id	sid	tid	token	lemma	pos
cord-021959-1y67126b	1	1	key	key	NN
cord-021959-1y67126b	1	2	:	:	:
cord-021959-1y67126b	2	1	cord-021959	cord-021959	NN
cord-021959-1y67126b	2	2	-	-	HYPH
cord-021959-1y67126b	2	3	1y67126b	1y67126b	CD
cord-021959-1y67126b	2	4	authors	author	NNS
cord-021959-1y67126b	2	5	:	:	:
cord-021959-1y67126b	2	6	Madanoglu	Madanoglu	NNP
cord-021959-1y67126b	2	7	,	,	,
cord-021959-1y67126b	2	8	Melih	Melih	NNP
cord-021959-1y67126b	2	9	title	title	NN
cord-021959-1y67126b	2	10	:	:	:
cord-021959-1y67126b	2	11	State	state	NN
cord-021959-1y67126b	2	12	-	-	HYPH
cord-021959-1y67126b	2	13	of	of	IN
cord-021959-1y67126b	2	14	-	-	HYPH
cord-021959-1y67126b	2	15	the	the	DT
cord-021959-1y67126b	2	16	-	-	HYPH
cord-021959-1y67126b	2	17	art	art	NN
cord-021959-1y67126b	2	18	cost	cost	NN
cord-021959-1y67126b	2	19	of	of	IN
cord-021959-1y67126b	2	20	capital	capital	NN
cord-021959-1y67126b	2	21	in	in	IN
cord-021959-1y67126b	2	22	hospitality	hospitality	NN
cord-021959-1y67126b	2	23	strategic	strategic	JJ
cord-021959-1y67126b	2	24	management	management	NN
cord-021959-1y67126b	2	25	date	date	NN
cord-021959-1y67126b	2	26	:	:	:
cord-021959-1y67126b	2	27	2009	2009	CD
cord-021959-1y67126b	2	28	-	-	SYM
cord-021959-1y67126b	2	29	11	11	CD
cord-021959-1y67126b	2	30	-	-	SYM
cord-021959-1y67126b	2	31	16	16	CD
cord-021959-1y67126b	2	32	journal	journal	NN
cord-021959-1y67126b	2	33	:	:	:
cord-021959-1y67126b	3	1	Handbook	Handbook	NNP
cord-021959-1y67126b	3	2	of	of	IN
cord-021959-1y67126b	3	3	Hospitality	Hospitality	NNP
cord-021959-1y67126b	3	4	Strategic	Strategic	NNP
cord-021959-1y67126b	3	5	Management	Management	NNP
cord-021959-1y67126b	3	6	DOI	DOI	NNP
cord-021959-1y67126b	3	7	:	:	:
cord-021959-1y67126b	3	8	10.1016	10.1016	CD
cord-021959-1y67126b	3	9	/	/	SYM
cord-021959-1y67126b	3	10	b978	b978	NN
cord-021959-1y67126b	3	11	-	-	HYPH
cord-021959-1y67126b	3	12	0	0	CD
cord-021959-1y67126b	3	13	-	-	HYPH
cord-021959-1y67126b	3	14	08	08	CD
cord-021959-1y67126b	3	15	-	-	HYPH
cord-021959-1y67126b	3	16	045079	045079	CD
cord-021959-1y67126b	3	17	-	-	HYPH
cord-021959-1y67126b	3	18	7.00006	7.00006	CD
cord-021959-1y67126b	3	19	-	-	SYM
cord-021959-1y67126b	3	20	5	5	CD
cord-021959-1y67126b	3	21	sha	sha	NNP
cord-021959-1y67126b	3	22	:	:	:
cord-021959-1y67126b	3	23	d10278a6760047c442ac41bebfa853a83d0df0a1	d10278a6760047c442ac41bebfa853a83d0df0a1	NNP
cord-021959-1y67126b	3	24	doc_id	doc_id	NNP
cord-021959-1y67126b	3	25	:	:	:
cord-021959-1y67126b	3	26	21959	21959	CD
cord-021959-1y67126b	3	27	cord_uid	cord_uid	NNS
cord-021959-1y67126b	3	28	:	:	:
cord-021959-1y67126b	3	29	1y67126b	1y67126b	NNP
cord-021959-1y67126b	3	30	nan	nan	NNP
cord-021959-1y67126b	3	31	Making	make	VBG
cord-021959-1y67126b	3	32	well	well	RB
cord-021959-1y67126b	3	33	-	-	HYPH
cord-021959-1y67126b	3	34	informed	inform	VBN
cord-021959-1y67126b	3	35	and	and	CC
cord-021959-1y67126b	3	36	effective	effective	JJ
cord-021959-1y67126b	3	37	capital	capital	NN
cord-021959-1y67126b	3	38	investment	investment	NN
cord-021959-1y67126b	3	39	decisions	decision	NNS
cord-021959-1y67126b	3	40	lies	lie	VBZ
cord-021959-1y67126b	3	41	at	at	IN
cord-021959-1y67126b	3	42	the	the	DT
cord-021959-1y67126b	3	43	heart	heart	NN
cord-021959-1y67126b	3	44	of	of	IN
cord-021959-1y67126b	3	45	any	any	DT
cord-021959-1y67126b	3	46	successful	successful	JJ
cord-021959-1y67126b	3	47	business	business	NN
cord-021959-1y67126b	3	48	organization	organization	NN
cord-021959-1y67126b	3	49	.	.	.
cord-021959-1y67126b	4	1	However	however	RB
cord-021959-1y67126b	4	2	,	,	,
cord-021959-1y67126b	4	3	prior	prior	RB
cord-021959-1y67126b	4	4	to	to	IN
cord-021959-1y67126b	4	5	investing	invest	VBG
cord-021959-1y67126b	4	6	in	in	IN
cord-021959-1y67126b	4	7	a	a	DT
cord-021959-1y67126b	4	8	project	project	NN
cord-021959-1y67126b	4	9	,	,	,
cord-021959-1y67126b	4	10	an	an	DT
cord-021959-1y67126b	4	11	executive	executive	JJ
cord-021959-1y67126b	4	12	/	/	SYM
cord-021959-1y67126b	4	13	manager	manager	NN
cord-021959-1y67126b	4	14	should	should	MD
cord-021959-1y67126b	4	15	make	make	VB
cord-021959-1y67126b	4	16	three	three	CD
cord-021959-1y67126b	4	17	key	key	JJ
cord-021959-1y67126b	4	18	estimates	estimate	NNS
cord-021959-1y67126b	4	19	to	to	TO
cord-021959-1y67126b	4	20	ensure	ensure	VB
cord-021959-1y67126b	4	21	the	the	DT
cord-021959-1y67126b	4	22	viability	viability	NN
cord-021959-1y67126b	4	23	of	of	IN
cord-021959-1y67126b	4	24	a	a	DT
cord-021959-1y67126b	4	25	business	business	NN
cord-021959-1y67126b	4	26	project	project	NN
cord-021959-1y67126b	4	27	:	:	:
cord-021959-1y67126b	4	28	economic	economic	JJ
cord-021959-1y67126b	4	29	useful	useful	JJ
cord-021959-1y67126b	4	30	life	life	NN
cord-021959-1y67126b	4	31	of	of	IN
cord-021959-1y67126b	4	32	the	the	DT
cord-021959-1y67126b	4	33	asset	asset	NN
cord-021959-1y67126b	4	34	,	,	,
cord-021959-1y67126b	4	35	future	future	JJ
cord-021959-1y67126b	4	36	cash	cash	NN
cord-021959-1y67126b	4	37	flows	flow	VBZ
cord-021959-1y67126b	4	38	that	that	IN
cord-021959-1y67126b	4	39	the	the	DT
cord-021959-1y67126b	4	40	project	project	NN
cord-021959-1y67126b	4	41	will	will	MD
cord-021959-1y67126b	4	42	generate	generate	VB
cord-021959-1y67126b	4	43	,	,	,
cord-021959-1y67126b	4	44	and	and	CC
cord-021959-1y67126b	4	45	the	the	DT
cord-021959-1y67126b	4	46	discount	discount	NN
cord-021959-1y67126b	4	47	rate	rate	NN
cord-021959-1y67126b	4	48	that	that	WDT
cord-021959-1y67126b	4	49	properly	properly	RB
cord-021959-1y67126b	4	50	accounts	account	VBZ
cord-021959-1y67126b	4	51	for	for	IN
cord-021959-1y67126b	4	52	the	the	DT
cord-021959-1y67126b	4	53	time	time	NN
cord-021959-1y67126b	4	54	value	value	NN
cord-021959-1y67126b	4	55	of	of	IN
cord-021959-1y67126b	4	56	the	the	DT
cord-021959-1y67126b	4	57	capital	capital	NN
cord-021959-1y67126b	4	58	invested	invest	VBN
cord-021959-1y67126b	4	59	and	and	CC
cord-021959-1y67126b	4	60	compensates	compensate	VBZ
cord-021959-1y67126b	4	61	the	the	DT
cord-021959-1y67126b	4	62	investors	investor	NNS
cord-021959-1y67126b	4	63	for	for	IN
cord-021959-1y67126b	4	64	the	the	DT
cord-021959-1y67126b	4	65	risk	risk	NN
cord-021959-1y67126b	4	66	they	-PRON-	PRP
cord-021959-1y67126b	4	67	bear	bear	VBP
cord-021959-1y67126b	4	68	by	by	IN
cord-021959-1y67126b	4	69	investing	invest	VBG
cord-021959-1y67126b	4	70	in	in	IN
cord-021959-1y67126b	4	71	that	that	DT
cord-021959-1y67126b	4	72	project	project	NN
cord-021959-1y67126b	5	1	(	(	-LRB-
cord-021959-1y67126b	5	2	Olsen	Olsen	NNP
cord-021959-1y67126b	5	3	et	et	NNP
cord-021959-1y67126b	5	4	al	al	NNP
cord-021959-1y67126b	5	5	.	.	NNP
cord-021959-1y67126b	5	6	,	,	,
cord-021959-1y67126b	5	7	1998	1998	CD
cord-021959-1y67126b	5	8	)	)	-RRB-
cord-021959-1y67126b	5	9	.	.	.
cord-021959-1y67126b	6	1	Although	although	IN
cord-021959-1y67126b	6	2	the	the	DT
cord-021959-1y67126b	6	3	first	first	JJ
cord-021959-1y67126b	6	4	two	two	CD
cord-021959-1y67126b	6	5	items	item	NNS
cord-021959-1y67126b	6	6	are	be	VBP
cord-021959-1y67126b	6	7	fairly	fairly	RB
cord-021959-1y67126b	6	8	challenging	challenging	JJ
cord-021959-1y67126b	6	9	to	to	TO
cord-021959-1y67126b	6	10	estimate	estimate	VB
cord-021959-1y67126b	6	11	,	,	,
cord-021959-1y67126b	6	12	the	the	DT
cord-021959-1y67126b	6	13	last	last	JJ
cord-021959-1y67126b	6	14	one	one	NN
cord-021959-1y67126b	6	15	is	be	VBZ
cord-021959-1y67126b	6	16	even	even	RB
cord-021959-1y67126b	6	17	more	more	RBR
cord-021959-1y67126b	6	18	challenging	challenging	JJ
cord-021959-1y67126b	6	19	.	.	.
cord-021959-1y67126b	7	1	In	in	IN
cord-021959-1y67126b	7	2	their	-PRON-	PRP$
cord-021959-1y67126b	7	3	book	book	NN
cord-021959-1y67126b	7	4	related	relate	VBN
cord-021959-1y67126b	7	5	to	to	IN
cord-021959-1y67126b	7	6	cost	cost	NN
cord-021959-1y67126b	7	7	of	of	IN
cord-021959-1y67126b	7	8	capital	capital	NN
cord-021959-1y67126b	7	9	,	,	,
cord-021959-1y67126b	7	10	Ogier	Ogier	NNP
cord-021959-1y67126b	7	11	et	et	NNP
cord-021959-1y67126b	7	12	al	al	NNP
cord-021959-1y67126b	7	13	.	.	.
cord-021959-1y67126b	8	1	(	(	-LRB-
cord-021959-1y67126b	8	2	2004	2004	CD
cord-021959-1y67126b	8	3	)	)	-RRB-
cord-021959-1y67126b	8	4	provided	provide	VBD
cord-021959-1y67126b	8	5	an	an	DT
cord-021959-1y67126b	8	6	excellent	excellent	JJ
cord-021959-1y67126b	8	7	example	example	NN
cord-021959-1y67126b	8	8	which	which	WDT
cord-021959-1y67126b	8	9	I	-PRON-	PRP
cord-021959-1y67126b	8	10	would	would	MD
cord-021959-1y67126b	8	11	like	like	VB
cord-021959-1y67126b	8	12	to	to	TO
cord-021959-1y67126b	8	13	use	use	VB
cord-021959-1y67126b	8	14	to	to	TO
cord-021959-1y67126b	8	15	provide	provide	VB
cord-021959-1y67126b	8	16	a	a	DT
cord-021959-1y67126b	8	17	practical	practical	JJ
cord-021959-1y67126b	8	18	introduction	introduction	NN
cord-021959-1y67126b	8	19	to	to	IN
cord-021959-1y67126b	8	20	this	this	DT
cord-021959-1y67126b	8	21	chapter	chapter	NN
cord-021959-1y67126b	8	22	.	.	.
cord-021959-1y67126b	9	1	I	-PRON-	PRP
cord-021959-1y67126b	9	2	take	take	VBP
cord-021959-1y67126b	9	3	the	the	DT
cord-021959-1y67126b	9	4	liberty	liberty	NN
cord-021959-1y67126b	9	5	to	to	TO
cord-021959-1y67126b	9	6	modify	modify	VB
cord-021959-1y67126b	9	7	the	the	DT
cord-021959-1y67126b	9	8	story	story	NN
cord-021959-1y67126b	9	9	in	in	IN
cord-021959-1y67126b	9	10	accordance	accordance	NN
cord-021959-1y67126b	9	11	with	with	IN
cord-021959-1y67126b	9	12	the	the	DT
cord-021959-1y67126b	9	13	needs	need	NNS
cord-021959-1y67126b	9	14	of	of	IN
cord-021959-1y67126b	9	15	this	this	DT
cord-021959-1y67126b	9	16	chapter	chapter	NN
cord-021959-1y67126b	9	17	.	.	.
cord-021959-1y67126b	10	1	Imagine	imagine	VB
cord-021959-1y67126b	10	2	yourself	-PRON-	PRP
cord-021959-1y67126b	10	3	at	at	IN
cord-021959-1y67126b	10	4	the	the	DT
cord-021959-1y67126b	10	5	edge	edge	NN
cord-021959-1y67126b	10	6	of	of	IN
cord-021959-1y67126b	10	7	a	a	DT
cord-021959-1y67126b	10	8	river	river	NN
cord-021959-1y67126b	10	9	where	where	WRB
cord-021959-1y67126b	10	10	your	-PRON-	PRP$
cord-021959-1y67126b	10	11	goal	goal	NN
cord-021959-1y67126b	10	12	is	be	VBZ
cord-021959-1y67126b	10	13	to	to	TO
cord-021959-1y67126b	10	14	pass	pass	VB
cord-021959-1y67126b	10	15	the	the	DT
cord-021959-1y67126b	10	16	river	river	NN
cord-021959-1y67126b	10	17	getting	get	VBG
cord-021959-1y67126b	10	18	minimally	minimally	RB
cord-021959-1y67126b	10	19	wet	wet	JJ
cord-021959-1y67126b	10	20	in	in	IN
cord-021959-1y67126b	10	21	the	the	DT
cord-021959-1y67126b	10	22	least	least	JJS
cord-021959-1y67126b	10	23	possible	possible	JJ
cord-021959-1y67126b	10	24	time	time	NN
cord-021959-1y67126b	10	25	.	.	.
cord-021959-1y67126b	11	1	Before	before	IN
cord-021959-1y67126b	11	2	making	make	VBG
cord-021959-1y67126b	11	3	your	-PRON-	PRP$
cord-021959-1y67126b	11	4	move	move	NN
cord-021959-1y67126b	11	5	you	-PRON-	PRP
cord-021959-1y67126b	11	6	need	need	VBP
cord-021959-1y67126b	11	7	to	to	TO
cord-021959-1y67126b	11	8	turn	turn	VB
cord-021959-1y67126b	11	9	to	to	IN
cord-021959-1y67126b	11	10	a	a	DT
cord-021959-1y67126b	11	11	local	local	JJ
cord-021959-1y67126b	11	12	inhabitant	inhabitant	NN
cord-021959-1y67126b	11	13	who	who	WP
cord-021959-1y67126b	11	14	knows	know	VBZ
cord-021959-1y67126b	11	15	which	which	WDT
cord-021959-1y67126b	11	16	stepping	step	VBG
cord-021959-1y67126b	11	17	stones	stone	NNS
cord-021959-1y67126b	11	18	are	be	VBP
cord-021959-1y67126b	11	19	safe	safe	JJ
cord-021959-1y67126b	11	20	,	,	,
cord-021959-1y67126b	11	21	what	what	WP
cord-021959-1y67126b	11	22	the	the	DT
cord-021959-1y67126b	11	23	velocity	velocity	NN
cord-021959-1y67126b	11	24	and	and	CC
cord-021959-1y67126b	11	25	the	the	DT
cord-021959-1y67126b	11	26	viscosity	viscosity	NN
cord-021959-1y67126b	11	27	of	of	IN
cord-021959-1y67126b	11	28	the	the	DT
cord-021959-1y67126b	11	29	water	water	NN
cord-021959-1y67126b	11	30	are	be	VBP
cord-021959-1y67126b	11	31	,	,	,
cord-021959-1y67126b	11	32	what	what	WP
cord-021959-1y67126b	11	33	the	the	DT
cord-021959-1y67126b	11	34	turning	turn	VBG
cord-021959-1y67126b	11	35	moments	moment	NNS
cord-021959-1y67126b	11	36	are	be	VBP
cord-021959-1y67126b	11	37	,	,	,
cord-021959-1y67126b	11	38	and	and	CC
cord-021959-1y67126b	11	39	what	what	WP
cord-021959-1y67126b	11	40	the	the	DT
cord-021959-1y67126b	11	41	probability	probability	NN
cord-021959-1y67126b	11	42	of	of	IN
cord-021959-1y67126b	11	43	loose	loose	JJ
cord-021959-1y67126b	11	44	stones	stone	NNS
cord-021959-1y67126b	11	45	on	on	IN
cord-021959-1y67126b	11	46	the	the	DT
cord-021959-1y67126b	11	47	stream	stream	NN
cord-021959-1y67126b	11	48	bed	bed	NN
cord-021959-1y67126b	11	49	is	be	VBZ
cord-021959-1y67126b	11	50	.	.	.
cord-021959-1y67126b	12	1	This	this	DT
cord-021959-1y67126b	12	2	situation	situation	NN
cord-021959-1y67126b	12	3	is	be	VBZ
cord-021959-1y67126b	12	4	similar	similar	JJ
cord-021959-1y67126b	12	5	to	to	IN
cord-021959-1y67126b	12	6	the	the	DT
cord-021959-1y67126b	12	7	world	world	NN
cord-021959-1y67126b	12	8	of	of	IN
cord-021959-1y67126b	12	9	today	today	NN
cord-021959-1y67126b	12	10	's	's	POS
cord-021959-1y67126b	12	11	business	business	NN
cord-021959-1y67126b	12	12	investments	investment	NNS
cord-021959-1y67126b	12	13	.	.	.
cord-021959-1y67126b	13	1	That	that	RB
cord-021959-1y67126b	13	2	is	is	RB
cord-021959-1y67126b	13	3	,	,	,
cord-021959-1y67126b	13	4	executives	executive	NNS
cord-021959-1y67126b	13	5	need	need	VBP
cord-021959-1y67126b	13	6	to	to	TO
cord-021959-1y67126b	13	7	make	make	VB
cord-021959-1y67126b	13	8	informed	informed	JJ
cord-021959-1y67126b	13	9	decisions	decision	NNS
cord-021959-1y67126b	13	10	about	about	IN
cord-021959-1y67126b	13	11	their	-PRON-	PRP$
cord-021959-1y67126b	13	12	investments	investment	NNS
cord-021959-1y67126b	13	13	and	and	CC
cord-021959-1y67126b	13	14	find	find	VB
cord-021959-1y67126b	13	15	out	out	RP
cord-021959-1y67126b	13	16	the	the	DT
cord-021959-1y67126b	13	17	minimum	minimum	JJ
cord-021959-1y67126b	13	18	acceptable	acceptable	JJ
cord-021959-1y67126b	13	19	rate	rate	NN
cord-021959-1y67126b	13	20	of	of	IN
cord-021959-1y67126b	13	21	return	return	NN
cord-021959-1y67126b	13	22	their	-PRON-	PRP$
cord-021959-1y67126b	13	23	shareholders	shareholder	NNS
cord-021959-1y67126b	13	24	expect	expect	VBP
cord-021959-1y67126b	13	25	as	as	IN
cord-021959-1y67126b	13	26	a	a	DT
cord-021959-1y67126b	13	27	compensation	compensation	NN
cord-021959-1y67126b	13	28	for	for	IN
cord-021959-1y67126b	13	29	the	the	DT
cord-021959-1y67126b	13	30	risks	risk	NNS
cord-021959-1y67126b	13	31	investors	investor	NNS
cord-021959-1y67126b	13	32	undertake	undertake	VBP
cord-021959-1y67126b	13	33	.	.	.
cord-021959-1y67126b	14	1	In	in	IN
cord-021959-1y67126b	14	2	addition	addition	NN
cord-021959-1y67126b	14	3	,	,	,
cord-021959-1y67126b	14	4	when	when	WRB
cord-021959-1y67126b	14	5	an	an	DT
cord-021959-1y67126b	14	6	investment	investment	NN
cord-021959-1y67126b	14	7	consists	consist	VBZ
cord-021959-1y67126b	14	8	of	of	IN
cord-021959-1y67126b	14	9	both	both	DT
cord-021959-1y67126b	14	10	debt	debt	NN
cord-021959-1y67126b	14	11	and	and	CC
cord-021959-1y67126b	14	12	equity	equity	NN
cord-021959-1y67126b	14	13	,	,	,
cord-021959-1y67126b	14	14	then	then	RB
cord-021959-1y67126b	14	15	the	the	DT
cord-021959-1y67126b	14	16	executives	executive	NNS
cord-021959-1y67126b	14	17	need	need	VBP
cord-021959-1y67126b	14	18	to	to	TO
cord-021959-1y67126b	14	19	estimate	estimate	VB
cord-021959-1y67126b	14	20	the	the	DT
cord-021959-1y67126b	14	21	total	total	JJ
cord-021959-1y67126b	14	22	cost	cost	NN
cord-021959-1y67126b	14	23	of	of	IN
cord-021959-1y67126b	14	24	capital	capital	NN
cord-021959-1y67126b	14	25	employed	employ	VBN
cord-021959-1y67126b	14	26	in	in	IN
cord-021959-1y67126b	14	27	this	this	DT
cord-021959-1y67126b	14	28	project	project	NN
cord-021959-1y67126b	14	29	to	to	TO
cord-021959-1y67126b	14	30	be	be	VB
cord-021959-1y67126b	14	31	able	able	JJ
cord-021959-1y67126b	14	32	to	to	TO
cord-021959-1y67126b	14	33	pay	pay	VB
cord-021959-1y67126b	14	34	their	-PRON-	PRP$
cord-021959-1y67126b	14	35	debt	debt	NN
cord-021959-1y67126b	14	36	holders	holder	NNS
cord-021959-1y67126b	14	37	.	.	.
cord-021959-1y67126b	15	1	This	this	DT
cord-021959-1y67126b	15	2	chapter	chapter	NN
cord-021959-1y67126b	15	3	intends	intend	VBZ
cord-021959-1y67126b	15	4	to	to	TO
cord-021959-1y67126b	15	5	serve	serve	VB
cord-021959-1y67126b	15	6	as	as	IN
cord-021959-1y67126b	15	7	a	a	DT
cord-021959-1y67126b	15	8	field	field	NN
cord-021959-1y67126b	15	9	guide	guide	NN
cord-021959-1y67126b	15	10	or	or	CC
cord-021959-1y67126b	15	11	handbook	handbook	NN
cord-021959-1y67126b	15	12	of	of	IN
cord-021959-1y67126b	15	13	the	the	DT
cord-021959-1y67126b	15	14	cost	cost	NN
cord-021959-1y67126b	15	15	of	of	IN
cord-021959-1y67126b	15	16	capital	capital	NN
cord-021959-1y67126b	15	17	estimation	estimation	NN
cord-021959-1y67126b	15	18	for	for	IN
cord-021959-1y67126b	15	19	hospitality	hospitality	NN
cord-021959-1y67126b	15	20	executives	executive	NNS
cord-021959-1y67126b	15	21	and	and	CC
cord-021959-1y67126b	15	22	practitioners	practitioner	NNS
cord-021959-1y67126b	15	23	.	.	.
cord-021959-1y67126b	16	1	However	however	RB
cord-021959-1y67126b	16	2	,	,	,
cord-021959-1y67126b	16	3	before	before	IN
cord-021959-1y67126b	16	4	getting	get	VBG
cord-021959-1y67126b	16	5	into	into	IN
cord-021959-1y67126b	16	6	the	the	DT
cord-021959-1y67126b	16	7	practical	practical	JJ
cord-021959-1y67126b	16	8	aspects	aspect	NNS
cord-021959-1y67126b	16	9	of	of	IN
cord-021959-1y67126b	16	10	cost	cost	NN
cord-021959-1y67126b	16	11	of	of	IN
cord-021959-1y67126b	16	12	capital	capital	NN
cord-021959-1y67126b	16	13	,	,	,
cord-021959-1y67126b	16	14	some	some	DT
cord-021959-1y67126b	16	15	relevant	relevant	JJ
cord-021959-1y67126b	16	16	concepts	concept	NNS
cord-021959-1y67126b	16	17	will	will	MD
cord-021959-1y67126b	16	18	be	be	VB
cord-021959-1y67126b	16	19	discussed	discuss	VBN
cord-021959-1y67126b	16	20	from	from	IN
cord-021959-1y67126b	16	21	a	a	DT
cord-021959-1y67126b	16	22	theoretical	theoretical	JJ
cord-021959-1y67126b	16	23	perspective	perspective	NN
cord-021959-1y67126b	16	24	to	to	TO
cord-021959-1y67126b	16	25	better	better	RB
cord-021959-1y67126b	16	26	understand	understand	VB
cord-021959-1y67126b	16	27	the	the	DT
cord-021959-1y67126b	16	28	background	background	NN
cord-021959-1y67126b	16	29	of	of	IN
cord-021959-1y67126b	16	30	this	this	DT
cord-021959-1y67126b	16	31	important	important	JJ
cord-021959-1y67126b	16	32	topic	topic	NN
cord-021959-1y67126b	16	33	.	.	.
cord-021959-1y67126b	17	1	Prior	prior	RB
cord-021959-1y67126b	17	2	to	to	IN
cord-021959-1y67126b	17	3	getting	get	VBG
cord-021959-1y67126b	17	4	into	into	IN
cord-021959-1y67126b	17	5	the	the	DT
cord-021959-1y67126b	17	6	core	core	NN
cord-021959-1y67126b	17	7	of	of	IN
cord-021959-1y67126b	17	8	the	the	DT
cord-021959-1y67126b	17	9	subject	subject	NN
cord-021959-1y67126b	17	10	of	of	IN
cord-021959-1y67126b	17	11	estimating	estimate	VBG
cord-021959-1y67126b	17	12	cost	cost	NN
cord-021959-1y67126b	17	13	of	of	IN
cord-021959-1y67126b	17	14	capital	capital	NN
cord-021959-1y67126b	17	15	,	,	,
cord-021959-1y67126b	17	16	it	-PRON-	PRP
cord-021959-1y67126b	17	17	is	be	VBZ
cord-021959-1y67126b	17	18	useful	useful	JJ
cord-021959-1y67126b	17	19	to	to	TO
cord-021959-1y67126b	17	20	define	define	VB
cord-021959-1y67126b	17	21	what	what	WDT
cord-021959-1y67126b	17	22	risk	risk	NN
cord-021959-1y67126b	17	23	is	be	VBZ
cord-021959-1y67126b	17	24	and	and	CC
cord-021959-1y67126b	17	25	describe	describe	VB
cord-021959-1y67126b	17	26	the	the	DT
cord-021959-1y67126b	17	27	role	role	NN
cord-021959-1y67126b	17	28	it	-PRON-	PRP
cord-021959-1y67126b	17	29	plays	play	VBZ
cord-021959-1y67126b	17	30	in	in	IN
cord-021959-1y67126b	17	31	investment	investment	NN
cord-021959-1y67126b	17	32	decisions	decision	NNS
cord-021959-1y67126b	17	33	.	.	.
cord-021959-1y67126b	18	1	In	in	IN
cord-021959-1y67126b	18	2	the	the	DT
cord-021959-1y67126b	18	3	hospitality	hospitality	NN
cord-021959-1y67126b	18	4	field	field	NN
cord-021959-1y67126b	18	5	,	,	,
cord-021959-1y67126b	18	6	risk	risk	NN
cord-021959-1y67126b	18	7	is	be	VBZ
cord-021959-1y67126b	18	8	often	often	RB
cord-021959-1y67126b	18	9	defined	define	VBN
cord-021959-1y67126b	18	10	as	as	IN
cord-021959-1y67126b	18	11	the	the	DT
cord-021959-1y67126b	18	12	variation	variation	NN
cord-021959-1y67126b	18	13	in	in	IN
cord-021959-1y67126b	18	14	returns	return	NNS
cord-021959-1y67126b	18	15	(	(	-LRB-
cord-021959-1y67126b	18	16	probable	probable	JJ
cord-021959-1y67126b	18	17	outcomes	outcome	NNS
cord-021959-1y67126b	18	18	)	)	-RRB-
cord-021959-1y67126b	18	19	over	over	IN
cord-021959-1y67126b	18	20	the	the	DT
cord-021959-1y67126b	18	21	life	life	NN
cord-021959-1y67126b	18	22	of	of	IN
cord-021959-1y67126b	18	23	an	an	DT
cord-021959-1y67126b	18	24	investment	investment	NN
cord-021959-1y67126b	18	25	project	project	NN
cord-021959-1y67126b	18	26	(	(	-LRB-
cord-021959-1y67126b	18	27	Choi	Choi	NNP
cord-021959-1y67126b	18	28	,	,	,
cord-021959-1y67126b	18	29	1999	1999	CD
cord-021959-1y67126b	18	30	;	;	:
cord-021959-1y67126b	18	31	Olsen	Olsen	NNP
cord-021959-1y67126b	18	32	et	et	NNP
cord-021959-1y67126b	18	33	al	al	NNP
cord-021959-1y67126b	18	34	.	.	NNP
cord-021959-1y67126b	18	35	,	,	,
cord-021959-1y67126b	18	36	1998	1998	CD
cord-021959-1y67126b	18	37	)	)	-RRB-
cord-021959-1y67126b	18	38	.	.	.
cord-021959-1y67126b	19	1	The	the	DT
cord-021959-1y67126b	19	2	concept	concept	NN
cord-021959-1y67126b	19	3	of	of	IN
cord-021959-1y67126b	19	4	risk	risk	NN
cord-021959-1y67126b	19	5	is	be	VBZ
cord-021959-1y67126b	19	6	at	at	IN
cord-021959-1y67126b	19	7	the	the	DT
cord-021959-1y67126b	19	8	foundation	foundation	NN
cord-021959-1y67126b	19	9	of	of	IN
cord-021959-1y67126b	19	10	every	every	DT
cord-021959-1y67126b	19	11	firm	firm	NN
cord-021959-1y67126b	19	12	as	as	IN
cord-021959-1y67126b	19	13	it	-PRON-	PRP
cord-021959-1y67126b	19	14	seeks	seek	VBZ
cord-021959-1y67126b	19	15	to	to	TO
cord-021959-1y67126b	19	16	compete	compete	VB
cord-021959-1y67126b	19	17	in	in	IN
cord-021959-1y67126b	19	18	its	-PRON-	PRP$
cord-021959-1y67126b	19	19	business	business	NN
cord-021959-1y67126b	19	20	environment	environment	NN
cord-021959-1y67126b	19	21	.	.	.
cord-021959-1y67126b	20	1	Financial	financial	JJ
cord-021959-1y67126b	20	2	theory	theory	NN
cord-021959-1y67126b	20	3	states	state	VBZ
cord-021959-1y67126b	20	4	that	that	IN
cord-021959-1y67126b	20	5	shareholders	shareholder	NNS
cord-021959-1y67126b	20	6	face	face	VBP
cord-021959-1y67126b	20	7	two	two	CD
cord-021959-1y67126b	20	8	types	type	NNS
cord-021959-1y67126b	20	9	of	of	IN
cord-021959-1y67126b	20	10	risk	risk	NN
cord-021959-1y67126b	20	11	:	:	:
cord-021959-1y67126b	20	12	systematic	systematic	JJ
cord-021959-1y67126b	20	13	and	and	CC
cord-021959-1y67126b	20	14	unsystematic	unsystematic	JJ
cord-021959-1y67126b	20	15	.	.	.
cord-021959-1y67126b	21	1	The	the	DT
cord-021959-1y67126b	21	2	examples	example	NNS
cord-021959-1y67126b	21	3	of	of	IN
cord-021959-1y67126b	21	4	systematic	systematic	JJ
cord-021959-1y67126b	21	5	risk	risk	NN
cord-021959-1y67126b	21	6	could	could	MD
cord-021959-1y67126b	21	7	be	be	VB
cord-021959-1y67126b	21	8	changes	change	NNS
cord-021959-1y67126b	21	9	in	in	IN
cord-021959-1y67126b	21	10	monetary	monetary	JJ
cord-021959-1y67126b	21	11	and	and	CC
cord-021959-1y67126b	21	12	fiscal	fiscal	JJ
cord-021959-1y67126b	21	13	policies	policy	NNS
cord-021959-1y67126b	21	14	,	,	,
cord-021959-1y67126b	21	15	the	the	DT
cord-021959-1y67126b	21	16	cost	cost	NN
cord-021959-1y67126b	21	17	of	of	IN
cord-021959-1y67126b	21	18	energy	energy	NN
cord-021959-1y67126b	21	19	,	,	,
cord-021959-1y67126b	21	20	tax	tax	NN
cord-021959-1y67126b	21	21	laws	law	NNS
cord-021959-1y67126b	21	22	,	,	,
cord-021959-1y67126b	21	23	and	and	CC
cord-021959-1y67126b	21	24	the	the	DT
cord-021959-1y67126b	21	25	demographics	demographic	NNS
cord-021959-1y67126b	21	26	of	of	IN
cord-021959-1y67126b	21	27	the	the	DT
cord-021959-1y67126b	21	28	marketplace	marketplace	NN
cord-021959-1y67126b	21	29	.	.	.
cord-021959-1y67126b	22	1	Finance	finance	NN
cord-021959-1y67126b	22	2	scholars	scholar	NNS
cord-021959-1y67126b	22	3	refer	refer	VBP
cord-021959-1y67126b	22	4	to	to	IN
cord-021959-1y67126b	22	5	the	the	DT
cord-021959-1y67126b	22	6	variability	variability	NN
cord-021959-1y67126b	22	7	of	of	IN
cord-021959-1y67126b	22	8	a	a	DT
cord-021959-1y67126b	22	9	firm	firm	NN
cord-021959-1y67126b	22	10	's	's	POS
cord-021959-1y67126b	22	11	stock	stock	NN
cord-021959-1y67126b	22	12	returns	return	NNS
cord-021959-1y67126b	22	13	that	that	WDT
cord-021959-1y67126b	22	14	moves	move	VBZ
cord-021959-1y67126b	22	15	in	in	IN
cord-021959-1y67126b	22	16	unison	unison	NN
cord-021959-1y67126b	22	17	with	with	IN
cord-021959-1y67126b	22	18	these	these	DT
cord-021959-1y67126b	22	19	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	22	20	influences	influence	NNS
cord-021959-1y67126b	22	21	as	as	IN
cord-021959-1y67126b	22	22	systematic	systematic	JJ
cord-021959-1y67126b	22	23	,	,	,
cord-021959-1y67126b	22	24	or	or	CC
cord-021959-1y67126b	22	25	stockholder	stockholder	NN
cord-021959-1y67126b	22	26	,	,	,
cord-021959-1y67126b	22	27	risk	risk	NN
cord-021959-1y67126b	22	28	(	(	-LRB-
cord-021959-1y67126b	22	29	Lubatkin	Lubatkin	NNP
cord-021959-1y67126b	22	30	and	and	CC
cord-021959-1y67126b	22	31	Chatterjee	Chatterjee	NNP
cord-021959-1y67126b	22	32	,	,	,
cord-021959-1y67126b	22	33	1994	1994	CD
cord-021959-1y67126b	22	34	)	)	-RRB-
cord-021959-1y67126b	22	35	.	.	.
cord-021959-1y67126b	23	1	Stated	state	VBN
cord-021959-1y67126b	23	2	differently	differently	RB
cord-021959-1y67126b	23	3	,	,	,
cord-021959-1y67126b	23	4	the	the	DT
cord-021959-1y67126b	23	5	level	level	NN
cord-021959-1y67126b	23	6	of	of	IN
cord-021959-1y67126b	23	7	a	a	DT
cord-021959-1y67126b	23	8	firm	firm	NN
cord-021959-1y67126b	23	9	's	's	POS
cord-021959-1y67126b	23	10	systematic	systematic	JJ
cord-021959-1y67126b	23	11	risk	risk	NN
cord-021959-1y67126b	23	12	is	be	VBZ
cord-021959-1y67126b	23	13	determined	determine	VBN
cord-021959-1y67126b	23	14	by	by	IN
cord-021959-1y67126b	23	15	the	the	DT
cord-021959-1y67126b	23	16	degree	degree	NN
cord-021959-1y67126b	23	17	of	of	IN
cord-021959-1y67126b	23	18	uncertainty	uncertainty	NN
cord-021959-1y67126b	23	19	associated	associate	VBN
cord-021959-1y67126b	23	20	with	with	IN
cord-021959-1y67126b	23	21	general	general	JJ
cord-021959-1y67126b	23	22	economic	economic	JJ
cord-021959-1y67126b	23	23	forces	force	NNS
cord-021959-1y67126b	23	24	and	and	CC
cord-021959-1y67126b	23	25	the	the	DT
cord-021959-1y67126b	23	26	responsiveness	responsiveness	NN
cord-021959-1y67126b	23	27	,	,	,
cord-021959-1y67126b	23	28	or	or	CC
cord-021959-1y67126b	23	29	sensitivity	sensitivity	NN
cord-021959-1y67126b	23	30	,	,	,
cord-021959-1y67126b	23	31	of	of	IN
cord-021959-1y67126b	23	32	a	a	DT
cord-021959-1y67126b	23	33	firm	firm	NN
cord-021959-1y67126b	23	34	's	's	POS
cord-021959-1y67126b	23	35	returns	return	NNS
cord-021959-1y67126b	23	36	to	to	IN
cord-021959-1y67126b	23	37	those	those	DT
cord-021959-1y67126b	23	38	forces	force	NNS
cord-021959-1y67126b	23	39	(	(	-LRB-
cord-021959-1y67126b	23	40	Helfat	Helfat	NNP
cord-021959-1y67126b	23	41	and	and	CC
cord-021959-1y67126b	23	42	Teece	Teece	NNP
cord-021959-1y67126b	23	43	,	,	,
cord-021959-1y67126b	23	44	1987	1987	CD
cord-021959-1y67126b	23	45	)	)	-RRB-
cord-021959-1y67126b	23	46	.	.	.
cord-021959-1y67126b	24	1	In	in	IN
cord-021959-1y67126b	24	2	other	other	JJ
cord-021959-1y67126b	24	3	words	word	NNS
cord-021959-1y67126b	24	4	,	,	,
cord-021959-1y67126b	24	5	these	these	DT
cord-021959-1y67126b	24	6	types	type	NNS
cord-021959-1y67126b	24	7	of	of	IN
cord-021959-1y67126b	24	8	risk	risk	NN
cord-021959-1y67126b	24	9	are	be	VBP
cord-021959-1y67126b	24	10	external	external	JJ
cord-021959-1y67126b	24	11	to	to	IN
cord-021959-1y67126b	24	12	the	the	DT
cord-021959-1y67126b	24	13	company	company	NN
cord-021959-1y67126b	24	14	and	and	CC
cord-021959-1y67126b	24	15	are	be	VBP
cord-021959-1y67126b	24	16	outside	outside	RB
cord-021959-1y67126b	24	17	of	of	IN
cord-021959-1y67126b	24	18	its	-PRON-	PRP$
cord-021959-1y67126b	24	19	control	control	NN
cord-021959-1y67126b	24	20	.	.	.
cord-021959-1y67126b	25	1	However	however	RB
cord-021959-1y67126b	25	2	,	,	,
cord-021959-1y67126b	25	3	a	a	DT
cord-021959-1y67126b	25	4	loss	loss	NN
cord-021959-1y67126b	25	5	of	of	IN
cord-021959-1y67126b	25	6	a	a	DT
cord-021959-1y67126b	25	7	major	major	JJ
cord-021959-1y67126b	25	8	customer	customer	NN
cord-021959-1y67126b	25	9	as	as	IN
cord-021959-1y67126b	25	10	a	a	DT
cord-021959-1y67126b	25	11	result	result	NN
cord-021959-1y67126b	25	12	of	of	IN
cord-021959-1y67126b	25	13	its	-PRON-	PRP$
cord-021959-1y67126b	25	14	bankruptcy	bankruptcy	NN
cord-021959-1y67126b	25	15	represents	represent	VBZ
cord-021959-1y67126b	25	16	one	one	CD
cord-021959-1y67126b	25	17	source	source	NN
cord-021959-1y67126b	25	18	of	of	IN
cord-021959-1y67126b	25	19	unsystematic	unsystematic	JJ
cord-021959-1y67126b	25	20	,	,	,
cord-021959-1y67126b	25	21	or	or	CC
cord-021959-1y67126b	25	22	firmspecific	firmspecific	JJ
cord-021959-1y67126b	25	23	risk	risk	NN
cord-021959-1y67126b	25	24	(	(	-LRB-
cord-021959-1y67126b	25	25	idiosyncratic	idiosyncratic	JJ
cord-021959-1y67126b	25	26	or	or	CC
cord-021959-1y67126b	25	27	stakeholder	stakeholder	NN
cord-021959-1y67126b	25	28	risk	risk	NN
cord-021959-1y67126b	25	29	)	)	-RRB-
cord-021959-1y67126b	25	30	.	.	.
cord-021959-1y67126b	26	1	Other	other	JJ
cord-021959-1y67126b	26	2	sources	source	NNS
cord-021959-1y67126b	26	3	of	of	IN
cord-021959-1y67126b	26	4	unsystematic	unsystematic	JJ
cord-021959-1y67126b	26	5	risk	risk	NN
cord-021959-1y67126b	26	6	include	include	VBP
cord-021959-1y67126b	26	7	the	the	DT
cord-021959-1y67126b	26	8	death	death	NN
cord-021959-1y67126b	26	9	of	of	IN
cord-021959-1y67126b	26	10	a	a	DT
cord-021959-1y67126b	26	11	high	high	RB
cord-021959-1y67126b	26	12	-	-	HYPH
cord-021959-1y67126b	26	13	ranking	rank	VBG
cord-021959-1y67126b	26	14	executive	executive	NN
cord-021959-1y67126b	26	15	,	,	,
cord-021959-1y67126b	26	16	a	a	DT
cord-021959-1y67126b	26	17	fire	fire	NN
cord-021959-1y67126b	26	18	at	at	IN
cord-021959-1y67126b	26	19	a	a	DT
cord-021959-1y67126b	26	20	production	production	NN
cord-021959-1y67126b	26	21	facility	facility	NN
cord-021959-1y67126b	26	22	,	,	,
cord-021959-1y67126b	26	23	and	and	CC
cord-021959-1y67126b	26	24	the	the	DT
cord-021959-1y67126b	26	25	sudden	sudden	JJ
cord-021959-1y67126b	26	26	obsolescence	obsolescence	NN
cord-021959-1y67126b	26	27	of	of	IN
cord-021959-1y67126b	26	28	a	a	DT
cord-021959-1y67126b	26	29	critical	critical	JJ
cord-021959-1y67126b	26	30	product	product	NN
cord-021959-1y67126b	26	31	technology	technology	NN
cord-021959-1y67126b	26	32	(	(	-LRB-
cord-021959-1y67126b	26	33	Lubatkin	Lubatkin	NNP
cord-021959-1y67126b	26	34	and	and	CC
cord-021959-1y67126b	26	35	Chatterjee	Chatterjee	NNP
cord-021959-1y67126b	26	36	,	,	,
cord-021959-1y67126b	26	37	1994	1994	CD
cord-021959-1y67126b	26	38	)	)	-RRB-
cord-021959-1y67126b	26	39	.	.	.
cord-021959-1y67126b	27	1	Unsystematic	unsystematic	JJ
cord-021959-1y67126b	27	2	risk	risk	NN
cord-021959-1y67126b	27	3	is	be	VBZ
cord-021959-1y67126b	27	4	a	a	DT
cord-021959-1y67126b	27	5	type	type	NN
cord-021959-1y67126b	27	6	of	of	IN
cord-021959-1y67126b	27	7	risk	risk	NN
cord-021959-1y67126b	27	8	that	that	WDT
cord-021959-1y67126b	27	9	can	can	MD
cord-021959-1y67126b	27	10	be	be	VB
cord-021959-1y67126b	27	11	eliminated	eliminate	VBN
cord-021959-1y67126b	27	12	by	by	IN
cord-021959-1y67126b	27	13	an	an	DT
cord-021959-1y67126b	27	14	individual	individual	JJ
cord-021959-1y67126b	27	15	investor	investor	NN
cord-021959-1y67126b	27	16	by	by	IN
cord-021959-1y67126b	27	17	investing	invest	VBG
cord-021959-1y67126b	27	18	his	-PRON-	PRP$
cord-021959-1y67126b	27	19	/	/	SYM
cord-021959-1y67126b	27	20	her	-PRON-	PRP$
cord-021959-1y67126b	27	21	funds	fund	NNS
cord-021959-1y67126b	27	22	in	in	IN
cord-021959-1y67126b	27	23	multiple	multiple	JJ
cord-021959-1y67126b	27	24	companies	company	NNS
cord-021959-1y67126b	27	25	'	'	POS
cord-021959-1y67126b	27	26	stocks	stock	NNS
cord-021959-1y67126b	27	27	.	.	.
cord-021959-1y67126b	28	1	The	the	DT
cord-021959-1y67126b	28	2	same	same	JJ
cord-021959-1y67126b	28	3	rule	rule	NN
cord-021959-1y67126b	28	4	may	may	MD
cord-021959-1y67126b	28	5	not	not	RB
cord-021959-1y67126b	28	6	be	be	VB
cord-021959-1y67126b	28	7	applied	apply	VBN
cord-021959-1y67126b	28	8	by	by	IN
cord-021959-1y67126b	28	9	company	company	NN
cord-021959-1y67126b	28	10	executives	executive	NNS
cord-021959-1y67126b	28	11	,	,	,
cord-021959-1y67126b	28	12	since	since	IN
cord-021959-1y67126b	28	13	the	the	DT
cord-021959-1y67126b	28	14	success	success	NN
cord-021959-1y67126b	28	15	of	of	IN
cord-021959-1y67126b	28	16	a	a	DT
cord-021959-1y67126b	28	17	single	single	JJ
cord-021959-1y67126b	28	18	project	project	NN
cord-021959-1y67126b	28	19	determines	determine	VBZ
cord-021959-1y67126b	28	20	their	-PRON-	PRP$
cord-021959-1y67126b	28	21	tenure	tenure	NN
cord-021959-1y67126b	28	22	within	within	IN
cord-021959-1y67126b	28	23	their	-PRON-	PRP$
cord-021959-1y67126b	28	24	firms	firm	NNS
cord-021959-1y67126b	28	25	.	.	.
cord-021959-1y67126b	29	1	The	the	DT
cord-021959-1y67126b	29	2	traditional	traditional	JJ
cord-021959-1y67126b	29	3	financial	financial	JJ
cord-021959-1y67126b	29	4	theory	theory	NN
cord-021959-1y67126b	29	5	looks	look	VBZ
cord-021959-1y67126b	29	6	at	at	IN
cord-021959-1y67126b	29	7	investment	investment	NN
cord-021959-1y67126b	29	8	in	in	IN
cord-021959-1y67126b	29	9	securities	security	NNS
cord-021959-1y67126b	29	10	from	from	IN
cord-021959-1y67126b	29	11	a	a	DT
cord-021959-1y67126b	29	12	portfolio	portfolio	NN
cord-021959-1y67126b	29	13	perspective	perspective	NN
cord-021959-1y67126b	29	14	by	by	IN
cord-021959-1y67126b	29	15	assuming	assume	VBG
cord-021959-1y67126b	29	16	that	that	IN
cord-021959-1y67126b	29	17	investors	investor	NNS
cord-021959-1y67126b	29	18	are	be	VBP
cord-021959-1y67126b	29	19	risk	risk	NN
cord-021959-1y67126b	29	20	-	-	HYPH
cord-021959-1y67126b	29	21	averse	averse	JJ
cord-021959-1y67126b	29	22	and	and	CC
cord-021959-1y67126b	29	23	can	can	MD
cord-021959-1y67126b	29	24	eliminate	eliminate	VB
cord-021959-1y67126b	29	25	the	the	DT
cord-021959-1y67126b	29	26	unsystematic	unsystematic	JJ
cord-021959-1y67126b	29	27	risks	risk	NNS
cord-021959-1y67126b	29	28	(	(	-LRB-
cord-021959-1y67126b	29	29	variance	variance	NN
cord-021959-1y67126b	29	30	)	)	-RRB-
cord-021959-1y67126b	29	31	associated	associate	VBN
cord-021959-1y67126b	29	32	with	with	IN
cord-021959-1y67126b	29	33	investing	invest	VBG
cord-021959-1y67126b	29	34	in	in	IN
cord-021959-1y67126b	29	35	any	any	DT
cord-021959-1y67126b	29	36	particular	particular	JJ
cord-021959-1y67126b	29	37	firm	firm	NN
cord-021959-1y67126b	29	38	by	by	IN
cord-021959-1y67126b	29	39	holding	hold	VBG
cord-021959-1y67126b	29	40	a	a	DT
cord-021959-1y67126b	29	41	diversified	diversified	JJ
cord-021959-1y67126b	29	42	portfolio	portfolio	NN
cord-021959-1y67126b	29	43	of	of	IN
cord-021959-1y67126b	29	44	stocks	stock	NNS
cord-021959-1y67126b	29	45	(	(	-LRB-
cord-021959-1y67126b	29	46	Markowitz	Markowitz	NNP
cord-021959-1y67126b	29	47	,	,	,
cord-021959-1y67126b	29	48	1952	1952	CD
cord-021959-1y67126b	30	1	(	(	-LRB-
cord-021959-1y67126b	30	2	Markowitz	Markowitz	NNP
cord-021959-1y67126b	30	3	,	,	,
cord-021959-1y67126b	30	4	,	,	,
cord-021959-1y67126b	30	5	1959	1959	CD
cord-021959-1y67126b	30	6	.	.	.
cord-021959-1y67126b	31	1	Markowitz	Markowitz	NNP
cord-021959-1y67126b	31	2	pioneered	pioneer	VBD
cord-021959-1y67126b	31	3	the	the	DT
cord-021959-1y67126b	31	4	application	application	NN
cord-021959-1y67126b	31	5	of	of	IN
cord-021959-1y67126b	31	6	decision	decision	NN
cord-021959-1y67126b	31	7	theory	theory	NN
cord-021959-1y67126b	31	8	to	to	IN
cord-021959-1y67126b	31	9	investments	investment	NNS
cord-021959-1y67126b	31	10	by	by	IN
cord-021959-1y67126b	31	11	contending	contend	VBG
cord-021959-1y67126b	31	12	that	that	IN
cord-021959-1y67126b	31	13	portfolio	portfolio	NN
cord-021959-1y67126b	31	14	optimization	optimization	NN
cord-021959-1y67126b	31	15	is	be	VBZ
cord-021959-1y67126b	31	16	characterized	characterize	VBN
cord-021959-1y67126b	31	17	by	by	IN
cord-021959-1y67126b	31	18	a	a	DT
cord-021959-1y67126b	31	19	trade	trade	NN
cord-021959-1y67126b	31	20	-	-	HYPH
cord-021959-1y67126b	31	21	off	off	NN
cord-021959-1y67126b	31	22	of	of	IN
cord-021959-1y67126b	31	23	the	the	DT
cord-021959-1y67126b	31	24	reward	reward	NN
cord-021959-1y67126b	31	25	(	(	-LRB-
cord-021959-1y67126b	31	26	expected	expect	VBN
cord-021959-1y67126b	31	27	return	return	NN
cord-021959-1y67126b	31	28	)	)	-RRB-
cord-021959-1y67126b	31	29	of	of	IN
cord-021959-1y67126b	31	30	that	that	DT
cord-021959-1y67126b	31	31	individual	individual	JJ
cord-021959-1y67126b	31	32	security	security	NN
cord-021959-1y67126b	31	33	against	against	IN
cord-021959-1y67126b	31	34	portfolio	portfolio	NN
cord-021959-1y67126b	31	35	risk	risk	NN
cord-021959-1y67126b	31	36	.	.	.
cord-021959-1y67126b	32	1	Since	since	IN
cord-021959-1y67126b	32	2	the	the	DT
cord-021959-1y67126b	32	3	key	key	JJ
cord-021959-1y67126b	32	4	aspect	aspect	NN
cord-021959-1y67126b	32	5	to	to	IN
cord-021959-1y67126b	32	6	that	that	DT
cord-021959-1y67126b	32	7	theory	theory	NN
cord-021959-1y67126b	32	8	is	be	VBZ
cord-021959-1y67126b	32	9	the	the	DT
cord-021959-1y67126b	32	10	notion	notion	NN
cord-021959-1y67126b	32	11	that	that	IN
cord-021959-1y67126b	32	12	a	a	DT
cord-021959-1y67126b	32	13	security	security	NN
cord-021959-1y67126b	32	14	's	's	POS
cord-021959-1y67126b	32	15	risk	risk	NN
cord-021959-1y67126b	32	16	is	be	VBZ
cord-021959-1y67126b	32	17	the	the	DT
cord-021959-1y67126b	32	18	contribution	contribution	NN
cord-021959-1y67126b	32	19	to	to	TO
cord-021959-1y67126b	32	20	portfolio	portfolio	NN
cord-021959-1y67126b	32	21	risk	risk	NN
cord-021959-1y67126b	32	22	,	,	,
cord-021959-1y67126b	32	23	rather	rather	RB
cord-021959-1y67126b	32	24	than	than	IN
cord-021959-1y67126b	32	25	its	-PRON-	PRP$
cord-021959-1y67126b	32	26	own	own	JJ
cord-021959-1y67126b	32	27	risk	risk	NN
cord-021959-1y67126b	32	28	,	,	,
cord-021959-1y67126b	32	29	it	-PRON-	PRP
cord-021959-1y67126b	32	30	presumes	presume	VBZ
cord-021959-1y67126b	32	31	that	that	IN
cord-021959-1y67126b	32	32	the	the	DT
cord-021959-1y67126b	32	33	only	only	JJ
cord-021959-1y67126b	32	34	risks	risk	NNS
cord-021959-1y67126b	32	35	that	that	WDT
cord-021959-1y67126b	32	36	matter	matter	VBP
cord-021959-1y67126b	32	37	to	to	IN
cord-021959-1y67126b	32	38	investors	investor	NNS
cord-021959-1y67126b	32	39	are	be	VBP
cord-021959-1y67126b	32	40	those	those	DT
cord-021959-1y67126b	32	41	that	that	WDT
cord-021959-1y67126b	32	42	are	be	VBP
cord-021959-1y67126b	32	43	systematically	systematically	RB
cord-021959-1y67126b	32	44	associated	associate	VBN
cord-021959-1y67126b	32	45	with	with	IN
cord-021959-1y67126b	32	46	market	market	NN
cord-021959-1y67126b	32	47	-	-	HYPH
cord-021959-1y67126b	32	48	wide	wide	JJ
cord-021959-1y67126b	32	49	variance	variance	NN
cord-021959-1y67126b	32	50	in	in	IN
cord-021959-1y67126b	32	51	returns	return	NNS
cord-021959-1y67126b	32	52	(	(	-LRB-
cord-021959-1y67126b	32	53	Lubatkin	Lubatkin	NNP
cord-021959-1y67126b	32	54	and	and	CC
cord-021959-1y67126b	32	55	Schulze	Schulze	NNP
cord-021959-1y67126b	32	56	,	,	,
cord-021959-1y67126b	32	57	2003	2003	CD
cord-021959-1y67126b	32	58	;	;	:
cord-021959-1y67126b	32	59	Rosenberg	Rosenberg	NNP
cord-021959-1y67126b	32	60	,	,	,
cord-021959-1y67126b	32	61	1981	1981	CD
cord-021959-1y67126b	32	62	)	)	-RRB-
cord-021959-1y67126b	32	63	.	.	.
cord-021959-1y67126b	33	1	Investors	investor	NNS
cord-021959-1y67126b	33	2	,	,	,
cord-021959-1y67126b	33	3	it	-PRON-	PRP
cord-021959-1y67126b	33	4	argues	argue	VBZ
cord-021959-1y67126b	33	5	,	,	,
cord-021959-1y67126b	33	6	should	should	MD
cord-021959-1y67126b	33	7	only	only	RB
cord-021959-1y67126b	33	8	be	be	VB
cord-021959-1y67126b	33	9	concerned	concern	VBN
cord-021959-1y67126b	33	10	about	about	IN
cord-021959-1y67126b	33	11	the	the	DT
cord-021959-1y67126b	33	12	impact	impact	NN
cord-021959-1y67126b	33	13	that	that	WDT
cord-021959-1y67126b	33	14	an	an	DT
cord-021959-1y67126b	33	15	alternative	alternative	JJ
cord-021959-1y67126b	33	16	investment	investment	NN
cord-021959-1y67126b	33	17	might	may	MD
cord-021959-1y67126b	33	18	have	have	VB
cord-021959-1y67126b	33	19	on	on	IN
cord-021959-1y67126b	33	20	the	the	DT
cord-021959-1y67126b	33	21	risk	risk	NN
cord-021959-1y67126b	33	22	-	-	HYPH
cord-021959-1y67126b	33	23	return	return	NN
cord-021959-1y67126b	33	24	properties	property	NNS
cord-021959-1y67126b	33	25	of	of	IN
cord-021959-1y67126b	33	26	their	-PRON-	PRP$
cord-021959-1y67126b	33	27	portfolio	portfolio	NN
cord-021959-1y67126b	33	28	.	.	.
cord-021959-1y67126b	34	1	However	however	RB
cord-021959-1y67126b	34	2	,	,	,
cord-021959-1y67126b	34	3	the	the	DT
cord-021959-1y67126b	34	4	capital	capital	NN
cord-021959-1y67126b	34	5	asset	asset	NN
cord-021959-1y67126b	34	6	pricing	pricing	NN
cord-021959-1y67126b	34	7	model	model	NN
cord-021959-1y67126b	34	8	(	(	-LRB-
cord-021959-1y67126b	34	9	CAPM	CAPM	NNP
cord-021959-1y67126b	34	10	)	)	-RRB-
cord-021959-1y67126b	34	11	(	(	-LRB-
cord-021959-1y67126b	34	12	Lintner	Lintner	NNP
cord-021959-1y67126b	34	13	,	,	,
cord-021959-1y67126b	34	14	1965	1965	CD
cord-021959-1y67126b	34	15	;	;	:
cord-021959-1y67126b	34	16	Sharpe	Sharpe	NNP
cord-021959-1y67126b	34	17	,	,	,
cord-021959-1y67126b	34	18	1964	1964	CD
cord-021959-1y67126b	34	19	)	)	-RRB-
cord-021959-1y67126b	34	20	(	(	-LRB-
cord-021959-1y67126b	34	21	to	to	TO
cord-021959-1y67126b	34	22	be	be	VB
cord-021959-1y67126b	34	23	discussed	discuss	VBN
cord-021959-1y67126b	34	24	in	in	IN
cord-021959-1y67126b	34	25	detail	detail	NN
cord-021959-1y67126b	34	26	later	later	RB
cord-021959-1y67126b	34	27	)	)	-RRB-
cord-021959-1y67126b	34	28	does	do	VBZ
cord-021959-1y67126b	34	29	not	not	RB
cord-021959-1y67126b	34	30	explicitly	explicitly	RB
cord-021959-1y67126b	34	31	explain	explain	VB
cord-021959-1y67126b	34	32	what	what	WP
cord-021959-1y67126b	34	33	criteria	criterion	NNS
cord-021959-1y67126b	34	34	investors	investor	NNS
cord-021959-1y67126b	34	35	should	should	MD
cord-021959-1y67126b	34	36	use	use	VB
cord-021959-1y67126b	34	37	to	to	TO
cord-021959-1y67126b	34	38	select	select	VB
cord-021959-1y67126b	34	39	the	the	DT
cord-021959-1y67126b	34	40	alternative	alternative	JJ
cord-021959-1y67126b	34	41	investments	investment	NNS
cord-021959-1y67126b	34	42	and	and	CC
cord-021959-1y67126b	34	43	how	how	WRB
cord-021959-1y67126b	34	44	they	-PRON-	PRP
cord-021959-1y67126b	34	45	should	should	MD
cord-021959-1y67126b	34	46	assess	assess	VB
cord-021959-1y67126b	34	47	the	the	DT
cord-021959-1y67126b	34	48	risk	risk	NN
cord-021959-1y67126b	34	49	features	feature	NNS
cord-021959-1y67126b	34	50	of	of	IN
cord-021959-1y67126b	34	51	these	these	DT
cord-021959-1y67126b	34	52	investments	investment	NNS
cord-021959-1y67126b	34	53	.	.	.
cord-021959-1y67126b	35	1	Moreover	moreover	RB
cord-021959-1y67126b	35	2	,	,	,
cord-021959-1y67126b	35	3	the	the	DT
cord-021959-1y67126b	35	4	CAPM	CAPM	NNP
cord-021959-1y67126b	35	5	assumes	assume	VBZ
cord-021959-1y67126b	35	6	that	that	IN
cord-021959-1y67126b	35	7	because	because	IN
cord-021959-1y67126b	35	8	investors	investor	NNS
cord-021959-1y67126b	35	9	can	can	MD
cord-021959-1y67126b	35	10	eliminate	eliminate	VB
cord-021959-1y67126b	35	11	the	the	DT
cord-021959-1y67126b	35	12	risks	risk	NNS
cord-021959-1y67126b	35	13	they	-PRON-	PRP
cord-021959-1y67126b	35	14	do	do	VBP
cord-021959-1y67126b	35	15	not	not	RB
cord-021959-1y67126b	35	16	wish	wish	VB
cord-021959-1y67126b	35	17	to	to	TO
cord-021959-1y67126b	35	18	bear	bear	VB
cord-021959-1y67126b	35	19	,	,	,
cord-021959-1y67126b	35	20	at	at	IN
cord-021959-1y67126b	35	21	relatively	relatively	RB
cord-021959-1y67126b	35	22	low	low	JJ
cord-021959-1y67126b	35	23	costs	cost	NNS
cord-021959-1y67126b	35	24	to	to	IN
cord-021959-1y67126b	35	25	them	-PRON-	PRP
cord-021959-1y67126b	35	26	,	,	,
cord-021959-1y67126b	35	27	through	through	IN
cord-021959-1y67126b	35	28	diversification	diversification	NN
cord-021959-1y67126b	35	29	and	and	CC
cord-021959-1y67126b	35	30	other	other	JJ
cord-021959-1y67126b	35	31	financial	financial	JJ
cord-021959-1y67126b	35	32	strategies	strategy	NNS
cord-021959-1y67126b	35	33	,	,	,
cord-021959-1y67126b	35	34	there	there	EX
cord-021959-1y67126b	35	35	is	be	VBZ
cord-021959-1y67126b	35	36	little	little	JJ
cord-021959-1y67126b	35	37	need	need	NN
cord-021959-1y67126b	35	38	,	,	,
cord-021959-1y67126b	35	39	therefore	therefore	RB
cord-021959-1y67126b	35	40	,	,	,
cord-021959-1y67126b	35	41	for	for	IN
cord-021959-1y67126b	35	42	managers	manager	NNS
cord-021959-1y67126b	35	43	to	to	TO
cord-021959-1y67126b	35	44	engage	engage	VB
cord-021959-1y67126b	35	45	in	in	IN
cord-021959-1y67126b	35	46	risk	risk	NN
cord-021959-1y67126b	35	47	-	-	HYPH
cord-021959-1y67126b	35	48	management	management	NN
cord-021959-1y67126b	35	49	activities	activity	NNS
cord-021959-1y67126b	35	50	(	(	-LRB-
cord-021959-1y67126b	35	51	Lubatkin	Lubatkin	NNP
cord-021959-1y67126b	35	52	and	and	CC
cord-021959-1y67126b	35	53	Schulze	Schulze	NNP
cord-021959-1y67126b	35	54	,	,	,
cord-021959-1y67126b	35	55	2003	2003	CD
cord-021959-1y67126b	35	56	)	)	-RRB-
cord-021959-1y67126b	35	57	.	.	.
cord-021959-1y67126b	36	1	In	in	IN
cord-021959-1y67126b	36	2	contrast	contrast	NN
cord-021959-1y67126b	36	3	,	,	,
cord-021959-1y67126b	36	4	the	the	DT
cord-021959-1y67126b	36	5	field	field	NN
cord-021959-1y67126b	36	6	of	of	IN
cord-021959-1y67126b	36	7	strategic	strategic	JJ
cord-021959-1y67126b	36	8	management	management	NN
cord-021959-1y67126b	36	9	is	be	VBZ
cord-021959-1y67126b	36	10	based	base	VBN
cord-021959-1y67126b	36	11	on	on	IN
cord-021959-1y67126b	36	12	the	the	DT
cord-021959-1y67126b	36	13	premise	premise	NN
cord-021959-1y67126b	36	14	that	that	IN
cord-021959-1y67126b	36	15	to	to	TO
cord-021959-1y67126b	36	16	gain	gain	VB
cord-021959-1y67126b	36	17	competitive	competitive	JJ
cord-021959-1y67126b	36	18	advantage	advantage	NN
cord-021959-1y67126b	36	19	,	,	,
cord-021959-1y67126b	36	20	firms	firm	NNS
cord-021959-1y67126b	36	21	must	must	MD
cord-021959-1y67126b	36	22	make	make	VB
cord-021959-1y67126b	36	23	strategic	strategic	JJ
cord-021959-1y67126b	36	24	,	,	,
cord-021959-1y67126b	36	25	or	or	CC
cord-021959-1y67126b	36	26	hard	hard	JJ
cord-021959-1y67126b	36	27	-	-	HYPH
cord-021959-1y67126b	36	28	to	to	TO
cord-021959-1y67126b	36	29	-	-	HYPH
cord-021959-1y67126b	36	30	reverse	reverse	NN
cord-021959-1y67126b	36	31	,	,	,
cord-021959-1y67126b	36	32	investments	investment	NNS
cord-021959-1y67126b	36	33	in	in	IN
cord-021959-1y67126b	36	34	competitive	competitive	JJ
cord-021959-1y67126b	36	35	methods	method	NNS
cord-021959-1y67126b	36	36	(	(	-LRB-
cord-021959-1y67126b	36	37	portfolios	portfolio	NNS
cord-021959-1y67126b	36	38	of	of	IN
cord-021959-1y67126b	36	39	products	product	NNS
cord-021959-1y67126b	36	40	and	and	CC
cord-021959-1y67126b	36	41	services	service	NNS
cord-021959-1y67126b	36	42	)	)	-RRB-
cord-021959-1y67126b	36	43	that	that	WDT
cord-021959-1y67126b	36	44	create	create	VBP
cord-021959-1y67126b	36	45	value	value	NN
cord-021959-1y67126b	36	46	for	for	IN
cord-021959-1y67126b	36	47	their	-PRON-	PRP$
cord-021959-1y67126b	36	48	shareholders	shareholder	NNS
cord-021959-1y67126b	36	49	,	,	,
cord-021959-1y67126b	36	50	employees	employee	NNS
cord-021959-1y67126b	36	51	,	,	,
cord-021959-1y67126b	36	52	and	and	CC
cord-021959-1y67126b	36	53	customers	customer	NNS
cord-021959-1y67126b	36	54	in	in	IN
cord-021959-1y67126b	36	55	ways	way	NNS
cord-021959-1y67126b	36	56	that	that	WDT
cord-021959-1y67126b	36	57	rivals	rival	NNS
cord-021959-1y67126b	36	58	will	will	MD
cord-021959-1y67126b	36	59	have	have	VB
cord-021959-1y67126b	36	60	difficulty	difficulty	NN
cord-021959-1y67126b	36	61	imitating	imitate	VBG
cord-021959-1y67126b	36	62	(	(	-LRB-
cord-021959-1y67126b	36	63	Olsen	Olsen	NNP
cord-021959-1y67126b	36	64	et	et	NNP
cord-021959-1y67126b	36	65	al	al	NNP
cord-021959-1y67126b	36	66	.	.	NNP
cord-021959-1y67126b	36	67	,	,	,
cord-021959-1y67126b	36	68	1998	1998	CD
cord-021959-1y67126b	36	69	)	)	-RRB-
cord-021959-1y67126b	36	70	.	.	.
cord-021959-1y67126b	37	1	These	these	DT
cord-021959-1y67126b	37	2	investments	investment	NNS
cord-021959-1y67126b	37	3	enable	enable	VBP
cord-021959-1y67126b	37	4	the	the	DT
cord-021959-1y67126b	37	5	firms	firm	NNS
cord-021959-1y67126b	37	6	to	to	TO
cord-021959-1y67126b	37	7	protect	protect	VB
cord-021959-1y67126b	37	8	their	-PRON-	PRP$
cord-021959-1y67126b	37	9	earnings	earning	NNS
cord-021959-1y67126b	37	10	from	from	IN
cord-021959-1y67126b	37	11	competitive	competitive	JJ
cord-021959-1y67126b	37	12	pressure	pressure	NN
cord-021959-1y67126b	37	13	,	,	,
cord-021959-1y67126b	37	14	and	and	CC
cord-021959-1y67126b	37	15	allow	allow	VB
cord-021959-1y67126b	37	16	firms	firm	NNS
cord-021959-1y67126b	37	17	to	to	TO
cord-021959-1y67126b	37	18	increase	increase	VB
cord-021959-1y67126b	37	19	the	the	DT
cord-021959-1y67126b	37	20	level	level	NN
cord-021959-1y67126b	37	21	of	of	IN
cord-021959-1y67126b	37	22	their	-PRON-	PRP$
cord-021959-1y67126b	37	23	future	future	JJ
cord-021959-1y67126b	37	24	cash	cash	NN
cord-021959-1y67126b	37	25	flow	flow	NN
cord-021959-1y67126b	37	26	,	,	,
cord-021959-1y67126b	37	27	while	while	IN
cord-021959-1y67126b	37	28	simultaneously	simultaneously	RB
cord-021959-1y67126b	37	29	reducing	reduce	VBG
cord-021959-1y67126b	37	30	the	the	DT
cord-021959-1y67126b	37	31	uncertainty	uncertainty	NN
cord-021959-1y67126b	37	32	associated	associate	VBN
cord-021959-1y67126b	37	33	with	with	IN
cord-021959-1y67126b	37	34	them	-PRON-	PRP
cord-021959-1y67126b	37	35	.	.	.
cord-021959-1y67126b	38	1	The	the	DT
cord-021959-1y67126b	38	2	management	management	NN
cord-021959-1y67126b	38	3	of	of	IN
cord-021959-1y67126b	38	4	firmspecific	firmspecific	JJ
cord-021959-1y67126b	38	5	risk	risk	NN
cord-021959-1y67126b	38	6	lies	lie	VBZ
cord-021959-1y67126b	38	7	at	at	IN
cord-021959-1y67126b	38	8	the	the	DT
cord-021959-1y67126b	38	9	heart	heart	NN
cord-021959-1y67126b	38	10	of	of	IN
cord-021959-1y67126b	38	11	strategic	strategic	JJ
cord-021959-1y67126b	38	12	management	management	NN
cord-021959-1y67126b	38	13	theories	theory	NNS
cord-021959-1y67126b	38	14	(	(	-LRB-
cord-021959-1y67126b	38	15	Bettis	Bettis	NNP
cord-021959-1y67126b	38	16	,	,	,
cord-021959-1y67126b	38	17	1983	1983	CD
cord-021959-1y67126b	38	18	;	;	:
cord-021959-1y67126b	38	19	Lubatkin	Lubatkin	NNP
cord-021959-1y67126b	38	20	and	and	CC
cord-021959-1y67126b	38	21	Schulze	Schulze	NNP
cord-021959-1y67126b	38	22	,	,	,
cord-021959-1y67126b	38	23	2003	2003	CD
cord-021959-1y67126b	38	24	)	)	-RRB-
cord-021959-1y67126b	38	25	,	,	,
cord-021959-1y67126b	38	26	and	and	CC
cord-021959-1y67126b	38	27	,	,	,
cord-021959-1y67126b	38	28	from	from	IN
cord-021959-1y67126b	38	29	this	this	DT
cord-021959-1y67126b	38	30	perspective	perspective	NN
cord-021959-1y67126b	38	31	,	,	,
cord-021959-1y67126b	38	32	management	management	NN
cord-021959-1y67126b	38	33	must	must	MD
cord-021959-1y67126b	38	34	work	work	VB
cord-021959-1y67126b	38	35	hard	hard	RB
cord-021959-1y67126b	38	36	at	at	IN
cord-021959-1y67126b	38	37	avoiding	avoid	VBG
cord-021959-1y67126b	38	38	investments	investment	NNS
cord-021959-1y67126b	38	39	that	that	WDT
cord-021959-1y67126b	38	40	create	create	VBP
cord-021959-1y67126b	38	41	additional	additional	JJ
cord-021959-1y67126b	38	42	levels	level	NNS
cord-021959-1y67126b	38	43	of	of	IN
cord-021959-1y67126b	38	44	risk	risk	NN
cord-021959-1y67126b	38	45	for	for	IN
cord-021959-1y67126b	38	46	the	the	DT
cord-021959-1y67126b	38	47	firm	firm	NN
cord-021959-1y67126b	38	48	.	.	.
cord-021959-1y67126b	39	1	Bettis	Bettis	NNP
cord-021959-1y67126b	39	2	(	(	-LRB-
cord-021959-1y67126b	39	3	1983	1983	CD
cord-021959-1y67126b	39	4	)	)	-RRB-
cord-021959-1y67126b	39	5	further	further	RB
cord-021959-1y67126b	39	6	affirms	affirm	VBZ
cord-021959-1y67126b	39	7	that	that	IN
cord-021959-1y67126b	39	8	the	the	DT
cord-021959-1y67126b	39	9	CAPM	CAPM	NNP
cord-021959-1y67126b	39	10	's	's	POS
cord-021959-1y67126b	39	11	emphasis	emphasis	NN
cord-021959-1y67126b	39	12	on	on	IN
cord-021959-1y67126b	39	13	the	the	DT
cord-021959-1y67126b	39	14	equilibration	equilibration	NN
cord-021959-1y67126b	39	15	of	of	IN
cord-021959-1y67126b	39	16	returns	return	NNS
cord-021959-1y67126b	39	17	across	across	IN
cord-021959-1y67126b	39	18	firms	firm	NNS
cord-021959-1y67126b	39	19	(	(	-LRB-
cord-021959-1y67126b	39	20	i.e.	i.e.	FW
cord-021959-1y67126b	39	21	,	,	,
cord-021959-1y67126b	39	22	systematic	systematic	JJ
cord-021959-1y67126b	39	23	risk	risk	NN
cord-021959-1y67126b	39	24	)	)	-RRB-
cord-021959-1y67126b	39	25	relegates	relegate	VBZ
cord-021959-1y67126b	39	26	to	to	IN
cord-021959-1y67126b	39	27	a	a	DT
cord-021959-1y67126b	39	28	secondary	secondary	JJ
cord-021959-1y67126b	39	29	role	role	NN
cord-021959-1y67126b	39	30	strategy	strategy	NN
cord-021959-1y67126b	39	31	's	's	POS
cord-021959-1y67126b	39	32	central	central	JJ
cord-021959-1y67126b	39	33	concern	concern	NN
cord-021959-1y67126b	39	34	with	with	IN
cord-021959-1y67126b	39	35	managerial	managerial	JJ
cord-021959-1y67126b	39	36	actions	action	NNS
cord-021959-1y67126b	39	37	that	that	WDT
cord-021959-1y67126b	39	38	seek	seek	VBP
cord-021959-1y67126b	39	39	to	to	TO
cord-021959-1y67126b	39	40	delay	delay	VB
cord-021959-1y67126b	39	41	the	the	DT
cord-021959-1y67126b	39	42	calibration	calibration	NN
cord-021959-1y67126b	39	43	of	of	IN
cord-021959-1y67126b	39	44	returns	return	NNS
cord-021959-1y67126b	39	45	(	(	-LRB-
cord-021959-1y67126b	39	46	i.e.	i.e.	FW
cord-021959-1y67126b	39	47	,	,	,
cord-021959-1y67126b	39	48	unsystematic	unsystematic	JJ
cord-021959-1y67126b	39	49	risks	risk	NNS
cord-021959-1y67126b	39	50	)	)	-RRB-
cord-021959-1y67126b	39	51	.	.	.
cord-021959-1y67126b	40	1	Thus	thus	RB
cord-021959-1y67126b	40	2	,	,	,
cord-021959-1y67126b	40	3	the	the	DT
cord-021959-1y67126b	40	4	claim	claim	NN
cord-021959-1y67126b	40	5	that	that	IN
cord-021959-1y67126b	40	6	systematic	systematic	JJ
cord-021959-1y67126b	40	7	risk	risk	NN
cord-021959-1y67126b	40	8	is	be	VBZ
cord-021959-1y67126b	40	9	paramount	paramount	NN
cord-021959-1y67126b	40	10	to	to	IN
cord-021959-1y67126b	40	11	the	the	DT
cord-021959-1y67126b	40	12	firm	firm	NN
cord-021959-1y67126b	40	13	is	be	VBZ
cord-021959-1y67126b	40	14	undermined	undermine	VBN
cord-021959-1y67126b	40	15	by	by	IN
cord-021959-1y67126b	40	16	the	the	DT
cord-021959-1y67126b	40	17	two	two	CD
cord-021959-1y67126b	40	18	arguable	arguable	JJ
cord-021959-1y67126b	40	19	assumptions	assumption	NNS
cord-021959-1y67126b	40	20	from	from	IN
cord-021959-1y67126b	40	21	portfolio	portfolio	NN
cord-021959-1y67126b	40	22	theory	theory	NN
cord-021959-1y67126b	40	23	:	:	:
cord-021959-1y67126b	40	24	stockholders	stockholder	NNS
cord-021959-1y67126b	40	25	are	be	VBP
cord-021959-1y67126b	40	26	fully	fully	RB
cord-021959-1y67126b	40	27	diversified	diversified	JJ
cord-021959-1y67126b	40	28	,	,	,
cord-021959-1y67126b	40	29	and	and	CC
cord-021959-1y67126b	40	30	the	the	DT
cord-021959-1y67126b	40	31	capital	capital	NN
cord-021959-1y67126b	40	32	markets	market	NNS
cord-021959-1y67126b	40	33	operate	operate	VBP
cord-021959-1y67126b	40	34	without	without	IN
cord-021959-1y67126b	40	35	such	such	JJ
cord-021959-1y67126b	40	36	imperfections	imperfection	NNS
cord-021959-1y67126b	40	37	as	as	IN
cord-021959-1y67126b	40	38	transaction	transaction	NN
cord-021959-1y67126b	40	39	costs	cost	NNS
cord-021959-1y67126b	40	40	and	and	CC
cord-021959-1y67126b	40	41	taxes	taxis	NNS
cord-021959-1y67126b	40	42	.	.	.
cord-021959-1y67126b	41	1	Some	some	DT
cord-021959-1y67126b	41	2	stockholders	stockholder	NNS
cord-021959-1y67126b	41	3	,	,	,
cord-021959-1y67126b	41	4	however	however	RB
cord-021959-1y67126b	41	5	,	,	,
cord-021959-1y67126b	41	6	are	be	VBP
cord-021959-1y67126b	41	7	not	not	RB
cord-021959-1y67126b	41	8	fully	fully	RB
cord-021959-1y67126b	41	9	diversified	diversify	VBN
cord-021959-1y67126b	41	10	,	,	,
cord-021959-1y67126b	41	11	particularly	particularly	RB
cord-021959-1y67126b	41	12	the	the	DT
cord-021959-1y67126b	41	13	corporate	corporate	JJ
cord-021959-1y67126b	41	14	managers	manager	NNS
cord-021959-1y67126b	41	15	,	,	,
cord-021959-1y67126b	41	16	who	who	WP
cord-021959-1y67126b	41	17	have	have	VBP
cord-021959-1y67126b	41	18	heavily	heavily	RB
cord-021959-1y67126b	41	19	invested	invest	VBN
cord-021959-1y67126b	41	20	,	,	,
cord-021959-1y67126b	41	21	both	both	CC
cord-021959-1y67126b	41	22	financially	financially	RB
cord-021959-1y67126b	41	23	and	and	CC
cord-021959-1y67126b	41	24	personally	personally	RB
cord-021959-1y67126b	41	25	,	,	,
cord-021959-1y67126b	41	26	in	in	IN
cord-021959-1y67126b	41	27	a	a	DT
cord-021959-1y67126b	41	28	single	single	JJ
cord-021959-1y67126b	41	29	company	company	NN
cord-021959-1y67126b	41	30	(	(	-LRB-
cord-021959-1y67126b	41	31	Vancil	Vancil	NNP
cord-021959-1y67126b	41	32	,	,	,
cord-021959-1y67126b	41	33	1987	1987	CD
cord-021959-1y67126b	41	34	)	)	-RRB-
cord-021959-1y67126b	41	35	.	.	.
cord-021959-1y67126b	42	1	Also	also	RB
cord-021959-1y67126b	42	2	,	,	,
cord-021959-1y67126b	42	3	transaction	transaction	NN
cord-021959-1y67126b	42	4	costs	cost	NNS
cord-021959-1y67126b	42	5	,	,	,
cord-021959-1y67126b	42	6	such	such	JJ
cord-021959-1y67126b	42	7	as	as	IN
cord-021959-1y67126b	42	8	brokerage	brokerage	NN
cord-021959-1y67126b	42	9	fees	fee	NNS
cord-021959-1y67126b	42	10	,	,	,
cord-021959-1y67126b	42	11	act	act	VBP
cord-021959-1y67126b	42	12	as	as	IN
cord-021959-1y67126b	42	13	a	a	DT
cord-021959-1y67126b	42	14	minor	minor	JJ
cord-021959-1y67126b	42	15	impediment	impediment	NN
cord-021959-1y67126b	42	16	,	,	,
cord-021959-1y67126b	42	17	inhibiting	inhibit	VBG
cord-021959-1y67126b	42	18	other	other	JJ
cord-021959-1y67126b	42	19	stockholders	stockholder	NNS
cord-021959-1y67126b	42	20	from	from	IN
cord-021959-1y67126b	42	21	completely	completely	RB
cord-021959-1y67126b	42	22	eliminating	eliminate	VBG
cord-021959-1y67126b	42	23	unsystematic	unsystematic	JJ
cord-021959-1y67126b	42	24	risk	risk	NN
cord-021959-1y67126b	42	25	(	(	-LRB-
cord-021959-1y67126b	42	26	Constantinides	Constantinides	NNP
cord-021959-1y67126b	42	27	,	,	,
cord-021959-1y67126b	42	28	1986	1986	CD
cord-021959-1y67126b	42	29	)	)	-RRB-
cord-021959-1y67126b	42	30	.	.	.
cord-021959-1y67126b	43	1	Finally	finally	RB
cord-021959-1y67126b	43	2	,	,	,
cord-021959-1y67126b	43	3	taxes	taxis	NNS
cord-021959-1y67126b	43	4	make	make	VBP
cord-021959-1y67126b	43	5	all	all	DT
cord-021959-1y67126b	43	6	stockholders	stockholder	NNS
cord-021959-1y67126b	43	7	somewhat	somewhat	RB
cord-021959-1y67126b	43	8	concerned	concerned	JJ
cord-021959-1y67126b	43	9	with	with	IN
cord-021959-1y67126b	43	10	unsystematic	unsystematic	JJ
cord-021959-1y67126b	43	11	risk	risk	NN
cord-021959-1y67126b	43	12	(	(	-LRB-
cord-021959-1y67126b	43	13	Amit	Amit	NNP
cord-021959-1y67126b	43	14	and	and	CC
cord-021959-1y67126b	43	15	Wernerfelt	Wernerfelt	NNP
cord-021959-1y67126b	43	16	,	,	,
cord-021959-1y67126b	43	17	1990	1990	CD
cord-021959-1y67126b	43	18	;	;	:
cord-021959-1y67126b	43	19	Hayn	Hayn	NNP
cord-021959-1y67126b	43	20	,	,	,
cord-021959-1y67126b	43	21	1989	1989	CD
cord-021959-1y67126b	43	22	)	)	-RRB-
cord-021959-1y67126b	43	23	because	because	IN
cord-021959-1y67126b	43	24	interest	interest	NN
cord-021959-1y67126b	43	25	on	on	IN
cord-021959-1y67126b	43	26	debt	debt	NN
cord-021959-1y67126b	43	27	financing	financing	NN
cord-021959-1y67126b	43	28	is	be	VBZ
cord-021959-1y67126b	43	29	tax	tax	NN
cord-021959-1y67126b	43	30	deductible	deductible	NN
cord-021959-1y67126b	43	31	,	,	,
cord-021959-1y67126b	43	32	thereby	thereby	RB
cord-021959-1y67126b	43	33	allowing	allow	VBG
cord-021959-1y67126b	43	34	firms	firm	NNS
cord-021959-1y67126b	43	35	to	to	TO
cord-021959-1y67126b	43	36	pass	pass	VB
cord-021959-1y67126b	43	37	a	a	DT
cord-021959-1y67126b	43	38	portion	portion	NN
cord-021959-1y67126b	43	39	of	of	IN
cord-021959-1y67126b	43	40	the	the	DT
cord-021959-1y67126b	43	41	cost	cost	NN
cord-021959-1y67126b	43	42	of	of	IN
cord-021959-1y67126b	43	43	capital	capital	NN
cord-021959-1y67126b	43	44	from	from	IN
cord-021959-1y67126b	43	45	their	-PRON-	PRP$
cord-021959-1y67126b	43	46	stockholders	stockholder	NNS
cord-021959-1y67126b	43	47	to	to	IN
cord-021959-1y67126b	43	48	the	the	DT
cord-021959-1y67126b	43	49	government	government	NN
cord-021959-1y67126b	43	50	.	.	.
cord-021959-1y67126b	44	1	Thus	thus	RB
cord-021959-1y67126b	44	2	,	,	,
cord-021959-1y67126b	44	3	firms	firm	NNS
cord-021959-1y67126b	44	4	can	can	MD
cord-021959-1y67126b	44	5	create	create	VB
cord-021959-1y67126b	44	6	value	value	NN
cord-021959-1y67126b	44	7	for	for	IN
cord-021959-1y67126b	44	8	their	-PRON-	PRP$
cord-021959-1y67126b	44	9	stockholders	stockholder	NNS
cord-021959-1y67126b	44	10	,	,	,
cord-021959-1y67126b	44	11	within	within	IN
cord-021959-1y67126b	44	12	limits	limit	NNS
cord-021959-1y67126b	44	13	,	,	,
cord-021959-1y67126b	44	14	by	by	IN
cord-021959-1y67126b	44	15	financing	finance	VBG
cord-021959-1y67126b	44	16	investments	investment	NNS
cord-021959-1y67126b	44	17	with	with	IN
cord-021959-1y67126b	44	18	debt	debt	NN
cord-021959-1y67126b	44	19	rather	rather	RB
cord-021959-1y67126b	44	20	than	than	IN
cord-021959-1y67126b	44	21	equity	equity	NN
cord-021959-1y67126b	44	22	(	(	-LRB-
cord-021959-1y67126b	44	23	Kaplan	Kaplan	NNP
cord-021959-1y67126b	44	24	,	,	,
cord-021959-1y67126b	44	25	1989	1989	CD
cord-021959-1y67126b	44	26	;	;	:
cord-021959-1y67126b	44	27	Smith	Smith	NNP
cord-021959-1y67126b	44	28	,	,	,
cord-021959-1y67126b	44	29	1990	1990	CD
cord-021959-1y67126b	44	30	)	)	-RRB-
cord-021959-1y67126b	44	31	.	.	.
cord-021959-1y67126b	45	1	The	the	DT
cord-021959-1y67126b	45	2	limits	limit	NNS
cord-021959-1y67126b	45	3	are	be	VBP
cord-021959-1y67126b	45	4	determined	determine	VBN
cord-021959-1y67126b	45	5	in	in	IN
cord-021959-1y67126b	45	6	part	part	NN
cord-021959-1y67126b	45	7	by	by	IN
cord-021959-1y67126b	45	8	the	the	DT
cord-021959-1y67126b	45	9	amount	amount	NN
cord-021959-1y67126b	45	10	a	a	DT
cord-021959-1y67126b	45	11	firm	firm	NN
cord-021959-1y67126b	45	12	is	be	VBZ
cord-021959-1y67126b	45	13	allowed	allow	VBN
cord-021959-1y67126b	45	14	to	to	TO
cord-021959-1y67126b	45	15	borrow	borrow	VB
cord-021959-1y67126b	45	16	and	and	CC
cord-021959-1y67126b	45	17	the	the	DT
cord-021959-1y67126b	45	18	terms	term	NNS
cord-021959-1y67126b	45	19	of	of	IN
cord-021959-1y67126b	45	20	such	such	JJ
cord-021959-1y67126b	45	21	debt	debt	NN
cord-021959-1y67126b	45	22	,	,	,
cord-021959-1y67126b	45	23	both	both	DT
cord-021959-1y67126b	45	24	of	of	IN
cord-021959-1y67126b	45	25	which	which	WDT
cord-021959-1y67126b	45	26	are	be	VBP
cord-021959-1y67126b	45	27	contingent	contingent	JJ
cord-021959-1y67126b	45	28	upon	upon	IN
cord-021959-1y67126b	45	29	the	the	DT
cord-021959-1y67126b	45	30	unsystematic	unsystematic	JJ
cord-021959-1y67126b	45	31	variation	variation	NN
cord-021959-1y67126b	45	32	in	in	IN
cord-021959-1y67126b	45	33	the	the	DT
cord-021959-1y67126b	45	34	firm	firm	NN
cord-021959-1y67126b	45	35	's	's	POS
cord-021959-1y67126b	45	36	income	income	NN
cord-021959-1y67126b	45	37	streams	stream	NNS
cord-021959-1y67126b	45	38	.	.	.
cord-021959-1y67126b	46	1	Lubatkin	Lubatkin	NNP
cord-021959-1y67126b	46	2	and	and	CC
cord-021959-1y67126b	46	3	Chatterjee	Chatterjee	NNP
cord-021959-1y67126b	46	4	(	(	-LRB-
cord-021959-1y67126b	46	5	1994	1994	CD
cord-021959-1y67126b	46	6	)	)	-RRB-
cord-021959-1y67126b	46	7	contend	contend	VBP
cord-021959-1y67126b	46	8	that	that	IN
cord-021959-1y67126b	46	9	the	the	DT
cord-021959-1y67126b	46	10	debt	debt	NN
cord-021959-1y67126b	46	11	markets	market	NNS
cord-021959-1y67126b	46	12	favour	favour	VBP
cord-021959-1y67126b	46	13	firms	firm	NNS
cord-021959-1y67126b	46	14	with	with	IN
cord-021959-1y67126b	46	15	low	low	JJ
cord-021959-1y67126b	46	16	unsystematic	unsystematic	JJ
cord-021959-1y67126b	46	17	risk	risk	NN
cord-021959-1y67126b	46	18	because	because	IN
cord-021959-1y67126b	46	19	they	-PRON-	PRP
cord-021959-1y67126b	46	20	are	be	VBP
cord-021959-1y67126b	46	21	less	less	RBR
cord-021959-1y67126b	46	22	likely	likely	JJ
cord-021959-1y67126b	46	23	to	to	TO
cord-021959-1y67126b	46	24	default	default	VB
cord-021959-1y67126b	46	25	on	on	IN
cord-021959-1y67126b	46	26	their	-PRON-	PRP$
cord-021959-1y67126b	46	27	loans	loan	NNS
cord-021959-1y67126b	46	28	(	(	-LRB-
cord-021959-1y67126b	46	29	this	this	DT
cord-021959-1y67126b	46	30	is	be	VBZ
cord-021959-1y67126b	46	31	particularly	particularly	RB
cord-021959-1y67126b	46	32	the	the	DT
cord-021959-1y67126b	46	33	case	case	NN
cord-021959-1y67126b	46	34	of	of	IN
cord-021959-1y67126b	46	35	the	the	DT
cord-021959-1y67126b	46	36	hospitality	hospitality	NN
cord-021959-1y67126b	46	37	industry	industry	NN
cord-021959-1y67126b	46	38	firms	firm	NNS
cord-021959-1y67126b	46	39	)	)	-RRB-
cord-021959-1y67126b	46	40	.	.	.
cord-021959-1y67126b	47	1	In	in	IN
cord-021959-1y67126b	47	2	summary	summary	NN
cord-021959-1y67126b	47	3	,	,	,
cord-021959-1y67126b	47	4	the	the	DT
cord-021959-1y67126b	47	5	discussion	discussion	NN
cord-021959-1y67126b	47	6	of	of	IN
cord-021959-1y67126b	47	7	partially	partially	RB
cord-021959-1y67126b	47	8	diversified	diversify	VBN
cord-021959-1y67126b	47	9	stockholders	stockholder	NNS
cord-021959-1y67126b	47	10	,	,	,
cord-021959-1y67126b	47	11	transaction	transaction	NN
cord-021959-1y67126b	47	12	costs	cost	NNS
cord-021959-1y67126b	47	13	,	,	,
cord-021959-1y67126b	47	14	and	and	CC
cord-021959-1y67126b	47	15	leverage	leverage	NN
cord-021959-1y67126b	47	16	suggests	suggest	VBZ
cord-021959-1y67126b	47	17	that	that	IN
cord-021959-1y67126b	47	18	some	some	DT
cord-021959-1y67126b	47	19	stockholders	stockholder	NNS
cord-021959-1y67126b	47	20	may	may	MD
cord-021959-1y67126b	47	21	be	be	VB
cord-021959-1y67126b	47	22	concerned	concern	VBN
cord-021959-1y67126b	47	23	with	with	IN
cord-021959-1y67126b	47	24	unsystematic	unsystematic	JJ
cord-021959-1y67126b	47	25	risk	risk	NN
cord-021959-1y67126b	47	26	and	and	CC
cord-021959-1y67126b	47	27	factor	factor	VB
cord-021959-1y67126b	47	28	it	-PRON-	PRP
cord-021959-1y67126b	47	29	along	along	IN
cord-021959-1y67126b	47	30	with	with	IN
cord-021959-1y67126b	47	31	market	market	NN
cord-021959-1y67126b	47	32	risk	risk	NN
cord-021959-1y67126b	47	33	to	to	TO
cord-021959-1y67126b	47	34	determine	determine	VB
cord-021959-1y67126b	47	35	the	the	DT
cord-021959-1y67126b	47	36	value	value	NN
cord-021959-1y67126b	47	37	of	of	IN
cord-021959-1y67126b	47	38	a	a	DT
cord-021959-1y67126b	47	39	firm	firm	NN
cord-021959-1y67126b	47	40	's	's	POS
cord-021959-1y67126b	47	41	stock	stock	NN
cord-021959-1y67126b	47	42	(	(	-LRB-
cord-021959-1y67126b	47	43	Amit	Amit	NNP
cord-021959-1y67126b	47	44	and	and	CC
cord-021959-1y67126b	47	45	Wernerfelt	Wernerfelt	NNP
cord-021959-1y67126b	47	46	,	,	,
cord-021959-1y67126b	47	47	1990	1990	CD
cord-021959-1y67126b	47	48	;	;	:
cord-021959-1y67126b	47	49	Aron	Aron	NNP
cord-021959-1y67126b	47	50	,	,	,
cord-021959-1y67126b	47	51	1988	1988	CD
cord-021959-1y67126b	47	52	;	;	:
cord-021959-1y67126b	47	53	Lubatkin	Lubatkin	NNP
cord-021959-1y67126b	47	54	and	and	CC
cord-021959-1y67126b	47	55	Schulze	Schulze	NNP
cord-021959-1y67126b	47	56	,	,	,
cord-021959-1y67126b	47	57	2003	2003	CD
cord-021959-1y67126b	47	58	;	;	:
cord-021959-1y67126b	47	59	Marshall	Marshall	NNP
cord-021959-1y67126b	47	60	et	et	NNP
cord-021959-1y67126b	47	61	al	al	NNP
cord-021959-1y67126b	47	62	.	.	NNP
cord-021959-1y67126b	47	63	,	,	,
cord-021959-1y67126b	47	64	1984	1984	CD
cord-021959-1y67126b	47	65	)	)	-RRB-
cord-021959-1y67126b	47	66	.	.	.
cord-021959-1y67126b	48	1	Cost	cost	NN
cord-021959-1y67126b	48	2	of	of	IN
cord-021959-1y67126b	48	3	capital	capital	NN
cord-021959-1y67126b	48	4	is	be	VBZ
cord-021959-1y67126b	48	5	defined	define	VBN
cord-021959-1y67126b	48	6	as	as	IN
cord-021959-1y67126b	48	7	the	the	DT
cord-021959-1y67126b	48	8	rate	rate	NN
cord-021959-1y67126b	48	9	of	of	IN
cord-021959-1y67126b	48	10	return	return	NN
cord-021959-1y67126b	48	11	a	a	DT
cord-021959-1y67126b	48	12	firm	firm	NN
cord-021959-1y67126b	48	13	must	must	MD
cord-021959-1y67126b	48	14	earn	earn	VB
cord-021959-1y67126b	48	15	on	on	IN
cord-021959-1y67126b	48	16	its	-PRON-	PRP$
cord-021959-1y67126b	48	17	investment	investment	NN
cord-021959-1y67126b	48	18	projects	project	NNS
cord-021959-1y67126b	48	19	in	in	IN
cord-021959-1y67126b	48	20	order	order	NN
cord-021959-1y67126b	48	21	to	to	TO
cord-021959-1y67126b	48	22	maintain	maintain	VB
cord-021959-1y67126b	48	23	its	-PRON-	PRP$
cord-021959-1y67126b	48	24	market	market	NN
cord-021959-1y67126b	48	25	value	value	NN
cord-021959-1y67126b	48	26	and	and	CC
cord-021959-1y67126b	48	27	continue	continue	VB
cord-021959-1y67126b	48	28	attracting	attract	VBG
cord-021959-1y67126b	48	29	needed	need	VBN
cord-021959-1y67126b	48	30	funds	fund	NNS
cord-021959-1y67126b	48	31	for	for	IN
cord-021959-1y67126b	48	32	its	-PRON-	PRP$
cord-021959-1y67126b	48	33	operations	operation	NNS
cord-021959-1y67126b	48	34	(	(	-LRB-
cord-021959-1y67126b	48	35	Fields	Fields	NNP
cord-021959-1y67126b	48	36	and	and	CC
cord-021959-1y67126b	48	37	Kwansa	Kwansa	NNP
cord-021959-1y67126b	48	38	,	,	,
cord-021959-1y67126b	48	39	1993	1993	CD
cord-021959-1y67126b	48	40	;	;	:
cord-021959-1y67126b	48	41	Gitman	Gitman	NNP
cord-021959-1y67126b	48	42	,	,	,
cord-021959-1y67126b	48	43	1991	1991	CD
cord-021959-1y67126b	48	44	)	)	-RRB-
cord-021959-1y67126b	48	45	.	.	.
