id	sid	tid	token	lemma	pos
ajfa-3945	1	1	microsoft	microsoft	PROPN
ajfa-3945	1	2	word	word	NOUN
ajfa-3945	1	3	3945-14732-1-sm-new.doc	3945-14732-1-sm-new.doc	NUM
ajfa-3945	1	4	asian	asian	ADJ
ajfa-3945	1	5	journal	journal	NOUN
ajfa-3945	1	6	of	of	ADP
ajfa-3945	1	7	finance	finance	PROPN
ajfa-3945	1	8	&	&	CCONJ
ajfa-3945	1	9	accounting	accounting	PROPN
ajfa-3945	1	10	issn	issn	PROPN
ajfa-3945	1	11	1946	1946	NUM
ajfa-3945	1	12	-	-	PUNCT
ajfa-3945	1	13	052x	052x	PROPN
ajfa-3945	1	14	2014	2014	NUM
ajfa-3945	1	15	,	,	PUNCT
ajfa-3945	1	16	vol	vol	NOUN
ajfa-3945	1	17	.	.	PROPN
ajfa-3945	1	18	6	6	NUM
ajfa-3945	1	19	,	,	PUNCT
ajfa-3945	1	20	no	no	INTJ
ajfa-3945	1	21	.	.	NOUN
ajfa-3945	1	22	1	1	NUM
ajfa-3945	1	23	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3945	1	24	126	126	NUM
ajfa-3945	1	25	a	a	DET
ajfa-3945	1	26	comparison	comparison	NOUN
ajfa-3945	1	27	of	of	ADP
ajfa-3945	1	28	itm	itm	NOUN
ajfa-3945	1	29	and	and	CCONJ
ajfa-3945	1	30	otm	otm	NOUN
ajfa-3945	1	31	protective	protective	ADJ
ajfa-3945	1	32	-	-	PUNCT
ajfa-3945	1	33	puts	put	NOUN
ajfa-3945	1	34	and	and	CCONJ
ajfa-3945	1	35	covered	cover	VERB
ajfa-3945	1	36	-	-	PUNCT
ajfa-3945	1	37	calls	call	NOUN
ajfa-3945	1	38	mihir	mihir	PROPN
ajfa-3945	1	39	dash	dash	NOUN
ajfa-3945	1	40	department	department	NOUN
ajfa-3945	1	41	of	of	ADP
ajfa-3945	1	42	quantitative	quantitative	ADJ
ajfa-3945	1	43	methods	method	NOUN
ajfa-3945	1	44	,	,	PUNCT
ajfa-3945	1	45	school	school	NOUN
ajfa-3945	1	46	of	of	ADP
ajfa-3945	1	47	business	business	NOUN
ajfa-3945	1	48	,	,	PUNCT
ajfa-3945	1	49	alliance	alliance	PROPN
ajfa-3945	1	50	university	university	PROPN
ajfa-3945	1	51	chikkahagade	chikkahagade	PROPN
ajfa-3945	1	52	cross	cross	PROPN
ajfa-3945	1	53	,	,	PUNCT
ajfa-3945	1	54	chandapura	chandapura	NOUN
ajfa-3945	1	55	-	-	PUNCT
ajfa-3945	1	56	anekal	anekal	NOUN
ajfa-3945	1	57	road	road	NOUN
ajfa-3945	1	58	,	,	PUNCT
ajfa-3945	1	59	anekal	anekal	NOUN
ajfa-3945	1	60	,	,	PUNCT
ajfa-3945	1	61	bangalore	bangalore	NOUN
ajfa-3945	1	62	e	e	NOUN
ajfa-3945	1	63	-	-	NOUN
ajfa-3945	1	64	mail	mail	NOUN
ajfa-3945	1	65	:	:	PUNCT
ajfa-3945	1	66	mihirda@rediffmail.com	mihirda@rediffmail.com	X
ajfa-3945	2	1	ankush	ankush	PROPN
ajfa-3945	2	2	goel	goel	PROPN
ajfa-3945	2	3	research	research	NOUN
ajfa-3945	2	4	scholar	scholar	NOUN
ajfa-3945	2	5	,	,	PUNCT
ajfa-3945	2	6	school	school	NOUN
ajfa-3945	2	7	of	of	ADP
ajfa-3945	2	8	business	business	NOUN
ajfa-3945	2	9	,	,	PUNCT
ajfa-3945	2	10	alliance	alliance	PROPN
ajfa-3945	2	11	university	university	PROPN
ajfa-3945	2	12	chikkahagade	chikkahagade	PROPN
ajfa-3945	2	13	cross	cross	PROPN
ajfa-3945	2	14	,	,	PUNCT
ajfa-3945	2	15	chandapura	chandapura	NOUN
ajfa-3945	2	16	-	-	PUNCT
ajfa-3945	2	17	anekal	anekal	NOUN
ajfa-3945	2	18	road	road	NOUN
ajfa-3945	2	19	,	,	PUNCT
ajfa-3945	2	20	anekal	anekal	NOUN
ajfa-3945	2	21	,	,	PUNCT
ajfa-3945	2	22	bangalore	bangalore	PROPN
ajfa-3945	2	23	received	receive	VERB
ajfa-3945	2	24	:	:	PUNCT
ajfa-3945	2	25	june	june	PROPN
ajfa-3945	2	26	30	30	NUM
ajfa-3945	2	27	,	,	PUNCT
ajfa-3945	2	28	2013	2013	NUM
ajfa-3945	2	29	accepted	accept	VERB
ajfa-3945	2	30	:	:	PUNCT
ajfa-3945	2	31	march	march	PROPN
ajfa-3945	2	32	4	4	NUM
ajfa-3945	2	33	,	,	PUNCT
ajfa-3945	2	34	2014	2014	NUM
ajfa-3945	2	35	published	publish	VERB
ajfa-3945	2	36	:	:	PUNCT
ajfa-3945	2	37	june	june	PROPN
ajfa-3945	2	38	1	1	NUM
ajfa-3945	2	39	,	,	PUNCT
ajfa-3945	2	40	2014	2014	NUM
ajfa-3945	2	41	doi:10.5296	doi:10.5296	NOUN
ajfa-3945	2	42	/	/	SYM
ajfa-3945	2	43	ajfa.v6i1.3945	ajfa.v6i1.3945	NUM
ajfa-3945	2	44	url	url	PROPN
ajfa-3945	2	45	:	:	PUNCT
ajfa-3945	2	46	http://dx.doi.org/10.5296/ajfa.v6i1.3945	http://dx.doi.org/10.5296/ajfa.v6i1.3945	PUNCT
ajfa-3945	2	47	abstract	abstract	NOUN
ajfa-3945	2	48	the	the	DET
ajfa-3945	2	49	diverse	diverse	ADJ
ajfa-3945	2	50	uses	use	NOUN
ajfa-3945	2	51	of	of	ADP
ajfa-3945	2	52	derivatives	derivative	NOUN
ajfa-3945	2	53	arise	arise	VERB
ajfa-3945	2	54	from	from	ADP
ajfa-3945	2	55	the	the	DET
ajfa-3945	2	56	skewing	skewing	ADJ
ajfa-3945	2	57	effect	effect	NOUN
ajfa-3945	2	58	that	that	SCONJ
ajfa-3945	2	59	options	option	NOUN
ajfa-3945	2	60	strategies	strategy	NOUN
ajfa-3945	2	61	have	have	VERB
ajfa-3945	2	62	on	on	ADP
ajfa-3945	2	63	the	the	DET
ajfa-3945	2	64	returns	return	NOUN
ajfa-3945	2	65	distribution	distribution	NOUN
ajfa-3945	2	66	of	of	ADP
ajfa-3945	2	67	portfolios	portfolio	NOUN
ajfa-3945	2	68	.	.	PUNCT
ajfa-3945	3	1	in	in	ADP
ajfa-3945	3	2	particular	particular	ADJ
ajfa-3945	3	3	,	,	PUNCT
ajfa-3945	3	4	it	it	PRON
ajfa-3945	3	5	is	be	AUX
ajfa-3945	3	6	widely	widely	ADV
ajfa-3945	3	7	believed	believe	VERB
ajfa-3945	3	8	that	that	SCONJ
ajfa-3945	3	9	the	the	DET
ajfa-3945	3	10	performance	performance	NOUN
ajfa-3945	3	11	of	of	ADP
ajfa-3945	3	12	pure	pure	ADJ
ajfa-3945	3	13	-	-	PUNCT
ajfa-3945	3	14	stock	stock	NOUN
ajfa-3945	3	15	portfolios	portfolio	NOUN
ajfa-3945	3	16	can	can	AUX
ajfa-3945	3	17	be	be	AUX
ajfa-3945	3	18	enhanced	enhance	VERB
ajfa-3945	3	19	by	by	ADP
ajfa-3945	3	20	incorporating	incorporate	VERB
ajfa-3945	3	21	different	different	ADJ
ajfa-3945	3	22	options	option	NOUN
ajfa-3945	3	23	strategies	strategy	NOUN
ajfa-3945	3	24	,	,	PUNCT
ajfa-3945	3	25	the	the	DET
ajfa-3945	3	26	most	most	ADV
ajfa-3945	3	27	popular	popular	ADJ
ajfa-3945	3	28	strategies	strategy	NOUN
ajfa-3945	3	29	being	be	AUX
ajfa-3945	3	30	protective	protective	ADJ
ajfa-3945	3	31	-	-	PUNCT
ajfa-3945	3	32	put	put	ADJ
ajfa-3945	3	33	buying	buying	NOUN
ajfa-3945	3	34	and	and	CCONJ
ajfa-3945	3	35	covered	cover	VERB
ajfa-3945	3	36	-	-	PUNCT
ajfa-3945	3	37	call	call	NOUN
ajfa-3945	3	38	writing	writing	NOUN
ajfa-3945	3	39	.	.	PUNCT
ajfa-3945	4	1	the	the	DET
ajfa-3945	4	2	present	present	ADJ
ajfa-3945	4	3	study	study	NOUN
ajfa-3945	4	4	considers	consider	VERB
ajfa-3945	4	5	these	these	DET
ajfa-3945	4	6	two	two	NUM
ajfa-3945	4	7	popular	popular	ADJ
ajfa-3945	4	8	options	option	NOUN
ajfa-3945	4	9	strategies	strategy	NOUN
ajfa-3945	4	10	,	,	PUNCT
ajfa-3945	4	11	and	and	CCONJ
ajfa-3945	4	12	applies	apply	VERB
ajfa-3945	4	13	them	they	PRON
ajfa-3945	4	14	to	to	ADP
ajfa-3945	4	15	a	a	DET
ajfa-3945	4	16	sample	sample	NOUN
ajfa-3945	4	17	of	of	ADP
ajfa-3945	4	18	fifty	fifty	NUM
ajfa-3945	4	19	-	-	PUNCT
ajfa-3945	4	20	five	five	NUM
ajfa-3945	4	21	stocks	stock	NOUN
ajfa-3945	4	22	listed	list	VERB
ajfa-3945	4	23	in	in	ADP
ajfa-3945	4	24	national	national	ADJ
ajfa-3945	4	25	stock	stock	PROPN
ajfa-3945	4	26	exchange	exchange	PROPN
ajfa-3945	4	27	f&o	f&o	PROPN
ajfa-3945	4	28	segment	segment	NOUN
ajfa-3945	4	29	,	,	PUNCT
ajfa-3945	4	30	using	use	VERB
ajfa-3945	4	31	corresponding	correspond	VERB
ajfa-3945	4	32	stock	stock	NOUN
ajfa-3945	4	33	options	option	NOUN
ajfa-3945	4	34	,	,	PUNCT
ajfa-3945	4	35	in	in	ADP
ajfa-3945	4	36	order	order	NOUN
ajfa-3945	4	37	to	to	PART
ajfa-3945	4	38	find	find	VERB
ajfa-3945	4	39	out	out	ADP
ajfa-3945	4	40	which	which	PRON
ajfa-3945	4	41	of	of	ADP
ajfa-3945	4	42	these	these	DET
ajfa-3945	4	43	strategies	strategy	NOUN
ajfa-3945	4	44	yields	yield	VERB
ajfa-3945	4	45	maximum	maximum	ADJ
ajfa-3945	4	46	returns	return	NOUN
ajfa-3945	4	47	,	,	PUNCT
ajfa-3945	4	48	as	as	SCONJ
ajfa-3945	4	49	compared	compare	VERB
ajfa-3945	4	50	to	to	ADP
ajfa-3945	4	51	a	a	DET
ajfa-3945	4	52	pure	pure	ADJ
ajfa-3945	4	53	-	-	PUNCT
ajfa-3945	4	54	stock	stock	NOUN
ajfa-3945	4	55	position	position	NOUN
ajfa-3945	4	56	.	.	PUNCT
ajfa-3945	5	1	the	the	DET
ajfa-3945	5	2	study	study	NOUN
ajfa-3945	5	3	also	also	ADV
ajfa-3945	5	4	compares	compare	VERB
ajfa-3945	5	5	the	the	DET
ajfa-3945	5	6	performance	performance	NOUN
ajfa-3945	5	7	of	of	ADP
ajfa-3945	5	8	in	in	ADP
ajfa-3945	5	9	-	-	PUNCT
ajfa-3945	5	10	the	the	DET
ajfa-3945	5	11	-	-	PUNCT
ajfa-3945	5	12	money	money	NOUN
ajfa-3945	5	13	(	(	PUNCT
ajfa-3945	5	14	itm	itm	NOUN
ajfa-3945	5	15	)	)	PUNCT
ajfa-3945	5	16	and	and	CCONJ
ajfa-3945	5	17	out	out	ADV
ajfa-3945	5	18	-	-	PUNCT
ajfa-3945	5	19	of	of	ADP
ajfa-3945	5	20	-	-	PUNCT
ajfa-3945	5	21	the	the	DET
ajfa-3945	5	22	-	-	PUNCT
ajfa-3945	5	23	money	money	NOUN
ajfa-3945	5	24	(	(	PUNCT
ajfa-3945	5	25	otm	otm	NOUN
ajfa-3945	5	26	)	)	PUNCT
ajfa-3945	5	27	protective	protective	ADJ
ajfa-3945	5	28	-	-	PUNCT
ajfa-3945	5	29	put	put	NOUN
ajfa-3945	5	30	buying	buying	NOUN
ajfa-3945	5	31	and	and	CCONJ
ajfa-3945	5	32	covered	cover	VERB
ajfa-3945	5	33	-	-	PUNCT
ajfa-3945	5	34	call	call	NOUN
ajfa-3945	5	35	writing	writing	NOUN
ajfa-3945	5	36	.	.	PUNCT
ajfa-3945	6	1	the	the	DET
ajfa-3945	6	2	results	result	NOUN
ajfa-3945	6	3	of	of	ADP
ajfa-3945	6	4	the	the	DET
ajfa-3945	6	5	study	study	NOUN
ajfa-3945	6	6	suggest	suggest	VERB
ajfa-3945	6	7	that	that	SCONJ
ajfa-3945	6	8	protective	protective	ADJ
ajfa-3945	6	9	-	-	PUNCT
ajfa-3945	6	10	put	put	ADJ
ajfa-3945	6	11	buying	buying	NOUN
ajfa-3945	6	12	performs	perform	VERB
ajfa-3945	6	13	better	well	ADV
ajfa-3945	6	14	overall	overall	ADV
ajfa-3945	6	15	than	than	ADP
ajfa-3945	6	16	covered	cover	VERB
ajfa-3945	6	17	-	-	PUNCT
ajfa-3945	6	18	call	call	NOUN
ajfa-3945	6	19	writing	writing	NOUN
ajfa-3945	6	20	,	,	PUNCT
ajfa-3945	6	21	and	and	CCONJ
ajfa-3945	6	22	that	that	SCONJ
ajfa-3945	6	23	the	the	DET
ajfa-3945	6	24	mean	mean	ADJ
ajfa-3945	6	25	and	and	CCONJ
ajfa-3945	6	26	standard	standard	ADJ
ajfa-3945	6	27	deviation	deviation	NOUN
ajfa-3945	6	28	of	of	ADP
ajfa-3945	6	29	the	the	DET
ajfa-3945	6	30	returns	return	NOUN
ajfa-3945	6	31	distribution	distribution	NOUN
ajfa-3945	6	32	of	of	ADP
ajfa-3945	6	33	the	the	DET
ajfa-3945	6	34	underlying	underlie	VERB
ajfa-3945	6	35	stock	stock	NOUN
ajfa-3945	6	36	affected	affect	VERB
ajfa-3945	6	37	the	the	DET
ajfa-3945	6	38	optimal	optimal	ADJ
ajfa-3945	6	39	strategy	strategy	NOUN
ajfa-3945	6	40	:	:	PUNCT
ajfa-3945	6	41	buying	buy	VERB
ajfa-3945	6	42	protective	protective	NOUN
ajfa-3945	6	43	-	-	PUNCT
ajfa-3945	6	44	puts	put	NOUN
ajfa-3945	6	45	was	be	AUX
ajfa-3945	6	46	optimal	optimal	ADJ
ajfa-3945	6	47	for	for	ADP
ajfa-3945	6	48	stocks	stock	NOUN
ajfa-3945	6	49	for	for	ADP
ajfa-3945	6	50	which	which	PRON
ajfa-3945	6	51	the	the	DET
ajfa-3945	6	52	returns	return	NOUN
ajfa-3945	6	53	distribution	distribution	NOUN
ajfa-3945	6	54	had	have	VERB
ajfa-3945	6	55	relatively	relatively	ADV
ajfa-3945	6	56	higher	high	ADJ
ajfa-3945	6	57	mean	mean	ADJ
ajfa-3945	6	58	values	value	NOUN
ajfa-3945	6	59	and	and	CCONJ
ajfa-3945	6	60	lower	low	ADJ
ajfa-3945	6	61	standard	standard	ADJ
ajfa-3945	6	62	deviations	deviation	NOUN
ajfa-3945	6	63	,	,	PUNCT
ajfa-3945	6	64	while	while	SCONJ
ajfa-3945	6	65	selling	sell	VERB
ajfa-3945	6	66	covered	cover	VERB
ajfa-3945	6	67	-	-	PUNCT
ajfa-3945	6	68	calls	call	NOUN
ajfa-3945	6	69	was	be	AUX
ajfa-3945	6	70	optimal	optimal	ADJ
ajfa-3945	6	71	for	for	ADP
ajfa-3945	6	72	stocks	stock	NOUN
ajfa-3945	6	73	for	for	ADP
ajfa-3945	6	74	which	which	PRON
ajfa-3945	6	75	the	the	DET
ajfa-3945	6	76	returns	return	NOUN
ajfa-3945	6	77	distribution	distribution	NOUN
ajfa-3945	6	78	had	have	VERB
ajfa-3945	6	79	relatively	relatively	ADV
ajfa-3945	6	80	lower	low	ADJ
ajfa-3945	6	81	mean	mean	ADJ
ajfa-3945	6	82	values	value	NOUN
ajfa-3945	6	83	and	and	CCONJ
ajfa-3945	6	84	higher	high	ADJ
ajfa-3945	6	85	standard	standard	ADJ
ajfa-3945	6	86	deviations	deviation	NOUN
ajfa-3945	6	87	.	.	PUNCT
ajfa-3945	7	1	keywords	keyword	NOUN
ajfa-3945	7	2	:	:	PUNCT
ajfa-3945	7	3	derivatives	derivative	NOUN
ajfa-3945	7	4	,	,	PUNCT
ajfa-3945	7	5	options	option	NOUN
ajfa-3945	7	6	strategy	strategy	NOUN
ajfa-3945	7	7	,	,	PUNCT
ajfa-3945	7	8	covered	cover	VERB
ajfa-3945	7	9	-	-	PUNCT
ajfa-3945	7	10	call	call	NOUN
ajfa-3945	7	11	writing	writing	NOUN
ajfa-3945	7	12	,	,	PUNCT
ajfa-3945	7	13	protective	protective	ADJ
ajfa-3945	7	14	put	put	NOUN
ajfa-3945	7	15	buying	buying	NOUN
ajfa-3945	7	16	,	,	PUNCT
ajfa-3945	7	17	in	in	ADP
ajfa-3945	7	18	-	-	PUNCT
ajfa-3945	7	19	the	the	DET
ajfa-3945	7	20	-	-	PUNCT
ajfa-3945	7	21	money	money	NOUN
ajfa-3945	7	22	(	(	PUNCT
ajfa-3945	7	23	itm	itm	NOUN
ajfa-3945	7	24	)	)	PUNCT
ajfa-3945	7	25	,	,	PUNCT
ajfa-3945	7	26	out	out	ADV
ajfa-3945	7	27	-	-	PUNCT
ajfa-3945	7	28	of	of	ADP
ajfa-3945	7	29	-	-	PUNCT
ajfa-3945	7	30	the	the	DET
ajfa-3945	7	31	money	money	NOUN
ajfa-3945	7	32	(	(	PUNCT
ajfa-3945	7	33	otm	otm	NOUN
ajfa-3945	7	34	)	)	PUNCT
ajfa-3945	7	35	asian	asian	ADJ
ajfa-3945	7	36	journal	journal	NOUN
ajfa-3945	7	37	of	of	ADP
ajfa-3945	7	38	finance	finance	PROPN
ajfa-3945	7	39	&	&	CCONJ
ajfa-3945	7	40	accounting	accounting	PROPN
ajfa-3945	7	41	issn	issn	PROPN
ajfa-3945	7	42	1946	1946	NUM
ajfa-3945	7	43	-	-	PUNCT
ajfa-3945	7	44	052x	052x	PROPN
ajfa-3945	7	45	2014	2014	NUM
ajfa-3945	7	46	,	,	PUNCT
ajfa-3945	7	47	vol	vol	NOUN
ajfa-3945	7	48	.	.	PROPN
ajfa-3945	7	49	6	6	NUM
ajfa-3945	7	50	,	,	PUNCT
ajfa-3945	7	51	no	no	INTJ
ajfa-3945	7	52	.	.	NOUN
ajfa-3945	7	53	1	1	NUM
ajfa-3945	7	54	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3945	7	55	127	127	NUM
ajfa-3945	7	56	introduction	introduction	NOUN
ajfa-3945	7	57	derivatives	derivative	NOUN
ajfa-3945	7	58	,	,	PUNCT
ajfa-3945	7	59	which	which	PRON
ajfa-3945	7	60	were	be	AUX
ajfa-3945	7	61	originally	originally	ADV
ajfa-3945	7	62	introduced	introduce	VERB
ajfa-3945	7	63	as	as	ADP
ajfa-3945	7	64	financial	financial	ADJ
ajfa-3945	7	65	instruments	instrument	NOUN
ajfa-3945	7	66	to	to	PART
ajfa-3945	7	67	hedge	hedge	VERB
ajfa-3945	7	68	financial	financial	ADJ
ajfa-3945	7	69	risk	risk	NOUN
ajfa-3945	7	70	,	,	PUNCT
ajfa-3945	7	71	are	be	AUX
ajfa-3945	7	72	now	now	ADV
ajfa-3945	7	73	increasingly	increasingly	ADV
ajfa-3945	7	74	used	use	VERB
ajfa-3945	7	75	for	for	ADP
ajfa-3945	7	76	speculative	speculative	ADJ
ajfa-3945	7	77	purposes	purpose	NOUN
ajfa-3945	7	78	as	as	ADV
ajfa-3945	7	79	well	well	ADV
ajfa-3945	7	80	.	.	PUNCT
ajfa-3945	8	1	the	the	DET
ajfa-3945	8	2	diverse	diverse	ADJ
ajfa-3945	8	3	uses	use	NOUN
ajfa-3945	8	4	of	of	ADP
ajfa-3945	8	5	derivatives	derivative	NOUN
ajfa-3945	8	6	arise	arise	VERB
ajfa-3945	8	7	from	from	ADP
ajfa-3945	8	8	the	the	DET
ajfa-3945	8	9	skewing	skewing	ADJ
ajfa-3945	8	10	effect	effect	NOUN
ajfa-3945	8	11	that	that	SCONJ
ajfa-3945	8	12	options	option	NOUN
ajfa-3945	8	13	strategies	strategy	NOUN
ajfa-3945	8	14	have	have	VERB
ajfa-3945	8	15	on	on	ADP
ajfa-3945	8	16	the	the	DET
ajfa-3945	8	17	returns	return	NOUN
ajfa-3945	8	18	distribution	distribution	NOUN
ajfa-3945	8	19	of	of	ADP
ajfa-3945	8	20	portfolios	portfolio	NOUN
ajfa-3945	8	21	.	.	PUNCT
ajfa-3945	9	1	in	in	ADP
ajfa-3945	9	2	particular	particular	ADJ
ajfa-3945	9	3	,	,	PUNCT
ajfa-3945	9	4	it	it	PRON
ajfa-3945	9	5	is	be	AUX
ajfa-3945	9	6	widely	widely	ADV
ajfa-3945	9	7	believed	believe	VERB
ajfa-3945	9	8	that	that	SCONJ
ajfa-3945	9	9	the	the	DET
ajfa-3945	9	10	performance	performance	NOUN
ajfa-3945	9	11	of	of	ADP
ajfa-3945	9	12	pure	pure	ADJ
ajfa-3945	9	13	-	-	PUNCT
ajfa-3945	9	14	stock	stock	NOUN
ajfa-3945	9	15	portfolios	portfolio	NOUN
ajfa-3945	9	16	can	can	AUX
ajfa-3945	9	17	be	be	AUX
ajfa-3945	9	18	enhanced	enhance	VERB
ajfa-3945	9	19	by	by	ADP
ajfa-3945	9	20	incorporating	incorporate	VERB
ajfa-3945	9	21	different	different	ADJ
ajfa-3945	9	22	options	option	NOUN
ajfa-3945	9	23	strategies	strategy	NOUN
ajfa-3945	9	24	,	,	PUNCT
ajfa-3945	9	25	the	the	DET
ajfa-3945	9	26	most	most	ADV
ajfa-3945	9	27	popular	popular	ADJ
ajfa-3945	9	28	strategies	strategy	NOUN
ajfa-3945	9	29	being	be	AUX
ajfa-3945	9	30	covered	cover	VERB
ajfa-3945	9	31	-	-	PUNCT
ajfa-3945	9	32	call	call	NOUN
ajfa-3945	9	33	writing	writing	NOUN
