
fbem-9133	66	11	,	,	PUNCT
fbem-9133	66	12	they	they	PRON
fbem-9133	66	13	are	be	AUX
fbem-9133	66	14	more	more	ADV
fbem-9133	66	15	inclined	inclined	ADJ
fbem-9133	66	16	to	to	PART
fbem-9133	66	17	use	use	VERB
fbem-9133	66	18	the	the	DET
fbem-9133	66	19	company	company	NOUN
fbem-9133	66	20	's	's	PART
fbem-9133	66	21	reserve	reserve	NOUN
fbem-9133	66	22	cash	cash	NOUN
fbem-9133	66	23	assets	asset	NOUN
fbem-9133	66	24	rather	rather	ADV
fbem-9133	66	25	than	than	ADP
fbem-9133	66	26	rely	rely	VERB
fbem-9133	66	27	on	on	ADP
fbem-9133	66	28	external	external	ADJ
fbem-9133	66	29	financing	financing	NOUN
fbem-9133	66	30	with	with	ADP
fbem-9133	66	31	high	high	ADJ
fbem-9133	66	32	financing	financing	NOUN
fbem-9133	66	33	difficulty	difficulty	NOUN
fbem-9133	66	34	and	and	CCONJ
fbem-9133	66	35	cost	cost	NOUN
fbem-9133	66	36	.	.	PUNCT
fbem-9133	67	1	therefore	therefore	ADV
fbem-9133	67	2	,	,	PUNCT
fbem-9133	67	3	when	when	SCONJ
fbem-9133	67	4	management	management	NOUN
fbem-9133	67	5	personnel	personnel	NOUN
fbem-9133	67	6	have	have	VERB
fbem-9133	67	7	overseas	overseas	ADJ
fbem-9133	67	8	background	background	NOUN
fbem-9133	67	9	,	,	PUNCT
fbem-9133	67	10	stock	stock	NOUN
fbem-9133	67	11	liquidity	liquidity	NOUN
fbem-9133	67	12	has	have	VERB
fbem-9133	67	13	a	a	DET
fbem-9133	67	14	more	more	ADV
fbem-9133	67	15	significant	significant	ADJ
fbem-9133	67	16	impact	impact	NOUN
fbem-9133	67	17	on	on	ADP
fbem-9133	67	18	cash	cash	NOUN
fbem-9133	67	19	holdings	holding	NOUN
fbem-9133	67	20	of	of	ADP
fbem-9133	67	21	listed	list	VERB
fbem-9133	67	22	companies	company	NOUN
fbem-9133	67	23	.	.	PUNCT
fbem-9133	68	1	so	so	ADV
fbem-9133	68	2	here	here	ADV
fbem-9133	68	3	's	be	AUX
fbem-9133	68	4	a	a	DET
fbem-9133	68	5	third	third	ADJ
fbem-9133	68	6	hypothesis	hypothesis	NOUN
fbem-9133	68	7	:	:	PUNCT
fbem-9133	68	8	h3	h3	VERB
fbem-9133	68	9	:	:	PUNCT
fbem-9133	68	10	due	due	ADP
fbem-9133	68	11	to	to	ADP
fbem-9133	68	12	the	the	DET
fbem-9133	68	13	differences	difference	NOUN
fbem-9133	68	14	in	in	ADP
fbem-9133	68	15	property	property	NOUN
fbem-9133	68	16	rights	right	NOUN
fbem-9133	68	17	,	,	PUNCT
fbem-9133	68	18	characteristics	characteristic	NOUN
fbem-9133	68	19	of	of	ADP
fbem-9133	68	20	senior	senior	ADJ
fbem-9133	68	21	executives	executive	NOUN
fbem-9133	68	22	and	and	CCONJ
fbem-9133	68	23	other	other	ADJ
fbem-9133	68	24	factors	factor	NOUN
fbem-9133	68	25	,	,	PUNCT
fbem-9133	68	26	the	the	DET
fbem-9133	68	27	impact	impact	NOUN
fbem-9133	68	28	of	of	ADP
fbem-9133	68	29	stock	stock	NOUN
fbem-9133	68	30	liquidity	liquidity	NOUN
fbem-9133	68	31	on	on	ADP
fbem-9133	68	32	cash	cash	NOUN
fbem-9133	68	33	holdings	holding	NOUN
fbem-9133	68	34	will	will	AUX
fbem-9133	68	35	vary	vary	VERB
fbem-9133	68	36	.	.	PUNCT
fbem-9133	69	1	3	3	X
fbem-9133	69	2	.	.	X
fbem-9133	69	3	model	model	NOUN
fbem-9133	69	4	design	design	NOUN
fbem-9133	69	5	and	and	CCONJ
fbem-9133	69	6	variable	variable	ADJ
fbem-9133	69	7	selection	selection	NOUN
fbem-9133	69	8	(	(	PUNCT
fbem-9133	69	9	1	1	X
fbem-9133	69	10	)	)	PUNCT
fbem-9133	69	11	data	datum	NOUN
fbem-9133	69	12	in	in	ADP
fbem-9133	69	13	order	order	NOUN
fbem-9133	69	14	to	to	PART
fbem-9133	69	15	better	well	ADV
fbem-9133	69	16	reflect	reflect	VERB
fbem-9133	69	17	the	the	DET
fbem-9133	69	18	impact	impact	NOUN
fbem-9133	69	19	of	of	ADP
fbem-9133	69	20	stock	stock	NOUN
fbem-9133	69	21	liquidity	liquidity	NOUN
fbem-9133	69	22	on	on	ADP
fbem-9133	69	23	cash	cash	NOUN
fbem-9133	69	24	holdings	holding	NOUN
fbem-9133	69	25	of	of	ADP
fbem-9133	69	26	listed	list	VERB
fbem-9133	69	27	companies	company	NOUN
fbem-9133	69	28	after	after	ADP
fbem-9133	69	29	the	the	DET
fbem-9133	69	30	revision	revision	NOUN
fbem-9133	69	31	of	of	ADP
fbem-9133	69	32	the	the	DET
fbem-9133	69	33	company	company	NOUN
fbem-9133	69	34	law	law	NOUN
fbem-9133	69	35	at	at	ADP
fbem-9133	69	36	the	the	DET
fbem-9133	69	37	end	end	NOUN
fbem-9133	69	38	of	of	ADP
fbem-9133	69	39	2018	2018	NUM
fbem-9133	69	40	,	,	PUNCT
fbem-9133	69	41	this	this	DET
fbem-9133	69	42	paper	paper	NOUN
fbem-9133	69	43	selects	select	VERB
fbem-9133	69	44	chinese	chinese	ADJ
fbem-9133	69	45	companies	company	NOUN
fbem-9133	69	46	listed	list	VERB
fbem-9133	69	47	in	in	ADP
fbem-9133	69	48	shanghai	shanghai	PROPN
fbem-9133	69	49	and	and	CCONJ
fbem-9133	69	50	shenzhen	shenzhen	PROPN
fbem-9133	69	51	stock	stock	PROPN
fbem-9133	69	52	markets	market	NOUN
fbem-9133	69	53	from	from	ADP
fbem-9133	69	54	2011	2011	NUM
fbem-9133	69	55	to	to	ADP
fbem-9133	69	56	2021	2021	NUM
fbem-9133	69	57	as	as	ADP
fbem-9133	69	58	research	research	NOUN
fbem-9133	69	59	samples	sample	NOUN
fbem-9133	69	60	,	,	PUNCT
fbem-9133	69	61	and	and	CCONJ
fbem-9133	69	62	all	all	DET
fbem-9133	69	63	relevant	relevant	ADJ
fbem-9133	69	64	data	datum	NOUN
fbem-9133	69	65	are	be	AUX
fbem-9133	69	66	from	from	ADP
fbem-9133	69	67	the	the	DET
fbem-9133	69	68	database	database	NOUN
fbem-9133	69	69	of	of	ADP
fbem-9133	69	70	csmar	csmar	PROPN
fbem-9133	69	71	database	database	NOUN
fbem-9133	69	72	company	company	NOUN
fbem-9133	69	73	.	.	PUNCT
fbem-9133	70	1	samples	sample	NOUN
fbem-9133	70	2	are	be	AUX
fbem-9133	70	3	screened	screen	VERB
fbem-9133	70	4	according	accord	VERB
fbem-9133	70	5	to	to	ADP
fbem-9133	70	6	the	the	DET
fbem-9133	70	7	following	following	ADJ
fbem-9133	70	8	principles	principle	NOUN
fbem-9133	70	9	:	:	PUNCT
fbem-9133	70	10	first	first	ADV
fbem-9133	70	11	,	,	PUNCT
fbem-9133	70	12	samples	sample	NOUN
fbem-9133	70	13	of	of	ADP
fbem-9133	70	14	companies	company	NOUN
fbem-9133	70	15	with	with	ADP
fbem-9133	70	16	missing	miss	VERB
fbem-9133	70	17	relevant	relevant	ADJ
fbem-9133	70	18	data	datum	NOUN
fbem-9133	70	19	are	be	AUX
fbem-9133	70	20	excluded	exclude	VERB
fbem-9133	70	21	.	.	PUNCT
fbem-9133	71	1	second	second	ADJ
fbem-9133	71	2	,	,	PUNCT
fbem-9133	71	3	the	the	DET
fbem-9133	71	4	data	datum	NOUN
fbem-9133	71	5	related	relate	VERB
fbem-9133	71	6	to	to	ADP
fbem-9133	71	7	companies	company	NOUN
fbem-9133	71	8	in	in	ADP
fbem-9133	71	9	the	the	DET
fbem-9133	71	10	financial	financial	ADJ
fbem-9133	71	11	sector	sector	NOUN
fbem-9133	71	12	in	in	ADP
fbem-9133	71	13	the	the	DET
fbem-9133	71	14	industry	industry	NOUN
fbem-9133	71	15	classification	classification	NOUN
fbem-9133	71	16	of	of	ADP
fbem-9133	71	17	csrc	csrc	NOUN
fbem-9133	71	18	were	be	AUX
fbem-9133	71	19	excluded	exclude	VERB
fbem-9133	71	20	.	.	PUNCT
fbem-9133	72	1	the	the	DET
fbem-9133	72	2	accounting	accounting	NOUN
fbem-9133	72	3	systems	system	NOUN
fbem-9133	72	4	and	and	CCONJ
fbem-9133	72	5	standards	standard	NOUN
fbem-9133	72	6	of	of	ADP
fbem-9133	72	7	financial	financial	ADJ
fbem-9133	72	8	industry	industry	NOUN
fbem-9133	72	9	companies	company	NOUN
fbem-9133	72	10	differ	differ	VERB
fbem-9133	72	11	greatly	greatly	ADV
fbem-9133	72	12	from	from	ADP
fbem-9133	72	13	those	those	PRON
fbem-9133	72	14	of	of	ADP
fbem-9133	72	15	companies	company	NOUN
fbem-9133	72	16	in	in	ADP
fbem-9133	72	17	other	other	ADJ
fbem-9133	72	18	industries	industry	NOUN
fbem-9133	72	19	,	,	PUNCT
fbem-9133	72	20	and	and	CCONJ
fbem-9133	72	21	the	the	DET
fbem-9133	72	22	financial	financial	ADJ
fbem-9133	72	23	decisions	decision	NOUN
fbem-9133	72	24	of	of	ADP
fbem-9133	72	25	managers	manager	NOUN
fbem-9133	72	26	of	of	ADP
fbem-9133	72	27	financial	financial	ADJ
fbem-9133	72	28	industry	industry	NOUN
fbem-9133	72	29	companies	company	NOUN
fbem-9133	72	30	also	also	ADV
fbem-9133	72	31	differ	differ	VERB
fbem-9133	72	32	greatly	greatly	ADV
fbem-9133	72	33	from	from	ADP
fbem-9133	72	34	those	those	PRON
fbem-9133	72	35	of	of	ADP
fbem-9133	72	36	companies	company	NOUN
fbem-9133	72	37	in	in	ADP
fbem-9133	72	38	other	other	ADJ
fbem-9133	72	39	industries	industry	NOUN
fbem-9133	72	40	.	.	PUNCT
fbem-9133	73	1	therefore	therefore	ADV
fbem-9133	73	2	,	,	PUNCT
fbem-9133	73	3	the	the	DET
fbem-9133	73	4	removal	removal	NOUN
fbem-9133	73	5	of	of	ADP
fbem-9133	73	6	the	the	DET
fbem-9133	73	7	93	93	NUM
fbem-9133	73	8	samples	sample	NOUN
fbem-9133	73	9	of	of	ADP
fbem-9133	73	10	financial	financial	ADJ
fbem-9133	73	11	industry	industry	NOUN
fbem-9133	73	12	companies	company	NOUN
fbem-9133	73	13	has	have	VERB
fbem-9133	73	14	no	no	DET
fbem-9133	73	15	significant	significant	ADJ
fbem-9133	73	16	impact	impact	NOUN
fbem-9133	73	17	on	on	ADP
fbem-9133	73	18	the	the	DET
fbem-9133	73	19	research	research	NOUN
fbem-9133	73	20	results	result	NOUN
fbem-9133	73	21	of	of	ADP
fbem-9133	73	22	this	this	DET
fbem-9133	73	23	paper	paper	NOUN
fbem-9133	73	24	.	.	PUNCT
fbem-9133	74	1	thirdly	thirdly	ADV
fbem-9133	74	2	,	,	PUNCT
fbem-9133	74	3	samples	sample	NOUN
fbem-9133	74	4	of	of	ADP
fbem-9133	74	5	companies	company	NOUN
fbem-9133	74	6	with	with	ADP
fbem-9133	74	7	st	st	PROPN
fbem-9133	74	8	and	and	CCONJ
fbem-9133	74	9	st	st	PROPN
fbem-9133	74	10	*	*	PROPN
fbem-9133	74	11	are	be	AUX
fbem-9133	74	12	excluded	exclude	VERB
fbem-9133	74	13	,	,	PUNCT
fbem-9133	74	14	because	because	SCONJ
fbem-9133	74	15	once	once	SCONJ
fbem-9133	74	16	a	a	DET
fbem-9133	74	17	company	company	NOUN
fbem-9133	74	18	is	be	AUX
fbem-9133	74	19	st	st	PROPN
fbem-9133	74	20	or	or	CCONJ
fbem-9133	74	21	st	st	PROPN
fbem-9133	74	22	*	*	PROPN
fbem-9133	74	23	,	,	PUNCT
fbem-9133	74	24	it	it	PRON
fbem-9133	74	25	means	mean	VERB
fbem-9133	74	26	that	that	SCONJ
fbem-9133	74	27	its	its	PRON
fbem-9133	74	28	business	business	NOUN
fbem-9133	74	29	performance	performance	NOUN
fbem-9133	74	30	is	be	AUX
fbem-9133	74	31	poor	poor	ADJ
fbem-9133	74	32	and	and	CCONJ
fbem-9133	74	33	unstable	unstable	ADJ
fbem-9133	74	34	,	,	PUNCT
fbem-9133	74	35	and	and	CCONJ
fbem-9133	74	36	it	it	PRON
fbem-9133	74	37	faces	face	VERB
fbem-9133	74	38	great	great	ADJ
fbem-9133	74	39	risk	risk	NOUN
fbem-9133	74	40	of	of	ADP
fbem-9133	74	41	being	be	AUX
fbem-9133	74	42	delisted	delist	VERB
fbem-9133	74	43	.	.	PUNCT
fbem-9133	75	1	the	the	DET
fbem-9133	75	2	valuation	valuation	NOUN
fbem-9133	75	3	and	and	CCONJ
fbem-9133	75	4	financial	financial	ADJ
fbem-9133	75	5	data	datum	NOUN
fbem-9133	75	6	of	of	ADP
fbem-9133	75	7	such	such	ADJ
fbem-9133	75	8	companies	company	NOUN
fbem-9133	75	9	have	have	VERB
fbem-9133	75	10	great	great	ADJ
fbem-9133	75	11	fluctuations	fluctuation	NOUN
fbem-9133	75	12	.	.	PUNCT
fbem-9133	76	1	fourthly	fourthly	ADV
fbem-9133	76	2	,	,	PUNCT
fbem-9133	76	3	the	the	DET
fbem-9133	76	4	influence	influence	NOUN
fbem-9133	76	5	of	of	ADP
fbem-9133	76	6	extreme	extreme	ADJ
fbem-9133	76	7	values	value	NOUN
fbem-9133	76	8	is	be	AUX
fbem-9133	76	9	eliminated	eliminate	VERB
fbem-9133	76	10	.	.	PUNCT
fbem-9133	77	1	after	after	ADP
fbem-9133	77	2	eliminating	eliminate	VERB
fbem-9133	77	3	the	the	DET
fbem-9133	77	4	above	above	ADJ
fbem-9133	77	5	data	datum	NOUN
fbem-9133	77	6	,	,	PUNCT
fbem-9133	77	7	all	all	DET
fbem-9133	77	8	retained	retain	VERB
fbem-9133	77	9	data	datum	NOUN
fbem-9133	77	10	were	be	AUX
fbem-9133	77	11	indentified	indentifie	VERB
fbem-9133	77	12	according	accord	VERB
fbem-9133	77	13	to	to	ADP
fbem-9133	77	14	1	1	NUM
fbem-9133	77	15	%	%	NOUN
fbem-9133	77	16	and	and	CCONJ
fbem-9133	77	17	99	99	NUM
fbem-9133	77	18	%	%	NOUN
fbem-9133	77	19	quartile	quartile	NOUN
fbem-9133	77	20	standards	standard	NOUN
fbem-9133	77	21	.	.	PUNCT
fbem-9133	78	1	(	(	PUNCT
fbem-9133	78	2	2	2	X
fbem-9133	78	3	)	)	PUNCT
fbem-9133	78	4	variable	variable	ADJ
fbem-9133	78	5	selection	selection	NOUN
fbem-9133	78	6	(	(	PUNCT
fbem-9133	78	7	i	i	NOUN
fbem-9133	78	8	)	)	PUNCT
fbem-9133	78	9	cash	cash	NOUN
fbem-9133	78	10	variable	variable	NOUN
fbem-9133	78	11	referring	refer	VERB
fbem-9133	78	12	to	to	ADP
fbem-9133	78	13	the	the	DET
fbem-9133	78	14	research	research	NOUN
fbem-9133	78	15	of	of	ADP
fbem-9133	78	16	yang	yang	PROPN
fbem-9133	78	17	xingquan	xingquan	PROPN
fbem-9133	78	18	,	,	PUNCT
fbem-9133	78	19	this	this	DET
fbem-9133	78	20	paper	paper	NOUN
fbem-9133	78	21	decides	decide	VERB
fbem-9133	78	22	to	to	PART
fbem-9133	78	23	use	use	VERB
fbem-9133	78	24	the	the	DET
fbem-9133	78	25	net	net	ADJ
fbem-9133	78	26	cash	cash	NOUN
fbem-9133	78	27	holding	hold	VERB
fbem-9133	78	28	ratio	ratio	NOUN
fbem-9133	78	29	to	to	PART
fbem-9133	78	30	measure	measure	VERB
fbem-9133	78	31	the	the	DET
fbem-9133	78	32	cash	cash	NOUN
fbem-9133	78	33	holding	holding	NOUN
fbem-9133	78	34	level	level	NOUN
fbem-9133	78	35	of	of	ADP
fbem-9133	78	36	listed	list	VERB
fbem-9133	78	37	companies	company	NOUN
fbem-9133	78	38	.	.	PUNCT
fbem-9133	79	1	net	net	ADJ
fbem-9133	79	2	cash	cash	NOUN
fbem-9133	79	3	holding	hold	VERB
fbem-9133	79	4	ratio	ratio	NOUN
fbem-9133	79	5	=	=	PUNCT
fbem-9133	79	6	(	(	PUNCT
fbem-9133	79	7	money	money	NOUN
fbem-9133	79	8	funds	fund	NOUN
fbem-9133	79	9	+	+	CCONJ
fbem-9133	79	10	short	short	ADJ
fbem-9133	79	11	-	-	PUNCT
fbem-9133	79	12	term	term	NOUN
fbem-9133	79	13	investments	investment	NOUN
fbem-9133	79	14	(	(	PUNCT
fbem-9133	79	15	trading	trade	VERB
fbem-9133	79	16	financial	financial	ADJ
fbem-9133	79	17	assets	asset	NOUN
fbem-9133	79	18	after	after	SCONJ
fbem-9133	79	19	2007))/(total	2007))/(total	ADJ
fbem-9133	79	20	assets	asset	NOUN
fbem-9133	79	21	cash	cash	VERB
fbem-9133	79	22	and	and	CCONJ
fbem-9133	79	23	cash	cash	NOUN
fbem-9133	79	24	equivalents	equivalent	NOUN
fbem-9133	79	25	)	)	PUNCT
fbem-9133	79	26	.	.	PUNCT
fbem-9133	80	1	(	(	PUNCT
fbem-9133	80	2	ii	ii	NOUN
fbem-9133	80	3	)	)	PUNCT
fbem-9133	80	4	stock	stock	NOUN
fbem-9133	80	5	-	-	PUNCT
fbem-9133	80	6	liquidity	liquidity	NOUN
fbem-9133	80	7	variable	variable	NOUN
fbem-9133	80	8	in	in	ADP
fbem-9133	80	9	this	this	DET
fbem-9133	80	10	paper	paper	NOUN
fbem-9133	80	11	,	,	PUNCT
fbem-9133	80	12	pastor	pastor	NOUN
fbem-9133	80	13	's	's	PART
fbem-9133	80	14	regression	regression	NOUN
fbem-9133	80	15	coefficient	coefficient	NOUN
fbem-9133	80	16	is	be	AUX
fbem-9133	80	17	chosen	choose	VERB
fbem-9133	80	18	as	as	ADP
fbem-9133	80	19	the	the	DET
fbem-9133	80	20	measure	measure	NOUN
fbem-9133	80	21	of	of	ADP
fbem-9133	80	22	stock	stock	NOUN
fbem-9133	80	23	liquidity	liquidity	NOUN
fbem-9133	80	24	.	.	PUNCT
fbem-9133	81	1	pastor	pastor	PROPN
fbem-9133	81	2	's	's	PART
fbem-9133	81	3	regression	regression	NOUN
fbem-9133	81	4	coefficient	coefficient	NOUN
fbem-9133	81	5	is	be	AUX
fbem-9133	81	6	based	base	VERB
fbem-9133	81	7	on	on	ADP
fbem-9133	81	8	the	the	DET
fbem-9133	81	9	fact	fact	NOUN
fbem-9133	81	10	that	that	SCONJ
fbem-9133	81	11	participants	participant	NOUN
fbem-9133	81	12	in	in	ADP
fbem-9133	81	13	the	the	DET
fbem-9133	81	14	capital	capital	NOUN
fbem-9133	81	15	market	market	NOUN
fbem-9133	81	16	are	be	AUX
fbem-9133	81	17	more	more	ADV
fbem-9133	81	18	likely	likely	ADJ
fbem-9133	81	19	to	to	PART
fbem-9133	81	20	overreact	overreact	VERB
fbem-9133	81	21	to	to	ADP
fbem-9133	81	22	stocks	stock	NOUN
fbem-9133	81	23	with	with	ADP
fbem-9133	81	24	poorer	poor	ADJ
fbem-9133	81	25	stock	stock	NOUN
fbem-9133	81	26	liquidity	liquidity	NOUN
