id	sid	tid	token	lemma	pos
ajfa-3216	1	1	microsoft	microsoft	PROPN
ajfa-3216	1	2	word	word	NOUN
ajfa-3216	1	3	3216-12183-1-rv-writer2-new.docx	3216-12183-1-rv-writer2-new.docx	NUM
ajfa-3216	1	4	asian	asian	ADJ
ajfa-3216	1	5	journal	journal	NOUN
ajfa-3216	1	6	of	of	ADP
ajfa-3216	1	7	finance	finance	PROPN
ajfa-3216	1	8	&	&	CCONJ
ajfa-3216	1	9	accounting	accounting	PROPN
ajfa-3216	1	10	issn	issn	PROPN
ajfa-3216	1	11	1946	1946	NUM
ajfa-3216	1	12	-	-	PUNCT
ajfa-3216	1	13	052x	052x	NOUN
ajfa-3216	1	14	2013	2013	NUM
ajfa-3216	1	15	,	,	PUNCT
ajfa-3216	1	16	vol	vol	NOUN
ajfa-3216	1	17	.	.	PROPN
ajfa-3216	1	18	5	5	NUM
ajfa-3216	1	19	,	,	PUNCT
ajfa-3216	1	20	no	no	INTJ
ajfa-3216	1	21	.	.	NOUN
ajfa-3216	1	22	1	1	NUM
ajfa-3216	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3216	1	24	197	197	NUM
ajfa-3216	1	25	evidence	evidence	NOUN
ajfa-3216	1	26	to	to	PART
ajfa-3216	1	27	support	support	VERB
ajfa-3216	1	28	multifactor	multifactor	NOUN
ajfa-3216	1	29	asset	asset	NOUN
ajfa-3216	1	30	pricing	pricing	NOUN
ajfa-3216	1	31	models	model	NOUN
ajfa-3216	1	32	:	:	PUNCT
ajfa-3216	1	33	the	the	DET
ajfa-3216	1	34	case	case	NOUN
ajfa-3216	1	35	of	of	ADP
ajfa-3216	1	36	the	the	DET
ajfa-3216	1	37	istanbul	istanbul	PROPN
ajfa-3216	1	38	stock	stock	PROPN
ajfa-3216	1	39	exchange	exchange	PROPN
ajfa-3216	1	40	ulas	ulas	PROPN
ajfa-3216	1	41	unlu	unlu	PROPN
ajfa-3216	1	42	the	the	DET
ajfa-3216	1	43	university	university	NOUN
ajfa-3216	1	44	of	of	ADP
ajfa-3216	1	45	nevsehir	nevsehir	NOUN
ajfa-3216	1	46	,	,	PUNCT
ajfa-3216	1	47	department	department	NOUN
ajfa-3216	1	48	of	of	ADP
ajfa-3216	1	49	accounting	accounting	NOUN
ajfa-3216	1	50	and	and	CCONJ
ajfa-3216	1	51	finance	finance	NOUN
ajfa-3216	1	52	50300	50300	NUM
ajfa-3216	1	53	,	,	PUNCT
ajfa-3216	1	54	nevsehir	nevsehir	NOUN
ajfa-3216	1	55	/	/	SYM
ajfa-3216	1	56	turkey	turkey	NOUN
ajfa-3216	1	57	e	e	NOUN
ajfa-3216	1	58	-	-	NOUN
ajfa-3216	1	59	mail	mail	NOUN
ajfa-3216	1	60	:	:	PUNCT
ajfa-3216	1	61	ulasunlu@gmail.com	ulasunlu@gmail.com	X
ajfa-3216	1	62	received	receive	VERB
ajfa-3216	1	63	:	:	PUNCT
ajfa-3216	1	64	feb	feb	PROPN
ajfa-3216	1	65	.	.	PROPN
ajfa-3216	1	66	4	4	NUM
ajfa-3216	1	67	,	,	PUNCT
ajfa-3216	1	68	2013	2013	NUM
ajfa-3216	1	69	accepted	accept	VERB
ajfa-3216	1	70	:	:	PUNCT
ajfa-3216	1	71	april	april	PROPN
ajfa-3216	1	72	12	12	NUM
ajfa-3216	1	73	,	,	PUNCT
ajfa-3216	1	74	2013	2013	NUM
ajfa-3216	1	75	published	publish	VERB
ajfa-3216	1	76	:	:	PUNCT
ajfa-3216	1	77	june	june	PROPN
ajfa-3216	1	78	1	1	NUM
ajfa-3216	1	79	,	,	PUNCT
ajfa-3216	2	1	2013	2013	NUM
ajfa-3216	2	2	doi:10.5296	doi:10.5296	NOUN
ajfa-3216	2	3	/	/	SYM
ajfa-3216	2	4	ajfa.v5i1.3216	ajfa.v5i1.3216	NUM
ajfa-3216	2	5	url	url	NOUN
ajfa-3216	2	6	:	:	PUNCT
ajfa-3216	2	7	http://dx.doi.org/10.5296/ajfa.v5i1.3216	http://dx.doi.org/10.5296/ajfa.v5i1.3216	X
ajfa-3216	2	8	abstract	abstract	VERB
ajfa-3216	2	9	the	the	DET
ajfa-3216	2	10	objective	objective	NOUN
ajfa-3216	2	11	of	of	ADP
ajfa-3216	2	12	this	this	DET
ajfa-3216	2	13	study	study	NOUN
ajfa-3216	2	14	is	be	AUX
ajfa-3216	2	15	to	to	PART
ajfa-3216	2	16	test	test	VERB
ajfa-3216	2	17	,	,	PUNCT
ajfa-3216	2	18	instead	instead	ADV
ajfa-3216	2	19	of	of	ADP
ajfa-3216	2	20	the	the	DET
ajfa-3216	2	21	single	single	ADJ
ajfa-3216	2	22	factor	factor	NOUN
ajfa-3216	2	23	capm	capm	PROPN
ajfa-3216	2	24	,	,	PUNCT
ajfa-3216	2	25	the	the	DET
ajfa-3216	2	26	power	power	NOUN
ajfa-3216	2	27	of	of	ADP
ajfa-3216	2	28	three	three	NUM
ajfa-3216	2	29	factor	factor	NOUN
ajfa-3216	2	30	,	,	PUNCT
ajfa-3216	2	31	four	four	NUM
ajfa-3216	2	32	factor	factor	NOUN
ajfa-3216	2	33	and	and	CCONJ
ajfa-3216	2	34	five	five	NUM
ajfa-3216	2	35	factor	factor	NOUN
ajfa-3216	2	36	models	model	NOUN
ajfa-3216	2	37	to	to	PART
ajfa-3216	2	38	explain	explain	VERB
ajfa-3216	2	39	stock	stock	NOUN
ajfa-3216	2	40	returns	return	NOUN
ajfa-3216	2	41	for	for	ADP
ajfa-3216	2	42	the	the	DET
ajfa-3216	2	43	istanbul	istanbul	PROPN
ajfa-3216	2	44	stock	stock	PROPN
ajfa-3216	2	45	exchange	exchange	PROPN
ajfa-3216	2	46	(	(	PUNCT
ajfa-3216	2	47	ise	ise	PROPN
ajfa-3216	2	48	)	)	PUNCT
ajfa-3216	2	49	.	.	PUNCT
ajfa-3216	3	1	the	the	DET
ajfa-3216	3	2	test	test	NOUN
ajfa-3216	3	3	results	result	NOUN
ajfa-3216	3	4	of	of	ADP
ajfa-3216	3	5	all	all	DET
ajfa-3216	3	6	models	model	NOUN
ajfa-3216	3	7	in	in	ADP
ajfa-3216	3	8	the	the	DET
ajfa-3216	3	9	ise	ise	NOUN
ajfa-3216	3	10	indicate	indicate	VERB
ajfa-3216	3	11	that	that	SCONJ
ajfa-3216	3	12	the	the	DET
ajfa-3216	3	13	models	model	NOUN
ajfa-3216	3	14	are	be	AUX
ajfa-3216	3	15	applicable	applicable	ADJ
ajfa-3216	3	16	.	.	PUNCT
ajfa-3216	4	1	during	during	ADP
ajfa-3216	4	2	the	the	DET
ajfa-3216	4	3	period	period	NOUN
ajfa-3216	4	4	covering	cover	VERB
ajfa-3216	4	5	july	july	PROPN
ajfa-3216	4	6	1992	1992	NUM
ajfa-3216	4	7	-	-	SYM
ajfa-3216	4	8	june	june	PROPN
ajfa-3216	4	9	2011	2011	NUM
ajfa-3216	4	10	it	it	PRON
ajfa-3216	4	11	is	be	AUX
ajfa-3216	4	12	consequently	consequently	ADV
ajfa-3216	4	13	established	establish	VERB
ajfa-3216	4	14	that	that	SCONJ
ajfa-3216	4	15	,	,	PUNCT
ajfa-3216	4	16	in	in	ADP
ajfa-3216	4	17	addition	addition	NOUN
ajfa-3216	4	18	to	to	ADP
ajfa-3216	4	19	the	the	DET
ajfa-3216	4	20	market	market	NOUN
ajfa-3216	4	21	risk	risk	NOUN
ajfa-3216	4	22	,	,	PUNCT
ajfa-3216	4	23	size	size	NOUN
ajfa-3216	4	24	,	,	PUNCT
ajfa-3216	4	25	book	book	NOUN
ajfa-3216	4	26	to	to	ADP
ajfa-3216	4	27	market	market	NOUN
ajfa-3216	4	28	ratio	ratio	NOUN
ajfa-3216	4	29	,	,	PUNCT
ajfa-3216	4	30	momentum	momentum	NOUN
ajfa-3216	4	31	and	and	CCONJ
ajfa-3216	4	32	liquidity	liquidity	NOUN
ajfa-3216	4	33	factors	factor	NOUN
ajfa-3216	4	34	also	also	ADV
ajfa-3216	4	35	constitute	constitute	VERB
ajfa-3216	4	36	significant	significant	ADJ
ajfa-3216	4	37	risk	risk	NOUN
ajfa-3216	4	38	factors	factor	NOUN
ajfa-3216	4	39	that	that	PRON
ajfa-3216	4	40	affect	affect	VERB
ajfa-3216	4	41	the	the	DET
ajfa-3216	4	42	expected	expect	VERB
ajfa-3216	4	43	stock	stock	NOUN
ajfa-3216	4	44	returns	return	NOUN
ajfa-3216	4	45	in	in	ADP
ajfa-3216	4	46	the	the	DET
ajfa-3216	4	47	ise	ise	NOUN
ajfa-3216	4	48	and	and	CCONJ
ajfa-3216	4	49	that	that	SCONJ
ajfa-3216	4	50	the	the	DET
ajfa-3216	4	51	risk	risk	NOUN
ajfa-3216	4	52	premiums	premium	NOUN
ajfa-3216	4	53	belonging	belong	VERB
ajfa-3216	4	54	to	to	ADP
ajfa-3216	4	55	these	these	DET
ajfa-3216	4	56	five	five	NUM
ajfa-3216	4	57	factors	factor	NOUN
ajfa-3216	4	58	are	be	AUX
ajfa-3216	4	59	priced	price	VERB
ajfa-3216	4	60	by	by	ADP
ajfa-3216	4	61	the	the	DET
ajfa-3216	4	62	market	market	NOUN
ajfa-3216	4	63	.	.	PUNCT
ajfa-3216	5	1	keywords	keyword	NOUN
ajfa-3216	5	2	:	:	PUNCT
ajfa-3216	5	3	fama	fama	PROPN
ajfa-3216	5	4	and	and	CCONJ
ajfa-3216	5	5	french	french	ADJ
ajfa-3216	5	6	three	three	NUM
ajfa-3216	5	7	factor	factor	NOUN
ajfa-3216	5	8	model	model	NOUN
ajfa-3216	5	9	,	,	PUNCT
ajfa-3216	5	10	four	four	NUM
ajfa-3216	5	11	-	-	PUNCT
ajfa-3216	5	12	factor	factor	NOUN
ajfa-3216	5	13	pricing	pricing	NOUN
ajfa-3216	5	14	model	model	NOUN
ajfa-3216	5	15	,	,	PUNCT
ajfa-3216	5	16	five	five	NUM
ajfa-3216	5	17	factor	factor	NOUN
ajfa-3216	5	18	pricing	pricing	NOUN
ajfa-3216	5	19	model	model	NOUN
ajfa-3216	5	20	,	,	PUNCT
ajfa-3216	5	21	asset	asset	NOUN
ajfa-3216	5	22	pricing	pricing	NOUN
ajfa-3216	5	23	,	,	PUNCT
ajfa-3216	5	24	emerging	emerge	VERB
ajfa-3216	5	25	markets	market	NOUN
ajfa-3216	5	26	jel	jel	PROPN
ajfa-3216	5	27	cod	cod	NOUN
ajfa-3216	5	28	:	:	PUNCT
ajfa-3216	5	29	g11	g11	PROPN
ajfa-3216	5	30	,	,	PUNCT
ajfa-3216	5	31	g12	g12	PROPN
ajfa-3216	5	32	asian	asian	PROPN
ajfa-3216	5	33	journal	journal	PROPN
ajfa-3216	5	34	of	of	ADP
ajfa-3216	5	35	finance	finance	PROPN
ajfa-3216	5	36	&	&	CCONJ
ajfa-3216	5	37	accounting	accounting	PROPN
ajfa-3216	5	38	issn	issn	PROPN
ajfa-3216	5	39	1946	1946	NUM
ajfa-3216	5	40	-	-	PUNCT
ajfa-3216	5	41	052x	052x	NOUN
ajfa-3216	5	42	2013	2013	NUM
ajfa-3216	5	43	,	,	PUNCT
ajfa-3216	5	44	vol	vol	NOUN
ajfa-3216	5	45	.	.	PROPN
ajfa-3216	5	46	5	5	NUM
ajfa-3216	5	47	,	,	PUNCT
ajfa-3216	5	48	no	no	INTJ
ajfa-3216	5	49	.	.	NOUN
ajfa-3216	5	50	1	1	NUM
ajfa-3216	5	51	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3216	5	52	198	198	NUM
ajfa-3216	5	53	1	1	NUM
ajfa-3216	5	54	.	.	PUNCT
ajfa-3216	5	55	introduction	introduction	NOUN
ajfa-3216	5	56	the	the	DET
ajfa-3216	5	57	validity	validity	NOUN
ajfa-3216	5	58	of	of	ADP
ajfa-3216	5	59	asset	asset	NOUN
ajfa-3216	5	60	pricing	pricing	NOUN
ajfa-3216	5	61	models	model	NOUN
ajfa-3216	5	62	bears	bear	VERB
ajfa-3216	5	63	vital	vital	ADJ
ajfa-3216	5	64	importance	importance	NOUN
ajfa-3216	5	65	for	for	SCONJ
ajfa-3216	5	66	individual	individual	ADJ
ajfa-3216	5	67	and	and	CCONJ
ajfa-3216	5	68	institutional	institutional	ADJ
ajfa-3216	5	69	investors	investor	NOUN
ajfa-3216	5	70	planning	plan	VERB
ajfa-3216	5	71	to	to	PART
ajfa-3216	5	72	invest	invest	VERB
ajfa-3216	5	73	in	in	ADP
ajfa-3216	5	74	securities	security	NOUN
ajfa-3216	5	75	.	.	PUNCT
ajfa-3216	6	1	as	as	SCONJ
ajfa-3216	6	2	it	it	PRON
ajfa-3216	6	3	is	be	AUX
ajfa-3216	6	4	known	know	VERB
ajfa-3216	6	5	,	,	PUNCT
ajfa-3216	6	6	the	the	DET
ajfa-3216	6	7	most	most	ADV
ajfa-3216	6	8	widely	widely	ADV
ajfa-3216	6	9	known	know	VERB
ajfa-3216	6	10	and	and	CCONJ
ajfa-3216	6	11	used	use	VERB
ajfa-3216	6	12	asset	asset	NOUN
ajfa-3216	6	13	pricing	pricing	NOUN
ajfa-3216	6	14	model	model	NOUN
ajfa-3216	6	15	in	in	ADP
ajfa-3216	6	16	capital	capital	NOUN
ajfa-3216	6	17	markets	market	NOUN
ajfa-3216	6	18	is	be	AUX
ajfa-3216	6	19	capm	capm	PROPN
ajfa-3216	6	20	(	(	PUNCT
ajfa-3216	6	21	capital	capital	NOUN
ajfa-3216	6	22	asset	asset	NOUN
ajfa-3216	6	23	pricing	pricing	NOUN
ajfa-3216	6	24	model	model	NOUN
ajfa-3216	6	25	)	)	PUNCT
ajfa-3216	6	26	as	as	SCONJ
ajfa-3216	6	27	developed	develop	VERB
ajfa-3216	6	28	by	by	ADP
ajfa-3216	6	29	sharpe	sharpe	PROPN
ajfa-3216	6	30	(	(	PUNCT
ajfa-3216	6	31	1964	1964	NUM
ajfa-3216	6	32	)	)	PUNCT
ajfa-3216	6	33	,	,	PUNCT
ajfa-3216	6	34	lintner	lintner	NOUN
ajfa-3216	6	35	(	(	PUNCT
ajfa-3216	6	36	1965	1965	NUM
ajfa-3216	6	37	)	)	PUNCT
ajfa-3216	6	38	and	and	CCONJ
ajfa-3216	6	39	mossin	mossin	NOUN
ajfa-3216	6	40	(	(	PUNCT
ajfa-3216	6	41	1966	1966	NUM
ajfa-3216	6	42	)	)	PUNCT
ajfa-3216	6	43	,	,	PUNCT
ajfa-3216	6	44	which	which	PRON
ajfa-3216	6	45	represents	represent	VERB
ajfa-3216	6	46	a	a	DET
ajfa-3216	6	47	balance	balance	NOUN
ajfa-3216	6	48	model	model	NOUN
ajfa-3216	6	49	that	that	PRON
ajfa-3216	6	50	prices	price	VERB
ajfa-3216	6	51	a	a	DET
ajfa-3216	6	52	certain	certain	ADJ
ajfa-3216	6	53	asset	asset	NOUN
ajfa-3216	6	54	relying	rely	VERB
ajfa-3216	6	55	on	on	ADP
ajfa-3216	6	56	certain	certain	ADJ
ajfa-3216	6	57	assumptions	assumption	NOUN
ajfa-3216	6	58	with	with	ADP
ajfa-3216	6	59	consideration	consideration	NOUN
ajfa-3216	6	60	of	of	ADP
ajfa-3216	6	61	the	the	DET
ajfa-3216	6	62	relation	relation	NOUN
ajfa-3216	6	63	between	between	ADP
ajfa-3216	6	64	the	the	DET
ajfa-3216	6	65	risk	risk	NOUN
ajfa-3216	6	66	and	and	CCONJ
ajfa-3216	6	67	the	the	DET
ajfa-3216	6	68	expected	expect	VERB
ajfa-3216	6	69	return	return	NOUN
ajfa-3216	6	70	.	.	PUNCT
ajfa-3216	7	1	during	during	ADP
ajfa-3216	7	2	the	the	DET
ajfa-3216	7	3	1970	1970	NUM
ajfa-3216	7	4	’s	’s	NOUN
ajfa-3216	7	5	,	,	PUNCT
ajfa-3216	7	6	capm	capm	PROPN
ajfa-3216	7	7	was	be	AUX
ajfa-3216	7	8	widely	widely	ADV
ajfa-3216	7	9	advocated	advocate	VERB
ajfa-3216	7	10	owing	owe	VERB
ajfa-3216	7	11	to	to	ADP
ajfa-3216	7	12	the	the	DET
ajfa-3216	7	13	facilities	facility	NOUN
ajfa-3216	7	14	it	it	PRON
ajfa-3216	7	15	provided	provide	VERB
ajfa-3216	7	16	such	such	ADJ
ajfa-3216	7	17	as	as	ADP
ajfa-3216	7	18	its	its	PRON
ajfa-3216	7	19	provision	provision	NOUN
ajfa-3216	7	20	for	for	ADP
ajfa-3216	7	21	measuring	measure	VERB
ajfa-3216	7	22	risks	risk	NOUN
ajfa-3216	7	23	with	with	ADP
ajfa-3216	7	24	a	a	DET
ajfa-3216	7	25	single	single	ADJ
ajfa-3216	7	26	variable	variable	NOUN
ajfa-3216	7	27	.	.	PUNCT
ajfa-3216	8	1	in	in	ADP
ajfa-3216	8	2	parallel	parallel	NOUN
ajfa-3216	8	3	with	with	ADP
ajfa-3216	8	4	the	the	DET
ajfa-3216	8	5	developing	develop	VERB
ajfa-3216	8	6	capital	capital	NOUN
ajfa-3216	8	7	markets	market	NOUN
ajfa-3216	8	8	during	during	ADP
ajfa-3216	8	9	the	the	DET
ajfa-3216	8	10	1980	1980	NUM
ajfa-3216	8	11	’s	’s	NOUN
ajfa-3216	8	12	and	and	CCONJ
ajfa-3216	8	13	1990	1990	NUM
ajfa-3216	8	14	’s	’	VERB
ajfa-3216	8	15	however	however	ADV
ajfa-3216	8	16	,	,	PUNCT
ajfa-3216	8	17	controversies	controversy	NOUN
ajfa-3216	8	18	appeared	appear	VERB
ajfa-3216	8	19	as	as	ADP
ajfa-3216	8	20	to	to	ADP
ajfa-3216	8	21	the	the	DET
ajfa-3216	8	22	adequacy	adequacy	NOUN
ajfa-3216	8	23	of	of	ADP
ajfa-3216	8	24	capm	capm	PROPN
ajfa-3216	8	25	to	to	PART
ajfa-3216	8	26	explain	explain	VERB
ajfa-3216	8	27	the	the	DET
ajfa-3216	8	28	stock	stock	NOUN
ajfa-3216	8	29	returns	return	NOUN
ajfa-3216	8	30	.	.	PUNCT
ajfa-3216	9	1	nevertheless	nevertheless	ADV
ajfa-3216	9	2	,	,	PUNCT
ajfa-3216	9	3	many	many	ADJ
ajfa-3216	9	4	researchers	researcher	NOUN
ajfa-3216	9	5	show	show	VERB
ajfa-3216	9	6	that	that	SCONJ
ajfa-3216	9	7	the	the	DET
ajfa-3216	9	8	anomalies	anomaly	NOUN
ajfa-3216	9	9	they	they	PRON
ajfa-3216	9	10	detected	detect	VERB
ajfa-3216	9	11	could	could	AUX
ajfa-3216	9	12	not	not	PART
ajfa-3216	9	13	be	be	AUX
ajfa-3216	9	14	foreseen	foresee	VERB
ajfa-3216	9	15	by	by	ADP
ajfa-3216	9	16	the	the	DET
ajfa-3216	9	17	model	model	NOUN
ajfa-3216	9	18	.	.	PUNCT
ajfa-3216	10	1	examples	example	NOUN
ajfa-3216	10	2	to	to	ADP
ajfa-3216	10	3	these	these	PRON
ajfa-3216	10	4	are	be	AUX
ajfa-3216	10	5	size	size	NOUN
ajfa-3216	10	6	anomaly	anomaly	NOUN
ajfa-3216	10	7	by	by	ADP
ajfa-3216	10	8	banz	banz	NOUN
ajfa-3216	10	9	(	(	PUNCT
ajfa-3216	10	10	1981	1981	NUM
ajfa-3216	10	11	)	)	PUNCT
ajfa-3216	10	12	,	,	PUNCT
ajfa-3216	10	13	reinganum	reinganum	X
ajfa-3216	10	14	(	(	PUNCT
ajfa-3216	10	15	1981	1981	NUM
ajfa-3216	10	16	)	)	PUNCT
ajfa-3216	10	17	,	,	PUNCT
ajfa-3216	10	18	keim	keim	NOUN
ajfa-3216	10	19	(	(	PUNCT
ajfa-3216	10	20	1983	1983	NUM
ajfa-3216	10	21	)	)	PUNCT
ajfa-3216	10	22	;	;	PUNCT
ajfa-3216	10	23	book	book	NOUN
ajfa-3216	10	24	to	to	ADP
ajfa-3216	10	25	market	market	NOUN
ajfa-3216	10	26	effect	effect	NOUN
ajfa-3216	10	27	by	by	ADP
ajfa-3216	10	28	stattman	stattman	NOUN
ajfa-3216	10	29	(	(	PUNCT
ajfa-3216	10	30	1980	1980	NUM
ajfa-3216	10	31	)	)	PUNCT
ajfa-3216	10	32	,	,	PUNCT
ajfa-3216	10	33	rosenberg	rosenberg	PROPN
ajfa-3216	10	34	,	,	PUNCT
ajfa-3216	10	35	reid	reid	PROPN
ajfa-3216	10	36	and	and	CCONJ
ajfa-3216	10	37	lanstein	lanstein	ADJ
ajfa-3216	10	38	(	(	PUNCT
ajfa-3216	10	39	1985	1985	NUM
ajfa-3216	10	40	)	)	PUNCT
ajfa-3216	10	41	,	,	PUNCT
ajfa-3216	10	42	chan	chan	PROPN
ajfa-3216	10	43	,	,	PUNCT
ajfa-3216	10	44	hamao	hamao	PROPN
ajfa-3216	10	45	,	,	PUNCT
ajfa-3216	10	46	and	and	CCONJ
ajfa-3216	10	47	lakonishok	lakonishok	NOUN
ajfa-3216	10	48	(	(	PUNCT
ajfa-3216	10	49	1991	1991	NUM
ajfa-3216	10	50	)	)	PUNCT
ajfa-3216	10	51	;	;	PUNCT
ajfa-3216	10	52	price	price	NOUN
ajfa-3216	10	53	-	-	PUNCT
ajfa-3216	10	54	earning	earn	VERB
ajfa-3216	10	55	effect	effect	NOUN
ajfa-3216	10	56	by	by	ADP
ajfa-3216	10	57	basu	basu	PROPN
ajfa-3216	10	58	(	(	PUNCT
ajfa-3216	10	59	1983	1983	NUM
ajfa-3216	10	60	)	)	PUNCT
ajfa-3216	10	61	;	;	PUNCT
ajfa-3216	10	62	and	and	CCONJ
ajfa-3216	10	63	momentum	momentum	NOUN
ajfa-3216	10	64	effect	effect	NOUN
ajfa-3216	10	65	by	by	ADP
ajfa-3216	10	66	jegadeesh	jegadeesh	NOUN
ajfa-3216	10	67	and	and	CCONJ
ajfa-3216	10	68	titman	titman	NOUN
ajfa-3216	10	69	(	(	PUNCT
ajfa-3216	10	70	1993	1993	NUM
ajfa-3216	10	71	)	)	PUNCT
ajfa-3216	10	72	.	.	PUNCT
ajfa-3216	11	1	the	the	DET
ajfa-3216	11	2	fact	fact	NOUN
ajfa-3216	11	3	that	that	SCONJ
ajfa-3216	11	4	no	no	DET
ajfa-3216	11	5	non	non	ADJ
ajfa-3216	11	6	-	-	ADJ
ajfa-3216	11	7	market	market	ADJ
ajfa-3216	11	8	factor	factor	NOUN
ajfa-3216	11	9	(	(	PUNCT
ajfa-3216	11	10	size	size	NOUN
ajfa-3216	11	11	,	,	PUNCT
ajfa-3216	11	12	book	book	NOUN
ajfa-3216	11	13	to	to	ADP
ajfa-3216	11	14	market	market	NOUN
ajfa-3216	11	15	ratio	ratio	NOUN
ajfa-3216	11	16	,	,	PUNCT
ajfa-3216	11	17	momentum	momentum	NOUN
ajfa-3216	11	18	,	,	PUNCT
ajfa-3216	11	19	liquidity	liquidity	NOUN
ajfa-3216	11	20	,	,	PUNCT
ajfa-3216	11	21	etc	etc	X
ajfa-3216	11	22	…	…	PUNCT
ajfa-3216	11	23	)	)	PUNCT
ajfa-3216	11	24	other	other	ADJ
ajfa-3216	11	25	than	than	ADP
ajfa-3216	11	26	market	market	NOUN
ajfa-3216	11	27	risk	risk	NOUN
ajfa-3216	11	28	is	be	AUX
ajfa-3216	11	29	included	include	VERB
ajfa-3216	11	30	in	in	ADP
ajfa-3216	11	31	capm	capm	PROPN
ajfa-3216	11	32	,	,	PUNCT
ajfa-3216	11	33	indicates	indicate	VERB
ajfa-3216	11	34	that	that	SCONJ
ajfa-3216	11	35	excessive	excessive	ADJ
ajfa-3216	11	36	returns	return	NOUN
ajfa-3216	11	37	created	create	VERB
ajfa-3216	11	38	by	by	ADP
ajfa-3216	11	39	such	such	ADJ
ajfa-3216	11	40	variables	variable	NOUN
ajfa-3216	11	41	,	,	PUNCT
ajfa-3216	11	42	which	which	PRON
ajfa-3216	11	43	are	be	AUX
ajfa-3216	11	44	thought	think	VERB
ajfa-3216	11	45	to	to	PART
ajfa-3216	11	46	lead	lead	VERB
ajfa-3216	11	47	anomalies	anomaly	NOUN
ajfa-3216	11	48	,	,	PUNCT
ajfa-3216	11	49	can	can	AUX
ajfa-3216	11	50	not	not	PART
ajfa-3216	11	51	be	be	AUX
ajfa-3216	11	52	foreseen	foresee	VERB
ajfa-3216	11	53	by	by	ADP
ajfa-3216	11	54	the	the	DET
ajfa-3216	11	55	model	model	NOUN
ajfa-3216	11	56	either	either	ADV
ajfa-3216	11	57	.	.	PUNCT
ajfa-3216	12	1	focus	focus	NOUN
ajfa-3216	12	2	switched	switch	VERB
ajfa-3216	12	3	towards	towards	ADP
ajfa-3216	12	4	multifactor	multifactor	NOUN
ajfa-3216	12	5	models	model	NOUN
ajfa-3216	12	6	for	for	ADP
ajfa-3216	12	7	capital	capital	NOUN
ajfa-3216	12	8	markets	market	NOUN
ajfa-3216	12	9	as	as	SCONJ
ajfa-3216	12	10	capm	capm	PROPN
ajfa-3216	12	11	fell	fall	VERB
ajfa-3216	12	12	insufficient	insufficient	ADJ
ajfa-3216	12	13	to	to	PART
ajfa-3216	12	14	explain	explain	VERB
ajfa-3216	12	15	stock	stock	NOUN
ajfa-3216	12	16	returns	return	NOUN
ajfa-3216	12	17	.	.	PUNCT
ajfa-3216	13	1	these	these	DET
ajfa-3216	13	2	models	model	NOUN
ajfa-3216	13	3	present	present	VERB
ajfa-3216	13	4	evidence	evidence	NOUN
ajfa-3216	13	5	that	that	PRON
ajfa-3216	13	6	company	company	NOUN
ajfa-3216	13	7	specific	specific	ADJ
ajfa-3216	13	8	characteristics	characteristic	NOUN
ajfa-3216	13	9	are	be	AUX
ajfa-3216	13	10	usually	usually	ADV
ajfa-3216	13	11	very	very	ADV
ajfa-3216	13	12	successful	successful	ADJ
ajfa-3216	13	13	in	in	ADP
ajfa-3216	13	14	explaining	explain	VERB
ajfa-3216	13	15	horizontal	horizontal	ADJ
ajfa-3216	13	16	-	-	PUNCT
ajfa-3216	13	17	section	section	NOUN
ajfa-3216	13	18	stock	stock	NOUN
ajfa-3216	13	19	returns	return	NOUN
ajfa-3216	13	20	.	.	PUNCT
ajfa-3216	14	1	the	the	DET
ajfa-3216	14	2	purpose	purpose	NOUN
ajfa-3216	14	3	of	of	ADP
ajfa-3216	14	4	this	this	DET
ajfa-3216	14	5	study	study	NOUN
ajfa-3216	14	6	is	be	AUX
ajfa-3216	14	7	to	to	PART
ajfa-3216	14	8	test	test	VERB
ajfa-3216	14	9	the	the	DET
ajfa-3216	14	10	power	power	NOUN
ajfa-3216	14	11	of	of	ADP
ajfa-3216	14	12	the	the	DET
ajfa-3216	14	13	three	three	NUM
ajfa-3216	14	14	factor	factor	NOUN
ajfa-3216	14	15	,	,	PUNCT
ajfa-3216	14	16	four	four	NUM
ajfa-3216	14	17	factor	factor	NOUN
ajfa-3216	14	18	and	and	CCONJ
ajfa-3216	14	19	five	five	NUM
ajfa-3216	14	20	factor	factor	NOUN
ajfa-3216	14	21	models	model	NOUN
ajfa-3216	14	22	,	,	PUNCT
ajfa-3216	14	23	which	which	PRON
ajfa-3216	14	24	attract	attract	VERB
ajfa-3216	14	25	intensive	intensive	ADJ
ajfa-3216	14	26	attention	attention	NOUN
ajfa-3216	14	27	in	in	ADP
ajfa-3216	14	28	international	international	ADJ
ajfa-3216	14	29	markets	market	NOUN
ajfa-3216	14	30	,	,	PUNCT
ajfa-3216	14	31	to	to	PART
ajfa-3216	14	32	explain	explain	VERB
ajfa-3216	14	33	asset	asset	NOUN
ajfa-3216	14	34	prices	price	NOUN
ajfa-3216	14	35	in	in	ADP
ajfa-3216	14	36	the	the	DET
ajfa-3216	14	37	istanbul	istanbul	PROPN
ajfa-3216	14	38	stock	stock	PROPN
ajfa-3216	14	39	exchange	exchange	PROPN
ajfa-3216	14	40	(	(	PUNCT
ajfa-3216	14	41	ise	ise	PROPN
ajfa-3216	14	42	)	)	PUNCT
ajfa-3216	14	43	.	.	PUNCT
ajfa-3216	15	1	it	it	PRON
ajfa-3216	15	2	is	be	AUX
ajfa-3216	15	3	believed	believe	VERB
ajfa-3216	15	4	that	that	SCONJ
ajfa-3216	15	5	testing	test	VERB
ajfa-3216	15	6	alternative	alternative	ADJ
ajfa-3216	15	7	asset	asset	NOUN
ajfa-3216	15	8	pricing	pricing	NOUN
ajfa-3216	15	9	models	model	NOUN
ajfa-3216	15	10	will	will	AUX
ajfa-3216	15	11	fill	fill	VERB
ajfa-3216	15	12	an	an	DET
ajfa-3216	15	13	important	important	ADJ
ajfa-3216	15	14	gap	gap	NOUN
ajfa-3216	15	15	for	for	ADP
ajfa-3216	15	16	the	the	DET
ajfa-3216	15	17	turkish	turkish	ADJ
ajfa-3216	15	18	capital	capital	NOUN
ajfa-3216	15	19	market	market	NOUN
ajfa-3216	15	20	.	.	PUNCT
ajfa-3216	16	1	this	this	DET
ajfa-3216	16	2	study	study	NOUN
ajfa-3216	16	3	further	far	ADV
ajfa-3216	16	4	represents	represent	VERB
ajfa-3216	16	5	an	an	DET
ajfa-3216	16	6	initial	initial	ADJ
ajfa-3216	16	7	work	work	NOUN
ajfa-3216	16	8	for	for	ADP
ajfa-3216	16	9	the	the	DET
ajfa-3216	16	10	ise	ise	NOUN
ajfa-3216	16	11	that	that	PRON
ajfa-3216	16	12	tests	test	VERB
ajfa-3216	16	13	the	the	DET
ajfa-3216	16	14	five	five	NUM
ajfa-3216	16	15	factor	factor	NOUN
ajfa-3216	16	16	asset	asset	NOUN
ajfa-3216	16	17	pricing	pricing	NOUN
ajfa-3216	16	18	model	model	NOUN
ajfa-3216	16	19	,	,	PUNCT
ajfa-3216	16	20	which	which	PRON
ajfa-3216	16	21	is	be	AUX
ajfa-3216	16	22	created	create	VERB
ajfa-3216	16	23	by	by	ADP
ajfa-3216	16	24	adding	add	VERB
ajfa-3216	16	25	liquidity	liquidity	NOUN
ajfa-3216	16	26	as	as	ADP
ajfa-3216	16	27	a	a	DET
ajfa-3216	16	28	risk	risk	NOUN
ajfa-3216	16	29	factor	factor	NOUN
ajfa-3216	16	30	to	to	ADP
ajfa-3216	16	31	the	the	DET
ajfa-3216	16	32	four	four	NUM
ajfa-3216	16	33	factor	factor	NOUN
ajfa-3216	16	34	model	model	NOUN
ajfa-3216	16	35	.	.	PUNCT
ajfa-3216	17	1	in	in	ADP
ajfa-3216	17	2	addition	addition	NOUN
ajfa-3216	17	3	,	,	PUNCT
ajfa-3216	17	4	it	it	PRON
ajfa-3216	17	5	is	be	AUX
ajfa-3216	17	6	considered	consider	VERB
ajfa-3216	17	7	that	that	SCONJ
ajfa-3216	17	8	the	the	DET
ajfa-3216	17	9	study	study	NOUN
ajfa-3216	17	10	bears	bear	VERB
ajfa-3216	17	11	importance	importance	NOUN
ajfa-3216	17	12	in	in	SCONJ
ajfa-3216	17	13	that	that	SCONJ
ajfa-3216	17	14	it	it	PRON
ajfa-3216	17	15	shows	show	VERB
ajfa-3216	17	16	whether	whether	SCONJ
ajfa-3216	17	17	small	small	ADJ
ajfa-3216	17	18	company	company	NOUN
ajfa-3216	17	19	premium	premium	NOUN
ajfa-3216	17	20	,	,	PUNCT
ajfa-3216	17	21	value	value	NOUN
ajfa-3216	17	22	premium	premium	NOUN
ajfa-3216	17	23	,	,	PUNCT
ajfa-3216	17	24	momentum	momentum	NOUN
ajfa-3216	17	25	and	and	CCONJ
ajfa-3216	17	26	liquidity	liquidity	NOUN
ajfa-3216	17	27	premium	premium	NOUN
ajfa-3216	17	28	are	be	AUX
ajfa-3216	17	29	priced	price	VERB
ajfa-3216	17	30	in	in	ADP
ajfa-3216	17	31	the	the	DET
ajfa-3216	17	32	ise	ise	NOUN
ajfa-3216	17	33	as	as	ADV
ajfa-3216	17	34	far	far	ADV
ajfa-3216	17	35	as	as	SCONJ
ajfa-3216	17	36	the	the	DET
ajfa-3216	17	37	investors	investor	NOUN
ajfa-3216	17	38	are	be	AUX
ajfa-3216	17	39	concerned	concern	VERB
ajfa-3216	17	40	.	.	PUNCT
ajfa-3216	18	1	2	2	X
ajfa-3216	18	2	.	.	X
ajfa-3216	18	3	literature	literature	NOUN
ajfa-3216	18	4	review	review	PROPN
ajfa-3216	18	5	as	as	SCONJ
ajfa-3216	18	6	capm	capm	PROPN
ajfa-3216	18	7	fell	fall	VERB
ajfa-3216	18	8	insufficient	insufficient	ADJ
ajfa-3216	18	9	to	to	PART
ajfa-3216	18	10	explain	explain	VERB
ajfa-3216	18	11	security	security	NOUN
ajfa-3216	18	12	prices	price	NOUN
ajfa-3216	18	13	,	,	PUNCT
ajfa-3216	18	14	various	various	ADJ
ajfa-3216	18	15	studies	study	NOUN
ajfa-3216	18	16	were	be	AUX
ajfa-3216	18	17	conducted	conduct	VERB
ajfa-3216	18	18	on	on	ADP
ajfa-3216	18	19	multifactor	multifactor	NOUN
ajfa-3216	18	20	models	model	NOUN
ajfa-3216	18	21	in	in	ADP
ajfa-3216	18	22	capital	capital	NOUN
ajfa-3216	18	23	markets	market	NOUN
ajfa-3216	18	24	and	and	CCONJ
ajfa-3216	18	25	alternative	alternative	ADJ
ajfa-3216	18	26	asset	asset	NOUN
ajfa-3216	18	27	pricing	pricing	NOUN
ajfa-3216	18	28	models	model	NOUN
ajfa-3216	18	29	were	be	AUX
ajfa-3216	18	30	suggested	suggest	VERB
ajfa-3216	18	31	to	to	PART
ajfa-3216	18	32	remedy	remedy	VERB
ajfa-3216	18	33	the	the	DET
ajfa-3216	18	34	deficiencies	deficiency	NOUN
ajfa-3216	18	35	of	of	ADP
ajfa-3216	18	36	capm	capm	PROPN
ajfa-3216	18	37	.	.	PUNCT
ajfa-3216	19	1	fama	fama	PROPN
ajfa-3216	19	2	and	and	CCONJ
ajfa-3216	19	3	french	french	PROPN
ajfa-3216	19	4	suggest	suggest	VERB
ajfa-3216	19	5	a	a	DET
ajfa-3216	19	6	multifactor	multifactor	NOUN
ajfa-3216	19	7	model	model	NOUN
ajfa-3216	19	8	to	to	PART
ajfa-3216	19	9	explain	explain	VERB
ajfa-3216	19	10	expected	expect	VERB
ajfa-3216	19	11	stock	stock	NOUN
ajfa-3216	19	12	returns	return	NOUN
ajfa-3216	19	13	in	in	ADP
ajfa-3216	19	14	the	the	DET
ajfa-3216	19	15	studies	study	NOUN
ajfa-3216	19	16	they	they	PRON
ajfa-3216	19	17	conducted	conduct	VERB
ajfa-3216	19	18	in	in	ADP
ajfa-3216	19	19	1993	1993	NUM
ajfa-3216	19	20	and	and	CCONJ
ajfa-3216	19	21	1996	1996	NUM
ajfa-3216	19	22	.	.	PUNCT
ajfa-3216	20	1	in	in	ADP
ajfa-3216	20	2	the	the	DET
ajfa-3216	20	3	three	three	NUM
ajfa-3216	20	4	factor	factor	NOUN
ajfa-3216	20	5	model	model	NOUN
ajfa-3216	20	6	by	by	ADP
ajfa-3216	20	7	fama	fama	PROPN
ajfa-3216	20	8	and	and	CCONJ
ajfa-3216	20	9	french	french	NOUN
ajfa-3216	20	10	,	,	PUNCT
ajfa-3216	20	11	the	the	DET
ajfa-3216	20	12	rm	rm	NOUN
ajfa-3216	20	13	-	-	PUNCT
ajfa-3216	20	14	rf	rf	PROPN
ajfa-3216	20	15	,	,	PUNCT
ajfa-3216	20	16	smb	smb	NOUN
ajfa-3216	20	17	and	and	CCONJ
ajfa-3216	20	18	hml	hml	PROPN
ajfa-3216	20	19	risk	risk	NOUN
ajfa-3216	20	20	factors	factor	NOUN
ajfa-3216	20	21	affect	affect	VERB
ajfa-3216	20	22	the	the	DET
ajfa-3216	20	23	expected	expect	VERB
ajfa-3216	20	24	return	return	NOUN
ajfa-3216	20	25	of	of	ADP
ajfa-3216	20	26	stocks	stock	NOUN
ajfa-3216	20	27	.	.	PUNCT
ajfa-3216	21	1	fama	fama	NOUN
ajfa-3216	21	2	-	-	PUNCT
ajfa-3216	21	3	french	french	NOUN
ajfa-3216	21	4	(	(	PUNCT
ajfa-3216	21	5	1993	1993	NUM
ajfa-3216	21	6	,	,	PUNCT
ajfa-3216	21	7	1996	1996	NUM
ajfa-3216	21	8	)	)	PUNCT
ajfa-3216	21	9	predicted	predict	VERB
ajfa-3216	21	10	this	this	DET
ajfa-3216	21	11	model	model	NOUN
ajfa-3216	21	12	for	for	ADP
ajfa-3216	21	13	the	the	DET
ajfa-3216	21	14	below	below	ADJ
ajfa-3216	21	15	equation	equation	NOUN
ajfa-3216	21	16	:	:	PUNCT
