id	sid	tid	token	lemma	pos
ajfa-1560	1	1	microsoft	microsoft	PROPN
ajfa-1560	1	2	word	word	NOUN
ajfa-1560	1	3	1560	1560	NUM
ajfa-1560	1	4	-	-	SYM
ajfa-1560	1	5	6159	6159	NUM
ajfa-1560	1	6	-	-	PUNCT
ajfa-1560	1	7	2	2	NUM
ajfa-1560	1	8	-	-	PUNCT
ajfa-1560	1	9	rv	rv	NOUN
ajfa-1560	1	10	-	-	PUNCT
ajfa-1560	1	11	writer2	writer2	VERB
ajfa-1560	1	12	-	-	ADJ
ajfa-1560	1	13	new	new	ADJ
ajfa-1560	1	14	asian	asian	ADJ
ajfa-1560	1	15	journal	journal	NOUN
ajfa-1560	1	16	of	of	ADP
ajfa-1560	1	17	finance	finance	PROPN
ajfa-1560	1	18	&	&	CCONJ
ajfa-1560	1	19	accounting	accounting	PROPN
ajfa-1560	1	20	issn	issn	PROPN
ajfa-1560	1	21	1946	1946	NUM
ajfa-1560	1	22	-	-	PUNCT
ajfa-1560	1	23	052x	052x	NOUN
ajfa-1560	1	24	2012	2012	NUM
ajfa-1560	1	25	,	,	PUNCT
ajfa-1560	1	26	vol	vol	NOUN
ajfa-1560	1	27	.	.	PROPN
ajfa-1560	1	28	4	4	NUM
ajfa-1560	1	29	,	,	PUNCT
ajfa-1560	1	30	no	no	INTJ
ajfa-1560	1	31	.	.	NOUN
ajfa-1560	1	32	1	1	NUM
ajfa-1560	1	33	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1560	1	34	259	259	NUM
ajfa-1560	1	35	prior	prior	ADJ
ajfa-1560	1	36	return	return	NOUN
ajfa-1560	1	37	patterns	pattern	NOUN
ajfa-1560	1	38	in	in	ADP
ajfa-1560	1	39	sector	sector	NOUN
ajfa-1560	1	40	returns	return	NOUN
ajfa-1560	1	41	:	:	PUNCT
ajfa-1560	1	42	evidence	evidence	NOUN
ajfa-1560	1	43	for	for	ADP
ajfa-1560	1	44	emerging	emerge	VERB
ajfa-1560	1	45	markets	market	NOUN
ajfa-1560	1	46	sanjay	sanjay	PROPN
ajfa-1560	1	47	sehgal	sehgal	PROPN
ajfa-1560	1	48	professor	professor	NOUN
ajfa-1560	1	49	of	of	ADP
ajfa-1560	1	50	finance	finance	NOUN
ajfa-1560	1	51	,	,	PUNCT
ajfa-1560	1	52	university	university	NOUN
ajfa-1560	1	53	of	of	ADP
ajfa-1560	1	54	delhi	delhi	PROPN
ajfa-1560	1	55	sakshi	sakshi	PROPN
ajfa-1560	1	56	jain	jain	PROPN
ajfa-1560	1	57	research	research	NOUN
ajfa-1560	1	58	associate	associate	NOUN
ajfa-1560	1	59	,	,	PUNCT
ajfa-1560	1	60	university	university	NOUN
ajfa-1560	1	61	of	of	ADP
ajfa-1560	1	62	delhi	delhi	PROPN
ajfa-1560	1	63	received	receive	VERB
ajfa-1560	1	64	:	:	PUNCT
ajfa-1560	1	65	march	march	PROPN
ajfa-1560	1	66	28	28	NUM
ajfa-1560	1	67	,	,	PUNCT
ajfa-1560	1	68	2012	2012	NUM
ajfa-1560	1	69	accepted	accept	VERB
ajfa-1560	1	70	:	:	PUNCT
ajfa-1560	1	71	may	may	AUX
ajfa-1560	1	72	5	5	NUM
ajfa-1560	1	73	,	,	PUNCT
ajfa-1560	1	74	2012	2012	NUM
ajfa-1560	1	75	published	publish	VERB
ajfa-1560	1	76	:	:	PUNCT
ajfa-1560	1	77	june	june	PROPN
ajfa-1560	1	78	1	1	NUM
ajfa-1560	1	79	,	,	PUNCT
ajfa-1560	1	80	2012	2012	NUM
ajfa-1560	1	81	doi:10.5296	doi:10.5296	NOUN
ajfa-1560	1	82	/	/	SYM
ajfa-1560	1	83	ajfa.v4i1.1560	ajfa.v4i1.1560	PUNCT
ajfa-1560	1	84	url	url	PROPN
ajfa-1560	1	85	:	:	PUNCT
ajfa-1560	1	86	http://dx.doi.org/10.5296/ajfa.v4i1.1560	http://dx.doi.org/10.5296/ajfa.v4i1.1560	NUM
ajfa-1560	1	87	abstract	abstract	ADJ
ajfa-1560	1	88	in	in	ADP
ajfa-1560	1	89	this	this	DET
ajfa-1560	1	90	paper	paper	NOUN
ajfa-1560	1	91	,	,	PUNCT
ajfa-1560	1	92	we	we	PRON
ajfa-1560	1	93	examine	examine	VERB
ajfa-1560	1	94	if	if	SCONJ
ajfa-1560	1	95	there	there	PRON
ajfa-1560	1	96	are	be	VERB
ajfa-1560	1	97	any	any	DET
ajfa-1560	1	98	prior	prior	ADJ
ajfa-1560	1	99	return	return	NOUN
ajfa-1560	1	100	patterns	pattern	NOUN
ajfa-1560	1	101	for	for	ADP
ajfa-1560	1	102	sector	sector	NOUN
ajfa-1560	1	103	returns	return	NOUN
ajfa-1560	1	104	for	for	ADP
ajfa-1560	1	105	bricks	brick	NOUN
ajfa-1560	1	106	markets	market	NOUN
ajfa-1560	1	107	from	from	ADP
ajfa-1560	1	108	january	january	PROPN
ajfa-1560	1	109	1993	1993	NUM
ajfa-1560	1	110	to	to	ADP
ajfa-1560	1	111	february	february	PROPN
ajfa-1560	1	112	2008	2008	NUM
ajfa-1560	1	113	.	.	PUNCT
ajfa-1560	2	1	for	for	ADP
ajfa-1560	2	2	short	short	ADJ
ajfa-1560	2	3	-	-	PUNCT
ajfa-1560	2	4	term	term	NOUN
ajfa-1560	2	5	portfolio	portfolio	NOUN
ajfa-1560	2	6	formation	formation	NOUN
ajfa-1560	2	7	windows	window	NOUN
ajfa-1560	2	8	(	(	PUNCT
ajfa-1560	2	9	up	up	ADP
ajfa-1560	2	10	to	to	PART
ajfa-1560	2	11	12	12	NUM
ajfa-1560	2	12	months	month	NOUN
ajfa-1560	2	13	)	)	PUNCT
ajfa-1560	2	14	,	,	PUNCT
ajfa-1560	2	15	india	india	PROPN
ajfa-1560	2	16	and	and	CCONJ
ajfa-1560	2	17	s.africa	s.africa	PROPN
ajfa-1560	2	18	report	report	VERB
ajfa-1560	2	19	momentum	momentum	NOUN
ajfa-1560	2	20	behavior	behavior	NOUN
ajfa-1560	2	21	while	while	SCONJ
ajfa-1560	2	22	south	south	PROPN
ajfa-1560	2	23	korea	korea	PROPN
ajfa-1560	2	24	reports	report	VERB
ajfa-1560	2	25	reversals	reversal	NOUN
ajfa-1560	2	26	.	.	PUNCT
ajfa-1560	3	1	for	for	ADP
ajfa-1560	3	2	long	long	ADJ
ajfa-1560	3	3	-	-	PUNCT
ajfa-1560	3	4	term	term	NOUN
ajfa-1560	3	5	formation	formation	NOUN
ajfa-1560	3	6	windows	window	NOUN
ajfa-1560	3	7	(	(	PUNCT
ajfa-1560	3	8	up	up	ADP
ajfa-1560	3	9	to	to	PART
ajfa-1560	3	10	60	60	NUM
ajfa-1560	3	11	months	month	NOUN
ajfa-1560	3	12	)	)	PUNCT
ajfa-1560	3	13	,	,	PUNCT
ajfa-1560	3	14	brazil	brazil	PROPN
ajfa-1560	3	15	exhibits	exhibit	VERB
ajfa-1560	3	16	momentum	momentum	NOUN
ajfa-1560	3	17	patterns	pattern	NOUN
ajfa-1560	3	18	which	which	PRON
ajfa-1560	3	19	disappear	disappear	VERB
ajfa-1560	3	20	for	for	ADP
ajfa-1560	3	21	60	60	NUM
ajfa-1560	3	22	-	-	SYM
ajfa-1560	3	23	12	12	NUM
ajfa-1560	3	24	-	-	PUNCT
ajfa-1560	3	25	12	12	NUM
ajfa-1560	3	26	strategies	strategy	NOUN
ajfa-1560	3	27	.	.	PUNCT
ajfa-1560	4	1	india	india	PROPN
ajfa-1560	4	2	and	and	CCONJ
ajfa-1560	4	3	russia	russia	PROPN
ajfa-1560	4	4	momentum	momentum	NOUN
ajfa-1560	4	5	patterns	pattern	NOUN
ajfa-1560	4	6	continue	continue	VERB
ajfa-1560	4	7	even	even	ADV
ajfa-1560	4	8	for	for	ADP
ajfa-1560	4	9	long	long	ADJ
ajfa-1560	4	10	-	-	PUNCT
ajfa-1560	4	11	term	term	NOUN
ajfa-1560	4	12	portfolio	portfolio	NOUN
ajfa-1560	4	13	formation	formation	NOUN
ajfa-1560	4	14	windows	window	VERB
ajfa-1560	4	15	south	south	PROPN
ajfa-1560	4	16	korea	korea	PROPN
ajfa-1560	4	17	,	,	PUNCT
ajfa-1560	4	18	south	south	PROPN
ajfa-1560	4	19	africa	africa	PROPN
ajfa-1560	4	20	and	and	CCONJ
ajfa-1560	4	21	china	china	PROPN
ajfa-1560	4	22	show	show	VERB
ajfa-1560	4	23	weak	weak	ADJ
ajfa-1560	4	24	reversals	reversal	NOUN
ajfa-1560	4	25	for	for	ADP
ajfa-1560	4	26	long	long	ADJ
ajfa-1560	4	27	-	-	PUNCT
ajfa-1560	4	28	term	term	NOUN
ajfa-1560	4	29	portfolio	portfolio	NOUN
ajfa-1560	4	30	formation	formation	NOUN
ajfa-1560	4	31	windows	window	NOUN
ajfa-1560	4	32	.	.	PUNCT
ajfa-1560	5	1	we	we	PRON
ajfa-1560	5	2	construct	construct	VERB
ajfa-1560	5	3	a	a	DET
ajfa-1560	5	4	sector	sector	NOUN
ajfa-1560	5	5	factor	factor	NOUN
ajfa-1560	5	6	based	base	VERB
ajfa-1560	5	7	on	on	ADP
ajfa-1560	5	8	liu	liu	PROPN
ajfa-1560	5	9	and	and	CCONJ
ajfa-1560	5	10	zhang	zhang	PROPN
ajfa-1560	5	11	(	(	PUNCT
ajfa-1560	5	12	2008	2008	NUM
ajfa-1560	5	13	)	)	PUNCT
ajfa-1560	5	14	argument	argument	NOUN
ajfa-1560	5	15	that	that	SCONJ
ajfa-1560	5	16	winner	winner	NOUN
ajfa-1560	5	17	sector	sector	NOUN
ajfa-1560	5	18	exhibit	exhibit	VERB
ajfa-1560	5	19	higher	high	ADJ
ajfa-1560	5	20	risk	risk	NOUN
ajfa-1560	5	21	owing	owe	VERB
ajfa-1560	5	22	to	to	ADP
ajfa-1560	5	23	stronger	strong	ADJ
ajfa-1560	5	24	growth	growth	NOUN
ajfa-1560	5	25	potential	potential	NOUN
ajfa-1560	5	26	.	.	PUNCT
ajfa-1560	6	1	we	we	PRON
ajfa-1560	6	2	observe	observe	VERB
ajfa-1560	6	3	that	that	SCONJ
ajfa-1560	6	4	a	a	DET
ajfa-1560	6	5	large	large	ADJ
ajfa-1560	6	6	part	part	NOUN
ajfa-1560	6	7	of	of	ADP
ajfa-1560	6	8	prior	prior	ADJ
ajfa-1560	6	9	return	return	NOUN
ajfa-1560	6	10	patterns	pattern	NOUN
ajfa-1560	6	11	in	in	ADP
ajfa-1560	6	12	stock	stock	NOUN
ajfa-1560	6	13	returns	return	NOUN
ajfa-1560	6	14	are	be	AUX
ajfa-1560	6	15	absorbed	absorb	VERB
ajfa-1560	6	16	by	by	ADP
ajfa-1560	6	17	similar	similar	ADJ
ajfa-1560	6	18	patterns	pattern	NOUN
ajfa-1560	6	19	in	in	ADP
ajfa-1560	6	20	sector	sector	NOUN
ajfa-1560	6	21	returns	return	NOUN
ajfa-1560	6	22	.	.	PUNCT
ajfa-1560	7	1	our	our	PRON
ajfa-1560	7	2	findings	finding	NOUN
ajfa-1560	7	3	shall	shall	AUX
ajfa-1560	7	4	be	be	AUX
ajfa-1560	7	5	useful	useful	ADJ
ajfa-1560	7	6	for	for	ADP
ajfa-1560	7	7	portfolio	portfolio	NOUN
ajfa-1560	7	8	managers	manager	NOUN
ajfa-1560	7	9	and	and	CCONJ
ajfa-1560	7	10	academicians	academician	NOUN
ajfa-1560	7	11	with	with	ADP
ajfa-1560	7	12	better	well	ADJ
ajfa-1560	7	13	insights	insight	NOUN
ajfa-1560	7	14	about	about	ADP
ajfa-1560	7	15	prior	prior	ADJ
ajfa-1560	7	16	return	return	NOUN
ajfa-1560	7	17	patterns	pattern	NOUN
ajfa-1560	7	18	in	in	ADP
ajfa-1560	7	19	sector	sector	NOUN
ajfa-1560	7	20	data	datum	NOUN
ajfa-1560	7	21	.	.	PUNCT
ajfa-1560	8	1	the	the	DET
ajfa-1560	8	2	study	study	NOUN
ajfa-1560	8	3	contributes	contribute	VERB
ajfa-1560	8	4	to	to	ADP
ajfa-1560	8	5	the	the	DET
ajfa-1560	8	6	asset	asset	NOUN
ajfa-1560	8	7	pricing	pricing	NOUN
ajfa-1560	8	8	and	and	CCONJ
ajfa-1560	8	9	behavioral	behavioral	ADJ
ajfa-1560	8	10	finance	finance	NOUN
ajfa-1560	8	11	literature	literature	NOUN
ajfa-1560	8	12	for	for	ADP
ajfa-1560	8	13	emerging	emerge	VERB
ajfa-1560	8	14	markets	market	NOUN
ajfa-1560	8	15	.	.	PUNCT
ajfa-1560	9	1	keywords	keyword	NOUN
ajfa-1560	9	2	:	:	PUNCT
ajfa-1560	10	1	capm	capm	NOUN
ajfa-1560	10	2	,	,	PUNCT
ajfa-1560	10	3	momentum	momentum	NOUN
ajfa-1560	10	4	,	,	PUNCT
ajfa-1560	10	5	contrarian	contrarian	NOUN
ajfa-1560	10	6	,	,	PUNCT
ajfa-1560	10	7	fama	fama	PROPN
ajfa-1560	10	8	french	french	ADJ
ajfa-1560	10	9	model	model	NOUN
ajfa-1560	10	10	,	,	PUNCT
ajfa-1560	10	11	sector	sector	NOUN
ajfa-1560	10	12	returns	return	NOUN
ajfa-1560	10	13	,	,	PUNCT
ajfa-1560	10	14	behavioral	behavioral	ADJ
ajfa-1560	10	15	finance	finance	PROPN
ajfa-1560	10	16	jel	jel	PROPN
ajfa-1560	10	17	code	code	PROPN
ajfa-1560	10	18	:	:	PUNCT
ajfa-1560	10	19	c51	c51	PROPN
ajfa-1560	10	20	,	,	PUNCT
ajfa-1560	10	21	c52	c52	PROPN
ajfa-1560	10	22	,	,	PUNCT
ajfa-1560	10	23	g12	g12	PROPN
ajfa-1560	10	24	,	,	PUNCT
ajfa-1560	10	25	g14	g14	PROPN
ajfa-1560	10	26	,	,	PUNCT
ajfa-1560	10	27	g15	g15	PROPN
ajfa-1560	10	28	asian	asian	PROPN
ajfa-1560	10	29	journal	journal	PROPN
ajfa-1560	10	30	of	of	ADP
ajfa-1560	10	31	finance	finance	PROPN
ajfa-1560	10	32	&	&	CCONJ
ajfa-1560	10	33	accounting	accounting	PROPN
ajfa-1560	10	34	issn	issn	PROPN
ajfa-1560	10	35	1946	1946	NUM
ajfa-1560	10	36	-	-	PUNCT
ajfa-1560	10	37	052x	052x	NOUN
ajfa-1560	10	38	2012	2012	NUM
ajfa-1560	10	39	,	,	PUNCT
ajfa-1560	10	40	vol	vol	NOUN
ajfa-1560	10	41	.	.	PROPN
ajfa-1560	10	42	4	4	NUM
ajfa-1560	10	43	,	,	PUNCT
ajfa-1560	10	44	no	no	INTJ
ajfa-1560	10	45	.	.	NOUN
ajfa-1560	10	46	1	1	NUM
ajfa-1560	10	47	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1560	10	48	260	260	NUM
ajfa-1560	10	49	1	1	NUM
ajfa-1560	10	50	.	.	PUNCT
ajfa-1560	11	1	introduction	introduction	NOUN
ajfa-1560	11	2	goldman	goldman	PROPN
ajfa-1560	11	3	sachs	sachs	PROPN
ajfa-1560	11	4	in	in	ADP
ajfa-1560	11	5	2001	2001	NUM
ajfa-1560	11	6	coined	coin	VERB
ajfa-1560	11	7	the	the	DET
ajfa-1560	11	8	term	term	NOUN
ajfa-1560	11	9	brics	bric	NOUN
ajfa-1560	11	10	for	for	ADP
ajfa-1560	11	11	the	the	DET
ajfa-1560	11	12	fast	fast	ADJ
ajfa-1560	11	13	developing	develop	VERB
ajfa-1560	11	14	economies	economy	NOUN
ajfa-1560	11	15	of	of	ADP
ajfa-1560	11	16	brazil	brazil	PROPN
ajfa-1560	11	17	,	,	PUNCT
ajfa-1560	11	18	russia	russia	PROPN
ajfa-1560	11	19	,	,	PUNCT
ajfa-1560	11	20	india	india	PROPN
ajfa-1560	11	21	and	and	CCONJ
ajfa-1560	11	22	china	china	PROPN
ajfa-1560	11	23	and	and	CCONJ
ajfa-1560	11	24	they	they	PRON
ajfa-1560	11	25	collectively	collectively	ADV
ajfa-1560	11	26	may	may	AUX
ajfa-1560	11	27	rival	rival	VERB
ajfa-1560	11	28	the	the	DET
ajfa-1560	11	29	g7	g7	PROPN
ajfa-1560	11	30	economies	economy	NOUN
ajfa-1560	11	31	in	in	ADP
ajfa-1560	11	32	terms	term	NOUN
ajfa-1560	11	33	of	of	ADP
ajfa-1560	11	34	global	global	ADJ
ajfa-1560	11	35	growth	growth	NOUN
ajfa-1560	11	36	by	by	ADP
ajfa-1560	11	37	2050	2050	NUM
ajfa-1560	11	38	.	.	PUNCT
ajfa-1560	12	1	the	the	DET
ajfa-1560	12	2	economists	economist	NOUN
ajfa-1560	12	3	at	at	ADP
ajfa-1560	12	4	goldman	goldman	PROPN
ajfa-1560	12	5	sachs	sachs	PROPN
ajfa-1560	12	6	believe	believe	VERB
ajfa-1560	12	7	that	that	SCONJ
ajfa-1560	12	8	the	the	DET
ajfa-1560	12	9	bric	bric	PROPN
ajfa-1560	12	10	countries	country	NOUN
ajfa-1560	12	11	will	will	AUX
ajfa-1560	12	12	grow	grow	VERB
ajfa-1560	12	13	at	at	ADP
ajfa-1560	12	14	a	a	DET
ajfa-1560	12	15	significantly	significantly	ADV
ajfa-1560	12	16	higher	high	ADJ
ajfa-1560	12	17	rate	rate	NOUN
ajfa-1560	12	18	than	than	ADP
ajfa-1560	12	19	the	the	DET
ajfa-1560	12	20	developed	develop	VERB
ajfa-1560	12	21	economies	economy	NOUN
ajfa-1560	12	22	.	.	PUNCT
ajfa-1560	13	1	the	the	DET
ajfa-1560	13	2	brics	bric	NOUN
ajfa-1560	13	3	acronym	acronym	NOUN
ajfa-1560	13	4	has	have	AUX
ajfa-1560	13	5	been	be	AUX
ajfa-1560	13	6	extended	extend	VERB
ajfa-1560	13	7	to	to	ADP
ajfa-1560	13	8	bricks	brick	NOUN
ajfa-1560	13	9	in	in	ADP
ajfa-1560	13	10	this	this	DET
ajfa-1560	13	11	paper	paper	NOUN
ajfa-1560	13	12	,	,	PUNCT
ajfa-1560	13	13	which	which	PRON
ajfa-1560	13	14	includes	include	VERB
ajfa-1560	13	15	the	the	DET
ajfa-1560	13	16	emerging	emerge	VERB
ajfa-1560	13	17	economies	economy	NOUN
ajfa-1560	13	18	of	of	ADP
ajfa-1560	13	19	south	south	PROPN
ajfa-1560	13	20	korea	korea	PROPN
ajfa-1560	13	21	(	(	PUNCT
ajfa-1560	13	22	k	k	NOUN
ajfa-1560	13	23	)	)	PUNCT
ajfa-1560	13	24	and	and	CCONJ
ajfa-1560	13	25	south	south	PROPN
ajfa-1560	13	26	africa	africa	PROPN
ajfa-1560	13	27	(	(	PUNCT
ajfa-1560	13	28	s	s	PROPN
ajfa-1560	13	29	)	)	PUNCT
ajfa-1560	13	30	.	.	PUNCT
ajfa-1560	14	1	korea	korea	PROPN
ajfa-1560	14	2	is	be	AUX
ajfa-1560	14	3	an	an	DET
ajfa-1560	14	4	industrial	industrial	ADJ
ajfa-1560	14	5	leader	leader	NOUN
ajfa-1560	14	6	in	in	ADP
ajfa-1560	14	7	electronics	electronic	NOUN
ajfa-1560	14	8	,	,	PUNCT
ajfa-1560	14	9	ship	ship	NOUN
ajfa-1560	14	10	-	-	PUNCT
ajfa-1560	14	11	building	building	NOUN
ajfa-1560	14	12	and	and	CCONJ
ajfa-1560	14	13	global	global	ADJ
ajfa-1560	14	14	trading	trading	NOUN
ajfa-1560	14	15	and	and	CCONJ
ajfa-1560	14	16	south	south	PROPN
ajfa-1560	14	17	africa	africa	PROPN
ajfa-1560	14	18	is	be	AUX
ajfa-1560	14	19	the	the	DET
ajfa-1560	14	20	economic	economic	ADJ
ajfa-1560	14	21	force	force	NOUN
ajfa-1560	14	22	of	of	ADP
ajfa-1560	14	23	the	the	DET
ajfa-1560	14	24	african	african	ADJ
ajfa-1560	14	25	continent	continent	NOUN
ajfa-1560	14	26	and	and	CCONJ
ajfa-1560	14	27	hence	hence	ADV
ajfa-1560	14	28	are	be	AUX
ajfa-1560	14	29	important	important	ADJ
ajfa-1560	14	30	emerging	emerge	VERB
ajfa-1560	14	31	markets	market	NOUN
ajfa-1560	14	32	.	.	PUNCT
ajfa-1560	15	1	these	these	DET
ajfa-1560	15	2	financial	financial	ADJ
ajfa-1560	15	3	markets	market	NOUN
ajfa-1560	15	4	have	have	VERB
ajfa-1560	15	5	attractive	attractive	ADJ
ajfa-1560	15	6	investment	investment	NOUN
ajfa-1560	15	7	opportunities	opportunity	NOUN
ajfa-1560	15	8	with	with	ADP
ajfa-1560	15	9	a	a	DET
ajfa-1560	15	10	striking	striking	ADJ
ajfa-1560	15	11	risk	risk	NOUN
ajfa-1560	15	12	/	/	SYM
ajfa-1560	15	13	return	return	NOUN
ajfa-1560	15	14	ratio	ratio	NOUN
ajfa-1560	15	15	.	.	PUNCT
ajfa-1560	16	1	over	over	ADP
ajfa-1560	16	2	the	the	DET
ajfa-1560	16	3	last	last	ADJ
ajfa-1560	16	4	decade	decade	NOUN
ajfa-1560	16	5	,	,	PUNCT
ajfa-1560	16	6	these	these	DET
ajfa-1560	16	7	economies	economy	NOUN
ajfa-1560	16	8	have	have	AUX
ajfa-1560	16	9	contributed	contribute	VERB
ajfa-1560	16	10	one	one	NUM
ajfa-1560	16	11	third	third	ADJ
ajfa-1560	16	12	in	in	ADP
ajfa-1560	16	13	terms	term	NOUN
ajfa-1560	16	14	of	of	ADP
ajfa-1560	16	15	gdp	gdp	NOUN
ajfa-1560	16	16	growth	growth	NOUN
ajfa-1560	16	17	.	.	PUNCT
ajfa-1560	17	1	bricks	brick	NOUN
ajfa-1560	17	2	represent	represent	VERB
ajfa-1560	17	3	one	one	NUM
ajfa-1560	17	4	of	of	ADP
ajfa-1560	17	5	the	the	DET
ajfa-1560	17	6	most	most	ADV
ajfa-1560	17	7	active	active	ADJ
ajfa-1560	17	8	segments	segment	NOUN
ajfa-1560	17	9	of	of	ADP
ajfa-1560	17	10	emerging	emerge	VERB
ajfa-1560	17	11	markets	market	NOUN
ajfa-1560	17	12	.	.	PUNCT
ajfa-1560	18	1	they	they	PRON
ajfa-1560	18	2	are	be	AUX
ajfa-1560	18	3	on	on	ADP
ajfa-1560	18	4	the	the	DET
ajfa-1560	18	5	radar	radar	NOUN
ajfa-1560	18	6	of	of	ADP
ajfa-1560	18	7	global	global	ADJ
ajfa-1560	18	8	portfolio	portfolio	NOUN
ajfa-1560	18	9	managers	manager	NOUN
ajfa-1560	18	10	owing	owe	VERB
ajfa-1560	18	11	to	to	ADP
ajfa-1560	18	12	the	the	DET
ajfa-1560	18	13	belief	belief	NOUN
ajfa-1560	18	14	that	that	SCONJ
ajfa-1560	18	15	emerging	emerge	VERB
ajfa-1560	18	16	markets	market	NOUN
ajfa-1560	18	17	exhibits	exhibit	VERB
ajfa-1560	18	18	low	low	ADJ
ajfa-1560	18	19	degree	degree	NOUN
ajfa-1560	18	20	of	of	ADP
ajfa-1560	18	21	co	co	NOUN
ajfa-1560	18	22	-	-	NOUN
ajfa-1560	18	23	relation	relation	NOUN
ajfa-1560	18	24	with	with	ADP
ajfa-1560	18	25	mature	mature	ADJ
ajfa-1560	18	26	markets	market	NOUN
ajfa-1560	18	27	.	.	PUNCT
ajfa-1560	19	1	during	during	ADP
ajfa-1560	19	2	recent	recent	ADJ
ajfa-1560	19	3	years	year	NOUN
ajfa-1560	19	4	,	,	PUNCT
ajfa-1560	19	5	with	with	ADP
ajfa-1560	19	6	liberalization	liberalization	NOUN
ajfa-1560	19	7	and	and	CCONJ
ajfa-1560	19	8	deregulation	deregulation	NOUN
ajfa-1560	19	9	in	in	ADP
ajfa-1560	19	10	these	these	DET
ajfa-1560	19	11	emerging	emerge	VERB
ajfa-1560	19	12	markets	market	NOUN
ajfa-1560	19	13	,	,	PUNCT
ajfa-1560	19	14	global	global	ADJ
ajfa-1560	19	15	investors	investor	NOUN
ajfa-1560	19	16	have	have	VERB
ajfa-1560	19	17	many	many	ADJ
ajfa-1560	19	18	opportunities	opportunity	NOUN
ajfa-1560	19	19	to	to	PART
ajfa-1560	19	20	invest	invest	VERB
ajfa-1560	19	21	.	.	PUNCT
ajfa-1560	20	1	these	these	DET
ajfa-1560	20	2	investors	investor	NOUN
ajfa-1560	20	3	are	be	AUX
ajfa-1560	20	4	continuously	continuously	ADV
ajfa-1560	20	5	on	on	ADP
ajfa-1560	20	6	the	the	DET
ajfa-1560	20	7	look	look	NOUN
ajfa-1560	20	8	out	out	ADP
ajfa-1560	20	9	for	for	ADP
ajfa-1560	20	10	trading	trading	NOUN
ajfa-1560	20	11	strategies	strategy	NOUN
ajfa-1560	20	12	that	that	PRON
ajfa-1560	20	13	can	can	AUX
ajfa-1560	20	14	exploit	exploit	VERB
ajfa-1560	20	15	observable	observable	ADJ
ajfa-1560	20	16	market	market	NOUN
ajfa-1560	20	17	inefficiencies	inefficiency	NOUN
ajfa-1560	20	18	and	and	CCONJ
ajfa-1560	20	19	generate	generate	VERB
ajfa-1560	20	20	extra	extra	ADJ
ajfa-1560	20	21	normal	normal	ADJ
ajfa-1560	20	22	returns	return	NOUN
ajfa-1560	20	23	.	.	PUNCT
ajfa-1560	21	1	researchers	researcher	NOUN
ajfa-1560	21	2	have	have	AUX
ajfa-1560	21	3	found	find	VERB
ajfa-1560	21	4	that	that	SCONJ
ajfa-1560	21	5	simple	simple	ADJ
ajfa-1560	21	6	trading	trading	NOUN
ajfa-1560	21	7	strategies	strategy	NOUN
ajfa-1560	21	8	based	base	VERB
ajfa-1560	21	9	on	on	ADP
ajfa-1560	21	10	past	past	ADJ
ajfa-1560	21	11	cross	cross	NOUN
ajfa-1560	21	12	-	-	NOUN
ajfa-1560	21	13	section	section	NOUN
ajfa-1560	21	14	of	of	ADP
ajfa-1560	21	15	stock	stock	NOUN
ajfa-1560	21	16	returns	return	NOUN
ajfa-1560	21	17	can	can	AUX
ajfa-1560	21	18	generate	generate	VERB
ajfa-1560	21	19	extra	extra	ADJ
ajfa-1560	21	20	normal	normal	ADJ
ajfa-1560	21	21	profits	profit	NOUN
ajfa-1560	21	22	.	.	PUNCT
ajfa-1560	22	1	practitioners	practitioner	NOUN
ajfa-1560	22	2	and	and	CCONJ
ajfa-1560	22	3	investors	investor	NOUN
ajfa-1560	22	4	try	try	VERB
ajfa-1560	22	5	to	to	PART
ajfa-1560	22	6	exploit	exploit	VERB
ajfa-1560	22	7	the	the	DET
ajfa-1560	22	8	persisting	persist	VERB
ajfa-1560	22	9	anomalies	anomaly	NOUN
ajfa-1560	22	10	(	(	PUNCT
ajfa-1560	22	11	value	value	NOUN
ajfa-1560	22	12	effect	effect	NOUN
ajfa-1560	22	13	,	,	PUNCT
ajfa-1560	22	14	size	size	NOUN
ajfa-1560	22	15	effect	effect	NOUN
ajfa-1560	22	16	,	,	PUNCT
ajfa-1560	22	17	the	the	DET
ajfa-1560	22	18	january	january	PROPN
ajfa-1560	22	19	effect	effect	NOUN
ajfa-1560	22	20	,	,	PUNCT
ajfa-1560	22	21	lead	lead	NOUN
ajfa-1560	22	22	-	-	PUNCT
ajfa-1560	22	23	lag	lag	NOUN
ajfa-1560	22	24	effects	effect	NOUN
ajfa-1560	22	25	,	,	PUNCT
ajfa-1560	22	26	mean	mean	ADJ
ajfa-1560	22	27	reversal	reversal	NOUN
ajfa-1560	22	28	of	of	ADP
ajfa-1560	22	29	long	long	ADJ
ajfa-1560	22	30	-	-	PUNCT
ajfa-1560	22	31	term	term	NOUN
ajfa-1560	22	32	losers	loser	NOUN
ajfa-1560	22	33	,	,	PUNCT
ajfa-1560	22	34	and	and	CCONJ
ajfa-1560	22	35	momentum	momentum	NOUN
ajfa-1560	22	36	of	of	ADP
ajfa-1560	22	37	short	short	ADJ
ajfa-1560	22	38	-	-	PUNCT
ajfa-1560	22	39	term	term	NOUN
ajfa-1560	22	40	winners	winner	NOUN
ajfa-1560	22	41	)	)	PUNCT
ajfa-1560	22	42	of	of	ADP
ajfa-1560	22	43	stock	stock	NOUN
ajfa-1560	22	44	market	market	NOUN
ajfa-1560	22	45	to	to	PART
ajfa-1560	22	46	earn	earn	VERB
ajfa-1560	22	47	profits	profit	NOUN
ajfa-1560	22	48	.	.	PUNCT
ajfa-1560	23	1	among	among	ADP
ajfa-1560	23	2	them	they	PRON
ajfa-1560	23	3	,	,	PUNCT
ajfa-1560	23	4	long	long	ADJ
ajfa-1560	23	5	-	-	PUNCT
ajfa-1560	23	6	term	term	NOUN
ajfa-1560	23	7	reversals	reversal	NOUN
ajfa-1560	23	8	(	(	PUNCT
ajfa-1560	23	9	contrarian	contrarian	NOUN
ajfa-1560	23	10	)	)	PUNCT
ajfa-1560	23	11	and	and	CCONJ
ajfa-1560	23	12	short	short	ADJ
ajfa-1560	23	13	-	-	PUNCT
ajfa-1560	23	14	term	term	NOUN
ajfa-1560	23	15	continuation	continuation	NOUN
ajfa-1560	23	16	(	(	PUNCT
ajfa-1560	23	17	momentum	momentum	NOUN
ajfa-1560	23	18	)	)	PUNCT
ajfa-1560	23	19	have	have	AUX
ajfa-1560	23	20	received	receive	VERB
ajfa-1560	23	21	particular	particular	ADJ
ajfa-1560	23	22	attention	attention	NOUN
ajfa-1560	23	23	over	over	ADP
ajfa-1560	23	24	the	the	DET
ajfa-1560	23	25	last	last	ADJ
ajfa-1560	23	26	three	three	NUM
ajfa-1560	23	27	decades	decade	NOUN
ajfa-1560	23	28	.	.	PUNCT
ajfa-1560	24	1	the	the	DET
ajfa-1560	24	2	contrarian	contrarian	ADJ
ajfa-1560	24	3	strategies	strategy	NOUN
ajfa-1560	24	4	perform	perform	VERB
ajfa-1560	24	5	well	well	ADV
ajfa-1560	24	6	for	for	ADP
ajfa-1560	24	7	very	very	ADV
ajfa-1560	24	8	short	short	ADJ
ajfa-1560	24	9	term	term	NOUN
ajfa-1560	24	10	(	(	PUNCT
ajfa-1560	24	11	up	up	ADP
ajfa-1560	24	12	to	to	PART
ajfa-1560	24	13	3	3	NUM
ajfa-1560	24	14	months	month	NOUN
ajfa-1560	24	15	)	)	PUNCT
ajfa-1560	24	16	,	,	PUNCT
ajfa-1560	24	17	see	see	VERB
ajfa-1560	24	18	lo	lo	PROPN
ajfa-1560	24	19	and	and	CCONJ
ajfa-1560	24	20	mackinlay	mackinlay	NOUN
ajfa-1560	24	21	(	(	PUNCT
ajfa-1560	24	22	1990	1990	NUM
ajfa-1560	24	23	)	)	PUNCT
ajfa-1560	24	24	and	and	CCONJ
ajfa-1560	24	25	long	long	ADJ
ajfa-1560	24	26	term	term	NOUN
ajfa-1560	24	27	(	(	PUNCT
ajfa-1560	24	28	3	3	NUM
ajfa-1560	24	29	years	year	NOUN
ajfa-1560	24	30	5	5	NUM
ajfa-1560	24	31	years	year	NOUN
ajfa-1560	24	32	)	)	PUNCT
ajfa-1560	24	33	,	,	PUNCT
ajfa-1560	24	34	see	see	VERB
ajfa-1560	24	35	de	de	X
ajfa-1560	24	36	bondt	bondt	NOUN
ajfa-1560	24	37	and	and	CCONJ
ajfa-1560	24	38	thaler	thaler	NOUN
ajfa-1560	24	39	,	,	PUNCT
ajfa-1560	24	40	(	(	PUNCT
ajfa-1560	24	41	1985	1985	NUM
ajfa-1560	24	42	,	,	PUNCT
ajfa-1560	24	43	1987	1987	NUM
ajfa-1560	24	44	)	)	PUNCT
ajfa-1560	24	45	while	while	SCONJ
ajfa-1560	24	46	momentum	momentum	NOUN
ajfa-1560	24	47	strategies	strategy	NOUN
ajfa-1560	24	48	perform	perform	VERB
ajfa-1560	24	49	well	well	ADV
ajfa-1560	24	50	for	for	ADP
ajfa-1560	24	51	short	short	ADJ
ajfa-1560	24	52	term	term	NOUN
ajfa-1560	24	53	(	(	PUNCT
ajfa-1560	24	54	between	between	ADP
ajfa-1560	24	55	3months	3months	NUM
ajfa-1560	24	56	12	12	NUM
ajfa-1560	24	57	months	month	NOUN
ajfa-1560	24	58	)	)	PUNCT
ajfa-1560	24	59	,	,	PUNCT
ajfa-1560	24	60	see	see	VERB
ajfa-1560	24	61	jegadeesh	jegadeesh	NOUN
ajfa-1560	24	62	and	and	CCONJ
ajfa-1560	24	63	titman	titman	NOUN
ajfa-1560	24	64	,	,	PUNCT
ajfa-1560	24	65	(	(	PUNCT
ajfa-1560	24	66	1993	1993	NUM
ajfa-1560	24	67	)	)	PUNCT
ajfa-1560	24	68	.	.	PUNCT
ajfa-1560	25	1	in	in	ADP
ajfa-1560	25	2	the	the	DET
ajfa-1560	25	3	last	last	ADJ
ajfa-1560	25	4	three	three	NUM
ajfa-1560	25	5	decades	decade	NOUN
ajfa-1560	25	6	,	,	PUNCT
ajfa-1560	25	7	these	these	DET
ajfa-1560	25	8	prior	prior	ADJ
ajfa-1560	25	9	return	return	NOUN
ajfa-1560	25	10	patterns	pattern	NOUN
ajfa-1560	25	11	in	in	ADP
ajfa-1560	25	12	stock	stock	NOUN
ajfa-1560	25	13	returns	return	NOUN
ajfa-1560	25	14	have	have	AUX
ajfa-1560	25	15	been	be	AUX
ajfa-1560	25	16	extensively	extensively	ADV
ajfa-1560	25	17	evaluated	evaluate	VERB
ajfa-1560	25	18	for	for	ADP
ajfa-1560	25	19	mature1	mature1	NOUN
ajfa-1560	25	20	as	as	ADV
ajfa-1560	25	21	well	well	ADV
ajfa-1560	25	22	as	as	ADP
ajfa-1560	25	23	emerging	emerge	VERB
ajfa-1560	25	24	markets2	markets2	NOUN
ajfa-1560	25	25	.	.	PUNCT
ajfa-1560	26	1	since	since	SCONJ
ajfa-1560	26	2	the	the	DET
ajfa-1560	26	3	end	end	NOUN
ajfa-1560	26	4	of	of	ADP
ajfa-1560	26	5	nineties	ninety	NOUN
ajfa-1560	26	6	,	,	PUNCT
ajfa-1560	26	7	a	a	DET
ajfa-1560	26	8	body	body	NOUN
ajfa-1560	26	9	of	of	ADP
ajfa-1560	26	10	literature	literature	NOUN
ajfa-1560	26	11	has	have	AUX
ajfa-1560	26	12	emerged	emerge	VERB
ajfa-1560	26	13	that	that	PRON
ajfa-1560	26	14	concentrates	concentrate	VERB
ajfa-1560	26	15	on	on	ADP
ajfa-1560	26	16	prior	prior	ADJ
ajfa-1560	26	17	return	return	NOUN
ajfa-1560	26	18	patterns	pattern	NOUN
ajfa-1560	26	19	in	in	ADP
ajfa-1560	26	20	sector	sector	NOUN
ajfa-1560	26	21	returns	return	NOUN
ajfa-1560	26	22	and	and	CCONJ
ajfa-1560	26	23	which	which	PRON
ajfa-1560	26	24	advocates	advocate	VERB
ajfa-1560	26	25	that	that	SCONJ
ajfa-1560	26	26	these	these	DET
ajfa-1560	26	27	sector	sector	NOUN
ajfa-1560	26	28	patterns	pattern	NOUN
ajfa-1560	26	29	tend	tend	VERB
ajfa-1560	26	30	to	to	PART
ajfa-1560	26	31	drive	drive	VERB
ajfa-1560	26	32	prior	prior	ADJ
ajfa-1560	26	33	return	return	NOUN
ajfa-1560	26	34	patterns	pattern	NOUN
ajfa-1560	26	35	in	in	ADP
ajfa-1560	26	36	stock	stock	NOUN
ajfa-1560	26	37	returns	return	NOUN
ajfa-1560	26	38	.	.	PUNCT
ajfa-1560	27	1	the	the	DET
ajfa-1560	27	2	belief	belief	NOUN
ajfa-1560	27	3	here	here	ADV
ajfa-1560	27	4	is	be	AUX
ajfa-1560	27	5	that	that	SCONJ
ajfa-1560	27	6	the	the	DET
ajfa-1560	27	7	stocks	stock	NOUN
ajfa-1560	27	8	within	within	ADP
ajfa-1560	27	9	a	a	DET
ajfa-1560	27	10	sector	sector	NOUN
ajfa-1560	27	11	have	have	VERB
ajfa-1560	27	12	a	a	DET
ajfa-1560	27	13	lot	lot	NOUN
ajfa-1560	27	14	in	in	ADP
ajfa-1560	27	15	common	common	ADJ
ajfa-1560	27	16	in	in	ADP
ajfa-1560	27	17	terms	term	NOUN
ajfa-1560	27	18	of	of	ADP
ajfa-1560	27	19	business	business	NOUN
ajfa-1560	27	20	perspectives	perspective	NOUN
ajfa-1560	27	21	and	and	CCONJ
ajfa-1560	27	22	hence	hence	ADV
ajfa-1560	27	23	winner	winner	NOUN
ajfa-1560	27	24	stocks	stock	NOUN
ajfa-1560	27	25	may	may	AUX
ajfa-1560	27	26	owe	owe	VERB
ajfa-1560	27	27	there	there	ADV
ajfa-1560	27	28	success	success	NOUN
ajfa-1560	27	29	to	to	ADP
ajfa-1560	27	30	being	be	AUX
ajfa-1560	27	31	a	a	DET
ajfa-1560	27	32	part	part	NOUN
ajfa-1560	27	33	of	of	ADP
ajfa-1560	27	34	winner	winner	NOUN
ajfa-1560	27	35	sectors	sector	NOUN
ajfa-1560	27	36	while	while	SCONJ
ajfa-1560	27	37	loser	loser	ADJ
ajfa-1560	27	38	stocks	stock	NOUN
ajfa-1560	27	39	may	may	AUX
ajfa-1560	27	40	belong	belong	VERB
ajfa-1560	27	41	to	to	ADP
ajfa-1560	27	42	poor	poor	ADJ
ajfa-1560	27	43	performing	perform	VERB
ajfa-1560	27	44	sectors	sector	NOUN
ajfa-1560	27	45	.	.	PUNCT
ajfa-1560	28	1	there	there	PRON
ajfa-1560	28	2	is	be	VERB
ajfa-1560	28	3	also	also	ADV
ajfa-1560	28	4	some	some	DET
ajfa-1560	28	5	empirical	empirical	ADJ
ajfa-1560	28	6	evidence	evidence	NOUN
ajfa-1560	28	7	which	which	PRON
ajfa-1560	28	8	suggests	suggest	VERB
ajfa-1560	28	9	that	that	SCONJ
ajfa-1560	28	10	the	the	DET
ajfa-1560	28	11	role	role	NOUN
ajfa-1560	28	12	of	of	ADP
ajfa-1560	28	13	sector	sector	NOUN
ajfa-1560	28	14	factor	factor	NOUN
ajfa-1560	28	15	in	in	ADP
ajfa-1560	28	16	stock	stock	NOUN
ajfa-1560	28	17	returns	return	NOUN
ajfa-1560	28	18	is	be	AUX
ajfa-1560	28	19	over	over	ADP
ajfa-1560	28	20	emphasized	emphasize	VERB
ajfa-1560	28	21	.	.	PUNCT
ajfa-1560	29	1	moskowitz	moskowitz	PROPN
ajfa-1560	29	2	and	and	CCONJ
ajfa-1560	29	3	grinblatt	grinblatt	PROPN
ajfa-1560	29	4	(	(	PUNCT
ajfa-1560	29	5	1999	1999	NUM
ajfa-1560	29	6	)	)	PUNCT
ajfa-1560	29	7	were	be	AUX
ajfa-1560	29	8	the	the	DET
ajfa-1560	29	9	first	first	ADJ
ajfa-1560	29	10	to	to	PART
ajfa-1560	29	11	document	document	VERB
ajfa-1560	29	12	strong	strong	ADJ
ajfa-1560	29	13	momentum	momentum	NOUN
ajfa-1560	29	14	effect	effect	NOUN
ajfa-1560	29	15	in	in	ADP
ajfa-1560	29	16	industry	industry	NOUN
ajfa-1560	29	17	components	component	NOUN
ajfa-1560	29	18	of	of	ADP
ajfa-1560	29	19	stock	stock	NOUN
ajfa-1560	29	20	returns	return	NOUN
ajfa-1560	29	21	.	.	PUNCT
ajfa-1560	30	1	asness	asness	PROPN
ajfa-1560	30	2	,	,	PUNCT
ajfa-1560	30	3	porter	porter	NOUN
ajfa-1560	30	4	and	and	CCONJ
ajfa-1560	30	5	stevens	stevens	PROPN
ajfa-1560	30	6	(	(	PUNCT
ajfa-1560	30	7	2000	2000	NUM
ajfa-1560	30	8	)	)	PUNCT
ajfa-1560	30	9	find	find	VERB
ajfa-1560	30	10	that	that	SCONJ
ajfa-1560	30	11	within	within	ADP
ajfa-1560	30	12	-	-	PUNCT
ajfa-1560	30	13	industry	industry	NOUN
ajfa-1560	30	14	momentum	momentum	NOUN
ajfa-1560	30	15	has	have	VERB
ajfa-1560	30	16	predictive	predictive	ADJ
ajfa-1560	30	17	power	power	NOUN
ajfa-1560	30	18	for	for	ADP
ajfa-1560	30	19	the	the	DET
ajfa-1560	30	20	firm	firm	NOUN
ajfa-1560	30	21	’s	’s	PART
ajfa-1560	30	22	stock	stock	NOUN
ajfa-1560	30	23	returns	return	NOUN
ajfa-1560	30	24	beyond	beyond	ADP
ajfa-1560	30	25	that	that	PRON
ajfa-1560	30	26	captured	capture	VERB
ajfa-1560	30	27	by	by	ADP
ajfa-1560	30	28	across	across	ADP
ajfa-1560	30	29	industry	industry	NOUN
ajfa-1560	30	30	momentum	momentum	NOUN
ajfa-1560	30	31	and	and	CCONJ
ajfa-1560	30	32	also	also	ADV
ajfa-1560	30	33	there	there	PRON
ajfa-1560	30	34	is	be	VERB
ajfa-1560	30	35	a	a	DET
ajfa-1560	30	36	significant	significant	ADJ
ajfa-1560	30	37	short	short	ADJ
ajfa-1560	30	38	-	-	PUNCT
ajfa-1560	30	39	term	term	NOUN
ajfa-1560	30	40	(	(	PUNCT
ajfa-1560	30	41	one	one	NUM
ajfa-1560	30	42	-	-	PUNCT
ajfa-1560	30	43	month	month	NOUN
ajfa-1560	30	44	)	)	PUNCT
ajfa-1560	30	45	industry	industry	NOUN
ajfa-1560	30	46	momentum	momentum	NOUN
ajfa-1560	30	47	effect	effect	NOUN
ajfa-1560	30	48	.	.	PUNCT
ajfa-1560	31	1	neal	neal	PROPN
ajfa-1560	31	2	(	(	PUNCT
ajfa-1560	31	3	2000	2000	NUM
ajfa-1560	31	4	)	)	PUNCT
ajfa-1560	31	5	provides	provide	VERB
ajfa-1560	31	6	evidence	evidence	NOUN
ajfa-1560	31	7	of	of	ADP
ajfa-1560	31	8	industry	industry	NOUN
ajfa-1560	31	9	momentum	momentum	NOUN
ajfa-1560	31	10	over	over	ADP
ajfa-1560	31	11	intermediate	intermediate	ADJ
ajfa-1560	31	12	time	time	NOUN
ajfa-1560	31	13	horizons	horizon	NOUN
ajfa-1560	31	14	by	by	ADP
ajfa-1560	31	15	the	the	DET
ajfa-1560	31	16	performance	performance	NOUN
ajfa-1560	31	17	of	of	ADP
ajfa-1560	31	18	industries	industry	NOUN
ajfa-1560	31	19	in	in	ADP
ajfa-1560	31	20	mutual	mutual	ADJ
ajfa-1560	31	21	funds	fund	NOUN
ajfa-1560	31	22	.	.	PUNCT
ajfa-1560	32	1	serra	serra	PROPN
ajfa-1560	32	2	(	(	PUNCT
ajfa-1560	32	3	2000	2000	NUM
ajfa-1560	32	4	)	)	PUNCT
ajfa-1560	32	5	asian	asian	ADJ
ajfa-1560	32	6	journal	journal	NOUN
ajfa-1560	32	7	of	of	ADP
ajfa-1560	32	8	finance	finance	PROPN
ajfa-1560	32	9	&	&	CCONJ
ajfa-1560	32	10	accounting	accounting	PROPN
ajfa-1560	32	11	issn	issn	PROPN
ajfa-1560	32	12	1946	1946	NUM
ajfa-1560	32	13	-	-	PUNCT
ajfa-1560	32	14	052x	052x	NOUN
ajfa-1560	32	15	2012	2012	NUM
ajfa-1560	32	16	,	,	PUNCT
ajfa-1560	32	17	vol	vol	NOUN
ajfa-1560	32	18	.	.	PROPN
ajfa-1560	32	19	4	4	NUM
ajfa-1560	32	20	,	,	PUNCT
ajfa-1560	32	21	no	no	INTJ
ajfa-1560	32	22	.	.	NOUN
ajfa-1560	32	23	1	1	NUM
ajfa-1560	32	24	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1560	32	25	261	261	NUM
ajfa-1560	32	26	document	document	NOUN
ajfa-1560	32	27	that	that	PRON
ajfa-1560	32	28	cross	cross	ADJ
ajfa-1560	32	29	-	-	ADJ
ajfa-1560	32	30	market	market	ADJ
ajfa-1560	32	31	diversification	diversification	NOUN
ajfa-1560	32	32	seems	seem	VERB
ajfa-1560	32	33	better	well	ADJ
ajfa-1560	32	34	than	than	ADP
ajfa-1560	32	35	cross	cross	ADJ
ajfa-1560	32	36	-	-	ADJ
ajfa-1560	32	37	industry	industry	ADJ
ajfa-1560	32	38	diversification	diversification	NOUN
ajfa-1560	32	39	,	,	PUNCT
ajfa-1560	32	40	for	for	ADP
ajfa-1560	32	41	emerging	emerge	VERB
ajfa-1560	32	42	markets	market	NOUN
ajfa-1560	32	43	,	,	PUNCT
ajfa-1560	32	44	returns	return	NOUN
ajfa-1560	32	45	are	be	AUX
ajfa-1560	32	46	driven	drive	VERB
ajfa-1560	32	47	by	by	ADP
ajfa-1560	32	48	country	country	NOUN
ajfa-1560	32	49	factors	factor	NOUN
ajfa-1560	32	50	and	and	CCONJ
ajfa-1560	32	51	not	not	PART
ajfa-1560	32	52	by	by	ADP
ajfa-1560	32	53	the	the	DET
ajfa-1560	32	54	industrial	industrial	ADJ
ajfa-1560	32	55	composition	composition	NOUN
ajfa-1560	32	56	of	of	ADP
ajfa-1560	32	57	indices	index	NOUN
ajfa-1560	32	58	.	.	PUNCT
ajfa-1560	33	1	nijman	nijman	ADJ
ajfa-1560	33	2	,	,	PUNCT
ajfa-1560	33	3	swinkels	swinkel	NOUN
ajfa-1560	33	4	and	and	CCONJ
ajfa-1560	33	5	verbeek	verbeek	NOUN
ajfa-1560	33	6	(	(	PUNCT
ajfa-1560	33	7	2004	2004	NUM
ajfa-1560	33	8	)	)	PUNCT
ajfa-1560	33	9	suggest	suggest	VERB
ajfa-1560	33	10	that	that	SCONJ
ajfa-1560	33	11	positive	positive	ADJ
ajfa-1560	33	12	expected	expect	VERB
ajfa-1560	33	13	excess	excess	ADJ
ajfa-1560	33	14	returns	return	NOUN
ajfa-1560	33	15	are	be	AUX
ajfa-1560	33	16	primarily	primarily	ADV
ajfa-1560	33	17	driven	drive	VERB
ajfa-1560	33	18	by	by	ADP
ajfa-1560	33	19	individual	individual	ADJ
ajfa-1560	33	20	stock	stock	NOUN
ajfa-1560	33	21	effects	effect	NOUN
ajfa-1560	33	22	,	,	PUNCT
ajfa-1560	33	23	while	while	SCONJ
ajfa-1560	33	24	industry	industry	NOUN
ajfa-1560	33	25	momentum	momentum	NOUN
ajfa-1560	33	26	plays	play	VERB
ajfa-1560	33	27	a	a	DET
ajfa-1560	33	28	less	less	ADV
ajfa-1560	33	29	important	important	ADJ
ajfa-1560	33	30	role	role	NOUN
ajfa-1560	33	31	and	and	CCONJ
ajfa-1560	33	32	country	country	NOUN
ajfa-1560	33	33	momentum	momentum	NOUN
ajfa-1560	33	34	is	be	AUX
ajfa-1560	33	35	even	even	ADV
ajfa-1560	33	36	weaker	weak	ADJ
ajfa-1560	33	37	.	.	PUNCT
ajfa-1560	34	1	du	du	PROPN
ajfa-1560	34	2	and	and	CCONJ
ajfa-1560	34	3	denning	den	VERB
ajfa-1560	34	4	(	(	PUNCT
ajfa-1560	34	5	2005	2005	NUM
ajfa-1560	34	6	)	)	PUNCT
ajfa-1560	34	7	find	find	VERB
ajfa-1560	34	8	that	that	SCONJ
ajfa-1560	34	9	industry	industry	NOUN
ajfa-1560	34	10	momentum	momentum	NOUN
ajfa-1560	34	11	is	be	AUX
ajfa-1560	34	12	mainly	mainly	ADV
ajfa-1560	34	13	due	due	ADJ
ajfa-1560	34	14	to	to	ADP
ajfa-1560	34	15	common	common	ADJ
ajfa-1560	34	16	factors	factor	NOUN
ajfa-1560	34	17	and	and	CCONJ
ajfa-1560	34	18	not	not	PART
ajfa-1560	34	19	industry	industry	NOUN
ajfa-1560	34	20	-	-	PUNCT
ajfa-1560	34	21	specific	specific	ADJ
ajfa-1560	34	22	risk	risk	NOUN
ajfa-1560	34	23	.	.	PUNCT
ajfa-1560	35	1	scowcroft	scowcroft	ADV
ajfa-1560	35	2	and	and	CCONJ
ajfa-1560	35	3	sefton	sefton	PROPN
ajfa-1560	35	4	(	(	PUNCT
ajfa-1560	35	5	2005	2005	NUM
ajfa-1560	35	6	)	)	PUNCT
ajfa-1560	35	7	indicate	indicate	VERB
ajfa-1560	35	8	that	that	SCONJ
ajfa-1560	35	9	price	price	NOUN
ajfa-1560	35	10	momentum	momentum	NOUN
ajfa-1560	35	11	is	be	AUX
ajfa-1560	35	12	driven	drive	VERB
ajfa-1560	35	13	by	by	ADP
ajfa-1560	35	14	industry	industry	NOUN
ajfa-1560	35	15	momentum	momentum	NOUN
ajfa-1560	35	16	.	.	PUNCT
ajfa-1560	36	1	menzly	menzly	NOUN
ajfa-1560	36	2	and	and	CCONJ
ajfa-1560	36	3	ozbas	ozbas	PROPN
ajfa-1560	36	4	(	(	PUNCT
ajfa-1560	36	5	2006	2006	NUM
ajfa-1560	36	6	)	)	PUNCT
ajfa-1560	36	7	find	find	VERB
ajfa-1560	36	8	strong	strong	ADJ
ajfa-1560	36	9	cross	cross	ADJ
ajfa-1560	36	10	-	-	ADJ
ajfa-1560	36	11	industry	industry	ADJ
ajfa-1560	36	12	momentum	momentum	NOUN
ajfa-1560	36	13	for	for	ADP
ajfa-1560	36	14	industries	industry	NOUN
ajfa-1560	36	15	related	relate	VERB
ajfa-1560	36	16	to	to	ADP
ajfa-1560	36	17	each	each	DET
ajfa-1560	36	18	other	other	ADJ
ajfa-1560	36	19	through	through	ADP
ajfa-1560	36	20	supply	supply	NOUN
ajfa-1560	36	21	chain	chain	NOUN
ajfa-1560	36	22	.	.	PUNCT
ajfa-1560	37	1	bonie	bonie	PROPN
ajfa-1560	37	2	and	and	CCONJ
ajfa-1560	37	3	kent	kent	PROPN
ajfa-1560	37	4	(	(	PUNCT
ajfa-1560	37	5	2006	2006	NUM
ajfa-1560	37	6	)	)	PUNCT
ajfa-1560	37	7	report	report	NOUN
ajfa-1560	37	8	that	that	SCONJ
ajfa-1560	37	9	short	short	ADJ
ajfa-1560	37	10	-	-	PUNCT
ajfa-1560	37	11	term	term	NOUN
ajfa-1560	37	12	industry	industry	NOUN
ajfa-1560	37	13	price	price	NOUN
ajfa-1560	37	14	momentum	momentum	NOUN
ajfa-1560	37	15	phenomenon	phenomenon	NOUN
ajfa-1560	37	16	is	be	AUX
ajfa-1560	37	17	partly	partly	ADV
ajfa-1560	37	18	explained	explain	VERB
ajfa-1560	37	19	by	by	ADP
ajfa-1560	37	20	returns	return	NOUN
ajfa-1560	37	21	of	of	ADP
ajfa-1560	37	22	firms	firm	NOUN
ajfa-1560	37	23	with	with	ADP
ajfa-1560	37	24	more	more	ADJ
ajfa-1560	37	25	analyst	analyst	NOUN
ajfa-1560	37	26	coverage	coverage	NOUN
ajfa-1560	37	27	leading	lead	VERB
ajfa-1560	37	28	those	those	PRON
ajfa-1560	37	29	with	with	ADP
ajfa-1560	37	30	less	less	ADJ
ajfa-1560	37	31	analyst	analyst	NOUN
ajfa-1560	37	32	coverage	coverage	NOUN
ajfa-1560	37	33	.	.	PUNCT
ajfa-1560	38	1	phylaktis	phylaktis	NOUN
ajfa-1560	38	2	and	and	CCONJ
ajfa-1560	38	3	xia	xia	PROPN
ajfa-1560	38	4	(	(	PUNCT
ajfa-1560	38	5	2006	2006	NUM
ajfa-1560	38	6	)	)	PUNCT
ajfa-1560	38	7	show	show	VERB
ajfa-1560	38	8	that	that	SCONJ
ajfa-1560	38	9	global	global	ADJ
ajfa-1560	38	10	and	and	CCONJ
ajfa-1560	38	11	industry	industry	NOUN
ajfa-1560	38	12	effects	effect	NOUN
ajfa-1560	38	13	are	be	AUX
ajfa-1560	38	14	dominated	dominate	VERB
ajfa-1560	38	15	by	by	ADP
ajfa-1560	38	16	country	country	NOUN
ajfa-1560	38	17	effects	effect	NOUN
ajfa-1560	38	18	in	in	ADP
ajfa-1560	38	19	emerging	emerge	VERB
ajfa-1560	38	20	markets	market	NOUN
ajfa-1560	38	21	,	,	PUNCT
ajfa-1560	38	22	which	which	PRON
ajfa-1560	38	23	is	be	AUX
ajfa-1560	38	24	contrary	contrary	ADJ
ajfa-1560	38	25	to	to	ADP
ajfa-1560	38	26	the	the	DET
ajfa-1560	38	27	evidence	evidence	NOUN
ajfa-1560	38	28	on	on	ADP
ajfa-1560	38	29	mature	mature	ADJ
ajfa-1560	38	30	markets	market	NOUN
ajfa-1560	38	31	.	.	PUNCT
ajfa-1560	39	1	chen	chen	PROPN
ajfa-1560	39	2	,	,	PUNCT
ajfa-1560	39	3	benett	benett	PROPN
ajfa-1560	39	4	and	and	CCONJ
ajfa-1560	39	5	zheng	zheng	PROPN
ajfa-1560	39	6	(	(	PUNCT
ajfa-1560	39	7	2006	2006	NUM
ajfa-1560	39	8	)	)	PUNCT
ajfa-1560	39	9	suggest	suggest	VERB
ajfa-1560	39	10	investors	investor	NOUN
ajfa-1560	39	11	should	should	AUX
ajfa-1560	39	12	emphasize	emphasize	VERB
ajfa-1560	39	13	sector	sector	NOUN
ajfa-1560	39	14	based	base	VERB
ajfa-1560	39	15	approach	approach	NOUN
ajfa-1560	39	16	in	in	ADP
ajfa-1560	39	17	developed	develop	VERB
ajfa-1560	39	18	countries	country	NOUN
ajfa-1560	39	19	but	but	CCONJ
ajfa-1560	39	20	continue	continue	VERB
ajfa-1560	39	21	country	country	NOUN
ajfa-1560	39	22	-	-	PUNCT
ajfa-1560	39	23	based	base	VERB
ajfa-1560	39	24	allocation	allocation	NOUN
ajfa-1560	39	25	strategies	strategy	NOUN
ajfa-1560	39	26	for	for	ADP
ajfa-1560	39	27	emerging	emerge	VERB
ajfa-1560	39	28	markets	market	NOUN
ajfa-1560	39	29	.	.	PUNCT
ajfa-1560	40	1	saffieddine	saffieddine	NOUN
ajfa-1560	40	2	and	and	CCONJ
ajfa-1560	40	3	sonti	sonti	PROPN
ajfa-1560	40	4	(	(	PUNCT
ajfa-1560	40	5	2007	2007	NUM
ajfa-1560	40	6	)	)	PUNCT
ajfa-1560	40	7	report	report	NOUN
ajfa-1560	40	8	firms	firm	NOUN
ajfa-1560	40	9	with	with	ADP
ajfa-1560	40	10	highest	high	ADJ
ajfa-1560	40	11	industry	industry	NOUN
ajfa-1560	40	12	growth	growth	NOUN
ajfa-1560	40	13	quintile	quintile	NOUN
ajfa-1560	40	14	have	have	VERB
ajfa-1560	40	15	significantly	significantly	ADV
ajfa-1560	40	16	higher	high	ADJ
ajfa-1560	40	17	momentum	momentum	NOUN
ajfa-1560	40	18	compared	compare	VERB
ajfa-1560	40	19	to	to	ADP
ajfa-1560	40	20	industries	industry	NOUN
ajfa-1560	40	21	in	in	ADP
ajfa-1560	40	22	lowest	low	ADJ
ajfa-1560	40	23	growth	growth	NOUN
ajfa-1560	40	24	quintile	quintile	NOUN
ajfa-1560	40	25	.	.	PUNCT
ajfa-1560	41	1	liu	liu	PROPN
ajfa-1560	41	2	and	and	CCONJ
ajfa-1560	41	3	zhang	zhang	PROPN
ajfa-1560	41	4	(	(	PUNCT
ajfa-1560	41	5	2008	2008	NUM
ajfa-1560	41	6	)	)	PUNCT
ajfa-1560	41	7	document	document	NOUN
ajfa-1560	41	8	that	that	PRON
ajfa-1560	41	9	growth	growth	NOUN
ajfa-1560	41	10	rate	rate	NOUN
ajfa-1560	41	11	of	of	ADP
ajfa-1560	41	12	industrial	industrial	ADJ
ajfa-1560	41	13	production	production	NOUN
ajfa-1560	41	14	is	be	AUX
ajfa-1560	41	15	a	a	DET
ajfa-1560	41	16	risk	risk	NOUN
ajfa-1560	41	17	factor	factor	NOUN
ajfa-1560	41	18	in	in	ADP
ajfa-1560	41	19	asset	asset	NOUN
ajfa-1560	41	20	pricing	pricing	NOUN
ajfa-1560	41	21	tests	test	NOUN
ajfa-1560	41	22	and	and	CCONJ
ajfa-1560	41	23	can	can	AUX
ajfa-1560	41	24	explain	explain	VERB
ajfa-1560	41	25	more	more	ADJ
ajfa-1560	41	26	than	than	ADP
ajfa-1560	41	27	half	half	NOUN
ajfa-1560	41	28	of	of	ADP
ajfa-1560	41	29	stock	stock	NOUN
ajfa-1560	41	30	momentum	momentum	NOUN
ajfa-1560	41	31	profits	profit	NOUN
ajfa-1560	41	32	.	.	PUNCT
ajfa-1560	42	1	fraulo	fraulo	NOUN
ajfa-1560	42	2	and	and	CCONJ
ajfa-1560	42	3	nguyen	nguyen	NOUN
ajfa-1560	42	4	(	(	PUNCT
ajfa-1560	42	5	2009	2009	NUM
ajfa-1560	42	6	)	)	PUNCT
ajfa-1560	42	7	replicate	replicate	PROPN
ajfa-1560	42	8	moskowitz	moskowitz	PROPN
ajfa-1560	42	9	and	and	CCONJ
ajfa-1560	42	10	grinblatt	grinblatt	PROPN
ajfa-1560	42	11	’s	’s	PART
ajfa-1560	42	12	work	work	NOUN
ajfa-1560	42	13	and	and	CCONJ
ajfa-1560	42	14	find	find	VERB
ajfa-1560	42	15	that	that	SCONJ
ajfa-1560	42	16	industry	industry	NOUN
ajfa-1560	42	17	momentum	momentum	NOUN
ajfa-1560	42	18	strategies	strategy	NOUN
ajfa-1560	42	19	do	do	AUX
ajfa-1560	42	20	provide	provide	VERB
ajfa-1560	42	21	greater	great	ADJ
ajfa-1560	42	22	returns	return	NOUN
ajfa-1560	42	23	than	than	ADP
ajfa-1560	42	24	individual	individual	ADJ
ajfa-1560	42	25	stock	stock	NOUN
ajfa-1560	42	26	momentum	momentum	NOUN
ajfa-1560	42	27	strategies	strategy	NOUN
ajfa-1560	42	28	and	and	CCONJ
ajfa-1560	42	29	also	also	ADV
ajfa-1560	42	30	the	the	DET
ajfa-1560	42	31	optimal	optimal	ADJ
ajfa-1560	42	32	time	time	NOUN
ajfa-1560	42	33	horizon	horizon	NOUN
ajfa-1560	42	34	of	of	ADP
ajfa-1560	42	35	industry	industry	NOUN
ajfa-1560	42	36	momentum	momentum	NOUN
ajfa-1560	42	37	strategy	strategy	NOUN
ajfa-1560	42	38	has	have	VERB
ajfa-1560	42	39	no	no	DET
ajfa-1560	42	40	correlation	correlation	NOUN
ajfa-1560	42	41	with	with	ADP
ajfa-1560	42	42	the	the	DET
ajfa-1560	42	43	size	size	NOUN
ajfa-1560	42	44	of	of	ADP
ajfa-1560	42	45	the	the	DET
ajfa-1560	42	46	industries	industry	NOUN
ajfa-1560	42	47	.	.	PUNCT
ajfa-1560	43	1	they	they	PRON
ajfa-1560	43	2	also	also	ADV
ajfa-1560	43	3	find	find	VERB
ajfa-1560	43	4	that	that	SCONJ
ajfa-1560	43	5	the	the	DET
ajfa-1560	43	6	(	(	PUNCT
ajfa-1560	43	7	6	6	NUM
ajfa-1560	43	8	,	,	PUNCT
ajfa-1560	43	9	6	6	NUM
ajfa-1560	43	10	)	)	PUNCT
ajfa-1560	43	11	and	and	CCONJ
ajfa-1560	43	12	(	(	PUNCT
ajfa-1560	43	13	12	12	NUM
ajfa-1560	43	14	,	,	PUNCT
ajfa-1560	43	15	12	12	NUM
ajfa-1560	43	16	)	)	PUNCT
ajfa-1560	43	17	strategies	strategy	NOUN
ajfa-1560	43	18	are	be	AUX
ajfa-1560	43	19	unaffected	unaffected	ADJ
ajfa-1560	43	20	by	by	ADP
ajfa-1560	43	21	the	the	DET
ajfa-1560	43	22	one	one	NUM
ajfa-1560	43	23	-	-	PUNCT
ajfa-1560	43	24	month	month	NOUN
ajfa-1560	43	25	return	return	NOUN
ajfa-1560	43	26	,	,	PUNCT
ajfa-1560	43	27	confirming	confirm	VERB
ajfa-1560	43	28	our	our	PRON
ajfa-1560	43	29	previous	previous	ADJ
ajfa-1560	43	30	intuition	intuition	NOUN
ajfa-1560	43	31	that	that	SCONJ
ajfa-1560	43	32	these	these	DET
ajfa-1560	43	33	strategies	strategy	NOUN
ajfa-1560	43	34	are	be	AUX
ajfa-1560	43	35	uncontaminated	uncontaminated	ADJ
ajfa-1560	43	36	by	by	ADP
ajfa-1560	43	37	any	any	DET
ajfa-1560	43	38	potential	potential	ADJ
ajfa-1560	43	39	short	short	ADJ
ajfa-1560	43	40	-	-	PUNCT
ajfa-1560	43	41	term	term	NOUN
ajfa-1560	43	42	effects	effect	NOUN
ajfa-1560	43	43	due	due	ADJ
ajfa-1560	43	44	to	to	ADP
ajfa-1560	43	45	microstructure	microstructure	NOUN
ajfa-1560	43	46	or	or	CCONJ
ajfa-1560	43	47	liquidity	liquidity	NOUN
ajfa-1560	43	48	.	.	PUNCT
ajfa-1560	44	1	while	while	SCONJ
ajfa-1560	44	2	focusing	focus	VERB
ajfa-1560	44	3	in	in	ADP
ajfa-1560	44	4	industry	industry	NOUN
ajfa-1560	44	5	patterns	pattern	NOUN
ajfa-1560	44	6	in	in	ADP
ajfa-1560	44	7	stock	stock	NOUN
ajfa-1560	44	8	returns	return	NOUN