ajfa-3945	9	34	and	and	CCONJ
ajfa-3945	9	35	protective	protective	ADJ
ajfa-3945	9	36	-	-	PUNCT
ajfa-3945	9	37	put	put	NOUN
ajfa-3945	9	38	buying	buying	NOUN
ajfa-3945	9	39	.	.	PUNCT
ajfa-3945	10	1	theoretically	theoretically	ADV
ajfa-3945	10	2	and	and	CCONJ
ajfa-3945	10	3	empirically	empirically	ADV
ajfa-3945	10	4	,	,	PUNCT
ajfa-3945	10	5	however	however	ADV
ajfa-3945	10	6	,	,	PUNCT
ajfa-3945	10	7	there	there	PRON
ajfa-3945	10	8	is	be	VERB
ajfa-3945	10	9	no	no	DET
ajfa-3945	10	10	clear	clear	ADJ
ajfa-3945	10	11	evidence	evidence	NOUN
ajfa-3945	10	12	on	on	ADP
ajfa-3945	10	13	whether	whether	SCONJ
ajfa-3945	10	14	this	this	PRON
ajfa-3945	10	15	is	be	AUX
ajfa-3945	10	16	really	really	ADV
ajfa-3945	10	17	the	the	DET
ajfa-3945	10	18	case	case	NOUN
ajfa-3945	10	19	.	.	PUNCT
ajfa-3945	11	1	the	the	DET
ajfa-3945	11	2	general	general	ADJ
ajfa-3945	11	3	framework	framework	NOUN
ajfa-3945	11	4	suggested	suggest	VERB
ajfa-3945	11	5	by	by	ADP
ajfa-3945	11	6	hakanson	hakanson	PROPN
ajfa-3945	11	7	(	(	PUNCT
ajfa-3945	11	8	1978	1978	NUM
ajfa-3945	11	9	)	)	PUNCT
ajfa-3945	11	10	,	,	PUNCT
ajfa-3945	11	11	cox	cox	PROPN
ajfa-3945	11	12	(	(	PUNCT
ajfa-3945	11	13	1976	1976	NUM
ajfa-3945	11	14	)	)	PUNCT
ajfa-3945	11	15	and	and	CCONJ
ajfa-3945	11	16	ross	ross	PROPN
ajfa-3945	11	17	(	(	PUNCT
ajfa-3945	11	18	1976	1976	NUM
ajfa-3945	11	19	)	)	PUNCT
ajfa-3945	11	20	indicates	indicate	VERB
ajfa-3945	11	21	that	that	SCONJ
ajfa-3945	11	22	incorporating	incorporate	VERB
ajfa-3945	11	23	option	option	NOUN
ajfa-3945	11	24	strategies	strategy	NOUN
ajfa-3945	11	25	enhances	enhance	VERB
ajfa-3945	11	26	the	the	DET
ajfa-3945	11	27	general	general	ADJ
ajfa-3945	11	28	efficiency	efficiency	NOUN
ajfa-3945	11	29	of	of	ADP
ajfa-3945	11	30	financial	financial	ADJ
ajfa-3945	11	31	markets	market	NOUN
ajfa-3945	11	32	by	by	ADP
ajfa-3945	11	33	increasing	increase	VERB
ajfa-3945	11	34	the	the	DET
ajfa-3945	11	35	number	number	NOUN
ajfa-3945	11	36	of	of	ADP
ajfa-3945	11	37	investment	investment	NOUN
ajfa-3945	11	38	opportunities	opportunity	NOUN
ajfa-3945	11	39	available	available	ADJ
ajfa-3945	11	40	to	to	ADP
ajfa-3945	11	41	investors	investor	NOUN
ajfa-3945	11	42	in	in	ADP
ajfa-3945	11	43	terms	term	NOUN
ajfa-3945	11	44	of	of	ADP
ajfa-3945	11	45	insurance	insurance	NOUN
ajfa-3945	11	46	and	and	CCONJ
ajfa-3945	11	47	hedging	hedging	NOUN
ajfa-3945	11	48	.	.	PUNCT
ajfa-3945	12	1	on	on	ADP
ajfa-3945	12	2	the	the	DET
ajfa-3945	12	3	other	other	ADJ
ajfa-3945	12	4	hand	hand	NOUN
ajfa-3945	12	5	,	,	PUNCT
ajfa-3945	12	6	options	option	NOUN
ajfa-3945	12	7	can	can	AUX
ajfa-3945	12	8	themselves	themselves	PRON
ajfa-3945	12	9	be	be	AUX
ajfa-3945	12	10	used	use	VERB
ajfa-3945	12	11	as	as	ADP
ajfa-3945	12	12	short	short	ADJ
ajfa-3945	12	13	-	-	PUNCT
ajfa-3945	12	14	term	term	NOUN
ajfa-3945	12	15	investment	investment	NOUN
ajfa-3945	12	16	instruments	instrument	NOUN
ajfa-3945	12	17	,	,	PUNCT
ajfa-3945	12	18	and	and	CCONJ
ajfa-3945	12	19	can	can	AUX
ajfa-3945	12	20	improve	improve	VERB
ajfa-3945	12	21	portfolio	portfolio	NOUN
ajfa-3945	12	22	performance	performance	NOUN
ajfa-3945	12	23	when	when	SCONJ
ajfa-3945	12	24	used	use	VERB
ajfa-3945	12	25	speculatively	speculatively	ADV
ajfa-3945	12	26	(	(	PUNCT
ajfa-3945	12	27	dash	dash	NOUN
ajfa-3945	12	28	et	et	NOUN
ajfa-3945	12	29	al	al	PROPN
ajfa-3945	12	30	,	,	PUNCT
ajfa-3945	12	31	2007	2007	NUM
ajfa-3945	12	32	)	)	PUNCT
ajfa-3945	12	33	.	.	PUNCT
ajfa-3945	13	1	the	the	DET
ajfa-3945	13	2	present	present	ADJ
ajfa-3945	13	3	study	study	NOUN
ajfa-3945	13	4	investigates	investigate	VERB
ajfa-3945	13	5	the	the	DET
ajfa-3945	13	6	effect	effect	NOUN
ajfa-3945	13	7	of	of	ADP
ajfa-3945	13	8	option	option	NOUN
ajfa-3945	13	9	buying	buying	NOUN
ajfa-3945	13	10	and	and	CCONJ
ajfa-3945	13	11	writing	write	VERB
ajfa-3945	13	12	strategies	strategy	NOUN
ajfa-3945	13	13	on	on	ADP
ajfa-3945	13	14	the	the	DET
ajfa-3945	13	15	returns	return	NOUN
ajfa-3945	13	16	of	of	ADP
ajfa-3945	13	17	an	an	DET
ajfa-3945	13	18	(	(	PUNCT
ajfa-3945	13	19	unhedged	unhedged	ADJ
ajfa-3945	13	20	)	)	PUNCT
ajfa-3945	13	21	stock	stock	NOUN
ajfa-3945	13	22	position	position	NOUN
ajfa-3945	13	23	.	.	PUNCT
ajfa-3945	14	1	the	the	DET
ajfa-3945	14	2	objective	objective	NOUN
ajfa-3945	14	3	of	of	ADP
ajfa-3945	14	4	the	the	DET
ajfa-3945	14	5	study	study	NOUN
ajfa-3945	14	6	was	be	AUX
ajfa-3945	14	7	to	to	PART
ajfa-3945	14	8	find	find	VERB
ajfa-3945	14	9	out	out	ADP
ajfa-3945	14	10	the	the	DET
ajfa-3945	14	11	optimal	optimal	ADJ
ajfa-3945	14	12	strategies	strategy	NOUN
ajfa-3945	14	13	(	(	PUNCT
ajfa-3945	14	14	i.e.	i.e.	X
ajfa-3945	14	15	that	that	PRON
ajfa-3945	14	16	yield	yield	VERB
ajfa-3945	14	17	maximum	maximum	ADJ
ajfa-3945	14	18	returns	return	NOUN
ajfa-3945	14	19	)	)	PUNCT
ajfa-3945	14	20	,	,	PUNCT
ajfa-3945	14	21	to	to	PART
ajfa-3945	14	22	compare	compare	VERB
ajfa-3945	14	23	the	the	DET
ajfa-3945	14	24	returns	return	NOUN
ajfa-3945	14	25	of	of	ADP
ajfa-3945	14	26	covered	cover	VERB
ajfa-3945	14	27	-	-	PUNCT
ajfa-3945	14	28	call	call	NOUN
ajfa-3945	14	29	and	and	CCONJ
ajfa-3945	14	30	protective	protective	ADJ
ajfa-3945	14	31	-	-	PUNCT
ajfa-3945	14	32	put	put	NOUN
ajfa-3945	14	33	strategies	strategy	NOUN
ajfa-3945	14	34	,	,	PUNCT
ajfa-3945	14	35	and	and	CCONJ
ajfa-3945	14	36	to	to	PART
ajfa-3945	14	37	compare	compare	VERB
ajfa-3945	14	38	the	the	DET
ajfa-3945	14	39	returns	return	NOUN
ajfa-3945	14	40	of	of	ADP
ajfa-3945	14	41	itm	itm	NOUN
ajfa-3945	14	42	and	and	CCONJ
ajfa-3945	14	43	otm	otm	NOUN
ajfa-3945	14	44	options	option	NOUN
ajfa-3945	14	45	combinations	combination	NOUN
ajfa-3945	14	46	.	.	PUNCT
ajfa-3945	15	1	literature	literature	NOUN
ajfa-3945	15	2	review	review	VERB
ajfa-3945	15	3	several	several	ADJ
ajfa-3945	15	4	studies	study	NOUN
ajfa-3945	15	5	compare	compare	VERB
ajfa-3945	15	6	the	the	DET
ajfa-3945	15	7	performance	performance	NOUN
ajfa-3945	15	8	of	of	ADP
ajfa-3945	15	9	pure	pure	ADJ
ajfa-3945	15	10	-	-	PUNCT
ajfa-3945	15	11	stock	stock	NOUN
ajfa-3945	15	12	positions	position	NOUN
ajfa-3945	15	13	with	with	ADP
ajfa-3945	15	14	that	that	PRON
ajfa-3945	15	15	of	of	ADP
ajfa-3945	15	16	stock	stock	NOUN
ajfa-3945	15	17	positions	position	NOUN
ajfa-3945	15	18	combined	combine	VERB
ajfa-3945	15	19	with	with	ADP
ajfa-3945	15	20	options	option	NOUN
ajfa-3945	15	21	,	,	PUNCT
ajfa-3945	15	22	and	and	CCONJ
ajfa-3945	15	23	the	the	DET
ajfa-3945	15	24	performance	performance	NOUN
ajfa-3945	15	25	of	of	ADP
ajfa-3945	15	26	different	different	ADJ
ajfa-3945	15	27	option	option	NOUN
ajfa-3945	15	28	strategies	strategy	NOUN
ajfa-3945	15	29	.	.	PUNCT
ajfa-3945	16	1	trennepohl	trennepohl	NOUN
ajfa-3945	16	2	and	and	CCONJ
ajfa-3945	16	3	dukes	duke	NOUN
ajfa-3945	16	4	(	(	PUNCT
ajfa-3945	16	5	1981	1981	NUM
ajfa-3945	16	6	)	)	PUNCT
ajfa-3945	16	7	investigated	investigate	VERB
ajfa-3945	16	8	the	the	DET
ajfa-3945	16	9	performance	performance	NOUN
ajfa-3945	16	10	of	of	ADP
ajfa-3945	16	11	option	option	NOUN
ajfa-3945	16	12	writing	writing	NOUN
ajfa-3945	16	13	and	and	CCONJ
ajfa-3945	16	14	buying	buying	NOUN
ajfa-3945	16	15	strategies	strategy	NOUN
ajfa-3945	16	16	using	use	VERB
ajfa-3945	16	17	in	in	ADP
ajfa-3945	16	18	-	-	PUNCT
ajfa-3945	16	19	the	the	DET
ajfa-3945	16	20	-	-	PUNCT
ajfa-3945	16	21	money	money	NOUN
ajfa-3945	16	22	(	(	PUNCT
ajfa-3945	16	23	itm	itm	NOUN
ajfa-3945	16	24	)	)	PUNCT
ajfa-3945	16	25	and	and	CCONJ
ajfa-3945	16	26	out	out	ADV
ajfa-3945	16	27	-	-	PUNCT
ajfa-3945	16	28	of	of	ADP
ajfa-3945	16	29	-	-	PUNCT
ajfa-3945	16	30	the	the	DET
ajfa-3945	16	31	-	-	PUNCT
ajfa-3945	16	32	money	money	NOUN
ajfa-3945	16	33	(	(	PUNCT
ajfa-3945	16	34	otm	otm	NOUN
ajfa-3945	16	35	)	)	PUNCT
ajfa-3945	16	36	options	option	NOUN
ajfa-3945	16	37	,	,	PUNCT
ajfa-3945	16	38	and	and	CCONJ
ajfa-3945	16	39	found	find	VERB
ajfa-3945	16	40	that	that	SCONJ
ajfa-3945	16	41	covered	covered	ADJ
ajfa-3945	16	42	option	option	NOUN
ajfa-3945	16	43	writing	writing	NOUN
ajfa-3945	16	44	lowers	lower	VERB
ajfa-3945	16	45	portfolio	portfolio	NOUN
ajfa-3945	16	46	standard	standard	ADJ
ajfa-3945	16	47	deviation	deviation	NOUN
ajfa-3945	16	48	and	and	CCONJ
ajfa-3945	16	49	improves	improve	VERB
ajfa-3945	16	50	portfolio	portfolio	NOUN
ajfa-3945	16	51	mean	mean	ADJ
ajfa-3945	16	52	returns	return	NOUN
ajfa-3945	16	53	.	.	PUNCT
ajfa-3945	17	1	bookstaber	bookstaber	PROPN
ajfa-3945	17	2	and	and	CCONJ
ajfa-3945	17	3	clarke	clarke	PROPN
ajfa-3945	17	4	(	(	PUNCT
ajfa-3945	17	5	1984	1984	NUM
ajfa-3945	17	6	)	)	PUNCT
ajfa-3945	17	7	compared	compare	VERB
ajfa-3945	17	8	the	the	DET
ajfa-3945	17	9	performance	performance	NOUN
ajfa-3945	17	10	of	of	ADP
ajfa-3945	17	11	protective	protective	ADJ
ajfa-3945	17	12	-	-	PUNCT
ajfa-3945	17	13	put	put	ADJ
ajfa-3945	17	14	,	,	PUNCT
ajfa-3945	17	15	covered	cover	VERB
ajfa-3945	17	16	-	-	PUNCT
ajfa-3945	17	17	call	call	NOUN
ajfa-3945	17	18	,	,	PUNCT
ajfa-3945	17	19	and	and	CCONJ
ajfa-3945	17	20	pure	pure	ADJ
ajfa-3945	17	21	-	-	PUNCT
ajfa-3945	17	22	stock	stock	NOUN
ajfa-3945	17	23	strategies	strategy	NOUN
ajfa-3945	17	24	,	,	PUNCT
ajfa-3945	17	25	and	and	CCONJ
ajfa-3945	17	26	found	find	VERB
ajfa-3945	17	27	that	that	PRON
ajfa-3945	17	28	call	call	NOUN
ajfa-3945	17	29	writing	writing	NOUN
ajfa-3945	17	30	is	be	AUX
ajfa-3945	17	31	better	well	ADJ
ajfa-3945	17	32	than	than	SCONJ
ajfa-3945	17	33	put	put	VERB
ajfa-3945	17	34	buying	buying	NOUN
ajfa-3945	17	35	in	in	ADP
ajfa-3945	17	36	terms	term	NOUN
ajfa-3945	17	37	of	of	ADP
ajfa-3945	17	38	expected	expect	VERB
ajfa-3945	17	39	return	return	NOUN
ajfa-3945	17	40	and	and	CCONJ
ajfa-3945	17	41	volatility	volatility	NOUN
ajfa-3945	17	42	,	,	PUNCT
ajfa-3945	17	43	but	but	CCONJ
ajfa-3945	17	44	that	that	SCONJ
ajfa-3945	17	45	the	the	DET
ajfa-3945	17	46	former	former	ADJ
ajfa-3945	17	47	truncates	truncate	VERB
ajfa-3945	17	48	the	the	DET
ajfa-3945	17	49	right	right	ADJ
ajfa-3945	17	50	-	-	PUNCT
ajfa-3945	17	51	hand	hand	NOUN
ajfa-3945	17	52	side	side	NOUN
ajfa-3945	17	53	of	of	ADP
ajfa-3945	17	54	a	a	DET
ajfa-3945	17	55	distribution	distribution	NOUN
ajfa-3945	17	56	causing	cause	VERB
ajfa-3945	17	57	undesirable	undesirable	ADJ
ajfa-3945	17	58	negative	negative	ADJ
ajfa-3945	17	59	skewness	skewness	NOUN
ajfa-3945	17	60	,	,	PUNCT
ajfa-3945	17	61	while	while	SCONJ
ajfa-3945	17	62	put	put	NOUN
ajfa-3945	17	63	-	-	PUNCT
ajfa-3945	17	64	buying	buying	NOUN
ajfa-3945	17	65	truncates	truncate	VERB
ajfa-3945	17	66	the	the	DET
ajfa-3945	17	67	left	left	ADJ
ajfa-3945	17	68	-	-	PUNCT
ajfa-3945	17	69	hand	hand	NOUN
ajfa-3945	17	70	side	side	NOUN
ajfa-3945	17	71	of	of	ADP
ajfa-3945	17	72	a	a	DET
ajfa-3945	17	73	distribution	distribution	NOUN
ajfa-3945	17	74	causing	cause	VERB
ajfa-3945	17	75	desirable	desirable	ADJ
ajfa-3945	17	76	positive	positive	ADJ
ajfa-3945	17	77	skewness	skewness	NOUN
ajfa-3945	17	78	.	.	PUNCT
ajfa-3945	18	1	castellano	castellano	PROPN
ajfa-3945	18	2	and	and	CCONJ
ajfa-3945	18	3	giacometti	giacometti	PROPN
ajfa-3945	18	4	(	(	PUNCT
ajfa-3945	18	5	2001	2001	NUM
ajfa-3945	18	6	)	)	PUNCT
ajfa-3945	18	7	compared	compare	VERB
ajfa-3945	18	8	the	the	DET
ajfa-3945	18	9	performance	performance	NOUN
ajfa-3945	18	10	of	of	ADP
ajfa-3945	18	11	protective	protective	ADJ
ajfa-3945	18	12	-	-	PUNCT
ajfa-3945	18	13	put	put	VERB
ajfa-3945	18	14	and	and	CCONJ
ajfa-3945	18	15	covered	cover	VERB
ajfa-3945	18	16	-	-	PUNCT
ajfa-3945	18	17	call	call	NOUN
ajfa-3945	18	18	strategies	strategy	NOUN
ajfa-3945	18	19	to	to	ADP
ajfa-3945	18	20	the	the	DET
ajfa-3945	18	21	performance	performance	NOUN
ajfa-3945	18	22	of	of	ADP
ajfa-3945	18	23	holding	hold	VERB
ajfa-3945	18	24	an	an	DET
ajfa-3945	18	25	unhedged	unhedged	ADJ
ajfa-3945	18	26	currency	currency	NOUN
ajfa-3945	18	27	portfolio	portfolio	NOUN
ajfa-3945	18	28	and	and	CCONJ
ajfa-3945	18	29	found	find	VERB
ajfa-3945	18	30	that	that	SCONJ
ajfa-3945	18	31	the	the	DET
ajfa-3945	18	32	option	option	NOUN
ajfa-3945	18	33	strategies	strategy	NOUN
ajfa-3945	18	34	perform	perform	VERB
ajfa-3945	18	35	better	well	ADJ
ajfa-3945	18	36	than	than	ADP
ajfa-3945	18	37	the	the	DET
ajfa-3945	18	38	optimal	optimal	ADJ
ajfa-3945	18	39	naked	naked	ADJ
ajfa-3945	18	40	portfolios	portfolio	NOUN
ajfa-3945	18	41	and	and	CCONJ
ajfa-3945	18	42	the	the	DET
ajfa-3945	18	43	protective	protective	ADJ
ajfa-3945	18	44	-	-	PUNCT
ajfa-3945	18	45	put	put	VERB
ajfa-3945	18	46	strategy	strategy	NOUN
ajfa-3945	18	47	performs	perform	VERB
ajfa-3945	18	48	well	well	ADV
ajfa-3945	18	49	for	for	ADP
ajfa-3945	18	50	different	different	ADJ
ajfa-3945	18	51	var	var	NOUN
ajfa-3945	18	52	models	model	NOUN
ajfa-3945	18	53	.	.	PUNCT
ajfa-3945	19	1	isakov	isakov	PROPN
ajfa-3945	19	2	and	and	CCONJ
ajfa-3945	19	3	morard	morard	NOUN
ajfa-3945	19	4	(	(	PUNCT
ajfa-3945	19	5	2001	2001	NUM
ajfa-3945	19	6	)	)	PUNCT
ajfa-3945	19	7	investigated	investigate	VERB
ajfa-3945	19	8	the	the	DET
ajfa-3945	19	9	performance	performance	NOUN
ajfa-3945	19	10	of	of	ADP
ajfa-3945	19	11	a	a	DET
ajfa-3945	19	12	global	global	ADJ
ajfa-3945	19	13	investment	investment	NOUN
ajfa-3945	19	14	strategy	strategy	NOUN
ajfa-3945	19	15	that	that	PRON
ajfa-3945	19	16	combines	combine	VERB
ajfa-3945	19	17	diversification	diversification	NOUN
ajfa-3945	19	18	and	and	CCONJ
ajfa-3945	19	19	option	option	NOUN
ajfa-3945	19	20	strategies	strategy	NOUN
ajfa-3945	19	21	,	,	PUNCT
ajfa-3945	19	22	in	in	ADP
ajfa-3945	19	23	particular	particular	ADJ
ajfa-3945	19	24	the	the	DET
ajfa-3945	19	25	covered	cover	VERB
ajfa-3945	19	26	call	call	NOUN
ajfa-3945	19	27	strategy	strategy	NOUN
ajfa-3945	19	28	,	,	PUNCT
ajfa-3945	19	29	and	and	CCONJ
ajfa-3945	19	30	found	find	VERB
ajfa-3945	19	31	that	that	SCONJ
ajfa-3945	19	32	the	the	DET
ajfa-3945	19	33	use	use	NOUN
ajfa-3945	19	34	of	of	ADP
ajfa-3945	19	35	option	option	NOUN
ajfa-3945	19	36	strategies	strategy	NOUN
ajfa-3945	19	37	consistently	consistently	ADV
ajfa-3945	19	38	improves	improve	VERB
ajfa-3945	19	39	the	the	DET
ajfa-3945	19	40	performance	performance	NOUN
ajfa-3945	19	41	of	of	ADP
ajfa-3945	19	42	stock	stock	NOUN
ajfa-3945	19	43	portfolios	portfolio	NOUN
ajfa-3945	19	44	,	,	PUNCT
ajfa-3945	19	45	even	even	ADV
ajfa-3945	19	46	in	in	ADP
ajfa-3945	19	47	the	the	DET
ajfa-3945	19	48	presence	presence	NOUN
ajfa-3945	19	49	of	of	ADP
ajfa-3945	19	50	transaction	transaction	NOUN
ajfa-3945	19	51	costs	cost	NOUN
ajfa-3945	19	52	.	.	PUNCT
ajfa-3945	20	1	abid	abid	PROPN
ajfa-3945	20	2	et	et	PROPN
ajfa-3945	20	3	al	al	PROPN
ajfa-3945	20	4	(	(	PUNCT
ajfa-3945	20	5	2009	2009	NUM
ajfa-3945	20	6	)	)	PUNCT
ajfa-3945	20	7	investigated	investigate	VERB
ajfa-3945	20	8	the	the	DET
ajfa-3945	20	9	performance	performance	NOUN
ajfa-3945	20	10	of	of	ADP
ajfa-3945	20	11	option	option	NOUN
ajfa-3945	20	12	strategies	strategy	NOUN
ajfa-3945	20	13	,	,	PUNCT
ajfa-3945	20	14	including	include	VERB
ajfa-3945	20	15	writing	write	VERB
ajfa-3945	20	16	otm	otm	NOUN
ajfa-3945	20	17	covered	cover	VERB
ajfa-3945	20	18	-	-	PUNCT
ajfa-3945	20	19	call	call	NOUN
ajfa-3945	20	20	and	and	CCONJ
ajfa-3945	20	21	buying	buy	VERB
ajfa-3945	20	22	itm	itm	NOUN
ajfa-3945	20	23	protective	protective	ADJ
ajfa-3945	20	24	put	put	NOUN
ajfa-3945	20	25	,	,	PUNCT
ajfa-3945	20	26	with	with	ADP
ajfa-3945	20	27	that	that	PRON
ajfa-3945	20	28	of	of	ADP
ajfa-3945	20	29	the	the	DET
ajfa-3945	20	30	pure	pure	ADJ
ajfa-3945	20	31	-	-	PUNCT
ajfa-3945	20	32	stock	stock	NOUN
ajfa-3945	20	33	investment	investment	NOUN
ajfa-3945	20	34	,	,	PUNCT