cord-021959-1y67126b	49	1	Consequently	consequently	RB
cord-021959-1y67126b	49	2	,	,	,
cord-021959-1y67126b	49	3	a	a	DT
cord-021959-1y67126b	49	4	firm	firm	NN
cord-021959-1y67126b	49	5	adds	add	VBZ
cord-021959-1y67126b	49	6	shareholder	shareholder	NN
cord-021959-1y67126b	49	7	wealth	wealth	NN
cord-021959-1y67126b	49	8	when	when	WRB
cord-021959-1y67126b	49	9	it	-PRON-	PRP
cord-021959-1y67126b	49	10	undertakes	undertake	VBZ
cord-021959-1y67126b	49	11	the	the	DT
cord-021959-1y67126b	49	12	projects	project	NNS
cord-021959-1y67126b	49	13	that	that	WDT
cord-021959-1y67126b	49	14	generate	generate	VBP
cord-021959-1y67126b	49	15	a	a	DT
cord-021959-1y67126b	49	16	return	return	NN
cord-021959-1y67126b	49	17	higher	high	JJR
cord-021959-1y67126b	49	18	than	than	IN
cord-021959-1y67126b	49	19	the	the	DT
cord-021959-1y67126b	49	20	cost	cost	NN
cord-021959-1y67126b	49	21	of	of	IN
cord-021959-1y67126b	49	22	capital	capital	NN
cord-021959-1y67126b	49	23	of	of	IN
cord-021959-1y67126b	49	24	the	the	DT
cord-021959-1y67126b	49	25	project	project	NN
cord-021959-1y67126b	49	26	.	.	.
cord-021959-1y67126b	50	1	Cost	cost	NN
cord-021959-1y67126b	50	2	of	of	IN
cord-021959-1y67126b	50	3	capital	capital	NN
cord-021959-1y67126b	50	4	is	be	VBZ
cord-021959-1y67126b	50	5	an	an	DT
cord-021959-1y67126b	50	6	anchor	anchor	NN
cord-021959-1y67126b	50	7	in	in	IN
cord-021959-1y67126b	50	8	firm	firm	JJ
cord-021959-1y67126b	50	9	valuation	valuation	NN
cord-021959-1y67126b	50	10	,	,	,
cord-021959-1y67126b	50	11	project	project	NN
cord-021959-1y67126b	50	12	valuation	valuation	NN
cord-021959-1y67126b	50	13	,	,	,
cord-021959-1y67126b	50	14	and	and	CC
cord-021959-1y67126b	50	15	capital	capital	NN
cord-021959-1y67126b	50	16	investment	investment	NN
cord-021959-1y67126b	50	17	decisions	decision	NNS
cord-021959-1y67126b	50	18	.	.	.
cord-021959-1y67126b	51	1	Cost	cost	NN
cord-021959-1y67126b	51	2	of	of	IN
cord-021959-1y67126b	51	3	capital	capital	NN
cord-021959-1y67126b	51	4	is	be	VBZ
cord-021959-1y67126b	51	5	generally	generally	RB
cord-021959-1y67126b	51	6	referred	refer	VBN
cord-021959-1y67126b	51	7	to	to	IN
cord-021959-1y67126b	51	8	as	as	RB
cord-021959-1y67126b	51	9	weighted	weighted	JJ
cord-021959-1y67126b	51	10	average	average	JJ
cord-021959-1y67126b	51	11	cost	cost	NN
cord-021959-1y67126b	51	12	of	of	IN
cord-021959-1y67126b	51	13	capital	capital	NN
cord-021959-1y67126b	51	14	(	(	-LRB-
cord-021959-1y67126b	51	15	WACC	WACC	NNP
cord-021959-1y67126b	51	16	)	)	-RRB-
cord-021959-1y67126b	51	17	:	:	:
cord-021959-1y67126b	51	18	where	where	WRB
cord-021959-1y67126b	51	19	E	E	NNP
cord-021959-1y67126b	51	20	is	be	VBZ
cord-021959-1y67126b	51	21	the	the	DT
cord-021959-1y67126b	51	22	market	market	NN
cord-021959-1y67126b	51	23	value	value	NN
cord-021959-1y67126b	51	24	of	of	IN
cord-021959-1y67126b	51	25	equity	equity	NN
cord-021959-1y67126b	51	26	,	,	,
cord-021959-1y67126b	51	27	D	D	NNP
cord-021959-1y67126b	51	28	the	the	DT
cord-021959-1y67126b	51	29	market	market	NN
cord-021959-1y67126b	51	30	value	value	NN
cord-021959-1y67126b	51	31	of	of	IN
cord-021959-1y67126b	51	32	debt	debt	NN
cord-021959-1y67126b	51	33	(	(	-LRB-
cord-021959-1y67126b	51	34	and	and	CC
cord-021959-1y67126b	52	1	thus	thus	RB
cord-021959-1y67126b	52	2	V	V	NNP
cord-021959-1y67126b	52	3	ϭ	ϭ	NN
cord-021959-1y67126b	52	4	E	e	NN
cord-021959-1y67126b	52	5	ϩ	ϩ	NN
cord-021959-1y67126b	52	6	D	d	NN
cord-021959-1y67126b	52	7	)	)	-RRB-
cord-021959-1y67126b	52	8	,	,	,
cord-021959-1y67126b	52	9	T	T	NNP
cord-021959-1y67126b	52	10	c	c	NN
cord-021959-1y67126b	52	11	the	the	DT
cord-021959-1y67126b	52	12	corporate	corporate	JJ
cord-021959-1y67126b	52	13	tax	tax	NN
cord-021959-1y67126b	52	14	rate	rate	NN
cord-021959-1y67126b	52	15	,	,	,
cord-021959-1y67126b	52	16	R	r	NN
cord-021959-1y67126b	52	17	E	e	NN
cord-021959-1y67126b	52	18	the	the	DT
cord-021959-1y67126b	52	19	cost	cost	NN
cord-021959-1y67126b	52	20	of	of	IN
cord-021959-1y67126b	52	21	equity	equity	NN
cord-021959-1y67126b	52	22	,	,	,
cord-021959-1y67126b	52	23	and	and	CC
cord-021959-1y67126b	52	24	R	r	NN
cord-021959-1y67126b	52	25	D	d	NN
cord-021959-1y67126b	53	1	the	the	DT
cord-021959-1y67126b	53	2	cost	cost	NN
cord-021959-1y67126b	53	3	of	of	IN
cord-021959-1y67126b	53	4	debt	debt	NN
cord-021959-1y67126b	53	5	(	(	-LRB-
cord-021959-1y67126b	53	6	Copeland	Copeland	NNP
cord-021959-1y67126b	53	7	et	et	NNP
cord-021959-1y67126b	53	8	al	al	NNP
cord-021959-1y67126b	53	9	.	.	NNP
cord-021959-1y67126b	53	10	,	,	,
cord-021959-1y67126b	53	11	2000	2000	CD
cord-021959-1y67126b	53	12	)	)	-RRB-
cord-021959-1y67126b	53	13	.	.	.
cord-021959-1y67126b	54	1	Both	both	DT
cord-021959-1y67126b	54	2	of	of	IN
cord-021959-1y67126b	54	3	these	these	DT
cord-021959-1y67126b	54	4	items	item	NNS
cord-021959-1y67126b	54	5	(	(	-LRB-
cord-021959-1y67126b	54	6	R	r	NN
cord-021959-1y67126b	54	7	D	d	NN
cord-021959-1y67126b	54	8	and	and	CC
cord-021959-1y67126b	54	9	R	r	NN
cord-021959-1y67126b	54	10	E	e	NN
cord-021959-1y67126b	54	11	)	)	-RRB-
cord-021959-1y67126b	54	12	are	be	VBP
cord-021959-1y67126b	54	13	difficult	difficult	JJ
cord-021959-1y67126b	54	14	to	to	TO
cord-021959-1y67126b	54	15	estimate	estimate	VB
cord-021959-1y67126b	54	16	and	and	CC
cord-021959-1y67126b	54	17	require	require	VB
cord-021959-1y67126b	54	18	some	some	DT
cord-021959-1y67126b	54	19	careful	careful	JJ
cord-021959-1y67126b	54	20	deliberations	deliberation	NNS
cord-021959-1y67126b	54	21	.	.	.
cord-021959-1y67126b	55	1	The	the	DT
cord-021959-1y67126b	55	2	cost	cost	NN
cord-021959-1y67126b	55	3	of	of	IN
cord-021959-1y67126b	55	4	debt	debt	NN
cord-021959-1y67126b	55	5	is	be	VBZ
cord-021959-1y67126b	55	6	relatively	relatively	RB
cord-021959-1y67126b	55	7	simpler	simple	JJR
cord-021959-1y67126b	55	8	to	to	TO
cord-021959-1y67126b	55	9	calculate	calculate	VB
cord-021959-1y67126b	55	10	when	when	WRB
cord-021959-1y67126b	55	11	a	a	DT
cord-021959-1y67126b	55	12	hypothetical	hypothetical	JJ
cord-021959-1y67126b	55	13	firm	firm	JJ
cord-021959-1y67126b	55	14	issues	issue	NNS
cord-021959-1y67126b	55	15	bonds	bond	NNS
cord-021959-1y67126b	55	16	that	that	WDT
cord-021959-1y67126b	55	17	are	be	VBP
cord-021959-1y67126b	55	18	rated	rate	VBN
cord-021959-1y67126b	55	19	by	by	IN
cord-021959-1y67126b	55	20	the	the	DT
cord-021959-1y67126b	55	21	major	major	JJ
cord-021959-1y67126b	55	22	bond	bond	NN
cord-021959-1y67126b	55	23	-	-	HYPH
cord-021959-1y67126b	55	24	rating	rate	VBG
cord-021959-1y67126b	55	25	agencies	agency	NNS
cord-021959-1y67126b	55	26	such	such	JJ
cord-021959-1y67126b	55	27	as	as	IN
cord-021959-1y67126b	55	28	Standard	Standard	NNP
cord-021959-1y67126b	55	29	&	&	CC
cord-021959-1y67126b	55	30	Poor	Poor	NNP
cord-021959-1y67126b	55	31	's	's	POS
cord-021959-1y67126b	55	32	and	and	CC
cord-021959-1y67126b	55	33	Moody	Moody	NNP
cord-021959-1y67126b	55	34	's	's	POS
cord-021959-1y67126b	55	35	.	.	.
cord-021959-1y67126b	56	1	Thus	thus	RB
cord-021959-1y67126b	56	2	,	,	,
cord-021959-1y67126b	56	3	these	these	DT
cord-021959-1y67126b	56	4	ratings	rating	NNS
cord-021959-1y67126b	56	5	may	may	MD
cord-021959-1y67126b	56	6	be	be	VB
cord-021959-1y67126b	56	7	used	use	VBN
cord-021959-1y67126b	56	8	as	as	IN
cord-021959-1y67126b	56	9	a	a	DT
cord-021959-1y67126b	56	10	guide	guide	NN
cord-021959-1y67126b	56	11	in	in	IN
cord-021959-1y67126b	56	12	computing	compute	VBG
cord-021959-1y67126b	56	13	the	the	DT
cord-021959-1y67126b	56	14	cost	cost	NN
cord-021959-1y67126b	56	15	of	of	IN
cord-021959-1y67126b	56	16	debt	debt	NN
cord-021959-1y67126b	56	17	.	.	.
cord-021959-1y67126b	57	1	In	in	IN
cord-021959-1y67126b	57	2	addition	addition	NN
cord-021959-1y67126b	57	3	,	,	,
cord-021959-1y67126b	57	4	an	an	DT
cord-021959-1y67126b	57	5	investor	investor	NN
cord-021959-1y67126b	57	6	may	may	MD
cord-021959-1y67126b	57	7	use	use	VB
cord-021959-1y67126b	57	8	the	the	DT
cord-021959-1y67126b	57	9	bond	bond	NN
cord-021959-1y67126b	57	10	's	's	POS
cord-021959-1y67126b	57	11	yield	yield	NN
cord-021959-1y67126b	57	12	to	to	IN
cord-021959-1y67126b	57	13	maturity	maturity	NN
cord-021959-1y67126b	57	14	or	or	CC
cord-021959-1y67126b	57	15	the	the	DT
cord-021959-1y67126b	57	16	rate	rate	NN
cord-021959-1y67126b	57	17	of	of	IN
cord-021959-1y67126b	57	18	return	return	NN
cord-021959-1y67126b	57	19	that	that	WDT
cord-021959-1y67126b	57	20	is	be	VBZ
cord-021959-1y67126b	57	21	in	in	IN
cord-021959-1y67126b	57	22	congruence	congruence	NN
cord-021959-1y67126b	57	23	with	with	IN
cord-021959-1y67126b	57	24	the	the	DT
cord-021959-1y67126b	57	25	rating	rating	NN
cord-021959-1y67126b	57	26	of	of	IN
cord-021959-1y67126b	57	27	a	a	DT
cord-021959-1y67126b	57	28	bond	bond	NN
cord-021959-1y67126b	57	29	.	.	.
cord-021959-1y67126b	58	1	Averaging	average	VBG
cord-021959-1y67126b	58	2	the	the	DT
cord-021959-1y67126b	58	3	interest	interest	NN
cord-021959-1y67126b	58	4	rates	rate	NNS
cord-021959-1y67126b	58	5	of	of	IN
cord-021959-1y67126b	58	6	long	long	JJ
cord-021959-1y67126b	58	7	-	-	HYPH
cord-021959-1y67126b	58	8	term	term	NN
cord-021959-1y67126b	58	9	obligations	obligation	NNS
cord-021959-1y67126b	58	10	of	of	IN
cord-021959-1y67126b	58	11	a	a	DT
cord-021959-1y67126b	58	12	firm	firm	NN
cord-021959-1y67126b	58	13	is	be	VBZ
cord-021959-1y67126b	58	14	another	another	DT
cord-021959-1y67126b	58	15	method	method	NN
cord-021959-1y67126b	58	16	to	to	TO
cord-021959-1y67126b	58	17	calculate	calculate	VB
cord-021959-1y67126b	58	18	the	the	DT
cord-021959-1y67126b	58	19	cost	cost	NN
cord-021959-1y67126b	58	20	of	of	IN
cord-021959-1y67126b	58	21	debt	debt	NN
cord-021959-1y67126b	58	22	.	.	.
cord-021959-1y67126b	59	1	The	the	DT
cord-021959-1y67126b	59	2	cost	cost	NN
cord-021959-1y67126b	59	3	of	of	IN
cord-021959-1y67126b	59	4	debt	debt	NN
cord-021959-1y67126b	59	5	estimation	estimation	NN
cord-021959-1y67126b	59	6	becomes	become	VBZ
cord-021959-1y67126b	59	7	difficult	difficult	JJ
cord-021959-1y67126b	59	8	when	when	WRB
cord-021959-1y67126b	59	9	a	a	DT
cord-021959-1y67126b	59	10	given	give	VBN
cord-021959-1y67126b	59	11	firm	firm	NN
cord-021959-1y67126b	59	12	has	have	VBZ
cord-021959-1y67126b	59	13	no	no	DT
cord-021959-1y67126b	59	14	bonds	bond	NNS
cord-021959-1y67126b	59	15	and	and	CC
cord-021959-1y67126b	59	16	no	no	DT
cord-021959-1y67126b	59	17	outstanding	outstanding	JJ
cord-021959-1y67126b	59	18	long	long	JJ
cord-021959-1y67126b	59	19	-	-	HYPH
cord-021959-1y67126b	59	20	term	term	NN
cord-021959-1y67126b	59	21	debt	debt	NN
cord-021959-1y67126b	59	22	.	.	.
cord-021959-1y67126b	60	1	The	the	DT
cord-021959-1y67126b	60	2	cost	cost	NN
cord-021959-1y67126b	60	3	of	of	IN
cord-021959-1y67126b	60	4	equity	equity	NN
cord-021959-1y67126b	60	5	is	be	VBZ
cord-021959-1y67126b	60	6	difficult	difficult	JJ
cord-021959-1y67126b	60	7	to	to	TO
cord-021959-1y67126b	60	8	estimate	estimate	VB
cord-021959-1y67126b	60	9	in	in	IN
cord-021959-1y67126b	60	10	its	-PRON-	PRP$
cord-021959-1y67126b	60	11	own	own	JJ
cord-021959-1y67126b	60	12	right	right	NN
cord-021959-1y67126b	60	13	.	.	.
cord-021959-1y67126b	61	1	First	first	RB
cord-021959-1y67126b	61	2	,	,	,
cord-021959-1y67126b	61	3	cost	cost	NN
cord-021959-1y67126b	61	4	of	of	IN
cord-021959-1y67126b	61	5	equity	equity	NN
cord-021959-1y67126b	61	6	is	be	VBZ
cord-021959-1y67126b	61	7	generally	generally	RB
cord-021959-1y67126b	61	8	estimated	estimate	VBN
cord-021959-1y67126b	61	9	using	use	VBG
cord-021959-1y67126b	61	10	historical	historical	JJ
cord-021959-1y67126b	61	11	data	datum	NNS
cord-021959-1y67126b	61	12	,	,	,
cord-021959-1y67126b	61	13	which	which	WDT
cord-021959-1y67126b	61	14	may	may	MD
cord-021959-1y67126b	61	15	be	be	VB
cord-021959-1y67126b	61	16	confounded	confound	VBN
cord-021959-1y67126b	61	17	by	by	IN
cord-021959-1y67126b	61	18	business	business	NN
cord-021959-1y67126b	61	19	cycles	cycle	NNS
cord-021959-1y67126b	61	20	and	and	CC
cord-021959-1y67126b	61	21	abnormal	abnormal	JJ
cord-021959-1y67126b	62	1	•	•	NNP
cord-021959-1y67126b	63	1	•	•	NNP
cord-021959-1y67126b	64	1	•	•	NNP
cord-021959-1y67126b	64	2	events	event	NNS
cord-021959-1y67126b	64	3	affecting	affect	VBG
cord-021959-1y67126b	64	4	firm	firm	JJ
cord-021959-1y67126b	64	5	stock	stock	NN
cord-021959-1y67126b	64	6	returns	return	NNS
cord-021959-1y67126b	64	7	(	(	-LRB-
cord-021959-1y67126b	64	8	e.g.	e.g.	RB
cord-021959-1y67126b	64	9	,	,	,
cord-021959-1y67126b	64	10	fire	fire	NN
cord-021959-1y67126b	64	11	in	in	IN
cord-021959-1y67126b	64	12	a	a	DT
cord-021959-1y67126b	64	13	hotel	hotel	NN
cord-021959-1y67126b	64	14	property	property	NN
cord-021959-1y67126b	64	15	)	)	-RRB-
cord-021959-1y67126b	64	16	and	and	CC
cord-021959-1y67126b	64	17	industry	industry	NN
cord-021959-1y67126b	64	18	returns	return	NNS
cord-021959-1y67126b	64	19	(	(	-LRB-
cord-021959-1y67126b	64	20	e.g.	e.g.	RB
cord-021959-1y67126b	64	21	,	,	,
cord-021959-1y67126b	64	22	the	the	DT
cord-021959-1y67126b	64	23	terrorism	terrorism	NN
cord-021959-1y67126b	64	24	events	event	NNS
cord-021959-1y67126b	64	25	of	of	IN
cord-021959-1y67126b	64	26	11	11	CD
cord-021959-1y67126b	64	27	September	September	NNP
cord-021959-1y67126b	64	28	2001	2001	CD
cord-021959-1y67126b	64	29	)	)	-RRB-
cord-021959-1y67126b	64	30	.	.	.
cord-021959-1y67126b	65	1	Second	second	RB
cord-021959-1y67126b	65	2	,	,	,
cord-021959-1y67126b	65	3	although	although	IN
cord-021959-1y67126b	65	4	several	several	JJ
cord-021959-1y67126b	65	5	methods	method	NNS
cord-021959-1y67126b	65	6	were	be	VBD
cord-021959-1y67126b	65	7	developed	develop	VBN
cord-021959-1y67126b	65	8	in	in	IN
cord-021959-1y67126b	65	9	the	the	DT
cord-021959-1y67126b	65	10	last	last	JJ
cord-021959-1y67126b	65	11	40	40	CD
cord-021959-1y67126b	65	12	years	year	NNS
cord-021959-1y67126b	65	13	,	,	,
cord-021959-1y67126b	65	14	there	there	EX
cord-021959-1y67126b	65	15	is	be	VBZ
cord-021959-1y67126b	65	16	not	not	RB
cord-021959-1y67126b	65	17	one	one	CD
cord-021959-1y67126b	65	18	single	single	JJ
cord-021959-1y67126b	65	19	method	method	NN
cord-021959-1y67126b	65	20	that	that	WDT
cord-021959-1y67126b	65	21	produces	produce	VBZ
cord-021959-1y67126b	65	22	consistent	consistent	JJ
cord-021959-1y67126b	65	23	and	and	CC
cord-021959-1y67126b	65	24	reliable	reliable	JJ
cord-021959-1y67126b	65	25	estimates	estimate	NNS
cord-021959-1y67126b	65	26	.	.	.
cord-021959-1y67126b	66	1	Last	last	RB
cord-021959-1y67126b	66	2	,	,	,
cord-021959-1y67126b	66	3	a	a	DT
cord-021959-1y67126b	66	4	hypothetical	hypothetical	JJ
cord-021959-1y67126b	66	5	executive/	executive/	CD
cord-021959-1y67126b	66	6	entrepreneur	entrepreneur	NN
cord-021959-1y67126b	66	7	will	will	MD
cord-021959-1y67126b	66	8	face	face	VB
cord-021959-1y67126b	66	9	greater	great	JJR
cord-021959-1y67126b	66	10	challenges	challenge	NNS
cord-021959-1y67126b	66	11	as	as	IN
cord-021959-1y67126b	66	12	he	-PRON-	PRP
cord-021959-1y67126b	66	13	/	/	SYM
cord-021959-1y67126b	66	14	she	-PRON-	PRP
cord-021959-1y67126b	66	15	needs	need	VBZ
cord-021959-1y67126b	66	16	to	to	TO
cord-021959-1y67126b	66	17	estimate	estimate	VB
cord-021959-1y67126b	66	18	the	the	DT
cord-021959-1y67126b	66	19	required	require	VBN
cord-021959-1y67126b	66	20	rate	rate	NN
cord-021959-1y67126b	66	21	of	of	IN
cord-021959-1y67126b	66	22	a	a	DT
cord-021959-1y67126b	66	23	single	single	JJ
cord-021959-1y67126b	66	24	restaurant	restaurant	NN
cord-021959-1y67126b	66	25	/	/	SYM
cord-021959-1y67126b	66	26	hotel	hotel	NN
cord-021959-1y67126b	66	27	unit	unit	NN
cord-021959-1y67126b	66	28	.	.	.
cord-021959-1y67126b	67	1	The	the	DT
cord-021959-1y67126b	67	2	next	next	JJ
cord-021959-1y67126b	67	3	section	section	NN
cord-021959-1y67126b	67	4	covers	cover	VBZ
cord-021959-1y67126b	67	5	some	some	DT
cord-021959-1y67126b	67	6	of	of	IN
cord-021959-1y67126b	67	7	the	the	DT
cord-021959-1y67126b	67	8	common	common	JJ
cord-021959-1y67126b	67	9	methods	method	NNS
cord-021959-1y67126b	67	10	that	that	WDT
cord-021959-1y67126b	67	11	are	be	VBP
cord-021959-1y67126b	67	12	used	use	VBN
cord-021959-1y67126b	67	13	by	by	IN
cord-021959-1y67126b	67	14	practitioners	practitioner	NNS
cord-021959-1y67126b	67	15	in	in	IN
cord-021959-1y67126b	67	16	the	the	DT
cord-021959-1y67126b	67	17	fields	field	NNS
cord-021959-1y67126b	67	18	of	of	IN
cord-021959-1y67126b	67	19	financial	financial	JJ
cord-021959-1y67126b	67	20	and	and	CC
cord-021959-1y67126b	67	21	strategic	strategic	JJ
cord-021959-1y67126b	67	22	management	management	NN
cord-021959-1y67126b	67	23	.	.	.
cord-021959-1y67126b	68	1	Cost	cost	NN
cord-021959-1y67126b	68	2	of	of	IN
cord-021959-1y67126b	68	3	equity	equity	NN
cord-021959-1y67126b	68	4	can	can	MD
cord-021959-1y67126b	68	5	be	be	VB
cord-021959-1y67126b	68	6	defined	define	VBN
cord-021959-1y67126b	68	7	as	as	IN
cord-021959-1y67126b	68	8	the	the	DT
cord-021959-1y67126b	68	9	rate	rate	NN
cord-021959-1y67126b	68	10	of	of	IN
cord-021959-1y67126b	68	11	return	return	NN
cord-021959-1y67126b	68	12	a	a	DT
cord-021959-1y67126b	68	13	firm	firm	NN
cord-021959-1y67126b	68	14	must	must	MD
cord-021959-1y67126b	68	15	deliver	deliver	VB
cord-021959-1y67126b	68	16	to	to	IN
cord-021959-1y67126b	68	17	its	-PRON-	PRP$
cord-021959-1y67126b	68	18	shareholders	shareholder	NNS
cord-021959-1y67126b	68	19	who	who	WP
cord-021959-1y67126b	68	20	have	have	VBP
cord-021959-1y67126b	68	21	foregone	foregone	JJ
cord-021959-1y67126b	68	22	other	other	JJ
cord-021959-1y67126b	68	23	investment	investment	NN
cord-021959-1y67126b	68	24	opportunities	opportunity	NNS
cord-021959-1y67126b	68	25	and	and	CC
cord-021959-1y67126b	68	26	elected	elect	VBN
cord-021959-1y67126b	68	27	to	to	TO
cord-021959-1y67126b	68	28	invest	invest	VB
cord-021959-1y67126b	68	29	in	in	IN
cord-021959-1y67126b	68	30	this	this	DT
cord-021959-1y67126b	68	31	particular	particular	JJ
cord-021959-1y67126b	68	32	company	company	NN
cord-021959-1y67126b	68	33	.	.	.
cord-021959-1y67126b	69	1	However	however	RB
cord-021959-1y67126b	69	2	,	,	,
cord-021959-1y67126b	69	3	cost	cost	NN
cord-021959-1y67126b	69	4	of	of	IN
cord-021959-1y67126b	69	5	equity	equity	NN
cord-021959-1y67126b	69	6	is	be	VBZ
cord-021959-1y67126b	69	7	a	a	DT
cord-021959-1y67126b	69	8	complex	complex	JJ
cord-021959-1y67126b	69	9	concept	concept	NN
cord-021959-1y67126b	69	10	because	because	IN
cord-021959-1y67126b	69	11	firms	firm	NNS
cord-021959-1y67126b	69	12	do	do	VBP
cord-021959-1y67126b	69	13	not	not	RB
cord-021959-1y67126b	69	14	promise	promise	VB
cord-021959-1y67126b	69	15	paying	pay	VBG
cord-021959-1y67126b	69	16	a	a	DT
cord-021959-1y67126b	69	17	certain	certain	JJ
cord-021959-1y67126b	69	18	level	level	NN
cord-021959-1y67126b	69	19	of	of	IN
cord-021959-1y67126b	69	20	dividends	dividend	NNS
cord-021959-1y67126b	69	21	and	and	CC
cord-021959-1y67126b	69	22	delivering	deliver	VBG
cord-021959-1y67126b	69	23	a	a	DT
cord-021959-1y67126b	69	24	certain	certain	JJ
cord-021959-1y67126b	69	25	level	level	NN
cord-021959-1y67126b	69	26	of	of	IN
cord-021959-1y67126b	69	27	stock	stock	NN
cord-021959-1y67126b	69	28	returns	return	NNS
cord-021959-1y67126b	69	29	.	.	.
cord-021959-1y67126b	70	1	Thus	thus	RB
cord-021959-1y67126b	70	2	,	,	,
cord-021959-1y67126b	70	3	since	since	IN
cord-021959-1y67126b	70	4	there	there	EX
cord-021959-1y67126b	70	5	is	be	VBZ
cord-021959-1y67126b	70	6	no	no	DT
cord-021959-1y67126b	70	7	contractual	contractual	JJ
cord-021959-1y67126b	70	8	agreement	agreement	NN
cord-021959-1y67126b	70	9	between	between	IN
cord-021959-1y67126b	70	10	the	the	DT
cord-021959-1y67126b	70	11	shareholders	shareholder	NNS
cord-021959-1y67126b	70	12	and	and	CC
cord-021959-1y67126b	70	13	the	the	DT
cord-021959-1y67126b	70	14	firm	firm	NN
cord-021959-1y67126b	70	15	,	,	,
cord-021959-1y67126b	70	16	the	the	DT
cord-021959-1y67126b	70	17	expected	expect	VBN
cord-021959-1y67126b	70	18	rate	rate	NN
cord-021959-1y67126b	70	19	of	of	IN
cord-021959-1y67126b	70	20	return	return	NN
cord-021959-1y67126b	70	21	on	on	IN
cord-021959-1y67126b	70	22	invested	invest	VBN
cord-021959-1y67126b	70	23	equity	equity	NN
cord-021959-1y67126b	70	24	is	be	VBZ
cord-021959-1y67126b	70	25	extremely	extremely	RB
cord-021959-1y67126b	70	26	challenging	challenging	JJ
cord-021959-1y67126b	70	27	to	to	TO
cord-021959-1y67126b	70	28	estimate	estimate	VB
cord-021959-1y67126b	70	29	.	.	.
cord-021959-1y67126b	71	1	Fortunately	fortunately	RB
cord-021959-1y67126b	71	2	,	,	,
cord-021959-1y67126b	71	3	there	there	EX
cord-021959-1y67126b	71	4	are	be	VBP
cord-021959-1y67126b	71	5	some	some	DT
cord-021959-1y67126b	71	6	models	model	NNS
cord-021959-1y67126b	71	7	that	that	WDT
cord-021959-1y67126b	71	8	can	can	MD
cord-021959-1y67126b	71	9	help	help	VB
cord-021959-1y67126b	71	10	us	-PRON-	PRP
cord-021959-1y67126b	71	11	in	in	IN
cord-021959-1y67126b	71	12	tackling	tackle	VBG
cord-021959-1y67126b	71	13	this	this	DT
cord-021959-1y67126b	71	14	challenging	challenging	JJ
cord-021959-1y67126b	71	15	task	task	NN
cord-021959-1y67126b	71	16	.	.	.
cord-021959-1y67126b	72	1	The	the	DT
cord-021959-1y67126b	72	2	next	next	JJ
cord-021959-1y67126b	72	3	section	section	NN
cord-021959-1y67126b	72	4	will	will	MD
cord-021959-1y67126b	72	5	cover	cover	VB
cord-021959-1y67126b	72	6	the	the	DT
cord-021959-1y67126b	72	7	major	major	JJ
cord-021959-1y67126b	72	8	cost	cost	NN
cord-021959-1y67126b	72	9	of	of	IN
cord-021959-1y67126b	72	10	equity	equity	NN
cord-021959-1y67126b	72	11	models	model	NNS
cord-021959-1y67126b	72	12	that	that	WDT
cord-021959-1y67126b	72	13	gained	gain	VBD
cord-021959-1y67126b	72	14	prominence	prominence	NN
cord-021959-1y67126b	72	15	among	among	IN
cord-021959-1y67126b	72	16	practitioners	practitioner	NNS
cord-021959-1y67126b	72	17	and	and	CC
cord-021959-1y67126b	72	18	researchers	researcher	NNS
cord-021959-1y67126b	72	19	in	in	IN
cord-021959-1y67126b	72	20	the	the	DT
cord-021959-1y67126b	72	21	last	last	JJ
cord-021959-1y67126b	72	22	four	four	CD
cord-021959-1y67126b	72	23	decades	decade	NNS
cord-021959-1y67126b	72	24	.	.	.
cord-021959-1y67126b	73	1	One	one	CD
cord-021959-1y67126b	73	2	of	of	IN
cord-021959-1y67126b	73	3	the	the	DT
cord-021959-1y67126b	73	4	early	early	JJ
cord-021959-1y67126b	73	5	forward	forward	RB
cord-021959-1y67126b	73	6	-	-	HYPH
cord-021959-1y67126b	73	7	looking	look	VBG
cord-021959-1y67126b	73	8	methodologies	methodology	NNS
cord-021959-1y67126b	73	9	is	be	VBZ
cord-021959-1y67126b	73	10	the	the	DT
cord-021959-1y67126b	73	11	dividend	dividend	NN
cord-021959-1y67126b	73	12	growth	growth	NN
cord-021959-1y67126b	73	13	model	model	NN
cord-021959-1y67126b	73	14	(	(	-LRB-
cord-021959-1y67126b	73	15	DGM	DGM	NNP
cord-021959-1y67126b	73	16	)	)	-RRB-
cord-021959-1y67126b	73	17	originally	originally	RB
cord-021959-1y67126b	73	18	developed	develop	VBN
cord-021959-1y67126b	73	19	by	by	IN
cord-021959-1y67126b	73	20	Gordon	Gordon	NNP
cord-021959-1y67126b	73	21	(	(	-LRB-
cord-021959-1y67126b	73	22	1962	1962	CD
cord-021959-1y67126b	73	23	)	)	-RRB-
cord-021959-1y67126b	73	24	.	.	.
cord-021959-1y67126b	74	1	It	-PRON-	PRP
cord-021959-1y67126b	74	2	offers	offer	VBZ
cord-021959-1y67126b	74	3	a	a	DT
cord-021959-1y67126b	74	4	very	very	RB
cord-021959-1y67126b	74	5	parsimonious	parsimonious	JJ
cord-021959-1y67126b	74	6	method	method	NN
cord-021959-1y67126b	74	7	for	for	IN
cord-021959-1y67126b	74	8	estimating	estimate	VBG
cord-021959-1y67126b	74	9	discount	discount	NN
cord-021959-1y67126b	74	10	rate	rate	NN
cord-021959-1y67126b	74	11	and	and	CC
cord-021959-1y67126b	74	12	thus	thus	RB
cord-021959-1y67126b	74	13	accounts	account	VBZ
cord-021959-1y67126b	74	14	for	for	IN
cord-021959-1y67126b	74	15	risk	risk	NN
cord-021959-1y67126b	74	16	.	.	.
cord-021959-1y67126b	75	1	The	the	DT
cord-021959-1y67126b	75	2	dividend	dividend	NN
cord-021959-1y67126b	75	3	growth	growth	NN
cord-021959-1y67126b	75	4	approach	approach	NN
cord-021959-1y67126b	75	5	to	to	TO
cord-021959-1y67126b	75	6	cost	cost	NN
cord-021959-1y67126b	75	7	of	of	IN
cord-021959-1y67126b	75	8	equity	equity	NN
cord-021959-1y67126b	75	9	states	state	NNS
cord-021959-1y67126b	75	10	that	that	IN
cord-021959-1y67126b	75	11	where	where	WRB
cord-021959-1y67126b	75	12	,	,	,
cord-021959-1y67126b	75	13	k	k	NNP
cord-021959-1y67126b	75	14	e	e	NNP
cord-021959-1y67126b	75	15	is	be	VBZ
cord-021959-1y67126b	75	16	the	the	DT
cord-021959-1y67126b	75	17	cost	cost	NN
cord-021959-1y67126b	75	18	of	of	IN
cord-021959-1y67126b	75	19	common	common	JJ
cord-021959-1y67126b	75	20	equity	equity	NN
cord-021959-1y67126b	75	21	,	,	,
cord-021959-1y67126b	75	22	dps	dps	VB
cord-021959-1y67126b	75	23	the	the	DT
cord-021959-1y67126b	75	24	projected	project	VBN
cord-021959-1y67126b	75	25	dividend	dividend	NN
cord-021959-1y67126b	75	26	per	per	IN
cord-021959-1y67126b	75	27	share	share	NN
cord-021959-1y67126b	75	28	,	,	,
cord-021959-1y67126b	75	29	p	p	NN
cord-021959-1y67126b	75	30	the	the	DT
cord-021959-1y67126b	75	31	current	current	JJ
cord-021959-1y67126b	75	32	market	market	NN
cord-021959-1y67126b	75	33	price	price	NN
cord-021959-1y67126b	75	34	per	per	IN
cord-021959-1y67126b	75	35	share	share	NN
cord-021959-1y67126b	75	36	,	,	,
cord-021959-1y67126b	75	37	and	and	CC
cord-021959-1y67126b	75	38	g	g	NN
cord-021959-1y67126b	75	39	the	the	DT
cord-021959-1y67126b	75	40	projected	project	VBN
cord-021959-1y67126b	75	41	dividend	dividend	NN
cord-021959-1y67126b	75	42	growth	growth	NN
cord-021959-1y67126b	75	43	rate	rate	NN
cord-021959-1y67126b	75	44	.	.	.
cord-021959-1y67126b	76	1	The	the	DT
cord-021959-1y67126b	76	2	model	model	NN
cord-021959-1y67126b	76	3	assumes	assume	VBZ
cord-021959-1y67126b	76	4	that	that	IN
cord-021959-1y67126b	76	5	over	over	IN
cord-021959-1y67126b	76	6	time	time	NN
cord-021959-1y67126b	76	7	,	,	,
cord-021959-1y67126b	76	8	successful	successful	JJ
cord-021959-1y67126b	76	9	reinvestment	reinvestment	NN
cord-021959-1y67126b	76	10	of	of	IN
cord-021959-1y67126b	76	11	the	the	DT
cord-021959-1y67126b	76	12	value	value	NN
cord-021959-1y67126b	76	13	received	receive	VBN
cord-021959-1y67126b	76	14	by	by	IN
cord-021959-1y67126b	76	15	retained	retain	VBN
cord-021959-1y67126b	76	16	earnings	earning	NNS
cord-021959-1y67126b	76	17	will	will	MD
cord-021959-1y67126b	76	18	lead	lead	VB
cord-021959-1y67126b	76	19	to	to	IN
cord-021959-1y67126b	76	20	growth	growth	NN
cord-021959-1y67126b	76	21	and	and	CC
cord-021959-1y67126b	76	22	growing	grow	VBG
cord-021959-1y67126b	76	23	dividends	dividend	NNS
cord-021959-1y67126b	76	24	.	.	.
cord-021959-1y67126b	77	1	The	the	DT
cord-021959-1y67126b	77	2	approach	approach	NN
cord-021959-1y67126b	77	3	suffers	suffer	VBZ
cord-021959-1y67126b	77	4	from	from	IN
cord-021959-1y67126b	77	5	oversimplification	oversimplification	NN
cord-021959-1y67126b	77	6	because	because	IN
cord-021959-1y67126b	77	7	firms	firm	NNS
cord-021959-1y67126b	77	8	vary	vary	VBP
cord-021959-1y67126b	77	9	greatly	greatly	RB
cord-021959-1y67126b	77	10	in	in	IN
cord-021959-1y67126b	77	11	their	-PRON-	PRP$
cord-021959-1y67126b	77	12	rate	rate	NN
cord-021959-1y67126b	77	13	of	of	IN
cord-021959-1y67126b	77	14	dividend	dividend	NN
cord-021959-1y67126b	77	15	payout	payout	NN
cord-021959-1y67126b	77	16	(	(	-LRB-
cord-021959-1y67126b	77	17	Helfert	Helfert	NNP
cord-021959-1y67126b	77	18	,	,	,
cord-021959-1y67126b	77	19	2003	2003	CD
cord-021959-1y67126b	77	20	)	)	-RRB-
cord-021959-1y67126b	77	21	.	.	.
cord-021959-1y67126b	78	1	This	this	DT
cord-021959-1y67126b	78	2	is	be	VBZ
cord-021959-1y67126b	78	3	due	due	JJ
cord-021959-1y67126b	78	4	to	to	IN
cord-021959-1y67126b	78	5	the	the	DT
cord-021959-1y67126b	78	6	fact	fact	NN
cord-021959-1y67126b	78	7	that	that	IN
cord-021959-1y67126b	78	8	common	common	JJ
cord-021959-1y67126b	78	9	stockholders	stockholder	NNS
cord-021959-1y67126b	78	10	are	be	VBP
cord-021959-1y67126b	78	11	the	the	DT
cord-021959-1y67126b	78	12	residual	residual	JJ
cord-021959-1y67126b	78	13	owners	owner	NNS
cord-021959-1y67126b	78	14	of	of	IN
cord-021959-1y67126b	78	15	all	all	DT
cord-021959-1y67126b	78	16	earnings	earning	NNS
cord-021959-1y67126b	78	17	not	not	RB
cord-021959-1y67126b	78	18	reserved	reserve	VBN
cord-021959-1y67126b	78	19	for	for	IN
cord-021959-1y67126b	78	20	other	other	JJ
cord-021959-1y67126b	78	21	obligations	obligation	NNS
cord-021959-1y67126b	78	22	,	,	,
cord-021959-1y67126b	78	23	and	and	CC
cord-021959-1y67126b	78	24	dividends	dividend	NNS
cord-021959-1y67126b	78	25	paid	pay	VBN
cord-021959-1y67126b	78	26	are	be	VBP
cord-021959-1y67126b	78	27	usually	usually	RB
cord-021959-1y67126b	78	28	only	only	RB
cord-021959-1y67126b	78	29	a	a	DT
cord-021959-1y67126b	78	30	portion	portion	NN
cord-021959-1y67126b	78	31	of	of	IN
cord-021959-1y67126b	78	32	the	the	DT
cord-021959-1y67126b	78	33	earnings	earning	NNS
cord-021959-1y67126b	78	34	accruing	accrue	VBG
cord-021959-1y67126b	78	35	to	to	IN
cord-021959-1y67126b	78	36	common	common	JJ
cord-021959-1y67126b	78	37	shares	share	NNS
cord-021959-1y67126b	78	38	.	.	.
cord-021959-1y67126b	79	1	The	the	DT
cord-021959-1y67126b	79	2	other	other	JJ
cord-021959-1y67126b	79	3	major	major	JJ
cord-021959-1y67126b	79	4	difficulty	difficulty	NN
cord-021959-1y67126b	79	5	in	in	IN
cord-021959-1y67126b	79	6	applying	apply	VBG
cord-021959-1y67126b	79	7	this	this	DT
cord-021959-1y67126b	79	8	model	model	NN
cord-021959-1y67126b	79	9	lies	lie	VBZ
cord-021959-1y67126b	79	10	in	in	IN
cord-021959-1y67126b	79	11	determining	determine	VBG
cord-021959-1y67126b	79	12	the	the	DT
cord-021959-1y67126b	79	13	specific	specific	JJ
cord-021959-1y67126b	79	14	dividend	dividend	NN
cord-021959-1y67126b	79	15	growth	growth	NN
cord-021959-1y67126b	79	16	rate	rate	NN
cord-021959-1y67126b	79	17	,	,	,
cord-021959-1y67126b	79	18	which	which	WDT
cord-021959-1y67126b	79	19	is	be	VBZ
cord-021959-1y67126b	79	20	based	base	VBN
cord-021959-1y67126b	79	21	on	on	IN
cord-021959-1y67126b	79	22	future	future	JJ
cord-021959-1y67126b	79	23	performance	performance	NN
cord-021959-1y67126b	79	24	tempered	temper	VBN
cord-021959-1y67126b	79	25	by	by	IN
cord-021959-1y67126b	79	26	past	past	JJ
cord-021959-1y67126b	79	27	experience	experience	NN
cord-021959-1y67126b	79	28	.	.	.
cord-021959-1y67126b	80	1	Another	another	DT
cord-021959-1y67126b	80	2	key	key	JJ
cord-021959-1y67126b	80	3	issue	issue	NN
cord-021959-1y67126b	80	4	is	be	VBZ
cord-021959-1y67126b	80	5	that	that	IN
cord-021959-1y67126b	80	6	the	the	DT
cord-021959-1y67126b	80	7	model	model	NN
cord-021959-1y67126b	80	8	becomes	become	VBZ
cord-021959-1y67126b	80	9	unusable	unusable	JJ
cord-021959-1y67126b	80	10	when	when	WRB
cord-021959-1y67126b	80	11	a	a	DT
cord-021959-1y67126b	80	12	firm	firm	NN
cord-021959-1y67126b	80	13	is	be	VBZ
cord-021959-1y67126b	80	14	not	not	RB
cord-021959-1y67126b	80	15	a	a	DT
cord-021959-1y67126b	80	16	dividend	dividend	NN
cord-021959-1y67126b	80	17	payer	payer	NN
cord-021959-1y67126b	80	18	.	.	.
cord-021959-1y67126b	81	1	The	the	DT
cord-021959-1y67126b	81	2	CAPM	CAPM	NNP
cord-021959-1y67126b	81	3	(	(	-LRB-
cord-021959-1y67126b	81	4	Lintner	Lintner	NNP
cord-021959-1y67126b	81	5	,	,	,
cord-021959-1y67126b	81	6	1965	1965	CD
cord-021959-1y67126b	81	7	;	;	:
cord-021959-1y67126b	81	8	Sharpe	Sharpe	NNP
cord-021959-1y67126b	81	9	,	,	,
cord-021959-1y67126b	81	10	1964	1964	CD
cord-021959-1y67126b	81	11	)	)	-RRB-
cord-021959-1y67126b	81	12	is	be	VBZ
cord-021959-1y67126b	81	13	based	base	VBN
cord-021959-1y67126b	81	14	on	on	IN
cord-021959-1y67126b	81	15	the	the	DT
cord-021959-1y67126b	81	16	assumption	assumption	NN
cord-021959-1y67126b	81	17	of	of	IN
cord-021959-1y67126b	81	18	a	a	DT
cord-021959-1y67126b	81	19	positive	positive	JJ
cord-021959-1y67126b	81	20	risk	risk	NN
cord-021959-1y67126b	81	21	-	-	HYPH
cord-021959-1y67126b	81	22	return	return	NN
cord-021959-1y67126b	81	23	trade	trade	NN
cord-021959-1y67126b	81	24	-	-	HYPH
cord-021959-1y67126b	81	25	off	off	NN
cord-021959-1y67126b	81	26	and	and	CC
cord-021959-1y67126b	81	27	asserts	assert	VBZ
cord-021959-1y67126b	81	28	that	that	IN
cord-021959-1y67126b	81	29	the	the	DT
cord-021959-1y67126b	81	30	expected	expect	VBN
cord-021959-1y67126b	81	31	return	return	NN
cord-021959-1y67126b	81	32	of	of	IN
cord-021959-1y67126b	81	33	an	an	DT
cord-021959-1y67126b	81	34	asset	asset	NN
cord-021959-1y67126b	81	35	is	be	VBZ
cord-021959-1y67126b	81	36	determined	determine	VBN
cord-021959-1y67126b	81	37	by	by	IN
cord-021959-1y67126b	81	38	three	three	CD
cord-021959-1y67126b	81	39	variables	variable	NNS
cord-021959-1y67126b	81	40	:	:	:
cord-021959-1y67126b	81	41	β	β	NN
cord-021959-1y67126b	81	42	(	(	-LRB-
cord-021959-1y67126b	81	43	a	a	DT
cord-021959-1y67126b	81	44	function	function	NN
cord-021959-1y67126b	81	45	of	of	IN
cord-021959-1y67126b	81	46	the	the	DT
cord-021959-1y67126b	81	47	stock	stock	NN
cord-021959-1y67126b	81	48	's	's	POS
cord-021959-1y67126b	81	49	responsiveness	responsiveness	NN
cord-021959-1y67126b	81	50	to	to	IN
cord-021959-1y67126b	81	51	the	the	DT
cord-021959-1y67126b	81	52	overall	overall	JJ
cord-021959-1y67126b	81	53	movements	movement	NNS
cord-021959-1y67126b	81	54	in	in	IN
cord-021959-1y67126b	81	55	the	the	DT
cord-021959-1y67126b	81	56	market	market	NN
cord-021959-1y67126b	81	57	)	)	-RRB-
cord-021959-1y67126b	81	58	,	,	,
cord-021959-1y67126b	81	59	the	the	DT
cord-021959-1y67126b	81	60	risk	risk	NN
cord-021959-1y67126b	81	61	-	-	HYPH
cord-021959-1y67126b	81	62	free	free	JJ
cord-021959-1y67126b	81	63	rate	rate	NN
cord-021959-1y67126b	81	64	of	of	IN
cord-021959-1y67126b	81	65	return	return	NN
cord-021959-1y67126b	81	66	,	,	,
cord-021959-1y67126b	81	67	and	and	CC
cord-021959-1y67126b	81	68	the	the	DT
cord-021959-1y67126b	81	69	expected	expect	VBN
cord-021959-1y67126b	81	70	market	market	NN
cord-021959-1y67126b	81	71	return	return	NN
cord-021959-1y67126b	81	72	(	(	-LRB-
cord-021959-1y67126b	81	73	Fama	Fama	NNP
cord-021959-1y67126b	81	74	and	and	CC
cord-021959-1y67126b	81	75	French	French	NNP
cord-021959-1y67126b	81	76	,	,	,
cord-021959-1y67126b	81	77	1992	1992	CD
cord-021959-1y67126b	81	78	)	)	-RRB-
cord-021959-1y67126b	81	79	.	.	.
cord-021959-1y67126b	82	1	The	the	DT
cord-021959-1y67126b	82	2	model	model	NN
cord-021959-1y67126b	82	3	assumes	assume	VBZ
cord-021959-1y67126b	82	4	that	that	IN
cord-021959-1y67126b	82	5	investors	investor	NNS
cord-021959-1y67126b	82	6	are	be	VBP
cord-021959-1y67126b	82	7	risk	risk	NN
cord-021959-1y67126b	82	8	-	-	HYPH
cord-021959-1y67126b	82	9	averse	averse	JJ
cord-021959-1y67126b	82	10	and	and	CC
cord-021959-1y67126b	82	11	,	,	,
cord-021959-1y67126b	82	12	when	when	WRB
cord-021959-1y67126b	82	13	choosing	choose	VBG
cord-021959-1y67126b	82	14	among	among	IN
cord-021959-1y67126b	82	15	portfolios	portfolio	NNS
cord-021959-1y67126b	82	16	,	,	,
cord-021959-1y67126b	82	17	they	-PRON-	PRP
cord-021959-1y67126b	82	18	are	be	VBP
cord-021959-1y67126b	82	19	only	only	RB
cord-021959-1y67126b	82	20	concerned	concerned	JJ
cord-021959-1y67126b	82	21	about	about	IN
cord-021959-1y67126b	82	22	the	the	DT
cord-021959-1y67126b	82	23	mean	mean	NN
cord-021959-1y67126b	82	24	and	and	CC
cord-021959-1y67126b	82	25	variance	variance	NN
cord-021959-1y67126b	82	26	of	of	IN
cord-021959-1y67126b	82	27	their	-PRON-	PRP$
cord-021959-1y67126b	82	28	one	one	CD
cord-021959-1y67126b	82	29	-	-	HYPH
cord-021959-1y67126b	82	30	period	period	NN
cord-021959-1y67126b	82	31	investment	investment	NN
cord-021959-1y67126b	82	32	return	return	NN
cord-021959-1y67126b	82	33	.	.	.
cord-021959-1y67126b	83	1	This	this	DT
cord-021959-1y67126b	83	2	argument	argument	NN
cord-021959-1y67126b	83	3	is	be	VBZ
cord-021959-1y67126b	83	4	,	,	,
cord-021959-1y67126b	83	5	in	in	IN
cord-021959-1y67126b	83	6	essence	essence	NN
cord-021959-1y67126b	83	7	,	,	,
cord-021959-1y67126b	83	8	the	the	DT
cord-021959-1y67126b	83	9	cornerstone	cornerstone	NN
cord-021959-1y67126b	83	10	of	of	IN
cord-021959-1y67126b	83	11	the	the	DT
cord-021959-1y67126b	83	12	CAPM	CAPM	NNP
cord-021959-1y67126b	83	13	.	.	.
cord-021959-1y67126b	84	1	The	the	DT
cord-021959-1y67126b	84	2	model	model	NN
cord-021959-1y67126b	84	3	can	can	MD
cord-021959-1y67126b	84	4	be	be	VB
cord-021959-1y67126b	84	5	stated	state	VBN
cord-021959-1y67126b	84	6	as	as	IN
cord-021959-1y67126b	84	7	where	where	WRB
cord-021959-1y67126b	84	8	,	,	,
cord-021959-1y67126b	84	9	R	R	NNP
cord-021959-1y67126b	84	10	m	m	NN
cord-021959-1y67126b	84	11	is	be	VBZ
cord-021959-1y67126b	84	12	the	the	DT
cord-021959-1y67126b	84	13	market	market	NN
cord-021959-1y67126b	84	14	return	return	NN
cord-021959-1y67126b	84	15	of	of	IN
cord-021959-1y67126b	84	16	stocks	stock	NNS
cord-021959-1y67126b	84	17	and	and	CC
cord-021959-1y67126b	84	18	securities	security	NNS
cord-021959-1y67126b	84	19	,	,	,
cord-021959-1y67126b	84	20	R	r	NN
cord-021959-1y67126b	84	21	f	f	NN
cord-021959-1y67126b	84	22	the	the	DT
cord-021959-1y67126b	84	23	risk	risk	NN
cord-021959-1y67126b	84	24	-	-	HYPH
cord-021959-1y67126b	84	25	free	free	JJ
cord-021959-1y67126b	84	26	rate	rate	NN
cord-021959-1y67126b	84	27	,	,	,
cord-021959-1y67126b	84	28	β	β	FW
cord-021959-1y67126b	84	29	the	the	DT
cord-021959-1y67126b	84	30	coefficient	coefficient	NN
cord-021959-1y67126b	84	31	that	that	WDT
cord-021959-1y67126b	84	32	measures	measure	VBZ
cord-021959-1y67126b	84	33	the	the	DT
cord-021959-1y67126b	84	34	covariance	covariance	NN
cord-021959-1y67126b	84	35	of	of	IN
cord-021959-1y67126b	84	36	the	the	DT
cord-021959-1y67126b	84	37	risky	risky	JJ
cord-021959-1y67126b	84	38	asset	asset	NN
cord-021959-1y67126b	84	39	with	with	IN
cord-021959-1y67126b	84	40	the	the	DT
cord-021959-1y67126b	84	41	market	market	NN
cord-021959-1y67126b	84	42	portfolio	portfolio	NN
cord-021959-1y67126b	84	43	,	,	,
cord-021959-1y67126b	84	44	and	and	CC
cord-021959-1y67126b	84	45	E	E	NNP
cord-021959-1y67126b	84	46	(	(	-LRB-
cord-021959-1y67126b	84	47	R	r	NN
cord-021959-1y67126b	84	48	i	i	NN
cord-021959-1y67126b	84	49	)	)	-RRB-
cord-021959-1y67126b	84	50	the	the	DT
cord-021959-1y67126b	84	51	expected	expect	VBN
cord-021959-1y67126b	84	52	return	return	NN
cord-021959-1y67126b	84	53	of	of	IN
cord-021959-1y67126b	84	54	i	i	PRP
cord-021959-1y67126b	84	55	stock	stock	NN
cord-021959-1y67126b	84	56	.	.	.
cord-021959-1y67126b	85	1	Although	although	IN
cord-021959-1y67126b	85	2	the	the	DT
cord-021959-1y67126b	85	3	CAPM	CAPM	NNP
cord-021959-1y67126b	85	4	is	be	VBZ
cord-021959-1y67126b	85	5	touted	tout	VBN
cord-021959-1y67126b	85	6	for	for	IN
cord-021959-1y67126b	85	7	its	-PRON-	PRP$
cord-021959-1y67126b	85	8	relatively	relatively	RB
cord-021959-1y67126b	85	9	simple	simple	JJ
cord-021959-1y67126b	85	10	application	application	NN
cord-021959-1y67126b	85	11	,	,	,
cord-021959-1y67126b	85	12	several	several	JJ
cord-021959-1y67126b	85	13	other	other	JJ
cord-021959-1y67126b	85	14	studies	study	NNS
cord-021959-1y67126b	85	15	(	(	-LRB-
cord-021959-1y67126b	85	16	Lakonishok	Lakonishok	NNP
cord-021959-1y67126b	85	17	and	and	CC
cord-021959-1y67126b	85	18	Shapiro	Shapiro	NNP
cord-021959-1y67126b	85	19	,	,	,
cord-021959-1y67126b	85	20	1986	1986	CD
cord-021959-1y67126b	85	21	;	;	:
cord-021959-1y67126b	85	22	Reinganum	Reinganum	NNP
cord-021959-1y67126b	85	23	,	,	,
cord-021959-1y67126b	85	24	1981	1981	CD
cord-021959-1y67126b	85	25	)	)	-RRB-
cord-021959-1y67126b	86	1	present	present	JJ
cord-021959-1y67126b	86	2	evidence	evidence	NN
cord-021959-1y67126b	86	3	that	that	IN
cord-021959-1y67126b	86	4	the	the	DT
cord-021959-1y67126b	86	5	positive	positive	JJ
cord-021959-1y67126b	86	6	relationship	relationship	NN
cord-021959-1y67126b	86	7	between	between	IN
cord-021959-1y67126b	86	8	β	β	NN
cord-021959-1y67126b	86	9	and	and	CC
cord-021959-1y67126b	86	10	returns	return	NNS
cord-021959-1y67126b	86	11	could	could	MD
cord-021959-1y67126b	86	12	not	not	RB
cord-021959-1y67126b	86	13	be	be	VB
cord-021959-1y67126b	86	14	demonstrated	demonstrate	VBN
cord-021959-1y67126b	86	15	for	for	IN
cord-021959-1y67126b	86	16	the	the	DT
cord-021959-1y67126b	86	17	period	period	NN
cord-021959-1y67126b	86	18	of	of	IN
cord-021959-1y67126b	86	19	.	.	.
cord-021959-1y67126b	87	1	Particularly	particularly	RB
cord-021959-1y67126b	87	2	over	over	IN
cord-021959-1y67126b	87	3	the	the	DT
cord-021959-1y67126b	87	4	last	last	JJ
cord-021959-1y67126b	87	5	two	two	CD
cord-021959-1y67126b	87	6	decades	decade	NNS
cord-021959-1y67126b	87	7	,	,	,
cord-021959-1y67126b	87	8	even	even	RB
cord-021959-1y67126b	87	9	stronger	strong	JJR
cord-021959-1y67126b	87	10	evidence	evidence	NN
cord-021959-1y67126b	87	11	has	have	VBZ
cord-021959-1y67126b	87	12	been	be	VBN
cord-021959-1y67126b	87	13	developed	develop	VBN
cord-021959-1y67126b	87	14	against	against	IN
cord-021959-1y67126b	87	15	the	the	DT
cord-021959-1y67126b	87	16	CAPM	CAPM	NNP
cord-021959-1y67126b	87	17	by	by	IN
cord-021959-1y67126b	87	18	Fama	Fama	NNP
cord-021959-1y67126b	87	19	and	and	CC
cord-021959-1y67126b	87	20	French	French	NNP
cord-021959-1y67126b	87	21	(	(	-LRB-
cord-021959-1y67126b	87	22	1992	1992	CD
cord-021959-1y67126b	87	23	,	,	,
cord-021959-1y67126b	87	24	1997	1997	CD
cord-021959-1y67126b	87	25	,	,	,
cord-021959-1y67126b	87	26	and	and	CC
cord-021959-1y67126b	87	27	Roll	Roll	NNP
cord-021959-1y67126b	87	28	and	and	CC
cord-021959-1y67126b	87	29	Ross	Ross	NNP
cord-021959-1y67126b	87	30	(	(	-LRB-
cord-021959-1y67126b	87	31	1994	1994	CD
cord-021959-1y67126b	87	32	)	)	-RRB-
cord-021959-1y67126b	87	33	.	.	.
cord-021959-1y67126b	88	1	These	these	DT
cord-021959-1y67126b	88	2	researchers	researcher	NNS
cord-021959-1y67126b	88	3	challenged	challenge	VBD
cord-021959-1y67126b	88	4	the	the	DT
cord-021959-1y67126b	88	5	model	model	NN
cord-021959-1y67126b	88	6	by	by	IN
cord-021959-1y67126b	88	7	contending	contend	VBG
cord-021959-1y67126b	88	8	that	that	IN
cord-021959-1y67126b	88	9	it	-PRON-	PRP
cord-021959-1y67126b	88	10	is	be	VBZ
cord-021959-1y67126b	88	11	difficult	difficult	JJ
cord-021959-1y67126b	88	12	to	to	TO
cord-021959-1y67126b	88	13	find	find	VB
cord-021959-1y67126b	88	14	the	the	DT
cord-021959-1y67126b	88	15	right	right	JJ
cord-021959-1y67126b	88	16	proxy	proxy	NN
cord-021959-1y67126b	88	17	for	for	IN
cord-021959-1y67126b	88	18	the	the	DT
cord-021959-1y67126b	88	19	market	market	NN
cord-021959-1y67126b	88	20	portfolio	portfolio	NN
cord-021959-1y67126b	88	21	and	and	CC
cord-021959-1y67126b	88	22	that	that	IN
cord-021959-1y67126b	88	23	CAPM	CAPM	NNP
cord-021959-1y67126b	88	24	does	do	VBZ
cord-021959-1y67126b	88	25	not	not	RB
cord-021959-1y67126b	88	26	appear	appear	VB
cord-021959-1y67126b	88	27	to	to	TO
cord-021959-1y67126b	88	28	accurately	accurately	RB
cord-021959-1y67126b	88	29	reflect	reflect	VB
cord-021959-1y67126b	88	30	the	the	DT
cord-021959-1y67126b	88	31	firm	firm	JJ
cord-021959-1y67126b	88	32	size	size	NN
cord-021959-1y67126b	88	33	in	in	IN
cord-021959-1y67126b	88	34	the	the	DT
cord-021959-1y67126b	88	35	cost	cost	NN
cord-021959-1y67126b	88	36	of	of	IN
cord-021959-1y67126b	88	37	equity	equity	NN
cord-021959-1y67126b	88	38	calculation	calculation	NN
cord-021959-1y67126b	88	39	,	,	,
cord-021959-1y67126b	88	40	and	and	CC
cord-021959-1y67126b	88	41	that	that	IN
cord-021959-1y67126b	88	42	not	not	RB
cord-021959-1y67126b	88	43	all	all	DT
cord-021959-1y67126b	88	44	systematic	systematic	JJ
cord-021959-1y67126b	88	45	risk	risk	NN
cord-021959-1y67126b	88	46	factors	factor	NNS
cord-021959-1y67126b	88	47	are	be	VBP
cord-021959-1y67126b	88	48	reflected	reflect	VBN
cord-021959-1y67126b	88	49	in	in	IN
cord-021959-1y67126b	88	50	returns	return	NNS
cord-021959-1y67126b	88	51	of	of	IN
cord-021959-1y67126b	88	52	the	the	DT
cord-021959-1y67126b	88	53	market	market	NN
cord-021959-1y67126b	88	54	portfolio	portfolio	NN
cord-021959-1y67126b	88	55	.	.	.
cord-021959-1y67126b	89	1	From	from	IN
cord-021959-1y67126b	89	2	the	the	DT
cord-021959-1y67126b	89	3	strategic	strategic	JJ
cord-021959-1y67126b	89	4	management	management	NN
cord-021959-1y67126b	89	5	perspective	perspective	NN
cord-021959-1y67126b	89	6	,	,	,
cord-021959-1y67126b	89	7	business	business	NN
cord-021959-1y67126b	89	8	executives	executive	NNS
cord-021959-1y67126b	89	9	face	face	VBP
cord-021959-1y67126b	89	10	the	the	DT
cord-021959-1y67126b	89	11	following	follow	VBG
cord-021959-1y67126b	89	12	issues	issue	NNS
cord-021959-1y67126b	89	13	.	.	.
cord-021959-1y67126b	90	1	Implicit	implicit	JJ
cord-021959-1y67126b	90	2	to	to	IN
cord-021959-1y67126b	90	3	the	the	DT
cord-021959-1y67126b	90	4	CAPM	CAPM	NNP
cord-021959-1y67126b	90	5	is	be	VBZ
cord-021959-1y67126b	90	6	the	the	DT
cord-021959-1y67126b	90	7	recommendation	recommendation	NN
cord-021959-1y67126b	90	8	that	that	IN
cord-021959-1y67126b	90	9	managers	manager	NNS
cord-021959-1y67126b	90	10	should	should	MD
cord-021959-1y67126b	90	11	focus	focus	VB
cord-021959-1y67126b	90	12	on	on	IN
cord-021959-1y67126b	90	13	managing	manage	VBG
cord-021959-1y67126b	90	14	their	-PRON-	PRP$
cord-021959-1y67126b	90	15	firm	firm	NN
cord-021959-1y67126b	90	16	's	's	POS
cord-021959-1y67126b	90	17	overall	overall	JJ
cord-021959-1y67126b	90	18	market	market	NN
cord-021959-1y67126b	90	19	risk	risk	NN
cord-021959-1y67126b	90	20	by	by	IN
cord-021959-1y67126b	90	21	focusing	focus	VBG
cord-021959-1y67126b	90	22	on	on	IN
cord-021959-1y67126b	90	23	β	β	NN
cord-021959-1y67126b	90	24	or	or	CC
cord-021959-1y67126b	90	25	the	the	DT
cord-021959-1y67126b	90	26	firm	firm	NN
cord-021959-1y67126b	90	27	's	's	POS
cord-021959-1y67126b	90	28	•	•	NN
cord-021959-1y67126b	91	1	•	•	NNP
cord-021959-1y67126b	92	1	•	•	LS
cord-021959-1y67126b	92	2	systematic	systematic	JJ
cord-021959-1y67126b	92	3	risk	risk	NN
cord-021959-1y67126b	92	4	and	and	CC
cord-021959-1y67126b	92	5	not	not	RB
cord-021959-1y67126b	92	6	be	be	VB
cord-021959-1y67126b	92	7	concerned	concern	VBN
cord-021959-1y67126b	92	8	with	with	IN
cord-021959-1y67126b	92	9	what	what	WP
cord-021959-1y67126b	92	10	strategists	strategist	NNS
cord-021959-1y67126b	92	11	may	may	MD
cord-021959-1y67126b	92	12	focus	focus	VB
cord-021959-1y67126b	92	13	on	on	IN
cord-021959-1y67126b	92	14	:	:	:
cord-021959-1y67126b	92	15	firm	firm	JJ
cord-021959-1y67126b	92	16	-	-	HYPH
cord-021959-1y67126b	92	17	specific	specific	JJ
cord-021959-1y67126b	92	18	(	(	-LRB-
cord-021959-1y67126b	92	19	unsystematic	unsystematic	JJ
cord-021959-1y67126b	92	20	)	)	-RRB-
cord-021959-1y67126b	92	21	risk	risk	NN
cord-021959-1y67126b	92	22	.	.	.
cord-021959-1y67126b	93	1	Chatterjee	Chatterjee	NNP
cord-021959-1y67126b	93	2	et	et	NNP
cord-021959-1y67126b	93	3	al	al	NNP
cord-021959-1y67126b	93	4	.	.	.
cord-021959-1y67126b	94	1	(	(	-LRB-
cord-021959-1y67126b	94	2	1999	1999	CD
cord-021959-1y67126b	94	3	)	)	-RRB-
cord-021959-1y67126b	94	4	claim	claim	VBP
cord-021959-1y67126b	94	5	that	that	IN
cord-021959-1y67126b	94	6	herein	herein	RB
cord-021959-1y67126b	94	7	lie	lie	VB
cord-021959-1y67126b	94	8	two	two	CD
cord-021959-1y67126b	94	9	dilemmas	dilemma	NNS
cord-021959-1y67126b	94	10	:	:	:
cord-021959-1y67126b	94	11	first	first	RB
cord-021959-1y67126b	94	12	,	,	,
cord-021959-1y67126b	94	13	decreasing	decrease	VBG
cord-021959-1y67126b	94	14	β	β	NN
cord-021959-1y67126b	94	15	requires	require	VBZ
cord-021959-1y67126b	94	16	managers	manager	NNS
cord-021959-1y67126b	94	17	to	to	TO
cord-021959-1y67126b	94	18	reduce	reduce	VB
cord-021959-1y67126b	94	19	investors	investor	NNS
cord-021959-1y67126b	94	20	'	'	POS
cord-021959-1y67126b	94	21	exposure	exposure	NN
cord-021959-1y67126b	94	22	to	to	IN
cord-021959-1y67126b	94	23	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	94	24	uncertainties	uncertainty	NNS
cord-021959-1y67126b	94	25	at	at	IN
cord-021959-1y67126b	94	26	a	a	DT
cord-021959-1y67126b	94	27	cost	cost	NN
cord-021959-1y67126b	94	28	lower	low	JJR
cord-021959-1y67126b	94	29	than	than	IN
cord-021959-1y67126b	94	30	what	what	WP
cord-021959-1y67126b	94	31	investors	investor	NNS
cord-021959-1y67126b	94	32	could	could	MD
cord-021959-1y67126b	94	33	transact	transact	VB
cord-021959-1y67126b	94	34	on	on	IN
cord-021959-1y67126b	94	35	their	-PRON-	PRP$
cord-021959-1y67126b	94	36	own	own	JJ
cord-021959-1y67126b	94	37	by	by	IN
cord-021959-1y67126b	94	38	diversifying	diversify	VBG
cord-021959-1y67126b	94	39	their	-PRON-	PRP$
cord-021959-1y67126b	94	40	own	own	JJ
cord-021959-1y67126b	94	41	portfolio	portfolio	NN
cord-021959-1y67126b	94	42	;	;	:
cord-021959-1y67126b	94	43	and	and	CC
cord-021959-1y67126b	94	44	second	second	RB
cord-021959-1y67126b	94	45	,	,	,
cord-021959-1y67126b	94	46	to	to	TO
cord-021959-1y67126b	94	47	downplay	downplay	VB
cord-021959-1y67126b	94	48	the	the	DT
cord-021959-1y67126b	94	49	importance	importance	NN
cord-021959-1y67126b	94	50	of	of	IN
cord-021959-1y67126b	94	51	firm	firm	JJ
cord-021959-1y67126b	94	52	-	-	HYPH
cord-021959-1y67126b	94	53	specific	specific	JJ
cord-021959-1y67126b	94	54	risk	risk	NN
cord-021959-1y67126b	94	55	that	that	IN
cord-021959-1y67126b	94	56	not	not	RB
cord-021959-1y67126b	94	57	only	only	RB
cord-021959-1y67126b	94	58	is	be	VBZ
cord-021959-1y67126b	94	59	contrary	contrary	JJ
cord-021959-1y67126b	94	60	to	to	IN
cord-021959-1y67126b	94	61	the	the	DT
cord-021959-1y67126b	94	62	strategic	strategic	JJ
cord-021959-1y67126b	94	63	management	management	NN
cord-021959-1y67126b	94	64	field	field	NN
cord-021959-1y67126b	94	65	but	but	CC
cord-021959-1y67126b	94	66	also	also	RB
cord-021959-1y67126b	94	67	tempts	tempt	VBZ
cord-021959-1y67126b	94	68	corporate	corporate	JJ
cord-021959-1y67126b	94	69	bankruptcy	bankruptcy	NN
cord-021959-1y67126b	94	70	(	(	-LRB-
cord-021959-1y67126b	94	71	Bettis	Bettis	NNP
cord-021959-1y67126b	94	72	,	,	,
cord-021959-1y67126b	94	73	1983	1983	CD
cord-021959-1y67126b	94	74	)	)	-RRB-
cord-021959-1y67126b	94	75	.	.	.
cord-021959-1y67126b	95	1	Therefore	therefore	RB
cord-021959-1y67126b	95	2	,	,	,
cord-021959-1y67126b	95	3	an	an	DT
cord-021959-1y67126b	95	4	executive	executive	NN
cord-021959-1y67126b	95	5	of	of	IN
cord-021959-1y67126b	95	6	a	a	DT
cord-021959-1y67126b	95	7	given	give	VBN
cord-021959-1y67126b	95	8	company	company	NN
cord-021959-1y67126b	95	9	has	have	VBZ
cord-021959-1y67126b	95	10	to	to	TO
cord-021959-1y67126b	95	11	take	take	VB
cord-021959-1y67126b	95	12	into	into	IN
cord-021959-1y67126b	95	13	account	account	NN
cord-021959-1y67126b	95	14	the	the	DT
cord-021959-1y67126b	95	15	total	total	JJ
cord-021959-1y67126b	95	16	risk	risk	NN
cord-021959-1y67126b	95	17	of	of	IN
cord-021959-1y67126b	95	18	the	the	DT
cord-021959-1y67126b	95	19	project	project	NN
cord-021959-1y67126b	95	20	because	because	IN
cord-021959-1y67126b	95	21	,	,	,
cord-021959-1y67126b	95	22	unlike	unlike	IN
cord-021959-1y67126b	95	23	investors	investor	NNS
cord-021959-1y67126b	95	24	holding	hold	VBG
cord-021959-1y67126b	95	25	stocks	stock	NNS
cord-021959-1y67126b	95	26	of	of	IN
cord-021959-1y67126b	95	27	multiple	multiple	JJ
cord-021959-1y67126b	95	28	companies	company	NNS
cord-021959-1y67126b	95	29	,	,	,
cord-021959-1y67126b	95	30	the	the	DT
cord-021959-1y67126b	95	31	executive	executive	NN
cord-021959-1y67126b	95	32	may	may	MD
cord-021959-1y67126b	95	33	not	not	RB
cord-021959-1y67126b	95	34	be	be	VB
cord-021959-1y67126b	95	35	able	able	JJ
cord-021959-1y67126b	95	36	to	to	TO
cord-021959-1y67126b	95	37	diversify	diversify	VB
cord-021959-1y67126b	95	38	the	the	DT
cord-021959-1y67126b	95	39	risk	risk	NN
cord-021959-1y67126b	95	40	of	of	IN
cord-021959-1y67126b	95	41	his	-PRON-	PRP$
cord-021959-1y67126b	95	42	/	/	SYM
cord-021959-1y67126b	95	43	her	-PRON-	PRP$
cord-021959-1y67126b	95	44	company	company	NN
cord-021959-1y67126b	95	45	's	's	POS
cord-021959-1y67126b	95	46	investment	investment	NN
cord-021959-1y67126b	95	47	by	by	IN
cord-021959-1y67126b	95	48	investing	invest	VBG
cord-021959-1y67126b	95	49	in	in	IN
cord-021959-1y67126b	95	50	multiple	multiple	JJ
cord-021959-1y67126b	95	51	projects	project	NNS
cord-021959-1y67126b	95	52	.	.	.
cord-021959-1y67126b	96	1	Another	another	DT
cord-021959-1y67126b	96	2	prominent	prominent	JJ
cord-021959-1y67126b	96	3	cost	cost	NN
cord-021959-1y67126b	96	4	of	of	IN
cord-021959-1y67126b	96	5	equity	equity	NN
cord-021959-1y67126b	96	6	model	model	NN
cord-021959-1y67126b	96	7	is	be	VBZ
cord-021959-1y67126b	96	8	the	the	DT
cord-021959-1y67126b	96	9	arbitrage	arbitrage	NN
cord-021959-1y67126b	96	10	pricing	pricing	NN
cord-021959-1y67126b	96	11	theory	theory	NN
cord-021959-1y67126b	96	12	(	(	-LRB-
cord-021959-1y67126b	96	13	APT	APT	NNP
cord-021959-1y67126b	96	14	)	)	-RRB-
cord-021959-1y67126b	96	15	developed	develop	VBN
cord-021959-1y67126b	96	16	by	by	IN
cord-021959-1y67126b	96	17	Ross	Ross	NNP
cord-021959-1y67126b	96	18	(	(	-LRB-
cord-021959-1y67126b	96	19	1976	1976	CD
cord-021959-1y67126b	96	20	)	)	-RRB-
cord-021959-1y67126b	96	21	.	.	.
cord-021959-1y67126b	97	1	The	the	DT
cord-021959-1y67126b	97	2	model	model	NN
cord-021959-1y67126b	97	3	states	state	VBZ
cord-021959-1y67126b	97	4	that	that	IN
cord-021959-1y67126b	97	5	actors	actor	NNS
cord-021959-1y67126b	97	6	other	other	JJ
cord-021959-1y67126b	97	7	than	than	IN
cord-021959-1y67126b	97	8	β	β	NNS
cord-021959-1y67126b	97	9	affect	affect	VB
cord-021959-1y67126b	97	10	the	the	DT
cord-021959-1y67126b	97	11	systematic	systematic	JJ
cord-021959-1y67126b	97	12	risk	risk	NN
cord-021959-1y67126b	97	13	.	.	.
cord-021959-1y67126b	98	1	The	the	DT
cord-021959-1y67126b	98	2	APT	APT	NNP
cord-021959-1y67126b	98	3	is	be	VBZ
cord-021959-1y67126b	98	4	based	base	VBN
cord-021959-1y67126b	98	5	on	on	IN
cord-021959-1y67126b	98	6	the	the	DT
cord-021959-1y67126b	98	7	assumption	assumption	NN
cord-021959-1y67126b	98	8	that	that	IN
cord-021959-1y67126b	98	9	there	there	EX
cord-021959-1y67126b	98	10	are	be	VBP
cord-021959-1y67126b	98	11	some	some	DT
cord-021959-1y67126b	98	12	major	major	JJ
cord-021959-1y67126b	98	13	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	98	14	factors	factor	NNS
cord-021959-1y67126b	98	15	that	that	WDT
cord-021959-1y67126b	98	16	influence	influence	VBP
cord-021959-1y67126b	98	17	security	security	NN
cord-021959-1y67126b	98	18	returns	return	NNS
cord-021959-1y67126b	98	19	.	.	.
cord-021959-1y67126b	99	1	The	the	DT
cord-021959-1y67126b	99	2	APT	APT	NNP
cord-021959-1y67126b	99	3	states	state	NNS
cord-021959-1y67126b	99	4	that	that	IN
cord-021959-1y67126b	99	5	no	no	RB
cord-021959-1y67126b	99	6	matter	matter	RB
cord-021959-1y67126b	99	7	how	how	WRB
cord-021959-1y67126b	99	8	thoroughly	thoroughly	RB
cord-021959-1y67126b	99	9	investors	investor	NNS
cord-021959-1y67126b	99	10	diversify	diversify	VBP
cord-021959-1y67126b	99	11	,	,	,
cord-021959-1y67126b	99	12	they	-PRON-	PRP
cord-021959-1y67126b	99	13	can	can	MD
cord-021959-1y67126b	99	14	not	not	RB
cord-021959-1y67126b	99	15	avoid	avoid	VB
cord-021959-1y67126b	99	16	these	these	DT
cord-021959-1y67126b	99	17	factors	factor	NNS
cord-021959-1y67126b	99	18	.	.	.
cord-021959-1y67126b	100	1	Thus	thus	RB
cord-021959-1y67126b	100	2	,	,	,
cord-021959-1y67126b	100	3	investors	investor	NNS
cord-021959-1y67126b	100	4	will	will	MD
cord-021959-1y67126b	100	5	"	"	``
cord-021959-1y67126b	100	6	price	price	VB
cord-021959-1y67126b	100	7	"	"	''
cord-021959-1y67126b	101	1	these	these	DT
cord-021959-1y67126b	101	2	factors	factor	NNS
cord-021959-1y67126b	101	3	precisely	precisely	RB
cord-021959-1y67126b	101	4	because	because	IN
cord-021959-1y67126b	101	5	they	-PRON-	PRP
cord-021959-1y67126b	101	6	are	be	VBP
cord-021959-1y67126b	101	7	sources	source	NNS
cord-021959-1y67126b	101	8	of	of	IN
cord-021959-1y67126b	101	9	risk	risk	NN
cord-021959-1y67126b	101	10	that	that	WDT
cord-021959-1y67126b	101	11	can	can	MD
cord-021959-1y67126b	101	12	not	not	RB
cord-021959-1y67126b	101	13	be	be	VB
cord-021959-1y67126b	101	14	diversified	diversify	VBN
cord-021959-1y67126b	101	15	away	away	RP
cord-021959-1y67126b	101	16	.	.	.
cord-021959-1y67126b	102	1	That	that	RB
cord-021959-1y67126b	102	2	is	is	RB
cord-021959-1y67126b	102	3	,	,	,
cord-021959-1y67126b	102	4	they	-PRON-	PRP
cord-021959-1y67126b	102	5	will	will	MD
cord-021959-1y67126b	102	6	demand	demand	VB
cord-021959-1y67126b	102	7	compensation	compensation	NN
cord-021959-1y67126b	102	8	in	in	IN
cord-021959-1y67126b	102	9	terms	term	NNS
cord-021959-1y67126b	102	10	of	of	IN
cord-021959-1y67126b	102	11	expected	expect	VBN
cord-021959-1y67126b	102	12	return	return	NN
cord-021959-1y67126b	102	13	for	for	IN
cord-021959-1y67126b	102	14	holding	hold	VBG
cord-021959-1y67126b	102	15	securities	security	NNS
cord-021959-1y67126b	102	16	exposed	expose	VBN
cord-021959-1y67126b	102	17	to	to	IN
cord-021959-1y67126b	102	18	these	these	DT
cord-021959-1y67126b	102	19	risks	risk	NNS
cord-021959-1y67126b	102	20	(	(	-LRB-
cord-021959-1y67126b	102	21	Goetzmann	Goetzmann	NNP
cord-021959-1y67126b	102	22	,	,	,
cord-021959-1y67126b	102	23	1996	1996	CD
cord-021959-1y67126b	102	24	)	)	-RRB-
cord-021959-1y67126b	102	25	.	.	.
cord-021959-1y67126b	103	1	Although	although	IN
cord-021959-1y67126b	103	2	the	the	DT
cord-021959-1y67126b	103	3	model	model	NN
cord-021959-1y67126b	103	4	does	do	VBZ
cord-021959-1y67126b	103	5	not	not	RB
cord-021959-1y67126b	103	6	explicitly	explicitly	RB
cord-021959-1y67126b	103	7	specify	specify	VB
cord-021959-1y67126b	103	8	the	the	DT
cord-021959-1y67126b	103	9	risk	risk	NN
cord-021959-1y67126b	103	10	factors	factor	NNS
cord-021959-1y67126b	103	11	,	,	,
cord-021959-1y67126b	103	12	the	the	DT
cord-021959-1y67126b	103	13	APT	APT	NNP
cord-021959-1y67126b	103	14	depicts	depict	VBZ
cord-021959-1y67126b	103	15	a	a	DT
cord-021959-1y67126b	103	16	world	world	NN
cord-021959-1y67126b	103	17	with	with	IN
cord-021959-1y67126b	103	18	many	many	JJ
cord-021959-1y67126b	103	19	possible	possible	JJ
cord-021959-1y67126b	103	20	sources	source	NNS
cord-021959-1y67126b	103	21	of	of	IN
cord-021959-1y67126b	103	22	risk	risk	NN
cord-021959-1y67126b	103	23	and	and	CC
cord-021959-1y67126b	103	24	uncertainty	uncertainty	NN
cord-021959-1y67126b	103	25	,	,	,
cord-021959-1y67126b	103	26	instead	instead	RB
cord-021959-1y67126b	103	27	of	of	IN
cord-021959-1y67126b	103	28	seeking	seek	VBG
cord-021959-1y67126b	103	29	for	for	IN
cord-021959-1y67126b	103	30	equilibrium	equilibrium	NN
cord-021959-1y67126b	103	31	in	in	IN
cord-021959-1y67126b	103	32	which	which	WDT
cord-021959-1y67126b	103	33	all	all	DT
cord-021959-1y67126b	103	34	investors	investor	NNS
cord-021959-1y67126b	103	35	hold	hold	VBP
cord-021959-1y67126b	103	36	the	the	DT
cord-021959-1y67126b	103	37	same	same	JJ
cord-021959-1y67126b	103	38	portfolio	portfolio	NN
cord-021959-1y67126b	103	39	.	.	.
cord-021959-1y67126b	104	1	More	more	RBR
cord-021959-1y67126b	104	2	formally	formally	RB
cord-021959-1y67126b	104	3	,	,	,
cord-021959-1y67126b	104	4	the	the	DT
cord-021959-1y67126b	104	5	APT	APT	NNP
cord-021959-1y67126b	104	6	is	be	VBZ
cord-021959-1y67126b	104	7	based	base	VBN
cord-021959-1y67126b	104	8	on	on	IN
cord-021959-1y67126b	104	9	the	the	DT
cord-021959-1y67126b	104	10	assumption	assumption	NN
cord-021959-1y67126b	104	11	that	that	IN
cord-021959-1y67126b	104	12	there	there	EX
cord-021959-1y67126b	104	13	are	be	VBP
cord-021959-1y67126b	104	14	some	some	DT
cord-021959-1y67126b	104	15	major	major	JJ
cord-021959-1y67126b	104	16	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	104	17	factors	factor	NNS
cord-021959-1y67126b	104	18	that	that	WDT
cord-021959-1y67126b	104	19	influence	influence	VBP
cord-021959-1y67126b	104	20	security	security	NN
cord-021959-1y67126b	104	21	returns	return	NNS
cord-021959-1y67126b	104	22	.	.	.
cord-021959-1y67126b	105	1	The	the	DT
cord-021959-1y67126b	105	2	APT	APT	NNP
cord-021959-1y67126b	105	3	states	state	NNS
cord-021959-1y67126b	105	4	that	that	IN
cord-021959-1y67126b	105	5	no	no	RB
cord-021959-1y67126b	105	6	matter	matter	RB
cord-021959-1y67126b	105	7	how	how	WRB
cord-021959-1y67126b	105	8	thoroughly	thoroughly	RB
cord-021959-1y67126b	105	9	investors	investor	NNS
cord-021959-1y67126b	105	10	diversify	diversify	VBP
cord-021959-1y67126b	105	11	,	,	,
cord-021959-1y67126b	105	12	they	-PRON-	PRP
cord-021959-1y67126b	105	13	can	can	MD
cord-021959-1y67126b	105	14	not	not	RB
cord-021959-1y67126b	105	15	avoid	avoid	VB
cord-021959-1y67126b	105	16	these	these	DT
cord-021959-1y67126b	105	17	factors	factor	NNS
cord-021959-1y67126b	105	18	.	.	.
cord-021959-1y67126b	106	1	Thus	thus	RB
cord-021959-1y67126b	106	2	,	,	,
cord-021959-1y67126b	106	3	investors	investor	NNS
cord-021959-1y67126b	106	4	will	will	MD
cord-021959-1y67126b	106	5	"	"	``
cord-021959-1y67126b	106	6	price	price	VB
cord-021959-1y67126b	106	7	"	"	''
cord-021959-1y67126b	107	1	these	these	DT
cord-021959-1y67126b	107	2	factors	factor	NNS
cord-021959-1y67126b	107	3	precisely	precisely	RB
cord-021959-1y67126b	107	4	because	because	IN
cord-021959-1y67126b	107	5	they	-PRON-	PRP
cord-021959-1y67126b	107	6	are	be	VBP
cord-021959-1y67126b	107	7	the	the	DT
cord-021959-1y67126b	107	8	sources	source	NNS
cord-021959-1y67126b	107	9	of	of	IN
cord-021959-1y67126b	107	10	risk	risk	NN
cord-021959-1y67126b	107	11	that	that	WDT
cord-021959-1y67126b	107	12	can	can	MD
cord-021959-1y67126b	107	13	not	not	RB
cord-021959-1y67126b	107	14	be	be	VB
cord-021959-1y67126b	107	15	diversified	diversify	VBN
cord-021959-1y67126b	107	16	away	away	RP
cord-021959-1y67126b	107	17	.	.	.
cord-021959-1y67126b	108	1	That	that	RB
cord-021959-1y67126b	108	2	is	is	RB
cord-021959-1y67126b	108	3	,	,	,
cord-021959-1y67126b	108	4	they	-PRON-	PRP
cord-021959-1y67126b	108	5	will	will	MD
cord-021959-1y67126b	108	6	demand	demand	VB
cord-021959-1y67126b	108	7	compensation	compensation	NN
cord-021959-1y67126b	108	8	in	in	IN
cord-021959-1y67126b	108	9	terms	term	NNS
cord-021959-1y67126b	108	10	of	of	IN
cord-021959-1y67126b	108	11	expected	expect	VBN
cord-021959-1y67126b	108	12	return	return	NN
cord-021959-1y67126b	108	13	for	for	IN
cord-021959-1y67126b	108	14	holding	hold	VBG
cord-021959-1y67126b	108	15	securities	security	NNS
cord-021959-1y67126b	108	16	exposed	expose	VBN
cord-021959-1y67126b	108	17	to	to	IN
cord-021959-1y67126b	108	18	these	these	DT
cord-021959-1y67126b	108	19	risks	risk	NNS
cord-021959-1y67126b	108	20	.	.	.
cord-021959-1y67126b	109	1	Just	just	RB
cord-021959-1y67126b	109	2	like	like	IN
cord-021959-1y67126b	109	3	the	the	DT
cord-021959-1y67126b	109	4	CAPM	CAPM	NNP
cord-021959-1y67126b	109	5	,	,	,
cord-021959-1y67126b	109	6	this	this	DT
cord-021959-1y67126b	109	7	exposure	exposure	NN
cord-021959-1y67126b	109	8	is	be	VBZ
cord-021959-1y67126b	109	9	measured	measure	VBN
cord-021959-1y67126b	109	10	by	by	IN
cord-021959-1y67126b	109	11	a	a	DT
cord-021959-1y67126b	109	12	factor	factor	NN
cord-021959-1y67126b	109	13	β	β	NN
cord-021959-1y67126b	109	14	(	(	-LRB-
cord-021959-1y67126b	109	15	Goetzmann	Goetzmann	NNP
cord-021959-1y67126b	109	16	,	,	,
cord-021959-1y67126b	109	17	1996	1996	CD
cord-021959-1y67126b	109	18	)	)	-RRB-
cord-021959-1y67126b	109	19	.	.	.
cord-021959-1y67126b	110	1	Chen	Chen	NNP
cord-021959-1y67126b	110	2	et	et	NNP
cord-021959-1y67126b	110	3	al	al	NNP
cord-021959-1y67126b	110	4	.	.	.
cord-021959-1y67126b	111	1	(	(	-LRB-
cord-021959-1y67126b	111	2	1986	1986	CD
cord-021959-1y67126b	111	3	)	)	-RRB-
cord-021959-1y67126b	111	4	managed	manage	VBD
cord-021959-1y67126b	111	5	to	to	TO
cord-021959-1y67126b	111	6	identify	identify	VB
cord-021959-1y67126b	111	7	five	five	CD
cord-021959-1y67126b	111	8	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	111	9	factors	factor	NNS
cord-021959-1y67126b	111	10	that	that	WDT
cord-021959-1y67126b	111	11	,	,	,
cord-021959-1y67126b	111	12	in	in	IN
cord-021959-1y67126b	111	13	their	-PRON-	PRP$
cord-021959-1y67126b	111	14	view	view	NN
cord-021959-1y67126b	111	15	,	,	,
cord-021959-1y67126b	111	16	explain	explain	VB
cord-021959-1y67126b	111	17	the	the	DT
cord-021959-1y67126b	111	18	expected	expect	VBN
cord-021959-1y67126b	111	19	asset	asset	NN
cord-021959-1y67126b	111	20	returns	return	NNS
cord-021959-1y67126b	111	21	:	:	:
cord-021959-1y67126b	111	22	The	the	DT
cord-021959-1y67126b	111	23	Industrial	Industrial	NNP
cord-021959-1y67126b	111	24	Production	Production	NNP
cord-021959-1y67126b	111	25	Index	Index	NNP
cord-021959-1y67126b	111	26	,	,	,
cord-021959-1y67126b	111	27	which	which	WDT
cord-021959-1y67126b	111	28	is	be	VBZ
cord-021959-1y67126b	111	29	a	a	DT
cord-021959-1y67126b	111	30	measure	measure	NN
cord-021959-1y67126b	111	31	of	of	IN
cord-021959-1y67126b	111	32	state	state	NN
cord-021959-1y67126b	111	33	of	of	IN
cord-021959-1y67126b	111	34	the	the	DT
cord-021959-1y67126b	111	35	economy	economy	NN
cord-021959-1y67126b	111	36	based	base	VBN
cord-021959-1y67126b	111	37	on	on	IN
cord-021959-1y67126b	111	38	the	the	DT
cord-021959-1y67126b	111	39	actual	actual	JJ
cord-021959-1y67126b	111	40	physical	physical	JJ
cord-021959-1y67126b	111	41	output	output	NN
cord-021959-1y67126b	111	42	;	;	:
cord-021959-1y67126b	111	43	the	the	DT
cord-021959-1y67126b	111	44	shortterm	shortterm	JJ
cord-021959-1y67126b	111	45	interest	interest	NN
cord-021959-1y67126b	111	46	rate	rate	NN
cord-021959-1y67126b	111	47	,	,	,
cord-021959-1y67126b	111	48	measured	measure	VBN
cord-021959-1y67126b	111	49	by	by	IN
cord-021959-1y67126b	111	50	the	the	DT
cord-021959-1y67126b	111	51	difference	difference	NN
cord-021959-1y67126b	111	52	between	between	IN
cord-021959-1y67126b	111	53	the	the	DT
cord-021959-1y67126b	111	54	yield	yield	NN
cord-021959-1y67126b	111	55	on	on	IN
cord-021959-1y67126b	111	56	Treasury	Treasury	NNP
cord-021959-1y67126b	111	57	bills	bill	NNS
cord-021959-1y67126b	111	58	(	(	-LRB-
cord-021959-1y67126b	111	59	TB	TB	NNP
cord-021959-1y67126b	111	60	)	)	-RRB-
cord-021959-1y67126b	111	61	and	and	CC
cord-021959-1y67126b	111	62	the	the	DT
cord-021959-1y67126b	111	63	Consumer	Consumer	NNP
cord-021959-1y67126b	111	64	Price	Price	NNP
cord-021959-1y67126b	111	65	Index	Index	NNP
cord-021959-1y67126b	111	66	(	(	-LRB-
cord-021959-1y67126b	111	67	CPI	CPI	NNP
cord-021959-1y67126b	111	68	)	)	-RRB-
cord-021959-1y67126b	111	69	;	;	:
cord-021959-1y67126b	111	70	short	short	JJ
cord-021959-1y67126b	111	71	-	-	HYPH
cord-021959-1y67126b	111	72	term	term	NN
cord-021959-1y67126b	111	73	inflation	inflation	NN
cord-021959-1y67126b	111	74	,	,	,
cord-021959-1y67126b	111	75	measured	measure	VBN
cord-021959-1y67126b	111	76	by	by	IN
cord-021959-1y67126b	111	77	unexpected	unexpected	JJ
cord-021959-1y67126b	111	78	changes	change	NNS
cord-021959-1y67126b	111	79	in	in	IN
cord-021959-1y67126b	111	80	CPI	CPI	NNP
cord-021959-1y67126b	111	81	;	;	:
cord-021959-1y67126b	111	82	long	long	JJ
cord-021959-1y67126b	111	83	-	-	HYPH
cord-021959-1y67126b	111	84	term	term	NN
cord-021959-1y67126b	111	85	inflation	inflation	NN
cord-021959-1y67126b	111	86	,	,	,
cord-021959-1y67126b	111	87	measured	measure	VBN
cord-021959-1y67126b	111	88	as	as	IN
cord-021959-1y67126b	111	89	the	the	DT
cord-021959-1y67126b	111	90	difference	difference	NN
cord-021959-1y67126b	111	91	between	between	IN
cord-021959-1y67126b	111	92	the	the	DT
cord-021959-1y67126b	111	93	yield	yield	NN
cord-021959-1y67126b	111	94	to	to	IN
cord-021959-1y67126b	111	95	maturity	maturity	NN
cord-021959-1y67126b	111	96	on	on	IN
cord-021959-1y67126b	111	97	long	long	JJ
cord-021959-1y67126b	111	98	-	-	HYPH
cord-021959-1y67126b	111	99	and	and	CC
cord-021959-1y67126b	111	100	short	short	JJ
cord-021959-1y67126b	111	101	-	-	HYPH
cord-021959-1y67126b	111	102	term	term	NN
cord-021959-1y67126b	111	103	U.S.	U.S.	NNP
cord-021959-1y67126b	111	104	government	government	NN
cord-021959-1y67126b	111	105	bonds	bond	NNS
cord-021959-1y67126b	111	106	;	;	:
cord-021959-1y67126b	111	107	and	and	CC
cord-021959-1y67126b	111	108	default	default	NN
cord-021959-1y67126b	111	109	risk	risk	NN
cord-021959-1y67126b	111	110	,	,	,
cord-021959-1y67126b	111	111	measured	measure	VBN
cord-021959-1y67126b	111	112	by	by	IN
cord-021959-1y67126b	111	113	the	the	DT
cord-021959-1y67126b	111	114	difference	difference	NN
cord-021959-1y67126b	111	115	between	between	IN
cord-021959-1y67126b	111	116	the	the	DT
cord-021959-1y67126b	111	117	yield	yield	NN
cord-021959-1y67126b	111	118	to	to	IN
cord-021959-1y67126b	111	119	maturity	maturity	NN
cord-021959-1y67126b	111	120	on	on	IN
cord-021959-1y67126b	111	121	Aaa	Aaa	NNP
cord-021959-1y67126b	111	122	-	-	:
cord-021959-1y67126b	111	123	and	and	CC
cord-021959-1y67126b	111	124	Baa	Baa	NNP
cord-021959-1y67126b	111	125	-	-	HYPH
cord-021959-1y67126b	111	126	rated	rate	VBN
cord-021959-1y67126b	111	127	long	long	JJ
cord-021959-1y67126b	111	128	-	-	HYPH
cord-021959-1y67126b	111	129	term	term	NN
cord-021959-1y67126b	111	130	corporate	corporate	JJ
cord-021959-1y67126b	111	131	bonds	bond	NNS
cord-021959-1y67126b	111	132	(	(	-LRB-
cord-021959-1y67126b	111	133	Chen	Chen	NNP
cord-021959-1y67126b	111	134	et	et	NNP
cord-021959-1y67126b	111	135	al	al	NNP
cord-021959-1y67126b	111	136	.	.	.
cord-021959-1y67126b	112	1	,	,	,
cord-021959-1y67126b	112	2	1986	1986	CD
cord-021959-1y67126b	112	3	;	;	:
cord-021959-1y67126b	112	4	Copeland	Copeland	NNP
cord-021959-1y67126b	112	5	et	et	NNP
cord-021959-1y67126b	112	6	al	al	NNP
cord-021959-1y67126b	112	7	.	.	.
cord-021959-1y67126b	113	1	,	,	,
cord-021959-1y67126b	113	2	2000	2000	CD
cord-021959-1y67126b	113	3	)	)	-RRB-
cord-021959-1y67126b	113	4	.	.	.
cord-021959-1y67126b	114	1	The	the	DT
cord-021959-1y67126b	114	2	APT	APT	NNP
cord-021959-1y67126b	114	3	describes	describe	VBZ
cord-021959-1y67126b	114	4	a	a	DT
cord-021959-1y67126b	114	5	world	world	NN
cord-021959-1y67126b	114	6	in	in	IN
cord-021959-1y67126b	114	7	which	which	WDT
cord-021959-1y67126b	114	8	investors	investor	NNS
cord-021959-1y67126b	114	9	behave	behave	VBP
cord-021959-1y67126b	114	10	intelligently	intelligently	RB
cord-021959-1y67126b	114	11	by	by	IN
cord-021959-1y67126b	114	12	diversifying	diversify	VBG
cord-021959-1y67126b	114	13	,	,	,
cord-021959-1y67126b	114	14	but	but	CC
cord-021959-1y67126b	114	15	they	-PRON-	PRP
cord-021959-1y67126b	114	16	may	may	MD
cord-021959-1y67126b	114	17	choose	choose	VB
cord-021959-1y67126b	114	18	their	-PRON-	PRP$
cord-021959-1y67126b	114	19	own	own	JJ
cord-021959-1y67126b	114	20	systematic	systematic	JJ
cord-021959-1y67126b	114	21	profile	profile	NN
cord-021959-1y67126b	114	22	of	of	IN
cord-021959-1y67126b	114	23	risk	risk	NN
cord-021959-1y67126b	114	24	and	and	CC
cord-021959-1y67126b	114	25	return	return	NN
cord-021959-1y67126b	114	26	by	by	IN
cord-021959-1y67126b	114	27	selecting	select	VBG
cord-021959-1y67126b	114	28	a	a	DT
cord-021959-1y67126b	114	29	portfolio	portfolio	NN
cord-021959-1y67126b	114	30	with	with	IN
cord-021959-1y67126b	114	31	its	-PRON-	PRP$
cord-021959-1y67126b	114	32	own	own	JJ
cord-021959-1y67126b	114	33	peculiar	peculiar	JJ
cord-021959-1y67126b	114	34	array	array	NN
cord-021959-1y67126b	114	35	of	of	IN
cord-021959-1y67126b	114	36	β	β	NN
cord-021959-1y67126b	114	37	s.	s.	NNP
cord-021959-1y67126b	115	1	The	the	DT
cord-021959-1y67126b	115	2	APT	APT	NNP
cord-021959-1y67126b	115	3	allows	allow	VBZ
cord-021959-1y67126b	115	4	a	a	DT
cord-021959-1y67126b	115	5	world	world	NN
cord-021959-1y67126b	115	6	where	where	WRB
cord-021959-1y67126b	115	7	occasional	occasional	JJ
cord-021959-1y67126b	115	8	mispricings	mispricing	NNS
cord-021959-1y67126b	115	9	occur	occur	VBP
cord-021959-1y67126b	115	10	.	.	.
