id sid tid token lemma pos work_zxx6htnoxzfbvphjwm627sj534 1 1 Munich Munich NNP work_zxx6htnoxzfbvphjwm627sj534 1 2 Personal Personal NNP work_zxx6htnoxzfbvphjwm627sj534 1 3 RePEc RePEc NNP work_zxx6htnoxzfbvphjwm627sj534 1 4 Archive Archive NNP work_zxx6htnoxzfbvphjwm627sj534 1 5 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 1 6 Beauty Beauty NNP work_zxx6htnoxzfbvphjwm627sj534 1 7 Contest Contest NNP work_zxx6htnoxzfbvphjwm627sj534 1 8 , , , work_zxx6htnoxzfbvphjwm627sj534 1 9 Accounting Accounting NNP work_zxx6htnoxzfbvphjwm627sj534 1 10 Disclosure Disclosure NNP work_zxx6htnoxzfbvphjwm627sj534 1 11 , , , work_zxx6htnoxzfbvphjwm627sj534 1 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 1 13 Market Market NNP work_zxx6htnoxzfbvphjwm627sj534 1 14 Efficiency Efficiency NNP work_zxx6htnoxzfbvphjwm627sj534 1 15 Gao Gao NNP work_zxx6htnoxzfbvphjwm627sj534 1 16 , , , work_zxx6htnoxzfbvphjwm627sj534 1 17 Pingyang Pingyang NNP work_zxx6htnoxzfbvphjwm627sj534 1 18 The the DT work_zxx6htnoxzfbvphjwm627sj534 1 19 University University NNP work_zxx6htnoxzfbvphjwm627sj534 1 20 of of IN work_zxx6htnoxzfbvphjwm627sj534 1 21 Chicago Chicago NNP work_zxx6htnoxzfbvphjwm627sj534 1 22 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 1 23 Graduate Graduate NNP work_zxx6htnoxzfbvphjwm627sj534 1 24 School School NNP work_zxx6htnoxzfbvphjwm627sj534 1 25 of of IN work_zxx6htnoxzfbvphjwm627sj534 1 26 Business Business NNP work_zxx6htnoxzfbvphjwm627sj534 1 27 June June NNP work_zxx6htnoxzfbvphjwm627sj534 1 28 2007 2007 CD work_zxx6htnoxzfbvphjwm627sj534 1 29 Online Online NNP work_zxx6htnoxzfbvphjwm627sj534 1 30 at at IN work_zxx6htnoxzfbvphjwm627sj534 1 31 https://mpra.ub.uni-muenchen.de/9480/ https://mpra.ub.uni-muenchen.de/9480/ NNP work_zxx6htnoxzfbvphjwm627sj534 1 32 MPRA MPRA NNP work_zxx6htnoxzfbvphjwm627sj534 1 33 Paper Paper NNP work_zxx6htnoxzfbvphjwm627sj534 1 34 No no NN work_zxx6htnoxzfbvphjwm627sj534 1 35 . . . work_zxx6htnoxzfbvphjwm627sj534 2 1 9480 9480 CD work_zxx6htnoxzfbvphjwm627sj534 2 2 , , , work_zxx6htnoxzfbvphjwm627sj534 2 3 posted post VBD work_zxx6htnoxzfbvphjwm627sj534 2 4 08 08 CD work_zxx6htnoxzfbvphjwm627sj534 2 5 Jul Jul NNP work_zxx6htnoxzfbvphjwm627sj534 2 6 2008 2008 CD work_zxx6htnoxzfbvphjwm627sj534 2 7 00:51 00:51 CD work_zxx6htnoxzfbvphjwm627sj534 2 8 UTC UTC NNP work_zxx6htnoxzfbvphjwm627sj534 2 9 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 2 10 Beauty Beauty NNP work_zxx6htnoxzfbvphjwm627sj534 2 11 Contest Contest NNP work_zxx6htnoxzfbvphjwm627sj534 2 12 , , , work_zxx6htnoxzfbvphjwm627sj534 2 13 Accounting Accounting NNP work_zxx6htnoxzfbvphjwm627sj534 2 14 Disclosure Disclosure NNP work_zxx6htnoxzfbvphjwm627sj534 2 15 , , , work_zxx6htnoxzfbvphjwm627sj534 2 16 and and CC work_zxx6htnoxzfbvphjwm627sj534 2 17 Market market NN work_zxx6htnoxzfbvphjwm627sj534 2 18 Efficiency∗ efficiency∗ ADD work_zxx6htnoxzfbvphjwm627sj534 2 19 Pingyang Pingyang NNP work_zxx6htnoxzfbvphjwm627sj534 2 20 Gao† Gao† NNP work_zxx6htnoxzfbvphjwm627sj534 2 21 Yale Yale NNP work_zxx6htnoxzfbvphjwm627sj534 2 22 School School NNP work_zxx6htnoxzfbvphjwm627sj534 2 23 of of IN work_zxx6htnoxzfbvphjwm627sj534 2 24 Management Management NNP work_zxx6htnoxzfbvphjwm627sj534 2 25 October October NNP work_zxx6htnoxzfbvphjwm627sj534 2 26 , , , work_zxx6htnoxzfbvphjwm627sj534 2 27 2007 2007 CD work_zxx6htnoxzfbvphjwm627sj534 2 28 Abstract Abstract NNP work_zxx6htnoxzfbvphjwm627sj534 2 29 This this DT work_zxx6htnoxzfbvphjwm627sj534 2 30 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 2 31 examines examine VBZ work_zxx6htnoxzfbvphjwm627sj534 2 32 the the DT work_zxx6htnoxzfbvphjwm627sj534 2 33 market market NN work_zxx6htnoxzfbvphjwm627sj534 2 34 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 2 35 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 2 36 of of IN work_zxx6htnoxzfbvphjwm627sj534 2 37 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 2 38 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 2 39 in in IN work_zxx6htnoxzfbvphjwm627sj534 2 40 the the DT work_zxx6htnoxzfbvphjwm627sj534 2 41 con- con- NN work_zxx6htnoxzfbvphjwm627sj534 2 42 text text NN work_zxx6htnoxzfbvphjwm627sj534 2 43 of of IN work_zxx6htnoxzfbvphjwm627sj534 2 44 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 2 45 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 2 46 as as IN work_zxx6htnoxzfbvphjwm627sj534 2 47 a a DT work_zxx6htnoxzfbvphjwm627sj534 2 48 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 2 49 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 2 50 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 2 51 , , , work_zxx6htnoxzfbvphjwm627sj534 2 52 an an DT work_zxx6htnoxzfbvphjwm627sj534 2 53 influential influential JJ work_zxx6htnoxzfbvphjwm627sj534 2 54 metaphor metaphor NN work_zxx6htnoxzfbvphjwm627sj534 2 55 originally originally RB work_zxx6htnoxzfbvphjwm627sj534 2 56 proposed propose VBN work_zxx6htnoxzfbvphjwm627sj534 2 57 by by IN work_zxx6htnoxzfbvphjwm627sj534 2 58 Keynes Keynes NNP work_zxx6htnoxzfbvphjwm627sj534 2 59 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 2 60 1936 1936 CD work_zxx6htnoxzfbvphjwm627sj534 2 61 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 2 62 and and CC work_zxx6htnoxzfbvphjwm627sj534 2 63 recently recently RB work_zxx6htnoxzfbvphjwm627sj534 2 64 formalized formalize VBN work_zxx6htnoxzfbvphjwm627sj534 2 65 by by IN work_zxx6htnoxzfbvphjwm627sj534 2 66 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 2 67 , , , work_zxx6htnoxzfbvphjwm627sj534 2 68 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 2 69 , , , work_zxx6htnoxzfbvphjwm627sj534 2 70 and and CC work_zxx6htnoxzfbvphjwm627sj534 2 71 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 2 72 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 2 73 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 2 74 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 2 75 . . . work_zxx6htnoxzfbvphjwm627sj534 3 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 3 2 such such JJ work_zxx6htnoxzfbvphjwm627sj534 3 3 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 3 4 , , , work_zxx6htnoxzfbvphjwm627sj534 3 5 public public JJ work_zxx6htnoxzfbvphjwm627sj534 3 6 information information NN work_zxx6htnoxzfbvphjwm627sj534 3 7 plays play VBZ work_zxx6htnoxzfbvphjwm627sj534 3 8 an an DT work_zxx6htnoxzfbvphjwm627sj534 3 9 additional additional JJ work_zxx6htnoxzfbvphjwm627sj534 3 10 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 3 11 role role NN work_zxx6htnoxzfbvphjwm627sj534 3 12 , , , work_zxx6htnoxzfbvphjwm627sj534 3 13 biasing bias VBG work_zxx6htnoxzfbvphjwm627sj534 3 14 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 3 15 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 3 16 away away RB work_zxx6htnoxzfbvphjwm627sj534 3 17 from from IN work_zxx6htnoxzfbvphjwm627sj534 3 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 3 19 consensus consensus NN work_zxx6htnoxzfbvphjwm627sj534 3 20 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 3 21 value value NN work_zxx6htnoxzfbvphjwm627sj534 3 22 toward toward IN work_zxx6htnoxzfbvphjwm627sj534 3 23 public public JJ work_zxx6htnoxzfbvphjwm627sj534 3 24 information information NN work_zxx6htnoxzfbvphjwm627sj534 3 25 . . . work_zxx6htnoxzfbvphjwm627sj534 4 1 Despite despite IN work_zxx6htnoxzfbvphjwm627sj534 4 2 this this DT work_zxx6htnoxzfbvphjwm627sj534 4 3 bias bias NN work_zxx6htnoxzfbvphjwm627sj534 4 4 , , , work_zxx6htnoxzfbvphjwm627sj534 4 5 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 4 6 demonstrate demonstrate VBP work_zxx6htnoxzfbvphjwm627sj534 4 7 that that IN work_zxx6htnoxzfbvphjwm627sj534 4 8 provisions provision NNS work_zxx6htnoxzfbvphjwm627sj534 4 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 4 10 public public JJ work_zxx6htnoxzfbvphjwm627sj534 4 11 information information NN work_zxx6htnoxzfbvphjwm627sj534 4 12 always always RB work_zxx6htnoxzfbvphjwm627sj534 4 13 drive drive VBP work_zxx6htnoxzfbvphjwm627sj534 4 14 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 4 15 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 4 16 closer close RBR work_zxx6htnoxzfbvphjwm627sj534 4 17 to to IN work_zxx6htnoxzfbvphjwm627sj534 4 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 4 19 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 4 20 value value NN work_zxx6htnoxzfbvphjwm627sj534 4 21 . . . work_zxx6htnoxzfbvphjwm627sj534 5 1 Hence hence RB work_zxx6htnoxzfbvphjwm627sj534 5 2 , , , work_zxx6htnoxzfbvphjwm627sj534 5 3 as as IN work_zxx6htnoxzfbvphjwm627sj534 5 4 a a DT work_zxx6htnoxzfbvphjwm627sj534 5 5 main main JJ work_zxx6htnoxzfbvphjwm627sj534 5 6 source source NN work_zxx6htnoxzfbvphjwm627sj534 5 7 of of IN work_zxx6htnoxzfbvphjwm627sj534 5 8 public public JJ work_zxx6htnoxzfbvphjwm627sj534 5 9 information information NN work_zxx6htnoxzfbvphjwm627sj534 5 10 , , , work_zxx6htnoxzfbvphjwm627sj534 5 11 accounting account VBG work_zxx6htnoxzfbvphjwm627sj534 5 12 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 5 13 enhances enhance VBZ work_zxx6htnoxzfbvphjwm627sj534 5 14 market market NN work_zxx6htnoxzfbvphjwm627sj534 5 15 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 5 16 , , , work_zxx6htnoxzfbvphjwm627sj534 5 17 and and CC work_zxx6htnoxzfbvphjwm627sj534 5 18 transparency transparency NN work_zxx6htnoxzfbvphjwm627sj534 5 19 should should MD work_zxx6htnoxzfbvphjwm627sj534 5 20 not not RB work_zxx6htnoxzfbvphjwm627sj534 5 21 be be VB work_zxx6htnoxzfbvphjwm627sj534 5 22 compromised compromise VBN work_zxx6htnoxzfbvphjwm627sj534 5 23 on on IN work_zxx6htnoxzfbvphjwm627sj534 5 24 grounds ground NNS work_zxx6htnoxzfbvphjwm627sj534 5 25 of of IN work_zxx6htnoxzfbvphjwm627sj534 5 26 the the DT work_zxx6htnoxzfbvphjwm627sj534 5 27 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 5 28 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 5 29 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 5 30 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 5 31 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 5 32 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 5 33 . . . work_zxx6htnoxzfbvphjwm627sj534 6 1 ∗I ∗I NNP work_zxx6htnoxzfbvphjwm627sj534 6 2 am be VBP work_zxx6htnoxzfbvphjwm627sj534 6 3 grateful grateful JJ work_zxx6htnoxzfbvphjwm627sj534 6 4 to to IN work_zxx6htnoxzfbvphjwm627sj534 6 5 seminar seminar NN work_zxx6htnoxzfbvphjwm627sj534 6 6 participants participant NNS work_zxx6htnoxzfbvphjwm627sj534 6 7 at at IN work_zxx6htnoxzfbvphjwm627sj534 6 8 Yale Yale NNP work_zxx6htnoxzfbvphjwm627sj534 6 9 University University NNP work_zxx6htnoxzfbvphjwm627sj534 6 10 , , , work_zxx6htnoxzfbvphjwm627sj534 6 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 6 12 2007 2007 CD work_zxx6htnoxzfbvphjwm627sj534 6 13 AAA AAA NNP work_zxx6htnoxzfbvphjwm627sj534 6 14 northeast northeast JJ work_zxx6htnoxzfbvphjwm627sj534 6 15 region region NN work_zxx6htnoxzfbvphjwm627sj534 6 16 meeting meeting NN work_zxx6htnoxzfbvphjwm627sj534 6 17 , , , work_zxx6htnoxzfbvphjwm627sj534 6 18 and and CC work_zxx6htnoxzfbvphjwm627sj534 6 19 the the DT work_zxx6htnoxzfbvphjwm627sj534 6 20 2007 2007 CD work_zxx6htnoxzfbvphjwm627sj534 6 21 AAA AAA NNP work_zxx6htnoxzfbvphjwm627sj534 6 22 Chicago Chicago NNP work_zxx6htnoxzfbvphjwm627sj534 6 23 meeting meeting NN work_zxx6htnoxzfbvphjwm627sj534 6 24 . . . work_zxx6htnoxzfbvphjwm627sj534 7 1 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 7 2 sincerely sincerely RB work_zxx6htnoxzfbvphjwm627sj534 7 3 thank thank VBP work_zxx6htnoxzfbvphjwm627sj534 7 4 Rick Rick NNP work_zxx6htnoxzfbvphjwm627sj534 7 5 Antle Antle NNP work_zxx6htnoxzfbvphjwm627sj534 7 6 , , , work_zxx6htnoxzfbvphjwm627sj534 7 7 Paul Paul NNP work_zxx6htnoxzfbvphjwm627sj534 7 8 Fischer Fischer NNP work_zxx6htnoxzfbvphjwm627sj534 7 9 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 7 10 discussant discussant NN work_zxx6htnoxzfbvphjwm627sj534 7 11 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 7 12 , , , work_zxx6htnoxzfbvphjwm627sj534 7 13 John John NNP work_zxx6htnoxzfbvphjwm627sj534 7 14 Geanakoplos Geanakoplos NNP work_zxx6htnoxzfbvphjwm627sj534 7 15 , , , work_zxx6htnoxzfbvphjwm627sj534 7 16 Jonathan Jonathan NNP work_zxx6htnoxzfbvphjwm627sj534 7 17 Glover Glover NNP work_zxx6htnoxzfbvphjwm627sj534 7 18 , , , work_zxx6htnoxzfbvphjwm627sj534 7 19 Dong Dong NNP work_zxx6htnoxzfbvphjwm627sj534 7 20 Lou Lou NNP work_zxx6htnoxzfbvphjwm627sj534 7 21 , , , work_zxx6htnoxzfbvphjwm627sj534 7 22 Brian Brian NNP work_zxx6htnoxzfbvphjwm627sj534 7 23 Mittendorf Mittendorf NNP work_zxx6htnoxzfbvphjwm627sj534 7 24 , , , work_zxx6htnoxzfbvphjwm627sj534 7 25 Robert Robert NNP work_zxx6htnoxzfbvphjwm627sj534 7 26 Shiller Shiller NNP work_zxx6htnoxzfbvphjwm627sj534 7 27 , , , work_zxx6htnoxzfbvphjwm627sj534 7 28 Shyam Shyam NNP work_zxx6htnoxzfbvphjwm627sj534 7 29 Sunder Sunder NNP work_zxx6htnoxzfbvphjwm627sj534 7 30 , , , work_zxx6htnoxzfbvphjwm627sj534 7 31 Jacob Jacob NNP work_zxx6htnoxzfbvphjwm627sj534 7 32 Thomas Thomas NNP work_zxx6htnoxzfbvphjwm627sj534 7 33 , , , work_zxx6htnoxzfbvphjwm627sj534 7 34 Robert Robert NNP work_zxx6htnoxzfbvphjwm627sj534 7 35 E. E. NNP work_zxx6htnoxzfbvphjwm627sj534 7 36 Verrecchia Verrecchia NNP work_zxx6htnoxzfbvphjwm627sj534 7 37 , , , work_zxx6htnoxzfbvphjwm627sj534 7 38 Varda Varda NNP work_zxx6htnoxzfbvphjwm627sj534 7 39 Yaari Yaari NNP work_zxx6htnoxzfbvphjwm627sj534 7 40 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 7 41 discussant discussant NN work_zxx6htnoxzfbvphjwm627sj534 7 42 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 7 43 , , , work_zxx6htnoxzfbvphjwm627sj534 7 44 Hongjun Hongjun NNP work_zxx6htnoxzfbvphjwm627sj534 7 45 Yan Yan NNP work_zxx6htnoxzfbvphjwm627sj534 7 46 , , , work_zxx6htnoxzfbvphjwm627sj534 7 47 Frank Frank NNP work_zxx6htnoxzfbvphjwm627sj534 7 48 Zhang Zhang NNP work_zxx6htnoxzfbvphjwm627sj534 7 49 , , , work_zxx6htnoxzfbvphjwm627sj534 7 50 and and CC work_zxx6htnoxzfbvphjwm627sj534 7 51 Yun Yun NNP work_zxx6htnoxzfbvphjwm627sj534 7 52 Zhang Zhang NNP work_zxx6htnoxzfbvphjwm627sj534 7 53 for for IN work_zxx6htnoxzfbvphjwm627sj534 7 54 helpful helpful JJ work_zxx6htnoxzfbvphjwm627sj534 7 55 comments comment NNS work_zxx6htnoxzfbvphjwm627sj534 7 56 . . . work_zxx6htnoxzfbvphjwm627sj534 8 1 All all DT work_zxx6htnoxzfbvphjwm627sj534 8 2 errors error NNS work_zxx6htnoxzfbvphjwm627sj534 8 3 are be VBP work_zxx6htnoxzfbvphjwm627sj534 8 4 my -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 8 5 own own JJ work_zxx6htnoxzfbvphjwm627sj534 8 6 . . . work_zxx6htnoxzfbvphjwm627sj534 9 1 †Email †Email NNP work_zxx6htnoxzfbvphjwm627sj534 9 2 : : : work_zxx6htnoxzfbvphjwm627sj534 9 3 pingyang.gao@yale.edu pingyang.gao@yale.edu NN work_zxx6htnoxzfbvphjwm627sj534 9 4 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 9 5 Introduction introduction NN work_zxx6htnoxzfbvphjwm627sj534 9 6 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 9 7 investigate investigate VBP work_zxx6htnoxzfbvphjwm627sj534 9 8 how how WRB work_zxx6htnoxzfbvphjwm627sj534 9 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 9 10 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 9 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 9 12 accounting account VBG work_zxx6htnoxzfbvphjwm627sj534 9 13 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 9 14 influences influence VBZ work_zxx6htnoxzfbvphjwm627sj534 9 15 market market NN work_zxx6htnoxzfbvphjwm627sj534 9 16 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 9 17 in in IN work_zxx6htnoxzfbvphjwm627sj534 9 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 9 19 context context NN work_zxx6htnoxzfbvphjwm627sj534 9 20 of of IN work_zxx6htnoxzfbvphjwm627sj534 9 21 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 9 22 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 9 23 as as IN work_zxx6htnoxzfbvphjwm627sj534 9 24 a a DT work_zxx6htnoxzfbvphjwm627sj534 9 25 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 9 26 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 9 27 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 9 28 , , , work_zxx6htnoxzfbvphjwm627sj534 9 29 a a DT work_zxx6htnoxzfbvphjwm627sj534 9 30 metaphor metaphor NN work_zxx6htnoxzfbvphjwm627sj534 9 31 first first RB work_zxx6htnoxzfbvphjwm627sj534 9 32 introduced introduce VBN work_zxx6htnoxzfbvphjwm627sj534 9 33 by by IN work_zxx6htnoxzfbvphjwm627sj534 9 34 Keynes Keynes NNP work_zxx6htnoxzfbvphjwm627sj534 9 35 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 9 36 1936 1936 CD work_zxx6htnoxzfbvphjwm627sj534 9 37 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 9 38 . . . work_zxx6htnoxzfbvphjwm627sj534 10 1 At at IN work_zxx6htnoxzfbvphjwm627sj534 10 2 that that DT work_zxx6htnoxzfbvphjwm627sj534 10 3 time time NN work_zxx6htnoxzfbvphjwm627sj534 10 4 , , , work_zxx6htnoxzfbvphjwm627sj534 10 5 a a DT work_zxx6htnoxzfbvphjwm627sj534 10 6 London London NNP work_zxx6htnoxzfbvphjwm627sj534 10 7 newspaper newspaper NN work_zxx6htnoxzfbvphjwm627sj534 10 8 was be VBD work_zxx6htnoxzfbvphjwm627sj534 10 9 running run VBG work_zxx6htnoxzfbvphjwm627sj534 10 10 a a DT work_zxx6htnoxzfbvphjwm627sj534 10 11 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 10 12 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 10 13 in in IN work_zxx6htnoxzfbvphjwm627sj534 10 14 which which WDT work_zxx6htnoxzfbvphjwm627sj534 10 15 readers reader NNS work_zxx6htnoxzfbvphjwm627sj534 10 16 were be VBD work_zxx6htnoxzfbvphjwm627sj534 10 17 asked ask VBN work_zxx6htnoxzfbvphjwm627sj534 10 18 to to TO work_zxx6htnoxzfbvphjwm627sj534 10 19 select select VB work_zxx6htnoxzfbvphjwm627sj534 10 20 a a DT work_zxx6htnoxzfbvphjwm627sj534 10 21 set set NN work_zxx6htnoxzfbvphjwm627sj534 10 22 of of IN work_zxx6htnoxzfbvphjwm627sj534 10 23 six six CD work_zxx6htnoxzfbvphjwm627sj534 10 24 “ " `` work_zxx6htnoxzfbvphjwm627sj534 10 25 most most RBS work_zxx6htnoxzfbvphjwm627sj534 10 26 beautiful beautiful JJ work_zxx6htnoxzfbvphjwm627sj534 10 27 ” " '' work_zxx6htnoxzfbvphjwm627sj534 10 28 pictures picture NNS work_zxx6htnoxzfbvphjwm627sj534 10 29 from from IN work_zxx6htnoxzfbvphjwm627sj534 10 30 100 100 CD work_zxx6htnoxzfbvphjwm627sj534 10 31 photographs photograph NNS work_zxx6htnoxzfbvphjwm627sj534 10 32 of of IN work_zxx6htnoxzfbvphjwm627sj534 10 33 women woman NNS work_zxx6htnoxzfbvphjwm627sj534 10 34 . . . work_zxx6htnoxzfbvphjwm627sj534 11 1 Whoever whoever WP work_zxx6htnoxzfbvphjwm627sj534 11 2 picked pick VBD work_zxx6htnoxzfbvphjwm627sj534 11 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 11 4 most most RBS work_zxx6htnoxzfbvphjwm627sj534 11 5 popular popular JJ work_zxx6htnoxzfbvphjwm627sj534 11 6 pictures picture NNS work_zxx6htnoxzfbvphjwm627sj534 11 7 was be VBD work_zxx6htnoxzfbvphjwm627sj534 11 8 entitled entitle VBN work_zxx6htnoxzfbvphjwm627sj534 11 9 for for IN work_zxx6htnoxzfbvphjwm627sj534 11 10 a a DT work_zxx6htnoxzfbvphjwm627sj534 11 11 raffle raffle NN work_zxx6htnoxzfbvphjwm627sj534 11 12 prize prize NN work_zxx6htnoxzfbvphjwm627sj534 11 13 . . . work_zxx6htnoxzfbvphjwm627sj534 12 1 To to TO work_zxx6htnoxzfbvphjwm627sj534 12 2 win win VB work_zxx6htnoxzfbvphjwm627sj534 12 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 12 4 competition competition NN work_zxx6htnoxzfbvphjwm627sj534 12 5 , , , work_zxx6htnoxzfbvphjwm627sj534 12 6 players player NNS work_zxx6htnoxzfbvphjwm627sj534 12 7 should should MD work_zxx6htnoxzfbvphjwm627sj534 12 8 not not RB work_zxx6htnoxzfbvphjwm627sj534 12 9 naively naively RB work_zxx6htnoxzfbvphjwm627sj534 12 10 select select VB work_zxx6htnoxzfbvphjwm627sj534 12 11 six six CD work_zxx6htnoxzfbvphjwm627sj534 12 12 faces face NNS work_zxx6htnoxzfbvphjwm627sj534 12 13 they -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 12 14 believed believe VBD work_zxx6htnoxzfbvphjwm627sj534 12 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 12 16 most most RBS work_zxx6htnoxzfbvphjwm627sj534 12 17 beautiful beautiful JJ work_zxx6htnoxzfbvphjwm627sj534 12 18 ; ; : work_zxx6htnoxzfbvphjwm627sj534 12 19 instead instead RB work_zxx6htnoxzfbvphjwm627sj534 12 20 , , , work_zxx6htnoxzfbvphjwm627sj534 12 21 they -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 12 22 should should MD work_zxx6htnoxzfbvphjwm627sj534 12 23 use use VB work_zxx6htnoxzfbvphjwm627sj534 12 24 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 12 25 information information NN work_zxx6htnoxzfbvphjwm627sj534 12 26 to to TO work_zxx6htnoxzfbvphjwm627sj534 12 27 infer infer VB work_zxx6htnoxzfbvphjwm627sj534 12 28 which which WDT work_zxx6htnoxzfbvphjwm627sj534 12 29 faces face VBZ work_zxx6htnoxzfbvphjwm627sj534 12 30 other other JJ work_zxx6htnoxzfbvphjwm627sj534 12 31 players player NNS work_zxx6htnoxzfbvphjwm627sj534 12 32 would would MD work_zxx6htnoxzfbvphjwm627sj534 12 33 believe believe VB work_zxx6htnoxzfbvphjwm627sj534 12 34 the the DT work_zxx6htnoxzfbvphjwm627sj534 12 35 prettiest prettiest NN work_zxx6htnoxzfbvphjwm627sj534 12 36 and and CC work_zxx6htnoxzfbvphjwm627sj534 12 37 other other JJ work_zxx6htnoxzfbvphjwm627sj534 12 38 players player NNS work_zxx6htnoxzfbvphjwm627sj534 12 39 would would MD work_zxx6htnoxzfbvphjwm627sj534 12 40 believe believe VB work_zxx6htnoxzfbvphjwm627sj534 12 41 that that IN work_zxx6htnoxzfbvphjwm627sj534 12 42 other other JJ work_zxx6htnoxzfbvphjwm627sj534 12 43 players player NNS work_zxx6htnoxzfbvphjwm627sj534 12 44 would would MD work_zxx6htnoxzfbvphjwm627sj534 12 45 believe believe VB work_zxx6htnoxzfbvphjwm627sj534 12 46 the the DT work_zxx6htnoxzfbvphjwm627sj534 12 47 prettiest prettiest NN work_zxx6htnoxzfbvphjwm627sj534 12 48 and and CC work_zxx6htnoxzfbvphjwm627sj534 12 49 so so RB work_zxx6htnoxzfbvphjwm627sj534 12 50 on on RB work_zxx6htnoxzfbvphjwm627sj534 12 51 . . . work_zxx6htnoxzfbvphjwm627sj534 13 1 Keynes Keynes NNP work_zxx6htnoxzfbvphjwm627sj534 13 2 observed observe VBD work_zxx6htnoxzfbvphjwm627sj534 13 3 that that IN work_zxx6htnoxzfbvphjwm627sj534 13 4 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 13 5 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 13 6 shared share VBD work_zxx6htnoxzfbvphjwm627sj534 13 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 13 8 essence essence NN work_zxx6htnoxzfbvphjwm627sj534 13 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 13 10 this this DT work_zxx6htnoxzfbvphjwm627sj534 13 11 competition competition NN work_zxx6htnoxzfbvphjwm627sj534 13 12 , , , work_zxx6htnoxzfbvphjwm627sj534 13 13 in in IN work_zxx6htnoxzfbvphjwm627sj534 13 14 that that IN work_zxx6htnoxzfbvphjwm627sj534 13 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 13 16 actions action NNS work_zxx6htnoxzfbvphjwm627sj534 13 17 of of IN work_zxx6htnoxzfbvphjwm627sj534 13 18 many many JJ work_zxx6htnoxzfbvphjwm627sj534 13 19 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 13 20 but but CC work_zxx6htnoxzfbvphjwm627sj534 13 21 short short JJ work_zxx6htnoxzfbvphjwm627sj534 13 22 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 13 23 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 13 24 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 13 25 were be VBD work_zxx6htnoxzfbvphjwm627sj534 13 26 similarly similarly RB work_zxx6htnoxzfbvphjwm627sj534 13 27 governed govern 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work_zxx6htnoxzfbvphjwm627sj534 13 46 value value NN work_zxx6htnoxzfbvphjwm627sj534 13 47 of of IN work_zxx6htnoxzfbvphjwm627sj534 13 48 a a DT work_zxx6htnoxzfbvphjwm627sj534 13 49 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 13 50 . . . work_zxx6htnoxzfbvphjwm627sj534 14 1 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 14 2 , , , work_zxx6htnoxzfbvphjwm627sj534 14 3 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 14 4 , , , work_zxx6htnoxzfbvphjwm627sj534 14 5 and and CC work_zxx6htnoxzfbvphjwm627sj534 14 6 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 14 7 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 14 8 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 14 9 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 14 10 rationalize rationalize VB work_zxx6htnoxzfbvphjwm627sj534 14 11 this this DT work_zxx6htnoxzfbvphjwm627sj534 14 12 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 14 13 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 14 14 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 14 15 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 14 16 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 14 17 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 14 18 as as IN work_zxx6htnoxzfbvphjwm627sj534 14 19 a a DT work_zxx6htnoxzfbvphjwm627sj534 14 20 consequence consequence NN work_zxx6htnoxzfbvphjwm627sj534 14 21 of of IN work_zxx6htnoxzfbvphjwm627sj534 14 22 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 14 23 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 14 24 short short JJ work_zxx6htnoxzfbvphjwm627sj534 14 25 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 14 26 . . . work_zxx6htnoxzfbvphjwm627sj534 15 1 Since since IN work_zxx6htnoxzfbvphjwm627sj534 15 2 a a DT work_zxx6htnoxzfbvphjwm627sj534 15 3 short short JJ work_zxx6htnoxzfbvphjwm627sj534 15 4 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 15 5 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 15 6 investor investor NN work_zxx6htnoxzfbvphjwm627sj534 15 7 exits exit VBZ work_zxx6htnoxzfbvphjwm627sj534 15 8 a a DT work_zxx6htnoxzfbvphjwm627sj534 15 9 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 15 10 before before IN work_zxx6htnoxzfbvphjwm627sj534 15 11 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 15 12 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 15 13 value value NN work_zxx6htnoxzfbvphjwm627sj534 15 14 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 15 15 known know VBN work_zxx6htnoxzfbvphjwm627sj534 15 16 , , , work_zxx6htnoxzfbvphjwm627sj534 15 17 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 15 18 payoff payoff NN work_zxx6htnoxzfbvphjwm627sj534 15 19 depends depend VBZ work_zxx6htnoxzfbvphjwm627sj534 15 20 on on IN work_zxx6htnoxzfbvphjwm627sj534 15 21 how how WRB work_zxx6htnoxzfbvphjwm627sj534 15 22 much much JJ work_zxx6htnoxzfbvphjwm627sj534 15 23 other other JJ work_zxx6htnoxzfbvphjwm627sj534 15 24 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 15 25 would would MD work_zxx6htnoxzfbvphjwm627sj534 15 26 like like VB work_zxx6htnoxzfbvphjwm627sj534 15 27 to to TO work_zxx6htnoxzfbvphjwm627sj534 15 28 pay pay VB work_zxx6htnoxzfbvphjwm627sj534 15 29 , , , work_zxx6htnoxzfbvphjwm627sj534 15 30 rather rather RB work_zxx6htnoxzfbvphjwm627sj534 15 31 than than IN work_zxx6htnoxzfbvphjwm627sj534 15 32 on on IN work_zxx6htnoxzfbvphjwm627sj534 15 33 how how WRB work_zxx6htnoxzfbvphjwm627sj534 15 34 much much JJ work_zxx6htnoxzfbvphjwm627sj534 15 35 she -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 15 36 expects expect VBZ work_zxx6htnoxzfbvphjwm627sj534 15 37 the the DT work_zxx6htnoxzfbvphjwm627sj534 15 38 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 15 39 value value NN work_zxx6htnoxzfbvphjwm627sj534 15 40 of of IN work_zxx6htnoxzfbvphjwm627sj534 15 41 the the DT work_zxx6htnoxzfbvphjwm627sj534 15 42 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 15 43 will will MD work_zxx6htnoxzfbvphjwm627sj534 15 44 be be VB work_zxx6htnoxzfbvphjwm627sj534 15 45 . . . work_zxx6htnoxzfbvphjwm627sj534 16 1 Given give VBN work_zxx6htnoxzfbvphjwm627sj534 16 2 access access NN work_zxx6htnoxzfbvphjwm627sj534 16 3 to to IN work_zxx6htnoxzfbvphjwm627sj534 16 4 both both CC work_zxx6htnoxzfbvphjwm627sj534 16 5 public public JJ work_zxx6htnoxzfbvphjwm627sj534 16 6 and and CC work_zxx6htnoxzfbvphjwm627sj534 16 7 private private JJ work_zxx6htnoxzfbvphjwm627sj534 16 8 information information NN work_zxx6htnoxzfbvphjwm627sj534 16 9 , , , work_zxx6htnoxzfbvphjwm627sj534 16 10 she -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 16 11 puts put VBZ work_zxx6htnoxzfbvphjwm627sj534 16 12 an an DT work_zxx6htnoxzfbvphjwm627sj534 16 13 extra extra JJ work_zxx6htnoxzfbvphjwm627sj534 16 14 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 16 15 on on IN work_zxx6htnoxzfbvphjwm627sj534 16 16 public public JJ work_zxx6htnoxzfbvphjwm627sj534 16 17 information information NN work_zxx6htnoxzfbvphjwm627sj534 16 18 due due IN work_zxx6htnoxzfbvphjwm627sj534 16 19 to to IN work_zxx6htnoxzfbvphjwm627sj534 16 20 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 16 21 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 16 22 role role NN work_zxx6htnoxzfbvphjwm627sj534 16 23 . . . work_zxx6htnoxzfbvphjwm627sj534 17 1 Public public JJ work_zxx6htnoxzfbvphjwm627sj534 17 2 information information NN work_zxx6htnoxzfbvphjwm627sj534 17 3 plays play VBZ work_zxx6htnoxzfbvphjwm627sj534 17 4 an an DT work_zxx6htnoxzfbvphjwm627sj534 17 5 information information NN work_zxx6htnoxzfbvphjwm627sj534 17 6 role role NN work_zxx6htnoxzfbvphjwm627sj534 17 7 because because IN work_zxx6htnoxzfbvphjwm627sj534 17 8 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 17 9 conveys convey VBZ work_zxx6htnoxzfbvphjwm627sj534 17 10 information information NN work_zxx6htnoxzfbvphjwm627sj534 17 11 about about IN work_zxx6htnoxzfbvphjwm627sj534 17 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 17 13 unknown unknown JJ work_zxx6htnoxzfbvphjwm627sj534 17 14 funda- funda- NN work_zxx6htnoxzfbvphjwm627sj534 17 15 mental mental JJ work_zxx6htnoxzfbvphjwm627sj534 17 16 value value NN work_zxx6htnoxzfbvphjwm627sj534 17 17 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 17 18 hereafter hereafter RB work_zxx6htnoxzfbvphjwm627sj534 17 19 the the DT work_zxx6htnoxzfbvphjwm627sj534 17 20 information information NN work_zxx6htnoxzfbvphjwm627sj534 17 21 role role NN work_zxx6htnoxzfbvphjwm627sj534 17 22 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 17 23 ; ; : work_zxx6htnoxzfbvphjwm627sj534 17 24 meanwhile meanwhile RB work_zxx6htnoxzfbvphjwm627sj534 17 25 , , , work_zxx6htnoxzfbvphjwm627sj534 17 26 public public JJ work_zxx6htnoxzfbvphjwm627sj534 17 27 information information NN work_zxx6htnoxzfbvphjwm627sj534 17 28 plays play VBZ work_zxx6htnoxzfbvphjwm627sj534 17 29 a a DT work_zxx6htnoxzfbvphjwm627sj534 17 30 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 17 31 role role NN work_zxx6htnoxzfbvphjwm627sj534 17 32 because because IN work_zxx6htnoxzfbvphjwm627sj534 17 33 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 17 34 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 17 35 common common JJ work_zxx6htnoxzfbvphjwm627sj534 17 36 to to IN work_zxx6htnoxzfbvphjwm627sj534 17 37 the the DT work_zxx6htnoxzfbvphjwm627sj534 17 38 information information NN work_zxx6htnoxzfbvphjwm627sj534 17 39 sets set NNS work_zxx6htnoxzfbvphjwm627sj534 17 40 and and CC work_zxx6htnoxzfbvphjwm627sj534 17 41 demand demand VBP work_zxx6htnoxzfbvphjwm627sj534 17 42 functions function NNS work_zxx6htnoxzfbvphjwm627sj534 17 43 of of IN work_zxx6htnoxzfbvphjwm627sj534 17 44 all all DT work_zxx6htnoxzfbvphjwm627sj534 17 45 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 17 46 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 17 47 hereafter hereafter RB work_zxx6htnoxzfbvphjwm627sj534 17 48 the the DT work_zxx6htnoxzfbvphjwm627sj534 17 49 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 17 50 role role NN work_zxx6htnoxzfbvphjwm627sj534 17 51 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 17 52 . . . work_zxx6htnoxzfbvphjwm627sj534 18 1 Although although IN work_zxx6htnoxzfbvphjwm627sj534 18 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 18 3 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 18 4 terms term VBZ work_zxx6htnoxzfbvphjwm627sj534 18 5 in in IN work_zxx6htnoxzfbvphjwm627sj534 18 6 both both CC work_zxx6htnoxzfbvphjwm627sj534 18 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 18 8 public public JJ work_zxx6htnoxzfbvphjwm627sj534 18 9 and and CC work_zxx6htnoxzfbvphjwm627sj534 18 10 private private JJ work_zxx6htnoxzfbvphjwm627sj534 18 11 signals signal NNS work_zxx6htnoxzfbvphjwm627sj534 18 12 enter enter VBP work_zxx6htnoxzfbvphjwm627sj534 18 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 18 14 individual individual JJ work_zxx6htnoxzfbvphjwm627sj534 18 15 demands demand NNS work_zxx6htnoxzfbvphjwm627sj534 18 16 of of IN work_zxx6htnoxzfbvphjwm627sj534 18 17 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 18 18 , , , work_zxx6htnoxzfbvphjwm627sj534 18 19 the the DT work_zxx6htnoxzfbvphjwm627sj534 18 20 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 18 21 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 18 22 terms term NNS work_zxx6htnoxzfbvphjwm627sj534 18 23 in in IN work_zxx6htnoxzfbvphjwm627sj534 18 24 the the DT work_zxx6htnoxzfbvphjwm627sj534 18 25 private private JJ work_zxx6htnoxzfbvphjwm627sj534 18 26 signals signal NNS work_zxx6htnoxzfbvphjwm627sj534 18 27 cancel cancel VB work_zxx6htnoxzfbvphjwm627sj534 18 28 out out RP work_zxx6htnoxzfbvphjwm627sj534 18 29 when when WRB work_zxx6htnoxzfbvphjwm627sj534 18 30 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 18 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 18 32 individual individual JJ work_zxx6htnoxzfbvphjwm627sj534 18 33 demands demand NNS work_zxx6htnoxzfbvphjwm627sj534 18 34 are be VBP work_zxx6htnoxzfbvphjwm627sj534 18 35 aggregated aggregate VBN work_zxx6htnoxzfbvphjwm627sj534 18 36 . . . work_zxx6htnoxzfbvphjwm627sj534 19 1 But but CC work_zxx6htnoxzfbvphjwm627sj534 19 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 19 3 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 19 4 in in IN work_zxx6htnoxzfbvphjwm627sj534 19 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 19 6 public public JJ work_zxx6htnoxzfbvphjwm627sj534 19 7 signal signal NN work_zxx6htnoxzfbvphjwm627sj534 19 8 remains remain VBZ work_zxx6htnoxzfbvphjwm627sj534 19 9 in in IN work_zxx6htnoxzfbvphjwm627sj534 19 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 19 11 aggregate aggregate JJ work_zxx6htnoxzfbvphjwm627sj534 19 12 demand demand NN work_zxx6htnoxzfbvphjwm627sj534 19 13 because because IN work_zxx6htnoxzfbvphjwm627sj534 19 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 19 15 individual individual JJ work_zxx6htnoxzfbvphjwm627sj534 19 16 demands demand NNS work_zxx6htnoxzfbvphjwm627sj534 19 17 share share VBP work_zxx6htnoxzfbvphjwm627sj534 19 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 19 19 same same JJ work_zxx6htnoxzfbvphjwm627sj534 19 20 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 19 21 term term NN work_zxx6htnoxzfbvphjwm627sj534 19 22 . . . work_zxx6htnoxzfbvphjwm627sj534 20 1 As as IN work_zxx6htnoxzfbvphjwm627sj534 20 2 a a DT work_zxx6htnoxzfbvphjwm627sj534 20 3 result result NN work_zxx6htnoxzfbvphjwm627sj534 20 4 , , , work_zxx6htnoxzfbvphjwm627sj534 20 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 20 6 public public JJ work_zxx6htnoxzfbvphjwm627sj534 20 7 signal signal NN work_zxx6htnoxzfbvphjwm627sj534 20 8 influences influence VBZ work_zxx6htnoxzfbvphjwm627sj534 20 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 20 10 price price NN work_zxx6htnoxzfbvphjwm627sj534 20 11 above above RB work_zxx6htnoxzfbvphjwm627sj534 20 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 20 13 beyond beyond IN work_zxx6htnoxzfbvphjwm627sj534 20 14 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 20 15 information information NN work_zxx6htnoxzfbvphjwm627sj534 20 16 value value NN work_zxx6htnoxzfbvphjwm627sj534 20 17 . . . work_zxx6htnoxzfbvphjwm627sj534 21 1 This this DT work_zxx6htnoxzfbvphjwm627sj534 21 2 additional additional JJ work_zxx6htnoxzfbvphjwm627sj534 21 3 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 21 4 role role NN work_zxx6htnoxzfbvphjwm627sj534 21 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 21 6 pubic pubic JJ work_zxx6htnoxzfbvphjwm627sj534 21 7 information information NN work_zxx6htnoxzfbvphjwm627sj534 21 8 biases bias NNS work_zxx6htnoxzfbvphjwm627sj534 21 9 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 21 10 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 21 11 away away RB work_zxx6htnoxzfbvphjwm627sj534 21 12 from from IN work_zxx6htnoxzfbvphjwm627sj534 21 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 21 14 consensus consensus NN work_zxx6htnoxzfbvphjwm627sj534 21 15 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 21 16 value value NN work_zxx6htnoxzfbvphjwm627sj534 21 17 toward toward IN work_zxx6htnoxzfbvphjwm627sj534 21 18 public public JJ work_zxx6htnoxzfbvphjwm627sj534 21 19 information information NN work_zxx6htnoxzfbvphjwm627sj534 21 20 . . . work_zxx6htnoxzfbvphjwm627sj534 22 1 Having have VBG work_zxx6htnoxzfbvphjwm627sj534 22 2 qualitatively qualitatively RB work_zxx6htnoxzfbvphjwm627sj534 22 3 formalized formalize VBN work_zxx6htnoxzfbvphjwm627sj534 22 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 22 5 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 22 6 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 22 7 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 22 8 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 22 9 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 22 10 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 22 11 , , , work_zxx6htnoxzfbvphjwm627sj534 22 12 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 22 13 , , , work_zxx6htnoxzfbvphjwm627sj534 22 14 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 22 15 , , , work_zxx6htnoxzfbvphjwm627sj534 22 16 and and CC work_zxx6htnoxzfbvphjwm627sj534 22 17 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 22 18 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 22 19 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 22 20 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 22 21 also also RB work_zxx6htnoxzfbvphjwm627sj534 22 22 leave leave VBP work_zxx6htnoxzfbvphjwm627sj534 22 23 many many JJ work_zxx6htnoxzfbvphjwm627sj534 22 24 questions question NNS work_zxx6htnoxzfbvphjwm627sj534 22 25 open open JJ work_zxx6htnoxzfbvphjwm627sj534 22 26 , , , work_zxx6htnoxzfbvphjwm627sj534 22 27 one one CD work_zxx6htnoxzfbvphjwm627sj534 22 28 of of IN work_zxx6htnoxzfbvphjwm627sj534 22 29 which which WDT work_zxx6htnoxzfbvphjwm627sj534 22 30 concerns concern VBZ work_zxx6htnoxzfbvphjwm627sj534 22 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 22 32 market market NN work_zxx6htnoxzfbvphjwm627sj534 22 33 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 22 34 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 22 35 of of IN work_zxx6htnoxzfbvphjwm627sj534 22 36 disseminating disseminate VBG work_zxx6htnoxzfbvphjwm627sj534 22 37 public public JJ work_zxx6htnoxzfbvphjwm627sj534 22 38 information information NN work_zxx6htnoxzfbvphjwm627sj534 22 39 in in IN work_zxx6htnoxzfbvphjwm627sj534 22 40 a a DT work_zxx6htnoxzfbvphjwm627sj534 22 41 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 22 42 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 22 43 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 22 44 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 22 45 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 22 46 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 22 47 market market NN work_zxx6htnoxzfbvphjwm627sj534 22 48 . . . work_zxx6htnoxzfbvphjwm627sj534 23 1 How how WRB work_zxx6htnoxzfbvphjwm627sj534 23 2 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 23 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 23 4 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 23 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 23 6 public public JJ work_zxx6htnoxzfbvphjwm627sj534 23 7 information information NN work_zxx6htnoxzfbvphjwm627sj534 23 8 affect affect NN work_zxx6htnoxzfbvphjwm627sj534 23 9 market market NN work_zxx6htnoxzfbvphjwm627sj534 23 10 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 23 11 ? ? . work_zxx6htnoxzfbvphjwm627sj534 24 1 How how WRB work_zxx6htnoxzfbvphjwm627sj534 24 2 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 24 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 24 4 intensity intensity NN work_zxx6htnoxzfbvphjwm627sj534 24 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 24 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 24 7 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 24 8 role role NN work_zxx6htnoxzfbvphjwm627sj534 24 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 24 10 public public JJ work_zxx6htnoxzfbvphjwm627sj534 24 11 information information NN work_zxx6htnoxzfbvphjwm627sj534 24 12 related relate VBN work_zxx6htnoxzfbvphjwm627sj534 24 13 to to IN work_zxx6htnoxzfbvphjwm627sj534 24 14 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 24 15 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 24 16 ? ? . work_zxx6htnoxzfbvphjwm627sj534 25 1 Could Could MD work_zxx6htnoxzfbvphjwm627sj534 25 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 25 3 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 25 4 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 25 5 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 25 6 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 25 7 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 25 8 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 25 9 justify justify VB work_zxx6htnoxzfbvphjwm627sj534 25 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 25 11 withdrawal withdrawal NN work_zxx6htnoxzfbvphjwm627sj534 25 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 25 13 some some DT work_zxx6htnoxzfbvphjwm627sj534 25 14 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 25 15 public public JJ work_zxx6htnoxzfbvphjwm627sj534 25 16 information information NN work_zxx6htnoxzfbvphjwm627sj534 25 17 ? ? . work_zxx6htnoxzfbvphjwm627sj534 26 1 These these DT work_zxx6htnoxzfbvphjwm627sj534 26 2 questions question NNS work_zxx6htnoxzfbvphjwm627sj534 26 3 are be VBP work_zxx6htnoxzfbvphjwm627sj534 26 4 important important JJ work_zxx6htnoxzfbvphjwm627sj534 26 5 to to IN work_zxx6htnoxzfbvphjwm627sj534 26 6 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 26 7 researchers researcher NNS work_zxx6htnoxzfbvphjwm627sj534 26 8 . . . work_zxx6htnoxzfbvphjwm627sj534 27 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 27 2 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 27 3 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 27 4 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 27 5 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 27 6 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 27 7 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 27 8 provides provide VBZ work_zxx6htnoxzfbvphjwm627sj534 27 9 a a DT work_zxx6htnoxzfbvphjwm627sj534 27 10 new new JJ work_zxx6htnoxzfbvphjwm627sj534 27 11 perspective perspective NN work_zxx6htnoxzfbvphjwm627sj534 27 12 on on IN work_zxx6htnoxzfbvphjwm627sj534 27 13 understanding understand VBG work_zxx6htnoxzfbvphjwm627sj534 27 14 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 27 15 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 27 16 . . . work_zxx6htnoxzfbvphjwm627sj534 28 1 Accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 28 2 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 28 3 , , , work_zxx6htnoxzfbvphjwm627sj534 28 4 as as IN work_zxx6htnoxzfbvphjwm627sj534 28 5 a a DT work_zxx6htnoxzfbvphjwm627sj534 28 6 main main JJ work_zxx6htnoxzfbvphjwm627sj534 28 7 source source NN work_zxx6htnoxzfbvphjwm627sj534 28 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 28 9 public public JJ work_zxx6htnoxzfbvphjwm627sj534 28 10 information information NN work_zxx6htnoxzfbvphjwm627sj534 28 11 , , , work_zxx6htnoxzfbvphjwm627sj534 28 12 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 28 13 a a DT work_zxx6htnoxzfbvphjwm627sj534 28 14 unique unique JJ work_zxx6htnoxzfbvphjwm627sj534 28 15 feature feature NN work_zxx6htnoxzfbvphjwm627sj534 28 16 of of IN work_zxx6htnoxzfbvphjwm627sj534 28 17 public public JJ work_zxx6htnoxzfbvphjwm627sj534 28 18 firms firm NNS work_zxx6htnoxzfbvphjwm627sj534 28 19 characterized characterize VBN work_zxx6htnoxzfbvphjwm627sj534 28 20 by by IN work_zxx6htnoxzfbvphjwm627sj534 28 21 dispersed dispersed JJ work_zxx6htnoxzfbvphjwm627sj534 28 22 ownership ownership NN work_zxx6htnoxzfbvphjwm627sj534 28 23 . . . work_zxx6htnoxzfbvphjwm627sj534 29 1 Understanding understanding NN work_zxx6htnoxzfbvphjwm627sj534 29 2 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 29 3 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 29 4 entails entail NNS work_zxx6htnoxzfbvphjwm627sj534 29 5 examining examine VBG work_zxx6htnoxzfbvphjwm627sj534 29 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 29 7 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 29 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 29 9 dispersed disperse VBN work_zxx6htnoxzfbvphjwm627sj534 29 10 ownership ownership NN work_zxx6htnoxzfbvphjwm627sj534 29 11 , , , work_zxx6htnoxzfbvphjwm627sj534 29 12 among among IN work_zxx6htnoxzfbvphjwm627sj534 29 13 which which WDT work_zxx6htnoxzfbvphjwm627sj534 29 14 agency agency NN work_zxx6htnoxzfbvphjwm627sj534 29 15 problems problem NNS work_zxx6htnoxzfbvphjwm627sj534 29 16 and and CC work_zxx6htnoxzfbvphjwm627sj534 29 17 differential differential NN work_zxx6htnoxzfbvphjwm627sj534 29 18 information information NN work_zxx6htnoxzfbvphjwm627sj534 29 19 have have VBP work_zxx6htnoxzfbvphjwm627sj534 29 20 been be VBN work_zxx6htnoxzfbvphjwm627sj534 29 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 29 22 best well RBS work_zxx6htnoxzfbvphjwm627sj534 29 23 known know VBN work_zxx6htnoxzfbvphjwm627sj534 29 24 . . . work_zxx6htnoxzfbvphjwm627sj534 30 1 However however RB work_zxx6htnoxzfbvphjwm627sj534 30 2 , , , work_zxx6htnoxzfbvphjwm627sj534 30 3 dispersed dispersed JJ work_zxx6htnoxzfbvphjwm627sj534 30 4 ownership ownership NN work_zxx6htnoxzfbvphjwm627sj534 30 5 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 30 6 other other JJ work_zxx6htnoxzfbvphjwm627sj534 30 7 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 30 8 that that WDT work_zxx6htnoxzfbvphjwm627sj534 30 9 have have VBP work_zxx6htnoxzfbvphjwm627sj534 30 10 profound profound JJ work_zxx6htnoxzfbvphjwm627sj534 30 11 impact impact NN work_zxx6htnoxzfbvphjwm627sj534 30 12 on on IN work_zxx6htnoxzfbvphjwm627sj534 30 13 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 30 14 practice practice NN work_zxx6htnoxzfbvphjwm627sj534 30 15 but but CC work_zxx6htnoxzfbvphjwm627sj534 30 16 have have VBP work_zxx6htnoxzfbvphjwm627sj534 30 17 not not RB work_zxx6htnoxzfbvphjwm627sj534 30 18 received receive VBN work_zxx6htnoxzfbvphjwm627sj534 30 19 the the DT work_zxx6htnoxzfbvphjwm627sj534 30 20 attention attention NN work_zxx6htnoxzfbvphjwm627sj534 30 21 they -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 30 22 deserve deserve VBP work_zxx6htnoxzfbvphjwm627sj534 30 23 . . . work_zxx6htnoxzfbvphjwm627sj534 31 1 One one CD work_zxx6htnoxzfbvphjwm627sj534 31 2 of of IN work_zxx6htnoxzfbvphjwm627sj534 31 3 such such JJ work_zxx6htnoxzfbvphjwm627sj534 31 4 examples example NNS work_zxx6htnoxzfbvphjwm627sj534 31 5 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 31 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 31 7 Keynesian- Keynesian- NNP work_zxx6htnoxzfbvphjwm627sj534 31 8 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 31 9 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 31 10 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 31 11 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 31 12 . . . work_zxx6htnoxzfbvphjwm627sj534 32 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 32 2 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 32 3 results result VBZ work_zxx6htnoxzfbvphjwm627sj534 32 4 from from IN work_zxx6htnoxzfbvphjwm627sj534 32 5 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 32 6 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 32 7 short short JJ work_zxx6htnoxzfbvphjwm627sj534 32 8 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 32 9 , , , work_zxx6htnoxzfbvphjwm627sj534 32 10 which which WDT work_zxx6htnoxzfbvphjwm627sj534 32 11 in in IN work_zxx6htnoxzfbvphjwm627sj534 32 12 turn turn NN work_zxx6htnoxzfbvphjwm627sj534 32 13 arise arise RB work_zxx6htnoxzfbvphjwm627sj534 32 14 because because IN work_zxx6htnoxzfbvphjwm627sj534 32 15 dispersed dispersed JJ work_zxx6htnoxzfbvphjwm627sj534 32 16 ownership ownership NN work_zxx6htnoxzfbvphjwm627sj534 32 17 of of IN work_zxx6htnoxzfbvphjwm627sj534 32 18 modern modern JJ work_zxx6htnoxzfbvphjwm627sj534 32 19 corporations corporation NNS work_zxx6htnoxzfbvphjwm627sj534 32 20 decouples decouple VBZ work_zxx6htnoxzfbvphjwm627sj534 32 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 32 22 life life NN work_zxx6htnoxzfbvphjwm627sj534 32 23 span span NN work_zxx6htnoxzfbvphjwm627sj534 32 24 of of IN work_zxx6htnoxzfbvphjwm627sj534 32 25 entrepreneurs entrepreneur NNS work_zxx6htnoxzfbvphjwm627sj534 32 26 and and CC work_zxx6htnoxzfbvphjwm627sj534 32 27 owners owner NNS work_zxx6htnoxzfbvphjwm627sj534 32 28 from from IN work_zxx6htnoxzfbvphjwm627sj534 32 29 that that DT work_zxx6htnoxzfbvphjwm627sj534 32 30 of of IN work_zxx6htnoxzfbvphjwm627sj534 32 31 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 32 32 firms firm NNS work_zxx6htnoxzfbvphjwm627sj534 32 33 . . . work_zxx6htnoxzfbvphjwm627sj534 33 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 33 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 33 3 absence absence NN work_zxx6htnoxzfbvphjwm627sj534 33 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 33 5 a a DT work_zxx6htnoxzfbvphjwm627sj534 33 6 formal formal JJ work_zxx6htnoxzfbvphjwm627sj534 33 7 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 33 8 interpretation interpretation NN work_zxx6htnoxzfbvphjwm627sj534 33 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 33 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 33 11 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 33 12 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 33 13 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 33 14 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 33 15 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 33 16 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 33 17 , , , work_zxx6htnoxzfbvphjwm627sj534 33 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 33 19 extra extra JJ work_zxx6htnoxzfbvphjwm627sj534 33 20 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 33 21 on on IN work_zxx6htnoxzfbvphjwm627sj534 33 22 public public JJ work_zxx6htnoxzfbvphjwm627sj534 33 23 information information NN work_zxx6htnoxzfbvphjwm627sj534 33 24 may may MD work_zxx6htnoxzfbvphjwm627sj534 33 25 induce induce VB work_zxx6htnoxzfbvphjwm627sj534 33 26 people people NNS work_zxx6htnoxzfbvphjwm627sj534 33 27 to to TO work_zxx6htnoxzfbvphjwm627sj534 33 28 speculate speculate VB work_zxx6htnoxzfbvphjwm627sj534 33 29 that that IN work_zxx6htnoxzfbvphjwm627sj534 33 30 transparency transparency NN work_zxx6htnoxzfbvphjwm627sj534 33 31 should should MD work_zxx6htnoxzfbvphjwm627sj534 33 32 be be VB work_zxx6htnoxzfbvphjwm627sj534 33 33 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 33 34 curtailed curtail VBN work_zxx6htnoxzfbvphjwm627sj534 33 35 in in IN work_zxx6htnoxzfbvphjwm627sj534 33 36 a a DT work_zxx6htnoxzfbvphjwm627sj534 33 37 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 33 38 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 33 39 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 33 40 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 33 41 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 33 42 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 33 43 market market NN work_zxx6htnoxzfbvphjwm627sj534 33 44 . . . work_zxx6htnoxzfbvphjwm627sj534 34 1 As as IN work_zxx6htnoxzfbvphjwm627sj534 34 2 public public JJ work_zxx6htnoxzfbvphjwm627sj534 34 3 information information NN work_zxx6htnoxzfbvphjwm627sj534 34 4 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 34 5 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 34 6 , , , work_zxx6htnoxzfbvphjwm627sj534 34 7 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 34 8 information information NN work_zxx6htnoxzfbvphjwm627sj534 34 9 value value NN work_zxx6htnoxzfbvphjwm627sj534 34 10 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 34 11 tenuous tenuous JJ work_zxx6htnoxzfbvphjwm627sj534 34 12 . . . work_zxx6htnoxzfbvphjwm627sj534 35 1 If if IN work_zxx6htnoxzfbvphjwm627sj534 35 2 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 35 3 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 35 4 role role NN work_zxx6htnoxzfbvphjwm627sj534 35 5 increases increase NNS work_zxx6htnoxzfbvphjwm627sj534 35 6 or or CC work_zxx6htnoxzfbvphjwm627sj534 35 7 at at IN work_zxx6htnoxzfbvphjwm627sj534 35 8 least least JJS work_zxx6htnoxzfbvphjwm627sj534 35 9 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 35 10 not not RB work_zxx6htnoxzfbvphjwm627sj534 35 11 decrease decrease VB work_zxx6htnoxzfbvphjwm627sj534 35 12 as as IN work_zxx6htnoxzfbvphjwm627sj534 35 13 public public JJ work_zxx6htnoxzfbvphjwm627sj534 35 14 information information NN work_zxx6htnoxzfbvphjwm627sj534 35 15 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 35 16 less less RBR work_zxx6htnoxzfbvphjwm627sj534 35 17 precise precise JJ work_zxx6htnoxzfbvphjwm627sj534 35 18 , , , work_zxx6htnoxzfbvphjwm627sj534 35 19 there there EX work_zxx6htnoxzfbvphjwm627sj534 35 20 could could MD work_zxx6htnoxzfbvphjwm627sj534 35 21 exist exist VB work_zxx6htnoxzfbvphjwm627sj534 35 22 a a DT work_zxx6htnoxzfbvphjwm627sj534 35 23 threshold threshold NN work_zxx6htnoxzfbvphjwm627sj534 35 24 precision precision NN work_zxx6htnoxzfbvphjwm627sj534 35 25 under under IN work_zxx6htnoxzfbvphjwm627sj534 35 26 which which WDT work_zxx6htnoxzfbvphjwm627sj534 35 27 the the DT work_zxx6htnoxzfbvphjwm627sj534 35 28 diminishing diminish VBG work_zxx6htnoxzfbvphjwm627sj534 35 29 information information NN work_zxx6htnoxzfbvphjwm627sj534 35 30 role role NN work_zxx6htnoxzfbvphjwm627sj534 35 31 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 35 32 dominated dominate VBN work_zxx6htnoxzfbvphjwm627sj534 35 33 by by IN work_zxx6htnoxzfbvphjwm627sj534 35 34 the the DT work_zxx6htnoxzfbvphjwm627sj534 35 35 non non JJ work_zxx6htnoxzfbvphjwm627sj534 35 36 - - JJ work_zxx6htnoxzfbvphjwm627sj534 35 37 decreasing decreasing JJ work_zxx6htnoxzfbvphjwm627sj534 35 38 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 35 39 role role NN work_zxx6htnoxzfbvphjwm627sj534 35 40 . . . work_zxx6htnoxzfbvphjwm627sj534 36 1 This this DT work_zxx6htnoxzfbvphjwm627sj534 36 2 kind kind NN work_zxx6htnoxzfbvphjwm627sj534 36 3 of of IN work_zxx6htnoxzfbvphjwm627sj534 36 4 conventional conventional JJ work_zxx6htnoxzfbvphjwm627sj534 36 5 wisdom wisdom NN work_zxx6htnoxzfbvphjwm627sj534 36 6 could could MD work_zxx6htnoxzfbvphjwm627sj534 36 7 have have VB work_zxx6htnoxzfbvphjwm627sj534 36 8 immediate immediate JJ work_zxx6htnoxzfbvphjwm627sj534 36 9 prescriptive prescriptive JJ work_zxx6htnoxzfbvphjwm627sj534 36 10 implications implication NNS work_zxx6htnoxzfbvphjwm627sj534 36 11 . . . work_zxx6htnoxzfbvphjwm627sj534 37 1 This this DT work_zxx6htnoxzfbvphjwm627sj534 37 2 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 37 3 formally formally RB work_zxx6htnoxzfbvphjwm627sj534 37 4 evaluates evaluate VBZ work_zxx6htnoxzfbvphjwm627sj534 37 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 37 6 market market NN work_zxx6htnoxzfbvphjwm627sj534 37 7 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 37 8 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 37 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 37 10 disseminating disseminate VBG work_zxx6htnoxzfbvphjwm627sj534 37 11 public public JJ work_zxx6htnoxzfbvphjwm627sj534 37 12 in- in- JJ work_zxx6htnoxzfbvphjwm627sj534 37 13 formation formation NN work_zxx6htnoxzfbvphjwm627sj534 37 14 in in IN work_zxx6htnoxzfbvphjwm627sj534 37 15 a a DT work_zxx6htnoxzfbvphjwm627sj534 37 16 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 37 17 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 37 18 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 37 19 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 37 20 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 37 21 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 37 22 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 37 23 market market NN work_zxx6htnoxzfbvphjwm627sj534 37 24 . . . work_zxx6htnoxzfbvphjwm627sj534 38 1 Built build VBN work_zxx6htnoxzfbvphjwm627sj534 38 2 on on IN work_zxx6htnoxzfbvphjwm627sj534 38 3 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 38 4 , , , work_zxx6htnoxzfbvphjwm627sj534 38 5 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 38 6 , , , work_zxx6htnoxzfbvphjwm627sj534 38 7 and and CC work_zxx6htnoxzfbvphjwm627sj534 38 8 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 38 9 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 38 10 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 38 11 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 38 12 , , , work_zxx6htnoxzfbvphjwm627sj534 38 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 38 14 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 38 15 solves solve VBZ work_zxx6htnoxzfbvphjwm627sj534 38 16 for for IN work_zxx6htnoxzfbvphjwm627sj534 38 17 a a DT work_zxx6htnoxzfbvphjwm627sj534 38 18 closed closed JJ work_zxx6htnoxzfbvphjwm627sj534 38 19 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 38 20 form form NN work_zxx6htnoxzfbvphjwm627sj534 38 21 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 38 22 of of IN work_zxx6htnoxzfbvphjwm627sj534 38 23 a a DT work_zxx6htnoxzfbvphjwm627sj534 38 24 two two CD work_zxx6htnoxzfbvphjwm627sj534 38 25 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 38 26 trading trading NN work_zxx6htnoxzfbvphjwm627sj534 38 27 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 38 28 period period NN work_zxx6htnoxzfbvphjwm627sj534 38 29 noisy noisy NNP work_zxx6htnoxzfbvphjwm627sj534 38 30 rational rational NNP work_zxx6htnoxzfbvphjwm627sj534 38 31 ex- ex- NNP work_zxx6htnoxzfbvphjwm627sj534 38 32 pectations pectation NNS work_zxx6htnoxzfbvphjwm627sj534 38 33 model model NN work_zxx6htnoxzfbvphjwm627sj534 38 34 . . . work_zxx6htnoxzfbvphjwm627sj534 39 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 39 2 comparative comparative JJ work_zxx6htnoxzfbvphjwm627sj534 39 3 statics static NNS work_zxx6htnoxzfbvphjwm627sj534 39 4 then then RB work_zxx6htnoxzfbvphjwm627sj534 39 5 show show VBP work_zxx6htnoxzfbvphjwm627sj534 39 6 that that IN work_zxx6htnoxzfbvphjwm627sj534 39 7 more more JJR work_zxx6htnoxzfbvphjwm627sj534 39 8 public public JJ work_zxx6htnoxzfbvphjwm627sj534 39 9 information information NN work_zxx6htnoxzfbvphjwm627sj534 39 10 always always RB work_zxx6htnoxzfbvphjwm627sj534 39 11 drives drive VBZ work_zxx6htnoxzfbvphjwm627sj534 39 12 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 39 13 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 39 14 closer close RBR work_zxx6htnoxzfbvphjwm627sj534 39 15 to to IN work_zxx6htnoxzfbvphjwm627sj534 39 16 the the DT work_zxx6htnoxzfbvphjwm627sj534 39 17 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 39 18 value value NN work_zxx6htnoxzfbvphjwm627sj534 39 19 , , , work_zxx6htnoxzfbvphjwm627sj534 39 20 even even RB work_zxx6htnoxzfbvphjwm627sj534 39 21 in in IN work_zxx6htnoxzfbvphjwm627sj534 39 22 the the DT work_zxx6htnoxzfbvphjwm627sj534 39 23 presence presence NN work_zxx6htnoxzfbvphjwm627sj534 39 24 of of IN work_zxx6htnoxzfbvphjwm627sj534 39 25 the the DT work_zxx6htnoxzfbvphjwm627sj534 39 26 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 39 27 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 39 28 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 39 29 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 39 30 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 39 31 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 39 32 . . . work_zxx6htnoxzfbvphjwm627sj534 40 1 Therefore therefore RB work_zxx6htnoxzfbvphjwm627sj534 40 2 , , , work_zxx6htnoxzfbvphjwm627sj534 40 3 in in IN work_zxx6htnoxzfbvphjwm627sj534 40 4 a a DT work_zxx6htnoxzfbvphjwm627sj534 40 5 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 40 6 competitive competitive JJ work_zxx6htnoxzfbvphjwm627sj534 40 7 market market NN work_zxx6htnoxzfbvphjwm627sj534 40 8 , , , work_zxx6htnoxzfbvphjwm627sj534 40 9 provisions provision NNS work_zxx6htnoxzfbvphjwm627sj534 40 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 40 11 more more JJR work_zxx6htnoxzfbvphjwm627sj534 40 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 40 13 better well RBR work_zxx6htnoxzfbvphjwm627sj534 40 14 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 40 15 dis- dis- IN work_zxx6htnoxzfbvphjwm627sj534 40 16 closure closure NN work_zxx6htnoxzfbvphjwm627sj534 40 17 boost boost VBP work_zxx6htnoxzfbvphjwm627sj534 40 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 40 19 overall overall JJ work_zxx6htnoxzfbvphjwm627sj534 40 20 informativeness informativeness NN work_zxx6htnoxzfbvphjwm627sj534 40 21 of of IN work_zxx6htnoxzfbvphjwm627sj534 40 22 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 40 23 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 40 24 to to IN work_zxx6htnoxzfbvphjwm627sj534 40 25 market market NN work_zxx6htnoxzfbvphjwm627sj534 40 26 participants participant NNS work_zxx6htnoxzfbvphjwm627sj534 40 27 , , , work_zxx6htnoxzfbvphjwm627sj534 40 28 and and CC work_zxx6htnoxzfbvphjwm627sj534 40 29 transparency transparency NN work_zxx6htnoxzfbvphjwm627sj534 40 30 should should MD work_zxx6htnoxzfbvphjwm627sj534 40 31 not not RB work_zxx6htnoxzfbvphjwm627sj534 40 32 be be VB work_zxx6htnoxzfbvphjwm627sj534 40 33 compromised compromise VBN work_zxx6htnoxzfbvphjwm627sj534 40 34 on on IN work_zxx6htnoxzfbvphjwm627sj534 40 35 grounds ground NNS work_zxx6htnoxzfbvphjwm627sj534 40 36 of of IN work_zxx6htnoxzfbvphjwm627sj534 40 37 the the DT work_zxx6htnoxzfbvphjwm627sj534 40 38 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 40 39 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 40 40 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 40 41 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 40 42 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 40 43 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 40 44 . . . work_zxx6htnoxzfbvphjwm627sj534 41 1 Prohibition prohibition NN work_zxx6htnoxzfbvphjwm627sj534 41 2 of of IN work_zxx6htnoxzfbvphjwm627sj534 41 3 public public JJ work_zxx6htnoxzfbvphjwm627sj534 41 4 information information NN work_zxx6htnoxzfbvphjwm627sj534 41 5 , , , work_zxx6htnoxzfbvphjwm627sj534 41 6 however however RB work_zxx6htnoxzfbvphjwm627sj534 41 7 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 41 8 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 41 9 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 41 10 , , , work_zxx6htnoxzfbvphjwm627sj534 41 11 amounts amount VBZ work_zxx6htnoxzfbvphjwm627sj534 41 12 to to IN work_zxx6htnoxzfbvphjwm627sj534 41 13 “ " `` work_zxx6htnoxzfbvphjwm627sj534 41 14 throwing throw VBG work_zxx6htnoxzfbvphjwm627sj534 41 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 41 16 baby baby NN work_zxx6htnoxzfbvphjwm627sj534 41 17 out out RP work_zxx6htnoxzfbvphjwm627sj534 41 18 with with IN work_zxx6htnoxzfbvphjwm627sj534 41 19 the the DT work_zxx6htnoxzfbvphjwm627sj534 41 20 bathwater bathwater NN work_zxx6htnoxzfbvphjwm627sj534 41 21 ” " '' work_zxx6htnoxzfbvphjwm627sj534 41 22 . . . work_zxx6htnoxzfbvphjwm627sj534 42 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 42 2 rationale rationale NN work_zxx6htnoxzfbvphjwm627sj534 42 3 for for IN work_zxx6htnoxzfbvphjwm627sj534 42 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 42 5 positive positive JJ work_zxx6htnoxzfbvphjwm627sj534 42 6 market market NN work_zxx6htnoxzfbvphjwm627sj534 42 7 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 42 8 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 42 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 42 10 public public JJ work_zxx6htnoxzfbvphjwm627sj534 42 11 information information NN work_zxx6htnoxzfbvphjwm627sj534 42 12 lies lie VBZ work_zxx6htnoxzfbvphjwm627sj534 42 13 in in IN work_zxx6htnoxzfbvphjwm627sj534 42 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 42 15 endogenous endogenous JJ work_zxx6htnoxzfbvphjwm627sj534 42 16 link link NN work_zxx6htnoxzfbvphjwm627sj534 42 17 between between IN work_zxx6htnoxzfbvphjwm627sj534 42 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 42 19 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 42 20 role role NN work_zxx6htnoxzfbvphjwm627sj534 42 21 of of IN work_zxx6htnoxzfbvphjwm627sj534 42 22 public public JJ work_zxx6htnoxzfbvphjwm627sj534 42 23 information information NN work_zxx6htnoxzfbvphjwm627sj534 42 24 . . . work_zxx6htnoxzfbvphjwm627sj534 43 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 43 2 information information NN work_zxx6htnoxzfbvphjwm627sj534 43 3 role role NN work_zxx6htnoxzfbvphjwm627sj534 43 4 and and CC work_zxx6htnoxzfbvphjwm627sj534 43 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 43 6 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 43 7 role role NN work_zxx6htnoxzfbvphjwm627sj534 43 8 are be VBP work_zxx6htnoxzfbvphjwm627sj534 43 9 connected connect VBN work_zxx6htnoxzfbvphjwm627sj534 43 10 through through IN work_zxx6htnoxzfbvphjwm627sj534 43 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 43 12 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 43 13 of of IN work_zxx6htnoxzfbvphjwm627sj534 43 14 public public JJ work_zxx6htnoxzfbvphjwm627sj534 43 15 information information NN work_zxx6htnoxzfbvphjwm627sj534 43 16 . . . work_zxx6htnoxzfbvphjwm627sj534 44 1 Contrary contrary JJ work_zxx6htnoxzfbvphjwm627sj534 44 2 to to IN work_zxx6htnoxzfbvphjwm627sj534 44 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 44 4 conventional conventional JJ work_zxx6htnoxzfbvphjwm627sj534 44 5 wisdom wisdom NN work_zxx6htnoxzfbvphjwm627sj534 44 6 , , , work_zxx6htnoxzfbvphjwm627sj534 44 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 44 8 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 44 9 role role NN work_zxx6htnoxzfbvphjwm627sj534 44 10 decreases decrease VBZ work_zxx6htnoxzfbvphjwm627sj534 44 11 as as IN work_zxx6htnoxzfbvphjwm627sj534 44 12 public public JJ work_zxx6htnoxzfbvphjwm627sj534 44 13 information information NN work_zxx6htnoxzfbvphjwm627sj534 44 14 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 44 15 less less RBR work_zxx6htnoxzfbvphjwm627sj534 44 16 accurate accurate JJ work_zxx6htnoxzfbvphjwm627sj534 44 17 . . . work_zxx6htnoxzfbvphjwm627sj534 45 1 That that RB work_zxx6htnoxzfbvphjwm627sj534 45 2 is is RB work_zxx6htnoxzfbvphjwm627sj534 45 3 , , , work_zxx6htnoxzfbvphjwm627sj534 45 4 when when WRB work_zxx6htnoxzfbvphjwm627sj534 45 5 public public JJ work_zxx6htnoxzfbvphjwm627sj534 45 6 information information NN work_zxx6htnoxzfbvphjwm627sj534 45 7 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 45 8 noisier noisy JJR work_zxx6htnoxzfbvphjwm627sj534 45 9 , , , work_zxx6htnoxzfbvphjwm627sj534 45 10 not not RB work_zxx6htnoxzfbvphjwm627sj534 45 11 only only RB work_zxx6htnoxzfbvphjwm627sj534 45 12 do do VBP work_zxx6htnoxzfbvphjwm627sj534 45 13 short short JJ work_zxx6htnoxzfbvphjwm627sj534 45 14 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 45 15 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 45 16 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 45 17 use use VBP work_zxx6htnoxzfbvphjwm627sj534 45 18 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 45 19 less less RBR work_zxx6htnoxzfbvphjwm627sj534 45 20 , , , work_zxx6htnoxzfbvphjwm627sj534 45 21 they -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 45 22 also also RB work_zxx6htnoxzfbvphjwm627sj534 45 23 overuse overuse VBP work_zxx6htnoxzfbvphjwm627sj534 45 24 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 45 25 less less RBR work_zxx6htnoxzfbvphjwm627sj534 45 26 . . . work_zxx6htnoxzfbvphjwm627sj534 46 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 46 2 intuition intuition NN work_zxx6htnoxzfbvphjwm627sj534 46 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 46 4 straightforward straightforward JJ work_zxx6htnoxzfbvphjwm627sj534 46 5 . . . work_zxx6htnoxzfbvphjwm627sj534 47 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 47 2 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 47 3 role role NN work_zxx6htnoxzfbvphjwm627sj534 47 4 occurs occur VBZ work_zxx6htnoxzfbvphjwm627sj534 47 5 because because IN work_zxx6htnoxzfbvphjwm627sj534 47 6 short short JJ work_zxx6htnoxzfbvphjwm627sj534 47 7 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 47 8 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 47 9 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 47 10 correctly correctly RB work_zxx6htnoxzfbvphjwm627sj534 47 11 believe believe VBP work_zxx6htnoxzfbvphjwm627sj534 47 12 in in IN work_zxx6htnoxzfbvphjwm627sj534 47 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 47 14 first first JJ work_zxx6htnoxzfbvphjwm627sj534 47 15 place place NN work_zxx6htnoxzfbvphjwm627sj534 47 16 that that WDT work_zxx6htnoxzfbvphjwm627sj534 47 17 other other JJ work_zxx6htnoxzfbvphjwm627sj534 47 18 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 47 19 will will MD work_zxx6htnoxzfbvphjwm627sj534 47 20 be be VB work_zxx6htnoxzfbvphjwm627sj534 47 21 using use VBG work_zxx6htnoxzfbvphjwm627sj534 47 22 public public JJ work_zxx6htnoxzfbvphjwm627sj534 47 23 information information NN work_zxx6htnoxzfbvphjwm627sj534 47 24 due due IN work_zxx6htnoxzfbvphjwm627sj534 47 25 to to IN work_zxx6htnoxzfbvphjwm627sj534 47 26 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 47 27 information information NN work_zxx6htnoxzfbvphjwm627sj534 47 28 value value NN work_zxx6htnoxzfbvphjwm627sj534 47 29 . . . work_zxx6htnoxzfbvphjwm627sj534 48 1 When when WRB work_zxx6htnoxzfbvphjwm627sj534 48 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 48 3 information information NN work_zxx6htnoxzfbvphjwm627sj534 48 4 value value NN work_zxx6htnoxzfbvphjwm627sj534 48 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 48 6 public public JJ work_zxx6htnoxzfbvphjwm627sj534 48 7 information information NN work_zxx6htnoxzfbvphjwm627sj534 48 8 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 48 9 thinner thin JJR work_zxx6htnoxzfbvphjwm627sj534 48 10 , , , work_zxx6htnoxzfbvphjwm627sj534 48 11 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 48 12 overuse overuse VBP work_zxx6htnoxzfbvphjwm627sj534 48 13 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 48 14 less less RBR work_zxx6htnoxzfbvphjwm627sj534 48 15 because because IN work_zxx6htnoxzfbvphjwm627sj534 48 16 they -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 48 17 again again RB work_zxx6htnoxzfbvphjwm627sj534 48 18 correctly correctly RB work_zxx6htnoxzfbvphjwm627sj534 48 19 believe believe VBP work_zxx6htnoxzfbvphjwm627sj534 48 20 that that IN work_zxx6htnoxzfbvphjwm627sj534 48 21 others other NNS work_zxx6htnoxzfbvphjwm627sj534 48 22 will will MD work_zxx6htnoxzfbvphjwm627sj534 48 23 be be VB work_zxx6htnoxzfbvphjwm627sj534 48 24 using use VBG work_zxx6htnoxzfbvphjwm627sj534 48 25 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 48 26 less less RBR work_zxx6htnoxzfbvphjwm627sj534 48 27 . . . work_zxx6htnoxzfbvphjwm627sj534 49 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 49 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 49 3 extreme extreme NN work_zxx6htnoxzfbvphjwm627sj534 49 4 , , , work_zxx6htnoxzfbvphjwm627sj534 49 5 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 49 6 if if IN work_zxx6htnoxzfbvphjwm627sj534 49 7 a a DT work_zxx6htnoxzfbvphjwm627sj534 49 8 piece piece NN work_zxx6htnoxzfbvphjwm627sj534 49 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 49 10 public public JJ work_zxx6htnoxzfbvphjwm627sj534 49 11 information information NN work_zxx6htnoxzfbvphjwm627sj534 49 12 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 49 13 completely completely RB work_zxx6htnoxzfbvphjwm627sj534 49 14 useless useless JJ work_zxx6htnoxzfbvphjwm627sj534 49 15 , , , work_zxx6htnoxzfbvphjwm627sj534 49 16 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 49 17 will will MD work_zxx6htnoxzfbvphjwm627sj534 49 18 be be VB work_zxx6htnoxzfbvphjwm627sj534 49 19 neither neither CC work_zxx6htnoxzfbvphjwm627sj534 49 20 used use VBN work_zxx6htnoxzfbvphjwm627sj534 49 21 nor nor CC work_zxx6htnoxzfbvphjwm627sj534 49 22 overused overuse VBN work_zxx6htnoxzfbvphjwm627sj534 49 23 . . . work_zxx6htnoxzfbvphjwm627sj534 50 1 Just just RB work_zxx6htnoxzfbvphjwm627sj534 50 2 as as IN work_zxx6htnoxzfbvphjwm627sj534 50 3 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 50 4 and and