ajfa-3216	21	17	iiifmiifi	iiifmiifi	PROPN
ajfa-3216	21	18	hmlehsmbesrrerre	hmlehsmbesrrerre	PROPN
ajfa-3216	21	19			PROPN
ajfa-3216	21	20			NOUN
ajfa-3216	21	21	)	)	PUNCT
ajfa-3216	21	22	(	(	PUNCT
ajfa-3216	21	23	)	)	PUNCT
ajfa-3216	21	24	(	(	PUNCT
ajfa-3216	21	25	)	)	PUNCT
ajfa-3216	21	26	]	]	X
ajfa-3216	21	27	)	)	PUNCT
ajfa-3216	21	28	(	(	PUNCT
ajfa-3216	21	29	[	[	X
ajfa-3216	21	30	)	)	PUNCT
ajfa-3216	21	31	(	(	PUNCT
ajfa-3216	21	32	asian	asian	ADJ
ajfa-3216	21	33	journal	journal	NOUN
ajfa-3216	21	34	of	of	ADP
ajfa-3216	21	35	finance	finance	PROPN
ajfa-3216	21	36	&	&	CCONJ
ajfa-3216	21	37	accounting	accounting	PROPN
ajfa-3216	21	38	issn	issn	PROPN
ajfa-3216	21	39	1946	1946	NUM
ajfa-3216	21	40	-	-	PUNCT
ajfa-3216	21	41	052x	052x	NOUN
ajfa-3216	21	42	2013	2013	NUM
ajfa-3216	21	43	,	,	PUNCT
ajfa-3216	21	44	vol	vol	NOUN
ajfa-3216	21	45	.	.	PROPN
ajfa-3216	21	46	5	5	NUM
ajfa-3216	21	47	,	,	PUNCT
ajfa-3216	21	48	no	no	INTJ
ajfa-3216	21	49	.	.	NOUN
ajfa-3216	21	50	1	1	NUM
ajfa-3216	21	51	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3216	21	52	199	199	NUM
ajfa-3216	21	53	the	the	DET
ajfa-3216	21	54	beta	beta	ADJ
ajfa-3216	21	55	coefficients	coefficient	NOUN
ajfa-3216	21	56	mentioned	mention	VERB
ajfa-3216	21	57	in	in	ADP
ajfa-3216	21	58	the	the	DET
ajfa-3216	21	59	equation	equation	NOUN
ajfa-3216	21	60	represent	represent	VERB
ajfa-3216	21	61	sensitivity	sensitivity	NOUN
ajfa-3216	21	62	coefficients	coefficient	NOUN
ajfa-3216	21	63	that	that	PRON
ajfa-3216	21	64	express	express	VERB
ajfa-3216	21	65	the	the	DET
ajfa-3216	21	66	slope	slope	NOUN
ajfa-3216	21	67	of	of	ADP
ajfa-3216	21	68	the	the	DET
ajfa-3216	21	69	multiple	multiple	ADJ
ajfa-3216	21	70	regressions	regression	NOUN
ajfa-3216	21	71	that	that	PRON
ajfa-3216	21	72	is	be	AUX
ajfa-3216	21	73	made	make	VERB
ajfa-3216	21	74	between	between	ADP
ajfa-3216	21	75	e(ri	e(ri	NOUN
ajfa-3216	21	76	)	)	PUNCT
ajfa-3216	21	77	–	–	PUNCT
ajfa-3216	21	78	rf	rf	NOUN
ajfa-3216	21	79	and	and	CCONJ
ajfa-3216	21	80	rm	rm	NOUN
ajfa-3216	21	81	-	-	PUNCT
ajfa-3216	21	82	rf	rf	PROPN
ajfa-3216	21	83	,	,	PUNCT
ajfa-3216	21	84	smb	smb	NOUN
ajfa-3216	21	85	and	and	CCONJ
ajfa-3216	21	86	hml	hml	PROPN
ajfa-3216	21	87	.	.	PUNCT
ajfa-3216	22	1	here	here	ADV
ajfa-3216	22	2	,	,	PUNCT
ajfa-3216	22	3	smb	smb	PROPN
ajfa-3216	22	4	covers	cover	VERB
ajfa-3216	22	5	the	the	DET
ajfa-3216	22	6	size	size	NOUN
ajfa-3216	22	7	risk	risk	NOUN
ajfa-3216	22	8	factor	factor	NOUN
ajfa-3216	22	9	on	on	ADP
ajfa-3216	22	10	the	the	DET
ajfa-3216	22	11	returns	return	NOUN
ajfa-3216	22	12	and	and	CCONJ
ajfa-3216	22	13	hml	hml	PROPN
ajfa-3216	22	14	covers	cover	VERB
ajfa-3216	22	15	the	the	DET
ajfa-3216	22	16	b	b	PROPN
ajfa-3216	22	17	/	/	SYM
ajfa-3216	22	18	m	m	PROPN
ajfa-3216	22	19	ratio	ratio	NOUN
ajfa-3216	22	20	risk	risk	NOUN
ajfa-3216	22	21	factor	factor	NOUN
ajfa-3216	22	22	in	in	ADP
ajfa-3216	22	23	the	the	DET
ajfa-3216	22	24	returns	return	NOUN
ajfa-3216	22	25	.	.	PUNCT
ajfa-3216	23	1	the	the	DET
ajfa-3216	23	2	validity	validity	NOUN
ajfa-3216	23	3	of	of	ADP
ajfa-3216	23	4	the	the	DET
ajfa-3216	23	5	three	three	NUM
ajfa-3216	23	6	factor	factor	NOUN
ajfa-3216	23	7	model	model	NOUN
ajfa-3216	23	8	proposed	propose	VERB
ajfa-3216	23	9	by	by	ADP
ajfa-3216	23	10	fama	fama	PROPN
ajfa-3216	23	11	and	and	CCONJ
ajfa-3216	23	12	french	french	ADJ
ajfa-3216	23	13	(	(	PUNCT
ajfa-3216	23	14	1993	1993	NUM
ajfa-3216	23	15	,	,	PUNCT
ajfa-3216	23	16	1996	1996	NUM
ajfa-3216	23	17	)	)	PUNCT
ajfa-3216	23	18	was	be	AUX
ajfa-3216	23	19	supported	support	VERB
ajfa-3216	23	20	by	by	ADP
ajfa-3216	23	21	the	the	DET
ajfa-3216	23	22	studies	study	NOUN
ajfa-3216	23	23	conducted	conduct	VERB
ajfa-3216	23	24	in	in	ADP
ajfa-3216	23	25	many	many	ADJ
ajfa-3216	23	26	markets	market	NOUN
ajfa-3216	23	27	.	.	PUNCT
ajfa-3216	24	1	griffin	griffin	PROPN
ajfa-3216	24	2	(	(	PUNCT
ajfa-3216	24	3	2003	2003	NUM
ajfa-3216	24	4	)	)	PUNCT
ajfa-3216	24	5	tested	test	VERB
ajfa-3216	24	6	the	the	DET
ajfa-3216	24	7	three	three	NUM
ajfa-3216	24	8	factor	factor	NOUN
ajfa-3216	24	9	model	model	NOUN
ajfa-3216	24	10	for	for	ADP
ajfa-3216	24	11	japan	japan	PROPN
ajfa-3216	24	12	,	,	PUNCT
ajfa-3216	24	13	england	england	PROPN
ajfa-3216	24	14	and	and	CCONJ
ajfa-3216	24	15	canada	canada	PROPN
ajfa-3216	24	16	for	for	ADP
ajfa-3216	24	17	the	the	DET
ajfa-3216	24	18	period	period	NOUN
ajfa-3216	24	19	of	of	ADP
ajfa-3216	24	20	1981	1981	NUM
ajfa-3216	24	21	-	-	SYM
ajfa-3216	24	22	1995	1995	NUM
ajfa-3216	24	23	and	and	CCONJ
ajfa-3216	24	24	found	find	VERB
ajfa-3216	24	25	the	the	DET
ajfa-3216	24	26	power	power	NOUN
ajfa-3216	24	27	of	of	ADP
ajfa-3216	24	28	the	the	DET
ajfa-3216	24	29	model	model	NOUN
ajfa-3216	24	30	significant	significant	ADJ
ajfa-3216	24	31	for	for	ADP
ajfa-3216	24	32	explaining	explain	VERB
ajfa-3216	24	33	the	the	DET
ajfa-3216	24	34	change	change	NOUN
ajfa-3216	24	35	in	in	ADP
ajfa-3216	24	36	of	of	ADP
ajfa-3216	24	37	cross	cross	ADJ
ajfa-3216	24	38	-	-	ADJ
ajfa-3216	24	39	section	section	ADJ
ajfa-3216	24	40	stock	stock	NOUN
ajfa-3216	24	41	returns	return	NOUN
ajfa-3216	24	42	.	.	PUNCT
ajfa-3216	25	1	lam	lam	PROPN
ajfa-3216	25	2	(	(	PUNCT
ajfa-3216	25	3	2002	2002	NUM
ajfa-3216	25	4	)	)	PUNCT
ajfa-3216	25	5	reached	reach	VERB
ajfa-3216	25	6	findings	finding	NOUN
ajfa-3216	25	7	that	that	PRON
ajfa-3216	25	8	support	support	VERB
ajfa-3216	25	9	the	the	DET
ajfa-3216	25	10	three	three	NUM
ajfa-3216	25	11	factor	factor	NOUN
ajfa-3216	25	12	model	model	NOUN
ajfa-3216	25	13	in	in	ADP
ajfa-3216	25	14	the	the	DET
ajfa-3216	25	15	study	study	NOUN
ajfa-3216	25	16	he	he	PRON
ajfa-3216	25	17	conducted	conduct	VERB
ajfa-3216	25	18	during	during	ADP
ajfa-3216	25	19	the	the	DET
ajfa-3216	25	20	period	period	NOUN
ajfa-3216	25	21	of	of	ADP
ajfa-3216	25	22	1980	1980	NUM
ajfa-3216	25	23	-	-	SYM
ajfa-3216	25	24	1997	1997	NUM
ajfa-3216	25	25	for	for	ADP
ajfa-3216	25	26	100	100	NUM
ajfa-3216	25	27	companies	company	NOUN
ajfa-3216	25	28	that	that	PRON
ajfa-3216	25	29	were	be	AUX
ajfa-3216	25	30	traded	trade	VERB
ajfa-3216	25	31	in	in	ADP
ajfa-3216	25	32	the	the	DET
ajfa-3216	25	33	hong	hong	PROPN
ajfa-3216	25	34	-	-	PUNCT
ajfa-3216	25	35	kong	kong	PROPN
ajfa-3216	25	36	stock	stock	NOUN
ajfa-3216	25	37	exchange	exchange	NOUN
ajfa-3216	25	38	.	.	PUNCT
ajfa-3216	26	1	ajili	ajili	NOUN
ajfa-3216	26	2	(	(	PUNCT
ajfa-3216	26	3	2003	2003	NUM
ajfa-3216	26	4	)	)	PUNCT
ajfa-3216	26	5	tested	test	VERB
ajfa-3216	26	6	the	the	DET
ajfa-3216	26	7	three	three	NUM
ajfa-3216	26	8	factor	factor	NOUN
ajfa-3216	26	9	model	model	NOUN
ajfa-3216	26	10	for	for	ADP
ajfa-3216	26	11	the	the	DET
ajfa-3216	26	12	french	french	ADJ
ajfa-3216	26	13	market	market	NOUN
ajfa-3216	26	14	during	during	ADP
ajfa-3216	26	15	the	the	DET
ajfa-3216	26	16	july	july	PROPN
ajfa-3216	26	17	1976	1976	NUM
ajfa-3216	26	18	–	–	PUNCT
ajfa-3216	26	19	june	june	PROPN
ajfa-3216	26	20	2001	2001	NUM
ajfa-3216	26	21	period	period	NOUN
ajfa-3216	26	22	and	and	CCONJ
ajfa-3216	26	23	the	the	DET
ajfa-3216	26	24	characteristic	characteristic	ADJ
ajfa-3216	26	25	model	model	NOUN
ajfa-3216	26	26	of	of	ADP
ajfa-3216	26	27	daniel	daniel	PROPN
ajfa-3216	26	28	-	-	PUNCT
ajfa-3216	26	29	titman	titman	PROPN
ajfa-3216	26	30	(	(	PUNCT
ajfa-3216	26	31	1997	1997	NUM
ajfa-3216	26	32	)	)	PUNCT
ajfa-3216	26	33	.	.	PUNCT
ajfa-3216	27	1	it	it	PRON
ajfa-3216	27	2	was	be	AUX
ajfa-3216	27	3	established	establish	VERB
ajfa-3216	27	4	that	that	SCONJ
ajfa-3216	27	5	power	power	NOUN
ajfa-3216	27	6	of	of	ADP
ajfa-3216	27	7	6	6	NUM
ajfa-3216	27	8	portfolios	portfolio	NOUN
ajfa-3216	27	9	,	,	PUNCT
ajfa-3216	27	10	which	which	PRON
ajfa-3216	27	11	were	be	AUX
ajfa-3216	27	12	determined	determine	VERB
ajfa-3216	27	13	as	as	ADP
ajfa-3216	27	14	dependent	dependent	ADJ
ajfa-3216	27	15	variables	variable	NOUN
ajfa-3216	27	16	,	,	PUNCT
ajfa-3216	27	17	to	to	PART
ajfa-3216	27	18	explain	explain	VERB
ajfa-3216	27	19	the	the	DET
ajfa-3216	27	20	expected	expect	VERB
ajfa-3216	27	21	returns	return	NOUN
ajfa-3216	27	22	was	be	AUX
ajfa-3216	27	23	90,5	90,5	NUM
ajfa-3216	27	24	%	%	NOUN
ajfa-3216	27	25	on	on	ADP
ajfa-3216	27	26	average	average	ADJ
ajfa-3216	27	27	.	.	PUNCT
ajfa-3216	28	1	cao	cao	PROPN
ajfa-3216	28	2	,	,	PUNCT
ajfa-3216	28	3	leggio	leggio	NOUN
ajfa-3216	28	4	and	and	CCONJ
ajfa-3216	28	5	schniederjans	schniederjan	NOUN
ajfa-3216	28	6	(	(	PUNCT
ajfa-3216	28	7	2005	2005	NUM
ajfa-3216	28	8	)	)	PUNCT
ajfa-3216	28	9	,	,	PUNCT
ajfa-3216	28	10	included	include	VERB
ajfa-3216	28	11	within	within	ADP
ajfa-3216	28	12	the	the	DET
ajfa-3216	28	13	model	model	NOUN
ajfa-3216	28	14	367	367	NUM
ajfa-3216	28	15	stocks	stock	NOUN
ajfa-3216	28	16	that	that	PRON
ajfa-3216	28	17	were	be	AUX
ajfa-3216	28	18	quoted	quote	VERB
ajfa-3216	28	19	in	in	ADP
ajfa-3216	28	20	the	the	DET
ajfa-3216	28	21	shanghai	shanghai	PROPN
ajfa-3216	28	22	stock	stock	PROPN
ajfa-3216	28	23	exchange	exchange	PROPN
ajfa-3216	28	24	(	(	PUNCT
ajfa-3216	28	25	shse	shse	PROPN
ajfa-3216	28	26	)	)	PUNCT
ajfa-3216	28	27	during	during	ADP
ajfa-3216	28	28	the	the	DET
ajfa-3216	28	29	period	period	NOUN
ajfa-3216	28	30	of	of	ADP
ajfa-3216	28	31	01	01	NUM
ajfa-3216	28	32	december	december	PROPN
ajfa-3216	28	33	1999	1999	NUM
ajfa-3216	28	34	31	31	NUM
ajfa-3216	28	35	december	december	PROPN
ajfa-3216	28	36	2002	2002	NUM
ajfa-3216	28	37	.	.	PUNCT
ajfa-3216	29	1	the	the	DET
ajfa-3216	29	2	focus	focus	NOUN
ajfa-3216	29	3	of	of	ADP
ajfa-3216	29	4	the	the	DET
ajfa-3216	29	5	study	study	NOUN
ajfa-3216	29	6	is	be	AUX
ajfa-3216	29	7	to	to	PART
ajfa-3216	29	8	compare	compare	VERB
ajfa-3216	29	9	the	the	DET
ajfa-3216	29	10	explanatoriness	explanatoriness	NOUN
ajfa-3216	29	11	of	of	ADP
ajfa-3216	29	12	capm	capm	PROPN
ajfa-3216	29	13	and	and	CCONJ
ajfa-3216	29	14	the	the	DET
ajfa-3216	29	15	fama	fama	NOUN
ajfa-3216	29	16	–	–	PUNCT
ajfa-3216	29	17	french	french	ADJ
ajfa-3216	29	18	three	three	NUM
ajfa-3216	29	19	factor	factor	NOUN
ajfa-3216	29	20	model	model	NOUN
ajfa-3216	29	21	with	with	ADP
ajfa-3216	29	22	the	the	DET
ajfa-3216	29	23	artificial	artificial	ADJ
ajfa-3216	29	24	neural	neural	ADJ
ajfa-3216	29	25	network	network	NOUN
ajfa-3216	29	26	model	model	NOUN
ajfa-3216	29	27	and	and	CCONJ
ajfa-3216	29	28	linear	linear	PROPN
ajfa-3216	29	29	models	model	NOUN
ajfa-3216	29	30	.	.	PUNCT
ajfa-3216	30	1	the	the	DET
ajfa-3216	30	2	result	result	NOUN
ajfa-3216	30	3	showed	show	VERB
ajfa-3216	30	4	that	that	SCONJ
ajfa-3216	30	5	the	the	DET
ajfa-3216	30	6	composed	compose	VERB
ajfa-3216	30	7	linear	linear	NOUN
ajfa-3216	30	8	models	model	NOUN
ajfa-3216	30	9	produced	produce	VERB
ajfa-3216	30	10	much	much	ADJ
ajfa-3216	30	11	mode	mode	NOUN
ajfa-3216	30	12	significant	significant	ADJ
ajfa-3216	30	13	results	result	NOUN
ajfa-3216	30	14	compared	compare	VERB
ajfa-3216	30	15	to	to	ADP
ajfa-3216	30	16	the	the	DET
ajfa-3216	30	17	artificial	artificial	ADJ
ajfa-3216	30	18	neural	neural	ADJ
ajfa-3216	30	19	networks	network	NOUN
ajfa-3216	30	20	.	.	PUNCT
ajfa-3216	31	1	iqbal	iqbal	PROPN
ajfa-3216	31	2	and	and	CCONJ
ajfa-3216	31	3	brooks	brooks	PROPN
ajfa-3216	31	4	(	(	PUNCT
ajfa-3216	31	5	2007	2007	NUM
ajfa-3216	31	6	)	)	PUNCT
ajfa-3216	31	7	compared	compare	VERB
ajfa-3216	31	8	two	two	NUM
ajfa-3216	31	9	asset	asset	NOUN
ajfa-3216	31	10	pricing	pricing	NOUN
ajfa-3216	31	11	models	model	NOUN
ajfa-3216	31	12	(	(	PUNCT
ajfa-3216	31	13	capm	capm	NOUN
ajfa-3216	31	14	and	and	CCONJ
ajfa-3216	31	15	fama	fama	PROPN
ajfa-3216	31	16	and	and	CCONJ
ajfa-3216	31	17	french	french	ADJ
ajfa-3216	31	18	three	three	NUM
ajfa-3216	31	19	factor	factor	NOUN
ajfa-3216	31	20	)	)	PUNCT
ajfa-3216	31	21	in	in	ADP
ajfa-3216	31	22	pakistan	pakistan	PROPN
ajfa-3216	31	23	's	's	PART
ajfa-3216	31	24	karachi	karachi	PROPN
ajfa-3216	31	25	stock	stock	PROPN
ajfa-3216	31	26	exchange	exchange	PROPN
ajfa-3216	31	27	(	(	PUNCT
ajfa-3216	31	28	kse	kse	PROPN
ajfa-3216	31	29	)	)	PUNCT
ajfa-3216	31	30	.	.	PUNCT
ajfa-3216	32	1	they	they	PRON
ajfa-3216	32	2	applied	apply	VERB
ajfa-3216	32	3	garch	garch	NOUN
ajfa-3216	32	4	and	and	CCONJ
ajfa-3216	32	5	egarch	egarch	NOUN
ajfa-3216	32	6	as	as	ADP
ajfa-3216	32	7	the	the	DET
ajfa-3216	32	8	method	method	NOUN
ajfa-3216	32	9	and	and	CCONJ
ajfa-3216	32	10	used	use	VERB
ajfa-3216	32	11	the	the	DET
ajfa-3216	32	12	daily	daily	ADJ
ajfa-3216	32	13	,	,	PUNCT
ajfa-3216	32	14	weekly	weekly	ADJ
ajfa-3216	32	15	and	and	CCONJ
ajfa-3216	32	16	monthly	monthly	ADJ
ajfa-3216	32	17	data	datum	NOUN
ajfa-3216	32	18	.	.	PUNCT
ajfa-3216	33	1	the	the	DET
ajfa-3216	33	2	study	study	NOUN
ajfa-3216	33	3	used	use	VERB
ajfa-3216	33	4	89	89	NUM
ajfa-3216	33	5	stocks	stock	NOUN
ajfa-3216	33	6	that	that	PRON
ajfa-3216	33	7	were	be	AUX
ajfa-3216	33	8	traded	trade	VERB
ajfa-3216	33	9	in	in	ADP
ajfa-3216	33	10	the	the	DET
ajfa-3216	33	11	karachi	karachi	PROPN
ajfa-3216	33	12	stock	stock	PROPN
ajfa-3216	33	13	exchange	exchange	PROPN
ajfa-3216	33	14	(	(	PUNCT
ajfa-3216	33	15	kse	kse	PROPN
ajfa-3216	33	16	)	)	PUNCT
ajfa-3216	33	17	during	during	ADP
ajfa-3216	33	18	the	the	DET
ajfa-3216	33	19	period	period	NOUN
ajfa-3216	33	20	of	of	ADP
ajfa-3216	33	21	09	09	NUM
ajfa-3216	33	22	march	march	NOUN
ajfa-3216	33	23	1999	1999	NUM
ajfa-3216	33	24	–	–	PUNCT
ajfa-3216	33	25	08	08	NUM
ajfa-3216	33	26	march	march	PROPN
ajfa-3216	33	27	2005	2005	NUM
ajfa-3216	33	28	.	.	PUNCT
ajfa-3216	34	1	the	the	DET
ajfa-3216	34	2	kse-100	kse-100	PROPN
ajfa-3216	34	3	index	index	NOUN
ajfa-3216	34	4	was	be	AUX
ajfa-3216	34	5	used	use	VERB
ajfa-3216	34	6	as	as	ADP
ajfa-3216	34	7	the	the	DET
ajfa-3216	34	8	market	market	NOUN
ajfa-3216	34	9	index	index	NOUN
ajfa-3216	34	10	.	.	PUNCT
ajfa-3216	35	1	it	it	PRON
ajfa-3216	35	2	was	be	AUX
ajfa-3216	35	3	concluded	conclude	VERB
ajfa-3216	35	4	that	that	SCONJ
ajfa-3216	35	5	the	the	DET
ajfa-3216	35	6	risk	risk	NOUN
ajfa-3216	35	7	factors	factor	NOUN
ajfa-3216	35	8	in	in	ADP
ajfa-3216	35	9	the	the	DET
ajfa-3216	35	10	fama	fama	NOUN
ajfa-3216	35	11	and	and	CCONJ
ajfa-3216	35	12	french	french	ADJ
ajfa-3216	35	13	three	three	NUM
ajfa-3216	35	14	factor	factor	NOUN
ajfa-3216	35	15	model	model	NOUN
ajfa-3216	35	16	were	be	AUX
ajfa-3216	35	17	more	more	ADV
ajfa-3216	35	18	significant	significant	ADJ
ajfa-3216	35	19	than	than	ADP
ajfa-3216	35	20	the	the	DET
ajfa-3216	35	21	capm	capm	PROPN
ajfa-3216	35	22	.	.	PUNCT
ajfa-3216	36	1	in	in	ADP
ajfa-3216	36	2	the	the	DET
ajfa-3216	36	3	meanwhile	meanwhile	NOUN
ajfa-3216	36	4	,	,	PUNCT
ajfa-3216	36	5	the	the	DET
ajfa-3216	36	6	authors	author	NOUN
ajfa-3216	36	7	recommend	recommend	VERB
ajfa-3216	36	8	using	use	VERB
ajfa-3216	36	9	daily	daily	ADJ
ajfa-3216	36	10	data	datum	NOUN
ajfa-3216	36	11	instead	instead	ADV
ajfa-3216	36	12	of	of	ADP
ajfa-3216	36	13	monthly	monthly	ADJ
ajfa-3216	36	14	data	datum	NOUN
ajfa-3216	36	15	.	.	PUNCT
ajfa-3216	37	1	in	in	ADP
ajfa-3216	37	2	their	their	PRON
ajfa-3216	37	3	study	study	NOUN
ajfa-3216	37	4	conducted	conduct	VERB
ajfa-3216	37	5	for	for	ADP
ajfa-3216	37	6	the	the	DET
ajfa-3216	37	7	australian	australian	ADJ
ajfa-3216	37	8	market	market	NOUN
ajfa-3216	37	9	,	,	PUNCT
ajfa-3216	37	10	o’brien	o’brien	PROPN
ajfa-3216	37	11	,	,	PUNCT
ajfa-3216	37	12	brailsford	brailsford	NOUN
ajfa-3216	37	13	and	and	CCONJ
ajfa-3216	37	14	gaunt	gaunt	ADJ
ajfa-3216	37	15	(	(	PUNCT
ajfa-3216	37	16	2008	2008	NUM
ajfa-3216	37	17	)	)	PUNCT
ajfa-3216	37	18	took	take	VERB
ajfa-3216	37	19	1982	1982	NUM
ajfa-3216	37	20	-	-	SYM
ajfa-3216	37	21	2006	2006	NUM
ajfa-3216	37	22	as	as	ADP
ajfa-3216	37	23	the	the	DET
ajfa-3216	37	24	sampling	sampling	NOUN
ajfa-3216	37	25	period	period	NOUN
ajfa-3216	37	26	and	and	CCONJ
ajfa-3216	37	27	compared	compare	VERB
ajfa-3216	37	28	capm	capm	PROPN
ajfa-3216	37	29	with	with	ADP
ajfa-3216	37	30	the	the	DET
ajfa-3216	37	31	three	three	NUM
ajfa-3216	37	32	factor	factor	NOUN
ajfa-3216	37	33	model	model	NOUN
ajfa-3216	37	34	.	.	PUNCT
ajfa-3216	38	1	it	it	PRON
ajfa-3216	38	2	was	be	AUX
ajfa-3216	38	3	concluded	conclude	VERB
ajfa-3216	38	4	that	that	SCONJ
ajfa-3216	38	5	the	the	DET
ajfa-3216	38	6	three	three	NUM
ajfa-3216	38	7	-	-	PUNCT
ajfa-3216	38	8	factor	factor	NOUN
ajfa-3216	38	9	model	model	NOUN
ajfa-3216	38	10	represented	represent	VERB
ajfa-3216	38	11	a	a	DET
ajfa-3216	38	12	very	very	ADV
ajfa-3216	38	13	successful	successful	ADJ
ajfa-3216	38	14	model	model	NOUN
ajfa-3216	38	15	for	for	ADP
ajfa-3216	38	16	explaining	explain	VERB
ajfa-3216	38	17	the	the	DET
ajfa-3216	38	18	change	change	NOUN
ajfa-3216	38	19	in	in	ADP
ajfa-3216	38	20	returns	return	NOUN
ajfa-3216	38	21	and	and	CCONJ
ajfa-3216	38	22	that	that	SCONJ
ajfa-3216	38	23	it	it	PRON
ajfa-3216	38	24	explained	explain	VERB
ajfa-3216	38	25	nearly	nearly	ADV
ajfa-3216	38	26	70	70	NUM
ajfa-3216	38	27	%	%	NOUN
ajfa-3216	38	28	of	of	ADP
ajfa-3216	38	29	the	the	DET
ajfa-3216	38	30	changes	change	NOUN
ajfa-3216	38	31	in	in	ADP
ajfa-3216	38	32	returns	return	NOUN
ajfa-3216	38	33	.	.	PUNCT
ajfa-3216	39	1	3	3	X
ajfa-3216	39	2	.	.	X
ajfa-3216	39	3	the	the	DET
ajfa-3216	39	4	four	four	NUM
ajfa-3216	39	5	-	-	PUNCT
ajfa-3216	39	6	factor	factor	NOUN
ajfa-3216	39	7	model	model	NOUN
ajfa-3216	39	8	the	the	DET
ajfa-3216	39	9	four	four	NUM
ajfa-3216	39	10	factor	factor	NOUN
ajfa-3216	39	11	model	model	NOUN
ajfa-3216	39	12	represents	represent	VERB
ajfa-3216	39	13	an	an	DET
ajfa-3216	39	14	asset	asset	NOUN
ajfa-3216	39	15	pricing	pricing	NOUN
ajfa-3216	39	16	model	model	NOUN
ajfa-3216	39	17	developed	develop	VERB
ajfa-3216	39	18	by	by	ADP
ajfa-3216	39	19	carhart	carhart	NOUN
ajfa-3216	39	20	(	(	PUNCT
ajfa-3216	39	21	1997	1997	NUM
ajfa-3216	39	22	)	)	PUNCT
ajfa-3216	39	23	owing	owe	VERB
ajfa-3216	39	24	to	to	ADP
ajfa-3216	39	25	the	the	DET
ajfa-3216	39	26	fact	fact	NOUN
ajfa-3216	39	27	that	that	SCONJ
ajfa-3216	39	28	the	the	DET
ajfa-3216	39	29	three	three	NUM
ajfa-3216	39	30	factor	factor	NOUN
ajfa-3216	39	31	model	model	NOUN
ajfa-3216	39	32	of	of	ADP
ajfa-3216	39	33	fama	fama	PROPN
ajfa-3216	39	34	-	-	PUNCT
ajfa-3216	39	35	french	french	NOUN
ajfa-3216	39	36	(	(	PUNCT
ajfa-3216	39	37	1993	1993	NUM
ajfa-3216	39	38	,	,	PUNCT
ajfa-3216	39	39	1996	1996	NUM
ajfa-3216	39	40	)	)	PUNCT
ajfa-3216	39	41	could	could	AUX
ajfa-3216	39	42	not	not	PART
ajfa-3216	39	43	explain	explain	VERB
ajfa-3216	39	44	the	the	DET
ajfa-3216	39	45	momentum	momentum	NOUN
ajfa-3216	39	46	effect	effect	NOUN
ajfa-3216	39	47	presented	present	VERB
ajfa-3216	39	48	by	by	ADP
ajfa-3216	39	49	jegadeesh	jegadeesh	NOUN
ajfa-3216	39	50	-	-	PUNCT
ajfa-3216	39	51	titman	titman	NOUN
ajfa-3216	39	52	(	(	PUNCT
ajfa-3216	39	53	1993	1993	NUM
ajfa-3216	39	54	)	)	PUNCT
ajfa-3216	39	55	.	.	PUNCT
ajfa-3216	40	1	during	during	ADP
ajfa-3216	40	2	a	a	DET
ajfa-3216	40	3	study	study	NOUN
ajfa-3216	40	4	by	by	ADP
ajfa-3216	40	5	jegadeesh	jegadeesh	NOUN
ajfa-3216	40	6	and	and	CCONJ
ajfa-3216	40	7	titman	titman	NOUN
ajfa-3216	40	8	(	(	PUNCT
ajfa-3216	40	9	1993	1993	NUM
ajfa-3216	40	10	)	)	PUNCT
ajfa-3216	40	11	,	,	PUNCT
ajfa-3216	40	12	the	the	DET
ajfa-3216	40	13	portfolios	portfolio	NOUN
ajfa-3216	40	14	created	create	VERB
ajfa-3216	40	15	using	use	VERB
ajfa-3216	40	16	a	a	DET
ajfa-3216	40	17	strategy	strategy	NOUN
ajfa-3216	40	18	,	,	PUNCT
ajfa-3216	40	19	which	which	PRON
ajfa-3216	40	20	is	be	AUX
ajfa-3216	40	21	based	base	VERB
ajfa-3216	40	22	on	on	ADP
ajfa-3216	40	23	the	the	DET
ajfa-3216	40	24	assumption	assumption	NOUN
ajfa-3216	40	25	that	that	SCONJ
ajfa-3216	40	26	within	within	ADP
ajfa-3216	40	27	a	a	DET
ajfa-3216	40	28	period	period	NOUN
ajfa-3216	40	29	of	of	ADP
ajfa-3216	40	30	3	3	NUM
ajfa-3216	40	31	-	-	SYM
ajfa-3216	40	32	12	12	NUM
ajfa-3216	40	33	months	month	NOUN
ajfa-3216	40	34	(	(	PUNCT
ajfa-3216	40	35	short	short	ADJ
ajfa-3216	40	36	-	-	PUNCT
ajfa-3216	40	37	term	term	NOUN
ajfa-3216	40	38	)	)	PUNCT
ajfa-3216	40	39	,	,	PUNCT
ajfa-3216	40	40	the	the	DET
ajfa-3216	40	41	stocks	stock	NOUN
ajfa-3216	40	42	that	that	PRON
ajfa-3216	40	43	made	make	VERB
ajfa-3216	40	44	gains	gain	NOUN
ajfa-3216	40	45	(	(	PUNCT
ajfa-3216	40	46	led	lead	VERB
ajfa-3216	40	47	to	to	ADP
ajfa-3216	40	48	losses	loss	NOUN
ajfa-3216	40	49	)	)	PUNCT
ajfa-3216	40	50	in	in	ADP
ajfa-3216	40	51	the	the	DET
ajfa-3216	40	52	past	past	NOUN
ajfa-3216	40	53	will	will	AUX
ajfa-3216	40	54	make	make	VERB
ajfa-3216	40	55	gains	gain	NOUN
ajfa-3216	40	56	(	(	PUNCT
ajfa-3216	40	57	lead	lead	VERB
ajfa-3216	40	58	to	to	ADP
ajfa-3216	40	59	losses	loss	NOUN
ajfa-3216	40	60	)	)	PUNCT
ajfa-3216	40	61	in	in	ADP
ajfa-3216	40	62	the	the	DET
ajfa-3216	40	63	future	future	NOUN
ajfa-3216	40	64	,	,	PUNCT
ajfa-3216	40	65	obtained	obtain	VERB
ajfa-3216	40	66	abnormal	abnormal	ADJ
ajfa-3216	40	67	returns	return	NOUN
ajfa-3216	40	68	of	of	ADP
ajfa-3216	40	69	1	1	NUM
ajfa-3216	40	70	%	%	NOUN
ajfa-3216	40	71	in	in	ADP
ajfa-3216	40	72	each	each	DET
ajfa-3216	40	73	consecutive	consecutive	ADJ
ajfa-3216	40	74	year	year	NOUN
ajfa-3216	40	75	.	.	PUNCT
ajfa-3216	41	1	when	when	SCONJ
ajfa-3216	41	2	the	the	DET
ajfa-3216	41	3	literature	literature	NOUN
ajfa-3216	41	4	is	be	AUX
ajfa-3216	41	5	examined	examine	VERB
ajfa-3216	41	6	,	,	PUNCT
ajfa-3216	41	7	it	it	PRON
ajfa-3216	41	8	is	be	AUX
ajfa-3216	41	9	seen	see	VERB
ajfa-3216	41	10	that	that	SCONJ
ajfa-3216	41	11	very	very	ADV
ajfa-3216	41	12	small	small	ADJ
ajfa-3216	41	13	number	number	NOUN
ajfa-3216	41	14	of	of	ADP
ajfa-3216	41	15	studies	study	NOUN
ajfa-3216	41	16	paid	pay	VERB
ajfa-3216	41	17	regard	regard	NOUN
ajfa-3216	41	18	to	to	ADP
ajfa-3216	41	19	the	the	DET
ajfa-3216	41	20	power	power	NOUN
ajfa-3216	41	21	of	of	ADP
ajfa-3216	41	22	adding	add	VERB
ajfa-3216	41	23	the	the	DET
ajfa-3216	41	24	momentum	momentum	NOUN
ajfa-3216	41	25	factor	factor	NOUN
ajfa-3216	41	26	to	to	PART
ajfa-3216	41	27	smb	smb	VERB
ajfa-3216	41	28	and	and	CCONJ
ajfa-3216	41	29	hml	hml	PROPN
ajfa-3216	41	30	factors	factor	NOUN
ajfa-3216	41	31	of	of	ADP
ajfa-3216	41	32	fama	fama	NOUN
ajfa-3216	41	33	and	and	CCONJ
ajfa-3216	41	34	french	french	ADJ
ajfa-3216	41	35	(	(	PUNCT
ajfa-3216	41	36	wml	wml	PROPN
ajfa-3216	41	37	-	-	PUNCT
ajfa-3216	41	38	winners	winner	NOUN
ajfa-3216	41	39	minus	minus	CCONJ
ajfa-3216	41	40	losers	loser	NOUN
ajfa-3216	41	41	)	)	PUNCT
ajfa-3216	41	42	in	in	ADP
ajfa-3216	41	43	explaining	explain	VERB
ajfa-3216	41	44	stock	stock	NOUN
ajfa-3216	41	45	returns	return	NOUN
ajfa-3216	41	46	.	.	PUNCT
ajfa-3216	42	1	(	(	PUNCT
ajfa-3216	42	2	carhart	carhart	NOUN
ajfa-3216	42	3	1997	1997	NUM
ajfa-3216	42	4	,	,	PUNCT
ajfa-3216	42	5	jegadeesh	jegadeesh	NOUN
ajfa-3216	42	6	2000	2000	NUM
ajfa-3216	42	7	,	,	PUNCT
ajfa-3216	42	8	liew	liew	NOUN
ajfa-3216	42	9	and	and	CCONJ
ajfa-3216	42	10	vassalou	vassalou	NOUN
ajfa-3216	42	11	2000	2000	NUM
ajfa-3216	42	12	,	,	PUNCT
ajfa-3216	42	13	kim	kim	PROPN
ajfa-3216	42	14	and	and	CCONJ
ajfa-3216	42	15	kim	kim	PROPN
ajfa-3216	42	16	2003	2003	NUM
ajfa-3216	42	17	,	,	PUNCT
ajfa-3216	42	18	l’her	l’her	PRON
ajfa-3216	42	19	;	;	PUNCT
ajfa-3216	42	20	asian	asian	ADJ
ajfa-3216	42	21	journal	journal	NOUN
ajfa-3216	42	22	of	of	ADP
ajfa-3216	42	23	finance	finance	PROPN
ajfa-3216	42	24	&	&	CCONJ
ajfa-3216	42	25	accounting	accounting	PROPN
ajfa-3216	42	26	issn	issn	PROPN
ajfa-3216	42	27	1946	1946	NUM
ajfa-3216	42	28	-	-	PUNCT
ajfa-3216	42	29	052x	052x	NOUN
ajfa-3216	42	30	2013	2013	NUM
ajfa-3216	42	31	,	,	PUNCT
ajfa-3216	42	32	vol	vol	NOUN
ajfa-3216	42	33	.	.	PROPN
ajfa-3216	42	34	5	5	NUM
ajfa-3216	42	35	,	,	PUNCT
ajfa-3216	42	36	no	no	INTJ
ajfa-3216	42	37	.	.	NOUN
ajfa-3216	42	38	1	1	NUM
ajfa-3216	42	39	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3216	42	40	200	200	NUM
ajfa-3216	42	41	masmoudi	masmoudi	NOUN
ajfa-3216	42	42	;	;	PUNCT
ajfa-3216	42	43	suret	suret	PROPN
ajfa-3216	42	44	2004	2004	NUM
ajfa-3216	42	45	,	,	PUNCT
ajfa-3216	42	46	bello	bello	PROPN
ajfa-3216	42	47	2007	2007	NUM
ajfa-3216	42	48	,	,	PUNCT
ajfa-3216	42	49	carmichael	carmichael	PROPN
ajfa-3216	42	50	and	and	CCONJ
ajfa-3216	42	51	coën	coën	PROPN
ajfa-3216	42	52	2008	2008	NUM
ajfa-3216	42	53	,	,	PUNCT
ajfa-3216	42	54	lam	lam	PROPN
ajfa-3216	42	55	;	;	PUNCT
ajfa-3216	42	56	li	li	PROPN
ajfa-3216	42	57	;	;	PUNCT
ajfa-3216	42	58	so	so	ADV
ajfa-3216	42	59	2009	2009	NUM
ajfa-3216	42	60	;	;	PUNCT
ajfa-3216	42	61	unlu	unlu	ADJ
ajfa-3216	42	62	,	,	PUNCT
ajfa-3216	42	63	2012	2012	NUM
ajfa-3216	42	64	)	)	PUNCT
ajfa-3216	42	65	.	.	PUNCT
ajfa-3216	43	1	the	the	DET
ajfa-3216	43	2	four	four	NUM
ajfa-3216	43	3	factor	factor	NOUN
ajfa-3216	43	4	model	model	NOUN
ajfa-3216	43	5	was	be	AUX
ajfa-3216	43	6	first	first	ADV
ajfa-3216	43	7	tested	test	VERB
ajfa-3216	43	8	by	by	ADP
ajfa-3216	43	9	carhart	carhart	NOUN
ajfa-3216	43	10	(	(	PUNCT
ajfa-3216	43	11	1997	1997	NUM
ajfa-3216	43	12	)	)	PUNCT
ajfa-3216	43	13	.	.	PUNCT
ajfa-3216	44	1	carhart	carhart	NOUN
ajfa-3216	44	2	(	(	PUNCT
ajfa-3216	44	3	1997	1997	NUM
ajfa-3216	44	4	)	)	PUNCT
ajfa-3216	44	5	created	create	VERB
ajfa-3216	44	6	the	the	DET
ajfa-3216	44	7	four	four	NUM
ajfa-3216	44	8	factor	factor	NOUN
ajfa-3216	44	9	model	model	NOUN
ajfa-3216	44	10	by	by	ADP
ajfa-3216	44	11	augmenting	augment	VERB
ajfa-3216	44	12	the	the	DET
ajfa-3216	44	13	momentum	momentum	NOUN
ajfa-3216	44	14	factor	factor	NOUN
ajfa-3216	44	15	of	of	ADP
ajfa-3216	44	16	jegadeesh	jegadeesh	NOUN
ajfa-3216	44	17	and	and	CCONJ
ajfa-3216	44	18	titman	titman	NOUN
ajfa-3216	44	19	(	(	PUNCT
ajfa-3216	44	20	1993	1993	NUM
ajfa-3216	44	21	)	)	PUNCT
ajfa-3216	44	22	to	to	ADP
ajfa-3216	44	23	the	the	DET
ajfa-3216	44	24	three	three	NUM
ajfa-3216	44	25	factor	factor	NOUN
ajfa-3216	44	26	model	model	NOUN
ajfa-3216	44	27	of	of	ADP
ajfa-3216	44	28	fama	fama	PROPN
ajfa-3216	44	29	-	-	PUNCT
ajfa-3216	44	30	french	french	NOUN
ajfa-3216	44	31	.	.	PUNCT
ajfa-3216	45	1	the	the	DET
ajfa-3216	45	2	four	four	NUM
ajfa-3216	45	3	factor	factor	NOUN
ajfa-3216	45	4	model	model	NOUN
ajfa-3216	45	5	is	be	AUX
ajfa-3216	45	6	tested	test	VERB
ajfa-3216	45	7	as	as	ADP
ajfa-3216	45	8	follows	follow	VERB
ajfa-3216	45	9	(	(	PUNCT
ajfa-3216	45	10	carhart	carhart	NOUN
ajfa-3216	45	11	,	,	PUNCT
ajfa-3216	45	12	1997	1997	NUM
ajfa-3216	45	13	:	:	PUNCT
ajfa-3216	45	14	61	61	NUM
ajfa-3216	45	15	):	):	PUNCT
ajfa-3216	45	16	iitititititit	iitititititit	NOUN
ajfa-3216	45	17	yrprphmlhsmbsrmrfbr	yrprphmlhsmbsrmrfbr	PROPN
ajfa-3216	45	18			PROPN
ajfa-3216	45	19			VERB
ajfa-3216	45	20	1	1	NUM