ajfa-1560	44	9	,	,	PUNCT
ajfa-1560	44	10	it	it	PRON
ajfa-1560	44	11	is	be	AUX
ajfa-1560	44	12	important	important	ADJ
ajfa-1560	44	13	to	to	PART
ajfa-1560	44	14	understand	understand	VERB
ajfa-1560	44	15	that	that	SCONJ
ajfa-1560	44	16	industry	industry	NOUN
ajfa-1560	44	17	classification	classification	NOUN
ajfa-1560	44	18	systems	system	NOUN
ajfa-1560	44	19	which	which	PRON
ajfa-1560	44	20	are	be	AUX
ajfa-1560	44	21	currently	currently	ADV
ajfa-1560	44	22	in	in	ADP
ajfa-1560	44	23	vogue	vogue	NOUN
ajfa-1560	44	24	.	.	PUNCT
ajfa-1560	45	1	there	there	PRON
ajfa-1560	45	2	are	be	VERB
ajfa-1560	45	3	several3	several3	NOUN
ajfa-1560	45	4	industry	industry	NOUN
ajfa-1560	45	5	classification	classification	NOUN
ajfa-1560	45	6	systems	system	NOUN
ajfa-1560	45	7	which	which	PRON
ajfa-1560	45	8	are	be	AUX
ajfa-1560	45	9	being	be	AUX
ajfa-1560	45	10	used	use	VERB
ajfa-1560	45	11	worldwide	worldwide	ADV
ajfa-1560	45	12	.	.	PUNCT
ajfa-1560	46	1	amongst	amongst	ADP
ajfa-1560	46	2	these	these	DET
ajfa-1560	46	3	global	global	ADJ
ajfa-1560	46	4	industry	industry	NOUN
ajfa-1560	46	5	classification	classification	NOUN
ajfa-1560	46	6	system	system	NOUN
ajfa-1560	46	7	(	(	PUNCT
ajfa-1560	46	8	gics	gic	NOUN
ajfa-1560	46	9	)	)	PUNCT
ajfa-1560	46	10	provided	provide	VERB
ajfa-1560	46	11	by	by	ADP
ajfa-1560	46	12	standard	standard	PROPN
ajfa-1560	46	13	&	&	CCONJ
ajfa-1560	46	14	poor	poor	PROPN
ajfa-1560	46	15	's	's	PART
ajfa-1560	46	16	(	(	PUNCT
ajfa-1560	46	17	usa	usa	PROPN
ajfa-1560	46	18	)	)	PUNCT
ajfa-1560	46	19	in	in	ADP
ajfa-1560	46	20	collaboration	collaboration	NOUN
ajfa-1560	46	21	with	with	ADP
ajfa-1560	46	22	morgan	morgan	PROPN
ajfa-1560	46	23	stanley	stanley	PROPN
ajfa-1560	46	24	capital	capital	PROPN
ajfa-1560	46	25	international	international	PROPN
ajfa-1560	46	26	(	(	PUNCT
ajfa-1560	46	27	msci	msci	PROPN
ajfa-1560	46	28	)	)	PUNCT
ajfa-1560	46	29	is	be	AUX
ajfa-1560	46	30	extremely	extremely	ADV
ajfa-1560	46	31	popular	popular	ADJ
ajfa-1560	46	32	and	and	CCONJ
ajfa-1560	46	33	hence	hence	ADV
ajfa-1560	46	34	extensively	extensively	ADV
ajfa-1560	46	35	employed	employ	VERB
ajfa-1560	46	36	by	by	ADP
ajfa-1560	46	37	market	market	NOUN
ajfa-1560	46	38	players	player	NOUN
ajfa-1560	46	39	as	as	ADV
ajfa-1560	46	40	well	well	ADV
ajfa-1560	46	41	as	as	ADP
ajfa-1560	46	42	empiricists	empiricist	NOUN
ajfa-1560	46	43	.	.	PUNCT
ajfa-1560	47	1	gics	gic	NOUN
ajfa-1560	47	2	is	be	AUX
ajfa-1560	47	3	a	a	DET
ajfa-1560	47	4	four	four	NUM
ajfa-1560	47	5	digit	digit	NOUN
ajfa-1560	47	6	classification	classification	NOUN
ajfa-1560	47	7	system	system	NOUN
ajfa-1560	47	8	involving	involve	VERB
ajfa-1560	47	9	10	10	NUM
ajfa-1560	47	10	sectors	sector	NOUN
ajfa-1560	47	11	,	,	PUNCT
ajfa-1560	47	12	24	24	NUM
ajfa-1560	47	13	industry	industry	NOUN
ajfa-1560	47	14	groups	group	NOUN
ajfa-1560	47	15	,	,	PUNCT
ajfa-1560	47	16	68	68	NUM
ajfa-1560	47	17	industries	industry	NOUN
ajfa-1560	47	18	and	and	CCONJ
ajfa-1560	47	19	154	154	NUM
ajfa-1560	47	20	sub	sub	NOUN
ajfa-1560	47	21	-	-	NOUN
ajfa-1560	47	22	industries	industry	NOUN
ajfa-1560	47	23	.	.	PUNCT
ajfa-1560	48	1	one	one	PRON
ajfa-1560	48	2	may	may	AUX
ajfa-1560	48	3	discern	discern	VERB
ajfa-1560	48	4	different	different	ADJ
ajfa-1560	48	5	prior	prior	ADJ
ajfa-1560	48	6	return	return	NOUN
ajfa-1560	48	7	patterns	pattern	NOUN
ajfa-1560	48	8	for	for	ADP
ajfa-1560	48	9	each	each	DET
ajfa-1560	48	10	stage	stage	NOUN
ajfa-1560	48	11	of	of	ADP
ajfa-1560	48	12	industry	industry	NOUN
ajfa-1560	48	13	classification	classification	NOUN
ajfa-1560	48	14	that	that	PRON
ajfa-1560	48	15	is	be	AUX
ajfa-1560	48	16	sector	sector	NOUN
ajfa-1560	48	17	,	,	PUNCT
ajfa-1560	48	18	industry	industry	NOUN
ajfa-1560	48	19	group	group	NOUN
ajfa-1560	48	20	,	,	PUNCT
ajfa-1560	48	21	industry	industry	NOUN
ajfa-1560	48	22	and	and	CCONJ
ajfa-1560	48	23	sub	sub	NOUN
ajfa-1560	48	24	-	-	NOUN
ajfa-1560	48	25	industry	industry	NOUN
ajfa-1560	48	26	.	.	PUNCT
ajfa-1560	49	1	there	there	PRON
ajfa-1560	49	2	is	be	VERB
ajfa-1560	49	3	limited	limited	ADJ
ajfa-1560	49	4	literature	literature	NOUN
ajfa-1560	49	5	for	for	ADP
ajfa-1560	49	6	emerging	emerge	VERB
ajfa-1560	49	7	markets	market	NOUN
ajfa-1560	49	8	that	that	PRON
ajfa-1560	49	9	covers	cover	VERB
ajfa-1560	49	10	sector	sector	NOUN
ajfa-1560	49	11	based	base	VERB
ajfa-1560	49	12	prior	prior	ADJ
ajfa-1560	49	13	return	return	NOUN
ajfa-1560	49	14	patterns	pattern	NOUN
ajfa-1560	49	15	.	.	PUNCT
ajfa-1560	50	1	in	in	ADP
ajfa-1560	50	2	this	this	DET
ajfa-1560	50	3	paper	paper	NOUN
ajfa-1560	50	4	we	we	PRON
ajfa-1560	50	5	examine	examine	VERB
ajfa-1560	50	6	the	the	DET
ajfa-1560	50	7	following	follow	VERB
ajfa-1560	50	8	propositions	proposition	NOUN
ajfa-1560	50	9	for	for	ADP
ajfa-1560	50	10	bricks	brick	NOUN
ajfa-1560	50	11	which	which	PRON
ajfa-1560	50	12	is	be	AUX
ajfa-1560	50	13	a	a	DET
ajfa-1560	50	14	fast	fast	ADV
ajfa-1560	50	15	growing	grow	VERB
ajfa-1560	50	16	emerging	emerge	VERB
ajfa-1560	50	17	market	market	NOUN
ajfa-1560	50	18	basket	basket	NOUN
ajfa-1560	50	19	closely	closely	ADV
ajfa-1560	50	20	tracked	track	VERB
ajfa-1560	50	21	by	by	ADP
ajfa-1560	50	22	global	global	ADJ
ajfa-1560	50	23	investment	investment	NOUN
ajfa-1560	50	24	managers	manager	NOUN
ajfa-1560	50	25	.	.	PUNCT
ajfa-1560	51	1	(	(	PUNCT
ajfa-1560	51	2	1	1	X
ajfa-1560	51	3	)	)	PUNCT
ajfa-1560	51	4	are	be	AUX
ajfa-1560	51	5	there	there	PRON
ajfa-1560	51	6	any	any	DET
ajfa-1560	51	7	prior	prior	ADJ
ajfa-1560	51	8	return	return	NOUN
ajfa-1560	51	9	patterns	pattern	NOUN
ajfa-1560	51	10	at	at	ADP
ajfa-1560	51	11	sector	sector	NOUN
ajfa-1560	51	12	,	,	PUNCT
ajfa-1560	51	13	industry	industry	NOUN
ajfa-1560	51	14	and	and	CCONJ
ajfa-1560	51	15	industry	industry	NOUN
ajfa-1560	51	16	group	group	NOUN
ajfa-1560	51	17	level	level	NOUN
ajfa-1560	51	18	?	?	PUNCT
ajfa-1560	52	1	(	(	PUNCT
ajfa-1560	52	2	2	2	X
ajfa-1560	52	3	)	)	PUNCT
ajfa-1560	52	4	do	do	AUX
ajfa-1560	52	5	these	these	DET
ajfa-1560	52	6	prior	prior	ADJ
ajfa-1560	52	7	return	return	NOUN
ajfa-1560	52	8	patterns	pattern	NOUN
ajfa-1560	52	9	differ	differ	VERB
ajfa-1560	52	10	for	for	ADP
ajfa-1560	52	11	short	short	ADJ
ajfa-1560	52	12	-	-	PUNCT
ajfa-1560	52	13	term	term	NOUN
ajfa-1560	52	14	(	(	PUNCT
ajfa-1560	52	15	up	up	ADP
ajfa-1560	52	16	to	to	PART
ajfa-1560	52	17	12	12	NUM
ajfa-1560	52	18	months	month	NOUN
ajfa-1560	52	19	)	)	PUNCT
ajfa-1560	52	20	and	and	CCONJ
ajfa-1560	52	21	long	long	ADJ
ajfa-1560	52	22	-	-	PUNCT
ajfa-1560	52	23	term	term	NOUN
ajfa-1560	52	24	(	(	PUNCT
ajfa-1560	52	25	24	24	NUM
ajfa-1560	52	26	-	-	SYM
ajfa-1560	52	27	60	60	NUM
ajfa-1560	52	28	)	)	PUNCT
ajfa-1560	52	29	portfolio	portfolio	NOUN
ajfa-1560	52	30	formation	formation	NOUN
ajfa-1560	52	31	windows	window	NOUN
ajfa-1560	52	32	?	?	PUNCT
ajfa-1560	53	1	(	(	PUNCT
ajfa-1560	53	2	3	3	X
ajfa-1560	53	3	)	)	PUNCT
ajfa-1560	53	4	do	do	AUX
ajfa-1560	53	5	winner	winner	NOUN
ajfa-1560	53	6	and	and	CCONJ
ajfa-1560	53	7	loser	loser	ADJ
ajfa-1560	53	8	sector	sector	NOUN
ajfa-1560	53	9	exhibit	exhibit	VERB
ajfa-1560	53	10	different	different	ADJ
ajfa-1560	53	11	growth	growth	NOUN
ajfa-1560	53	12	potential	potential	NOUN
ajfa-1560	53	13	,	,	PUNCT
ajfa-1560	53	14	the	the	DET
ajfa-1560	53	15	information	information	NOUN
ajfa-1560	53	16	about	about	ADP
ajfa-1560	53	17	which	which	PRON
ajfa-1560	53	18	then	then	ADV
ajfa-1560	53	19	can	can	AUX
ajfa-1560	53	20	be	be	AUX
ajfa-1560	53	21	used	use	VERB
ajfa-1560	53	22	to	to	PART
ajfa-1560	53	23	construct	construct	VERB
ajfa-1560	53	24	a	a	DET
ajfa-1560	53	25	sector	sector	NOUN
ajfa-1560	53	26	factor	factor	NOUN
ajfa-1560	53	27	as	as	SCONJ
ajfa-1560	53	28	suggested	suggest	VERB
ajfa-1560	53	29	by	by	ADP
ajfa-1560	53	30	liu	liu	PROPN
ajfa-1560	53	31	and	and	CCONJ
ajfa-1560	53	32	zhang	zhang	PROPN
ajfa-1560	53	33	asian	asian	PROPN
ajfa-1560	53	34	journal	journal	PROPN
ajfa-1560	53	35	of	of	ADP
ajfa-1560	53	36	finance	finance	PROPN
ajfa-1560	53	37	&	&	CCONJ
ajfa-1560	53	38	accounting	accounting	PROPN
ajfa-1560	53	39	issn	issn	PROPN
ajfa-1560	53	40	1946	1946	NUM
ajfa-1560	53	41	-	-	PUNCT
ajfa-1560	53	42	052x	052x	NOUN
ajfa-1560	53	43	2012	2012	NUM
ajfa-1560	53	44	,	,	PUNCT
ajfa-1560	53	45	vol	vol	NOUN
ajfa-1560	53	46	.	.	PROPN
ajfa-1560	53	47	4	4	NUM
ajfa-1560	53	48	,	,	PUNCT
ajfa-1560	53	49	no	no	INTJ
ajfa-1560	53	50	.	.	NOUN
ajfa-1560	53	51	1	1	NUM
ajfa-1560	53	52	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1560	53	53	262	262	NUM
ajfa-1560	53	54	(	(	PUNCT
ajfa-1560	53	55	2008	2008	NUM
ajfa-1560	53	56	)	)	PUNCT
ajfa-1560	53	57	?	?	PUNCT
ajfa-1560	54	1	(	(	PUNCT
ajfa-1560	54	2	4	4	X
ajfa-1560	54	3	)	)	PUNCT
ajfa-1560	54	4	can	can	AUX
ajfa-1560	54	5	the	the	DET
ajfa-1560	54	6	sector	sector	NOUN
ajfa-1560	54	7	factor	factor	NOUN
ajfa-1560	54	8	capture	capture	VERB
ajfa-1560	54	9	prior	prior	ADV
ajfa-1560	54	10	return	return	VERB
ajfa-1560	54	11	patterns	pattern	NOUN
ajfa-1560	54	12	in	in	ADP
ajfa-1560	54	13	stock	stock	NOUN
ajfa-1560	54	14	returns	return	NOUN
ajfa-1560	54	15	that	that	PRON
ajfa-1560	54	16	are	be	AUX
ajfa-1560	54	17	missed	miss	VERB
ajfa-1560	54	18	by	by	ADP
ajfa-1560	54	19	capm	capm	PROPN
ajfa-1560	54	20	and	and	CCONJ
ajfa-1560	54	21	the	the	DET
ajfa-1560	54	22	fama	fama	NOUN
ajfa-1560	54	23	french	french	ADJ
ajfa-1560	54	24	three	three	NUM
ajfa-1560	54	25	-	-	PUNCT
ajfa-1560	54	26	factor	factor	NOUN
ajfa-1560	54	27	model	model	NOUN
ajfa-1560	54	28	?	?	PUNCT
ajfa-1560	55	1	the	the	DET
ajfa-1560	55	2	main	main	ADJ
ajfa-1560	55	3	focus	focus	NOUN
ajfa-1560	55	4	of	of	ADP
ajfa-1560	55	5	the	the	DET
ajfa-1560	55	6	study	study	NOUN
ajfa-1560	55	7	is	be	AUX
ajfa-1560	55	8	to	to	PART
ajfa-1560	55	9	test	test	VERB
ajfa-1560	55	10	prior	prior	ADV
ajfa-1560	55	11	return	return	VERB
ajfa-1560	55	12	patterns	pattern	NOUN
ajfa-1560	55	13	for	for	ADP
ajfa-1560	55	14	sector	sector	NOUN
ajfa-1560	55	15	returns	return	NOUN
ajfa-1560	55	16	especially	especially	ADV
ajfa-1560	55	17	for	for	ADP
ajfa-1560	55	18	emerging	emerge	VERB
ajfa-1560	55	19	markets	market	NOUN
ajfa-1560	55	20	.	.	PUNCT
ajfa-1560	56	1	we	we	PRON
ajfa-1560	56	2	find	find	VERB
ajfa-1560	56	3	in	in	ADP
ajfa-1560	56	4	case	case	NOUN
ajfa-1560	56	5	of	of	ADP
ajfa-1560	56	6	sector	sector	NOUN
ajfa-1560	56	7	returns	return	NOUN
ajfa-1560	56	8	,	,	PUNCT
ajfa-1560	56	9	for	for	ADP
ajfa-1560	56	10	short	short	ADJ
ajfa-1560	56	11	-	-	PUNCT
ajfa-1560	56	12	term	term	NOUN
ajfa-1560	56	13	portfolio	portfolio	NOUN
ajfa-1560	56	14	formation	formation	NOUN
ajfa-1560	56	15	windows	window	NOUN
ajfa-1560	56	16	(	(	PUNCT
ajfa-1560	56	17	up	up	ADP
ajfa-1560	56	18	to	to	PART
ajfa-1560	56	19	12	12	NUM
ajfa-1560	56	20	months	month	NOUN
ajfa-1560	56	21	)	)	PUNCT
ajfa-1560	56	22	,	,	PUNCT
ajfa-1560	56	23	india	india	PROPN
ajfa-1560	56	24	and	and	CCONJ
ajfa-1560	56	25	s.africa	s.africa	PROPN
ajfa-1560	56	26	reports	report	VERB
ajfa-1560	56	27	momentum	momentum	NOUN
ajfa-1560	56	28	behavior	behavior	NOUN
ajfa-1560	56	29	while	while	SCONJ
ajfa-1560	56	30	s.	s.	PROPN
ajfa-1560	56	31	korea	korea	PROPN
ajfa-1560	56	32	reports	report	VERB
ajfa-1560	56	33	reversals	reversal	NOUN
ajfa-1560	56	34	.	.	PUNCT
ajfa-1560	57	1	for	for	ADP
ajfa-1560	57	2	long	long	ADJ
ajfa-1560	57	3	-	-	PUNCT
ajfa-1560	57	4	term	term	NOUN
ajfa-1560	57	5	formation	formation	NOUN
ajfa-1560	57	6	windows	window	NOUN
ajfa-1560	57	7	,	,	PUNCT
ajfa-1560	57	8	brazil	brazil	PROPN
ajfa-1560	57	9	exhibits	exhibit	VERB
ajfa-1560	57	10	momentum	momentum	NOUN
ajfa-1560	57	11	patterns	pattern	NOUN
ajfa-1560	57	12	which	which	PRON
ajfa-1560	57	13	disappear	disappear	VERB
ajfa-1560	57	14	for	for	ADP
ajfa-1560	57	15	60	60	NUM
ajfa-1560	57	16	-	-	SYM
ajfa-1560	57	17	12	12	NUM
ajfa-1560	57	18	-	-	PUNCT
ajfa-1560	57	19	12	12	NUM
ajfa-1560	57	20	strategies	strategy	NOUN
ajfa-1560	57	21	.	.	PUNCT
ajfa-1560	58	1	for	for	ADP
ajfa-1560	58	2	india	india	PROPN
ajfa-1560	58	3	and	and	CCONJ
ajfa-1560	58	4	russia	russia	PROPN
ajfa-1560	58	5	momentum	momentum	NOUN
ajfa-1560	58	6	patterns	pattern	NOUN
ajfa-1560	58	7	continue	continue	VERB
ajfa-1560	58	8	even	even	ADV
ajfa-1560	58	9	for	for	ADP
ajfa-1560	58	10	long	long	ADJ
ajfa-1560	58	11	-	-	PUNCT
ajfa-1560	58	12	term	term	NOUN
ajfa-1560	58	13	portfolio	portfolio	NOUN
ajfa-1560	58	14	formation	formation	NOUN
ajfa-1560	58	15	windows	window	NOUN
ajfa-1560	58	16	.	.	PUNCT
ajfa-1560	59	1	s.korea	s.korea	PROPN
ajfa-1560	59	2	,	,	PUNCT
ajfa-1560	59	3	s.africa	s.africa	PROPN
ajfa-1560	59	4	and	and	CCONJ
ajfa-1560	59	5	china	china	PROPN
ajfa-1560	59	6	show	show	VERB
ajfa-1560	59	7	weak	weak	ADJ
ajfa-1560	59	8	reversals	reversal	NOUN
ajfa-1560	59	9	for	for	ADP
ajfa-1560	59	10	long	long	ADJ
ajfa-1560	59	11	-	-	PUNCT
ajfa-1560	59	12	term	term	NOUN
ajfa-1560	59	13	portfolio	portfolio	NOUN
ajfa-1560	59	14	formation	formation	NOUN
ajfa-1560	59	15	windows	window	NOUN
ajfa-1560	59	16	.	.	PUNCT
ajfa-1560	60	1	the	the	DET
ajfa-1560	60	2	differences	difference	NOUN
ajfa-1560	60	3	in	in	ADP
ajfa-1560	60	4	growth	growth	NOUN
ajfa-1560	60	5	rate	rate	NOUN
ajfa-1560	60	6	of	of	ADP
ajfa-1560	60	7	sectors	sector	NOUN
ajfa-1560	60	8	of	of	ADP
ajfa-1560	60	9	winners	winner	NOUN
ajfa-1560	60	10	and	and	CCONJ
ajfa-1560	60	11	losers	loser	NOUN
ajfa-1560	60	12	may	may	AUX
ajfa-1560	60	13	be	be	AUX
ajfa-1560	60	14	able	able	ADJ
ajfa-1560	60	15	to	to	PART
ajfa-1560	60	16	explain	explain	VERB
ajfa-1560	60	17	risk	risk	NOUN
ajfa-1560	60	18	as	as	SCONJ
ajfa-1560	60	19	documented	document	VERB
ajfa-1560	60	20	by	by	ADP
ajfa-1560	60	21	liu	liu	PROPN
ajfa-1560	60	22	and	and	CCONJ
ajfa-1560	60	23	zhang	zhang	PROPN
ajfa-1560	60	24	(	(	PUNCT
ajfa-1560	60	25	2008	2008	NUM
ajfa-1560	60	26	)	)	PUNCT
ajfa-1560	60	27	.	.	PUNCT
ajfa-1560	61	1	it	it	PRON
ajfa-1560	61	2	is	be	AUX
ajfa-1560	61	3	expected	expect	VERB
ajfa-1560	61	4	that	that	SCONJ
ajfa-1560	61	5	the	the	DET
ajfa-1560	61	6	sector	sector	NOUN
ajfa-1560	61	7	factor	factor	NOUN
ajfa-1560	61	8	,	,	PUNCT
ajfa-1560	61	9	which	which	PRON
ajfa-1560	61	10	mimics	mimic	VERB
ajfa-1560	61	11	the	the	DET
ajfa-1560	61	12	growth	growth	NOUN
ajfa-1560	61	13	risk	risk	NOUN
ajfa-1560	61	14	differences	difference	NOUN
ajfa-1560	61	15	between	between	ADP
ajfa-1560	61	16	corner	corner	NOUN
ajfa-1560	61	17	portfolios	portfolio	NOUN
ajfa-1560	61	18	,	,	PUNCT
ajfa-1560	61	19	should	should	AUX
ajfa-1560	61	20	be	be	AUX
ajfa-1560	61	21	able	able	ADJ
ajfa-1560	61	22	to	to	PART
ajfa-1560	61	23	provide	provide	VERB
ajfa-1560	61	24	a	a	DET
ajfa-1560	61	25	better	well	ADJ
ajfa-1560	61	26	explanation	explanation	NOUN
ajfa-1560	61	27	based	base	VERB
ajfa-1560	61	28	on	on	ADP
ajfa-1560	61	29	short	short	ADJ
ajfa-1560	61	30	-	-	PUNCT
ajfa-1560	61	31	term	term	NOUN
ajfa-1560	61	32	prior	prior	ADJ
ajfa-1560	61	33	return	return	NOUN
ajfa-1560	61	34	formation	formation	NOUN
ajfa-1560	61	35	.	.	PUNCT
ajfa-1560	62	1	in	in	ADP
ajfa-1560	62	2	case	case	NOUN
ajfa-1560	62	3	of	of	ADP
ajfa-1560	62	4	long	long	ADJ
ajfa-1560	62	5	-	-	PUNCT
ajfa-1560	62	6	term	term	NOUN
ajfa-1560	62	7	portfolio	portfolio	NOUN
ajfa-1560	62	8	formation	formation	NOUN
ajfa-1560	62	9	,	,	PUNCT
ajfa-1560	62	10	the	the	DET
ajfa-1560	62	11	sector	sector	NOUN
ajfa-1560	62	12	factor	factor	NOUN
ajfa-1560	62	13	is	be	AUX
ajfa-1560	62	14	likely	likely	ADJ
ajfa-1560	62	15	to	to	PART
ajfa-1560	62	16	absorb	absorb	VERB
ajfa-1560	62	17	cross	cross	NOUN
ajfa-1560	62	18	-	-	NOUN
ajfa-1560	62	19	section	section	NOUN
ajfa-1560	62	20	of	of	ADP
ajfa-1560	62	21	average	average	ADJ
ajfa-1560	62	22	returns	return	NOUN
ajfa-1560	62	23	in	in	ADP
ajfa-1560	62	24	case	case	NOUN
ajfa-1560	62	25	of	of	ADP
ajfa-1560	62	26	brazil	brazil	PROPN
ajfa-1560	62	27	,	,	PUNCT
ajfa-1560	62	28	russia	russia	PROPN
ajfa-1560	62	29	and	and	CCONJ
ajfa-1560	62	30	india	india	PROPN
ajfa-1560	62	31	’	'	PUNCT
ajfa-1560	62	32	.	.	PUNCT
ajfa-1560	63	1	we	we	PRON
ajfa-1560	63	2	construct	construct	VERB
ajfa-1560	63	3	a	a	DET
ajfa-1560	63	4	sector	sector	NOUN
ajfa-1560	63	5	factor	factor	NOUN
ajfa-1560	63	6	based	base	VERB
ajfa-1560	63	7	on	on	ADP
ajfa-1560	63	8	liu	liu	PROPN
ajfa-1560	63	9	and	and	CCONJ
ajfa-1560	63	10	zhang	zhang	PROPN
ajfa-1560	63	11	(	(	PUNCT
ajfa-1560	63	12	2008	2008	NUM
ajfa-1560	63	13	)	)	PUNCT
ajfa-1560	63	14	argument	argument	NOUN
ajfa-1560	63	15	that	that	SCONJ
ajfa-1560	63	16	winner	winner	NOUN
ajfa-1560	63	17	sector	sector	NOUN
ajfa-1560	63	18	exhibit	exhibit	VERB
ajfa-1560	63	19	higher	high	ADJ
ajfa-1560	63	20	risk	risk	NOUN
ajfa-1560	63	21	owing	owe	VERB
ajfa-1560	63	22	to	to	ADP
ajfa-1560	63	23	stronger	strong	ADJ
ajfa-1560	63	24	growth	growth	NOUN
ajfa-1560	63	25	potential	potential	NOUN
ajfa-1560	63	26	.	.	PUNCT
ajfa-1560	64	1	our	our	PRON
ajfa-1560	64	2	results	result	NOUN
ajfa-1560	64	3	are	be	AUX
ajfa-1560	64	4	stronger	strong	ADJ
ajfa-1560	64	5	for	for	ADP
ajfa-1560	64	6	short	short	ADJ
ajfa-1560	64	7	-	-	PUNCT
ajfa-1560	64	8	term	term	NOUN
ajfa-1560	64	9	portfolio	portfolio	NOUN
ajfa-1560	64	10	formation	formation	NOUN
ajfa-1560	64	11	windows	window	NOUN
ajfa-1560	64	12	for	for	ADP
ajfa-1560	64	13	all	all	DET
ajfa-1560	64	14	the	the	DET
ajfa-1560	64	15	sample	sample	NOUN
ajfa-1560	64	16	countries	country	NOUN
ajfa-1560	64	17	and	and	CCONJ
ajfa-1560	64	18	for	for	ADP
ajfa-1560	64	19	long	long	ADJ
ajfa-1560	64	20	-	-	PUNCT
ajfa-1560	64	21	term	term	NOUN
ajfa-1560	64	22	portfolio	portfolio	NOUN
ajfa-1560	64	23	formation	formation	NOUN
ajfa-1560	64	24	windows	window	NOUN
ajfa-1560	64	25	in	in	ADP
ajfa-1560	64	26	case	case	NOUN
ajfa-1560	64	27	of	of	ADP
ajfa-1560	64	28	brazil	brazil	PROPN
ajfa-1560	64	29	,	,	PUNCT
ajfa-1560	64	30	russia	russia	PROPN
ajfa-1560	64	31	and	and	CCONJ
ajfa-1560	64	32	india	india	PROPN
ajfa-1560	64	33	.	.	PUNCT
ajfa-1560	65	1	the	the	DET
ajfa-1560	65	2	remainder	remainder	NOUN
ajfa-1560	65	3	of	of	ADP
ajfa-1560	65	4	the	the	DET
ajfa-1560	65	5	paper	paper	NOUN
ajfa-1560	65	6	is	be	AUX
ajfa-1560	65	7	structured	structure	VERB
ajfa-1560	65	8	as	as	SCONJ
ajfa-1560	65	9	follows	follow	VERB
ajfa-1560	65	10	:	:	PUNCT
ajfa-1560	65	11	section	section	NOUN
ajfa-1560	65	12	2	2	NUM
ajfa-1560	65	13	gives	give	VERB
ajfa-1560	65	14	a	a	DET
ajfa-1560	65	15	brief	brief	ADJ
ajfa-1560	65	16	description	description	NOUN
ajfa-1560	65	17	of	of	ADP
ajfa-1560	65	18	data	datum	NOUN
ajfa-1560	65	19	and	and	CCONJ
ajfa-1560	65	20	their	their	PRON
ajfa-1560	65	21	sources	source	NOUN
ajfa-1560	65	22	.	.	PUNCT
ajfa-1560	66	1	in	in	ADP
ajfa-1560	66	2	section	section	NOUN
ajfa-1560	66	3	3	3	NUM
ajfa-1560	66	4	,	,	PUNCT
ajfa-1560	66	5	we	we	PRON
ajfa-1560	66	6	test	test	VERB
ajfa-1560	66	7	for	for	ADP
ajfa-1560	66	8	any	any	DET
ajfa-1560	66	9	prior	prior	ADJ
ajfa-1560	66	10	return	return	NOUN
ajfa-1560	66	11	effects	effect	NOUN
ajfa-1560	66	12	in	in	ADP
ajfa-1560	66	13	sector	sector	NOUN
ajfa-1560	66	14	,	,	PUNCT
ajfa-1560	66	15	industry	industry	NOUN
ajfa-1560	66	16	and	and	CCONJ
ajfa-1560	66	17	industry	industry	NOUN
ajfa-1560	66	18	group	group	NOUN
ajfa-1560	66	19	.	.	PUNCT
ajfa-1560	67	1	section	section	NOUN
ajfa-1560	67	2	4	4	NUM
ajfa-1560	67	3	describes	describe	VERB
ajfa-1560	67	4	the	the	DET
ajfa-1560	67	5	methodology	methodology	NOUN
ajfa-1560	67	6	employed	employ	VERB
ajfa-1560	67	7	and	and	CCONJ
ajfa-1560	67	8	examine	examine	VERB
ajfa-1560	67	9	the	the	DET
ajfa-1560	67	10	evidence	evidence	NOUN
ajfa-1560	67	11	for	for	ADP
ajfa-1560	67	12	four	four	NUM
ajfa-1560	67	13	-	-	PUNCT
ajfa-1560	67	14	factor	factor	NOUN
ajfa-1560	67	15	model	model	NOUN
ajfa-1560	67	16	with	with	ADP
ajfa-1560	67	17	constructed	construct	VERB
ajfa-1560	67	18	sector	sector	NOUN
ajfa-1560	67	19	factor	factor	NOUN
ajfa-1560	67	20	as	as	ADP
ajfa-1560	67	21	the	the	DET
ajfa-1560	67	22	additional	additional	ADJ
ajfa-1560	67	23	factor	factor	NOUN
ajfa-1560	67	24	to	to	ADP
ajfa-1560	67	25	fama	fama	NOUN
ajfa-1560	67	26	-	-	PUNCT
ajfa-1560	67	27	french	french	ADJ
ajfa-1560	67	28	three	three	NUM
ajfa-1560	67	29	factor	factor	NOUN
ajfa-1560	67	30	model	model	NOUN
ajfa-1560	67	31	and	and	CCONJ
ajfa-1560	67	32	the	the	DET
ajfa-1560	67	33	empirical	empirical	ADJ
ajfa-1560	67	34	tests	test	NOUN
ajfa-1560	67	35	carried	carry	VERB
ajfa-1560	67	36	out	out	ADP
ajfa-1560	67	37	related	relate	VERB
ajfa-1560	67	38	to	to	ADP
ajfa-1560	67	39	sector	sector	NOUN
ajfa-1560	67	40	momentum	momentum	NOUN
ajfa-1560	67	41	portfolios	portfolio	NOUN
ajfa-1560	67	42	.	.	PUNCT
ajfa-1560	68	1	section	section	NOUN
ajfa-1560	68	2	5	5	NUM
ajfa-1560	68	3	concludes	conclude	VERB
ajfa-1560	68	4	.	.	PUNCT
ajfa-1560	69	1	2	2	X
ajfa-1560	69	2	.	.	X
ajfa-1560	69	3	data	datum	NOUN
ajfa-1560	69	4	and	and	CCONJ
ajfa-1560	69	5	their	their	PRON
ajfa-1560	69	6	sources	source	NOUN
ajfa-1560	69	7	data	data	NOUN
ajfa-1560	69	8	comprises	comprise	NOUN
ajfa-1560	69	9	of	of	ADP
ajfa-1560	69	10	monthly	monthly	ADJ
ajfa-1560	69	11	share	share	NOUN
ajfa-1560	69	12	prices	price	NOUN
ajfa-1560	69	13	adjusted	adjust	VERB
ajfa-1560	69	14	for	for	ADP
ajfa-1560	69	15	stock	stock	NOUN
ajfa-1560	69	16	splits	split	NOUN
ajfa-1560	69	17	,	,	PUNCT
ajfa-1560	69	18	stock	stock	NOUN
ajfa-1560	69	19	dividends	dividend	NOUN
ajfa-1560	69	20	and	and	CCONJ
ajfa-1560	69	21	rights	right	NOUN
ajfa-1560	69	22	issues	issue	NOUN
ajfa-1560	69	23	for	for	ADP
ajfa-1560	69	24	bricks	brick	NOUN
ajfa-1560	69	25	markets	market	NOUN
ajfa-1560	69	26	and	and	CCONJ
ajfa-1560	69	27	has	have	AUX
ajfa-1560	69	28	been	be	AUX
ajfa-1560	69	29	obtained	obtain	VERB
ajfa-1560	69	30	from	from	ADP
ajfa-1560	69	31	thomson	thomson	PROPN
ajfa-1560	69	32	reuters	reuters	PROPN
ajfa-1560	69	33	datastream	datastream	ADJ
ajfa-1560	69	34	software	software	NOUN
ajfa-1560	69	35	.	.	PUNCT
ajfa-1560	70	1	the	the	DET
ajfa-1560	70	2	sample	sample	NOUN
ajfa-1560	70	3	period	period	NOUN
ajfa-1560	70	4	is	be	AUX
ajfa-1560	70	5	from	from	ADP
ajfa-1560	70	6	january	january	PROPN
ajfa-1560	70	7	1993	1993	NUM
ajfa-1560	70	8	to	to	ADP
ajfa-1560	70	9	february	february	PROPN
ajfa-1560	70	10	2008	2008	NUM
ajfa-1560	70	11	except	except	SCONJ
ajfa-1560	70	12	for	for	ADP
ajfa-1560	70	13	russia	russia	PROPN
ajfa-1560	70	14	where	where	SCONJ
ajfa-1560	70	15	the	the	DET
ajfa-1560	70	16	sample	sample	NOUN
ajfa-1560	70	17	period	period	NOUN
ajfa-1560	70	18	is	be	AUX
ajfa-1560	70	19	january	january	PROPN
ajfa-1560	70	20	2000	2000	NUM
ajfa-1560	70	21	to	to	ADP
ajfa-1560	70	22	february	february	PROPN
ajfa-1560	70	23	2008	2008	NUM
ajfa-1560	70	24	due	due	ADP
ajfa-1560	70	25	to	to	ADP
ajfa-1560	70	26	paucity	paucity	NOUN
ajfa-1560	70	27	of	of	ADP
ajfa-1560	70	28	data	datum	NOUN
ajfa-1560	70	29	.	.	PUNCT
ajfa-1560	71	1	exhibit	exhibit	VERB
ajfa-1560	71	2	a	a	DET
ajfa-1560	71	3	gives	give	VERB
ajfa-1560	71	4	the	the	DET
ajfa-1560	71	5	number	number	NOUN
ajfa-1560	71	6	of	of	ADP
ajfa-1560	71	7	securities	security	NOUN
ajfa-1560	71	8	that	that	PRON
ajfa-1560	71	9	have	have	AUX
ajfa-1560	71	10	been	be	AUX
ajfa-1560	71	11	used	use	VERB
ajfa-1560	71	12	for	for	ADP
ajfa-1560	71	13	analysis	analysis	NOUN
ajfa-1560	71	14	along	along	ADP
ajfa-1560	71	15	with	with	ADP
ajfa-1560	71	16	market	market	NOUN
ajfa-1560	71	17	indices	index	NOUN
ajfa-1560	71	18	and	and	CCONJ
ajfa-1560	71	19	their	their	PRON
ajfa-1560	71	20	description	description	NOUN
ajfa-1560	71	21	for	for	ADP
ajfa-1560	71	22	the	the	DET
ajfa-1560	71	23	sample	sample	NOUN
ajfa-1560	71	24	countries	country	NOUN
ajfa-1560	71	25	.	.	PUNCT
ajfa-1560	72	1	the	the	DET
ajfa-1560	72	2	companies	company	NOUN
ajfa-1560	72	3	account	account	VERB
ajfa-1560	72	4	for	for	ADP
ajfa-1560	72	5	a	a	DET
ajfa-1560	72	6	reasonable	reasonable	ADJ
ajfa-1560	72	7	part	part	NOUN
ajfa-1560	72	8	of	of	ADP
ajfa-1560	72	9	market	market	NOUN
ajfa-1560	72	10	capitalization	capitalization	NOUN
ajfa-1560	72	11	and	and	CCONJ
ajfa-1560	72	12	trading	trading	NOUN
ajfa-1560	72	13	activity	activity	NOUN
ajfa-1560	72	14	in	in	ADP
ajfa-1560	72	15	their	their	PRON
ajfa-1560	72	16	respective	respective	ADJ
ajfa-1560	72	17	markets	market	NOUN
ajfa-1560	72	18	.	.	PUNCT
ajfa-1560	73	1	hence	hence	ADV
ajfa-1560	73	2	,	,	PUNCT
ajfa-1560	73	3	our	our	PRON
ajfa-1560	73	4	data	datum	NOUN
ajfa-1560	73	5	set	set	VERB
ajfa-1560	73	6	fairly	fairly	ADV
ajfa-1560	73	7	represents	represent	VERB
ajfa-1560	73	8	market	market	NOUN
ajfa-1560	73	9	performance	performance	NOUN
ajfa-1560	73	10	.	.	PUNCT
ajfa-1560	74	1	asian	asian	ADJ
ajfa-1560	74	2	journal	journal	PROPN
ajfa-1560	74	3	of	of	ADP
ajfa-1560	74	4	finance	finance	PROPN
ajfa-1560	74	5	&	&	CCONJ
ajfa-1560	74	6	accounting	accounting	PROPN
ajfa-1560	74	7	issn	issn	PROPN
ajfa-1560	74	8	1946	1946	NUM
ajfa-1560	74	9	-	-	PUNCT
ajfa-1560	74	10	052x	052x	NOUN
ajfa-1560	74	11	2012	2012	NUM
ajfa-1560	74	12	,	,	PUNCT
ajfa-1560	74	13	vol	vol	NOUN
ajfa-1560	74	14	.	.	PROPN
ajfa-1560	74	15	4	4	NUM
ajfa-1560	74	16	,	,	PUNCT
ajfa-1560	74	17	no	no	INTJ
ajfa-1560	74	18	.	.	NOUN
ajfa-1560	74	19	1	1	NUM
ajfa-1560	74	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1560	74	21	263	263	NUM
ajfa-1560	74	22	exhibit	exhibit	VERB
ajfa-1560	74	23	a	a	DET
ajfa-1560	74	24	:	:	PUNCT
ajfa-1560	74	25	data	datum	NOUN
ajfa-1560	74	26	description	description	NOUN
ajfa-1560	74	27	for	for	ADP
ajfa-1560	74	28	sample	sample	NOUN
ajfa-1560	74	29	countries	country	NOUN
ajfa-1560	74	30	country	country	NOUN
ajfa-1560	74	31	no	no	INTJ
ajfa-1560	74	32	.	.	PUNCT
ajfa-1560	75	1	of	of	ADP
ajfa-1560	75	2	securities	security	NOUN
ajfa-1560	75	3	market	market	NOUN
ajfa-1560	75	4	index	index	NOUN
ajfa-1560	75	5	index	index	NOUN
ajfa-1560	75	6	description	description	NOUN
ajfa-1560	75	7	brazil	brazil	PROPN
ajfa-1560	75	8	195	195	NUM
ajfa-1560	75	9	brazil	brazil	PROPN
ajfa-1560	75	10	bovespa	bovespa	PROPN
ajfa-1560	75	11	bm&fbovespa	bm&fbovespa	PROPN
ajfa-1560	75	12	s.a	s.a	PROPN
ajfa-1560	75	13	.	.	PROPN
ajfa-1560	75	14	ia	ia	PROPN
ajfa-1560	76	1	a	a	DET
ajfa-1560	76	2	security	security	NOUN
ajfa-1560	76	3	market	market	NOUN
ajfa-1560	76	4	index	index	NOUN
ajfa-1560	76	5	with	with	ADP
ajfa-1560	76	6	base	base	ADJ
ajfa-1560	76	7	year	year	NOUN
ajfa-1560	76	8	1968	1968	NUM
ajfa-1560	76	9	and	and	CCONJ
ajfa-1560	76	10	base	base	NOUN
ajfa-1560	76	11	value	value	NOUN
ajfa-1560	76	12	of	of	ADP
ajfa-1560	76	13	100	100	NUM
ajfa-1560	76	14	.	.	PUNCT
ajfa-1560	77	1	it	it	PRON
ajfa-1560	77	2	is	be	AUX
ajfa-1560	77	3	a	a	DET
ajfa-1560	77	4	total	total	ADJ
ajfa-1560	77	5	return	return	NOUN
ajfa-1560	77	6	index	index	NOUN
ajfa-1560	77	7	and	and	CCONJ
ajfa-1560	77	8	handles	handle	VERB
ajfa-1560	77	9	about	about	ADP
ajfa-1560	77	10	85	85	NUM
ajfa-1560	77	11	%	%	NOUN
ajfa-1560	77	12	of	of	ADP
ajfa-1560	77	13	the	the	DET
ajfa-1560	77	14	total	total	ADJ
ajfa-1560	77	15	volume	volume	NOUN
ajfa-1560	77	16	traded	trade	VERB
ajfa-1560	77	17	on	on	ADP
ajfa-1560	77	18	country	country	NOUN
ajfa-1560	77	19	's	's	PART
ajfa-1560	77	20	nine	nine	NUM
ajfa-1560	77	21	stock	stock	NOUN
ajfa-1560	77	22	exchanges	exchange	NOUN
ajfa-1560	77	23	.	.	PUNCT
ajfa-1560	78	1	russia	russia	PROPN
ajfa-1560	78	2	75	75	NUM
ajfa-1560	78	3	russia	russia	PROPN
ajfa-1560	78	4	rts	rt	NOUN
ajfa-1560	78	5	index	index	NOUN
ajfa-1560	78	6	the	the	DET
ajfa-1560	78	7	russian	russian	ADJ
ajfa-1560	78	8	trading	trading	NOUN
ajfa-1560	78	9	system	system	NOUN
ajfa-1560	78	10	index	index	NOUN
ajfa-1560	78	11	is	be	AUX
ajfa-1560	78	12	a	a	DET
ajfa-1560	78	13	capitalization	capitalization	NOUN
ajfa-1560	78	14	-	-	PUNCT
ajfa-1560	78	15	weighted	weight	VERB
ajfa-1560	78	16	index	index	NOUN
ajfa-1560	78	17	.	.	PUNCT
ajfa-1560	79	1	the	the	DET
ajfa-1560	79	2	index	index	NOUN
ajfa-1560	79	3	was	be	AUX
ajfa-1560	79	4	developed	develop	VERB
ajfa-1560	79	5	with	with	ADP
ajfa-1560	79	6	a	a	DET
ajfa-1560	79	7	base	base	NOUN
ajfa-1560	79	8	value	value	NOUN
ajfa-1560	79	9	of	of	ADP
ajfa-1560	79	10	100	100	NUM
ajfa-1560	79	11	in	in	ADP
ajfa-1560	79	12	1995	1995	NUM
ajfa-1560	79	13	.	.	PUNCT
ajfa-1560	80	1	it	it	PRON
ajfa-1560	80	2	uses	use	VERB
ajfa-1560	80	3	free	free	ADJ
ajfa-1560	80	4	float	float	PROPN
ajfa-1560	80	5	adjusted	adjust	VERB
ajfa-1560	80	6	weights	weight	NOUN
ajfa-1560	80	7	.	.	PUNCT
ajfa-1560	81	1	india	india	PROPN
ajfa-1560	82	1	450	450	NUM
ajfa-1560	82	2	india	india	PROPN
ajfa-1560	82	3	bse-200	bse-200	PROPN
ajfa-1560	82	4	(	(	PUNCT
ajfa-1560	82	5	sensex	sensex	PROPN
ajfa-1560	82	6	)	)	PUNCT
ajfa-1560	82	7	bse-200	bse-200	PROPN
ajfa-1560	82	8	index	index	NOUN
ajfa-1560	82	9	is	be	AUX
ajfa-1560	82	10	a	a	DET
ajfa-1560	82	11	free	free	ADJ
ajfa-1560	82	12	-	-	PUNCT
ajfa-1560	82	13	float	float	NOUN
ajfa-1560	82	14	value	value	NOUN
ajfa-1560	82	15	weighted	weight	VERB
ajfa-1560	82	16	index	index	NOUN
ajfa-1560	82	17	that	that	PRON
ajfa-1560	82	18	represents	represent	VERB
ajfa-1560	82	19	nearly	nearly	ADV
ajfa-1560	82	20	93	93	NUM
ajfa-1560	82	21	%	%	NOUN
ajfa-1560	82	22	of	of	ADP
ajfa-1560	82	23	the	the	DET
ajfa-1560	82	24	total	total	ADJ
ajfa-1560	82	25	market	market	NOUN
ajfa-1560	82	26	capitalization	capitalization	NOUN
ajfa-1560	82	27	on	on	ADP
ajfa-1560	82	28	the	the	DET
ajfa-1560	82	29	bombay	bombay	PROPN
ajfa-1560	82	30	stock	stock	PROPN
ajfa-1560	82	31	exchange	exchange	PROPN
ajfa-1560	82	32	.	.	PUNCT
ajfa-1560	83	1	the	the	DET
ajfa-1560	83	2	financial	financial	ADJ
ajfa-1560	83	3	year	year	NOUN
ajfa-1560	83	4	1989	1989	NUM
ajfa-1560	83	5	-	-	SYM
ajfa-1560	83	6	90	90	NUM
ajfa-1560	83	7	has	have	AUX
ajfa-1560	83	8	been	be	AUX
ajfa-1560	83	9	chosen	choose	VERB
ajfa-1560	83	10	as	as	ADP
ajfa-1560	83	11	the	the	DET
ajfa-1560	83	12	base	base	NOUN
ajfa-1560	83	13	year	year	NOUN
ajfa-1560	83	14	.	.	PUNCT
ajfa-1560	84	1	china	china	PROPN
ajfa-1560	84	2	600	600	NUM
ajfa-1560	84	3	shanghai	shanghai	PROPN
ajfa-1560	84	4	se	se	PROPN
ajfa-1560	84	5	a	a	DET
ajfa-1560	84	6	share	share	NOUN
ajfa-1560	84	7	the	the	DET
ajfa-1560	84	8	shanghai	shanghai	PROPN
ajfa-1560	84	9	a	a	DET
ajfa-1560	84	10	-	-	PUNCT
ajfa-1560	84	11	share	share	NOUN
ajfa-1560	84	12	stock	stock	NOUN
ajfa-1560	84	13	price	price	NOUN
ajfa-1560	84	14	index	index	NOUN
ajfa-1560	84	15	is	be	AUX
ajfa-1560	84	16	a	a	DET
ajfa-1560	84	17	market	market	NOUN
ajfa-1560	84	18	capitalization	capitalization	NOUN
ajfa-1560	84	19	-	-	PUNCT
ajfa-1560	84	20	weighted	weight	VERB
ajfa-1560	84	21	index	index	NOUN
ajfa-1560	84	22	.	.	PUNCT
ajfa-1560	85	1	the	the	DET
ajfa-1560	85	2	index	index	NOUN
ajfa-1560	85	3	was	be	AUX
ajfa-1560	85	4	developed	develop	VERB
ajfa-1560	85	5	with	with	ADP
ajfa-1560	85	6	a	a	DET
ajfa-1560	85	7	base	base	NOUN
ajfa-1560	85	8	value	value	NOUN
ajfa-1560	85	9	of	of	ADP
ajfa-1560	85	10	100	100	NUM
ajfa-1560	85	11	on	on	ADP
ajfa-1560	85	12	december	december	PROPN
ajfa-1560	85	13	19	19	NUM
ajfa-1560	85	14	,	,	PUNCT
ajfa-1560	85	15	1990	1990	NUM
ajfa-1560	85	16	.	.	PUNCT
ajfa-1560	86	1	it	it	PRON
ajfa-1560	86	2	comprises	comprise	VERB
ajfa-1560	86	3	of	of	ADP
ajfa-1560	86	4	all	all	DET
ajfa-1560	86	5	the	the	DET
ajfa-1560	86	6	a	a	PRON
ajfa-1560	86	7	-	-	PUNCT
ajfa-1560	86	8	shares	share	NOUN
ajfa-1560	86	9	which	which	PRON
ajfa-1560	86	10	are	be	AUX
ajfa-1560	86	11	restricted	restrict	VERB
ajfa-1560	86	12	to	to	ADP
ajfa-1560	86	13	trading	trading	NOUN
ajfa-1560	86	14	by	by	ADP
ajfa-1560	86	15	local	local	ADJ
ajfa-1560	86	16	investors	investor	NOUN
ajfa-1560	86	17	and	and	CCONJ
ajfa-1560	86	18	qualified	qualified	ADJ
ajfa-1560	86	19	institutional	institutional	ADJ
ajfa-1560	86	20	foreign	foreign	ADJ
ajfa-1560	86	21	investors	investor	NOUN
ajfa-1560	86	22	.	.	PUNCT
ajfa-1560	87	1	korea	korea	PROPN
ajfa-1560	87	2	500	500	NUM
ajfa-1560	87	3	korea	korea	PROPN
ajfa-1560	87	4	se	se	PROPN
ajfa-1560	87	5	composite	composite	PROPN
ajfa-1560	87	6	(	(	PUNCT
ajfa-1560	87	7	kospi	kospi	NOUN
ajfa-1560	87	8	)	)	PUNCT
ajfa-1560	87	9	the	the	DET
ajfa-1560	87	10	kospi	kospi	ADJ
ajfa-1560	87	11	200	200	NUM
ajfa-1560	87	12	index	index	NOUN
ajfa-1560	87	13	consists	consist	VERB
ajfa-1560	87	14	of	of	ADP
ajfa-1560	87	15	200	200	NUM
ajfa-1560	87	16	korean	korean	ADJ
ajfa-1560	87	17	stocks	stock	NOUN
ajfa-1560	87	18	which	which	PRON
ajfa-1560	87	19	constitute	constitute	VERB
ajfa-1560	87	20	93	93	NUM
ajfa-1560	87	21	%	%	NOUN
ajfa-1560	87	22	of	of	ADP
ajfa-1560	87	23	the	the	DET
ajfa-1560	87	24	total	total	ADJ
ajfa-1560	87	25	market	market	NOUN
ajfa-1560	87	26	value	value	NOUN
ajfa-1560	87	27	on	on	ADP
ajfa-1560	87	28	the	the	DET
ajfa-1560	87	29	korea	korea	PROPN
ajfa-1560	87	30	stock	stock	PROPN
ajfa-1560	87	31	exchange	exchange	PROPN
ajfa-1560	87	32	.	.	PUNCT
ajfa-1560	88	1	the	the	DET
ajfa-1560	88	2	index	index	NOUN
ajfa-1560	88	3	was	be	AUX
ajfa-1560	88	4	developed	develop	VERB
ajfa-1560	88	5	with	with	ADP
ajfa-1560	88	6	base	base	NOUN
ajfa-1560	88	7	value	value	NOUN
ajfa-1560	88	8	of	of	ADP
ajfa-1560	88	9	100	100	NUM
ajfa-1560	88	10	in	in	ADP
ajfa-1560	88	11	the	the	DET
ajfa-1560	88	12	year	year	NOUN
ajfa-1560	88	13	1990	1990	NUM
ajfa-1560	88	14	.	.	PUNCT
ajfa-1560	89	1	south	south	PROPN
ajfa-1560	89	2	africa	africa	PROPN
ajfa-1560	89	3	250	250	NUM
ajfa-1560	89	4	ftse	ftse	PROPN
ajfa-1560	89	5	/	/	SYM
ajfa-1560	89	6	jse	jse	PROPN
ajfa-1560	89	7	africa	africa	PROPN
ajfa-1560	89	8	all	all	PRON
ajfa-1560	89	9	share	share	VERB
ajfa-1560	89	10	the	the	DET
ajfa-1560	89	11	ftse	ftse	PROPN
ajfa-1560	89	12	/	/	SYM
ajfa-1560	89	13	jse	jse	PROPN
ajfa-1560	89	14	all	all	DET
ajfa-1560	89	15	africa	africa	PROPN
ajfa-1560	89	16	index	index	NOUN
ajfa-1560	89	17	series	series	NOUN
ajfa-1560	89	18	is	be	AUX
ajfa-1560	89	19	designed	design	VERB
ajfa-1560	89	20	to	to	PART
ajfa-1560	89	21	represent	represent	VERB
ajfa-1560	89	22	the	the	DET
ajfa-1560	89	23	performance	performance	NOUN
ajfa-1560	89	24	of	of	ADP
ajfa-1560	89	25	the	the	DET
ajfa-1560	89	26	top	top	ADJ
ajfa-1560	89	27	african	african	ADJ
ajfa-1560	89	28	companies	company	NOUN
ajfa-1560	89	29	listed	list	VERB
ajfa-1560	89	30	on	on	ADP
ajfa-1560	89	31	johannesburg	johannesburg	PROPN
ajfa-1560	89	32	stock	stock	PROPN
ajfa-1560	89	33	exchange	exchange	PROPN
ajfa-1560	89	34	.	.	PUNCT
ajfa-1560	90	1	companies	company	NOUN
ajfa-1560	90	2	included	include	VERB
ajfa-1560	90	3	consist	consist	NOUN
ajfa-1560	90	4	of	of	ADP
ajfa-1560	90	5	top	top	ADJ
ajfa-1560	90	6	99	99	NUM
ajfa-1560	90	7	%	%	NOUN
ajfa-1560	90	8	of	of	ADP
ajfa-1560	90	9	the	the	DET
ajfa-1560	90	10	total	total	ADJ
ajfa-1560	90	11	pre	pre	ADJ
ajfa-1560	90	12	-	-	ADJ
ajfa-1560	90	13	free	free	ADJ
ajfa-1560	90	14	float	float	NOUN
ajfa-1560	90	15	market	market	NOUN
ajfa-1560	90	16	capitalization	capitalization	NOUN
ajfa-1560	90	17	.	.	PUNCT
ajfa-1560	91	1	the	the	DET
ajfa-1560	91	2	ftse	ftse	PROPN
ajfa-1560	91	3	/	/	SYM
ajfa-1560	91	4	jse	jse	PROPN
ajfa-1560	91	5	africa	africa	PROPN
ajfa-1560	91	6	index	index	PROPN
ajfa-1560	91	7	series	series	PROPN
ajfa-1560	91	8	replaced	replace	VERB
ajfa-1560	91	9	the	the	DET
ajfa-1560	91	10	jse	jse	PROPN
ajfa-1560	91	11	actuaries	actuary	NOUN
ajfa-1560	91	12	indices	indice	VERB
ajfa-1560	91	13	on	on	ADP
ajfa-1560	91	14	the	the	DET
ajfa-1560	91	15	24th	24th	NOUN
ajfa-1560	91	16	of	of	ADP
ajfa-1560	91	17	june	june	PROPN
ajfa-1560	91	18	2002	2002	NUM
ajfa-1560	91	19	.	.	PUNCT
ajfa-1560	92	1	monthly	monthly	ADJ
ajfa-1560	92	2	share	share	NOUN
ajfa-1560	92	3	prices	price	NOUN
ajfa-1560	92	4	for	for	ADP
ajfa-1560	92	5	estimation	estimation	NOUN
ajfa-1560	92	6	purposes	purpose	NOUN
ajfa-1560	92	7	and	and	CCONJ
ajfa-1560	92	8	further	further	ADJ
ajfa-1560	92	9	analysis	analysis	NOUN
ajfa-1560	92	10	have	have	AUX
ajfa-1560	92	11	been	be	AUX
ajfa-1560	92	12	converted	convert	VERB
ajfa-1560	92	13	to	to	ADP
ajfa-1560	92	14	percentage	percentage	NOUN
ajfa-1560	92	15	monthly	monthly	ADJ
ajfa-1560	92	16	return	return	NOUN
ajfa-1560	92	17	series	series	NOUN
ajfa-1560	92	18	.	.	PUNCT
ajfa-1560	93	1	the	the	DET
ajfa-1560	93	2	stylized	stylize	VERB
ajfa-1560	93	3	portfolios	portfolio	NOUN
ajfa-1560	93	4	are	be	AUX
ajfa-1560	93	5	formed	form	VERB
ajfa-1560	93	6	on	on	ADP
ajfa-1560	93	7	basis	basis	NOUN
ajfa-1560	93	8	of	of	ADP
ajfa-1560	93	9	past	past	ADJ
ajfa-1560	93	10	percentage	percentage	NOUN
ajfa-1560	93	11	returns4	returns4	NOUN
ajfa-1560	93	12	and	and	CCONJ
ajfa-1560	93	13	characteristics	characteristic	NOUN
ajfa-1560	93	14	and	and	CCONJ
ajfa-1560	93	15	past	past	ADJ
ajfa-1560	93	16	sales	sale	NOUN
ajfa-1560	93	17	growth5	growth5	NOUN
ajfa-1560	93	18	(	(	PUNCT
ajfa-1560	93	19	estimated	estimate	VERB
ajfa-1560	93	20	as	as	ADP
ajfa-1560	93	21	compounded	compound	VERB
ajfa-1560	93	22	asian	asian	ADJ
ajfa-1560	93	23	journal	journal	NOUN
ajfa-1560	93	24	of	of	ADP
ajfa-1560	93	25	finance	finance	PROPN
ajfa-1560	93	26	&	&	CCONJ
ajfa-1560	93	27	accounting	accounting	PROPN
ajfa-1560	93	28	issn	issn	PROPN
ajfa-1560	93	29	1946	1946	NUM
ajfa-1560	93	30	-	-	PUNCT
ajfa-1560	93	31	052x	052x	NOUN
ajfa-1560	93	32	2012	2012	NUM
ajfa-1560	93	33	,	,	PUNCT
ajfa-1560	93	34	vol	vol	NOUN
ajfa-1560	93	35	.	.	PROPN
ajfa-1560	93	36	4	4	NUM
ajfa-1560	93	37	,	,	PUNCT
ajfa-1560	93	38	no	no	INTJ
ajfa-1560	93	39	.	.	NOUN
ajfa-1560	93	40	1	1	NUM
ajfa-1560	93	41	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1560	93	42	264	264	NUM
ajfa-1560	93	43	value	value	NOUN
ajfa-1560	93	44	of	of	ADP
ajfa-1560	93	45	net	net	ADJ
ajfa-1560	93	46	sales	sale	NOUN
ajfa-1560	93	47	)	)	PUNCT
ajfa-1560	93	48	.	.	PUNCT
ajfa-1560	94	1	91	91	NUM
ajfa-1560	94	2	-	-	PUNCT
ajfa-1560	94	3	day6	day6	NOUN
ajfa-1560	94	4	treasury	treasury	NOUN
ajfa-1560	94	5	bills	bill	NOUN
ajfa-1560	94	6	for	for	ADP
ajfa-1560	94	7	each	each	DET
ajfa-1560	94	8	country	country	NOUN
ajfa-1560	94	9	have	have	AUX
ajfa-1560	94	10	been	be	AUX
ajfa-1560	94	11	used	use	VERB
ajfa-1560	94	12	as	as	ADP
ajfa-1560	94	13	risk	risk	NOUN
ajfa-1560	94	14	free	free	ADJ
ajfa-1560	94	15	proxy	proxy	NOUN
ajfa-1560	94	16	.	.	PUNCT
ajfa-1560	95	1	value	value	NOUN
ajfa-1560	95	2	-	-	PUNCT
ajfa-1560	95	3	weighted	weight	VERB
ajfa-1560	95	4	market	market	NOUN
ajfa-1560	95	5	index	index	NOUN
ajfa-1560	95	6	has	have	AUX
ajfa-1560	95	7	been	be	AUX
ajfa-1560	95	8	used	use	VERB
ajfa-1560	95	9	as	as	ADP
ajfa-1560	95	10	surrogate	surrogate	ADJ
ajfa-1560	95	11	for	for	ADP
ajfa-1560	95	12	aggregate	aggregate	ADJ
ajfa-1560	95	13	economic	economic	ADJ
ajfa-1560	95	14	wealth	wealth	NOUN
ajfa-1560	95	15	.	.	PUNCT
ajfa-1560	96	1	data	datum	NOUN
ajfa-1560	96	2	for	for	ADP
ajfa-1560	96	3	above	above	ADV
ajfa-1560	96	4	said	say	VERB
ajfa-1560	96	5	firm	firm	ADJ
ajfa-1560	96	6	characteristics	characteristic	NOUN
ajfa-1560	96	7	and	and	CCONJ
ajfa-1560	96	8	market	market	NOUN
ajfa-1560	96	9	index	index	NOUN
ajfa-1560	96	10	has	have	AUX
ajfa-1560	96	11	also	also	ADV
ajfa-1560	96	12	been	be	AUX
ajfa-1560	96	13	obtained	obtain	VERB
ajfa-1560	96	14	from	from	ADP
ajfa-1560	96	15	thomson	thomson	PROPN
ajfa-1560	96	16	reuters	reuters	PROPN
ajfa-1560	96	17	datastream	datastream	PROPN
ajfa-1560	96	18	.	.	PUNCT
ajfa-1560	97	1	global	global	ADJ
ajfa-1560	97	2	industry	industry	NOUN
ajfa-1560	97	3	classification	classification	NOUN
ajfa-1560	97	4	system	system	NOUN
ajfa-1560	97	5	(	(	PUNCT
ajfa-1560	97	6	gics	gic	NOUN
ajfa-1560	97	7	)	)	PUNCT
ajfa-1560	97	8	is	be	AUX
ajfa-1560	97	9	an	an	DET
ajfa-1560	97	10	industry	industry	NOUN
ajfa-1560	97	11	classification	classification	NOUN
ajfa-1560	97	12	system	system	NOUN
ajfa-1560	97	13	,	,	PUNCT
ajfa-1560	97	14	developed	develop	VERB
ajfa-1560	97	15	by	by	ADP
ajfa-1560	97	16	standard	standard	PROPN
ajfa-1560	97	17	&	&	CCONJ
ajfa-1560	97	18	poor	poor	PROPN
ajfa-1560	97	19	's	's	PART
ajfa-1560	97	20	(	(	PUNCT
ajfa-1560	97	21	usa	usa	PROPN
ajfa-1560	97	22	)	)	PUNCT
ajfa-1560	97	23	in	in	ADP
ajfa-1560	97	24	collaboration	collaboration	NOUN
ajfa-1560	97	25	with	with	ADP
ajfa-1560	97	26	morgan	morgan	PROPN
ajfa-1560	97	27	stanley	stanley	PROPN
ajfa-1560	97	28	capital	capital	PROPN
ajfa-1560	97	29	international	international	PROPN
ajfa-1560	97	30	(	(	PUNCT
ajfa-1560	97	31	msci	msci	PROPN
ajfa-1560	97	32	)	)	PUNCT
ajfa-1560	97	33	.	.	PUNCT
ajfa-1560	98	1	it	it	PRON
ajfa-1560	98	2	comprises	comprise	VERB
ajfa-1560	98	3	of	of	ADP
ajfa-1560	98	4	10	10	NUM
ajfa-1560	98	5	sectors	sector	NOUN
ajfa-1560	98	6	,	,	PUNCT
ajfa-1560	98	7	24	24	NUM
ajfa-1560	98	8	industry	industry	NOUN
ajfa-1560	98	9	groups	group	NOUN
ajfa-1560	98	10	,	,	PUNCT
ajfa-1560	98	11	68	68	NUM
ajfa-1560	98	12	industries	industry	NOUN
ajfa-1560	98	13	and	and	CCONJ
ajfa-1560	98	14	154	154	NUM
ajfa-1560	98	15	sub	sub	NOUN
ajfa-1560	98	16	-	-	NOUN
ajfa-1560	98	17	industries	industry	NOUN
ajfa-1560	98	18	.	.	PUNCT
ajfa-1560	99	1	gics	gic	NOUN
ajfa-1560	99	2	was	be	AUX
ajfa-1560	99	3	developed	develop	VERB
ajfa-1560	99	4	in	in	ADP
ajfa-1560	99	5	response	response	NOUN
ajfa-1560	99	6	to	to	ADP
ajfa-1560	99	7	the	the	DET
ajfa-1560	99	8	financial	financial	ADJ
ajfa-1560	99	9	community	community	NOUN
ajfa-1560	99	10	’s	’s	PART
ajfa-1560	99	11	need	need	NOUN
ajfa-1560	99	12	for	for	ADP
ajfa-1560	99	13	one	one	NUM
ajfa-1560	99	14	complete	complete	ADJ
ajfa-1560	99	15	,	,	PUNCT
ajfa-1560	99	16	consistent	consistent	ADJ
ajfa-1560	99	17	set	set	NOUN
ajfa-1560	99	18	of	of	ADP
ajfa-1560	99	19	global	global	ADJ
ajfa-1560	99	20	sector	sector	NOUN
ajfa-1560	99	21	and	and	CCONJ
ajfa-1560	99	22	industry	industry	NOUN
ajfa-1560	99	23	definitions	definition	NOUN
ajfa-1560	99	24	.	.	PUNCT
ajfa-1560	100	1	the	the	DET
ajfa-1560	100	2	gics	gic	NOUN
ajfa-1560	100	3	standard	standard	NOUN
ajfa-1560	100	4	can	can	AUX
ajfa-1560	100	5	be	be	AUX
ajfa-1560	100	6	applied	apply	VERB
ajfa-1560	100	7	to	to	ADP
ajfa-1560	100	8	companies	company	NOUN
ajfa-1560	100	9	globally	globally	ADV
ajfa-1560	100	10	,	,	PUNCT
ajfa-1560	100	11	in	in	ADP
ajfa-1560	100	12	both	both	PRON
ajfa-1560	100	13	developed	developed	ADJ
ajfa-1560	100	14	and	and	CCONJ
ajfa-1560	100	15	developing	develop	VERB
ajfa-1560	100	16	markets	market	NOUN
ajfa-1560	100	17	.	.	PUNCT
ajfa-1560	101	1	in	in	ADP
ajfa-1560	101	2	our	our	PRON
ajfa-1560	101	3	work	work	NOUN
ajfa-1560	101	4	information	information	NOUN
ajfa-1560	101	5	for	for	ADP
ajfa-1560	101	6	sectors	sector	NOUN
ajfa-1560	101	7	,	,	PUNCT
ajfa-1560	101	8	industry	industry	NOUN
ajfa-1560	101	9	group	group	NOUN
ajfa-1560	101	10	and	and	CCONJ
ajfa-1560	101	11	industry	industry	NOUN
ajfa-1560	101	12	have	have	AUX
ajfa-1560	101	13	been	be	AUX
ajfa-1560	101	14	used	use	VERB
ajfa-1560	101	15	.	.	PUNCT
ajfa-1560	102	1	the	the	DET
ajfa-1560	102	2	10	10	NUM
ajfa-1560	102	3	prominent	prominent	ADJ
ajfa-1560	102	4	sectors	sector	NOUN
ajfa-1560	102	5	are	be	AUX
ajfa-1560	102	6	energy	energy	NOUN
ajfa-1560	102	7	,	,	PUNCT
ajfa-1560	102	8	materials	material	NOUN
ajfa-1560	102	9	,	,	PUNCT
ajfa-1560	102	10	industrials	industrial	NOUN
ajfa-1560	102	11	,	,	PUNCT
ajfa-1560	102	12	consumer	consumer	NOUN
ajfa-1560	102	13	discretionary	discretionary	NOUN
ajfa-1560	102	14	,	,	PUNCT
ajfa-1560	102	15	consumer	consumer	NOUN
ajfa-1560	102	16	staples	staple	NOUN
ajfa-1560	102	17	,	,	PUNCT
ajfa-1560	102	18	health	health	NOUN
ajfa-1560	102	19	care	care	NOUN
ajfa-1560	102	20	,	,	PUNCT
ajfa-1560	102	21	financials	financial	NOUN
ajfa-1560	102	22	,	,	PUNCT
ajfa-1560	102	23	information	information	NOUN
ajfa-1560	102	24	technology	technology	NOUN
ajfa-1560	102	25	,	,	PUNCT
ajfa-1560	102	26	telecommunication	telecommunication	NOUN
ajfa-1560	102	27	services	service	NOUN
ajfa-1560	102	28	and	and	CCONJ
ajfa-1560	102	29	utilities	utility	NOUN
ajfa-1560	102	30	.	.	PUNCT
ajfa-1560	103	1	the	the	DET
ajfa-1560	103	2	data	datum	NOUN
ajfa-1560	103	3	for	for	ADP
ajfa-1560	103	4	sector	sector	NOUN
ajfa-1560	103	5	,	,	PUNCT
ajfa-1560	103	6	industry	industry	NOUN
ajfa-1560	103	7	group	group	NOUN
ajfa-1560	103	8	and	and	CCONJ
ajfa-1560	103	9	industry	industry	NOUN
ajfa-1560	103	10	classification	classification	NOUN
ajfa-1560	103	11	has	have	AUX
ajfa-1560	103	12	been	be	AUX
ajfa-1560	103	13	obtained	obtain	VERB
ajfa-1560	103	14	from	from	ADP