fbem-9133	81	27	.	.	PUNCT
fbem-9133	82	1	therefore	therefore	ADV
fbem-9133	82	2	,	,	PUNCT
fbem-9133	82	3	pastor	pastor	NOUN
fbem-9133	82	4	and	and	CCONJ
fbem-9133	82	5	stambaugh	stambaugh	NOUN
fbem-9133	82	6	believe	believe	VERB
fbem-9133	82	7	that	that	SCONJ
fbem-9133	82	8	the	the	DET
fbem-9133	82	9	regression	regression	NOUN
fbem-9133	82	10	coefficient	coefficient	NOUN
fbem-9133	82	11	of	of	ADP
fbem-9133	82	12	the	the	DET
fbem-9133	82	13	impact	impact	NOUN
fbem-9133	82	14	of	of	ADP
fbem-9133	82	15	stock	stock	NOUN
fbem-9133	82	16	turnover	turnover	NOUN
fbem-9133	82	17	on	on	ADP
fbem-9133	82	18	excess	excess	ADJ
fbem-9133	82	19	returns	return	NOUN
fbem-9133	82	20	can	can	AUX
fbem-9133	82	21	be	be	AUX
fbem-9133	82	22	used	use	VERB
fbem-9133	82	23	to	to	PART
fbem-9133	82	24	describe	describe	VERB
fbem-9133	82	25	the	the	DET
fbem-9133	82	26	stock	stock	NOUN
fbem-9133	82	27	liquidity	liquidity	NOUN
fbem-9133	82	28	of	of	ADP
fbem-9133	82	29	this	this	DET
fbem-9133	82	30	stock	stock	NOUN
fbem-9133	82	31	.	.	PUNCT
fbem-9133	83	1	in	in	ADP
fbem-9133	83	2	this	this	DET
fbem-9133	83	3	paper	paper	NOUN
fbem-9133	83	4	,	,	PUNCT
fbem-9133	83	5	pastor	pastor	NOUN
fbem-9133	83	6	's	's	PART
fbem-9133	83	7	regression	regression	NOUN
fbem-9133	83	8	coefficient	coefficient	NOUN
fbem-9133	83	9	index	index	NOUN
fbem-9133	83	10	is	be	AUX
fbem-9133	83	11	obtained	obtain	VERB
fbem-9133	83	12	by	by	ADP
fbem-9133	83	13	estimating	estimate	VERB
fbem-9133	83	14	the	the	DET
fbem-9133	83	15	following	follow	VERB
fbem-9133	83	16	regression	regression	NOUN
fbem-9133	83	17	equation	equation	NOUN
fbem-9133	83	18	:	:	PUNCT
fbem-9133	83	19	𝑟	𝑟	X
fbem-9133	83	20	,	,	PUNCT
fbem-9133	83	21	,	,	PUNCT
fbem-9133	83	22	𝜃	𝜃	X
fbem-9133	83	23	,	,	PUNCT
fbem-9133	83	24	𝜑	𝜑	PROPN
fbem-9133	83	25	,	,	PUNCT
fbem-9133	83	26	𝑟	𝑟	X
fbem-9133	83	27	,	,	PUNCT
fbem-9133	83	28	,	,	PUNCT
fbem-9133	83	29	∙	∙	PROPN
fbem-9133	83	30	𝑠𝑖𝑔𝑛	𝑠𝑖𝑔𝑛	PROPN
fbem-9133	83	31	𝑟	𝑟	NOUN
fbem-9133	83	32	,	,	PUNCT
fbem-9133	83	33	,	,	PUNCT
fbem-9133	83	34	∙	∙	PROPN
fbem-9133	83	35	𝑉	𝑉	PROPN
fbem-9133	83	36	,	,	PUNCT
fbem-9133	83	37	,	,	PUNCT
fbem-9133	83	38	𝜀	𝜀	X
fbem-9133	83	39	,	,	PUNCT
fbem-9133	83	40	,	,	PUNCT
fbem-9133	83	41	(	(	PUNCT
fbem-9133	83	42	iii	iii	X
fbem-9133	83	43	)	)	PUNCT
fbem-9133	83	44	control	control	NOUN
fbem-9133	83	45	variables	variable	NOUN
fbem-9133	83	46	based	base	VERB
fbem-9133	83	47	on	on	ADP
fbem-9133	83	48	the	the	DET
fbem-9133	83	49	practice	practice	NOUN
fbem-9133	83	50	of	of	ADP
fbem-9133	83	51	opler	opl	ADJ
fbem-9133	83	52	et	et	PROPN
fbem-9133	83	53	al	al	PROPN
fbem-9133	83	54	.	.	PUNCT
fbem-9133	84	1	(	(	PUNCT
fbem-9133	84	2	1999	1999	NUM
fbem-9133	84	3	)	)	PUNCT
fbem-9133	84	4	,	,	PUNCT
fbem-9133	84	5	this	this	DET
fbem-9133	84	6	paper	paper	NOUN
fbem-9133	84	7	also	also	ADV
fbem-9133	84	8	uses	use	VERB
fbem-9133	84	9	company	company	NOUN
fbem-9133	84	10	size	size	NOUN
fbem-9133	84	11	,	,	PUNCT
fbem-9133	84	12	price	price	NOUN
fbem-9133	84	13	-	-	PUNCT
fbem-9133	84	14	to	to	ADP
fbem-9133	84	15	-	-	PUNCT
fbem-9133	84	16	book	book	NOUN
fbem-9133	84	17	ratio	ratio	NOUN
fbem-9133	84	18	,	,	PUNCT
fbem-9133	84	19	leverage	leverage	NOUN
fbem-9133	84	20	ratio	ratio	NOUN
fbem-9133	84	21	,	,	PUNCT
fbem-9133	84	22	net	net	ADJ
fbem-9133	84	23	working	working	NOUN
fbem-9133	84	24	capital	capital	NOUN
fbem-9133	84	25	,	,	PUNCT
fbem-9133	84	26	cash	cash	NOUN
fbem-9133	84	27	dividend	dividend	NOUN
fbem-9133	84	28	payment	payment	NOUN
fbem-9133	84	29	,	,	PUNCT
fbem-9133	84	30	capital	capital	NOUN
fbem-9133	84	31	expenditure	expenditure	NOUN
fbem-9133	84	32	,	,	PUNCT
fbem-9133	84	33	r&d	r&d	NOUN
fbem-9133	84	34	input	input	NOUN
fbem-9133	84	35	,	,	PUNCT
fbem-9133	84	36	price	price	NOUN
fbem-9133	84	37	-	-	PUNCT
fbem-9133	84	38	to	to	ADP
fbem-9133	84	39	-	-	PUNCT
fbem-9133	84	40	book	book	NOUN
fbem-9133	84	41	ratio	ratio	NOUN
fbem-9133	84	42	,	,	PUNCT
fbem-9133	84	43	institutional	institutional	ADJ
fbem-9133	84	44	shareholding	shareholding	NOUN
fbem-9133	84	45	ratio	ratio	NOUN
fbem-9133	84	46	and	and	CCONJ
fbem-9133	84	47	operating	operate	VERB
fbem-9133	84	48	cash	cash	NOUN
fbem-9133	84	49	flow	flow	NOUN
fbem-9133	84	50	as	as	ADP
fbem-9133	84	51	control	control	NOUN
fbem-9133	84	52	variables	variable	NOUN
fbem-9133	84	53	.	.	PUNCT
fbem-9133	85	1	other	other	ADJ
fbem-9133	85	2	control	control	NOUN
fbem-9133	85	3	variables	variable	NOUN
fbem-9133	85	4	in	in	ADP
fbem-9133	85	5	this	this	DET
fbem-9133	85	6	paper	paper	NOUN
fbem-9133	85	7	include	include	VERB
fbem-9133	85	8	the	the	DET
fbem-9133	85	9	age	age	NOUN
fbem-9133	85	10	of	of	ADP
fbem-9133	85	11	the	the	DET
fbem-9133	85	12	company	company	NOUN
fbem-9133	85	13	,	,	PUNCT
fbem-9133	85	14	the	the	DET
fbem-9133	85	15	systemic	systemic	ADJ
fbem-9133	85	16	risk	risk	NOUN
fbem-9133	85	17	of	of	ADP
fbem-9133	85	18	the	the	DET
fbem-9133	85	19	company	company	NOUN
fbem-9133	85	20	,	,	PUNCT
fbem-9133	85	21	the	the	DET
fbem-9133	85	22	shareholding	shareholding	NOUN
fbem-9133	85	23	proportion	proportion	NOUN
fbem-9133	85	24	of	of	ADP
fbem-9133	85	25	top	top	ADJ
fbem-9133	85	26	ten	ten	NUM
fbem-9133	85	27	shareholders	shareholder	NOUN
fbem-9133	85	28	and	and	CCONJ
fbem-9133	85	29	the	the	DET
fbem-9133	85	30	shareholding	shareholding	NOUN
fbem-9133	85	31	proportion	proportion	NOUN
fbem-9133	85	32	of	of	ADP
fbem-9133	85	33	institutions	institution	NOUN
fbem-9133	85	34	.	.	PUNCT
fbem-9133	86	1	the	the	DET
fbem-9133	86	2	age	age	NOUN
fbem-9133	86	3	of	of	ADP
fbem-9133	86	4	the	the	DET
fbem-9133	86	5	company	company	NOUN
fbem-9133	86	6	may	may	AUX
fbem-9133	86	7	have	have	VERB
fbem-9133	86	8	a	a	DET
fbem-9133	86	9	negative	negative	ADJ
fbem-9133	86	10	relationship	relationship	NOUN
fbem-9133	86	11	with	with	ADP
fbem-9133	86	12	the	the	DET
fbem-9133	86	13	cash	cash	NOUN
fbem-9133	86	14	holding	holding	NOUN
fbem-9133	86	15	level	level	NOUN
fbem-9133	86	16	of	of	ADP
fbem-9133	86	17	the	the	DET
fbem-9133	86	18	listed	list	VERB
fbem-9133	86	19	company	company	NOUN
fbem-9133	86	20	,	,	PUNCT
fbem-9133	86	21	mainly	mainly	ADV
fbem-9133	86	22	because	because	SCONJ
fbem-9133	86	23	the	the	DET
fbem-9133	86	24	younger	young	ADJ
fbem-9133	86	25	companies	company	NOUN
fbem-9133	86	26	have	have	VERB
fbem-9133	86	27	weaker	weak	ADJ
fbem-9133	86	28	correlation	correlation	NOUN
fbem-9133	86	29	with	with	ADP
fbem-9133	86	30	their	their	PRON
fbem-9133	86	31	stakeholders	stakeholder	NOUN
fbem-9133	86	32	such	such	ADJ
fbem-9133	86	33	as	as	ADP
fbem-9133	86	34	customers	customer	NOUN
fbem-9133	86	35	,	,	PUNCT
fbem-9133	86	36	suppliers	supplier	NOUN
fbem-9133	86	37	,	,	PUNCT
fbem-9133	86	38	employees	employee	NOUN
fbem-9133	86	39	and	and	CCONJ
fbem-9133	86	40	investors	investor	NOUN
fbem-9133	86	41	,	,	PUNCT
fbem-9133	86	42	and	and	CCONJ
fbem-9133	86	43	listed	list	VERB
fbem-9133	86	44	companies	company	NOUN
fbem-9133	86	45	will	will	AUX
fbem-9133	86	46	need	need	VERB
fbem-9133	86	47	more	more	ADJ
fbem-9133	86	48	cash	cash	NOUN
fbem-9133	86	49	holding	holding	NOUN
fbem-9133	86	50	.	.	PUNCT
fbem-9133	87	1	listed	list	VERB
fbem-9133	87	2	companies	company	NOUN
fbem-9133	87	3	will	will	AUX
fbem-9133	87	4	also	also	ADV
fbem-9133	87	5	be	be	AUX
fbem-9133	87	6	motivated	motivate	VERB
fbem-9133	87	7	by	by	ADP
fbem-9133	87	8	prevention	prevention	NOUN
fbem-9133	87	9	.	.	PUNCT
fbem-9133	88	1	when	when	SCONJ
fbem-9133	88	2	the	the	DET
fbem-9133	88	3	systemic	systemic	ADJ
fbem-9133	88	4	risk	risk	NOUN
fbem-9133	88	5	of	of	ADP
fbem-9133	88	6	listed	list	VERB
fbem-9133	88	7	companies	company	NOUN
fbem-9133	88	8	is	be	AUX
fbem-9133	88	9	greater	great	ADJ
fbem-9133	88	10	,	,	PUNCT
fbem-9133	88	11	the	the	DET
fbem-9133	88	12	cash	cash	NOUN
fbem-9133	88	13	holding	holding	NOUN
fbem-9133	88	14	level	level	NOUN
fbem-9133	88	15	of	of	ADP
fbem-9133	88	16	listed	list	VERB
fbem-9133	88	17	companies	company	NOUN
fbem-9133	88	18	will	will	AUX
fbem-9133	88	19	be	be	AUX
fbem-9133	88	20	higher	high	ADJ
fbem-9133	88	21	.	.	PUNCT
fbem-9133	89	1	the	the	DET
fbem-9133	89	2	shareholding	shareholding	NOUN
fbem-9133	89	3	ratio	ratio	NOUN
fbem-9133	89	4	of	of	ADP
fbem-9133	89	5	top	top	ADJ
fbem-9133	89	6	ten	ten	NUM
fbem-9133	89	7	shareholders	shareholder	NOUN
fbem-9133	89	8	can	can	AUX
fbem-9133	89	9	be	be	AUX
fbem-9133	89	10	regarded	regard	VERB
fbem-9133	89	11	as	as	ADP
fbem-9133	89	12	a	a	DET
fbem-9133	89	13	measure	measure	NOUN
fbem-9133	89	14	of	of	ADP
fbem-9133	89	15	corporate	corporate	ADJ
fbem-9133	89	16	governance	governance	NOUN
fbem-9133	89	17	.	.	PUNCT
fbem-9133	90	1	better	well	ADJ
fbem-9133	90	2	corporate	corporate	ADJ
fbem-9133	90	3	governance	governance	NOUN
fbem-9133	90	4	can	can	AUX
fbem-9133	90	5	increase	increase	VERB
fbem-9133	90	6	the	the	DET
fbem-9133	90	7	value	value	NOUN
fbem-9133	90	8	of	of	ADP
fbem-9133	90	9	cash	cash	NOUN
fbem-9133	90	10	held	hold	VERB
fbem-9133	90	11	by	by	ADP
fbem-9133	90	12	companies	company	NOUN
fbem-9133	90	13	,	,	PUNCT
fbem-9133	90	14	thus	thus	ADV
fbem-9133	90	15	encouraging	encourage	VERB
fbem-9133	90	16	listed	list	VERB
fbem-9133	90	17	companies	company	NOUN
fbem-9133	90	18	to	to	PART
fbem-9133	90	19	hold	hold	VERB
fbem-9133	90	20	more	more	ADJ
fbem-9133	90	21	cash	cash	NOUN
fbem-9133	90	22	(	(	PUNCT
fbem-9133	90	23	dittmar	dittmar	NOUN
fbem-9133	90	24	and	and	CCONJ
fbem-9133	90	25	mahrt	mahrt	VERB
fbem-9133	90	26	smith,2007	smith,2007	NOUN
fbem-9133	90	27	)	)	PUNCT
fbem-9133	90	28	.	.	PUNCT
fbem-9133	91	1	(	(	PUNCT
fbem-9133	91	2	3	3	X
fbem-9133	91	3	)	)	PUNCT
fbem-9133	91	4	model	model	NOUN
fbem-9133	91	5	design	design	NOUN
fbem-9133	91	6	in	in	ADP
fbem-9133	91	7	order	order	NOUN
fbem-9133	91	8	to	to	PART
fbem-9133	91	9	verify	verify	VERB
fbem-9133	91	10	that	that	SCONJ
fbem-9133	91	11	listed	list	VERB
fbem-9133	91	12	companies	company	NOUN
fbem-9133	91	13	hold	hold	VERB
fbem-9133	91	14	cash	cash	NOUN
fbem-9133	91	15	assets	asset	NOUN
fbem-9133	91	16	due	due	ADJ
fbem-9133	91	17	to	to	ADP
fbem-9133	91	18	the	the	DET
fbem-9133	91	19	motivation	motivation	NOUN
fbem-9133	91	20	of	of	ADP
fbem-9133	91	21	stock	stock	NOUN
fbem-9133	91	22	repurchase	repurchase	NOUN
fbem-9133	91	23	,	,	PUNCT
fbem-9133	91	24	this	this	DET
fbem-9133	91	25	paper	paper	NOUN
fbem-9133	91	26	adopts	adopt	VERB
fbem-9133	91	27	the	the	DET
fbem-9133	91	28	differential	differential	ADJ
fbem-9133	91	29	research	research	NOUN
fbem-9133	91	30	design	design	NOUN
fbem-9133	91	31	,	,	PUNCT
fbem-9133	91	32	taking	take	VERB
fbem-9133	91	33	the	the	DET
fbem-9133	91	34	relaxation	relaxation	NOUN
fbem-9133	91	35	of	of	ADP
fbem-9133	91	36	stock	stock	NOUN
fbem-9133	91	37	repurchase	repurchase	NOUN
fbem-9133	91	38	policy	policy	NOUN
fbem-9133	91	39	as	as	ADP
fbem-9133	91	40	a	a	DET
fbem-9133	91	41	quasi	quasi	ADJ
fbem-9133	91	42	-	-	ADJ
fbem-9133	91	43	natural	natural	ADJ
fbem-9133	91	44	experiment	experiment	NOUN
fbem-9133	91	45	,	,	PUNCT
fbem-9133	91	46	and	and	CCONJ
fbem-9133	91	47	divides	divide	VERB
fbem-9133	91	48	listed	list	VERB
fbem-9133	91	49	companies	company	NOUN
fbem-9133	91	50	into	into	ADP
fbem-9133	91	51	a	a	DET
fbem-9133	91	52	group	group	NOUN
fbem-9133	91	53	of	of	ADP
fbem-9133	91	54	high	high	ADJ
fbem-9133	91	55	liquidity	liquidity	NOUN
fbem-9133	91	56	and	and	CCONJ
fbem-9133	91	57	a	a	DET
fbem-9133	91	58	group	group	NOUN
fbem-9133	91	59	of	of	ADP
fbem-9133	91	60	low	low	ADJ
fbem-9133	91	61	liquidity	liquidity	NOUN
fbem-9133	91	62	according	accord	VERB
fbem-9133	91	63	to	to	ADP
fbem-9133	91	64	the	the	DET
fbem-9133	91	65	level	level	NOUN
fbem-9133	91	66	of	of	ADP
fbem-9133	91	67	stock	stock	NOUN
fbem-9133	91	68	flow	flow	NOUN
fbem-9133	91	69	,	,	PUNCT
fbem-9133	91	70	and	and	CCONJ
fbem-9133	91	71	regards	regard	VERB
fbem-9133	91	72	them	they	PRON
fbem-9133	91	73	as	as	ADP
fbem-9133	91	74	the	the	DET
fbem-9133	91	75	control	control	NOUN
fbem-9133	91	76	group	group	NOUN
fbem-9133	91	77	and	and	CCONJ
fbem-9133	91	78	the	the	DET
fbem-9133	91	79	treatment	treatment	NOUN
fbem-9133	91	80	group	group	NOUN
fbem-9133	91	81	.	.	PUNCT
fbem-9133	92	1	the	the	DET
fbem-9133	92	2	differential	differential	ADJ
fbem-9133	92	3	model	model	NOUN
fbem-9133	92	4	is	be	AUX
fbem-9133	92	5	as	as	SCONJ
fbem-9133	92	6	follows	follow	VERB
fbem-9133	92	7	:	:	PUNCT
fbem-9133	92	8	𝑐𝑎𝑠ℎ	𝑐𝑎𝑠ℎ	NOUN
fbem-9133	92	9	,	,	PUNCT
fbem-9133	92	10	∝	∝	PROPN
fbem-9133	92	11	∝	∝	PROPN
fbem-9133	92	12	𝑡𝑟𝑒𝑎𝑡	𝑡𝑟𝑒𝑎𝑡	VERB
fbem-9133	92	13	,	,	PUNCT
fbem-9133	92	14	𝑝𝑜𝑠𝑡	𝑝𝑜𝑠𝑡	NOUN
fbem-9133	92	15	,	,	PUNCT
fbem-9133	92	16	𝛽	𝛽	PROPN
fbem-9133	92	17	𝜑	𝜑	PROPN
fbem-9133	92	18	𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑠	NOUN
fbem-9133	92	19	,	,	PUNCT
fbem-9133	92	20	𝛾	𝛾	NOUN
fbem-9133	92	21	𝜇	𝜇	ADP
fbem-9133	92	22	𝜀	𝜀	X
fbem-9133	92	23	,	,	PUNCT
fbem-9133	92	24	at	at	ADP
fbem-9133	92	25	the	the	DET
fbem-9133	92	26	same	same	ADJ
fbem-9133	92	27	time	time	NOUN
fbem-9133	92	28	,	,	PUNCT
fbem-9133	92	29	based	base	VERB
fbem-9133	92	30	on	on	ADP
fbem-9133	92	31	the	the	DET
fbem-9133	92	32	difference	difference	NOUN
fbem-9133	92	33	-	-	PUNCT
fbem-9133	92	34	difference	difference	NOUN
fbem-9133	92	35	model	model	NOUN
fbem-9133	92	36	,	,	PUNCT
fbem-9133	92	37	the	the	DET
fbem-9133	92	38	heterogeneity	heterogeneity	NOUN
fbem-9133	92	39	of	of	ADP
fbem-9133	92	40	stock	stock	NOUN
fbem-9133	92	41	liquidity	liquidity	NOUN
fbem-9133	92	42	on	on	ADP
fbem-9133	92	43	cash	cash	NOUN
fbem-9133	92	44	holding	holding	NOUN
fbem-9133	92	45	level	level	NOUN
fbem-9133	92	46	was	be	AUX
fbem-9133	92	47	investigated	investigate	VERB
fbem-9133	92	48	respectively	respectively	ADV
fbem-9133	92	49	by	by	ADP
fbem-9133	92	50	grouping	group	VERB
fbem-9133	92	51	the	the	DET
fbem-9133	92	52	four	four	NUM
fbem-9133	92	53	variables	variable	NOUN
fbem-9133	92	54	in	in	ADP
fbem-9133	92	55	the	the	DET
fbem-9133	92	56	above	above	ADJ
fbem-9133	92	57	two	two	NUM
fbem-9133	92	58	aspects	aspect	NOUN
fbem-9133	92	59	according	accord	VERB
fbem-9133	92	60	to	to	ADP
fbem-9133	92	61	property	property	NOUN
fbem-9133	92	62	rights	right	NOUN
fbem-9133	92	63	nature	nature	NOUN
fbem-9133	92	64	,	,	PUNCT
fbem-9133	92	65	executive	executive	ADJ
fbem-9133	92	66	gender	gender	NOUN
fbem-9133	92	67	,	,	PUNCT
fbem-9133	92	68	whether	whether	SCONJ
fbem-9133	92	69	the	the	DET
fbem-9133	92	70	chairman	chairman	NOUN
fbem-9133	92	71	and	and	CCONJ
fbem-9133	92	72	ceo	ceo	NOUN
fbem-9133	92	73	are	be	AUX
fbem-9133	92	74	in	in	ADP
fbem-9133	92	75	combination	combination	NOUN
fbem-9133	92	76	,	,	PUNCT
fbem-9133	92	77	and	and	CCONJ
fbem-9133	92	78	whether	whether	SCONJ
fbem-9133	92	79	the	the	DET
fbem-9133	92	80	executives	executive	NOUN
fbem-9133	92	81	have	have	VERB
fbem-9133	92	82	overseas	overseas	ADJ
fbem-9133	92	83	background	background	NOUN
fbem-9133	92	84	.	.	PUNCT
fbem-9133	93	1	4	4	X
fbem-9133	93	2	.	.	PUNCT