ajfa-3216	45	21	the	the	DET
ajfa-3216	45	22	thing	thing	NOUN
ajfa-3216	45	23	involved	involve	VERB
ajfa-3216	45	24	here	here	ADV
ajfa-3216	45	25	is	be	AUX
ajfa-3216	45	26	the	the	DET
ajfa-3216	45	27	return	return	NOUN
ajfa-3216	45	28	of	of	ADP
ajfa-3216	45	29	the	the	DET
ajfa-3216	45	30	rmrf	rmrf	NOUN
ajfa-3216	45	31	;	;	PUNCT
ajfa-3216	45	32	nyse	nyse	PROPN
ajfa-3216	45	33	,	,	PUNCT
ajfa-3216	45	34	amex	amex	PROPN
ajfa-3216	45	35	and	and	CCONJ
ajfa-3216	45	36	nasdaq	nasdaq	PROPN
ajfa-3216	45	37	indexes	index	NOUN
ajfa-3216	45	38	on	on	ADP
ajfa-3216	45	39	the	the	DET
ajfa-3216	45	40	one	one	NUM
ajfa-3216	45	41	month	month	NOUN
ajfa-3216	45	42	treasury	treasury	NOUN
ajfa-3216	45	43	bill	bill	NOUN
ajfa-3216	45	44	.	.	PUNCT
ajfa-3216	46	1	these	these	PRON
ajfa-3216	46	2	are	be	AUX
ajfa-3216	46	3	smb	smb	ADJ
ajfa-3216	46	4	and	and	CCONJ
ajfa-3216	46	5	hml	hml	PROPN
ajfa-3216	46	6	fama	fama	PROPN
ajfa-3216	46	7	-	-	PUNCT
ajfa-3216	46	8	french	french	ADJ
ajfa-3216	46	9	factors	factor	NOUN
ajfa-3216	46	10	.	.	PUNCT
ajfa-3216	47	1	on	on	ADP
ajfa-3216	47	2	the	the	DET
ajfa-3216	47	3	other	other	ADJ
ajfa-3216	47	4	hand	hand	NOUN
ajfa-3216	47	5	,	,	PUNCT
ajfa-3216	47	6	pr1yr	pr1yr	NOUN
ajfa-3216	47	7	represents	represent	VERB
ajfa-3216	47	8	the	the	DET
ajfa-3216	47	9	difference	difference	NOUN
ajfa-3216	47	10	between	between	ADP
ajfa-3216	47	11	the	the	DET
ajfa-3216	47	12	highest	high	ADJ
ajfa-3216	47	13	30	30	NUM
ajfa-3216	47	14	%	%	NOUN
ajfa-3216	47	15	returns	return	NOUN
ajfa-3216	47	16	11	11	NUM
ajfa-3216	47	17	months	month	NOUN
ajfa-3216	47	18	ago	ago	ADV
ajfa-3216	47	19	and	and	CCONJ
ajfa-3216	47	20	the	the	DET
ajfa-3216	47	21	lowest	low	ADJ
ajfa-3216	47	22	30	30	NUM
ajfa-3216	47	23	%	%	NOUN
ajfa-3216	47	24	returns	return	NOUN
ajfa-3216	47	25	11	11	NUM
ajfa-3216	47	26	months	month	NOUN
ajfa-3216	47	27	ago	ago	ADV
ajfa-3216	47	28	.	.	PUNCT
ajfa-3216	48	1	as	as	ADP
ajfa-3216	48	2	a	a	DET
ajfa-3216	48	3	conclusion	conclusion	NOUN
ajfa-3216	48	4	,	,	PUNCT
ajfa-3216	48	5	carhart	carhart	NOUN
ajfa-3216	48	6	(	(	PUNCT
ajfa-3216	48	7	1997	1997	NUM
ajfa-3216	48	8	)	)	PUNCT
ajfa-3216	48	9	suggests	suggest	VERB
ajfa-3216	48	10	that	that	SCONJ
ajfa-3216	48	11	the	the	DET
ajfa-3216	48	12	four	four	NUM
ajfa-3216	48	13	factor	factor	NOUN
ajfa-3216	48	14	model	model	NOUN
ajfa-3216	48	15	can	can	AUX
ajfa-3216	48	16	be	be	AUX
ajfa-3216	48	17	used	use	VERB
ajfa-3216	48	18	in	in	ADP
ajfa-3216	48	19	explaining	explain	VERB
ajfa-3216	48	20	stock	stock	NOUN
ajfa-3216	48	21	returns	return	NOUN
ajfa-3216	48	22	.	.	PUNCT
ajfa-3216	49	1	liew	liew	NOUN
ajfa-3216	49	2	and	and	CCONJ
ajfa-3216	49	3	vassalou	vassalou	PROPN
ajfa-3216	49	4	(	(	PUNCT
ajfa-3216	49	5	2000	2000	NUM
ajfa-3216	49	6	)	)	PUNCT
ajfa-3216	49	7	examined	examine	VERB
ajfa-3216	49	8	the	the	DET
ajfa-3216	49	9	relation	relation	NOUN
ajfa-3216	49	10	between	between	ADP
ajfa-3216	49	11	the	the	DET
ajfa-3216	49	12	macroeconomic	macroeconomic	ADJ
ajfa-3216	49	13	risk	risk	NOUN
ajfa-3216	49	14	factors	factor	NOUN
ajfa-3216	49	15	and	and	CCONJ
ajfa-3216	49	16	the	the	DET
ajfa-3216	49	17	profitability	profitability	NOUN
ajfa-3216	49	18	of	of	ADP
ajfa-3216	49	19	smb	smb	PROPN
ajfa-3216	49	20	,	,	PUNCT
ajfa-3216	49	21	hml	hml	PROPN
ajfa-3216	49	22	,	,	PUNCT
ajfa-3216	49	23	wml	wml	PROPN
ajfa-3216	49	24	transaction	transaction	NOUN
ajfa-3216	49	25	strategies	strategy	NOUN
ajfa-3216	49	26	for	for	ADP
ajfa-3216	49	27	10	10	NUM
ajfa-3216	49	28	developed	develop	VERB
ajfa-3216	49	29	markets	market	NOUN
ajfa-3216	49	30	comprised	comprise	VERB
ajfa-3216	49	31	of	of	ADP
ajfa-3216	49	32	australia	australia	PROPN
ajfa-3216	49	33	canada	canada	PROPN
ajfa-3216	49	34	,	,	PUNCT
ajfa-3216	49	35	france	france	PROPN
ajfa-3216	49	36	,	,	PUNCT
ajfa-3216	49	37	germany	germany	PROPN
ajfa-3216	49	38	italy	italy	PROPN
ajfa-3216	49	39	,	,	PUNCT
ajfa-3216	49	40	japan	japan	PROPN
ajfa-3216	49	41	,	,	PUNCT
ajfa-3216	49	42	the	the	DET
ajfa-3216	49	43	netherlands	netherlands	PROPN
ajfa-3216	49	44	,	,	PUNCT
ajfa-3216	49	45	switzerland	switzerland	PROPN
ajfa-3216	49	46	,	,	PUNCT
ajfa-3216	49	47	england	england	PROPN
ajfa-3216	49	48	and	and	CCONJ
ajfa-3216	49	49	the	the	DET
ajfa-3216	49	50	usa	usa	PROPN
ajfa-3216	49	51	.	.	PUNCT
ajfa-3216	50	1	whereas	whereas	SCONJ
ajfa-3216	50	2	this	this	DET
ajfa-3216	50	3	study	study	NOUN
ajfa-3216	50	4	represents	represent	VERB
ajfa-3216	50	5	an	an	DET
ajfa-3216	50	6	evidence	evidence	NOUN
ajfa-3216	50	7	for	for	ADP
ajfa-3216	50	8	the	the	DET
ajfa-3216	50	9	wml	wml	PROPN
ajfa-3216	50	10	factor	factor	NOUN
ajfa-3216	50	11	,	,	PUNCT
ajfa-3216	50	12	the	the	DET
ajfa-3216	50	13	findings	finding	NOUN
ajfa-3216	50	14	obtained	obtain	VERB
ajfa-3216	50	15	are	be	AUX
ajfa-3216	50	16	not	not	PART
ajfa-3216	50	17	as	as	ADV
ajfa-3216	50	18	strong	strong	ADJ
ajfa-3216	50	19	as	as	ADP
ajfa-3216	50	20	the	the	DET
ajfa-3216	50	21	smb	smb	NOUN
ajfa-3216	50	22	and	and	CCONJ
ajfa-3216	50	23	hml	hml	PROPN
ajfa-3216	50	24	factors	factor	NOUN
ajfa-3216	50	25	.	.	PUNCT
ajfa-3216	51	1	by	by	ADP
ajfa-3216	51	2	using	use	VERB
ajfa-3216	51	3	monthly	monthly	ADJ
ajfa-3216	51	4	data	datum	NOUN
ajfa-3216	51	5	,	,	PUNCT
ajfa-3216	51	6	l’her	l’her	PRON
ajfa-3216	51	7	,	,	PUNCT
ajfa-3216	51	8	masmoudi	masmoudi	ADJ
ajfa-3216	51	9	and	and	CCONJ
ajfa-3216	51	10	suret	suret	PROPN
ajfa-3216	51	11	(	(	PUNCT
ajfa-3216	51	12	2004	2004	NUM
ajfa-3216	51	13	)	)	PUNCT
ajfa-3216	51	14	looked	look	VERB
ajfa-3216	51	15	into	into	ADP
ajfa-3216	51	16	the	the	DET
ajfa-3216	51	17	power	power	NOUN
ajfa-3216	51	18	of	of	ADP
ajfa-3216	51	19	four	four	NUM
ajfa-3216	51	20	factors	factor	NOUN
ajfa-3216	51	21	,	,	PUNCT
ajfa-3216	51	22	which	which	PRON
ajfa-3216	51	23	are	be	AUX
ajfa-3216	51	24	rm	rm	NOUN
ajfa-3216	51	25	-	-	PUNCT
ajfa-3216	51	26	rf	rf	PROPN
ajfa-3216	51	27	,	,	PUNCT
ajfa-3216	51	28	smb	smb	NOUN
ajfa-3216	51	29	,	,	PUNCT
ajfa-3216	51	30	hml	hml	PROPN
ajfa-3216	51	31	and	and	CCONJ
ajfa-3216	51	32	wml	wml	PROPN
ajfa-3216	51	33	,	,	PUNCT
ajfa-3216	51	34	to	to	PART
ajfa-3216	51	35	explain	explain	VERB
ajfa-3216	51	36	stock	stock	NOUN
ajfa-3216	51	37	returns	return	NOUN
ajfa-3216	51	38	during	during	ADP
ajfa-3216	51	39	the	the	DET
ajfa-3216	51	40	period	period	NOUN
ajfa-3216	51	41	of	of	ADP
ajfa-3216	51	42	1960	1960	NUM
ajfa-3216	51	43	–	–	PUNCT
ajfa-3216	51	44	2001	2001	NUM
ajfa-3216	51	45	for	for	ADP
ajfa-3216	51	46	the	the	DET
ajfa-3216	51	47	canadian	canadian	ADJ
ajfa-3216	51	48	equity	equity	NOUN
ajfa-3216	51	49	market	market	NOUN
ajfa-3216	51	50	.	.	PUNCT
ajfa-3216	52	1	it	it	PRON
ajfa-3216	52	2	was	be	AUX
ajfa-3216	52	3	concluded	conclude	VERB
ajfa-3216	52	4	that	that	SCONJ
ajfa-3216	52	5	the	the	DET
ajfa-3216	52	6	four	four	NUM
ajfa-3216	52	7	-	-	PUNCT
ajfa-3216	52	8	factor	factor	NOUN
ajfa-3216	52	9	model	model	NOUN
ajfa-3216	52	10	was	be	AUX
ajfa-3216	52	11	valid	valid	ADJ
ajfa-3216	52	12	for	for	ADP
ajfa-3216	52	13	the	the	DET
ajfa-3216	52	14	canadian	canadian	ADJ
ajfa-3216	52	15	market	market	NOUN
ajfa-3216	52	16	.	.	PUNCT
ajfa-3216	53	1	naceur	naceur	ADV
ajfa-3216	53	2	and	and	CCONJ
ajfa-3216	53	3	chaibi	chaibi	ADJ
ajfa-3216	53	4	(	(	PUNCT
ajfa-3216	53	5	2007	2007	NUM
ajfa-3216	53	6	)	)	PUNCT
ajfa-3216	53	7	researched	research	VERB
ajfa-3216	53	8	into	into	ADP
ajfa-3216	53	9	the	the	DET
ajfa-3216	53	10	best	good	ADJ
ajfa-3216	53	11	asset	asset	NOUN
ajfa-3216	53	12	pricing	pricing	NOUN
ajfa-3216	53	13	model	model	NOUN
ajfa-3216	53	14	in	in	ADP
ajfa-3216	53	15	the	the	DET
ajfa-3216	53	16	tunisian	tunisian	ADJ
ajfa-3216	53	17	stock	stock	PROPN
ajfa-3216	53	18	exchange	exchange	PROPN
ajfa-3216	53	19	(	(	PUNCT
ajfa-3216	53	20	tse	tse	PROPN
ajfa-3216	53	21	)	)	PUNCT
ajfa-3216	53	22	for	for	ADP
ajfa-3216	53	23	calculating	calculate	VERB
ajfa-3216	53	24	the	the	DET
ajfa-3216	53	25	capital	capital	NOUN
ajfa-3216	53	26	cost	cost	NOUN
ajfa-3216	53	27	.	.	PUNCT
ajfa-3216	54	1	the	the	DET
ajfa-3216	54	2	result	result	NOUN
ajfa-3216	54	3	of	of	ADP
ajfa-3216	54	4	the	the	DET
ajfa-3216	54	5	study	study	NOUN
ajfa-3216	54	6	,	,	PUNCT
ajfa-3216	54	7	the	the	DET
ajfa-3216	54	8	four	four	NUM
ajfa-3216	54	9	factor	factor	NOUN
ajfa-3216	54	10	model	model	NOUN
ajfa-3216	54	11	of	of	ADP
ajfa-3216	54	12	carhart	carhart	NOUN
ajfa-3216	54	13	(	(	PUNCT
ajfa-3216	54	14	1997	1997	NUM
ajfa-3216	54	15	)	)	PUNCT
ajfa-3216	54	16	was	be	AUX
ajfa-3216	54	17	the	the	DET
ajfa-3216	54	18	best	good	ADJ
ajfa-3216	54	19	model	model	NOUN
ajfa-3216	54	20	to	to	PART
ajfa-3216	54	21	estimate	estimate	VERB
ajfa-3216	54	22	the	the	DET
ajfa-3216	54	23	capital	capital	NOUN
ajfa-3216	54	24	cost	cost	NOUN
ajfa-3216	54	25	for	for	ADP
ajfa-3216	54	26	the	the	DET
ajfa-3216	54	27	tse	tse	PROPN
ajfa-3216	54	28	.	.	PUNCT
ajfa-3216	55	1	lam	lam	PROPN
ajfa-3216	55	2	,	,	PUNCT
ajfa-3216	55	3	li	li	PROPN
ajfa-3216	55	4	and	and	CCONJ
ajfa-3216	56	1	so	so	ADV
ajfa-3216	56	2	(	(	PUNCT
ajfa-3216	56	3	2009	2009	NUM
ajfa-3216	56	4	)	)	PUNCT
ajfa-3216	56	5	examined	examine	VERB
ajfa-3216	56	6	the	the	DET
ajfa-3216	56	7	power	power	NOUN
ajfa-3216	56	8	of	of	ADP
ajfa-3216	56	9	the	the	DET
ajfa-3216	56	10	four	four	NUM
ajfa-3216	56	11	factor	factor	NOUN
ajfa-3216	56	12	model	model	NOUN
ajfa-3216	56	13	,	,	PUNCT
ajfa-3216	56	14	which	which	PRON
ajfa-3216	56	15	was	be	AUX
ajfa-3216	56	16	created	create	VERB
ajfa-3216	56	17	by	by	ADP
ajfa-3216	56	18	adding	add	VERB
ajfa-3216	56	19	the	the	DET
ajfa-3216	56	20	momentum	momentum	NOUN
ajfa-3216	56	21	factor	factor	NOUN
ajfa-3216	56	22	to	to	ADP
ajfa-3216	56	23	the	the	DET
ajfa-3216	56	24	three	three	NUM
ajfa-3216	56	25	factor	factor	NOUN
ajfa-3216	56	26	model	model	NOUN
ajfa-3216	56	27	of	of	ADP
ajfa-3216	56	28	fama	fama	NOUN
ajfa-3216	56	29	-	-	PUNCT
ajfa-3216	56	30	french	french	NOUN
ajfa-3216	56	31	,	,	PUNCT
ajfa-3216	56	32	in	in	ADP
ajfa-3216	56	33	explaining	explain	VERB
ajfa-3216	56	34	the	the	DET
ajfa-3216	56	35	change	change	NOUN
ajfa-3216	56	36	in	in	ADP
ajfa-3216	56	37	stock	stock	NOUN
ajfa-3216	56	38	returns	return	NOUN
ajfa-3216	56	39	concerning	concern	VERB
ajfa-3216	56	40	the	the	DET
ajfa-3216	56	41	hong	hong	PROPN
ajfa-3216	56	42	kong	kong	PROPN
ajfa-3216	56	43	market	market	NOUN
ajfa-3216	56	44	.	.	PUNCT
ajfa-3216	57	1	the	the	DET
ajfa-3216	57	2	study	study	NOUN
ajfa-3216	57	3	concluded	conclude	VERB
ajfa-3216	57	4	that	that	SCONJ
ajfa-3216	57	5	the	the	DET
ajfa-3216	57	6	coefficients	coefficient	NOUN
ajfa-3216	57	7	of	of	ADP
ajfa-3216	57	8	the	the	DET
ajfa-3216	57	9	four	four	NUM
ajfa-3216	57	10	factor	factor	NOUN
ajfa-3216	57	11	model	model	NOUN
ajfa-3216	57	12	are	be	AUX
ajfa-3216	57	13	significant	significant	ADJ
ajfa-3216	57	14	;	;	PUNCT
ajfa-3216	57	15	alpha	alpha	ADJ
ajfa-3216	57	16	coefficients	coefficient	NOUN
ajfa-3216	57	17	are	be	AUX
ajfa-3216	57	18	not	not	PART
ajfa-3216	57	19	significantly	significantly	ADV
ajfa-3216	57	20	different	different	ADJ
ajfa-3216	57	21	from	from	ADP
ajfa-3216	57	22	zero	zero	NUM
ajfa-3216	57	23	and	and	CCONJ
ajfa-3216	57	24	thus	thus	ADV
ajfa-3216	57	25	showed	show	VERB
ajfa-3216	57	26	that	that	SCONJ
ajfa-3216	57	27	the	the	DET
ajfa-3216	57	28	model	model	NOUN
ajfa-3216	57	29	is	be	AUX
ajfa-3216	57	30	applicable	applicable	ADJ
ajfa-3216	57	31	.	.	PUNCT
ajfa-3216	58	1	unlu	unlu	ADJ
ajfa-3216	58	2	(	(	PUNCT
ajfa-3216	58	3	2012	2012	NUM
ajfa-3216	58	4	)	)	PUNCT
ajfa-3216	58	5	tested	test	VERB
ajfa-3216	58	6	the	the	DET
ajfa-3216	58	7	four	four	NUM
ajfa-3216	58	8	factor	factor	NOUN
ajfa-3216	58	9	model	model	NOUN
ajfa-3216	58	10	in	in	ADP
ajfa-3216	58	11	the	the	DET
ajfa-3216	58	12	ise	ise	NOUN
ajfa-3216	58	13	for	for	ADP
ajfa-3216	58	14	the	the	DET
ajfa-3216	58	15	period	period	NOUN
ajfa-3216	58	16	of	of	ADP
ajfa-3216	58	17	july	july	PROPN
ajfa-3216	58	18	1992	1992	NUM
ajfa-3216	58	19	–	–	PUNCT
ajfa-3216	58	20	june	june	PROPN
ajfa-3216	58	21	2008	2008	NUM
ajfa-3216	58	22	and	and	CCONJ
ajfa-3216	58	23	the	the	DET
ajfa-3216	58	24	results	result	NOUN
ajfa-3216	58	25	showed	show	VERB
ajfa-3216	58	26	that	that	SCONJ
ajfa-3216	58	27	the	the	DET
ajfa-3216	58	28	four	four	NUM
ajfa-3216	58	29	factor	factor	NOUN
ajfa-3216	58	30	model	model	NOUN
ajfa-3216	58	31	was	be	AUX
ajfa-3216	58	32	significant	significant	ADJ
ajfa-3216	58	33	for	for	ADP
ajfa-3216	58	34	the	the	DET
ajfa-3216	58	35	ise	ise	NOUN
ajfa-3216	58	36	.	.	PROPN
ajfa-3216	59	1	4	4	X
ajfa-3216	59	2	.	.	X
ajfa-3216	59	3	the	the	DET
ajfa-3216	59	4	five	five	NUM
ajfa-3216	59	5	factor	factor	NOUN
ajfa-3216	59	6	model	model	NOUN
ajfa-3216	59	7	the	the	DET
ajfa-3216	59	8	liquidity	liquidity	NOUN
ajfa-3216	59	9	of	of	ADP
ajfa-3216	59	10	a	a	DET
ajfa-3216	59	11	stock	stock	NOUN
ajfa-3216	59	12	means	mean	VERB
ajfa-3216	59	13	that	that	SCONJ
ajfa-3216	59	14	it	it	PRON
ajfa-3216	59	15	can	can	AUX
ajfa-3216	59	16	easily	easily	ADV
ajfa-3216	59	17	be	be	AUX
ajfa-3216	59	18	purchased	purchase	VERB
ajfa-3216	59	19	and	and	CCONJ
ajfa-3216	59	20	sold	sell	VERB
ajfa-3216	59	21	rapidly	rapidly	ADV
ajfa-3216	59	22	on	on	ADP
ajfa-3216	59	23	lower	low	ADJ
ajfa-3216	59	24	costs	cost	NOUN
ajfa-3216	59	25	in	in	ADP
ajfa-3216	59	26	the	the	DET
ajfa-3216	59	27	secondary	secondary	ADJ
ajfa-3216	59	28	market	market	NOUN
ajfa-3216	59	29	.	.	PUNCT
ajfa-3216	60	1	pastor	pastor	NOUN
ajfa-3216	60	2	and	and	CCONJ
ajfa-3216	60	3	stambaugh	stambaugh	NOUN
ajfa-3216	60	4	(	(	PUNCT
ajfa-3216	60	5	2003	2003	NUM
ajfa-3216	60	6	)	)	PUNCT
ajfa-3216	60	7	added	add	VERB
ajfa-3216	60	8	the	the	DET
ajfa-3216	60	9	liquidity	liquidity	NOUN
ajfa-3216	60	10	factor	factor	NOUN
ajfa-3216	60	11	to	to	ADP
ajfa-3216	60	12	the	the	DET
ajfa-3216	60	13	four	four	NUM
ajfa-3216	60	14	factor	factor	NOUN
ajfa-3216	60	15	model	model	NOUN
ajfa-3216	60	16	in	in	ADP
ajfa-3216	60	17	their	their	PRON
ajfa-3216	60	18	studies	study	NOUN
ajfa-3216	60	19	for	for	ADP
ajfa-3216	60	20	the	the	DET
ajfa-3216	60	21	nyse	nyse	PROPN
ajfa-3216	60	22	,	,	PUNCT
ajfa-3216	60	23	amex	amex	PROPN
ajfa-3216	60	24	,	,	PUNCT
ajfa-3216	60	25	and	and	CCONJ
ajfa-3216	60	26	nasdaq	nasdaq	PROPN
ajfa-3216	60	27	stocks	stock	NOUN
ajfa-3216	60	28	and	and	CCONJ
ajfa-3216	60	29	tested	test	VERB
ajfa-3216	60	30	the	the	DET
ajfa-3216	60	31	five	five	NUM
ajfa-3216	60	32	factor	factor	NOUN
ajfa-3216	60	33	model	model	NOUN
ajfa-3216	60	34	.	.	PUNCT
ajfa-3216	61	1	amihud	amihud	PROPN
ajfa-3216	61	2	(	(	PUNCT
ajfa-3216	61	3	2002	2002	NUM
ajfa-3216	61	4	)	)	PUNCT
ajfa-3216	61	5	was	be	AUX
ajfa-3216	61	6	used	use	VERB
ajfa-3216	61	7	as	as	ADP
ajfa-3216	61	8	the	the	DET
ajfa-3216	61	9	liquidity	liquidity	NOUN
ajfa-3216	61	10	measurement	measurement	NOUN
ajfa-3216	61	11	method	method	NOUN
ajfa-3216	61	12	.	.	PUNCT
ajfa-3216	62	1	the	the	DET
ajfa-3216	62	2	study	study	NOUN
ajfa-3216	62	3	concluded	conclude	VERB
ajfa-3216	62	4	that	that	SCONJ
ajfa-3216	62	5	liquidity	liquidity	NOUN
ajfa-3216	62	6	represented	represent	VERB
ajfa-3216	62	7	an	an	DET
ajfa-3216	62	8	important	important	ADJ
ajfa-3216	62	9	risk	risk	NOUN
ajfa-3216	62	10	factor	factor	NOUN
ajfa-3216	62	11	.	.	PUNCT
ajfa-3216	63	1	on	on	ADP
ajfa-3216	63	2	the	the	DET
ajfa-3216	63	3	other	other	ADJ
ajfa-3216	63	4	hand	hand	NOUN
ajfa-3216	63	5	,	,	PUNCT
ajfa-3216	63	6	chan	chan	PROPN
ajfa-3216	63	7	and	and	CCONJ
ajfa-3216	63	8	faff	faff	PROPN
ajfa-3216	63	9	(	(	PUNCT
ajfa-3216	63	10	2005	2005	NUM
ajfa-3216	63	11	)	)	PUNCT
ajfa-3216	63	12	added	add	VERB
ajfa-3216	63	13	the	the	DET
ajfa-3216	63	14	liquidity	liquidity	NOUN
ajfa-3216	63	15	factor	factor	NOUN
ajfa-3216	63	16	as	as	ADP
ajfa-3216	63	17	the	the	DET
ajfa-3216	63	18	four	four	NUM
ajfa-3216	63	19	factor	factor	NOUN
ajfa-3216	63	20	to	to	ADP
ajfa-3216	63	21	the	the	DET
ajfa-3216	63	22	three	three	NUM
ajfa-3216	63	23	factor	factor	NOUN
ajfa-3216	63	24	model	model	NOUN
ajfa-3216	63	25	for	for	ADP
ajfa-3216	63	26	the	the	DET
ajfa-3216	63	27	australian	australian	ADJ
ajfa-3216	63	28	market	market	NOUN
ajfa-3216	63	29	.	.	PUNCT
ajfa-3216	64	1	the	the	DET
ajfa-3216	64	2	study	study	NOUN
ajfa-3216	64	3	,	,	PUNCT
ajfa-3216	64	4	which	which	PRON
ajfa-3216	64	5	used	use	VERB
ajfa-3216	64	6	turnover	turnover	NOUN
ajfa-3216	64	7	rate	rate	NOUN
ajfa-3216	64	8	as	as	ADP
ajfa-3216	64	9	the	the	DET
ajfa-3216	64	10	liquidity	liquidity	NOUN
ajfa-3216	64	11	measurement	measurement	NOUN
ajfa-3216	64	12	,	,	PUNCT
ajfa-3216	64	13	determined	determine	VERB
ajfa-3216	64	14	that	that	SCONJ
ajfa-3216	64	15	the	the	DET
ajfa-3216	64	16	liquidity	liquidity	NOUN
ajfa-3216	64	17	asian	asian	ADJ
ajfa-3216	64	18	journal	journal	NOUN
ajfa-3216	64	19	of	of	ADP
ajfa-3216	64	20	finance	finance	PROPN
ajfa-3216	64	21	&	&	CCONJ
ajfa-3216	64	22	accounting	accounting	PROPN
ajfa-3216	64	23	issn	issn	PROPN
ajfa-3216	64	24	1946	1946	NUM
ajfa-3216	64	25	-	-	PUNCT
ajfa-3216	64	26	052x	052x	NOUN
ajfa-3216	64	27	2013	2013	NUM
ajfa-3216	64	28	,	,	PUNCT
ajfa-3216	64	29	vol	vol	NOUN
ajfa-3216	64	30	.	.	PROPN
ajfa-3216	64	31	5	5	NUM
ajfa-3216	64	32	,	,	PUNCT
ajfa-3216	64	33	no	no	INTJ
ajfa-3216	64	34	.	.	NOUN
ajfa-3216	64	35	1	1	NUM
ajfa-3216	64	36	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3216	64	37	201	201	NUM
ajfa-3216	64	38	factor	factor	NOUN
ajfa-3216	64	39	was	be	AUX
ajfa-3216	64	40	priced	price	VERB
ajfa-3216	64	41	by	by	ADP
ajfa-3216	64	42	the	the	DET
ajfa-3216	64	43	market	market	NOUN
ajfa-3216	64	44	.	.	PUNCT
ajfa-3216	65	1	in	in	ADP
ajfa-3216	65	2	their	their	PRON
ajfa-3216	65	3	studies	study	NOUN
ajfa-3216	65	4	,	,	PUNCT
ajfa-3216	65	5	nguyen	nguyen	NOUN
ajfa-3216	65	6	and	and	CCONJ
ajfa-3216	65	7	tribhuvan	tribhuvan	PROPN
ajfa-3216	65	8	(	(	PUNCT
ajfa-3216	65	9	2009	2009	NUM
ajfa-3216	65	10	)	)	PUNCT
ajfa-3216	65	11	added	add	VERB
ajfa-3216	65	12	the	the	DET
ajfa-3216	65	13	liquidity	liquidity	NOUN
ajfa-3216	65	14	factor	factor	NOUN
ajfa-3216	65	15	to	to	ADP
ajfa-3216	65	16	the	the	DET
ajfa-3216	65	17	three	three	NUM
ajfa-3216	65	18	factor	factor	NOUN
ajfa-3216	65	19	model	model	NOUN
ajfa-3216	65	20	and	and	CCONJ
ajfa-3216	65	21	examined	examine	VERB
ajfa-3216	65	22	the	the	DET
ajfa-3216	65	23	role	role	NOUN
ajfa-3216	65	24	of	of	ADP
ajfa-3216	65	25	liquidity	liquidity	NOUN
ajfa-3216	65	26	in	in	ADP
ajfa-3216	65	27	stock	stock	NOUN
ajfa-3216	65	28	pricing	pricing	NOUN
ajfa-3216	65	29	.	.	PUNCT
ajfa-3216	66	1	in	in	ADP
ajfa-3216	66	2	the	the	DET
ajfa-3216	66	3	study	study	NOUN
ajfa-3216	66	4	where	where	SCONJ
ajfa-3216	66	5	the	the	DET
ajfa-3216	66	6	nyse	nyse	PROPN
ajfa-3216	66	7	and	and	CCONJ
ajfa-3216	66	8	amex	amex	PROPN
ajfa-3216	66	9	stocks	stock	NOUN
ajfa-3216	66	10	were	be	AUX
ajfa-3216	66	11	used	use	VERB
ajfa-3216	66	12	,	,	PUNCT
ajfa-3216	66	13	it	it	PRON
ajfa-3216	66	14	was	be	AUX
ajfa-3216	66	15	established	establish	VERB
ajfa-3216	66	16	that	that	SCONJ
ajfa-3216	66	17	liquidity	liquidity	NOUN
ajfa-3216	66	18	could	could	AUX
ajfa-3216	66	19	be	be	AUX
ajfa-3216	66	20	used	use	VERB
ajfa-3216	66	21	as	as	ADP
ajfa-3216	66	22	an	an	DET
ajfa-3216	66	23	important	important	ADJ
ajfa-3216	66	24	systematic	systematic	ADJ
ajfa-3216	66	25	risk	risk	NOUN
ajfa-3216	66	26	factor	factor	NOUN
ajfa-3216	66	27	.	.	PUNCT
ajfa-3216	67	1	5	5	X
ajfa-3216	67	2	.	.	X
ajfa-3216	67	3	data	datum	NOUN
ajfa-3216	67	4	structure	structure	NOUN
ajfa-3216	67	5	and	and	CCONJ
ajfa-3216	67	6	method	method	VERB
ajfa-3216	67	7	the	the	DET
ajfa-3216	67	8	study	study	NOUN
ajfa-3216	67	9	took	take	VERB
ajfa-3216	67	10	july	july	PROPN
ajfa-3216	67	11	1992	1992	NUM
ajfa-3216	67	12	–	–	PUNCT
ajfa-3216	67	13	june	june	PROPN
ajfa-3216	67	14	2011	2011	NUM
ajfa-3216	67	15	as	as	ADP
ajfa-3216	67	16	the	the	DET
ajfa-3216	67	17	sample	sample	NOUN
ajfa-3216	67	18	period	period	NOUN
ajfa-3216	67	19	and	and	CCONJ
ajfa-3216	67	20	used	use	VERB
ajfa-3216	67	21	monthly	monthly	ADJ
ajfa-3216	67	22	data	datum	NOUN
ajfa-3216	67	23	.	.	PUNCT
ajfa-3216	68	1	data	datum	NOUN
ajfa-3216	68	2	on	on	ADP
ajfa-3216	68	3	stock	stock	NOUN
ajfa-3216	68	4	returns	return	NOUN
ajfa-3216	68	5	,	,	PUNCT
ajfa-3216	68	6	index	index	NOUN
ajfa-3216	68	7	closing	closing	NOUN
ajfa-3216	68	8	and	and	CCONJ
ajfa-3216	68	9	balance	balance	NOUN
ajfa-3216	68	10	sheets	sheet	NOUN
ajfa-3216	68	11	was	be	AUX
ajfa-3216	68	12	obtained	obtain	VERB
ajfa-3216	68	13	from	from	ADP
ajfa-3216	68	14	the	the	DET
ajfa-3216	68	15	ise	ise	NOUN
ajfa-3216	68	16	and	and	CCONJ
ajfa-3216	68	17	treasury	treasury	PROPN
ajfa-3216	68	18	bill	bill	NOUN
ajfa-3216	68	19	rates	rate	NOUN
ajfa-3216	68	20	was	be	AUX
ajfa-3216	68	21	obtained	obtain	VERB
ajfa-3216	68	22	from	from	ADP
ajfa-3216	68	23	the	the	DET
ajfa-3216	68	24	official	official	ADJ
ajfa-3216	68	25	website	website	NOUN
ajfa-3216	68	26	of	of	ADP
ajfa-3216	68	27	the	the	DET
ajfa-3216	68	28	turkey	turkey	NOUN
ajfa-3216	68	29	undersecretariat	undersecretariat	NOUN
ajfa-3216	68	30	of	of	ADP
ajfa-3216	68	31	treasury	treasury	PROPN
ajfa-3216	68	32	.	.	PUNCT
ajfa-3216	69	1	stock	stock	NOUN
ajfa-3216	69	2	transaction	transaction	NOUN
ajfa-3216	69	3	amounts	amount	VERB
ajfa-3216	69	4	and	and	CCONJ
ajfa-3216	69	5	the	the	DET
ajfa-3216	69	6	number	number	NOUN
ajfa-3216	69	7	of	of	ADP
ajfa-3216	69	8	stocks	stock	NOUN
ajfa-3216	69	9	were	be	AUX
ajfa-3216	69	10	taken	take	VERB
ajfa-3216	69	11	from	from	ADP
ajfa-3216	69	12	datastream	datastream	NOUN
ajfa-3216	69	13	.	.	PUNCT
ajfa-3216	70	1	the	the	DET
ajfa-3216	70	2	financial	financial	ADJ
ajfa-3216	70	3	ratios	ratio	NOUN
ajfa-3216	70	4	in	in	ADP
ajfa-3216	70	5	the	the	DET
ajfa-3216	70	6	study	study	NOUN
ajfa-3216	70	7	were	be	AUX
ajfa-3216	70	8	calculated	calculate	VERB
ajfa-3216	70	9	from	from	ADP
ajfa-3216	70	10	the	the	DET
ajfa-3216	70	11	31	31	NUM
ajfa-3216	70	12	december	december	PROPN
ajfa-3216	70	13	1991	1991	NUM
ajfa-3216	70	14	and	and	CCONJ
ajfa-3216	70	15	31	31	NUM
ajfa-3216	70	16	december	december	PROPN
ajfa-3216	70	17	2010	2010	NUM
ajfa-3216	70	18	end	end	NOUN
ajfa-3216	70	19	-	-	PUNCT
ajfa-3216	70	20	year	year	NOUN
ajfa-3216	70	21	balance	balance	NOUN
ajfa-3216	70	22	sheet	sheet	NOUN
ajfa-3216	70	23	data	datum	NOUN
ajfa-3216	70	24	of	of	ADP
ajfa-3216	70	25	the	the	DET
ajfa-3216	70	26	companies	company	NOUN
ajfa-3216	70	27	.	.	PUNCT
ajfa-3216	71	1	presuming	presume	VERB
ajfa-3216	71	2	that	that	SCONJ
ajfa-3216	71	3	the	the	DET
ajfa-3216	71	4	company	company	NOUN
ajfa-3216	71	5	profits	profit	NOUN
ajfa-3216	71	6	arrived	arrive	VERB
ajfa-3216	71	7	to	to	ADP
ajfa-3216	71	8	the	the	DET
ajfa-3216	71	9	investor	investor	NOUN
ajfa-3216	71	10	before	before	SCONJ
ajfa-3216	71	11	the	the	DET
ajfa-3216	71	12	balance	balance	NOUN
ajfa-3216	71	13	sheets	sheet	NOUN
ajfa-3216	71	14	were	be	AUX
ajfa-3216	71	15	declared	declare	VERB
ajfa-3216	71	16	,	,	PUNCT
ajfa-3216	71	17	results	result	NOUN
ajfa-3216	71	18	in	in	ADP
ajfa-3216	71	19	look	look	VERB
ajfa-3216	71	20	ahead	ahead	ADV
ajfa-3216	71	21	bias	bias	NOUN
ajfa-3216	71	22	.	.	PUNCT
ajfa-3216	72	1	the	the	DET
ajfa-3216	72	2	returns	return	NOUN
ajfa-3216	72	3	were	be	AUX
ajfa-3216	72	4	calculated	calculate	VERB
ajfa-3216	72	5	for	for	ADP
ajfa-3216	72	6	the	the	DET
ajfa-3216	72	7	01	01	NUM
ajfa-3216	72	8	july	july	PROPN
ajfa-3216	72	9	1992	1992	NUM
ajfa-3216	72	10	–	–	PUNCT
ajfa-3216	72	11	30	30	NUM
ajfa-3216	72	12	june	june	PROPN
ajfa-3216	72	13	2011	2011	NUM
ajfa-3216	72	14	period	period	NOUN
ajfa-3216	72	15	in	in	ADP
ajfa-3216	72	16	order	order	NOUN
ajfa-3216	72	17	to	to	PART
ajfa-3216	72	18	prevent	prevent	VERB
ajfa-3216	72	19	this	this	PRON
ajfa-3216	72	20	(	(	PUNCT
ajfa-3216	72	21	fama	fama	NOUN
ajfa-3216	72	22	and	and	CCONJ
ajfa-3216	72	23	french	french	ADJ
ajfa-3216	72	24	1993	1993	NUM
ajfa-3216	72	25	,	,	PUNCT
ajfa-3216	72	26	1996	1996	NUM
ajfa-3216	72	27	)	)	PUNCT
ajfa-3216	72	28	.	.	PUNCT
ajfa-3216	73	1	the	the	DET
ajfa-3216	73	2	ise-100	ise-100	PROPN
ajfa-3216	73	3	index	index	NOUN
ajfa-3216	73	4	was	be	AUX
ajfa-3216	73	5	used	use	VERB
ajfa-3216	73	6	as	as	ADP
ajfa-3216	73	7	the	the	DET
ajfa-3216	73	8	index	index	NOUN
ajfa-3216	73	9	return	return	NOUN
ajfa-3216	73	10	.	.	PUNCT
ajfa-3216	74	1	the	the	DET
ajfa-3216	74	2	annual	annual	ADJ
ajfa-3216	74	3	compound	compound	NOUN
ajfa-3216	74	4	reference	reference	NOUN
ajfa-3216	74	5	treasury	treasury	PROPN
ajfa-3216	74	6	bill	bill	PROPN
ajfa-3216	74	7	rates	rate	NOUN
ajfa-3216	74	8	was	be	AUX
ajfa-3216	74	9	converted	convert	VERB
ajfa-3216	74	10	into	into	ADP
ajfa-3216	74	11	monthly	monthly	ADJ
ajfa-3216	74	12	values	value	NOUN
ajfa-3216	74	13	and	and	CCONJ
ajfa-3216	74	14	used	use	VERB
ajfa-3216	74	15	as	as	ADP
ajfa-3216	74	16	risk	risk	NOUN
ajfa-3216	74	17	-	-	PUNCT
ajfa-3216	74	18	free	free	ADJ
ajfa-3216	74	19	interest	interest	NOUN
ajfa-3216	74	20	rate	rate	NOUN
ajfa-3216	74	21	in	in	ADP
ajfa-3216	74	22	the	the	DET
ajfa-3216	74	23	study	study	NOUN
ajfa-3216	74	24	.	.	PUNCT
ajfa-3216	75	1	the	the	DET
ajfa-3216	75	2	portfolios	portfolio	NOUN
ajfa-3216	75	3	were	be	AUX
ajfa-3216	75	4	created	create	VERB
ajfa-3216	75	5	using	use	VERB
ajfa-3216	75	6	the	the	DET
ajfa-3216	75	7	fama	fama	NOUN
ajfa-3216	75	8	and	and	CCONJ
ajfa-3216	75	9	french	french	ADJ
ajfa-3216	75	10	(	(	PUNCT
ajfa-3216	75	11	1993	1993	NUM
ajfa-3216	75	12	,	,	PUNCT
ajfa-3216	75	13	1996	1996	NUM
ajfa-3216	75	14	)	)	PUNCT
ajfa-3216	75	15	methodology	methodology	NOUN
ajfa-3216	75	16	and	and	CCONJ
ajfa-3216	75	17	factors	factor	NOUN
ajfa-3216	75	18	of	of	ADP
ajfa-3216	75	19	size	size	NOUN
ajfa-3216	75	20	and	and	CCONJ
ajfa-3216	75	21	b	b	X
ajfa-3216	75	22	/	/	SYM
ajfa-3216	75	23	m	m	VERB
ajfa-3216	75	24	ratio	ratio	NOUN
ajfa-3216	75	25	were	be	AUX
ajfa-3216	75	26	used	use	VERB
ajfa-3216	75	27	as	as	ADP
ajfa-3216	75	28	criteria	criterion	NOUN
ajfa-3216	75	29	.	.	PUNCT
ajfa-3216	76	1	firm	firm	ADJ
ajfa-3216	76	2	size	size	NOUN
ajfa-3216	76	3	was	be	AUX
ajfa-3216	76	4	measured	measure	VERB
ajfa-3216	76	5	by	by	ADP
ajfa-3216	76	6	market	market	NOUN
ajfa-3216	76	7	capitalization	capitalization	NOUN
ajfa-3216	76	8	or	or	CCONJ
ajfa-3216	76	9	market	market	NOUN
ajfa-3216	76	10	value	value	NOUN
ajfa-3216	76	11	of	of	ADP
ajfa-3216	76	12	equity	equity	NOUN
ajfa-3216	76	13	.	.	PUNCT
ajfa-3216	77	1	the	the	DET
ajfa-3216	77	2	b	b	PROPN
ajfa-3216	77	3	/	/	SYM
ajfa-3216	77	4	m	m	NOUN
ajfa-3216	77	5	ratio	ratio	NOUN
ajfa-3216	77	6	is	be	AUX
ajfa-3216	77	7	calculated	calculate	VERB
ajfa-3216	77	8	by	by	ADP