ajfa-1560	103	15	world	world	NOUN
ajfa-1560	103	16	scope	scope	NOUN
ajfa-1560	103	17	,	,	PUNCT
ajfa-1560	103	18	reuters	reuters	PROPN
ajfa-1560	103	19	financials	financial	NOUN
ajfa-1560	103	20	&	&	CCONJ
ajfa-1560	103	21	compustat	compustat	PROPN
ajfa-1560	103	22	global	global	PROPN
ajfa-1560	103	23	.	.	PUNCT
ajfa-1560	104	1	3	3	X
ajfa-1560	104	2	.	.	NOUN
ajfa-1560	104	3	prior	prior	ADJ
ajfa-1560	104	4	return	return	NOUN
ajfa-1560	104	5	patterns	pattern	NOUN
ajfa-1560	104	6	in	in	ADP
ajfa-1560	104	7	sector	sector	NOUN
ajfa-1560	104	8	returns	return	NOUN
ajfa-1560	104	9	in	in	ADP
ajfa-1560	104	10	this	this	DET
ajfa-1560	104	11	section	section	NOUN
ajfa-1560	104	12	,	,	PUNCT
ajfa-1560	104	13	we	we	PRON
ajfa-1560	104	14	evaluate	evaluate	VERB
ajfa-1560	104	15	if	if	SCONJ
ajfa-1560	104	16	there	there	PRON
ajfa-1560	104	17	are	be	VERB
ajfa-1560	104	18	any	any	DET
ajfa-1560	104	19	prior	prior	ADJ
ajfa-1560	104	20	return	return	NOUN
ajfa-1560	104	21	patterns	pattern	NOUN
ajfa-1560	104	22	in	in	ADP
ajfa-1560	104	23	sector	sector	NOUN
ajfa-1560	104	24	,	,	PUNCT
ajfa-1560	104	25	industry	industry	NOUN
ajfa-1560	104	26	group	group	NOUN
ajfa-1560	104	27	and	and	CCONJ
ajfa-1560	104	28	industry	industry	NOUN
ajfa-1560	104	29	data	datum	NOUN
ajfa-1560	104	30	and	and	CCONJ
ajfa-1560	104	31	also	also	ADV
ajfa-1560	104	32	show	show	VERB
ajfa-1560	104	33	how	how	SCONJ
ajfa-1560	104	34	these	these	DET
ajfa-1560	104	35	patterns	pattern	NOUN
ajfa-1560	104	36	differ	differ	VERB
ajfa-1560	104	37	for	for	ADP
ajfa-1560	104	38	short	short	ADJ
ajfa-1560	104	39	-	-	PUNCT
ajfa-1560	104	40	term	term	NOUN
ajfa-1560	104	41	and	and	CCONJ
ajfa-1560	104	42	long	long	ADJ
ajfa-1560	104	43	-	-	PUNCT
ajfa-1560	104	44	term	term	NOUN
ajfa-1560	104	45	portfolio	portfolio	NOUN
ajfa-1560	104	46	formation	formation	NOUN
ajfa-1560	104	47	windows	window	NOUN
ajfa-1560	104	48	.	.	PUNCT
ajfa-1560	105	1	the	the	DET
ajfa-1560	105	2	portfolios	portfolio	NOUN
ajfa-1560	105	3	have	have	AUX
ajfa-1560	105	4	been	be	AUX
ajfa-1560	105	5	formed	form	VERB
ajfa-1560	105	6	on	on	ADP
ajfa-1560	105	7	basis	basis	NOUN
ajfa-1560	105	8	of	of	ADP
ajfa-1560	105	9	(	(	PUNCT
ajfa-1560	105	10	i	i	PROPN
ajfa-1560	105	11	months	month	NOUN
ajfa-1560	105	12	-	-	PUNCT
ajfa-1560	105	13	j	j	PROPN
ajfa-1560	105	14	months	month	NOUN
ajfa-1560	105	15	strategy	strategy	NOUN
ajfa-1560	105	16	)	)	PUNCT
ajfa-1560	105	17	where	where	SCONJ
ajfa-1560	105	18	i	i	PRON
ajfa-1560	105	19	months	month	NOUN
ajfa-1560	105	20	represent	represent	VERB
ajfa-1560	105	21	portfolio	portfolio	NOUN
ajfa-1560	105	22	formation	formation	NOUN
ajfa-1560	105	23	window	window	NOUN
ajfa-1560	105	24	and	and	CCONJ
ajfa-1560	105	25	j	j	PROPN
ajfa-1560	105	26	months	month	NOUN
ajfa-1560	105	27	represent	represent	VERB
ajfa-1560	105	28	portfolio	portfolio	NOUN
ajfa-1560	105	29	holding	hold	VERB
ajfa-1560	105	30	period	period	NOUN
ajfa-1560	105	31	.	.	PUNCT
ajfa-1560	106	1	two	two	NUM
ajfa-1560	106	2	types	type	NOUN
ajfa-1560	106	3	of	of	ADP
ajfa-1560	106	4	strategies	strategy	NOUN
ajfa-1560	106	5	have	have	AUX
ajfa-1560	106	6	been	be	AUX
ajfa-1560	106	7	employed	employ	VERB
ajfa-1560	106	8	(	(	PUNCT
ajfa-1560	106	9	i	i	NOUN
ajfa-1560	106	10	)	)	PUNCT
ajfa-1560	106	11	short	short	ADJ
ajfa-1560	106	12	-	-	PUNCT
ajfa-1560	106	13	term	term	NOUN
ajfa-1560	106	14	strategies	strategy	NOUN
ajfa-1560	106	15	,	,	PUNCT
ajfa-1560	106	16	6	6	NUM
ajfa-1560	106	17	months-6	months-6	NUM
ajfa-1560	106	18	months	month	NOUN
ajfa-1560	106	19	(	(	PUNCT
ajfa-1560	106	20	6	6	NUM
ajfa-1560	106	21	-	-	SYM
ajfa-1560	106	22	6	6	NUM
ajfa-1560	106	23	)	)	PUNCT
ajfa-1560	106	24	and	and	CCONJ
ajfa-1560	106	25	12	12	NUM
ajfa-1560	106	26	months-12	months-12	NOUN
ajfa-1560	106	27	months	month	NOUN
ajfa-1560	106	28	(	(	PUNCT
ajfa-1560	106	29	12	12	NUM
ajfa-1560	106	30	-	-	SYM
ajfa-1560	106	31	12	12	NUM
ajfa-1560	106	32	)	)	PUNCT
ajfa-1560	106	33	,	,	PUNCT
ajfa-1560	106	34	(	(	PUNCT
ajfa-1560	106	35	ii	ii	NOUN
ajfa-1560	106	36	)	)	PUNCT
ajfa-1560	106	37	long	long	ADJ
ajfa-1560	106	38	-	-	PUNCT
ajfa-1560	106	39	term	term	NOUN
ajfa-1560	106	40	with	with	ADP
ajfa-1560	106	41	skipping	skip	VERB
ajfa-1560	106	42	one	one	NUM
ajfa-1560	106	43	year	year	NOUN
ajfa-1560	106	44	between	between	ADP
ajfa-1560	106	45	portfolio	portfolio	NOUN
ajfa-1560	106	46	formation	formation	NOUN
ajfa-1560	106	47	and	and	CCONJ
ajfa-1560	106	48	holding	hold	VERB
ajfa-1560	106	49	periods	period	NOUN
ajfa-1560	106	50	,	,	PUNCT
ajfa-1560	106	51	24	24	NUM
ajfa-1560	106	52	months-12	months-12	NOUN
ajfa-1560	106	53	months	month	NOUN
ajfa-1560	106	54	-12	-12	NUM
ajfa-1560	106	55	months	month	NOUN
ajfa-1560	106	56	(	(	PUNCT
ajfa-1560	106	57	24	24	NUM
ajfa-1560	106	58	-	-	SYM
ajfa-1560	106	59	12	12	NUM
ajfa-1560	106	60	-	-	PUNCT
ajfa-1560	106	61	12	12	NUM
ajfa-1560	106	62	)	)	PUNCT
ajfa-1560	106	63	,	,	PUNCT
ajfa-1560	106	64	36	36	NUM
ajfa-1560	106	65	months-12	months-12	NOUN
ajfa-1560	106	66	months	month	NOUN
ajfa-1560	106	67	-12	-12	NUM
ajfa-1560	106	68	months	month	NOUN
ajfa-1560	106	69	(	(	PUNCT
ajfa-1560	106	70	36	36	NUM
ajfa-1560	106	71	-	-	SYM
ajfa-1560	106	72	12	12	NUM
ajfa-1560	106	73	-	-	PUNCT
ajfa-1560	106	74	12	12	NUM
ajfa-1560	106	75	)	)	PUNCT
ajfa-1560	106	76	,	,	PUNCT
ajfa-1560	106	77	48	48	NUM
ajfa-1560	106	78	months-12	months-12	NOUN
ajfa-1560	106	79	months	month	NOUN
ajfa-1560	106	80	-12	-12	NUM
ajfa-1560	106	81	months	month	NOUN
ajfa-1560	106	82	(	(	PUNCT
ajfa-1560	106	83	48	48	NUM
ajfa-1560	106	84	-	-	SYM
ajfa-1560	106	85	12	12	NUM
ajfa-1560	106	86	-	-	PUNCT
ajfa-1560	106	87	12	12	NUM
ajfa-1560	106	88	)	)	PUNCT
ajfa-1560	106	89	,	,	PUNCT
ajfa-1560	106	90	and	and	CCONJ
ajfa-1560	106	91	60	60	NUM
ajfa-1560	106	92	months-12	months-12	NOUN
ajfa-1560	106	93	months	month	NOUN
ajfa-1560	106	94	-12	-12	NUM
ajfa-1560	106	95	months	month	NOUN
ajfa-1560	106	96	(	(	PUNCT
ajfa-1560	106	97	60	60	NUM
ajfa-1560	106	98	-	-	SYM
ajfa-1560	106	99	12	12	NUM
ajfa-1560	106	100	-	-	PUNCT
ajfa-1560	106	101	12	12	NUM
ajfa-1560	106	102	)	)	PUNCT
ajfa-1560	106	103	.	.	PUNCT
ajfa-1560	107	1	the	the	DET
ajfa-1560	107	2	12	12	NUM
ajfa-1560	107	3	months	month	NOUN
ajfa-1560	107	4	have	have	AUX
ajfa-1560	107	5	been	be	AUX
ajfa-1560	107	6	skipped	skip	VERB
ajfa-1560	107	7	to	to	PART
ajfa-1560	107	8	control	control	VERB
ajfa-1560	107	9	for	for	ADP
ajfa-1560	107	10	any	any	DET
ajfa-1560	107	11	short	short	ADJ
ajfa-1560	107	12	-	-	PUNCT
ajfa-1560	107	13	term	term	NOUN
ajfa-1560	107	14	prior	prior	ADJ
ajfa-1560	107	15	return	return	NOUN
ajfa-1560	107	16	effects	effect	NOUN
ajfa-1560	107	17	as	as	SCONJ
ajfa-1560	107	18	that	that	PRON
ajfa-1560	107	19	may	may	AUX
ajfa-1560	107	20	hamper	hamper	VERB
ajfa-1560	107	21	any	any	DET
ajfa-1560	107	22	clear	clear	ADJ
ajfa-1560	107	23	judgment	judgment	NOUN
ajfa-1560	107	24	of	of	ADP
ajfa-1560	107	25	returns	return	NOUN
ajfa-1560	107	26	,	,	PUNCT
ajfa-1560	107	27	as	as	SCONJ
ajfa-1560	107	28	suggested	suggest	VERB
ajfa-1560	107	29	by	by	ADP
ajfa-1560	107	30	fama	fama	NOUN
ajfa-1560	107	31	and	and	CCONJ
ajfa-1560	107	32	french	french	ADJ
ajfa-1560	107	33	(	(	PUNCT
ajfa-1560	107	34	1996	1996	NUM
ajfa-1560	107	35	)	)	PUNCT
ajfa-1560	107	36	.	.	PUNCT
ajfa-1560	108	1	calendar	calendar	NOUN
ajfa-1560	108	2	year	year	NOUN
ajfa-1560	108	3	(	(	PUNCT
ajfa-1560	108	4	january	january	NOUN
ajfa-1560	108	5	to	to	ADP
ajfa-1560	108	6	december	december	PROPN
ajfa-1560	108	7	)	)	PUNCT
ajfa-1560	108	8	has	have	AUX
ajfa-1560	108	9	been	be	AUX
ajfa-1560	108	10	followed	follow	VERB
ajfa-1560	108	11	from	from	ADP
ajfa-1560	108	12	for	for	ADP
ajfa-1560	108	13	purpose	purpose	NOUN
ajfa-1560	108	14	of	of	ADP
ajfa-1560	108	15	evaluation	evaluation	NOUN
ajfa-1560	108	16	.	.	PUNCT
ajfa-1560	109	1	short	short	ADJ
ajfa-1560	109	2	-	-	PUNCT
ajfa-1560	109	3	term	term	NOUN
ajfa-1560	109	4	portfolio	portfolio	NOUN
ajfa-1560	109	5	formation	formation	NOUN
ajfa-1560	109	6	we	we	PRON
ajfa-1560	109	7	verify	verify	VERB
ajfa-1560	109	8	if	if	SCONJ
ajfa-1560	109	9	there	there	PRON
ajfa-1560	109	10	are	be	VERB
ajfa-1560	109	11	any	any	DET
ajfa-1560	109	12	momentum	momentum	NOUN
ajfa-1560	109	13	patterns	pattern	NOUN
ajfa-1560	109	14	in	in	ADP
ajfa-1560	109	15	sector	sector	NOUN
ajfa-1560	109	16	return	return	NOUN
ajfa-1560	109	17	for	for	ADP
ajfa-1560	109	18	bricks	brick	NOUN
ajfa-1560	109	19	countries	country	NOUN
ajfa-1560	109	20	.	.	PUNCT
ajfa-1560	110	1	for	for	ADP
ajfa-1560	110	2	6–6	6–6	NUM
ajfa-1560	110	3	investment	investment	NOUN
ajfa-1560	110	4	strategies	strategy	NOUN
ajfa-1560	110	5	,	,	PUNCT
ajfa-1560	110	6	in	in	ADP
ajfa-1560	110	7	december	december	PROPN
ajfa-1560	110	8	of	of	ADP
ajfa-1560	110	9	year	year	PROPN
ajfa-1560	110	10	t-1	t-1	PROPN
ajfa-1560	110	11	,	,	PUNCT
ajfa-1560	110	12	we	we	PRON
ajfa-1560	110	13	categorize	categorize	VERB
ajfa-1560	110	14	the	the	DET
ajfa-1560	110	15	sample	sample	NOUN
ajfa-1560	110	16	securities	security	NOUN
ajfa-1560	110	17	into	into	ADP
ajfa-1560	110	18	10	10	NUM
ajfa-1560	110	19	sectors	sector	NOUN
ajfa-1560	110	20	according	accord	VERB
ajfa-1560	110	21	to	to	ADP
ajfa-1560	110	22	global	global	ADJ
ajfa-1560	110	23	industry	industry	NOUN
ajfa-1560	110	24	classification	classification	NOUN
ajfa-1560	110	25	system	system	NOUN
ajfa-1560	110	26	(	(	PUNCT
ajfa-1560	110	27	gics	gic	NOUN
ajfa-1560	110	28	)	)	PUNCT
ajfa-1560	110	29	.	.	PUNCT
ajfa-1560	111	1	gics	gic	NOUN
ajfa-1560	111	2	was	be	AUX
ajfa-1560	111	3	developed	develop	VERB
ajfa-1560	111	4	by	by	ADP
ajfa-1560	111	5	standard	standard	PROPN
ajfa-1560	111	6	&	&	CCONJ
ajfa-1560	111	7	poor	poor	PROPN
ajfa-1560	111	8	's	's	PART
ajfa-1560	111	9	(	(	PUNCT
ajfa-1560	111	10	usa	usa	PROPN
ajfa-1560	111	11	)	)	PUNCT
ajfa-1560	111	12	in	in	ADP
ajfa-1560	111	13	collaboration	collaboration	NOUN
ajfa-1560	111	14	with	with	ADP
ajfa-1560	111	15	morgan	morgan	PROPN
ajfa-1560	111	16	stanley	stanley	PROPN
ajfa-1560	111	17	capital	capital	PROPN
ajfa-1560	111	18	international	international	PROPN
ajfa-1560	111	19	(	(	PUNCT
ajfa-1560	111	20	msci	msci	PROPN
ajfa-1560	111	21	)	)	PUNCT
ajfa-1560	111	22	.	.	PUNCT
ajfa-1560	112	1	it	it	PRON
ajfa-1560	112	2	comprises	comprise	VERB
ajfa-1560	112	3	of	of	ADP
ajfa-1560	112	4	10	10	NUM
ajfa-1560	112	5	sectors	sector	NOUN
ajfa-1560	112	6	,	,	PUNCT
ajfa-1560	112	7	24	24	NUM
ajfa-1560	112	8	industry	industry	NOUN
ajfa-1560	112	9	groups	group	NOUN
ajfa-1560	112	10	,	,	PUNCT
ajfa-1560	112	11	68	68	NUM
ajfa-1560	112	12	industries	industry	NOUN
ajfa-1560	112	13	and	and	CCONJ
ajfa-1560	112	14	154	154	NUM
ajfa-1560	112	15	sub	sub	NOUN
ajfa-1560	112	16	-	-	NOUN
ajfa-1560	112	17	industries	industry	NOUN
ajfa-1560	112	18	.	.	PUNCT
ajfa-1560	113	1	the	the	DET
ajfa-1560	113	2	excess	excess	ADJ
ajfa-1560	113	3	monthly	monthly	ADJ
ajfa-1560	113	4	return	return	NOUN
ajfa-1560	113	5	for	for	ADP
ajfa-1560	113	6	each	each	DET
ajfa-1560	113	7	sector	sector	NOUN
ajfa-1560	113	8	is	be	AUX
ajfa-1560	113	9	then	then	ADV
ajfa-1560	113	10	calculated	calculate	VERB
ajfa-1560	113	11	from	from	ADP
ajfa-1560	113	12	july	july	PROPN
ajfa-1560	113	13	to	to	ADP
ajfa-1560	113	14	december	december	PROPN
ajfa-1560	113	15	by	by	ADP
ajfa-1560	113	16	taking	take	VERB
ajfa-1560	113	17	the	the	DET
ajfa-1560	113	18	simple	simple	ADJ
ajfa-1560	113	19	average	average	NOUN
ajfa-1560	113	20	of	of	ADP
ajfa-1560	113	21	returns	return	NOUN
ajfa-1560	113	22	on	on	ADP
ajfa-1560	113	23	securities	security	NOUN
ajfa-1560	113	24	that	that	PRON
ajfa-1560	113	25	form	form	VERB
ajfa-1560	113	26	part	part	NOUN
ajfa-1560	113	27	of	of	ADP
ajfa-1560	113	28	each	each	PRON
ajfa-1560	113	29	of	of	ADP
ajfa-1560	113	30	these	these	DET
ajfa-1560	113	31	sectors	sector	NOUN
ajfa-1560	113	32	.	.	PUNCT
ajfa-1560	114	1	the	the	DET
ajfa-1560	114	2	individual	individual	ADJ
ajfa-1560	114	3	sectors	sector	NOUN
ajfa-1560	114	4	are	be	AUX
ajfa-1560	114	5	then	then	ADV
ajfa-1560	114	6	ranked	rank	VERB
ajfa-1560	114	7	on	on	ADP
ajfa-1560	114	8	basis	basis	NOUN
ajfa-1560	114	9	of	of	ADP
ajfa-1560	114	10	past	past	ADJ
ajfa-1560	114	11	six	six	NUM
ajfa-1560	114	12	month	month	NOUN
ajfa-1560	114	13	’s	’s	PART
ajfa-1560	114	14	average	average	ADJ
ajfa-1560	114	15	monthly	monthly	ADJ
ajfa-1560	114	16	past	past	ADJ
ajfa-1560	114	17	excess	excess	ADJ
ajfa-1560	114	18	returns	return	NOUN
ajfa-1560	114	19	.	.	PUNCT
ajfa-1560	115	1	the	the	DET
ajfa-1560	115	2	ranked	rank	VERB
ajfa-1560	115	3	sectors	sector	NOUN
ajfa-1560	115	4	are	be	AUX
ajfa-1560	115	5	then	then	ADV
ajfa-1560	115	6	classified	classify	VERB
ajfa-1560	115	7	into	into	ADP
ajfa-1560	115	8	quintiles	quintile	NOUN
ajfa-1560	115	9	,	,	PUNCT
ajfa-1560	115	10	k1	k1	PROPN
ajfa-1560	115	11	to	to	ADP
ajfa-1560	115	12	k5	k5	PROPN
ajfa-1560	115	13	.	.	PUNCT
ajfa-1560	116	1	k1	k1	PROPN
ajfa-1560	116	2	comprises	comprise	NOUN
ajfa-1560	116	3	of	of	ADP
ajfa-1560	116	4	sectors	sector	NOUN
ajfa-1560	116	5	with	with	ADP
ajfa-1560	116	6	lowest	low	ADJ
ajfa-1560	116	7	average	average	ADJ
ajfa-1560	116	8	past	past	ADJ
ajfa-1560	116	9	returns	return	NOUN
ajfa-1560	116	10	and	and	CCONJ
ajfa-1560	116	11	k5	k5	PROPN
ajfa-1560	116	12	comprises	comprise	NOUN
ajfa-1560	116	13	of	of	ADP
ajfa-1560	116	14	sectors	sector	NOUN
ajfa-1560	116	15	with	with	ADP
ajfa-1560	116	16	highest	high	ADJ
ajfa-1560	116	17	average	average	ADJ
ajfa-1560	116	18	past	past	ADJ
ajfa-1560	116	19	returns	return	NOUN
ajfa-1560	116	20	.	.	PUNCT
ajfa-1560	117	1	equally	equally	ADV
ajfa-1560	117	2	weighted	weight	VERB
ajfa-1560	117	3	excess	excess	ADJ
ajfa-1560	117	4	returns	return	NOUN
ajfa-1560	117	5	are	be	AUX
ajfa-1560	117	6	estimated	estimate	VERB
ajfa-1560	117	7	for	for	ADP
ajfa-1560	117	8	sector	sector	NOUN
ajfa-1560	117	9	portfolios	portfolio	NOUN
ajfa-1560	117	10	for	for	ADP
ajfa-1560	117	11	the	the	DET
ajfa-1560	117	12	next	next	ADJ
ajfa-1560	117	13	six	six	NUM
ajfa-1560	117	14	months	month	NOUN
ajfa-1560	117	15	(	(	PUNCT
ajfa-1560	117	16	i.e.	i.e.	X
ajfa-1560	117	17	january	january	PROPN
ajfa-1560	117	18	to	to	ADP
ajfa-1560	117	19	june	june	PROPN
ajfa-1560	117	20	of	of	ADP
ajfa-1560	117	21	year	year	PROPN
ajfa-1560	117	22	t	t	PROPN
ajfa-1560	117	23	)	)	PUNCT
ajfa-1560	117	24	.	.	PUNCT
ajfa-1560	118	1	the	the	DET
ajfa-1560	118	2	portfolios	portfolio	NOUN
ajfa-1560	118	3	are	be	AUX
ajfa-1560	118	4	then	then	ADV
ajfa-1560	118	5	rebalanced	rebalance	VERB
ajfa-1560	118	6	in	in	ADP
ajfa-1560	118	7	the	the	DET
ajfa-1560	118	8	month	month	NOUN
ajfa-1560	118	9	of	of	ADP
ajfa-1560	118	10	asian	asian	ADJ
ajfa-1560	118	11	journal	journal	NOUN
ajfa-1560	118	12	of	of	ADP
ajfa-1560	118	13	finance	finance	PROPN
ajfa-1560	118	14	&	&	CCONJ
ajfa-1560	118	15	accounting	accounting	PROPN
ajfa-1560	118	16	issn	issn	PROPN
ajfa-1560	118	17	1946	1946	NUM
ajfa-1560	118	18	-	-	PUNCT
ajfa-1560	118	19	052x	052x	NOUN
ajfa-1560	118	20	2012	2012	NUM
ajfa-1560	118	21	,	,	PUNCT
ajfa-1560	118	22	vol	vol	NOUN
ajfa-1560	118	23	.	.	PROPN
ajfa-1560	118	24	4	4	NUM
ajfa-1560	118	25	,	,	PUNCT
ajfa-1560	118	26	no	no	INTJ
ajfa-1560	118	27	.	.	NOUN
ajfa-1560	118	28	1	1	NUM
ajfa-1560	118	29	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1560	118	30	265	265	NUM
ajfa-1560	118	31	june	june	NOUN
ajfa-1560	118	32	for	for	ADP
ajfa-1560	118	33	year	year	NOUN
ajfa-1560	118	34	t	t	PROPN
ajfa-1560	118	35	based	base	VERB
ajfa-1560	118	36	on	on	ADP
ajfa-1560	118	37	ranking	rank	VERB
ajfa-1560	118	38	of	of	ADP
ajfa-1560	118	39	six	six	NUM
ajfa-1560	118	40	month	month	NOUN
ajfa-1560	118	41	’s	’s	PART
ajfa-1560	118	42	average	average	ADJ
ajfa-1560	118	43	monthly	monthly	ADJ
ajfa-1560	118	44	past	past	ADJ
ajfa-1560	118	45	sectoral	sectoral	ADJ
ajfa-1560	118	46	returns	return	NOUN
ajfa-1560	118	47	i.e.	i.e.	X
ajfa-1560	118	48	january	january	PROPN
ajfa-1560	118	49	to	to	ADP
ajfa-1560	118	50	june	june	PROPN
ajfa-1560	118	51	of	of	ADP
ajfa-1560	118	52	year	year	NOUN
ajfa-1560	118	53	t.	t.	PROPN
ajfa-1560	118	54	the	the	DET
ajfa-1560	118	55	process	process	NOUN
ajfa-1560	118	56	is	be	AUX
ajfa-1560	118	57	repeated	repeat	VERB
ajfa-1560	118	58	till	till	SCONJ
ajfa-1560	118	59	we	we	PRON
ajfa-1560	118	60	reach	reach	VERB
ajfa-1560	118	61	the	the	DET
ajfa-1560	118	62	end	end	NOUN
ajfa-1560	118	63	of	of	ADP
ajfa-1560	118	64	our	our	PRON
ajfa-1560	118	65	sample	sample	NOUN
ajfa-1560	118	66	period	period	NOUN
ajfa-1560	118	67	.	.	PUNCT
ajfa-1560	119	1	for	for	ADP
ajfa-1560	119	2	12	12	NUM
ajfa-1560	119	3	-	-	SYM
ajfa-1560	119	4	12	12	NUM
ajfa-1560	119	5	strategies	strategy	NOUN
ajfa-1560	119	6	,	,	PUNCT
ajfa-1560	119	7	estimation	estimation	NOUN
ajfa-1560	119	8	has	have	AUX
ajfa-1560	119	9	been	be	AUX
ajfa-1560	119	10	done	do	VERB
ajfa-1560	119	11	in	in	ADP
ajfa-1560	119	12	similar	similar	ADJ
ajfa-1560	119	13	manner	manner	NOUN
ajfa-1560	119	14	except	except	SCONJ
ajfa-1560	119	15	that	that	PRON
ajfa-1560	119	16	portfolio	portfolio	NOUN
ajfa-1560	119	17	formation	formation	NOUN
ajfa-1560	119	18	and	and	CCONJ
ajfa-1560	119	19	holding	hold	VERB
ajfa-1560	119	20	windows	window	NOUN
ajfa-1560	119	21	are	be	AUX
ajfa-1560	119	22	reset	reset	VERB
ajfa-1560	119	23	to	to	ADP
ajfa-1560	119	24	12	12	NUM
ajfa-1560	119	25	months	month	NOUN
ajfa-1560	119	26	.	.	PUNCT
ajfa-1560	120	1	the	the	DET
ajfa-1560	120	2	portfolios	portfolio	NOUN
ajfa-1560	120	3	for	for	ADP
ajfa-1560	120	4	industry	industry	NOUN
ajfa-1560	120	5	group	group	NOUN
ajfa-1560	120	6	and	and	CCONJ
ajfa-1560	120	7	industry	industry	NOUN
ajfa-1560	120	8	have	have	AUX
ajfa-1560	120	9	also	also	ADV
ajfa-1560	120	10	been	be	AUX
ajfa-1560	120	11	constructed	construct	VERB
ajfa-1560	120	12	in	in	ADP
ajfa-1560	120	13	the	the	DET
ajfa-1560	120	14	same	same	ADJ
ajfa-1560	120	15	manner	manner	NOUN
ajfa-1560	120	16	,	,	PUNCT
ajfa-1560	120	17	where	where	SCONJ
ajfa-1560	120	18	the	the	DET
ajfa-1560	120	19	ranked	rank	VERB
ajfa-1560	120	20	industry	industry	NOUN
ajfa-1560	120	21	group	group	NOUN
ajfa-1560	120	22	is	be	AUX
ajfa-1560	120	23	classified	classify	VERB
ajfa-1560	120	24	into	into	ADP
ajfa-1560	120	25	quintiles	quintile	NOUN
ajfa-1560	120	26	as	as	ADP
ajfa-1560	120	27	ig1	ig1	NOUN
ajfa-1560	120	28	to	to	ADP
ajfa-1560	120	29	ig5	ig5	PROPN
ajfa-1560	120	30	,	,	PUNCT
ajfa-1560	120	31	ig1	ig1	NOUN
ajfa-1560	120	32	and	and	CCONJ
ajfa-1560	120	33	ig5	ig5	NOUN
ajfa-1560	120	34	comprise	comprise	NOUN
ajfa-1560	120	35	of	of	ADP
ajfa-1560	120	36	industry	industry	NOUN
ajfa-1560	120	37	group	group	NOUN
ajfa-1560	120	38	with	with	ADP
ajfa-1560	120	39	lowest	low	ADJ
ajfa-1560	120	40	and	and	CCONJ
ajfa-1560	120	41	highest	high	ADJ
ajfa-1560	120	42	average	average	ADJ
ajfa-1560	120	43	past	past	ADJ
ajfa-1560	120	44	returns	return	NOUN
ajfa-1560	120	45	.	.	PUNCT
ajfa-1560	121	1	in	in	ADP
ajfa-1560	121	2	case	case	NOUN
ajfa-1560	121	3	of	of	ADP
ajfa-1560	121	4	industry	industry	NOUN
ajfa-1560	121	5	classification	classification	NOUN
ajfa-1560	121	6	,	,	PUNCT
ajfa-1560	121	7	the	the	DET
ajfa-1560	121	8	industries	industry	NOUN
ajfa-1560	121	9	are	be	AUX
ajfa-1560	121	10	labeled	label	VERB
ajfa-1560	121	11	from	from	ADP
ajfa-1560	121	12	i1	i1	PROPN
ajfa-1560	121	13	to	to	ADP
ajfa-1560	121	14	i5	i5	PROPN
ajfa-1560	121	15	,	,	PUNCT
ajfa-1560	121	16	where	where	SCONJ
ajfa-1560	121	17	i1	i1	PROPN
ajfa-1560	121	18	and	and	CCONJ
ajfa-1560	121	19	i5	i5	PROPN
ajfa-1560	121	20	comprise	comprise	NOUN
ajfa-1560	121	21	of	of	ADP
ajfa-1560	121	22	bottom	bottom	NOUN
ajfa-1560	121	23	and	and	CCONJ
ajfa-1560	121	24	top	top	ADJ
ajfa-1560	121	25	20	20	NUM
ajfa-1560	121	26	%	%	NOUN
ajfa-1560	121	27	of	of	ADP
ajfa-1560	121	28	industries	industry	NOUN
ajfa-1560	121	29	.	.	PUNCT
ajfa-1560	122	1	short	short	ADJ
ajfa-1560	122	2	-	-	PUNCT
ajfa-1560	122	3	term	term	NOUN
ajfa-1560	122	4	prior	prior	ADJ
ajfa-1560	122	5	return	return	NOUN
ajfa-1560	122	6	patterns	pattern	NOUN
ajfa-1560	122	7	for	for	ADP
ajfa-1560	122	8	sector	sector	NOUN
ajfa-1560	122	9	,	,	PUNCT
ajfa-1560	122	10	industry	industry	NOUN
ajfa-1560	122	11	group	group	NOUN
ajfa-1560	122	12	and	and	CCONJ
ajfa-1560	122	13	industry	industry	NOUN
ajfa-1560	122	14	are	be	AUX
ajfa-1560	122	15	reported	report	VERB
ajfa-1560	122	16	in	in	ADP
ajfa-1560	122	17	table	table	NOUN
ajfa-1560	122	18	1	1	NUM
ajfa-1560	122	19	,	,	PUNCT
ajfa-1560	122	20	panel	panel	NOUN
ajfa-1560	122	21	a.	a.	NOUN
ajfa-1560	122	22	we	we	PRON
ajfa-1560	122	23	specifically	specifically	ADV
ajfa-1560	122	24	evaluate	evaluate	VERB
ajfa-1560	122	25	zero	zero	NUM
ajfa-1560	122	26	investment	investment	NOUN
ajfa-1560	122	27	long	long	ADJ
ajfa-1560	122	28	-	-	PUNCT
ajfa-1560	122	29	short	short	ADJ
ajfa-1560	122	30	portfolio	portfolio	NOUN
ajfa-1560	122	31	strategies	strategy	NOUN
ajfa-1560	122	32	involving	involve	VERB
ajfa-1560	122	33	buying	buy	VERB
ajfa-1560	122	34	past	past	ADJ
ajfa-1560	122	35	winners	winner	NOUN
ajfa-1560	122	36	(	(	PUNCT
ajfa-1560	122	37	losers	loser	NOUN
ajfa-1560	122	38	)	)	PUNCT
ajfa-1560	122	39	and	and	CCONJ
ajfa-1560	122	40	selling	sell	VERB
ajfa-1560	122	41	past	past	ADJ
ajfa-1560	122	42	loser	loser	NOUN
ajfa-1560	122	43	(	(	PUNCT
ajfa-1560	122	44	winners	winner	NOUN
ajfa-1560	122	45	)	)	PUNCT
ajfa-1560	122	46	when	when	SCONJ
ajfa-1560	122	47	there	there	PRON
ajfa-1560	122	48	is	be	VERB
ajfa-1560	122	49	momentum	momentum	NOUN
ajfa-1560	122	50	(	(	PUNCT
ajfa-1560	122	51	reversal	reversal	NOUN
ajfa-1560	122	52	)	)	PUNCT
ajfa-1560	122	53	.	.	PUNCT
ajfa-1560	123	1	for	for	ADP
ajfa-1560	123	2	6	6	NUM
ajfa-1560	123	3	-	-	SYM
ajfa-1560	123	4	6	6	NUM
ajfa-1560	123	5	strategies	strategy	NOUN
ajfa-1560	123	6	,	,	PUNCT
ajfa-1560	123	7	south	south	PROPN
ajfa-1560	123	8	korea	korea	PROPN
ajfa-1560	123	9	and	and	CCONJ
ajfa-1560	123	10	brazil	brazil	PROPN
ajfa-1560	123	11	provide	provide	VERB
ajfa-1560	123	12	strong	strong	ADJ
ajfa-1560	123	13	momentum	momentum	NOUN
ajfa-1560	123	14	profits	profit	NOUN
ajfa-1560	123	15	at	at	ADP
ajfa-1560	123	16	all	all	DET
ajfa-1560	123	17	levels	level	NOUN
ajfa-1560	123	18	(	(	PUNCT
ajfa-1560	123	19	sector	sector	NOUN
ajfa-1560	123	20	,	,	PUNCT
ajfa-1560	123	21	industry	industry	NOUN
ajfa-1560	123	22	group	group	NOUN
ajfa-1560	123	23	and	and	CCONJ
ajfa-1560	123	24	industry	industry	NOUN
ajfa-1560	123	25	)	)	PUNCT
ajfa-1560	123	26	.	.	PUNCT
ajfa-1560	124	1	south	south	PROPN
ajfa-1560	124	2	korea	korea	PROPN
ajfa-1560	124	3	reports	report	VERB
ajfa-1560	124	4	the	the	DET
ajfa-1560	124	5	highest	high	ADJ
ajfa-1560	124	6	monthly	monthly	ADJ
ajfa-1560	124	7	returns	return	NOUN
ajfa-1560	124	8	of	of	ADP
ajfa-1560	124	9	3.2	3.2	NUM
ajfa-1560	124	10	%	%	NOUN
ajfa-1560	124	11	at	at	ADP
ajfa-1560	124	12	sector	sector	NOUN
ajfa-1560	124	13	level	level	NOUN
ajfa-1560	124	14	,	,	PUNCT
ajfa-1560	124	15	while	while	SCONJ
ajfa-1560	124	16	brazil	brazil	PROPN
ajfa-1560	124	17	provides	provide	VERB
ajfa-1560	124	18	the	the	DET
ajfa-1560	124	19	highest	high	ADJ
ajfa-1560	124	20	return	return	NOUN
ajfa-1560	124	21	of	of	ADP
ajfa-1560	124	22	3.8	3.8	NUM
ajfa-1560	124	23	%	%	NOUN
ajfa-1560	124	24	and	and	CCONJ
ajfa-1560	124	25	4.1	4.1	NUM
ajfa-1560	124	26	%	%	NOUN
ajfa-1560	124	27	on	on	ADP
ajfa-1560	124	28	monthly	monthly	ADJ
ajfa-1560	124	29	basis	basis	NOUN
ajfa-1560	124	30	at	at	ADP
ajfa-1560	124	31	industry	industry	NOUN
ajfa-1560	124	32	group	group	NOUN
ajfa-1560	124	33	and	and	CCONJ
ajfa-1560	124	34	industry	industry	NOUN
ajfa-1560	124	35	level	level	NOUN
ajfa-1560	124	36	.	.	PUNCT
ajfa-1560	125	1	india	india	PROPN
ajfa-1560	125	2	,	,	PUNCT
ajfa-1560	125	3	s.africa	s.africa	NOUN
ajfa-1560	125	4	and	and	CCONJ
ajfa-1560	125	5	russia	russia	PROPN
ajfa-1560	125	6	also	also	ADV
ajfa-1560	125	7	report	report	VERB
ajfa-1560	125	8	momentum	momentum	NOUN
ajfa-1560	125	9	profits	profit	NOUN
ajfa-1560	125	10	at	at	ADP
ajfa-1560	125	11	all	all	DET
ajfa-1560	125	12	levels	level	NOUN
ajfa-1560	125	13	.	.	PUNCT
ajfa-1560	126	1	for	for	ADP
ajfa-1560	126	2	china	china	PROPN
ajfa-1560	126	3	,	,	PUNCT
ajfa-1560	126	4	the	the	DET
ajfa-1560	126	5	prior	prior	ADJ
ajfa-1560	126	6	return	return	NOUN
ajfa-1560	126	7	patterns	pattern	NOUN
ajfa-1560	126	8	at	at	ADP
ajfa-1560	126	9	all	all	DET
ajfa-1560	126	10	the	the	DET
ajfa-1560	126	11	three	three	NUM
ajfa-1560	126	12	levels	level	NOUN
ajfa-1560	126	13	are	be	AUX
ajfa-1560	126	14	negligible	negligible	ADJ
ajfa-1560	126	15	.	.	PUNCT
ajfa-1560	127	1	for	for	ADP
ajfa-1560	127	2	brazil	brazil	PROPN
ajfa-1560	127	3	,	,	PUNCT
ajfa-1560	127	4	south	south	PROPN
ajfa-1560	127	5	africa	africa	PROPN
ajfa-1560	127	6	and	and	CCONJ
ajfa-1560	127	7	china	china	PROPN
ajfa-1560	127	8	,	,	PUNCT
ajfa-1560	127	9	the	the	DET
ajfa-1560	127	10	returns	return	NOUN
ajfa-1560	127	11	increase	increase	VERB
ajfa-1560	127	12	as	as	SCONJ
ajfa-1560	127	13	we	we	PRON
ajfa-1560	127	14	move	move	VERB
ajfa-1560	127	15	from	from	ADP
ajfa-1560	127	16	sector	sector	NOUN
ajfa-1560	127	17	to	to	ADP
ajfa-1560	127	18	industry	industry	NOUN
ajfa-1560	127	19	level	level	NOUN
ajfa-1560	127	20	,	,	PUNCT
ajfa-1560	127	21	however	however	SCONJ
ajfa-1560	127	22	india	india	PROPN
ajfa-1560	127	23	does	do	AUX
ajfa-1560	127	24	not	not	PART
ajfa-1560	127	25	report	report	VERB
ajfa-1560	127	26	any	any	DET
ajfa-1560	127	27	clear	clear	ADJ
ajfa-1560	127	28	patterns	pattern	NOUN
ajfa-1560	127	29	.	.	PUNCT
ajfa-1560	128	1	for	for	ADP
ajfa-1560	128	2	12	12	NUM
ajfa-1560	128	3	-	-	SYM
ajfa-1560	128	4	12	12	NUM
ajfa-1560	128	5	strategies	strategy	NOUN
ajfa-1560	128	6	,	,	PUNCT
ajfa-1560	128	7	the	the	DET
ajfa-1560	128	8	prior	prior	ADJ
ajfa-1560	128	9	returns	return	NOUN
ajfa-1560	128	10	become	become	VERB
ajfa-1560	128	11	weaker	weak	ADJ
ajfa-1560	128	12	compared	compare	VERB
ajfa-1560	128	13	to	to	ADP
ajfa-1560	128	14	6	6	NUM
ajfa-1560	128	15	-	-	SYM
ajfa-1560	128	16	6	6	NUM
ajfa-1560	128	17	strategies	strategy	NOUN
ajfa-1560	128	18	.	.	PUNCT
ajfa-1560	129	1	for	for	ADP
ajfa-1560	129	2	brazil	brazil	PROPN
ajfa-1560	129	3	and	and	CCONJ
ajfa-1560	129	4	china	china	PROPN
ajfa-1560	129	5	,	,	PUNCT
ajfa-1560	129	6	the	the	DET
ajfa-1560	129	7	returns	return	NOUN
ajfa-1560	129	8	are	be	AUX
ajfa-1560	129	9	negligible	negligible	ADJ
ajfa-1560	129	10	and	and	CCONJ
ajfa-1560	129	11	in	in	ADP
ajfa-1560	129	12	fact	fact	NOUN
ajfa-1560	129	13	die	die	VERB
ajfa-1560	129	14	out	out	ADP
ajfa-1560	129	15	in	in	ADP
ajfa-1560	129	16	case	case	NOUN
ajfa-1560	129	17	of	of	ADP
ajfa-1560	129	18	former	former	ADJ
ajfa-1560	129	19	.	.	PUNCT
ajfa-1560	130	1	india	india	PROPN
ajfa-1560	130	2	reports	report	VERB
ajfa-1560	130	3	momentum	momentum	NOUN
ajfa-1560	130	4	only	only	ADV
ajfa-1560	130	5	at	at	ADP
ajfa-1560	130	6	sector	sector	NOUN
ajfa-1560	130	7	level	level	NOUN
ajfa-1560	130	8	,	,	PUNCT
ajfa-1560	130	9	while	while	SCONJ
ajfa-1560	130	10	south	south	PROPN
ajfa-1560	130	11	africa	africa	PROPN
ajfa-1560	130	12	reports	report	VERB
ajfa-1560	130	13	strong	strong	ADJ
ajfa-1560	130	14	momentum	momentum	NOUN
ajfa-1560	130	15	at	at	ADP
ajfa-1560	130	16	industry	industry	NOUN
ajfa-1560	130	17	group	group	NOUN
ajfa-1560	130	18	and	and	CCONJ
ajfa-1560	130	19	industry	industry	NOUN
ajfa-1560	130	20	level	level	NOUN
ajfa-1560	130	21	.	.	PUNCT
ajfa-1560	131	1	for	for	ADP
ajfa-1560	131	2	korean	korean	ADJ
ajfa-1560	131	3	market	market	NOUN
ajfa-1560	131	4	,	,	PUNCT
ajfa-1560	131	5	there	there	PRON
ajfa-1560	131	6	are	be	VERB
ajfa-1560	131	7	strong	strong	ADJ
ajfa-1560	131	8	reversals	reversal	NOUN
ajfa-1560	131	9	at	at	ADP
ajfa-1560	131	10	all	all	DET
ajfa-1560	131	11	the	the	DET
ajfa-1560	131	12	three	three	NUM
ajfa-1560	131	13	levels	level	NOUN
ajfa-1560	131	14	.	.	PUNCT
ajfa-1560	132	1	in	in	ADP
ajfa-1560	132	2	sum	sum	NOUN
ajfa-1560	132	3	:	:	PUNCT
ajfa-1560	132	4	for	for	ADP
ajfa-1560	132	5	6	6	NUM
ajfa-1560	132	6	-	-	SYM
ajfa-1560	132	7	6	6	NUM
ajfa-1560	132	8	strategies	strategy	NOUN
ajfa-1560	132	9	,	,	PUNCT
ajfa-1560	132	10	we	we	PRON
ajfa-1560	132	11	report	report	VERB
ajfa-1560	132	12	momentum	momentum	NOUN
ajfa-1560	132	13	for	for	ADP
ajfa-1560	132	14	all	all	DET
ajfa-1560	132	15	the	the	DET
ajfa-1560	132	16	sample	sample	NOUN
ajfa-1560	132	17	countries	country	NOUN
ajfa-1560	132	18	with	with	ADP
ajfa-1560	132	19	exception	exception	NOUN
ajfa-1560	132	20	of	of	ADP
ajfa-1560	132	21	china	china	PROPN
ajfa-1560	132	22	.	.	PUNCT
ajfa-1560	133	1	for	for	ADP
ajfa-1560	133	2	12	12	NUM
ajfa-1560	133	3	-	-	SYM
ajfa-1560	133	4	12	12	NUM
ajfa-1560	133	5	strategies	strategy	NOUN
ajfa-1560	133	6	,	,	PUNCT
ajfa-1560	133	7	in	in	ADP
ajfa-1560	133	8	case	case	NOUN
ajfa-1560	133	9	of	of	ADP
ajfa-1560	133	10	india	india	PROPN
ajfa-1560	133	11	and	and	CCONJ
ajfa-1560	133	12	south	south	PROPN
ajfa-1560	133	13	africa	africa	PROPN
ajfa-1560	133	14	the	the	DET
ajfa-1560	133	15	momentum	momentum	NOUN
ajfa-1560	133	16	pattern	pattern	NOUN
ajfa-1560	133	17	persists	persist	VERB
ajfa-1560	133	18	,	,	PUNCT
ajfa-1560	133	19	south	south	PROPN
ajfa-1560	133	20	korea	korea	PROPN
ajfa-1560	133	21	reports	report	VERB
ajfa-1560	133	22	strong	strong	ADJ
ajfa-1560	133	23	reversals	reversal	NOUN
ajfa-1560	133	24	,	,	PUNCT
ajfa-1560	133	25	and	and	CCONJ
ajfa-1560	133	26	the	the	DET
ajfa-1560	133	27	prior	prior	ADJ
ajfa-1560	133	28	return	return	NOUN
ajfa-1560	133	29	patterns	pattern	NOUN
ajfa-1560	133	30	die	die	VERB
ajfa-1560	133	31	out	out	ADP
ajfa-1560	133	32	for	for	ADP
ajfa-1560	133	33	other	other	ADJ
ajfa-1560	133	34	bricks	brick	NOUN
ajfa-1560	133	35	markets	market	NOUN
ajfa-1560	133	36	.	.	PUNCT
ajfa-1560	134	1	strategy	strategy	PROPN
ajfa-1560	134	2	k1	k1	PROPN
ajfa-1560	134	3	k5	k5	PROPN
ajfa-1560	134	4	k5‐k1	k5‐k1	PROPN
ajfa-1560	134	5	ig1	ig1	PROPN
ajfa-1560	134	6	ig5	ig5	PROPN
ajfa-1560	134	7	ig5‐ig1	ig5‐ig1	PROPN
ajfa-1560	134	8	i1	i1	PROPN
ajfa-1560	134	9	i5	i5	PROPN
ajfa-1560	134	10	i5‐i1	i5‐i1	PROPN
ajfa-1560	134	11	6	6	NUM
ajfa-1560	134	12	 	 	SPACE
ajfa-1560	134	13	months	month	NOUN
ajfa-1560	134	14	 	 	SPACE
ajfa-1560	134	15	‐	‐	NOUN
ajfa-1560	134	16	 	 	SPACE
ajfa-1560	134	17	6	6	NUM
ajfa-1560	134	18	 	 	SPACE
ajfa-1560	134	19	months	month	NOUN
ajfa-1560	134	20	0.012	0.012	NUM
ajfa-1560	134	21	0.024	0.024	NUM
ajfa-1560	134	22	0.013	0.013	NUM
ajfa-1560	134	23	‐0.006	‐0.006	NOUN
ajfa-1560	134	24	0.031	0.031	NUM
ajfa-1560	134	25	0.038	0.038	NUM
ajfa-1560	134	26	‐0.005	‐0.005	X
ajfa-1560	134	27	0.036	0.036	NUM
ajfa-1560	134	28	0.041	0.041	NUM
ajfa-1560	134	29	12	12	NUM
ajfa-1560	134	30	 	 	SPACE
ajfa-1560	134	31	months	month	NOUN
ajfa-1560	134	32	 	 	SPACE
ajfa-1560	134	33	‐	‐	NOUN
ajfa-1560	134	34	 	 	SPACE
ajfa-1560	134	35	12	12	NUM
ajfa-1560	134	36	 	 	SPACE
ajfa-1560	134	37	months	month	NOUN
ajfa-1560	134	38	0.014	0.014	NUM
ajfa-1560	134	39	0.022	0.022	NUM
ajfa-1560	134	40	0.007	0.007	NUM
ajfa-1560	134	41	‐0.001	‐0.001	PROPN
ajfa-1560	134	42	0.018	0.018	NUM
ajfa-1560	134	43	0.019	0.019	NUM
ajfa-1560	134	44	0.007	0.007	NUM
ajfa-1560	134	45	0.021	0.021	NUM
ajfa-1560	134	46	0.014	0.014	NUM
ajfa-1560	134	47	6	6	NUM
ajfa-1560	134	48	 	 	SPACE
ajfa-1560	134	49	months	month	NOUN
ajfa-1560	134	50	 	 	SPACE
ajfa-1560	134	51	‐	‐	NOUN
ajfa-1560	134	52	 	 	SPACE
ajfa-1560	134	53	6	6	NUM
ajfa-1560	134	54	 	 	SPACE
ajfa-1560	134	55	months	month	NOUN
ajfa-1560	134	56	0.060	0.060	NUM
ajfa-1560	134	57	0.078	0.078	NUM
ajfa-1560	134	58	0.018	0.018	NUM
ajfa-1560	134	59	‐	‐	NOUN
ajfa-1560	134	60	‐	‐	ADV
ajfa-1560	134	61	‐	‐	ADV
ajfa-1560	134	62	‐	‐	ADV
ajfa-1560	134	63	‐	‐	ADV
ajfa-1560	134	64	‐	‐	ADV
ajfa-1560	134	65	12	12	NUM
ajfa-1560	134	66	 	 	SPACE
ajfa-1560	134	67	months	month	NOUN
ajfa-1560	134	68	 	 	SPACE
ajfa-1560	134	69	‐	‐	NOUN
ajfa-1560	134	70	 	 	SPACE
ajfa-1560	134	71	12	12	NUM
ajfa-1560	134	72	 	 	SPACE
ajfa-1560	134	73	months	month	NOUN
ajfa-1560	134	74	0.069	0.069	NUM
ajfa-1560	134	75	0.072	0.072	NUM
ajfa-1560	134	76	0.003	0.003	NUM
ajfa-1560	134	77	‐	‐	NOUN
ajfa-1560	134	78	‐	‐	ADV
ajfa-1560	134	79	‐	‐	ADV
ajfa-1560	134	80	‐	‐	ADV
ajfa-1560	134	81	‐	‐	ADV
ajfa-1560	134	82	‐	‐	ADV
ajfa-1560	134	83	6	6	NUM
ajfa-1560	134	84	 	 	SPACE
ajfa-1560	134	85	months	month	NOUN
ajfa-1560	134	86	 	 	SPACE
ajfa-1560	134	87	‐	‐	NOUN
ajfa-1560	134	88	 	 	SPACE
ajfa-1560	134	89	6	6	NUM
ajfa-1560	134	90	 	 	SPACE
ajfa-1560	134	91	months	month	NOUN
ajfa-1560	134	92	0.020	0.020	NUM
ajfa-1560	134	93	0.030	0.030	NUM
ajfa-1560	134	94	0.010	0.010	NUM
ajfa-1560	134	95	0.014	0.014	NUM
ajfa-1560	134	96	0.029	0.029	NUM
ajfa-1560	134	97	0.015	0.015	NUM
ajfa-1560	134	98	0.014	0.014	NUM
ajfa-1560	134	99	0.025	0.025	NUM
ajfa-1560	134	100	0.011	0.011	NUM
ajfa-1560	134	101	12	12	NUM
ajfa-1560	134	102	 	 	SPACE
ajfa-1560	134	103	months	month	NOUN
ajfa-1560	134	104	 	 	SPACE
ajfa-1560	134	105	‐	‐	NOUN
ajfa-1560	134	106	 	 	SPACE
ajfa-1560	134	107	12	12	NUM
ajfa-1560	134	108	 	 	SPACE
ajfa-1560	134	109	months	month	NOUN
ajfa-1560	134	110	0.019	0.019	NUM
ajfa-1560	134	111	0.031	0.031	NUM
ajfa-1560	134	112	0.013	0.013	NUM
ajfa-1560	134	113	0.014	0.014	NUM
ajfa-1560	134	114	0.022	0.022	NUM
ajfa-1560	134	115	0.008	0.008	NUM
ajfa-1560	134	116	0.016	0.016	NUM
ajfa-1560	134	117	0.020	0.020	NUM
ajfa-1560	134	118	0.004	0.004	NUM
ajfa-1560	134	119	6	6	NUM
ajfa-1560	134	120	 	 	SPACE
ajfa-1560	134	121	months	month	NOUN
ajfa-1560	134	122	 	 	SPACE
ajfa-1560	134	123	‐	‐	NOUN
ajfa-1560	134	124	 	 	SPACE
ajfa-1560	134	125	6	6	NUM
ajfa-1560	134	126	 	 	SPACE
ajfa-1560	134	127	months	month	NOUN
ajfa-1560	134	128	0.024	0.024	NUM
ajfa-1560	134	129	0.020	0.020	NUM
ajfa-1560	134	130	‐0.003	‐0.003	NOUN
ajfa-1560	134	131	0.018	0.018	NUM
ajfa-1560	134	132	0.020	0.020	NUM
ajfa-1560	134	133	0.001	0.001	NUM
ajfa-1560	134	134	0.009	0.009	NUM
ajfa-1560	134	135	0.017	0.017	NUM
ajfa-1560	134	136	0.008	0.008	NUM
ajfa-1560	134	137	12	12	NUM
ajfa-1560	134	138	 	 	SPACE
ajfa-1560	134	139	months	month	NOUN
ajfa-1560	134	140	 	 	SPACE
ajfa-1560	134	141	‐	‐	NOUN
ajfa-1560	134	142	 	 	SPACE
ajfa-1560	134	143	12	12	NUM
ajfa-1560	134	144	 	 	SPACE
ajfa-1560	134	145	months	month	NOUN
ajfa-1560	134	146	0.022	0.022	NUM
ajfa-1560	134	147	0.018	0.018	NUM
ajfa-1560	134	148	‐0.004	‐0.004	NOUN
ajfa-1560	134	149	0.020	0.020	NUM
ajfa-1560	134	150	0.018	0.018	NUM
ajfa-1560	134	151	‐0.002	‐0.002	NOUN
ajfa-1560	134	152	0.012	0.012	NUM
ajfa-1560	134	153	0.016	0.016	NUM
ajfa-1560	134	154	0.004	0.004	NUM
ajfa-1560	134	155	6	6	NUM
ajfa-1560	134	156	 	 	SPACE
ajfa-1560	134	157	months	month	NOUN
ajfa-1560	134	158	 	 	SPACE
ajfa-1560	134	159	‐	‐	NOUN
ajfa-1560	134	160	 	 	SPACE
ajfa-1560	134	161	6	6	NUM
ajfa-1560	134	162	 	 	SPACE
ajfa-1560	134	163	months	month	NOUN
ajfa-1560	134	164	0.001	0.001	NUM
ajfa-1560	134	165	0.034	0.034	NUM
ajfa-1560	134	166	0.032	0.032	NUM
ajfa-1560	134	167	0.009	0.009	NUM
ajfa-1560	134	168	0.032	0.032	NUM
ajfa-1560	134	169	0.024	0.024	NUM
ajfa-1560	134	170	0.004	0.004	NUM
ajfa-1560	134	171	0.035	0.035	NUM
ajfa-1560	134	172	0.031	0.031	NUM
ajfa-1560	134	173	12	12	NUM
ajfa-1560	134	174	 	 	SPACE
ajfa-1560	134	175	months	month	NOUN
ajfa-1560	134	176	 	 	SPACE
ajfa-1560	134	177	‐	‐	NOUN
ajfa-1560	134	178	 	 	SPACE
ajfa-1560	134	179	12	12	NUM
ajfa-1560	134	180	 	 	SPACE
ajfa-1560	134	181	months	month	NOUN
ajfa-1560	134	182	0.027	0.027	NUM
ajfa-1560	134	183	0.009	0.009	NUM
ajfa-1560	134	184	‐0.019	‐0.019	PROPN
ajfa-1560	134	185	0.028	0.028	NUM
ajfa-1560	134	186	0.014	0.014	NUM
ajfa-1560	134	187	‐0.014	‐0.014	PROPN
ajfa-1560	134	188	0.023	0.023	NUM
ajfa-1560	134	189	0.009	0.009	NUM
ajfa-1560	134	190	‐0.014	‐0.014	NOUN
ajfa-1560	134	191	6	6	NUM
ajfa-1560	134	192	 	 	SPACE
ajfa-1560	134	193	months	month	NOUN
ajfa-1560	134	194	 	 	SPACE
ajfa-1560	134	195	‐	‐	NOUN
ajfa-1560	134	196	 	 	SPACE
ajfa-1560	134	197	6	6	NUM
ajfa-1560	134	198	 	 	SPACE
ajfa-1560	134	199	months	month	NOUN
ajfa-1560	134	200	0.011	0.011	NUM
ajfa-1560	134	201	0.021	0.021	NUM
ajfa-1560	134	202	0.011	0.011	NUM
ajfa-1560	134	203	0.006	0.006	NUM
ajfa-1560	134	204	0.024	0.024	NUM
ajfa-1560	134	205	0.018	0.018	NUM
ajfa-1560	134	206	0.004	0.004	NUM
ajfa-1560	134	207	0.026	0.026	NUM
ajfa-1560	134	208	0.022	0.022	NUM
ajfa-1560	134	209	12	12	NUM
ajfa-1560	134	210	 	 	SPACE
ajfa-1560	134	211	months	month	NOUN
ajfa-1560	134	212	 	 	SPACE
ajfa-1560	134	213	‐	‐	NOUN
ajfa-1560	134	214	 	 	SPACE
ajfa-1560	134	215	12	12	NUM
ajfa-1560	134	216	 	 	SPACE
ajfa-1560	134	217	months	month	NOUN
ajfa-1560	134	218	0.015	0.015	NUM
ajfa-1560	134	219	0.015	0.015	NUM
ajfa-1560	134	220	0.000	0.000	NUM
ajfa-1560	134	221	0.007	0.007	NUM
ajfa-1560	134	222	0.018	0.018	NUM
ajfa-1560	134	223	0.010	0.010	NUM
ajfa-1560	134	224	0.006	0.006	NUM
ajfa-1560	134	225	0.028	0.028	NUM
ajfa-1560	134	226	0.022	0.022	NUM
ajfa-1560	134	227	 	 	SPACE
ajfa-1560	134	228	brazil	brazil	PROPN
ajfa-1560	134	229	russia	russia	PROPN
ajfa-1560	134	230	 	 	SPACE
ajfa-1560	134	231	india	india	PROPN
ajfa-1560	134	232	china	china	PROPN
ajfa-1560	134	233	south	south	PROPN
ajfa-1560	134	234	 	 	SPACE
ajfa-1560	134	235	korea	korea	PROPN
ajfa-1560	134	236	 	 	SPACE
ajfa-1560	134	237	south	south	PROPN
ajfa-1560	134	238	 	 	SPACE
ajfa-1560	134	239	africa	africa	PROPN
ajfa-1560	134	240	table	table	NOUN
ajfa-1560	134	241	 	 	SPACE
ajfa-1560	134	242	1	1	NUM
ajfa-1560	134	243	:	:	PUNCT
ajfa-1560	134	244	 	 	SPACE
ajfa-1560	134	245	panel	panel	NOUN
ajfa-1560	134	246	 	 	SPACE
ajfa-1560	134	247	a	a	DET
ajfa-1560	134	248	:	:	PUNCT
ajfa-1560	134	249	 	 	SPACE
ajfa-1560	134	250	mean	mean	VERB
ajfa-1560	134	251	 	 	SPACE
ajfa-1560	134	252	excess	excess	ADJ
ajfa-1560	134	253	 	 	SPACE
ajfa-1560	134	254	returns	return	NOUN
ajfa-1560	134	255	 	 	SPACE
ajfa-1560	134	256	on	on	ADP
ajfa-1560	134	257	 	 	SPACE
ajfa-1560	134	258	sectoral	sectoral	ADJ
ajfa-1560	134	259	 	 	SPACE
ajfa-1560	134	260	momentum	momentum	NOUN
ajfa-1560	134	261	 	 	SPACE
ajfa-1560	134	262	portfolios	portfolio	NOUN
ajfa-1560	134	263	 	 	SPACE
ajfa-1560	134	264	(	(	PUNCT
ajfa-1560	134	265	short‐term	short‐term	PROPN
ajfa-1560	134	266	)	)	PUNCT
ajfa-1560	134	267	sector	sector	NOUN
ajfa-1560	134	268	industry	industry	NOUN
ajfa-1560	134	269	 	 	SPACE
ajfa-1560	134	270	group	group	NOUN
ajfa-1560	134	271	industry	industry	NOUN
ajfa-1560	134	272	long	long	ADJ
ajfa-1560	134	273	-	-	PUNCT
ajfa-1560	134	274	term	term	NOUN
ajfa-1560	134	275	portfolio	portfolio	NOUN
ajfa-1560	134	276	formation	formation	NOUN
ajfa-1560	134	277	asian	asian	ADJ
ajfa-1560	134	278	journal	journal	NOUN
ajfa-1560	134	279	of	of	ADP
ajfa-1560	134	280	finance	finance	PROPN
ajfa-1560	134	281	&	&	CCONJ
ajfa-1560	134	282	accounting	accounting	PROPN
ajfa-1560	134	283	issn	issn	PROPN
ajfa-1560	134	284	1946	1946	NUM
ajfa-1560	134	285	-	-	PUNCT
ajfa-1560	134	286	052x	052x	NOUN
ajfa-1560	134	287	2012	2012	NUM
ajfa-1560	134	288	,	,	PUNCT
ajfa-1560	134	289	vol	vol	NOUN
ajfa-1560	134	290	.	.	PROPN
ajfa-1560	135	1	4	4	NUM
ajfa-1560	135	2	,	,	PUNCT
ajfa-1560	135	3	no	no	INTJ
ajfa-1560	135	4	.	.	NOUN
ajfa-1560	135	5	1	1	NUM
ajfa-1560	135	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1560	135	7	266	266	NUM
ajfa-1560	135	8	in	in	ADP
ajfa-1560	135	9	case	case	NOUN
ajfa-1560	135	10	of	of	ADP
ajfa-1560	135	11	long	long	ADJ
ajfa-1560	135	12	-	-	PUNCT
ajfa-1560	135	13	term	term	NOUN
ajfa-1560	135	14	strategies	strategy	NOUN
ajfa-1560	135	15	,	,	PUNCT
ajfa-1560	135	16	(	(	PUNCT
ajfa-1560	135	17	24	24	NUM
ajfa-1560	135	18	-	-	SYM
ajfa-1560	135	19	12	12	NUM
ajfa-1560	135	20	-	-	PUNCT
ajfa-1560	135	21	12	12	NUM
ajfa-1560	135	22	,	,	PUNCT
ajfa-1560	135	23	36	36	NUM
ajfa-1560	135	24	-	-	SYM
ajfa-1560	135	25	12	12	NUM
ajfa-1560	135	26	-	-	PUNCT
ajfa-1560	135	27	12	12	NUM
ajfa-1560	135	28	,	,	PUNCT
ajfa-1560	135	29	48	48	NUM
ajfa-1560	135	30	-	-	SYM
ajfa-1560	135	31	12	12	NUM
ajfa-1560	135	32	-	-	PUNCT
ajfa-1560	135	33	12	12	NUM
ajfa-1560	135	34	,	,	PUNCT
ajfa-1560	135	35	and	and	CCONJ
ajfa-1560	135	36	60	60	NUM
ajfa-1560	135	37	-	-	SYM
ajfa-1560	135	38	12	12	NUM
ajfa-1560	135	39	-	-	PUNCT
ajfa-1560	135	40	12	12	NUM
ajfa-1560	135	41	)	)	PUNCT
ajfa-1560	135	42	,	,	PUNCT
ajfa-1560	135	43	for	for	ADP
ajfa-1560	135	44	24	24	NUM
ajfa-1560	135	45	months-12	months-12	PROPN
ajfa-1560	135	46	months-12	months-12	PROPN
ajfa-1560	135	47	months	month	NOUN
ajfa-1560	135	48	strategy	strategy	NOUN
ajfa-1560	135	49	,	,	PUNCT
ajfa-1560	135	50	in	in	ADP
ajfa-1560	135	51	december	december	PROPN
ajfa-1560	135	52	of	of	ADP
ajfa-1560	135	53	year	year	NOUN
ajfa-1560	135	54	t-2	t-2	PROPN
ajfa-1560	135	55	,	,	PUNCT
ajfa-1560	135	56	sample	sample	NOUN
ajfa-1560	135	57	securities	security	NOUN
ajfa-1560	135	58	have	have	AUX
ajfa-1560	135	59	been	be	AUX
ajfa-1560	135	60	categorized	categorize	VERB
ajfa-1560	135	61	into	into	ADP
ajfa-1560	135	62	10	10	NUM
ajfa-1560	135	63	sectors	sector	NOUN
ajfa-1560	135	64	according	accord	VERB
ajfa-1560	135	65	to	to	ADP
ajfa-1560	135	66	gics	gic	NOUN
ajfa-1560	135	67	.	.	PUNCT
ajfa-1560	136	1	the	the	DET
ajfa-1560	136	2	excess	excess	ADJ
ajfa-1560	136	3	monthly	monthly	ADJ
ajfa-1560	136	4	return	return	NOUN
ajfa-1560	136	5	for	for	ADP
ajfa-1560	136	6	each	each	DET
ajfa-1560	136	7	sector	sector	NOUN
ajfa-1560	136	8	is	be	AUX
ajfa-1560	136	9	then	then	ADV
ajfa-1560	136	10	calculated	calculate	VERB
ajfa-1560	136	11	from	from	ADP
ajfa-1560	136	12	january	january	PROPN
ajfa-1560	136	13	to	to	ADP
ajfa-1560	136	14	december	december	PROPN
ajfa-1560	136	15	by	by	ADP
ajfa-1560	136	16	taking	take	VERB
ajfa-1560	136	17	the	the	DET
ajfa-1560	136	18	simple	simple	ADJ
ajfa-1560	136	19	average	average	NOUN
ajfa-1560	136	20	of	of	ADP
ajfa-1560	136	21	returns	return	NOUN
ajfa-1560	136	22	on	on	ADP
ajfa-1560	136	23	securities	security	NOUN
ajfa-1560	136	24	that	that	PRON
ajfa-1560	136	25	form	form	VERB
ajfa-1560	136	26	part	part	NOUN
ajfa-1560	136	27	of	of	ADP
ajfa-1560	136	28	each	each	PRON
ajfa-1560	136	29	of	of	ADP
ajfa-1560	136	30	these	these	DET
ajfa-1560	136	31	sectors	sector	NOUN
ajfa-1560	136	32	.	.	PUNCT
ajfa-1560	137	1	the	the	DET
ajfa-1560	137	2	individual	individual	ADJ
ajfa-1560	137	3	sectors	sector	NOUN
ajfa-1560	137	4	are	be	AUX
ajfa-1560	137	5	then	then	ADV
ajfa-1560	137	6	ranked	rank	VERB
ajfa-1560	137	7	on	on	ADP
ajfa-1560	137	8	basis	basis	NOUN
ajfa-1560	137	9	of	of	ADP
ajfa-1560	137	10	past	past	ADJ
ajfa-1560	137	11	twenty	twenty	NUM
ajfa-1560	137	12	four	four	NUM
ajfa-1560	137	13	month	month	NOUN
ajfa-1560	137	14	’s	’s	PART
ajfa-1560	137	15	average	average	ADJ
ajfa-1560	137	16	monthly	monthly	ADJ
ajfa-1560	137	17	past	past	ADJ
ajfa-1560	137	18	excess	excess	ADJ
ajfa-1560	137	19	returns	return	NOUN
ajfa-1560	137	20	.	.	PUNCT
ajfa-1560	138	1	the	the	DET
ajfa-1560	138	2	ranked	rank	VERB
ajfa-1560	138	3	sectors	sector	NOUN
ajfa-1560	138	4	are	be	AUX
ajfa-1560	138	5	then	then	ADV
ajfa-1560	138	6	classified	classify	VERB
ajfa-1560	138	7	into	into	ADP
ajfa-1560	138	8	quintiles	quintile	NOUN
ajfa-1560	138	9	,	,	PUNCT
ajfa-1560	138	10	k1	k1	PROPN
ajfa-1560	138	11	to	to	ADP
ajfa-1560	138	12	k5	k5	PROPN
ajfa-1560	138	13	.	.	PUNCT
ajfa-1560	139	1	k1	k1	PROPN
ajfa-1560	139	2	comprises	comprise	NOUN
ajfa-1560	139	3	of	of	ADP
ajfa-1560	139	4	sectors	sector	NOUN
ajfa-1560	139	5	with	with	ADP
ajfa-1560	139	6	lowest	low	ADJ
ajfa-1560	139	7	average	average	ADJ
ajfa-1560	139	8	past	past	ADJ
ajfa-1560	139	9	returns	return	NOUN
ajfa-1560	139	10	and	and	CCONJ
ajfa-1560	139	11	k5	k5	PROPN
ajfa-1560	139	12	comprises	comprise	NOUN
ajfa-1560	139	13	of	of	ADP
ajfa-1560	139	14	sectors	sector	NOUN
ajfa-1560	139	15	with	with	ADP
ajfa-1560	139	16	highest	high	ADJ
ajfa-1560	139	17	average	average	ADJ
ajfa-1560	139	18	past	past	ADJ
ajfa-1560	139	19	returns	return	NOUN
ajfa-1560	139	20	.	.	PUNCT
ajfa-1560	140	1	equally	equally	ADV
ajfa-1560	140	2	weighted	weight	VERB
ajfa-1560	140	3	excess	excess	ADJ
ajfa-1560	140	4	returns	return	NOUN
ajfa-1560	140	5	are	be	AUX
ajfa-1560	140	6	estimated	estimate	VERB
ajfa-1560	140	7	for	for	ADP
ajfa-1560	140	8	sample	sample	NOUN
ajfa-1560	140	9	portfolios	portfolio	NOUN
ajfa-1560	140	10	skipping	skip	VERB