cord-021959-1y67126b	116	1	Investors	investor	NNS
cord-021959-1y67126b	116	2	constantly	constantly	RB
cord-021959-1y67126b	116	3	seek	seek	VBP
cord-021959-1y67126b	116	4	information	information	NN
cord-021959-1y67126b	116	5	about	about	IN
cord-021959-1y67126b	116	6	these	these	DT
cord-021959-1y67126b	116	7	mispricings	mispricing	NNS
cord-021959-1y67126b	116	8	and	and	CC
cord-021959-1y67126b	116	9	exploit	exploit	VB
cord-021959-1y67126b	116	10	them	-PRON-	PRP
cord-021959-1y67126b	116	11	as	as	IN
cord-021959-1y67126b	116	12	they	-PRON-	PRP
cord-021959-1y67126b	116	13	find	find	VBP
cord-021959-1y67126b	116	14	them	-PRON-	PRP
cord-021959-1y67126b	116	15	.	.	.
cord-021959-1y67126b	117	1	In	in	IN
cord-021959-1y67126b	117	2	other	other	JJ
cord-021959-1y67126b	117	3	words	word	NNS
cord-021959-1y67126b	117	4	,	,	,
cord-021959-1y67126b	117	5	the	the	DT
cord-021959-1y67126b	117	6	APT	APT	NNP
cord-021959-1y67126b	117	7	somewhat	somewhat	RB
cord-021959-1y67126b	117	8	realistically	realistically	RB
cord-021959-1y67126b	117	9	reflects	reflect	VBZ
cord-021959-1y67126b	117	10	the	the	DT
cord-021959-1y67126b	117	11	world	world	NN
cord-021959-1y67126b	117	12	in	in	IN
cord-021959-1y67126b	117	13	which	which	WDT
cord-021959-1y67126b	117	14	we	-PRON-	PRP
cord-021959-1y67126b	117	15	live	live	VBP
cord-021959-1y67126b	117	16	(	(	-LRB-
cord-021959-1y67126b	117	17	Goetzmann	Goetzmann	NNP
cord-021959-1y67126b	117	18	,	,	,
cord-021959-1y67126b	117	19	1996	1996	CD
cord-021959-1y67126b	117	20	)	)	-RRB-
cord-021959-1y67126b	117	21	.	.	.
cord-021959-1y67126b	118	1	Although	although	IN
cord-021959-1y67126b	118	2	the	the	DT
cord-021959-1y67126b	118	3	APT	APT	NNP
cord-021959-1y67126b	118	4	provides	provide	VBZ
cord-021959-1y67126b	118	5	the	the	DT
cord-021959-1y67126b	118	6	benefits	benefit	NNS
cord-021959-1y67126b	118	7	explained	explain	VBN
cord-021959-1y67126b	118	8	above	above	RB
cord-021959-1y67126b	118	9	,	,	,
cord-021959-1y67126b	118	10	these	these	DT
cord-021959-1y67126b	118	11	benefits	benefit	NNS
cord-021959-1y67126b	118	12	come	come	VBP
cord-021959-1y67126b	118	13	with	with	IN
cord-021959-1y67126b	118	14	some	some	DT
cord-021959-1y67126b	118	15	drawbacks	drawback	NNS
cord-021959-1y67126b	118	16	.	.	.
cord-021959-1y67126b	119	1	The	the	DT
cord-021959-1y67126b	119	2	APT	APT	NNP
cord-021959-1y67126b	119	3	demands	demand	VBZ
cord-021959-1y67126b	119	4	that	that	IN
cord-021959-1y67126b	119	5	investors	investor	NNS
cord-021959-1y67126b	119	6	perceive	perceive	VBP
cord-021959-1y67126b	119	7	the	the	DT
cord-021959-1y67126b	119	8	risk	risk	NN
cord-021959-1y67126b	119	9	sources	source	NNS
cord-021959-1y67126b	119	10	,	,	,
cord-021959-1y67126b	119	11	and	and	CC
cord-021959-1y67126b	119	12	that	that	IN
cord-021959-1y67126b	119	13	they	-PRON-	PRP
cord-021959-1y67126b	119	14	reasonably	reasonably	RB
cord-021959-1y67126b	119	15	estimate	estimate	VBP
cord-021959-1y67126b	119	16	factor	factor	NN
cord-021959-1y67126b	119	17	sensitivities	sensitivity	NNS
cord-021959-1y67126b	119	18	.	.	.
cord-021959-1y67126b	120	1	In	in	IN
cord-021959-1y67126b	120	2	fact	fact	NN
cord-021959-1y67126b	120	3	,	,	,
cord-021959-1y67126b	120	4	even	even	RB
cord-021959-1y67126b	120	5	professionals	professional	NNS
cord-021959-1y67126b	120	6	and	and	CC
cord-021959-1y67126b	120	7	academics	academic	NNS
cord-021959-1y67126b	120	8	are	be	VBP
cord-021959-1y67126b	120	9	yet	yet	RB
cord-021959-1y67126b	120	10	to	to	TO
cord-021959-1y67126b	120	11	agree	agree	VB
cord-021959-1y67126b	120	12	on	on	IN
cord-021959-1y67126b	120	13	the	the	DT
cord-021959-1y67126b	120	14	identity	identity	NN
cord-021959-1y67126b	120	15	of	of	IN
cord-021959-1y67126b	120	16	the	the	DT
cord-021959-1y67126b	120	17	risk	risk	NN
cord-021959-1y67126b	120	18	factors	factor	NNS
cord-021959-1y67126b	120	19	,	,	,
cord-021959-1y67126b	120	20	and	and	CC
cord-021959-1y67126b	121	1	the	the	DT
cord-021959-1y67126b	121	2	more	more	JJR
cord-021959-1y67126b	121	3	β	β	NN
cord-021959-1y67126b	121	4	s	s	NN
cord-021959-1y67126b	121	5	they	-PRON-	PRP
cord-021959-1y67126b	121	6	have	have	VBP
cord-021959-1y67126b	121	7	to	to	TO
cord-021959-1y67126b	121	8	estimate	estimate	VB
cord-021959-1y67126b	121	9	,	,	,
cord-021959-1y67126b	121	10	the	the	DT
cord-021959-1y67126b	121	11	more	more	RBR
cord-021959-1y67126b	121	12	statistical	statistical	JJ
cord-021959-1y67126b	121	13	noise	noise	NN
cord-021959-1y67126b	121	14	they	-PRON-	PRP
cord-021959-1y67126b	121	15	have	have	VBP
cord-021959-1y67126b	121	16	to	to	TO
cord-021959-1y67126b	121	17	put	put	VB
cord-021959-1y67126b	121	18	up	up	RP
cord-021959-1y67126b	121	19	with	with	IN
cord-021959-1y67126b	121	20	.	.	.
cord-021959-1y67126b	122	1	Last	last	RB
cord-021959-1y67126b	122	2	,	,	,
cord-021959-1y67126b	122	3	this	this	DT
cord-021959-1y67126b	122	4	model	model	NN
cord-021959-1y67126b	122	5	does	do	VBZ
cord-021959-1y67126b	122	6	not	not	RB
cord-021959-1y67126b	122	7	offer	offer	VB
cord-021959-1y67126b	122	8	much	much	JJ
cord-021959-1y67126b	122	9	guidance	guidance	NN
cord-021959-1y67126b	122	10	to	to	IN
cord-021959-1y67126b	122	11	business	business	NN
cord-021959-1y67126b	122	12	executives	executive	NNS
cord-021959-1y67126b	122	13	as	as	IN
cord-021959-1y67126b	122	14	it	-PRON-	PRP
cord-021959-1y67126b	122	15	focuses	focus	VBZ
cord-021959-1y67126b	122	16	primarily	primarily	RB
cord-021959-1y67126b	122	17	on	on	IN
cord-021959-1y67126b	122	18	investors	investor	NNS
cord-021959-1y67126b	122	19	.	.	.
cord-021959-1y67126b	123	1	One	one	CD
cord-021959-1y67126b	123	2	of	of	IN
cord-021959-1y67126b	123	3	the	the	DT
cord-021959-1y67126b	123	4	major	major	JJ
cord-021959-1y67126b	123	5	proponents	proponent	NNS
cord-021959-1y67126b	123	6	of	of	IN
cord-021959-1y67126b	123	7	the	the	DT
cord-021959-1y67126b	123	8	CAPM	CAPM	NNP
cord-021959-1y67126b	123	9	Fama	Fama	NNP
cord-021959-1y67126b	123	10	and	and	CC
cord-021959-1y67126b	123	11	French	French	NNP
cord-021959-1y67126b	123	12	(	(	-LRB-
cord-021959-1y67126b	123	13	1993	1993	CD
cord-021959-1y67126b	123	14	)	)	-RRB-
cord-021959-1y67126b	123	15	found	find	VBD
cord-021959-1y67126b	123	16	that	that	IN
cord-021959-1y67126b	123	17	the	the	DT
cord-021959-1y67126b	123	18	relationship	relationship	NN
cord-021959-1y67126b	123	19	between	between	IN
cord-021959-1y67126b	123	20	average	average	JJ
cord-021959-1y67126b	123	21	returns	return	NNS
cord-021959-1y67126b	123	22	and	and	CC
cord-021959-1y67126b	123	23	β	β	NN
cord-021959-1y67126b	123	24	was	be	VBD
cord-021959-1y67126b	123	25	flat	flat	JJ
cord-021959-1y67126b	123	26	and	and	CC
cord-021959-1y67126b	123	27	there	there	EX
cord-021959-1y67126b	123	28	was	be	VBD
cord-021959-1y67126b	123	29	a	a	DT
cord-021959-1y67126b	123	30	strong	strong	JJ
cord-021959-1y67126b	123	31	size	size	NN
cord-021959-1y67126b	123	32	effect	effect	NN
cord-021959-1y67126b	123	33	on	on	IN
cord-021959-1y67126b	123	34	stock	stock	NN
cord-021959-1y67126b	123	35	returns	return	NNS
cord-021959-1y67126b	123	36	.	.	.
cord-021959-1y67126b	124	1	As	as	IN
cord-021959-1y67126b	124	2	a	a	DT
cord-021959-1y67126b	124	3	result	result	NN
cord-021959-1y67126b	124	4	,	,	,
cord-021959-1y67126b	124	5	they	-PRON-	PRP
cord-021959-1y67126b	124	6	developed	develop	VBD
cord-021959-1y67126b	124	7	a	a	DT
cord-021959-1y67126b	124	8	model	model	NN
cord-021959-1y67126b	124	9	that	that	WDT
cord-021959-1y67126b	124	10	has	have	VBZ
cord-021959-1y67126b	124	11	gained	gain	VBN
cord-021959-1y67126b	124	12	popularity	popularity	NN
cord-021959-1y67126b	124	13	in	in	IN
cord-021959-1y67126b	124	14	recent	recent	JJ
cord-021959-1y67126b	124	15	years	year	NNS
cord-021959-1y67126b	124	16	among	among	IN
cord-021959-1y67126b	124	17	the	the	DT
cord-021959-1y67126b	124	18	scholars	scholar	NNS
cord-021959-1y67126b	124	19	and	and	CC
cord-021959-1y67126b	124	20	practitioners	practitioner	NNS
cord-021959-1y67126b	124	21	in	in	IN
cord-021959-1y67126b	124	22	the	the	DT
cord-021959-1y67126b	124	23	hospitality	hospitality	NN
cord-021959-1y67126b	124	24	industry	industry	NN
cord-021959-1y67126b	124	25	.	.	.
cord-021959-1y67126b	125	1	The	the	DT
cord-021959-1y67126b	125	2	Fama	Fama	NNP
cord-021959-1y67126b	125	3	-	-	HYPH
cord-021959-1y67126b	125	4	French	French	NNP
cord-021959-1y67126b	125	5	(	(	-LRB-
cord-021959-1y67126b	125	6	FF	FF	NNP
cord-021959-1y67126b	125	7	)	)	-RRB-
cord-021959-1y67126b	125	8	model	model	NN
cord-021959-1y67126b	125	9	is	be	VBZ
cord-021959-1y67126b	125	10	a	a	DT
cord-021959-1y67126b	125	11	multifactor	multifactor	NN
cord-021959-1y67126b	125	12	model	model	NN
cord-021959-1y67126b	125	13	that	that	WDT
cord-021959-1y67126b	125	14	argues	argue	VBZ
cord-021959-1y67126b	125	15	that	that	IN
cord-021959-1y67126b	125	16	factors	factor	NNS
cord-021959-1y67126b	125	17	other	other	JJ
cord-021959-1y67126b	125	18	than	than	IN
cord-021959-1y67126b	125	19	the	the	DT
cord-021959-1y67126b	125	20	movement	movement	NN
cord-021959-1y67126b	125	21	of	of	IN
cord-021959-1y67126b	125	22	the	the	DT
cord-021959-1y67126b	125	23	market	market	NN
cord-021959-1y67126b	125	24	and	and	CC
cord-021959-1y67126b	125	25	the	the	DT
cord-021959-1y67126b	125	26	risk	risk	NN
cord-021959-1y67126b	125	27	-	-	HYPH
cord-021959-1y67126b	125	28	free	free	JJ
cord-021959-1y67126b	125	29	rate	rate	NN
cord-021959-1y67126b	125	30	impact	impact	NN
cord-021959-1y67126b	125	31	security	security	NN
cord-021959-1y67126b	125	32	prices	price	NNS
cord-021959-1y67126b	125	33	.	.	.
cord-021959-1y67126b	126	1	The	the	DT
cord-021959-1y67126b	126	2	FF	FF	NNP
cord-021959-1y67126b	126	3	is	be	VBZ
cord-021959-1y67126b	126	4	a	a	DT
cord-021959-1y67126b	126	5	multiple	multiple	JJ
cord-021959-1y67126b	126	6	regression	regression	NN
cord-021959-1y67126b	126	7	model	model	NN
cord-021959-1y67126b	126	8	that	that	WDT
cord-021959-1y67126b	126	9	incorporates	incorporate	VBZ
cord-021959-1y67126b	126	10	both	both	DT
cord-021959-1y67126b	126	11	size	size	NN
cord-021959-1y67126b	126	12	and	and	CC
cord-021959-1y67126b	126	13	financial	financial	JJ
cord-021959-1y67126b	126	14	distress	distress	NN
cord-021959-1y67126b	126	15	in	in	IN
cord-021959-1y67126b	126	16	the	the	DT
cord-021959-1y67126b	126	17	regression	regression	NN
cord-021959-1y67126b	126	18	equation	equation	NN
cord-021959-1y67126b	126	19	.	.	.
cord-021959-1y67126b	127	1	The	the	DT
cord-021959-1y67126b	127	2	FF	FF	NNP
cord-021959-1y67126b	127	3	model	model	NN
cord-021959-1y67126b	127	4	is	be	VBZ
cord-021959-1y67126b	127	5	typically	typically	RB
cord-021959-1y67126b	127	6	stated	state	VBN
cord-021959-1y67126b	127	7	as	as	IN
cord-021959-1y67126b	127	8	where	where	WRB
cord-021959-1y67126b	127	9	β	β	NN
cord-021959-1y67126b	127	10	is	be	VBZ
cord-021959-1y67126b	127	11	the	the	DT
cord-021959-1y67126b	127	12	coefficient	coefficient	NN
cord-021959-1y67126b	127	13	that	that	WDT
cord-021959-1y67126b	127	14	measures	measure	VBZ
cord-021959-1y67126b	127	15	the	the	DT
cord-021959-1y67126b	127	16	covariance	covariance	NN
cord-021959-1y67126b	127	17	of	of	IN
cord-021959-1y67126b	127	18	the	the	DT
cord-021959-1y67126b	127	19	risky	risky	JJ
cord-021959-1y67126b	127	20	asset	asset	NN
cord-021959-1y67126b	127	21	with	with	IN
cord-021959-1y67126b	127	22	the	the	DT
cord-021959-1y67126b	127	23	market	market	NN
cord-021959-1y67126b	127	24	portfolio	portfolio	NN
cord-021959-1y67126b	127	25	,	,	,
cord-021959-1y67126b	127	26	R	r	NN
cord-021959-1y67126b	127	27	m	m	NN
cord-021959-1y67126b	127	28	the	the	DT
cord-021959-1y67126b	127	29	market	market	NN
cord-021959-1y67126b	127	30	return	return	NN
cord-021959-1y67126b	127	31	,	,	,
cord-021959-1y67126b	127	32	R	r	NN
cord-021959-1y67126b	127	33	f	f	NN
cord-021959-1y67126b	127	34	,	,	,
cord-021959-1y67126b	127	35	the	the	DT
cord-021959-1y67126b	127	36	risk	risk	NN
cord-021959-1y67126b	127	37	-	-	HYPH
cord-021959-1y67126b	127	38	free	free	JJ
cord-021959-1y67126b	127	39	rate	rate	NN
cord-021959-1y67126b	127	40	,	,	,
cord-021959-1y67126b	127	41	s	s	VBZ
cord-021959-1y67126b	127	42	the	the	DT
cord-021959-1y67126b	127	43	slope	slope	NN
cord-021959-1y67126b	127	44	coefficient	coefficient	NN
cord-021959-1y67126b	127	45	,	,	,
cord-021959-1y67126b	127	46	and	and	CC
cord-021959-1y67126b	127	47	small	small	JJ
cord-021959-1y67126b	127	48	minus	minus	CC
cord-021959-1y67126b	127	49	big	big	JJ
cord-021959-1y67126b	127	50	(	(	-LRB-
cord-021959-1y67126b	127	51	SMB	SMB	NNP
cord-021959-1y67126b	127	52	)	)	-RRB-
cord-021959-1y67126b	127	53	the	the	DT
cord-021959-1y67126b	127	54	difference	difference	NN
cord-021959-1y67126b	127	55	between	between	IN
cord-021959-1y67126b	127	56	the	the	DT
cord-021959-1y67126b	127	57	returns	return	NNS
cord-021959-1y67126b	127	58	on	on	IN
cord-021959-1y67126b	127	59	portfolios	portfolio	NNS
cord-021959-1y67126b	127	60	of	of	IN
cord-021959-1y67126b	127	61	small	small	JJ
cord-021959-1y67126b	127	62	and	and	CC
cord-021959-1y67126b	127	63	big	big	JJ
cord-021959-1y67126b	127	64	company	company	NN
cord-021959-1y67126b	127	65	stocks	stock	NNS
cord-021959-1y67126b	127	66	(	(	-LRB-
cord-021959-1y67126b	127	67	below	below	IN
cord-021959-1y67126b	127	68	or	or	CC
cord-021959-1y67126b	127	69	above	above	IN
cord-021959-1y67126b	127	70	the	the	DT
cord-021959-1y67126b	127	71	NYSE	NYSE	NNP
cord-021959-1y67126b	127	72	median	median	NN
cord-021959-1y67126b	127	73	)	)	-RRB-
cord-021959-1y67126b	127	74	,	,	,
cord-021959-1y67126b	127	75	h	h	LS
cord-021959-1y67126b	127	76	the	the	DT
cord-021959-1y67126b	127	77	slope	slope	NN
cord-021959-1y67126b	127	78	coefficient	coefficient	NN
cord-021959-1y67126b	127	79	,	,	,
cord-021959-1y67126b	127	80	and	and	CC
cord-021959-1y67126b	127	81	high	high	JJ
cord-021959-1y67126b	127	82	minus	minus	NN
cord-021959-1y67126b	127	83	low	low	JJ
cord-021959-1y67126b	127	84	(	(	-LRB-
cord-021959-1y67126b	127	85	HML	HML	NNP
cord-021959-1y67126b	127	86	)	)	-RRB-
cord-021959-1y67126b	128	1	the	the	DT
cord-021959-1y67126b	128	2	difference	difference	NN
cord-021959-1y67126b	128	3	between	between	IN
cord-021959-1y67126b	128	4	the	the	DT
cord-021959-1y67126b	128	5	returns	return	NNS
cord-021959-1y67126b	128	6	on	on	IN
cord-021959-1y67126b	128	7	portfolios	portfolio	NNS
cord-021959-1y67126b	128	8	of	of	IN
cord-021959-1y67126b	128	9	high	high	JJ
cord-021959-1y67126b	128	10	-	-	HYPH
cord-021959-1y67126b	128	11	and	and	CC
cord-021959-1y67126b	128	12	low	low	JJ
cord-021959-1y67126b	128	13	-	-	HYPH
cord-021959-1y67126b	128	14	BE	be	NN
cord-021959-1y67126b	128	15	/	/	SYM
cord-021959-1y67126b	128	16	ME	ME	NNP
cord-021959-1y67126b	128	17	(	(	-LRB-
cord-021959-1y67126b	128	18	book	book	NN
cord-021959-1y67126b	128	19	equity	equity	NN
cord-021959-1y67126b	128	20	/	/	SYM
cord-021959-1y67126b	128	21	market	market	NN
cord-021959-1y67126b	128	22	equity	equity	NN
cord-021959-1y67126b	128	23	)	)	-RRB-
cord-021959-1y67126b	128	24	stocks	stock	NNS
cord-021959-1y67126b	128	25	(	(	-LRB-
cord-021959-1y67126b	128	26	above	above	IN
cord-021959-1y67126b	128	27	and	and	CC
cord-021959-1y67126b	128	28	below	below	IN
cord-021959-1y67126b	128	29	the	the	DT
cord-021959-1y67126b	128	30	0.7	0.7	CD
cord-021959-1y67126b	128	31	and	and	CC
cord-021959-1y67126b	128	32	0.3	0.3	CD
cord-021959-1y67126b	128	33	fractiles	fractile	NNS
cord-021959-1y67126b	128	34	of	of	IN
cord-021959-1y67126b	128	35	BE	BE	NNP
cord-021959-1y67126b	128	36	/	/	SYM
cord-021959-1y67126b	128	37	ME	ME	NNP
cord-021959-1y67126b	128	38	)	)	-RRB-
cord-021959-1y67126b	129	1	(	(	-LRB-
cord-021959-1y67126b	129	2	Fama	Fama	NNP
cord-021959-1y67126b	129	3	and	and	CC
cord-021959-1y67126b	129	4	French	French	NNP
cord-021959-1y67126b	129	5	,	,	,
cord-021959-1y67126b	129	6	1993	1993	CD
cord-021959-1y67126b	129	7	)	)	-RRB-
cord-021959-1y67126b	129	8	.	.	.
cord-021959-1y67126b	130	1	The	the	DT
cord-021959-1y67126b	130	2	size	size	NN
cord-021959-1y67126b	130	3	factor	factor	NN
cord-021959-1y67126b	130	4	is	be	VBZ
cord-021959-1y67126b	130	5	denoted	denote	VBN
cord-021959-1y67126b	130	6	as	as	IN
cord-021959-1y67126b	130	7	SMB	SMB	NNP
cord-021959-1y67126b	130	8	premium	premium	NN
cord-021959-1y67126b	130	9	where	where	WRB
cord-021959-1y67126b	130	10	size	size	NN
cord-021959-1y67126b	130	11	is	be	VBZ
cord-021959-1y67126b	130	12	measured	measure	VBN
cord-021959-1y67126b	130	13	by	by	IN
cord-021959-1y67126b	130	14	market	market	NN
cord-021959-1y67126b	130	15	capitalization	capitalization	NN
cord-021959-1y67126b	130	16	.	.	.
cord-021959-1y67126b	131	1	SMB	SMB	NNP
cord-021959-1y67126b	131	2	is	be	VBZ
cord-021959-1y67126b	131	3	the	the	DT
cord-021959-1y67126b	131	4	average	average	JJ
cord-021959-1y67126b	131	5	return	return	NN
cord-021959-1y67126b	131	6	on	on	IN
cord-021959-1y67126b	131	7	three	three	CD
cord-021959-1y67126b	131	8	small	small	JJ
cord-021959-1y67126b	131	9	portfolios	portfolio	NNS
cord-021959-1y67126b	131	10	minus	minus	CC
cord-021959-1y67126b	131	11	the	the	DT
cord-021959-1y67126b	131	12	average	average	JJ
cord-021959-1y67126b	131	13	return	return	NN
cord-021959-1y67126b	131	14	on	on	IN
cord-021959-1y67126b	131	15	three	three	CD
cord-021959-1y67126b	131	16	big	big	JJ
cord-021959-1y67126b	131	17	portfolios	portfolio	NNS
cord-021959-1y67126b	131	18	as	as	IN
cord-021959-1y67126b	131	19	described	describe	VBN
cord-021959-1y67126b	131	20	by	by	IN
cord-021959-1y67126b	131	21	Fama	Fama	NNP
cord-021959-1y67126b	131	22	and	and	CC
cord-021959-1y67126b	131	23	French	French	NNP
cord-021959-1y67126b	131	24	(	(	-LRB-
cord-021959-1y67126b	131	25	1993	1993	CD
cord-021959-1y67126b	131	26	)	)	-RRB-
cord-021959-1y67126b	131	27	.	.	.
cord-021959-1y67126b	132	1	HML	HML	NNP
cord-021959-1y67126b	132	2	is	be	VBZ
cord-021959-1y67126b	132	3	the	the	DT
cord-021959-1y67126b	132	4	average	average	JJ
cord-021959-1y67126b	132	5	return	return	NN
cord-021959-1y67126b	132	6	on	on	IN
cord-021959-1y67126b	132	7	two	two	CD
cord-021959-1y67126b	132	8	value	value	NN
cord-021959-1y67126b	132	9	portfolios	portfolio	NNS
cord-021959-1y67126b	132	10	minus	minus	CC
cord-021959-1y67126b	132	11	the	the	DT
cord-021959-1y67126b	132	12	average	average	JJ
cord-021959-1y67126b	132	13	return	return	NN
cord-021959-1y67126b	132	14	on	on	IN
cord-021959-1y67126b	132	15	two	two	CD
cord-021959-1y67126b	132	16	growth	growth	NN
cord-021959-1y67126b	132	17	portfolios	portfolio	NNS
cord-021959-1y67126b	132	18	(	(	-LRB-
cord-021959-1y67126b	132	19	Fama	Fama	NNP
cord-021959-1y67126b	132	20	and	and	CC
cord-021959-1y67126b	132	21	French	French	NNP
cord-021959-1y67126b	132	22	,	,	,
cord-021959-1y67126b	132	23	1993	1993	CD
cord-021959-1y67126b	132	24	)	)	-RRB-
cord-021959-1y67126b	132	25	.	.	.
cord-021959-1y67126b	133	1	High	high	JJ
cord-021959-1y67126b	133	2	BE	BE	NNP
cord-021959-1y67126b	133	3	/	/	SYM
cord-021959-1y67126b	133	4	ME	ME	NNP
cord-021959-1y67126b	133	5	(	(	-LRB-
cord-021959-1y67126b	133	6	value	value	NN
cord-021959-1y67126b	133	7	)	)	-RRB-
cord-021959-1y67126b	133	8	stocks	stock	NNS
cord-021959-1y67126b	133	9	are	be	VBP
cord-021959-1y67126b	133	10	associated	associate	VBN
cord-021959-1y67126b	133	11	with	with	IN
cord-021959-1y67126b	133	12	distress	distress	NN
cord-021959-1y67126b	133	13	that	that	WDT
cord-021959-1y67126b	133	14	produces	produce	VBZ
cord-021959-1y67126b	133	15	persistently	persistently	RB
cord-021959-1y67126b	133	16	low	low	JJ
cord-021959-1y67126b	133	17	earnings	earning	NNS
cord-021959-1y67126b	133	18	on	on	IN
cord-021959-1y67126b	133	19	book	book	NN
cord-021959-1y67126b	133	20	equity	equity	NN
cord-021959-1y67126b	133	21	which	which	WDT
cord-021959-1y67126b	133	22	result	result	VBP
cord-021959-1y67126b	133	23	in	in	IN
cord-021959-1y67126b	133	24	low	low	JJ
cord-021959-1y67126b	133	25	stock	stock	NN
cord-021959-1y67126b	133	26	prices	price	NNS
cord-021959-1y67126b	133	27	.	.	.
cord-021959-1y67126b	134	1	In	in	IN
cord-021959-1y67126b	134	2	practice	practice	NN
cord-021959-1y67126b	134	3	,	,	,
cord-021959-1y67126b	134	4	the	the	DT
cord-021959-1y67126b	134	5	FF	FF	NNP
cord-021959-1y67126b	134	6	model	model	NN
cord-021959-1y67126b	134	7	shows	show	VBZ
cord-021959-1y67126b	134	8	that	that	IN
cord-021959-1y67126b	134	9	investors	investor	NNS
cord-021959-1y67126b	134	10	holding	hold	VBG
cord-021959-1y67126b	134	11	stocks	stock	NNS
cord-021959-1y67126b	134	12	of	of	IN
cord-021959-1y67126b	134	13	small	small	JJ
cord-021959-1y67126b	134	14	capitalization	capitalization	NN
cord-021959-1y67126b	134	15	companies	company	NNS
cord-021959-1y67126b	134	16	and	and	CC
cord-021959-1y67126b	134	17	firms	firm	NNS
cord-021959-1y67126b	134	18	with	with	IN
cord-021959-1y67126b	134	19	high	high	JJ
cord-021959-1y67126b	134	20	bookto	bookto	NN
cord-021959-1y67126b	134	21	-	-	HYPH
cord-021959-1y67126b	134	22	market	market	NN
cord-021959-1y67126b	134	23	value	value	NN
cord-021959-1y67126b	134	24	ratios	ratio	NNS
cord-021959-1y67126b	134	25	(	(	-LRB-
cord-021959-1y67126b	134	26	Annin	Annin	NNP
cord-021959-1y67126b	134	27	,	,	,
cord-021959-1y67126b	134	28	1997	1997	CD
cord-021959-1y67126b	134	29	)	)	-RRB-
cord-021959-1y67126b	134	30	need	need	VBP
cord-021959-1y67126b	134	31	to	to	TO
cord-021959-1y67126b	134	32	be	be	VB
cord-021959-1y67126b	134	33	compensated	compensate	VBN
cord-021959-1y67126b	134	34	for	for	IN
cord-021959-1y67126b	134	35	the	the	DT
cord-021959-1y67126b	134	36	additional	additional	JJ
cord-021959-1y67126b	134	37	risk	risk	NN
cord-021959-1y67126b	134	38	they	-PRON-	PRP
cord-021959-1y67126b	134	39	are	be	VBP
cord-021959-1y67126b	134	40	bearing	bear	VBG
cord-021959-1y67126b	134	41	.	.	.
cord-021959-1y67126b	135	1	The	the	DT
cord-021959-1y67126b	135	2	size	size	NN
cord-021959-1y67126b	135	3	argument	argument	NN
cord-021959-1y67126b	135	4	is	be	VBZ
cord-021959-1y67126b	135	5	supported	support	VBN
cord-021959-1y67126b	135	6	by	by	IN
cord-021959-1y67126b	135	7	Barad	Barad	NNP
cord-021959-1y67126b	135	8	(	(	-LRB-
cord-021959-1y67126b	135	9	2001	2001	CD
cord-021959-1y67126b	135	10	)	)	-RRB-
cord-021959-1y67126b	135	11	who	who	WP
cord-021959-1y67126b	135	12	reports	report	VBZ
cord-021959-1y67126b	135	13	that	that	IN
cord-021959-1y67126b	135	14	small	small	JJ
cord-021959-1y67126b	135	15	stocks	stock	NNS
cord-021959-1y67126b	135	16	have	have	VBP
cord-021959-1y67126b	135	17	outperformed	outperform	VBN
cord-021959-1y67126b	135	18	their	-PRON-	PRP$
cord-021959-1y67126b	135	19	larger	large	JJR
cord-021959-1y67126b	135	20	counterparts	counterpart	NNS
cord-021959-1y67126b	135	21	by	by	IN
cord-021959-1y67126b	135	22	an	an	DT
cord-021959-1y67126b	135	23	average	average	NN
cord-021959-1y67126b	135	24	of	of	IN
cord-021959-1y67126b	135	25	5.4	5.4	CD
cord-021959-1y67126b	135	26	%	%	NN
cord-021959-1y67126b	135	27	over	over	IN
cord-021959-1y67126b	135	28	the	the	DT
cord-021959-1y67126b	135	29	last	last	JJ
cord-021959-1y67126b	135	30	75	75	CD
cord-021959-1y67126b	135	31	years	year	NNS
cord-021959-1y67126b	135	32	.	.	.
cord-021959-1y67126b	136	1	However	however	RB
cord-021959-1y67126b	136	2	,	,	,
cord-021959-1y67126b	136	3	Fama	Fama	NNP
cord-021959-1y67126b	136	4	and	and	CC
cord-021959-1y67126b	136	5	French	French	NNP
cord-021959-1y67126b	136	6	(	(	-LRB-
cord-021959-1y67126b	136	7	1993	1993	CD
cord-021959-1y67126b	136	8	)	)	-RRB-
cord-021959-1y67126b	136	9	find	find	VBP
cord-021959-1y67126b	136	10	that	that	IN
cord-021959-1y67126b	136	11	the	the	DT
cord-021959-1y67126b	136	12	book	book	NN
cord-021959-1y67126b	136	13	-	-	HYPH
cord-021959-1y67126b	136	14	to	to	IN
cord-021959-1y67126b	136	15	-	-	HYPH
cord-021959-1y67126b	136	16	market	market	NN
cord-021959-1y67126b	136	17	factor	factor	NN
cord-021959-1y67126b	136	18	(	(	-LRB-
cord-021959-1y67126b	136	19	HML	HML	NNP
cord-021959-1y67126b	136	20	)	)	-RRB-
cord-021959-1y67126b	136	21	produces	produce	VBZ
cord-021959-1y67126b	136	22	an	an	DT
cord-021959-1y67126b	136	23	average	average	JJ
cord-021959-1y67126b	136	24	premium	premium	NN
cord-021959-1y67126b	136	25	of	of	IN
cord-021959-1y67126b	136	26	0.40	0.40	CD
cord-021959-1y67126b	136	27	%	%	NN
cord-021959-1y67126b	136	28	per	per	IN
cord-021959-1y67126b	136	29	month	month	NN
cord-021959-1y67126b	136	30	(	(	-LRB-
cord-021959-1y67126b	136	31	t	t	NNP
cord-021959-1y67126b	136	32	ϭ	ϭ	NNP
cord-021959-1y67126b	136	33	2.91	2.91	CD
cord-021959-1y67126b	136	34	)	)	-RRB-
cord-021959-1y67126b	136	35	for	for	IN
cord-021959-1y67126b	136	36	the	the	DT
cord-021959-1y67126b	136	37	1963	1963	CD
cord-021959-1y67126b	136	38	-	-	SYM
cord-021959-1y67126b	136	39	1990	1990	CD
cord-021959-1y67126b	136	40	period	period	NN
cord-021959-1y67126b	136	41	,	,	,
cord-021959-1y67126b	136	42	which	which	WDT
cord-021959-1y67126b	136	43	,	,	,
cord-021959-1y67126b	136	44	in	in	IN
cord-021959-1y67126b	136	45	the	the	DT
cord-021959-1y67126b	136	46	authors	author	NNS
cord-021959-1y67126b	136	47	'	'	POS
cord-021959-1y67126b	136	48	view	view	NN
cord-021959-1y67126b	136	49	,	,	,
cord-021959-1y67126b	136	50	is	be	VBZ
cord-021959-1y67126b	136	51	large	large	JJ
cord-021959-1y67126b	136	52	both	both	DT
cord-021959-1y67126b	136	53	in	in	IN
cord-021959-1y67126b	136	54	practical	practical	JJ
cord-021959-1y67126b	136	55	and	and	CC
cord-021959-1y67126b	136	56	statistical	statistical	JJ
cord-021959-1y67126b	136	57	terms	term	NNS
cord-021959-1y67126b	136	58	.	.	.
cord-021959-1y67126b	137	1	The	the	DT
cord-021959-1y67126b	137	2	starting	starting	NN
cord-021959-1y67126b	137	3	point	point	NN
cord-021959-1y67126b	137	4	for	for	IN
cord-021959-1y67126b	137	5	selecting	select	VBG
cord-021959-1y67126b	137	6	the	the	DT
cord-021959-1y67126b	137	7	best	good	JJS
cord-021959-1y67126b	137	8	method	method	NN
cord-021959-1y67126b	137	9	for	for	IN
cord-021959-1y67126b	137	10	the	the	DT
cord-021959-1y67126b	137	11	estimation	estimation	NN
cord-021959-1y67126b	137	12	of	of	IN
cord-021959-1y67126b	137	13	the	the	DT
cord-021959-1y67126b	137	14	cost	cost	NN
cord-021959-1y67126b	137	15	of	of	IN
cord-021959-1y67126b	137	16	equity	equity	NN
cord-021959-1y67126b	137	17	can	can	MD
cord-021959-1y67126b	137	18	be	be	VB
cord-021959-1y67126b	137	19	achieved	achieve	VBN
cord-021959-1y67126b	137	20	by	by	IN
cord-021959-1y67126b	137	21	reviewing	review	VBG
cord-021959-1y67126b	137	22	the	the	DT
cord-021959-1y67126b	137	23	relevant	relevant	JJ
cord-021959-1y67126b	137	24	studies	study	NNS
cord-021959-1y67126b	137	25	undertaken	undertake	VBN
cord-021959-1y67126b	137	26	in	in	IN
cord-021959-1y67126b	137	27	the	the	DT
cord-021959-1y67126b	137	28	fields	field	NNS
cord-021959-1y67126b	137	29	of	of	IN
cord-021959-1y67126b	137	30	hospitality	hospitality	NN
cord-021959-1y67126b	137	31	and	and	CC
cord-021959-1y67126b	137	32	tourism	tourism	NN
cord-021959-1y67126b	137	33	.	.	.
cord-021959-1y67126b	138	1	Fields	field	NNS
cord-021959-1y67126b	138	2	and	and	CC
cord-021959-1y67126b	138	3	Kwansa	Kwansa	NNP
cord-021959-1y67126b	138	4	(	(	-LRB-
cord-021959-1y67126b	138	5	1993	1993	CD
cord-021959-1y67126b	138	6	)	)	-RRB-
cord-021959-1y67126b	138	7	conducted	conduct	VBD
cord-021959-1y67126b	138	8	the	the	DT
cord-021959-1y67126b	138	9	first	first	JJ
cord-021959-1y67126b	138	10	study	study	NN
cord-021959-1y67126b	138	11	that	that	IN
cord-021959-1y67126b	138	12	directly	directly	RB
cord-021959-1y67126b	138	13	looked	look	VBD
cord-021959-1y67126b	138	14	into	into	IN
cord-021959-1y67126b	138	15	the	the	DT
cord-021959-1y67126b	138	16	cost	cost	NN
cord-021959-1y67126b	138	17	of	of	IN
cord-021959-1y67126b	138	18	equity	equity	NN
cord-021959-1y67126b	138	19	and	and	CC
cord-021959-1y67126b	138	20	suggested	suggest	VBD
cord-021959-1y67126b	138	21	the	the	DT
cord-021959-1y67126b	138	22	use	use	NN
cord-021959-1y67126b	138	23	of	of	IN
cord-021959-1y67126b	138	24	pureplay	pureplay	NN
cord-021959-1y67126b	138	25	technique	technique	NN
cord-021959-1y67126b	138	26	for	for	IN
cord-021959-1y67126b	138	27	estimating	estimate	VBG
cord-021959-1y67126b	138	28	the	the	DT
cord-021959-1y67126b	138	29	cost	cost	NN
cord-021959-1y67126b	138	30	of	of	IN
cord-021959-1y67126b	138	31	equity	equity	NN
cord-021959-1y67126b	138	32	for	for	IN
cord-021959-1y67126b	138	33	the	the	DT
cord-021959-1y67126b	138	34	divisions	division	NNS
cord-021959-1y67126b	138	35	of	of	IN
cord-021959-1y67126b	138	36	a	a	DT
cord-021959-1y67126b	138	37	diversified	diversified	JJ
cord-021959-1y67126b	138	38	firm	firm	NN
cord-021959-1y67126b	138	39	.	.	.
cord-021959-1y67126b	139	1	Later	later	RB
cord-021959-1y67126b	139	2	,	,	,
cord-021959-1y67126b	139	3	several	several	JJ
cord-021959-1y67126b	139	4	studies	study	NNS
cord-021959-1y67126b	139	5	investigated	investigate	VBD
cord-021959-1y67126b	139	6	how	how	WRB
cord-021959-1y67126b	139	7	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	139	8	variables	variable	NNS
cord-021959-1y67126b	139	9	affect	affect	VBP
cord-021959-1y67126b	139	10	security	security	NN
cord-021959-1y67126b	139	11	returns	return	NNS
cord-021959-1y67126b	139	12	in	in	IN
cord-021959-1y67126b	139	13	the	the	DT
cord-021959-1y67126b	139	14	hospitality	hospitality	NN
cord-021959-1y67126b	139	15	industry	industry	NN
cord-021959-1y67126b	139	16	(	(	-LRB-
cord-021959-1y67126b	139	17	hotels	hotel	NNS
cord-021959-1y67126b	139	18	and	and	CC
cord-021959-1y67126b	139	19	restaurants	restaurant	NNS
cord-021959-1y67126b	139	20	)	)	-RRB-
cord-021959-1y67126b	139	21	.	.	.
cord-021959-1y67126b	140	1	The	the	DT
cord-021959-1y67126b	140	2	first	first	JJ
cord-021959-1y67126b	140	3	study	study	NN
cord-021959-1y67126b	140	4	was	be	VBD
cord-021959-1y67126b	140	5	conducted	conduct	VBN
cord-021959-1y67126b	140	6	by	by	IN
cord-021959-1y67126b	140	7	Barrows	Barrows	NNPS
cord-021959-1y67126b	140	8	and	and	CC
cord-021959-1y67126b	140	9	Naka	Naka	NNP
cord-021959-1y67126b	140	10	(	(	-LRB-
cord-021959-1y67126b	140	11	1994	1994	CD
cord-021959-1y67126b	140	12	)	)	-RRB-
cord-021959-1y67126b	140	13	.	.	.
cord-021959-1y67126b	141	1	Their	-PRON-	PRP$
cord-021959-1y67126b	141	2	study	study	NN
cord-021959-1y67126b	141	3	encompassed	encompass	VBD
cord-021959-1y67126b	141	4	the	the	DT
cord-021959-1y67126b	141	5	27-year	27-year	JJ
cord-021959-1y67126b	141	6	period	period	NN
cord-021959-1y67126b	141	7	between	between	IN
cord-021959-1y67126b	141	8	1965	1965	CD
cord-021959-1y67126b	141	9	and	and	CC
cord-021959-1y67126b	141	10	1991	1991	CD
cord-021959-1y67126b	141	11	and	and	CC
cord-021959-1y67126b	141	12	employed	employ	VBD
cord-021959-1y67126b	141	13	five	five	CD
cord-021959-1y67126b	141	14	factors	factor	NNS
cord-021959-1y67126b	141	15	that	that	WDT
cord-021959-1y67126b	141	16	were	be	VBD
cord-021959-1y67126b	141	17	slightly	slightly	RB
cord-021959-1y67126b	141	18	different	different	JJ
cord-021959-1y67126b	141	19	than	than	IN
cord-021959-1y67126b	141	20	the	the	DT
cord-021959-1y67126b	141	21	five	five	CD
cord-021959-1y67126b	141	22	factors	factor	NNS
cord-021959-1y67126b	141	23	of	of	IN
cord-021959-1y67126b	141	24	Chen	Chen	NNP
cord-021959-1y67126b	141	25	et	et	NNP
cord-021959-1y67126b	141	26	al	al	NNP
cord-021959-1y67126b	141	27	.	.	.
cord-021959-1y67126b	142	1	(	(	-LRB-
cord-021959-1y67126b	142	2	1986	1986	CD
cord-021959-1y67126b	142	3	)	)	-RRB-
cord-021959-1y67126b	142	4	.	.	.
cord-021959-1y67126b	143	1	Barrows	barrow	NNS
cord-021959-1y67126b	143	2	and	and	CC
cord-021959-1y67126b	143	3	Naka	Naka	NNP
cord-021959-1y67126b	143	4	postulated	postulate	VBD
cord-021959-1y67126b	143	5	that	that	IN
cord-021959-1y67126b	143	6	the	the	DT
cord-021959-1y67126b	143	7	return	return	NN
cord-021959-1y67126b	143	8	of	of	IN
cord-021959-1y67126b	143	9	the	the	DT
cord-021959-1y67126b	143	10	stocks	stock	NNS
cord-021959-1y67126b	143	11	is	be	VBZ
cord-021959-1y67126b	143	12	a	a	DT
cord-021959-1y67126b	143	13	function	function	NN
cord-021959-1y67126b	143	14	of	of	IN
cord-021959-1y67126b	143	15	the	the	DT
cord-021959-1y67126b	143	16	following	following	JJ
cord-021959-1y67126b	143	17	five	five	CD
cord-021959-1y67126b	143	18	factors	factor	NNS
cord-021959-1y67126b	143	19	:	:	:
cord-021959-1y67126b	143	20	where	where	WRB
cord-021959-1y67126b	143	21	EINF	EINF	NNP
cord-021959-1y67126b	143	22	is	be	VBZ
cord-021959-1y67126b	143	23	the	the	DT
cord-021959-1y67126b	143	24	expected	expect	VBN
cord-021959-1y67126b	143	25	inflation	inflation	NN
cord-021959-1y67126b	143	26	,	,	,
cord-021959-1y67126b	143	27	M1	M1	NNP
cord-021959-1y67126b	143	28	the	the	DT
cord-021959-1y67126b	143	29	money	money	NN
cord-021959-1y67126b	143	30	supply	supply	NN
cord-021959-1y67126b	143	31	,	,	,
cord-021959-1y67126b	143	32	CONN	CONN	NNP
cord-021959-1y67126b	143	33	the	the	DT
cord-021959-1y67126b	143	34	domestic	domestic	JJ
cord-021959-1y67126b	143	35	consumption	consumption	NN
cord-021959-1y67126b	143	36	,	,	,
cord-021959-1y67126b	143	37	TERM	term	NN
cord-021959-1y67126b	143	38	the	the	DT
cord-021959-1y67126b	143	39	term	term	NN
cord-021959-1y67126b	143	40	structure	structure	NN
cord-021959-1y67126b	143	41	of	of	IN
cord-021959-1y67126b	143	42	interest	interest	NN
cord-021959-1y67126b	143	43	rates	rate	NNS
cord-021959-1y67126b	143	44	,	,	,
cord-021959-1y67126b	143	45	and	and	CC
cord-021959-1y67126b	143	46	IP	ip	VB
cord-021959-1y67126b	143	47	the	the	DT
cord-021959-1y67126b	143	48	industrial	industrial	JJ
cord-021959-1y67126b	143	49	production	production	NN
cord-021959-1y67126b	143	50	.	.	.
cord-021959-1y67126b	144	1	The	the	DT
cord-021959-1y67126b	144	2	results	result	NNS
cord-021959-1y67126b	144	3	revealed	reveal	VBD
cord-021959-1y67126b	144	4	that	that	IN
cord-021959-1y67126b	144	5	none	none	NN
cord-021959-1y67126b	144	6	of	of	IN
cord-021959-1y67126b	144	7	the	the	DT
cord-021959-1y67126b	144	8	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	144	9	factors	factor	NNS
cord-021959-1y67126b	144	10	was	be	VBD
cord-021959-1y67126b	144	11	significant	significant	JJ
cord-021959-1y67126b	144	12	in	in	IN
cord-021959-1y67126b	144	13	explaining	explain	VBG
cord-021959-1y67126b	144	14	the	the	DT
cord-021959-1y67126b	144	15	variance	variance	NN
cord-021959-1y67126b	144	16	of	of	IN
cord-021959-1y67126b	144	17	U.S.	U.S.	NNP
cord-021959-1y67126b	144	18	hotel	hotel	NN
cord-021959-1y67126b	144	19	stocks	stock	NNS
cord-021959-1y67126b	144	20	at	at	IN
cord-021959-1y67126b	144	21	0.05	0.05	CD
cord-021959-1y67126b	144	22	level	level	NN
cord-021959-1y67126b	144	23	and	and	CC
cord-021959-1y67126b	144	24	the	the	DT
cord-021959-1y67126b	144	25	factors	factor	NNS
cord-021959-1y67126b	144	26	accounted	account	VBD
cord-021959-1y67126b	144	27	for	for	IN
cord-021959-1y67126b	144	28	the	the	DT
cord-021959-1y67126b	144	29	7.8	7.8	CD
cord-021959-1y67126b	144	30	%	%	NN
cord-021959-1y67126b	144	31	of	of	IN
cord-021959-1y67126b	144	32	the	the	DT
cord-021959-1y67126b	144	33	variance	variance	NN
cord-021959-1y67126b	144	34	in	in	IN
cord-021959-1y67126b	144	35	the	the	DT
cord-021959-1y67126b	144	36	lodging	lodging	NN
cord-021959-1y67126b	144	37	stocks	stock	NNS
cord-021959-1y67126b	144	38	.	.	.
cord-021959-1y67126b	145	1	However	however	RB
cord-021959-1y67126b	145	2	,	,	,
cord-021959-1y67126b	145	3	EINF	EINF	NNP
cord-021959-1y67126b	145	4	,	,	,
cord-021959-1y67126b	145	5	M1	M1	NNP
cord-021959-1y67126b	145	6	,	,	,
cord-021959-1y67126b	145	7	and	and	CC
cord-021959-1y67126b	145	8	CONN	CONN	NNP
cord-021959-1y67126b	145	9	had	have	VBD
cord-021959-1y67126b	145	10	significant	significant	JJ
cord-021959-1y67126b	145	11	effect	effect	NN
cord-021959-1y67126b	145	12	on	on	IN
cord-021959-1y67126b	145	13	the	the	DT
cord-021959-1y67126b	145	14	variation	variation	NN
cord-021959-1y67126b	145	15	of	of	IN
cord-021959-1y67126b	145	16	the	the	DT
cord-021959-1y67126b	145	17	stock	stock	NN
cord-021959-1y67126b	145	18	returns	return	NNS
cord-021959-1y67126b	145	19	in	in	IN
cord-021959-1y67126b	145	20	the	the	DT
cord-021959-1y67126b	145	21	U.S.	U.S.	NNP
cord-021959-1y67126b	145	22	restaurant	restaurant	NN
cord-021959-1y67126b	145	23	industry	industry	NN
cord-021959-1y67126b	145	24	.	.	.
cord-021959-1y67126b	146	1	In	in	IN
cord-021959-1y67126b	146	2	terms	term	NNS
cord-021959-1y67126b	146	3	of	of	IN
cord-021959-1y67126b	146	4	the	the	DT
cord-021959-1y67126b	146	5	signs	sign	NNS
cord-021959-1y67126b	146	6	of	of	IN
cord-021959-1y67126b	146	7	the	the	DT
cord-021959-1y67126b	146	8	β	β	XX
cord-021959-1y67126b	146	9	coefficients	coefficient	NNS
cord-021959-1y67126b	146	10	EINF	EINF	NNP
cord-021959-1y67126b	146	11	had	have	VBD
cord-021959-1y67126b	146	12	a	a	DT
cord-021959-1y67126b	146	13	negative	negative	JJ
cord-021959-1y67126b	146	14	whereas	whereas	IN
cord-021959-1y67126b	146	15	M1	M1	NNP
cord-021959-1y67126b	146	16	and	and	CC
cord-021959-1y67126b	146	17	CONN	CONN	NNP
cord-021959-1y67126b	146	18	had	have	VBD
cord-021959-1y67126b	146	19	a	a	DT
cord-021959-1y67126b	146	20	positive	positive	JJ
cord-021959-1y67126b	146	21	relationship	relationship	NN
cord-021959-1y67126b	146	22	with	with	IN
cord-021959-1y67126b	146	23	the	the	DT
cord-021959-1y67126b	146	24	restaurant	restaurant	NN
cord-021959-1y67126b	146	25	stock	stock	NN
cord-021959-1y67126b	146	26	returns	return	NNS
cord-021959-1y67126b	146	27	.	.	.
cord-021959-1y67126b	147	1	The	the	DT
cord-021959-1y67126b	147	2	postulated	postulate	VBN
cord-021959-1y67126b	147	3	model	model	NN
cord-021959-1y67126b	147	4	explained	explain	VBD
cord-021959-1y67126b	147	5	12	12	CD
cord-021959-1y67126b	147	6	%	%	NN
cord-021959-1y67126b	147	7	of	of	IN
cord-021959-1y67126b	147	8	the	the	DT
cord-021959-1y67126b	147	9	variance	variance	NN
cord-021959-1y67126b	147	10	in	in	IN
cord-021959-1y67126b	147	11	the	the	DT
cord-021959-1y67126b	147	12	restaurant	restaurant	NN
cord-021959-1y67126b	147	13	stocks	stock	NNS
cord-021959-1y67126b	147	14	.	.	.
cord-021959-1y67126b	148	1	The	the	DT
cord-021959-1y67126b	148	2	authors	author	NNS
cord-021959-1y67126b	148	3	cautioned	caution	VBD
cord-021959-1y67126b	148	4	that	that	IN
cord-021959-1y67126b	148	5	the	the	DT
cord-021959-1y67126b	148	6	results	result	NNS
cord-021959-1y67126b	148	7	should	should	MD
cord-021959-1y67126b	148	8	be	be	VB
cord-021959-1y67126b	148	9	interpreted	interpret	VBN
cord-021959-1y67126b	148	10	with	with	IN
cord-021959-1y67126b	148	11	care	care	NN
cord-021959-1y67126b	148	12	due	due	IN
cord-021959-1y67126b	148	13	to	to	IN
cord-021959-1y67126b	148	14	the	the	DT
cord-021959-1y67126b	148	15	small	small	JJ
cord-021959-1y67126b	148	16	sample	sample	NN
cord-021959-1y67126b	148	17	size	size	NN
cord-021959-1y67126b	148	18	of	of	IN
cord-021959-1y67126b	148	19	both	both	DT
cord-021959-1y67126b	148	20	restaurant	restaurant	NN
cord-021959-1y67126b	148	21	and	and	CC
cord-021959-1y67126b	148	22	hotel	hotel	NN
cord-021959-1y67126b	148	23	portfolios	portfolio	NNS
cord-021959-1y67126b	148	24	,	,	,
cord-021959-1y67126b	148	25	which	which	WDT
cord-021959-1y67126b	148	26	were	be	VBD
cord-021959-1y67126b	148	27	represented	represent	VBN
cord-021959-1y67126b	148	28	by	by	IN
cord-021959-1y67126b	148	29	five	five	CD
cord-021959-1y67126b	148	30	and	and	CC
cord-021959-1y67126b	148	31	three	three	CD
cord-021959-1y67126b	148	32	stocks	stock	NNS
cord-021959-1y67126b	148	33	,	,	,
cord-021959-1y67126b	148	34	respectively	respectively	RB
cord-021959-1y67126b	148	35	.	.	.
cord-021959-1y67126b	149	1	The	the	DT
cord-021959-1y67126b	149	2	second	second	JJ
cord-021959-1y67126b	149	3	study	study	NN
cord-021959-1y67126b	149	4	was	be	VBD
cord-021959-1y67126b	149	5	undertaken	undertake	VBN
cord-021959-1y67126b	149	6	by	by	IN
cord-021959-1y67126b	149	7	Chen	Chen	NNP
cord-021959-1y67126b	149	8	et	et	NNP
cord-021959-1y67126b	149	9	al	al	NNP
cord-021959-1y67126b	149	10	.	.	.
cord-021959-1y67126b	150	1	(	(	-LRB-
cord-021959-1y67126b	150	2	2005	2005	CD
cord-021959-1y67126b	150	3	)	)	-RRB-
cord-021959-1y67126b	150	4	who	who	WP
cord-021959-1y67126b	150	5	used	use	VBD
cord-021959-1y67126b	150	6	hotel	hotel	NN
cord-021959-1y67126b	150	7	stocks	stock	NNS
cord-021959-1y67126b	150	8	listed	list	VBN
cord-021959-1y67126b	150	9	on	on	IN
cord-021959-1y67126b	150	10	Taiwan	Taiwan	NNP
cord-021959-1y67126b	150	11	Stock	Stock	NNP
cord-021959-1y67126b	150	12	Exchange	Exchange	NNP
cord-021959-1y67126b	150	13	.	.	.
cord-021959-1y67126b	151	1	The	the	DT
cord-021959-1y67126b	151	2	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	151	3	variables	variable	NNS
cord-021959-1y67126b	151	4	included	include	VBN
cord-021959-1y67126b	151	5	in	in	IN
cord-021959-1y67126b	151	6	their	-PRON-	PRP$
cord-021959-1y67126b	151	7	study	study	NN
cord-021959-1y67126b	151	8	were	be	VBD
cord-021959-1y67126b	151	9	IP	IP	NNP
cord-021959-1y67126b	151	10	,	,	,
cord-021959-1y67126b	151	11	CPI	CPI	NNP
cord-021959-1y67126b	151	12	,	,	,
cord-021959-1y67126b	151	13	unemployment	unemployment	NN
cord-021959-1y67126b	151	14	rate	rate	NN
cord-021959-1y67126b	151	15	(	(	-LRB-
cord-021959-1y67126b	151	16	UEP	UEP	NNP
cord-021959-1y67126b	151	17	)	)	-RRB-
cord-021959-1y67126b	151	18	,	,	,
cord-021959-1y67126b	151	19	money	money	NN
cord-021959-1y67126b	151	20	supply	supply	NN
cord-021959-1y67126b	151	21	(	(	-LRB-
cord-021959-1y67126b	151	22	M2	M2	NNP
cord-021959-1y67126b	151	23	)	)	-RRB-
cord-021959-1y67126b	151	24	,	,	,
cord-021959-1y67126b	151	25	10-year	10-year	CD
cord-021959-1y67126b	151	26	government	government	NN
cord-021959-1y67126b	151	27	bond	bond	NN
cord-021959-1y67126b	151	28	yield	yield	NN
cord-021959-1y67126b	151	29	(	(	-LRB-
cord-021959-1y67126b	151	30	LGB	LGB	NNP
cord-021959-1y67126b	151	31	)	)	-RRB-
cord-021959-1y67126b	151	32	,	,	,
cord-021959-1y67126b	151	33	and	and	CC
cord-021959-1y67126b	151	34	3-month	3-month	CD
cord-021959-1y67126b	151	35	TB	TB	NNP
cord-021959-1y67126b	151	36	rate	rate	NN
cord-021959-1y67126b	151	37	.	.	.
cord-021959-1y67126b	152	1	These	these	DT
cord-021959-1y67126b	152	2	variables	variable	NNS
cord-021959-1y67126b	152	3	were	be	VBD
cord-021959-1y67126b	152	4	used	use	VBN
cord-021959-1y67126b	152	5	in	in	IN
cord-021959-1y67126b	152	6	the	the	DT
cord-021959-1y67126b	152	7	following	following	JJ
cord-021959-1y67126b	152	8	way	way	NN
cord-021959-1y67126b	152	9	:	:	:
cord-021959-1y67126b	152	10	CPI	CPI	NNP
cord-021959-1y67126b	152	11	was	be	VBD
cord-021959-1y67126b	152	12	utilized	utilize	VBN
cord-021959-1y67126b	152	13	to	to	TO
cord-021959-1y67126b	152	14	estimate	estimate	VB
cord-021959-1y67126b	152	15	EINF	EINF	NNP
cord-021959-1y67126b	152	16	,	,	,
cord-021959-1y67126b	152	17	and	and	CC
cord-021959-1y67126b	152	18	LGB	LGB	NNP
cord-021959-1y67126b	152	19	,	,	,
cord-021959-1y67126b	152	20	and	and	CC
cord-021959-1y67126b	152	21	TB	TB	NNP
cord-021959-1y67126b	152	22	were	be	VBD
cord-021959-1y67126b	152	23	used	use	VBN
cord-021959-1y67126b	152	24	for	for	IN
cord-021959-1y67126b	152	25	the	the	DT
cord-021959-1y67126b	152	26	computation	computation	NN
cord-021959-1y67126b	152	27	of	of	IN
cord-021959-1y67126b	152	28	the	the	DT
cord-021959-1y67126b	152	29	yield	yield	NN
cord-021959-1y67126b	152	30	spread	spread	NN
cord-021959-1y67126b	152	31	(	(	-LRB-
cord-021959-1y67126b	152	32	SPD	SPD	NNP
cord-021959-1y67126b	152	33	)	)	-RRB-
cord-021959-1y67126b	152	34	.	.	.
cord-021959-1y67126b	153	1	Based	base	VBN
cord-021959-1y67126b	153	2	on	on	IN
cord-021959-1y67126b	153	3	the	the	DT
cord-021959-1y67126b	153	4	six	six	CD
cord-021959-1y67126b	153	5	time	time	NN
cord-021959-1y67126b	153	6	-	-	HYPH
cord-021959-1y67126b	153	7	series	series	NN
cord-021959-1y67126b	153	8	data	datum	NNS
cord-021959-1y67126b	153	9	the	the	DT
cord-021959-1y67126b	153	10	authors	author	NNS
cord-021959-1y67126b	153	11	arrived	arrive	VBD
cord-021959-1y67126b	153	12	at	at	IN
cord-021959-1y67126b	153	13	the	the	DT
cord-021959-1y67126b	153	14	common	common	JJ
cord-021959-1y67126b	153	15	five	five	CD
cord-021959-1y67126b	153	16	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	153	17	variables	variable	NNS
cord-021959-1y67126b	153	18	which	which	WDT
cord-021959-1y67126b	153	19	were	be	VBD
cord-021959-1y67126b	153	20	predominantly	predominantly	RB
cord-021959-1y67126b	153	21	used	use	VBN
cord-021959-1y67126b	153	22	in	in	IN
cord-021959-1y67126b	153	23	the	the	DT
cord-021959-1y67126b	153	24	literature	literature	NN
cord-021959-1y67126b	153	25	,	,	,
cord-021959-1y67126b	153	26	namely	namely	RB
cord-021959-1y67126b	153	27	,	,	,
cord-021959-1y67126b	153	28	IP	IP	NNP
cord-021959-1y67126b	153	29	(	(	-LRB-
cord-021959-1y67126b	153	30	change	change	NN
cord-021959-1y67126b	153	31	in	in	IN
cord-021959-1y67126b	153	32	IP	IP	NNP
cord-021959-1y67126b	153	33	)	)	-RRB-
cord-021959-1y67126b	153	34	,	,	,
cord-021959-1y67126b	153	35	EINF	EINF	NNP
cord-021959-1y67126b	153	36	UEP	UEP	NNP
cord-021959-1y67126b	153	37	(	(	-LRB-
cord-021959-1y67126b	153	38	change	change	NN
cord-021959-1y67126b	153	39	in	in	IN
cord-021959-1y67126b	153	40	unemployment	unemployment	NN
cord-021959-1y67126b	153	41	rate	rate	NN
cord-021959-1y67126b	153	42	)	)	-RRB-
cord-021959-1y67126b	153	43	,	,	,
cord-021959-1y67126b	153	44	M2	M2	NNP
cord-021959-1y67126b	153	45	(	(	-LRB-
cord-021959-1y67126b	153	46	change	change	NN
cord-021959-1y67126b	153	47	in	in	IN
cord-021959-1y67126b	153	48	money	money	NN
cord-021959-1y67126b	153	49	supply	supply	NN
cord-021959-1y67126b	153	50	)	)	-RRB-
cord-021959-1y67126b	153	51	,	,	,
cord-021959-1y67126b	153	52	and	and	CC
cord-021959-1y67126b	153	53	SPD	SPD	NNP
cord-021959-1y67126b	153	54	(	(	-LRB-
cord-021959-1y67126b	153	55	rate	rate	NN
cord-021959-1y67126b	153	56	of	of	IN
cord-021959-1y67126b	153	57	the	the	DT
cord-021959-1y67126b	153	58	yield	yield	NN
cord-021959-1y67126b	153	59	spread	spread	NN
cord-021959-1y67126b	153	60	)	)	-RRB-
cord-021959-1y67126b	153	61	.	.	.
cord-021959-1y67126b	154	1	These	these	DT
cord-021959-1y67126b	154	2	five	five	CD
cord-021959-1y67126b	154	3	variables	variable	NNS
cord-021959-1y67126b	154	4	explained	explain	VBD
cord-021959-1y67126b	154	5	merely	merely	RB
cord-021959-1y67126b	154	6	8	8	CD
cord-021959-1y67126b	154	7	%	%	NN
cord-021959-1y67126b	154	8	of	of	IN
cord-021959-1y67126b	154	9	the	the	DT
cord-021959-1y67126b	154	10	variation	variation	NN
cord-021959-1y67126b	154	11	in	in	IN
cord-021959-1y67126b	154	12	hotel	hotel	NN
cord-021959-1y67126b	154	13	stock	stock	NN
cord-021959-1y67126b	154	14	returns	return	NNS
cord-021959-1y67126b	154	15	while	while	IN
cord-021959-1y67126b	154	16	only	only	RB
cord-021959-1y67126b	154	17	two	two	CD
cord-021959-1y67126b	154	18	of	of	IN
cord-021959-1y67126b	154	19	these	these	DT
cord-021959-1y67126b	154	20	variables	variable	NNS
cord-021959-1y67126b	154	21	were	be	VBD
cord-021959-1y67126b	154	22	significant	significant	JJ
cord-021959-1y67126b	154	23	at	at	IN
cord-021959-1y67126b	154	24	the	the	DT
cord-021959-1y67126b	154	25	0.05	0.05	CD
cord-021959-1y67126b	154	26	level	level	NN
cord-021959-1y67126b	154	27	(	(	-LRB-
cord-021959-1y67126b	154	28	M2	M2	NNP
cord-021959-1y67126b	154	29	and	and	CC
cord-021959-1y67126b	154	30	UEP	UEP	NNP
cord-021959-1y67126b	154	31	)	)	-RRB-
cord-021959-1y67126b	154	32	.	.	.
cord-021959-1y67126b	155	1	The	the	DT
cord-021959-1y67126b	155	2	regression	regression	NN
cord-021959-1y67126b	155	3	coefficient	coefficient	NN
cord-021959-1y67126b	155	4	of	of	IN
cord-021959-1y67126b	155	5	change	change	NN
cord-021959-1y67126b	155	6	in	in	IN
cord-021959-1y67126b	155	7	money	money	NN
cord-021959-1y67126b	155	8	supply	supply	NN
cord-021959-1y67126b	155	9	had	have	VBD
cord-021959-1y67126b	155	10	a	a	DT
cord-021959-1y67126b	155	11	positive	positive	JJ
cord-021959-1y67126b	155	12	relationship	relationship	NN
cord-021959-1y67126b	155	13	with	with	IN
cord-021959-1y67126b	155	14	hotel	hotel	NN
cord-021959-1y67126b	155	15	stock	stock	NN
cord-021959-1y67126b	155	16	returns	return	NNS
cord-021959-1y67126b	155	17	,	,	,
cord-021959-1y67126b	155	18	whereas	whereas	IN
cord-021959-1y67126b	155	19	the	the	DT
cord-021959-1y67126b	155	20	relationship	relationship	NN
cord-021959-1y67126b	155	21	between	between	IN
cord-021959-1y67126b	155	22	change	change	NN
cord-021959-1y67126b	155	23	in	in	IN
cord-021959-1y67126b	155	24	UEP	UEP	NNP
cord-021959-1y67126b	155	25	and	and	CC
cord-021959-1y67126b	155	26	lodging	lodging	NN
cord-021959-1y67126b	155	27	returns	return	NNS
cord-021959-1y67126b	155	28	was	be	VBD
cord-021959-1y67126b	155	29	negative	negative	JJ
cord-021959-1y67126b	155	30	.	.	.
cord-021959-1y67126b	156	1	In	in	IN
cord-021959-1y67126b	156	2	Madanoglu	Madanoglu	NNP
cord-021959-1y67126b	156	3	and	and	CC
cord-021959-1y67126b	156	4	Olsen	Olsen	NNP
cord-021959-1y67126b	156	5	(	(	-LRB-
cord-021959-1y67126b	156	6	2005	2005	CD
cord-021959-1y67126b	156	7	)	)	-RRB-
cord-021959-1y67126b	156	8	proposed	propose	VBD
cord-021959-1y67126b	156	9	a	a	DT
cord-021959-1y67126b	156	10	conceptual	conceptual	JJ
cord-021959-1y67126b	156	11	framework	framework	NN
cord-021959-1y67126b	156	12	that	that	WDT
cord-021959-1y67126b	156	13	called	call	VBD
cord-021959-1y67126b	156	14	for	for	IN
cord-021959-1y67126b	156	15	the	the	DT
cord-021959-1y67126b	156	16	inclusion	inclusion	NN
cord-021959-1y67126b	156	17	of	of	IN
cord-021959-1y67126b	156	18	some	some	DT
cord-021959-1y67126b	156	19	of	of	IN
cord-021959-1y67126b	156	20	the	the	DT
cord-021959-1y67126b	156	21	intangible	intangible	JJ
cord-021959-1y67126b	156	22	variables	variable	NNS
cord-021959-1y67126b	156	23	into	into	IN
cord-021959-1y67126b	156	24	the	the	DT
cord-021959-1y67126b	156	25	cost	cost	NN
cord-021959-1y67126b	156	26	of	of	IN
cord-021959-1y67126b	156	27	equity	equity	NN
cord-021959-1y67126b	156	28	estimation	estimation	NN
cord-021959-1y67126b	156	29	in	in	IN
cord-021959-1y67126b	156	30	the	the	DT
cord-021959-1y67126b	156	31	lodging	lodging	NN
cord-021959-1y67126b	156	32	industry	industry	NN
cord-021959-1y67126b	156	33	.	.	.
cord-021959-1y67126b	157	1	Some	some	DT
cord-021959-1y67126b	157	2	of	of	IN
cord-021959-1y67126b	157	3	these	these	DT
cord-021959-1y67126b	157	4	variables	variable	NNS
cord-021959-1y67126b	157	5	were	be	VBD
cord-021959-1y67126b	157	6	human	human	JJ
cord-021959-1y67126b	157	7	capital	capital	NN
cord-021959-1y67126b	157	8	,	,	,
cord-021959-1y67126b	157	9	brand	brand	NN
cord-021959-1y67126b	157	10	,	,	,
cord-021959-1y67126b	157	11	technology	technology	NN
cord-021959-1y67126b	157	12	,	,	,
cord-021959-1y67126b	157	13	and	and	CC
cord-021959-1y67126b	157	14	safety	safety	NN
cord-021959-1y67126b	157	15	and	and	CC
cord-021959-1y67126b	157	16	security	security	NN
cord-021959-1y67126b	157	17	.	.	.
cord-021959-1y67126b	158	1	It	-PRON-	PRP
cord-021959-1y67126b	158	2	is	be	VBZ
cord-021959-1y67126b	158	3	common	common	JJ
cord-021959-1y67126b	158	4	knowledge	knowledge	NN
cord-021959-1y67126b	158	5	that	that	WDT
cord-021959-1y67126b	158	6	these	these	DT
cord-021959-1y67126b	158	7	variables	variable	NNS
cord-021959-1y67126b	158	8	were	be	VBD
cord-021959-1y67126b	158	9	relevant	relevant	JJ
cord-021959-1y67126b	158	10	for	for	IN
cord-021959-1y67126b	158	11	the	the	DT
cord-021959-1y67126b	158	12	lodging	lodging	NN
cord-021959-1y67126b	158	13	industry	industry	NN
cord-021959-1y67126b	158	14	;	;	:
cord-021959-1y67126b	158	15	however	however	RB
cord-021959-1y67126b	158	16	,	,	,
cord-021959-1y67126b	158	17	there	there	EX
cord-021959-1y67126b	158	18	exists	exist	VBZ
cord-021959-1y67126b	158	19	no	no	DT
cord-021959-1y67126b	158	20	time	time	NN
cord-021959-1y67126b	158	21	-	-	HYPH
cord-021959-1y67126b	158	22	series	series	NN
cord-021959-1y67126b	158	23	data	datum	NNS
cord-021959-1y67126b	158	24	to	to	TO
cord-021959-1y67126b	158	25	include	include	VB
cord-021959-1y67126b	158	26	them	-PRON-	PRP
cord-021959-1y67126b	158	27	in	in	IN
cord-021959-1y67126b	158	28	the	the	DT
cord-021959-1y67126b	158	29	cost	cost	NN
cord-021959-1y67126b	158	30	of	of	IN
cord-021959-1y67126b	158	31	equity	equity	NN
cord-021959-1y67126b	158	32	estimations	estimation	NNS
cord-021959-1y67126b	158	33	.	.	.
cord-021959-1y67126b	159	1	Publicly	publicly	RB
cord-021959-1y67126b	159	2	traded	trade	VBN
cord-021959-1y67126b	159	3	multinational	multinational	JJ
cord-021959-1y67126b	159	4	lodging	lodging	NN
cord-021959-1y67126b	159	5	companies	company	NNS
cord-021959-1y67126b	159	6	tend	tend	VBP
cord-021959-1y67126b	159	7	to	to	TO
cord-021959-1y67126b	159	8	differ	differ	VB
cord-021959-1y67126b	159	9	on	on	IN
cord-021959-1y67126b	159	10	some	some	DT
cord-021959-1y67126b	159	11	key	key	JJ
cord-021959-1y67126b	159	12	points	point	NNS
cord-021959-1y67126b	159	13	regarding	regard	VBG
cord-021959-1y67126b	159	14	how	how	WRB
cord-021959-1y67126b	159	15	assets	asset	NNS
cord-021959-1y67126b	159	16	are	be	VBP
cord-021959-1y67126b	159	17	treated	treat	VBN
cord-021959-1y67126b	159	18	on	on	IN
cord-021959-1y67126b	159	19	their	-PRON-	PRP$
cord-021959-1y67126b	159	20	balance	balance	NN
cord-021959-1y67126b	159	21	sheets	sheet	NNS
cord-021959-1y67126b	159	22	.	.	.
cord-021959-1y67126b	160	1	Many	many	JJ
cord-021959-1y67126b	160	2	of	of	IN
cord-021959-1y67126b	160	3	these	these	DT
cord-021959-1y67126b	160	4	companies	company	NNS
cord-021959-1y67126b	160	5	do	do	VBP
cord-021959-1y67126b	160	6	not	not	RB
cord-021959-1y67126b	160	7	actually	actually	RB
cord-021959-1y67126b	160	8	own	own	VB
cord-021959-1y67126b	160	9	assets	asset	NNS
cord-021959-1y67126b	160	10	and	and	CC
cord-021959-1y67126b	160	11	produce	produce	VB
cord-021959-1y67126b	160	12	their	-PRON-	PRP$
cord-021959-1y67126b	160	13	future	future	JJ
cord-021959-1y67126b	160	14	cash	cash	NN
cord-021959-1y67126b	160	15	flows	flow	NNS
cord-021959-1y67126b	160	16	from	from	IN
cord-021959-1y67126b	160	17	management	management	NN
cord-021959-1y67126b	160	18	contracts	contract	NNS
cord-021959-1y67126b	160	19	or	or	CC
cord-021959-1y67126b	160	20	franchise	franchise	NN
cord-021959-1y67126b	160	21	agreements	agreement	NNS
cord-021959-1y67126b	160	22	.	.	.
cord-021959-1y67126b	161	1	In	in	IN
cord-021959-1y67126b	161	2	many	many	JJ
cord-021959-1y67126b	161	3	cases	case	NNS
cord-021959-1y67126b	161	4	,	,	,
cord-021959-1y67126b	161	5	they	-PRON-	PRP
cord-021959-1y67126b	161	6	may	may	MD
cord-021959-1y67126b	161	7	also	also	RB
cord-021959-1y67126b	161	8	lease	lease	VB
cord-021959-1y67126b	161	9	hotels	hotel	NNS
cord-021959-1y67126b	161	10	or	or	CC
cord-021959-1y67126b	161	11	restaurants	restaurant	NNS
cord-021959-1y67126b	161	12	and	and	CC
cord-021959-1y67126b	161	13	the	the	DT
cord-021959-1y67126b	161	14	leases	lease	NNS
cord-021959-1y67126b	161	15	do	do	VBP
cord-021959-1y67126b	161	16	not	not	RB
cord-021959-1y67126b	161	17	appear	appear	VB
cord-021959-1y67126b	161	18	on	on	IN
cord-021959-1y67126b	161	19	their	-PRON-	PRP$
cord-021959-1y67126b	161	20	balance	balance	NN
cord-021959-1y67126b	161	21	sheets	sheet	NNS
cord-021959-1y67126b	161	22	.	.	.
cord-021959-1y67126b	162	1	Instead	instead	RB
cord-021959-1y67126b	162	2	,	,	,
cord-021959-1y67126b	162	3	these	these	DT
cord-021959-1y67126b	162	4	firms	firm	NNS
cord-021959-1y67126b	162	5	hold	hold	VBP
cord-021959-1y67126b	162	6	an	an	DT
cord-021959-1y67126b	162	7	equity	equity	NN
cord-021959-1y67126b	162	8	position	position	NN
cord-021959-1y67126b	162	9	in	in	IN
cord-021959-1y67126b	162	10	a	a	DT
cord-021959-1y67126b	162	11	different	different	JJ
cord-021959-1y67126b	162	12	company	company	NN
cord-021959-1y67126b	162	13	that	that	WDT
cord-021959-1y67126b	162	14	holds	hold	VBZ
cord-021959-1y67126b	162	15	these	these	DT
cord-021959-1y67126b	162	16	leases	lease	NNS
cord-021959-1y67126b	162	17	.	.	.
cord-021959-1y67126b	163	1	Therefore	therefore	RB
cord-021959-1y67126b	163	2	,	,	,
cord-021959-1y67126b	163	3	it	-PRON-	PRP
cord-021959-1y67126b	163	4	is	be	VBZ
cord-021959-1y67126b	163	5	almost	almost	RB
cord-021959-1y67126b	163	6	unfeasible	unfeasible	JJ
cord-021959-1y67126b	163	7	to	to	TO
cord-021959-1y67126b	163	8	properly	properly	RB
cord-021959-1y67126b	163	9	assess	assess	VB
cord-021959-1y67126b	163	10	the	the	DT
cord-021959-1y67126b	163	11	book	book	NN
cord-021959-1y67126b	163	12	value	value	NN
cord-021959-1y67126b	163	13	of	of	IN
cord-021959-1y67126b	163	14	the	the	DT
cord-021959-1y67126b	163	15	hospitality	hospitality	NN
cord-021959-1y67126b	163	16	firms	firm	NNS
cord-021959-1y67126b	163	17	,	,	,
cord-021959-1y67126b	163	18	which	which	WDT
cord-021959-1y67126b	163	19	confounds	confound	VBZ
cord-021959-1y67126b	163	20	the	the	DT
cord-021959-1y67126b	163	21	application	application	NN
cord-021959-1y67126b	163	22	of	of	IN
cord-021959-1y67126b	163	23	the	the	DT
cord-021959-1y67126b	163	24	FF	FF	NNP
cord-021959-1y67126b	163	25	model	model	NN
cord-021959-1y67126b	163	26	.	.	.
cord-021959-1y67126b	164	1	Sheel	Sheel	NNP
cord-021959-1y67126b	164	2	(	(	-LRB-
cord-021959-1y67126b	164	3	1995	1995	CD
cord-021959-1y67126b	164	4	)	)	-RRB-
cord-021959-1y67126b	164	5	was	be	VBD
cord-021959-1y67126b	164	6	the	the	DT
cord-021959-1y67126b	164	7	first	first	JJ
cord-021959-1y67126b	164	8	researcher	researcher	NN
cord-021959-1y67126b	164	9	in	in	IN
cord-021959-1y67126b	164	10	the	the	DT
cord-021959-1y67126b	164	11	hospitality	hospitality	NN
cord-021959-1y67126b	164	12	industry	industry	NN
cord-021959-1y67126b	164	13	to	to	TO
cord-021959-1y67126b	164	14	point	point	VB
cord-021959-1y67126b	164	15	out	out	RP
cord-021959-1y67126b	164	16	that	that	IN
cord-021959-1y67126b	164	17	CAPM	CAPM	NNP
cord-021959-1y67126b	164	18	does	do	VBZ
cord-021959-1y67126b	164	19	not	not	RB
cord-021959-1y67126b	164	20	seem	seem	VB
cord-021959-1y67126b	164	21	to	to	TO
cord-021959-1y67126b	164	22	meet	meet	VB
cord-021959-1y67126b	164	23	the	the	DT
cord-021959-1y67126b	164	24	industry	industry	NN
cord-021959-1y67126b	164	25	needs	need	NNS
cord-021959-1y67126b	164	26	and	and	CC
cord-021959-1y67126b	164	27	called	call	VBD
cord-021959-1y67126b	164	28	for	for	IN
cord-021959-1y67126b	164	29	further	further	JJ
cord-021959-1y67126b	164	30	research	research	NN
cord-021959-1y67126b	164	31	into	into	IN
cord-021959-1y67126b	164	32	industry	industry	NN
cord-021959-1y67126b	164	33	-	-	HYPH
cord-021959-1y67126b	164	34	specific	specific	JJ
cord-021959-1y67126b	164	35	factors	factor	NNS
cord-021959-1y67126b	164	36	.	.	.
cord-021959-1y67126b	165	1	In	in	IN
cord-021959-1y67126b	165	2	the	the	DT
cord-021959-1y67126b	165	3	mainstream	mainstream	JJ
cord-021959-1y67126b	165	4	financial	financial	JJ
cord-021959-1y67126b	165	5	economics	economic	NNS
cord-021959-1y67126b	165	6	,	,	,
cord-021959-1y67126b	165	7	Downe	Downe	NNP
cord-021959-1y67126b	165	8	(	(	-LRB-
cord-021959-1y67126b	165	9	2000	2000	CD
cord-021959-1y67126b	165	10	)	)	-RRB-
cord-021959-1y67126b	165	11	argued	argue	VBD
cord-021959-1y67126b	165	12	that	that	IN
cord-021959-1y67126b	165	13	in	in	IN
cord-021959-1y67126b	165	14	a	a	DT
cord-021959-1y67126b	165	15	world	world	NN
cord-021959-1y67126b	165	16	of	of	IN
cord-021959-1y67126b	165	17	increasing	increase	VBG
cord-021959-1y67126b	165	18	returns	return	NNS
cord-021959-1y67126b	165	19	,	,	,
cord-021959-1y67126b	165	20	risk	risk	NN
cord-021959-1y67126b	165	21	can	can	MD
cord-021959-1y67126b	165	22	not	not	RB
cord-021959-1y67126b	165	23	be	be	VB
cord-021959-1y67126b	165	24	considered	consider	VBN
cord-021959-1y67126b	165	25	a	a	DT
cord-021959-1y67126b	165	26	function	function	NN
cord-021959-1y67126b	165	27	of	of	IN
cord-021959-1y67126b	165	28	only	only	JJ
cord-021959-1y67126b	165	29	systematic	systematic	JJ
cord-021959-1y67126b	165	30	factors	factor	NNS
cord-021959-1y67126b	165	31	,	,	,
cord-021959-1y67126b	165	32	and	and	CC
cord-021959-1y67126b	165	33	thus	thus	RB
cord-021959-1y67126b	165	34	β	β	NN
cord-021959-1y67126b	165	35	.	.	.
cord-021959-1y67126b	166	1	He	-PRON-	PRP
cord-021959-1y67126b	166	2	pointed	point	VBD
cord-021959-1y67126b	166	3	out	out	RP
cord-021959-1y67126b	166	4	that	that	IN
cord-021959-1y67126b	166	5	the	the	DT
cord-021959-1y67126b	166	6	position	position	NN
cord-021959-1y67126b	166	7	of	of	IN
cord-021959-1y67126b	166	8	the	the	DT
cord-021959-1y67126b	166	9	firm	firm	NN
cord-021959-1y67126b	166	10	in	in	IN
cord-021959-1y67126b	166	11	the	the	DT
cord-021959-1y67126b	166	12	industry	industry	NN
cord-021959-1y67126b	166	13	,	,	,
cord-021959-1y67126b	166	14	as	as	RB
cord-021959-1y67126b	166	15	well	well	RB
cord-021959-1y67126b	166	16	as	as	IN
cord-021959-1y67126b	166	17	the	the	DT
cord-021959-1y67126b	166	18	nature	nature	NN
cord-021959-1y67126b	166	19	of	of	IN
cord-021959-1y67126b	166	20	the	the	DT
cord-021959-1y67126b	166	21	industry	industry	NN
cord-021959-1y67126b	166	22	itself	-PRON-	PRP
cord-021959-1y67126b	166	23	become	become	VBP
cord-021959-1y67126b	166	24	a	a	DT
cord-021959-1y67126b	166	25	risk	risk	NN
cord-021959-1y67126b	166	26	factor	factor	NN
cord-021959-1y67126b	166	27	.	.	.
cord-021959-1y67126b	167	1	Thus	thus	RB
cord-021959-1y67126b	167	2	,	,	,
cord-021959-1y67126b	167	3	firms	firm	NNS
cord-021959-1y67126b	167	4	with	with	IN
cord-021959-1y67126b	167	5	a	a	DT
cord-021959-1y67126b	167	6	dominant	dominant	JJ
cord-021959-1y67126b	167	7	position	position	NN
cord-021959-1y67126b	167	8	in	in	IN
cord-021959-1y67126b	167	9	the	the	DT
cord-021959-1y67126b	167	10	industry	industry	NN
cord-021959-1y67126b	167	11	that	that	WDT
cord-021959-1y67126b	167	12	succeed	succeed	VBP
cord-021959-1y67126b	167	13	to	to	TO
cord-021959-1y67126b	167	14	adapt	adapt	VB
cord-021959-1y67126b	167	15	to	to	IN
cord-021959-1y67126b	167	16	the	the	DT
cord-021959-1y67126b	167	17	complexities	complexity	NNS
cord-021959-1y67126b	167	18	of	of	IN
cord-021959-1y67126b	167	19	the	the	DT
cord-021959-1y67126b	167	20	business	business	NN
cord-021959-1y67126b	167	21	environment	environment	NN
cord-021959-1y67126b	167	22	,	,	,
cord-021959-1y67126b	167	23	will	will	MD
cord-021959-1y67126b	167	24	have	have	VB
cord-021959-1y67126b	167	25	a	a	DT
cord-021959-1y67126b	167	26	different	different	JJ
cord-021959-1y67126b	167	27	risk	risk	NN
cord-021959-1y67126b	167	28	profile	profile	NN
cord-021959-1y67126b	167	29	than	than	IN
cord-021959-1y67126b	167	30	their	-PRON-	PRP$
cord-021959-1y67126b	167	31	competitors	competitor	NNS
cord-021959-1y67126b	167	32	.	.	.
cord-021959-1y67126b	168	1	This	this	DT
cord-021959-1y67126b	168	2	argument	argument	NN
cord-021959-1y67126b	168	3	is	be	VBZ
cord-021959-1y67126b	168	4	particularly	particularly	RB
cord-021959-1y67126b	168	5	well	well	RB
cord-021959-1y67126b	168	6	fitting	fitting	JJ
cord-021959-1y67126b	168	7	in	in	IN
cord-021959-1y67126b	168	8	the	the	DT
cord-021959-1y67126b	168	9	context	context	NN
cord-021959-1y67126b	168	10	of	of	IN
cord-021959-1y67126b	168	11	the	the	DT
cord-021959-1y67126b	168	12	hospitality	hospitality	NN
cord-021959-1y67126b	168	13	industry	industry	NN
cord-021959-1y67126b	168	14	where	where	WRB
cord-021959-1y67126b	168	15	companies	company	NNS
cord-021959-1y67126b	168	16	such	such	JJ
cord-021959-1y67126b	168	17	as	as	IN
cord-021959-1y67126b	168	18	McDonald	McDonald	NNP
cord-021959-1y67126b	168	19	's	's	POS
cord-021959-1y67126b	168	20	and	and	CC
cord-021959-1y67126b	168	21	Marriott	Marriott	NNP
cord-021959-1y67126b	168	22	may	may	MD
cord-021959-1y67126b	168	23	demonstrate	demonstrate	VB
cord-021959-1y67126b	168	24	a	a	DT
cord-021959-1y67126b	168	25	different	different	JJ
cord-021959-1y67126b	168	26	risk	risk	NN
cord-021959-1y67126b	168	27	profile	profile	NN
cord-021959-1y67126b	168	28	based	base	VBN
cord-021959-1y67126b	168	29	on	on	IN
cord-021959-1y67126b	168	30	their	-PRON-	PRP$
cord-021959-1y67126b	168	31	market	market	NN
cord-021959-1y67126b	168	32	share	share	NN
cord-021959-1y67126b	168	33	in	in	IN
cord-021959-1y67126b	168	34	their	-PRON-	PRP$
cord-021959-1y67126b	168	35	segments	segment	NNS
cord-021959-1y67126b	168	36	.	.	.
cord-021959-1y67126b	169	1	As	as	IN
cord-021959-1y67126b	169	2	for	for	IN
cord-021959-1y67126b	169	3	FF	ff	NN
cord-021959-1y67126b	169	4	factors	factor	NNS
cord-021959-1y67126b	169	5	,	,	,
cord-021959-1y67126b	169	6	professionals	professional	NNS
cord-021959-1y67126b	169	7	in	in	IN
cord-021959-1y67126b	169	8	the	the	DT
cord-021959-1y67126b	169	9	lodging	lodging	NN
cord-021959-1y67126b	169	10	industry	industry	NN
cord-021959-1y67126b	169	11	are	be	VBP
cord-021959-1y67126b	169	12	sceptical	sceptical	JJ
cord-021959-1y67126b	169	13	about	about	IN
cord-021959-1y67126b	169	14	such	such	JJ
cord-021959-1y67126b	169	15	measures	measure	NNS
cord-021959-1y67126b	169	16	as	as	IN
cord-021959-1y67126b	169	17	the	the	DT
cord-021959-1y67126b	169	18	book	book	NN
cord-021959-1y67126b	169	19	-	-	HYPH
cord-021959-1y67126b	169	20	to	to	IN
cord-021959-1y67126b	169	21	-	-	HYPH
cord-021959-1y67126b	169	22	market	market	NN
cord-021959-1y67126b	169	23	value	value	NN
cord-021959-1y67126b	169	24	ratio	ratio	NN
cord-021959-1y67126b	169	25	(	(	-LRB-
cord-021959-1y67126b	169	26	HML	HML	NNP
cord-021959-1y67126b	169	27	)	)	-RRB-
cord-021959-1y67126b	169	28	.	.	.
cord-021959-1y67126b	170	1	Some	some	DT
cord-021959-1y67126b	170	2	hospitality	hospitality	NN
cord-021959-1y67126b	170	3	industry	industry	NN
cord-021959-1y67126b	170	4	experts	expert	NNS
cord-021959-1y67126b	170	5	argue	argue	VBP
cord-021959-1y67126b	170	6	that	that	IN
cord-021959-1y67126b	170	7	HML	HML	NNP
cord-021959-1y67126b	170	8	is	be	VBZ
cord-021959-1y67126b	170	9	an	an	DT
cord-021959-1y67126b	170	10	inappropriate	inappropriate	JJ
cord-021959-1y67126b	170	11	measure	measure	NN
cord-021959-1y67126b	170	12	for	for	IN
cord-021959-1y67126b	170	13	the	the	DT
cord-021959-1y67126b	170	14	industry	industry	NN
cord-021959-1y67126b	170	15	and	and	CC
cord-021959-1y67126b	170	16	attribute	attribute	VB
cord-021959-1y67126b	170	17	it	-PRON-	PRP
cord-021959-1y67126b	170	18	to	to	IN
cord-021959-1y67126b	170	19	the	the	DT
cord-021959-1y67126b	170	20	fact	fact	NN
cord-021959-1y67126b	170	21	that	that	IN
cord-021959-1y67126b	170	22	the	the	DT
cord-021959-1y67126b	170	23	difference	difference	NN
cord-021959-1y67126b	170	24	between	between	IN
cord-021959-1y67126b	170	25	the	the	DT
cord-021959-1y67126b	170	26	firms	firm	NNS
cord-021959-1y67126b	170	27	whose	whose	WP$
cord-021959-1y67126b	170	28	value	value	NN
cord-021959-1y67126b	170	29	is	be	VBZ
cord-021959-1y67126b	170	30	captured	capture	VBN
cord-021959-1y67126b	170	31	by	by	IN
cord-021959-1y67126b	170	32	the	the	DT
cord-021959-1y67126b	170	33	assets	asset	NNS
cord-021959-1y67126b	170	34	they	-PRON-	PRP
cord-021959-1y67126b	170	35	own	own	VBP
cord-021959-1y67126b	170	36	and	and	CC
cord-021959-1y67126b	170	37	the	the	DT
cord-021959-1y67126b	170	38	firms	firm	NNS
cord-021959-1y67126b	170	39	whose	whose	WP$
cord-021959-1y67126b	170	40	value	value	NN
cord-021959-1y67126b	170	41	is	be	VBZ
cord-021959-1y67126b	170	42	derived	derive	VBN
cord-021959-1y67126b	170	43	from	from	IN
cord-021959-1y67126b	170	44	their	-PRON-	PRP$
cord-021959-1y67126b	170	45	intangible	intangible	JJ
cord-021959-1y67126b	170	46	assets	asset	NNS
cord-021959-1y67126b	170	47	is	be	VBZ
cord-021959-1y67126b	170	48	not	not	RB
cord-021959-1y67126b	170	49	as	as	RB
cord-021959-1y67126b	170	50	distinct	distinct	JJ
cord-021959-1y67126b	170	51	as	as	IN
cord-021959-1y67126b	170	52	in	in	IN
cord-021959-1y67126b	170	53	some	some	DT
cord-021959-1y67126b	170	54	manufacturing	manufacturing	NN
cord-021959-1y67126b	170	55	firms	firm	NNS
cord-021959-1y67126b	170	56	.	.	.
cord-021959-1y67126b	171	1	While	while	IN
cord-021959-1y67126b	171	2	Jagannathan	Jagannathan	NNP
cord-021959-1y67126b	171	3	and	and	CC
cord-021959-1y67126b	171	4	Wang	Wang	NNP
cord-021959-1y67126b	171	5	's	's	POS
cord-021959-1y67126b	171	6	study	study	NN
cord-021959-1y67126b	171	7	(	(	-LRB-
cord-021959-1y67126b	171	8	1996	1996	CD
cord-021959-1y67126b	171	9	)	)	-RRB-
cord-021959-1y67126b	171	10	added	add	VBD
cord-021959-1y67126b	171	11	a	a	DT
cord-021959-1y67126b	171	12	human	human	JJ
cord-021959-1y67126b	171	13	capital	capital	NN
cord-021959-1y67126b	171	14	variable	variable	NN
cord-021959-1y67126b	171	15	to	to	IN
cord-021959-1y67126b	171	16	their	-PRON-	PRP$
cord-021959-1y67126b	171	17	cost	cost	NN
cord-021959-1y67126b	171	18	of	of	IN
cord-021959-1y67126b	171	19	equity	equity	NN
cord-021959-1y67126b	171	20	capital	capital	NN
cord-021959-1y67126b	171	21	model	model	NN
cord-021959-1y67126b	171	22	,	,	,
cord-021959-1y67126b	171	23	it	-PRON-	PRP
cord-021959-1y67126b	171	24	measured	measure	VBD
cord-021959-1y67126b	171	25	human	human	JJ
cord-021959-1y67126b	171	26	capital	capital	NN
cord-021959-1y67126b	171	27	effects	effect	NNS
cord-021959-1y67126b	171	28	from	from	IN
cord-021959-1y67126b	171	29	the	the	DT
cord-021959-1y67126b	171	30	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	171	31	perspective	perspective	NN
cord-021959-1y67126b	171	32	as	as	IN
cord-021959-1y67126b	171	33	opposed	oppose	VBN
cord-021959-1y67126b	171	34	to	to	IN
cord-021959-1y67126b	171	35	a	a	DT
cord-021959-1y67126b	171	36	micro	micro	JJ
cord-021959-1y67126b	171	37	level	level	NN
cord-021959-1y67126b	171	38	where	where	WRB
cord-021959-1y67126b	171	39	most	most	JJS
cord-021959-1y67126b	171	40	hotel	hotel	NN
cord-021959-1y67126b	171	41	firms	firm	NNS
cord-021959-1y67126b	171	42	operate	operate	VBP
cord-021959-1y67126b	171	43	.	.	.
cord-021959-1y67126b	172	1	In	in	IN
cord-021959-1y67126b	172	2	other	other	JJ
cord-021959-1y67126b	172	3	words	word	NNS
cord-021959-1y67126b	172	4	,	,	,
cord-021959-1y67126b	172	5	the	the	DT
cord-021959-1y67126b	172	6	overall	overall	JJ
cord-021959-1y67126b	172	7	labour	labour	NN
cord-021959-1y67126b	172	8	index	index	NN
cord-021959-1y67126b	172	9	may	may	MD
cord-021959-1y67126b	172	10	not	not	RB
cord-021959-1y67126b	172	11	properly	properly	RB
cord-021959-1y67126b	172	12	reflect	reflect	VB
cord-021959-1y67126b	172	13	the	the	DT
cord-021959-1y67126b	172	14	state	state	NN
cord-021959-1y67126b	172	15	of	of	IN
cord-021959-1y67126b	172	16	the	the	DT
cord-021959-1y67126b	172	17	human	human	JJ
cord-021959-1y67126b	172	18	capital	capital	NN
cord-021959-1y67126b	172	19	in	in	IN
cord-021959-1y67126b	172	20	the	the	DT
cord-021959-1y67126b	172	21	hospitality	hospitality	NN
cord-021959-1y67126b	172	22	industry	industry	NN
cord-021959-1y67126b	172	23	.	.	.
cord-021959-1y67126b	173	1	As	as	IN
cord-021959-1y67126b	173	2	Fama	Fama	NNP
cord-021959-1y67126b	173	3	and	and	CC
cord-021959-1y67126b	173	4	French	French	NNP
cord-021959-1y67126b	173	5	(	(	-LRB-
cord-021959-1y67126b	173	6	1993	1993	CD
cord-021959-1y67126b	173	7	)	)	-RRB-
cord-021959-1y67126b	173	8	stated	state	VBD
cord-021959-1y67126b	173	9	,	,	,
cord-021959-1y67126b	173	10	their	-PRON-	PRP$
cord-021959-1y67126b	173	11	work	work	NN
cord-021959-1y67126b	173	12	(	(	-LRB-
cord-021959-1y67126b	173	13	FF	FF	NNP
cord-021959-1y67126b	173	14	model	model	NN
cord-021959-1y67126b	173	15	)	)	-RRB-
cord-021959-1y67126b	173	16	leaves	leave	VBZ
cord-021959-1y67126b	173	17	many	many	JJ
cord-021959-1y67126b	173	18	open	open	JJ
cord-021959-1y67126b	173	19	questions	question	NNS
cord-021959-1y67126b	173	20	.	.	.