ajfa-3216	77	9	dividing	divide	VERB
ajfa-3216	77	10	the	the	DET
ajfa-3216	77	11	per	per	ADP
ajfa-3216	77	12	-	-	PUNCT
ajfa-3216	77	13	stock	stock	NOUN
ajfa-3216	77	14	book	book	NOUN
ajfa-3216	77	15	value	value	NOUN
ajfa-3216	77	16	into	into	ADP
ajfa-3216	77	17	the	the	DET
ajfa-3216	77	18	stock	stock	NOUN
ajfa-3216	77	19	’s	’s	PART
ajfa-3216	77	20	market	market	NOUN
ajfa-3216	77	21	price	price	NOUN
ajfa-3216	77	22	.	.	PUNCT
ajfa-3216	78	1	the	the	DET
ajfa-3216	78	2	portfolios	portfolio	NOUN
ajfa-3216	78	3	were	be	AUX
ajfa-3216	78	4	created	create	VERB
ajfa-3216	78	5	in	in	ADP
ajfa-3216	78	6	the	the	DET
ajfa-3216	78	7	june	june	PROPN
ajfa-3216	78	8	of	of	ADP
ajfa-3216	78	9	each	each	DET
ajfa-3216	78	10	t	t	NOUN
ajfa-3216	78	11	year	year	NOUN
ajfa-3216	78	12	and	and	CCONJ
ajfa-3216	78	13	the	the	DET
ajfa-3216	78	14	balance	balance	NOUN
ajfa-3216	78	15	sheet	sheet	NOUN
ajfa-3216	78	16	data	datum	NOUN
ajfa-3216	78	17	in	in	ADP
ajfa-3216	78	18	the	the	DET
ajfa-3216	78	19	t-1	t-1	PROPN
ajfa-3216	78	20	year	year	NOUN
ajfa-3216	78	21	's	's	PART
ajfa-3216	78	22	december	december	PROPN
ajfa-3216	78	23	were	be	AUX
ajfa-3216	78	24	paired	pair	VERB
ajfa-3216	78	25	with	with	ADP
ajfa-3216	78	26	the	the	DET
ajfa-3216	78	27	stock	stock	NOUN
ajfa-3216	78	28	returns	return	NOUN
ajfa-3216	78	29	in	in	ADP
ajfa-3216	78	30	the	the	DET
ajfa-3216	78	31	t	t	PROPN
ajfa-3216	78	32	year	year	NOUN
ajfa-3216	78	33	's	's	PART
ajfa-3216	78	34	june	june	PROPN
ajfa-3216	78	35	.	.	PUNCT
ajfa-3216	79	1	as	as	SCONJ
ajfa-3216	79	2	the	the	DET
ajfa-3216	79	3	firm	firm	ADJ
ajfa-3216	79	4	size	size	NOUN
ajfa-3216	79	5	was	be	AUX
ajfa-3216	79	6	calculated	calculate	VERB
ajfa-3216	79	7	as	as	ADP
ajfa-3216	79	8	of	of	ADP
ajfa-3216	79	9	the	the	DET
ajfa-3216	79	10	month	month	NOUN
ajfa-3216	79	11	of	of	ADP
ajfa-3216	79	12	june	june	PROPN
ajfa-3216	79	13	,	,	PUNCT
ajfa-3216	79	14	the	the	DET
ajfa-3216	79	15	b	b	PROPN
ajfa-3216	79	16	/	/	SYM
ajfa-3216	79	17	m	m	PROPN
ajfa-3216	79	18	ratio	ratio	NOUN
ajfa-3216	79	19	was	be	AUX
ajfa-3216	79	20	calculated	calculate	VERB
ajfa-3216	79	21	by	by	ADP
ajfa-3216	79	22	dividing	divide	VERB
ajfa-3216	79	23	the	the	DET
ajfa-3216	79	24	book	book	NOUN
ajfa-3216	79	25	value	value	NOUN
ajfa-3216	79	26	in	in	ADP
ajfa-3216	79	27	the	the	DET
ajfa-3216	79	28	t-1	t-1	PROPN
ajfa-3216	79	29	year	year	PROPN
ajfa-3216	79	30	’s	’s	PART
ajfa-3216	79	31	december	december	PROPN
ajfa-3216	79	32	into	into	ADP
ajfa-3216	79	33	the	the	DET
ajfa-3216	79	34	market	market	NOUN
ajfa-3216	79	35	value	value	NOUN
ajfa-3216	79	36	in	in	ADP
ajfa-3216	79	37	the	the	DET
ajfa-3216	79	38	t-1	t-1	PROPN
ajfa-3216	79	39	year	year	PROPN
ajfa-3216	79	40	’s	’s	PART
ajfa-3216	79	41	december	december	PROPN
ajfa-3216	79	42	.	.	PUNCT
ajfa-3216	80	1	the	the	DET
ajfa-3216	80	2	returns	return	NOUN
ajfa-3216	80	3	for	for	ADP
ajfa-3216	80	4	the	the	DET
ajfa-3216	80	5	three	three	NUM
ajfa-3216	80	6	factor	factor	NOUN
ajfa-3216	80	7	model	model	NOUN
ajfa-3216	80	8	,	,	PUNCT
ajfa-3216	80	9	four	four	NUM
ajfa-3216	80	10	factor	factor	NOUN
ajfa-3216	80	11	model	model	NOUN
ajfa-3216	80	12	and	and	CCONJ
ajfa-3216	80	13	the	the	DET
ajfa-3216	80	14	five	five	NUM
ajfa-3216	80	15	factor	factor	NOUN
ajfa-3216	80	16	model	model	NOUN
ajfa-3216	80	17	are	be	AUX
ajfa-3216	80	18	monthly	monthly	ADJ
ajfa-3216	80	19	,	,	PUNCT
ajfa-3216	80	20	and	and	CCONJ
ajfa-3216	80	21	on	on	ADP
ajfa-3216	80	22	the	the	DET
ajfa-3216	80	23	other	other	ADJ
ajfa-3216	80	24	hand	hand	NOUN
ajfa-3216	80	25	,	,	PUNCT
ajfa-3216	80	26	6	6	NUM
ajfa-3216	80	27	pcs	pc	NOUN
ajfa-3216	80	28	portfolios	portfolio	NOUN
ajfa-3216	80	29	were	be	AUX
ajfa-3216	80	30	created	create	VERB
ajfa-3216	80	31	according	accord	VERB
ajfa-3216	80	32	to	to	ADP
ajfa-3216	80	33	the	the	DET
ajfa-3216	80	34	b	b	PROPN
ajfa-3216	80	35	/	/	SYM
ajfa-3216	80	36	m	m	NOUN
ajfa-3216	80	37	ratio	ratio	NOUN
ajfa-3216	80	38	and	and	CCONJ
ajfa-3216	80	39	these	these	PRON
ajfa-3216	80	40	were	be	AUX
ajfa-3216	80	41	used	use	VERB
ajfa-3216	80	42	as	as	ADP
ajfa-3216	80	43	dependent	dependent	ADJ
ajfa-3216	80	44	variable	variable	NOUN
ajfa-3216	80	45	in	in	ADP
ajfa-3216	80	46	the	the	DET
ajfa-3216	80	47	models	model	NOUN
ajfa-3216	80	48	.	.	PUNCT
ajfa-3216	81	1	2	2	NUM
ajfa-3216	81	2	pcs	pc	NOUN
ajfa-3216	81	3	(	(	PUNCT
ajfa-3216	81	4	small	small	ADJ
ajfa-3216	81	5	and	and	CCONJ
ajfa-3216	81	6	large	large	ADJ
ajfa-3216	81	7	)	)	PUNCT
ajfa-3216	81	8	portfolios	portfolio	NOUN
ajfa-3216	81	9	were	be	AUX
ajfa-3216	81	10	determined	determine	VERB
ajfa-3216	81	11	for	for	ADP
ajfa-3216	81	12	the	the	DET
ajfa-3216	81	13	size	size	NOUN
ajfa-3216	81	14	effect	effect	NOUN
ajfa-3216	81	15	and	and	CCONJ
ajfa-3216	81	16	3	3	NUM
ajfa-3216	81	17	pcs	pc	NOUN
ajfa-3216	81	18	(	(	PUNCT
ajfa-3216	81	19	low	low	ADJ
ajfa-3216	81	20	,	,	PUNCT
ajfa-3216	81	21	medium	medium	ADJ
ajfa-3216	81	22	and	and	CCONJ
ajfa-3216	81	23	high	high	ADJ
ajfa-3216	81	24	)	)	PUNCT
ajfa-3216	81	25	portfolios	portfolio	NOUN
ajfa-3216	81	26	were	be	AUX
ajfa-3216	81	27	determined	determine	VERB
ajfa-3216	81	28	for	for	ADP
ajfa-3216	81	29	the	the	DET
ajfa-3216	81	30	b	b	PROPN
ajfa-3216	81	31	/	/	SYM
ajfa-3216	81	32	m	m	NOUN
ajfa-3216	81	33	effect	effect	NOUN
ajfa-3216	81	34	.	.	PUNCT
ajfa-3216	82	1	a	a	DET
ajfa-3216	82	2	total	total	NOUN
ajfa-3216	82	3	of	of	ADP
ajfa-3216	82	4	6	6	NUM
ajfa-3216	82	5	intersection	intersection	NOUN
ajfa-3216	82	6	portfolios	portfolio	NOUN
ajfa-3216	82	7	were	be	AUX
ajfa-3216	82	8	created	create	VERB
ajfa-3216	82	9	for	for	ADP
ajfa-3216	82	10	the	the	DET
ajfa-3216	82	11	size	size	NOUN
ajfa-3216	82	12	effect	effect	NOUN
ajfa-3216	82	13	and	and	CCONJ
ajfa-3216	82	14	the	the	DET
ajfa-3216	82	15	b	b	PROPN
ajfa-3216	82	16	/	/	SYM
ajfa-3216	82	17	m	m	PROPN
ajfa-3216	82	18	ratio	ratio	NOUN
ajfa-3216	82	19	effect	effect	NOUN
ajfa-3216	82	20	(	(	PUNCT
ajfa-3216	82	21	low	low	ADJ
ajfa-3216	82	22	=	=	SYM
ajfa-3216	82	23	30	30	NUM
ajfa-3216	82	24	%	%	NOUN
ajfa-3216	82	25	,	,	PUNCT
ajfa-3216	82	26	medium	medium	NOUN
ajfa-3216	82	27	=	=	SYM
ajfa-3216	82	28	40	40	NUM
ajfa-3216	82	29	%	%	NOUN
ajfa-3216	82	30	,	,	PUNCT
ajfa-3216	82	31	high	high	ADJ
ajfa-3216	82	32	=	=	SYM
ajfa-3216	82	33	30	30	NUM
ajfa-3216	82	34	%	%	NOUN
ajfa-3216	82	35	)	)	PUNCT
ajfa-3216	82	36	and	and	CCONJ
ajfa-3216	82	37	(	(	PUNCT
ajfa-3216	82	38	smb	smb	PROPN
ajfa-3216	82	39	and	and	CCONJ
ajfa-3216	82	40	hml	hml	PROPN
ajfa-3216	82	41	)	)	PUNCT
ajfa-3216	82	42	were	be	AUX
ajfa-3216	82	43	used	use	VERB
ajfa-3216	82	44	for	for	ADP
ajfa-3216	82	45	the	the	DET
ajfa-3216	82	46	calculation	calculation	NOUN
ajfa-3216	82	47	of	of	ADP
ajfa-3216	82	48	(	(	PUNCT
ajfa-3216	82	49	s	s	X
ajfa-3216	82	50	/	/	SYM
ajfa-3216	82	51	l	l	NOUN
ajfa-3216	82	52	,	,	PUNCT
ajfa-3216	82	53	s	s	PROPN
ajfa-3216	82	54	/	/	SYM
ajfa-3216	82	55	m	m	PROPN
ajfa-3216	82	56	,	,	PUNCT
ajfa-3216	82	57	s	s	PROPN
ajfa-3216	82	58	/	/	SYM
ajfa-3216	82	59	h	h	NOUN
ajfa-3216	82	60	,	,	PUNCT
ajfa-3216	82	61	b	b	NOUN
ajfa-3216	82	62	/	/	SYM
ajfa-3216	82	63	l	l	NOUN
ajfa-3216	82	64	,	,	PUNCT
ajfa-3216	82	65	b	b	X
ajfa-3216	82	66	/	/	SYM
ajfa-3216	82	67	m	m	PROPN
ajfa-3216	82	68	,	,	PUNCT
ajfa-3216	82	69	b	b	X
ajfa-3216	82	70	/	/	SYM
ajfa-3216	82	71	h	h	NOUN
ajfa-3216	82	72	)	)	PUNCT
ajfa-3216	82	73	risk	risk	NOUN
ajfa-3216	82	74	factors	factor	NOUN
ajfa-3216	82	75	.	.	PUNCT
ajfa-3216	83	1	the	the	DET
ajfa-3216	83	2	portfolios	portfolio	NOUN
ajfa-3216	83	3	created	create	VERB
ajfa-3216	83	4	were	be	AUX
ajfa-3216	83	5	calculated	calculate	VERB
ajfa-3216	83	6	in	in	ADP
ajfa-3216	83	7	a	a	DET
ajfa-3216	83	8	manner	manner	NOUN
ajfa-3216	83	9	to	to	PART
ajfa-3216	83	10	cover	cover	VERB
ajfa-3216	83	11	the	the	DET
ajfa-3216	83	12	period	period	NOUN
ajfa-3216	83	13	between	between	ADP
ajfa-3216	83	14	each	each	DET
ajfa-3216	83	15	t	t	NOUN
ajfa-3216	83	16	year	year	NOUN
ajfa-3216	83	17	's	's	PART
ajfa-3216	83	18	july	july	PROPN
ajfa-3216	83	19	until	until	ADP
ajfa-3216	83	20	each	each	DET
ajfa-3216	83	21	t+1	t+1	NUM
ajfa-3216	83	22	year	year	NOUN
ajfa-3216	83	23	's	's	PART
ajfa-3216	83	24	june	june	PROPN
ajfa-3216	83	25	and	and	CCONJ
ajfa-3216	83	26	they	they	PRON
ajfa-3216	83	27	were	be	AUX
ajfa-3216	83	28	revised	revise	VERB
ajfa-3216	83	29	in	in	ADP
ajfa-3216	83	30	the	the	DET
ajfa-3216	83	31	june	june	PROPN
ajfa-3216	83	32	of	of	ADP
ajfa-3216	83	33	each	each	DET
ajfa-3216	83	34	year	year	NOUN
ajfa-3216	83	35	.	.	PUNCT
ajfa-3216	84	1	in	in	ADP
ajfa-3216	84	2	order	order	NOUN
ajfa-3216	84	3	to	to	PART
ajfa-3216	84	4	enable	enable	VERB
ajfa-3216	84	5	the	the	DET
ajfa-3216	84	6	calculation	calculation	NOUN
ajfa-3216	84	7	of	of	ADP
ajfa-3216	84	8	the	the	DET
ajfa-3216	84	9	momentum	momentum	NOUN
ajfa-3216	84	10	factor	factor	NOUN
ajfa-3216	84	11	,	,	PUNCT
ajfa-3216	84	12	the	the	DET
ajfa-3216	84	13	stocks	stock	NOUN
ajfa-3216	84	14	were	be	AUX
ajfa-3216	84	15	sequenced	sequence	VERB
ajfa-3216	84	16	as	as	ADP
ajfa-3216	84	17	the	the	DET
ajfa-3216	84	18	t	t	PROPN
ajfa-3216	84	19	year	year	NOUN
ajfa-3216	84	20	’s	’s	PART
ajfa-3216	84	21	july	july	PROPN
ajfa-3216	84	22	and	and	CCONJ
ajfa-3216	84	23	t-1	t-1	PROPN
ajfa-3216	84	24	year	year	PROPN
ajfa-3216	84	25	’s	’s	PART
ajfa-3216	84	26	june	june	PROPN
ajfa-3216	84	27	and	and	CCONJ
ajfa-3216	84	28	their	their	PRON
ajfa-3216	84	29	performances	performance	NOUN
ajfa-3216	84	30	between	between	ADP
ajfa-3216	84	31	the	the	DET
ajfa-3216	84	32	months	month	NOUN
ajfa-3216	84	33	of	of	ADP
ajfa-3216	84	34	t-2	t-2	PROPN
ajfa-3216	84	35	and	and	CCONJ
ajfa-3216	84	36	t-12	t-12	NOUN
ajfa-3216	84	37	were	be	AUX
ajfa-3216	84	38	taken	take	VERB
ajfa-3216	84	39	into	into	ADP
ajfa-3216	84	40	consideration	consideration	NOUN
ajfa-3216	84	41	(	(	PUNCT
ajfa-3216	84	42	fama	fama	NOUN
ajfa-3216	84	43	and	and	CCONJ
ajfa-3216	84	44	french	french	ADJ
ajfa-3216	84	45	,	,	PUNCT
ajfa-3216	84	46	2007	2007	NUM
ajfa-3216	84	47	,	,	PUNCT
ajfa-3216	84	48	l’her	l’her	NUM
ajfa-3216	84	49	;	;	PUNCT
ajfa-3216	84	50	masmoudi	masmoudi	ADJ
ajfa-3216	84	51	;	;	PUNCT
ajfa-3216	84	52	suret	suret	PROPN
ajfa-3216	84	53	,	,	PUNCT
ajfa-3216	84	54	2004	2004	NUM
ajfa-3216	84	55	,	,	PUNCT
ajfa-3216	84	56	lam	lam	PROPN
ajfa-3216	84	57	;	;	PUNCT
ajfa-3216	84	58	li	li	PROPN
ajfa-3216	84	59	;	;	PUNCT
ajfa-3216	84	60	so	so	ADV
ajfa-3216	84	61	,	,	PUNCT
ajfa-3216	84	62	2009	2009	NUM
ajfa-3216	84	63	)	)	PUNCT
ajfa-3216	84	64	.	.	PUNCT
ajfa-3216	85	1	the	the	DET
ajfa-3216	85	2	stocks	stock	NOUN
ajfa-3216	85	3	were	be	AUX
ajfa-3216	85	4	divided	divide	VERB
ajfa-3216	85	5	into	into	ADP
ajfa-3216	85	6	two	two	NUM
ajfa-3216	85	7	groups	group	NOUN
ajfa-3216	85	8	according	accord	VERB
ajfa-3216	85	9	to	to	ADP
ajfa-3216	85	10	their	their	PRON
ajfa-3216	85	11	size	size	NOUN
ajfa-3216	85	12	measurements	measurement	NOUN
ajfa-3216	85	13	,	,	PUNCT
ajfa-3216	85	14	which	which	PRON
ajfa-3216	85	15	are	be	AUX
ajfa-3216	85	16	s	s	X
ajfa-3216	85	17	(	(	PUNCT
ajfa-3216	85	18	small	small	ADJ
ajfa-3216	85	19	)	)	PUNCT
ajfa-3216	85	20	for	for	ADP
ajfa-3216	85	21	50	50	NUM
ajfa-3216	85	22	%	%	NOUN
ajfa-3216	85	23	and	and	CCONJ
ajfa-3216	85	24	b	b	NOUN
ajfa-3216	85	25	(	(	PUNCT
ajfa-3216	85	26	big	big	ADJ
ajfa-3216	85	27	)	)	PUNCT
ajfa-3216	85	28	again	again	ADV
ajfa-3216	85	29	for	for	ADP
ajfa-3216	85	30	50	50	NUM
ajfa-3216	85	31	%	%	NOUN
ajfa-3216	85	32	.	.	PUNCT
ajfa-3216	86	1	later	later	ADV
ajfa-3216	86	2	,	,	PUNCT
ajfa-3216	86	3	6	6	NUM
ajfa-3216	86	4	pcs	pc	NOUN
ajfa-3216	86	5	equally	equally	ADV
ajfa-3216	86	6	weighted	weight	VERB
ajfa-3216	86	7	portfolios	portfolio	NOUN
ajfa-3216	86	8	were	be	AUX
ajfa-3216	86	9	created	create	VERB
ajfa-3216	86	10	,	,	PUNCT
ajfa-3216	86	11	representing	represent	VERB
ajfa-3216	86	12	namely	namely	ADV
ajfa-3216	86	13	the	the	DET
ajfa-3216	86	14	70	70	NUM
ajfa-3216	86	15	%	%	NOUN
ajfa-3216	86	16	portion	portion	NOUN
ajfa-3216	86	17	with	with	ADP
ajfa-3216	86	18	the	the	DET
ajfa-3216	86	19	best	good	ADJ
ajfa-3216	86	20	return	return	NOUN
ajfa-3216	86	21	(	(	PUNCT
ajfa-3216	86	22	momentum	momentum	NOUN
ajfa-3216	86	23	)	)	PUNCT
ajfa-3216	86	24	labeled	label	VERB
ajfa-3216	86	25	as	as	ADP
ajfa-3216	86	26	w	w	PROPN
ajfa-3216	86	27	(	(	PUNCT
ajfa-3216	86	28	winner	winner	NOUN
ajfa-3216	86	29	)	)	PUNCT
ajfa-3216	86	30	,	,	PUNCT
ajfa-3216	86	31	the	the	DET
ajfa-3216	86	32	average	average	ADJ
ajfa-3216	86	33	40	40	NUM
ajfa-3216	86	34	%	%	NOUN
ajfa-3216	86	35	labeled	label	VERB
ajfa-3216	86	36	as	as	ADP
ajfa-3216	86	37	n	n	PROPN
ajfa-3216	86	38	(	(	PUNCT
ajfa-3216	86	39	neutral	neutral	ADJ
ajfa-3216	86	40	)	)	PUNCT
ajfa-3216	86	41	and	and	CCONJ
ajfa-3216	86	42	the	the	DET
ajfa-3216	86	43	lowest	low	ADJ
ajfa-3216	86	44	30	30	NUM
ajfa-3216	86	45	%	%	NOUN
ajfa-3216	86	46	portion	portion	NOUN
ajfa-3216	86	47	labeled	label	VERB
ajfa-3216	86	48	as	as	ADP
ajfa-3216	86	49	l	l	NOUN
ajfa-3216	86	50	(	(	PUNCT
ajfa-3216	86	51	loser	loser	NOUN
ajfa-3216	86	52	)	)	PUNCT
ajfa-3216	86	53	,	,	PUNCT
ajfa-3216	86	54	and	and	CCONJ
ajfa-3216	86	55	these	these	PRON
ajfa-3216	86	56	were	be	AUX
ajfa-3216	86	57	used	use	VERB
ajfa-3216	86	58	for	for	ADP
ajfa-3216	86	59	the	the	DET
ajfa-3216	86	60	calculation	calculation	NOUN
ajfa-3216	86	61	of	of	ADP
ajfa-3216	86	62	the	the	DET
ajfa-3216	86	63	“	"	PUNCT
ajfa-3216	86	64	wml	wml	PROPN
ajfa-3216	86	65	”	"	PUNCT
ajfa-3216	86	66	risk	risk	NOUN
ajfa-3216	86	67	asian	asian	ADJ
ajfa-3216	86	68	journal	journal	NOUN
ajfa-3216	86	69	of	of	ADP
ajfa-3216	86	70	finance	finance	PROPN
ajfa-3216	86	71	&	&	CCONJ
ajfa-3216	86	72	accounting	accounting	PROPN
ajfa-3216	86	73	issn	issn	PROPN
ajfa-3216	86	74	1946	1946	NUM
ajfa-3216	86	75	-	-	PUNCT
ajfa-3216	86	76	052x	052x	NOUN
ajfa-3216	86	77	2013	2013	NUM
ajfa-3216	86	78	,	,	PUNCT
ajfa-3216	86	79	vol	vol	NOUN
ajfa-3216	86	80	.	.	PROPN
ajfa-3216	86	81	5	5	NUM
ajfa-3216	86	82	,	,	PUNCT
ajfa-3216	86	83	no	no	INTJ
ajfa-3216	86	84	.	.	NOUN
ajfa-3216	86	85	1	1	NUM
ajfa-3216	86	86	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3216	86	87	202	202	NUM
ajfa-3216	86	88	factor	factor	NOUN
ajfa-3216	86	89	.	.	PUNCT
ajfa-3216	87	1	“	"	PUNCT
ajfa-3216	87	2	turnover	turnover	NOUN
ajfa-3216	87	3	ratio	ratio	NOUN
ajfa-3216	87	4	”	"	PUNCT
ajfa-3216	87	5	was	be	AUX
ajfa-3216	87	6	used	use	VERB
ajfa-3216	87	7	the	the	DET
ajfa-3216	87	8	liquidity	liquidity	NOUN
ajfa-3216	87	9	criterion	criterion	NOUN
ajfa-3216	87	10	as	as	ADP
ajfa-3216	87	11	similar	similar	ADJ
ajfa-3216	87	12	to	to	ADP
ajfa-3216	87	13	chan	chan	PROPN
ajfa-3216	87	14	and	and	CCONJ
ajfa-3216	87	15	faff	faff	PROPN
ajfa-3216	87	16	(	(	PUNCT
ajfa-3216	87	17	2005	2005	NUM
ajfa-3216	87	18	)	)	PUNCT
ajfa-3216	87	19	and	and	CCONJ
ajfa-3216	87	20	eckbo	eckbo	PROPN
ajfa-3216	87	21	and	and	CCONJ
ajfa-3216	87	22	norli	norli	ADJ
ajfa-3216	87	23	(	(	PUNCT
ajfa-3216	87	24	2005	2005	NUM
ajfa-3216	87	25	)	)	PUNCT
ajfa-3216	87	26	.	.	PUNCT
ajfa-3216	88	1	the	the	DET
ajfa-3216	88	2	turnover	turnover	NOUN
ajfa-3216	88	3	ratio	ratio	NOUN
ajfa-3216	88	4	is	be	AUX
ajfa-3216	88	5	found	find	VERB
ajfa-3216	88	6	by	by	ADP
ajfa-3216	88	7	using	use	VERB
ajfa-3216	88	8	the	the	DET
ajfa-3216	88	9	monthly	monthly	ADJ
ajfa-3216	88	10	transaction	transaction	NOUN
ajfa-3216	88	11	amount	amount	NOUN
ajfa-3216	88	12	and	and	CCONJ
ajfa-3216	88	13	the	the	DET
ajfa-3216	88	14	number	number	NOUN
ajfa-3216	88	15	of	of	ADP
ajfa-3216	88	16	stock	stock	NOUN
ajfa-3216	88	17	certificates	certificate	NOUN
ajfa-3216	88	18	present	present	ADJ
ajfa-3216	88	19	in	in	ADP
ajfa-3216	88	20	the	the	DET
ajfa-3216	88	21	market	market	NOUN
ajfa-3216	88	22	.	.	PUNCT
ajfa-3216	89	1	that	that	PRON
ajfa-3216	89	2	is	be	AUX
ajfa-3216	89	3	to	to	PART
ajfa-3216	89	4	say	say	VERB
ajfa-3216	89	5	,	,	PUNCT
ajfa-3216	89	6	the	the	DET
ajfa-3216	89	7	turnover	turnover	NOUN
ajfa-3216	89	8	ratio	ratio	NOUN
ajfa-3216	89	9	of	of	ADP
ajfa-3216	89	10	a	a	DET
ajfa-3216	89	11	stock	stock	NOUN
ajfa-3216	89	12	was	be	AUX
ajfa-3216	89	13	calculated	calculate	VERB
ajfa-3216	89	14	by	by	ADP
ajfa-3216	89	15	dividing	divide	VERB
ajfa-3216	89	16	the	the	DET
ajfa-3216	89	17	monthly	monthly	ADJ
ajfa-3216	89	18	transaction	transaction	NOUN
ajfa-3216	89	19	amount	amount	NOUN
ajfa-3216	89	20	into	into	ADP
ajfa-3216	89	21	the	the	DET
ajfa-3216	89	22	number	number	NOUN
ajfa-3216	89	23	of	of	ADP
ajfa-3216	89	24	stock	stock	NOUN
ajfa-3216	89	25	present	present	ADJ
ajfa-3216	89	26	in	in	ADP
ajfa-3216	89	27	the	the	DET
ajfa-3216	89	28	market	market	NOUN
ajfa-3216	89	29	.	.	PUNCT
ajfa-3216	90	1	6	6	NUM
ajfa-3216	90	2	pcs	pc	NOUN
ajfa-3216	90	3	equally	equally	ADV
ajfa-3216	90	4	-	-	PUNCT
ajfa-3216	90	5	weight	weight	NOUN
ajfa-3216	90	6	portfolios	portfolio	NOUN
ajfa-3216	90	7	were	be	AUX
ajfa-3216	90	8	created	create	VERB
ajfa-3216	90	9	in	in	ADP
ajfa-3216	90	10	order	order	NOUN
ajfa-3216	90	11	to	to	PART
ajfa-3216	90	12	calculate	calculate	VERB
ajfa-3216	90	13	the	the	DET
ajfa-3216	90	14	liquidity	liquidity	NOUN
ajfa-3216	90	15	risk	risk	NOUN
ajfa-3216	90	16	factor	factor	NOUN
ajfa-3216	90	17	.	.	PUNCT
ajfa-3216	91	1	five	five	NUM
ajfa-3216	91	2	pcs	pc	NOUN
ajfa-3216	91	3	risk	risk	NOUN
ajfa-3216	91	4	factors	factor	NOUN
ajfa-3216	91	5	were	be	AUX
ajfa-3216	91	6	determined	determine	VERB
ajfa-3216	91	7	in	in	ADP
ajfa-3216	91	8	order	order	NOUN
ajfa-3216	91	9	to	to	PART
ajfa-3216	91	10	explain	explain	VERB
ajfa-3216	91	11	the	the	DET
ajfa-3216	91	12	stock	stock	NOUN
ajfa-3216	91	13	returns	return	NOUN
ajfa-3216	91	14	.	.	PUNCT
ajfa-3216	92	1	these	these	PRON
ajfa-3216	92	2	are	be	AUX
ajfa-3216	92	3	the	the	DET
ajfa-3216	92	4	risk	risk	NOUN
ajfa-3216	92	5	factors	factor	NOUN
ajfa-3216	92	6	of	of	ADP
ajfa-3216	92	7	rm	rm	NOUN
ajfa-3216	92	8	-	-	PUNCT
ajfa-3216	92	9	rf	rf	PROPN
ajfa-3216	92	10	(	(	PUNCT
ajfa-3216	92	11	the	the	DET
ajfa-3216	92	12	difference	difference	NOUN
ajfa-3216	92	13	between	between	ADP
ajfa-3216	92	14	the	the	DET
ajfa-3216	92	15	market	market	NOUN
ajfa-3216	92	16	return	return	NOUN
ajfa-3216	92	17	and	and	CCONJ
ajfa-3216	92	18	the	the	DET
ajfa-3216	92	19	risk	risk	NOUN
ajfa-3216	92	20	-	-	PUNCT
ajfa-3216	92	21	free	free	ADJ
ajfa-3216	92	22	interest	interest	NOUN
ajfa-3216	92	23	ratio	ratio	NOUN
ajfa-3216	92	24	)	)	PUNCT
ajfa-3216	92	25	,	,	PUNCT
ajfa-3216	92	26	smb	smb	PROPN
ajfa-3216	92	27	(	(	PUNCT
ajfa-3216	92	28	the	the	DET
ajfa-3216	92	29	difference	difference	NOUN
ajfa-3216	92	30	between	between	ADP
ajfa-3216	92	31	the	the	DET
ajfa-3216	92	32	return	return	NOUN
ajfa-3216	92	33	of	of	ADP
ajfa-3216	92	34	the	the	DET
ajfa-3216	92	35	portfolio	portfolio	NOUN
ajfa-3216	92	36	that	that	PRON
ajfa-3216	92	37	is	be	AUX
ajfa-3216	92	38	composed	compose	VERB
ajfa-3216	92	39	of	of	ADP
ajfa-3216	92	40	the	the	DET
ajfa-3216	92	41	small	small	ADJ
ajfa-3216	92	42	stocks	stock	NOUN
ajfa-3216	92	43	with	with	ADP
ajfa-3216	92	44	low	low	ADJ
ajfa-3216	92	45	market	market	NOUN
ajfa-3216	92	46	values	value	NOUN
ajfa-3216	92	47	and	and	CCONJ
ajfa-3216	92	48	the	the	DET
ajfa-3216	92	49	portfolio	portfolio	NOUN
ajfa-3216	92	50	that	that	PRON
ajfa-3216	92	51	is	be	AUX
ajfa-3216	92	52	composed	compose	VERB
ajfa-3216	92	53	of	of	ADP
ajfa-3216	92	54	large	large	ADJ
ajfa-3216	92	55	stocks	stock	NOUN
ajfa-3216	92	56	with	with	ADP
ajfa-3216	92	57	high	high	ADJ
ajfa-3216	92	58	market	market	NOUN
ajfa-3216	92	59	values	value	NOUN
ajfa-3216	92	60	)	)	PUNCT
ajfa-3216	92	61	,	,	PUNCT
ajfa-3216	92	62	hml	hml	PROPN
ajfa-3216	92	63	(	(	PUNCT
ajfa-3216	92	64	the	the	DET
ajfa-3216	92	65	difference	difference	NOUN
ajfa-3216	92	66	between	between	ADP
ajfa-3216	92	67	the	the	DET
ajfa-3216	92	68	return	return	NOUN
ajfa-3216	92	69	of	of	ADP
ajfa-3216	92	70	the	the	DET
ajfa-3216	92	71	portfolio	portfolio	NOUN
ajfa-3216	92	72	that	that	PRON
ajfa-3216	92	73	is	be	AUX
ajfa-3216	92	74	composed	compose	VERB
ajfa-3216	92	75	of	of	ADP
ajfa-3216	92	76	the	the	DET
ajfa-3216	92	77	stocks	stock	NOUN
ajfa-3216	92	78	with	with	ADP
ajfa-3216	92	79	high	high	ADJ
ajfa-3216	92	80	b	b	PROPN
ajfa-3216	92	81	/	/	SYM
ajfa-3216	92	82	m	m	NOUN
ajfa-3216	92	83	ratio	ratio	NOUN
ajfa-3216	92	84	and	and	CCONJ
ajfa-3216	92	85	the	the	DET
ajfa-3216	92	86	return	return	NOUN
ajfa-3216	92	87	of	of	ADP
ajfa-3216	92	88	the	the	DET
ajfa-3216	92	89	portfolio	portfolio	NOUN
ajfa-3216	92	90	that	that	PRON
ajfa-3216	92	91	is	be	AUX
ajfa-3216	92	92	composed	compose	VERB
ajfa-3216	92	93	of	of	ADP
ajfa-3216	92	94	the	the	DET
ajfa-3216	92	95	stocks	stock	NOUN
ajfa-3216	92	96	with	with	ADP
ajfa-3216	92	97	low	low	ADJ
ajfa-3216	92	98	b	b	PROPN
ajfa-3216	92	99	/	/	SYM
ajfa-3216	92	100	m	m	NOUN
ajfa-3216	92	101	ratio	ratio	NOUN
ajfa-3216	92	102	)	)	PUNCT
ajfa-3216	92	103	and	and	CCONJ
ajfa-3216	92	104	wml	wml	PROPN
ajfa-3216	92	105	(	(	PUNCT
ajfa-3216	92	106	the	the	DET
ajfa-3216	92	107	difference	difference	NOUN
ajfa-3216	92	108	between	between	ADP
ajfa-3216	92	109	the	the	DET
ajfa-3216	92	110	return	return	NOUN
ajfa-3216	92	111	of	of	ADP
ajfa-3216	92	112	the	the	DET
ajfa-3216	92	113	winner	winner	NOUN
ajfa-3216	92	114	stocks	stock	NOUN
ajfa-3216	92	115	portfolio	portfolio	NOUN
ajfa-3216	92	116	and	and	CCONJ
ajfa-3216	92	117	the	the	DET
ajfa-3216	92	118	return	return	NOUN
ajfa-3216	92	119	of	of	ADP
ajfa-3216	92	120	the	the	DET
ajfa-3216	92	121	loser	loser	ADJ
ajfa-3216	92	122	stocks	stock	NOUN
ajfa-3216	92	123	portfolio	portfolio	NOUN
ajfa-3216	92	124	)	)	PUNCT
ajfa-3216	92	125	and	and	CCONJ
ajfa-3216	92	126	lmh	lmh	PROPN
ajfa-3216	92	127	(	(	PUNCT
ajfa-3216	92	128	the	the	DET
ajfa-3216	92	129	difference	difference	NOUN
ajfa-3216	92	130	between	between	ADP
ajfa-3216	92	131	return	return	NOUN
ajfa-3216	92	132	on	on	ADP
ajfa-3216	92	133	the	the	DET
ajfa-3216	92	134	two	two	NUM
ajfa-3216	92	135	portfolios	portfolio	NOUN
ajfa-3216	92	136	with	with	ADP
ajfa-3216	92	137	low	low	ADJ
ajfa-3216	92	138	turnover	turnover	NOUN
ajfa-3216	92	139	and	and	CCONJ
ajfa-3216	92	140	return	return	VERB
ajfa-3216	92	141	on	on	ADP
ajfa-3216	92	142	the	the	DET
ajfa-3216	92	143	two	two	NUM
ajfa-3216	92	144	portfolios	portfolio	NOUN
ajfa-3216	92	145	with	with	ADP
ajfa-3216	92	146	high	high	ADJ
ajfa-3216	92	147	turnover	turnover	NOUN
ajfa-3216	92	148	)	)	PUNCT
ajfa-3216	92	149	(	(	PUNCT
ajfa-3216	92	150	e(rm	e(rm	PROPN
ajfa-3216	92	151	)	)	PUNCT
ajfa-3216	92	152	–	–	PUNCT
ajfa-3216	92	153	rf	rf	VERB
ajfa-3216	92	154	)	)	PUNCT
ajfa-3216	92	155	represents	represent	VERB
ajfa-3216	92	156	the	the	DET
ajfa-3216	92	157	market	market	NOUN
ajfa-3216	92	158	premium	premium	NOUN
ajfa-3216	92	159	and	and	CCONJ
ajfa-3216	92	160	it	it	PRON
ajfa-3216	92	161	is	be	AUX
ajfa-3216	92	162	the	the	DET
ajfa-3216	92	163	return	return	NOUN
ajfa-3216	92	164	of	of	ADP
ajfa-3216	92	165	the	the	DET
ajfa-3216	92	166	market	market	NOUN
ajfa-3216	92	167	over	over	ADP
ajfa-3216	92	168	the	the	DET
ajfa-3216	92	169	risk	risk	NOUN
ajfa-3216	92	170	-	-	PUNCT
ajfa-3216	92	171	free	free	ADJ
ajfa-3216	92	172	interest	interest	NOUN
ajfa-3216	92	173	ratio	ratio	NOUN
ajfa-3216	92	174	.	.	PUNCT
ajfa-3216	93	1	smb	smb	PROPN
ajfa-3216	93	2	represents	represent	VERB
ajfa-3216	93	3	the	the	DET
ajfa-3216	93	4	size	size	NOUN
ajfa-3216	93	5	premium	premium	NOUN
ajfa-3216	93	6	,	,	PUNCT
ajfa-3216	93	7	hml	hml	PROPN
ajfa-3216	93	8	represents	represent	VERB
ajfa-3216	93	9	the	the	DET
ajfa-3216	93	10	value	value	NOUN
ajfa-3216	93	11	premium	premium	NOUN
ajfa-3216	93	12	,	,	PUNCT
ajfa-3216	93	13	wml	wml	PROPN
ajfa-3216	93	14	represents	represent	VERB
ajfa-3216	93	15	the	the	DET
ajfa-3216	93	16	earning	earn	VERB
ajfa-3216	93	17	premium	premium	NOUN
ajfa-3216	93	18	and	and	CCONJ
ajfa-3216	93	19	lmh	lmh	PROPN
ajfa-3216	93	20	represents	represent	VERB
ajfa-3216	93	21	liquidity	liquidity	NOUN
ajfa-3216	93	22	premium	premium	NOUN
ajfa-3216	93	23	.	.	PUNCT
ajfa-3216	94	1	the	the	DET
ajfa-3216	94	2	returns	return	NOUN
ajfa-3216	94	3	of	of	ADP
ajfa-3216	94	4	the	the	DET
ajfa-3216	94	5	6	6	NUM
ajfa-3216	94	6	portfolios	portfolio	NOUN
ajfa-3216	94	7	,	,	PUNCT
ajfa-3216	94	8	which	which	PRON
ajfa-3216	94	9	were	be	AUX
ajfa-3216	94	10	created	create	VERB
ajfa-3216	94	11	according	accord	VERB
ajfa-3216	94	12	to	to	ADP
ajfa-3216	94	13	size	size	NOUN
ajfa-3216	94	14	and	and	CCONJ
ajfa-3216	94	15	b	b	X
ajfa-3216	94	16	/	/	SYM
ajfa-3216	94	17	m	m	VERB
ajfa-3216	94	18	ratio	ratio	NOUN
ajfa-3216	94	19	,	,	PUNCT
ajfa-3216	94	20	on	on	ADP
ajfa-3216	94	21	the	the	DET
ajfa-3216	94	22	risk	risk	NOUN
ajfa-3216	94	23	-	-	PUNCT
ajfa-3216	94	24	free	free	ADJ
ajfa-3216	94	25	interest	interest	NOUN
ajfa-3216	94	26	ratio	ratio	NOUN
ajfa-3216	94	27	were	be	AUX
ajfa-3216	94	28	used	use	VERB
ajfa-3216	94	29	as	as	ADP
ajfa-3216	94	30	dependent	dependent	ADJ
ajfa-3216	94	31	variables	variable	NOUN
ajfa-3216	94	32	in	in	ADP
ajfa-3216	94	33	time	time	NOUN
ajfa-3216	94	34	series	series	NOUN
ajfa-3216	94	35	regressions	regression	NOUN
ajfa-3216	94	36	.	.	PUNCT
ajfa-3216	95	1	the	the	DET
ajfa-3216	95	2	following	follow	VERB
ajfa-3216	95	3	regression	regression	NOUN
ajfa-3216	95	4	models	model	NOUN
ajfa-3216	95	5	were	be	AUX
ajfa-3216	95	6	created	create	VERB
ajfa-3216	95	7	in	in	ADP
ajfa-3216	95	8	order	order	NOUN
ajfa-3216	95	9	to	to	PART
ajfa-3216	95	10	estimate	estimate	VERB
ajfa-3216	95	11	the	the	DET
ajfa-3216	95	12	stock	stock	NOUN
ajfa-3216	95	13	returns	return	NOUN
ajfa-3216	95	14	:	:	PUNCT
ajfa-3216	95	15	iiifmiifi	iiifmiifi	NOUN
ajfa-3216	95	16	hmlehsmbesrrerre	hmlehsmbesrrerre	PROPN
ajfa-3216	95	17			PROPN
ajfa-3216	95	18			NOUN
ajfa-3216	95	19	)	)	PUNCT
ajfa-3216	95	20	(	(	PUNCT
ajfa-3216	95	21	)	)	PUNCT
ajfa-3216	95	22	(	(	PUNCT
ajfa-3216	95	23	)	)	PUNCT
ajfa-3216	95	24	]	]	X
ajfa-3216	95	25	)	)	PUNCT
ajfa-3216	96	1	(	(	PUNCT
ajfa-3216	96	2	[	[	X
ajfa-3216	96	3	)	)	PUNCT
ajfa-3216	96	4	(	(	PUNCT
ajfa-3216	96	5	(	(	PUNCT
ajfa-3216	96	6	1	1	X
ajfa-3216	96	7	)	)	PUNCT
ajfa-3216	96	8	iiiifmiifi	iiiifmiifi	PROPN
ajfa-3216	96	9	wmlewhmlehsmbesrrerre	wmlewhmlehsmbesrrerre	PROPN
ajfa-3216	96	10			PROPN
ajfa-3216	96	11			NOUN
ajfa-3216	96	12	)	)	PUNCT
ajfa-3216	96	13	(	(	PUNCT
ajfa-3216	96	14	)	)	PUNCT
ajfa-3216	96	15	(	(	PUNCT
ajfa-3216	96	16	)	)	PUNCT
ajfa-3216	96	17	(	(	PUNCT
ajfa-3216	96	18	)	)	PUNCT
ajfa-3216	96	19	]	]	X
ajfa-3216	96	20	)	)	PUNCT
ajfa-3216	96	21	(	(	PUNCT
ajfa-3216	96	22	[	[	X
ajfa-3216	96	23	)	)	PUNCT