fbem-9133	93	3	model	model	NOUN
fbem-9133	93	4	estimation	estimation	NOUN
fbem-9133	93	5	and	and	CCONJ
fbem-9133	93	6	analysis	analysis	NOUN
fbem-9133	93	7	(	(	PUNCT
fbem-9133	93	8	1	1	X
fbem-9133	93	9	)	)	PUNCT
fbem-9133	93	10	descriptive	descriptive	ADJ
fbem-9133	93	11	statistics	statistic	NOUN
fbem-9133	93	12	table	table	NOUN
fbem-9133	93	13	1	1	NUM
fbem-9133	93	14	reports	report	VERB
fbem-9133	93	15	descriptive	descriptive	ADJ
fbem-9133	93	16	statistics	statistic	NOUN
fbem-9133	93	17	for	for	ADP
fbem-9133	93	18	the	the	DET
fbem-9133	93	19	main	main	ADJ
fbem-9133	93	20	variables	variable	NOUN
fbem-9133	93	21	.	.	PUNCT
fbem-9133	94	1	as	as	SCONJ
fbem-9133	94	2	can	can	AUX
fbem-9133	94	3	be	be	AUX
fbem-9133	94	4	seen	see	VERB
fbem-9133	94	5	from	from	ADP
fbem-9133	94	6	the	the	DET
fbem-9133	94	7	table	table	NOUN
fbem-9133	94	8	,	,	PUNCT
fbem-9133	94	9	the	the	DET
fbem-9133	94	10	mean	mean	ADJ
fbem-9133	94	11	value	value	NOUN
fbem-9133	94	12	of	of	ADP
fbem-9133	94	13	cash	cash	NOUN
fbem-9133	94	14	holdings	holding	NOUN
fbem-9133	94	15	of	of	ADP
fbem-9133	94	16	chinese	chinese	ADJ
fbem-9133	94	17	listed	list	VERB
fbem-9133	94	18	companies	company	NOUN
fbem-9133	94	19	is	be	AUX
fbem-9133	94	20	0.29	0.29	NUM
fbem-9133	94	21	,	,	PUNCT
fbem-9133	94	22	the	the	DET
fbem-9133	94	23	minimum	minimum	ADJ
fbem-9133	94	24	value	value	NOUN
fbem-9133	94	25	is	be	AUX
fbem-9133	94	26	78.50	78.50	NUM
fbem-9133	94	27	,	,	PUNCT
fbem-9133	94	28	the	the	DET
fbem-9133	94	29	maximum	maximum	ADJ
fbem-9133	94	30	value	value	NOUN
fbem-9133	94	31	is	be	AUX
fbem-9133	94	32	116.01	116.01	NUM
fbem-9133	94	33	,	,	PUNCT
fbem-9133	94	34	and	and	CCONJ
fbem-9133	94	35	the	the	DET
fbem-9133	94	36	standard	standard	ADJ
fbem-9133	94	37	deviation	deviation	NOUN
fbem-9133	94	38	is	be	AUX
fbem-9133	94	39	2.09	2.09	NUM
fbem-9133	94	40	.	.	PUNCT
fbem-9133	95	1	these	these	DET
fbem-9133	95	2	data	datum	NOUN
fbem-9133	95	3	indicate	indicate	VERB
fbem-9133	95	4	that	that	SCONJ
fbem-9133	95	5	the	the	DET
fbem-9133	95	6	cash	cash	NOUN
fbem-9133	95	7	holdings	holding	NOUN
fbem-9133	95	8	of	of	ADP
fbem-9133	95	9	chinese	chinese	ADJ
fbem-9133	95	10	listed	list	VERB
fbem-9133	95	11	companies	company	NOUN
fbem-9133	95	12	vary	vary	VERB
fbem-9133	95	13	greatly	greatly	ADV
fbem-9133	95	14	.	.	PUNCT
fbem-9133	96	1	the	the	DET
fbem-9133	96	2	mean	mean	NOUN
fbem-9133	96	3	of	of	ADP
fbem-9133	96	4	the	the	DET
fbem-9133	96	5	stock	stock	NOUN
fbem-9133	96	6	liquidity	liquidity	NOUN
fbem-9133	96	7	index	index	NOUN
fbem-9133	96	8	is	be	AUX
fbem-9133	96	9	slightly	slightly	ADV
fbem-9133	96	10	close	close	ADJ
fbem-9133	96	11	to	to	ADP
fbem-9133	96	12	0	0	NUM
fbem-9133	96	13	,	,	PUNCT
fbem-9133	96	14	the	the	DET
fbem-9133	96	15	minimum	minimum	ADJ
fbem-9133	96	16	value	value	NOUN
fbem-9133	96	17	is	be	AUX
fbem-9133	96	18	-0.56	-0.56	NUM
fbem-9133	96	19	,	,	PUNCT
fbem-9133	96	20	the	the	DET
fbem-9133	96	21	maximum	maximum	NOUN
fbem-9133	96	22	is	be	AUX
fbem-9133	96	23	0.19	0.19	NUM
fbem-9133	96	24	,	,	PUNCT
fbem-9133	96	25	and	and	CCONJ
fbem-9133	96	26	the	the	DET
fbem-9133	96	27	standard	standard	ADJ
fbem-9133	96	28	deviation	deviation	NOUN
fbem-9133	96	29	is	be	AUX
fbem-9133	96	30	0.02	0.02	NUM
fbem-9133	96	31	,	,	PUNCT
fbem-9133	96	32	which	which	PRON
fbem-9133	96	33	indicates	indicate	VERB
fbem-9133	96	34	that	that	SCONJ
fbem-9133	96	35	there	there	PRON
fbem-9133	96	36	is	be	VERB
fbem-9133	96	37	some	some	DET
fbem-9133	96	38	gap	gap	NOUN
fbem-9133	96	39	in	in	ADP
fbem-9133	96	40	the	the	DET
fbem-9133	96	41	stock	stock	NOUN
fbem-9133	96	42	liquidity	liquidity	NOUN
fbem-9133	96	43	of	of	ADP
fbem-9133	96	44	listed	list	VERB
fbem-9133	96	45	companies	company	NOUN
fbem-9133	96	46	in	in	ADP
fbem-9133	96	47	our	our	PRON
fbem-9133	96	48	country	country	NOUN
fbem-9133	96	49	.	.	PUNCT
fbem-9133	97	1	other	other	ADJ
fbem-9133	97	2	control	control	NOUN
fbem-9133	97	3	variables	variable	NOUN
fbem-9133	97	4	are	be	AUX
fbem-9133	97	5	within	within	ADP
fbem-9133	97	6	a	a	DET
fbem-9133	97	7	reasonable	reasonable	ADJ
fbem-9133	97	8	range	range	NOUN
fbem-9133	97	9	and	and	CCONJ
fbem-9133	97	10	will	will	AUX
fbem-9133	97	11	not	not	PART
fbem-9133	97	12	be	be	AUX
fbem-9133	97	13	described	describe	VERB
fbem-9133	97	14	here	here	ADV
fbem-9133	97	15	.	.	PUNCT
fbem-9133	98	1	table	table	NOUN
fbem-9133	98	2	1	1	NUM
fbem-9133	98	3	.	.	PUNCT
fbem-9133	98	4	descriptive	descriptive	ADJ
fbem-9133	98	5	statistics	statistic	NOUN
fbem-9133	98	6	name	name	NOUN
fbem-9133	98	7	n	n	PRON
fbem-9133	98	8	mean	mean	VERB
fbem-9133	98	9	std.dev	std.dev	PROPN
fbem-9133	98	10	.	.	PUNCT
fbem-9133	99	1	min	min	PROPN
fbem-9133	99	2	.	.	PROPN
fbem-9133	99	3	median	median	PROPN
fbem-9133	99	4	max	max	PROPN
fbem-9133	99	5	cash	cash	NOUN
fbem-9133	99	6	10390	10390	NUM
fbem-9133	99	7	0.29	0.29	NUM
fbem-9133	99	8	2.09	2.09	NUM
fbem-9133	99	9	-78.5	-78.5	NUM
fbem-9133	99	10	0.017	0.017	NUM
fbem-9133	99	11	116.01	116.01	NUM
fbem-9133	99	12	liqps	liqps	PROPN
fbem-9133	99	13	10390	10390	NUM
fbem-9133	99	14	-0.00	-0.00	NUM
fbem-9133	99	15	0.02	0.02	NUM
fbem-9133	99	16	-0.56	-0.56	NUM
fbem-9133	99	17	-0.00	-0.00	NUM
fbem-9133	99	18	0.19	0.19	NUM
fbem-9133	99	19	wcash	wcash	NOUN
fbem-9133	99	20	10390	10390	NUM
fbem-9133	99	21	0.40	0.40	NUM
fbem-9133	99	22	2.74	2.74	NUM
fbem-9133	99	23	-67.26	-67.26	PROPN
fbem-9133	99	24	0.29	0.29	NUM
fbem-9133	99	25	195.20	195.20	NUM
fbem-9133	99	26	div	div	X
fbem-9133	99	27	10390	10390	NUM
fbem-9133	99	28	0.18	0.18	NUM
fbem-9133	99	29	0.35	0.35	NUM
fbem-9133	99	30	0.00	0.00	NUM
fbem-9133	99	31	0.10	0.10	NUM
fbem-9133	99	32	16.00	16.00	NUM
fbem-9133	99	33	lev	lev	NOUN
fbem-9133	99	34	10390	10390	NUM
fbem-9133	99	35	1.57	1.57	NUM
fbem-9133	99	36	3.49	3.49	NUM
fbem-9133	99	37	-25.48	-25.48	NUM
fbem-9133	99	38	1.10	1.10	NUM
fbem-9133	99	39	219.03	219.03	NUM
fbem-9133	99	40	size	size	NOUN
fbem-9133	99	41	10390	10390	NUM
fbem-9133	99	42	22.49	22.49	NUM
fbem-9133	99	43	1.36	1.36	NUM
fbem-9133	99	44	16.16	16.16	NUM
fbem-9133	99	45	22.28	22.28	NUM
fbem-9133	99	46	28.64	28.64	NUM
fbem-9133	99	47	cf	cf	NOUN
fbem-9133	99	48	10390	10390	NUM
fbem-9133	99	49	0.09	0.09	NUM
fbem-9133	99	50	0.60	0.60	NUM
fbem-9133	99	51	-29.66	-29.66	SYM
fbem-9133	99	52	0.07	0.07	NUM
fbem-9133	99	53	21.96	21.96	NUM
fbem-9133	99	54	outc	outc	X
fbem-9133	99	55	10390	10390	NUM
fbem-9133	99	56	0.08	0.08	NUM
fbem-9133	99	57	0.54	0.54	NUM
fbem-9133	99	58	-38.66	-38.66	SYM
fbem-9133	99	59	0.06	0.06	NUM
fbem-9133	99	60	19.10	19.10	NUM
fbem-9133	99	61	rdc	rdc	PROPN
fbem-9133	99	62	10390	10390	NUM
fbem-9133	99	63	0.04	0.04	NUM
fbem-9133	99	64	0.22	0.22	NUM
fbem-9133	99	65	-15.89	-15.89	NUM
fbem-9133	99	66	0.03	0.03	NUM
fbem-9133	99	67	10.66	10.66	NUM
fbem-9133	99	68	beta2	beta2	NOUN
fbem-9133	99	69	10390	10390	NUM
fbem-9133	99	70	1.15	1.15	NUM
fbem-9133	99	71	0.29	0.29	NUM
fbem-9133	99	72	-0.08	-0.08	NUM
fbem-9133	99	73	1.15	1.15	NUM
fbem-9133	99	74	2.98	2.98	NUM
fbem-9133	99	75	tenhold	tenhold	NOUN
fbem-9133	99	76	10390	10390	NUM
fbem-9133	99	77	59.92	59.92	NUM
fbem-9133	99	78	15.47	15.47	NUM
fbem-9133	99	79	12.72	12.72	NUM
fbem-9133	99	80	61.09	61.09	NUM
fbem-9133	99	81	101.16	101.16	NUM
fbem-9133	99	82	insinvestor	insinvestor	NOUN
fbem-9133	99	83	10390	10390	NUM
fbem-9133	99	84	47.63	47.63	NUM
fbem-9133	99	85	24.81	24.81	NUM
fbem-9133	99	86	0.00	0.00	NUM
fbem-9133	99	87	50.60	50.60	NUM
fbem-9133	99	88	101.14	101.14	NUM
fbem-9133	99	89	bm	bm	PROPN
fbem-9133	99	90	10390	10390	NUM
fbem-9133	99	91	1.12	1.12	NUM
fbem-9133	99	92	1.31	1.31	NUM
fbem-9133	99	93	0.03	0.03	NUM
fbem-9133	99	94	0.73	0.73	NUM
fbem-9133	99	95	24.48	24.48	NUM
fbem-9133	99	96	pb	pb	ADP
fbem-9133	99	97	10390	10390	NUM
fbem-9133	99	98	3.18	3.18	NUM
fbem-9133	99	99	5.24	5.24	NUM
fbem-9133	99	100	0.12	0.12	NUM
fbem-9133	99	101	2.40	2.40	NUM
fbem-9133	99	102	456.24	456.24	NUM
fbem-9133	99	103	fage	fage	NOUN
fbem-9133	99	104	10390	10390	NUM
fbem-9133	99	105	2.68	2.68	NUM
fbem-9133	99	106	0.50	0.50	NUM
fbem-9133	99	107	0.69	0.69	NUM
fbem-9133	99	108	2.71	2.71	NUM
fbem-9133	99	109	3.47	3.47	NUM
fbem-9133	99	110	note	note	NOUN
fbem-9133	99	111	:	:	PUNCT
fbem-9133	99	112	all	all	DET
fbem-9133	99	113	continuous	continuous	ADJ
fbem-9133	99	114	variables	variable	NOUN
fbem-9133	99	115	were	be	AUX
fbem-9133	99	116	indentured	indenture	VERB
fbem-9133	99	117	at	at	ADP
fbem-9133	99	118	the	the	DET
fbem-9133	99	119	1	1	NUM
fbem-9133	99	120	%	%	NOUN
fbem-9133	99	121	and	and	CCONJ
fbem-9133	99	122	99	99	NUM
fbem-9133	99	123	%	%	NOUN
fbem-9133	99	124	levels	level	NOUN
fbem-9133	99	125	.	.	PUNCT
fbem-9133	100	1	94	94	NUM
fbem-9133	100	2	(	(	PUNCT
fbem-9133	100	3	2	2	NUM
fbem-9133	100	4	)	)	PUNCT
fbem-9133	100	5	regression	regression	NOUN
fbem-9133	100	6	results	result	NOUN
fbem-9133	100	7	column	column	NOUN
fbem-9133	100	8	(	(	PUNCT
fbem-9133	100	9	1	1	NUM
fbem-9133	100	10	)	)	PUNCT
fbem-9133	100	11	in	in	ADP
fbem-9133	100	12	table	table	NOUN
fbem-9133	100	13	2	2	NUM
fbem-9133	100	14	is	be	AUX
fbem-9133	100	15	the	the	DET
fbem-9133	100	16	test	test	NOUN
fbem-9133	100	17	result	result	NOUN
fbem-9133	100	18	of	of	ADP
fbem-9133	100	19	hypothesis	hypothesis	NOUN
fbem-9133	100	20	h1	h1	NOUN
fbem-9133	100	21	.	.	PUNCT
fbem-9133	101	1	the	the	DET
fbem-9133	101	2	results	result	NOUN
fbem-9133	101	3	show	show	VERB
fbem-9133	101	4	that	that	SCONJ
fbem-9133	101	5	the	the	DET
fbem-9133	101	6	regression	regression	NOUN
fbem-9133	101	7	coefficient	coefficient	NOUN
fbem-9133	101	8	of	of	ADP
fbem-9133	101	9	liqps	liqps	NOUN
fbem-9133	101	10	is	be	AUX
fbem-9133	101	11	53.927	53.927	NUM
fbem-9133	101	12	and	and	CCONJ
fbem-9133	101	13	significant	significant	ADJ
fbem-9133	101	14	at	at	ADP
fbem-9133	101	15	the	the	DET
fbem-9133	101	16	10	10	NUM
fbem-9133	101	17	%	%	NOUN
fbem-9133	101	18	level	level	NOUN
fbem-9133	101	19	,	,	PUNCT
fbem-9133	101	20	indicating	indicate	VERB
fbem-9133	101	21	that	that	SCONJ
fbem-9133	101	22	stock	stock	NOUN
fbem-9133	101	23	liquidity	liquidity	NOUN
fbem-9133	101	24	has	have	VERB
fbem-9133	101	25	a	a	DET
fbem-9133	101	26	positive	positive	ADJ
fbem-9133	101	27	impact	impact	NOUN
fbem-9133	101	28	on	on	ADP
fbem-9133	101	29	cash	cash	NOUN
fbem-9133	101	30	holdings	holding	NOUN
fbem-9133	101	31	of	of	ADP
fbem-9133	101	32	listed	list	VERB
fbem-9133	101	33	companies	company	NOUN
fbem-9133	101	34	,	,	PUNCT
fbem-9133	101	35	which	which	PRON
fbem-9133	101	36	verifies	verifie	NOUN
fbem-9133	101	37	hypothesis	hypothesis	NOUN
fbem-9133	101	38	h1	h1	PROPN
fbem-9133	101	39	.	.	PUNCT
fbem-9133	102	1	due	due	ADP
fbem-9133	102	2	to	to	ADP
fbem-9133	102	3	a	a	DET
fbem-9133	102	4	certain	certain	ADJ
fbem-9133	102	5	degree	degree	NOUN
fbem-9133	102	6	of	of	ADP
fbem-9133	102	7	endogeneity	endogeneity	NOUN
fbem-9133	102	8	between	between	ADP
fbem-9133	102	9	the	the	DET
fbem-9133	102	10	cash	cash	NOUN
fbem-9133	102	11	holding	holding	NOUN
fbem-9133	102	12	level	level	NOUN
fbem-9133	102	13	of	of	ADP
fbem-9133	102	14	listed	list	VERB
fbem-9133	102	15	companies	company	NOUN
fbem-9133	102	16	and	and	CCONJ
fbem-9133	102	17	their	their	PRON
fbem-9133	102	18	stock	stock	NOUN
fbem-9133	102	19	liquidity	liquidity	NOUN
fbem-9133	102	20	,	,	PUNCT
fbem-9133	102	21	that	that	PRON
fbem-9133	102	22	is	be	AUX
fbem-9133	102	23	to	to	PART
fbem-9133	102	24	say	say	VERB
fbem-9133	102	25	,	,	PUNCT
fbem-9133	102	26	the	the	PRON
fbem-9133	102	27	higher	high	ADJ
fbem-9133	102	28	the	the	DET
fbem-9133	102	29	cash	cash	NOUN
fbem-9133	102	30	holding	holding	NOUN
fbem-9133	102	31	level	level	NOUN
fbem-9133	102	32	of	of	ADP
fbem-9133	102	33	listed	list	VERB
fbem-9133	102	34	companies	company	NOUN
fbem-9133	102	35	,	,	PUNCT
fbem-9133	102	36	it	it	PRON
fbem-9133	102	37	may	may	AUX
fbem-9133	102	38	affect	affect	VERB
fbem-9133	102	39	the	the	DET
fbem-9133	102	40	value	value	NOUN
fbem-9133	102	41	judgment	judgment	NOUN
fbem-9133	102	42	of	of	ADP
fbem-9133	102	43	investors	investor	NOUN
fbem-9133	102	44	in	in	ADP
fbem-9133	102	45	the	the	DET
fbem-9133	102	46	capital	capital	NOUN
fbem-9133	102	47	market	market	NOUN
fbem-9133	102	48	for	for	ADP
fbem-9133	102	49	listed	list	VERB
fbem-9133	102	50	companies	company	NOUN
fbem-9133	102	51	,	,	PUNCT
fbem-9133	102	52	and	and	CCONJ
fbem-9133	102	53	to	to	ADP
fbem-9133	102	54	some	some	DET
fbem-9133	102	55	extent	extent	NOUN
fbem-9133	102	56	,	,	PUNCT
fbem-9133	102	57	its	its	PRON
fbem-9133	102	58	stock	stock	NOUN
fbem-9133	102	59	liquidity	liquidity	NOUN
fbem-9133	102	60	.	.	PUNCT
fbem-9133	103	1	therefore	therefore	ADV
fbem-9133	103	2	,	,	PUNCT
fbem-9133	103	3	this	this	DET
fbem-9133	103	4	paper	paper	NOUN
fbem-9133	103	5	decides	decide	VERB
fbem-9133	103	6	to	to	PART
fbem-9133	103	7	take	take	VERB
fbem-9133	103	8	chinese	chinese	ADJ
fbem-9133	103	9	regulatory	regulatory	ADJ
fbem-9133	103	10	government	government	NOUN
fbem-9133	103	11	's	's	PART
fbem-9133	103	12	revision	revision	NOUN
fbem-9133	103	13	of	of	ADP
fbem-9133	103	14	company	company	NOUN
fbem-9133	103	15	law	law	NOUN
fbem-9133	103	16	at	at	ADP
fbem-9133	103	17	the	the	DET
fbem-9133	103	18	end	end	NOUN
fbem-9133	103	19	of	of	ADP
fbem-9133	103	20	2018	2018	NUM
fbem-9133	103	21	to	to	PART
fbem-9133	103	22	relax	relax	VERB
fbem-9133	103	23	the	the	DET
fbem-9133	103	24	principle	principle	NOUN
fbem-9133	103	25	of	of	ADP
fbem-9133	103	26	share	share	NOUN
fbem-9133	103	27	repurchase	repurchase	VERB
fbem-9133	103	28	as	as	ADP
fbem-9133	103	29	an	an	DET
fbem-9133	103	30	exogenous	exogenous	ADJ
fbem-9133	103	31	impact	impact	NOUN
fbem-9133	103	32	policy	policy	NOUN
fbem-9133	103	33	.	.	PUNCT
fbem-9133	104	1	by	by	ADP
fbem-9133	104	2	grouping	group	VERB
fbem-9133	104	3	listed	list	VERB
fbem-9133	104	4	companies	company	NOUN
fbem-9133	104	5	based	base	VERB
fbem-9133	104	6	on	on	ADP
fbem-9133	104	7	stock	stock	NOUN
fbem-9133	104	8	liquidity	liquidity	NOUN
fbem-9133	104	9	,	,	PUNCT
fbem-9133	104	10	the	the	DET
fbem-9133	104	11	group	group	NOUN
fbem-9133	104	12	with	with	ADP
fbem-9133	104	13	low	low	ADJ
fbem-9133	104	14	stock	stock	NOUN
fbem-9133	104	15	liquidity	liquidity	NOUN
fbem-9133	104	16	is	be	AUX
fbem-9133	104	17	taken	take	VERB
fbem-9133	104	18	as	as	ADP
fbem-9133	104	19	the	the	DET
fbem-9133	104	20	control	control	NOUN
fbem-9133	104	21	group	group	NOUN
fbem-9133	104	22	,	,	PUNCT
fbem-9133	104	23	and	and	CCONJ
fbem-9133	104	24	the	the	DET
fbem-9133	104	25	group	group	NOUN
fbem-9133	104	26	with	with	ADP
fbem-9133	104	27	high	high	ADJ
fbem-9133	104	28	stock	stock	NOUN
fbem-9133	104	29	liquidity	liquidity	NOUN
fbem-9133	104	30	is	be	AUX
fbem-9133	104	31	taken	take	VERB
fbem-9133	104	32	as	as	ADP
fbem-9133	104	33	the	the	DET
fbem-9133	104	34	treatment	treatment	NOUN
fbem-9133	104	35	group	group	NOUN
fbem-9133	104	36	.	.	PUNCT
fbem-9133	105	1	the	the	DET
fbem-9133	105	2	net	net	ADJ
fbem-9133	105	3	effect	effect	NOUN
fbem-9133	105	4	between	between	ADP