cord-021959-1y67126b	174	1	The	the	DT
cord-021959-1y67126b	174	2	most	most	RBS
cord-021959-1y67126b	174	3	important	important	JJ
cord-021959-1y67126b	174	4	missing	miss	VBG
cord-021959-1y67126b	174	5	piece	piece	NN
cord-021959-1y67126b	174	6	of	of	IN
cord-021959-1y67126b	174	7	the	the	DT
cord-021959-1y67126b	174	8	puzzle	puzzle	NN
cord-021959-1y67126b	174	9	is	be	VBZ
cord-021959-1y67126b	174	10	that	that	IN
cord-021959-1y67126b	174	11	Fama	Fama	NNP
cord-021959-1y67126b	174	12	and	and	CC
cord-021959-1y67126b	174	13	French	French	NNP
cord-021959-1y67126b	174	14	(	(	-LRB-
cord-021959-1y67126b	174	15	1993	1993	CD
cord-021959-1y67126b	174	16	)	)	-RRB-
cord-021959-1y67126b	174	17	have	have	VBP
cord-021959-1y67126b	174	18	not	not	RB
cord-021959-1y67126b	174	19	shown	show	VBN
cord-021959-1y67126b	174	20	how	how	WRB
cord-021959-1y67126b	174	21	the	the	DT
cord-021959-1y67126b	174	22	size	size	NN
cord-021959-1y67126b	174	23	and	and	CC
cord-021959-1y67126b	174	24	book	book	NN
cord-021959-1y67126b	174	25	-	-	HYPH
cord-021959-1y67126b	174	26	to	to	IN
cord-021959-1y67126b	174	27	-	-	HYPH
cord-021959-1y67126b	174	28	market	market	NN
cord-021959-1y67126b	174	29	factors	factor	NNS
cord-021959-1y67126b	174	30	in	in	IN
cord-021959-1y67126b	174	31	security	security	NN
cord-021959-1y67126b	174	32	returns	return	NNS
cord-021959-1y67126b	174	33	are	be	VBP
cord-021959-1y67126b	174	34	driven	drive	VBN
cord-021959-1y67126b	174	35	by	by	IN
cord-021959-1y67126b	174	36	the	the	DT
cord-021959-1y67126b	174	37	stochastic	stochastic	JJ
cord-021959-1y67126b	174	38	behaviour	behaviour	NN
cord-021959-1y67126b	174	39	of	of	IN
cord-021959-1y67126b	174	40	firm	firm	JJ
cord-021959-1y67126b	174	41	earnings	earning	NNS
cord-021959-1y67126b	174	42	.	.	.
cord-021959-1y67126b	175	1	This	this	DT
cord-021959-1y67126b	175	2	implies	imply	VBZ
cord-021959-1y67126b	175	3	that	that	IN
cord-021959-1y67126b	175	4	it	-PRON-	PRP
cord-021959-1y67126b	175	5	is	be	VBZ
cord-021959-1y67126b	175	6	not	not	RB
cord-021959-1y67126b	175	7	yet	yet	RB
cord-021959-1y67126b	175	8	known	know	VBN
cord-021959-1y67126b	175	9	how	how	WRB
cord-021959-1y67126b	175	10	firm	firm	JJ
cord-021959-1y67126b	175	11	fundamentals	fundamental	NNS
cord-021959-1y67126b	175	12	such	such	JJ
cord-021959-1y67126b	175	13	as	as	IN
cord-021959-1y67126b	175	14	profitability	profitability	NN
cord-021959-1y67126b	175	15	or	or	CC
cord-021959-1y67126b	175	16	growth	growth	NN
cord-021959-1y67126b	175	17	produce	produce	VBP
cord-021959-1y67126b	175	18	common	common	JJ
cord-021959-1y67126b	175	19	variation	variation	NN
cord-021959-1y67126b	175	20	in	in	IN
cord-021959-1y67126b	175	21	returns	return	NNS
cord-021959-1y67126b	175	22	associated	associate	VBN
cord-021959-1y67126b	175	23	with	with	IN
cord-021959-1y67126b	175	24	size	size	NN
cord-021959-1y67126b	175	25	and	and	CC
cord-021959-1y67126b	175	26	BE	BE	NNP
cord-021959-1y67126b	175	27	/	/	SYM
cord-021959-1y67126b	175	28	ME	ME	NNP
cord-021959-1y67126b	175	29	factors	factor	NNS
cord-021959-1y67126b	176	1	and	and	CC
cord-021959-1y67126b	176	2	this	this	DT
cord-021959-1y67126b	176	3	variation	variation	NN
cord-021959-1y67126b	176	4	is	be	VBZ
cord-021959-1y67126b	176	5	not	not	RB
cord-021959-1y67126b	176	6	captured	capture	VBN
cord-021959-1y67126b	176	7	by	by	IN
cord-021959-1y67126b	176	8	the	the	DT
cord-021959-1y67126b	176	9	market	market	NN
cord-021959-1y67126b	176	10	return	return	VB
cord-021959-1y67126b	176	11	itself	-PRON-	PRP
cord-021959-1y67126b	176	12	.	.	.
cord-021959-1y67126b	177	1	These	these	DT
cord-021959-1y67126b	177	2	authors	author	NNS
cord-021959-1y67126b	177	3	further	further	RB
cord-021959-1y67126b	177	4	query	query	VBP
cord-021959-1y67126b	177	5	whether	whether	IN
cord-021959-1y67126b	177	6	specific	specific	JJ
cord-021959-1y67126b	177	7	fundamentals	fundamental	NNS
cord-021959-1y67126b	177	8	can	can	MD
cord-021959-1y67126b	177	9	be	be	VB
cord-021959-1y67126b	177	10	identified	identify	VBN
cord-021959-1y67126b	177	11	as	as	IN
cord-021959-1y67126b	177	12	state	state	NN
cord-021959-1y67126b	177	13	variables	variable	NNS
cord-021959-1y67126b	177	14	(	(	-LRB-
cord-021959-1y67126b	177	15	variables	variable	NNS
cord-021959-1y67126b	177	16	that	that	WDT
cord-021959-1y67126b	177	17	describe	describe	VBP
cord-021959-1y67126b	177	18	variation	variation	NN
cord-021959-1y67126b	177	19	in	in	IN
cord-021959-1y67126b	177	20	the	the	DT
cord-021959-1y67126b	177	21	investment	investment	NN
cord-021959-1y67126b	177	22	opportunity	opportunity	NN
cord-021959-1y67126b	177	23	set	set	VBN
cord-021959-1y67126b	177	24	)	)	-RRB-
cord-021959-1y67126b	177	25	and	and	CC
cord-021959-1y67126b	177	26	these	these	DT
cord-021959-1y67126b	177	27	variables	variable	NNS
cord-021959-1y67126b	177	28	are	be	VBP
cord-021959-1y67126b	177	29	independent	independent	JJ
cord-021959-1y67126b	177	30	of	of	IN
cord-021959-1y67126b	177	31	the	the	DT
cord-021959-1y67126b	177	32	market	market	NN
cord-021959-1y67126b	177	33	and	and	CC
cord-021959-1y67126b	177	34	carry	carry	VB
cord-021959-1y67126b	177	35	a	a	DT
cord-021959-1y67126b	177	36	different	different	JJ
cord-021959-1y67126b	177	37	premium	premium	NN
cord-021959-1y67126b	177	38	than	than	IN
cord-021959-1y67126b	177	39	general	general	JJ
cord-021959-1y67126b	177	40	market	market	NN
cord-021959-1y67126b	177	41	risk	risk	NN
cord-021959-1y67126b	177	42	.	.	.
cord-021959-1y67126b	178	1	This	this	DT
cord-021959-1y67126b	178	2	question	question	NN
cord-021959-1y67126b	178	3	is	be	VBZ
cord-021959-1y67126b	178	4	of	of	IN
cord-021959-1y67126b	178	5	utmost	utmost	JJ
cord-021959-1y67126b	178	6	importance	importance	NN
cord-021959-1y67126b	178	7	for	for	IN
cord-021959-1y67126b	178	8	lodging	lodge	VBG
cord-021959-1y67126b	178	9	industry	industry	NN
cord-021959-1y67126b	178	10	executives	executive	NNS
cord-021959-1y67126b	178	11	who	who	WP
cord-021959-1y67126b	178	12	are	be	VBP
cord-021959-1y67126b	178	13	aiming	aim	VBG
cord-021959-1y67126b	178	14	to	to	TO
cord-021959-1y67126b	178	15	identify	identify	VB
cord-021959-1y67126b	178	16	the	the	DT
cord-021959-1y67126b	178	17	major	major	JJ
cord-021959-1y67126b	178	18	drivers	driver	NNS
cord-021959-1y67126b	178	19	of	of	IN
cord-021959-1y67126b	178	20	their	-PRON-	PRP$
cord-021959-1y67126b	178	21	companies	company	NNS
cord-021959-1y67126b	178	22	'	'	POS
cord-021959-1y67126b	178	23	stock	stock	NN
cord-021959-1y67126b	178	24	returns	return	NNS
cord-021959-1y67126b	178	25	in	in	IN
cord-021959-1y67126b	178	26	their	-PRON-	PRP$
cord-021959-1y67126b	178	27	effort	effort	NN
cord-021959-1y67126b	178	28	to	to	TO
cord-021959-1y67126b	178	29	create	create	VB
cord-021959-1y67126b	178	30	value	value	NN
cord-021959-1y67126b	178	31	for	for	IN
cord-021959-1y67126b	178	32	their	-PRON-	PRP$
cord-021959-1y67126b	178	33	stockholders	stockholder	NNS
cord-021959-1y67126b	178	34	.	.	.
cord-021959-1y67126b	179	1	In	in	IN
cord-021959-1y67126b	179	2	their	-PRON-	PRP$
cord-021959-1y67126b	179	3	current	current	JJ
cord-021959-1y67126b	179	4	state	state	NN
cord-021959-1y67126b	179	5	,	,	,
cord-021959-1y67126b	179	6	the	the	DT
cord-021959-1y67126b	179	7	cost	cost	NN
cord-021959-1y67126b	179	8	of	of	IN
cord-021959-1y67126b	179	9	equity	equity	NN
cord-021959-1y67126b	179	10	models	model	NNS
cord-021959-1y67126b	179	11	are	be	VBP
cord-021959-1y67126b	179	12	far	far	RB
cord-021959-1y67126b	179	13	from	from	IN
cord-021959-1y67126b	179	14	satisfying	satisfy	VBG
cord-021959-1y67126b	179	15	the	the	DT
cord-021959-1y67126b	179	16	needs	need	NNS
cord-021959-1y67126b	179	17	of	of	IN
cord-021959-1y67126b	179	18	the	the	DT
cord-021959-1y67126b	179	19	hospitality	hospitality	NN
cord-021959-1y67126b	179	20	industry	industry	NN
cord-021959-1y67126b	179	21	.	.	.
cord-021959-1y67126b	180	1	As	as	IN
cord-021959-1y67126b	180	2	Fama	Fama	NNP
cord-021959-1y67126b	180	3	and	and	CC
cord-021959-1y67126b	180	4	French	French	NNP
cord-021959-1y67126b	180	5	(	(	-LRB-
cord-021959-1y67126b	180	6	1997	1997	CD
cord-021959-1y67126b	180	7	)	)	-RRB-
cord-021959-1y67126b	180	8	pointed	point	VBD
cord-021959-1y67126b	180	9	out	out	RP
cord-021959-1y67126b	180	10	,	,	,
cord-021959-1y67126b	180	11	the	the	DT
cord-021959-1y67126b	180	12	cost	cost	NN
cord-021959-1y67126b	180	13	of	of	IN
cord-021959-1y67126b	180	14	equity	equity	NN
cord-021959-1y67126b	180	15	estimates	estimate	NNS
cord-021959-1y67126b	180	16	yielded	yield	VBN
cord-021959-1y67126b	180	17	by	by	IN
cord-021959-1y67126b	180	18	these	these	DT
cord-021959-1y67126b	180	19	models	model	NNS
cord-021959-1y67126b	180	20	are	be	VBP
cord-021959-1y67126b	180	21	distressingly	distressingly	RB
cord-021959-1y67126b	180	22	imprecise	imprecise	JJ
cord-021959-1y67126b	180	23	.	.	.
cord-021959-1y67126b	181	1	Standard	standard	JJ
cord-021959-1y67126b	181	2	errors	error	NNS
cord-021959-1y67126b	181	3	of	of	IN
cord-021959-1y67126b	181	4	more	more	JJR
cord-021959-1y67126b	181	5	than	than	IN
cord-021959-1y67126b	181	6	3	3	CD
cord-021959-1y67126b	181	7	%	%	NN
cord-021959-1y67126b	181	8	per	per	IN
cord-021959-1y67126b	181	9	year	year	NN
cord-021959-1y67126b	181	10	were	be	VBD
cord-021959-1y67126b	181	11	typical	typical	JJ
cord-021959-1y67126b	181	12	when	when	WRB
cord-021959-1y67126b	181	13	the	the	DT
cord-021959-1y67126b	181	14	CAPM	CAPM	NNP
cord-021959-1y67126b	181	15	and	and	CC
cord-021959-1y67126b	181	16	FF	FF	NNP
cord-021959-1y67126b	181	17	models	model	NNS
cord-021959-1y67126b	181	18	were	be	VBD
cord-021959-1y67126b	181	19	used	use	VBN
cord-021959-1y67126b	181	20	to	to	TO
cord-021959-1y67126b	181	21	estimate	estimate	VB
cord-021959-1y67126b	181	22	industry	industry	NN
cord-021959-1y67126b	181	23	costs	cost	NNS
cord-021959-1y67126b	181	24	of	of	IN
cord-021959-1y67126b	181	25	equity	equity	NN
cord-021959-1y67126b	181	26	in	in	IN
cord-021959-1y67126b	181	27	their	-PRON-	PRP$
cord-021959-1y67126b	181	28	study	study	NN
cord-021959-1y67126b	181	29	(	(	-LRB-
cord-021959-1y67126b	181	30	Fama	Fama	NNP
cord-021959-1y67126b	181	31	and	and	CC
cord-021959-1y67126b	181	32	French	French	NNP
cord-021959-1y67126b	181	33	,	,	,
cord-021959-1y67126b	181	34	1997	1997	CD
cord-021959-1y67126b	181	35	)	)	-RRB-
cord-021959-1y67126b	181	36	.	.	.
cord-021959-1y67126b	182	1	They	-PRON-	PRP
cord-021959-1y67126b	182	2	stated	state	VBD
cord-021959-1y67126b	182	3	that	that	IN
cord-021959-1y67126b	182	4	large	large	JJ
cord-021959-1y67126b	182	5	standard	standard	JJ
cord-021959-1y67126b	182	6	errors	error	NNS
cord-021959-1y67126b	182	7	are	be	VBP
cord-021959-1y67126b	182	8	driven	drive	VBN
cord-021959-1y67126b	182	9	primarily	primarily	RB
cord-021959-1y67126b	182	10	by	by	IN
cord-021959-1y67126b	182	11	uncertainty	uncertainty	NN
cord-021959-1y67126b	182	12	about	about	IN
cord-021959-1y67126b	182	13	true	true	JJ
cord-021959-1y67126b	182	14	factor	factor	NN
cord-021959-1y67126b	182	15	risk	risk	NN
cord-021959-1y67126b	182	16	premiums	premium	NNS
cord-021959-1y67126b	182	17	.	.	.
cord-021959-1y67126b	183	1	Since	since	IN
cord-021959-1y67126b	183	2	the	the	DT
cord-021959-1y67126b	183	3	hospitality	hospitality	NN
cord-021959-1y67126b	183	4	industry	industry	NN
cord-021959-1y67126b	183	5	is	be	VBZ
cord-021959-1y67126b	183	6	really	really	RB
cord-021959-1y67126b	183	7	the	the	DT
cord-021959-1y67126b	183	8	aggregate	aggregate	NN
cord-021959-1y67126b	183	9	of	of	IN
cord-021959-1y67126b	183	10	individual	individual	JJ
cord-021959-1y67126b	183	11	units	unit	NNS
cord-021959-1y67126b	183	12	that	that	WDT
cord-021959-1y67126b	183	13	all	all	DT
cord-021959-1y67126b	183	14	have	have	VBP
cord-021959-1y67126b	183	15	their	-PRON-	PRP$
cord-021959-1y67126b	183	16	own	own	JJ
cord-021959-1y67126b	183	17	unique	unique	JJ
cord-021959-1y67126b	183	18	business	business	NN
cord-021959-1y67126b	183	19	environments	environment	NNS
cord-021959-1y67126b	183	20	and	and	CC
cord-021959-1y67126b	183	21	return	return	VB
cord-021959-1y67126b	183	22	on	on	IN
cord-021959-1y67126b	183	23	equity	equity	NN
cord-021959-1y67126b	183	24	structures	structure	NNS
cord-021959-1y67126b	183	25	,	,	,
cord-021959-1y67126b	183	26	this	this	DT
cord-021959-1y67126b	183	27	means	mean	VBZ
cord-021959-1y67126b	183	28	that	that	IN
cord-021959-1y67126b	183	29	the	the	DT
cord-021959-1y67126b	183	30	standard	standard	JJ
cord-021959-1y67126b	183	31	errors	error	NNS
cord-021959-1y67126b	183	32	,	,	,
cord-021959-1y67126b	183	33	and	and	CC
cord-021959-1y67126b	183	34	thus	thus	RB
cord-021959-1y67126b	183	35	,	,	,
cord-021959-1y67126b	183	36	cost	cost	NN
cord-021959-1y67126b	183	37	of	of	IN
cord-021959-1y67126b	183	38	equity	equity	NN
cord-021959-1y67126b	183	39	capital	capital	NN
cord-021959-1y67126b	183	40	on	on	IN
cord-021959-1y67126b	183	41	a	a	DT
cord-021959-1y67126b	183	42	per	per	IN
cord-021959-1y67126b	183	43	-	-	HYPH
cord-021959-1y67126b	183	44	company	company	NN
cord-021959-1y67126b	183	45	,	,	,
cord-021959-1y67126b	183	46	single	single	JJ
cord-021959-1y67126b	183	47	-	-	HYPH
cord-021959-1y67126b	183	48	unit	unit	NN
cord-021959-1y67126b	183	49	(	(	-LRB-
cord-021959-1y67126b	183	50	a	a	DT
cord-021959-1y67126b	183	51	hotel	hotel	NN
cord-021959-1y67126b	183	52	property	property	NN
cord-021959-1y67126b	183	53	or	or	CC
cord-021959-1y67126b	183	54	a	a	DT
cord-021959-1y67126b	183	55	restaurant	restaurant	NN
cord-021959-1y67126b	183	56	)	)	-RRB-
cord-021959-1y67126b	183	57	basis	basis	NN
cord-021959-1y67126b	183	58	,	,	,
cord-021959-1y67126b	183	59	or	or	CC
cord-021959-1y67126b	183	60	for	for	IN
cord-021959-1y67126b	183	61	a	a	DT
cord-021959-1y67126b	183	62	new	new	JJ
cord-021959-1y67126b	183	63	project	project	NN
cord-021959-1y67126b	183	64	will	will	MD
cord-021959-1y67126b	183	65	be	be	VB
cord-021959-1y67126b	183	66	even	even	RB
cord-021959-1y67126b	183	67	more	more	RBR
cord-021959-1y67126b	183	68	imprecise	imprecise	JJ
cord-021959-1y67126b	183	69	.	.	.
cord-021959-1y67126b	184	1	Therefore	therefore	RB
cord-021959-1y67126b	184	2	,	,	,
cord-021959-1y67126b	184	3	the	the	DT
cord-021959-1y67126b	184	4	risk	risk	NN
cord-021959-1y67126b	184	5	determinants	determinant	NNS
cord-021959-1y67126b	184	6	of	of	IN
cord-021959-1y67126b	184	7	cost	cost	NN
cord-021959-1y67126b	184	8	of	of	IN
cord-021959-1y67126b	184	9	equity	equity	NN
cord-021959-1y67126b	184	10	and	and	CC
cord-021959-1y67126b	184	11	risk	risk	NN
cord-021959-1y67126b	184	12	factor	factor	NN
cord-021959-1y67126b	184	13	loadings	loading	NNS
cord-021959-1y67126b	184	14	for	for	IN
cord-021959-1y67126b	184	15	individual	individual	JJ
cord-021959-1y67126b	184	16	operating	operating	NN
cord-021959-1y67126b	184	17	units	unit	NNS
cord-021959-1y67126b	184	18	will	will	MD
cord-021959-1y67126b	184	19	be	be	VB
cord-021959-1y67126b	184	20	even	even	RB
cord-021959-1y67126b	184	21	more	more	RBR
cord-021959-1y67126b	184	22	difficult	difficult	JJ
cord-021959-1y67126b	184	23	to	to	TO
cord-021959-1y67126b	184	24	estimate	estimate	VB
cord-021959-1y67126b	184	25	.	.	.
cord-021959-1y67126b	185	1	Thus	thus	RB
cord-021959-1y67126b	185	2	,	,	,
cord-021959-1y67126b	185	3	it	-PRON-	PRP
cord-021959-1y67126b	185	4	is	be	VBZ
cord-021959-1y67126b	185	5	very	very	RB
cord-021959-1y67126b	185	6	important	important	JJ
cord-021959-1y67126b	185	7	to	to	TO
cord-021959-1y67126b	185	8	consider	consider	VB
cord-021959-1y67126b	185	9	the	the	DT
cord-021959-1y67126b	185	10	purpose	purpose	NN
cord-021959-1y67126b	185	11	for	for	IN
cord-021959-1y67126b	185	12	which	which	WDT
cord-021959-1y67126b	185	13	the	the	DT
cord-021959-1y67126b	185	14	cost	cost	NN
cord-021959-1y67126b	185	15	of	of	IN
cord-021959-1y67126b	185	16	equity	equity	NN
cord-021959-1y67126b	185	17	is	be	VBZ
cord-021959-1y67126b	185	18	estimated	estimate	VBN
cord-021959-1y67126b	185	19	(	(	-LRB-
cord-021959-1y67126b	185	20	e.g.	e.g.	RB
cord-021959-1y67126b	185	21	,	,	,
cord-021959-1y67126b	185	22	a	a	DT
cord-021959-1y67126b	185	23	single	single	JJ
cord-021959-1y67126b	185	24	project	project	NN
cord-021959-1y67126b	185	25	,	,	,
cord-021959-1y67126b	185	26	business	business	NN
cord-021959-1y67126b	185	27	division	division	NN
cord-021959-1y67126b	185	28	,	,	,
cord-021959-1y67126b	185	29	or	or	CC
cord-021959-1y67126b	185	30	an	an	DT
cord-021959-1y67126b	185	31	entire	entire	JJ
cord-021959-1y67126b	185	32	corporation	corporation	NN
cord-021959-1y67126b	185	33	)	)	-RRB-
cord-021959-1y67126b	185	34	.	.	.
cord-021959-1y67126b	186	1	Particularly	particularly	RB
cord-021959-1y67126b	186	2	,	,	,
cord-021959-1y67126b	186	3	in	in	IN
cord-021959-1y67126b	186	4	the	the	DT
cord-021959-1y67126b	186	5	case	case	NN
cord-021959-1y67126b	186	6	of	of	IN
cord-021959-1y67126b	186	7	single	single	JJ
cord-021959-1y67126b	186	8	project	project	NN
cord-021959-1y67126b	186	9	cost	cost	NN
cord-021959-1y67126b	186	10	of	of	IN
cord-021959-1y67126b	186	11	equity	equity	NN
cord-021959-1y67126b	186	12	estimations	estimation	NNS
cord-021959-1y67126b	186	13	there	there	RB
cord-021959-1y67126b	186	14	might	may	MD
cord-021959-1y67126b	186	15	be	be	VB
cord-021959-1y67126b	186	16	several	several	JJ
cord-021959-1y67126b	186	17	factors	factor	NNS
cord-021959-1y67126b	186	18	that	that	WDT
cord-021959-1y67126b	186	19	need	need	VBP
cord-021959-1y67126b	186	20	to	to	TO
cord-021959-1y67126b	186	21	be	be	VB
cord-021959-1y67126b	186	22	considered	consider	VBN
cord-021959-1y67126b	186	23	before	before	IN
cord-021959-1y67126b	186	24	arriving	arrive	VBG
cord-021959-1y67126b	186	25	at	at	IN
cord-021959-1y67126b	186	26	the	the	DT
cord-021959-1y67126b	186	27	proper	proper	JJ
cord-021959-1y67126b	186	28	discount	discount	NN
cord-021959-1y67126b	186	29	rate	rate	NN
cord-021959-1y67126b	186	30	of	of	IN
cord-021959-1y67126b	186	31	the	the	DT
cord-021959-1y67126b	186	32	project	project	NN
cord-021959-1y67126b	186	33	.	.	.
cord-021959-1y67126b	187	1	These	these	DT
cord-021959-1y67126b	187	2	factors	factor	NNS
cord-021959-1y67126b	187	3	might	may	MD
cord-021959-1y67126b	187	4	be	be	VB
cord-021959-1y67126b	187	5	location	location	NN
cord-021959-1y67126b	187	6	of	of	IN
cord-021959-1y67126b	187	7	the	the	DT
cord-021959-1y67126b	187	8	project	project	NN
cord-021959-1y67126b	187	9	,	,	,
cord-021959-1y67126b	187	10	local	local	JJ
cord-021959-1y67126b	187	11	/	/	SYM
cord-021959-1y67126b	187	12	regional	regional	JJ
cord-021959-1y67126b	187	13	competition	competition	NN
cord-021959-1y67126b	187	14	,	,	,
cord-021959-1y67126b	187	15	political	political	JJ
cord-021959-1y67126b	187	16	risk	risk	NN
cord-021959-1y67126b	187	17	,	,	,
cord-021959-1y67126b	187	18	credit	credit	NN
cord-021959-1y67126b	187	19	risk	risk	NN
cord-021959-1y67126b	187	20	,	,	,
cord-021959-1y67126b	187	21	and	and	CC
cord-021959-1y67126b	187	22	other	other	JJ
cord-021959-1y67126b	187	23	risk	risk	NN
cord-021959-1y67126b	187	24	idiosyncratic	idiosyncratic	JJ
cord-021959-1y67126b	187	25	to	to	IN
cord-021959-1y67126b	187	26	a	a	DT
cord-021959-1y67126b	187	27	given	give	VBN
cord-021959-1y67126b	187	28	project	project	NN
cord-021959-1y67126b	187	29	.	.	.
cord-021959-1y67126b	188	1	Consequently	consequently	RB
cord-021959-1y67126b	188	2	,	,	,
cord-021959-1y67126b	188	3	as	as	IN
cord-021959-1y67126b	188	4	Ogier	Ogier	NNP
cord-021959-1y67126b	188	5	et	et	NNP
cord-021959-1y67126b	188	6	al	al	NNP
cord-021959-1y67126b	188	7	.	.	.
cord-021959-1y67126b	189	1	(	(	-LRB-
cord-021959-1y67126b	189	2	2004	2004	CD
cord-021959-1y67126b	189	3	)	)	-RRB-
cord-021959-1y67126b	189	4	suggest	suggest	VBP
cord-021959-1y67126b	189	5	when	when	WRB
cord-021959-1y67126b	189	6	estimating	estimate	VBG
cord-021959-1y67126b	189	7	a	a	DT
cord-021959-1y67126b	189	8	cost	cost	NN
cord-021959-1y67126b	189	9	of	of	IN
cord-021959-1y67126b	189	10	equity	equity	NN
cord-021959-1y67126b	189	11	for	for	IN
cord-021959-1y67126b	189	12	a	a	DT
cord-021959-1y67126b	189	13	given	give	VBN
cord-021959-1y67126b	189	14	project	project	NN
cord-021959-1y67126b	189	15	the	the	DT
cord-021959-1y67126b	189	16	risk	risk	NN
cord-021959-1y67126b	189	17	of	of	IN
cord-021959-1y67126b	189	18	the	the	DT
cord-021959-1y67126b	189	19	project	project	NN
cord-021959-1y67126b	189	20	will	will	MD
cord-021959-1y67126b	189	21	be	be	VB
cord-021959-1y67126b	189	22	much	much	RB
cord-021959-1y67126b	189	23	more	more	RBR
cord-021959-1y67126b	189	24	important	important	JJ
cord-021959-1y67126b	189	25	than	than	IN
cord-021959-1y67126b	189	26	the	the	DT
cord-021959-1y67126b	189	27	risk	risk	NN
cord-021959-1y67126b	189	28	level	level	NN
cord-021959-1y67126b	189	29	of	of	IN
cord-021959-1y67126b	189	30	the	the	DT
cord-021959-1y67126b	189	31	corporation	corporation	NN
cord-021959-1y67126b	189	32	making	make	VBG
cord-021959-1y67126b	189	33	the	the	DT
cord-021959-1y67126b	189	34	investment	investment	NN
cord-021959-1y67126b	189	35	.	.	.
cord-021959-1y67126b	190	1	In	in	IN
cord-021959-1y67126b	190	2	other	other	JJ
cord-021959-1y67126b	190	3	words	word	NNS
cord-021959-1y67126b	190	4	,	,	,
cord-021959-1y67126b	190	5	when	when	WRB
cord-021959-1y67126b	190	6	Marriott	Marriott	NNP
cord-021959-1y67126b	190	7	Corporation	Corporation	NNP
cord-021959-1y67126b	190	8	makes	make	VBZ
cord-021959-1y67126b	190	9	a	a	DT
cord-021959-1y67126b	190	10	capital	capital	NN
cord-021959-1y67126b	190	11	investment	investment	NN
cord-021959-1y67126b	190	12	decision	decision	NN
cord-021959-1y67126b	190	13	in	in	IN
cord-021959-1y67126b	190	14	Nairobi	Nairobi	NNP
cord-021959-1y67126b	190	15	,	,	,
cord-021959-1y67126b	190	16	Kenya	Kenya	NNP
cord-021959-1y67126b	190	17	,	,	,
cord-021959-1y67126b	190	18	the	the	DT
cord-021959-1y67126b	190	19	Marriott	Marriott	NNP
cord-021959-1y67126b	190	20	Corporation	Corporation	NNP
cord-021959-1y67126b	190	21	executives	executive	NNS
cord-021959-1y67126b	190	22	will	will	MD
cord-021959-1y67126b	190	23	be	be	VB
cord-021959-1y67126b	190	24	much	much	RB
cord-021959-1y67126b	190	25	more	more	RBR
cord-021959-1y67126b	190	26	concerned	concerned	JJ
cord-021959-1y67126b	190	27	with	with	IN
cord-021959-1y67126b	190	28	the	the	DT
cord-021959-1y67126b	190	29	risks	risk	NNS
cord-021959-1y67126b	190	30	surrounding	surround	VBG
cord-021959-1y67126b	190	31	that	that	DT
cord-021959-1y67126b	190	32	project	project	NN
cord-021959-1y67126b	190	33	.	.	.
cord-021959-1y67126b	191	1	Unlike	unlike	IN
cord-021959-1y67126b	191	2	cost	cost	NN
cord-021959-1y67126b	191	3	of	of	IN
cord-021959-1y67126b	191	4	equity	equity	NN
cord-021959-1y67126b	191	5	,	,	,
cord-021959-1y67126b	191	6	cost	cost	NN
cord-021959-1y67126b	191	7	of	of	IN
cord-021959-1y67126b	191	8	debt	debt	NN
cord-021959-1y67126b	191	9	does	do	VBZ
cord-021959-1y67126b	191	10	not	not	RB
cord-021959-1y67126b	191	11	require	require	VB
cord-021959-1y67126b	191	12	the	the	DT
cord-021959-1y67126b	191	13	use	use	NN
cord-021959-1y67126b	191	14	of	of	IN
cord-021959-1y67126b	191	15	sophisticated	sophisticated	JJ
cord-021959-1y67126b	191	16	theoretical	theoretical	JJ
cord-021959-1y67126b	191	17	models	model	NNS
cord-021959-1y67126b	191	18	.	.	.
cord-021959-1y67126b	192	1	Rather	rather	RB
cord-021959-1y67126b	192	2	,	,	,
cord-021959-1y67126b	192	3	cost	cost	NN
cord-021959-1y67126b	192	4	of	of	IN
cord-021959-1y67126b	192	5	debt	debt	NN
cord-021959-1y67126b	192	6	is	be	VBZ
cord-021959-1y67126b	192	7	simply	simply	RB
cord-021959-1y67126b	192	8	the	the	DT
cord-021959-1y67126b	192	9	rate	rate	NN
cord-021959-1y67126b	192	10	at	at	IN
cord-021959-1y67126b	192	11	which	which	WDT
cord-021959-1y67126b	192	12	a	a	DT
cord-021959-1y67126b	192	13	given	give	VBN
cord-021959-1y67126b	192	14	company	company	NN
cord-021959-1y67126b	192	15	can	can	MD
cord-021959-1y67126b	192	16	borrow	borrow	VB
cord-021959-1y67126b	192	17	capital	capital	NN
cord-021959-1y67126b	192	18	from	from	IN
cord-021959-1y67126b	192	19	a	a	DT
cord-021959-1y67126b	192	20	lender	lender	NN
cord-021959-1y67126b	192	21	(	(	-LRB-
cord-021959-1y67126b	192	22	e.g.	e.g.	RB
cord-021959-1y67126b	192	23	,	,	,
cord-021959-1y67126b	192	24	bank	bank	NN
cord-021959-1y67126b	192	25	)	)	-RRB-
cord-021959-1y67126b	192	26	or	or	CC
cord-021959-1y67126b	192	27	the	the	DT
cord-021959-1y67126b	192	28	rate	rate	NN
cord-021959-1y67126b	192	29	at	at	IN
cord-021959-1y67126b	192	30	which	which	WDT
cord-021959-1y67126b	192	31	the	the	DT
cord-021959-1y67126b	192	32	aforementioned	aforementioned	JJ
cord-021959-1y67126b	192	33	company	company	NN
cord-021959-1y67126b	192	34	can	can	MD
cord-021959-1y67126b	192	35	issue	issue	VB
cord-021959-1y67126b	192	36	bonds	bond	NNS
cord-021959-1y67126b	192	37	.	.	.
cord-021959-1y67126b	193	1	Some	some	DT
cord-021959-1y67126b	193	2	experts	expert	NNS
cord-021959-1y67126b	193	3	caution	caution	VBP
cord-021959-1y67126b	193	4	that	that	IN
cord-021959-1y67126b	193	5	the	the	DT
cord-021959-1y67126b	193	6	•	•	XX
cord-021959-1y67126b	194	1	•	•	NNP
cord-021959-1y67126b	194	2	•	•	NNP
cord-021959-1y67126b	194	3	promised	promise	VBD
cord-021959-1y67126b	194	4	and	and	CC
cord-021959-1y67126b	194	5	the	the	DT
cord-021959-1y67126b	194	6	expected	expected	JJ
cord-021959-1y67126b	194	7	yields	yield	NNS
cord-021959-1y67126b	194	8	of	of	IN
cord-021959-1y67126b	194	9	debt	debt	NN
cord-021959-1y67126b	194	10	are	be	VBP
cord-021959-1y67126b	194	11	two	two	CD
cord-021959-1y67126b	194	12	different	different	JJ
cord-021959-1y67126b	194	13	concepts	concept	NNS
cord-021959-1y67126b	194	14	.	.	.
cord-021959-1y67126b	195	1	In	in	IN
cord-021959-1y67126b	195	2	other	other	JJ
cord-021959-1y67126b	195	3	words	word	NNS
cord-021959-1y67126b	195	4	,	,	,
cord-021959-1y67126b	195	5	when	when	WRB
cord-021959-1y67126b	195	6	a	a	DT
cord-021959-1y67126b	195	7	firm	firm	NN
cord-021959-1y67126b	195	8	makes	make	VBZ
cord-021959-1y67126b	195	9	contracted	contract	VBN
cord-021959-1y67126b	195	10	debt	debt	NN
cord-021959-1y67126b	195	11	payments	payment	NNS
cord-021959-1y67126b	195	12	on	on	IN
cord-021959-1y67126b	195	13	time	time	NN
cord-021959-1y67126b	195	14	it	-PRON-	PRP
cord-021959-1y67126b	195	15	meets	meet	VBZ
cord-021959-1y67126b	195	16	"	"	``
cord-021959-1y67126b	195	17	the	the	DT
cord-021959-1y67126b	195	18	promised	promise	VBN
cord-021959-1y67126b	195	19	yield	yield	NN
cord-021959-1y67126b	195	20	"	"	''
cord-021959-1y67126b	195	21	to	to	IN
cord-021959-1y67126b	195	22	its	-PRON-	PRP$
cord-021959-1y67126b	195	23	lender	lender	NN
cord-021959-1y67126b	195	24	.	.	.
cord-021959-1y67126b	196	1	However	however	RB
cord-021959-1y67126b	196	2	,	,	,
cord-021959-1y67126b	196	3	in	in	IN
cord-021959-1y67126b	196	4	reality	reality	NN
cord-021959-1y67126b	196	5	,	,	,
cord-021959-1y67126b	196	6	there	there	EX
cord-021959-1y67126b	196	7	is	be	VBZ
cord-021959-1y67126b	196	8	always	always	RB
cord-021959-1y67126b	196	9	a	a	DT
cord-021959-1y67126b	196	10	possibility	possibility	NN
cord-021959-1y67126b	196	11	for	for	IN
cord-021959-1y67126b	196	12	default	default	NN
cord-021959-1y67126b	196	13	and	and	CC
cord-021959-1y67126b	196	14	thus	thus	RB
cord-021959-1y67126b	196	15	the	the	DT
cord-021959-1y67126b	196	16	difference	difference	NN
cord-021959-1y67126b	196	17	between	between	IN
cord-021959-1y67126b	196	18	the	the	DT
cord-021959-1y67126b	196	19	promised	promise	VBN
cord-021959-1y67126b	196	20	yield	yield	NN
cord-021959-1y67126b	196	21	and	and	CC
cord-021959-1y67126b	196	22	the	the	DT
cord-021959-1y67126b	196	23	probability	probability	NN
cord-021959-1y67126b	196	24	for	for	IN
cord-021959-1y67126b	196	25	default	default	NN
cord-021959-1y67126b	196	26	equals	equal	VBZ
cord-021959-1y67126b	196	27	the	the	DT
cord-021959-1y67126b	196	28	expected	expect	VBN
cord-021959-1y67126b	196	29	yield	yield	NN
cord-021959-1y67126b	196	30	.	.	.
cord-021959-1y67126b	197	1	The	the	DT
cord-021959-1y67126b	197	2	expected	expect	VBN
cord-021959-1y67126b	197	3	yield	yield	NN
cord-021959-1y67126b	197	4	can	can	MD
cord-021959-1y67126b	197	5	be	be	VB
cord-021959-1y67126b	197	6	regarded	regard	VBN
cord-021959-1y67126b	197	7	as	as	IN
cord-021959-1y67126b	197	8	true	true	JJ
cord-021959-1y67126b	197	9	cost	cost	NN
cord-021959-1y67126b	197	10	of	of	IN
cord-021959-1y67126b	197	11	debt	debt	NN
cord-021959-1y67126b	197	12	since	since	IN
cord-021959-1y67126b	197	13	it	-PRON-	PRP
cord-021959-1y67126b	197	14	is	be	VBZ
cord-021959-1y67126b	197	15	more	more	RBR
cord-021959-1y67126b	197	16	realistic	realistic	JJ
cord-021959-1y67126b	197	17	.	.	.
cord-021959-1y67126b	198	1	Although	although	IN
cord-021959-1y67126b	198	2	many	many	JJ
cord-021959-1y67126b	198	3	textbooks	textbook	NNS
cord-021959-1y67126b	198	4	calculate	calculate	VBP
cord-021959-1y67126b	198	5	the	the	DT
cord-021959-1y67126b	198	6	cost	cost	NN
cord-021959-1y67126b	198	7	of	of	IN
cord-021959-1y67126b	198	8	debt	debt	NN
cord-021959-1y67126b	198	9	as	as	IN
cord-021959-1y67126b	198	10	promised	promise	VBN
cord-021959-1y67126b	198	11	yield	yield	NN
cord-021959-1y67126b	198	12	,	,	,
cord-021959-1y67126b	198	13	it	-PRON-	PRP
cord-021959-1y67126b	198	14	should	should	MD
cord-021959-1y67126b	198	15	be	be	VB
cord-021959-1y67126b	198	16	noted	note	VBN
cord-021959-1y67126b	198	17	that	that	IN
cord-021959-1y67126b	198	18	expected	expect	VBN
cord-021959-1y67126b	198	19	yield	yield	NN
cord-021959-1y67126b	198	20	is	be	VBZ
cord-021959-1y67126b	198	21	more	more	RBR
cord-021959-1y67126b	198	22	meaningful	meaningful	JJ
cord-021959-1y67126b	198	23	since	since	IN
cord-021959-1y67126b	198	24	it	-PRON-	PRP
cord-021959-1y67126b	198	25	includes	include	VBZ
cord-021959-1y67126b	198	26	not	not	RB
cord-021959-1y67126b	198	27	only	only	RB
cord-021959-1y67126b	198	28	the	the	DT
cord-021959-1y67126b	198	29	systematic	systematic	JJ
cord-021959-1y67126b	198	30	risk	risk	NN
cord-021959-1y67126b	198	31	of	of	IN
cord-021959-1y67126b	198	32	the	the	DT
cord-021959-1y67126b	198	33	market	market	NN
cord-021959-1y67126b	198	34	but	but	CC
cord-021959-1y67126b	198	35	also	also	RB
cord-021959-1y67126b	198	36	the	the	DT
cord-021959-1y67126b	198	37	firm	firm	JJ
cord-021959-1y67126b	198	38	-	-	HYPH
cord-021959-1y67126b	198	39	specific	specific	JJ
cord-021959-1y67126b	198	40	risk	risk	NN
cord-021959-1y67126b	198	41	of	of	IN
cord-021959-1y67126b	198	42	a	a	DT
cord-021959-1y67126b	198	43	given	give	VBN
cord-021959-1y67126b	198	44	firm	firm	NN
cord-021959-1y67126b	198	45	.	.	.
cord-021959-1y67126b	199	1	Another	another	DT
cord-021959-1y67126b	199	2	challenge	challenge	NN
cord-021959-1y67126b	199	3	for	for	IN
cord-021959-1y67126b	199	4	calculating	calculate	VBG
cord-021959-1y67126b	199	5	the	the	DT
cord-021959-1y67126b	199	6	cost	cost	NN
cord-021959-1y67126b	199	7	of	of	IN
cord-021959-1y67126b	199	8	debt	debt	NN
cord-021959-1y67126b	199	9	might	may	MD
cord-021959-1y67126b	199	10	occur	occur	VB
cord-021959-1y67126b	199	11	when	when	WRB
cord-021959-1y67126b	199	12	a	a	DT
cord-021959-1y67126b	199	13	firm	firm	NN
cord-021959-1y67126b	199	14	uses	use	VBZ
cord-021959-1y67126b	199	15	multiple	multiple	JJ
cord-021959-1y67126b	199	16	debt	debt	NN
cord-021959-1y67126b	199	17	instruments	instrument	NNS
cord-021959-1y67126b	199	18	(	(	-LRB-
cord-021959-1y67126b	199	19	e.g.	e.g.	RB
cord-021959-1y67126b	199	20	,	,	,
cord-021959-1y67126b	199	21	bank	bank	NN
cord-021959-1y67126b	199	22	loans	loan	NNS
cord-021959-1y67126b	199	23	,	,	,
cord-021959-1y67126b	199	24	commercial	commercial	JJ
cord-021959-1y67126b	199	25	papers	paper	NNS
cord-021959-1y67126b	199	26	,	,	,
cord-021959-1y67126b	199	27	bonds	bond	NNS
cord-021959-1y67126b	199	28	)	)	-RRB-
cord-021959-1y67126b	199	29	.	.	.
cord-021959-1y67126b	200	1	In	in	IN
cord-021959-1y67126b	200	2	this	this	DT
cord-021959-1y67126b	200	3	case	case	NN
cord-021959-1y67126b	200	4	,	,	,
cord-021959-1y67126b	200	5	it	-PRON-	PRP
cord-021959-1y67126b	200	6	may	may	MD
cord-021959-1y67126b	200	7	be	be	VB
cord-021959-1y67126b	200	8	fruitful	fruitful	JJ
cord-021959-1y67126b	200	9	to	to	TO
cord-021959-1y67126b	200	10	average	average	VB
cord-021959-1y67126b	200	11	the	the	DT
cord-021959-1y67126b	200	12	rate	rate	NN
cord-021959-1y67126b	200	13	of	of	IN
cord-021959-1y67126b	200	14	these	these	DT
cord-021959-1y67126b	200	15	instruments	instrument	NNS
cord-021959-1y67126b	200	16	based	base	VBN
cord-021959-1y67126b	200	17	on	on	IN
cord-021959-1y67126b	200	18	their	-PRON-	PRP$
cord-021959-1y67126b	200	19	weight	weight	NN
cord-021959-1y67126b	200	20	in	in	IN
cord-021959-1y67126b	200	21	the	the	DT
cord-021959-1y67126b	200	22	debt	debt	NN
cord-021959-1y67126b	200	23	portfolio	portfolio	NN
cord-021959-1y67126b	200	24	.	.	.
cord-021959-1y67126b	201	1	However	however	RB
cord-021959-1y67126b	201	2	,	,	,
cord-021959-1y67126b	201	3	an	an	DT
cord-021959-1y67126b	201	4	easier	easy	JJR
cord-021959-1y67126b	201	5	and	and	CC
cord-021959-1y67126b	201	6	more	more	RBR
cord-021959-1y67126b	201	7	simplistic	simplistic	JJ
cord-021959-1y67126b	201	8	approach	approach	NN
cord-021959-1y67126b	201	9	would	would	MD
cord-021959-1y67126b	201	10	be	be	VB
cord-021959-1y67126b	201	11	to	to	TO
cord-021959-1y67126b	201	12	use	use	VB
cord-021959-1y67126b	201	13	the	the	DT
cord-021959-1y67126b	201	14	"	"	``
cord-021959-1y67126b	201	15	generic	generic	JJ
cord-021959-1y67126b	201	16	long	long	JJ
cord-021959-1y67126b	201	17	-	-	HYPH
cord-021959-1y67126b	201	18	term	term	NN
cord-021959-1y67126b	201	19	debt	debt	NN
cord-021959-1y67126b	201	20	"	"	''
cord-021959-1y67126b	201	21	rate	rate	NN
cord-021959-1y67126b	201	22	which	which	WDT
cord-021959-1y67126b	201	23	can	can	MD
cord-021959-1y67126b	201	24	be	be	VB
cord-021959-1y67126b	201	25	calculated	calculate	VBN
cord-021959-1y67126b	201	26	from	from	IN
cord-021959-1y67126b	201	27	the	the	DT
cord-021959-1y67126b	201	28	current	current	JJ
cord-021959-1y67126b	201	29	rate	rate	NN
cord-021959-1y67126b	201	30	of	of	IN
cord-021959-1y67126b	201	31	a	a	DT
cord-021959-1y67126b	201	32	company	company	NN
cord-021959-1y67126b	201	33	's	's	POS
cord-021959-1y67126b	201	34	bond	bond	NN
cord-021959-1y67126b	201	35	or	or	CC
cord-021959-1y67126b	201	36	current	current	JJ
cord-021959-1y67126b	201	37	rate	rate	NN
cord-021959-1y67126b	201	38	at	at	IN
cord-021959-1y67126b	201	39	which	which	WDT
cord-021959-1y67126b	201	40	the	the	DT
cord-021959-1y67126b	201	41	company	company	NN
cord-021959-1y67126b	201	42	can	can	MD
cord-021959-1y67126b	201	43	borrow	borrow	VB
cord-021959-1y67126b	201	44	a	a	DT
cord-021959-1y67126b	201	45	longterm	longterm	JJ
cord-021959-1y67126b	201	46	loan	loan	NN
cord-021959-1y67126b	201	47	(	(	-LRB-
cord-021959-1y67126b	201	48	Ogier	Ogier	NNP
cord-021959-1y67126b	201	49	et	et	NNP
cord-021959-1y67126b	201	50	al	al	NNP
cord-021959-1y67126b	201	51	.	.	NNP
cord-021959-1y67126b	201	52	,	,	,
cord-021959-1y67126b	201	53	2004	2004	CD
cord-021959-1y67126b	201	54	)	)	-RRB-
cord-021959-1y67126b	201	55	.	.	.
cord-021959-1y67126b	202	1	Last	last	RB
cord-021959-1y67126b	202	2	,	,	,
cord-021959-1y67126b	202	3	to	to	TO
cord-021959-1y67126b	202	4	estimate	estimate	VB
cord-021959-1y67126b	202	5	the	the	DT
cord-021959-1y67126b	202	6	cost	cost	NN
cord-021959-1y67126b	202	7	of	of	IN
cord-021959-1y67126b	202	8	debt	debt	NN
cord-021959-1y67126b	202	9	,	,	,
cord-021959-1y67126b	202	10	the	the	DT
cord-021959-1y67126b	202	11	issue	issue	NN
cord-021959-1y67126b	202	12	of	of	IN
cord-021959-1y67126b	202	13	tax	tax	NN
cord-021959-1y67126b	202	14	shield	shield	NN
cord-021959-1y67126b	202	15	should	should	MD
cord-021959-1y67126b	202	16	be	be	VB
cord-021959-1y67126b	202	17	given	give	VBN
cord-021959-1y67126b	202	18	a	a	DT
cord-021959-1y67126b	202	19	close	close	JJ
cord-021959-1y67126b	202	20	consideration	consideration	NN
cord-021959-1y67126b	202	21	.	.	.
cord-021959-1y67126b	203	1	For	for	IN
cord-021959-1y67126b	203	2	instance	instance	NN
cord-021959-1y67126b	203	3	,	,	,
cord-021959-1y67126b	203	4	although	although	IN
cord-021959-1y67126b	203	5	the	the	DT
cord-021959-1y67126b	203	6	majority	majority	NN
cord-021959-1y67126b	203	7	of	of	IN
cord-021959-1y67126b	203	8	the	the	DT
cord-021959-1y67126b	203	9	finance	finance	NN
cord-021959-1y67126b	203	10	textbooks	textbook	NNS
cord-021959-1y67126b	203	11	use	use	VBP
cord-021959-1y67126b	203	12	35	35	CD
cord-021959-1y67126b	203	13	or	or	CC
cord-021959-1y67126b	203	14	40	40	CD
cord-021959-1y67126b	203	15	%	%	NN
cord-021959-1y67126b	203	16	as	as	IN
cord-021959-1y67126b	203	17	an	an	DT
cord-021959-1y67126b	203	18	average	average	NN
cord-021959-1y67126b	203	19	for	for	IN
cord-021959-1y67126b	203	20	corporate	corporate	JJ
cord-021959-1y67126b	203	21	tax	tax	NN
cord-021959-1y67126b	203	22	rate	rate	NN
cord-021959-1y67126b	203	23	in	in	IN
cord-021959-1y67126b	203	24	the	the	DT
cord-021959-1y67126b	203	25	United	United	NNP
cord-021959-1y67126b	203	26	States	States	NNP
cord-021959-1y67126b	203	27	,	,	,
cord-021959-1y67126b	203	28	it	-PRON-	PRP
cord-021959-1y67126b	203	29	is	be	VBZ
cord-021959-1y67126b	203	30	common	common	JJ
cord-021959-1y67126b	203	31	occurrence	occurrence	NN
cord-021959-1y67126b	203	32	to	to	TO
cord-021959-1y67126b	203	33	observe	observe	VB
cord-021959-1y67126b	203	34	companies	company	NNS
cord-021959-1y67126b	203	35	whose	whose	WP$
cord-021959-1y67126b	203	36	effective	effective	JJ
cord-021959-1y67126b	203	37	corporate	corporate	JJ
cord-021959-1y67126b	203	38	tax	tax	NN
cord-021959-1y67126b	203	39	rate	rate	NN
cord-021959-1y67126b	203	40	is	be	VBZ
cord-021959-1y67126b	203	41	often	often	RB
cord-021959-1y67126b	203	42	lower	low	JJR
cord-021959-1y67126b	203	43	than	than	IN
cord-021959-1y67126b	203	44	the	the	DT
cord-021959-1y67126b	203	45	statutory	statutory	JJ
cord-021959-1y67126b	203	46	rate	rate	NN
cord-021959-1y67126b	203	47	.	.	.
cord-021959-1y67126b	204	1	Here	here	RB
cord-021959-1y67126b	204	2	,	,	,
cord-021959-1y67126b	204	3	an	an	DT
cord-021959-1y67126b	204	4	executive	executive	NN
cord-021959-1y67126b	204	5	should	should	MD
cord-021959-1y67126b	204	6	assess	assess	VB
cord-021959-1y67126b	204	7	the	the	DT
cord-021959-1y67126b	204	8	situation	situation	NN
cord-021959-1y67126b	204	9	and	and	CC
cord-021959-1y67126b	204	10	decide	decide	VB
cord-021959-1y67126b	204	11	whether	whether	IN
cord-021959-1y67126b	204	12	the	the	DT
cord-021959-1y67126b	204	13	effective	effective	JJ
cord-021959-1y67126b	204	14	tax	tax	NN
cord-021959-1y67126b	204	15	rate	rate	NN
cord-021959-1y67126b	204	16	trend	trend	NN
cord-021959-1y67126b	204	17	is	be	VBZ
cord-021959-1y67126b	204	18	expected	expect	VBN
cord-021959-1y67126b	204	19	to	to	TO
cord-021959-1y67126b	204	20	continue	continue	VB
cord-021959-1y67126b	204	21	to	to	TO
cord-021959-1y67126b	204	22	be	be	VB
cord-021959-1y67126b	204	23	below	below	IN
cord-021959-1y67126b	204	24	the	the	DT
cord-021959-1y67126b	204	25	statutory	statutory	JJ
cord-021959-1y67126b	204	26	corporate	corporate	JJ
cord-021959-1y67126b	204	27	tax	tax	NN
cord-021959-1y67126b	204	28	rate	rate	NN
cord-021959-1y67126b	204	29	in	in	IN
cord-021959-1y67126b	204	30	the	the	DT
cord-021959-1y67126b	204	31	long	long	JJ
cord-021959-1y67126b	204	32	term	term	NN
cord-021959-1y67126b	204	33	.	.	.
cord-021959-1y67126b	205	1	If	if	IN
cord-021959-1y67126b	205	2	that	that	DT
cord-021959-1y67126b	205	3	is	be	VBZ
cord-021959-1y67126b	205	4	the	the	DT
cord-021959-1y67126b	205	5	case	case	NN
cord-021959-1y67126b	205	6	,	,	,
cord-021959-1y67126b	205	7	then	then	RB
cord-021959-1y67126b	205	8	he	-PRON-	PRP
cord-021959-1y67126b	205	9	/	/	SYM
cord-021959-1y67126b	205	10	she	-PRON-	PRP
cord-021959-1y67126b	205	11	should	should	MD
cord-021959-1y67126b	205	12	use	use	VB
cord-021959-1y67126b	205	13	the	the	DT
cord-021959-1y67126b	205	14	effective	effective	JJ
cord-021959-1y67126b	205	15	tax	tax	NN
cord-021959-1y67126b	205	16	rate	rate	NN
cord-021959-1y67126b	205	17	in	in	IN
cord-021959-1y67126b	205	18	calculating	calculate	VBG
cord-021959-1y67126b	205	19	the	the	DT
cord-021959-1y67126b	205	20	cost	cost	NN
cord-021959-1y67126b	205	21	of	of	IN
cord-021959-1y67126b	205	22	debt	debt	NN
cord-021959-1y67126b	205	23	.	.	.
cord-021959-1y67126b	206	1	However	however	RB
cord-021959-1y67126b	206	2	,	,	,
cord-021959-1y67126b	206	3	if	if	IN
cord-021959-1y67126b	206	4	a	a	DT
cord-021959-1y67126b	206	5	low	low	JJ
cord-021959-1y67126b	206	6	effective	effective	JJ
cord-021959-1y67126b	206	7	tax	tax	NN
cord-021959-1y67126b	206	8	rate	rate	NN
cord-021959-1y67126b	206	9	is	be	VBZ
cord-021959-1y67126b	206	10	a	a	DT
cord-021959-1y67126b	206	11	short	short	JJ
cord-021959-1y67126b	206	12	-	-	HYPH
cord-021959-1y67126b	206	13	term	term	NN
cord-021959-1y67126b	206	14	occurrence	occurrence	NN
cord-021959-1y67126b	206	15	,	,	,
cord-021959-1y67126b	206	16	then	then	RB
cord-021959-1y67126b	206	17	a	a	DT
cord-021959-1y67126b	206	18	given	give	VBN
cord-021959-1y67126b	206	19	firm	firm	NN
cord-021959-1y67126b	206	20	should	should	MD
cord-021959-1y67126b	206	21	use	use	VB
cord-021959-1y67126b	206	22	the	the	DT
cord-021959-1y67126b	206	23	statutory	statutory	JJ
cord-021959-1y67126b	206	24	corporate	corporate	JJ
cord-021959-1y67126b	206	25	tax	tax	NN
cord-021959-1y67126b	206	26	rate	rate	NN
cord-021959-1y67126b	206	27	instead	instead	RB
cord-021959-1y67126b	207	1	(	(	-LRB-
cord-021959-1y67126b	207	2	Ogier	Ogier	NNP
cord-021959-1y67126b	207	3	et	et	NNP
cord-021959-1y67126b	207	4	al	al	NNP
cord-021959-1y67126b	207	5	.	.	.
cord-021959-1y67126b	208	1	,	,	,
cord-021959-1y67126b	208	2	2004	2004	CD
cord-021959-1y67126b	208	3	)	)	-RRB-
cord-021959-1y67126b	208	4	.	.	.
cord-021959-1y67126b	209	1	Hospitality	hospitality	NN
cord-021959-1y67126b	209	2	industry	industry	NN
cord-021959-1y67126b	209	3	is	be	VBZ
cord-021959-1y67126b	209	4	part	part	NN
cord-021959-1y67126b	209	5	of	of	IN
cord-021959-1y67126b	209	6	the	the	DT
cord-021959-1y67126b	209	7	overall	overall	JJ
cord-021959-1y67126b	209	8	service	service	NN
cord-021959-1y67126b	209	9	sector	sector	NN
cord-021959-1y67126b	209	10	and	and	CC
cord-021959-1y67126b	209	11	is	be	VBZ
cord-021959-1y67126b	209	12	dependent	dependent	JJ
cord-021959-1y67126b	209	13	on	on	IN
cord-021959-1y67126b	209	14	human	human	JJ
cord-021959-1y67126b	209	15	capital	capital	NN
cord-021959-1y67126b	209	16	in	in	IN
cord-021959-1y67126b	209	17	order	order	NN
cord-021959-1y67126b	209	18	to	to	TO
cord-021959-1y67126b	209	19	maintain	maintain	VB
cord-021959-1y67126b	209	20	and	and	CC
cord-021959-1y67126b	209	21	grow	grow	VB
cord-021959-1y67126b	209	22	its	-PRON-	PRP$
cord-021959-1y67126b	209	23	operations	operation	NNS
cord-021959-1y67126b	209	24	.	.	.
cord-021959-1y67126b	210	1	In	in	IN
cord-021959-1y67126b	210	2	an	an	DT
cord-021959-1y67126b	210	3	increasingly	increasingly	RB
cord-021959-1y67126b	210	4	competitive	competitive	JJ
cord-021959-1y67126b	210	5	environment	environment	NN
cord-021959-1y67126b	210	6	,	,	,
cord-021959-1y67126b	210	7	the	the	DT
cord-021959-1y67126b	210	8	human	human	JJ
cord-021959-1y67126b	210	9	factor	factor	NN
cord-021959-1y67126b	210	10	becomes	become	VBZ
cord-021959-1y67126b	210	11	one	one	CD
cord-021959-1y67126b	210	12	of	of	IN
cord-021959-1y67126b	210	13	the	the	DT
cord-021959-1y67126b	210	14	keys	key	NNS
cord-021959-1y67126b	210	15	in	in	IN
cord-021959-1y67126b	210	16	creating	create	VBG
cord-021959-1y67126b	210	17	sustainable	sustainable	JJ
cord-021959-1y67126b	210	18	competitive	competitive	JJ
cord-021959-1y67126b	210	19	advantage	advantage	NN
cord-021959-1y67126b	210	20	.	.	.
cord-021959-1y67126b	211	1	Therefore	therefore	RB
cord-021959-1y67126b	211	2	,	,	,
cord-021959-1y67126b	211	3	Murphy	Murphy	NNP
cord-021959-1y67126b	211	4	(	(	-LRB-
cord-021959-1y67126b	211	5	2003	2003	CD
cord-021959-1y67126b	211	6	)	)	-RRB-
cord-021959-1y67126b	211	7	stated	state	VBD
cord-021959-1y67126b	211	8	that	that	IN
cord-021959-1y67126b	211	9	the	the	DT
cord-021959-1y67126b	211	10	hospitality	hospitality	NN
cord-021959-1y67126b	211	11	industry	industry	NN
cord-021959-1y67126b	211	12	should	should	MD
cord-021959-1y67126b	211	13	learn	learn	VB
cord-021959-1y67126b	211	14	to	to	TO
cord-021959-1y67126b	211	15	view	view	VB
cord-021959-1y67126b	211	16	its	-PRON-	PRP$
cord-021959-1y67126b	211	17	employees	employee	NNS
cord-021959-1y67126b	211	18	from	from	IN
cord-021959-1y67126b	211	19	a	a	DT
cord-021959-1y67126b	211	20	new	new	JJ
cord-021959-1y67126b	211	21	paradigm	paradigm	NN
cord-021959-1y67126b	211	22	that	that	IN
cord-021959-1y67126b	211	23	human	human	JJ
cord-021959-1y67126b	211	24	capital	capital	NN
cord-021959-1y67126b	211	25	is	be	VBZ
cord-021959-1y67126b	211	26	a	a	DT
cord-021959-1y67126b	211	27	strategic	strategic	JJ
cord-021959-1y67126b	211	28	intangible	intangible	JJ
cord-021959-1y67126b	211	29	asset	asset	NN
cord-021959-1y67126b	211	30	(	(	-LRB-
cord-021959-1y67126b	211	31	knowledge	knowledge	NN
cord-021959-1y67126b	211	32	,	,	,
cord-021959-1y67126b	211	33	experience	experience	NN
cord-021959-1y67126b	211	34	,	,	,
cord-021959-1y67126b	211	35	skills	skill	NNS
cord-021959-1y67126b	211	36	,	,	,
cord-021959-1y67126b	211	37	etc	etc	FW
cord-021959-1y67126b	211	38	.	.	.
cord-021959-1y67126b	211	39	)	)	-RRB-
cord-021959-1y67126b	211	40	.	.	.
cord-021959-1y67126b	212	1	This	this	DT
cord-021959-1y67126b	212	2	implies	imply	VBZ
cord-021959-1y67126b	212	3	that	that	IN
cord-021959-1y67126b	212	4	,	,	,
cord-021959-1y67126b	212	5	like	like	IN
cord-021959-1y67126b	212	6	other	other	JJ
cord-021959-1y67126b	212	7	assets	asset	NNS
cord-021959-1y67126b	212	8	,	,	,
cord-021959-1y67126b	212	9	it	-PRON-	PRP
cord-021959-1y67126b	212	10	is	be	VBZ
cord-021959-1y67126b	212	11	an	an	DT
cord-021959-1y67126b	212	12	important	important	JJ
cord-021959-1y67126b	212	13	determinant	determinant	NN
cord-021959-1y67126b	212	14	of	of	IN
cord-021959-1y67126b	212	15	firm	firm	JJ
cord-021959-1y67126b	212	16	value	value	NN
cord-021959-1y67126b	212	17	.	.	.
cord-021959-1y67126b	213	1	However	however	RB
cord-021959-1y67126b	213	2	,	,	,
cord-021959-1y67126b	213	3	studies	study	NNS
cord-021959-1y67126b	213	4	have	have	VBP
cord-021959-1y67126b	213	5	concluded	conclude	VBN
cord-021959-1y67126b	213	6	that	that	IN
cord-021959-1y67126b	213	7	"	"	``
cord-021959-1y67126b	213	8	the	the	DT
cord-021959-1y67126b	213	9	research	research	NN
cord-021959-1y67126b	213	10	of	of	IN
cord-021959-1y67126b	213	11	human	human	JJ
cord-021959-1y67126b	213	12	resources	resource	NNS
cord-021959-1y67126b	213	13	expenditures	expenditure	NNS
cord-021959-1y67126b	213	14	"	"	''
cord-021959-1y67126b	213	15	is	be	VBZ
cord-021959-1y67126b	213	16	in	in	IN
cord-021959-1y67126b	213	17	its	-PRON-	PRP$
cord-021959-1y67126b	213	18	infancy	infancy	NN
cord-021959-1y67126b	213	19	and	and	CC
cord-021959-1y67126b	213	20	is	be	VBZ
cord-021959-1y67126b	213	21	seriously	seriously	RB
cord-021959-1y67126b	213	22	hampered	hamper	VBN
cord-021959-1y67126b	213	23	by	by	IN
cord-021959-1y67126b	213	24	the	the	DT
cord-021959-1y67126b	213	25	absence	absence	NN
cord-021959-1y67126b	213	26	of	of	IN
cord-021959-1y67126b	213	27	publicly	publicly	RB
cord-021959-1y67126b	213	28	disclosed	disclose	VBN
cord-021959-1y67126b	213	29	corporate	corporate	JJ
cord-021959-1y67126b	213	30	data	datum	NNS
cord-021959-1y67126b	213	31	on	on	IN
cord-021959-1y67126b	213	32	human	human	JJ
cord-021959-1y67126b	213	33	resources	resource	NNS
cord-021959-1y67126b	213	34	(	(	-LRB-
cord-021959-1y67126b	213	35	Lev	Lev	NNP
cord-021959-1y67126b	213	36	,	,	,
cord-021959-1y67126b	213	37	2001	2001	CD
cord-021959-1y67126b	213	38	)	)	-RRB-
cord-021959-1y67126b	213	39	.	.	.
cord-021959-1y67126b	214	1	Caroll	Caroll	NNP
cord-021959-1y67126b	214	2	and	and	CC
cord-021959-1y67126b	214	3	Sikich	Sikich	NNP
cord-021959-1y67126b	214	4	(	(	-LRB-
cord-021959-1y67126b	214	5	1999	1999	CD
cord-021959-1y67126b	214	6	)	)	-RRB-
cord-021959-1y67126b	214	7	argued	argue	VBD
cord-021959-1y67126b	214	8	that	that	IN
cord-021959-1y67126b	214	9	keeping	keep	VBG
cord-021959-1y67126b	214	10	track	track	NN
cord-021959-1y67126b	214	11	of	of	IN
cord-021959-1y67126b	214	12	at	at	IN
cord-021959-1y67126b	214	13	least	least	JJS
cord-021959-1y67126b	214	14	a	a	DT
cord-021959-1y67126b	214	15	3-year	3-year	CD
cord-021959-1y67126b	214	16	history	history	NN
cord-021959-1y67126b	214	17	of	of	IN
cord-021959-1y67126b	214	18	labour	labour	NN
cord-021959-1y67126b	214	19	costs	cost	NNS
cord-021959-1y67126b	214	20	would	would	MD
cord-021959-1y67126b	214	21	serve	serve	VB
cord-021959-1y67126b	214	22	to	to	TO
cord-021959-1y67126b	214	23	identify	identify	VB
cord-021959-1y67126b	214	24	the	the	DT
cord-021959-1y67126b	214	25	dollar	dollar	NN
cord-021959-1y67126b	214	26	value	value	NN
cord-021959-1y67126b	214	27	of	of	IN
cord-021959-1y67126b	214	28	"	"	``
cord-021959-1y67126b	214	29	premium	premium	JJ
cord-021959-1y67126b	214	30	"	"	''
cord-021959-1y67126b	214	31	labour	labour	NN
cord-021959-1y67126b	214	32	-	-	HYPH
cord-021959-1y67126b	214	33	related	relate	VBN
cord-021959-1y67126b	214	34	costs	cost	NNS
cord-021959-1y67126b	214	35	,	,	,
cord-021959-1y67126b	214	36	which	which	WDT
cord-021959-1y67126b	214	37	could	could	MD
cord-021959-1y67126b	214	38	be	be	VB
cord-021959-1y67126b	214	39	thought	think	VBN
cord-021959-1y67126b	214	40	of	of	IN
cord-021959-1y67126b	214	41	as	as	RB
cord-021959-1y67126b	214	42	all	all	DT
cord-021959-1y67126b	214	43	labour	labour	NN
cord-021959-1y67126b	214	44	/	/	SYM
cord-021959-1y67126b	214	45	benefit	benefit	NN
cord-021959-1y67126b	214	46	costs	cost	NNS
cord-021959-1y67126b	214	47	above	above	IN
cord-021959-1y67126b	214	48	federally	federally	RB
cord-021959-1y67126b	214	49	mandated	mandate	VBN
cord-021959-1y67126b	214	50	minimum	minimum	JJ
cord-021959-1y67126b	214	51	wage	wage	NN
cord-021959-1y67126b	214	52	.	.	.
cord-021959-1y67126b	215	1	Other	other	JJ
cord-021959-1y67126b	215	2	techniques	technique	NNS
cord-021959-1y67126b	215	3	proposed	propose	VBN
cord-021959-1y67126b	215	4	by	by	IN
cord-021959-1y67126b	215	5	the	the	DT
cord-021959-1y67126b	215	6	authors	author	NNS
cord-021959-1y67126b	215	7	were	be	VBD
cord-021959-1y67126b	215	8	(	(	-LRB-
cord-021959-1y67126b	215	9	1	1	CD
cord-021959-1y67126b	215	10	)	)	-RRB-
cord-021959-1y67126b	215	11	to	to	TO
cord-021959-1y67126b	215	12	design	design	VB
cord-021959-1y67126b	215	13	a	a	DT
cord-021959-1y67126b	215	14	scoring	scoring	NN
cord-021959-1y67126b	215	15	system	system	NN
cord-021959-1y67126b	215	16	that	that	WDT
cord-021959-1y67126b	215	17	illustrates	illustrate	VBZ
cord-021959-1y67126b	215	18	productivity	productivity	NN
cord-021959-1y67126b	215	19	versus	versus	IN
cord-021959-1y67126b	215	20	both	both	CC
cord-021959-1y67126b	215	21	baseline	baseline	NN
cord-021959-1y67126b	215	22	and	and	CC
cord-021959-1y67126b	215	23	premium	premium	NN
cord-021959-1y67126b	215	24	labour	labour	NN
cord-021959-1y67126b	215	25	/	/	SYM
cord-021959-1y67126b	215	26	benefit	benefit	NN
cord-021959-1y67126b	215	27	costs	cost	NNS
cord-021959-1y67126b	215	28	by	by	IN
cord-021959-1y67126b	215	29	departments	department	NNS
cord-021959-1y67126b	215	30	,	,	,
cord-021959-1y67126b	215	31	and	and	CC
cord-021959-1y67126b	215	32	(	(	-LRB-
cord-021959-1y67126b	215	33	2	2	LS
cord-021959-1y67126b	215	34	)	)	-RRB-
cord-021959-1y67126b	215	35	to	to	TO
cord-021959-1y67126b	215	36	establish	establish	VB
cord-021959-1y67126b	215	37	metrics	metric	NNS
cord-021959-1y67126b	215	38	to	to	TO
cord-021959-1y67126b	215	39	determine	determine	VB
cord-021959-1y67126b	215	40	a	a	DT
cord-021959-1y67126b	215	41	productivity	productivity	NN
cord-021959-1y67126b	215	42	level	level	NN
cord-021959-1y67126b	215	43	for	for	IN
cord-021959-1y67126b	215	44	guest	guest	NN
cord-021959-1y67126b	215	45	experience	experience	NN
cord-021959-1y67126b	215	46	standards	standard	NNS
cord-021959-1y67126b	215	47	,	,	,
cord-021959-1y67126b	215	48	facilities	facility	NNS
cord-021959-1y67126b	215	49	standards	standard	NNS
cord-021959-1y67126b	215	50	,	,	,
cord-021959-1y67126b	215	51	and	and	CC
cord-021959-1y67126b	215	52	targeted	target	VBN
cord-021959-1y67126b	215	53	revenue	revenue	NN
cord-021959-1y67126b	215	54	improvements	improvement	NNS
cord-021959-1y67126b	215	55	on	on	IN
cord-021959-1y67126b	215	56	a	a	DT
cord-021959-1y67126b	215	57	department	department	NN
cord-021959-1y67126b	215	58	-	-	HYPH
cord-021959-1y67126b	215	59	by	by	IN
cord-021959-1y67126b	215	60	-	-	HYPH
cord-021959-1y67126b	215	61	department	department	NN
cord-021959-1y67126b	215	62	basis	basis	NN
cord-021959-1y67126b	215	63	.	.	.
cord-021959-1y67126b	216	1	Bloxham	Bloxham	NNP
cord-021959-1y67126b	216	2	(	(	-LRB-
cord-021959-1y67126b	216	3	2003	2003	CD
cord-021959-1y67126b	216	4	)	)	-RRB-
cord-021959-1y67126b	216	5	advocated	advocate	VBD
cord-021959-1y67126b	216	6	adjustments	adjustment	NNS
cord-021959-1y67126b	216	7	to	to	IN
cord-021959-1y67126b	216	8	certain	certain	JJ
cord-021959-1y67126b	216	9	human	human	JJ
cord-021959-1y67126b	216	10	resource	resource	NN
cord-021959-1y67126b	216	11	expenditures	expenditure	NNS
cord-021959-1y67126b	216	12	to	to	TO
cord-021959-1y67126b	216	13	capitalize	capitalize	VB
cord-021959-1y67126b	216	14	them	-PRON-	PRP
cord-021959-1y67126b	216	15	over	over	IN
cord-021959-1y67126b	216	16	the	the	DT
cord-021959-1y67126b	216	17	time	time	NN
cord-021959-1y67126b	216	18	of	of	IN
cord-021959-1y67126b	216	19	the	the	DT
cord-021959-1y67126b	216	20	investment	investment	NN
cord-021959-1y67126b	216	21	.	.	.
cord-021959-1y67126b	217	1	In	in	IN
cord-021959-1y67126b	217	2	that	that	DT
cord-021959-1y67126b	217	3	approach	approach	NN
cord-021959-1y67126b	217	4	,	,	,
cord-021959-1y67126b	217	5	one	one	CD
cord-021959-1y67126b	217	6	-	-	HYPH
cord-021959-1y67126b	217	7	time	time	NN
cord-021959-1y67126b	217	8	human	human	JJ
cord-021959-1y67126b	217	9	resources	resource	NNS
cord-021959-1y67126b	217	10	costs	cost	NNS
cord-021959-1y67126b	217	11	are	be	VBP
cord-021959-1y67126b	217	12	amortized	amortize	VBN
cord-021959-1y67126b	217	13	and	and	CC
cord-021959-1y67126b	217	14	capitalized	capitalize	VBN
cord-021959-1y67126b	217	15	in	in	IN
cord-021959-1y67126b	217	16	the	the	DT
cord-021959-1y67126b	217	17	value	value	NN
cord-021959-1y67126b	217	18	creation	creation	NN
cord-021959-1y67126b	217	19	equation	equation	NN
cord-021959-1y67126b	217	20	in	in	IN
cord-021959-1y67126b	217	21	an	an	DT
cord-021959-1y67126b	217	22	effort	effort	NN
cord-021959-1y67126b	217	23	to	to	TO
cord-021959-1y67126b	217	24	demonstrate	demonstrate	VB
cord-021959-1y67126b	217	25	that	that	IN
cord-021959-1y67126b	217	26	human	human	JJ
cord-021959-1y67126b	217	27	capital	capital	NN
cord-021959-1y67126b	217	28	investments	investment	NNS
cord-021959-1y67126b	217	29	go	go	VBP
cord-021959-1y67126b	217	30	beyond	beyond	IN
cord-021959-1y67126b	217	31	being	be	VBG
cord-021959-1y67126b	217	32	a	a	DT
cord-021959-1y67126b	217	33	cost	cost	NN
cord-021959-1y67126b	217	34	item	item	NN
cord-021959-1y67126b	217	35	in	in	IN
cord-021959-1y67126b	217	36	the	the	DT
cord-021959-1y67126b	217	37	firms	firm	NNS
cord-021959-1y67126b	217	38	'	'	POS
cord-021959-1y67126b	217	39	operations	operation	NNS
cord-021959-1y67126b	217	40	.	.	.
cord-021959-1y67126b	218	1	These	these	DT
cord-021959-1y67126b	218	2	costs	cost	NNS
cord-021959-1y67126b	218	3	can	can	MD
cord-021959-1y67126b	218	4	include	include	VB
cord-021959-1y67126b	218	5	recruiting	recruit	VBG
cord-021959-1y67126b	218	6	,	,	,
cord-021959-1y67126b	218	7	interviewing	interviewing	NN
cord-021959-1y67126b	218	8	,	,	,
cord-021959-1y67126b	218	9	and	and	CC
cord-021959-1y67126b	218	10	hiring	hire	VBG
cord-021959-1y67126b	218	11	costs	cost	NNS
cord-021959-1y67126b	218	12	;	;	:
cord-021959-1y67126b	218	13	one	one	CD
cord-021959-1y67126b	218	14	-	-	HYPH
cord-021959-1y67126b	218	15	time	time	NN
cord-021959-1y67126b	218	16	hiring	hire	VBG
cord-021959-1y67126b	218	17	bonuses	bonus	NNS
cord-021959-1y67126b	218	18	and	and	CC
cord-021959-1y67126b	218	19	relocation	relocation	NN
cord-021959-1y67126b	218	20	expenses	expense	NNS
cord-021959-1y67126b	218	21	;	;	,
cord-021959-1y67126b	218	22	and	and	CC
cord-021959-1y67126b	218	23	training	training	NN
cord-021959-1y67126b	218	24	costs	cost	NNS
cord-021959-1y67126b	218	25	.	.	.
cord-021959-1y67126b	219	1	The	the	DT
cord-021959-1y67126b	219	2	costs	cost	NNS
cord-021959-1y67126b	219	3	are	be	VBP
cord-021959-1y67126b	219	4	capitalized	capitalize	VBN
cord-021959-1y67126b	219	5	and	and	CC
cord-021959-1y67126b	219	6	amortized	amortize	VBN
cord-021959-1y67126b	219	7	over	over	IN
cord-021959-1y67126b	219	8	the	the	DT
cord-021959-1y67126b	219	9	average	average	JJ
cord-021959-1y67126b	219	10	employee	employee	NN
cord-021959-1y67126b	219	11	tenure	tenure	NN
cord-021959-1y67126b	219	12	with	with	IN
cord-021959-1y67126b	219	13	the	the	DT
cord-021959-1y67126b	219	14	company	company	NN
cord-021959-1y67126b	219	15	.	.	.
cord-021959-1y67126b	220	1	In	in	IN
cord-021959-1y67126b	220	2	this	this	DT
cord-021959-1y67126b	220	3	case	case	NN
cord-021959-1y67126b	220	4	,	,	,
cord-021959-1y67126b	220	5	if	if	IN
cord-021959-1y67126b	220	6	employee	employee	NN
cord-021959-1y67126b	220	7	turnover	turnover	NN
cord-021959-1y67126b	220	8	is	be	VBZ
cord-021959-1y67126b	220	9	high	high	JJ
cord-021959-1y67126b	220	10	,	,	,
cord-021959-1y67126b	220	11	these	these	DT
cord-021959-1y67126b	220	12	costs	cost	NNS
cord-021959-1y67126b	220	13	would	would	MD
cord-021959-1y67126b	220	14	be	be	VB
cord-021959-1y67126b	220	15	amortized	amortize	VBN
cord-021959-1y67126b	220	16	over	over	IN
cord-021959-1y67126b	220	17	a	a	DT
cord-021959-1y67126b	220	18	shorter	short	JJR
cord-021959-1y67126b	220	19	time	time	NN
cord-021959-1y67126b	220	20	period	period	NN
cord-021959-1y67126b	220	21	(	(	-LRB-
cord-021959-1y67126b	220	22	thus	thus	RB
cord-021959-1y67126b	220	23	the	the	DT
cord-021959-1y67126b	220	24	costs	cost	NNS
cord-021959-1y67126b	220	25	will	will	MD
cord-021959-1y67126b	220	26	be	be	VB
cord-021959-1y67126b	220	27	higher	high	JJR
cord-021959-1y67126b	220	28	)	)	-RRB-
cord-021959-1y67126b	220	29	,	,	,
cord-021959-1y67126b	220	30	whereas	whereas	IN
cord-021959-1y67126b	220	31	the	the	DT
cord-021959-1y67126b	220	32	longer	long	JJR
cord-021959-1y67126b	220	33	tenure	tenure	NN
cord-021959-1y67126b	220	34	of	of	IN
cord-021959-1y67126b	220	35	the	the	DT
cord-021959-1y67126b	220	36	workforce	workforce	NN
cord-021959-1y67126b	220	37	will	will	MD
cord-021959-1y67126b	220	38	enable	enable	VB
cord-021959-1y67126b	220	39	the	the	DT
cord-021959-1y67126b	220	40	firm	firm	NN
cord-021959-1y67126b	220	41	to	to	TO
cord-021959-1y67126b	220	42	spread	spread	VB
cord-021959-1y67126b	220	43	the	the	DT
cord-021959-1y67126b	220	44	costs	cost	NNS
cord-021959-1y67126b	220	45	over	over	IN
cord-021959-1y67126b	220	46	a	a	DT
cord-021959-1y67126b	220	47	longer	long	JJR
cord-021959-1y67126b	220	48	period	period	NN
cord-021959-1y67126b	220	49	of	of	IN
cord-021959-1y67126b	220	50	time	time	NN
cord-021959-1y67126b	220	51	.	.	.
cord-021959-1y67126b	221	1	Kalafut	Kalafut	NNP
cord-021959-1y67126b	221	2	and	and	CC
cord-021959-1y67126b	221	3	Low	Low	NNP
cord-021959-1y67126b	221	4	(	(	-LRB-
cord-021959-1y67126b	221	5	2001	2001	CD
cord-021959-1y67126b	221	6	)	)	-RRB-
cord-021959-1y67126b	221	7	reported	report	VBD
cord-021959-1y67126b	221	8	that	that	IN
cord-021959-1y67126b	221	9	in	in	IN
cord-021959-1y67126b	221	10	a	a	DT
cord-021959-1y67126b	221	11	study	study	NN
cord-021959-1y67126b	221	12	of	of	IN
cord-021959-1y67126b	221	13	the	the	DT
cord-021959-1y67126b	221	14	airline	airline	NN
cord-021959-1y67126b	221	15	industry	industry	NN
cord-021959-1y67126b	221	16	conducted	conduct	VBN
cord-021959-1y67126b	221	17	by	by	IN
cord-021959-1y67126b	221	18	Cap	Cap	NNP
cord-021959-1y67126b	221	19	Gemini	Gemini	NNP
cord-021959-1y67126b	221	20	Ernst	Ernst	NNP
cord-021959-1y67126b	221	21	&	&	CC
cord-021959-1y67126b	221	22	Young	Young	NNP
cord-021959-1y67126b	221	23	's	's	POS
cord-021959-1y67126b	221	24	Center	Center	NNP
cord-021959-1y67126b	221	25	for	for	IN
cord-021959-1y67126b	221	26	Business	Business	NNP
cord-021959-1y67126b	221	27	Innovation	Innovation	NNP
cord-021959-1y67126b	221	28	(	(	-LRB-
cord-021959-1y67126b	221	29	CBI	CBI	NNP
cord-021959-1y67126b	221	30	)	)	-RRB-
cord-021959-1y67126b	221	31	,	,	,
cord-021959-1y67126b	221	32	the	the	DT
cord-021959-1y67126b	221	33	employee	employee	NN
cord-021959-1y67126b	221	34	category	category	NN
cord-021959-1y67126b	221	35	was	be	VBD
cord-021959-1y67126b	221	36	the	the	DT
cord-021959-1y67126b	221	37	single	single	JJ
cord-021959-1y67126b	221	38	greatest	great	JJS
cord-021959-1y67126b	221	39	value	value	NN
cord-021959-1y67126b	221	40	driver	driver	NN
cord-021959-1y67126b	221	41	that	that	WDT
cord-021959-1y67126b	221	42	had	have	VBD
cord-021959-1y67126b	221	43	an	an	DT
cord-021959-1y67126b	221	44	impact	impact	NN
cord-021959-1y67126b	221	45	on	on	IN
cord-021959-1y67126b	221	46	the	the	DT
cord-021959-1y67126b	221	47	firm	firm	NN
cord-021959-1y67126b	221	48	's	's	POS
cord-021959-1y67126b	221	49	market	market	NN
cord-021959-1y67126b	221	50	value	value	NN
cord-021959-1y67126b	221	51	.	.	.
cord-021959-1y67126b	222	1	The	the	DT
cord-021959-1y67126b	222	2	employee	employee	NN
cord-021959-1y67126b	222	3	factor	factor	NN
cord-021959-1y67126b	222	4	had	have	VBD
cord-021959-1y67126b	222	5	a	a	DT
cord-021959-1y67126b	222	6	positive	positive	JJ
cord-021959-1y67126b	222	7	correlation	correlation	NN
cord-021959-1y67126b	222	8	of	of	IN
cord-021959-1y67126b	222	9	0.68	0.68	CD
cord-021959-1y67126b	222	10	with	with	IN
cord-021959-1y67126b	222	11	the	the	DT
cord-021959-1y67126b	222	12	firm	firm	JJ
cord-021959-1y67126b	222	13	value	value	NN
cord-021959-1y67126b	222	14	.	.	.
cord-021959-1y67126b	223	1	Thus	thus	RB
cord-021959-1y67126b	223	2	,	,	,
cord-021959-1y67126b	223	3	Kalafut	Kalafut	NNP
cord-021959-1y67126b	223	4	and	and	CC
cord-021959-1y67126b	223	5	Low	Low	NNP
cord-021959-1y67126b	223	6	(	(	-LRB-
cord-021959-1y67126b	223	7	2001	2001	CD
cord-021959-1y67126b	223	8	)	)	-RRB-
cord-021959-1y67126b	223	9	conclude	conclude	VBP
cord-021959-1y67126b	223	10	that	that	IN
cord-021959-1y67126b	223	11	in	in	IN
cord-021959-1y67126b	223	12	the	the	DT
cord-021959-1y67126b	223	13	aggregate	aggregate	NN
cord-021959-1y67126b	223	14	,	,	,
cord-021959-1y67126b	223	15	quality	quality	NN
cord-021959-1y67126b	223	16	and	and	CC
cord-021959-1y67126b	223	17	the	the	DT
cord-021959-1y67126b	223	18	talent	talent	NN
cord-021959-1y67126b	223	19	of	of	IN
cord-021959-1y67126b	223	20	the	the	DT
cord-021959-1y67126b	223	21	workforce	workforce	NN
cord-021959-1y67126b	223	22	,	,	,
cord-021959-1y67126b	223	23	quality	quality	NN
cord-021959-1y67126b	223	24	of	of	IN
cord-021959-1y67126b	223	25	labour	labour	NN
cord-021959-1y67126b	223	26	management	management	NN
cord-021959-1y67126b	223	27	relations	relation	NNS
cord-021959-1y67126b	223	28	,	,	,
cord-021959-1y67126b	223	29	and	and	CC
cord-021959-1y67126b	223	30	diversity	diversity	NN
cord-021959-1y67126b	223	31	are	be	VBP
cord-021959-1y67126b	223	32	critically	critically	RB
cord-021959-1y67126b	223	33	important	important	JJ
cord-021959-1y67126b	223	34	in	in	IN
cord-021959-1y67126b	223	35	the	the	DT
cord-021959-1y67126b	223	36	value	value	NN
cord-021959-1y67126b	223	37	creation	creation	NN
cord-021959-1y67126b	223	38	process	process	NN
cord-021959-1y67126b	223	39	of	of	IN
cord-021959-1y67126b	223	40	the	the	DT
cord-021959-1y67126b	223	41	airline	airline	NN
cord-021959-1y67126b	223	42	companies	company	NNS
cord-021959-1y67126b	223	43	.	.	.
cord-021959-1y67126b	224	1	The	the	DT
cord-021959-1y67126b	224	2	arguments	argument	NNS
cord-021959-1y67126b	224	3	above	above	RB
cord-021959-1y67126b	224	4	can	can	MD
cord-021959-1y67126b	224	5	be	be	VB
cord-021959-1y67126b	224	6	justified	justify	VBN
cord-021959-1y67126b	224	7	on	on	IN
cord-021959-1y67126b	224	8	the	the	DT
cord-021959-1y67126b	224	9	grounds	ground	NNS
cord-021959-1y67126b	224	10	that	that	IN
cord-021959-1y67126b	224	11	higher	high	JJR
cord-021959-1y67126b	224	12	-	-	HYPH
cord-021959-1y67126b	224	13	quality	quality	NN
cord-021959-1y67126b	224	14	human	human	JJ
cord-021959-1y67126b	224	15	resources	resource	NNS
cord-021959-1y67126b	224	16	decrease	decrease	VBP
cord-021959-1y67126b	224	17	labour	labour	NN
cord-021959-1y67126b	224	18	turnover	turnover	NN
cord-021959-1y67126b	224	19	and	and	CC
cord-021959-1y67126b	224	20	increase	increase	VB
cord-021959-1y67126b	224	21	employee	employee	NN
cord-021959-1y67126b	224	22	productivity	productivity	NN
cord-021959-1y67126b	224	23	.	.	.
cord-021959-1y67126b	225	1	This	this	DT
cord-021959-1y67126b	225	2	results	result	VBZ
cord-021959-1y67126b	225	3	in	in	IN
cord-021959-1y67126b	225	4	better	well	JJR
cord-021959-1y67126b	225	5	organizational	organizational	JJ
cord-021959-1y67126b	225	6	performance	performance	NN
cord-021959-1y67126b	225	7	that	that	WDT
cord-021959-1y67126b	225	8	results	result	VBZ
cord-021959-1y67126b	225	9	in	in	IN
cord-021959-1y67126b	225	10	stabilization	stabilization	NN
cord-021959-1y67126b	225	11	of	of	IN
cord-021959-1y67126b	225	12	cash	cash	NN
cord-021959-1y67126b	225	13	flows	flow	NNS
cord-021959-1y67126b	225	14	which	which	WDT
cord-021959-1y67126b	225	15	in	in	IN
cord-021959-1y67126b	225	16	turn	turn	NN
cord-021959-1y67126b	225	17	decreases	decrease	VBZ
cord-021959-1y67126b	225	18	the	the	DT
cord-021959-1y67126b	225	19	uncertainty	uncertainty	NN
cord-021959-1y67126b	225	20	of	of	IN
cord-021959-1y67126b	225	21	firms	firm	NNS
cord-021959-1y67126b	225	22	'	'	POS
cord-021959-1y67126b	225	23	stock	stock	NN
cord-021959-1y67126b	225	24	returns	return	NNS
cord-021959-1y67126b	225	25	.	.	.
cord-021959-1y67126b	226	1	Therefore	therefore	RB
cord-021959-1y67126b	226	2	,	,	,
cord-021959-1y67126b	226	3	one	one	PRP
cord-021959-1y67126b	226	4	would	would	MD
cord-021959-1y67126b	226	5	expect	expect	VB
cord-021959-1y67126b	226	6	that	that	IN
cord-021959-1y67126b	226	7	hospitality	hospitality	NN
cord-021959-1y67126b	226	8	firms	firm	NNS
cord-021959-1y67126b	226	9	that	that	WDT
cord-021959-1y67126b	226	10	have	have	VBP
cord-021959-1y67126b	226	11	institutionalized	institutionalize	VBN
cord-021959-1y67126b	226	12	quality	quality	NN
cord-021959-1y67126b	226	13	human	human	JJ
cord-021959-1y67126b	226	14	resource	resource	NN
cord-021959-1y67126b	226	15	management	management	NN
cord-021959-1y67126b	226	16	practices	practice	NNS
cord-021959-1y67126b	226	17	would	would	MD
cord-021959-1y67126b	226	18	achieve	achieve	VB
cord-021959-1y67126b	226	19	a	a	DT
cord-021959-1y67126b	226	20	more	more	RBR
cord-021959-1y67126b	226	21	realistic	realistic	JJ
cord-021959-1y67126b	226	22	cost	cost	NN
cord-021959-1y67126b	226	23	of	of	IN
cord-021959-1y67126b	226	24	equity	equity	NN
cord-021959-1y67126b	226	25	estimates	estimate	NNS
cord-021959-1y67126b	226	26	that	that	WDT
cord-021959-1y67126b	226	27	reflect	reflect	VBP
cord-021959-1y67126b	226	28	the	the	DT
cord-021959-1y67126b	226	29	lower	low	JJR
cord-021959-1y67126b	226	30	risk	risk	NN
cord-021959-1y67126b	226	31	associated	associate	VBN
cord-021959-1y67126b	226	32	with	with	IN
cord-021959-1y67126b	226	33	these	these	DT
cord-021959-1y67126b	226	34	practices	practice	NNS
cord-021959-1y67126b	226	35	.	.	.
cord-021959-1y67126b	227	1	Although	although	IN
cord-021959-1y67126b	227	2	definitions	definition	NNS
cord-021959-1y67126b	227	3	of	of	IN
cord-021959-1y67126b	227	4	the	the	DT
cord-021959-1y67126b	227	5	concept	concept	NN
cord-021959-1y67126b	227	6	of	of	IN
cord-021959-1y67126b	227	7	brand	brand	NN
cord-021959-1y67126b	227	8	differ	differ	VBP
cord-021959-1y67126b	227	9	across	across	IN
cord-021959-1y67126b	227	10	the	the	DT
cord-021959-1y67126b	227	11	professional	professional	JJ
cord-021959-1y67126b	227	12	and	and	CC
cord-021959-1y67126b	227	13	trade	trade	NN
cord-021959-1y67126b	227	14	literature	literature	NN
cord-021959-1y67126b	227	15	,	,	,
cord-021959-1y67126b	227	16	the	the	DT
cord-021959-1y67126b	227	17	underlying	underlie	VBG
cord-021959-1y67126b	227	18	notion	notion	NN
cord-021959-1y67126b	227	19	is	be	VBZ
cord-021959-1y67126b	227	20	that	that	DT
cord-021959-1y67126b	227	21	of	of	IN
cord-021959-1y67126b	227	22	a	a	DT
cord-021959-1y67126b	227	23	distinctive	distinctive	JJ
cord-021959-1y67126b	227	24	name	name	NN
cord-021959-1y67126b	227	25	with	with	IN
cord-021959-1y67126b	227	26	which	which	WDT
cord-021959-1y67126b	227	27	the	the	DT
cord-021959-1y67126b	227	28	customer	customer	NN
cord-021959-1y67126b	227	29	has	have	VBZ
cord-021959-1y67126b	227	30	a	a	DT
cord-021959-1y67126b	227	31	higher	high	JJR
cord-021959-1y67126b	227	32	level	level	NN
cord-021959-1y67126b	227	33	of	of	IN
cord-021959-1y67126b	227	34	awareness	awareness	NN
cord-021959-1y67126b	227	35	and	and	CC
cord-021959-1y67126b	227	36	a	a	DT
cord-021959-1y67126b	227	37	willingness	willingness	NN
cord-021959-1y67126b	227	38	to	to	TO
cord-021959-1y67126b	227	39	pay	pay	VB
cord-021959-1y67126b	227	40	a	a	DT
cord-021959-1y67126b	227	41	higher	high	JJR
cord-021959-1y67126b	227	42	-	-	HYPH
cord-021959-1y67126b	227	43	thanotherwise	thanotherwise	NN
cord-021959-1y67126b	227	44	average	average	JJ
cord-021959-1y67126b	227	45	price	price	NN
cord-021959-1y67126b	227	46	or	or	CC
cord-021959-1y67126b	227	47	make	make	VB
cord-021959-1y67126b	227	48	a	a	DT
cord-021959-1y67126b	227	49	higher	high	JJR
cord-021959-1y67126b	227	50	-	-	HYPH
cord-021959-1y67126b	227	51	than	than	IN
cord-021959-1y67126b	227	52	-	-	HYPH
cord-021959-1y67126b	227	53	otherwise	otherwise	RB
cord-021959-1y67126b	227	54	purchase	purchase	NN
cord-021959-1y67126b	227	55	frequency	frequency	NN
cord-021959-1y67126b	227	56	(	(	-LRB-
cord-021959-1y67126b	227	57	Barth	Barth	NNP
cord-021959-1y67126b	227	58	et	et	NNP
cord-021959-1y67126b	227	59	al	al	NNP
cord-021959-1y67126b	227	60	.	.	NNP
cord-021959-1y67126b	227	61	,	,	,
cord-021959-1y67126b	227	62	1998	1998	CD
cord-021959-1y67126b	227	63	)	)	-RRB-
cord-021959-1y67126b	227	64	.	.	.
cord-021959-1y67126b	228	1	A	a	DT
cord-021959-1y67126b	228	2	brand	brand	NN
cord-021959-1y67126b	228	3	is	be	VBZ
cord-021959-1y67126b	228	4	the	the	DT
cord-021959-1y67126b	228	5	product	product	NN
cord-021959-1y67126b	228	6	or	or	CC
cord-021959-1y67126b	228	7	service	service	NN
cord-021959-1y67126b	228	8	of	of	IN
cord-021959-1y67126b	228	9	a	a	DT
cord-021959-1y67126b	228	10	particular	particular	JJ
cord-021959-1y67126b	228	11	supplier	supplier	NN
cord-021959-1y67126b	228	12	which	which	WDT
cord-021959-1y67126b	228	13	is	be	VBZ
cord-021959-1y67126b	228	14	differentiated	differentiate	VBN
cord-021959-1y67126b	228	15	by	by	IN
cord-021959-1y67126b	228	16	its	-PRON-	PRP$
cord-021959-1y67126b	228	17	name	name	NN
cord-021959-1y67126b	228	18	and	and	CC
cord-021959-1y67126b	228	19	perceived	perceive	VBD
cord-021959-1y67126b	228	20	expectations	expectation	NNS
cord-021959-1y67126b	228	21	on	on	IN
cord-021959-1y67126b	228	22	the	the	DT
cord-021959-1y67126b	228	23	part	part	NN
cord-021959-1y67126b	228	24	of	of	IN
cord-021959-1y67126b	228	25	the	the	DT
cord-021959-1y67126b	228	26	consumer	consumer	NN
cord-021959-1y67126b	228	27	.	.	.
cord-021959-1y67126b	229	1	Brands	brand	NNS
cord-021959-1y67126b	229	2	are	be	VBP
cord-021959-1y67126b	229	3	important	important	JJ
cord-021959-1y67126b	229	4	and	and	CC
cord-021959-1y67126b	229	5	valuable	valuable	JJ
cord-021959-1y67126b	229	6	because	because	IN
cord-021959-1y67126b	229	7	they	-PRON-	PRP
cord-021959-1y67126b	229	8	provide	provide	VBP
cord-021959-1y67126b	229	9	a	a	DT
cord-021959-1y67126b	229	10	"	"	``
cord-021959-1y67126b	229	11	certainty	certainty	NN
cord-021959-1y67126b	229	12	"	"	''
cord-021959-1y67126b	229	13	as	as	IN
cord-021959-1y67126b	229	14	to	to	IN
cord-021959-1y67126b	229	15	future	future	JJ
cord-021959-1y67126b	229	16	cash	cash	NN
cord-021959-1y67126b	229	17	flows	flow	NNS
cord-021959-1y67126b	229	18	(	(	-LRB-
cord-021959-1y67126b	229	19	Murphy	Murphy	NNP
cord-021959-1y67126b	229	20	,	,	,
cord-021959-1y67126b	229	21	1990	1990	CD
cord-021959-1y67126b	229	22	)	)	-RRB-
cord-021959-1y67126b	229	23	.	.	.