CC work_zxx6htnoxzfbvphjwm627sj534 50 5 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 50 6 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 50 7 2002 2002 CD work_zxx6htnoxzfbvphjwm627sj534 50 8 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 50 9 differentiate differentiate VB work_zxx6htnoxzfbvphjwm627sj534 50 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 50 11 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 50 12 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 50 13 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 50 14 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 50 15 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 50 16 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 50 17 from from IN work_zxx6htnoxzfbvphjwm627sj534 50 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 50 19 sunspot sunspot NN work_zxx6htnoxzfbvphjwm627sj534 50 20 literature literature NN work_zxx6htnoxzfbvphjwm627sj534 50 21 based base VBN work_zxx6htnoxzfbvphjwm627sj534 50 22 on on IN work_zxx6htnoxzfbvphjwm627sj534 50 23 the the DT work_zxx6htnoxzfbvphjwm627sj534 50 24 fact fact NN work_zxx6htnoxzfbvphjwm627sj534 50 25 that that IN work_zxx6htnoxzfbvphjwm627sj534 50 26 public public JJ work_zxx6htnoxzfbvphjwm627sj534 50 27 information information NN work_zxx6htnoxzfbvphjwm627sj534 50 28 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 50 29 the the DT work_zxx6htnoxzfbvphjwm627sj534 50 30 information information NN work_zxx6htnoxzfbvphjwm627sj534 50 31 role role NN work_zxx6htnoxzfbvphjwm627sj534 50 32 , , , work_zxx6htnoxzfbvphjwm627sj534 50 33 the the DT work_zxx6htnoxzfbvphjwm627sj534 50 34 endogenous endogenous JJ work_zxx6htnoxzfbvphjwm627sj534 50 35 link link NN work_zxx6htnoxzfbvphjwm627sj534 50 36 between between IN work_zxx6htnoxzfbvphjwm627sj534 50 37 the the DT work_zxx6htnoxzfbvphjwm627sj534 50 38 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 50 39 role role NN work_zxx6htnoxzfbvphjwm627sj534 50 40 of of IN work_zxx6htnoxzfbvphjwm627sj534 50 41 public public JJ work_zxx6htnoxzfbvphjwm627sj534 50 42 information information NN work_zxx6htnoxzfbvphjwm627sj534 50 43 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 50 44 a a DT work_zxx6htnoxzfbvphjwm627sj534 50 45 hallmark hallmark NN work_zxx6htnoxzfbvphjwm627sj534 50 46 of of IN work_zxx6htnoxzfbvphjwm627sj534 50 47 the the DT work_zxx6htnoxzfbvphjwm627sj534 50 48 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 50 49 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 50 50 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 50 51 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 50 52 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 50 53 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 50 54 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 50 55 . . . work_zxx6htnoxzfbvphjwm627sj534 51 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 51 2 endogenous endogenous JJ work_zxx6htnoxzfbvphjwm627sj534 51 3 link link NN work_zxx6htnoxzfbvphjwm627sj534 51 4 between between IN work_zxx6htnoxzfbvphjwm627sj534 51 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 51 6 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 51 7 role role NN work_zxx6htnoxzfbvphjwm627sj534 51 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 51 9 public public JJ work_zxx6htnoxzfbvphjwm627sj534 51 10 information information NN work_zxx6htnoxzfbvphjwm627sj534 51 11 reconciles reconcile NNS work_zxx6htnoxzfbvphjwm627sj534 51 12 this this DT work_zxx6htnoxzfbvphjwm627sj534 51 13 study study NN work_zxx6htnoxzfbvphjwm627sj534 51 14 with with IN work_zxx6htnoxzfbvphjwm627sj534 51 15 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 51 16 and and CC work_zxx6htnoxzfbvphjwm627sj534 51 17 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 51 18 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 51 19 2002 2002 CD work_zxx6htnoxzfbvphjwm627sj534 51 20 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 51 21 . . . work_zxx6htnoxzfbvphjwm627sj534 52 1 Assuming assume VBG work_zxx6htnoxzfbvphjwm627sj534 52 2 that that IN work_zxx6htnoxzfbvphjwm627sj534 52 3 agents agent NNS work_zxx6htnoxzfbvphjwm627sj534 52 4 have have VBP work_zxx6htnoxzfbvphjwm627sj534 52 5 a a DT work_zxx6htnoxzfbvphjwm627sj534 52 6 fixed fix VBN work_zxx6htnoxzfbvphjwm627sj534 52 7 “ " `` work_zxx6htnoxzfbvphjwm627sj534 52 8 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 52 9 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 52 10 ” " '' work_zxx6htnoxzfbvphjwm627sj534 52 11 component component NN work_zxx6htnoxzfbvphjwm627sj534 52 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 52 13 utility utility NN work_zxx6htnoxzfbvphjwm627sj534 52 14 for for IN work_zxx6htnoxzfbvphjwm627sj534 52 15 keeping keep VBG work_zxx6htnoxzfbvphjwm627sj534 52 16 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 52 17 actions action NNS work_zxx6htnoxzfbvphjwm627sj534 52 18 closer close RBR work_zxx6htnoxzfbvphjwm627sj534 52 19 to to IN work_zxx6htnoxzfbvphjwm627sj534 52 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 52 21 average average JJ work_zxx6htnoxzfbvphjwm627sj534 52 22 action action NN work_zxx6htnoxzfbvphjwm627sj534 52 23 of of IN work_zxx6htnoxzfbvphjwm627sj534 52 24 others other NNS work_zxx6htnoxzfbvphjwm627sj534 52 25 , , , work_zxx6htnoxzfbvphjwm627sj534 52 26 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 52 27 and and CC work_zxx6htnoxzfbvphjwm627sj534 52 28 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 52 29 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 52 30 2002 2002 CD work_zxx6htnoxzfbvphjwm627sj534 52 31 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 52 32 conclude conclude VBP work_zxx6htnoxzfbvphjwm627sj534 52 33 that that IN work_zxx6htnoxzfbvphjwm627sj534 52 34 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 52 35 public public JJ work_zxx6htnoxzfbvphjwm627sj534 52 36 information information NN work_zxx6htnoxzfbvphjwm627sj534 52 37 could could MD work_zxx6htnoxzfbvphjwm627sj534 52 38 be be VB work_zxx6htnoxzfbvphjwm627sj534 52 39 detrimental detrimental JJ work_zxx6htnoxzfbvphjwm627sj534 52 40 to to IN work_zxx6htnoxzfbvphjwm627sj534 52 41 social social JJ work_zxx6htnoxzfbvphjwm627sj534 52 42 welfare welfare NN work_zxx6htnoxzfbvphjwm627sj534 52 43 . . . work_zxx6htnoxzfbvphjwm627sj534 53 1 Despite despite IN work_zxx6htnoxzfbvphjwm627sj534 53 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 53 3 modeling modeling NN work_zxx6htnoxzfbvphjwm627sj534 53 4 differences difference NNS work_zxx6htnoxzfbvphjwm627sj534 53 5 , , , work_zxx6htnoxzfbvphjwm627sj534 53 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 53 7 discussion discussion NN work_zxx6htnoxzfbvphjwm627sj534 53 8 in in IN work_zxx6htnoxzfbvphjwm627sj534 53 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 53 10 last last JJ work_zxx6htnoxzfbvphjwm627sj534 53 11 two two CD work_zxx6htnoxzfbvphjwm627sj534 53 12 paragraphs paragraph NNS work_zxx6htnoxzfbvphjwm627sj534 53 13 suggests suggest VBZ work_zxx6htnoxzfbvphjwm627sj534 53 14 that that IN work_zxx6htnoxzfbvphjwm627sj534 53 15 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 53 16 conclusion conclusion NN work_zxx6htnoxzfbvphjwm627sj534 53 17 may may MD work_zxx6htnoxzfbvphjwm627sj534 53 18 be be VB work_zxx6htnoxzfbvphjwm627sj534 53 19 due due IN work_zxx6htnoxzfbvphjwm627sj534 53 20 to to IN work_zxx6htnoxzfbvphjwm627sj534 53 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 53 22 assumed assumed JJ work_zxx6htnoxzfbvphjwm627sj534 53 23 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 53 24 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 53 25 utility utility NN work_zxx6htnoxzfbvphjwm627sj534 53 26 , , , work_zxx6htnoxzfbvphjwm627sj534 53 27 which which WDT work_zxx6htnoxzfbvphjwm627sj534 53 28 , , , work_zxx6htnoxzfbvphjwm627sj534 53 29 by by IN work_zxx6htnoxzfbvphjwm627sj534 53 30 fixing fix VBG work_zxx6htnoxzfbvphjwm627sj534 53 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 53 32 intensity intensity NN work_zxx6htnoxzfbvphjwm627sj534 53 33 of of IN work_zxx6htnoxzfbvphjwm627sj534 53 34 the the DT work_zxx6htnoxzfbvphjwm627sj534 53 35 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 53 36 role role NN work_zxx6htnoxzfbvphjwm627sj534 53 37 , , , work_zxx6htnoxzfbvphjwm627sj534 53 38 divorces divorce VBZ work_zxx6htnoxzfbvphjwm627sj534 53 39 the the DT work_zxx6htnoxzfbvphjwm627sj534 53 40 link link NN work_zxx6htnoxzfbvphjwm627sj534 53 41 between between IN work_zxx6htnoxzfbvphjwm627sj534 53 42 the the DT work_zxx6htnoxzfbvphjwm627sj534 53 43 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 53 44 role role NN work_zxx6htnoxzfbvphjwm627sj534 53 45 of of IN work_zxx6htnoxzfbvphjwm627sj534 53 46 public public JJ work_zxx6htnoxzfbvphjwm627sj534 53 47 information information NN work_zxx6htnoxzfbvphjwm627sj534 53 48 . . . work_zxx6htnoxzfbvphjwm627sj534 54 1 Hence hence RB work_zxx6htnoxzfbvphjwm627sj534 54 2 , , , work_zxx6htnoxzfbvphjwm627sj534 54 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 54 4 comparison comparison NN work_zxx6htnoxzfbvphjwm627sj534 54 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 54 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 54 7 two two CD work_zxx6htnoxzfbvphjwm627sj534 54 8 studies study NNS work_zxx6htnoxzfbvphjwm627sj534 54 9 deepens deepen VBZ work_zxx6htnoxzfbvphjwm627sj534 54 10 our -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 54 11 knowledge knowledge NN work_zxx6htnoxzfbvphjwm627sj534 54 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 54 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 54 14 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 54 15 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 54 16 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 54 17 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 54 18 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 54 19 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 54 20 . . . work_zxx6htnoxzfbvphjwm627sj534 55 1 This this DT work_zxx6htnoxzfbvphjwm627sj534 55 2 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 55 3 also also RB work_zxx6htnoxzfbvphjwm627sj534 55 4 contributes contribute VBZ work_zxx6htnoxzfbvphjwm627sj534 55 5 to to IN work_zxx6htnoxzfbvphjwm627sj534 55 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 55 7 literature literature NN work_zxx6htnoxzfbvphjwm627sj534 55 8 on on IN work_zxx6htnoxzfbvphjwm627sj534 55 9 dynamic dynamic JJ work_zxx6htnoxzfbvphjwm627sj534 55 10 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 55 11 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 55 12 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 55 13 in in IN work_zxx6htnoxzfbvphjwm627sj534 55 14 capital capital NN work_zxx6htnoxzfbvphjwm627sj534 55 15 market market NN work_zxx6htnoxzfbvphjwm627sj534 55 16 by by IN work_zxx6htnoxzfbvphjwm627sj534 55 17 supplying supply VBG work_zxx6htnoxzfbvphjwm627sj534 55 18 a a DT work_zxx6htnoxzfbvphjwm627sj534 55 19 closed close VBN work_zxx6htnoxzfbvphjwm627sj534 55 20 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 55 21 form form NN work_zxx6htnoxzfbvphjwm627sj534 55 22 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 55 23 , , , work_zxx6htnoxzfbvphjwm627sj534 55 24 which which WDT work_zxx6htnoxzfbvphjwm627sj534 55 25 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 55 26 rare rare JJ work_zxx6htnoxzfbvphjwm627sj534 55 27 in in IN work_zxx6htnoxzfbvphjwm627sj534 55 28 this this DT work_zxx6htnoxzfbvphjwm627sj534 55 29 literature.1 literature.1 NN work_zxx6htnoxzfbvphjwm627sj534 55 30 This this DT work_zxx6htnoxzfbvphjwm627sj534 55 31 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 55 32 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 55 33 an an DT work_zxx6htnoxzfbvphjwm627sj534 55 34 extension extension NN work_zxx6htnoxzfbvphjwm627sj534 55 35 to to IN work_zxx6htnoxzfbvphjwm627sj534 55 36 the the DT work_zxx6htnoxzfbvphjwm627sj534 55 37 work work NN work_zxx6htnoxzfbvphjwm627sj534 55 38 in in IN work_zxx6htnoxzfbvphjwm627sj534 55 39 Brown Brown NNP work_zxx6htnoxzfbvphjwm627sj534 55 40 and and CC work_zxx6htnoxzfbvphjwm627sj534 55 41 Jennings Jennings NNP work_zxx6htnoxzfbvphjwm627sj534 55 42 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 55 43 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 55 44 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 55 45 and and CC work_zxx6htnoxzfbvphjwm627sj534 55 46 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 55 47 , , , work_zxx6htnoxzfbvphjwm627sj534 55 48 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 55 49 , , , work_zxx6htnoxzfbvphjwm627sj534 55 50 and and CC work_zxx6htnoxzfbvphjwm627sj534 55 51 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 55 52 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 55 53 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 55 54 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 55 55 who who WP work_zxx6htnoxzfbvphjwm627sj534 55 56 conduct conduct VBP work_zxx6htnoxzfbvphjwm627sj534 55 57 only only RB work_zxx6htnoxzfbvphjwm627sj534 55 58 qualitative qualitative JJ work_zxx6htnoxzfbvphjwm627sj534 55 59 analysis analysis NN work_zxx6htnoxzfbvphjwm627sj534 55 60 . . . work_zxx6htnoxzfbvphjwm627sj534 56 1 Besides besides IN work_zxx6htnoxzfbvphjwm627sj534 56 2 making make VBG work_zxx6htnoxzfbvphjwm627sj534 56 3 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 56 4 possible possible JJ work_zxx6htnoxzfbvphjwm627sj534 56 5 to to TO work_zxx6htnoxzfbvphjwm627sj534 56 6 analyze analyze VB work_zxx6htnoxzfbvphjwm627sj534 56 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 56 8 market market NN work_zxx6htnoxzfbvphjwm627sj534 56 9 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 56 10 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 56 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 56 12 public public JJ work_zxx6htnoxzfbvphjwm627sj534 56 13 information information NN work_zxx6htnoxzfbvphjwm627sj534 56 14 , , , work_zxx6htnoxzfbvphjwm627sj534 56 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 56 16 closed close VBN work_zxx6htnoxzfbvphjwm627sj534 56 17 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 56 18 form form NN work_zxx6htnoxzfbvphjwm627sj534 56 19 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 56 20 opens open VBZ work_zxx6htnoxzfbvphjwm627sj534 56 21 up up RP work_zxx6htnoxzfbvphjwm627sj534 56 22 many many JJ work_zxx6htnoxzfbvphjwm627sj534 56 23 other other JJ work_zxx6htnoxzfbvphjwm627sj534 56 24 possibilities possibility NNS work_zxx6htnoxzfbvphjwm627sj534 56 25 . . . work_zxx6htnoxzfbvphjwm627sj534 57 1 For for IN work_zxx6htnoxzfbvphjwm627sj534 57 2 example example NN work_zxx6htnoxzfbvphjwm627sj534 57 3 , , , work_zxx6htnoxzfbvphjwm627sj534 57 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 57 5 model model NN work_zxx6htnoxzfbvphjwm627sj534 57 6 could could MD work_zxx6htnoxzfbvphjwm627sj534 57 7 be be VB work_zxx6htnoxzfbvphjwm627sj534 57 8 developed develop VBN work_zxx6htnoxzfbvphjwm627sj534 57 9 to to TO work_zxx6htnoxzfbvphjwm627sj534 57 10 study study VB work_zxx6htnoxzfbvphjwm627sj534 57 11 firms firm NNS work_zxx6htnoxzfbvphjwm627sj534 57 12 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 57 13 choice choice NN work_zxx6htnoxzfbvphjwm627sj534 57 14 between between IN work_zxx6htnoxzfbvphjwm627sj534 57 15 private private JJ work_zxx6htnoxzfbvphjwm627sj534 57 16 and and CC work_zxx6htnoxzfbvphjwm627sj534 57 17 public public JJ work_zxx6htnoxzfbvphjwm627sj534 57 18 channels channel NNS work_zxx6htnoxzfbvphjwm627sj534 57 19 to to TO work_zxx6htnoxzfbvphjwm627sj534 57 20 convey convey VB work_zxx6htnoxzfbvphjwm627sj534 57 21 information information NN work_zxx6htnoxzfbvphjwm627sj534 57 22 to to IN work_zxx6htnoxzfbvphjwm627sj534 57 23 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 57 24 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 57 25 . . . work_zxx6htnoxzfbvphjwm627sj534 58 1 Private private JJ work_zxx6htnoxzfbvphjwm627sj534 58 2 information information NN work_zxx6htnoxzfbvphjwm627sj534 58 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 58 4 only only RB work_zxx6htnoxzfbvphjwm627sj534 58 5 partially partially RB work_zxx6htnoxzfbvphjwm627sj534 58 6 reflected reflect VBN work_zxx6htnoxzfbvphjwm627sj534 58 7 in in IN work_zxx6htnoxzfbvphjwm627sj534 58 8 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 58 9 price price NN work_zxx6htnoxzfbvphjwm627sj534 58 10 while while IN work_zxx6htnoxzfbvphjwm627sj534 58 11 1Grossman 1Grossman NNP work_zxx6htnoxzfbvphjwm627sj534 58 12 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 58 13 1976 1976 CD work_zxx6htnoxzfbvphjwm627sj534 58 14 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 58 15 , , , work_zxx6htnoxzfbvphjwm627sj534 58 16 Grossman Grossman NNP work_zxx6htnoxzfbvphjwm627sj534 58 17 and and CC work_zxx6htnoxzfbvphjwm627sj534 58 18 Stiglitz Stiglitz NNP work_zxx6htnoxzfbvphjwm627sj534 58 19 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 58 20 1980 1980 CD work_zxx6htnoxzfbvphjwm627sj534 58 21 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 58 22 , , , work_zxx6htnoxzfbvphjwm627sj534 58 23 Diamond Diamond NNP work_zxx6htnoxzfbvphjwm627sj534 58 24 and and CC work_zxx6htnoxzfbvphjwm627sj534 58 25 Verrecchia Verrecchia NNP work_zxx6htnoxzfbvphjwm627sj534 58 26 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 58 27 1981 1981 CD work_zxx6htnoxzfbvphjwm627sj534 58 28 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 58 29 , , , work_zxx6htnoxzfbvphjwm627sj534 58 30 and and CC work_zxx6htnoxzfbvphjwm627sj534 58 31 Admati Admati NNP work_zxx6htnoxzfbvphjwm627sj534 58 32 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 58 33 1985 1985 CD work_zxx6htnoxzfbvphjwm627sj534 58 34 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 58 35 study study VB work_zxx6htnoxzfbvphjwm627sj534 58 36 a a DT work_zxx6htnoxzfbvphjwm627sj534 58 37 single single JJ work_zxx6htnoxzfbvphjwm627sj534 58 38 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 58 39 period period NN work_zxx6htnoxzfbvphjwm627sj534 58 40 noisy noisy NNP work_zxx6htnoxzfbvphjwm627sj534 58 41 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 58 42 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 58 43 model model NN work_zxx6htnoxzfbvphjwm627sj534 58 44 ; ; : work_zxx6htnoxzfbvphjwm627sj534 58 45 Besides besides IN work_zxx6htnoxzfbvphjwm627sj534 58 46 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 58 47 , , , work_zxx6htnoxzfbvphjwm627sj534 58 48 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 58 49 , , , work_zxx6htnoxzfbvphjwm627sj534 58 50 and and CC work_zxx6htnoxzfbvphjwm627sj534 58 51 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 58 52 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 58 53 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 58 54 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 58 55 , , , work_zxx6htnoxzfbvphjwm627sj534 58 56 see see VB work_zxx6htnoxzfbvphjwm627sj534 58 57 also also RB work_zxx6htnoxzfbvphjwm627sj534 58 58 Brown Brown NNP work_zxx6htnoxzfbvphjwm627sj534 58 59 and and CC work_zxx6htnoxzfbvphjwm627sj534 58 60 Jennings Jennings NNP work_zxx6htnoxzfbvphjwm627sj534 58 61 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 58 62 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 58 63 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 58 64 and and CC work_zxx6htnoxzfbvphjwm627sj534 58 65 Grundy Grundy NNP work_zxx6htnoxzfbvphjwm627sj534 58 66 and and CC work_zxx6htnoxzfbvphjwm627sj534 58 67 McNichols McNichols NNP work_zxx6htnoxzfbvphjwm627sj534 58 68 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 58 69 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 58 70 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 58 71 for for IN work_zxx6htnoxzfbvphjwm627sj534 58 72 multi multi JJ work_zxx6htnoxzfbvphjwm627sj534 58 73 - - JJ work_zxx6htnoxzfbvphjwm627sj534 58 74 period period JJ work_zxx6htnoxzfbvphjwm627sj534 58 75 noisy noisy NNP work_zxx6htnoxzfbvphjwm627sj534 58 76 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 58 77 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 58 78 models model NNS work_zxx6htnoxzfbvphjwm627sj534 58 79 . . . work_zxx6htnoxzfbvphjwm627sj534 59 1 Anctil Anctil NNP work_zxx6htnoxzfbvphjwm627sj534 59 2 , , , work_zxx6htnoxzfbvphjwm627sj534 59 3 Dickhaut Dickhaut NNP work_zxx6htnoxzfbvphjwm627sj534 59 4 , , , work_zxx6htnoxzfbvphjwm627sj534 59 5 Kan- Kan- NNP work_zxx6htnoxzfbvphjwm627sj534 59 6 odia odia NN work_zxx6htnoxzfbvphjwm627sj534 59 7 , , , work_zxx6htnoxzfbvphjwm627sj534 59 8 and and CC work_zxx6htnoxzfbvphjwm627sj534 59 9 Shapiro Shapiro NNP work_zxx6htnoxzfbvphjwm627sj534 59 10 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 59 11 2004),Walther 2004),walther CD work_zxx6htnoxzfbvphjwm627sj534 59 12 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 59 13 2004 2004 CD work_zxx6htnoxzfbvphjwm627sj534 59 14 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 59 15 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 59 16 discussion discussion NN work_zxx6htnoxzfbvphjwm627sj534 59 17 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 59 18 , , , work_zxx6htnoxzfbvphjwm627sj534 59 19 and and CC work_zxx6htnoxzfbvphjwm627sj534 59 20 Hirota Hirota NNP work_zxx6htnoxzfbvphjwm627sj534 59 21 and and CC work_zxx6htnoxzfbvphjwm627sj534 59 22 Sunder Sunder NNP work_zxx6htnoxzfbvphjwm627sj534 59 23 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 59 24 2007 2007 CD work_zxx6htnoxzfbvphjwm627sj534 59 25 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 59 26 conduct conduct VB work_zxx6htnoxzfbvphjwm627sj534 59 27 interesting interesting JJ work_zxx6htnoxzfbvphjwm627sj534 59 28 laboratory laboratory NN work_zxx6htnoxzfbvphjwm627sj534 59 29 experiments experiment NNS work_zxx6htnoxzfbvphjwm627sj534 59 30 on on IN work_zxx6htnoxzfbvphjwm627sj534 59 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 59 32 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 59 33 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 59 34 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 59 35 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 59 36 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 59 37 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 59 38 . . . work_zxx6htnoxzfbvphjwm627sj534 60 1 4 4 LS work_zxx6htnoxzfbvphjwm627sj534 60 2 public public JJ work_zxx6htnoxzfbvphjwm627sj534 60 3 information information NN work_zxx6htnoxzfbvphjwm627sj534 60 4 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 60 5 overused overuse VBN work_zxx6htnoxzfbvphjwm627sj534 60 6 in in IN work_zxx6htnoxzfbvphjwm627sj534 60 7 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 60 8 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 60 9 . . . work_zxx6htnoxzfbvphjwm627sj534 61 1 Firms firm NNS work_zxx6htnoxzfbvphjwm627sj534 61 2 may may MD work_zxx6htnoxzfbvphjwm627sj534 61 3 benefit benefit VB work_zxx6htnoxzfbvphjwm627sj534 61 4 from from IN work_zxx6htnoxzfbvphjwm627sj534 61 5 a a DT work_zxx6htnoxzfbvphjwm627sj534 61 6 balanced balanced JJ work_zxx6htnoxzfbvphjwm627sj534 61 7 combination combination NN work_zxx6htnoxzfbvphjwm627sj534 61 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 61 9 both both DT work_zxx6htnoxzfbvphjwm627sj534 61 10 channels channel NNS work_zxx6htnoxzfbvphjwm627sj534 61 11 . . . work_zxx6htnoxzfbvphjwm627sj534 62 1 For for IN work_zxx6htnoxzfbvphjwm627sj534 62 2 another another DT work_zxx6htnoxzfbvphjwm627sj534 62 3 example example NN work_zxx6htnoxzfbvphjwm627sj534 62 4 , , , work_zxx6htnoxzfbvphjwm627sj534 62 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 62 6 relation relation NN work_zxx6htnoxzfbvphjwm627sj534 62 7 between between IN work_zxx6htnoxzfbvphjwm627sj534 62 8 information information NN work_zxx6htnoxzfbvphjwm627sj534 62 9 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 62 10 and and CC work_zxx6htnoxzfbvphjwm627sj534 62 11 cost cost NN work_zxx6htnoxzfbvphjwm627sj534 62 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 62 13 capital capital NN work_zxx6htnoxzfbvphjwm627sj534 62 14 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 62 15 been be VBN work_zxx6htnoxzfbvphjwm627sj534 62 16 extensively extensively RB work_zxx6htnoxzfbvphjwm627sj534 62 17 studied study VBN work_zxx6htnoxzfbvphjwm627sj534 62 18 in in IN work_zxx6htnoxzfbvphjwm627sj534 62 19 a a DT work_zxx6htnoxzfbvphjwm627sj534 62 20 single single JJ work_zxx6htnoxzfbvphjwm627sj534 62 21 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 62 22 period period NN work_zxx6htnoxzfbvphjwm627sj534 62 23 model model NN work_zxx6htnoxzfbvphjwm627sj534 62 24 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 62 25 see see VB work_zxx6htnoxzfbvphjwm627sj534 62 26 Easley Easley NNP work_zxx6htnoxzfbvphjwm627sj534 62 27 and and CC work_zxx6htnoxzfbvphjwm627sj534 62 28 O’hara O’hara NNP work_zxx6htnoxzfbvphjwm627sj534 62 29 , , , work_zxx6htnoxzfbvphjwm627sj534 62 30 2004 2004 CD work_zxx6htnoxzfbvphjwm627sj534 62 31 ; ; : work_zxx6htnoxzfbvphjwm627sj534 62 32 Lambert Lambert NNP work_zxx6htnoxzfbvphjwm627sj534 62 33 , , , work_zxx6htnoxzfbvphjwm627sj534 62 34 Leuz Leuz NNP work_zxx6htnoxzfbvphjwm627sj534 62 35 , , , work_zxx6htnoxzfbvphjwm627sj534 62 36 and and CC work_zxx6htnoxzfbvphjwm627sj534 62 37 Verrecchia Verrecchia NNP work_zxx6htnoxzfbvphjwm627sj534 62 38 , , , work_zxx6htnoxzfbvphjwm627sj534 62 39 2007b 2007b CD work_zxx6htnoxzfbvphjwm627sj534 62 40 , , , work_zxx6htnoxzfbvphjwm627sj534 62 41 a a DT work_zxx6htnoxzfbvphjwm627sj534 62 42 , , , work_zxx6htnoxzfbvphjwm627sj534 62 43 e.g. e.g. RB work_zxx6htnoxzfbvphjwm627sj534 62 44 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 62 45 . . . work_zxx6htnoxzfbvphjwm627sj534 63 1 A a DT work_zxx6htnoxzfbvphjwm627sj534 63 2 tractable tractable JJ work_zxx6htnoxzfbvphjwm627sj534 63 3 dynamic dynamic JJ work_zxx6htnoxzfbvphjwm627sj534 63 4 model model NN work_zxx6htnoxzfbvphjwm627sj534 63 5 could could MD work_zxx6htnoxzfbvphjwm627sj534 63 6 help help VB work_zxx6htnoxzfbvphjwm627sj534 63 7 reexamine reexamine VB work_zxx6htnoxzfbvphjwm627sj534 63 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 63 9 relation relation NN work_zxx6htnoxzfbvphjwm627sj534 63 10 in in IN work_zxx6htnoxzfbvphjwm627sj534 63 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 63 12 context context NN work_zxx6htnoxzfbvphjwm627sj534 63 13 of of IN work_zxx6htnoxzfbvphjwm627sj534 63 14 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 63 15 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 63 16 as as IN work_zxx6htnoxzfbvphjwm627sj534 63 17 a a DT work_zxx6htnoxzfbvphjwm627sj534 63 18 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 63 19 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 63 20 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 63 21 . . . work_zxx6htnoxzfbvphjwm627sj534 64 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 64 2 addition addition NN work_zxx6htnoxzfbvphjwm627sj534 64 3 , , , work_zxx6htnoxzfbvphjwm627sj534 64 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 64 5 model model NN work_zxx6htnoxzfbvphjwm627sj534 64 6 may may MD work_zxx6htnoxzfbvphjwm627sj534 64 7 also also RB work_zxx6htnoxzfbvphjwm627sj534 64 8 find find VB work_zxx6htnoxzfbvphjwm627sj534 64 9 applications application NNS work_zxx6htnoxzfbvphjwm627sj534 64 10 in in IN work_zxx6htnoxzfbvphjwm627sj534 64 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 64 12 vast vast JJ work_zxx6htnoxzfbvphjwm627sj534 64 13 ERC ERC NNP work_zxx6htnoxzfbvphjwm627sj534 64 14 literature literature NN work_zxx6htnoxzfbvphjwm627sj534 64 15 . . . work_zxx6htnoxzfbvphjwm627sj534 65 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 65 2 rest rest NN work_zxx6htnoxzfbvphjwm627sj534 65 3 of of IN work_zxx6htnoxzfbvphjwm627sj534 65 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 65 5 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 65 6 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 65 7 organized organize VBN work_zxx6htnoxzfbvphjwm627sj534 65 8 as as IN work_zxx6htnoxzfbvphjwm627sj534 65 9 follows follow VBZ work_zxx6htnoxzfbvphjwm627sj534 65 10 . . . work_zxx6htnoxzfbvphjwm627sj534 66 1 Part part NN work_zxx6htnoxzfbvphjwm627sj534 66 2 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 66 3 describes describe VBZ work_zxx6htnoxzfbvphjwm627sj534 66 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 66 5 basic basic JJ work_zxx6htnoxzfbvphjwm627sj534 66 6 setting setting NN work_zxx6htnoxzfbvphjwm627sj534 66 7 of of IN work_zxx6htnoxzfbvphjwm627sj534 66 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 66 9 model model NN work_zxx6htnoxzfbvphjwm627sj534 66 10 ; ; : work_zxx6htnoxzfbvphjwm627sj534 66 11 part part NN work_zxx6htnoxzfbvphjwm627sj534 66 12 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 66 13 defines define NNS work_zxx6htnoxzfbvphjwm627sj534 66 14 and and CC work_zxx6htnoxzfbvphjwm627sj534 66 15 solves solve VBZ work_zxx6htnoxzfbvphjwm627sj534 66 16 for for IN work_zxx6htnoxzfbvphjwm627sj534 66 17 the the DT work_zxx6htnoxzfbvphjwm627sj534 66 18 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 66 19 ; ; : work_zxx6htnoxzfbvphjwm627sj534 66 20 part part NN work_zxx6htnoxzfbvphjwm627sj534 66 21 4 4 CD work_zxx6htnoxzfbvphjwm627sj534 66 22 examines examine VBZ work_zxx6htnoxzfbvphjwm627sj534 66 23 the the DT work_zxx6htnoxzfbvphjwm627sj534 66 24 market market NN work_zxx6htnoxzfbvphjwm627sj534 66 25 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 66 26 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 66 27 of of IN work_zxx6htnoxzfbvphjwm627sj534 66 28 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 66 29 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 66 30 ; ; : work_zxx6htnoxzfbvphjwm627sj534 66 31 and and CC work_zxx6htnoxzfbvphjwm627sj534 66 32 part part NN work_zxx6htnoxzfbvphjwm627sj534 66 33 5 5 CD work_zxx6htnoxzfbvphjwm627sj534 66 34 concludes conclude NNS work_zxx6htnoxzfbvphjwm627sj534 66 35 . . . work_zxx6htnoxzfbvphjwm627sj534 67 1 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 67 2 The the DT work_zxx6htnoxzfbvphjwm627sj534 67 3 Model Model NNP work_zxx6htnoxzfbvphjwm627sj534 67 4 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 67 5 describe describe VBP work_zxx6htnoxzfbvphjwm627sj534 67 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 67 7 basic basic JJ work_zxx6htnoxzfbvphjwm627sj534 67 8 setting setting NN work_zxx6htnoxzfbvphjwm627sj534 67 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 67 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 67 11 model model NN work_zxx6htnoxzfbvphjwm627sj534 67 12 in in IN work_zxx6htnoxzfbvphjwm627sj534 67 13 this this DT work_zxx6htnoxzfbvphjwm627sj534 67 14 section section NN work_zxx6htnoxzfbvphjwm627sj534 67 15 , , , work_zxx6htnoxzfbvphjwm627sj534 67 16 which which WDT work_zxx6htnoxzfbvphjwm627sj534 67 17 closely closely RB work_zxx6htnoxzfbvphjwm627sj534 67 18 follows follow VBZ work_zxx6htnoxzfbvphjwm627sj534 67 19 Brown Brown NNP work_zxx6htnoxzfbvphjwm627sj534 67 20 and and CC work_zxx6htnoxzfbvphjwm627sj534 67 21 Jennings Jennings NNP work_zxx6htnoxzfbvphjwm627sj534 67 22 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 67 23 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 67 24 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 67 25 and and CC work_zxx6htnoxzfbvphjwm627sj534 67 26 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 67 27 , , , work_zxx6htnoxzfbvphjwm627sj534 67 28 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 67 29 , , , work_zxx6htnoxzfbvphjwm627sj534 67 30 and and CC work_zxx6htnoxzfbvphjwm627sj534 67 31 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 67 32 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 67 33 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 67 34 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 67 35 . . . work_zxx6htnoxzfbvphjwm627sj534 68 1 It -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 68 2 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 68 3 a a DT work_zxx6htnoxzfbvphjwm627sj534 68 4 two two CD work_zxx6htnoxzfbvphjwm627sj534 68 5 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 68 6 trading trading NN work_zxx6htnoxzfbvphjwm627sj534 68 7 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 68 8 period period NN work_zxx6htnoxzfbvphjwm627sj534 68 9 noisy noisy NNP work_zxx6htnoxzfbvphjwm627sj534 68 10 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 68 11 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 68 12 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 68 13 with with IN work_zxx6htnoxzfbvphjwm627sj534 68 14 short short JJ work_zxx6htnoxzfbvphjwm627sj534 68 15 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 68 16 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 68 17 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 68 18 and and CC work_zxx6htnoxzfbvphjwm627sj534 68 19 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 68 20 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 68 21 shocks shock NNS work_zxx6htnoxzfbvphjwm627sj534 68 22 . . . work_zxx6htnoxzfbvphjwm627sj534 69 1 There there EX work_zxx6htnoxzfbvphjwm627sj534 69 2 are be VBP work_zxx6htnoxzfbvphjwm627sj534 69 3 two two CD work_zxx6htnoxzfbvphjwm627sj534 69 4 trading trading NN work_zxx6htnoxzfbvphjwm627sj534 69 5 periods period NNS work_zxx6htnoxzfbvphjwm627sj534 69 6 . . . work_zxx6htnoxzfbvphjwm627sj534 70 1 A a DT work_zxx6htnoxzfbvphjwm627sj534 70 2 risk risk NN work_zxx6htnoxzfbvphjwm627sj534 70 3 free free JJ work_zxx6htnoxzfbvphjwm627sj534 70 4 asset asset NN work_zxx6htnoxzfbvphjwm627sj534 70 5 and and CC work_zxx6htnoxzfbvphjwm627sj534 70 6 a a DT work_zxx6htnoxzfbvphjwm627sj534 70 7 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 70 8 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 70 9 risky risky JJ work_zxx6htnoxzfbvphjwm627sj534 70 10 stocks stock NNS work_zxx6htnoxzfbvphjwm627sj534 70 11 are be VBP work_zxx6htnoxzfbvphjwm627sj534 70 12 traded trade VBN work_zxx6htnoxzfbvphjwm627sj534 70 13 in in IN work_zxx6htnoxzfbvphjwm627sj534 70 14 both both DT work_zxx6htnoxzfbvphjwm627sj534 70 15 periods period NNS work_zxx6htnoxzfbvphjwm627sj534 70 16 in in IN work_zxx6htnoxzfbvphjwm627sj534 70 17 a a DT work_zxx6htnoxzfbvphjwm627sj534 70 18 competitive competitive JJ work_zxx6htnoxzfbvphjwm627sj534 70 19 market market NN work_zxx6htnoxzfbvphjwm627sj534 70 20 . . . work_zxx6htnoxzfbvphjwm627sj534 71 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 71 2 risk risk NN work_zxx6htnoxzfbvphjwm627sj534 71 3 free free JJ work_zxx6htnoxzfbvphjwm627sj534 71 4 asset asset NN work_zxx6htnoxzfbvphjwm627sj534 71 5 acts act NNS work_zxx6htnoxzfbvphjwm627sj534 71 6 as as IN work_zxx6htnoxzfbvphjwm627sj534 71 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 71 8 numeraire numeraire NN work_zxx6htnoxzfbvphjwm627sj534 71 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 71 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 71 11 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 71 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 71 13 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 71 14 return return NN work_zxx6htnoxzfbvphjwm627sj534 71 15 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 71 16 normalized normalized JJ work_zxx6htnoxzfbvphjwm627sj534 71 17 to to TO work_zxx6htnoxzfbvphjwm627sj534 71 18 be be VB work_zxx6htnoxzfbvphjwm627sj534 71 19 zero zero CD work_zxx6htnoxzfbvphjwm627sj534 71 20 . . . work_zxx6htnoxzfbvphjwm627sj534 72 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 72 2 per per FW work_zxx6htnoxzfbvphjwm627sj534 72 3 share share NN work_zxx6htnoxzfbvphjwm627sj534 72 4 random random JJ work_zxx6htnoxzfbvphjwm627sj534 72 5 payoff payoff NN work_zxx6htnoxzfbvphjwm627sj534 72 6 of of IN work_zxx6htnoxzfbvphjwm627sj534 72 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 72 8 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 72 9 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 72 10 stocks stock NNS work_zxx6htnoxzfbvphjwm627sj534 72 11 , , , work_zxx6htnoxzfbvphjwm627sj534 72 12 denoted denote VBN work_zxx6htnoxzfbvphjwm627sj534 72 13 as as IN work_zxx6htnoxzfbvphjwm627sj534 72 14 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 72 15 , , , work_zxx6htnoxzfbvphjwm627sj534 72 16 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 72 17 unknown unknown JJ work_zxx6htnoxzfbvphjwm627sj534 72 18 to to IN work_zxx6htnoxzfbvphjwm627sj534 72 19 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 72 20 until until IN work_zxx6htnoxzfbvphjwm627sj534 72 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 72 22 end end NN work_zxx6htnoxzfbvphjwm627sj534 72 23 of of IN work_zxx6htnoxzfbvphjwm627sj534 72 24 the the DT work_zxx6htnoxzfbvphjwm627sj534 72 25 last last JJ work_zxx6htnoxzfbvphjwm627sj534 72 26 period period NN work_zxx6htnoxzfbvphjwm627sj534 72 27 . . . work_zxx6htnoxzfbvphjwm627sj534 73 1 Investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 73 2 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 73 3 short short JJ work_zxx6htnoxzfbvphjwm627sj534 73 4 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 73 5 are be VBP work_zxx6htnoxzfbvphjwm627sj534 73 6 characterized characterize VBN work_zxx6htnoxzfbvphjwm627sj534 73 7 by by IN work_zxx6htnoxzfbvphjwm627sj534 73 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 73 9 overlapping overlap VBG work_zxx6htnoxzfbvphjwm627sj534 73 10 generations generation NNS work_zxx6htnoxzfbvphjwm627sj534 73 11 assumption assumption NN work_zxx6htnoxzfbvphjwm627sj534 73 12 . . . work_zxx6htnoxzfbvphjwm627sj534 74 1 There there EX work_zxx6htnoxzfbvphjwm627sj534 74 2 are be VBP work_zxx6htnoxzfbvphjwm627sj534 74 3 two two CD work_zxx6htnoxzfbvphjwm627sj534 74 4 generations generation NNS work_zxx6htnoxzfbvphjwm627sj534 74 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 74 6 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 74 7 and and CC work_zxx6htnoxzfbvphjwm627sj534 74 8 each each DT work_zxx6htnoxzfbvphjwm627sj534 74 9 generation generation NN work_zxx6htnoxzfbvphjwm627sj534 74 10 have have VBP work_zxx6htnoxzfbvphjwm627sj534 74 11 a a DT work_zxx6htnoxzfbvphjwm627sj534 74 12 continuum continuum NN work_zxx6htnoxzfbvphjwm627sj534 74 13 of of IN work_zxx6htnoxzfbvphjwm627sj534 74 14 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 74 15 indexed index VBN work_zxx6htnoxzfbvphjwm627sj534 74 16 by by IN work_zxx6htnoxzfbvphjwm627sj534 74 17 an an DT work_zxx6htnoxzfbvphjwm627sj534 74 18 interval interval NN work_zxx6htnoxzfbvphjwm627sj534 74 19 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 74 20 0,1 0,1 NFP work_zxx6htnoxzfbvphjwm627sj534 74 21 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 74 22 . . . work_zxx6htnoxzfbvphjwm627sj534 75 1 Each each DT work_zxx6htnoxzfbvphjwm627sj534 75 2 generation generation NN work_zxx6htnoxzfbvphjwm627sj534 75 3 only only RB work_zxx6htnoxzfbvphjwm627sj534 75 4 live live VBP work_zxx6htnoxzfbvphjwm627sj534 75 5 in in IN work_zxx6htnoxzfbvphjwm627sj534 75 6 one one CD work_zxx6htnoxzfbvphjwm627sj534 75 7 period period NN work_zxx6htnoxzfbvphjwm627sj534 75 8 and and CC work_zxx6htnoxzfbvphjwm627sj534 75 9 transfer transfer VB work_zxx6htnoxzfbvphjwm627sj534 75 10 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 75 11 ownership ownership NN work_zxx6htnoxzfbvphjwm627sj534 75 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 75 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 75 14 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 75 15 to to IN work_zxx6htnoxzfbvphjwm627sj534 75 16 the the DT work_zxx6htnoxzfbvphjwm627sj534 75 17 next next JJ work_zxx6htnoxzfbvphjwm627sj534 75 18 generation generation NN work_zxx6htnoxzfbvphjwm627sj534 75 19 through through IN work_zxx6htnoxzfbvphjwm627sj534 75 20 trading trading NN work_zxx6htnoxzfbvphjwm627sj534 75 21 . . . work_zxx6htnoxzfbvphjwm627sj534 76 1 Young young JJ work_zxx6htnoxzfbvphjwm627sj534 76 2 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 76 3 are be VBP work_zxx6htnoxzfbvphjwm627sj534 76 4 born bear VBN work_zxx6htnoxzfbvphjwm627sj534 76 5 with with IN work_zxx6htnoxzfbvphjwm627sj534 76 6 endowment endowment NN work_zxx6htnoxzfbvphjwm627sj534 76 7 and and CC work_zxx6htnoxzfbvphjwm627sj534 76 8 save save VB work_zxx6htnoxzfbvphjwm627sj534 76 9 through through IN work_zxx6htnoxzfbvphjwm627sj534 76 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 76 11 5 5 CD work_zxx6htnoxzfbvphjwm627sj534 76 12 market market NN work_zxx6htnoxzfbvphjwm627sj534 76 13 ; ; : work_zxx6htnoxzfbvphjwm627sj534 76 14 at at IN work_zxx6htnoxzfbvphjwm627sj534 76 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 76 16 end end NN work_zxx6htnoxzfbvphjwm627sj534 76 17 of of IN work_zxx6htnoxzfbvphjwm627sj534 76 18 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 76 19 life life NN work_zxx6htnoxzfbvphjwm627sj534 76 20 period period NN work_zxx6htnoxzfbvphjwm627sj534 76 21 , , , work_zxx6htnoxzfbvphjwm627sj534 76 22 they -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 76 23 become become VBP work_zxx6htnoxzfbvphjwm627sj534 76 24 old old JJ work_zxx6htnoxzfbvphjwm627sj534 76 25 , , , work_zxx6htnoxzfbvphjwm627sj534 76 26 sell sell VBP work_zxx6htnoxzfbvphjwm627sj534 76 27 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 76 28 stocks stock NNS work_zxx6htnoxzfbvphjwm627sj534 76 29 and and CC work_zxx6htnoxzfbvphjwm627sj534 76 30 consume consume VB work_zxx6htnoxzfbvphjwm627sj534 76 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 76 32 proceeds proceed NNS work_zxx6htnoxzfbvphjwm627sj534 76 33 . . . work_zxx6htnoxzfbvphjwm627sj534 77 1 For for IN work_zxx6htnoxzfbvphjwm627sj534 77 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 77 3 purpose purpose NN work_zxx6htnoxzfbvphjwm627sj534 77 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 77 5 this this DT work_zxx6htnoxzfbvphjwm627sj534 77 6 study study NN work_zxx6htnoxzfbvphjwm627sj534 77 7 , , , work_zxx6htnoxzfbvphjwm627sj534 77 8 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 77 9 end end VBP work_zxx6htnoxzfbvphjwm627sj534 77 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 77 11 overlapping overlapping NN work_zxx6htnoxzfbvphjwm627sj534 77 12 generations generation NNS work_zxx6htnoxzfbvphjwm627sj534 77 13 cycle cycle NN work_zxx6htnoxzfbvphjwm627sj534 77 14 at at IN work_zxx6htnoxzfbvphjwm627sj534 77 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 77 16 end end NN work_zxx6htnoxzfbvphjwm627sj534 77 17 of of IN work_zxx6htnoxzfbvphjwm627sj534 77 18 period period NN work_zxx6htnoxzfbvphjwm627sj534 77 19 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 77 20 by by IN work_zxx6htnoxzfbvphjwm627sj534 77 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 77 22 liquidation liquidation NN work_zxx6htnoxzfbvphjwm627sj534 77 23 of of IN work_zxx6htnoxzfbvphjwm627sj534 77 24 the the DT work_zxx6htnoxzfbvphjwm627sj534 77 25 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 77 26 . . . work_zxx6htnoxzfbvphjwm627sj534 78 1 Figure figure NN work_zxx6htnoxzfbvphjwm627sj534 78 2 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 78 3 describes describe VBZ work_zxx6htnoxzfbvphjwm627sj534 78 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 78 5 time time NN work_zxx6htnoxzfbvphjwm627sj534 78 6 line line NN work_zxx6htnoxzfbvphjwm627sj534 78 7 of of IN work_zxx6htnoxzfbvphjwm627sj534 78 8 events event NNS work_zxx6htnoxzfbvphjwm627sj534 78 9 . . . work_zxx6htnoxzfbvphjwm627sj534 79 1 F f NN work_zxx6htnoxzfbvphjwm627sj534 79 2 igure igure NN work_zxx6htnoxzfbvphjwm627sj534 79 3 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 79 4 T t NN work_zxx6htnoxzfbvphjwm627sj534 79 5 he -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 79 6 T t NN work_zxx6htnoxzfbvphjwm627sj534 79 7 ime ime NN work_zxx6htnoxzfbvphjwm627sj534 79 8 Line Line NNP work_zxx6htnoxzfbvphjwm627sj534 79 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 79 10 Events event NNS work_zxx6htnoxzfbvphjwm627sj534 79 11 t t NN work_zxx6htnoxzfbvphjwm627sj534 79 12 = = SYM work_zxx6htnoxzfbvphjwm627sj534 79 13 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 79 14 P p NN work_zxx6htnoxzfbvphjwm627sj534 79 15 ublic ublic JJ work_zxx6htnoxzfbvphjwm627sj534 79 16 inf inf NN work_zxx6htnoxzfbvphjwm627sj534 79 17 ormation ormation NN work_zxx6htnoxzfbvphjwm627sj534 79 18 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 79 19 disclosed disclose VBN work_zxx6htnoxzfbvphjwm627sj534 79 20 ; ; : work_zxx6htnoxzfbvphjwm627sj534 79 21 Y Y NNP work_zxx6htnoxzfbvphjwm627sj534 79 22 oung oung JJ work_zxx6htnoxzfbvphjwm627sj534 79 23 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 79 24 are be VBP work_zxx6htnoxzfbvphjwm627sj534 79 25 born bear VBN work_zxx6htnoxzfbvphjwm627sj534 79 26 with with IN work_zxx6htnoxzfbvphjwm627sj534 79 27 private private JJ work_zxx6htnoxzfbvphjwm627sj534 79 28 inf inf NN work_zxx6htnoxzfbvphjwm627sj534 79 29 ormation ormation NN work_zxx6htnoxzfbvphjwm627sj534 79 30 and and CC work_zxx6htnoxzfbvphjwm627sj534 79 31 wealth wealth NN work_zxx6htnoxzfbvphjwm627sj534 79 32 ; ; : work_zxx6htnoxzfbvphjwm627sj534 79 33 T T NNP work_zxx6htnoxzfbvphjwm627sj534 79 34 hey hey NN work_zxx6htnoxzfbvphjwm627sj534 79 35 buy buy VBP work_zxx6htnoxzfbvphjwm627sj534 79 36 stocks stock NNS work_zxx6htnoxzfbvphjwm627sj534 79 37 in in IN work_zxx6htnoxzfbvphjwm627sj534 79 38 order order NN work_zxx6htnoxzfbvphjwm627sj534 79 39 to to TO work_zxx6htnoxzfbvphjwm627sj534 79 40 resell resell VB work_zxx6htnoxzfbvphjwm627sj534 79 41 them -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 79 42 at at IN work_zxx6htnoxzfbvphjwm627sj534 79 43 t t NN work_zxx6htnoxzfbvphjwm627sj534 79 44 = = SYM work_zxx6htnoxzfbvphjwm627sj534 79 45 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 79 46 . . . work_zxx6htnoxzfbvphjwm627sj534 80 1 t t NNP work_zxx6htnoxzfbvphjwm627sj534 80 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 80 3 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 80 4 A a DT work_zxx6htnoxzfbvphjwm627sj534 80 5 new new JJ work_zxx6htnoxzfbvphjwm627sj534 80 6 generation generation NN work_zxx6htnoxzfbvphjwm627sj534 80 7 of of IN work_zxx6htnoxzfbvphjwm627sj534 80 8 young young JJ work_zxx6htnoxzfbvphjwm627sj534 80 9 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 80 10 are be VBP work_zxx6htnoxzfbvphjwm627sj534 80 11 born bear VBN work_zxx6htnoxzfbvphjwm627sj534 80 12 with with IN work_zxx6htnoxzfbvphjwm627sj534 80 13 private private JJ work_zxx6htnoxzfbvphjwm627sj534 80 14 inf inf NN work_zxx6htnoxzfbvphjwm627sj534 80 15 ormation ormation NN work_zxx6htnoxzfbvphjwm627sj534 80 16 and and CC work_zxx6htnoxzfbvphjwm627sj534 80 17 wealth wealth NN work_zxx6htnoxzfbvphjwm627sj534 80 18 ; ; : work_zxx6htnoxzfbvphjwm627sj534 80 19 T T NNP work_zxx6htnoxzfbvphjwm627sj534 80 20 hey hey NN work_zxx6htnoxzfbvphjwm627sj534 80 21 buy buy VBP work_zxx6htnoxzfbvphjwm627sj534 80 22 stocks stock NNS work_zxx6htnoxzfbvphjwm627sj534 80 23 in in IN work_zxx6htnoxzfbvphjwm627sj534 80 24 order order NN work_zxx6htnoxzfbvphjwm627sj534 80 25 to to TO work_zxx6htnoxzfbvphjwm627sj534 80 26 liquidate liquidate VB work_zxx6htnoxzfbvphjwm627sj534 80 27 the the DT work_zxx6htnoxzfbvphjwm627sj534 80 28 f f NNP work_zxx6htnoxzfbvphjwm627sj534 80 29 irm irm NNP work_zxx6htnoxzfbvphjwm627sj534 80 30 at at IN work_zxx6htnoxzfbvphjwm627sj534 80 31 t t NNP work_zxx6htnoxzfbvphjwm627sj534 80 32 = = SYM work_zxx6htnoxzfbvphjwm627sj534 80 33 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 80 34 . . . work_zxx6htnoxzfbvphjwm627sj534 81 1 t t NNP work_zxx6htnoxzfbvphjwm627sj534 81 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 81 3 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 81 4 T t NN work_zxx6htnoxzfbvphjwm627sj534 81 5 he -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 81 6 f f NNP work_zxx6htnoxzfbvphjwm627sj534 81 7 irm irm NNP work_zxx6htnoxzfbvphjwm627sj534 81 8 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 81 9 liquidated liquidate VBN work_zxx6htnoxzfbvphjwm627sj534 81 10 and and CC work_zxx6htnoxzfbvphjwm627sj534 81 11 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 81 12 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 81 13 revealed reveal VBN work_zxx6htnoxzfbvphjwm627sj534 81 14 . . . work_zxx6htnoxzfbvphjwm627sj534 82 1 Investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 82 2 have have VBP work_zxx6htnoxzfbvphjwm627sj534 82 3 access access NN work_zxx6htnoxzfbvphjwm627sj534 82 4 to to IN work_zxx6htnoxzfbvphjwm627sj534 82 5 both both CC work_zxx6htnoxzfbvphjwm627sj534 82 6 private private JJ work_zxx6htnoxzfbvphjwm627sj534 82 7 and and CC work_zxx6htnoxzfbvphjwm627sj534 82 8 public public JJ work_zxx6htnoxzfbvphjwm627sj534 82 9 information information NN work_zxx6htnoxzfbvphjwm627sj534 82 10 , , , work_zxx6htnoxzfbvphjwm627sj534 82 11 with with IN work_zxx6htnoxzfbvphjwm627sj534 82 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 82 13 later later RB work_zxx6htnoxzfbvphjwm627sj534 82 14 disclosed disclose VBN work_zxx6htnoxzfbvphjwm627sj534 82 15 by by IN work_zxx6htnoxzfbvphjwm627sj534 82 16 the the DT work_zxx6htnoxzfbvphjwm627sj534 82 17 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 82 18 . . . work_zxx6htnoxzfbvphjwm627sj534 83 1 Conditional conditional JJ work_zxx6htnoxzfbvphjwm627sj534 83 2 on on IN work_zxx6htnoxzfbvphjwm627sj534 83 3 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 83 4 , , , work_zxx6htnoxzfbvphjwm627sj534 83 5 each each DT work_zxx6htnoxzfbvphjwm627sj534 83 6 investor investor NN work_zxx6htnoxzfbvphjwm627sj534 83 7 i i PRP work_zxx6htnoxzfbvphjwm627sj534 83 8 in in IN work_zxx6htnoxzfbvphjwm627sj534 83 9 period period NN work_zxx6htnoxzfbvphjwm627sj534 83 10 t t NNP work_zxx6htnoxzfbvphjwm627sj534 83 11 receives receive VBZ work_zxx6htnoxzfbvphjwm627sj534 83 12 an an DT work_zxx6htnoxzfbvphjwm627sj534 83 13 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 83 14 private private JJ work_zxx6htnoxzfbvphjwm627sj534 83 15 signal signal NN work_zxx6htnoxzfbvphjwm627sj534 83 16 x̃ti x̃ti NNP work_zxx6htnoxzfbvphjwm627sj534 83 17 , , , work_zxx6htnoxzfbvphjwm627sj534 83 18 t t NNP work_zxx6htnoxzfbvphjwm627sj534 83 19 ∈ ∈ NNP work_zxx6htnoxzfbvphjwm627sj534 83 20 { { -LRB- work_zxx6htnoxzfbvphjwm627sj534 83 21 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 83 22 , , , work_zxx6htnoxzfbvphjwm627sj534 83 23 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 83 24 } } -RRB- work_zxx6htnoxzfbvphjwm627sj534 83 25 and and CC work_zxx6htnoxzfbvphjwm627sj534 83 26 i i PRP work_zxx6htnoxzfbvphjwm627sj534 83 27 ∈ ∈ VBP work_zxx6htnoxzfbvphjwm627sj534 83 28 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 83 29 0 0 CD work_zxx6htnoxzfbvphjwm627sj534 83 30 , , , work_zxx6htnoxzfbvphjwm627sj534 83 31 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 83 32 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 83 33 , , , work_zxx6htnoxzfbvphjwm627sj534 83 34 with with IN work_zxx6htnoxzfbvphjwm627sj534 83 35 precision precision NN work_zxx6htnoxzfbvphjwm627sj534 83 36 β β NN work_zxx6htnoxzfbvphjwm627sj534 83 37 . . . work_zxx6htnoxzfbvphjwm627sj534 84 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 84 2 realization realization NN work_zxx6htnoxzfbvphjwm627sj534 84 3 of of IN work_zxx6htnoxzfbvphjwm627sj534 84 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 84 5 private private JJ work_zxx6htnoxzfbvphjwm627sj534 84 6 signal signal NN work_zxx6htnoxzfbvphjwm627sj534 84 7 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 84 8 xti xti NN work_zxx6htnoxzfbvphjwm627sj534 84 9 . . . work_zxx6htnoxzfbvphjwm627sj534 85 1 x̃ti x̃ti NNP work_zxx6htnoxzfbvphjwm627sj534 85 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 85 3 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 85 4 + + CC work_zxx6htnoxzfbvphjwm627sj534 85 5 ǫ̃ti ǫ̃ti NN work_zxx6htnoxzfbvphjwm627sj534 85 6 , , , work_zxx6htnoxzfbvphjwm627sj534 85 7 ǫ̃ti ǫ̃ti NN work_zxx6htnoxzfbvphjwm627sj534 85 8 ∼ ∼ NN work_zxx6htnoxzfbvphjwm627sj534 85 9 N n NN work_zxx6htnoxzfbvphjwm627sj534 85 10 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 85 11 0 0 CD work_zxx6htnoxzfbvphjwm627sj534 85 12 , , , work_zxx6htnoxzfbvphjwm627sj534 85 13 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 85 14 β β NN work_zxx6htnoxzfbvphjwm627sj534 85 15 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 85 16 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 85 17 1 1 LS work_zxx6htnoxzfbvphjwm627sj534 85 18 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 85 19 Note note VB work_zxx6htnoxzfbvphjwm627sj534 85 20 that that IN work_zxx6htnoxzfbvphjwm627sj534 85 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 85 22 aggregate aggregate JJ work_zxx6htnoxzfbvphjwm627sj534 85 23 private private JJ work_zxx6htnoxzfbvphjwm627sj534 85 24 information information NN work_zxx6htnoxzfbvphjwm627sj534 85 25 fully fully RB work_zxx6htnoxzfbvphjwm627sj534 85 26 reveals reveal VBZ work_zxx6htnoxzfbvphjwm627sj534 85 27 the the DT work_zxx6htnoxzfbvphjwm627sj534 85 28 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 85 29 value value NN work_zxx6htnoxzfbvphjwm627sj534 85 30 , , , work_zxx6htnoxzfbvphjwm627sj534 85 31 due due IN work_zxx6htnoxzfbvphjwm627sj534 85 32 to to IN work_zxx6htnoxzfbvphjwm627sj534 85 33 the the DT work_zxx6htnoxzfbvphjwm627sj534 85 34 assumption assumption NN work_zxx6htnoxzfbvphjwm627sj534 85 35 of of IN work_zxx6htnoxzfbvphjwm627sj534 85 36 a a DT work_zxx6htnoxzfbvphjwm627sj534 85 37 competitive competitive JJ work_zxx6htnoxzfbvphjwm627sj534 85 38 market market NN work_zxx6htnoxzfbvphjwm627sj534 85 39 . . . work_zxx6htnoxzfbvphjwm627sj534 86 1 This this DT work_zxx6htnoxzfbvphjwm627sj534 86 2 design design NN work_zxx6htnoxzfbvphjwm627sj534 86 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 86 4 only only RB work_zxx6htnoxzfbvphjwm627sj534 86 5 for for IN work_zxx6htnoxzfbvphjwm627sj534 86 6 convenience convenience NN work_zxx6htnoxzfbvphjwm627sj534 86 7 . . . work_zxx6htnoxzfbvphjwm627sj534 87 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 87 2 general general JJ work_zxx6htnoxzfbvphjwm627sj534 87 3 results result NNS work_zxx6htnoxzfbvphjwm627sj534 87 4 hold hold VBP work_zxx6htnoxzfbvphjwm627sj534 87 5 if if IN work_zxx6htnoxzfbvphjwm627sj534 87 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 87 7 pooling pooling NN work_zxx6htnoxzfbvphjwm627sj534 87 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 87 9 private private JJ work_zxx6htnoxzfbvphjwm627sj534 87 10 information information NN work_zxx6htnoxzfbvphjwm627sj534 87 11 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 87 12 not not RB work_zxx6htnoxzfbvphjwm627sj534 87 13 perfect perfect JJ work_zxx6htnoxzfbvphjwm627sj534 87 14 . . . work_zxx6htnoxzfbvphjwm627sj534 88 1 We -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 88 2 can can MD work_zxx6htnoxzfbvphjwm627sj534 88 3 either either CC work_zxx6htnoxzfbvphjwm627sj534 88 4 use use VB work_zxx6htnoxzfbvphjwm627sj534 88 5 a a DT work_zxx6htnoxzfbvphjwm627sj534 88 6 finite finite JJ work_zxx6htnoxzfbvphjwm627sj534 88 7 number number NN work_zxx6htnoxzfbvphjwm627sj534 88 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 88 9 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 88 10 or or CC work_zxx6htnoxzfbvphjwm627sj534 88 11 assume assume VB work_zxx6htnoxzfbvphjwm627sj534 88 12 a a DT work_zxx6htnoxzfbvphjwm627sj534 88 13 common common JJ work_zxx6htnoxzfbvphjwm627sj534 88 14 error error NN work_zxx6htnoxzfbvphjwm627sj534 88 15 in in IN work_zxx6htnoxzfbvphjwm627sj534 88 16 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 88 17 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 88 18 private private JJ work_zxx6htnoxzfbvphjwm627sj534 88 19 signals signal NNS work_zxx6htnoxzfbvphjwm627sj534 88 20 to to TO work_zxx6htnoxzfbvphjwm627sj534 88 21 prevent prevent VB work_zxx6htnoxzfbvphjwm627sj534 88 22 the the DT work_zxx6htnoxzfbvphjwm627sj534 88 23 pooling pooling NN work_zxx6htnoxzfbvphjwm627sj534 88 24 of of IN work_zxx6htnoxzfbvphjwm627sj534 88 25 private private JJ work_zxx6htnoxzfbvphjwm627sj534 88 26 information information NN work_zxx6htnoxzfbvphjwm627sj534 88 27 from from IN work_zxx6htnoxzfbvphjwm627sj534 88 28 fully fully RB work_zxx6htnoxzfbvphjwm627sj534 88 29 revealing reveal VBG work_zxx6htnoxzfbvphjwm627sj534 88 30 the the DT work_zxx6htnoxzfbvphjwm627sj534 88 31 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 88 32 value value NN work_zxx6htnoxzfbvphjwm627sj534 88 33 . . . work_zxx6htnoxzfbvphjwm627sj534 89 1 At at IN work_zxx6htnoxzfbvphjwm627sj534 89 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 89 3 beginning beginning NN work_zxx6htnoxzfbvphjwm627sj534 89 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 89 5 period period NN work_zxx6htnoxzfbvphjwm627sj534 89 6 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 89 7 , , , work_zxx6htnoxzfbvphjwm627sj534 89 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 89 9 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 89 10 discloses disclose VBZ work_zxx6htnoxzfbvphjwm627sj534 89 11 an an DT work_zxx6htnoxzfbvphjwm627sj534 89 12 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 89 13 public public JJ work_zxx6htnoxzfbvphjwm627sj534 89 14 signal signal NN work_zxx6htnoxzfbvphjwm627sj534 89 15 , , , work_zxx6htnoxzfbvphjwm627sj534 89 16 z̃ z̃ NNP work_zxx6htnoxzfbvphjwm627sj534 89 17 , , , work_zxx6htnoxzfbvphjwm627sj534 89 18 with with IN work_zxx6htnoxzfbvphjwm627sj534 89 19 precision precision NN work_zxx6htnoxzfbvphjwm627sj534 89 20 6 6 CD work_zxx6htnoxzfbvphjwm627sj534 89 21 α α NN work_zxx6htnoxzfbvphjwm627sj534 89 22 . . . work_zxx6htnoxzfbvphjwm627sj534 90 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 90 2 realization realization NN work_zxx6htnoxzfbvphjwm627sj534 90 3 of of IN work_zxx6htnoxzfbvphjwm627sj534 90 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 90 5 public public JJ work_zxx6htnoxzfbvphjwm627sj534 90 6 signal signal NN work_zxx6htnoxzfbvphjwm627sj534 90 7 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 90 8 z. z. NNP work_zxx6htnoxzfbvphjwm627sj534 90 9 z̃ z̃ NNP work_zxx6htnoxzfbvphjwm627sj534 90 10 = = SYM work_zxx6htnoxzfbvphjwm627sj534 90 11 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 90 12 + + SYM work_zxx6htnoxzfbvphjwm627sj534 90 13 ǫ̃z ǫ̃z NNP work_zxx6htnoxzfbvphjwm627sj534 90 14 , , , work_zxx6htnoxzfbvphjwm627sj534 90 15 ǫ̃z ǫ̃z NN work_zxx6htnoxzfbvphjwm627sj534 90 16 ∼ ∼ NN work_zxx6htnoxzfbvphjwm627sj534 90 17 N n NN work_zxx6htnoxzfbvphjwm627sj534 90 18 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 90 19 0 0 CD work_zxx6htnoxzfbvphjwm627sj534 90 20 , , , work_zxx6htnoxzfbvphjwm627sj534 90 21 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 90 22 α α CD work_zxx6htnoxzfbvphjwm627sj534 90 23 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 90 24 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 90 25 2 2 LS work_zxx6htnoxzfbvphjwm627sj534 90 26 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 90 27 Although although IN work_zxx6htnoxzfbvphjwm627sj534 90 28 the the DT work_zxx6htnoxzfbvphjwm627sj534 90 29 only only JJ work_zxx6htnoxzfbvphjwm627sj534 90 30 public public JJ work_zxx6htnoxzfbvphjwm627sj534 90 31 information information NN work_zxx6htnoxzfbvphjwm627sj534 90 32 in in IN work_zxx6htnoxzfbvphjwm627sj534 90 33 the the DT work_zxx6htnoxzfbvphjwm627sj534 90 34 model model NN work_zxx6htnoxzfbvphjwm627sj534 90 35 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 90 36 the the DT work_zxx6htnoxzfbvphjwm627sj534 90 37 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 90 38 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 90 39 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 90 40 , , , work_zxx6htnoxzfbvphjwm627sj534 90 41 the the DT work_zxx6htnoxzfbvphjwm627sj534 90 42 main main JJ work_zxx6htnoxzfbvphjwm627sj534 90 43 results result NNS work_zxx6htnoxzfbvphjwm627sj534 90 44 still still RB work_zxx6htnoxzfbvphjwm627sj534 90 45 hold hold VBP work_zxx6htnoxzfbvphjwm627sj534 90 46 if if IN work_zxx6htnoxzfbvphjwm627sj534 90 47 other other JJ work_zxx6htnoxzfbvphjwm627sj534 90 48 public public JJ work_zxx6htnoxzfbvphjwm627sj534 90 49 information information NN work_zxx6htnoxzfbvphjwm627sj534 90 50 sources source NNS work_zxx6htnoxzfbvphjwm627sj534 90 51 are be VBP work_zxx6htnoxzfbvphjwm627sj534 90 52 modeled model VBN work_zxx6htnoxzfbvphjwm627sj534 90 53 . . . work_zxx6htnoxzfbvphjwm627sj534 91 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 91 2 linear linear JJ work_zxx6htnoxzfbvphjwm627sj534 91 3 property property NN work_zxx6htnoxzfbvphjwm627sj534 91 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 91 5 multivariate multivariate JJ work_zxx6htnoxzfbvphjwm627sj534 91 6 normal normal JJ work_zxx6htnoxzfbvphjwm627sj534 91 7 distribution distribution NN work_zxx6htnoxzfbvphjwm627sj534 91 8 allows allow VBZ work_zxx6htnoxzfbvphjwm627sj534 91 9 other other JJ work_zxx6htnoxzfbvphjwm627sj534 91 10 public public JJ work_zxx6htnoxzfbvphjwm627sj534 91 11 information information NN work_zxx6htnoxzfbvphjwm627sj534 91 12 to to TO work_zxx6htnoxzfbvphjwm627sj534 91 13 be be VB work_zxx6htnoxzfbvphjwm627sj534 91 14 summarized summarize VBN work_zxx6htnoxzfbvphjwm627sj534 91 15 in in IN work_zxx6htnoxzfbvphjwm627sj534 91 16 α α PRP work_zxx6htnoxzfbvphjwm627sj534 91 17 . . . work_zxx6htnoxzfbvphjwm627sj534 92 1 More More JJR work_zxx6htnoxzfbvphjwm627sj534 92 2 other other JJ work_zxx6htnoxzfbvphjwm627sj534 92 3 public public JJ work_zxx6htnoxzfbvphjwm627sj534 92 4 information information NN work_zxx6htnoxzfbvphjwm627sj534 92 5 indicates indicate VBZ work_zxx6htnoxzfbvphjwm627sj534 92 6 a a DT work_zxx6htnoxzfbvphjwm627sj534 92 7 higher high JJR work_zxx6htnoxzfbvphjwm627sj534 92 8 lower low JJR work_zxx6htnoxzfbvphjwm627sj534 92 9 bound bind VBN work_zxx6htnoxzfbvphjwm627sj534 92 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 92 11 α α XX work_zxx6htnoxzfbvphjwm627sj534 92 12 . . . work_zxx6htnoxzfbvphjwm627sj534 93 1 Similarly similarly RB work_zxx6htnoxzfbvphjwm627sj534 93 2 , , , work_zxx6htnoxzfbvphjwm627sj534 93 3 allowing allow VBG work_zxx6htnoxzfbvphjwm627sj534 93 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 93 5 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 93 6 to to TO work_zxx6htnoxzfbvphjwm627sj534 93 7 disclose disclose VB work_zxx6htnoxzfbvphjwm627sj534 93 8 another another DT work_zxx6htnoxzfbvphjwm627sj534 93 9 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 93 10 signal signal NN work_zxx6htnoxzfbvphjwm627sj534 93 11 at at IN work_zxx6htnoxzfbvphjwm627sj534 93 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 93 13 beginning beginning NN work_zxx6htnoxzfbvphjwm627sj534 93 14 of of IN work_zxx6htnoxzfbvphjwm627sj534 93 15 period period NN work_zxx6htnoxzfbvphjwm627sj534 93 16 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 93 17 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 93 18 not not RB work_zxx6htnoxzfbvphjwm627sj534 93 19 affect affect VB work_zxx6htnoxzfbvphjwm627sj534 93 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 93 21 main main JJ work_zxx6htnoxzfbvphjwm627sj534 93 22 results result NNS work_zxx6htnoxzfbvphjwm627sj534 93 23 , , , work_zxx6htnoxzfbvphjwm627sj534 93 24 either either RB work_zxx6htnoxzfbvphjwm627sj534 93 25 . . . work_zxx6htnoxzfbvphjwm627sj534 94 1 While while IN work_zxx6htnoxzfbvphjwm627sj534 94 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 94 3 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 94 4 could could MD work_zxx6htnoxzfbvphjwm627sj534 94 5 make make VB work_zxx6htnoxzfbvphjwm627sj534 94 6 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 94 7 information information NN work_zxx6htnoxzfbvphjwm627sj534 94 8 public public JJ work_zxx6htnoxzfbvphjwm627sj534 94 9 according accord VBG work_zxx6htnoxzfbvphjwm627sj534 94 10 to to IN work_zxx6htnoxzfbvphjwm627sj534 94 11 a a DT work_zxx6htnoxzfbvphjwm627sj534 94 12 pre pre JJ work_zxx6htnoxzfbvphjwm627sj534 94 13 - - JJ work_zxx6htnoxzfbvphjwm627sj534 94 14 announced announced JJ work_zxx6htnoxzfbvphjwm627sj534 94 15 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 94 16 policy policy NN work_zxx6htnoxzfbvphjwm627sj534 94 17 , , , work_zxx6htnoxzfbvphjwm627sj534 94 18 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 94 19 can can MD work_zxx6htnoxzfbvphjwm627sj534 94 20 not not RB work_zxx6htnoxzfbvphjwm627sj534 94 21 communicate communicate VB work_zxx6htnoxzfbvphjwm627sj534 94 22 with with IN work_zxx6htnoxzfbvphjwm627sj534 94 23 each each DT work_zxx6htnoxzfbvphjwm627sj534 94 24 other other JJ work_zxx6htnoxzfbvphjwm627sj534 94 25 except except IN work_zxx6htnoxzfbvphjwm627sj534 94 26 through through IN work_zxx6htnoxzfbvphjwm627sj534 94 27 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 94 28 price.2 price.2 NNP work_zxx6htnoxzfbvphjwm627sj534 94 29 Investors Investors NNPS work_zxx6htnoxzfbvphjwm627sj534 94 30 learn learn VBP work_zxx6htnoxzfbvphjwm627sj534 94 31 about about IN work_zxx6htnoxzfbvphjwm627sj534 94 32 other other JJ work_zxx6htnoxzfbvphjwm627sj534 94 33 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 94 34 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 94 35 private private JJ work_zxx6htnoxzfbvphjwm627sj534 94 36 information information NN work_zxx6htnoxzfbvphjwm627sj534 94 37 through through IN work_zxx6htnoxzfbvphjwm627sj534 94 38 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 94 39 price price NN work_zxx6htnoxzfbvphjwm627sj534 94 40 . . . work_zxx6htnoxzfbvphjwm627sj534 95 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 95 2 learning learning NN work_zxx6htnoxzfbvphjwm627sj534 95 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 95 4 not not RB work_zxx6htnoxzfbvphjwm627sj534 95 5 perfect perfect JJ work_zxx6htnoxzfbvphjwm627sj534 95 6 because because IN work_zxx6htnoxzfbvphjwm627sj534 95 7 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 95 8 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 95 9 are be VBP work_zxx6htnoxzfbvphjwm627sj534 95 10 contaminated contaminate VBN work_zxx6htnoxzfbvphjwm627sj534 95 11 by by IN work_zxx6htnoxzfbvphjwm627sj534 95 12 information information NN work_zxx6htnoxzfbvphjwm627sj534 95 13 irrelevant irrelevant JJ work_zxx6htnoxzfbvphjwm627sj534 95 14 trading trading NN work_zxx6htnoxzfbvphjwm627sj534 95 15 . . . work_zxx6htnoxzfbvphjwm627sj534 96 1 Following follow VBG work_zxx6htnoxzfbvphjwm627sj534 96 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 96 3 tradition tradition NN work_zxx6htnoxzfbvphjwm627sj534 96 4 from from IN work_zxx6htnoxzfbvphjwm627sj534 96 5 Grossman Grossman NNP work_zxx6htnoxzfbvphjwm627sj534 96 6 and and CC work_zxx6htnoxzfbvphjwm627sj534 96 7 Stiglitz Stiglitz NNP work_zxx6htnoxzfbvphjwm627sj534 96 8 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 96 9 1980 1980 CD work_zxx6htnoxzfbvphjwm627sj534 96 10 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 96 11 and and CC work_zxx6htnoxzfbvphjwm627sj534 96 12 Diamond Diamond NNP work_zxx6htnoxzfbvphjwm627sj534 96 13 and and CC work_zxx6htnoxzfbvphjwm627sj534 96 14 Verrecchia Verrecchia NNP work_zxx6htnoxzfbvphjwm627sj534 96 15 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 96 16 1981 1981 CD work_zxx6htnoxzfbvphjwm627sj534 96 17 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 96 18 , , , work_zxx6htnoxzfbvphjwm627sj534 96 19 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 96 20 use use VBP work_zxx6htnoxzfbvphjwm627sj534 96 21 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 96 22 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 96 23 to to TO work_zxx6htnoxzfbvphjwm627sj534 96 24 summarize summarize VB work_zxx6htnoxzfbvphjwm627sj534 96 25 all all DT work_zxx6htnoxzfbvphjwm627sj534 96 26 forces force NNS work_zxx6htnoxzfbvphjwm627sj534 96 27 other other JJ work_zxx6htnoxzfbvphjwm627sj534 96 28 than than IN work_zxx6htnoxzfbvphjwm627sj534 96 29 information information NN work_zxx6htnoxzfbvphjwm627sj534 96 30 that that WDT work_zxx6htnoxzfbvphjwm627sj534 96 31 affect affect VBP work_zxx6htnoxzfbvphjwm627sj534 96 32 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 96 33 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 96 34 . . . work_zxx6htnoxzfbvphjwm627sj534 97 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 97 2 random random JJ work_zxx6htnoxzfbvphjwm627sj534 97 3 per per FW work_zxx6htnoxzfbvphjwm627sj534 97 4 capita capita FW work_zxx6htnoxzfbvphjwm627sj534 97 5 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 97 6 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 97 7 of of IN work_zxx6htnoxzfbvphjwm627sj534 97 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 97 9 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 97 10 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 97 11 shares share NNS work_zxx6htnoxzfbvphjwm627sj534 97 12 in in IN work_zxx6htnoxzfbvphjwm627sj534 97 13 period period NN work_zxx6htnoxzfbvphjwm627sj534 97 14 t t NNP work_zxx6htnoxzfbvphjwm627sj534 97 15 , , , work_zxx6htnoxzfbvphjwm627sj534 97 16 s̃t s̃t NNP work_zxx6htnoxzfbvphjwm627sj534 97 17 , , , work_zxx6htnoxzfbvphjwm627sj534 97 18 t t NNP work_zxx6htnoxzfbvphjwm627sj534 97 19 ∈ ∈ NNP work_zxx6htnoxzfbvphjwm627sj534 97 20 { { -LRB- work_zxx6htnoxzfbvphjwm627sj534 97 21 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 97 22 , , , work_zxx6htnoxzfbvphjwm627sj534 97 23 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 97 24 } } -RRB- work_zxx6htnoxzfbvphjwm627sj534 97 25 , , , work_zxx6htnoxzfbvphjwm627sj534 97 26 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 97 27 normally normally RB work_zxx6htnoxzfbvphjwm627sj534 97 28 distributed distribute VBN work_zxx6htnoxzfbvphjwm627sj534 97 29 with with IN work_zxx6htnoxzfbvphjwm627sj534 97 30 mean mean JJ work_zxx6htnoxzfbvphjwm627sj534 97 31 zero zero CD work_zxx6htnoxzfbvphjwm627sj534 97 32 and and CC work_zxx6htnoxzfbvphjwm627sj534 97 33 precision precision NNP work_zxx6htnoxzfbvphjwm627sj534 97 34 γt γt NNP work_zxx6htnoxzfbvphjwm627sj534 97 35 , , , work_zxx6htnoxzfbvphjwm627sj534 97 36 respectively respectively RB work_zxx6htnoxzfbvphjwm627sj534 97 37 . . . work_zxx6htnoxzfbvphjwm627sj534 98 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 98 2 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 98 3 shocks shock NNS work_zxx6htnoxzfbvphjwm627sj534 98 4 are be VBP work_zxx6htnoxzfbvphjwm627sj534 98 5 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 98 6 of of IN work_zxx6htnoxzfbvphjwm627sj534 98 7 all all DT work_zxx6htnoxzfbvphjwm627sj534 98 8 signals signal NNS work_zxx6htnoxzfbvphjwm627sj534 98 9 and and CC work_zxx6htnoxzfbvphjwm627sj534 98 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 98 11 each each DT work_zxx6htnoxzfbvphjwm627sj534 98 12 other other JJ work_zxx6htnoxzfbvphjwm627sj534 98 13 . . . work_zxx6htnoxzfbvphjwm627sj534 99 1 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 99 2 A a DT work_zxx6htnoxzfbvphjwm627sj534 99 3 typical typical JJ work_zxx6htnoxzfbvphjwm627sj534 99 4 investor investor NN work_zxx6htnoxzfbvphjwm627sj534 99 5 , , , work_zxx6htnoxzfbvphjwm627sj534 99 6 i i PRP work_zxx6htnoxzfbvphjwm627sj534 99 7 , , , work_zxx6htnoxzfbvphjwm627sj534 99 8 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 99 9 a a DT work_zxx6htnoxzfbvphjwm627sj534 99 10 CARA CARA NNP work_zxx6htnoxzfbvphjwm627sj534 99 11 utility utility NN work_zxx6htnoxzfbvphjwm627sj534 99 12 function function NN work_zxx6htnoxzfbvphjwm627sj534 99 13 Ui(c Ui(c NNP work_zxx6htnoxzfbvphjwm627sj534 99 14 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 99 15 = = NFP work_zxx6htnoxzfbvphjwm627sj534 99 16 −e −e CD work_zxx6htnoxzfbvphjwm627sj534 99 17 − − NNP work_zxx6htnoxzfbvphjwm627sj534 99 18 c c NN work_zxx6htnoxzfbvphjwm627sj534 99 19 i i NN work_zxx6htnoxzfbvphjwm627sj534 99 20 τ τ NN work_zxx6htnoxzfbvphjwm627sj534 99 21 2This 2this CD work_zxx6htnoxzfbvphjwm627sj534 99 22 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 99 23 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 99 24 not not RB work_zxx6htnoxzfbvphjwm627sj534 99 25 explicitly explicitly RB work_zxx6htnoxzfbvphjwm627sj534 99 26 study study VB work_zxx6htnoxzfbvphjwm627sj534 99 27 choices choice NNS work_zxx6htnoxzfbvphjwm627sj534 99 28 of of IN work_zxx6htnoxzfbvphjwm627sj534 99 29 the the DT work_zxx6htnoxzfbvphjwm627sj534 99 30 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 99 31 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 99 32 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 99 33 policy policy NN work_zxx6htnoxzfbvphjwm627sj534 99 34 . . . work_zxx6htnoxzfbvphjwm627sj534 100 1 However however RB work_zxx6htnoxzfbvphjwm627sj534 100 2 , , , work_zxx6htnoxzfbvphjwm627sj534 100 3 given give VBN