ajfa-3216	96	24	(	(	PUNCT
ajfa-3216	96	25	(	(	PUNCT
ajfa-3216	96	26	2	2	X
ajfa-3216	96	27	)	)	PUNCT
ajfa-3216	96	28	iiiiifmiifi	iiiiifmiifi	NOUN
ajfa-3216	96	29	lmielwmlewhmlehsmbesrrerre	lmielwmlewhmlehsmbesrrerre	ADJ
ajfa-3216	96	30			PROPN
ajfa-3216	96	31			NOUN
ajfa-3216	96	32	)	)	PUNCT
ajfa-3216	96	33	(	(	PUNCT
ajfa-3216	96	34	)	)	PUNCT
ajfa-3216	96	35	(	(	PUNCT
ajfa-3216	96	36	)	)	PUNCT
ajfa-3216	96	37	(	(	PUNCT
ajfa-3216	96	38	)	)	PUNCT
ajfa-3216	96	39	(	(	PUNCT
ajfa-3216	96	40	)	)	PUNCT
ajfa-3216	96	41	]	]	X
ajfa-3216	96	42	)	)	PUNCT
ajfa-3216	96	43	(	(	PUNCT
ajfa-3216	96	44	[	[	X
ajfa-3216	96	45	)	)	PUNCT
ajfa-3216	96	46	(	(	PUNCT
ajfa-3216	96	47	(	(	PUNCT
ajfa-3216	96	48	3	3	X
ajfa-3216	96	49	)	)	PUNCT
ajfa-3216	96	50	the	the	DET
ajfa-3216	96	51	beta	beta	ADJ
ajfa-3216	96	52	coefficients	coefficient	NOUN
ajfa-3216	96	53	mentioned	mention	VERB
ajfa-3216	96	54	in	in	ADP
ajfa-3216	96	55	the	the	DET
ajfa-3216	96	56	equation	equation	NOUN
ajfa-3216	96	57	represent	represent	VERB
ajfa-3216	96	58	sensitivity	sensitivity	NOUN
ajfa-3216	96	59	coefficients	coefficient	NOUN
ajfa-3216	96	60	that	that	PRON
ajfa-3216	96	61	express	express	VERB
ajfa-3216	96	62	the	the	DET
ajfa-3216	96	63	slope	slope	NOUN
ajfa-3216	96	64	of	of	ADP
ajfa-3216	96	65	the	the	DET
ajfa-3216	96	66	multiple	multiple	ADJ
ajfa-3216	96	67	regressions	regression	NOUN
ajfa-3216	96	68	that	that	PRON
ajfa-3216	96	69	is	be	AUX
ajfa-3216	96	70	made	make	VERB
ajfa-3216	96	71	between	between	ADP
ajfa-3216	96	72	e(ri	e(ri	NOUN
ajfa-3216	96	73	)	)	PUNCT
ajfa-3216	96	74	–	–	PUNCT
ajfa-3216	96	75	rf	rf	NOUN
ajfa-3216	96	76	and	and	CCONJ
ajfa-3216	96	77	rm	rm	NOUN
ajfa-3216	96	78	-	-	PUNCT
ajfa-3216	96	79	rf	rf	PROPN
ajfa-3216	96	80	,	,	PUNCT
ajfa-3216	96	81	smb	smb	PROPN
ajfa-3216	96	82	,	,	PUNCT
ajfa-3216	96	83	hml	hml	PROPN
ajfa-3216	96	84	,	,	PUNCT
ajfa-3216	96	85	wml	wml	PROPN
ajfa-3216	96	86	,	,	PUNCT
ajfa-3216	96	87	lmh	lmh	PROPN
ajfa-3216	96	88	.	.	PUNCT
ajfa-3216	97	1	as	as	SCONJ
ajfa-3216	97	2	it	it	PRON
ajfa-3216	97	3	is	be	AUX
ajfa-3216	97	4	known	know	VERB
ajfa-3216	97	5	,	,	PUNCT
ajfa-3216	97	6	if	if	SCONJ
ajfa-3216	97	7	the	the	DET
ajfa-3216	97	8	alpha	alpha	NOUN
ajfa-3216	97	9	value	value	NOUN
ajfa-3216	97	10	reached	reach	VERB
ajfa-3216	97	11	in	in	ADP
ajfa-3216	97	12	the	the	DET
ajfa-3216	97	13	asset	asset	NOUN
ajfa-3216	97	14	pricing	pricing	NOUN
ajfa-3216	97	15	models	model	NOUN
ajfa-3216	97	16	is	be	AUX
ajfa-3216	97	17	significantly	significantly	ADV
ajfa-3216	97	18	different	different	ADJ
ajfa-3216	97	19	from	from	ADP
ajfa-3216	97	20	zero	zero	NUM
ajfa-3216	97	21	,	,	PUNCT
ajfa-3216	97	22	this	this	PRON
ajfa-3216	97	23	means	mean	VERB
ajfa-3216	97	24	that	that	SCONJ
ajfa-3216	97	25	there	there	PRON
ajfa-3216	97	26	is	be	VERB
ajfa-3216	97	27	a	a	DET
ajfa-3216	97	28	pricing	pricing	NOUN
ajfa-3216	97	29	error	error	NOUN
ajfa-3216	97	30	in	in	ADP
ajfa-3216	97	31	the	the	DET
ajfa-3216	97	32	models	model	NOUN
ajfa-3216	97	33	and	and	CCONJ
ajfa-3216	97	34	there	there	PRON
ajfa-3216	97	35	is	be	VERB
ajfa-3216	97	36	a	a	DET
ajfa-3216	97	37	factor	factor	NOUN
ajfa-3216	97	38	or	or	CCONJ
ajfa-3216	97	39	are	be	AUX
ajfa-3216	97	40	factors	factor	NOUN
ajfa-3216	97	41	that	that	PRON
ajfa-3216	97	42	can	can	AUX
ajfa-3216	97	43	not	not	PART
ajfa-3216	97	44	be	be	AUX
ajfa-3216	97	45	explained	explain	VERB
ajfa-3216	97	46	by	by	ADP
ajfa-3216	97	47	the	the	DET
ajfa-3216	97	48	models	model	NOUN
ajfa-3216	97	49	(	(	PUNCT
ajfa-3216	97	50	black	black	ADJ
ajfa-3216	97	51	;	;	PUNCT
ajfa-3216	97	52	jensen	jensen	PROPN
ajfa-3216	97	53	;	;	PUNCT
ajfa-3216	97	54	scholes	schole	NOUN
ajfa-3216	97	55	1972	1972	NUM
ajfa-3216	97	56	,	,	PUNCT
ajfa-3216	97	57	fama	fama	PROPN
ajfa-3216	97	58	and	and	CCONJ
ajfa-3216	97	59	french	french	ADJ
ajfa-3216	97	60	,	,	PUNCT
ajfa-3216	97	61	1993	1993	NUM
ajfa-3216	97	62	)	)	PUNCT
ajfa-3216	97	63	.	.	PUNCT
ajfa-3216	98	1	asian	asian	ADJ
ajfa-3216	98	2	journal	journal	PROPN
ajfa-3216	98	3	of	of	ADP
ajfa-3216	98	4	finance	finance	PROPN
ajfa-3216	98	5	&	&	CCONJ
ajfa-3216	98	6	accounting	accounting	PROPN
ajfa-3216	98	7	issn	issn	PROPN
ajfa-3216	98	8	1946	1946	NUM
ajfa-3216	98	9	-	-	PUNCT
ajfa-3216	98	10	052x	052x	NOUN
ajfa-3216	98	11	2013	2013	NUM
ajfa-3216	98	12	,	,	PUNCT
ajfa-3216	98	13	vol	vol	NOUN
ajfa-3216	98	14	.	.	PROPN
ajfa-3216	98	15	5	5	NUM
ajfa-3216	98	16	,	,	PUNCT
ajfa-3216	98	17	no	no	INTJ
ajfa-3216	98	18	.	.	NOUN
ajfa-3216	98	19	1	1	NUM
ajfa-3216	98	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3216	98	21	203	203	NUM
ajfa-3216	98	22	the	the	DET
ajfa-3216	98	23	f	f	PROPN
ajfa-3216	98	24	(	(	PUNCT
ajfa-3216	98	25	grs	grs	PROPN
ajfa-3216	98	26	)	)	PUNCT
ajfa-3216	98	27	test	test	NOUN
ajfa-3216	98	28	of	of	ADP
ajfa-3216	98	29	gibbons	gibbon	NOUN
ajfa-3216	98	30	,	,	PUNCT
ajfa-3216	98	31	ross	ross	PROPN
ajfa-3216	98	32	and	and	CCONJ
ajfa-3216	98	33	shanken	shanken	VERB
ajfa-3216	98	34	(	(	PUNCT
ajfa-3216	98	35	1989	1989	NUM
ajfa-3216	98	36	)	)	PUNCT
ajfa-3216	98	37	is	be	AUX
ajfa-3216	98	38	usually	usually	ADV
ajfa-3216	98	39	recommended	recommend	VERB
ajfa-3216	98	40	during	during	ADP
ajfa-3216	98	41	studies	study	NOUN
ajfa-3216	98	42	in	in	ADP
ajfa-3216	98	43	order	order	NOUN
ajfa-3216	98	44	to	to	PART
ajfa-3216	98	45	determine	determine	VERB
ajfa-3216	98	46	whether	whether	SCONJ
ajfa-3216	98	47	the	the	DET
ajfa-3216	98	48	alpha	alpha	NOUN
ajfa-3216	98	49	value	value	NOUN
ajfa-3216	98	50	is	be	AUX
ajfa-3216	98	51	significantly	significantly	ADV
ajfa-3216	98	52	different	different	ADJ
ajfa-3216	98	53	from	from	ADP
ajfa-3216	98	54	zero	zero	NUM
ajfa-3216	98	55	(	(	PUNCT
ajfa-3216	98	56	fama	fama	NOUN
ajfa-3216	98	57	and	and	CCONJ
ajfa-3216	98	58	french	french	ADJ
ajfa-3216	98	59	1996	1996	NUM
ajfa-3216	98	60	,	,	PUNCT
ajfa-3216	98	61	campel	campel	NOUN
ajfa-3216	98	62	;	;	PUNCT
ajfa-3216	98	63	lo	lo	PROPN
ajfa-3216	98	64	;	;	PUNCT
ajfa-3216	98	65	mckinlay	mckinlay	PROPN
ajfa-3216	98	66	1997	1997	NUM
ajfa-3216	98	67	,	,	PUNCT
ajfa-3216	98	68	gregory	gregory	PROPN
ajfa-3216	98	69	;	;	PUNCT
ajfa-3216	98	70	tharyan	tharyan	PROPN
ajfa-3216	98	71	;	;	PUNCT
ajfa-3216	98	72	huang	huang	PROPN
ajfa-3216	98	73	2009	2009	NUM
ajfa-3216	98	74	)	)	PUNCT
ajfa-3216	98	75	.	.	PUNCT
ajfa-3216	99	1	the	the	DET
ajfa-3216	99	2	grs	grs	PROPN
ajfa-3216	99	3	test	test	NOUN
ajfa-3216	99	4	statistic	statistic	NOUN
ajfa-3216	99	5	is	be	AUX
ajfa-3216	99	6	;	;	PUNCT
ajfa-3216	99	7	kntnkk	kntnkk	PROPN
ajfa-3216	99	8	f	f	PROPN
ajfa-3216	99	9	n	n	PROPN
ajfa-3216	99	10	knt	knt	PROPN
ajfa-3216	99	11	j	j	PROPN
ajfa-3216	99	12			NUM
ajfa-3216	99	13			NUM
ajfa-3216	99	14			PROPN
ajfa-3216	99	15			SYM
ajfa-3216	99	16			NUM
ajfa-3216	99	17	,	,	PUNCT
ajfa-3216	99	18	111	111	NUM
ajfa-3216	99	19	)	)	SYM
ajfa-3216	99	20	1	1	NUM
ajfa-3216	99	21	(	(	PUNCT
ajfa-3216	99	22	)	)	PUNCT
ajfa-3216	99	23	(	(	PUNCT
ajfa-3216	99	24			PROPN
ajfa-3216	99	25			PUNCT
ajfa-3216	99	26			PROPN
ajfa-3216	99	27	h0	h0	NOUN
ajfa-3216	99	28	=	=	PROPN
ajfa-3216	99	29	all	all	DET
ajfa-3216	99	30	αi	αi	ADP
ajfa-3216	99	31	coefficients	coefficient	NOUN
ajfa-3216	99	32	obtained	obtain	VERB
ajfa-3216	99	33	from	from	ADP
ajfa-3216	99	34	multiple	multiple	ADJ
ajfa-3216	99	35	factor	factor	NOUN
ajfa-3216	99	36	models	model	NOUN
ajfa-3216	99	37	are	be	AUX
ajfa-3216	99	38	equivalent	equivalent	ADJ
ajfa-3216	99	39	to	to	ADP
ajfa-3216	99	40	zero	zero	NUM
ajfa-3216	99	41	(	(	PUNCT
ajfa-3216	99	42	αi	αi	NOUN
ajfa-3216	99	43	=	=	SYM
ajfa-3216	99	44	0	0	NUM
ajfa-3216	99	45	)	)	PUNCT
ajfa-3216	99	46	.	.	PUNCT
ajfa-3216	100	1			PROPN
ajfa-3216	100	2	h1	h1	VERB
ajfa-3216	100	3	not	not	PART
ajfa-3216	100	4	all	all	PRON
ajfa-3216	101	1	αi	αi	PRON
ajfa-3216	101	2	coefficients	coefficient	NOUN
ajfa-3216	101	3	obtained	obtain	VERB
ajfa-3216	101	4	from	from	ADP
ajfa-3216	101	5	multiple	multiple	ADJ
ajfa-3216	101	6	factor	factor	NOUN
ajfa-3216	101	7	models	model	NOUN
ajfa-3216	101	8	are	be	AUX
ajfa-3216	101	9	equivalent	equivalent	ADJ
ajfa-3216	101	10	to	to	ADP
ajfa-3216	101	11	zero	zero	NUM
ajfa-3216	101	12	(	(	PUNCT
ajfa-3216	101	13	αi	αi	ADP
ajfa-3216	101	14	≠	≠	NOUN
ajfa-3216	101	15	0	0	NUM
ajfa-3216	101	16	)	)	PUNCT
ajfa-3216	101	17	.	.	PUNCT
ajfa-3216	102	1			ADP
ajfa-3216	102	2	the	the	DET
ajfa-3216	102	3	acceptance	acceptance	NOUN
ajfa-3216	102	4	of	of	ADP
ajfa-3216	102	5	the	the	DET
ajfa-3216	102	6	zero	zero	NUM
ajfa-3216	102	7	hypothesis	hypothesis	NOUN
ajfa-3216	102	8	will	will	AUX
ajfa-3216	102	9	also	also	ADV
ajfa-3216	102	10	show	show	VERB
ajfa-3216	102	11	that	that	SCONJ
ajfa-3216	102	12	the	the	DET
ajfa-3216	102	13	multi	multi	ADJ
ajfa-3216	102	14	-	-	ADJ
ajfa-3216	102	15	factor	factor	NOUN
ajfa-3216	102	16	asset	asset	NOUN
ajfa-3216	102	17	pricing	pricing	NOUN
ajfa-3216	102	18	models	model	NOUN
ajfa-3216	102	19	,	,	PUNCT
ajfa-3216	102	20	which	which	PRON
ajfa-3216	102	21	constitute	constitute	VERB
ajfa-3216	102	22	the	the	DET
ajfa-3216	102	23	basic	basic	ADJ
ajfa-3216	102	24	purpose	purpose	NOUN
ajfa-3216	102	25	of	of	ADP
ajfa-3216	102	26	the	the	DET
ajfa-3216	102	27	study	study	NOUN
ajfa-3216	102	28	,	,	PUNCT
ajfa-3216	102	29	can	can	AUX
ajfa-3216	102	30	be	be	AUX
ajfa-3216	102	31	used	use	VERB
ajfa-3216	102	32	for	for	ADP
ajfa-3216	102	33	the	the	DET
ajfa-3216	102	34	ise	ise	NOUN
ajfa-3216	102	35	to	to	PART
ajfa-3216	102	36	explain	explain	VERB
ajfa-3216	102	37	the	the	DET
ajfa-3216	102	38	stock	stock	NOUN
ajfa-3216	102	39	prices	price	NOUN
ajfa-3216	102	40	(	(	PUNCT
ajfa-3216	102	41	fama	fama	NOUN
ajfa-3216	102	42	and	and	CCONJ
ajfa-3216	102	43	french	french	ADJ
ajfa-3216	102	44	1996	1996	NUM
ajfa-3216	102	45	)	)	PUNCT
ajfa-3216	102	46	.	.	PUNCT
ajfa-3216	103	1	6	6	X
ajfa-3216	103	2	.	.	X
ajfa-3216	103	3	findings	finding	VERB
ajfa-3216	103	4	the	the	DET
ajfa-3216	103	5	regression	regression	NOUN
ajfa-3216	103	6	results	result	NOUN
ajfa-3216	103	7	pertaining	pertain	VERB
ajfa-3216	103	8	to	to	ADP
ajfa-3216	103	9	the	the	DET
ajfa-3216	103	10	three	three	NUM
ajfa-3216	103	11	factor	factor	NOUN
ajfa-3216	103	12	asset	asset	NOUN
ajfa-3216	103	13	pricing	pricing	NOUN
ajfa-3216	103	14	model	model	NOUN
ajfa-3216	103	15	have	have	AUX
ajfa-3216	103	16	been	be	AUX
ajfa-3216	103	17	given	give	VERB
ajfa-3216	103	18	in	in	ADP
ajfa-3216	103	19	table	table	NOUN
ajfa-3216	103	20	1	1	NUM
ajfa-3216	103	21	.	.	PUNCT
ajfa-3216	103	22	table	table	NOUN
ajfa-3216	103	23	1	1	NUM
ajfa-3216	103	24	.	.	X
ajfa-3216	103	25	three	three	NUM
ajfa-3216	103	26	factor	factor	NOUN
ajfa-3216	103	27	regression	regression	NOUN
ajfa-3216	103	28	of	of	ADP
ajfa-3216	103	29	montly	montly	ADV
ajfa-3216	103	30	excess	excess	ADJ
ajfa-3216	103	31	returns	return	NOUN
ajfa-3216	103	32	:	:	PUNCT
ajfa-3216	103	33	from	from	ADP
ajfa-3216	103	34	july	july	PROPN
ajfa-3216	103	35	1992	1992	NUM
ajfa-3216	103	36	to	to	ADP
ajfa-3216	103	37	june	june	PROPN
ajfa-3216	103	38	2011	2011	NUM
ajfa-3216	103	39	hmlehsmbesrrerre	hmlehsmbesrrerre	PROPN
ajfa-3216	103	40			PROPN
ajfa-3216	103	41			NOUN
ajfa-3216	103	42	)	)	PUNCT
ajfa-3216	103	43	(	(	PUNCT
ajfa-3216	103	44	)	)	PUNCT
ajfa-3216	103	45	(	(	PUNCT
ajfa-3216	103	46	)	)	PUNCT
ajfa-3216	103	47	]	]	X
ajfa-3216	103	48	)	)	PUNCT
ajfa-3216	103	49	(	(	PUNCT
ajfa-3216	103	50	[	[	X
ajfa-3216	103	51	)	)	PUNCT
ajfa-3216	103	52	(	(	PUNCT
ajfa-3216	103	53	ri	ri	NOUN
ajfa-3216	103	54	-	-	PUNCT
ajfa-3216	103	55	rf	rf	NOUN
ajfa-3216	103	56	α	α	NOUN
ajfa-3216	103	57	β	β	NOUN
ajfa-3216	103	58	s	s	X
ajfa-3216	103	59	h	h	NOUN
ajfa-3216	103	60	ad.r2	ad.r2	NOUN
ajfa-3216	103	61	dw	dw	PROPN
ajfa-3216	104	1	f	f	PROPN
ajfa-3216	105	1	sl	sl	INTJ
ajfa-3216	105	2	-0,003	-0,003	NUM
ajfa-3216	105	3	0,694	0,694	NUM
ajfa-3216	105	4	0,618	0,618	NUM
ajfa-3216	105	5	-0,191	-0,191	NUM
ajfa-3216	105	6	0,726	0,726	NUM
ajfa-3216	105	7	2,05	2,05	NUM
ajfa-3216	105	8	76,18	76,18	NOUN
ajfa-3216	105	9	(	(	PUNCT
ajfa-3216	105	10	-0,355	-0,355	NUM
ajfa-3216	105	11	)	)	PUNCT
ajfa-3216	105	12	(	(	PUNCT
ajfa-3216	105	13	13,803	13,803	NUM
ajfa-3216	105	14	)	)	PUNCT
ajfa-3216	105	15	*	*	PUNCT
ajfa-3216	105	16	(	(	PUNCT
ajfa-3216	105	17	5,434	5,434	NUM
ajfa-3216	105	18	)	)	PUNCT
ajfa-3216	105	19	*	*	PUNCT
ajfa-3216	106	1	(	(	PUNCT
ajfa-3216	106	2	-2,415	-2,415	NOUN
ajfa-3216	106	3	)	)	PUNCT
ajfa-3216	106	4	*	*	PUNCT
ajfa-3216	107	1	*	*	PUNCT
ajfa-3216	108	1	[	[	X
ajfa-3216	108	2	0,000	0,000	X
ajfa-3216	108	3	]	]	X
ajfa-3216	108	4	sm	sm	AUX
ajfa-3216	108	5	-0,016	-0,016	NUM
ajfa-3216	108	6	0,612	0,612	NUM
ajfa-3216	108	7	-0,618	-0,618	NOUN
ajfa-3216	108	8	-0,869	-0,869	NOUN
ajfa-3216	108	9	0,811	0,811	NUM
ajfa-3216	108	10	2,11	2,11	NOUN
ajfa-3216	108	11	124,53	124,53	NOUN
ajfa-3216	108	12	(	(	PUNCT
ajfa-3216	108	13	-0,658	-0,658	NOUN
ajfa-3216	108	14	)	)	PUNCT
ajfa-3216	108	15	(	(	PUNCT
ajfa-3216	108	16	10,642	10,642	NUM
ajfa-3216	108	17	)	)	PUNCT
ajfa-3216	108	18	*	*	PUNCT
ajfa-3216	109	1	(	(	PUNCT
ajfa-3216	109	2	-4,755	-4,755	ADJ
ajfa-3216	109	3	)	)	PUNCT
ajfa-3216	109	4	*	*	PUNCT
ajfa-3216	109	5	(	(	PUNCT
ajfa-3216	109	6	-9,610	-9,610	ADJ
ajfa-3216	109	7	)	)	PUNCT
ajfa-3216	109	8	*	*	PUNCT
ajfa-3216	110	1	[	[	X
ajfa-3216	110	2	0,000	0,000	X
ajfa-3216	110	3	]	]	X
ajfa-3216	110	4	sh	sh	NOUN
ajfa-3216	110	5	-0,009	-0,009	VERB
ajfa-3216	110	6	0,759	0,759	NUM
ajfa-3216	110	7	0,388	0,388	NUM
ajfa-3216	110	8	0,235	0,235	NUM
ajfa-3216	110	9	0,719	0,719	NUM
ajfa-3216	110	10	2,12	2,12	NUM
ajfa-3216	110	11	73,75	73,75	ADJ
ajfa-3216	110	12	(	(	PUNCT
ajfa-3216	110	13	0,273	0,273	NUM
ajfa-3216	110	14	)	)	PUNCT
ajfa-3216	110	15	(	(	PUNCT
ajfa-3216	110	16	14,848	14,848	NUM
ajfa-3216	110	17	)	)	PUNCT
ajfa-3216	110	18	*	*	PUNCT
ajfa-3216	110	19	(	(	PUNCT
ajfa-3216	110	20	3,369	3,369	NUM
ajfa-3216	110	21	)	)	PUNCT
ajfa-3216	110	22	*	*	PUNCT
ajfa-3216	110	23	(	(	PUNCT
ajfa-3216	110	24	2,936	2,936	NUM
ajfa-3216	110	25	)	)	PUNCT
ajfa-3216	110	26	*	*	PUNCT
ajfa-3216	111	1	[	[	X
ajfa-3216	111	2	0,000	0,000	X
ajfa-3216	111	3	]	]	X
ajfa-3216	111	4	bl	bl	PROPN
ajfa-3216	111	5	-0,013	-0,013	NOUN
ajfa-3216	111	6	0,733	0,733	NUM
ajfa-3216	112	1	-0,648	-0,648	INTJ
ajfa-3216	113	1	-0,887	-0,887	X
ajfa-3216	113	2	0,868	0,868	NUM
ajfa-3216	113	3	2,09	2,09	NUM
ajfa-3216	113	4	187,65	187,65	X
ajfa-3216	113	5	(	(	PUNCT
ajfa-3216	113	6	-0,455	-0,455	INTJ
ajfa-3216	113	7	)	)	PUNCT
ajfa-3216	113	8	(	(	PUNCT
ajfa-3216	113	9	14,077	14,077	NUM
ajfa-3216	113	10	)	)	PUNCT
ajfa-3216	113	11	*	*	PUNCT
ajfa-3216	113	12	(	(	PUNCT
ajfa-3216	113	13	-5,505	-5,505	PROPN
ajfa-3216	113	14	)	)	PUNCT
ajfa-3216	113	15	*	*	PUNCT
ajfa-3216	113	16	(	(	PUNCT
ajfa-3216	113	17	-10,840	-10,840	NOUN
ajfa-3216	113	18	)	)	PUNCT
ajfa-3216	113	19	*	*	PUNCT
ajfa-3216	114	1	[	[	X
ajfa-3216	114	2	0,000	0,000	X
ajfa-3216	114	3	]	]	X
ajfa-3216	114	4	bm	bm	PROPN
ajfa-3216	114	5	-0,015	-0,015	NOUN
ajfa-3216	114	6	0,747	0,747	NUM
ajfa-3216	114	7	0,406	0,406	NUM
ajfa-3216	114	8	-0,030	-0,030	NUM
ajfa-3216	114	9	0,737	0,737	NUM
ajfa-3216	114	10	2,22	2,22	NUM
ajfa-3216	114	11	80,562	80,562	NUM
ajfa-3216	114	12	(	(	PUNCT
ajfa-3216	114	13	-0,751	-0,751	NUM
ajfa-3216	114	14	)	)	PUNCT
ajfa-3216	114	15	(	(	PUNCT
ajfa-3216	114	16	14,929	14,929	NUM
ajfa-3216	114	17	)	)	PUNCT
ajfa-3216	114	18	*	*	PUNCT
ajfa-3216	114	19	(	(	PUNCT
ajfa-3216	114	20	3,591	3,591	NUM
ajfa-3216	114	21	)	)	PUNCT
ajfa-3216	114	22	*	*	PUNCT
ajfa-3216	114	23	(	(	PUNCT
ajfa-3216	114	24	-0,385	-0,385	NUM
ajfa-3216	114	25	)	)	PUNCT
ajfa-3216	115	1	[	[	X
ajfa-3216	115	2	0,000	0,000	X
ajfa-3216	115	3	]	]	X
ajfa-3216	115	4	bh	bh	NOUN
ajfa-3216	115	5	-0,006	-0,006	NOUN
ajfa-3216	115	6	0,669	0,669	NUM
ajfa-3216	115	7	-0,418	-0,418	NUM
ajfa-3216	115	8	0,685	0,685	NUM
ajfa-3216	116	1	0,763	0,763	NUM
ajfa-3216	116	2	2,19	2,19	NUM
ajfa-3216	116	3	88,03	88,03	NUM
ajfa-3216	116	4	(	(	PUNCT
ajfa-3216	116	5	-0,766	-0,766	ADJ
ajfa-3216	116	6	)	)	PUNCT
ajfa-3216	116	7	(	(	PUNCT
ajfa-3216	116	8	13,786	13,786	NUM
ajfa-3216	116	9	)	)	PUNCT
ajfa-3216	116	10	*	*	PUNCT
ajfa-3216	116	11	(	(	PUNCT
ajfa-3216	116	12	-3,810	-3,810	NOUN
ajfa-3216	116	13	)	)	PUNCT
ajfa-3216	116	14	*	*	PUNCT
ajfa-3216	116	15	(	(	PUNCT
ajfa-3216	116	16	8,983	8,983	NUM
ajfa-3216	116	17	)	)	PUNCT
ajfa-3216	116	18	*	*	PUNCT
ajfa-3216	117	1	[	[	X
ajfa-3216	117	2	0,000	0,000	X
ajfa-3216	117	3	]	]	X
ajfa-3216	117	4	grs	grs	PROPN
ajfa-3216	117	5	-	-	PUNCT
ajfa-3216	117	6	f	f	PROPN
ajfa-3216	117	7	test	test	NOUN
ajfa-3216	117	8	:	:	PUNCT
ajfa-3216	118	1	0,955	0,955	NUM
ajfa-3216	119	1	[	[	X
ajfa-3216	119	2	0,432	0,432	X
ajfa-3216	119	3	]	]	X
ajfa-3216	119	4	the	the	DET
ajfa-3216	119	5	p	p	PROPN
ajfa-3216	119	6	value	value	NOUN
ajfa-3216	119	7	are	be	AUX
ajfa-3216	119	8	in	in	ADP
ajfa-3216	119	9	parentheses	parenthesis	NOUN
ajfa-3216	119	10	*	*	PUNCT
ajfa-3216	119	11	*	*	PUNCT
ajfa-3216	119	12	*	*	PUNCT
ajfa-3216	119	13	,	,	PUNCT
ajfa-3216	119	14	*	*	PUNCT
ajfa-3216	119	15	*	*	PUNCT
ajfa-3216	119	16	,	,	PUNCT
ajfa-3216	119	17	*	*	PUNCT
ajfa-3216	119	18	show	show	NOUN
ajfa-3216	119	19	significance	significance	NOUN
ajfa-3216	119	20	at	at	ADP
ajfa-3216	119	21	the	the	DET
ajfa-3216	119	22	10	10	NUM
ajfa-3216	119	23	,	,	PUNCT
ajfa-3216	119	24	5	5	NUM
ajfa-3216	119	25	,	,	PUNCT
ajfa-3216	119	26	and	and	CCONJ
ajfa-3216	119	27	1	1	NUM
ajfa-3216	119	28	%	%	NOUN
ajfa-3216	119	29	levels	level	NOUN
ajfa-3216	119	30	,	,	PUNCT
ajfa-3216	119	31	respectively	respectively	ADV
ajfa-3216	119	32	.	.	PUNCT
ajfa-3216	120	1	probability	probability	NOUN
ajfa-3216	120	2	values	value	NOUN
ajfa-3216	120	3	of	of	ADP
ajfa-3216	120	4	grs	grs	PROPN
ajfa-3216	120	5	-	-	PUNCT
ajfa-3216	120	6	f	f	PROPN
ajfa-3216	120	7	test	test	NOUN
ajfa-3216	120	8	are	be	AUX
ajfa-3216	120	9	in	in	ADP
ajfa-3216	120	10	brackets	bracket	NOUN
ajfa-3216	120	11	.	.	PUNCT
ajfa-3216	121	1	when	when	SCONJ
ajfa-3216	121	2	table	table	NOUN
ajfa-3216	121	3	1	1	NUM
ajfa-3216	121	4	is	be	AUX
ajfa-3216	121	5	examined	examine	VERB
ajfa-3216	121	6	,	,	PUNCT
ajfa-3216	121	7	the	the	DET
ajfa-3216	121	8	f	f	PROPN
ajfa-3216	121	9	values	value	NOUN
ajfa-3216	121	10	and	and	CCONJ
ajfa-3216	121	11	probability	probability	NOUN
ajfa-3216	121	12	values	value	NOUN
ajfa-3216	121	13	of	of	ADP
ajfa-3216	121	14	all	all	DET
ajfa-3216	121	15	models	model	NOUN
ajfa-3216	121	16	,	,	PUNCT
ajfa-3216	121	17	which	which	PRON
ajfa-3216	121	18	were	be	AUX
ajfa-3216	121	19	asian	asian	ADJ
ajfa-3216	121	20	journal	journal	NOUN
ajfa-3216	121	21	of	of	ADP
ajfa-3216	121	22	finance	finance	PROPN
ajfa-3216	121	23	&	&	CCONJ
ajfa-3216	121	24	accounting	accounting	PROPN
ajfa-3216	121	25	issn	issn	PROPN
ajfa-3216	121	26	1946	1946	NUM
ajfa-3216	121	27	-	-	PUNCT
ajfa-3216	121	28	052x	052x	NOUN
ajfa-3216	121	29	2013	2013	NUM
ajfa-3216	121	30	,	,	PUNCT
ajfa-3216	121	31	vol	vol	NOUN
ajfa-3216	121	32	.	.	PROPN
ajfa-3216	122	1	5	5	NUM
ajfa-3216	122	2	,	,	PUNCT
ajfa-3216	122	3	no	no	INTJ
ajfa-3216	122	4	.	.	NOUN
ajfa-3216	122	5	1	1	NUM
ajfa-3216	122	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3216	122	7	204	204	NUM
ajfa-3216	122	8	created	create	VERB
ajfa-3216	122	9	according	accord	VERB
ajfa-3216	122	10	to	to	ADP
ajfa-3216	122	11	the	the	DET
ajfa-3216	122	12	regression	regression	NOUN
ajfa-3216	122	13	results	result	NOUN
ajfa-3216	122	14	of	of	ADP
ajfa-3216	122	15	the	the	DET
ajfa-3216	122	16	fama	fama	NOUN
ajfa-3216	122	17	-	-	PUNCT
ajfa-3216	122	18	french	french	NOUN
ajfa-3216	122	19	's	's	PART
ajfa-3216	122	20	three	three	NUM
ajfa-3216	122	21	factor	factor	NOUN
ajfa-3216	122	22	model	model	NOUN
ajfa-3216	122	23	,	,	PUNCT
ajfa-3216	122	24	show	show	VERB
ajfa-3216	122	25	that	that	SCONJ
ajfa-3216	122	26	the	the	DET
ajfa-3216	122	27	established	establish	VERB
ajfa-3216	122	28	models	model	NOUN
ajfa-3216	122	29	are	be	AUX
ajfa-3216	122	30	meaningful	meaningful	ADJ
ajfa-3216	122	31	.	.	PUNCT
ajfa-3216	123	1	it	it	PRON
ajfa-3216	123	2	is	be	AUX
ajfa-3216	123	3	seen	see	VERB
ajfa-3216	123	4	that	that	SCONJ
ajfa-3216	123	5	not	not	PART
ajfa-3216	123	6	the	the	DET
ajfa-3216	123	7	entirety	entirety	NOUN
ajfa-3216	123	8	of	of	ADP
ajfa-3216	123	9	the	the	DET
ajfa-3216	123	10	alpha	alpha	ADJ
ajfa-3216	123	11	values	value	NOUN
ajfa-3216	123	12	is	be	AUX
ajfa-3216	123	13	different	different	ADJ
ajfa-3216	123	14	from	from	ADP
ajfa-3216	123	15	zero	zero	NUM
ajfa-3216	123	16	.	.	PUNCT
ajfa-3216	124	1	in	in	ADP
ajfa-3216	124	2	addition	addition	NOUN
ajfa-3216	124	3	,	,	PUNCT
ajfa-3216	124	4	the	the	DET
ajfa-3216	124	5	grs	grs	PROPN
ajfa-3216	124	6	f	f	PROPN
ajfa-3216	124	7	test	test	NOUN
ajfa-3216	124	8	result	result	NOUN
ajfa-3216	124	9	’s	’s	PART
ajfa-3216	124	10	being	be	AUX
ajfa-3216	124	11	0,655	0,655	NUM
ajfa-3216	124	12	and	and	CCONJ
ajfa-3216	124	13	that	that	SCONJ
ajfa-3216	124	14	the	the	DET
ajfa-3216	124	15	probability	probability	NOUN
ajfa-3216	124	16	value	value	NOUN
ajfa-3216	124	17	’s	’s	PART
ajfa-3216	124	18	being	be	AUX
ajfa-3216	124	19	0,432	0,432	NUM
ajfa-3216	124	20	mean	mean	VERB
ajfa-3216	124	21	that	that	SCONJ
ajfa-3216	124	22	the	the	DET
ajfa-3216	124	23	zero	zero	NUM
ajfa-3216	124	24	hypothesis	hypothesis	NOUN
ajfa-3216	124	25	is	be	AUX
ajfa-3216	124	26	accepted	accept	VERB
ajfa-3216	124	27	,	,	PUNCT
ajfa-3216	124	28	in	in	ADP
ajfa-3216	124	29	other	other	ADJ
ajfa-3216	124	30	words	word	NOUN
ajfa-3216	124	31	that	that	PRON
ajfa-3216	124	32	the	the	DET
ajfa-3216	124	33	three	three	NUM
ajfa-3216	124	34	factor	factor	NOUN
ajfa-3216	124	35	model	model	NOUN
ajfa-3216	124	36	is	be	AUX
ajfa-3216	124	37	valid	valid	ADJ
ajfa-3216	124	38	for	for	ADP
ajfa-3216	124	39	the	the	DET
ajfa-3216	124	40	ise	ise	PROPN
ajfa-3216	124	41	.	.	PUNCT
ajfa-3216	124	42	table	table	NOUN
ajfa-3216	125	1	2	2	NUM
ajfa-3216	125	2	.	.	X
ajfa-3216	125	3	four	four	NUM
ajfa-3216	125	4	factor	factor	NOUN
ajfa-3216	125	5	regression	regression	NOUN
ajfa-3216	125	6	of	of	ADP
ajfa-3216	125	7	montly	montly	ADV
ajfa-3216	125	8	excess	excess	ADJ
ajfa-3216	125	9	returns	return	NOUN
ajfa-3216	125	10	:	:	PUNCT
ajfa-3216	125	11	from	from	ADP
ajfa-3216	125	12	july	july	PROPN
ajfa-3216	125	13	1992	1992	NUM
ajfa-3216	125	14	to	to	ADP
ajfa-3216	125	15	june	june	PROPN
ajfa-3216	125	16	2011	2011	NUM
ajfa-3216	125	17	iiiifmiifi	iiiifmiifi	PROPN
ajfa-3216	125	18	wmlewhmlehsmbesrrerre	wmlewhmlehsmbesrrerre	PROPN
ajfa-3216	125	19			PROPN
ajfa-3216	125	20			NOUN
ajfa-3216	125	21	)	)	PUNCT
ajfa-3216	125	22	(	(	PUNCT
ajfa-3216	125	23	)	)	PUNCT
ajfa-3216	125	24	(	(	PUNCT
ajfa-3216	125	25	)	)	PUNCT
ajfa-3216	125	26	(	(	PUNCT
ajfa-3216	125	27	)	)	PUNCT
ajfa-3216	125	28	]	]	X
ajfa-3216	125	29	)	)	PUNCT
ajfa-3216	125	30	(	(	PUNCT
ajfa-3216	125	31	[	[	X
ajfa-3216	125	32	)	)	PUNCT
ajfa-3216	125	33	(	(	PUNCT
ajfa-3216	125	34	ri	ri	NOUN
ajfa-3216	125	35	-	-	PUNCT
ajfa-3216	125	36	rf	rf	NOUN
ajfa-3216	125	37	α	α	NOUN
ajfa-3216	125	38	β	β	X
ajfa-3216	125	39	s	s	AUX
ajfa-3216	125	40	h	h	PROPN
ajfa-3216	125	41	w	w	PROPN
ajfa-3216	125	42	ad.r2	ad.r2	PROPN
ajfa-3216	125	43	dw	dw	PROPN
ajfa-3216	125	44	f	f	PROPN
ajfa-3216	125	45	sl	sl	VERB
ajfa-3216	125	46	0,006	0,006	NUM
ajfa-3216	125	47	0,677	0,677	NUM
ajfa-3216	125	48	0,558	0,558	NUM
ajfa-3216	125	49	-0,283	-0,283	ADJ
ajfa-3216	125	50	-0,271	-0,271	NOUN
ajfa-3216	125	51	0,748	0,748	NUM
ajfa-3216	126	1	2,15	2,15	NUM
ajfa-3216	126	2	64,105	64,105	NUM
ajfa-3216	126	3	(	(	PUNCT
ajfa-3216	126	4	0,754	0,754	NUM
ajfa-3216	126	5	)	)	PUNCT
ajfa-3216	126	6	(	(	PUNCT
ajfa-3216	126	7	13,915	13,915	NUM
ajfa-3216	126	8	)	)	PUNCT
ajfa-3216	126	9	*	*	PUNCT
ajfa-3216	126	10	(	(	PUNCT
ajfa-3216	126	11	5,018	5,018	NUM
ajfa-3216	126	12	)	)	PUNCT
ajfa-3216	126	13	*	*	PUNCT
ajfa-3216	127	1	(	(	PUNCT
ajfa-3216	127	2	-3,434	-3,434	ADJ
ajfa-3216	127	3	)	)	PUNCT
ajfa-3216	127	4	*	*	PUNCT
ajfa-3216	127	5	(	(	PUNCT
ajfa-3216	127	6	-2,844	-2,844	ADJ
ajfa-3216	127	7	)	)	PUNCT
ajfa-3216	127	8	*	*	PUNCT
ajfa-3216	128	1	[	[	X
ajfa-3216	128	2	0,000	0,000	X
ajfa-3216	128	3	]	]	X
ajfa-3216	128	4	sm	sm	NOUN
ajfa-3216	128	5	-0,009	-0,009	VERB
ajfa-3216	128	6	0,600	0,600	NUM
ajfa-3216	128	7	-0,659	-0,659	ADJ
ajfa-3216	128	8	-0,931	-0,931	NOUN
ajfa-3216	129	1	-0,183	-0,183	NOUN
ajfa-3216	129	2	0,817	0,817	NUM
ajfa-3216	129	3	2,11	2,11	NUM
ajfa-3216	129	4	95,87	95,87	NUM
ajfa-3216	129	5	(	(	PUNCT
ajfa-3216	129	6	-0,923	-0,923	NUM
ajfa-3216	129	7	)	)	PUNCT
ajfa-3216	129	8	(	(	PUNCT
ajfa-3216	129	9	10,457	10,457	NUM
ajfa-3216	129	10	)	)	PUNCT
ajfa-3216	129	11	*	*	PUNCT
ajfa-3216	129	12	(	(	PUNCT
ajfa-3216	129	13	-5,021	-5,021	NOUN
ajfa-3216	129	14	)	)	PUNCT
ajfa-3216	129	15	*	*	PUNCT
ajfa-3216	129	16	(	(	PUNCT
ajfa-3216	129	17	-9,554	-9,554	NOUN
ajfa-3216	129	18	)	)	PUNCT
ajfa-3216	129	19	*	*	PUNCT
ajfa-3216	129	20	(	(	PUNCT
ajfa-3216	129	21	-1,690	-1,690	INTJ
ajfa-3216	129	22	)	)	PUNCT
ajfa-3216	129	23	*	*	PUNCT
ajfa-3216	130	1	*	*	PUNCT
ajfa-3216	130	2	*	*	PUNCT
ajfa-3216	131	1	[	[	X
ajfa-3216	131	2	0,000	0,000	X
ajfa-3216	131	3	]	]	X
ajfa-3216	131	4	sh	sh	NOUN
ajfa-3216	131	5	-0,000	-0,000	VERB
ajfa-3216	131	6	0,741	0,741	NUM
ajfa-3216	131	7	0,332	0,332	NUM
ajfa-3216	131	8	0,148	0,148	NUM
ajfa-3216	131	9	-0,259	-0,259	NOUN
ajfa-3216	131	10	0,736	0,736	NUM
ajfa-3216	131	11	2,22	2,22	NUM
ajfa-3216	131	12	101,14	101,14	NUM
ajfa-3216	131	13	(	(	PUNCT
ajfa-3216	131	14	-0,043	-0,043	NUM
ajfa-3216	131	15	)	)	PUNCT
ajfa-3216	131	16	(	(	PUNCT
ajfa-3216	131	17	14,920	14,920	NUM
ajfa-3216	131	18	)	)	PUNCT
ajfa-3216	131	19	*	*	PUNCT
ajfa-3216	131	20	(	(	PUNCT
ajfa-3216	131	21	2,923	2,923	NUM
ajfa-3216	131	22	)	)	PUNCT
ajfa-3216	131	23	*	*	PUNCT
ajfa-3216	131	24	(	(	PUNCT
ajfa-3216	131	25	1,760	1,760	NUM
ajfa-3216	131	26	)	)	PUNCT
ajfa-3216	131	27	*	*	PUNCT
ajfa-3216	132	1	*	*	PUNCT
ajfa-3216	132	2	*	*	PUNCT
ajfa-3216	132	3	(	(	PUNCT
ajfa-3216	132	4	-2,627	-2,627	NOUN
ajfa-3216	132	5	)	)	PUNCT
ajfa-3216	132	6	*	*	PUNCT
ajfa-3216	133	1	[	[	X
ajfa-3216	133	2	0,000	0,000	X
ajfa-3216	133	3	]	]	X
ajfa-3216	133	4	bl	bl	PROPN
ajfa-3216	133	5	-0,007	-0,007	VERB
ajfa-3216	133	6	0,723	0,723	NUM
ajfa-3216	133	7	-0,681	-0,681	PROPN
ajfa-3216	133	8	-0,937	-0,937	NOUN
ajfa-3216	133	9	-0,150	-0,150	PROPN
ajfa-3216	133	10	0,869	0,869	NUM
ajfa-3216	133	11	2,12	2,12	NUM
ajfa-3216	133	12	143,71	143,71	NOUN
ajfa-3216	133	13	(	(	PUNCT
ajfa-3216	133	14	-0,791	-0,791	PROPN
ajfa-3216	133	15	)	)	PUNCT
ajfa-3216	133	16	(	(	PUNCT
ajfa-3216	133	17	13,877	13,877	NUM
ajfa-3216	133	18	)	)	PUNCT