ajfa-3945	20	35	and	and	CCONJ
ajfa-3945	20	36	found	find	VERB
ajfa-3945	20	37	that	that	SCONJ
ajfa-3945	20	38	,	,	PUNCT
ajfa-3945	20	39	in	in	ADP
ajfa-3945	20	40	general	general	ADJ
ajfa-3945	20	41	,	,	PUNCT
ajfa-3945	20	42	the	the	DET
ajfa-3945	20	43	buying	buying	NOUN
ajfa-3945	20	44	itm	itm	NOUN
ajfa-3945	20	45	protective	protective	ADJ
ajfa-3945	20	46	-	-	PUNCT
ajfa-3945	20	47	put	put	VERB
ajfa-3945	20	48	strategy	strategy	NOUN
ajfa-3945	20	49	has	have	VERB
ajfa-3945	20	50	the	the	DET
ajfa-3945	20	51	best	good	ADJ
ajfa-3945	20	52	performance	performance	NOUN
ajfa-3945	20	53	,	,	PUNCT
ajfa-3945	20	54	followed	follow	VERB
ajfa-3945	20	55	by	by	ADP
ajfa-3945	20	56	the	the	DET
ajfa-3945	20	57	writing	writing	NOUN
ajfa-3945	20	58	otm	otm	NOUN
ajfa-3945	20	59	covered	cover	VERB
ajfa-3945	20	60	-	-	PUNCT
ajfa-3945	20	61	call	call	NOUN
ajfa-3945	20	62	strategy	strategy	NOUN
ajfa-3945	20	63	,	,	PUNCT
ajfa-3945	20	64	both	both	PRON
ajfa-3945	20	65	out	out	ADV
ajfa-3945	20	66	-	-	PUNCT
ajfa-3945	20	67	performing	perform	VERB
ajfa-3945	20	68	the	the	DET
ajfa-3945	20	69	naked	naked	ADJ
ajfa-3945	20	70	stock	stock	NOUN
ajfa-3945	20	71	.	.	PUNCT
ajfa-3945	21	1	some	some	DET
ajfa-3945	21	2	studies	study	NOUN
ajfa-3945	21	3	show	show	VERB
ajfa-3945	21	4	that	that	SCONJ
ajfa-3945	21	5	the	the	DET
ajfa-3945	21	6	performance	performance	NOUN
ajfa-3945	21	7	of	of	ADP
ajfa-3945	21	8	option	option	NOUN
ajfa-3945	21	9	strategies	strategy	NOUN
ajfa-3945	21	10	with	with	ADP
ajfa-3945	21	11	stock	stock	NOUN
ajfa-3945	21	12	portfolios	portfolio	NOUN
ajfa-3945	21	13	could	could	AUX
ajfa-3945	21	14	depend	depend	VERB
ajfa-3945	21	15	on	on	ADP
ajfa-3945	21	16	other	other	ADJ
ajfa-3945	21	17	factors	factor	NOUN
ajfa-3945	21	18	or	or	CCONJ
ajfa-3945	21	19	on	on	ADP
ajfa-3945	21	20	market	market	NOUN
ajfa-3945	21	21	conditions	condition	NOUN
ajfa-3945	21	22	.	.	PUNCT
ajfa-3945	22	1	benninga	benninga	PROPN
ajfa-3945	22	2	and	and	CCONJ
ajfa-3945	22	3	blume	blume	PROPN
ajfa-3945	22	4	(	(	PUNCT
ajfa-3945	22	5	1985	1985	NUM
ajfa-3945	22	6	)	)	PUNCT
ajfa-3945	22	7	analyzed	analyze	VERB
ajfa-3945	22	8	the	the	DET
ajfa-3945	22	9	asian	asian	ADJ
ajfa-3945	22	10	journal	journal	NOUN
ajfa-3945	22	11	of	of	ADP
ajfa-3945	22	12	finance	finance	PROPN
ajfa-3945	22	13	&	&	CCONJ
ajfa-3945	22	14	accounting	accounting	PROPN
ajfa-3945	22	15	issn	issn	PROPN
ajfa-3945	22	16	1946	1946	NUM
ajfa-3945	22	17	-	-	PUNCT
ajfa-3945	22	18	052x	052x	PROPN
ajfa-3945	22	19	2014	2014	NUM
ajfa-3945	22	20	,	,	PUNCT
ajfa-3945	22	21	vol	vol	NOUN
ajfa-3945	22	22	.	.	PROPN
ajfa-3945	23	1	6	6	NUM
ajfa-3945	23	2	,	,	PUNCT
ajfa-3945	23	3	no	no	INTJ
ajfa-3945	23	4	.	.	NOUN
ajfa-3945	23	5	1	1	NUM
ajfa-3945	23	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3945	23	7	128	128	NUM
ajfa-3945	23	8	optimality	optimality	NOUN
ajfa-3945	23	9	of	of	ADP
ajfa-3945	23	10	portfolio	portfolio	NOUN
ajfa-3945	23	11	insurance	insurance	NOUN
ajfa-3945	23	12	in	in	ADP
ajfa-3945	23	13	complete	complete	ADJ
ajfa-3945	23	14	and	and	CCONJ
ajfa-3945	23	15	incomplete	incomplete	ADJ
ajfa-3945	23	16	markets	market	NOUN
ajfa-3945	23	17	,	,	PUNCT
ajfa-3945	23	18	and	and	CCONJ
ajfa-3945	23	19	found	find	VERB
ajfa-3945	23	20	that	that	SCONJ
ajfa-3945	23	21	buying	buy	VERB
ajfa-3945	23	22	put	put	NOUN
ajfa-3945	23	23	option	option	NOUN
ajfa-3945	23	24	may	may	AUX
ajfa-3945	23	25	be	be	AUX
ajfa-3945	23	26	optimal	optimal	ADJ
ajfa-3945	23	27	only	only	ADV
ajfa-3945	23	28	in	in	ADP
ajfa-3945	23	29	an	an	DET
ajfa-3945	23	30	incomplete	incomplete	ADJ
ajfa-3945	23	31	market	market	NOUN
ajfa-3945	23	32	,	,	PUNCT
ajfa-3945	23	33	not	not	PART
ajfa-3945	23	34	in	in	ADP
ajfa-3945	23	35	a	a	DET
ajfa-3945	23	36	complete	complete	ADJ
ajfa-3945	23	37	market	market	NOUN
ajfa-3945	23	38	.	.	PUNCT
ajfa-3945	24	1	brooks	brooks	PROPN
ajfa-3945	24	2	and	and	CCONJ
ajfa-3945	24	3	hand	hand	NOUN
ajfa-3945	24	4	(	(	PUNCT
ajfa-3945	24	5	1988	1988	NUM
ajfa-3945	24	6	)	)	PUNCT
ajfa-3945	24	7	examined	examine	VERB
ajfa-3945	24	8	the	the	DET
ajfa-3945	24	9	return	return	NOUN
ajfa-3945	24	10	characteristics	characteristic	NOUN
ajfa-3945	24	11	of	of	ADP
ajfa-3945	24	12	index	index	NOUN
ajfa-3945	24	13	futures	future	NOUN
ajfa-3945	24	14	contracts	contract	NOUN
ajfa-3945	24	15	,	,	PUNCT
ajfa-3945	24	16	and	and	CCONJ
ajfa-3945	24	17	found	find	VERB
ajfa-3945	24	18	that	that	SCONJ
ajfa-3945	24	19	both	both	CCONJ
ajfa-3945	24	20	the	the	DET
ajfa-3945	24	21	return	return	NOUN
ajfa-3945	24	22	distribution	distribution	NOUN
ajfa-3945	24	23	and	and	CCONJ
ajfa-3945	24	24	performance	performance	NOUN
ajfa-3945	24	25	evaluation	evaluation	NOUN
ajfa-3945	24	26	depend	depend	VERB
ajfa-3945	24	27	on	on	ADP
ajfa-3945	24	28	the	the	DET
ajfa-3945	24	29	risk	risk	NOUN
ajfa-3945	24	30	-	-	PUNCT
ajfa-3945	24	31	free	free	ADJ
ajfa-3945	24	32	rate	rate	NOUN
ajfa-3945	24	33	,	,	PUNCT
ajfa-3945	24	34	the	the	DET
ajfa-3945	24	35	dividend	dividend	NOUN
ajfa-3945	24	36	rate	rate	NOUN
ajfa-3945	24	37	,	,	PUNCT
ajfa-3945	24	38	the	the	DET
ajfa-3945	24	39	basis	basis	NOUN
ajfa-3945	24	40	and	and	CCONJ
ajfa-3945	24	41	the	the	DET
ajfa-3945	24	42	margins	margin	NOUN
ajfa-3945	24	43	.	.	PUNCT
ajfa-3945	25	1	the	the	DET
ajfa-3945	25	2	current	current	ADJ
ajfa-3945	25	3	study	study	NOUN
ajfa-3945	25	4	follows	follow	VERB
ajfa-3945	25	5	the	the	DET
ajfa-3945	25	6	approach	approach	NOUN
ajfa-3945	25	7	of	of	ADP
ajfa-3945	25	8	dash	dash	NOUN
ajfa-3945	25	9	et	et	PROPN
ajfa-3945	25	10	al	al	PROPN
ajfa-3945	25	11	(	(	PUNCT
ajfa-3945	25	12	2008	2008	NUM
ajfa-3945	25	13	)	)	PUNCT
ajfa-3945	25	14	,	,	PUNCT
ajfa-3945	25	15	who	who	PRON
ajfa-3945	25	16	have	have	AUX
ajfa-3945	25	17	also	also	ADV
ajfa-3945	25	18	analysed	analyse	VERB
ajfa-3945	25	19	the	the	DET
ajfa-3945	25	20	effect	effect	NOUN
ajfa-3945	25	21	of	of	ADP
ajfa-3945	25	22	options	option	NOUN
ajfa-3945	25	23	strategies	strategy	NOUN
ajfa-3945	25	24	on	on	ADP
ajfa-3945	25	25	a	a	DET
ajfa-3945	25	26	pure	pure	ADJ
ajfa-3945	25	27	-	-	PUNCT
ajfa-3945	25	28	stock	stock	NOUN
ajfa-3945	25	29	position	position	NOUN
ajfa-3945	25	30	.	.	PUNCT
ajfa-3945	26	1	they	they	PRON
ajfa-3945	26	2	identified	identify	VERB
ajfa-3945	26	3	two	two	NUM
ajfa-3945	26	4	types	type	NOUN
ajfa-3945	26	5	of	of	ADP
ajfa-3945	26	6	optimal	optimal	ADJ
ajfa-3945	26	7	options	option	NOUN
ajfa-3945	26	8	strategies	strategy	NOUN
ajfa-3945	26	9	:	:	PUNCT
ajfa-3945	26	10	one	one	NUM
ajfa-3945	26	11	which	which	PRON
ajfa-3945	26	12	yielded	yield	VERB
ajfa-3945	26	13	highest	high	ADJ
ajfa-3945	26	14	returns	return	NOUN
ajfa-3945	26	15	at	at	ADP
ajfa-3945	26	16	the	the	DET
ajfa-3945	26	17	lowest	low	ADJ
ajfa-3945	26	18	strike	strike	NOUN
ajfa-3945	26	19	price	price	NOUN
ajfa-3945	26	20	(	(	PUNCT
ajfa-3945	26	21	5	5	NUM
ajfa-3945	26	22	%	%	NOUN
ajfa-3945	26	23	below	below	ADP
ajfa-3945	26	24	the	the	DET
ajfa-3945	26	25	initial	initial	ADJ
ajfa-3945	26	26	stock	stock	NOUN
ajfa-3945	26	27	price	price	NOUN
ajfa-3945	26	28	)	)	PUNCT
ajfa-3945	26	29	and	and	CCONJ
ajfa-3945	26	30	for	for	ADP
ajfa-3945	26	31	which	which	PRON
ajfa-3945	26	32	the	the	DET
ajfa-3945	26	33	returns	return	NOUN
ajfa-3945	26	34	decreased	decrease	VERB
ajfa-3945	26	35	with	with	ADP
ajfa-3945	26	36	increase	increase	NOUN
ajfa-3945	26	37	in	in	ADP
ajfa-3945	26	38	strike	strike	NOUN
ajfa-3945	26	39	price	price	NOUN
ajfa-3945	26	40	;	;	PUNCT
ajfa-3945	26	41	and	and	CCONJ
ajfa-3945	26	42	one	one	NUM
ajfa-3945	26	43	which	which	PRON
ajfa-3945	26	44	yielded	yield	VERB
ajfa-3945	26	45	highest	high	ADJ
ajfa-3945	26	46	returns	return	NOUN
ajfa-3945	26	47	at	at	ADP
ajfa-3945	26	48	the	the	DET
ajfa-3945	26	49	highest	high	ADJ
ajfa-3945	26	50	strike	strike	NOUN
ajfa-3945	26	51	price	price	NOUN
ajfa-3945	26	52	(	(	PUNCT
ajfa-3945	26	53	5	5	NUM
ajfa-3945	26	54	%	%	NOUN
ajfa-3945	26	55	above	above	ADP
ajfa-3945	26	56	the	the	DET
ajfa-3945	26	57	initial	initial	ADJ
ajfa-3945	26	58	stock	stock	NOUN
ajfa-3945	26	59	price	price	NOUN
ajfa-3945	26	60	)	)	PUNCT
ajfa-3945	26	61	and	and	CCONJ
ajfa-3945	26	62	for	for	ADP
ajfa-3945	26	63	which	which	PRON
ajfa-3945	26	64	the	the	DET
ajfa-3945	26	65	returns	return	NOUN
ajfa-3945	26	66	decreased	decrease	VERB
ajfa-3945	26	67	with	with	ADP
ajfa-3945	26	68	decrease	decrease	NOUN
ajfa-3945	26	69	in	in	ADP
ajfa-3945	26	70	strike	strike	NOUN
ajfa-3945	26	71	price	price	NOUN
ajfa-3945	26	72	,	,	PUNCT
ajfa-3945	26	73	termed	term	VERB
ajfa-3945	26	74	as	as	ADP
ajfa-3945	26	75	“	"	PUNCT
ajfa-3945	26	76	optimal	optimal	ADJ
ajfa-3945	26	77	in	in	ADP
ajfa-3945	26	78	the	the	DET
ajfa-3945	26	79	first	first	ADJ
ajfa-3945	26	80	sense	sense	NOUN
ajfa-3945	26	81	”	"	PUNCT
ajfa-3945	26	82	and	and	CCONJ
ajfa-3945	26	83	“	"	PUNCT
ajfa-3945	26	84	optimal	optimal	ADJ
ajfa-3945	26	85	in	in	ADP
ajfa-3945	26	86	the	the	DET
ajfa-3945	26	87	second	second	ADJ
ajfa-3945	26	88	sense	sense	NOUN
ajfa-3945	26	89	,	,	PUNCT
ajfa-3945	26	90	”	"	PUNCT
ajfa-3945	26	91	respectively	respectively	ADV
ajfa-3945	26	92	.	.	PUNCT
ajfa-3945	27	1	the	the	DET
ajfa-3945	27	2	results	result	NOUN
ajfa-3945	27	3	of	of	ADP
ajfa-3945	27	4	their	their	PRON
ajfa-3945	27	5	study	study	NOUN
ajfa-3945	27	6	show	show	VERB
ajfa-3945	27	7	that	that	SCONJ
ajfa-3945	27	8	two	two	NUM
ajfa-3945	27	9	were	be	AUX
ajfa-3945	27	10	two	two	NUM
ajfa-3945	27	11	strategies	strategy	NOUN
ajfa-3945	27	12	that	that	PRON
ajfa-3945	27	13	were	be	AUX
ajfa-3945	27	14	optimal	optimal	ADJ
ajfa-3945	27	15	more	more	ADJ
ajfa-3945	27	16	than	than	ADP
ajfa-3945	27	17	60	60	NUM
ajfa-3945	27	18	%	%	NOUN
ajfa-3945	27	19	of	of	ADP
ajfa-3945	27	20	the	the	DET
ajfa-3945	27	21	time	time	NOUN
ajfa-3945	27	22	:	:	PUNCT
ajfa-3945	27	23	“	"	PUNCT
ajfa-3945	27	24	hold	hold	VERB
ajfa-3945	27	25	stock	stock	NOUN
ajfa-3945	27	26	,	,	PUNCT
ajfa-3945	27	27	buy	buy	VERB
ajfa-3945	27	28	call	call	NOUN
ajfa-3945	27	29	”	"	PUNCT
ajfa-3945	27	30	(	(	PUNCT
ajfa-3945	27	31	in	in	ADP
ajfa-3945	27	32	the	the	DET
ajfa-3945	27	33	first	first	ADJ
ajfa-3945	27	34	sense	sense	NOUN
ajfa-3945	27	35	)	)	PUNCT
ajfa-3945	27	36	,	,	PUNCT
ajfa-3945	27	37	and	and	CCONJ
ajfa-3945	27	38	“	"	PUNCT
ajfa-3945	27	39	hold	hold	VERB
ajfa-3945	27	40	stock	stock	NOUN
ajfa-3945	27	41	,	,	PUNCT
ajfa-3945	27	42	sell	sell	NOUN
ajfa-3945	27	43	put	put	NOUN
ajfa-3945	27	44	”	"	PUNCT
ajfa-3945	27	45	(	(	PUNCT
ajfa-3945	27	46	in	in	ADP
ajfa-3945	27	47	the	the	DET
ajfa-3945	27	48	second	second	ADJ
ajfa-3945	27	49	sense	sense	NOUN
ajfa-3945	27	50	)	)	PUNCT
ajfa-3945	27	51	;	;	PUNCT
ajfa-3945	27	52	and	and	CCONJ
ajfa-3945	27	53	that	that	SCONJ
ajfa-3945	27	54	these	these	DET
ajfa-3945	27	55	two	two	NUM
ajfa-3945	27	56	strategies	strategy	NOUN
ajfa-3945	27	57	were	be	AUX
ajfa-3945	27	58	very	very	ADV
ajfa-3945	27	59	strongly	strongly	ADV
ajfa-3945	27	60	associated	associate	VERB
ajfa-3945	27	61	with	with	ADP
ajfa-3945	27	62	each	each	DET
ajfa-3945	27	63	other	other	ADJ
ajfa-3945	27	64	.	.	PUNCT
ajfa-3945	28	1	in	in	ADP
ajfa-3945	28	2	fact	fact	NOUN
ajfa-3945	28	3	,	,	PUNCT
ajfa-3945	28	4	the	the	DET
ajfa-3945	28	5	covered	cover	VERB
ajfa-3945	28	6	-	-	PUNCT
ajfa-3945	28	7	call	call	NOUN
ajfa-3945	28	8	and	and	CCONJ
ajfa-3945	28	9	protective	protective	ADJ
ajfa-3945	28	10	-	-	PUNCT
ajfa-3945	28	11	put	put	NOUN
ajfa-3945	28	12	strategies	strategy	NOUN
ajfa-3945	28	13	,	,	PUNCT
ajfa-3945	28	14	which	which	PRON
ajfa-3945	28	15	were	be	AUX
ajfa-3945	28	16	so	so	ADV
ajfa-3945	28	17	widely	widely	ADV
ajfa-3945	28	18	investigated	investigate	VERB
ajfa-3945	28	19	in	in	ADP
ajfa-3945	28	20	the	the	DET
ajfa-3945	28	21	literature	literature	NOUN
ajfa-3945	28	22	,	,	PUNCT
ajfa-3945	28	23	were	be	AUX
ajfa-3945	28	24	optimal	optimal	ADJ
ajfa-3945	28	25	only	only	ADV
ajfa-3945	28	26	to	to	ADP
ajfa-3945	28	27	a	a	DET
ajfa-3945	28	28	marginal	marginal	ADJ
ajfa-3945	28	29	extent	extent	NOUN
ajfa-3945	28	30	(	(	PUNCT
ajfa-3945	28	31	0.8	0.8	NUM
ajfa-3945	28	32	%	%	NOUN
ajfa-3945	28	33	of	of	ADP
ajfa-3945	28	34	the	the	DET
ajfa-3945	28	35	time	time	NOUN
ajfa-3945	28	36	)	)	PUNCT
ajfa-3945	28	37	.	.	PUNCT
ajfa-3945	29	1	further	far	ADV
ajfa-3945	29	2	,	,	PUNCT
ajfa-3945	29	3	the	the	DET
ajfa-3945	29	4	optimal	optimal	ADJ
ajfa-3945	29	5	strategies	strategy	NOUN
ajfa-3945	29	6	were	be	AUX
ajfa-3945	29	7	found	find	VERB
ajfa-3945	29	8	to	to	PART
ajfa-3945	29	9	be	be	AUX
ajfa-3945	29	10	discriminated	discriminate	VERB
ajfa-3945	29	11	by	by	ADP
ajfa-3945	29	12	the	the	DET
ajfa-3945	29	13	standard	standard	ADJ
ajfa-3945	29	14	deviation	deviation	NOUN
ajfa-3945	29	15	,	,	PUNCT
ajfa-3945	29	16	the	the	DET
ajfa-3945	29	17	skewness	skewness	NOUN
ajfa-3945	29	18	,	,	PUNCT
ajfa-3945	29	19	and	and	CCONJ
ajfa-3945	29	20	the	the	DET
ajfa-3945	29	21	kurtosis	kurtosis	NOUN
ajfa-3945	29	22	of	of	ADP
ajfa-3945	29	23	the	the	DET
ajfa-3945	29	24	daily	daily	ADJ
ajfa-3945	29	25	returns	return	NOUN
ajfa-3945	29	26	of	of	ADP
ajfa-3945	29	27	the	the	DET
ajfa-3945	29	28	underlying	underlie	VERB
ajfa-3945	29	29	stock	stock	NOUN
ajfa-3945	29	30	;	;	PUNCT
ajfa-3945	29	31	and	and	CCONJ
ajfa-3945	29	32	the	the	DET
ajfa-3945	29	33	returns	return	NOUN
ajfa-3945	29	34	of	of	ADP
ajfa-3945	29	35	the	the	DET
ajfa-3945	29	36	optimal	optimal	ADJ
ajfa-3945	29	37	strategies	strategy	NOUN
ajfa-3945	29	38	were	be	AUX
ajfa-3945	29	39	found	find	VERB
ajfa-3945	29	40	to	to	PART
ajfa-3945	29	41	be	be	AUX
ajfa-3945	29	42	related	relate	VERB
ajfa-3945	29	43	to	to	ADP
ajfa-3945	29	44	the	the	DET
ajfa-3945	29	45	kurtosis	kurtosis	NOUN
ajfa-3945	29	46	of	of	ADP
ajfa-3945	29	47	the	the	DET
ajfa-3945	29	48	daily	daily	ADJ
ajfa-3945	29	49	returns	return	NOUN
ajfa-3945	29	50	of	of	ADP
ajfa-3945	29	51	the	the	DET
ajfa-3945	29	52	underlying	underlie	VERB
ajfa-3945	29	53	stock	stock	NOUN
ajfa-3945	29	54	.	.	PUNCT
ajfa-3945	30	1	in	in	ADP
ajfa-3945	30	2	particular	particular	ADJ
ajfa-3945	30	3	,	,	PUNCT
ajfa-3945	30	4	skewness	skewness	NOUN
ajfa-3945	30	5	and	and	CCONJ
ajfa-3945	30	6	kurtosis	kurtosis	NOUN
ajfa-3945	30	7	in	in	ADP
ajfa-3945	30	8	the	the	DET
ajfa-3945	30	9	daily	daily	ADJ
ajfa-3945	30	10	returns	return	NOUN
ajfa-3945	30	11	of	of	ADP
ajfa-3945	30	12	the	the	DET
ajfa-3945	30	13	underlying	underlie	VERB
ajfa-3945	30	14	stock	stock	NOUN
ajfa-3945	30	15	tended	tend	VERB
ajfa-3945	30	16	to	to	PART
ajfa-3945	30	17	favour	favour	VERB
ajfa-3945	30	18	to	to	ADP
ajfa-3945	30	19	more	more	ADV
ajfa-3945	30	20	aggressive	aggressive	ADJ
ajfa-3945	30	21	options	option	NOUN
ajfa-3945	30	22	positions	position	NOUN
ajfa-3945	30	23	,	,	PUNCT
ajfa-3945	30	24	suggesting	suggest	VERB
ajfa-3945	30	25	that	that	SCONJ
ajfa-3945	30	26	the	the	DET
ajfa-3945	30	27	optimal	optimal	ADJ
ajfa-3945	30	28	strategies	strategy	NOUN
ajfa-3945	30	29	were	be	AUX
ajfa-3945	30	30	influenced	influence	VERB
ajfa-3945	30	31	by	by	ADP
ajfa-3945	30	32	abnormal	abnormal	ADJ
ajfa-3945	30	33	tail	tail	NOUN
ajfa-3945	30	34	behaviour	behaviour	NOUN
ajfa-3945	30	35	of	of	ADP
ajfa-3945	30	36	the	the	DET
ajfa-3945	30	37	daily	daily	ADJ
ajfa-3945	30	38	returns	return	NOUN
ajfa-3945	30	39	of	of	ADP
ajfa-3945	30	40	the	the	DET
ajfa-3945	30	41	underlying	underlie	VERB
ajfa-3945	30	42	stock	stock	NOUN
ajfa-3945	30	43	.	.	PUNCT
ajfa-3945	31	1	overall	overall	ADV
ajfa-3945	31	2	from	from	ADP
ajfa-3945	31	3	the	the	DET
ajfa-3945	31	4	literature	literature	NOUN
ajfa-3945	31	5	it	it	PRON
ajfa-3945	31	6	can	can	AUX
ajfa-3945	31	7	be	be	AUX
ajfa-3945	31	8	concluded	conclude	VERB
ajfa-3945	31	9	that	that	SCONJ