cord-021959-1y67126b	230	1	However	however	RB
cord-021959-1y67126b	230	2	,	,	,
cord-021959-1y67126b	230	3	since	since	IN
cord-021959-1y67126b	230	4	the	the	DT
cord-021959-1y67126b	230	5	task	task	NN
cord-021959-1y67126b	230	6	of	of	IN
cord-021959-1y67126b	230	7	estimating	estimate	VBG
cord-021959-1y67126b	230	8	brand	brand	NN
cord-021959-1y67126b	230	9	value	value	NN
cord-021959-1y67126b	230	10	is	be	VBZ
cord-021959-1y67126b	230	11	yet	yet	RB
cord-021959-1y67126b	230	12	an	an	DT
cord-021959-1y67126b	230	13	improbable	improbable	JJ
cord-021959-1y67126b	230	14	one	one	NN
cord-021959-1y67126b	230	15	,	,	,
cord-021959-1y67126b	230	16	its	-PRON-	PRP$
cord-021959-1y67126b	230	17	value	value	NN
cord-021959-1y67126b	230	18	is	be	VBZ
cord-021959-1y67126b	230	19	not	not	RB
cord-021959-1y67126b	230	20	specifically	specifically	RB
cord-021959-1y67126b	230	21	reflected	reflect	VBN
cord-021959-1y67126b	230	22	on	on	IN
cord-021959-1y67126b	230	23	the	the	DT
cord-021959-1y67126b	230	24	company	company	NN
cord-021959-1y67126b	230	25	's	's	POS
cord-021959-1y67126b	230	26	balance	balance	NN
cord-021959-1y67126b	230	27	sheet	sheet	NN
cord-021959-1y67126b	230	28	.	.	.
cord-021959-1y67126b	231	1	Yet	yet	RB
cord-021959-1y67126b	231	2	,	,	,
cord-021959-1y67126b	231	3	the	the	DT
cord-021959-1y67126b	231	4	lodging	lodging	NN
cord-021959-1y67126b	231	5	industry	industry	NN
cord-021959-1y67126b	231	6	has	have	VBZ
cord-021959-1y67126b	231	7	made	make	VBN
cord-021959-1y67126b	231	8	much	much	JJ
cord-021959-1y67126b	231	9	of	of	IN
cord-021959-1y67126b	231	10	the	the	DT
cord-021959-1y67126b	231	11	importance	importance	NN
cord-021959-1y67126b	231	12	of	of	IN
cord-021959-1y67126b	231	13	the	the	DT
cord-021959-1y67126b	231	14	value	value	NN
cord-021959-1y67126b	231	15	of	of	IN
cord-021959-1y67126b	231	16	the	the	DT
cord-021959-1y67126b	231	17	brand	brand	NN
cord-021959-1y67126b	231	18	but	but	CC
cord-021959-1y67126b	231	19	has	have	VBZ
cord-021959-1y67126b	231	20	not	not	RB
cord-021959-1y67126b	231	21	been	be	VBN
cord-021959-1y67126b	231	22	able	able	JJ
cord-021959-1y67126b	231	23	to	to	TO
cord-021959-1y67126b	231	24	unequivocally	unequivocally	RB
cord-021959-1y67126b	231	25	substantiate	substantiate	VB
cord-021959-1y67126b	231	26	the	the	DT
cord-021959-1y67126b	231	27	role	role	NN
cord-021959-1y67126b	231	28	of	of	IN
cord-021959-1y67126b	231	29	the	the	DT
cord-021959-1y67126b	231	30	brand	brand	NN
cord-021959-1y67126b	231	31	in	in	IN
cord-021959-1y67126b	231	32	reducing	reduce	VBG
cord-021959-1y67126b	231	33	the	the	DT
cord-021959-1y67126b	231	34	variance	variance	NN
cord-021959-1y67126b	231	35	in	in	IN
cord-021959-1y67126b	231	36	firm	firm	JJ
cord-021959-1y67126b	231	37	cash	cash	NN
cord-021959-1y67126b	231	38	flows	flow	NNS
cord-021959-1y67126b	231	39	,	,	,
cord-021959-1y67126b	231	40	and	and	CC
cord-021959-1y67126b	231	41	thus	thus	RB
cord-021959-1y67126b	231	42	contributing	contribute	VBG
cord-021959-1y67126b	231	43	to	to	IN
cord-021959-1y67126b	231	44	lower	low	JJR
cord-021959-1y67126b	231	45	cost	cost	NN
cord-021959-1y67126b	231	46	of	of	IN
cord-021959-1y67126b	231	47	capital	capital	NN
cord-021959-1y67126b	231	48	for	for	IN
cord-021959-1y67126b	231	49	the	the	DT
cord-021959-1y67126b	231	50	firm	firm	NN
cord-021959-1y67126b	231	51	.	.	.
cord-021959-1y67126b	232	1	Srivastava	Srivastava	NNP
cord-021959-1y67126b	232	2	et	et	NNP
cord-021959-1y67126b	232	3	al	al	NNP
cord-021959-1y67126b	232	4	.	.	.
cord-021959-1y67126b	233	1	(	(	-LRB-
cord-021959-1y67126b	233	2	1998	1998	CD
cord-021959-1y67126b	233	3	)	)	-RRB-
cord-021959-1y67126b	233	4	provided	provide	VBD
cord-021959-1y67126b	233	5	an	an	DT
cord-021959-1y67126b	233	6	analytical	analytical	JJ
cord-021959-1y67126b	233	7	example	example	NN
cord-021959-1y67126b	233	8	of	of	IN
cord-021959-1y67126b	233	9	how	how	WRB
cord-021959-1y67126b	233	10	successful	successful	JJ
cord-021959-1y67126b	233	11	market	market	NN
cord-021959-1y67126b	233	12	-	-	HYPH
cord-021959-1y67126b	233	13	based	base	VBN
cord-021959-1y67126b	233	14	assets	asset	NNS
cord-021959-1y67126b	233	15	(	(	-LRB-
cord-021959-1y67126b	233	16	the	the	DT
cord-021959-1y67126b	233	17	term	term	NN
cord-021959-1y67126b	233	18	authors	author	NNS
cord-021959-1y67126b	233	19	use	use	VBP
cord-021959-1y67126b	233	20	in	in	IN
cord-021959-1y67126b	233	21	lieu	lieu	NN
cord-021959-1y67126b	233	22	of	of	IN
cord-021959-1y67126b	233	23	intangibles	intangible	NNS
cord-021959-1y67126b	233	24	)	)	-RRB-
cord-021959-1y67126b	233	25	lower	low	JJR
cord-021959-1y67126b	233	26	costs	cost	NNS
cord-021959-1y67126b	233	27	by	by	IN
cord-021959-1y67126b	233	28	building	build	VBG
cord-021959-1y67126b	233	29	superior	superior	JJ
cord-021959-1y67126b	233	30	relationships	relationship	NNS
cord-021959-1y67126b	233	31	with	with	IN
cord-021959-1y67126b	233	32	customers	customer	NNS
cord-021959-1y67126b	233	33	,	,	,
cord-021959-1y67126b	233	34	enable	enable	VB
cord-021959-1y67126b	233	35	firms	firm	NNS
cord-021959-1y67126b	233	36	to	to	TO
cord-021959-1y67126b	233	37	attain	attain	VB
cord-021959-1y67126b	233	38	price	price	NN
cord-021959-1y67126b	233	39	premiums	premium	NNS
cord-021959-1y67126b	233	40	,	,	,
cord-021959-1y67126b	233	41	and	and	CC
cord-021959-1y67126b	233	42	generate	generate	VB
cord-021959-1y67126b	233	43	competitive	competitive	JJ
cord-021959-1y67126b	233	44	barriers	barrier	NNS
cord-021959-1y67126b	233	45	(	(	-LRB-
cord-021959-1y67126b	233	46	via	via	IN
cord-021959-1y67126b	233	47	customer	customer	NN
cord-021959-1y67126b	233	48	loyalty	loyalty	NN
cord-021959-1y67126b	233	49	and	and	CC
cord-021959-1y67126b	233	50	switching	switching	NN
cord-021959-1y67126b	233	51	costs	cost	NNS
cord-021959-1y67126b	233	52	)	)	-RRB-
cord-021959-1y67126b	233	53	.	.	.
cord-021959-1y67126b	234	1	All	all	PDT
cord-021959-1y67126b	234	2	these	these	DT
cord-021959-1y67126b	234	3	factors	factor	NNS
cord-021959-1y67126b	234	4	lead	lead	VBP
cord-021959-1y67126b	234	5	to	to	IN
cord-021959-1y67126b	234	6	the	the	DT
cord-021959-1y67126b	234	7	conclusion	conclusion	NN
cord-021959-1y67126b	234	8	that	that	IN
cord-021959-1y67126b	234	9	a	a	DT
cord-021959-1y67126b	234	10	strong	strong	JJ
cord-021959-1y67126b	234	11	brand	brand	NN
cord-021959-1y67126b	234	12	reduces	reduce	VBZ
cord-021959-1y67126b	234	13	the	the	DT
cord-021959-1y67126b	234	14	uncertainty	uncertainty	NN
cord-021959-1y67126b	234	15	pertaining	pertain	VBG
cord-021959-1y67126b	234	16	to	to	IN
cord-021959-1y67126b	234	17	the	the	DT
cord-021959-1y67126b	234	18	future	future	JJ
cord-021959-1y67126b	234	19	cash	cash	NN
cord-021959-1y67126b	234	20	flows	flow	NNS
cord-021959-1y67126b	234	21	which	which	WDT
cord-021959-1y67126b	234	22	in	in	IN
cord-021959-1y67126b	234	23	turn	turn	NN
cord-021959-1y67126b	234	24	decreases	decrease	VBZ
cord-021959-1y67126b	234	25	the	the	DT
cord-021959-1y67126b	234	26	required	require	VBN
cord-021959-1y67126b	234	27	return	return	NN
cord-021959-1y67126b	234	28	by	by	IN
cord-021959-1y67126b	234	29	the	the	DT
cord-021959-1y67126b	234	30	investors	investor	NNS
cord-021959-1y67126b	234	31	for	for	IN
cord-021959-1y67126b	234	32	the	the	DT
cord-021959-1y67126b	234	33	risk	risk	NN
cord-021959-1y67126b	234	34	they	-PRON-	PRP
cord-021959-1y67126b	234	35	bear	bear	VBP
cord-021959-1y67126b	234	36	by	by	IN
cord-021959-1y67126b	234	37	investing	invest	VBG
cord-021959-1y67126b	234	38	in	in	IN
cord-021959-1y67126b	234	39	a	a	DT
cord-021959-1y67126b	234	40	particular	particular	JJ
cord-021959-1y67126b	234	41	firm	firm	NN
cord-021959-1y67126b	234	42	.	.	.
cord-021959-1y67126b	235	1	In	in	IN
cord-021959-1y67126b	235	2	attempts	attempt	NNS
cord-021959-1y67126b	235	3	to	to	TO
cord-021959-1y67126b	235	4	value	value	VB
cord-021959-1y67126b	235	5	the	the	DT
cord-021959-1y67126b	235	6	brand	brand	NN
cord-021959-1y67126b	235	7	in	in	IN
cord-021959-1y67126b	235	8	the	the	DT
cord-021959-1y67126b	235	9	manufacturing	manufacturing	NN
cord-021959-1y67126b	235	10	industries	industry	NNS
cord-021959-1y67126b	235	11	,	,	,
cord-021959-1y67126b	235	12	the	the	DT
cord-021959-1y67126b	235	13	use	use	NN
cord-021959-1y67126b	235	14	of	of	IN
cord-021959-1y67126b	235	15	the	the	DT
cord-021959-1y67126b	235	16	following	following	JJ
cord-021959-1y67126b	235	17	methods	method	NNS
cord-021959-1y67126b	235	18	has	have	VBZ
cord-021959-1y67126b	235	19	been	be	VBN
cord-021959-1y67126b	235	20	cited	cite	VBN
cord-021959-1y67126b	235	21	by	by	IN
cord-021959-1y67126b	235	22	Murphy	Murphy	NNP
cord-021959-1y67126b	235	23	(	(	-LRB-
cord-021959-1y67126b	235	24	1990	1990	CD
cord-021959-1y67126b	235	25	)	)	-RRB-
cord-021959-1y67126b	235	26	:	:	:
cord-021959-1y67126b	236	1	•	•	NNP
cord-021959-1y67126b	237	1	Valuation	valuation	NN
cord-021959-1y67126b	237	2	based	base	VBN
cord-021959-1y67126b	237	3	on	on	IN
cord-021959-1y67126b	237	4	the	the	DT
cord-021959-1y67126b	237	5	aggregate	aggregate	JJ
cord-021959-1y67126b	237	6	cost	cost	NN
cord-021959-1y67126b	237	7	of	of	IN
cord-021959-1y67126b	237	8	all	all	DT
cord-021959-1y67126b	237	9	marketing	marketing	NN
cord-021959-1y67126b	237	10	,	,	,
cord-021959-1y67126b	237	11	advertising	advertising	NN
cord-021959-1y67126b	237	12	,	,	,
cord-021959-1y67126b	237	13	and	and	CC
cord-021959-1y67126b	237	14	research	research	NN
cord-021959-1y67126b	237	15	and	and	CC
cord-021959-1y67126b	237	16	development	development	NN
cord-021959-1y67126b	237	17	expenditures	expenditure	NNS
cord-021959-1y67126b	237	18	devoted	devote	VBN
cord-021959-1y67126b	237	19	to	to	IN
cord-021959-1y67126b	237	20	the	the	DT
cord-021959-1y67126b	237	21	brand	brand	NN
cord-021959-1y67126b	237	22	over	over	IN
cord-021959-1y67126b	237	23	a	a	DT
cord-021959-1y67126b	237	24	stipulated	stipulate	VBN
cord-021959-1y67126b	237	25	period	period	NN
cord-021959-1y67126b	237	26	.	.	.
cord-021959-1y67126b	238	1	•	•	NNP
cord-021959-1y67126b	239	1	Valuation	valuation	NN
cord-021959-1y67126b	239	2	based	base	VBN
cord-021959-1y67126b	239	3	on	on	IN
cord-021959-1y67126b	239	4	premium	premium	NN
cord-021959-1y67126b	239	5	pricing	pricing	NN
cord-021959-1y67126b	239	6	of	of	IN
cord-021959-1y67126b	239	7	a	a	DT
cord-021959-1y67126b	239	8	branded	brand	VBN
cord-021959-1y67126b	239	9	product	product	NN
cord-021959-1y67126b	239	10	over	over	IN
cord-021959-1y67126b	239	11	a	a	DT
cord-021959-1y67126b	239	12	non	non	JJ
cord-021959-1y67126b	239	13	-	-	JJ
cord-021959-1y67126b	239	14	branded	branded	JJ
cord-021959-1y67126b	239	15	product	product	NN
cord-021959-1y67126b	239	16	.	.	.
cord-021959-1y67126b	240	1	•	•	NNP
cord-021959-1y67126b	241	1	Valuation	valuation	NN
cord-021959-1y67126b	241	2	at	at	IN
cord-021959-1y67126b	241	3	market	market	NN
cord-021959-1y67126b	241	4	value	value	NN
cord-021959-1y67126b	241	5	.	.	.
cord-021959-1y67126b	242	1	•	•	NNP
cord-021959-1y67126b	243	1	Valuation	valuation	NN
cord-021959-1y67126b	243	2	based	base	VBN
cord-021959-1y67126b	243	3	on	on	IN
cord-021959-1y67126b	243	4	various	various	JJ
cord-021959-1y67126b	243	5	consumer	consumer	NN
cord-021959-1y67126b	243	6	-	-	HYPH
cord-021959-1y67126b	243	7	related	relate	VBN
cord-021959-1y67126b	243	8	factors	factor	NNS
cord-021959-1y67126b	243	9	such	such	JJ
cord-021959-1y67126b	243	10	as	as	IN
cord-021959-1y67126b	243	11	esteem	esteem	NN
cord-021959-1y67126b	243	12	,	,	,
cord-021959-1y67126b	243	13	recognition	recognition	NN
cord-021959-1y67126b	243	14	,	,	,
cord-021959-1y67126b	243	15	or	or	CC
cord-021959-1y67126b	243	16	awareness	awareness	NN
cord-021959-1y67126b	243	17	.	.	.
cord-021959-1y67126b	244	1	•	•	NNP
cord-021959-1y67126b	245	1	Valuation	valuation	NN
cord-021959-1y67126b	245	2	based	base	VBN
cord-021959-1y67126b	245	3	on	on	IN
cord-021959-1y67126b	245	4	future	future	JJ
cord-021959-1y67126b	245	5	earning	earn	VBG
cord-021959-1y67126b	245	6	potential	potential	NN
cord-021959-1y67126b	245	7	discounted	discount	VBN
cord-021959-1y67126b	245	8	to	to	IN
cord-021959-1y67126b	245	9	present	present	JJ
cord-021959-1y67126b	245	10	-	-	HYPH
cord-021959-1y67126b	245	11	day	day	NN
cord-021959-1y67126b	245	12	value	value	NN
cord-021959-1y67126b	245	13	.	.	.
cord-021959-1y67126b	246	1	In	in	IN
cord-021959-1y67126b	246	2	further	further	JJ
cord-021959-1y67126b	246	3	analysis	analysis	NN
cord-021959-1y67126b	246	4	,	,	,
cord-021959-1y67126b	246	5	the	the	DT
cord-021959-1y67126b	246	6	investigators	investigator	NNS
cord-021959-1y67126b	246	7	rejected	reject	VBD
cord-021959-1y67126b	246	8	these	these	DT
cord-021959-1y67126b	246	9	methods	method	NNS
cord-021959-1y67126b	246	10	because	because	IN
cord-021959-1y67126b	246	11	,	,	,
cord-021959-1y67126b	246	12	if	if	IN
cord-021959-1y67126b	246	13	indeed	indeed	RB
cord-021959-1y67126b	246	14	,	,	,
cord-021959-1y67126b	246	15	brand	brand	NN
cord-021959-1y67126b	246	16	values	value	NNS
cord-021959-1y67126b	246	17	were	be	VBD
cord-021959-1y67126b	246	18	the	the	DT
cord-021959-1y67126b	246	19	function	function	NN
cord-021959-1y67126b	246	20	of	of	IN
cord-021959-1y67126b	246	21	its	-PRON-	PRP$
cord-021959-1y67126b	246	22	cost	cost	NN
cord-021959-1y67126b	246	23	of	of	IN
cord-021959-1y67126b	246	24	development	development	NN
cord-021959-1y67126b	246	25	,	,	,
cord-021959-1y67126b	246	26	then	then	RB
cord-021959-1y67126b	246	27	failed	fail	VBD
cord-021959-1y67126b	246	28	brands	brand	NNS
cord-021959-1y67126b	246	29	would	would	MD
cord-021959-1y67126b	246	30	be	be	VB
cord-021959-1y67126b	246	31	attributed	attribute	VBN
cord-021959-1y67126b	246	32	high	high	JJ
cord-021959-1y67126b	246	33	values	value	NNS
cord-021959-1y67126b	246	34	.	.	.
cord-021959-1y67126b	247	1	In	in	IN
cord-021959-1y67126b	247	2	addition	addition	NN
cord-021959-1y67126b	247	3	,	,	,
cord-021959-1y67126b	247	4	brand	brand	NN
cord-021959-1y67126b	247	5	valuation	valuation	NN
cord-021959-1y67126b	247	6	based	base	VBN
cord-021959-1y67126b	247	7	solely	solely	RB
cord-021959-1y67126b	247	8	on	on	IN
cord-021959-1y67126b	247	9	the	the	DT
cord-021959-1y67126b	247	10	consumer	consumer	NN
cord-021959-1y67126b	247	11	esteem	esteem	NN
cord-021959-1y67126b	247	12	or	or	CC
cord-021959-1y67126b	247	13	awareness	awareness	NN
cord-021959-1y67126b	247	14	factor	factor	NN
cord-021959-1y67126b	247	15	would	would	MD
cord-021959-1y67126b	247	16	bear	bear	VB
cord-021959-1y67126b	247	17	no	no	DT
cord-021959-1y67126b	247	18	relationship	relationship	NN
cord-021959-1y67126b	247	19	to	to	IN
cord-021959-1y67126b	247	20	commercial	commercial	JJ
cord-021959-1y67126b	247	21	reality	reality	NN
cord-021959-1y67126b	247	22	(	(	-LRB-
cord-021959-1y67126b	247	23	Murphy	Murphy	NNP
cord-021959-1y67126b	247	24	,	,	,
cord-021959-1y67126b	247	25	1990	1990	CD
cord-021959-1y67126b	247	26	)	)	-RRB-
cord-021959-1y67126b	247	27	.	.	.
cord-021959-1y67126b	248	1	In	in	IN
cord-021959-1y67126b	248	2	an	an	DT
cord-021959-1y67126b	248	3	effort	effort	NN
cord-021959-1y67126b	248	4	to	to	TO
cord-021959-1y67126b	248	5	link	link	VB
cord-021959-1y67126b	248	6	the	the	DT
cord-021959-1y67126b	248	7	firm	firm	NN
cord-021959-1y67126b	248	8	's	's	POS
cord-021959-1y67126b	248	9	security	security	NN
cord-021959-1y67126b	248	10	returns	return	NNS
cord-021959-1y67126b	248	11	with	with	IN
cord-021959-1y67126b	248	12	brand	brand	NN
cord-021959-1y67126b	248	13	value	value	NN
cord-021959-1y67126b	248	14	,	,	,
cord-021959-1y67126b	248	15	Simon	Simon	NNP
cord-021959-1y67126b	248	16	and	and	CC
cord-021959-1y67126b	248	17	Sullivan	Sullivan	NNP
cord-021959-1y67126b	248	18	(	(	-LRB-
cord-021959-1y67126b	248	19	1993	1993	CD
cord-021959-1y67126b	248	20	)	)	-RRB-
cord-021959-1y67126b	248	21	proposed	propose	VBD
cord-021959-1y67126b	248	22	a	a	DT
cord-021959-1y67126b	248	23	technique	technique	NN
cord-021959-1y67126b	248	24	to	to	TO
cord-021959-1y67126b	248	25	estimate	estimate	VB
cord-021959-1y67126b	248	26	the	the	DT
cord-021959-1y67126b	248	27	firm	firm	NN
cord-021959-1y67126b	248	28	's	's	POS
cord-021959-1y67126b	248	29	brand	brand	NN
cord-021959-1y67126b	248	30	equity	equity	NN
cord-021959-1y67126b	248	31	based	base	VBN
cord-021959-1y67126b	248	32	on	on	IN
cord-021959-1y67126b	248	33	its	-PRON-	PRP$
cord-021959-1y67126b	248	34	value	value	NN
cord-021959-1y67126b	248	35	.	.	.
cord-021959-1y67126b	249	1	This	this	DT
cord-021959-1y67126b	249	2	was	be	VBD
cord-021959-1y67126b	249	3	done	do	VBN
cord-021959-1y67126b	249	4	by	by	IN
cord-021959-1y67126b	249	5	estimating	estimate	VBG
cord-021959-1y67126b	249	6	the	the	DT
cord-021959-1y67126b	249	7	cost	cost	NN
cord-021959-1y67126b	249	8	of	of	IN
cord-021959-1y67126b	249	9	tangible	tangible	JJ
cord-021959-1y67126b	249	10	assets	asset	NNS
cord-021959-1y67126b	249	11	and	and	CC
cord-021959-1y67126b	249	12	then	then	RB
cord-021959-1y67126b	249	13	subtracting	subtract	VBG
cord-021959-1y67126b	249	14	it	-PRON-	PRP
cord-021959-1y67126b	249	15	from	from	IN
cord-021959-1y67126b	249	16	the	the	DT
cord-021959-1y67126b	249	17	market	market	NN
cord-021959-1y67126b	249	18	capitalization	capitalization	NN
cord-021959-1y67126b	249	19	of	of	IN
cord-021959-1y67126b	249	20	the	the	DT
cord-021959-1y67126b	249	21	firm	firm	NN
cord-021959-1y67126b	249	22	to	to	TO
cord-021959-1y67126b	249	23	obtain	obtain	VB
cord-021959-1y67126b	249	24	the	the	DT
cord-021959-1y67126b	249	25	value	value	NN
cord-021959-1y67126b	249	26	of	of	IN
cord-021959-1y67126b	249	27	intangible	intangible	JJ
cord-021959-1y67126b	249	28	assets	asset	NNS
cord-021959-1y67126b	249	29	.	.	.
cord-021959-1y67126b	250	1	As	as	IN
cord-021959-1y67126b	250	2	a	a	DT
cord-021959-1y67126b	250	3	second	second	JJ
cord-021959-1y67126b	250	4	step	step	NN
cord-021959-1y67126b	250	5	,	,	,
cord-021959-1y67126b	250	6	the	the	DT
cord-021959-1y67126b	250	7	researchers	researcher	NNS
cord-021959-1y67126b	250	8	tried	try	VBD
cord-021959-1y67126b	250	9	to	to	TO
cord-021959-1y67126b	250	10	break	break	VB
cord-021959-1y67126b	250	11	down	down	RP
cord-021959-1y67126b	250	12	the	the	DT
cord-021959-1y67126b	250	13	intangible	intangible	JJ
cord-021959-1y67126b	250	14	assets	asset	NNS
cord-021959-1y67126b	250	15	into	into	IN
cord-021959-1y67126b	250	16	brand	brand	NN
cord-021959-1y67126b	250	17	value	value	NN
cord-021959-1y67126b	250	18	and	and	CC
cord-021959-1y67126b	250	19	nonbrand	nonbrand	NN
cord-021959-1y67126b	250	20	value	value	NN
cord-021959-1y67126b	250	21	components	component	NNS
cord-021959-1y67126b	250	22	.	.	.
cord-021959-1y67126b	251	1	The	the	DT
cord-021959-1y67126b	251	2	authors	author	NNS
cord-021959-1y67126b	251	3	utilized	utilize	VBD
cord-021959-1y67126b	251	4	the	the	DT
cord-021959-1y67126b	251	5	Aaker	Aaker	NNP
cord-021959-1y67126b	251	6	and	and	CC
cord-021959-1y67126b	251	7	Jacobson	Jacobson	NNP
cord-021959-1y67126b	251	8	(	(	-LRB-
cord-021959-1y67126b	251	9	1994	1994	CD
cord-021959-1y67126b	251	10	)	)	-RRB-
cord-021959-1y67126b	252	1	EquiTrend	EquiTrend	NNP
cord-021959-1y67126b	252	2	brand	brand	NN
cord-021959-1y67126b	252	3	quality	quality	NN
cord-021959-1y67126b	252	4	measure	measure	NN
cord-021959-1y67126b	252	5	to	to	TO
cord-021959-1y67126b	252	6	evaluate	evaluate	VB
cord-021959-1y67126b	252	7	the	the	DT
cord-021959-1y67126b	252	8	quality	quality	NN
cord-021959-1y67126b	252	9	of	of	IN
cord-021959-1y67126b	252	10	100	100	CD
cord-021959-1y67126b	252	11	major	major	JJ
cord-021959-1y67126b	252	12	brands	brand	NNS
cord-021959-1y67126b	252	13	.	.	.
cord-021959-1y67126b	253	1	They	-PRON-	PRP
cord-021959-1y67126b	253	2	examined	examine	VBD
cord-021959-1y67126b	253	3	associations	association	NNS
cord-021959-1y67126b	253	4	between	between	IN
cord-021959-1y67126b	253	5	measures	measure	NNS
cord-021959-1y67126b	253	6	of	of	IN
cord-021959-1y67126b	253	7	brand	brand	NN
cord-021959-1y67126b	253	8	quality	quality	NN
cord-021959-1y67126b	253	9	and	and	CC
cord-021959-1y67126b	253	10	stock	stock	NN
cord-021959-1y67126b	253	11	returns	return	NNS
cord-021959-1y67126b	253	12	and	and	CC
cord-021959-1y67126b	253	13	reported	report	VBD
cord-021959-1y67126b	253	14	that	that	IN
cord-021959-1y67126b	253	15	the	the	DT
cord-021959-1y67126b	253	16	relationship	relationship	NN
cord-021959-1y67126b	253	17	is	be	VBZ
cord-021959-1y67126b	253	18	positive	positive	JJ
cord-021959-1y67126b	253	19	.	.	.
cord-021959-1y67126b	254	1	According	accord	VBG
cord-021959-1y67126b	254	2	to	to	IN
cord-021959-1y67126b	254	3	Murphy	Murphy	NNP
cord-021959-1y67126b	254	4	(	(	-LRB-
cord-021959-1y67126b	254	5	1990	1990	CD
cord-021959-1y67126b	254	6	)	)	-RRB-
cord-021959-1y67126b	254	7	,	,	,
cord-021959-1y67126b	254	8	the	the	DT
cord-021959-1y67126b	254	9	only	only	JJ
cord-021959-1y67126b	254	10	logical	logical	JJ
cord-021959-1y67126b	254	11	and	and	CC
cord-021959-1y67126b	254	12	consistent	consistent	JJ
cord-021959-1y67126b	254	13	way	way	NN
cord-021959-1y67126b	254	14	to	to	TO
cord-021959-1y67126b	254	15	develop	develop	VB
cord-021959-1y67126b	254	16	a	a	DT
cord-021959-1y67126b	254	17	multiple	multiple	NN
cord-021959-1y67126b	254	18	for	for	IN
cord-021959-1y67126b	254	19	brand	brand	NN
cord-021959-1y67126b	254	20	profit	profit	NN
cord-021959-1y67126b	254	21	was	be	VBD
cord-021959-1y67126b	254	22	through	through	IN
cord-021959-1y67126b	254	23	the	the	DT
cord-021959-1y67126b	254	24	brand	brand	NN
cord-021959-1y67126b	254	25	strength	strength	NN
cord-021959-1y67126b	254	26	concept	concept	NN
cord-021959-1y67126b	254	27	.	.	.
cord-021959-1y67126b	255	1	Brand	brand	NN
cord-021959-1y67126b	255	2	strength	strength	NN
cord-021959-1y67126b	255	3	is	be	VBZ
cord-021959-1y67126b	255	4	a	a	DT
cord-021959-1y67126b	255	5	composite	composite	NN
cord-021959-1y67126b	255	6	of	of	IN
cord-021959-1y67126b	255	7	six	six	CD
cord-021959-1y67126b	255	8	weighted	weighted	JJ
cord-021959-1y67126b	255	9	factors	factor	NNS
cord-021959-1y67126b	255	10	:	:	:
cord-021959-1y67126b	255	11	leadership	leadership	NN
cord-021959-1y67126b	255	12	,	,	,
cord-021959-1y67126b	255	13	stability	stability	NN
cord-021959-1y67126b	255	14	,	,	,
cord-021959-1y67126b	255	15	market	market	NN
cord-021959-1y67126b	255	16	,	,	,
cord-021959-1y67126b	255	17	trend	trend	NN
cord-021959-1y67126b	255	18	,	,	,
cord-021959-1y67126b	255	19	support	support	NN
cord-021959-1y67126b	255	20	,	,	,
cord-021959-1y67126b	255	21	and	and	CC
cord-021959-1y67126b	255	22	protection	protection	NN
cord-021959-1y67126b	255	23	.	.	.
cord-021959-1y67126b	256	1	The	the	DT
cord-021959-1y67126b	256	2	brand	brand	NN
cord-021959-1y67126b	256	3	is	be	VBZ
cord-021959-1y67126b	256	4	scored	score	VBN
cord-021959-1y67126b	256	5	on	on	IN
cord-021959-1y67126b	256	6	each	each	DT
cord-021959-1y67126b	256	7	of	of	IN
cord-021959-1y67126b	256	8	these	these	DT
cord-021959-1y67126b	256	9	factors	factor	NNS
cord-021959-1y67126b	256	10	according	accord	VBG
cord-021959-1y67126b	256	11	to	to	IN
cord-021959-1y67126b	256	12	different	different	JJ
cord-021959-1y67126b	256	13	weightings	weighting	NNS
cord-021959-1y67126b	256	14	and	and	CC
cord-021959-1y67126b	256	15	the	the	DT
cord-021959-1y67126b	256	16	resultant	resultant	JJ
cord-021959-1y67126b	256	17	total	total	NN
cord-021959-1y67126b	256	18	known	know	VBN
cord-021959-1y67126b	256	19	as	as	IN
cord-021959-1y67126b	256	20	"	"	``
cord-021959-1y67126b	256	21	brand	brand	NN
cord-021959-1y67126b	256	22	strength	strength	NN
cord-021959-1y67126b	256	23	score	score	NN
cord-021959-1y67126b	256	24	.	.	.
cord-021959-1y67126b	256	25	"	"	''
cord-021959-1y67126b	257	1	A	a	DT
cord-021959-1y67126b	257	2	further	further	JJ
cord-021959-1y67126b	257	3	addition	addition	NN
cord-021959-1y67126b	257	4	to	to	IN
cord-021959-1y67126b	257	5	the	the	DT
cord-021959-1y67126b	257	6	brand	brand	NN
cord-021959-1y67126b	257	7	strength	strength	NN
cord-021959-1y67126b	257	8	concept	concept	NN
cord-021959-1y67126b	257	9	came	come	VBD
cord-021959-1y67126b	257	10	from	from	IN
cord-021959-1y67126b	257	11	Prasad	Prasad	NNP
cord-021959-1y67126b	257	12	and	and	CC
cord-021959-1y67126b	257	13	Dev	Dev	NNP
cord-021959-1y67126b	257	14	(	(	-LRB-
cord-021959-1y67126b	257	15	2000	2000	CD
cord-021959-1y67126b	257	16	)	)	-RRB-
cord-021959-1y67126b	257	17	who	who	WP
cord-021959-1y67126b	257	18	developed	develop	VBD
cord-021959-1y67126b	257	19	a	a	DT
cord-021959-1y67126b	257	20	hypothetical	hypothetical	JJ
cord-021959-1y67126b	257	21	brand	brand	NN
cord-021959-1y67126b	257	22	equity	equity	NN
cord-021959-1y67126b	257	23	index	index	NN
cord-021959-1y67126b	257	24	via	via	IN
cord-021959-1y67126b	257	25	customer	customer	NN
cord-021959-1y67126b	257	26	ratings	rating	NNS
cord-021959-1y67126b	257	27	of	of	IN
cord-021959-1y67126b	257	28	the	the	DT
cord-021959-1y67126b	257	29	brand	brand	NN
cord-021959-1y67126b	257	30	using	use	VBG
cord-021959-1y67126b	257	31	five	five	CD
cord-021959-1y67126b	257	32	key	key	JJ
cord-021959-1y67126b	257	33	brand	brand	NN
cord-021959-1y67126b	257	34	attributes	attribute	NNS
cord-021959-1y67126b	257	35	in	in	IN
cord-021959-1y67126b	257	36	two	two	CD
cord-021959-1y67126b	257	37	sets	set	NNS
cord-021959-1y67126b	257	38	of	of	IN
cord-021959-1y67126b	257	39	indicators	indicator	NNS
cord-021959-1y67126b	257	40	-	-	HYPH
cord-021959-1y67126b	257	41	brand	brand	NN
cord-021959-1y67126b	257	42	performance	performance	NN
cord-021959-1y67126b	257	43	and	and	CC
cord-021959-1y67126b	257	44	brand	brand	NN
cord-021959-1y67126b	257	45	awareness	awareness	NN
cord-021959-1y67126b	257	46	.	.	.
cord-021959-1y67126b	258	1	Brand	brand	NN
cord-021959-1y67126b	258	2	performance	performance	NN
cord-021959-1y67126b	258	3	was	be	VBD
cord-021959-1y67126b	258	4	measured	measure	VBN
cord-021959-1y67126b	258	5	by	by	IN
cord-021959-1y67126b	258	6	overall	overall	JJ
cord-021959-1y67126b	258	7	satisfaction	satisfaction	NN
cord-021959-1y67126b	258	8	with	with	IN
cord-021959-1y67126b	258	9	the	the	DT
cord-021959-1y67126b	258	10	product	product	NN
cord-021959-1y67126b	258	11	or	or	CC
cord-021959-1y67126b	258	12	service	service	NN
cord-021959-1y67126b	258	13	,	,	,
cord-021959-1y67126b	258	14	return	return	NN
cord-021959-1y67126b	258	15	intent	intent	NN
cord-021959-1y67126b	258	16	,	,	,
cord-021959-1y67126b	258	17	price	price	NN
cord-021959-1y67126b	258	18	-	-	HYPH
cord-021959-1y67126b	258	19	value	value	NN
cord-021959-1y67126b	258	20	perception	perception	NN
cord-021959-1y67126b	258	21	,	,	,
cord-021959-1y67126b	258	22	and	and	CC
cord-021959-1y67126b	258	23	brand	brand	NN
cord-021959-1y67126b	258	24	preference	preference	NN
cord-021959-1y67126b	258	25	,	,	,
cord-021959-1y67126b	258	26	while	while	IN
cord-021959-1y67126b	258	27	brand	brand	NN
cord-021959-1y67126b	258	28	awareness	awareness	NN
cord-021959-1y67126b	258	29	was	be	VBD
cord-021959-1y67126b	258	30	measured	measure	VBN
cord-021959-1y67126b	258	31	as	as	IN
cord-021959-1y67126b	258	32	top	top	JJ
cord-021959-1y67126b	258	33	-	-	HYPH
cord-021959-1y67126b	258	34	of	of	IN
cord-021959-1y67126b	258	35	-	-	HYPH
cord-021959-1y67126b	258	36	mind	mind	NN
cord-021959-1y67126b	258	37	brand	brand	NN
cord-021959-1y67126b	258	38	recall	recall	NN
cord-021959-1y67126b	258	39	.	.	.
cord-021959-1y67126b	259	1	Olsen	Olsen	NNP
cord-021959-1y67126b	259	2	(	(	-LRB-
cord-021959-1y67126b	259	3	1996	1996	CD
cord-021959-1y67126b	259	4	)	)	-RRB-
cord-021959-1y67126b	259	5	proposed	propose	VBN
cord-021959-1y67126b	259	6	brand	brand	NN
cord-021959-1y67126b	259	7	-	-	HYPH
cord-021959-1y67126b	259	8	related	relate	VBN
cord-021959-1y67126b	259	9	value	value	NN
cord-021959-1y67126b	259	10	drivers	driver	NNS
cord-021959-1y67126b	259	11	specific	specific	JJ
cord-021959-1y67126b	259	12	to	to	IN
cord-021959-1y67126b	259	13	the	the	DT
cord-021959-1y67126b	259	14	lodging	lodging	NN
cord-021959-1y67126b	259	15	industry	industry	NN
cord-021959-1y67126b	259	16	such	such	JJ
cord-021959-1y67126b	259	17	as	as	IN
cord-021959-1y67126b	259	18	brand	brand	NN
cord-021959-1y67126b	259	19	dilution	dilution	NN
cord-021959-1y67126b	259	20	and	and	CC
cord-021959-1y67126b	259	21	brand	brand	NN
cord-021959-1y67126b	259	22	sincerity	sincerity	NN
cord-021959-1y67126b	259	23	ratio	ratio	NN
cord-021959-1y67126b	259	24	.	.	.
cord-021959-1y67126b	260	1	Brand	brand	NN
cord-021959-1y67126b	260	2	dilution	dilution	NN
cord-021959-1y67126b	260	3	is	be	VBZ
cord-021959-1y67126b	260	4	related	relate	VBN
cord-021959-1y67126b	260	5	to	to	IN
cord-021959-1y67126b	260	6	the	the	DT
cord-021959-1y67126b	260	7	question	question	NN
cord-021959-1y67126b	260	8	of	of	IN
cord-021959-1y67126b	260	9	how	how	WRB
cord-021959-1y67126b	260	10	many	many	JJ
cord-021959-1y67126b	260	11	new	new	JJ
cord-021959-1y67126b	260	12	corporate	corporate	JJ
cord-021959-1y67126b	260	13	sub	sub	NN
cord-021959-1y67126b	260	14	-	-	NNS
cord-021959-1y67126b	260	15	brands	brand	NNS
cord-021959-1y67126b	260	16	must	must	MD
cord-021959-1y67126b	260	17	be	be	VB
cord-021959-1y67126b	260	18	introduced	introduce	VBN
cord-021959-1y67126b	260	19	in	in	IN
cord-021959-1y67126b	260	20	order	order	NN
cord-021959-1y67126b	260	21	to	to	TO
cord-021959-1y67126b	260	22	maintain	maintain	VB
cord-021959-1y67126b	260	23	growth	growth	NN
cord-021959-1y67126b	260	24	,	,	,
cord-021959-1y67126b	260	25	whereas	whereas	RB
cord-021959-1y67126b	260	26	,	,	,
cord-021959-1y67126b	260	27	brand	brand	NN
cord-021959-1y67126b	260	28	duration	duration	NN
cord-021959-1y67126b	260	29	deals	deal	NNS
cord-021959-1y67126b	260	30	with	with	IN
cord-021959-1y67126b	260	31	what	what	WDT
cord-021959-1y67126b	260	32	percentage	percentage	NN
cord-021959-1y67126b	260	33	of	of	IN
cord-021959-1y67126b	260	34	hotels	hotel	NNS
cord-021959-1y67126b	260	35	in	in	IN
cord-021959-1y67126b	260	36	the	the	DT
cord-021959-1y67126b	260	37	portfolio	portfolio	NN
cord-021959-1y67126b	260	38	currently	currently	RB
cord-021959-1y67126b	260	39	meet	meet	VBP
cord-021959-1y67126b	260	40	the	the	DT
cord-021959-1y67126b	260	41	brand	brand	NN
cord-021959-1y67126b	260	42	standards	standard	NNS
cord-021959-1y67126b	260	43	or	or	CC
cord-021959-1y67126b	260	44	promise	promise	NN
cord-021959-1y67126b	260	45	.	.	.
cord-021959-1y67126b	261	1	As	as	IN
cord-021959-1y67126b	261	2	a	a	DT
cord-021959-1y67126b	261	3	result	result	NN
cord-021959-1y67126b	261	4	,	,	,
cord-021959-1y67126b	261	5	it	-PRON-	PRP
cord-021959-1y67126b	261	6	is	be	VBZ
cord-021959-1y67126b	261	7	argued	argue	VBN
cord-021959-1y67126b	261	8	that	that	IN
cord-021959-1y67126b	261	9	hospitality	hospitality	NN
cord-021959-1y67126b	261	10	companies	company	NNS
cord-021959-1y67126b	261	11	that	that	WDT
cord-021959-1y67126b	261	12	possess	possess	VBP
cord-021959-1y67126b	261	13	higher	high	JJR
cord-021959-1y67126b	261	14	-	-	HYPH
cord-021959-1y67126b	261	15	brand	brand	NN
cord-021959-1y67126b	261	16	strength	strength	NN
cord-021959-1y67126b	261	17	will	will	MD
cord-021959-1y67126b	261	18	be	be	VB
cord-021959-1y67126b	261	19	able	able	JJ
cord-021959-1y67126b	261	20	to	to	TO
cord-021959-1y67126b	261	21	achieve	achieve	VB
cord-021959-1y67126b	261	22	a	a	DT
cord-021959-1y67126b	261	23	lower	low	JJR
cord-021959-1y67126b	261	24	cost	cost	NN
cord-021959-1y67126b	261	25	of	of	IN
cord-021959-1y67126b	261	26	equity	equity	NN
cord-021959-1y67126b	261	27	capital	capital	NN
cord-021959-1y67126b	261	28	.	.	.
cord-021959-1y67126b	262	1	According	accord	VBG
cord-021959-1y67126b	262	2	to	to	IN
cord-021959-1y67126b	262	3	Connolly	Connolly	NNP
cord-021959-1y67126b	262	4	(	(	-LRB-
cord-021959-1y67126b	262	5	1999	1999	CD
cord-021959-1y67126b	262	6	)	)	-RRB-
cord-021959-1y67126b	262	7	,	,	,
cord-021959-1y67126b	262	8	one	one	CD
cord-021959-1y67126b	262	9	of	of	IN
cord-021959-1y67126b	262	10	the	the	DT
cord-021959-1y67126b	262	11	greatest	great	JJS
cord-021959-1y67126b	262	12	issues	issue	NNS
cord-021959-1y67126b	262	13	plaguing	plague	VBG
cord-021959-1y67126b	262	14	the	the	DT
cord-021959-1y67126b	262	15	advancement	advancement	NN
cord-021959-1y67126b	262	16	of	of	IN
cord-021959-1y67126b	262	17	technology	technology	NN
cord-021959-1y67126b	262	18	in	in	IN
cord-021959-1y67126b	262	19	the	the	DT
cord-021959-1y67126b	262	20	hospitality	hospitality	NN
cord-021959-1y67126b	262	21	industry	industry	NN
cord-021959-1y67126b	262	22	is	be	VBZ
cord-021959-1y67126b	262	23	the	the	DT
cord-021959-1y67126b	262	24	difficulty	difficulty	NN
cord-021959-1y67126b	262	25	of	of	IN
cord-021959-1y67126b	262	26	calculating	calculate	VBG
cord-021959-1y67126b	262	27	return	return	NN
cord-021959-1y67126b	262	28	on	on	IN
cord-021959-1y67126b	262	29	investment	investment	NN
cord-021959-1y67126b	262	30	.	.	.
cord-021959-1y67126b	263	1	Until	until	IN
cord-021959-1y67126b	263	2	recently	recently	RB
cord-021959-1y67126b	263	3	,	,	,
cord-021959-1y67126b	263	4	most	most	JJS
cord-021959-1y67126b	263	5	technology	technology	NN
cord-021959-1y67126b	263	6	investment	investment	NN
cord-021959-1y67126b	263	7	decisions	decision	NNS
cord-021959-1y67126b	263	8	have	have	VBP
cord-021959-1y67126b	263	9	been	be	VBN
cord-021959-1y67126b	263	10	considered	consider	VBN
cord-021959-1y67126b	263	11	using	use	VBG
cord-021959-1y67126b	263	12	a	a	DT
cord-021959-1y67126b	263	13	support	support	NN
cord-021959-1y67126b	263	14	or	or	CC
cord-021959-1y67126b	263	15	utility	utility	NN
cord-021959-1y67126b	263	16	mentality	mentality	NN
cord-021959-1y67126b	263	17	that	that	WDT
cord-021959-1y67126b	263	18	stems	stem	VBZ
cord-021959-1y67126b	263	19	from	from	IN
cord-021959-1y67126b	263	20	a	a	DT
cord-021959-1y67126b	263	21	manufacturing	manufacturing	NN
cord-021959-1y67126b	263	22	paradigm	paradigm	NN
cord-021959-1y67126b	263	23	.	.	.
cord-021959-1y67126b	264	1	Current	current	JJ
cord-021959-1y67126b	264	2	policies	policy	NNS
cord-021959-1y67126b	264	3	rely	rely	VBP
cord-021959-1y67126b	264	4	more	more	RBR
cord-021959-1y67126b	264	5	on	on	IN
cord-021959-1y67126b	264	6	faith	faith	NN
cord-021959-1y67126b	264	7	than	than	IN
cord-021959-1y67126b	264	8	on	on	IN
cord-021959-1y67126b	264	9	a	a	DT
cord-021959-1y67126b	264	10	rational	rational	JJ
cord-021959-1y67126b	264	11	business	business	NN
cord-021959-1y67126b	264	12	assessment	assessment	NN
cord-021959-1y67126b	264	13	.	.	.
cord-021959-1y67126b	265	1	As	as	IN
cord-021959-1y67126b	265	2	a	a	DT
cord-021959-1y67126b	265	3	result	result	NN
cord-021959-1y67126b	265	4	,	,	,
cord-021959-1y67126b	265	5	the	the	DT
cord-021959-1y67126b	265	6	hotel	hotel	NN
cord-021959-1y67126b	265	7	industry	industry	NN
cord-021959-1y67126b	265	8	is	be	VBZ
cord-021959-1y67126b	265	9	perceived	perceive	VBN
cord-021959-1y67126b	265	10	to	to	TO
cord-021959-1y67126b	265	11	be	be	VB
cord-021959-1y67126b	265	12	lagging	lag	VBG
cord-021959-1y67126b	265	13	behind	behind	IN
cord-021959-1y67126b	265	14	the	the	DT
cord-021959-1y67126b	265	15	rival	rival	JJ
cord-021959-1y67126b	265	16	industries	industry	NNS
cord-021959-1y67126b	265	17	in	in	IN
cord-021959-1y67126b	265	18	the	the	DT
cord-021959-1y67126b	265	19	use	use	NN
cord-021959-1y67126b	265	20	of	of	IN
cord-021959-1y67126b	265	21	technology	technology	NN
cord-021959-1y67126b	265	22	(	(	-LRB-
cord-021959-1y67126b	265	23	Sangster	Sangster	NNP
cord-021959-1y67126b	265	24	,	,	,
cord-021959-1y67126b	265	25	2001	2001	CD
cord-021959-1y67126b	265	26	)	)	-RRB-
cord-021959-1y67126b	265	27	.	.	.
cord-021959-1y67126b	266	1	In	in	IN
cord-021959-1y67126b	266	2	part	part	NN
cord-021959-1y67126b	266	3	,	,	,
cord-021959-1y67126b	266	4	this	this	DT
cord-021959-1y67126b	266	5	is	be	VBZ
cord-021959-1y67126b	266	6	attributed	attribute	VBN
cord-021959-1y67126b	266	7	to	to	IN
cord-021959-1y67126b	266	8	the	the	DT
cord-021959-1y67126b	266	9	fragmented	fragmented	JJ
cord-021959-1y67126b	266	10	nature	nature	NN
cord-021959-1y67126b	266	11	of	of	IN
cord-021959-1y67126b	266	12	the	the	DT
cord-021959-1y67126b	266	13	hotel	hotel	NN
cord-021959-1y67126b	266	14	business	business	NN
cord-021959-1y67126b	266	15	itself	-PRON-	PRP
cord-021959-1y67126b	266	16	;	;	:
cord-021959-1y67126b	266	17	however	however	RB
cord-021959-1y67126b	266	18	,	,	,
cord-021959-1y67126b	266	19	it	-PRON-	PRP
cord-021959-1y67126b	266	20	is	be	VBZ
cord-021959-1y67126b	266	21	also	also	RB
cord-021959-1y67126b	266	22	believed	believe	VBN
cord-021959-1y67126b	266	23	to	to	TO
cord-021959-1y67126b	266	24	be	be	VB
cord-021959-1y67126b	266	25	closely	closely	RB
cord-021959-1y67126b	266	26	related	relate	VBN
cord-021959-1y67126b	266	27	to	to	IN
cord-021959-1y67126b	266	28	hoteliers	hotelier	NNS
cord-021959-1y67126b	266	29	'	'	POS
cord-021959-1y67126b	266	30	lack	lack	NN
cord-021959-1y67126b	266	31	of	of	IN
cord-021959-1y67126b	266	32	experience	experience	NN
cord-021959-1y67126b	266	33	and	and	CC
cord-021959-1y67126b	266	34	understanding	understanding	NN
cord-021959-1y67126b	266	35	in	in	IN
cord-021959-1y67126b	266	36	technology	technology	NN
cord-021959-1y67126b	266	37	investments	investment	NNS
cord-021959-1y67126b	266	38	(	(	-LRB-
cord-021959-1y67126b	266	39	Sangster	Sangster	NNP
cord-021959-1y67126b	266	40	,	,	,
cord-021959-1y67126b	266	41	2001	2001	CD
cord-021959-1y67126b	266	42	)	)	-RRB-
cord-021959-1y67126b	266	43	.	.	.
cord-021959-1y67126b	267	1	Connolly	Connolly	NNP
cord-021959-1y67126b	267	2	further	further	RB
cord-021959-1y67126b	267	3	argued	argue	VBD
cord-021959-1y67126b	267	4	that	that	IN
cord-021959-1y67126b	267	5	"	"	``
cord-021959-1y67126b	267	6	Today	today	NN
cord-021959-1y67126b	267	7	's	's	POS
cord-021959-1y67126b	267	8	financial	financial	JJ
cord-021959-1y67126b	267	9	models	model	NNS
cord-021959-1y67126b	267	10	are	be	VBP
cord-021959-1y67126b	267	11	inadequate	inadequate	JJ
cord-021959-1y67126b	267	12	for	for	IN
cord-021959-1y67126b	267	13	estimating	estimate	VBG
cord-021959-1y67126b	267	14	the	the	DT
cord-021959-1y67126b	267	15	financial	financial	JJ
cord-021959-1y67126b	267	16	benefits	benefit	NNS
cord-021959-1y67126b	267	17	for	for	IN
cord-021959-1y67126b	267	18	most	most	JJS
cord-021959-1y67126b	267	19	of	of	IN
cord-021959-1y67126b	267	20	the	the	DT
cord-021959-1y67126b	267	21	technology	technology	NN
cord-021959-1y67126b	267	22	projects	project	NNS
cord-021959-1y67126b	267	23	under	under	IN
cord-021959-1y67126b	267	24	consideration	consideration	NN
cord-021959-1y67126b	267	25	.	.	.
cord-021959-1y67126b	268	1	While	while	IN
cord-021959-1y67126b	268	2	the	the	DT
cord-021959-1y67126b	268	3	hospitality	hospitality	NN
cord-021959-1y67126b	268	4	industry	industry	NN
cord-021959-1y67126b	268	5	has	have	VBZ
cord-021959-1y67126b	268	6	disciplined	discipline	VBN
cord-021959-1y67126b	268	7	models	model	NNS
cord-021959-1y67126b	268	8	and	and	CC
cord-021959-1y67126b	268	9	sufficient	sufficient	JJ
cord-021959-1y67126b	268	10	history	history	NN
cord-021959-1y67126b	268	11	to	to	TO
cord-021959-1y67126b	268	12	determine	determine	VB
cord-021959-1y67126b	268	13	the	the	DT
cord-021959-1y67126b	268	14	financial	financial	JJ
cord-021959-1y67126b	268	15	gains	gain	NNS
cord-021959-1y67126b	268	16	or	or	CC
cord-021959-1y67126b	268	17	success	success	NN
cord-021959-1y67126b	268	18	of	of	IN
cord-021959-1y67126b	268	19	opening	open	VBG
cord-021959-1y67126b	268	20	a	a	DT
cord-021959-1y67126b	268	21	new	new	JJ
cord-021959-1y67126b	268	22	property	property	NN
cord-021959-1y67126b	268	23	in	in	IN
cord-021959-1y67126b	268	24	a	a	DT
cord-021959-1y67126b	268	25	given	give	VBN
cord-021959-1y67126b	268	26	city	city	NN
cord-021959-1y67126b	268	27	,	,	,
cord-021959-1y67126b	268	28	it	-PRON-	PRP
cord-021959-1y67126b	268	29	lacks	lack	VBZ
cord-021959-1y67126b	268	30	the	the	DT
cord-021959-1y67126b	268	31	same	same	JJ
cord-021959-1y67126b	268	32	rigorous	rigorous	JJ
cord-021959-1y67126b	268	33	models	model	NNS
cord-021959-1y67126b	268	34	and	and	CC
cord-021959-1y67126b	268	35	historical	historical	JJ
cord-021959-1y67126b	268	36	data	datum	NNS
cord-021959-1y67126b	268	37	for	for	IN
cord-021959-1y67126b	268	38	technology	technology	NN
cord-021959-1y67126b	268	39	,	,	,
cord-021959-1y67126b	268	40	especially	especially	RB
cord-021959-1y67126b	268	41	since	since	IN
cord-021959-1y67126b	268	42	each	each	DT
cord-021959-1y67126b	268	43	technology	technology	NN
cord-021959-1y67126b	268	44	projects	project	NNS
cord-021959-1y67126b	268	45	are	be	VBP
cord-021959-1y67126b	268	46	unique	unique	JJ
cord-021959-1y67126b	268	47	.	.	.
cord-021959-1y67126b	269	1	Although	although	IN
cord-021959-1y67126b	269	2	this	this	DT
cord-021959-1y67126b	269	3	problem	problem	NN
cord-021959-1y67126b	269	4	is	be	VBZ
cord-021959-1y67126b	269	5	not	not	RB
cord-021959-1y67126b	269	6	specific	specific	JJ
cord-021959-1y67126b	269	7	to	to	IN
cord-021959-1y67126b	269	8	the	the	DT
cord-021959-1y67126b	269	9	hospitality	hospitality	NN
cord-021959-1y67126b	269	10	industry	industry	NN
cord-021959-1y67126b	269	11	,	,	,
cord-021959-1y67126b	269	12	it	-PRON-	PRP
cord-021959-1y67126b	269	13	is	be	VBZ
cord-021959-1y67126b	269	14	particularly	particularly	RB
cord-021959-1y67126b	269	15	problematic	problematic	JJ
cord-021959-1y67126b	269	16	since	since	IN
cord-021959-1y67126b	269	17	the	the	DT
cord-021959-1y67126b	269	18	industry	industry	NN
cord-021959-1y67126b	269	19	tends	tend	VBZ
cord-021959-1y67126b	269	20	to	to	TO
cord-021959-1y67126b	269	21	be	be	VB
cord-021959-1y67126b	269	22	technologically	technologically	RB
cord-021959-1y67126b	269	23	conservative	conservative	JJ
cord-021959-1y67126b	269	24	and	and	CC
cord-021959-1y67126b	269	25	unwilling	unwilling	JJ
cord-021959-1y67126b	269	26	to	to	TO
cord-021959-1y67126b	269	27	adopt	adopt	VB
cord-021959-1y67126b	269	28	new	new	JJ
cord-021959-1y67126b	269	29	technology	technology	NN
cord-021959-1y67126b	269	30	applications	application	NNS
cord-021959-1y67126b	269	31	based	base	VBN
cord-021959-1y67126b	269	32	on	on	IN
cord-021959-1y67126b	269	33	the	the	DT
cord-021959-1y67126b	269	34	promises	promise	NNS
cord-021959-1y67126b	269	35	of	of	IN
cord-021959-1y67126b	269	36	their	-PRON-	PRP$
cord-021959-1y67126b	269	37	long	long	JJ
cord-021959-1y67126b	269	38	-	-	HYPH
cord-021959-1y67126b	269	39	term	term	NN
cord-021959-1y67126b	269	40	merits	merit	NNS
cord-021959-1y67126b	269	41	especially	especially	RB
cord-021959-1y67126b	269	42	if	if	IN
cord-021959-1y67126b	269	43	it	-PRON-	PRP
cord-021959-1y67126b	269	44	can	can	MD
cord-021959-1y67126b	269	45	not	not	RB
cord-021959-1y67126b	269	46	quantify	quantify	VB
cord-021959-1y67126b	269	47	the	the	DT
cord-021959-1y67126b	269	48	results	result	NNS
cord-021959-1y67126b	269	49	and	and	CC
cord-021959-1y67126b	269	50	calculate	calculate	VB
cord-021959-1y67126b	269	51	a	a	DT
cord-021959-1y67126b	269	52	defined	define	VBN
cord-021959-1y67126b	269	53	payback	payback	NN
cord-021959-1y67126b	269	54	period	period	NN
cord-021959-1y67126b	269	55	.	.	.
cord-021959-1y67126b	270	1	When	when	WRB
cord-021959-1y67126b	270	2	uncertainty	uncertainty	NN
cord-021959-1y67126b	270	3	surrounds	surround	VBZ
cord-021959-1y67126b	270	4	the	the	DT
cord-021959-1y67126b	270	5	investment	investment	NN
cord-021959-1y67126b	270	6	,	,	,
cord-021959-1y67126b	270	7	when	when	WRB
cord-021959-1y67126b	270	8	the	the	DT
cord-021959-1y67126b	270	9	timing	timing	NN
cord-021959-1y67126b	270	10	of	of	IN
cord-021959-1y67126b	270	11	the	the	DT
cord-021959-1y67126b	270	12	cash	cash	NN
cord-021959-1y67126b	270	13	flows	flow	NNS
cord-021959-1y67126b	270	14	is	be	VBZ
cord-021959-1y67126b	270	15	unpredictable	unpredictable	JJ
cord-021959-1y67126b	270	16	,	,	,
cord-021959-1y67126b	270	17	and	and	CC
cord-021959-1y67126b	270	18	when	when	WRB
cord-021959-1y67126b	270	19	the	the	DT
cord-021959-1y67126b	270	20	investment	investment	NN
cord-021959-1y67126b	270	21	is	be	VBZ
cord-021959-1y67126b	270	22	perceived	perceive	VBN
cord-021959-1y67126b	270	23	as	as	IN
cord-021959-1y67126b	270	24	risky	risky	JJ
cord-021959-1y67126b	270	25	,	,	,
cord-021959-1y67126b	270	26	owners	owner	NNS
cord-021959-1y67126b	270	27	and	and	CC
cord-021959-1y67126b	270	28	investors	investor	NNS
cord-021959-1y67126b	270	29	will	will	MD
cord-021959-1y67126b	270	30	most	most	RBS
cord-021959-1y67126b	270	31	likely	likely	RB
cord-021959-1y67126b	270	32	channel	channel	VB
cord-021959-1y67126b	270	33	their	-PRON-	PRP$
cord-021959-1y67126b	270	34	investment	investment	NN
cord-021959-1y67126b	270	35	capital	capital	NN
cord-021959-1y67126b	270	36	to	to	IN
cord-021959-1y67126b	270	37	projects	project	NNS
cord-021959-1y67126b	270	38	with	with	IN
cord-021959-1y67126b	270	39	more	more	RBR
cord-021959-1y67126b	270	40	certain	certain	JJ
cord-021959-1y67126b	270	41	returns	return	NNS
cord-021959-1y67126b	270	42	and	and	CC
cord-021959-1y67126b	270	43	minimal	minimal	JJ
cord-021959-1y67126b	270	44	risk	risk	NN
cord-021959-1y67126b	270	45	.	.	.
cord-021959-1y67126b	271	1	Thus	thus	RB
cord-021959-1y67126b	271	2	,	,	,
cord-021959-1y67126b	271	3	under	under	IN
cord-021959-1y67126b	271	4	this	this	DT
cord-021959-1y67126b	271	5	thinking	thinking	NN
cord-021959-1y67126b	271	6	,	,	,
cord-021959-1y67126b	271	7	technology	technology	NN
cord-021959-1y67126b	271	8	will	will	MD
cord-021959-1y67126b	271	9	always	always	RB
cord-021959-1y67126b	271	10	take	take	VB
cord-021959-1y67126b	271	11	a	a	DT
cord-021959-1y67126b	271	12	back	back	JJ
cord-021959-1y67126b	271	13	seat	seat	NN
cord-021959-1y67126b	271	14	to	to	IN
cord-021959-1y67126b	271	15	other	other	JJ
cord-021959-1y67126b	271	16	organizational	organizational	JJ
cord-021959-1y67126b	271	17	priorities	priority	NNS
cord-021959-1y67126b	271	18	and	and	CC
cord-021959-1y67126b	271	19	initiatives	initiative	NNS
cord-021959-1y67126b	271	20	.	.	.
cord-021959-1y67126b	272	1	Efforts	effort	NNS
cord-021959-1y67126b	272	2	must	must	MD
cord-021959-1y67126b	272	3	be	be	VB
cord-021959-1y67126b	272	4	made	make	VBN
cord-021959-1y67126b	272	5	to	to	TO
cord-021959-1y67126b	272	6	change	change	VB
cord-021959-1y67126b	272	7	this	this	DT
cord-021959-1y67126b	272	8	thinking	thinking	NN
cord-021959-1y67126b	272	9	and	and	CC
cord-021959-1y67126b	272	10	to	to	TO
cord-021959-1y67126b	272	11	develop	develop	VB
cord-021959-1y67126b	272	12	financial	financial	JJ
cord-021959-1y67126b	272	13	models	model	NNS
cord-021959-1y67126b	272	14	that	that	WDT
cord-021959-1y67126b	272	15	can	can	MD
cord-021959-1y67126b	272	16	accurately	accurately	RB
cord-021959-1y67126b	272	17	predict	predict	VB
cord-021959-1y67126b	272	18	and	and	CC
cord-021959-1y67126b	272	19	capture	capture	VB
cord-021959-1y67126b	272	20	the	the	DT
cord-021959-1y67126b	272	21	financial	financial	JJ
cord-021959-1y67126b	272	22	benefits	benefit	NNS
cord-021959-1y67126b	272	23	derived	derive	VBN
cord-021959-1y67126b	272	24	from	from	IN
cord-021959-1y67126b	272	25	technology	technology	NN
cord-021959-1y67126b	272	26	(	(	-LRB-
cord-021959-1y67126b	272	27	Connolly	Connolly	NNP
cord-021959-1y67126b	272	28	,	,	,
cord-021959-1y67126b	272	29	1999	1999	CD
cord-021959-1y67126b	272	30	;	;	:
cord-021959-1y67126b	272	31	p.	p.	NN
cord-021959-1y67126b	272	32	iii	iii	NNP
cord-021959-1y67126b	272	33	)	)	-RRB-
cord-021959-1y67126b	272	34	.	.	.
cord-021959-1y67126b	273	1	"	"	``
cord-021959-1y67126b	273	2	Although	although	IN
cord-021959-1y67126b	273	3	there	there	EX
cord-021959-1y67126b	273	4	are	be	VBP
cord-021959-1y67126b	273	5	no	no	RB
cord-021959-1y67126b	273	6	hard	hard	JJ
cord-021959-1y67126b	273	7	and	and	CC
cord-021959-1y67126b	273	8	fast	fast	JJ
cord-021959-1y67126b	273	9	rules	rule	NNS
cord-021959-1y67126b	273	10	to	to	TO
cord-021959-1y67126b	273	11	facilitate	facilitate	VB
cord-021959-1y67126b	273	12	the	the	DT
cord-021959-1y67126b	273	13	valuations	valuation	NNS
cord-021959-1y67126b	273	14	of	of	IN
cord-021959-1y67126b	273	15	technology	technology	NN
cord-021959-1y67126b	273	16	investments	investment	NNS
cord-021959-1y67126b	273	17	,	,	,
cord-021959-1y67126b	273	18	it	-PRON-	PRP
cord-021959-1y67126b	273	19	is	be	VBZ
cord-021959-1y67126b	273	20	common	common	JJ
cord-021959-1y67126b	273	21	knowledge	knowledge	NN
cord-021959-1y67126b	273	22	that	that	WDT
cord-021959-1y67126b	273	23	technology	technology	NN
cord-021959-1y67126b	273	24	is	be	VBZ
cord-021959-1y67126b	273	25	transforming	transform	VBG
cord-021959-1y67126b	273	26	the	the	DT
cord-021959-1y67126b	273	27	way	way	NN
cord-021959-1y67126b	273	28	business	business	NN
cord-021959-1y67126b	273	29	is	be	VBZ
cord-021959-1y67126b	273	30	conducted	conduct	VBN
cord-021959-1y67126b	273	31	in	in	IN
cord-021959-1y67126b	273	32	the	the	DT
cord-021959-1y67126b	273	33	lodging	lodging	NN
cord-021959-1y67126b	273	34	industry	industry	NN
cord-021959-1y67126b	273	35	.	.	.
cord-021959-1y67126b	274	1	Particularly	particularly	RB
cord-021959-1y67126b	274	2	the	the	DT
cord-021959-1y67126b	274	3	surge	surge	NN
cord-021959-1y67126b	274	4	in	in	IN
cord-021959-1y67126b	274	5	Internet	internet	NN
cord-021959-1y67126b	274	6	usage	usage	NN
cord-021959-1y67126b	274	7	in	in	IN
cord-021959-1y67126b	274	8	the	the	DT
cord-021959-1y67126b	274	9	early	early	JJ
cord-021959-1y67126b	274	10	years	year	NNS
cord-021959-1y67126b	274	11	of	of	IN
cord-021959-1y67126b	274	12	the	the	DT
cord-021959-1y67126b	274	13	new	new	JJ
cord-021959-1y67126b	274	14	millennium	millennium	NN
cord-021959-1y67126b	274	15	brought	bring	VBN
cord-021959-1y67126b	274	16	about	about	RP
cord-021959-1y67126b	274	17	the	the	DT
cord-021959-1y67126b	274	18	issue	issue	NN
cord-021959-1y67126b	274	19	of	of	IN
cord-021959-1y67126b	274	20	capacity	capacity	NN
cord-021959-1y67126b	274	21	control	control	NN
cord-021959-1y67126b	274	22	for	for	IN
cord-021959-1y67126b	274	23	hotel	hotel	NN
cord-021959-1y67126b	274	24	room	room	NN
cord-021959-1y67126b	274	25	inventory	inventory	NN
cord-021959-1y67126b	274	26	holders	holder	NNS
cord-021959-1y67126b	274	27	.	.	.
cord-021959-1y67126b	275	1	Therefore	therefore	RB
cord-021959-1y67126b	275	2	,	,	,
cord-021959-1y67126b	275	3	firms	firm	NNS
cord-021959-1y67126b	275	4	that	that	WDT
cord-021959-1y67126b	275	5	are	be	VBP
cord-021959-1y67126b	275	6	more	more	RBR
cord-021959-1y67126b	275	7	adaptive	adaptive	JJ
cord-021959-1y67126b	275	8	to	to	TO
cord-021959-1y67126b	275	9	utilize	utilize	VB
cord-021959-1y67126b	275	10	technology	technology	NN
cord-021959-1y67126b	275	11	to	to	IN
cord-021959-1y67126b	275	12	market	market	NN
cord-021959-1y67126b	275	13	and	and	CC
cord-021959-1y67126b	275	14	sell	sell	VB
cord-021959-1y67126b	275	15	their	-PRON-	PRP$
cord-021959-1y67126b	275	16	perishable	perishable	JJ
cord-021959-1y67126b	275	17	product	product	NN
cord-021959-1y67126b	275	18	(	(	-LRB-
cord-021959-1y67126b	275	19	hotel	hotel	NN
cord-021959-1y67126b	275	20	rooms	room	NNS
cord-021959-1y67126b	275	21	)	)	-RRB-
cord-021959-1y67126b	275	22	may	may	MD
cord-021959-1y67126b	275	23	accomplish	accomplish	VB
cord-021959-1y67126b	275	24	a	a	DT
cord-021959-1y67126b	275	25	lower	low	JJR
cord-021959-1y67126b	275	26	variation	variation	NN
cord-021959-1y67126b	275	27	in	in	IN
cord-021959-1y67126b	275	28	their	-PRON-	PRP$
cord-021959-1y67126b	275	29	future	future	JJ
cord-021959-1y67126b	275	30	cash	cash	NN
cord-021959-1y67126b	275	31	flows	flow	NNS
cord-021959-1y67126b	275	32	,	,	,
cord-021959-1y67126b	275	33	since	since	IN
cord-021959-1y67126b	275	34	they	-PRON-	PRP
cord-021959-1y67126b	275	35	are	be	VBP
cord-021959-1y67126b	275	36	able	able	JJ
cord-021959-1y67126b	275	37	to	to	TO
cord-021959-1y67126b	275	38	retain	retain	VB
cord-021959-1y67126b	275	39	greater	great	JJR
cord-021959-1y67126b	275	40	control	control	NN
cord-021959-1y67126b	275	41	over	over	IN
cord-021959-1y67126b	275	42	pricing	pricing	NN
cord-021959-1y67126b	275	43	.	.	.
cord-021959-1y67126b	276	1	The	the	DT
cord-021959-1y67126b	276	2	author	author	NN
cord-021959-1y67126b	276	3	would	would	MD
cord-021959-1y67126b	276	4	like	like	VB
cord-021959-1y67126b	276	5	to	to	TO
cord-021959-1y67126b	276	6	acknowledge	acknowledge	VB
cord-021959-1y67126b	276	7	the	the	DT
cord-021959-1y67126b	276	8	fact	fact	NN
cord-021959-1y67126b	276	9	that	that	IN
cord-021959-1y67126b	276	10	the	the	DT
cord-021959-1y67126b	276	11	body	body	NN
cord-021959-1y67126b	276	12	of	of	IN
cord-021959-1y67126b	276	13	literature	literature	NN
cord-021959-1y67126b	276	14	does	do	VBZ
cord-021959-1y67126b	276	15	not	not	RB
cord-021959-1y67126b	276	16	offer	offer	VB
cord-021959-1y67126b	276	17	a	a	DT
cord-021959-1y67126b	276	18	direct	direct	JJ
cord-021959-1y67126b	276	19	causal	causal	JJ
cord-021959-1y67126b	276	20	relationship	relationship	NN
cord-021959-1y67126b	276	21	between	between	IN
cord-021959-1y67126b	276	22	the	the	DT
cord-021959-1y67126b	276	23	cost	cost	NN
cord-021959-1y67126b	276	24	of	of	IN
cord-021959-1y67126b	276	25	equity	equity	NN
cord-021959-1y67126b	276	26	capital	capital	NN
cord-021959-1y67126b	276	27	and	and	CC
cord-021959-1y67126b	276	28	the	the	DT
cord-021959-1y67126b	276	29	technology	technology	NN
cord-021959-1y67126b	276	30	utilization	utilization	NN
cord-021959-1y67126b	276	31	.	.	.
cord-021959-1y67126b	277	1	However	however	RB
cord-021959-1y67126b	277	2	,	,	,
cord-021959-1y67126b	277	3	based	base	VBN
cord-021959-1y67126b	277	4	on	on	IN
cord-021959-1y67126b	277	5	the	the	DT
cord-021959-1y67126b	277	6	arguments	argument	NNS
cord-021959-1y67126b	277	7	discussed	discuss	VBN
cord-021959-1y67126b	277	8	above	above	RB
cord-021959-1y67126b	277	9	,	,	,
cord-021959-1y67126b	277	10	the	the	DT
cord-021959-1y67126b	277	11	author	author	NN
cord-021959-1y67126b	277	12	contends	contend	VBZ
cord-021959-1y67126b	277	13	that	that	IN
cord-021959-1y67126b	277	14	firms	firm	NNS
cord-021959-1y67126b	277	15	that	that	WDT
cord-021959-1y67126b	277	16	invest	invest	VBP
cord-021959-1y67126b	277	17	in	in	IN
cord-021959-1y67126b	277	18	technology	technology	NN
cord-021959-1y67126b	277	19	wisely	wisely	RB
cord-021959-1y67126b	277	20	may	may	MD
cord-021959-1y67126b	277	21	achieve	achieve	VB
cord-021959-1y67126b	277	22	a	a	DT
cord-021959-1y67126b	277	23	higher	high	JJR
cord-021959-1y67126b	277	24	average	average	JJ
cord-021959-1y67126b	277	25	daily	daily	JJ
cord-021959-1y67126b	277	26	rate	rate	NN
cord-021959-1y67126b	277	27	or	or	CC
cord-021959-1y67126b	277	28	REVPAR	revpar	NN
cord-021959-1y67126b	277	29	in	in	IN
cord-021959-1y67126b	277	30	their	-PRON-	PRP$
cord-021959-1y67126b	277	31	properties	property	NNS
cord-021959-1y67126b	277	32	which	which	WDT
cord-021959-1y67126b	277	33	in	in	IN
cord-021959-1y67126b	277	34	turn	turn	NN
cord-021959-1y67126b	277	35	will	will	MD
cord-021959-1y67126b	277	36	lead	lead	VB
cord-021959-1y67126b	277	37	to	to	IN
cord-021959-1y67126b	277	38	a	a	DT
cord-021959-1y67126b	277	39	decrease	decrease	NN
cord-021959-1y67126b	277	40	in	in	IN
cord-021959-1y67126b	277	41	the	the	DT
cord-021959-1y67126b	277	42	variance	variance	NN
cord-021959-1y67126b	277	43	in	in	IN
cord-021959-1y67126b	277	44	firm	firm	NN
cord-021959-1y67126b	277	45	's	's	POS
cord-021959-1y67126b	277	46	cash	cash	NN
cord-021959-1y67126b	277	47	flows	flow	NNS
cord-021959-1y67126b	277	48	.	.	.
cord-021959-1y67126b	278	1	Thus	thus	RB
cord-021959-1y67126b	278	2	,	,	,
cord-021959-1y67126b	278	3	better	well	JJR
cord-021959-1y67126b	278	4	utilization	utilization	NN
cord-021959-1y67126b	278	5	of	of	IN
cord-021959-1y67126b	278	6	information	information	NN
cord-021959-1y67126b	278	7	technology	technology	NN
cord-021959-1y67126b	278	8	can	can	MD
cord-021959-1y67126b	278	9	possibly	possibly	RB
cord-021959-1y67126b	278	10	reduce	reduce	VB
cord-021959-1y67126b	278	11	the	the	DT
cord-021959-1y67126b	278	12	uncertainty	uncertainty	NN
cord-021959-1y67126b	278	13	surrounding	surround	VBG
cord-021959-1y67126b	278	14	the	the	DT
cord-021959-1y67126b	278	15	future	future	JJ
cord-021959-1y67126b	278	16	earnings	earning	NNS
cord-021959-1y67126b	278	17	of	of	IN
cord-021959-1y67126b	278	18	the	the	DT
cord-021959-1y67126b	278	19	firm	firm	NN
cord-021959-1y67126b	278	20	.	.	.
cord-021959-1y67126b	279	1	As	as	IN
cord-021959-1y67126b	279	2	a	a	DT
cord-021959-1y67126b	279	3	result	result	NN
cord-021959-1y67126b	279	4	,	,	,
cord-021959-1y67126b	279	5	capital	capital	NN
cord-021959-1y67126b	279	6	markets	market	NNS
cord-021959-1y67126b	279	7	will	will	MD
cord-021959-1y67126b	279	8	assign	assign	VB
cord-021959-1y67126b	279	9	a	a	DT
cord-021959-1y67126b	279	10	lower	low	JJR
cord-021959-1y67126b	279	11	risk	risk	NN
cord-021959-1y67126b	279	12	premium	premium	NN
cord-021959-1y67126b	279	13	to	to	IN
cord-021959-1y67126b	279	14	hospitality	hospitality	NN
cord-021959-1y67126b	279	15	firms	firm	NNS
cord-021959-1y67126b	279	16	that	that	WDT
cord-021959-1y67126b	279	17	successfully	successfully	RB
cord-021959-1y67126b	279	18	utilize	utilize	VBP
cord-021959-1y67126b	279	19	and	and	CC
cord-021959-1y67126b	279	20	deploy	deploy	VB
cord-021959-1y67126b	279	21	technology	technology	NN
cord-021959-1y67126b	279	22	into	into	IN
cord-021959-1y67126b	279	23	their	-PRON-	PRP$
cord-021959-1y67126b	279	24	operations	operation	NNS
cord-021959-1y67126b	279	25	.	.	.
cord-021959-1y67126b	280	1	Guest	guest	NN
cord-021959-1y67126b	280	2	safety	safety	NN
cord-021959-1y67126b	280	3	and	and	CC
cord-021959-1y67126b	280	4	security	security	NN
cord-021959-1y67126b	280	5	topics	topic	NNS
cord-021959-1y67126b	280	6	in	in	IN
cord-021959-1y67126b	280	7	the	the	DT
cord-021959-1y67126b	280	8	lodging	lodging	NN
cord-021959-1y67126b	280	9	industry	industry	NN
cord-021959-1y67126b	280	10	can	can	MD
cord-021959-1y67126b	280	11	vary	vary	VB
cord-021959-1y67126b	280	12	from	from	IN
cord-021959-1y67126b	280	13	building	build	VBG
cord-021959-1y67126b	280	14	safety	safety	NN
cord-021959-1y67126b	280	15	codes	code	NNS
cord-021959-1y67126b	280	16	and	and	CC
cord-021959-1y67126b	280	17	bacterial	bacterial	JJ
cord-021959-1y67126b	280	18	contamination	contamination	NN
cord-021959-1y67126b	280	19	of	of	IN
cord-021959-1y67126b	280	20	hotel	hotel	NN
cord-021959-1y67126b	280	21	whirlpools	whirlpool	NNS
cord-021959-1y67126b	280	22	to	to	IN
cord-021959-1y67126b	280	23	restaurant	restaurant	NN
cord-021959-1y67126b	280	24	food	food	NN
cord-021959-1y67126b	280	25	safety	safety	NN
cord-021959-1y67126b	280	26	and	and	CC
cord-021959-1y67126b	280	27	hotel	hotel	NN
cord-021959-1y67126b	280	28	crime	crime	NN
cord-021959-1y67126b	280	29	statistics	statistic	NNS
cord-021959-1y67126b	280	30	(	(	-LRB-
cord-021959-1y67126b	280	31	Olsen	Olsen	NNP
cord-021959-1y67126b	280	32	and	and	CC
cord-021959-1y67126b	280	33	Merna	Merna	NNP
cord-021959-1y67126b	280	34	,	,	,
cord-021959-1y67126b	280	35	1991	1991	CD
cord-021959-1y67126b	280	36	)	)	-RRB-
cord-021959-1y67126b	280	37	.	.	.
cord-021959-1y67126b	281	1	The	the	DT
cord-021959-1y67126b	281	2	need	need	NN
cord-021959-1y67126b	281	3	for	for	IN
cord-021959-1y67126b	281	4	greater	great	JJR
cord-021959-1y67126b	281	5	commitment	commitment	NN
cord-021959-1y67126b	281	6	to	to	IN
cord-021959-1y67126b	281	7	safety	safety	NN
cord-021959-1y67126b	281	8	and	and	CC
cord-021959-1y67126b	281	9	security	security	NN
cord-021959-1y67126b	281	10	for	for	IN
cord-021959-1y67126b	281	11	the	the	DT
cord-021959-1y67126b	281	12	hospitality	hospitality	NN
cord-021959-1y67126b	281	13	industry	industry	NN
cord-021959-1y67126b	281	14	became	become	VBD
cord-021959-1y67126b	281	15	evident	evident	JJ
cord-021959-1y67126b	281	16	in	in	IN
cord-021959-1y67126b	281	17	1990	1990	CD
cord-021959-1y67126b	281	18	after	after	IN
cord-021959-1y67126b	281	19	the	the	DT
cord-021959-1y67126b	281	20	San	San	NNP
cord-021959-1y67126b	281	21	Francisco	Francisco	NNP
cord-021959-1y67126b	281	22	earthquake	earthquake	NN
cord-021959-1y67126b	281	23	and	and	CC
cord-021959-1y67126b	281	24	Hurricane	Hurricane	NNP
cord-021959-1y67126b	281	25	Hugo	Hugo	NNP
cord-021959-1y67126b	281	26	occurred	occur	VBD
cord-021959-1y67126b	281	27	(	(	-LRB-
cord-021959-1y67126b	281	28	Olsen	Olsen	NNP
cord-021959-1y67126b	281	29	and	and	CC
cord-021959-1y67126b	281	30	Merna	Merna	NNP
cord-021959-1y67126b	281	31	,	,	,
cord-021959-1y67126b	281	32	1991	1991	CD
cord-021959-1y67126b	281	33	)	)	-RRB-
cord-021959-1y67126b	281	34	.	.	.
cord-021959-1y67126b	282	1	The	the	DT
cord-021959-1y67126b	282	2	culmination	culmination	NN
cord-021959-1y67126b	282	3	of	of	IN
cord-021959-1y67126b	282	4	these	these	DT
cord-021959-1y67126b	282	5	events	event	NNS
cord-021959-1y67126b	282	6	and	and	CC
cord-021959-1y67126b	282	7	all	all	PDT
cord-021959-1y67126b	282	8	the	the	DT
cord-021959-1y67126b	282	9	other	other	JJ
cord-021959-1y67126b	282	10	events	event	NNS
cord-021959-1y67126b	282	11	sparked	spark	VBD
cord-021959-1y67126b	282	12	an	an	DT
cord-021959-1y67126b	282	13	effort	effort	NN
cord-021959-1y67126b	282	14	by	by	IN
cord-021959-1y67126b	282	15	the	the	DT
cord-021959-1y67126b	282	16	hotel	hotel	NN
cord-021959-1y67126b	282	17	industry	industry	NN
cord-021959-1y67126b	282	18	to	to	TO
cord-021959-1y67126b	282	19	manage	manage	VB
cord-021959-1y67126b	282	20	the	the	DT
cord-021959-1y67126b	282	21	risk	risk	NN
cord-021959-1y67126b	282	22	and	and	CC
cord-021959-1y67126b	282	23	liability	liability	NN
cord-021959-1y67126b	282	24	related	relate	VBN
cord-021959-1y67126b	282	25	to	to	IN
cord-021959-1y67126b	282	26	guest	guest	NN
cord-021959-1y67126b	282	27	safety	safety	NN
cord-021959-1y67126b	282	28	and	and	CC
cord-021959-1y67126b	282	29	security	security	NN
cord-021959-1y67126b	282	30	.	.	.
cord-021959-1y67126b	283	1	Ray	Ray	NNP
cord-021959-1y67126b	283	2	Ellis	Ellis	NNP
cord-021959-1y67126b	283	3	,	,	,
cord-021959-1y67126b	283	4	the	the	DT
cord-021959-1y67126b	283	5	director	director	NN
cord-021959-1y67126b	283	6	of	of	IN
cord-021959-1y67126b	283	7	risk	risk	NN
cord-021959-1y67126b	283	8	management	management	NN
cord-021959-1y67126b	283	9	and	and	CC
cord-021959-1y67126b	283	10	operations	operation	NNS
cord-021959-1y67126b	283	11	in	in	IN
cord-021959-1y67126b	283	12	the	the	DT
cord-021959-1y67126b	283	13	American	American	NNP
cord-021959-1y67126b	283	14	Hotel	Hotel	NNP
cord-021959-1y67126b	283	15	&	&	CC
cord-021959-1y67126b	283	16	Motel	Motel	NNP
cord-021959-1y67126b	283	17	Association	Association	NNP
cord-021959-1y67126b	283	18	(	(	-LRB-
cord-021959-1y67126b	283	19	at	at	IN
cord-021959-1y67126b	283	20	that	that	DT
cord-021959-1y67126b	283	21	time	time	NN
cord-021959-1y67126b	283	22	in	in	IN
cord-021959-1y67126b	283	23	1991	1991	CD
cord-021959-1y67126b	283	24	)	)	-RRB-
cord-021959-1y67126b	283	25	,	,	,
cord-021959-1y67126b	283	26	contended	contend	VBD
cord-021959-1y67126b	283	27	that	that	IN
cord-021959-1y67126b	283	28	after	after	IN
cord-021959-1y67126b	283	29	the	the	DT
cord-021959-1y67126b	283	30	end	end	NN
cord-021959-1y67126b	283	31	of	of	IN
cord-021959-1y67126b	283	32	the	the	DT
cord-021959-1y67126b	283	33	Gulf	Gulf	NNP
cord-021959-1y67126b	283	34	War	War	NNP
cord-021959-1y67126b	283	35	the	the	DT
cord-021959-1y67126b	283	36	benefits	benefit	NNS
cord-021959-1y67126b	283	37	of	of	IN
cord-021959-1y67126b	283	38	increased	increase	VBN
cord-021959-1y67126b	283	39	security	security	NN
cord-021959-1y67126b	283	40	for	for	IN
cord-021959-1y67126b	283	41	the	the	DT
cord-021959-1y67126b	283	42	industry	industry	NN
cord-021959-1y67126b	283	43	go	go	VBP
cord-021959-1y67126b	283	44	far	far	RB
cord-021959-1y67126b	283	45	beyond	beyond	IN
cord-021959-1y67126b	283	46	intangibles	intangible	NNS
cord-021959-1y67126b	283	47	such	such	JJ
cord-021959-1y67126b	283	48	as	as	IN
cord-021959-1y67126b	283	49	peace	peace	NN
cord-021959-1y67126b	283	50	of	of	IN
cord-021959-1y67126b	283	51	mind	mind	NN
cord-021959-1y67126b	283	52	(	(	-LRB-
cord-021959-1y67126b	283	53	Jesitus	Jesitus	NNP
cord-021959-1y67126b	283	54	,	,	,
cord-021959-1y67126b	283	55	1991	1991	CD
cord-021959-1y67126b	283	56	)	)	-RRB-
cord-021959-1y67126b	283	57	.	.	.
cord-021959-1y67126b	284	1	Ellis	Ellis	NNP
cord-021959-1y67126b	284	2	stressed	stress	VBD
cord-021959-1y67126b	284	3	that	that	IN
cord-021959-1y67126b	284	4	improved	improve	VBN
cord-021959-1y67126b	284	5	safety	safety	NN
cord-021959-1y67126b	284	6	and	and	CC
cord-021959-1y67126b	284	7	security	security	NN
cord-021959-1y67126b	284	8	will	will	MD
cord-021959-1y67126b	284	9	significantly	significantly	RB
cord-021959-1y67126b	284	10	decrease	decrease	VB
cord-021959-1y67126b	284	11	the	the	DT
cord-021959-1y67126b	284	12	insurance	insurance	NN
cord-021959-1y67126b	284	13	premiums	premium	NNS
cord-021959-1y67126b	284	14	of	of	IN
cord-021959-1y67126b	284	15	the	the	DT
cord-021959-1y67126b	284	16	properties	property	NNS
cord-021959-1y67126b	284	17	,	,	,
cord-021959-1y67126b	284	18	and	and	CC
cord-021959-1y67126b	284	19	thus	thus	RB
cord-021959-1y67126b	284	20	enable	enable	VB
cord-021959-1y67126b	284	21	the	the	DT
cord-021959-1y67126b	284	22	companies	company	NNS
cord-021959-1y67126b	284	23	to	to	TO
cord-021959-1y67126b	284	24	have	have	VB
cord-021959-1y67126b	284	25	more	more	JJR
cord-021959-1y67126b	284	26	resources	resource	NNS
cord-021959-1y67126b	284	27	to	to	TO
cord-021959-1y67126b	284	28	invest	invest	VB
cord-021959-1y67126b	284	29	in	in	IN
cord-021959-1y67126b	284	30	their	-PRON-	PRP$
cord-021959-1y67126b	284	31	operations	operation	NNS
cord-021959-1y67126b	284	32	.	.	.
cord-021959-1y67126b	285	1	Although	although	IN
cord-021959-1y67126b	285	2	Ellis	Ellis	NNP
cord-021959-1y67126b	285	3	said	say	VBD
cord-021959-1y67126b	285	4	that	that	IN
cord-021959-1y67126b	285	5	chances	chance	NNS
cord-021959-1y67126b	285	6	of	of	IN
cord-021959-1y67126b	285	7	terrorist	terrorist	JJ
cord-021959-1y67126b	285	8	attacks	attack	NNS
cord-021959-1y67126b	285	9	on	on	IN
cord-021959-1y67126b	285	10	the	the	DT
cord-021959-1y67126b	285	11	United	United	NNP
cord-021959-1y67126b	285	12	States	States	NNP
cord-021959-1y67126b	285	13	post	post	NN
cord-021959-1y67126b	285	14	Gulf	Gulf	NNP
cord-021959-1y67126b	285	15	War	War	NNP
cord-021959-1y67126b	285	16	were	be	VBD
cord-021959-1y67126b	285	17	fairly	fairly	RB
cord-021959-1y67126b	285	18	remote	remote	JJ
cord-021959-1y67126b	285	19	,	,	,
cord-021959-1y67126b	285	20	he	-PRON-	PRP
cord-021959-1y67126b	285	21	warned	warn	VBD
cord-021959-1y67126b	285	22	that	that	IN
cord-021959-1y67126b	285	23	the	the	DT
cord-021959-1y67126b	285	24	hotels	hotel	NNS
cord-021959-1y67126b	285	25	,	,	,
cord-021959-1y67126b	285	26	particularly	particularly	RB
cord-021959-1y67126b	285	27	those	those	DT
cord-021959-1y67126b	285	28	serving	serve	VBG
cord-021959-1y67126b	285	29	international	international	JJ
cord-021959-1y67126b	285	30	markets	market	NNS
cord-021959-1y67126b	285	31	,	,	,
cord-021959-1y67126b	285	32	be	be	VB
cord-021959-1y67126b	285	33	most	most	RBS
cord-021959-1y67126b	285	34	wary	wary	JJ
cord-021959-1y67126b	285	35	of	of	IN
cord-021959-1y67126b	285	36	arson	arson	NN
cord-021959-1y67126b	285	37	and	and	CC
cord-021959-1y67126b	285	38	bomb	bomb	NN
cord-021959-1y67126b	285	39	threats	threat	NNS
cord-021959-1y67126b	285	40	.	.	.
cord-021959-1y67126b	286	1	The	the	DT
cord-021959-1y67126b	286	2	International	International	NNP
cord-021959-1y67126b	286	3	Hotel	Hotel	NNP
cord-021959-1y67126b	286	4	and	and	CC
cord-021959-1y67126b	286	5	Restaurant	Restaurant	NNP
cord-021959-1y67126b	286	6	Association	Association	NNP
cord-021959-1y67126b	286	7	in	in	IN
cord-021959-1y67126b	286	8	1995	1995	CD
cord-021959-1y67126b	286	9	identified	identify	VBD
cord-021959-1y67126b	286	10	safety	safety	NN
cord-021959-1y67126b	286	11	and	and	CC
cord-021959-1y67126b	286	12	security	security	NN
cord-021959-1y67126b	286	13	as	as	IN
cord-021959-1y67126b	286	14	one	one	CD
cord-021959-1y67126b	286	15	of	of	IN
cord-021959-1y67126b	286	16	the	the	DT
cord-021959-1y67126b	286	17	major	major	JJ
cord-021959-1y67126b	286	18	forces	force	NNS
cord-021959-1y67126b	286	19	driving	drive	VBG
cord-021959-1y67126b	286	20	change	change	NN
cord-021959-1y67126b	286	21	in	in	IN
cord-021959-1y67126b	286	22	the	the	DT
cord-021959-1y67126b	286	23	global	global	JJ
cord-021959-1y67126b	286	24	hospitality	hospitality	NN
cord-021959-1y67126b	286	25	industry	industry	NN
cord-021959-1y67126b	286	26	(	(	-LRB-
cord-021959-1y67126b	286	27	Olsen	Olsen	NNP
cord-021959-1y67126b	286	28	,	,	,
cord-021959-1y67126b	286	29	1995	1995	CD
cord-021959-1y67126b	286	30	)	)	-RRB-
cord-021959-1y67126b	286	31	.	.	.
cord-021959-1y67126b	287	1	With	with	IN
cord-021959-1y67126b	287	2	the	the	DT
cord-021959-1y67126b	287	3	destruction	destruction	NN
cord-021959-1y67126b	287	4	of	of	IN
cord-021959-1y67126b	287	5	the	the	DT
cord-021959-1y67126b	287	6	World	World	NNP
cord-021959-1y67126b	287	7	Trade	Trade	NNP
cord-021959-1y67126b	287	8	Center	Center	NNP
cord-021959-1y67126b	287	9	in	in	IN
cord-021959-1y67126b	287	10	2001	2001	CD
cord-021959-1y67126b	287	11	,	,	,
cord-021959-1y67126b	287	12	and	and	CC
cord-021959-1y67126b	287	13	subsequent	subsequent	JJ
cord-021959-1y67126b	287	14	terrorist	terrorist	JJ
cord-021959-1y67126b	287	15	attacks	attack	NNS
cord-021959-1y67126b	287	16	in	in	IN
cord-021959-1y67126b	287	17	Bali	Bali	NNP
cord-021959-1y67126b	287	18	and	and	CC
cord-021959-1y67126b	287	19	Kenya	Kenya	NNP
cord-021959-1y67126b	287	20	,	,	,
cord-021959-1y67126b	287	21	it	-PRON-	PRP
cord-021959-1y67126b	287	22	is	be	VBZ
cord-021959-1y67126b	287	23	clear	clear	JJ
cord-021959-1y67126b	287	24	that	that	IN
cord-021959-1y67126b	287	25	force	force	NN
cord-021959-1y67126b	287	26	has	have	VBZ
cord-021959-1y67126b	287	27	emerged	emerge	VBN
cord-021959-1y67126b	287	28	now	now	RB
cord-021959-1y67126b	287	29	as	as	IN
cord-021959-1y67126b	287	30	a	a	DT
cord-021959-1y67126b	287	31	major	major	JJ
cord-021959-1y67126b	287	32	risk	risk	NN
cord-021959-1y67126b	287	33	factor	factor	NN
cord-021959-1y67126b	287	34	for	for	IN
cord-021959-1y67126b	287	35	all	all	DT
cord-021959-1y67126b	287	36	tourismrelated	tourismrelate	VBN
cord-021959-1y67126b	287	37	enterprises	enterprise	NNS
cord-021959-1y67126b	287	38	.	.	.
cord-021959-1y67126b	288	1	In	in	IN
cord-021959-1y67126b	288	2	February	February	NNP
cord-021959-1y67126b	288	3	2003	2003	CD
cord-021959-1y67126b	288	4	,	,	,
cord-021959-1y67126b	288	5	the	the	DT
cord-021959-1y67126b	288	6	Federal	Federal	NNP
cord-021959-1y67126b	288	7	Bureau	Bureau	NNP
cord-021959-1y67126b	288	8	of	of	IN
cord-021959-1y67126b	288	9	Investigation	Investigation	NNP
cord-021959-1y67126b	288	10	(	(	-LRB-
cord-021959-1y67126b	288	11	FBI	FBI	NNP
cord-021959-1y67126b	288	12	)	)	-RRB-
cord-021959-1y67126b	288	13	alerted	alert	VBD
cord-021959-1y67126b	288	14	its	-PRON-	PRP$
cord-021959-1y67126b	288	15	law	law	NN
cord-021959-1y67126b	288	16	enforcement	enforcement	NN
cord-021959-1y67126b	288	17	partners	partner	NNS
cord-021959-1y67126b	288	18	that	that	IN
cord-021959-1y67126b	288	19	"	"	``
cord-021959-1y67126b	288	20	soft	soft	JJ
cord-021959-1y67126b	288	21	targets	target	NNS
cord-021959-1y67126b	288	22	,	,	,
cord-021959-1y67126b	288	23	"	"	''
cord-021959-1y67126b	288	24	such	such	JJ
cord-021959-1y67126b	288	25	as	as	IN
cord-021959-1y67126b	288	26	hotels	hotel	NNS
cord-021959-1y67126b	288	27	,	,	,
cord-021959-1y67126b	288	28	can	can	MD
cord-021959-1y67126b	288	29	be	be	VB
cord-021959-1y67126b	288	30	subject	subject	JJ
cord-021959-1y67126b	288	31	to	to	IN
cord-021959-1y67126b	288	32	terrorist	terrorist	JJ
cord-021959-1y67126b	288	33	attacks	attack	NNS
cord-021959-1y67126b	289	1	(	(	-LRB-
cord-021959-1y67126b	289	2	Arena	Arena	NNP
cord-021959-1y67126b	289	3	et	et	NNP
cord-021959-1y67126b	289	4	al	al	NNP
cord-021959-1y67126b	289	5	.	.	NNP
cord-021959-1y67126b	289	6	,	,	,
cord-021959-1y67126b	289	7	2003	2003	CD
cord-021959-1y67126b	289	8	)	)	-RRB-
cord-021959-1y67126b	289	9	.	.	.
cord-021959-1y67126b	290	1	This	this	DT
cord-021959-1y67126b	290	2	report	report	NN
cord-021959-1y67126b	290	3	simply	simply	RB
cord-021959-1y67126b	290	4	reaffirms	reaffirm	VBZ
cord-021959-1y67126b	290	5	the	the	DT
cord-021959-1y67126b	290	6	argument	argument	NN
cord-021959-1y67126b	290	7	proposed	propose	VBN
cord-021959-1y67126b	290	8	by	by	IN
cord-021959-1y67126b	290	9	Olsen	Olsen	NNP
cord-021959-1y67126b	290	10	(	(	-LRB-
cord-021959-1y67126b	290	11	1995	1995	CD
cord-021959-1y67126b	290	12	Olsen	Olsen	NNP
cord-021959-1y67126b	290	13	(	(	-LRB-
cord-021959-1y67126b	290	14	,	,	,
cord-021959-1y67126b	290	15	2000	2000	CD
cord-021959-1y67126b	290	16	that	that	IN
cord-021959-1y67126b	290	17	lodging	lodging	NN
cord-021959-1y67126b	290	18	properties	property	NNS
cord-021959-1y67126b	290	19	which	which	WDT
cord-021959-1y67126b	290	20	are	be	VBP
cord-021959-1y67126b	290	21	situated	situate	VBN
cord-021959-1y67126b	290	22	in	in	IN
cord-021959-1y67126b	290	23	an	an	DT
cord-021959-1y67126b	290	24	area	area	NN
cord-021959-1y67126b	290	25	exposed	expose	VBN
cord-021959-1y67126b	290	26	to	to	IN
cord-021959-1y67126b	290	27	terrorist	terrorist	JJ
cord-021959-1y67126b	290	28	attacks	attack	NNS
cord-021959-1y67126b	290	29	,	,	,
cord-021959-1y67126b	290	30	should	should	MD
cord-021959-1y67126b	290	31	factor	factor	VB
cord-021959-1y67126b	290	32	that	that	DT
cord-021959-1y67126b	290	33	risk	risk	NN
cord-021959-1y67126b	290	34	into	into	IN
cord-021959-1y67126b	290	35	their	-PRON-	PRP$
cord-021959-1y67126b	290	36	cost	cost	NN
cord-021959-1y67126b	290	37	of	of	IN
cord-021959-1y67126b	290	38	capital	capital	NN
cord-021959-1y67126b	290	39	estimates	estimate	NNS
cord-021959-1y67126b	290	40	.	.	.