work_zxx6htnoxzfbvphjwm627sj534 100 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 100 5 definition definition NN work_zxx6htnoxzfbvphjwm627sj534 100 6 of of IN work_zxx6htnoxzfbvphjwm627sj534 100 7 information information NN work_zxx6htnoxzfbvphjwm627sj534 100 8 , , , work_zxx6htnoxzfbvphjwm627sj534 100 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 100 10 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 100 11 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 100 12 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 100 13 policy policy NN work_zxx6htnoxzfbvphjwm627sj534 100 14 can can MD work_zxx6htnoxzfbvphjwm627sj534 100 15 be be VB work_zxx6htnoxzfbvphjwm627sj534 100 16 characterized characterize VBN work_zxx6htnoxzfbvphjwm627sj534 100 17 by by IN work_zxx6htnoxzfbvphjwm627sj534 100 18 choosing choose VBG work_zxx6htnoxzfbvphjwm627sj534 100 19 a a DT work_zxx6htnoxzfbvphjwm627sj534 100 20 parameter parameter NN work_zxx6htnoxzfbvphjwm627sj534 100 21 α α XX work_zxx6htnoxzfbvphjwm627sj534 100 22 from from IN work_zxx6htnoxzfbvphjwm627sj534 100 23 the the DT work_zxx6htnoxzfbvphjwm627sj534 100 24 interval interval NN work_zxx6htnoxzfbvphjwm627sj534 100 25 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 100 26 0 0 NFP work_zxx6htnoxzfbvphjwm627sj534 100 27 , , , work_zxx6htnoxzfbvphjwm627sj534 100 28 αmax αmax NNP work_zxx6htnoxzfbvphjwm627sj534 100 29 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 100 30 . . . work_zxx6htnoxzfbvphjwm627sj534 101 1 A a DT work_zxx6htnoxzfbvphjwm627sj534 101 2 choice choice NN work_zxx6htnoxzfbvphjwm627sj534 101 3 of of IN work_zxx6htnoxzfbvphjwm627sj534 101 4 α α NN work_zxx6htnoxzfbvphjwm627sj534 101 5 = = NN work_zxx6htnoxzfbvphjwm627sj534 101 6 0 0 CD work_zxx6htnoxzfbvphjwm627sj534 101 7 means mean VBZ work_zxx6htnoxzfbvphjwm627sj534 101 8 that that IN work_zxx6htnoxzfbvphjwm627sj534 101 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 101 10 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 101 11 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 101 12 not not RB work_zxx6htnoxzfbvphjwm627sj534 101 13 disclose disclose VB work_zxx6htnoxzfbvphjwm627sj534 101 14 anything anything NN work_zxx6htnoxzfbvphjwm627sj534 101 15 , , , work_zxx6htnoxzfbvphjwm627sj534 101 16 a a DT work_zxx6htnoxzfbvphjwm627sj534 101 17 choice choice NN work_zxx6htnoxzfbvphjwm627sj534 101 18 of of IN work_zxx6htnoxzfbvphjwm627sj534 101 19 α α NNP work_zxx6htnoxzfbvphjwm627sj534 101 20 = = SYM work_zxx6htnoxzfbvphjwm627sj534 101 21 αmax αmax NNP work_zxx6htnoxzfbvphjwm627sj534 101 22 indicates indicate VBZ work_zxx6htnoxzfbvphjwm627sj534 101 23 a a DT work_zxx6htnoxzfbvphjwm627sj534 101 24 policy policy NN work_zxx6htnoxzfbvphjwm627sj534 101 25 of of IN work_zxx6htnoxzfbvphjwm627sj534 101 26 disclosing disclose VBG work_zxx6htnoxzfbvphjwm627sj534 101 27 everything everything NN work_zxx6htnoxzfbvphjwm627sj534 101 28 the the DT work_zxx6htnoxzfbvphjwm627sj534 101 29 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 101 30 knows know VBZ work_zxx6htnoxzfbvphjwm627sj534 101 31 , , , work_zxx6htnoxzfbvphjwm627sj534 101 32 and and CC work_zxx6htnoxzfbvphjwm627sj534 101 33 a a DT work_zxx6htnoxzfbvphjwm627sj534 101 34 choice choice NN work_zxx6htnoxzfbvphjwm627sj534 101 35 of of IN work_zxx6htnoxzfbvphjwm627sj534 101 36 an an DT work_zxx6htnoxzfbvphjwm627sj534 101 37 interior interior JJ work_zxx6htnoxzfbvphjwm627sj534 101 38 α α NNP work_zxx6htnoxzfbvphjwm627sj534 101 39 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 101 40 equivalent equivalent JJ work_zxx6htnoxzfbvphjwm627sj534 101 41 to to IN work_zxx6htnoxzfbvphjwm627sj534 101 42 a a DT work_zxx6htnoxzfbvphjwm627sj534 101 43 partial partial JJ work_zxx6htnoxzfbvphjwm627sj534 101 44 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 101 45 policy policy NN work_zxx6htnoxzfbvphjwm627sj534 101 46 by by IN work_zxx6htnoxzfbvphjwm627sj534 101 47 which which WDT work_zxx6htnoxzfbvphjwm627sj534 101 48 the the DT work_zxx6htnoxzfbvphjwm627sj534 101 49 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 101 50 adds add VBZ work_zxx6htnoxzfbvphjwm627sj534 101 51 some some DT work_zxx6htnoxzfbvphjwm627sj534 101 52 white white JJ work_zxx6htnoxzfbvphjwm627sj534 101 53 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 101 54 to to IN work_zxx6htnoxzfbvphjwm627sj534 101 55 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 101 56 information information NN work_zxx6htnoxzfbvphjwm627sj534 101 57 and and CC work_zxx6htnoxzfbvphjwm627sj534 101 58 discloses disclose VBZ work_zxx6htnoxzfbvphjwm627sj534 101 59 the the DT work_zxx6htnoxzfbvphjwm627sj534 101 60 garbled garble VBN work_zxx6htnoxzfbvphjwm627sj534 101 61 signal signal NN work_zxx6htnoxzfbvphjwm627sj534 101 62 . . . work_zxx6htnoxzfbvphjwm627sj534 102 1 3See 3see CD work_zxx6htnoxzfbvphjwm627sj534 102 2 Grossman Grossman NNP work_zxx6htnoxzfbvphjwm627sj534 102 3 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 102 4 1995 1995 CD work_zxx6htnoxzfbvphjwm627sj534 102 5 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 102 6 and and CC work_zxx6htnoxzfbvphjwm627sj534 102 7 Black Black NNP work_zxx6htnoxzfbvphjwm627sj534 102 8 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 102 9 1986 1986 CD work_zxx6htnoxzfbvphjwm627sj534 102 10 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 102 11 for for IN work_zxx6htnoxzfbvphjwm627sj534 102 12 discussions discussion NNS work_zxx6htnoxzfbvphjwm627sj534 102 13 about about IN work_zxx6htnoxzfbvphjwm627sj534 102 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 102 15 nature nature NN work_zxx6htnoxzfbvphjwm627sj534 102 16 and and CC work_zxx6htnoxzfbvphjwm627sj534 102 17 source source NN work_zxx6htnoxzfbvphjwm627sj534 102 18 of of IN work_zxx6htnoxzfbvphjwm627sj534 102 19 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 102 20 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 102 21 . . . work_zxx6htnoxzfbvphjwm627sj534 103 1 7 7 LS work_zxx6htnoxzfbvphjwm627sj534 103 2 where where WRB work_zxx6htnoxzfbvphjwm627sj534 103 3 ci ci NNP work_zxx6htnoxzfbvphjwm627sj534 103 4 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 103 5 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 103 6 consumption consumption NN work_zxx6htnoxzfbvphjwm627sj534 103 7 financed finance VBN work_zxx6htnoxzfbvphjwm627sj534 103 8 by by IN work_zxx6htnoxzfbvphjwm627sj534 103 9 selling sell VBG work_zxx6htnoxzfbvphjwm627sj534 103 10 or or CC work_zxx6htnoxzfbvphjwm627sj534 103 11 liquidating liquidate VBG work_zxx6htnoxzfbvphjwm627sj534 103 12 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 103 13 holdings holding NNS work_zxx6htnoxzfbvphjwm627sj534 103 14 when when WRB work_zxx6htnoxzfbvphjwm627sj534 103 15 she -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 103 16 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 103 17 old old JJ work_zxx6htnoxzfbvphjwm627sj534 103 18 , , , work_zxx6htnoxzfbvphjwm627sj534 103 19 and and CC work_zxx6htnoxzfbvphjwm627sj534 103 20 τ τ LS work_zxx6htnoxzfbvphjwm627sj534 103 21 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 103 22 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 103 23 risk risk NN work_zxx6htnoxzfbvphjwm627sj534 103 24 tolerance tolerance NN work_zxx6htnoxzfbvphjwm627sj534 103 25 which which WDT work_zxx6htnoxzfbvphjwm627sj534 103 26 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 103 27 the the DT work_zxx6htnoxzfbvphjwm627sj534 103 28 same same JJ work_zxx6htnoxzfbvphjwm627sj534 103 29 across across IN work_zxx6htnoxzfbvphjwm627sj534 103 30 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 103 31 . . . work_zxx6htnoxzfbvphjwm627sj534 104 1 By by IN work_zxx6htnoxzfbvphjwm627sj534 104 2 solving solve VBG work_zxx6htnoxzfbvphjwm627sj534 104 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 104 4 expected expected JJ work_zxx6htnoxzfbvphjwm627sj534 104 5 utility utility NN work_zxx6htnoxzfbvphjwm627sj534 104 6 maximization maximization NN work_zxx6htnoxzfbvphjwm627sj534 104 7 problem problem NN work_zxx6htnoxzfbvphjwm627sj534 104 8 , , , work_zxx6htnoxzfbvphjwm627sj534 104 9 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 104 10 get get VBP work_zxx6htnoxzfbvphjwm627sj534 104 11 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 104 12 demand demand NN work_zxx6htnoxzfbvphjwm627sj534 104 13 for for IN work_zxx6htnoxzfbvphjwm627sj534 104 14 stocks stock NNS work_zxx6htnoxzfbvphjwm627sj534 104 15 , , , work_zxx6htnoxzfbvphjwm627sj534 104 16 which which WDT work_zxx6htnoxzfbvphjwm627sj534 104 17 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 104 18 linear linear JJ work_zxx6htnoxzfbvphjwm627sj534 104 19 in in IN work_zxx6htnoxzfbvphjwm627sj534 104 20 information information NN work_zxx6htnoxzfbvphjwm627sj534 104 21 . . . work_zxx6htnoxzfbvphjwm627sj534 105 1 Di Di NNP work_zxx6htnoxzfbvphjwm627sj534 105 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 105 3 τ τ FW work_zxx6htnoxzfbvphjwm627sj534 105 4 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 105 5 Ei[µ̃|Ii ei[µ̃|ii NN work_zxx6htnoxzfbvphjwm627sj534 105 6 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 105 7 − − NNP work_zxx6htnoxzfbvphjwm627sj534 105 8 p p NN work_zxx6htnoxzfbvphjwm627sj534 105 9 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 105 10 V V NNP work_zxx6htnoxzfbvphjwm627sj534 105 11 ari[µ̃|Ii ari[µ̃|Ii '' work_zxx6htnoxzfbvphjwm627sj534 105 12 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 105 13 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 105 14 3 3 LS work_zxx6htnoxzfbvphjwm627sj534 105 15 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 105 16 where where WRB work_zxx6htnoxzfbvphjwm627sj534 105 17 µ̃ µ̃ , work_zxx6htnoxzfbvphjwm627sj534 105 18 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 105 19 the the DT work_zxx6htnoxzfbvphjwm627sj534 105 20 random random JJ work_zxx6htnoxzfbvphjwm627sj534 105 21 payoff payoff NN work_zxx6htnoxzfbvphjwm627sj534 105 22 from from IN work_zxx6htnoxzfbvphjwm627sj534 105 23 holding hold VBG work_zxx6htnoxzfbvphjwm627sj534 105 24 stocks stock NNS work_zxx6htnoxzfbvphjwm627sj534 105 25 , , , work_zxx6htnoxzfbvphjwm627sj534 105 26 Ei[µ̃|Ii Ei[µ̃|Ii '' work_zxx6htnoxzfbvphjwm627sj534 105 27 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 105 28 and and CC work_zxx6htnoxzfbvphjwm627sj534 105 29 V V NNP work_zxx6htnoxzfbvphjwm627sj534 105 30 ari[µ̃|Ii ari[µ̃|Ii NNP work_zxx6htnoxzfbvphjwm627sj534 105 31 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 105 32 represent represent VBP work_zxx6htnoxzfbvphjwm627sj534 105 33 investor investor NN work_zxx6htnoxzfbvphjwm627sj534 105 34 i i PRP work_zxx6htnoxzfbvphjwm627sj534 105 35 ’s ’ VBZ work_zxx6htnoxzfbvphjwm627sj534 105 36 estimates estimate NNS work_zxx6htnoxzfbvphjwm627sj534 105 37 of of IN work_zxx6htnoxzfbvphjwm627sj534 105 38 the the DT work_zxx6htnoxzfbvphjwm627sj534 105 39 mean mean NN work_zxx6htnoxzfbvphjwm627sj534 105 40 and and CC work_zxx6htnoxzfbvphjwm627sj534 105 41 variance variance NN work_zxx6htnoxzfbvphjwm627sj534 105 42 of of IN work_zxx6htnoxzfbvphjwm627sj534 105 43 the the DT work_zxx6htnoxzfbvphjwm627sj534 105 44 random random JJ work_zxx6htnoxzfbvphjwm627sj534 105 45 payoff payoff NN work_zxx6htnoxzfbvphjwm627sj534 105 46 conditional conditional JJ work_zxx6htnoxzfbvphjwm627sj534 105 47 on on IN work_zxx6htnoxzfbvphjwm627sj534 105 48 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 105 49 information information NN work_zxx6htnoxzfbvphjwm627sj534 105 50 set set VBD work_zxx6htnoxzfbvphjwm627sj534 105 51 Ii Ii NNP work_zxx6htnoxzfbvphjwm627sj534 105 52 , , , work_zxx6htnoxzfbvphjwm627sj534 105 53 and and CC work_zxx6htnoxzfbvphjwm627sj534 105 54 p p NN work_zxx6htnoxzfbvphjwm627sj534 105 55 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 105 56 the the DT work_zxx6htnoxzfbvphjwm627sj534 105 57 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 105 58 price price NN work_zxx6htnoxzfbvphjwm627sj534 105 59 . . . work_zxx6htnoxzfbvphjwm627sj534 106 1 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 106 2 denote denote VBP work_zxx6htnoxzfbvphjwm627sj534 106 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 106 4 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 106 5 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 106 6 in in IN work_zxx6htnoxzfbvphjwm627sj534 106 7 period period NN work_zxx6htnoxzfbvphjwm627sj534 106 8 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 106 9 and and CC work_zxx6htnoxzfbvphjwm627sj534 106 10 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 106 11 using use VBG work_zxx6htnoxzfbvphjwm627sj534 106 12 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 106 13 and and CC work_zxx6htnoxzfbvphjwm627sj534 106 14 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 106 15 , , , work_zxx6htnoxzfbvphjwm627sj534 106 16 respectively respectively RB work_zxx6htnoxzfbvphjwm627sj534 106 17 . . . work_zxx6htnoxzfbvphjwm627sj534 107 1 Note note VB work_zxx6htnoxzfbvphjwm627sj534 107 2 that that IN work_zxx6htnoxzfbvphjwm627sj534 107 3 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 107 4 in in IN work_zxx6htnoxzfbvphjwm627sj534 107 5 period period NN work_zxx6htnoxzfbvphjwm627sj534 107 6 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 107 7 expect expect VBP work_zxx6htnoxzfbvphjwm627sj534 107 8 a a DT work_zxx6htnoxzfbvphjwm627sj534 107 9 payoff payoff NN work_zxx6htnoxzfbvphjwm627sj534 107 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 107 11 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 107 12 while while IN work_zxx6htnoxzfbvphjwm627sj534 107 13 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 107 14 in in IN work_zxx6htnoxzfbvphjwm627sj534 107 15 period period NN work_zxx6htnoxzfbvphjwm627sj534 107 16 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 107 17 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 107 18 rewarded reward VBN work_zxx6htnoxzfbvphjwm627sj534 107 19 by by IN work_zxx6htnoxzfbvphjwm627sj534 107 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 107 21 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 107 22 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 107 23 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 107 24 value value NN work_zxx6htnoxzfbvphjwm627sj534 107 25 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 107 26 . . . work_zxx6htnoxzfbvphjwm627sj534 108 1 Short short JJ work_zxx6htnoxzfbvphjwm627sj534 108 2 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 108 3 induce induce VBP work_zxx6htnoxzfbvphjwm627sj534 108 4 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 108 5 in in IN work_zxx6htnoxzfbvphjwm627sj534 108 6 period period NN work_zxx6htnoxzfbvphjwm627sj534 108 7 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 108 8 to to TO work_zxx6htnoxzfbvphjwm627sj534 108 9 be be VB work_zxx6htnoxzfbvphjwm627sj534 108 10 concerned concern VBN work_zxx6htnoxzfbvphjwm627sj534 108 11 with with IN work_zxx6htnoxzfbvphjwm627sj534 108 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 108 13 interim interim JJ work_zxx6htnoxzfbvphjwm627sj534 108 14 price price NN work_zxx6htnoxzfbvphjwm627sj534 108 15 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 108 16 , , , work_zxx6htnoxzfbvphjwm627sj534 108 17 rather rather RB work_zxx6htnoxzfbvphjwm627sj534 108 18 than than IN work_zxx6htnoxzfbvphjwm627sj534 108 19 the the DT work_zxx6htnoxzfbvphjwm627sj534 108 20 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 108 21 value value NN work_zxx6htnoxzfbvphjwm627sj534 108 22 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 108 23 . . . work_zxx6htnoxzfbvphjwm627sj534 109 1 For for IN work_zxx6htnoxzfbvphjwm627sj534 109 2 convenience convenience NN work_zxx6htnoxzfbvphjwm627sj534 109 3 , , , work_zxx6htnoxzfbvphjwm627sj534 109 4 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 109 5 also also RB work_zxx6htnoxzfbvphjwm627sj534 109 6 assume assume VBP work_zxx6htnoxzfbvphjwm627sj534 109 7 that that IN work_zxx6htnoxzfbvphjwm627sj534 109 8 information information NN work_zxx6htnoxzfbvphjwm627sj534 109 9 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 109 10 , , , work_zxx6htnoxzfbvphjwm627sj534 109 11 precisions precision NNS work_zxx6htnoxzfbvphjwm627sj534 109 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 109 13 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 109 14 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 109 15 , , , work_zxx6htnoxzfbvphjwm627sj534 109 16 and and CC work_zxx6htnoxzfbvphjwm627sj534 109 17 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 109 18 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 109 19 risk risk NN work_zxx6htnoxzfbvphjwm627sj534 109 20 tolerance tolerance NN work_zxx6htnoxzfbvphjwm627sj534 109 21 are be VBP work_zxx6htnoxzfbvphjwm627sj534 109 22 well well RB work_zxx6htnoxzfbvphjwm627sj534 109 23 defined define VBN work_zxx6htnoxzfbvphjwm627sj534 109 24 . . . work_zxx6htnoxzfbvphjwm627sj534 110 1 That that RB work_zxx6htnoxzfbvphjwm627sj534 110 2 is is RB work_zxx6htnoxzfbvphjwm627sj534 110 3 , , , work_zxx6htnoxzfbvphjwm627sj534 110 4 α α NNP work_zxx6htnoxzfbvphjwm627sj534 110 5 , , , work_zxx6htnoxzfbvphjwm627sj534 110 6 β β NNP work_zxx6htnoxzfbvphjwm627sj534 110 7 , , , work_zxx6htnoxzfbvphjwm627sj534 110 8 γ1 γ1 NNP work_zxx6htnoxzfbvphjwm627sj534 110 9 , , , work_zxx6htnoxzfbvphjwm627sj534 110 10 γ2 γ2 NNP work_zxx6htnoxzfbvphjwm627sj534 110 11 and and CC work_zxx6htnoxzfbvphjwm627sj534 110 12 τ τ NNP work_zxx6htnoxzfbvphjwm627sj534 110 13 are be VBP work_zxx6htnoxzfbvphjwm627sj534 110 14 positive positive JJ work_zxx6htnoxzfbvphjwm627sj534 110 15 and and CC work_zxx6htnoxzfbvphjwm627sj534 110 16 finite finite JJ work_zxx6htnoxzfbvphjwm627sj534 110 17 . . . work_zxx6htnoxzfbvphjwm627sj534 111 1 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 111 2 The the DT work_zxx6htnoxzfbvphjwm627sj534 111 3 Equilibrium Equilibrium NNP work_zxx6htnoxzfbvphjwm627sj534 111 4 In in IN work_zxx6htnoxzfbvphjwm627sj534 111 5 this this DT work_zxx6htnoxzfbvphjwm627sj534 111 6 section section NN work_zxx6htnoxzfbvphjwm627sj534 111 7 , , , work_zxx6htnoxzfbvphjwm627sj534 111 8 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 111 9 characterize characterize VBP work_zxx6htnoxzfbvphjwm627sj534 111 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 111 11 unique unique JJ work_zxx6htnoxzfbvphjwm627sj534 111 12 linear linear JJ work_zxx6htnoxzfbvphjwm627sj534 111 13 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 111 14 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 111 15 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 111 16 of of IN work_zxx6htnoxzfbvphjwm627sj534 111 17 the the DT work_zxx6htnoxzfbvphjwm627sj534 111 18 model model NN work_zxx6htnoxzfbvphjwm627sj534 111 19 in in IN work_zxx6htnoxzfbvphjwm627sj534 111 20 Proposition Proposition NNP work_zxx6htnoxzfbvphjwm627sj534 111 21 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 111 22 , , , work_zxx6htnoxzfbvphjwm627sj534 111 23 and and CC work_zxx6htnoxzfbvphjwm627sj534 111 24 compare compare VB work_zxx6htnoxzfbvphjwm627sj534 111 25 the the DT work_zxx6htnoxzfbvphjwm627sj534 111 26 closed closed JJ work_zxx6htnoxzfbvphjwm627sj534 111 27 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 111 28 form form NN work_zxx6htnoxzfbvphjwm627sj534 111 29 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 111 30 with with IN work_zxx6htnoxzfbvphjwm627sj534 111 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 111 32 previous previous JJ work_zxx6htnoxzfbvphjwm627sj534 111 33 literature literature NN work_zxx6htnoxzfbvphjwm627sj534 111 34 . . . work_zxx6htnoxzfbvphjwm627sj534 112 1 3.1 3.1 CD work_zxx6htnoxzfbvphjwm627sj534 112 2 The the DT work_zxx6htnoxzfbvphjwm627sj534 112 3 Equilibrium Equilibrium NNP work_zxx6htnoxzfbvphjwm627sj534 112 4 A a DT work_zxx6htnoxzfbvphjwm627sj534 112 5 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 112 6 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 112 7 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 112 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 112 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 112 10 short short JJ work_zxx6htnoxzfbvphjwm627sj534 112 11 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 112 12 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 112 13 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 112 14 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 112 15 defined define VBN work_zxx6htnoxzfbvphjwm627sj534 112 16 as as IN work_zxx6htnoxzfbvphjwm627sj534 112 17 a a DT work_zxx6htnoxzfbvphjwm627sj534 112 18 pair pair NN work_zxx6htnoxzfbvphjwm627sj534 112 19 of of IN work_zxx6htnoxzfbvphjwm627sj534 112 20 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 112 21 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 112 22 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 112 23 , , , work_zxx6htnoxzfbvphjwm627sj534 112 24 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 112 25 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 112 26 that that IN work_zxx6htnoxzfbvphjwm627sj534 112 27 satisfies satisfie NNS work_zxx6htnoxzfbvphjwm627sj534 112 28 a. a. NN work_zxx6htnoxzfbvphjwm627sj534 113 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 113 2 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 113 3 market market NN work_zxx6htnoxzfbvphjwm627sj534 113 4 clears clear VBZ work_zxx6htnoxzfbvphjwm627sj534 113 5 in in IN work_zxx6htnoxzfbvphjwm627sj534 113 6 both both DT work_zxx6htnoxzfbvphjwm627sj534 113 7 period period NN work_zxx6htnoxzfbvphjwm627sj534 113 8 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 113 9 and and CC work_zxx6htnoxzfbvphjwm627sj534 113 10 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 113 11 ; ; : work_zxx6htnoxzfbvphjwm627sj534 113 12 8 8 CD work_zxx6htnoxzfbvphjwm627sj534 113 13 b. b. NN work_zxx6htnoxzfbvphjwm627sj534 114 1 Investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 114 2 maximize maximize VBP work_zxx6htnoxzfbvphjwm627sj534 114 3 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 114 4 expected expect VBN work_zxx6htnoxzfbvphjwm627sj534 114 5 utilities utility NNS work_zxx6htnoxzfbvphjwm627sj534 114 6 , , , work_zxx6htnoxzfbvphjwm627sj534 114 7 conditional conditional JJ work_zxx6htnoxzfbvphjwm627sj534 114 8 on on IN work_zxx6htnoxzfbvphjwm627sj534 114 9 all all DT work_zxx6htnoxzfbvphjwm627sj534 114 10 available available JJ work_zxx6htnoxzfbvphjwm627sj534 114 11 information information NN work_zxx6htnoxzfbvphjwm627sj534 114 12 , , , work_zxx6htnoxzfbvphjwm627sj534 114 13 including include VBG work_zxx6htnoxzfbvphjwm627sj534 114 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 114 15 information information NN work_zxx6htnoxzfbvphjwm627sj534 114 16 gleaned glean VBN work_zxx6htnoxzfbvphjwm627sj534 114 17 from from IN work_zxx6htnoxzfbvphjwm627sj534 114 18 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 114 19 price price NN work_zxx6htnoxzfbvphjwm627sj534 114 20 ; ; : work_zxx6htnoxzfbvphjwm627sj534 114 21 c. c. NNP work_zxx6htnoxzfbvphjwm627sj534 114 22 Investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 114 23 have have VBP work_zxx6htnoxzfbvphjwm627sj534 114 24 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 114 25 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 114 26 . . . work_zxx6htnoxzfbvphjwm627sj534 115 1 Their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 115 2 beliefs belief NNS work_zxx6htnoxzfbvphjwm627sj534 115 3 about about IN work_zxx6htnoxzfbvphjwm627sj534 115 4 all all DT work_zxx6htnoxzfbvphjwm627sj534 115 5 random random JJ work_zxx6htnoxzfbvphjwm627sj534 115 6 variables variable NNS work_zxx6htnoxzfbvphjwm627sj534 115 7 are be VBP work_zxx6htnoxzfbvphjwm627sj534 115 8 consistent consistent JJ work_zxx6htnoxzfbvphjwm627sj534 115 9 with with IN work_zxx6htnoxzfbvphjwm627sj534 115 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 115 11 true true JJ work_zxx6htnoxzfbvphjwm627sj534 115 12 underlying underlying JJ work_zxx6htnoxzfbvphjwm627sj534 115 13 distributions distribution NNS work_zxx6htnoxzfbvphjwm627sj534 115 14 ; ; : work_zxx6htnoxzfbvphjwm627sj534 115 15 d. d. NNP work_zxx6htnoxzfbvphjwm627sj534 115 16 Prices price NNS work_zxx6htnoxzfbvphjwm627sj534 115 17 depend depend VBP work_zxx6htnoxzfbvphjwm627sj534 115 18 on on IN work_zxx6htnoxzfbvphjwm627sj534 115 19 information information NN work_zxx6htnoxzfbvphjwm627sj534 115 20 only only RB work_zxx6htnoxzfbvphjwm627sj534 115 21 through through IN work_zxx6htnoxzfbvphjwm627sj534 115 22 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 115 23 and and CC work_zxx6htnoxzfbvphjwm627sj534 115 24 demand demand NN work_zxx6htnoxzfbvphjwm627sj534 115 25 . . . work_zxx6htnoxzfbvphjwm627sj534 116 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 116 2 addition addition NN work_zxx6htnoxzfbvphjwm627sj534 116 3 , , , work_zxx6htnoxzfbvphjwm627sj534 116 4 if if IN work_zxx6htnoxzfbvphjwm627sj534 116 5 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 116 6 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 116 7 , , , work_zxx6htnoxzfbvphjwm627sj534 116 8 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 116 9 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 116 10 are be VBP work_zxx6htnoxzfbvphjwm627sj534 116 11 linear linear JJ work_zxx6htnoxzfbvphjwm627sj534 116 12 functions function NNS work_zxx6htnoxzfbvphjwm627sj534 116 13 of of IN work_zxx6htnoxzfbvphjwm627sj534 116 14 information information NN work_zxx6htnoxzfbvphjwm627sj534 116 15 and and CC work_zxx6htnoxzfbvphjwm627sj534 116 16 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 116 17 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 116 18 , , , work_zxx6htnoxzfbvphjwm627sj534 116 19 then then RB work_zxx6htnoxzfbvphjwm627sj534 116 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 116 21 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 116 22 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 116 23 a a DT work_zxx6htnoxzfbvphjwm627sj534 116 24 linear linear JJ work_zxx6htnoxzfbvphjwm627sj534 116 25 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 116 26 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 116 27 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 116 28 . . . work_zxx6htnoxzfbvphjwm627sj534 117 1 Proposition proposition NN work_zxx6htnoxzfbvphjwm627sj534 117 2 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 117 3 . . . work_zxx6htnoxzfbvphjwm627sj534 118 1 There there EX work_zxx6htnoxzfbvphjwm627sj534 118 2 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 118 3 a a DT work_zxx6htnoxzfbvphjwm627sj534 118 4 unique unique JJ work_zxx6htnoxzfbvphjwm627sj534 118 5 linear linear JJ work_zxx6htnoxzfbvphjwm627sj534 118 6 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 118 7 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 118 8 equilibrium equilibrium NNP work_zxx6htnoxzfbvphjwm627sj534 118 9 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 118 10 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 118 11 , , , work_zxx6htnoxzfbvphjwm627sj534 118 12 p2 p2 NNP work_zxx6htnoxzfbvphjwm627sj534 118 13 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 118 14 , , , work_zxx6htnoxzfbvphjwm627sj534 118 15 characterized characterize VBN work_zxx6htnoxzfbvphjwm627sj534 118 16 by by IN work_zxx6htnoxzfbvphjwm627sj534 118 17 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 118 18 = = SYM work_zxx6htnoxzfbvphjwm627sj534 118 19 bz bz CC work_zxx6htnoxzfbvphjwm627sj534 118 20 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 21 cθ cθ NNP work_zxx6htnoxzfbvphjwm627sj534 118 22 − − NNP work_zxx6htnoxzfbvphjwm627sj534 118 23 ds1 ds1 NNP work_zxx6htnoxzfbvphjwm627sj534 118 24 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 118 25 4 4 CD work_zxx6htnoxzfbvphjwm627sj534 118 26 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 118 27 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 118 28 = = SYM work_zxx6htnoxzfbvphjwm627sj534 118 29 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 118 30 α α NN work_zxx6htnoxzfbvphjwm627sj534 118 31 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 32 β β NN work_zxx6htnoxzfbvphjwm627sj534 118 33 + + SYM work_zxx6htnoxzfbvphjwm627sj534 118 34 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 118 35 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 36 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 118 37 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 118 38 αz αz NNP work_zxx6htnoxzfbvphjwm627sj534 118 39 + + NNP work_zxx6htnoxzfbvphjwm627sj534 118 40 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 118 41 β β NNP work_zxx6htnoxzfbvphjwm627sj534 118 42 + + SYM work_zxx6htnoxzfbvphjwm627sj534 118 43 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 118 44 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 45 ρ2)θ ρ2)θ NNPS work_zxx6htnoxzfbvphjwm627sj534 118 46 − − NNP work_zxx6htnoxzfbvphjwm627sj534 118 47 β β NN work_zxx6htnoxzfbvphjwm627sj534 118 48 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 49 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 118 50 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 118 51 ρ ρ IN work_zxx6htnoxzfbvphjwm627sj534 118 52 βτ βτ NNP work_zxx6htnoxzfbvphjwm627sj534 118 53 s1 s1 NNP work_zxx6htnoxzfbvphjwm627sj534 118 54 − − NNP work_zxx6htnoxzfbvphjwm627sj534 118 55 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 118 56 β β NNP work_zxx6htnoxzfbvphjwm627sj534 118 57 + + SYM work_zxx6htnoxzfbvphjwm627sj534 118 58 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 118 59 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 118 60 βτ βτ NNP work_zxx6htnoxzfbvphjwm627sj534 118 61 s2 s2 NNP work_zxx6htnoxzfbvphjwm627sj534 118 62 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 118 63 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 118 64 5 5 CD work_zxx6htnoxzfbvphjwm627sj534 118 65 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 118 66 where where WRB work_zxx6htnoxzfbvphjwm627sj534 118 67 9 9 CD work_zxx6htnoxzfbvphjwm627sj534 118 68 b b NN work_zxx6htnoxzfbvphjwm627sj534 118 69 = = SYM work_zxx6htnoxzfbvphjwm627sj534 118 70 α α NNP work_zxx6htnoxzfbvphjwm627sj534 118 71 α α NN work_zxx6htnoxzfbvphjwm627sj534 118 72 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 73 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 118 74 + + NN work_zxx6htnoxzfbvphjwm627sj534 118 75 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 118 76 c c NN work_zxx6htnoxzfbvphjwm627sj534 118 77 = = SYM work_zxx6htnoxzfbvphjwm627sj534 118 78 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 118 79 + + NNP work_zxx6htnoxzfbvphjwm627sj534 118 80 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 118 81 α α XX work_zxx6htnoxzfbvphjwm627sj534 118 82 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 83 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 118 84 + + NN work_zxx6htnoxzfbvphjwm627sj534 118 85 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 118 86 d d NNP work_zxx6htnoxzfbvphjwm627sj534 118 87 = = SYM work_zxx6htnoxzfbvphjwm627sj534 118 88 β β NN work_zxx6htnoxzfbvphjwm627sj534 118 89 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 90 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 118 91 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 118 92 ρ ρ IN work_zxx6htnoxzfbvphjwm627sj534 118 93 + + SYM work_zxx6htnoxzfbvphjwm627sj534 118 94 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 118 95 α α XX work_zxx6htnoxzfbvphjwm627sj534 118 96 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 97 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 118 98 + + NN work_zxx6htnoxzfbvphjwm627sj534 118 99 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 118 100 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 118 101 βτ βτ NN work_zxx6htnoxzfbvphjwm627sj534 118 102 M m NN work_zxx6htnoxzfbvphjwm627sj534 118 103 = = SYM work_zxx6htnoxzfbvphjwm627sj534 118 104 β β NN work_zxx6htnoxzfbvphjwm627sj534 118 105 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 106 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 118 107 α α CD work_zxx6htnoxzfbvphjwm627sj534 118 108 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 109 2β 2β CD work_zxx6htnoxzfbvphjwm627sj534 118 110 + + SYM work_zxx6htnoxzfbvphjwm627sj534 118 111 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 118 112 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 113 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 118 114 ρ ρ IN work_zxx6htnoxzfbvphjwm627sj534 118 115 = = SYM work_zxx6htnoxzfbvphjwm627sj534 118 116 kρ1 kρ1 NNP work_zxx6htnoxzfbvphjwm627sj534 118 117 ρ1 ρ1 NNP work_zxx6htnoxzfbvphjwm627sj534 118 118 = = SYM work_zxx6htnoxzfbvphjwm627sj534 118 119 β β NNP work_zxx6htnoxzfbvphjwm627sj534 118 120 2τ 2τ NNP work_zxx6htnoxzfbvphjwm627sj534 118 121 2γ1 2γ1 CD work_zxx6htnoxzfbvphjwm627sj534 118 122 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 118 123 = = SYM work_zxx6htnoxzfbvphjwm627sj534 118 124 β β NNP work_zxx6htnoxzfbvphjwm627sj534 118 125 2τ 2τ NNP work_zxx6htnoxzfbvphjwm627sj534 118 126 2γ2 2γ2 CD work_zxx6htnoxzfbvphjwm627sj534 118 127 k k NNS work_zxx6htnoxzfbvphjwm627sj534 118 128 = = NN work_zxx6htnoxzfbvphjwm627sj534 118 129 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 118 130 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 118 131 β β NN work_zxx6htnoxzfbvphjwm627sj534 118 132 + + CC work_zxx6htnoxzfbvphjwm627sj534 118 133 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 118 134 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 118 135 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 118 136 All all DT work_zxx6htnoxzfbvphjwm627sj534 118 137 proofs proof NNS work_zxx6htnoxzfbvphjwm627sj534 118 138 are be VBP work_zxx6htnoxzfbvphjwm627sj534 118 139 placed place VBN work_zxx6htnoxzfbvphjwm627sj534 118 140 in in IN work_zxx6htnoxzfbvphjwm627sj534 118 141 the the DT work_zxx6htnoxzfbvphjwm627sj534 118 142 Appendix Appendix NNP work_zxx6htnoxzfbvphjwm627sj534 118 143 . . . work_zxx6htnoxzfbvphjwm627sj534 119 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 119 2 proof proof NN work_zxx6htnoxzfbvphjwm627sj534 119 3 of of IN work_zxx6htnoxzfbvphjwm627sj534 119 4 Proposition Proposition NNP work_zxx6htnoxzfbvphjwm627sj534 119 5 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 119 6 involves involve VBZ work_zxx6htnoxzfbvphjwm627sj534 119 7 backward backward JJ work_zxx6htnoxzfbvphjwm627sj534 119 8 induction induction NN work_zxx6htnoxzfbvphjwm627sj534 119 9 by by IN work_zxx6htnoxzfbvphjwm627sj534 119 10 solving solve VBG work_zxx6htnoxzfbvphjwm627sj534 119 11 for for IN work_zxx6htnoxzfbvphjwm627sj534 119 12 p2 p2 NNP work_zxx6htnoxzfbvphjwm627sj534 119 13 first first RB work_zxx6htnoxzfbvphjwm627sj534 119 14 . . . work_zxx6htnoxzfbvphjwm627sj534 120 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 120 2 basic basic JJ work_zxx6htnoxzfbvphjwm627sj534 120 3 idea idea NN work_zxx6htnoxzfbvphjwm627sj534 120 4 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 120 5 to to TO work_zxx6htnoxzfbvphjwm627sj534 120 6 assume assume VB work_zxx6htnoxzfbvphjwm627sj534 120 7 a a DT work_zxx6htnoxzfbvphjwm627sj534 120 8 linear linear JJ work_zxx6htnoxzfbvphjwm627sj534 120 9 price price NN work_zxx6htnoxzfbvphjwm627sj534 120 10 function function NN work_zxx6htnoxzfbvphjwm627sj534 120 11 , , , work_zxx6htnoxzfbvphjwm627sj534 120 12 plug plug VBP work_zxx6htnoxzfbvphjwm627sj534 120 13 in in RP work_zxx6htnoxzfbvphjwm627sj534 120 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 120 15 assumed assume VBN work_zxx6htnoxzfbvphjwm627sj534 120 16 price price NN work_zxx6htnoxzfbvphjwm627sj534 120 17 function function NN work_zxx6htnoxzfbvphjwm627sj534 120 18 to to IN work_zxx6htnoxzfbvphjwm627sj534 120 19 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 120 20 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 120 21 demand demand NN work_zxx6htnoxzfbvphjwm627sj534 120 22 functions function NNS work_zxx6htnoxzfbvphjwm627sj534 120 23 , , , work_zxx6htnoxzfbvphjwm627sj534 120 24 obtain obtain VB work_zxx6htnoxzfbvphjwm627sj534 120 25 a a DT work_zxx6htnoxzfbvphjwm627sj534 120 26 new new JJ work_zxx6htnoxzfbvphjwm627sj534 120 27 price price NN work_zxx6htnoxzfbvphjwm627sj534 120 28 function function NN work_zxx6htnoxzfbvphjwm627sj534 120 29 by by IN work_zxx6htnoxzfbvphjwm627sj534 120 30 equating equate VBG work_zxx6htnoxzfbvphjwm627sj534 120 31 aggregate aggregate JJ work_zxx6htnoxzfbvphjwm627sj534 120 32 demand demand NN work_zxx6htnoxzfbvphjwm627sj534 120 33 with with IN work_zxx6htnoxzfbvphjwm627sj534 120 34 aggregate aggregate JJ work_zxx6htnoxzfbvphjwm627sj534 120 35 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 120 36 , , , work_zxx6htnoxzfbvphjwm627sj534 120 37 and and CC work_zxx6htnoxzfbvphjwm627sj534 120 38 then then RB work_zxx6htnoxzfbvphjwm627sj534 120 39 compare compare VB work_zxx6htnoxzfbvphjwm627sj534 120 40 coefficients coefficient NNS work_zxx6htnoxzfbvphjwm627sj534 120 41 of of IN work_zxx6htnoxzfbvphjwm627sj534 120 42 the the DT work_zxx6htnoxzfbvphjwm627sj534 120 43 two two CD work_zxx6htnoxzfbvphjwm627sj534 120 44 price price NN work_zxx6htnoxzfbvphjwm627sj534 120 45 functions function NNS work_zxx6htnoxzfbvphjwm627sj534 120 46 to to TO work_zxx6htnoxzfbvphjwm627sj534 120 47 determine determine VB work_zxx6htnoxzfbvphjwm627sj534 120 48 the the DT work_zxx6htnoxzfbvphjwm627sj534 120 49 coefficients coefficient NNS work_zxx6htnoxzfbvphjwm627sj534 120 50 in in IN work_zxx6htnoxzfbvphjwm627sj534 120 51 the the DT work_zxx6htnoxzfbvphjwm627sj534 120 52 assumed assumed JJ work_zxx6htnoxzfbvphjwm627sj534 120 53 price price NN work_zxx6htnoxzfbvphjwm627sj534 120 54 function function NN work_zxx6htnoxzfbvphjwm627sj534 120 55 . . . work_zxx6htnoxzfbvphjwm627sj534 121 1 We -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 121 2 will will MD work_zxx6htnoxzfbvphjwm627sj534 121 3 focus focus VB work_zxx6htnoxzfbvphjwm627sj534 121 4 on on IN work_zxx6htnoxzfbvphjwm627sj534 121 5 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 121 6 to to TO work_zxx6htnoxzfbvphjwm627sj534 121 7 accentuate accentuate VB work_zxx6htnoxzfbvphjwm627sj534 121 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 121 9 influence influence NN work_zxx6htnoxzfbvphjwm627sj534 121 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 121 11 short short JJ work_zxx6htnoxzfbvphjwm627sj534 121 12 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 121 13 . . . work_zxx6htnoxzfbvphjwm627sj534 122 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 122 2 contrast contrast NN work_zxx6htnoxzfbvphjwm627sj534 122 3 , , , work_zxx6htnoxzfbvphjwm627sj534 122 4 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 122 5 in in IN work_zxx6htnoxzfbvphjwm627sj534 122 6 period period NN work_zxx6htnoxzfbvphjwm627sj534 122 7 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 122 8 receive receive VBP work_zxx6htnoxzfbvphjwm627sj534 122 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 122 10 liquidation liquidation NN work_zxx6htnoxzfbvphjwm627sj534 122 11 value value NN work_zxx6htnoxzfbvphjwm627sj534 122 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 122 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 122 14 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 122 15 . . . work_zxx6htnoxzfbvphjwm627sj534 123 1 Thus thus RB work_zxx6htnoxzfbvphjwm627sj534 123 2 , , , work_zxx6htnoxzfbvphjwm627sj534 123 3 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 123 4 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 123 5 only only RB work_zxx6htnoxzfbvphjwm627sj534 123 6 used use VBN work_zxx6htnoxzfbvphjwm627sj534 123 7 to to TO work_zxx6htnoxzfbvphjwm627sj534 123 8 terminate terminate VB work_zxx6htnoxzfbvphjwm627sj534 123 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 123 10 overlapping overlap VBG work_zxx6htnoxzfbvphjwm627sj534 123 11 generations generation NNS work_zxx6htnoxzfbvphjwm627sj534 123 12 cycle cycle NN work_zxx6htnoxzfbvphjwm627sj534 123 13 and and CC work_zxx6htnoxzfbvphjwm627sj534 123 14 establish establish VB work_zxx6htnoxzfbvphjwm627sj534 123 15 an an DT work_zxx6htnoxzfbvphjwm627sj534 123 16 anchor anchor NN work_zxx6htnoxzfbvphjwm627sj534 123 17 from from IN work_zxx6htnoxzfbvphjwm627sj534 123 18 which which WDT work_zxx6htnoxzfbvphjwm627sj534 123 19 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 123 20 can can MD work_zxx6htnoxzfbvphjwm627sj534 123 21 apply apply VB work_zxx6htnoxzfbvphjwm627sj534 123 22 backward backward JJ work_zxx6htnoxzfbvphjwm627sj534 123 23 induction induction NN work_zxx6htnoxzfbvphjwm627sj534 123 24 to to TO work_zxx6htnoxzfbvphjwm627sj534 123 25 solve solve VB work_zxx6htnoxzfbvphjwm627sj534 123 26 for for IN work_zxx6htnoxzfbvphjwm627sj534 123 27 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 123 28 . . . work_zxx6htnoxzfbvphjwm627sj534 124 1 Unless unless IN work_zxx6htnoxzfbvphjwm627sj534 124 2 explicitly explicitly RB work_zxx6htnoxzfbvphjwm627sj534 124 3 noted note VBN work_zxx6htnoxzfbvphjwm627sj534 124 4 , , , work_zxx6htnoxzfbvphjwm627sj534 124 5 from from IN work_zxx6htnoxzfbvphjwm627sj534 124 6 now now RB work_zxx6htnoxzfbvphjwm627sj534 124 7 on on RB work_zxx6htnoxzfbvphjwm627sj534 124 8 , , , work_zxx6htnoxzfbvphjwm627sj534 124 9 by by IN work_zxx6htnoxzfbvphjwm627sj534 124 10 price price NN work_zxx6htnoxzfbvphjwm627sj534 124 11 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 124 12 mean mean VBP work_zxx6htnoxzfbvphjwm627sj534 124 13 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 124 14 . . . work_zxx6htnoxzfbvphjwm627sj534 125 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 125 2 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 125 3 role role NN work_zxx6htnoxzfbvphjwm627sj534 125 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 125 5 public public JJ work_zxx6htnoxzfbvphjwm627sj534 125 6 information information NN work_zxx6htnoxzfbvphjwm627sj534 125 7 , , , work_zxx6htnoxzfbvphjwm627sj534 125 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 125 9 extra extra JJ work_zxx6htnoxzfbvphjwm627sj534 125 10 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 125 11 on on IN work_zxx6htnoxzfbvphjwm627sj534 125 12 public public JJ work_zxx6htnoxzfbvphjwm627sj534 125 13 information information NN work_zxx6htnoxzfbvphjwm627sj534 125 14 in in IN work_zxx6htnoxzfbvphjwm627sj534 125 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 125 16 price price NN work_zxx6htnoxzfbvphjwm627sj534 125 17 function function NN work_zxx6htnoxzfbvphjwm627sj534 125 18 , , , work_zxx6htnoxzfbvphjwm627sj534 125 19 and and CC work_zxx6htnoxzfbvphjwm627sj534 125 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 125 21 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 125 22 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 125 23 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 125 24 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 125 25 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 125 26 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 125 27 of of IN work_zxx6htnoxzfbvphjwm627sj534 125 28 the the DT work_zxx6htnoxzfbvphjwm627sj534 125 29 market market NN work_zxx6htnoxzfbvphjwm627sj534 125 30 are be VBP work_zxx6htnoxzfbvphjwm627sj534 125 31 three three CD work_zxx6htnoxzfbvphjwm627sj534 125 32 equivalent equivalent JJ work_zxx6htnoxzfbvphjwm627sj534 125 33 concepts concept NNS work_zxx6htnoxzfbvphjwm627sj534 125 34 . . . work_zxx6htnoxzfbvphjwm627sj534 126 1 When when WRB work_zxx6htnoxzfbvphjwm627sj534 126 2 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 126 3 have have VBP work_zxx6htnoxzfbvphjwm627sj534 126 4 short short JJ work_zxx6htnoxzfbvphjwm627sj534 126 5 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 126 6 , , , work_zxx6htnoxzfbvphjwm627sj534 126 7 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 126 8 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 126 9 depend depend VBP work_zxx6htnoxzfbvphjwm627sj534 126 10 on on IN work_zxx6htnoxzfbvphjwm627sj534 126 11 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 126 12 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 126 13 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 126 14 of of IN work_zxx6htnoxzfbvphjwm627sj534 126 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 126 16 average average JJ work_zxx6htnoxzfbvphjwm627sj534 126 17 expectation expectation NN work_zxx6htnoxzfbvphjwm627sj534 126 18 of of IN work_zxx6htnoxzfbvphjwm627sj534 126 19 the the DT work_zxx6htnoxzfbvphjwm627sj534 126 20 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 126 21 value value NN work_zxx6htnoxzfbvphjwm627sj534 126 22 . . . work_zxx6htnoxzfbvphjwm627sj534 127 1 Public public JJ work_zxx6htnoxzfbvphjwm627sj534 127 2 information information NN work_zxx6htnoxzfbvphjwm627sj534 127 3 , , , work_zxx6htnoxzfbvphjwm627sj534 127 4 as as IN work_zxx6htnoxzfbvphjwm627sj534 127 5 common common JJ work_zxx6htnoxzfbvphjwm627sj534 127 6 knowledge knowledge NN work_zxx6htnoxzfbvphjwm627sj534 127 7 among among IN work_zxx6htnoxzfbvphjwm627sj534 127 8 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 127 9 , , , work_zxx6htnoxzfbvphjwm627sj534 127 10 10 10 CD work_zxx6htnoxzfbvphjwm627sj534 127 11 plays play VBZ work_zxx6htnoxzfbvphjwm627sj534 127 12 an an DT work_zxx6htnoxzfbvphjwm627sj534 127 13 additional additional JJ work_zxx6htnoxzfbvphjwm627sj534 127 14 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 127 15 role role NN work_zxx6htnoxzfbvphjwm627sj534 127 16 of of IN work_zxx6htnoxzfbvphjwm627sj534 127 17 anchoring anchor VBG work_zxx6htnoxzfbvphjwm627sj534 127 18 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 127 19 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 127 20 beliefs belief NNS work_zxx6htnoxzfbvphjwm627sj534 127 21 about about IN work_zxx6htnoxzfbvphjwm627sj534 127 22 other other JJ work_zxx6htnoxzfbvphjwm627sj534 127 23 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 127 24 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 127 25 beliefs belief NNS work_zxx6htnoxzfbvphjwm627sj534 127 26 , , , work_zxx6htnoxzfbvphjwm627sj534 127 27 causing cause VBG work_zxx6htnoxzfbvphjwm627sj534 127 28 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 127 29 to to TO work_zxx6htnoxzfbvphjwm627sj534 127 30 overuse overuse VB work_zxx6htnoxzfbvphjwm627sj534 127 31 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 127 32 . . . work_zxx6htnoxzfbvphjwm627sj534 128 1 As as IN work_zxx6htnoxzfbvphjwm627sj534 128 2 a a DT work_zxx6htnoxzfbvphjwm627sj534 128 3 result result NN work_zxx6htnoxzfbvphjwm627sj534 128 4 , , , work_zxx6htnoxzfbvphjwm627sj534 128 5 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 128 6 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 128 7 have have VBP work_zxx6htnoxzfbvphjwm627sj534 128 8 an an DT work_zxx6htnoxzfbvphjwm627sj534 128 9 extra extra JJ work_zxx6htnoxzfbvphjwm627sj534 128 10 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 128 11 on on IN work_zxx6htnoxzfbvphjwm627sj534 128 12 public public JJ work_zxx6htnoxzfbvphjwm627sj534 128 13 information information NN work_zxx6htnoxzfbvphjwm627sj534 128 14 relative relative JJ work_zxx6htnoxzfbvphjwm627sj534 128 15 to to IN work_zxx6htnoxzfbvphjwm627sj534 128 16 private private JJ work_zxx6htnoxzfbvphjwm627sj534 128 17 information information NN work_zxx6htnoxzfbvphjwm627sj534 128 18 , , , work_zxx6htnoxzfbvphjwm627sj534 128 19 and and CC work_zxx6htnoxzfbvphjwm627sj534 128 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 128 21 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 128 22 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 128 23 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 128 24 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 128 25 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 128 26 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 128 27 occurs occur VBZ work_zxx6htnoxzfbvphjwm627sj534 128 28 . . . work_zxx6htnoxzfbvphjwm627sj534 129 1 To to TO work_zxx6htnoxzfbvphjwm627sj534 129 2 characterize characterize VB work_zxx6htnoxzfbvphjwm627sj534 129 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 129 4 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 129 5 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 129 6 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 129 7 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 129 8 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 129 9 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 129 10 , , , work_zxx6htnoxzfbvphjwm627sj534 129 11 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 129 12 use use VBP work_zxx6htnoxzfbvphjwm627sj534 129 13 as as IN work_zxx6htnoxzfbvphjwm627sj534 129 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 129 15 benchmark benchmark NN work_zxx6htnoxzfbvphjwm627sj534 129 16 the the DT work_zxx6htnoxzfbvphjwm627sj534 129 17 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 129 18 on on IN work_zxx6htnoxzfbvphjwm627sj534 129 19 public public JJ work_zxx6htnoxzfbvphjwm627sj534 129 20 information information NN work_zxx6htnoxzfbvphjwm627sj534 129 21 in in IN work_zxx6htnoxzfbvphjwm627sj534 129 22 a a DT work_zxx6htnoxzfbvphjwm627sj534 129 23 long long JJ work_zxx6htnoxzfbvphjwm627sj534 129 24 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 129 25 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 129 26 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 129 27 in in IN work_zxx6htnoxzfbvphjwm627sj534 129 28 which which WDT work_zxx6htnoxzfbvphjwm627sj534 129 29 the the DT work_zxx6htnoxzfbvphjwm627sj534 129 30 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 129 31 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 129 32 value value NN work_zxx6htnoxzfbvphjwm627sj534 129 33 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 129 34 revealed reveal VBN work_zxx6htnoxzfbvphjwm627sj534 129 35 at at IN work_zxx6htnoxzfbvphjwm627sj534 129 36 the the DT work_zxx6htnoxzfbvphjwm627sj534 129 37 end end NN work_zxx6htnoxzfbvphjwm627sj534 129 38 of of IN work_zxx6htnoxzfbvphjwm627sj534 129 39 period period NN work_zxx6htnoxzfbvphjwm627sj534 129 40 1.4 1.4 CD work_zxx6htnoxzfbvphjwm627sj534 129 41 It -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 129 42 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 129 43 a a DT work_zxx6htnoxzfbvphjwm627sj534 129 44 long long JJ work_zxx6htnoxzfbvphjwm627sj534 129 45 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 129 46 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 129 47 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 129 48 because because IN work_zxx6htnoxzfbvphjwm627sj534 129 49 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 129 50 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 129 51 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 129 52 are be VBP work_zxx6htnoxzfbvphjwm627sj534 129 53 as as RB work_zxx6htnoxzfbvphjwm627sj534 129 54 long long RB work_zxx6htnoxzfbvphjwm627sj534 129 55 as as IN work_zxx6htnoxzfbvphjwm627sj534 129 56 the the DT work_zxx6htnoxzfbvphjwm627sj534 129 57 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 129 58 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 129 59 life life NN work_zxx6htnoxzfbvphjwm627sj534 129 60 span span NN work_zxx6htnoxzfbvphjwm627sj534 129 61 . . . work_zxx6htnoxzfbvphjwm627sj534 130 1 This this DT work_zxx6htnoxzfbvphjwm627sj534 130 2 long long JJ work_zxx6htnoxzfbvphjwm627sj534 130 3 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 130 4 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 130 5 benchmark benchmark NN work_zxx6htnoxzfbvphjwm627sj534 130 6 , , , work_zxx6htnoxzfbvphjwm627sj534 130 7 characterized characterize VBN work_zxx6htnoxzfbvphjwm627sj534 130 8 in in IN work_zxx6htnoxzfbvphjwm627sj534 130 9 Lemma Lemma NNP work_zxx6htnoxzfbvphjwm627sj534 130 10 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 130 11 , , , work_zxx6htnoxzfbvphjwm627sj534 130 12 emphasizes emphasize VBZ work_zxx6htnoxzfbvphjwm627sj534 130 13 on on IN work_zxx6htnoxzfbvphjwm627sj534 130 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 130 15 fact fact NN work_zxx6htnoxzfbvphjwm627sj534 130 16 that that IN work_zxx6htnoxzfbvphjwm627sj534 130 17 the the DT work_zxx6htnoxzfbvphjwm627sj534 130 18 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 130 19 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 130 20 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 130 21 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 130 22 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 130 23 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 130 24 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 130 25 attributable attributable JJ work_zxx6htnoxzfbvphjwm627sj534 130 26 to to IN work_zxx6htnoxzfbvphjwm627sj534 130 27 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 130 28 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 130 29 short short JJ work_zxx6htnoxzfbvphjwm627sj534 130 30 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 130 31 . . . work_zxx6htnoxzfbvphjwm627sj534 131 1 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 131 2 denote denote VBP work_zxx6htnoxzfbvphjwm627sj534 131 3 all all PDT work_zxx6htnoxzfbvphjwm627sj534 131 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 131 5 variables variable NNS work_zxx6htnoxzfbvphjwm627sj534 131 6 in in IN work_zxx6htnoxzfbvphjwm627sj534 131 7 this this DT work_zxx6htnoxzfbvphjwm627sj534 131 8 long long JJ work_zxx6htnoxzfbvphjwm627sj534 131 9 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 131 10 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 131 11 case case NN work_zxx6htnoxzfbvphjwm627sj534 131 12 using use VBG work_zxx6htnoxzfbvphjwm627sj534 131 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 131 14 same same JJ work_zxx6htnoxzfbvphjwm627sj534 131 15 notations notation NNS work_zxx6htnoxzfbvphjwm627sj534 131 16 with with IN work_zxx6htnoxzfbvphjwm627sj534 131 17 a a DT work_zxx6htnoxzfbvphjwm627sj534 131 18 top top NN work_zxx6htnoxzfbvphjwm627sj534 131 19 “ " `` work_zxx6htnoxzfbvphjwm627sj534 131 20 ˆ ˆ NN work_zxx6htnoxzfbvphjwm627sj534 131 21 ” " '' work_zxx6htnoxzfbvphjwm627sj534 131 22 . . . work_zxx6htnoxzfbvphjwm627sj534 132 1 For for IN work_zxx6htnoxzfbvphjwm627sj534 132 2 example example NN work_zxx6htnoxzfbvphjwm627sj534 132 3 , , , work_zxx6htnoxzfbvphjwm627sj534 132 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 132 5 price price NN work_zxx6htnoxzfbvphjwm627sj534 132 6 in in IN work_zxx6htnoxzfbvphjwm627sj534 132 7 this this DT work_zxx6htnoxzfbvphjwm627sj534 132 8 long long JJ work_zxx6htnoxzfbvphjwm627sj534 132 9 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 132 10 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 132 11 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 132 12 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 132 13 “ " `` work_zxx6htnoxzfbvphjwm627sj534 132 14 p̂1 p̂1 ADD work_zxx6htnoxzfbvphjwm627sj534 132 15 ” " '' work_zxx6htnoxzfbvphjwm627sj534 132 16 . . . work_zxx6htnoxzfbvphjwm627sj534 133 1 Lemma Lemma NNP work_zxx6htnoxzfbvphjwm627sj534 133 2 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 133 3 . . . work_zxx6htnoxzfbvphjwm627sj534 134 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 134 2 long long JJ work_zxx6htnoxzfbvphjwm627sj534 134 3 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 134 4 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 134 5 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 134 6 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 134 7 described describe VBN work_zxx6htnoxzfbvphjwm627sj534 134 8 by by IN work_zxx6htnoxzfbvphjwm627sj534 134 9 p̂1 p̂1 ADD work_zxx6htnoxzfbvphjwm627sj534 134 10 . . . work_zxx6htnoxzfbvphjwm627sj534 135 1 p̂1 p̂1 ADD work_zxx6htnoxzfbvphjwm627sj534 135 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 135 3 b̂z b̂z NNP work_zxx6htnoxzfbvphjwm627sj534 135 4 + + SYM work_zxx6htnoxzfbvphjwm627sj534 135 5 ĉθ ĉθ NNP work_zxx6htnoxzfbvphjwm627sj534 135 6 − − NNP work_zxx6htnoxzfbvphjwm627sj534 135 7 d̂s1 d̂s1 NNP work_zxx6htnoxzfbvphjwm627sj534 135 8 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 135 9 6 6 CD work_zxx6htnoxzfbvphjwm627sj534 135 10 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 135 11 where where WRB work_zxx6htnoxzfbvphjwm627sj534 135 12 b̂ b̂ NNP work_zxx6htnoxzfbvphjwm627sj534 135 13 = = SYM work_zxx6htnoxzfbvphjwm627sj534 135 14 α α NNP work_zxx6htnoxzfbvphjwm627sj534 135 15 α α NN work_zxx6htnoxzfbvphjwm627sj534 135 16 + + CC work_zxx6htnoxzfbvphjwm627sj534 135 17 β β NN work_zxx6htnoxzfbvphjwm627sj534 135 18 + + CC work_zxx6htnoxzfbvphjwm627sj534 135 19 ρ1 ρ1 NNP work_zxx6htnoxzfbvphjwm627sj534 135 20 ĉ ĉ NNP work_zxx6htnoxzfbvphjwm627sj534 135 21 = = SYM work_zxx6htnoxzfbvphjwm627sj534 135 22 β β NN work_zxx6htnoxzfbvphjwm627sj534 135 23 + + CC work_zxx6htnoxzfbvphjwm627sj534 135 24 ρ1 ρ1 NN work_zxx6htnoxzfbvphjwm627sj534 135 25 α α NN work_zxx6htnoxzfbvphjwm627sj534 135 26 + + CC work_zxx6htnoxzfbvphjwm627sj534 135 27 β β NN work_zxx6htnoxzfbvphjwm627sj534 135 28 + + CC work_zxx6htnoxzfbvphjwm627sj534 135 29 ρ1 ρ1 NN work_zxx6htnoxzfbvphjwm627sj534 135 30 d̂ d̂ NNP work_zxx6htnoxzfbvphjwm627sj534 135 31 = = SYM work_zxx6htnoxzfbvphjwm627sj534 135 32 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 135 33 βτ βτ NN work_zxx6htnoxzfbvphjwm627sj534 135 34 β β NNP work_zxx6htnoxzfbvphjwm627sj534 135 35 + + CC work_zxx6htnoxzfbvphjwm627sj534 135 36 ρ1 ρ1 NNP work_zxx6htnoxzfbvphjwm627sj534 135 37 α α NN work_zxx6htnoxzfbvphjwm627sj534 135 38 + + CC work_zxx6htnoxzfbvphjwm627sj534 135 39 β β NN work_zxx6htnoxzfbvphjwm627sj534 135 40 + + SYM work_zxx6htnoxzfbvphjwm627sj534 135 41 ρ1 ρ1 NN work_zxx6htnoxzfbvphjwm627sj534 135 42 ρ1 ρ1 NNP work_zxx6htnoxzfbvphjwm627sj534 135 43 = = SYM work_zxx6htnoxzfbvphjwm627sj534 135 44 β β NNP work_zxx6htnoxzfbvphjwm627sj534 135 45 2τ 2τ NNP work_zxx6htnoxzfbvphjwm627sj534 135 46 2γ1 2γ1 CD work_zxx6htnoxzfbvphjwm627sj534 135 47 4Allen 4allen CD work_zxx6htnoxzfbvphjwm627sj534 135 48 , , , work_zxx6htnoxzfbvphjwm627sj534 135 49 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 135 50 , , , work_zxx6htnoxzfbvphjwm627sj534 135 51 and and CC work_zxx6htnoxzfbvphjwm627sj534 135 52 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 135 53 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 135 54 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 135 55 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 135 56 use use NN work_zxx6htnoxzfbvphjwm627sj534 135 57 as as IN work_zxx6htnoxzfbvphjwm627sj534 135 58 the the DT work_zxx6htnoxzfbvphjwm627sj534 135 59 benchmark benchmark NN work_zxx6htnoxzfbvphjwm627sj534 135 60 the the DT work_zxx6htnoxzfbvphjwm627sj534 135 61 consensus consensus NN work_zxx6htnoxzfbvphjwm627sj534 135 62 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 135 63 value value NN work_zxx6htnoxzfbvphjwm627sj534 135 64 in in IN work_zxx6htnoxzfbvphjwm627sj534 135 65 the the DT work_zxx6htnoxzfbvphjwm627sj534 135 66 short short JJ work_zxx6htnoxzfbvphjwm627sj534 135 67 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 135 68 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 135 69 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 135 70 . . . work_zxx6htnoxzfbvphjwm627sj534 136 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 136 2 two two CD work_zxx6htnoxzfbvphjwm627sj534 136 3 benchmarks benchmark NNS work_zxx6htnoxzfbvphjwm627sj534 136 4 are be VBP work_zxx6htnoxzfbvphjwm627sj534 136 5 only only RB work_zxx6htnoxzfbvphjwm627sj534 136 6 slightly slightly RB work_zxx6htnoxzfbvphjwm627sj534 136 7 different different JJ work_zxx6htnoxzfbvphjwm627sj534 136 8 . . . work_zxx6htnoxzfbvphjwm627sj534 137 1 Moreover moreover RB work_zxx6htnoxzfbvphjwm627sj534 137 2 , , , work_zxx6htnoxzfbvphjwm627sj534 137 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 137 4 difference difference NN work_zxx6htnoxzfbvphjwm627sj534 137 5 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 137 6 not not RB work_zxx6htnoxzfbvphjwm627sj534 137 7 affect affect VB work_zxx6htnoxzfbvphjwm627sj534 137 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 137 9 main main JJ work_zxx6htnoxzfbvphjwm627sj534 137 10 results result NNS work_zxx6htnoxzfbvphjwm627sj534 137 11 but but CC work_zxx6htnoxzfbvphjwm627sj534 137 12 makes make VBZ work_zxx6htnoxzfbvphjwm627sj534 137 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 137 14 interpretation interpretation NN work_zxx6htnoxzfbvphjwm627sj534 137 15 easier easy JJR work_zxx6htnoxzfbvphjwm627sj534 137 16 , , , work_zxx6htnoxzfbvphjwm627sj534 137 17 as as IN work_zxx6htnoxzfbvphjwm627sj534 137 18 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 137 19 shall shall MD work_zxx6htnoxzfbvphjwm627sj534 137 20 see see VB work_zxx6htnoxzfbvphjwm627sj534 137 21 soon soon RB work_zxx6htnoxzfbvphjwm627sj534 137 22 . . . work_zxx6htnoxzfbvphjwm627sj534 138 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 138 2 addition addition NN work_zxx6htnoxzfbvphjwm627sj534 138 3 , , , work_zxx6htnoxzfbvphjwm627sj534 138 4 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 138 5 , , , work_zxx6htnoxzfbvphjwm627sj534 138 6 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 138 7 , , , work_zxx6htnoxzfbvphjwm627sj534 138 8 and and CC work_zxx6htnoxzfbvphjwm627sj534 138 9 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 138 10 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 138 11 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 138 12 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 138 13 define define VB work_zxx6htnoxzfbvphjwm627sj534 138 14 a a DT work_zxx6htnoxzfbvphjwm627sj534 138 15 long- long- JJ work_zxx6htnoxzfbvphjwm627sj534 138 16 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 138 17 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 138 18 as as IN work_zxx6htnoxzfbvphjwm627sj534 138 19 one one CD work_zxx6htnoxzfbvphjwm627sj534 138 20 in in IN work_zxx6htnoxzfbvphjwm627sj534 138 21 which which WDT work_zxx6htnoxzfbvphjwm627sj534 138 22 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 138 23 live live VBP work_zxx6htnoxzfbvphjwm627sj534 138 24 longer long RBR work_zxx6htnoxzfbvphjwm627sj534 138 25 than than IN work_zxx6htnoxzfbvphjwm627sj534 138 26 one one CD work_zxx6htnoxzfbvphjwm627sj534 138 27 period period NN work_zxx6htnoxzfbvphjwm627sj534 138 28 , , , work_zxx6htnoxzfbvphjwm627sj534 138 29 resulting result VBG work_zxx6htnoxzfbvphjwm627sj534 138 30 in in IN work_zxx6htnoxzfbvphjwm627sj534 138 31 difficulty difficulty NN work_zxx6htnoxzfbvphjwm627sj534 138 32 in in IN work_zxx6htnoxzfbvphjwm627sj534 138 33 solving solve VBG work_zxx6htnoxzfbvphjwm627sj534 138 34 for for IN work_zxx6htnoxzfbvphjwm627sj534 138 35 a a DT work_zxx6htnoxzfbvphjwm627sj534 138 36 close close JJ work_zxx6htnoxzfbvphjwm627sj534 138 37 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 138 38 form form NN work_zxx6htnoxzfbvphjwm627sj534 138 39 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 138 40 . . . work_zxx6htnoxzfbvphjwm627sj534 139 1 11 11 CD work_zxx6htnoxzfbvphjwm627sj534 139 2 Note note VBP work_zxx6htnoxzfbvphjwm627sj534 139 3 that that IN work_zxx6htnoxzfbvphjwm627sj534 139 4 p̂1 p̂1 . work_zxx6htnoxzfbvphjwm627sj534 139 5 differs differ NNS work_zxx6htnoxzfbvphjwm627sj534 139 6 from from IN work_zxx6htnoxzfbvphjwm627sj534 139 7 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 139 8 , , , work_zxx6htnoxzfbvphjwm627sj534 139 9 although although IN work_zxx6htnoxzfbvphjwm627sj534 139 10 both both DT work_zxx6htnoxzfbvphjwm627sj534 139 11 are be VBP work_zxx6htnoxzfbvphjwm627sj534 139 12 generated generate VBN work_zxx6htnoxzfbvphjwm627sj534 139 13 in in IN work_zxx6htnoxzfbvphjwm627sj534 139 14 a a DT work_zxx6htnoxzfbvphjwm627sj534 139 15 long long JJ work_zxx6htnoxzfbvphjwm627sj534 139 16 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 139 17 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 139 18 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 139 19 . . . work_zxx6htnoxzfbvphjwm627sj534 140 1 p2 p2 NNP work_zxx6htnoxzfbvphjwm627sj534 140 2 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 140 3 not not RB work_zxx6htnoxzfbvphjwm627sj534 140 4 directly directly RB work_zxx6htnoxzfbvphjwm627sj534 140 5 comparable comparable JJ work_zxx6htnoxzfbvphjwm627sj534 140 6 to to IN work_zxx6htnoxzfbvphjwm627sj534 140 7 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 140 8 because because IN work_zxx6htnoxzfbvphjwm627sj534 140 9 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 140 10 in in IN work_zxx6htnoxzfbvphjwm627sj534 140 11 period period NN work_zxx6htnoxzfbvphjwm627sj534 140 12 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 140 13 have have VBP work_zxx6htnoxzfbvphjwm627sj534 140 14 additional additional JJ work_zxx6htnoxzfbvphjwm627sj534 140 15 access access NN work_zxx6htnoxzfbvphjwm627sj534 140 16 to to IN work_zxx6htnoxzfbvphjwm627sj534 140 17 price price NN work_zxx6htnoxzfbvphjwm627sj534 140 18 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 140 19 which which WDT work_zxx6htnoxzfbvphjwm627sj534 140 20 conveys convey VBZ work_zxx6htnoxzfbvphjwm627sj534 140 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 140 22 private private JJ work_zxx6htnoxzfbvphjwm627sj534 140 23 information information NN work_zxx6htnoxzfbvphjwm627sj534 140 24 of of IN work_zxx6htnoxzfbvphjwm627sj534 140 25 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 140 26 in in IN work_zxx6htnoxzfbvphjwm627sj534 140 27 period period NN work_zxx6htnoxzfbvphjwm627sj534 140 28 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 140 29 . . . work_zxx6htnoxzfbvphjwm627sj534 141 1 Figure figure NN work_zxx6htnoxzfbvphjwm627sj534 141 2 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 141 3 summarizes summarize VBZ work_zxx6htnoxzfbvphjwm627sj534 141 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 141 5 relation relation NN work_zxx6htnoxzfbvphjwm627sj534 141 6 between between IN work_zxx6htnoxzfbvphjwm627sj534 141 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 141 8 short short JJ work_zxx6htnoxzfbvphjwm627sj534 141 9 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 141 10 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 141 11 and and CC work_zxx6htnoxzfbvphjwm627sj534 141 12 long long JJ work_zxx6htnoxzfbvphjwm627sj534 141 13 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 141 14 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 141 15 equilibria equilibria NN work_zxx6htnoxzfbvphjwm627sj534 141 16 by by IN work_zxx6htnoxzfbvphjwm627sj534 141 17 comparing compare VBG work_zxx6htnoxzfbvphjwm627sj534 141 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 141 19 first first JJ work_zxx6htnoxzfbvphjwm627sj534 141 20 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 141 21 best good JJS work_zxx6htnoxzfbvphjwm627sj534 141 22 price price NN work_zxx6htnoxzfbvphjwm627sj534 141 23 pf pf NNP work_zxx6htnoxzfbvphjwm627sj534 141 24 b b NNP work_zxx6htnoxzfbvphjwm627sj534 141 25 , , , work_zxx6htnoxzfbvphjwm627sj534 141 26 the the DT work_zxx6htnoxzfbvphjwm627sj534 141 27 expected expect VBN work_zxx6htnoxzfbvphjwm627sj534 141 28 long long JJ work_zxx6htnoxzfbvphjwm627sj534 141 29 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 141 30 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 141 31 price price NN work_zxx6htnoxzfbvphjwm627sj534 141 32 Es1p̂1 es1p̂1 NN work_zxx6htnoxzfbvphjwm627sj534 141 33 , , , work_zxx6htnoxzfbvphjwm627sj534 141 34 and and CC work_zxx6htnoxzfbvphjwm627sj534 141 35 the the DT work_zxx6htnoxzfbvphjwm627sj534 141 36 expected expect VBN work_zxx6htnoxzfbvphjwm627sj534 141 37 short- short- NNS work_zxx6htnoxzfbvphjwm627sj534 141 38 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 141 39 price price NNP work_zxx6htnoxzfbvphjwm627sj534 141 40 Es1p1 es1p1 XX work_zxx6htnoxzfbvphjwm627sj534 141 41 . . . work_zxx6htnoxzfbvphjwm627sj534 142 1 Given give VBN work_zxx6htnoxzfbvphjwm627sj534 142 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 142 3 focus focus NN work_zxx6htnoxzfbvphjwm627sj534 142 4 on on IN work_zxx6htnoxzfbvphjwm627sj534 142 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 142 6 impact impact NN work_zxx6htnoxzfbvphjwm627sj534 142 7 of of IN work_zxx6htnoxzfbvphjwm627sj534 142 8 public public JJ work_zxx6htnoxzfbvphjwm627sj534 142 9 information information NN work_zxx6htnoxzfbvphjwm627sj534 142 10 , , , work_zxx6htnoxzfbvphjwm627sj534 142 11 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 142 12 use use VBP work_zxx6htnoxzfbvphjwm627sj534 142 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 142 14 expected expect VBN work_zxx6htnoxzfbvphjwm627sj534 142 15 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 142 16 with with IN work_zxx6htnoxzfbvphjwm627sj534 142 17 respect respect NN work_zxx6htnoxzfbvphjwm627sj534 142 18 to to TO work_zxx6htnoxzfbvphjwm627sj534 142 19 supply supply VB work_zxx6htnoxzfbvphjwm627sj534 142 20 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 142 21 to to TO work_zxx6htnoxzfbvphjwm627sj534 142 22 get get VB work_zxx6htnoxzfbvphjwm627sj534 142 23 around around IN work_zxx6htnoxzfbvphjwm627sj534 142 24 the the DT work_zxx6htnoxzfbvphjwm627sj534 142 25 confounding confound VBG work_zxx6htnoxzfbvphjwm627sj534 142 26 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 142 27 of of IN work_zxx6htnoxzfbvphjwm627sj534 142 28 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 142 29 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 142 30 . . . work_zxx6htnoxzfbvphjwm627sj534 143 1 F f NN work_zxx6htnoxzfbvphjwm627sj534 143 2 igure igure NN work_zxx6htnoxzfbvphjwm627sj534 143 3 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 143 4 : : : work_zxx6htnoxzfbvphjwm627sj534 143 5 T t NN work_zxx6htnoxzfbvphjwm627sj534 143 6 he -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 143 7 Keynesian Keynesian NNP work_zxx6htnoxzfbvphjwm627sj534 143 8 Beauty Beauty NNP work_zxx6htnoxzfbvphjwm627sj534 143 9 Contest Contest NNP work_zxx6htnoxzfbvphjwm627sj534 143 10 and and CC work_zxx6htnoxzfbvphjwm627sj534 143 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 143 12 N n NN work_zxx6htnoxzfbvphjwm627sj534 143 13 oise oise NN work_zxx6htnoxzfbvphjwm627sj534 143 14 Ef Ef NNP work_zxx6htnoxzfbvphjwm627sj534 143 15 f f PRP work_zxx6htnoxzfbvphjwm627sj534 143 16 ect ect VB work_zxx6htnoxzfbvphjwm627sj534 143 17 ✞ ✞ CD work_zxx6htnoxzfbvphjwm627sj534 143 18 ☎ ☎ VBN work_zxx6htnoxzfbvphjwm627sj534 143 19 T t NN work_zxx6htnoxzfbvphjwm627sj534 143 20 he -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 143 21 N n CD work_zxx6htnoxzfbvphjwm627sj534 143 22 oise oise NN work_zxx6htnoxzfbvphjwm627sj534 143 23 Ef Ef NNP work_zxx6htnoxzfbvphjwm627sj534 143 24 f f PRP work_zxx6htnoxzfbvphjwm627sj534 143 25 ect ect VB work_zxx6htnoxzfbvphjwm627sj534 143 26 ✞ ✞ CD work_zxx6htnoxzfbvphjwm627sj534 143 27 ☎ ☎ VBN work_zxx6htnoxzfbvphjwm627sj534 143 28 T t NN work_zxx6htnoxzfbvphjwm627sj534 143 29 he -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 143 30 Keynesian Keynesian NNP work_zxx6htnoxzfbvphjwm627sj534 143 31 Beauty Beauty NNP work_zxx6htnoxzfbvphjwm627sj534 143 32 Contest Contest NNP work_zxx6htnoxzfbvphjwm627sj534 143 33 z z NNP work_zxx6htnoxzfbvphjwm627sj534 143 34 P p NN work_zxx6htnoxzfbvphjwm627sj534 143 35 ublic ublic JJ work_zxx6htnoxzfbvphjwm627sj534 143 36 inf inf NN work_zxx6htnoxzfbvphjwm627sj534 143 37 ormation ormation NN work_zxx6htnoxzfbvphjwm627sj534 143 38 Es1 es1 NN work_zxx6htnoxzfbvphjwm627sj534 143 39 p1 p1 NNP work_zxx6htnoxzfbvphjwm627sj534 143 40 6= 6= NNP work_zxx6htnoxzfbvphjwm627sj534 143 41 Ē1[θ|I1 ē1[θ|i1 RB work_zxx6htnoxzfbvphjwm627sj534 143 42 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 143 43 Short Short NNP work_zxx6htnoxzfbvphjwm627sj534 143 44 − − NNP work_zxx6htnoxzfbvphjwm627sj534 143 45 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 143 46 price price NN work_zxx6htnoxzfbvphjwm627sj534 143 47 Es1 es1 NN work_zxx6htnoxzfbvphjwm627sj534 143 48 p̂1 p̂1 ADD work_zxx6htnoxzfbvphjwm627sj534 143 49 = = NFP work_zxx6htnoxzfbvphjwm627sj534 143 50 Ē1[θ|Î1 ē1[θ|î1 NN work_zxx6htnoxzfbvphjwm627sj534 143 51 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 143 52 Long Long NNP work_zxx6htnoxzfbvphjwm627sj534 143 53 − − NNP work_zxx6htnoxzfbvphjwm627sj534 143 54 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 143 55 price price NN work_zxx6htnoxzfbvphjwm627sj534 143 56 pf pf NNP work_zxx6htnoxzfbvphjwm627sj534 143 57 b b NNP work_zxx6htnoxzfbvphjwm627sj534 143 58 = = SYM work_zxx6htnoxzfbvphjwm627sj534 143 59 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 143 60 T T NNP work_zxx6htnoxzfbvphjwm627sj534 143 61 he -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 143 62 f f XX work_zxx6htnoxzfbvphjwm627sj534 143 63 irst irst RB