ajfa-3216	133	19	*	*	PUNCT
ajfa-3216	133	20	(	(	PUNCT
ajfa-3216	133	21	-5,718	-5,718	ADJ
ajfa-3216	133	22	)	)	PUNCT
ajfa-3216	133	23	*	*	PUNCT
ajfa-3216	133	24	(	(	PUNCT
ajfa-3216	133	25	-10,606	-10,606	ADJ
ajfa-3216	133	26	)	)	PUNCT
ajfa-3216	133	27	*	*	PUNCT
ajfa-3216	133	28	(	(	PUNCT
ajfa-3216	133	29	-1,455	-1,455	INTJ
ajfa-3216	133	30	)	)	PUNCT
ajfa-3216	134	1	[	[	X
ajfa-3216	134	2	0,000	0,000	X
ajfa-3216	134	3	]	]	X
ajfa-3216	134	4	bm	bm	PROPN
ajfa-3216	134	5	-0,004	-0,004	PROPN
ajfa-3216	134	6	0,728	0,728	NUM
ajfa-3216	135	1	0,340	0,340	NUM
ajfa-3216	135	2	-0,131	-0,131	NOUN
ajfa-3216	135	3	-0,300	-0,300	NUM
ajfa-3216	135	4	0,764	0,764	NUM
ajfa-3216	136	1	2,23	2,23	NUM
ajfa-3216	136	2	69,50	69,50	NUM
ajfa-3216	136	3	(	(	PUNCT
ajfa-3216	136	4	-0,786	-0,786	NOUN
ajfa-3216	136	5	)	)	PUNCT
ajfa-3216	136	6	(	(	PUNCT
ajfa-3216	136	7	15,201	15,201	NUM
ajfa-3216	136	8	)	)	PUNCT
ajfa-3216	136	9	*	*	PUNCT
ajfa-3216	137	1	(	(	PUNCT
ajfa-3216	137	2	3,111	3,111	NUM
ajfa-3216	137	3	)	)	PUNCT
ajfa-3216	137	4	*	*	PUNCT
ajfa-3216	138	1	(	(	PUNCT
ajfa-3216	138	2	-1,614	-1,614	ADJ
ajfa-3216	138	3	)	)	PUNCT
ajfa-3216	138	4	(	(	PUNCT
ajfa-3216	138	5	-3,154	-3,154	NOUN
ajfa-3216	138	6	)	)	PUNCT
ajfa-3216	138	7	*	*	PUNCT
ajfa-3216	139	1	[	[	X
ajfa-3216	139	2	0,000	0,000	X
ajfa-3216	139	3	]	]	X
ajfa-3216	139	4	bh	bh	NOUN
ajfa-3216	139	5	-0,000	-0,000	NOUN
ajfa-3216	139	6	0,659	0,659	NUM
ajfa-3216	139	7	-0,455	-0,455	NUM
ajfa-3216	139	8	0,630	0,630	NUM
ajfa-3216	140	1	-0,166	-0,166	VERB
ajfa-3216	140	2	0,760	0,760	NUM
ajfa-3216	140	3	2,15	2,15	NUM
ajfa-3216	140	4	68,38	68,38	PROPN
ajfa-3216	140	5	(	(	PUNCT
ajfa-3216	140	6	-0,048	-0,048	ADJ
ajfa-3216	140	7	)	)	PUNCT
ajfa-3216	140	8	(	(	PUNCT
ajfa-3216	140	9	13,624	13,624	NUM
ajfa-3216	140	10	)	)	PUNCT
ajfa-3216	140	11	*	*	PUNCT
ajfa-3216	140	12	(	(	PUNCT
ajfa-3216	140	13	-4,116	-4,116	INTJ
ajfa-3216	140	14	)	)	PUNCT
ajfa-3216	140	15	*	*	PUNCT
ajfa-3216	141	1	(	(	PUNCT
ajfa-3216	141	2	7,677	7,677	NUM
ajfa-3216	141	3	)	)	PUNCT
ajfa-3216	141	4	*	*	PUNCT
ajfa-3216	142	1	(	(	PUNCT
ajfa-3216	142	2	-1,731	-1,731	NOUN
ajfa-3216	142	3	)	)	PUNCT
ajfa-3216	142	4	*	*	PUNCT
ajfa-3216	143	1	*	*	PUNCT
ajfa-3216	143	2	*	*	PUNCT
ajfa-3216	144	1	[	[	X
ajfa-3216	144	2	0,000	0,000	X
ajfa-3216	144	3	]	]	X
ajfa-3216	144	4	grs	grs	PROPN
ajfa-3216	144	5	f	f	PROPN
ajfa-3216	144	6	test	test	NOUN
ajfa-3216	144	7	:	:	PUNCT
ajfa-3216	144	8	1,103	1,103	NUM
ajfa-3216	144	9	[	[	X
ajfa-3216	144	10	0,295	0,295	NUM
ajfa-3216	144	11	]	]	X
ajfa-3216	144	12	the	the	DET
ajfa-3216	144	13	p	p	PROPN
ajfa-3216	144	14	value	value	NOUN
ajfa-3216	144	15	are	be	AUX
ajfa-3216	144	16	in	in	ADP
ajfa-3216	144	17	parentheses	parenthesis	NOUN
ajfa-3216	144	18	*	*	PUNCT
ajfa-3216	144	19	*	*	PUNCT
ajfa-3216	144	20	*	*	PUNCT
ajfa-3216	144	21	,	,	PUNCT
ajfa-3216	144	22	*	*	PUNCT
ajfa-3216	144	23	*	*	PUNCT
ajfa-3216	144	24	,	,	PUNCT
ajfa-3216	144	25	*	*	PUNCT
ajfa-3216	144	26	show	show	NOUN
ajfa-3216	144	27	significance	significance	NOUN
ajfa-3216	144	28	at	at	ADP
ajfa-3216	144	29	the	the	DET
ajfa-3216	144	30	10	10	NUM
ajfa-3216	144	31	,	,	PUNCT
ajfa-3216	144	32	5	5	NUM
ajfa-3216	144	33	,	,	PUNCT
ajfa-3216	144	34	and	and	CCONJ
ajfa-3216	144	35	1	1	NUM
ajfa-3216	144	36	%	%	NOUN
ajfa-3216	144	37	levels	level	NOUN
ajfa-3216	144	38	,	,	PUNCT
ajfa-3216	144	39	respectively	respectively	ADV
ajfa-3216	144	40	.	.	PUNCT
ajfa-3216	145	1	probability	probability	NOUN
ajfa-3216	145	2	values	value	NOUN
ajfa-3216	145	3	of	of	ADP
ajfa-3216	145	4	grs	grs	PROPN
ajfa-3216	145	5	-	-	PUNCT
ajfa-3216	145	6	f	f	PROPN
ajfa-3216	145	7	test	test	NOUN
ajfa-3216	145	8	are	be	AUX
ajfa-3216	145	9	in	in	ADP
ajfa-3216	145	10	brackets	bracket	NOUN
ajfa-3216	145	11	.	.	PUNCT
ajfa-3216	146	1	when	when	SCONJ
ajfa-3216	146	2	regression	regression	NOUN
ajfa-3216	146	3	results	result	NOUN
ajfa-3216	146	4	of	of	ADP
ajfa-3216	146	5	the	the	DET
ajfa-3216	146	6	four	four	NUM
ajfa-3216	146	7	factor	factor	NOUN
ajfa-3216	146	8	model	model	NOUN
ajfa-3216	146	9	are	be	AUX
ajfa-3216	146	10	examined	examine	VERB
ajfa-3216	146	11	,	,	PUNCT
ajfa-3216	146	12	the	the	DET
ajfa-3216	146	13	f	f	PROPN
ajfa-3216	146	14	values	value	NOUN
ajfa-3216	146	15	and	and	CCONJ
ajfa-3216	146	16	probability	probability	NOUN
ajfa-3216	146	17	values	value	NOUN
ajfa-3216	146	18	of	of	ADP
ajfa-3216	146	19	all	all	DET
ajfa-3216	146	20	models	model	NOUN
ajfa-3216	146	21	show	show	VERB
ajfa-3216	146	22	that	that	SCONJ
ajfa-3216	146	23	the	the	DET
ajfa-3216	146	24	established	establish	VERB
ajfa-3216	146	25	models	model	NOUN
ajfa-3216	146	26	are	be	AUX
ajfa-3216	146	27	significant	significant	ADJ
ajfa-3216	146	28	.	.	PUNCT
ajfa-3216	147	1	not	not	PART
ajfa-3216	147	2	the	the	DET
ajfa-3216	147	3	entirety	entirety	NOUN
ajfa-3216	147	4	of	of	ADP
ajfa-3216	147	5	the	the	DET
ajfa-3216	147	6	alpha	alpha	ADJ
ajfa-3216	147	7	values	value	NOUN
ajfa-3216	147	8	is	be	AUX
ajfa-3216	147	9	different	different	ADJ
ajfa-3216	147	10	from	from	ADP
ajfa-3216	147	11	zero	zero	NUM
ajfa-3216	147	12	.	.	PUNCT
ajfa-3216	148	1	it	it	PRON
ajfa-3216	148	2	was	be	AUX
ajfa-3216	148	3	established	establish	VERB
ajfa-3216	148	4	that	that	SCONJ
ajfa-3216	148	5	the	the	DET
ajfa-3216	148	6	grs	grs	PROPN
ajfa-3216	148	7	f	f	PROPN
ajfa-3216	148	8	test	test	NOUN
ajfa-3216	148	9	result	result	NOUN
ajfa-3216	148	10	is	be	AUX
ajfa-3216	148	11	1,103	1,103	NUM
ajfa-3216	148	12	and	and	CCONJ
ajfa-3216	148	13	the	the	DET
ajfa-3216	148	14	probability	probability	NOUN
ajfa-3216	148	15	value	value	NOUN
ajfa-3216	148	16	is	be	AUX
ajfa-3216	148	17	0,295	0,295	NUM
ajfa-3216	148	18	.	.	PUNCT
ajfa-3216	149	1	this	this	DET
ajfa-3216	149	2	result	result	NOUN
ajfa-3216	149	3	means	mean	VERB
ajfa-3216	149	4	that	that	SCONJ
ajfa-3216	149	5	the	the	DET
ajfa-3216	149	6	zero	zero	NUM
ajfa-3216	149	7	hypothesis	hypothesis	NOUN
ajfa-3216	149	8	is	be	AUX
ajfa-3216	149	9	not	not	PART
ajfa-3216	149	10	rejected	reject	VERB
ajfa-3216	149	11	,	,	PUNCT
ajfa-3216	149	12	meaning	mean	VERB
ajfa-3216	149	13	that	that	SCONJ
ajfa-3216	149	14	the	the	DET
ajfa-3216	149	15	four	four	NUM
ajfa-3216	149	16	factor	factor	NOUN
ajfa-3216	149	17	model	model	NOUN
ajfa-3216	149	18	is	be	AUX
ajfa-3216	149	19	also	also	ADV
ajfa-3216	149	20	valid	valid	ADJ
ajfa-3216	149	21	for	for	ADP
ajfa-3216	149	22	the	the	DET
ajfa-3216	149	23	ise	ise	PROPN
ajfa-3216	149	24	.	.	PUNCT
ajfa-3216	150	1	asian	asian	PROPN
ajfa-3216	150	2	journal	journal	PROPN
ajfa-3216	150	3	of	of	ADP
ajfa-3216	150	4	finance	finance	PROPN
ajfa-3216	150	5	&	&	CCONJ
ajfa-3216	150	6	accounting	accounting	PROPN
ajfa-3216	150	7	issn	issn	PROPN
ajfa-3216	150	8	1946	1946	NUM
ajfa-3216	150	9	-	-	PUNCT
ajfa-3216	150	10	052x	052x	NOUN
ajfa-3216	150	11	2013	2013	NUM
ajfa-3216	150	12	,	,	PUNCT
ajfa-3216	150	13	vol	vol	NOUN
ajfa-3216	150	14	.	.	PROPN
ajfa-3216	150	15	5	5	NUM
ajfa-3216	150	16	,	,	PUNCT
ajfa-3216	150	17	no	no	INTJ
ajfa-3216	150	18	.	.	NOUN
ajfa-3216	150	19	1	1	NUM
ajfa-3216	150	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3216	150	21	205	205	NUM
ajfa-3216	150	22	table	table	NOUN
ajfa-3216	150	23	3	3	NUM
ajfa-3216	150	24	.	.	NOUN
ajfa-3216	150	25	five	five	NUM
ajfa-3216	150	26	factor	factor	NOUN
ajfa-3216	150	27	regression	regression	NOUN
ajfa-3216	150	28	of	of	ADP
ajfa-3216	150	29	montly	montly	ADV
ajfa-3216	150	30	excess	excess	ADJ
ajfa-3216	150	31	returns	return	NOUN
ajfa-3216	150	32	:	:	PUNCT
ajfa-3216	150	33	from	from	ADP
ajfa-3216	150	34	july	july	PROPN
ajfa-3216	150	35	1992	1992	NUM
ajfa-3216	150	36	to	to	ADP
ajfa-3216	150	37	june	june	PROPN
ajfa-3216	150	38	2011	2011	NUM
ajfa-3216	151	1	lmielwmlewhmlehsmbesrrerre	lmielwmlewhmlehsmbesrrerre	PROPN
ajfa-3216	151	2			NOUN
ajfa-3216	151	3			NOUN
ajfa-3216	151	4	)	)	PUNCT
ajfa-3216	151	5	(	(	PUNCT
ajfa-3216	151	6	)	)	PUNCT
ajfa-3216	151	7	(	(	PUNCT
ajfa-3216	151	8	)	)	PUNCT
ajfa-3216	151	9	(	(	PUNCT
ajfa-3216	151	10	)	)	PUNCT
ajfa-3216	151	11	(	(	PUNCT
ajfa-3216	151	12	)	)	PUNCT
ajfa-3216	151	13	]	]	X
ajfa-3216	151	14	)	)	PUNCT
ajfa-3216	151	15	(	(	PUNCT
ajfa-3216	151	16	[	[	X
ajfa-3216	151	17	)	)	PUNCT
ajfa-3216	151	18	(	(	PUNCT
ajfa-3216	151	19	ri	ri	NOUN
ajfa-3216	151	20	-	-	PUNCT
ajfa-3216	151	21	rf	rf	NOUN
ajfa-3216	151	22	α	α	NOUN
ajfa-3216	151	23	β	β	X
ajfa-3216	151	24	s	s	PROPN
ajfa-3216	151	25	h	h	NOUN
ajfa-3216	151	26	w	w	PROPN
ajfa-3216	151	27	l	l	PROPN
ajfa-3216	151	28	ad.r2	ad.r2	NOUN
ajfa-3216	151	29	dw	dw	PROPN
ajfa-3216	151	30	f	f	PROPN
ajfa-3216	151	31	sl	sl	VERB
ajfa-3216	151	32	0,006	0,006	NUM
ajfa-3216	151	33	0,346	0,346	NUM
ajfa-3216	151	34	0,589	0,589	NUM
ajfa-3216	152	1	-0,285	-0,285	NUM
ajfa-3216	152	2	-0,264	-0,264	PROPN
ajfa-3216	153	1	0,332	0,332	NUM
ajfa-3216	153	2	0,753	0,753	NUM
ajfa-3216	153	3	2,17	2,17	NUM
ajfa-3216	153	4	52,83	52,83	NUM
ajfa-3216	153	5	(	(	PUNCT
ajfa-3216	153	6	0,724	0,724	NUM
ajfa-3216	153	7	)	)	PUNCT
ajfa-3216	153	8	(	(	PUNCT
ajfa-3216	153	9	1,748	1,748	NUM
ajfa-3216	153	10	)	)	PUNCT
ajfa-3216	153	11	*	*	PUNCT
ajfa-3216	153	12	(	(	PUNCT
ajfa-3216	153	13	5,271	5,271	NUM
ajfa-3216	153	14	)	)	PUNCT
ajfa-3216	153	15	*	*	PUNCT
ajfa-3216	153	16	(	(	PUNCT
ajfa-3216	153	17	-3,495	-3,495	INTJ
ajfa-3216	153	18	)	)	PUNCT
ajfa-3216	153	19	*	*	PUNCT
ajfa-3216	153	20	(	(	PUNCT
ajfa-3216	153	21	-2,758	-2,758	NOUN
ajfa-3216	153	22	)	)	PUNCT
ajfa-3216	153	23	*	*	PUNCT
ajfa-3216	153	24	(	(	PUNCT
ajfa-3216	153	25	-1,728	-1,728	NOUN
ajfa-3216	153	26	)	)	PUNCT
ajfa-3216	153	27	*	*	PUNCT
ajfa-3216	154	1	*	*	PUNCT
ajfa-3216	154	2	*	*	PUNCT
ajfa-3216	155	1	[	[	X
ajfa-3216	155	2	0,000	0,000	X
ajfa-3216	155	3	]	]	X
ajfa-3216	155	4	sm	sm	PROPN
ajfa-3216	155	5	-0,010	-0,010	NOUN
ajfa-3216	155	6	0,096	0,096	NUM
ajfa-3216	156	1	-0,593	-0,593	NUM
ajfa-3216	157	1	-0,935	-0,935	INTJ
ajfa-3216	157	2	-0,162	-0,162	VERB
ajfa-3216	157	3	0,700	0,700	NUM
ajfa-3216	157	4	0,833	0,833	NUM
ajfa-3216	157	5	2,10	2,10	NUM
ajfa-3216	157	6	86,08	86,08	NUM
ajfa-3216	157	7	(	(	PUNCT
ajfa-3216	157	8	-1,036	-1,036	NOUN
ajfa-3216	157	9	)	)	PUNCT
ajfa-3216	157	10	(	(	PUNCT
ajfa-3216	157	11	12,405	12,405	NUM
ajfa-3216	157	12	)	)	PUNCT
ajfa-3216	157	13	*	*	PUNCT
ajfa-3216	158	1	(	(	PUNCT
ajfa-3216	158	2	-4,670	-4,670	ADJ
ajfa-3216	158	3	)	)	PUNCT
ajfa-3216	158	4	*	*	PUNCT
ajfa-3216	158	5	(	(	PUNCT
ajfa-3216	158	6	-10,665	-10,665	NOUN
ajfa-3216	158	7	)	)	PUNCT
ajfa-3216	158	8	*	*	PUNCT
ajfa-3216	158	9	(	(	PUNCT
ajfa-3216	158	10	-1,486	-1,486	ADJ
ajfa-3216	158	11	)	)	PUNCT
ajfa-3216	158	12	*	*	PUNCT
ajfa-3216	159	1	*	*	PUNCT
ajfa-3216	159	2	*	*	PUNCT
ajfa-3216	159	3	(	(	PUNCT
ajfa-3216	159	4	3,001	3,001	NUM
ajfa-3216	159	5	)	)	PUNCT
ajfa-3216	159	6	*	*	PUNCT
ajfa-3216	160	1	[	[	X
ajfa-3216	160	2	0,000	0,000	X
ajfa-3216	160	3	]	]	X
ajfa-3216	160	4	sh	sh	X
ajfa-3216	160	5	-0,001	-0,001	NUM
ajfa-3216	160	6	0,145	0,145	NUM
ajfa-3216	160	7	0,387	0,387	NUM
ajfa-3216	160	8	0,144	0,144	NUM
ajfa-3216	160	9	-0,240	-0,240	NUM
ajfa-3216	160	10	0,598	0,598	NUM
ajfa-3216	160	11	0,761	0,761	NUM
ajfa-3216	160	12	2,26	2,26	NUM
ajfa-3216	160	13	55,24	55,24	NOUN
ajfa-3216	160	14	(	(	PUNCT
ajfa-3216	160	15	-0,112	-0,112	PROPN
ajfa-3216	160	16	)	)	PUNCT
ajfa-3216	160	17	(	(	PUNCT
ajfa-3216	160	18	17,365	17,365	NUM
ajfa-3216	160	19	)	)	PUNCT
ajfa-3216	160	20	*	*	PUNCT
ajfa-3216	160	21	(	(	PUNCT
ajfa-3216	160	22	3,522	3,522	NUM
ajfa-3216	160	23	)	)	PUNCT
ajfa-3216	160	24	*	*	PUNCT
ajfa-3216	160	25	(	(	PUNCT
ajfa-3216	160	26	1,792	1,792	NUM
ajfa-3216	160	27	)	)	PUNCT
ajfa-3216	160	28	*	*	PUNCT
ajfa-3216	161	1	*	*	PUNCT
ajfa-3216	161	2	*	*	PUNCT
ajfa-3216	161	3	(	(	PUNCT
ajfa-3216	161	4	-2,546	-2,546	INTJ
ajfa-3216	161	5	)	)	PUNCT
ajfa-3216	161	6	*	*	PUNCT
ajfa-3216	161	7	(	(	PUNCT
ajfa-3216	161	8	2,958	2,958	NUM
ajfa-3216	161	9	)	)	PUNCT
ajfa-3216	161	10	*	*	PUNCT
ajfa-3216	162	1	[	[	X
ajfa-3216	162	2	0,000	0,000	X
ajfa-3216	162	3	]	]	X
ajfa-3216	162	4	bl	bl	PART
ajfa-3216	162	5	-0,008	-0,008	NOUN
ajfa-3216	162	6	0,096	0,096	NUM
ajfa-3216	162	7	-0,622	-0,622	ADP
ajfa-3216	162	8	-0,942	-0,942	NOUN
ajfa-3216	162	9	-0,131	-0,131	PROPN
ajfa-3216	162	10	2,970	2,970	NUM
ajfa-3216	162	11	0,881	0,881	NUM
ajfa-3216	162	12	2,21	2,21	NUM
ajfa-3216	162	13	127,37	127,37	PROPN
ajfa-3216	162	14	(	(	PUNCT
ajfa-3216	162	15	-0,895	-0,895	PROPN
ajfa-3216	162	16	)	)	PUNCT
ajfa-3216	162	17	(	(	PUNCT
ajfa-3216	162	18	10,774	10,774	NUM
ajfa-3216	162	19	)	)	PUNCT
ajfa-3216	162	20	*	*	PUNCT
ajfa-3216	162	21	(	(	PUNCT
ajfa-3216	162	22	-5,390	-5,390	NOUN
ajfa-3216	162	23	)	)	PUNCT
ajfa-3216	162	24	*	*	PUNCT
ajfa-3216	162	25	(	(	PUNCT
ajfa-3216	162	26	-11,155	-11,155	INTJ
ajfa-3216	162	27	)	)	PUNCT
ajfa-3216	162	28	*	*	PUNCT
ajfa-3216	162	29	(	(	PUNCT
ajfa-3216	162	30	-1,823	-1,823	INTJ
ajfa-3216	162	31	)	)	PUNCT
ajfa-3216	162	32	*	*	PUNCT
ajfa-3216	163	1	*	*	PUNCT
ajfa-3216	163	2	*	*	PUNCT
ajfa-3216	163	3	(	(	PUNCT
ajfa-3216	163	4	1,059	1,059	NUM
ajfa-3216	163	5	)	)	PUNCT
ajfa-3216	164	1	[	[	X
ajfa-3216	164	2	0,000	0,000	X
ajfa-3216	164	3	]	]	X
ajfa-3216	164	4	bm	bm	PROPN
ajfa-3216	164	5	-0,004	-0,004	PROPN
ajfa-3216	164	6	0,167	0,167	NUM
ajfa-3216	165	1	0,393	0,393	NUM
ajfa-3216	165	2	-0,135	-0,135	X
ajfa-3216	166	1	-0,282	-0,282	PROPN
ajfa-3216	166	2	0,563	0,563	PROPN
ajfa-3216	166	3	0,782	0,782	NUM
ajfa-3216	166	4	2,12	2,12	NUM
ajfa-3216	166	5	62,28	62,28	NUM
ajfa-3216	166	6	(	(	PUNCT
ajfa-3216	166	7	-0,573	-0,573	NOUN
ajfa-3216	166	8	)	)	PUNCT
ajfa-3216	166	9	(	(	PUNCT
ajfa-3216	166	10	11,243	11,243	NUM
ajfa-3216	166	11	)	)	PUNCT
ajfa-3216	166	12	*	*	PUNCT
ajfa-3216	166	13	(	(	PUNCT
ajfa-3216	166	14	3,694	3,694	NUM
ajfa-3216	166	15	)	)	PUNCT
ajfa-3216	166	16	*	*	PUNCT
ajfa-3216	166	17	(	(	PUNCT
ajfa-3216	166	18	-1,734	-1,734	ADJ
ajfa-3216	166	19	)	)	PUNCT
ajfa-3216	166	20	*	*	PUNCT
ajfa-3216	167	1	*	*	PUNCT
ajfa-3216	167	2	*	*	PUNCT
ajfa-3216	167	3	(	(	PUNCT
ajfa-3216	167	4	-3,094	-3,094	ADJ
ajfa-3216	167	5	)	)	PUNCT
ajfa-3216	167	6	*	*	PUNCT
ajfa-3216	167	7	(	(	PUNCT
ajfa-3216	167	8	2,883	2,883	NUM
ajfa-3216	167	9	)	)	PUNCT
ajfa-3216	167	10	*	*	PUNCT
ajfa-3216	168	1	[	[	X
ajfa-3216	168	2	0,000	0,000	X
ajfa-3216	168	3	]	]	X
ajfa-3216	168	4	bh	bh	NOUN
ajfa-3216	168	5	-0,000	-0,000	NUM
ajfa-3216	168	6	0,296	0,296	NUM
ajfa-3216	168	7	-0,421	-0,421	PRON
ajfa-3216	168	8	0,627	0,627	NUM
ajfa-3216	168	9	-0,155	-0,155	NOUN
ajfa-3216	168	10	0,363	0,363	NUM
ajfa-3216	168	11	0,766	0,766	NUM
ajfa-3216	168	12	2,02	2,02	NUM
ajfa-3216	168	13	56,84	56,84	PROPN
ajfa-3216	168	14	(	(	PUNCT
ajfa-3216	168	15	-0,090	-0,090	PROPN
ajfa-3216	168	16	)	)	PUNCT
ajfa-3216	168	17	(	(	PUNCT
ajfa-3216	168	18	12,235	12,235	NUM
ajfa-3216	168	19	)	)	PUNCT
ajfa-3216	168	20	*	*	PUNCT
ajfa-3216	168	21	(	(	PUNCT
ajfa-3216	168	22	-3,803	-3,803	PROPN
ajfa-3216	168	23	)	)	PUNCT
ajfa-3216	168	24	*	*	PUNCT
ajfa-3216	168	25	(	(	PUNCT
ajfa-3216	168	26	7,749	7,749	NUM
ajfa-3216	168	27	)	)	PUNCT
ajfa-3216	168	28	*	*	PUNCT
ajfa-3216	169	1	(	(	PUNCT
ajfa-3216	169	2	-1,741	-1,741	ADJ
ajfa-3216	169	3	)	)	PUNCT
ajfa-3216	169	4	*	*	PUNCT
ajfa-3216	170	1	*	*	PUNCT
ajfa-3216	170	2	*	*	PUNCT
ajfa-3216	170	3	(	(	PUNCT
ajfa-3216	170	4	1,790	1,790	NUM
ajfa-3216	170	5	)	)	PUNCT
ajfa-3216	170	6	*	*	PUNCT
ajfa-3216	171	1	*	*	PUNCT
ajfa-3216	171	2	*	*	PUNCT
ajfa-3216	172	1	[	[	X
ajfa-3216	172	2	0,000	0,000	X
ajfa-3216	172	3	]	]	X
ajfa-3216	172	4	grs	grs	PROPN
ajfa-3216	172	5	f	f	PROPN
ajfa-3216	172	6	test	test	NOUN
ajfa-3216	172	7	:	:	PUNCT
ajfa-3216	172	8	0,512	0,512	NUM
ajfa-3216	173	1	[	[	X
ajfa-3216	173	2	0,725	0,725	NUM
ajfa-3216	173	3	]	]	X
ajfa-3216	173	4	the	the	DET
ajfa-3216	173	5	p	p	PROPN
ajfa-3216	173	6	value	value	NOUN
ajfa-3216	173	7	are	be	AUX
ajfa-3216	173	8	in	in	ADP
ajfa-3216	173	9	parentheses	parenthesis	NOUN
ajfa-3216	173	10	*	*	PUNCT
ajfa-3216	173	11	*	*	PUNCT
ajfa-3216	173	12	*	*	PUNCT
ajfa-3216	173	13	,	,	PUNCT
ajfa-3216	173	14	*	*	PUNCT
ajfa-3216	173	15	*	*	PUNCT
ajfa-3216	173	16	,	,	PUNCT
ajfa-3216	173	17	*	*	PUNCT
ajfa-3216	173	18	show	show	NOUN
ajfa-3216	173	19	significance	significance	NOUN
ajfa-3216	173	20	at	at	ADP
ajfa-3216	173	21	the	the	DET
ajfa-3216	173	22	10	10	NUM
ajfa-3216	173	23	,	,	PUNCT
ajfa-3216	173	24	5	5	NUM
ajfa-3216	173	25	,	,	PUNCT
ajfa-3216	173	26	and	and	CCONJ
ajfa-3216	173	27	1	1	NUM
ajfa-3216	173	28	%	%	NOUN
ajfa-3216	173	29	levels	level	NOUN
ajfa-3216	173	30	,	,	PUNCT
ajfa-3216	173	31	respectively	respectively	ADV
ajfa-3216	173	32	.	.	PUNCT
ajfa-3216	174	1	probability	probability	NOUN
ajfa-3216	174	2	values	value	NOUN
ajfa-3216	174	3	of	of	ADP
ajfa-3216	174	4	grs	grs	PROPN
ajfa-3216	174	5	-	-	PUNCT
ajfa-3216	174	6	f	f	PROPN
ajfa-3216	174	7	test	test	NOUN
ajfa-3216	174	8	are	be	AUX
ajfa-3216	174	9	in	in	ADP
ajfa-3216	174	10	brackets	bracket	NOUN
ajfa-3216	174	11	.	.	PUNCT
ajfa-3216	175	1	the	the	DET
ajfa-3216	175	2	examination	examination	NOUN
ajfa-3216	175	3	of	of	ADP
ajfa-3216	175	4	table	table	NOUN
ajfa-3216	175	5	3	3	NUM
ajfa-3216	175	6	established	establish	VERB
ajfa-3216	175	7	that	that	SCONJ
ajfa-3216	175	8	just	just	ADV
ajfa-3216	175	9	like	like	ADP
ajfa-3216	175	10	the	the	DET
ajfa-3216	175	11	three	three	NUM
ajfa-3216	175	12	factor	factor	NOUN
ajfa-3216	175	13	and	and	CCONJ
ajfa-3216	175	14	four	four	NUM
ajfa-3216	175	15	factor	factor	NOUN
ajfa-3216	175	16	models	model	NOUN
ajfa-3216	175	17	,	,	PUNCT
ajfa-3216	175	18	f	f	PROPN
ajfa-3216	175	19	values	value	NOUN
ajfa-3216	175	20	and	and	CCONJ
ajfa-3216	175	21	probability	probability	NOUN
ajfa-3216	175	22	values	value	NOUN
ajfa-3216	175	23	of	of	ADP
ajfa-3216	175	24	the	the	DET
ajfa-3216	175	25	established	establish	VERB
ajfa-3216	175	26	models	model	NOUN
ajfa-3216	175	27	were	be	AUX
ajfa-3216	175	28	significant	significant	ADJ
ajfa-3216	175	29	for	for	SCONJ
ajfa-3216	175	30	the	the	DET
ajfa-3216	175	31	regression	regression	NOUN
ajfa-3216	175	32	results	result	NOUN
ajfa-3216	175	33	yielded	yield	VERB
ajfa-3216	175	34	by	by	ADP
ajfa-3216	175	35	the	the	DET
ajfa-3216	175	36	five	five	NUM
ajfa-3216	175	37	factor	factor	NOUN
ajfa-3216	175	38	model	model	NOUN
ajfa-3216	175	39	and	and	CCONJ
ajfa-3216	175	40	that	that	SCONJ
ajfa-3216	175	41	not	not	PART
ajfa-3216	175	42	the	the	DET
ajfa-3216	175	43	entirety	entirety	NOUN
ajfa-3216	175	44	of	of	ADP
ajfa-3216	175	45	their	their	PRON
ajfa-3216	175	46	alpha	alpha	NOUN
ajfa-3216	175	47	values	value	NOUN
ajfa-3216	175	48	was	be	AUX
ajfa-3216	175	49	different	different	ADJ
ajfa-3216	175	50	from	from	ADP
ajfa-3216	175	51	zero	zero	NUM
ajfa-3216	175	52	.	.	PUNCT
ajfa-3216	176	1	the	the	DET
ajfa-3216	176	2	grs	grs	PROPN
ajfa-3216	176	3	f	f	PROPN
ajfa-3216	176	4	test	test	NOUN
ajfa-3216	176	5	result	result	NOUN
ajfa-3216	176	6	was	be	AUX
ajfa-3216	176	7	found	find	VERB
ajfa-3216	176	8	to	to	PART
ajfa-3216	176	9	be	be	AUX
ajfa-3216	176	10	0,512	0,512	NUM
ajfa-3216	176	11	and	and	CCONJ
ajfa-3216	176	12	the	the	DET
ajfa-3216	176	13	probability	probability	NOUN
ajfa-3216	176	14	value	value	NOUN
ajfa-3216	176	15	was	be	AUX
ajfa-3216	176	16	found	find	VERB
ajfa-3216	176	17	to	to	PART
ajfa-3216	176	18	be	be	AUX
ajfa-3216	176	19	0,725	0,725	NUM
ajfa-3216	176	20	.	.	PUNCT
ajfa-3216	177	1	this	this	DET
ajfa-3216	177	2	result	result	NOUN
ajfa-3216	177	3	shows	show	VERB
ajfa-3216	177	4	that	that	SCONJ
ajfa-3216	177	5	the	the	DET
ajfa-3216	177	6	five	five	NUM
ajfa-3216	177	7	factor	factor	NOUN
ajfa-3216	177	8	model	model	NOUN
ajfa-3216	177	9	can	can	AUX
ajfa-3216	177	10	be	be	AUX
ajfa-3216	177	11	used	use	VERB
ajfa-3216	177	12	in	in	ADP
ajfa-3216	177	13	explaining	explain	VERB
ajfa-3216	177	14	securities	security	NOUN
ajfa-3216	177	15	’	'	PUNCT
ajfa-3216	177	16	returns	return	NOUN
ajfa-3216	177	17	in	in	ADP
ajfa-3216	177	18	the	the	DET
ajfa-3216	177	19	ise	ise	NOUN
ajfa-3216	177	20	.	.	PUNCT
ajfa-3216	178	1	when	when	SCONJ
ajfa-3216	178	2	the	the	DET
ajfa-3216	178	3	regression	regression	NOUN
ajfa-3216	178	4	results	result	NOUN
ajfa-3216	178	5	are	be	AUX
ajfa-3216	178	6	examined	examine	VERB
ajfa-3216	178	7	,	,	PUNCT
ajfa-3216	178	8	it	it	PRON
ajfa-3216	178	9	is	be	AUX
ajfa-3216	178	10	seen	see	VERB
ajfa-3216	178	11	that	that	SCONJ
ajfa-3216	178	12	the	the	DET
ajfa-3216	178	13	r	r	NOUN
ajfa-3216	178	14	square	square	ADJ
ajfa-3216	178	15	vales	vale	NOUN
ajfa-3216	178	16	of	of	ADP
ajfa-3216	178	17	the	the	DET
ajfa-3216	178	18	three	three	NUM
ajfa-3216	178	19	factor	factor	NOUN
ajfa-3216	178	20	and	and	CCONJ
ajfa-3216	178	21	four	four	NUM
ajfa-3216	178	22	factor	factor	NOUN
ajfa-3216	178	23	models	model	NOUN
ajfa-3216	178	24	are	be	AUX
ajfa-3216	178	25	close	close	ADJ
ajfa-3216	178	26	to	to	ADP
ajfa-3216	178	27	each	each	DET
ajfa-3216	178	28	other	other	ADJ
ajfa-3216	178	29	.	.	PUNCT
ajfa-3216	179	1	the	the	DET
ajfa-3216	179	2	addition	addition	NOUN
ajfa-3216	179	3	of	of	ADP
ajfa-3216	179	4	the	the	DET
ajfa-3216	179	5	liquidity	liquidity	NOUN
ajfa-3216	179	6	factor	factor	NOUN
ajfa-3216	179	7	to	to	ADP
ajfa-3216	179	8	the	the	DET
ajfa-3216	179	9	four	four	NUM
ajfa-3216	179	10	factor	factor	NOUN
ajfa-3216	179	11	model	model	NOUN
ajfa-3216	179	12	has	have	AUX
ajfa-3216	179	13	meaningfully	meaningfully	ADV
ajfa-3216	179	14	increased	increase	VERB
ajfa-3216	179	15	the	the	DET
ajfa-3216	179	16	r	r	NOUN
ajfa-3216	179	17	square	square	ADJ
ajfa-3216	179	18	value	value	NOUN
ajfa-3216	179	19	.	.	PUNCT
ajfa-3216	180	1	it	it	PRON
ajfa-3216	180	2	is	be	AUX
ajfa-3216	180	3	seen	see	VERB
ajfa-3216	180	4	that	that	SCONJ
ajfa-3216	180	5	the	the	DET
ajfa-3216	180	6	coefficients	coefficient	NOUN
ajfa-3216	180	7	of	of	ADP
ajfa-3216	180	8	the	the	DET
ajfa-3216	180	9	rm	rm	PROPN
ajfa-3216	180	10	-	-	PUNCT
ajfa-3216	180	11	rf	rf	PROPN
ajfa-3216	180	12	,	,	PUNCT
ajfa-3216	180	13	smb	smb	PROPN
ajfa-3216	180	14	,	,	PUNCT
ajfa-3216	180	15	hml	hml	PROPN
ajfa-3216	180	16	,	,	PUNCT
ajfa-3216	180	17	wml	wml	PROPN
ajfa-3216	180	18	and	and	CCONJ
ajfa-3216	180	19	lmh	lmh	PROPN
ajfa-3216	180	20	,	,	PUNCT
ajfa-3216	180	21	which	which	PRON
ajfa-3216	180	22	constitute	constitute	VERB
ajfa-3216	180	23	systematic	systematic	ADJ
ajfa-3216	180	24	risk	risk	NOUN
ajfa-3216	180	25	factors	factor	NOUN
ajfa-3216	180	26	,	,	PUNCT
ajfa-3216	180	27	are	be	AUX
ajfa-3216	180	28	meaningful	meaningful	ADJ
ajfa-3216	180	29	in	in	ADP
ajfa-3216	180	30	almost	almost	ADV
ajfa-3216	180	31	all	all	PRON
ajfa-3216	180	32	models	model	NOUN
ajfa-3216	180	33	.	.	PUNCT
ajfa-3216	181	1	the	the	DET
ajfa-3216	181	2	regression	regression	NOUN
ajfa-3216	181	3	findings	finding	NOUN
ajfa-3216	181	4	revealed	reveal	VERB
ajfa-3216	181	5	the	the	DET
ajfa-3216	181	6	finding	finding	NOUN
ajfa-3216	181	7	that	that	SCONJ
ajfa-3216	181	8	the	the	DET
ajfa-3216	181	9	portfolio	portfolio	NOUN
ajfa-3216	181	10	of	of	ADP
ajfa-3216	181	11	the	the	DET
ajfa-3216	181	12	companies	company	NOUN
ajfa-3216	181	13	with	with	ADP
ajfa-3216	181	14	small	small	ADJ
ajfa-3216	181	15	market	market	NOUN
ajfa-3216	181	16	value	value	NOUN
ajfa-3216	181	17	(	(	PUNCT
ajfa-3216	181	18	sl	sl	INTJ
ajfa-3216	181	19	and	and	CCONJ
ajfa-3216	181	20	sh	sh	PROPN
ajfa-3216	181	21	)	)	PUNCT
ajfa-3216	181	22	has	have	AUX
ajfa-3216	181	23	a	a	DET
ajfa-3216	181	24	positive	positive	ADJ
ajfa-3216	181	25	smb	smb	NOUN
ajfa-3216	181	26	slope	slope	NOUN
ajfa-3216	181	27	whereas	whereas	SCONJ
ajfa-3216	181	28	the	the	DET
ajfa-3216	181	29	portfolio	portfolio	NOUN
ajfa-3216	181	30	of	of	ADP
ajfa-3216	181	31	the	the	DET
ajfa-3216	181	32	companies	company	NOUN
ajfa-3216	181	33	with	with	ADP
ajfa-3216	181	34	large	large	ADJ
ajfa-3216	181	35	market	market	NOUN
ajfa-3216	181	36	value	value	NOUN
ajfa-3216	181	37	(	(	PUNCT
ajfa-3216	181	38	bl	bl	NOUN
ajfa-3216	181	39	and	and	CCONJ
ajfa-3216	181	40	bh	bh	NOUN
ajfa-3216	181	41	)	)	PUNCT
ajfa-3216	181	42	has	have	VERB
ajfa-3216	181	43	a	a	DET
ajfa-3216	181	44	negative	negative	ADJ
ajfa-3216	181	45	smb	smb	NOUN
ajfa-3216	181	46	slope	slope	NOUN
ajfa-3216	181	47	.	.	PUNCT
ajfa-3216	182	1	this	this	DET
ajfa-3216	182	2	finding	finding	NOUN
ajfa-3216	182	3	points	point	NOUN
ajfa-3216	182	4	to	to	ADP
ajfa-3216	182	5	the	the	DET
ajfa-3216	182	6	effect	effect	NOUN
ajfa-3216	182	7	of	of	ADP
ajfa-3216	182	8	company	company	NOUN
ajfa-3216	182	9	size	size	NOUN
ajfa-3216	182	10	.	.	PUNCT
ajfa-3216	183	1	furthermore	furthermore	ADV
ajfa-3216	183	2	,	,	PUNCT
ajfa-3216	183	3	the	the	DET
ajfa-3216	183	4	fact	fact	NOUN
ajfa-3216	183	5	that	that	SCONJ
ajfa-3216	183	6	the	the	DET
ajfa-3216	183	7	portfolio	portfolio	NOUN
ajfa-3216	183	8	of	of	ADP
ajfa-3216	183	9	the	the	DET
ajfa-3216	183	10	companies	company	NOUN
ajfa-3216	183	11	with	with	ADP
ajfa-3216	183	12	high	high	ADJ
ajfa-3216	183	13	b	b	PROPN
ajfa-3216	183	14	/	/	SYM
ajfa-3216	183	15	m	m	VERB
ajfa-3216	183	16	ratio	ratio	NOUN
ajfa-3216	183	17	(	(	PUNCT
ajfa-3216	183	18	sl	sl	INTJ
ajfa-3216	183	19	and	and	CCONJ
ajfa-3216	183	20	sh	sh	PROPN
ajfa-3216	183	21	)	)	PUNCT
ajfa-3216	183	22	has	have	AUX
ajfa-3216	183	23	a	a	DET
ajfa-3216	183	24	positive	positive	ADJ
ajfa-3216	183	25	hml	hml	NOUN
ajfa-3216	183	26	slope	slope	NOUN
ajfa-3216	183	27	and	and	CCONJ
ajfa-3216	183	28	the	the	DET
ajfa-3216	183	29	portfolio	portfolio	NOUN
ajfa-3216	183	30	of	of	ADP
ajfa-3216	183	31	the	the	DET
ajfa-3216	183	32	companies	company	NOUN
ajfa-3216	183	33	with	with	ADP
ajfa-3216	183	34	low	low	ADJ
ajfa-3216	183	35	b	b	PROPN
ajfa-3216	183	36	/	/	SYM
ajfa-3216	183	37	m	m	NOUN
ajfa-3216	183	38	ratio	ratio	NOUN
ajfa-3216	183	39	(	(	PUNCT
ajfa-3216	183	40	bl	bl	NOUN
ajfa-3216	183	41	and	and	CCONJ
ajfa-3216	183	42	bh	bh	NOUN
ajfa-3216	183	43	)	)	PUNCT
ajfa-3216	183	44	has	have	VERB
ajfa-3216	183	45	a	a	DET
ajfa-3216	183	46	negative	negative	ADJ
ajfa-3216	183	47	hml	hml	PROPN
ajfa-3216	183	48	slope	slope	NOUN
ajfa-3216	183	49	points	point	NOUN
ajfa-3216	183	50	to	to	ADP
ajfa-3216	183	51	the	the	DET
ajfa-3216	183	52	presence	presence	NOUN
ajfa-3216	183	53	of	of	ADP
ajfa-3216	183	54	the	the	DET
ajfa-3216	183	55	value	value	NOUN
ajfa-3216	183	56	effect	effect	NOUN
ajfa-3216	183	57	.	.	PUNCT
ajfa-3216	184	1	the	the	DET
ajfa-3216	184	2	obtained	obtain	VERB
ajfa-3216	184	3	results	result	NOUN
ajfa-3216	184	4	are	be	AUX
ajfa-3216	184	5	consistent	consistent	ADJ
ajfa-3216	184	6	with	with	ADP
ajfa-3216	184	7	the	the	DET
ajfa-3216	184	8	findings	finding	NOUN
ajfa-3216	184	9	of	of	ADP
ajfa-3216	184	10	fama	fama	PROPN