fbem-9133	105	5	the	the	DET
fbem-9133	105	6	control	control	NOUN
fbem-9133	105	7	group	group	NOUN
fbem-9133	105	8	and	and	CCONJ
fbem-9133	105	9	the	the	DET
fbem-9133	105	10	treatment	treatment	NOUN
fbem-9133	105	11	group	group	NOUN
fbem-9133	105	12	was	be	AUX
fbem-9133	105	13	obtained	obtain	VERB
fbem-9133	105	14	by	by	ADP
fbem-9133	105	15	the	the	DET
fbem-9133	105	16	difference	difference	NOUN
fbem-9133	105	17	-	-	PUNCT
fbem-9133	105	18	difference	difference	NOUN
fbem-9133	105	19	model	model	NOUN
fbem-9133	105	20	,	,	PUNCT
fbem-9133	105	21	and	and	CCONJ
fbem-9133	105	22	the	the	DET
fbem-9133	105	23	above	above	ADJ
fbem-9133	105	24	hypothesis	hypothesis	NOUN
fbem-9133	105	25	was	be	AUX
fbem-9133	105	26	further	far	ADV
fbem-9133	105	27	tested	test	VERB
fbem-9133	105	28	.	.	PUNCT
fbem-9133	106	1	in	in	ADP
fbem-9133	106	2	addition	addition	NOUN
fbem-9133	106	3	,	,	PUNCT
fbem-9133	106	4	in	in	ADP
fbem-9133	106	5	order	order	NOUN
fbem-9133	106	6	to	to	PART
fbem-9133	106	7	control	control	VERB
fbem-9133	106	8	the	the	DET
fbem-9133	106	9	potential	potential	ADJ
fbem-9133	106	10	selectivity	selectivity	NOUN
fbem-9133	106	11	bias	bias	NOUN
fbem-9133	106	12	in	in	ADP
fbem-9133	106	13	the	the	DET
fbem-9133	106	14	did	did	ADJ
fbem-9133	106	15	model	model	NOUN
fbem-9133	106	16	,	,	PUNCT
fbem-9133	106	17	this	this	DET
fbem-9133	106	18	paper	paper	NOUN
fbem-9133	106	19	drew	draw	VERB
fbem-9133	106	20	on	on	ADP
fbem-9133	106	21	the	the	DET
fbem-9133	106	22	practices	practice	NOUN
fbem-9133	106	23	of	of	ADP
fbem-9133	106	24	lian	lian	ADJ
fbem-9133	106	25	lishuai	lishuai	PROPN
fbem-9133	106	26	et	et	PROPN
fbem-9133	106	27	al	al	PROPN
fbem-9133	106	28	.	.	PROPN
fbem-9133	107	1	(	(	PUNCT
fbem-9133	107	2	2019	2019	NUM
fbem-9133	107	3	)	)	PUNCT
fbem-9133	107	4	,	,	PUNCT
fbem-9133	107	5	zhang	zhang	PROPN
fbem-9133	107	6	xueyong	xueyong	PROPN
fbem-9133	107	7	,	,	PUNCT
fbem-9133	107	8	zhang	zhang	PROPN
fbem-9133	107	9	qiuyue	qiuyue	PROPN
fbem-9133	107	10	(	(	PUNCT
fbem-9133	107	11	2018	2018	NUM
fbem-9133	107	12	)	)	PUNCT
fbem-9133	107	13	and	and	CCONJ
fbem-9133	107	14	li	li	PROPN
fbem-9133	107	15	chuntao	chuntao	PROPN
fbem-9133	107	16	et	et	PROPN
fbem-9133	107	17	al	al	PROPN
fbem-9133	107	18	.	.	PROPN
fbem-9133	108	1	(	(	PUNCT
fbem-9133	108	2	2017	2017	NUM
fbem-9133	108	3	)	)	PUNCT
fbem-9133	108	4	,	,	PUNCT
fbem-9133	108	5	and	and	CCONJ
fbem-9133	108	6	used	use	VERB
fbem-9133	108	7	the	the	DET
fbem-9133	108	8	propensity	propensity	NOUN
fbem-9133	108	9	score	score	NOUN
fbem-9133	108	10	matching	matching	NOUN
fbem-9133	108	11	method	method	NOUN
fbem-9133	108	12	to	to	PART
fbem-9133	108	13	re	re	VERB
fbem-9133	108	14	-	-	VERB
fbem-9133	108	15	select	select	ADJ
fbem-9133	108	16	samples	sample	NOUN
fbem-9133	108	17	and	and	CCONJ
fbem-9133	108	18	construct	construct	VERB
fbem-9133	108	19	a	a	DET
fbem-9133	108	20	more	more	ADV
fbem-9133	108	21	scientific	scientific	ADJ
fbem-9133	108	22	and	and	CCONJ
fbem-9133	108	23	reasonable	reasonable	ADJ
fbem-9133	108	24	control	control	NOUN
fbem-9133	108	25	group	group	NOUN
fbem-9133	108	26	.	.	PUNCT
fbem-9133	109	1	columns	column	NOUN
fbem-9133	109	2	(	(	PUNCT
fbem-9133	109	3	2	2	NUM
fbem-9133	109	4	)	)	PUNCT
fbem-9133	109	5	and	and	CCONJ
fbem-9133	109	6	(	(	PUNCT
fbem-9133	109	7	3	3	X
fbem-9133	109	8	)	)	PUNCT
fbem-9133	109	9	in	in	ADP
fbem-9133	109	10	table	table	NOUN
fbem-9133	109	11	2	2	NUM
fbem-9133	109	12	separately	separately	ADV
fbem-9133	109	13	reported	report	VERB
fbem-9133	109	14	the	the	DET
fbem-9133	109	15	regression	regression	NOUN
fbem-9133	109	16	results	result	NOUN
fbem-9133	109	17	of	of	ADP
fbem-9133	109	18	did	do	AUX
fbem-9133	109	19	and	and	CCONJ
fbem-9133	109	20	psm	psm	NOUN
fbem-9133	109	21	-	-	PUNCT
fbem-9133	109	22	did	do	AUX
fbem-9133	109	23	.	.	PUNCT
fbem-9133	110	1	all	all	DET
fbem-9133	110	2	regression	regression	NOUN
fbem-9133	110	3	results	result	NOUN
fbem-9133	110	4	can	can	AUX
fbem-9133	110	5	be	be	AUX
fbem-9133	110	6	consistent	consistent	ADJ
fbem-9133	110	7	with	with	ADP
fbem-9133	110	8	the	the	DET
fbem-9133	110	9	conclusions	conclusion	NOUN
fbem-9133	110	10	of	of	ADP
fbem-9133	110	11	the	the	DET
fbem-9133	110	12	above	above	ADJ
fbem-9133	110	13	studies	study	NOUN
fbem-9133	110	14	.	.	PUNCT
fbem-9133	111	1	after	after	ADP
fbem-9133	111	2	controlling	control	VERB
fbem-9133	111	3	the	the	DET
fbem-9133	111	4	individual	individual	ADJ
fbem-9133	111	5	fixed	fix	VERB
fbem-9133	111	6	effect	effect	NOUN
fbem-9133	111	7	and	and	CCONJ
fbem-9133	111	8	time	time	NOUN
fbem-9133	111	9	effect	effect	NOUN
fbem-9133	111	10	of	of	ADP
fbem-9133	111	11	listed	list	VERB
fbem-9133	111	12	companies	company	NOUN
fbem-9133	111	13	,	,	PUNCT
fbem-9133	111	14	the	the	DET
fbem-9133	111	15	two	two	NUM
fbem-9133	111	16	results	result	NOUN
fbem-9133	111	17	both	both	PRON
fbem-9133	111	18	found	find	VERB
fbem-9133	111	19	that	that	SCONJ
fbem-9133	111	20	the	the	DET
fbem-9133	111	21	key	key	ADJ
fbem-9133	111	22	explanatory	explanatory	ADJ
fbem-9133	111	23	variable	variable	NOUN
fbem-9133	111	24	ps2did	ps2did	VERB
fbem-9133	111	25	was	be	AUX
fbem-9133	111	26	significantly	significantly	ADV
fbem-9133	111	27	positive	positive	ADJ
fbem-9133	111	28	at	at	ADP
fbem-9133	111	29	the	the	DET
fbem-9133	111	30	5	5	NUM
fbem-9133	111	31	%	%	NOUN
fbem-9133	111	32	level	level	NOUN
fbem-9133	111	33	,	,	PUNCT
fbem-9133	111	34	which	which	PRON
fbem-9133	111	35	indicated	indicate	VERB
fbem-9133	111	36	that	that	SCONJ
fbem-9133	111	37	compared	compare	VERB
fbem-9133	111	38	with	with	ADP
fbem-9133	111	39	those	those	DET
fbem-9133	111	40	companies	company	NOUN
fbem-9133	111	41	with	with	ADP
fbem-9133	111	42	low	low	ADJ
fbem-9133	111	43	stock	stock	NOUN
fbem-9133	111	44	liquidity	liquidity	NOUN
fbem-9133	111	45	,	,	PUNCT
fbem-9133	111	46	companies	company	NOUN
fbem-9133	111	47	with	with	ADP
fbem-9133	111	48	high	high	ADJ
fbem-9133	111	49	stock	stock	NOUN
fbem-9133	111	50	liquidity	liquidity	NOUN
fbem-9133	111	51	were	be	AUX
fbem-9133	111	52	more	more	ADV
fbem-9133	111	53	likely	likely	ADJ
fbem-9133	111	54	to	to	PART
fbem-9133	111	55	increase	increase	VERB
fbem-9133	111	56	their	their	PRON
fbem-9133	111	57	cash	cash	NOUN
fbem-9133	111	58	level	level	NOUN
fbem-9133	111	59	after	after	SCONJ
fbem-9133	111	60	the	the	DET
fbem-9133	111	61	csrc	csrc	NOUN
fbem-9133	111	62	relaxed	relax	VERB
fbem-9133	111	63	the	the	DET
fbem-9133	111	64	principle	principle	NOUN
fbem-9133	111	65	of	of	ADP
fbem-9133	111	66	share	share	NOUN
fbem-9133	111	67	repurchase	repurchase	NOUN
fbem-9133	111	68	.	.	PUNCT
fbem-9133	112	1	let	let	VERB
fbem-9133	112	2	's	us	PRON
fbem-9133	112	3	say	say	VERB
fbem-9133	112	4	h2	h2	PROPN
fbem-9133	112	5	is	be	AUX
fbem-9133	112	6	verified	verify	VERB
fbem-9133	112	7	.	.	PUNCT
fbem-9133	113	1	table	table	NOUN
fbem-9133	113	2	2	2	NUM
fbem-9133	113	3	.	.	PUNCT
fbem-9133	114	1	reference	reference	NOUN
fbem-9133	114	2	regression	regression	NOUN
fbem-9133	114	3	cash	cash	NOUN
fbem-9133	114	4	(	(	PUNCT
fbem-9133	114	5	1	1	NUM
fbem-9133	114	6	)	)	PUNCT
fbem-9133	114	7	ols	ol	NOUN
fbem-9133	114	8	(	(	PUNCT
fbem-9133	114	9	2	2	X
fbem-9133	114	10	)	)	PUNCT
fbem-9133	114	11	did	do	AUX
fbem-9133	114	12	(	(	PUNCT
fbem-9133	114	13	3	3	X
fbem-9133	114	14	)	)	PUNCT
fbem-9133	114	15	psm	psm	NOUN
fbem-9133	114	16	-	-	PUNCT
fbem-9133	114	17	did	do	AUX
fbem-9133	114	18	liqps	liqps	NOUN
fbem-9133	114	19	-53.927	-53.927	NOUN
fbem-9133	114	20	*	*	PUNCT
fbem-9133	114	21	(	(	PUNCT
fbem-9133	114	22	-1.69	-1.69	NOUN
fbem-9133	114	23	)	)	PUNCT
fbem-9133	114	24	ps2did	ps2did	VERB
fbem-9133	114	25	0.021	0.021	NUM
fbem-9133	114	26	*	*	PUNCT
fbem-9133	114	27	*	*	PUNCT
fbem-9133	114	28	(	(	PUNCT
fbem-9133	114	29	2.29	2.29	NUM
fbem-9133	114	30	)	)	PUNCT
fbem-9133	114	31	0.021	0.021	NUM
fbem-9133	114	32	*	*	PUNCT
fbem-9133	114	33	*	*	PUNCT
fbem-9133	114	34	(	(	PUNCT
fbem-9133	114	35	2.29	2.29	NUM
fbem-9133	114	36	)	)	PUNCT
fbem-9133	114	37	-cons	-con	NOUN
fbem-9133	114	38	-1.515	-1.515	NOUN
fbem-9133	114	39	*	*	NOUN
fbem-9133	114	40	*	*	PUNCT
fbem-9133	114	41	(	(	PUNCT
fbem-9133	114	42	-2.56	-2.56	NUM
fbem-9133	114	43	)	)	PUNCT
fbem-9133	114	44	-1.512	-1.512	NOUN
fbem-9133	114	45	*	*	PUNCT
fbem-9133	114	46	*	*	PUNCT
fbem-9133	114	47	(	(	PUNCT
fbem-9133	114	48	-2.55	-2.55	NOUN
fbem-9133	114	49	)	)	PUNCT
fbem-9133	114	50	-1.291	-1.291	PUNCT
fbem-9133	115	1	*	*	PUNCT
fbem-9133	115	2	*	*	PUNCT
fbem-9133	115	3	(	(	PUNCT
fbem-9133	115	4	-2.36	-2.36	NOUN
fbem-9133	115	5	)	)	PUNCT
fbem-9133	115	6	controls	control	NOUN
fbem-9133	116	1	yes	yes	INTJ
fbem-9133	116	2	yes	yes	INTJ
fbem-9133	117	1	yes	yes	INTJ
fbem-9133	117	2	firm	firm	ADJ
fbem-9133	117	3	fixed	fix	VERB
fbem-9133	117	4	effects	effect	NOUN
fbem-9133	118	1	yes	yes	INTJ
fbem-9133	119	1	yes	yes	INTJ
fbem-9133	120	1	yes	yes	INTJ
fbem-9133	120	2	year	year	NOUN
fbem-9133	120	3	fixed	fix	VERB
fbem-9133	120	4	effects	effect	NOUN
fbem-9133	121	1	yes	yes	INTJ
fbem-9133	122	1	yes	yes	INTJ
fbem-9133	123	1	yes	yes	INTJ
fbem-9133	123	2	observations	observation	NOUN
fbem-9133	123	3	10390	10390	NUM
fbem-9133	123	4	10390	10390	NUM
fbem-9133	123	5	10375	10375	NUM
fbem-9133	123	6	adjusted	adjust	VERB
fbem-9133	123	7	r²	r²	NOUN
fbem-9133	123	8	0.189	0.189	NUM
fbem-9133	123	9	0.190	0.190	NUM
fbem-9133	123	10	0.424	0.424	NUM
fbem-9133	123	11	note	note	NOUN
fbem-9133	123	12	:	:	PUNCT
fbem-9133	123	13	the	the	DET
fbem-9133	123	14	t	t	NOUN
fbem-9133	123	15	value	value	NOUN
fbem-9133	123	16	is	be	AUX
fbem-9133	123	17	in	in	ADP
fbem-9133	123	18	brackets	bracket	NOUN
fbem-9133	123	19	,	,	PUNCT
fbem-9133	123	20	where	where	SCONJ
fbem-9133	123	21	*	*	NOUN
fbem-9133	123	22	*	*	PUNCT
fbem-9133	123	23	*	*	PUNCT
fbem-9133	123	24	,	,	PUNCT
fbem-9133	123	25	*	*	PUNCT
fbem-9133	123	26	*	*	PUNCT
fbem-9133	123	27	and	and	CCONJ
fbem-9133	123	28	*	*	AUX
fbem-9133	123	29	are	be	AUX
fbem-9133	123	30	statistically	statistically	ADV
fbem-9133	123	31	significant	significant	ADJ
fbem-9133	123	32	at	at	ADP
fbem-9133	123	33	1	1	NUM
fbem-9133	123	34	%	%	NOUN
fbem-9133	123	35	,	,	PUNCT
fbem-9133	123	36	5	5	NUM
fbem-9133	123	37	%	%	NOUN
fbem-9133	123	38	and	and	CCONJ
fbem-9133	123	39	10	10	NUM
fbem-9133	123	40	%	%	NOUN
fbem-9133	123	41	,	,	PUNCT
fbem-9133	123	42	respectively	respectively	ADV
fbem-9133	123	43	.	.	PUNCT
fbem-9133	124	1	(	(	PUNCT
fbem-9133	124	2	3	3	X
fbem-9133	124	3	)	)	PUNCT
fbem-9133	124	4	analysis	analysis	NOUN
fbem-9133	124	5	of	of	ADP
fbem-9133	124	6	heterogeneity	heterogeneity	NOUN
fbem-9133	124	7	properties	property	NOUN
fbem-9133	124	8	of	of	ADP
fbem-9133	124	9	property	property	NOUN
fbem-9133	124	10	rights	right	NOUN
fbem-9133	124	11	and	and	CCONJ
fbem-9133	124	12	characteristics	characteristic	NOUN
fbem-9133	124	13	of	of	ADP
fbem-9133	124	14	senior	senior	ADJ
fbem-9133	124	15	executives	executive	NOUN
fbem-9133	124	16	of	of	ADP
fbem-9133	124	17	listed	list	VERB
fbem-9133	124	18	companies	company	NOUN
fbem-9133	124	19	are	be	AUX
fbem-9133	124	20	different	different	ADJ
fbem-9133	124	21	.	.	PUNCT
fbem-9133	125	1	under	under	ADP
fbem-9133	125	2	the	the	DET
fbem-9133	125	3	influence	influence	NOUN
fbem-9133	125	4	of	of	ADP
fbem-9133	125	5	these	these	DET
fbem-9133	125	6	factors	factor	NOUN
fbem-9133	125	7	,	,	PUNCT
fbem-9133	125	8	the	the	DET
fbem-9133	125	9	impact	impact	NOUN
fbem-9133	125	10	of	of	ADP
fbem-9133	125	11	stock	stock	NOUN
fbem-9133	125	12	liquidity	liquidity	NOUN
fbem-9133	125	13	on	on	ADP
fbem-9133	125	14	cash	cash	NOUN
fbem-9133	125	15	holdings	holding	NOUN
fbem-9133	125	16	will	will	AUX
fbem-9133	125	17	be	be	AUX
fbem-9133	125	18	different	different	ADJ
fbem-9133	125	19	,	,	PUNCT
fbem-9133	125	20	so	so	CCONJ
fbem-9133	125	21	the	the	DET
fbem-9133	125	22	benchmark	benchmark	ADJ
fbem-9133	125	23	regression	regression	NOUN
fbem-9133	125	24	is	be	AUX
fbem-9133	125	25	used	use	VERB
fbem-9133	125	26	for	for	ADP
fbem-9133	125	27	heterogeneity	heterogeneity	NOUN
fbem-9133	125	28	analysis	analysis	NOUN
fbem-9133	125	29	.	.	PUNCT
fbem-9133	126	1	in	in	ADP
fbem-9133	126	2	this	this	DET
fbem-9133	126	3	paper	paper	NOUN
fbem-9133	126	4	,	,	PUNCT
fbem-9133	126	5	a	a	DET
fbem-9133	126	6	group	group	NOUN
fbem-9133	126	7	test	test	NOUN
fbem-9133	126	8	will	will	AUX
fbem-9133	126	9	be	be	AUX
fbem-9133	126	10	conducted	conduct	VERB
fbem-9133	126	11	based	base	VERB
fbem-9133	126	12	on	on	ADP
fbem-9133	126	13	the	the	DET
fbem-9133	126	14	property	property	NOUN
fbem-9133	126	15	rights	right	NOUN
fbem-9133	126	16	nature	nature	NOUN
fbem-9133	126	17	of	of	ADP
fbem-9133	126	18	the	the	DET
fbem-9133	126	19	company	company	NOUN
fbem-9133	126	20	,	,	PUNCT
fbem-9133	126	21	the	the	DET
fbem-9133	126	22	characteristics	characteristic	NOUN
fbem-9133	126	23	of	of	ADP
fbem-9133	126	24	the	the	DET
fbem-9133	126	25	senior	senior	ADJ
fbem-9133	126	26	executives	executive	NOUN
fbem-9133	126	27	(	(	PUNCT
fbem-9133	126	28	the	the	DET
fbem-9133	126	29	proportion	proportion	NOUN
fbem-9133	126	30	of	of	ADP
fbem-9133	126	31	female	female	ADJ
fbem-9133	126	32	executives	executive	NOUN
fbem-9133	126	33	,	,	PUNCT
fbem-9133	126	34	whether	whether	SCONJ
fbem-9133	126	35	the	the	DET
fbem-9133	126	36	chairman	chairman	NOUN
fbem-9133	126	37	and	and	CCONJ
fbem-9133	126	38	ceo	ceo	NOUN
fbem-9133	126	39	are	be	AUX
fbem-9133	126	40	in	in	ADP
fbem-9133	126	41	combination	combination	NOUN
fbem-9133	126	42	,	,	PUNCT
fbem-9133	126	43	and	and	CCONJ
fbem-9133	126	44	whether	whether	SCONJ
fbem-9133	126	45	the	the	DET
fbem-9133	126	46	senior	senior	ADJ
fbem-9133	126	47	executives	executive	NOUN
fbem-9133	126	48	have	have	VERB
fbem-9133	126	49	overseas	overseas	ADJ
fbem-9133	126	50	background	background	NOUN
fbem-9133	126	51	)	)	PUNCT
fbem-9133	126	52	.	.	PUNCT
fbem-9133	127	1	column	column	NOUN
fbem-9133	127	2	(	(	PUNCT
fbem-9133	127	3	1	1	X
fbem-9133	127	4	)	)	PUNCT
fbem-9133	127	5	in	in	ADP
fbem-9133	127	6	table	table	NOUN
fbem-9133	127	7	3	3	NUM
fbem-9133	127	8	is	be	AUX
fbem-9133	127	9	the	the	DET
fbem-9133	127	10	heterogeneity	heterogeneity	NOUN
fbem-9133	127	11	analysis	analysis	NOUN
fbem-9133	127	12	based	base	VERB
fbem-9133	127	13	on	on	ADP
fbem-9133	127	14	the	the	DET
fbem-9133	127	15	nature	nature	NOUN
fbem-9133	127	16	of	of	ADP
fbem-9133	127	17	corporate	corporate	ADJ
fbem-9133	127	18	property	property	NOUN
fbem-9133	127	19	rights	right	NOUN
fbem-9133	127	20	.	.	PUNCT
fbem-9133	128	1	the	the	DET
fbem-9133	128	2	regression	regression	NOUN
fbem-9133	128	3	results	result	NOUN
fbem-9133	128	4	are	be	AUX
fbem-9133	128	5	as	as	SCONJ
fbem-9133	128	6	follows	follow	VERB
fbem-9133	128	7	.	.	PUNCT
fbem-9133	129	1	it	it	PRON
fbem-9133	129	2	is	be	AUX
fbem-9133	129	3	found	find	VERB
fbem-9133	129	4	that	that	SCONJ
fbem-9133	129	5	the	the	DET
fbem-9133	129	6	regression	regression	NOUN
fbem-9133	129	7	coefficient	coefficient	NOUN