ajfa-3945	31	10	option	option	NOUN
ajfa-3945	31	11	introduction	introduction	NOUN
ajfa-3945	31	12	improves	improve	VERB
ajfa-3945	31	13	the	the	DET
ajfa-3945	31	14	performance	performance	NOUN
ajfa-3945	31	15	of	of	ADP
ajfa-3945	31	16	portfolios	portfolio	NOUN
ajfa-3945	31	17	significantly	significantly	ADV
ajfa-3945	31	18	,	,	PUNCT
ajfa-3945	31	19	but	but	CCONJ
ajfa-3945	31	20	there	there	PRON
ajfa-3945	31	21	are	be	VERB
ajfa-3945	31	22	mixed	mixed	ADJ
ajfa-3945	31	23	results	result	NOUN
ajfa-3945	31	24	concerning	concern	VERB
ajfa-3945	31	25	whether	whether	SCONJ
ajfa-3945	31	26	covered	cover	VERB
ajfa-3945	31	27	-	-	PUNCT
ajfa-3945	31	28	calls	call	NOUN
ajfa-3945	31	29	or	or	CCONJ
ajfa-3945	31	30	protective	protective	ADJ
ajfa-3945	31	31	-	-	PUNCT
ajfa-3945	31	32	puts	put	NOUN
ajfa-3945	31	33	perform	perform	VERB
ajfa-3945	31	34	better	well	ADV
ajfa-3945	31	35	.	.	PUNCT
ajfa-3945	32	1	the	the	DET
ajfa-3945	32	2	present	present	ADJ
ajfa-3945	32	3	study	study	NOUN
ajfa-3945	32	4	addresses	address	NOUN
ajfa-3945	32	5	this	this	DET
ajfa-3945	32	6	question	question	NOUN
ajfa-3945	32	7	explicitly	explicitly	ADV
ajfa-3945	32	8	.	.	PUNCT
ajfa-3945	33	1	data	data	PROPN
ajfa-3945	33	2	&	&	CCONJ
ajfa-3945	33	3	methodology	methodology	PROPN
ajfa-3945	33	4	the	the	DET
ajfa-3945	33	5	present	present	ADJ
ajfa-3945	33	6	study	study	NOUN
ajfa-3945	33	7	was	be	AUX
ajfa-3945	33	8	undertaken	undertake	VERB
ajfa-3945	33	9	to	to	PART
ajfa-3945	33	10	analyse	analyse	VERB
ajfa-3945	33	11	the	the	DET
ajfa-3945	33	12	effect	effect	NOUN
ajfa-3945	33	13	of	of	ADP
ajfa-3945	33	14	options	option	NOUN
ajfa-3945	33	15	strategies	strategy	NOUN
ajfa-3945	33	16	on	on	ADP
ajfa-3945	33	17	a	a	DET
ajfa-3945	33	18	pure	pure	ADJ
ajfa-3945	33	19	-	-	PUNCT
ajfa-3945	33	20	stock	stock	NOUN
ajfa-3945	33	21	position	position	NOUN
ajfa-3945	33	22	.	.	PUNCT
ajfa-3945	34	1	to	to	ADP
ajfa-3945	34	2	this	this	DET
ajfa-3945	34	3	end	end	NOUN
ajfa-3945	34	4	,	,	PUNCT
ajfa-3945	34	5	two	two	NUM
ajfa-3945	34	6	stock	stock	NOUN
ajfa-3945	34	7	-	-	PUNCT
ajfa-3945	34	8	option	option	NOUN
ajfa-3945	34	9	combinations	combination	NOUN
ajfa-3945	34	10	were	be	AUX
ajfa-3945	34	11	considered	consider	VERB
ajfa-3945	34	12	:	:	PUNCT
ajfa-3945	34	13	buying	buy	VERB
ajfa-3945	34	14	protective	protective	NOUN
ajfa-3945	34	15	-	-	PUNCT
ajfa-3945	34	16	puts	put	NOUN
ajfa-3945	34	17	(	(	PUNCT
ajfa-3945	34	18	i.e.	i.e.	X
ajfa-3945	34	19	holding	hold	VERB
ajfa-3945	34	20	the	the	DET
ajfa-3945	34	21	stock	stock	NOUN
ajfa-3945	34	22	,	,	PUNCT
ajfa-3945	34	23	and	and	CCONJ
ajfa-3945	34	24	buying	buy	VERB
ajfa-3945	34	25	a	a	DET
ajfa-3945	34	26	put	put	NOUN
ajfa-3945	34	27	-	-	PUNCT
ajfa-3945	34	28	option	option	NOUN
ajfa-3945	34	29	on	on	ADP
ajfa-3945	34	30	the	the	DET
ajfa-3945	34	31	same	same	ADJ
ajfa-3945	34	32	stock	stock	NOUN
ajfa-3945	34	33	)	)	PUNCT
ajfa-3945	34	34	and	and	CCONJ
ajfa-3945	34	35	selling	sell	VERB
ajfa-3945	34	36	covered	cover	VERB
ajfa-3945	34	37	-	-	PUNCT
ajfa-3945	34	38	calls	call	NOUN
ajfa-3945	34	39	(	(	PUNCT
ajfa-3945	34	40	i.e.	i.e.	X
ajfa-3945	34	41	holding	hold	VERB
ajfa-3945	34	42	the	the	DET
ajfa-3945	34	43	stock	stock	NOUN
ajfa-3945	34	44	,	,	PUNCT
ajfa-3945	34	45	and	and	CCONJ
ajfa-3945	34	46	writing	write	VERB
ajfa-3945	34	47	a	a	DET
ajfa-3945	34	48	call	call	NOUN
ajfa-3945	34	49	-	-	PUNCT
ajfa-3945	34	50	option	option	NOUN
ajfa-3945	34	51	on	on	ADP
ajfa-3945	34	52	the	the	DET
ajfa-3945	34	53	same	same	ADJ
ajfa-3945	34	54	stock	stock	NOUN
ajfa-3945	34	55	)	)	PUNCT
ajfa-3945	34	56	.	.	PUNCT
ajfa-3945	35	1	the	the	DET
ajfa-3945	35	2	sample	sample	NOUN
ajfa-3945	35	3	stocks	stock	NOUN
ajfa-3945	35	4	used	use	VERB
ajfa-3945	35	5	for	for	ADP
ajfa-3945	35	6	the	the	DET
ajfa-3945	35	7	study	study	NOUN
ajfa-3945	35	8	were	be	AUX
ajfa-3945	35	9	those	those	DET
ajfa-3945	35	10	stock	stock	NOUN
ajfa-3945	35	11	listed	list	VERB
ajfa-3945	35	12	on	on	ADP
ajfa-3945	35	13	the	the	DET
ajfa-3945	35	14	national	national	PROPN
ajfa-3945	35	15	stock	stock	PROPN
ajfa-3945	35	16	exchange	exchange	PROPN
ajfa-3945	35	17	(	(	PUNCT
ajfa-3945	35	18	nse	nse	NOUN
ajfa-3945	35	19	)	)	PUNCT
ajfa-3945	35	20	,	,	PUNCT
ajfa-3945	35	21	mumbai	mumbai	PROPN
ajfa-3945	35	22	,	,	PUNCT
ajfa-3945	35	23	india	india	PROPN
ajfa-3945	35	24	,	,	PUNCT
ajfa-3945	35	25	for	for	ADP
ajfa-3945	35	26	which	which	PRON
ajfa-3945	35	27	the	the	DET
ajfa-3945	35	28	corresponding	corresponding	ADJ
ajfa-3945	35	29	derivatives	derivative	NOUN
ajfa-3945	35	30	were	be	AUX
ajfa-3945	35	31	actively	actively	ADV
ajfa-3945	35	32	traded	trade	VERB
ajfa-3945	35	33	on	on	ADP
ajfa-3945	35	34	the	the	DET
ajfa-3945	35	35	national	national	PROPN
ajfa-3945	35	36	stock	stock	PROPN
ajfa-3945	35	37	exchange	exchange	PROPN
ajfa-3945	35	38	futures	futures	PROPN
ajfa-3945	35	39	&	&	CCONJ
ajfa-3945	35	40	options	option	NOUN
ajfa-3945	35	41	segment	segment	NOUN
ajfa-3945	35	42	,	,	PUNCT
ajfa-3945	35	43	thus	thus	ADV
ajfa-3945	35	44	constituting	constitute	VERB
ajfa-3945	35	45	a	a	DET
ajfa-3945	35	46	judgmental	judgmental	ADJ
ajfa-3945	35	47	sample	sample	NOUN
ajfa-3945	35	48	.	.	PUNCT
ajfa-3945	36	1	the	the	DET
ajfa-3945	36	2	sample	sample	NOUN
ajfa-3945	36	3	size	size	NOUN
ajfa-3945	36	4	was	be	AUX
ajfa-3945	36	5	fifty	fifty	NUM
ajfa-3945	36	6	-	-	PUNCT
ajfa-3945	36	7	five	five	NUM
ajfa-3945	36	8	such	such	ADJ
ajfa-3945	36	9	stocks	stock	NOUN
ajfa-3945	36	10	.	.	PUNCT
ajfa-3945	37	1	the	the	DET
ajfa-3945	37	2	time	time	NOUN
ajfa-3945	37	3	period	period	NOUN
ajfa-3945	37	4	considered	consider	VERB
ajfa-3945	37	5	for	for	ADP
ajfa-3945	37	6	the	the	DET
ajfa-3945	37	7	study	study	NOUN
ajfa-3945	37	8	was	be	AUX
ajfa-3945	37	9	1st	1st	ADJ
ajfa-3945	37	10	october	october	PROPN
ajfa-3945	37	11	2007	2007	NUM
ajfa-3945	37	12	to	to	ADP
ajfa-3945	37	13	27th	27th	ADJ
ajfa-3945	37	14	december	december	PROPN
ajfa-3945	37	15	2007	2007	NUM
ajfa-3945	37	16	.	.	PUNCT
ajfa-3945	38	1	the	the	DET
ajfa-3945	38	2	option	option	NOUN
ajfa-3945	38	3	-	-	PUNCT
ajfa-3945	38	4	stock	stock	NOUN
ajfa-3945	38	5	combinations	combination	NOUN
ajfa-3945	38	6	considered	consider	VERB
ajfa-3945	38	7	for	for	ADP
ajfa-3945	38	8	the	the	DET
ajfa-3945	38	9	study	study	NOUN
ajfa-3945	38	10	were	be	AUX
ajfa-3945	38	11	static	static	ADJ
ajfa-3945	38	12	strategies	strategy	NOUN
ajfa-3945	38	13	:	:	PUNCT
ajfa-3945	38	14	it	it	PRON
ajfa-3945	38	15	was	be	AUX
ajfa-3945	38	16	assumed	assume	VERB
ajfa-3945	38	17	that	that	SCONJ
ajfa-3945	38	18	,	,	PUNCT
ajfa-3945	38	19	for	for	ADP
ajfa-3945	38	20	a	a	DET
ajfa-3945	38	21	particular	particular	ADJ
ajfa-3945	38	22	option	option	NOUN
ajfa-3945	38	23	-	-	PUNCT
ajfa-3945	38	24	stock	stock	NOUN
ajfa-3945	38	25	combination	combination	NOUN
ajfa-3945	38	26	,	,	PUNCT
ajfa-3945	38	27	the	the	DET
ajfa-3945	38	28	position	position	NOUN
ajfa-3945	38	29	was	be	AUX
ajfa-3945	38	30	entered	enter	VERB
ajfa-3945	38	31	on	on	ADP
ajfa-3945	38	32	the	the	DET
ajfa-3945	38	33	first	first	ADJ
ajfa-3945	38	34	day	day	NOUN
ajfa-3945	38	35	of	of	ADP
ajfa-3945	38	36	the	the	DET
ajfa-3945	38	37	study	study	NOUN
ajfa-3945	38	38	period	period	NOUN
ajfa-3945	38	39	and	and	CCONJ
ajfa-3945	38	40	maintained	maintain	VERB
ajfa-3945	38	41	until	until	ADP
ajfa-3945	38	42	expiration	expiration	NOUN
ajfa-3945	38	43	on	on	ADP
ajfa-3945	38	44	the	the	DET
ajfa-3945	38	45	last	last	ADJ
ajfa-3945	38	46	day	day	NOUN
ajfa-3945	38	47	of	of	ADP
ajfa-3945	38	48	the	the	DET
ajfa-3945	38	49	study	study	NOUN
ajfa-3945	38	50	period	period	NOUN
ajfa-3945	38	51	.	.	PUNCT
ajfa-3945	39	1	the	the	DET
ajfa-3945	39	2	data	datum	NOUN
ajfa-3945	39	3	used	use	VERB
ajfa-3945	39	4	for	for	ADP
ajfa-3945	39	5	the	the	DET
ajfa-3945	39	6	study	study	NOUN
ajfa-3945	39	7	consisted	consist	VERB
ajfa-3945	39	8	of	of	ADP
ajfa-3945	39	9	the	the	DET
ajfa-3945	39	10	opening	open	VERB
ajfa-3945	39	11	prices	price	NOUN
ajfa-3945	39	12	of	of	ADP
ajfa-3945	39	13	the	the	DET
ajfa-3945	39	14	stocks	stock	NOUN
ajfa-3945	39	15	and	and	CCONJ
ajfa-3945	39	16	option	option	NOUN
ajfa-3945	39	17	premia	premia	NOUN
ajfa-3945	39	18	of	of	ADP
ajfa-3945	39	19	the	the	DET
ajfa-3945	39	20	stock	stock	NOUN
ajfa-3945	39	21	asian	asian	PROPN
ajfa-3945	39	22	journal	journal	PROPN
ajfa-3945	39	23	of	of	ADP
ajfa-3945	39	24	finance	finance	PROPN
ajfa-3945	39	25	&	&	CCONJ
ajfa-3945	39	26	accounting	accounting	PROPN
ajfa-3945	39	27	issn	issn	PROPN
ajfa-3945	39	28	1946	1946	NUM
ajfa-3945	39	29	-	-	PUNCT
ajfa-3945	39	30	052x	052x	PROPN
ajfa-3945	39	31	2014	2014	NUM
ajfa-3945	39	32	,	,	PUNCT
ajfa-3945	39	33	vol	vol	NOUN
ajfa-3945	39	34	.	.	PROPN
ajfa-3945	40	1	6	6	NUM
ajfa-3945	40	2	,	,	PUNCT
ajfa-3945	40	3	no	no	INTJ
ajfa-3945	40	4	.	.	NOUN
ajfa-3945	40	5	1	1	NUM
ajfa-3945	40	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3945	40	7	129	129	NUM
ajfa-3945	40	8	options	option	NOUN
ajfa-3945	40	9	at	at	ADP
ajfa-3945	40	10	different	different	ADJ
ajfa-3945	40	11	strike	strike	NOUN
ajfa-3945	40	12	prices	price	NOUN
ajfa-3945	40	13	on	on	ADP
ajfa-3945	40	14	the	the	DET
ajfa-3945	40	15	first	first	ADJ
ajfa-3945	40	16	day	day	NOUN
ajfa-3945	40	17	of	of	ADP
ajfa-3945	40	18	the	the	DET
ajfa-3945	40	19	study	study	NOUN
ajfa-3945	40	20	period	period	NOUN
ajfa-3945	40	21	and	and	CCONJ
ajfa-3945	40	22	the	the	DET
ajfa-3945	40	23	closing	close	VERB
ajfa-3945	40	24	prices	price	NOUN
ajfa-3945	40	25	of	of	ADP
ajfa-3945	40	26	the	the	DET
ajfa-3945	40	27	stocks	stock	NOUN
ajfa-3945	40	28	on	on	ADP
ajfa-3945	40	29	the	the	DET
ajfa-3945	40	30	last	last	ADJ
ajfa-3945	40	31	day	day	NOUN
ajfa-3945	40	32	of	of	ADP
ajfa-3945	40	33	the	the	DET
ajfa-3945	40	34	study	study	NOUN
ajfa-3945	40	35	period	period	NOUN
ajfa-3945	40	36	obtained	obtain	VERB
ajfa-3945	40	37	from	from	ADP
ajfa-3945	40	38	the	the	DET
ajfa-3945	40	39	nse	nse	NOUN
ajfa-3945	40	40	archives	archive	NOUN
ajfa-3945	40	41	.	.	PUNCT
ajfa-3945	41	1	for	for	ADP
ajfa-3945	41	2	each	each	DET
ajfa-3945	41	3	stock	stock	NOUN
ajfa-3945	41	4	option	option	NOUN
ajfa-3945	41	5	,	,	PUNCT
ajfa-3945	41	6	five	five	NUM
ajfa-3945	41	7	strike	strike	NOUN
ajfa-3945	41	8	prices	price	NOUN
ajfa-3945	41	9	were	be	AUX
ajfa-3945	41	10	available	available	ADJ
ajfa-3945	41	11	initially	initially	ADV
ajfa-3945	41	12	:	:	PUNCT
ajfa-3945	41	13	at	at	ADP
ajfa-3945	41	14	par	par	NOUN
ajfa-3945	41	15	with	with	ADP
ajfa-3945	41	16	the	the	DET
ajfa-3945	41	17	initial	initial	ADJ
ajfa-3945	41	18	stock	stock	NOUN
ajfa-3945	41	19	price	price	NOUN
ajfa-3945	41	20	,	,	PUNCT
ajfa-3945	41	21	2	2	NUM
ajfa-3945	41	22	%	%	NOUN
ajfa-3945	41	23	below	below	ADP
ajfa-3945	41	24	the	the	DET
ajfa-3945	41	25	initial	initial	ADJ
ajfa-3945	41	26	stock	stock	NOUN
ajfa-3945	41	27	price	price	NOUN
ajfa-3945	41	28	,	,	PUNCT
ajfa-3945	41	29	5	5	NUM
ajfa-3945	41	30	%	%	NOUN
ajfa-3945	41	31	below	below	ADP
ajfa-3945	41	32	the	the	DET
ajfa-3945	41	33	initial	initial	ADJ
ajfa-3945	41	34	stock	stock	NOUN
ajfa-3945	41	35	price	price	NOUN
ajfa-3945	41	36	,	,	PUNCT
ajfa-3945	41	37	2	2	NUM
ajfa-3945	41	38	%	%	NOUN
ajfa-3945	41	39	above	above	ADP
ajfa-3945	41	40	the	the	DET
ajfa-3945	41	41	initial	initial	ADJ
ajfa-3945	41	42	stock	stock	NOUN
ajfa-3945	41	43	price	price	NOUN
ajfa-3945	41	44	,	,	PUNCT
ajfa-3945	41	45	and	and	CCONJ
ajfa-3945	41	46	5	5	NUM
ajfa-3945	41	47	%	%	NOUN
ajfa-3945	41	48	above	above	ADP
ajfa-3945	41	49	the	the	DET
ajfa-3945	41	50	initial	initial	ADJ
ajfa-3945	41	51	stock	stock	NOUN
ajfa-3945	41	52	price	price	NOUN
ajfa-3945	41	53	.	.	PUNCT
ajfa-3945	42	1	in	in	ADP
ajfa-3945	42	2	this	this	DET
ajfa-3945	42	3	context	context	NOUN
ajfa-3945	42	4	,	,	PUNCT
ajfa-3945	42	5	for	for	ADP
ajfa-3945	42	6	each	each	DET
ajfa-3945	42	7	stock	stock	NOUN
ajfa-3945	42	8	,	,	PUNCT
ajfa-3945	42	9	the	the	DET
ajfa-3945	42	10	option	option	NOUN
ajfa-3945	42	11	strategies	strategy	NOUN
ajfa-3945	42	12	were	be	AUX
ajfa-3945	42	13	classified	classify	VERB
ajfa-3945	42	14	as	as	ADP
ajfa-3945	42	15	either	either	CCONJ
ajfa-3945	42	16	in	in	ADP
ajfa-3945	42	17	-	-	PUNCT
ajfa-3945	42	18	the	the	DET
ajfa-3945	42	19	-	-	PUNCT
ajfa-3945	42	20	money	money	NOUN
ajfa-3945	42	21	(	(	PUNCT
ajfa-3945	42	22	itm	itm	NOUN
ajfa-3945	42	23	)	)	PUNCT
ajfa-3945	42	24	or	or	CCONJ
ajfa-3945	42	25	out	out	ADV
ajfa-3945	42	26	-	-	PUNCT
ajfa-3945	42	27	of	of	ADP
ajfa-3945	42	28	-	-	PUNCT
ajfa-3945	42	29	the	the	DET
ajfa-3945	42	30	-	-	PUNCT
ajfa-3945	42	31	money	money	NOUN
ajfa-3945	42	32	(	(	PUNCT
ajfa-3945	42	33	otm	otm	NOUN
ajfa-3945	42	34	)	)	PUNCT
ajfa-3945	42	35	strategies	strategy	NOUN
ajfa-3945	42	36	,	,	PUNCT
ajfa-3945	42	37	at	at	ADP
ajfa-3945	42	38	the	the	DET
ajfa-3945	42	39	time	time	NOUN
ajfa-3945	42	40	of	of	ADP
ajfa-3945	42	41	entering	enter	VERB
ajfa-3945	42	42	into	into	ADP
ajfa-3945	42	43	the	the	DET
ajfa-3945	42	44	contract	contract	NOUN
ajfa-3945	42	45	.	.	PUNCT
ajfa-3945	43	1	for	for	ADP
ajfa-3945	43	2	each	each	DET
ajfa-3945	43	3	stock	stock	NOUN
ajfa-3945	43	4	-	-	PUNCT
ajfa-3945	43	5	option	option	NOUN
ajfa-3945	43	6	combination	combination	NOUN
ajfa-3945	43	7	,	,	PUNCT
ajfa-3945	43	8	returns	return	NOUN
ajfa-3945	43	9	were	be	AUX
ajfa-3945	43	10	computed	compute	VERB
ajfa-3945	43	11	as	as	ADP
ajfa-3945	43	12	the	the	DET
ajfa-3945	43	13	excess	excess	NOUN
ajfa-3945	43	14	of	of	ADP
ajfa-3945	43	15	the	the	DET
ajfa-3945	43	16	payoff	payoff	NOUN
ajfa-3945	43	17	from	from	ADP
ajfa-3945	43	18	the	the	DET
ajfa-3945	43	19	stock	stock	NOUN
ajfa-3945	43	20	-	-	PUNCT
ajfa-3945	43	21	option	option	NOUN
ajfa-3945	43	22	combination	combination	NOUN
ajfa-3945	43	23	over	over	ADP
ajfa-3945	43	24	the	the	DET
ajfa-3945	43	25	payoff	payoff	NOUN
ajfa-3945	43	26	from	from	ADP
ajfa-3945	43	27	the	the	DET
ajfa-3945	43	28	pure	pure	ADJ
ajfa-3945	43	29	-	-	PUNCT
ajfa-3945	43	30	stock	stock	NOUN
ajfa-3945	43	31	position	position	NOUN
ajfa-3945	43	32	,	,	PUNCT
ajfa-3945	43	33	in	in	ADP
ajfa-3945	43	34	proportional	proportional	ADJ
ajfa-3945	43	35	terms	term	NOUN
ajfa-3945	43	36	.	.	PUNCT
ajfa-3945	44	1	analysis	analysis	NOUN
ajfa-3945	44	2	&	&	CCONJ
ajfa-3945	44	3	interpretation	interpretation	NOUN
ajfa-3945	44	4	it	it	PRON
ajfa-3945	44	5	was	be	AUX
ajfa-3945	44	6	found	find	VERB
ajfa-3945	44	7	that	that	SCONJ
ajfa-3945	44	8	for	for	ADP
ajfa-3945	44	9	94.55	94.55	NUM
ajfa-3945	44	10	%	%	NOUN
ajfa-3945	44	11	of	of	ADP
ajfa-3945	44	12	the	the	DET
ajfa-3945	44	13	sample	sample	NOUN
ajfa-3945	44	14	stocks	stock	NOUN
ajfa-3945	44	15	,	,	PUNCT
ajfa-3945	44	16	the	the	DET
ajfa-3945	44	17	stock	stock	NOUN
ajfa-3945	44	18	-	-	PUNCT
ajfa-3945	44	19	option	option	NOUN
ajfa-3945	44	20	combinations	combination	NOUN
ajfa-3945	44	21	overall	overall	ADV
ajfa-3945	44	22	yielded	yield	VERB
ajfa-3945	44	23	higher	high	ADJ
ajfa-3945	44	24	returns	return	NOUN
ajfa-3945	44	25	as	as	ADP
ajfa-3945	44	26	compared	compare	VERB
ajfa-3945	44	27	to	to	ADP
ajfa-3945	44	28	a	a	DET
ajfa-3945	44	29	pure	pure	ADJ
ajfa-3945	44	30	-	-	PUNCT
ajfa-3945	44	31	stock	stock	NOUN
ajfa-3945	44	32	position	position	NOUN
ajfa-3945	44	33	.	.	PUNCT
ajfa-3945	45	1	in	in	ADP
ajfa-3945	45	2	particular	particular	ADJ
ajfa-3945	45	3	,	,	PUNCT
ajfa-3945	45	4	buying	buy	VERB
ajfa-3945	45	5	itm	itm	NOUN
ajfa-3945	45	6	protective	protective	ADJ
ajfa-3945	45	7	-	-	PUNCT
ajfa-3945	45	8	puts	put	NOUN
ajfa-3945	45	9	yielded	yield	VERB
ajfa-3945	45	10	higher	high	ADJ
ajfa-3945	45	11	returns	return	NOUN
ajfa-3945	45	12	as	as	ADP
ajfa-3945	45	13	compared	compare	VERB