work_zxx6htnoxzfbvphjwm627sj534 143 64 best good JJS work_zxx6htnoxzfbvphjwm627sj534 143 65 price price NN work_zxx6htnoxzfbvphjwm627sj534 143 66 Ē1 ē1 CD work_zxx6htnoxzfbvphjwm627sj534 143 67 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 143 68 · · NFP work_zxx6htnoxzfbvphjwm627sj534 143 69 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 143 70 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 143 71 the the DT work_zxx6htnoxzfbvphjwm627sj534 143 72 operator operator NN work_zxx6htnoxzfbvphjwm627sj534 143 73 of of IN work_zxx6htnoxzfbvphjwm627sj534 143 74 the the DT work_zxx6htnoxzfbvphjwm627sj534 143 75 consensus consensus NN work_zxx6htnoxzfbvphjwm627sj534 143 76 by by IN work_zxx6htnoxzfbvphjwm627sj534 143 77 taking take VBG work_zxx6htnoxzfbvphjwm627sj534 143 78 the the DT work_zxx6htnoxzfbvphjwm627sj534 143 79 average average NN work_zxx6htnoxzfbvphjwm627sj534 143 80 of of IN work_zxx6htnoxzfbvphjwm627sj534 143 81 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 143 82 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 143 83 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 143 84 in in IN work_zxx6htnoxzfbvphjwm627sj534 143 85 period period NN work_zxx6htnoxzfbvphjwm627sj534 143 86 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 143 87 . . . work_zxx6htnoxzfbvphjwm627sj534 144 1 Since since IN work_zxx6htnoxzfbvphjwm627sj534 144 2 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 144 3 learn learn VBP work_zxx6htnoxzfbvphjwm627sj534 144 4 from from IN work_zxx6htnoxzfbvphjwm627sj534 144 5 different different JJ work_zxx6htnoxzfbvphjwm627sj534 144 6 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 144 7 in in IN work_zxx6htnoxzfbvphjwm627sj534 144 8 two two CD work_zxx6htnoxzfbvphjwm627sj534 144 9 economies economy NNS work_zxx6htnoxzfbvphjwm627sj534 144 10 , , , work_zxx6htnoxzfbvphjwm627sj534 144 11 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 144 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 144 13 p̂1 p̂1 NN work_zxx6htnoxzfbvphjwm627sj534 144 14 , , , work_zxx6htnoxzfbvphjwm627sj534 144 15 Î1 î1 ADD work_zxx6htnoxzfbvphjwm627sj534 144 16 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 144 17 slightly slightly RB work_zxx6htnoxzfbvphjwm627sj534 144 18 differ- differ- JJ work_zxx6htnoxzfbvphjwm627sj534 144 19 ent ent NN work_zxx6htnoxzfbvphjwm627sj534 144 20 from from IN work_zxx6htnoxzfbvphjwm627sj534 144 21 I1 I1 NNP work_zxx6htnoxzfbvphjwm627sj534 144 22 , , , work_zxx6htnoxzfbvphjwm627sj534 144 23 resulting result VBG work_zxx6htnoxzfbvphjwm627sj534 144 24 in in IN work_zxx6htnoxzfbvphjwm627sj534 144 25 the the DT work_zxx6htnoxzfbvphjwm627sj534 144 26 difference difference NN work_zxx6htnoxzfbvphjwm627sj534 144 27 between between IN work_zxx6htnoxzfbvphjwm627sj534 144 28 two two CD work_zxx6htnoxzfbvphjwm627sj534 144 29 metrics metric NNS work_zxx6htnoxzfbvphjwm627sj534 144 30 of of IN work_zxx6htnoxzfbvphjwm627sj534 144 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 144 32 consensus consensus NN work_zxx6htnoxzfbvphjwm627sj534 144 33 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 144 34 value value NN work_zxx6htnoxzfbvphjwm627sj534 144 35 , , , work_zxx6htnoxzfbvphjwm627sj534 144 36 Ē1[θ|I1 Ē1[θ|I1 NNP work_zxx6htnoxzfbvphjwm627sj534 144 37 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 144 38 = = NN work_zxx6htnoxzfbvphjwm627sj534 144 39 α α XX work_zxx6htnoxzfbvphjwm627sj534 144 40 α+β+ρ α+β+ρ NNP work_zxx6htnoxzfbvphjwm627sj534 144 41 z z NN work_zxx6htnoxzfbvphjwm627sj534 144 42 + + SYM work_zxx6htnoxzfbvphjwm627sj534 144 43 β+ρ β+ρ NNP work_zxx6htnoxzfbvphjwm627sj534 144 44 α+β+ρ α+β+ρ NNP work_zxx6htnoxzfbvphjwm627sj534 144 45 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 144 46 and and CC work_zxx6htnoxzfbvphjwm627sj534 144 47 Ē1[θ|Î1 Ē1[θ|Î1 NNP work_zxx6htnoxzfbvphjwm627sj534 144 48 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 144 49 = = NN work_zxx6htnoxzfbvphjwm627sj534 144 50 α α NNP work_zxx6htnoxzfbvphjwm627sj534 144 51 α+β+ρ1 α+β+ρ1 NNP work_zxx6htnoxzfbvphjwm627sj534 144 52 z z NN work_zxx6htnoxzfbvphjwm627sj534 144 53 + + CC work_zxx6htnoxzfbvphjwm627sj534 144 54 β+ρ1 β+ρ1 JJ work_zxx6htnoxzfbvphjwm627sj534 144 55 α+β+ρ1 α+β+ρ1 JJ work_zxx6htnoxzfbvphjwm627sj534 144 56 θ θ NN work_zxx6htnoxzfbvphjwm627sj534 144 57 . . . work_zxx6htnoxzfbvphjwm627sj534 145 1 However however RB work_zxx6htnoxzfbvphjwm627sj534 145 2 , , , work_zxx6htnoxzfbvphjwm627sj534 145 3 because because IN work_zxx6htnoxzfbvphjwm627sj534 145 4 both both DT work_zxx6htnoxzfbvphjwm627sj534 145 5 ρ ρ NNP work_zxx6htnoxzfbvphjwm627sj534 145 6 and and CC work_zxx6htnoxzfbvphjwm627sj534 145 7 ρ1 ρ1 NN work_zxx6htnoxzfbvphjwm627sj534 145 8 are be VBP work_zxx6htnoxzfbvphjwm627sj534 145 9 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 145 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 145 11 α α XX work_zxx6htnoxzfbvphjwm627sj534 145 12 , , , work_zxx6htnoxzfbvphjwm627sj534 145 13 using use VBG work_zxx6htnoxzfbvphjwm627sj534 145 14 either either DT work_zxx6htnoxzfbvphjwm627sj534 145 15 of of IN work_zxx6htnoxzfbvphjwm627sj534 145 16 them -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 145 17 as as IN work_zxx6htnoxzfbvphjwm627sj534 145 18 a a DT work_zxx6htnoxzfbvphjwm627sj534 145 19 benchmark benchmark NN work_zxx6htnoxzfbvphjwm627sj534 145 20 for for IN work_zxx6htnoxzfbvphjwm627sj534 145 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 145 22 extra extra JJ work_zxx6htnoxzfbvphjwm627sj534 145 23 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 145 24 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 145 25 not not RB work_zxx6htnoxzfbvphjwm627sj534 145 26 qualita- qualita- VB work_zxx6htnoxzfbvphjwm627sj534 145 27 tively tively RB work_zxx6htnoxzfbvphjwm627sj534 145 28 affect affect VB work_zxx6htnoxzfbvphjwm627sj534 145 29 the the DT work_zxx6htnoxzfbvphjwm627sj534 145 30 main main JJ work_zxx6htnoxzfbvphjwm627sj534 145 31 results result NNS work_zxx6htnoxzfbvphjwm627sj534 145 32 . . . work_zxx6htnoxzfbvphjwm627sj534 146 1 Thus thus RB work_zxx6htnoxzfbvphjwm627sj534 146 2 , , , work_zxx6htnoxzfbvphjwm627sj534 146 3 for for IN work_zxx6htnoxzfbvphjwm627sj534 146 4 ease ease NN work_zxx6htnoxzfbvphjwm627sj534 146 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 146 6 exposition exposition NN work_zxx6htnoxzfbvphjwm627sj534 146 7 , , , work_zxx6htnoxzfbvphjwm627sj534 146 8 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 146 9 omit omit VBP work_zxx6htnoxzfbvphjwm627sj534 146 10 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 146 11 difference difference NN work_zxx6htnoxzfbvphjwm627sj534 146 12 in in IN work_zxx6htnoxzfbvphjwm627sj534 146 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 146 14 subsequent subsequent JJ work_zxx6htnoxzfbvphjwm627sj534 146 15 discussion discussion NN work_zxx6htnoxzfbvphjwm627sj534 146 16 . . . work_zxx6htnoxzfbvphjwm627sj534 147 1 pf pf NNP work_zxx6htnoxzfbvphjwm627sj534 147 2 b b NNP work_zxx6htnoxzfbvphjwm627sj534 147 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 147 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 147 5 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 147 6 value value NN work_zxx6htnoxzfbvphjwm627sj534 147 7 or or CC work_zxx6htnoxzfbvphjwm627sj534 147 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 147 9 first first JJ work_zxx6htnoxzfbvphjwm627sj534 147 10 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 147 11 best good JJS work_zxx6htnoxzfbvphjwm627sj534 147 12 price price NN work_zxx6htnoxzfbvphjwm627sj534 147 13 when when WRB work_zxx6htnoxzfbvphjwm627sj534 147 14 there there EX work_zxx6htnoxzfbvphjwm627sj534 147 15 are be VBP work_zxx6htnoxzfbvphjwm627sj534 147 16 neither neither DT work_zxx6htnoxzfbvphjwm627sj534 147 17 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 147 18 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 147 19 nor nor CC work_zxx6htnoxzfbvphjwm627sj534 147 20 short short JJ work_zxx6htnoxzfbvphjwm627sj534 147 21 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 147 22 . . . work_zxx6htnoxzfbvphjwm627sj534 148 1 Supply supply NN work_zxx6htnoxzfbvphjwm627sj534 148 2 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 148 3 prevents prevent VBZ work_zxx6htnoxzfbvphjwm627sj534 148 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 148 5 full full JJ work_zxx6htnoxzfbvphjwm627sj534 148 6 expression expression NN work_zxx6htnoxzfbvphjwm627sj534 148 7 of of IN work_zxx6htnoxzfbvphjwm627sj534 148 8 private private JJ work_zxx6htnoxzfbvphjwm627sj534 148 9 information information NN work_zxx6htnoxzfbvphjwm627sj534 148 10 in in IN work_zxx6htnoxzfbvphjwm627sj534 148 11 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 148 12 price price NN work_zxx6htnoxzfbvphjwm627sj534 148 13 . . . work_zxx6htnoxzfbvphjwm627sj534 149 1 12 12 CD work_zxx6htnoxzfbvphjwm627sj534 149 2 This this DT work_zxx6htnoxzfbvphjwm627sj534 149 3 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 149 4 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 149 5 drives drive VBZ work_zxx6htnoxzfbvphjwm627sj534 149 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 149 7 expected expect VBN work_zxx6htnoxzfbvphjwm627sj534 149 8 long long JJ work_zxx6htnoxzfbvphjwm627sj534 149 9 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 149 10 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 149 11 price price NN work_zxx6htnoxzfbvphjwm627sj534 149 12 , , , work_zxx6htnoxzfbvphjwm627sj534 149 13 Es1 es1 NN work_zxx6htnoxzfbvphjwm627sj534 149 14 p̂1 p̂1 NN work_zxx6htnoxzfbvphjwm627sj534 149 15 , , , work_zxx6htnoxzfbvphjwm627sj534 149 16 away away RB work_zxx6htnoxzfbvphjwm627sj534 149 17 from from IN work_zxx6htnoxzfbvphjwm627sj534 149 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 149 19 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 149 20 value value NN work_zxx6htnoxzfbvphjwm627sj534 149 21 toward toward IN work_zxx6htnoxzfbvphjwm627sj534 149 22 public public JJ work_zxx6htnoxzfbvphjwm627sj534 149 23 information information NN work_zxx6htnoxzfbvphjwm627sj534 149 24 . . . work_zxx6htnoxzfbvphjwm627sj534 150 1 One one CD work_zxx6htnoxzfbvphjwm627sj534 150 2 prominent prominent JJ work_zxx6htnoxzfbvphjwm627sj534 150 3 feature feature NN work_zxx6htnoxzfbvphjwm627sj534 150 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 150 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 150 6 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 150 7 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 150 8 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 150 9 that that IN work_zxx6htnoxzfbvphjwm627sj534 150 10 Es1 es1 NN work_zxx6htnoxzfbvphjwm627sj534 150 11 p̂1 p̂1 : work_zxx6htnoxzfbvphjwm627sj534 150 12 coincides coincide VBZ work_zxx6htnoxzfbvphjwm627sj534 150 13 with with IN work_zxx6htnoxzfbvphjwm627sj534 150 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 150 15 consensus consensus NN work_zxx6htnoxzfbvphjwm627sj534 150 16 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 150 17 value value NN work_zxx6htnoxzfbvphjwm627sj534 150 18 , , , work_zxx6htnoxzfbvphjwm627sj534 150 19 Ē1[θ|Î1 Ē1[θ|Î1 NNP work_zxx6htnoxzfbvphjwm627sj534 150 20 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 150 21 . . . work_zxx6htnoxzfbvphjwm627sj534 151 1 5 5 CD work_zxx6htnoxzfbvphjwm627sj534 151 2 The the DT work_zxx6htnoxzfbvphjwm627sj534 151 3 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 151 4 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 151 5 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 151 6 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 151 7 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 151 8 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 151 9 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 151 10 characterized characterize VBN work_zxx6htnoxzfbvphjwm627sj534 151 11 by by IN work_zxx6htnoxzfbvphjwm627sj534 151 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 151 13 further further JJ work_zxx6htnoxzfbvphjwm627sj534 151 14 deviation deviation NN work_zxx6htnoxzfbvphjwm627sj534 151 15 of of IN work_zxx6htnoxzfbvphjwm627sj534 151 16 Es1 Es1 NNP work_zxx6htnoxzfbvphjwm627sj534 151 17 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 151 18 from from IN work_zxx6htnoxzfbvphjwm627sj534 151 19 Es1 Es1 NNP work_zxx6htnoxzfbvphjwm627sj534 151 20 p̂1 p̂1 NNP work_zxx6htnoxzfbvphjwm627sj534 151 21 toward toward IN work_zxx6htnoxzfbvphjwm627sj534 151 22 public public JJ work_zxx6htnoxzfbvphjwm627sj534 151 23 information information NN work_zxx6htnoxzfbvphjwm627sj534 151 24 . . . work_zxx6htnoxzfbvphjwm627sj534 152 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 152 2 Keynesian Keynesian NNP work_zxx6htnoxzfbvphjwm627sj534 152 3 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 152 4 beauty- beauty- JJ work_zxx6htnoxzfbvphjwm627sj534 152 5 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 152 6 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 152 7 differs differ VBZ work_zxx6htnoxzfbvphjwm627sj534 152 8 from from IN work_zxx6htnoxzfbvphjwm627sj534 152 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 152 10 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 152 11 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 152 12 in in IN work_zxx6htnoxzfbvphjwm627sj534 152 13 that that DT work_zxx6htnoxzfbvphjwm627sj534 152 14 Es1 es1 NN work_zxx6htnoxzfbvphjwm627sj534 152 15 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 152 16 deviates deviate VBZ work_zxx6htnoxzfbvphjwm627sj534 152 17 from from IN work_zxx6htnoxzfbvphjwm627sj534 152 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 152 19 consensus consensus NN work_zxx6htnoxzfbvphjwm627sj534 152 20 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 152 21 value value NN work_zxx6htnoxzfbvphjwm627sj534 152 22 , , , work_zxx6htnoxzfbvphjwm627sj534 152 23 either either CC work_zxx6htnoxzfbvphjwm627sj534 152 24 Ē1[θ|I1 ē1[θ|i1 RB work_zxx6htnoxzfbvphjwm627sj534 152 25 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 152 26 or or CC work_zxx6htnoxzfbvphjwm627sj534 152 27 Ē1[θ|Î1 Ē1[θ|Î1 NNP work_zxx6htnoxzfbvphjwm627sj534 152 28 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 152 29 . . . work_zxx6htnoxzfbvphjwm627sj534 153 1 Thus thus RB work_zxx6htnoxzfbvphjwm627sj534 153 2 , , , work_zxx6htnoxzfbvphjwm627sj534 153 3 although although IN work_zxx6htnoxzfbvphjwm627sj534 153 4 both both DT work_zxx6htnoxzfbvphjwm627sj534 153 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 153 6 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 153 7 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 153 8 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 153 9 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 153 10 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 153 11 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 153 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 153 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 153 14 noise noise NNP work_zxx6htnoxzfbvphjwm627sj534 153 15 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 153 16 bias bias NNP work_zxx6htnoxzfbvphjwm627sj534 153 17 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 153 18 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 153 19 toward toward IN work_zxx6htnoxzfbvphjwm627sj534 153 20 public public JJ work_zxx6htnoxzfbvphjwm627sj534 153 21 information information NN work_zxx6htnoxzfbvphjwm627sj534 153 22 , , , work_zxx6htnoxzfbvphjwm627sj534 153 23 the the DT work_zxx6htnoxzfbvphjwm627sj534 153 24 discrepancy discrepancy NN work_zxx6htnoxzfbvphjwm627sj534 153 25 between between IN work_zxx6htnoxzfbvphjwm627sj534 153 26 Es1 Es1 NNP work_zxx6htnoxzfbvphjwm627sj534 153 27 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 153 28 and and CC work_zxx6htnoxzfbvphjwm627sj534 153 29 the the DT work_zxx6htnoxzfbvphjwm627sj534 153 30 consensus consensus NN work_zxx6htnoxzfbvphjwm627sj534 153 31 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 153 32 value value NN work_zxx6htnoxzfbvphjwm627sj534 153 33 in in IN work_zxx6htnoxzfbvphjwm627sj534 153 34 the the DT work_zxx6htnoxzfbvphjwm627sj534 153 35 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 153 36 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 153 37 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 153 38 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 153 39 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 153 40 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 153 41 provides provide VBZ work_zxx6htnoxzfbvphjwm627sj534 153 42 a a DT work_zxx6htnoxzfbvphjwm627sj534 153 43 useful useful JJ work_zxx6htnoxzfbvphjwm627sj534 153 44 clue clue NN work_zxx6htnoxzfbvphjwm627sj534 153 45 to to TO work_zxx6htnoxzfbvphjwm627sj534 153 46 empirically empirically RB work_zxx6htnoxzfbvphjwm627sj534 153 47 differentiate differentiate VB work_zxx6htnoxzfbvphjwm627sj534 153 48 the the DT work_zxx6htnoxzfbvphjwm627sj534 153 49 two two CD work_zxx6htnoxzfbvphjwm627sj534 153 50 effects effect NNS work_zxx6htnoxzfbvphjwm627sj534 153 51 . . . work_zxx6htnoxzfbvphjwm627sj534 154 1 3.2 3.2 CD work_zxx6htnoxzfbvphjwm627sj534 154 2 The the DT work_zxx6htnoxzfbvphjwm627sj534 154 3 Comparison Comparison NNP work_zxx6htnoxzfbvphjwm627sj534 154 4 with with IN work_zxx6htnoxzfbvphjwm627sj534 154 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 154 6 Previous Previous NNP work_zxx6htnoxzfbvphjwm627sj534 154 7 Literature Literature NNP work_zxx6htnoxzfbvphjwm627sj534 154 8 Having have VBG work_zxx6htnoxzfbvphjwm627sj534 154 9 presented present VBD work_zxx6htnoxzfbvphjwm627sj534 154 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 154 11 closed closed JJ work_zxx6htnoxzfbvphjwm627sj534 154 12 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 154 13 form form NN work_zxx6htnoxzfbvphjwm627sj534 154 14 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 154 15 in in IN work_zxx6htnoxzfbvphjwm627sj534 154 16 Proposition Proposition NNP work_zxx6htnoxzfbvphjwm627sj534 154 17 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 154 18 , , , work_zxx6htnoxzfbvphjwm627sj534 154 19 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 154 20 briefly briefly RB work_zxx6htnoxzfbvphjwm627sj534 154 21 compare compare VBP work_zxx6htnoxzfbvphjwm627sj534 154 22 the the DT work_zxx6htnoxzfbvphjwm627sj534 154 23 solution solution NN work_zxx6htnoxzfbvphjwm627sj534 154 24 of of IN work_zxx6htnoxzfbvphjwm627sj534 154 25 the the DT work_zxx6htnoxzfbvphjwm627sj534 154 26 model model NN work_zxx6htnoxzfbvphjwm627sj534 154 27 with with IN work_zxx6htnoxzfbvphjwm627sj534 154 28 the the DT work_zxx6htnoxzfbvphjwm627sj534 154 29 results result NNS work_zxx6htnoxzfbvphjwm627sj534 154 30 in in IN work_zxx6htnoxzfbvphjwm627sj534 154 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 154 32 previous previous JJ work_zxx6htnoxzfbvphjwm627sj534 154 33 literature literature NN work_zxx6htnoxzfbvphjwm627sj534 154 34 on on IN work_zxx6htnoxzfbvphjwm627sj534 154 35 multi multi JJ work_zxx6htnoxzfbvphjwm627sj534 154 36 - - JJ work_zxx6htnoxzfbvphjwm627sj534 154 37 period period JJ work_zxx6htnoxzfbvphjwm627sj534 154 38 noisy noisy NNP work_zxx6htnoxzfbvphjwm627sj534 154 39 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 154 40 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 154 41 economies economy NNS work_zxx6htnoxzfbvphjwm627sj534 154 42 with with IN work_zxx6htnoxzfbvphjwm627sj534 154 43 short short JJ work_zxx6htnoxzfbvphjwm627sj534 154 44 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 154 45 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 154 46 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 154 47 , , , work_zxx6htnoxzfbvphjwm627sj534 154 48 mainly mainly RB work_zxx6htnoxzfbvphjwm627sj534 154 49 Brown Brown NNP work_zxx6htnoxzfbvphjwm627sj534 154 50 and and CC work_zxx6htnoxzfbvphjwm627sj534 154 51 Jennings Jennings NNP work_zxx6htnoxzfbvphjwm627sj534 154 52 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 154 53 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 154 54 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 154 55 and and CC work_zxx6htnoxzfbvphjwm627sj534 154 56 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 154 57 , , , work_zxx6htnoxzfbvphjwm627sj534 154 58 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 154 59 , , , work_zxx6htnoxzfbvphjwm627sj534 154 60 and and CC work_zxx6htnoxzfbvphjwm627sj534 154 61 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 154 62 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 154 63 2006).6 2006).6 CD work_zxx6htnoxzfbvphjwm627sj534 154 64 This this DT work_zxx6htnoxzfbvphjwm627sj534 154 65 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 154 66 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 154 67 an an DT work_zxx6htnoxzfbvphjwm627sj534 154 68 extension extension NN work_zxx6htnoxzfbvphjwm627sj534 154 69 to to IN work_zxx6htnoxzfbvphjwm627sj534 154 70 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 154 71 , , , work_zxx6htnoxzfbvphjwm627sj534 154 72 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 154 73 , , , work_zxx6htnoxzfbvphjwm627sj534 154 74 and and CC work_zxx6htnoxzfbvphjwm627sj534 154 75 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 154 76 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 154 77 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 154 78 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 154 79 . . . work_zxx6htnoxzfbvphjwm627sj534 155 1 They -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 155 2 propose propose VBP work_zxx6htnoxzfbvphjwm627sj534 155 3 that that IN work_zxx6htnoxzfbvphjwm627sj534 155 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 155 5 Keynesian- Keynesian- NNP work_zxx6htnoxzfbvphjwm627sj534 155 6 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 155 7 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 155 8 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 155 9 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 155 10 could could MD work_zxx6htnoxzfbvphjwm627sj534 155 11 arise arise VB work_zxx6htnoxzfbvphjwm627sj534 155 12 rationally rationally RB work_zxx6htnoxzfbvphjwm627sj534 155 13 from from IN work_zxx6htnoxzfbvphjwm627sj534 155 14 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 155 15 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 155 16 short short JJ work_zxx6htnoxzfbvphjwm627sj534 155 17 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 155 18 , , , work_zxx6htnoxzfbvphjwm627sj534 155 19 and and CC work_zxx6htnoxzfbvphjwm627sj534 155 20 prove prove VB work_zxx6htnoxzfbvphjwm627sj534 155 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 155 22 key key JJ work_zxx6htnoxzfbvphjwm627sj534 155 23 results result NNS work_zxx6htnoxzfbvphjwm627sj534 155 24 5The 5the CD work_zxx6htnoxzfbvphjwm627sj534 155 25 inability inability NN work_zxx6htnoxzfbvphjwm627sj534 155 26 of of IN work_zxx6htnoxzfbvphjwm627sj534 155 27 private private JJ work_zxx6htnoxzfbvphjwm627sj534 155 28 information information NN work_zxx6htnoxzfbvphjwm627sj534 155 29 to to TO work_zxx6htnoxzfbvphjwm627sj534 155 30 be be VB work_zxx6htnoxzfbvphjwm627sj534 155 31 fully fully RB work_zxx6htnoxzfbvphjwm627sj534 155 32 reflected reflect VBN work_zxx6htnoxzfbvphjwm627sj534 155 33 in in IN work_zxx6htnoxzfbvphjwm627sj534 155 34 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 155 35 price price NN work_zxx6htnoxzfbvphjwm627sj534 155 36 resembles resemble VBZ work_zxx6htnoxzfbvphjwm627sj534 155 37 the the DT work_zxx6htnoxzfbvphjwm627sj534 155 38 mechanism mechanism NN work_zxx6htnoxzfbvphjwm627sj534 155 39 underlying underlie VBG work_zxx6htnoxzfbvphjwm627sj534 155 40 the the DT work_zxx6htnoxzfbvphjwm627sj534 155 41 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 155 42 herding herding NN work_zxx6htnoxzfbvphjwm627sj534 155 43 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 155 44 in in IN work_zxx6htnoxzfbvphjwm627sj534 155 45 which which WDT work_zxx6htnoxzfbvphjwm627sj534 155 46 a a DT work_zxx6htnoxzfbvphjwm627sj534 155 47 subsequent subsequent JJ work_zxx6htnoxzfbvphjwm627sj534 155 48 actor actor NN work_zxx6htnoxzfbvphjwm627sj534 155 49 can can MD work_zxx6htnoxzfbvphjwm627sj534 155 50 not not RB work_zxx6htnoxzfbvphjwm627sj534 155 51 fully fully RB work_zxx6htnoxzfbvphjwm627sj534 155 52 learn learn VB work_zxx6htnoxzfbvphjwm627sj534 155 53 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 155 54 predecessors predecessor NNS work_zxx6htnoxzfbvphjwm627sj534 155 55 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 155 56 private private JJ work_zxx6htnoxzfbvphjwm627sj534 155 57 information information NN work_zxx6htnoxzfbvphjwm627sj534 155 58 because because IN work_zxx6htnoxzfbvphjwm627sj534 155 59 she -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 155 60 can can MD work_zxx6htnoxzfbvphjwm627sj534 155 61 only only RB work_zxx6htnoxzfbvphjwm627sj534 155 62 observe observe VB work_zxx6htnoxzfbvphjwm627sj534 155 63 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 155 64 actions action NNS work_zxx6htnoxzfbvphjwm627sj534 155 65 but but CC work_zxx6htnoxzfbvphjwm627sj534 155 66 not not RB work_zxx6htnoxzfbvphjwm627sj534 155 67 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 155 68 private private JJ work_zxx6htnoxzfbvphjwm627sj534 155 69 information information NN work_zxx6htnoxzfbvphjwm627sj534 155 70 . . . work_zxx6htnoxzfbvphjwm627sj534 156 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 156 2 this this DT work_zxx6htnoxzfbvphjwm627sj534 156 3 sense sense NN work_zxx6htnoxzfbvphjwm627sj534 156 4 , , , work_zxx6htnoxzfbvphjwm627sj534 156 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 156 6 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 156 7 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 156 8 in in IN work_zxx6htnoxzfbvphjwm627sj534 156 9 a a DT work_zxx6htnoxzfbvphjwm627sj534 156 10 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 156 11 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 156 12 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 156 13 model model NN work_zxx6htnoxzfbvphjwm627sj534 156 14 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 156 15 analogous analogous JJ work_zxx6htnoxzfbvphjwm627sj534 156 16 to to IN work_zxx6htnoxzfbvphjwm627sj534 156 17 the the DT work_zxx6htnoxzfbvphjwm627sj534 156 18 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 156 19 herding herding NN work_zxx6htnoxzfbvphjwm627sj534 156 20 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 156 21 , , , work_zxx6htnoxzfbvphjwm627sj534 156 22 although although IN work_zxx6htnoxzfbvphjwm627sj534 156 23 the the DT work_zxx6htnoxzfbvphjwm627sj534 156 24 later later RB work_zxx6htnoxzfbvphjwm627sj534 156 25 usually usually RB work_zxx6htnoxzfbvphjwm627sj534 156 26 concerns concern VBZ work_zxx6htnoxzfbvphjwm627sj534 156 27 only only RB work_zxx6htnoxzfbvphjwm627sj534 156 28 about about IN work_zxx6htnoxzfbvphjwm627sj534 156 29 discrete discrete JJ work_zxx6htnoxzfbvphjwm627sj534 156 30 actions action NNS work_zxx6htnoxzfbvphjwm627sj534 156 31 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 156 32 see see VB work_zxx6htnoxzfbvphjwm627sj534 156 33 Bikhchandani Bikhchandani NNP work_zxx6htnoxzfbvphjwm627sj534 156 34 , , , work_zxx6htnoxzfbvphjwm627sj534 156 35 Hirshleifer Hirshleifer NNP work_zxx6htnoxzfbvphjwm627sj534 156 36 , , , work_zxx6htnoxzfbvphjwm627sj534 156 37 and and CC work_zxx6htnoxzfbvphjwm627sj534 156 38 Welch Welch NNP work_zxx6htnoxzfbvphjwm627sj534 156 39 , , , work_zxx6htnoxzfbvphjwm627sj534 156 40 1998 1998 CD work_zxx6htnoxzfbvphjwm627sj534 156 41 , , , work_zxx6htnoxzfbvphjwm627sj534 156 42 e.g. e.g. RB work_zxx6htnoxzfbvphjwm627sj534 156 43 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 156 44 . . . work_zxx6htnoxzfbvphjwm627sj534 157 1 6In 6in CD work_zxx6htnoxzfbvphjwm627sj534 157 2 contrast contrast NN work_zxx6htnoxzfbvphjwm627sj534 157 3 , , , work_zxx6htnoxzfbvphjwm627sj534 157 4 Grundy Grundy NNP work_zxx6htnoxzfbvphjwm627sj534 157 5 and and CC work_zxx6htnoxzfbvphjwm627sj534 157 6 McNichols McNichols NNP work_zxx6htnoxzfbvphjwm627sj534 157 7 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 157 8 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 157 9 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 157 10 study study VB work_zxx6htnoxzfbvphjwm627sj534 157 11 a a DT work_zxx6htnoxzfbvphjwm627sj534 157 12 two two CD work_zxx6htnoxzfbvphjwm627sj534 157 13 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 157 14 period period NN work_zxx6htnoxzfbvphjwm627sj534 157 15 noisy noisy NNP work_zxx6htnoxzfbvphjwm627sj534 157 16 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 157 17 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 157 18 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 157 19 in in IN work_zxx6htnoxzfbvphjwm627sj534 157 20 which which WDT work_zxx6htnoxzfbvphjwm627sj534 157 21 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 157 22 trade trade VBP work_zxx6htnoxzfbvphjwm627sj534 157 23 in in IN work_zxx6htnoxzfbvphjwm627sj534 157 24 both both DT work_zxx6htnoxzfbvphjwm627sj534 157 25 periods period NNS work_zxx6htnoxzfbvphjwm627sj534 157 26 and and CC work_zxx6htnoxzfbvphjwm627sj534 157 27 thus thus RB work_zxx6htnoxzfbvphjwm627sj534 157 28 have have VBP work_zxx6htnoxzfbvphjwm627sj534 157 29 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 157 30 as as RB work_zxx6htnoxzfbvphjwm627sj534 157 31 long long RB work_zxx6htnoxzfbvphjwm627sj534 157 32 as as IN work_zxx6htnoxzfbvphjwm627sj534 157 33 the the DT work_zxx6htnoxzfbvphjwm627sj534 157 34 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 157 35 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 157 36 life life NN work_zxx6htnoxzfbvphjwm627sj534 157 37 . . . work_zxx6htnoxzfbvphjwm627sj534 158 1 They -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 158 2 also also RB work_zxx6htnoxzfbvphjwm627sj534 158 3 use use VBP work_zxx6htnoxzfbvphjwm627sj534 158 4 a a DT work_zxx6htnoxzfbvphjwm627sj534 158 5 different different JJ work_zxx6htnoxzfbvphjwm627sj534 158 6 information information NN work_zxx6htnoxzfbvphjwm627sj534 158 7 structure structure NN work_zxx6htnoxzfbvphjwm627sj534 158 8 . . . work_zxx6htnoxzfbvphjwm627sj534 159 1 13 13 CD work_zxx6htnoxzfbvphjwm627sj534 159 2 without without IN work_zxx6htnoxzfbvphjwm627sj534 159 3 deriving derive VBG work_zxx6htnoxzfbvphjwm627sj534 159 4 a a DT work_zxx6htnoxzfbvphjwm627sj534 159 5 closed close VBN work_zxx6htnoxzfbvphjwm627sj534 159 6 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 159 7 form form NN work_zxx6htnoxzfbvphjwm627sj534 159 8 solution.7 solution.7 NN work_zxx6htnoxzfbvphjwm627sj534 159 9 Built build VBN work_zxx6htnoxzfbvphjwm627sj534 159 10 on on IN work_zxx6htnoxzfbvphjwm627sj534 159 11 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 159 12 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 159 13 , , , work_zxx6htnoxzfbvphjwm627sj534 159 14 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 159 15 characterize characterize VBP work_zxx6htnoxzfbvphjwm627sj534 159 16 a a DT work_zxx6htnoxzfbvphjwm627sj534 159 17 closed close VBN work_zxx6htnoxzfbvphjwm627sj534 159 18 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 159 19 form form NN work_zxx6htnoxzfbvphjwm627sj534 159 20 equi- equi- JJ work_zxx6htnoxzfbvphjwm627sj534 159 21 librium librium NN work_zxx6htnoxzfbvphjwm627sj534 159 22 of of IN work_zxx6htnoxzfbvphjwm627sj534 159 23 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 159 24 model model NN work_zxx6htnoxzfbvphjwm627sj534 159 25 and and CC work_zxx6htnoxzfbvphjwm627sj534 159 26 identify identify VB work_zxx6htnoxzfbvphjwm627sj534 159 27 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 159 28 implications implication NNS work_zxx6htnoxzfbvphjwm627sj534 159 29 for for IN work_zxx6htnoxzfbvphjwm627sj534 159 30 the the DT work_zxx6htnoxzfbvphjwm627sj534 159 31 desirability desirability NN work_zxx6htnoxzfbvphjwm627sj534 159 32 of of IN work_zxx6htnoxzfbvphjwm627sj534 159 33 public public JJ work_zxx6htnoxzfbvphjwm627sj534 159 34 information information NN work_zxx6htnoxzfbvphjwm627sj534 159 35 in in IN work_zxx6htnoxzfbvphjwm627sj534 159 36 a a DT work_zxx6htnoxzfbvphjwm627sj534 159 37 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 159 38 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 159 39 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 159 40 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 159 41 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 159 42 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 159 43 market market NN work_zxx6htnoxzfbvphjwm627sj534 159 44 . . . work_zxx6htnoxzfbvphjwm627sj534 160 1 Papers paper NNS work_zxx6htnoxzfbvphjwm627sj534 160 2 on on IN work_zxx6htnoxzfbvphjwm627sj534 160 3 a a DT work_zxx6htnoxzfbvphjwm627sj534 160 4 multi multi JJ work_zxx6htnoxzfbvphjwm627sj534 160 5 - - JJ work_zxx6htnoxzfbvphjwm627sj534 160 6 period period JJ work_zxx6htnoxzfbvphjwm627sj534 160 7 noisy noisy NNP work_zxx6htnoxzfbvphjwm627sj534 160 8 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 160 9 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 160 10 model model NN work_zxx6htnoxzfbvphjwm627sj534 160 11 usually usually RB work_zxx6htnoxzfbvphjwm627sj534 160 12 do do VBP work_zxx6htnoxzfbvphjwm627sj534 160 13 not not RB work_zxx6htnoxzfbvphjwm627sj534 160 14 derive derive VB work_zxx6htnoxzfbvphjwm627sj534 160 15 a a DT work_zxx6htnoxzfbvphjwm627sj534 160 16 closed close VBN work_zxx6htnoxzfbvphjwm627sj534 160 17 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 160 18 form form NN work_zxx6htnoxzfbvphjwm627sj534 160 19 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 160 20 . . . work_zxx6htnoxzfbvphjwm627sj534 161 1 For for IN work_zxx6htnoxzfbvphjwm627sj534 161 2 example example NN work_zxx6htnoxzfbvphjwm627sj534 161 3 , , , work_zxx6htnoxzfbvphjwm627sj534 161 4 two two CD work_zxx6htnoxzfbvphjwm627sj534 161 5 main main JJ work_zxx6htnoxzfbvphjwm627sj534 161 6 papers paper NNS work_zxx6htnoxzfbvphjwm627sj534 161 7 in in IN work_zxx6htnoxzfbvphjwm627sj534 161 8 this this DT work_zxx6htnoxzfbvphjwm627sj534 161 9 literature literature NN work_zxx6htnoxzfbvphjwm627sj534 161 10 , , , work_zxx6htnoxzfbvphjwm627sj534 161 11 Brown Brown NNP work_zxx6htnoxzfbvphjwm627sj534 161 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 161 13 Jennings Jennings NNP work_zxx6htnoxzfbvphjwm627sj534 161 14 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 161 15 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 161 16 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 161 17 and and CC work_zxx6htnoxzfbvphjwm627sj534 161 18 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 161 19 , , , work_zxx6htnoxzfbvphjwm627sj534 161 20 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 161 21 , , , work_zxx6htnoxzfbvphjwm627sj534 161 22 and and CC work_zxx6htnoxzfbvphjwm627sj534 161 23 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 161 24 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 161 25 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 161 26 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 161 27 , , , work_zxx6htnoxzfbvphjwm627sj534 161 28 demonstrate demonstrate VBP work_zxx6htnoxzfbvphjwm627sj534 161 29 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 161 30 themes theme NNS work_zxx6htnoxzfbvphjwm627sj534 161 31 based base VBN work_zxx6htnoxzfbvphjwm627sj534 161 32 on on IN work_zxx6htnoxzfbvphjwm627sj534 161 33 qualitative qualitative JJ work_zxx6htnoxzfbvphjwm627sj534 161 34 characterization characterization NN work_zxx6htnoxzfbvphjwm627sj534 161 35 . . . work_zxx6htnoxzfbvphjwm627sj534 162 1 To to TO work_zxx6htnoxzfbvphjwm627sj534 162 2 show show VB work_zxx6htnoxzfbvphjwm627sj534 162 3 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 162 4 main main JJ work_zxx6htnoxzfbvphjwm627sj534 162 5 point point NN work_zxx6htnoxzfbvphjwm627sj534 162 6 that that DT work_zxx6htnoxzfbvphjwm627sj534 162 7 technical technical JJ work_zxx6htnoxzfbvphjwm627sj534 162 8 analysis analysis NN work_zxx6htnoxzfbvphjwm627sj534 162 9 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 162 10 value value NN work_zxx6htnoxzfbvphjwm627sj534 162 11 in in IN work_zxx6htnoxzfbvphjwm627sj534 162 12 a a DT work_zxx6htnoxzfbvphjwm627sj534 162 13 short short JJ work_zxx6htnoxzfbvphjwm627sj534 162 14 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 162 15 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 162 16 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 162 17 , , , work_zxx6htnoxzfbvphjwm627sj534 162 18 Brown Brown NNP work_zxx6htnoxzfbvphjwm627sj534 162 19 and and CC work_zxx6htnoxzfbvphjwm627sj534 162 20 Jennings Jennings NNP work_zxx6htnoxzfbvphjwm627sj534 162 21 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 162 22 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 162 23 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 162 24 prove prove VB work_zxx6htnoxzfbvphjwm627sj534 162 25 the the DT work_zxx6htnoxzfbvphjwm627sj534 162 26 existence existence NN work_zxx6htnoxzfbvphjwm627sj534 162 27 of of IN work_zxx6htnoxzfbvphjwm627sj534 162 28 the the DT work_zxx6htnoxzfbvphjwm627sj534 162 29 correlation correlation NN work_zxx6htnoxzfbvphjwm627sj534 162 30 between between IN work_zxx6htnoxzfbvphjwm627sj534 162 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 162 32 historical historical JJ work_zxx6htnoxzfbvphjwm627sj534 162 33 price price NN work_zxx6htnoxzfbvphjwm627sj534 162 34 and and CC work_zxx6htnoxzfbvphjwm627sj534 162 35 the the DT work_zxx6htnoxzfbvphjwm627sj534 162 36 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 162 37 value value NN work_zxx6htnoxzfbvphjwm627sj534 162 38 conditional conditional JJ work_zxx6htnoxzfbvphjwm627sj534 162 39 on on IN work_zxx6htnoxzfbvphjwm627sj534 162 40 the the DT work_zxx6htnoxzfbvphjwm627sj534 162 41 current current JJ work_zxx6htnoxzfbvphjwm627sj534 162 42 price price NN work_zxx6htnoxzfbvphjwm627sj534 162 43 . . . work_zxx6htnoxzfbvphjwm627sj534 163 1 To to TO work_zxx6htnoxzfbvphjwm627sj534 163 2 rationalize rationalize VB work_zxx6htnoxzfbvphjwm627sj534 163 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 163 4 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 163 5 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 163 6 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 163 7 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 163 8 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 163 9 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 163 10 and and CC work_zxx6htnoxzfbvphjwm627sj534 163 11 demonstrate demonstrate VB work_zxx6htnoxzfbvphjwm627sj534 163 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 163 13 role role NN work_zxx6htnoxzfbvphjwm627sj534 163 14 of of IN work_zxx6htnoxzfbvphjwm627sj534 163 15 high high JJ work_zxx6htnoxzfbvphjwm627sj534 163 16 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 163 17 order order NN work_zxx6htnoxzfbvphjwm627sj534 163 18 beliefs belief NNS work_zxx6htnoxzfbvphjwm627sj534 163 19 in in IN work_zxx6htnoxzfbvphjwm627sj534 163 20 asset asset NN work_zxx6htnoxzfbvphjwm627sj534 163 21 pricing pricing NN work_zxx6htnoxzfbvphjwm627sj534 163 22 , , , work_zxx6htnoxzfbvphjwm627sj534 163 23 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 163 24 , , , work_zxx6htnoxzfbvphjwm627sj534 163 25 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 163 26 , , , work_zxx6htnoxzfbvphjwm627sj534 163 27 and and CC work_zxx6htnoxzfbvphjwm627sj534 163 28 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 163 29 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 163 30 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 163 31 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 163 32 prove prove VB work_zxx6htnoxzfbvphjwm627sj534 163 33 the the DT work_zxx6htnoxzfbvphjwm627sj534 163 34 existence existence NN work_zxx6htnoxzfbvphjwm627sj534 163 35 of of IN work_zxx6htnoxzfbvphjwm627sj534 163 36 an an DT work_zxx6htnoxzfbvphjwm627sj534 163 37 extra extra JJ work_zxx6htnoxzfbvphjwm627sj534 163 38 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 163 39 on on IN work_zxx6htnoxzfbvphjwm627sj534 163 40 public public JJ work_zxx6htnoxzfbvphjwm627sj534 163 41 information information NN work_zxx6htnoxzfbvphjwm627sj534 163 42 in in IN work_zxx6htnoxzfbvphjwm627sj534 163 43 the the DT work_zxx6htnoxzfbvphjwm627sj534 163 44 price price NN work_zxx6htnoxzfbvphjwm627sj534 163 45 function function NN work_zxx6htnoxzfbvphjwm627sj534 163 46 . . . work_zxx6htnoxzfbvphjwm627sj534 164 1 There there EX work_zxx6htnoxzfbvphjwm627sj534 164 2 are be VBP work_zxx6htnoxzfbvphjwm627sj534 164 3 at at RB work_zxx6htnoxzfbvphjwm627sj534 164 4 least least RBS work_zxx6htnoxzfbvphjwm627sj534 164 5 two two CD work_zxx6htnoxzfbvphjwm627sj534 164 6 challenges challenge NNS work_zxx6htnoxzfbvphjwm627sj534 164 7 in in IN work_zxx6htnoxzfbvphjwm627sj534 164 8 characterizing characterize VBG work_zxx6htnoxzfbvphjwm627sj534 164 9 a a DT work_zxx6htnoxzfbvphjwm627sj534 164 10 closed close VBN work_zxx6htnoxzfbvphjwm627sj534 164 11 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 164 12 form form NN work_zxx6htnoxzfbvphjwm627sj534 164 13 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 164 14 for for IN work_zxx6htnoxzfbvphjwm627sj534 164 15 a a DT work_zxx6htnoxzfbvphjwm627sj534 164 16 multi multi JJ work_zxx6htnoxzfbvphjwm627sj534 164 17 - - JJ work_zxx6htnoxzfbvphjwm627sj534 164 18 period period JJ work_zxx6htnoxzfbvphjwm627sj534 164 19 noisy noisy NNP work_zxx6htnoxzfbvphjwm627sj534 164 20 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 164 21 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 164 22 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 164 23 . . . work_zxx6htnoxzfbvphjwm627sj534 165 1 First first RB work_zxx6htnoxzfbvphjwm627sj534 165 2 , , , work_zxx6htnoxzfbvphjwm627sj534 165 3 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 165 4 who who WP work_zxx6htnoxzfbvphjwm627sj534 165 5 can can MD work_zxx6htnoxzfbvphjwm627sj534 165 6 trade trade VB work_zxx6htnoxzfbvphjwm627sj534 165 7 multiple multiple JJ work_zxx6htnoxzfbvphjwm627sj534 165 8 times time NNS work_zxx6htnoxzfbvphjwm627sj534 165 9 establish establish VB work_zxx6htnoxzfbvphjwm627sj534 165 10 extra extra JJ work_zxx6htnoxzfbvphjwm627sj534 165 11 positions position NNS work_zxx6htnoxzfbvphjwm627sj534 165 12 to to TO work_zxx6htnoxzfbvphjwm627sj534 165 13 hedge hedge VB work_zxx6htnoxzfbvphjwm627sj534 165 14 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 165 15 demands demand NNS work_zxx6htnoxzfbvphjwm627sj534 165 16 in in IN work_zxx6htnoxzfbvphjwm627sj534 165 17 later later JJ work_zxx6htnoxzfbvphjwm627sj534 165 18 periods period NNS work_zxx6htnoxzfbvphjwm627sj534 165 19 . . . work_zxx6htnoxzfbvphjwm627sj534 166 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 166 2 form form NN work_zxx6htnoxzfbvphjwm627sj534 166 3 of of IN work_zxx6htnoxzfbvphjwm627sj534 166 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 166 5 extra extra JJ work_zxx6htnoxzfbvphjwm627sj534 166 6 hedging hedging NN work_zxx6htnoxzfbvphjwm627sj534 166 7 demands demand NNS work_zxx6htnoxzfbvphjwm627sj534 166 8 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 166 9 often often RB work_zxx6htnoxzfbvphjwm627sj534 166 10 complicated complicate VBN work_zxx6htnoxzfbvphjwm627sj534 166 11 . . . work_zxx6htnoxzfbvphjwm627sj534 167 1 Brown Brown NNP work_zxx6htnoxzfbvphjwm627sj534 167 2 and and CC work_zxx6htnoxzfbvphjwm627sj534 167 3 Jennings Jennings NNP work_zxx6htnoxzfbvphjwm627sj534 167 4 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 167 5 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 167 6 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 167 7 are be VBP work_zxx6htnoxzfbvphjwm627sj534 167 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 167 9 first first JJ work_zxx6htnoxzfbvphjwm627sj534 167 10 to to TO work_zxx6htnoxzfbvphjwm627sj534 167 11 circumvent circumvent VB work_zxx6htnoxzfbvphjwm627sj534 167 12 this this DT work_zxx6htnoxzfbvphjwm627sj534 167 13 issue issue NN work_zxx6htnoxzfbvphjwm627sj534 167 14 by by IN work_zxx6htnoxzfbvphjwm627sj534 167 15 introducing introduce VBG work_zxx6htnoxzfbvphjwm627sj534 167 16 short- short- NNS work_zxx6htnoxzfbvphjwm627sj534 167 17 horizon horizon NNP work_zxx6htnoxzfbvphjwm627sj534 167 18 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 167 19 who who WP work_zxx6htnoxzfbvphjwm627sj534 167 20 only only RB work_zxx6htnoxzfbvphjwm627sj534 167 21 live live VBP work_zxx6htnoxzfbvphjwm627sj534 167 22 in in IN work_zxx6htnoxzfbvphjwm627sj534 167 23 one one CD work_zxx6htnoxzfbvphjwm627sj534 167 24 period period NN work_zxx6htnoxzfbvphjwm627sj534 167 25 and and CC work_zxx6htnoxzfbvphjwm627sj534 167 26 have have VBP work_zxx6htnoxzfbvphjwm627sj534 167 27 to to TO work_zxx6htnoxzfbvphjwm627sj534 167 28 close close VB work_zxx6htnoxzfbvphjwm627sj534 167 29 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 167 30 positions position NNS work_zxx6htnoxzfbvphjwm627sj534 167 31 at at IN work_zxx6htnoxzfbvphjwm627sj534 167 32 the the DT work_zxx6htnoxzfbvphjwm627sj534 167 33 end end NN work_zxx6htnoxzfbvphjwm627sj534 167 34 of of IN work_zxx6htnoxzfbvphjwm627sj534 167 35 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 167 36 life life NN work_zxx6htnoxzfbvphjwm627sj534 167 37 . . . work_zxx6htnoxzfbvphjwm627sj534 168 1 Second second RB work_zxx6htnoxzfbvphjwm627sj534 168 2 , , , work_zxx6htnoxzfbvphjwm627sj534 168 3 learning learn VBG work_zxx6htnoxzfbvphjwm627sj534 168 4 from from IN work_zxx6htnoxzfbvphjwm627sj534 168 5 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 168 6 price price NN work_zxx6htnoxzfbvphjwm627sj534 168 7 under under IN work_zxx6htnoxzfbvphjwm627sj534 168 8 a a DT work_zxx6htnoxzfbvphjwm627sj534 168 9 general general JJ work_zxx6htnoxzfbvphjwm627sj534 168 10 correlation correlation NN work_zxx6htnoxzfbvphjwm627sj534 168 11 structure structure NN work_zxx6htnoxzfbvphjwm627sj534 168 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 168 13 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 168 14 supplies supply NNS work_zxx6htnoxzfbvphjwm627sj534 168 15 across across IN work_zxx6htnoxzfbvphjwm627sj534 168 16 periods period NNS work_zxx6htnoxzfbvphjwm627sj534 168 17 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 168 18 highly highly RB work_zxx6htnoxzfbvphjwm627sj534 168 19 non non JJ work_zxx6htnoxzfbvphjwm627sj534 168 20 - - JJ work_zxx6htnoxzfbvphjwm627sj534 168 21 linear linear JJ work_zxx6htnoxzfbvphjwm627sj534 168 22 . . . work_zxx6htnoxzfbvphjwm627sj534 169 1 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 169 2 , , , work_zxx6htnoxzfbvphjwm627sj534 169 3 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 169 4 , , , work_zxx6htnoxzfbvphjwm627sj534 169 5 and and CC work_zxx6htnoxzfbvphjwm627sj534 169 6 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 169 7 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 169 8 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 169 9 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 169 10 assume assume VBP work_zxx6htnoxzfbvphjwm627sj534 169 11 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 169 12 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 169 13 supplies supply NNS work_zxx6htnoxzfbvphjwm627sj534 169 14 to to TO work_zxx6htnoxzfbvphjwm627sj534 169 15 enhance enhance VB work_zxx6htnoxzfbvphjwm627sj534 169 16 tractability tractability NN work_zxx6htnoxzfbvphjwm627sj534 169 17 of of IN work_zxx6htnoxzfbvphjwm627sj534 169 18 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 169 19 T t NN work_zxx6htnoxzfbvphjwm627sj534 169 20 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 169 21 period period NN work_zxx6htnoxzfbvphjwm627sj534 169 22 model model NN work_zxx6htnoxzfbvphjwm627sj534 169 23 . . . work_zxx6htnoxzfbvphjwm627sj534 170 1 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 170 2 further further RB work_zxx6htnoxzfbvphjwm627sj534 170 3 exploit exploit VBP work_zxx6htnoxzfbvphjwm627sj534 170 4 both both DT work_zxx6htnoxzfbvphjwm627sj534 170 5 features feature NNS work_zxx6htnoxzfbvphjwm627sj534 170 6 of of IN work_zxx6htnoxzfbvphjwm627sj534 170 7 short short JJ work_zxx6htnoxzfbvphjwm627sj534 170 8 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 170 9 and and CC work_zxx6htnoxzfbvphjwm627sj534 170 10 7Allen 7Allen NNP work_zxx6htnoxzfbvphjwm627sj534 170 11 , , , work_zxx6htnoxzfbvphjwm627sj534 170 12 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 170 13 , , , work_zxx6htnoxzfbvphjwm627sj534 170 14 and and CC work_zxx6htnoxzfbvphjwm627sj534 170 15 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 170 16 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 170 17 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 170 18 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 170 19 have have VBP work_zxx6htnoxzfbvphjwm627sj534 170 20 also also RB work_zxx6htnoxzfbvphjwm627sj534 170 21 studied study VBN work_zxx6htnoxzfbvphjwm627sj534 170 22 a a DT work_zxx6htnoxzfbvphjwm627sj534 170 23 two two CD work_zxx6htnoxzfbvphjwm627sj534 170 24 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 170 25 period period NN work_zxx6htnoxzfbvphjwm627sj534 170 26 model model NN work_zxx6htnoxzfbvphjwm627sj534 170 27 in in IN work_zxx6htnoxzfbvphjwm627sj534 170 28 the the DT work_zxx6htnoxzfbvphjwm627sj534 170 29 appendix appendix NNP work_zxx6htnoxzfbvphjwm627sj534 170 30 to to IN work_zxx6htnoxzfbvphjwm627sj534 170 31 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 170 32 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 170 33 , , , work_zxx6htnoxzfbvphjwm627sj534 170 34 as as IN work_zxx6htnoxzfbvphjwm627sj534 170 35 an an DT work_zxx6htnoxzfbvphjwm627sj534 170 36 illustration illustration NN work_zxx6htnoxzfbvphjwm627sj534 170 37 of of IN work_zxx6htnoxzfbvphjwm627sj534 170 38 the the DT work_zxx6htnoxzfbvphjwm627sj534 170 39 general general JJ work_zxx6htnoxzfbvphjwm627sj534 170 40 T T NNP work_zxx6htnoxzfbvphjwm627sj534 170 41 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 170 42 period period NN work_zxx6htnoxzfbvphjwm627sj534 170 43 model model NN work_zxx6htnoxzfbvphjwm627sj534 170 44 in in IN work_zxx6htnoxzfbvphjwm627sj534 170 45 the the DT work_zxx6htnoxzfbvphjwm627sj534 170 46 main main JJ work_zxx6htnoxzfbvphjwm627sj534 170 47 text text NN work_zxx6htnoxzfbvphjwm627sj534 170 48 . . . work_zxx6htnoxzfbvphjwm627sj534 171 1 Their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 171 2 price price NN work_zxx6htnoxzfbvphjwm627sj534 171 3 function function NN work_zxx6htnoxzfbvphjwm627sj534 171 4 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 171 5 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 171 6 given give VBN work_zxx6htnoxzfbvphjwm627sj534 171 7 on on IN work_zxx6htnoxzfbvphjwm627sj534 171 8 page page NN work_zxx6htnoxzfbvphjwm627sj534 171 9 747 747 CD work_zxx6htnoxzfbvphjwm627sj534 171 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 171 11 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 171 12 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 171 13 . . . work_zxx6htnoxzfbvphjwm627sj534 172 1 With with IN work_zxx6htnoxzfbvphjwm627sj534 172 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 172 3 presence presence NN work_zxx6htnoxzfbvphjwm627sj534 172 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 172 5 V v NN work_zxx6htnoxzfbvphjwm627sj534 172 6 ar1(p2 ar1(p2 NN work_zxx6htnoxzfbvphjwm627sj534 172 7 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 172 8 , , , work_zxx6htnoxzfbvphjwm627sj534 172 9 V V NNP work_zxx6htnoxzfbvphjwm627sj534 172 10 ar1(θ ar1(θ NNP work_zxx6htnoxzfbvphjwm627sj534 172 11 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 172 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 172 13 other other JJ work_zxx6htnoxzfbvphjwm627sj534 172 14 non non JJ work_zxx6htnoxzfbvphjwm627sj534 172 15 - - JJ work_zxx6htnoxzfbvphjwm627sj534 172 16 linear linear JJ work_zxx6htnoxzfbvphjwm627sj534 172 17 components component NNS work_zxx6htnoxzfbvphjwm627sj534 172 18 , , , work_zxx6htnoxzfbvphjwm627sj534 172 19 the the DT work_zxx6htnoxzfbvphjwm627sj534 172 20 system system NN work_zxx6htnoxzfbvphjwm627sj534 172 21 of of IN work_zxx6htnoxzfbvphjwm627sj534 172 22 the the DT work_zxx6htnoxzfbvphjwm627sj534 172 23 three three CD work_zxx6htnoxzfbvphjwm627sj534 172 24 equations equation NNS work_zxx6htnoxzfbvphjwm627sj534 172 25 from from IN work_zxx6htnoxzfbvphjwm627sj534 172 26 coefficient coefficient NN work_zxx6htnoxzfbvphjwm627sj534 172 27 comparison comparison NN work_zxx6htnoxzfbvphjwm627sj534 172 28 at at IN work_zxx6htnoxzfbvphjwm627sj534 172 29 the the DT work_zxx6htnoxzfbvphjwm627sj534 172 30 top top NN work_zxx6htnoxzfbvphjwm627sj534 172 31 of of IN work_zxx6htnoxzfbvphjwm627sj534 172 32 page page NN work_zxx6htnoxzfbvphjwm627sj534 172 33 747 747 CD work_zxx6htnoxzfbvphjwm627sj534 172 34 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 172 35 highly highly RB work_zxx6htnoxzfbvphjwm627sj534 172 36 nonlinear nonlinear JJ work_zxx6htnoxzfbvphjwm627sj534 172 37 , , , work_zxx6htnoxzfbvphjwm627sj534 172 38 and and CC work_zxx6htnoxzfbvphjwm627sj534 172 39 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 172 40 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 172 41 expressed express VBN work_zxx6htnoxzfbvphjwm627sj534 172 42 as as IN work_zxx6htnoxzfbvphjwm627sj534 172 43 a a DT work_zxx6htnoxzfbvphjwm627sj534 172 44 function function NN work_zxx6htnoxzfbvphjwm627sj534 172 45 of of IN work_zxx6htnoxzfbvphjwm627sj534 172 46 intermediary intermediary JJ work_zxx6htnoxzfbvphjwm627sj534 172 47 variables variable NNS work_zxx6htnoxzfbvphjwm627sj534 172 48 . . . work_zxx6htnoxzfbvphjwm627sj534 173 1 14 14 CD work_zxx6htnoxzfbvphjwm627sj534 173 2 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 173 3 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 173 4 supplies supply NNS work_zxx6htnoxzfbvphjwm627sj534 173 5 to to TO work_zxx6htnoxzfbvphjwm627sj534 173 6 solve solve VB work_zxx6htnoxzfbvphjwm627sj534 173 7 for for IN work_zxx6htnoxzfbvphjwm627sj534 173 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 173 9 closed closed JJ work_zxx6htnoxzfbvphjwm627sj534 173 10 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 173 11 form form NN work_zxx6htnoxzfbvphjwm627sj534 173 12 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 173 13 . . . work_zxx6htnoxzfbvphjwm627sj534 174 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 174 2 particular particular JJ work_zxx6htnoxzfbvphjwm627sj534 174 3 , , , work_zxx6htnoxzfbvphjwm627sj534 174 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 174 5 key key JJ work_zxx6htnoxzfbvphjwm627sj534 174 6 steps step NNS work_zxx6htnoxzfbvphjwm627sj534 174 7 are be VBP work_zxx6htnoxzfbvphjwm627sj534 174 8 to to TO work_zxx6htnoxzfbvphjwm627sj534 174 9 focus focus VB work_zxx6htnoxzfbvphjwm627sj534 174 10 on on IN work_zxx6htnoxzfbvphjwm627sj534 174 11 deriving derive VBG work_zxx6htnoxzfbvphjwm627sj534 174 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 174 13 closed closed JJ work_zxx6htnoxzfbvphjwm627sj534 174 14 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 174 15 form form NN work_zxx6htnoxzfbvphjwm627sj534 174 16 expressions expression NNS work_zxx6htnoxzfbvphjwm627sj534 174 17 of of IN work_zxx6htnoxzfbvphjwm627sj534 174 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 174 19 precisions precision NNS work_zxx6htnoxzfbvphjwm627sj534 174 20 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 174 21 ρ ρ NNP work_zxx6htnoxzfbvphjwm627sj534 174 22 and and CC work_zxx6htnoxzfbvphjwm627sj534 174 23 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 174 24 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 174 25 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 174 26 learn learn VBP work_zxx6htnoxzfbvphjwm627sj534 174 27 from from IN work_zxx6htnoxzfbvphjwm627sj534 174 28 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 174 29 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 174 30 . . . work_zxx6htnoxzfbvphjwm627sj534 175 1 With with IN work_zxx6htnoxzfbvphjwm627sj534 175 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 175 3 explicit explicit JJ work_zxx6htnoxzfbvphjwm627sj534 175 4 solution solution NN work_zxx6htnoxzfbvphjwm627sj534 175 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 175 6 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 175 7 , , , work_zxx6htnoxzfbvphjwm627sj534 175 8 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 175 9 can can MD work_zxx6htnoxzfbvphjwm627sj534 175 10 solve solve VB work_zxx6htnoxzfbvphjwm627sj534 175 11 for for IN work_zxx6htnoxzfbvphjwm627sj534 175 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 175 13 explicit explicit JJ work_zxx6htnoxzfbvphjwm627sj534 175 14 expression expression NN work_zxx6htnoxzfbvphjwm627sj534 175 15 of of IN work_zxx6htnoxzfbvphjwm627sj534 175 16 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 175 17 , , , work_zxx6htnoxzfbvphjwm627sj534 175 18 which which WDT work_zxx6htnoxzfbvphjwm627sj534 175 19 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 175 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 175 21 forecasting forecasting NN work_zxx6htnoxzfbvphjwm627sj534 175 22 target target NN work_zxx6htnoxzfbvphjwm627sj534 175 23 of of IN work_zxx6htnoxzfbvphjwm627sj534 175 24 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 175 25 in in IN work_zxx6htnoxzfbvphjwm627sj534 175 26 period period NN work_zxx6htnoxzfbvphjwm627sj534 175 27 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 175 28 . . . work_zxx6htnoxzfbvphjwm627sj534 176 1 Then then RB work_zxx6htnoxzfbvphjwm627sj534 176 2 , , , work_zxx6htnoxzfbvphjwm627sj534 176 3 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 176 4 can can MD work_zxx6htnoxzfbvphjwm627sj534 176 5 get get VB work_zxx6htnoxzfbvphjwm627sj534 176 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 176 7 closed close VBN work_zxx6htnoxzfbvphjwm627sj534 176 8 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 176 9 form form NN work_zxx6htnoxzfbvphjwm627sj534 176 10 solutions solution NNS work_zxx6htnoxzfbvphjwm627sj534 176 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 176 12 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 176 13 and and CC work_zxx6htnoxzfbvphjwm627sj534 176 14 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 176 15 . . . work_zxx6htnoxzfbvphjwm627sj534 177 1 To to TO work_zxx6htnoxzfbvphjwm627sj534 177 2 see see VB work_zxx6htnoxzfbvphjwm627sj534 177 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 177 4 evolution evolution NN work_zxx6htnoxzfbvphjwm627sj534 177 5 from from IN work_zxx6htnoxzfbvphjwm627sj534 177 6 Brown Brown NNP work_zxx6htnoxzfbvphjwm627sj534 177 7 and and CC work_zxx6htnoxzfbvphjwm627sj534 177 8 Jennings Jennings NNP work_zxx6htnoxzfbvphjwm627sj534 177 9 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 177 10 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 177 11 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 177 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 177 13 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 177 14 , , , work_zxx6htnoxzfbvphjwm627sj534 177 15 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 177 16 , , , work_zxx6htnoxzfbvphjwm627sj534 177 17 and and CC work_zxx6htnoxzfbvphjwm627sj534 177 18 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 177 19 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 177 20 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 177 21 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 177 22 to to IN work_zxx6htnoxzfbvphjwm627sj534 177 23 this this DT work_zxx6htnoxzfbvphjwm627sj534 177 24 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 177 25 , , , work_zxx6htnoxzfbvphjwm627sj534 177 26 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 177 27 can can MD work_zxx6htnoxzfbvphjwm627sj534 177 28 use use VB work_zxx6htnoxzfbvphjwm627sj534 177 29 the the DT work_zxx6htnoxzfbvphjwm627sj534 177 30 closed closed JJ work_zxx6htnoxzfbvphjwm627sj534 177 31 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 177 32 form form NN work_zxx6htnoxzfbvphjwm627sj534 177 33 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 177 34 to to TO work_zxx6htnoxzfbvphjwm627sj534 177 35 corroborate corroborate VB work_zxx6htnoxzfbvphjwm627sj534 177 36 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 177 37 qualitative qualitative JJ work_zxx6htnoxzfbvphjwm627sj534 177 38 results result NNS work_zxx6htnoxzfbvphjwm627sj534 177 39 . . . work_zxx6htnoxzfbvphjwm627sj534 178 1 One one CD work_zxx6htnoxzfbvphjwm627sj534 178 2 of of IN work_zxx6htnoxzfbvphjwm627sj534 178 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 178 4 equivalent equivalent JJ work_zxx6htnoxzfbvphjwm627sj534 178 5 conditions condition NNS work_zxx6htnoxzfbvphjwm627sj534 178 6 under under IN work_zxx6htnoxzfbvphjwm627sj534 178 7 which which WDT work_zxx6htnoxzfbvphjwm627sj534 178 8 technical technical JJ work_zxx6htnoxzfbvphjwm627sj534 178 9 analysis analysis NN work_zxx6htnoxzfbvphjwm627sj534 178 10 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 178 11 value value NN work_zxx6htnoxzfbvphjwm627sj534 178 12 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 178 13 that that DT work_zxx6htnoxzfbvphjwm627sj534 178 14 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 178 15 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 178 16 not not RB work_zxx6htnoxzfbvphjwm627sj534 178 17 redundant redundant JJ work_zxx6htnoxzfbvphjwm627sj534 178 18 in in IN work_zxx6htnoxzfbvphjwm627sj534 178 19 determining determine VBG work_zxx6htnoxzfbvphjwm627sj534 178 20 D2i d2i NN work_zxx6htnoxzfbvphjwm627sj534 178 21 , , , work_zxx6htnoxzfbvphjwm627sj534 178 22 the the DT work_zxx6htnoxzfbvphjwm627sj534 178 23 demand demand NN work_zxx6htnoxzfbvphjwm627sj534 178 24 function function NN work_zxx6htnoxzfbvphjwm627sj534 178 25 of of IN work_zxx6htnoxzfbvphjwm627sj534 178 26 some some DT work_zxx6htnoxzfbvphjwm627sj534 178 27 investor investor NN work_zxx6htnoxzfbvphjwm627sj534 178 28 i i PRP work_zxx6htnoxzfbvphjwm627sj534 178 29 in in IN work_zxx6htnoxzfbvphjwm627sj534 178 30 period period NN work_zxx6htnoxzfbvphjwm627sj534 178 31 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 178 32 . . . work_zxx6htnoxzfbvphjwm627sj534 179 1 8 8 CD work_zxx6htnoxzfbvphjwm627sj534 179 2 From from IN work_zxx6htnoxzfbvphjwm627sj534 179 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 179 4 proof proof NN work_zxx6htnoxzfbvphjwm627sj534 179 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 179 6 Proposition Proposition NNP work_zxx6htnoxzfbvphjwm627sj534 179 7 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 179 8 in in IN work_zxx6htnoxzfbvphjwm627sj534 179 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 179 10 appendix appendix NNP work_zxx6htnoxzfbvphjwm627sj534 179 11 , , , work_zxx6htnoxzfbvphjwm627sj534 179 12 D2i D2i NNP work_zxx6htnoxzfbvphjwm627sj534 179 13 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 179 14 given give VBN work_zxx6htnoxzfbvphjwm627sj534 179 15 as as IN work_zxx6htnoxzfbvphjwm627sj534 179 16 follows follow VBZ work_zxx6htnoxzfbvphjwm627sj534 179 17 . . . work_zxx6htnoxzfbvphjwm627sj534 180 1 D2i d2i XX work_zxx6htnoxzfbvphjwm627sj534 180 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 180 3 τ τ LS work_zxx6htnoxzfbvphjwm627sj534 180 4 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 180 5 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 180 6 α α DT work_zxx6htnoxzfbvphjwm627sj534 180 7 − − NNP work_zxx6htnoxzfbvphjwm627sj534 180 8 b b NNP work_zxx6htnoxzfbvphjwm627sj534 180 9 c c NNP work_zxx6htnoxzfbvphjwm627sj534 180 10 ρ ρ NNP work_zxx6htnoxzfbvphjwm627sj534 180 11 − − NNP work_zxx6htnoxzfbvphjwm627sj534 180 12 b2 b2 NN work_zxx6htnoxzfbvphjwm627sj534 180 13 c2 c2 NN work_zxx6htnoxzfbvphjwm627sj534 180 14 ρ2)z ρ2)z NN work_zxx6htnoxzfbvphjwm627sj534 180 15 + + NFP work_zxx6htnoxzfbvphjwm627sj534 180 16 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 180 17 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 180 18 c c NN work_zxx6htnoxzfbvphjwm627sj534 180 19 ρ ρ IN work_zxx6htnoxzfbvphjwm627sj534 180 20 − − NNP work_zxx6htnoxzfbvphjwm627sj534 180 21 a2 a2 NNP work_zxx6htnoxzfbvphjwm627sj534 180 22 c2 c2 NNP work_zxx6htnoxzfbvphjwm627sj534 180 23 ρ2)p1 ρ2)p1 NNP work_zxx6htnoxzfbvphjwm627sj534 180 24 + + NNP work_zxx6htnoxzfbvphjwm627sj534 180 25 βx2i βx2i NNP work_zxx6htnoxzfbvphjwm627sj534 180 26 − − NNP work_zxx6htnoxzfbvphjwm627sj534 180 27 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 180 28 α α NN work_zxx6htnoxzfbvphjwm627sj534 180 29 + + CC work_zxx6htnoxzfbvphjwm627sj534 180 30 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 180 31 + + CC work_zxx6htnoxzfbvphjwm627sj534 180 32 β β NN work_zxx6htnoxzfbvphjwm627sj534 180 33 + + NNS work_zxx6htnoxzfbvphjwm627sj534 180 34 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 180 35 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 180 36 − − NNP work_zxx6htnoxzfbvphjwm627sj534 180 37 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 180 38 c2 c2 NN work_zxx6htnoxzfbvphjwm627sj534 180 39 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 180 40 ρ2)p2 ρ2)p2 VB work_zxx6htnoxzfbvphjwm627sj534 180 41 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 180 42 Conditional Conditional NNP work_zxx6htnoxzfbvphjwm627sj534 180 43 on on IN work_zxx6htnoxzfbvphjwm627sj534 180 44 z z NNP work_zxx6htnoxzfbvphjwm627sj534 180 45 , , , work_zxx6htnoxzfbvphjwm627sj534 180 46 x2i x2i NNP work_zxx6htnoxzfbvphjwm627sj534 180 47 , , , work_zxx6htnoxzfbvphjwm627sj534 180 48 and and CC work_zxx6htnoxzfbvphjwm627sj534 180 49 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 180 50 , , , work_zxx6htnoxzfbvphjwm627sj534 180 51 the the DT work_zxx6htnoxzfbvphjwm627sj534 180 52 incremental incremental JJ work_zxx6htnoxzfbvphjwm627sj534 180 53 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 180 54 on on IN work_zxx6htnoxzfbvphjwm627sj534 180 55 the the DT work_zxx6htnoxzfbvphjwm627sj534 180 56 historical historical JJ work_zxx6htnoxzfbvphjwm627sj534 180 57 price price NN work_zxx6htnoxzfbvphjwm627sj534 180 58 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 180 59 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 180 60 not not RB work_zxx6htnoxzfbvphjwm627sj534 180 61 zero zero CD work_zxx6htnoxzfbvphjwm627sj534 180 62 because because IN work_zxx6htnoxzfbvphjwm627sj534 180 63 τ τ NN work_zxx6htnoxzfbvphjwm627sj534 180 64 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 180 65 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 180 66 c c NN work_zxx6htnoxzfbvphjwm627sj534 180 67 ρ ρ IN work_zxx6htnoxzfbvphjwm627sj534 180 68 − − NNP work_zxx6htnoxzfbvphjwm627sj534 180 69 a2 a2 NNP work_zxx6htnoxzfbvphjwm627sj534 180 70 c2 c2 NNP work_zxx6htnoxzfbvphjwm627sj534 180 71 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 180 72 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 180 73 = = NFP work_zxx6htnoxzfbvphjwm627sj534 180 74 βρ(α βρ(α NN work_zxx6htnoxzfbvphjwm627sj534 180 75 + + SYM work_zxx6htnoxzfbvphjwm627sj534 180 76 β β NN work_zxx6htnoxzfbvphjwm627sj534 180 77 + + NN work_zxx6htnoxzfbvphjwm627sj534 180 78 ρ)(α ρ)(α NNP work_zxx6htnoxzfbvphjwm627sj534 180 79 + + NNP work_zxx6htnoxzfbvphjwm627sj534 180 80 β β NN work_zxx6htnoxzfbvphjwm627sj534 180 81 + + SYM work_zxx6htnoxzfbvphjwm627sj534 180 82 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 180 83 + + SYM work_zxx6htnoxzfbvphjwm627sj534 180 84 ρ2)τ ρ2)τ FW work_zxx6htnoxzfbvphjwm627sj534 180 85 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 180 86 β β NN work_zxx6htnoxzfbvphjwm627sj534 180 87 + + NNS work_zxx6htnoxzfbvphjwm627sj534 180 88 ρ2)(β2 ρ2)(β2 XX work_zxx6htnoxzfbvphjwm627sj534 180 89 + + SYM work_zxx6htnoxzfbvphjwm627sj534 180 90 ρ(α ρ(α CD work_zxx6htnoxzfbvphjwm627sj534 180 91 + + SYM work_zxx6htnoxzfbvphjwm627sj534 180 92 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 180 93 + + CC work_zxx6htnoxzfbvphjwm627sj534 180 94 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 180 95 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 180 96 + + NNP work_zxx6htnoxzfbvphjwm627sj534 180 97 β(2ρ β(2ρ NN work_zxx6htnoxzfbvphjwm627sj534 180 98 + + SYM work_zxx6htnoxzfbvphjwm627sj534 180 99 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 180 100 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 180 101 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 180 102 6= 6= CD work_zxx6htnoxzfbvphjwm627sj534 180 103 0 0 CD work_zxx6htnoxzfbvphjwm627sj534 180 104 Therefore therefore RB work_zxx6htnoxzfbvphjwm627sj534 180 105 , , , work_zxx6htnoxzfbvphjwm627sj534 180 106 technical technical JJ work_zxx6htnoxzfbvphjwm627sj534 180 107 analysis analysis NN work_zxx6htnoxzfbvphjwm627sj534 180 108 , , , work_zxx6htnoxzfbvphjwm627sj534 180 109 or or CC work_zxx6htnoxzfbvphjwm627sj534 180 110 the the DT work_zxx6htnoxzfbvphjwm627sj534 180 111 analysis analysis NN work_zxx6htnoxzfbvphjwm627sj534 180 112 of of IN work_zxx6htnoxzfbvphjwm627sj534 180 113 historical historical JJ work_zxx6htnoxzfbvphjwm627sj534 180 114 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 180 115 , , , work_zxx6htnoxzfbvphjwm627sj534 180 116 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 180 117 have have VB work_zxx6htnoxzfbvphjwm627sj534 180 118 value value NN work_zxx6htnoxzfbvphjwm627sj534 180 119 . . . work_zxx6htnoxzfbvphjwm627sj534 181 1 Furthermore furthermore RB work_zxx6htnoxzfbvphjwm627sj534 181 2 , , , work_zxx6htnoxzfbvphjwm627sj534 181 3 since since IN work_zxx6htnoxzfbvphjwm627sj534 181 4 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 181 5 have have VBP work_zxx6htnoxzfbvphjwm627sj534 181 6 obtained obtain VBN work_zxx6htnoxzfbvphjwm627sj534 181 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 181 8 closed closed JJ work_zxx6htnoxzfbvphjwm627sj534 181 9 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 181 10 form form NN work_zxx6htnoxzfbvphjwm627sj534 181 11 expressions expression NNS work_zxx6htnoxzfbvphjwm627sj534 181 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 181 13 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 181 14 and and CC work_zxx6htnoxzfbvphjwm627sj534 181 15 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 181 16 , , , work_zxx6htnoxzfbvphjwm627sj534 181 17 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 181 18 could could MD work_zxx6htnoxzfbvphjwm627sj534 181 19 also also RB work_zxx6htnoxzfbvphjwm627sj534 181 20 analyze analyze VB work_zxx6htnoxzfbvphjwm627sj534 181 21 how how WRB work_zxx6htnoxzfbvphjwm627sj534 181 22 the the DT work_zxx6htnoxzfbvphjwm627sj534 181 23 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 181 24 of of IN work_zxx6htnoxzfbvphjwm627sj534 181 25 public public JJ work_zxx6htnoxzfbvphjwm627sj534 181 26 information information NN work_zxx6htnoxzfbvphjwm627sj534 181 27 affects affect VBZ work_zxx6htnoxzfbvphjwm627sj534 181 28 the the DT work_zxx6htnoxzfbvphjwm627sj534 181 29 additional additional JJ work_zxx6htnoxzfbvphjwm627sj534 181 30 value value NN work_zxx6htnoxzfbvphjwm627sj534 181 31 of of IN work_zxx6htnoxzfbvphjwm627sj534 181 32 historical historical JJ work_zxx6htnoxzfbvphjwm627sj534 181 33 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 181 34 in in IN work_zxx6htnoxzfbvphjwm627sj534 181 35 technical technical JJ work_zxx6htnoxzfbvphjwm627sj534 181 36 analysis analysis NN work_zxx6htnoxzfbvphjwm627sj534 181 37 . . . work_zxx6htnoxzfbvphjwm627sj534 182 1 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 182 2 leave leave VBP work_zxx6htnoxzfbvphjwm627sj534 182 3 this this DT work_zxx6htnoxzfbvphjwm627sj534 182 4 topic topic NN work_zxx6htnoxzfbvphjwm627sj534 182 5 to to IN work_zxx6htnoxzfbvphjwm627sj534 182 6 future future JJ work_zxx6htnoxzfbvphjwm627sj534 182 7 research research NN work_zxx6htnoxzfbvphjwm627sj534 182 8 . . . work_zxx6htnoxzfbvphjwm627sj534 183 1 We -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 183 2 could could MD work_zxx6htnoxzfbvphjwm627sj534 183 3 also also RB work_zxx6htnoxzfbvphjwm627sj534 183 4 use use VB work_zxx6htnoxzfbvphjwm627sj534 183 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 183 6 closed closed JJ work_zxx6htnoxzfbvphjwm627sj534 183 7 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 183 8 form form NN work_zxx6htnoxzfbvphjwm627sj534 183 9 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 183 10 to to TO work_zxx6htnoxzfbvphjwm627sj534 183 11 confirm confirm VB work_zxx6htnoxzfbvphjwm627sj534 183 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 183 13 main main JJ work_zxx6htnoxzfbvphjwm627sj534 183 14 theme theme NN work_zxx6htnoxzfbvphjwm627sj534 183 15 in in IN work_zxx6htnoxzfbvphjwm627sj534 183 16 