fbem-9133	129	8	of	of	ADP
fbem-9133	129	9	ps2did	ps2did	VERB
fbem-9133	129	10	of	of	ADP
fbem-9133	129	11	non	non	ADJ
fbem-9133	129	12	-	-	ADJ
fbem-9133	129	13	state	state	NOUN
fbem-9133	129	14	-	-	PUNCT
fbem-9133	129	15	owned	own	VERB
fbem-9133	129	16	enterprises	enterprise	NOUN
fbem-9133	129	17	is	be	AUX
fbem-9133	129	18	significantly	significantly	ADV
fbem-9133	129	19	positive	positive	ADJ
fbem-9133	129	20	,	,	PUNCT
fbem-9133	129	21	while	while	SCONJ
fbem-9133	129	22	that	that	PRON
fbem-9133	129	23	of	of	ADP
fbem-9133	129	24	state	state	NOUN
fbem-9133	129	25	-	-	PUNCT
fbem-9133	129	26	owned	own	VERB
fbem-9133	129	27	enterprises	enterprise	NOUN
fbem-9133	129	28	is	be	AUX
fbem-9133	129	29	not	not	PART
fbem-9133	129	30	significant	significant	ADJ
fbem-9133	129	31	,	,	PUNCT
fbem-9133	129	32	which	which	PRON
fbem-9133	129	33	may	may	AUX
fbem-9133	129	34	be	be	AUX
fbem-9133	129	35	because	because	SCONJ
fbem-9133	129	36	compared	compare	VERB
fbem-9133	129	37	with	with	ADP
fbem-9133	129	38	stateowned	stateowne	VERB
fbem-9133	129	39	enterprises	enterprise	NOUN
fbem-9133	129	40	,	,	PUNCT
fbem-9133	129	41	non	non	ADJ
fbem-9133	129	42	-	-	ADJ
fbem-9133	129	43	state	state	NOUN
fbem-9133	129	44	-	-	PUNCT
fbem-9133	129	45	owned	own	VERB
fbem-9133	129	46	enterprises	enterprise	NOUN
fbem-9133	129	47	face	face	VERB
fbem-9133	129	48	more	more	ADJ
fbem-9133	129	49	intense	intense	ADJ
fbem-9133	129	50	financing	financing	NOUN
fbem-9133	129	51	constraints	constraint	NOUN
fbem-9133	129	52	.	.	PUNCT
fbem-9133	130	1	when	when	SCONJ
fbem-9133	130	2	funds	fund	NOUN
fbem-9133	130	3	are	be	AUX
fbem-9133	130	4	needed	need	VERB
fbem-9133	130	5	for	for	ADP
fbem-9133	130	6	stock	stock	NOUN
fbem-9133	130	7	repurchase	repurchase	VERB
fbem-9133	130	8	in	in	ADP
fbem-9133	130	9	the	the	DET
fbem-9133	130	10	future	future	NOUN
fbem-9133	130	11	,	,	PUNCT
fbem-9133	130	12	the	the	DET
fbem-9133	130	13	required	require	VERB
fbem-9133	130	14	funds	fund	NOUN
fbem-9133	130	15	can	can	AUX
fbem-9133	130	16	not	not	PART
fbem-9133	130	17	be	be	AUX
fbem-9133	130	18	timely	timely	ADV
fbem-9133	130	19	borrowed	borrow	VERB
fbem-9133	130	20	at	at	ADP
fbem-9133	130	21	the	the	DET
fbem-9133	130	22	minimum	minimum	ADJ
fbem-9133	130	23	cost	cost	NOUN
fbem-9133	130	24	,	,	PUNCT
fbem-9133	130	25	so	so	SCONJ
fbem-9133	130	26	it	it	PRON
fbem-9133	130	27	is	be	AUX
fbem-9133	130	28	necessary	necessary	ADJ
fbem-9133	130	29	to	to	PART
fbem-9133	130	30	reserve	reserve	VERB
fbem-9133	130	31	certain	certain	ADJ
fbem-9133	130	32	cash	cash	NOUN
fbem-9133	130	33	assets	asset	NOUN
fbem-9133	130	34	in	in	ADP
fbem-9133	130	35	the	the	DET
fbem-9133	130	36	current	current	ADJ
fbem-9133	130	37	period	period	NOUN
fbem-9133	130	38	.	.	PUNCT
fbem-9133	131	1	in	in	ADP
fbem-9133	131	2	table	table	NOUN
fbem-9133	131	3	3	3	NUM
fbem-9133	131	4	,	,	PUNCT
fbem-9133	131	5	column	column	NOUN
fbem-9133	131	6	(	(	PUNCT
fbem-9133	131	7	2	2	NUM
fbem-9133	131	8	)	)	PUNCT
fbem-9133	131	9	is	be	AUX
fbem-9133	131	10	the	the	DET
fbem-9133	131	11	heterogeneity	heterogeneity	NOUN
fbem-9133	131	12	analysis	analysis	NOUN
fbem-9133	131	13	based	base	VERB
fbem-9133	131	14	on	on	ADP
fbem-9133	131	15	whether	whether	SCONJ
fbem-9133	131	16	the	the	DET
fbem-9133	131	17	chairman	chairman	NOUN
fbem-9133	131	18	and	and	CCONJ
fbem-9133	131	19	ceo	ceo	NOUN
fbem-9133	131	20	are	be	AUX
fbem-9133	131	21	in	in	ADP
fbem-9133	131	22	combination	combination	NOUN
fbem-9133	131	23	.	.	PUNCT
fbem-9133	132	1	in	in	ADP
fbem-9133	132	2	the	the	DET
fbem-9133	132	3	samples	sample	NOUN
fbem-9133	132	4	of	of	ADP
fbem-9133	132	5	the	the	DET
fbem-9133	132	6	two	two	NUM
fbem-9133	132	7	positions	position	NOUN
fbem-9133	132	8	,	,	PUNCT
fbem-9133	132	9	the	the	DET
fbem-9133	132	10	regression	regression	NOUN
fbem-9133	132	11	coefficient	coefficient	NOUN
fbem-9133	132	12	of	of	ADP
fbem-9133	132	13	the	the	DET
fbem-9133	132	14	core	core	ADJ
fbem-9133	132	15	explanatory	explanatory	ADJ
fbem-9133	132	16	variable	variable	NOUN
fbem-9133	132	17	is	be	AUX
fbem-9133	132	18	significantly	significantly	ADV
fbem-9133	132	19	positive	positive	ADJ
fbem-9133	132	20	,	,	PUNCT
fbem-9133	132	21	while	while	SCONJ
fbem-9133	132	22	in	in	ADP
fbem-9133	132	23	the	the	DET
fbem-9133	132	24	samples	sample	NOUN
fbem-9133	132	25	of	of	ADP
fbem-9133	132	26	the	the	DET
fbem-9133	132	27	two	two	NUM
fbem-9133	132	28	positions	position	NOUN
fbem-9133	132	29	are	be	AUX
fbem-9133	132	30	not	not	PART
fbem-9133	132	31	in	in	ADP
fbem-9133	132	32	combination	combination	NOUN
fbem-9133	132	33	,	,	PUNCT
fbem-9133	132	34	the	the	DET
fbem-9133	132	35	regression	regression	NOUN
fbem-9133	132	36	coefficient	coefficient	NOUN
fbem-9133	132	37	of	of	ADP
fbem-9133	132	38	the	the	DET
fbem-9133	132	39	core	core	ADJ
fbem-9133	132	40	explanatory	explanatory	ADJ
fbem-9133	132	41	variable	variable	NOUN
fbem-9133	132	42	is	be	AUX
fbem-9133	132	43	negative	negative	ADJ
fbem-9133	132	44	and	and	CCONJ
fbem-9133	132	45	insignificant	insignificant	ADJ
fbem-9133	132	46	.	.	PUNCT
fbem-9133	133	1	this	this	PRON
fbem-9133	133	2	indicates	indicate	VERB
fbem-9133	133	3	that	that	SCONJ
fbem-9133	133	4	when	when	SCONJ
fbem-9133	133	5	the	the	DET
fbem-9133	133	6	chairman	chairman	NOUN
fbem-9133	133	7	and	and	CCONJ
fbem-9133	133	8	ceo	ceo	NOUN
fbem-9133	133	9	of	of	ADP
fbem-9133	133	10	the	the	DET
fbem-9133	133	11	listed	list	VERB
fbem-9133	133	12	company	company	NOUN
fbem-9133	133	13	are	be	AUX
fbem-9133	133	14	the	the	DET
fbem-9133	133	15	same	same	ADJ
fbem-9133	133	16	natural	natural	ADJ
fbem-9133	133	17	person	person	NOUN
fbem-9133	133	18	,	,	PUNCT
fbem-9133	133	19	the	the	DET
fbem-9133	133	20	decision	decision	NOUN
fbem-9133	133	21	-	-	PUNCT
fbem-9133	133	22	making	make	VERB
fbem-9133	133	23	efficiency	efficiency	NOUN
fbem-9133	133	24	is	be	AUX
fbem-9133	133	25	higher	high	ADJ
fbem-9133	133	26	,	,	PUNCT
fbem-9133	133	27	and	and	CCONJ
fbem-9133	133	28	it	it	PRON
fbem-9133	133	29	is	be	AUX
fbem-9133	133	30	easier	easy	ADJ
fbem-9133	133	31	to	to	PART
fbem-9133	133	32	make	make	VERB
fbem-9133	133	33	a	a	DET
fbem-9133	133	34	reasonable	reasonable	ADJ
fbem-9133	133	35	decision	decision	NOUN
fbem-9133	133	36	quickly	quickly	ADV
fbem-9133	133	37	when	when	SCONJ
fbem-9133	133	38	facing	face	VERB
fbem-9133	133	39	the	the	DET
fbem-9133	133	40	stock	stock	NOUN
fbem-9133	133	41	repurchase	repurchase	NOUN
fbem-9133	133	42	,	,	PUNCT
fbem-9133	133	43	how	how	SCONJ
fbem-9133	133	44	much	much	ADJ
fbem-9133	133	45	share	share	NOUN
fbem-9133	133	46	to	to	PART
fbem-9133	133	47	repurchase	repurchase	VERB
fbem-9133	133	48	and	and	CCONJ
fbem-9133	133	49	at	at	ADP
fbem-9133	133	50	what	what	DET
fbem-9133	133	51	price	price	NOUN
fbem-9133	133	52	,	,	PUNCT
fbem-9133	133	53	and	and	CCONJ
fbem-9133	133	54	the	the	DET
fbem-9133	133	55	motivation	motivation	NOUN
fbem-9133	133	56	to	to	PART
fbem-9133	133	57	reserve	reserve	VERB
fbem-9133	133	58	cash	cash	NOUN
fbem-9133	133	59	assets	asset	NOUN
fbem-9133	133	60	for	for	ADP
fbem-9133	133	61	stock	stock	NOUN
fbem-9133	133	62	repurchase	repurchase	NOUN
fbem-9133	133	63	is	be	AUX
fbem-9133	133	64	stronger	strong	ADJ
fbem-9133	133	65	.	.	PUNCT
fbem-9133	134	1	in	in	ADP
fbem-9133	134	2	table	table	NOUN
fbem-9133	134	3	3	3	NUM
fbem-9133	134	4	,	,	PUNCT
fbem-9133	134	5	column	column	NOUN
fbem-9133	134	6	(	(	PUNCT
fbem-9133	134	7	3	3	X
fbem-9133	134	8	)	)	PUNCT
fbem-9133	134	9	is	be	AUX
fbem-9133	134	10	the	the	DET
fbem-9133	134	11	heterogeneity	heterogeneity	NOUN
fbem-9133	134	12	analysis	analysis	NOUN
fbem-9133	134	13	based	base	VERB
fbem-9133	134	14	on	on	ADP
fbem-9133	134	15	the	the	DET
fbem-9133	134	16	overseas	overseas	ADJ
fbem-9133	134	17	background	background	NOUN
fbem-9133	134	18	of	of	ADP
fbem-9133	134	19	senior	senior	ADJ
fbem-9133	134	20	executives	executive	NOUN
fbem-9133	134	21	.	.	PUNCT
fbem-9133	135	1	in	in	ADP
fbem-9133	135	2	the	the	DET
fbem-9133	135	3	samples	sample	NOUN
fbem-9133	135	4	with	with	ADP
fbem-9133	135	5	overseas	overseas	ADJ
fbem-9133	135	6	background	background	NOUN
fbem-9133	135	7	,	,	PUNCT
fbem-9133	135	8	the	the	DET
fbem-9133	135	9	regression	regression	NOUN
fbem-9133	135	10	coefficient	coefficient	NOUN
fbem-9133	135	11	of	of	ADP
fbem-9133	135	12	core	core	ADJ
fbem-9133	135	13	explanatory	explanatory	ADJ
fbem-9133	135	14	variable	variable	NOUN
fbem-9133	135	15	is	be	AUX
fbem-9133	135	16	significantly	significantly	ADV
fbem-9133	135	17	positive	positive	ADJ
fbem-9133	135	18	,	,	PUNCT
fbem-9133	135	19	while	while	SCONJ
fbem-9133	135	20	in	in	ADP
fbem-9133	135	21	the	the	DET
fbem-9133	135	22	samples	sample	NOUN
fbem-9133	135	23	without	without	ADP
fbem-9133	135	24	overseas	overseas	ADJ
fbem-9133	135	25	background	background	NOUN
fbem-9133	135	26	,	,	PUNCT
fbem-9133	135	27	the	the	DET
fbem-9133	135	28	regression	regression	NOUN
fbem-9133	135	29	coefficient	coefficient	NOUN
fbem-9133	135	30	of	of	ADP
fbem-9133	135	31	core	core	ADJ
fbem-9133	135	32	explanatory	explanatory	ADJ
fbem-9133	135	33	variable	variable	NOUN
fbem-9133	135	34	is	be	AUX
fbem-9133	135	35	not	not	PART
fbem-9133	135	36	significant	significant	ADJ
fbem-9133	135	37	,	,	PUNCT
fbem-9133	135	38	which	which	PRON
fbem-9133	135	39	indicates	indicate	VERB
fbem-9133	135	40	that	that	SCONJ
fbem-9133	135	41	senior	senior	ADJ
fbem-9133	135	42	executives	executive	NOUN
fbem-9133	135	43	with	with	ADP
fbem-9133	135	44	overseas	overseas	ADJ
fbem-9133	135	45	background	background	NOUN
fbem-9133	135	46	have	have	VERB
fbem-9133	135	47	stronger	strong	ADJ
fbem-9133	135	48	awareness	awareness	NOUN
fbem-9133	135	49	of	of	ADP
fbem-9133	135	50	risk	risk	NOUN
fbem-9133	135	51	aversion	aversion	NOUN
fbem-9133	135	52	and	and	CCONJ
fbem-9133	135	53	richer	rich	ADJ
fbem-9133	135	54	experience	experience	NOUN
fbem-9133	135	55	in	in	ADP
fbem-9133	135	56	stock	stock	NOUN
fbem-9133	135	57	repurchase	repurchase	NOUN
fbem-9133	135	58	.	.	PUNCT
fbem-9133	136	1	listed	list	VERB
fbem-9133	136	2	companies	company	NOUN
fbem-9133	136	3	also	also	ADV
fbem-9133	136	4	have	have	VERB
fbem-9133	136	5	greater	great	ADJ
fbem-9133	136	6	incentives	incentive	NOUN
fbem-9133	136	7	to	to	PART
fbem-9133	136	8	buy	buy	VERB
fbem-9133	136	9	back	back	ADP
fbem-9133	136	10	shares	share	NOUN
fbem-9133	136	11	.	.	PUNCT
fbem-9133	137	1	95	95	NUM
fbem-9133	137	2	table	table	NOUN
fbem-9133	137	3	3	3	NUM
fbem-9133	137	4	.	.	PUNCT
fbem-9133	137	5	analysis	analysis	NOUN
fbem-9133	137	6	of	of	ADP
fbem-9133	137	7	heterogeneity	heterogeneity	NOUN
fbem-9133	137	8	cash	cash	NOUN
fbem-9133	137	9	(	(	PUNCT
fbem-9133	137	10	1	1	NUM
fbem-9133	137	11	)	)	PUNCT
fbem-9133	137	12	nature	nature	NOUN
fbem-9133	137	13	of	of	ADP
fbem-9133	137	14	property	property	NOUN
fbem-9133	137	15	right	right	NOUN
fbem-9133	137	16	(	(	PUNCT
fbem-9133	137	17	2	2	NUM
fbem-9133	137	18	)	)	PUNCT
fbem-9133	137	19	ceo	ceo	NOUN
fbem-9133	137	20	duality	duality	NOUN
fbem-9133	137	21	(	(	PUNCT
fbem-9133	137	22	3	3	NUM
fbem-9133	137	23	)	)	PUNCT
fbem-9133	137	24	overseas	overseas	ADJ
fbem-9133	137	25	background	background	NOUN
fbem-9133	137	26	state	state	NOUN
fbem-9133	137	27	-	-	PUNCT
fbem-9133	137	28	owned	own	VERB
fbem-9133	137	29	non	non	ADJ
fbem-9133	137	30	-	-	ADJ
fbem-9133	137	31	state	state	ADJ
fbem-9133	137	32	owned	own	VERB
fbem-9133	137	33	unitary	unitary	ADJ
fbem-9133	137	34	system	system	NOUN
fbem-9133	137	35	binary	binary	NOUN
fbem-9133	137	36	system	system	NOUN
fbem-9133	138	1	yes	yes	INTJ
fbem-9133	138	2	no	no	INTJ
fbem-9133	139	1	ps2did	ps2did	ADJ
fbem-9133	139	2	0.017	0.017	NUM
fbem-9133	139	3	(	(	PUNCT
fbem-9133	139	4	1.50	1.50	NUM
fbem-9133	139	5	)	)	PUNCT
fbem-9133	139	6	0.018	0.018	NUM
fbem-9133	139	7	*	*	PUNCT
fbem-9133	139	8	(	(	PUNCT
fbem-9133	139	9	1.71	1.71	NUM
fbem-9133	139	10	)	)	PUNCT
fbem-9133	139	11	0.020	0.020	NUM
fbem-9133	139	12	*	*	PUNCT
fbem-9133	139	13	*	*	PUNCT
fbem-9133	139	14	(	(	PUNCT
fbem-9133	139	15	1.97	1.97	NUM
fbem-9133	139	16	）	）	SYM
fbem-9133	139	17	-0.004	-0.004	PUNCT
fbem-9133	139	18	(	(	PUNCT
fbem-9133	139	19	-0.21	-0.21	X
fbem-9133	139	20	)	)	PUNCT
fbem-9133	139	21	0.028	0.028	NUM
fbem-9133	139	22	*	*	SYM
fbem-9133	139	23	(	(	PUNCT
fbem-9133	139	24	1.67	1.67	NUM
fbem-9133	139	25	)	)	PUNCT
fbem-9133	139	26	0.005	0.005	NUM
fbem-9133	139	27	(	(	PUNCT
fbem-9133	139	28	0.46	0.46	NUM
fbem-9133	139	29	)	)	PUNCT
fbem-9133	139	30	-cons	-con	NOUN
fbem-9133	139	31	-2.475	-2.475	NOUN
fbem-9133	139	32	*	*	PUNCT
fbem-9133	139	33	*	*	PUNCT
fbem-9133	139	34	*	*	PUNCT
fbem-9133	139	35	(	(	PUNCT
fbem-9133	139	36	-3.52	-3.52	NOUN
fbem-9133	139	37	)	)	PUNCT
fbem-9133	139	38	1.370	1.370	NUM
fbem-9133	139	39	*	*	PUNCT
fbem-9133	139	40	*	*	PUNCT
fbem-9133	139	41	(	(	PUNCT
fbem-9133	139	42	1.99	1.99	NUM
fbem-9133	139	43	)	)	PUNCT
fbem-9133	139	44	-0.484	-0.484	NOUN
fbem-9133	139	45	(	(	PUNCT
fbem-9133	139	46	-0.74	-0.74	NOUN
fbem-9133	139	47	)	)	PUNCT
fbem-9133	139	48	-2.828	-2.828	NOUN
fbem-9133	139	49	(	(	PUNCT
fbem-9133	139	50	-1.56	-1.56	NUM
fbem-9133	139	51	)	)	PUNCT
fbem-9133	139	52	-0.539	-0.539	X
fbem-9133	139	53	(	(	PUNCT
fbem-9133	139	54	-0.57	-0.57	NUM
fbem-9133	139	55	)	)	PUNCT
fbem-9133	139	56	-0.876	-0.876	PUNCT
fbem-9133	139	57	(	(	PUNCT
fbem-9133	139	58	-1.08	-1.08	ADJ
fbem-9133	139	59	)	)	PUNCT
fbem-9133	139	60	firm	firm	ADJ
fbem-9133	139	61	fixed	fix	VERB
fbem-9133	139	62	effects	effect	NOUN
fbem-9133	140	1	yes	yes	INTJ
fbem-9133	141	1	yes	yes	INTJ
fbem-9133	142	1	yes	yes	INTJ
fbem-9133	143	1	yes	yes	INTJ
fbem-9133	144	1	yes	yes	INTJ
fbem-9133	145	1	yes	yes	INTJ
fbem-9133	145	2	year	year	NOUN
fbem-9133	145	3	fixed	fix	VERB
fbem-9133	145	4	effects	effect	NOUN
fbem-9133	146	1	yes	yes	INTJ
fbem-9133	147	1	yes	yes	INTJ
fbem-9133	148	1	yes	yes	INTJ
fbem-9133	149	1	yes	yes	INTJ
fbem-9133	150	1	yes	yes	INTJ
fbem-9133	150	2	yes	yes	INTJ
fbem-9133	150	3	observations	observation	NOUN
fbem-9133	150	4	6543	6543	NUM
fbem-9133	150	5	3557	3557	NUM
fbem-9133	150	6	7492	7492	NUM
fbem-9133	150	7	2608	2608	NUM
fbem-9133	150	8	3804	3804	NUM
fbem-9133	150	9	6296	6296	NUM
fbem-9133	150	10	adjusted	adjust	VERB
fbem-9133	150	11	r²	r²	NOUN
fbem-9133	150	12	0.411	0.411	NUM
fbem-9133	150	13	0.587	0.587	NUM
fbem-9133	150	14	0.468	0.468	NUM
fbem-9133	150	15	0.372	0.372	NUM
fbem-9133	150	16	0.606	0.606	NUM
fbem-9133	150	17	0.824	0.824	NUM
fbem-9133	150	18	note	note	NOUN
fbem-9133	150	19	:	:	PUNCT
fbem-9133	150	20	the	the	DET
fbem-9133	150	21	t	t	NOUN
fbem-9133	150	22	value	value	NOUN
fbem-9133	150	23	is	be	AUX
fbem-9133	150	24	in	in	ADP
fbem-9133	150	25	brackets	bracket	NOUN
fbem-9133	150	26	,	,	PUNCT
fbem-9133	150	27	where	where	SCONJ
fbem-9133	150	28	*	*	NOUN
fbem-9133	150	29	*	*	PUNCT
fbem-9133	150	30	*	*	PUNCT
fbem-9133	150	31	,	,	PUNCT
fbem-9133	150	32	*	*	PUNCT
fbem-9133	150	33	*	*	PUNCT
fbem-9133	150	34	and	and	CCONJ
fbem-9133	150	35	*	*	AUX
fbem-9133	150	36	are	be	AUX