ajfa-3945	45	14	to	to	ADP
ajfa-3945	45	15	a	a	DET
ajfa-3945	45	16	pure	pure	ADJ
ajfa-3945	45	17	-	-	PUNCT
ajfa-3945	45	18	stock	stock	NOUN
ajfa-3945	45	19	position	position	NOUN
ajfa-3945	45	20	for	for	ADP
ajfa-3945	45	21	56.36	56.36	NUM
ajfa-3945	45	22	%	%	NOUN
ajfa-3945	45	23	of	of	ADP
ajfa-3945	45	24	the	the	DET
ajfa-3945	45	25	sample	sample	NOUN
ajfa-3945	45	26	stocks	stock	NOUN
ajfa-3945	45	27	;	;	PUNCT
ajfa-3945	45	28	buying	buy	VERB
ajfa-3945	45	29	otm	otm	NOUN
ajfa-3945	45	30	protective	protective	ADJ
ajfa-3945	45	31	-	-	PUNCT
ajfa-3945	45	32	puts	put	NOUN
ajfa-3945	45	33	yielded	yield	VERB
ajfa-3945	45	34	higher	high	ADJ
ajfa-3945	45	35	returns	return	NOUN
ajfa-3945	45	36	as	as	ADP
ajfa-3945	45	37	compared	compare	VERB
ajfa-3945	45	38	to	to	ADP
ajfa-3945	45	39	a	a	DET
ajfa-3945	45	40	pure	pure	ADJ
ajfa-3945	45	41	-	-	PUNCT
ajfa-3945	45	42	stock	stock	NOUN
ajfa-3945	45	43	position	position	NOUN
ajfa-3945	45	44	for	for	ADP
ajfa-3945	45	45	58.18	58.18	NUM
ajfa-3945	45	46	%	%	NOUN
ajfa-3945	45	47	of	of	ADP
ajfa-3945	45	48	the	the	DET
ajfa-3945	45	49	sample	sample	NOUN
ajfa-3945	45	50	stocks	stock	NOUN
ajfa-3945	45	51	;	;	PUNCT
ajfa-3945	45	52	selling	sell	VERB
ajfa-3945	45	53	otm	otm	NOUN
ajfa-3945	45	54	covered	cover	VERB
ajfa-3945	45	55	-	-	PUNCT
ajfa-3945	45	56	calls	call	NOUN
ajfa-3945	45	57	yielded	yield	VERB
ajfa-3945	45	58	higher	high	ADJ
ajfa-3945	45	59	returns	return	NOUN
ajfa-3945	45	60	as	as	ADP
ajfa-3945	45	61	compared	compare	VERB
ajfa-3945	45	62	to	to	ADP
ajfa-3945	45	63	a	a	DET
ajfa-3945	45	64	pure	pure	ADJ
ajfa-3945	45	65	-	-	PUNCT
ajfa-3945	45	66	stock	stock	NOUN
ajfa-3945	45	67	position	position	NOUN
ajfa-3945	45	68	for	for	ADP
ajfa-3945	45	69	36.36	36.36	NUM
ajfa-3945	45	70	%	%	NOUN
ajfa-3945	45	71	of	of	ADP
ajfa-3945	45	72	the	the	DET
ajfa-3945	45	73	sample	sample	NOUN
ajfa-3945	45	74	stocks	stock	NOUN
ajfa-3945	45	75	;	;	PUNCT
ajfa-3945	45	76	and	and	CCONJ
ajfa-3945	45	77	selling	sell	VERB
ajfa-3945	45	78	itm	itm	NOUN
ajfa-3945	45	79	covered	cover	VERB
ajfa-3945	45	80	-	-	PUNCT
ajfa-3945	45	81	calls	call	NOUN
ajfa-3945	45	82	yielded	yield	VERB
ajfa-3945	45	83	higher	high	ADJ
ajfa-3945	45	84	returns	return	NOUN
ajfa-3945	45	85	as	as	ADP
ajfa-3945	45	86	compared	compare	VERB
ajfa-3945	45	87	to	to	ADP
ajfa-3945	45	88	a	a	DET
ajfa-3945	45	89	pure	pure	ADJ
ajfa-3945	45	90	-	-	PUNCT
ajfa-3945	45	91	stock	stock	NOUN
ajfa-3945	45	92	position	position	NOUN
ajfa-3945	45	93	for	for	ADP
ajfa-3945	45	94	34.55	34.55	NUM
ajfa-3945	45	95	%	%	NOUN
ajfa-3945	45	96	of	of	ADP
ajfa-3945	45	97	the	the	DET
ajfa-3945	45	98	sample	sample	NOUN
ajfa-3945	45	99	stocks	stock	NOUN
ajfa-3945	45	100	.	.	PUNCT
ajfa-3945	46	1	overall	overall	ADV
ajfa-3945	46	2	,	,	PUNCT
ajfa-3945	46	3	it	it	PRON
ajfa-3945	46	4	was	be	AUX
ajfa-3945	46	5	found	find	VERB
ajfa-3945	46	6	that	that	SCONJ
ajfa-3945	46	7	buying	buy	VERB
ajfa-3945	46	8	itm	itm	NOUN
ajfa-3945	46	9	protective	protective	ADJ
ajfa-3945	46	10	-	-	PUNCT
ajfa-3945	46	11	puts	put	NOUN
ajfa-3945	46	12	were	be	AUX
ajfa-3945	46	13	optimal	optimal	ADJ
ajfa-3945	46	14	for	for	ADP
ajfa-3945	46	15	32.73	32.73	NUM
ajfa-3945	46	16	%	%	NOUN
ajfa-3945	46	17	of	of	ADP
ajfa-3945	46	18	the	the	DET
ajfa-3945	46	19	sample	sample	NOUN
ajfa-3945	46	20	stocks	stock	NOUN
ajfa-3945	46	21	;	;	PUNCT
ajfa-3945	46	22	buying	buy	VERB
ajfa-3945	46	23	otm	otm	NOUN
ajfa-3945	46	24	protective	protective	ADJ
ajfa-3945	46	25	-	-	PUNCT
ajfa-3945	46	26	puts	put	NOUN
ajfa-3945	46	27	were	be	AUX
ajfa-3945	46	28	optimal	optimal	ADJ
ajfa-3945	46	29	for	for	ADP
ajfa-3945	46	30	25.45	25.45	NUM
ajfa-3945	46	31	%	%	NOUN
ajfa-3945	46	32	of	of	ADP
ajfa-3945	46	33	the	the	DET
ajfa-3945	46	34	sample	sample	NOUN
ajfa-3945	46	35	stocks	stock	NOUN
ajfa-3945	46	36	;	;	PUNCT
ajfa-3945	46	37	selling	sell	VERB
ajfa-3945	46	38	otm	otm	NOUN
ajfa-3945	46	39	covered	cover	VERB
ajfa-3945	46	40	-	-	PUNCT
ajfa-3945	46	41	calls	call	NOUN
ajfa-3945	46	42	were	be	AUX
ajfa-3945	46	43	optimal	optimal	ADJ
ajfa-3945	46	44	for	for	ADP
ajfa-3945	46	45	29.09	29.09	NUM
ajfa-3945	46	46	%	%	NOUN
ajfa-3945	46	47	of	of	ADP
ajfa-3945	46	48	the	the	DET
ajfa-3945	46	49	sample	sample	NOUN
ajfa-3945	46	50	stocks	stock	NOUN
ajfa-3945	46	51	;	;	PUNCT
ajfa-3945	46	52	and	and	CCONJ
ajfa-3945	46	53	selling	sell	VERB
ajfa-3945	46	54	itm	itm	NOUN
ajfa-3945	46	55	covered	cover	VERB
ajfa-3945	46	56	-	-	PUNCT
ajfa-3945	46	57	calls	call	NOUN
ajfa-3945	46	58	were	be	AUX
ajfa-3945	46	59	optimal	optimal	ADJ
ajfa-3945	46	60	for	for	ADP
ajfa-3945	46	61	12.73	12.73	NUM
ajfa-3945	46	62	%	%	NOUN
ajfa-3945	46	63	of	of	ADP
ajfa-3945	46	64	the	the	DET
ajfa-3945	46	65	sample	sample	NOUN
ajfa-3945	46	66	stocks	stock	NOUN
ajfa-3945	46	67	.	.	PUNCT
ajfa-3945	47	1	thus	thus	ADV
ajfa-3945	47	2	,	,	PUNCT
ajfa-3945	47	3	buying	buy	VERB
ajfa-3945	47	4	protective	protective	NOUN
ajfa-3945	47	5	-	-	PUNCT
ajfa-3945	47	6	puts	put	NOUN
ajfa-3945	47	7	was	be	AUX
ajfa-3945	47	8	optimal	optimal	ADJ
ajfa-3945	47	9	for	for	ADP
ajfa-3945	47	10	58.18	58.18	NUM
ajfa-3945	47	11	%	%	NOUN
ajfa-3945	47	12	of	of	ADP
ajfa-3945	47	13	the	the	DET
ajfa-3945	47	14	sample	sample	NOUN
ajfa-3945	47	15	stocks	stock	NOUN
ajfa-3945	47	16	,	,	PUNCT
ajfa-3945	47	17	while	while	SCONJ
ajfa-3945	47	18	selling	sell	VERB
ajfa-3945	47	19	covered	cover	VERB
ajfa-3945	47	20	-	-	PUNCT
ajfa-3945	47	21	calls	call	NOUN
ajfa-3945	47	22	was	be	AUX
ajfa-3945	47	23	optimal	optimal	ADJ
ajfa-3945	47	24	for	for	ADP
ajfa-3945	47	25	41.82	41.82	NUM
ajfa-3945	47	26	%	%	NOUN
ajfa-3945	47	27	of	of	ADP
ajfa-3945	47	28	the	the	DET
ajfa-3945	47	29	sample	sample	NOUN
ajfa-3945	47	30	stocks	stock	NOUN
ajfa-3945	47	31	.	.	PUNCT
ajfa-3945	48	1	comparing	compare	VERB
ajfa-3945	48	2	the	the	DET
ajfa-3945	48	3	returns	return	NOUN
ajfa-3945	48	4	from	from	ADP
ajfa-3945	48	5	the	the	DET
ajfa-3945	48	6	different	different	ADJ
ajfa-3945	48	7	options	option	NOUN
ajfa-3945	48	8	combinations	combination	NOUN
ajfa-3945	48	9	,	,	PUNCT
ajfa-3945	48	10	it	it	PRON
ajfa-3945	48	11	was	be	AUX
ajfa-3945	48	12	found	find	VERB
ajfa-3945	48	13	that	that	SCONJ
ajfa-3945	48	14	selling	sell	VERB
ajfa-3945	48	15	itm	itm	NOUN
ajfa-3945	48	16	covered	cover	VERB
ajfa-3945	48	17	-	-	PUNCT
ajfa-3945	48	18	calls	call	NOUN
ajfa-3945	48	19	yielded	yield	VERB
ajfa-3945	48	20	better	well	ADJ
ajfa-3945	48	21	returns	return	NOUN
ajfa-3945	48	22	than	than	ADP
ajfa-3945	48	23	selling	sell	VERB
ajfa-3945	48	24	otm	otm	NOUN
ajfa-3945	48	25	covered	cover	VERB
ajfa-3945	48	26	-	-	PUNCT
ajfa-3945	48	27	calls	call	NOUN
ajfa-3945	48	28	for	for	ADP
ajfa-3945	48	29	45.45	45.45	NUM
ajfa-3945	48	30	%	%	NOUN
ajfa-3945	48	31	of	of	ADP
ajfa-3945	48	32	the	the	DET
ajfa-3945	48	33	sample	sample	NOUN
ajfa-3945	48	34	stocks	stock	NOUN
ajfa-3945	48	35	,	,	PUNCT
ajfa-3945	48	36	and	and	CCONJ
ajfa-3945	48	37	vice	vice	ADV
ajfa-3945	48	38	versa	versa	ADV
ajfa-3945	48	39	for	for	ADP
ajfa-3945	48	40	54.55	54.55	NUM
ajfa-3945	48	41	%	%	NOUN
ajfa-3945	48	42	of	of	ADP
ajfa-3945	48	43	the	the	DET
ajfa-3945	48	44	sample	sample	NOUN
ajfa-3945	48	45	stocks	stock	NOUN
ajfa-3945	48	46	;	;	PUNCT
ajfa-3945	48	47	selling	sell	VERB
ajfa-3945	48	48	itm	itm	NOUN
ajfa-3945	48	49	covered	cover	VERB
ajfa-3945	48	50	-	-	PUNCT
ajfa-3945	48	51	calls	call	NOUN
ajfa-3945	48	52	yielded	yield	VERB
ajfa-3945	48	53	better	well	ADJ
ajfa-3945	48	54	returns	return	NOUN
ajfa-3945	48	55	than	than	ADP
ajfa-3945	48	56	buying	buy	VERB
ajfa-3945	48	57	itm	itm	NOUN
ajfa-3945	48	58	protective	protective	NOUN
ajfa-3945	48	59	-	-	PUNCT
ajfa-3945	48	60	puts	put	NOUN
ajfa-3945	48	61	for	for	ADP
ajfa-3945	48	62	38.18	38.18	NUM
ajfa-3945	48	63	%	%	NOUN
ajfa-3945	48	64	of	of	ADP
ajfa-3945	48	65	the	the	DET
ajfa-3945	48	66	sample	sample	NOUN
ajfa-3945	48	67	stocks	stock	NOUN
ajfa-3945	48	68	,	,	PUNCT
ajfa-3945	48	69	and	and	CCONJ
ajfa-3945	48	70	vice	vice	ADV
ajfa-3945	48	71	versa	versa	ADV
ajfa-3945	48	72	for	for	ADP
ajfa-3945	48	73	61.82	61.82	NUM
ajfa-3945	48	74	%	%	NOUN
ajfa-3945	48	75	of	of	ADP
ajfa-3945	48	76	the	the	DET
ajfa-3945	48	77	sample	sample	NOUN
ajfa-3945	48	78	stocks	stock	NOUN
ajfa-3945	48	79	;	;	PUNCT
ajfa-3945	48	80	selling	sell	VERB
ajfa-3945	48	81	itm	itm	NOUN
ajfa-3945	48	82	covered	cover	VERB
ajfa-3945	48	83	-	-	PUNCT
ajfa-3945	48	84	calls	call	NOUN
ajfa-3945	48	85	yielded	yield	VERB
ajfa-3945	48	86	better	well	ADJ
ajfa-3945	48	87	returns	return	NOUN
ajfa-3945	48	88	than	than	ADP
ajfa-3945	48	89	buying	buy	VERB
ajfa-3945	48	90	otm	otm	NOUN
ajfa-3945	48	91	protective	protective	NOUN
ajfa-3945	48	92	-	-	PUNCT
ajfa-3945	48	93	puts	put	NOUN
ajfa-3945	48	94	for	for	ADP
ajfa-3945	48	95	40.00	40.00	NUM
ajfa-3945	48	96	%	%	NOUN
ajfa-3945	48	97	of	of	ADP
ajfa-3945	48	98	the	the	DET
ajfa-3945	48	99	sample	sample	NOUN
ajfa-3945	48	100	stocks	stock	NOUN
ajfa-3945	48	101	,	,	PUNCT
ajfa-3945	48	102	and	and	CCONJ
ajfa-3945	48	103	vice	vice	ADV
ajfa-3945	48	104	versa	versa	ADV
ajfa-3945	48	105	for	for	ADP
ajfa-3945	48	106	60.00	60.00	NUM
ajfa-3945	48	107	%	%	NOUN
ajfa-3945	48	108	of	of	ADP
ajfa-3945	48	109	the	the	DET
ajfa-3945	48	110	sample	sample	NOUN
ajfa-3945	48	111	stocks	stock	NOUN
ajfa-3945	48	112	;	;	PUNCT
ajfa-3945	48	113	selling	sell	VERB
ajfa-3945	48	114	otm	otm	NOUN
ajfa-3945	48	115	covered	cover	VERB
ajfa-3945	48	116	-	-	PUNCT
ajfa-3945	48	117	calls	call	NOUN
ajfa-3945	48	118	yielded	yield	VERB
ajfa-3945	48	119	better	well	ADJ
ajfa-3945	48	120	returns	return	NOUN
ajfa-3945	48	121	than	than	ADP
ajfa-3945	48	122	buying	buy	VERB
ajfa-3945	48	123	itm	itm	NOUN
ajfa-3945	48	124	protective	protective	NOUN
ajfa-3945	48	125	-	-	PUNCT
ajfa-3945	48	126	puts	put	NOUN
ajfa-3945	48	127	for	for	ADP
ajfa-3945	48	128	43.64	43.64	NUM
ajfa-3945	48	129	%	%	NOUN
ajfa-3945	48	130	of	of	ADP
ajfa-3945	48	131	the	the	DET
ajfa-3945	48	132	sample	sample	NOUN
ajfa-3945	48	133	stocks	stock	NOUN
ajfa-3945	48	134	,	,	PUNCT
ajfa-3945	48	135	and	and	CCONJ
ajfa-3945	48	136	vice	vice	ADV
ajfa-3945	48	137	versa	versa	ADV
ajfa-3945	48	138	for	for	ADP
ajfa-3945	48	139	56.36	56.36	NUM
ajfa-3945	48	140	%	%	NOUN
ajfa-3945	48	141	of	of	ADP
ajfa-3945	48	142	the	the	DET
ajfa-3945	48	143	sample	sample	NOUN
ajfa-3945	48	144	stocks	stock	NOUN
ajfa-3945	48	145	;	;	PUNCT
ajfa-3945	48	146	selling	sell	VERB
ajfa-3945	48	147	otm	otm	NOUN
ajfa-3945	48	148	covered	cover	VERB
ajfa-3945	48	149	-	-	PUNCT
ajfa-3945	48	150	calls	call	NOUN
ajfa-3945	48	151	yielded	yield	VERB
ajfa-3945	48	152	better	well	ADJ
ajfa-3945	48	153	returns	return	NOUN
ajfa-3945	48	154	than	than	ADP
ajfa-3945	48	155	buying	buy	VERB
ajfa-3945	48	156	otm	otm	NOUN
ajfa-3945	48	157	protective	protective	NOUN
ajfa-3945	48	158	-	-	PUNCT
ajfa-3945	48	159	puts	put	NOUN
ajfa-3945	48	160	for	for	ADP
ajfa-3945	48	161	43.64	43.64	NUM
ajfa-3945	48	162	%	%	NOUN
ajfa-3945	48	163	of	of	ADP
ajfa-3945	48	164	the	the	DET
ajfa-3945	48	165	sample	sample	NOUN
ajfa-3945	48	166	stocks	stock	NOUN
ajfa-3945	48	167	,	,	PUNCT
ajfa-3945	48	168	and	and	CCONJ
ajfa-3945	48	169	vice	vice	ADV
ajfa-3945	48	170	versa	versa	ADV
ajfa-3945	48	171	for	for	ADP
ajfa-3945	48	172	56.36	56.36	NUM
ajfa-3945	48	173	%	%	NOUN
ajfa-3945	48	174	of	of	ADP
ajfa-3945	48	175	the	the	DET
ajfa-3945	48	176	sample	sample	NOUN
ajfa-3945	48	177	stocks	stock	NOUN
ajfa-3945	48	178	;	;	PUNCT
ajfa-3945	48	179	and	and	CCONJ
ajfa-3945	48	180	buying	buy	VERB
ajfa-3945	48	181	itm	itm	NOUN
ajfa-3945	48	182	protective	protective	ADJ
ajfa-3945	48	183	-	-	PUNCT
ajfa-3945	48	184	puts	put	NOUN
ajfa-3945	48	185	yielded	yield	VERB
ajfa-3945	48	186	better	well	ADJ
ajfa-3945	48	187	returns	return	NOUN
ajfa-3945	48	188	than	than	ADP
ajfa-3945	48	189	initial	initial	ADJ
ajfa-3945	48	190	buying	buying	NOUN
ajfa-3945	48	191	otm	otm	NOUN
ajfa-3945	48	192	protective	protective	NOUN
ajfa-3945	48	193	-	-	PUNCT
ajfa-3945	48	194	puts	put	NOUN
ajfa-3945	48	195	for	for	ADP
ajfa-3945	48	196	54.55	54.55	NUM
ajfa-3945	48	197	%	%	NOUN
ajfa-3945	48	198	of	of	ADP
ajfa-3945	48	199	the	the	DET
ajfa-3945	48	200	sample	sample	NOUN
ajfa-3945	48	201	stocks	stock	NOUN
ajfa-3945	48	202	,	,	PUNCT
ajfa-3945	48	203	and	and	CCONJ
ajfa-3945	48	204	vice	vice	ADV
ajfa-3945	48	205	versa	versa	NOUN
ajfa-3945	48	206	for	for	ADP
ajfa-3945	48	207	45.45	45.45	NUM
ajfa-3945	48	208	%	%	NOUN
ajfa-3945	48	209	of	of	ADP
ajfa-3945	48	210	the	the	DET
ajfa-3945	48	211	sample	sample	NOUN
ajfa-3945	48	212	stocks	stock	NOUN
ajfa-3945	48	213	.	.	PUNCT
ajfa-3945	49	1	in	in	ADP
ajfa-3945	49	2	fact	fact	NOUN
ajfa-3945	49	3	,	,	PUNCT
ajfa-3945	49	4	two	two	NUM
ajfa-3945	49	5	specific	specific	ADJ
ajfa-3945	49	6	patterns	pattern	NOUN
ajfa-3945	49	7	were	be	AUX
ajfa-3945	49	8	observed	observe	VERB
ajfa-3945	49	9	very	very	ADV
ajfa-3945	49	10	frequently	frequently	ADV
ajfa-3945	49	11	:	:	PUNCT
ajfa-3945	49	12	for	for	ADP
ajfa-3945	49	13	29.09	29.09	NUM
ajfa-3945	49	14	%	%	NOUN
ajfa-3945	49	15	of	of	ADP
ajfa-3945	49	16	the	the	DET
ajfa-3945	49	17	sample	sample	NOUN
ajfa-3945	49	18	stocks	stock	NOUN
ajfa-3945	49	19	,	,	PUNCT
ajfa-3945	49	20	buying	buy	VERB
ajfa-3945	49	21	itm	itm	NOUN
ajfa-3945	49	22	protective	protective	ADJ
ajfa-3945	49	23	-	-	PUNCT
ajfa-3945	49	24	puts	put	NOUN
ajfa-3945	49	25	yielded	yield	VERB
ajfa-3945	49	26	higher	high	ADJ
ajfa-3945	49	27	mean	mean	ADJ
ajfa-3945	49	28	returns	return	NOUN
ajfa-3945	49	29	than	than	ADP
ajfa-3945	49	30	buying	buy	VERB
ajfa-3945	49	31	otm	otm	NOUN
ajfa-3945	49	32	protective	protective	ADJ
ajfa-3945	49	33	-	-	PUNCT
ajfa-3945	49	34	puts	put	NOUN
ajfa-3945	49	35	,	,	PUNCT
ajfa-3945	49	36	which	which	PRON
ajfa-3945	49	37	in	in	ADP
ajfa-3945	49	38	turn	turn	NOUN
ajfa-3945	49	39	yielded	yield	VERB
ajfa-3945	49	40	higher	high	ADJ
ajfa-3945	49	41	mean	mean	ADJ
ajfa-3945	49	42	returns	return	NOUN
ajfa-3945	49	43	than	than	ADP
ajfa-3945	49	44	selling	sell	VERB
ajfa-3945	49	45	itm	itm	NOUN
ajfa-3945	49	46	covered	cover	VERB
ajfa-3945	49	47	-	-	PUNCT
ajfa-3945	49	48	calls	call	NOUN
ajfa-3945	49	49	,	,	PUNCT
ajfa-3945	49	50	which	which	PRON
ajfa-3945	49	51	further	far	ADV
ajfa-3945	49	52	yielded	yield	VERB
ajfa-3945	49	53	higher	high	ADJ
ajfa-3945	49	54	mean	mean	ADJ
ajfa-3945	49	55	returns	return	NOUN
ajfa-3945	49	56	than	than	ADP
ajfa-3945	49	57	selling	sell	VERB
ajfa-3945	49	58	otm	otm	NOUN
ajfa-3945	49	59	covered	cover	VERB
ajfa-3945	49	60	-	-	PUNCT
ajfa-3945	49	61	calls	call	NOUN
ajfa-3945	49	62	,	,	PUNCT
ajfa-3945	49	63	and	and	CCONJ
ajfa-3945	49	64	for	for	ADP
ajfa-3945	49	65	23.64	23.64	NUM
ajfa-3945	49	66	%	%	NOUN
ajfa-3945	49	67	of	of	ADP
ajfa-3945	49	68	the	the	DET
ajfa-3945	49	69	sample	sample	NOUN
ajfa-3945	49	70	stocks	stock	NOUN
ajfa-3945	49	71	,	,	PUNCT
ajfa-3945	49	72	buying	buy	VERB
ajfa-3945	49	73	otm	otm	NOUN
ajfa-3945	49	74	protective	protective	ADJ
ajfa-3945	49	75	-	-	PUNCT
ajfa-3945	49	76	puts	put	NOUN
ajfa-3945	49	77	yielded	yield	VERB
ajfa-3945	49	78	higher	high	ADJ
ajfa-3945	49	79	mean	mean	ADJ
ajfa-3945	49	80	returns	return	NOUN
ajfa-3945	49	81	than	than	ADP
ajfa-3945	49	82	buying	buy	VERB
ajfa-3945	49	83	itm	itm	NOUN
ajfa-3945	49	84	protective	protective	ADJ
ajfa-3945	49	85	-	-	PUNCT
ajfa-3945	49	86	puts	put	NOUN
ajfa-3945	49	87	,	,	PUNCT
ajfa-3945	49	88	which	which	PRON
ajfa-3945	49	89	in	in	ADP
ajfa-3945	49	90	asian	asian	ADJ
ajfa-3945	49	91	journal	journal	NOUN
ajfa-3945	49	92	of	of	ADP
ajfa-3945	49	93	finance	finance	PROPN
ajfa-3945	49	94	&	&	CCONJ
ajfa-3945	49	95	accounting	accounting	PROPN