ajfa-1560	140	11	12	12	NUM
ajfa-1560	140	12	months	month	NOUN
ajfa-1560	140	13	between	between	ADP
ajfa-1560	140	14	portfolio	portfolio	NOUN
ajfa-1560	140	15	formation	formation	NOUN
ajfa-1560	140	16	and	and	CCONJ
ajfa-1560	140	17	holding	hold	VERB
ajfa-1560	140	18	windows	window	NOUN
ajfa-1560	140	19	(	(	PUNCT
ajfa-1560	140	20	i.e.	i.e.	X
ajfa-1560	140	21	january	january	PROPN
ajfa-1560	140	22	to	to	ADP
ajfa-1560	140	23	december	december	PROPN
ajfa-1560	140	24	of	of	ADP
ajfa-1560	140	25	year	year	PROPN
ajfa-1560	140	26	t-1	t-1	PROPN
ajfa-1560	140	27	)	)	PUNCT
ajfa-1560	140	28	and	and	CCONJ
ajfa-1560	140	29	the	the	DET
ajfa-1560	140	30	portfolios	portfolio	NOUN
ajfa-1560	140	31	are	be	AUX
ajfa-1560	140	32	rebalanced	rebalance	VERB
ajfa-1560	140	33	every	every	DET
ajfa-1560	140	34	12	12	NUM
ajfa-1560	140	35	months	month	NOUN
ajfa-1560	140	36	based	base	VERB
ajfa-1560	140	37	on	on	ADP
ajfa-1560	140	38	double	double	ADJ
ajfa-1560	140	39	sorting	sorting	NOUN
ajfa-1560	140	40	criteria	criterion	NOUN
ajfa-1560	140	41	for	for	ADP
ajfa-1560	140	42	the	the	DET
ajfa-1560	140	43	year	year	NOUN
ajfa-1560	140	44	t.	t.	NOUN
ajfa-1560	140	45	for	for	ADP
ajfa-1560	140	46	36	36	NUM
ajfa-1560	140	47	-	-	SYM
ajfa-1560	140	48	12	12	NUM
ajfa-1560	140	49	-	-	PUNCT
ajfa-1560	140	50	12	12	NUM
ajfa-1560	140	51	,	,	PUNCT
ajfa-1560	140	52	48	48	NUM
ajfa-1560	140	53	-	-	SYM
ajfa-1560	140	54	12	12	NUM
ajfa-1560	140	55	-	-	PUNCT
ajfa-1560	140	56	12	12	NUM
ajfa-1560	140	57	and	and	CCONJ
ajfa-1560	140	58	60	60	NUM
ajfa-1560	140	59	-	-	SYM
ajfa-1560	140	60	12	12	NUM
ajfa-1560	140	61	-	-	PUNCT
ajfa-1560	140	62	12	12	NUM
ajfa-1560	140	63	strategies	strategy	NOUN
ajfa-1560	140	64	,	,	PUNCT
ajfa-1560	140	65	estimation	estimation	NOUN
ajfa-1560	140	66	has	have	AUX
ajfa-1560	140	67	been	be	AUX
ajfa-1560	140	68	done	do	VERB
ajfa-1560	140	69	in	in	ADP
ajfa-1560	140	70	similar	similar	ADJ
ajfa-1560	140	71	manner	manner	NOUN
ajfa-1560	140	72	.	.	PUNCT
ajfa-1560	141	1	the	the	DET
ajfa-1560	141	2	portfolios	portfolio	NOUN
ajfa-1560	141	3	for	for	ADP
ajfa-1560	141	4	industry	industry	NOUN
ajfa-1560	141	5	group	group	NOUN
ajfa-1560	141	6	and	and	CCONJ
ajfa-1560	141	7	industry	industry	NOUN
ajfa-1560	141	8	have	have	AUX
ajfa-1560	141	9	also	also	ADV
ajfa-1560	141	10	been	be	AUX
ajfa-1560	141	11	constructed	construct	VERB
ajfa-1560	141	12	in	in	ADP
ajfa-1560	141	13	the	the	DET
ajfa-1560	141	14	same	same	ADJ
ajfa-1560	141	15	manner	manner	NOUN
ajfa-1560	141	16	.	.	PUNCT
ajfa-1560	142	1	the	the	DET
ajfa-1560	142	2	results	result	NOUN
ajfa-1560	142	3	are	be	AUX
ajfa-1560	142	4	reported	report	VERB
ajfa-1560	142	5	in	in	ADP
ajfa-1560	142	6	table	table	NOUN
ajfa-1560	142	7	1	1	NUM
ajfa-1560	142	8	,	,	PUNCT
ajfa-1560	142	9	panel	panel	NOUN
ajfa-1560	142	10	b.	b.	PROPN
ajfa-1560	142	11	for	for	ADP
ajfa-1560	142	12	24	24	NUM
ajfa-1560	142	13	-	-	SYM
ajfa-1560	142	14	12	12	NUM
ajfa-1560	142	15	-	-	PUNCT
ajfa-1560	142	16	12	12	NUM
ajfa-1560	142	17	strategies	strategy	NOUN
ajfa-1560	142	18	,	,	PUNCT
ajfa-1560	142	19	russia	russia	PROPN
ajfa-1560	142	20	(	(	PUNCT
ajfa-1560	142	21	2.3	2.3	NUM
ajfa-1560	142	22	%	%	NOUN
ajfa-1560	142	23	on	on	ADP
ajfa-1560	142	24	monthly	monthly	ADJ
ajfa-1560	142	25	basis	basis	NOUN
ajfa-1560	142	26	)	)	PUNCT
ajfa-1560	142	27	and	and	CCONJ
ajfa-1560	142	28	india	india	PROPN
ajfa-1560	142	29	(	(	PUNCT
ajfa-1560	142	30	3.0	3.0	NUM
ajfa-1560	142	31	%	%	NOUN
ajfa-1560	142	32	on	on	ADP
ajfa-1560	142	33	monthly	monthly	ADJ
ajfa-1560	142	34	basis	basis	NOUN
ajfa-1560	142	35	)	)	PUNCT
ajfa-1560	142	36	reports	report	VERB
ajfa-1560	142	37	strong	strong	ADJ
ajfa-1560	142	38	momentum	momentum	NOUN
ajfa-1560	142	39	at	at	ADP
ajfa-1560	142	40	sector	sector	NOUN
ajfa-1560	142	41	level	level	NOUN
ajfa-1560	142	42	.	.	PUNCT
ajfa-1560	143	1	brazil	brazil	PROPN
ajfa-1560	143	2	reports	report	VERB
ajfa-1560	143	3	weak	weak	ADJ
ajfa-1560	143	4	momentum	momentum	NOUN
ajfa-1560	143	5	at	at	ADP
ajfa-1560	143	6	all	all	DET
ajfa-1560	143	7	levels	level	NOUN
ajfa-1560	143	8	while	while	SCONJ
ajfa-1560	143	9	china	china	PROPN
ajfa-1560	143	10	,	,	PUNCT
ajfa-1560	143	11	south	south	PROPN
ajfa-1560	143	12	korea	korea	PROPN
ajfa-1560	143	13	and	and	CCONJ
ajfa-1560	143	14	south	south	PROPN
ajfa-1560	143	15	africa	africa	PROPN
ajfa-1560	143	16	report	report	VERB
ajfa-1560	143	17	weak	weak	ADJ
ajfa-1560	143	18	reversals	reversal	NOUN
ajfa-1560	143	19	.	.	PUNCT
ajfa-1560	144	1	for	for	ADP
ajfa-1560	144	2	36	36	NUM
ajfa-1560	144	3	-	-	SYM
ajfa-1560	144	4	12	12	NUM
ajfa-1560	144	5	-	-	PUNCT
ajfa-1560	144	6	12	12	NUM
ajfa-1560	144	7	strategies	strategy	NOUN
ajfa-1560	144	8	,	,	PUNCT
ajfa-1560	144	9	same	same	ADJ
ajfa-1560	144	10	patterns	pattern	NOUN
ajfa-1560	144	11	are	be	AUX
ajfa-1560	144	12	observed	observe	VERB
ajfa-1560	144	13	as	as	ADP
ajfa-1560	144	14	24	24	NUM
ajfa-1560	144	15	-	-	SYM
ajfa-1560	144	16	12	12	NUM
ajfa-1560	144	17	-	-	PUNCT
ajfa-1560	144	18	12	12	NUM
ajfa-1560	144	19	strategies	strategy	NOUN
ajfa-1560	144	20	.	.	PUNCT
ajfa-1560	145	1	for	for	ADP
ajfa-1560	145	2	russia	russia	PROPN
ajfa-1560	145	3	and	and	CCONJ
ajfa-1560	145	4	india	india	PROPN
ajfa-1560	145	5	the	the	DET
ajfa-1560	145	6	momentum	momentum	NOUN
ajfa-1560	145	7	patterns	pattern	NOUN
ajfa-1560	145	8	have	have	AUX
ajfa-1560	145	9	become	become	VERB
ajfa-1560	145	10	strong	strong	ADJ
ajfa-1560	145	11	at	at	ADP
ajfa-1560	145	12	sector	sector	NOUN
ajfa-1560	145	13	level	level	NOUN
ajfa-1560	145	14	.	.	PUNCT
ajfa-1560	146	1	brazil	brazil	PROPN
ajfa-1560	146	2	reports	report	VERB
ajfa-1560	146	3	momentum	momentum	NOUN
ajfa-1560	146	4	behavior	behavior	NOUN
ajfa-1560	146	5	in	in	ADP
ajfa-1560	146	6	all	all	DET
ajfa-1560	146	7	the	the	DET
ajfa-1560	146	8	three	three	NUM
ajfa-1560	146	9	cases	case	NOUN
ajfa-1560	146	10	and	and	CCONJ
ajfa-1560	146	11	the	the	DET
ajfa-1560	146	12	returns	return	NOUN
ajfa-1560	146	13	are	be	AUX
ajfa-1560	146	14	stronger	strong	ADJ
ajfa-1560	146	15	than	than	ADP
ajfa-1560	146	16	24	24	NUM
ajfa-1560	146	17	-	-	SYM
ajfa-1560	146	18	12	12	NUM
ajfa-1560	146	19	-	-	SYM
ajfa-1560	146	20	12	12	NUM
ajfa-1560	146	21	.	.	PUNCT
ajfa-1560	147	1	for	for	ADP
ajfa-1560	147	2	48	48	NUM
ajfa-1560	147	3	-	-	SYM
ajfa-1560	147	4	12	12	NUM
ajfa-1560	147	5	-	-	PUNCT
ajfa-1560	147	6	12	12	NUM
ajfa-1560	147	7	and	and	CCONJ
ajfa-1560	147	8	60	60	NUM
ajfa-1560	147	9	-	-	SYM
ajfa-1560	147	10	12	12	NUM
ajfa-1560	147	11	-	-	PUNCT
ajfa-1560	147	12	12	12	NUM
ajfa-1560	147	13	strategies	strategy	NOUN
ajfa-1560	147	14	,	,	PUNCT
ajfa-1560	147	15	the	the	DET
ajfa-1560	147	16	countries	country	NOUN
ajfa-1560	147	17	report	report	VERB
ajfa-1560	147	18	similar	similar	ADJ
ajfa-1560	147	19	patterns	pattern	NOUN
ajfa-1560	147	20	.	.	PUNCT
ajfa-1560	148	1	in	in	ADP
ajfa-1560	148	2	sum	sum	NOUN
ajfa-1560	148	3	:	:	PUNCT
ajfa-1560	148	4	brazil	brazil	PROPN
ajfa-1560	148	5	and	and	CCONJ
ajfa-1560	148	6	russia	russia	PROPN
ajfa-1560	148	7	report	report	NOUN
ajfa-1560	148	8	momentum	momentum	NOUN
ajfa-1560	148	9	up	up	ADP
ajfa-1560	148	10	to	to	ADP
ajfa-1560	148	11	48	48	NUM
ajfa-1560	148	12	-	-	SYM
ajfa-1560	148	13	12	12	NUM
ajfa-1560	148	14	-	-	PUNCT
ajfa-1560	148	15	12	12	NUM
ajfa-1560	148	16	and	and	CCONJ
ajfa-1560	148	17	for	for	ADP
ajfa-1560	148	18	60	60	NUM
ajfa-1560	148	19	-	-	SYM
ajfa-1560	148	20	12	12	NUM
ajfa-1560	148	21	-	-	SYM
ajfa-1560	148	22	12	12	NUM
ajfa-1560	148	23	;	;	PUNCT
ajfa-1560	148	24	while	while	SCONJ
ajfa-1560	148	25	the	the	DET
ajfa-1560	148	26	former	former	ADJ
ajfa-1560	148	27	reports	report	NOUN
ajfa-1560	148	28	weak	weak	ADJ
ajfa-1560	148	29	contrarian	contrarian	ADJ
ajfa-1560	148	30	patterns	pattern	NOUN
ajfa-1560	148	31	at	at	ADP
ajfa-1560	148	32	sector	sector	NOUN
ajfa-1560	148	33	level	level	NOUN
ajfa-1560	148	34	,	,	PUNCT
ajfa-1560	148	35	while	while	SCONJ
ajfa-1560	148	36	latter	latter	ADJ
ajfa-1560	148	37	reports	report	VERB
ajfa-1560	148	38	small	small	ADJ
ajfa-1560	148	39	momentum	momentum	NOUN
ajfa-1560	148	40	returns	return	NOUN
ajfa-1560	148	41	at	at	ADP
ajfa-1560	148	42	sector	sector	NOUN
ajfa-1560	148	43	,	,	PUNCT
ajfa-1560	148	44	level	level	NOUN
ajfa-1560	148	45	.	.	PUNCT
ajfa-1560	149	1	india	india	PROPN
ajfa-1560	149	2	reports	report	VERB
ajfa-1560	149	3	strong	strong	ADJ
ajfa-1560	149	4	momentum	momentum	NOUN
ajfa-1560	149	5	at	at	ADP
ajfa-1560	149	6	sector	sector	NOUN
ajfa-1560	149	7	level	level	NOUN
ajfa-1560	149	8	up	up	ADP
ajfa-1560	149	9	to	to	PART
ajfa-1560	149	10	60	60	NUM
ajfa-1560	149	11	-	-	SYM
ajfa-1560	149	12	12	12	NUM
ajfa-1560	149	13	-	-	PUNCT
ajfa-1560	149	14	12	12	NUM
ajfa-1560	149	15	strategies	strategy	NOUN
ajfa-1560	149	16	,	,	PUNCT
ajfa-1560	149	17	however	however	ADV
ajfa-1560	149	18	for	for	ADP
ajfa-1560	149	19	industry	industry	NOUN
ajfa-1560	149	20	and	and	CCONJ
ajfa-1560	149	21	industry	industry	NOUN
ajfa-1560	149	22	group	group	NOUN
ajfa-1560	149	23	,	,	PUNCT
ajfa-1560	149	24	weak	weak	ADJ
ajfa-1560	149	25	reversals	reversal	NOUN
ajfa-1560	149	26	patterns	pattern	NOUN
ajfa-1560	149	27	emerge	emerge	VERB
ajfa-1560	149	28	.	.	PUNCT
ajfa-1560	150	1	china	china	PROPN
ajfa-1560	150	2	reports	report	VERB
ajfa-1560	150	3	predominantly	predominantly	ADV
ajfa-1560	150	4	weak	weak	ADJ
ajfa-1560	150	5	reversals	reversal	NOUN
ajfa-1560	150	6	pattern	pattern	NOUN
ajfa-1560	150	7	for	for	ADP
ajfa-1560	150	8	all	all	DET
ajfa-1560	150	9	long	long	ADJ
ajfa-1560	150	10	-	-	PUNCT
ajfa-1560	150	11	term	term	NOUN
ajfa-1560	150	12	portfolio	portfolio	NOUN
ajfa-1560	150	13	formation	formation	NOUN
ajfa-1560	150	14	windows	window	NOUN
ajfa-1560	150	15	.	.	PUNCT
ajfa-1560	151	1	further	far	ADV
ajfa-1560	151	2	,	,	PUNCT
ajfa-1560	151	3	in	in	ADP
ajfa-1560	151	4	case	case	NOUN
ajfa-1560	151	5	of	of	ADP
ajfa-1560	151	6	china	china	PROPN
ajfa-1560	151	7	,	,	PUNCT
ajfa-1560	151	8	returns	return	NOUN
ajfa-1560	151	9	at	at	ADP
ajfa-1560	151	10	sector	sector	NOUN
ajfa-1560	151	11	level	level	NOUN
ajfa-1560	151	12	are	be	AUX
ajfa-1560	151	13	always	always	ADV
ajfa-1560	151	14	better	well	ADJ
ajfa-1560	151	15	than	than	ADP
ajfa-1560	151	16	industry	industry	NOUN
ajfa-1560	151	17	and	and	CCONJ
ajfa-1560	151	18	industry	industry	NOUN
ajfa-1560	151	19	group	group	NOUN
ajfa-1560	151	20	level	level	NOUN
ajfa-1560	151	21	.	.	PUNCT
ajfa-1560	152	1	for	for	ADP
ajfa-1560	152	2	south	south	PROPN
ajfa-1560	152	3	korea	korea	PROPN
ajfa-1560	152	4	,	,	PUNCT
ajfa-1560	152	5	we	we	PRON
ajfa-1560	152	6	observe	observe	VERB
ajfa-1560	152	7	weak	weak	ADJ
ajfa-1560	152	8	reversals	reversal	NOUN
ajfa-1560	152	9	for	for	ADP
ajfa-1560	152	10	all	all	DET
ajfa-1560	152	11	strategies	strategy	NOUN
ajfa-1560	152	12	except	except	SCONJ
ajfa-1560	152	13	60	60	NUM
ajfa-1560	152	14	-	-	SYM
ajfa-1560	152	15	12	12	NUM
ajfa-1560	152	16	-	-	PUNCT
ajfa-1560	152	17	12	12	NUM
ajfa-1560	152	18	strategies	strategy	NOUN
ajfa-1560	152	19	,	,	PUNCT
ajfa-1560	152	20	where	where	SCONJ
ajfa-1560	152	21	the	the	DET
ajfa-1560	152	22	momentum	momentum	NOUN
ajfa-1560	152	23	patterns	pattern	NOUN
ajfa-1560	152	24	emerge	emerge	VERB
ajfa-1560	152	25	at	at	ADP
ajfa-1560	152	26	sector	sector	NOUN
ajfa-1560	152	27	level	level	NOUN
ajfa-1560	152	28	.	.	PUNCT
ajfa-1560	153	1	in	in	ADP
ajfa-1560	153	2	case	case	NOUN
ajfa-1560	153	3	of	of	ADP
ajfa-1560	153	4	s.	s.	PROPN
ajfa-1560	153	5	africa	africa	PROPN
ajfa-1560	153	6	,	,	PUNCT
ajfa-1560	153	7	all	all	DET
ajfa-1560	153	8	the	the	DET
ajfa-1560	153	9	long	long	ADJ
ajfa-1560	153	10	-	-	PUNCT
ajfa-1560	153	11	term	term	NOUN
ajfa-1560	153	12	strategies	strategy	NOUN
ajfa-1560	153	13	report	report	VERB
ajfa-1560	153	14	weak	weak	ADJ
ajfa-1560	153	15	reversals	reversal	NOUN
ajfa-1560	153	16	.	.	PUNCT
ajfa-1560	154	1	in	in	ADP
ajfa-1560	154	2	sum	sum	NOUN
ajfa-1560	154	3	,	,	PUNCT
ajfa-1560	154	4	at	at	ADP
ajfa-1560	154	5	the	the	DET
ajfa-1560	154	6	sector	sector	NOUN
ajfa-1560	154	7	level	level	NOUN
ajfa-1560	154	8	,	,	PUNCT
ajfa-1560	154	9	russia	russia	PROPN
ajfa-1560	154	10	and	and	CCONJ
ajfa-1560	154	11	india	india	PROPN
ajfa-1560	154	12	report	report	PROPN
ajfa-1560	154	13	long	long	ADV
ajfa-1560	154	14	-	-	PUNCT
ajfa-1560	154	15	run	run	VERB
ajfa-1560	154	16	momentum	momentum	NOUN
ajfa-1560	154	17	patterns	pattern	NOUN
ajfa-1560	154	18	which	which	PRON
ajfa-1560	154	19	are	be	AUX
ajfa-1560	154	20	stronger	strong	ADJ
ajfa-1560	154	21	than	than	ADP
ajfa-1560	154	22	that	that	PRON
ajfa-1560	154	23	for	for	ADP
ajfa-1560	154	24	short	short	ADJ
ajfa-1560	154	25	-	-	PUNCT
ajfa-1560	154	26	term	term	NOUN
ajfa-1560	154	27	portfolio	portfolio	NOUN
ajfa-1560	154	28	formation	formation	NOUN
ajfa-1560	154	29	strategies	strategy	NOUN
ajfa-1560	154	30	.	.	PUNCT
ajfa-1560	155	1	brazil	brazil	PROPN
ajfa-1560	155	2	also	also	ADV
ajfa-1560	155	3	exhibits	exhibit	VERB
ajfa-1560	155	4	momentum	momentum	NOUN
ajfa-1560	155	5	patterns	pattern	NOUN
ajfa-1560	155	6	but	but	CCONJ
ajfa-1560	155	7	that	that	PRON
ajfa-1560	155	8	are	be	AUX
ajfa-1560	155	9	weaker	weak	ADJ
ajfa-1560	155	10	for	for	ADP
ajfa-1560	155	11	long	long	ADJ
ajfa-1560	155	12	-	-	PUNCT
ajfa-1560	155	13	term	term	NOUN
ajfa-1560	155	14	compared	compare	VERB
ajfa-1560	155	15	to	to	ADP
ajfa-1560	155	16	short	short	ADJ
ajfa-1560	155	17	-	-	PUNCT
ajfa-1560	155	18	term	term	NOUN
ajfa-1560	155	19	and	and	CCONJ
ajfa-1560	155	20	which	which	PRON
ajfa-1560	155	21	disappear	disappear	VERB
ajfa-1560	155	22	at	at	ADP
ajfa-1560	155	23	60	60	NUM
ajfa-1560	155	24	-	-	SYM
ajfa-1560	155	25	12	12	NUM
ajfa-1560	155	26	-	-	PUNCT
ajfa-1560	155	27	12	12	NUM
ajfa-1560	155	28	.	.	PUNCT
ajfa-1560	156	1	s.korea	s.korea	PROPN
ajfa-1560	156	2	,	,	PUNCT
ajfa-1560	156	3	s.africa	s.africa	PROPN
ajfa-1560	156	4	and	and	CCONJ
ajfa-1560	156	5	china	china	PROPN
ajfa-1560	156	6	show	show	VERB
ajfa-1560	156	7	weak	weak	ADJ
ajfa-1560	156	8	reversals	reversal	NOUN
ajfa-1560	156	9	for	for	ADP
ajfa-1560	156	10	long	long	ADJ
ajfa-1560	156	11	-	-	PUNCT
ajfa-1560	156	12	term	term	NOUN
ajfa-1560	156	13	portfolio	portfolio	NOUN
ajfa-1560	156	14	formation	formation	NOUN
ajfa-1560	156	15	windows	window	NOUN
ajfa-1560	156	16	.	.	PUNCT
ajfa-1560	157	1	asian	asian	ADJ
ajfa-1560	157	2	journal	journal	PROPN
ajfa-1560	157	3	of	of	ADP
ajfa-1560	157	4	finance	finance	PROPN
ajfa-1560	157	5	&	&	CCONJ
ajfa-1560	157	6	accounting	accounting	PROPN
ajfa-1560	157	7	issn	issn	PROPN
ajfa-1560	157	8	1946	1946	NUM
ajfa-1560	157	9	-	-	PUNCT
ajfa-1560	157	10	052x	052x	NOUN
ajfa-1560	157	11	2012	2012	NUM
ajfa-1560	157	12	,	,	PUNCT
ajfa-1560	157	13	vol	vol	NOUN
ajfa-1560	157	14	.	.	PROPN
ajfa-1560	157	15	4	4	NUM
ajfa-1560	157	16	,	,	PUNCT
ajfa-1560	157	17	no	no	INTJ
ajfa-1560	157	18	.	.	NOUN
ajfa-1560	157	19	1	1	NUM
ajfa-1560	157	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1560	157	21	267	267	NUM
ajfa-1560	157	22	strategy	strategy	NOUN
ajfa-1560	157	23	k1	k1	PROPN
ajfa-1560	157	24	k5	k5	PROPN
ajfa-1560	157	25	k5‐k1	k5‐k1	PROPN
ajfa-1560	157	26	ig1	ig1	PROPN
ajfa-1560	157	27	ig5	ig5	PROPN
ajfa-1560	157	28	ig5‐ig1	ig5‐ig1	PROPN
ajfa-1560	157	29	i1	i1	PROPN
ajfa-1560	157	30	i5	i5	PROPN
ajfa-1560	157	31	i5‐i1	i5‐i1	ADJ
ajfa-1560	157	32	24	24	NUM
ajfa-1560	157	33	 	 	SPACE
ajfa-1560	157	34	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	35	 	 	SPACE
ajfa-1560	157	36	months	month	NOUN
ajfa-1560	157	37	0.019	0.019	NUM
ajfa-1560	157	38	0.026	0.026	NUM
ajfa-1560	157	39	0.006	0.006	NUM
ajfa-1560	157	40	0.018	0.018	NUM
ajfa-1560	157	41	0.019	0.019	NUM
ajfa-1560	157	42	0.001	0.001	NUM
ajfa-1560	157	43	0.020	0.020	NUM
ajfa-1560	157	44	0.025	0.025	NUM
ajfa-1560	157	45	0.004	0.004	NUM
ajfa-1560	157	46	36	36	NUM
ajfa-1560	157	47	 	 	SPACE
ajfa-1560	157	48	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	49	 	 	SPACE
ajfa-1560	157	50	months	month	NOUN
ajfa-1560	157	51	0.017	0.017	NUM
ajfa-1560	157	52	0.028	0.028	NUM
ajfa-1560	157	53	0.011	0.011	NUM
ajfa-1560	157	54	0.015	0.015	NUM
ajfa-1560	157	55	0.031	0.031	NUM
ajfa-1560	157	56	0.016	0.016	NUM
ajfa-1560	157	57	0.019	0.019	NUM
ajfa-1560	157	58	0.027	0.027	NUM
ajfa-1560	157	59	0.008	0.008	NUM
ajfa-1560	157	60	48	48	NUM
ajfa-1560	157	61	 	 	SPACE
ajfa-1560	157	62	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	63	 	 	SPACE
ajfa-1560	157	64	months	month	NOUN
ajfa-1560	157	65	0.014	0.014	NUM
ajfa-1560	157	66	0.025	0.025	NUM
ajfa-1560	157	67	0.011	0.011	NUM
ajfa-1560	157	68	0.015	0.015	NUM
ajfa-1560	157	69	0.032	0.032	NUM
ajfa-1560	157	70	0.018	0.018	NUM
ajfa-1560	157	71	0.013	0.013	NUM
ajfa-1560	157	72	0.031	0.031	NUM
ajfa-1560	157	73	0.018	0.018	NUM
ajfa-1560	157	74	60	60	NUM
ajfa-1560	157	75	 	 	SPACE
ajfa-1560	157	76	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	77	 	 	SPACE
ajfa-1560	157	78	months	month	NOUN
ajfa-1560	157	79	0.025	0.025	NUM
ajfa-1560	157	80	0.019	0.019	NUM
ajfa-1560	157	81	‐0.006	‐0.006	NOUN
ajfa-1560	157	82	0.023	0.023	NUM
ajfa-1560	157	83	0.029	0.029	NUM
ajfa-1560	157	84	0.006	0.006	NUM
ajfa-1560	157	85	0.026	0.026	NUM
ajfa-1560	157	86	0.026	0.026	NUM
ajfa-1560	157	87	0.000	0.000	NUM
ajfa-1560	157	88	24	24	NUM
ajfa-1560	157	89	 	 	SPACE
ajfa-1560	157	90	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	91	 	 	SPACE
ajfa-1560	157	92	months	month	NOUN
ajfa-1560	157	93	0.051	0.051	NUM
ajfa-1560	157	94	0.074	0.074	NUM
ajfa-1560	157	95	0.023	0.023	NUM
ajfa-1560	157	96	‐	‐	NOUN
ajfa-1560	157	97	‐	‐	ADV
ajfa-1560	157	98	‐	‐	ADV
ajfa-1560	157	99	‐	‐	ADV
ajfa-1560	157	100	‐	‐	ADV
ajfa-1560	157	101	‐	‐	VERB
ajfa-1560	157	102	36	36	NUM
ajfa-1560	157	103	 	 	SPACE
ajfa-1560	157	104	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	105	 	 	SPACE
ajfa-1560	157	106	months	month	NOUN
ajfa-1560	157	107	0.036	0.036	NUM
ajfa-1560	157	108	0.077	0.077	NUM
ajfa-1560	157	109	0.041	0.041	NUM
ajfa-1560	157	110	‐	‐	NOUN
ajfa-1560	157	111	‐	‐	ADV
ajfa-1560	157	112	‐	‐	ADV
ajfa-1560	157	113	‐	‐	ADV
ajfa-1560	157	114	‐	‐	ADV
ajfa-1560	157	115	‐	‐	VERB
ajfa-1560	157	116	48	48	NUM
ajfa-1560	157	117	 	 	SPACE
ajfa-1560	157	118	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	119	 	 	SPACE
ajfa-1560	157	120	months	month	NOUN
ajfa-1560	157	121	0.045	0.045	NUM
ajfa-1560	157	122	0.081	0.081	NUM
ajfa-1560	157	123	0.036	0.036	NUM
ajfa-1560	157	124	‐	‐	NOUN
ajfa-1560	157	125	‐	‐	ADV
ajfa-1560	157	126	‐	‐	ADV
ajfa-1560	157	127	‐	‐	ADV
ajfa-1560	157	128	‐	‐	ADV
ajfa-1560	157	129	‐	‐	ADV
ajfa-1560	157	130	60	60	NUM
ajfa-1560	157	131	 	 	SPACE
ajfa-1560	157	132	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	133	 	 	SPACE
ajfa-1560	157	134	months	month	NOUN
ajfa-1560	157	135	0.053	0.053	NUM
ajfa-1560	157	136	0.056	0.056	NUM
ajfa-1560	157	137	0.004	0.004	NUM
ajfa-1560	157	138	‐	‐	NOUN
ajfa-1560	157	139	‐	‐	ADV
ajfa-1560	157	140	‐	‐	ADV
ajfa-1560	157	141	‐	‐	ADV
ajfa-1560	157	142	‐	‐	ADV
ajfa-1560	157	143	‐	‐	VERB
ajfa-1560	157	144	24	24	NUM
ajfa-1560	157	145	 	 	SPACE
ajfa-1560	157	146	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	147	 	 	SPACE
ajfa-1560	157	148	months	month	NOUN
ajfa-1560	157	149	‐0.005	‐0.005	VERB
ajfa-1560	157	150	0.025	0.025	NUM
ajfa-1560	157	151	0.030	0.030	NUM
ajfa-1560	157	152	0.036	0.036	NUM
ajfa-1560	157	153	0.022	0.022	NUM
ajfa-1560	157	154	‐0.014	‐0.014	PROPN
ajfa-1560	157	155	0.032	0.032	NUM
ajfa-1560	157	156	0.025	0.025	NUM
ajfa-1560	157	157	‐0.008	‐0.008	NOUN
ajfa-1560	157	158	36	36	NUM
ajfa-1560	157	159	 	 	SPACE
ajfa-1560	157	160	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	161	 	 	SPACE
ajfa-1560	157	162	months	month	NOUN
ajfa-1560	157	163	‐0.006	‐0.006	PROPN
ajfa-1560	157	164	0.022	0.022	NUM
ajfa-1560	157	165	0.028	0.028	NUM
ajfa-1560	157	166	0.033	0.033	NUM
ajfa-1560	157	167	0.028	0.028	NUM
ajfa-1560	157	168	‐0.005	‐0.005	X
ajfa-1560	157	169	0.034	0.034	NUM
ajfa-1560	157	170	0.029	0.029	NUM
ajfa-1560	157	171	‐0.004	‐0.004	VERB
ajfa-1560	157	172	48	48	NUM
ajfa-1560	157	173	 	 	SPACE
ajfa-1560	157	174	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	175	 	 	SPACE
ajfa-1560	157	176	months	month	NOUN
ajfa-1560	157	177	‐0.003	‐0.003	PROPN
ajfa-1560	157	178	0.022	0.022	NUM
ajfa-1560	157	179	0.025	0.025	NUM
ajfa-1560	157	180	0.034	0.034	NUM
ajfa-1560	157	181	0.028	0.028	NUM
ajfa-1560	157	182	‐0.006	‐0.006	NOUN
ajfa-1560	157	183	0.031	0.031	NUM
ajfa-1560	157	184	0.030	0.030	NUM
ajfa-1560	157	185	‐0.001	‐0.001	PROPN
ajfa-1560	157	186	60	60	NUM
ajfa-1560	157	187	 	 	SPACE
ajfa-1560	157	188	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	189	 	 	SPACE
ajfa-1560	157	190	months	month	NOUN
ajfa-1560	157	191	0.000	0.000	NUM
ajfa-1560	157	192	0.020	0.020	NUM
ajfa-1560	157	193	0.021	0.021	NUM
ajfa-1560	157	194	0.037	0.037	NUM
ajfa-1560	157	195	0.026	0.026	NUM
ajfa-1560	157	196	‐0.011	‐0.011	NOUN
ajfa-1560	157	197	0.036	0.036	NUM
ajfa-1560	157	198	0.030	0.030	NUM
ajfa-1560	157	199	‐0.006	‐0.006	NOUN
ajfa-1560	157	200	24	24	NUM
ajfa-1560	157	201	 	 	SPACE
ajfa-1560	157	202	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	203	 	 	SPACE
ajfa-1560	157	204	months	month	NOUN
ajfa-1560	157	205	0.023	0.023	NUM
ajfa-1560	157	206	0.019	0.019	NUM
ajfa-1560	157	207	‐0.004	‐0.004	NOUN
ajfa-1560	157	208	0.021	0.021	NUM
ajfa-1560	157	209	0.015	0.015	NUM
ajfa-1560	157	210	‐0.006	‐0.006	NOUN
ajfa-1560	157	211	0.021	0.021	NUM
ajfa-1560	157	212	0.018	0.018	NUM
ajfa-1560	157	213	‐0.003	‐0.003	NOUN
ajfa-1560	157	214	36	36	NUM
ajfa-1560	157	215	 	 	SPACE
ajfa-1560	157	216	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	217	 	 	SPACE
ajfa-1560	157	218	months	month	NOUN
ajfa-1560	157	219	0.022	0.022	NUM
ajfa-1560	157	220	0.018	0.018	NUM
ajfa-1560	157	221	‐0.004	‐0.004	NOUN
ajfa-1560	157	222	0.022	0.022	NUM
ajfa-1560	157	223	0.015	0.015	NUM
ajfa-1560	157	224	‐0.007	‐0.007	PROPN
ajfa-1560	157	225	0.024	0.024	NUM
ajfa-1560	157	226	0.016	0.016	NUM
ajfa-1560	157	227	‐0.008	‐0.008	NOUN
ajfa-1560	157	228	48	48	NUM
ajfa-1560	157	229	 	 	SPACE
ajfa-1560	157	230	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	231	 	 	SPACE
ajfa-1560	157	232	months	month	NOUN
ajfa-1560	157	233	0.022	0.022	NUM
ajfa-1560	157	234	0.017	0.017	NUM
ajfa-1560	157	235	‐0.005	‐0.005	VERB
ajfa-1560	157	236	0.021	0.021	NUM
ajfa-1560	157	237	0.014	0.014	NUM
ajfa-1560	157	238	‐0.007	‐0.007	PROPN
ajfa-1560	157	239	0.021	0.021	NUM
ajfa-1560	157	240	0.015	0.015	NUM
ajfa-1560	157	241	‐0.006	‐0.006	NOUN
ajfa-1560	157	242	60	60	NUM
ajfa-1560	157	243	 	 	SPACE
ajfa-1560	157	244	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	157	245	 	 	SPACE
ajfa-1560	157	246	months	month	NOUN
ajfa-1560	157	247	0.021	0.021	NUM
ajfa-1560	157	248	0.020	0.020	NUM
ajfa-1560	157	249	‐0.001	‐0.001	PROPN
ajfa-1560	157	250	0.024	0.024	NUM
ajfa-1560	157	251	0.014	0.014	NUM
ajfa-1560	157	252	‐0.010	‐0.010	NOUN
ajfa-1560	157	253	0.028	0.028	NUM
ajfa-1560	157	254	0.018	0.018	NUM
ajfa-1560	157	255	‐0.010	‐0.010	NOUN
ajfa-1560	158	1	24	24	NUM
ajfa-1560	158	2	 	 	SPACE
ajfa-1560	158	3	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	158	4	 	 	SPACE
ajfa-1560	158	5	months	month	NOUN
ajfa-1560	158	6	0.017	0.017	NUM
ajfa-1560	158	7	0.012	0.012	NUM
ajfa-1560	158	8	‐0.006	‐0.006	NOUN
ajfa-1560	158	9	0.026	0.026	NUM
ajfa-1560	158	10	0.011	0.011	NUM
ajfa-1560	158	11	‐0.015	‐0.015	PROPN
ajfa-1560	158	12	0.025	0.025	NUM
ajfa-1560	158	13	0.015	0.015	NUM
ajfa-1560	158	14	‐0.009	‐0.009	NOUN
ajfa-1560	158	15	36	36	NUM
ajfa-1560	158	16	 	 	SPACE
ajfa-1560	158	17	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	158	18	 	 	SPACE
ajfa-1560	158	19	months	month	NOUN
ajfa-1560	158	20	0.029	0.029	NUM
ajfa-1560	158	21	0.030	0.030	NUM
ajfa-1560	158	22	0.001	0.001	NUM
ajfa-1560	158	23	0.036	0.036	NUM
ajfa-1560	158	24	0.021	0.021	NUM
ajfa-1560	158	25	‐0.015	‐0.015	PROPN
ajfa-1560	158	26	0.029	0.029	NUM
ajfa-1560	158	27	0.025	0.025	NUM
ajfa-1560	158	28	‐0.004	‐0.004	NOUN
ajfa-1560	158	29	48	48	NUM
ajfa-1560	158	30	 	 	SPACE
ajfa-1560	158	31	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	158	32	 	 	SPACE
ajfa-1560	158	33	months	month	NOUN
ajfa-1560	158	34	0.028	0.028	NUM
ajfa-1560	158	35	0.020	0.020	NUM
ajfa-1560	158	36	‐0.008	‐0.008	NOUN
ajfa-1560	158	37	0.037	0.037	NUM
ajfa-1560	158	38	0.019	0.019	NUM
ajfa-1560	158	39	‐0.018	‐0.018	NOUN
ajfa-1560	158	40	0.037	0.037	NUM
ajfa-1560	158	41	0.022	0.022	NUM
ajfa-1560	158	42	‐0.016	‐0.016	PROPN
ajfa-1560	158	43	60	60	NUM
ajfa-1560	158	44	 	 	SPACE
ajfa-1560	158	45	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	158	46	 	 	SPACE
ajfa-1560	158	47	months	month	NOUN
ajfa-1560	158	48	0.012	0.012	NUM
ajfa-1560	158	49	0.026	0.026	NUM
ajfa-1560	158	50	0.014	0.014	NUM
ajfa-1560	158	51	0.022	0.022	NUM
ajfa-1560	158	52	0.020	0.020	NUM
ajfa-1560	158	53	‐0.002	‐0.002	NOUN
ajfa-1560	158	54	0.016	0.016	NUM
ajfa-1560	158	55	0.020	0.020	NUM
ajfa-1560	158	56	0.005	0.005	NUM
ajfa-1560	158	57	24	24	NUM
ajfa-1560	158	58	 	 	SPACE
ajfa-1560	158	59	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	158	60	 	 	SPACE
ajfa-1560	158	61	months	month	NOUN
ajfa-1560	158	62	0.016	0.016	NUM
ajfa-1560	158	63	0.009	0.009	NUM
ajfa-1560	158	64	‐0.007	‐0.007	PROPN
ajfa-1560	158	65	0.010	0.010	NUM
ajfa-1560	158	66	0.006	0.006	NUM
ajfa-1560	158	67	‐0.004	‐0.004	NOUN
ajfa-1560	158	68	0.021	0.021	NUM
ajfa-1560	158	69	0.012	0.012	NUM
ajfa-1560	158	70	‐0.008	‐0.008	NOUN
ajfa-1560	158	71	36	36	NUM
ajfa-1560	158	72	 	 	SPACE
ajfa-1560	158	73	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	158	74	 	 	SPACE
ajfa-1560	158	75	months	month	NOUN
ajfa-1560	158	76	0.016	0.016	NUM
ajfa-1560	158	77	0.016	0.016	NUM
ajfa-1560	158	78	0.000	0.000	NUM
ajfa-1560	158	79	0.022	0.022	NUM
ajfa-1560	158	80	0.011	0.011	NUM
ajfa-1560	158	81	‐0.011	‐0.011	NOUN
ajfa-1560	158	82	0.020	0.020	NUM
ajfa-1560	158	83	0.010	0.010	NUM
ajfa-1560	158	84	‐0.009	‐0.009	NOUN
ajfa-1560	158	85	48	48	NUM
ajfa-1560	158	86	 	 	SPACE
ajfa-1560	158	87	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	158	88	 	 	SPACE
ajfa-1560	158	89	months	month	NOUN
ajfa-1560	158	90	0.021	0.021	NUM
ajfa-1560	158	91	0.011	0.011	NUM
ajfa-1560	158	92	‐0.010	‐0.010	NOUN
ajfa-1560	158	93	0.021	0.021	NUM
ajfa-1560	158	94	0.005	0.005	NUM
ajfa-1560	158	95	‐0.016	‐0.016	PROPN
ajfa-1560	158	96	0.017	0.017	NUM
ajfa-1560	158	97	0.011	0.011	NUM
ajfa-1560	158	98	‐0.006	‐0.006	NOUN
ajfa-1560	158	99	60	60	NUM
ajfa-1560	158	100	 	 	SPACE
ajfa-1560	158	101	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	158	102	 	 	SPACE
ajfa-1560	158	103	months	month	NOUN
ajfa-1560	158	104	0.019	0.019	NUM
ajfa-1560	158	105	0.015	0.015	NUM
ajfa-1560	158	106	‐0.004	‐0.004	NOUN
ajfa-1560	158	107	0.021	0.021	NUM
ajfa-1560	158	108	0.012	0.012	NUM
ajfa-1560	158	109	‐0.010	‐0.010	NOUN
ajfa-1560	158	110	0.022	0.022	NUM
ajfa-1560	158	111	0.008	0.008	NUM
ajfa-1560	158	112	‐0.014	‐0.014	PROPN
ajfa-1560	158	113	brazil	brazil	PROPN
ajfa-1560	158	114	russia	russia	PROPN
ajfa-1560	158	115	india	india	PROPN
ajfa-1560	158	116	china	china	PROPN
ajfa-1560	158	117	south	south	PROPN
ajfa-1560	158	118	 	 	SPACE
ajfa-1560	158	119	korea	korea	PROPN
ajfa-1560	158	120	south	south	PROPN
ajfa-1560	158	121	 	 	SPACE
ajfa-1560	158	122	africa	africa	PROPN
ajfa-1560	158	123	table	table	NOUN
ajfa-1560	158	124	 	 	SPACE
ajfa-1560	158	125	1	1	NUM
ajfa-1560	158	126	:	:	PUNCT
ajfa-1560	158	127	 	 	SPACE
ajfa-1560	158	128	panel	panel	NOUN
ajfa-1560	158	129	 	 	SPACE
ajfa-1560	158	130	b	b	NOUN
ajfa-1560	158	131	:	:	PUNCT
ajfa-1560	158	132	 	 	SPACE
ajfa-1560	158	133	mean	mean	VERB
ajfa-1560	158	134	 	 	SPACE
ajfa-1560	158	135	excess	excess	ADJ
ajfa-1560	158	136	 	 	SPACE
ajfa-1560	158	137	returns	return	NOUN
ajfa-1560	158	138	 	 	SPACE
ajfa-1560	158	139	on	on	ADP
ajfa-1560	158	140	 	 	SPACE
ajfa-1560	158	141	sectoral	sectoral	ADJ
ajfa-1560	158	142	 	 	SPACE
ajfa-1560	158	143	momentum	momentum	NOUN
ajfa-1560	158	144	 	 	SPACE
ajfa-1560	158	145	portfolios	portfolio	NOUN
ajfa-1560	158	146	 	 	SPACE
ajfa-1560	158	147	(	(	PUNCT
ajfa-1560	158	148	long‐term	long‐term	NOUN
ajfa-1560	158	149	)	)	PUNCT
ajfa-1560	158	150	sector	sector	NOUN
ajfa-1560	158	151	industry	industry	NOUN
ajfa-1560	158	152	 	 	SPACE
ajfa-1560	158	153	group	group	NOUN
ajfa-1560	158	154	industry	industry	NOUN
ajfa-1560	158	155	4	4	NUM
ajfa-1560	158	156	.	.	PUNCT
ajfa-1560	159	1	economic	economic	ADJ
ajfa-1560	159	2	rationale	rationale	NOUN
ajfa-1560	159	3	for	for	ADP
ajfa-1560	159	4	the	the	DET
ajfa-1560	159	5	prior	prior	ADJ
ajfa-1560	159	6	return	return	NOUN
ajfa-1560	159	7	sector	sector	NOUN
ajfa-1560	159	8	factor	factor	NOUN
ajfa-1560	159	9	the	the	DET
ajfa-1560	159	10	explanation	explanation	NOUN
ajfa-1560	159	11	of	of	ADP
ajfa-1560	159	12	returns	return	NOUN
ajfa-1560	159	13	by	by	ADP
ajfa-1560	159	14	sector	sector	NOUN
ajfa-1560	159	15	factor	factor	NOUN
ajfa-1560	159	16	could	could	AUX
ajfa-1560	159	17	be	be	AUX
ajfa-1560	159	18	linked	link	VERB
ajfa-1560	159	19	to	to	ADP
ajfa-1560	159	20	the	the	DET
ajfa-1560	159	21	differences	difference	NOUN
ajfa-1560	159	22	in	in	ADP
ajfa-1560	159	23	growth	growth	NOUN
ajfa-1560	159	24	rate	rate	NOUN
ajfa-1560	159	25	of	of	ADP
ajfa-1560	159	26	sectors	sector	NOUN
ajfa-1560	159	27	of	of	ADP
ajfa-1560	159	28	winners	winner	NOUN
ajfa-1560	159	29	and	and	CCONJ
ajfa-1560	159	30	losers	loser	NOUN
ajfa-1560	159	31	.	.	PUNCT
ajfa-1560	160	1	the	the	DET
ajfa-1560	160	2	sector	sector	NOUN
ajfa-1560	160	3	growth	growth	NOUN
ajfa-1560	160	4	rates	rate	NOUN
ajfa-1560	160	5	may	may	AUX
ajfa-1560	160	6	be	be	AUX
ajfa-1560	160	7	able	able	ADJ
ajfa-1560	160	8	to	to	PART
ajfa-1560	160	9	explain	explain	VERB
ajfa-1560	160	10	risk	risk	NOUN
ajfa-1560	160	11	;	;	PUNCT
ajfa-1560	160	12	this	this	PRON
ajfa-1560	160	13	is	be	AUX
ajfa-1560	160	14	motivated	motivate	VERB
ajfa-1560	160	15	by	by	ADP
ajfa-1560	160	16	the	the	DET
ajfa-1560	160	17	work	work	NOUN
ajfa-1560	160	18	of	of	ADP
ajfa-1560	160	19	liu	liu	PROPN
ajfa-1560	160	20	and	and	CCONJ
ajfa-1560	160	21	zhang	zhang	PROPN
ajfa-1560	160	22	(	(	PUNCT
ajfa-1560	160	23	2008	2008	NUM
ajfa-1560	160	24	)	)	PUNCT
ajfa-1560	160	25	.	.	PUNCT
ajfa-1560	161	1	they	they	PRON
ajfa-1560	161	2	find	find	VERB
ajfa-1560	161	3	that	that	SCONJ
ajfa-1560	161	4	recent	recent	ADJ
ajfa-1560	161	5	winners	winner	NOUN
ajfa-1560	161	6	have	have	VERB
ajfa-1560	161	7	temporarily	temporarily	ADV
ajfa-1560	161	8	higher	high	ADJ
ajfa-1560	161	9	loadings	loading	NOUN
ajfa-1560	161	10	for	for	ADP
ajfa-1560	161	11	growth	growth	NOUN
ajfa-1560	161	12	rate	rate	NOUN
ajfa-1560	161	13	of	of	ADP
ajfa-1560	161	14	industrial	industrial	ADJ
ajfa-1560	161	15	production	production	NOUN
ajfa-1560	161	16	than	than	ADP
ajfa-1560	161	17	recent	recent	ADJ
ajfa-1560	161	18	losers	loser	NOUN
ajfa-1560	161	19	,	,	PUNCT
ajfa-1560	161	20	and	and	CCONJ
ajfa-1560	161	21	the	the	DET
ajfa-1560	161	22	combined	combined	ADJ
ajfa-1560	161	23	effect	effect	NOUN
ajfa-1560	161	24	of	of	ADP
ajfa-1560	161	25	growth	growth	NOUN
ajfa-1560	161	26	rate	rate	NOUN
ajfa-1560	161	27	of	of	ADP
ajfa-1560	161	28	industrial	industrial	ADJ
ajfa-1560	161	29	production	production	NOUN
ajfa-1560	161	30	loadings	loading	NOUN
ajfa-1560	161	31	and	and	CCONJ
ajfa-1560	161	32	risk	risk	NOUN
ajfa-1560	161	33	premiums	premium	NOUN
ajfa-1560	161	34	account	account	VERB
ajfa-1560	161	35	for	for	ADP
ajfa-1560	161	36	more	more	ADJ
ajfa-1560	161	37	than	than	ADP
ajfa-1560	161	38	half	half	NOUN
ajfa-1560	161	39	of	of	ADP
ajfa-1560	161	40	momentum	momentum	NOUN
ajfa-1560	161	41	profits	profit	NOUN
ajfa-1560	161	42	.	.	PUNCT
ajfa-1560	162	1	they	they	PRON
ajfa-1560	162	2	also	also	ADV
ajfa-1560	162	3	suggest	suggest	VERB
ajfa-1560	162	4	that	that	SCONJ
ajfa-1560	162	5	expected	expect	VERB
ajfa-1560	162	6	-	-	PUNCT
ajfa-1560	162	7	growth	growth	NOUN
ajfa-1560	162	8	risk	risk	NOUN
ajfa-1560	162	9	is	be	AUX
ajfa-1560	162	10	priced	price	VERB
ajfa-1560	162	11	and	and	CCONJ
ajfa-1560	162	12	that	that	SCONJ
ajfa-1560	162	13	the	the	DET
ajfa-1560	162	14	expected	expect	VERB
ajfa-1560	162	15	-	-	PUNCT
ajfa-1560	162	16	growth	growth	NOUN
ajfa-1560	162	17	risk	risk	NOUN
ajfa-1560	162	18	increases	increase	VERB
ajfa-1560	162	19	with	with	ADP
ajfa-1560	162	20	expected	expect	VERB
ajfa-1560	162	21	growth	growth	NOUN
ajfa-1560	162	22	.	.	PUNCT
ajfa-1560	163	1	however	however	ADV
ajfa-1560	163	2	,	,	PUNCT
ajfa-1560	163	3	presence	presence	NOUN
ajfa-1560	163	4	of	of	ADP
ajfa-1560	163	5	other	other	ADJ
ajfa-1560	163	6	factors	factor	NOUN
ajfa-1560	163	7	which	which	PRON
ajfa-1560	163	8	may	may	AUX
ajfa-1560	163	9	have	have	AUX
ajfa-1560	163	10	caused	cause	VERB
ajfa-1560	163	11	differences	difference	NOUN
ajfa-1560	163	12	in	in	ADP
ajfa-1560	163	13	winner	winner	NOUN
ajfa-1560	163	14	and	and	CCONJ
ajfa-1560	163	15	loser	loser	NOUN
ajfa-1560	163	16	can	can	AUX
ajfa-1560	163	17	not	not	PART
ajfa-1560	163	18	be	be	AUX
ajfa-1560	163	19	ruled	rule	VERB
ajfa-1560	163	20	out	out	ADP
ajfa-1560	163	21	.	.	PUNCT
ajfa-1560	164	1	in	in	ADP
ajfa-1560	164	2	this	this	DET
ajfa-1560	164	3	paper	paper	NOUN
ajfa-1560	164	4	,	,	PUNCT
ajfa-1560	164	5	the	the	DET
ajfa-1560	164	6	sector	sector	NOUN
ajfa-1560	164	7	growth	growth	NOUN
ajfa-1560	164	8	rate	rate	NOUN
ajfa-1560	164	9	has	have	AUX
ajfa-1560	164	10	been	be	AUX
ajfa-1560	164	11	estimated	estimate	VERB
ajfa-1560	164	12	as	as	SCONJ
ajfa-1560	164	13	follows	follow	VERB
ajfa-1560	164	14	:	:	PUNCT
ajfa-1560	164	15	for	for	ADP
ajfa-1560	164	16	6	6	NUM
ajfa-1560	164	17	-	-	SYM
ajfa-1560	164	18	6	6	NUM
ajfa-1560	164	19	strategy	strategy	NOUN
ajfa-1560	164	20	,	,	PUNCT
ajfa-1560	164	21	in	in	ADP
ajfa-1560	164	22	december	december	PROPN
ajfa-1560	164	23	of	of	ADP
ajfa-1560	164	24	year	year	PROPN
ajfa-1560	164	25	t-1	t-1	PROPN
ajfa-1560	164	26	,	,	PUNCT
ajfa-1560	164	27	we	we	PRON
ajfa-1560	164	28	categorize	categorize	VERB
ajfa-1560	164	29	the	the	DET
ajfa-1560	164	30	10	10	NUM
ajfa-1560	164	31	sectors	sector	NOUN
ajfa-1560	164	32	on	on	ADP
ajfa-1560	164	33	basis	basis	NOUN
ajfa-1560	164	34	of	of	ADP
ajfa-1560	164	35	past	past	ADJ
ajfa-1560	164	36	sales	sale	NOUN
ajfa-1560	164	37	growth	growth	NOUN
ajfa-1560	164	38	(	(	PUNCT
ajfa-1560	164	39	psg	psg	PROPN
ajfa-1560	164	40	)	)	PUNCT
ajfa-1560	164	41	according	accord	VERB
ajfa-1560	164	42	to	to	ADP
ajfa-1560	164	43	global	global	ADJ
ajfa-1560	164	44	industry	industry	NOUN
ajfa-1560	164	45	classification	classification	NOUN
ajfa-1560	164	46	system	system	NOUN
ajfa-1560	164	47	(	(	PUNCT
ajfa-1560	164	48	gics	gic	NOUN
ajfa-1560	164	49	)	)	PUNCT
ajfa-1560	164	50	.	.	PUNCT
ajfa-1560	165	1	the	the	DET
ajfa-1560	165	2	past	past	ADJ
ajfa-1560	165	3	sales	sale	NOUN
ajfa-1560	165	4	growth	growth	NOUN
ajfa-1560	165	5	is	be	AUX
ajfa-1560	165	6	estimated	estimate	VERB
ajfa-1560	165	7	as	as	SCONJ
ajfa-1560	165	8	three	three	NUM
ajfa-1560	165	9	year	year	NOUN
ajfa-1560	165	10	compounded	compound	VERB
ajfa-1560	165	11	growth	growth	NOUN
ajfa-1560	165	12	rate	rate	NOUN
ajfa-1560	165	13	in	in	ADP
ajfa-1560	165	14	sales	sale	NOUN
ajfa-1560	165	15	using	use	VERB
ajfa-1560	165	16	the	the	DET
ajfa-1560	165	17	formula	formula	NOUN
ajfa-1560	166	1	st+3=	st+3=	PRON
ajfa-1560	166	2	st	st	PROPN
ajfa-1560	166	3	(	(	PUNCT
ajfa-1560	166	4	1+r)3	1+r)3	NUM
ajfa-1560	166	5	,	,	PUNCT
ajfa-1560	166	6	where	where	SCONJ
ajfa-1560	166	7	st+3	st+3	PROPN
ajfa-1560	166	8	and	and	CCONJ
ajfa-1560	166	9	st	st	PROPN
ajfa-1560	166	10	are	be	AUX
ajfa-1560	166	11	sales	sale	NOUN
ajfa-1560	166	12	revenue	revenue	NOUN
ajfa-1560	166	13	in	in	ADP
ajfa-1560	166	14	year	year	NOUN
ajfa-1560	166	15	t+3	t+3	VERB
ajfa-1560	166	16	and	and	CCONJ
ajfa-1560	166	17	t	t	NOUN
ajfa-1560	166	18	respectively	respectively	ADV
ajfa-1560	166	19	.	.	PUNCT
ajfa-1560	167	1	these	these	DET
ajfa-1560	167	2	10	10	NUM
ajfa-1560	167	3	sectors	sector	NOUN
ajfa-1560	167	4	are	be	AUX
ajfa-1560	167	5	then	then	ADV
ajfa-1560	167	6	classified	classify	VERB
ajfa-1560	167	7	in	in	ADP
ajfa-1560	167	8	to	to	ADP
ajfa-1560	167	9	quintiles	quintiles	PROPN
ajfa-1560	167	10	q1	q1	PROPN
ajfa-1560	167	11	to	to	ADP
ajfa-1560	167	12	q5	q5	PROPN
ajfa-1560	167	13	,	,	PUNCT
ajfa-1560	167	14	where	where	SCONJ
ajfa-1560	167	15	q1	q1	NOUN
ajfa-1560	167	16	comprises	comprise	VERB
ajfa-1560	167	17	of	of	ADP
ajfa-1560	167	18	bottom	bottom	ADJ
ajfa-1560	167	19	20	20	NUM
ajfa-1560	167	20	%	%	NOUN
ajfa-1560	167	21	sectors	sector	NOUN
ajfa-1560	167	22	(	(	PUNCT
ajfa-1560	167	23	loser	loser	ADJ
ajfa-1560	167	24	sectors	sector	NOUN
ajfa-1560	167	25	)	)	PUNCT
ajfa-1560	167	26	and	and	CCONJ
ajfa-1560	167	27	q5	q5	PROPN
ajfa-1560	167	28	comprises	comprise	VERB
ajfa-1560	167	29	top	top	ADJ
ajfa-1560	167	30	20	20	NUM
ajfa-1560	167	31	%	%	NOUN
ajfa-1560	167	32	of	of	ADP
ajfa-1560	167	33	sectors	sector	NOUN
ajfa-1560	167	34	(	(	PUNCT
ajfa-1560	167	35	winner	winner	NOUN
ajfa-1560	167	36	sectors	sector	NOUN
ajfa-1560	167	37	)	)	PUNCT
ajfa-1560	167	38	.	.	PUNCT
ajfa-1560	168	1	mean	mean	ADJ
ajfa-1560	168	2	value	value	NOUN
ajfa-1560	168	3	of	of	ADP
ajfa-1560	168	4	psg	psg	PROPN
ajfa-1560	168	5	is	be	AUX
ajfa-1560	168	6	calculated	calculate	VERB
ajfa-1560	168	7	for	for	ADP
ajfa-1560	168	8	q1	q1	PROPN
ajfa-1560	168	9	and	and	CCONJ
ajfa-1560	168	10	asian	asian	ADJ
ajfa-1560	168	11	journal	journal	NOUN
ajfa-1560	168	12	of	of	ADP
ajfa-1560	168	13	finance	finance	PROPN
ajfa-1560	168	14	&	&	CCONJ
ajfa-1560	168	15	accounting	accounting	PROPN
ajfa-1560	168	16	issn	issn	PROPN
ajfa-1560	168	17	1946	1946	NUM
ajfa-1560	168	18	-	-	PUNCT
ajfa-1560	168	19	052x	052x	NOUN
ajfa-1560	168	20	2012	2012	NUM
ajfa-1560	168	21	,	,	PUNCT
ajfa-1560	168	22	vol	vol	NOUN
ajfa-1560	168	23	.	.	PROPN
ajfa-1560	168	24	4	4	NUM
ajfa-1560	168	25	,	,	PUNCT
ajfa-1560	168	26	no	no	INTJ
ajfa-1560	168	27	.	.	NOUN
ajfa-1560	168	28	1	1	NUM
ajfa-1560	168	29	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1560	168	30	268	268	NUM
ajfa-1560	168	31	q5	q5	PROPN
ajfa-1560	168	32	using	use	VERB
ajfa-1560	168	33	the	the	DET
ajfa-1560	168	34	sector	sector	NOUN
ajfa-1560	168	35	following	follow	VERB
ajfa-1560	168	36	in	in	ADP
ajfa-1560	168	37	these	these	DET
ajfa-1560	168	38	quintiles	quintile	NOUN
ajfa-1560	168	39	on	on	ADP
ajfa-1560	168	40	period	period	NOUN
ajfa-1560	168	41	to	to	ADP
ajfa-1560	168	42	period	period	NOUN
ajfa-1560	168	43	basis	basis	NOUN
ajfa-1560	168	44	.	.	PUNCT
ajfa-1560	169	1	the	the	DET
ajfa-1560	169	2	sector	sector	NOUN
ajfa-1560	169	3	growth	growth	NOUN
ajfa-1560	169	4	is	be	AUX
ajfa-1560	169	5	then	then	ADV
ajfa-1560	169	6	computed	compute	VERB
ajfa-1560	169	7	by	by	ADP
ajfa-1560	169	8	taking	take	VERB
ajfa-1560	169	9	the	the	DET
ajfa-1560	169	10	average	average	NOUN
ajfa-1560	169	11	over	over	ADP
ajfa-1560	169	12	time	time	NOUN
ajfa-1560	169	13	.	.	PUNCT
ajfa-1560	170	1	the	the	DET
ajfa-1560	170	2	estimation	estimation	NOUN
ajfa-1560	170	3	for	for	ADP
ajfa-1560	170	4	12	12	NUM
ajfa-1560	170	5	-	-	SYM
ajfa-1560	170	6	12	12	NUM
ajfa-1560	170	7	sector	sector	NOUN
ajfa-1560	170	8	growth	growth	NOUN
ajfa-1560	170	9	rate	rate	NOUN
ajfa-1560	170	10	has	have	AUX
ajfa-1560	170	11	been	be	AUX
ajfa-1560	170	12	done	do	VERB
ajfa-1560	170	13	in	in	ADP
ajfa-1560	170	14	similar	similar	ADJ
ajfa-1560	170	15	manner	manner	NOUN
ajfa-1560	170	16	.	.	PUNCT
ajfa-1560	171	1	the	the	DET
ajfa-1560	171	2	24	24	NUM
ajfa-1560	171	3	-	-	PUNCT
ajfa-1560	171	4	12	12	NUM
ajfa-1560	171	5	-	-	SYM
ajfa-1560	171	6	12	12	NUM
ajfa-1560	171	7	prior	prior	ADJ
ajfa-1560	171	8	return	return	NOUN
ajfa-1560	171	9	strategy	strategy	NOUN
ajfa-1560	171	10	construction	construction	NOUN
ajfa-1560	171	11	that	that	PRON
ajfa-1560	171	12	sorts	sort	NOUN
ajfa-1560	171	13	sectors	sector	NOUN
ajfa-1560	171	14	based	base	VERB
ajfa-1560	171	15	on	on	ADP
ajfa-1560	171	16	their	their	PRON
ajfa-1560	171	17	past	past	ADJ
ajfa-1560	171	18	24	24	NUM
ajfa-1560	171	19	month	month	NOUN
ajfa-1560	171	20	’s	’s	PART
ajfa-1560	171	21	past	past	ADJ
ajfa-1560	171	22	sales	sale	NOUN
ajfa-1560	171	23	growth	growth	NOUN
ajfa-1560	171	24	,	,	PUNCT
ajfa-1560	171	25	skips	skip	VERB
ajfa-1560	171	26	12	12	NUM
ajfa-1560	171	27	month	month	NOUN
ajfa-1560	171	28	for	for	ADP
ajfa-1560	171	29	controlling	control	VERB
ajfa-1560	171	30	the	the	DET
ajfa-1560	171	31	short	short	ADJ
ajfa-1560	171	32	-	-	PUNCT
ajfa-1560	171	33	term	term	NOUN
ajfa-1560	171	34	momentum	momentum	NOUN
ajfa-1560	171	35	effect	effect	NOUN
ajfa-1560	171	36	,	,	PUNCT
ajfa-1560	171	37	and	and	CCONJ
ajfa-1560	171	38	hold	hold	VERB
ajfa-1560	171	39	the	the	DET
ajfa-1560	171	40	resulting	result	VERB
ajfa-1560	171	41	portfolios	portfolio	NOUN
ajfa-1560	171	42	for	for	ADP
ajfa-1560	171	43	the	the	DET
ajfa-1560	171	44	subsequent	subsequent	ADJ
ajfa-1560	171	45	12	12	NUM
ajfa-1560	171	46	months	month	NOUN
ajfa-1560	171	47	.	.	PUNCT
ajfa-1560	172	1	the	the	DET
ajfa-1560	172	2	estimation	estimation	NOUN
ajfa-1560	172	3	for	for	ADP
ajfa-1560	172	4	36	36	NUM
ajfa-1560	172	5	-	-	SYM
ajfa-1560	172	6	12	12	NUM
ajfa-1560	172	7	-	-	PUNCT
ajfa-1560	172	8	12	12	NUM
ajfa-1560	172	9	,	,	PUNCT
ajfa-1560	172	10	48	48	NUM
ajfa-1560	172	11	-	-	SYM
ajfa-1560	172	12	12	12	NUM
ajfa-1560	172	13	-	-	PUNCT
ajfa-1560	172	14	12	12	NUM
ajfa-1560	172	15	and	and	CCONJ
ajfa-1560	172	16	60	60	NUM
ajfa-1560	172	17	-	-	SYM
ajfa-1560	172	18	12	12	NUM
ajfa-1560	172	19	-	-	SYM
ajfa-1560	172	20	12	12	NUM
ajfa-1560	172	21	strategies	strategy	NOUN
ajfa-1560	172	22	have	have	AUX
ajfa-1560	172	23	been	be	AUX
ajfa-1560	172	24	done	do	VERB
ajfa-1560	172	25	in	in	ADP
ajfa-1560	172	26	similar	similar	ADJ
ajfa-1560	172	27	manner	manner	NOUN
ajfa-1560	172	28	and	and	CCONJ
ajfa-1560	172	29	we	we	PRON
ajfa-1560	172	30	leave	leave	VERB
ajfa-1560	172	31	a	a	DET
ajfa-1560	172	32	gap	gap	NOUN
ajfa-1560	172	33	of	of	ADP
ajfa-1560	172	34	12	12	NUM
ajfa-1560	172	35	months	month	NOUN
ajfa-1560	172	36	between	between	ADP
ajfa-1560	172	37	portfolio	portfolio	NOUN
ajfa-1560	172	38	formation	formation	NOUN
ajfa-1560	172	39	and	and	CCONJ
ajfa-1560	172	40	portfolio	portfolio	NOUN
ajfa-1560	172	41	holding	hold	VERB
ajfa-1560	172	42	windows	window	NOUN
ajfa-1560	172	43	to	to	PART
ajfa-1560	172	44	control	control	VERB
ajfa-1560	172	45	for	for	ADP
ajfa-1560	172	46	any	any	DET
ajfa-1560	172	47	short	short	ADJ
ajfa-1560	172	48	-	-	PUNCT
ajfa-1560	172	49	term	term	NOUN
ajfa-1560	172	50	momentum	momentum	NOUN
ajfa-1560	172	51	effects	effect	NOUN
ajfa-1560	172	52	.	.	PUNCT
ajfa-1560	173	1	these	these	DET
ajfa-1560	173	2	results	result	NOUN
ajfa-1560	173	3	are	be	AUX
ajfa-1560	173	4	reported	report	VERB
ajfa-1560	173	5	in	in	ADP
ajfa-1560	173	6	table	table	NOUN
ajfa-1560	173	7	2	2	NUM
ajfa-1560	173	8	for	for	ADP
ajfa-1560	173	9	all	all	DET
ajfa-1560	173	10	the	the	DET
ajfa-1560	173	11	bricks	brick	NOUN
ajfa-1560	173	12	markets	market	VERB
ajfa-1560	173	13	at	at	ADP
ajfa-1560	173	14	sector	sector	NOUN
ajfa-1560	173	15	level	level	NOUN
ajfa-1560	173	16	.	.	PUNCT
ajfa-1560	174	1	for	for	ADP
ajfa-1560	174	2	both	both	DET
ajfa-1560	174	3	6	6	NUM
ajfa-1560	174	4	-	-	SYM
ajfa-1560	174	5	6	6	NUM
ajfa-1560	174	6	and	and	CCONJ
ajfa-1560	174	7	12	12	NUM
ajfa-1560	174	8	-	-	SYM
ajfa-1560	174	9	12	12	NUM
ajfa-1560	174	10	strategies	strategy	NOUN
ajfa-1560	174	11	,	,	PUNCT
ajfa-1560	174	12	we	we	PRON
ajfa-1560	174	13	observe	observe	VERB
ajfa-1560	174	14	for	for	SCONJ
ajfa-1560	174	15	all	all	DET
ajfa-1560	174	16	the	the	DET
ajfa-1560	174	17	countries	country	NOUN
ajfa-1560	174	18	that	that	PRON
ajfa-1560	174	19	winner	winner	NOUN
ajfa-1560	174	20	sectors	sector	NOUN
ajfa-1560	174	21	(	(	PUNCT
ajfa-1560	174	22	q5	q5	PROPN
ajfa-1560	174	23	)	)	PUNCT
ajfa-1560	174	24	exhibit	exhibit	VERB
ajfa-1560	174	25	higher	high	ADJ
ajfa-1560	174	26	growth	growth	NOUN
ajfa-1560	174	27	rates	rate	NOUN
ajfa-1560	174	28	as	as	SCONJ
ajfa-1560	174	29	they	they	PRON
ajfa-1560	174	30	comprise	comprise	VERB
ajfa-1560	174	31	of	of	ADP
ajfa-1560	174	32	high	high	ADJ
ajfa-1560	174	33	growth	growth	NOUN
ajfa-1560	174	34	companies	company	NOUN