fbem-9133	150	37	statistically	statistically	ADV
fbem-9133	150	38	significant	significant	ADJ
fbem-9133	150	39	at	at	ADP
fbem-9133	150	40	1	1	NUM
fbem-9133	150	41	%	%	NOUN
fbem-9133	150	42	,	,	PUNCT
fbem-9133	150	43	5	5	NUM
fbem-9133	150	44	%	%	NOUN
fbem-9133	150	45	and	and	CCONJ
fbem-9133	150	46	10	10	NUM
fbem-9133	150	47	%	%	NOUN
fbem-9133	150	48	,	,	PUNCT
fbem-9133	150	49	respectively	respectively	ADV
fbem-9133	150	50	.	.	PUNCT
fbem-9133	151	1	(	(	PUNCT
fbem-9133	151	2	4	4	X
fbem-9133	151	3	)	)	PUNCT
fbem-9133	151	4	robustness	robustness	NOUN
fbem-9133	151	5	test	test	NOUN
fbem-9133	151	6	(	(	PUNCT
fbem-9133	151	7	i	i	NOUN
fbem-9133	151	8	)	)	PUNCT
fbem-9133	151	9	parallel	parallel	ADJ
fbem-9133	151	10	trend	trend	NOUN
fbem-9133	151	11	test	test	NOUN
fbem-9133	151	12	the	the	DET
fbem-9133	151	13	parallel	parallel	ADJ
fbem-9133	151	14	trend	trend	NOUN
fbem-9133	151	15	assumption	assumption	NOUN
fbem-9133	151	16	is	be	AUX
fbem-9133	151	17	one	one	NUM
fbem-9133	151	18	of	of	ADP
fbem-9133	151	19	the	the	DET
fbem-9133	151	20	preconditions	precondition	NOUN
fbem-9133	151	21	for	for	ADP
fbem-9133	151	22	the	the	DET
fbem-9133	151	23	use	use	NOUN
fbem-9133	151	24	of	of	ADP
fbem-9133	151	25	the	the	DET
fbem-9133	151	26	differential	differential	ADJ
fbem-9133	151	27	model	model	NOUN
fbem-9133	151	28	.	.	PUNCT
fbem-9133	152	1	in	in	ADP
fbem-9133	152	2	the	the	DET
fbem-9133	152	3	use	use	NOUN
fbem-9133	152	4	of	of	ADP
fbem-9133	152	5	the	the	DET
fbem-9133	152	6	differential	differential	ADJ
fbem-9133	152	7	model	model	NOUN
fbem-9133	152	8	,	,	PUNCT
fbem-9133	152	9	it	it	PRON
fbem-9133	152	10	is	be	AUX
fbem-9133	152	11	necessary	necessary	ADJ
fbem-9133	152	12	to	to	PART
fbem-9133	152	13	ensure	ensure	VERB
fbem-9133	152	14	that	that	SCONJ
fbem-9133	152	15	there	there	PRON
fbem-9133	152	16	is	be	VERB
fbem-9133	152	17	no	no	DET
fbem-9133	152	18	significant	significant	ADJ
fbem-9133	152	19	systematic	systematic	ADJ
fbem-9133	152	20	difference	difference	NOUN
fbem-9133	152	21	between	between	ADP
fbem-9133	152	22	the	the	DET
fbem-9133	152	23	samples	sample	NOUN
fbem-9133	152	24	of	of	ADP
fbem-9133	152	25	the	the	DET
fbem-9133	152	26	control	control	NOUN
fbem-9133	152	27	group	group	NOUN
fbem-9133	152	28	and	and	CCONJ
fbem-9133	152	29	the	the	DET
fbem-9133	152	30	treatment	treatment	NOUN
fbem-9133	152	31	group	group	NOUN
fbem-9133	152	32	before	before	SCONJ
fbem-9133	152	33	china	china	PROPN
fbem-9133	152	34	securities	securities	PROPN
fbem-9133	152	35	regulatory	regulatory	PROPN
fbem-9133	152	36	commission	commission	NOUN
fbem-9133	152	37	relaxes	relax	VERB
fbem-9133	152	38	the	the	DET
fbem-9133	152	39	principle	principle	NOUN
fbem-9133	152	40	of	of	ADP
fbem-9133	152	41	share	share	NOUN
fbem-9133	152	42	repurchase	repurchase	NOUN
fbem-9133	152	43	,	,	PUNCT
fbem-9133	152	44	and	and	CCONJ
fbem-9133	152	45	there	there	PRON
fbem-9133	152	46	is	be	VERB
fbem-9133	152	47	a	a	DET
fbem-9133	152	48	significant	significant	ADJ
fbem-9133	152	49	difference	difference	NOUN
fbem-9133	152	50	after	after	ADP
fbem-9133	152	51	the	the	DET
fbem-9133	152	52	relaxation	relaxation	NOUN
fbem-9133	152	53	of	of	ADP
fbem-9133	152	54	the	the	DET
fbem-9133	152	55	principle	principle	NOUN
fbem-9133	152	56	of	of	ADP
fbem-9133	152	57	share	share	NOUN
fbem-9133	152	58	repurchase	repurchase	NOUN
fbem-9133	152	59	.	.	PUNCT
fbem-9133	153	1	therefore	therefore	ADV
fbem-9133	153	2	,	,	PUNCT
fbem-9133	153	3	based	base	VERB
fbem-9133	153	4	on	on	ADP
fbem-9133	153	5	the	the	DET
fbem-9133	153	6	practice	practice	NOUN
fbem-9133	153	7	of	of	ADP
fbem-9133	153	8	beck	beck	PROPN
fbem-9133	153	9	et	et	PROPN
fbem-9133	153	10	al	al	PROPN
fbem-9133	153	11	.	.	PROPN
fbem-9133	154	1	(	(	PUNCT
fbem-9133	154	2	2010	2010	NUM
fbem-9133	154	3	)	)	PUNCT
fbem-9133	154	4	,	,	PUNCT
fbem-9133	154	5	this	this	DET
fbem-9133	154	6	paper	paper	NOUN
fbem-9133	154	7	constructs	construct	VERB
fbem-9133	154	8	the	the	DET
fbem-9133	154	9	following	follow	VERB
fbem-9133	154	10	model	model	NOUN
fbem-9133	154	11	to	to	PART
fbem-9133	154	12	test	test	VERB
fbem-9133	154	13	whether	whether	SCONJ
fbem-9133	154	14	the	the	DET
fbem-9133	154	15	assumption	assumption	NOUN
fbem-9133	154	16	of	of	ADP
fbem-9133	154	17	parallel	parallel	ADJ
fbem-9133	154	18	trends	trend	NOUN
fbem-9133	154	19	is	be	AUX
fbem-9133	154	20	satisfied	satisfied	ADJ
fbem-9133	154	21	:	:	PUNCT
fbem-9133	154	22	𝑐𝑎𝑠ℎ	𝑐𝑎𝑠ℎ	NOUN
fbem-9133	154	23	,	,	PUNCT
fbem-9133	154	24	∝	∝	PROPN
fbem-9133	154	25	𝛽	𝛽	PROPN
fbem-9133	154	26	,	,	PUNCT
fbem-9133	154	27	𝑡𝑟𝑒𝑎𝑡	𝑡𝑟𝑒𝑎𝑡	NOUN
fbem-9133	154	28	,	,	PUNCT
fbem-9133	154	29	𝑝𝑜𝑠𝑡	𝑝𝑜𝑠𝑡	NOUN
fbem-9133	154	30	,	,	PUNCT
fbem-9133	154	31	,	,	PUNCT
fbem-9133	154	32	,	,	PUNCT
fbem-9133	154	33	𝜋	𝜋	NOUN
fbem-9133	154	34	𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑠	𝑐𝑜𝑛𝑡𝑟𝑜𝑙𝑠	NOUN
fbem-9133	154	35	,	,	PUNCT
fbem-9133	154	36	𝛾	𝛾	NOUN
fbem-9133	154	37	𝜇	𝜇	ADP
fbem-9133	154	38	𝜀	𝜀	NOUN
fbem-9133	154	39	,	,	PUNCT
fbem-9133	154	40	where	where	SCONJ
fbem-9133	154	41	t	t	PROPN
fbem-9133	154	42	takes	take	VERB
fbem-9133	154	43	the	the	DET
fbem-9133	154	44	value	value	NOUN
fbem-9133	154	45	-3	-3	PUNCT
fbem-9133	154	46	,	,	PUNCT
fbem-9133	154	47	-2	-2	INTJ
fbem-9133	154	48	,	,	PUNCT
fbem-9133	154	49	and	and	CCONJ
fbem-9133	154	50	-1	-1	ADP
fbem-9133	154	51	respectively	respectively	ADV
fbem-9133	154	52	represents	represent	VERB
fbem-9133	154	53	three	three	NUM
fbem-9133	154	54	years	year	NOUN
fbem-9133	154	55	,	,	PUNCT
fbem-9133	154	56	two	two	NUM
fbem-9133	154	57	years	year	NOUN
fbem-9133	154	58	,	,	PUNCT
fbem-9133	154	59	and	and	CCONJ
fbem-9133	154	60	one	one	NUM
fbem-9133	154	61	year	year	NOUN
fbem-9133	154	62	before	before	SCONJ
fbem-9133	154	63	the	the	DET
fbem-9133	154	64	chinese	chinese	ADJ
fbem-9133	154	65	securities	securities	PROPN
fbem-9133	154	66	regulatory	regulatory	PROPN
fbem-9133	154	67	commission	commission	PROPN
fbem-9133	154	68	relaxed	relax	VERB
fbem-9133	154	69	the	the	DET
fbem-9133	154	70	principle	principle	NOUN
fbem-9133	154	71	of	of	ADP
fbem-9133	154	72	share	share	NOUN
fbem-9133	154	73	repurchase	repurchase	NOUN
fbem-9133	154	74	,	,	PUNCT
fbem-9133	154	75	while	while	SCONJ
fbem-9133	154	76	t	t	PROPN
fbem-9133	154	77	takes	take	VERB
fbem-9133	154	78	the	the	DET
fbem-9133	154	79	value	value	NOUN
fbem-9133	154	80	1	1	NUM
fbem-9133	154	81	indicates	indicate	VERB
fbem-9133	154	82	the	the	DET
fbem-9133	154	83	first	first	ADJ
fbem-9133	154	84	year	year	NOUN
fbem-9133	154	85	after	after	SCONJ
fbem-9133	154	86	the	the	DET
fbem-9133	154	87	chinese	chinese	PROPN
fbem-9133	154	88	securities	securities	PROPN
fbem-9133	154	89	regulatory	regulatory	PROPN
fbem-9133	154	90	commission	commission	PROPN
fbem-9133	154	91	relaxed	relax	VERB
fbem-9133	154	92	the	the	DET
fbem-9133	154	93	principle	principle	NOUN
fbem-9133	154	94	of	of	ADP
fbem-9133	154	95	share	share	NOUN
fbem-9133	154	96	repurchase	repurchase	NOUN
fbem-9133	154	97	.	.	PUNCT
fbem-9133	155	1	this	this	DET
fbem-9133	155	2	model	model	NOUN
fbem-9133	155	3	mainly	mainly	ADV
fbem-9133	155	4	focuses	focus	VERB
fbem-9133	155	5	on	on	ADP
fbem-9133	155	6	the	the	DET
fbem-9133	155	7	coefficient	coefficient	NOUN
fbem-9133	155	8	of	of	ADP
fbem-9133	155	9	η	η	PROPN
fbem-9133	155	10	,	,	PUNCT
fbem-9133	155	11	which	which	PRON
fbem-9133	155	12	mainly	mainly	ADV
fbem-9133	155	13	measures	measure	VERB
fbem-9133	155	14	the	the	DET
fbem-9133	155	15	dynamic	dynamic	ADJ
fbem-9133	155	16	effect	effect	NOUN
fbem-9133	155	17	on	on	ADP
fbem-9133	155	18	the	the	DET
fbem-9133	155	19	cash	cash	NOUN
fbem-9133	155	20	holding	holding	NOUN
fbem-9133	155	21	level	level	NOUN
fbem-9133	155	22	of	of	ADP
fbem-9133	155	23	listed	list	VERB
fbem-9133	155	24	companies	company	NOUN
fbem-9133	155	25	after	after	SCONJ
fbem-9133	155	26	china	china	PROPN
fbem-9133	155	27	securities	securities	PROPN
fbem-9133	155	28	regulatory	regulatory	PROPN
fbem-9133	155	29	commission	commission	NOUN
fbem-9133	155	30	relaxes	relax	VERB
fbem-9133	155	31	the	the	DET
fbem-9133	155	32	principle	principle	NOUN
fbem-9133	155	33	of	of	ADP
fbem-9133	155	34	share	share	NOUN
fbem-9133	155	35	repurchase	repurchase	NOUN
fbem-9133	155	36	.	.	PUNCT
fbem-9133	156	1	in	in	ADP
fbem-9133	156	2	this	this	DET
fbem-9133	156	3	paper	paper	NOUN
fbem-9133	156	4	,	,	PUNCT
fbem-9133	156	5	the	the	DET
fbem-9133	156	6	period	period	NOUN
fbem-9133	156	7	when	when	SCONJ
fbem-9133	156	8	china	china	PROPN
fbem-9133	156	9	securities	securities	PROPN
fbem-9133	156	10	regulatory	regulatory	PROPN
fbem-9133	156	11	commission	commission	PROPN
fbem-9133	156	12	relaxed	relax	VERB
fbem-9133	156	13	the	the	DET
fbem-9133	156	14	principle	principle	NOUN
fbem-9133	156	15	of	of	ADP
fbem-9133	156	16	share	share	NOUN
fbem-9133	156	17	repurchase	repurchase	NOUN
fbem-9133	156	18	is	be	AUX
fbem-9133	156	19	taken	take	VERB
fbem-9133	156	20	as	as	ADP
fbem-9133	156	21	the	the	DET
fbem-9133	156	22	base	base	NOUN
fbem-9133	156	23	period	period	NOUN
fbem-9133	156	24	,	,	PUNCT
fbem-9133	156	25	and	and	CCONJ
fbem-9133	156	26	the	the	DET
fbem-9133	156	27	regression	regression	NOUN
fbem-9133	156	28	results	result	NOUN
fbem-9133	156	29	show	show	VERB
fbem-9133	156	30	that	that	SCONJ
fbem-9133	156	31	when	when	SCONJ
fbem-9133	156	32	t	t	PROPN
fbem-9133	156	33	takes	take	VERB
fbem-9133	156	34	the	the	DET
fbem-9133	156	35	value	value	NOUN
fbem-9133	156	36	-1	-1	NOUN
fbem-9133	156	37	,	,	PUNCT
fbem-9133	156	38	-2	-2	PUNCT
fbem-9133	156	39	and	and	CCONJ
fbem-9133	156	40	-3	-3	PUNCT
fbem-9133	156	41	,	,	PUNCT
fbem-9133	156	42	the	the	DET
fbem-9133	156	43	coefficient	coefficient	NOUN
fbem-9133	156	44	η	η	PROPN
fbem-9133	156	45	is	be	AUX
fbem-9133	156	46	not	not	PART
fbem-9133	156	47	significant	significant	ADJ
fbem-9133	156	48	,	,	PUNCT
fbem-9133	156	49	which	which	PRON
fbem-9133	156	50	indicates	indicate	VERB
fbem-9133	156	51	that	that	SCONJ
fbem-9133	156	52	listed	list	VERB
fbem-9133	156	53	companies	company	NOUN
fbem-9133	156	54	with	with	ADP
fbem-9133	156	55	high	high	ADJ
fbem-9133	156	56	stock	stock	NOUN
fbem-9133	156	57	liquidity	liquidity	NOUN
fbem-9133	156	58	and	and	CCONJ
fbem-9133	156	59	listed	list	VERB
fbem-9133	156	60	companies	company	NOUN
fbem-9133	156	61	with	with	ADP
fbem-9133	156	62	low	low	ADJ
fbem-9133	156	63	stock	stock	NOUN
fbem-9133	156	64	liquidity	liquidity	NOUN
fbem-9133	156	65	have	have	VERB
fbem-9133	156	66	the	the	DET
fbem-9133	156	67	same	same	ADJ
fbem-9133	156	68	change	change	NOUN
fbem-9133	156	69	trend	trend	NOUN
fbem-9133	156	70	before	before	ADP
fbem-9133	156	71	the	the	DET
fbem-9133	156	72	relaxation	relaxation	NOUN
fbem-9133	156	73	of	of	ADP
fbem-9133	156	74	the	the	DET
fbem-9133	156	75	principle	principle	NOUN
fbem-9133	156	76	of	of	ADP
fbem-9133	156	77	share	share	NOUN
fbem-9133	156	78	repurchase	repurchase	NOUN
fbem-9133	156	79	,	,	PUNCT
fbem-9133	156	80	but	but	CCONJ
fbem-9133	156	81	when	when	SCONJ
fbem-9133	156	82	t=1	t=1	ADV
fbem-9133	156	83	,	,	PUNCT
fbem-9133	156	84	the	the	DET
fbem-9133	156	85	estimated	estimate	VERB
fbem-9133	156	86	coefficient	coefficient	NOUN
fbem-9133	156	87	is	be	AUX
fbem-9133	156	88	significantly	significantly	ADV
fbem-9133	156	89	positive	positive	ADJ
fbem-9133	156	90	at	at	ADP
fbem-9133	156	91	the	the	DET
fbem-9133	156	92	10	10	NUM
fbem-9133	156	93	%	%	NOUN
fbem-9133	156	94	level	level	NOUN
fbem-9133	156	95	,	,	PUNCT
fbem-9133	156	96	indicating	indicate	VERB
fbem-9133	156	97	that	that	SCONJ
fbem-9133	156	98	after	after	SCONJ
fbem-9133	156	99	the	the	DET
fbem-9133	156	100	principle	principle	NOUN
fbem-9133	156	101	of	of	ADP
fbem-9133	156	102	share	share	NOUN
fbem-9133	156	103	repurchase	repurchase	NOUN
fbem-9133	156	104	is	be	AUX
fbem-9133	156	105	relaxed	relax	VERB
fbem-9133	156	106	,	,	PUNCT
fbem-9133	156	107	the	the	DET
fbem-9133	156	108	cash	cash	NOUN
fbem-9133	156	109	held	hold	VERB
fbem-9133	156	110	by	by	ADP
fbem-9133	156	111	listed	list	VERB
fbem-9133	156	112	companies	company	NOUN
fbem-9133	156	113	with	with	ADP
fbem-9133	156	114	high	high	ADJ
fbem-9133	156	115	stock	stock	NOUN
fbem-9133	156	116	liquidity	liquidity	NOUN
fbem-9133	156	117	increases	increase	VERB
fbem-9133	156	118	more	more	ADJ
fbem-9133	156	119	.	.	PUNCT
fbem-9133	157	1	therefore	therefore	ADV
fbem-9133	157	2	,	,	PUNCT
fbem-9133	157	3	the	the	DET
fbem-9133	157	4	conclusion	conclusion	NOUN
fbem-9133	157	5	can	can	AUX
fbem-9133	157	6	prove	prove	VERB
fbem-9133	157	7	that	that	SCONJ
fbem-9133	157	8	the	the	DET
fbem-9133	157	9	equilibrium	equilibrium	NOUN
fbem-9133	157	10	trend	trend	NOUN
fbem-9133	157	11	test	test	NOUN
fbem-9133	157	12	is	be	AUX
fbem-9133	157	13	valid	valid	ADJ
fbem-9133	157	14	,	,	PUNCT
fbem-9133	157	15	and	and	CCONJ
fbem-9133	157	16	the	the	DET
fbem-9133	157	17	differentdifference	differentdifference	NOUN
fbem-9133	157	18	model	model	NOUN
fbem-9133	157	19	can	can	AUX
fbem-9133	157	20	be	be	AUX
fbem-9133	157	21	used	use	VERB
fbem-9133	157	22	.	.	PUNCT
fbem-9133	158	1	table	table	NOUN
fbem-9133	158	2	4	4	NUM
fbem-9133	158	3	.	.	PUNCT
fbem-9133	158	4	results	result	NOUN
fbem-9133	158	5	of	of	ADP
fbem-9133	158	6	parallel	parallel	ADJ
fbem-9133	158	7	trend	trend	NOUN
fbem-9133	158	8	test	test	NOUN
fbem-9133	158	9	(	(	PUNCT
fbem-9133	158	10	1	1	X
fbem-9133	158	11	)	)	PUNCT
fbem-9133	158	12	cash	cash	NOUN
fbem-9133	158	13	treated*2016	treated*2016	PROPN
fbem-9133	158	14	0.006	0.006	NUM
fbem-9133	158	15	(	(	PUNCT
fbem-9133	158	16	0.29	0.29	NUM
fbem-9133	158	17	)	)	PUNCT
fbem-9133	158	18	treated	treat	VERB
fbem-9133	158	19	*	*	PUNCT
fbem-9133	158	20	2017	2017	NUM
fbem-9133	158	21	-0.133	-0.133	NUM
fbem-9133	158	22	(	(	PUNCT
fbem-9133	158	23	-0.78	-0.78	NUM
fbem-9133	158	24	)	)	PUNCT
fbem-9133	158	25	treated	treat	VERB
fbem-9133	158	26	*	*	PUNCT
fbem-9133	158	27	2018	2018	NUM
fbem-9133	158	28	-0.117	-0.117	PUNCT
fbem-9133	158	29	(	(	PUNCT
fbem-9133	158	30	-1.04	-1.04	NOUN
fbem-9133	158	31	)	)	PUNCT
fbem-9133	158	32	treated	treat	VERB
fbem-9133	158	33	*	*	SYM
fbem-9133	158	34	2020	2020	NUM
fbem-9133	158	35	0.033	0.033	NUM
fbem-9133	158	36	*	*	PUNCT
fbem-9133	158	37	*	*	PUNCT
fbem-9133	158	38	*	*	PUNCT
fbem-9133	158	39	(	(	PUNCT
fbem-9133	158	40	2.76	2.76	NUM
fbem-9133	158	41	)	)	PUNCT
fbem-9133	158	42	controls	control	VERB
fbem-9133	158	43	yes	yes	INTJ
fbem-9133	158	44	firm	firm	ADJ
fbem-9133	158	45	fixed	fix	VERB
fbem-9133	158	46	effects	effect	NOUN
fbem-9133	158	47	yes	yes	INTJ
fbem-9133	158	48	year	year	NOUN
fbem-9133	158	49	fixed	fix	VERB
fbem-9133	158	50	effects	effect	NOUN
fbem-9133	158	51	yes	yes	ADP
fbem-9133	158	52	observations	observation	NOUN
fbem-9133	158	53	10390	10390	NUM
fbem-9133	158	54	note	note	NOUN
fbem-9133	158	55	:	:	PUNCT
fbem-9133	158	56	the	the	DET
fbem-9133	158	57	t	t	NOUN
fbem-9133	158	58	value	value	NOUN
fbem-9133	158	59	is	be	AUX
fbem-9133	158	60	in	in	ADP