ajfa-3945	49	96	issn	issn	PROPN
ajfa-3945	49	97	1946	1946	NUM
ajfa-3945	49	98	-	-	PUNCT
ajfa-3945	49	99	052x	052x	PROPN
ajfa-3945	49	100	2014	2014	NUM
ajfa-3945	49	101	,	,	PUNCT
ajfa-3945	49	102	vol	vol	NOUN
ajfa-3945	49	103	.	.	PROPN
ajfa-3945	49	104	6	6	NUM
ajfa-3945	49	105	,	,	PUNCT
ajfa-3945	49	106	no	no	INTJ
ajfa-3945	49	107	.	.	NOUN
ajfa-3945	49	108	1	1	NUM
ajfa-3945	49	109	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3945	49	110	130	130	NUM
ajfa-3945	49	111	turn	turn	NOUN
ajfa-3945	49	112	yielded	yield	VERB
ajfa-3945	49	113	higher	high	ADJ
ajfa-3945	49	114	mean	mean	ADJ
ajfa-3945	49	115	returns	return	NOUN
ajfa-3945	49	116	than	than	ADP
ajfa-3945	49	117	selling	sell	VERB
ajfa-3945	49	118	otm	otm	NOUN
ajfa-3945	49	119	covered	cover	VERB
ajfa-3945	49	120	-	-	PUNCT
ajfa-3945	49	121	calls	call	NOUN
ajfa-3945	49	122	,	,	PUNCT
ajfa-3945	49	123	which	which	PRON
ajfa-3945	49	124	further	far	ADV
ajfa-3945	49	125	yielded	yield	VERB
ajfa-3945	49	126	higher	high	ADJ
ajfa-3945	49	127	mean	mean	ADJ
ajfa-3945	49	128	returns	return	NOUN
ajfa-3945	49	129	than	than	ADP
ajfa-3945	49	130	selling	sell	VERB
ajfa-3945	49	131	itm	itm	NOUN
ajfa-3945	49	132	covered	cover	VERB
ajfa-3945	49	133	-	-	PUNCT
ajfa-3945	49	134	calls	call	NOUN
ajfa-3945	49	135	.	.	PUNCT
ajfa-3945	50	1	the	the	DET
ajfa-3945	50	2	comparison	comparison	NOUN
ajfa-3945	50	3	of	of	ADP
ajfa-3945	50	4	returns	return	NOUN
ajfa-3945	50	5	of	of	ADP
ajfa-3945	50	6	the	the	DET
ajfa-3945	50	7	different	different	ADJ
ajfa-3945	50	8	stock	stock	NOUN
ajfa-3945	50	9	-	-	PUNCT
ajfa-3945	50	10	option	option	NOUN
ajfa-3945	50	11	combinations	combination	NOUN
ajfa-3945	50	12	is	be	AUX
ajfa-3945	50	13	presented	present	VERB
ajfa-3945	50	14	in	in	ADP
ajfa-3945	50	15	table	table	NOUN
ajfa-3945	50	16	1	1	NUM
ajfa-3945	50	17	.	.	PUNCT
ajfa-3945	50	18	table	table	NOUN
ajfa-3945	50	19	1	1	NUM
ajfa-3945	50	20	.	.	PUNCT
ajfa-3945	51	1	correlation	correlation	NOUN
ajfa-3945	51	2	and	and	CCONJ
ajfa-3945	51	3	t	t	NOUN
ajfa-3945	51	4	-	-	PUNCT
ajfa-3945	51	5	tests	test	NOUN
ajfa-3945	51	6	for	for	ADP
ajfa-3945	51	7	differences	difference	NOUN
ajfa-3945	51	8	in	in	ADP
ajfa-3945	51	9	returns	return	NOUN
ajfa-3945	51	10	of	of	ADP
ajfa-3945	51	11	different	different	ADJ
ajfa-3945	51	12	stock	stock	NOUN
ajfa-3945	51	13	-	-	PUNCT
ajfa-3945	51	14	option	option	NOUN
ajfa-3945	51	15	strategies	strategy	NOUN
ajfa-3945	51	16	strategy	strategy	NOUN
ajfa-3945	51	17	pairs	pair	NOUN
ajfa-3945	51	18	mean	mean	VERB
ajfa-3945	51	19	std	std	PROPN
ajfa-3945	51	20	.	.	PROPN
ajfa-3945	52	1	dev	dev	PROPN
ajfa-3945	52	2	.	.	PROPN
ajfa-3945	52	3	paired	pair	VERB
ajfa-3945	52	4	-	-	PUNCT
ajfa-3945	52	5	samples	sample	NOUN
ajfa-3945	52	6	correlation	correlation	NOUN
ajfa-3945	52	7	p	p	NOUN
ajfa-3945	52	8	-	-	PUNCT
ajfa-3945	52	9	value	value	NOUN
ajfa-3945	52	10	paired	pair	VERB
ajfa-3945	52	11	-	-	PUNCT
ajfa-3945	52	12	samples	sample	NOUN
ajfa-3945	52	13	t	t	NOUN
ajfa-3945	52	14	-	-	PUNCT
ajfa-3945	52	15	test	test	NOUN
ajfa-3945	52	16	for	for	ADP
ajfa-3945	52	17	means	mean	VERB
ajfa-3945	52	18	p	p	ADJ
ajfa-3945	52	19	-	-	PUNCT
ajfa-3945	52	20	value	value	NOUN
ajfa-3945	52	21	pair	pair	NOUN
ajfa-3945	52	22	1	1	NUM
ajfa-3945	52	23	sell	sell	NOUN
ajfa-3945	52	24	itm	itm	NOUN
ajfa-3945	52	25	covered	cover	VERB
ajfa-3945	52	26	-	-	PUNCT
ajfa-3945	52	27	call	call	NOUN
ajfa-3945	52	28	-1.2955	-1.2955	NOUN
ajfa-3945	53	1	2.3326	2.3326	NUM
ajfa-3945	53	2	0.8583	0.8583	NUM
ajfa-3945	53	3	0.0000	0.0000	NUM
ajfa-3945	53	4	0.2479	0.2479	NUM
ajfa-3945	53	5	0.8052	0.8052	NUM
ajfa-3945	53	6	sell	sell	VERB
ajfa-3945	53	7	otm	otm	NOUN
ajfa-3945	53	8	covered	cover	VERB
ajfa-3945	53	9	-	-	PUNCT
ajfa-3945	53	10	call	call	NOUN
ajfa-3945	53	11	-1.3400	-1.3400	NOUN
ajfa-3945	53	12	2.5823	2.5823	NUM
ajfa-3945	53	13	pair	pair	NOUN
ajfa-3945	53	14	2	2	NUM
ajfa-3945	53	15	sell	sell	NOUN
ajfa-3945	53	16	itm	itm	NOUN
ajfa-3945	53	17	covered	cover	VERB
ajfa-3945	53	18	-	-	PUNCT
ajfa-3945	53	19	call	call	NOUN
ajfa-3945	53	20	-1.2955	-1.2955	ADJ
ajfa-3945	53	21	2.3326	2.3326	NUM
ajfa-3945	53	22	-0.4888	-0.4888	NOUN
ajfa-3945	53	23	0.0002	0.0002	NUM
ajfa-3945	53	24	-3.6247	-3.6247	NOUN
ajfa-3945	53	25	0.0006	0.0006	NUM
ajfa-3945	53	26	*	*	PUNCT
ajfa-3945	53	27	*	*	PUNCT
ajfa-3945	53	28	buy	buy	VERB
ajfa-3945	53	29	itm	itm	NOUN
ajfa-3945	53	30	protective	protective	NOUN
ajfa-3945	53	31	-	-	PUNCT
ajfa-3945	53	32	put	put	VERB
ajfa-3945	53	33	0.9482	0.9482	NUM
ajfa-3945	53	34	2.9749	2.9749	NUM
ajfa-3945	53	35	pair	pair	NOUN
ajfa-3945	53	36	3	3	NUM
ajfa-3945	53	37	sell	sell	NOUN
ajfa-3945	53	38	itm	itm	NOUN
ajfa-3945	53	39	covered	cover	VERB
ajfa-3945	53	40	-	-	PUNCT
ajfa-3945	53	41	call	call	NOUN
ajfa-3945	53	42	-1.2955	-1.2955	ADJ
ajfa-3945	53	43	2.3326	2.3326	NUM
ajfa-3945	53	44	-0.4366	-0.4366	NOUN
ajfa-3945	53	45	0.0009	0.0009	NUM
ajfa-3945	53	46	-3.2633	-3.2633	NOUN
ajfa-3945	53	47	0.0019	0.0019	NUM
ajfa-3945	53	48	*	*	PUNCT
ajfa-3945	53	49	*	*	PUNCT
ajfa-3945	53	50	buy	buy	VERB
ajfa-3945	53	51	otm	otm	NOUN
ajfa-3945	53	52	protective	protective	NOUN
ajfa-3945	53	53	-	-	PUNCT
ajfa-3945	53	54	put	put	VERB
ajfa-3945	53	55	0.5840	0.5840	NUM
ajfa-3945	53	56	2.7019	2.7019	NUM
ajfa-3945	53	57	pair	pair	NOUN
ajfa-3945	53	58	4	4	NUM
ajfa-3945	53	59	sell	sell	NOUN
ajfa-3945	53	60	otm	otm	NOUN
ajfa-3945	53	61	covered	cover	VERB
ajfa-3945	53	62	-	-	PUNCT
ajfa-3945	53	63	call	call	NOUN
ajfa-3945	53	64	-1.3400	-1.3400	NOUN
ajfa-3945	53	65	2.5823	2.5823	NUM
ajfa-3945	53	66	-0.7148	-0.7148	NOUN
ajfa-3945	53	67	0.0000	0.0000	NUM
ajfa-3945	53	68	-3.2965	-3.2965	NOUN
ajfa-3945	53	69	0.0017	0.0017	NUM
ajfa-3945	53	70	*	*	PUNCT
ajfa-3945	53	71	*	*	PUNCT
ajfa-3945	53	72	buy	buy	VERB
ajfa-3945	53	73	itm	itm	NOUN
ajfa-3945	53	74	protective	protective	NOUN
ajfa-3945	53	75	-	-	PUNCT
ajfa-3945	53	76	put	put	VERB
ajfa-3945	53	77	0.9482	0.9482	NUM
ajfa-3945	53	78	2.9749	2.9749	NUM
ajfa-3945	53	79	pair	pair	NOUN
ajfa-3945	53	80	5	5	NUM
ajfa-3945	53	81	sell	sell	NOUN
ajfa-3945	53	82	otm	otm	NOUN
ajfa-3945	53	83	covered	cover	VERB
ajfa-3945	53	84	-	-	PUNCT
ajfa-3945	53	85	call	call	NOUN
ajfa-3945	53	86	-1.3400	-1.3400	NOUN
ajfa-3945	53	87	2.5823	2.5823	NUM
ajfa-3945	53	88	-0.5656	-0.5656	NOUN
ajfa-3945	53	89	0.0000	0.0000	NUM
ajfa-3945	53	90	-3.0517	-3.0517	NOUN
ajfa-3945	53	91	0.0035	0.0035	NUM
ajfa-3945	53	92	*	*	PUNCT
ajfa-3945	53	93	*	*	PUNCT
ajfa-3945	53	94	buy	buy	VERB
ajfa-3945	53	95	otm	otm	NOUN
ajfa-3945	53	96	protective	protective	NOUN
ajfa-3945	53	97	-	-	PUNCT
ajfa-3945	53	98	put	put	VERB
ajfa-3945	53	99	0.5840	0.5840	NUM
ajfa-3945	53	100	2.7019	2.7019	NUM
ajfa-3945	53	101	pair	pair	NOUN
ajfa-3945	53	102	6	6	NUM
ajfa-3945	53	103	buy	buy	NOUN
ajfa-3945	53	104	itm	itm	NOUN
ajfa-3945	54	1	protective	protective	NOUN
ajfa-3945	54	2	-	-	PUNCT
ajfa-3945	54	3	put	put	VERB
ajfa-3945	54	4	0.9482	0.9482	NUM
ajfa-3945	54	5	2.9749	2.9749	NUM
ajfa-3945	54	6	0.9509	0.9509	NUM
ajfa-3945	54	7	0.0000	0.0000	NUM
ajfa-3945	54	8	2.9068	2.9068	NUM
ajfa-3945	54	9	0.0053	0.0053	NUM
ajfa-3945	54	10	*	*	PUNCT
ajfa-3945	54	11	*	*	PUNCT
ajfa-3945	54	12	buy	buy	VERB
ajfa-3945	54	13	otm	otm	NOUN
ajfa-3945	54	14	protective	protective	NOUN
ajfa-3945	54	15	-	-	PUNCT
ajfa-3945	54	16	put	put	VERB
ajfa-3945	54	17	0.5840	0.5840	NUM
ajfa-3945	54	18	2.7019	2.7019	NUM
ajfa-3945	54	19	it	it	PRON
ajfa-3945	54	20	was	be	AUX
ajfa-3945	54	21	found	find	VERB
ajfa-3945	54	22	that	that	SCONJ
ajfa-3945	54	23	the	the	DET
ajfa-3945	54	24	returns	return	NOUN
ajfa-3945	54	25	from	from	ADP
ajfa-3945	54	26	the	the	DET
ajfa-3945	54	27	protective	protective	ADJ
ajfa-3945	54	28	-	-	PUNCT
ajfa-3945	54	29	put	put	NOUN
ajfa-3945	54	30	combinations	combination	NOUN
ajfa-3945	54	31	were	be	AUX
ajfa-3945	54	32	negatively	negatively	ADV
ajfa-3945	54	33	correlated	correlate	VERB
ajfa-3945	54	34	to	to	ADP
ajfa-3945	54	35	the	the	DET
ajfa-3945	54	36	returns	return	NOUN
ajfa-3945	54	37	from	from	ADP
ajfa-3945	54	38	the	the	DET
ajfa-3945	54	39	covered	cover	VERB
ajfa-3945	54	40	-	-	PUNCT
ajfa-3945	54	41	call	call	NOUN
ajfa-3945	54	42	combinations	combination	NOUN
ajfa-3945	54	43	.	.	PUNCT
ajfa-3945	55	1	further	far	ADV
ajfa-3945	55	2	,	,	PUNCT
ajfa-3945	55	3	overall	overall	ADV
ajfa-3945	55	4	,	,	PUNCT
ajfa-3945	55	5	buying	buy	VERB
ajfa-3945	55	6	itm	itm	NOUN
ajfa-3945	55	7	protective	protective	ADJ
ajfa-3945	55	8	-	-	PUNCT
ajfa-3945	55	9	puts	put	NOUN
ajfa-3945	55	10	yielded	yield	VERB
ajfa-3945	55	11	the	the	DET
ajfa-3945	55	12	highest	high	ADJ
ajfa-3945	55	13	mean	mean	ADJ
ajfa-3945	55	14	returns	return	NOUN
ajfa-3945	55	15	,	,	PUNCT
ajfa-3945	55	16	followed	follow	VERB
ajfa-3945	55	17	by	by	ADP
ajfa-3945	55	18	buying	buy	VERB
ajfa-3945	55	19	otm	otm	NOUN
ajfa-3945	55	20	protective	protective	ADJ
ajfa-3945	55	21	-	-	PUNCT
ajfa-3945	55	22	puts	put	NOUN
ajfa-3945	55	23	,	,	PUNCT
ajfa-3945	55	24	selling	sell	VERB
ajfa-3945	55	25	itm	itm	NOUN
ajfa-3945	55	26	covered	cover	VERB
ajfa-3945	55	27	-	-	PUNCT
ajfa-3945	55	28	calls	call	NOUN
ajfa-3945	55	29	,	,	PUNCT
ajfa-3945	55	30	and	and	CCONJ
ajfa-3945	55	31	finally	finally	ADV
ajfa-3945	55	32	,	,	PUNCT
ajfa-3945	55	33	selling	sell	VERB
ajfa-3945	55	34	otm	otm	NOUN
ajfa-3945	55	35	covered	cover	VERB
ajfa-3945	55	36	-	-	PUNCT
ajfa-3945	55	37	calls	call	NOUN
ajfa-3945	55	38	.	.	PUNCT
ajfa-3945	56	1	in	in	ADP
ajfa-3945	56	2	fact	fact	NOUN
ajfa-3945	56	3	,	,	PUNCT
ajfa-3945	56	4	the	the	DET
ajfa-3945	56	5	mean	mean	ADJ
ajfa-3945	56	6	returns	return	NOUN
ajfa-3945	56	7	from	from	ADP
ajfa-3945	56	8	itm	itm	NOUN
ajfa-3945	56	9	protective	protective	NOUN
ajfa-3945	56	10	-	-	PUNCT
ajfa-3945	56	11	puts	put	NOUN
ajfa-3945	56	12	were	be	AUX
ajfa-3945	56	13	significantly	significantly	ADV
ajfa-3945	56	14	higher	high	ADJ
ajfa-3945	56	15	than	than	ADP
ajfa-3945	56	16	those	those	PRON
ajfa-3945	56	17	of	of	ADP
ajfa-3945	56	18	other	other	ADJ
ajfa-3945	56	19	strategies	strategy	NOUN
ajfa-3945	56	20	,	,	PUNCT
ajfa-3945	56	21	and	and	CCONJ
ajfa-3945	56	22	the	the	DET
ajfa-3945	56	23	mean	mean	ADJ
ajfa-3945	56	24	returns	return	NOUN
ajfa-3945	56	25	from	from	ADP
ajfa-3945	56	26	buying	buy	VERB
ajfa-3945	56	27	protective	protective	ADJ
ajfa-3945	56	28	puts	put	NOUN
ajfa-3945	56	29	were	be	AUX
ajfa-3945	56	30	significantly	significantly	ADV
ajfa-3945	56	31	higher	high	ADJ
ajfa-3945	56	32	than	than	ADP
ajfa-3945	56	33	the	the	DET
ajfa-3945	56	34	mean	mean	ADJ
ajfa-3945	56	35	returns	return	NOUN
ajfa-3945	56	36	from	from	ADP
ajfa-3945	56	37	selling	sell	VERB
ajfa-3945	56	38	covered	cover	VERB
ajfa-3945	56	39	-	-	PUNCT
ajfa-3945	56	40	calls	call	NOUN
ajfa-3945	56	41	.	.	PUNCT
ajfa-3945	57	1	also	also	ADV
ajfa-3945	57	2	,	,	PUNCT
ajfa-3945	57	3	the	the	DET
ajfa-3945	57	4	mean	mean	ADJ
ajfa-3945	57	5	returns	return	NOUN
ajfa-3945	57	6	from	from	ADP
ajfa-3945	57	7	buying	buy	VERB
ajfa-3945	57	8	itm	itm	NOUN
ajfa-3945	57	9	protective	protective	ADJ
ajfa-3945	57	10	-	-	PUNCT
ajfa-3945	57	11	puts	put	NOUN
ajfa-3945	57	12	were	be	AUX
ajfa-3945	57	13	found	find	VERB
ajfa-3945	57	14	to	to	PART
ajfa-3945	57	15	be	be	AUX
ajfa-3945	57	16	significantly	significantly	ADV
ajfa-3945	57	17	higher	high	ADJ
ajfa-3945	57	18	than	than	ADP
ajfa-3945	57	19	the	the	DET
ajfa-3945	57	20	mean	mean	ADJ
ajfa-3945	57	21	returns	return	NOUN
ajfa-3945	57	22	from	from	ADP
ajfa-3945	57	23	buying	buy	VERB
ajfa-3945	57	24	otm	otm	NOUN
ajfa-3945	57	25	protective	protective	ADJ
ajfa-3945	57	26	-	-	PUNCT
ajfa-3945	57	27	puts	put	NOUN
ajfa-3945	57	28	;	;	PUNCT
ajfa-3945	57	29	while	while	SCONJ
ajfa-3945	57	30	there	there	PRON
ajfa-3945	57	31	was	be	VERB
ajfa-3945	57	32	no	no	DET
ajfa-3945	57	33	significant	significant	ADJ
ajfa-3945	57	34	difference	difference	NOUN
ajfa-3945	57	35	in	in	ADP
ajfa-3945	57	36	the	the	DET
ajfa-3945	57	37	mean	mean	ADJ
ajfa-3945	57	38	returns	return	NOUN
ajfa-3945	57	39	from	from	ADP
ajfa-3945	57	40	selling	sell	VERB
ajfa-3945	57	41	itm	itm	NOUN
ajfa-3945	57	42	and	and	CCONJ
ajfa-3945	57	43	otm	otm	NOUN
ajfa-3945	57	44	covered	cover	VERB
ajfa-3945	57	45	-	-	PUNCT
ajfa-3945	57	46	calls	call	NOUN
ajfa-3945	57	47	.	.	PUNCT
ajfa-3945	58	1	in	in	ADP
ajfa-3945	58	2	order	order	NOUN
ajfa-3945	58	3	to	to	PART
ajfa-3945	58	4	further	far	ADV
ajfa-3945	58	5	investigate	investigate	VERB
ajfa-3945	58	6	the	the	DET
ajfa-3945	58	7	different	different	ADJ
ajfa-3945	58	8	optimal	optimal	ADJ
ajfa-3945	58	9	strategies	strategy	NOUN
ajfa-3945	58	10	,	,	PUNCT
ajfa-3945	58	11	the	the	DET
ajfa-3945	58	12	relationships	relationship	NOUN
ajfa-3945	58	13	between	between	ADP
ajfa-3945	58	14	the	the	DET
ajfa-3945	58	15	optimal	optimal	ADJ
ajfa-3945	58	16	strategies	strategy	NOUN
ajfa-3945	58	17	and	and	CCONJ
ajfa-3945	58	18	the	the	DET
ajfa-3945	58	19	characteristics	characteristic	NOUN
ajfa-3945	58	20	of	of	ADP
ajfa-3945	58	21	the	the	DET
ajfa-3945	58	22	returns	return	NOUN
ajfa-3945	58	23	distribution	distribution	NOUN
ajfa-3945	58	24	of	of	ADP
ajfa-3945	58	25	the	the	DET
ajfa-3945	58	26	underlying	underlie	VERB
ajfa-3945	58	27	stock	stock	NOUN
ajfa-3945	58	28	were	be	AUX
ajfa-3945	58	29	analysed	analyse	VERB
ajfa-3945	58	30	.	.	PUNCT
ajfa-3945	59	1	the	the	DET
ajfa-3945	59	2	characteristics	characteristic	NOUN
ajfa-3945	59	3	of	of	ADP
ajfa-3945	59	4	the	the	DET
ajfa-3945	59	5	returns	return	NOUN
ajfa-3945	59	6	distribution	distribution	NOUN
ajfa-3945	59	7	of	of	ADP
ajfa-3945	59	8	the	the	DET
ajfa-3945	59	9	underlying	underlie	VERB
ajfa-3945	59	10	stock	stock	NOUN
ajfa-3945	59	11	for	for	ADP
ajfa-3945	59	12	different	different	ADJ
ajfa-3945	59	13	optimal	optimal	ADJ
ajfa-3945	59	14	strategies	strategy	NOUN
ajfa-3945	59	15	are	be	AUX
ajfa-3945	59	16	shown	show	VERB
ajfa-3945	59	17	in	in	ADP
ajfa-3945	59	18	table	table	NOUN
ajfa-3945	59	19	2	2	NUM
ajfa-3945	59	20	and	and	CCONJ
ajfa-3945	59	21	table	table	NOUN
ajfa-3945	59	22	3	3	NUM
ajfa-3945	59	23	.	.	PUNCT
ajfa-3945	59	24	asian	asian	ADJ
ajfa-3945	59	25	journal	journal	PROPN
ajfa-3945	59	26	of	of	ADP
ajfa-3945	59	27	finance	finance	PROPN
ajfa-3945	59	28	&	&	CCONJ
ajfa-3945	59	29	accounting	accounting	PROPN
ajfa-3945	59	30	issn	issn	PROPN
ajfa-3945	59	31	1946	1946	NUM
ajfa-3945	59	32	-	-	PUNCT
ajfa-3945	59	33	052x	052x	PROPN
ajfa-3945	59	34	2014	2014	NUM
ajfa-3945	59	35	,	,	PUNCT
ajfa-3945	59	36	vol	vol	NOUN
ajfa-3945	59	37	.	.	PROPN
ajfa-3945	59	38	6	6	NUM
ajfa-3945	59	39	,	,	PUNCT
ajfa-3945	59	40	no	no	INTJ
ajfa-3945	59	41	.	.	NOUN
ajfa-3945	59	42	1	1	NUM
ajfa-3945	59	43	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3945	59	44	131	131	NUM
ajfa-3945	59	45	table	table	NOUN
ajfa-3945	59	46	2	2	NUM
ajfa-3945	59	47	.	.	PUNCT
ajfa-3945	60	1	characteristics	characteristic	NOUN
ajfa-3945	60	2	of	of	ADP
ajfa-3945	60	3	the	the	DET
ajfa-3945	60	4	returns	return	NOUN
ajfa-3945	60	5	distribution	distribution	NOUN
ajfa-3945	60	6	of	of	ADP
ajfa-3945	60	7	underlying	underlie	VERB
ajfa-3945	60	8	stocks	stock	NOUN
ajfa-3945	60	9	for	for	ADP
ajfa-3945	60	10	different	different	ADJ
ajfa-3945	60	11	stock	stock	NOUN
ajfa-3945	60	12	-	-	PUNCT
ajfa-3945	60	13	option	option	NOUN
ajfa-3945	60	14	strategies	strategy	NOUN
ajfa-3945	60	15	buy	buy	VERB
ajfa-3945	60	16	itm	itm	NOUN
ajfa-3945	60	17	protective	protective	ADJ
ajfa-3945	60	18	-	-	PUNCT
ajfa-3945	60	19	put	put	NOUN
ajfa-3945	60	20	buy	buy	VERB
ajfa-3945	60	21	otm	otm	NOUN
ajfa-3945	60	22	protective	protective	ADJ
ajfa-3945	60	23	-	-	PUNCT
ajfa-3945	60	24	put	put	VERB