ajfa-1560	174	35	compared	compare	VERB
ajfa-1560	174	36	to	to	ADP
ajfa-1560	174	37	loser	loser	ADJ
ajfa-1560	174	38	sector	sector	NOUN
ajfa-1560	174	39	and	and	CCONJ
ajfa-1560	174	40	hence	hence	ADV
ajfa-1560	174	41	they	they	PRON
ajfa-1560	174	42	may	may	AUX
ajfa-1560	174	43	be	be	AUX
ajfa-1560	174	44	exposed	expose	VERB
ajfa-1560	174	45	to	to	ADP
ajfa-1560	174	46	higher	high	ADJ
ajfa-1560	174	47	growth	growth	NOUN
ajfa-1560	174	48	risk	risk	NOUN
ajfa-1560	174	49	.	.	PUNCT
ajfa-1560	175	1	our	our	PRON
ajfa-1560	175	2	results	result	NOUN
ajfa-1560	175	3	are	be	AUX
ajfa-1560	175	4	consistent	consistent	ADJ
ajfa-1560	175	5	with	with	ADP
ajfa-1560	175	6	liu	liu	PROPN
ajfa-1560	175	7	and	and	CCONJ
ajfa-1560	175	8	zhang	zhang	PROPN
ajfa-1560	175	9	(	(	PUNCT
ajfa-1560	175	10	2008	2008	NUM
ajfa-1560	175	11	)	)	PUNCT
ajfa-1560	175	12	argument	argument	NOUN
ajfa-1560	175	13	and	and	CCONJ
ajfa-1560	175	14	suggest	suggest	VERB
ajfa-1560	175	15	that	that	SCONJ
ajfa-1560	175	16	the	the	DET
ajfa-1560	175	17	sector	sector	NOUN
ajfa-1560	175	18	factor	factor	NOUN
ajfa-1560	175	19	proxies	proxy	NOUN
ajfa-1560	175	20	for	for	ADP
ajfa-1560	175	21	a	a	DET
ajfa-1560	175	22	risk	risk	NOUN
ajfa-1560	175	23	factor	factor	NOUN
ajfa-1560	175	24	in	in	ADP
ajfa-1560	175	25	returns	return	NOUN
ajfa-1560	175	26	.	.	PUNCT
ajfa-1560	176	1	for	for	ADP
ajfa-1560	176	2	long	long	ADJ
ajfa-1560	176	3	term	term	NOUN
ajfa-1560	176	4	portfolio	portfolio	NOUN
ajfa-1560	176	5	formation	formation	NOUN
ajfa-1560	176	6	windows	window	NOUN
ajfa-1560	176	7	,	,	PUNCT
ajfa-1560	176	8	in	in	ADP
ajfa-1560	176	9	case	case	NOUN
ajfa-1560	176	10	of	of	ADP
ajfa-1560	176	11	india	india	PROPN
ajfa-1560	176	12	and	and	CCONJ
ajfa-1560	176	13	russia	russia	PROPN
ajfa-1560	176	14	portfolio	portfolio	NOUN
ajfa-1560	176	15	performance	performance	NOUN
ajfa-1560	176	16	is	be	AUX
ajfa-1560	176	17	consistent	consistent	ADJ
ajfa-1560	176	18	with	with	ADP
ajfa-1560	176	19	growth	growth	NOUN
ajfa-1560	176	20	risk	risk	NOUN
ajfa-1560	176	21	story	story	NOUN
ajfa-1560	176	22	i.e.	i.e.	X
ajfa-1560	176	23	the	the	DET
ajfa-1560	176	24	winning	win	VERB
ajfa-1560	176	25	sectors	sector	NOUN
ajfa-1560	176	26	exhibit	exhibit	VERB
ajfa-1560	176	27	higher	high	ADJ
ajfa-1560	176	28	growth	growth	NOUN
ajfa-1560	176	29	risk	risk	NOUN
ajfa-1560	176	30	vis	vis	X
ajfa-1560	176	31	-	-	PUNCT
ajfa-1560	176	32	a	a	X
ajfa-1560	176	33	-	-	PUNCT
ajfa-1560	176	34	vis	vis	X
ajfa-1560	176	35	losing	lose	VERB
ajfa-1560	176	36	sectors	sector	NOUN
ajfa-1560	176	37	.	.	PUNCT
ajfa-1560	177	1	however	however	ADV
ajfa-1560	177	2	there	there	PRON
ajfa-1560	177	3	are	be	VERB
ajfa-1560	177	4	contradictions	contradiction	NOUN
ajfa-1560	177	5	for	for	ADP
ajfa-1560	177	6	other	other	ADJ
ajfa-1560	177	7	sample	sample	NOUN
ajfa-1560	177	8	countries	country	NOUN
ajfa-1560	177	9	for	for	ADP
ajfa-1560	177	10	one	one	NUM
ajfa-1560	177	11	or	or	CCONJ
ajfa-1560	177	12	more	more	ADJ
ajfa-1560	177	13	portfolio	portfolio	NOUN
ajfa-1560	177	14	formation	formation	NOUN
ajfa-1560	177	15	periods	period	NOUN
ajfa-1560	177	16	.	.	PUNCT
ajfa-1560	178	1	hence	hence	ADV
ajfa-1560	178	2	,	,	PUNCT
ajfa-1560	178	3	‘	'	PUNCT
ajfa-1560	178	4	we	we	PRON
ajfa-1560	178	5	expect	expect	VERB
ajfa-1560	178	6	the	the	DET
ajfa-1560	178	7	sector	sector	NOUN
ajfa-1560	178	8	factor	factor	NOUN
ajfa-1560	178	9	,	,	PUNCT
ajfa-1560	178	10	which	which	PRON
ajfa-1560	178	11	mimics	mimic	VERB
ajfa-1560	178	12	the	the	DET
ajfa-1560	178	13	growth	growth	NOUN
ajfa-1560	178	14	risk	risk	NOUN
ajfa-1560	178	15	differences	difference	NOUN
ajfa-1560	178	16	between	between	ADP
ajfa-1560	178	17	corner	corner	NOUN
ajfa-1560	178	18	portfolios	portfolio	NOUN
ajfa-1560	178	19	to	to	PART
ajfa-1560	178	20	perform	perform	VERB
ajfa-1560	178	21	better	well	ADV
ajfa-1560	178	22	for	for	ADP
ajfa-1560	178	23	portfolios	portfolio	NOUN
ajfa-1560	178	24	based	base	VERB
ajfa-1560	178	25	on	on	ADP
ajfa-1560	178	26	short	short	ADJ
ajfa-1560	178	27	-	-	PUNCT
ajfa-1560	178	28	term	term	NOUN
ajfa-1560	178	29	prior	prior	ADJ
ajfa-1560	178	30	return	return	NOUN
ajfa-1560	178	31	formation	formation	NOUN
ajfa-1560	178	32	.	.	PUNCT
ajfa-1560	179	1	in	in	ADP
ajfa-1560	179	2	case	case	NOUN
ajfa-1560	179	3	of	of	ADP
ajfa-1560	179	4	long	long	ADJ
ajfa-1560	179	5	-	-	PUNCT
ajfa-1560	179	6	term	term	NOUN
ajfa-1560	179	7	portfolio	portfolio	NOUN
ajfa-1560	179	8	formation	formation	NOUN
ajfa-1560	179	9	,	,	PUNCT
ajfa-1560	179	10	the	the	DET
ajfa-1560	179	11	sector	sector	NOUN
ajfa-1560	179	12	factor	factor	NOUN
ajfa-1560	179	13	is	be	AUX
ajfa-1560	179	14	likely	likely	ADJ
ajfa-1560	179	15	to	to	PART
ajfa-1560	179	16	absorb	absorb	VERB
ajfa-1560	179	17	cross	cross	NOUN
ajfa-1560	179	18	-	-	NOUN
ajfa-1560	179	19	section	section	NOUN
ajfa-1560	179	20	of	of	ADP
ajfa-1560	179	21	average	average	ADJ
ajfa-1560	179	22	returns	return	NOUN
ajfa-1560	179	23	in	in	ADP
ajfa-1560	179	24	case	case	NOUN
ajfa-1560	179	25	of	of	ADP
ajfa-1560	179	26	brazil	brazil	PROPN
ajfa-1560	179	27	,	,	PUNCT
ajfa-1560	179	28	russia	russia	PROPN
ajfa-1560	179	29	and	and	CCONJ
ajfa-1560	179	30	india	india	PROPN
ajfa-1560	179	31	’	'	PUNCT
ajfa-1560	179	32	.	.	PUNCT
ajfa-1560	180	1	strategy	strategy	PROPN
ajfa-1560	180	2	brazil	brazil	PROPN
ajfa-1560	180	3	russia	russia	PROPN
ajfa-1560	180	4	india	india	PROPN
ajfa-1560	180	5	china	china	PROPN
ajfa-1560	180	6	  	  	SPACE
ajfa-1560	180	7	s.korea	s.korea	PROPN
ajfa-1560	180	8	s.africa	s.africa	PROPN
ajfa-1560	180	9	6	6	NUM
ajfa-1560	180	10	 	 	SPACE
ajfa-1560	180	11	months	month	NOUN
ajfa-1560	180	12	 	 	SPACE
ajfa-1560	180	13	‐	‐	NOUN
ajfa-1560	180	14	 	 	SPACE
ajfa-1560	180	15	6	6	NUM
ajfa-1560	180	16	 	 	SPACE
ajfa-1560	180	17	months	month	NOUN
ajfa-1560	180	18	q1	q1	PROPN
ajfa-1560	180	19	‐0.612	‐0.612	PROPN
ajfa-1560	180	20	‐0.035	‐0.035	PROPN
ajfa-1560	180	21	0.053	0.053	NUM
ajfa-1560	180	22	0.033	0.033	NUM
ajfa-1560	180	23	0.031	0.031	NUM
ajfa-1560	180	24	0.036	0.036	NUM
ajfa-1560	180	25	q5	q5	PROPN
ajfa-1560	180	26	‐0.228	‐0.228	PROPN
ajfa-1560	180	27	0.438	0.438	NUM
ajfa-1560	180	28	0.463	0.463	NUM
ajfa-1560	180	29	0.348	0.348	NUM
ajfa-1560	180	30	0.239	0.239	NUM
ajfa-1560	180	31	0.364	0.364	NUM
ajfa-1560	180	32	12	12	NUM
ajfa-1560	180	33	 	 	SPACE
ajfa-1560	180	34	months	month	NOUN
ajfa-1560	180	35	 	 	SPACE
ajfa-1560	180	36	‐	‐	NOUN
ajfa-1560	180	37	 	 	SPACE
ajfa-1560	180	38	12	12	NUM
ajfa-1560	180	39	 	 	SPACE
ajfa-1560	180	40	months	month	NOUN
ajfa-1560	180	41	q1	q1	PROPN
ajfa-1560	180	42	‐0.612	‐0.612	PROPN
ajfa-1560	180	43	‐0.015	‐0.015	PROPN
ajfa-1560	180	44	0.049	0.049	NUM
ajfa-1560	180	45	0.033	0.033	NUM
ajfa-1560	180	46	0.026	0.026	NUM
ajfa-1560	180	47	0.026	0.026	NUM
ajfa-1560	180	48	q5	q5	PROPN
ajfa-1560	180	49	‐0.263	‐0.263	ADP
ajfa-1560	180	50	0.413	0.413	ADP
ajfa-1560	180	51	0.298	0.298	NUM
ajfa-1560	180	52	0.348	0.348	NUM
ajfa-1560	180	53	0.235	0.235	NUM
ajfa-1560	180	54	0.334	0.334	NUM
ajfa-1560	180	55	24	24	NUM
ajfa-1560	180	56	 	 	SPACE
ajfa-1560	180	57	months‐12	months‐12	PROPN
ajfa-1560	180	58	 	 	SPACE
ajfa-1560	180	59	months‐12	months‐12	PROPN
ajfa-1560	180	60	 	 	SPACE
ajfa-1560	180	61	months	month	NOUN
ajfa-1560	180	62	q1	q1	PROPN
ajfa-1560	180	63	‐0.342	‐0.342	PROPN
ajfa-1560	181	1	0.312	0.312	NUM
ajfa-1560	181	2	0.102	0.102	NUM
ajfa-1560	181	3	0.212	0.212	NUM
ajfa-1560	181	4	0.123	0.123	NUM
ajfa-1560	181	5	0.241	0.241	NUM
ajfa-1560	181	6	q5	q5	PROPN
ajfa-1560	181	7	‐0.496	‐0.496	NOUN
ajfa-1560	181	8	0.326	0.326	NUM
ajfa-1560	181	9	0.233	0.233	NUM
ajfa-1560	181	10	0.264	0.264	NUM
ajfa-1560	181	11	0.130	0.130	NUM
ajfa-1560	181	12	0.247	0.247	NUM
ajfa-1560	181	13	36	36	NUM
ajfa-1560	181	14	 	 	SPACE
ajfa-1560	181	15	months‐12	months‐12	PROPN
ajfa-1560	181	16	 	 	SPACE
ajfa-1560	181	17	months‐12	months‐12	PROPN
ajfa-1560	181	18	 	 	SPACE
ajfa-1560	181	19	months	month	NOUN
ajfa-1560	181	20	q1	q1	PROPN
ajfa-1560	181	21	‐0.326	‐0.326	ADV
ajfa-1560	181	22	0.205	0.205	NUM
ajfa-1560	181	23	0.112	0.112	NUM
ajfa-1560	181	24	0.175	0.175	NUM
ajfa-1560	181	25	0.127	0.127	NUM
ajfa-1560	181	26	0.242	0.242	NUM
ajfa-1560	181	27	q5	q5	NOUN
ajfa-1560	181	28	‐0.516	‐0.516	VERB
ajfa-1560	181	29	0.253	0.253	NUM
ajfa-1560	181	30	0.143	0.143	NUM
ajfa-1560	181	31	0.198	0.198	NUM
ajfa-1560	181	32	0.159	0.159	NUM
ajfa-1560	181	33	0.232	0.232	NUM
ajfa-1560	181	34	48	48	NUM
ajfa-1560	181	35	 	 	SPACE
ajfa-1560	181	36	months‐12	months‐12	PROPN
ajfa-1560	181	37	 	 	SPACE
ajfa-1560	181	38	months‐12	months‐12	PROPN
ajfa-1560	181	39	 	 	SPACE
ajfa-1560	181	40	months	month	NOUN
ajfa-1560	181	41	q1	q1	PROPN
ajfa-1560	181	42	‐0.347	‐0.347	PROPN
ajfa-1560	181	43	0.151	0.151	NUM
ajfa-1560	181	44	0.108	0.108	NUM
ajfa-1560	181	45	0.192	0.192	NUM
ajfa-1560	181	46	0.121	0.121	NUM
ajfa-1560	181	47	0.209	0.209	NUM
ajfa-1560	181	48	q5	q5	PROPN
ajfa-1560	181	49	‐0.148	‐0.148	NOUN
ajfa-1560	181	50	0.230	0.230	NUM
ajfa-1560	181	51	0.195	0.195	NUM
ajfa-1560	181	52	0.230	0.230	NUM
ajfa-1560	181	53	0.157	0.157	NUM
ajfa-1560	181	54	0.274	0.274	NUM
ajfa-1560	181	55	60	60	NUM
ajfa-1560	181	56	 	 	SPACE
ajfa-1560	181	57	months‐12	months‐12	PROPN
ajfa-1560	181	58	 	 	SPACE
ajfa-1560	181	59	months‐12	months‐12	PROPN
ajfa-1560	181	60	 	 	SPACE
ajfa-1560	181	61	months	month	NOUN
ajfa-1560	181	62	q1	q1	PROPN
ajfa-1560	181	63	‐0.373	‐0.373	VERB
ajfa-1560	181	64	0.291	0.291	NUM
ajfa-1560	181	65	0.142	0.142	NUM
ajfa-1560	181	66	0.210	0.210	NUM
ajfa-1560	181	67	0.124	0.124	NUM
ajfa-1560	181	68	0.271	0.271	NUM
ajfa-1560	181	69	q5	q5	PROPN
ajfa-1560	181	70	‐0.505	‐0.505	VERB
ajfa-1560	181	71	0.182	0.182	NUM
ajfa-1560	181	72	0.136	0.136	NUM
ajfa-1560	181	73	0.147	0.147	NUM
ajfa-1560	181	74	0.133	0.133	NUM
ajfa-1560	181	75	0.267	0.267	NUM
ajfa-1560	181	76	table	table	NOUN
ajfa-1560	181	77	 	 	SPACE
ajfa-1560	181	78	2	2	NUM
ajfa-1560	181	79	:	:	PUNCT
ajfa-1560	181	80	 	 	SPACE
ajfa-1560	181	81	sector	sector	NOUN
ajfa-1560	181	82	 	 	SPACE
ajfa-1560	181	83	growth	growth	NOUN
ajfa-1560	181	84	 	 	SPACE
ajfa-1560	181	85	rates	rate	NOUN
ajfa-1560	181	86	  	  	SPACE
ajfa-1560	181	87	5	5	NUM
ajfa-1560	181	88	.	.	PUNCT
ajfa-1560	181	89	role	role	NOUN
ajfa-1560	181	90	of	of	ADP
ajfa-1560	181	91	sector	sector	NOUN
ajfa-1560	181	92	factor	factor	NOUN
ajfa-1560	181	93	in	in	ADP
ajfa-1560	181	94	stock	stock	NOUN
ajfa-1560	181	95	returns	return	NOUN
ajfa-1560	181	96	in	in	ADP
ajfa-1560	181	97	this	this	DET
ajfa-1560	181	98	section	section	NOUN
ajfa-1560	181	99	,	,	PUNCT
ajfa-1560	181	100	we	we	PRON
ajfa-1560	181	101	test	test	VERB
ajfa-1560	181	102	whether	whether	SCONJ
ajfa-1560	181	103	prior	prior	ADJ
ajfa-1560	181	104	return	return	VERB
ajfa-1560	181	105	patterns	pattern	NOUN
ajfa-1560	181	106	in	in	ADP
ajfa-1560	181	107	stock	stock	NOUN
ajfa-1560	181	108	returns	return	NOUN
ajfa-1560	181	109	are	be	AUX
ajfa-1560	181	110	absorbed	absorb	VERB
ajfa-1560	181	111	by	by	ADP
ajfa-1560	181	112	similar	similar	ADJ
ajfa-1560	181	113	patterns	pattern	NOUN
ajfa-1560	181	114	in	in	ADP
ajfa-1560	181	115	sector	sector	NOUN
ajfa-1560	181	116	data	datum	NOUN
ajfa-1560	181	117	.	.	PUNCT
ajfa-1560	182	1	we	we	PRON
ajfa-1560	182	2	sort	sort	VERB
ajfa-1560	182	3	securities	security	NOUN
ajfa-1560	182	4	on	on	ADP
ajfa-1560	182	5	basis	basis	NOUN
ajfa-1560	182	6	of	of	ADP
ajfa-1560	182	7	average	average	ADJ
ajfa-1560	182	8	past	past	ADJ
ajfa-1560	182	9	excess	excess	ADJ
ajfa-1560	182	10	returns	return	NOUN
ajfa-1560	182	11	,	,	PUNCT
ajfa-1560	182	12	for	for	ADP
ajfa-1560	182	13	6	6	NUM
ajfa-1560	182	14	-	-	SYM
ajfa-1560	182	15	6	6	NUM
ajfa-1560	182	16	strategies	strategy	NOUN
ajfa-1560	182	17	,	,	PUNCT
ajfa-1560	182	18	in	in	ADP
ajfa-1560	182	19	december	december	PROPN
ajfa-1560	182	20	of	of	ADP
ajfa-1560	182	21	year	year	PROPN
ajfa-1560	182	22	t-1	t-1	PROPN
ajfa-1560	182	23	,	,	PUNCT
ajfa-1560	182	24	the	the	DET
ajfa-1560	182	25	individual	individual	ADJ
ajfa-1560	182	26	securities	security	NOUN
ajfa-1560	182	27	are	be	AUX
ajfa-1560	182	28	ranked	rank	VERB
ajfa-1560	182	29	on	on	ADP
ajfa-1560	182	30	basis	basis	NOUN
ajfa-1560	182	31	of	of	ADP
ajfa-1560	182	32	past	past	ADJ
ajfa-1560	182	33	six	six	NUM
ajfa-1560	182	34	asian	asian	ADJ
ajfa-1560	182	35	journal	journal	NOUN
ajfa-1560	182	36	of	of	ADP
ajfa-1560	182	37	finance	finance	PROPN
ajfa-1560	182	38	&	&	CCONJ
ajfa-1560	182	39	accounting	accounting	PROPN
ajfa-1560	182	40	issn	issn	PROPN
ajfa-1560	182	41	1946	1946	NUM
ajfa-1560	182	42	-	-	PUNCT
ajfa-1560	182	43	052x	052x	NOUN
ajfa-1560	182	44	2012	2012	NUM
ajfa-1560	182	45	,	,	PUNCT
ajfa-1560	182	46	vol	vol	NOUN
ajfa-1560	182	47	.	.	PROPN
ajfa-1560	182	48	4	4	NUM
ajfa-1560	182	49	,	,	PUNCT
ajfa-1560	182	50	no	no	INTJ
ajfa-1560	182	51	.	.	NOUN
ajfa-1560	182	52	1	1	NUM
ajfa-1560	182	53	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1560	182	54	269	269	NUM
ajfa-1560	182	55	month	month	NOUN
ajfa-1560	182	56	’s	’s	PART
ajfa-1560	182	57	average	average	ADJ
ajfa-1560	182	58	monthly	monthly	ADJ
ajfa-1560	182	59	past	past	ADJ
ajfa-1560	182	60	excess	excess	ADJ
ajfa-1560	182	61	returns	return	NOUN
ajfa-1560	182	62	.	.	PUNCT
ajfa-1560	183	1	the	the	DET
ajfa-1560	183	2	ranked	rank	VERB
ajfa-1560	183	3	securities	security	NOUN
ajfa-1560	183	4	are	be	AUX
ajfa-1560	183	5	then	then	ADV
ajfa-1560	183	6	classified	classify	VERB
ajfa-1560	183	7	into	into	ADP
ajfa-1560	183	8	quintiles	quintile	NOUN
ajfa-1560	183	9	,	,	PUNCT
ajfa-1560	183	10	p1	p1	NOUN
ajfa-1560	183	11	to	to	PART
ajfa-1560	183	12	p5	p5	VERB
ajfa-1560	183	13	.	.	PUNCT
ajfa-1560	184	1	p1	p1	NOUN
ajfa-1560	184	2	comprises	comprise	NOUN
ajfa-1560	184	3	of	of	ADP
ajfa-1560	184	4	bottom	bottom	ADJ
ajfa-1560	184	5	20	20	NUM
ajfa-1560	184	6	%	%	NOUN
ajfa-1560	184	7	stocks	stock	NOUN
ajfa-1560	184	8	on	on	ADP
ajfa-1560	184	9	basis	basis	NOUN
ajfa-1560	184	10	of	of	ADP
ajfa-1560	184	11	average	average	ADJ
ajfa-1560	184	12	past	past	ADJ
ajfa-1560	184	13	period	period	NOUN
ajfa-1560	184	14	returns	return	NOUN
ajfa-1560	184	15	and	and	CCONJ
ajfa-1560	184	16	p5	p5	ADJ
ajfa-1560	184	17	comprises	comprise	NOUN
ajfa-1560	184	18	of	of	ADP
ajfa-1560	184	19	top	top	ADJ
ajfa-1560	184	20	20	20	NUM
ajfa-1560	184	21	%	%	NOUN
ajfa-1560	184	22	stocks	stock	NOUN
ajfa-1560	184	23	on	on	ADP
ajfa-1560	184	24	basis	basis	NOUN
ajfa-1560	184	25	of	of	ADP
ajfa-1560	184	26	average	average	ADJ
ajfa-1560	184	27	past	past	ADJ
ajfa-1560	184	28	period	period	NOUN
ajfa-1560	184	29	returns	return	NOUN
ajfa-1560	184	30	.	.	PUNCT
ajfa-1560	185	1	we	we	PRON
ajfa-1560	185	2	estimate	estimate	VERB
ajfa-1560	185	3	the	the	DET
ajfa-1560	185	4	return	return	NOUN
ajfa-1560	185	5	on	on	ADP
ajfa-1560	185	6	zero	zero	NUM
ajfa-1560	185	7	investment	investment	NOUN
ajfa-1560	185	8	portfolio	portfolio	NOUN
ajfa-1560	185	9	based	base	VERB
ajfa-1560	185	10	on	on	ADP
ajfa-1560	185	11	these	these	DET
ajfa-1560	185	12	prior	prior	ADJ
ajfa-1560	185	13	return	return	NOUN
ajfa-1560	185	14	patterns	pattern	NOUN
ajfa-1560	185	15	in	in	ADP
ajfa-1560	185	16	stock	stock	NOUN
ajfa-1560	185	17	returns	return	NOUN
ajfa-1560	185	18	which	which	PRON
ajfa-1560	185	19	involves	involve	VERB
ajfa-1560	185	20	buying	buy	VERB
ajfa-1560	185	21	winners	winner	NOUN
ajfa-1560	185	22	(	(	PUNCT
ajfa-1560	185	23	losers	loser	NOUN
ajfa-1560	185	24	)	)	PUNCT
ajfa-1560	185	25	and	and	CCONJ
ajfa-1560	185	26	selling	sell	VERB
ajfa-1560	185	27	losers	loser	NOUN
ajfa-1560	185	28	(	(	PUNCT
ajfa-1560	185	29	winners	winner	NOUN
ajfa-1560	185	30	)	)	PUNCT
ajfa-1560	185	31	as	as	ADP
ajfa-1560	185	32	in	in	ADP
ajfa-1560	185	33	case	case	NOUN
ajfa-1560	185	34	of	of	ADP
ajfa-1560	185	35	momentum	momentum	NOUN
ajfa-1560	185	36	(	(	PUNCT
ajfa-1560	185	37	contrarian	contrarian	NOUN
ajfa-1560	185	38	)	)	PUNCT
ajfa-1560	185	39	as	as	ADP
ajfa-1560	185	40	in	in	ADP
ajfa-1560	185	41	case	case	NOUN
ajfa-1560	185	42	of	of	ADP
ajfa-1560	185	43	sector	sector	NOUN
ajfa-1560	185	44	data	datum	NOUN
ajfa-1560	185	45	.	.	PUNCT
ajfa-1560	186	1	we	we	PRON
ajfa-1560	186	2	regress	regress	VERB
ajfa-1560	186	3	the	the	DET
ajfa-1560	186	4	return	return	NOUN
ajfa-1560	186	5	on	on	ADP
ajfa-1560	186	6	zero	zero	NUM
ajfa-1560	186	7	-	-	PUNCT
ajfa-1560	186	8	investment	investment	NOUN
ajfa-1560	186	9	prior	prior	ADJ
ajfa-1560	186	10	return	return	NOUN
ajfa-1560	186	11	stock	stock	NOUN
ajfa-1560	186	12	portfolio	portfolio	NOUN
ajfa-1560	186	13	on	on	ADP
ajfa-1560	186	14	the	the	DET
ajfa-1560	186	15	sector	sector	NOUN
ajfa-1560	186	16	factor	factor	NOUN
ajfa-1560	186	17	(	(	PUNCT
ajfa-1560	186	18	zero	zero	NUM
ajfa-1560	186	19	-	-	PUNCT
ajfa-1560	186	20	investment	investment	NOUN
ajfa-1560	186	21	prior	prior	ADJ
ajfa-1560	186	22	return	return	NOUN
ajfa-1560	186	23	sector	sector	NOUN
ajfa-1560	186	24	portfolio	portfolio	NOUN
ajfa-1560	186	25	)	)	PUNCT
ajfa-1560	186	26	.	.	PUNCT
ajfa-1560	187	1	the	the	DET
ajfa-1560	187	2	results	result	NOUN
ajfa-1560	187	3	of	of	ADP
ajfa-1560	187	4	which	which	PRON
ajfa-1560	187	5	are	be	AUX
ajfa-1560	187	6	reported	report	VERB
ajfa-1560	187	7	in	in	ADP
ajfa-1560	187	8	table	table	NOUN
ajfa-1560	187	9	3	3	NUM
ajfa-1560	187	10	.	.	PUNCT
ajfa-1560	188	1	estimations	estimation	NOUN
ajfa-1560	188	2	for	for	ADP
ajfa-1560	188	3	12	12	NUM
ajfa-1560	188	4	-	-	SYM
ajfa-1560	188	5	12	12	NUM
ajfa-1560	188	6	and	and	CCONJ
ajfa-1560	188	7	long	long	ADJ
ajfa-1560	188	8	-	-	PUNCT
ajfa-1560	188	9	term	term	NOUN
ajfa-1560	188	10	strategies	strategy	NOUN
ajfa-1560	188	11	have	have	AUX
ajfa-1560	188	12	been	be	AUX
ajfa-1560	188	13	done	do	VERB
ajfa-1560	188	14	in	in	ADP
ajfa-1560	188	15	similar	similar	ADJ
ajfa-1560	188	16	manner	manner	NOUN
ajfa-1560	188	17	.	.	PUNCT
ajfa-1560	189	1	it	it	PRON
ajfa-1560	189	2	can	can	AUX
ajfa-1560	189	3	be	be	AUX
ajfa-1560	189	4	clearly	clearly	ADV
ajfa-1560	189	5	seen	see	VERB
ajfa-1560	189	6	that	that	SCONJ
ajfa-1560	189	7	returns	return	NOUN
ajfa-1560	189	8	on	on	ADP
ajfa-1560	189	9	prior	prior	ADJ
ajfa-1560	189	10	return	return	NOUN
ajfa-1560	189	11	stock	stock	NOUN
ajfa-1560	189	12	portfolio	portfolio	NOUN
ajfa-1560	189	13	load	load	NOUN
ajfa-1560	189	14	on	on	ADP
ajfa-1560	189	15	the	the	DET
ajfa-1560	189	16	returns	return	NOUN
ajfa-1560	189	17	for	for	ADP
ajfa-1560	189	18	sector	sector	NOUN
ajfa-1560	189	19	factor	factor	NOUN
ajfa-1560	189	20	.	.	PUNCT
ajfa-1560	190	1	as	as	SCONJ
ajfa-1560	190	2	expected	expect	VERB
ajfa-1560	190	3	our	our	PRON
ajfa-1560	190	4	results	result	NOUN
ajfa-1560	190	5	are	be	AUX
ajfa-1560	190	6	stronger	strong	ADJ
ajfa-1560	190	7	for	for	ADP
ajfa-1560	190	8	short	short	ADJ
ajfa-1560	190	9	-	-	PUNCT
ajfa-1560	190	10	term	term	NOUN
ajfa-1560	190	11	portfolio	portfolio	NOUN
ajfa-1560	190	12	formation	formation	NOUN
ajfa-1560	190	13	windows	window	NOUN
ajfa-1560	190	14	for	for	ADP
ajfa-1560	190	15	all	all	DET
ajfa-1560	190	16	the	the	DET
ajfa-1560	190	17	sample	sample	NOUN
ajfa-1560	190	18	countries	country	NOUN
ajfa-1560	190	19	and	and	CCONJ
ajfa-1560	190	20	for	for	ADP
ajfa-1560	190	21	long	long	ADJ
ajfa-1560	190	22	-	-	PUNCT
ajfa-1560	190	23	term	term	NOUN
ajfa-1560	190	24	portfolio	portfolio	NOUN
ajfa-1560	190	25	formation	formation	NOUN
ajfa-1560	190	26	windows	window	NOUN
ajfa-1560	190	27	in	in	ADP
ajfa-1560	190	28	case	case	NOUN
ajfa-1560	190	29	of	of	ADP
ajfa-1560	190	30	brazil	brazil	PROPN
ajfa-1560	190	31	,	,	PUNCT
ajfa-1560	190	32	russia	russia	PROPN
ajfa-1560	190	33	and	and	CCONJ
ajfa-1560	190	34	india	india	PROPN
ajfa-1560	190	35	.	.	PUNCT
ajfa-1560	191	1	thus	thus	ADV
ajfa-1560	191	2	,	,	PUNCT
ajfa-1560	191	3	most	most	ADJ
ajfa-1560	191	4	of	of	ADP
ajfa-1560	191	5	the	the	DET
ajfa-1560	191	6	prior	prior	ADJ
ajfa-1560	191	7	return	return	NOUN
ajfa-1560	191	8	patterns	pattern	NOUN
ajfa-1560	191	9	in	in	ADP
ajfa-1560	191	10	stock	stock	NOUN
ajfa-1560	191	11	returns	return	NOUN
ajfa-1560	191	12	are	be	AUX
ajfa-1560	191	13	absorbed	absorb	VERB
ajfa-1560	191	14	by	by	ADP
ajfa-1560	191	15	similar	similar	ADJ
ajfa-1560	191	16	patterns	pattern	NOUN
ajfa-1560	191	17	in	in	ADP
ajfa-1560	191	18	sector	sector	NOUN
ajfa-1560	191	19	returns	return	NOUN
ajfa-1560	191	20	.	.	PUNCT
ajfa-1560	192	1	further	far	ADV
ajfa-1560	192	2	,	,	PUNCT
ajfa-1560	192	3	the	the	DET
ajfa-1560	192	4	sector	sector	NOUN
ajfa-1560	192	5	factor	factor	NOUN
ajfa-1560	192	6	seems	seem	VERB
ajfa-1560	192	7	to	to	PART
ajfa-1560	192	8	be	be	AUX
ajfa-1560	192	9	proxying	proxye	VERB
ajfa-1560	192	10	for	for	ADP
ajfa-1560	192	11	growth	growth	NOUN
ajfa-1560	192	12	risk	risk	NOUN
ajfa-1560	192	13	differences	difference	NOUN
ajfa-1560	192	14	between	between	ADP
ajfa-1560	192	15	winner	winner	NOUN
ajfa-1560	192	16	and	and	CCONJ
ajfa-1560	192	17	loser	loser	NOUN
ajfa-1560	192	18	sectors	sector	NOUN
ajfa-1560	192	19	and	and	CCONJ
ajfa-1560	192	20	hence	hence	ADV
ajfa-1560	192	21	should	should	AUX
ajfa-1560	192	22	be	be	AUX
ajfa-1560	192	23	treated	treat	VERB
ajfa-1560	192	24	as	as	ADP
ajfa-1560	192	25	an	an	DET
ajfa-1560	192	26	additional	additional	ADJ
ajfa-1560	192	27	risk	risk	NOUN
ajfa-1560	192	28	factor	factor	NOUN
ajfa-1560	192	29	in	in	ADP
ajfa-1560	192	30	a	a	DET
ajfa-1560	192	31	multi	multi	ADJ
ajfa-1560	192	32	factor	factor	NOUN
ajfa-1560	192	33	asset	asset	NOUN
ajfa-1560	192	34	pricing	pricing	NOUN
ajfa-1560	192	35	framework	framework	NOUN
ajfa-1560	192	36	.	.	PUNCT
ajfa-1560	193	1	α	α	X
ajfa-1560	193	2	β	β	NOUN
ajfa-1560	193	3	t(α	t(α	PROPN
ajfa-1560	193	4	)	)	PUNCT
ajfa-1560	193	5	t(β	t(β	NOUN
ajfa-1560	193	6	)	)	PUNCT
ajfa-1560	193	7	α	α	PROPN
ajfa-1560	193	8	β	β	NOUN
ajfa-1560	193	9	t(α	t(α	PROPN
ajfa-1560	193	10	)	)	PUNCT
ajfa-1560	193	11	t(β	t(β	NOUN
ajfa-1560	193	12	)	)	PUNCT
ajfa-1560	193	13	6	6	NUM
ajfa-1560	193	14	 	 	SPACE
ajfa-1560	193	15	months	month	NOUN
ajfa-1560	193	16	 	 	SPACE
ajfa-1560	193	17	‐	‐	NOUN
ajfa-1560	193	18	 	 	SPACE
ajfa-1560	193	19	6	6	NUM
ajfa-1560	193	20	 	 	SPACE
ajfa-1560	193	21	months	month	NOUN
ajfa-1560	193	22	‐0.001	‐0.001	PROPN
ajfa-1560	193	23	0.085	0.085	NUM
ajfa-1560	193	24	‐0.075	‐0.075	PROPN
ajfa-1560	193	25	0.635	0.635	NUM
ajfa-1560	193	26	‐0.003	‐0.003	NOUN
ajfa-1560	193	27	‐0.992	‐0.992	ADJ
ajfa-1560	193	28	‐0.258	‐0.258	PROPN
ajfa-1560	193	29	‐3.596	‐3.596	NOUN
ajfa-1560	193	30	12	12	NUM
ajfa-1560	193	31	 	 	SPACE
ajfa-1560	193	32	months	month	NOUN
ajfa-1560	193	33	 	 	SPACE
ajfa-1560	193	34	‐	‐	NOUN
ajfa-1560	193	35	 	 	SPACE
ajfa-1560	193	36	12	12	NUM
ajfa-1560	193	37	 	 	SPACE
ajfa-1560	193	38	months	month	NOUN
ajfa-1560	193	39	0.006	0.006	NUM
ajfa-1560	193	40	0.068	0.068	NUM
ajfa-1560	193	41	0.772	0.772	NUM
ajfa-1560	193	42	1.022	1.022	NUM
ajfa-1560	193	43	0.000	0.000	NUM
ajfa-1560	193	44	0.451	0.451	NUM
ajfa-1560	193	45	‐0.080	‐0.080	NOUN
ajfa-1560	193	46	3.986	3.986	NUM
ajfa-1560	193	47	24	24	NUM
ajfa-1560	193	48	 	 	SPACE
ajfa-1560	193	49	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	193	50	 	 	SPACE
ajfa-1560	193	51	months	month	NOUN
ajfa-1560	193	52	0.021	0.021	NUM
ajfa-1560	193	53	0.260	0.260	NUM
ajfa-1560	193	54	1.627	1.627	NUM
ajfa-1560	193	55	2.715	2.715	NUM
ajfa-1560	193	56	‐0.006	‐0.006	NOUN
ajfa-1560	193	57	0.777	0.777	NUM
ajfa-1560	193	58	‐1.310	‐1.310	NOUN
ajfa-1560	193	59	4.842	4.842	NUM
ajfa-1560	193	60	36	36	NUM
ajfa-1560	193	61	 	 	SPACE
ajfa-1560	193	62	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	193	63	 	 	SPACE
ajfa-1560	193	64	months	month	NOUN
ajfa-1560	193	65	0.010	0.010	NUM
ajfa-1560	193	66	0.222	0.222	NUM
ajfa-1560	193	67	0.606	0.606	NUM
ajfa-1560	193	68	1.366	1.366	NUM
ajfa-1560	193	69	‐0.010	‐0.010	NOUN
ajfa-1560	193	70	0.300	0.300	NUM
ajfa-1560	193	71	‐2.249	‐2.249	NUM
ajfa-1560	193	72	1.700	1.700	NUM
ajfa-1560	193	73	48	48	NUM
ajfa-1560	193	74	 	 	SPACE
ajfa-1560	193	75	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	193	76	 	 	SPACE
ajfa-1560	193	77	months	month	NOUN
ajfa-1560	193	78	0.017	0.017	NUM
ajfa-1560	193	79	‐0.507	‐0.507	NOUN
ajfa-1560	193	80	1.466	1.466	NUM
ajfa-1560	193	81	‐4.184	‐4.184	NOUN
ajfa-1560	193	82	‐0.008	‐0.008	NOUN
ajfa-1560	193	83	0.559	0.559	NUM
ajfa-1560	193	84	‐1.509	‐1.509	NOUN
ajfa-1560	193	85	2.728	2.728	NUM
ajfa-1560	193	86	60	60	NUM
ajfa-1560	193	87	 	 	SPACE
ajfa-1560	193	88	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	193	89	 	 	SPACE
ajfa-1560	193	90	months	month	NOUN
ajfa-1560	193	91	0.017	0.017	NUM
ajfa-1560	193	92	‐0.806	‐0.806	PROPN
ajfa-1560	193	93	1.133	1.133	NUM
ajfa-1560	193	94	‐4.746	‐4.746	NOUN
ajfa-1560	193	95	‐0.013	‐0.013	PROPN
ajfa-1560	193	96	0.250	0.250	NUM
ajfa-1560	193	97	‐2.460	‐2.460	NOUN
ajfa-1560	193	98	1.140	1.140	NUM
ajfa-1560	193	99	6	6	NUM
ajfa-1560	193	100	 	 	SPACE
ajfa-1560	193	101	months	month	NOUN
ajfa-1560	193	102	 	 	SPACE
ajfa-1560	193	103	‐	‐	NOUN
ajfa-1560	193	104	 	 	SPACE
ajfa-1560	193	105	6	6	NUM
ajfa-1560	193	106	 	 	SPACE
ajfa-1560	193	107	months	month	NOUN
ajfa-1560	193	108	‐0.001	‐0.001	VERB
ajfa-1560	193	109	0.436	0.436	NUM
ajfa-1560	193	110	‐0.034	‐0.034	VERB
ajfa-1560	193	111	4.666	4.666	NUM
ajfa-1560	193	112	‐0.019	‐0.019	NOUN
ajfa-1560	193	113	0.631	0.631	NUM
ajfa-1560	193	114	‐1.074	‐1.074	PROPN
ajfa-1560	193	115	4.310	4.310	NUM
ajfa-1560	193	116	12	12	NUM
ajfa-1560	193	117	 	 	SPACE
ajfa-1560	193	118	months	month	NOUN
ajfa-1560	193	119	 	 	SPACE
ajfa-1560	193	120	‐	‐	NOUN
ajfa-1560	193	121	 	 	SPACE
ajfa-1560	193	122	12	12	NUM
ajfa-1560	193	123	 	 	SPACE
ajfa-1560	193	124	months	month	NOUN
ajfa-1560	193	125	0.000	0.000	NUM
ajfa-1560	193	126	1.009	1.009	NUM
ajfa-1560	193	127	0.373	0.373	NUM
ajfa-1560	193	128	2.387	2.387	NUM
ajfa-1560	193	129	‐0.006	‐0.006	NOUN
ajfa-1560	193	130	0.487	0.487	NUM
ajfa-1560	193	131	‐1.119	‐1.119	NOUN
ajfa-1560	193	132	2.441	2.441	NUM
ajfa-1560	193	133	24	24	NUM
ajfa-1560	193	134	 	 	SPACE
ajfa-1560	193	135	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	193	136	 	 	SPACE
ajfa-1560	193	137	months	month	NOUN
ajfa-1560	193	138	0.029	0.029	NUM
ajfa-1560	193	139	0.396	0.396	NUM
ajfa-1560	193	140	1.652	1.652	NUM
ajfa-1560	193	141	3.332	3.332	NUM
ajfa-1560	193	142	‐0.014	‐0.014	NOUN
ajfa-1560	193	143	0.519	0.519	NUM
ajfa-1560	193	144	‐2.484	‐2.484	ADP
ajfa-1560	193	145	9.206	9.206	NUM
ajfa-1560	193	146	36	36	NUM
ajfa-1560	193	147	 	 	SPACE
ajfa-1560	193	148	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	193	149	 	 	SPACE
ajfa-1560	193	150	months	month	NOUN
ajfa-1560	193	151	‐0.008	‐0.008	NOUN
ajfa-1560	193	152	0.750	0.750	NUM
ajfa-1560	193	153	‐0.595	‐0.595	NOUN
ajfa-1560	193	154	9.201	9.201	NUM
ajfa-1560	193	155	‐0.010	‐0.010	NOUN
ajfa-1560	193	156	0.349	0.349	NUM
ajfa-1560	193	157	‐1.857	‐1.857	PROPN
ajfa-1560	193	158	7.265	7.265	NUM
ajfa-1560	193	159	48	48	NUM
ajfa-1560	193	160	 	 	SPACE
ajfa-1560	193	161	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	193	162	 	 	SPACE
ajfa-1560	193	163	months	month	NOUN
ajfa-1560	193	164	0.025	0.025	NUM
ajfa-1560	193	165	1.141	1.141	NUM
ajfa-1560	193	166	1.064	1.064	NUM
ajfa-1560	193	167	7.468	7.468	NUM
ajfa-1560	193	168	‐0.017	‐0.017	ADP
ajfa-1560	193	169	0.484	0.484	NUM
ajfa-1560	193	170	‐2.818	‐2.818	NUM
ajfa-1560	193	171	7.520	7.520	NUM
ajfa-1560	193	172	60	60	NUM
ajfa-1560	193	173	 	 	SPACE
ajfa-1560	193	174	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	193	175	 	 	SPACE
ajfa-1560	193	176	months	month	NOUN
ajfa-1560	193	177	0.032	0.032	NUM
ajfa-1560	193	178	1.075	1.075	NUM
ajfa-1560	193	179	1.021	1.021	NUM
ajfa-1560	193	180	5.013	5.013	NUM
ajfa-1560	193	181	‐0.009	‐0.009	NOUN
ajfa-1560	193	182	0.248	0.248	NUM
ajfa-1560	193	183	‐2.161	‐2.161	VERB
ajfa-1560	193	184	6.284	6.284	NUM
ajfa-1560	193	185	6	6	NUM
ajfa-1560	193	186	 	 	SPACE
ajfa-1560	193	187	months	month	NOUN
ajfa-1560	193	188	 	 	SPACE
ajfa-1560	193	189	‐	‐	NOUN
ajfa-1560	193	190	 	 	SPACE
ajfa-1560	193	191	6	6	NUM
ajfa-1560	193	192	 	 	SPACE
ajfa-1560	193	193	months	month	NOUN
ajfa-1560	193	194	‐0.014	‐0.014	PROPN
ajfa-1560	193	195	0.421	0.421	NUM
ajfa-1560	193	196	‐1.146	‐1.146	PROPN
ajfa-1560	193	197	3.220	3.220	NUM
ajfa-1560	193	198	‐0.003	‐0.003	NOUN
ajfa-1560	193	199	0.284	0.284	NUM
ajfa-1560	193	200	‐0.346	‐0.346	NOUN
ajfa-1560	193	201	2.394	2.394	NUM
ajfa-1560	193	202	12	12	NUM
ajfa-1560	193	203	 	 	SPACE
ajfa-1560	193	204	months	month	NOUN
ajfa-1560	193	205	 	 	SPACE
ajfa-1560	193	206	‐	‐	NOUN
ajfa-1560	193	207	 	 	SPACE
ajfa-1560	193	208	12	12	NUM
ajfa-1560	193	209	 	 	SPACE
ajfa-1560	193	210	months	month	NOUN
ajfa-1560	193	211	0.007	0.007	NUM
ajfa-1560	193	212	0.180	0.180	NUM
ajfa-1560	193	213	1.229	1.229	NUM
ajfa-1560	193	214	3.260	3.260	NUM
ajfa-1560	193	215	0.009	0.009	NUM
ajfa-1560	193	216	0.239	0.239	NUM
ajfa-1560	193	217	1.814	1.814	NUM
ajfa-1560	193	218	3.669	3.669	NUM
ajfa-1560	193	219	24	24	NUM
ajfa-1560	193	220	 	 	SPACE
ajfa-1560	193	221	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	193	222	 	 	SPACE
ajfa-1560	193	223	months	month	NOUN
ajfa-1560	193	224	‐0.002	‐0.002	NOUN
ajfa-1560	193	225	0.275	0.275	NUM
ajfa-1560	193	226	‐0.375	‐0.375	PROPN
ajfa-1560	193	227	5.480	5.480	NUM
ajfa-1560	193	228	0.004	0.004	NUM
ajfa-1560	193	229	0.026	0.026	NUM
ajfa-1560	193	230	0.589	0.589	NUM
ajfa-1560	193	231	0.249	0.249	NUM
ajfa-1560	193	232	36	36	NUM
ajfa-1560	193	233	 	 	SPACE
ajfa-1560	193	234	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	193	235	 	 	SPACE
ajfa-1560	193	236	months	month	NOUN
ajfa-1560	193	237	‐0.005	‐0.005	X
ajfa-1560	193	238	0.141	0.141	NUM
ajfa-1560	193	239	‐1.060	‐1.060	NOUN
ajfa-1560	193	240	2.812	2.812	NUM
ajfa-1560	193	241	‐0.006	‐0.006	NOUN
ajfa-1560	193	242	0.202	0.202	NUM
ajfa-1560	193	243	‐0.847	‐0.847	PROPN
ajfa-1560	193	244	2.389	2.389	NUM
ajfa-1560	193	245	48	48	NUM
ajfa-1560	193	246	 	 	SPACE
ajfa-1560	193	247	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	193	248	 	 	SPACE
ajfa-1560	193	249	months	month	NOUN
ajfa-1560	193	250	0.001	0.001	NUM
ajfa-1560	193	251	0.253	0.253	NUM
ajfa-1560	193	252	0.254	0.254	NUM
ajfa-1560	193	253	5.684	5.684	NUM
ajfa-1560	193	254	‐0.006	‐0.006	NOUN
ajfa-1560	193	255	0.011	0.011	NUM
ajfa-1560	193	256	‐0.984	‐0.984	PROPN
ajfa-1560	193	257	0.105	0.105	NUM
ajfa-1560	193	258	60	60	NUM
ajfa-1560	193	259	 	 	SPACE
ajfa-1560	193	260	months‐12‐12	months‐12‐12	NOUN
ajfa-1560	193	261	 	 	SPACE
ajfa-1560	193	262	months	month	NOUN
ajfa-1560	193	263	‐0.005	‐0.005	X
ajfa-1560	193	264	0.207	0.207	NUM
ajfa-1560	193	265	‐0.845	‐0.845	PROPN
ajfa-1560	193	266	3.354	3.354	NUM
ajfa-1560	193	267	‐0.010	‐0.010	NOUN
ajfa-1560	193	268	0.091	0.091	NUM
ajfa-1560	193	269	‐1.722	‐1.722	NOUN
ajfa-1560	193	270	1.094	1.094	NUM
ajfa-1560	193	271	table	table	NOUN
ajfa-1560	193	272	 	 	SPACE
ajfa-1560	193	273	3	3	NUM
ajfa-1560	193	274	:	:	PUNCT
ajfa-1560	193	275	 	 	SPACE
ajfa-1560	193	276	zero	zero	NUM
ajfa-1560	193	277	 	 	SPACE
ajfa-1560	193	278	investment	investment	NOUN
ajfa-1560	193	279	 	 	SPACE
ajfa-1560	193	280	prior	prior	ADJ
ajfa-1560	193	281	 	 	SPACE
ajfa-1560	193	282	return	return	NOUN
ajfa-1560	193	283	 	 	SPACE
ajfa-1560	193	284	stock	stock	NOUN
ajfa-1560	193	285	 	 	SPACE
ajfa-1560	193	286	portfolio	portfolio	NOUN
ajfa-1560	193	287	 	 	SPACE
ajfa-1560	193	288	on	on	ADP
ajfa-1560	193	289	 	 	SPACE
ajfa-1560	193	290	the	the	DET
ajfa-1560	193	291	 	 	SPACE
ajfa-1560	193	292	sector	sector	NOUN
ajfa-1560	193	293	 	 	SPACE
ajfa-1560	193	294	factor	factor	NOUN
ajfa-1560	193	295	brazil	brazil	PROPN
ajfa-1560	193	296	china	china	PROPN
ajfa-1560	193	297	s.africaindia	s.africaindia	PROPN
ajfa-1560	193	298	s.korearussia	s.korearussia	PROPN
ajfa-1560	193	299	6	6	NUM
ajfa-1560	193	300	.	.	X
ajfa-1560	194	1	summary	summary	NOUN
ajfa-1560	194	2	and	and	CCONJ
ajfa-1560	194	3	conclusion	conclusion	NOUN
ajfa-1560	194	4	several	several	ADJ
ajfa-1560	194	5	academicians	academician	NOUN
ajfa-1560	194	6	have	have	AUX
ajfa-1560	194	7	documented	document	VERB
ajfa-1560	194	8	the	the	DET
ajfa-1560	194	9	importance	importance	NOUN
ajfa-1560	194	10	of	of	ADP
ajfa-1560	194	11	allocation	allocation	NOUN
ajfa-1560	194	12	decision	decision	NOUN
ajfa-1560	194	13	within	within	ADP
ajfa-1560	194	14	a	a	DET
ajfa-1560	194	15	stock	stock	NOUN
ajfa-1560	194	16	portfolio	portfolio	NOUN
ajfa-1560	194	17	.	.	PUNCT
ajfa-1560	195	1	the	the	DET
ajfa-1560	195	2	body	body	NOUN
ajfa-1560	195	3	of	of	ADP
ajfa-1560	195	4	literature	literature	NOUN
ajfa-1560	195	5	focuses	focus	VERB
ajfa-1560	195	6	mainly	mainly	ADV
ajfa-1560	195	7	on	on	ADP
ajfa-1560	195	8	prior	prior	ADJ
ajfa-1560	195	9	return	return	NOUN
ajfa-1560	195	10	patterns	pattern	NOUN
ajfa-1560	195	11	in	in	ADP
ajfa-1560	195	12	stock	stock	NOUN
ajfa-1560	195	13	returns	return	NOUN
ajfa-1560	195	14	,	,	PUNCT
ajfa-1560	195	15	however	however	ADV
ajfa-1560	195	16	there	there	PRON
ajfa-1560	195	17	is	be	VERB
ajfa-1560	195	18	limited	limited	ADJ
ajfa-1560	195	19	focus	focus	NOUN
ajfa-1560	195	20	on	on	ADP
ajfa-1560	195	21	prior	prior	ADJ
ajfa-1560	195	22	return	return	NOUN
ajfa-1560	195	23	patterns	pattern	NOUN
ajfa-1560	195	24	for	for	ADP
ajfa-1560	195	25	sector	sector	NOUN
ajfa-1560	195	26	returns	return	NOUN
ajfa-1560	195	27	especially	especially	ADV
ajfa-1560	195	28	for	for	ADP
ajfa-1560	195	29	emerging	emerge	VERB
ajfa-1560	195	30	markets	market	NOUN
ajfa-1560	195	31	.	.	PUNCT
ajfa-1560	196	1	in	in	ADP
ajfa-1560	196	2	this	this	DET
ajfa-1560	196	3	paper	paper	NOUN
ajfa-1560	196	4	we	we	PRON
ajfa-1560	196	5	examine	examine	VERB
ajfa-1560	196	6	the	the	DET
ajfa-1560	196	7	following	follow	VERB
ajfa-1560	196	8	propositions	proposition	NOUN
ajfa-1560	196	9	for	for	ADP
ajfa-1560	196	10	bricks	brick	NOUN
ajfa-1560	196	11	markets	market	NOUN
ajfa-1560	196	12	(	(	PUNCT
ajfa-1560	196	13	1	1	X
ajfa-1560	196	14	)	)	PUNCT
ajfa-1560	196	15	are	be	AUX
ajfa-1560	196	16	there	there	PRON
ajfa-1560	196	17	any	any	DET
ajfa-1560	196	18	prior	prior	ADJ
ajfa-1560	196	19	return	return	NOUN
ajfa-1560	196	20	patterns	pattern	NOUN
ajfa-1560	196	21	at	at	ADP
ajfa-1560	196	22	sector	sector	NOUN
ajfa-1560	196	23	,	,	PUNCT
ajfa-1560	196	24	industry	industry	NOUN
ajfa-1560	196	25	and	and	CCONJ
ajfa-1560	196	26	industry	industry	NOUN
ajfa-1560	196	27	group	group	NOUN
ajfa-1560	196	28	level	level	NOUN
ajfa-1560	196	29	for	for	ADP
ajfa-1560	196	30	short	short	ADJ
ajfa-1560	196	31	-	-	PUNCT
ajfa-1560	196	32	term	term	NOUN
ajfa-1560	196	33	(	(	PUNCT
ajfa-1560	196	34	6	6	NUM
ajfa-1560	196	35	-	-	SYM
ajfa-1560	196	36	6	6	NUM
ajfa-1560	196	37	and	and	CCONJ
ajfa-1560	196	38	12	12	NUM
ajfa-1560	196	39	-	-	SYM
ajfa-1560	196	40	12	12	NUM
ajfa-1560	196	41	)	)	PUNCT
ajfa-1560	196	42	and	and	CCONJ
ajfa-1560	196	43	long	long	ADJ
ajfa-1560	196	44	-	-	PUNCT
ajfa-1560	196	45	term	term	NOUN
ajfa-1560	196	46	(	(	PUNCT
ajfa-1560	196	47	24	24	NUM
ajfa-1560	196	48	-	-	SYM
ajfa-1560	196	49	12	12	NUM
ajfa-1560	196	50	-	-	PUNCT
ajfa-1560	196	51	12	12	NUM
ajfa-1560	196	52	,	,	PUNCT
ajfa-1560	196	53	36	36	NUM
ajfa-1560	196	54	-	-	SYM
ajfa-1560	196	55	12	12	NUM
ajfa-1560	196	56	-	-	PUNCT
ajfa-1560	196	57	12	12	NUM
ajfa-1560	196	58	,	,	PUNCT
ajfa-1560	196	59	48	48	NUM
ajfa-1560	196	60	-	-	SYM
ajfa-1560	196	61	12	12	NUM
ajfa-1560	196	62	-	-	PUNCT
ajfa-1560	196	63	12	12	NUM
ajfa-1560	196	64	and	and	CCONJ
ajfa-1560	196	65	60	60	NUM
ajfa-1560	196	66	-	-	SYM
ajfa-1560	196	67	12	12	NUM
ajfa-1560	196	68	-	-	PUNCT
ajfa-1560	196	69	12	12	NUM
ajfa-1560	196	70	)	)	PUNCT
ajfa-1560	196	71	strategies	strategy	NOUN
ajfa-1560	196	72	?	?	PUNCT
ajfa-1560	197	1	(	(	PUNCT
ajfa-1560	197	2	2	2	X
ajfa-1560	197	3	)	)	PUNCT
ajfa-1560	197	4	do	do	AUX
ajfa-1560	197	5	these	these	DET
ajfa-1560	197	6	prior	prior	ADJ
ajfa-1560	197	7	return	return	NOUN
ajfa-1560	197	8	patterns	pattern	NOUN
ajfa-1560	197	9	differ	differ	VERB
ajfa-1560	197	10	for	for	ADP
ajfa-1560	197	11	short	short	ADJ
ajfa-1560	197	12	-	-	PUNCT
ajfa-1560	197	13	term	term	NOUN
ajfa-1560	197	14	(	(	PUNCT
ajfa-1560	197	15	up	up	ADP
ajfa-1560	197	16	to	to	PART
ajfa-1560	197	17	12	12	NUM
ajfa-1560	197	18	months	month	NOUN
ajfa-1560	197	19	)	)	PUNCT
ajfa-1560	197	20	and	and	CCONJ
ajfa-1560	197	21	long	long	ADJ
ajfa-1560	197	22	-	-	PUNCT
ajfa-1560	197	23	term	term	NOUN
ajfa-1560	197	24	(	(	PUNCT
ajfa-1560	197	25	24	24	NUM
ajfa-1560	197	26	-	-	SYM
ajfa-1560	197	27	60	60	NUM
ajfa-1560	197	28	)	)	PUNCT
ajfa-1560	197	29	portfolio	portfolio	NOUN
ajfa-1560	197	30	formation	formation	NOUN
ajfa-1560	197	31	windows	window	NOUN
ajfa-1560	197	32	?	?	PUNCT
ajfa-1560	198	1	(	(	PUNCT
ajfa-1560	198	2	3	3	X
ajfa-1560	198	3	)	)	PUNCT
ajfa-1560	198	4	do	do	AUX
ajfa-1560	198	5	winner	winner	NOUN
ajfa-1560	198	6	and	and	CCONJ
ajfa-1560	198	7	loser	loser	ADJ
ajfa-1560	198	8	sector	sector	NOUN
ajfa-1560	198	9	exhibit	exhibit	VERB
ajfa-1560	198	10	different	different	ADJ
ajfa-1560	198	11	growth	growth	NOUN
ajfa-1560	198	12	potential	potential	NOUN
ajfa-1560	198	13	,	,	PUNCT
ajfa-1560	198	14	the	the	DET
ajfa-1560	198	15	information	information	NOUN
ajfa-1560	198	16	about	about	ADP
ajfa-1560	198	17	which	which	PRON
ajfa-1560	198	18	then	then	ADV
ajfa-1560	198	19	can	can	AUX
ajfa-1560	198	20	be	be	AUX
ajfa-1560	198	21	used	use	VERB
ajfa-1560	198	22	to	to	PART
ajfa-1560	198	23	construct	construct	VERB
ajfa-1560	198	24	a	a	DET
ajfa-1560	198	25	sector	sector	NOUN
ajfa-1560	198	26	factor	factor	NOUN
ajfa-1560	198	27	as	as	SCONJ
ajfa-1560	198	28	suggested	suggest	VERB
ajfa-1560	198	29	by	by	ADP
ajfa-1560	198	30	liu	liu	PROPN
ajfa-1560	198	31	and	and	CCONJ
ajfa-1560	198	32	zhang	zhang	PROPN
ajfa-1560	198	33	(	(	PUNCT
ajfa-1560	198	34	2008	2008	NUM
ajfa-1560	198	35	)	)	PUNCT
ajfa-1560	198	36	?	?	PUNCT
ajfa-1560	199	1	(	(	PUNCT
ajfa-1560	199	2	4	4	X
ajfa-1560	199	3	)	)	PUNCT
ajfa-1560	199	4	can	can	AUX
ajfa-1560	199	5	the	the	DET
ajfa-1560	199	6	sector	sector	NOUN
ajfa-1560	199	7	factor	factor	NOUN
ajfa-1560	199	8	capture	capture	VERB
ajfa-1560	199	9	some	some	PRON
ajfa-1560	199	10	of	of	ADP
ajfa-1560	199	11	the	the	DET
ajfa-1560	199	12	asian	asian	ADJ
ajfa-1560	199	13	journal	journal	NOUN
ajfa-1560	199	14	of	of	ADP
ajfa-1560	199	15	finance	finance	PROPN
ajfa-1560	199	16	&	&	CCONJ
ajfa-1560	199	17	accounting	accounting	PROPN
ajfa-1560	199	18	issn	issn	PROPN
ajfa-1560	199	19	1946	1946	NUM
ajfa-1560	199	20	-	-	PUNCT
ajfa-1560	199	21	052x	052x	NOUN
ajfa-1560	199	22	2012	2012	NUM
ajfa-1560	199	23	,	,	PUNCT
ajfa-1560	199	24	vol	vol	NOUN
ajfa-1560	199	25	.	.	PROPN
ajfa-1560	199	26	4	4	NUM
ajfa-1560	199	27	,	,	PUNCT
ajfa-1560	199	28	no	no	INTJ
ajfa-1560	199	29	.	.	NOUN
ajfa-1560	199	30	1	1	NUM
ajfa-1560	199	31	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1560	199	32	270	270	NUM
ajfa-1560	199	33	prior	prior	ADJ
ajfa-1560	199	34	return	return	NOUN
ajfa-1560	199	35	patterns	pattern	NOUN
ajfa-1560	199	36	in	in	ADP
ajfa-1560	199	37	stock	stock	NOUN
ajfa-1560	199	38	returns	return	NOUN
ajfa-1560	199	39	thereby	thereby	ADV
ajfa-1560	199	40	implying	imply	VERB
ajfa-1560	199	41	that	that	SCONJ
ajfa-1560	199	42	winning	win	VERB
ajfa-1560	199	43	stocks	stock	NOUN
ajfa-1560	199	44	may	may	AUX
ajfa-1560	199	45	belong	belong	VERB
ajfa-1560	199	46	to	to	ADP
ajfa-1560	199	47	winning	win	VERB
ajfa-1560	199	48	sectors	sector	NOUN
ajfa-1560	199	49	while	while	SCONJ
ajfa-1560	199	50	losing	lose	VERB
ajfa-1560	199	51	stocks	stock	NOUN
ajfa-1560	199	52	may	may	AUX
ajfa-1560	199	53	belong	belong	VERB
ajfa-1560	199	54	to	to	ADP
ajfa-1560	199	55	losing	lose	VERB
ajfa-1560	199	56	sectors	sector	NOUN
ajfa-1560	199	57	?	?	PUNCT
ajfa-1560	200	1	the	the	DET
ajfa-1560	200	2	data	data	NOUN
ajfa-1560	200	3	period	period	NOUN
ajfa-1560	200	4	is	be	AUX
ajfa-1560	200	5	from	from	ADP
ajfa-1560	200	6	january	january	PROPN
ajfa-1560	200	7	1993	1993	NUM
ajfa-1560	200	8	to	to	ADP
ajfa-1560	200	9	february	february	PROPN
ajfa-1560	200	10	2008	2008	NUM
ajfa-1560	200	11	.	.	PUNCT
ajfa-1560	201	1	we	we	PRON
ajfa-1560	201	2	find	find	VERB
ajfa-1560	201	3	that	that	SCONJ
ajfa-1560	201	4	for	for	ADP
ajfa-1560	201	5	6	6	NUM
ajfa-1560	201	6	-	-	SYM
ajfa-1560	201	7	6	6	NUM
ajfa-1560	201	8	strategies	strategy	NOUN
ajfa-1560	201	9	,	,	PUNCT
ajfa-1560	201	10	the	the	DET
ajfa-1560	201	11	sector	sector	NOUN
ajfa-1560	201	12	returns	return	VERB
ajfa-1560	201	13	for	for	ADP
ajfa-1560	201	14	sample	sample	NOUN
ajfa-1560	201	15	countries	country	NOUN
ajfa-1560	201	16	exhibit	exhibit	VERB
ajfa-1560	201	17	momentum	momentum	NOUN
ajfa-1560	201	18	patterns	pattern	NOUN
ajfa-1560	201	19	with	with	ADP
ajfa-1560	201	20	exception	exception	NOUN
ajfa-1560	201	21	of	of	ADP
ajfa-1560	201	22	china	china	PROPN
ajfa-1560	201	23	.	.	PUNCT
ajfa-1560	202	1	for	for	ADP
ajfa-1560	202	2	12	12	NUM
ajfa-1560	202	3	-	-	SYM
ajfa-1560	202	4	12	12	NUM
ajfa-1560	202	5	strategies	strategy	NOUN
ajfa-1560	202	6	,	,	PUNCT
ajfa-1560	202	7	in	in	ADP
ajfa-1560	202	8	case	case	NOUN
ajfa-1560	202	9	of	of	ADP
ajfa-1560	202	10	india	india	PROPN
ajfa-1560	202	11	and	and	CCONJ
ajfa-1560	202	12	south	south	PROPN
ajfa-1560	202	13	africa	africa	PROPN
ajfa-1560	202	14	momentum	momentum	NOUN
ajfa-1560	202	15	pattern	pattern	NOUN
ajfa-1560	202	16	persists	persist	VERB
ajfa-1560	202	17	.	.	PUNCT
ajfa-1560	203	1	south	south	PROPN
ajfa-1560	203	2	korea	korea	PROPN
ajfa-1560	203	3	reports	report	VERB
ajfa-1560	203	4	strong	strong	ADJ
ajfa-1560	203	5	reversals	reversal	NOUN
ajfa-1560	203	6	however	however	ADV
ajfa-1560	203	7	prior	prior	ADJ
ajfa-1560	203	8	return	return	NOUN
ajfa-1560	203	9	patterns	pattern	NOUN
ajfa-1560	203	10	die	die	VERB
ajfa-1560	203	11	out	out	ADP
ajfa-1560	203	12	for	for	ADP
ajfa-1560	203	13	other	other	ADJ
ajfa-1560	203	14	bricks	brick	NOUN
ajfa-1560	203	15	markets	market	NOUN
ajfa-1560	203	16	.	.	PUNCT
ajfa-1560	204	1	for	for	ADP
ajfa-1560	204	2	long	long	ADJ
ajfa-1560	204	3	-	-	PUNCT
ajfa-1560	204	4	term	term	NOUN
ajfa-1560	204	5	portfolio	portfolio	NOUN
ajfa-1560	204	6	formation	formation	NOUN
ajfa-1560	204	7	windows	window	NOUN
ajfa-1560	204	8	,	,	PUNCT
ajfa-1560	204	9	at	at	ADP
ajfa-1560	204	10	the	the	DET
ajfa-1560	204	11	sector	sector	NOUN
ajfa-1560	204	12	level	level	NOUN
ajfa-1560	204	13	,	,	PUNCT
ajfa-1560	204	14	russia	russia	PROPN
ajfa-1560	204	15	and	and	CCONJ
ajfa-1560	204	16	india	india	PROPN
ajfa-1560	204	17	report	report	PROPN
ajfa-1560	204	18	long	long	ADV
ajfa-1560	204	19	-	-	PUNCT
ajfa-1560	204	20	run	run	VERB
ajfa-1560	204	21	momentum	momentum	NOUN
ajfa-1560	204	22	patterns	pattern	NOUN
ajfa-1560	204	23	which	which	PRON
ajfa-1560	204	24	are	be	AUX
ajfa-1560	204	25	stronger	strong	ADJ
ajfa-1560	204	26	than	than	ADP
ajfa-1560	204	27	that	that	PRON
ajfa-1560	204	28	for	for	ADP
ajfa-1560	204	29	short	short	ADJ
ajfa-1560	204	30	-	-	PUNCT
ajfa-1560	204	31	term	term	NOUN
ajfa-1560	204	32	portfolio	portfolio	NOUN
ajfa-1560	204	33	formation	formation	NOUN
ajfa-1560	204	34	strategies	strategy	NOUN
ajfa-1560	204	35	.	.	PUNCT
ajfa-1560	205	1	brazil	brazil	PROPN
ajfa-1560	205	2	also	also	ADV
ajfa-1560	205	3	exhibits	exhibit	VERB
ajfa-1560	205	4	momentum	momentum	NOUN
ajfa-1560	205	5	patterns	pattern	NOUN
ajfa-1560	205	6	but	but	CCONJ
ajfa-1560	205	7	are	be	AUX
ajfa-1560	205	8	weaker	weak	ADJ
ajfa-1560	205	9	for	for	ADP
ajfa-1560	205	10	long	long	ADJ
ajfa-1560	205	11	-	-	PUNCT
ajfa-1560	205	12	term	term	NOUN
ajfa-1560	205	13	compared	compare	VERB
ajfa-1560	205	14	to	to	ADP
ajfa-1560	205	15	short	short	ADJ
ajfa-1560	205	16	-	-	PUNCT
ajfa-1560	205	17	term	term	NOUN
ajfa-1560	205	18	and	and	CCONJ
ajfa-1560	205	19	disappear	disappear	VERB
ajfa-1560	205	20	for	for	ADP
ajfa-1560	205	21	60	60	NUM
ajfa-1560	205	22	-	-	SYM
ajfa-1560	205	23	12	12	NUM
ajfa-1560	205	24	-	-	PUNCT
ajfa-1560	205	25	12	12	NUM
ajfa-1560	205	26	strategies	strategy	NOUN
ajfa-1560	205	27	.	.	PUNCT
ajfa-1560	206	1	s.korea	s.korea	PROPN
ajfa-1560	206	2	,	,	PUNCT
ajfa-1560	206	3	s.africa	s.africa	PROPN
ajfa-1560	206	4	and	and	CCONJ
ajfa-1560	206	5	china	china	PROPN
ajfa-1560	206	6	show	show	VERB
ajfa-1560	206	7	weak	weak	ADJ
ajfa-1560	206	8	reversals	reversal	NOUN