cord-021959-1y67126b	291	1	Therefore	therefore	RB
cord-021959-1y67126b	291	2	,	,	,
cord-021959-1y67126b	291	3	lodging	lodge	VBG
cord-021959-1y67126b	291	4	property	property	NN
cord-021959-1y67126b	291	5	executives	executive	NNS
cord-021959-1y67126b	291	6	should	should	MD
cord-021959-1y67126b	291	7	apply	apply	VB
cord-021959-1y67126b	291	8	this	this	DT
cord-021959-1y67126b	291	9	risk	risk	NN
cord-021959-1y67126b	291	10	factor	factor	NN
cord-021959-1y67126b	291	11	into	into	IN
cord-021959-1y67126b	291	12	their	-PRON-	PRP$
cord-021959-1y67126b	291	13	future	future	JJ
cord-021959-1y67126b	291	14	capital	capital	NN
cord-021959-1y67126b	291	15	investment	investment	NN
cord-021959-1y67126b	291	16	decisions	decision	NNS
cord-021959-1y67126b	291	17	.	.	.
cord-021959-1y67126b	292	1	In	in	IN
cord-021959-1y67126b	292	2	addition	addition	NN
cord-021959-1y67126b	292	3	,	,	,
cord-021959-1y67126b	292	4	outbreaks	outbreak	NNS
cord-021959-1y67126b	292	5	related	relate	VBN
cord-021959-1y67126b	292	6	to	to	IN
cord-021959-1y67126b	292	7	food	food	NN
cord-021959-1y67126b	292	8	-	-	HYPH
cord-021959-1y67126b	292	9	borne	bear	VBN
cord-021959-1y67126b	292	10	diseases	disease	NNS
cord-021959-1y67126b	292	11	,	,	,
cord-021959-1y67126b	292	12	infectious	infectious	JJ
cord-021959-1y67126b	292	13	bacteria	bacteria	NNS
cord-021959-1y67126b	292	14	occurrences	occurrence	NNS
cord-021959-1y67126b	292	15	on	on	IN
cord-021959-1y67126b	292	16	cruise	cruise	NN
cord-021959-1y67126b	292	17	ships	ship	NNS
cord-021959-1y67126b	292	18	,	,	,
cord-021959-1y67126b	292	19	increased	increase	VBN
cord-021959-1y67126b	292	20	crime	crime	NN
cord-021959-1y67126b	292	21	,	,	,
cord-021959-1y67126b	292	22	and	and	CC
cord-021959-1y67126b	292	23	the	the	DT
cord-021959-1y67126b	292	24	growing	grow	VBG
cord-021959-1y67126b	292	25	threats	threat	NNS
cord-021959-1y67126b	292	26	of	of	IN
cord-021959-1y67126b	292	27	human	human	JJ
cord-021959-1y67126b	292	28	immunodeficiency	immunodeficiency	NN
cord-021959-1y67126b	292	29	virus	virus	NN
cord-021959-1y67126b	292	30	(	(	-LRB-
cord-021959-1y67126b	292	31	HIV	HIV	NNP
cord-021959-1y67126b	292	32	)	)	-RRB-
cord-021959-1y67126b	292	33	,	,	,
cord-021959-1y67126b	292	34	and	and	CC
cord-021959-1y67126b	292	35	other	other	JJ
cord-021959-1y67126b	292	36	viral	viral	JJ
cord-021959-1y67126b	292	37	infections	infection	NNS
cord-021959-1y67126b	292	38	such	such	JJ
cord-021959-1y67126b	292	39	as	as	IN
cord-021959-1y67126b	292	40	severe	severe	JJ
cord-021959-1y67126b	292	41	acute	acute	JJ
cord-021959-1y67126b	292	42	respiratory	respiratory	JJ
cord-021959-1y67126b	292	43	syndrome	syndrome	NN
cord-021959-1y67126b	292	44	(	(	-LRB-
cord-021959-1y67126b	292	45	SARS	SARS	NNP
cord-021959-1y67126b	292	46	)	)	-RRB-
cord-021959-1y67126b	292	47	have	have	VBP
cord-021959-1y67126b	292	48	created	create	VBN
cord-021959-1y67126b	292	49	a	a	DT
cord-021959-1y67126b	292	50	significant	significant	JJ
cord-021959-1y67126b	292	51	challenge	challenge	NN
cord-021959-1y67126b	292	52	for	for	IN
cord-021959-1y67126b	292	53	hospitality	hospitality	NN
cord-021959-1y67126b	292	54	managers	manager	NNS
cord-021959-1y67126b	292	55	worldwide	worldwide	RB
cord-021959-1y67126b	292	56	.	.	.
cord-021959-1y67126b	293	1	These	these	DT
cord-021959-1y67126b	293	2	must	must	MD
cord-021959-1y67126b	293	3	be	be	VB
cord-021959-1y67126b	293	4	considered	consider	VBN
cord-021959-1y67126b	293	5	as	as	IN
cord-021959-1y67126b	293	6	important	important	JJ
cord-021959-1y67126b	293	7	risk	risk	NN
cord-021959-1y67126b	293	8	variables	variable	NNS
cord-021959-1y67126b	293	9	that	that	WDT
cord-021959-1y67126b	293	10	will	will	MD
cord-021959-1y67126b	293	11	no	no	RB
cord-021959-1y67126b	293	12	doubt	doubt	RB
cord-021959-1y67126b	293	13	have	have	VB
cord-021959-1y67126b	293	14	an	an	DT
cord-021959-1y67126b	293	15	impact	impact	NN
cord-021959-1y67126b	293	16	on	on	IN
cord-021959-1y67126b	293	17	the	the	DT
cord-021959-1y67126b	293	18	estimates	estimate	NNS
cord-021959-1y67126b	293	19	of	of	IN
cord-021959-1y67126b	293	20	cost	cost	NN
cord-021959-1y67126b	293	21	of	of	IN
cord-021959-1y67126b	293	22	capital	capital	NN
cord-021959-1y67126b	293	23	.	.	.
cord-021959-1y67126b	294	1	Although	although	IN
cord-021959-1y67126b	294	2	the	the	DT
cord-021959-1y67126b	294	3	factors	factor	NNS
cord-021959-1y67126b	294	4	mentioned	mention	VBN
cord-021959-1y67126b	294	5	above	above	RB
cord-021959-1y67126b	294	6	are	be	VBP
cord-021959-1y67126b	294	7	critical	critical	JJ
cord-021959-1y67126b	294	8	in	in	IN
cord-021959-1y67126b	294	9	estimating	estimate	VBG
cord-021959-1y67126b	294	10	the	the	DT
cord-021959-1y67126b	294	11	cost	cost	NN
cord-021959-1y67126b	294	12	of	of	IN
cord-021959-1y67126b	294	13	capital	capital	NN
cord-021959-1y67126b	294	14	of	of	IN
cord-021959-1y67126b	294	15	a	a	DT
cord-021959-1y67126b	294	16	given	give	VBN
cord-021959-1y67126b	294	17	project	project	NN
cord-021959-1y67126b	294	18	,	,	,
cord-021959-1y67126b	294	19	there	there	EX
cord-021959-1y67126b	294	20	are	be	VBP
cord-021959-1y67126b	294	21	no	no	DT
cord-021959-1y67126b	294	22	methods	method	NNS
cord-021959-1y67126b	294	23	that	that	WDT
cord-021959-1y67126b	294	24	can	can	MD
cord-021959-1y67126b	294	25	quantify	quantify	VB
cord-021959-1y67126b	294	26	these	these	DT
cord-021959-1y67126b	294	27	factors	factor	NNS
cord-021959-1y67126b	294	28	and	and	CC
cord-021959-1y67126b	294	29	apply	apply	VB
cord-021959-1y67126b	294	30	them	-PRON-	PRP
cord-021959-1y67126b	294	31	to	to	IN
cord-021959-1y67126b	294	32	the	the	DT
cord-021959-1y67126b	294	33	cost	cost	NN
cord-021959-1y67126b	294	34	of	of	IN
cord-021959-1y67126b	294	35	equity	equity	NN
cord-021959-1y67126b	294	36	models	model	NNS
cord-021959-1y67126b	294	37	.	.	.
cord-021959-1y67126b	295	1	However	however	RB
cord-021959-1y67126b	295	2	,	,	,
cord-021959-1y67126b	295	3	executives	executive	NNS
cord-021959-1y67126b	295	4	are	be	VBP
cord-021959-1y67126b	295	5	advised	advise	VBN
cord-021959-1y67126b	295	6	to	to	TO
cord-021959-1y67126b	295	7	consider	consider	VB
cord-021959-1y67126b	295	8	these	these	DT
cord-021959-1y67126b	295	9	industryspecific	industryspecific	JJ
cord-021959-1y67126b	295	10	risk	risk	NN
cord-021959-1y67126b	295	11	factors	factor	NNS
cord-021959-1y67126b	295	12	before	before	IN
cord-021959-1y67126b	295	13	making	make	VBG
cord-021959-1y67126b	295	14	a	a	DT
cord-021959-1y67126b	295	15	capital	capital	NN
cord-021959-1y67126b	295	16	investment	investment	NN
cord-021959-1y67126b	295	17	decision	decision	NN
cord-021959-1y67126b	295	18	.	.	.
cord-021959-1y67126b	296	1	The	the	DT
cord-021959-1y67126b	296	2	models	model	NNS
cord-021959-1y67126b	296	3	covered	cover	VBN
cord-021959-1y67126b	296	4	thus	thus	RB
cord-021959-1y67126b	296	5	far	far	RB
cord-021959-1y67126b	296	6	do	do	VBP
cord-021959-1y67126b	296	7	not	not	RB
cord-021959-1y67126b	296	8	provide	provide	VB
cord-021959-1y67126b	296	9	any	any	DT
cord-021959-1y67126b	296	10	guidance	guidance	NN
cord-021959-1y67126b	296	11	for	for	IN
cord-021959-1y67126b	296	12	estimating	estimate	VBG
cord-021959-1y67126b	296	13	the	the	DT
cord-021959-1y67126b	296	14	cost	cost	NN
cord-021959-1y67126b	296	15	of	of	IN
cord-021959-1y67126b	296	16	equity	equity	NN
cord-021959-1y67126b	296	17	in	in	IN
cord-021959-1y67126b	296	18	a	a	DT
cord-021959-1y67126b	296	19	global	global	JJ
cord-021959-1y67126b	296	20	setting	setting	NN
cord-021959-1y67126b	296	21	or	or	CC
cord-021959-1y67126b	296	22	multinational	multinational	JJ
cord-021959-1y67126b	296	23	projects	project	NNS
cord-021959-1y67126b	296	24	.	.	.
cord-021959-1y67126b	297	1	In	in	IN
cord-021959-1y67126b	297	2	order	order	NN
cord-021959-1y67126b	297	3	to	to	TO
cord-021959-1y67126b	297	4	fill	fill	VB
cord-021959-1y67126b	297	5	this	this	DT
cord-021959-1y67126b	297	6	void	void	NN
cord-021959-1y67126b	297	7	,	,	,
cord-021959-1y67126b	297	8	academics	academic	NNS
cord-021959-1y67126b	297	9	and	and	CC
cord-021959-1y67126b	297	10	practitioners	practitioner	NNS
cord-021959-1y67126b	297	11	developed	develop	VBD
cord-021959-1y67126b	297	12	adjustment	adjustment	NN
cord-021959-1y67126b	297	13	models	model	NNS
cord-021959-1y67126b	297	14	to	to	TO
cord-021959-1y67126b	297	15	account	account	VB
cord-021959-1y67126b	297	16	for	for	IN
cord-021959-1y67126b	297	17	differences	difference	NNS
cord-021959-1y67126b	297	18	in	in	IN
cord-021959-1y67126b	297	19	cost	cost	NN
cord-021959-1y67126b	297	20	of	of	IN
cord-021959-1y67126b	297	21	equity	equity	NN
cord-021959-1y67126b	297	22	among	among	IN
cord-021959-1y67126b	297	23	markets	market	NNS
cord-021959-1y67126b	297	24	in	in	IN
cord-021959-1y67126b	297	25	developing	develop	VBG
cord-021959-1y67126b	297	26	and	and	CC
cord-021959-1y67126b	297	27	emerging	emerge	VBG
cord-021959-1y67126b	297	28	countries	country	NNS
cord-021959-1y67126b	297	29	.	.	.
cord-021959-1y67126b	298	1	The	the	DT
cord-021959-1y67126b	298	2	adjustment	adjustment	NN
cord-021959-1y67126b	298	3	models	model	NNS
cord-021959-1y67126b	298	4	are	be	VBP
cord-021959-1y67126b	298	5	primarily	primarily	RB
cord-021959-1y67126b	298	6	concerned	concern	VBN
cord-021959-1y67126b	298	7	with	with	IN
cord-021959-1y67126b	298	8	whether	whether	IN
cord-021959-1y67126b	298	9	the	the	DT
cord-021959-1y67126b	298	10	emerging	emerge	VBG
cord-021959-1y67126b	298	11	markets	market	NNS
cord-021959-1y67126b	298	12	are	be	VBP
cord-021959-1y67126b	298	13	segmented	segment	VBN
cord-021959-1y67126b	298	14	or	or	CC
cord-021959-1y67126b	298	15	integrated	integrate	VBN
cord-021959-1y67126b	298	16	with	with	IN
cord-021959-1y67126b	298	17	the	the	DT
cord-021959-1y67126b	298	18	world	world	NN
cord-021959-1y67126b	298	19	markets	market	NNS
cord-021959-1y67126b	298	20	.	.	.
cord-021959-1y67126b	299	1	That	that	RB
cord-021959-1y67126b	299	2	is	is	RB
cord-021959-1y67126b	299	3	,	,	,
cord-021959-1y67126b	299	4	in	in	IN
cord-021959-1y67126b	299	5	a	a	DT
cord-021959-1y67126b	299	6	completely	completely	RB
cord-021959-1y67126b	299	7	segmented	segmented	JJ
cord-021959-1y67126b	299	8	market	market	NN
cord-021959-1y67126b	299	9	,	,	,
cord-021959-1y67126b	299	10	assets	asset	NNS
cord-021959-1y67126b	299	11	will	will	MD
cord-021959-1y67126b	299	12	be	be	VB
cord-021959-1y67126b	299	13	priced	price	VBN
cord-021959-1y67126b	299	14	based	base	VBN
cord-021959-1y67126b	299	15	on	on	IN
cord-021959-1y67126b	299	16	local	local	JJ
cord-021959-1y67126b	299	17	market	market	NN
cord-021959-1y67126b	299	18	return	return	NN
cord-021959-1y67126b	299	19	.	.	.
cord-021959-1y67126b	300	1	The	the	DT
cord-021959-1y67126b	300	2	local	local	JJ
cord-021959-1y67126b	300	3	expected	expect	VBN
cord-021959-1y67126b	300	4	return	return	NN
cord-021959-1y67126b	300	5	is	be	VBZ
cord-021959-1y67126b	300	6	a	a	DT
cord-021959-1y67126b	300	7	product	product	NN
cord-021959-1y67126b	300	8	of	of	IN
cord-021959-1y67126b	300	9	the	the	DT
cord-021959-1y67126b	300	10	local	local	JJ
cord-021959-1y67126b	300	11	β	β	NNP
cord-021959-1y67126b	300	12	times	times	NNP
cord-021959-1y67126b	300	13	and	and	CC
cord-021959-1y67126b	300	14	the	the	DT
cord-021959-1y67126b	300	15	local	local	JJ
cord-021959-1y67126b	300	16	market	market	NN
cord-021959-1y67126b	300	17	risk	risk	NN
cord-021959-1y67126b	300	18	premium	premium	NN
cord-021959-1y67126b	300	19	(	(	-LRB-
cord-021959-1y67126b	300	20	MRP	MRP	NNP
cord-021959-1y67126b	300	21	)	)	-RRB-
cord-021959-1y67126b	300	22	(	(	-LRB-
cord-021959-1y67126b	300	23	Bekaert	Bekaert	NNP
cord-021959-1y67126b	300	24	and	and	CC
cord-021959-1y67126b	300	25	Harvey	Harvey	NNP
cord-021959-1y67126b	300	26	,	,	,
cord-021959-1y67126b	300	27	2002	2002	CD
cord-021959-1y67126b	300	28	)	)	-RRB-
cord-021959-1y67126b	300	29	.	.	.
cord-021959-1y67126b	301	1	Bekaert	Bekaert	NNP
cord-021959-1y67126b	301	2	and	and	CC
cord-021959-1y67126b	301	3	Harvey	Harvey	NNP
cord-021959-1y67126b	301	4	(	(	-LRB-
cord-021959-1y67126b	301	5	2002	2002	CD
cord-021959-1y67126b	301	6	)	)	-RRB-
cord-021959-1y67126b	301	7	developed	develop	VBD
cord-021959-1y67126b	301	8	a	a	DT
cord-021959-1y67126b	301	9	modified	modify	VBN
cord-021959-1y67126b	301	10	model	model	NN
cord-021959-1y67126b	301	11	after	after	IN
cord-021959-1y67126b	301	12	researching	research	VBG
cord-021959-1y67126b	301	13	18	18	CD
cord-021959-1y67126b	301	14	emerging	emerge	VBG
cord-021959-1y67126b	301	15	markets	market	NNS
cord-021959-1y67126b	301	16	for	for	IN
cord-021959-1y67126b	301	17	the	the	DT
cord-021959-1y67126b	301	18	pre-1990	pre-1990	JJ
cord-021959-1y67126b	301	19	and	and	CC
cord-021959-1y67126b	301	20	post-1990	post-1990	JJ
cord-021959-1y67126b	301	21	periods	period	NNS
cord-021959-1y67126b	301	22	and	and	CC
cord-021959-1y67126b	301	23	reported	report	VBD
cord-021959-1y67126b	301	24	that	that	IN
cord-021959-1y67126b	301	25	the	the	DT
cord-021959-1y67126b	301	26	correlation	correlation	NN
cord-021959-1y67126b	301	27	of	of	IN
cord-021959-1y67126b	301	28	the	the	DT
cord-021959-1y67126b	301	29	emerging	emerge	VBG
cord-021959-1y67126b	301	30	markets	market	NNS
cord-021959-1y67126b	301	31	with	with	IN
cord-021959-1y67126b	301	32	the	the	DT
cord-021959-1y67126b	301	33	Morgan	Morgan	NNP
cord-021959-1y67126b	301	34	Stanley	Stanley	NNP
cord-021959-1y67126b	301	35	Capital	Capital	NNP
cord-021959-1y67126b	301	36	International	International	NNP
cord-021959-1y67126b	301	37	(	(	-LRB-
cord-021959-1y67126b	301	38	MSCI	MSCI	NNP
cord-021959-1y67126b	301	39	)	)	-RRB-
cord-021959-1y67126b	302	1	World	World	NNP
cord-021959-1y67126b	302	2	Index	Index	NNP
cord-021959-1y67126b	302	3	increased	increase	VBD
cord-021959-1y67126b	302	4	noticeably	noticeably	RB
cord-021959-1y67126b	302	5	.	.	.
cord-021959-1y67126b	303	1	For	for	IN
cord-021959-1y67126b	303	2	instance	instance	NN
cord-021959-1y67126b	303	3	,	,	,
cord-021959-1y67126b	303	4	Turkey	Turkey	NNP
cord-021959-1y67126b	303	5	is	be	VBZ
cord-021959-1y67126b	303	6	one	one	CD
cord-021959-1y67126b	303	7	of	of	IN
cord-021959-1y67126b	303	8	the	the	DT
cord-021959-1y67126b	303	9	countries	country	NNS
cord-021959-1y67126b	303	10	whose	whose	WP$
cord-021959-1y67126b	303	11	market	market	NN
cord-021959-1y67126b	303	12	correlation	correlation	NN
cord-021959-1y67126b	303	13	with	with	IN
cord-021959-1y67126b	303	14	MSCI	MSCI	NNP
cord-021959-1y67126b	303	15	World	World	NNP
cord-021959-1y67126b	303	16	Index	Index	NNP
cord-021959-1y67126b	303	17	increased	increase	VBD
cord-021959-1y67126b	303	18	from	from	IN
cord-021959-1y67126b	303	19	less	less	JJR
cord-021959-1y67126b	303	20	than	than	IN
cord-021959-1y67126b	303	21	0.10	0.10	CD
cord-021959-1y67126b	303	22	to	to	IN
cord-021959-1y67126b	303	23	more	more	JJR
cord-021959-1y67126b	303	24	than	than	IN
cord-021959-1y67126b	303	25	0.35	0.35	CD
cord-021959-1y67126b	303	26	.	.	.
cord-021959-1y67126b	304	1	Based	base	VBN
cord-021959-1y67126b	304	2	on	on	IN
cord-021959-1y67126b	304	3	this	this	DT
cord-021959-1y67126b	304	4	,	,	,
cord-021959-1y67126b	304	5	Turkey	Turkey	NNP
cord-021959-1y67126b	304	6	may	may	MD
cord-021959-1y67126b	304	7	be	be	VB
cord-021959-1y67126b	304	8	considered	consider	VBN
cord-021959-1y67126b	304	9	an	an	DT
cord-021959-1y67126b	304	10	integrated	integrated	JJ
cord-021959-1y67126b	304	11	capital	capital	NN
cord-021959-1y67126b	304	12	market	market	NN
cord-021959-1y67126b	304	13	where	where	WRB
cord-021959-1y67126b	304	14	the	the	DT
cord-021959-1y67126b	304	15	expected	expect	VBN
cord-021959-1y67126b	304	16	return	return	NN
cord-021959-1y67126b	304	17	is	be	VBZ
cord-021959-1y67126b	304	18	determined	determine	VBN
cord-021959-1y67126b	304	19	by	by	IN
cord-021959-1y67126b	304	20	the	the	DT
cord-021959-1y67126b	304	21	β	β	NN
cord-021959-1y67126b	304	22	with	with	IN
cord-021959-1y67126b	304	23	respect	respect	NN
cord-021959-1y67126b	304	24	to	to	IN
cord-021959-1y67126b	304	25	the	the	DT
cord-021959-1y67126b	304	26	world	world	NN
cord-021959-1y67126b	304	27	market	market	NN
cord-021959-1y67126b	304	28	portfolio	portfolio	NN
cord-021959-1y67126b	304	29	multiplied	multiply	VBN
cord-021959-1y67126b	304	30	by	by	IN
cord-021959-1y67126b	304	31	the	the	DT
cord-021959-1y67126b	304	32	world	world	NN
cord-021959-1y67126b	304	33	risk	risk	NN
cord-021959-1y67126b	304	34	premium	premium	NN
cord-021959-1y67126b	304	35	.	.	.
cord-021959-1y67126b	305	1	This	this	DT
cord-021959-1y67126b	305	2	is	be	VBZ
cord-021959-1y67126b	305	3	the	the	DT
cord-021959-1y67126b	305	4	core	core	JJ
cord-021959-1y67126b	305	5	argument	argument	NN
cord-021959-1y67126b	305	6	of	of	IN
cord-021959-1y67126b	305	7	the	the	DT
cord-021959-1y67126b	305	8	Bekaert	Bekaert	NNP
cord-021959-1y67126b	305	9	-	-	HYPH
cord-021959-1y67126b	305	10	Harvey	Harvey	NNP
cord-021959-1y67126b	305	11	Mixture	Mixture	NNP
cord-021959-1y67126b	305	12	model	model	NN
cord-021959-1y67126b	305	13	(	(	-LRB-
cord-021959-1y67126b	305	14	Bekaert	Bekaert	NNP
cord-021959-1y67126b	305	15	and	and	CC
cord-021959-1y67126b	305	16	Harvey	Harvey	NNP
cord-021959-1y67126b	305	17	,	,	,
cord-021959-1y67126b	305	18	2002	2002	CD
cord-021959-1y67126b	305	19	)	)	-RRB-
cord-021959-1y67126b	305	20	.	.	.
cord-021959-1y67126b	306	1	In	in	IN
cord-021959-1y67126b	306	2	cases	case	NNS
cord-021959-1y67126b	306	3	when	when	WRB
cord-021959-1y67126b	306	4	integrated	integrate	VBN
cord-021959-1y67126b	306	5	markets	market	NNS
cord-021959-1y67126b	306	6	assumption	assumption	NN
cord-021959-1y67126b	306	7	does	do	VBZ
cord-021959-1y67126b	306	8	not	not	RB
cord-021959-1y67126b	306	9	apply	apply	VB
cord-021959-1y67126b	306	10	,	,	,
cord-021959-1y67126b	306	11	investment	investment	NN
cord-021959-1y67126b	306	12	banks	bank	NNS
cord-021959-1y67126b	306	13	and	and	CC
cord-021959-1y67126b	306	14	business	business	NN
cord-021959-1y67126b	306	15	advisory	advisory	JJ
cord-021959-1y67126b	306	16	firms	firm	NNS
cord-021959-1y67126b	306	17	use	use	VBP
cord-021959-1y67126b	306	18	a	a	DT
cord-021959-1y67126b	306	19	method	method	NN
cord-021959-1y67126b	306	20	called	call	VBN
cord-021959-1y67126b	306	21	"	"	``
cord-021959-1y67126b	306	22	the	the	DT
cord-021959-1y67126b	306	23	Sovereign	Sovereign	NNP
cord-021959-1y67126b	306	24	Spread	Spread	NNP
cord-021959-1y67126b	306	25	Model	Model	NNP
cord-021959-1y67126b	306	26	(	(	-LRB-
cord-021959-1y67126b	306	27	Goldman	Goldman	NNP
cord-021959-1y67126b	306	28	Model	Model	NNP
cord-021959-1y67126b	306	29	)	)	-RRB-
cord-021959-1y67126b	306	30	.	.	.
cord-021959-1y67126b	307	1	"	"	``
cord-021959-1y67126b	307	2	This	this	DT
cord-021959-1y67126b	307	3	is	be	VBZ
cord-021959-1y67126b	307	4	conducted	conduct	VBN
cord-021959-1y67126b	307	5	by	by	IN
cord-021959-1y67126b	307	6	regressing	regress	VBG
cord-021959-1y67126b	307	7	an	an	DT
cord-021959-1y67126b	307	8	individual	individual	JJ
cord-021959-1y67126b	307	9	stock	stock	NN
cord-021959-1y67126b	307	10	against	against	IN
cord-021959-1y67126b	307	11	the	the	DT
cord-021959-1y67126b	307	12	Standard	Standard	NNP
cord-021959-1y67126b	307	13	&	&	CC
cord-021959-1y67126b	307	14	Poor	Poor	NNP
cord-021959-1y67126b	307	15	's	's	POS
cord-021959-1y67126b	307	16	500	500	CD
cord-021959-1y67126b	307	17	stock	stock	NN
cord-021959-1y67126b	307	18	price	price	NN
cord-021959-1y67126b	307	19	index	index	NN
cord-021959-1y67126b	307	20	returns	return	VBZ
cord-021959-1y67126b	307	21	to	to	TO
cord-021959-1y67126b	307	22	obtain	obtain	VB
cord-021959-1y67126b	307	23	the	the	DT
cord-021959-1y67126b	307	24	risk	risk	NN
cord-021959-1y67126b	307	25	premium	premium	NN
cord-021959-1y67126b	307	26	.	.	.
cord-021959-1y67126b	308	1	Then	then	RB
cord-021959-1y67126b	308	2	,	,	,
cord-021959-1y67126b	308	3	an	an	DT
cord-021959-1y67126b	308	4	additional	additional	JJ
cord-021959-1y67126b	308	5	"	"	``
cord-021959-1y67126b	308	6	factor	factor	NN
cord-021959-1y67126b	308	7	"	"	''
cord-021959-1y67126b	308	8	is	be	VBZ
cord-021959-1y67126b	308	9	added	add	VBN
cord-021959-1y67126b	308	10	which	which	WDT
cord-021959-1y67126b	308	11	is	be	VBZ
cord-021959-1y67126b	308	12	called	call	VBN
cord-021959-1y67126b	308	13	the	the	DT
cord-021959-1y67126b	308	14	"	"	``
cord-021959-1y67126b	308	15	sovereign	sovereign	JJ
cord-021959-1y67126b	308	16	spread	spread	NN
cord-021959-1y67126b	308	17	"	"	''
cord-021959-1y67126b	308	18	(	(	-LRB-
cord-021959-1y67126b	308	19	SS	SS	NNP
cord-021959-1y67126b	308	20	)	)	-RRB-
cord-021959-1y67126b	308	21	.	.	.
cord-021959-1y67126b	309	1	This	this	DT
cord-021959-1y67126b	309	2	spread	spread	VBD
cord-021959-1y67126b	309	3	between	between	IN
cord-021959-1y67126b	309	4	respective	respective	JJ
cord-021959-1y67126b	309	5	country	country	NN
cord-021959-1y67126b	309	6	's	's	POS
cord-021959-1y67126b	309	7	LGB	LGB	NNP
cord-021959-1y67126b	309	8	for	for	IN
cord-021959-1y67126b	309	9	bonds	bond	NNS
cord-021959-1y67126b	309	10	denominated	denominate	VBN
cord-021959-1y67126b	309	11	in	in	IN
cord-021959-1y67126b	309	12	U.S.	U.S.	NNP
cord-021959-1y67126b	309	13	dollars	dollar	NNS
cord-021959-1y67126b	309	14	and	and	CC
cord-021959-1y67126b	309	15	the	the	DT
cord-021959-1y67126b	309	16	U.S.	U.S.	NNP
cord-021959-1y67126b	309	17	Treasury	Treasury	NNP
cord-021959-1y67126b	309	18	bond	bond	NN
cord-021959-1y67126b	309	19	yield	yield	NN
cord-021959-1y67126b	309	20	is	be	VBZ
cord-021959-1y67126b	309	21	"	"	``
cord-021959-1y67126b	309	22	added	add	VBN
cord-021959-1y67126b	309	23	in	in	IN
cord-021959-1y67126b	309	24	.	.	.
cord-021959-1y67126b	310	1	"	"	''
cord-021959-1y67126b	311	1	The	the	DT
cord-021959-1y67126b	311	2	bond	bond	NN
cord-021959-1y67126b	311	3	spread	spread	NN
cord-021959-1y67126b	311	4	serves	serve	VBZ
cord-021959-1y67126b	311	5	as	as	IN
cord-021959-1y67126b	311	6	a	a	DT
cord-021959-1y67126b	311	7	tool	tool	NN
cord-021959-1y67126b	311	8	to	to	TO
cord-021959-1y67126b	311	9	increase	increase	VB
cord-021959-1y67126b	311	10	an	an	DT
cord-021959-1y67126b	311	11	"	"	``
cord-021959-1y67126b	311	12	unreasonably	unreasonably	RB
cord-021959-1y67126b	311	13	low	low	JJ
cord-021959-1y67126b	311	14	"	"	''
cord-021959-1y67126b	311	15	country	country	NN
cord-021959-1y67126b	311	16	risk	risk	NN
cord-021959-1y67126b	311	17	premium	premium	NN
cord-021959-1y67126b	311	18	(	(	-LRB-
cord-021959-1y67126b	311	19	Harvey	Harvey	NNP
cord-021959-1y67126b	311	20	,	,	,
cord-021959-1y67126b	311	21	2005	2005	CD
cord-021959-1y67126b	311	22	)	)	-RRB-
cord-021959-1y67126b	311	23	.	.	.
cord-021959-1y67126b	312	1	This	this	DT
cord-021959-1y67126b	312	2	section	section	NN
cord-021959-1y67126b	312	3	offers	offer	VBZ
cord-021959-1y67126b	312	4	a	a	DT
cord-021959-1y67126b	312	5	practical	practical	JJ
cord-021959-1y67126b	312	6	example	example	NN
cord-021959-1y67126b	312	7	for	for	IN
cord-021959-1y67126b	312	8	managers	manager	NNS
cord-021959-1y67126b	312	9	to	to	TO
cord-021959-1y67126b	312	10	estimate	estimate	VB
cord-021959-1y67126b	312	11	the	the	DT
cord-021959-1y67126b	312	12	WACC	WACC	NNP
cord-021959-1y67126b	312	13	of	of	IN
cord-021959-1y67126b	312	14	their	-PRON-	PRP$
cord-021959-1y67126b	312	15	projects	project	NNS
cord-021959-1y67126b	312	16	.	.	.
cord-021959-1y67126b	313	1	In	in	IN
cord-021959-1y67126b	313	2	addition	addition	NN
cord-021959-1y67126b	313	3	,	,	,
cord-021959-1y67126b	313	4	this	this	DT
cord-021959-1y67126b	313	5	section	section	NN
cord-021959-1y67126b	313	6	breaks	break	VBZ
cord-021959-1y67126b	313	7	down	down	RP
cord-021959-1y67126b	313	8	the	the	DT
cord-021959-1y67126b	313	9	WACC	WACC	NNP
cord-021959-1y67126b	313	10	into	into	IN
cord-021959-1y67126b	313	11	its	-PRON-	PRP$
cord-021959-1y67126b	313	12	respective	respective	JJ
cord-021959-1y67126b	313	13	components	component	NNS
cord-021959-1y67126b	313	14	in	in	IN
cord-021959-1y67126b	313	15	order	order	NN
cord-021959-1y67126b	313	16	to	to	TO
cord-021959-1y67126b	313	17	assist	assist	VB
cord-021959-1y67126b	313	18	executives	executive	NNS
cord-021959-1y67126b	313	19	in	in	IN
cord-021959-1y67126b	313	20	the	the	DT
cord-021959-1y67126b	313	21	capital	capital	NN
cord-021959-1y67126b	313	22	investment	investment	NN
cord-021959-1y67126b	313	23	decisions	decision	NNS
cord-021959-1y67126b	313	24	.	.	.
cord-021959-1y67126b	314	1	The	the	DT
cord-021959-1y67126b	314	2	major	major	JJ
cord-021959-1y67126b	314	3	components	component	NNS
cord-021959-1y67126b	314	4	of	of	IN
cord-021959-1y67126b	314	5	the	the	DT
cord-021959-1y67126b	314	6	WACC	WACC	NNP
cord-021959-1y67126b	314	7	estimations	estimation	NNS
cord-021959-1y67126b	314	8	are	be	VBP
cord-021959-1y67126b	314	9	a	a	DT
cord-021959-1y67126b	314	10	firm	firm	NN
cord-021959-1y67126b	314	11	's	's	POS
cord-021959-1y67126b	314	12	stock	stock	NN
cord-021959-1y67126b	314	13	return	return	NN
cord-021959-1y67126b	314	14	,	,	,
cord-021959-1y67126b	314	15	market	market	NN
cord-021959-1y67126b	314	16	return	return	NN
cord-021959-1y67126b	314	17	,	,	,
cord-021959-1y67126b	314	18	risk	risk	NN
cord-021959-1y67126b	314	19	-	-	HYPH
cord-021959-1y67126b	314	20	free	free	JJ
cord-021959-1y67126b	314	21	rate	rate	NN
cord-021959-1y67126b	314	22	,	,	,
cord-021959-1y67126b	314	23	regression	regression	NN
cord-021959-1y67126b	314	24	coefficients	coefficient	NNS
cord-021959-1y67126b	314	25	(	(	-LRB-
cord-021959-1y67126b	314	26	β	β	NN
cord-021959-1y67126b	314	27	,	,	,
cord-021959-1y67126b	314	28	s	s	NNP
cord-021959-1y67126b	314	29	,	,	,
cord-021959-1y67126b	314	30	and	and	CC
cord-021959-1y67126b	314	31	h	h	NNP
cord-021959-1y67126b	314	32	)	)	-RRB-
cord-021959-1y67126b	314	33	,	,	,
cord-021959-1y67126b	314	34	SMB	SMB	NNP
cord-021959-1y67126b	314	35	,	,	,
cord-021959-1y67126b	314	36	HML	HML	NNP
cord-021959-1y67126b	314	37	and	and	CC
cord-021959-1y67126b	314	38	equity	equity	NN
cord-021959-1y67126b	314	39	market	market	NN
cord-021959-1y67126b	314	40	risk	risk	NN
cord-021959-1y67126b	314	41	premium	premium	NN
cord-021959-1y67126b	314	42	(	(	-LRB-
cord-021959-1y67126b	314	43	EMRP	EMRP	NNP
cord-021959-1y67126b	314	44	)	)	-RRB-
cord-021959-1y67126b	314	45	(	(	-LRB-
cord-021959-1y67126b	314	46	which	which	WDT
cord-021959-1y67126b	314	47	is	be	VBZ
cord-021959-1y67126b	314	48	R	r	NN
cord-021959-1y67126b	314	49	m	m	NN
cord-021959-1y67126b	314	50	Ϫ	ϫ	NN
cord-021959-1y67126b	314	51	R	r	NN
cord-021959-1y67126b	314	52	f	f	NN
cord-021959-1y67126b	314	53	)	)	-RRB-
cord-021959-1y67126b	314	54	,	,	,
cord-021959-1y67126b	314	55	capital	capital	NN
cord-021959-1y67126b	314	56	structure	structure	NN
cord-021959-1y67126b	314	57	(	(	-LRB-
cord-021959-1y67126b	314	58	proportion	proportion	NN
cord-021959-1y67126b	314	59	of	of	IN
cord-021959-1y67126b	314	60	debt	debt	NN
cord-021959-1y67126b	314	61	and	and	CC
cord-021959-1y67126b	314	62	equity	equity	NN
cord-021959-1y67126b	314	63	)	)	-RRB-
cord-021959-1y67126b	314	64	,	,	,
cord-021959-1y67126b	314	65	corporate	corporate	JJ
cord-021959-1y67126b	314	66	tax	tax	NN
cord-021959-1y67126b	314	67	rate	rate	NN
cord-021959-1y67126b	314	68	,	,	,
cord-021959-1y67126b	314	69	and	and	CC
cord-021959-1y67126b	314	70	cost	cost	NN
cord-021959-1y67126b	314	71	of	of	IN
cord-021959-1y67126b	314	72	borrowed	borrow	VBN
cord-021959-1y67126b	314	73	debt	debt	NN
cord-021959-1y67126b	314	74	.	.	.
cord-021959-1y67126b	315	1	If	if	IN
cord-021959-1y67126b	315	2	you	-PRON-	PRP
cord-021959-1y67126b	315	3	are	be	VBP
cord-021959-1y67126b	315	4	an	an	DT
cord-021959-1y67126b	315	5	executive	executive	NN
cord-021959-1y67126b	315	6	of	of	IN
cord-021959-1y67126b	315	7	a	a	DT
cord-021959-1y67126b	315	8	company	company	NN
cord-021959-1y67126b	315	9	that	that	WDT
cord-021959-1y67126b	315	10	is	be	VBZ
cord-021959-1y67126b	315	11	not	not	RB
cord-021959-1y67126b	315	12	publicly	publicly	RB
cord-021959-1y67126b	315	13	traded	trade	VBN
cord-021959-1y67126b	315	14	,	,	,
cord-021959-1y67126b	315	15	you	-PRON-	PRP
cord-021959-1y67126b	315	16	have	have	VBP
cord-021959-1y67126b	315	17	two	two	CD
cord-021959-1y67126b	315	18	options	option	NNS
cord-021959-1y67126b	315	19	to	to	TO
cord-021959-1y67126b	315	20	estimate	estimate	VB
cord-021959-1y67126b	315	21	the	the	DT
cord-021959-1y67126b	315	22	cost	cost	NN
cord-021959-1y67126b	315	23	of	of	IN
cord-021959-1y67126b	315	24	equity	equity	NN
cord-021959-1y67126b	315	25	.	.	.
cord-021959-1y67126b	316	1	You	-PRON-	PRP
cord-021959-1y67126b	316	2	can	can	MD
cord-021959-1y67126b	316	3	either	either	CC
cord-021959-1y67126b	316	4	use	use	VB
cord-021959-1y67126b	316	5	the	the	DT
cord-021959-1y67126b	316	6	industry	industry	NN
cord-021959-1y67126b	316	7	average	average	NN
cord-021959-1y67126b	316	8	for	for	IN
cord-021959-1y67126b	316	9	cost	cost	NN
cord-021959-1y67126b	316	10	of	of	IN
cord-021959-1y67126b	316	11	equity	equity	NN
cord-021959-1y67126b	316	12	or	or	CC
cord-021959-1y67126b	316	13	locate	locate	VB
cord-021959-1y67126b	316	14	two	two	CD
cord-021959-1y67126b	316	15	or	or	CC
cord-021959-1y67126b	316	16	three	three	CD
cord-021959-1y67126b	316	17	comparable	comparable	JJ
cord-021959-1y67126b	316	18	firms	firm	NNS
cord-021959-1y67126b	316	19	that	that	WDT
cord-021959-1y67126b	316	20	compete	compete	VBP
cord-021959-1y67126b	316	21	in	in	IN
cord-021959-1y67126b	316	22	the	the	DT
cord-021959-1y67126b	316	23	same	same	JJ
cord-021959-1y67126b	316	24	line	line	NN
cord-021959-1y67126b	316	25	of	of	IN
cord-021959-1y67126b	316	26	business	business	NN
cord-021959-1y67126b	316	27	and	and	CC
cord-021959-1y67126b	316	28	estimate	estimate	VBP
cord-021959-1y67126b	316	29	their	-PRON-	PRP$
cord-021959-1y67126b	316	30	cost	cost	NN
cord-021959-1y67126b	316	31	of	of	IN
cord-021959-1y67126b	316	32	equity	equity	NN
cord-021959-1y67126b	316	33	.	.	.
cord-021959-1y67126b	317	1	However	however	RB
cord-021959-1y67126b	317	2	,	,	,
cord-021959-1y67126b	317	3	even	even	RB
cord-021959-1y67126b	317	4	if	if	IN
cord-021959-1y67126b	317	5	you	-PRON-	PRP
cord-021959-1y67126b	317	6	are	be	VBP
cord-021959-1y67126b	317	7	an	an	DT
cord-021959-1y67126b	317	8	executive	executive	NN
cord-021959-1y67126b	317	9	of	of	IN
cord-021959-1y67126b	317	10	a	a	DT
cord-021959-1y67126b	317	11	large	large	JJ
cord-021959-1y67126b	317	12	restaurant	restaurant	NN
cord-021959-1y67126b	317	13	corporation	corporation	NN
cord-021959-1y67126b	317	14	that	that	WDT
cord-021959-1y67126b	317	15	is	be	VBZ
cord-021959-1y67126b	317	16	traded	trade	VBN
cord-021959-1y67126b	317	17	publicly	publicly	RB
cord-021959-1y67126b	317	18	,	,	,
cord-021959-1y67126b	317	19	it	-PRON-	PRP
cord-021959-1y67126b	317	20	is	be	VBZ
cord-021959-1y67126b	317	21	still	still	RB
cord-021959-1y67126b	317	22	recommended	recommend	VBN
cord-021959-1y67126b	317	23	that	that	IN
cord-021959-1y67126b	317	24	you	-PRON-	PRP
cord-021959-1y67126b	317	25	estimate	estimate	VBP
cord-021959-1y67126b	317	26	the	the	DT
cord-021959-1y67126b	317	27	cost	cost	NN
cord-021959-1y67126b	317	28	of	of	IN
cord-021959-1y67126b	317	29	equity	equity	NN
cord-021959-1y67126b	317	30	for	for	IN
cord-021959-1y67126b	317	31	the	the	DT
cord-021959-1y67126b	317	32	entire	entire	JJ
cord-021959-1y67126b	317	33	restaurant	restaurant	NN
cord-021959-1y67126b	317	34	industry	industry	NN
cord-021959-1y67126b	317	35	because	because	IN
cord-021959-1y67126b	317	36	the	the	DT
cord-021959-1y67126b	317	37	standard	standard	JJ
cord-021959-1y67126b	317	38	error	error	NN
cord-021959-1y67126b	317	39	of	of	IN
cord-021959-1y67126b	317	40	regression	regression	NN
cord-021959-1y67126b	317	41	coefficients	coefficient	NNS
cord-021959-1y67126b	317	42	for	for	IN
cord-021959-1y67126b	317	43	a	a	DT
cord-021959-1y67126b	317	44	single	single	JJ
cord-021959-1y67126b	317	45	firm	firm	NN
cord-021959-1y67126b	317	46	is	be	VBZ
cord-021959-1y67126b	317	47	fairly	fairly	RB
cord-021959-1y67126b	317	48	high	high	JJ
cord-021959-1y67126b	317	49	,	,	,
cord-021959-1y67126b	317	50	which	which	WDT
cord-021959-1y67126b	317	51	decreases	decrease	VBZ
cord-021959-1y67126b	317	52	the	the	DT
cord-021959-1y67126b	317	53	reliability	reliability	NN
cord-021959-1y67126b	317	54	of	of	IN
cord-021959-1y67126b	317	55	these	these	DT
cord-021959-1y67126b	317	56	coefficients	coefficient	NNS
cord-021959-1y67126b	317	57	.	.	.
cord-021959-1y67126b	318	1	My	-PRON-	PRP$
cord-021959-1y67126b	318	2	past	past	JJ
cord-021959-1y67126b	318	3	research	research	NN
cord-021959-1y67126b	318	4	experience	experience	NN
cord-021959-1y67126b	318	5	has	have	VBZ
cord-021959-1y67126b	318	6	showed	show	VBN
cord-021959-1y67126b	318	7	me	-PRON-	PRP
cord-021959-1y67126b	318	8	that	that	IN
cord-021959-1y67126b	318	9	at	at	IN
cord-021959-1y67126b	318	10	times	time	NNS
cord-021959-1y67126b	318	11	using	use	VBG
cord-021959-1y67126b	318	12	a	a	DT
cord-021959-1y67126b	318	13	single	single	JJ
cord-021959-1y67126b	318	14	firm	firm	NN
cord-021959-1y67126b	318	15	may	may	MD
cord-021959-1y67126b	318	16	create	create	VB
cord-021959-1y67126b	318	17	a	a	DT
cord-021959-1y67126b	318	18	situation	situation	NN
cord-021959-1y67126b	318	19	in	in	IN
cord-021959-1y67126b	318	20	which	which	WDT
cord-021959-1y67126b	318	21	cost	cost	NN
cord-021959-1y67126b	318	22	of	of	IN
cord-021959-1y67126b	318	23	equity	equity	NN
cord-021959-1y67126b	318	24	can	can	MD
cord-021959-1y67126b	318	25	not	not	RB
cord-021959-1y67126b	318	26	be	be	VB
cord-021959-1y67126b	318	27	even	even	RB
cord-021959-1y67126b	318	28	estimated	estimate	VBN
cord-021959-1y67126b	318	29	.	.	.
cord-021959-1y67126b	319	1	More	more	RBR
cord-021959-1y67126b	319	2	often	often	RB
cord-021959-1y67126b	319	3	than	than	IN
cord-021959-1y67126b	319	4	not	not	RB
cord-021959-1y67126b	319	5	,	,	,
cord-021959-1y67126b	319	6	I	-PRON-	PRP
cord-021959-1y67126b	319	7	obtained	obtain	VBD
cord-021959-1y67126b	319	8	distressing	distressing	JJ
cord-021959-1y67126b	319	9	results	result	NNS
cord-021959-1y67126b	319	10	when	when	WRB
cord-021959-1y67126b	319	11	running	run	VBG
cord-021959-1y67126b	319	12	a	a	DT
cord-021959-1y67126b	319	13	regression	regression	NN
cord-021959-1y67126b	319	14	for	for	IN
cord-021959-1y67126b	319	15	small	small	JJ
cord-021959-1y67126b	319	16	-	-	HYPH
cord-021959-1y67126b	319	17	or	or	CC
cord-021959-1y67126b	319	18	medium	medium	JJ
cord-021959-1y67126b	319	19	-	-	HYPH
cord-021959-1y67126b	319	20	size	size	NN
cord-021959-1y67126b	319	21	hospitality	hospitality	NN
cord-021959-1y67126b	319	22	firms	firm	NNS
cord-021959-1y67126b	319	23	.	.	.
cord-021959-1y67126b	320	1	As	as	IN
cord-021959-1y67126b	320	2	a	a	DT
cord-021959-1y67126b	320	3	result	result	NN
cord-021959-1y67126b	320	4	,	,	,
cord-021959-1y67126b	320	5	in	in	IN
cord-021959-1y67126b	320	6	the	the	DT
cord-021959-1y67126b	320	7	practical	practical	JJ
cord-021959-1y67126b	320	8	example	example	NN
cord-021959-1y67126b	320	9	,	,	,
cord-021959-1y67126b	320	10	I	-PRON-	PRP
cord-021959-1y67126b	320	11	will	will	MD
cord-021959-1y67126b	320	12	estimate	estimate	VB
cord-021959-1y67126b	320	13	the	the	DT
cord-021959-1y67126b	320	14	restaurant	restaurant	NN
cord-021959-1y67126b	320	15	industry	industry	NN
cord-021959-1y67126b	320	16	's	's	POS
cord-021959-1y67126b	320	17	cost	cost	NN
cord-021959-1y67126b	320	18	of	of	IN
cord-021959-1y67126b	320	19	equity	equity	NN
cord-021959-1y67126b	320	20	.	.	.
cord-021959-1y67126b	321	1	Since	since	IN
cord-021959-1y67126b	321	2	the	the	DT
cord-021959-1y67126b	321	3	cost	cost	NN
cord-021959-1y67126b	321	4	of	of	IN
cord-021959-1y67126b	321	5	equity	equity	NN
cord-021959-1y67126b	321	6	calculation	calculation	NN
cord-021959-1y67126b	321	7	process	process	NN
cord-021959-1y67126b	321	8	may	may	MD
cord-021959-1y67126b	321	9	be	be	VB
cord-021959-1y67126b	321	10	a	a	DT
cord-021959-1y67126b	321	11	fairly	fairly	RB
cord-021959-1y67126b	321	12	complex	complex	JJ
cord-021959-1y67126b	321	13	process	process	NN
cord-021959-1y67126b	321	14	for	for	IN
cord-021959-1y67126b	321	15	someone	someone	NN
cord-021959-1y67126b	321	16	who	who	WP
cord-021959-1y67126b	321	17	is	be	VBZ
cord-021959-1y67126b	321	18	not	not	RB
cord-021959-1y67126b	321	19	familiar	familiar	JJ
cord-021959-1y67126b	321	20	with	with	IN
cord-021959-1y67126b	321	21	data	datum	NNS
cord-021959-1y67126b	321	22	analysis	analysis	NN
cord-021959-1y67126b	321	23	,	,	,
cord-021959-1y67126b	321	24	I	-PRON-	PRP
cord-021959-1y67126b	321	25	will	will	MD
cord-021959-1y67126b	321	26	offer	offer	VB
cord-021959-1y67126b	321	27	a	a	DT
cord-021959-1y67126b	321	28	step	step	NN
cord-021959-1y67126b	321	29	-	-	HYPH
cord-021959-1y67126b	321	30	by	by	IN
cord-021959-1y67126b	321	31	-	-	HYPH
cord-021959-1y67126b	321	32	step	step	NN
cord-021959-1y67126b	321	33	procedure	procedure	NN
cord-021959-1y67126b	321	34	,	,	,
cord-021959-1y67126b	321	35	which	which	WDT
cord-021959-1y67126b	321	36	should	should	MD
cord-021959-1y67126b	321	37	better	well	RBR
cord-021959-1y67126b	321	38	clarify	clarify	VB
cord-021959-1y67126b	321	39	this	this	DT
cord-021959-1y67126b	321	40	process	process	NN
cord-021959-1y67126b	321	41	:	:	:
cord-021959-1y67126b	321	42	Step	step	NN
cord-021959-1y67126b	321	43	1	1	CD
cord-021959-1y67126b	321	44	:	:	:
cord-021959-1y67126b	321	45	obtaining	obtain	VBG
cord-021959-1y67126b	321	46	a	a	DT
cord-021959-1y67126b	321	47	5-year	5-year	CD
cord-021959-1y67126b	321	48	monthly	monthly	JJ
cord-021959-1y67126b	321	49	stock	stock	NN
cord-021959-1y67126b	321	50	return	return	NN
cord-021959-1y67126b	321	51	for	for	IN
cord-021959-1y67126b	321	52	your	-PRON-	PRP$
cord-021959-1y67126b	321	53	company	company	NN
cord-021959-1y67126b	321	54	/	/	SYM
cord-021959-1y67126b	321	55	industry	industry	NN
cord-021959-1y67126b	321	56	and	and	CC
cord-021959-1y67126b	321	57	the	the	DT
cord-021959-1y67126b	321	58	market	market	NN
cord-021959-1y67126b	322	1	•	•	NNP
cord-021959-1y67126b	323	1	•	•	NNP
cord-021959-1y67126b	324	1	•	•	NNP
cord-021959-1y67126b	325	1	Ideally	ideally	RB
cord-021959-1y67126b	325	2	,	,	,
cord-021959-1y67126b	325	3	you	-PRON-	PRP
cord-021959-1y67126b	325	4	need	need	VBP
cord-021959-1y67126b	325	5	5	5	CD
cord-021959-1y67126b	325	6	years	year	NNS
cord-021959-1y67126b	325	7	of	of	IN
cord-021959-1y67126b	325	8	monthly	monthly	JJ
cord-021959-1y67126b	325	9	stock	stock	NN
cord-021959-1y67126b	325	10	return	return	NN
cord-021959-1y67126b	325	11	data	datum	NNS
cord-021959-1y67126b	325	12	for	for	IN
cord-021959-1y67126b	325	13	your	-PRON-	PRP$
cord-021959-1y67126b	325	14	firm	firm	NN
cord-021959-1y67126b	325	15	and	and	CC
cord-021959-1y67126b	325	16	the	the	DT
cord-021959-1y67126b	325	17	5-year	5-year	CD
cord-021959-1y67126b	325	18	market	market	NN
cord-021959-1y67126b	325	19	return	return	NN
cord-021959-1y67126b	325	20	.	.	.
cord-021959-1y67126b	326	1	The	the	DT
cord-021959-1y67126b	326	2	issue	issue	NN
cord-021959-1y67126b	326	3	of	of	IN
cord-021959-1y67126b	326	4	selecting	select	VBG
cord-021959-1y67126b	326	5	the	the	DT
cord-021959-1y67126b	326	6	best	good	JJS
cord-021959-1y67126b	326	7	index	index	NN
cord-021959-1y67126b	326	8	of	of	IN
cord-021959-1y67126b	326	9	all	all	DT
cord-021959-1y67126b	326	10	traded	trade	VBN
cord-021959-1y67126b	326	11	assets	asset	NNS
cord-021959-1y67126b	326	12	in	in	IN
cord-021959-1y67126b	326	13	the	the	DT
cord-021959-1y67126b	326	14	world	world	NN
cord-021959-1y67126b	326	15	is	be	VBZ
cord-021959-1y67126b	326	16	a	a	DT
cord-021959-1y67126b	326	17	very	very	RB
cord-021959-1y67126b	326	18	challenging	challenging	JJ
cord-021959-1y67126b	326	19	and	and	CC
cord-021959-1y67126b	326	20	sometimes	sometimes	RB
cord-021959-1y67126b	326	21	a	a	DT
cord-021959-1y67126b	326	22	controversial	controversial	JJ
cord-021959-1y67126b	326	23	issue	issue	NN
cord-021959-1y67126b	326	24	.	.	.
cord-021959-1y67126b	327	1	Based	base	VBN
cord-021959-1y67126b	327	2	on	on	IN
cord-021959-1y67126b	327	3	seminal	seminal	JJ
cord-021959-1y67126b	328	1	•	•	NNP
cord-021959-1y67126b	329	1	•	•	NNP
cord-021959-1y67126b	330	1	•	•	NNP
cord-021959-1y67126b	331	1	studies	study	NNS
cord-021959-1y67126b	331	2	in	in	IN
cord-021959-1y67126b	331	3	financial	financial	JJ
cord-021959-1y67126b	331	4	management	management	NN
cord-021959-1y67126b	331	5	,	,	,
cord-021959-1y67126b	331	6	the	the	DT
cord-021959-1y67126b	331	7	market	market	NN
cord-021959-1y67126b	331	8	index	index	NN
cord-021959-1y67126b	331	9	that	that	WDT
cord-021959-1y67126b	331	10	yields	yield	VBZ
cord-021959-1y67126b	331	11	most	most	RBS
cord-021959-1y67126b	331	12	reliable	reliable	JJ
cord-021959-1y67126b	331	13	results	result	NNS
cord-021959-1y67126b	331	14	in	in	IN
cord-021959-1y67126b	331	15	the	the	DT
cord-021959-1y67126b	331	16	United	United	NNP
cord-021959-1y67126b	331	17	States	States	NNP
cord-021959-1y67126b	331	18	is	be	VBZ
cord-021959-1y67126b	331	19	Center	Center	NNP
cord-021959-1y67126b	331	20	of	of	IN
cord-021959-1y67126b	331	21	Research	Research	NNP
cord-021959-1y67126b	331	22	in	in	IN
cord-021959-1y67126b	331	23	Security	Security	NNP
cord-021959-1y67126b	331	24	Prices	Prices	NNPS
cord-021959-1y67126b	331	25	Value	Value	NNP
cord-021959-1y67126b	331	26	Weight	Weight	NNP
cord-021959-1y67126b	331	27	(	(	-LRB-
cord-021959-1y67126b	331	28	CRSPVW	CRSPVW	NNP
cord-021959-1y67126b	331	29	)	)	-RRB-
cord-021959-1y67126b	331	30	Index	index	NN
cord-021959-1y67126b	331	31	housed	house	VBD
cord-021959-1y67126b	331	32	at	at	IN
cord-021959-1y67126b	331	33	the	the	DT
cord-021959-1y67126b	331	34	University	University	NNP
cord-021959-1y67126b	331	35	of	of	IN
cord-021959-1y67126b	331	36	Chicago	Chicago	NNP
cord-021959-1y67126b	331	37	.	.	.
cord-021959-1y67126b	332	1	Both	both	DT
cord-021959-1y67126b	332	2	your	-PRON-	PRP$
cord-021959-1y67126b	332	3	company	company	NN
cord-021959-1y67126b	332	4	's	's	POS
cord-021959-1y67126b	332	5	stock	stock	NN
cord-021959-1y67126b	332	6	and	and	CC
cord-021959-1y67126b	332	7	market	market	NN
cord-021959-1y67126b	332	8	return	return	NN
cord-021959-1y67126b	332	9	should	should	MD
cord-021959-1y67126b	332	10	be	be	VB
cord-021959-1y67126b	332	11	used	use	VBN
cord-021959-1y67126b	332	12	as	as	IN
cord-021959-1y67126b	332	13	excess	excess	JJ
cord-021959-1y67126b	332	14	return	return	NN
cord-021959-1y67126b	332	15	(	(	-LRB-
cord-021959-1y67126b	332	16	i.e.	i.e.	FW
cord-021959-1y67126b	332	17	,	,	,
cord-021959-1y67126b	332	18	return	return	VB
cord-021959-1y67126b	332	19	less	less	JJR
cord-021959-1y67126b	332	20	risk	risk	NN
cord-021959-1y67126b	332	21	-	-	HYPH
cord-021959-1y67126b	332	22	free	free	JJ
cord-021959-1y67126b	332	23	rate	rate	NN
cord-021959-1y67126b	332	24	which	which	WDT
cord-021959-1y67126b	332	25	is	be	VBZ
cord-021959-1y67126b	332	26	1-month	1-month	CD
cord-021959-1y67126b	332	27	TB	TB	NNP
cord-021959-1y67126b	332	28	rate	rate	NN
cord-021959-1y67126b	332	29	)	)	-RRB-
cord-021959-1y67126b	332	30	in	in	IN
cord-021959-1y67126b	332	31	order	order	NN
cord-021959-1y67126b	332	32	to	to	TO
cord-021959-1y67126b	332	33	measure	measure	VB
cord-021959-1y67126b	332	34	the	the	DT
cord-021959-1y67126b	332	35	cost	cost	NN
cord-021959-1y67126b	332	36	of	of	IN
cord-021959-1y67126b	332	37	equity	equity	NN
cord-021959-1y67126b	332	38	in	in	IN
cord-021959-1y67126b	332	39	real	real	JJ
cord-021959-1y67126b	332	40	units	unit	NNS
cord-021959-1y67126b	332	41	(	(	-LRB-
cord-021959-1y67126b	332	42	i.e.	i.e.	FW
cord-021959-1y67126b	332	43	,	,	,
cord-021959-1y67126b	332	44	after	after	IN
cord-021959-1y67126b	332	45	accounting	account	VBG
cord-021959-1y67126b	332	46	for	for	IN
cord-021959-1y67126b	332	47	inflation	inflation	NN
cord-021959-1y67126b	332	48	)	)	-RRB-
cord-021959-1y67126b	332	49	.	.	.
cord-021959-1y67126b	333	1	For	for	IN
cord-021959-1y67126b	333	2	reasons	reason	NNS
cord-021959-1y67126b	333	3	mentioned	mention	VBN
cord-021959-1y67126b	333	4	before	before	RB
cord-021959-1y67126b	333	5	,	,	,
cord-021959-1y67126b	333	6	I	-PRON-	PRP
cord-021959-1y67126b	333	7	will	will	MD
cord-021959-1y67126b	333	8	be	be	VB
cord-021959-1y67126b	333	9	estimating	estimate	VBG
cord-021959-1y67126b	333	10	the	the	DT
cord-021959-1y67126b	333	11	U.S.	U.S.	NNP
cord-021959-1y67126b	333	12	restaurant	restaurant	NN
cord-021959-1y67126b	333	13	industry	industry	NN
cord-021959-1y67126b	333	14	's	's	POS
cord-021959-1y67126b	333	15	cost	cost	NN
cord-021959-1y67126b	333	16	of	of	IN
cord-021959-1y67126b	333	17	equity	equity	NN
cord-021959-1y67126b	333	18	and	and	CC
cord-021959-1y67126b	333	19	leave	leave	VB
cord-021959-1y67126b	333	20	the	the	DT
cord-021959-1y67126b	333	21	decision	decision	NN
cord-021959-1y67126b	333	22	to	to	IN
cord-021959-1y67126b	333	23	restaurant	restaurant	NN
cord-021959-1y67126b	333	24	industry	industry	NN
cord-021959-1y67126b	333	25	executives	executive	NNS
cord-021959-1y67126b	333	26	to	to	TO
cord-021959-1y67126b	333	27	adjust	adjust	VB
cord-021959-1y67126b	333	28	this	this	DT
cord-021959-1y67126b	333	29	value	value	NN
cord-021959-1y67126b	333	30	to	to	IN
cord-021959-1y67126b	333	31	their	-PRON-	PRP$
cord-021959-1y67126b	333	32	specific	specific	JJ
cord-021959-1y67126b	333	33	projects	project	NNS
cord-021959-1y67126b	333	34	at	at	IN
cord-021959-1y67126b	333	35	hand	hand	NN
cord-021959-1y67126b	333	36	.	.	.
cord-021959-1y67126b	334	1	In	in	IN
cord-021959-1y67126b	334	2	order	order	NN
cord-021959-1y67126b	334	3	to	to	TO
cord-021959-1y67126b	334	4	be	be	VB
cord-021959-1y67126b	334	5	able	able	JJ
cord-021959-1y67126b	334	6	to	to	TO
cord-021959-1y67126b	334	7	observe	observe	VB
cord-021959-1y67126b	334	8	the	the	DT
cord-021959-1y67126b	334	9	accuracy	accuracy	NN
cord-021959-1y67126b	334	10	of	of	IN
cord-021959-1y67126b	334	11	cost	cost	NN
cord-021959-1y67126b	334	12	of	of	IN
cord-021959-1y67126b	334	13	equity	equity	NN
cord-021959-1y67126b	334	14	models	model	NNS
cord-021959-1y67126b	334	15	,	,	,
cord-021959-1y67126b	334	16	we	-PRON-	PRP
cord-021959-1y67126b	334	17	estimate	estimate	VBP
cord-021959-1y67126b	334	18	the	the	DT
cord-021959-1y67126b	334	19	restaurant	restaurant	NN
cord-021959-1y67126b	334	20	industry	industry	NN
cord-021959-1y67126b	334	21	cost	cost	NN
cord-021959-1y67126b	334	22	of	of	IN
cord-021959-1y67126b	334	23	equity	equity	NN
cord-021959-1y67126b	334	24	by	by	IN
cord-021959-1y67126b	334	25	using	use	VBG
cord-021959-1y67126b	334	26	the	the	DT
cord-021959-1y67126b	334	27	CAPM	CAPM	NNP
cord-021959-1y67126b	334	28	and	and	CC
cord-021959-1y67126b	334	29	FF	FF	NNP
cord-021959-1y67126b	334	30	model	model	NN
cord-021959-1y67126b	334	31	.	.	.
cord-021959-1y67126b	335	1	The	the	DT
cord-021959-1y67126b	335	2	observation	observation	NN
cord-021959-1y67126b	335	3	period	period	NN
cord-021959-1y67126b	335	4	of	of	IN
cord-021959-1y67126b	335	5	this	this	DT
cord-021959-1y67126b	335	6	example	example	NN
cord-021959-1y67126b	335	7	is	be	VBZ
cord-021959-1y67126b	335	8	between	between	IN
cord-021959-1y67126b	335	9	2000	2000	CD
cord-021959-1y67126b	335	10	and	and	CC
cord-021959-1y67126b	335	11	2004	2004	CD
cord-021959-1y67126b	335	12	.	.	.
cord-021959-1y67126b	336	1	The	the	DT
cord-021959-1y67126b	336	2	reason	reason	NN
cord-021959-1y67126b	336	3	for	for	IN
cord-021959-1y67126b	336	4	not	not	RB
cord-021959-1y67126b	336	5	selecting	select	VBG
cord-021959-1y67126b	336	6	a	a	DT
cord-021959-1y67126b	336	7	longer	long	JJR
cord-021959-1y67126b	336	8	observation	observation	NN
cord-021959-1y67126b	336	9	period	period	NN
cord-021959-1y67126b	336	10	is	be	VBZ
cord-021959-1y67126b	336	11	that	that	IN
cord-021959-1y67126b	336	12	the	the	DT
cord-021959-1y67126b	336	13	values	value	NNS
cord-021959-1y67126b	336	14	of	of	IN
cord-021959-1y67126b	336	15	β	β	NN
cord-021959-1y67126b	336	16	and	and	CC
cord-021959-1y67126b	336	17	other	other	JJ
cord-021959-1y67126b	336	18	variables	variable	NNS
cord-021959-1y67126b	336	19	become	become	VBP
cord-021959-1y67126b	336	20	unstable	unstable	JJ
cord-021959-1y67126b	336	21	over	over	IN
cord-021959-1y67126b	336	22	extended	extended	JJ
cord-021959-1y67126b	336	23	periods	period	NNS
cord-021959-1y67126b	336	24	.	.	.
cord-021959-1y67126b	337	1	The	the	DT
cord-021959-1y67126b	337	2	sample	sample	NN
cord-021959-1y67126b	337	3	is	be	VBZ
cord-021959-1y67126b	337	4	developed	develop	VBN
cord-021959-1y67126b	337	5	from	from	IN
cord-021959-1y67126b	337	6	the	the	DT
cord-021959-1y67126b	337	7	Nation	Nation	NNP
cord-021959-1y67126b	337	8	's	's	POS
cord-021959-1y67126b	337	9	Restaurant	Restaurant	NNP
cord-021959-1y67126b	337	10	News	News	NNP
cord-021959-1y67126b	337	11	(	(	-LRB-
cord-021959-1y67126b	337	12	NRN	NRN	NNP
cord-021959-1y67126b	337	13	)	)	-RRB-
cord-021959-1y67126b	337	14	Index	Index	NNP
cord-021959-1y67126b	337	15	,	,	,
cord-021959-1y67126b	337	16	which	which	WDT
cord-021959-1y67126b	337	17	entails	entail	VBZ
cord-021959-1y67126b	337	18	81	81	CD
cord-021959-1y67126b	337	19	restaurant	restaurant	NN
cord-021959-1y67126b	337	20	firms	firm	NNS
cord-021959-1y67126b	337	21	.	.	.
cord-021959-1y67126b	338	1	In	in	IN
cord-021959-1y67126b	338	2	cases	case	NNS
cord-021959-1y67126b	338	3	when	when	WRB
cord-021959-1y67126b	338	4	executives	executive	NNS
cord-021959-1y67126b	338	5	are	be	VBP
cord-021959-1y67126b	338	6	not	not	RB
cord-021959-1y67126b	338	7	familiar	familiar	JJ
cord-021959-1y67126b	338	8	with	with	IN
cord-021959-1y67126b	338	9	building	build	VBG
cord-021959-1y67126b	338	10	stock	stock	NN
cord-021959-1y67126b	338	11	portfolios	portfolio	NNS
cord-021959-1y67126b	338	12	,	,	,
cord-021959-1y67126b	338	13	they	-PRON-	PRP
cord-021959-1y67126b	338	14	can	can	MD
cord-021959-1y67126b	338	15	alternatively	alternatively	RB
cord-021959-1y67126b	338	16	use	use	VB
cord-021959-1y67126b	338	17	monthly	monthly	JJ
cord-021959-1y67126b	338	18	returns	return	NNS
cord-021959-1y67126b	338	19	of	of	IN
cord-021959-1y67126b	338	20	hospitality	hospitality	NN
cord-021959-1y67126b	338	21	indices	index	NNS
cord-021959-1y67126b	338	22	for	for	IN
cord-021959-1y67126b	338	23	lodging	lodging	NN
cord-021959-1y67126b	338	24	and	and	CC
cord-021959-1y67126b	338	25	restaurant	restaurant	NN
cord-021959-1y67126b	338	26	industries	industry	NNS
cord-021959-1y67126b	338	27	from	from	IN
cord-021959-1y67126b	338	28	data	datum	NNS
cord-021959-1y67126b	338	29	providers	provider	NNS
cord-021959-1y67126b	338	30	such	such	JJ
cord-021959-1y67126b	338	31	as	as	IN
cord-021959-1y67126b	338	32	Yahoo	Yahoo	NNP
cord-021959-1y67126b	338	33	!	!	.
cord-021959-1y67126b	339	1	Finance	finance	NN
cord-021959-1y67126b	339	2	,	,	,
cord-021959-1y67126b	339	3	Wall	Wall	NNP
cord-021959-1y67126b	339	4	Street	Street	NNP
cord-021959-1y67126b	339	5	Journal	Journal	NNP
cord-021959-1y67126b	339	6	,	,	,
cord-021959-1y67126b	339	7	or	or	CC
cord-021959-1y67126b	339	8	industry	industry	NN
cord-021959-1y67126b	339	9	publications	publication	NNS
cord-021959-1y67126b	339	10	such	such	JJ
cord-021959-1y67126b	339	11	as	as	IN
cord-021959-1y67126b	339	12	NRN	NRN	NNP
cord-021959-1y67126b	339	13	.	.	.
cord-021959-1y67126b	340	1	Step	step	NN
cord-021959-1y67126b	340	2	2	2	CD
cord-021959-1y67126b	340	3	:	:	:
cord-021959-1y67126b	340	4	estimating	estimate	VBG
cord-021959-1y67126b	340	5	β	β	NNP
cord-021959-1y67126b	340	6	and	and	CC
cord-021959-1y67126b	340	7	Fama	Fama	NNP
cord-021959-1y67126b	340	8	-	-	HYPH
cord-021959-1y67126b	340	9	French	french	JJ
cord-021959-1y67126b	340	10	factor	factor	NN
cord-021959-1y67126b	340	11	coefficients	coefficient	NNS
cord-021959-1y67126b	341	1	•	•	NNP
cord-021959-1y67126b	342	1	•	•	NNP
cord-021959-1y67126b	343	1	•	•	NNP
cord-021959-1y67126b	344	1	The	the	DT
cord-021959-1y67126b	344	2	CAPM	CAPM	NNP
cord-021959-1y67126b	344	3	's	's	POS
cord-021959-1y67126b	344	4	β	β	NN
cord-021959-1y67126b	344	5	can	can	MD
cord-021959-1y67126b	344	6	be	be	VB
cord-021959-1y67126b	344	7	computed	compute	VBN
cord-021959-1y67126b	344	8	by	by	IN
cord-021959-1y67126b	344	9	regressing	regress	VBG
cord-021959-1y67126b	344	10	excess	excess	JJ
cord-021959-1y67126b	344	11	stock	stock	NN
cord-021959-1y67126b	344	12	return	return	NN
cord-021959-1y67126b	344	13	of	of	IN
cord-021959-1y67126b	344	14	a	a	DT
cord-021959-1y67126b	344	15	firm	firm	NN
cord-021959-1y67126b	344	16	over	over	IN
cord-021959-1y67126b	344	17	the	the	DT
cord-021959-1y67126b	344	18	excess	excess	JJ
cord-021959-1y67126b	344	19	market	market	NN
cord-021959-1y67126b	344	20	return	return	NN
cord-021959-1y67126b	344	21	.	.	.
cord-021959-1y67126b	345	1	The	the	DT
cord-021959-1y67126b	345	2	monthly	monthly	JJ
cord-021959-1y67126b	345	3	returns	return	NNS
cord-021959-1y67126b	345	4	for	for	IN
cord-021959-1y67126b	345	5	FF	ff	NN
cord-021959-1y67126b	345	6	factors	factor	NNS
cord-021959-1y67126b	345	7	(	(	-LRB-
cord-021959-1y67126b	345	8	SMB	SMB	NNP
cord-021959-1y67126b	345	9	and	and	CC
cord-021959-1y67126b	345	10	HML	HML	NNP
cord-021959-1y67126b	345	11	)	)	-RRB-
cord-021959-1y67126b	345	12	can	can	MD
cord-021959-1y67126b	345	13	be	be	VB
cord-021959-1y67126b	345	14	retrieved	retrieve	VBN
cord-021959-1y67126b	345	15	from	from	IN
cord-021959-1y67126b	345	16	Eventus	Eventus	NNP
cord-021959-1y67126b	345	17	Database	Database	NNP
cord-021959-1y67126b	345	18	housed	house	VBN
cord-021959-1y67126b	345	19	in	in	IN
cord-021959-1y67126b	345	20	the	the	DT
cord-021959-1y67126b	345	21	Wharton	Wharton	NNP
cord-021959-1y67126b	345	22	School	School	NNP
cord-021959-1y67126b	345	23	at	at	IN
cord-021959-1y67126b	345	24	the	the	DT
cord-021959-1y67126b	345	25	University	University	NNP
cord-021959-1y67126b	345	26	of	of	IN
cord-021959-1y67126b	345	27	Pennsylvania	Pennsylvania	NNP
cord-021959-1y67126b	345	28	or	or	CC
cord-021959-1y67126b	345	29	from	from	IN
cord-021959-1y67126b	345	30	Kenneth	Kenneth	NNP
cord-021959-1y67126b	345	31	French	French	NNP
cord-021959-1y67126b	345	32	's	's	POS
cord-021959-1y67126b	345	33	website	website	NN
cord-021959-1y67126b	345	34	at	at	IN
cord-021959-1y67126b	345	35	Dartmouth	Dartmouth	NNP
cord-021959-1y67126b	345	36	College	College	NNP
cord-021959-1y67126b	345	37	.	.	.
cord-021959-1y67126b	346	1	By	by	IN
cord-021959-1y67126b	346	2	regressing	regress	VBG
cord-021959-1y67126b	346	3	monthly	monthly	JJ
cord-021959-1y67126b	346	4	SMB	SMB	NNP
cord-021959-1y67126b	346	5	and	and	CC
cord-021959-1y67126b	346	6	HML	HML	NNP
cord-021959-1y67126b	346	7	returns	return	VBZ
cord-021959-1y67126b	346	8	on	on	IN
cord-021959-1y67126b	346	9	market	market	NN
cord-021959-1y67126b	346	10	returns	return	NNS
cord-021959-1y67126b	346	11	you	-PRON-	PRP
cord-021959-1y67126b	346	12	can	can	MD
cord-021959-1y67126b	346	13	obtain	obtain	VB
cord-021959-1y67126b	346	14	"	"	``
cord-021959-1y67126b	346	15	s	s	NNS
cord-021959-1y67126b	346	16	"	"	''
cord-021959-1y67126b	346	17	and	and	CC
cord-021959-1y67126b	346	18	"	"	``
cord-021959-1y67126b	346	19	h	h	NN
cord-021959-1y67126b	346	20	"	"	''
cord-021959-1y67126b	346	21	coefficients	coefficient	NNS
cord-021959-1y67126b	346	22	that	that	WDT
cord-021959-1y67126b	346	23	can	can	MD
cord-021959-1y67126b	346	24	later	later	RB
cord-021959-1y67126b	346	25	be	be	VB
cord-021959-1y67126b	346	26	inserted	insert	VBN
cord-021959-1y67126b	346	27	into	into	IN
cord-021959-1y67126b	346	28	the	the	DT
cord-021959-1y67126b	346	29	equation	equation	NN
cord-021959-1y67126b	346	30	to	to	TO
cord-021959-1y67126b	346	31	estimate	estimate	VB
cord-021959-1y67126b	346	32	the	the	DT
cord-021959-1y67126b	346	33	cost	cost	NN
cord-021959-1y67126b	346	34	of	of	IN
cord-021959-1y67126b	346	35	equity	equity	NN
cord-021959-1y67126b	346	36	.	.	.
cord-021959-1y67126b	347	1	In	in	IN
cord-021959-1y67126b	347	2	our	-PRON-	PRP$
cord-021959-1y67126b	347	3	practical	practical	JJ
cord-021959-1y67126b	347	4	example	example	NN
cord-021959-1y67126b	347	5	,	,	,
cord-021959-1y67126b	347	6	the	the	DT
cord-021959-1y67126b	347	7	results	result	NNS
cord-021959-1y67126b	347	8	indicate	indicate	VBP
cord-021959-1y67126b	347	9	that	that	IN
cord-021959-1y67126b	347	10	the	the	DT
cord-021959-1y67126b	347	11	FF	FF	NNP
cord-021959-1y67126b	347	12	model	model	NN
cord-021959-1y67126b	347	13	explains	explain	VBZ
cord-021959-1y67126b	347	14	more	more	JJR
cord-021959-1y67126b	347	15	than	than	IN
cord-021959-1y67126b	347	16	half	half	PDT
cord-021959-1y67126b	347	17	(	(	-LRB-
cord-021959-1y67126b	347	18	51.8	51.8	CD
cord-021959-1y67126b	347	19	%	%	NN
cord-021959-1y67126b	347	20	)	)	-RRB-
cord-021959-1y67126b	347	21	of	of	IN
cord-021959-1y67126b	347	22	the	the	DT
cord-021959-1y67126b	347	23	variation	variation	NN
cord-021959-1y67126b	347	24	in	in	IN
cord-021959-1y67126b	347	25	the	the	DT
cord-021959-1y67126b	347	26	returns	return	NNS
cord-021959-1y67126b	347	27	of	of	IN
cord-021959-1y67126b	347	28	the	the	DT
cord-021959-1y67126b	347	29	NRN	NRN	NNP
cord-021959-1y67126b	347	30	Index	Index	NNP
cord-021959-1y67126b	347	31	.	.	.
cord-021959-1y67126b	348	1	In	in	IN
cord-021959-1y67126b	348	2	addition	addition	NN
cord-021959-1y67126b	348	3	,	,	,
cord-021959-1y67126b	348	4	the	the	DT
cord-021959-1y67126b	348	5	FF	FF	NNP
cord-021959-1y67126b	348	6	model	model	NN
cord-021959-1y67126b	348	7	results	result	VBZ
cord-021959-1y67126b	348	8	in	in	IN
cord-021959-1y67126b	348	9	a	a	DT
cord-021959-1y67126b	348	10	significant	significant	JJ
cord-021959-1y67126b	348	11	R	r	NN
cord-021959-1y67126b	348	12	2	2	CD
cord-021959-1y67126b	348	13	change	change	NN
cord-021959-1y67126b	348	14	over	over	IN
cord-021959-1y67126b	348	15	the	the	DT
cord-021959-1y67126b	348	16	CAPM	CAPM	NNP
cord-021959-1y67126b	348	17	,	,	,
cord-021959-1y67126b	348	18	which	which	WDT
cord-021959-1y67126b	348	19	showed	show	VBD
cord-021959-1y67126b	348	20	that	that	IN
cord-021959-1y67126b	348	21	the	the	DT
cord-021959-1y67126b	348	22	two	two	CD
cord-021959-1y67126b	348	23	FF	ff	NN
cord-021959-1y67126b	348	24	variables	variable	NNS
cord-021959-1y67126b	348	25	(	(	-LRB-
cord-021959-1y67126b	348	26	SMB	SMB	NNP
cord-021959-1y67126b	348	27	and	and	CC
cord-021959-1y67126b	348	28	HML	HML	NNP
cord-021959-1y67126b	348	29	)	)	-RRB-
cord-021959-1y67126b	348	30	explained	explain	VBD
cord-021959-1y67126b	348	31	some	some	DT
cord-021959-1y67126b	348	32	extra	extra	JJ
cord-021959-1y67126b	348	33	variance	variance	NN
cord-021959-1y67126b	348	34	over	over	IN
cord-021959-1y67126b	348	35	and	and	CC
cord-021959-1y67126b	348	36	above	above	IN
cord-021959-1y67126b	348	37	the	the	DT
cord-021959-1y67126b	348	38	CAPM	CAPM	NNP
cord-021959-1y67126b	348	39	which	which	WDT
cord-021959-1y67126b	348	40	accounted	account	VBD
cord-021959-1y67126b	348	41	for	for	IN
cord-021959-1y67126b	348	42	19.6	19.6	CD
cord-021959-1y67126b	348	43	%	%	NN
cord-021959-1y67126b	348	44	of	of	IN
cord-021959-1y67126b	348	45	the	the	DT
cord-021959-1y67126b	348	46	variation	variation	NN
cord-021959-1y67126b	348	47	in	in	IN
cord-021959-1y67126b	348	48	the	the	DT
cord-021959-1y67126b	348	49	restaurant	restaurant	NN
cord-021959-1y67126b	348	50	industry	industry	NN
cord-021959-1y67126b	348	51	stock	stock	NN
cord-021959-1y67126b	348	52	returns	return	NNS
cord-021959-1y67126b	348	53	.	.	.
cord-021959-1y67126b	349	1	The	the	DT
cord-021959-1y67126b	349	2	analysis	analysis	NN
cord-021959-1y67126b	349	3	at	at	IN
cord-021959-1y67126b	349	4	the	the	DT
cord-021959-1y67126b	349	5	variable	variable	JJ
cord-021959-1y67126b	349	6	level	level	NN
cord-021959-1y67126b	349	7	indicates	indicate	VBZ
cord-021959-1y67126b	349	8	that	that	IN
cord-021959-1y67126b	349	9	the	the	DT
cord-021959-1y67126b	349	10	market	market	NN
cord-021959-1y67126b	349	11	index	index	NN
cord-021959-1y67126b	349	12	variable	variable	NN
cord-021959-1y67126b	349	13	(	(	-LRB-
cord-021959-1y67126b	349	14	β	β	NN
cord-021959-1y67126b	349	15	)	)	-RRB-
cord-021959-1y67126b	349	16	and	and	CC
cord-021959-1y67126b	349	17	the	the	DT
cord-021959-1y67126b	349	18	HML	HML	NNP
cord-021959-1y67126b	349	19	are	be	VBP
cord-021959-1y67126b	349	20	significant	significant	JJ
cord-021959-1y67126b	349	21	at	at	IN
cord-021959-1y67126b	349	22	0.01	0.01	CD
cord-021959-1y67126b	349	23	level	level	NN
cord-021959-1y67126b	349	24	(	(	-LRB-
cord-021959-1y67126b	349	25	see	see	VB
cord-021959-1y67126b	349	26	Table	table	NN
cord-021959-1y67126b	349	27	6	6	CD
cord-021959-1y67126b	349	28	.1	.1	CD
cord-021959-1y67126b	349	29	)	)	-RRB-
cord-021959-1y67126b	349	30	.	.	.
cord-021959-1y67126b	350	1	However	however	RB
cord-021959-1y67126b	350	2	,	,	,
cord-021959-1y67126b	350	3	the	the	DT
cord-021959-1y67126b	350	4	SMB	SMB	NNP
cord-021959-1y67126b	350	5	was	be	VBD
cord-021959-1y67126b	350	6	not	not	RB
cord-021959-1y67126b	350	7	significant	significant	JJ
cord-021959-1y67126b	350	8	at	at	IN
cord-021959-1y67126b	350	9	the	the	DT
cord-021959-1y67126b	350	10	0.05	0.05	CD
cord-021959-1y67126b	350	11	level	level	NN
cord-021959-1y67126b	350	12	,	,	,
cord-021959-1y67126b	350	13	which	which	WDT
cord-021959-1y67126b	350	14	means	mean	VBZ
cord-021959-1y67126b	350	15	that	that	IN
cord-021959-1y67126b	350	16	the	the	DT
cord-021959-1y67126b	350	17	size	size	NN
cord-021959-1y67126b	350	18	factor	factor	NN
cord-021959-1y67126b	350	19	does	do	VBZ
cord-021959-1y67126b	350	20	not	not	RB
cord-021959-1y67126b	350	21	affect	affect	VB
cord-021959-1y67126b	350	22	the	the	DT
cord-021959-1y67126b	350	23	restaurant	restaurant	NN
cord-021959-1y67126b	350	24	industry	industry	NN
cord-021959-1y67126b	350	25	stock	stock	NN
cord-021959-1y67126b	350	26	returns	return	NNS
cord-021959-1y67126b	350	27	while	while	IN
cord-021959-1y67126b	350	28	controlling	control	VBG
cord-021959-1y67126b	350	29	for	for	IN
cord-021959-1y67126b	350	30	β	β	NN
cord-021959-1y67126b	350	31	and	and	CC
cord-021959-1y67126b	350	32	HML	HML	NNP
cord-021959-1y67126b	350	33	.	.	.
cord-021959-1y67126b	351	1	In	in	IN
cord-021959-1y67126b	351	2	practice	practice	NN
cord-021959-1y67126b	351	3	,	,	,
cord-021959-1y67126b	351	4	this	this	DT
cord-021959-1y67126b	351	5	means	mean	VBZ
cord-021959-1y67126b	351	6	that	that	IN
cord-021959-1y67126b	351	7	restaurant	restaurant	NN
cord-021959-1y67126b	351	8	industry	industry	NN
cord-021959-1y67126b	351	9	portfolio	portfolio	NN
cord-021959-1y67126b	351	10	behaves	behave	VBZ
cord-021959-1y67126b	351	11	as	as	IN
cord-021959-1y67126b	351	12	a	a	DT
cord-021959-1y67126b	351	13	large	large	JJ
cord-021959-1y67126b	351	14	company	company	NN
cord-021959-1y67126b	351	15	stock	stock	NN
cord-021959-1y67126b	351	16	,	,	,
cord-021959-1y67126b	351	17	and	and	CC
cord-021959-1y67126b	351	18	therefore	therefore	RB
cord-021959-1y67126b	351	19	there	there	EX
cord-021959-1y67126b	351	20	is	be	VBZ
cord-021959-1y67126b	351	21	no	no	DT
cord-021959-1y67126b	351	22	size	size	NN
cord-021959-1y67126b	351	23	premium	premium	NN
cord-021959-1y67126b	351	24	when	when	WRB
cord-021959-1y67126b	351	25	considering	consider	VBG
cord-021959-1y67126b	351	26	the	the	DT
cord-021959-1y67126b	351	27	overall	overall	JJ
cord-021959-1y67126b	351	28	cost	cost	NN
cord-021959-1y67126b	351	29	of	of	IN
cord-021959-1y67126b	351	30	equity	equity	NN
cord-021959-1y67126b	351	31	for	for	IN
cord-021959-1y67126b	351	32	the	the	DT
cord-021959-1y67126b	351	33	restaurant	restaurant	NN
cord-021959-1y67126b	351	34	industry	industry	NN
cord-021959-1y67126b	351	35	.	.	.
cord-021959-1y67126b	352	1	It	-PRON-	PRP
cord-021959-1y67126b	352	2	should	should	MD
cord-021959-1y67126b	352	3	be	be	VB
cord-021959-1y67126b	352	4	remembered	remember	VBN
cord-021959-1y67126b	352	5	that	that	IN
cord-021959-1y67126b	352	6	if	if	IN
cord-021959-1y67126b	352	7	you	-PRON-	PRP
cord-021959-1y67126b	352	8	are	be	VBP
cord-021959-1y67126b	352	9	an	an	DT
cord-021959-1y67126b	352	10	executive	executive	NN
cord-021959-1y67126b	352	11	of	of	IN
cord-021959-1y67126b	352	12	a	a	DT
cord-021959-1y67126b	352	13	small	small	JJ
cord-021959-1y67126b	352	14	restaurant	restaurant	NN
cord-021959-1y67126b	352	15	company	company	NN
cord-021959-1y67126b	352	16	there	there	EX
cord-021959-1y67126b	352	17	is	be	VBZ
cord-021959-1y67126b	352	18	a	a	DT
cord-021959-1y67126b	352	19	high	high	JJ
cord-021959-1y67126b	352	20	possibility	possibility	NN
cord-021959-1y67126b	352	21	that	that	IN
cord-021959-1y67126b	352	22	your	-PRON-	PRP$
cord-021959-1y67126b	352	23	stock	stock	NN
cord-021959-1y67126b	352	24	returns	return	NNS
cord-021959-1y67126b	352	25	will	will	MD
cord-021959-1y67126b	352	26	have	have	VB
cord-021959-1y67126b	352	27	a	a	DT
cord-021959-1y67126b	352	28	size	size	NN
cord-021959-1y67126b	352	29	premium	premium	NN
cord-021959-1y67126b	352	30	.	.	.
cord-021959-1y67126b	353	1	Step	step	NN
cord-021959-1y67126b	353	2	3	3	CD
cord-021959-1y67126b	353	3	:	:	:
cord-021959-1y67126b	353	4	the	the	DT
cord-021959-1y67126b	353	5	risk	risk	NN
cord-021959-1y67126b	353	6	-	-	HYPH
cord-021959-1y67126b	353	7	free	free	JJ
cord-021959-1y67126b	353	8	rate	rate	NN
cord-021959-1y67126b	353	9	,	,	,
cord-021959-1y67126b	353	10	market	market	NN
cord-021959-1y67126b	353	11	,	,	,
cord-021959-1y67126b	353	12	size	size	NN
cord-021959-1y67126b	353	13	and	and	CC
cord-021959-1y67126b	353	14	distress	distress	NN
cord-021959-1y67126b	353	15	premiums	premium	NNS
cord-021959-1y67126b	354	1	•	•	NNP
cord-021959-1y67126b	355	1	•	•	NNP
cord-021959-1y67126b	356	1	•	•	NNP
cord-021959-1y67126b	357	1	There	there	EX
cord-021959-1y67126b	357	2	are	be	VBP
cord-021959-1y67126b	357	3	certain	certain	JJ
cord-021959-1y67126b	357	4	rules	rule	NNS
cord-021959-1y67126b	357	5	of	of	IN
cord-021959-1y67126b	357	6	thumb	thumb	NN
cord-021959-1y67126b	357	7	that	that	WDT
cord-021959-1y67126b	357	8	executives	executive	NNS
cord-021959-1y67126b	357	9	should	should	MD
cord-021959-1y67126b	357	10	be	be	VB
cord-021959-1y67126b	357	11	aware	aware	JJ
cord-021959-1y67126b	357	12	of	of	IN
cord-021959-1y67126b	357	13	before	before	IN
cord-021959-1y67126b	357	14	inserting	insert	VBG
cord-021959-1y67126b	357	15	the	the	DT
cord-021959-1y67126b	357	16	regression	regression	NN
cord-021959-1y67126b	357	17	coefficients	coefficient	NNS
cord-021959-1y67126b	357	18	into	into	IN
cord-021959-1y67126b	357	19	the	the	DT
cord-021959-1y67126b	357	20	cost	cost	NN
cord-021959-1y67126b	357	21	of	of	IN
cord-021959-1y67126b	357	22	equity	equity	NN
cord-021959-1y67126b	357	23	calculation	calculation	NN
cord-021959-1y67126b	357	24	.	.	.
cord-021959-1y67126b	358	1	First	first	RB
cord-021959-1y67126b	358	2	,	,	,
cord-021959-1y67126b	358	3	it	-PRON-	PRP
cord-021959-1y67126b	358	4	should	should	MD
cord-021959-1y67126b	358	5	be	be	VB
cord-021959-1y67126b	358	6	pointed	point	VBN
cord-021959-1y67126b	358	7	out	out	RP
cord-021959-1y67126b	358	8	that	that	IN
cord-021959-1y67126b	358	9	there	there	EX
cord-021959-1y67126b	358	10	are	be	VBP
cord-021959-1y67126b	358	11	two	two	CD
cord-021959-1y67126b	358	12	risk	risk	NN
cord-021959-1y67126b	358	13	-	-	HYPH
cord-021959-1y67126b	358	14	free	free	JJ
cord-021959-1y67126b	358	15	rates	rate	NNS
cord-021959-1y67126b	358	16	(	(	-LRB-
cord-021959-1y67126b	358	17	R	r	NN
cord-021959-1y67126b	358	18	f	f	NNP
cord-021959-1y67126b	358	19	)	)	-RRB-
cord-021959-1y67126b	358	20	in	in	IN
cord-021959-1y67126b	358	21	the	the	DT
cord-021959-1y67126b	358	22	CAPM	CAPM	NNP
cord-021959-1y67126b	358	23	and	and	CC
cord-021959-1y67126b	358	24	FF	FF	NNP
cord-021959-1y67126b	358	25	models	model	NNS
cord-021959-1y67126b	358	26	.	.	.
cord-021959-1y67126b	359	1	The	the	DT
cord-021959-1y67126b	359	2	first	first	JJ
cord-021959-1y67126b	359	3	R	r	NN
cord-021959-1y67126b	359	4	f	f	NN
cord-021959-1y67126b	359	5	is	be	VBZ
cord-021959-1y67126b	359	6	used	use	VBN
cord-021959-1y67126b	359	7	in	in	IN
cord-021959-1y67126b	359	8	order	order	NN
cord-021959-1y67126b	359	9	to	to	TO
cord-021959-1y67126b	359	10	demonstrate	demonstrate	VB
cord-021959-1y67126b	359	11	the	the	DT
cord-021959-1y67126b	359	12	level	level	NN
cord-021959-1y67126b	359	13	of	of	IN
cord-021959-1y67126b	359	14	risk	risk	NN
cord-021959-1y67126b	359	15	-	-	HYPH
cord-021959-1y67126b	359	16	free	free	JJ
cord-021959-1y67126b	359	17	rate	rate	NN
cord-021959-1y67126b	359	18	that	that	IN
cord-021959-1y67126b	359	19	a	a	DT
cord-021959-1y67126b	359	20	firm	firm	NN
cord-021959-1y67126b	359	21	needs	need	VBZ
cord-021959-1y67126b	359	22	to	to	TO
cord-021959-1y67126b	359	23	exceed	exceed	VB
cord-021959-1y67126b	359	24	to	to	TO
cord-021959-1y67126b	359	25	compensate	compensate	VB
cord-021959-1y67126b	359	26	its	-PRON-	PRP$
cord-021959-1y67126b	359	27	investors	investor	NNS
cord-021959-1y67126b	359	28	for	for	IN
cord-021959-1y67126b	359	29	the	the	DT
cord-021959-1y67126b	359	30	risk	risk	NN
cord-021959-1y67126b	359	31	they	-PRON-	PRP
cord-021959-1y67126b	359	32	undertake	undertake	VBP
cord-021959-1y67126b	359	33	.	.	.
cord-021959-1y67126b	360	1	The	the	DT
cord-021959-1y67126b	360	2	second	second	JJ
cord-021959-1y67126b	360	3	R	r	NN
cord-021959-1y67126b	360	4	f	f	NN
cord-021959-1y67126b	360	5	should	should	MD
cord-021959-1y67126b	360	6	ideally	ideally	RB
cord-021959-1y67126b	360	7	match	match	VB
cord-021959-1y67126b	360	8	the	the	DT
cord-021959-1y67126b	360	9	life	life	NN
cord-021959-1y67126b	360	10	of	of	IN
cord-021959-1y67126b	360	11	an	an	DT
cord-021959-1y67126b	360	12	asset	asset	NN
cord-021959-1y67126b	360	13	.	.	.
cord-021959-1y67126b	361	1	In	in	IN
cord-021959-1y67126b	361	2	other	other	JJ
cord-021959-1y67126b	361	3	words	word	NNS
cord-021959-1y67126b	361	4	,	,	,
cord-021959-1y67126b	361	5	if	if	IN
cord-021959-1y67126b	361	6	the	the	DT
cord-021959-1y67126b	361	7	asset	asset	NN
cord-021959-1y67126b	361	8	in	in	IN
cord-021959-1y67126b	361	9	this	this	DT
cord-021959-1y67126b	361	10	project	project	NN
cord-021959-1y67126b	361	11	is	be	VBZ
cord-021959-1y67126b	361	12	expected	expect	VBN
cord-021959-1y67126b	361	13	to	to	TO
cord-021959-1y67126b	361	14	last	last	VB
cord-021959-1y67126b	361	15	at	at	RB
cord-021959-1y67126b	361	16	least	least	RBS
cord-021959-1y67126b	361	17	10	10	CD
cord-021959-1y67126b	361	18	years	year	NNS
cord-021959-1y67126b	361	19	,	,	,
cord-021959-1y67126b	361	20	then	then	RB
cord-021959-1y67126b	361	21	a	a	DT
cord-021959-1y67126b	361	22	given	give	VBN
cord-021959-1y67126b	361	23	investor	investor	NN
cord-021959-1y67126b	361	24	/	/	SYM
cord-021959-1y67126b	361	25	executive	executive	NN
cord-021959-1y67126b	361	26	should	should	MD
cord-021959-1y67126b	361	27	use	use	VB
cord-021959-1y67126b	361	28	a	a	DT
cord-021959-1y67126b	361	29	10-year	10-year	CD
cord-021959-1y67126b	361	30	government	government	NN
cord-021959-1y67126b	361	31	bond	bond	NN
cord-021959-1y67126b	361	32	as	as	IN
cord-021959-1y67126b	361	33	its	-PRON-	PRP$
cord-021959-1y67126b	361	34	risk	risk	NN
cord-021959-1y67126b	361	35	-	-	HYPH
cord-021959-1y67126b	361	36	free	free	JJ
cord-021959-1y67126b	361	37	rate	rate	NN
cord-021959-1y67126b	361	38	to	to	TO
cord-021959-1y67126b	361	39	obtain	obtain	VB
cord-021959-1y67126b	361	40	the	the	DT
cord-021959-1y67126b	361	41	MRP	MRP	NNP
cord-021959-1y67126b	361	42	(	(	-LRB-
cord-021959-1y67126b	361	43	R	r	NN
cord-021959-1y67126b	361	44	m	m	NN
cord-021959-1y67126b	361	45	Ϫ	ϫ	NN
cord-021959-1y67126b	361	46	R	r	NN
cord-021959-1y67126b	361	47	f	f	NN
cord-021959-1y67126b	361	48	)	)	-RRB-
cord-021959-1y67126b	361	49	.	.	.