ajfa-3945	60	25	sell	sell	NOUN
ajfa-3945	60	26	itm	itm	NOUN
ajfa-3945	60	27	covered	cover	VERB
ajfa-3945	60	28	-	-	PUNCT
ajfa-3945	60	29	call	call	NOUN
ajfa-3945	60	30	sell	sell	NOUN
ajfa-3945	60	31	otm	otm	NOUN
ajfa-3945	60	32	covered	cover	VERB
ajfa-3945	60	33	-	-	PUNCT
ajfa-3945	60	34	call	call	NOUN
ajfa-3945	60	35	overall	overall	ADJ
ajfa-3945	60	36	f	f	NOUN
ajfa-3945	60	37	-	-	PUNCT
ajfa-3945	60	38	test	test	NOUN
ajfa-3945	60	39	p	p	NOUN
ajfa-3945	60	40	-	-	PUNCT
ajfa-3945	60	41	value	value	NOUN
ajfa-3945	60	42	mean	mean	NOUN
ajfa-3945	60	43	stock	stock	NOUN
ajfa-3945	60	44	returns	return	NOUN
ajfa-3945	60	45	0.6224	0.6224	NUM
ajfa-3945	60	46	%	%	NOUN
ajfa-3945	60	47	0.2118	0.2118	NUM
ajfa-3945	60	48	%	%	NOUN
ajfa-3945	60	49	0.3940	0.3940	NUM
ajfa-3945	60	50	%	%	NOUN
ajfa-3945	60	51	0.4287	0.4287	NUM
ajfa-3945	60	52	%	%	NOUN
ajfa-3945	60	53	0.4325	0.4325	NUM
ajfa-3945	60	54	%	%	NOUN
ajfa-3945	60	55	1.6087	1.6087	NUM
ajfa-3945	60	56	0.0994	0.0994	NUM
ajfa-3945	60	57	*	*	PUNCT
ajfa-3945	60	58	stdev	stdev	NOUN
ajfa-3945	60	59	stock	stock	NOUN
ajfa-3945	60	60	returns	return	NOUN
ajfa-3945	60	61	4.0133	4.0133	NUM
ajfa-3945	60	62	%	%	NOUN
ajfa-3945	60	63	3.0578	3.0578	NUM
ajfa-3945	60	64	%	%	NOUN
ajfa-3945	60	65	3.4651	3.4651	NUM
ajfa-3945	60	66	%	%	NOUN
ajfa-3945	60	67	3.1631	3.1631	NUM
ajfa-3945	60	68	%	%	NOUN
ajfa-3945	60	69	3.4530	3.4530	NUM
ajfa-3945	60	70	%	%	NOUN
ajfa-3945	60	71	1.8584	1.8584	NUM
ajfa-3945	60	72	0.0742	0.0742	NUM
ajfa-3945	60	73	*	*	SYM
ajfa-3945	60	74	skewness	skewness	NOUN
ajfa-3945	60	75	stock	stock	NOUN
ajfa-3945	60	76	returns	return	VERB
ajfa-3945	60	77	0.6256	0.6256	NUM
ajfa-3945	60	78	0.2603	0.2603	NUM
ajfa-3945	60	79	-0.2041	-0.2041	NOUN
ajfa-3945	60	80	0.4101	0.4101	NUM
ajfa-3945	60	81	0.3643	0.3643	NUM
ajfa-3945	60	82	0.8871	0.8871	NUM
ajfa-3945	60	83	0.2272	0.2272	NUM
ajfa-3945	60	84	kurtosis	kurtosis	VERB
ajfa-3945	60	85	stock	stock	NOUN
ajfa-3945	60	86	returns	return	NOUN
ajfa-3945	60	87	2.5243	2.5243	NUM
ajfa-3945	60	88	4.4215	4.4215	NUM
ajfa-3945	60	89	3.5436	3.5436	NUM
ajfa-3945	60	90	1.3707	1.3707	NUM
ajfa-3945	60	91	2.8014	2.8014	NUM
ajfa-3945	60	92	0.6860	0.6860	NUM
ajfa-3945	60	93	0.2824	0.2824	NUM
ajfa-3945	60	94	table	table	NOUN
ajfa-3945	60	95	3	3	NUM
ajfa-3945	60	96	.	.	PUNCT
ajfa-3945	61	1	characteristics	characteristic	NOUN
ajfa-3945	61	2	of	of	ADP
ajfa-3945	61	3	the	the	DET
ajfa-3945	61	4	returns	return	NOUN
ajfa-3945	61	5	distribution	distribution	NOUN
ajfa-3945	61	6	of	of	ADP
ajfa-3945	61	7	underlying	underlie	VERB
ajfa-3945	61	8	stocks	stock	NOUN
ajfa-3945	61	9	for	for	ADP
ajfa-3945	61	10	buying	buy	VERB
ajfa-3945	61	11	protective	protective	ADJ
ajfa-3945	61	12	puts	put	NOUN
ajfa-3945	61	13	vs.	vs.	ADP
ajfa-3945	61	14	selling	sell	VERB
ajfa-3945	61	15	covered	cover	VERB
ajfa-3945	61	16	-	-	PUNCT
ajfa-3945	61	17	calls	call	NOUN
ajfa-3945	61	18	buy	buy	VERB
ajfa-3945	61	19	protective	protective	ADJ
ajfa-3945	61	20	-	-	PUNCT
ajfa-3945	61	21	puts	put	NOUN
ajfa-3945	61	22	sell	sell	VERB
ajfa-3945	61	23	covered	cover	VERB
ajfa-3945	61	24	-	-	PUNCT
ajfa-3945	61	25	calls	call	NOUN
ajfa-3945	61	26	overall	overall	ADJ
ajfa-3945	61	27	f	f	NOUN
ajfa-3945	61	28	-	-	PUNCT
ajfa-3945	61	29	test	test	NOUN
ajfa-3945	61	30	p	p	NOUN
ajfa-3945	61	31	-	-	PUNCT
ajfa-3945	61	32	value	value	NOUN
ajfa-3945	61	33	.	.	PUNCT
ajfa-3945	62	1	mean	mean	VERB
ajfa-3945	62	2	stock	stock	NOUN
ajfa-3945	62	3	returns	return	NOUN
ajfa-3945	62	4	0.4428	0.4428	NUM
ajfa-3945	62	5	%	%	NOUN
ajfa-3945	62	6	0.4181	0.4181	NUM
ajfa-3945	62	7	%	%	NOUN
ajfa-3945	62	8	0.4325	0.4325	NUM
ajfa-3945	62	9	%	%	NOUN
ajfa-3945	62	10	0.0278	0.0278	NUM
ajfa-3945	62	11	0.4341	0.4341	NUM
ajfa-3945	62	12	stdev	stdev	NOUN
ajfa-3945	62	13	stock	stock	NOUN
ajfa-3945	62	14	returns	return	NOUN
ajfa-3945	62	15	3.5953	3.5953	NUM
ajfa-3945	62	16	%	%	NOUN
ajfa-3945	62	17	3.2550	3.2550	NUM
ajfa-3945	62	18	%	%	NOUN
ajfa-3945	62	19	3.4530	3.4530	NUM
ajfa-3945	62	20	%	%	NOUN
ajfa-3945	62	21	0.8960	0.8960	NUM
ajfa-3945	62	22	0.1741	0.1741	NUM
ajfa-3945	62	23	skewness	skewness	NOUN
ajfa-3945	62	24	stock	stock	NOUN
ajfa-3945	62	25	returns	return	VERB
ajfa-3945	62	26	0.4658	0.4658	NUM
ajfa-3945	62	27	0.2231	0.2231	NUM
ajfa-3945	62	28	0.3643	0.3643	NUM
ajfa-3945	62	29	0.5693	0.5693	NUM
ajfa-3945	62	30	0.2269	0.2269	NUM
ajfa-3945	62	31	kurtosis	kurtosis	VERB
ajfa-3945	62	32	stock	stock	NOUN
ajfa-3945	62	33	returns	return	NOUN
ajfa-3945	62	34	3.3544	3.3544	NUM
ajfa-3945	62	35	2.0320	2.0320	NUM
ajfa-3945	62	36	2.8014	2.8014	NUM
ajfa-3945	62	37	0.6516	0.6516	NUM
ajfa-3945	62	38	0.2116	0.2116	NUM
ajfa-3945	62	39	there	there	PRON
ajfa-3945	62	40	were	be	VERB
ajfa-3945	62	41	found	find	VERB
ajfa-3945	62	42	to	to	PART
ajfa-3945	62	43	be	be	AUX
ajfa-3945	62	44	significant	significant	ADJ
ajfa-3945	62	45	differences	difference	NOUN
ajfa-3945	62	46	in	in	ADP
ajfa-3945	62	47	the	the	DET
ajfa-3945	62	48	mean	mean	ADJ
ajfa-3945	62	49	stock	stock	NOUN
ajfa-3945	62	50	returns	return	NOUN
ajfa-3945	62	51	and	and	CCONJ
ajfa-3945	62	52	standard	standard	ADJ
ajfa-3945	62	53	deviation	deviation	NOUN
ajfa-3945	62	54	of	of	ADP
ajfa-3945	62	55	stock	stock	NOUN
ajfa-3945	62	56	returns	return	NOUN
ajfa-3945	62	57	for	for	ADP
ajfa-3945	62	58	different	different	ADJ
ajfa-3945	62	59	optimal	optimal	ADJ
ajfa-3945	62	60	strategies	strategy	NOUN
ajfa-3945	62	61	,	,	PUNCT
ajfa-3945	62	62	but	but	CCONJ
ajfa-3945	62	63	no	no	DET
ajfa-3945	62	64	significant	significant	ADJ
ajfa-3945	62	65	difference	difference	NOUN
ajfa-3945	62	66	in	in	ADP
ajfa-3945	62	67	the	the	DET
ajfa-3945	62	68	skewness	skewness	NOUN
ajfa-3945	62	69	and	and	CCONJ
ajfa-3945	62	70	kurtosis	kurtosis	NOUN
ajfa-3945	62	71	of	of	ADP
ajfa-3945	62	72	stock	stock	NOUN
ajfa-3945	62	73	returns	return	NOUN
ajfa-3945	62	74	for	for	ADP
ajfa-3945	62	75	different	different	ADJ
ajfa-3945	62	76	optimal	optimal	ADJ
ajfa-3945	62	77	strategies	strategy	NOUN
ajfa-3945	62	78	.	.	PUNCT
ajfa-3945	63	1	the	the	DET
ajfa-3945	63	2	optimal	optimal	ADJ
ajfa-3945	63	3	strategy	strategy	NOUN
ajfa-3945	63	4	of	of	ADP
ajfa-3945	63	5	buying	buy	VERB
ajfa-3945	63	6	itm	itm	NOUN
ajfa-3945	63	7	protective	protective	ADJ
ajfa-3945	63	8	-	-	PUNCT
ajfa-3945	63	9	puts	put	NOUN
ajfa-3945	63	10	was	be	AUX
ajfa-3945	63	11	found	find	VERB
ajfa-3945	63	12	to	to	PART
ajfa-3945	63	13	be	be	AUX
ajfa-3945	63	14	associated	associate	VERB
ajfa-3945	63	15	with	with	ADP
ajfa-3945	63	16	high	high	ADJ
ajfa-3945	63	17	mean	mean	ADJ
ajfa-3945	63	18	returns	return	NOUN
ajfa-3945	63	19	,	,	PUNCT
ajfa-3945	63	20	high	high	ADJ
ajfa-3945	63	21	standard	standard	ADJ
ajfa-3945	63	22	deviation	deviation	NOUN
ajfa-3945	63	23	of	of	ADP
ajfa-3945	63	24	returns	return	NOUN
ajfa-3945	63	25	,	,	PUNCT
ajfa-3945	63	26	moderate	moderate	ADJ
ajfa-3945	63	27	positive	positive	ADJ
ajfa-3945	63	28	skewness	skewness	NOUN
ajfa-3945	63	29	,	,	PUNCT
ajfa-3945	63	30	and	and	CCONJ
ajfa-3945	63	31	slight	slight	ADJ
ajfa-3945	63	32	platy	platy	NOUN
ajfa-3945	63	33	-	-	PUNCT
ajfa-3945	63	34	kurtosis	kurtosis	NOUN
ajfa-3945	63	35	;	;	PUNCT
ajfa-3945	63	36	the	the	DET
ajfa-3945	63	37	optimal	optimal	ADJ
ajfa-3945	63	38	strategy	strategy	NOUN
ajfa-3945	63	39	of	of	ADP
ajfa-3945	63	40	buying	buy	VERB
ajfa-3945	63	41	otm	otm	NOUN
ajfa-3945	63	42	protective	protective	ADJ
ajfa-3945	63	43	-	-	PUNCT
ajfa-3945	63	44	puts	put	NOUN
ajfa-3945	63	45	was	be	AUX
ajfa-3945	63	46	found	find	VERB
ajfa-3945	63	47	to	to	PART
ajfa-3945	63	48	be	be	AUX
ajfa-3945	63	49	associated	associate	VERB
ajfa-3945	63	50	with	with	ADP
ajfa-3945	63	51	low	low	ADJ
ajfa-3945	63	52	mean	mean	ADJ
ajfa-3945	63	53	returns	return	NOUN
ajfa-3945	63	54	,	,	PUNCT
ajfa-3945	63	55	moderate	moderate	ADJ
ajfa-3945	63	56	standard	standard	ADJ
ajfa-3945	63	57	deviation	deviation	NOUN
ajfa-3945	63	58	of	of	ADP
ajfa-3945	63	59	returns	return	NOUN
ajfa-3945	63	60	,	,	PUNCT
ajfa-3945	63	61	slight	slight	ADJ
ajfa-3945	63	62	positive	positive	ADJ
ajfa-3945	63	63	skewness	skewness	NOUN
ajfa-3945	63	64	,	,	PUNCT
ajfa-3945	63	65	and	and	CCONJ
ajfa-3945	63	66	slight	slight	ADJ
ajfa-3945	63	67	lepto	lepto	NOUN
ajfa-3945	63	68	-	-	PUNCT
ajfa-3945	63	69	kurtosis	kurtosis	NOUN
ajfa-3945	63	70	;	;	PUNCT
ajfa-3945	63	71	the	the	DET
ajfa-3945	63	72	optimal	optimal	ADJ
ajfa-3945	63	73	strategy	strategy	NOUN
ajfa-3945	63	74	of	of	ADP
ajfa-3945	63	75	selling	sell	VERB
ajfa-3945	63	76	itm	itm	NOUN
ajfa-3945	63	77	covered	cover	VERB
ajfa-3945	63	78	-	-	PUNCT
ajfa-3945	63	79	calls	call	NOUN
ajfa-3945	63	80	was	be	AUX
ajfa-3945	63	81	found	find	VERB
ajfa-3945	63	82	to	to	PART
ajfa-3945	63	83	be	be	AUX
ajfa-3945	63	84	associated	associate	VERB
ajfa-3945	63	85	with	with	ADP
ajfa-3945	63	86	moderate	moderate	ADJ
ajfa-3945	63	87	mean	mean	ADJ
ajfa-3945	63	88	returns	return	NOUN
ajfa-3945	63	89	,	,	PUNCT
ajfa-3945	63	90	moderate	moderate	ADJ
ajfa-3945	63	91	standard	standard	ADJ
ajfa-3945	63	92	deviation	deviation	NOUN
ajfa-3945	63	93	of	of	ADP
ajfa-3945	63	94	returns	return	NOUN
ajfa-3945	63	95	,	,	PUNCT
ajfa-3945	63	96	moderate	moderate	ADJ
ajfa-3945	63	97	negative	negative	ADJ
ajfa-3945	63	98	skewness	skewness	NOUN
ajfa-3945	63	99	,	,	PUNCT
ajfa-3945	63	100	and	and	CCONJ
ajfa-3945	63	101	slight	slight	ADJ
ajfa-3945	63	102	lepto	lepto	NOUN
ajfa-3945	63	103	-	-	PUNCT
ajfa-3945	63	104	kurtosis	kurtosis	NOUN
ajfa-3945	63	105	;	;	PUNCT
ajfa-3945	63	106	and	and	CCONJ
ajfa-3945	63	107	the	the	DET
ajfa-3945	63	108	optimal	optimal	ADJ
ajfa-3945	63	109	strategy	strategy	NOUN
ajfa-3945	63	110	of	of	ADP
ajfa-3945	63	111	selling	sell	VERB
ajfa-3945	63	112	otm	otm	NOUN
ajfa-3945	63	113	covered	cover	VERB
ajfa-3945	63	114	-	-	PUNCT
ajfa-3945	63	115	calls	call	NOUN
ajfa-3945	63	116	was	be	AUX
ajfa-3945	63	117	found	find	VERB
ajfa-3945	63	118	to	to	PART
ajfa-3945	63	119	be	be	AUX
ajfa-3945	63	120	associated	associate	VERB
ajfa-3945	63	121	with	with	ADP
ajfa-3945	63	122	moderate	moderate	ADJ
ajfa-3945	63	123	mean	mean	ADJ
ajfa-3945	63	124	returns	return	NOUN
ajfa-3945	63	125	,	,	PUNCT
ajfa-3945	63	126	moderate	moderate	ADJ
ajfa-3945	63	127	standard	standard	ADJ
ajfa-3945	63	128	deviation	deviation	NOUN
ajfa-3945	63	129	of	of	ADP
ajfa-3945	63	130	returns	return	NOUN
ajfa-3945	63	131	,	,	PUNCT
ajfa-3945	63	132	moderate	moderate	ADJ
ajfa-3945	63	133	positive	positive	ADJ
ajfa-3945	63	134	skewness	skewness	NOUN
ajfa-3945	63	135	,	,	PUNCT
ajfa-3945	63	136	and	and	CCONJ
ajfa-3945	63	137	moderate	moderate	ADJ
ajfa-3945	63	138	platy	platy	NOUN
ajfa-3945	63	139	-	-	PUNCT
ajfa-3945	63	140	kurtosis	kurtosis	NOUN
ajfa-3945	63	141	.	.	PUNCT
ajfa-3945	64	1	there	there	PRON
ajfa-3945	64	2	were	be	VERB
ajfa-3945	64	3	found	find	VERB
ajfa-3945	64	4	to	to	PART
ajfa-3945	64	5	be	be	AUX
ajfa-3945	64	6	no	no	DET
ajfa-3945	64	7	significant	significant	ADJ
ajfa-3945	64	8	difference	difference	NOUN
ajfa-3945	64	9	in	in	ADP
ajfa-3945	64	10	the	the	DET
ajfa-3945	64	11	mean	mean	ADJ
ajfa-3945	64	12	stock	stock	NOUN
ajfa-3945	64	13	returns	return	NOUN
ajfa-3945	64	14	,	,	PUNCT
ajfa-3945	64	15	standard	standard	ADJ
ajfa-3945	64	16	deviation	deviation	NOUN
ajfa-3945	64	17	of	of	ADP
ajfa-3945	64	18	stock	stock	NOUN
ajfa-3945	64	19	returns	return	NOUN
ajfa-3945	64	20	,	,	PUNCT
ajfa-3945	64	21	skewness	skewness	NOUN
ajfa-3945	64	22	of	of	ADP
ajfa-3945	64	23	stock	stock	NOUN
ajfa-3945	64	24	returns	return	NOUN
ajfa-3945	64	25	,	,	PUNCT
ajfa-3945	64	26	and	and	CCONJ
ajfa-3945	64	27	kurtosis	kurtosis	NOUN
ajfa-3945	64	28	of	of	ADP
ajfa-3945	64	29	stock	stock	NOUN
ajfa-3945	64	30	returns	return	NOUN
ajfa-3945	64	31	between	between	ADP
ajfa-3945	64	32	optimal	optimal	ADJ
ajfa-3945	64	33	buying	buying	NOUN
ajfa-3945	64	34	protective	protective	ADJ
ajfa-3945	64	35	-	-	PUNCT
ajfa-3945	64	36	puts	put	NOUN
ajfa-3945	64	37	and	and	CCONJ
ajfa-3945	64	38	optimal	optimal	ADJ
ajfa-3945	64	39	selling	selling	NOUN
ajfa-3945	64	40	covered	cover	VERB
ajfa-3945	64	41	-	-	PUNCT
ajfa-3945	64	42	calls	call	NOUN
ajfa-3945	64	43	;	;	PUNCT
ajfa-3945	64	44	optimal	optimal	ADJ
ajfa-3945	64	45	buying	buy	VERB
ajfa-3945	64	46	protective	protective	NOUN
ajfa-3945	64	47	-	-	PUNCT
ajfa-3945	64	48	puts	put	NOUN
ajfa-3945	64	49	was	be	AUX
ajfa-3945	64	50	found	find	VERB
ajfa-3945	64	51	to	to	PART
ajfa-3945	64	52	be	be	AUX
ajfa-3945	64	53	associated	associate	VERB
ajfa-3945	64	54	with	with	ADP
ajfa-3945	64	55	higher	high	ADJ
ajfa-3945	64	56	skewness	skewness	NOUN
ajfa-3945	64	57	and	and	CCONJ
ajfa-3945	64	58	kurtosis	kurtosis	NOUN
ajfa-3945	64	59	than	than	ADP
ajfa-3945	64	60	optimal	optimal	ADJ
ajfa-3945	64	61	selling	selling	NOUN
ajfa-3945	64	62	covered	cover	VERB
ajfa-3945	64	63	-	-	PUNCT
ajfa-3945	64	64	calls	call	NOUN
ajfa-3945	64	65	.	.	PUNCT
ajfa-3945	65	1	the	the	DET
ajfa-3945	65	2	results	result	NOUN
ajfa-3945	65	3	of	of	ADP
ajfa-3945	65	4	regression	regression	NOUN
ajfa-3945	65	5	analysis	analysis	NOUN
ajfa-3945	65	6	of	of	ADP
ajfa-3945	65	7	optimal	optimal	ADJ
ajfa-3945	65	8	returns	return	NOUN
ajfa-3945	65	9	on	on	ADP
ajfa-3945	65	10	the	the	DET
ajfa-3945	65	11	characteristics	characteristic	NOUN
ajfa-3945	65	12	of	of	ADP
ajfa-3945	65	13	the	the	DET
ajfa-3945	65	14	distribution	distribution	NOUN
ajfa-3945	65	15	of	of	ADP
ajfa-3945	65	16	the	the	DET
ajfa-3945	65	17	underlying	underlie	VERB
ajfa-3945	65	18	stock	stock	NOUN
ajfa-3945	65	19	are	be	AUX
ajfa-3945	65	20	shown	show	VERB
ajfa-3945	65	21	in	in	ADP
ajfa-3945	65	22	table	table	NOUN
ajfa-3945	65	23	4	4	NUM
ajfa-3945	65	24	.	.	PUNCT
ajfa-3945	65	25	asian	asian	ADJ
ajfa-3945	65	26	journal	journal	PROPN
ajfa-3945	65	27	of	of	ADP
ajfa-3945	65	28	finance	finance	PROPN
ajfa-3945	65	29	&	&	CCONJ
ajfa-3945	65	30	accounting	accounting	PROPN
ajfa-3945	65	31	issn	issn	PROPN
ajfa-3945	65	32	1946	1946	NUM
ajfa-3945	65	33	-	-	PUNCT
ajfa-3945	65	34	052x	052x	PROPN
ajfa-3945	65	35	2014	2014	NUM
ajfa-3945	65	36	,	,	PUNCT
ajfa-3945	65	37	vol	vol	NOUN
ajfa-3945	65	38	.	.	PROPN
ajfa-3945	65	39	6	6	NUM
ajfa-3945	65	40	,	,	PUNCT
ajfa-3945	65	41	no	no	INTJ
ajfa-3945	65	42	.	.	NOUN
ajfa-3945	65	43	1	1	NUM
ajfa-3945	65	44	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3945	65	45	132	132	NUM
ajfa-3945	65	46	table	table	NOUN
ajfa-3945	65	47	4	4	NUM
ajfa-3945	65	48	.	.	PUNCT
ajfa-3945	66	1	regression	regression	NOUN
ajfa-3945	66	2	of	of	ADP
ajfa-3945	66	3	optimal	optimal	ADJ
ajfa-3945	66	4	returns	return	NOUN
ajfa-3945	66	5	on	on	ADP
ajfa-3945	66	6	the	the	DET
ajfa-3945	66	7	characteristics	characteristic	NOUN
ajfa-3945	66	8	of	of	ADP
ajfa-3945	66	9	the	the	DET
ajfa-3945	66	10	distribution	distribution	NOUN
ajfa-3945	66	11	of	of	ADP
ajfa-3945	66	12	underlying	underlie	VERB
ajfa-3945	66	13	stocks	stock	NOUN
ajfa-3945	66	14	unstandardized	unstandardized	ADJ
ajfa-3945	66	15	coefficients	coefficient	NOUN
ajfa-3945	66	16	standardized	standardized	ADJ
ajfa-3945	66	17	coefficients	coefficient	NOUN
ajfa-3945	66	18	t	t	NOUN
ajfa-3945	66	19	-	-	PUNCT
ajfa-3945	66	20	test	test	NOUN
ajfa-3945	66	21	p	p	NOUN
ajfa-3945	66	22	-	-	PUNCT
ajfa-3945	66	23	value	value	NOUN
ajfa-3945	66	24	mean	mean	NOUN
ajfa-3945	66	25	stock	stock	NOUN
ajfa-3945	66	26	returns	return	NOUN
ajfa-3945	66	27	-232.9297	-232.9297	ADP
ajfa-3945	66	28	-0.5212	-0.5212	NOUN
ajfa-3945	66	29	-2.4160	-2.4160	NOUN
ajfa-3945	67	1	0.0193	0.0193	NUM
ajfa-3945	67	2	*	*	SYM
ajfa-3945	67	3	stdev	stdev	NOUN
ajfa-3945	67	4	stock	stock	NOUN
ajfa-3945	67	5	returns	return	NOUN
ajfa-3945	67	6	80.7126	80.7126	NUM