ajfa-1560	206	9	for	for	ADP
ajfa-1560	206	10	long	long	ADJ
ajfa-1560	206	11	-	-	PUNCT
ajfa-1560	206	12	term	term	NOUN
ajfa-1560	206	13	portfolio	portfolio	NOUN
ajfa-1560	206	14	formation	formation	NOUN
ajfa-1560	206	15	windows	window	NOUN
ajfa-1560	206	16	.	.	PUNCT
ajfa-1560	207	1	the	the	DET
ajfa-1560	207	2	differences	difference	NOUN
ajfa-1560	207	3	in	in	ADP
ajfa-1560	207	4	growth	growth	NOUN
ajfa-1560	207	5	rate	rate	NOUN
ajfa-1560	207	6	of	of	ADP
ajfa-1560	207	7	sectors	sector	NOUN
ajfa-1560	207	8	of	of	ADP
ajfa-1560	207	9	winners	winner	NOUN
ajfa-1560	207	10	and	and	CCONJ
ajfa-1560	207	11	losers	loser	NOUN
ajfa-1560	207	12	may	may	AUX
ajfa-1560	207	13	be	be	AUX
ajfa-1560	207	14	able	able	ADJ
ajfa-1560	207	15	to	to	PART
ajfa-1560	207	16	explain	explain	VERB
ajfa-1560	207	17	risk	risk	NOUN
ajfa-1560	207	18	as	as	SCONJ
ajfa-1560	207	19	documented	document	VERB
ajfa-1560	207	20	by	by	ADP
ajfa-1560	207	21	liu	liu	PROPN
ajfa-1560	207	22	and	and	CCONJ
ajfa-1560	207	23	zhang	zhang	PROPN
ajfa-1560	207	24	(	(	PUNCT
ajfa-1560	207	25	2008	2008	NUM
ajfa-1560	207	26	)	)	PUNCT
ajfa-1560	207	27	.	.	PUNCT
ajfa-1560	208	1	for	for	ADP
ajfa-1560	208	2	both	both	DET
ajfa-1560	208	3	6	6	NUM
ajfa-1560	208	4	-	-	SYM
ajfa-1560	208	5	6	6	NUM
ajfa-1560	208	6	and	and	CCONJ
ajfa-1560	208	7	12	12	NUM
ajfa-1560	208	8	-	-	SYM
ajfa-1560	208	9	12	12	NUM
ajfa-1560	208	10	strategies	strategy	NOUN
ajfa-1560	208	11	,	,	PUNCT
ajfa-1560	208	12	we	we	PRON
ajfa-1560	208	13	observe	observe	VERB
ajfa-1560	208	14	for	for	SCONJ
ajfa-1560	208	15	all	all	DET
ajfa-1560	208	16	the	the	DET
ajfa-1560	208	17	countries	country	NOUN
ajfa-1560	208	18	that	that	PRON
ajfa-1560	208	19	winner	winner	NOUN
ajfa-1560	208	20	sectors	sector	NOUN
ajfa-1560	208	21	(	(	PUNCT
ajfa-1560	208	22	q5	q5	PROPN
ajfa-1560	208	23	)	)	PUNCT
ajfa-1560	208	24	exhibit	exhibit	VERB
ajfa-1560	208	25	higher	high	ADJ
ajfa-1560	208	26	growth	growth	NOUN
ajfa-1560	208	27	rates	rate	NOUN
ajfa-1560	208	28	as	as	SCONJ
ajfa-1560	208	29	they	they	PRON
ajfa-1560	208	30	comprise	comprise	VERB
ajfa-1560	208	31	of	of	ADP
ajfa-1560	208	32	high	high	ADJ
ajfa-1560	208	33	growth	growth	NOUN
ajfa-1560	208	34	companies	company	NOUN
ajfa-1560	208	35	compared	compare	VERB
ajfa-1560	208	36	to	to	ADP
ajfa-1560	208	37	loser	loser	ADJ
ajfa-1560	208	38	sector	sector	NOUN
ajfa-1560	208	39	and	and	CCONJ
ajfa-1560	208	40	hence	hence	ADV
ajfa-1560	208	41	they	they	PRON
ajfa-1560	208	42	may	may	AUX
ajfa-1560	208	43	be	be	AUX
ajfa-1560	208	44	exposed	expose	VERB
ajfa-1560	208	45	to	to	ADP
ajfa-1560	208	46	higher	high	ADJ
ajfa-1560	208	47	growth	growth	NOUN
ajfa-1560	208	48	risk	risk	NOUN
ajfa-1560	208	49	.	.	PUNCT
ajfa-1560	209	1	for	for	ADP
ajfa-1560	209	2	long	long	ADJ
ajfa-1560	209	3	term	term	NOUN
ajfa-1560	209	4	portfolio	portfolio	NOUN
ajfa-1560	209	5	formation	formation	NOUN
ajfa-1560	209	6	windows	window	NOUN
ajfa-1560	209	7	,	,	PUNCT
ajfa-1560	209	8	in	in	ADP
ajfa-1560	209	9	case	case	NOUN
ajfa-1560	209	10	of	of	ADP
ajfa-1560	209	11	india	india	PROPN
ajfa-1560	209	12	and	and	CCONJ
ajfa-1560	209	13	russia	russia	PROPN
ajfa-1560	209	14	,	,	PUNCT
ajfa-1560	209	15	portfolio	portfolio	NOUN
ajfa-1560	209	16	performance	performance	NOUN
ajfa-1560	209	17	is	be	AUX
ajfa-1560	209	18	consistent	consistent	ADJ
ajfa-1560	209	19	with	with	ADP
ajfa-1560	209	20	growth	growth	NOUN
ajfa-1560	209	21	risk	risk	NOUN
ajfa-1560	209	22	story	story	NOUN
ajfa-1560	209	23	;	;	PUNCT
ajfa-1560	209	24	however	however	ADV
ajfa-1560	209	25	there	there	PRON
ajfa-1560	209	26	are	be	VERB
ajfa-1560	209	27	contradictions	contradiction	NOUN
ajfa-1560	209	28	for	for	ADP
ajfa-1560	209	29	other	other	ADJ
ajfa-1560	209	30	sample	sample	NOUN
ajfa-1560	209	31	countries	country	NOUN
ajfa-1560	209	32	.	.	PUNCT
ajfa-1560	210	1	it	it	PRON
ajfa-1560	210	2	is	be	AUX
ajfa-1560	210	3	expected	expect	VERB
ajfa-1560	210	4	that	that	SCONJ
ajfa-1560	210	5	the	the	DET
ajfa-1560	210	6	sector	sector	NOUN
ajfa-1560	210	7	factor	factor	NOUN
ajfa-1560	210	8	,	,	PUNCT
ajfa-1560	210	9	which	which	PRON
ajfa-1560	210	10	mimics	mimic	VERB
ajfa-1560	210	11	the	the	DET
ajfa-1560	210	12	growth	growth	NOUN
ajfa-1560	210	13	risk	risk	NOUN
ajfa-1560	210	14	differences	difference	NOUN
ajfa-1560	210	15	between	between	ADP
ajfa-1560	210	16	corner	corner	NOUN
ajfa-1560	210	17	portfolios	portfolio	NOUN
ajfa-1560	210	18	,	,	PUNCT
ajfa-1560	210	19	should	should	AUX
ajfa-1560	210	20	be	be	AUX
ajfa-1560	210	21	able	able	ADJ
ajfa-1560	210	22	to	to	PART
ajfa-1560	210	23	provide	provide	VERB
ajfa-1560	210	24	a	a	DET
ajfa-1560	210	25	better	well	ADJ
ajfa-1560	210	26	explanation	explanation	NOUN
ajfa-1560	210	27	based	base	VERB
ajfa-1560	210	28	on	on	ADP
ajfa-1560	210	29	short	short	ADJ
ajfa-1560	210	30	-	-	PUNCT
ajfa-1560	210	31	term	term	NOUN
ajfa-1560	210	32	prior	prior	ADJ
ajfa-1560	210	33	return	return	NOUN
ajfa-1560	210	34	formation	formation	NOUN
ajfa-1560	210	35	.	.	PUNCT
ajfa-1560	211	1	in	in	ADP
ajfa-1560	211	2	case	case	NOUN
ajfa-1560	211	3	of	of	ADP
ajfa-1560	211	4	long	long	ADJ
ajfa-1560	211	5	-	-	PUNCT
ajfa-1560	211	6	term	term	NOUN
ajfa-1560	211	7	portfolio	portfolio	NOUN
ajfa-1560	211	8	formation	formation	NOUN
ajfa-1560	211	9	,	,	PUNCT
ajfa-1560	211	10	the	the	DET
ajfa-1560	211	11	sector	sector	NOUN
ajfa-1560	211	12	factor	factor	NOUN
ajfa-1560	211	13	is	be	AUX
ajfa-1560	211	14	likely	likely	ADJ
ajfa-1560	211	15	to	to	PART
ajfa-1560	211	16	absorb	absorb	VERB
ajfa-1560	211	17	cross	cross	NOUN
ajfa-1560	211	18	-	-	NOUN
ajfa-1560	211	19	section	section	NOUN
ajfa-1560	211	20	of	of	ADP
ajfa-1560	211	21	average	average	ADJ
ajfa-1560	211	22	returns	return	NOUN
ajfa-1560	211	23	in	in	ADP
ajfa-1560	211	24	case	case	NOUN
ajfa-1560	211	25	of	of	ADP
ajfa-1560	211	26	brazil	brazil	PROPN
ajfa-1560	211	27	,	,	PUNCT
ajfa-1560	211	28	russia	russia	PROPN
ajfa-1560	211	29	and	and	CCONJ
ajfa-1560	211	30	india	india	PROPN
ajfa-1560	211	31	’	'	PUNCT
ajfa-1560	211	32	.	.	PUNCT
ajfa-1560	212	1	next	next	ADV
ajfa-1560	212	2	,	,	PUNCT
ajfa-1560	212	3	we	we	PRON
ajfa-1560	212	4	test	test	VERB
ajfa-1560	212	5	whether	whether	SCONJ
ajfa-1560	212	6	prior	prior	ADJ
ajfa-1560	212	7	return	return	VERB
ajfa-1560	212	8	patterns	pattern	NOUN
ajfa-1560	212	9	in	in	ADP
ajfa-1560	212	10	stock	stock	NOUN
ajfa-1560	212	11	returns	return	NOUN
ajfa-1560	212	12	are	be	AUX
ajfa-1560	212	13	absorbed	absorb	VERB
ajfa-1560	212	14	by	by	ADP
ajfa-1560	212	15	similar	similar	ADJ
ajfa-1560	212	16	patterns	pattern	NOUN
ajfa-1560	212	17	in	in	ADP
ajfa-1560	212	18	sector	sector	NOUN
ajfa-1560	212	19	data	datum	NOUN
ajfa-1560	212	20	.	.	PUNCT
ajfa-1560	213	1	we	we	PRON
ajfa-1560	213	2	find	find	VERB
ajfa-1560	213	3	that	that	SCONJ
ajfa-1560	213	4	the	the	DET
ajfa-1560	213	5	returns	return	NOUN
ajfa-1560	213	6	on	on	ADP
ajfa-1560	213	7	prior	prior	ADJ
ajfa-1560	213	8	return	return	NOUN
ajfa-1560	213	9	stock	stock	NOUN
ajfa-1560	213	10	portfolio	portfolio	NOUN
ajfa-1560	213	11	load	load	NOUN
ajfa-1560	213	12	on	on	ADP
ajfa-1560	213	13	the	the	DET
ajfa-1560	213	14	returns	return	NOUN
ajfa-1560	213	15	for	for	ADP
ajfa-1560	213	16	sector	sector	NOUN
ajfa-1560	213	17	factor	factor	NOUN
ajfa-1560	213	18	.	.	PUNCT
ajfa-1560	214	1	as	as	SCONJ
ajfa-1560	214	2	expected	expect	VERB
ajfa-1560	214	3	our	our	PRON
ajfa-1560	214	4	results	result	NOUN
ajfa-1560	214	5	are	be	AUX
ajfa-1560	214	6	stronger	strong	ADJ
ajfa-1560	214	7	for	for	ADP
ajfa-1560	214	8	short	short	ADJ
ajfa-1560	214	9	-	-	PUNCT
ajfa-1560	214	10	term	term	NOUN
ajfa-1560	214	11	portfolio	portfolio	NOUN
ajfa-1560	214	12	formation	formation	NOUN
ajfa-1560	214	13	windows	window	NOUN
ajfa-1560	214	14	for	for	ADP
ajfa-1560	214	15	all	all	DET
ajfa-1560	214	16	the	the	DET
ajfa-1560	214	17	sample	sample	NOUN
ajfa-1560	214	18	countries	country	NOUN
ajfa-1560	214	19	and	and	CCONJ
ajfa-1560	214	20	for	for	ADP
ajfa-1560	214	21	long	long	ADJ
ajfa-1560	214	22	-	-	PUNCT
ajfa-1560	214	23	term	term	NOUN
ajfa-1560	214	24	portfolio	portfolio	NOUN
ajfa-1560	214	25	formation	formation	NOUN
ajfa-1560	214	26	windows	window	NOUN
ajfa-1560	214	27	in	in	ADP
ajfa-1560	214	28	case	case	NOUN
ajfa-1560	214	29	of	of	ADP
ajfa-1560	214	30	brazil	brazil	PROPN
ajfa-1560	214	31	,	,	PUNCT
ajfa-1560	214	32	russia	russia	PROPN
ajfa-1560	214	33	and	and	CCONJ
ajfa-1560	214	34	india	india	PROPN
ajfa-1560	214	35	.	.	PUNCT
ajfa-1560	215	1	our	our	PRON
ajfa-1560	215	2	findings	finding	NOUN
ajfa-1560	215	3	are	be	AUX
ajfa-1560	215	4	relevant	relevant	ADJ
ajfa-1560	215	5	for	for	ADP
ajfa-1560	215	6	investment	investment	NOUN
ajfa-1560	215	7	analysts	analyst	NOUN
ajfa-1560	215	8	and	and	CCONJ
ajfa-1560	215	9	portfolio	portfolio	NOUN
ajfa-1560	215	10	managers	manager	NOUN
ajfa-1560	215	11	who	who	PRON
ajfa-1560	215	12	are	be	AUX
ajfa-1560	215	13	continuously	continuously	ADV
ajfa-1560	215	14	tracking	track	VERB
ajfa-1560	215	15	global	global	ADJ
ajfa-1560	215	16	markets	market	NOUN
ajfa-1560	215	17	,	,	PUNCT
ajfa-1560	215	18	in	in	ADP
ajfa-1560	215	19	pursuit	pursuit	NOUN
ajfa-1560	215	20	of	of	ADP
ajfa-1560	215	21	abnormal	abnormal	ADJ
ajfa-1560	215	22	returns	return	NOUN
ajfa-1560	215	23	.	.	PUNCT
ajfa-1560	216	1	the	the	DET
ajfa-1560	216	2	findings	finding	NOUN
ajfa-1560	216	3	also	also	ADV
ajfa-1560	216	4	provide	provide	VERB
ajfa-1560	216	5	the	the	DET
ajfa-1560	216	6	academicians	academician	NOUN
ajfa-1560	216	7	with	with	ADP
ajfa-1560	216	8	better	well	ADJ
ajfa-1560	216	9	insights	insight	NOUN
ajfa-1560	216	10	about	about	ADP
ajfa-1560	216	11	prior	prior	ADJ
ajfa-1560	216	12	return	return	NOUN
ajfa-1560	216	13	patterns	pattern	NOUN
ajfa-1560	216	14	in	in	ADP
ajfa-1560	216	15	sector	sector	NOUN
ajfa-1560	216	16	data	datum	NOUN
ajfa-1560	216	17	and	and	CCONJ
ajfa-1560	216	18	their	their	PRON
ajfa-1560	216	19	impact	impact	NOUN
ajfa-1560	216	20	on	on	ADP
ajfa-1560	216	21	prior	prior	ADJ
ajfa-1560	216	22	return	return	NOUN
ajfa-1560	216	23	stock	stock	NOUN
ajfa-1560	216	24	patterns	pattern	NOUN
ajfa-1560	216	25	.	.	PUNCT
ajfa-1560	217	1	the	the	DET
ajfa-1560	217	2	present	present	ADJ
ajfa-1560	217	3	research	research	NOUN
ajfa-1560	217	4	contributes	contribute	VERB
ajfa-1560	217	5	to	to	ADP
ajfa-1560	217	6	both	both	DET
ajfa-1560	217	7	asset	asset	NOUN
ajfa-1560	217	8	pricing	pricing	NOUN
ajfa-1560	217	9	as	as	ADV
ajfa-1560	217	10	well	well	ADV
ajfa-1560	217	11	as	as	ADP
ajfa-1560	217	12	behavioral	behavioral	ADJ
ajfa-1560	217	13	finance	finance	NOUN
ajfa-1560	217	14	literature	literature	NOUN
ajfa-1560	217	15	for	for	ADP
ajfa-1560	217	16	emerging	emerge	VERB
ajfa-1560	217	17	markets	market	NOUN
ajfa-1560	217	18	.	.	PUNCT
ajfa-1560	218	1	it	it	PRON
ajfa-1560	218	2	is	be	AUX
ajfa-1560	218	3	suggested	suggest	VERB
ajfa-1560	218	4	that	that	SCONJ
ajfa-1560	218	5	the	the	DET
ajfa-1560	218	6	work	work	NOUN
ajfa-1560	218	7	may	may	AUX
ajfa-1560	218	8	be	be	AUX
ajfa-1560	218	9	extended	extend	VERB
ajfa-1560	218	10	to	to	ADP
ajfa-1560	218	11	other	other	ADJ
ajfa-1560	218	12	emerging	emerge	VERB
ajfa-1560	218	13	markets	market	NOUN
ajfa-1560	218	14	as	as	SCONJ
ajfa-1560	218	15	there	there	PRON
ajfa-1560	218	16	is	be	VERB
ajfa-1560	218	17	very	very	ADV
ajfa-1560	218	18	limited	limited	ADJ
ajfa-1560	218	19	literature	literature	NOUN
ajfa-1560	218	20	on	on	ADP
ajfa-1560	218	21	the	the	DET
ajfa-1560	218	22	subject	subject	NOUN
ajfa-1560	218	23	.	.	PUNCT
ajfa-1560	219	1	notes	note	VERB
ajfa-1560	219	2	1	1	NUM
ajfa-1560	219	3	.	.	PUNCT
ajfa-1560	220	1	debondt	debondt	NOUN
ajfa-1560	220	2	and	and	CCONJ
ajfa-1560	220	3	thaler	thaler	PROPN
ajfa-1560	220	4	(	(	PUNCT
ajfa-1560	220	5	1985	1985	NUM
ajfa-1560	220	6	,	,	PUNCT
ajfa-1560	220	7	1987	1987	NUM
ajfa-1560	220	8	)	)	PUNCT
ajfa-1560	220	9	,	,	PUNCT
ajfa-1560	220	10	jegadeesh	jegadeesh	NOUN
ajfa-1560	220	11	and	and	CCONJ
ajfa-1560	220	12	titman	titman	NOUN
ajfa-1560	220	13	(	(	PUNCT
ajfa-1560	220	14	1993	1993	NUM
ajfa-1560	220	15	)	)	PUNCT
ajfa-1560	220	16	,	,	PUNCT
ajfa-1560	220	17	rouwenhorst	rouwenhorst	ADJ
ajfa-1560	220	18	(	(	PUNCT
ajfa-1560	220	19	1998	1998	NUM
ajfa-1560	220	20	)	)	PUNCT
ajfa-1560	220	21	,	,	PUNCT
ajfa-1560	220	22	chan	chan	PROPN
ajfa-1560	220	23	,	,	PUNCT
ajfa-1560	220	24	jegadeesh	jegadeesh	NOUN
ajfa-1560	220	25	and	and	CCONJ
ajfa-1560	220	26	lakonishok	lakonishok	PROPN
ajfa-1560	220	27	(	(	PUNCT
ajfa-1560	220	28	1999	1999	NUM
ajfa-1560	220	29	)	)	PUNCT
ajfa-1560	220	30	,	,	PUNCT
ajfa-1560	220	31	jegadeesh	jegadeesh	NOUN
ajfa-1560	220	32	and	and	CCONJ
ajfa-1560	220	33	titman	titman	NOUN
ajfa-1560	220	34	(	(	PUNCT
ajfa-1560	220	35	2002	2002	NUM
ajfa-1560	220	36	)	)	PUNCT
ajfa-1560	220	37	,	,	PUNCT
ajfa-1560	220	38	lewellen	lewellen	NOUN
ajfa-1560	220	39	(	(	PUNCT
ajfa-1560	220	40	2002	2002	NUM
ajfa-1560	220	41	)	)	PUNCT
ajfa-1560	220	42	,	,	PUNCT
ajfa-1560	220	43	lo	lo	PROPN
ajfa-1560	220	44	and	and	CCONJ
ajfa-1560	220	45	mackinlay	mackinlay	NOUN
ajfa-1560	220	46	(	(	PUNCT
ajfa-1560	220	47	1990	1990	NUM
ajfa-1560	220	48	)	)	PUNCT
ajfa-1560	220	49	,	,	PUNCT
ajfa-1560	220	50	ball	ball	NOUN
ajfa-1560	220	51	,	,	PUNCT
ajfa-1560	220	52	kothari	kothari	PROPN
ajfa-1560	220	53	and	and	CCONJ
ajfa-1560	220	54	shanken	shanken	ADJ
ajfa-1560	220	55	(	(	PUNCT
ajfa-1560	220	56	1995	1995	NUM
ajfa-1560	220	57	)	)	PUNCT
ajfa-1560	220	58	,	,	PUNCT
ajfa-1560	220	59	banz	banz	NOUN
ajfa-1560	220	60	(	(	PUNCT
ajfa-1560	220	61	1981	1981	NUM
ajfa-1560	220	62	)	)	PUNCT
ajfa-1560	220	63	,	,	PUNCT
ajfa-1560	220	64	chan	chan	PROPN
ajfa-1560	220	65	,	,	PUNCT
ajfa-1560	220	66	lakonishok	lakonishok	NOUN
ajfa-1560	220	67	and	and	CCONJ
ajfa-1560	220	68	hamao	hamao	PROPN
ajfa-1560	220	69	,	,	PUNCT
ajfa-1560	220	70	basu	basu	PROPN
ajfa-1560	220	71	(	(	PUNCT
ajfa-1560	220	72	1977	1977	NUM
ajfa-1560	220	73	,	,	PUNCT
ajfa-1560	220	74	1983	1983	NUM
ajfa-1560	220	75	)	)	PUNCT
ajfa-1560	220	76	,	,	PUNCT
ajfa-1560	220	77	bhandari	bhandari	NOUN
ajfa-1560	220	78	and	and	CCONJ
ajfa-1560	220	79	weiss	weiss	PROPN
ajfa-1560	220	80	(	(	PUNCT
ajfa-1560	220	81	1996	1996	NUM
ajfa-1560	220	82	)	)	PUNCT
ajfa-1560	220	83	,	,	PUNCT
ajfa-1560	220	84	rosenberg	rosenberg	PROPN
ajfa-1560	220	85	,	,	PUNCT
ajfa-1560	220	86	reid	reid	PROPN
ajfa-1560	220	87	and	and	CCONJ
ajfa-1560	220	88	lanstien	lanstien	PROPN
ajfa-1560	220	89	(	(	PUNCT
ajfa-1560	220	90	1985	1985	NUM
ajfa-1560	220	91	)	)	PUNCT
ajfa-1560	220	92	,	,	PUNCT
ajfa-1560	220	93	lakonishik	lakonishik	NOUN
ajfa-1560	220	94	,	,	PUNCT
ajfa-1560	220	95	shliefer	shliefer	NOUN
ajfa-1560	220	96	and	and	CCONJ
ajfa-1560	220	97	vishny	vishny	PROPN
ajfa-1560	220	98	(	(	PUNCT
ajfa-1560	220	99	1994	1994	NUM
ajfa-1560	220	100	)	)	PUNCT
ajfa-1560	220	101	,	,	PUNCT
ajfa-1560	220	102	(	(	PUNCT
ajfa-1560	220	103	litzenberg	litzenberg	ADV
ajfa-1560	220	104	and	and	CCONJ
ajfa-1560	220	105	ramaswamy(1979	ramaswamy(1979	NOUN
ajfa-1560	220	106	)	)	PUNCT
ajfa-1560	220	107	,	,	PUNCT
ajfa-1560	220	108	fama	fama	PROPN
ajfa-1560	220	109	and	and	CCONJ
ajfa-1560	220	110	french	french	ADJ
ajfa-1560	220	111	(	(	PUNCT
ajfa-1560	220	112	1996	1996	NUM
ajfa-1560	220	113	)	)	PUNCT
ajfa-1560	220	114	,	,	PUNCT
ajfa-1560	220	115	conrad	conrad	PROPN
ajfa-1560	220	116	and	and	CCONJ
ajfa-1560	220	117	kaul	kaul	PROPN
ajfa-1560	220	118	(	(	PUNCT
ajfa-1560	220	119	1998	1998	NUM
ajfa-1560	220	120	)	)	PUNCT
ajfa-1560	220	121	,	,	PUNCT
ajfa-1560	220	122	berk	berk	PROPN
ajfa-1560	220	123	,	,	PUNCT
ajfa-1560	220	124	green	green	PROPN
ajfa-1560	220	125	and	and	CCONJ
ajfa-1560	220	126	naik	naik	PROPN
ajfa-1560	220	127	(	(	PUNCT
ajfa-1560	220	128	1999	1999	NUM
ajfa-1560	220	129	)	)	PUNCT
ajfa-1560	220	130	,	,	PUNCT
ajfa-1560	220	131	chordia	chordia	NOUN
ajfa-1560	220	132	and	and	CCONJ
ajfa-1560	220	133	asian	asian	ADJ
ajfa-1560	220	134	journal	journal	NOUN
ajfa-1560	220	135	of	of	ADP
ajfa-1560	220	136	finance	finance	PROPN
ajfa-1560	220	137	&	&	CCONJ
ajfa-1560	220	138	accounting	accounting	PROPN
ajfa-1560	220	139	issn	issn	PROPN
ajfa-1560	220	140	1946	1946	NUM
ajfa-1560	220	141	-	-	PUNCT
ajfa-1560	220	142	052x	052x	NOUN
ajfa-1560	220	143	2012	2012	NUM
ajfa-1560	220	144	,	,	PUNCT
ajfa-1560	220	145	vol	vol	NOUN
ajfa-1560	220	146	.	.	PROPN
ajfa-1560	220	147	4	4	NUM
ajfa-1560	220	148	,	,	PUNCT
ajfa-1560	220	149	no	no	INTJ
ajfa-1560	220	150	.	.	NOUN
ajfa-1560	220	151	1	1	NUM
ajfa-1560	220	152	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1560	220	153	271	271	NUM
ajfa-1560	220	154	shivkumar	shivkumar	NOUN
ajfa-1560	220	155	(	(	PUNCT
ajfa-1560	220	156	2000	2000	NUM
ajfa-1560	220	157	)	)	PUNCT
ajfa-1560	220	158	,	,	PUNCT
ajfa-1560	220	159	lee	lee	PROPN
ajfa-1560	220	160	and	and	CCONJ
ajfa-1560	220	161	swaminathan	swaminathan	ADV
ajfa-1560	220	162	(	(	PUNCT
ajfa-1560	220	163	2000	2000	NUM
ajfa-1560	220	164	)	)	PUNCT
ajfa-1560	220	165	,	,	PUNCT
ajfa-1560	220	166	jegadeesh	jegadeesh	NOUN
ajfa-1560	220	167	and	and	CCONJ
ajfa-1560	220	168	titman	titman	NOUN
ajfa-1560	220	169	(	(	PUNCT
ajfa-1560	220	170	2002	2002	NUM
ajfa-1560	220	171	)	)	PUNCT
ajfa-1560	220	172	,	,	PUNCT
ajfa-1560	220	173	daniel	daniel	PROPN
ajfa-1560	220	174	,	,	PUNCT
ajfa-1560	220	175	hirshliefer	hirshliefer	NOUN
ajfa-1560	220	176	,	,	PUNCT
ajfa-1560	220	177	and	and	CCONJ
ajfa-1560	220	178	subrahmanyam	subrahmanyam	NOUN
ajfa-1560	220	179	(	(	PUNCT
ajfa-1560	220	180	1998	1998	NUM
ajfa-1560	220	181	)	)	PUNCT
ajfa-1560	220	182	,	,	PUNCT
ajfa-1560	220	183	barberis	barberis	PROPN
ajfa-1560	220	184	,	,	PUNCT
ajfa-1560	220	185	shliefer	shliefer	NOUN
ajfa-1560	220	186	and	and	CCONJ
ajfa-1560	220	187	vishny	vishny	PROPN
ajfa-1560	220	188	(	(	PUNCT
ajfa-1560	220	189	1999	1999	NUM
ajfa-1560	220	190	)	)	PUNCT
ajfa-1560	220	191	,	,	PUNCT
ajfa-1560	220	192	hong	hong	PROPN
ajfa-1560	220	193	and	and	CCONJ
ajfa-1560	220	194	stein	stein	PROPN
ajfa-1560	220	195	(	(	PUNCT
ajfa-1560	220	196	2000	2000	NUM
ajfa-1560	220	197	)	)	PUNCT
ajfa-1560	220	198	and	and	CCONJ
ajfa-1560	220	199	goetzmann	goetzmann	PROPN
ajfa-1560	220	200	and	and	CCONJ
ajfa-1560	220	201	massa	massa	PROPN
ajfa-1560	220	202	(	(	PUNCT
ajfa-1560	220	203	2002	2002	NUM
ajfa-1560	220	204	)	)	PUNCT
ajfa-1560	220	205	,	,	PUNCT
ajfa-1560	220	206	ahn	ahn	PROPN
ajfa-1560	220	207	,	,	PUNCT
ajfa-1560	220	208	conrad	conrad	PROPN
ajfa-1560	220	209	and	and	CCONJ
ajfa-1560	220	210	dittmar	dittmar	PROPN
ajfa-1560	220	211	(	(	PUNCT
ajfa-1560	220	212	2003	2003	NUM
ajfa-1560	220	213	)	)	PUNCT
ajfa-1560	220	214	,	,	PUNCT
ajfa-1560	220	215	scott	scott	PROPN
ajfa-1560	220	216	,	,	PUNCT
ajfa-1560	220	217	stump	stump	NOUN
ajfa-1560	220	218	and	and	CCONJ
ajfa-1560	220	219	xu	xu	PROPN
ajfa-1560	220	220	(	(	PUNCT
ajfa-1560	220	221	2003	2003	NUM
ajfa-1560	220	222	)	)	PUNCT
ajfa-1560	220	223	,	,	PUNCT
ajfa-1560	220	224	kent	kent	PROPN
ajfa-1560	220	225	,	,	PUNCT
ajfa-1560	220	226	hirshleifer	hirshleifer	NOUN
ajfa-1560	220	227	and	and	CCONJ
ajfa-1560	220	228	subrahmanayam	subrahmanayam	PROPN
ajfa-1560	220	229	(	(	PUNCT
ajfa-1560	220	230	2004	2004	NUM
ajfa-1560	220	231	)	)	PUNCT
ajfa-1560	220	232	,	,	PUNCT
ajfa-1560	220	233	shen	shen	NOUN
ajfa-1560	220	234	,	,	PUNCT
ajfa-1560	220	235	szakmary	szakmary	ADJ
ajfa-1560	220	236	,	,	PUNCT
ajfa-1560	220	237	and	and	CCONJ
ajfa-1560	220	238	sharma	sharma	PROPN
ajfa-1560	220	239	(	(	PUNCT
ajfa-1560	220	240	2005	2005	NUM
ajfa-1560	220	241	)	)	PUNCT
ajfa-1560	220	242	,	,	PUNCT
ajfa-1560	220	243	miffre	miffre	NOUN
ajfa-1560	220	244	and	and	CCONJ
ajfa-1560	220	245	rallis	rallis	PROPN
ajfa-1560	220	246	(	(	PUNCT
ajfa-1560	220	247	2007	2007	NUM
ajfa-1560	220	248	)	)	PUNCT
ajfa-1560	220	249	,	,	PUNCT
ajfa-1560	220	250	antoniou	antoniou	NOUN
ajfa-1560	220	251	,	,	PUNCT
ajfa-1560	220	252	lam	lam	PROPN
ajfa-1560	220	253	and	and	CCONJ
ajfa-1560	220	254	paudyal	paudyal	PROPN
ajfa-1560	220	255	(	(	PUNCT
ajfa-1560	220	256	2007	2007	NUM
ajfa-1560	220	257	)	)	PUNCT
ajfa-1560	220	258	,	,	PUNCT
ajfa-1560	220	259	chen	chen	PROPN
ajfa-1560	220	260	,	,	PUNCT
ajfa-1560	220	261	chen	chen	PROPN
ajfa-1560	220	262	,	,	PUNCT
ajfa-1560	220	263	hsin	hsin	PROPN
ajfa-1560	220	264	,	,	PUNCT
ajfa-1560	220	265	and	and	CCONJ
ajfa-1560	220	266	lee	lee	PROPN
ajfa-1560	220	267	(	(	PUNCT
ajfa-1560	220	268	2010	2010	NUM
ajfa-1560	220	269	)	)	PUNCT
ajfa-1560	220	270	.	.	PUNCT
ajfa-1560	221	1	2	2	X
ajfa-1560	221	2	.	.	X
ajfa-1560	221	3	there	there	PRON
ajfa-1560	221	4	is	be	VERB
ajfa-1560	221	5	a	a	DET
ajfa-1560	221	6	lot	lot	NOUN
ajfa-1560	221	7	of	of	ADP
ajfa-1560	221	8	evidence	evidence	NOUN
ajfa-1560	221	9	for	for	ADP
ajfa-1560	221	10	the	the	DET
ajfa-1560	221	11	mature	mature	ADJ
ajfa-1560	221	12	markets	market	NOUN
ajfa-1560	221	13	;	;	PUNCT
ajfa-1560	221	14	however	however	ADV
ajfa-1560	221	15	little	little	ADJ
ajfa-1560	221	16	evidence	evidence	NOUN
ajfa-1560	221	17	exists	exist	VERB
ajfa-1560	221	18	about	about	ADP
ajfa-1560	221	19	the	the	DET
ajfa-1560	221	20	factors	factor	NOUN
ajfa-1560	221	21	which	which	PRON
ajfa-1560	221	22	drive	drive	VERB
ajfa-1560	221	23	the	the	DET
ajfa-1560	221	24	cross	cross	NOUN
ajfa-1560	221	25	-	-	NOUN
ajfa-1560	221	26	section	section	NOUN
ajfa-1560	221	27	of	of	ADP
ajfa-1560	221	28	returns	return	NOUN
ajfa-1560	221	29	in	in	ADP
ajfa-1560	221	30	emerging	emerge	VERB
ajfa-1560	221	31	markets	market	NOUN
ajfa-1560	221	32	.	.	PUNCT
ajfa-1560	222	1	rouwenhorst	rouwenhorst	ADV
ajfa-1560	222	2	(	(	PUNCT
ajfa-1560	222	3	1999	1999	NUM
ajfa-1560	222	4	)	)	PUNCT
ajfa-1560	222	5	,	,	PUNCT
ajfa-1560	222	6	froot	froot	INTJ
ajfa-1560	222	7	et	et	PROPN
ajfa-1560	222	8	al	al	PROPN
ajfa-1560	222	9	.	.	PROPN
ajfa-1560	223	1	(	(	PUNCT
ajfa-1560	223	2	2001	2001	NUM
ajfa-1560	223	3	)	)	PUNCT
ajfa-1560	223	4	,	,	PUNCT
ajfa-1560	223	5	chui	chui	PROPN
ajfa-1560	223	6	et	et	PROPN
ajfa-1560	223	7	al	al	PROPN
ajfa-1560	223	8	.	.	PROPN
ajfa-1560	224	1	(	(	PUNCT
ajfa-1560	224	2	2000	2000	NUM
ajfa-1560	224	3	)	)	PUNCT
ajfa-1560	224	4	,	,	PUNCT
ajfa-1560	224	5	kim	kim	PROPN
ajfa-1560	224	6	and	and	CCONJ
ajfa-1560	224	7	wei	wei	PROPN
ajfa-1560	224	8	(	(	PUNCT
ajfa-1560	224	9	2002	2002	NUM
ajfa-1560	224	10	)	)	PUNCT
ajfa-1560	224	11	,	,	PUNCT
ajfa-1560	224	12	hameed	hameed	NOUN
ajfa-1560	224	13	and	and	CCONJ
ajfa-1560	224	14	kusnadi	kusnadi	NOUN
ajfa-1560	224	15	(	(	PUNCT
ajfa-1560	224	16	2002	2002	NUM
ajfa-1560	224	17	)	)	PUNCT
ajfa-1560	224	18	,	,	PUNCT
ajfa-1560	224	19	lin	lin	PROPN
ajfa-1560	224	20	and	and	CCONJ
ajfa-1560	224	21	swanson	swanson	PROPN
ajfa-1560	224	22	(	(	PUNCT
ajfa-1560	224	23	2004	2004	NUM
ajfa-1560	224	24	)	)	PUNCT
ajfa-1560	224	25	and	and	CCONJ
ajfa-1560	224	26	,	,	PUNCT
ajfa-1560	224	27	swanson	swanson	PROPN
ajfa-1560	224	28	and	and	CCONJ
ajfa-1560	224	29	lin	lin	PROPN
ajfa-1560	224	30	(	(	PUNCT
ajfa-1560	224	31	2005	2005	NUM
ajfa-1560	224	32	)	)	PUNCT
ajfa-1560	224	33	.	.	PUNCT
ajfa-1560	225	1	3	3	X
ajfa-1560	225	2	.	.	X
ajfa-1560	225	3	international	international	ADJ
ajfa-1560	225	4	standard	standard	ADJ
ajfa-1560	225	5	industrial	industrial	ADJ
ajfa-1560	225	6	classification	classification	NOUN
ajfa-1560	225	7	of	of	ADP
ajfa-1560	225	8	all	all	DET
ajfa-1560	225	9	economic	economic	ADJ
ajfa-1560	225	10	activities	activity	NOUN
ajfa-1560	225	11	,	,	PUNCT
ajfa-1560	225	12	global	global	ADJ
ajfa-1560	225	13	industry	industry	NOUN
ajfa-1560	225	14	classification	classification	NOUN
ajfa-1560	225	15	standard	standard	NOUN
ajfa-1560	225	16	(	(	PUNCT
ajfa-1560	225	17	gics	gic	NOUN
ajfa-1560	225	18	)	)	PUNCT
ajfa-1560	225	19	,	,	PUNCT
ajfa-1560	225	20	standard	standard	ADJ
ajfa-1560	225	21	industrial	industrial	ADJ
ajfa-1560	225	22	classification	classification	NOUN
ajfa-1560	225	23	(	(	PUNCT
ajfa-1560	225	24	sic	sic	ADJ
ajfa-1560	225	25	)	)	PUNCT
ajfa-1560	225	26	,	,	PUNCT
ajfa-1560	225	27	thomson	thomson	PROPN
ajfa-1560	225	28	reuters	reuters	PROPN
ajfa-1560	225	29	business	business	PROPN
ajfa-1560	225	30	classification	classification	NOUN
ajfa-1560	225	31	(	(	PUNCT
ajfa-1560	225	32	trbc	trbc	ADJ
ajfa-1560	225	33	)	)	PUNCT
ajfa-1560	225	34	,	,	PUNCT
ajfa-1560	225	35	north	north	ADJ
ajfa-1560	225	36	american	american	ADJ
ajfa-1560	225	37	industry	industry	NOUN
ajfa-1560	225	38	classification	classification	NOUN
ajfa-1560	225	39	system	system	NOUN
ajfa-1560	225	40	(	(	PUNCT
ajfa-1560	225	41	naics	naic	NOUN
ajfa-1560	225	42	)	)	PUNCT
ajfa-1560	225	43	,	,	PUNCT
ajfa-1560	225	44	u.s	u.s	PROPN
ajfa-1560	225	45	.	.	PROPN
ajfa-1560	225	46	securities	securities	PROPN
ajfa-1560	225	47	and	and	CCONJ
ajfa-1560	225	48	exchange	exchange	PROPN
ajfa-1560	225	49	commission	commission	PROPN
ajfa-1560	225	50	(	(	PUNCT
ajfa-1560	225	51	sec	sec	PROPN
ajfa-1560	225	52	)	)	PUNCT
ajfa-1560	225	53	are	be	AUX
ajfa-1560	225	54	the	the	DET
ajfa-1560	225	55	several	several	ADJ
ajfa-1560	225	56	industry	industry	NOUN
ajfa-1560	225	57	classification	classification	NOUN
ajfa-1560	225	58	systems	system	NOUN
ajfa-1560	225	59	.	.	PUNCT
ajfa-1560	226	1	4	4	X
ajfa-1560	226	2	.	.	X
ajfa-1560	226	3	percentage	percentage	NOUN
ajfa-1560	226	4	returns	return	NOUN
ajfa-1560	226	5	estimation	estimation	NOUN
ajfa-1560	226	6	is	be	AUX
ajfa-1560	226	7	based	base	VERB
ajfa-1560	226	8	on	on	ADP
ajfa-1560	226	9	capital	capital	NOUN
ajfa-1560	226	10	gains	gain	NOUN
ajfa-1560	226	11	component	component	NOUN
ajfa-1560	226	12	.	.	PUNCT
ajfa-1560	227	1	there	there	PRON
ajfa-1560	227	2	is	be	VERB
ajfa-1560	227	3	no	no	DET
ajfa-1560	227	4	dividend	dividend	NOUN
ajfa-1560	227	5	component	component	NOUN
ajfa-1560	227	6	as	as	ADP
ajfa-1560	227	7	in	in	ADP
ajfa-1560	227	8	india	india	PROPN
ajfa-1560	227	9	,	,	PUNCT
ajfa-1560	227	10	dividend	dividend	NOUN
ajfa-1560	227	11	yields	yield	NOUN
ajfa-1560	227	12	of	of	ADP
ajfa-1560	227	13	companies	company	NOUN
ajfa-1560	227	14	are	be	AUX
ajfa-1560	227	15	very	very	ADV
ajfa-1560	227	16	low	low	ADJ
ajfa-1560	227	17	,	,	PUNCT
ajfa-1560	227	18	gupta	gupta	PROPN
ajfa-1560	227	19	(	(	PUNCT
ajfa-1560	227	20	2000	2000	NUM
ajfa-1560	227	21	)	)	PUNCT
ajfa-1560	227	22	.	.	PUNCT
ajfa-1560	228	1	also	also	ADV
ajfa-1560	228	2	,	,	PUNCT
ajfa-1560	228	3	all	all	DET
ajfa-1560	228	4	the	the	DET
ajfa-1560	228	5	bombay	bombay	PROPN
ajfa-1560	228	6	stock	stock	PROPN
ajfa-1560	228	7	exchange	exchange	PROPN
ajfa-1560	228	8	(	(	PUNCT
ajfa-1560	228	9	bse)-500	bse)-500	PROPN
ajfa-1560	228	10	index	index	NOUN
ajfa-1560	228	11	series	series	NOUN
ajfa-1560	228	12	do	do	AUX
ajfa-1560	228	13	not	not	PART
ajfa-1560	228	14	include	include	VERB
ajfa-1560	228	15	any	any	DET
ajfa-1560	228	16	dividends	dividend	NOUN
ajfa-1560	228	17	while	while	SCONJ
ajfa-1560	228	18	computing	compute	VERB
ajfa-1560	228	19	index	index	NOUN
ajfa-1560	228	20	values	value	NOUN
ajfa-1560	228	21	.	.	PUNCT
ajfa-1560	229	1	hence	hence	ADV
ajfa-1560	229	2	,	,	PUNCT
ajfa-1560	229	3	dividend	dividend	NOUN
ajfa-1560	229	4	inclusion	inclusion	NOUN
ajfa-1560	229	5	in	in	ADP
ajfa-1560	229	6	individual	individual	ADJ
ajfa-1560	229	7	stock	stock	NOUN
ajfa-1560	229	8	returns	return	NOUN
ajfa-1560	229	9	may	may	AUX
ajfa-1560	229	10	bias	bias	VERB
ajfa-1560	229	11	the	the	DET
ajfa-1560	229	12	estimators	estimator	NOUN
ajfa-1560	229	13	of	of	ADP
ajfa-1560	229	14	our	our	PRON
ajfa-1560	229	15	proposed	propose	VERB
ajfa-1560	229	16	time	time	NOUN
ajfa-1560	229	17	series	series	NOUN
ajfa-1560	229	18	regressions	regression	NOUN
ajfa-1560	229	19	.	.	PUNCT
ajfa-1560	230	1	5	5	X
ajfa-1560	230	2	.	.	NOUN
ajfa-1560	230	3	past	past	ADJ
ajfa-1560	230	4	sales	sale	NOUN
ajfa-1560	230	5	growth	growth	NOUN
ajfa-1560	230	6	is	be	AUX
ajfa-1560	230	7	estimated	estimate	VERB
ajfa-1560	230	8	as	as	SCONJ
ajfa-1560	230	9	three	three	NUM
ajfa-1560	230	10	year	year	NOUN
ajfa-1560	230	11	compounded	compound	VERB
ajfa-1560	230	12	growth	growth	NOUN
ajfa-1560	230	13	rate	rate	NOUN
ajfa-1560	230	14	in	in	ADP
ajfa-1560	230	15	sales	sale	NOUN
ajfa-1560	230	16	using	use	VERB
ajfa-1560	230	17	the	the	DET
ajfa-1560	230	18	formula	formula	NOUN
ajfa-1560	231	1	st+3=	st+3=	PRON
ajfa-1560	231	2	st	st	PROPN
ajfa-1560	231	3	(	(	PUNCT
ajfa-1560	231	4	1+r)3	1+r)3	NUM
ajfa-1560	231	5	,	,	PUNCT
ajfa-1560	231	6	where	where	SCONJ
ajfa-1560	231	7	st+3	st+3	PROPN
ajfa-1560	231	8	and	and	CCONJ
ajfa-1560	231	9	st	st	PROPN
ajfa-1560	231	10	are	be	AUX
ajfa-1560	231	11	sales	sale	NOUN
ajfa-1560	231	12	revenue	revenue	NOUN
ajfa-1560	231	13	in	in	ADP
ajfa-1560	231	14	year	year	NOUN
ajfa-1560	231	15	t+3	t+3	VERB
ajfa-1560	231	16	and	and	CCONJ
ajfa-1560	231	17	t	t	NOUN
ajfa-1560	231	18	respectively	respectively	ADV
ajfa-1560	231	19	.	.	PUNCT
ajfa-1560	232	1	r	r	NOUN
ajfa-1560	232	2	is	be	AUX
ajfa-1560	232	3	compounded	compound	VERB
ajfa-1560	232	4	growth	growth	NOUN
ajfa-1560	232	5	rate	rate	NOUN
ajfa-1560	232	6	in	in	ADP
ajfa-1560	232	7	sales	sale	NOUN
ajfa-1560	232	8	termed	term	VERB
ajfa-1560	232	9	as	as	ADP
ajfa-1560	232	10	past	past	ADJ
ajfa-1560	232	11	sales	sale	NOUN
ajfa-1560	232	12	growth	growth	NOUN
ajfa-1560	232	13	.	.	PUNCT
ajfa-1560	233	1	6	6	X
ajfa-1560	233	2	.	.	PUNCT
ajfa-1560	233	3	annualized	annualize	VERB
ajfa-1560	233	4	implicit	implicit	ADJ
ajfa-1560	233	5	yields	yield	NOUN
ajfa-1560	233	6	on	on	ADP
ajfa-1560	233	7	91	91	NUM
ajfa-1560	233	8	-	-	PUNCT
ajfa-1560	233	9	day	day	NOUN
ajfa-1560	233	10	t	t	PROPN
ajfa-1560	233	11	-	-	PUNCT
ajfa-1560	233	12	bills	bill	NOUN
ajfa-1560	233	13	available	available	ADJ
ajfa-1560	233	14	for	for	SCONJ
ajfa-1560	233	15	all	all	DET
ajfa-1560	233	16	weekly	weekly	ADJ
ajfa-1560	233	17	auctions	auction	NOUN
ajfa-1560	233	18	over	over	ADP
ajfa-1560	233	19	the	the	DET
ajfa-1560	233	20	study	study	NOUN
ajfa-1560	233	21	period	period	NOUN
ajfa-1560	233	22	have	have	AUX
ajfa-1560	233	23	been	be	AUX
ajfa-1560	233	24	used	use	VERB
ajfa-1560	233	25	.	.	PUNCT
ajfa-1560	234	1	we	we	PRON
ajfa-1560	234	2	select	select	VERB
ajfa-1560	234	3	the	the	DET
ajfa-1560	234	4	implicit	implicit	ADJ
ajfa-1560	234	5	yield	yield	NOUN
ajfa-1560	234	6	for	for	ADP
ajfa-1560	234	7	the	the	DET
ajfa-1560	234	8	last	last	ADJ
ajfa-1560	234	9	week	week	NOUN
ajfa-1560	234	10	of	of	ADP
ajfa-1560	234	11	each	each	DET
ajfa-1560	234	12	month	month	NOUN
ajfa-1560	234	13	to	to	PART
ajfa-1560	234	14	match	match	VERB
ajfa-1560	234	15	with	with	ADP
ajfa-1560	234	16	month	month	NOUN
ajfa-1560	234	17	end	end	NOUN
ajfa-1560	234	18	closing	closing	NOUN
ajfa-1560	234	19	prices	price	NOUN
ajfa-1560	234	20	of	of	ADP
ajfa-1560	234	21	sample	sample	NOUN
ajfa-1560	234	22	stocks	stock	NOUN
ajfa-1560	234	23	.	.	PUNCT
ajfa-1560	235	1	the	the	DET
ajfa-1560	235	2	end	end	NOUN
ajfa-1560	235	3	of	of	ADP
ajfa-1560	235	4	month	month	NOUN
ajfa-1560	235	5	annualized	annualize	VERB
ajfa-1560	235	6	implicit	implicit	ADJ
ajfa-1560	235	7	yields	yield	NOUN
ajfa-1560	235	8	is	be	AUX
ajfa-1560	235	9	divided	divide	VERB
ajfa-1560	235	10	by	by	ADP
ajfa-1560	235	11	12	12	NUM
ajfa-1560	235	12	to	to	PART
ajfa-1560	235	13	generate	generate	VERB
ajfa-1560	235	14	approximate	approximate	ADJ
ajfa-1560	235	15	monthly	monthly	ADJ
ajfa-1560	235	16	risk	risk	NOUN
ajfa-1560	235	17	free	free	ADJ
ajfa-1560	235	18	yields	yield	NOUN
ajfa-1560	235	19	.	.	PUNCT
ajfa-1560	236	1	references	reference	NOUN
ajfa-1560	236	2	ahn	ahn	PROPN
ajfa-1560	236	3	,	,	PUNCT
ajfa-1560	236	4	d.h	d.h	PROPN
ajfa-1560	236	5	.	.	PROPN
ajfa-1560	236	6	,	,	PUNCT
ajfa-1560	236	7	conrad	conrad	PROPN
ajfa-1560	236	8	,	,	PUNCT
ajfa-1560	236	9	j.	j.	PROPN
ajfa-1560	236	10	,	,	PUNCT
ajfa-1560	236	11	&	&	CCONJ
ajfa-1560	236	12	dittmar	dittmar	PROPN
ajfa-1560	236	13	,	,	PUNCT
ajfa-1560	236	14	r.f	r.f	PROPN
ajfa-1560	236	15	.	.	PROPN
ajfa-1560	236	16	(	(	PUNCT
ajfa-1560	236	17	2003	2003	NUM
ajfa-1560	236	18	)	)	PUNCT
ajfa-1560	236	19	.	.	PUNCT
ajfa-1560	237	1	risk	risk	NOUN
ajfa-1560	237	2	adjustment	adjustment	NOUN
ajfa-1560	237	3	and	and	CCONJ
ajfa-1560	237	4	trading	trading	NOUN
ajfa-1560	237	5	strategies	strategy	NOUN
ajfa-1560	237	6	.	.	PUNCT
ajfa-1560	238	1	the	the	DET
ajfa-1560	238	2	review	review	NOUN
ajfa-1560	238	3	of	of	ADP
ajfa-1560	238	4	financial	financial	ADJ
ajfa-1560	238	5	studies	study	NOUN
ajfa-1560	238	6	,	,	PUNCT
ajfa-1560	238	7	16	16	NUM
ajfa-1560	238	8	(	(	PUNCT
ajfa-1560	238	9	2	2	NUM
ajfa-1560	238	10	)	)	PUNCT
ajfa-1560	238	11	,	,	PUNCT
ajfa-1560	238	12	459	459	NUM
ajfa-1560	238	13	-	-	SYM
ajfa-1560	238	14	485	485	NUM
ajfa-1560	238	15	.	.	PUNCT
ajfa-1560	239	1	http://dx.doi.org/10.1093/rfs/hhg001	http://dx.doi.org/10.1093/rfs/hhg001	NOUN
ajfa-1560	239	2	antoniou	antoniou	NOUN
ajfa-1560	239	3	,	,	PUNCT
ajfa-1560	239	4	a.	a.	PROPN
ajfa-1560	239	5	,	,	PUNCT
ajfa-1560	239	6	lam	lam	PROPN
ajfa-1560	239	7	,	,	PUNCT
ajfa-1560	239	8	h.y.t	h.y.t	NOUN
ajfa-1560	239	9	.	.	PUNCT
ajfa-1560	239	10	,	,	PUNCT
ajfa-1560	239	11	&	&	CCONJ
ajfa-1560	239	12	paudyal	paudyal	PROPN
ajfa-1560	239	13	,	,	PUNCT
ajfa-1560	239	14	k.	k.	PROPN
ajfa-1560	239	15	(	(	PUNCT
ajfa-1560	239	16	2007	2007	NUM
ajfa-1560	239	17	)	)	PUNCT
ajfa-1560	239	18	.	.	PUNCT
ajfa-1560	240	1	profitabilty	profitabilty	NOUN
ajfa-1560	240	2	of	of	ADP
ajfa-1560	240	3	momentum	momentum	NOUN
ajfa-1560	240	4	strategies	strategy	NOUN
ajfa-1560	240	5	in	in	ADP
ajfa-1560	240	6	international	international	ADJ
ajfa-1560	240	7	markets	market	NOUN
ajfa-1560	240	8	:	:	PUNCT
ajfa-1560	240	9	the	the	DET
ajfa-1560	240	10	roel	roel	PROPN
ajfa-1560	240	11	of	of	ADP
ajfa-1560	240	12	business	business	NOUN
ajfa-1560	240	13	cycle	cycle	NOUN
ajfa-1560	240	14	and	and	CCONJ
ajfa-1560	240	15	behavioral	behavioral	ADJ
ajfa-1560	240	16	biases	bias	NOUN
ajfa-1560	240	17	.	.	PUNCT
ajfa-1560	241	1	journal	journal	PROPN
ajfa-1560	241	2	of	of	ADP
ajfa-1560	241	3	banking	banking	NOUN
ajfa-1560	241	4	and	and	CCONJ
ajfa-1560	241	5	finance	finance	NOUN
ajfa-1560	241	6	,	,	PUNCT
ajfa-1560	241	7	955	955	NUM
ajfa-1560	241	8	-	-	SYM
ajfa-1560	241	9	972	972	NUM
ajfa-1560	241	10	.	.	PUNCT
ajfa-1560	242	1	http://dx.doi.org/10.1016/j.jbankfin.2006.08.001	http://dx.doi.org/10.1016/j.jbankfin.2006.08.001	PROPN
ajfa-1560	242	2	asness	asness	PROPN
ajfa-1560	242	3	,	,	PUNCT
ajfa-1560	242	4	c.s	c.s	PROPN
ajfa-1560	242	5	.	.	PROPN
ajfa-1560	242	6	,	,	PUNCT
ajfa-1560	242	7	porter	porter	PROPN
ajfa-1560	242	8	,	,	PUNCT
ajfa-1560	242	9	r.	r.	PROPN
ajfa-1560	242	10	b.	b.	PROPN
ajfa-1560	242	11	,	,	PUNCT
ajfa-1560	242	12	&	&	CCONJ
ajfa-1560	242	13	stevens	stevens	PROPN
ajfa-1560	242	14	,	,	PUNCT
ajfa-1560	242	15	r.l	r.l	PROPN
ajfa-1560	242	16	.	.	PROPN
ajfa-1560	242	17	(	(	PUNCT
ajfa-1560	242	18	2000	2000	NUM
ajfa-1560	242	19	)	)	PUNCT
ajfa-1560	242	20	.	.	PUNCT
ajfa-1560	243	1	predicting	predict	VERB
ajfa-1560	243	2	stock	stock	NOUN
ajfa-1560	243	3	returns	return	NOUN
ajfa-1560	243	4	using	use	VERB
ajfa-1560	243	5	industry	industry	NOUN
ajfa-1560	243	6	-	-	PUNCT
ajfa-1560	243	7	relative	relative	ADJ
ajfa-1560	243	8	firm	firm	ADJ
ajfa-1560	243	9	characteristics	characteristic	NOUN
ajfa-1560	243	10	.	.	PUNCT
ajfa-1560	244	1	aqr	aqr	PROPN
ajfa-1560	244	2	capital	capital	PROPN
ajfa-1560	244	3	management	management	NOUN
ajfa-1560	244	4	working	working	NOUN
ajfa-1560	244	5	paper	paper	NOUN
ajfa-1560	244	6	.	.	PUNCT
ajfa-1560	245	1	asian	asian	ADJ
ajfa-1560	245	2	journal	journal	PROPN
ajfa-1560	245	3	of	of	ADP
ajfa-1560	245	4	finance	finance	PROPN
ajfa-1560	245	5	&	&	CCONJ
ajfa-1560	245	6	accounting	accounting	PROPN
ajfa-1560	245	7	issn	issn	PROPN
ajfa-1560	245	8	1946	1946	NUM
ajfa-1560	245	9	-	-	PUNCT
ajfa-1560	245	10	052x	052x	NOUN
ajfa-1560	245	11	2012	2012	NUM
ajfa-1560	245	12	,	,	PUNCT
ajfa-1560	245	13	vol	vol	NOUN
ajfa-1560	245	14	.	.	PROPN
ajfa-1560	245	15	4	4	NUM
ajfa-1560	245	16	,	,	PUNCT
ajfa-1560	245	17	no	no	INTJ
ajfa-1560	245	18	.	.	NOUN
ajfa-1560	245	19	1	1	NUM
ajfa-1560	245	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1560	245	21	272	272	NUM
ajfa-1560	245	22	ball	ball	NOUN
ajfa-1560	245	23	,	,	PUNCT
ajfa-1560	245	24	r.	r.	PROPN
ajfa-1560	245	25	,	,	PUNCT
ajfa-1560	245	26	&	&	CCONJ
ajfa-1560	245	27	kothari	kothari	PROPN
ajfa-1560	245	28	,	,	PUNCT
ajfa-1560	245	29	s.	s.	PROPN
ajfa-1560	245	30	(	(	PUNCT
ajfa-1560	245	31	1989	1989	NUM
ajfa-1560	245	32	)	)	PUNCT
ajfa-1560	245	33	.	.	PUNCT
ajfa-1560	246	1	nonstationary	nonstationary	ADJ
ajfa-1560	246	2	expected	expect	VERB
ajfa-1560	246	3	returns	return	NOUN
ajfa-1560	246	4	:	:	PUNCT
ajfa-1560	246	5	implications	implication	NOUN
ajfa-1560	246	6	for	for	ADP
ajfa-1560	246	7	tests	test	NOUN
ajfa-1560	246	8	of	of	ADP
ajfa-1560	246	9	market	market	NOUN
ajfa-1560	246	10	efficiency	efficiency	NOUN
ajfa-1560	246	11	and	and	CCONJ
ajfa-1560	246	12	serial	serial	ADJ
ajfa-1560	246	13	correlation	correlation	NOUN
ajfa-1560	246	14	in	in	ADP
ajfa-1560	246	15	returns	return	NOUN
ajfa-1560	246	16	.	.	PUNCT
ajfa-1560	247	1	journal	journal	NOUN
ajfa-1560	247	2	of	of	ADP
ajfa-1560	247	3	financial	financial	ADJ
ajfa-1560	247	4	economics	economic	NOUN
ajfa-1560	247	5	,	,	PUNCT
ajfa-1560	247	6	25	25	NUM
ajfa-1560	247	7	,	,	PUNCT
ajfa-1560	247	8	51	51	NUM
ajfa-1560	247	9	-	-	SYM
ajfa-1560	247	10	74	74	NUM
ajfa-1560	247	11	.	.	PUNCT
ajfa-1560	248	1	http://dx.doi.org/10.1016/0304-405x(89)90096-2	http://dx.doi.org/10.1016/0304-405x(89)90096-2	PROPN
ajfa-1560	248	2	ball	ball	PROPN
ajfa-1560	248	3	,	,	PUNCT
ajfa-1560	248	4	r.	r.	PROPN
ajfa-1560	248	5	,	,	PUNCT
ajfa-1560	248	6	kothari	kothari	PROPN
ajfa-1560	248	7	,	,	PUNCT
ajfa-1560	248	8	s.	s.	PROPN
ajfa-1560	248	9	,	,	PUNCT
ajfa-1560	248	10	&	&	CCONJ
ajfa-1560	248	11	shanken	shanken	PROPN
ajfa-1560	248	12	,	,	PUNCT
ajfa-1560	248	13	j.	j.	PROPN
ajfa-1560	248	14	(	(	PUNCT
ajfa-1560	248	15	1995	1995	NUM
ajfa-1560	248	16	)	)	PUNCT
ajfa-1560	248	17	.	.	PUNCT
ajfa-1560	249	1	problems	problem	NOUN
ajfa-1560	249	2	in	in	ADP
ajfa-1560	249	3	measuring	measure	VERB
ajfa-1560	249	4	portfolio	portfolio	NOUN
ajfa-1560	249	5	performance	performance	NOUN
ajfa-1560	249	6	:	:	PUNCT
ajfa-1560	249	7	an	an	DET
ajfa-1560	249	8	application	application	NOUN
ajfa-1560	249	9	to	to	ADP
ajfa-1560	249	10	contrarian	contrarian	ADJ
ajfa-1560	249	11	investment	investment	NOUN
ajfa-1560	249	12	strategies	strategy	NOUN
ajfa-1560	249	13	.	.	PUNCT
ajfa-1560	250	1	journal	journal	NOUN
ajfa-1560	250	2	of	of	ADP
ajfa-1560	250	3	financial	financial	ADJ
ajfa-1560	250	4	economics	economic	NOUN
ajfa-1560	250	5	,	,	PUNCT
ajfa-1560	250	6	38	38	NUM
ajfa-1560	250	7	,	,	PUNCT
ajfa-1560	250	8	79	79	NUM
ajfa-1560	250	9	-	-	SYM
ajfa-1560	250	10	107	107	NUM
ajfa-1560	250	11	.	.	PUNCT
ajfa-1560	251	1	http://dx.doi.org/10.1016/0304-405x(94)00806-c	http://dx.doi.org/10.1016/0304-405x(94)00806-c	PROPN
ajfa-1560	251	2	banz	banz	PROPN
ajfa-1560	251	3	,	,	PUNCT
ajfa-1560	251	4	rolf	rolf	PROPN
ajfa-1560	251	5	w.	w.	PROPN
ajfa-1560	251	6	(	(	PUNCT
ajfa-1560	251	7	1981	1981	NUM
ajfa-1560	251	8	)	)	PUNCT
ajfa-1560	251	9	.	.	PUNCT
ajfa-1560	252	1	the	the	DET
ajfa-1560	252	2	relationship	relationship	NOUN
ajfa-1560	252	3	between	between	ADP
ajfa-1560	252	4	return	return	NOUN
ajfa-1560	252	5	and	and	CCONJ
ajfa-1560	252	6	market	market	NOUN
ajfa-1560	252	7	value	value	NOUN
ajfa-1560	252	8	of	of	ADP
ajfa-1560	252	9	common	common	ADJ
ajfa-1560	252	10	stocks	stock	NOUN
ajfa-1560	252	11	.	.	PUNCT
ajfa-1560	253	1	journal	journal	NOUN
ajfa-1560	253	2	of	of	ADP
ajfa-1560	253	3	financial	financial	ADJ
ajfa-1560	253	4	economics	economic	NOUN
ajfa-1560	253	5	,	,	PUNCT
ajfa-1560	253	6	9	9	NUM
ajfa-1560	253	7	,	,	PUNCT
ajfa-1560	253	8	3	3	NUM
ajfa-1560	253	9	-	-	SYM
ajfa-1560	253	10	18	18	NUM
ajfa-1560	253	11	.	.	PUNCT
ajfa-1560	254	1	http://dx.doi.org/10.1016/0304-405x(81)90018-0	http://dx.doi.org/10.1016/0304-405x(81)90018-0	PROPN
ajfa-1560	254	2	barferis	barferis	PROPN
ajfa-1560	254	3	,	,	PUNCT
ajfa-1560	254	4	n.	n.	NOUN
ajfa-1560	254	5	,	,	PUNCT
ajfa-1560	254	6	shliefer	shliefer	NOUN
ajfa-1560	254	7	,	,	PUNCT
ajfa-1560	254	8	a.	a.	NOUN
ajfa-1560	254	9	,	,	PUNCT
ajfa-1560	254	10	&	&	CCONJ
ajfa-1560	254	11	vishny	vishny	PROPN
ajfa-1560	254	12	,	,	PUNCT
ajfa-1560	254	13	r.	r.	PROPN
ajfa-1560	254	14	(	(	PUNCT
ajfa-1560	254	15	1998	1998	NUM
ajfa-1560	254	16	)	)	PUNCT
ajfa-1560	254	17	.	.	PUNCT
ajfa-1560	255	1	a	a	DET
ajfa-1560	255	2	model	model	NOUN
ajfa-1560	255	3	of	of	ADP
ajfa-1560	255	4	investor	investor	NOUN
ajfa-1560	255	5	sentiment	sentiment	NOUN
ajfa-1560	255	6	.	.	PUNCT
ajfa-1560	256	1	journal	journal	NOUN
ajfa-1560	256	2	of	of	ADP
ajfa-1560	256	3	financial	financial	ADJ
ajfa-1560	256	4	economics	economic	NOUN
ajfa-1560	256	5	,	,	PUNCT
ajfa-1560	256	6	49	49	NUM
ajfa-1560	256	7	,	,	PUNCT
ajfa-1560	256	8	307	307	NUM
ajfa-1560	256	9	-	-	SYM
ajfa-1560	256	10	343	343	NUM
ajfa-1560	256	11	.	.	PUNCT
ajfa-1560	257	1	barry	barry	PROPN
ajfa-1560	257	2	,	,	PUNCT
ajfa-1560	257	3	c.b	c.b	PROPN
ajfa-1560	257	4	.	.	PROPN
ajfa-1560	257	5	,	,	PUNCT
ajfa-1560	257	6	goldreyer	goldreyer	PROPN
ajfa-1560	257	7	,	,	PUNCT
ajfa-1560	257	8	e.	e.	PROPN
ajfa-1560	257	9	,	,	PUNCT
ajfa-1560	257	10	lockwood	lockwood	PROPN
ajfa-1560	257	11	,	,	PUNCT
ajfa-1560	257	12	l.	l.	PROPN
ajfa-1560	257	13	,	,	PUNCT
ajfa-1560	257	14	&	&	CCONJ
ajfa-1560	257	15	rodriguez	rodriguez	PROPN
ajfa-1560	257	16	,	,	PUNCT
ajfa-1560	257	17	m.	m.	NOUN
ajfa-1560	257	18	(	(	PUNCT
ajfa-1560	257	19	2002	2002	NUM
ajfa-1560	257	20	)	)	PUNCT
ajfa-1560	257	21	.	.	PUNCT
ajfa-1560	258	1	robustness	robustness	NOUN
ajfa-1560	258	2	of	of	ADP
ajfa-1560	258	3	size	size	NOUN
ajfa-1560	258	4	and	and	CCONJ
ajfa-1560	258	5	value	value	NOUN
ajfa-1560	258	6	effects	effect	NOUN
ajfa-1560	258	7	in	in	ADP
ajfa-1560	258	8	emerging	emerge	VERB
ajfa-1560	258	9	markets	market	NOUN
ajfa-1560	258	10	,	,	PUNCT
ajfa-1560	258	11	1985	1985	NUM
ajfa-1560	258	12	-	-	SYM
ajfa-1560	258	13	2000	2000	NUM
ajfa-1560	258	14	.	.	PUNCT
ajfa-1560	259	1	emerging	emerge	VERB
ajfa-1560	259	2	markets	market	NOUN
ajfa-1560	259	3	review	review	VERB
ajfa-1560	259	4	,	,	PUNCT
ajfa-1560	259	5	3	3	NUM
ajfa-1560	259	6	,	,	PUNCT
ajfa-1560	259	7	1	1	NUM
ajfa-1560	259	8	-	-	SYM
ajfa-1560	259	9	30	30	NUM
ajfa-1560	259	10	.	.	PUNCT
ajfa-1560	260	1	http://dx.doi.org/10.1016/s1566-0141(01)00028-0	http://dx.doi.org/10.1016/s1566-0141(01)00028-0	PROPN
ajfa-1560	260	2	basu	basu	PROPN
ajfa-1560	260	3	,	,	PUNCT
ajfa-1560	260	4	s.	s.	PROPN
ajfa-1560	260	5	(	(	PUNCT
ajfa-1560	260	6	1983	1983	NUM
ajfa-1560	260	7	)	)	PUNCT
ajfa-1560	260	8	.	.	PUNCT
ajfa-1560	261	1	the	the	DET
ajfa-1560	261	2	relationship	relationship	NOUN
ajfa-1560	261	3	between	between	ADP
ajfa-1560	261	4	earning	earn	VERB
ajfa-1560	261	5	yield	yield	NOUN
ajfa-1560	261	6	,	,	PUNCT
ajfa-1560	261	7	market	market	NOUN
ajfa-1560	261	8	value	value	NOUN
ajfa-1560	261	9	and	and	CCONJ
ajfa-1560	261	10	return	return	VERB
ajfa-1560	261	11	for	for	ADP
ajfa-1560	261	12	nyse	nyse	PROPN
ajfa-1560	261	13	common	common	ADJ
ajfa-1560	261	14	stocks	stock	NOUN
ajfa-1560	261	15	:	:	PUNCT
ajfa-1560	261	16	further	further	ADJ
ajfa-1560	261	17	evidence	evidence	NOUN
ajfa-1560	261	18	.	.	PUNCT
ajfa-1560	262	1	journal	journal	NOUN
ajfa-1560	262	2	of	of	ADP
ajfa-1560	262	3	financial	financial	ADJ
ajfa-1560	262	4	economics	economic	NOUN
ajfa-1560	262	5	,	,	PUNCT
ajfa-1560	262	6	12	12	NUM
ajfa-1560	262	7	,	,	PUNCT
ajfa-1560	262	8	129	129	NUM
ajfa-1560	262	9	-	-	SYM
ajfa-1560	262	10	156	156	NUM
ajfa-1560	262	11	.	.	PUNCT
ajfa-1560	263	1	http://dx.doi.org/10.1016/0304-405x(83)90031-4	http://dx.doi.org/10.1016/0304-405x(83)90031-4	PROPN
ajfa-1560	263	2	basu	basu	PROPN
ajfa-1560	263	3	,	,	PUNCT
ajfa-1560	263	4	s.	s.	PROPN
ajfa-1560	263	5	(	(	PUNCT
ajfa-1560	263	6	1977	1977	NUM
ajfa-1560	263	7	)	)	PUNCT
ajfa-1560	263	8	.	.	PUNCT
ajfa-1560	264	1	investment	investment	NOUN
ajfa-1560	264	2	performance	performance	NOUN
ajfa-1560	264	3	of	of	ADP
ajfa-1560	264	4	common	common	ADJ
ajfa-1560	264	5	stocks	stock	NOUN
ajfa-1560	264	6	in	in	ADP
ajfa-1560	264	7	relation	relation	NOUN
ajfa-1560	264	8	to	to	ADP
ajfa-1560	264	9	their	their	PRON
ajfa-1560	264	10	price	price	NOUN
ajfa-1560	264	11	earning	earn	VERB
ajfa-1560	264	12	ratios	ratio	NOUN
ajfa-1560	264	13	:	:	PUNCT
ajfa-1560	264	14	a	a	DET