cord-021959-1y67126b	362	1	Another	another	DT
cord-021959-1y67126b	362	2	important	important	JJ
cord-021959-1y67126b	362	3	issue	issue	NN
cord-021959-1y67126b	362	4	is	be	VBZ
cord-021959-1y67126b	362	5	calculating	calculate	VBG
cord-021959-1y67126b	362	6	market	market	NN
cord-021959-1y67126b	362	7	,	,	,
cord-021959-1y67126b	362	8	size	size	NN
cord-021959-1y67126b	362	9	and	and	CC
cord-021959-1y67126b	362	10	distress	distress	NN
cord-021959-1y67126b	362	11	premiums	premium	NNS
cord-021959-1y67126b	362	12	.	.	.
cord-021959-1y67126b	363	1	Executives	executive	NNS
cord-021959-1y67126b	363	2	/	/	SYM
cord-021959-1y67126b	363	3	investors	investor	NNS
cord-021959-1y67126b	363	4	may	may	MD
cord-021959-1y67126b	363	5	often	often	RB
cord-021959-1y67126b	363	6	face	face	VB
cord-021959-1y67126b	363	7	challenges	challenge	NNS
cord-021959-1y67126b	363	8	when	when	WRB
cord-021959-1y67126b	363	9	the	the	DT
cord-021959-1y67126b	363	10	5-year	5-year	CD
cord-021959-1y67126b	363	11	MRP	MRP	NNP
cord-021959-1y67126b	363	12	(	(	-LRB-
cord-021959-1y67126b	363	13	which	which	WDT
cord-021959-1y67126b	363	14	equals	equal	VBZ
cord-021959-1y67126b	363	15	R	r	NN
cord-021959-1y67126b	363	16	m	m	NN
cord-021959-1y67126b	363	17	Ϫ	ϫ	NN
cord-021959-1y67126b	363	18	R	r	NN
cord-021959-1y67126b	363	19	f	f	NN
cord-021959-1y67126b	363	20	)	)	-RRB-
cord-021959-1y67126b	363	21	is	be	VBZ
cord-021959-1y67126b	363	22	negative	negative	JJ
cord-021959-1y67126b	363	23	or	or	CC
cord-021959-1y67126b	363	24	extremely	extremely	RB
cord-021959-1y67126b	363	25	low	low	JJ
cord-021959-1y67126b	363	26	,	,	,
cord-021959-1y67126b	363	27	or	or	CC
cord-021959-1y67126b	363	28	when	when	WRB
cord-021959-1y67126b	363	29	size	size	NN
cord-021959-1y67126b	363	30	premium	premium	NN
cord-021959-1y67126b	363	31	(	(	-LRB-
cord-021959-1y67126b	363	32	SMB	SMB	NNP
cord-021959-1y67126b	363	33	)	)	-RRB-
cord-021959-1y67126b	363	34	and	and	CC
cord-021959-1y67126b	363	35	distress	distress	NN
cord-021959-1y67126b	363	36	premium	premium	NN
cord-021959-1y67126b	363	37	(	(	-LRB-
cord-021959-1y67126b	363	38	HML	HML	NNP
cord-021959-1y67126b	363	39	)	)	-RRB-
cord-021959-1y67126b	363	40	figures	figure	NNS
cord-021959-1y67126b	363	41	are	be	VBP
cord-021959-1y67126b	363	42	negative	negative	JJ
cord-021959-1y67126b	363	43	.	.	.
cord-021959-1y67126b	364	1	In	in	IN
cord-021959-1y67126b	364	2	these	these	DT
cord-021959-1y67126b	364	3	cases	case	NNS
cord-021959-1y67126b	364	4	,	,	,
cord-021959-1y67126b	364	5	I	-PRON-	PRP
cord-021959-1y67126b	364	6	would	would	MD
cord-021959-1y67126b	364	7	recommend	recommend	VB
cord-021959-1y67126b	364	8	that	that	IN
cord-021959-1y67126b	364	9	executives	executive	NNS
cord-021959-1y67126b	364	10	/	/	SYM
cord-021959-1y67126b	364	11	investors	investor	NNS
cord-021959-1y67126b	364	12	use	use	VBP
cord-021959-1y67126b	364	13	the	the	DT
cord-021959-1y67126b	364	14	longterm	longterm	JJ
cord-021959-1y67126b	364	15	equity	equity	NN
cord-021959-1y67126b	364	16	premium	premium	NN
cord-021959-1y67126b	364	17	(	(	-LRB-
cord-021959-1y67126b	364	18	R	r	NN
cord-021959-1y67126b	364	19	m	m	NN
cord-021959-1y67126b	364	20	Ϫ	ϫ	NN
cord-021959-1y67126b	364	21	R	r	NN
cord-021959-1y67126b	364	22	f	f	NN
cord-021959-1y67126b	364	23	)	)	-RRB-
cord-021959-1y67126b	364	24	figure	figure	NN
cord-021959-1y67126b	364	25	of	of	IN
cord-021959-1y67126b	364	26	5	5	CD
cord-021959-1y67126b	364	27	%	%	NN
cord-021959-1y67126b	364	28	(	(	-LRB-
cord-021959-1y67126b	364	29	Siegel	Siegel	NNP
cord-021959-1y67126b	364	30	,	,	,
cord-021959-1y67126b	364	31	1998	1998	CD
cord-021959-1y67126b	364	32	)	)	-RRB-
cord-021959-1y67126b	364	33	,	,	,
cord-021959-1y67126b	364	34	1992	1992	CD
cord-021959-1y67126b	364	35	-	-	SYM
cord-021959-1y67126b	364	36	2001	2001	CD
cord-021959-1y67126b	364	37	,	,	,
cord-021959-1y67126b	364	38	1993	1993	CD
cord-021959-1y67126b	364	39	-	-	SYM
cord-021959-1y67126b	364	40	2002	2002	CD
cord-021959-1y67126b	364	41	,	,	,
cord-021959-1y67126b	364	42	1994	1994	CD
cord-021959-1y67126b	364	43	-	-	SYM
cord-021959-1y67126b	364	44	2003	2003	CD
cord-021959-1y67126b	364	45	,	,	,
cord-021959-1y67126b	364	46	and	and	CC
cord-021959-1y67126b	364	47	so	so	RB
cord-021959-1y67126b	364	48	on	on	RB
cord-021959-1y67126b	364	49	)	)	-RRB-
cord-021959-1y67126b	364	50	until	until	IN
cord-021959-1y67126b	364	51	2006	2006	CD
cord-021959-1y67126b	364	52	and	and	CC
cord-021959-1y67126b	364	53	verified	verify	VBD
cord-021959-1y67126b	364	54	that	that	IN
cord-021959-1y67126b	364	55	in	in	IN
cord-021959-1y67126b	364	56	all	all	DT
cord-021959-1y67126b	364	57	instances	instance	NNS
cord-021959-1y67126b	364	58	SMB	SMB	NNP
cord-021959-1y67126b	364	59	,	,	,
cord-021959-1y67126b	364	60	and	and	CC
cord-021959-1y67126b	364	61	HML	HML	NNP
cord-021959-1y67126b	364	62	premiums	premium	NNS
cord-021959-1y67126b	364	63	were	be	VBD
cord-021959-1y67126b	364	64	positive	positive	JJ
cord-021959-1y67126b	364	65	.	.	.
cord-021959-1y67126b	365	1	Step	step	NN
cord-021959-1y67126b	365	2	4	4	CD
cord-021959-1y67126b	365	3	:	:	:
cord-021959-1y67126b	365	4	solving	solve	VBG
cord-021959-1y67126b	365	5	cost	cost	NN
cord-021959-1y67126b	365	6	of	of	IN
cord-021959-1y67126b	365	7	equity	equity	NN
cord-021959-1y67126b	365	8	equation	equation	NN
cord-021959-1y67126b	366	1	•	•	NNP
cord-021959-1y67126b	367	1	•	•	NNP
cord-021959-1y67126b	368	1	•	•	NNP
cord-021959-1y67126b	369	1	Since	since	IN
cord-021959-1y67126b	369	2	the	the	DT
cord-021959-1y67126b	369	3	market	market	NN
cord-021959-1y67126b	369	4	index	index	NN
cord-021959-1y67126b	369	5	(	(	-LRB-
cord-021959-1y67126b	369	6	VWCRSP	VWCRSP	NNP
cord-021959-1y67126b	369	7	)	)	-RRB-
cord-021959-1y67126b	369	8	has	have	VBZ
cord-021959-1y67126b	369	9	a	a	DT
cord-021959-1y67126b	369	10	very	very	RB
cord-021959-1y67126b	369	11	low	low	JJ
cord-021959-1y67126b	369	12	return	return	NN
cord-021959-1y67126b	369	13	(	(	-LRB-
cord-021959-1y67126b	369	14	0.21	0.21	CD
cord-021959-1y67126b	369	15	%	%	NN
cord-021959-1y67126b	369	16	)	)	-RRB-
cord-021959-1y67126b	369	17	for	for	IN
cord-021959-1y67126b	369	18	the	the	DT
cord-021959-1y67126b	369	19	5-year	5-year	CD
cord-021959-1y67126b	369	20	period	period	NN
cord-021959-1y67126b	369	21	,	,	,
cord-021959-1y67126b	369	22	I	-PRON-	PRP
cord-021959-1y67126b	369	23	will	will	MD
cord-021959-1y67126b	369	24	use	use	VB
cord-021959-1y67126b	369	25	the	the	DT
cord-021959-1y67126b	369	26	long	long	JJ
cord-021959-1y67126b	369	27	-	-	HYPH
cord-021959-1y67126b	369	28	term	term	NN
cord-021959-1y67126b	369	29	equity	equity	NN
cord-021959-1y67126b	369	30	premium	premium	NN
cord-021959-1y67126b	369	31	of	of	IN
cord-021959-1y67126b	369	32	5	5	CD
cord-021959-1y67126b	369	33	%	%	NN
cord-021959-1y67126b	369	34	(	(	-LRB-
cord-021959-1y67126b	369	35	Siegel	Siegel	NNP
cord-021959-1y67126b	369	36	,	,	,
cord-021959-1y67126b	369	37	1998	1998	CD
cord-021959-1y67126b	369	38	)	)	-RRB-
cord-021959-1y67126b	369	39	.	.	.
cord-021959-1y67126b	370	1	Next	next	RB
cord-021959-1y67126b	370	2	,	,	,
cord-021959-1y67126b	370	3	by	by	IN
cord-021959-1y67126b	370	4	using	use	VBG
cord-021959-1y67126b	370	5	the	the	DT
cord-021959-1y67126b	370	6	obtained	obtain	VBN
cord-021959-1y67126b	370	7	regression	regression	NN
cord-021959-1y67126b	370	8	coefficients	coefficient	NNS
cord-021959-1y67126b	370	9	in	in	IN
cord-021959-1y67126b	370	10	Table	Table	NNP
cord-021959-1y67126b	370	11	6	6	CD
cord-021959-1y67126b	370	12	.1	.1	NNS
cord-021959-1y67126b	370	13	,	,	,
cord-021959-1y67126b	370	14	the	the	DT
cord-021959-1y67126b	370	15	regression	regression	NN
cord-021959-1y67126b	370	16	equations	equation	NNS
cord-021959-1y67126b	370	17	provide	provide	VBP
cord-021959-1y67126b	370	18	the	the	DT
cord-021959-1y67126b	370	19	following	follow	VBG
cord-021959-1y67126b	370	20	results	result	NNS
cord-021959-1y67126b	370	21	:	:	:
cord-021959-1y67126b	370	22	As	as	IN
cord-021959-1y67126b	370	23	it	-PRON-	PRP
cord-021959-1y67126b	370	24	can	can	MD
cord-021959-1y67126b	370	25	be	be	VB
cord-021959-1y67126b	370	26	seen	see	VBN
cord-021959-1y67126b	370	27	from	from	IN
cord-021959-1y67126b	370	28	the	the	DT
cord-021959-1y67126b	370	29	results	result	NNS
cord-021959-1y67126b	370	30	above	above	RB
cord-021959-1y67126b	370	31	,	,	,
cord-021959-1y67126b	370	32	the	the	DT
cord-021959-1y67126b	370	33	restaurant	restaurant	NN
cord-021959-1y67126b	370	34	industry	industry	NN
cord-021959-1y67126b	370	35	cost	cost	NN
cord-021959-1y67126b	370	36	of	of	IN
cord-021959-1y67126b	370	37	equity	equity	NN
cord-021959-1y67126b	370	38	is	be	VBZ
cord-021959-1y67126b	370	39	considerably	considerably	RB
cord-021959-1y67126b	370	40	higher	high	JJR
cord-021959-1y67126b	370	41	when	when	WRB
cord-021959-1y67126b	370	42	estimated	estimate	VBN
cord-021959-1y67126b	370	43	by	by	IN
cord-021959-1y67126b	370	44	using	use	VBG
cord-021959-1y67126b	370	45	the	the	DT
cord-021959-1y67126b	370	46	FF	FF	NNP
cord-021959-1y67126b	370	47	model	model	NN
cord-021959-1y67126b	370	48	.	.	.
cord-021959-1y67126b	371	1	In	in	IN
cord-021959-1y67126b	371	2	basic	basic	JJ
cord-021959-1y67126b	371	3	terms	term	NNS
cord-021959-1y67126b	371	4	,	,	,
cord-021959-1y67126b	371	5	this	this	DT
cord-021959-1y67126b	371	6	means	mean	VBZ
cord-021959-1y67126b	371	7	that	that	IN
cord-021959-1y67126b	371	8	a	a	DT
cord-021959-1y67126b	371	9	hypothetical	hypothetical	JJ
cord-021959-1y67126b	371	10	investor	investor	NN
cord-021959-1y67126b	371	11	will	will	MD
cord-021959-1y67126b	371	12	expect	expect	VB
cord-021959-1y67126b	371	13	a	a	DT
cord-021959-1y67126b	371	14	return	return	NN
cord-021959-1y67126b	371	15	of	of	IN
cord-021959-1y67126b	371	16	18	18	CD
cord-021959-1y67126b	371	17	%	%	NN
cord-021959-1y67126b	371	18	from	from	IN
cord-021959-1y67126b	371	19	the	the	DT
cord-021959-1y67126b	371	20	U.S.	U.S.	NNP
cord-021959-1y67126b	371	21	restaurant	restaurant	NN
cord-021959-1y67126b	371	22	industry	industry	NN
cord-021959-1y67126b	371	23	in	in	IN
cord-021959-1y67126b	371	24	order	order	NN
cord-021959-1y67126b	371	25	to	to	TO
cord-021959-1y67126b	371	26	invest	invest	VB
cord-021959-1y67126b	371	27	his	-PRON-	PRP$
cord-021959-1y67126b	371	28	/	/	SYM
cord-021959-1y67126b	371	29	her	-PRON-	PRP$
cord-021959-1y67126b	371	30	funds	fund	NNS
cord-021959-1y67126b	371	31	in	in	IN
cord-021959-1y67126b	371	32	the	the	DT
cord-021959-1y67126b	371	33	U.S.	U.S.	NNP
cord-021959-1y67126b	371	34	restaurant	restaurant	NN
cord-021959-1y67126b	371	35	portfolio	portfolio	NN
cord-021959-1y67126b	371	36	.	.	.
cord-021959-1y67126b	372	1	However	however	RB
cord-021959-1y67126b	372	2	,	,	,
cord-021959-1y67126b	372	3	if	if	IN
cord-021959-1y67126b	372	4	a	a	DT
cord-021959-1y67126b	372	5	restaurant	restaurant	NN
cord-021959-1y67126b	372	6	executive	executive	NN
cord-021959-1y67126b	372	7	believes	believe	VBZ
cord-021959-1y67126b	372	8	that	that	IN
cord-021959-1y67126b	372	9	18	18	CD
cord-021959-1y67126b	372	10	%	%	NN
cord-021959-1y67126b	372	11	is	be	VBZ
cord-021959-1y67126b	372	12	a	a	DT
cord-021959-1y67126b	372	13	fairly	fairly	RB
cord-021959-1y67126b	372	14	high	high	JJ
cord-021959-1y67126b	372	15	rate	rate	NN
cord-021959-1y67126b	372	16	of	of	IN
cord-021959-1y67126b	372	17	return	return	NN
cord-021959-1y67126b	372	18	and	and	CC
cord-021959-1y67126b	372	19	his	-PRON-	PRP$
cord-021959-1y67126b	372	20	/	/	SYM
cord-021959-1y67126b	372	21	her	-PRON-	PRP$
cord-021959-1y67126b	372	22	restaurant	restaurant	NN
cord-021959-1y67126b	372	23	company	company	NN
cord-021959-1y67126b	372	24	does	do	VBZ
cord-021959-1y67126b	372	25	not	not	RB
cord-021959-1y67126b	372	26	have	have	VB
cord-021959-1y67126b	372	27	the	the	DT
cord-021959-1y67126b	372	28	same	same	JJ
cord-021959-1y67126b	372	29	risk	risk	NN
cord-021959-1y67126b	372	30	profile	profile	NN
cord-021959-1y67126b	372	31	as	as	IN
cord-021959-1y67126b	372	32	the	the	DT
cord-021959-1y67126b	372	33	overall	overall	JJ
cord-021959-1y67126b	372	34	U.S.	U.S.	NNP
cord-021959-1y67126b	372	35	restaurant	restaurant	NN
cord-021959-1y67126b	372	36	industry	industry	NN
cord-021959-1y67126b	372	37	,	,	,
cord-021959-1y67126b	372	38	he	-PRON-	PRP
cord-021959-1y67126b	372	39	/	/	SYM
cord-021959-1y67126b	372	40	she	-PRON-	PRP
cord-021959-1y67126b	372	41	may	may	MD
cord-021959-1y67126b	372	42	elect	elect	VB
cord-021959-1y67126b	372	43	to	to	TO
cord-021959-1y67126b	372	44	use	use	VB
cord-021959-1y67126b	372	45	the	the	DT
cord-021959-1y67126b	372	46	average	average	NN
cord-021959-1y67126b	372	47	of	of	IN
cord-021959-1y67126b	372	48	the	the	DT
cord-021959-1y67126b	372	49	CAPM	CAPM	NNP
cord-021959-1y67126b	372	50	and	and	CC
cord-021959-1y67126b	372	51	FF	FF	NNP
cord-021959-1y67126b	372	52	estimates	estimate	NNS
cord-021959-1y67126b	372	53	,	,	,
cord-021959-1y67126b	372	54	which	which	WDT
cord-021959-1y67126b	372	55	is	be	VBZ
cord-021959-1y67126b	372	56	around	around	RB
cord-021959-1y67126b	372	57	12	12	CD
cord-021959-1y67126b	372	58	%	%	NN
cord-021959-1y67126b	372	59	.	.	.
cord-021959-1y67126b	373	1	Next	next	RB
cord-021959-1y67126b	373	2	,	,	,
cord-021959-1y67126b	373	3	a	a	DT
cord-021959-1y67126b	373	4	restaurant	restaurant	NN
cord-021959-1y67126b	373	5	executive	executive	NN
cord-021959-1y67126b	373	6	may	may	MD
cord-021959-1y67126b	373	7	adjust	adjust	VB
cord-021959-1y67126b	373	8	the	the	DT
cord-021959-1y67126b	373	9	rate	rate	NN
cord-021959-1y67126b	373	10	of	of	IN
cord-021959-1y67126b	373	11	his/	his/	ADD
cord-021959-1y67126b	373	12	her	-PRON-	PRP$
cord-021959-1y67126b	373	13	firm	firm	NN
cord-021959-1y67126b	373	14	's	's	POS
cord-021959-1y67126b	373	15	project	project	NN
cord-021959-1y67126b	373	16	by	by	IN
cord-021959-1y67126b	373	17	considering	consider	VBG
cord-021959-1y67126b	373	18	whether	whether	IN
cord-021959-1y67126b	373	19	the	the	DT
cord-021959-1y67126b	373	20	project	project	NN
cord-021959-1y67126b	373	21	will	will	MD
cord-021959-1y67126b	373	22	be	be	VB
cord-021959-1y67126b	373	23	riskier	risky	JJR
cord-021959-1y67126b	373	24	than	than	IN
cord-021959-1y67126b	373	25	the	the	DT
cord-021959-1y67126b	373	26	restaurant	restaurant	NN
cord-021959-1y67126b	373	27	industry	industry	NN
cord-021959-1y67126b	373	28	's	's	POS
cord-021959-1y67126b	373	29	expected	expect	VBN
cord-021959-1y67126b	373	30	return	return	NN
cord-021959-1y67126b	373	31	.	.	.
cord-021959-1y67126b	374	1	Here	here	RB
cord-021959-1y67126b	374	2	one	one	PRP
cord-021959-1y67126b	374	3	should	should	MD
cord-021959-1y67126b	374	4	consider	consider	VB
cord-021959-1y67126b	374	5	factors	factor	NNS
cord-021959-1y67126b	374	6	such	such	JJ
cord-021959-1y67126b	374	7	as	as	IN
cord-021959-1y67126b	374	8	competition	competition	NN
cord-021959-1y67126b	374	9	,	,	,
cord-021959-1y67126b	374	10	life	life	NN
cord-021959-1y67126b	374	11	of	of	IN
cord-021959-1y67126b	374	12	the	the	DT
cord-021959-1y67126b	374	13	project	project	NN
cord-021959-1y67126b	374	14	,	,	,
cord-021959-1y67126b	374	15	and	and	CC
cord-021959-1y67126b	374	16	the	the	DT
cord-021959-1y67126b	374	17	events	event	NNS
cord-021959-1y67126b	374	18	that	that	WDT
cord-021959-1y67126b	374	19	may	may	MD
cord-021959-1y67126b	374	20	have	have	VB
cord-021959-1y67126b	374	21	an	an	DT
cord-021959-1y67126b	374	22	impact	impact	NN
cord-021959-1y67126b	374	23	on	on	IN
cord-021959-1y67126b	374	24	the	the	DT
cord-021959-1y67126b	374	25	risk	risk	NN
cord-021959-1y67126b	374	26	of	of	IN
cord-021959-1y67126b	374	27	the	the	DT
cord-021959-1y67126b	374	28	project	project	NN
cord-021959-1y67126b	374	29	by	by	IN
cord-021959-1y67126b	374	30	influencing	influence	VBG
cord-021959-1y67126b	374	31	forces	force	NNS
cord-021959-1y67126b	374	32	driving	drive	VBG
cord-021959-1y67126b	374	33	change	change	NN
cord-021959-1y67126b	374	34	in	in	IN
cord-021959-1y67126b	374	35	firm	firm	NN
cord-021959-1y67126b	374	36	's	's	POS
cord-021959-1y67126b	374	37	external	external	JJ
cord-021959-1y67126b	374	38	(	(	-LRB-
cord-021959-1y67126b	374	39	e.g.	e.g.	RB
cord-021959-1y67126b	374	40	,	,	,
cord-021959-1y67126b	374	41	economic	economic	JJ
cord-021959-1y67126b	374	42	,	,	,
cord-021959-1y67126b	374	43	political	political	JJ
cord-021959-1y67126b	374	44	,	,	,
cord-021959-1y67126b	374	45	technological	technological	JJ
cord-021959-1y67126b	374	46	)	)	-RRB-
cord-021959-1y67126b	374	47	and	and	CC
cord-021959-1y67126b	374	48	internal	internal	JJ
cord-021959-1y67126b	374	49	(	(	-LRB-
cord-021959-1y67126b	374	50	e.g.	e.g.	RB
cord-021959-1y67126b	374	51	,	,	,
cord-021959-1y67126b	374	52	industry	industry	NN
cord-021959-1y67126b	374	53	,	,	,
cord-021959-1y67126b	374	54	local	local	JJ
cord-021959-1y67126b	374	55	)	)	-RRB-
cord-021959-1y67126b	374	56	environment	environment	NN
cord-021959-1y67126b	374	57	.	.	.
cord-021959-1y67126b	375	1	The	the	DT
cord-021959-1y67126b	375	2	next	next	JJ
cord-021959-1y67126b	375	3	step	step	NN
cord-021959-1y67126b	375	4	in	in	IN
cord-021959-1y67126b	375	5	estimating	estimate	VBG
cord-021959-1y67126b	375	6	the	the	DT
cord-021959-1y67126b	375	7	cost	cost	NN
cord-021959-1y67126b	375	8	of	of	IN
cord-021959-1y67126b	375	9	capital	capital	NN
cord-021959-1y67126b	375	10	is	be	VBZ
cord-021959-1y67126b	375	11	to	to	TO
cord-021959-1y67126b	375	12	estimate	estimate	VB
cord-021959-1y67126b	375	13	the	the	DT
cord-021959-1y67126b	375	14	cost	cost	NN
cord-021959-1y67126b	375	15	of	of	IN
cord-021959-1y67126b	375	16	debt	debt	NN
cord-021959-1y67126b	375	17	.	.	.
cord-021959-1y67126b	376	1	Unlike	unlike	IN
cord-021959-1y67126b	376	2	cost	cost	NN
cord-021959-1y67126b	376	3	of	of	IN
cord-021959-1y67126b	376	4	equity	equity	NN
cord-021959-1y67126b	376	5	,	,	,
cord-021959-1y67126b	376	6	cost	cost	NN
cord-021959-1y67126b	376	7	of	of	IN
cord-021959-1y67126b	376	8	debt	debt	NN
cord-021959-1y67126b	376	9	does	do	VBZ
cord-021959-1y67126b	376	10	not	not	RB
cord-021959-1y67126b	376	11	require	require	VB
cord-021959-1y67126b	376	12	consideration	consideration	NN
cord-021959-1y67126b	376	13	of	of	IN
cord-021959-1y67126b	376	14	the	the	DT
cord-021959-1y67126b	376	15	average	average	JJ
cord-021959-1y67126b	376	16	cost	cost	NN
cord-021959-1y67126b	376	17	of	of	IN
cord-021959-1y67126b	376	18	debt	debt	NN
cord-021959-1y67126b	376	19	for	for	IN
cord-021959-1y67126b	376	20	the	the	DT
cord-021959-1y67126b	376	21	hospitality	hospitality	NN
cord-021959-1y67126b	376	22	industry	industry	NN
cord-021959-1y67126b	376	23	.	.	.
cord-021959-1y67126b	377	1	This	this	DT
cord-021959-1y67126b	377	2	is	be	VBZ
cord-021959-1y67126b	377	3	because	because	IN
cord-021959-1y67126b	377	4	in	in	IN
cord-021959-1y67126b	377	5	simple	simple	JJ
cord-021959-1y67126b	377	6	terms	term	NNS
cord-021959-1y67126b	377	7	,	,	,
cord-021959-1y67126b	377	8	cost	cost	NN
cord-021959-1y67126b	377	9	of	of	IN
cord-021959-1y67126b	377	10	debt	debt	NN
cord-021959-1y67126b	377	11	denotes	denote	VBZ
cord-021959-1y67126b	377	12	an	an	DT
cord-021959-1y67126b	377	13	interest	interest	NN
cord-021959-1y67126b	377	14	rate	rate	NN
cord-021959-1y67126b	377	15	at	at	IN
cord-021959-1y67126b	377	16	which	which	WDT
cord-021959-1y67126b	377	17	a	a	DT
cord-021959-1y67126b	377	18	given	give	VBN
cord-021959-1y67126b	377	19	company	company	NN
cord-021959-1y67126b	377	20	can	can	MD
cord-021959-1y67126b	377	21	borrow	borrow	VB
cord-021959-1y67126b	377	22	.	.	.
cord-021959-1y67126b	378	1	Therefore	therefore	RB
cord-021959-1y67126b	378	2	,	,	,
cord-021959-1y67126b	378	3	a	a	DT
cord-021959-1y67126b	378	4	given	give	VBN
cord-021959-1y67126b	378	5	company	company	NN
cord-021959-1y67126b	378	6	can	can	MD
cord-021959-1y67126b	378	7	calculate	calculate	VB
cord-021959-1y67126b	378	8	the	the	DT
cord-021959-1y67126b	378	9	cost	cost	NN
cord-021959-1y67126b	378	10	of	of	IN
cord-021959-1y67126b	378	11	debt	debt	NN
cord-021959-1y67126b	378	12	for	for	IN
cord-021959-1y67126b	378	13	a	a	DT
cord-021959-1y67126b	378	14	given	give	VBN
cord-021959-1y67126b	378	15	project	project	NN
cord-021959-1y67126b	378	16	in	in	IN
cord-021959-1y67126b	378	17	a	a	DT
cord-021959-1y67126b	378	18	relatively	relatively	RB
cord-021959-1y67126b	378	19	simple	simple	JJ
cord-021959-1y67126b	378	20	manner	manner	NN
cord-021959-1y67126b	378	21	.	.	.
cord-021959-1y67126b	379	1	The	the	DT
cord-021959-1y67126b	379	2	situation	situation	NN
cord-021959-1y67126b	379	3	is	be	VBZ
cord-021959-1y67126b	379	4	little	little	RB
cord-021959-1y67126b	379	5	more	more	RBR
cord-021959-1y67126b	379	6	complex	complex	JJ
cord-021959-1y67126b	379	7	in	in	IN
cord-021959-1y67126b	379	8	cases	case	NNS
cord-021959-1y67126b	379	9	when	when	WRB
cord-021959-1y67126b	379	10	a	a	DT
cord-021959-1y67126b	379	11	corporation	corporation	NN
cord-021959-1y67126b	379	12	has	have	VBZ
cord-021959-1y67126b	379	13	multiple	multiple	JJ
cord-021959-1y67126b	379	14	projects	project	NNS
cord-021959-1y67126b	379	15	to	to	TO
cord-021959-1y67126b	379	16	invest	invest	VB
cord-021959-1y67126b	379	17	in	in	IN
cord-021959-1y67126b	379	18	and	and	CC
cord-021959-1y67126b	379	19	has	have	VBZ
cord-021959-1y67126b	379	20	to	to	TO
cord-021959-1y67126b	379	21	estimate	estimate	VB
cord-021959-1y67126b	379	22	its	-PRON-	PRP$
cord-021959-1y67126b	379	23	corporate	corporate	JJ
cord-021959-1y67126b	379	24	cost	cost	NN
cord-021959-1y67126b	379	25	of	of	IN
cord-021959-1y67126b	379	26	debt	debt	NN
cord-021959-1y67126b	379	27	.	.	.
cord-021959-1y67126b	380	1	This	this	DT
cord-021959-1y67126b	380	2	is	be	VBZ
cord-021959-1y67126b	380	3	because	because	IN
cord-021959-1y67126b	380	4	some	some	DT
cord-021959-1y67126b	380	5	of	of	IN
cord-021959-1y67126b	380	6	the	the	DT
cord-021959-1y67126b	380	7	projects	project	NNS
cord-021959-1y67126b	380	8	may	may	MD
cord-021959-1y67126b	380	9	be	be	VB
cord-021959-1y67126b	380	10	expansion	expansion	NN
cord-021959-1y67126b	380	11	projects	project	NNS
cord-021959-1y67126b	380	12	that	that	WDT
cord-021959-1y67126b	380	13	are	be	VBP
cord-021959-1y67126b	380	14	already	already	RB
cord-021959-1y67126b	380	15	financed	finance	VBN
cord-021959-1y67126b	380	16	by	by	IN
cord-021959-1y67126b	380	17	loans	loan	NNS
cord-021959-1y67126b	380	18	obtained	obtain	VBN
cord-021959-1y67126b	380	19	in	in	IN
cord-021959-1y67126b	380	20	the	the	DT
cord-021959-1y67126b	380	21	past	past	NN
cord-021959-1y67126b	380	22	.	.	.
cord-021959-1y67126b	381	1	Consequently	consequently	RB
cord-021959-1y67126b	381	2	,	,	,
cord-021959-1y67126b	381	3	executives	executive	NNS
cord-021959-1y67126b	381	4	need	need	VBP
cord-021959-1y67126b	381	5	to	to	TO
cord-021959-1y67126b	381	6	average	average	VB
cord-021959-1y67126b	381	7	out	out	RP
cord-021959-1y67126b	381	8	the	the	DT
cord-021959-1y67126b	381	9	interest	interest	NN
cord-021959-1y67126b	381	10	rate	rate	NN
cord-021959-1y67126b	381	11	of	of	IN
cord-021959-1y67126b	381	12	the	the	DT
cord-021959-1y67126b	381	13	outstanding	outstanding	JJ
cord-021959-1y67126b	381	14	debt	debt	NN
cord-021959-1y67126b	381	15	related	relate	VBN
cord-021959-1y67126b	381	16	to	to	IN
cord-021959-1y67126b	381	17	this	this	DT
cord-021959-1y67126b	381	18	project	project	NN
cord-021959-1y67126b	381	19	and	and	CC
cord-021959-1y67126b	381	20	also	also	RB
cord-021959-1y67126b	381	21	consider	consider	VB
cord-021959-1y67126b	381	22	the	the	DT
cord-021959-1y67126b	381	23	interest	interest	NN
cord-021959-1y67126b	381	24	rate	rate	NN
cord-021959-1y67126b	381	25	at	at	IN
cord-021959-1y67126b	381	26	which	which	WDT
cord-021959-1y67126b	381	27	the	the	DT
cord-021959-1y67126b	381	28	company	company	NN
cord-021959-1y67126b	381	29	can	can	MD
cord-021959-1y67126b	381	30	borrow	borrow	VB
cord-021959-1y67126b	381	31	new	new	JJ
cord-021959-1y67126b	381	32	funds	fund	NNS
cord-021959-1y67126b	381	33	.	.	.
cord-021959-1y67126b	382	1	In	in	IN
cord-021959-1y67126b	382	2	this	this	DT
cord-021959-1y67126b	382	3	particular	particular	JJ
cord-021959-1y67126b	382	4	example	example	NN
cord-021959-1y67126b	382	5	,	,	,
cord-021959-1y67126b	382	6	we	-PRON-	PRP
cord-021959-1y67126b	382	7	will	will	MD
cord-021959-1y67126b	382	8	assume	assume	VB
cord-021959-1y67126b	382	9	that	that	IN
cord-021959-1y67126b	382	10	a	a	DT
cord-021959-1y67126b	382	11	hypothetical	hypothetical	JJ
cord-021959-1y67126b	382	12	company	company	NN
cord-021959-1y67126b	382	13	plans	plan	VBZ
cord-021959-1y67126b	382	14	to	to	TO
cord-021959-1y67126b	382	15	issue	issue	VB
cord-021959-1y67126b	382	16	bonds	bond	NNS
cord-021959-1y67126b	382	17	which	which	WDT
cord-021959-1y67126b	382	18	mature	mature	VBP
cord-021959-1y67126b	382	19	in	in	IN
cord-021959-1y67126b	382	20	10	10	CD
cord-021959-1y67126b	382	21	years	year	NNS
cord-021959-1y67126b	382	22	and	and	CC
cord-021959-1y67126b	382	23	will	will	MD
cord-021959-1y67126b	382	24	also	also	RB
cord-021959-1y67126b	382	25	secure	secure	VB
cord-021959-1y67126b	382	26	a	a	DT
cord-021959-1y67126b	382	27	10-year	10-year	CD
cord-021959-1y67126b	382	28	loan	loan	NN
cord-021959-1y67126b	382	29	to	to	TO
cord-021959-1y67126b	382	30	finance	finance	VB
cord-021959-1y67126b	382	31	a	a	DT
cord-021959-1y67126b	382	32	portion	portion	NN
cord-021959-1y67126b	382	33	of	of	IN
cord-021959-1y67126b	382	34	the	the	DT
cord-021959-1y67126b	382	35	project	project	NN
cord-021959-1y67126b	382	36	.	.	.
cord-021959-1y67126b	383	1	In	in	IN
cord-021959-1y67126b	383	2	this	this	DT
cord-021959-1y67126b	383	3	scenario	scenario	NN
cord-021959-1y67126b	383	4	,	,	,
cord-021959-1y67126b	383	5	we	-PRON-	PRP
cord-021959-1y67126b	383	6	assume	assume	VBP
cord-021959-1y67126b	383	7	that	that	IN
cord-021959-1y67126b	383	8	both	both	CC
cord-021959-1y67126b	383	9	the	the	DT
cord-021959-1y67126b	383	10	bond	bond	NN
cord-021959-1y67126b	383	11	issuance	issuance	NN
cord-021959-1y67126b	383	12	and	and	CC
cord-021959-1y67126b	383	13	the	the	DT
cord-021959-1y67126b	383	14	loan	loan	NN
cord-021959-1y67126b	383	15	will	will	MD
cord-021959-1y67126b	383	16	have	have	VB
cord-021959-1y67126b	383	17	equal	equal	JJ
cord-021959-1y67126b	383	18	contribution	contribution	NN
cord-021959-1y67126b	383	19	to	to	IN
cord-021959-1y67126b	383	20	the	the	DT
cord-021959-1y67126b	383	21	funding	funding	NN
cord-021959-1y67126b	383	22	of	of	IN
cord-021959-1y67126b	383	23	the	the	DT
cord-021959-1y67126b	383	24	project	project	NN
cord-021959-1y67126b	383	25	(	(	-LRB-
cord-021959-1y67126b	383	26	e.g.	e.g.	RB
cord-021959-1y67126b	383	27	,	,	,
cord-021959-1y67126b	383	28	50	50	CD
cord-021959-1y67126b	383	29	%	%	NN
cord-021959-1y67126b	383	30	each	each	DT
cord-021959-1y67126b	383	31	)	)	-RRB-
cord-021959-1y67126b	383	32	.	.	.
cord-021959-1y67126b	384	1	Let	let	VB
cord-021959-1y67126b	384	2	us	-PRON-	PRP
cord-021959-1y67126b	384	3	assume	assume	VB
cord-021959-1y67126b	384	4	that	that	IN
cord-021959-1y67126b	384	5	the	the	DT
cord-021959-1y67126b	384	6	hypothetical	hypothetical	JJ
cord-021959-1y67126b	384	7	company	company	NN
cord-021959-1y67126b	384	8	in	in	IN
cord-021959-1y67126b	384	9	this	this	DT
cord-021959-1y67126b	384	10	example	example	NN
cord-021959-1y67126b	384	11	issues	issue	VBZ
cord-021959-1y67126b	384	12	10-year	10-year	CD
cord-021959-1y67126b	384	13	bonds	bond	NNS
cord-021959-1y67126b	384	14	whose	whose	WP$
cord-021959-1y67126b	384	15	expected	expect	VBN
cord-021959-1y67126b	384	16	yield	yield	NN
cord-021959-1y67126b	384	17	-	-	HYPH
cord-021959-1y67126b	384	18	to	to	IN
cord-021959-1y67126b	384	19	-	-	HYPH
cord-021959-1y67126b	384	20	maturity	maturity	NN
cord-021959-1y67126b	384	21	is	be	VBZ
cord-021959-1y67126b	384	22	8	8	CD
cord-021959-1y67126b	384	23	%	%	NN
cord-021959-1y67126b	384	24	.	.	.
cord-021959-1y67126b	385	1	This	this	DT
cord-021959-1y67126b	385	2	rate	rate	NN
cord-021959-1y67126b	385	3	is	be	VBZ
cord-021959-1y67126b	385	4	assumed	assume	VBN
cord-021959-1y67126b	385	5	based	base	VBN
cord-021959-1y67126b	385	6	on	on	IN
cord-021959-1y67126b	385	7	the	the	DT
cord-021959-1y67126b	385	8	present	present	JJ
cord-021959-1y67126b	385	9	bond	bond	NN
cord-021959-1y67126b	385	10	rating	rating	NN
cord-021959-1y67126b	385	11	of	of	IN
cord-021959-1y67126b	385	12	this	this	DT
cord-021959-1y67126b	385	13	company	company	NN
cord-021959-1y67126b	385	14	.	.	.
cord-021959-1y67126b	386	1	We	-PRON-	PRP
cord-021959-1y67126b	386	2	also	also	RB
cord-021959-1y67126b	386	3	assume	assume	VBP
cord-021959-1y67126b	386	4	that	that	IN
cord-021959-1y67126b	386	5	the	the	DT
cord-021959-1y67126b	386	6	rate	rate	NN
cord-021959-1y67126b	386	7	of	of	IN
cord-021959-1y67126b	386	8	a	a	DT
cord-021959-1y67126b	386	9	10-year	10-year	CD
cord-021959-1y67126b	386	10	bank	bank	NN
cord-021959-1y67126b	386	11	loan	loan	NN
cord-021959-1y67126b	386	12	is	be	VBZ
cord-021959-1y67126b	386	13	7	7	CD
cord-021959-1y67126b	386	14	%	%	NN
cord-021959-1y67126b	386	15	and	and	CC
cord-021959-1y67126b	386	16	the	the	DT
cord-021959-1y67126b	386	17	corporate	corporate	JJ
cord-021959-1y67126b	386	18	tax	tax	NN
cord-021959-1y67126b	386	19	rate	rate	NN
cord-021959-1y67126b	386	20	38	38	CD
cord-021959-1y67126b	386	21	%	%	NN
cord-021959-1y67126b	386	22	.	.	.
cord-021959-1y67126b	387	1	Thus	thus	RB
cord-021959-1y67126b	387	2	,	,	,
cord-021959-1y67126b	387	3	the	the	DT
cord-021959-1y67126b	387	4	cost	cost	NN
cord-021959-1y67126b	387	5	of	of	IN
cord-021959-1y67126b	387	6	debt	debt	NN
cord-021959-1y67126b	387	7	can	can	MD
cord-021959-1y67126b	387	8	be	be	VB
cord-021959-1y67126b	387	9	calculated	calculate	VBN
cord-021959-1y67126b	387	10	as	as	IN
cord-021959-1y67126b	387	11	follows	follow	VBZ
cord-021959-1y67126b	387	12	:	:	:
cord-021959-1y67126b	387	13	 	 	_SP
cord-021959-1y67126b	387	14	Before	before	IN
cord-021959-1y67126b	387	15	entering	enter	VBG
cord-021959-1y67126b	387	16	the	the	DT
cord-021959-1y67126b	387	17	values	value	NNS
cord-021959-1y67126b	387	18	from	from	IN
cord-021959-1y67126b	387	19	previous	previous	JJ
cord-021959-1y67126b	387	20	sections	section	NNS
cord-021959-1y67126b	387	21	we	-PRON-	PRP
cord-021959-1y67126b	387	22	assume	assume	VBP
cord-021959-1y67126b	387	23	that	that	IN
cord-021959-1y67126b	387	24	the	the	DT
cord-021959-1y67126b	387	25	current	current	JJ
cord-021959-1y67126b	387	26	project	project	NN
cord-021959-1y67126b	387	27	will	will	MD
cord-021959-1y67126b	387	28	be	be	VB
cord-021959-1y67126b	387	29	financed	finance	VBN
cord-021959-1y67126b	387	30	with	with	IN
cord-021959-1y67126b	387	31	60	60	CD
cord-021959-1y67126b	387	32	%	%	NN
cord-021959-1y67126b	387	33	equity	equity	NN
cord-021959-1y67126b	387	34	and	and	CC
cord-021959-1y67126b	387	35	40	40	CD
cord-021959-1y67126b	387	36	%	%	NN
cord-021959-1y67126b	387	37	debt	debt	NN
cord-021959-1y67126b	387	38	.	.	.
cord-021959-1y67126b	388	1	We	-PRON-	PRP
cord-021959-1y67126b	388	2	use	use	VBP
cord-021959-1y67126b	388	3	the	the	DT
cord-021959-1y67126b	388	4	average	average	JJ
cord-021959-1y67126b	388	5	cost	cost	NN
cord-021959-1y67126b	388	6	of	of	IN
cord-021959-1y67126b	388	7	equity	equity	NN
cord-021959-1y67126b	388	8	estimate	estimate	NN
cord-021959-1y67126b	388	9	(	(	-LRB-
cord-021959-1y67126b	388	10	12.25	12.25	CD
cord-021959-1y67126b	388	11	%	%	NN
cord-021959-1y67126b	388	12	)	)	-RRB-
cord-021959-1y67126b	388	13	and	and	CC
cord-021959-1y67126b	388	14	the	the	DT
cord-021959-1y67126b	388	15	cost	cost	NN
cord-021959-1y67126b	388	16	of	of	IN
cord-021959-1y67126b	388	17	debt	debt	NN
cord-021959-1y67126b	388	18	(	(	-LRB-
cord-021959-1y67126b	388	19	4.65	4.65	CD
cord-021959-1y67126b	388	20	%	%	NN
cord-021959-1y67126b	388	21	)	)	-RRB-
cord-021959-1y67126b	389	1	we	-PRON-	PRP
cord-021959-1y67126b	389	2	obtained	obtain	VBD
cord-021959-1y67126b	389	3	before	before	RB
cord-021959-1y67126b	389	4	.	.	.
cord-021959-1y67126b	390	1	Consequently	consequently	RB
cord-021959-1y67126b	390	2	,	,	,
cord-021959-1y67126b	390	3	the	the	DT
cord-021959-1y67126b	390	4	weighted	weighted	JJ
cord-021959-1y67126b	390	5	cost	cost	NN
cord-021959-1y67126b	390	6	of	of	IN
cord-021959-1y67126b	390	7	capital	capital	NN
cord-021959-1y67126b	390	8	for	for	IN
cord-021959-1y67126b	390	9	this	this	DT
cord-021959-1y67126b	390	10	project	project	NN
cord-021959-1y67126b	390	11	can	can	MD
cord-021959-1y67126b	390	12	be	be	VB
cord-021959-1y67126b	390	13	calculated	calculate	VBN
cord-021959-1y67126b	390	14	as	as	IN
cord-021959-1y67126b	390	15	follows	follow	VBZ
cord-021959-1y67126b	390	16	:	:	:
cord-021959-1y67126b	390	17	.	.	.
cord-021959-1y67126b	391	1	%	%	NN
cord-021959-1y67126b	391	2	12	12	CD
cord-021959-1y67126b	391	3	25	25	CD
cord-021959-1y67126b	391	4	0	0	CD
cord-021959-1y67126b	391	5	6	6	CD
cord-021959-1y67126b	391	6	4	4	CD
cord-021959-1y67126b	391	7	65	65	CD
cord-021959-1y67126b	391	8	0	0	CD
cord-021959-1y67126b	391	9	4	4	CD
cord-021959-1y67126b	391	10	7	7	CD
cord-021959-1y67126b	391	11	5	5	CD
cord-021959-1y67126b	391	12	2	2	CD
cord-021959-1y67126b	391	13	16	16	CD
cord-021959-1y67126b	391	14	9	9	CD
cord-021959-1y67126b	391	15	68	68	CD
cord-021959-1y67126b	392	1	It	-PRON-	PRP
cord-021959-1y67126b	392	2	should	should	MD
cord-021959-1y67126b	392	3	be	be	VB
cord-021959-1y67126b	392	4	noted	note	VBN
cord-021959-1y67126b	392	5	that	that	IN
cord-021959-1y67126b	392	6	the	the	DT
cord-021959-1y67126b	392	7	executive	executive	NN
cord-021959-1y67126b	392	8	of	of	IN
cord-021959-1y67126b	392	9	this	this	DT
cord-021959-1y67126b	392	10	hypothetical	hypothetical	JJ
cord-021959-1y67126b	392	11	firm	firm	NN
cord-021959-1y67126b	392	12	needs	need	VBZ
cord-021959-1y67126b	392	13	to	to	TO
cord-021959-1y67126b	392	14	make	make	VB
cord-021959-1y67126b	392	15	adjustments	adjustment	NNS
cord-021959-1y67126b	392	16	to	to	IN
cord-021959-1y67126b	392	17	this	this	DT
cord-021959-1y67126b	392	18	project	project	NN
cord-021959-1y67126b	392	19	if	if	IN
cord-021959-1y67126b	392	20	the	the	DT
cord-021959-1y67126b	392	21	project	project	NN
cord-021959-1y67126b	392	22	carries	carry	VBZ
cord-021959-1y67126b	392	23	any	any	DT
cord-021959-1y67126b	392	24	specific	specific	JJ
cord-021959-1y67126b	392	25	risk	risk	NN
cord-021959-1y67126b	392	26	such	such	JJ
cord-021959-1y67126b	392	27	as	as	IN
cord-021959-1y67126b	392	28	political	political	JJ
cord-021959-1y67126b	392	29	risk	risk	NN
cord-021959-1y67126b	392	30	,	,	,
cord-021959-1y67126b	392	31	divisional	divisional	JJ
cord-021959-1y67126b	392	32	risk	risk	NN
cord-021959-1y67126b	392	33	(	(	-LRB-
cord-021959-1y67126b	392	34	if	if	IN
cord-021959-1y67126b	392	35	the	the	DT
cord-021959-1y67126b	392	36	firm	firm	NN
cord-021959-1y67126b	392	37	has	have	VBZ
cord-021959-1y67126b	392	38	multiple	multiple	JJ
cord-021959-1y67126b	392	39	divisions	division	NNS
cord-021959-1y67126b	392	40	)	)	-RRB-
cord-021959-1y67126b	392	41	,	,	,
cord-021959-1y67126b	392	42	risk	risk	NN
cord-021959-1y67126b	392	43	of	of	IN
cord-021959-1y67126b	392	44	early	early	JJ
cord-021959-1y67126b	392	45	termination	termination	NN
cord-021959-1y67126b	392	46	,	,	,
cord-021959-1y67126b	392	47	stiff	stiff	JJ
cord-021959-1y67126b	392	48	competition	competition	NN
cord-021959-1y67126b	392	49	,	,	,
cord-021959-1y67126b	392	50	and	and	CC
cord-021959-1y67126b	392	51	so	so	RB
cord-021959-1y67126b	392	52	on	on	RB
cord-021959-1y67126b	392	53	.	.	.
cord-021959-1y67126b	393	1	This	this	DT
cord-021959-1y67126b	393	2	section	section	NN
cord-021959-1y67126b	393	3	considers	consider	VBZ
cord-021959-1y67126b	393	4	a	a	DT
cord-021959-1y67126b	393	5	case	case	NN
cord-021959-1y67126b	393	6	when	when	WRB
cord-021959-1y67126b	393	7	the	the	DT
cord-021959-1y67126b	393	8	cost	cost	NN
cord-021959-1y67126b	393	9	of	of	IN
cord-021959-1y67126b	393	10	equity	equity	NN
cord-021959-1y67126b	393	11	needs	need	NNS
cord-021959-1y67126b	393	12	to	to	TO
cord-021959-1y67126b	393	13	be	be	VB
cord-021959-1y67126b	393	14	estimated	estimate	VBN
cord-021959-1y67126b	393	15	for	for	IN
cord-021959-1y67126b	393	16	an	an	DT
cord-021959-1y67126b	393	17	international	international	JJ
cord-021959-1y67126b	393	18	project	project	NN
cord-021959-1y67126b	393	19	.	.	.
cord-021959-1y67126b	394	1	Here	here	RB
cord-021959-1y67126b	394	2	I	-PRON-	PRP
cord-021959-1y67126b	394	3	use	use	VBP
cord-021959-1y67126b	394	4	a	a	DT
cord-021959-1y67126b	394	5	hypothetical	hypothetical	JJ
cord-021959-1y67126b	394	6	scenario	scenario	NN
cord-021959-1y67126b	394	7	where	where	WRB
cord-021959-1y67126b	394	8	a	a	DT
cord-021959-1y67126b	394	9	Thai	Thai	NNP
cord-021959-1y67126b	394	10	investor	investor	NN
cord-021959-1y67126b	394	11	plans	plan	NNS
cord-021959-1y67126b	394	12	to	to	TO
cord-021959-1y67126b	394	13	make	make	VB
cord-021959-1y67126b	394	14	a	a	DT
cord-021959-1y67126b	394	15	hotel	hotel	NN
cord-021959-1y67126b	395	1	In	in	IN
cord-021959-1y67126b	395	2	line	line	NN
cord-021959-1y67126b	395	3	with	with	IN
cord-021959-1y67126b	395	4	the	the	DT
cord-021959-1y67126b	395	5	suggestions	suggestion	NNS
cord-021959-1y67126b	395	6	made	make	VBN
cord-021959-1y67126b	395	7	by	by	IN
cord-021959-1y67126b	395	8	Annin	Annin	NNP
cord-021959-1y67126b	395	9	(	(	-LRB-
cord-021959-1y67126b	395	10	1997	1997	CD
cord-021959-1y67126b	395	11	)	)	-RRB-
cord-021959-1y67126b	395	12	,	,	,
cord-021959-1y67126b	395	13	and	and	CC
cord-021959-1y67126b	395	14	Barad	Barad	NNP
cord-021959-1y67126b	395	15	and	and	CC
cord-021959-1y67126b	395	16	McDowell	McDowell	NNP
cord-021959-1y67126b	395	17	(	(	-LRB-
cord-021959-1y67126b	395	18	2002	2002	CD
cord-021959-1y67126b	395	19	)	)	-RRB-
cord-021959-1y67126b	395	20	,	,	,
cord-021959-1y67126b	395	21	a	a	DT
cord-021959-1y67126b	395	22	minimum	minimum	NN
cord-021959-1y67126b	395	23	of	of	IN
cord-021959-1y67126b	395	24	36	36	CD
cord-021959-1y67126b	395	25	months	month	NNS
cord-021959-1y67126b	395	26	'	'	POS
cord-021959-1y67126b	395	27	stock	stock	NN
cord-021959-1y67126b	395	28	market	market	NN
cord-021959-1y67126b	395	29	trading	trading	NN
cord-021959-1y67126b	395	30	is	be	VBZ
cord-021959-1y67126b	395	31	the	the	DT
cord-021959-1y67126b	395	32	criterion	criterion	NN
cord-021959-1y67126b	395	33	for	for	IN
cord-021959-1y67126b	395	34	a	a	DT
cord-021959-1y67126b	395	35	hospitality	hospitality	NN
cord-021959-1y67126b	395	36	firm	firm	NN
cord-021959-1y67126b	395	37	to	to	TO
cord-021959-1y67126b	395	38	be	be	VB
cord-021959-1y67126b	395	39	included	include	VBN
cord-021959-1y67126b	395	40	in	in	IN
cord-021959-1y67126b	395	41	the	the	DT
cord-021959-1y67126b	395	42	Turkish	Turkish	NNP
cord-021959-1y67126b	395	43	Tourism	Tourism	NNP
cord-021959-1y67126b	395	44	Index	Index	NNP
cord-021959-1y67126b	395	45	.	.	.
cord-021959-1y67126b	396	1	In	in	IN
cord-021959-1y67126b	396	2	addition	addition	NN
cord-021959-1y67126b	396	3	,	,	,
cord-021959-1y67126b	396	4	CRSPWV	CRSPWV	NNP
cord-021959-1y67126b	396	5	Index	Index	NNP
cord-021959-1y67126b	396	6	is	be	VBZ
cord-021959-1y67126b	396	7	used	use	VBN
cord-021959-1y67126b	396	8	as	as	IN
cord-021959-1y67126b	396	9	a	a	DT
cord-021959-1y67126b	396	10	market	market	NN
cord-021959-1y67126b	396	11	portfolio	portfolio	NN
cord-021959-1y67126b	396	12	index	index	NN
cord-021959-1y67126b	396	13	for	for	IN
cord-021959-1y67126b	396	14	the	the	DT
cord-021959-1y67126b	396	15	United	United	NNP
cord-021959-1y67126b	396	16	States	States	NNP
cord-021959-1y67126b	396	17	.	.	.
cord-021959-1y67126b	397	1	This	this	DT
cord-021959-1y67126b	397	2	is	be	VBZ
cord-021959-1y67126b	397	3	in	in	IN
cord-021959-1y67126b	397	4	congruence	congruence	NN
cord-021959-1y67126b	397	5	with	with	IN
cord-021959-1y67126b	397	6	the	the	DT
cord-021959-1y67126b	397	7	previous	previous	JJ
cord-021959-1y67126b	397	8	seminal	seminal	JJ
cord-021959-1y67126b	397	9	studies	study	NNS
cord-021959-1y67126b	397	10	related	relate	VBN
cord-021959-1y67126b	397	11	to	to	IN
cord-021959-1y67126b	397	12	asset	asset	NN
cord-021959-1y67126b	397	13	pricing	pricing	NN
cord-021959-1y67126b	397	14	models	model	NNS
cord-021959-1y67126b	397	15	(	(	-LRB-
cord-021959-1y67126b	397	16	Fama	Fama	NNP
cord-021959-1y67126b	397	17	and	and	CC
cord-021959-1y67126b	397	18	French	French	NNP
cord-021959-1y67126b	397	19	,	,	,
cord-021959-1y67126b	397	20	1992	1992	CD
cord-021959-1y67126b	397	21	,	,	,
cord-021959-1y67126b	397	22	1997	1997	CD
cord-021959-1y67126b	397	23	Jaganathan	Jaganathan	NNP
cord-021959-1y67126b	397	24	and	and	CC
cord-021959-1y67126b	397	25	Wang	Wang	NNP
cord-021959-1y67126b	397	26	,	,	,
cord-021959-1y67126b	397	27	1996	1996	CD
cord-021959-1y67126b	397	28	)	)	-RRB-
cord-021959-1y67126b	397	29	.	.	.
cord-021959-1y67126b	398	1	However	however	RB
cord-021959-1y67126b	398	2	,	,	,
cord-021959-1y67126b	398	3	IMKB	IMKB	NNP
cord-021959-1y67126b	398	4	Ulusal	Ulusal	NNP
cord-021959-1y67126b	398	5	100	100	CD
cord-021959-1y67126b	398	6	Index	Index	NNP
cord-021959-1y67126b	398	7	is	be	VBZ
cord-021959-1y67126b	398	8	utilized	utilize	VBN
cord-021959-1y67126b	398	9	as	as	IN
cord-021959-1y67126b	398	10	a	a	DT
cord-021959-1y67126b	398	11	market	market	NN
cord-021959-1y67126b	398	12	portfolio	portfolio	NN
cord-021959-1y67126b	398	13	for	for	IN
cord-021959-1y67126b	398	14	Turkey	Turkey	NNP
cord-021959-1y67126b	398	15	.	.	.
cord-021959-1y67126b	399	1	β	β	NNP
cord-021959-1y67126b	399	2	is	be	VBZ
cord-021959-1y67126b	399	3	computed	compute	VBN
cord-021959-1y67126b	399	4	by	by	IN
cord-021959-1y67126b	399	5	regressing	regress	VBG
cord-021959-1y67126b	399	6	excess	excess	JJ
cord-021959-1y67126b	399	7	return	return	NN
cord-021959-1y67126b	399	8	of	of	IN
cord-021959-1y67126b	399	9	the	the	DT
cord-021959-1y67126b	399	10	Four	Four	NNP
cord-021959-1y67126b	399	11	Seasons	Seasons	NNPS
cord-021959-1y67126b	399	12	and	and	CC
cord-021959-1y67126b	399	13	Turkish	Turkish	NNP
cord-021959-1y67126b	399	14	Tourism	Tourism	NNP
cord-021959-1y67126b	399	15	Index	Index	NNP
cord-021959-1y67126b	399	16	over	over	IN
cord-021959-1y67126b	399	17	the	the	DT
cord-021959-1y67126b	399	18	excess	excess	JJ
cord-021959-1y67126b	399	19	market	market	NN
cord-021959-1y67126b	399	20	return	return	NN
cord-021959-1y67126b	399	21	;	;	:
cord-021959-1y67126b	399	22	therefore	therefore	RB
cord-021959-1y67126b	399	23	,	,	,
cord-021959-1y67126b	399	24	both	both	DT
cord-021959-1y67126b	399	25	variables	variable	NNS
cord-021959-1y67126b	399	26	are	be	VBP
cord-021959-1y67126b	399	27	analysed	analyse	VBN
cord-021959-1y67126b	399	28	in	in	IN
cord-021959-1y67126b	399	29	real	real	JJ
cord-021959-1y67126b	399	30	units	unit	NNS
cord-021959-1y67126b	399	31	(	(	-LRB-
cord-021959-1y67126b	399	32	e.g.	e.g.	RB
cord-021959-1y67126b	399	33	,	,	,
cord-021959-1y67126b	399	34	after	after	IN
cord-021959-1y67126b	399	35	subtracting	subtract	VBG
cord-021959-1y67126b	399	36	inflation	inflation	NN
cord-021959-1y67126b	399	37	)	)	-RRB-
cord-021959-1y67126b	399	38	.	.	.
cord-021959-1y67126b	400	1	Excess	excess	JJ
cord-021959-1y67126b	400	2	market	market	NN
cord-021959-1y67126b	400	3	return	return	NN
cord-021959-1y67126b	400	4	(	(	-LRB-
cord-021959-1y67126b	400	5	MRP	MRP	NNP
cord-021959-1y67126b	400	6	)	)	-RRB-
cord-021959-1y67126b	400	7	for	for	IN
cord-021959-1y67126b	400	8	the	the	DT
cord-021959-1y67126b	400	9	United	United	NNP
cord-021959-1y67126b	400	10	States	States	NNP
cord-021959-1y67126b	400	11	is	be	VBZ
cord-021959-1y67126b	400	12	computed	compute	VBN
cord-021959-1y67126b	400	13	by	by	IN
cord-021959-1y67126b	400	14	subtracting	subtract	VBG
cord-021959-1y67126b	400	15	1-month	1-month	CD
cord-021959-1y67126b	400	16	TB	TB	NNP
cord-021959-1y67126b	400	17	rate	rate	NN
cord-021959-1y67126b	400	18	from	from	IN
cord-021959-1y67126b	400	19	the	the	DT
cord-021959-1y67126b	400	20	monthly	monthly	JJ
cord-021959-1y67126b	400	21	VWCRSP	VWCRSP	NNP
cord-021959-1y67126b	400	22	Index	Index	NNP
cord-021959-1y67126b	400	23	return	return	NN
cord-021959-1y67126b	400	24	.	.	.
cord-021959-1y67126b	401	1	The	the	DT
cord-021959-1y67126b	401	2	MRP	MRP	NNP
cord-021959-1y67126b	401	3	for	for	IN
cord-021959-1y67126b	401	4	Turkey	Turkey	NNP
cord-021959-1y67126b	401	5	is	be	VBZ
cord-021959-1y67126b	401	6	calculated	calculate	VBN
cord-021959-1y67126b	401	7	by	by	IN
cord-021959-1y67126b	401	8	subtracting	subtract	VBG
cord-021959-1y67126b	401	9	the	the	DT
cord-021959-1y67126b	401	10	Turkish	turkish	JJ
cord-021959-1y67126b	401	11	Government	Government	NNP
cord-021959-1y67126b	401	12	's	's	POS
cord-021959-1y67126b	401	13	TB	TB	NNP
cord-021959-1y67126b	401	14	from	from	IN
cord-021959-1y67126b	401	15	the	the	DT
cord-021959-1y67126b	401	16	monthly	monthly	JJ
cord-021959-1y67126b	401	17	ISE	ISE	NNP
cord-021959-1y67126b	401	18	Ulusal	Ulusal	NNP
cord-021959-1y67126b	401	19	100	100	CD
cord-021959-1y67126b	401	20	Index	Index	NNP
cord-021959-1y67126b	401	21	return	return	NN
cord-021959-1y67126b	401	22	.	.	.
cord-021959-1y67126b	402	1	The	the	DT
cord-021959-1y67126b	402	2	data	datum	NNS
cord-021959-1y67126b	402	3	for	for	IN
cord-021959-1y67126b	402	4	the	the	DT
cord-021959-1y67126b	402	5	five	five	CD
cord-021959-1y67126b	402	6	APT	apt	JJ
cord-021959-1y67126b	402	7	variables	variable	NNS
cord-021959-1y67126b	402	8	are	be	VBP
cord-021959-1y67126b	402	9	obtained	obtain	VBN
cord-021959-1y67126b	402	10	from	from	IN
cord-021959-1y67126b	402	11	Global	Global	NNP
cord-021959-1y67126b	402	12	Insight	Insight	NNP
cord-021959-1y67126b	402	13	Database	Database	NNP
cord-021959-1y67126b	402	14	.	.	.
cord-021959-1y67126b	403	1	The	the	DT
cord-021959-1y67126b	403	2	APT	apt	JJ
cord-021959-1y67126b	403	3	variables	variable	NNS
cord-021959-1y67126b	403	4	are	be	VBP
cord-021959-1y67126b	403	5	calculated	calculate	VBN
cord-021959-1y67126b	403	6	as	as	IN
cord-021959-1y67126b	403	7	in	in	IN
cord-021959-1y67126b	403	8	Chen	Chen	NNP
cord-021959-1y67126b	403	9	et	et	NNP
cord-021959-1y67126b	403	10	al	al	NNP
cord-021959-1y67126b	403	11	.	.	.
cord-021959-1y67126b	404	1	(	(	-LRB-
cord-021959-1y67126b	404	2	1986	1986	CD
cord-021959-1y67126b	404	3	)	)	-RRB-
cord-021959-1y67126b	404	4	.	.	.
cord-021959-1y67126b	405	1	EINF	EINF	NNP
cord-021959-1y67126b	405	2	is	be	VBZ
cord-021959-1y67126b	405	3	estimated	estimate	VBN
cord-021959-1y67126b	405	4	following	follow	VBG
cord-021959-1y67126b	405	5	the	the	DT
cord-021959-1y67126b	405	6	method	method	NN
cord-021959-1y67126b	405	7	of	of	IN
cord-021959-1y67126b	405	8	Fama	Fama	NNP
cord-021959-1y67126b	405	9	and	and	CC
cord-021959-1y67126b	405	10	Gibbons	Gibbons	NNP
cord-021959-1y67126b	405	11	(	(	-LRB-
cord-021959-1y67126b	405	12	1984	1984	CD
cord-021959-1y67126b	405	13	)	)	-RRB-
cord-021959-1y67126b	405	14	.	.	.
cord-021959-1y67126b	406	1	Country	country	NN
cord-021959-1y67126b	406	2	risk	risk	NN
cord-021959-1y67126b	406	3	premium	premium	NN
cord-021959-1y67126b	406	4	is	be	VBZ
cord-021959-1y67126b	406	5	adapted	adapt	VBN
cord-021959-1y67126b	406	6	from	from	IN
cord-021959-1y67126b	406	7	Aswath	Aswath	NNP
cord-021959-1y67126b	406	8	Damodaran	Damodaran	NNP
cord-021959-1y67126b	406	9	at	at	IN
cord-021959-1y67126b	406	10	New	New	NNP
cord-021959-1y67126b	406	11	York	York	NNP
cord-021959-1y67126b	406	12	University	University	NNP
cord-021959-1y67126b	406	13	.	.	.
cord-021959-1y67126b	407	1	Damodaran	damodaran	JJ
cord-021959-1y67126b	407	2	(	(	-LRB-
cord-021959-1y67126b	407	3	2006	2006	CD
cord-021959-1y67126b	407	4	)	)	-RRB-
cord-021959-1y67126b	407	5	explains	explain	VBZ
cord-021959-1y67126b	407	6	the	the	DT
cord-021959-1y67126b	407	7	estimation	estimation	NN
cord-021959-1y67126b	407	8	procedure	procedure	NN
cord-021959-1y67126b	407	9	as	as	IN
cord-021959-1y67126b	407	10	"	"	``
cord-021959-1y67126b	407	11	To	to	TO
cord-021959-1y67126b	407	12	estimate	estimate	VB
cord-021959-1y67126b	407	13	the	the	DT
cord-021959-1y67126b	407	14	long	long	JJ
cord-021959-1y67126b	407	15	term	term	NN
cord-021959-1y67126b	407	16	country	country	NN
cord-021959-1y67126b	407	17	risk	risk	NN
cord-021959-1y67126b	407	18	premium	premium	NN
cord-021959-1y67126b	407	19	,	,	,
cord-021959-1y67126b	407	20	I	-PRON-	PRP
cord-021959-1y67126b	407	21	start	start	VBP
cord-021959-1y67126b	407	22	with	with	IN
cord-021959-1y67126b	407	23	the	the	DT
cord-021959-1y67126b	407	24	country	country	NN
cord-021959-1y67126b	407	25	rating	rating	NN
cord-021959-1y67126b	407	26	(	(	-LRB-
cord-021959-1y67126b	407	27	from	from	IN
cord-021959-1y67126b	407	28	Moody	Moody	NNP
cord-021959-1y67126b	407	29	's	's	POS
cord-021959-1y67126b	407	30	:	:	:
cord-021959-1y67126b	407	31	www.moodys.com	www.moodys.com	ADD
cord-021959-1y67126b	407	32	)	)	-RRB-
cord-021959-1y67126b	407	33	and	and	CC
cord-021959-1y67126b	407	34	estimate	estimate	VB
cord-021959-1y67126b	407	35	the	the	DT
cord-021959-1y67126b	407	36	default	default	NN
cord-021959-1y67126b	407	37	spread	spread	NN
cord-021959-1y67126b	407	38	for	for	IN
cord-021959-1y67126b	407	39	that	that	DT
cord-021959-1y67126b	407	40	rating	rating	NN
cord-021959-1y67126b	407	41	(	(	-LRB-
cord-021959-1y67126b	407	42	US	US	NNP
cord-021959-1y67126b	407	43	corporate	corporate	JJ
cord-021959-1y67126b	407	44	and	and	CC
cord-021959-1y67126b	407	45	country	country	NN
cord-021959-1y67126b	407	46	bonds	bond	NNS
cord-021959-1y67126b	407	47	)	)	-RRB-
cord-021959-1y67126b	407	48	over	over	IN
cord-021959-1y67126b	407	49	the	the	DT
cord-021959-1y67126b	407	50	treasury	treasury	NNP
cord-021959-1y67126b	407	51	bond	bond	NN
cord-021959-1y67126b	407	52	rate	rate	NN
cord-021959-1y67126b	407	53	.	.	.
cord-021959-1y67126b	408	1	This	this	DT
cord-021959-1y67126b	408	2	becomes	become	VBZ
cord-021959-1y67126b	408	3	a	a	DT
cord-021959-1y67126b	408	4	measure	measure	NN
cord-021959-1y67126b	408	5	of	of	IN
cord-021959-1y67126b	408	6	the	the	DT
cord-021959-1y67126b	408	7	added	add	VBN
cord-021959-1y67126b	408	8	country	country	NN
cord-021959-1y67126b	408	9	risk	risk	NN
cord-021959-1y67126b	408	10	premium	premium	NN
cord-021959-1y67126b	408	11	for	for	IN
cord-021959-1y67126b	408	12	that	that	DT
cord-021959-1y67126b	408	13	country	country	NN
cord-021959-1y67126b	408	14	.	.	.
cord-021959-1y67126b	409	1	I	-PRON-	PRP
cord-021959-1y67126b	409	2	add	add	VBP
cord-021959-1y67126b	409	3	this	this	DT
cord-021959-1y67126b	409	4	default	default	NN
cord-021959-1y67126b	409	5	spread	spread	NN
cord-021959-1y67126b	409	6	to	to	IN
cord-021959-1y67126b	409	7	the	the	DT
cord-021959-1y67126b	409	8	historical	historical	JJ
cord-021959-1y67126b	409	9	risk	risk	NN
cord-021959-1y67126b	409	10	premium	premium	NN
cord-021959-1y67126b	409	11	for	for	IN
cord-021959-1y67126b	409	12	a	a	DT
cord-021959-1y67126b	409	13	mature	mature	JJ
cord-021959-1y67126b	409	14	equity	equity	NN
cord-021959-1y67126b	409	15	market	market	NN
cord-021959-1y67126b	409	16	(	(	-LRB-
cord-021959-1y67126b	409	17	estimated	estimate	VBN
cord-021959-1y67126b	409	18	from	from	IN
cord-021959-1y67126b	409	19	US	US	NNP
cord-021959-1y67126b	409	20	historical	historical	JJ
cord-021959-1y67126b	409	21	data	datum	NNS
cord-021959-1y67126b	409	22	)	)	-RRB-
cord-021959-1y67126b	409	23	to	to	TO
cord-021959-1y67126b	409	24	estimate	estimate	VB
cord-021959-1y67126b	409	25	the	the	DT
cord-021959-1y67126b	409	26	total	total	JJ
cord-021959-1y67126b	409	27	risk	risk	NN
cord-021959-1y67126b	409	28	premium	premium	NN
cord-021959-1y67126b	409	29	.	.	.
cord-021959-1y67126b	410	1	"	"	``
cord-021959-1y67126b	410	2	Both	both	DT
cord-021959-1y67126b	410	3	direct	direct	JJ
cord-021959-1y67126b	410	4	and	and	CC
cord-021959-1y67126b	410	5	indirect	indirect	JJ
cord-021959-1y67126b	410	6	approaches	approach	NNS
cord-021959-1y67126b	410	7	are	be	VBP
cord-021959-1y67126b	410	8	used	use	VBN
cord-021959-1y67126b	410	9	to	to	TO
cord-021959-1y67126b	410	10	estimate	estimate	VB
cord-021959-1y67126b	410	11	the	the	DT
cord-021959-1y67126b	410	12	expected	expect	VBN
cord-021959-1y67126b	410	13	return	return	NN
cord-021959-1y67126b	410	14	(	(	-LRB-
cord-021959-1y67126b	410	15	indirect	indirect	JJ
cord-021959-1y67126b	410	16	and	and	CC
cord-021959-1y67126b	410	17	direct	direct	JJ
cord-021959-1y67126b	410	18	)	)	-RRB-
cord-021959-1y67126b	410	19	of	of	IN
cord-021959-1y67126b	410	20	an	an	DT
cord-021959-1y67126b	410	21	investment	investment	NN
cord-021959-1y67126b	410	22	.	.	.
cord-021959-1y67126b	411	1	In	in	IN
cord-021959-1y67126b	411	2	this	this	DT
cord-021959-1y67126b	411	3	method	method	NN
cord-021959-1y67126b	411	4	,	,	,
cord-021959-1y67126b	411	5	I	-PRON-	PRP
cord-021959-1y67126b	411	6	first	first	RB
cord-021959-1y67126b	411	7	compute	compute	VBP
cord-021959-1y67126b	411	8	the	the	DT
cord-021959-1y67126b	411	9	expected	expect	VBN
cord-021959-1y67126b	411	10	rate	rate	NN
cord-021959-1y67126b	411	11	of	of	IN
cord-021959-1y67126b	411	12	return	return	NN
cord-021959-1y67126b	411	13	for	for	IN
cord-021959-1y67126b	411	14	the	the	DT
cord-021959-1y67126b	411	15	U.S.	U.S.	NNP
cord-021959-1y67126b	411	16	stock	stock	NN
cord-021959-1y67126b	411	17	(	(	-LRB-
cord-021959-1y67126b	411	18	in	in	IN
cord-021959-1y67126b	411	19	this	this	DT
cord-021959-1y67126b	411	20	case	case	NN
cord-021959-1y67126b	411	21	Four	Four	NNP
cord-021959-1y67126b	411	22	Seasons	Seasons	NNPS
cord-021959-1y67126b	411	23	)	)	-RRB-
cord-021959-1y67126b	411	24	by	by	IN
cord-021959-1y67126b	411	25	using	use	VBG
cord-021959-1y67126b	411	26	the	the	DT
cord-021959-1y67126b	411	27	average	average	JJ
cord-021959-1y67126b	411	28	estimates	estimate	NNS
cord-021959-1y67126b	411	29	for	for	IN
cord-021959-1y67126b	411	30	the	the	DT
cord-021959-1y67126b	411	31	CAPM	CAPM	NNP
cord-021959-1y67126b	411	32	and	and	CC
cord-021959-1y67126b	411	33	APT	APT	NNP
cord-021959-1y67126b	411	34	.	.	.
cord-021959-1y67126b	412	1	Then	then	RB
cord-021959-1y67126b	412	2	I	-PRON-	PRP
cord-021959-1y67126b	412	3	adjust	adjust	VBP
cord-021959-1y67126b	412	4	for	for	IN
cord-021959-1y67126b	412	5	country	country	NN
cord-021959-1y67126b	412	6	risks	risk	NNS
cord-021959-1y67126b	412	7	of	of	IN
cord-021959-1y67126b	412	8	Turkey	Turkey	NNP
cord-021959-1y67126b	412	9	and	and	CC
cord-021959-1y67126b	412	10	Thailand	Thailand	NNP
cord-021959-1y67126b	412	11	based	base	VBN
cord-021959-1y67126b	412	12	on	on	IN
cord-021959-1y67126b	412	13	Moody	Moody	NNP
cord-021959-1y67126b	412	14	's	's	POS
cord-021959-1y67126b	412	15	country	country	NN
cord-021959-1y67126b	412	16	risk	risk	NN
cord-021959-1y67126b	412	17	ratings	rating	NNS
cord-021959-1y67126b	412	18	as	as	IN
cord-021959-1y67126b	412	19	reported	report	VBN
cord-021959-1y67126b	412	20	by	by	IN
cord-021959-1y67126b	412	21	Damodaran	Damodaran	NNP
cord-021959-1y67126b	412	22	(	(	-LRB-
cord-021959-1y67126b	412	23	2006	2006	CD
cord-021959-1y67126b	412	24	)	)	-RRB-
cord-021959-1y67126b	412	25	.	.	.
cord-021959-1y67126b	413	1	This	this	DT
cord-021959-1y67126b	413	2	method	method	NN
cord-021959-1y67126b	413	3	assumes	assume	VBZ
cord-021959-1y67126b	413	4	that	that	IN
cord-021959-1y67126b	413	5	the	the	DT
cord-021959-1y67126b	413	6	Turkish	Turkish	NNP
cord-021959-1y67126b	413	7	Stock	Stock	NNP
cord-021959-1y67126b	413	8	Market	Market	NNP
cord-021959-1y67126b	413	9	is	be	VBZ
cord-021959-1y67126b	413	10	integrated	integrate	VBN
cord-021959-1y67126b	413	11	and	and	CC
cord-021959-1y67126b	413	12	thus	thus	RB
cord-021959-1y67126b	413	13	using	use	VBG
cord-021959-1y67126b	413	14	the	the	DT
cord-021959-1y67126b	413	15	U.S.	U.S.	NNP
cord-021959-1y67126b	413	16	market	market	NN
cord-021959-1y67126b	413	17	indices	index	NNS
cord-021959-1y67126b	413	18	to	to	TO
cord-021959-1y67126b	413	19	estimate	estimate	VB
cord-021959-1y67126b	413	20	the	the	DT
cord-021959-1y67126b	413	21	cost	cost	NN
cord-021959-1y67126b	413	22	of	of	IN
cord-021959-1y67126b	413	23	equity	equity	NN
cord-021959-1y67126b	413	24	for	for	IN
cord-021959-1y67126b	413	25	Four	Four	NNP
cord-021959-1y67126b	413	26	Seasons	Seasons	NNP
cord-021959-1y67126b	413	27	is	be	VBZ
cord-021959-1y67126b	413	28	equivalent	equivalent	JJ
cord-021959-1y67126b	413	29	to	to	IN
cord-021959-1y67126b	413	30	using	use	VBG
cord-021959-1y67126b	413	31	Ulusal	Ulusal	NNP
cord-021959-1y67126b	413	32	100	100	CD
cord-021959-1y67126b	413	33	Market	Market	NNP
cord-021959-1y67126b	413	34	Index	Index	NNP
cord-021959-1y67126b	413	35	for	for	IN
cord-021959-1y67126b	413	36	the	the	DT
cord-021959-1y67126b	413	37	Turkish	Turkish	NNP
cord-021959-1y67126b	413	38	Tourism	Tourism	NNP
cord-021959-1y67126b	413	39	portfolio	portfolio	NN
cord-021959-1y67126b	413	40	.	.	.
cord-021959-1y67126b	414	1	First	first	RB
cord-021959-1y67126b	414	2	,	,	,
cord-021959-1y67126b	414	3	I	-PRON-	PRP
cord-021959-1y67126b	414	4	run	run	VBP
cord-021959-1y67126b	414	5	a	a	DT
cord-021959-1y67126b	414	6	regression	regression	NN
cord-021959-1y67126b	414	7	of	of	IN
cord-021959-1y67126b	414	8	the	the	DT
cord-021959-1y67126b	414	9	monthly	monthly	JJ
cord-021959-1y67126b	414	10	returns	return	NNS
cord-021959-1y67126b	414	11	of	of	IN
cord-021959-1y67126b	414	12	Four	Four	NNP
cord-021959-1y67126b	414	13	Seasons	Seasons	NNPS
cord-021959-1y67126b	414	14	over	over	IN
cord-021959-1y67126b	414	15	the	the	DT
cord-021959-1y67126b	414	16	CRSPVW	CRSPVW	NNP
cord-021959-1y67126b	414	17	return	return	NN
cord-021959-1y67126b	414	18	for	for	IN
cord-021959-1y67126b	414	19	the	the	DT
cord-021959-1y67126b	414	20	2001	2001	CD
cord-021959-1y67126b	414	21	-	-	SYM
cord-021959-1y67126b	414	22	2005	2005	CD
cord-021959-1y67126b	414	23	period	period	NN
cord-021959-1y67126b	414	24	.	.	.
cord-021959-1y67126b	415	1	The	the	DT
cord-021959-1y67126b	415	2	results	result	NNS
cord-021959-1y67126b	415	3	show	show	VBP
cord-021959-1y67126b	415	4	that	that	IN
cord-021959-1y67126b	415	5	the	the	DT
cord-021959-1y67126b	415	6	β	β	NN
cord-021959-1y67126b	415	7	for	for	IN
cord-021959-1y67126b	415	8	Four	Four	NNP
cord-021959-1y67126b	415	9	Seasons	Seasons	NNPS
cord-021959-1y67126b	415	10	is	be	VBZ
cord-021959-1y67126b	415	11	1.6	1.6	CD
cord-021959-1y67126b	415	12	.	.	.
cord-021959-1y67126b	416	1	Next	next	RB
cord-021959-1y67126b	416	2	,	,	,
cord-021959-1y67126b	416	3	the	the	DT
cord-021959-1y67126b	416	4	5-year	5-year	CD
cord-021959-1y67126b	416	5	annualized	annualize	VBN
cord-021959-1y67126b	416	6	return	return	NN
cord-021959-1y67126b	416	7	for	for	IN
cord-021959-1y67126b	416	8	the	the	DT
cord-021959-1y67126b	416	9	CRSP	CRSP	NNP
cord-021959-1y67126b	416	10	was	be	VBD
cord-021959-1y67126b	416	11	calculated	calculate	VBN
cord-021959-1y67126b	416	12	in	in	IN
cord-021959-1y67126b	416	13	order	order	NN
cord-021959-1y67126b	416	14	to	to	TO
cord-021959-1y67126b	416	15	estimate	estimate	VB
cord-021959-1y67126b	416	16	the	the	DT
cord-021959-1y67126b	416	17	MRP	MRP	NNP
cord-021959-1y67126b	416	18	.	.	.
cord-021959-1y67126b	417	1	The	the	DT
cord-021959-1y67126b	417	2	5-year	5-year	CD
cord-021959-1y67126b	417	3	historical	historical	JJ
cord-021959-1y67126b	417	4	return	return	NN
cord-021959-1y67126b	417	5	for	for	IN
cord-021959-1y67126b	417	6	CRSP	CRSP	NNP
cord-021959-1y67126b	417	7	was	be	VBD
cord-021959-1y67126b	417	8	4.3	4.3	CD
cord-021959-1y67126b	417	9	%	%	NN
cord-021959-1y67126b	417	10	.	.	.
cord-021959-1y67126b	418	1	The	the	DT
cord-021959-1y67126b	418	2	riskfree	riskfree	JJ
cord-021959-1y67126b	418	3	rate	rate	NN
cord-021959-1y67126b	418	4	for	for	IN
cord-021959-1y67126b	418	5	the	the	DT
cord-021959-1y67126b	418	6	2001	2001	CD
cord-021959-1y67126b	418	7	-	-	SYM
cord-021959-1y67126b	418	8	2005	2005	CD
cord-021959-1y67126b	418	9	period	period	NN
cord-021959-1y67126b	418	10	was	be	VBD
cord-021959-1y67126b	418	11	2.16	2.16	CD
cord-021959-1y67126b	418	12	%	%	NN
cord-021959-1y67126b	418	13	.	.	.
cord-021959-1y67126b	419	1	As	as	IN
cord-021959-1y67126b	419	2	a	a	DT
cord-021959-1y67126b	419	3	result	result	NN
cord-021959-1y67126b	419	4	,	,	,
cord-021959-1y67126b	419	5	the	the	DT
cord-021959-1y67126b	419	6	cost	cost	NN
cord-021959-1y67126b	419	7	of	of	IN
cord-021959-1y67126b	419	8	equity	equity	NN
cord-021959-1y67126b	419	9	estimate	estimate	NN
cord-021959-1y67126b	419	10	based	base	VBN
cord-021959-1y67126b	419	11	on	on	IN
cord-021959-1y67126b	419	12	the	the	DT
cord-021959-1y67126b	419	13	CAPM	CAPM	NNP
cord-021959-1y67126b	419	14	for	for	IN
cord-021959-1y67126b	419	15	Four	Four	NNP
cord-021959-1y67126b	419	16	Seasons	Seasons	NNPS
cord-021959-1y67126b	419	17	is	be	VBZ
cord-021959-1y67126b	419	18	as	as	IN
cord-021959-1y67126b	419	19	follows	follow	VBZ
cord-021959-1y67126b	419	20	:	:	:
cord-021959-1y67126b	419	21	.	.	.
cord-021959-1y67126b	420	1	%	%	NN
cord-021959-1y67126b	421	1	ϭ	ϭ	LS
cord-021959-1y67126b	421	2	ϩ	ϩ	NNP
cord-021959-1y67126b	422	1	ϫ	ϫ	LS
cord-021959-1y67126b	423	1	Ϫ	ϫ	NN
cord-021959-1y67126b	424	1	ϭ	ϭ	LS
cord-021959-1y67126b	424	2	2	2	CD
cord-021959-1y67126b	424	3	1	1	CD
cord-021959-1y67126b	424	4	1	1	CD
cord-021959-1y67126b	424	5	6	6	CD
cord-021959-1y67126b	424	6	4	4	CD
cord-021959-1y67126b	424	7	3	3	CD
cord-021959-1y67126b	424	8	2	2	CD
cord-021959-1y67126b	424	9	1	1	CD
cord-021959-1y67126b	424	10	5	5	CD
cord-021959-1y67126b	424	11	4	4	CD
cord-021959-1y67126b	425	1	In	in	IN
cord-021959-1y67126b	425	2	an	an	DT
cord-021959-1y67126b	425	3	effort	effort	NN
cord-021959-1y67126b	425	4	to	to	TO
cord-021959-1y67126b	425	5	have	have	VB
cord-021959-1y67126b	425	6	less	less	RBR
cord-021959-1y67126b	425	7	biased	biased	JJ
cord-021959-1y67126b	425	8	estimates	estimate	NNS
cord-021959-1y67126b	425	9	,	,	,
cord-021959-1y67126b	425	10	I	-PRON-	PRP
cord-021959-1y67126b	425	11	also	also	RB
cord-021959-1y67126b	425	12	use	use	VBP
cord-021959-1y67126b	425	13	the	the	DT
cord-021959-1y67126b	425	14	five	five	CD
cord-021959-1y67126b	425	15	APT	apt	JJ
cord-021959-1y67126b	425	16	variables	variable	NNS
cord-021959-1y67126b	425	17	(	(	-LRB-
cord-021959-1y67126b	425	18	Chen	Chen	NNP
cord-021959-1y67126b	425	19	et	et	NNP
cord-021959-1y67126b	425	20	al	al	NNP
cord-021959-1y67126b	425	21	.	.	NNP
cord-021959-1y67126b	425	22	,	,	,
cord-021959-1y67126b	425	23	1986	1986	CD
cord-021959-1y67126b	425	24	)	)	-RRB-
cord-021959-1y67126b	425	25	to	to	TO
cord-021959-1y67126b	425	26	calculate	calculate	VB
cord-021959-1y67126b	425	27	the	the	DT
cord-021959-1y67126b	425	28	expected	expect	VBN
cord-021959-1y67126b	425	29	return	return	NN
cord-021959-1y67126b	425	30	for	for	IN
cord-021959-1y67126b	425	31	Four	Four	NNP
cord-021959-1y67126b	425	32	Seasons	Seasons	NNPS
cord-021959-1y67126b	425	33	.	.	.
cord-021959-1y67126b	426	1	The	the	DT
cord-021959-1y67126b	426	2	results	result	NNS
cord-021959-1y67126b	426	3	reveal	reveal	VBP
cord-021959-1y67126b	426	4	that	that	IN
cord-021959-1y67126b	426	5	,	,	,
cord-021959-1y67126b	426	6	among	among	IN
cord-021959-1y67126b	426	7	the	the	DT
cord-021959-1y67126b	426	8	five	five	CD
cord-021959-1y67126b	426	9	APT	apt	JJ
cord-021959-1y67126b	426	10	variables	variable	NNS
cord-021959-1y67126b	426	11	,	,	,
cord-021959-1y67126b	426	12	only	only	RB
cord-021959-1y67126b	426	13	the	the	DT
cord-021959-1y67126b	426	14	default	default	NN
cord-021959-1y67126b	426	15	risk	risk	NN
cord-021959-1y67126b	426	16	variable	variable	NN
cord-021959-1y67126b	426	17	(	(	-LRB-
cord-021959-1y67126b	426	18	UPR	UPR	NNP
cord-021959-1y67126b	426	19	)	)	-RRB-
cord-021959-1y67126b	426	20	is	be	VBZ
cord-021959-1y67126b	426	21	significant	significant	JJ
cord-021959-1y67126b	426	22	at	at	IN
cord-021959-1y67126b	426	23	the	the	DT
cord-021959-1y67126b	426	24	0.05	0.05	CD
cord-021959-1y67126b	426	25	level	level	NN
cord-021959-1y67126b	426	26	.	.	.
cord-021959-1y67126b	427	1	However	however	RB
cord-021959-1y67126b	427	2	,	,	,
cord-021959-1y67126b	427	3	it	-PRON-	PRP
cord-021959-1y67126b	427	4	is	be	VBZ
cord-021959-1y67126b	427	5	not	not	RB
cord-021959-1y67126b	427	6	feasible	feasible	JJ
cord-021959-1y67126b	427	7	to	to	TO
cord-021959-1y67126b	427	8	use	use	VB
cord-021959-1y67126b	427	9	this	this	DT
cord-021959-1y67126b	427	10	variable	variable	NN
cord-021959-1y67126b	427	11	to	to	TO
cord-021959-1y67126b	427	12	estimate	estimate	VB
cord-021959-1y67126b	427	13	the	the	DT
cord-021959-1y67126b	427	14	expected	expect	VBN
cord-021959-1y67126b	427	15	return	return	NN
cord-021959-1y67126b	427	16	because	because	IN
cord-021959-1y67126b	427	17	the	the	DT
cord-021959-1y67126b	427	18	regression	regression	NN
cord-021959-1y67126b	427	19	coefficient	coefficient	NN
cord-021959-1y67126b	427	20	for	for	IN
cord-021959-1y67126b	427	21	UPR	UPR	NNP
cord-021959-1y67126b	427	22	is	be	VBZ
cord-021959-1y67126b	427	23	a	a	DT
cord-021959-1y67126b	427	24	negative	negative	JJ
cord-021959-1y67126b	427	25	number	number	NN
cord-021959-1y67126b	427	26	.	.	.
cord-021959-1y67126b	428	1	As	as	IN
cord-021959-1y67126b	428	2	a	a	DT
cord-021959-1y67126b	428	3	result	result	NN
cord-021959-1y67126b	428	4	,	,	,
cord-021959-1y67126b	428	5	the	the	DT
cord-021959-1y67126b	428	6	Four	Four	NNP
cord-021959-1y67126b	428	7	Seasons	Seasons	NNPS
cord-021959-1y67126b	428	8	is	be	VBZ
cord-021959-1y67126b	428	9	likely	likely	JJ
cord-021959-1y67126b	428	10	to	to	TO
cord-021959-1y67126b	428	11	have	have	VB
cord-021959-1y67126b	428	12	a	a	DT
cord-021959-1y67126b	428	13	negative	negative	JJ
cord-021959-1y67126b	428	14	expected	expect	VBN
cord-021959-1y67126b	428	15	return	return	NN
cord-021959-1y67126b	428	16	based	base	VBN
cord-021959-1y67126b	428	17	on	on	IN
cord-021959-1y67126b	428	18	the	the	DT
cord-021959-1y67126b	428	19	APT	APT	NNP
cord-021959-1y67126b	428	20	.	.	.
cord-021959-1y67126b	429	1	As	as	IN
cord-021959-1y67126b	429	2	a	a	DT
cord-021959-1y67126b	429	3	consequence	consequence	NN
cord-021959-1y67126b	429	4	,	,	,
cord-021959-1y67126b	429	5	I	-PRON-	PRP
cord-021959-1y67126b	429	6	elect	elect	VBP
cord-021959-1y67126b	429	7	not	not	RB
cord-021959-1y67126b	429	8	to	to	TO
cord-021959-1y67126b	429	9	use	use	VB
cord-021959-1y67126b	429	10	the	the	DT
cord-021959-1y67126b	429	11	APT	apt	JJ
cord-021959-1y67126b	429	12	results	result	NNS
cord-021959-1y67126b	429	13	in	in	IN
cord-021959-1y67126b	429	14	the	the	DT
cord-021959-1y67126b	429	15	final	final	JJ
cord-021959-1y67126b	429	16	stage	stage	NN
cord-021959-1y67126b	429	17	of	of	IN
cord-021959-1y67126b	429	18	the	the	DT
cord-021959-1y67126b	429	19	direct	direct	JJ
cord-021959-1y67126b	429	20	approach	approach	NN
cord-021959-1y67126b	429	21	,	,	,
cord-021959-1y67126b	429	22	since	since	IN
cord-021959-1y67126b	429	23	the	the	DT
cord-021959-1y67126b	429	24	results	result	NNS
cord-021959-1y67126b	429	25	of	of	IN
cord-021959-1y67126b	429	26	the	the	DT
cord-021959-1y67126b	429	27	APT	APT	NNP
cord-021959-1y67126b	429	28	are	be	VBP
cord-021959-1y67126b	429	29	in	in	IN
cord-021959-1y67126b	429	30	conflict	conflict	NN
cord-021959-1y67126b	429	31	with	with	IN
cord-021959-1y67126b	429	32	the	the	DT
cord-021959-1y67126b	429	33	contemporary	contemporary	JJ
cord-021959-1y67126b	429	34	financial	financial	JJ
cord-021959-1y67126b	429	35	theories	theory	NNS
cord-021959-1y67126b	429	36	.	.	.
cord-021959-1y67126b	430	1	Therefore	therefore	RB
cord-021959-1y67126b	430	2	,	,	,
cord-021959-1y67126b	430	3	I	-PRON-	PRP
cord-021959-1y67126b	430	4	use	use	VBP
cord-021959-1y67126b	430	5	the	the	DT
cord-021959-1y67126b	430	6	CAPM	CAPM	NNP
cord-021959-1y67126b	430	7	's	's	POS
cord-021959-1y67126b	430	8	estimate	estimate	NN
cord-021959-1y67126b	430	9	of	of	IN
cord-021959-1y67126b	430	10	5.4	5.4	CD
cord-021959-1y67126b	430	11	%	%	NN
cord-021959-1y67126b	430	12	and	and	CC
cord-021959-1y67126b	430	13	adjust	adjust	VB
cord-021959-1y67126b	430	14	this	this	DT
cord-021959-1y67126b	430	15	estimate	estimate	NN
cord-021959-1y67126b	430	16	with	with	IN
cord-021959-1y67126b	430	17	the	the	DT
cord-021959-1y67126b	430	18	country	country	NN
cord-021959-1y67126b	430	19	risk	risk	NN
cord-021959-1y67126b	430	20	of	of	IN
cord-021959-1y67126b	430	21	Turkey	Turkey	NNP
cord-021959-1y67126b	430	22	and	and	CC
cord-021959-1y67126b	430	23	Thailand	Thailand	NNP
cord-021959-1y67126b	430	24	.	.	.
cord-021959-1y67126b	431	1	According	accord	VBG
cord-021959-1y67126b	431	2	to	to	IN
cord-021959-1y67126b	431	3	Damodaran	Damodaran	NNP
cord-021959-1y67126b	431	4	(	(	-LRB-
cord-021959-1y67126b	431	5	2006	2006	CD
cord-021959-1y67126b	431	6	)	)	-RRB-
cord-021959-1y67126b	431	7	,	,	,
cord-021959-1y67126b	431	8	the	the	DT
cord-021959-1y67126b	431	9	historical	historical	JJ
cord-021959-1y67126b	431	10	risk	risk	NN
cord-021959-1y67126b	431	11	premium	premium	NN
cord-021959-1y67126b	431	12	for	for	IN
cord-021959-1y67126b	431	13	the	the	DT
cord-021959-1y67126b	431	14	United	United	NNP
cord-021959-1y67126b	431	15	States	States	NNP
cord-021959-1y67126b	431	16	is	be	VBZ
cord-021959-1y67126b	431	17	4.80	4.80	CD
cord-021959-1y67126b	431	18	%	%	NN
cord-021959-1y67126b	431	19	.	.	.
cord-021959-1y67126b	432	1	Turkey	Turkey	NNP
cord-021959-1y67126b	432	2	's	's	POS
cord-021959-1y67126b	432	3	country	country	NN
cord-021959-1y67126b	432	4	risk	risk	NN
cord-021959-1y67126b	432	5	premium	premium	NN
cord-021959-1y67126b	432	6	is	be	VBZ
cord-021959-1y67126b	432	7	5.60	5.60	CD
cord-021959-1y67126b	432	8	%	%	NN
cord-021959-1y67126b	432	9	above	above	IN
cord-021959-1y67126b	432	10	the	the	DT
cord-021959-1y67126b	432	11	United	United	NNP
cord-021959-1y67126b	432	12	States	States	NNP
cord-021959-1y67126b	432	13	value	value	NN
cord-021959-1y67126b	432	14	and	and	CC
cord-021959-1y67126b	432	15	that	that	IN
cord-021959-1y67126b	432	16	for	for	IN
cord-021959-1y67126b	432	17	Thailand	Thailand	NNP
cord-021959-1y67126b	432	18	is	be	VBZ
cord-021959-1y67126b	432	19	1.65	1.65	CD
cord-021959-1y67126b	432	20	%	%	NN
cord-021959-1y67126b	432	21	above	above	IN
cord-021959-1y67126b	432	22	the	the	DT
cord-021959-1y67126b	432	23	risk	risk	NN
cord-021959-1y67126b	432	24	premium	premium	NN
cord-021959-1y67126b	432	25	for	for	IN
cord-021959-1y67126b	432	26	the	the	DT
cord-021959-1y67126b	432	27	United	United	NNP
cord-021959-1y67126b	432	28	States	States	NNP
cord-021959-1y67126b	432	29	.	.	.
cord-021959-1y67126b	433	1	This	this	DT
cord-021959-1y67126b	433	2	denotes	denote	VBZ
cord-021959-1y67126b	433	3	that	that	IN
cord-021959-1y67126b	433	4	Turkey	Turkey	NNP
cord-021959-1y67126b	433	5	's	's	POS
cord-021959-1y67126b	433	6	country	country	NN
cord-021959-1y67126b	433	7	risk	risk	NN
cord-021959-1y67126b	433	8	premium	premium	NN
cord-021959-1y67126b	433	9	is	be	VBZ
cord-021959-1y67126b	433	10	3.95	3.95	CD
cord-021959-1y67126b	433	11	%	%	NN
cord-021959-1y67126b	433	12	over	over	IN
cord-021959-1y67126b	433	13	that	that	DT
cord-021959-1y67126b	433	14	of	of	IN
cord-021959-1y67126b	433	15	Thailand	Thailand	NNP
cord-021959-1y67126b	433	16	.	.	.