ajfa-3216	184	11	and	and	CCONJ
ajfa-3216	184	12	french	french	ADJ
ajfa-3216	184	13	(	(	PUNCT
ajfa-3216	184	14	1996	1996	NUM
ajfa-3216	184	15	)	)	PUNCT
ajfa-3216	184	16	.	.	PUNCT
ajfa-3216	185	1	it	it	PRON
ajfa-3216	185	2	was	be	AUX
ajfa-3216	185	3	nevertheless	nevertheless	ADV
ajfa-3216	185	4	determined	determined	ADJ
ajfa-3216	185	5	that	that	SCONJ
ajfa-3216	185	6	all	all	DET
ajfa-3216	185	7	wml	wml	PROPN
ajfa-3216	185	8	slopes	slope	NOUN
ajfa-3216	185	9	are	be	AUX
ajfa-3216	185	10	negative	negative	ADJ
ajfa-3216	185	11	and	and	CCONJ
ajfa-3216	185	12	all	all	DET
ajfa-3216	185	13	lmh	lmh	PROPN
ajfa-3216	185	14	slopes	slope	NOUN
ajfa-3216	185	15	are	be	AUX
ajfa-3216	185	16	positive	positive	ADJ
ajfa-3216	185	17	.	.	PUNCT
ajfa-3216	186	1	this	this	DET
ajfa-3216	186	2	results	result	NOUN
ajfa-3216	186	3	shows	show	VERB
ajfa-3216	186	4	that	that	SCONJ
ajfa-3216	186	5	the	the	DET
ajfa-3216	186	6	wml	wml	PROPN
ajfa-3216	186	7	and	and	CCONJ
ajfa-3216	186	8	the	the	DET
ajfa-3216	186	9	lmh	lmh	PROPN
ajfa-3216	186	10	factors	factor	NOUN
ajfa-3216	186	11	are	be	AUX
ajfa-3216	186	12	not	not	PART
ajfa-3216	186	13	related	relate	VERB
ajfa-3216	186	14	with	with	ADP
ajfa-3216	186	15	the	the	DET
ajfa-3216	186	16	firm	firm	ADJ
ajfa-3216	186	17	size	size	NOUN
ajfa-3216	186	18	or	or	CCONJ
ajfa-3216	186	19	asian	asian	ADJ
ajfa-3216	186	20	journal	journal	NOUN
ajfa-3216	186	21	of	of	ADP
ajfa-3216	186	22	finance	finance	PROPN
ajfa-3216	186	23	&	&	CCONJ
ajfa-3216	186	24	accounting	accounting	PROPN
ajfa-3216	186	25	issn	issn	PROPN
ajfa-3216	186	26	1946	1946	NUM
ajfa-3216	186	27	-	-	PUNCT
ajfa-3216	186	28	052x	052x	NOUN
ajfa-3216	186	29	2013	2013	NUM
ajfa-3216	186	30	,	,	PUNCT
ajfa-3216	186	31	vol	vol	NOUN
ajfa-3216	186	32	.	.	PROPN
ajfa-3216	186	33	5	5	NUM
ajfa-3216	186	34	,	,	PUNCT
ajfa-3216	186	35	no	no	INTJ
ajfa-3216	186	36	.	.	NOUN
ajfa-3216	186	37	1	1	NUM
ajfa-3216	186	38	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3216	186	39	206	206	NUM
ajfa-3216	186	40	the	the	DET
ajfa-3216	186	41	b	b	PROPN
ajfa-3216	186	42	/	/	SYM
ajfa-3216	186	43	m	m	NOUN
ajfa-3216	186	44	ratio	ratio	NOUN
ajfa-3216	186	45	.	.	PUNCT
ajfa-3216	187	1	7	7	X
ajfa-3216	187	2	.	.	X
ajfa-3216	187	3	conclusion	conclusion	VERB
ajfa-3216	187	4	the	the	DET
ajfa-3216	187	5	purpose	purpose	NOUN
ajfa-3216	187	6	of	of	ADP
ajfa-3216	187	7	the	the	DET
ajfa-3216	187	8	study	study	NOUN
ajfa-3216	187	9	is	be	AUX
ajfa-3216	187	10	to	to	PART
ajfa-3216	187	11	test	test	VERB
ajfa-3216	187	12	the	the	DET
ajfa-3216	187	13	alternative	alternative	ADJ
ajfa-3216	187	14	asset	asset	NOUN
ajfa-3216	187	15	pricing	pricing	NOUN
ajfa-3216	187	16	models	model	NOUN
ajfa-3216	187	17	for	for	ADP
ajfa-3216	187	18	the	the	DET
ajfa-3216	187	19	ise	ise	NOUN
ajfa-3216	187	20	.	.	PUNCT
ajfa-3216	188	1	this	this	DET
ajfa-3216	188	2	paper	paper	NOUN
ajfa-3216	188	3	aims	aim	VERB
ajfa-3216	188	4	to	to	PART
ajfa-3216	188	5	fulfill	fulfill	VERB
ajfa-3216	188	6	this	this	DET
ajfa-3216	188	7	gap	gap	NOUN
ajfa-3216	188	8	and	and	CCONJ
ajfa-3216	188	9	contributes	contribute	VERB
ajfa-3216	188	10	to	to	ADP
ajfa-3216	188	11	empirical	empirical	ADJ
ajfa-3216	188	12	literature	literature	NOUN
ajfa-3216	188	13	on	on	ADP
ajfa-3216	188	14	this	this	DET
ajfa-3216	188	15	subject	subject	NOUN
ajfa-3216	188	16	.	.	PUNCT
ajfa-3216	189	1	the	the	DET
ajfa-3216	189	2	obtained	obtain	VERB
ajfa-3216	189	3	findings	finding	NOUN
ajfa-3216	189	4	point	point	VERB
ajfa-3216	189	5	to	to	ADP
ajfa-3216	189	6	the	the	DET
ajfa-3216	189	7	existence	existence	NOUN
ajfa-3216	189	8	of	of	ADP
ajfa-3216	189	9	the	the	DET
ajfa-3216	189	10	size	size	NOUN
ajfa-3216	189	11	and	and	CCONJ
ajfa-3216	189	12	value	value	NOUN
ajfa-3216	189	13	effects	effect	NOUN
ajfa-3216	189	14	for	for	ADP
ajfa-3216	189	15	the	the	DET
ajfa-3216	189	16	ise	ise	NOUN
ajfa-3216	189	17	.	.	PUNCT
ajfa-3216	190	1	it	it	PRON
ajfa-3216	190	2	is	be	AUX
ajfa-3216	190	3	also	also	ADV
ajfa-3216	190	4	determined	determined	ADJ
ajfa-3216	190	5	that	that	SCONJ
ajfa-3216	190	6	the	the	DET
ajfa-3216	190	7	factors	factor	NOUN
ajfa-3216	190	8	of	of	ADP
ajfa-3216	190	9	momentum	momentum	NOUN
ajfa-3216	190	10	and	and	CCONJ
ajfa-3216	190	11	liquidity	liquidity	NOUN
ajfa-3216	190	12	should	should	AUX
ajfa-3216	190	13	be	be	AUX
ajfa-3216	190	14	preferred	prefer	VERB
ajfa-3216	190	15	during	during	ADP
ajfa-3216	190	16	the	the	DET
ajfa-3216	190	17	creation	creation	NOUN
ajfa-3216	190	18	of	of	ADP
ajfa-3216	190	19	asset	asset	NOUN
ajfa-3216	190	20	pricing	pricing	NOUN
ajfa-3216	190	21	models	model	NOUN
ajfa-3216	190	22	.	.	PUNCT
ajfa-3216	191	1	it	it	PRON
ajfa-3216	191	2	is	be	AUX
ajfa-3216	191	3	consequentially	consequentially	ADV
ajfa-3216	191	4	established	establish	VERB
ajfa-3216	191	5	that	that	SCONJ
ajfa-3216	191	6	the	the	DET
ajfa-3216	191	7	three	three	NUM
ajfa-3216	191	8	factor	factor	NOUN
ajfa-3216	191	9	,	,	PUNCT
ajfa-3216	191	10	four	four	NUM
ajfa-3216	191	11	factor	factor	NOUN
ajfa-3216	191	12	and	and	CCONJ
ajfa-3216	191	13	five	five	NUM
ajfa-3216	191	14	factor	factor	NOUN
ajfa-3216	191	15	models	model	NOUN
ajfa-3216	191	16	are	be	AUX
ajfa-3216	191	17	valid	valid	ADJ
ajfa-3216	191	18	in	in	ADP
ajfa-3216	191	19	the	the	DET
ajfa-3216	191	20	ise	ise	NOUN
ajfa-3216	191	21	,	,	PUNCT
ajfa-3216	191	22	and	and	CCONJ
ajfa-3216	191	23	that	that	SCONJ
ajfa-3216	191	24	in	in	ADP
ajfa-3216	191	25	addition	addition	NOUN
ajfa-3216	191	26	to	to	ADP
ajfa-3216	191	27	the	the	DET
ajfa-3216	191	28	market	market	NOUN
ajfa-3216	191	29	risk	risk	NOUN
ajfa-3216	191	30	,	,	PUNCT
ajfa-3216	191	31	factors	factor	NOUN
ajfa-3216	191	32	of	of	ADP
ajfa-3216	191	33	firm	firm	ADJ
ajfa-3216	191	34	size	size	NOUN
ajfa-3216	191	35	,	,	PUNCT
ajfa-3216	191	36	b	b	X
ajfa-3216	191	37	/	/	SYM
ajfa-3216	191	38	m	m	NOUN
ajfa-3216	191	39	ratio	ratio	NOUN
ajfa-3216	191	40	,	,	PUNCT
ajfa-3216	191	41	momentum	momentum	NOUN
ajfa-3216	191	42	and	and	CCONJ
ajfa-3216	191	43	liquidity	liquidity	NOUN
ajfa-3216	191	44	also	also	ADV
ajfa-3216	191	45	constitute	constitute	VERB
ajfa-3216	191	46	significant	significant	ADJ
ajfa-3216	191	47	risk	risk	NOUN
ajfa-3216	191	48	factors	factor	NOUN
ajfa-3216	191	49	that	that	PRON
ajfa-3216	191	50	affects	affect	VERB
ajfa-3216	191	51	stock	stock	NOUN
ajfa-3216	191	52	returns	return	NOUN
ajfa-3216	191	53	and	and	CCONJ
ajfa-3216	191	54	that	that	SCONJ
ajfa-3216	191	55	the	the	DET
ajfa-3216	191	56	risk	risk	NOUN
ajfa-3216	191	57	premiums	premium	NOUN
ajfa-3216	191	58	belonging	belong	VERB
ajfa-3216	191	59	to	to	ADP
ajfa-3216	191	60	these	these	DET
ajfa-3216	191	61	five	five	NUM
ajfa-3216	191	62	factors	factor	NOUN
ajfa-3216	191	63	are	be	AUX
ajfa-3216	191	64	priced	price	VERB
ajfa-3216	191	65	by	by	ADP
ajfa-3216	191	66	the	the	DET
ajfa-3216	191	67	market	market	NOUN
ajfa-3216	191	68	.	.	PUNCT
ajfa-3216	192	1	references	reference	NOUN
ajfa-3216	192	2	ajili	ajili	PROPN
ajfa-3216	192	3	,	,	PUNCT
ajfa-3216	192	4	s.	s.	PROPN
ajfa-3216	192	5	(	(	PUNCT
ajfa-3216	192	6	2003	2003	NUM
ajfa-3216	192	7	)	)	PUNCT
ajfa-3216	192	8	.	.	PUNCT
ajfa-3216	193	1	explaining	explain	VERB
ajfa-3216	193	2	the	the	DET
ajfa-3216	193	3	cross	cross	ADJ
ajfa-3216	193	4	-	-	ADJ
ajfa-3216	193	5	cection	cection	ADJ
ajfa-3216	193	6	returns	return	NOUN
ajfa-3216	193	7	in	in	ADP
ajfa-3216	193	8	france	france	PROPN
ajfa-3216	193	9	:	:	PUNCT
ajfa-3216	193	10	characteristics	characteristic	NOUN
ajfa-3216	193	11	or	or	CCONJ
ajfa-3216	193	12	covariances	covariance	NOUN
ajfa-3216	193	13	?	?	PUNCT
ajfa-3216	193	14	,	,	PUNCT
ajfa-3216	193	15	efma	efma	PROPN
ajfa-3216	193	16	helsinki	helsinki	PROPN
ajfa-3216	193	17	meetings	meeting	NOUN
ajfa-3216	193	18	.	.	PUNCT
ajfa-3216	194	1	banz	banz	PROPN
ajfa-3216	194	2	,	,	PUNCT
ajfa-3216	194	3	r.w	r.w	PROPN
ajfa-3216	194	4	.	.	PROPN
ajfa-3216	194	5	(	(	PUNCT
ajfa-3216	194	6	1981	1981	NUM
ajfa-3216	194	7	)	)	PUNCT
ajfa-3216	194	8	.	.	PUNCT
ajfa-3216	195	1	the	the	DET
ajfa-3216	195	2	relationship	relationship	NOUN
ajfa-3216	195	3	between	between	ADP
ajfa-3216	195	4	return	return	NOUN
ajfa-3216	195	5	and	and	CCONJ
ajfa-3216	195	6	market	market	NOUN
ajfa-3216	195	7	value	value	NOUN
ajfa-3216	195	8	of	of	ADP
ajfa-3216	195	9	common	common	ADJ
ajfa-3216	195	10	stocks	stock	NOUN
ajfa-3216	195	11	.	.	PUNCT
ajfa-3216	196	1	journal	journal	NOUN
ajfa-3216	196	2	of	of	ADP
ajfa-3216	196	3	financial	financial	ADJ
ajfa-3216	196	4	economics	economic	NOUN
ajfa-3216	196	5	,	,	PUNCT
ajfa-3216	196	6	9	9	NUM
ajfa-3216	196	7	,	,	PUNCT
ajfa-3216	196	8	3	3	NUM
ajfa-3216	196	9	-	-	SYM
ajfa-3216	196	10	18	18	NUM
ajfa-3216	196	11	.	.	PUNCT
ajfa-3216	197	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-3216	197	2	basu	basu	PROPN
ajfa-3216	197	3	,	,	PUNCT
ajfa-3216	197	4	s.	s.	PROPN
ajfa-3216	197	5	(	(	PUNCT
ajfa-3216	197	6	1983	1983	NUM
ajfa-3216	197	7	)	)	PUNCT
ajfa-3216	197	8	.	.	PUNCT
ajfa-3216	198	1	the	the	DET
ajfa-3216	198	2	relationship	relationship	NOUN
ajfa-3216	198	3	between	between	ADP
ajfa-3216	198	4	earnings	earning	NOUN
ajfa-3216	198	5	yield	yield	NOUN
ajfa-3216	198	6	,	,	PUNCT
ajfa-3216	198	7	market	market	NOUN
ajfa-3216	198	8	value	value	NOUN
ajfa-3216	198	9	and	and	CCONJ
ajfa-3216	198	10	return	return	VERB
ajfa-3216	198	11	for	for	ADP
ajfa-3216	198	12	nyse	nyse	PROPN
ajfa-3216	198	13	common	common	ADJ
ajfa-3216	198	14	stocks	stock	NOUN
ajfa-3216	198	15	.	.	PUNCT
ajfa-3216	199	1	journal	journal	NOUN
ajfa-3216	199	2	of	of	ADP
ajfa-3216	199	3	financial	financial	ADJ
ajfa-3216	199	4	economics	economic	NOUN
ajfa-3216	199	5	,	,	PUNCT
ajfa-3216	199	6	12	12	NUM
ajfa-3216	199	7	,	,	PUNCT
ajfa-3216	199	8	129	129	NUM
ajfa-3216	199	9	-	-	SYM
ajfa-3216	199	10	156	156	NUM
ajfa-3216	199	11	.	.	PUNCT
ajfa-3216	200	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-3216	200	2	bello	bello	PROPN
ajfa-3216	200	3	,	,	PUNCT
ajfa-3216	200	4	z.	z.	PROPN
ajfa-3216	200	5	(	(	PUNCT
ajfa-3216	200	6	2007	2007	NUM
ajfa-3216	200	7	)	)	PUNCT
ajfa-3216	200	8	.	.	PUNCT
ajfa-3216	201	1	how	how	SCONJ
ajfa-3216	201	2	diversified	diversify	VERB
ajfa-3216	201	3	are	be	AUX
ajfa-3216	201	4	equity	equity	NOUN
ajfa-3216	201	5	mutual	mutual	ADJ
ajfa-3216	201	6	funds	fund	NOUN
ajfa-3216	201	7	.	.	PUNCT
ajfa-3216	202	1	north	north	NOUN
ajfa-3216	202	2	american	american	PROPN
ajfa-3216	202	3	the	the	DET
ajfa-3216	202	4	journal	journal	PROPN
ajfa-3216	202	5	of	of	ADP
ajfa-3216	202	6	finance	finance	NOUN
ajfa-3216	202	7	and	and	CCONJ
ajfa-3216	202	8	banking	banking	NOUN
ajfa-3216	202	9	research	research	NOUN
ajfa-3216	202	10	,	,	PUNCT
ajfa-3216	202	11	1(1	1(1	NUM
ajfa-3216	202	12	)	)	PUNCT
ajfa-3216	202	13	,	,	PUNCT
ajfa-3216	202	14	54	54	NUM
ajfa-3216	202	15	-	-	SYM
ajfa-3216	202	16	63	63	NUM
ajfa-3216	202	17	.	.	PUNCT
ajfa-3216	203	1	black	black	ADJ
ajfa-3216	203	2	,	,	PUNCT
ajfa-3216	203	3	f.	f.	PROPN
ajfa-3216	203	4	,	,	PUNCT
ajfa-3216	203	5	jensen	jensen	PROPN
ajfa-3216	203	6	m.	m.	PROPN
ajfa-3216	203	7	,	,	PUNCT
ajfa-3216	203	8	&	&	CCONJ
ajfa-3216	203	9	scholes	scholes	PROPN
ajfa-3216	203	10	,	,	PUNCT
ajfa-3216	203	11	m.s	m.s	PROPN
ajfa-3216	203	12	.	.	PROPN
ajfa-3216	203	13	(	(	PUNCT
ajfa-3216	203	14	1972	1972	NUM
ajfa-3216	203	15	)	)	PUNCT
ajfa-3216	203	16	.	.	PUNCT
ajfa-3216	204	1	the	the	DET
ajfa-3216	204	2	capital	capital	NOUN
ajfa-3216	204	3	asset	asset	NOUN
ajfa-3216	204	4	pricing	pricing	NOUN
ajfa-3216	204	5	model	model	NOUN
ajfa-3216	204	6	:	:	PUNCT
ajfa-3216	204	7	some	some	DET
ajfa-3216	204	8	empirical	empirical	ADJ
ajfa-3216	204	9	tests	test	NOUN
ajfa-3216	204	10	,	,	PUNCT
ajfa-3216	204	11	new	new	PROPN
ajfa-3216	204	12	york	york	PROPN
ajfa-3216	204	13	.	.	PUNCT
ajfa-3216	205	1	cao	cao	PROPN
ajfa-3216	205	2	,	,	PUNCT
ajfa-3216	205	3	q.	q.	PROPN
ajfa-3216	205	4	,	,	PUNCT
ajfa-3216	205	5	leggio	leggio	PROPN
ajfa-3216	205	6	,	,	PUNCT
ajfa-3216	205	7	k.b	k.b	PROPN
ajfa-3216	205	8	.	.	PROPN
ajfa-3216	205	9	,	,	PUNCT
ajfa-3216	205	10	&	&	CCONJ
ajfa-3216	205	11	schniederjans	schniederjans	PROPN
ajfa-3216	205	12	,	,	PUNCT
ajfa-3216	205	13	m.j	m.j	PROPN
ajfa-3216	205	14	.	.	PROPN
ajfa-3216	205	15	(	(	PUNCT
ajfa-3216	205	16	2005	2005	NUM
ajfa-3216	205	17	)	)	PUNCT
ajfa-3216	205	18	.	.	PUNCT
ajfa-3216	206	1	a	a	DET
ajfa-3216	206	2	comparison	comparison	NOUN
ajfa-3216	206	3	between	between	ADP
ajfa-3216	206	4	fama	fama	PROPN
ajfa-3216	206	5	and	and	CCONJ
ajfa-3216	206	6	french	french	PROPN
ajfa-3216	206	7	’s	’s	PART
ajfa-3216	206	8	model	model	NOUN
ajfa-3216	206	9	and	and	CCONJ
ajfa-3216	206	10	artificial	artificial	ADJ
ajfa-3216	206	11	neural	neural	ADJ
ajfa-3216	206	12	networks	network	NOUN
ajfa-3216	206	13	in	in	ADP
ajfa-3216	206	14	predicting	predict	VERB
ajfa-3216	206	15	the	the	DET
ajfa-3216	206	16	chinese	chinese	ADJ
ajfa-3216	206	17	stock	stock	NOUN
ajfa-3216	206	18	market	market	NOUN
ajfa-3216	206	19	.	.	PUNCT
ajfa-3216	207	1	computers	computer	NOUN
ajfa-3216	207	2	&	&	CCONJ
ajfa-3216	207	3	operations	operation	NOUN
ajfa-3216	207	4	research	research	NOUN
ajfa-3216	207	5	,	,	PUNCT
ajfa-3216	207	6	32	32	NUM
ajfa-3216	207	7	,	,	PUNCT
ajfa-3216	207	8	2499	2499	NUM
ajfa-3216	207	9	-	-	SYM
ajfa-3216	207	10	2512	2512	NUM
ajfa-3216	207	11	.	.	PUNCT
ajfa-3216	208	1	http://dx.doi.org/10.1016/j.cor.2004.03.015	http://dx.doi.org/10.1016/j.cor.2004.03.015	NOUN
ajfa-3216	208	2	carhart	carhart	NOUN
ajfa-3216	208	3	,	,	PUNCT
ajfa-3216	208	4	m.	m.	NOUN
ajfa-3216	208	5	(	(	PUNCT
ajfa-3216	208	6	1997	1997	NUM
ajfa-3216	208	7	)	)	PUNCT
ajfa-3216	208	8	.	.	PUNCT
ajfa-3216	209	1	on	on	ADP
ajfa-3216	209	2	persistence	persistence	NOUN
ajfa-3216	209	3	in	in	ADP
ajfa-3216	209	4	mutual	mutual	ADJ
ajfa-3216	209	5	fund	fund	NOUN
ajfa-3216	209	6	performance	performance	NOUN
ajfa-3216	209	7	.	.	PUNCT
ajfa-3216	210	1	the	the	DET
ajfa-3216	210	2	journal	journal	NOUN
ajfa-3216	210	3	of	of	ADP
ajfa-3216	210	4	finance	finance	NOUN
ajfa-3216	210	5	52	52	NUM
ajfa-3216	210	6	(	(	PUNCT
ajfa-3216	210	7	1	1	NUM
ajfa-3216	210	8	)	)	PUNCT
ajfa-3216	210	9	,	,	PUNCT
ajfa-3216	210	10	57	57	NUM
ajfa-3216	210	11	-	-	SYM
ajfa-3216	210	12	82	82	NUM
ajfa-3216	210	13	.	.	PUNCT
ajfa-3216	211	1	http://dx.doi.org/10.1111/j.1540-6261.1997.tb03808.x	http://dx.doi.org/10.1111/j.1540-6261.1997.tb03808.x	PROPN
ajfa-3216	211	2	chan	chan	PROPN
ajfa-3216	211	3	,	,	PUNCT
ajfa-3216	211	4	l.k.c	l.k.c	NOUN
ajfa-3216	211	5	.	.	PUNCT
ajfa-3216	211	6	,	,	PUNCT
ajfa-3216	211	7	hamao	hamao	PROPN
ajfa-3216	211	8	,	,	PUNCT
ajfa-3216	211	9	y.	y.	PROPN
ajfa-3216	211	10	,	,	PUNCT
ajfa-3216	211	11	&	&	CCONJ
ajfa-3216	211	12	lakonishok	lakonishok	PROPN
ajfa-3216	211	13	,	,	PUNCT
ajfa-3216	211	14	j.	j.	PROPN
ajfa-3216	211	15	(	(	PUNCT
ajfa-3216	211	16	1991	1991	NUM
ajfa-3216	211	17	)	)	PUNCT
ajfa-3216	211	18	.	.	PUNCT
ajfa-3216	212	1	fundamentals	fundamental	NOUN
ajfa-3216	212	2	and	and	CCONJ
ajfa-3216	212	3	stock	stock	NOUN
ajfa-3216	212	4	returns	return	NOUN
ajfa-3216	212	5	in	in	ADP
ajfa-3216	212	6	japan	japan	PROPN
ajfa-3216	212	7	,	,	PUNCT
ajfa-3216	212	8	the	the	DET
ajfa-3216	212	9	journal	journal	NOUN
ajfa-3216	212	10	of	of	ADP
ajfa-3216	212	11	finance	finance	NOUN
ajfa-3216	212	12	,	,	PUNCT
ajfa-3216	212	13	46(5	46(5	PROPN
ajfa-3216	212	14	)	)	PUNCT
ajfa-3216	212	15	,	,	PUNCT
ajfa-3216	212	16	1739	1739	NUM
ajfa-3216	212	17	-	-	SYM
ajfa-3216	212	18	1764	1764	NUM
ajfa-3216	212	19	.	.	PUNCT
ajfa-3216	213	1	http://dx.doi.org/10.1111/j.1540-6261.1991.tb04642.x	http://dx.doi.org/10.1111/j.1540-6261.1991.tb04642.x	PROPN
ajfa-3216	213	2	chan	chan	PROPN
ajfa-3216	213	3	,	,	PUNCT
ajfa-3216	213	4	h.w	h.w	PROPN
ajfa-3216	213	5	.	.	PROPN
ajfa-3216	213	6	,	,	PUNCT
ajfa-3216	213	7	&	&	CCONJ
ajfa-3216	213	8	faff	faff	PROPN
ajfa-3216	213	9	,	,	PUNCT
ajfa-3216	213	10	r.w	r.w	PROPN
ajfa-3216	213	11	.	.	PROPN
ajfa-3216	213	12	(	(	PUNCT
ajfa-3216	213	13	2005	2005	NUM
ajfa-3216	213	14	)	)	PUNCT
ajfa-3216	213	15	.	.	PUNCT
ajfa-3216	214	1	asset	asset	NOUN
ajfa-3216	214	2	pricing	pricing	NOUN
ajfa-3216	214	3	and	and	CCONJ
ajfa-3216	214	4	the	the	DET
ajfa-3216	214	5	illiquidity	illiquidity	NOUN
ajfa-3216	214	6	premium	premium	NOUN
ajfa-3216	214	7	.	.	PUNCT
ajfa-3216	215	1	financial	financial	ADJ
ajfa-3216	215	2	review	review	PROPN
ajfa-3216	215	3	,	,	PUNCT
ajfa-3216	215	4	40	40	NUM
ajfa-3216	215	5	,	,	PUNCT
ajfa-3216	215	6	429	429	NUM
ajfa-3216	215	7	-	-	SYM
ajfa-3216	215	8	458	458	NUM
ajfa-3216	215	9	.	.	PUNCT
ajfa-3216	216	1	http://dx.doi.org/10.1111/j.1540-6288.2005.00118.x	http://dx.doi.org/10.1111/j.1540-6288.2005.00118.x	ADJ
ajfa-3216	216	2	campbell	campbell	PROPN
ajfa-3216	216	3	,	,	PUNCT
ajfa-3216	216	4	j.y	j.y	PROPN
ajfa-3216	216	5	.	.	PROPN
ajfa-3216	216	6	,	,	PUNCT
ajfa-3216	216	7	lo	lo	PROPN
ajfa-3216	216	8	,	,	PUNCT
ajfa-3216	216	9	a.w	a.w	PROPN
ajfa-3216	216	10	.	.	PROPN
ajfa-3216	216	11	,	,	PUNCT
ajfa-3216	216	12	&	&	CCONJ
ajfa-3216	216	13	mackinlay	mackinlay	PROPN
ajfa-3216	216	14	,	,	PUNCT
ajfa-3216	216	15	a.c	a.c	PROPN
ajfa-3216	216	16	.	.	PROPN
ajfa-3216	216	17	(	(	PUNCT
ajfa-3216	216	18	1997	1997	NUM
ajfa-3216	216	19	)	)	PUNCT
ajfa-3216	216	20	.	.	PUNCT
ajfa-3216	217	1	the	the	DET
ajfa-3216	217	2	econometrics	econometric	NOUN
ajfa-3216	217	3	of	of	ADP
ajfa-3216	217	4	financial	financial	ADJ
ajfa-3216	217	5	markets	market	NOUN
ajfa-3216	217	6	.	.	PUNCT
ajfa-3216	218	1	new	new	PROPN
ajfa-3216	218	2	jersey	jersey	PROPN
ajfa-3216	218	3	:	:	PUNCT
ajfa-3216	218	4	princeton	princeton	PROPN
ajfa-3216	218	5	university	university	PROPN
ajfa-3216	218	6	press	press	NOUN
ajfa-3216	218	7	.	.	PUNCT
ajfa-3216	219	1	asian	asian	ADJ
ajfa-3216	219	2	journal	journal	PROPN
ajfa-3216	219	3	of	of	ADP
ajfa-3216	219	4	finance	finance	PROPN
ajfa-3216	219	5	&	&	CCONJ
ajfa-3216	219	6	accounting	accounting	PROPN
ajfa-3216	219	7	issn	issn	PROPN
ajfa-3216	219	8	1946	1946	NUM
ajfa-3216	219	9	-	-	PUNCT
ajfa-3216	219	10	052x	052x	NOUN
ajfa-3216	219	11	2013	2013	NUM
ajfa-3216	219	12	,	,	PUNCT
ajfa-3216	219	13	vol	vol	NOUN
ajfa-3216	219	14	.	.	PROPN
ajfa-3216	219	15	5	5	NUM
ajfa-3216	219	16	,	,	PUNCT
ajfa-3216	219	17	no	no	INTJ
ajfa-3216	219	18	.	.	NOUN
ajfa-3216	219	19	1	1	NUM
ajfa-3216	219	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3216	219	21	207	207	NUM
ajfa-3216	219	22	carmichael	carmichael	PROPN
ajfa-3216	219	23	,	,	PUNCT
ajfa-3216	219	24	b.	b.	PROPN
ajfa-3216	219	25	,	,	PUNCT
ajfa-3216	219	26	coën	coën	PROPN
ajfa-3216	219	27	,	,	PUNCT
ajfa-3216	219	28	a.	a.	NOUN
ajfa-3216	219	29	(	(	PUNCT
ajfa-3216	219	30	2008	2008	NUM
ajfa-3216	219	31	)	)	PUNCT
ajfa-3216	219	32	.	.	PUNCT
ajfa-3216	220	1	asset	asset	NOUN
ajfa-3216	220	2	pricing	pricing	NOUN
ajfa-3216	220	3	models	model	NOUN
ajfa-3216	220	4	with	with	ADP
ajfa-3216	220	5	errors	error	NOUN
ajfa-3216	220	6	-	-	PUNCT
ajfa-3216	220	7	in	in	ADP
ajfa-3216	220	8	-	-	PUNCT
ajfa-3216	220	9	variables	variable	NOUN
ajfa-3216	220	10	.	.	PUNCT
ajfa-3216	221	1	journal	journal	NOUN
ajfa-3216	221	2	of	of	ADP
ajfa-3216	221	3	empirical	empirical	ADJ
ajfa-3216	221	4	finance	finance	NOUN
ajfa-3216	221	5	,	,	PUNCT
ajfa-3216	221	6	15	15	NUM
ajfa-3216	221	7	,	,	PUNCT
ajfa-3216	221	8	778	778	NUM
ajfa-3216	221	9	-	-	SYM
ajfa-3216	221	10	788	788	NUM
ajfa-3216	221	11	.	.	PUNCT
ajfa-3216	222	1	http://dx.doi.org/10.1016/j.jempfin.2008.01.002	http://dx.doi.org/10.1016/j.jempfin.2008.01.002	PROPN
ajfa-3216	222	2	daniel	daniel	PROPN
ajfa-3216	222	3	,	,	PUNCT
ajfa-3216	222	4	k.	k.	PROPN
ajfa-3216	222	5	,	,	PUNCT
ajfa-3216	222	6	titman	titman	PROPN
ajfa-3216	222	7	,	,	PUNCT
ajfa-3216	222	8	s.	s.	PROPN
ajfa-3216	222	9	(	(	PUNCT
ajfa-3216	222	10	1997	1997	NUM
ajfa-3216	222	11	)	)	PUNCT
ajfa-3216	222	12	.	.	PUNCT
ajfa-3216	223	1	evidence	evidence	NOUN
ajfa-3216	223	2	on	on	ADP
ajfa-3216	223	3	the	the	DET
ajfa-3216	223	4	characteristic	characteristic	NOUN
ajfa-3216	223	5	of	of	ADP
ajfa-3216	223	6	cross	cross	ADJ
ajfa-3216	223	7	-	-	ADJ
ajfa-3216	223	8	sectional	sectional	ADJ
ajfa-3216	223	9	variation	variation	NOUN
ajfa-3216	223	10	in	in	ADP
ajfa-3216	223	11	stock	stock	NOUN
ajfa-3216	223	12	return	return	NOUN
ajfa-3216	223	13	.	.	PUNCT
ajfa-3216	224	1	the	the	DET
ajfa-3216	224	2	journal	journal	NOUN
ajfa-3216	224	3	of	of	ADP
ajfa-3216	224	4	finance	finance	NOUN
ajfa-3216	224	5	,	,	PUNCT
ajfa-3216	224	6	52(1	52(1	NOUN
ajfa-3216	224	7	)	)	PUNCT
ajfa-3216	224	8	,	,	PUNCT
ajfa-3216	224	9	1	1	NUM
ajfa-3216	224	10	-	-	SYM
ajfa-3216	224	11	33	33	NUM
ajfa-3216	224	12	.	.	PUNCT
ajfa-3216	224	13	http://dx.doi.org/10.1111/j.1540-6261.1997.tb03806.x	http://dx.doi.org/10.1111/j.1540-6261.1997.tb03806.x	PROPN
ajfa-3216	224	14	eckbo	eckbo	PROPN
ajfa-3216	224	15	,	,	PUNCT
ajfa-3216	224	16	b.	b.	PROPN
ajfa-3216	224	17	e.	e.	PROPN
ajfa-3216	224	18	,	,	PUNCT
ajfa-3216	224	19	&	&	CCONJ
ajfa-3216	224	20	norli	norli	ADJ
ajfa-3216	224	21	,	,	PUNCT
ajfa-3216	224	22	o.	o.	PROPN
ajfa-3216	224	23	(	(	PUNCT
ajfa-3216	224	24	2005	2005	NUM
ajfa-3216	224	25	)	)	PUNCT
ajfa-3216	224	26	.	.	PUNCT
ajfa-3216	225	1	liquidity	liquidity	NOUN
ajfa-3216	225	2	risk	risk	NOUN
ajfa-3216	225	3	,	,	PUNCT
ajfa-3216	225	4	leverage	leverage	NOUN
ajfa-3216	225	5	and	and	CCONJ
ajfa-3216	225	6	long	long	ADV
ajfa-3216	225	7	-	-	PUNCT
ajfa-3216	225	8	run	run	VERB
ajfa-3216	225	9	ipo	ipo	NOUN
ajfa-3216	225	10	returns	return	NOUN
ajfa-3216	225	11	.	.	PUNCT
ajfa-3216	226	1	journal	journal	NOUN
ajfa-3216	226	2	of	of	ADP
ajfa-3216	226	3	corporate	corporate	ADJ
ajfa-3216	226	4	finance	finance	NOUN
ajfa-3216	226	5	,	,	PUNCT
ajfa-3216	226	6	11(1	11(1	NUM
ajfa-3216	226	7	-	-	SYM
ajfa-3216	226	8	2	2	NUM
ajfa-3216	226	9	)	)	PUNCT
ajfa-3216	226	10	,	,	PUNCT
ajfa-3216	226	11	1	1	NUM
ajfa-3216	226	12	-	-	SYM
ajfa-3216	226	13	35	35	NUM
ajfa-3216	226	14	.	.	PUNCT
ajfa-3216	227	1	http://dx.doi.org/10.1016/j.jcorpfin.2004.02.002	http://dx.doi.org/10.1016/j.jcorpfin.2004.02.002	PROPN
ajfa-3216	227	2	fama	fama	PROPN
ajfa-3216	227	3	,	,	PUNCT
ajfa-3216	227	4	e.	e.	PROPN
ajfa-3216	227	5	f.	f.	PROPN
ajfa-3216	227	6	,	,	PUNCT
ajfa-3216	227	7	&	&	CCONJ
ajfa-3216	227	8	french	french	PROPN
ajfa-3216	227	9	,	,	PUNCT
ajfa-3216	227	10	k.	k.	PROPN
ajfa-3216	227	11	r.	r.	PROPN
ajfa-3216	227	12	(	(	PUNCT
ajfa-3216	227	13	1993	1993	NUM
ajfa-3216	227	14	)	)	PUNCT
ajfa-3216	227	15	.	.	PUNCT
ajfa-3216	228	1	common	common	ADJ
ajfa-3216	228	2	risk	risk	NOUN
ajfa-3216	228	3	factors	factor	NOUN
ajfa-3216	228	4	in	in	ADP
ajfa-3216	228	5	the	the	DET
ajfa-3216	228	6	returns	return	NOUN
ajfa-3216	228	7	on	on	ADP
ajfa-3216	228	8	stocks	stock	NOUN
ajfa-3216	228	9	and	and	CCONJ
ajfa-3216	228	10	bonds	bond	NOUN
ajfa-3216	228	11	.	.	PUNCT
ajfa-3216	229	1	journal	journal	NOUN
ajfa-3216	229	2	of	of	ADP
ajfa-3216	229	3	economics	economic	NOUN
ajfa-3216	229	4	,	,	PUNCT
ajfa-3216	229	5	33	33	NUM
ajfa-3216	229	6	,	,	PUNCT
ajfa-3216	229	7	3	3	NUM
ajfa-3216	229	8	-	-	SYM
ajfa-3216	229	9	56	56	NUM
ajfa-3216	229	10	.	.	PUNCT
ajfa-3216	230	1	fama	fama	PROPN
ajfa-3216	230	2	,	,	PUNCT
ajfa-3216	230	3	e.	e.	PROPN
ajfa-3216	230	4	f.	f.	PROPN
ajfa-3216	230	5	,	,	PUNCT
ajfa-3216	230	6	&	&	CCONJ
ajfa-3216	230	7	french	french	PROPN
ajfa-3216	230	8	,	,	PUNCT
ajfa-3216	230	9	k.	k.	PROPN
ajfa-3216	230	10	r.	r.	PROPN
ajfa-3216	230	11	(	(	PUNCT
ajfa-3216	230	12	1996	1996	NUM
ajfa-3216	230	13	)	)	PUNCT
ajfa-3216	230	14	.	.	PUNCT
ajfa-3216	231	1	multifactor	multifactor	NOUN
ajfa-3216	231	2	explanations	explanation	NOUN
ajfa-3216	231	3	of	of	ADP
ajfa-3216	231	4	asset	asset	NOUN
ajfa-3216	231	5	pricing	pricing	NOUN
ajfa-3216	231	6	anomalies	anomaly	NOUN
ajfa-3216	231	7	.	.	PUNCT
ajfa-3216	232	1	the	the	DET
ajfa-3216	232	2	journal	journal	PROPN
ajfa-3216	232	3	of	of	ADP
ajfa-3216	232	4	finance	finance	NOUN
ajfa-3216	232	5	,	,	PUNCT
ajfa-3216	232	6	51	51	NUM
ajfa-3216	232	7	,	,	PUNCT
ajfa-3216	232	8	55	55	NUM
ajfa-3216	232	9	-	-	SYM
ajfa-3216	232	10	83	83	NUM
ajfa-3216	232	11	.	.	PUNCT
ajfa-3216	233	1	http://dx.doi.org/10.1111/j.1540-6261.1996.tb05202.x	http://dx.doi.org/10.1111/j.1540-6261.1996.tb05202.x	PROPN
ajfa-3216	233	2	gibbons	gibbon	NOUN
ajfa-3216	233	3	,	,	PUNCT
ajfa-3216	233	4	m.	m.	NOUN
ajfa-3216	233	5	,	,	PUNCT
ajfa-3216	233	6	ross	ross	PROPN
ajfa-3216	233	7	,	,	PUNCT
ajfa-3216	233	8	s.	s.	PROPN
ajfa-3216	233	9	,	,	PUNCT
ajfa-3216	233	10	&	&	CCONJ
ajfa-3216	233	11	shanken	shanken	PROPN
ajfa-3216	233	12	,	,	PUNCT
ajfa-3216	233	13	j.	j.	PROPN
ajfa-3216	233	14	(	(	PUNCT
ajfa-3216	233	15	1989	1989	NUM
ajfa-3216	233	16	)	)	PUNCT
ajfa-3216	233	17	.	.	PUNCT
ajfa-3216	234	1	a	a	DET
ajfa-3216	234	2	test	test	NOUN
ajfa-3216	234	3	of	of	ADP
ajfa-3216	234	4	the	the	DET
ajfa-3216	234	5	efficiency	efficiency	NOUN
ajfa-3216	234	6	of	of	ADP
ajfa-3216	234	7	a	a	DET
ajfa-3216	234	8	given	give	VERB
ajfa-3216	234	9	portfolio	portfolio	NOUN
ajfa-3216	234	10	.	.	PUNCT
ajfa-3216	235	1	econometrica	econometrica	PROPN
ajfa-3216	235	2	,	,	PUNCT
ajfa-3216	235	3	57	57	NUM
ajfa-3216	235	4	,	,	PUNCT
ajfa-3216	235	5	1121	1121	NUM
ajfa-3216	235	6	-	-	SYM
ajfa-3216	235	7	1152	1152	NUM
ajfa-3216	235	8	.	.	PUNCT
ajfa-3216	236	1	http://dx.doi.org/10.2307/1913625	http://dx.doi.org/10.2307/1913625	PROPN
ajfa-3216	236	2	gregory	gregory	PROPN
ajfa-3216	236	3	,	,	PUNCT
ajfa-3216	236	4	a.	a.	PROPN
ajfa-3216	236	5	,	,	PUNCT
ajfa-3216	236	6	tharyan	tharyan	PROPN
ajfa-3216	236	7	,	,	PUNCT
ajfa-3216	236	8	r.	r.	PROPN
ajfa-3216	236	9	,	,	PUNCT
ajfa-3216	236	10	&	&	CCONJ
ajfa-3216	236	11	huang	huang	PROPN
ajfa-3216	236	12	,	,	PUNCT
ajfa-3216	236	13	a.	a.	PROPN
ajfa-3216	236	14	(	(	PUNCT
ajfa-3216	236	15	2009	2009	NUM
ajfa-3216	236	16	)	)	PUNCT
ajfa-3216	236	17	.	.	PUNCT
ajfa-3216	237	1	the	the	DET
ajfa-3216	237	2	fama	fama	PROPN
ajfa-3216	237	3	-	-	PUNCT
ajfa-3216	237	4	french	french	ADJ
ajfa-3216	237	5	and	and	CCONJ
ajfa-3216	237	6	momentum	momentum	NOUN
ajfa-3216	237	7	portfolios	portfolio	NOUN
ajfa-3216	237	8	and	and	CCONJ
ajfa-3216	237	9	factors	factor	NOUN
ajfa-3216	237	10	in	in	ADP
ajfa-3216	237	11	the	the	DET
ajfa-3216	237	12	uk	uk	PROPN
ajfa-3216	237	13	,	,	PUNCT
ajfa-3216	237	14	university	university	NOUN
ajfa-3216	237	15	of	of	ADP
ajfa-3216	237	16	exeter	exeter	PROPN
ajfa-3216	237	17	business	business	PROPN
ajfa-3216	237	18	school	school	PROPN
ajfa-3216	237	19	,	,	PUNCT
ajfa-3216	237	20	xfi	xfi	PROPN
ajfa-3216	237	21	centre	centre	PROPN
ajfa-3216	237	22	for	for	ADP
ajfa-3216	237	23	finance	finance	NOUN
ajfa-3216	237	24	and	and	CCONJ
ajfa-3216	237	25	investment	investment	NOUN