ajfa-1560	264	15	test	test	NOUN
ajfa-1560	264	16	for	for	ADP
ajfa-1560	264	17	the	the	DET
ajfa-1560	264	18	effecient	effecient	ADJ
ajfa-1560	264	19	market	market	NOUN
ajfa-1560	264	20	hypothesis	hypothesis	NOUN
ajfa-1560	264	21	.	.	PUNCT
ajfa-1560	265	1	journal	journal	PROPN
ajfa-1560	265	2	of	of	ADP
ajfa-1560	265	3	finance	finance	NOUN
ajfa-1560	265	4	,	,	PUNCT
ajfa-1560	265	5	32	32	NUM
ajfa-1560	265	6	,	,	PUNCT
ajfa-1560	265	7	663	663	NUM
ajfa-1560	265	8	-	-	SYM
ajfa-1560	265	9	682	682	NUM
ajfa-1560	265	10	.	.	PUNCT
ajfa-1560	266	1	berk	berk	PROPN
ajfa-1560	266	2	,	,	PUNCT
ajfa-1560	266	3	j.	j.	PROPN
ajfa-1560	266	4	,green	,green	PROPN
ajfa-1560	266	5	,	,	PUNCT
ajfa-1560	266	6	j.	j.	PROPN
ajfa-1560	266	7	,	,	PUNCT
ajfa-1560	266	8	&	&	CCONJ
ajfa-1560	266	9	naik	naik	PROPN
ajfa-1560	266	10	,	,	PUNCT
ajfa-1560	266	11	v.	v.	PROPN
ajfa-1560	266	12	(	(	PUNCT
ajfa-1560	266	13	1999	1999	NUM
ajfa-1560	266	14	)	)	PUNCT
ajfa-1560	266	15	.	.	PUNCT
ajfa-1560	267	1	optimal	optimal	ADJ
ajfa-1560	267	2	investment	investment	NOUN
ajfa-1560	267	3	,	,	PUNCT
ajfa-1560	267	4	growth	growth	NOUN
ajfa-1560	267	5	options	option	NOUN
ajfa-1560	267	6	,	,	PUNCT
ajfa-1560	267	7	and	and	CCONJ
ajfa-1560	267	8	security	security	NOUN
ajfa-1560	267	9	returns	return	NOUN
ajfa-1560	267	10	.	.	PUNCT
ajfa-1560	268	1	journal	journal	NOUN
ajfa-1560	268	2	of	of	ADP
ajfa-1560	268	3	finance	finance	NOUN
ajfa-1560	268	4	,	,	PUNCT
ajfa-1560	268	5	54	54	NUM
ajfa-1560	268	6	,	,	PUNCT
ajfa-1560	268	7	1553	1553	NUM
ajfa-1560	268	8	-	-	SYM
ajfa-1560	268	9	1607	1607	NUM
ajfa-1560	268	10	.	.	PUNCT
ajfa-1560	269	1	http://dx.doi.org/10.1111/0022-1082.00161	http://dx.doi.org/10.1111/0022-1082.00161	ADJ
ajfa-1560	269	2	bhandari	bhandari	PROPN
ajfa-1560	269	3	,	,	PUNCT
ajfa-1560	269	4	j.s	j.s	PROPN
ajfa-1560	269	5	.	.	PROPN
ajfa-1560	269	6	,	,	PUNCT
ajfa-1560	269	7	&	&	CCONJ
ajfa-1560	269	8	weiss	weiss	PROPN
ajfa-1560	269	9	,	,	PUNCT
ajfa-1560	269	10	l.a	l.a	PROPN
ajfa-1560	269	11	.	.	PROPN
ajfa-1560	269	12	(	(	PUNCT
ajfa-1560	269	13	1996	1996	NUM
ajfa-1560	269	14	)	)	PUNCT
ajfa-1560	269	15	.	.	PUNCT
ajfa-1560	270	1	corporate	corporate	ADJ
ajfa-1560	270	2	bankruptcy	bankruptcy	NOUN
ajfa-1560	270	3	:	:	PUNCT
ajfa-1560	270	4	economic	economic	ADJ
ajfa-1560	270	5	and	and	CCONJ
ajfa-1560	270	6	legal	legal	ADJ
ajfa-1560	270	7	perspectives	perspective	NOUN
ajfa-1560	270	8	.	.	PUNCT
ajfa-1560	271	1	cambridge	cambridge	PROPN
ajfa-1560	271	2	:	:	PUNCT
ajfa-1560	271	3	cambridge	cambridge	PROPN
ajfa-1560	271	4	university	university	PROPN
ajfa-1560	271	5	.	.	PUNCT
ajfa-1560	272	1	http://dx.doi.org/10.1017/cbo9780511609435	http://dx.doi.org/10.1017/cbo9780511609435	PROPN
ajfa-1560	272	2	boni	boni	PROPN
ajfa-1560	272	3	,	,	PUNCT
ajfa-1560	272	4	l.	l.	PROPN
ajfa-1560	272	5	,	,	PUNCT
ajfa-1560	272	6	&	&	CCONJ
ajfa-1560	272	7	kent	kent	PROPN
ajfa-1560	272	8	,	,	PUNCT
ajfa-1560	272	9	l.w	l.w	PROPN
ajfa-1560	272	10	.	.	PUNCT
ajfa-1560	272	11	(	(	PUNCT
ajfa-1560	272	12	2006	2006	NUM
ajfa-1560	272	13	)	)	PUNCT
ajfa-1560	272	14	.	.	PUNCT
ajfa-1560	273	1	analysts	analyst	NOUN
ajfa-1560	273	2	,	,	PUNCT
ajfa-1560	273	3	industries	industry	NOUN
ajfa-1560	273	4	,	,	PUNCT
ajfa-1560	273	5	and	and	CCONJ
ajfa-1560	273	6	price	price	NOUN
ajfa-1560	273	7	momentum	momentum	NOUN
ajfa-1560	273	8	.	.	PUNCT
ajfa-1560	274	1	journal	journal	PROPN
ajfa-1560	274	2	of	of	ADP
ajfa-1560	274	3	financial	financial	ADJ
ajfa-1560	274	4	and	and	CCONJ
ajfa-1560	274	5	quantitative	quantitative	ADJ
ajfa-1560	274	6	analysis	analysis	NOUN
ajfa-1560	274	7	,	,	PUNCT
ajfa-1560	274	8	41(1	41(1	NUM
ajfa-1560	274	9	)	)	PUNCT
ajfa-1560	274	10	,	,	PUNCT
ajfa-1560	274	11	85	85	NUM
ajfa-1560	274	12	-	-	SYM
ajfa-1560	274	13	109	109	NUM
ajfa-1560	274	14	.	.	PUNCT
ajfa-1560	275	1	http://dx.doi.org/10.1017/s002210900000243x	http://dx.doi.org/10.1017/s002210900000243x	ADV
ajfa-1560	275	2	carhart	carhart	NOUN
ajfa-1560	275	3	,	,	PUNCT
ajfa-1560	275	4	mark	mark	NOUN
ajfa-1560	275	5	m.	m.	NOUN
ajfa-1560	275	6	(	(	PUNCT
ajfa-1560	275	7	1997	1997	NUM
ajfa-1560	275	8	)	)	PUNCT
ajfa-1560	275	9	.	.	PUNCT
ajfa-1560	276	1	on	on	ADP
ajfa-1560	276	2	persistance	persistance	NOUN
ajfa-1560	276	3	in	in	ADP
ajfa-1560	276	4	mutual	mutual	ADJ
ajfa-1560	276	5	fund	fund	NOUN
ajfa-1560	276	6	performance	performance	NOUN
ajfa-1560	276	7	.	.	PUNCT
ajfa-1560	277	1	journal	journal	PROPN
ajfa-1560	277	2	of	of	ADP
ajfa-1560	277	3	finance	finance	NOUN
ajfa-1560	277	4	,	,	PUNCT
ajfa-1560	277	5	52	52	NUM
ajfa-1560	277	6	,	,	PUNCT
ajfa-1560	277	7	57	57	NUM
ajfa-1560	277	8	-	-	SYM
ajfa-1560	277	9	82	82	NUM
ajfa-1560	277	10	.	.	PUNCT
ajfa-1560	278	1	chan	chan	PROPN
ajfa-1560	278	2	,	,	PUNCT
ajfa-1560	278	3	k.	k.	PROPN
ajfa-1560	278	4	(	(	PUNCT
ajfa-1560	278	5	1988	1988	NUM
ajfa-1560	278	6	)	)	PUNCT
ajfa-1560	278	7	.	.	PUNCT
ajfa-1560	279	1	on	on	ADP
ajfa-1560	279	2	the	the	DET
ajfa-1560	279	3	contrarian	contrarian	ADJ
ajfa-1560	279	4	investment	investment	NOUN
ajfa-1560	279	5	strategy	strategy	NOUN
ajfa-1560	279	6	.	.	PUNCT
ajfa-1560	280	1	the	the	DET
ajfa-1560	280	2	journal	journal	NOUN
ajfa-1560	280	3	of	of	ADP
ajfa-1560	280	4	business	business	NOUN
ajfa-1560	280	5	,	,	PUNCT
ajfa-1560	280	6	61(2	61(2	NUM
ajfa-1560	280	7	)	)	PUNCT
ajfa-1560	280	8	,	,	PUNCT
ajfa-1560	280	9	147	147	NUM
ajfa-1560	280	10	-	-	SYM
ajfa-1560	280	11	163	163	NUM
ajfa-1560	280	12	.	.	PUNCT
ajfa-1560	280	13	http://dx.doi.org/10.1086/296425	http://dx.doi.org/10.1086/296425	PROPN
ajfa-1560	280	14	chan	chan	PROPN
ajfa-1560	280	15	,	,	PUNCT
ajfa-1560	280	16	k.	k.	PROPN
ajfa-1560	280	17	,	,	PUNCT
ajfa-1560	280	18	hameed	hameed	PROPN
ajfa-1560	280	19	,	,	PUNCT
ajfa-1560	280	20	a.	a.	PROPN
ajfa-1560	280	21	,	,	PUNCT
ajfa-1560	280	22	&	&	CCONJ
ajfa-1560	280	23	tong	tong	PROPN
ajfa-1560	280	24	,	,	PUNCT
ajfa-1560	280	25	w.	w.	PROPN
ajfa-1560	280	26	(	(	PUNCT
ajfa-1560	280	27	2000	2000	NUM
ajfa-1560	280	28	)	)	PUNCT
ajfa-1560	280	29	.	.	PUNCT
ajfa-1560	281	1	profitability	profitability	NOUN
ajfa-1560	281	2	of	of	ADP
ajfa-1560	281	3	momentum	momentum	NOUN
ajfa-1560	281	4	stragegies	stragegie	NOUN
ajfa-1560	281	5	in	in	ADP
ajfa-1560	281	6	the	the	DET
ajfa-1560	281	7	international	international	ADJ
ajfa-1560	281	8	equity	equity	NOUN
ajfa-1560	281	9	markets	market	NOUN
ajfa-1560	281	10	.	.	PUNCT
ajfa-1560	282	1	journal	journal	NOUN
ajfa-1560	282	2	of	of	ADP
ajfa-1560	282	3	financial	financial	ADJ
ajfa-1560	282	4	and	and	CCONJ
ajfa-1560	282	5	quantitative	quantitative	ADJ
ajfa-1560	282	6	analysis	analysis	NOUN
ajfa-1560	282	7	,	,	PUNCT
ajfa-1560	282	8	35	35	NUM
ajfa-1560	282	9	(	(	PUNCT
ajfa-1560	282	10	2	2	NUM
ajfa-1560	282	11	)	)	PUNCT
ajfa-1560	282	12	,	,	PUNCT
ajfa-1560	282	13	153	153	NUM
ajfa-1560	282	14	-	-	SYM
ajfa-1560	282	15	172	172	NUM
ajfa-1560	282	16	.	.	PUNCT
ajfa-1560	283	1	http://dx.doi.org/10.2307/2676188	http://dx.doi.org/10.2307/2676188	PROPN
ajfa-1560	283	2	chan	chan	PROPN
ajfa-1560	283	3	,	,	PUNCT
ajfa-1560	283	4	l.	l.	PROPN
ajfa-1560	283	5	,	,	PUNCT
ajfa-1560	283	6	jegadeesh	jegadeesh	PROPN
ajfa-1560	283	7	,	,	PUNCT
ajfa-1560	283	8	n.	n.	NOUN
ajfa-1560	283	9	,	,	PUNCT
ajfa-1560	283	10	&	&	CCONJ
ajfa-1560	283	11	lakonishok	lakonishok	PROPN
ajfa-1560	283	12	,	,	PUNCT
ajfa-1560	283	13	j.	j.	PROPN
ajfa-1560	283	14	(	(	PUNCT
ajfa-1560	283	15	1996	1996	NUM
ajfa-1560	283	16	)	)	PUNCT
ajfa-1560	283	17	.	.	PUNCT
ajfa-1560	284	1	momentum	momentum	NOUN
ajfa-1560	284	2	strategies	strategy	NOUN
ajfa-1560	284	3	.	.	PUNCT
ajfa-1560	285	1	journal	journal	NOUN
ajfa-1560	285	2	of	of	ADP
ajfa-1560	285	3	finance	finance	NOUN
ajfa-1560	285	4	,	,	PUNCT
ajfa-1560	285	5	51	51	NUM
ajfa-1560	285	6	,	,	PUNCT
ajfa-1560	285	7	1681	1681	NUM
ajfa-1560	285	8	-	-	SYM
ajfa-1560	285	9	1713	1713	NUM
ajfa-1560	285	10	.	.	PUNCT
ajfa-1560	286	1	asian	asian	ADJ
ajfa-1560	286	2	journal	journal	PROPN
ajfa-1560	286	3	of	of	ADP
ajfa-1560	286	4	finance	finance	PROPN
ajfa-1560	286	5	&	&	CCONJ
ajfa-1560	286	6	accounting	accounting	PROPN
ajfa-1560	286	7	issn	issn	PROPN
ajfa-1560	286	8	1946	1946	NUM
ajfa-1560	286	9	-	-	PUNCT
ajfa-1560	286	10	052x	052x	NOUN
ajfa-1560	286	11	2012	2012	NUM
ajfa-1560	286	12	,	,	PUNCT
ajfa-1560	286	13	vol	vol	NOUN
ajfa-1560	286	14	.	.	PROPN
ajfa-1560	286	15	4	4	NUM
ajfa-1560	286	16	,	,	PUNCT
ajfa-1560	286	17	no	no	INTJ
ajfa-1560	286	18	.	.	NOUN
ajfa-1560	286	19	1	1	NUM
ajfa-1560	286	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1560	286	21	273	273	NUM
ajfa-1560	286	22	chan	chan	X
ajfa-1560	286	23	.	.	PUNCT
ajfa-1560	287	1	louis	louis	PROPN
ajfa-1560	287	2	k.c	k.c	PROPN
ajfa-1560	287	3	.	.	PROPN
ajfa-1560	287	4	,	,	PUNCT
ajfa-1560	287	5	hamao	hamao	PROPN
ajfa-1560	287	6	,	,	PUNCT
ajfa-1560	287	7	y.	y.	PROPN
ajfa-1560	287	8	,	,	PUNCT
ajfa-1560	287	9	&	&	CCONJ
ajfa-1560	287	10	lakonishok	lakonishok	PROPN
ajfa-1560	287	11	,	,	PUNCT
ajfa-1560	287	12	josef	josef	PROPN
ajfa-1560	287	13	.	.	PUNCT
ajfa-1560	288	1	(	(	PUNCT
ajfa-1560	288	2	1991	1991	NUM
ajfa-1560	288	3	)	)	PUNCT
ajfa-1560	288	4	.	.	PUNCT
ajfa-1560	289	1	fundamentals	fundamental	NOUN
ajfa-1560	289	2	and	and	CCONJ
ajfa-1560	289	3	stock	stock	NOUN
ajfa-1560	289	4	returns	return	NOUN
ajfa-1560	289	5	in	in	ADP
ajfa-1560	289	6	japan	japan	PROPN
ajfa-1560	289	7	.	.	PUNCT
ajfa-1560	290	1	journal	journal	PROPN
ajfa-1560	290	2	of	of	ADP
ajfa-1560	290	3	finance	finance	NOUN
ajfa-1560	290	4	,	,	PUNCT
ajfa-1560	290	5	46	46	NUM
ajfa-1560	290	6	,	,	PUNCT
ajfa-1560	290	7	1739	1739	NUM
ajfa-1560	290	8	-	-	SYM
ajfa-1560	290	9	1764	1764	NUM
ajfa-1560	290	10	.	.	PUNCT
ajfa-1560	291	1	chen	chen	PROPN
ajfa-1560	291	2	,	,	PUNCT
ajfa-1560	291	3	j.	j.	PROPN
ajfa-1560	291	4	,	,	PUNCT
ajfa-1560	291	5	benett	benett	PROPN
ajfa-1560	291	6	,	,	PUNCT
ajfa-1560	291	7	a.	a.	PROPN
ajfa-1560	291	8	,	,	PUNCT
ajfa-1560	291	9	&	&	CCONJ
ajfa-1560	291	10	zheng	zheng	PROPN
ajfa-1560	291	11	,	,	PUNCT
ajfa-1560	291	12	t.	t.	PROPN
ajfa-1560	291	13	(	(	PUNCT
ajfa-1560	291	14	2006	2006	NUM
ajfa-1560	291	15	)	)	PUNCT
ajfa-1560	291	16	.	.	PUNCT
ajfa-1560	292	1	sector	sector	NOUN
ajfa-1560	292	2	effects	effect	NOUN
ajfa-1560	292	3	in	in	ADP
ajfa-1560	292	4	developed	develop	VERB
ajfa-1560	292	5	vs.	vs.	ADP
ajfa-1560	292	6	emerging	emerge	VERB
ajfa-1560	292	7	markets	market	NOUN
ajfa-1560	292	8	.	.	PUNCT
ajfa-1560	293	1	financial	financial	ADJ
ajfa-1560	293	2	analysts	analyst	NOUN
ajfa-1560	293	3	journal	journal	NOUN
ajfa-1560	293	4	,	,	PUNCT
ajfa-1560	293	5	62	62	NUM
ajfa-1560	293	6	(	(	PUNCT
ajfa-1560	293	7	6	6	NUM
ajfa-1560	293	8	)	)	PUNCT
ajfa-1560	293	9	,	,	PUNCT
ajfa-1560	293	10	40	40	NUM
ajfa-1560	293	11	-	-	SYM
ajfa-1560	293	12	51	51	NUM
ajfa-1560	293	13	.	.	PUNCT
ajfa-1560	294	1	http://dx.doi.org/10.2469/faj.v62.n6.4352	http://dx.doi.org/10.2469/faj.v62.n6.4352	PROPN
ajfa-1560	294	2	chen	chen	PROPN
ajfa-1560	294	3	,	,	PUNCT
ajfa-1560	294	4	h.	h.	PROPN
ajfa-1560	294	5	,chen	,chen	PROPN
ajfa-1560	294	6	,	,	PUNCT
ajfa-1560	294	7	s.	s.	PROPN
ajfa-1560	294	8	,	,	PUNCT
ajfa-1560	294	9	hsin	hsin	PROPN
ajfa-1560	294	10	,	,	PUNCT
ajfa-1560	294	11	c.	c.	PROPN
ajfa-1560	294	12	,	,	PUNCT
ajfa-1560	294	13	&	&	CCONJ
ajfa-1560	294	14	lee.c	lee.c	PROPN
ajfa-1560	294	15	.	.	PUNCT
ajfa-1560	294	16	(	(	PUNCT
ajfa-1560	294	17	2010	2010	NUM
ajfa-1560	294	18	)	)	PUNCT
ajfa-1560	294	19	.	.	PUNCT
ajfa-1560	295	1	price	price	NOUN
ajfa-1560	295	2	,	,	PUNCT
ajfa-1560	295	3	earnings	earning	NOUN
ajfa-1560	295	4	and	and	CCONJ
ajfa-1560	295	5	revenue	revenue	NOUN
ajfa-1560	295	6	momentum	momentum	NOUN
ajfa-1560	295	7	strategies	strategy	NOUN
ajfa-1560	295	8	.	.	PUNCT
ajfa-1560	296	1	http://dx.doi.org/10.2139/ssrn.1571883	http://dx.doi.org/10.2139/ssrn.1571883	PROPN
ajfa-1560	297	1	chen	chen	PROPN
ajfa-1560	297	2	,	,	PUNCT
ajfa-1560	297	3	j.	j.	PROPN
ajfa-1560	297	4	,	,	PUNCT
ajfa-1560	297	5	benett	benett	PROPN
ajfa-1560	297	6	,	,	PUNCT
ajfa-1560	297	7	a.	a.	PROPN
ajfa-1560	297	8	,	,	PUNCT
ajfa-1560	297	9	&	&	CCONJ
ajfa-1560	297	10	zheng	zheng	PROPN
ajfa-1560	297	11	,	,	PUNCT
ajfa-1560	297	12	t.	t.	PROPN
ajfa-1560	297	13	(	(	PUNCT
ajfa-1560	297	14	2006	2006	NUM
ajfa-1560	297	15	)	)	PUNCT
ajfa-1560	297	16	.	.	PUNCT
ajfa-1560	298	1	sector	sector	NOUN
ajfa-1560	298	2	effects	effect	NOUN
ajfa-1560	298	3	in	in	ADP
ajfa-1560	298	4	developed	develop	VERB
ajfa-1560	298	5	vs.	vs.	ADP
ajfa-1560	298	6	emerging	emerge	VERB
ajfa-1560	298	7	markets	market	NOUN
ajfa-1560	298	8	.	.	PUNCT
ajfa-1560	299	1	financial	financial	ADJ
ajfa-1560	299	2	analyst	analyst	NOUN
ajfa-1560	299	3	journal	journal	NOUN
ajfa-1560	299	4	,	,	PUNCT
ajfa-1560	299	5	62	62	NUM
ajfa-1560	299	6	(	(	PUNCT
ajfa-1560	299	7	6	6	NUM
ajfa-1560	299	8	)	)	PUNCT
ajfa-1560	299	9	,	,	PUNCT
ajfa-1560	299	10	40	40	NUM
ajfa-1560	299	11	-	-	SYM
ajfa-1560	299	12	51	51	NUM
ajfa-1560	299	13	.	.	PUNCT
ajfa-1560	300	1	http://dx.doi.org/10.2469/faj.v62.n6.4352	http://dx.doi.org/10.2469/faj.v62.n6.4352	PROPN
ajfa-1560	300	2	chopra	chopra	PROPN
ajfa-1560	300	3	,	,	PUNCT
ajfa-1560	300	4	n.	n.	NOUN
ajfa-1560	300	5	,	,	PUNCT
ajfa-1560	300	6	lakonishok	lakonishok	PROPN
ajfa-1560	300	7	,	,	PUNCT
ajfa-1560	300	8	j.	j.	PROPN
ajfa-1560	300	9	,	,	PUNCT
ajfa-1560	300	10	&	&	CCONJ
ajfa-1560	300	11	ritter	ritter	PROPN
ajfa-1560	300	12	,	,	PUNCT
ajfa-1560	300	13	j.	j.	PROPN
ajfa-1560	300	14	(	(	PUNCT
ajfa-1560	300	15	1992	1992	NUM
ajfa-1560	300	16	)	)	PUNCT
ajfa-1560	300	17	.	.	PUNCT
ajfa-1560	301	1	measuring	measure	VERB
ajfa-1560	301	2	abnormal	abnormal	ADJ
ajfa-1560	301	3	performance	performance	NOUN
ajfa-1560	301	4	:	:	PUNCT
ajfa-1560	301	5	do	do	AUX
ajfa-1560	301	6	stocks	stock	NOUN
ajfa-1560	301	7	overreact	overreact	VERB
ajfa-1560	301	8	?	?	PUNCT
ajfa-1560	302	1	journal	journal	NOUN
ajfa-1560	302	2	of	of	ADP
ajfa-1560	302	3	financial	financial	ADJ
ajfa-1560	302	4	economics	economic	NOUN
ajfa-1560	302	5	,	,	PUNCT
ajfa-1560	302	6	31	31	NUM
ajfa-1560	302	7	,	,	PUNCT
ajfa-1560	302	8	235	235	NUM
ajfa-1560	302	9	-	-	SYM
ajfa-1560	302	10	268	268	NUM
ajfa-1560	302	11	.	.	PUNCT
ajfa-1560	303	1	http://dx.doi.org/10.1016/0304-405x(92)90005-i	http://dx.doi.org/10.1016/0304-405x(92)90005-i	PROPN
ajfa-1560	303	2	chordia	chordia	NOUN
ajfa-1560	303	3	,	,	PUNCT
ajfa-1560	303	4	t.	t.	PROPN
ajfa-1560	303	5	,	,	PUNCT
ajfa-1560	303	6	&	&	CCONJ
ajfa-1560	303	7	shivkumar	shivkumar	PROPN
ajfa-1560	303	8	,	,	PUNCT
ajfa-1560	303	9	l.	l.	PROPN
ajfa-1560	303	10	(	(	PUNCT
ajfa-1560	303	11	2002	2002	NUM
ajfa-1560	303	12	)	)	PUNCT
ajfa-1560	303	13	.	.	PUNCT
ajfa-1560	304	1	momentum	momentum	NOUN
ajfa-1560	304	2	,	,	PUNCT
ajfa-1560	304	3	business	business	NOUN
ajfa-1560	304	4	cycle	cycle	NOUN
ajfa-1560	304	5	and	and	CCONJ
ajfa-1560	304	6	time	time	NOUN
ajfa-1560	304	7	,	,	PUNCT
ajfa-1560	304	8	varying	vary	VERB
ajfa-1560	304	9	expected	expect	VERB
ajfa-1560	304	10	returns	return	NOUN
ajfa-1560	304	11	.	.	PUNCT
ajfa-1560	305	1	journal	journal	NOUN
ajfa-1560	305	2	of	of	ADP
ajfa-1560	305	3	finance	finance	NOUN
ajfa-1560	305	4	,	,	PUNCT
ajfa-1560	305	5	57	57	NUM
ajfa-1560	305	6	(	(	PUNCT
ajfa-1560	305	7	2	2	NUM
ajfa-1560	305	8	)	)	PUNCT
ajfa-1560	305	9	,	,	PUNCT
ajfa-1560	305	10	985	985	NUM
ajfa-1560	305	11	-	-	SYM
ajfa-1560	305	12	1019	1019	NUM
ajfa-1560	305	13	.	.	PUNCT
ajfa-1560	306	1	http://dx.doi.org/10.1111/1540-6261.00449	http://dx.doi.org/10.1111/1540-6261.00449	PROPN
ajfa-1560	306	2	chui	chui	PROPN
ajfa-1560	306	3	,	,	PUNCT
ajfa-1560	306	4	a.c.w	a.c.w	PROPN
ajfa-1560	306	5	.	.	PROPN
ajfa-1560	306	6	,	,	PUNCT
ajfa-1560	306	7	titman	titman	PROPN
ajfa-1560	306	8	,	,	PUNCT
ajfa-1560	306	9	s.	s.	PROPN
ajfa-1560	306	10	,	,	PUNCT
ajfa-1560	306	11	&	&	CCONJ
ajfa-1560	306	12	kim	kim	PROPN
ajfa-1560	306	13	,	,	PUNCT
ajfa-1560	306	14	j.k.c	j.k.c	NOUN
ajfa-1560	306	15	.	.	PUNCT
ajfa-1560	307	1	(	(	PUNCT
ajfa-1560	307	2	2000	2000	NUM
ajfa-1560	307	3	)	)	PUNCT
ajfa-1560	307	4	.	.	PUNCT
ajfa-1560	308	1	momentum	momentum	NOUN
ajfa-1560	308	2	,	,	PUNCT
ajfa-1560	308	3	legal	legal	ADJ
ajfa-1560	308	4	systems	system	NOUN
ajfa-1560	308	5	and	and	CCONJ
ajfa-1560	308	6	ownership	ownership	NOUN
ajfa-1560	308	7	structure	structure	NOUN
ajfa-1560	308	8	:	:	PUNCT
ajfa-1560	308	9	an	an	DET
ajfa-1560	308	10	analysis	analysis	NOUN
ajfa-1560	308	11	of	of	ADP
ajfa-1560	308	12	asian	asian	ADJ
ajfa-1560	308	13	stock	stock	NOUN
ajfa-1560	308	14	markets	market	NOUN
ajfa-1560	308	15	.	.	PUNCT
ajfa-1560	309	1	ssrn	ssrn	NOUN
ajfa-1560	309	2	,	,	PUNCT
ajfa-1560	309	3	working	work	VERB
ajfa-1560	309	4	paper	paper	NOUN
ajfa-1560	309	5	series	series	NOUN
ajfa-1560	309	6	,	,	PUNCT
ajfa-1560	309	7	social	social	ADJ
ajfa-1560	309	8	science	science	NOUN
ajfa-1560	309	9	,	,	PUNCT
ajfa-1560	309	10	electronic	electronic	ADJ
ajfa-1560	309	11	publishing	publishing	NOUN
ajfa-1560	309	12	.	.	PUNCT
ajfa-1560	310	1	claessens	claessen	NOUN
ajfa-1560	310	2	,	,	PUNCT
ajfa-1560	310	3	s.	s.	PROPN
ajfa-1560	310	4	,	,	PUNCT
ajfa-1560	310	5	dasgupta	dasgupta	PROPN
ajfa-1560	310	6	,	,	PUNCT
ajfa-1560	310	7	s.	s.	PROPN
ajfa-1560	310	8	,	,	PUNCT
ajfa-1560	310	9	&	&	CCONJ
ajfa-1560	310	10	glen	glen	PROPN
ajfa-1560	310	11	,	,	PUNCT
ajfa-1560	310	12	j.	j.	PROPN
ajfa-1560	310	13	(	(	PUNCT
ajfa-1560	310	14	1998	1998	NUM
ajfa-1560	310	15	)	)	PUNCT
ajfa-1560	310	16	.	.	PUNCT
ajfa-1560	311	1	the	the	DET
ajfa-1560	311	2	cross	cross	NOUN
ajfa-1560	311	3	section	section	NOUN
ajfa-1560	311	4	of	of	ADP
ajfa-1560	311	5	stock	stock	NOUN
ajfa-1560	311	6	returns	return	NOUN
ajfa-1560	311	7	:	:	PUNCT
ajfa-1560	311	8	evidence	evidence	NOUN
ajfa-1560	311	9	from	from	ADP
ajfa-1560	311	10	emerging	emerge	VERB
ajfa-1560	311	11	markets	market	NOUN
ajfa-1560	311	12	.	.	PUNCT
ajfa-1560	312	1	emerging	emerge	VERB
ajfa-1560	312	2	markets	market	NOUN
ajfa-1560	312	3	quarterly	quarterly	ADV
ajfa-1560	312	4	,	,	PUNCT
ajfa-1560	312	5	2	2	NUM
ajfa-1560	312	6	,	,	PUNCT
ajfa-1560	312	7	4	4	NUM
ajfa-1560	312	8	-	-	SYM
ajfa-1560	312	9	13	13	NUM
ajfa-1560	312	10	.	.	PUNCT
ajfa-1560	313	1	conrad	conrad	PROPN
ajfa-1560	313	2	,	,	PUNCT
ajfa-1560	313	3	j.	j.	PROPN
ajfa-1560	313	4	,	,	PUNCT
ajfa-1560	313	5	kaul	kaul	PROPN
ajfa-1560	313	6	,	,	PUNCT
ajfa-1560	313	7	g.	g.	PROPN
ajfa-1560	313	8	,	,	PUNCT
ajfa-1560	313	9	&	&	CCONJ
ajfa-1560	313	10	nimalendran	nimalendran	ADJ
ajfa-1560	313	11	m.	m.	NOUN
ajfa-1560	313	12	(	(	PUNCT
ajfa-1560	313	13	1991	1991	NUM
ajfa-1560	313	14	)	)	PUNCT
ajfa-1560	313	15	.	.	PUNCT
ajfa-1560	314	1	components	component	NOUN
ajfa-1560	314	2	of	of	ADP
ajfa-1560	314	3	short	short	ADJ
ajfa-1560	314	4	-	-	PUNCT
ajfa-1560	314	5	horizon	horizon	NOUN
ajfa-1560	314	6	individual	individual	ADJ
ajfa-1560	314	7	security	security	NOUN
ajfa-1560	314	8	returns	return	NOUN
ajfa-1560	314	9	.	.	PUNCT
ajfa-1560	315	1	journal	journal	NOUN
ajfa-1560	315	2	of	of	ADP
ajfa-1560	315	3	financial	financial	ADJ
ajfa-1560	315	4	economics	economic	NOUN
ajfa-1560	315	5	,	,	PUNCT
ajfa-1560	315	6	29	29	NUM
ajfa-1560	315	7	,	,	PUNCT
ajfa-1560	315	8	365	365	NUM
ajfa-1560	315	9	-	-	SYM
ajfa-1560	315	10	384	384	NUM
ajfa-1560	315	11	.	.	PUNCT
ajfa-1560	316	1	http://dx.doi.org/10.1016/0304-405x(91)90007-7	http://dx.doi.org/10.1016/0304-405x(91)90007-7	PROPN
ajfa-1560	316	2	conrad	conrad	PROPN
ajfa-1560	316	3	,	,	PUNCT
ajfa-1560	316	4	jennifer	jennifer	PROPN
ajfa-1560	316	5	,	,	PUNCT
ajfa-1560	316	6	kaul	kaul	PROPN
ajfa-1560	316	7	,	,	PUNCT
ajfa-1560	316	8	&	&	CCONJ
ajfa-1560	316	9	gautum	gautum	PROPN
ajfa-1560	316	10	.	.	PUNCT
ajfa-1560	317	1	(	(	PUNCT
ajfa-1560	317	2	1993	1993	NUM
ajfa-1560	317	3	)	)	PUNCT
ajfa-1560	317	4	.	.	PUNCT
ajfa-1560	318	1	long	long	ADJ
ajfa-1560	318	2	-	-	PUNCT
ajfa-1560	318	3	term	term	NOUN
ajfa-1560	318	4	market	market	NOUN
ajfa-1560	318	5	overreaction	overreaction	NOUN
ajfa-1560	318	6	or	or	CCONJ
ajfa-1560	318	7	biases	bias	NOUN
ajfa-1560	318	8	in	in	ADP
ajfa-1560	318	9	computed	computed	ADJ
ajfa-1560	318	10	returns	return	NOUN
ajfa-1560	318	11	?	?	PUNCT
ajfa-1560	319	1	journal	journal	NOUN
ajfa-1560	319	2	of	of	ADP
ajfa-1560	319	3	finance	finance	NOUN
ajfa-1560	319	4	,	,	PUNCT
ajfa-1560	319	5	48	48	NUM
ajfa-1560	319	6	(	(	PUNCT
ajfa-1560	319	7	1	1	NUM
ajfa-1560	319	8	)	)	PUNCT
ajfa-1560	319	9	,	,	PUNCT
ajfa-1560	319	10	39	39	NUM
ajfa-1560	319	11	-	-	SYM
ajfa-1560	319	12	63	63	NUM
ajfa-1560	319	13	.	.	PUNCT
ajfa-1560	320	1	daniel	daniel	PROPN
ajfa-1560	320	2	,	,	PUNCT
ajfa-1560	320	3	k.	k.	PROPN
ajfa-1560	320	4	,	,	PUNCT
ajfa-1560	320	5	hiirshleifer	hiirshleifer	NOUN
ajfa-1560	320	6	,	,	PUNCT
ajfa-1560	320	7	d.	d.	PROPN
ajfa-1560	320	8	,	,	PUNCT
ajfa-1560	320	9	&	&	CCONJ
ajfa-1560	320	10	subrahmanyam	subrahmanyam	PROPN
ajfa-1560	320	11	,	,	PUNCT
ajfa-1560	320	12	a.	a.	NOUN
ajfa-1560	320	13	(	(	PUNCT
ajfa-1560	320	14	1998	1998	NUM
ajfa-1560	320	15	)	)	PUNCT
ajfa-1560	320	16	.	.	PUNCT
ajfa-1560	321	1	investor	investor	NOUN
ajfa-1560	321	2	psychology	psychology	NOUN
ajfa-1560	321	3	and	and	CCONJ
ajfa-1560	321	4	security	security	NOUN
ajfa-1560	321	5	marekt	marekt	NOUN
ajfa-1560	321	6	under	under	ADP
ajfa-1560	321	7	-	-	PUNCT
ajfa-1560	321	8	and	and	CCONJ
ajfa-1560	321	9	-	-	PUNCT
ajfa-1560	321	10	over	over	ADP
ajfa-1560	321	11	reactions	reaction	NOUN
ajfa-1560	321	12	.	.	PUNCT
ajfa-1560	322	1	journal	journal	PROPN
ajfa-1560	322	2	of	of	ADP
ajfa-1560	322	3	finance	finance	NOUN
ajfa-1560	322	4	,	,	PUNCT
ajfa-1560	322	5	53	53	NUM
ajfa-1560	322	6	,	,	PUNCT
ajfa-1560	322	7	1839	1839	NUM
ajfa-1560	322	8	-	-	SYM
ajfa-1560	322	9	1886	1886	NUM
ajfa-1560	322	10	.	.	PUNCT
ajfa-1560	323	1	http://dx.doi.org/10.1111/0022-1082.00077	http://dx.doi.org/10.1111/0022-1082.00077	PROPN
ajfa-1560	323	2	dapaah	dapaah	PROPN
ajfa-1560	323	3	,	,	PUNCT
ajfa-1560	323	4	a.	a.	NOUN
ajfa-1560	323	5	,	,	PUNCT
ajfa-1560	323	6	&	&	CCONJ
ajfa-1560	323	7	peiying	peiying	PROPN
ajfa-1560	323	8	,	,	PUNCT
ajfa-1560	323	9	l.	l.	PROPN
ajfa-1560	323	10	(	(	PUNCT
ajfa-1560	323	11	2010	2010	NUM
ajfa-1560	323	12	)	)	PUNCT
ajfa-1560	323	13	.	.	PUNCT
ajfa-1560	324	1	investing	invest	VERB
ajfa-1560	324	2	in	in	ADP
ajfa-1560	324	3	reits	reit	NOUN
ajfa-1560	324	4	:	:	PUNCT
ajfa-1560	324	5	contrarian	contrarian	NOUN
ajfa-1560	324	6	versus	versus	ADP
ajfa-1560	324	7	momentum	momentum	NOUN
ajfa-1560	324	8	.	.	PUNCT
ajfa-1560	325	1	de	de	PROPN
ajfa-1560	325	2	bondt	bondt	PROPN
ajfa-1560	325	3	,	,	PUNCT
ajfa-1560	325	4	w.f	w.f	PROPN
ajfa-1560	325	5	.	.	PROPN
ajfa-1560	325	6	,	,	PUNCT
ajfa-1560	325	7	&	&	CCONJ
ajfa-1560	325	8	thaler	thaler	PROPN
ajfa-1560	325	9	,	,	PUNCT
ajfa-1560	325	10	r.	r.	PROPN
ajfa-1560	325	11	(	(	PUNCT
ajfa-1560	325	12	1985	1985	NUM
ajfa-1560	325	13	)	)	PUNCT
ajfa-1560	325	14	.	.	PUNCT
ajfa-1560	326	1	do	do	AUX
ajfa-1560	326	2	the	the	DET
ajfa-1560	326	3	stock	stock	NOUN
ajfa-1560	326	4	markets	market	NOUN
ajfa-1560	326	5	overreact	overreact	VERB
ajfa-1560	326	6	?	?	PUNCT
ajfa-1560	327	1	journal	journal	NOUN
ajfa-1560	327	2	of	of	ADP
ajfa-1560	327	3	finance	finance	NOUN
ajfa-1560	327	4	,	,	PUNCT
ajfa-1560	327	5	40	40	NUM
ajfa-1560	327	6	,	,	PUNCT
ajfa-1560	327	7	793	793	NUM
ajfa-1560	327	8	-	-	SYM
ajfa-1560	327	9	805	805	NUM
ajfa-1560	327	10	.	.	PUNCT
ajfa-1560	328	1	de	de	PROPN
ajfa-1560	328	2	bondt	bondt	PROPN
ajfa-1560	328	3	,	,	PUNCT
ajfa-1560	328	4	w.f	w.f	PROPN
ajfa-1560	328	5	.	.	PROPN
ajfa-1560	328	6	,	,	PUNCT
ajfa-1560	328	7	&	&	CCONJ
ajfa-1560	328	8	thaler	thaler	PROPN
ajfa-1560	328	9	,	,	PUNCT
ajfa-1560	328	10	r.	r.	PROPN
ajfa-1560	328	11	(	(	PUNCT
ajfa-1560	328	12	1987	1987	NUM
ajfa-1560	328	13	)	)	PUNCT
ajfa-1560	328	14	.	.	PUNCT
ajfa-1560	329	1	further	further	ADJ
ajfa-1560	329	2	evidence	evidence	NOUN
ajfa-1560	329	3	of	of	ADP
ajfa-1560	329	4	investor	investor	NOUN
ajfa-1560	329	5	overreaction	overreaction	NOUN
ajfa-1560	329	6	and	and	CCONJ
ajfa-1560	329	7	stock	stock	NOUN
ajfa-1560	329	8	market	market	NOUN
ajfa-1560	329	9	seasonality	seasonality	NOUN
ajfa-1560	329	10	.	.	PUNCT
ajfa-1560	330	1	journal	journal	PROPN
ajfa-1560	330	2	of	of	ADP
ajfa-1560	330	3	finance	finance	NOUN
ajfa-1560	330	4	,	,	PUNCT
ajfa-1560	330	5	42	42	NUM
ajfa-1560	330	6	,	,	PUNCT
ajfa-1560	330	7	557	557	NUM
ajfa-1560	330	8	-	-	SYM
ajfa-1560	330	9	581	581	NUM
ajfa-1560	330	10	.	.	PUNCT
ajfa-1560	331	1	fama	fama	PROPN
ajfa-1560	331	2	,	,	PUNCT
ajfa-1560	331	3	e.f	e.f	PROPN
ajfa-1560	331	4	.	.	PROPN
ajfa-1560	331	5	,	,	PUNCT
ajfa-1560	331	6	&	&	CCONJ
ajfa-1560	331	7	french	french	PROPN
ajfa-1560	331	8	,	,	PUNCT
ajfa-1560	331	9	k.r	k.r	PROPN
ajfa-1560	331	10	.	.	PROPN
ajfa-1560	331	11	(	(	PUNCT
ajfa-1560	331	12	1998	1998	NUM
ajfa-1560	331	13	)	)	PUNCT
ajfa-1560	331	14	.	.	PUNCT
ajfa-1560	332	1	value	value	NOUN
ajfa-1560	332	2	versus	versus	ADP
ajfa-1560	332	3	growth	growth	NOUN
ajfa-1560	332	4	:	:	PUNCT
ajfa-1560	332	5	the	the	DET
ajfa-1560	332	6	international	international	ADJ
ajfa-1560	332	7	evidence	evidence	NOUN
ajfa-1560	332	8	.	.	PUNCT
ajfa-1560	333	1	journal	journal	NOUN
ajfa-1560	333	2	of	of	ADP
ajfa-1560	333	3	finance	finance	NOUN
ajfa-1560	333	4	,	,	PUNCT
ajfa-1560	333	5	53	53	NUM
ajfa-1560	333	6	,	,	PUNCT
ajfa-1560	333	7	1975	1975	NUM
ajfa-1560	333	8	-	-	SYM
ajfa-1560	333	9	1999	1999	NUM
ajfa-1560	333	10	.	.	PUNCT
ajfa-1560	334	1	http://dx.doi.org/10.1111/0022-1082.00080	http://dx.doi.org/10.1111/0022-1082.00080	NOUN
ajfa-1560	334	2	fama	fama	PROPN
ajfa-1560	334	3	,	,	PUNCT
ajfa-1560	334	4	eugene	eugene	PROPN
ajfa-1560	334	5	f	f	PROPN
ajfa-1560	334	6	,	,	PUNCT
ajfa-1560	334	7	,	,	PUNCT
ajfa-1560	334	8	french	french	PROPN
ajfa-1560	334	9	,	,	PUNCT
ajfa-1560	334	10	&	&	CCONJ
ajfa-1560	334	11	kenneth	kenneth	PROPN
ajfa-1560	334	12	r.	r.	PROPN
ajfa-1560	334	13	(	(	PUNCT
ajfa-1560	334	14	1996	1996	NUM
ajfa-1560	334	15	)	)	PUNCT
ajfa-1560	334	16	.	.	PUNCT
ajfa-1560	335	1	multi	multi	ADJ
ajfa-1560	335	2	-	-	ADJ
ajfa-1560	335	3	factor	factor	NOUN
ajfa-1560	335	4	expalnation	expalnation	NOUN
ajfa-1560	335	5	of	of	ADP
ajfa-1560	335	6	asset	asset	NOUN
ajfa-1560	335	7	pricing	pricing	NOUN
ajfa-1560	335	8	anomalies	anomaly	NOUN
ajfa-1560	335	9	.	.	PUNCT
ajfa-1560	336	1	journal	journal	PROPN
ajfa-1560	336	2	of	of	ADP
ajfa-1560	336	3	finance	finance	NOUN
ajfa-1560	336	4	,	,	PUNCT
ajfa-1560	336	5	51	51	NUM
ajfa-1560	336	6	,	,	PUNCT
ajfa-1560	336	7	55	55	NUM
ajfa-1560	336	8	-	-	SYM
ajfa-1560	336	9	84	84	NUM
ajfa-1560	336	10	.	.	PUNCT
ajfa-1560	337	1	asian	asian	ADJ
ajfa-1560	337	2	journal	journal	PROPN
ajfa-1560	337	3	of	of	ADP
ajfa-1560	337	4	finance	finance	PROPN
ajfa-1560	337	5	&	&	CCONJ
ajfa-1560	337	6	accounting	accounting	PROPN
ajfa-1560	337	7	issn	issn	PROPN
ajfa-1560	337	8	1946	1946	NUM
ajfa-1560	337	9	-	-	PUNCT
ajfa-1560	337	10	052x	052x	NOUN
ajfa-1560	337	11	2012	2012	NUM
ajfa-1560	337	12	,	,	PUNCT
ajfa-1560	337	13	vol	vol	NOUN
ajfa-1560	337	14	.	.	PROPN
ajfa-1560	337	15	4	4	NUM
ajfa-1560	337	16	,	,	PUNCT
ajfa-1560	337	17	no	no	INTJ
ajfa-1560	337	18	.	.	NOUN
ajfa-1560	337	19	1	1	NUM
ajfa-1560	337	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1560	337	21	274	274	NUM
ajfa-1560	337	22	fama	fama	NOUN
ajfa-1560	337	23	,	,	PUNCT
ajfa-1560	337	24	eugene	eugene	PROPN
ajfa-1560	337	25	f.	f.	PROPN
ajfa-1560	337	26	,	,	PUNCT
ajfa-1560	337	27	french	french	PROPN
ajfa-1560	337	28	,	,	PUNCT
ajfa-1560	337	29	&	&	CCONJ
ajfa-1560	337	30	kenneth	kenneth	PROPN
ajfa-1560	337	31	r.	r.	PROPN
ajfa-1560	337	32	(	(	PUNCT
ajfa-1560	337	33	1993	1993	NUM
ajfa-1560	337	34	)	)	PUNCT
ajfa-1560	337	35	.	.	PUNCT
ajfa-1560	338	1	common	common	ADJ
ajfa-1560	338	2	risk	risk	NOUN
ajfa-1560	338	3	fators	fator	NOUN
ajfa-1560	338	4	in	in	ADP
ajfa-1560	338	5	the	the	DET
ajfa-1560	338	6	returns	return	NOUN
ajfa-1560	338	7	on	on	ADP
ajfa-1560	338	8	stocks	stock	NOUN
ajfa-1560	338	9	and	and	CCONJ
ajfa-1560	338	10	bonds	bond	NOUN
ajfa-1560	338	11	.	.	PUNCT
ajfa-1560	339	1	journal	journal	NOUN
ajfa-1560	339	2	of	of	ADP
ajfa-1560	339	3	financial	financial	ADJ
ajfa-1560	339	4	economics	economic	NOUN
ajfa-1560	339	5	,	,	PUNCT
ajfa-1560	339	6	33	33	NUM
ajfa-1560	339	7	,	,	PUNCT
ajfa-1560	339	8	3	3	NUM
ajfa-1560	339	9	-	-	SYM
ajfa-1560	339	10	56	56	NUM
ajfa-1560	339	11	.	.	PUNCT
ajfa-1560	340	1	http://dx.doi.org/10.1016/0304-405x(93)90023-5	http://dx.doi.org/10.1016/0304-405x(93)90023-5	PROPN
ajfa-1560	340	2	fama	fama	PROPN
ajfa-1560	340	3	,	,	PUNCT
ajfa-1560	340	4	eugene	eugene	PROPN
ajfa-1560	340	5	f.	f.	PROPN
ajfa-1560	340	6	,	,	PUNCT
ajfa-1560	340	7	french	french	PROPN
ajfa-1560	340	8	,	,	PUNCT
ajfa-1560	340	9	&	&	CCONJ
ajfa-1560	340	10	kenneth	kenneth	PROPN
ajfa-1560	340	11	r.	r.	PROPN
ajfa-1560	340	12	(	(	PUNCT
ajfa-1560	340	13	1992	1992	NUM
ajfa-1560	340	14	)	)	PUNCT
ajfa-1560	340	15	.	.	PUNCT
ajfa-1560	341	1	the	the	DET
ajfa-1560	341	2	cross	cross	NOUN
ajfa-1560	341	3	-	-	NOUN
ajfa-1560	341	4	section	section	NOUN
ajfa-1560	341	5	of	of	ADP
ajfa-1560	341	6	expected	expect	VERB
ajfa-1560	341	7	returns	return	NOUN
ajfa-1560	341	8	.	.	PUNCT
ajfa-1560	342	1	journal	journal	NOUN
ajfa-1560	342	2	of	of	ADP
ajfa-1560	342	3	finance	finance	NOUN
ajfa-1560	342	4	,	,	PUNCT
ajfa-1560	342	5	47	47	NUM
ajfa-1560	342	6	,	,	PUNCT
ajfa-1560	342	7	427	427	NUM
ajfa-1560	342	8	-	-	SYM
ajfa-1560	342	9	466	466	NUM
ajfa-1560	342	10	.	.	PUNCT
ajfa-1560	343	1	frankel	frankel	PROPN
ajfa-1560	343	2	,	,	PUNCT
ajfa-1560	343	3	j.a	j.a	PROPN
ajfa-1560	343	4	.	.	PROPN
ajfa-1560	343	5	,	,	PUNCT
ajfa-1560	343	6	&	&	CCONJ
ajfa-1560	343	7	schmukler	schmukler	ADJ
ajfa-1560	343	8	,	,	PUNCT
ajfa-1560	343	9	s.l	s.l	PROPN
ajfa-1560	343	10	.	.	PROPN
ajfa-1560	343	11	(	(	PUNCT
ajfa-1560	343	12	1996	1996	NUM
ajfa-1560	343	13	)	)	PUNCT
ajfa-1560	343	14	.	.	PUNCT
ajfa-1560	344	1	country	country	NOUN
ajfa-1560	344	2	fund	fund	NOUN
ajfa-1560	344	3	discounts	discount	NOUN
ajfa-1560	344	4	,	,	PUNCT
ajfa-1560	344	5	asymetric	asymetric	ADJ
ajfa-1560	344	6	information	information	NOUN
ajfa-1560	344	7	and	and	CCONJ
ajfa-1560	344	8	the	the	DET
ajfa-1560	344	9	mexican	mexican	ADJ
ajfa-1560	344	10	crisis	crisis	NOUN
ajfa-1560	344	11	of	of	ADP
ajfa-1560	344	12	1994	1994	NUM
ajfa-1560	344	13	:	:	PUNCT
ajfa-1560	344	14	did	do	AUX
ajfa-1560	344	15	local	local	ADJ
ajfa-1560	344	16	residents	resident	NOUN
ajfa-1560	344	17	turn	turn	VERB
ajfa-1560	344	18	pessimistic	pessimistic	ADJ
ajfa-1560	344	19	before	before	ADP
ajfa-1560	344	20	international	international	ADJ
ajfa-1560	344	21	investors	investor	NOUN
ajfa-1560	344	22	?	?	PUNCT
ajfa-1560	345	1	open	open	ADJ
ajfa-1560	345	2	economics	economic	NOUN
ajfa-1560	345	3	review	review	NOUN
ajfa-1560	345	4	,	,	PUNCT
ajfa-1560	345	5	7	7	NUM
ajfa-1560	345	6	,	,	PUNCT
ajfa-1560	345	7	511	511	NUM
ajfa-1560	345	8	-	-	SYM
ajfa-1560	345	9	534	534	NUM
ajfa-1560	345	10	.	.	PUNCT
ajfa-1560	346	1	http://dx.doi.org/10.1007/bf01886211	http://dx.doi.org/10.1007/bf01886211	PROPN
ajfa-1560	346	2	fraulo	fraulo	PROPN
ajfa-1560	346	3	,	,	PUNCT
ajfa-1560	346	4	p.	p.	NOUN
ajfa-1560	346	5	,	,	PUNCT
ajfa-1560	346	6	&	&	CCONJ
ajfa-1560	346	7	nguyen	nguyen	PROPN
ajfa-1560	346	8	,	,	PUNCT
ajfa-1560	346	9	j.	j.	PROPN
ajfa-1560	346	10	(	(	PUNCT
ajfa-1560	346	11	2009	2009	NUM
ajfa-1560	346	12	)	)	PUNCT
ajfa-1560	346	13	.	.	PUNCT
ajfa-1560	347	1	do	do	AUX
ajfa-1560	347	2	industries	industry	NOUN
ajfa-1560	347	3	explain	explain	VERB
ajfa-1560	347	4	momentum	momentum	NOUN
ajfa-1560	347	5	?	?	PUNCT
ajfa-1560	348	1	a	a	DET
ajfa-1560	348	2	replication	replication	NOUN
ajfa-1560	348	3	of	of	ADP
ajfa-1560	348	4	moskowitz	moskowitz	PROPN
ajfa-1560	348	5	and	and	CCONJ
ajfa-1560	348	6	grinblatt	grinblatt	PROPN
ajfa-1560	348	7	2004	2004	NUM
ajfa-1560	348	8	.	.	PUNCT
ajfa-1560	349	1	kanecap.com/doc/williams/.../fraulo_nguyen_econ18_2009.pdf	kanecap.com/doc/williams/.../fraulo_nguyen_econ18_2009.pdf	NOUN
ajfa-1560	349	2	.	.	PUNCT
ajfa-1560	350	1	froot	froot	PROPN
ajfa-1560	350	2	,	,	PUNCT
ajfa-1560	350	3	k.	k.	PROPN
ajfa-1560	350	4	,	,	PUNCT
ajfa-1560	350	5	o	o	PROPN
ajfa-1560	350	6	connell	connell	PROPN
ajfa-1560	350	7	,	,	PUNCT
ajfa-1560	350	8	&	&	CCONJ
ajfa-1560	350	9	seasholes	seashole	NOUN
ajfa-1560	350	10	,	,	PUNCT
ajfa-1560	350	11	p.	p.	NOUN
ajfa-1560	350	12	(	(	PUNCT
ajfa-1560	350	13	2001	2001	NUM
ajfa-1560	350	14	)	)	PUNCT
ajfa-1560	350	15	.	.	PUNCT
ajfa-1560	351	1	the	the	DET
ajfa-1560	351	2	portfolio	portfolio	NOUN
ajfa-1560	351	3	flows	flow	VERB
ajfa-1560	351	4	of	of	ADP
ajfa-1560	351	5	international	international	ADJ
ajfa-1560	351	6	investors	investor	NOUN
ajfa-1560	351	7	.	.	PUNCT
ajfa-1560	352	1	journal	journal	PROPN
ajfa-1560	352	2	of	of	ADP
ajfa-1560	352	3	financial	financial	ADJ
ajfa-1560	352	4	economics	economic	NOUN
ajfa-1560	352	5	,	,	PUNCT
ajfa-1560	352	6	59	59	NUM
ajfa-1560	352	7	,	,	PUNCT
ajfa-1560	352	8	2515	2515	NUM
ajfa-1560	352	9	-	-	SYM
ajfa-1560	352	10	2547	2547	NUM
ajfa-1560	352	11	.	.	PUNCT
ajfa-1560	353	1	http://dx.doi.org/10.1016/s0304-405x(00)00084-2	http://dx.doi.org/10.1016/s0304-405x(00)00084-2	PROPN
ajfa-1560	353	2	gabbi	gabbi	PROPN
ajfa-1560	353	3	,	,	PUNCT
ajfa-1560	353	4	g.	g.	PROPN
ajfa-1560	353	5	(	(	PUNCT
ajfa-1560	353	6	2005	2005	NUM
ajfa-1560	353	7	)	)	PUNCT
ajfa-1560	353	8	.	.	PUNCT
ajfa-1560	354	1	semi	semi	NOUN
ajfa-1560	354	2	-	-	NOUN
ajfa-1560	354	3	correlations	correlation	NOUN
ajfa-1560	354	4	as	as	ADP
ajfa-1560	354	5	a	a	DET
ajfa-1560	354	6	tool	tool	NOUN
ajfa-1560	354	7	fot	fot	VERB
ajfa-1560	354	8	geographical	geographical	ADJ
ajfa-1560	354	9	and	and	CCONJ
ajfa-1560	354	10	sector	sector	NOUN
ajfa-1560	354	11	asset	asset	NOUN
ajfa-1560	354	12	allocation	allocation	NOUN
ajfa-1560	354	13	.	.	PUNCT
ajfa-1560	355	1	the	the	DET
ajfa-1560	355	2	european	european	PROPN
ajfa-1560	355	3	journal	journal	PROPN
ajfa-1560	355	4	of	of	ADP
ajfa-1560	355	5	finance	finance	NOUN
ajfa-1560	355	6	,	,	PUNCT
ajfa-1560	355	7	11	11	NUM
ajfa-1560	355	8	(	(	PUNCT
ajfa-1560	355	9	3	3	NUM
ajfa-1560	355	10	)	)	PUNCT
ajfa-1560	355	11	,	,	PUNCT
ajfa-1560	355	12	271	271	NUM
ajfa-1560	355	13	-	-	SYM
ajfa-1560	355	14	281	281	NUM
ajfa-1560	355	15	.	.	PUNCT
ajfa-1560	356	1	http://dx.doi.org/10.1080/13518470500039220	http://dx.doi.org/10.1080/13518470500039220	PROPN
ajfa-1560	356	2	goetzmann	goetzmann	PROPN
ajfa-1560	356	3	,	,	PUNCT
ajfa-1560	356	4	w.	w.	PROPN
ajfa-1560	356	5	n.	n.	PROPN
ajfa-1560	356	6	,	,	PUNCT
ajfa-1560	356	7	&	&	CCONJ
ajfa-1560	356	8	massa	massa	PROPN
ajfa-1560	356	9	,	,	PUNCT
ajfa-1560	356	10	m.	m.	NOUN
ajfa-1560	356	11	(	(	PUNCT
ajfa-1560	356	12	2002	2002	NUM
ajfa-1560	356	13	)	)	PUNCT
ajfa-1560	356	14	.	.	PUNCT
ajfa-1560	357	1	daily	daily	ADJ
ajfa-1560	357	2	momentum	momentum	NOUN
ajfa-1560	357	3	and	and	CCONJ
ajfa-1560	357	4	contrarian	contrarian	ADJ
ajfa-1560	357	5	behavior	behavior	NOUN
ajfa-1560	357	6	of	of	ADP
ajfa-1560	357	7	index	index	NOUN
ajfa-1560	357	8	fund	fund	NOUN
ajfa-1560	357	9	investors	investor	NOUN
ajfa-1560	357	10	.	.	PUNCT
ajfa-1560	358	1	journal	journal	PROPN
ajfa-1560	358	2	of	of	ADP
ajfa-1560	358	3	financial	financial	ADJ
ajfa-1560	358	4	and	and	CCONJ
ajfa-1560	358	5	quantitave	quantitave	NOUN
ajfa-1560	358	6	analysis	analysis	NOUN
ajfa-1560	358	7	,	,	PUNCT
ajfa-1560	358	8	37	37	NUM
ajfa-1560	358	9	(	(	PUNCT
ajfa-1560	358	10	3	3	NUM
ajfa-1560	358	11	)	)	PUNCT
ajfa-1560	358	12	,	,	PUNCT
ajfa-1560	358	13	375	375	NUM
ajfa-1560	358	14	-	-	SYM
ajfa-1560	358	15	389	389	NUM
ajfa-1560	358	16	.	.	PUNCT
ajfa-1560	359	1	http://dx.doi.org/10.2307/3594985	http://dx.doi.org/10.2307/3594985	PROPN
ajfa-1560	359	2	grundy	grundy	PROPN
ajfa-1560	359	3	,	,	PUNCT
ajfa-1560	359	4	b.	b.	PROPN
ajfa-1560	359	5	,	,	PUNCT
ajfa-1560	359	6	&	&	CCONJ
ajfa-1560	359	7	martin	martin	PROPN
ajfa-1560	359	8	,	,	PUNCT
ajfa-1560	359	9	s.	s.	PROPN
ajfa-1560	359	10	(	(	PUNCT
ajfa-1560	359	11	2002	2002	NUM
ajfa-1560	359	12	)	)	PUNCT
ajfa-1560	359	13	.	.	PUNCT
ajfa-1560	360	1	understanding	understand	VERB
ajfa-1560	360	2	the	the	DET
ajfa-1560	360	3	nature	nature	NOUN
ajfa-1560	360	4	of	of	ADP
ajfa-1560	360	5	risks	risk	NOUN
ajfa-1560	360	6	and	and	CCONJ
ajfa-1560	360	7	the	the	DET
ajfa-1560	360	8	sources	source	NOUN
ajfa-1560	360	9	of	of	ADP
ajfa-1560	360	10	momentum	momentum	NOUN
ajfa-1560	360	11	investing	investing	NOUN
ajfa-1560	360	12	.	.	PUNCT
ajfa-1560	361	1	review	review	NOUN
ajfa-1560	361	2	of	of	ADP
ajfa-1560	361	3	financial	financial	ADJ
ajfa-1560	361	4	studies	study	NOUN
ajfa-1560	361	5	,	,	PUNCT
ajfa-1560	361	6	14	14	NUM
ajfa-1560	361	7	,	,	PUNCT
ajfa-1560	361	8	29	29	NUM
ajfa-1560	361	9	-	-	SYM
ajfa-1560	361	10	78	78	NUM
ajfa-1560	361	11	.	.	PUNCT
ajfa-1560	362	1	http://dx.doi.org/10.1093/rfs/14.1.29	http://dx.doi.org/10.1093/rfs/14.1.29	NOUN
ajfa-1560	362	2	hameed	hameed	NOUN
ajfa-1560	362	3	,	,	PUNCT
ajfa-1560	362	4	a.	a.	NOUN
ajfa-1560	362	5	,	,	PUNCT
ajfa-1560	362	6	&	&	CCONJ
ajfa-1560	362	7	kusnadi	kusnadi	PROPN
ajfa-1560	362	8	,	,	PUNCT
ajfa-1560	362	9	y.	y.	PROPN
ajfa-1560	362	10	(	(	PUNCT
ajfa-1560	362	11	2002	2002	NUM
ajfa-1560	362	12	)	)	PUNCT
ajfa-1560	362	13	.	.	PUNCT
ajfa-1560	363	1	momentum	momentum	NOUN
ajfa-1560	363	2	strategies	strategy	NOUN
ajfa-1560	363	3	:	:	PUNCT
ajfa-1560	363	4	evidence	evidence	NOUN
ajfa-1560	363	5	from	from	ADP
ajfa-1560	363	6	pacific	pacific	PROPN
ajfa-1560	363	7	basin	basin	NOUN
ajfa-1560	363	8	stock	stock	NOUN
ajfa-1560	363	9	markets	market	NOUN
ajfa-1560	363	10	.	.	PUNCT
ajfa-1560	364	1	journal	journal	NOUN
ajfa-1560	364	2	of	of	ADP
ajfa-1560	364	3	financial	financial	ADJ
ajfa-1560	364	4	research	research	NOUN
ajfa-1560	364	5	,	,	PUNCT
ajfa-1560	364	6	25	25	NUM
ajfa-1560	364	7	(	(	PUNCT
ajfa-1560	364	8	3	3	NUM
ajfa-1560	364	9	)	)	PUNCT
ajfa-1560	364	10	,	,	PUNCT
ajfa-1560	364	11	383	383	NUM
ajfa-1560	364	12	-	-	SYM
ajfa-1560	364	13	397	397	NUM
ajfa-1560	364	14	.	.	PUNCT
ajfa-1560	365	1	http://dx.doi.org/10.1111/1475-6803.00025	http://dx.doi.org/10.1111/1475-6803.00025	VERB
ajfa-1560	365	2	hong	hong	PROPN
ajfa-1560	365	3	,	,	PUNCT
ajfa-1560	365	4	h.	h.	PROPN
ajfa-1560	365	5	,	,	PUNCT
ajfa-1560	365	6	lim	lim	PROPN
ajfa-1560	365	7	,	,	PUNCT
ajfa-1560	365	8	j.c	j.c	PROPN
ajfa-1560	365	9	.	.	PROPN
ajfa-1560	365	10	,	,	PUNCT
ajfa-1560	365	11	&	&	CCONJ
ajfa-1560	365	12	stien	stien	PROPN
ajfa-1560	365	13	,	,	PUNCT
ajfa-1560	365	14	j.	j.	PROPN
ajfa-1560	365	15	(	(	PUNCT
ajfa-1560	365	16	2000	2000	NUM
ajfa-1560	365	17	)	)	PUNCT
ajfa-1560	365	18	.	.	PUNCT
ajfa-1560	366	1	bad	bad	ADJ
ajfa-1560	366	2	news	news	NOUN
ajfa-1560	366	3	travels	travel	VERB
ajfa-1560	366	4	slowly	slowly	ADV
ajfa-1560	366	5	:	:	PUNCT
ajfa-1560	366	6	size	size	NOUN
ajfa-1560	366	7	,	,	PUNCT
ajfa-1560	366	8	analyst	analyst	NOUN
ajfa-1560	366	9	coverage	coverage	NOUN
ajfa-1560	366	10	,	,	PUNCT
ajfa-1560	366	11	and	and	CCONJ
ajfa-1560	366	12	the	the	DET
ajfa-1560	366	13	profitability	profitability	NOUN
ajfa-1560	366	14	of	of	ADP
ajfa-1560	366	15	momentum	momentum	NOUN
ajfa-1560	366	16	strategies	strategy	NOUN
ajfa-1560	366	17	.	.	PUNCT
ajfa-1560	367	1	journal	journal	NOUN
ajfa-1560	367	2	of	of	ADP
ajfa-1560	367	3	finance	finance	NOUN
ajfa-1560	367	4	,	,	PUNCT
ajfa-1560	367	5	55	55	NUM
ajfa-1560	367	6	,	,	PUNCT
ajfa-1560	367	7	265	265	NUM
ajfa-1560	367	8	-	-	SYM
ajfa-1560	367	9	295	295	NUM
ajfa-1560	367	10	.	.	PUNCT
ajfa-1560	368	1	http://dx.doi.org/10.1111/0022-1082.00206	http://dx.doi.org/10.1111/0022-1082.00206	PRON
ajfa-1560	368	2	hong	hong	PROPN
ajfa-1560	368	3	,	,	PUNCT
ajfa-1560	368	4	h.	h.	PROPN
ajfa-1560	368	5	,	,	PUNCT
ajfa-1560	368	6	&	&	CCONJ
ajfa-1560	368	7	stien	stien	PROPN
ajfa-1560	368	8	,	,	PUNCT
ajfa-1560	368	9	j.	j.	PROPN
ajfa-1560	368	10	(	(	PUNCT
ajfa-1560	368	11	1999	1999	NUM
ajfa-1560	368	12	)	)	PUNCT
ajfa-1560	368	13	.	.	PUNCT
ajfa-1560	369	1	a	a	DET
ajfa-1560	369	2	unified	unified	ADJ
ajfa-1560	369	3	theory	theory	NOUN
ajfa-1560	369	4	of	of	ADP
ajfa-1560	369	5	underreaction	underreaction	NOUN
ajfa-1560	369	6	,	,	PUNCT
ajfa-1560	369	7	momentum	momentum	NOUN
ajfa-1560	369	8	trading	trading	NOUN
ajfa-1560	369	9	and	and	CCONJ
ajfa-1560	369	10	overreaction	overreaction	NOUN
ajfa-1560	369	11	in	in	ADP
ajfa-1560	369	12	assets	asset	NOUN
ajfa-1560	369	13	markets	market	NOUN
ajfa-1560	369	14	.	.	PUNCT
ajfa-1560	370	1	journal	journal	PROPN
ajfa-1560	370	2	of	of	ADP
ajfa-1560	370	3	finance	finance	NOUN
ajfa-1560	370	4	,	,	PUNCT
ajfa-1560	370	5	55	55	NUM
ajfa-1560	370	6	,	,	PUNCT
ajfa-1560	370	7	265	265	NUM
ajfa-1560	370	8	-	-	SYM
ajfa-1560	370	9	295	295	NUM
ajfa-1560	370	10	.	.	PUNCT
ajfa-1560	371	1	http://dx.doi.org/10.1111/0022-1082.00206	http://dx.doi.org/10.1111/0022-1082.00206	DET
ajfa-1560	371	2	jegadeesh	jegadeesh	NOUN
ajfa-1560	371	3	,	,	PUNCT
ajfa-1560	371	4	n.	n.	NOUN
ajfa-1560	371	5	,	,	PUNCT
ajfa-1560	371	6	&	&	CCONJ
ajfa-1560	371	7	titman	titman	PROPN
ajfa-1560	371	8	,	,	PUNCT
ajfa-1560	371	9	s.	s.	PROPN
ajfa-1560	371	10	(	(	PUNCT
ajfa-1560	371	11	2001	2001	NUM
ajfa-1560	371	12	)	)	PUNCT
ajfa-1560	371	13	.	.	PUNCT
ajfa-1560	372	1	profitability	profitability	NOUN
ajfa-1560	372	2	of	of	ADP
ajfa-1560	372	3	momentum	momentum	NOUN
ajfa-1560	372	4	strategies	strategy	NOUN
ajfa-1560	372	5	:	:	PUNCT
ajfa-1560	372	6	an	an	DET
ajfa-1560	372	7	evaluation	evaluation	NOUN
ajfa-1560	372	8	of	of	ADP
ajfa-1560	372	9	alternative	alternative	ADJ
ajfa-1560	372	10	explanations	explanation	NOUN
ajfa-1560	372	11	.	.	PUNCT
ajfa-1560	373	1	journal	journal	NOUN
ajfa-1560	373	2	of	of	ADP
ajfa-1560	373	3	finance	finance	NOUN
ajfa-1560	373	4	,	,	PUNCT
ajfa-1560	373	5	56	56	NUM
ajfa-1560	373	6	,	,	PUNCT
ajfa-1560	373	7	699	699	NUM
ajfa-1560	373	8	-	-	SYM
ajfa-1560	373	9	720	720	NUM
ajfa-1560	373	10	.	.	PUNCT
ajfa-1560	374	1	http://dx.doi.org/10.1111/0022-1082.00342	http://dx.doi.org/10.1111/0022-1082.00342	NOUN
ajfa-1560	374	2	asian	asian	ADJ
ajfa-1560	374	3	journal	journal	NOUN
ajfa-1560	374	4	of	of	ADP
ajfa-1560	374	5	finance	finance	PROPN
ajfa-1560	374	6	&	&	CCONJ
ajfa-1560	374	7	accounting	accounting	PROPN
ajfa-1560	374	8	issn	issn	PROPN
ajfa-1560	374	9	1946	1946	NUM
ajfa-1560	374	10	-	-	PUNCT
ajfa-1560	374	11	052x	052x	NOUN
ajfa-1560	374	12	2012	2012	NUM
ajfa-1560	374	13	,	,	PUNCT
ajfa-1560	374	14	vol	vol	NOUN
ajfa-1560	374	15	.	.	PROPN
ajfa-1560	374	16	4	4	NUM
ajfa-1560	374	17	,	,	PUNCT
ajfa-1560	374	18	no	no	INTJ
ajfa-1560	374	19	.	.	NOUN
ajfa-1560	374	20	1	1	NUM
ajfa-1560	374	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1560	374	22	275	275	NUM
ajfa-1560	374	23	jegadeesh	jegadeesh	NOUN
ajfa-1560	374	24	,	,	PUNCT
ajfa-1560	374	25	n.	n.	NOUN
ajfa-1560	374	26	,	,	PUNCT
ajfa-1560	374	27	&	&	CCONJ
ajfa-1560	374	28	titman	titman	PROPN
ajfa-1560	374	29	,	,	PUNCT
ajfa-1560	374	30	s.	s.	PROPN
ajfa-1560	374	31	(	(	PUNCT
ajfa-1560	374	32	2002	2002	NUM
ajfa-1560	374	33	)	)	PUNCT
ajfa-1560	374	34	.	.	PUNCT
ajfa-1560	375	1	cross	cross	ADJ
ajfa-1560	375	2	-	-	ADJ
ajfa-1560	375	3	sectional	sectional	ADJ
ajfa-1560	375	4	and	and	CCONJ
ajfa-1560	375	5	time	time	NOUN
ajfa-1560	375	6	series	series	NOUN
ajfa-1560	375	7	determinants	determinant	NOUN
ajfa-1560	375	8	of	of	ADP
ajfa-1560	375	9	momentum	momentum	NOUN
ajfa-1560	375	10	returns	return	NOUN
ajfa-1560	375	11	.	.	PUNCT
ajfa-1560	376	1	review	review	NOUN
ajfa-1560	376	2	of	of	ADP
ajfa-1560	376	3	financial	financial	ADJ
ajfa-1560	376	4	studies	study	NOUN
ajfa-1560	376	5	,	,	PUNCT
ajfa-1560	376	6	15	15	NUM
ajfa-1560	376	7	,	,	PUNCT
ajfa-1560	376	8	143	143	NUM
ajfa-1560	376	9	-	-	SYM
ajfa-1560	376	10	158	158	NUM
ajfa-1560	376	11	.	.	PUNCT
ajfa-1560	376	12	http://dx.doi.org/10.1093/rfs/15.1.143	http://dx.doi.org/10.1093/rfs/15.1.143	PROPN
ajfa-1560	376	13	jegadeesh	jegadeesh	PROPN
ajfa-1560	376	14	,	,	PUNCT
ajfa-1560	376	15	n.	n.	NOUN
ajfa-1560	376	16	,	,	PUNCT
ajfa-1560	376	17	&	&	CCONJ
ajfa-1560	376	18	titman	titman	PROPN
ajfa-1560	376	19	,	,	PUNCT
ajfa-1560	376	20	s.	s.	PROPN
ajfa-1560	376	21	(	(	PUNCT
ajfa-1560	376	22	1995	1995	NUM
ajfa-1560	376	23	)	)	PUNCT
ajfa-1560	376	24	.	.	PUNCT
ajfa-1560	377	1	overreaction	overreaction	NOUN
ajfa-1560	377	2	,	,	PUNCT
ajfa-1560	377	3	delayed	delay	VERB
ajfa-1560	377	4	reaction	reaction	NOUN
ajfa-1560	377	5	,	,	PUNCT
ajfa-1560	377	6	and	and	CCONJ
ajfa-1560	377	7	contrarian	contrarian	ADJ