cord-021959-1y67126b	434	1	These	these	DT
cord-021959-1y67126b	434	2	figures	figure	NNS
cord-021959-1y67126b	434	3	result	result	VBP
cord-021959-1y67126b	434	4	in	in	IN
cord-021959-1y67126b	434	5	an	an	DT
cord-021959-1y67126b	434	6	expected	expect	VBN
cord-021959-1y67126b	434	7	return	return	NN
cord-021959-1y67126b	434	8	of	of	IN
cord-021959-1y67126b	434	9	9.35	9.35	CD
cord-021959-1y67126b	434	10	%	%	NN
cord-021959-1y67126b	434	11	(	(	-LRB-
cord-021959-1y67126b	434	12	5.4	5.4	CD
cord-021959-1y67126b	434	13	ϩ	ϩ	CD
cord-021959-1y67126b	434	14	3.95	3.95	CD
cord-021959-1y67126b	434	15	%	%	NN
cord-021959-1y67126b	434	16	)	)	-RRB-
cord-021959-1y67126b	434	17	for	for	IN
cord-021959-1y67126b	434	18	the	the	DT
cord-021959-1y67126b	434	19	Thai	Thai	NNP
cord-021959-1y67126b	434	20	entrepreneur	entrepreneur	NN
cord-021959-1y67126b	434	21	who	who	WP
cord-021959-1y67126b	434	22	is	be	VBZ
cord-021959-1y67126b	434	23	undertaking	undertake	VBG
cord-021959-1y67126b	434	24	an	an	DT
cord-021959-1y67126b	434	25	equity	equity	NN
cord-021959-1y67126b	434	26	investment	investment	NN
cord-021959-1y67126b	434	27	in	in	IN
cord-021959-1y67126b	434	28	a	a	DT
cord-021959-1y67126b	434	29	hotel	hotel	NN
cord-021959-1y67126b	434	30	in	in	IN
cord-021959-1y67126b	434	31	Turkey	Turkey	NNP
cord-021959-1y67126b	434	32	.	.	.
cord-021959-1y67126b	435	1	In	in	IN
cord-021959-1y67126b	435	2	the	the	DT
cord-021959-1y67126b	435	3	direct	direct	JJ
cord-021959-1y67126b	435	4	approach	approach	NN
cord-021959-1y67126b	435	5	,	,	,
cord-021959-1y67126b	435	6	I	-PRON-	PRP
cord-021959-1y67126b	435	7	estimate	estimate	VBP
cord-021959-1y67126b	435	8	the	the	DT
cord-021959-1y67126b	435	9	nominal	nominal	JJ
cord-021959-1y67126b	435	10	required	require	VBN
cord-021959-1y67126b	435	11	rate	rate	NN
cord-021959-1y67126b	435	12	of	of	IN
cord-021959-1y67126b	435	13	return	return	NN
cord-021959-1y67126b	435	14	for	for	IN
cord-021959-1y67126b	435	15	the	the	DT
cord-021959-1y67126b	435	16	portfolio	portfolio	NN
cord-021959-1y67126b	435	17	of	of	IN
cord-021959-1y67126b	435	18	Turkish	turkish	JJ
cord-021959-1y67126b	435	19	tourism	tourism	NN
cord-021959-1y67126b	435	20	and	and	CC
cord-021959-1y67126b	435	21	hospitality	hospitality	NN
cord-021959-1y67126b	435	22	stocks	stock	NNS
cord-021959-1y67126b	435	23	.	.	.
cord-021959-1y67126b	436	1	As	as	IN
cord-021959-1y67126b	436	2	a	a	DT
cord-021959-1y67126b	436	3	next	next	JJ
cord-021959-1y67126b	436	4	step	step	NN
cord-021959-1y67126b	436	5	,	,	,
cord-021959-1y67126b	436	6	I	-PRON-	PRP
cord-021959-1y67126b	436	7	adjust	adjust	VBP
cord-021959-1y67126b	436	8	for	for	IN
cord-021959-1y67126b	436	9	the	the	DT
cord-021959-1y67126b	436	10	sovereign	sovereign	JJ
cord-021959-1y67126b	436	11	spreads	spread	NNS
cord-021959-1y67126b	436	12	of	of	IN
cord-021959-1y67126b	436	13	Turkey	Turkey	NNP
cord-021959-1y67126b	436	14	and	and	CC
cord-021959-1y67126b	436	15	Thailand	Thailand	NNP
cord-021959-1y67126b	436	16	as	as	IN
cord-021959-1y67126b	436	17	it	-PRON-	PRP
cord-021959-1y67126b	436	18	is	be	VBZ
cord-021959-1y67126b	436	19	assumed	assume	VBN
cord-021959-1y67126b	436	20	that	that	IN
cord-021959-1y67126b	436	21	the	the	DT
cord-021959-1y67126b	436	22	Thai	Thai	NNP
cord-021959-1y67126b	436	23	investor	investor	NN
cord-021959-1y67126b	436	24	will	will	MD
cord-021959-1y67126b	436	25	repatriate	repatriate	VB
cord-021959-1y67126b	436	26	the	the	DT
cord-021959-1y67126b	436	27	returns	return	NNS
cord-021959-1y67126b	436	28	from	from	IN
cord-021959-1y67126b	436	29	an	an	DT
cord-021959-1y67126b	436	30	investment	investment	NN
cord-021959-1y67126b	436	31	to	to	IN
cord-021959-1y67126b	436	32	his	-PRON-	PRP$
cord-021959-1y67126b	436	33	/	/	SYM
cord-021959-1y67126b	436	34	her	-PRON-	PRP$
cord-021959-1y67126b	436	35	home	home	NN
cord-021959-1y67126b	436	36	country	country	NN
cord-021959-1y67126b	436	37	.	.	.
cord-021959-1y67126b	437	1	In	in	IN
cord-021959-1y67126b	437	2	this	this	DT
cord-021959-1y67126b	437	3	method	method	NN
cord-021959-1y67126b	437	4	,	,	,
cord-021959-1y67126b	437	5	I	-PRON-	PRP
cord-021959-1y67126b	437	6	regress	regress	VBP
cord-021959-1y67126b	437	7	the	the	DT
cord-021959-1y67126b	437	8	monthly	monthly	JJ
cord-021959-1y67126b	437	9	return	return	NN
cord-021959-1y67126b	437	10	of	of	IN
cord-021959-1y67126b	437	11	the	the	DT
cord-021959-1y67126b	437	12	Turkish	Turkish	NNP
cord-021959-1y67126b	437	13	Tourism	Tourism	NNP
cord-021959-1y67126b	437	14	Index	Index	NNP
cord-021959-1y67126b	437	15	over	over	IN
cord-021959-1y67126b	437	16	the	the	DT
cord-021959-1y67126b	437	17	return	return	NN
cord-021959-1y67126b	437	18	of	of	IN
cord-021959-1y67126b	437	19	the	the	DT
cord-021959-1y67126b	437	20	ISE	ISE	NNP
cord-021959-1y67126b	437	21	.	.	.
cord-021959-1y67126b	438	1	The	the	DT
cord-021959-1y67126b	438	2	β	β	NN
cord-021959-1y67126b	438	3	for	for	IN
cord-021959-1y67126b	438	4	the	the	DT
cord-021959-1y67126b	438	5	Tourism	Tourism	NNP
cord-021959-1y67126b	438	6	Index	Index	NNP
cord-021959-1y67126b	438	7	was	be	VBD
cord-021959-1y67126b	438	8	merely	merely	RB
cord-021959-1y67126b	438	9	0.17	0.17	CD
cord-021959-1y67126b	438	10	.	.	.
cord-021959-1y67126b	439	1	The	the	DT
cord-021959-1y67126b	439	2	5-year	5-year	CD
cord-021959-1y67126b	439	3	average	average	NN
cord-021959-1y67126b	439	4	for	for	IN
cord-021959-1y67126b	439	5	the	the	DT
cord-021959-1y67126b	439	6	risk	risk	NN
cord-021959-1y67126b	439	7	-	-	HYPH
cord-021959-1y67126b	439	8	free	free	JJ
cord-021959-1y67126b	439	9	rate	rate	NN
cord-021959-1y67126b	439	10	(	(	-LRB-
cord-021959-1y67126b	439	11	Turkish	turkish	JJ
cord-021959-1y67126b	439	12	government	government	NN
cord-021959-1y67126b	439	13	's	's	POS
cord-021959-1y67126b	439	14	TB	TB	NNP
cord-021959-1y67126b	439	15	)	)	-RRB-
cord-021959-1y67126b	439	16	for	for	IN
cord-021959-1y67126b	439	17	the	the	DT
cord-021959-1y67126b	439	18	2001	2001	CD
cord-021959-1y67126b	439	19	-	-	SYM
cord-021959-1y67126b	439	20	2005	2005	CD
cord-021959-1y67126b	439	21	period	period	NN
cord-021959-1y67126b	439	22	was	be	VBD
cord-021959-1y67126b	439	23	46.4	46.4	CD
cord-021959-1y67126b	439	24	%	%	NN
cord-021959-1y67126b	439	25	.	.	.
cord-021959-1y67126b	440	1	The	the	DT
cord-021959-1y67126b	440	2	annualized	annualize	VBN
cord-021959-1y67126b	440	3	return	return	NN
cord-021959-1y67126b	440	4	of	of	IN
cord-021959-1y67126b	440	5	the	the	DT
cord-021959-1y67126b	440	6	market	market	NN
cord-021959-1y67126b	440	7	index	index	NN
cord-021959-1y67126b	440	8	(	(	-LRB-
cord-021959-1y67126b	440	9	ISE	ISE	NNP
cord-021959-1y67126b	440	10	)	)	-RRB-
cord-021959-1y67126b	440	11	for	for	IN
cord-021959-1y67126b	440	12	the	the	DT
cord-021959-1y67126b	440	13	2001	2001	CD
cord-021959-1y67126b	440	14	-	-	SYM
cord-021959-1y67126b	440	15	2005	2005	CD
cord-021959-1y67126b	440	16	period	period	NN
cord-021959-1y67126b	440	17	was	be	VBD
cord-021959-1y67126b	440	18	37.7	37.7	CD
cord-021959-1y67126b	440	19	%	%	NN
cord-021959-1y67126b	440	20	.	.	.
cord-021959-1y67126b	441	1	The	the	DT
cord-021959-1y67126b	441	2	expected	expect	VBN
cord-021959-1y67126b	441	3	return	return	NN
cord-021959-1y67126b	441	4	for	for	IN
cord-021959-1y67126b	441	5	the	the	DT
cord-021959-1y67126b	441	6	tourism	tourism	NN
cord-021959-1y67126b	441	7	portfolio	portfolio	NN
cord-021959-1y67126b	441	8	was	be	VBD
cord-021959-1y67126b	441	9	calculated	calculate	VBN
cord-021959-1y67126b	441	10	by	by	IN
cord-021959-1y67126b	441	11	applying	apply	VBG
cord-021959-1y67126b	441	12	the	the	DT
cord-021959-1y67126b	441	13	CAPM	CAPM	NNP
cord-021959-1y67126b	441	14	and	and	CC
cord-021959-1y67126b	441	15	it	-PRON-	PRP
cord-021959-1y67126b	441	16	provided	provide	VBD
cord-021959-1y67126b	441	17	the	the	DT
cord-021959-1y67126b	441	18	following	follow	VBG
cord-021959-1y67126b	441	19	results	result	NNS
cord-021959-1y67126b	441	20	:	:	:
cord-021959-1y67126b	441	21	.	.	.
cord-021959-1y67126b	442	1	%	%	NN
cord-021959-1y67126b	443	1	ϭ	ϭ	LS
cord-021959-1y67126b	444	1	ϩ	ϩ	LS
cord-021959-1y67126b	445	1	ϫ	ϫ	LS
cord-021959-1y67126b	446	1	Ϫ	ϫ	NN
cord-021959-1y67126b	447	1	ϭ	ϭ	LS
cord-021959-1y67126b	447	2	ϩ	ϩ	NNP
cord-021959-1y67126b	448	1	ϭ	ϭ	LS
cord-021959-1y67126b	448	2	37	37	CD
cord-021959-1y67126b	448	3	7	7	CD
cord-021959-1y67126b	448	4	0	0	CD
cord-021959-1y67126b	448	5	17	17	CD
cord-021959-1y67126b	449	1	46	46	CD
cord-021959-1y67126b	449	2	4	4	CD
cord-021959-1y67126b	449	3	37	37	CD
cord-021959-1y67126b	449	4	7	7	CD
cord-021959-1y67126b	450	1	37	37	CD
cord-021959-1y67126b	450	2	7	7	CD
cord-021959-1y67126b	450	3	1	1	CD
cord-021959-1y67126b	450	4	5	5	CD
cord-021959-1y67126b	450	5	39	39	CD
cord-021959-1y67126b	450	6	2	2	CD
cord-021959-1y67126b	451	1	The	the	DT
cord-021959-1y67126b	451	2	next	next	JJ
cord-021959-1y67126b	451	3	step	step	NN
cord-021959-1y67126b	451	4	entails	entail	VBZ
cord-021959-1y67126b	451	5	the	the	DT
cord-021959-1y67126b	451	6	addition	addition	NN
cord-021959-1y67126b	451	7	of	of	IN
cord-021959-1y67126b	451	8	the	the	DT
cord-021959-1y67126b	451	9	sovereign	sovereign	JJ
cord-021959-1y67126b	451	10	spread	spread	NN
cord-021959-1y67126b	451	11	between	between	IN
cord-021959-1y67126b	451	12	Thailand	Thailand	NNP
cord-021959-1y67126b	451	13	and	and	CC
cord-021959-1y67126b	451	14	Turkey	Turkey	NNP
cord-021959-1y67126b	451	15	to	to	TO
cord-021959-1y67126b	451	16	arrive	arrive	VB
cord-021959-1y67126b	451	17	at	at	IN
cord-021959-1y67126b	451	18	the	the	DT
cord-021959-1y67126b	451	19	estimate	estimate	NN
cord-021959-1y67126b	451	20	for	for	IN
cord-021959-1y67126b	451	21	the	the	DT
cord-021959-1y67126b	451	22	cost	cost	NN
cord-021959-1y67126b	451	23	of	of	IN
cord-021959-1y67126b	451	24	equity	equity	NN
cord-021959-1y67126b	451	25	capital	capital	NN
cord-021959-1y67126b	451	26	for	for	IN
cord-021959-1y67126b	451	27	the	the	DT
cord-021959-1y67126b	451	28	Thai	Thai	NNP
cord-021959-1y67126b	451	29	investor	investor	NN
cord-021959-1y67126b	451	30	.	.	.
cord-021959-1y67126b	452	1	The	the	DT
cord-021959-1y67126b	452	2	sovereign	sovereign	JJ
cord-021959-1y67126b	452	3	spreads	spread	NNS
cord-021959-1y67126b	452	4	are	be	VBP
cord-021959-1y67126b	452	5	obtained	obtain	VBN
cord-021959-1y67126b	452	6	from	from	IN
cord-021959-1y67126b	452	7	Fuentes	Fuentes	NNPS
cord-021959-1y67126b	452	8	and	and	CC
cord-021959-1y67126b	452	9	Godoy	Godoy	NNP
cord-021959-1y67126b	452	10	(	(	-LRB-
cord-021959-1y67126b	452	11	2005	2005	CD
cord-021959-1y67126b	452	12	)	)	-RRB-
cord-021959-1y67126b	452	13	.	.	.
cord-021959-1y67126b	453	1	The	the	DT
cord-021959-1y67126b	453	2	spread	spread	NN
cord-021959-1y67126b	453	3	for	for	IN
cord-021959-1y67126b	453	4	Turkey	Turkey	NNP
cord-021959-1y67126b	453	5	was	be	VBD
cord-021959-1y67126b	453	6	11.875	11.875	CD
cord-021959-1y67126b	453	7	%	%	NN
cord-021959-1y67126b	453	8	and	and	CC
cord-021959-1y67126b	453	9	that	that	DT
cord-021959-1y67126b	453	10	of	of	IN
cord-021959-1y67126b	453	11	Thailand	Thailand	NNP
cord-021959-1y67126b	453	12	7.750	7.750	CD
cord-021959-1y67126b	453	13	%	%	NN
cord-021959-1y67126b	453	14	.	.	.
cord-021959-1y67126b	454	1	Based	base	VBN
cord-021959-1y67126b	454	2	on	on	IN
cord-021959-1y67126b	454	3	these	these	DT
cord-021959-1y67126b	454	4	figures	figure	NNS
cord-021959-1y67126b	454	5	,	,	,
cord-021959-1y67126b	454	6	the	the	DT
cord-021959-1y67126b	454	7	cost	cost	NN
cord-021959-1y67126b	454	8	of	of	IN
cord-021959-1y67126b	454	9	equity	equity	NN
cord-021959-1y67126b	454	10	for	for	IN
cord-021959-1y67126b	454	11	the	the	DT
cord-021959-1y67126b	454	12	direct	direct	JJ
cord-021959-1y67126b	454	13	approach	approach	NN
cord-021959-1y67126b	454	14	was	be	VBD
cord-021959-1y67126b	454	15	43.3	43.3	CD
cord-021959-1y67126b	454	16	%	%	NN
cord-021959-1y67126b	454	17	(	(	-LRB-
cord-021959-1y67126b	454	18	39.2	39.2	CD
cord-021959-1y67126b	454	19	ϩ	ϩ	SYM
cord-021959-1y67126b	454	20	4.1	4.1	CD
cord-021959-1y67126b	454	21	%	%	NN
cord-021959-1y67126b	454	22	)	)	-RRB-
cord-021959-1y67126b	454	23	.	.	.
cord-021959-1y67126b	455	1	As	as	IN
cord-021959-1y67126b	455	2	it	-PRON-	PRP
cord-021959-1y67126b	455	3	can	can	MD
cord-021959-1y67126b	455	4	be	be	VB
cord-021959-1y67126b	455	5	seen	see	VBN
cord-021959-1y67126b	455	6	from	from	IN
cord-021959-1y67126b	455	7	both	both	CC
cord-021959-1y67126b	455	8	the	the	DT
cord-021959-1y67126b	455	9	examples	example	NNS
cord-021959-1y67126b	455	10	of	of	IN
cord-021959-1y67126b	455	11	cost	cost	NN
cord-021959-1y67126b	455	12	of	of	IN
cord-021959-1y67126b	455	13	equity	equity	NN
cord-021959-1y67126b	455	14	estimation	estimation	NN
cord-021959-1y67126b	455	15	(	(	-LRB-
cord-021959-1y67126b	455	16	the	the	DT
cord-021959-1y67126b	455	17	United	United	NNP
cord-021959-1y67126b	455	18	States	States	NNP
cord-021959-1y67126b	455	19	and	and	CC
cord-021959-1y67126b	455	20	international	international	JJ
cord-021959-1y67126b	455	21	)	)	-RRB-
cord-021959-1y67126b	455	22	,	,	,
cord-021959-1y67126b	455	23	the	the	DT
cord-021959-1y67126b	455	24	expected	expect	VBN
cord-021959-1y67126b	455	25	returns	return	NNS
cord-021959-1y67126b	455	26	(	(	-LRB-
cord-021959-1y67126b	455	27	costs	cost	NNS
cord-021959-1y67126b	455	28	of	of	IN
cord-021959-1y67126b	455	29	equity	equity	NN
cord-021959-1y67126b	455	30	)	)	-RRB-
cord-021959-1y67126b	455	31	varied	vary	VBN
cord-021959-1y67126b	455	32	widely	widely	RB
cord-021959-1y67126b	455	33	.	.	.
cord-021959-1y67126b	456	1	In	in	IN
cord-021959-1y67126b	456	2	the	the	DT
cord-021959-1y67126b	456	3	example	example	NN
cord-021959-1y67126b	456	4	of	of	IN
cord-021959-1y67126b	456	5	United	United	NNP
cord-021959-1y67126b	456	6	States	States	NNP
cord-021959-1y67126b	456	7	,	,	,
cord-021959-1y67126b	456	8	the	the	DT
cord-021959-1y67126b	456	9	use	use	NN
cord-021959-1y67126b	456	10	of	of	IN
cord-021959-1y67126b	456	11	the	the	DT
cord-021959-1y67126b	456	12	CAPM	CAPM	NNP
cord-021959-1y67126b	456	13	resulted	result	VBD
cord-021959-1y67126b	456	14	in	in	IN
cord-021959-1y67126b	456	15	a	a	DT
cord-021959-1y67126b	456	16	cost	cost	NN
cord-021959-1y67126b	456	17	of	of	IN
cord-021959-1y67126b	456	18	equity	equity	NN
cord-021959-1y67126b	456	19	that	that	WDT
cord-021959-1y67126b	456	20	was	be	VBD
cord-021959-1y67126b	456	21	fairly	fairly	RB
cord-021959-1y67126b	456	22	low	low	JJ
cord-021959-1y67126b	456	23	(	(	-LRB-
cord-021959-1y67126b	456	24	less	less	JJR
cord-021959-1y67126b	456	25	than	than	IN
cord-021959-1y67126b	456	26	6	6	CD
cord-021959-1y67126b	456	27	%	%	NN
cord-021959-1y67126b	456	28	)	)	-RRB-
cord-021959-1y67126b	456	29	.	.	.
cord-021959-1y67126b	457	1	It	-PRON-	PRP
cord-021959-1y67126b	457	2	is	be	VBZ
cord-021959-1y67126b	457	3	worth	worth	JJ
cord-021959-1y67126b	457	4	asking	ask	VBG
cord-021959-1y67126b	457	5	,	,	,
cord-021959-1y67126b	457	6	would	would	MD
cord-021959-1y67126b	457	7	a	a	DT
cord-021959-1y67126b	457	8	given	give	VBN
cord-021959-1y67126b	457	9	investor	investor	NN
cord-021959-1y67126b	457	10	invest	invest	VB
cord-021959-1y67126b	457	11	in	in	IN
cord-021959-1y67126b	457	12	a	a	DT
cord-021959-1y67126b	457	13	U.S.	U.S.	NNP
cord-021959-1y67126b	457	14	restaurant	restaurant	NN
cord-021959-1y67126b	457	15	portfolio	portfolio	NN
cord-021959-1y67126b	457	16	of	of	IN
cord-021959-1y67126b	457	17	stocks	stock	NNS
cord-021959-1y67126b	457	18	for	for	IN
cord-021959-1y67126b	457	19	less	less	JJR
cord-021959-1y67126b	457	20	than	than	IN
cord-021959-1y67126b	457	21	6	6	CD
cord-021959-1y67126b	457	22	%	%	NN
cord-021959-1y67126b	457	23	a	a	DT
cord-021959-1y67126b	457	24	year	year	NN
cord-021959-1y67126b	457	25	?	?	.
cord-021959-1y67126b	458	1	The	the	DT
cord-021959-1y67126b	458	2	answer	answer	NN
cord-021959-1y67126b	458	3	would	would	MD
cord-021959-1y67126b	458	4	probably	probably	RB
cord-021959-1y67126b	458	5	be	be	VB
cord-021959-1y67126b	458	6	"	"	``
cord-021959-1y67126b	458	7	no	no	UH
cord-021959-1y67126b	458	8	.	.	.
cord-021959-1y67126b	458	9	"	"	''
cord-021959-1y67126b	459	1	However	however	RB
cord-021959-1y67126b	459	2	,	,	,
cord-021959-1y67126b	459	3	if	if	IN
cord-021959-1y67126b	459	4	one	one	PRP
cord-021959-1y67126b	459	5	elects	elect	VBZ
cord-021959-1y67126b	459	6	to	to	TO
cord-021959-1y67126b	459	7	use	use	VB
cord-021959-1y67126b	459	8	FF	FF	NNP
cord-021959-1y67126b	459	9	as	as	IN
cord-021959-1y67126b	459	10	its	-PRON-	PRP$
cord-021959-1y67126b	459	11	main	main	JJ
cord-021959-1y67126b	459	12	cost	cost	NN
cord-021959-1y67126b	459	13	of	of	IN
cord-021959-1y67126b	459	14	equity	equity	NN
cord-021959-1y67126b	459	15	model	model	NN
cord-021959-1y67126b	459	16	then	then	RB
cord-021959-1y67126b	459	17	the	the	DT
cord-021959-1y67126b	459	18	possibility	possibility	NN
cord-021959-1y67126b	459	19	of	of	IN
cord-021959-1y67126b	459	20	obtaining	obtain	VBG
cord-021959-1y67126b	459	21	more	more	RBR
cord-021959-1y67126b	459	22	relevant	relevant	JJ
cord-021959-1y67126b	459	23	results	result	NNS
cord-021959-1y67126b	459	24	is	be	VBZ
cord-021959-1y67126b	459	25	likely	likely	JJ
cord-021959-1y67126b	459	26	to	to	TO
cord-021959-1y67126b	459	27	increase	increase	VB
cord-021959-1y67126b	459	28	.	.	.
cord-021959-1y67126b	460	1	As	as	IN
cord-021959-1y67126b	460	2	it	-PRON-	PRP
cord-021959-1y67126b	460	3	can	can	MD
cord-021959-1y67126b	460	4	be	be	VB
cord-021959-1y67126b	460	5	seen	see	VBN
cord-021959-1y67126b	460	6	in	in	IN
cord-021959-1y67126b	460	7	this	this	DT
cord-021959-1y67126b	460	8	example	example	NN
cord-021959-1y67126b	460	9	,	,	,
cord-021959-1y67126b	460	10	the	the	DT
cord-021959-1y67126b	460	11	cost	cost	NN
cord-021959-1y67126b	460	12	of	of	IN
cord-021959-1y67126b	460	13	equity	equity	NN
cord-021959-1y67126b	460	14	by	by	IN
cord-021959-1y67126b	460	15	using	use	VBG
cord-021959-1y67126b	460	16	the	the	DT
cord-021959-1y67126b	460	17	FF	FF	NNP
cord-021959-1y67126b	460	18	model	model	NN
cord-021959-1y67126b	460	19	yielded	yield	VBD
cord-021959-1y67126b	460	20	a	a	DT
cord-021959-1y67126b	460	21	fairly	fairly	RB
cord-021959-1y67126b	460	22	logical	logical	JJ
cord-021959-1y67126b	460	23	return	return	NN
cord-021959-1y67126b	460	24	which	which	WDT
cord-021959-1y67126b	460	25	far	far	RB
cord-021959-1y67126b	460	26	exceeds	exceed	VBZ
cord-021959-1y67126b	460	27	the	the	DT
cord-021959-1y67126b	460	28	historical	historical	JJ
cord-021959-1y67126b	460	29	equity	equity	NN
cord-021959-1y67126b	460	30	premium	premium	NN
cord-021959-1y67126b	460	31	for	for	IN
cord-021959-1y67126b	460	32	the	the	DT
cord-021959-1y67126b	460	33	United	United	NNP
cord-021959-1y67126b	460	34	States	States	NNP
cord-021959-1y67126b	460	35	.	.	.
cord-021959-1y67126b	461	1	For	for	IN
cord-021959-1y67126b	461	2	the	the	DT
cord-021959-1y67126b	461	3	international	international	JJ
cord-021959-1y67126b	461	4	example	example	NN
cord-021959-1y67126b	461	5	,	,	,
cord-021959-1y67126b	461	6	one	one	CD
cord-021959-1y67126b	461	7	of	of	IN
cord-021959-1y67126b	461	8	the	the	DT
cord-021959-1y67126b	461	9	main	main	JJ
cord-021959-1y67126b	461	10	reasons	reason	NNS
cord-021959-1y67126b	461	11	for	for	IN
cord-021959-1y67126b	461	12	the	the	DT
cord-021959-1y67126b	461	13	stark	stark	JJ
cord-021959-1y67126b	461	14	difference	difference	NN
cord-021959-1y67126b	461	15	in	in	IN
cord-021959-1y67126b	461	16	cost	cost	NN
cord-021959-1y67126b	461	17	of	of	IN
cord-021959-1y67126b	461	18	equity	equity	NN
cord-021959-1y67126b	461	19	estimates	estimate	NNS
cord-021959-1y67126b	461	20	using	use	VBG
cord-021959-1y67126b	461	21	the	the	DT
cord-021959-1y67126b	461	22	two	two	CD
cord-021959-1y67126b	461	23	approaches	approach	NNS
cord-021959-1y67126b	461	24	(	(	-LRB-
cord-021959-1y67126b	461	25	direct	direct	JJ
cord-021959-1y67126b	461	26	and	and	CC
cord-021959-1y67126b	461	27	indirect	indirect	JJ
cord-021959-1y67126b	461	28	)	)	-RRB-
cord-021959-1y67126b	461	29	is	be	VBZ
cord-021959-1y67126b	461	30	the	the	DT
cord-021959-1y67126b	461	31	high	high	JJ
cord-021959-1y67126b	461	32	historical	historical	JJ
cord-021959-1y67126b	461	33	inflation	inflation	NN
cord-021959-1y67126b	461	34	in	in	IN
cord-021959-1y67126b	461	35	Turkey	Turkey	NNP
cord-021959-1y67126b	461	36	.	.	.
cord-021959-1y67126b	462	1	This	this	DT
cord-021959-1y67126b	462	2	is	be	VBZ
cord-021959-1y67126b	462	3	demonstrated	demonstrate	VBN
cord-021959-1y67126b	462	4	by	by	IN
cord-021959-1y67126b	462	5	the	the	DT
cord-021959-1y67126b	462	6	gap	gap	NN
cord-021959-1y67126b	462	7	in	in	IN
cord-021959-1y67126b	462	8	the	the	DT
cord-021959-1y67126b	462	9	TB	TB	NNP
cord-021959-1y67126b	462	10	rates	rate	NNS
cord-021959-1y67126b	462	11	for	for	IN
cord-021959-1y67126b	462	12	this	this	DT
cord-021959-1y67126b	462	13	country	country	NN
cord-021959-1y67126b	462	14	(	(	-LRB-
cord-021959-1y67126b	462	15	82.3	82.3	CD
cord-021959-1y67126b	462	16	%	%	NN
cord-021959-1y67126b	462	17	for	for	IN
cord-021959-1y67126b	462	18	2001	2001	CD
cord-021959-1y67126b	462	19	and	and	CC
cord-021959-1y67126b	462	20	16.3	16.3	CD
cord-021959-1y67126b	462	21	%	%	NN
cord-021959-1y67126b	462	22	for	for	IN
cord-021959-1y67126b	462	23	2005	2005	CD
cord-021959-1y67126b	462	24	)	)	-RRB-
cord-021959-1y67126b	462	25	.	.	.
cord-021959-1y67126b	463	1	Hence	hence	RB
cord-021959-1y67126b	463	2	,	,	,
cord-021959-1y67126b	463	3	if	if	IN
cord-021959-1y67126b	463	4	a	a	DT
cord-021959-1y67126b	463	5	hypothetical	hypothetical	JJ
cord-021959-1y67126b	463	6	investor	investor	NN
cord-021959-1y67126b	463	7	elects	elect	VBZ
cord-021959-1y67126b	463	8	to	to	TO
cord-021959-1y67126b	463	9	use	use	VB
cord-021959-1y67126b	463	10	the	the	DT
cord-021959-1y67126b	463	11	"	"	``
cord-021959-1y67126b	463	12	going	go	VBG
cord-021959-1y67126b	463	13	-	-	HYPH
cord-021959-1y67126b	463	14	rate	rate	NN
cord-021959-1y67126b	463	15	(	(	-LRB-
cord-021959-1y67126b	463	16	16.3	16.3	CD
cord-021959-1y67126b	463	17	%	%	NN
cord-021959-1y67126b	463	18	)	)	-RRB-
cord-021959-1y67126b	463	19	in	in	IN
cord-021959-1y67126b	463	20	2005	2005	CD
cord-021959-1y67126b	463	21	then	then	RB
cord-021959-1y67126b	463	22	the	the	DT
cord-021959-1y67126b	463	23	new	new	JJ
cord-021959-1y67126b	463	24	expected	expect	VBN
cord-021959-1y67126b	463	25	return	return	NN
cord-021959-1y67126b	463	26	for	for	IN
cord-021959-1y67126b	463	27	the	the	DT
cord-021959-1y67126b	463	28	Turkish	Turkish	NNP
cord-021959-1y67126b	463	29	Tourism	Tourism	NNP
cord-021959-1y67126b	463	30	portfolio	portfolio	NN
cord-021959-1y67126b	463	31	would	would	MD
cord-021959-1y67126b	463	32	be	be	VB
cord-021959-1y67126b	463	33	at	at	IN
cord-021959-1y67126b	463	34	least	least	JJS
cord-021959-1y67126b	463	35	twice	twice	RB
cord-021959-1y67126b	463	36	lower	low	JJR
cord-021959-1y67126b	463	37	than	than	IN
cord-021959-1y67126b	463	38	the	the	DT
cord-021959-1y67126b	463	39	original	original	JJ
cord-021959-1y67126b	463	40	estimate	estimate	NN
cord-021959-1y67126b	463	41	of	of	IN
cord-021959-1y67126b	463	42	43.3	43.3	CD
cord-021959-1y67126b	463	43	%	%	NN
cord-021959-1y67126b	463	44	.	.	.
cord-021959-1y67126b	464	1	Another	another	DT
cord-021959-1y67126b	464	2	challenge	challenge	NN
cord-021959-1y67126b	464	3	in	in	IN
cord-021959-1y67126b	464	4	the	the	DT
cord-021959-1y67126b	464	5	direct	direct	JJ
cord-021959-1y67126b	464	6	approach	approach	NN
cord-021959-1y67126b	464	7	for	for	IN
cord-021959-1y67126b	464	8	international	international	JJ
cord-021959-1y67126b	464	9	cost	cost	NN
cord-021959-1y67126b	464	10	of	of	IN
cord-021959-1y67126b	464	11	equity	equity	NN
cord-021959-1y67126b	464	12	estimations	estimation	NNS
cord-021959-1y67126b	464	13	is	be	VBZ
cord-021959-1y67126b	464	14	the	the	DT
cord-021959-1y67126b	464	15	low	low	JJ
cord-021959-1y67126b	464	16	β	β	XX
cord-021959-1y67126b	464	17	estimate	estimate	NN
cord-021959-1y67126b	464	18	for	for	IN
cord-021959-1y67126b	464	19	the	the	DT
cord-021959-1y67126b	464	20	Turkish	Turkish	NNP
cord-021959-1y67126b	464	21	Tourism	Tourism	NNP
cord-021959-1y67126b	464	22	portfolio	portfolio	NN
cord-021959-1y67126b	464	23	(	(	-LRB-
cord-021959-1y67126b	464	24	0.17	0.17	CD
cord-021959-1y67126b	464	25	)	)	-RRB-
cord-021959-1y67126b	464	26	.	.	.
cord-021959-1y67126b	465	1	Does	do	VBZ
cord-021959-1y67126b	465	2	this	this	DT
cord-021959-1y67126b	465	3	mean	mean	VB
cord-021959-1y67126b	465	4	that	that	IN
cord-021959-1y67126b	465	5	the	the	DT
cord-021959-1y67126b	465	6	tourism	tourism	NN
cord-021959-1y67126b	465	7	portfolio	portfolio	NN
cord-021959-1y67126b	465	8	is	be	VBZ
cord-021959-1y67126b	465	9	five	five	CD
cord-021959-1y67126b	465	10	times	time	NNS
cord-021959-1y67126b	465	11	less	less	RBR
cord-021959-1y67126b	465	12	risky	risky	JJ
cord-021959-1y67126b	465	13	than	than	IN
cord-021959-1y67126b	465	14	the	the	DT
cord-021959-1y67126b	465	15	overall	overall	JJ
cord-021959-1y67126b	465	16	ISE	ISE	NNP
cord-021959-1y67126b	465	17	Index	Index	NNP
cord-021959-1y67126b	465	18	?	?	.
cord-021959-1y67126b	466	1	What	what	WP
cord-021959-1y67126b	466	2	if	if	IN
cord-021959-1y67126b	466	3	the	the	DT
cord-021959-1y67126b	466	4	real	real	JJ
cord-021959-1y67126b	466	5	risk	risk	NN
cord-021959-1y67126b	466	6	of	of	IN
cord-021959-1y67126b	466	7	tourism	tourism	NN
cord-021959-1y67126b	466	8	stocks	stock	NNS
cord-021959-1y67126b	466	9	is	be	VBZ
cord-021959-1y67126b	466	10	twice	twice	RB
cord-021959-1y67126b	466	11	higher	high	JJR
cord-021959-1y67126b	466	12	than	than	IN
cord-021959-1y67126b	466	13	that	that	DT
cord-021959-1y67126b	466	14	of	of	IN
cord-021959-1y67126b	466	15	the	the	DT
cord-021959-1y67126b	466	16	market	market	NN
cord-021959-1y67126b	466	17	?	?	.
cord-021959-1y67126b	467	1	(	(	-LRB-
cord-021959-1y67126b	467	2	This	this	DT
cord-021959-1y67126b	467	3	is	be	VBZ
cord-021959-1y67126b	467	4	quite	quite	RB
cord-021959-1y67126b	467	5	likely	likely	JJ
cord-021959-1y67126b	467	6	as	as	IN
cord-021959-1y67126b	467	7	the	the	DT
cord-021959-1y67126b	467	8	β	β	NN
cord-021959-1y67126b	467	9	for	for	IN
cord-021959-1y67126b	467	10	Four	Four	NNP
cord-021959-1y67126b	467	11	Seasons	Seasons	NNPS
cord-021959-1y67126b	467	12	in	in	IN
cord-021959-1y67126b	467	13	the	the	DT
cord-021959-1y67126b	467	14	United	United	NNP
cord-021959-1y67126b	467	15	States	States	NNP
cord-021959-1y67126b	467	16	was	be	VBD
cord-021959-1y67126b	467	17	1.6	1.6	CD
cord-021959-1y67126b	467	18	.	.	.
cord-021959-1y67126b	467	19	)	)	-RRB-
cord-021959-1y67126b	468	1	If	if	IN
cord-021959-1y67126b	468	2	that	that	DT
cord-021959-1y67126b	468	3	is	be	VBZ
cord-021959-1y67126b	468	4	the	the	DT
cord-021959-1y67126b	468	5	case	case	NN
cord-021959-1y67126b	468	6	,	,	,
cord-021959-1y67126b	468	7	then	then	RB
cord-021959-1y67126b	468	8	the	the	DT
cord-021959-1y67126b	468	9	Thai	Thai	NNP
cord-021959-1y67126b	468	10	investor	investor	NN
cord-021959-1y67126b	468	11	needs	need	VBZ
cord-021959-1y67126b	468	12	to	to	TO
cord-021959-1y67126b	468	13	require	require	VB
cord-021959-1y67126b	468	14	a	a	DT
cord-021959-1y67126b	468	15	rate	rate	NN
cord-021959-1y67126b	468	16	of	of	IN
cord-021959-1y67126b	468	17	return	return	NN
cord-021959-1y67126b	468	18	that	that	WDT
cord-021959-1y67126b	468	19	is	be	VBZ
cord-021959-1y67126b	468	20	more	more	JJR
cord-021959-1y67126b	468	21	than	than	IN
cord-021959-1y67126b	468	22	50	50	CD
cord-021959-1y67126b	468	23	%	%	NN
cord-021959-1y67126b	468	24	in	in	IN
cord-021959-1y67126b	468	25	Thai	thai	JJ
cord-021959-1y67126b	468	26	currency	currency	NN
cord-021959-1y67126b	468	27	.	.	.
cord-021959-1y67126b	469	1	How	how	WRB
cord-021959-1y67126b	469	2	can	can	MD
cord-021959-1y67126b	469	3	the	the	DT
cord-021959-1y67126b	469	4	investor	investor	NN
cord-021959-1y67126b	469	5	hedge	hedge	VB
cord-021959-1y67126b	469	6	his	-PRON-	PRP$
cord-021959-1y67126b	469	7	investments	investment	NNS
cord-021959-1y67126b	469	8	against	against	IN
cord-021959-1y67126b	469	9	the	the	DT
cord-021959-1y67126b	469	10	large	large	JJ
cord-021959-1y67126b	469	11	swings	swing	NNS
cord-021959-1y67126b	469	12	in	in	IN
cord-021959-1y67126b	469	13	the	the	DT
cord-021959-1y67126b	469	14	cost	cost	NN
cord-021959-1y67126b	469	15	of	of	IN
cord-021959-1y67126b	469	16	equity	equity	NN
cord-021959-1y67126b	469	17	estimates	estimate	NNS
cord-021959-1y67126b	469	18	?	?	.
cord-021959-1y67126b	470	1	As	as	IN
cord-021959-1y67126b	470	2	the	the	DT
cord-021959-1y67126b	470	3	results	result	NNS
cord-021959-1y67126b	470	4	indicated	indicate	VBN
cord-021959-1y67126b	470	5	thus	thus	RB
cord-021959-1y67126b	470	6	far	far	RB
cord-021959-1y67126b	470	7	,	,	,
cord-021959-1y67126b	470	8	cost	cost	NN
cord-021959-1y67126b	470	9	of	of	IN
cord-021959-1y67126b	470	10	equity	equity	NN
cord-021959-1y67126b	470	11	estimations	estimation	NNS
cord-021959-1y67126b	470	12	for	for	IN
cord-021959-1y67126b	470	13	hospitality	hospitality	NN
cord-021959-1y67126b	470	14	investments	investment	NNS
cord-021959-1y67126b	470	15	in	in	IN
cord-021959-1y67126b	470	16	emerging	emerge	VBG
cord-021959-1y67126b	470	17	and	and	CC
cord-021959-1y67126b	470	18	developed	develop	VBN
cord-021959-1y67126b	470	19	markets	market	NNS
cord-021959-1y67126b	470	20	are	be	VBP
cord-021959-1y67126b	470	21	beset	beset	VBN
cord-021959-1y67126b	470	22	with	with	IN
cord-021959-1y67126b	470	23	uncertainty	uncertainty	NN
cord-021959-1y67126b	470	24	.	.	.
cord-021959-1y67126b	471	1	The	the	DT
cord-021959-1y67126b	471	2	main	main	JJ
cord-021959-1y67126b	471	3	shortcomings	shortcoming	NNS
cord-021959-1y67126b	471	4	stem	stem	VBP
cord-021959-1y67126b	471	5	from	from	IN
cord-021959-1y67126b	471	6	the	the	DT
cord-021959-1y67126b	471	7	challenge	challenge	NN
cord-021959-1y67126b	471	8	of	of	IN
cord-021959-1y67126b	471	9	applying	apply	VBG
cord-021959-1y67126b	471	10	the	the	DT
cord-021959-1y67126b	471	11	seminal	seminal	JJ
cord-021959-1y67126b	471	12	models	model	NNS
cord-021959-1y67126b	471	13	such	such	JJ
cord-021959-1y67126b	471	14	as	as	IN
cord-021959-1y67126b	471	15	the	the	DT
cord-021959-1y67126b	471	16	CAPM	CAPM	NNP
cord-021959-1y67126b	471	17	,	,	,
cord-021959-1y67126b	471	18	FF	FF	NNP
cord-021959-1y67126b	471	19	,	,	,
cord-021959-1y67126b	471	20	and	and	CC
cord-021959-1y67126b	471	21	the	the	DT
cord-021959-1y67126b	471	22	APT	APT	NNP
cord-021959-1y67126b	471	23	.	.	.
cord-021959-1y67126b	472	1	The	the	DT
cord-021959-1y67126b	472	2	second	second	JJ
cord-021959-1y67126b	472	3	set	set	NN
cord-021959-1y67126b	472	4	of	of	IN
cord-021959-1y67126b	472	5	challenges	challenge	NNS
cord-021959-1y67126b	472	6	arises	arise	VBZ
cord-021959-1y67126b	472	7	when	when	WRB
cord-021959-1y67126b	472	8	countries	country	NNS
cord-021959-1y67126b	472	9	such	such	JJ
cord-021959-1y67126b	472	10	as	as	IN
cord-021959-1y67126b	472	11	Turkey	Turkey	NNP
cord-021959-1y67126b	472	12	tend	tend	VBP
cord-021959-1y67126b	472	13	to	to	TO
cord-021959-1y67126b	472	14	have	have	VB
cord-021959-1y67126b	472	15	high	high	JJ
cord-021959-1y67126b	472	16	historical	historical	JJ
cord-021959-1y67126b	472	17	rates	rate	NNS
cord-021959-1y67126b	472	18	of	of	IN
cord-021959-1y67126b	472	19	inflation	inflation	NN
cord-021959-1y67126b	472	20	but	but	CC
cord-021959-1y67126b	472	21	now	now	RB
cord-021959-1y67126b	472	22	are	be	VBP
cord-021959-1y67126b	472	23	entering	enter	VBG
cord-021959-1y67126b	472	24	a	a	DT
cord-021959-1y67126b	472	25	more	more	RBR
cord-021959-1y67126b	472	26	stabilized	stabilized	JJ
cord-021959-1y67126b	472	27	period	period	NN
cord-021959-1y67126b	472	28	of	of	IN
cord-021959-1y67126b	472	29	fiscal	fiscal	JJ
cord-021959-1y67126b	472	30	reforms	reform	NNS
cord-021959-1y67126b	472	31	.	.	.
cord-021959-1y67126b	473	1	Thus	thus	RB
cord-021959-1y67126b	473	2	,	,	,
cord-021959-1y67126b	473	3	should	should	MD
cord-021959-1y67126b	473	4	an	an	DT
cord-021959-1y67126b	473	5	investor	investor	NN
cord-021959-1y67126b	473	6	use	use	VB
cord-021959-1y67126b	473	7	the	the	DT
cord-021959-1y67126b	473	8	historical	historical	JJ
cord-021959-1y67126b	473	9	data	datum	NNS
cord-021959-1y67126b	473	10	or	or	CC
cord-021959-1y67126b	473	11	try	try	VB
cord-021959-1y67126b	473	12	to	to	TO
cord-021959-1y67126b	473	13	forecast	forecast	VB
cord-021959-1y67126b	473	14	the	the	DT
cord-021959-1y67126b	473	15	future	future	JJ
cord-021959-1y67126b	473	16	interest	interest	NN
cord-021959-1y67126b	473	17	rates	rate	NNS
cord-021959-1y67126b	473	18	in	in	IN
cord-021959-1y67126b	473	19	Turkey	Turkey	NNP
cord-021959-1y67126b	473	20	?	?	.
cord-021959-1y67126b	474	1	Although	although	IN
cord-021959-1y67126b	474	2	the	the	DT
cord-021959-1y67126b	474	3	practical	practical	JJ
cord-021959-1y67126b	474	4	examples	example	NNS
cord-021959-1y67126b	474	5	provided	provide	VBD
cord-021959-1y67126b	474	6	some	some	DT
cord-021959-1y67126b	474	7	answers	answer	NNS
cord-021959-1y67126b	474	8	to	to	IN
cord-021959-1y67126b	474	9	these	these	DT
cord-021959-1y67126b	474	10	questions	question	NNS
cord-021959-1y67126b	474	11	,	,	,
cord-021959-1y67126b	474	12	few	few	JJ
cord-021959-1y67126b	474	13	more	more	JJR
cord-021959-1y67126b	474	14	questions	question	NNS
cord-021959-1y67126b	474	15	are	be	VBP
cord-021959-1y67126b	474	16	left	leave	VBN
cord-021959-1y67126b	474	17	for	for	IN
cord-021959-1y67126b	474	18	future	future	JJ
cord-021959-1y67126b	474	19	research	research	NN
cord-021959-1y67126b	474	20	.	.	.
cord-021959-1y67126b	475	1	Hence	hence	RB
cord-021959-1y67126b	475	2	,	,	,
cord-021959-1y67126b	475	3	I	-PRON-	PRP
cord-021959-1y67126b	475	4	suggest	suggest	VBP
cord-021959-1y67126b	475	5	two	two	CD
cord-021959-1y67126b	475	6	interim	interim	JJ
cord-021959-1y67126b	475	7	solutions	solution	NNS
cord-021959-1y67126b	475	8	for	for	IN
cord-021959-1y67126b	475	9	this	this	DT
cord-021959-1y67126b	475	10	cost	cost	NN
cord-021959-1y67126b	475	11	of	of	IN
cord-021959-1y67126b	475	12	equity	equity	NN
cord-021959-1y67126b	475	13	conundrum	conundrum	NN
cord-021959-1y67126b	475	14	in	in	IN
cord-021959-1y67126b	475	15	the	the	DT
cord-021959-1y67126b	475	16	emerging	emerge	VBG
cord-021959-1y67126b	475	17	markets	market	NNS
cord-021959-1y67126b	475	18	:	:	:
cord-021959-1y67126b	475	19	(	(	-LRB-
cord-021959-1y67126b	475	20	1	1	LS
cord-021959-1y67126b	475	21	)	)	-RRB-
cord-021959-1y67126b	475	22	the	the	DT
cord-021959-1y67126b	475	23	investors	investor	NNS
cord-021959-1y67126b	475	24	and	and	CC
cord-021959-1y67126b	475	25	academics	academic	NNS
cord-021959-1y67126b	475	26	should	should	MD
cord-021959-1y67126b	475	27	either	either	CC
cord-021959-1y67126b	475	28	solely	solely	RB
cord-021959-1y67126b	475	29	focus	focus	VB
cord-021959-1y67126b	475	30	on	on	IN
cord-021959-1y67126b	475	31	future	future	JJ
cord-021959-1y67126b	475	32	cash	cash	NN
cord-021959-1y67126b	475	33	flows	flow	NNS
cord-021959-1y67126b	475	34	of	of	IN
cord-021959-1y67126b	475	35	the	the	DT
cord-021959-1y67126b	475	36	project	project	NN
cord-021959-1y67126b	475	37	,	,	,
cord-021959-1y67126b	475	38	or	or	CC
cord-021959-1y67126b	475	39	(	(	-LRB-
cord-021959-1y67126b	475	40	2	2	LS
cord-021959-1y67126b	475	41	)	)	-RRB-
cord-021959-1y67126b	475	42	use	use	VBP
cord-021959-1y67126b	475	43	simulations	simulation	NNS
cord-021959-1y67126b	475	44	such	such	JJ
cord-021959-1y67126b	475	45	as	as	IN
cord-021959-1y67126b	475	46	Monte	Monte	NNP
cord-021959-1y67126b	475	47	Carlo	Carlo	NNP
cord-021959-1y67126b	475	48	in	in	IN
cord-021959-1y67126b	475	49	order	order	NN
cord-021959-1y67126b	475	50	to	to	TO
cord-021959-1y67126b	475	51	create	create	VB
cord-021959-1y67126b	475	52	multiple	multiple	JJ
cord-021959-1y67126b	475	53	scenarios	scenario	NNS
cord-021959-1y67126b	475	54	that	that	WDT
cord-021959-1y67126b	475	55	approximate	approximate	VBP
cord-021959-1y67126b	475	56	the	the	DT
cord-021959-1y67126b	475	57	investment	investment	NN
cord-021959-1y67126b	475	58	realities	reality	NNS
cord-021959-1y67126b	475	59	of	of	IN
cord-021959-1y67126b	475	60	the	the	DT
cord-021959-1y67126b	475	61	emerging	emerge	VBG
cord-021959-1y67126b	475	62	markets	market	NNS
cord-021959-1y67126b	475	63	.	.	.
cord-021959-1y67126b	476	1	Otherwise	otherwise	RB
cord-021959-1y67126b	476	2	,	,	,
cord-021959-1y67126b	476	3	the	the	DT
cord-021959-1y67126b	476	4	expected	expect	VBN
cord-021959-1y67126b	476	5	return	return	NN
cord-021959-1y67126b	476	6	remains	remain	VBZ
cord-021959-1y67126b	476	7	to	to	TO
cord-021959-1y67126b	476	8	be	be	VB
cord-021959-1y67126b	476	9	a	a	DT
cord-021959-1y67126b	476	10	"	"	``
cord-021959-1y67126b	476	11	gut	gut	NN
cord-021959-1y67126b	476	12	feeling	feeling	NN
cord-021959-1y67126b	476	13	"	"	''
cord-021959-1y67126b	476	14	estimate	estimate	NN
cord-021959-1y67126b	476	15	for	for	IN
cord-021959-1y67126b	476	16	foreign	foreign	JJ
cord-021959-1y67126b	476	17	investors	investor	NNS
cord-021959-1y67126b	476	18	in	in	IN
cord-021959-1y67126b	476	19	emerging	emerge	VBG
cord-021959-1y67126b	476	20	markets	market	NNS
cord-021959-1y67126b	476	21	.	.	.
cord-021959-1y67126b	477	1	The	the	DT
cord-021959-1y67126b	477	2	financial	financial	JJ
cord-021959-1y67126b	477	3	information	information	NN
cord-021959-1y67126b	477	4	content	content	NN
cord-021959-1y67126b	477	5	of	of	IN
cord-021959-1y67126b	477	6	perceived	perceive	VBN
cord-021959-1y67126b	477	7	quality	quality	NN
cord-021959-1y67126b	477	8	Why	why	WRB
cord-021959-1y67126b	477	9	do	do	VBP
cord-021959-1y67126b	477	10	firms	firm	NNS
cord-021959-1y67126b	477	11	reduce	reduce	VB
cord-021959-1y67126b	477	12	business	business	NN
cord-021959-1y67126b	477	13	risk	risk	NN
cord-021959-1y67126b	477	14	?	?	.
cord-021959-1y67126b	478	1	Fama	Fama	NNP
cord-021959-1y67126b	478	2	-	-	HYPH
cord-021959-1y67126b	478	3	French	french	JJ
cord-021959-1y67126b	478	4	and	and	CC
cord-021959-1y67126b	478	5	small	small	JJ
cord-021959-1y67126b	478	6	company	company	NN
cord-021959-1y67126b	478	7	cost	cost	NN
cord-021959-1y67126b	478	8	of	of	IN
cord-021959-1y67126b	478	9	equity	equity	NN
cord-021959-1y67126b	478	10	calculations	calculation	NNS
cord-021959-1y67126b	478	11	Preparations	preparation	NNS
cord-021959-1y67126b	478	12	for	for	IN
cord-021959-1y67126b	478	13	possible	possible	JJ
cord-021959-1y67126b	478	14	attacks	attack	NNS
cord-021959-1y67126b	478	15	gear	gear	VB
cord-021959-1y67126b	478	16	up	up	RP
cord-021959-1y67126b	478	17	:	:	:
cord-021959-1y67126b	478	18	New	new	JJ
cord-021959-1y67126b	478	19	flight	flight	NN
cord-021959-1y67126b	478	20	restrictions	restriction	NNS
cord-021959-1y67126b	478	21	planned	plan	VBN
cord-021959-1y67126b	478	22	around	around	IN
cord-021959-1y67126b	478	23	Washington	Washington	NNP
cord-021959-1y67126b	478	24	Ability	Ability	NNP
cord-021959-1y67126b	478	25	,	,	,
cord-021959-1y67126b	478	26	moral	moral	JJ
cord-021959-1y67126b	478	27	hazard	hazard	NN
cord-021959-1y67126b	478	28	,	,	,
cord-021959-1y67126b	478	29	firm	firm	JJ
cord-021959-1y67126b	478	30	size	size	NN
cord-021959-1y67126b	478	31	,	,	,
cord-021959-1y67126b	478	32	and	and	CC
cord-021959-1y67126b	478	33	diversification	diversification	NN
cord-021959-1y67126b	478	34	Technical	technical	JJ
cord-021959-1y67126b	478	35	analysis	analysis	NN
cord-021959-1y67126b	478	36	of	of	IN
cord-021959-1y67126b	478	37	the	the	DT
cord-021959-1y67126b	478	38	size	size	NN
cord-021959-1y67126b	478	39	premium	premium	NN
cord-021959-1y67126b	478	40	.	.	.
cord-021959-1y67126b	479	1	Business	business	NN
cord-021959-1y67126b	479	2	Valuation	Valuation	NNP
cord-021959-1y67126b	479	3	Alert	Alert	NNP
cord-021959-1y67126b	479	4	Capturing	capture	VBG
cord-021959-1y67126b	479	5	industry	industry	NN
cord-021959-1y67126b	479	6	risk	risk	NN
cord-021959-1y67126b	479	7	in	in	IN
cord-021959-1y67126b	479	8	a	a	DT
cord-021959-1y67126b	479	9	buildup	buildup	NN
cord-021959-1y67126b	479	10	model	model	NN
cord-021959-1y67126b	479	11	Use	use	NN
cord-021959-1y67126b	479	12	of	of	IN
cord-021959-1y67126b	479	13	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	479	14	variables	variable	NNS
cord-021959-1y67126b	479	15	to	to	TO
cord-021959-1y67126b	479	16	evaluate	evaluate	VB
cord-021959-1y67126b	479	17	selected	select	VBN
cord-021959-1y67126b	479	18	hospitality	hospitality	NN
cord-021959-1y67126b	479	19	stock	stock	NN
cord-021959-1y67126b	479	20	returns	return	NNS
cord-021959-1y67126b	479	21	in	in	IN
cord-021959-1y67126b	479	22	the	the	DT
cord-021959-1y67126b	479	23	U	U	NNP
cord-021959-1y67126b	479	24	Brand	Brand	NNP
cord-021959-1y67126b	479	25	values	value	NNS
cord-021959-1y67126b	479	26	and	and	CC
cord-021959-1y67126b	479	27	capital	capital	NN
cord-021959-1y67126b	479	28	market	market	NN
cord-021959-1y67126b	479	29	valuation	valuation	NN
cord-021959-1y67126b	479	30	Research	Research	NNP
cord-021959-1y67126b	479	31	in	in	IN
cord-021959-1y67126b	479	32	emerging	emerge	VBG
cord-021959-1y67126b	479	33	markets	market	NNS
cord-021959-1y67126b	479	34	finance	finance	NN
cord-021959-1y67126b	479	35	:	:	:
cord-021959-1y67126b	479	36	looking	look	VBG
cord-021959-1y67126b	479	37	into	into	IN
cord-021959-1y67126b	479	38	the	the	DT
cord-021959-1y67126b	479	39	future	future	JJ
cord-021959-1y67126b	479	40	Modern	modern	JJ
cord-021959-1y67126b	479	41	financial	financial	JJ
cord-021959-1y67126b	479	42	theory	theory	NN
cord-021959-1y67126b	479	43	,	,	,
cord-021959-1y67126b	479	44	corporate	corporate	JJ
cord-021959-1y67126b	479	45	strategy	strategy	NN
cord-021959-1y67126b	479	46	and	and	CC
cord-021959-1y67126b	479	47	public	public	JJ
cord-021959-1y67126b	479	48	policy	policy	NN
cord-021959-1y67126b	479	49	:	:	:
cord-021959-1y67126b	479	50	Three	three	CD
cord-021959-1y67126b	479	51	conundrums	conundrum	NNS
cord-021959-1y67126b	479	52	Economic	Economic	NNP
cord-021959-1y67126b	479	53	Value	Value	NNP
cord-021959-1y67126b	479	54	Management	Management	NNP
cord-021959-1y67126b	479	55	:	:	:
cord-021959-1y67126b	479	56	Applications	application	NNS
cord-021959-1y67126b	479	57	and	and	CC
cord-021959-1y67126b	479	58	Techniques	technique	NNS
cord-021959-1y67126b	480	1	What	what	WP
cord-021959-1y67126b	480	2	is	be	VBZ
cord-021959-1y67126b	480	3	your	-PRON-	PRP$
cord-021959-1y67126b	480	4	IRR	IRR	NNP
cord-021959-1y67126b	480	5	on	on	IN
cord-021959-1y67126b	480	6	human	human	JJ
cord-021959-1y67126b	480	7	capital	capital	NN
cord-021959-1y67126b	480	8	?	?	.
cord-021959-1y67126b	481	1	Towards	towards	IN
cord-021959-1y67126b	481	2	a	a	DT
cord-021959-1y67126b	481	3	strategic	strategic	JJ
cord-021959-1y67126b	481	4	theory	theory	NN
cord-021959-1y67126b	481	5	of	of	IN
cord-021959-1y67126b	481	6	risk	risk	NN
cord-021959-1y67126b	481	7	premium	premium	NN
cord-021959-1y67126b	481	8	:	:	:
cord-021959-1y67126b	481	9	Moving	move	VBG
cord-021959-1y67126b	481	10	beyond	beyond	IN
cord-021959-1y67126b	481	11	CAPM	CAPM	NNP
cord-021959-1y67126b	482	1	The	the	DT
cord-021959-1y67126b	482	2	impact	impact	NN
cord-021959-1y67126b	482	3	of	of	IN
cord-021959-1y67126b	482	4	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	482	5	and	and	CC
cord-021959-1y67126b	482	6	non	non	JJ
cord-021959-1y67126b	482	7	-	-	JJ
cord-021959-1y67126b	482	8	macroeconomic	macroeconomic	JJ
cord-021959-1y67126b	482	9	forces	force	NNS
cord-021959-1y67126b	482	10	on	on	IN
cord-021959-1y67126b	482	11	hotel	hotel	NN
cord-021959-1y67126b	482	12	stock	stock	NN
cord-021959-1y67126b	482	13	returns	return	VBZ
cord-021959-1y67126b	482	14	Economic	economic	JJ
cord-021959-1y67126b	482	15	forces	force	NNS
cord-021959-1y67126b	482	16	and	and	CC
cord-021959-1y67126b	482	17	the	the	DT
cord-021959-1y67126b	482	18	stock	stock	NN
cord-021959-1y67126b	482	19	market	market	NN
cord-021959-1y67126b	483	1	The	the	DT
cord-021959-1y67126b	483	2	Restaurant	Restaurant	NNP
cord-021959-1y67126b	483	3	Industry	Industry	NNP
cord-021959-1y67126b	483	4	,	,	,
cord-021959-1y67126b	483	5	Business	Business	NNP
cord-021959-1y67126b	483	6	Cycles	Cycles	NNPS
cord-021959-1y67126b	483	7	,	,	,
cord-021959-1y67126b	483	8	Strategies	Strategies	NNPS
cord-021959-1y67126b	483	9	,	,	,
cord-021959-1y67126b	483	10	Financial	Financial	NNP
cord-021959-1y67126b	483	11	Practices	Practices	NNPS
cord-021959-1y67126b	483	12	,	,	,
cord-021959-1y67126b	483	13	Economic	Economic	NNP
cord-021959-1y67126b	483	14	Indicators	Indicators	NNPS
cord-021959-1y67126b	483	15	,	,	,
cord-021959-1y67126b	483	16	and	and	CC
cord-021959-1y67126b	483	17	Forecasting	forecasting	NN
cord-021959-1y67126b	483	18	.	.	.
cord-021959-1y67126b	484	1	Unpublished	unpublished	JJ
cord-021959-1y67126b	484	2	Dissertation	dissertation	NN
cord-021959-1y67126b	485	1	Understanding	understand	VBG
cord-021959-1y67126b	485	2	Information	Information	NNP
cord-021959-1y67126b	485	3	Technology	Technology	NNP
cord-021959-1y67126b	485	4	Investment	Investment	NNP
cord-021959-1y67126b	485	5	Decision	decision	NN
cord-021959-1y67126b	485	6	Making	make	VBG
cord-021959-1y67126b	485	7	in	in	IN
cord-021959-1y67126b	485	8	the	the	DT
cord-021959-1y67126b	485	9	Context	Context	NNP
cord-021959-1y67126b	485	10	of	of	IN
cord-021959-1y67126b	485	11	Hotel	Hotel	NNP
cord-021959-1y67126b	485	12	Global	Global	NNP
cord-021959-1y67126b	485	13	Distribution	Distribution	NNP
cord-021959-1y67126b	485	14	Systems	Systems	NNPS
cord-021959-1y67126b	485	15	:	:	:
cord-021959-1y67126b	486	1	A	a	DT
cord-021959-1y67126b	486	2	Multiple	multiple	JJ
cord-021959-1y67126b	486	3	-	-	HYPH
cord-021959-1y67126b	486	4	case	case	NN
cord-021959-1y67126b	486	5	Study	study	NN
cord-021959-1y67126b	486	6	.	.	.
cord-021959-1y67126b	487	1	Unpublished	unpublished	JJ
cord-021959-1y67126b	487	2	Dissertation	dissertation	NN
cord-021959-1y67126b	487	3	Capital	Capital	NNP
cord-021959-1y67126b	487	4	market	market	NN
cord-021959-1y67126b	487	5	equilibrium	equilibrium	NN
cord-021959-1y67126b	487	6	with	with	IN
cord-021959-1y67126b	487	7	transaction	transaction	NN
cord-021959-1y67126b	487	8	costs	cost	VBZ
cord-021959-1y67126b	487	9	Valuation	valuation	NN
cord-021959-1y67126b	487	10	:	:	:
cord-021959-1y67126b	487	11	Measuring	measure	VBG
cord-021959-1y67126b	487	12	and	and	CC
cord-021959-1y67126b	487	13	Managing	manage	VBG
cord-021959-1y67126b	487	14	the	the	DT
cord-021959-1y67126b	487	15	Value	Value	NNP
cord-021959-1y67126b	487	16	of	of	IN
cord-021959-1y67126b	487	17	Companies	Companies	NNPS
cord-021959-1y67126b	487	18	Country	Country	NNP
cord-021959-1y67126b	487	19	default	default	NN
cord-021959-1y67126b	487	20	spreads	spread	NNS
cord-021959-1y67126b	487	21	and	and	CC
cord-021959-1y67126b	487	22	risk	risk	NN
cord-021959-1y67126b	487	23	premiums	premium	NNS
cord-021959-1y67126b	488	1	Increasing	increase	VBG
cord-021959-1y67126b	488	2	returns	return	NNS
cord-021959-1y67126b	488	3	:	:	:
cord-021959-1y67126b	489	1	A	a	DT
cord-021959-1y67126b	489	2	theoretical	theoretical	JJ
cord-021959-1y67126b	489	3	explanation	explanation	NN
cord-021959-1y67126b	489	4	for	for	IN
cord-021959-1y67126b	489	5	the	the	DT
cord-021959-1y67126b	489	6	demise	demise	NN
cord-021959-1y67126b	489	7	of	of	IN
cord-021959-1y67126b	489	8	beta	beta	NN
cord-021959-1y67126b	489	9	The	the	DT
cord-021959-1y67126b	489	10	cross	cross	NN
cord-021959-1y67126b	489	11	section	section	NN
cord-021959-1y67126b	489	12	of	of	IN
cord-021959-1y67126b	489	13	expected	expect	VBN
cord-021959-1y67126b	489	14	stock	stock	NN
cord-021959-1y67126b	489	15	returns	return	VBZ
cord-021959-1y67126b	489	16	Common	common	JJ
cord-021959-1y67126b	489	17	risk	risk	NN
cord-021959-1y67126b	489	18	factors	factor	NNS
cord-021959-1y67126b	489	19	in	in	IN
cord-021959-1y67126b	489	20	the	the	DT
cord-021959-1y67126b	489	21	returns	return	NNS
cord-021959-1y67126b	489	22	on	on	IN
cord-021959-1y67126b	489	23	stocks	stock	NNS
cord-021959-1y67126b	489	24	and	and	CC
cord-021959-1y67126b	489	25	bonds	bond	NNS
cord-021959-1y67126b	489	26	Size	size	NN
cord-021959-1y67126b	489	27	and	and	CC
cord-021959-1y67126b	489	28	book	book	NN
cord-021959-1y67126b	489	29	-	-	HYPH
cord-021959-1y67126b	489	30	to	to	IN
cord-021959-1y67126b	489	31	-	-	HYPH
cord-021959-1y67126b	489	32	market	market	NN
cord-021959-1y67126b	489	33	factors	factor	NNS
cord-021959-1y67126b	489	34	in	in	IN
cord-021959-1y67126b	489	35	earnings	earning	NNS
cord-021959-1y67126b	489	36	and	and	CC
cord-021959-1y67126b	489	37	returns	return	NNS
cord-021959-1y67126b	489	38	Industry	industry	NN
cord-021959-1y67126b	489	39	costs	cost	NNS
cord-021959-1y67126b	489	40	of	of	IN
cord-021959-1y67126b	489	41	equity	equity	NN
cord-021959-1y67126b	489	42	Risk	risk	NN
cord-021959-1y67126b	489	43	,	,	,
cord-021959-1y67126b	489	44	return	return	NN
cord-021959-1y67126b	489	45	and	and	CC
cord-021959-1y67126b	489	46	equilibrium	equilibrium	NN
cord-021959-1y67126b	489	47	:	:	:
cord-021959-1y67126b	489	48	empirical	empirical	JJ
cord-021959-1y67126b	489	49	tests	test	NNS
cord-021959-1y67126b	490	1	A	a	DT
cord-021959-1y67126b	490	2	comparison	comparison	NN
cord-021959-1y67126b	490	3	of	of	IN
cord-021959-1y67126b	490	4	inflation	inflation	NN
cord-021959-1y67126b	490	5	forecasts	forecast	NNS
cord-021959-1y67126b	490	6	Analysis	Analysis	NNP
cord-021959-1y67126b	490	7	of	of	IN
cord-021959-1y67126b	490	8	pure	pure	JJ
cord-021959-1y67126b	490	9	play	play	NN
cord-021959-1y67126b	490	10	technique	technique	NN
cord-021959-1y67126b	490	11	in	in	IN
cord-021959-1y67126b	490	12	the	the	DT
cord-021959-1y67126b	490	13	hospitality	hospitality	NN
cord-021959-1y67126b	490	14	industry	industry	NN
cord-021959-1y67126b	490	15	Sovereign	Sovereign	NNP
cord-021959-1y67126b	490	16	Spreads	spread	VBZ
cord-021959-1y67126b	490	17	in	in	IN
cord-021959-1y67126b	490	18	Emerging	Emerging	NNP
cord-021959-1y67126b	490	19	Markets	market	NNS
cord-021959-1y67126b	490	20	:	:	:
cord-021959-1y67126b	491	1	A	a	DT
cord-021959-1y67126b	491	2	Principal	Principal	NNP
cord-021959-1y67126b	491	3	Components	Components	NNP
cord-021959-1y67126b	491	4	Analysis	Analysis	NNP
cord-021959-1y67126b	491	5	Principles	Principles	NNPS
cord-021959-1y67126b	491	6	of	of	IN
cord-021959-1y67126b	491	7	Managerial	Managerial	NNP
cord-021959-1y67126b	491	8	Finance	Finance	NNP
cord-021959-1y67126b	491	9	Introduction	Introduction	NNP
cord-021959-1y67126b	491	10	to	to	IN
cord-021959-1y67126b	491	11	Investment	investment	NN
cord-021959-1y67126b	491	12	Theory	theory	NN
cord-021959-1y67126b	491	13	(	(	-LRB-
cord-021959-1y67126b	491	14	Hyper	Hyper	NNP
cord-021959-1y67126b	491	15	Textbook	Textbook	NNP
cord-021959-1y67126b	491	16	)	)	-RRB-
cord-021959-1y67126b	491	17	.	.	.
cord-021959-1y67126b	492	1	Retrieved	Retrieved	NNP
cord-021959-1y67126b	492	2	The	the	DT
cord-021959-1y67126b	492	3	Investment	Investment	NNP
cord-021959-1y67126b	492	4	,	,	,
cord-021959-1y67126b	492	5	Financing	financing	NN
cord-021959-1y67126b	492	6	,	,	,
cord-021959-1y67126b	492	7	and	and	CC
cord-021959-1y67126b	492	8	Valuation	Valuation	NNP
cord-021959-1y67126b	492	9	of	of	IN
cord-021959-1y67126b	492	10	the	the	DT
cord-021959-1y67126b	492	11	Corporation	Corporation	NNP
cord-021959-1y67126b	493	1	The	the	DT
cord-021959-1y67126b	493	2	theory	theory	NN
cord-021959-1y67126b	493	3	and	and	CC
cord-021959-1y67126b	493	4	practice	practice	NN
cord-021959-1y67126b	493	5	of	of	IN
cord-021959-1y67126b	493	6	corporate	corporate	JJ
cord-021959-1y67126b	493	7	finance	finance	NN
cord-021959-1y67126b	493	8	:	:	:
cord-021959-1y67126b	493	9	Evidence	evidence	NN
cord-021959-1y67126b	493	10	from	from	IN
cord-021959-1y67126b	493	11	the	the	DT
cord-021959-1y67126b	493	12	field	field	NN
cord-021959-1y67126b	493	13	Twelve	twelve	CD
cord-021959-1y67126b	493	14	Ways	way	NNS
cord-021959-1y67126b	493	15	to	to	TO
cord-021959-1y67126b	493	16	Calculate	calculate	VB
cord-021959-1y67126b	493	17	the	the	DT
cord-021959-1y67126b	493	18	International	International	NNP
cord-021959-1y67126b	493	19	Cost	Cost	NNP
cord-021959-1y67126b	493	20	of	of	IN
cord-021959-1y67126b	493	21	Capital	Capital	NNP
cord-021959-1y67126b	493	22	Tax	Tax	NNP
cord-021959-1y67126b	493	23	attributes	attribute	NNS
cord-021959-1y67126b	493	24	as	as	IN
cord-021959-1y67126b	493	25	determinants	determinant	NNS
cord-021959-1y67126b	493	26	of	of	IN
cord-021959-1y67126b	493	27	shareholder	shareholder	NN
cord-021959-1y67126b	493	28	gains	gain	NNS
cord-021959-1y67126b	493	29	in	in	IN
cord-021959-1y67126b	493	30	corporate	corporate	JJ
cord-021959-1y67126b	493	31	acquisitions	acquisition	NNS
cord-021959-1y67126b	493	32	Vertical	vertical	JJ
cord-021959-1y67126b	493	33	integration	integration	NN
cord-021959-1y67126b	493	34	and	and	CC
cord-021959-1y67126b	493	35	risk	risk	NN
cord-021959-1y67126b	493	36	reduction	reduction	NN
cord-021959-1y67126b	493	37	Techniques	technique	NNS
cord-021959-1y67126b	493	38	of	of	IN
cord-021959-1y67126b	493	39	Financial	Financial	NNP
cord-021959-1y67126b	493	40	Analysis	Analysis	NNP
cord-021959-1y67126b	493	41	:	:	:
cord-021959-1y67126b	493	42	A	a	DT
cord-021959-1y67126b	493	43	Guide	Guide	NNP
cord-021959-1y67126b	493	44	to	to	IN
cord-021959-1y67126b	493	45	Value	Value	NNP
cord-021959-1y67126b	493	46	Creation	Creation	NNP
cord-021959-1y67126b	493	47	Conditional	Conditional	NNP
cord-021959-1y67126b	493	48	CAPM	CAPM	NNP
cord-021959-1y67126b	493	49	and	and	CC
cord-021959-1y67126b	493	50	cross	cross	NN
cord-021959-1y67126b	493	51	section	section	NN
cord-021959-1y67126b	493	52	of	of	IN
cord-021959-1y67126b	493	53	expected	expected	JJ
cord-021959-1y67126b	493	54	returns	return	NNS
cord-021959-1y67126b	493	55	Valuation	Valuation	NNP
cord-021959-1y67126b	493	56	in	in	IN
cord-021959-1y67126b	493	57	emerging	emerge	VBG
cord-021959-1y67126b	493	58	markets	market	NNS
cord-021959-1y67126b	493	59	March	March	NNP
cord-021959-1y67126b	493	60	11	11	CD
cord-021959-1y67126b	493	61	.	.	.
cord-021959-1y67126b	494	1	Safety	safety	NN
cord-021959-1y67126b	494	2	and	and	CC
cord-021959-1y67126b	494	3	security	security	NN
cord-021959-1y67126b	494	4	:	:	:
cord-021959-1y67126b	494	5	Risk	risk	NN
cord-021959-1y67126b	494	6	management	management	NN
cord-021959-1y67126b	494	7	,	,	,
cord-021959-1y67126b	494	8	threat	threat	NN
cord-021959-1y67126b	494	9	of	of	IN
cord-021959-1y67126b	494	10	terrorism	terrorism	NN
cord-021959-1y67126b	494	11	top	top	JJ
cord-021959-1y67126b	494	12	hoteliers	hotelier	NNS
cord-021959-1y67126b	494	13	'	'	POS
cord-021959-1y67126b	494	14	concerns	concern	NNS
cord-021959-1y67126b	494	15	in	in	IN
cord-021959-1y67126b	494	16	1991	1991	CD
cord-021959-1y67126b	495	1	The	the	DT
cord-021959-1y67126b	495	2	value	value	NN
cord-021959-1y67126b	495	3	creation	creation	NN
cord-021959-1y67126b	495	4	index	index	NN
cord-021959-1y67126b	495	5	:	:	:
cord-021959-1y67126b	495	6	Quantifying	quantify	VBG
cord-021959-1y67126b	495	7	intangible	intangible	JJ
cord-021959-1y67126b	495	8	value	value	NN
cord-021959-1y67126b	496	1	The	the	DT
cord-021959-1y67126b	496	2	effects	effect	NNS
cord-021959-1y67126b	496	3	of	of	IN
cord-021959-1y67126b	496	4	management	management	NN
cord-021959-1y67126b	496	5	buyouts	buyout	NNS
cord-021959-1y67126b	496	6	on	on	IN
cord-021959-1y67126b	496	7	operations	operation	NNS
cord-021959-1y67126b	496	8	and	and	CC
cord-021959-1y67126b	496	9	value	value	VB
cord-021959-1y67126b	496	10	Systematic	systematic	JJ
cord-021959-1y67126b	496	11	risk	risk	NN
cord-021959-1y67126b	496	12	,	,	,
cord-021959-1y67126b	496	13	total	total	JJ
cord-021959-1y67126b	496	14	risk	risk	NN
cord-021959-1y67126b	496	15	and	and	CC
cord-021959-1y67126b	496	16	size	size	NN
cord-021959-1y67126b	496	17	as	as	IN
cord-021959-1y67126b	496	18	determinants	determinant	NNS
cord-021959-1y67126b	496	19	of	of	IN
cord-021959-1y67126b	496	20	stock	stock	NN
cord-021959-1y67126b	496	21	market	market	NN
cord-021959-1y67126b	496	22	returns	return	VBZ
cord-021959-1y67126b	496	23	Intangibles	Intangibles	NNP
cord-021959-1y67126b	496	24	:	:	:
cord-021959-1y67126b	496	25	Management	Management	NNP
cord-021959-1y67126b	496	26	,	,	,
cord-021959-1y67126b	496	27	Measurement	Measurement	NNP
cord-021959-1y67126b	496	28	,	,	,
cord-021959-1y67126b	496	29	and	and	CC
cord-021959-1y67126b	496	30	Reporting	report	VBG
cord-021959-1y67126b	496	31	The	the	DT
cord-021959-1y67126b	496	32	valuation	valuation	NN
cord-021959-1y67126b	496	33	of	of	IN
cord-021959-1y67126b	496	34	risk	risk	NN
cord-021959-1y67126b	496	35	assets	asset	NNS
cord-021959-1y67126b	496	36	and	and	CC
cord-021959-1y67126b	496	37	the	the	DT
cord-021959-1y67126b	496	38	selection	selection	NN
cord-021959-1y67126b	496	39	of	of	IN
cord-021959-1y67126b	496	40	risky	risky	JJ
cord-021959-1y67126b	496	41	investments	investment	NNS
cord-021959-1y67126b	496	42	in	in	IN
cord-021959-1y67126b	496	43	stock	stock	NN
cord-021959-1y67126b	496	44	portfolios	portfolio	NNS
cord-021959-1y67126b	496	45	and	and	CC
cord-021959-1y67126b	496	46	capital	capital	NN
cord-021959-1y67126b	496	47	budgets	budget	NNS
cord-021959-1y67126b	496	48	Extending	extend	VBG
cord-021959-1y67126b	496	49	modern	modern	JJ
cord-021959-1y67126b	496	50	portfolio	portfolio	NN
cord-021959-1y67126b	496	51	theory	theory	NN
cord-021959-1y67126b	496	52	into	into	IN
cord-021959-1y67126b	496	53	the	the	DT
cord-021959-1y67126b	496	54	domain	domain	NN
cord-021959-1y67126b	496	55	of	of	IN
cord-021959-1y67126b	496	56	corporate	corporate	JJ
cord-021959-1y67126b	496	57	diversification	diversification	NN
cord-021959-1y67126b	496	58	:	:	:
cord-021959-1y67126b	496	59	Does	do	VBZ
cord-021959-1y67126b	496	60	it	-PRON-	PRP
cord-021959-1y67126b	496	61	apply	apply	VB
cord-021959-1y67126b	496	62	?	?	.
cord-021959-1y67126b	497	1	Risk	risk	NN
cord-021959-1y67126b	497	2	,	,	,
cord-021959-1y67126b	497	3	strategy	strategy	NN
cord-021959-1y67126b	497	4	,	,	,
cord-021959-1y67126b	497	5	and	and	CC
cord-021959-1y67126b	497	6	finance	finance	NN
cord-021959-1y67126b	497	7	:	:	:
cord-021959-1y67126b	498	1	Unifying	unify	VBG
cord-021959-1y67126b	498	2	two	two	CD
cord-021959-1y67126b	498	3	world	world	NN
cord-021959-1y67126b	498	4	views	view	NNS
cord-021959-1y67126b	498	5	(	(	-LRB-
cord-021959-1y67126b	498	6	Editorial	editorial	NN
cord-021959-1y67126b	498	7	)	)	-RRB-
cord-021959-1y67126b	498	8	.	.	.
cord-021959-1y67126b	499	1	Long	long	JJ
cord-021959-1y67126b	499	2	Range	Range	NNP
cord-021959-1y67126b	499	3	Planning	Planning	NNP
cord-021959-1y67126b	499	4	Cost	cost	NN
cord-021959-1y67126b	499	5	of	of	IN
cord-021959-1y67126b	499	6	equity	equity	NN
cord-021959-1y67126b	499	7	conundrum	conundrum	NN
cord-021959-1y67126b	499	8	in	in	IN
cord-021959-1y67126b	499	9	the	the	DT
cord-021959-1y67126b	499	10	lodging	lodging	NN
cord-021959-1y67126b	499	11	industry	industry	NN
cord-021959-1y67126b	499	12	:	:	:
cord-021959-1y67126b	500	1	A	a	DT
cord-021959-1y67126b	500	2	conceptual	conceptual	JJ
cord-021959-1y67126b	500	3	framework	framework	NN
cord-021959-1y67126b	500	4	Portfolio	Portfolio	NNP
cord-021959-1y67126b	500	5	selection	selection	NN
cord-021959-1y67126b	500	6	Portfolio	Portfolio	NNP
cord-021959-1y67126b	500	7	Selection	Selection	NNP
cord-021959-1y67126b	500	8	:	:	:
cord-021959-1y67126b	500	9	Efficient	efficient	JJ
cord-021959-1y67126b	500	10	Diversification	diversification	NN
cord-021959-1y67126b	500	11	of	of	IN
cord-021959-1y67126b	500	12	Investments	Investments	NNP
cord-021959-1y67126b	500	13	Incentives	Incentives	NNPS
cord-021959-1y67126b	500	14	for	for	IN
cord-021959-1y67126b	500	15	diversification	diversification	NN
cord-021959-1y67126b	500	16	and	and	CC
cord-021959-1y67126b	500	17	the	the	DT
cord-021959-1y67126b	500	18	structure	structure	NN
cord-021959-1y67126b	500	19	of	of	IN
cord-021959-1y67126b	500	20	the	the	DT
cord-021959-1y67126b	500	21	conglomerate	conglomerate	NN
cord-021959-1y67126b	500	22	firm	firm	NN
cord-021959-1y67126b	500	23	Assessing	assess	VBG
cord-021959-1y67126b	500	24	the	the	DT
cord-021959-1y67126b	500	25	value	value	NN
cord-021959-1y67126b	500	26	of	of	IN
cord-021959-1y67126b	500	27	brands	brand	NNS
cord-021959-1y67126b	501	1	A	a	DT
cord-021959-1y67126b	501	2	Proposed	propose	VBN
cord-021959-1y67126b	501	3	Structure	Structure	NNP
cord-021959-1y67126b	501	4	for	for	IN
cord-021959-1y67126b	501	5	Obtaining	obtain	VBG
cord-021959-1y67126b	501	6	Human	Human	NNP
cord-021959-1y67126b	501	7	Resource	resource	NN
cord-021959-1y67126b	501	8	Intangible	intangible	JJ
cord-021959-1y67126b	501	9	Value	Value	NNP
cord-021959-1y67126b	501	10	in	in	IN
cord-021959-1y67126b	501	11	Restaurant	Restaurant	NNP
cord-021959-1y67126b	501	12	Organizations	Organizations	NNP
cord-021959-1y67126b	502	1	Using	use	VBG
cord-021959-1y67126b	502	2	Economic	Economic	NNP
cord-021959-1y67126b	502	3	Value	Value	NNP
cord-021959-1y67126b	502	4	Added	add	VBN
cord-021959-1y67126b	502	5	The	the	DT
cord-021959-1y67126b	502	6	Real	real	JJ
cord-021959-1y67126b	502	7	Cost	cost	NN
cord-021959-1y67126b	502	8	of	of	IN
cord-021959-1y67126b	502	9	Capital	capital	NN
cord-021959-1y67126b	502	10	:	:	:
cord-021959-1y67126b	503	1	A	a	DT
cord-021959-1y67126b	503	2	Business	Business	NNP
cord-021959-1y67126b	503	3	Field	Field	NNP
cord-021959-1y67126b	503	4	Guide	Guide	NNP
cord-021959-1y67126b	503	5	to	to	IN
cord-021959-1y67126b	503	6	Better	Better	NNP
cord-021959-1y67126b	503	7	Financial	Financial	NNP
cord-021959-1y67126b	503	8	Decisions	decision	NNS
cord-021959-1y67126b	503	9	Into	into	IN
cord-021959-1y67126b	503	10	the	the	DT
cord-021959-1y67126b	503	11	New	new	JJ
cord-021959-1y67126b	503	12	Millennium	millennium	NN
cord-021959-1y67126b	503	13	:	:	:
cord-021959-1y67126b	504	1	The	the	DT
cord-021959-1y67126b	504	2	IHA	IHA	NNP
cord-021959-1y67126b	504	3	White	White	NNP
cord-021959-1y67126b	504	4	Paper	Paper	NNP
cord-021959-1y67126b	504	5	on	on	IN
cord-021959-1y67126b	504	6	the	the	DT
cord-021959-1y67126b	504	7	Global	Global	NNP
cord-021959-1y67126b	504	8	Hospitality	Hospitality	NNP
cord-021959-1y67126b	504	9	Industry	Industry	NNP
cord-021959-1y67126b	504	10	:	:	:
cord-021959-1y67126b	504	11	Events	event	NNS
cord-021959-1y67126b	504	12	Shaping	shape	VBG
cord-021959-1y67126b	504	13	the	the	DT
cord-021959-1y67126b	504	14	Future	future	NN
cord-021959-1y67126b	504	15	of	of	IN
cord-021959-1y67126b	504	16	the	the	DT
cord-021959-1y67126b	504	17	Industry	Industry	NNP
cord-021959-1y67126b	504	18	Global	Global	NNP
cord-021959-1y67126b	504	19	Hotel	Hotel	NNP
cord-021959-1y67126b	504	20	Finance	Finance	NNP
cord-021959-1y67126b	504	21	--	--	:
cord-021959-1y67126b	504	22	The	the	DT
cord-021959-1y67126b	504	23	Future	Future	NNP
cord-021959-1y67126b	504	24	.	.	.
cord-021959-1y67126b	505	1	One	one	CD
cord-021959-1y67126b	505	2	-	-	HYPH
cord-021959-1y67126b	505	3	day	day	NN
cord-021959-1y67126b	505	4	program	program	NN
cord-021959-1y67126b	505	5	co	co	NNS
cord-021959-1y67126b	505	6	-	-	VBN
cord-021959-1y67126b	505	7	sponsored	sponsor	VBN
cord-021959-1y67126b	505	8	by	by	IN
cord-021959-1y67126b	505	9	Hong	Hong	NNP
cord-021959-1y67126b	505	10	Kong	Kong	NNP
cord-021959-1y67126b	505	11	Shanghai	Shanghai	NNP
cord-021959-1y67126b	505	12	Bank	Bank	NNP
cord-021959-1y67126b	505	13	Corporation	Corporation	NNP
cord-021959-1y67126b	505	14	,	,	,
cord-021959-1y67126b	505	15	Deloitte	Deloitte	NNP
cord-021959-1y67126b	505	16	&	&	CC
cord-021959-1y67126b	505	17	Touche	Touche	NNP
cord-021959-1y67126b	505	18	Consulting	Consulting	NNP
cord-021959-1y67126b	505	19	Group	Group	NNP
cord-021959-1y67126b	505	20	and	and	CC
cord-021959-1y67126b	505	21	Richard	Richard	NNP
cord-021959-1y67126b	505	22	Ellis	Ellis	NNP
cord-021959-1y67126b	505	23	International	International	NNP
cord-021959-1y67126b	505	24	Property	Property	NNP
cord-021959-1y67126b	505	25	Consultants	Consultants	NNPS
cord-021959-1y67126b	505	26	Leading	lead	VBG
cord-021959-1y67126b	505	27	Hospitality	Hospitality	NNP
cord-021959-1y67126b	505	28	into	into	IN
cord-021959-1y67126b	505	29	the	the	DT
cord-021959-1y67126b	505	30	Age	Age	NNP
cord-021959-1y67126b	505	31	of	of	IN
cord-021959-1y67126b	505	32	Excellence	Excellence	NNP
cord-021959-1y67126b	505	33	:	:	:
cord-021959-1y67126b	505	34	Competition	competition	NN
cord-021959-1y67126b	505	35	and	and	CC
cord-021959-1y67126b	505	36	Vision	Vision	NNP
cord-021959-1y67126b	505	37	in	in	IN
cord-021959-1y67126b	505	38	the	the	DT
cord-021959-1y67126b	505	39	Multinational	Multinational	NNP
cord-021959-1y67126b	505	40	Hotel	Hotel	NNP
cord-021959-1y67126b	505	41	Industry	Industry	NNP
cord-021959-1y67126b	505	42	March	March	NNP
cord-021959-1y67126b	505	43	11	11	CD
cord-021959-1y67126b	505	44	.	.	.
cord-021959-1y67126b	506	1	Trends	trend	NNS
cord-021959-1y67126b	506	2	in	in	IN
cord-021959-1y67126b	506	3	safety	safety	NN
cord-021959-1y67126b	506	4	&	&	CC
cord-021959-1y67126b	506	5	security	security	NN
cord-021959-1y67126b	506	6	.	.	.
cord-021959-1y67126b	507	1	Hotel	Hotel	NNP
cord-021959-1y67126b	507	2	and	and	CC
cord-021959-1y67126b	507	3	Motel	Motel	NNP
cord-021959-1y67126b	507	4	Management	Management	NNP
cord-021959-1y67126b	507	5	Strategic	Strategic	NNP
cord-021959-1y67126b	507	6	Management	Management	NNP
cord-021959-1y67126b	507	7	in	in	IN
cord-021959-1y67126b	507	8	the	the	DT
cord-021959-1y67126b	507	9	Hospitality	Hospitality	NNP
cord-021959-1y67126b	507	10	Industry	Industry	NNP
cord-021959-1y67126b	507	11	Managing	Managing	NNP
cord-021959-1y67126b	507	12	brand	brand	NN
cord-021959-1y67126b	507	13	equity	equity	NN
cord-021959-1y67126b	507	14	:	:	:
cord-021959-1y67126b	507	15	A	a	DT
cord-021959-1y67126b	507	16	customer	customer	NN
cord-021959-1y67126b	507	17	-	-	HYPH
cord-021959-1y67126b	507	18	centric	centric	NN
cord-021959-1y67126b	507	19	framework	framework	NN
cord-021959-1y67126b	507	20	for	for	IN
cord-021959-1y67126b	507	21	assessing	assess	VBG
cord-021959-1y67126b	507	22	performance	performance	NN
cord-021959-1y67126b	507	23	Model	Model	NNP
cord-021959-1y67126b	507	24	estimates	estimate	VBZ
cord-021959-1y67126b	507	25	financial	financial	JJ
cord-021959-1y67126b	507	26	impact	impact	NN
cord-021959-1y67126b	507	27	of	of	IN
cord-021959-1y67126b	507	28	guest	guest	NN
cord-021959-1y67126b	507	29	satisfaction	satisfaction	NN
cord-021959-1y67126b	507	30	efforts	effort	NNS
cord-021959-1y67126b	507	31	Cost	cost	NN
cord-021959-1y67126b	507	32	of	of	IN
cord-021959-1y67126b	507	33	Capital	capital	NN
cord-021959-1y67126b	507	34	:	:	:
cord-021959-1y67126b	507	35	Estimation	Estimation	NNP
cord-021959-1y67126b	507	36	and	and	CC
cord-021959-1y67126b	507	37	Applications	application	NNS
cord-021959-1y67126b	508	1	A	a	DT
cord-021959-1y67126b	508	2	new	new	JJ
cord-021959-1y67126b	508	3	empirical	empirical	JJ
cord-021959-1y67126b	508	4	perspective	perspective	NN
cord-021959-1y67126b	508	5	on	on	IN
cord-021959-1y67126b	508	6	the	the	DT
cord-021959-1y67126b	508	7	CAPM	CAPM	NNP
cord-021959-1y67126b	509	1	On	on	IN
cord-021959-1y67126b	509	2	the	the	DT
cord-021959-1y67126b	509	3	cross	cross	JJ
cord-021959-1y67126b	509	4	-	-	JJ
cord-021959-1y67126b	509	5	sectional	sectional	JJ
cord-021959-1y67126b	509	6	relation	relation	NN
cord-021959-1y67126b	509	7	between	between	IN
cord-021959-1y67126b	509	8	expected	expected	JJ
cord-021959-1y67126b	509	9	returns	return	NNS
cord-021959-1y67126b	509	10	and	and	CC
cord-021959-1y67126b	509	11	betas	beta	NNS
cord-021959-1y67126b	509	12	The	the	DT
cord-021959-1y67126b	509	13	capital	capital	NN
cord-021959-1y67126b	509	14	asset	asset	NN
cord-021959-1y67126b	509	15	pricing	pricing	NN
cord-021959-1y67126b	509	16	model	model	NN
cord-021959-1y67126b	509	17	and	and	CC
cord-021959-1y67126b	509	18	the	the	DT
cord-021959-1y67126b	509	19	market	market	NN
cord-021959-1y67126b	509	20	model	model	NN
cord-021959-1y67126b	509	21	Persuasive	persuasive	JJ
cord-021959-1y67126b	509	22	evidence	evidence	NN
cord-021959-1y67126b	509	23	of	of	IN
cord-021959-1y67126b	509	24	market	market	NN
cord-021959-1y67126b	509	25	inefficiency	inefficiency	NN
cord-021959-1y67126b	509	26	The	the	DT
cord-021959-1y67126b	509	27	arbitrage	arbitrage	NN
cord-021959-1y67126b	509	28	theory	theory	NN
cord-021959-1y67126b	509	29	of	of	IN
cord-021959-1y67126b	509	30	capital	capital	NN
cord-021959-1y67126b	509	31	asset	asset	NN
cord-021959-1y67126b	509	32	pricing	pricing	NN
cord-021959-1y67126b	509	33	Technology	Technology	NNP
cord-021959-1y67126b	509	34	:	:	:
cord-021959-1y67126b	509	35	The	the	DT
cord-021959-1y67126b	509	36	importance	importance	NN
cord-021959-1y67126b	509	37	of	of	IN
cord-021959-1y67126b	509	38	technology	technology	NN
cord-021959-1y67126b	509	39	in	in	IN
cord-021959-1y67126b	509	40	the	the	DT
cord-021959-1y67126b	509	41	hotel	hotel	NN
cord-021959-1y67126b	509	42	industry	industry	NN
cord-021959-1y67126b	509	43	Capital	capital	NN
cord-021959-1y67126b	509	44	asset	asset	NN
cord-021959-1y67126b	509	45	prices	price	NNS
cord-021959-1y67126b	509	46	:	:	:
cord-021959-1y67126b	509	47	A	a	DT
cord-021959-1y67126b	509	48	theory	theory	NN
cord-021959-1y67126b	509	49	of	of	IN
cord-021959-1y67126b	509	50	market	market	NN
cord-021959-1y67126b	509	51	equilibrium	equilibrium	NN
cord-021959-1y67126b	509	52	under	under	IN
cord-021959-1y67126b	509	53	conditions	condition	NNS
cord-021959-1y67126b	509	54	of	of	IN
cord-021959-1y67126b	509	55	risk	risk	NN
cord-021959-1y67126b	510	1	An	an	DT
cord-021959-1y67126b	510	2	empirical	empirical	JJ
cord-021959-1y67126b	510	3	analysis	analysis	NN
cord-021959-1y67126b	510	4	of	of	IN
cord-021959-1y67126b	510	5	anomalies	anomaly	NNS
cord-021959-1y67126b	510	6	in	in	IN
cord-021959-1y67126b	510	7	the	the	DT
cord-021959-1y67126b	510	8	relationship	relationship	NN
cord-021959-1y67126b	510	9	between	between	IN
cord-021959-1y67126b	510	10	earnings	earning	NNS
cord-021959-1y67126b	510	11	'	'	POS
cord-021959-1y67126b	510	12	yield	yield	NN
cord-021959-1y67126b	510	13	and	and	CC
cord-021959-1y67126b	510	14	returns	return	NNS
cord-021959-1y67126b	510	15	of	of	IN
cord-021959-1y67126b	510	16	common	common	JJ
cord-021959-1y67126b	510	17	stocks	stock	NNS
cord-021959-1y67126b	510	18	:	:	:
cord-021959-1y67126b	511	1	The	the	DT
cord-021959-1y67126b	511	2	case	case	NN
cord-021959-1y67126b	511	3	of	of	IN
cord-021959-1y67126b	511	4	lodging	lodging	NN
cord-021959-1y67126b	511	5	and	and	CC
cord-021959-1y67126b	511	6	hotel	hotel	NN
cord-021959-1y67126b	511	7	firms	firm	NNS
cord-021959-1y67126b	511	8	Stocks	stock	NNS
cord-021959-1y67126b	511	9	for	for	IN
cord-021959-1y67126b	511	10	the	the	DT
cord-021959-1y67126b	511	11	long	long	JJ
cord-021959-1y67126b	511	12	run	run	NN
cord-021959-1y67126b	511	13	The	the	DT
cord-021959-1y67126b	511	14	measurement	measurement	NN
cord-021959-1y67126b	511	15	and	and	CC
cord-021959-1y67126b	511	16	determinants	determinant	NNS
cord-021959-1y67126b	511	17	of	of	IN
cord-021959-1y67126b	511	18	brand	brand	NN
cord-021959-1y67126b	511	19	equity	equity	NN
cord-021959-1y67126b	511	20	:	:	:
cord-021959-1y67126b	511	21	A	a	DT
cord-021959-1y67126b	511	22	financial	financial	JJ
cord-021959-1y67126b	511	23	approach	approach	NN
cord-021959-1y67126b	511	24	Corporate	corporate	JJ
cord-021959-1y67126b	511	25	ownership	ownership	NN
cord-021959-1y67126b	511	26	structure	structure	NN
cord-021959-1y67126b	511	27	and	and	CC
cord-021959-1y67126b	511	28	performance	performance	NN
cord-021959-1y67126b	511	29	:	:	:
cord-021959-1y67126b	511	30	The	the	DT
cord-021959-1y67126b	511	31	case	case	NN
cord-021959-1y67126b	511	32	of	of	IN
cord-021959-1y67126b	511	33	management	management	NN
cord-021959-1y67126b	511	34	buyouts	buyout	NNS
cord-021959-1y67126b	511	35	Marketbased	marketbased	JJ
cord-021959-1y67126b	511	36	assets	asset	NNS
cord-021959-1y67126b	511	37	and	and	CC
cord-021959-1y67126b	511	38	shareholder	shareholder	NN
cord-021959-1y67126b	511	39	value	value	NN
cord-021959-1y67126b	511	40	:	:	:
cord-021959-1y67126b	511	41	A	a	DT
cord-021959-1y67126b	511	42	framework	framework	NN
cord-021959-1y67126b	511	43	for	for	IN
cord-021959-1y67126b	511	44	analysis	analysis	NN
cord-021959-1y67126b	511	45	Passing	pass	VBG
cord-021959-1y67126b	511	46	the	the	DT
cord-021959-1y67126b	511	47	Baton	Baton	NNP
cord-021959-1y67126b	511	48	:	:	:
cord-021959-1y67126b	511	49	Managing	manage	VBG
cord-021959-1y67126b	511	50	the	the	DT
cord-021959-1y67126b	511	51	Process	Process	NNP
cord-021959-1y67126b	511	52	of	of	IN
cord-021959-1y67126b	511	53	CEO	CEO	NNP
cord-021959-1y67126b	511	54	Succession	Succession	NNP