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 183 17 , , , work_zxx6htnoxzfbvphjwm627sj534 183 18 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 183 19 , , , work_zxx6htnoxzfbvphjwm627sj534 183 20 and and CC work_zxx6htnoxzfbvphjwm627sj534 183 21 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 183 22 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 183 23 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 183 24 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 183 25 that that IN work_zxx6htnoxzfbvphjwm627sj534 183 26 the the DT work_zxx6htnoxzfbvphjwm627sj534 183 27 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 183 28 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 183 29 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 183 30 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 183 31 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 183 32 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 183 33 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 183 34 could could MD work_zxx6htnoxzfbvphjwm627sj534 183 35 arise arise VB work_zxx6htnoxzfbvphjwm627sj534 183 36 from from IN work_zxx6htnoxzfbvphjwm627sj534 183 37 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 183 38 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 183 39 short short JJ work_zxx6htnoxzfbvphjwm627sj534 183 40 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 183 41 . . . work_zxx6htnoxzfbvphjwm627sj534 184 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 184 2 existence existence NN work_zxx6htnoxzfbvphjwm627sj534 184 3 of of IN work_zxx6htnoxzfbvphjwm627sj534 184 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 184 5 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 184 6 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 184 7 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 184 8 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 184 9 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 184 10 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 184 11 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 184 12 equivalent equivalent JJ work_zxx6htnoxzfbvphjwm627sj534 184 13 to to IN work_zxx6htnoxzfbvphjwm627sj534 184 14 b b NNP work_zxx6htnoxzfbvphjwm627sj534 184 15 > > XX work_zxx6htnoxzfbvphjwm627sj534 184 16 b̂. b̂. NN work_zxx6htnoxzfbvphjwm627sj534 185 1 That that RB work_zxx6htnoxzfbvphjwm627sj534 185 2 is is RB work_zxx6htnoxzfbvphjwm627sj534 185 3 , , , work_zxx6htnoxzfbvphjwm627sj534 185 4 there there RB work_zxx6htnoxzfbvphjwm627sj534 185 5 8See 8see CD work_zxx6htnoxzfbvphjwm627sj534 185 6 page page NN work_zxx6htnoxzfbvphjwm627sj534 185 7 534 534 CD work_zxx6htnoxzfbvphjwm627sj534 185 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 185 9 Brown Brown NNP work_zxx6htnoxzfbvphjwm627sj534 185 10 and and CC work_zxx6htnoxzfbvphjwm627sj534 185 11 Jennings Jennings NNP work_zxx6htnoxzfbvphjwm627sj534 185 12 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 185 13 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 185 14 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 185 15 . . . work_zxx6htnoxzfbvphjwm627sj534 186 1 15 15 CD work_zxx6htnoxzfbvphjwm627sj534 186 2 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 186 3 an an DT work_zxx6htnoxzfbvphjwm627sj534 186 4 extra extra JJ work_zxx6htnoxzfbvphjwm627sj534 186 5 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 186 6 on on IN work_zxx6htnoxzfbvphjwm627sj534 186 7 public public JJ work_zxx6htnoxzfbvphjwm627sj534 186 8 information information NN work_zxx6htnoxzfbvphjwm627sj534 186 9 above above IN work_zxx6htnoxzfbvphjwm627sj534 186 10 and and CC work_zxx6htnoxzfbvphjwm627sj534 186 11 beyond beyond IN work_zxx6htnoxzfbvphjwm627sj534 186 12 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 186 13 information information NN work_zxx6htnoxzfbvphjwm627sj534 186 14 value value NN work_zxx6htnoxzfbvphjwm627sj534 186 15 . . . work_zxx6htnoxzfbvphjwm627sj534 187 1 Apparently apparently RB work_zxx6htnoxzfbvphjwm627sj534 187 2 , , , work_zxx6htnoxzfbvphjwm627sj534 187 3 b b NNP work_zxx6htnoxzfbvphjwm627sj534 187 4 − − NNP work_zxx6htnoxzfbvphjwm627sj534 187 5 b̂ b̂ NNP work_zxx6htnoxzfbvphjwm627sj534 187 6 = = SYM work_zxx6htnoxzfbvphjwm627sj534 187 7 α α NNP work_zxx6htnoxzfbvphjwm627sj534 187 8 α α NN work_zxx6htnoxzfbvphjwm627sj534 187 9 + + NNP work_zxx6htnoxzfbvphjwm627sj534 187 10 ρ1k ρ1k , work_zxx6htnoxzfbvphjwm627sj534 187 11 + + UH work_zxx6htnoxzfbvphjwm627sj534 187 12 βM βM . work_zxx6htnoxzfbvphjwm627sj534 187 13 − − NNP work_zxx6htnoxzfbvphjwm627sj534 187 14 α α NNP work_zxx6htnoxzfbvphjwm627sj534 187 15 α α NN work_zxx6htnoxzfbvphjwm627sj534 187 16 + + CC work_zxx6htnoxzfbvphjwm627sj534 187 17 ρ1 ρ1 NN work_zxx6htnoxzfbvphjwm627sj534 187 18 + + CC work_zxx6htnoxzfbvphjwm627sj534 187 19 β β NNP work_zxx6htnoxzfbvphjwm627sj534 187 20 > > XX work_zxx6htnoxzfbvphjwm627sj534 187 21 0 0 CD work_zxx6htnoxzfbvphjwm627sj534 187 22 since since IN work_zxx6htnoxzfbvphjwm627sj534 187 23 k k NN work_zxx6htnoxzfbvphjwm627sj534 187 24 < < XX work_zxx6htnoxzfbvphjwm627sj534 187 25 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 187 26 and and CC work_zxx6htnoxzfbvphjwm627sj534 187 27 M M NNP work_zxx6htnoxzfbvphjwm627sj534 187 28 < < NNP work_zxx6htnoxzfbvphjwm627sj534 187 29 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 187 30 . . . work_zxx6htnoxzfbvphjwm627sj534 188 1 Moreover moreover RB work_zxx6htnoxzfbvphjwm627sj534 188 2 , , , work_zxx6htnoxzfbvphjwm627sj534 188 3 because because IN work_zxx6htnoxzfbvphjwm627sj534 188 4 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 188 5 have have VBP work_zxx6htnoxzfbvphjwm627sj534 188 6 derived derive VBN work_zxx6htnoxzfbvphjwm627sj534 188 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 188 8 explicit explicit JJ work_zxx6htnoxzfbvphjwm627sj534 188 9 expressions expression NNS work_zxx6htnoxzfbvphjwm627sj534 188 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 188 11 b b NN work_zxx6htnoxzfbvphjwm627sj534 188 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 188 13 b̂ b̂ NNP work_zxx6htnoxzfbvphjwm627sj534 188 14 , , , work_zxx6htnoxzfbvphjwm627sj534 188 15 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 188 16 can can MD work_zxx6htnoxzfbvphjwm627sj534 188 17 examine examine VB work_zxx6htnoxzfbvphjwm627sj534 188 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 188 19 properties property NNS work_zxx6htnoxzfbvphjwm627sj534 188 20 of of IN work_zxx6htnoxzfbvphjwm627sj534 188 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 188 22 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 188 23 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 188 24 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 188 25 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 188 26 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 188 27 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 188 28 beyond beyond IN work_zxx6htnoxzfbvphjwm627sj534 188 29 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 188 30 existence existence NN work_zxx6htnoxzfbvphjwm627sj534 188 31 . . . work_zxx6htnoxzfbvphjwm627sj534 189 1 This this DT work_zxx6htnoxzfbvphjwm627sj534 189 2 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 189 3 focuses focus VBZ work_zxx6htnoxzfbvphjwm627sj534 189 4 on on IN work_zxx6htnoxzfbvphjwm627sj534 189 5 one one CD work_zxx6htnoxzfbvphjwm627sj534 189 6 of of IN work_zxx6htnoxzfbvphjwm627sj534 189 7 these these DT work_zxx6htnoxzfbvphjwm627sj534 189 8 other other JJ work_zxx6htnoxzfbvphjwm627sj534 189 9 properties property NNS work_zxx6htnoxzfbvphjwm627sj534 189 10 : : : work_zxx6htnoxzfbvphjwm627sj534 189 11 how how WRB work_zxx6htnoxzfbvphjwm627sj534 189 12 changes change NNS work_zxx6htnoxzfbvphjwm627sj534 189 13 in in IN work_zxx6htnoxzfbvphjwm627sj534 189 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 189 15 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 189 16 of of IN work_zxx6htnoxzfbvphjwm627sj534 189 17 public public JJ work_zxx6htnoxzfbvphjwm627sj534 189 18 information information NN work_zxx6htnoxzfbvphjwm627sj534 189 19 affect affect VBP work_zxx6htnoxzfbvphjwm627sj534 189 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 189 21 informativeness informativeness NN work_zxx6htnoxzfbvphjwm627sj534 189 22 of of IN work_zxx6htnoxzfbvphjwm627sj534 189 23 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 189 24 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 189 25 as as IN work_zxx6htnoxzfbvphjwm627sj534 189 26 signals signal NNS work_zxx6htnoxzfbvphjwm627sj534 189 27 of of IN work_zxx6htnoxzfbvphjwm627sj534 189 28 the the DT work_zxx6htnoxzfbvphjwm627sj534 189 29 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 189 30 value value NN work_zxx6htnoxzfbvphjwm627sj534 189 31 . . . work_zxx6htnoxzfbvphjwm627sj534 190 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 190 2 a a DT work_zxx6htnoxzfbvphjwm627sj534 190 3 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 190 4 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 190 5 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 190 6 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 190 7 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 190 8 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 190 9 market market NN work_zxx6htnoxzfbvphjwm627sj534 190 10 , , , work_zxx6htnoxzfbvphjwm627sj534 190 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 190 12 information information NN work_zxx6htnoxzfbvphjwm627sj534 190 13 role role NN work_zxx6htnoxzfbvphjwm627sj534 190 14 of of IN work_zxx6htnoxzfbvphjwm627sj534 190 15 public public JJ work_zxx6htnoxzfbvphjwm627sj534 190 16 information information NN work_zxx6htnoxzfbvphjwm627sj534 190 17 makes make VBZ work_zxx6htnoxzfbvphjwm627sj534 190 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 190 19 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 190 20 price price NN work_zxx6htnoxzfbvphjwm627sj534 190 21 a a DT work_zxx6htnoxzfbvphjwm627sj534 190 22 more more RBR work_zxx6htnoxzfbvphjwm627sj534 190 23 accurate accurate JJ work_zxx6htnoxzfbvphjwm627sj534 190 24 signal signal NN work_zxx6htnoxzfbvphjwm627sj534 190 25 of of IN work_zxx6htnoxzfbvphjwm627sj534 190 26 the the DT work_zxx6htnoxzfbvphjwm627sj534 190 27 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 190 28 value value NN work_zxx6htnoxzfbvphjwm627sj534 190 29 , , , work_zxx6htnoxzfbvphjwm627sj534 190 30 whereas whereas IN work_zxx6htnoxzfbvphjwm627sj534 190 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 190 32 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 190 33 role role NN work_zxx6htnoxzfbvphjwm627sj534 190 34 of of IN work_zxx6htnoxzfbvphjwm627sj534 190 35 public public JJ work_zxx6htnoxzfbvphjwm627sj534 190 36 information information NN work_zxx6htnoxzfbvphjwm627sj534 190 37 drives drive VBZ work_zxx6htnoxzfbvphjwm627sj534 190 38 the the DT work_zxx6htnoxzfbvphjwm627sj534 190 39 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 190 40 price price NN work_zxx6htnoxzfbvphjwm627sj534 190 41 away away RB work_zxx6htnoxzfbvphjwm627sj534 190 42 from from IN work_zxx6htnoxzfbvphjwm627sj534 190 43 the the DT work_zxx6htnoxzfbvphjwm627sj534 190 44 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 190 45 value value NN work_zxx6htnoxzfbvphjwm627sj534 190 46 . . . work_zxx6htnoxzfbvphjwm627sj534 191 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 191 2 overall overall JJ work_zxx6htnoxzfbvphjwm627sj534 191 3 impact impact NN work_zxx6htnoxzfbvphjwm627sj534 191 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 191 5 public public JJ work_zxx6htnoxzfbvphjwm627sj534 191 6 information information NN work_zxx6htnoxzfbvphjwm627sj534 191 7 on on IN work_zxx6htnoxzfbvphjwm627sj534 191 8 market market NN work_zxx6htnoxzfbvphjwm627sj534 191 9 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 191 10 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 191 11 thus thus RB work_zxx6htnoxzfbvphjwm627sj534 191 12 a a DT work_zxx6htnoxzfbvphjwm627sj534 191 13 trade trade NN work_zxx6htnoxzfbvphjwm627sj534 191 14 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 191 15 off off NN work_zxx6htnoxzfbvphjwm627sj534 191 16 between between IN work_zxx6htnoxzfbvphjwm627sj534 191 17 these these DT work_zxx6htnoxzfbvphjwm627sj534 191 18 two two CD work_zxx6htnoxzfbvphjwm627sj534 191 19 opposing oppose VBG work_zxx6htnoxzfbvphjwm627sj534 191 20 forces force NNS work_zxx6htnoxzfbvphjwm627sj534 191 21 and and CC work_zxx6htnoxzfbvphjwm627sj534 191 22 the the DT work_zxx6htnoxzfbvphjwm627sj534 191 23 answer answer NN work_zxx6htnoxzfbvphjwm627sj534 191 24 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 191 25 not not RB work_zxx6htnoxzfbvphjwm627sj534 191 26 straightforward straightforward JJ work_zxx6htnoxzfbvphjwm627sj534 191 27 . . . work_zxx6htnoxzfbvphjwm627sj534 192 1 For for IN work_zxx6htnoxzfbvphjwm627sj534 192 2 example example NN work_zxx6htnoxzfbvphjwm627sj534 192 3 , , , work_zxx6htnoxzfbvphjwm627sj534 192 4 one one CD work_zxx6htnoxzfbvphjwm627sj534 192 5 extreme extreme JJ work_zxx6htnoxzfbvphjwm627sj534 192 6 case case NN work_zxx6htnoxzfbvphjwm627sj534 192 7 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 192 8 to to TO work_zxx6htnoxzfbvphjwm627sj534 192 9 eliminate eliminate VB work_zxx6htnoxzfbvphjwm627sj534 192 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 192 11 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 192 12 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 192 13 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 192 14 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 192 15 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 192 16 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 192 17 by by IN work_zxx6htnoxzfbvphjwm627sj534 192 18 prohibiting prohibit VBG work_zxx6htnoxzfbvphjwm627sj534 192 19 public public JJ work_zxx6htnoxzfbvphjwm627sj534 192 20 information information NN work_zxx6htnoxzfbvphjwm627sj534 192 21 . . . work_zxx6htnoxzfbvphjwm627sj534 193 1 As as IN work_zxx6htnoxzfbvphjwm627sj534 193 2 α α PRP work_zxx6htnoxzfbvphjwm627sj534 193 3 goes go VBZ work_zxx6htnoxzfbvphjwm627sj534 193 4 to to IN work_zxx6htnoxzfbvphjwm627sj534 193 5 zero zero CD work_zxx6htnoxzfbvphjwm627sj534 193 6 , , , work_zxx6htnoxzfbvphjwm627sj534 193 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 193 8 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 193 9 on on IN work_zxx6htnoxzfbvphjwm627sj534 193 10 public public JJ work_zxx6htnoxzfbvphjwm627sj534 193 11 information information NN work_zxx6htnoxzfbvphjwm627sj534 193 12 approaches approach NNS work_zxx6htnoxzfbvphjwm627sj534 193 13 zero zero CD work_zxx6htnoxzfbvphjwm627sj534 193 14 in in IN work_zxx6htnoxzfbvphjwm627sj534 193 15 both both CC work_zxx6htnoxzfbvphjwm627sj534 193 16 the the DT work_zxx6htnoxzfbvphjwm627sj534 193 17 long- long- JJ work_zxx6htnoxzfbvphjwm627sj534 193 18 and and CC work_zxx6htnoxzfbvphjwm627sj534 193 19 short short JJ work_zxx6htnoxzfbvphjwm627sj534 193 20 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 193 21 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 193 22 economies economy NNS work_zxx6htnoxzfbvphjwm627sj534 193 23 and and CC work_zxx6htnoxzfbvphjwm627sj534 193 24 the the DT work_zxx6htnoxzfbvphjwm627sj534 193 25 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 193 26 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 193 27 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 193 28 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 193 29 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 193 30 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 193 31 vanishes vanishe NNS work_zxx6htnoxzfbvphjwm627sj534 193 32 . . . work_zxx6htnoxzfbvphjwm627sj534 194 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 194 2 this this DT work_zxx6htnoxzfbvphjwm627sj534 194 3 case case NN work_zxx6htnoxzfbvphjwm627sj534 194 4 , , , work_zxx6htnoxzfbvphjwm627sj534 194 5 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 194 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 194 7 withdrawal withdrawal NN work_zxx6htnoxzfbvphjwm627sj534 194 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 194 9 public public JJ work_zxx6htnoxzfbvphjwm627sj534 194 10 information information NN work_zxx6htnoxzfbvphjwm627sj534 194 11 drive drive NN work_zxx6htnoxzfbvphjwm627sj534 194 12 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 194 13 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 194 14 closer close RBR work_zxx6htnoxzfbvphjwm627sj534 194 15 to to IN work_zxx6htnoxzfbvphjwm627sj534 194 16 the the DT work_zxx6htnoxzfbvphjwm627sj534 194 17 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 194 18 value value NN work_zxx6htnoxzfbvphjwm627sj534 194 19 ? ? . work_zxx6htnoxzfbvphjwm627sj534 195 1 While while IN work_zxx6htnoxzfbvphjwm627sj534 195 2 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 195 3 put put VBD work_zxx6htnoxzfbvphjwm627sj534 195 4 no no DT work_zxx6htnoxzfbvphjwm627sj534 195 5 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 195 6 on on IN work_zxx6htnoxzfbvphjwm627sj534 195 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 195 8 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 195 9 in in IN work_zxx6htnoxzfbvphjwm627sj534 195 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 195 11 public public JJ work_zxx6htnoxzfbvphjwm627sj534 195 12 signal signal NN work_zxx6htnoxzfbvphjwm627sj534 195 13 , , , work_zxx6htnoxzfbvphjwm627sj534 195 14 they -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 195 15 are be VBP work_zxx6htnoxzfbvphjwm627sj534 195 16 now now RB work_zxx6htnoxzfbvphjwm627sj534 195 17 putting put VBG work_zxx6htnoxzfbvphjwm627sj534 195 18 more more JJR work_zxx6htnoxzfbvphjwm627sj534 195 19 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 195 20 on on IN work_zxx6htnoxzfbvphjwm627sj534 195 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 195 22 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 195 23 noise.9 noise.9 PDT work_zxx6htnoxzfbvphjwm627sj534 195 24 The the DT work_zxx6htnoxzfbvphjwm627sj534 195 25 net net JJ work_zxx6htnoxzfbvphjwm627sj534 195 26 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 195 27 of of IN work_zxx6htnoxzfbvphjwm627sj534 195 28 withdrawing withdraw VBG work_zxx6htnoxzfbvphjwm627sj534 195 29 some some DT work_zxx6htnoxzfbvphjwm627sj534 195 30 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 195 31 public public JJ work_zxx6htnoxzfbvphjwm627sj534 195 32 information information NN work_zxx6htnoxzfbvphjwm627sj534 195 33 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 195 34 therefore therefore RB work_zxx6htnoxzfbvphjwm627sj534 195 35 ambiguous ambiguous JJ work_zxx6htnoxzfbvphjwm627sj534 195 36 . . . work_zxx6htnoxzfbvphjwm627sj534 196 1 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 196 2 formally formally RB work_zxx6htnoxzfbvphjwm627sj534 196 3 study study VBP work_zxx6htnoxzfbvphjwm627sj534 196 4 this this DT work_zxx6htnoxzfbvphjwm627sj534 196 5 issue issue NN work_zxx6htnoxzfbvphjwm627sj534 196 6 in in IN work_zxx6htnoxzfbvphjwm627sj534 196 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 196 8 rest rest NN work_zxx6htnoxzfbvphjwm627sj534 196 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 196 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 196 11 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 196 12 . . . work_zxx6htnoxzfbvphjwm627sj534 197 1 9This 9this CD work_zxx6htnoxzfbvphjwm627sj534 197 2 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 197 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 197 4 case case NN work_zxx6htnoxzfbvphjwm627sj534 197 5 because because IN work_zxx6htnoxzfbvphjwm627sj534 197 6 d d NN work_zxx6htnoxzfbvphjwm627sj534 197 7 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 197 8 decreasing decrease VBG work_zxx6htnoxzfbvphjwm627sj534 197 9 in in IN work_zxx6htnoxzfbvphjwm627sj534 197 10 α α PRP work_zxx6htnoxzfbvphjwm627sj534 197 11 . . . work_zxx6htnoxzfbvphjwm627sj534 198 1 16 16 CD work_zxx6htnoxzfbvphjwm627sj534 198 2 4 4 CD work_zxx6htnoxzfbvphjwm627sj534 198 3 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 198 4 Beauty Beauty NNP work_zxx6htnoxzfbvphjwm627sj534 198 5 Contest Contest NNP work_zxx6htnoxzfbvphjwm627sj534 198 6 and and CC work_zxx6htnoxzfbvphjwm627sj534 198 7 Market market NN work_zxx6htnoxzfbvphjwm627sj534 198 8 Efficiency Efficiency NNP work_zxx6htnoxzfbvphjwm627sj534 198 9 While while IN work_zxx6htnoxzfbvphjwm627sj534 198 10 there there EX work_zxx6htnoxzfbvphjwm627sj534 198 11 are be VBP work_zxx6htnoxzfbvphjwm627sj534 198 12 many many JJ work_zxx6htnoxzfbvphjwm627sj534 198 13 metrics metric NNS work_zxx6htnoxzfbvphjwm627sj534 198 14 measuring measure VBG work_zxx6htnoxzfbvphjwm627sj534 198 15 market market NN work_zxx6htnoxzfbvphjwm627sj534 198 16 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 198 17 , , , work_zxx6htnoxzfbvphjwm627sj534 198 18 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 198 19 focus focus VBP work_zxx6htnoxzfbvphjwm627sj534 198 20 on on IN work_zxx6htnoxzfbvphjwm627sj534 198 21 price price NN work_zxx6htnoxzfbvphjwm627sj534 198 22 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 198 23 , , , work_zxx6htnoxzfbvphjwm627sj534 198 24 the the DT work_zxx6htnoxzfbvphjwm627sj534 198 25 accuracy accuracy NN work_zxx6htnoxzfbvphjwm627sj534 198 26 with with IN work_zxx6htnoxzfbvphjwm627sj534 198 27 which which WDT work_zxx6htnoxzfbvphjwm627sj534 198 28 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 198 29 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 198 30 reflect reflect VBP work_zxx6htnoxzfbvphjwm627sj534 198 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 198 32 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 198 33 value value NN work_zxx6htnoxzfbvphjwm627sj534 198 34 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 198 35 see see VB work_zxx6htnoxzfbvphjwm627sj534 198 36 Tobin Tobin NNP work_zxx6htnoxzfbvphjwm627sj534 198 37 , , , work_zxx6htnoxzfbvphjwm627sj534 198 38 1984 1984 CD work_zxx6htnoxzfbvphjwm627sj534 198 39 , , , work_zxx6htnoxzfbvphjwm627sj534 198 40 e.g e.g NNP work_zxx6htnoxzfbvphjwm627sj534 198 41 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 198 42 . . . work_zxx6htnoxzfbvphjwm627sj534 199 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 199 2 primary primary JJ work_zxx6htnoxzfbvphjwm627sj534 199 3 goal goal NN work_zxx6htnoxzfbvphjwm627sj534 199 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 199 5 financial financial JJ work_zxx6htnoxzfbvphjwm627sj534 199 6 reporting reporting NN work_zxx6htnoxzfbvphjwm627sj534 199 7 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 199 8 to to TO work_zxx6htnoxzfbvphjwm627sj534 199 9 provide provide VB work_zxx6htnoxzfbvphjwm627sj534 199 10 various various JJ work_zxx6htnoxzfbvphjwm627sj534 199 11 market market NN work_zxx6htnoxzfbvphjwm627sj534 199 12 participants participant NNS work_zxx6htnoxzfbvphjwm627sj534 199 13 with with IN work_zxx6htnoxzfbvphjwm627sj534 199 14 information information NN work_zxx6htnoxzfbvphjwm627sj534 199 15 about about IN work_zxx6htnoxzfbvphjwm627sj534 199 16 a a DT work_zxx6htnoxzfbvphjwm627sj534 199 17 business business NN work_zxx6htnoxzfbvphjwm627sj534 199 18 en- en- DT work_zxx6htnoxzfbvphjwm627sj534 199 19 terprise terprise NN work_zxx6htnoxzfbvphjwm627sj534 199 20 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 199 21 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 199 22 value value NN work_zxx6htnoxzfbvphjwm627sj534 199 23 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 199 24 see see VB work_zxx6htnoxzfbvphjwm627sj534 199 25 FASB FASB NNP work_zxx6htnoxzfbvphjwm627sj534 199 26 , , , work_zxx6htnoxzfbvphjwm627sj534 199 27 1978 1978 CD work_zxx6htnoxzfbvphjwm627sj534 199 28 , , , work_zxx6htnoxzfbvphjwm627sj534 199 29 e.g. e.g. RB work_zxx6htnoxzfbvphjwm627sj534 199 30 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 199 31 . . . work_zxx6htnoxzfbvphjwm627sj534 200 1 Meanwhile meanwhile RB work_zxx6htnoxzfbvphjwm627sj534 200 2 , , , work_zxx6htnoxzfbvphjwm627sj534 200 3 one one CD work_zxx6htnoxzfbvphjwm627sj534 200 4 basic basic JJ work_zxx6htnoxzfbvphjwm627sj534 200 5 function function NN work_zxx6htnoxzfbvphjwm627sj534 200 6 of of IN work_zxx6htnoxzfbvphjwm627sj534 200 7 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 200 8 , , , work_zxx6htnoxzfbvphjwm627sj534 200 9 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 200 10 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 200 11 included include VBD work_zxx6htnoxzfbvphjwm627sj534 200 12 , , , work_zxx6htnoxzfbvphjwm627sj534 200 13 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 200 14 to to TO work_zxx6htnoxzfbvphjwm627sj534 200 15 aggregate aggregate VB work_zxx6htnoxzfbvphjwm627sj534 200 16 and and CC work_zxx6htnoxzfbvphjwm627sj534 200 17 disseminate disseminate VB work_zxx6htnoxzfbvphjwm627sj534 200 18 value value NN work_zxx6htnoxzfbvphjwm627sj534 200 19 relevant relevant JJ work_zxx6htnoxzfbvphjwm627sj534 200 20 information information NN work_zxx6htnoxzfbvphjwm627sj534 200 21 inherently inherently RB work_zxx6htnoxzfbvphjwm627sj534 200 22 dispersed disperse VBD work_zxx6htnoxzfbvphjwm627sj534 200 23 among among IN work_zxx6htnoxzfbvphjwm627sj534 200 24 market market NN work_zxx6htnoxzfbvphjwm627sj534 200 25 participants participant NNS work_zxx6htnoxzfbvphjwm627sj534 200 26 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 200 27 see see VB work_zxx6htnoxzfbvphjwm627sj534 200 28 Hayek Hayek NNP work_zxx6htnoxzfbvphjwm627sj534 200 29 , , , work_zxx6htnoxzfbvphjwm627sj534 200 30 1945 1945 CD work_zxx6htnoxzfbvphjwm627sj534 200 31 , , , work_zxx6htnoxzfbvphjwm627sj534 200 32 e.g. e.g. RB work_zxx6htnoxzfbvphjwm627sj534 200 33 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 200 34 . . . work_zxx6htnoxzfbvphjwm627sj534 201 1 To to IN work_zxx6htnoxzfbvphjwm627sj534 201 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 201 3 extent extent NN work_zxx6htnoxzfbvphjwm627sj534 201 4 that that WDT work_zxx6htnoxzfbvphjwm627sj534 201 5 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 201 6 examine examine VBP work_zxx6htnoxzfbvphjwm627sj534 201 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 201 8 impact impact NN work_zxx6htnoxzfbvphjwm627sj534 201 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 201 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 201 11 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 201 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 201 13 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 201 14 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 201 15 on on IN work_zxx6htnoxzfbvphjwm627sj534 201 16 the the DT work_zxx6htnoxzfbvphjwm627sj534 201 17 price price NN work_zxx6htnoxzfbvphjwm627sj534 201 18 discovery discovery NN work_zxx6htnoxzfbvphjwm627sj534 201 19 function function NN work_zxx6htnoxzfbvphjwm627sj534 201 20 of of IN work_zxx6htnoxzfbvphjwm627sj534 201 21 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 201 22 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 201 23 , , , work_zxx6htnoxzfbvphjwm627sj534 201 24 price price NN work_zxx6htnoxzfbvphjwm627sj534 201 25 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 201 26 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 201 27 a a DT work_zxx6htnoxzfbvphjwm627sj534 201 28 proper proper JJ work_zxx6htnoxzfbvphjwm627sj534 201 29 measure measure NN work_zxx6htnoxzfbvphjwm627sj534 201 30 . . . work_zxx6htnoxzfbvphjwm627sj534 202 1 By by IN work_zxx6htnoxzfbvphjwm627sj534 202 2 adhering adhere VBG work_zxx6htnoxzfbvphjwm627sj534 202 3 to to IN work_zxx6htnoxzfbvphjwm627sj534 202 4 my -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 202 5 definition definition NN work_zxx6htnoxzfbvphjwm627sj534 202 6 of of IN work_zxx6htnoxzfbvphjwm627sj534 202 7 market market NN work_zxx6htnoxzfbvphjwm627sj534 202 8 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 202 9 , , , work_zxx6htnoxzfbvphjwm627sj534 202 10 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 202 11 try try VBP work_zxx6htnoxzfbvphjwm627sj534 202 12 to to TO work_zxx6htnoxzfbvphjwm627sj534 202 13 avoid avoid VB work_zxx6htnoxzfbvphjwm627sj534 202 14 unnecessary unnecessary JJ work_zxx6htnoxzfbvphjwm627sj534 202 15 confusion confusion NN work_zxx6htnoxzfbvphjwm627sj534 202 16 of of IN work_zxx6htnoxzfbvphjwm627sj534 202 17 terminology terminology NN work_zxx6htnoxzfbvphjwm627sj534 202 18 . . . work_zxx6htnoxzfbvphjwm627sj534 203 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 203 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 203 3 theoretical theoretical JJ work_zxx6htnoxzfbvphjwm627sj534 203 4 literature literature NN work_zxx6htnoxzfbvphjwm627sj534 203 5 on on IN work_zxx6htnoxzfbvphjwm627sj534 203 6 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 203 7 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 203 8 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 203 9 in in IN work_zxx6htnoxzfbvphjwm627sj534 203 10 capital capital NN work_zxx6htnoxzfbvphjwm627sj534 203 11 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 203 12 , , , work_zxx6htnoxzfbvphjwm627sj534 203 13 price price NN work_zxx6htnoxzfbvphjwm627sj534 203 14 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 203 15 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 203 16 sometimes sometimes RB work_zxx6htnoxzfbvphjwm627sj534 203 17 labeled label VBN work_zxx6htnoxzfbvphjwm627sj534 203 18 as as IN work_zxx6htnoxzfbvphjwm627sj534 203 19 informational informational JJ work_zxx6htnoxzfbvphjwm627sj534 203 20 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 203 21 , , , work_zxx6htnoxzfbvphjwm627sj534 203 22 as as IN work_zxx6htnoxzfbvphjwm627sj534 203 23 opposed oppose VBN work_zxx6htnoxzfbvphjwm627sj534 203 24 to to IN work_zxx6htnoxzfbvphjwm627sj534 203 25 allocational allocational JJ work_zxx6htnoxzfbvphjwm627sj534 203 26 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 203 27 based base VBN work_zxx6htnoxzfbvphjwm627sj534 203 28 on on IN work_zxx6htnoxzfbvphjwm627sj534 203 29 Pareto Pareto NNP work_zxx6htnoxzfbvphjwm627sj534 203 30 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 203 31 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 203 32 in in IN work_zxx6htnoxzfbvphjwm627sj534 203 33 a a DT work_zxx6htnoxzfbvphjwm627sj534 203 34 general general JJ work_zxx6htnoxzfbvphjwm627sj534 203 35 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 203 36 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 203 37 see see VB work_zxx6htnoxzfbvphjwm627sj534 203 38 Brunnermeier Brunnermeier NNP work_zxx6htnoxzfbvphjwm627sj534 203 39 , , , work_zxx6htnoxzfbvphjwm627sj534 203 40 2001 2001 CD work_zxx6htnoxzfbvphjwm627sj534 203 41 , , , work_zxx6htnoxzfbvphjwm627sj534 203 42 e.g. e.g. RB work_zxx6htnoxzfbvphjwm627sj534 203 43 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 203 44 . . . work_zxx6htnoxzfbvphjwm627sj534 204 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 204 2 label label NN work_zxx6htnoxzfbvphjwm627sj534 204 3 “ " `` work_zxx6htnoxzfbvphjwm627sj534 204 4 informa- informa- FW work_zxx6htnoxzfbvphjwm627sj534 204 5 tional tional NNP work_zxx6htnoxzfbvphjwm627sj534 204 6 ” " '' work_zxx6htnoxzfbvphjwm627sj534 204 7 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 204 8 inevitably inevitably RB work_zxx6htnoxzfbvphjwm627sj534 204 9 confused confused JJ work_zxx6htnoxzfbvphjwm627sj534 204 10 with with IN work_zxx6htnoxzfbvphjwm627sj534 204 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 204 12 empirical empirical JJ work_zxx6htnoxzfbvphjwm627sj534 204 13 definition definition NN work_zxx6htnoxzfbvphjwm627sj534 204 14 of of IN work_zxx6htnoxzfbvphjwm627sj534 204 15 market market NN work_zxx6htnoxzfbvphjwm627sj534 204 16 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 204 17 by by IN work_zxx6htnoxzfbvphjwm627sj534 204 18 Fama Fama NNP work_zxx6htnoxzfbvphjwm627sj534 204 19 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 204 20 1970 1970 CD work_zxx6htnoxzfbvphjwm627sj534 204 21 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 204 22 . . . work_zxx6htnoxzfbvphjwm627sj534 205 1 Moreover moreover RB work_zxx6htnoxzfbvphjwm627sj534 205 2 , , , work_zxx6htnoxzfbvphjwm627sj534 205 3 despite despite IN work_zxx6htnoxzfbvphjwm627sj534 205 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 205 5 possible possible JJ work_zxx6htnoxzfbvphjwm627sj534 205 6 divergence divergence NN work_zxx6htnoxzfbvphjwm627sj534 205 7 , , , work_zxx6htnoxzfbvphjwm627sj534 205 8 two two CD work_zxx6htnoxzfbvphjwm627sj534 205 9 types type NNS work_zxx6htnoxzfbvphjwm627sj534 205 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 205 11 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 205 12 are be VBP work_zxx6htnoxzfbvphjwm627sj534 205 13 closely closely RB work_zxx6htnoxzfbvphjwm627sj534 205 14 related.10 related.10 NNP work_zxx6htnoxzfbvphjwm627sj534 205 15 In in IN work_zxx6htnoxzfbvphjwm627sj534 205 16 a a DT work_zxx6htnoxzfbvphjwm627sj534 205 17 much much RB work_zxx6htnoxzfbvphjwm627sj534 205 18 richer rich JJR work_zxx6htnoxzfbvphjwm627sj534 205 19 model model NN work_zxx6htnoxzfbvphjwm627sj534 205 20 , , , work_zxx6htnoxzfbvphjwm627sj534 205 21 more more RBR work_zxx6htnoxzfbvphjwm627sj534 205 22 accurate accurate JJ work_zxx6htnoxzfbvphjwm627sj534 205 23 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 205 24 could could MD work_zxx6htnoxzfbvphjwm627sj534 205 25 enable enable VB work_zxx6htnoxzfbvphjwm627sj534 205 26 market market NN work_zxx6htnoxzfbvphjwm627sj534 205 27 participants participant NNS work_zxx6htnoxzfbvphjwm627sj534 205 28 to to TO work_zxx6htnoxzfbvphjwm627sj534 205 29 make make VB work_zxx6htnoxzfbvphjwm627sj534 205 30 better well JJR work_zxx6htnoxzfbvphjwm627sj534 205 31 informed inform VBN work_zxx6htnoxzfbvphjwm627sj534 205 32 deci- deci- NN work_zxx6htnoxzfbvphjwm627sj534 205 33 sions sion NNS work_zxx6htnoxzfbvphjwm627sj534 205 34 with with IN work_zxx6htnoxzfbvphjwm627sj534 205 35 respect respect NN work_zxx6htnoxzfbvphjwm627sj534 205 36 to to TO work_zxx6htnoxzfbvphjwm627sj534 205 37 resource resource NN work_zxx6htnoxzfbvphjwm627sj534 205 38 allocation allocation NN work_zxx6htnoxzfbvphjwm627sj534 205 39 . . . work_zxx6htnoxzfbvphjwm627sj534 206 1 To to IN work_zxx6htnoxzfbvphjwm627sj534 206 2 that that DT work_zxx6htnoxzfbvphjwm627sj534 206 3 extent extent NN work_zxx6htnoxzfbvphjwm627sj534 206 4 , , , work_zxx6htnoxzfbvphjwm627sj534 206 5 price price NN work_zxx6htnoxzfbvphjwm627sj534 206 6 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 206 7 may may MD work_zxx6htnoxzfbvphjwm627sj534 206 8 also also RB work_zxx6htnoxzfbvphjwm627sj534 206 9 be be VB work_zxx6htnoxzfbvphjwm627sj534 206 10 viewed view VBN work_zxx6htnoxzfbvphjwm627sj534 206 11 as as IN work_zxx6htnoxzfbvphjwm627sj534 206 12 a a DT work_zxx6htnoxzfbvphjwm627sj534 206 13 reduced reduce VBN work_zxx6htnoxzfbvphjwm627sj534 206 14 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 206 15 form form NN work_zxx6htnoxzfbvphjwm627sj534 206 16 counterpart counterpart NN work_zxx6htnoxzfbvphjwm627sj534 206 17 of of IN work_zxx6htnoxzfbvphjwm627sj534 206 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 206 19 Pareto Pareto NNP work_zxx6htnoxzfbvphjwm627sj534 206 20 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 206 21 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 206 22 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 206 23 based base VBN work_zxx6htnoxzfbvphjwm627sj534 206 24 definition definition NN work_zxx6htnoxzfbvphjwm627sj534 206 25 of of IN work_zxx6htnoxzfbvphjwm627sj534 206 26 market market NN work_zxx6htnoxzfbvphjwm627sj534 206 27 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 206 28 , , , work_zxx6htnoxzfbvphjwm627sj534 206 29 such such JJ work_zxx6htnoxzfbvphjwm627sj534 206 30 as as IN work_zxx6htnoxzfbvphjwm627sj534 206 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 206 32 one one CD work_zxx6htnoxzfbvphjwm627sj534 206 33 in in IN work_zxx6htnoxzfbvphjwm627sj534 206 34 Grossman Grossman NNP work_zxx6htnoxzfbvphjwm627sj534 206 35 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 206 36 1995 1995 CD work_zxx6htnoxzfbvphjwm627sj534 206 37 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 206 38 . . . work_zxx6htnoxzfbvphjwm627sj534 207 1 Price price NN work_zxx6htnoxzfbvphjwm627sj534 207 2 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 207 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 207 4 measured measure VBN work_zxx6htnoxzfbvphjwm627sj534 207 5 using use VBG work_zxx6htnoxzfbvphjwm627sj534 207 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 207 7 reciprocal reciprocal NN work_zxx6htnoxzfbvphjwm627sj534 207 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 207 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 207 10 mean mean JJ work_zxx6htnoxzfbvphjwm627sj534 207 11 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 207 12 squared squared JJ work_zxx6htnoxzfbvphjwm627sj534 207 13 error error NN work_zxx6htnoxzfbvphjwm627sj534 207 14 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 207 15 MSE MSE NNP work_zxx6htnoxzfbvphjwm627sj534 207 16 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 207 17 between between IN work_zxx6htnoxzfbvphjwm627sj534 207 18 a a DT work_zxx6htnoxzfbvphjwm627sj534 207 19 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 207 20 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 207 21 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 207 22 value value NN work_zxx6htnoxzfbvphjwm627sj534 207 23 and and CC work_zxx6htnoxzfbvphjwm627sj534 207 24 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 207 25 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 207 26 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 207 27 , , , work_zxx6htnoxzfbvphjwm627sj534 207 28 a a DT work_zxx6htnoxzfbvphjwm627sj534 207 29 traditional traditional JJ work_zxx6htnoxzfbvphjwm627sj534 207 30 measure measure NN work_zxx6htnoxzfbvphjwm627sj534 207 31 of of IN work_zxx6htnoxzfbvphjwm627sj534 207 32 the the DT work_zxx6htnoxzfbvphjwm627sj534 207 33 extent extent NN work_zxx6htnoxzfbvphjwm627sj534 207 34 to to TO work_zxx6htnoxzfbvphjwm627sj534 207 35 which which WDT work_zxx6htnoxzfbvphjwm627sj534 207 36 markets market VBZ work_zxx6htnoxzfbvphjwm627sj534 207 37 10Hirshleifer 10hirshleifer CD work_zxx6htnoxzfbvphjwm627sj534 207 38 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 207 39 1971 1971 CD work_zxx6htnoxzfbvphjwm627sj534 207 40 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 207 41 provides provide VBZ work_zxx6htnoxzfbvphjwm627sj534 207 42 an an DT work_zxx6htnoxzfbvphjwm627sj534 207 43 example example NN work_zxx6htnoxzfbvphjwm627sj534 207 44 of of IN work_zxx6htnoxzfbvphjwm627sj534 207 45 the the DT work_zxx6htnoxzfbvphjwm627sj534 207 46 possible possible JJ work_zxx6htnoxzfbvphjwm627sj534 207 47 divergence divergence NN work_zxx6htnoxzfbvphjwm627sj534 207 48 . . . work_zxx6htnoxzfbvphjwm627sj534 208 1 17 17 CD work_zxx6htnoxzfbvphjwm627sj534 208 2 fulfill fulfill NN work_zxx6htnoxzfbvphjwm627sj534 208 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 208 4 price price NN work_zxx6htnoxzfbvphjwm627sj534 208 5 discovery discovery NN work_zxx6htnoxzfbvphjwm627sj534 208 6 function function NN work_zxx6htnoxzfbvphjwm627sj534 208 7 . . . work_zxx6htnoxzfbvphjwm627sj534 209 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 209 2 statistical statistical JJ work_zxx6htnoxzfbvphjwm627sj534 209 3 terms term NNS work_zxx6htnoxzfbvphjwm627sj534 209 4 , , , work_zxx6htnoxzfbvphjwm627sj534 209 5 price price NN work_zxx6htnoxzfbvphjwm627sj534 209 6 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 209 7 emphasizes emphasize VBZ work_zxx6htnoxzfbvphjwm627sj534 209 8 on on IN work_zxx6htnoxzfbvphjwm627sj534 209 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 209 10 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 209 11 property property NN work_zxx6htnoxzfbvphjwm627sj534 209 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 209 13 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 209 14 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 209 15 as as IN work_zxx6htnoxzfbvphjwm627sj534 209 16 an an DT work_zxx6htnoxzfbvphjwm627sj534 209 17 estimator estimator NN work_zxx6htnoxzfbvphjwm627sj534 209 18 of of IN work_zxx6htnoxzfbvphjwm627sj534 209 19 the the DT work_zxx6htnoxzfbvphjwm627sj534 209 20 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 209 21 value value NN work_zxx6htnoxzfbvphjwm627sj534 209 22 . . . work_zxx6htnoxzfbvphjwm627sj534 210 1 Lower low JJR work_zxx6htnoxzfbvphjwm627sj534 210 2 MSE MSE NNP work_zxx6htnoxzfbvphjwm627sj534 210 3 implies imply VBZ work_zxx6htnoxzfbvphjwm627sj534 210 4 that that IN work_zxx6htnoxzfbvphjwm627sj534 210 5 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 210 6 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 210 7 are be VBP work_zxx6htnoxzfbvphjwm627sj534 210 8 much much RB work_zxx6htnoxzfbvphjwm627sj534 210 9 closer close JJR work_zxx6htnoxzfbvphjwm627sj534 210 10 to to IN work_zxx6htnoxzfbvphjwm627sj534 210 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 210 12 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 210 13 value value NN work_zxx6htnoxzfbvphjwm627sj534 210 14 , , , work_zxx6htnoxzfbvphjwm627sj534 210 15 resulting result VBG work_zxx6htnoxzfbvphjwm627sj534 210 16 in in IN work_zxx6htnoxzfbvphjwm627sj534 210 17 higher high JJR work_zxx6htnoxzfbvphjwm627sj534 210 18 market market NN work_zxx6htnoxzfbvphjwm627sj534 210 19 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 210 20 . . . work_zxx6htnoxzfbvphjwm627sj534 211 1 P p NN work_zxx6htnoxzfbvphjwm627sj534 211 2 E e NN work_zxx6htnoxzfbvphjwm627sj534 211 3 = = NN work_zxx6htnoxzfbvphjwm627sj534 211 4 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 211 5 Es Es NNP work_zxx6htnoxzfbvphjwm627sj534 211 6 , , , work_zxx6htnoxzfbvphjwm627sj534 211 7 z[p z[p NNP work_zxx6htnoxzfbvphjwm627sj534 211 8 − − NNP work_zxx6htnoxzfbvphjwm627sj534 211 9 θ]2 θ]2 NNP work_zxx6htnoxzfbvphjwm627sj534 211 10 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 211 11 7 7 LS work_zxx6htnoxzfbvphjwm627sj534 211 12 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 211 13 PE PE NNP work_zxx6htnoxzfbvphjwm627sj534 211 14 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 211 15 an an DT work_zxx6htnoxzfbvphjwm627sj534 211 16 ex ex AFX work_zxx6htnoxzfbvphjwm627sj534 211 17 ante ante NN work_zxx6htnoxzfbvphjwm627sj534 211 18 measure measure NN work_zxx6htnoxzfbvphjwm627sj534 211 19 . . . work_zxx6htnoxzfbvphjwm627sj534 212 1 Es es NN work_zxx6htnoxzfbvphjwm627sj534 212 2 , , , work_zxx6htnoxzfbvphjwm627sj534 212 3 z z XX work_zxx6htnoxzfbvphjwm627sj534 212 4 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 212 5 · · NFP work_zxx6htnoxzfbvphjwm627sj534 212 6 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 212 7 means mean VBZ work_zxx6htnoxzfbvphjwm627sj534 212 8 that that IN work_zxx6htnoxzfbvphjwm627sj534 212 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 212 10 expectation expectation NN work_zxx6htnoxzfbvphjwm627sj534 212 11 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 212 12 taken take VBN work_zxx6htnoxzfbvphjwm627sj534 212 13 with with IN work_zxx6htnoxzfbvphjwm627sj534 212 14 respect respect NN work_zxx6htnoxzfbvphjwm627sj534 212 15 to to IN work_zxx6htnoxzfbvphjwm627sj534 212 16 both both DT work_zxx6htnoxzfbvphjwm627sj534 212 17 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 212 18 noise noise NN work_zxx6htnoxzfbvphjwm627sj534 212 19 and and CC work_zxx6htnoxzfbvphjwm627sj534 212 20 public public JJ work_zxx6htnoxzfbvphjwm627sj534 212 21 information information NN work_zxx6htnoxzfbvphjwm627sj534 212 22 . . . work_zxx6htnoxzfbvphjwm627sj534 213 1 Given give VBN work_zxx6htnoxzfbvphjwm627sj534 213 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 213 3 presence presence NN work_zxx6htnoxzfbvphjwm627sj534 213 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 213 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 213 6 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 213 7 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 213 8 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 213 9 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 213 10 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 213 11 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 213 12 , , , work_zxx6htnoxzfbvphjwm627sj534 213 13 how how WRB work_zxx6htnoxzfbvphjwm627sj534 213 14 could could MD work_zxx6htnoxzfbvphjwm627sj534 213 15 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 213 16 improve improve VB work_zxx6htnoxzfbvphjwm627sj534 213 17 market market NN work_zxx6htnoxzfbvphjwm627sj534 213 18 effi- effi- NN work_zxx6htnoxzfbvphjwm627sj534 213 19 ciency ciency NN work_zxx6htnoxzfbvphjwm627sj534 213 20 through through IN work_zxx6htnoxzfbvphjwm627sj534 213 21 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 213 22 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 213 23 ? ? . work_zxx6htnoxzfbvphjwm627sj534 214 1 Proposition proposition NN work_zxx6htnoxzfbvphjwm627sj534 214 2 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 214 3 answers answer NNS work_zxx6htnoxzfbvphjwm627sj534 214 4 this this DT work_zxx6htnoxzfbvphjwm627sj534 214 5 question question NN work_zxx6htnoxzfbvphjwm627sj534 214 6 . . . work_zxx6htnoxzfbvphjwm627sj534 215 1 Proposition proposition NN work_zxx6htnoxzfbvphjwm627sj534 215 2 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 215 3 . . . work_zxx6htnoxzfbvphjwm627sj534 216 1 More more RBR work_zxx6htnoxzfbvphjwm627sj534 216 2 public public JJ work_zxx6htnoxzfbvphjwm627sj534 216 3 information information NN work_zxx6htnoxzfbvphjwm627sj534 216 4 uniformly uniformly RB work_zxx6htnoxzfbvphjwm627sj534 216 5 improves improve VBZ work_zxx6htnoxzfbvphjwm627sj534 216 6 market market NN work_zxx6htnoxzfbvphjwm627sj534 216 7 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 216 8 , , , work_zxx6htnoxzfbvphjwm627sj534 216 9 even even RB work_zxx6htnoxzfbvphjwm627sj534 216 10 in in IN work_zxx6htnoxzfbvphjwm627sj534 216 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 216 12 pres- pres- NN work_zxx6htnoxzfbvphjwm627sj534 216 13 ence ence NN work_zxx6htnoxzfbvphjwm627sj534 216 14 of of IN work_zxx6htnoxzfbvphjwm627sj534 216 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 216 16 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 216 17 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 216 18 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 216 19 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 216 20 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 216 21 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 216 22 . . . work_zxx6htnoxzfbvphjwm627sj534 217 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 217 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 217 3 context context NN work_zxx6htnoxzfbvphjwm627sj534 217 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 217 5 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 217 6 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 217 7 as as IN work_zxx6htnoxzfbvphjwm627sj534 217 8 a a DT work_zxx6htnoxzfbvphjwm627sj534 217 9 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 217 10 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 217 11 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 217 12 , , , work_zxx6htnoxzfbvphjwm627sj534 217 13 transparency transparency NN work_zxx6htnoxzfbvphjwm627sj534 217 14 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 217 15 still still RB work_zxx6htnoxzfbvphjwm627sj534 217 16 a a DT work_zxx6htnoxzfbvphjwm627sj534 217 17 worthwhile worthwhile JJ work_zxx6htnoxzfbvphjwm627sj534 217 18 cause cause NN work_zxx6htnoxzfbvphjwm627sj534 217 19 . . . work_zxx6htnoxzfbvphjwm627sj534 218 1 Accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 218 2 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 218 3 provides provide VBZ work_zxx6htnoxzfbvphjwm627sj534 218 4 information information NN work_zxx6htnoxzfbvphjwm627sj534 218 5 about about IN work_zxx6htnoxzfbvphjwm627sj534 218 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 218 7 future future JJ work_zxx6htnoxzfbvphjwm627sj534 218 8 cash cash NN work_zxx6htnoxzfbvphjwm627sj534 218 9 flow flow NN work_zxx6htnoxzfbvphjwm627sj534 218 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 218 11 a a DT work_zxx6htnoxzfbvphjwm627sj534 218 12 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 218 13 . . . work_zxx6htnoxzfbvphjwm627sj534 219 1 Although although IN work_zxx6htnoxzfbvphjwm627sj534 219 2 short short JJ work_zxx6htnoxzfbvphjwm627sj534 219 3 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 219 4 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 219 5 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 219 6 overuse overuse VBP work_zxx6htnoxzfbvphjwm627sj534 219 7 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 219 8 , , , work_zxx6htnoxzfbvphjwm627sj534 219 9 provisions provision NNS work_zxx6htnoxzfbvphjwm627sj534 219 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 219 11 more more JJR work_zxx6htnoxzfbvphjwm627sj534 219 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 219 13 better well RBR work_zxx6htnoxzfbvphjwm627sj534 219 14 financial financial JJ work_zxx6htnoxzfbvphjwm627sj534 219 15 reporting reporting NN work_zxx6htnoxzfbvphjwm627sj534 219 16 still still RB work_zxx6htnoxzfbvphjwm627sj534 219 17 boost boost VBP work_zxx6htnoxzfbvphjwm627sj534 219 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 219 19 overall overall JJ work_zxx6htnoxzfbvphjwm627sj534 219 20 informativeness informativeness NN work_zxx6htnoxzfbvphjwm627sj534 219 21 of of IN work_zxx6htnoxzfbvphjwm627sj534 219 22 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 219 23 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 219 24 to to IN work_zxx6htnoxzfbvphjwm627sj534 219 25 market market NN work_zxx6htnoxzfbvphjwm627sj534 219 26 participants participant NNS work_zxx6htnoxzfbvphjwm627sj534 219 27 . . . work_zxx6htnoxzfbvphjwm627sj534 220 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 220 2 fact fact NN work_zxx6htnoxzfbvphjwm627sj534 220 3 that that IN work_zxx6htnoxzfbvphjwm627sj534 220 4 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 220 5 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 220 6 behave behave VBP work_zxx6htnoxzfbvphjwm627sj534 220 7 like like IN work_zxx6htnoxzfbvphjwm627sj534 220 8 a a DT work_zxx6htnoxzfbvphjwm627sj534 220 9 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 220 10 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 220 11 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 220 12 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 220 13 not not RB work_zxx6htnoxzfbvphjwm627sj534 220 14 justify justify VB work_zxx6htnoxzfbvphjwm627sj534 220 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 220 16 withdrawal withdrawal NN work_zxx6htnoxzfbvphjwm627sj534 220 17 of of IN work_zxx6htnoxzfbvphjwm627sj534 220 18 public public JJ work_zxx6htnoxzfbvphjwm627sj534 220 19 information information NN work_zxx6htnoxzfbvphjwm627sj534 220 20 . . . work_zxx6htnoxzfbvphjwm627sj534 221 1 Public public JJ work_zxx6htnoxzfbvphjwm627sj534 221 2 information information NN work_zxx6htnoxzfbvphjwm627sj534 221 3 affects affect VBZ work_zxx6htnoxzfbvphjwm627sj534 221 4 market market NN work_zxx6htnoxzfbvphjwm627sj534 221 5 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 221 6 through through IN work_zxx6htnoxzfbvphjwm627sj534 221 7 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 221 8 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 221 9 role role NN work_zxx6htnoxzfbvphjwm627sj534 221 10 : : : work_zxx6htnoxzfbvphjwm627sj534 221 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 221 12 information information NN work_zxx6htnoxzfbvphjwm627sj534 221 13 role role NN work_zxx6htnoxzfbvphjwm627sj534 221 14 and and CC work_zxx6htnoxzfbvphjwm627sj534 221 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 221 16 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 221 17 role role NN work_zxx6htnoxzfbvphjwm627sj534 221 18 . . . work_zxx6htnoxzfbvphjwm627sj534 222 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 222 2 former former JJ work_zxx6htnoxzfbvphjwm627sj534 222 3 improves improve VBZ work_zxx6htnoxzfbvphjwm627sj534 222 4 price price NN work_zxx6htnoxzfbvphjwm627sj534 222 5 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 222 6 while while IN work_zxx6htnoxzfbvphjwm627sj534 222 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 222 8 later later JJ work_zxx6htnoxzfbvphjwm627sj534 222 9 potentially potentially RB work_zxx6htnoxzfbvphjwm627sj534 222 10 reduces reduce VBZ work_zxx6htnoxzfbvphjwm627sj534 222 11 price price NN work_zxx6htnoxzfbvphjwm627sj534 222 12 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 222 13 . . . work_zxx6htnoxzfbvphjwm627sj534 223 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 223 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 223 3 absence absence NN work_zxx6htnoxzfbvphjwm627sj534 223 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 223 5 a a DT work_zxx6htnoxzfbvphjwm627sj534 223 6 formal formal JJ work_zxx6htnoxzfbvphjwm627sj534 223 7 examination examination NN work_zxx6htnoxzfbvphjwm627sj534 223 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 223 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 223 10 relation relation NN work_zxx6htnoxzfbvphjwm627sj534 223 11 between between IN work_zxx6htnoxzfbvphjwm627sj534 223 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 223 13 two two CD work_zxx6htnoxzfbvphjwm627sj534 223 14 roles role NNS work_zxx6htnoxzfbvphjwm627sj534 223 15 , , , work_zxx6htnoxzfbvphjwm627sj534 223 16 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 223 17 may may MD work_zxx6htnoxzfbvphjwm627sj534 223 18 conjecture conjecture VB work_zxx6htnoxzfbvphjwm627sj534 223 19 that that DT work_zxx6htnoxzfbvphjwm627sj534 223 20 prohibition prohibition NN work_zxx6htnoxzfbvphjwm627sj534 223 21 of of IN work_zxx6htnoxzfbvphjwm627sj534 223 22 some some DT work_zxx6htnoxzfbvphjwm627sj534 223 23 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 223 24 public public JJ work_zxx6htnoxzfbvphjwm627sj534 223 25 information information NN work_zxx6htnoxzfbvphjwm627sj534 223 26 may may MD work_zxx6htnoxzfbvphjwm627sj534 223 27 be be VB work_zxx6htnoxzfbvphjwm627sj534 223 28 necessary necessary JJ work_zxx6htnoxzfbvphjwm627sj534 223 29 to to TO work_zxx6htnoxzfbvphjwm627sj534 223 30 enhance enhance VB work_zxx6htnoxzfbvphjwm627sj534 223 31 market market NN work_zxx6htnoxzfbvphjwm627sj534 223 32 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 223 33 in in IN work_zxx6htnoxzfbvphjwm627sj534 223 34 a a DT work_zxx6htnoxzfbvphjwm627sj534 223 35 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 223 36 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 223 37 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 223 38 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 223 39 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 223 40 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 223 41 market market NN work_zxx6htnoxzfbvphjwm627sj534 223 42 . . . work_zxx6htnoxzfbvphjwm627sj534 224 1 As as IN work_zxx6htnoxzfbvphjwm627sj534 224 2 public public JJ work_zxx6htnoxzfbvphjwm627sj534 224 3 information information NN work_zxx6htnoxzfbvphjwm627sj534 224 4 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 224 5 less less RBR work_zxx6htnoxzfbvphjwm627sj534 224 6 precise precise JJ work_zxx6htnoxzfbvphjwm627sj534 224 7 , , , work_zxx6htnoxzfbvphjwm627sj534 224 8 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 224 9 information information NN work_zxx6htnoxzfbvphjwm627sj534 224 10 value value NN work_zxx6htnoxzfbvphjwm627sj534 224 11 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 224 12 attenuated attenuate VBN work_zxx6htnoxzfbvphjwm627sj534 224 13 . . . work_zxx6htnoxzfbvphjwm627sj534 225 1 If if IN work_zxx6htnoxzfbvphjwm627sj534 225 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 225 3 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 225 4 role role NN work_zxx6htnoxzfbvphjwm627sj534 225 5 increases increase NNS work_zxx6htnoxzfbvphjwm627sj534 225 6 or or CC work_zxx6htnoxzfbvphjwm627sj534 225 7 at at IN work_zxx6htnoxzfbvphjwm627sj534 225 8 least least JJS work_zxx6htnoxzfbvphjwm627sj534 225 9 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 225 10 18 18 CD work_zxx6htnoxzfbvphjwm627sj534 225 11 not not RB work_zxx6htnoxzfbvphjwm627sj534 225 12 decrease decrease VB work_zxx6htnoxzfbvphjwm627sj534 225 13 in in IN work_zxx6htnoxzfbvphjwm627sj534 225 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 225 15 variance variance NN work_zxx6htnoxzfbvphjwm627sj534 225 16 of of IN work_zxx6htnoxzfbvphjwm627sj534 225 17 public public JJ work_zxx6htnoxzfbvphjwm627sj534 225 18 information information NN work_zxx6htnoxzfbvphjwm627sj534 225 19 , , , work_zxx6htnoxzfbvphjwm627sj534 225 20 there there EX work_zxx6htnoxzfbvphjwm627sj534 225 21 could could MD work_zxx6htnoxzfbvphjwm627sj534 225 22 exist exist VB work_zxx6htnoxzfbvphjwm627sj534 225 23 a a DT work_zxx6htnoxzfbvphjwm627sj534 225 24 threshold threshold NN work_zxx6htnoxzfbvphjwm627sj534 225 25 of of IN work_zxx6htnoxzfbvphjwm627sj534 225 26 the the DT work_zxx6htnoxzfbvphjwm627sj534 225 27 precision precision NN work_zxx6htnoxzfbvphjwm627sj534 225 28 of of IN work_zxx6htnoxzfbvphjwm627sj534 225 29 public public JJ work_zxx6htnoxzfbvphjwm627sj534 225 30 information information NN work_zxx6htnoxzfbvphjwm627sj534 225 31 under under IN work_zxx6htnoxzfbvphjwm627sj534 225 32 which which WDT work_zxx6htnoxzfbvphjwm627sj534 225 33 the the DT work_zxx6htnoxzfbvphjwm627sj534 225 34 diminishing diminish VBG work_zxx6htnoxzfbvphjwm627sj534 225 35 information information NN work_zxx6htnoxzfbvphjwm627sj534 225 36 role role NN work_zxx6htnoxzfbvphjwm627sj534 225 37 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 225 38 dominated dominate VBN work_zxx6htnoxzfbvphjwm627sj534 225 39 by by IN work_zxx6htnoxzfbvphjwm627sj534 225 40 the the DT work_zxx6htnoxzfbvphjwm627sj534 225 41 non non JJ work_zxx6htnoxzfbvphjwm627sj534 225 42 - - JJ work_zxx6htnoxzfbvphjwm627sj534 225 43 decreasing decreasing JJ work_zxx6htnoxzfbvphjwm627sj534 225 44 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 225 45 role role NN work_zxx6htnoxzfbvphjwm627sj534 225 46 . . . work_zxx6htnoxzfbvphjwm627sj534 226 1 Proposition proposition NN work_zxx6htnoxzfbvphjwm627sj534 226 2 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 226 3 contradicts contradict VBZ work_zxx6htnoxzfbvphjwm627sj534 226 4 such such PDT work_zxx6htnoxzfbvphjwm627sj534 226 5 a a DT work_zxx6htnoxzfbvphjwm627sj534 226 6 conjecture conjecture NN work_zxx6htnoxzfbvphjwm627sj534 226 7 . . . work_zxx6htnoxzfbvphjwm627sj534 227 1 It -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 227 2 implies imply VBZ work_zxx6htnoxzfbvphjwm627sj534 227 3 that that IN work_zxx6htnoxzfbvphjwm627sj534 227 4 while while IN work_zxx6htnoxzfbvphjwm627sj534 227 5 public public JJ work_zxx6htnoxzfbvphjwm627sj534 227 6 information information NN work_zxx6htnoxzfbvphjwm627sj534 227 7 plays play VBZ work_zxx6htnoxzfbvphjwm627sj534 227 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 227 9 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 227 10 role role NN work_zxx6htnoxzfbvphjwm627sj534 227 11 , , , work_zxx6htnoxzfbvphjwm627sj534 227 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 227 13 information information NN work_zxx6htnoxzfbvphjwm627sj534 227 14 role role NN work_zxx6htnoxzfbvphjwm627sj534 227 15 always always RB work_zxx6htnoxzfbvphjwm627sj534 227 16 dominates dominate VBZ work_zxx6htnoxzfbvphjwm627sj534 227 17 the the DT work_zxx6htnoxzfbvphjwm627sj534 227 18 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 227 19 role role NN work_zxx6htnoxzfbvphjwm627sj534 227 20 . . . work_zxx6htnoxzfbvphjwm627sj534 228 1 Since since IN work_zxx6htnoxzfbvphjwm627sj534 228 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 228 3 information information NN work_zxx6htnoxzfbvphjwm627sj534 228 4 role role NN work_zxx6htnoxzfbvphjwm627sj534 228 5 dissipates dissipate VBZ work_zxx6htnoxzfbvphjwm627sj534 228 6 as as IN work_zxx6htnoxzfbvphjwm627sj534 228 7 public public JJ work_zxx6htnoxzfbvphjwm627sj534 228 8 information information NN work_zxx6htnoxzfbvphjwm627sj534 228 9 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 228 10 less less RBR work_zxx6htnoxzfbvphjwm627sj534 228 11 precise precise JJ work_zxx6htnoxzfbvphjwm627sj534 228 12 , , , work_zxx6htnoxzfbvphjwm627sj534 228 13 a a DT work_zxx6htnoxzfbvphjwm627sj534 228 14 necessary necessary JJ work_zxx6htnoxzfbvphjwm627sj534 228 15 condition condition NN work_zxx6htnoxzfbvphjwm627sj534 228 16 for for IN work_zxx6htnoxzfbvphjwm627sj534 228 17 the the DT work_zxx6htnoxzfbvphjwm627sj534 228 18 dominance dominance NN work_zxx6htnoxzfbvphjwm627sj534 228 19 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 228 20 that that IN work_zxx6htnoxzfbvphjwm627sj534 228 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 228 22 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 228 23 role role NN work_zxx6htnoxzfbvphjwm627sj534 228 24 decreases decrease VBZ work_zxx6htnoxzfbvphjwm627sj534 228 25 in in IN work_zxx6htnoxzfbvphjwm627sj534 228 26 the the DT work_zxx6htnoxzfbvphjwm627sj534 228 27 variance variance NN work_zxx6htnoxzfbvphjwm627sj534 228 28 of of IN work_zxx6htnoxzfbvphjwm627sj534 228 29 public public JJ work_zxx6htnoxzfbvphjwm627sj534 228 30 information information NN work_zxx6htnoxzfbvphjwm627sj534 228 31 . . . work_zxx6htnoxzfbvphjwm627sj534 229 1 That that RB work_zxx6htnoxzfbvphjwm627sj534 229 2 is is RB work_zxx6htnoxzfbvphjwm627sj534 229 3 , , , work_zxx6htnoxzfbvphjwm627sj534 229 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 229 5 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 229 6 role role NN work_zxx6htnoxzfbvphjwm627sj534 229 7 of of IN work_zxx6htnoxzfbvphjwm627sj534 229 8 public public JJ work_zxx6htnoxzfbvphjwm627sj534 229 9 information information NN work_zxx6htnoxzfbvphjwm627sj534 229 10 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 229 11 endogenously endogenously RB work_zxx6htnoxzfbvphjwm627sj534 229 12 linked link VBN work_zxx6htnoxzfbvphjwm627sj534 229 13 through through IN work_zxx6htnoxzfbvphjwm627sj534 229 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 229 15 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 229 16 of of IN work_zxx6htnoxzfbvphjwm627sj534 229 17 public public JJ work_zxx6htnoxzfbvphjwm627sj534 229 18 information information NN work_zxx6htnoxzfbvphjwm627sj534 229 19 . . . work_zxx6htnoxzfbvphjwm627sj534 230 1 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 230 2 verify verify VBP work_zxx6htnoxzfbvphjwm627sj534 230 3 this this DT work_zxx6htnoxzfbvphjwm627sj534 230 4 intuition intuition NN work_zxx6htnoxzfbvphjwm627sj534 230 5 by by IN work_zxx6htnoxzfbvphjwm627sj534 230 6 showing show VBG work_zxx6htnoxzfbvphjwm627sj534 230 7 that that IN work_zxx6htnoxzfbvphjwm627sj534 230 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 230 9 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 230 10 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 230 11 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 230 12 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 230 13 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 230 14 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 230 15 intensifies intensifie NNS work_zxx6htnoxzfbvphjwm627sj534 230 16 as as IN work_zxx6htnoxzfbvphjwm627sj534 230 17 public public JJ work_zxx6htnoxzfbvphjwm627sj534 230 18 information information NN work_zxx6htnoxzfbvphjwm627sj534 230 19 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 230 20 more more RBR work_zxx6htnoxzfbvphjwm627sj534 230 21 accurate accurate JJ work_zxx6htnoxzfbvphjwm627sj534 230 22 . . . work_zxx6htnoxzfbvphjwm627sj534 231 1 Before before IN work_zxx6htnoxzfbvphjwm627sj534 231 2 proceeding proceed VBG work_zxx6htnoxzfbvphjwm627sj534 231 3 to to IN work_zxx6htnoxzfbvphjwm627sj534 231 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 231 5 endogenous endogenous JJ work_zxx6htnoxzfbvphjwm627sj534 231 6 link link NN work_zxx6htnoxzfbvphjwm627sj534 231 7 between between IN work_zxx6htnoxzfbvphjwm627sj534 231 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 231 9 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 231 10 role role NN work_zxx6htnoxzfbvphjwm627sj534 231 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 231 12 public public JJ work_zxx6htnoxzfbvphjwm627sj534 231 13 information information NN work_zxx6htnoxzfbvphjwm627sj534 231 14 , , , work_zxx6htnoxzfbvphjwm627sj534 231 15 there there EX work_zxx6htnoxzfbvphjwm627sj534 231 16 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 231 17 one one CD work_zxx6htnoxzfbvphjwm627sj534 231 18 caveat caveat NN work_zxx6htnoxzfbvphjwm627sj534 231 19 about about IN work_zxx6htnoxzfbvphjwm627sj534 231 20 Proposition Proposition NNP work_zxx6htnoxzfbvphjwm627sj534 231 21 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 231 22 . . . work_zxx6htnoxzfbvphjwm627sj534 232 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 232 2 conclusion conclusion NN work_zxx6htnoxzfbvphjwm627sj534 232 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 232 4 obtained obtain VBN work_zxx6htnoxzfbvphjwm627sj534 232 5 in in IN work_zxx6htnoxzfbvphjwm627sj534 232 6 a a DT work_zxx6htnoxzfbvphjwm627sj534 232 7 competitive competitive JJ work_zxx6htnoxzfbvphjwm627sj534 232 8 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 232 9 in in IN work_zxx6htnoxzfbvphjwm627sj534 232 10 which which WDT work_zxx6htnoxzfbvphjwm627sj534 232 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 232 12 action action NN work_zxx6htnoxzfbvphjwm627sj534 232 13 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 232 14 demand demand NN work_zxx6htnoxzfbvphjwm627sj534 232 15 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 232 16 of of IN work_zxx6htnoxzfbvphjwm627sj534 232 17 any any DT work_zxx6htnoxzfbvphjwm627sj534 232 18 atomistic atomistic JJ work_zxx6htnoxzfbvphjwm627sj534 232 19 investor investor NN work_zxx6htnoxzfbvphjwm627sj534 232 20 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 232 21 not not RB work_zxx6htnoxzfbvphjwm627sj534 232 22 affect affect VB work_zxx6htnoxzfbvphjwm627sj534 232 23 the the DT work_zxx6htnoxzfbvphjwm627sj534 232 24 price price NN work_zxx6htnoxzfbvphjwm627sj534 232 25 and and CC work_zxx6htnoxzfbvphjwm627sj534 232 26 thus thus RB work_zxx6htnoxzfbvphjwm627sj534 232 27 the the DT work_zxx6htnoxzfbvphjwm627sj534 232 28 ac- ac- XX work_zxx6htnoxzfbvphjwm627sj534 232 29 tions tion NNS work_zxx6htnoxzfbvphjwm627sj534 232 30 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 232 31 demands demand NNS work_zxx6htnoxzfbvphjwm627sj534 232 32 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 232 33 of of IN work_zxx6htnoxzfbvphjwm627sj534 232 34 other other JJ work_zxx6htnoxzfbvphjwm627sj534 232 35 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 232 36 . . . work_zxx6htnoxzfbvphjwm627sj534 233 1 While while IN work_zxx6htnoxzfbvphjwm627sj534 233 2 this this DT work_zxx6htnoxzfbvphjwm627sj534 233 3 result result NN work_zxx6htnoxzfbvphjwm627sj534 233 4 establishes establish VBZ work_zxx6htnoxzfbvphjwm627sj534 233 5 an an DT work_zxx6htnoxzfbvphjwm627sj534 233 6 important important JJ work_zxx6htnoxzfbvphjwm627sj534 233 7 benchmark benchmark NN work_zxx6htnoxzfbvphjwm627sj534 233 8 for for IN work_zxx6htnoxzfbvphjwm627sj534 233 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 233 10 desirability desirability NN work_zxx6htnoxzfbvphjwm627sj534 233 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 233 12 public public JJ work_zxx6htnoxzfbvphjwm627sj534 233 13 information information NN work_zxx6htnoxzfbvphjwm627sj534 233 14 in in IN work_zxx6htnoxzfbvphjwm627sj534 233 15 a a DT work_zxx6htnoxzfbvphjwm627sj534 233 16 competitive competitive JJ work_zxx6htnoxzfbvphjwm627sj534 233 17 market market NN work_zxx6htnoxzfbvphjwm627sj534 233 18 , , , work_zxx6htnoxzfbvphjwm627sj534 233 19 there there EX work_zxx6htnoxzfbvphjwm627sj534 233 20 could could MD work_zxx6htnoxzfbvphjwm627sj534 233 21 be be VB work_zxx6htnoxzfbvphjwm627sj534 233 22 other other JJ work_zxx6htnoxzfbvphjwm627sj534 233 23 channels channel NNS work_zxx6htnoxzfbvphjwm627sj534 233 24 through through IN work_zxx6htnoxzfbvphjwm627sj534 233 25 which which WDT work_zxx6htnoxzfbvphjwm627sj534 233 26 public public JJ work_zxx6htnoxzfbvphjwm627sj534 233 27 information information NN work_zxx6htnoxzfbvphjwm627sj534 233 28 reduces reduce VBZ work_zxx6htnoxzfbvphjwm627sj534 233 29 the the DT work_zxx6htnoxzfbvphjwm627sj534 233 30 overall overall JJ work_zxx6htnoxzfbvphjwm627sj534 233 31 informativeness informativeness NN work_zxx6htnoxzfbvphjwm627sj534 233 32 of of IN work_zxx6htnoxzfbvphjwm627sj534 233 33 market market NN work_zxx6htnoxzfbvphjwm627sj534 233 34 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 233 35 . . . work_zxx6htnoxzfbvphjwm627sj534 234 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 234 2 this this DT work_zxx6htnoxzfbvphjwm627sj534 234 3 broad broad JJ work_zxx6htnoxzfbvphjwm627sj534 234 4 sense sense NN work_zxx6htnoxzfbvphjwm627sj534 234 5 , , , work_zxx6htnoxzfbvphjwm627sj534 234 6 Shiller Shiller NNP work_zxx6htnoxzfbvphjwm627sj534 234 7 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 234 8 2000 2000 CD work_zxx6htnoxzfbvphjwm627sj534 234 9 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 234 10 suggests suggest VBZ work_zxx6htnoxzfbvphjwm627sj534 234 11 that that IN work_zxx6htnoxzfbvphjwm627sj534 234 12 news news NN work_zxx6htnoxzfbvphjwm627sj534 234 13 media medium NNS work_zxx6htnoxzfbvphjwm627sj534 234 14 exert exert NN work_zxx6htnoxzfbvphjwm627sj534 234 15 undue undue JJ work_zxx6htnoxzfbvphjwm627sj534 234 16 influence influence NN work_zxx6htnoxzfbvphjwm627sj534 234 17 on on IN work_zxx6htnoxzfbvphjwm627sj534 234 18 market market NN work_zxx6htnoxzfbvphjwm627sj534 234 19 events event NNS work_zxx6htnoxzfbvphjwm627sj534 234 20 by by IN work_zxx6htnoxzfbvphjwm627sj534 234 21 promulgating promulgate VBG work_zxx6htnoxzfbvphjwm627sj534 234 22 information information NN work_zxx6htnoxzfbvphjwm627sj534 234 23 and and CC work_zxx6htnoxzfbvphjwm627sj534 234 24 thus thus RB work_zxx6htnoxzfbvphjwm627sj534 234 25 creating create VBG work_zxx6htnoxzfbvphjwm627sj534 234 26 “ " `` work_zxx6htnoxzfbvphjwm627sj534 234 27 similar similar JJ work_zxx6htnoxzfbvphjwm627sj534 234 28 thinking thinking NN work_zxx6htnoxzfbvphjwm627sj534 234 29 among among IN work_zxx6htnoxzfbvphjwm627sj534 234 30 large large JJ work_zxx6htnoxzfbvphjwm627sj534 234 31 groups group NNS work_zxx6htnoxzfbvphjwm627sj534 234 32 of of IN work_zxx6htnoxzfbvphjwm627sj534 234 33 people people NNS work_zxx6htnoxzfbvphjwm627sj534 234 34 . . . work_zxx6htnoxzfbvphjwm627sj534 234 35 ” " '' work_zxx6htnoxzfbvphjwm627sj534 234 36 One one CD work_zxx6htnoxzfbvphjwm627sj534 234 37 prominent prominent JJ work_zxx6htnoxzfbvphjwm627sj534 234 38 approach approach NN work_zxx6htnoxzfbvphjwm627sj534 234 39 , , , work_zxx6htnoxzfbvphjwm627sj534 234 40 which which WDT work_zxx6htnoxzfbvphjwm627sj534 234 41 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 234 42 been be VBN work_zxx6htnoxzfbvphjwm627sj534 234 43 advanced advance VBN work_zxx6htnoxzfbvphjwm627sj534 234 44 lately lately RB work_zxx6htnoxzfbvphjwm627sj534 234 45 and and CC work_zxx6htnoxzfbvphjwm627sj534 234 46 may may MD work_zxx6htnoxzfbvphjwm627sj534 234 47 substantiate substantiate VB work_zxx6htnoxzfbvphjwm627sj534 234 48 Shiller Shiller NNP work_zxx6htnoxzfbvphjwm627sj534 234 49 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 234 50 arguments argument NNS work_zxx6htnoxzfbvphjwm627sj534 234 51 , , , work_zxx6htnoxzfbvphjwm627sj534 234 52 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 234 53 to to TO work_zxx6htnoxzfbvphjwm627sj534 234 54 model model VB work_zxx6htnoxzfbvphjwm627sj534 234 55 explicit explicit JJ work_zxx6htnoxzfbvphjwm627sj534 234 56 coordination coordination NN work_zxx6htnoxzfbvphjwm627sj534 234 57 motivations motivation NNS work_zxx6htnoxzfbvphjwm627sj534 234 58 among among IN work_zxx6htnoxzfbvphjwm627sj534 234 59 agents agent NNS work_zxx6htnoxzfbvphjwm627sj534 234 60 . . . work_zxx6htnoxzfbvphjwm627sj534 235 1 For for IN work_zxx6htnoxzfbvphjwm627sj534 235 2 example example NN work_zxx6htnoxzfbvphjwm627sj534 235 3 , , , work_zxx6htnoxzfbvphjwm627sj534 235 4 Plantin Plantin NNP work_zxx6htnoxzfbvphjwm627sj534 235 5 , , , work_zxx6htnoxzfbvphjwm627sj534 235 6 Sapra Sapra NNP work_zxx6htnoxzfbvphjwm627sj534 235 7 , , , work_zxx6htnoxzfbvphjwm627sj534 235 8 and and CC work_zxx6htnoxzfbvphjwm627sj534 235 9 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 235 10 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 235 11 2007 2007 CD work_zxx6htnoxzfbvphjwm627sj534 235 12 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 235 13 cre- cre- NN work_zxx6htnoxzfbvphjwm627sj534 235 14 ate eat VBD work_zxx6htnoxzfbvphjwm627sj534 235 15 explicit explicit JJ work_zxx6htnoxzfbvphjwm627sj534 235 16 coordination coordination NN work_zxx6htnoxzfbvphjwm627sj534 235 17 issues issue NNS work_zxx6htnoxzfbvphjwm627sj534 235 18 among among IN work_zxx6htnoxzfbvphjwm627sj534 235 19 financial financial JJ work_zxx6htnoxzfbvphjwm627sj534 235 20 institutions institution NNS work_zxx6htnoxzfbvphjwm627sj534 235 21 by by IN work_zxx6htnoxzfbvphjwm627sj534 235 22 introducing introduce VBG work_zxx6htnoxzfbvphjwm627sj534 235 23 the the DT work_zxx6htnoxzfbvphjwm627sj534 235 24 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 235 25 il)liquidity il)liquidity NN work_zxx6htnoxzfbvphjwm627sj534 235 26 of of IN work_zxx6htnoxzfbvphjwm627sj534 235 27 the the DT work_zxx6htnoxzfbvphjwm627sj534 235 28 market market NN work_zxx6htnoxzfbvphjwm627sj534 235 29 for for IN work_zxx6htnoxzfbvphjwm627sj534 235 30 selling sell VBG work_zxx6htnoxzfbvphjwm627sj534 235 31 financial financial JJ work_zxx6htnoxzfbvphjwm627sj534 235 32 assets.11 assets.11 NNP work_zxx6htnoxzfbvphjwm627sj534 235 33 Their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 235 34 selling selling NN work_zxx6htnoxzfbvphjwm627sj534 235 35 decisions decision NNS work_zxx6htnoxzfbvphjwm627sj534 235 36 become become VBP work_zxx6htnoxzfbvphjwm627sj534 235 37 strategic strategic JJ work_zxx6htnoxzfbvphjwm627sj534 235 38 substitutes substitute NNS work_zxx6htnoxzfbvphjwm627sj534 235 39 under under IN work_zxx6htnoxzfbvphjwm627sj534 235 40 the the DT work_zxx6htnoxzfbvphjwm627sj534 235 41 11The 11the CD work_zxx6htnoxzfbvphjwm627sj534 235 42 August August NNP work_zxx6htnoxzfbvphjwm627sj534 235 43 2007 2007 CD work_zxx6htnoxzfbvphjwm627sj534 235 44 issue issue NN work_zxx6htnoxzfbvphjwm627sj534 235 45 of of IN work_zxx6htnoxzfbvphjwm627sj534 235 46 The the DT work_zxx6htnoxzfbvphjwm627sj534 235 47 Economist Economist NNP work_zxx6htnoxzfbvphjwm627sj534 235 48 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 235 49 a a DT work_zxx6htnoxzfbvphjwm627sj534 235 50 concise concise JJ work_zxx6htnoxzfbvphjwm627sj534 235 51 summary summary NN work_zxx6htnoxzfbvphjwm627sj534 235 52 of of IN work_zxx6htnoxzfbvphjwm627sj534 235 53 the the DT work_zxx6htnoxzfbvphjwm627sj534 235 54 main main JJ work_zxx6htnoxzfbvphjwm627sj534 235 55 effects effect NNS work_zxx6htnoxzfbvphjwm627sj534 235 56 in in IN work_zxx6htnoxzfbvphjwm627sj534 235 57 Plantin Plantin NNP work_zxx6htnoxzfbvphjwm627sj534 235 58 , , , work_zxx6htnoxzfbvphjwm627sj534 235 59 Sapra Sapra NNP work_zxx6htnoxzfbvphjwm627sj534 235 60 , , , work_zxx6htnoxzfbvphjwm627sj534 235 61 and and CC work_zxx6htnoxzfbvphjwm627sj534 235 62 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 235 63 19 19 CD work_zxx6htnoxzfbvphjwm627sj534 235 64 regime regime NN work_zxx6htnoxzfbvphjwm627sj534 235 65 of of IN work_zxx6htnoxzfbvphjwm627sj534 235 66 historical historical JJ work_zxx6htnoxzfbvphjwm627sj534 235 67 cost cost NN work_zxx6htnoxzfbvphjwm627sj534 235 68 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 235 69 , , , work_zxx6htnoxzfbvphjwm627sj534 235 70 and and CC work_zxx6htnoxzfbvphjwm627sj534 235 71 strategic strategic JJ work_zxx6htnoxzfbvphjwm627sj534 235 72 complements complement NNS work_zxx6htnoxzfbvphjwm627sj534 235 73 under under IN work_zxx6htnoxzfbvphjwm627sj534 235 74 the the DT work_zxx6htnoxzfbvphjwm627sj534 235 75 regime regime NN work_zxx6htnoxzfbvphjwm627sj534 235 76 of of IN work_zxx6htnoxzfbvphjwm627sj534 235 77 mark mark NN work_zxx6htnoxzfbvphjwm627sj534 235 78 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 235 79 to to IN work_zxx6htnoxzfbvphjwm627sj534 235 80 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 235 81 market market NN work_zxx6htnoxzfbvphjwm627sj534 235 82 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 235 83 . . . work_zxx6htnoxzfbvphjwm627sj534 236 1 By by IN work_zxx6htnoxzfbvphjwm627sj534 236 2 coordinating coordinate VBG work_zxx6htnoxzfbvphjwm627sj534 236 3 financial financial JJ work_zxx6htnoxzfbvphjwm627sj534 236 4 institutions institution NNS work_zxx6htnoxzfbvphjwm627sj534 236 5 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 236 6 selling sell VBG work_zxx6htnoxzfbvphjwm627sj534 236 7 decisions decision NNS work_zxx6htnoxzfbvphjwm627sj534 236 8 , , , work_zxx6htnoxzfbvphjwm627sj534 236 9 mark mark NN work_zxx6htnoxzfbvphjwm627sj534 236 10 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 236 11 to to IN work_zxx6htnoxzfbvphjwm627sj534 236 12 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 236 13 market market NN work_zxx6htnoxzfbvphjwm627sj534 236 14 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 236 15 in- in- JJ work_zxx6htnoxzfbvphjwm627sj534 236 16 jects ject VBZ work_zxx6htnoxzfbvphjwm627sj534 236 17 “ " `` work_zxx6htnoxzfbvphjwm627sj534 236 18 endogenous endogenous JJ work_zxx6htnoxzfbvphjwm627sj534 236 19 ” " '' work_zxx6htnoxzfbvphjwm627sj534 236 20 and and CC work_zxx6htnoxzfbvphjwm627sj534 236 21 “ " `` work_zxx6htnoxzfbvphjwm627sj534 236 22 artificial artificial JJ work_zxx6htnoxzfbvphjwm627sj534 236 23 ” " '' work_zxx6htnoxzfbvphjwm627sj534 236 24 volatility volatility NN work_zxx6htnoxzfbvphjwm627sj534 236 25 to to IN work_zxx6htnoxzfbvphjwm627sj534 236 26 the the DT work_zxx6htnoxzfbvphjwm627sj534 236 27 market market NN work_zxx6htnoxzfbvphjwm627sj534 236 28 price price NN work_zxx6htnoxzfbvphjwm627sj534 236 29 , , , work_zxx6htnoxzfbvphjwm627sj534 236 30 degrading degrade VBG work_zxx6htnoxzfbvphjwm627sj534 236 31 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 236 32 information information NN work_zxx6htnoxzfbvphjwm627sj534 236 33 value value NN work_zxx6htnoxzfbvphjwm627sj534 236 34 . . . work_zxx6htnoxzfbvphjwm627sj534 237 1 Thus thus RB work_zxx6htnoxzfbvphjwm627sj534 237 2 , , , work_zxx6htnoxzfbvphjwm627sj534 237 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 237 4 attempt attempt NN work_zxx6htnoxzfbvphjwm627sj534 237 5 to to TO work_zxx6htnoxzfbvphjwm627sj534 237 6 use use VB work_zxx6htnoxzfbvphjwm627sj534 237 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 237 8 information information NN work_zxx6htnoxzfbvphjwm627sj534 237 9 contained contain VBN work_zxx6htnoxzfbvphjwm627sj534 237 10 in in IN work_zxx6htnoxzfbvphjwm627sj534 237 11 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 237 12 destroys destroy VBZ work_zxx6htnoxzfbvphjwm627sj534 237 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 237 14 information information NN work_zxx6htnoxzfbvphjwm627sj534 237 15 value value NN work_zxx6htnoxzfbvphjwm627sj534 237 16 of of IN work_zxx6htnoxzfbvphjwm627sj534 237 17 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 237 18 . . . work_zxx6htnoxzfbvphjwm627sj534 238 1 Although although IN work_zxx6htnoxzfbvphjwm627sj534 238 2 they -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 238 3 do do VBP work_zxx6htnoxzfbvphjwm627sj534 238 4 not not RB work_zxx6htnoxzfbvphjwm627sj534 238 5 model model VB work_zxx6htnoxzfbvphjwm627sj534 238 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 238 7 impact impact NN work_zxx6htnoxzfbvphjwm627sj534 238 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 238 9 public public JJ work_zxx6htnoxzfbvphjwm627sj534 238 10 information information NN work_zxx6htnoxzfbvphjwm627sj534 238 11 on on IN work_zxx6htnoxzfbvphjwm627sj534 238 12 market market NN work_zxx6htnoxzfbvphjwm627sj534 238 13 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 238 14 , , , work_zxx6htnoxzfbvphjwm627sj534 238 15 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 238 16 approach approach NN work_zxx6htnoxzfbvphjwm627sj534 238 17 may may MD work_zxx6htnoxzfbvphjwm627sj534 238 18 be be VB work_zxx6htnoxzfbvphjwm627sj534 238 19 used use VBN work_zxx6htnoxzfbvphjwm627sj534 238 20 to to TO work_zxx6htnoxzfbvphjwm627sj534 238 21 construct construct VB work_zxx6htnoxzfbvphjwm627sj534 238 22 examples example NNS work_zxx6htnoxzfbvphjwm627sj534 238 23 with with IN work_zxx6htnoxzfbvphjwm627sj534 238 24 different different JJ work_zxx6htnoxzfbvphjwm627sj534 238 25 conclusions conclusion NNS work_zxx6htnoxzfbvphjwm627sj534 238 26 on on IN work_zxx6htnoxzfbvphjwm627sj534 238 27 the the DT work_zxx6htnoxzfbvphjwm627sj534 238 28 desirability desirability NN work_zxx6htnoxzfbvphjwm627sj534 238 29 of of IN work_zxx6htnoxzfbvphjwm627sj534 238 30 public public JJ work_zxx6htnoxzfbvphjwm627sj534 238 31 information information NN work_zxx6htnoxzfbvphjwm627sj534 238 32 . . . work_zxx6htnoxzfbvphjwm627sj534 239 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 239 2 sum sum NN work_zxx6htnoxzfbvphjwm627sj534 239 3 , , , work_zxx6htnoxzfbvphjwm627sj534 239 4 Proposition proposition NN work_zxx6htnoxzfbvphjwm627sj534 239 5 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 239 6 sets set VBZ work_zxx6htnoxzfbvphjwm627sj534 239 7 an an DT work_zxx6htnoxzfbvphjwm627sj534 239 8 important important JJ work_zxx6htnoxzfbvphjwm627sj534 239 9 benchmark benchmark NN work_zxx6htnoxzfbvphjwm627sj534 239 10 for for IN work_zxx6htnoxzfbvphjwm627sj534 239 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 239 12 welfare welfare NN work_zxx6htnoxzfbvphjwm627sj534 239 13 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 239 14 of of IN work_zxx6htnoxzfbvphjwm627sj534 239 15 public public JJ work_zxx6htnoxzfbvphjwm627sj534 239 16 information information NN work_zxx6htnoxzfbvphjwm627sj534 239 17 in in IN work_zxx6htnoxzfbvphjwm627sj534 239 18 a a DT work_zxx6htnoxzfbvphjwm627sj534 239 19 competitive competitive JJ work_zxx6htnoxzfbvphjwm627sj534 239 20 market market NN work_zxx6htnoxzfbvphjwm627sj534 239 21 ; ; : work_zxx6htnoxzfbvphjwm627sj534 239 22 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 239 23 will will MD work_zxx6htnoxzfbvphjwm627sj534 239 24 be be VB work_zxx6htnoxzfbvphjwm627sj534 239 25 interesting interesting JJ work_zxx6htnoxzfbvphjwm627sj534 239 26 to to TO work_zxx6htnoxzfbvphjwm627sj534 239 27 explore explore VB work_zxx6htnoxzfbvphjwm627sj534 239 28 what what WP work_zxx6htnoxzfbvphjwm627sj534 239 29 kind kind NN work_zxx6htnoxzfbvphjwm627sj534 239 30 of of IN work_zxx6htnoxzfbvphjwm627sj534 239 31 market market NN work_zxx6htnoxzfbvphjwm627sj534 239 32 frictions friction NNS work_zxx6htnoxzfbvphjwm627sj534 239 33 could could MD work_zxx6htnoxzfbvphjwm627sj534 239 34 change change VB work_zxx6htnoxzfbvphjwm627sj534 239 35 the the DT work_zxx6htnoxzfbvphjwm627sj534 239 36 conclusions conclusion NNS work_zxx6htnoxzfbvphjwm627sj534 239 37 in in IN work_zxx6htnoxzfbvphjwm627sj534 239 38 this this DT work_zxx6htnoxzfbvphjwm627sj534 239 39 benchmark benchmark JJ work_zxx6htnoxzfbvphjwm627sj534 239 40 case case NN work_zxx6htnoxzfbvphjwm627sj534 239 41 . . . work_zxx6htnoxzfbvphjwm627sj534 240 1 Bearing bear VBG work_zxx6htnoxzfbvphjwm627sj534 240 2 this this DT work_zxx6htnoxzfbvphjwm627sj534 240 3 caveat caveat NN work_zxx6htnoxzfbvphjwm627sj534 240 4 in in IN work_zxx6htnoxzfbvphjwm627sj534 240 5 mind mind NN work_zxx6htnoxzfbvphjwm627sj534 240 6 , , , work_zxx6htnoxzfbvphjwm627sj534 240 7 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 240 8 resume resume VBP work_zxx6htnoxzfbvphjwm627sj534 240 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 240 10 investigation investigation NN work_zxx6htnoxzfbvphjwm627sj534 240 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 240 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 240 13 relation relation NN work_zxx6htnoxzfbvphjwm627sj534 240 14 between between IN work_zxx6htnoxzfbvphjwm627sj534 240 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 240 16 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 240 17 role role NN work_zxx6htnoxzfbvphjwm627sj534 240 18 of of IN work_zxx6htnoxzfbvphjwm627sj534 240 19 public public JJ work_zxx6htnoxzfbvphjwm627sj534 240 20 information information NN work_zxx6htnoxzfbvphjwm627sj534 240 21 to to TO work_zxx6htnoxzfbvphjwm627sj534 240 22 gain gain VB work_zxx6htnoxzfbvphjwm627sj534 240 23 better well JJR work_zxx6htnoxzfbvphjwm627sj534 240 24 intuition intuition NN work_zxx6htnoxzfbvphjwm627sj534 240 25 behind behind IN work_zxx6htnoxzfbvphjwm627sj534 240 26 Proposition Proposition NNP work_zxx6htnoxzfbvphjwm627sj534 240 27 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 240 28 . . . work_zxx6htnoxzfbvphjwm627sj534 241 1 As as IN work_zxx6htnoxzfbvphjwm627sj534 241 2 discussed discuss VBN work_zxx6htnoxzfbvphjwm627sj534 241 3 before before RB work_zxx6htnoxzfbvphjwm627sj534 241 4 , , , work_zxx6htnoxzfbvphjwm627sj534 241 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 241 6 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 241 7 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 241 8 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 241 9 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 241 10 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 241 11 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 241 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 241 13 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 241 14 market market NN work_zxx6htnoxzfbvphjwm627sj534 241 15 , , , work_zxx6htnoxzfbvphjwm627sj534 241 16 the the DT work_zxx6htnoxzfbvphjwm627sj534 241 17 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 241 18 role role NN work_zxx6htnoxzfbvphjwm627sj534 241 19 of of IN work_zxx6htnoxzfbvphjwm627sj534 241 20 public public JJ work_zxx6htnoxzfbvphjwm627sj534 241 21 information information NN work_zxx6htnoxzfbvphjwm627sj534 241 22 , , , work_zxx6htnoxzfbvphjwm627sj534 241 23 and and CC work_zxx6htnoxzfbvphjwm627sj534 241 24 the the DT work_zxx6htnoxzfbvphjwm627sj534 241 25 extra extra JJ work_zxx6htnoxzfbvphjwm627sj534 241 26 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 241 27 on on IN work_zxx6htnoxzfbvphjwm627sj534 241 28 public public JJ work_zxx6htnoxzfbvphjwm627sj534 241 29 information information NN work_zxx6htnoxzfbvphjwm627sj534 241 30 in in IN work_zxx6htnoxzfbvphjwm627sj534 241 31 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 241 32 price price NN work_zxx6htnoxzfbvphjwm627sj534 241 33 are be VBP work_zxx6htnoxzfbvphjwm627sj534 241 34 three three CD work_zxx6htnoxzfbvphjwm627sj534 241 35 equivalent equivalent JJ work_zxx6htnoxzfbvphjwm627sj534 241 36 concepts concept NNS work_zxx6htnoxzfbvphjwm627sj534 241 37 . . . work_zxx6htnoxzfbvphjwm627sj534 242 1 Using use VBG work_zxx6htnoxzfbvphjwm627sj534 242 2 as as IN work_zxx6htnoxzfbvphjwm627sj534 242 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 242 4 benchmark benchmark NN work_zxx6htnoxzfbvphjwm627sj534 242 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 242 6 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 242 7 on on IN work_zxx6htnoxzfbvphjwm627sj534 242 8 public public JJ work_zxx6htnoxzfbvphjwm627sj534 242 9 information information NN work_zxx6htnoxzfbvphjwm627sj534 242 10 in in IN work_zxx6htnoxzfbvphjwm627sj534 242 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 242 12 long long JJ work_zxx6htnoxzfbvphjwm627sj534 242 13 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 242 14 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 242 15 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 242 16 , , , work_zxx6htnoxzfbvphjwm627sj534 242 17 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 242 18 could could MD work_zxx6htnoxzfbvphjwm627sj534 242 19 quantify quantify VB work_zxx6htnoxzfbvphjwm627sj534 242 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 242 21 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 242 22 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 242 23 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 242 24 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 242 25 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 242 26 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 242 27 as as IN work_zxx6htnoxzfbvphjwm627sj534 242 28 the the DT work_zxx6htnoxzfbvphjwm627sj534 242 29 discrepancy discrepancy NN work_zxx6htnoxzfbvphjwm627sj534 242 30 between between IN work_zxx6htnoxzfbvphjwm627sj534 242 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 242 32 weights weight NNS work_zxx6htnoxzfbvphjwm627sj534 242 33 on on IN work_zxx6htnoxzfbvphjwm627sj534 242 34 public public JJ work_zxx6htnoxzfbvphjwm627sj534 242 35 information information NN work_zxx6htnoxzfbvphjwm627sj534 242 36 in in IN work_zxx6htnoxzfbvphjwm627sj534 242 37 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 242 38 and and CC work_zxx6htnoxzfbvphjwm627sj534 242 39 p̂1 p̂1 ADD work_zxx6htnoxzfbvphjwm627sj534 242 40 . . . work_zxx6htnoxzfbvphjwm627sj534 243 1 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 243 2 define define VBP work_zxx6htnoxzfbvphjwm627sj534 243 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 243 4 extra extra JJ work_zxx6htnoxzfbvphjwm627sj534 243 5 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 243 6 on on IN work_zxx6htnoxzfbvphjwm627sj534 243 7 public public JJ work_zxx6htnoxzfbvphjwm627sj534 243 8 information information NN work_zxx6htnoxzfbvphjwm627sj534 243 9 , , , work_zxx6htnoxzfbvphjwm627sj534 243 10 R r NN work_zxx6htnoxzfbvphjwm627sj534 243 11 , , , work_zxx6htnoxzfbvphjwm627sj534 243 12 as as IN work_zxx6htnoxzfbvphjwm627sj534 243 13 follows follow VBZ work_zxx6htnoxzfbvphjwm627sj534 243 14 . . . work_zxx6htnoxzfbvphjwm627sj534 244 1 R r NN work_zxx6htnoxzfbvphjwm627sj534 244 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 244 3 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 244 4 − − NNP work_zxx6htnoxzfbvphjwm627sj534 244 5 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 244 6 b b CD work_zxx6htnoxzfbvphjwm627sj534 244 7 c c NNP work_zxx6htnoxzfbvphjwm627sj534 244 8 / / SYM work_zxx6htnoxzfbvphjwm627sj534 244 9 b̂ b̂ NNP work_zxx6htnoxzfbvphjwm627sj534 244 10 ĉ ĉ NNP work_zxx6htnoxzfbvphjwm627sj534 244 11 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 244 12 8) 8) CD work_zxx6htnoxzfbvphjwm627sj534 244 13 Since since IN work_zxx6htnoxzfbvphjwm627sj534 244 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 244 15 ratio ratio NN work_zxx6htnoxzfbvphjwm627sj534 244 16 b b NN work_zxx6htnoxzfbvphjwm627sj534 244 17 c c NN work_zxx6htnoxzfbvphjwm627sj534 244 18 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 244 19 b̂ b̂ NNP work_zxx6htnoxzfbvphjwm627sj534 244 20 ĉ ĉ NNP work_zxx6htnoxzfbvphjwm627sj534 244 21 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 244 22 reflects reflect VBZ work_zxx6htnoxzfbvphjwm627sj534 244 23 the the DT work_zxx6htnoxzfbvphjwm627sj534 244 24 relative relative JJ work_zxx6htnoxzfbvphjwm627sj534 244 25 use use NN work_zxx6htnoxzfbvphjwm627sj534 244 26 of of IN work_zxx6htnoxzfbvphjwm627sj534 244 27 public public JJ work_zxx6htnoxzfbvphjwm627sj534 244 28 and and CC work_zxx6htnoxzfbvphjwm627sj534 244 29 private private JJ work_zxx6htnoxzfbvphjwm627sj534 244 30 information information NN work_zxx6htnoxzfbvphjwm627sj534 244 31 when when WRB work_zxx6htnoxzfbvphjwm627sj534 244 32 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 244 33 have have VBP work_zxx6htnoxzfbvphjwm627sj534 244 34 short short JJ work_zxx6htnoxzfbvphjwm627sj534 244 35 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 244 36 long long JJ work_zxx6htnoxzfbvphjwm627sj534 244 37 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 244 38 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 244 39 , , , work_zxx6htnoxzfbvphjwm627sj534 244 40 the the DT work_zxx6htnoxzfbvphjwm627sj534 244 41 ratio ratio NN work_zxx6htnoxzfbvphjwm627sj534 244 42 b b NNP work_zxx6htnoxzfbvphjwm627sj534 244 43 c c NNP work_zxx6htnoxzfbvphjwm627sj534 244 44 / / SYM work_zxx6htnoxzfbvphjwm627sj534 244 45 b̂ b̂ NNP work_zxx6htnoxzfbvphjwm627sj534 244 46 ĉ ĉ NNP work_zxx6htnoxzfbvphjwm627sj534 244 47 represents represent VBZ work_zxx6htnoxzfbvphjwm627sj534 244 48 the the DT work_zxx6htnoxzfbvphjwm627sj534 244 49 extent extent NN work_zxx6htnoxzfbvphjwm627sj534 244 50 to to TO work_zxx6htnoxzfbvphjwm627sj534 244 51 which which WDT work_zxx6htnoxzfbvphjwm627sj534 244 52 public public JJ work_zxx6htnoxzfbvphjwm627sj534 244 53 information information NN work_zxx6htnoxzfbvphjwm627sj534 244 54 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 244 55 overused overuse VBN work_zxx6htnoxzfbvphjwm627sj534 244 56 by by IN work_zxx6htnoxzfbvphjwm627sj534 244 57 short short JJ work_zxx6htnoxzfbvphjwm627sj534 244 58 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 244 59 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 244 60 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 244 61 . . . work_zxx6htnoxzfbvphjwm627sj534 245 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 245 2 monotonic monotonic JJ work_zxx6htnoxzfbvphjwm627sj534 245 3 transformation transformation NN work_zxx6htnoxzfbvphjwm627sj534 245 4 in in IN work_zxx6htnoxzfbvphjwm627sj534 245 5 definition definition NN work_zxx6htnoxzfbvphjwm627sj534 245 6 8 8 CD work_zxx6htnoxzfbvphjwm627sj534 245 7 normalizes normalize NNS work_zxx6htnoxzfbvphjwm627sj534 245 8 R r NN work_zxx6htnoxzfbvphjwm627sj534 245 9 to to IN work_zxx6htnoxzfbvphjwm627sj534 245 10 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 245 11 2007 2007 CD work_zxx6htnoxzfbvphjwm627sj534 245 12 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 245 13 . . . work_zxx6htnoxzfbvphjwm627sj534 246 1 20 20 CD work_zxx6htnoxzfbvphjwm627sj534 246 2 lie lie NN work_zxx6htnoxzfbvphjwm627sj534 246 3 between between IN work_zxx6htnoxzfbvphjwm627sj534 246 4 zero zero CD work_zxx6htnoxzfbvphjwm627sj534 246 5 and and CC work_zxx6htnoxzfbvphjwm627sj534 246 6 one one CD work_zxx6htnoxzfbvphjwm627sj534 246 7 . . . work_zxx6htnoxzfbvphjwm627sj534 247 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 247 2 greater great JJR work_zxx6htnoxzfbvphjwm627sj534 247 3 R r NN work_zxx6htnoxzfbvphjwm627sj534 247 4 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 247 5 , , , work_zxx6htnoxzfbvphjwm627sj534 247 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 247 7 more more JJR work_zxx6htnoxzfbvphjwm627sj534 247 8 salient salient NN work_zxx6htnoxzfbvphjwm627sj534 247 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 247 10 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 247 11 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 247 12 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 247 13 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 247 14 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 247 15 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 247 16 . . . work_zxx6htnoxzfbvphjwm627sj534 248 1 Proposition proposition NN work_zxx6htnoxzfbvphjwm627sj534 248 2 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 248 3 . . . work_zxx6htnoxzfbvphjwm627sj534 249 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 249 2 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 249 3 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 249 4 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 249 5 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 249 6 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 249 7 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 249 8 intensifies intensifie NNS work_zxx6htnoxzfbvphjwm627sj534 249 9 as as IN work_zxx6htnoxzfbvphjwm627sj534 249 10 public public JJ work_zxx6htnoxzfbvphjwm627sj534 249 11 information information NN work_zxx6htnoxzfbvphjwm627sj534 249 12 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 249 13 more more RBR work_zxx6htnoxzfbvphjwm627sj534 249 14 precise precise JJ work_zxx6htnoxzfbvphjwm627sj534 249 15 . . . work_zxx6htnoxzfbvphjwm627sj534 250 1 Since since IN work_zxx6htnoxzfbvphjwm627sj534 250 2 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 250 3 have have VBP work_zxx6htnoxzfbvphjwm627sj534 250 4 solved solve VBN work_zxx6htnoxzfbvphjwm627sj534 250 5 for for IN work_zxx6htnoxzfbvphjwm627sj534 250 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 250 7 closed closed JJ work_zxx6htnoxzfbvphjwm627sj534 250 8 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 250 9 form form NN work_zxx6htnoxzfbvphjwm627sj534 250 10 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 250 11 , , , work_zxx6htnoxzfbvphjwm627sj534 250 12 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 250 13 can can MD work_zxx6htnoxzfbvphjwm627sj534 250 14 show show VB work_zxx6htnoxzfbvphjwm627sj534 250 15 here here RB work_zxx6htnoxzfbvphjwm627sj534 250 16 the the DT work_zxx6htnoxzfbvphjwm627sj534 250 17 determinant determinant NN work_zxx6htnoxzfbvphjwm627sj534 250 18 of of IN work_zxx6htnoxzfbvphjwm627sj534 250 19 the the DT work_zxx6htnoxzfbvphjwm627sj534 250 20 intensity intensity NN work_zxx6htnoxzfbvphjwm627sj534 250 21 of of IN work_zxx6htnoxzfbvphjwm627sj534 250 22 the the DT work_zxx6htnoxzfbvphjwm627sj534 250 23 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 250 24 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 250 25 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 250 26 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 250 27 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 250 28 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 250 29 . . . work_zxx6htnoxzfbvphjwm627sj534 251 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 251 2 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 251 3 role role NN work_zxx6htnoxzfbvphjwm627sj534 251 4 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 251 5 connected connect VBN work_zxx6htnoxzfbvphjwm627sj534 251 6 to to IN work_zxx6htnoxzfbvphjwm627sj534 251 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 251 8 information information NN work_zxx6htnoxzfbvphjwm627sj534 251 9 role role NN work_zxx6htnoxzfbvphjwm627sj534 251 10 through through IN work_zxx6htnoxzfbvphjwm627sj534 251 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 251 12 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 251 13 of of IN work_zxx6htnoxzfbvphjwm627sj534 251 14 public public JJ work_zxx6htnoxzfbvphjwm627sj534 251 15 information information NN work_zxx6htnoxzfbvphjwm627sj534 251 16 . . . work_zxx6htnoxzfbvphjwm627sj534 252 1 When when WRB work_zxx6htnoxzfbvphjwm627sj534 252 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 252 3 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 252 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 252 5 public public JJ work_zxx6htnoxzfbvphjwm627sj534 252 6 information information NN work_zxx6htnoxzfbvphjwm627sj534 252 7 improves improve VBZ work_zxx6htnoxzfbvphjwm627sj534 252 8 , , , work_zxx6htnoxzfbvphjwm627sj534 252 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 252 10 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 252 11 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 252 12 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 252 13 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 252 14 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 252 15 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 252 16 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 252 17 more more JJR work_zxx6htnoxzfbvphjwm627sj534 252 18 salient salient NN work_zxx6htnoxzfbvphjwm627sj534 252 19 and and CC work_zxx6htnoxzfbvphjwm627sj534 252 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 252 21 price price NN work_zxx6htnoxzfbvphjwm627sj534 252 22 concentrates concentrate VBZ work_zxx6htnoxzfbvphjwm627sj534 252 23 further further RB work_zxx6htnoxzfbvphjwm627sj534 252 24 on on IN work_zxx6htnoxzfbvphjwm627sj534 252 25 public public JJ work_zxx6htnoxzfbvphjwm627sj534 252 26 information information NN work_zxx6htnoxzfbvphjwm627sj534 252 27 . . . work_zxx6htnoxzfbvphjwm627sj534 253 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 253 2 intuition intuition NN work_zxx6htnoxzfbvphjwm627sj534 253 3 for for IN work_zxx6htnoxzfbvphjwm627sj534 253 4 this this DT work_zxx6htnoxzfbvphjwm627sj534 253 5 link link NN work_zxx6htnoxzfbvphjwm627sj534 253 6 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 253 7 straightforward straightforward JJ work_zxx6htnoxzfbvphjwm627sj534 253 8 . . . work_zxx6htnoxzfbvphjwm627sj534 254 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 254 2 Keynesian- Keynesian- NNP work_zxx6htnoxzfbvphjwm627sj534 254 3 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 254 4 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 254 5 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 254 6 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 254 7 occurs occur VBZ work_zxx6htnoxzfbvphjwm627sj534 254 8 because because IN work_zxx6htnoxzfbvphjwm627sj534 254 9 public public JJ work_zxx6htnoxzfbvphjwm627sj534 254 10 information information NN work_zxx6htnoxzfbvphjwm627sj534 254 11 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 254 12 information information NN work_zxx6htnoxzfbvphjwm627sj534 254 13 value value NN work_zxx6htnoxzfbvphjwm627sj534 254 14 in in IN work_zxx6htnoxzfbvphjwm627sj534 254 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 254 16 first first JJ work_zxx6htnoxzfbvphjwm627sj534 254 17 place place NN work_zxx6htnoxzfbvphjwm627sj534 254 18 . . . work_zxx6htnoxzfbvphjwm627sj534 255 1 Anticipating anticipate VBG work_zxx6htnoxzfbvphjwm627sj534 255 2 that that IN work_zxx6htnoxzfbvphjwm627sj534 255 3 other other JJ work_zxx6htnoxzfbvphjwm627sj534 255 4 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 255 5 will will MD work_zxx6htnoxzfbvphjwm627sj534 255 6 be be VB work_zxx6htnoxzfbvphjwm627sj534 255 7 using use VBG work_zxx6htnoxzfbvphjwm627sj534 255 8 public public JJ work_zxx6htnoxzfbvphjwm627sj534 255 9 information information NN work_zxx6htnoxzfbvphjwm627sj534 255 10 to to TO work_zxx6htnoxzfbvphjwm627sj534 255 11 forecast forecast VB work_zxx6htnoxzfbvphjwm627sj534 255 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 255 13 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 255 14 value value NN work_zxx6htnoxzfbvphjwm627sj534 255 15 , , , work_zxx6htnoxzfbvphjwm627sj534 255 16 a a DT work_zxx6htnoxzfbvphjwm627sj534 255 17 short short JJ work_zxx6htnoxzfbvphjwm627sj534 255 18 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 255 19 horizon horizon NN work_zxx6htnoxzfbvphjwm627sj534 255 20 investor investor NN work_zxx6htnoxzfbvphjwm627sj534 255 21 , , , work_zxx6htnoxzfbvphjwm627sj534 255 22 who who WP work_zxx6htnoxzfbvphjwm627sj534 255 23 tries try VBZ work_zxx6htnoxzfbvphjwm627sj534 255 24 to to TO work_zxx6htnoxzfbvphjwm627sj534 255 25 forecast forecast VB work_zxx6htnoxzfbvphjwm627sj534 255 26 the the DT work_zxx6htnoxzfbvphjwm627sj534 255 27 consensus consensus NN work_zxx6htnoxzfbvphjwm627sj534 255 28 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 255 29 value value NN work_zxx6htnoxzfbvphjwm627sj534 255 30 , , , work_zxx6htnoxzfbvphjwm627sj534 255 31 overuses overuse VBZ work_zxx6htnoxzfbvphjwm627sj534 255 32 public public JJ work_zxx6htnoxzfbvphjwm627sj534 255 33 information information NN work_zxx6htnoxzfbvphjwm627sj534 255 34 over over IN work_zxx6htnoxzfbvphjwm627sj534 255 35 and and CC work_zxx6htnoxzfbvphjwm627sj534 255 36 above above IN work_zxx6htnoxzfbvphjwm627sj534 255 37 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 255 38 optimal optimal JJ work_zxx6htnoxzfbvphjwm627sj534 255 39 use use NN work_zxx6htnoxzfbvphjwm627sj534 255 40 in in IN work_zxx6htnoxzfbvphjwm627sj534 255 41 assessing assess VBG work_zxx6htnoxzfbvphjwm627sj534 255 42 the the DT work_zxx6htnoxzfbvphjwm627sj534 255 43 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 255 44 value value NN work_zxx6htnoxzfbvphjwm627sj534 255 45 . . . work_zxx6htnoxzfbvphjwm627sj534 256 1 As as IN work_zxx6htnoxzfbvphjwm627sj534 256 2 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 256 3 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 256 4 more more RBR work_zxx6htnoxzfbvphjwm627sj534 256 5 accurate accurate JJ work_zxx6htnoxzfbvphjwm627sj534 256 6 , , , work_zxx6htnoxzfbvphjwm627sj534 256 7 not not RB work_zxx6htnoxzfbvphjwm627sj534 256 8 only only RB work_zxx6htnoxzfbvphjwm627sj534 256 9 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 256 10 she -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 256 11 use use VB work_zxx6htnoxzfbvphjwm627sj534 256 12 public public JJ work_zxx6htnoxzfbvphjwm627sj534 256 13 information information NN work_zxx6htnoxzfbvphjwm627sj534 256 14 more more RBR work_zxx6htnoxzfbvphjwm627sj534 256 15 due due JJ work_zxx6htnoxzfbvphjwm627sj534 256 16 to to IN work_zxx6htnoxzfbvphjwm627sj534 256 17 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 256 18 improved improved JJ work_zxx6htnoxzfbvphjwm627sj534 256 19 information information NN work_zxx6htnoxzfbvphjwm627sj534 256 20 value value NN work_zxx6htnoxzfbvphjwm627sj534 256 21 , , , work_zxx6htnoxzfbvphjwm627sj534 256 22 she -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 256 23 also also RB work_zxx6htnoxzfbvphjwm627sj534 256 24 overuses overuse VBZ work_zxx6htnoxzfbvphjwm627sj534 256 25 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 256 26 further further RB work_zxx6htnoxzfbvphjwm627sj534 256 27 because because IN work_zxx6htnoxzfbvphjwm627sj534 256 28 of of IN work_zxx6htnoxzfbvphjwm627sj534 256 29 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 256 30 enhanced enhanced JJ work_zxx6htnoxzfbvphjwm627sj534 256 31 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 256 32 role role NN work_zxx6htnoxzfbvphjwm627sj534 256 33 of of IN work_zxx6htnoxzfbvphjwm627sj534 256 34 forecasting forecast VBG work_zxx6htnoxzfbvphjwm627sj534 256 35 the the DT work_zxx6htnoxzfbvphjwm627sj534 256 36 consensus consensus NN work_zxx6htnoxzfbvphjwm627sj534 256 37 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 256 38 value value NN work_zxx6htnoxzfbvphjwm627sj534 256 39 . . . work_zxx6htnoxzfbvphjwm627sj534 257 1 Just just RB work_zxx6htnoxzfbvphjwm627sj534 257 2 as as IN work_zxx6htnoxzfbvphjwm627sj534 257 3 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 257 4 and and CC work_zxx6htnoxzfbvphjwm627sj534 257 5 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 257 6 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 257 7 2002 2002 CD work_zxx6htnoxzfbvphjwm627sj534 257 8 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 257 9 differentiate differentiate VB work_zxx6htnoxzfbvphjwm627sj534 257 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 257 11 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 257 12 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 257 13 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 257 14 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 257 15 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 257 16 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 257 17 from from IN work_zxx6htnoxzfbvphjwm627sj534 257 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 257 19 sunspot sunspot NN work_zxx6htnoxzfbvphjwm627sj534 257 20 literature literature NN work_zxx6htnoxzfbvphjwm627sj534 257 21 based base VBN work_zxx6htnoxzfbvphjwm627sj534 257 22 on on IN work_zxx6htnoxzfbvphjwm627sj534 257 23 the the DT work_zxx6htnoxzfbvphjwm627sj534 257 24 fact fact NN work_zxx6htnoxzfbvphjwm627sj534 257 25 that that IN work_zxx6htnoxzfbvphjwm627sj534 257 26 public public JJ work_zxx6htnoxzfbvphjwm627sj534 257 27 information information NN work_zxx6htnoxzfbvphjwm627sj534 257 28 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 257 29 the the DT work_zxx6htnoxzfbvphjwm627sj534 257 30 information information NN work_zxx6htnoxzfbvphjwm627sj534 257 31 role role NN work_zxx6htnoxzfbvphjwm627sj534 257 32 , , , work_zxx6htnoxzfbvphjwm627sj534 257 33 the the DT work_zxx6htnoxzfbvphjwm627sj534 257 34 endogenous endogenous JJ work_zxx6htnoxzfbvphjwm627sj534 257 35 link link NN work_zxx6htnoxzfbvphjwm627sj534 257 36 between between IN work_zxx6htnoxzfbvphjwm627sj534 257 37 the the DT work_zxx6htnoxzfbvphjwm627sj534 257 38 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 257 39 role role NN work_zxx6htnoxzfbvphjwm627sj534 257 40 of of IN work_zxx6htnoxzfbvphjwm627sj534 257 41 public public JJ work_zxx6htnoxzfbvphjwm627sj534 257 42 information information NN work_zxx6htnoxzfbvphjwm627sj534 257 43 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 257 44 a a DT work_zxx6htnoxzfbvphjwm627sj534 257 45 hallmark hallmark NN work_zxx6htnoxzfbvphjwm627sj534 257 46 of of IN work_zxx6htnoxzfbvphjwm627sj534 257 47 the the DT work_zxx6htnoxzfbvphjwm627sj534 257 48 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 257 49 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 257 50 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 257 51 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 257 52 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 257 53 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 257 54 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 257 55 . . . work_zxx6htnoxzfbvphjwm627sj534 258 1 This this DT work_zxx6htnoxzfbvphjwm627sj534 258 2 endogenous endogenous JJ work_zxx6htnoxzfbvphjwm627sj534 258 3 link link NN work_zxx6htnoxzfbvphjwm627sj534 258 4 between between IN work_zxx6htnoxzfbvphjwm627sj534 258 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 258 6 information information NN work_zxx6htnoxzfbvphjwm627sj534 258 7 role role NN work_zxx6htnoxzfbvphjwm627sj534 258 8 and and CC work_zxx6htnoxzfbvphjwm627sj534 258 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 258 10 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 258 11 role role NN work_zxx6htnoxzfbvphjwm627sj534 258 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 258 13 public public JJ work_zxx6htnoxzfbvphjwm627sj534 258 14 informa- informa- JJ work_zxx6htnoxzfbvphjwm627sj534 258 15 tion tion NN work_zxx6htnoxzfbvphjwm627sj534 258 16 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 258 17 crucial crucial JJ work_zxx6htnoxzfbvphjwm627sj534 258 18 in in IN work_zxx6htnoxzfbvphjwm627sj534 258 19 the the DT work_zxx6htnoxzfbvphjwm627sj534 258 20 market market NN work_zxx6htnoxzfbvphjwm627sj534 258 21 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 258 22 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 258 23 of of IN work_zxx6htnoxzfbvphjwm627sj534 258 24 public public JJ work_zxx6htnoxzfbvphjwm627sj534 258 25 information information NN work_zxx6htnoxzfbvphjwm627sj534 258 26 . . . work_zxx6htnoxzfbvphjwm627sj534 259 1 Short short JJ work_zxx6htnoxzfbvphjwm627sj534 259 2 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 259 3 create create VBP work_zxx6htnoxzfbvphjwm627sj534 259 4 interdependency interdependency NN work_zxx6htnoxzfbvphjwm627sj534 259 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 259 6 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 259 7 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 259 8 demands demand NNS work_zxx6htnoxzfbvphjwm627sj534 259 9 for for IN work_zxx6htnoxzfbvphjwm627sj534 259 10 stocks stock NNS work_zxx6htnoxzfbvphjwm627sj534 259 11 and and CC work_zxx6htnoxzfbvphjwm627sj534 259 12 give give VB work_zxx6htnoxzfbvphjwm627sj534 259 13 rise rise NN work_zxx6htnoxzfbvphjwm627sj534 259 14 to to IN work_zxx6htnoxzfbvphjwm627sj534 259 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 259 16 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 259 17 role role NN work_zxx6htnoxzfbvphjwm627sj534 259 18 of of IN work_zxx6htnoxzfbvphjwm627sj534 259 19 public public JJ work_zxx6htnoxzfbvphjwm627sj534 259 20 informa- informa- NN work_zxx6htnoxzfbvphjwm627sj534 259 21 tion tion NN work_zxx6htnoxzfbvphjwm627sj534 259 22 . . . work_zxx6htnoxzfbvphjwm627sj534 260 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 260 2 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 260 3 role role NN work_zxx6htnoxzfbvphjwm627sj534 260 4 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 260 5 endogenously endogenously RB work_zxx6htnoxzfbvphjwm627sj534 260 6 connected connect VBN work_zxx6htnoxzfbvphjwm627sj534 260 7 to to IN work_zxx6htnoxzfbvphjwm627sj534 260 8 each each DT work_zxx6htnoxzfbvphjwm627sj534 260 9 other other JJ work_zxx6htnoxzfbvphjwm627sj534 260 10 in in IN work_zxx6htnoxzfbvphjwm627sj534 260 11 such such PDT work_zxx6htnoxzfbvphjwm627sj534 260 12 a a DT work_zxx6htnoxzfbvphjwm627sj534 260 13 way way NN work_zxx6htnoxzfbvphjwm627sj534 260 14 that that WDT work_zxx6htnoxzfbvphjwm627sj534 260 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 260 16 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 260 17 21 21 CD work_zxx6htnoxzfbvphjwm627sj534 260 18 role role NN work_zxx6htnoxzfbvphjwm627sj534 260 19 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 260 20 always always RB work_zxx6htnoxzfbvphjwm627sj534 260 21 secondary secondary JJ work_zxx6htnoxzfbvphjwm627sj534 260 22 to to IN work_zxx6htnoxzfbvphjwm627sj534 260 23 the the DT work_zxx6htnoxzfbvphjwm627sj534 260 24 information information NN work_zxx6htnoxzfbvphjwm627sj534 260 25 role role NN work_zxx6htnoxzfbvphjwm627sj534 260 26 in in IN work_zxx6htnoxzfbvphjwm627sj534 260 27 terms term NNS work_zxx6htnoxzfbvphjwm627sj534 260 28 of of IN work_zxx6htnoxzfbvphjwm627sj534 260 29 market market NN work_zxx6htnoxzfbvphjwm627sj534 260 30 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 260 31 . . . work_zxx6htnoxzfbvphjwm627sj534 261 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 261 2 contrast contrast NN work_zxx6htnoxzfbvphjwm627sj534 261 3 , , , work_zxx6htnoxzfbvphjwm627sj534 261 4 if if IN work_zxx6htnoxzfbvphjwm627sj534 261 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 261 6 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 261 7 role role NN work_zxx6htnoxzfbvphjwm627sj534 261 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 261 9 public public JJ work_zxx6htnoxzfbvphjwm627sj534 261 10 information information NN work_zxx6htnoxzfbvphjwm627sj534 261 11 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 261 12 directly directly RB work_zxx6htnoxzfbvphjwm627sj534 261 13 assumed assume VBN work_zxx6htnoxzfbvphjwm627sj534 261 14 , , , work_zxx6htnoxzfbvphjwm627sj534 261 15 as as IN work_zxx6htnoxzfbvphjwm627sj534 261 16 opposed oppose VBN work_zxx6htnoxzfbvphjwm627sj534 261 17 to to IN work_zxx6htnoxzfbvphjwm627sj534 261 18 being be VBG work_zxx6htnoxzfbvphjwm627sj534 261 19 derived derive VBN work_zxx6htnoxzfbvphjwm627sj534 261 20 from from IN work_zxx6htnoxzfbvphjwm627sj534 261 21 short short JJ work_zxx6htnoxzfbvphjwm627sj534 261 22 horizons horizon NNS work_zxx6htnoxzfbvphjwm627sj534 261 23 , , , work_zxx6htnoxzfbvphjwm627sj534 261 24 the the DT work_zxx6htnoxzfbvphjwm627sj534 261 25 endogenous endogenous JJ work_zxx6htnoxzfbvphjwm627sj534 261 26 link link NN work_zxx6htnoxzfbvphjwm627sj534 261 27 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 261 28 then then RB work_zxx6htnoxzfbvphjwm627sj534 261 29 muted mute VBN work_zxx6htnoxzfbvphjwm627sj534 261 30 . . . work_zxx6htnoxzfbvphjwm627sj534 262 1 Consequently consequently RB work_zxx6htnoxzfbvphjwm627sj534 262 2 , , , work_zxx6htnoxzfbvphjwm627sj534 262 3 when when WRB work_zxx6htnoxzfbvphjwm627sj534 262 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 262 5 information information NN work_zxx6htnoxzfbvphjwm627sj534 262 6 value value NN work_zxx6htnoxzfbvphjwm627sj534 262 7 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 262 8 tenuous tenuous JJ work_zxx6htnoxzfbvphjwm627sj534 262 9 while while IN work_zxx6htnoxzfbvphjwm627sj534 262 10 the the DT work_zxx6htnoxzfbvphjwm627sj534 262 11 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 262 12 role role NN work_zxx6htnoxzfbvphjwm627sj534 262 13 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 262 14 strong strong JJ work_zxx6htnoxzfbvphjwm627sj534 262 15 enough enough RB work_zxx6htnoxzfbvphjwm627sj534 262 16 , , , work_zxx6htnoxzfbvphjwm627sj534 262 17 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 262 18 public public JJ work_zxx6htnoxzfbvphjwm627sj534 262 19 information information NN work_zxx6htnoxzfbvphjwm627sj534 262 20 could could MD work_zxx6htnoxzfbvphjwm627sj534 262 21 decrease decrease VB work_zxx6htnoxzfbvphjwm627sj534 262 22 market market NN work_zxx6htnoxzfbvphjwm627sj534 262 23 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 262 24 . . . work_zxx6htnoxzfbvphjwm627sj534 263 1 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 263 2 and and CC work_zxx6htnoxzfbvphjwm627sj534 263 3 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 263 4 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 263 5 2002 2002 CD work_zxx6htnoxzfbvphjwm627sj534 263 6 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 263 7 prove prove VB work_zxx6htnoxzfbvphjwm627sj534 263 8 a a DT work_zxx6htnoxzfbvphjwm627sj534 263 9 similar similar JJ work_zxx6htnoxzfbvphjwm627sj534 263 10 point point NN work_zxx6htnoxzfbvphjwm627sj534 263 11 . . . work_zxx6htnoxzfbvphjwm627sj534 264 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 264 2 their -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 264 3 game game NN work_zxx6htnoxzfbvphjwm627sj534 264 4 theory theory NN work_zxx6htnoxzfbvphjwm627sj534 264 5 model model NN work_zxx6htnoxzfbvphjwm627sj534 264 6 , , , work_zxx6htnoxzfbvphjwm627sj534 264 7 besides besides IN work_zxx6htnoxzfbvphjwm627sj534 264 8 a a DT work_zxx6htnoxzfbvphjwm627sj534 264 9 standard standard JJ work_zxx6htnoxzfbvphjwm627sj534 264 10 component component NN work_zxx6htnoxzfbvphjwm627sj534 264 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 264 12 utility utility NN work_zxx6htnoxzfbvphjwm627sj534 264 13 defined define VBN work_zxx6htnoxzfbvphjwm627sj534 264 14 over over IN work_zxx6htnoxzfbvphjwm627sj534 264 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 264 16 distance distance NN work_zxx6htnoxzfbvphjwm627sj534 264 17 between between IN work_zxx6htnoxzfbvphjwm627sj534 264 18 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 264 19 action action NN work_zxx6htnoxzfbvphjwm627sj534 264 20 and and CC work_zxx6htnoxzfbvphjwm627sj534 264 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 264 22 true true JJ work_zxx6htnoxzfbvphjwm627sj534 264 23 state state NN work_zxx6htnoxzfbvphjwm627sj534 264 24 , , , work_zxx6htnoxzfbvphjwm627sj534 264 25 an an DT work_zxx6htnoxzfbvphjwm627sj534 264 26 agent agent NN work_zxx6htnoxzfbvphjwm627sj534 264 27 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 264 28 loss loss NN work_zxx6htnoxzfbvphjwm627sj534 264 29 function function NN work_zxx6htnoxzfbvphjwm627sj534 264 30 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 264 31 an an DT work_zxx6htnoxzfbvphjwm627sj534 264 32 additional additional JJ work_zxx6htnoxzfbvphjwm627sj534 264 33 “ " `` work_zxx6htnoxzfbvphjwm627sj534 264 34 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 264 35 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 264 36 ” " '' work_zxx6htnoxzfbvphjwm627sj534 264 37 component component NN work_zxx6htnoxzfbvphjwm627sj534 264 38 with with IN work_zxx6htnoxzfbvphjwm627sj534 264 39 a a DT work_zxx6htnoxzfbvphjwm627sj534 264 40 fixed fixed JJ work_zxx6htnoxzfbvphjwm627sj534 264 41 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 264 42 . . . work_zxx6htnoxzfbvphjwm627sj534 265 1 Defined define VBN work_zxx6htnoxzfbvphjwm627sj534 265 2 over over IN work_zxx6htnoxzfbvphjwm627sj534 265 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 265 4 distance distance NN work_zxx6htnoxzfbvphjwm627sj534 265 5 between between IN work_zxx6htnoxzfbvphjwm627sj534 265 6 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 265 7 action action NN work_zxx6htnoxzfbvphjwm627sj534 265 8 and and CC work_zxx6htnoxzfbvphjwm627sj534 265 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 265 10 average average JJ work_zxx6htnoxzfbvphjwm627sj534 265 11 action action NN work_zxx6htnoxzfbvphjwm627sj534 265 12 across across IN work_zxx6htnoxzfbvphjwm627sj534 265 13 all all DT work_zxx6htnoxzfbvphjwm627sj534 265 14 agents agent NNS work_zxx6htnoxzfbvphjwm627sj534 265 15 , , , work_zxx6htnoxzfbvphjwm627sj534 265 16 this this DT work_zxx6htnoxzfbvphjwm627sj534 265 17 assumed assume VBN work_zxx6htnoxzfbvphjwm627sj534 265 18 “ " `` work_zxx6htnoxzfbvphjwm627sj534 265 19 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 265 20 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 265 21 ” " '' work_zxx6htnoxzfbvphjwm627sj534 265 22 component component NN work_zxx6htnoxzfbvphjwm627sj534 265 23 of of IN work_zxx6htnoxzfbvphjwm627sj534 265 24 utility utility NN work_zxx6htnoxzfbvphjwm627sj534 265 25 not not RB work_zxx6htnoxzfbvphjwm627sj534 265 26 only only RB work_zxx6htnoxzfbvphjwm627sj534 265 27 gives give VBZ work_zxx6htnoxzfbvphjwm627sj534 265 28 rise rise NN work_zxx6htnoxzfbvphjwm627sj534 265 29 to to IN work_zxx6htnoxzfbvphjwm627sj534 265 30 the the DT work_zxx6htnoxzfbvphjwm627sj534 265 31 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 265 32 role role NN work_zxx6htnoxzfbvphjwm627sj534 265 33 of of IN work_zxx6htnoxzfbvphjwm627sj534 265 34 public public JJ work_zxx6htnoxzfbvphjwm627sj534 265 35 information information NN work_zxx6htnoxzfbvphjwm627sj534 265 36 , , , work_zxx6htnoxzfbvphjwm627sj534 265 37 but but CC work_zxx6htnoxzfbvphjwm627sj534 265 38 also also RB work_zxx6htnoxzfbvphjwm627sj534 265 39 fixes fix VBZ work_zxx6htnoxzfbvphjwm627sj534 265 40 the the DT work_zxx6htnoxzfbvphjwm627sj534 265 41 intensity intensity NN work_zxx6htnoxzfbvphjwm627sj534 265 42 of of IN work_zxx6htnoxzfbvphjwm627sj534 265 43 this this DT work_zxx6htnoxzfbvphjwm627sj534 265 44 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 265 45 role role NN work_zxx6htnoxzfbvphjwm627sj534 265 46 . . . work_zxx6htnoxzfbvphjwm627sj534 266 1 As as IN work_zxx6htnoxzfbvphjwm627sj534 266 2 a a DT work_zxx6htnoxzfbvphjwm627sj534 266 3 result result NN work_zxx6htnoxzfbvphjwm627sj534 266 4 , , , work_zxx6htnoxzfbvphjwm627sj534 266 5 when when WRB work_zxx6htnoxzfbvphjwm627sj534 266 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 266 7 fixed fix VBN work_zxx6htnoxzfbvphjwm627sj534 266 8 weight weight NN work_zxx6htnoxzfbvphjwm627sj534 266 9 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 266 10 great great JJ work_zxx6htnoxzfbvphjwm627sj534 266 11 and and CC work_zxx6htnoxzfbvphjwm627sj534 266 12 public public JJ work_zxx6htnoxzfbvphjwm627sj534 266 13 information information NN work_zxx6htnoxzfbvphjwm627sj534 266 14 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 266 15 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 266 16 enough enough RB work_zxx6htnoxzfbvphjwm627sj534 266 17 , , , work_zxx6htnoxzfbvphjwm627sj534 266 18 the the DT work_zxx6htnoxzfbvphjwm627sj534 266 19 fixed fix VBN work_zxx6htnoxzfbvphjwm627sj534 266 20 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 266 21 role role NN work_zxx6htnoxzfbvphjwm627sj534 266 22 dominates dominate VBZ work_zxx6htnoxzfbvphjwm627sj534 266 23 the the DT work_zxx6htnoxzfbvphjwm627sj534 266 24 diminishing diminish VBG work_zxx6htnoxzfbvphjwm627sj534 266 25 information information NN work_zxx6htnoxzfbvphjwm627sj534 266 26 role role NN work_zxx6htnoxzfbvphjwm627sj534 266 27 and and CC work_zxx6htnoxzfbvphjwm627sj534 266 28 public public JJ work_zxx6htnoxzfbvphjwm627sj534 266 29 information information NN work_zxx6htnoxzfbvphjwm627sj534 266 30 becomes become VBZ work_zxx6htnoxzfbvphjwm627sj534 266 31 detrimental detrimental JJ work_zxx6htnoxzfbvphjwm627sj534 266 32 to to IN work_zxx6htnoxzfbvphjwm627sj534 266 33 social social JJ work_zxx6htnoxzfbvphjwm627sj534 266 34 welfare welfare NN work_zxx6htnoxzfbvphjwm627sj534 266 35 , , , work_zxx6htnoxzfbvphjwm627sj534 266 36 which which WDT work_zxx6htnoxzfbvphjwm627sj534 266 37 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 266 38 defined define VBN work_zxx6htnoxzfbvphjwm627sj534 266 39 as as IN work_zxx6htnoxzfbvphjwm627sj534 266 40 the the DT work_zxx6htnoxzfbvphjwm627sj534 266 41 negative negative NN work_zxx6htnoxzfbvphjwm627sj534 266 42 of of IN work_zxx6htnoxzfbvphjwm627sj534 266 43 the the DT work_zxx6htnoxzfbvphjwm627sj534 266 44 average average JJ work_zxx6htnoxzfbvphjwm627sj534 266 45 mean mean JJ work_zxx6htnoxzfbvphjwm627sj534 266 46 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 266 47 squared squared JJ work_zxx6htnoxzfbvphjwm627sj534 266 48 error error NN work_zxx6htnoxzfbvphjwm627sj534 266 49 between between IN work_zxx6htnoxzfbvphjwm627sj534 266 50 individual individual JJ work_zxx6htnoxzfbvphjwm627sj534 266 51 action action NN work_zxx6htnoxzfbvphjwm627sj534 266 52 and and CC work_zxx6htnoxzfbvphjwm627sj534 266 53 the the DT work_zxx6htnoxzfbvphjwm627sj534 266 54 true true JJ work_zxx6htnoxzfbvphjwm627sj534 266 55 state state NN work_zxx6htnoxzfbvphjwm627sj534 266 56 . . . work_zxx6htnoxzfbvphjwm627sj534 267 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 267 2 following follow VBG work_zxx6htnoxzfbvphjwm627sj534 267 3 exercise exercise NN work_zxx6htnoxzfbvphjwm627sj534 267 4 gives give VBZ work_zxx6htnoxzfbvphjwm627sj534 267 5 us -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 267 6 a a DT work_zxx6htnoxzfbvphjwm627sj534 267 7 glance glance NN work_zxx6htnoxzfbvphjwm627sj534 267 8 at at IN work_zxx6htnoxzfbvphjwm627sj534 267 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 267 10 importance importance NN work_zxx6htnoxzfbvphjwm627sj534 267 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 267 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 267 13 endogenous endogenous JJ work_zxx6htnoxzfbvphjwm627sj534 267 14 link link NN work_zxx6htnoxzfbvphjwm627sj534 267 15 between between IN work_zxx6htnoxzfbvphjwm627sj534 267 16 the the DT work_zxx6htnoxzfbvphjwm627sj534 267 17 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 267 18 role role NN work_zxx6htnoxzfbvphjwm627sj534 267 19 of of IN work_zxx6htnoxzfbvphjwm627sj534 267 20 public public JJ work_zxx6htnoxzfbvphjwm627sj534 267 21 information information NN work_zxx6htnoxzfbvphjwm627sj534 267 22 . . . work_zxx6htnoxzfbvphjwm627sj534 268 1 Recall recall VB work_zxx6htnoxzfbvphjwm627sj534 268 2 that that IN work_zxx6htnoxzfbvphjwm627sj534 268 3 R r NN work_zxx6htnoxzfbvphjwm627sj534 268 4 measures measure VBZ work_zxx6htnoxzfbvphjwm627sj534 268 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 268 6 intensity intensity NN work_zxx6htnoxzfbvphjwm627sj534 268 7 of of IN work_zxx6htnoxzfbvphjwm627sj534 268 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 268 9 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 268 10 role role NN work_zxx6htnoxzfbvphjwm627sj534 268 11 and and CC work_zxx6htnoxzfbvphjwm627sj534 268 12 that that IN work_zxx6htnoxzfbvphjwm627sj534 268 13 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 268 14 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 268 15 increasing increase VBG work_zxx6htnoxzfbvphjwm627sj534 268 16 in in IN work_zxx6htnoxzfbvphjwm627sj534 268 17 α α PRP work_zxx6htnoxzfbvphjwm627sj534 268 18 . . . work_zxx6htnoxzfbvphjwm627sj534 269 1 Now now RB work_zxx6htnoxzfbvphjwm627sj534 269 2 we -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 269 3 fix fix VBP work_zxx6htnoxzfbvphjwm627sj534 269 4 R r NN work_zxx6htnoxzfbvphjwm627sj534 269 5 to to TO work_zxx6htnoxzfbvphjwm627sj534 269 6 be be VB work_zxx6htnoxzfbvphjwm627sj534 269 7 a a DT work_zxx6htnoxzfbvphjwm627sj534 269 8 constant constant NN work_zxx6htnoxzfbvphjwm627sj534 269 9 , , , work_zxx6htnoxzfbvphjwm627sj534 269 10 r r NN work_zxx6htnoxzfbvphjwm627sj534 269 11 , , , work_zxx6htnoxzfbvphjwm627sj534 269 12 so so IN work_zxx6htnoxzfbvphjwm627sj534 269 13 that that IN work_zxx6htnoxzfbvphjwm627sj534 269 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 269 15 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 269 16 role role NN work_zxx6htnoxzfbvphjwm627sj534 269 17 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 269 18 decoupled decouple VBN work_zxx6htnoxzfbvphjwm627sj534 269 19 from from IN work_zxx6htnoxzfbvphjwm627sj534 269 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 269 21 information information NN work_zxx6htnoxzfbvphjwm627sj534 269 22 role role NN work_zxx6htnoxzfbvphjwm627sj534 269 23 . . . work_zxx6htnoxzfbvphjwm627sj534 270 1 Observation observation NN work_zxx6htnoxzfbvphjwm627sj534 270 2 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 270 3 . . . work_zxx6htnoxzfbvphjwm627sj534 271 1 When when WRB work_zxx6htnoxzfbvphjwm627sj534 271 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 271 3 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 271 4 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 271 5 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 271 6 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 271 7 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 271 8 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 271 9 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 271 10 fixed fix VBN work_zxx6htnoxzfbvphjwm627sj534 271 11 at at IN work_zxx6htnoxzfbvphjwm627sj534 271 12 r r NN work_zxx6htnoxzfbvphjwm627sj534 271 13 , , , work_zxx6htnoxzfbvphjwm627sj534 271 14 provisions provision NNS work_zxx6htnoxzfbvphjwm627sj534 271 15 of of IN work_zxx6htnoxzfbvphjwm627sj534 271 16 public public JJ work_zxx6htnoxzfbvphjwm627sj534 271 17 infor- infor- FW work_zxx6htnoxzfbvphjwm627sj534 271 18 mation mation NN work_zxx6htnoxzfbvphjwm627sj534 271 19 decrease decrease NN work_zxx6htnoxzfbvphjwm627sj534 271 20 market market NN work_zxx6htnoxzfbvphjwm627sj534 271 21 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 271 22 if if IN work_zxx6htnoxzfbvphjwm627sj534 271 23 and and CC work_zxx6htnoxzfbvphjwm627sj534 271 24 only only RB work_zxx6htnoxzfbvphjwm627sj534 271 25 if if IN work_zxx6htnoxzfbvphjwm627sj534 271 26 r r NN work_zxx6htnoxzfbvphjwm627sj534 271 27 and and CC work_zxx6htnoxzfbvphjwm627sj534 271 28 α α PRP work_zxx6htnoxzfbvphjwm627sj534 271 29 are be VBP work_zxx6htnoxzfbvphjwm627sj534 271 30 such such JJ work_zxx6htnoxzfbvphjwm627sj534 271 31 that that IN work_zxx6htnoxzfbvphjwm627sj534 271 32 α α XX work_zxx6htnoxzfbvphjwm627sj534 271 33 < < XX work_zxx6htnoxzfbvphjwm627sj534 271 34 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 271 35 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 271 36 − − NNP work_zxx6htnoxzfbvphjwm627sj534 271 37 r)(β r)(β NN work_zxx6htnoxzfbvphjwm627sj534 271 38 + + SYM work_zxx6htnoxzfbvphjwm627sj534 271 39 ρ1)(1 ρ1)(1 SYM work_zxx6htnoxzfbvphjwm627sj534 271 40 − − NNP work_zxx6htnoxzfbvphjwm627sj534 271 41 2(β 2(β CD work_zxx6htnoxzfbvphjwm627sj534 271 42 + + SYM work_zxx6htnoxzfbvphjwm627sj534 271 43 ρ1 ρ1 NN work_zxx6htnoxzfbvphjwm627sj534 271 44 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 271 45 ρ ρ NNP work_zxx6htnoxzfbvphjwm627sj534 271 46 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 271 47 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 271 48 − − NNP work_zxx6htnoxzfbvphjwm627sj534 271 49 r r NN work_zxx6htnoxzfbvphjwm627sj534 271 50 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 271 51 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 271 52 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 271 53 9 9 CD work_zxx6htnoxzfbvphjwm627sj534 271 54 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 271 55 and and CC work_zxx6htnoxzfbvphjwm627sj534 271 56 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 271 57 − − NNP work_zxx6htnoxzfbvphjwm627sj534 271 58 ρ ρ CC work_zxx6htnoxzfbvphjwm627sj534 271 59 2(β 2(β CD work_zxx6htnoxzfbvphjwm627sj534 271 60 + + SYM work_zxx6htnoxzfbvphjwm627sj534 271 61 ρ1 ρ1 NN work_zxx6htnoxzfbvphjwm627sj534 271 62 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 271 63 < < XX work_zxx6htnoxzfbvphjwm627sj534 271 64 r r NNP work_zxx6htnoxzfbvphjwm627sj534 271 65 < < XX work_zxx6htnoxzfbvphjwm627sj534 271 66 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 271 67 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 271 68 10 10 CD work_zxx6htnoxzfbvphjwm627sj534 271 69 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 271 70 22 22 CD work_zxx6htnoxzfbvphjwm627sj534 271 71 In in IN work_zxx6htnoxzfbvphjwm627sj534 271 72 the the DT work_zxx6htnoxzfbvphjwm627sj534 271 73 sense sense NN work_zxx6htnoxzfbvphjwm627sj534 271 74 that that IN work_zxx6htnoxzfbvphjwm627sj534 271 75 fixing fix VBG work_zxx6htnoxzfbvphjwm627sj534 271 76 an an DT work_zxx6htnoxzfbvphjwm627sj534 271 77 endogenous endogenous JJ work_zxx6htnoxzfbvphjwm627sj534 271 78 variable variable NN work_zxx6htnoxzfbvphjwm627sj534 271 79 to to IN work_zxx6htnoxzfbvphjwm627sj534 271 80 a a DT work_zxx6htnoxzfbvphjwm627sj534 271 81 constant constant JJ work_zxx6htnoxzfbvphjwm627sj534 271 82 inherently inherently RB work_zxx6htnoxzfbvphjwm627sj534 271 83 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 271 84 too too RB work_zxx6htnoxzfbvphjwm627sj534 271 85 many many JJ work_zxx6htnoxzfbvphjwm627sj534 271 86 degrees degree NNS work_zxx6htnoxzfbvphjwm627sj534 271 87 of of IN work_zxx6htnoxzfbvphjwm627sj534 271 88 freedom freedom NN work_zxx6htnoxzfbvphjwm627sj534 271 89 , , , work_zxx6htnoxzfbvphjwm627sj534 271 90 Observation observation NN work_zxx6htnoxzfbvphjwm627sj534 271 91 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 271 92 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 271 93 more more JJR work_zxx6htnoxzfbvphjwm627sj534 271 94 a a DT work_zxx6htnoxzfbvphjwm627sj534 271 95 back back JJ work_zxx6htnoxzfbvphjwm627sj534 271 96 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 271 97 of of IN work_zxx6htnoxzfbvphjwm627sj534 271 98 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 271 99 the the DT work_zxx6htnoxzfbvphjwm627sj534 271 100 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 271 101 envelope envelope NN work_zxx6htnoxzfbvphjwm627sj534 271 102 calculation calculation NN work_zxx6htnoxzfbvphjwm627sj534 271 103 than than IN work_zxx6htnoxzfbvphjwm627sj534 271 104 a a DT work_zxx6htnoxzfbvphjwm627sj534 271 105 rigorous rigorous JJ work_zxx6htnoxzfbvphjwm627sj534 271 106 statement statement NN work_zxx6htnoxzfbvphjwm627sj534 271 107 . . . work_zxx6htnoxzfbvphjwm627sj534 272 1 However however RB work_zxx6htnoxzfbvphjwm627sj534 272 2 , , , work_zxx6htnoxzfbvphjwm627sj534 272 3 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 272 4 gives give VBZ work_zxx6htnoxzfbvphjwm627sj534 272 5 some some DT work_zxx6htnoxzfbvphjwm627sj534 272 6 clues clue NNS work_zxx6htnoxzfbvphjwm627sj534 272 7 about about IN work_zxx6htnoxzfbvphjwm627sj534 272 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 272 9 importance importance NN work_zxx6htnoxzfbvphjwm627sj534 272 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 272 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 272 12 endogenous endogenous JJ work_zxx6htnoxzfbvphjwm627sj534 272 13 link link NN work_zxx6htnoxzfbvphjwm627sj534 272 14 between between IN work_zxx6htnoxzfbvphjwm627sj534 272 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 272 16 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 272 17 role role NN work_zxx6htnoxzfbvphjwm627sj534 272 18 of of IN work_zxx6htnoxzfbvphjwm627sj534 272 19 public public JJ work_zxx6htnoxzfbvphjwm627sj534 272 20 information information NN work_zxx6htnoxzfbvphjwm627sj534 272 21 in in IN work_zxx6htnoxzfbvphjwm627sj534 272 22 determining determine VBG work_zxx6htnoxzfbvphjwm627sj534 272 23 its -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 272 24 market market NN work_zxx6htnoxzfbvphjwm627sj534 272 25 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 272 26 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 272 27 . . . work_zxx6htnoxzfbvphjwm627sj534 273 1 When when WRB work_zxx6htnoxzfbvphjwm627sj534 273 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 273 3 public public JJ work_zxx6htnoxzfbvphjwm627sj534 273 4 information information NN work_zxx6htnoxzfbvphjwm627sj534 273 5 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 273 6 relatively relatively RB work_zxx6htnoxzfbvphjwm627sj534 273 7 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 273 8 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 273 9 condition condition NN work_zxx6htnoxzfbvphjwm627sj534 273 10 9 9 CD work_zxx6htnoxzfbvphjwm627sj534 273 11 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 273 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 273 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 273 14 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 273 15 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 273 16 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 273 17 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 273 18 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 273 19 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 273 20 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 273 21 fixed fix VBN work_zxx6htnoxzfbvphjwm627sj534 273 22 at at IN work_zxx6htnoxzfbvphjwm627sj534 273 23 a a DT work_zxx6htnoxzfbvphjwm627sj534 273 24 high high JJ work_zxx6htnoxzfbvphjwm627sj534 273 25 level level NN work_zxx6htnoxzfbvphjwm627sj534 273 26 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 273 27 condition condition NN work_zxx6htnoxzfbvphjwm627sj534 273 28 10 10 CD work_zxx6htnoxzfbvphjwm627sj534 273 29 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 273 30 , , , work_zxx6htnoxzfbvphjwm627sj534 273 31 provisions provision NNS work_zxx6htnoxzfbvphjwm627sj534 273 32 of of IN work_zxx6htnoxzfbvphjwm627sj534 273 33 public public JJ work_zxx6htnoxzfbvphjwm627sj534 273 34 information information NN work_zxx6htnoxzfbvphjwm627sj534 273 35 reduce reduce VB work_zxx6htnoxzfbvphjwm627sj534 273 36 market market NN work_zxx6htnoxzfbvphjwm627sj534 273 37 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 273 38 . . . work_zxx6htnoxzfbvphjwm627sj534 274 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 274 2 this this DT work_zxx6htnoxzfbvphjwm627sj534 274 3 sense sense NN work_zxx6htnoxzfbvphjwm627sj534 274 4 , , , work_zxx6htnoxzfbvphjwm627sj534 274 5 conditions condition NNS work_zxx6htnoxzfbvphjwm627sj534 274 6 9 9 CD work_zxx6htnoxzfbvphjwm627sj534 274 7 and and CC work_zxx6htnoxzfbvphjwm627sj534 274 8 10 10 CD work_zxx6htnoxzfbvphjwm627sj534 274 9 resemble resemble JJ work_zxx6htnoxzfbvphjwm627sj534 274 10 condition condition NN work_zxx6htnoxzfbvphjwm627sj534 274 11 20 20 CD work_zxx6htnoxzfbvphjwm627sj534 274 12 in in IN work_zxx6htnoxzfbvphjwm627sj534 274 13 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 274 14 and and CC work_zxx6htnoxzfbvphjwm627sj534 274 15 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 274 16 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 274 17 2002 2002 CD work_zxx6htnoxzfbvphjwm627sj534 274 18 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 274 19 . . . work_zxx6htnoxzfbvphjwm627sj534 275 1 Therefore therefore RB work_zxx6htnoxzfbvphjwm627sj534 275 2 , , , work_zxx6htnoxzfbvphjwm627sj534 275 3 the the DT work_zxx6htnoxzfbvphjwm627sj534 275 4 comparison comparison NN work_zxx6htnoxzfbvphjwm627sj534 275 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 275 6 Proposition Proposition NNP work_zxx6htnoxzfbvphjwm627sj534 275 7 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 275 8 and and CC work_zxx6htnoxzfbvphjwm627sj534 275 9 Observation observation NN work_zxx6htnoxzfbvphjwm627sj534 275 10 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 275 11 suggests suggest VBZ work_zxx6htnoxzfbvphjwm627sj534 275 12 that that IN work_zxx6htnoxzfbvphjwm627sj534 275 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 275 14 detrimental detrimental JJ work_zxx6htnoxzfbvphjwm627sj534 275 15 social social JJ work_zxx6htnoxzfbvphjwm627sj534 275 16 welfare welfare NN work_zxx6htnoxzfbvphjwm627sj534 275 17 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 275 18 of of IN work_zxx6htnoxzfbvphjwm627sj534 275 19 public public JJ work_zxx6htnoxzfbvphjwm627sj534 275 20 information information NN work_zxx6htnoxzfbvphjwm627sj534 275 21 in in IN work_zxx6htnoxzfbvphjwm627sj534 275 22 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 275 23 and and CC work_zxx6htnoxzfbvphjwm627sj534 275 24 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 275 25 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 275 26 2002 2002 CD work_zxx6htnoxzfbvphjwm627sj534 275 27 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 275 28 may may MD work_zxx6htnoxzfbvphjwm627sj534 275 29 result result VB work_zxx6htnoxzfbvphjwm627sj534 275 30 from from IN work_zxx6htnoxzfbvphjwm627sj534 275 31 the the DT work_zxx6htnoxzfbvphjwm627sj534 275 32 assumed assumed JJ work_zxx6htnoxzfbvphjwm627sj534 275 33 “ " `` work_zxx6htnoxzfbvphjwm627sj534 275 34 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 275 35 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 275 36 ” " '' work_zxx6htnoxzfbvphjwm627sj534 275 37 utility utility NN work_zxx6htnoxzfbvphjwm627sj534 275 38 , , , work_zxx6htnoxzfbvphjwm627sj534 275 39 an an DT work_zxx6htnoxzfbvphjwm627sj534 275 40 observation observation NN work_zxx6htnoxzfbvphjwm627sj534 275 41 that that WDT work_zxx6htnoxzfbvphjwm627sj534 275 42 warrants warrant VBZ work_zxx6htnoxzfbvphjwm627sj534 275 43 further further JJ work_zxx6htnoxzfbvphjwm627sj534 275 44 investigation investigation NN work_zxx6htnoxzfbvphjwm627sj534 275 45 . . . work_zxx6htnoxzfbvphjwm627sj534 276 1 5 5 CD work_zxx6htnoxzfbvphjwm627sj534 276 2 Conclusion Conclusion NNP work_zxx6htnoxzfbvphjwm627sj534 276 3 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 276 4 study study VBP work_zxx6htnoxzfbvphjwm627sj534 276 5 the the DT work_zxx6htnoxzfbvphjwm627sj534 276 6 market market NN work_zxx6htnoxzfbvphjwm627sj534 276 7 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 276 8 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 276 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 276 10 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 276 11 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 276 12 in in IN work_zxx6htnoxzfbvphjwm627sj534 276 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 276 14 context context NN work_zxx6htnoxzfbvphjwm627sj534 276 15 of of IN work_zxx6htnoxzfbvphjwm627sj534 276 16 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 276 17 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 276 18 as as IN work_zxx6htnoxzfbvphjwm627sj534 276 19 a a DT work_zxx6htnoxzfbvphjwm627sj534 276 20 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 276 21 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 276 22 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 276 23 . . . work_zxx6htnoxzfbvphjwm627sj534 277 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 277 2 such such JJ work_zxx6htnoxzfbvphjwm627sj534 277 3 markets market NNS work_zxx6htnoxzfbvphjwm627sj534 277 4 , , , work_zxx6htnoxzfbvphjwm627sj534 277 5 public public JJ work_zxx6htnoxzfbvphjwm627sj534 277 6 information information NN work_zxx6htnoxzfbvphjwm627sj534 277 7 performs perform VBZ work_zxx6htnoxzfbvphjwm627sj534 277 8 both both CC work_zxx6htnoxzfbvphjwm627sj534 277 9 an an DT work_zxx6htnoxzfbvphjwm627sj534 277 10 information information NN work_zxx6htnoxzfbvphjwm627sj534 277 11 role role NN work_zxx6htnoxzfbvphjwm627sj534 277 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 277 13 a a DT work_zxx6htnoxzfbvphjwm627sj534 277 14 commonality commonality NN work_zxx6htnoxzfbvphjwm627sj534 277 15 role role NN work_zxx6htnoxzfbvphjwm627sj534 277 16 . . . work_zxx6htnoxzfbvphjwm627sj534 278 1 Because because IN work_zxx6htnoxzfbvphjwm627sj534 278 2 the the DT work_zxx6htnoxzfbvphjwm627sj534 278 3 dual dual JJ work_zxx6htnoxzfbvphjwm627sj534 278 4 role role NN work_zxx6htnoxzfbvphjwm627sj534 278 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 278 6 public public JJ work_zxx6htnoxzfbvphjwm627sj534 278 7 information information NN work_zxx6htnoxzfbvphjwm627sj534 278 8 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 278 9 endogenously endogenously RB work_zxx6htnoxzfbvphjwm627sj534 278 10 linked link VBN work_zxx6htnoxzfbvphjwm627sj534 278 11 to to IN work_zxx6htnoxzfbvphjwm627sj534 278 12 each each DT work_zxx6htnoxzfbvphjwm627sj534 278 13 other other JJ work_zxx6htnoxzfbvphjwm627sj534 278 14 via via IN work_zxx6htnoxzfbvphjwm627sj534 278 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 278 16 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 278 17 of of IN work_zxx6htnoxzfbvphjwm627sj534 278 18 public public JJ work_zxx6htnoxzfbvphjwm627sj534 278 19 information information NN work_zxx6htnoxzfbvphjwm627sj534 278 20 , , , work_zxx6htnoxzfbvphjwm627sj534 278 21 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 278 22 of of IN work_zxx6htnoxzfbvphjwm627sj534 278 23 public public JJ work_zxx6htnoxzfbvphjwm627sj534 278 24 information information NN work_zxx6htnoxzfbvphjwm627sj534 278 25 , , , work_zxx6htnoxzfbvphjwm627sj534 278 26 however however RB work_zxx6htnoxzfbvphjwm627sj534 