fbem-9133	158	61	brackets	bracket	NOUN
fbem-9133	158	62	,	,	PUNCT
fbem-9133	158	63	where	where	SCONJ
fbem-9133	158	64	*	*	NOUN
fbem-9133	158	65	*	*	PUNCT
fbem-9133	158	66	*	*	PUNCT
fbem-9133	158	67	,	,	PUNCT
fbem-9133	158	68	*	*	PUNCT
fbem-9133	158	69	*	*	PUNCT
fbem-9133	158	70	and	and	CCONJ
fbem-9133	158	71	*	*	AUX
fbem-9133	158	72	are	be	AUX
fbem-9133	158	73	statistically	statistically	ADV
fbem-9133	158	74	significant	significant	ADJ
fbem-9133	158	75	at	at	ADP
fbem-9133	158	76	1	1	NUM
fbem-9133	158	77	%	%	NOUN
fbem-9133	158	78	,	,	PUNCT
fbem-9133	158	79	5	5	NUM
fbem-9133	158	80	%	%	NOUN
fbem-9133	158	81	and	and	CCONJ
fbem-9133	158	82	10	10	NUM
fbem-9133	158	83	%	%	NOUN
fbem-9133	158	84	,	,	PUNCT
fbem-9133	158	85	respectively	respectively	ADV
fbem-9133	158	86	.	.	PUNCT
fbem-9133	159	1	(	(	PUNCT
fbem-9133	159	2	ii	ii	NOUN
fbem-9133	159	3	)	)	PUNCT
fbem-9133	159	4	placebo	placebo	NOUN
fbem-9133	159	5	test	test	NOUN
fbem-9133	159	6	in	in	ADP
fbem-9133	159	7	order	order	NOUN
fbem-9133	159	8	to	to	PART
fbem-9133	159	9	prevent	prevent	VERB
fbem-9133	159	10	other	other	ADJ
fbem-9133	159	11	policies	policy	NOUN
fbem-9133	159	12	from	from	ADP
fbem-9133	159	13	having	have	VERB
fbem-9133	159	14	a	a	DET
fbem-9133	159	15	certain	certain	ADJ
fbem-9133	159	16	impact	impact	NOUN
fbem-9133	159	17	on	on	ADP
fbem-9133	159	18	the	the	DET
fbem-9133	159	19	above	above	ADJ
fbem-9133	159	20	regression	regression	NOUN
fbem-9133	159	21	results	result	NOUN
fbem-9133	159	22	from	from	ADP
fbem-9133	159	23	2011	2011	NUM
fbem-9133	159	24	to	to	ADP
fbem-9133	159	25	2021	2021	NUM
fbem-9133	159	26	,	,	PUNCT
fbem-9133	159	27	this	this	DET
fbem-9133	159	28	paper	paper	NOUN
fbem-9133	159	29	selected	select	VERB
fbem-9133	159	30	one	one	NUM
fbem-9133	159	31	year	year	NOUN
fbem-9133	159	32	,	,	PUNCT
fbem-9133	159	33	two	two	NUM
fbem-9133	159	34	years	year	NOUN
fbem-9133	159	35	and	and	CCONJ
fbem-9133	159	36	three	three	NUM
fbem-9133	159	37	years	year	NOUN
fbem-9133	159	38	before	before	SCONJ
fbem-9133	159	39	china	china	PROPN
fbem-9133	159	40	securities	securities	PROPN
fbem-9133	159	41	regulatory	regulatory	PROPN
fbem-9133	159	42	commission	commission	PROPN
fbem-9133	159	43	relaxed	relax	VERB
fbem-9133	159	44	the	the	DET
fbem-9133	159	45	principle	principle	NOUN
fbem-9133	159	46	of	of	ADP
fbem-9133	159	47	share	share	NOUN
fbem-9133	159	48	repurchase	repurchase	VERB
fbem-9133	159	49	as	as	ADP
fbem-9133	159	50	the	the	DET
fbem-9133	159	51	assumed	assumed	ADJ
fbem-9133	159	52	policy	policy	NOUN
fbem-9133	159	53	impact	impact	NOUN
fbem-9133	159	54	time	time	NOUN
fbem-9133	159	55	points	point	NOUN
fbem-9133	159	56	,	,	PUNCT
fbem-9133	159	57	and	and	CCONJ
fbem-9133	159	58	combined	combine	VERB
fbem-9133	159	59	the	the	DET
fbem-9133	159	60	new	new	ADJ
fbem-9133	159	61	virtual	virtual	ADJ
fbem-9133	159	62	policy	policy	NOUN
fbem-9133	159	63	treatment	treatment	NOUN
fbem-9133	159	64	year	year	NOUN
fbem-9133	159	65	with	with	ADP
fbem-9133	159	66	the	the	DET
fbem-9133	159	67	original	original	ADJ
fbem-9133	159	68	policy	policy	NOUN
fbem-9133	159	69	treatment	treatment	NOUN
fbem-9133	159	70	group	group	NOUN
fbem-9133	159	71	.	.	PUNCT
fbem-9133	160	1	the	the	DET
fbem-9133	160	2	new	new	ADJ
fbem-9133	160	3	policy	policy	NOUN
fbem-9133	160	4	processing	processing	NOUN
fbem-9133	160	5	variables	variable	NOUN
fbem-9133	160	6	are	be	AUX
fbem-9133	160	7	reconstructed	reconstruct	VERB
fbem-9133	160	8	,	,	PUNCT
fbem-9133	160	9	and	and	CCONJ
fbem-9133	160	10	then	then	ADV
fbem-9133	160	11	the	the	DET
fbem-9133	160	12	differential	differential	ADJ
fbem-9133	160	13	model	model	NOUN
fbem-9133	160	14	is	be	AUX
fbem-9133	160	15	estimated	estimate	VERB
fbem-9133	160	16	in	in	ADP
fbem-9133	160	17	turn	turn	NOUN
fbem-9133	160	18	.	.	PUNCT
fbem-9133	161	1	table	table	NOUN
fbem-9133	161	2	5	5	NUM
fbem-9133	161	3	-	-	SYM
fbem-9133	161	4	11	11	NUM
fbem-9133	161	5	shows	show	VERB
fbem-9133	161	6	the	the	DET
fbem-9133	161	7	regression	regression	NOUN
fbem-9133	161	8	results	result	NOUN
fbem-9133	161	9	.	.	PUNCT
fbem-9133	162	1	the	the	DET
fbem-9133	162	2	results	result	NOUN
fbem-9133	162	3	show	show	VERB
fbem-9133	162	4	that	that	SCONJ
fbem-9133	162	5	the	the	DET
fbem-9133	162	6	interaction	interaction	NOUN
fbem-9133	162	7	coefficients	coefficient	NOUN
fbem-9133	162	8	of	of	ADP
fbem-9133	162	9	the	the	DET
fbem-9133	162	10	three	three	NUM
fbem-9133	162	11	virtual	virtual	ADJ
fbem-9133	162	12	policy	policy	NOUN
fbem-9133	162	13	impact	impact	NOUN
fbem-9133	162	14	times	time	NOUN
fbem-9133	162	15	are	be	AUX
fbem-9133	162	16	not	not	PART
fbem-9133	162	17	significant	significant	ADJ
fbem-9133	162	18	at	at	ADP
fbem-9133	162	19	the	the	DET
fbem-9133	162	20	confidence	confidence	NOUN
fbem-9133	162	21	level	level	NOUN
fbem-9133	162	22	of	of	ADP
fbem-9133	162	23	10	10	NUM
fbem-9133	162	24	%	%	NOUN
fbem-9133	162	25	.	.	PUNCT
fbem-9133	163	1	the	the	DET
fbem-9133	163	2	above	above	ADJ
fbem-9133	163	3	results	result	NOUN
fbem-9133	163	4	show	show	VERB
fbem-9133	163	5	that	that	SCONJ
fbem-9133	163	6	,	,	PUNCT
fbem-9133	163	7	before	before	ADP
fbem-9133	163	8	the	the	DET
fbem-9133	163	9	real	real	ADJ
fbem-9133	163	10	policy	policy	NOUN
fbem-9133	163	11	impact	impact	NOUN
fbem-9133	163	12	,	,	PUNCT
fbem-9133	163	13	there	there	PRON
fbem-9133	163	14	is	be	VERB
fbem-9133	163	15	no	no	DET
fbem-9133	163	16	interference	interference	NOUN
fbem-9133	163	17	of	of	ADP
fbem-9133	163	18	other	other	ADJ
fbem-9133	163	19	policies	policy	NOUN
fbem-9133	163	20	affecting	affect	VERB
fbem-9133	163	21	the	the	DET
fbem-9133	163	22	cash	cash	NOUN
fbem-9133	163	23	holding	holding	NOUN
fbem-9133	163	24	level	level	NOUN
fbem-9133	163	25	of	of	ADP
fbem-9133	163	26	listed	list	VERB
fbem-9133	163	27	companies	company	NOUN
fbem-9133	163	28	,	,	PUNCT
fbem-9133	163	29	that	that	ADV
fbem-9133	163	30	is	is	ADV
fbem-9133	163	31	,	,	PUNCT
fbem-9133	163	32	the	the	DET
fbem-9133	163	33	change	change	NOUN
fbem-9133	163	34	of	of	ADP
fbem-9133	163	35	cash	cash	NOUN
fbem-9133	163	36	holding	holding	NOUN
fbem-9133	163	37	level	level	NOUN
fbem-9133	163	38	of	of	ADP
fbem-9133	163	39	listed	list	VERB
fbem-9133	163	40	companies	company	NOUN
fbem-9133	163	41	is	be	AUX
fbem-9133	163	42	due	due	ADJ
fbem-9133	163	43	to	to	ADP
fbem-9133	163	44	the	the	DET
fbem-9133	163	45	relaxation	relaxation	NOUN
fbem-9133	163	46	of	of	ADP
fbem-9133	163	47	the	the	DET
fbem-9133	163	48	stock	stock	NOUN
fbem-9133	163	49	buyback	buyback	NOUN
fbem-9133	163	50	principle	principle	NOUN
fbem-9133	163	51	.	.	PUNCT
fbem-9133	164	1	therefore	therefore	ADV
fbem-9133	164	2	,	,	PUNCT
fbem-9133	164	3	the	the	DET
fbem-9133	164	4	above	above	ADJ
fbem-9133	164	5	regression	regression	NOUN
fbem-9133	164	6	results	result	NOUN
fbem-9133	164	7	are	be	AUX
fbem-9133	164	8	robust	robust	ADJ
fbem-9133	164	9	and	and	CCONJ
fbem-9133	164	10	credible	credible	ADJ
fbem-9133	164	11	.	.	PUNCT
fbem-9133	165	1	96	96	NUM
fbem-9133	165	2	table	table	NOUN
fbem-9133	165	3	5	5	NUM
fbem-9133	165	4	.	.	PUNCT
fbem-9133	165	5	placebo	placebo	NOUN
fbem-9133	165	6	test	test	NOUN
fbem-9133	165	7	cash	cash	NOUN
fbem-9133	165	8	(	(	PUNCT
fbem-9133	165	9	1)2016	1)2016	NUM
fbem-9133	165	10	(	(	PUNCT
fbem-9133	165	11	2)2017	2)2017	NUM
fbem-9133	165	12	(	(	PUNCT
fbem-9133	165	13	3)2018	3)2018	PROPN
fbem-9133	165	14	ps2did	ps2did	VERB
fbem-9133	165	15	0.008	0.008	NUM
fbem-9133	165	16	(	(	PUNCT
fbem-9133	165	17	-0.83	-0.83	X
fbem-9133	165	18	)	)	PUNCT
fbem-9133	165	19	0.0004	0.0004	NUM
fbem-9133	165	20	(	(	PUNCT
fbem-9133	165	21	0.05	0.05	NUM
fbem-9133	165	22	)	)	PUNCT
fbem-9133	165	23	-0.005	-0.005	PUNCT
fbem-9133	165	24	(	(	PUNCT
fbem-9133	165	25	-0.77	-0.77	NOUN
fbem-9133	165	26	)	)	PUNCT
fbem-9133	165	27	-cons	-con	NOUN
fbem-9133	165	28	-1.519	-1.519	PUNCT
fbem-9133	165	29	*	*	PUNCT
fbem-9133	165	30	*	*	PUNCT
fbem-9133	165	31	(	(	PUNCT
fbem-9133	165	32	-2.57	-2.57	NUM
fbem-9133	165	33	)	)	PUNCT
fbem-9133	165	34	-1.520	-1.520	NOUN
fbem-9133	165	35	*	*	PUNCT
fbem-9133	165	36	*	*	PUNCT
fbem-9133	165	37	(	(	PUNCT
fbem-9133	165	38	-2.57	-2.57	NUM
fbem-9133	165	39	)	)	PUNCT
fbem-9133	165	40	-1.266	-1.266	NOUN
fbem-9133	165	41	*	*	NOUN
fbem-9133	165	42	*	*	PUNCT
fbem-9133	165	43	(	(	PUNCT
fbem-9133	165	44	-2.10	-2.10	NOUN
fbem-9133	165	45	)	)	PUNCT
fbem-9133	165	46	controls	control	NOUN
fbem-9133	166	1	yes	yes	INTJ
fbem-9133	166	2	yes	yes	INTJ
fbem-9133	167	1	yes	yes	INTJ
fbem-9133	167	2	firm	firm	ADJ
fbem-9133	167	3	fixed	fix	VERB
fbem-9133	167	4	effects	effect	NOUN
fbem-9133	168	1	yes	yes	INTJ
fbem-9133	169	1	yes	yes	INTJ
fbem-9133	170	1	yes	yes	INTJ
fbem-9133	170	2	year	year	NOUN
fbem-9133	170	3	fixed	fix	VERB
fbem-9133	170	4	effects	effect	NOUN
fbem-9133	171	1	yes	yes	INTJ
fbem-9133	172	1	yes	yes	INTJ
fbem-9133	173	1	yes	yes	INTJ
fbem-9133	173	2	observations	observation	NOUN
fbem-9133	173	3	10390	10390	NUM
fbem-9133	173	4	10390	10390	NUM
fbem-9133	173	5	10110	10110	NUM
fbem-9133	173	6	adjusted	adjust	VERB
fbem-9133	173	7	r²	r²	VERB
fbem-9133	173	8	0.190	0.190	NUM
fbem-9133	173	9	0.190	0.190	NUM
fbem-9133	173	10	0.411	0.411	NUM
fbem-9133	173	11	note	note	NOUN
fbem-9133	173	12	:	:	PUNCT
fbem-9133	173	13	the	the	DET
fbem-9133	173	14	t	t	NOUN
fbem-9133	173	15	value	value	NOUN
fbem-9133	173	16	is	be	AUX
fbem-9133	173	17	in	in	ADP
fbem-9133	173	18	brackets	bracket	NOUN
fbem-9133	173	19	,	,	PUNCT
fbem-9133	173	20	where	where	SCONJ
fbem-9133	173	21	*	*	NOUN
fbem-9133	173	22	*	*	PUNCT
fbem-9133	173	23	*	*	PUNCT
fbem-9133	173	24	,	,	PUNCT
fbem-9133	173	25	*	*	PUNCT
fbem-9133	173	26	*	*	PUNCT
fbem-9133	173	27	and	and	CCONJ
fbem-9133	173	28	*	*	AUX
fbem-9133	173	29	are	be	AUX
fbem-9133	173	30	statistically	statistically	ADV
fbem-9133	173	31	significant	significant	ADJ
fbem-9133	173	32	at	at	ADP
fbem-9133	173	33	1	1	NUM
fbem-9133	173	34	%	%	NOUN
fbem-9133	173	35	,	,	PUNCT
fbem-9133	173	36	5	5	NUM
fbem-9133	173	37	%	%	NOUN
fbem-9133	173	38	and	and	CCONJ
fbem-9133	173	39	10	10	NUM
fbem-9133	173	40	%	%	NOUN
fbem-9133	173	41	,	,	PUNCT
fbem-9133	173	42	respectively	respectively	ADV
fbem-9133	173	43	.	.	PUNCT
fbem-9133	174	1	5	5	X
fbem-9133	174	2	.	.	X
fbem-9133	174	3	conclusion	conclusion	NOUN
fbem-9133	174	4	and	and	CCONJ
fbem-9133	174	5	suggestion	suggestion	NOUN
fbem-9133	174	6	based	base	VERB
fbem-9133	174	7	on	on	ADP
fbem-9133	174	8	the	the	DET
fbem-9133	174	9	sample	sample	NOUN
fbem-9133	174	10	data	datum	NOUN
fbem-9133	174	11	of	of	ADP
fbem-9133	174	12	chinese	chinese	ADJ
fbem-9133	174	13	listed	list	VERB
fbem-9133	174	14	companies	company	NOUN
fbem-9133	174	15	from	from	ADP
fbem-9133	174	16	2011	2011	NUM
fbem-9133	174	17	to	to	ADP
fbem-9133	174	18	2022	2022	NUM
fbem-9133	174	19	,	,	PUNCT
fbem-9133	174	20	this	this	DET
fbem-9133	174	21	paper	paper	NOUN
fbem-9133	174	22	studies	study	NOUN
fbem-9133	174	23	how	how	SCONJ
fbem-9133	174	24	stock	stock	NOUN
fbem-9133	174	25	liquidity	liquidity	NOUN
fbem-9133	174	26	affects	affect	VERB
fbem-9133	174	27	the	the	DET
fbem-9133	174	28	cash	cash	NOUN
fbem-9133	174	29	holding	hold	VERB
fbem-9133	174	30	decisions	decision	NOUN
fbem-9133	174	31	of	of	ADP
fbem-9133	174	32	listed	list	VERB
fbem-9133	174	33	companies	company	NOUN
fbem-9133	174	34	,	,	PUNCT
fbem-9133	174	35	considering	consider	VERB
fbem-9133	174	36	their	their	PRON
fbem-9133	174	37	stock	stock	NOUN
fbem-9133	174	38	buyback	buyback	NOUN
fbem-9133	174	39	motives	motive	NOUN
fbem-9133	174	40	,	,	PUNCT
fbem-9133	174	41	and	and	CCONJ
fbem-9133	174	42	explains	explain	VERB
fbem-9133	174	43	a	a	DET
fbem-9133	174	44	possible	possible	ADJ
fbem-9133	174	45	motive	motive	NOUN
fbem-9133	174	46	for	for	ADP
fbem-9133	174	47	cash	cash	NOUN
fbem-9133	174	48	holding	holding	NOUN
fbem-9133	174	49	of	of	ADP
fbem-9133	174	50	listed	list	VERB
fbem-9133	174	51	companies	company	NOUN
fbem-9133	174	52	to	to	ADP
fbem-9133	174	53	a	a	DET
fbem-9133	174	54	certain	certain	ADJ
fbem-9133	174	55	extent	extent	NOUN
fbem-9133	174	56	.	.	PUNCT
fbem-9133	175	1	this	this	DET
fbem-9133	175	2	paper	paper	NOUN
fbem-9133	175	3	finds	find	VERB
fbem-9133	175	4	that	that	SCONJ
fbem-9133	175	5	:	:	PUNCT
fbem-9133	175	6	(	(	PUNCT
fbem-9133	175	7	1	1	X
fbem-9133	175	8	)	)	PUNCT
fbem-9133	175	9	when	when	SCONJ
fbem-9133	175	10	other	other	ADJ
fbem-9133	175	11	variables	variable	NOUN
fbem-9133	175	12	are	be	AUX
fbem-9133	175	13	controlled	control	VERB
fbem-9133	175	14	,	,	PUNCT
fbem-9133	175	15	the	the	PRON
fbem-9133	175	16	higher	high	ADJ
fbem-9133	175	17	the	the	DET
fbem-9133	175	18	stock	stock	NOUN
fbem-9133	175	19	liquidity	liquidity	NOUN
fbem-9133	175	20	,	,	PUNCT
fbem-9133	175	21	the	the	PRON
fbem-9133	175	22	higher	high	ADJ
fbem-9133	175	23	the	the	DET
fbem-9133	175	24	cash	cash	NOUN
fbem-9133	175	25	holding	holding	NOUN
fbem-9133	175	26	level	level	NOUN
fbem-9133	175	27	of	of	ADP
fbem-9133	175	28	listed	list	VERB
fbem-9133	175	29	companies	company	NOUN
fbem-9133	175	30	.	.	PUNCT
fbem-9133	176	1	(	(	PUNCT
fbem-9133	176	2	2	2	X
fbem-9133	176	3	)	)	PUNCT
fbem-9133	176	4	taking	take	VERB
fbem-9133	176	5	the	the	DET
fbem-9133	176	6	opinions	opinion	NOUN
fbem-9133	176	7	on	on	ADP
fbem-9133	176	8	supporting	support	VERB
fbem-9133	176	9	share	share	NOUN
fbem-9133	176	10	repurchase	repurchase	NOUN
fbem-9133	176	11	of	of	ADP
fbem-9133	176	12	listed	list	VERB
fbem-9133	176	13	companies	company	NOUN
fbem-9133	176	14	jointly	jointly	ADV
fbem-9133	176	15	issued	issue	VERB
fbem-9133	176	16	by	by	ADP
fbem-9133	176	17	china	china	PROPN
fbem-9133	176	18	securities	securities	PROPN
fbem-9133	176	19	regulatory	regulatory	PROPN
fbem-9133	176	20	commission	commission	PROPN
fbem-9133	176	21	,	,	PUNCT
fbem-9133	176	22	ministry	ministry	PROPN
fbem-9133	176	23	of	of	ADP
fbem-9133	176	24	finance	finance	NOUN
fbem-9133	176	25	and	and	CCONJ
fbem-9133	176	26	sasac	sasac	NOUN
fbem-9133	176	27	in	in	ADP
fbem-9133	176	28	2018	2018	NUM
fbem-9133	176	29	as	as	ADP
fbem-9133	176	30	an	an	DET
fbem-9133	176	31	exogenous	exogenous	ADJ
fbem-9133	176	32	impact	impact	NOUN
fbem-9133	176	33	,	,	PUNCT
fbem-9133	176	34	this	this	DET
fbem-9133	176	35	paper	paper	NOUN
fbem-9133	176	36	finds	find	VERB
fbem-9133	176	37	that	that	SCONJ
fbem-9133	176	38	listed	list	VERB
fbem-9133	176	39	companies	company	NOUN
fbem-9133	176	40	with	with	ADP
fbem-9133	176	41	high	high	ADJ
fbem-9133	176	42	stock	stock	NOUN
fbem-9133	176	43	liquidity	liquidity	NOUN
fbem-9133	176	44	are	be	AUX
fbem-9133	176	45	more	more	ADV
fbem-9133	176	46	inclined	inclined	ADJ
fbem-9133	176	47	to	to	PART
fbem-9133	176	48	increase	increase	VERB
fbem-9133	176	49	their	their	PRON
fbem-9133	176	50	cash	cash	NOUN
fbem-9133	176	51	holdings	holding	NOUN
fbem-9133	176	52	after	after	ADP
fbem-9133	176	53	the	the	DET
fbem-9133	176	54	implementation	implementation	NOUN
fbem-9133	176	55	of	of	ADP
fbem-9133	176	56	the	the	DET