ajfa-1560	377	8	profits	profit	NOUN
ajfa-1560	377	9	.	.	PUNCT
ajfa-1560	378	1	review	review	NOUN
ajfa-1560	378	2	of	of	ADP
ajfa-1560	378	3	financial	financial	ADJ
ajfa-1560	378	4	studies	study	NOUN
ajfa-1560	378	5	,	,	PUNCT
ajfa-1560	378	6	48	48	NUM
ajfa-1560	378	7	,	,	PUNCT
ajfa-1560	378	8	973	973	NUM
ajfa-1560	378	9	-	-	SYM
ajfa-1560	378	10	993	993	NUM
ajfa-1560	378	11	.	.	PUNCT
ajfa-1560	379	1	http://dx.doi.org/10.1093/rfs/8.4.973	http://dx.doi.org/10.1093/rfs/8.4.973	ADP
ajfa-1560	379	2	jegadeesh	jegadeesh	PROPN
ajfa-1560	379	3	,	,	PUNCT
ajfa-1560	379	4	n.	n.	NOUN
ajfa-1560	379	5	,	,	PUNCT
ajfa-1560	379	6	&	&	CCONJ
ajfa-1560	379	7	titman	titman	PROPN
ajfa-1560	379	8	,	,	PUNCT
ajfa-1560	379	9	s.	s.	PROPN
ajfa-1560	379	10	(	(	PUNCT
ajfa-1560	379	11	1993	1993	NUM
ajfa-1560	379	12	)	)	PUNCT
ajfa-1560	379	13	.	.	PUNCT
ajfa-1560	380	1	returns	return	NOUN
ajfa-1560	380	2	to	to	ADP
ajfa-1560	380	3	buying	buy	VERB
ajfa-1560	380	4	winners	winner	NOUN
ajfa-1560	380	5	and	and	CCONJ
ajfa-1560	380	6	selling	sell	VERB
ajfa-1560	380	7	losers	loser	NOUN
ajfa-1560	380	8	:	:	PUNCT
ajfa-1560	380	9	implications	implication	NOUN
ajfa-1560	380	10	of	of	ADP
ajfa-1560	380	11	stock	stock	NOUN
ajfa-1560	380	12	market	market	NOUN
ajfa-1560	380	13	effeciency	effeciency	NOUN
ajfa-1560	380	14	.	.	PUNCT
ajfa-1560	381	1	journal	journal	NOUN
ajfa-1560	381	2	of	of	ADP
ajfa-1560	381	3	finance	finance	NOUN
ajfa-1560	381	4	,	,	PUNCT
ajfa-1560	381	5	48	48	NUM
ajfa-1560	381	6	,	,	PUNCT
ajfa-1560	381	7	65	65	NUM
ajfa-1560	381	8	-	-	SYM
ajfa-1560	381	9	91	91	NUM
ajfa-1560	381	10	.	.	PUNCT
ajfa-1560	382	1	jung	jung	PROPN
ajfa-1560	382	2	,	,	PUNCT
ajfa-1560	382	3	j.	j.	PROPN
ajfa-1560	382	4	,	,	PUNCT
ajfa-1560	382	5	&	&	CCONJ
ajfa-1560	382	6	shiller	shiller	PROPN
ajfa-1560	382	7	,	,	PUNCT
ajfa-1560	382	8	r.	r.	PROPN
ajfa-1560	382	9	(	(	PUNCT
ajfa-1560	382	10	2005	2005	NUM
ajfa-1560	382	11	)	)	PUNCT
ajfa-1560	382	12	.	.	PUNCT
ajfa-1560	383	1	samuelson	samuelson	PROPN
ajfa-1560	383	2	's	's	PART
ajfa-1560	383	3	dictum	dictum	NOUN
ajfa-1560	383	4	and	and	CCONJ
ajfa-1560	383	5	the	the	DET
ajfa-1560	383	6	stock	stock	NOUN
ajfa-1560	383	7	market	market	NOUN
ajfa-1560	383	8	.	.	PUNCT
ajfa-1560	384	1	economic	economic	ADJ
ajfa-1560	384	2	inquiry	inquiry	NOUN
ajfa-1560	384	3	,	,	PUNCT
ajfa-1560	384	4	43	43	NUM
ajfa-1560	384	5	(	(	PUNCT
ajfa-1560	384	6	2	2	NUM
ajfa-1560	384	7	)	)	PUNCT
ajfa-1560	384	8	,	,	PUNCT
ajfa-1560	384	9	221–228	221–228	NUM
ajfa-1560	384	10	.	.	PUNCT
ajfa-1560	385	1	http://dx.doi.org/10.1093/ei/cbi015	http://dx.doi.org/10.1093/ei/cbi015	PROPN
ajfa-1560	385	2	kaminsky	kaminsky	PROPN
ajfa-1560	385	3	,	,	PUNCT
ajfa-1560	385	4	g.	g.	PROPN
ajfa-1560	385	5	,	,	PUNCT
ajfa-1560	385	6	lyons	lyons	PROPN
ajfa-1560	385	7	.	.	PUNCT
ajfa-1560	386	1	r.k	r.k	PROPN
ajfa-1560	386	2	.	.	PROPN
ajfa-1560	386	3	,	,	PUNCT
ajfa-1560	386	4	&	&	CCONJ
ajfa-1560	386	5	schmukler	schmukler	ADJ
ajfa-1560	386	6	,	,	PUNCT
ajfa-1560	386	7	s.l	s.l	PROPN
ajfa-1560	386	8	.	.	PROPN
ajfa-1560	386	9	(	(	PUNCT
ajfa-1560	386	10	2004	2004	NUM
ajfa-1560	386	11	)	)	PUNCT
ajfa-1560	386	12	.	.	PUNCT
ajfa-1560	387	1	managers	manager	NOUN
ajfa-1560	387	2	,	,	PUNCT
ajfa-1560	387	3	investors	investor	NOUN
ajfa-1560	387	4	,	,	PUNCT
ajfa-1560	387	5	crises	crisis	NOUN
ajfa-1560	387	6	:	:	PUNCT
ajfa-1560	387	7	mutual	mutual	ADJ
ajfa-1560	387	8	fund	fund	NOUN
ajfa-1560	387	9	strategies	strategy	NOUN
ajfa-1560	387	10	in	in	ADP
ajfa-1560	387	11	emerging	emerge	VERB
ajfa-1560	387	12	markets	market	NOUN
ajfa-1560	387	13	.	.	PUNCT
ajfa-1560	388	1	journal	journal	NOUN
ajfa-1560	388	2	of	of	ADP
ajfa-1560	388	3	international	international	ADJ
ajfa-1560	388	4	economics	economic	NOUN
ajfa-1560	388	5	,	,	PUNCT
ajfa-1560	388	6	64	64	NUM
ajfa-1560	388	7	,	,	PUNCT
ajfa-1560	388	8	113	113	NUM
ajfa-1560	388	9	-	-	SYM
ajfa-1560	388	10	134	134	NUM
ajfa-1560	388	11	.	.	PUNCT
ajfa-1560	389	1	http://dx.doi.org/10.1016/s0022-1996(03)00075-8	http://dx.doi.org/10.1016/s0022-1996(03)00075-8	PROPN
ajfa-1560	389	2	kaul	kaul	PROPN
ajfa-1560	389	3	,	,	PUNCT
ajfa-1560	389	4	guatum	guatum	NOUN
ajfa-1560	389	5	,	,	PUNCT
ajfa-1560	389	6	&	&	CCONJ
ajfa-1560	389	7	nimalendran	nimalendran	PROPN
ajfa-1560	389	8	,	,	PUNCT
ajfa-1560	389	9	m.	m.	NOUN
ajfa-1560	389	10	(	(	PUNCT
ajfa-1560	389	11	1990	1990	NUM
ajfa-1560	389	12	)	)	PUNCT
ajfa-1560	389	13	.	.	PUNCT
ajfa-1560	390	1	price	price	NOUN
ajfa-1560	390	2	reversals	reversal	NOUN
ajfa-1560	390	3	:	:	PUNCT
ajfa-1560	390	4	bid	bid	VERB
ajfa-1560	390	5	-	-	PUNCT
ajfa-1560	390	6	ask	ask	VERB
ajfa-1560	390	7	errors	error	NOUN
ajfa-1560	390	8	on	on	ADP
ajfa-1560	390	9	market	market	NOUN
ajfa-1560	390	10	overreaction	overreaction	NOUN
ajfa-1560	390	11	?	?	PUNCT
ajfa-1560	391	1	journal	journal	NOUN
ajfa-1560	391	2	of	of	ADP
ajfa-1560	391	3	financial	financial	ADJ
ajfa-1560	391	4	economics	economic	NOUN
ajfa-1560	391	5	,	,	PUNCT
ajfa-1560	391	6	28	28	NUM
ajfa-1560	391	7	,	,	PUNCT
ajfa-1560	391	8	67	67	NUM
ajfa-1560	391	9	-	-	SYM
ajfa-1560	391	10	83	83	NUM
ajfa-1560	391	11	.	.	PUNCT
ajfa-1560	392	1	http://dx.doi.org/10.1016/0304-405x(90)90048-5	http://dx.doi.org/10.1016/0304-405x(90)90048-5	PROPN
ajfa-1560	392	2	kent	kent	PROPN
ajfa-1560	392	3	,	,	PUNCT
ajfa-1560	392	4	d.	d.	PROPN
ajfa-1560	392	5	,	,	PUNCT
ajfa-1560	392	6	hirshleifer	hirshleifer	PROPN
ajfa-1560	392	7	,	,	PUNCT
ajfa-1560	392	8	d.	d.	PROPN
ajfa-1560	392	9	,	,	PUNCT
ajfa-1560	392	10	&	&	CCONJ
ajfa-1560	392	11	subrahmanyam	subrahmanyam	PROPN
ajfa-1560	392	12	,	,	PUNCT
ajfa-1560	392	13	a.	a.	NOUN
ajfa-1560	392	14	(	(	PUNCT
ajfa-1560	392	15	2004	2004	NUM
ajfa-1560	392	16	)	)	PUNCT
ajfa-1560	392	17	.	.	PUNCT
ajfa-1560	393	1	a	a	DET
ajfa-1560	393	2	theory	theory	NOUN
ajfa-1560	393	3	of	of	ADP
ajfa-1560	393	4	overconfidence	overconfidence	NOUN
ajfa-1560	393	5	,	,	PUNCT
ajfa-1560	393	6	self	self	NOUN
ajfa-1560	393	7	-	-	PUNCT
ajfa-1560	393	8	attribution	attribution	NOUN
ajfa-1560	393	9	,	,	PUNCT
ajfa-1560	393	10	and	and	CCONJ
ajfa-1560	393	11	security	security	NOUN
ajfa-1560	393	12	market	market	NOUN
ajfa-1560	393	13	under	under	ADP
ajfa-1560	393	14	-	-	PUNCT
ajfa-1560	393	15	and	and	CCONJ
ajfa-1560	393	16	-	-	PUNCT
ajfa-1560	393	17	overreactions	overreaction	NOUN
ajfa-1560	393	18	.	.	PUNCT
ajfa-1560	394	1	finance	finance	NOUN
ajfa-1560	394	2	0412006	0412006	NUM
ajfa-1560	394	3	,	,	PUNCT
ajfa-1560	394	4	econwpa	econwpa	PROPN
ajfa-1560	394	5	.	.	PUNCT
ajfa-1560	395	1	kim	kim	PROPN
ajfa-1560	395	2	,	,	PUNCT
ajfa-1560	395	3	w.	w.	PROPN
ajfa-1560	395	4	,	,	PUNCT
ajfa-1560	395	5	&	&	CCONJ
ajfa-1560	395	6	wei	wei	PROPN
ajfa-1560	395	7	,	,	PUNCT
ajfa-1560	395	8	s.j	s.j	PROPN
ajfa-1560	395	9	.	.	PROPN
ajfa-1560	395	10	(	(	PUNCT
ajfa-1560	395	11	2002	2002	NUM
ajfa-1560	395	12	)	)	PUNCT
ajfa-1560	395	13	.	.	PUNCT
ajfa-1560	396	1	foreign	foreign	ADJ
ajfa-1560	396	2	portfolio	portfolio	NOUN
ajfa-1560	396	3	investors	investor	NOUN
ajfa-1560	396	4	before	before	ADP
ajfa-1560	396	5	and	and	CCONJ
ajfa-1560	396	6	during	during	ADP
ajfa-1560	396	7	a	a	DET
ajfa-1560	396	8	crisis	crisis	NOUN
ajfa-1560	396	9	.	.	PUNCT
ajfa-1560	397	1	journal	journal	PROPN
ajfa-1560	397	2	of	of	ADP
ajfa-1560	397	3	international	international	ADJ
ajfa-1560	397	4	economics	economic	NOUN
ajfa-1560	397	5	,	,	PUNCT
ajfa-1560	397	6	56	56	NUM
ajfa-1560	397	7	(	(	PUNCT
ajfa-1560	397	8	1	1	NUM
ajfa-1560	397	9	)	)	PUNCT
ajfa-1560	397	10	,	,	PUNCT
ajfa-1560	397	11	77	77	NUM
ajfa-1560	397	12	-	-	SYM
ajfa-1560	397	13	96	96	NUM
ajfa-1560	397	14	.	.	PUNCT
ajfa-1560	398	1	http://dx.doi.org/10.1016/s0022-1996(01)00109-x	http://dx.doi.org/10.1016/s0022-1996(01)00109-x	NOUN
ajfa-1560	398	2	lakonishok	lakonishok	PROPN
ajfa-1560	398	3	,	,	PUNCT
ajfa-1560	398	4	josef	josef	PROPN
ajfa-1560	398	5	,	,	PUNCT
ajfa-1560	398	6	shliefer	shliefer	NOUN
ajfa-1560	398	7	,	,	PUNCT
ajfa-1560	398	8	andrei	andrei	NOUN
ajfa-1560	398	9	,	,	PUNCT
ajfa-1560	398	10	vishny	vishny	PROPN
ajfa-1560	398	11	,	,	PUNCT
ajfa-1560	398	12	&	&	CCONJ
ajfa-1560	398	13	robert	robert	PROPN
ajfa-1560	398	14	w.	w.	PROPN
ajfa-1560	398	15	(	(	PUNCT
ajfa-1560	398	16	1994	1994	NUM
ajfa-1560	398	17	)	)	PUNCT
ajfa-1560	398	18	.	.	PUNCT
ajfa-1560	399	1	contraian	contraian	ADJ
ajfa-1560	399	2	investment	investment	NOUN
ajfa-1560	399	3	,	,	PUNCT
ajfa-1560	399	4	extrapolation	extrapolation	NOUN
ajfa-1560	399	5	and	and	CCONJ
ajfa-1560	399	6	risk	risk	NOUN
ajfa-1560	399	7	.	.	PUNCT
ajfa-1560	400	1	journal	journal	NOUN
ajfa-1560	400	2	of	of	ADP
ajfa-1560	400	3	finance	finance	NOUN
ajfa-1560	400	4	,	,	PUNCT
ajfa-1560	400	5	49	49	NUM
ajfa-1560	400	6	,	,	PUNCT
ajfa-1560	400	7	1541	1541	NUM
ajfa-1560	400	8	-	-	SYM
ajfa-1560	400	9	1578	1578	NUM
ajfa-1560	400	10	.	.	PUNCT
ajfa-1560	401	1	lee	lee	PROPN
ajfa-1560	401	2	,	,	PUNCT
ajfa-1560	401	3	c.	c.	PROPN
ajfa-1560	401	4	,	,	PUNCT
ajfa-1560	401	5	swaminathan	swaminathan	ADV
ajfa-1560	401	6	.	.	PUNCT
ajfa-1560	402	1	(	(	PUNCT
ajfa-1560	402	2	2000	2000	NUM
ajfa-1560	402	3	)	)	PUNCT
ajfa-1560	402	4	.	.	PUNCT
ajfa-1560	403	1	price	price	NOUN
ajfa-1560	403	2	momentum	momentum	NOUN
ajfa-1560	403	3	and	and	CCONJ
ajfa-1560	403	4	trading	trading	NOUN
ajfa-1560	403	5	volume	volume	NOUN
ajfa-1560	403	6	.	.	PUNCT
ajfa-1560	404	1	journal	journal	PROPN
ajfa-1560	404	2	of	of	ADP
ajfa-1560	404	3	finance	finance	NOUN
ajfa-1560	404	4	,	,	PUNCT
ajfa-1560	404	5	55	55	NUM
ajfa-1560	404	6	,	,	PUNCT
ajfa-1560	404	7	2017	2017	NUM
ajfa-1560	404	8	-	-	SYM
ajfa-1560	404	9	2069	2069	NUM
ajfa-1560	404	10	.	.	PUNCT
ajfa-1560	405	1	http://dx.doi.org/10.1111/0022-1082.00280	http://dx.doi.org/10.1111/0022-1082.00280	ADJ
ajfa-1560	405	2	lewellen	lewellen	NOUN
ajfa-1560	405	3	,	,	PUNCT
ajfa-1560	405	4	j.	j.	PROPN
ajfa-1560	405	5	(	(	PUNCT
ajfa-1560	405	6	2002	2002	NUM
ajfa-1560	405	7	)	)	PUNCT
ajfa-1560	405	8	.	.	PUNCT
ajfa-1560	406	1	momentum	momentum	NOUN
ajfa-1560	406	2	and	and	CCONJ
ajfa-1560	406	3	autocorrelation	autocorrelation	NOUN
ajfa-1560	406	4	in	in	ADP
ajfa-1560	406	5	stock	stock	NOUN
ajfa-1560	406	6	returns	return	NOUN
ajfa-1560	406	7	.	.	PUNCT
ajfa-1560	407	1	the	the	DET
ajfa-1560	407	2	review	review	NOUN
ajfa-1560	407	3	of	of	ADP
ajfa-1560	407	4	financial	financial	ADJ
ajfa-1560	407	5	studies	study	NOUN
ajfa-1560	407	6	,	,	PUNCT
ajfa-1560	407	7	15	15	NUM
ajfa-1560	407	8	,	,	PUNCT
ajfa-1560	407	9	533	533	NUM
ajfa-1560	407	10	-	-	SYM
ajfa-1560	407	11	573	573	NUM
ajfa-1560	407	12	.	.	PUNCT
ajfa-1560	408	1	http://dx.doi.org/10.1093/rfs/15.2.533	http://dx.doi.org/10.1093/rfs/15.2.533	PROPN
ajfa-1560	408	2	lin	lin	PROPN
ajfa-1560	408	3	,	,	PUNCT
ajfa-1560	408	4	a.y	a.y	PROPN
ajfa-1560	408	5	.	.	PROPN
ajfa-1560	408	6	,	,	PUNCT
ajfa-1560	408	7	&	&	CCONJ
ajfa-1560	408	8	swanson	swanson	PROPN
ajfa-1560	408	9	,	,	PUNCT
ajfa-1560	408	10	p.	p.	NOUN
ajfa-1560	408	11	(	(	PUNCT
ajfa-1560	408	12	2004	2004	NUM
ajfa-1560	408	13	)	)	PUNCT
ajfa-1560	408	14	.	.	PUNCT
ajfa-1560	409	1	international	international	ADJ
ajfa-1560	409	2	equity	equity	NOUN
ajfa-1560	409	3	flows	flow	NOUN
ajfa-1560	409	4	and	and	CCONJ
ajfa-1560	409	5	developing	develop	VERB
ajfa-1560	409	6	markets	market	NOUN
ajfa-1560	409	7	:	:	PUNCT
ajfa-1560	409	8	the	the	DET
ajfa-1560	409	9	asian	asian	ADJ
ajfa-1560	409	10	financial	financial	ADJ
ajfa-1560	409	11	market	market	NOUN
ajfa-1560	409	12	crisis	crisis	NOUN
ajfa-1560	409	13	revisited	revisit	VERB
ajfa-1560	409	14	.	.	PUNCT
ajfa-1560	410	1	journal	journal	NOUN
ajfa-1560	410	2	of	of	ADP
ajfa-1560	410	3	international	international	ADJ
ajfa-1560	410	4	financial	financial	ADJ
ajfa-1560	410	5	markets	market	NOUN
ajfa-1560	410	6	,	,	PUNCT
ajfa-1560	410	7	institutions	institution	NOUN
ajfa-1560	410	8	&	&	CCONJ
ajfa-1560	410	9	money	money	NOUN
ajfa-1560	410	10	,	,	PUNCT
ajfa-1560	410	11	14	14	NUM
ajfa-1560	410	12	,	,	PUNCT
ajfa-1560	410	13	55	55	NUM
ajfa-1560	410	14	-	-	SYM
ajfa-1560	410	15	73	73	NUM
ajfa-1560	410	16	.	.	PUNCT
ajfa-1560	411	1	http://dx.doi.org/10.1016/s1042-4431(03)00044-1	http://dx.doi.org/10.1016/s1042-4431(03)00044-1	NOUN
ajfa-1560	411	2	lintner	lintner	PROPN
ajfa-1560	411	3	,	,	PUNCT
ajfa-1560	411	4	john	john	PROPN
ajfa-1560	411	5	.	.	PUNCT
ajfa-1560	412	1	(	(	PUNCT
ajfa-1560	412	2	1965	1965	NUM
ajfa-1560	412	3	)	)	PUNCT
ajfa-1560	412	4	.	.	PUNCT
ajfa-1560	413	1	the	the	DET
ajfa-1560	413	2	valuation	valuation	NOUN
ajfa-1560	413	3	of	of	ADP
ajfa-1560	413	4	risky	risky	ADJ
ajfa-1560	413	5	assets	asset	NOUN
ajfa-1560	413	6	and	and	CCONJ
ajfa-1560	413	7	the	the	DET
ajfa-1560	413	8	selection	selection	NOUN
ajfa-1560	413	9	of	of	ADP
ajfa-1560	413	10	risky	risky	ADJ
ajfa-1560	413	11	investment	investment	NOUN
ajfa-1560	413	12	in	in	ADP
ajfa-1560	413	13	stock	stock	NOUN
ajfa-1560	413	14	portfolios	portfolio	NOUN
ajfa-1560	413	15	and	and	CCONJ
ajfa-1560	413	16	capital	capital	NOUN
ajfa-1560	413	17	budgets	budget	NOUN
ajfa-1560	413	18	.	.	PUNCT
ajfa-1560	414	1	review	review	NOUN
ajfa-1560	414	2	of	of	ADP
ajfa-1560	414	3	economics	economic	NOUN
ajfa-1560	414	4	and	and	CCONJ
ajfa-1560	414	5	statistics	statistic	NOUN
ajfa-1560	414	6	,	,	PUNCT
ajfa-1560	414	7	47	47	NUM
ajfa-1560	414	8	,	,	PUNCT
ajfa-1560	414	9	13	13	NUM
ajfa-1560	414	10	-	-	SYM
ajfa-1560	414	11	37	37	NUM
ajfa-1560	414	12	.	.	PUNCT
ajfa-1560	415	1	http://dx.doi.org/10.2307/1924119	http://dx.doi.org/10.2307/1924119	PROPN
ajfa-1560	415	2	litzenberg	litzenberg	PROPN
ajfa-1560	415	3	,	,	PUNCT
ajfa-1560	415	4	r.	r.	PROPN
ajfa-1560	415	5	h.	h.	PROPN
ajfa-1560	415	6	,	,	PUNCT
ajfa-1560	415	7	&	&	CCONJ
ajfa-1560	415	8	ramaswamy	ramaswamy	PROPN
ajfa-1560	415	9	,	,	PUNCT
ajfa-1560	415	10	k.	k.	PROPN
ajfa-1560	415	11	(	(	PUNCT
ajfa-1560	415	12	1979	1979	NUM
ajfa-1560	415	13	)	)	PUNCT
ajfa-1560	415	14	.	.	PUNCT
ajfa-1560	416	1	the	the	DET
ajfa-1560	416	2	effect	effect	NOUN
ajfa-1560	416	3	of	of	ADP
ajfa-1560	416	4	personal	personal	ADJ
ajfa-1560	416	5	taxes	taxis	NOUN
ajfa-1560	416	6	and	and	CCONJ
ajfa-1560	416	7	dividend	dividend	VERB
ajfa-1560	416	8	on	on	ADP
ajfa-1560	416	9	capital	capital	NOUN
ajfa-1560	416	10	asset	asset	NOUN
ajfa-1560	416	11	prices	price	NOUN
ajfa-1560	416	12	:	:	PUNCT
ajfa-1560	416	13	theory	theory	NOUN
ajfa-1560	416	14	and	and	CCONJ
ajfa-1560	416	15	empirical	empirical	ADJ
ajfa-1560	416	16	evidence	evidence	NOUN
ajfa-1560	416	17	.	.	PUNCT
ajfa-1560	417	1	journal	journal	NOUN
ajfa-1560	417	2	of	of	ADP
ajfa-1560	417	3	financial	financial	ADJ
ajfa-1560	417	4	economics	economic	NOUN
ajfa-1560	417	5	,	,	PUNCT
ajfa-1560	417	6	7	7	NUM
ajfa-1560	417	7	(	(	PUNCT
ajfa-1560	417	8	2	2	NUM
ajfa-1560	417	9	)	)	PUNCT
ajfa-1560	417	10	.	.	PUNCT
ajfa-1560	418	1	liu	liu	PROPN
ajfa-1560	418	2	,	,	PUNCT
ajfa-1560	418	3	l.x	l.x	PROPN
ajfa-1560	418	4	.	.	PROPN
ajfa-1560	418	5	,	,	PUNCT
ajfa-1560	418	6	&	&	CCONJ
ajfa-1560	418	7	zhang	zhang	PROPN
ajfa-1560	418	8	,	,	PUNCT
ajfa-1560	418	9	l.	l.	PROPN
ajfa-1560	418	10	(	(	PUNCT
ajfa-1560	418	11	2008	2008	NUM
ajfa-1560	418	12	)	)	PUNCT
ajfa-1560	418	13	.	.	PUNCT
ajfa-1560	419	1	momentum	momentum	NOUN
ajfa-1560	419	2	profits	profit	NOUN
ajfa-1560	419	3	,	,	PUNCT
ajfa-1560	419	4	factor	factor	NOUN
ajfa-1560	419	5	pricing	pricing	NOUN
ajfa-1560	419	6	and	and	CCONJ
ajfa-1560	419	7	macroeconomic	macroeconomic	ADJ
ajfa-1560	419	8	risk	risk	NOUN
ajfa-1560	419	9	.	.	PUNCT
ajfa-1560	420	1	review	review	NOUN
ajfa-1560	420	2	of	of	ADP
ajfa-1560	420	3	financial	financial	ADJ
ajfa-1560	420	4	studies	study	NOUN
ajfa-1560	420	5	,	,	PUNCT
ajfa-1560	420	6	41	41	NUM
ajfa-1560	420	7	-	-	SYM
ajfa-1560	420	8	66	66	NUM
ajfa-1560	420	9	.	.	PUNCT
ajfa-1560	421	1	asian	asian	ADJ
ajfa-1560	421	2	journal	journal	PROPN
ajfa-1560	421	3	of	of	ADP
ajfa-1560	421	4	finance	finance	PROPN
ajfa-1560	421	5	&	&	CCONJ
ajfa-1560	421	6	accounting	accounting	PROPN
ajfa-1560	421	7	issn	issn	PROPN
ajfa-1560	421	8	1946	1946	NUM
ajfa-1560	421	9	-	-	PUNCT
ajfa-1560	421	10	052x	052x	NOUN
ajfa-1560	421	11	2012	2012	NUM
ajfa-1560	421	12	,	,	PUNCT
ajfa-1560	421	13	vol	vol	NOUN
ajfa-1560	421	14	.	.	PROPN
ajfa-1560	421	15	4	4	NUM
ajfa-1560	421	16	,	,	PUNCT
ajfa-1560	421	17	no	no	INTJ
ajfa-1560	421	18	.	.	NOUN
ajfa-1560	421	19	1	1	NUM
ajfa-1560	421	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-1560	421	21	276	276	NUM
ajfa-1560	421	22	lo	lo	PROPN
ajfa-1560	421	23	,	,	PUNCT
ajfa-1560	421	24	a.	a.	PROPN
ajfa-1560	421	25	,	,	PUNCT
ajfa-1560	421	26	&	&	CCONJ
ajfa-1560	421	27	mackinlay	mackinlay	PROPN
ajfa-1560	421	28	,	,	PUNCT
ajfa-1560	421	29	c.	c.	PROPN
ajfa-1560	421	30	(	(	PUNCT
ajfa-1560	421	31	1990	1990	NUM
ajfa-1560	421	32	)	)	PUNCT
ajfa-1560	421	33	.	.	PUNCT
ajfa-1560	422	1	when	when	SCONJ
ajfa-1560	422	2	are	be	AUX
ajfa-1560	422	3	contrarian	contrarian	ADJ
ajfa-1560	422	4	profits	profit	NOUN
ajfa-1560	422	5	due	due	ADP
ajfa-1560	422	6	to	to	ADP
ajfa-1560	422	7	stock	stock	NOUN
ajfa-1560	422	8	market	market	NOUN
ajfa-1560	422	9	overreaction	overreaction	NOUN
ajfa-1560	422	10	?	?	PUNCT
ajfa-1560	422	11	..	..	PUNCT
ajfa-1560	423	1	review	review	NOUN
ajfa-1560	423	2	of	of	ADP
ajfa-1560	423	3	financial	financial	ADJ
ajfa-1560	423	4	studies	study	NOUN
ajfa-1560	423	5	(	(	PUNCT
ajfa-1560	423	6	3	3	NUM
ajfa-1560	423	7	)	)	PUNCT
ajfa-1560	423	8	,	,	PUNCT
ajfa-1560	423	9	175	175	NUM
ajfa-1560	423	10	-	-	SYM
ajfa-1560	423	11	206	206	NUM
ajfa-1560	423	12	.	.	PUNCT
ajfa-1560	424	1	http://dx.doi.org/10.1093/rfs/3.2.175	http://dx.doi.org/10.1093/rfs/3.2.175	PROPN
ajfa-1560	424	2	menzly	menzly	PROPN
ajfa-1560	424	3	,	,	PUNCT
ajfa-1560	424	4	l.	l.	PROPN
ajfa-1560	424	5	,	,	PUNCT
ajfa-1560	424	6	&	&	CCONJ
ajfa-1560	424	7	ozbas	ozbas	PROPN
ajfa-1560	424	8	,	,	PUNCT
ajfa-1560	424	9	o.	o.	NOUN
ajfa-1560	424	10	(	(	PUNCT
ajfa-1560	424	11	2006	2006	NUM
ajfa-1560	424	12	)	)	PUNCT
ajfa-1560	424	13	.	.	PUNCT
ajfa-1560	425	1	cross	cross	VERB
ajfa-1560	425	2	industry	industry	NOUN
ajfa-1560	425	3	momentum	momentum	NOUN
ajfa-1560	425	4	.	.	PUNCT
ajfa-1560	426	1	miffre	miffre	PROPN
ajfa-1560	426	2	,	,	PUNCT
ajfa-1560	426	3	j.	j.	PROPN
ajfa-1560	426	4	,	,	PUNCT
ajfa-1560	426	5	&	&	CCONJ
ajfa-1560	426	6	rallis	rallis	PROPN
ajfa-1560	426	7	,	,	PUNCT
ajfa-1560	426	8	g.	g.	PROPN
ajfa-1560	426	9	(	(	PUNCT
ajfa-1560	426	10	2007	2007	NUM
ajfa-1560	426	11	)	)	PUNCT
ajfa-1560	426	12	.	.	PUNCT
ajfa-1560	427	1	momentum	momentum	NOUN
ajfa-1560	427	2	strategy	strategy	NOUN
ajfa-1560	427	3	in	in	ADP
ajfa-1560	427	4	commodity	commodity	NOUN
ajfa-1560	427	5	futures	future	NOUN
ajfa-1560	427	6	market	market	NOUN
ajfa-1560	427	7	.	.	PUNCT
ajfa-1560	428	1	journal	journal	NOUN
ajfa-1560	428	2	of	of	ADP
ajfa-1560	428	3	banking	banking	NOUN
ajfa-1560	428	4	and	and	CCONJ
ajfa-1560	428	5	finance	finance	NOUN
ajfa-1560	428	6	,	,	PUNCT
ajfa-1560	428	7	31	31	NUM
ajfa-1560	428	8	(	(	PUNCT
ajfa-1560	428	9	6	6	NUM
ajfa-1560	428	10	)	)	PUNCT
ajfa-1560	428	11	,	,	PUNCT
ajfa-1560	428	12	1863	1863	NUM
ajfa-1560	428	13	-	-	SYM
ajfa-1560	428	14	1886	1886	NUM
ajfa-1560	428	15	.	.	PUNCT
ajfa-1560	429	1	http://dx.doi.org/10.1016/j.jbankfin.2006.12.005	http://dx.doi.org/10.1016/j.jbankfin.2006.12.005	PROPN
ajfa-1560	429	2	moskowitz	moskowitz	PROPN
ajfa-1560	429	3	,	,	PUNCT
ajfa-1560	429	4	t.j	t.j	PROPN
ajfa-1560	429	5	.	.	PROPN
ajfa-1560	429	6	,	,	PUNCT
ajfa-1560	429	7	&	&	CCONJ
ajfa-1560	429	8	grinblatt	grinblatt	PROPN
ajfa-1560	429	9	,	,	PUNCT
ajfa-1560	429	10	m.	m.	NOUN
ajfa-1560	429	11	(	(	PUNCT
ajfa-1560	429	12	1999	1999	NUM
ajfa-1560	429	13	)	)	PUNCT
ajfa-1560	429	14	.	.	PUNCT
ajfa-1560	430	1	do	do	AUX
ajfa-1560	430	2	industries	industry	NOUN
ajfa-1560	430	3	explain	explain	VERB
ajfa-1560	430	4	momentum	momentum	NOUN
ajfa-1560	430	5	?	?	PUNCT
ajfa-1560	431	1	journal	journal	NOUN
ajfa-1560	431	2	of	of	ADP
ajfa-1560	431	3	finance	finance	NOUN
ajfa-1560	431	4	,	,	PUNCT
ajfa-1560	431	5	44	44	NUM
ajfa-1560	431	6	,	,	PUNCT
ajfa-1560	431	7	1249	1249	NUM
ajfa-1560	431	8	-	-	SYM
ajfa-1560	431	9	1290	1290	NUM
ajfa-1560	431	10	.	.	PUNCT
ajfa-1560	432	1	http://dx.doi.org/10.1111/0022-1082.00146	http://dx.doi.org/10.1111/0022-1082.00146	PRON
ajfa-1560	432	2	naranjo	naranjo	PROPN
ajfa-1560	432	3	,	,	PUNCT
ajfa-1560	432	4	a.	a.	PROPN
ajfa-1560	432	5	,	,	PUNCT
ajfa-1560	432	6	&	&	CCONJ
ajfa-1560	432	7	porter	porter	PROPN
ajfa-1560	432	8	,	,	PUNCT
ajfa-1560	432	9	b.	b.	PROPN
ajfa-1560	432	10	(	(	PUNCT
ajfa-1560	432	11	2007	2007	NUM
ajfa-1560	432	12	)	)	PUNCT
ajfa-1560	432	13	.	.	PUNCT
ajfa-1560	433	1	including	include	VERB
ajfa-1560	433	2	emerging	emerge	VERB
ajfa-1560	433	3	markets	market	NOUN
ajfa-1560	433	4	in	in	ADP
ajfa-1560	433	5	international	international	ADJ
ajfa-1560	433	6	momentum	momentum	NOUN
ajfa-1560	433	7	investment	investment	NOUN
ajfa-1560	433	8	strategies	strategy	NOUN
ajfa-1560	433	9	.	.	PUNCT
ajfa-1560	434	1	emerging	emerge	VERB
ajfa-1560	434	2	markets	market	NOUN
ajfa-1560	434	3	review	review	VERB
ajfa-1560	434	4	,	,	PUNCT
ajfa-1560	434	5	147	147	NUM
ajfa-1560	434	6	-	-	SYM
ajfa-1560	434	7	166	166	NUM
ajfa-1560	434	8	.	.	PUNCT
ajfa-1560	435	1	http://dx.doi.org/10.1016/j.ememar.2007.01.001	http://dx.doi.org/10.1016/j.ememar.2007.01.001	PROPN
ajfa-1560	435	2	neal	neal	PROPN
ajfa-1560	435	3	,	,	PUNCT
ajfa-1560	435	4	edward	edward	PROPN
ajfa-1560	435	5	s.	s.	PROPN
ajfa-1560	435	6	o	o	PROPN
ajfa-1560	435	7	'	'	PUNCT
ajfa-1560	435	8	.	.	PUNCT
ajfa-1560	436	1	(	(	PUNCT
ajfa-1560	436	2	2000	2000	NUM
ajfa-1560	436	3	)	)	PUNCT
ajfa-1560	436	4	.	.	PUNCT
ajfa-1560	437	1	industry	industry	NOUN
ajfa-1560	437	2	momentum	momentum	NOUN
ajfa-1560	437	3	and	and	CCONJ
ajfa-1560	437	4	sector	sector	NOUN
ajfa-1560	437	5	mutual	mutual	ADJ
ajfa-1560	437	6	funds	fund	NOUN
ajfa-1560	437	7	.	.	PUNCT
ajfa-1560	438	1	financial	financial	ADJ
ajfa-1560	438	2	analysts	analyst	NOUN
ajfa-1560	438	3	journal	journal	NOUN
ajfa-1560	438	4	,	,	PUNCT
ajfa-1560	438	5	37	37	NUM
ajfa-1560	438	6	-	-	SYM
ajfa-1560	438	7	49	49	NUM
ajfa-1560	438	8	.	.	PUNCT
ajfa-1560	439	1	http://dx.doi.org/10.2469/faj.v56.n4.2372	http://dx.doi.org/10.2469/faj.v56.n4.2372	PROPN
ajfa-1560	439	2	nijman	nijman	NOUN
ajfa-1560	439	3	,	,	PUNCT
ajfa-1560	439	4	t.	t.	PROPN
ajfa-1560	439	5	,	,	PUNCT
ajfa-1560	439	6	swinkels	swinkel	NOUN
ajfa-1560	439	7	,	,	PUNCT
ajfa-1560	439	8	l.	l.	PROPN
ajfa-1560	439	9	,	,	PUNCT
ajfa-1560	439	10	&	&	CCONJ
ajfa-1560	439	11	verbeek	verbeek	PROPN
ajfa-1560	439	12	,	,	PUNCT
ajfa-1560	439	13	m.	m.	NOUN
ajfa-1560	439	14	(	(	PUNCT
ajfa-1560	439	15	2004	2004	NUM
ajfa-1560	439	16	)	)	PUNCT
ajfa-1560	439	17	.	.	PUNCT
ajfa-1560	440	1	do	do	AUX
ajfa-1560	440	2	countries	country	NOUN
ajfa-1560	440	3	or	or	CCONJ
ajfa-1560	440	4	industries	industry	NOUN
ajfa-1560	440	5	explain	explain	VERB
ajfa-1560	440	6	momentum	momentum	NOUN
ajfa-1560	440	7	in	in	ADP
ajfa-1560	440	8	europe	europe	PROPN
ajfa-1560	440	9	?	?	PUNCT
ajfa-1560	441	1	journal	journal	NOUN
ajfa-1560	441	2	of	of	ADP
ajfa-1560	441	3	empirical	empirical	ADJ
ajfa-1560	441	4	finance	finance	NOUN
ajfa-1560	441	5	,	,	PUNCT
ajfa-1560	441	6	461	461	NUM
ajfa-1560	441	7	-	-	SYM
ajfa-1560	441	8	481	481	NUM
ajfa-1560	441	9	.	.	PUNCT
ajfa-1560	442	1	http://dx.doi.org/10.1016/j.jempfin.2004.02.001	http://dx.doi.org/10.1016/j.jempfin.2004.02.001	PROPN
ajfa-1560	442	2	patel	patel	PROPN
ajfa-1560	442	3	.	.	PUNCT
ajfa-1560	443	1	s.a	s.a	PROPN
ajfa-1560	443	2	.	.	PROPN
ajfa-1560	443	3	(	(	PUNCT
ajfa-1560	443	4	1998	1998	NUM
ajfa-1560	443	5	)	)	PUNCT
ajfa-1560	443	6	.	.	PUNCT
ajfa-1560	444	1	cross	cross	ADJ
ajfa-1560	444	2	-	-	ADJ
ajfa-1560	444	3	sectional	sectional	ADJ
ajfa-1560	444	4	variation	variation	NOUN
ajfa-1560	444	5	in	in	ADP
ajfa-1560	444	6	emerging	emerge	VERB
ajfa-1560	444	7	marjets	marjet	NOUN
ajfa-1560	444	8	equity	equity	NOUN
ajfa-1560	444	9	returns	return	NOUN
ajfa-1560	444	10	,	,	PUNCT
ajfa-1560	444	11	january	january	PROPN
ajfa-1560	444	12	1988	1988	NUM
ajfa-1560	444	13	-	-	PUNCT
ajfa-1560	444	14	march	march	PROPN
ajfa-1560	444	15	1997	1997	NUM
ajfa-1560	444	16	.	.	PUNCT
ajfa-1560	445	1	emerging	emerge	VERB
ajfa-1560	445	2	markets	market	NOUN
ajfa-1560	445	3	quarterly	quarterly	ADV
ajfa-1560	445	4	,	,	PUNCT
ajfa-1560	445	5	2	2	NUM
ajfa-1560	445	6	,	,	PUNCT
ajfa-1560	445	7	57	57	NUM
ajfa-1560	445	8	-	-	SYM
ajfa-1560	445	9	70	70	NUM
ajfa-1560	445	10	.	.	PUNCT
ajfa-1560	446	1	phylaktis	phylaktis	PROPN
ajfa-1560	446	2	k	k	PROPN
ajfa-1560	446	3	,	,	PUNCT
ajfa-1560	446	4	&	&	CCONJ
ajfa-1560	446	5	xia	xia	PROPN
ajfa-1560	446	6	,	,	PUNCT
ajfa-1560	446	7	l.	l.	PROPN
ajfa-1560	446	8	(	(	PUNCT
ajfa-1560	446	9	2006	2006	NUM
ajfa-1560	446	10	)	)	PUNCT
ajfa-1560	446	11	.	.	PUNCT
ajfa-1560	447	1	sources	source	NOUN
ajfa-1560	447	2	of	of	ADP
ajfa-1560	447	3	firms	firm	NOUN
ajfa-1560	447	4	'	'	PART
ajfa-1560	447	5	industry	industry	NOUN
ajfa-1560	447	6	and	and	CCONJ
ajfa-1560	447	7	country	country	NOUN
ajfa-1560	447	8	effects	effect	NOUN
ajfa-1560	447	9	in	in	ADP
ajfa-1560	447	10	emerging	emerge	VERB
ajfa-1560	447	11	markets	market	NOUN
ajfa-1560	447	12	.	.	PUNCT
ajfa-1560	448	1	journal	journal	NOUN
ajfa-1560	448	2	of	of	ADP
ajfa-1560	448	3	international	international	ADJ
ajfa-1560	448	4	money	money	NOUN
ajfa-1560	448	5	and	and	CCONJ
ajfa-1560	448	6	finance	finance	NOUN
ajfa-1560	448	7	,	,	PUNCT
ajfa-1560	448	8	elsevier	elsevier	NOUN
ajfa-1560	448	9	,	,	PUNCT
ajfa-1560	448	10	25	25	NUM
ajfa-1560	448	11	(	(	PUNCT
ajfa-1560	448	12	3	3	NUM
ajfa-1560	448	13	)	)	PUNCT
ajfa-1560	448	14	,	,	PUNCT
ajfa-1560	448	15	459	459	NUM
ajfa-1560	448	16	-	-	SYM
ajfa-1560	448	17	475	475	NUM
ajfa-1560	448	18	.	.	PUNCT
ajfa-1560	449	1	http://dx.doi.org/10.1016/j.jimonfin.2006.02.001	http://dx.doi.org/10.1016/j.jimonfin.2006.02.001	PROPN
ajfa-1560	449	2	richards	richards	PROPN
ajfa-1560	449	3	,	,	PUNCT
ajfa-1560	449	4	a.j	a.j	PROPN
ajfa-1560	449	5	.	.	PROPN
ajfa-1560	449	6	(	(	PUNCT
ajfa-1560	449	7	2002	2002	NUM
ajfa-1560	449	8	)	)	PUNCT
ajfa-1560	449	9	.	.	PUNCT
ajfa-1560	450	1	big	big	ADJ
ajfa-1560	450	2	fish	fish	NOUN
ajfa-1560	450	3	in	in	ADP
ajfa-1560	450	4	small	small	ADJ
ajfa-1560	450	5	ponds	pond	NOUN
ajfa-1560	450	6	:	:	PUNCT
ajfa-1560	450	7	the	the	DET
ajfa-1560	450	8	momentum	momentum	NOUN
ajfa-1560	450	9	investing	investing	NOUN
ajfa-1560	450	10	and	and	CCONJ
ajfa-1560	450	11	price	price	NOUN
ajfa-1560	450	12	impact	impact	NOUN
ajfa-1560	450	13	of	of	ADP
ajfa-1560	450	14	foreign	foreign	ADJ
ajfa-1560	450	15	investors	investor	NOUN
ajfa-1560	450	16	in	in	ADP
ajfa-1560	450	17	asian	asian	ADJ
ajfa-1560	450	18	equity	equity	NOUN
ajfa-1560	450	19	markets	market	NOUN
ajfa-1560	450	20	.	.	PUNCT
ajfa-1560	451	1	imf	imf	PROPN
ajfa-1560	451	2	and	and	CCONJ
ajfa-1560	451	3	the	the	DET
ajfa-1560	451	4	reserve	reserve	PROPN
ajfa-1560	451	5	bank	bank	PROPN
ajfa-1560	451	6	of	of	ADP
ajfa-1560	451	7	australia	australia	PROPN
ajfa-1560	451	8	.	.	PUNCT
ajfa-1560	452	1	rosenberg	rosenberg	PROPN
ajfa-1560	452	2	,	,	PUNCT
ajfa-1560	452	3	b.	b.	PROPN
ajfa-1560	452	4	,	,	PUNCT
ajfa-1560	452	5	reid	reid	PROPN
ajfa-1560	452	6	,	,	PUNCT
ajfa-1560	452	7	k.	k.	PROPN
ajfa-1560	452	8	,	,	PUNCT
ajfa-1560	452	9	&	&	CCONJ
ajfa-1560	452	10	lanstein	lanstein	PROPN
ajfa-1560	452	11	,	,	PUNCT
ajfa-1560	452	12	r.	r.	PROPN
ajfa-1560	452	13	(	(	PUNCT
ajfa-1560	452	14	1985	1985	NUM
ajfa-1560	452	15	)	)	PUNCT
ajfa-1560	452	16	.	.	PUNCT
ajfa-1560	453	1	persuasive	persuasive	ADJ
ajfa-1560	453	2	evidence	evidence	NOUN
ajfa-1560	453	3	of	of	ADP
ajfa-1560	453	4	market	market	NOUN
ajfa-1560	453	5	ineffeciency	ineffeciency	NOUN
ajfa-1560	453	6	.	.	PUNCT
ajfa-1560	454	1	journal	journal	PROPN
ajfa-1560	454	2	of	of	ADP
ajfa-1560	454	3	portfolio	portfolio	NOUN
ajfa-1560	454	4	management	management	NOUN
ajfa-1560	454	5	,	,	PUNCT
ajfa-1560	454	6	9	9	NUM
ajfa-1560	454	7	-	-	SYM
ajfa-1560	454	8	16	16	NUM
ajfa-1560	454	9	.	.	PUNCT
ajfa-1560	455	1	http://dx.doi.org/10.3905/jpm.1985.409007	http://dx.doi.org/10.3905/jpm.1985.409007	PROPN
ajfa-1560	455	2	rouwenhorst	rouwenhorst	ADV
ajfa-1560	455	3	,	,	PUNCT
ajfa-1560	455	4	k.	k.	PROPN
ajfa-1560	455	5	(	(	PUNCT
ajfa-1560	455	6	1998	1998	NUM
ajfa-1560	455	7	)	)	PUNCT
ajfa-1560	455	8	.	.	PUNCT
ajfa-1560	456	1	international	international	ADJ
ajfa-1560	456	2	momentum	momentum	NOUN
ajfa-1560	456	3	strategies	strategy	NOUN
ajfa-1560	456	4	.	.	PUNCT
ajfa-1560	457	1	journal	journal	NOUN
ajfa-1560	457	2	of	of	ADP
ajfa-1560	457	3	finance	finance	NOUN
ajfa-1560	457	4	,	,	PUNCT
ajfa-1560	457	5	53	53	NUM
ajfa-1560	457	6	,	,	PUNCT
ajfa-1560	457	7	267	267	NUM
ajfa-1560	457	8	-	-	SYM
ajfa-1560	457	9	284	284	NUM
ajfa-1560	457	10	.	.	PUNCT
ajfa-1560	458	1	http://dx.doi.org/10.1111/0022-1082.95722	http://dx.doi.org/10.1111/0022-1082.95722	NOUN
ajfa-1560	458	2	rouwenhorst	rouwenhorst	ADV
ajfa-1560	458	3	,	,	PUNCT
ajfa-1560	458	4	k.g	k.g	PROPN
ajfa-1560	458	5	.	.	PROPN
ajfa-1560	458	6	(	(	PUNCT
ajfa-1560	458	7	1999	1999	NUM
ajfa-1560	458	8	)	)	PUNCT
ajfa-1560	458	9	.	.	PUNCT
ajfa-1560	459	1	local	local	ADJ
ajfa-1560	459	2	return	return	NOUN
ajfa-1560	459	3	factors	factor	NOUN
ajfa-1560	459	4	and	and	CCONJ
ajfa-1560	459	5	turnover	turnover	NOUN
ajfa-1560	459	6	in	in	ADP
ajfa-1560	459	7	emerging	emerge	VERB
ajfa-1560	459	8	markets	market	NOUN
ajfa-1560	459	9	.	.	PUNCT
ajfa-1560	460	1	journal	journal	PROPN
ajfa-1560	460	2	of	of	ADP
ajfa-1560	460	3	finance	finance	NOUN
ajfa-1560	460	4	,	,	PUNCT
ajfa-1560	460	5	54	54	NUM
ajfa-1560	460	6	,	,	PUNCT
ajfa-1560	460	7	1439	1439	NUM
ajfa-1560	460	8	-	-	SYM
ajfa-1560	460	9	1464	1464	NUM
ajfa-1560	460	10	.	.	PUNCT
ajfa-1560	461	1	http://dx.doi.org/10.1111/0022-1082.00151	http://dx.doi.org/10.1111/0022-1082.00151	NOUN
ajfa-1560	461	2	safieddine	safieddine	NOUN
ajfa-1560	461	3	,	,	PUNCT
ajfa-1560	461	4	a.	a.	NOUN
ajfa-1560	461	5	,	,	PUNCT
ajfa-1560	461	6	&	&	CCONJ
ajfa-1560	461	7	sonti	sonti	PROPN
ajfa-1560	461	8	,	,	PUNCT
ajfa-1560	461	9	r.	r.	PROPN
ajfa-1560	461	10	(	(	PUNCT
ajfa-1560	461	11	2007	2007	NUM
ajfa-1560	461	12	)	)	PUNCT
ajfa-1560	461	13	.	.	PUNCT
ajfa-1560	462	1	momentum	momentum	NOUN
ajfa-1560	462	2	and	and	CCONJ
ajfa-1560	462	3	industry	industry	NOUN
ajfa-1560	462	4	growth	growth	NOUN
ajfa-1560	462	5	.	.	PUNCT
ajfa-1560	463	1	review	review	NOUN
ajfa-1560	463	2	of	of	ADP
ajfa-1560	463	3	financial	financial	ADJ
ajfa-1560	463	4	economics	economic	NOUN
ajfa-1560	463	5	,	,	PUNCT
ajfa-1560	463	6	16	16	NUM
ajfa-1560	463	7	(	(	PUNCT
ajfa-1560	463	8	2	2	NUM
ajfa-1560	463	9	)	)	PUNCT
ajfa-1560	463	10	,	,	PUNCT
ajfa-1560	463	11	203	203	NUM
ajfa-1560	463	12	-	-	SYM
ajfa-1560	463	13	215	215	NUM
ajfa-1560	463	14	.	.	PUNCT
ajfa-1560	464	1	http://dx.doi.org/10.1016/j.rfe.2006.01.003	http://dx.doi.org/10.1016/j.rfe.2006.01.003	PROPN
ajfa-1560	464	2	schiereck	schiereck	PROPN
ajfa-1560	464	3	,	,	PUNCT
ajfa-1560	464	4	d.	d.	PROPN
ajfa-1560	464	5	,	,	PUNCT
ajfa-1560	464	6	debondt	debondt	PROPN
ajfa-1560	464	7	,	,	PUNCT
ajfa-1560	464	8	w.	w.	PROPN
ajfa-1560	464	9	,	,	PUNCT
ajfa-1560	464	10	&	&	CCONJ
ajfa-1560	464	11	weber	weber	PROPN
ajfa-1560	464	12	,	,	PUNCT
ajfa-1560	464	13	m.	m.	NOUN
ajfa-1560	464	14	(	(	PUNCT
ajfa-1560	464	15	1999	1999	NUM
ajfa-1560	464	16	)	)	PUNCT
ajfa-1560	464	17	.	.	PUNCT
ajfa-1560	465	1	contrarian	contrarian	ADJ
ajfa-1560	465	2	and	and	CCONJ
ajfa-1560	465	3	momentum	momentum	NOUN
ajfa-1560	465	4	strategies	strategy	NOUN
ajfa-1560	465	5	in	in	ADP
ajfa-1560	465	6	germany	germany	PROPN
ajfa-1560	465	7	.	.	PUNCT
ajfa-1560	466	1	financial	financial	ADJ
ajfa-1560	466	2	analyst	analyst	NOUN
ajfa-1560	466	3	journal	journal	NOUN
ajfa-1560	466	4	,	,	PUNCT
ajfa-1560	466	5	104	104	NUM
ajfa-1560	466	6	-	-	SYM
ajfa-1560	466	7	116	116	NUM
ajfa-1560	466	8	.	.	PUNCT
ajfa-1560	467	1	http://dx.doi.org/10.2469/faj.v55.n6.2317	http://dx.doi.org/10.2469/faj.v55.n6.2317	PROPN
ajfa-1560	467	2	scott	scott	PROPN
ajfa-1560	467	3	,	,	PUNCT
ajfa-1560	467	4	j.	j.	PROPN
ajfa-1560	467	5	,	,	PUNCT
ajfa-1560	467	6	stump	stump	NOUN
ajfa-1560	467	7	,	,	PUNCT
ajfa-1560	467	8	m.	m.	NOUN
ajfa-1560	467	9	,	,	PUNCT
ajfa-1560	467	10	&	&	CCONJ
ajfa-1560	467	11	xu	xu	PROPN
ajfa-1560	467	12	,	,	PUNCT
ajfa-1560	467	13	p.	p.	NOUN
ajfa-1560	467	14	(	(	PUNCT
ajfa-1560	467	15	2003	2003	NUM
ajfa-1560	467	16	)	)	PUNCT
ajfa-1560	467	17	.	.	PUNCT
ajfa-1560	468	1	news	news	NOUN
ajfa-1560	468	2	,	,	PUNCT
ajfa-1560	468	3	not	not	PART
ajfa-1560	468	4	trading	trading	NOUN
ajfa-1560	468	5	volume	volume	NOUN
ajfa-1560	468	6	,	,	PUNCT
ajfa-1560	468	7	builds	build	VERB
ajfa-1560	468	8	momentum	momentum	NOUN
ajfa-1560	468	9	.	.	PUNCT
ajfa-1560	469	1	financial	financial	ADJ
ajfa-1560	469	2	analysts	analyst	NOUN
ajfa-1560	469	3	journal	journal	NOUN
ajfa-1560	469	4	,	,	PUNCT
ajfa-1560	469	5	59	59	NUM
ajfa-1560	469	6	(	(	PUNCT
ajfa-1560	469	7	2	2	NUM
ajfa-1560	469	8	)	)	PUNCT
ajfa-1560	469	9	,	,	PUNCT
ajfa-1560	469	10	45	45	NUM
ajfa-1560	469	11	-	-	SYM
ajfa-1560	469	12	54	54	NUM
ajfa-1560	469	13	.	.	PUNCT
ajfa-1560	470	1	http://dx.doi.org/10.2469/faj.v59.n2.2513	http://dx.doi.org/10.2469/faj.v59.n2.2513	PROPN
ajfa-1560	470	2	asian	asian	PROPN
ajfa-1560	470	3	journal	journal	PROPN
ajfa-1560	470	4	of	of	ADP
ajfa-1560	470	5	finance	finance	PROPN
ajfa-1560	470	6	&	&	CCONJ
ajfa-1560	470	7	accounting	accounting	PROPN
ajfa-1560	470	8	issn	issn	PROPN
ajfa-1560	470	9	1946	1946	NUM
ajfa-1560	470	10	-	-	PUNCT
ajfa-1560	470	11	052x	052x	NOUN
ajfa-1560	470	12	2012	2012	NUM
ajfa-1560	470	13	,	,	PUNCT
ajfa-1560	470	14	vol	vol	NOUN
ajfa-1560	470	15	.	.	PROPN
ajfa-1560	470	16	4	4	NUM
ajfa-1560	470	17	,	,	PUNCT
ajfa-1560	470	18	no	no	INTJ
ajfa-1560	470	19	.	.	NOUN
ajfa-1560	470	20	1	1	NUM
ajfa-1560	470	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-1560	470	22	277	277	NUM
ajfa-1560	470	23	scowcroft	scowcroft	ADV
ajfa-1560	470	24	,	,	PUNCT
ajfa-1560	470	25	a.	a.	NOUN
ajfa-1560	470	26	,	,	PUNCT
ajfa-1560	470	27	&	&	CCONJ
ajfa-1560	470	28	sefton	sefton	PROPN
ajfa-1560	470	29	,	,	PUNCT
ajfa-1560	470	30	j.	j.	PROPN
ajfa-1560	470	31	(	(	PUNCT
ajfa-1560	470	32	2005	2005	NUM
ajfa-1560	470	33	)	)	PUNCT
ajfa-1560	470	34	.	.	PUNCT
ajfa-1560	471	1	understanding	understand	VERB
ajfa-1560	471	2	momentum	momentum	NOUN
ajfa-1560	471	3	.	.	PUNCT
ajfa-1560	472	1	financial	financial	ADJ
ajfa-1560	472	2	analyst	analyst	NOUN
ajfa-1560	472	3	journal	journal	NOUN
ajfa-1560	472	4	,	,	PUNCT
ajfa-1560	472	5	61	61	NUM
ajfa-1560	472	6	(	(	PUNCT
ajfa-1560	472	7	2	2	NUM
ajfa-1560	472	8	)	)	PUNCT
ajfa-1560	472	9	,	,	PUNCT
ajfa-1560	472	10	64	64	NUM
ajfa-1560	472	11	-	-	SYM
ajfa-1560	472	12	82	82	NUM
ajfa-1560	472	13	.	.	PUNCT
ajfa-1560	473	1	http://dx.doi.org/10.2469/faj.v61.n2.2717	http://dx.doi.org/10.2469/faj.v61.n2.2717	PROPN
ajfa-1560	473	2	sehgal	sehgal	PROPN
ajfa-1560	473	3	,	,	PUNCT
ajfa-1560	473	4	s.	s.	PROPN
ajfa-1560	473	5	,	,	PUNCT
ajfa-1560	473	6	&	&	CCONJ
ajfa-1560	473	7	jain	jain	PROPN
ajfa-1560	473	8	,	,	PUNCT
ajfa-1560	473	9	s.	s.	PROPN
ajfa-1560	473	10	(	(	PUNCT
ajfa-1560	473	11	2011	2011	NUM
ajfa-1560	473	12	)	)	PUNCT
ajfa-1560	473	13	.	.	PUNCT
ajfa-1560	474	1	long	long	ADJ
ajfa-1560	474	2	-	-	PUNCT
ajfa-1560	474	3	term	term	NOUN
ajfa-1560	474	4	prior	prior	ADJ
ajfa-1560	474	5	return	return	NOUN
ajfa-1560	474	6	patterns	pattern	NOUN
ajfa-1560	474	7	in	in	ADP
ajfa-1560	474	8	stock	stock	NOUN
ajfa-1560	474	9	and	and	CCONJ
ajfa-1560	474	10	sectoral	sectoral	ADJ
ajfa-1560	474	11	returns	return	NOUN
ajfa-1560	474	12	in	in	ADP
ajfa-1560	474	13	india	india	PROPN
ajfa-1560	474	14	.	.	PUNCT
ajfa-1560	475	1	sehgal	sehgal	PROPN
ajfa-1560	475	2	,	,	PUNCT
ajfa-1560	475	3	s.	s.	PROPN
ajfa-1560	475	4	,	,	PUNCT
ajfa-1560	475	5	jain	jain	PROPN
ajfa-1560	475	6	,	,	PUNCT
ajfa-1560	475	7	s.	s.	PROPN
ajfa-1560	475	8	(	(	PUNCT
ajfa-1560	475	9	2011	2011	NUM
ajfa-1560	475	10	)	)	PUNCT
ajfa-1560	475	11	.	.	PUNCT
ajfa-1560	476	1	short	short	ADJ
ajfa-1560	476	2	-	-	PUNCT
ajfa-1560	476	3	term	term	NOUN
ajfa-1560	476	4	moemntum	moemntum	NOUN
ajfa-1560	476	5	patterns	pattern	NOUN
ajfa-1560	476	6	in	in	ADP
ajfa-1560	476	7	stock	stock	NOUN
ajfa-1560	476	8	and	and	CCONJ
ajfa-1560	476	9	sectoral	sectoral	ADJ
ajfa-1560	476	10	returns	return	NOUN
ajfa-1560	476	11	:	:	PUNCT
ajfa-1560	476	12	evidence	evidence	NOUN
ajfa-1560	476	13	from	from	ADP
ajfa-1560	476	14	india	india	PROPN
ajfa-1560	476	15	.	.	PUNCT
ajfa-1560	477	1	journal	journal	PROPN
ajfa-1560	477	2	of	of	ADP
ajfa-1560	477	3	advances	advance	NOUN
ajfa-1560	477	4	in	in	ADP
ajfa-1560	477	5	mangement	mangement	NOUN
ajfa-1560	477	6	and	and	CCONJ
ajfa-1560	477	7	research	research	NOUN
ajfa-1560	477	8	,	,	PUNCT
ajfa-1560	477	9	8	8	NUM
ajfa-1560	477	10	(	(	PUNCT
ajfa-1560	477	11	1	1	NUM
ajfa-1560	477	12	)	)	PUNCT
ajfa-1560	477	13	,	,	PUNCT
ajfa-1560	477	14	99	99	NUM
ajfa-1560	477	15	-	-	SYM
ajfa-1560	477	16	122	122	NUM
ajfa-1560	477	17	.	.	PUNCT
ajfa-1560	478	1	http://dx.doi.org/10.1108/09727981111129327	http://dx.doi.org/10.1108/09727981111129327	PROPN
ajfa-1560	478	2	serra	serra	PROPN
ajfa-1560	478	3	,	,	PUNCT
ajfa-1560	478	4	ana	ana	PROPN
ajfa-1560	478	5	paula	paula	PROPN
ajfa-1560	478	6	sousa	sousa	PROPN
ajfa-1560	478	7	freitas	freitas	PROPN
ajfa-1560	478	8	madureira	madureira	PROPN
ajfa-1560	478	9	.	.	PUNCT
ajfa-1560	479	1	(	(	PUNCT
ajfa-1560	479	2	2000	2000	NUM
ajfa-1560	479	3	)	)	PUNCT
ajfa-1560	479	4	.	.	PUNCT
ajfa-1560	480	1	country	country	NOUN
ajfa-1560	480	2	and	and	CCONJ
ajfa-1560	480	3	industry	industry	NOUN
ajfa-1560	480	4	factors	factor	NOUN
ajfa-1560	480	5	in	in	ADP
ajfa-1560	480	6	returns	return	NOUN
ajfa-1560	480	7	evidence	evidence	NOUN
ajfa-1560	480	8	from	from	ADP
ajfa-1560	480	9	emerging	emerge	VERB
ajfa-1560	480	10	markets	market	NOUN
ajfa-1560	480	11	'	'	PART
ajfa-1560	480	12	stocks	stock	NOUN
ajfa-1560	480	13	.	.	PUNCT
ajfa-1560	481	1	emerging	emerge	VERB
ajfa-1560	481	2	markets	market	NOUN
ajfa-1560	481	3	review	review	VERB
ajfa-1560	481	4	,	,	PUNCT
ajfa-1560	481	5	1	1	X
ajfa-1560	481	6	.	.	X
ajfa-1560	481	7	sharpe	sharpe	PROPN
ajfa-1560	481	8	,	,	PUNCT
ajfa-1560	481	9	w.	w.	PROPN
ajfa-1560	481	10	(	(	PUNCT
ajfa-1560	481	11	1964	1964	NUM
ajfa-1560	481	12	)	)	PUNCT
ajfa-1560	481	13	.	.	PUNCT
ajfa-1560	482	1	capital	capital	NOUN
ajfa-1560	482	2	asset	asset	NOUN
ajfa-1560	482	3	prices	price	NOUN
ajfa-1560	482	4	:	:	PUNCT
ajfa-1560	482	5	a	a	DET
ajfa-1560	482	6	theory	theory	NOUN
ajfa-1560	482	7	of	of	ADP
ajfa-1560	482	8	market	market	NOUN
ajfa-1560	482	9	equilibrium	equilibrium	NOUN
ajfa-1560	482	10	under	under	ADP
ajfa-1560	482	11	conditions	condition	NOUN
ajfa-1560	482	12	of	of	ADP
ajfa-1560	482	13	risk	risk	NOUN
ajfa-1560	482	14	.	.	PUNCT
ajfa-1560	483	1	journal	journal	NOUN
ajfa-1560	483	2	of	of	ADP
ajfa-1560	483	3	finance	finance	NOUN
ajfa-1560	483	4	,	,	PUNCT
ajfa-1560	483	5	19	19	NUM
ajfa-1560	483	6	,	,	PUNCT
ajfa-1560	483	7	425	425	NUM
ajfa-1560	483	8	-	-	SYM
ajfa-1560	483	9	442	442	NUM
ajfa-1560	483	10	.	.	PUNCT
ajfa-1560	484	1	shen	shen	PROPN
ajfa-1560	484	2	,	,	PUNCT
ajfa-1560	484	3	q.	q.	PROPN
ajfa-1560	484	4	,szakmary	,szakmary	PROPN
ajfa-1560	484	5	,	,	PUNCT
ajfa-1560	484	6	a.c	a.c	PROPN
ajfa-1560	484	7	.	.	PROPN
ajfa-1560	484	8	,	,	PUNCT
ajfa-1560	484	9	&	&	CCONJ
ajfa-1560	484	10	sharma	sharma	PROPN
ajfa-1560	484	11	,	,	PUNCT
ajfa-1560	484	12	s.c	s.c	PROPN
ajfa-1560	484	13	.	.	PROPN
ajfa-1560	484	14	(	(	PUNCT
ajfa-1560	484	15	2005	2005	NUM
ajfa-1560	484	16	)	)	PUNCT
ajfa-1560	484	17	.	.	PUNCT
ajfa-1560	485	1	momentum	momentum	NOUN
ajfa-1560	485	2	and	and	CCONJ
ajfa-1560	485	3	contrarian	contrarian	ADJ
ajfa-1560	485	4	strategies	strategy	NOUN
ajfa-1560	485	5	in	in	ADP
ajfa-1560	485	6	international	international	ADJ
ajfa-1560	485	7	stock	stock	NOUN
ajfa-1560	485	8	market	market	NOUN
ajfa-1560	485	9	:	:	PUNCT
ajfa-1560	485	10	further	further	ADJ
ajfa-1560	485	11	evidence	evidence	NOUN
ajfa-1560	485	12	.	.	PUNCT
ajfa-1560	486	1	journal	journal	NOUN
ajfa-1560	486	2	of	of	ADP
ajfa-1560	486	3	multinational	multinational	ADJ
ajfa-1560	486	4	financial	financial	ADJ
ajfa-1560	486	5	management	management	NOUN
ajfa-1560	486	6	,	,	PUNCT
ajfa-1560	486	7	15	15	NUM
ajfa-1560	486	8	,	,	PUNCT
ajfa-1560	486	9	235	235	NUM
ajfa-1560	486	10	-	-	SYM
ajfa-1560	486	11	255	255	NUM
ajfa-1560	486	12	.	.	PUNCT
ajfa-1560	487	1	http://dx.doi.org/10.1016/j.mulfin.2004.09.001	http://dx.doi.org/10.1016/j.mulfin.2004.09.001	PROPN
ajfa-1560	487	2	swanson	swanson	PROPN
ajfa-1560	487	3	,	,	PUNCT
ajfa-1560	487	4	p.	p.	PROPN
ajfa-1560	487	5	,	,	PUNCT
ajfa-1560	487	6	&	&	CCONJ
ajfa-1560	487	7	lin	lin	PROPN
ajfa-1560	487	8	,	,	PUNCT
ajfa-1560	487	9	a.y	a.y	PROPN
ajfa-1560	487	10	.	.	PROPN
ajfa-1560	487	11	(	(	PUNCT
ajfa-1560	487	12	2005	2005	NUM
ajfa-1560	487	13	)	)	PUNCT
ajfa-1560	487	14	.	.	PUNCT
ajfa-1560	488	1	trading	trading	NOUN
ajfa-1560	488	2	behavior	behavior	NOUN
ajfa-1560	488	3	and	and	CCONJ
ajfa-1560	488	4	investment	investment	NOUN
ajfa-1560	488	5	performace	performace	NOUN
ajfa-1560	488	6	of	of	ADP
ajfa-1560	488	7	u.s	u.s	PROPN
ajfa-1560	488	8	.	.	PROPN
ajfa-1560	488	9	investors	investor	NOUN
ajfa-1560	488	10	in	in	ADP
ajfa-1560	488	11	global	global	ADJ
ajfa-1560	488	12	equity	equity	NOUN
ajfa-1560	488	13	markets	market	NOUN
ajfa-1560	488	14	.	.	PUNCT
ajfa-1560	489	1	journal	journal	NOUN
ajfa-1560	489	2	of	of	ADP
ajfa-1560	489	3	multinational	multinational	ADJ
ajfa-1560	489	4	financial	financial	ADJ
ajfa-1560	489	5	management	management	NOUN
ajfa-1560	489	6	,	,	PUNCT
ajfa-1560	489	7	99	99	NUM
ajfa-1560	489	8	-	-	SYM
ajfa-1560	489	9	115	115	NUM
ajfa-1560	489	10	.	.	PUNCT
ajfa-1560	490	1	http://dx.doi.org/10.1016/j.mulfin.2004.03.006	http://dx.doi.org/10.1016/j.mulfin.2004.03.006	PROPN
ajfa-1560	490	2	torsten	torsten	PROPN
ajfa-1560	490	3	,	,	PUNCT
ajfa-1560	490	4	b.	b.	PROPN
ajfa-1560	490	5	,	,	PUNCT
ajfa-1560	490	6	lukas	lukas	PROPN
ajfa-1560	490	7	,	,	PUNCT
ajfa-1560	490	8	m.	m.	NOUN
ajfa-1560	490	9	,	,	PUNCT
ajfa-1560	490	10	&	&	CCONJ
ajfa-1560	490	11	ulrich	ulrich	PROPN
ajfa-1560	490	12	,	,	PUNCT
ajfa-1560	490	13	s.	s.	PROPN
ajfa-1560	490	14	(	(	PUNCT
ajfa-1560	490	15	2003	2003	NUM
ajfa-1560	490	16	)	)	PUNCT
ajfa-1560	490	17	.	.	PUNCT
ajfa-1560	491	1	the	the	DET
ajfa-1560	491	2	use	use	NOUN
ajfa-1560	491	3	of	of	ADP
ajfa-1560	491	4	momentum	momentum	NOUN
ajfa-1560	491	5	,	,	PUNCT
ajfa-1560	491	6	contrarian	contrarian	NOUN
ajfa-1560	491	7	and	and	CCONJ
ajfa-1560	491	8	buy	buy	VERB
ajfa-1560	491	9	-	-	PUNCT
ajfa-1560	491	10	and	and	CCONJ
ajfa-1560	491	11	hold	hold	VERB
ajfa-1560	491	12	strategies	strategy	NOUN
ajfa-1560	491	13	.	.	PUNCT
ajfa-1560	492	1	survey	survey	NOUN
ajfa-1560	492	2	evidence	evidence	NOUN
ajfa-1560	492	3	from	from	ADP
ajfa-1560	492	4	fund	fund	NOUN
ajfa-1560	492	5	managers	manager	NOUN
ajfa-1560	492	6	.	.	PUNCT
ajfa-1560	493	1	university	university	NOUN
ajfa-1560	493	2	at	at	ADP
ajfa-1560	493	3	hannover	hannover	PROPN
ajfa-1560	493	4	dp-290	dp-290	PROPN
ajfa-1560	493	5	.	.	PUNCT
ajfa-1560	494	1	vander	vander	PROPN
ajfa-1560	494	2	hart	hart	PROPN
ajfa-1560	494	3	,	,	PUNCT
ajfa-1560	494	4	j.	j.	PROPN
ajfa-1560	494	5	,	,	PUNCT
ajfa-1560	494	6	slagter	slagter	PROPN
ajfa-1560	494	7	,	,	PUNCT
ajfa-1560	494	8	e.	e.	PROPN
ajfa-1560	494	9	,	,	PUNCT
ajfa-1560	494	10	&	&	CCONJ
ajfa-1560	494	11	vandijk	vandijk	PROPN
ajfa-1560	494	12	,	,	PUNCT
ajfa-1560	494	13	d.	d.	PROPN
ajfa-1560	494	14	(	(	PUNCT
ajfa-1560	494	15	2003	2003	NUM
ajfa-1560	494	16	)	)	PUNCT
ajfa-1560	494	17	.	.	PUNCT
ajfa-1560	495	1	stock	stock	NOUN
ajfa-1560	495	2	selection	selection	NOUN
ajfa-1560	495	3	strategies	strategy	NOUN
ajfa-1560	495	4	in	in	ADP
ajfa-1560	495	5	emerging	emerge	VERB
ajfa-1560	495	6	markets	market	NOUN
ajfa-1560	495	7	.	.	PUNCT
ajfa-1560	496	1	journal	journal	NOUN
ajfa-1560	496	2	of	of	ADP
ajfa-1560	496	3	empirical	empirical	ADJ
ajfa-1560	496	4	finance	finance	NOUN
ajfa-1560	496	5	,	,	PUNCT
ajfa-1560	496	6	10	10	NUM
ajfa-1560	496	7	,	,	PUNCT
ajfa-1560	496	8	105	105	NUM
ajfa-1560	496	9	-	-	SYM
ajfa-1560	496	10	132	132	NUM
ajfa-1560	496	11	.	.	PUNCT
ajfa-1560	497	1	http://dx.doi.org/10.1016/s0927-5398(02)00022-1	http://dx.doi.org/10.1016/s0927-5398(02)00022-1	PRON