278 27 noisy noisy JJ work_zxx6htnoxzfbvphjwm627sj534 278 28 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 278 29 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 278 30 , , , work_zxx6htnoxzfbvphjwm627sj534 278 31 always always RB work_zxx6htnoxzfbvphjwm627sj534 278 32 brings bring VBZ work_zxx6htnoxzfbvphjwm627sj534 278 33 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 278 34 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 278 35 closer close RBR work_zxx6htnoxzfbvphjwm627sj534 278 36 to to IN work_zxx6htnoxzfbvphjwm627sj534 278 37 the the DT work_zxx6htnoxzfbvphjwm627sj534 278 38 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 278 39 value value NN work_zxx6htnoxzfbvphjwm627sj534 278 40 . . . work_zxx6htnoxzfbvphjwm627sj534 279 1 Transparency transparency NN work_zxx6htnoxzfbvphjwm627sj534 279 2 should should MD work_zxx6htnoxzfbvphjwm627sj534 279 3 not not RB work_zxx6htnoxzfbvphjwm627sj534 279 4 be be VB work_zxx6htnoxzfbvphjwm627sj534 279 5 compromised compromise VBN work_zxx6htnoxzfbvphjwm627sj534 279 6 on on IN work_zxx6htnoxzfbvphjwm627sj534 279 7 grounds ground NNS work_zxx6htnoxzfbvphjwm627sj534 279 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 279 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 279 10 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 279 11 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 279 12 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 279 13 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 279 14 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 279 15 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 279 16 . . . work_zxx6htnoxzfbvphjwm627sj534 280 1 Accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 280 2 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 280 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 280 4 a a DT work_zxx6htnoxzfbvphjwm627sj534 280 5 distinct distinct JJ work_zxx6htnoxzfbvphjwm627sj534 280 6 feature feature NN work_zxx6htnoxzfbvphjwm627sj534 280 7 of of IN work_zxx6htnoxzfbvphjwm627sj534 280 8 modern modern JJ work_zxx6htnoxzfbvphjwm627sj534 280 9 corporations corporation NNS work_zxx6htnoxzfbvphjwm627sj534 280 10 characterized characterize VBN work_zxx6htnoxzfbvphjwm627sj534 280 11 by by IN work_zxx6htnoxzfbvphjwm627sj534 280 12 dispersed dispersed JJ work_zxx6htnoxzfbvphjwm627sj534 280 13 ownership ownership NN work_zxx6htnoxzfbvphjwm627sj534 280 14 . . . work_zxx6htnoxzfbvphjwm627sj534 281 1 Previous previous JJ work_zxx6htnoxzfbvphjwm627sj534 281 2 research research NN work_zxx6htnoxzfbvphjwm627sj534 281 3 on on IN work_zxx6htnoxzfbvphjwm627sj534 281 4 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 281 5 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 281 6 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 281 7 mainly mainly RB work_zxx6htnoxzfbvphjwm627sj534 281 8 focused focus VBN work_zxx6htnoxzfbvphjwm627sj534 281 9 on on IN work_zxx6htnoxzfbvphjwm627sj534 281 10 agency agency NN work_zxx6htnoxzfbvphjwm627sj534 281 11 problems problem NNS work_zxx6htnoxzfbvphjwm627sj534 281 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 281 13 differential differential VB work_zxx6htnoxzfbvphjwm627sj534 281 14 information information NN work_zxx6htnoxzfbvphjwm627sj534 281 15 among among IN work_zxx6htnoxzfbvphjwm627sj534 281 16 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 281 17 . . . work_zxx6htnoxzfbvphjwm627sj534 282 1 This this DT work_zxx6htnoxzfbvphjwm627sj534 282 2 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 282 3 provides provide VBZ work_zxx6htnoxzfbvphjwm627sj534 282 4 one one CD work_zxx6htnoxzfbvphjwm627sj534 282 5 example example NN work_zxx6htnoxzfbvphjwm627sj534 282 6 that that WDT work_zxx6htnoxzfbvphjwm627sj534 282 7 dispersed disperse VBD work_zxx6htnoxzfbvphjwm627sj534 282 8 ownership ownership NN work_zxx6htnoxzfbvphjwm627sj534 282 9 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 282 10 other other JJ work_zxx6htnoxzfbvphjwm627sj534 282 11 important important JJ work_zxx6htnoxzfbvphjwm627sj534 282 12 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 282 13 for for IN work_zxx6htnoxzfbvphjwm627sj534 282 14 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 282 15 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 282 16 that that WDT work_zxx6htnoxzfbvphjwm627sj534 282 17 have have VBP work_zxx6htnoxzfbvphjwm627sj534 282 18 not not RB work_zxx6htnoxzfbvphjwm627sj534 282 19 received receive VBN work_zxx6htnoxzfbvphjwm627sj534 282 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 282 21 23 23 CD work_zxx6htnoxzfbvphjwm627sj534 282 22 attention attention NN work_zxx6htnoxzfbvphjwm627sj534 282 23 they -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 282 24 deserve deserve VBP work_zxx6htnoxzfbvphjwm627sj534 282 25 . . . work_zxx6htnoxzfbvphjwm627sj534 283 1 It -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 283 2 opens open VBZ work_zxx6htnoxzfbvphjwm627sj534 283 3 up up RP work_zxx6htnoxzfbvphjwm627sj534 283 4 many many JJ work_zxx6htnoxzfbvphjwm627sj534 283 5 new new JJ work_zxx6htnoxzfbvphjwm627sj534 283 6 opportunities opportunity NNS work_zxx6htnoxzfbvphjwm627sj534 283 7 for for IN work_zxx6htnoxzfbvphjwm627sj534 283 8 future future JJ work_zxx6htnoxzfbvphjwm627sj534 283 9 research research NN work_zxx6htnoxzfbvphjwm627sj534 283 10 . . . work_zxx6htnoxzfbvphjwm627sj534 284 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 284 2 Keynesian- Keynesian- NNP work_zxx6htnoxzfbvphjwm627sj534 284 3 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 284 4 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 284 5 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 284 6 effect effect NN work_zxx6htnoxzfbvphjwm627sj534 284 7 may may MD work_zxx6htnoxzfbvphjwm627sj534 284 8 have have VB work_zxx6htnoxzfbvphjwm627sj534 284 9 substantial substantial JJ work_zxx6htnoxzfbvphjwm627sj534 284 10 implications implication NNS work_zxx6htnoxzfbvphjwm627sj534 284 11 for for IN work_zxx6htnoxzfbvphjwm627sj534 284 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 284 13 trade trade NN work_zxx6htnoxzfbvphjwm627sj534 284 14 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 284 15 off off NN work_zxx6htnoxzfbvphjwm627sj534 284 16 between between IN work_zxx6htnoxzfbvphjwm627sj534 284 17 public public JJ work_zxx6htnoxzfbvphjwm627sj534 284 18 and and CC work_zxx6htnoxzfbvphjwm627sj534 284 19 private private JJ work_zxx6htnoxzfbvphjwm627sj534 284 20 channels channel NNS work_zxx6htnoxzfbvphjwm627sj534 284 21 to to TO work_zxx6htnoxzfbvphjwm627sj534 284 22 disclose disclose VB work_zxx6htnoxzfbvphjwm627sj534 284 23 corporate corporate JJ work_zxx6htnoxzfbvphjwm627sj534 284 24 information information NN work_zxx6htnoxzfbvphjwm627sj534 284 25 , , , work_zxx6htnoxzfbvphjwm627sj534 284 26 the the DT work_zxx6htnoxzfbvphjwm627sj534 284 27 relation relation NN work_zxx6htnoxzfbvphjwm627sj534 284 28 between between IN work_zxx6htnoxzfbvphjwm627sj534 284 29 information information NN work_zxx6htnoxzfbvphjwm627sj534 284 30 quality quality NN work_zxx6htnoxzfbvphjwm627sj534 284 31 and and CC work_zxx6htnoxzfbvphjwm627sj534 284 32 cost cost NN work_zxx6htnoxzfbvphjwm627sj534 284 33 of of IN work_zxx6htnoxzfbvphjwm627sj534 284 34 capital capital NN work_zxx6htnoxzfbvphjwm627sj534 284 35 , , , work_zxx6htnoxzfbvphjwm627sj534 284 36 and and CC work_zxx6htnoxzfbvphjwm627sj534 284 37 the the DT work_zxx6htnoxzfbvphjwm627sj534 284 38 relation relation NN work_zxx6htnoxzfbvphjwm627sj534 284 39 between between IN work_zxx6htnoxzfbvphjwm627sj534 284 40 earnings earning NNS work_zxx6htnoxzfbvphjwm627sj534 284 41 and and CC work_zxx6htnoxzfbvphjwm627sj534 284 42 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 284 43 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 284 44 . . . work_zxx6htnoxzfbvphjwm627sj534 285 1 Another another DT work_zxx6htnoxzfbvphjwm627sj534 285 2 promising promising JJ work_zxx6htnoxzfbvphjwm627sj534 285 3 direction direction NN work_zxx6htnoxzfbvphjwm627sj534 285 4 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 285 5 to to TO work_zxx6htnoxzfbvphjwm627sj534 285 6 include include VB work_zxx6htnoxzfbvphjwm627sj534 285 7 real real JJ work_zxx6htnoxzfbvphjwm627sj534 285 8 effects effect NNS work_zxx6htnoxzfbvphjwm627sj534 285 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 285 10 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 285 11 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 285 12 so so IN work_zxx6htnoxzfbvphjwm627sj534 285 13 as as IN work_zxx6htnoxzfbvphjwm627sj534 285 14 to to TO work_zxx6htnoxzfbvphjwm627sj534 285 15 exam- exam- NNP work_zxx6htnoxzfbvphjwm627sj534 285 16 ine ine NNP work_zxx6htnoxzfbvphjwm627sj534 285 17 the the DT work_zxx6htnoxzfbvphjwm627sj534 285 18 allocational allocational JJ work_zxx6htnoxzfbvphjwm627sj534 285 19 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 285 20 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 285 21 of of IN work_zxx6htnoxzfbvphjwm627sj534 285 22 accounting accounting NN work_zxx6htnoxzfbvphjwm627sj534 285 23 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 285 24 in in IN work_zxx6htnoxzfbvphjwm627sj534 285 25 a a DT work_zxx6htnoxzfbvphjwm627sj534 285 26 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 285 27 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 285 28 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 285 29 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 285 30 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 285 31 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 285 32 market market NN work_zxx6htnoxzfbvphjwm627sj534 285 33 . . . work_zxx6htnoxzfbvphjwm627sj534 286 1 Since since IN work_zxx6htnoxzfbvphjwm627sj534 286 2 allocational allocational JJ work_zxx6htnoxzfbvphjwm627sj534 286 3 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 286 4 may may MD work_zxx6htnoxzfbvphjwm627sj534 286 5 diverge diverge VB work_zxx6htnoxzfbvphjwm627sj534 286 6 from from IN work_zxx6htnoxzfbvphjwm627sj534 286 7 market market NN work_zxx6htnoxzfbvphjwm627sj534 286 8 efficiency efficiency NN work_zxx6htnoxzfbvphjwm627sj534 286 9 , , , work_zxx6htnoxzfbvphjwm627sj534 286 10 such such PDT work_zxx6htnoxzfbvphjwm627sj534 286 11 an an DT work_zxx6htnoxzfbvphjwm627sj534 286 12 extension extension NN work_zxx6htnoxzfbvphjwm627sj534 286 13 complements complement NNS work_zxx6htnoxzfbvphjwm627sj534 286 14 this this DT work_zxx6htnoxzfbvphjwm627sj534 286 15 study study NN work_zxx6htnoxzfbvphjwm627sj534 286 16 and and CC work_zxx6htnoxzfbvphjwm627sj534 286 17 deepens deepen VBZ work_zxx6htnoxzfbvphjwm627sj534 286 18 our -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 286 19 understanding understanding NN work_zxx6htnoxzfbvphjwm627sj534 286 20 of of IN work_zxx6htnoxzfbvphjwm627sj534 286 21 the the DT work_zxx6htnoxzfbvphjwm627sj534 286 22 real real JJ work_zxx6htnoxzfbvphjwm627sj534 286 23 consequences consequence NNS work_zxx6htnoxzfbvphjwm627sj534 286 24 of of IN work_zxx6htnoxzfbvphjwm627sj534 286 25 accounting account VBG work_zxx6htnoxzfbvphjwm627sj534 286 26 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 286 27 in in IN work_zxx6htnoxzfbvphjwm627sj534 286 28 a a DT work_zxx6htnoxzfbvphjwm627sj534 286 29 Keynesian keynesian JJ work_zxx6htnoxzfbvphjwm627sj534 286 30 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 286 31 beauty beauty NN work_zxx6htnoxzfbvphjwm627sj534 286 32 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 286 33 contest contest NN work_zxx6htnoxzfbvphjwm627sj534 286 34 stock stock NN work_zxx6htnoxzfbvphjwm627sj534 286 35 market market NN work_zxx6htnoxzfbvphjwm627sj534 286 36 . . . work_zxx6htnoxzfbvphjwm627sj534 287 1 24 24 CD work_zxx6htnoxzfbvphjwm627sj534 287 2 Appendix Appendix NNP work_zxx6htnoxzfbvphjwm627sj534 287 3 Proof Proof NNP work_zxx6htnoxzfbvphjwm627sj534 287 4 of of IN work_zxx6htnoxzfbvphjwm627sj534 287 5 Proposition Proposition NNP work_zxx6htnoxzfbvphjwm627sj534 287 6 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 287 7 . . . work_zxx6htnoxzfbvphjwm627sj534 288 1 I -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 288 2 solve solve VBP work_zxx6htnoxzfbvphjwm627sj534 288 3 for for IN work_zxx6htnoxzfbvphjwm627sj534 288 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 288 5 model model NN work_zxx6htnoxzfbvphjwm627sj534 288 6 in in IN work_zxx6htnoxzfbvphjwm627sj534 288 7 five five CD work_zxx6htnoxzfbvphjwm627sj534 288 8 steps step NNS work_zxx6htnoxzfbvphjwm627sj534 288 9 . . . work_zxx6htnoxzfbvphjwm627sj534 289 1 Step step NN work_zxx6htnoxzfbvphjwm627sj534 289 2 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 289 3 : : : work_zxx6htnoxzfbvphjwm627sj534 289 4 Previous previous JJ work_zxx6htnoxzfbvphjwm627sj534 289 5 work work NN work_zxx6htnoxzfbvphjwm627sj534 289 6 has have VBZ work_zxx6htnoxzfbvphjwm627sj534 289 7 shown show VBN work_zxx6htnoxzfbvphjwm627sj534 289 8 that that IN work_zxx6htnoxzfbvphjwm627sj534 289 9 for for IN work_zxx6htnoxzfbvphjwm627sj534 289 10 an an DT work_zxx6htnoxzfbvphjwm627sj534 289 11 economy economy NN work_zxx6htnoxzfbvphjwm627sj534 289 12 in in IN work_zxx6htnoxzfbvphjwm627sj534 289 13 which which WDT work_zxx6htnoxzfbvphjwm627sj534 289 14 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 289 15 have have VBP work_zxx6htnoxzfbvphjwm627sj534 289 16 CARA CARA NNP work_zxx6htnoxzfbvphjwm627sj534 289 17 utility utility NN work_zxx6htnoxzfbvphjwm627sj534 289 18 functions function NNS work_zxx6htnoxzfbvphjwm627sj534 289 19 and and CC work_zxx6htnoxzfbvphjwm627sj534 289 20 the the DT work_zxx6htnoxzfbvphjwm627sj534 289 21 payoff payoff NN work_zxx6htnoxzfbvphjwm627sj534 289 22 of of IN work_zxx6htnoxzfbvphjwm627sj534 289 23 the the DT work_zxx6htnoxzfbvphjwm627sj534 289 24 security security NN work_zxx6htnoxzfbvphjwm627sj534 289 25 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 289 26 normally normally RB work_zxx6htnoxzfbvphjwm627sj534 289 27 distributed distribute VBN work_zxx6htnoxzfbvphjwm627sj534 289 28 , , , work_zxx6htnoxzfbvphjwm627sj534 289 29 an an DT work_zxx6htnoxzfbvphjwm627sj534 289 30 investor investor NN work_zxx6htnoxzfbvphjwm627sj534 289 31 i i PRP work_zxx6htnoxzfbvphjwm627sj534 289 32 ’s ’ VBG work_zxx6htnoxzfbvphjwm627sj534 289 33 demand demand NN work_zxx6htnoxzfbvphjwm627sj534 289 34 for for IN work_zxx6htnoxzfbvphjwm627sj534 289 35 the the DT work_zxx6htnoxzfbvphjwm627sj534 289 36 risky risky JJ work_zxx6htnoxzfbvphjwm627sj534 289 37 security security NN work_zxx6htnoxzfbvphjwm627sj534 289 38 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 289 39 described describe VBN work_zxx6htnoxzfbvphjwm627sj534 289 40 by by IN work_zxx6htnoxzfbvphjwm627sj534 289 41 equation equation NN work_zxx6htnoxzfbvphjwm627sj534 289 42 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 289 43 . . . work_zxx6htnoxzfbvphjwm627sj534 290 1 Step step NN work_zxx6htnoxzfbvphjwm627sj534 290 2 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 290 3 : : : work_zxx6htnoxzfbvphjwm627sj534 290 4 The the DT work_zxx6htnoxzfbvphjwm627sj534 290 5 information information NN work_zxx6htnoxzfbvphjwm627sj534 290 6 structure structure NN work_zxx6htnoxzfbvphjwm627sj534 290 7 in in IN work_zxx6htnoxzfbvphjwm627sj534 290 8 period period NN work_zxx6htnoxzfbvphjwm627sj534 290 9 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 290 10 . . . work_zxx6htnoxzfbvphjwm627sj534 291 1 Assume assume VB work_zxx6htnoxzfbvphjwm627sj534 291 2 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 291 3 = = NFP work_zxx6htnoxzfbvphjwm627sj534 291 4 bz bz CC work_zxx6htnoxzfbvphjwm627sj534 291 5 + + CC work_zxx6htnoxzfbvphjwm627sj534 291 6 cθ cθ NNP work_zxx6htnoxzfbvphjwm627sj534 291 7 − − NNP work_zxx6htnoxzfbvphjwm627sj534 291 8 ds1 ds1 NN work_zxx6htnoxzfbvphjwm627sj534 291 9 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 291 10 A-1 A-1 NNP work_zxx6htnoxzfbvphjwm627sj534 291 11 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 291 12 For for IN work_zxx6htnoxzfbvphjwm627sj534 291 13 investor investor NN work_zxx6htnoxzfbvphjwm627sj534 291 14 i i PRP work_zxx6htnoxzfbvphjwm627sj534 291 15 , , , work_zxx6htnoxzfbvphjwm627sj534 291 16 she -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 291 17 interprets interpret VBZ work_zxx6htnoxzfbvphjwm627sj534 291 18 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 291 19 as as IN work_zxx6htnoxzfbvphjwm627sj534 291 20 an an DT work_zxx6htnoxzfbvphjwm627sj534 291 21 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 291 22 signal signal NN work_zxx6htnoxzfbvphjwm627sj534 291 23 , , , work_zxx6htnoxzfbvphjwm627sj534 291 24 p p NN work_zxx6htnoxzfbvphjwm627sj534 291 25 ∗ ∗ NNP work_zxx6htnoxzfbvphjwm627sj534 291 26 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 291 27 , , , work_zxx6htnoxzfbvphjwm627sj534 291 28 with with IN work_zxx6htnoxzfbvphjwm627sj534 291 29 precision precision NNP work_zxx6htnoxzfbvphjwm627sj534 291 30 ρ ρ NNP work_zxx6htnoxzfbvphjwm627sj534 291 31 . . . work_zxx6htnoxzfbvphjwm627sj534 291 32 p∗1 p∗1 NNP work_zxx6htnoxzfbvphjwm627sj534 291 33 = = SYM work_zxx6htnoxzfbvphjwm627sj534 291 34 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 291 35 c c NN work_zxx6htnoxzfbvphjwm627sj534 291 36 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 291 37 p1 p1 NNP work_zxx6htnoxzfbvphjwm627sj534 291 38 − − NNP work_zxx6htnoxzfbvphjwm627sj534 291 39 bz bz IN work_zxx6htnoxzfbvphjwm627sj534 291 40 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 291 41 = = NFP work_zxx6htnoxzfbvphjwm627sj534 291 42 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 291 43 − − NNP work_zxx6htnoxzfbvphjwm627sj534 291 44 d d NNP work_zxx6htnoxzfbvphjwm627sj534 291 45 c c NNP work_zxx6htnoxzfbvphjwm627sj534 291 46 s1 s1 NN work_zxx6htnoxzfbvphjwm627sj534 291 47 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 291 48 A-2 A-2 NNP work_zxx6htnoxzfbvphjwm627sj534 291 49 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 291 50 ρ ρ NNP work_zxx6htnoxzfbvphjwm627sj534 291 51 = = FW work_zxx6htnoxzfbvphjwm627sj534 291 52 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 291 53 c c NN work_zxx6htnoxzfbvphjwm627sj534 291 54 d d NN work_zxx6htnoxzfbvphjwm627sj534 291 55 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 291 56 2γ1 2γ1 CD work_zxx6htnoxzfbvphjwm627sj534 291 57 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 291 58 A-3 A-3 NNP work_zxx6htnoxzfbvphjwm627sj534 291 59 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 291 60 Correspondingly correspondingly RB work_zxx6htnoxzfbvphjwm627sj534 291 61 , , , work_zxx6htnoxzfbvphjwm627sj534 291 62 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 291 63 information information NN work_zxx6htnoxzfbvphjwm627sj534 291 64 set set NN work_zxx6htnoxzfbvphjwm627sj534 291 65 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 291 66 I1i I1i NNP work_zxx6htnoxzfbvphjwm627sj534 291 67 = = SYM work_zxx6htnoxzfbvphjwm627sj534 291 68 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 291 69 z z NN work_zxx6htnoxzfbvphjwm627sj534 291 70 , , , work_zxx6htnoxzfbvphjwm627sj534 291 71 p p NN work_zxx6htnoxzfbvphjwm627sj534 291 72 ∗ ∗ NNP work_zxx6htnoxzfbvphjwm627sj534 291 73 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 291 74 , , , work_zxx6htnoxzfbvphjwm627sj534 291 75 x1i x1i NNP work_zxx6htnoxzfbvphjwm627sj534 291 76 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 291 77 . . . work_zxx6htnoxzfbvphjwm627sj534 292 1 Notice notice VB work_zxx6htnoxzfbvphjwm627sj534 292 2 that that DT work_zxx6htnoxzfbvphjwm627sj534 292 3 p p NN work_zxx6htnoxzfbvphjwm627sj534 292 4 ∗ ∗ NNP work_zxx6htnoxzfbvphjwm627sj534 292 5 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 292 6 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 292 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 292 8 same same JJ work_zxx6htnoxzfbvphjwm627sj534 292 9 for for IN work_zxx6htnoxzfbvphjwm627sj534 292 10 all all DT work_zxx6htnoxzfbvphjwm627sj534 292 11 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 292 12 although although IN work_zxx6htnoxzfbvphjwm627sj534 292 13 they -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 292 14 have have VBP work_zxx6htnoxzfbvphjwm627sj534 292 15 differential differential VBN work_zxx6htnoxzfbvphjwm627sj534 292 16 private private JJ work_zxx6htnoxzfbvphjwm627sj534 292 17 information information NN work_zxx6htnoxzfbvphjwm627sj534 292 18 . . . work_zxx6htnoxzfbvphjwm627sj534 293 1 Her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 293 2 belief belief NN work_zxx6htnoxzfbvphjwm627sj534 293 3 about about IN work_zxx6htnoxzfbvphjwm627sj534 293 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 293 5 fundamental fundamental JJ work_zxx6htnoxzfbvphjwm627sj534 293 6 value value NN work_zxx6htnoxzfbvphjwm627sj534 293 7 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 293 8 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 293 9 characterized characterize VBN work_zxx6htnoxzfbvphjwm627sj534 293 10 by by IN work_zxx6htnoxzfbvphjwm627sj534 293 11 Ei[θ|I1i Ei[θ|I1i NNP work_zxx6htnoxzfbvphjwm627sj534 293 12 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 293 13 = = SYM work_zxx6htnoxzfbvphjwm627sj534 293 14 αz αz XX work_zxx6htnoxzfbvphjwm627sj534 293 15 + + NNP work_zxx6htnoxzfbvphjwm627sj534 293 16 ρp∗1 ρp∗1 NNP work_zxx6htnoxzfbvphjwm627sj534 293 17 + + SYM work_zxx6htnoxzfbvphjwm627sj534 293 18 βx1i βx1i NNP work_zxx6htnoxzfbvphjwm627sj534 293 19 α α XX work_zxx6htnoxzfbvphjwm627sj534 293 20 + + CC work_zxx6htnoxzfbvphjwm627sj534 293 21 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 293 22 + + CC work_zxx6htnoxzfbvphjwm627sj534 293 23 β β NN work_zxx6htnoxzfbvphjwm627sj534 293 24 and and CC work_zxx6htnoxzfbvphjwm627sj534 293 25 V V NNP work_zxx6htnoxzfbvphjwm627sj534 293 26 ari[θ|I1i ari[θ|I1i NNP work_zxx6htnoxzfbvphjwm627sj534 293 27 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 293 28 = = SYM work_zxx6htnoxzfbvphjwm627sj534 293 29 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 293 30 α α NN work_zxx6htnoxzfbvphjwm627sj534 293 31 + + CC work_zxx6htnoxzfbvphjwm627sj534 293 32 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 293 33 + + NNS work_zxx6htnoxzfbvphjwm627sj534 293 34 β β NN work_zxx6htnoxzfbvphjwm627sj534 293 35 The the DT work_zxx6htnoxzfbvphjwm627sj534 293 36 estimate estimate NN work_zxx6htnoxzfbvphjwm627sj534 293 37 of of IN work_zxx6htnoxzfbvphjwm627sj534 293 38 the the DT work_zxx6htnoxzfbvphjwm627sj534 293 39 variance variance NN work_zxx6htnoxzfbvphjwm627sj534 293 40 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 293 41 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 293 42 of of IN work_zxx6htnoxzfbvphjwm627sj534 293 43 the the DT work_zxx6htnoxzfbvphjwm627sj534 293 44 realization realization NN work_zxx6htnoxzfbvphjwm627sj534 293 45 of of IN work_zxx6htnoxzfbvphjwm627sj534 293 46 signals signal NNS work_zxx6htnoxzfbvphjwm627sj534 293 47 and and CC work_zxx6htnoxzfbvphjwm627sj534 293 48 thus thus RB work_zxx6htnoxzfbvphjwm627sj534 293 49 the the DT work_zxx6htnoxzfbvphjwm627sj534 293 50 same same JJ work_zxx6htnoxzfbvphjwm627sj534 293 51 across across IN work_zxx6htnoxzfbvphjwm627sj534 293 52 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 293 53 . . . work_zxx6htnoxzfbvphjwm627sj534 294 1 25 25 CD work_zxx6htnoxzfbvphjwm627sj534 294 2 Step step NN work_zxx6htnoxzfbvphjwm627sj534 294 3 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 294 4 : : : work_zxx6htnoxzfbvphjwm627sj534 294 5 The the DT work_zxx6htnoxzfbvphjwm627sj534 294 6 information information NN work_zxx6htnoxzfbvphjwm627sj534 294 7 structure structure NN work_zxx6htnoxzfbvphjwm627sj534 294 8 in in IN work_zxx6htnoxzfbvphjwm627sj534 294 9 period period NN work_zxx6htnoxzfbvphjwm627sj534 294 10 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 294 11 . . . work_zxx6htnoxzfbvphjwm627sj534 295 1 Assume assume NN work_zxx6htnoxzfbvphjwm627sj534 295 2 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 295 3 = = -RRB- work_zxx6htnoxzfbvphjwm627sj534 295 4 a2p1 a2p1 UH work_zxx6htnoxzfbvphjwm627sj534 295 5 + + NNS work_zxx6htnoxzfbvphjwm627sj534 295 6 b2z b2z PRP$ work_zxx6htnoxzfbvphjwm627sj534 295 7 + + SYM work_zxx6htnoxzfbvphjwm627sj534 295 8 c2θ c2θ JJ work_zxx6htnoxzfbvphjwm627sj534 295 9 − − NNP work_zxx6htnoxzfbvphjwm627sj534 295 10 d2s2 d2s2 . work_zxx6htnoxzfbvphjwm627sj534 295 11 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 295 12 A-4 A-4 NNP work_zxx6htnoxzfbvphjwm627sj534 295 13 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 295 14 Given give VBN work_zxx6htnoxzfbvphjwm627sj534 295 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 295 16 assumption assumption NN work_zxx6htnoxzfbvphjwm627sj534 295 17 that that IN work_zxx6htnoxzfbvphjwm627sj534 295 18 both both CC work_zxx6htnoxzfbvphjwm627sj534 295 19 z z NNP work_zxx6htnoxzfbvphjwm627sj534 295 20 and and CC work_zxx6htnoxzfbvphjwm627sj534 295 21 p∗1 p∗1 NNP work_zxx6htnoxzfbvphjwm627sj534 295 22 are be VBP work_zxx6htnoxzfbvphjwm627sj534 295 23 available available JJ work_zxx6htnoxzfbvphjwm627sj534 295 24 to to IN work_zxx6htnoxzfbvphjwm627sj534 295 25 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 295 26 in in IN work_zxx6htnoxzfbvphjwm627sj534 295 27 period period NN work_zxx6htnoxzfbvphjwm627sj534 295 28 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 295 29 , , , work_zxx6htnoxzfbvphjwm627sj534 295 30 investor investor NN work_zxx6htnoxzfbvphjwm627sj534 295 31 i i PRP work_zxx6htnoxzfbvphjwm627sj534 295 32 in in IN work_zxx6htnoxzfbvphjwm627sj534 295 33 period period NN work_zxx6htnoxzfbvphjwm627sj534 295 34 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 295 35 starts start VBZ work_zxx6htnoxzfbvphjwm627sj534 295 36 with with IN work_zxx6htnoxzfbvphjwm627sj534 295 37 a a DT work_zxx6htnoxzfbvphjwm627sj534 295 38 prior prior NN work_zxx6htnoxzfbvphjwm627sj534 295 39 about about IN work_zxx6htnoxzfbvphjwm627sj534 295 40 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 295 41 , , , work_zxx6htnoxzfbvphjwm627sj534 295 42 αz+ρp∗ αz+ρp∗ NNP work_zxx6htnoxzfbvphjwm627sj534 295 43 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 295 44 α+ρ α+ρ XX work_zxx6htnoxzfbvphjwm627sj534 295 45 , , , work_zxx6htnoxzfbvphjwm627sj534 295 46 with with IN work_zxx6htnoxzfbvphjwm627sj534 295 47 a a DT work_zxx6htnoxzfbvphjwm627sj534 295 48 precision precision NN work_zxx6htnoxzfbvphjwm627sj534 295 49 of of IN work_zxx6htnoxzfbvphjwm627sj534 295 50 α α NN work_zxx6htnoxzfbvphjwm627sj534 295 51 + + SYM work_zxx6htnoxzfbvphjwm627sj534 295 52 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 295 53 . . . work_zxx6htnoxzfbvphjwm627sj534 296 1 Moreover moreover RB work_zxx6htnoxzfbvphjwm627sj534 296 2 , , , work_zxx6htnoxzfbvphjwm627sj534 296 3 she -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 296 4 also also RB work_zxx6htnoxzfbvphjwm627sj534 296 5 learns learn VBZ work_zxx6htnoxzfbvphjwm627sj534 296 6 from from IN work_zxx6htnoxzfbvphjwm627sj534 296 7 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 296 8 . . . work_zxx6htnoxzfbvphjwm627sj534 297 1 Given give VBN work_zxx6htnoxzfbvphjwm627sj534 297 2 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 297 3 knowledge knowledge NN work_zxx6htnoxzfbvphjwm627sj534 297 4 about about IN work_zxx6htnoxzfbvphjwm627sj534 297 5 z z NN work_zxx6htnoxzfbvphjwm627sj534 297 6 and and CC work_zxx6htnoxzfbvphjwm627sj534 297 7 p∗1 p∗1 NNP work_zxx6htnoxzfbvphjwm627sj534 297 8 , , , work_zxx6htnoxzfbvphjwm627sj534 297 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 297 10 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 297 11 signal signal NN work_zxx6htnoxzfbvphjwm627sj534 297 12 she -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 297 13 can can MD work_zxx6htnoxzfbvphjwm627sj534 297 14 extract extract VB work_zxx6htnoxzfbvphjwm627sj534 297 15 from from IN work_zxx6htnoxzfbvphjwm627sj534 297 16 p2 p2 NNP work_zxx6htnoxzfbvphjwm627sj534 297 17 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 297 18 p p NN work_zxx6htnoxzfbvphjwm627sj534 297 19 ∗ ∗ NNP work_zxx6htnoxzfbvphjwm627sj534 297 20 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 297 21 , , , work_zxx6htnoxzfbvphjwm627sj534 297 22 with with IN work_zxx6htnoxzfbvphjwm627sj534 297 23 precision precision NN work_zxx6htnoxzfbvphjwm627sj534 297 24 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 297 25 . . . work_zxx6htnoxzfbvphjwm627sj534 298 1 p∗2 p∗2 NNP work_zxx6htnoxzfbvphjwm627sj534 298 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 298 3 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 298 4 c2 c2 NN work_zxx6htnoxzfbvphjwm627sj534 298 5 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 298 6 p2 p2 VB work_zxx6htnoxzfbvphjwm627sj534 298 7 − − NNP work_zxx6htnoxzfbvphjwm627sj534 298 8 a2p1 a2p1 : work_zxx6htnoxzfbvphjwm627sj534 298 9 − − NNP work_zxx6htnoxzfbvphjwm627sj534 298 10 b2z b2z NNP work_zxx6htnoxzfbvphjwm627sj534 298 11 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 298 12 = = NFP work_zxx6htnoxzfbvphjwm627sj534 298 13 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 298 14 − − NNP work_zxx6htnoxzfbvphjwm627sj534 298 15 d2 d2 NNP work_zxx6htnoxzfbvphjwm627sj534 298 16 c2 c2 NNP work_zxx6htnoxzfbvphjwm627sj534 298 17 s2 s2 NNP work_zxx6htnoxzfbvphjwm627sj534 298 18 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 298 19 = = NFP work_zxx6htnoxzfbvphjwm627sj534 298 20 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 298 21 c2 c2 NNP work_zxx6htnoxzfbvphjwm627sj534 298 22 d2 d2 NNP work_zxx6htnoxzfbvphjwm627sj534 298 23 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 298 24 2γ2 2γ2 CD work_zxx6htnoxzfbvphjwm627sj534 298 25 Thus thus RB work_zxx6htnoxzfbvphjwm627sj534 298 26 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 298 27 information information NN work_zxx6htnoxzfbvphjwm627sj534 298 28 set set NN work_zxx6htnoxzfbvphjwm627sj534 298 29 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 298 30 I2i i2i CD work_zxx6htnoxzfbvphjwm627sj534 298 31 = = NFP work_zxx6htnoxzfbvphjwm627sj534 298 32 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 298 33 p p NN work_zxx6htnoxzfbvphjwm627sj534 298 34 ∗ ∗ NNP work_zxx6htnoxzfbvphjwm627sj534 298 35 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 298 36 , , , work_zxx6htnoxzfbvphjwm627sj534 298 37 z z NN work_zxx6htnoxzfbvphjwm627sj534 298 38 , , , work_zxx6htnoxzfbvphjwm627sj534 298 39 p p NN work_zxx6htnoxzfbvphjwm627sj534 298 40 ∗ ∗ NNP work_zxx6htnoxzfbvphjwm627sj534 298 41 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 298 42 , , , work_zxx6htnoxzfbvphjwm627sj534 298 43 x2i x2i NNP work_zxx6htnoxzfbvphjwm627sj534 298 44 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 298 45 . . . work_zxx6htnoxzfbvphjwm627sj534 299 1 Conditional conditional JJ work_zxx6htnoxzfbvphjwm627sj534 299 2 on on IN work_zxx6htnoxzfbvphjwm627sj534 299 3 I2i i2i CD work_zxx6htnoxzfbvphjwm627sj534 299 4 , , , work_zxx6htnoxzfbvphjwm627sj534 299 5 she -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 299 6 forms form VBZ work_zxx6htnoxzfbvphjwm627sj534 299 7 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 299 8 belief belief NN work_zxx6htnoxzfbvphjwm627sj534 299 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 299 10 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 299 11 as as IN work_zxx6htnoxzfbvphjwm627sj534 299 12 follows follow VBZ work_zxx6htnoxzfbvphjwm627sj534 299 13 : : : work_zxx6htnoxzfbvphjwm627sj534 299 14 Ei[θ|I2i ei[θ|i2i ADD work_zxx6htnoxzfbvphjwm627sj534 299 15 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 299 16 = = NFP work_zxx6htnoxzfbvphjwm627sj534 299 17 αz αz XX work_zxx6htnoxzfbvphjwm627sj534 299 18 + + NNP work_zxx6htnoxzfbvphjwm627sj534 299 19 ρp∗1 ρp∗1 NNP work_zxx6htnoxzfbvphjwm627sj534 299 20 + + SYM work_zxx6htnoxzfbvphjwm627sj534 299 21 βx2i βx2i NN work_zxx6htnoxzfbvphjwm627sj534 299 22 + + NNS work_zxx6htnoxzfbvphjwm627sj534 299 23 ρ2p ρ2p NN work_zxx6htnoxzfbvphjwm627sj534 299 24 ∗ ∗ NNP work_zxx6htnoxzfbvphjwm627sj534 299 25 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 299 26 α α NN work_zxx6htnoxzfbvphjwm627sj534 299 27 + + CC work_zxx6htnoxzfbvphjwm627sj534 299 28 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 299 29 + + CC work_zxx6htnoxzfbvphjwm627sj534 299 30 β β NN work_zxx6htnoxzfbvphjwm627sj534 299 31 + + CC work_zxx6htnoxzfbvphjwm627sj534 299 32 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 299 33 V V NNP work_zxx6htnoxzfbvphjwm627sj534 299 34 ari[θ|I2i ari[θ|I2i NNP work_zxx6htnoxzfbvphjwm627sj534 299 35 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 299 36 = = SYM work_zxx6htnoxzfbvphjwm627sj534 299 37 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 299 38 α α NN work_zxx6htnoxzfbvphjwm627sj534 299 39 + + CC work_zxx6htnoxzfbvphjwm627sj534 299 40 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 299 41 + + CC work_zxx6htnoxzfbvphjwm627sj534 299 42 β β NN work_zxx6htnoxzfbvphjwm627sj534 299 43 + + CC work_zxx6htnoxzfbvphjwm627sj534 299 44 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 299 45 Again again RB work_zxx6htnoxzfbvphjwm627sj534 299 46 the the DT work_zxx6htnoxzfbvphjwm627sj534 299 47 estimate estimate NN work_zxx6htnoxzfbvphjwm627sj534 299 48 of of IN work_zxx6htnoxzfbvphjwm627sj534 299 49 the the DT work_zxx6htnoxzfbvphjwm627sj534 299 50 variance variance NN work_zxx6htnoxzfbvphjwm627sj534 299 51 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 299 52 independent independent JJ work_zxx6htnoxzfbvphjwm627sj534 299 53 of of IN work_zxx6htnoxzfbvphjwm627sj534 299 54 the the DT work_zxx6htnoxzfbvphjwm627sj534 299 55 realization realization NN work_zxx6htnoxzfbvphjwm627sj534 299 56 of of IN work_zxx6htnoxzfbvphjwm627sj534 299 57 individual individual JJ work_zxx6htnoxzfbvphjwm627sj534 299 58 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 299 59 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 299 60 private private JJ work_zxx6htnoxzfbvphjwm627sj534 299 61 signals signal NNS work_zxx6htnoxzfbvphjwm627sj534 299 62 and and CC work_zxx6htnoxzfbvphjwm627sj534 299 63 thus thus RB work_zxx6htnoxzfbvphjwm627sj534 299 64 identical identical JJ work_zxx6htnoxzfbvphjwm627sj534 299 65 across across IN work_zxx6htnoxzfbvphjwm627sj534 299 66 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 299 67 . . . work_zxx6htnoxzfbvphjwm627sj534 300 1 Step step NN work_zxx6htnoxzfbvphjwm627sj534 300 2 4 4 CD work_zxx6htnoxzfbvphjwm627sj534 300 3 : : : work_zxx6htnoxzfbvphjwm627sj534 300 4 Solve solve VB work_zxx6htnoxzfbvphjwm627sj534 300 5 for for IN work_zxx6htnoxzfbvphjwm627sj534 300 6 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 300 7 . . . work_zxx6htnoxzfbvphjwm627sj534 301 1 26 26 CD work_zxx6htnoxzfbvphjwm627sj534 301 2 According accord VBG work_zxx6htnoxzfbvphjwm627sj534 301 3 to to IN work_zxx6htnoxzfbvphjwm627sj534 301 4 equation equation NN work_zxx6htnoxzfbvphjwm627sj534 301 5 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 301 6 , , , work_zxx6htnoxzfbvphjwm627sj534 301 7 investor investor NN work_zxx6htnoxzfbvphjwm627sj534 301 8 i i PRP work_zxx6htnoxzfbvphjwm627sj534 301 9 ’s ’ VBG work_zxx6htnoxzfbvphjwm627sj534 301 10 demand demand VBP work_zxx6htnoxzfbvphjwm627sj534 301 11 conditional conditional JJ work_zxx6htnoxzfbvphjwm627sj534 301 12 on on IN work_zxx6htnoxzfbvphjwm627sj534 301 13 I2i i2i CD work_zxx6htnoxzfbvphjwm627sj534 301 14 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 301 15 D2i d2i NN work_zxx6htnoxzfbvphjwm627sj534 301 16 = = SYM work_zxx6htnoxzfbvphjwm627sj534 301 17 τ τ FW work_zxx6htnoxzfbvphjwm627sj534 301 18 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 19 Ei[θ|I2i ei[θ|i2i ADD work_zxx6htnoxzfbvphjwm627sj534 301 20 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 301 21 − − NNP work_zxx6htnoxzfbvphjwm627sj534 301 22 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 301 23 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 301 24 V V NNP work_zxx6htnoxzfbvphjwm627sj534 301 25 ari[θ|I2i ari[θ|I2i NNP work_zxx6htnoxzfbvphjwm627sj534 301 26 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 301 27 = = NFP work_zxx6htnoxzfbvphjwm627sj534 301 28 τ τ LS work_zxx6htnoxzfbvphjwm627sj534 301 29 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 30 αz αz NNP work_zxx6htnoxzfbvphjwm627sj534 301 31 + + CC work_zxx6htnoxzfbvphjwm627sj534 301 32 ρp∗1 ρp∗1 NNP work_zxx6htnoxzfbvphjwm627sj534 301 33 + + SYM work_zxx6htnoxzfbvphjwm627sj534 301 34 βx2i βx2i NN work_zxx6htnoxzfbvphjwm627sj534 301 35 + + NNS work_zxx6htnoxzfbvphjwm627sj534 301 36 ρ2p ρ2p JJ work_zxx6htnoxzfbvphjwm627sj534 301 37 ∗ ∗ NNP work_zxx6htnoxzfbvphjwm627sj534 301 38 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 301 39 − − NNP work_zxx6htnoxzfbvphjwm627sj534 301 40 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 41 α α NN work_zxx6htnoxzfbvphjwm627sj534 301 42 + + CC work_zxx6htnoxzfbvphjwm627sj534 301 43 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 301 44 + + CC work_zxx6htnoxzfbvphjwm627sj534 301 45 β β NN work_zxx6htnoxzfbvphjwm627sj534 301 46 + + SYM work_zxx6htnoxzfbvphjwm627sj534 301 47 ρ2)p2 ρ2)p2 NN work_zxx6htnoxzfbvphjwm627sj534 301 48 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 301 49 = = NN work_zxx6htnoxzfbvphjwm627sj534 301 50 τ τ LS work_zxx6htnoxzfbvphjwm627sj534 301 51 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 52 αz αz NNP work_zxx6htnoxzfbvphjwm627sj534 301 53 + + NNP work_zxx6htnoxzfbvphjwm627sj534 301 54 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 301 55 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 301 56 c c NN work_zxx6htnoxzfbvphjwm627sj534 301 57 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 58 p1 p1 NNP work_zxx6htnoxzfbvphjwm627sj534 301 59 − − NNP work_zxx6htnoxzfbvphjwm627sj534 301 60 bz bz IN work_zxx6htnoxzfbvphjwm627sj534 301 61 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 301 62 + + NFP work_zxx6htnoxzfbvphjwm627sj534 301 63 βx2i βx2i NN work_zxx6htnoxzfbvphjwm627sj534 301 64 + + CC work_zxx6htnoxzfbvphjwm627sj534 301 65 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 301 66 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 301 67 c2 c2 NN work_zxx6htnoxzfbvphjwm627sj534 301 68 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 69 p2 p2 VB work_zxx6htnoxzfbvphjwm627sj534 301 70 − − NNP work_zxx6htnoxzfbvphjwm627sj534 301 71 a2p1 a2p1 : work_zxx6htnoxzfbvphjwm627sj534 301 72 − − NNP work_zxx6htnoxzfbvphjwm627sj534 301 73 b2z b2z NNP work_zxx6htnoxzfbvphjwm627sj534 301 74 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 301 75 − − NNP work_zxx6htnoxzfbvphjwm627sj534 301 76 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 77 α α NNP work_zxx6htnoxzfbvphjwm627sj534 301 78 + + CC work_zxx6htnoxzfbvphjwm627sj534 301 79 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 301 80 + + CC work_zxx6htnoxzfbvphjwm627sj534 301 81 β β NN work_zxx6htnoxzfbvphjwm627sj534 301 82 + + SYM work_zxx6htnoxzfbvphjwm627sj534 301 83 ρ2)p2 ρ2)p2 NN work_zxx6htnoxzfbvphjwm627sj534 301 84 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 301 85 = = SYM work_zxx6htnoxzfbvphjwm627sj534 301 86 τ τ LS work_zxx6htnoxzfbvphjwm627sj534 301 87 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 88 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 89 α α DT work_zxx6htnoxzfbvphjwm627sj534 301 90 − − NNP work_zxx6htnoxzfbvphjwm627sj534 301 91 b b NNP work_zxx6htnoxzfbvphjwm627sj534 301 92 c c NNP work_zxx6htnoxzfbvphjwm627sj534 301 93 ρ ρ NNP work_zxx6htnoxzfbvphjwm627sj534 301 94 − − NNP work_zxx6htnoxzfbvphjwm627sj534 301 95 b2 b2 NN work_zxx6htnoxzfbvphjwm627sj534 301 96 c2 c2 NN work_zxx6htnoxzfbvphjwm627sj534 301 97 ρ2)z ρ2)z NN work_zxx6htnoxzfbvphjwm627sj534 301 98 + + NFP work_zxx6htnoxzfbvphjwm627sj534 301 99 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 100 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 301 101 c c NN work_zxx6htnoxzfbvphjwm627sj534 301 102 ρ ρ IN work_zxx6htnoxzfbvphjwm627sj534 301 103 − − NNP work_zxx6htnoxzfbvphjwm627sj534 301 104 a2 a2 NNP work_zxx6htnoxzfbvphjwm627sj534 301 105 c2 c2 NNP work_zxx6htnoxzfbvphjwm627sj534 301 106 ρ2)p1 ρ2)p1 NNP work_zxx6htnoxzfbvphjwm627sj534 301 107 + + NNP work_zxx6htnoxzfbvphjwm627sj534 301 108 βx2i βx2i NNP work_zxx6htnoxzfbvphjwm627sj534 301 109 − − NNP work_zxx6htnoxzfbvphjwm627sj534 301 110 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 111 α α NN work_zxx6htnoxzfbvphjwm627sj534 301 112 + + CC work_zxx6htnoxzfbvphjwm627sj534 301 113 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 301 114 + + CC work_zxx6htnoxzfbvphjwm627sj534 301 115 β β NN work_zxx6htnoxzfbvphjwm627sj534 301 116 + + NNS work_zxx6htnoxzfbvphjwm627sj534 301 117 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 118 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 301 119 − − NNP work_zxx6htnoxzfbvphjwm627sj534 301 120 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 301 121 c2 c2 NN work_zxx6htnoxzfbvphjwm627sj534 301 122 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 301 123 ρ2)p2 ρ2)p2 NN work_zxx6htnoxzfbvphjwm627sj534 301 124 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 301 125 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 301 126 A-5 A-5 NNP work_zxx6htnoxzfbvphjwm627sj534 301 127 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 301 128 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 301 129 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 301 130 determined determine VBN work_zxx6htnoxzfbvphjwm627sj534 301 131 by by IN work_zxx6htnoxzfbvphjwm627sj534 301 132 aggregating aggregate VBG work_zxx6htnoxzfbvphjwm627sj534 301 133 individual individual JJ work_zxx6htnoxzfbvphjwm627sj534 301 134 investors investor NNS work_zxx6htnoxzfbvphjwm627sj534 301 135 ’ ’ POS work_zxx6htnoxzfbvphjwm627sj534 301 136 demands demand NNS work_zxx6htnoxzfbvphjwm627sj534 301 137 and and CC work_zxx6htnoxzfbvphjwm627sj534 301 138 equating equate VBG work_zxx6htnoxzfbvphjwm627sj534 301 139 it -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 301 140 with with IN work_zxx6htnoxzfbvphjwm627sj534 301 141 the the DT work_zxx6htnoxzfbvphjwm627sj534 301 142 aggregate aggregate JJ work_zxx6htnoxzfbvphjwm627sj534 301 143 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 301 144 . . . work_zxx6htnoxzfbvphjwm627sj534 302 1 p2 p2 NNP work_zxx6htnoxzfbvphjwm627sj534 302 2 = = NFP work_zxx6htnoxzfbvphjwm627sj534 302 3 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 302 4 α α DT work_zxx6htnoxzfbvphjwm627sj534 302 5 − − NNP work_zxx6htnoxzfbvphjwm627sj534 302 6 b b NNP work_zxx6htnoxzfbvphjwm627sj534 302 7 c c NNP work_zxx6htnoxzfbvphjwm627sj534 302 8 ρ ρ NNP work_zxx6htnoxzfbvphjwm627sj534 302 9 − − NNP work_zxx6htnoxzfbvphjwm627sj534 302 10 b2 b2 NN work_zxx6htnoxzfbvphjwm627sj534 302 11 c2 c2 NN work_zxx6htnoxzfbvphjwm627sj534 302 12 ρ2)z ρ2)z NN work_zxx6htnoxzfbvphjwm627sj534 302 13 + + NFP work_zxx6htnoxzfbvphjwm627sj534 302 14 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 302 15 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 302 16 c c NN work_zxx6htnoxzfbvphjwm627sj534 302 17 ρ ρ IN work_zxx6htnoxzfbvphjwm627sj534 302 18 − − NNP work_zxx6htnoxzfbvphjwm627sj534 302 19 a2 a2 NNP work_zxx6htnoxzfbvphjwm627sj534 302 20 c2 c2 NNP work_zxx6htnoxzfbvphjwm627sj534 302 21 ρ2)p1 ρ2)p1 NNP work_zxx6htnoxzfbvphjwm627sj534 302 22 + + NNP work_zxx6htnoxzfbvphjwm627sj534 302 23 βx2i βx2i NNP work_zxx6htnoxzfbvphjwm627sj534 302 24 − − NNP work_zxx6htnoxzfbvphjwm627sj534 302 25 s2 s2 NN work_zxx6htnoxzfbvphjwm627sj534 302 26 τ τ NN work_zxx6htnoxzfbvphjwm627sj534 302 27 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 302 28 α α NN work_zxx6htnoxzfbvphjwm627sj534 302 29 + + CC work_zxx6htnoxzfbvphjwm627sj534 302 30 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 302 31 + + CC work_zxx6htnoxzfbvphjwm627sj534 302 32 β β NN work_zxx6htnoxzfbvphjwm627sj534 302 33 + + NNS work_zxx6htnoxzfbvphjwm627sj534 302 34 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 302 35 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 302 36 − − NNP work_zxx6htnoxzfbvphjwm627sj534 302 37 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 302 38 c2 c2 NN work_zxx6htnoxzfbvphjwm627sj534 302 39 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 302 40 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 302 41 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 302 42 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 302 43 A-6 A-6 NNP work_zxx6htnoxzfbvphjwm627sj534 302 44 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 302 45 The the DT work_zxx6htnoxzfbvphjwm627sj534 302 46 coefficients coefficient NNS work_zxx6htnoxzfbvphjwm627sj534 302 47 array array VBP work_zxx6htnoxzfbvphjwm627sj534 302 48 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 302 49 a2 a2 NNP work_zxx6htnoxzfbvphjwm627sj534 302 50 , , , work_zxx6htnoxzfbvphjwm627sj534 302 51 b2 b2 NN work_zxx6htnoxzfbvphjwm627sj534 302 52 , , , work_zxx6htnoxzfbvphjwm627sj534 302 53 c2 c2 NNP work_zxx6htnoxzfbvphjwm627sj534 302 54 , , , work_zxx6htnoxzfbvphjwm627sj534 302 55 d2 d2 NNP work_zxx6htnoxzfbvphjwm627sj534 302 56 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 302 57 are be VBP work_zxx6htnoxzfbvphjwm627sj534 302 58 determined determine VBN work_zxx6htnoxzfbvphjwm627sj534 302 59 by by IN work_zxx6htnoxzfbvphjwm627sj534 302 60 comparing compare VBG work_zxx6htnoxzfbvphjwm627sj534 302 61 coefficients coefficient NNS work_zxx6htnoxzfbvphjwm627sj534 302 62 in in IN work_zxx6htnoxzfbvphjwm627sj534 302 63 equation equation NN work_zxx6htnoxzfbvphjwm627sj534 302 64 A-6 A-6 NNP work_zxx6htnoxzfbvphjwm627sj534 302 65 with with IN work_zxx6htnoxzfbvphjwm627sj534 302 66 those those DT work_zxx6htnoxzfbvphjwm627sj534 302 67 in in IN work_zxx6htnoxzfbvphjwm627sj534 302 68 equation equation NN work_zxx6htnoxzfbvphjwm627sj534 302 69 A-4 A-4 NNP work_zxx6htnoxzfbvphjwm627sj534 302 70 . . . work_zxx6htnoxzfbvphjwm627sj534 303 1 a2 a2 NNP work_zxx6htnoxzfbvphjwm627sj534 303 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 303 3 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 303 4 c c NN work_zxx6htnoxzfbvphjwm627sj534 303 5 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 303 6 α α NN work_zxx6htnoxzfbvphjwm627sj534 303 7 + + CC work_zxx6htnoxzfbvphjwm627sj534 303 8 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 303 9 + + CC work_zxx6htnoxzfbvphjwm627sj534 303 10 β β NN work_zxx6htnoxzfbvphjwm627sj534 303 11 + + SYM work_zxx6htnoxzfbvphjwm627sj534 303 12 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 303 13 , , , work_zxx6htnoxzfbvphjwm627sj534 303 14 b2 b2 NN work_zxx6htnoxzfbvphjwm627sj534 303 15 = = SYM work_zxx6htnoxzfbvphjwm627sj534 303 16 α α NNP work_zxx6htnoxzfbvphjwm627sj534 303 17 − − NNP work_zxx6htnoxzfbvphjwm627sj534 303 18 b b NNP work_zxx6htnoxzfbvphjwm627sj534 303 19 c c NNP work_zxx6htnoxzfbvphjwm627sj534 303 20 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 303 21 α α NN work_zxx6htnoxzfbvphjwm627sj534 303 22 + + CC work_zxx6htnoxzfbvphjwm627sj534 303 23 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 303 24 + + CC work_zxx6htnoxzfbvphjwm627sj534 303 25 β β NN work_zxx6htnoxzfbvphjwm627sj534 303 26 + + SYM work_zxx6htnoxzfbvphjwm627sj534 303 27 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 303 28 , , , work_zxx6htnoxzfbvphjwm627sj534 303 29 c2 c2 NNP work_zxx6htnoxzfbvphjwm627sj534 303 30 = = SYM work_zxx6htnoxzfbvphjwm627sj534 303 31 β β NN work_zxx6htnoxzfbvphjwm627sj534 303 32 + + SYM work_zxx6htnoxzfbvphjwm627sj534 303 33 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 303 34 α α CD work_zxx6htnoxzfbvphjwm627sj534 303 35 + + CC work_zxx6htnoxzfbvphjwm627sj534 303 36 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 303 37 + + CC work_zxx6htnoxzfbvphjwm627sj534 303 38 β β NN work_zxx6htnoxzfbvphjwm627sj534 303 39 + + SYM work_zxx6htnoxzfbvphjwm627sj534 303 40 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 303 41 , , , work_zxx6htnoxzfbvphjwm627sj534 303 42 d2 d2 NNP work_zxx6htnoxzfbvphjwm627sj534 303 43 = = SYM work_zxx6htnoxzfbvphjwm627sj534 303 44 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 303 45 βτ βτ NN work_zxx6htnoxzfbvphjwm627sj534 303 46 c2 c2 NNP work_zxx6htnoxzfbvphjwm627sj534 303 47 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 303 48 A-7 A-7 NNP work_zxx6htnoxzfbvphjwm627sj534 303 49 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 303 50 and and CC work_zxx6htnoxzfbvphjwm627sj534 303 51 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 303 52 = = SYM work_zxx6htnoxzfbvphjwm627sj534 303 53 β β NNP work_zxx6htnoxzfbvphjwm627sj534 303 54 2τ 2τ NN work_zxx6htnoxzfbvphjwm627sj534 303 55 2γ2 2γ2 NN work_zxx6htnoxzfbvphjwm627sj534 303 56 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 303 57 A-8 A-8 NNP work_zxx6htnoxzfbvphjwm627sj534 303 58 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 303 59 Step step NN work_zxx6htnoxzfbvphjwm627sj534 303 60 5 5 CD work_zxx6htnoxzfbvphjwm627sj534 303 61 : : : work_zxx6htnoxzfbvphjwm627sj534 303 62 Solve solve VB work_zxx6htnoxzfbvphjwm627sj534 303 63 for for IN work_zxx6htnoxzfbvphjwm627sj534 303 64 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 303 65 . . . work_zxx6htnoxzfbvphjwm627sj534 304 1 Investor investor NN work_zxx6htnoxzfbvphjwm627sj534 304 2 i i PRP work_zxx6htnoxzfbvphjwm627sj534 304 3 who who WP work_zxx6htnoxzfbvphjwm627sj534 304 4 purchases purchase VBZ work_zxx6htnoxzfbvphjwm627sj534 304 5 stocks stock NNS work_zxx6htnoxzfbvphjwm627sj534 304 6 in in IN work_zxx6htnoxzfbvphjwm627sj534 304 7 period period NN work_zxx6htnoxzfbvphjwm627sj534 304 8 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 304 9 does do VBZ work_zxx6htnoxzfbvphjwm627sj534 304 10 not not RB work_zxx6htnoxzfbvphjwm627sj534 304 11 hold hold VB work_zxx6htnoxzfbvphjwm627sj534 304 12 them -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 304 13 until until IN work_zxx6htnoxzfbvphjwm627sj534 304 14 the the DT work_zxx6htnoxzfbvphjwm627sj534 304 15 firm firm NN work_zxx6htnoxzfbvphjwm627sj534 304 16 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 304 17 liquidated liquidate VBN work_zxx6htnoxzfbvphjwm627sj534 304 18 ; ; : work_zxx6htnoxzfbvphjwm627sj534 304 19 instead instead RB work_zxx6htnoxzfbvphjwm627sj534 304 20 , , , work_zxx6htnoxzfbvphjwm627sj534 304 21 she -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 304 22 resells resell VBZ work_zxx6htnoxzfbvphjwm627sj534 304 23 them -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 304 24 at at IN work_zxx6htnoxzfbvphjwm627sj534 304 25 the the DT work_zxx6htnoxzfbvphjwm627sj534 304 26 price price NN work_zxx6htnoxzfbvphjwm627sj534 304 27 of of IN work_zxx6htnoxzfbvphjwm627sj534 304 28 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 304 29 . . . work_zxx6htnoxzfbvphjwm627sj534 305 1 Her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 305 2 demand demand NN work_zxx6htnoxzfbvphjwm627sj534 305 3 , , , work_zxx6htnoxzfbvphjwm627sj534 305 4 according accord VBG work_zxx6htnoxzfbvphjwm627sj534 305 5 to to IN work_zxx6htnoxzfbvphjwm627sj534 305 6 equation equation NN work_zxx6htnoxzfbvphjwm627sj534 305 7 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 305 8 , , , work_zxx6htnoxzfbvphjwm627sj534 305 9 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 305 10 shaped shape VBN work_zxx6htnoxzfbvphjwm627sj534 305 11 by by IN work_zxx6htnoxzfbvphjwm627sj534 305 12 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 305 13 expectation expectation NN work_zxx6htnoxzfbvphjwm627sj534 305 14 about about IN work_zxx6htnoxzfbvphjwm627sj534 305 15 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 305 16 , , , work_zxx6htnoxzfbvphjwm627sj534 305 17 which which WDT work_zxx6htnoxzfbvphjwm627sj534 305 18 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 305 19 different different JJ work_zxx6htnoxzfbvphjwm627sj534 305 20 from from IN work_zxx6htnoxzfbvphjwm627sj534 305 21 her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 305 22 expectation expectation NN work_zxx6htnoxzfbvphjwm627sj534 305 23 about about IN work_zxx6htnoxzfbvphjwm627sj534 305 24 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 305 25 . . . work_zxx6htnoxzfbvphjwm627sj534 306 1 In in IN work_zxx6htnoxzfbvphjwm627sj534 306 2 period period NN work_zxx6htnoxzfbvphjwm627sj534 306 3 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 306 4 , , , work_zxx6htnoxzfbvphjwm627sj534 306 5 investor investor NN work_zxx6htnoxzfbvphjwm627sj534 306 6 i i PRP work_zxx6htnoxzfbvphjwm627sj534 306 7 ’s ’s VBP work_zxx6htnoxzfbvphjwm627sj534 306 8 belief belief NN work_zxx6htnoxzfbvphjwm627sj534 306 9 about about IN work_zxx6htnoxzfbvphjwm627sj534 306 10 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 306 11 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 306 12 characterized characterize VBN work_zxx6htnoxzfbvphjwm627sj534 306 13 by by IN work_zxx6htnoxzfbvphjwm627sj534 306 14 Ei[p2|I1i Ei[p2|I1i NNP work_zxx6htnoxzfbvphjwm627sj534 306 15 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 306 16 = = SYM work_zxx6htnoxzfbvphjwm627sj534 306 17 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 306 18 c c NN work_zxx6htnoxzfbvphjwm627sj534 306 19 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 20 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 21 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 22 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 23 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 24 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 25 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 26 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 27 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 306 28 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 29 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 30 − − NNP work_zxx6htnoxzfbvphjwm627sj534 306 31 b b NNP work_zxx6htnoxzfbvphjwm627sj534 306 32 c c NNP work_zxx6htnoxzfbvphjwm627sj534 306 33 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 34 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 35 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 36 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 37 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 38 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 39 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 40 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 41 z z NN work_zxx6htnoxzfbvphjwm627sj534 306 42 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 43 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 44 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 45 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 46 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 47 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 48 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 49 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 50 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 51 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 52 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 53 Ei[θ|I1i Ei[θ|I1i NNP work_zxx6htnoxzfbvphjwm627sj534 306 54 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 306 55 = = SYM work_zxx6htnoxzfbvphjwm627sj534 306 56 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 306 57 c c NN work_zxx6htnoxzfbvphjwm627sj534 306 58 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 59 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 60 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 61 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 62 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 63 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 64 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 65 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 66 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 306 67 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 68 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 69 − − NNP work_zxx6htnoxzfbvphjwm627sj534 306 70 b b NNP work_zxx6htnoxzfbvphjwm627sj534 306 71 c c NNP work_zxx6htnoxzfbvphjwm627sj534 306 72 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 73 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 74 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 75 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 76 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 77 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 78 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 79 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 80 z z NN work_zxx6htnoxzfbvphjwm627sj534 306 81 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 82 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 83 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 84 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 85 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 86 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 87 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 88 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 89 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 90 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 91 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 92 αz αz IN work_zxx6htnoxzfbvphjwm627sj534 306 93 + + NFP work_zxx6htnoxzfbvphjwm627sj534 306 94 ρp∗1 ρp∗1 NNP work_zxx6htnoxzfbvphjwm627sj534 306 95 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 96 βx1i βx1i NNP work_zxx6htnoxzfbvphjwm627sj534 306 97 α α XX work_zxx6htnoxzfbvphjwm627sj534 306 98 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 99 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 100 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 101 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 102 = = SYM work_zxx6htnoxzfbvphjwm627sj534 306 103 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 306 104 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 105 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 106 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 107 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 108 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 109 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 110 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 111 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 306 112 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 306 113 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 306 114 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 115 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 116 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 117 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 118 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 119 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 120 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 121 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 122 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 123 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 306 124 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 306 125 α α DT work_zxx6htnoxzfbvphjwm627sj534 306 126 − − NNP work_zxx6htnoxzfbvphjwm627sj534 306 127 b b NNP work_zxx6htnoxzfbvphjwm627sj534 306 128 c c NNP work_zxx6htnoxzfbvphjwm627sj534 306 129 ρ)z ρ)z NN work_zxx6htnoxzfbvphjwm627sj534 306 130 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 131 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 132 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 133 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 134 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 135 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 136 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 137 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 138 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 139 βx1i βx1i XX work_zxx6htnoxzfbvphjwm627sj534 306 140 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 141 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 306 142 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 306 143 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 144 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 145 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 146 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 147 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 148 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 149 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 150 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 151 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 152 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 306 153 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 306 154 c c NN work_zxx6htnoxzfbvphjwm627sj534 306 155 ρp1 ρp1 NN work_zxx6htnoxzfbvphjwm627sj534 306 156 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 306 157 27 27 CD work_zxx6htnoxzfbvphjwm627sj534 306 158 and and CC work_zxx6htnoxzfbvphjwm627sj534 306 159 V V NNP work_zxx6htnoxzfbvphjwm627sj534 306 160 ari[p2|I1i ari[p2|I1i NNP work_zxx6htnoxzfbvphjwm627sj534 306 161 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 306 162 = = NFP work_zxx6htnoxzfbvphjwm627sj534 306 163 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 306 164 β β NNP work_zxx6htnoxzfbvphjwm627sj534 306 165 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 166 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 306 167 α α CD work_zxx6htnoxzfbvphjwm627sj534 306 168 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 169 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 170 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 171 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 172 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 173 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 174 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 306 175 2V 2V NNP work_zxx6htnoxzfbvphjwm627sj534 306 176 ari[θ|I1i ari[θ|i1i FW work_zxx6htnoxzfbvphjwm627sj534 306 177 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 306 178 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 179 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 306 180 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 181 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 182 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 183 α α CD work_zxx6htnoxzfbvphjwm627sj534 306 184 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 185 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 186 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 187 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 188 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 189 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 190 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 306 191 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 306 192 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 306 193 β2τ β2τ CD work_zxx6htnoxzfbvphjwm627sj534 306 194 2γ2 2γ2 CD work_zxx6htnoxzfbvphjwm627sj534 306 195 = = NFP work_zxx6htnoxzfbvphjwm627sj534 306 196 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 306 197 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 198 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 199 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 200 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 306 201 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 306 202 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 306 203 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 204 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 205 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 206 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 207 β β NN work_zxx6htnoxzfbvphjwm627sj534 306 208 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 209 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 306 210 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 306 211 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 306 212 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 306 213 α α NN work_zxx6htnoxzfbvphjwm627sj534 306 214 + + CC work_zxx6htnoxzfbvphjwm627sj534 306 215 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 306 216 + + SYM work_zxx6htnoxzfbvphjwm627sj534 306 217 β)ρ2 β)ρ2 XX work_zxx6htnoxzfbvphjwm627sj534 306 218 Her -PRON- PRP$ work_zxx6htnoxzfbvphjwm627sj534 306 219 demand demand NN work_zxx6htnoxzfbvphjwm627sj534 306 220 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 306 221 Di Di NNP work_zxx6htnoxzfbvphjwm627sj534 306 222 . . . work_zxx6htnoxzfbvphjwm627sj534 307 1 Di Di NNP work_zxx6htnoxzfbvphjwm627sj534 307 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 307 3 τ τ FW work_zxx6htnoxzfbvphjwm627sj534 307 4 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 307 5 Ei[p2|I1i Ei[p2|I1i NNP work_zxx6htnoxzfbvphjwm627sj534 307 6 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 7 − − NNP work_zxx6htnoxzfbvphjwm627sj534 307 8 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 307 9 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 10 V V NNP work_zxx6htnoxzfbvphjwm627sj534 307 11 ari[p2|I1i ari[p2|I1i NNP work_zxx6htnoxzfbvphjwm627sj534 307 12 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 13 = = SYM work_zxx6htnoxzfbvphjwm627sj534 307 14 τ τ LS work_zxx6htnoxzfbvphjwm627sj534 307 15 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 307 16 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 307 17 α+ρ+β+ρ2 α+ρ+β+ρ2 XX work_zxx6htnoxzfbvphjwm627sj534 307 18 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 307 19 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 307 20 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 307 21 + + SYM work_zxx6htnoxzfbvphjwm627sj534 307 22 β+ρ2 β+ρ2 XX work_zxx6htnoxzfbvphjwm627sj534 307 23 α+ρ+β α+ρ+β XX work_zxx6htnoxzfbvphjwm627sj534 307 24 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 25 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 307 26 α α DT work_zxx6htnoxzfbvphjwm627sj534 307 27 − − NNP work_zxx6htnoxzfbvphjwm627sj534 307 28 b b NNP work_zxx6htnoxzfbvphjwm627sj534 307 29 c c NNP work_zxx6htnoxzfbvphjwm627sj534 307 30 ρ)z ρ)z NN work_zxx6htnoxzfbvphjwm627sj534 307 31 + + SYM work_zxx6htnoxzfbvphjwm627sj534 307 32 β+ρ2 β+ρ2 XX work_zxx6htnoxzfbvphjwm627sj534 307 33 α+ρ+β α+ρ+β XX work_zxx6htnoxzfbvphjwm627sj534 307 34 βx1i βx1i XX work_zxx6htnoxzfbvphjwm627sj534 307 35 + + SYM work_zxx6htnoxzfbvphjwm627sj534 307 36 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 307 37 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 307 38 + + SYM work_zxx6htnoxzfbvphjwm627sj534 307 39 β+ρ2 β+ρ2 XX work_zxx6htnoxzfbvphjwm627sj534 307 40 α+ρ+β α+ρ+β NN work_zxx6htnoxzfbvphjwm627sj534 307 41 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 42 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 307 43 c c NN work_zxx6htnoxzfbvphjwm627sj534 307 44 ρp1 ρp1 NN work_zxx6htnoxzfbvphjwm627sj534 307 45 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 46 − − NNP work_zxx6htnoxzfbvphjwm627sj534 307 47 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 307 48 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 49 V V NNP work_zxx6htnoxzfbvphjwm627sj534 307 50 ari[p2|I1i ari[p2|I1i NNP work_zxx6htnoxzfbvphjwm627sj534 307 51 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 52 = = SYM work_zxx6htnoxzfbvphjwm627sj534 307 53 τ τ LS work_zxx6htnoxzfbvphjwm627sj534 307 54 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 307 55 β β NN work_zxx6htnoxzfbvphjwm627sj534 307 56 + + CC work_zxx6htnoxzfbvphjwm627sj534 307 57 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 307 58 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 307 59 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 307 60 α α DT work_zxx6htnoxzfbvphjwm627sj534 307 61 − − NNP work_zxx6htnoxzfbvphjwm627sj534 307 62 b b NNP work_zxx6htnoxzfbvphjwm627sj534 307 63 c c NNP work_zxx6htnoxzfbvphjwm627sj534 307 64 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 307 65 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 66 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 307 67 M m NN work_zxx6htnoxzfbvphjwm627sj534 307 68 z z NN work_zxx6htnoxzfbvphjwm627sj534 307 69 + + CC work_zxx6htnoxzfbvphjwm627sj534 307 70 βx1i βx1i NNP work_zxx6htnoxzfbvphjwm627sj534 307 71 − − NNP work_zxx6htnoxzfbvphjwm627sj534 307 72 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 307 73 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 307 74 α α DT work_zxx6htnoxzfbvphjwm627sj534 307 75 − − NNP work_zxx6htnoxzfbvphjwm627sj534 307 76 b b NNP work_zxx6htnoxzfbvphjwm627sj534 307 77 c c NNP work_zxx6htnoxzfbvphjwm627sj534 307 78 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 307 79 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 80 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 307 81 M m NN work_zxx6htnoxzfbvphjwm627sj534 307 82 + + CD work_zxx6htnoxzfbvphjwm627sj534 307 83 β)p1 β)p1 NFP work_zxx6htnoxzfbvphjwm627sj534 307 84 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 85 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 307 86 A-9 A-9 NNP work_zxx6htnoxzfbvphjwm627sj534 307 87 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 88 where where WRB work_zxx6htnoxzfbvphjwm627sj534 307 89 M M NNP work_zxx6htnoxzfbvphjwm627sj534 307 90 = = SYM work_zxx6htnoxzfbvphjwm627sj534 307 91 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 307 92 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 307 93 + + SYM work_zxx6htnoxzfbvphjwm627sj534 307 94 α+ρ+β α+ρ+β XX work_zxx6htnoxzfbvphjwm627sj534 307 95 β+ρ2 β+ρ2 XX work_zxx6htnoxzfbvphjwm627sj534 307 96 = = SYM work_zxx6htnoxzfbvphjwm627sj534 307 97 β β NN work_zxx6htnoxzfbvphjwm627sj534 307 98 + + CC work_zxx6htnoxzfbvphjwm627sj534 307 99 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 307 100 α α CD work_zxx6htnoxzfbvphjwm627sj534 307 101 + + CC work_zxx6htnoxzfbvphjwm627sj534 307 102 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 307 103 + + CC work_zxx6htnoxzfbvphjwm627sj534 307 104 2β 2β CD work_zxx6htnoxzfbvphjwm627sj534 307 105 + + CD work_zxx6htnoxzfbvphjwm627sj534 307 106 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 307 107 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 307 108 A-10 a-10 CD work_zxx6htnoxzfbvphjwm627sj534 307 109 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 307 110 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 307 111 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 307 112 determined determine VBN work_zxx6htnoxzfbvphjwm627sj534 307 113 by by IN work_zxx6htnoxzfbvphjwm627sj534 307 114 equating equate VBG work_zxx6htnoxzfbvphjwm627sj534 307 115 aggregate aggregate JJ work_zxx6htnoxzfbvphjwm627sj534 307 116 supply supply NN work_zxx6htnoxzfbvphjwm627sj534 307 117 with with IN work_zxx6htnoxzfbvphjwm627sj534 307 118 aggregate aggregate JJ work_zxx6htnoxzfbvphjwm627sj534 307 119 demand demand NN work_zxx6htnoxzfbvphjwm627sj534 307 120 . . . work_zxx6htnoxzfbvphjwm627sj534 308 1 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 308 2 = = NFP work_zxx6htnoxzfbvphjwm627sj534 308 3 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 308 4 α α DT work_zxx6htnoxzfbvphjwm627sj534 308 5 − − NNP work_zxx6htnoxzfbvphjwm627sj534 308 6 b b NNP work_zxx6htnoxzfbvphjwm627sj534 308 7 c c NNP work_zxx6htnoxzfbvphjwm627sj534 308 8 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 308 9 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 308 10 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 308 11 M m NN work_zxx6htnoxzfbvphjwm627sj534 308 12 z z NN work_zxx6htnoxzfbvphjwm627sj534 308 13 + + CC work_zxx6htnoxzfbvphjwm627sj534 308 14 βθ βθ NNP work_zxx6htnoxzfbvphjwm627sj534 308 15 − − NNP work_zxx6htnoxzfbvphjwm627sj534 308 16 β+ρ2 β+ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 308 17 τ τ LS work_zxx6htnoxzfbvphjwm627sj534 308 18 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 308 19 s1 s1 NN work_zxx6htnoxzfbvphjwm627sj534 308 20 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 308 21 α α NNP work_zxx6htnoxzfbvphjwm627sj534 308 22 − − NNP work_zxx6htnoxzfbvphjwm627sj534 308 23 b b NNP work_zxx6htnoxzfbvphjwm627sj534 308 24 c c NNP work_zxx6htnoxzfbvphjwm627sj534 308 25 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 308 26 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 308 27 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 308 28 M m NN work_zxx6htnoxzfbvphjwm627sj534 308 29 + + CC work_zxx6htnoxzfbvphjwm627sj534 308 30 β β NN work_zxx6htnoxzfbvphjwm627sj534 308 31 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 308 32 A-11 a-11 CD work_zxx6htnoxzfbvphjwm627sj534 308 33 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 308 34 The the DT work_zxx6htnoxzfbvphjwm627sj534 308 35 coefficient coefficient NN work_zxx6htnoxzfbvphjwm627sj534 308 36 array array NN work_zxx6htnoxzfbvphjwm627sj534 308 37 