fbem-9133	176	57	policy	policy	NOUN
fbem-9133	176	58	.	.	PUNCT
fbem-9133	177	1	(	(	PUNCT
fbem-9133	177	2	3	3	X
fbem-9133	177	3	)	)	PUNCT
fbem-9133	177	4	in	in	ADP
fbem-9133	177	5	terms	term	NOUN
fbem-9133	177	6	of	of	ADP
fbem-9133	177	7	property	property	NOUN
fbem-9133	177	8	right	right	ADJ
fbem-9133	177	9	structure	structure	NOUN
fbem-9133	177	10	,	,	PUNCT
fbem-9133	177	11	the	the	DET
fbem-9133	177	12	promoting	promote	VERB
fbem-9133	177	13	effect	effect	NOUN
fbem-9133	177	14	of	of	ADP
fbem-9133	177	15	stock	stock	NOUN
fbem-9133	177	16	liquidity	liquidity	NOUN
fbem-9133	177	17	on	on	ADP
fbem-9133	177	18	cash	cash	NOUN
fbem-9133	177	19	holding	holding	NOUN
fbem-9133	177	20	is	be	AUX
fbem-9133	177	21	particularly	particularly	ADV
fbem-9133	177	22	obvious	obvious	ADJ
fbem-9133	177	23	in	in	ADP
fbem-9133	177	24	non	non	ADJ
fbem-9133	177	25	-	-	ADJ
fbem-9133	177	26	state	state	NOUN
fbem-9133	177	27	-	-	PUNCT
fbem-9133	177	28	owned	own	VERB
fbem-9133	177	29	listed	list	VERB
fbem-9133	177	30	companies	company	NOUN
fbem-9133	177	31	.	.	PUNCT
fbem-9133	178	1	in	in	ADP
fbem-9133	178	2	terms	term	NOUN
fbem-9133	178	3	of	of	ADP
fbem-9133	178	4	the	the	DET
fbem-9133	178	5	characteristics	characteristic	NOUN
fbem-9133	178	6	of	of	ADP
fbem-9133	178	7	senior	senior	ADJ
fbem-9133	178	8	executives	executive	NOUN
fbem-9133	178	9	,	,	PUNCT
fbem-9133	178	10	this	this	DET
fbem-9133	178	11	paper	paper	NOUN
fbem-9133	178	12	finds	find	VERB
fbem-9133	178	13	that	that	SCONJ
fbem-9133	178	14	when	when	SCONJ
fbem-9133	178	15	the	the	DET
fbem-9133	178	16	gender	gender	NOUN
fbem-9133	178	17	of	of	ADP
fbem-9133	178	18	senior	senior	ADJ
fbem-9133	178	19	executives	executive	NOUN
fbem-9133	178	20	is	be	AUX
fbem-9133	178	21	female	female	ADJ
fbem-9133	178	22	,	,	PUNCT
fbem-9133	178	23	the	the	DET
fbem-9133	178	24	roles	role	NOUN
fbem-9133	178	25	of	of	ADP
fbem-9133	178	26	chairman	chairman	NOUN
fbem-9133	178	27	and	and	CCONJ
fbem-9133	178	28	ceo	ceo	NOUN
fbem-9133	178	29	are	be	AUX
fbem-9133	178	30	not	not	PART
fbem-9133	178	31	the	the	DET
fbem-9133	178	32	same	same	ADJ
fbem-9133	178	33	,	,	PUNCT
fbem-9133	178	34	and	and	CCONJ
fbem-9133	178	35	the	the	DET
fbem-9133	178	36	senior	senior	ADJ
fbem-9133	178	37	executives	executive	NOUN
fbem-9133	178	38	have	have	VERB
fbem-9133	178	39	overseas	overseas	ADJ
fbem-9133	178	40	background	background	NOUN
fbem-9133	178	41	,	,	PUNCT
fbem-9133	178	42	the	the	DET
fbem-9133	178	43	stock	stock	NOUN
fbem-9133	178	44	liquidity	liquidity	NOUN
fbem-9133	178	45	has	have	VERB
fbem-9133	178	46	a	a	DET
fbem-9133	178	47	more	more	ADV
fbem-9133	178	48	significant	significant	ADJ
fbem-9133	178	49	promoting	promote	VERB
fbem-9133	178	50	effect	effect	NOUN
fbem-9133	178	51	on	on	ADP
fbem-9133	178	52	the	the	DET
fbem-9133	178	53	cash	cash	NOUN
fbem-9133	178	54	holding	holding	NOUN
fbem-9133	178	55	level	level	NOUN
fbem-9133	178	56	of	of	ADP
fbem-9133	178	57	listed	list	VERB
fbem-9133	178	58	companies	company	NOUN
fbem-9133	178	59	.	.	PUNCT
fbem-9133	179	1	based	base	VERB
fbem-9133	179	2	on	on	ADP
fbem-9133	179	3	the	the	DET
fbem-9133	179	4	research	research	NOUN
fbem-9133	179	5	conclusions	conclusion	NOUN
fbem-9133	179	6	of	of	ADP
fbem-9133	179	7	this	this	DET
fbem-9133	179	8	paper	paper	NOUN
fbem-9133	179	9	,	,	PUNCT
fbem-9133	179	10	the	the	DET
fbem-9133	179	11	following	follow	VERB
fbem-9133	179	12	suggestions	suggestion	NOUN
fbem-9133	179	13	are	be	AUX
fbem-9133	179	14	put	put	VERB
fbem-9133	179	15	forward	forward	ADV
fbem-9133	179	16	:	:	PUNCT
fbem-9133	179	17	first	first	ADV
fbem-9133	179	18	,	,	PUNCT
fbem-9133	179	19	listed	list	VERB
fbem-9133	179	20	companies	company	NOUN
fbem-9133	179	21	should	should	AUX
fbem-9133	179	22	actively	actively	ADV
fbem-9133	179	23	pay	pay	VERB
fbem-9133	179	24	attention	attention	NOUN
fbem-9133	179	25	to	to	ADP
fbem-9133	179	26	the	the	DET
fbem-9133	179	27	performance	performance	NOUN
fbem-9133	179	28	of	of	ADP
fbem-9133	179	29	their	their	PRON
fbem-9133	179	30	stocks	stock	NOUN
fbem-9133	179	31	in	in	ADP
fbem-9133	179	32	the	the	DET
fbem-9133	179	33	capital	capital	NOUN
fbem-9133	179	34	market	market	NOUN
fbem-9133	179	35	,	,	PUNCT
fbem-9133	179	36	make	make	VERB
fbem-9133	179	37	full	full	ADJ
fbem-9133	179	38	and	and	CCONJ
fbem-9133	179	39	reasonable	reasonable	ADJ
fbem-9133	179	40	use	use	NOUN
fbem-9133	179	41	of	of	ADP
fbem-9133	179	42	stock	stock	NOUN
fbem-9133	179	43	repurchase	repurchase	NOUN
fbem-9133	179	44	decisions	decision	NOUN
fbem-9133	179	45	,	,	PUNCT
fbem-9133	179	46	strengthen	strengthen	VERB
fbem-9133	179	47	the	the	DET
fbem-9133	179	48	value	value	NOUN
fbem-9133	179	49	of	of	ADP
fbem-9133	179	50	cash	cash	NOUN
fbem-9133	179	51	holdings	holding	NOUN
fbem-9133	179	52	,	,	PUNCT
fbem-9133	179	53	prevent	prevent	VERB
fbem-9133	179	54	future	future	ADJ
fbem-9133	179	55	stock	stock	NOUN
fbem-9133	179	56	prices	price	NOUN
fbem-9133	179	57	from	from	ADP
fbem-9133	179	58	correctly	correctly	ADV
fbem-9133	179	59	reflecting	reflect	VERB
fbem-9133	179	60	the	the	DET
fbem-9133	179	61	value	value	NOUN
fbem-9133	179	62	of	of	ADP
fbem-9133	179	63	the	the	DET
fbem-9133	179	64	company	company	NOUN
fbem-9133	179	65	and	and	CCONJ
fbem-9133	179	66	seize	seize	VERB
fbem-9133	179	67	future	future	ADJ
fbem-9133	179	68	profit	profit	NOUN
fbem-9133	179	69	opportunities	opportunity	NOUN
fbem-9133	179	70	through	through	ADP
fbem-9133	179	71	stock	stock	NOUN
fbem-9133	179	72	repurchase	repurchase	NOUN
fbem-9133	179	73	.	.	PUNCT
fbem-9133	180	1	second	second	ADJ
fbem-9133	180	2	,	,	PUNCT
fbem-9133	180	3	a	a	DET
fbem-9133	180	4	high	high	ADJ
fbem-9133	180	5	-	-	PUNCT
fbem-9133	180	6	quality	quality	NOUN
fbem-9133	180	7	executive	executive	ADJ
fbem-9133	180	8	training	training	NOUN
fbem-9133	180	9	system	system	NOUN
fbem-9133	180	10	should	should	AUX
fbem-9133	180	11	be	be	AUX
fbem-9133	180	12	designed	design	VERB
fbem-9133	180	13	to	to	PART
fbem-9133	180	14	cultivate	cultivate	VERB
fbem-9133	180	15	executives	executive	NOUN
fbem-9133	180	16	with	with	ADP
fbem-9133	180	17	financial	financial	ADJ
fbem-9133	180	18	consciousness	consciousness	NOUN
fbem-9133	180	19	who	who	PRON
fbem-9133	180	20	are	be	AUX
fbem-9133	180	21	good	good	ADJ
fbem-9133	180	22	at	at	ADP
fbem-9133	180	23	taking	take	VERB
fbem-9133	180	24	advantage	advantage	NOUN
fbem-9133	180	25	of	of	ADP
fbem-9133	180	26	the	the	DET
fbem-9133	180	27	capitalized	capitalize	VERB
fbem-9133	180	28	market	market	NOUN
fbem-9133	180	29	,	,	PUNCT
fbem-9133	180	30	and	and	CCONJ
fbem-9133	180	31	fully	fully	ADV
fbem-9133	180	32	stimulate	stimulate	VERB
fbem-9133	180	33	the	the	DET
fbem-9133	180	34	management	management	NOUN
fbem-9133	180	35	to	to	PART
fbem-9133	180	36	solve	solve	VERB
fbem-9133	180	37	the	the	DET
fbem-9133	180	38	problem	problem	NOUN
fbem-9133	180	39	of	of	ADP
fbem-9133	180	40	stock	stock	NOUN
fbem-9133	180	41	illiquidity	illiquidity	NOUN
fbem-9133	180	42	that	that	PRON
fbem-9133	180	43	listed	list	VERB
fbem-9133	180	44	companies	company	NOUN
fbem-9133	180	45	may	may	AUX
fbem-9133	180	46	encounter	encounter	VERB
fbem-9133	180	47	in	in	ADP
fbem-9133	180	48	the	the	DET
fbem-9133	180	49	future	future	NOUN
fbem-9133	180	50	through	through	ADP
fbem-9133	180	51	the	the	DET
fbem-9133	180	52	use	use	NOUN
fbem-9133	180	53	of	of	ADP
fbem-9133	180	54	stock	stock	NOUN
fbem-9133	180	55	repurchase	repurchase	NOUN
fbem-9133	180	56	.	.	PUNCT
fbem-9133	181	1	at	at	ADP
fbem-9133	181	2	the	the	DET
fbem-9133	181	3	same	same	ADJ
fbem-9133	181	4	time	time	NOUN
fbem-9133	181	5	,	,	PUNCT
fbem-9133	181	6	attention	attention	NOUN
fbem-9133	181	7	should	should	AUX
fbem-9133	181	8	be	be	AUX
fbem-9133	181	9	paid	pay	VERB
fbem-9133	181	10	to	to	ADP
fbem-9133	181	11	the	the	DET
fbem-9133	181	12	gender	gender	NOUN
fbem-9133	181	13	ratio	ratio	NOUN
fbem-9133	181	14	of	of	ADP
fbem-9133	181	15	senior	senior	ADJ
fbem-9133	181	16	management	management	NOUN
fbem-9133	181	17	personnel	personnel	NOUN
fbem-9133	181	18	,	,	PUNCT
fbem-9133	181	19	so	so	SCONJ
fbem-9133	181	20	as	as	SCONJ
fbem-9133	181	21	to	to	PART
fbem-9133	181	22	give	give	VERB
fbem-9133	181	23	play	play	NOUN
fbem-9133	181	24	to	to	ADP
fbem-9133	181	25	the	the	DET
fbem-9133	181	26	advantages	advantage	NOUN
fbem-9133	181	27	of	of	ADP
fbem-9133	181	28	women	woman	NOUN
fbem-9133	181	29	who	who	PRON
fbem-9133	181	30	are	be	AUX
fbem-9133	181	31	naturally	naturally	ADV
fbem-9133	181	32	high	high	ADJ
fbem-9133	181	33	in	in	ADP
fbem-9133	181	34	risk	risk	NOUN
fbem-9133	181	35	aversion	aversion	NOUN
fbem-9133	181	36	.	.	PUNCT
fbem-9133	182	1	references	reference	NOUN
fbem-9133	182	2	[	[	X
fbem-9133	182	3	1	1	NUM
fbem-9133	182	4	]	]	PUNCT
fbem-9133	182	5	hu	hu	PROPN
fbem-9133	182	6	yi	yi	PROPN
fbem-9133	182	7	,	,	PUNCT
fbem-9133	182	8	li	li	PROPN
fbem-9133	182	9	yong	yong	PROPN
fbem-9133	182	10	,	,	PUNCT
fbem-9133	182	11	zeng	zeng	PROPN
fbem-9133	182	12	jianyu	jianyu	PROPN
fbem-9133	182	13	.	.	PUNCT
fbem-9133	183	1	stock	stock	NOUN
fbem-9133	183	2	liquidity	liquidity	NOUN
fbem-9133	183	3	and	and	CCONJ
fbem-9133	183	4	corporate	corporate	ADJ
fbem-9133	183	5	cash	cash	NOUN
fbem-9133	183	6	holdings	holding	NOUN
fbem-9133	184	1	[	[	X
fbem-9133	184	2	j	j	X
fbem-9133	184	3	]	]	X
fbem-9133	184	4	.	.	PUNCT
fbem-9133	185	1	finance	finance	NOUN
fbem-9133	185	2	research	research	NOUN
fbem-9133	185	3	letters,2019(28):416	letters,2019(28):416	X
fbem-9133	185	4	-	-	PUNCT
fbem-9133	185	5	422	422	NUM
fbem-9133	185	6	.	.	PUNCT
fbem-9133	186	1	[	[	X
fbem-9133	186	2	2	2	NUM
fbem-9133	186	3	]	]	PUNCT
fbem-9133	186	4	hamid	hamid	PROPN
fbem-9133	186	5	ali	ali	PROPN
fbem-9133	186	6	shah	shah	PROPN
fbem-9133	186	7	,	,	PUNCT
fbem-9133	186	8	attaullah	attaullah	PROPN
fbem-9133	186	9	shah	shah	NOUN
fbem-9133	186	10	.	.	PUNCT
fbem-9133	187	1	the	the	DET
fbem-9133	187	2	relationship	relationship	NOUN
fbem-9133	187	3	between	between	ADP
fbem-9133	187	4	judicial	judicial	ADJ
fbem-9133	187	5	efficiency	efficiency	NOUN
fbem-9133	187	6	and	and	CCONJ
fbem-9133	187	7	corporate	corporate	ADJ
fbem-9133	187	8	cash	cash	NOUN
fbem-9133	187	9	holdings	holding	NOUN
fbem-9133	187	10	:	:	PUNCT
fbem-9133	187	11	an	an	DET
fbem-9133	187	12	international	international	ADJ
fbem-9133	187	13	study	study	NOUN
fbem-9133	187	14	[	[	X
fbem-9133	187	15	j	j	X
fbem-9133	187	16	]	]	X
fbem-9133	187	17	.	.	PUNCT
fbem-9133	188	1	economic	economic	ADJ
fbem-9133	188	2	modelling	modelling	NOUN
fbem-9133	188	3	,	,	PUNCT
fbem-9133	188	4	2016	2016	NUM
fbem-9133	188	5	(	(	PUNCT
fbem-9133	188	6	59	59	NUM
fbem-9133	188	7	):	):	PUNCT
fbem-9133	188	8	448462	448462	NUM
fbem-9133	188	9	.	.	PUNCT
fbem-9133	189	1	[	[	X
fbem-9133	189	2	3	3	X
fbem-9133	189	3	]	]	X
fbem-9133	189	4	jiang	jiang	PROPN
fbem-9133	189	5	f	f	PROPN
fbem-9133	189	6	,	,	PUNCT
fbem-9133	189	7	ma	ma	PROPN
fbem-9133	189	8	y	y	PROPN
fbem-9133	189	9	,	,	PUNCT
fbem-9133	189	10	shi	shi	PROPN
fbem-9133	189	11	b.	b.	PROPN
fbem-9133	189	12	stock	stock	PROPN
fbem-9133	189	13	liquidity	liquidity	PROPN
fbem-9133	189	14	and	and	CCONJ
fbem-9133	189	15	dividend	dividend	PROPN
fbem-9133	189	16	payouts[j	payouts[j	PROPN
fbem-9133	189	17	]	]	PUNCT
fbem-9133	189	18	.	.	PUNCT
fbem-9133	190	1	journal	journal	PROPN
fbem-9133	190	2	of	of	ADP
fbem-9133	190	3	corporate	corporate	ADJ
fbem-9133	190	4	finance,2017,(42):295	finance,2017,(42):295	PROPN
fbem-9133	190	5	-	-	PUNCT
fbem-9133	190	6	314	314	NUM
fbem-9133	190	7	.	.	PUNCT
fbem-9133	191	1	[	[	X
fbem-9133	191	2	4	4	X
fbem-9133	191	3	]	]	X
fbem-9133	191	4	kjell	kjell	PROPN
fbem-9133	191	5	g.	g.	PROPN
fbem-9133	191	6	nyborg	nyborg	PROPN
fbem-9133	191	7	,	,	PUNCT
fbem-9133	191	8	zexi	zexi	PROPN
fbem-9133	191	9	wang	wang	PROPN
fbem-9133	191	10	.	.	PUNCT
fbem-9133	192	1	the	the	DET
fbem-9133	192	2	effect	effect	NOUN
fbem-9133	192	3	of	of	ADP
fbem-9133	192	4	stock	stock	NOUN
fbem-9133	192	5	liquidity	liquidity	NOUN
fbem-9133	192	6	on	on	ADP
fbem-9133	192	7	cash	cash	NOUN
fbem-9133	192	8	holdings	holding	NOUN
fbem-9133	192	9	:	:	PUNCT
fbem-9133	192	10	the	the	DET
fbem-9133	192	11	repurchase	repurchase	NOUN
fbem-9133	192	12	motive	motive	NOUN
fbem-9133	193	1	[	[	X
fbem-9133	193	2	j	j	X
fbem-9133	193	3	]	]	X
fbem-9133	193	4	.	.	PUNCT
fbem-9133	194	1	journal	journal	PROPN
fbem-9133	194	2	of	of	ADP
fbem-9133	194	3	financial	financial	ADJ
fbem-9133	194	4	economics	economic	NOUN
fbem-9133	194	5	,	,	PUNCT
fbem-9133	194	6	2021:905	2021:905	NOUN
fbem-9133	194	7	-	-	SYM
fbem-9133	194	8	927	927	NUM
fbem-9133	194	9	.	.	PUNCT
fbem-9133	195	1	[	[	X
fbem-9133	195	2	5	5	X
fbem-9133	195	3	]	]	PUNCT
fbem-9133	195	4	william	william	PROPN
fbem-9133	195	5	mingyan	mingyan	PROPN
fbem-9133	195	6	cheung	cheung	PROPN
fbem-9133	195	7	,	,	PUNCT
fbem-9133	195	8	richard	richard	PROPN
fbem-9133	195	9	chung	chung	PROPN
fbem-9133	195	10	,	,	PUNCT
fbem-9133	195	11	scott	scott	PROPN
fbem-9133	195	12	fung	fung	PROPN
fbem-9133	195	13	.	.	PUNCT
fbem-9133	196	1	the	the	DET
fbem-9133	196	2	effects	effect	NOUN
fbem-9133	196	3	of	of	ADP
fbem-9133	196	4	stock	stock	NOUN
fbem-9133	196	5	liquidity	liquidity	NOUN
fbem-9133	196	6	on	on	ADP
fbem-9133	196	7	firm	firm	ADJ
fbem-9133	196	8	value	value	NOUN
fbem-9133	196	9	and	and	CCONJ
fbem-9133	196	10	corporate	corporate	ADJ
fbem-9133	196	11	governance	governance	NOUN
fbem-9133	196	12	:	:	PUNCT
fbem-9133	196	13	endogeneity	endogeneity	NOUN
fbem-9133	196	14	and	and	CCONJ
fbem-9133	196	15	the	the	DET
fbem-9133	196	16	reit	reit	NOUN
fbem-9133	196	17	experiment	experiment	NOUN
fbem-9133	197	1	[	[	X
fbem-9133	197	2	j	j	X
fbem-9133	197	3	]	]	X
fbem-9133	197	4	.	.	PUNCT
fbem-9133	198	1	journal	journal	PROPN
fbem-9133	198	2	of	of	ADP
fbem-9133	198	3	corporate	corporate	ADJ
fbem-9133	198	4	finance,2015(35):211	finance,2015(35):211	NOUN
fbem-9133	198	5	-	-	PUNCT
fbem-9133	198	6	231	231	NUM
fbem-9133	198	7	.	.	PUNCT
fbem-9133	199	1	[	[	X
fbem-9133	199	2	6	6	NUM
fbem-9133	199	3	]	]	PUNCT
fbem-9133	199	4	yakovamihud	yakovamihud	PROPN
fbem-9133	199	5	.	.	PUNCT
fbem-9133	200	1	illiquidity	illiquidity	NOUN
fbem-9133	200	2	and	and	CCONJ
fbem-9133	200	3	stock	stock	NOUN
fbem-9133	200	4	returns	return	NOUN
fbem-9133	200	5	:	:	PUNCT
fbem-9133	200	6	cross	cross	NOUN
fbem-9133	200	7	-	-	NOUN
fbem-9133	200	8	section	section	NOUN
fbem-9133	200	9	and	and	CCONJ
fbem-9133	200	10	time	time	NOUN
fbem-9133	200	11	-	-	PUNCT
fbem-9133	200	12	series	series	NOUN
fbem-9133	200	13	effects	effect	NOUN
fbem-9133	201	1	[	[	X
fbem-9133	201	2	j	j	X
fbem-9133	201	3	]	]	X
fbem-9133	201	4	.	.	PUNCT
fbem-9133	202	1	journal	journal	PROPN
fbem-9133	202	2	of	of	ADP
fbem-9133	202	3	financial	financial	ADJ
fbem-9133	202	4	markets	market	NOUN
fbem-9133	202	5	,	,	PUNCT
fbem-9133	202	6	2002(05	2002(05	NUM
fbem-9133	202	7	):	):	PUNCT
fbem-9133	202	8	31	31	NUM
fbem-9133	202	9	-	-	SYM
fbem-9133	202	10	56	56	NUM
fbem-9133	202	11	.	.	PUNCT