ajfa-3216	237	26	paper	paper	NOUN
ajfa-3216	237	27	no	no	INTJ
ajfa-3216	237	28	.	.	PUNCT
ajfa-3216	238	1	09/05	09/05	NUM
ajfa-3216	238	2	,	,	PUNCT
ajfa-3216	238	3	working	working	NOUN
ajfa-3216	238	4	paper	paper	NOUN
ajfa-3216	238	5	series	series	NOUN
ajfa-3216	238	6	,	,	PUNCT
ajfa-3216	238	7	december	december	PROPN
ajfa-3216	238	8	2009	2009	NUM
ajfa-3216	238	9	.	.	PUNCT
ajfa-3216	239	1	griffin	griffin	PROPN
ajfa-3216	239	2	j.	j.	PROPN
ajfa-3216	239	3	,	,	PUNCT
ajfa-3216	239	4	ji	ji	PROPN
ajfa-3216	239	5	,	,	PUNCT
ajfa-3216	239	6	x.	x.	PROPN
ajfa-3216	239	7	,	,	PUNCT
ajfa-3216	239	8	&	&	CCONJ
ajfa-3216	239	9	martin	martin	PROPN
ajfa-3216	239	10	,	,	PUNCT
ajfa-3216	239	11	s.	s.	PROPN
ajfa-3216	239	12	(	(	PUNCT
ajfa-3216	239	13	2003	2003	NUM
ajfa-3216	239	14	)	)	PUNCT
ajfa-3216	239	15	.	.	PUNCT
ajfa-3216	240	1	momentum	momentum	NOUN
ajfa-3216	240	2	investing	investing	NOUN
ajfa-3216	240	3	and	and	CCONJ
ajfa-3216	240	4	business	business	NOUN
ajfa-3216	240	5	cycle	cycle	NOUN
ajfa-3216	240	6	risk	risk	NOUN
ajfa-3216	240	7	:	:	PUNCT
ajfa-3216	240	8	evidence	evidence	NOUN
ajfa-3216	240	9	from	from	ADP
ajfa-3216	240	10	pole	pole	NOUN
ajfa-3216	240	11	to	to	AUX
ajfa-3216	240	12	pole	pole	VERB
ajfa-3216	240	13	.	.	PUNCT
ajfa-3216	241	1	the	the	DET
ajfa-3216	241	2	journal	journal	PROPN
ajfa-3216	241	3	of	of	ADP
ajfa-3216	241	4	finance	finance	NOUN
ajfa-3216	241	5	,	,	PUNCT
ajfa-3216	241	6	57(6	57(6	NUM
ajfa-3216	241	7	)	)	PUNCT
ajfa-3216	241	8	,	,	PUNCT
ajfa-3216	241	9	2515	2515	NUM
ajfa-3216	241	10	-	-	SYM
ajfa-3216	241	11	2547	2547	NUM
ajfa-3216	241	12	.	.	PUNCT
ajfa-3216	242	1	http://dx.doi.org/10.1046/j.1540-6261.2003.00614.x	http://dx.doi.org/10.1046/j.1540-6261.2003.00614.x	ADJ
ajfa-3216	242	2	iqbal	iqbal	PROPN
ajfa-3216	242	3	,	,	PUNCT
ajfa-3216	242	4	j.	j.	PROPN
ajfa-3216	242	5	,	,	PUNCT
ajfa-3216	242	6	&	&	CCONJ
ajfa-3216	242	7	brooks	brooks	PROPN
ajfa-3216	242	8	,	,	PUNCT
ajfa-3216	242	9	r.	r.	PROPN
ajfa-3216	242	10	(	(	PUNCT
ajfa-3216	242	11	2007	2007	NUM
ajfa-3216	242	12	)	)	PUNCT
ajfa-3216	242	13	.	.	PUNCT
ajfa-3216	243	1	alternative	alternative	ADJ
ajfa-3216	243	2	beta	beta	ADJ
ajfa-3216	243	3	risk	risk	NOUN
ajfa-3216	243	4	estimators	estimator	NOUN
ajfa-3216	243	5	and	and	CCONJ
ajfa-3216	243	6	asset	asset	NOUN
ajfa-3216	243	7	pricing	pricing	NOUN
ajfa-3216	243	8	tests	test	NOUN
ajfa-3216	243	9	in	in	ADP
ajfa-3216	243	10	emerging	emerge	VERB
ajfa-3216	243	11	markets	market	NOUN
ajfa-3216	243	12	:	:	PUNCT
ajfa-3216	243	13	the	the	DET
ajfa-3216	243	14	case	case	NOUN
ajfa-3216	243	15	of	of	ADP
ajfa-3216	243	16	pakistan	pakistan	PROPN
ajfa-3216	243	17	.	.	PUNCT
ajfa-3216	244	1	journal	journal	PROPN
ajfa-3216	244	2	of	of	ADP
ajfa-3216	244	3	multinational	multinational	ADJ
ajfa-3216	244	4	financial	financial	ADJ
ajfa-3216	244	5	management	management	NOUN
ajfa-3216	244	6	,	,	PUNCT
ajfa-3216	244	7	17	17	NUM
ajfa-3216	244	8	,	,	PUNCT
ajfa-3216	244	9	75	75	NUM
ajfa-3216	244	10	-	-	SYM
ajfa-3216	244	11	93	93	NUM
ajfa-3216	244	12	.	.	PUNCT
ajfa-3216	245	1	http://dx.doi.org/10.1016/j.mulfin.2006.04.001	http://dx.doi.org/10.1016/j.mulfin.2006.04.001	PROPN
ajfa-3216	245	2	jegadeesh	jegadeesh	NOUN
ajfa-3216	245	3	,	,	PUNCT
ajfa-3216	245	4	n.	n.	NOUN
ajfa-3216	245	5	,	,	PUNCT
ajfa-3216	245	6	&	&	CCONJ
ajfa-3216	245	7	titman	titman	PROPN
ajfa-3216	245	8	,	,	PUNCT
ajfa-3216	245	9	s.	s.	PROPN
ajfa-3216	245	10	(	(	PUNCT
ajfa-3216	245	11	1993	1993	NUM
ajfa-3216	245	12	)	)	PUNCT
ajfa-3216	245	13	.	.	PUNCT
ajfa-3216	246	1	returns	return	NOUN
ajfa-3216	246	2	to	to	ADP
ajfa-3216	246	3	buying	buy	VERB
ajfa-3216	246	4	winners	winner	NOUN
ajfa-3216	246	5	and	and	CCONJ
ajfa-3216	246	6	selling	sell	VERB
ajfa-3216	246	7	losers	loser	NOUN
ajfa-3216	246	8	:	:	PUNCT
ajfa-3216	246	9	implications	implication	NOUN
ajfa-3216	246	10	for	for	ADP
ajfa-3216	246	11	stock	stock	NOUN
ajfa-3216	246	12	market	market	NOUN
ajfa-3216	246	13	efficiency	efficiency	NOUN
ajfa-3216	246	14	.	.	PUNCT
ajfa-3216	247	1	the	the	DET
ajfa-3216	247	2	journal	journal	PROPN
ajfa-3216	247	3	of	of	ADP
ajfa-3216	247	4	finance	finance	NOUN
ajfa-3216	247	5	,	,	PUNCT
ajfa-3216	247	6	48	48	NUM
ajfa-3216	247	7	,	,	PUNCT
ajfa-3216	247	8	65	65	NUM
ajfa-3216	247	9	-	-	SYM
ajfa-3216	247	10	91	91	NUM
ajfa-3216	247	11	.	.	PUNCT
ajfa-3216	248	1	http://dx.doi.org/10.1111/j.1540-6261.1993.tb04702.x	http://dx.doi.org/10.1111/j.1540-6261.1993.tb04702.x	PROPN
ajfa-3216	248	2	jegadeesh	jegadeesh	NOUN
ajfa-3216	248	3	,	,	PUNCT
ajfa-3216	248	4	n.	n.	PROPN
ajfa-3216	248	5	(	(	PUNCT
ajfa-3216	248	6	2000	2000	NUM
ajfa-3216	248	7	)	)	PUNCT
ajfa-3216	248	8	.	.	PUNCT
ajfa-3216	249	1	long	long	ADJ
ajfa-3216	249	2	-	-	PUNCT
ajfa-3216	249	3	term	term	NOUN
ajfa-3216	249	4	performance	performance	NOUN
ajfa-3216	249	5	of	of	ADP
ajfa-3216	249	6	seasoned	seasoned	ADJ
ajfa-3216	249	7	equity	equity	NOUN
ajfa-3216	249	8	offerings	offering	NOUN
ajfa-3216	249	9	:	:	PUNCT
ajfa-3216	249	10	benchmark	benchmark	NOUN
ajfa-3216	249	11	errors	error	NOUN
ajfa-3216	249	12	and	and	CCONJ
ajfa-3216	249	13	biases	bias	NOUN
ajfa-3216	249	14	in	in	ADP
ajfa-3216	249	15	expectations	expectation	NOUN
ajfa-3216	249	16	.	.	PUNCT
ajfa-3216	250	1	financial	financial	ADJ
ajfa-3216	250	2	management	management	NOUN
ajfa-3216	250	3	,	,	PUNCT
ajfa-3216	250	4	29(3	29(3	NUM
ajfa-3216	250	5	)	)	PUNCT
ajfa-3216	250	6	,	,	PUNCT
ajfa-3216	250	7	5	5	NUM
ajfa-3216	250	8	-	-	SYM
ajfa-3216	250	9	30	30	NUM
ajfa-3216	250	10	.	.	PUNCT
ajfa-3216	251	1	http://dx.doi.org/10.2307/3666227	http://dx.doi.org/10.2307/3666227	PROPN
ajfa-3216	251	2	keim	keim	PROPN
ajfa-3216	251	3	,	,	PUNCT
ajfa-3216	251	4	d.	d.	PROPN
ajfa-3216	251	5	b.	b.	PROPN
ajfa-3216	251	6	(	(	PUNCT
ajfa-3216	251	7	1985	1985	NUM
ajfa-3216	251	8	)	)	PUNCT
ajfa-3216	251	9	.	.	PUNCT
ajfa-3216	252	1	dividend	dividend	NOUN
ajfa-3216	252	2	yields	yield	NOUN
ajfa-3216	252	3	and	and	CCONJ
ajfa-3216	252	4	stock	stock	NOUN
ajfa-3216	252	5	returns	return	NOUN
ajfa-3216	252	6	.	.	PUNCT
ajfa-3216	253	1	journal	journal	NOUN
ajfa-3216	253	2	of	of	ADP
ajfa-3216	253	3	financial	financial	ADJ
ajfa-3216	253	4	economics	economic	NOUN
ajfa-3216	253	5	14	14	NUM
ajfa-3216	253	6	,	,	PUNCT
ajfa-3216	253	7	473	473	NUM
ajfa-3216	253	8	-	-	SYM
ajfa-3216	253	9	489	489	NUM
ajfa-3216	253	10	.	.	PUNCT
ajfa-3216	254	1	http://dx.doi.org/10.1016/0304-405x(85)90009-1	http://dx.doi.org/10.1016/0304-405x(85)90009-1	PROPN
ajfa-3216	254	2	kim	kim	PROPN
ajfa-3216	254	3	,	,	PUNCT
ajfa-3216	254	4	d.	d.	PROPN
ajfa-3216	254	5	,	,	PUNCT
ajfa-3216	254	6	&	&	CCONJ
ajfa-3216	254	7	kim	kim	PROPN
ajfa-3216	254	8	,	,	PUNCT
ajfa-3216	254	9	m.	m.	NOUN
ajfa-3216	254	10	(	(	PUNCT
ajfa-3216	254	11	2003	2003	NUM
ajfa-3216	254	12	)	)	PUNCT
ajfa-3216	254	13	.	.	PUNCT
ajfa-3216	255	1	a	a	DET
ajfa-3216	255	2	multifactor	multifactor	NOUN
ajfa-3216	255	3	explanation	explanation	NOUN
ajfa-3216	255	4	of	of	ADP
ajfa-3216	255	5	post	post	ADJ
ajfa-3216	255	6	-	-	ADJ
ajfa-3216	255	7	earnings	earnings	ADJ
ajfa-3216	255	8	announcement	announcement	NOUN
ajfa-3216	255	9	drift	drift	NOUN
ajfa-3216	255	10	.	.	PUNCT
ajfa-3216	256	1	journal	journal	NOUN
ajfa-3216	256	2	of	of	ADP
ajfa-3216	256	3	financial	financial	ADJ
ajfa-3216	256	4	quantitative	quantitative	ADJ
ajfa-3216	256	5	analysis	analysis	NOUN
ajfa-3216	256	6	,	,	PUNCT
ajfa-3216	256	7	38(2	38(2	NOUN
ajfa-3216	256	8	)	)	PUNCT
ajfa-3216	256	9	,	,	PUNCT
ajfa-3216	256	10	383	383	NUM
ajfa-3216	256	11	-	-	SYM
ajfa-3216	256	12	398	398	NUM
ajfa-3216	256	13	.	.	PUNCT
ajfa-3216	257	1	http://dx.doi.org/10.2307/4126756	http://dx.doi.org/10.2307/4126756	PROPN
ajfa-3216	257	2	lintner	lintner	PROPN
ajfa-3216	257	3	,	,	PUNCT
ajfa-3216	257	4	j.	j.	PROPN
ajfa-3216	257	5	(	(	PUNCT
ajfa-3216	257	6	1965	1965	NUM
ajfa-3216	257	7	)	)	PUNCT
ajfa-3216	257	8	.	.	PUNCT
ajfa-3216	258	1	the	the	DET
ajfa-3216	258	2	valuation	valuation	NOUN
ajfa-3216	258	3	of	of	ADP
ajfa-3216	258	4	risk	risk	NOUN
ajfa-3216	258	5	assets	asset	NOUN
ajfa-3216	258	6	and	and	CCONJ
ajfa-3216	258	7	selection	selection	NOUN
ajfa-3216	258	8	of	of	ADP
ajfa-3216	258	9	risky	risky	ADJ
ajfa-3216	258	10	investments	investment	NOUN
ajfa-3216	258	11	in	in	ADP
ajfa-3216	258	12	stock	stock	NOUN
ajfa-3216	258	13	portfolios	portfolio	NOUN
ajfa-3216	258	14	and	and	CCONJ
ajfa-3216	258	15	capital	capital	NOUN
ajfa-3216	258	16	budgets	budget	NOUN
ajfa-3216	258	17	.	.	PUNCT
ajfa-3216	259	1	review	review	NOUN
ajfa-3216	259	2	of	of	ADP
ajfa-3216	259	3	economics	economic	NOUN
ajfa-3216	259	4	and	and	CCONJ
ajfa-3216	259	5	statistics	statistic	NOUN
ajfa-3216	259	6	,	,	PUNCT
ajfa-3216	259	7	2	2	NUM
ajfa-3216	259	8	,	,	PUNCT
ajfa-3216	259	9	13	13	NUM
ajfa-3216	259	10	-	-	SYM
ajfa-3216	259	11	37	37	NUM
ajfa-3216	259	12	.	.	PUNCT
ajfa-3216	260	1	http://dx.doi.org/10.2307/1924119	http://dx.doi.org/10.2307/1924119	PROPN
ajfa-3216	260	2	asian	asian	PROPN
ajfa-3216	260	3	journal	journal	PROPN
ajfa-3216	260	4	of	of	ADP
ajfa-3216	260	5	finance	finance	PROPN
ajfa-3216	260	6	&	&	CCONJ
ajfa-3216	260	7	accounting	accounting	PROPN
ajfa-3216	260	8	issn	issn	PROPN
ajfa-3216	260	9	1946	1946	NUM
ajfa-3216	260	10	-	-	PUNCT
ajfa-3216	260	11	052x	052x	NOUN
ajfa-3216	260	12	2013	2013	NUM
ajfa-3216	260	13	,	,	PUNCT
ajfa-3216	260	14	vol	vol	NOUN
ajfa-3216	260	15	.	.	PROPN
ajfa-3216	260	16	5	5	NUM
ajfa-3216	260	17	,	,	PUNCT
ajfa-3216	260	18	no	no	INTJ
ajfa-3216	260	19	.	.	NOUN
ajfa-3216	260	20	1	1	NUM
ajfa-3216	260	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3216	260	22	208	208	NUM
ajfa-3216	260	23	lam	lam	PROPN
ajfa-3216	260	24	,	,	PUNCT
ajfa-3216	260	25	k.	k.	PROPN
ajfa-3216	260	26	s.	s.	PROPN
ajfa-3216	260	27	(	(	PUNCT
ajfa-3216	260	28	2002	2002	NUM
ajfa-3216	260	29	)	)	PUNCT
ajfa-3216	260	30	.	.	PUNCT
ajfa-3216	261	1	the	the	DET
ajfa-3216	261	2	relationship	relationship	NOUN
ajfa-3216	261	3	between	between	ADP
ajfa-3216	261	4	size	size	NOUN
ajfa-3216	261	5	,	,	PUNCT
ajfa-3216	261	6	book	book	NOUN
ajfa-3216	261	7	-	-	PUNCT
ajfa-3216	261	8	to	to	ADP
ajfa-3216	261	9	-	-	PUNCT
ajfa-3216	261	10	market	market	NOUN
ajfa-3216	261	11	equity	equity	NOUN
ajfa-3216	261	12	ratio	ratio	NOUN
ajfa-3216	261	13	,	,	PUNCT
ajfa-3216	261	14	earnings	earning	NOUN
ajfa-3216	261	15	–	–	PUNCT
ajfa-3216	261	16	price	price	NOUN
ajfa-3216	261	17	ratio	ratio	NOUN
ajfa-3216	261	18	,	,	PUNCT
ajfa-3216	261	19	and	and	CCONJ
ajfa-3216	261	20	return	return	VERB
ajfa-3216	261	21	for	for	ADP
ajfa-3216	261	22	the	the	DET
ajfa-3216	261	23	hong	hong	PROPN
ajfa-3216	261	24	kong	kong	PROPN
ajfa-3216	261	25	stock	stock	NOUN
ajfa-3216	261	26	market	market	NOUN
ajfa-3216	261	27	.	.	PUNCT
ajfa-3216	262	1	global	global	ADJ
ajfa-3216	262	2	finance	finance	PROPN
ajfa-3216	262	3	journal	journal	NOUN
ajfa-3216	262	4	,	,	PUNCT
ajfa-3216	262	5	13	13	NUM
ajfa-3216	262	6	,	,	PUNCT
ajfa-3216	262	7	163	163	NUM
ajfa-3216	262	8	-	-	SYM
ajfa-3216	262	9	179	179	NUM
ajfa-3216	262	10	.	.	PUNCT
ajfa-3216	263	1	http://dx.doi.org/10.1016/s1044-0283(02)00049-2	http://dx.doi.org/10.1016/s1044-0283(02)00049-2	PROPN
ajfa-3216	263	2	lam	lam	PROPN
ajfa-3216	263	3	k.s.f	k.s.f	PROPN
ajfa-3216	263	4	.	.	PROPN
ajfa-3216	263	5	,	,	PUNCT
ajfa-3216	263	6	li	li	PROPN
ajfa-3216	263	7	,	,	PUNCT
ajfa-3216	263	8	k.	k.	PROPN
ajfa-3216	263	9	,	,	PUNCT
ajfa-3216	263	10	&	&	CCONJ
ajfa-3216	263	11	so	so	ADV
ajfa-3216	263	12	,	,	PUNCT
ajfa-3216	263	13	s.m	s.m	PROPN
ajfa-3216	263	14	.	.	PROPN
ajfa-3216	263	15	(	(	PUNCT
ajfa-3216	263	16	2009	2009	NUM
ajfa-3216	263	17	)	)	PUNCT
ajfa-3216	263	18	.	.	PUNCT
ajfa-3216	264	1	on	on	ADP
ajfa-3216	264	2	the	the	DET
ajfa-3216	264	3	validity	validity	NOUN
ajfa-3216	264	4	of	of	ADP
ajfa-3216	264	5	the	the	DET
ajfa-3216	264	6	augmented	augment	VERB
ajfa-3216	264	7	fama	fama	NOUN
ajfa-3216	264	8	and	and	CCONJ
ajfa-3216	264	9	french	french	NOUN
ajfa-3216	264	10	’s	’s	PART
ajfa-3216	264	11	(	(	PUNCT
ajfa-3216	264	12	1993	1993	NUM
ajfa-3216	264	13	)	)	PUNCT
ajfa-3216	264	14	model	model	NOUN
ajfa-3216	264	15	:	:	PUNCT
ajfa-3216	264	16	evidence	evidence	NOUN
ajfa-3216	264	17	from	from	ADP
ajfa-3216	264	18	the	the	DET
ajfa-3216	264	19	hong	hong	PROPN
ajfa-3216	264	20	kong	kong	PROPN
ajfa-3216	264	21	stock	stock	NOUN
ajfa-3216	264	22	market	market	NOUN
ajfa-3216	264	23	.	.	PUNCT
ajfa-3216	265	1	working	work	VERB
ajfa-3216	265	2	paper	paper	NOUN
ajfa-3216	265	3	series	series	NOUN
ajfa-3216	265	4	.	.	PUNCT
ajfa-3216	266	1	liew	liew	PROPN
ajfa-3216	266	2	,	,	PUNCT
ajfa-3216	266	3	j.	j.	PROPN
ajfa-3216	266	4	,	,	PUNCT
ajfa-3216	266	5	&	&	CCONJ
ajfa-3216	266	6	vassalou	vassalou	PROPN
ajfa-3216	266	7	,	,	PUNCT
ajfa-3216	266	8	m.	m.	NOUN
ajfa-3216	266	9	(	(	PUNCT
ajfa-3216	266	10	2000	2000	NUM
ajfa-3216	266	11	)	)	PUNCT
ajfa-3216	266	12	.	.	PUNCT
ajfa-3216	267	1	can	can	AUX
ajfa-3216	267	2	book	book	VERB
ajfa-3216	267	3	-	-	PUNCT
ajfa-3216	267	4	to	to	ADP
ajfa-3216	267	5	-	-	PUNCT
ajfa-3216	267	6	market	market	NOUN
ajfa-3216	267	7	,	,	PUNCT
ajfa-3216	267	8	size	size	NOUN
ajfa-3216	267	9	and	and	CCONJ
ajfa-3216	267	10	momentum	momentum	NOUN
ajfa-3216	267	11	be	be	AUX
ajfa-3216	267	12	risk	risk	NOUN
ajfa-3216	267	13	factors	factor	NOUN
ajfa-3216	267	14	that	that	PRON
ajfa-3216	267	15	predict	predict	VERB
ajfa-3216	267	16	economic	economic	ADJ
ajfa-3216	267	17	growth	growth	NOUN
ajfa-3216	267	18	.	.	PUNCT
ajfa-3216	268	1	journal	journal	NOUN
ajfa-3216	268	2	of	of	ADP
ajfa-3216	268	3	financial	financial	ADJ
ajfa-3216	268	4	economics	economic	NOUN
ajfa-3216	268	5	,	,	PUNCT
ajfa-3216	268	6	57	57	NUM
ajfa-3216	268	7	,	,	PUNCT
ajfa-3216	268	8	221	221	NUM
ajfa-3216	268	9	-	-	SYM
ajfa-3216	268	10	245	245	NUM
ajfa-3216	268	11	.	.	NOUN
ajfa-3216	268	12	http://dx.doi.org/10.1016/s0304-405x(00)00056-8	http://dx.doi.org/10.1016/s0304-405x(00)00056-8	PROPN
ajfa-3216	268	13	l’her	l’her	NUM
ajfa-3216	268	14	,	,	PUNCT
ajfa-3216	268	15	j.f	j.f	PROPN
ajfa-3216	268	16	.	.	PROPN
ajfa-3216	268	17	,	,	PUNCT
ajfa-3216	268	18	masmoudi	masmoudi	NOUN
ajfa-3216	268	19	,	,	PUNCT
ajfa-3216	268	20	t.	t.	PROPN
ajfa-3216	268	21	,	,	PUNCT
ajfa-3216	268	22	&	&	CCONJ
ajfa-3216	268	23	suret	suret	PROPN
ajfa-3216	268	24	,	,	PUNCT
ajfa-3216	268	25	j.m	j.m	PROPN
ajfa-3216	268	26	.	.	PROPN
ajfa-3216	268	27	(	(	PUNCT
ajfa-3216	268	28	2004	2004	NUM
ajfa-3216	268	29	)	)	PUNCT
ajfa-3216	268	30	.	.	PUNCT
ajfa-3216	269	1	evidence	evidence	NOUN
ajfa-3216	269	2	to	to	PART
ajfa-3216	269	3	support	support	VERB
ajfa-3216	269	4	the	the	DET
ajfa-3216	269	5	four	four	NUM
ajfa-3216	269	6	-	-	PUNCT
ajfa-3216	269	7	factor	factor	NOUN
ajfa-3216	269	8	pricing	pricing	NOUN
ajfa-3216	269	9	model	model	NOUN
ajfa-3216	269	10	from	from	ADP
ajfa-3216	269	11	the	the	DET
ajfa-3216	269	12	canadian	canadian	ADJ
ajfa-3216	269	13	stock	stock	NOUN
ajfa-3216	269	14	marke	marke	PROPN
ajfa-3216	269	15	.	.	PUNCT
ajfa-3216	270	1	journal	journal	PROPN
ajfa-3216	270	2	of	of	ADP
ajfa-3216	270	3	international	international	ADJ
ajfa-3216	270	4	financial	financial	ADJ
ajfa-3216	270	5	markets	market	NOUN
ajfa-3216	270	6	,	,	PUNCT
ajfa-3216	270	7	institutions	institution	NOUN
ajfa-3216	270	8	and	and	CCONJ
ajfa-3216	270	9	money	money	NOUN
ajfa-3216	270	10	,	,	PUNCT
ajfa-3216	270	11	14	14	NUM
ajfa-3216	270	12	,	,	PUNCT
ajfa-3216	270	13	313	313	NUM
ajfa-3216	270	14	-	-	SYM
ajfa-3216	270	15	328	328	NUM
ajfa-3216	270	16	.	.	PUNCT
ajfa-3216	271	1	http://dx.doi.org/10.1016/j.intfin.2003.09.001	http://dx.doi.org/10.1016/j.intfin.2003.09.001	PROPN
ajfa-3216	271	2	mossin	mossin	NOUN
ajfa-3216	271	3	,	,	PUNCT
ajfa-3216	271	4	j.	j.	PROPN
ajfa-3216	271	5	(	(	PUNCT
ajfa-3216	271	6	1966	1966	NUM
ajfa-3216	271	7	)	)	PUNCT
ajfa-3216	271	8	.	.	PUNCT
ajfa-3216	272	1	equilibrium	equilibrium	NOUN
ajfa-3216	272	2	in	in	ADP
ajfa-3216	272	3	a	a	DET
ajfa-3216	272	4	capital	capital	NOUN
ajfa-3216	272	5	asset	asset	NOUN
ajfa-3216	272	6	market	market	NOUN
ajfa-3216	272	7	.	.	PUNCT
ajfa-3216	273	1	econometrics	econometric	NOUN
ajfa-3216	273	2	,	,	PUNCT
ajfa-3216	273	3	34	34	NUM
ajfa-3216	273	4	,	,	PUNCT
ajfa-3216	273	5	768	768	NUM
ajfa-3216	273	6	-	-	SYM
ajfa-3216	273	7	783	783	NUM
ajfa-3216	273	8	.	.	PUNCT
ajfa-3216	274	1	http://dx.doi.org/10.2307/1910098	http://dx.doi.org/10.2307/1910098	PROPN
ajfa-3216	274	2	moskowitz	moskowitz	PROPN
ajfa-3216	274	3	,	,	PUNCT
ajfa-3216	274	4	t.	t.	PROPN
ajfa-3216	274	5	,	,	PUNCT
ajfa-3216	274	6	&	&	CCONJ
ajfa-3216	274	7	grinblatt	grinblatt	PROPN
ajfa-3216	274	8	,	,	PUNCT
ajfa-3216	274	9	m.j	m.j	PROPN
ajfa-3216	274	10	.	.	PROPN
ajfa-3216	274	11	(	(	PUNCT
ajfa-3216	274	12	1999	1999	NUM
ajfa-3216	274	13	)	)	PUNCT
ajfa-3216	274	14	.	.	PUNCT
ajfa-3216	275	1	do	do	AUX
ajfa-3216	275	2	industries	industry	NOUN
ajfa-3216	275	3	explain	explain	VERB
ajfa-3216	275	4	momentum	momentum	NOUN
ajfa-3216	275	5	.	.	PUNCT
ajfa-3216	276	1	the	the	DET
ajfa-3216	276	2	journal	journal	PROPN
ajfa-3216	276	3	of	of	ADP
ajfa-3216	276	4	finance	finance	NOUN
ajfa-3216	276	5	,	,	PUNCT
ajfa-3216	276	6	54(4	54(4	NUM
ajfa-3216	276	7	)	)	PUNCT
ajfa-3216	276	8	,	,	PUNCT
ajfa-3216	276	9	1249	1249	NUM
ajfa-3216	276	10	-	-	SYM
ajfa-3216	276	11	1290	1290	NUM
ajfa-3216	276	12	.	.	PUNCT
ajfa-3216	277	1	http://dx.doi.org/10.1111/0022-1082.00146	http://dx.doi.org/10.1111/0022-1082.00146	X
ajfa-3216	277	2	naceur	naceur	ADJ
ajfa-3216	277	3	,	,	PUNCT
ajfa-3216	277	4	s.b	s.b	PROPN
ajfa-3216	277	5	.	.	PROPN
ajfa-3216	277	6	,	,	PUNCT
ajfa-3216	277	7	&	&	CCONJ
ajfa-3216	277	8	chaibi	chaibi	PROPN
ajfa-3216	277	9	,	,	PUNCT
ajfa-3216	277	10	h.	h.	PROPN
ajfa-3216	277	11	(	(	PUNCT
ajfa-3216	277	12	2007	2007	NUM
ajfa-3216	277	13	)	)	PUNCT
ajfa-3216	277	14	.	.	PUNCT
ajfa-3216	278	1	the	the	DET
ajfa-3216	278	2	best	good	ADJ
ajfa-3216	278	3	asset	asset	NOUN
ajfa-3216	278	4	pricing	pricing	NOUN
ajfa-3216	278	5	model	model	NOUN
ajfa-3216	278	6	for	for	ADP
ajfa-3216	278	7	estimating	estimate	VERB
ajfa-3216	278	8	cost	cost	NOUN
ajfa-3216	278	9	of	of	ADP
ajfa-3216	278	10	equity	equity	NOUN
ajfa-3216	278	11	:	:	PUNCT
ajfa-3216	278	12	evidence	evidence	NOUN
ajfa-3216	278	13	from	from	ADP
ajfa-3216	278	14	the	the	DET
ajfa-3216	278	15	stock	stock	NOUN
ajfa-3216	278	16	exchange	exchange	NOUN
ajfa-3216	278	17	of	of	ADP
ajfa-3216	278	18	tunisia	tunisia	PROPN
ajfa-3216	278	19	.	.	PUNCT
ajfa-3216	279	1	working	work	VERB
ajfa-3216	279	2	paper	paper	NOUN
ajfa-3216	279	3	series	series	NOUN
ajfa-3216	279	4	.	.	PUNCT
ajfa-3216	280	1	nguyen	nguyen	PROPN
ajfa-3216	280	2	,	,	PUNCT
ajfa-3216	280	3	d.	d.	PROPN
ajfa-3216	280	4	,	,	PUNCT
ajfa-3216	280	5	&	&	CCONJ
ajfa-3216	280	6	puri	puri	PROPN
ajfa-3216	280	7	,	,	PUNCT
ajfa-3216	280	8	t.	t.	PROPN
ajfa-3216	280	9	(	(	PUNCT
ajfa-3216	280	10	2009	2009	NUM
ajfa-3216	280	11	)	)	PUNCT
ajfa-3216	280	12	.	.	PUNCT
ajfa-3216	281	1	systematic	systematic	ADJ
ajfa-3216	281	2	liquidity	liquidity	NOUN
ajfa-3216	281	3	,	,	PUNCT
ajfa-3216	281	4	characteristic	characteristic	ADJ
ajfa-3216	281	5	liquidity	liquidity	NOUN
ajfa-3216	281	6	and	and	CCONJ
ajfa-3216	281	7	asset	asset	NOUN
ajfa-3216	281	8	pricing	pricing	NOUN
ajfa-3216	281	9	.	.	PUNCT
ajfa-3216	282	1	applied	apply	VERB
ajfa-3216	282	2	financial	financial	ADJ
ajfa-3216	282	3	economics	economic	NOUN
ajfa-3216	282	4	,	,	PUNCT
ajfa-3216	282	5	19	19	NUM
ajfa-3216	282	6	,	,	PUNCT
ajfa-3216	282	7	853	853	NUM
ajfa-3216	282	8	-	-	SYM
ajfa-3216	282	9	868	868	NUM
ajfa-3216	282	10	.	.	PUNCT
ajfa-3216	283	1	http://dx.doi.org/10.1080/09603100802167254	http://dx.doi.org/10.1080/09603100802167254	PROPN
ajfa-3216	283	2	o’brien	o’brien	PROPN
ajfa-3216	283	3	,	,	PUNCT
ajfa-3216	283	4	m.	m.	NOUN
ajfa-3216	283	5	,	,	PUNCT
ajfa-3216	283	6	brailsford	brailsford	PROPN
ajfa-3216	283	7	,	,	PUNCT
ajfa-3216	283	8	t.j	t.j	PROPN
ajfa-3216	283	9	.	.	PROPN
ajfa-3216	283	10	,	,	PUNCT
ajfa-3216	283	11	&	&	CCONJ
ajfa-3216	283	12	gaunt	gaunt	PROPN
ajfa-3216	283	13	,	,	PUNCT
ajfa-3216	283	14	c.	c.	PROPN
ajfa-3216	283	15	(	(	PUNCT
ajfa-3216	283	16	2008	2008	NUM
ajfa-3216	283	17	)	)	PUNCT
ajfa-3216	283	18	.	.	PUNCT
ajfa-3216	284	1	size	size	NOUN
ajfa-3216	284	2	and	and	CCONJ
ajfa-3216	284	3	book	book	NOUN
ajfa-3216	284	4	-	-	PUNCT
ajfa-3216	284	5	to	to	ADP
ajfa-3216	284	6	-	-	PUNCT
ajfa-3216	284	7	market	market	NOUN
ajfa-3216	284	8	factors	factor	NOUN
ajfa-3216	284	9	in	in	ADP
ajfa-3216	284	10	australia	australia	PROPN
ajfa-3216	284	11	,	,	PUNCT
ajfa-3216	284	12	21st	21st	ADJ
ajfa-3216	284	13	australasian	australasian	ADJ
ajfa-3216	284	14	finance	finance	NOUN
ajfa-3216	284	15	and	and	CCONJ
ajfa-3216	284	16	banking	banking	NOUN
ajfa-3216	284	17	conference	conference	NOUN
ajfa-3216	284	18	paper	paper	NOUN
ajfa-3216	284	19	.	.	PUNCT
ajfa-3216	285	1	working	work	VERB
ajfa-3216	285	2	paper	paper	NOUN
ajfa-3216	285	3	series	series	NOUN
ajfa-3216	285	4	.	.	PUNCT
ajfa-3216	286	1	pastor	pastor	PROPN
ajfa-3216	286	2	,	,	PUNCT
ajfa-3216	286	3	l.	l.	PROPN
ajfa-3216	286	4	,	,	PUNCT
ajfa-3216	286	5	&	&	CCONJ
ajfa-3216	286	6	stambaugh	stambaugh	PROPN
ajfa-3216	286	7	,	,	PUNCT
ajfa-3216	286	8	r.f	r.f	PROPN
ajfa-3216	286	9	.	.	PROPN
ajfa-3216	286	10	(	(	PUNCT
ajfa-3216	286	11	2003	2003	NUM
ajfa-3216	286	12	)	)	PUNCT
ajfa-3216	286	13	.	.	PUNCT
ajfa-3216	287	1	liquidity	liquidity	NOUN
ajfa-3216	287	2	risk	risk	NOUN
ajfa-3216	287	3	and	and	CCONJ
ajfa-3216	287	4	expected	expect	VERB
ajfa-3216	287	5	stock	stock	NOUN
ajfa-3216	287	6	returns	return	NOUN
ajfa-3216	287	7	.	.	PUNCT
ajfa-3216	288	1	journal	journal	NOUN
ajfa-3216	288	2	of	of	ADP
ajfa-3216	288	3	political	political	ADJ
ajfa-3216	288	4	economy	economy	NOUN
ajfa-3216	288	5	,	,	PUNCT
ajfa-3216	288	6	111	111	NUM
ajfa-3216	288	7	,	,	PUNCT
ajfa-3216	288	8	642	642	NUM
ajfa-3216	288	9	-	-	SYM
ajfa-3216	288	10	685	685	NUM
ajfa-3216	288	11	.	.	PUNCT
ajfa-3216	289	1	http://dx.doi.org/10.1086/374184	http://dx.doi.org/10.1086/374184	NOUN
ajfa-3216	289	2	reingaum	reingaum	ADV
ajfa-3216	289	3	,	,	PUNCT
ajfa-3216	289	4	m.	m.	PROPN
ajfa-3216	289	5	r.	r.	PROPN
ajfa-3216	289	6	(	(	PUNCT
ajfa-3216	289	7	1981	1981	NUM
ajfa-3216	289	8	)	)	PUNCT
ajfa-3216	289	9	.	.	PUNCT
ajfa-3216	290	1	misspecification	misspecification	NOUN
ajfa-3216	290	2	of	of	ADP
ajfa-3216	290	3	capital	capital	NOUN
ajfa-3216	290	4	asset	asset	NOUN
ajfa-3216	290	5	pricing	pricing	NOUN
ajfa-3216	290	6	:	:	PUNCT
ajfa-3216	290	7	emprical	emprical	ADJ
ajfa-3216	290	8	anomalies	anomaly	NOUN
ajfa-3216	290	9	based	base	VERB
ajfa-3216	290	10	on	on	ADP
ajfa-3216	290	11	earnings	earning	NOUN
ajfa-3216	290	12	’	'	PUNCT
ajfa-3216	290	13	yields	yield	NOUN
ajfa-3216	290	14	and	and	CCONJ
ajfa-3216	290	15	market	market	NOUN
ajfa-3216	290	16	values	value	NOUN
ajfa-3216	290	17	.	.	PUNCT
ajfa-3216	291	1	journal	journal	NOUN
ajfa-3216	291	2	of	of	ADP
ajfa-3216	291	3	financial	financial	ADJ
ajfa-3216	291	4	economics	economic	NOUN
ajfa-3216	291	5	,	,	PUNCT
ajfa-3216	291	6	9	9	NUM
ajfa-3216	291	7	,	,	PUNCT
ajfa-3216	291	8	19	19	NUM
ajfa-3216	291	9	-	-	SYM
ajfa-3216	291	10	46	46	NUM
ajfa-3216	291	11	.	.	PUNCT
ajfa-3216	292	1	http://dx.doi.org/10.1016/0304-405x(81)90019-2	http://dx.doi.org/10.1016/0304-405x(81)90019-2	PROPN
ajfa-3216	292	2	rosenberg	rosenberg	PROPN
ajfa-3216	292	3	,	,	PUNCT
ajfa-3216	292	4	b.	b.	PROPN
ajfa-3216	292	5	,	,	PUNCT
ajfa-3216	292	6	reid	reid	PROPN
ajfa-3216	292	7	,	,	PUNCT
ajfa-3216	292	8	k.	k.	PROPN
ajfa-3216	292	9	,	,	PUNCT
ajfa-3216	292	10	&	&	CCONJ
ajfa-3216	292	11	lanstein	lanstein	PROPN
ajfa-3216	292	12	,	,	PUNCT
ajfa-3216	292	13	r.	r.	PROPN
ajfa-3216	292	14	(	(	PUNCT
ajfa-3216	292	15	1985	1985	NUM
ajfa-3216	292	16	)	)	PUNCT
ajfa-3216	292	17	.	.	PUNCT
ajfa-3216	293	1	persuasive	persuasive	ADJ
ajfa-3216	293	2	evidence	evidence	NOUN
ajfa-3216	293	3	of	of	ADP
ajfa-3216	293	4	market	market	NOUN
ajfa-3216	293	5	inefficiency	inefficiency	NOUN
ajfa-3216	293	6	.	.	PUNCT
ajfa-3216	294	1	journal	journal	NOUN
ajfa-3216	294	2	of	of	ADP
ajfa-3216	294	3	portfolio	portfolio	NOUN
ajfa-3216	294	4	management	management	NOUN
ajfa-3216	294	5	,	,	PUNCT
ajfa-3216	294	6	11	11	NUM
ajfa-3216	294	7	,	,	PUNCT
ajfa-3216	294	8	9	9	NUM
ajfa-3216	294	9	-	-	SYM
ajfa-3216	294	10	17	17	NUM
ajfa-3216	294	11	.	.	PUNCT
ajfa-3216	295	1	http://dx.doi.org/10.3905/jpm.1985.409007	http://dx.doi.org/10.3905/jpm.1985.409007	PROPN
ajfa-3216	295	2	sharpe	sharpe	PROPN
ajfa-3216	295	3	,	,	PUNCT
ajfa-3216	295	4	w.f	w.f	PROPN
ajfa-3216	295	5	.	.	PROPN
ajfa-3216	295	6	(	(	PUNCT
ajfa-3216	295	7	1964	1964	NUM
ajfa-3216	295	8	)	)	PUNCT
ajfa-3216	295	9	.	.	PUNCT
ajfa-3216	296	1	capital	capital	NOUN
ajfa-3216	296	2	asset	asset	NOUN
ajfa-3216	296	3	prices	price	NOUN
ajfa-3216	296	4	:	:	PUNCT
ajfa-3216	296	5	a	a	DET
ajfa-3216	296	6	theory	theory	NOUN
ajfa-3216	296	7	of	of	ADP
ajfa-3216	296	8	market	market	NOUN
ajfa-3216	296	9	equilibrium	equilibrium	NOUN
ajfa-3216	296	10	under	under	ADP
ajfa-3216	296	11	conditions	condition	NOUN
ajfa-3216	296	12	of	of	ADP
ajfa-3216	296	13	risk	risk	NOUN
ajfa-3216	296	14	.	.	PUNCT
ajfa-3216	297	1	the	the	DET
ajfa-3216	297	2	journal	journal	PROPN
ajfa-3216	297	3	of	of	ADP
ajfa-3216	297	4	finance	finance	NOUN
ajfa-3216	297	5	,	,	PUNCT
ajfa-3216	297	6	19(3	19(3	NUM
ajfa-3216	297	7	)	)	PUNCT
ajfa-3216	297	8	,	,	PUNCT
ajfa-3216	297	9	425	425	NUM
ajfa-3216	297	10	-	-	SYM
ajfa-3216	297	11	442	442	NUM
ajfa-3216	297	12	.	.	PUNCT
ajfa-3216	298	1	http://dx.doi.org/10.1111/j.1540-6261.1964.tb02865.x	http://dx.doi.org/10.1111/j.1540-6261.1964.tb02865.x	X
ajfa-3216	298	2	unlu	unlu	ADJ
ajfa-3216	298	3	,	,	PUNCT
ajfa-3216	298	4	u.	u.	PROPN
ajfa-3216	298	5	(	(	PUNCT
ajfa-3216	298	6	2012	2012	NUM
ajfa-3216	298	7	)	)	PUNCT
ajfa-3216	298	8	.	.	PUNCT
ajfa-3216	299	1	testing	test	VERB
ajfa-3216	299	2	four	four	NUM
ajfa-3216	299	3	-	-	PUNCT
ajfa-3216	299	4	factor	factor	NOUN
ajfa-3216	299	5	pricing	pricing	NOUN
ajfa-3216	299	6	model	model	NOUN
ajfa-3216	299	7	in	in	ADP
ajfa-3216	299	8	ise	ise	PROPN
ajfa-3216	299	9	.	.	PUNCT
ajfa-3216	300	1	iktisat	iktisat	PROPN
ajfa-3216	300	2	,	,	PUNCT
ajfa-3216	300	3	isletme	isletme	NOUN
ajfa-3216	300	4	ve	ve	AUX
ajfa-3216	300	5	finans	finan	NOUN
ajfa-3216	300	6	dergisi	dergisi	PROPN
ajfa-3216	300	7	,	,	PUNCT
ajfa-3216	300	8	27	27	NUM
ajfa-3216	300	9	(	(	PUNCT
ajfa-3216	300	10	313	313	NUM
ajfa-3216	300	11	)	)	PUNCT
ajfa-3216	300	12	,	,	PUNCT
ajfa-3216	300	13	57	57	NUM
ajfa-3216	300	14	-	-	SYM
ajfa-3216	300	15	83	83	NUM
ajfa-3216	300	16	.	.	PUNCT