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 308 38 b b NN work_zxx6htnoxzfbvphjwm627sj534 308 39 , , , work_zxx6htnoxzfbvphjwm627sj534 308 40 c c NN work_zxx6htnoxzfbvphjwm627sj534 308 41 , , , work_zxx6htnoxzfbvphjwm627sj534 308 42 d d NNP work_zxx6htnoxzfbvphjwm627sj534 308 43 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 308 44 are be VBP work_zxx6htnoxzfbvphjwm627sj534 308 45 determined determine VBN work_zxx6htnoxzfbvphjwm627sj534 308 46 by by IN work_zxx6htnoxzfbvphjwm627sj534 308 47 comparing compare VBG work_zxx6htnoxzfbvphjwm627sj534 308 48 coefficients coefficient NNS work_zxx6htnoxzfbvphjwm627sj534 308 49 in in IN work_zxx6htnoxzfbvphjwm627sj534 308 50 equations equation NNS work_zxx6htnoxzfbvphjwm627sj534 308 51 A-1 A-1 NNP work_zxx6htnoxzfbvphjwm627sj534 308 52 and and CC work_zxx6htnoxzfbvphjwm627sj534 308 53 A-11 a-11 CD work_zxx6htnoxzfbvphjwm627sj534 308 54 . . . work_zxx6htnoxzfbvphjwm627sj534 309 1 b b LS work_zxx6htnoxzfbvphjwm627sj534 309 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 309 3 α α NNP work_zxx6htnoxzfbvphjwm627sj534 309 4 α α NN work_zxx6htnoxzfbvphjwm627sj534 309 5 + + CC work_zxx6htnoxzfbvphjwm627sj534 309 6 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 309 7 + + NNP work_zxx6htnoxzfbvphjwm627sj534 309 8 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 309 9 , , , work_zxx6htnoxzfbvphjwm627sj534 309 10 c c NN work_zxx6htnoxzfbvphjwm627sj534 309 11 = = SYM work_zxx6htnoxzfbvphjwm627sj534 309 12 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 309 13 + + NNP work_zxx6htnoxzfbvphjwm627sj534 309 14 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 309 15 α α XX work_zxx6htnoxzfbvphjwm627sj534 309 16 + + CC work_zxx6htnoxzfbvphjwm627sj534 309 17 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 309 18 + + NNP work_zxx6htnoxzfbvphjwm627sj534 309 19 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 309 20 , , , work_zxx6htnoxzfbvphjwm627sj534 309 21 d d NNP work_zxx6htnoxzfbvphjwm627sj534 309 22 = = SYM work_zxx6htnoxzfbvphjwm627sj534 309 23 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 309 24 + + NNP work_zxx6htnoxzfbvphjwm627sj534 309 25 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 309 26 α α XX work_zxx6htnoxzfbvphjwm627sj534 309 27 + + CC work_zxx6htnoxzfbvphjwm627sj534 309 28 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 309 29 + + NN work_zxx6htnoxzfbvphjwm627sj534 309 30 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 309 31 β β NN work_zxx6htnoxzfbvphjwm627sj534 309 32 + + SYM work_zxx6htnoxzfbvphjwm627sj534 309 33 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 309 34 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 309 35 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 309 36 βτ βτ NN work_zxx6htnoxzfbvphjwm627sj534 309 37 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 309 38 A-12 a-12 CD work_zxx6htnoxzfbvphjwm627sj534 309 39 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 309 40 and and CC work_zxx6htnoxzfbvphjwm627sj534 309 41 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 309 42 = = SYM work_zxx6htnoxzfbvphjwm627sj534 309 43 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 309 44 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 309 45 β β NN work_zxx6htnoxzfbvphjwm627sj534 309 46 + + CC work_zxx6htnoxzfbvphjwm627sj534 309 47 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 309 48 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 309 49 2β2τ 2β2τ NNP work_zxx6htnoxzfbvphjwm627sj534 309 50 2γ1 2γ1 CD work_zxx6htnoxzfbvphjwm627sj534 309 51 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 309 52 A-13 a-13 CD work_zxx6htnoxzfbvphjwm627sj534 309 53 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 309 54 So so IN work_zxx6htnoxzfbvphjwm627sj534 309 55 p1 p1 NN work_zxx6htnoxzfbvphjwm627sj534 309 56 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 309 57 solved solve VBN work_zxx6htnoxzfbvphjwm627sj534 309 58 for for IN work_zxx6htnoxzfbvphjwm627sj534 309 59 by by IN work_zxx6htnoxzfbvphjwm627sj534 309 60 plugging plug VBG work_zxx6htnoxzfbvphjwm627sj534 309 61 equation equation NN work_zxx6htnoxzfbvphjwm627sj534 309 62 A-12 a-12 CD work_zxx6htnoxzfbvphjwm627sj534 309 63 to to IN work_zxx6htnoxzfbvphjwm627sj534 309 64 equation equation NN work_zxx6htnoxzfbvphjwm627sj534 309 65 A-1 A-1 NNP work_zxx6htnoxzfbvphjwm627sj534 309 66 . . . work_zxx6htnoxzfbvphjwm627sj534 310 1 p1 p1 NNP work_zxx6htnoxzfbvphjwm627sj534 310 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 310 3 α α NNP work_zxx6htnoxzfbvphjwm627sj534 310 4 α α NN work_zxx6htnoxzfbvphjwm627sj534 310 5 + + CC work_zxx6htnoxzfbvphjwm627sj534 310 6 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 310 7 + + NN work_zxx6htnoxzfbvphjwm627sj534 310 8 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 310 9 z z NN work_zxx6htnoxzfbvphjwm627sj534 310 10 + + SYM work_zxx6htnoxzfbvphjwm627sj534 310 11 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 310 12 + + NN work_zxx6htnoxzfbvphjwm627sj534 310 13 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 310 14 α α XX work_zxx6htnoxzfbvphjwm627sj534 310 15 + + CC work_zxx6htnoxzfbvphjwm627sj534 310 16 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 310 17 + + NN work_zxx6htnoxzfbvphjwm627sj534 310 18 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 310 19 θ θ NNP work_zxx6htnoxzfbvphjwm627sj534 310 20 − − NNP work_zxx6htnoxzfbvphjwm627sj534 310 21 β β NN work_zxx6htnoxzfbvphjwm627sj534 310 22 + + CC work_zxx6htnoxzfbvphjwm627sj534 310 23 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 310 24 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 310 25 ρ ρ IN work_zxx6htnoxzfbvphjwm627sj534 310 26 + + SYM work_zxx6htnoxzfbvphjwm627sj534 310 27 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 310 28 α α XX work_zxx6htnoxzfbvphjwm627sj534 310 29 + + CC work_zxx6htnoxzfbvphjwm627sj534 310 30 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 310 31 + + NN work_zxx6htnoxzfbvphjwm627sj534 310 32 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 310 33 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 310 34 βτ βτ NN work_zxx6htnoxzfbvphjwm627sj534 310 35 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 310 36 A-14 a-14 CD work_zxx6htnoxzfbvphjwm627sj534 310 37 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 310 38 28 28 CD work_zxx6htnoxzfbvphjwm627sj534 310 39 p2 p2 NN work_zxx6htnoxzfbvphjwm627sj534 310 40 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 310 41 determined determine VBN work_zxx6htnoxzfbvphjwm627sj534 310 42 by by IN work_zxx6htnoxzfbvphjwm627sj534 310 43 inserting insert VBG work_zxx6htnoxzfbvphjwm627sj534 310 44 equation equation NN work_zxx6htnoxzfbvphjwm627sj534 310 45 A-12 a-12 CD work_zxx6htnoxzfbvphjwm627sj534 310 46 and and CC work_zxx6htnoxzfbvphjwm627sj534 310 47 A-14 a-14 CD work_zxx6htnoxzfbvphjwm627sj534 310 48 to to TO work_zxx6htnoxzfbvphjwm627sj534 310 49 equation equation NN work_zxx6htnoxzfbvphjwm627sj534 310 50 A-7 A-7 NNP work_zxx6htnoxzfbvphjwm627sj534 310 51 . . . work_zxx6htnoxzfbvphjwm627sj534 311 1 p2 p2 NNP work_zxx6htnoxzfbvphjwm627sj534 311 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 311 3 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 311 4 α α NN work_zxx6htnoxzfbvphjwm627sj534 311 5 + + CC work_zxx6htnoxzfbvphjwm627sj534 311 6 β β NN work_zxx6htnoxzfbvphjwm627sj534 311 7 + + SYM work_zxx6htnoxzfbvphjwm627sj534 311 8 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 311 9 + + CC work_zxx6htnoxzfbvphjwm627sj534 311 10 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 311 11 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 311 12 αz αz NNP work_zxx6htnoxzfbvphjwm627sj534 311 13 + + NNP work_zxx6htnoxzfbvphjwm627sj534 311 14 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 311 15 β β NNP work_zxx6htnoxzfbvphjwm627sj534 311 16 + + SYM work_zxx6htnoxzfbvphjwm627sj534 311 17 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 311 18 + + CC work_zxx6htnoxzfbvphjwm627sj534 311 19 ρ2)θ ρ2)θ NNPS work_zxx6htnoxzfbvphjwm627sj534 311 20 − − NNP work_zxx6htnoxzfbvphjwm627sj534 311 21 β β NN work_zxx6htnoxzfbvphjwm627sj534 311 22 + + CC work_zxx6htnoxzfbvphjwm627sj534 311 23 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 311 24 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 311 25 ρ ρ IN work_zxx6htnoxzfbvphjwm627sj534 311 26 βτ βτ NNP work_zxx6htnoxzfbvphjwm627sj534 311 27 s1 s1 NNP work_zxx6htnoxzfbvphjwm627sj534 311 28 − − NNP work_zxx6htnoxzfbvphjwm627sj534 311 29 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 311 30 β β NNP work_zxx6htnoxzfbvphjwm627sj534 311 31 + + SYM work_zxx6htnoxzfbvphjwm627sj534 311 32 ρ2 ρ2 NNP work_zxx6htnoxzfbvphjwm627sj534 311 33 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 311 34 βτ βτ NNP work_zxx6htnoxzfbvphjwm627sj534 311 35 s2 s2 NNP work_zxx6htnoxzfbvphjwm627sj534 311 36 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 311 37 Since since IN work_zxx6htnoxzfbvphjwm627sj534 311 38 the the DT work_zxx6htnoxzfbvphjwm627sj534 311 39 coefficients coefficient NNS work_zxx6htnoxzfbvphjwm627sj534 311 40 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 311 41 b b NN work_zxx6htnoxzfbvphjwm627sj534 311 42 , , , work_zxx6htnoxzfbvphjwm627sj534 311 43 c c NN work_zxx6htnoxzfbvphjwm627sj534 311 44 , , , work_zxx6htnoxzfbvphjwm627sj534 311 45 d d NNP work_zxx6htnoxzfbvphjwm627sj534 311 46 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 311 47 and and CC work_zxx6htnoxzfbvphjwm627sj534 311 48 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 311 49 a2 a2 NNP work_zxx6htnoxzfbvphjwm627sj534 311 50 , , , work_zxx6htnoxzfbvphjwm627sj534 311 51 b2 b2 NN work_zxx6htnoxzfbvphjwm627sj534 311 52 , , , work_zxx6htnoxzfbvphjwm627sj534 311 53 c2 c2 NNP work_zxx6htnoxzfbvphjwm627sj534 311 54 , , , work_zxx6htnoxzfbvphjwm627sj534 311 55 d2 d2 NNP work_zxx6htnoxzfbvphjwm627sj534 311 56 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 311 57 are be VBP work_zxx6htnoxzfbvphjwm627sj534 311 58 unique unique JJ work_zxx6htnoxzfbvphjwm627sj534 311 59 , , , work_zxx6htnoxzfbvphjwm627sj534 311 60 the the DT work_zxx6htnoxzfbvphjwm627sj534 311 61 linear linear JJ work_zxx6htnoxzfbvphjwm627sj534 311 62 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 311 63 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 311 64 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 311 65 in in IN work_zxx6htnoxzfbvphjwm627sj534 311 66 Proposition Proposition NNP work_zxx6htnoxzfbvphjwm627sj534 311 67 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 311 68 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 311 69 unique unique JJ work_zxx6htnoxzfbvphjwm627sj534 311 70 , , , work_zxx6htnoxzfbvphjwm627sj534 311 71 too too RB work_zxx6htnoxzfbvphjwm627sj534 311 72 . . . work_zxx6htnoxzfbvphjwm627sj534 312 1 Proof Proof NNP work_zxx6htnoxzfbvphjwm627sj534 312 2 of of IN work_zxx6htnoxzfbvphjwm627sj534 312 3 Lemma Lemma NNP work_zxx6htnoxzfbvphjwm627sj534 312 4 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 312 5 . . . work_zxx6htnoxzfbvphjwm627sj534 313 1 Lemma Lemma NNP work_zxx6htnoxzfbvphjwm627sj534 313 2 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 313 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 313 4 proved prove VBN work_zxx6htnoxzfbvphjwm627sj534 313 5 by by IN work_zxx6htnoxzfbvphjwm627sj534 313 6 using use VBG work_zxx6htnoxzfbvphjwm627sj534 313 7 the the DT work_zxx6htnoxzfbvphjwm627sj534 313 8 traditional traditional JJ work_zxx6htnoxzfbvphjwm627sj534 313 9 solution solution NN work_zxx6htnoxzfbvphjwm627sj534 313 10 to to IN work_zxx6htnoxzfbvphjwm627sj534 313 11 a a DT work_zxx6htnoxzfbvphjwm627sj534 313 12 single single JJ work_zxx6htnoxzfbvphjwm627sj534 313 13 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 313 14 period period NN work_zxx6htnoxzfbvphjwm627sj534 313 15 noisy noisy NNP work_zxx6htnoxzfbvphjwm627sj534 313 16 rational rational JJ work_zxx6htnoxzfbvphjwm627sj534 313 17 expectations expectation NNS work_zxx6htnoxzfbvphjwm627sj534 313 18 equilibrium equilibrium NN work_zxx6htnoxzfbvphjwm627sj534 313 19 , , , work_zxx6htnoxzfbvphjwm627sj534 313 20 such such JJ work_zxx6htnoxzfbvphjwm627sj534 313 21 as as IN work_zxx6htnoxzfbvphjwm627sj534 313 22 that that DT work_zxx6htnoxzfbvphjwm627sj534 313 23 in in IN work_zxx6htnoxzfbvphjwm627sj534 313 24 Diamond Diamond NNP work_zxx6htnoxzfbvphjwm627sj534 313 25 and and CC work_zxx6htnoxzfbvphjwm627sj534 313 26 Verrecchia Verrecchia NNP work_zxx6htnoxzfbvphjwm627sj534 313 27 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 313 28 1981 1981 CD work_zxx6htnoxzfbvphjwm627sj534 313 29 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 313 30 . . . work_zxx6htnoxzfbvphjwm627sj534 314 1 The the DT work_zxx6htnoxzfbvphjwm627sj534 314 2 procedure procedure NN work_zxx6htnoxzfbvphjwm627sj534 314 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 314 4 the the DT work_zxx6htnoxzfbvphjwm627sj534 314 5 same same JJ work_zxx6htnoxzfbvphjwm627sj534 314 6 as as IN work_zxx6htnoxzfbvphjwm627sj534 314 7 that that DT work_zxx6htnoxzfbvphjwm627sj534 314 8 in in IN work_zxx6htnoxzfbvphjwm627sj534 314 9 the the DT work_zxx6htnoxzfbvphjwm627sj534 314 10 proof proof NN work_zxx6htnoxzfbvphjwm627sj534 314 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 314 12 Proposition Proposition NNP work_zxx6htnoxzfbvphjwm627sj534 314 13 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 314 14 , , , work_zxx6htnoxzfbvphjwm627sj534 314 15 except except IN work_zxx6htnoxzfbvphjwm627sj534 314 16 that that IN work_zxx6htnoxzfbvphjwm627sj534 314 17 Ei[p2|I1i Ei[p2|I1i NNP work_zxx6htnoxzfbvphjwm627sj534 314 18 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 314 19 and and CC work_zxx6htnoxzfbvphjwm627sj534 314 20 V V NNP work_zxx6htnoxzfbvphjwm627sj534 314 21 ari[p2|I1i ari[p2|I1i NNP work_zxx6htnoxzfbvphjwm627sj534 314 22 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 314 23 in in IN work_zxx6htnoxzfbvphjwm627sj534 314 24 equation equation NN work_zxx6htnoxzfbvphjwm627sj534 314 25 A-9 A-9 NNP work_zxx6htnoxzfbvphjwm627sj534 314 26 are be VBP work_zxx6htnoxzfbvphjwm627sj534 314 27 replaced replace VBN work_zxx6htnoxzfbvphjwm627sj534 314 28 by by IN work_zxx6htnoxzfbvphjwm627sj534 314 29 Ei[θ|I1i Ei[θ|I1i NNS work_zxx6htnoxzfbvphjwm627sj534 314 30 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 314 31 and and CC work_zxx6htnoxzfbvphjwm627sj534 314 32 V V NNP work_zxx6htnoxzfbvphjwm627sj534 314 33 ari[θ|I1i ari[θ|I1i NNP work_zxx6htnoxzfbvphjwm627sj534 314 34 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 314 35 . . . work_zxx6htnoxzfbvphjwm627sj534 315 1 Proof Proof NNP work_zxx6htnoxzfbvphjwm627sj534 315 2 of of IN work_zxx6htnoxzfbvphjwm627sj534 315 3 Proposition Proposition NNP work_zxx6htnoxzfbvphjwm627sj534 315 4 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 315 5 . . . work_zxx6htnoxzfbvphjwm627sj534 316 1 Proposition proposition NN work_zxx6htnoxzfbvphjwm627sj534 316 2 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 316 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 316 4 proved prove VBN work_zxx6htnoxzfbvphjwm627sj534 316 5 by by IN work_zxx6htnoxzfbvphjwm627sj534 316 6 showing show VBG work_zxx6htnoxzfbvphjwm627sj534 316 7 that that IN work_zxx6htnoxzfbvphjwm627sj534 316 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 316 9 partial partial JJ work_zxx6htnoxzfbvphjwm627sj534 316 10 derivative derivative NN work_zxx6htnoxzfbvphjwm627sj534 316 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 316 12 PE PE NNP work_zxx6htnoxzfbvphjwm627sj534 316 13 with with IN work_zxx6htnoxzfbvphjwm627sj534 316 14 respect respect NN work_zxx6htnoxzfbvphjwm627sj534 316 15 to to IN work_zxx6htnoxzfbvphjwm627sj534 316 16 α α NNP work_zxx6htnoxzfbvphjwm627sj534 316 17 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 316 18 positive positive JJ work_zxx6htnoxzfbvphjwm627sj534 316 19 . . . work_zxx6htnoxzfbvphjwm627sj534 317 1 Define Define NNP work_zxx6htnoxzfbvphjwm627sj534 317 2 M M NNP work_zxx6htnoxzfbvphjwm627sj534 317 3 ′= ′= NNP work_zxx6htnoxzfbvphjwm627sj534 317 4 ∂M ∂M . work_zxx6htnoxzfbvphjwm627sj534 317 5 ∂α ∂α NFP work_zxx6htnoxzfbvphjwm627sj534 317 6 . . . work_zxx6htnoxzfbvphjwm627sj534 318 1 Thus thus RB work_zxx6htnoxzfbvphjwm627sj534 318 2 , , , work_zxx6htnoxzfbvphjwm627sj534 318 3 M m NN work_zxx6htnoxzfbvphjwm627sj534 318 4 ′ ′ ADD work_zxx6htnoxzfbvphjwm627sj534 318 5 = = SYM work_zxx6htnoxzfbvphjwm627sj534 318 6 − − NNP work_zxx6htnoxzfbvphjwm627sj534 318 7 β+ρ2 β+ρ2 , work_zxx6htnoxzfbvphjwm627sj534 318 8 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 318 9 α+2β+ρ+ρ2)2 α+2β+ρ+ρ2)2 ADD work_zxx6htnoxzfbvphjwm627sj534 318 10 < < XX work_zxx6htnoxzfbvphjwm627sj534 318 11 0 0 NFP work_zxx6htnoxzfbvphjwm627sj534 318 12 . . . work_zxx6htnoxzfbvphjwm627sj534 319 1 P p NN work_zxx6htnoxzfbvphjwm627sj534 319 2 E e NN work_zxx6htnoxzfbvphjwm627sj534 319 3 = = NN work_zxx6htnoxzfbvphjwm627sj534 319 4 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 319 5 Es Es NNP work_zxx6htnoxzfbvphjwm627sj534 319 6 , , , work_zxx6htnoxzfbvphjwm627sj534 319 7 z(p1 z(p1 NNP work_zxx6htnoxzfbvphjwm627sj534 319 8 − − NNP work_zxx6htnoxzfbvphjwm627sj534 319 9 θ)2 θ)2 ADD work_zxx6htnoxzfbvphjwm627sj534 319 10 = = SYM work_zxx6htnoxzfbvphjwm627sj534 319 11 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 319 12 Es Es NNP work_zxx6htnoxzfbvphjwm627sj534 319 13 , , , work_zxx6htnoxzfbvphjwm627sj534 319 14 z(bǫz z(bǫz NN work_zxx6htnoxzfbvphjwm627sj534 319 15 − − NNP work_zxx6htnoxzfbvphjwm627sj534 319 16 ds1)2 ds1)2 NNP work_zxx6htnoxzfbvphjwm627sj534 319 17 = = SYM work_zxx6htnoxzfbvphjwm627sj534 319 18 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 319 19 b2 b2 NN work_zxx6htnoxzfbvphjwm627sj534 319 20 α α NN work_zxx6htnoxzfbvphjwm627sj534 319 21 + + SYM work_zxx6htnoxzfbvphjwm627sj534 319 22 d d NN work_zxx6htnoxzfbvphjwm627sj534 319 23 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 319 24 γ1 γ1 NN work_zxx6htnoxzfbvphjwm627sj534 319 25 = = SYM work_zxx6htnoxzfbvphjwm627sj534 319 26 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 319 27 b2 b2 NN work_zxx6htnoxzfbvphjwm627sj534 319 28 α α NN work_zxx6htnoxzfbvphjwm627sj534 319 29 + + CC work_zxx6htnoxzfbvphjwm627sj534 319 30 c c NN work_zxx6htnoxzfbvphjwm627sj534 319 31 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 319 32 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 319 33 = = SYM work_zxx6htnoxzfbvphjwm627sj534 319 34 ρ(α ρ(α CD work_zxx6htnoxzfbvphjwm627sj534 319 35 + + SYM work_zxx6htnoxzfbvphjwm627sj534 319 36 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 319 37 + + NN work_zxx6htnoxzfbvphjwm627sj534 319 38 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 319 39 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 319 40 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 319 41 αρ αρ NN work_zxx6htnoxzfbvphjwm627sj534 319 42 + + NNP work_zxx6htnoxzfbvphjwm627sj534 319 43 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 319 44 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 319 45 + + CC work_zxx6htnoxzfbvphjwm627sj534 319 46 ρ)2 ρ)2 CD work_zxx6htnoxzfbvphjwm627sj534 319 47 29 29 CD work_zxx6htnoxzfbvphjwm627sj534 319 48 ∂P ∂P . work_zxx6htnoxzfbvphjwm627sj534 319 49 E e NN work_zxx6htnoxzfbvphjwm627sj534 319 50 ∂α ∂α : work_zxx6htnoxzfbvphjwm627sj534 319 51 = = NFP work_zxx6htnoxzfbvphjwm627sj534 319 52 2ρ(α 2ρ(α CD work_zxx6htnoxzfbvphjwm627sj534 319 53 + + CD work_zxx6htnoxzfbvphjwm627sj534 319 54 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 319 55 + + CC work_zxx6htnoxzfbvphjwm627sj534 319 56 ρ)(1 ρ)(1 UH work_zxx6htnoxzfbvphjwm627sj534 319 57 + + SYM work_zxx6htnoxzfbvphjwm627sj534 319 58 βM βM . work_zxx6htnoxzfbvphjwm627sj534 319 59 ′)(αρ ′)(αρ NNS work_zxx6htnoxzfbvphjwm627sj534 319 60 + + NNP work_zxx6htnoxzfbvphjwm627sj534 319 61 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 319 62 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 319 63 + + NNP work_zxx6htnoxzfbvphjwm627sj534 319 64 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 319 65 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 319 66 2 2 LS work_zxx6htnoxzfbvphjwm627sj534 319 67 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 319 68 − − NNP work_zxx6htnoxzfbvphjwm627sj534 319 69 ρ(α ρ(α CD work_zxx6htnoxzfbvphjwm627sj534 319 70 + + SYM work_zxx6htnoxzfbvphjwm627sj534 319 71 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 319 72 + + SYM work_zxx6htnoxzfbvphjwm627sj534 319 73 ρ)2(ρ ρ)2(ρ NNS work_zxx6htnoxzfbvphjwm627sj534 319 74 + + SYM work_zxx6htnoxzfbvphjwm627sj534 319 75 2(ρ 2(ρ CD work_zxx6htnoxzfbvphjwm627sj534 319 76 + + CC work_zxx6htnoxzfbvphjwm627sj534 319 77 βM βM . work_zxx6htnoxzfbvphjwm627sj534 319 78 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 319 79 βM βM . work_zxx6htnoxzfbvphjwm627sj534 319 80 ′ ′ ADD work_zxx6htnoxzfbvphjwm627sj534 319 81 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 319 82 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 319 83 αρ αρ FW work_zxx6htnoxzfbvphjwm627sj534 319 84 + + NNP work_zxx6htnoxzfbvphjwm627sj534 319 85 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 319 86 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 319 87 + + SYM work_zxx6htnoxzfbvphjwm627sj534 319 88 βM βM . work_zxx6htnoxzfbvphjwm627sj534 319 89 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 319 90 2)2 2)2 CD work_zxx6htnoxzfbvphjwm627sj534 319 91 = = NFP work_zxx6htnoxzfbvphjwm627sj534 319 92 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 319 93 α α NNP work_zxx6htnoxzfbvphjwm627sj534 319 94 + + NNP work_zxx6htnoxzfbvphjwm627sj534 319 95 βM βm NN work_zxx6htnoxzfbvphjwm627sj534 319 96 + + SYM work_zxx6htnoxzfbvphjwm627sj534 319 97 ρ)ρ ρ)ρ NNP work_zxx6htnoxzfbvphjwm627sj534 319 98 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 319 99 αρ αρ FW work_zxx6htnoxzfbvphjwm627sj534 319 100 + + SYM work_zxx6htnoxzfbvphjwm627sj534 319 101 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 319 102 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 319 103 + + SYM work_zxx6htnoxzfbvphjwm627sj534 319 104 βM βM . work_zxx6htnoxzfbvphjwm627sj534 319 105 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 319 106 2)2 2)2 RB work_zxx6htnoxzfbvphjwm627sj534 319 107 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 319 108 2β2 2β2 CD work_zxx6htnoxzfbvphjwm627sj534 319 109 M m NN work_zxx6htnoxzfbvphjwm627sj534 319 110 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 319 111 + + CC work_zxx6htnoxzfbvphjwm627sj534 319 112 3βM 3βm CD work_zxx6htnoxzfbvphjwm627sj534 319 113 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 319 114 + + CC work_zxx6htnoxzfbvphjwm627sj534 319 115 αρ αρ XX work_zxx6htnoxzfbvphjwm627sj534 319 116 + + CC work_zxx6htnoxzfbvphjwm627sj534 319 117 ρ2 ρ2 NN work_zxx6htnoxzfbvphjwm627sj534 319 118 − − NNP work_zxx6htnoxzfbvphjwm627sj534 319 119 2αβ2 2αβ2 CD work_zxx6htnoxzfbvphjwm627sj534 319 120 M M NNP work_zxx6htnoxzfbvphjwm627sj534 319 121 M M NNP work_zxx6htnoxzfbvphjwm627sj534 319 122 ′ ′ ADD work_zxx6htnoxzfbvphjwm627sj534 319 123 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 319 124 > > NN work_zxx6htnoxzfbvphjwm627sj534 319 125 0 0 NFP work_zxx6htnoxzfbvphjwm627sj534 319 126 Proof Proof NNP work_zxx6htnoxzfbvphjwm627sj534 319 127 of of IN work_zxx6htnoxzfbvphjwm627sj534 319 128 Proposition Proposition NNP work_zxx6htnoxzfbvphjwm627sj534 319 129 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 319 130 . . . work_zxx6htnoxzfbvphjwm627sj534 320 1 Proposition proposition NN work_zxx6htnoxzfbvphjwm627sj534 320 2 3 3 CD work_zxx6htnoxzfbvphjwm627sj534 320 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 320 4 proved prove VBN work_zxx6htnoxzfbvphjwm627sj534 320 5 by by IN work_zxx6htnoxzfbvphjwm627sj534 320 6 showing show VBG work_zxx6htnoxzfbvphjwm627sj534 320 7 that that IN work_zxx6htnoxzfbvphjwm627sj534 320 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 320 9 partial partial JJ work_zxx6htnoxzfbvphjwm627sj534 320 10 derivate derivate NN work_zxx6htnoxzfbvphjwm627sj534 320 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 320 12 R r NN work_zxx6htnoxzfbvphjwm627sj534 320 13 with with IN work_zxx6htnoxzfbvphjwm627sj534 320 14 respect respect NN work_zxx6htnoxzfbvphjwm627sj534 320 15 to to IN work_zxx6htnoxzfbvphjwm627sj534 320 16 α α NNP work_zxx6htnoxzfbvphjwm627sj534 320 17 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 320 18 positive positive JJ work_zxx6htnoxzfbvphjwm627sj534 320 19 . . . work_zxx6htnoxzfbvphjwm627sj534 321 1 R r NN work_zxx6htnoxzfbvphjwm627sj534 321 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 321 3 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 321 4 − − NNP work_zxx6htnoxzfbvphjwm627sj534 321 5 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 321 6 b b CD work_zxx6htnoxzfbvphjwm627sj534 321 7 c c NNP work_zxx6htnoxzfbvphjwm627sj534 321 8 / / SYM work_zxx6htnoxzfbvphjwm627sj534 321 9 b̂ b̂ NNP work_zxx6htnoxzfbvphjwm627sj534 321 10 ĉ ĉ NNP work_zxx6htnoxzfbvphjwm627sj534 321 11 = = SYM work_zxx6htnoxzfbvphjwm627sj534 321 12 β(1 β(1 NFP work_zxx6htnoxzfbvphjwm627sj534 321 13 − − NNP work_zxx6htnoxzfbvphjwm627sj534 321 14 M M NNP work_zxx6htnoxzfbvphjwm627sj534 321 15 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 321 16 + + CC work_zxx6htnoxzfbvphjwm627sj534 321 17 ρ1(1 ρ1(1 RB work_zxx6htnoxzfbvphjwm627sj534 321 18 − − NNP work_zxx6htnoxzfbvphjwm627sj534 321 19 k k NNP work_zxx6htnoxzfbvphjwm627sj534 321 20 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 321 21 β β NN work_zxx6htnoxzfbvphjwm627sj534 321 22 + + CC work_zxx6htnoxzfbvphjwm627sj534 321 23 ρ1 ρ1 NNP work_zxx6htnoxzfbvphjwm627sj534 321 24 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 321 25 A-15 a-15 CD work_zxx6htnoxzfbvphjwm627sj534 321 26 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 321 27 ∂R ∂R . work_zxx6htnoxzfbvphjwm627sj534 321 28 ∂α ∂α NFP work_zxx6htnoxzfbvphjwm627sj534 321 29 = = NFP work_zxx6htnoxzfbvphjwm627sj534 321 30 − − NNP work_zxx6htnoxzfbvphjwm627sj534 321 31 βM βM . work_zxx6htnoxzfbvphjwm627sj534 321 32 ′ ′ ADD work_zxx6htnoxzfbvphjwm627sj534 321 33 β β NN work_zxx6htnoxzfbvphjwm627sj534 321 34 + + CC work_zxx6htnoxzfbvphjwm627sj534 321 35 ρ1 ρ1 NNP work_zxx6htnoxzfbvphjwm627sj534 321 36 > > XX work_zxx6htnoxzfbvphjwm627sj534 321 37 0 0 NFP work_zxx6htnoxzfbvphjwm627sj534 321 38 Proof Proof NNP work_zxx6htnoxzfbvphjwm627sj534 321 39 of of IN work_zxx6htnoxzfbvphjwm627sj534 321 40 Observation Observation NNP work_zxx6htnoxzfbvphjwm627sj534 321 41 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 321 42 . . . work_zxx6htnoxzfbvphjwm627sj534 322 1 Observation observation NN work_zxx6htnoxzfbvphjwm627sj534 322 2 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 322 3 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 322 4 proved prove VBN work_zxx6htnoxzfbvphjwm627sj534 322 5 by by IN work_zxx6htnoxzfbvphjwm627sj534 322 6 showing show VBG work_zxx6htnoxzfbvphjwm627sj534 322 7 that that IN work_zxx6htnoxzfbvphjwm627sj534 322 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 322 9 partial partial JJ work_zxx6htnoxzfbvphjwm627sj534 322 10 derivative derivative NN work_zxx6htnoxzfbvphjwm627sj534 322 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 322 12 PE PE NNP work_zxx6htnoxzfbvphjwm627sj534 322 13 with with IN work_zxx6htnoxzfbvphjwm627sj534 322 14 respective respective JJ work_zxx6htnoxzfbvphjwm627sj534 322 15 to to IN work_zxx6htnoxzfbvphjwm627sj534 322 16 α α XX work_zxx6htnoxzfbvphjwm627sj534 322 17 , , , work_zxx6htnoxzfbvphjwm627sj534 322 18 evaluated evaluate VBN work_zxx6htnoxzfbvphjwm627sj534 322 19 at at IN work_zxx6htnoxzfbvphjwm627sj534 322 20 R r NN work_zxx6htnoxzfbvphjwm627sj534 322 21 = = SYM work_zxx6htnoxzfbvphjwm627sj534 322 22 r r NN work_zxx6htnoxzfbvphjwm627sj534 322 23 = = NFP work_zxx6htnoxzfbvphjwm627sj534 322 24 β(1−M β(1−m ADD work_zxx6htnoxzfbvphjwm627sj534 322 25 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 322 26 + + NFP work_zxx6htnoxzfbvphjwm627sj534 322 27 ρ1(1−k ρ1(1−k XX work_zxx6htnoxzfbvphjwm627sj534 322 28 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 322 29 β+ρ1 β+ρ1 NNP work_zxx6htnoxzfbvphjwm627sj534 322 30 , , , work_zxx6htnoxzfbvphjwm627sj534 322 31 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 322 32 negative negative JJ work_zxx6htnoxzfbvphjwm627sj534 322 33 under under IN work_zxx6htnoxzfbvphjwm627sj534 322 34 condition condition NN work_zxx6htnoxzfbvphjwm627sj534 322 35 9 9 CD work_zxx6htnoxzfbvphjwm627sj534 322 36 and and CC work_zxx6htnoxzfbvphjwm627sj534 322 37 10 10 CD work_zxx6htnoxzfbvphjwm627sj534 322 38 . . . work_zxx6htnoxzfbvphjwm627sj534 323 1 For for IN work_zxx6htnoxzfbvphjwm627sj534 323 2 notational notational JJ work_zxx6htnoxzfbvphjwm627sj534 323 3 convenience convenience NN work_zxx6htnoxzfbvphjwm627sj534 323 4 , , , work_zxx6htnoxzfbvphjwm627sj534 323 5 define define VB work_zxx6htnoxzfbvphjwm627sj534 323 6 B B NNP work_zxx6htnoxzfbvphjwm627sj534 323 7 as as IN work_zxx6htnoxzfbvphjwm627sj534 323 8 follows follow VBZ work_zxx6htnoxzfbvphjwm627sj534 323 9 . . . work_zxx6htnoxzfbvphjwm627sj534 324 1 B b NN work_zxx6htnoxzfbvphjwm627sj534 324 2 = = SYM work_zxx6htnoxzfbvphjwm627sj534 324 3 b̂ b̂ NNP work_zxx6htnoxzfbvphjwm627sj534 324 4 ĉ ĉ NNP work_zxx6htnoxzfbvphjwm627sj534 324 5 = = SYM work_zxx6htnoxzfbvphjwm627sj534 324 6 α α NNP work_zxx6htnoxzfbvphjwm627sj534 324 7 β β NN work_zxx6htnoxzfbvphjwm627sj534 324 8 + + CC work_zxx6htnoxzfbvphjwm627sj534 324 9 ρ1 ρ1 NN work_zxx6htnoxzfbvphjwm627sj534 324 10 30 30 CD work_zxx6htnoxzfbvphjwm627sj534 324 11 P p NN work_zxx6htnoxzfbvphjwm627sj534 324 12 E e NN work_zxx6htnoxzfbvphjwm627sj534 324 13 = = NNS work_zxx6htnoxzfbvphjwm627sj534 324 14 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 324 15 b2 b2 NN work_zxx6htnoxzfbvphjwm627sj534 324 16 α α NN work_zxx6htnoxzfbvphjwm627sj534 324 17 + + CC work_zxx6htnoxzfbvphjwm627sj534 324 18 c c NN work_zxx6htnoxzfbvphjwm627sj534 324 19 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 324 20 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 324 21 = = SYM work_zxx6htnoxzfbvphjwm627sj534 324 22 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 324 23 c2 c2 NN work_zxx6htnoxzfbvphjwm627sj534 324 24 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 324 25 b b NNP work_zxx6htnoxzfbvphjwm627sj534 324 26 c c NNP work_zxx6htnoxzfbvphjwm627sj534 324 27 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 324 28 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 324 29 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 324 30 α α CD work_zxx6htnoxzfbvphjwm627sj534 324 31 + + CC work_zxx6htnoxzfbvphjwm627sj534 324 32 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 324 33 ρ ρ NN work_zxx6htnoxzfbvphjwm627sj534 324 34 = = NNS work_zxx6htnoxzfbvphjwm627sj534 324 35 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 324 36 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 324 37 − − NNP work_zxx6htnoxzfbvphjwm627sj534 324 38 R R NNP work_zxx6htnoxzfbvphjwm627sj534 324 39 + + CC work_zxx6htnoxzfbvphjwm627sj534 324 40 B)2 b)2 NN work_zxx6htnoxzfbvphjwm627sj534 324 41 B2 B2 NNP work_zxx6htnoxzfbvphjwm627sj534 324 42 α α NN work_zxx6htnoxzfbvphjwm627sj534 324 43 + + SYM work_zxx6htnoxzfbvphjwm627sj534 324 44 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 324 45 1−R)2 1−R)2 NNP work_zxx6htnoxzfbvphjwm627sj534 324 46 ρ ρ SYM work_zxx6htnoxzfbvphjwm627sj534 324 47 = = SYM work_zxx6htnoxzfbvphjwm627sj534 324 48 αρ(1 αρ(1 XX work_zxx6htnoxzfbvphjwm627sj534 324 49 − − NNP work_zxx6htnoxzfbvphjwm627sj534 324 50 R r NN work_zxx6htnoxzfbvphjwm627sj534 324 51 + + CC work_zxx6htnoxzfbvphjwm627sj534 324 52 B)2 b)2 NN work_zxx6htnoxzfbvphjwm627sj534 324 53 B2ρ b2ρ NN work_zxx6htnoxzfbvphjwm627sj534 324 54 + + SYM work_zxx6htnoxzfbvphjwm627sj534 324 55 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 324 56 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 324 57 − − NNP work_zxx6htnoxzfbvphjwm627sj534 324 58 R)2α r)2α NN work_zxx6htnoxzfbvphjwm627sj534 324 59 and and CC work_zxx6htnoxzfbvphjwm627sj534 324 60 ∂P ∂P . work_zxx6htnoxzfbvphjwm627sj534 324 61 E e NN work_zxx6htnoxzfbvphjwm627sj534 324 62 ∂α ∂α : work_zxx6htnoxzfbvphjwm627sj534 324 63 |R |r CD work_zxx6htnoxzfbvphjwm627sj534 324 64 = = SYM work_zxx6htnoxzfbvphjwm627sj534 324 65 r= r= NNP work_zxx6htnoxzfbvphjwm627sj534 324 66 ρ2(1 ρ2(1 NN work_zxx6htnoxzfbvphjwm627sj534 324 67 − − NNP work_zxx6htnoxzfbvphjwm627sj534 324 68 r r NN work_zxx6htnoxzfbvphjwm627sj534 324 69 + + CC work_zxx6htnoxzfbvphjwm627sj534 324 70 B)α2 b)α2 NN work_zxx6htnoxzfbvphjwm627sj534 324 71 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 324 72 β β NNP work_zxx6htnoxzfbvphjwm627sj534 324 73 + + NNS work_zxx6htnoxzfbvphjwm627sj534 324 74 ρ1)3((1 ρ1)3((1 NNP work_zxx6htnoxzfbvphjwm627sj534 324 75 − − NNP work_zxx6htnoxzfbvphjwm627sj534 324 76 r)2α r)2α , work_zxx6htnoxzfbvphjwm627sj534 324 77 + + SYM work_zxx6htnoxzfbvphjwm627sj534 324 78 B2ρ)2 b2ρ)2 IN work_zxx6htnoxzfbvphjwm627sj534 324 79 [ [ -LRB- work_zxx6htnoxzfbvphjwm627sj534 324 80 α α DT work_zxx6htnoxzfbvphjwm627sj534 324 81 − − NNP work_zxx6htnoxzfbvphjwm627sj534 324 82 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 324 83 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 324 84 − − NNP work_zxx6htnoxzfbvphjwm627sj534 324 85 r)(β r)(β NN work_zxx6htnoxzfbvphjwm627sj534 324 86 + + SYM work_zxx6htnoxzfbvphjwm627sj534 324 87 ρ1)(1 ρ1)(1 SYM work_zxx6htnoxzfbvphjwm627sj534 324 88 − − NNP work_zxx6htnoxzfbvphjwm627sj534 324 89 2(β 2(β CD work_zxx6htnoxzfbvphjwm627sj534 324 90 + + SYM work_zxx6htnoxzfbvphjwm627sj534 324 91 ρ1 ρ1 NN work_zxx6htnoxzfbvphjwm627sj534 324 92 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 324 93 ρ ρ NNP work_zxx6htnoxzfbvphjwm627sj534 324 94 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 324 95 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 324 96 − − NNP work_zxx6htnoxzfbvphjwm627sj534 324 97 r r NN work_zxx6htnoxzfbvphjwm627sj534 324 98 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 324 99 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 324 100 ] ] -RRB- work_zxx6htnoxzfbvphjwm627sj534 324 101 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 324 102 A-16 a-16 CD work_zxx6htnoxzfbvphjwm627sj534 324 103 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 324 104 Since since IN work_zxx6htnoxzfbvphjwm627sj534 324 105 α α NNP work_zxx6htnoxzfbvphjwm627sj534 324 106 , , , work_zxx6htnoxzfbvphjwm627sj534 324 107 β β NN work_zxx6htnoxzfbvphjwm627sj534 324 108 , , , work_zxx6htnoxzfbvphjwm627sj534 324 109 τ τ NNP work_zxx6htnoxzfbvphjwm627sj534 324 110 , , , work_zxx6htnoxzfbvphjwm627sj534 324 111 γ1 γ1 NNP work_zxx6htnoxzfbvphjwm627sj534 324 112 , , , work_zxx6htnoxzfbvphjwm627sj534 324 113 and and CC work_zxx6htnoxzfbvphjwm627sj534 324 114 γ2 γ2 NNP work_zxx6htnoxzfbvphjwm627sj534 324 115 are be VBP work_zxx6htnoxzfbvphjwm627sj534 324 116 positive positive JJ work_zxx6htnoxzfbvphjwm627sj534 324 117 and and CC work_zxx6htnoxzfbvphjwm627sj534 324 118 finite finite JJ work_zxx6htnoxzfbvphjwm627sj534 324 119 , , , work_zxx6htnoxzfbvphjwm627sj534 324 120 both both CC work_zxx6htnoxzfbvphjwm627sj534 324 121 M M NNP work_zxx6htnoxzfbvphjwm627sj534 324 122 and and CC work_zxx6htnoxzfbvphjwm627sj534 324 123 k k NN work_zxx6htnoxzfbvphjwm627sj534 324 124 lie lie NN work_zxx6htnoxzfbvphjwm627sj534 324 125 between between IN work_zxx6htnoxzfbvphjwm627sj534 324 126 zero zero CD work_zxx6htnoxzfbvphjwm627sj534 324 127 and and CC work_zxx6htnoxzfbvphjwm627sj534 324 128 one one CD work_zxx6htnoxzfbvphjwm627sj534 324 129 . . . work_zxx6htnoxzfbvphjwm627sj534 325 1 As as IN work_zxx6htnoxzfbvphjwm627sj534 325 2 a a DT work_zxx6htnoxzfbvphjwm627sj534 325 3 result result NN work_zxx6htnoxzfbvphjwm627sj534 325 4 , , , work_zxx6htnoxzfbvphjwm627sj534 325 5 0 0 NFP work_zxx6htnoxzfbvphjwm627sj534 325 6 < < XX work_zxx6htnoxzfbvphjwm627sj534 325 7 r r NNP work_zxx6htnoxzfbvphjwm627sj534 325 8 < < XX work_zxx6htnoxzfbvphjwm627sj534 325 9 1 1 CD work_zxx6htnoxzfbvphjwm627sj534 325 10 . . . work_zxx6htnoxzfbvphjwm627sj534 326 1 It -PRON- PRP work_zxx6htnoxzfbvphjwm627sj534 326 2 could could MD work_zxx6htnoxzfbvphjwm627sj534 326 3 be be VB work_zxx6htnoxzfbvphjwm627sj534 326 4 verified verify VBN work_zxx6htnoxzfbvphjwm627sj534 326 5 that that IN work_zxx6htnoxzfbvphjwm627sj534 326 6 A-16 a-16 CD work_zxx6htnoxzfbvphjwm627sj534 326 7 < < XX work_zxx6htnoxzfbvphjwm627sj534 326 8 0 0 CD work_zxx6htnoxzfbvphjwm627sj534 326 9 is be VBZ work_zxx6htnoxzfbvphjwm627sj534 326 10 equivalent equivalent JJ work_zxx6htnoxzfbvphjwm627sj534 326 11 to to IN work_zxx6htnoxzfbvphjwm627sj534 326 12 conditions condition NNS work_zxx6htnoxzfbvphjwm627sj534 326 13 9 9 CD work_zxx6htnoxzfbvphjwm627sj534 326 14 and and CC work_zxx6htnoxzfbvphjwm627sj534 326 15 10 10 CD work_zxx6htnoxzfbvphjwm627sj534 326 16 . . . work_zxx6htnoxzfbvphjwm627sj534 327 1 31 31 CD work_zxx6htnoxzfbvphjwm627sj534 327 2 References References NNPS work_zxx6htnoxzfbvphjwm627sj534 327 3 Admati Admati NNPS work_zxx6htnoxzfbvphjwm627sj534 327 4 , , , work_zxx6htnoxzfbvphjwm627sj534 327 5 A.R. A.R. NNP work_zxx6htnoxzfbvphjwm627sj534 327 6 , , , work_zxx6htnoxzfbvphjwm627sj534 327 7 1985 1985 CD work_zxx6htnoxzfbvphjwm627sj534 327 8 , , , work_zxx6htnoxzfbvphjwm627sj534 327 9 A a DT work_zxx6htnoxzfbvphjwm627sj534 327 10 Noisy Noisy NNP work_zxx6htnoxzfbvphjwm627sj534 327 11 Rational Rational NNP work_zxx6htnoxzfbvphjwm627sj534 327 12 Expectations Expectations NNPS work_zxx6htnoxzfbvphjwm627sj534 327 13 Equilibrium Equilibrium NNP work_zxx6htnoxzfbvphjwm627sj534 327 14 for for IN work_zxx6htnoxzfbvphjwm627sj534 327 15 Multi Multi NNP work_zxx6htnoxzfbvphjwm627sj534 327 16 - - NNP work_zxx6htnoxzfbvphjwm627sj534 327 17 Asset Asset NNP work_zxx6htnoxzfbvphjwm627sj534 327 18 Securities Securities NNPS work_zxx6htnoxzfbvphjwm627sj534 327 19 Markets Markets NNP work_zxx6htnoxzfbvphjwm627sj534 327 20 , , , work_zxx6htnoxzfbvphjwm627sj534 327 21 Econometrica Econometrica NNP work_zxx6htnoxzfbvphjwm627sj534 327 22 53 53 CD work_zxx6htnoxzfbvphjwm627sj534 327 23 , , , work_zxx6htnoxzfbvphjwm627sj534 327 24 629–658 629–658 CD work_zxx6htnoxzfbvphjwm627sj534 327 25 . . . work_zxx6htnoxzfbvphjwm627sj534 328 1 Allen Allen NNP work_zxx6htnoxzfbvphjwm627sj534 328 2 , , , work_zxx6htnoxzfbvphjwm627sj534 328 3 F. F. NNP work_zxx6htnoxzfbvphjwm627sj534 328 4 , , , work_zxx6htnoxzfbvphjwm627sj534 328 5 S. S. NNP work_zxx6htnoxzfbvphjwm627sj534 328 6 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 328 7 , , , work_zxx6htnoxzfbvphjwm627sj534 328 8 and and CC work_zxx6htnoxzfbvphjwm627sj534 328 9 H.S. H.S. NNP work_zxx6htnoxzfbvphjwm627sj534 329 1 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 329 2 , , , work_zxx6htnoxzfbvphjwm627sj534 329 3 2006 2006 CD work_zxx6htnoxzfbvphjwm627sj534 329 4 , , , work_zxx6htnoxzfbvphjwm627sj534 329 5 Beauty Beauty NNP work_zxx6htnoxzfbvphjwm627sj534 329 6 Contests Contests NNPS work_zxx6htnoxzfbvphjwm627sj534 329 7 and and CC work_zxx6htnoxzfbvphjwm627sj534 329 8 Iterated Iterated NNP work_zxx6htnoxzfbvphjwm627sj534 329 9 Expectations Expectations NNPS work_zxx6htnoxzfbvphjwm627sj534 329 10 in in IN work_zxx6htnoxzfbvphjwm627sj534 329 11 Asset Asset NNP work_zxx6htnoxzfbvphjwm627sj534 329 12 Markets Markets NNP work_zxx6htnoxzfbvphjwm627sj534 329 13 , , , work_zxx6htnoxzfbvphjwm627sj534 329 14 Review Review NNP work_zxx6htnoxzfbvphjwm627sj534 329 15 of of IN work_zxx6htnoxzfbvphjwm627sj534 329 16 Financial Financial NNP work_zxx6htnoxzfbvphjwm627sj534 329 17 Studies Studies NNPS work_zxx6htnoxzfbvphjwm627sj534 329 18 19 19 CD work_zxx6htnoxzfbvphjwm627sj534 329 19 , , , work_zxx6htnoxzfbvphjwm627sj534 329 20 719 719 CD work_zxx6htnoxzfbvphjwm627sj534 329 21 . . . work_zxx6htnoxzfbvphjwm627sj534 330 1 Anctil Anctil NNP work_zxx6htnoxzfbvphjwm627sj534 330 2 , , , work_zxx6htnoxzfbvphjwm627sj534 330 3 R.M. R.M. NNP work_zxx6htnoxzfbvphjwm627sj534 330 4 , , , work_zxx6htnoxzfbvphjwm627sj534 330 5 J. J. NNP work_zxx6htnoxzfbvphjwm627sj534 330 6 Dickhaut Dickhaut NNP work_zxx6htnoxzfbvphjwm627sj534 330 7 , , , work_zxx6htnoxzfbvphjwm627sj534 330 8 C. C. NNP work_zxx6htnoxzfbvphjwm627sj534 330 9 Kanodia Kanodia NNP work_zxx6htnoxzfbvphjwm627sj534 330 10 , , , work_zxx6htnoxzfbvphjwm627sj534 330 11 and and CC work_zxx6htnoxzfbvphjwm627sj534 330 12 B. B. NNP work_zxx6htnoxzfbvphjwm627sj534 330 13 Shapiro Shapiro NNP work_zxx6htnoxzfbvphjwm627sj534 330 14 , , , work_zxx6htnoxzfbvphjwm627sj534 330 15 2004 2004 CD work_zxx6htnoxzfbvphjwm627sj534 330 16 , , , work_zxx6htnoxzfbvphjwm627sj534 330 17 Information Information NNP work_zxx6htnoxzfbvphjwm627sj534 330 18 Transparency Transparency NNP work_zxx6htnoxzfbvphjwm627sj534 330 19 and and CC work_zxx6htnoxzfbvphjwm627sj534 330 20 Coordination Coordination NNP work_zxx6htnoxzfbvphjwm627sj534 330 21 Failure Failure NNP work_zxx6htnoxzfbvphjwm627sj534 330 22 : : : work_zxx6htnoxzfbvphjwm627sj534 330 23 Theory Theory NNP work_zxx6htnoxzfbvphjwm627sj534 330 24 and and CC work_zxx6htnoxzfbvphjwm627sj534 330 25 Experiment Experiment NNP work_zxx6htnoxzfbvphjwm627sj534 330 26 , , , work_zxx6htnoxzfbvphjwm627sj534 330 27 Journal Journal NNP work_zxx6htnoxzfbvphjwm627sj534 330 28 of of IN work_zxx6htnoxzfbvphjwm627sj534 330 29 Accounting Accounting NNP work_zxx6htnoxzfbvphjwm627sj534 330 30 Research Research NNP work_zxx6htnoxzfbvphjwm627sj534 330 31 42 42 CD work_zxx6htnoxzfbvphjwm627sj534 330 32 , , , work_zxx6htnoxzfbvphjwm627sj534 330 33 159–195 159–195 CD work_zxx6htnoxzfbvphjwm627sj534 330 34 . . . work_zxx6htnoxzfbvphjwm627sj534 331 1 Bikhchandani Bikhchandani NNP work_zxx6htnoxzfbvphjwm627sj534 331 2 , , , work_zxx6htnoxzfbvphjwm627sj534 331 3 S. S. NNP work_zxx6htnoxzfbvphjwm627sj534 331 4 , , , work_zxx6htnoxzfbvphjwm627sj534 331 5 D. D. NNP work_zxx6htnoxzfbvphjwm627sj534 331 6 Hirshleifer Hirshleifer NNP work_zxx6htnoxzfbvphjwm627sj534 331 7 , , , work_zxx6htnoxzfbvphjwm627sj534 331 8 and and CC work_zxx6htnoxzfbvphjwm627sj534 331 9 I. I. NNP work_zxx6htnoxzfbvphjwm627sj534 331 10 Welch Welch NNP work_zxx6htnoxzfbvphjwm627sj534 331 11 , , , work_zxx6htnoxzfbvphjwm627sj534 331 12 1998 1998 CD work_zxx6htnoxzfbvphjwm627sj534 331 13 , , , work_zxx6htnoxzfbvphjwm627sj534 331 14 Learning learn VBG work_zxx6htnoxzfbvphjwm627sj534 331 15 from from IN work_zxx6htnoxzfbvphjwm627sj534 331 16 the the DT work_zxx6htnoxzfbvphjwm627sj534 331 17 Behavior Behavior NNP work_zxx6htnoxzfbvphjwm627sj534 331 18 of of IN work_zxx6htnoxzfbvphjwm627sj534 331 19 Others Others NNPS work_zxx6htnoxzfbvphjwm627sj534 331 20 : : : work_zxx6htnoxzfbvphjwm627sj534 331 21 Con- con- NN work_zxx6htnoxzfbvphjwm627sj534 331 22 formity formity NN work_zxx6htnoxzfbvphjwm627sj534 331 23 , , , work_zxx6htnoxzfbvphjwm627sj534 331 24 Fads Fads NNP work_zxx6htnoxzfbvphjwm627sj534 331 25 , , , work_zxx6htnoxzfbvphjwm627sj534 331 26 and and CC work_zxx6htnoxzfbvphjwm627sj534 331 27 Informational Informational NNP work_zxx6htnoxzfbvphjwm627sj534 331 28 Cascades Cascades NNPS work_zxx6htnoxzfbvphjwm627sj534 331 29 , , , work_zxx6htnoxzfbvphjwm627sj534 331 30 The the DT work_zxx6htnoxzfbvphjwm627sj534 331 31 Journal Journal NNP work_zxx6htnoxzfbvphjwm627sj534 331 32 of of IN work_zxx6htnoxzfbvphjwm627sj534 331 33 Economic Economic NNP work_zxx6htnoxzfbvphjwm627sj534 331 34 Perspectives Perspectives NNP work_zxx6htnoxzfbvphjwm627sj534 331 35 12 12 CD work_zxx6htnoxzfbvphjwm627sj534 331 36 , , , work_zxx6htnoxzfbvphjwm627sj534 331 37 151–170 151–170 CD work_zxx6htnoxzfbvphjwm627sj534 331 38 . . . work_zxx6htnoxzfbvphjwm627sj534 332 1 Black Black NNP work_zxx6htnoxzfbvphjwm627sj534 332 2 , , , work_zxx6htnoxzfbvphjwm627sj534 332 3 F. F. NNP work_zxx6htnoxzfbvphjwm627sj534 332 4 , , , work_zxx6htnoxzfbvphjwm627sj534 332 5 1986 1986 CD work_zxx6htnoxzfbvphjwm627sj534 332 6 , , , work_zxx6htnoxzfbvphjwm627sj534 332 7 Noise Noise NNP work_zxx6htnoxzfbvphjwm627sj534 332 8 , , , work_zxx6htnoxzfbvphjwm627sj534 332 9 The the DT work_zxx6htnoxzfbvphjwm627sj534 332 10 Journal Journal NNP work_zxx6htnoxzfbvphjwm627sj534 332 11 of of IN work_zxx6htnoxzfbvphjwm627sj534 332 12 Finance Finance NNP work_zxx6htnoxzfbvphjwm627sj534 332 13 41 41 CD work_zxx6htnoxzfbvphjwm627sj534 332 14 , , , work_zxx6htnoxzfbvphjwm627sj534 332 15 529–543 529–543 CD work_zxx6htnoxzfbvphjwm627sj534 332 16 . . . work_zxx6htnoxzfbvphjwm627sj534 333 1 Brown Brown NNP work_zxx6htnoxzfbvphjwm627sj534 333 2 , , , work_zxx6htnoxzfbvphjwm627sj534 333 3 D.P. D.P. NNP work_zxx6htnoxzfbvphjwm627sj534 333 4 , , , work_zxx6htnoxzfbvphjwm627sj534 333 5 and and CC work_zxx6htnoxzfbvphjwm627sj534 333 6 R.H. R.H. NNP work_zxx6htnoxzfbvphjwm627sj534 333 7 Jennings Jennings NNP work_zxx6htnoxzfbvphjwm627sj534 333 8 , , , work_zxx6htnoxzfbvphjwm627sj534 333 9 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 333 10 , , , work_zxx6htnoxzfbvphjwm627sj534 333 11 On on IN work_zxx6htnoxzfbvphjwm627sj534 333 12 technical technical JJ work_zxx6htnoxzfbvphjwm627sj534 333 13 analysis analysis NN work_zxx6htnoxzfbvphjwm627sj534 333 14 , , , work_zxx6htnoxzfbvphjwm627sj534 333 15 Review Review NNP work_zxx6htnoxzfbvphjwm627sj534 333 16 of of IN work_zxx6htnoxzfbvphjwm627sj534 333 17 Financial Financial NNP work_zxx6htnoxzfbvphjwm627sj534 333 18 Studies Studies NNPS work_zxx6htnoxzfbvphjwm627sj534 333 19 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 333 20 , , , work_zxx6htnoxzfbvphjwm627sj534 333 21 527 527 CD work_zxx6htnoxzfbvphjwm627sj534 333 22 – – : work_zxx6htnoxzfbvphjwm627sj534 333 23 551 551 CD work_zxx6htnoxzfbvphjwm627sj534 333 24 . . . work_zxx6htnoxzfbvphjwm627sj534 334 1 Brunnermeier Brunnermeier NNP work_zxx6htnoxzfbvphjwm627sj534 334 2 , , , work_zxx6htnoxzfbvphjwm627sj534 334 3 M.K. M.K. NNP work_zxx6htnoxzfbvphjwm627sj534 334 4 , , , work_zxx6htnoxzfbvphjwm627sj534 334 5 2001 2001 CD work_zxx6htnoxzfbvphjwm627sj534 334 6 , , , work_zxx6htnoxzfbvphjwm627sj534 334 7 Asset Asset NNP work_zxx6htnoxzfbvphjwm627sj534 334 8 Pricing Pricing NNP work_zxx6htnoxzfbvphjwm627sj534 334 9 Under under IN work_zxx6htnoxzfbvphjwm627sj534 334 10 Asymmetric Asymmetric NNP work_zxx6htnoxzfbvphjwm627sj534 334 11 Information information NN work_zxx6htnoxzfbvphjwm627sj534 334 12 : : : work_zxx6htnoxzfbvphjwm627sj534 334 13 Bubbles bubble NNS work_zxx6htnoxzfbvphjwm627sj534 334 14 , , , work_zxx6htnoxzfbvphjwm627sj534 334 15 Crashes Crashes NNPS work_zxx6htnoxzfbvphjwm627sj534 334 16 , , , work_zxx6htnoxzfbvphjwm627sj534 334 17 Tech- tech- WRB work_zxx6htnoxzfbvphjwm627sj534 334 18 nical nical JJ work_zxx6htnoxzfbvphjwm627sj534 334 19 Analysis Analysis NNP work_zxx6htnoxzfbvphjwm627sj534 334 20 , , , work_zxx6htnoxzfbvphjwm627sj534 334 21 and and CC work_zxx6htnoxzfbvphjwm627sj534 334 22 Herding Herding NNP work_zxx6htnoxzfbvphjwm627sj534 334 23 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 334 24 Oxford Oxford NNP work_zxx6htnoxzfbvphjwm627sj534 334 25 University University NNP work_zxx6htnoxzfbvphjwm627sj534 334 26 Press Press NNP work_zxx6htnoxzfbvphjwm627sj534 334 27 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 334 28 . . . work_zxx6htnoxzfbvphjwm627sj534 335 1 Diamond Diamond NNP work_zxx6htnoxzfbvphjwm627sj534 335 2 , , , work_zxx6htnoxzfbvphjwm627sj534 335 3 D.W. D.W. NNP work_zxx6htnoxzfbvphjwm627sj534 335 4 , , , work_zxx6htnoxzfbvphjwm627sj534 335 5 and and CC work_zxx6htnoxzfbvphjwm627sj534 335 6 R.E. R.E. NNP work_zxx6htnoxzfbvphjwm627sj534 336 1 Verrecchia Verrecchia NNP work_zxx6htnoxzfbvphjwm627sj534 336 2 , , , work_zxx6htnoxzfbvphjwm627sj534 336 3 1981 1981 CD work_zxx6htnoxzfbvphjwm627sj534 336 4 , , , work_zxx6htnoxzfbvphjwm627sj534 336 5 Information Information NNP work_zxx6htnoxzfbvphjwm627sj534 336 6 Aggregation Aggregation NNP work_zxx6htnoxzfbvphjwm627sj534 336 7 in in IN work_zxx6htnoxzfbvphjwm627sj534 336 8 a a DT work_zxx6htnoxzfbvphjwm627sj534 336 9 Noisy Noisy NNP work_zxx6htnoxzfbvphjwm627sj534 336 10 Rational Rational NNP work_zxx6htnoxzfbvphjwm627sj534 336 11 Expec- Expec- NNP work_zxx6htnoxzfbvphjwm627sj534 336 12 tations tation NNS work_zxx6htnoxzfbvphjwm627sj534 336 13 Economy economy NN work_zxx6htnoxzfbvphjwm627sj534 336 14 , , , work_zxx6htnoxzfbvphjwm627sj534 336 15 Journal Journal NNP work_zxx6htnoxzfbvphjwm627sj534 336 16 of of IN work_zxx6htnoxzfbvphjwm627sj534 336 17 Financial Financial NNP work_zxx6htnoxzfbvphjwm627sj534 336 18 Economics Economics NNP work_zxx6htnoxzfbvphjwm627sj534 336 19 9 9 CD work_zxx6htnoxzfbvphjwm627sj534 336 20 , , , work_zxx6htnoxzfbvphjwm627sj534 336 21 221–235 221–235 CD work_zxx6htnoxzfbvphjwm627sj534 336 22 . . . work_zxx6htnoxzfbvphjwm627sj534 337 1 Easley Easley NNP work_zxx6htnoxzfbvphjwm627sj534 337 2 , , , work_zxx6htnoxzfbvphjwm627sj534 337 3 D. D. NNP work_zxx6htnoxzfbvphjwm627sj534 337 4 , , , work_zxx6htnoxzfbvphjwm627sj534 337 5 and and CC work_zxx6htnoxzfbvphjwm627sj534 337 6 M. M. NNP work_zxx6htnoxzfbvphjwm627sj534 337 7 O’hara O’hara NNP work_zxx6htnoxzfbvphjwm627sj534 337 8 , , , work_zxx6htnoxzfbvphjwm627sj534 337 9 2004 2004 CD work_zxx6htnoxzfbvphjwm627sj534 337 10 , , , work_zxx6htnoxzfbvphjwm627sj534 337 11 Information information NN work_zxx6htnoxzfbvphjwm627sj534 337 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 337 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 337 14 Cost cost NN work_zxx6htnoxzfbvphjwm627sj534 337 15 of of IN work_zxx6htnoxzfbvphjwm627sj534 337 16 Capital capital NN work_zxx6htnoxzfbvphjwm627sj534 337 17 , , , work_zxx6htnoxzfbvphjwm627sj534 337 18 The the DT work_zxx6htnoxzfbvphjwm627sj534 337 19 Journal Journal NNP work_zxx6htnoxzfbvphjwm627sj534 337 20 of of IN work_zxx6htnoxzfbvphjwm627sj534 337 21 Finance Finance NNP work_zxx6htnoxzfbvphjwm627sj534 337 22 59 59 CD work_zxx6htnoxzfbvphjwm627sj534 337 23 , , , work_zxx6htnoxzfbvphjwm627sj534 337 24 1553–1583 1553–1583 CD work_zxx6htnoxzfbvphjwm627sj534 337 25 . . . work_zxx6htnoxzfbvphjwm627sj534 338 1 Fama Fama NNP work_zxx6htnoxzfbvphjwm627sj534 338 2 , , , work_zxx6htnoxzfbvphjwm627sj534 338 3 E.F. E.F. NNP work_zxx6htnoxzfbvphjwm627sj534 338 4 , , , work_zxx6htnoxzfbvphjwm627sj534 338 5 1970 1970 CD work_zxx6htnoxzfbvphjwm627sj534 338 6 , , , work_zxx6htnoxzfbvphjwm627sj534 338 7 Efficient Efficient NNP work_zxx6htnoxzfbvphjwm627sj534 338 8 Capital Capital NNP work_zxx6htnoxzfbvphjwm627sj534 338 9 Markets Markets NNPS work_zxx6htnoxzfbvphjwm627sj534 338 10 : : : work_zxx6htnoxzfbvphjwm627sj534 338 11 A a DT work_zxx6htnoxzfbvphjwm627sj534 338 12 Review Review NNP work_zxx6htnoxzfbvphjwm627sj534 338 13 of of IN work_zxx6htnoxzfbvphjwm627sj534 338 14 Theory Theory NNP work_zxx6htnoxzfbvphjwm627sj534 338 15 and and CC work_zxx6htnoxzfbvphjwm627sj534 338 16 Empirical Empirical NNP work_zxx6htnoxzfbvphjwm627sj534 338 17 Work Work NNP work_zxx6htnoxzfbvphjwm627sj534 338 18 , , , work_zxx6htnoxzfbvphjwm627sj534 338 19 The the DT work_zxx6htnoxzfbvphjwm627sj534 338 20 Journal Journal NNP work_zxx6htnoxzfbvphjwm627sj534 338 21 of of IN work_zxx6htnoxzfbvphjwm627sj534 338 22 Finance Finance NNP work_zxx6htnoxzfbvphjwm627sj534 338 23 25 25 CD work_zxx6htnoxzfbvphjwm627sj534 338 24 , , , work_zxx6htnoxzfbvphjwm627sj534 338 25 383–417 383–417 CD work_zxx6htnoxzfbvphjwm627sj534 338 26 . . . work_zxx6htnoxzfbvphjwm627sj534 339 1 32 32 CD work_zxx6htnoxzfbvphjwm627sj534 339 2 FASB FASB NNP work_zxx6htnoxzfbvphjwm627sj534 339 3 , , , work_zxx6htnoxzfbvphjwm627sj534 339 4 1978 1978 CD work_zxx6htnoxzfbvphjwm627sj534 339 5 , , , work_zxx6htnoxzfbvphjwm627sj534 339 6 Statements Statements NNPS work_zxx6htnoxzfbvphjwm627sj534 339 7 of of IN work_zxx6htnoxzfbvphjwm627sj534 339 8 Financial Financial NNP work_zxx6htnoxzfbvphjwm627sj534 339 9 Accounting Accounting NNP work_zxx6htnoxzfbvphjwm627sj534 339 10 Concepts Concepts NNP work_zxx6htnoxzfbvphjwm627sj534 339 11 for for IN work_zxx6htnoxzfbvphjwm627sj534 339 12 Business Business NNP work_zxx6htnoxzfbvphjwm627sj534 339 13 Enterprises Enterprises NNP work_zxx6htnoxzfbvphjwm627sj534 339 14 No no UH work_zxx6htnoxzfbvphjwm627sj534 339 15 . . . work_zxx6htnoxzfbvphjwm627sj534 340 1 1 1 LS work_zxx6htnoxzfbvphjwm627sj534 340 2 : : : work_zxx6htnoxzfbvphjwm627sj534 340 3 Objec- Objec- NNP work_zxx6htnoxzfbvphjwm627sj534 340 4 tives tive NNS work_zxx6htnoxzfbvphjwm627sj534 340 5 of of IN work_zxx6htnoxzfbvphjwm627sj534 340 6 Financial Financial NNP work_zxx6htnoxzfbvphjwm627sj534 340 7 Reporting Reporting NNP work_zxx6htnoxzfbvphjwm627sj534 340 8 by by IN work_zxx6htnoxzfbvphjwm627sj534 340 9 Business Business NNP work_zxx6htnoxzfbvphjwm627sj534 340 10 Enterprises Enterprises NNP work_zxx6htnoxzfbvphjwm627sj534 340 11 , , , work_zxx6htnoxzfbvphjwm627sj534 340 12 Stamford Stamford NNP work_zxx6htnoxzfbvphjwm627sj534 340 13 , , , work_zxx6htnoxzfbvphjwm627sj534 340 14 Connecticut Connecticut NNP work_zxx6htnoxzfbvphjwm627sj534 340 15 : : : work_zxx6htnoxzfbvphjwm627sj534 340 16 Financial Financial NNP work_zxx6htnoxzfbvphjwm627sj534 340 17 Account- Account- NNP work_zxx6htnoxzfbvphjwm627sj534 340 18 ing ing NNP work_zxx6htnoxzfbvphjwm627sj534 340 19 Standards Standards NNP work_zxx6htnoxzfbvphjwm627sj534 340 20 Board Board NNP work_zxx6htnoxzfbvphjwm627sj534 340 21 . . . work_zxx6htnoxzfbvphjwm627sj534 341 1 Grossman Grossman NNP work_zxx6htnoxzfbvphjwm627sj534 341 2 , , , work_zxx6htnoxzfbvphjwm627sj534 341 3 S. S. NNP work_zxx6htnoxzfbvphjwm627sj534 341 4 , , , work_zxx6htnoxzfbvphjwm627sj534 341 5 1976 1976 CD work_zxx6htnoxzfbvphjwm627sj534 341 6 , , , work_zxx6htnoxzfbvphjwm627sj534 341 7 On on IN work_zxx6htnoxzfbvphjwm627sj534 341 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 341 9 Efficiency Efficiency NNP work_zxx6htnoxzfbvphjwm627sj534 341 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 341 11 Competitive Competitive NNP work_zxx6htnoxzfbvphjwm627sj534 341 12 Stock Stock NNP work_zxx6htnoxzfbvphjwm627sj534 341 13 Markets Markets NNPS work_zxx6htnoxzfbvphjwm627sj534 341 14 Where where WRB work_zxx6htnoxzfbvphjwm627sj534 341 15 Trades trade NNS work_zxx6htnoxzfbvphjwm627sj534 341 16 Have have VBP work_zxx6htnoxzfbvphjwm627sj534 341 17 Diverse diverse JJ work_zxx6htnoxzfbvphjwm627sj534 341 18 Information information NN work_zxx6htnoxzfbvphjwm627sj534 341 19 , , , work_zxx6htnoxzfbvphjwm627sj534 341 20 The the DT work_zxx6htnoxzfbvphjwm627sj534 341 21 Journal Journal NNP work_zxx6htnoxzfbvphjwm627sj534 341 22 of of IN work_zxx6htnoxzfbvphjwm627sj534 341 23 Finance Finance NNP work_zxx6htnoxzfbvphjwm627sj534 341 24 31 31 CD work_zxx6htnoxzfbvphjwm627sj534 341 25 , , , work_zxx6htnoxzfbvphjwm627sj534 341 26 573–585 573–585 CD work_zxx6htnoxzfbvphjwm627sj534 341 27 . . . work_zxx6htnoxzfbvphjwm627sj534 342 1 Grossman Grossman NNP work_zxx6htnoxzfbvphjwm627sj534 342 2 , , , work_zxx6htnoxzfbvphjwm627sj534 342 3 S.J. S.J. NNP work_zxx6htnoxzfbvphjwm627sj534 342 4 , , , work_zxx6htnoxzfbvphjwm627sj534 342 5 1995 1995 CD work_zxx6htnoxzfbvphjwm627sj534 342 6 , , , work_zxx6htnoxzfbvphjwm627sj534 342 7 Dynamic Dynamic NNP work_zxx6htnoxzfbvphjwm627sj534 342 8 Asset Asset NNP work_zxx6htnoxzfbvphjwm627sj534 342 9 Allocation Allocation NNP work_zxx6htnoxzfbvphjwm627sj534 342 10 and and CC work_zxx6htnoxzfbvphjwm627sj534 342 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 342 12 Informational Informational NNP work_zxx6htnoxzfbvphjwm627sj534 342 13 Efficiency Efficiency NNP work_zxx6htnoxzfbvphjwm627sj534 342 14 of of IN work_zxx6htnoxzfbvphjwm627sj534 342 15 Markets Markets NNPS work_zxx6htnoxzfbvphjwm627sj534 342 16 , , , work_zxx6htnoxzfbvphjwm627sj534 342 17 The the DT work_zxx6htnoxzfbvphjwm627sj534 342 18 Journal Journal NNP work_zxx6htnoxzfbvphjwm627sj534 342 19 of of IN work_zxx6htnoxzfbvphjwm627sj534 342 20 Finance Finance NNP work_zxx6htnoxzfbvphjwm627sj534 342 21 50 50 CD work_zxx6htnoxzfbvphjwm627sj534 342 22 , , , work_zxx6htnoxzfbvphjwm627sj534 342 23 773–787 773–787 CD work_zxx6htnoxzfbvphjwm627sj534 342 24 . . . work_zxx6htnoxzfbvphjwm627sj534 343 1 , , , work_zxx6htnoxzfbvphjwm627sj534 343 2 and and CC work_zxx6htnoxzfbvphjwm627sj534 343 3 J.E. J.E. NNP work_zxx6htnoxzfbvphjwm627sj534 344 1 Stiglitz Stiglitz NNP work_zxx6htnoxzfbvphjwm627sj534 344 2 , , , work_zxx6htnoxzfbvphjwm627sj534 344 3 1980 1980 CD work_zxx6htnoxzfbvphjwm627sj534 344 4 , , , work_zxx6htnoxzfbvphjwm627sj534 344 5 On on IN work_zxx6htnoxzfbvphjwm627sj534 344 6 the the DT work_zxx6htnoxzfbvphjwm627sj534 344 7 Impossibility Impossibility NNP work_zxx6htnoxzfbvphjwm627sj534 344 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 344 9 Informationally Informationally NNP work_zxx6htnoxzfbvphjwm627sj534 344 10 Efficient Efficient NNP work_zxx6htnoxzfbvphjwm627sj534 344 11 Markets Markets NNPS work_zxx6htnoxzfbvphjwm627sj534 344 12 , , , work_zxx6htnoxzfbvphjwm627sj534 344 13 The the DT work_zxx6htnoxzfbvphjwm627sj534 344 14 American American NNP work_zxx6htnoxzfbvphjwm627sj534 344 15 Economic Economic NNP work_zxx6htnoxzfbvphjwm627sj534 344 16 Review Review NNP work_zxx6htnoxzfbvphjwm627sj534 344 17 70 70 CD work_zxx6htnoxzfbvphjwm627sj534 344 18 , , , work_zxx6htnoxzfbvphjwm627sj534 344 19 393–408 393–408 CD work_zxx6htnoxzfbvphjwm627sj534 344 20 . . . work_zxx6htnoxzfbvphjwm627sj534 345 1 Grundy Grundy NNP work_zxx6htnoxzfbvphjwm627sj534 345 2 , , , work_zxx6htnoxzfbvphjwm627sj534 345 3 B.D. B.D. NNP work_zxx6htnoxzfbvphjwm627sj534 345 4 , , , work_zxx6htnoxzfbvphjwm627sj534 345 5 and and CC work_zxx6htnoxzfbvphjwm627sj534 345 6 M. M. NNP work_zxx6htnoxzfbvphjwm627sj534 345 7 McNichols McNichols NNP work_zxx6htnoxzfbvphjwm627sj534 345 8 , , , work_zxx6htnoxzfbvphjwm627sj534 345 9 1989 1989 CD work_zxx6htnoxzfbvphjwm627sj534 345 10 , , , work_zxx6htnoxzfbvphjwm627sj534 345 11 Trade Trade NNP work_zxx6htnoxzfbvphjwm627sj534 345 12 and and CC work_zxx6htnoxzfbvphjwm627sj534 345 13 the the DT work_zxx6htnoxzfbvphjwm627sj534 345 14 revelation revelation NN work_zxx6htnoxzfbvphjwm627sj534 345 15 of of IN work_zxx6htnoxzfbvphjwm627sj534 345 16 information information NN work_zxx6htnoxzfbvphjwm627sj534 345 17 through through IN work_zxx6htnoxzfbvphjwm627sj534 345 18 prices price NNS work_zxx6htnoxzfbvphjwm627sj534 345 19 and and CC work_zxx6htnoxzfbvphjwm627sj534 345 20 direct direct JJ work_zxx6htnoxzfbvphjwm627sj534 345 21 disclosure disclosure NN work_zxx6htnoxzfbvphjwm627sj534 345 22 , , , work_zxx6htnoxzfbvphjwm627sj534 345 23 Review Review NNP work_zxx6htnoxzfbvphjwm627sj534 345 24 of of IN work_zxx6htnoxzfbvphjwm627sj534 345 25 Financial Financial NNP work_zxx6htnoxzfbvphjwm627sj534 345 26 Studies Studies NNPS work_zxx6htnoxzfbvphjwm627sj534 345 27 2 2 CD work_zxx6htnoxzfbvphjwm627sj534 345 28 , , , work_zxx6htnoxzfbvphjwm627sj534 345 29 495–526 495–526 CD work_zxx6htnoxzfbvphjwm627sj534 345 30 . . . work_zxx6htnoxzfbvphjwm627sj534 346 1 Hayek Hayek NNP work_zxx6htnoxzfbvphjwm627sj534 346 2 , , , work_zxx6htnoxzfbvphjwm627sj534 346 3 F.A. F.A. NNP work_zxx6htnoxzfbvphjwm627sj534 346 4 , , , work_zxx6htnoxzfbvphjwm627sj534 346 5 1945 1945 CD work_zxx6htnoxzfbvphjwm627sj534 346 6 , , , work_zxx6htnoxzfbvphjwm627sj534 346 7 The the DT work_zxx6htnoxzfbvphjwm627sj534 346 8 Use Use NNP work_zxx6htnoxzfbvphjwm627sj534 346 9 of of IN work_zxx6htnoxzfbvphjwm627sj534 346 10 Knowledge Knowledge NNP work_zxx6htnoxzfbvphjwm627sj534 346 11 in in IN work_zxx6htnoxzfbvphjwm627sj534 346 12 Society Society NNP work_zxx6htnoxzfbvphjwm627sj534 346 13 , , , work_zxx6htnoxzfbvphjwm627sj534 346 14 The the DT work_zxx6htnoxzfbvphjwm627sj534 346 15 American American NNP work_zxx6htnoxzfbvphjwm627sj534 346 16 Economic Economic NNP work_zxx6htnoxzfbvphjwm627sj534 346 17 Review Review NNP work_zxx6htnoxzfbvphjwm627sj534 346 18 35 35 CD work_zxx6htnoxzfbvphjwm627sj534 346 19 , , , work_zxx6htnoxzfbvphjwm627sj534 346 20 519–530 519–530 CD work_zxx6htnoxzfbvphjwm627sj534 346 21 . . . work_zxx6htnoxzfbvphjwm627sj534 347 1 Hirota Hirota NNP work_zxx6htnoxzfbvphjwm627sj534 347 2 , , , work_zxx6htnoxzfbvphjwm627sj534 347 3 S. S. NNP work_zxx6htnoxzfbvphjwm627sj534 347 4 , , , work_zxx6htnoxzfbvphjwm627sj534 347 5 and and CC work_zxx6htnoxzfbvphjwm627sj534 347 6 S. S. NNP work_zxx6htnoxzfbvphjwm627sj534 347 7 Sunder Sunder NNP work_zxx6htnoxzfbvphjwm627sj534 347 8 , , , work_zxx6htnoxzfbvphjwm627sj534 347 9 2007 2007 CD work_zxx6htnoxzfbvphjwm627sj534 347 10 , , , work_zxx6htnoxzfbvphjwm627sj534 347 11 Price Price NNP work_zxx6htnoxzfbvphjwm627sj534 347 12 Bubbles Bubbles NNPS work_zxx6htnoxzfbvphjwm627sj534 347 13 Sans Sans NNPS work_zxx6htnoxzfbvphjwm627sj534 347 14 Dividend Dividend NNP work_zxx6htnoxzfbvphjwm627sj534 347 15 Anchors Anchors NNPS work_zxx6htnoxzfbvphjwm627sj534 347 16 : : : work_zxx6htnoxzfbvphjwm627sj534 347 17 Evidence evidence NN work_zxx6htnoxzfbvphjwm627sj534 347 18 from from IN work_zxx6htnoxzfbvphjwm627sj534 347 19 Laboratory Laboratory NNP work_zxx6htnoxzfbvphjwm627sj534 347 20 Stock Stock NNP work_zxx6htnoxzfbvphjwm627sj534 347 21 Markets Markets NNP work_zxx6htnoxzfbvphjwm627sj534 347 22 , , , work_zxx6htnoxzfbvphjwm627sj534 347 23 Journal Journal NNP work_zxx6htnoxzfbvphjwm627sj534 347 24 of of IN work_zxx6htnoxzfbvphjwm627sj534 347 25 Economic Economic NNP work_zxx6htnoxzfbvphjwm627sj534 347 26 Dynamics Dynamics NNPS work_zxx6htnoxzfbvphjwm627sj534 347 27 and and CC work_zxx6htnoxzfbvphjwm627sj534 347 28 Control Control NNP work_zxx6htnoxzfbvphjwm627sj534 347 29 31 31 CD work_zxx6htnoxzfbvphjwm627sj534 347 30 , , , work_zxx6htnoxzfbvphjwm627sj534 347 31 1875–1909 1875–1909 CD work_zxx6htnoxzfbvphjwm627sj534 347 32 . . . work_zxx6htnoxzfbvphjwm627sj534 348 1 Hirshleifer Hirshleifer NNP work_zxx6htnoxzfbvphjwm627sj534 348 2 , , , work_zxx6htnoxzfbvphjwm627sj534 348 3 J. J. NNP work_zxx6htnoxzfbvphjwm627sj534 348 4 , , , work_zxx6htnoxzfbvphjwm627sj534 348 5 1971 1971 CD work_zxx6htnoxzfbvphjwm627sj534 348 6 , , , work_zxx6htnoxzfbvphjwm627sj534 348 7 The the DT work_zxx6htnoxzfbvphjwm627sj534 348 8 Private private JJ work_zxx6htnoxzfbvphjwm627sj534 348 9 and and CC work_zxx6htnoxzfbvphjwm627sj534 348 10 Social Social NNP work_zxx6htnoxzfbvphjwm627sj534 348 11 Value Value NNP work_zxx6htnoxzfbvphjwm627sj534 348 12 of of IN work_zxx6htnoxzfbvphjwm627sj534 348 13 Information Information NNP work_zxx6htnoxzfbvphjwm627sj534 348 14 and and CC work_zxx6htnoxzfbvphjwm627sj534 348 15 the the DT work_zxx6htnoxzfbvphjwm627sj534 348 16 Reward Reward NNP work_zxx6htnoxzfbvphjwm627sj534 348 17 to to IN work_zxx6htnoxzfbvphjwm627sj534 348 18 Inventive Inventive NNP work_zxx6htnoxzfbvphjwm627sj534 348 19 Activity Activity NNP work_zxx6htnoxzfbvphjwm627sj534 348 20 , , , work_zxx6htnoxzfbvphjwm627sj534 348 21 The the DT work_zxx6htnoxzfbvphjwm627sj534 348 22 American American NNP work_zxx6htnoxzfbvphjwm627sj534 348 23 Economic Economic NNP work_zxx6htnoxzfbvphjwm627sj534 348 24 Review Review NNP work_zxx6htnoxzfbvphjwm627sj534 348 25 61 61 CD work_zxx6htnoxzfbvphjwm627sj534 348 26 , , , work_zxx6htnoxzfbvphjwm627sj534 348 27 561–574 561–574 CD work_zxx6htnoxzfbvphjwm627sj534 348 28 . . . work_zxx6htnoxzfbvphjwm627sj534 349 1 Keynes Keynes NNP work_zxx6htnoxzfbvphjwm627sj534 349 2 , , , work_zxx6htnoxzfbvphjwm627sj534 349 3 J.M. J.M. NNP work_zxx6htnoxzfbvphjwm627sj534 349 4 , , , work_zxx6htnoxzfbvphjwm627sj534 349 5 1936 1936 CD work_zxx6htnoxzfbvphjwm627sj534 349 6 , , , work_zxx6htnoxzfbvphjwm627sj534 349 7 The the DT work_zxx6htnoxzfbvphjwm627sj534 349 8 general general JJ work_zxx6htnoxzfbvphjwm627sj534 349 9 theory theory NN work_zxx6htnoxzfbvphjwm627sj534 349 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 349 11 employment employment NN work_zxx6htnoxzfbvphjwm627sj534 349 12 interest interest NN work_zxx6htnoxzfbvphjwm627sj534 349 13 and and CC work_zxx6htnoxzfbvphjwm627sj534 349 14 money money NN work_zxx6htnoxzfbvphjwm627sj534 349 15 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 349 16 Macmillan Macmillan NNP work_zxx6htnoxzfbvphjwm627sj534 349 17 London London NNP work_zxx6htnoxzfbvphjwm627sj534 349 18 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 349 19 . . . work_zxx6htnoxzfbvphjwm627sj534 350 1 Lambert Lambert NNP work_zxx6htnoxzfbvphjwm627sj534 350 2 , , , work_zxx6htnoxzfbvphjwm627sj534 350 3 R. R. NNP work_zxx6htnoxzfbvphjwm627sj534 350 4 , , , work_zxx6htnoxzfbvphjwm627sj534 350 5 C. C. NNP work_zxx6htnoxzfbvphjwm627sj534 350 6 Leuz Leuz NNP work_zxx6htnoxzfbvphjwm627sj534 350 7 , , , work_zxx6htnoxzfbvphjwm627sj534 350 8 and and CC work_zxx6htnoxzfbvphjwm627sj534 350 9 R.E. R.E. NNP work_zxx6htnoxzfbvphjwm627sj534 351 1 Verrecchia Verrecchia NNP work_zxx6htnoxzfbvphjwm627sj534 351 2 , , , work_zxx6htnoxzfbvphjwm627sj534 351 3 2007a 2007a CD work_zxx6htnoxzfbvphjwm627sj534 351 4 , , , work_zxx6htnoxzfbvphjwm627sj534 351 5 Accounting Accounting NNP work_zxx6htnoxzfbvphjwm627sj534 351 6 Information Information NNP work_zxx6htnoxzfbvphjwm627sj534 351 7 , , , work_zxx6htnoxzfbvphjwm627sj534 351 8 Disclosure Disclosure NNP work_zxx6htnoxzfbvphjwm627sj534 351 9 , , , work_zxx6htnoxzfbvphjwm627sj534 351 10 and and CC work_zxx6htnoxzfbvphjwm627sj534 351 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 351 12 Cost cost NN work_zxx6htnoxzfbvphjwm627sj534 351 13 of of IN work_zxx6htnoxzfbvphjwm627sj534 351 14 Capital Capital NNP work_zxx6htnoxzfbvphjwm627sj534 351 15 , , , work_zxx6htnoxzfbvphjwm627sj534 351 16 Journal Journal NNP work_zxx6htnoxzfbvphjwm627sj534 351 17 of of IN work_zxx6htnoxzfbvphjwm627sj534 351 18 Accounting Accounting NNP work_zxx6htnoxzfbvphjwm627sj534 351 19 Research Research NNP work_zxx6htnoxzfbvphjwm627sj534 351 20 45 45 CD work_zxx6htnoxzfbvphjwm627sj534 351 21 , , , work_zxx6htnoxzfbvphjwm627sj534 351 22 385–420 385–420 CD work_zxx6htnoxzfbvphjwm627sj534 351 23 . . . work_zxx6htnoxzfbvphjwm627sj534 352 1 33 33 CD work_zxx6htnoxzfbvphjwm627sj534 352 2 , , , work_zxx6htnoxzfbvphjwm627sj534 352 3 2007b 2007b CD work_zxx6htnoxzfbvphjwm627sj534 352 4 , , , work_zxx6htnoxzfbvphjwm627sj534 352 5 Information Information NNP work_zxx6htnoxzfbvphjwm627sj534 352 6 Asymmetry Asymmetry NNP work_zxx6htnoxzfbvphjwm627sj534 352 7 , , , work_zxx6htnoxzfbvphjwm627sj534 352 8 Information Information NNP work_zxx6htnoxzfbvphjwm627sj534 352 9 Precision Precision NNP work_zxx6htnoxzfbvphjwm627sj534 352 10 , , , work_zxx6htnoxzfbvphjwm627sj534 352 11 and and CC work_zxx6htnoxzfbvphjwm627sj534 352 12 the the DT work_zxx6htnoxzfbvphjwm627sj534 352 13 Cost cost NN work_zxx6htnoxzfbvphjwm627sj534 352 14 of of IN work_zxx6htnoxzfbvphjwm627sj534 352 15 Capital capital NN work_zxx6htnoxzfbvphjwm627sj534 352 16 , , , work_zxx6htnoxzfbvphjwm627sj534 352 17 working work VBG work_zxx6htnoxzfbvphjwm627sj534 352 18 paper paper NN work_zxx6htnoxzfbvphjwm627sj534 352 19 . . . work_zxx6htnoxzfbvphjwm627sj534 353 1 Morris Morris NNP work_zxx6htnoxzfbvphjwm627sj534 353 2 , , , work_zxx6htnoxzfbvphjwm627sj534 353 3 S. S. NNP work_zxx6htnoxzfbvphjwm627sj534 353 4 , , , work_zxx6htnoxzfbvphjwm627sj534 353 5 and and CC work_zxx6htnoxzfbvphjwm627sj534 353 6 H.S. H.S. NNP work_zxx6htnoxzfbvphjwm627sj534 354 1 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 354 2 , , , work_zxx6htnoxzfbvphjwm627sj534 354 3 2002 2002 CD work_zxx6htnoxzfbvphjwm627sj534 354 4 , , , work_zxx6htnoxzfbvphjwm627sj534 354 5 Social Social NNP work_zxx6htnoxzfbvphjwm627sj534 354 6 Value Value NNP work_zxx6htnoxzfbvphjwm627sj534 354 7 of of IN work_zxx6htnoxzfbvphjwm627sj534 354 8 Public Public NNP work_zxx6htnoxzfbvphjwm627sj534 354 9 Information Information NNP work_zxx6htnoxzfbvphjwm627sj534 354 10 , , , work_zxx6htnoxzfbvphjwm627sj534 354 11 The the DT work_zxx6htnoxzfbvphjwm627sj534 354 12 American American NNP work_zxx6htnoxzfbvphjwm627sj534 354 13 Economic Economic NNP work_zxx6htnoxzfbvphjwm627sj534 354 14 Review Review NNP work_zxx6htnoxzfbvphjwm627sj534 354 15 92 92 CD work_zxx6htnoxzfbvphjwm627sj534 354 16 , , , work_zxx6htnoxzfbvphjwm627sj534 354 17 1521–1534 1521–1534 CD work_zxx6htnoxzfbvphjwm627sj534 354 18 . . . work_zxx6htnoxzfbvphjwm627sj534 355 1 Plantin Plantin NNP work_zxx6htnoxzfbvphjwm627sj534 355 2 , , , work_zxx6htnoxzfbvphjwm627sj534 355 3 G. G. NNP work_zxx6htnoxzfbvphjwm627sj534 355 4 , , , work_zxx6htnoxzfbvphjwm627sj534 355 5 H. H. NNP work_zxx6htnoxzfbvphjwm627sj534 355 6 Sapra Sapra NNP work_zxx6htnoxzfbvphjwm627sj534 355 7 , , , work_zxx6htnoxzfbvphjwm627sj534 355 8 and and CC work_zxx6htnoxzfbvphjwm627sj534 355 9 H.S. H.S. NNP work_zxx6htnoxzfbvphjwm627sj534 356 1 Shin Shin NNP work_zxx6htnoxzfbvphjwm627sj534 356 2 , , , work_zxx6htnoxzfbvphjwm627sj534 356 3 2007 2007 CD work_zxx6htnoxzfbvphjwm627sj534 356 4 , , , work_zxx6htnoxzfbvphjwm627sj534 356 5 Marking mark VBG work_zxx6htnoxzfbvphjwm627sj534 356 6 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 356 7 to to IN work_zxx6htnoxzfbvphjwm627sj534 356 8 - - HYPH work_zxx6htnoxzfbvphjwm627sj534 356 9 Market market NN work_zxx6htnoxzfbvphjwm627sj534 356 10 : : : work_zxx6htnoxzfbvphjwm627sj534 356 11 Panacea Panacea NNP work_zxx6htnoxzfbvphjwm627sj534 356 12 or or CC work_zxx6htnoxzfbvphjwm627sj534 356 13 Pandora Pandora NNP work_zxx6htnoxzfbvphjwm627sj534 356 14 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 356 15 Box Box NNP work_zxx6htnoxzfbvphjwm627sj534 356 16 , , , work_zxx6htnoxzfbvphjwm627sj534 356 17 Journal Journal NNP work_zxx6htnoxzfbvphjwm627sj534 356 18 of of IN work_zxx6htnoxzfbvphjwm627sj534 356 19 Accounting Accounting NNP work_zxx6htnoxzfbvphjwm627sj534 356 20 Research Research NNP work_zxx6htnoxzfbvphjwm627sj534 356 21 forthcoming forthcoming JJ work_zxx6htnoxzfbvphjwm627sj534 356 22 . . . work_zxx6htnoxzfbvphjwm627sj534 357 1 Shiller Shiller NNP work_zxx6htnoxzfbvphjwm627sj534 357 2 , , , work_zxx6htnoxzfbvphjwm627sj534 357 3 R.J. R.J. NNP work_zxx6htnoxzfbvphjwm627sj534 357 4 , , , work_zxx6htnoxzfbvphjwm627sj534 357 5 2000 2000 CD work_zxx6htnoxzfbvphjwm627sj534 357 6 , , , work_zxx6htnoxzfbvphjwm627sj534 357 7 Irrational Irrational NNP work_zxx6htnoxzfbvphjwm627sj534 357 8 Exuberance Exuberance NNP work_zxx6htnoxzfbvphjwm627sj534 357 9 ( ( -LRB- work_zxx6htnoxzfbvphjwm627sj534 357 10 Princeton Princeton NNP work_zxx6htnoxzfbvphjwm627sj534 357 11 , , , work_zxx6htnoxzfbvphjwm627sj534 357 12 NJ NJ NNP work_zxx6htnoxzfbvphjwm627sj534 357 13 : : : work_zxx6htnoxzfbvphjwm627sj534 357 14 Princeton Princeton NNP work_zxx6htnoxzfbvphjwm627sj534 357 15 University University NNP work_zxx6htnoxzfbvphjwm627sj534 357 16 Press Press NNP work_zxx6htnoxzfbvphjwm627sj534 357 17 ) ) -RRB- work_zxx6htnoxzfbvphjwm627sj534 357 18 . . . work_zxx6htnoxzfbvphjwm627sj534 358 1 Tobin Tobin NNP work_zxx6htnoxzfbvphjwm627sj534 358 2 , , , work_zxx6htnoxzfbvphjwm627sj534 358 3 J. J. NNP work_zxx6htnoxzfbvphjwm627sj534 358 4 , , , work_zxx6htnoxzfbvphjwm627sj534 358 5 1984 1984 CD work_zxx6htnoxzfbvphjwm627sj534 358 6 , , , work_zxx6htnoxzfbvphjwm627sj534 358 7 On on IN work_zxx6htnoxzfbvphjwm627sj534 358 8 the the DT work_zxx6htnoxzfbvphjwm627sj534 358 9 Efficiency Efficiency NNP work_zxx6htnoxzfbvphjwm627sj534 358 10 of of IN work_zxx6htnoxzfbvphjwm627sj534 358 11 the the DT work_zxx6htnoxzfbvphjwm627sj534 358 12 Financial Financial NNP work_zxx6htnoxzfbvphjwm627sj534 358 13 System System NNP work_zxx6htnoxzfbvphjwm627sj534 358 14 , , , work_zxx6htnoxzfbvphjwm627sj534 358 15 Lloyd Lloyd NNP work_zxx6htnoxzfbvphjwm627sj534 358 16 ’s ’s POS work_zxx6htnoxzfbvphjwm627sj534 358 17 Bank Bank NNP work_zxx6htnoxzfbvphjwm627sj534 358 18 Review Review NNP work_zxx6htnoxzfbvphjwm627sj534 358 19 153 153 CD work_zxx6htnoxzfbvphjwm627sj534 358 20 , , , work_zxx6htnoxzfbvphjwm627sj534 358 21 1–15 1–15 CD work_zxx6htnoxzfbvphjwm627sj534 358 22 . . . work_zxx6htnoxzfbvphjwm627sj534 359 1 Walther Walther NNP work_zxx6htnoxzfbvphjwm627sj534 359 2 , , , work_zxx6htnoxzfbvphjwm627sj534 359 3 B.R. B.R. NNP work_zxx6htnoxzfbvphjwm627sj534 359 4 , , , work_zxx6htnoxzfbvphjwm627sj534 359 5 2004 2004 CD work_zxx6htnoxzfbvphjwm627sj534 359 6 , , , work_zxx6htnoxzfbvphjwm627sj534 359 7 Discussion Discussion NNP work_zxx6htnoxzfbvphjwm627sj534 359 8 of of IN work_zxx6htnoxzfbvphjwm627sj534 359 9 Information Information NNP work_zxx6htnoxzfbvphjwm627sj534 359 10 Transparency Transparency NNP work_zxx6htnoxzfbvphjwm627sj534 359 11 and and CC work_zxx6htnoxzfbvphjwm627sj534 359 12 Coordination Coordination NNP work_zxx6htnoxzfbvphjwm627sj534 359 13 Failure Failure NNP work_zxx6htnoxzfbvphjwm627sj534 359 14 : : : work_zxx6htnoxzfbvphjwm627sj534 359 15 Theory Theory NNP work_zxx6htnoxzfbvphjwm627sj534 359 16 and and CC work_zxx6htnoxzfbvphjwm627sj534 359 17 Experiment Experiment NNP work_zxx6htnoxzfbvphjwm627sj534 359 18 , , , work_zxx6htnoxzfbvphjwm627sj534 359 19 Journal Journal NNP work_zxx6htnoxzfbvphjwm627sj534 359 20 of of IN work_zxx6htnoxzfbvphjwm627sj534 359 21 Accounting Accounting NNP work_zxx6htnoxzfbvphjwm627sj534 359 22 Research Research NNP work_zxx6htnoxzfbvphjwm627sj534 359 23 42 42 CD work_zxx6htnoxzfbvphjwm627sj534 359 24 , , , work_zxx6htnoxzfbvphjwm627sj534 359 25 197–205 197–205 CD work_zxx6htnoxzfbvphjwm627sj534 359 26 . . . work_zxx6htnoxzfbvphjwm627sj534 360 1 34 34 CD