ajfa-3945	67	7	0.9729	0.9729	NUM
ajfa-3945	67	8	4.0223	4.0223	NUM
ajfa-3945	67	9	0.0002	0.0002	NUM
ajfa-3945	67	10	*	*	PUNCT
ajfa-3945	67	11	*	*	PROPN
ajfa-3945	67	12	skewness	skewness	NOUN
ajfa-3945	67	13	stock	stock	NOUN
ajfa-3945	67	14	returns	return	VERB
ajfa-3945	67	15	0.0971	0.0971	NUM
ajfa-3945	67	16	0.0386	0.0386	NUM
ajfa-3945	67	17	0.2776	0.2776	NUM
ajfa-3945	67	18	0.7824	0.7824	NUM
ajfa-3945	67	19	kurtosis	kurtosis	VERB
ajfa-3945	67	20	stock	stock	NOUN
ajfa-3945	67	21	returns	return	NOUN
ajfa-3945	67	22	0.0157	0.0157	NUM
ajfa-3945	67	23	0.0335	0.0335	NUM
ajfa-3945	67	24	0.2178	0.2178	NUM
ajfa-3945	67	25	0.8284	0.8284	NUM
ajfa-3945	68	1	the	the	DET
ajfa-3945	68	2	standard	standard	ADJ
ajfa-3945	68	3	deviation	deviation	NOUN
ajfa-3945	68	4	of	of	ADP
ajfa-3945	68	5	returns	return	NOUN
ajfa-3945	68	6	and	and	CCONJ
ajfa-3945	68	7	the	the	DET
ajfa-3945	68	8	mean	mean	ADJ
ajfa-3945	68	9	returns	return	NOUN
ajfa-3945	68	10	of	of	ADP
ajfa-3945	68	11	the	the	DET
ajfa-3945	68	12	underlying	underlie	VERB
ajfa-3945	68	13	stock	stock	NOUN
ajfa-3945	68	14	were	be	AUX
ajfa-3945	68	15	found	find	VERB
ajfa-3945	68	16	to	to	PART
ajfa-3945	68	17	have	have	VERB
ajfa-3945	68	18	significant	significant	ADJ
ajfa-3945	68	19	impact	impact	NOUN
ajfa-3945	68	20	on	on	ADP
ajfa-3945	68	21	the	the	DET
ajfa-3945	68	22	optimal	optimal	ADJ
ajfa-3945	68	23	returns	return	NOUN
ajfa-3945	68	24	,	,	PUNCT
ajfa-3945	68	25	while	while	SCONJ
ajfa-3945	68	26	the	the	DET
ajfa-3945	68	27	skewness	skewness	NOUN
ajfa-3945	68	28	and	and	CCONJ
ajfa-3945	68	29	kurtosis	kurtosis	NOUN
ajfa-3945	68	30	of	of	ADP
ajfa-3945	68	31	returns	return	NOUN
ajfa-3945	68	32	of	of	ADP
ajfa-3945	68	33	the	the	DET
ajfa-3945	68	34	underlying	underlie	VERB
ajfa-3945	68	35	stock	stock	NOUN
ajfa-3945	68	36	were	be	AUX
ajfa-3945	68	37	not	not	PART
ajfa-3945	68	38	found	find	VERB
ajfa-3945	68	39	to	to	PART
ajfa-3945	68	40	have	have	VERB
ajfa-3945	68	41	a	a	DET
ajfa-3945	68	42	significant	significant	ADJ
ajfa-3945	68	43	impact	impact	NOUN
ajfa-3945	68	44	on	on	ADP
ajfa-3945	68	45	the	the	DET
ajfa-3945	68	46	optimal	optimal	ADJ
ajfa-3945	68	47	returns	return	NOUN
ajfa-3945	68	48	.	.	PUNCT
ajfa-3945	69	1	moreover	moreover	ADV
ajfa-3945	69	2	,	,	PUNCT
ajfa-3945	69	3	the	the	DET
ajfa-3945	69	4	optimal	optimal	ADJ
ajfa-3945	69	5	returns	return	NOUN
ajfa-3945	69	6	were	be	AUX
ajfa-3945	69	7	found	find	VERB
ajfa-3945	69	8	to	to	PART
ajfa-3945	69	9	be	be	AUX
ajfa-3945	69	10	positively	positively	ADV
ajfa-3945	69	11	correlated	correlate	VERB
ajfa-3945	69	12	with	with	ADP
ajfa-3945	69	13	the	the	DET
ajfa-3945	69	14	standard	standard	ADJ
ajfa-3945	69	15	deviation	deviation	NOUN
ajfa-3945	69	16	of	of	ADP
ajfa-3945	69	17	returns	return	NOUN
ajfa-3945	69	18	of	of	ADP
ajfa-3945	69	19	the	the	DET
ajfa-3945	69	20	underlying	underlie	VERB
ajfa-3945	69	21	stock	stock	NOUN
ajfa-3945	69	22	,	,	PUNCT
ajfa-3945	69	23	other	other	ADJ
ajfa-3945	69	24	characteristics	characteristic	NOUN
ajfa-3945	69	25	remaining	remain	VERB
ajfa-3945	69	26	constant	constant	ADJ
ajfa-3945	69	27	,	,	PUNCT
ajfa-3945	69	28	and	and	CCONJ
ajfa-3945	69	29	negatively	negatively	ADV
ajfa-3945	69	30	correlated	correlate	VERB
ajfa-3945	69	31	with	with	ADP
ajfa-3945	69	32	the	the	DET
ajfa-3945	69	33	mean	mean	ADJ
ajfa-3945	69	34	returns	return	NOUN
ajfa-3945	69	35	of	of	ADP
ajfa-3945	69	36	the	the	DET
ajfa-3945	69	37	underlying	underlie	VERB
ajfa-3945	69	38	stock	stock	NOUN
ajfa-3945	69	39	,	,	PUNCT
ajfa-3945	69	40	other	other	ADJ
ajfa-3945	69	41	characteristics	characteristic	NOUN
ajfa-3945	69	42	remaining	remain	VERB
ajfa-3945	69	43	constant	constant	ADJ
ajfa-3945	69	44	.	.	PUNCT
ajfa-3945	70	1	together	together	ADV
ajfa-3945	70	2	,	,	PUNCT
ajfa-3945	70	3	the	the	DET
ajfa-3945	70	4	characteristics	characteristic	NOUN
ajfa-3945	70	5	of	of	ADP
ajfa-3945	70	6	the	the	DET
ajfa-3945	70	7	returns	return	NOUN
ajfa-3945	70	8	distribution	distribution	NOUN
ajfa-3945	70	9	of	of	ADP
ajfa-3945	70	10	the	the	DET
ajfa-3945	70	11	underlying	underlie	VERB
ajfa-3945	70	12	stock	stock	NOUN
ajfa-3945	70	13	explained	explain	VERB
ajfa-3945	70	14	42.1	42.1	NUM
ajfa-3945	70	15	%	%	NOUN
ajfa-3945	70	16	of	of	ADP
ajfa-3945	70	17	the	the	DET
ajfa-3945	70	18	variation	variation	NOUN
ajfa-3945	70	19	in	in	ADP
ajfa-3945	70	20	optimal	optimal	ADJ
ajfa-3945	70	21	returns	return	NOUN
ajfa-3945	70	22	.	.	PUNCT
ajfa-3945	71	1	the	the	DET
ajfa-3945	71	2	results	result	NOUN
ajfa-3945	71	3	of	of	ADP
ajfa-3945	71	4	regression	regression	NOUN
ajfa-3945	71	5	analysis	analysis	NOUN
ajfa-3945	71	6	of	of	ADP
ajfa-3945	71	7	the	the	DET
ajfa-3945	71	8	optimal	optimal	ADJ
ajfa-3945	71	9	strategy	strategy	NOUN
ajfa-3945	71	10	on	on	ADP
ajfa-3945	71	11	the	the	DET
ajfa-3945	71	12	characteristics	characteristic	NOUN
ajfa-3945	71	13	of	of	ADP
ajfa-3945	71	14	the	the	DET
ajfa-3945	71	15	distribution	distribution	NOUN
ajfa-3945	71	16	of	of	ADP
ajfa-3945	71	17	the	the	DET
ajfa-3945	71	18	underlying	underlie	VERB
ajfa-3945	71	19	stock	stock	NOUN
ajfa-3945	71	20	are	be	AUX
ajfa-3945	71	21	shown	show	VERB
ajfa-3945	71	22	in	in	ADP
ajfa-3945	71	23	table	table	NOUN
ajfa-3945	71	24	5	5	NUM
ajfa-3945	71	25	.	.	PUNCT
ajfa-3945	71	26	table	table	NOUN
ajfa-3945	71	27	5	5	NUM
ajfa-3945	71	28	.	.	PUNCT
ajfa-3945	72	1	regression	regression	NOUN
ajfa-3945	72	2	of	of	ADP
ajfa-3945	72	3	optimal	optimal	ADJ
ajfa-3945	72	4	strategy	strategy	NOUN
ajfa-3945	72	5	on	on	ADP
ajfa-3945	72	6	the	the	DET
ajfa-3945	72	7	characteristics	characteristic	NOUN
ajfa-3945	72	8	of	of	ADP
ajfa-3945	72	9	the	the	DET
ajfa-3945	72	10	distribution	distribution	NOUN
ajfa-3945	72	11	of	of	ADP
ajfa-3945	72	12	underlying	underlie	VERB
ajfa-3945	72	13	stocks	stock	NOUN
ajfa-3945	72	14	unstandardized	unstandardized	ADJ
ajfa-3945	72	15	coefficients	coefficient	NOUN
ajfa-3945	72	16	standardized	standardized	ADJ
ajfa-3945	72	17	coefficients	coefficient	NOUN
ajfa-3945	72	18	t	t	NOUN
ajfa-3945	72	19	-	-	PUNCT
ajfa-3945	72	20	test	test	NOUN
ajfa-3945	72	21	p	p	NOUN
ajfa-3945	72	22	-	-	PUNCT
ajfa-3945	72	23	value	value	NOUN
ajfa-3945	72	24	mean	mean	NOUN
ajfa-3945	72	25	stock	stock	NOUN
ajfa-3945	72	26	returns	return	NOUN
ajfa-3945	72	27	-30.6465	-30.6465	PUNCT
ajfa-3945	72	28	-0.3246	-0.3246	PROPN
ajfa-3945	72	29	-1.4593	-1.4593	VERB
ajfa-3945	72	30	0.1506	0.1506	NUM
ajfa-3945	72	31	stdev	stdev	NOUN
ajfa-3945	72	32	stock	stock	NOUN
ajfa-3945	72	33	returns	return	NOUN
ajfa-3945	72	34	18.1371	18.1371	NUM
ajfa-3945	72	35	1.0350	1.0350	NUM
ajfa-3945	72	36	4.1495	4.1495	NUM
ajfa-3945	72	37	0.0001	0.0001	NUM
ajfa-3945	72	38	*	*	PUNCT
ajfa-3945	72	39	*	*	PROPN
ajfa-3945	72	40	skewness	skewness	NOUN
ajfa-3945	72	41	stock	stock	NOUN
ajfa-3945	72	42	returns	return	NOUN
ajfa-3945	72	43	-0.0839	-0.0839	PUNCT
ajfa-3945	72	44	-0.1578	-0.1578	PROPN
ajfa-3945	72	45	-1.1010	-1.1010	NOUN
ajfa-3945	73	1	0.2761	0.2761	NUM
ajfa-3945	73	2	kurtosis	kurtosis	VERB
ajfa-3945	73	3	stock	stock	NOUN
ajfa-3945	73	4	returns	return	NOUN
ajfa-3945	73	5	-0.0291	-0.0291	PUNCT
ajfa-3945	73	6	-0.2949	-0.2949	X
ajfa-3945	73	7	-1.8589	-1.8589	PROPN
ajfa-3945	74	1	0.0688	0.0688	NUM
ajfa-3945	74	2	*	*	PUNCT
ajfa-3945	74	3	the	the	DET
ajfa-3945	74	4	standard	standard	ADJ
ajfa-3945	74	5	deviation	deviation	NOUN
ajfa-3945	74	6	of	of	ADP
ajfa-3945	74	7	returns	return	NOUN
ajfa-3945	74	8	,	,	PUNCT
ajfa-3945	74	9	the	the	DET
ajfa-3945	74	10	mean	mean	ADJ
ajfa-3945	74	11	returns	return	NOUN
ajfa-3945	74	12	,	,	PUNCT
ajfa-3945	74	13	and	and	CCONJ
ajfa-3945	74	14	the	the	DET
ajfa-3945	74	15	kurtosis	kurtosis	NOUN
ajfa-3945	74	16	of	of	ADP
ajfa-3945	74	17	returns	return	NOUN
ajfa-3945	74	18	of	of	ADP
ajfa-3945	74	19	the	the	DET
ajfa-3945	74	20	underlying	underlie	VERB
ajfa-3945	74	21	stock	stock	NOUN
ajfa-3945	74	22	were	be	AUX
ajfa-3945	74	23	found	find	VERB
ajfa-3945	74	24	to	to	PART
ajfa-3945	74	25	have	have	VERB
ajfa-3945	74	26	significant	significant	ADJ
ajfa-3945	74	27	impact	impact	NOUN
ajfa-3945	74	28	on	on	ADP
ajfa-3945	74	29	the	the	DET
ajfa-3945	74	30	optimal	optimal	ADJ
ajfa-3945	74	31	returns	return	NOUN
ajfa-3945	74	32	,	,	PUNCT
ajfa-3945	74	33	while	while	SCONJ
ajfa-3945	74	34	the	the	DET
ajfa-3945	74	35	skewness	skewness	NOUN
ajfa-3945	74	36	of	of	ADP
ajfa-3945	74	37	returns	return	NOUN
ajfa-3945	74	38	of	of	ADP
ajfa-3945	74	39	the	the	DET
ajfa-3945	74	40	underlying	underlie	VERB
ajfa-3945	74	41	stock	stock	NOUN
ajfa-3945	74	42	was	be	AUX
ajfa-3945	74	43	not	not	PART
ajfa-3945	74	44	found	find	VERB
ajfa-3945	74	45	to	to	PART
ajfa-3945	74	46	have	have	VERB
ajfa-3945	74	47	a	a	DET
ajfa-3945	74	48	significant	significant	ADJ
ajfa-3945	74	49	impact	impact	NOUN
ajfa-3945	74	50	on	on	ADP
ajfa-3945	74	51	the	the	DET
ajfa-3945	74	52	optimal	optimal	ADJ
ajfa-3945	74	53	strategy	strategy	NOUN
ajfa-3945	74	54	.	.	PUNCT
ajfa-3945	75	1	moreover	moreover	ADV
ajfa-3945	75	2	,	,	PUNCT
ajfa-3945	75	3	the	the	DET
ajfa-3945	75	4	optimal	optimal	ADJ
ajfa-3945	75	5	strategy	strategy	NOUN
ajfa-3945	75	6	was	be	AUX
ajfa-3945	75	7	more	more	ADV
ajfa-3945	75	8	likely	likely	ADJ
ajfa-3945	75	9	to	to	PART
ajfa-3945	75	10	involve	involve	VERB
ajfa-3945	75	11	buying	buy	VERB
ajfa-3945	75	12	protective	protective	ADJ
ajfa-3945	75	13	-	-	PUNCT
ajfa-3945	75	14	puts	put	NOUN
ajfa-3945	75	15	for	for	ADP
ajfa-3945	75	16	lower	low	ADJ
ajfa-3945	75	17	standard	standard	ADJ
ajfa-3945	75	18	deviation	deviation	NOUN
ajfa-3945	75	19	of	of	ADP
ajfa-3945	75	20	returns	return	NOUN
ajfa-3945	75	21	of	of	ADP
ajfa-3945	75	22	the	the	DET
ajfa-3945	75	23	underlying	underlie	VERB
ajfa-3945	75	24	stock	stock	NOUN
ajfa-3945	75	25	and	and	CCONJ
ajfa-3945	75	26	selling	sell	VERB
ajfa-3945	75	27	covered	cover	VERB
ajfa-3945	75	28	-	-	PUNCT
ajfa-3945	75	29	calls	call	NOUN
ajfa-3945	75	30	for	for	ADP
ajfa-3945	75	31	higher	high	ADJ
ajfa-3945	75	32	standard	standard	ADJ
ajfa-3945	75	33	deviation	deviation	NOUN
ajfa-3945	75	34	of	of	ADP
ajfa-3945	75	35	returns	return	NOUN
ajfa-3945	75	36	,	,	PUNCT
ajfa-3945	75	37	other	other	ADJ
ajfa-3945	75	38	characteristics	characteristic	NOUN
ajfa-3945	75	39	remaining	remain	VERB
ajfa-3945	75	40	constant	constant	ADJ
ajfa-3945	75	41	;	;	PUNCT
ajfa-3945	75	42	and	and	CCONJ
ajfa-3945	75	43	vice	vice	ADV
ajfa-3945	75	44	versa	versa	NOUN
ajfa-3945	75	45	for	for	ADP
ajfa-3945	75	46	the	the	DET
ajfa-3945	75	47	other	other	ADJ
ajfa-3945	75	48	characteristics	characteristic	NOUN
ajfa-3945	75	49	.	.	PUNCT
ajfa-3945	76	1	together	together	ADV
ajfa-3945	76	2	,	,	PUNCT
ajfa-3945	76	3	the	the	DET
ajfa-3945	76	4	characteristics	characteristic	NOUN
ajfa-3945	76	5	of	of	ADP
ajfa-3945	76	6	the	the	DET
ajfa-3945	76	7	returns	return	NOUN
ajfa-3945	76	8	distribution	distribution	NOUN
ajfa-3945	76	9	of	of	ADP
ajfa-3945	76	10	the	the	DET
ajfa-3945	76	11	underlying	underlie	VERB
ajfa-3945	76	12	stock	stock	NOUN
ajfa-3945	76	13	explained	explain	VERB
ajfa-3945	76	14	38.4	38.4	NUM
ajfa-3945	76	15	%	%	NOUN
ajfa-3945	76	16	of	of	ADP
ajfa-3945	76	17	the	the	DET
ajfa-3945	76	18	variation	variation	NOUN
ajfa-3945	76	19	in	in	ADP
ajfa-3945	76	20	optimal	optimal	ADJ
ajfa-3945	76	21	strategy	strategy	NOUN
ajfa-3945	76	22	.	.	PUNCT
ajfa-3945	77	1	asian	asian	ADJ
ajfa-3945	77	2	journal	journal	PROPN
ajfa-3945	77	3	of	of	ADP
ajfa-3945	77	4	finance	finance	PROPN
ajfa-3945	77	5	&	&	CCONJ
ajfa-3945	77	6	accounting	accounting	PROPN
ajfa-3945	77	7	issn	issn	PROPN
ajfa-3945	77	8	1946	1946	NUM
ajfa-3945	77	9	-	-	PUNCT
ajfa-3945	77	10	052x	052x	PROPN
ajfa-3945	77	11	2014	2014	NUM
ajfa-3945	77	12	,	,	PUNCT
ajfa-3945	77	13	vol	vol	NOUN
ajfa-3945	77	14	.	.	PROPN
ajfa-3945	78	1	6	6	NUM
ajfa-3945	78	2	,	,	PUNCT
ajfa-3945	78	3	no	no	INTJ
ajfa-3945	78	4	.	.	NOUN
ajfa-3945	78	5	1	1	NUM
ajfa-3945	78	6	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NOUN
ajfa-3945	78	7	133	133	NUM
ajfa-3945	78	8	the	the	DET
ajfa-3945	78	9	results	result	NOUN
ajfa-3945	78	10	of	of	ADP
ajfa-3945	78	11	regression	regression	NOUN
ajfa-3945	78	12	analysis	analysis	NOUN
ajfa-3945	78	13	of	of	ADP
ajfa-3945	78	14	the	the	DET
ajfa-3945	78	15	optimal	optimal	ADJ
ajfa-3945	78	16	strategy	strategy	NOUN
ajfa-3945	78	17	on	on	ADP
ajfa-3945	78	18	the	the	DET
ajfa-3945	78	19	dominance	dominance	NOUN
ajfa-3945	78	20	relations	relation	NOUN
ajfa-3945	78	21	between	between	ADP
ajfa-3945	78	22	different	different	ADJ
ajfa-3945	78	23	strategies	strategy	NOUN
ajfa-3945	78	24	are	be	AUX
ajfa-3945	78	25	shown	show	VERB
ajfa-3945	78	26	in	in	ADP
ajfa-3945	78	27	table	table	NOUN
ajfa-3945	78	28	6	6	NUM
ajfa-3945	78	29	.	.	PUNCT
ajfa-3945	78	30	table	table	NOUN
ajfa-3945	78	31	6	6	NUM
ajfa-3945	78	32	.	.	PUNCT
ajfa-3945	79	1	regression	regression	NOUN
ajfa-3945	79	2	of	of	ADP
ajfa-3945	79	3	optimal	optimal	ADJ
ajfa-3945	79	4	strategy	strategy	NOUN
ajfa-3945	79	5	on	on	ADP
ajfa-3945	79	6	the	the	DET
ajfa-3945	79	7	dominance	dominance	NOUN
ajfa-3945	79	8	relations	relation	NOUN
ajfa-3945	79	9	between	between	ADP
ajfa-3945	79	10	different	different	ADJ
ajfa-3945	79	11	strategies	strategy	NOUN
ajfa-3945	79	12	unstandardized	unstandardized	ADJ
ajfa-3945	79	13	coefficients	coefficient	NOUN
ajfa-3945	79	14	standardized	standardize	VERB
ajfa-3945	79	15	coefficients	coefficient	NOUN
ajfa-3945	79	16	t	t	NOUN
ajfa-3945	79	17	-	-	PUNCT
ajfa-3945	79	18	test	test	NOUN
ajfa-3945	79	19	p	p	NOUN
ajfa-3945	79	20	-	-	PUNCT
ajfa-3945	79	21	value	value	NOUN
ajfa-3945	79	22	otm	otm	NOUN
ajfa-3945	79	23	covered	cover	VERB
ajfa-3945	79	24	-	-	PUNCT
ajfa-3945	79	25	call	call	NOUN
ajfa-3945	79	26	dominates	dominate	VERB
ajfa-3945	80	1	otm	otm	NOUN
ajfa-3945	80	2	protective	protective	NOUN
ajfa-3945	80	3	-	-	PUNCT
ajfa-3945	80	4	put	put	VERB
ajfa-3945	80	5	0.4000	0.4000	NUM
ajfa-3945	80	6	0.4086	0.4086	NUM
ajfa-3945	80	7	5.8878	5.8878	NUM
ajfa-3945	80	8	0.0000	0.0000	NUM
ajfa-3945	80	9	*	*	PUNCT
ajfa-3945	80	10	*	*	PUNCT
ajfa-3945	80	11	otm	otm	NOUN
ajfa-3945	80	12	covered	cover	VERB
ajfa-3945	80	13	-	-	PUNCT
ajfa-3945	80	14	call	call	NOUN
ajfa-3945	80	15	dominates	dominate	VERB
ajfa-3945	80	16	itm	itm	PROPN
ajfa-3945	80	17	protective	protective	NOUN
ajfa-3945	80	18	-	-	PUNCT
ajfa-3945	80	19	put	put	VERB
ajfa-3945	80	20	0.4000	0.4000	NUM
ajfa-3945	80	21	0.4086	0.4086	NUM
ajfa-3945	80	22	5.8878	5.8878	NUM
ajfa-3945	80	23	0.0000	0.0000	NUM
ajfa-3945	80	24	*	*	PUNCT
ajfa-3945	80	25	*	*	PUNCT
ajfa-3945	80	26	itm	itm	NOUN
ajfa-3945	80	27	covered	cover	VERB
ajfa-3945	80	28	-	-	PUNCT
ajfa-3945	80	29	call	call	NOUN
ajfa-3945	80	30	dominates	dominate	VERB
ajfa-3945	80	31	itm	itm	PROPN
ajfa-3945	80	32	protective	protective	NOUN
ajfa-3945	80	33	-	-	PUNCT
ajfa-3945	80	34	put	put	VERB
ajfa-3945	80	35	0.2000	0.2000	NUM
ajfa-3945	80	36	0.1911	0.1911	NUM
ajfa-3945	80	37	3.4084	3.4084	NUM
ajfa-3945	80	38	0.0013	0.0013	NUM
ajfa-3945	80	39	*	*	PUNCT
ajfa-3945	80	40	*	*	PUNCT
ajfa-3945	80	41	the	the	DET
ajfa-3945	80	42	optimal	optimal	ADJ
ajfa-3945	80	43	strategy	strategy	NOUN
ajfa-3945	80	44	was	be	AUX
ajfa-3945	80	45	found	find	VERB
ajfa-3945	80	46	to	to	PART
ajfa-3945	80	47	be	be	AUX
ajfa-3945	80	48	significantly	significantly	ADV
ajfa-3945	80	49	affected	affect	VERB
ajfa-3945	80	50	by	by	ADP
ajfa-3945	80	51	three	three	NUM
ajfa-3945	80	52	dominance	dominance	NOUN
ajfa-3945	80	53	relations	relation	NOUN
ajfa-3945	80	54	:	:	PUNCT
ajfa-3945	81	1	otm	otm	NOUN
ajfa-3945	81	2	covered	cover	VERB
ajfa-3945	81	3	-	-	PUNCT
ajfa-3945	81	4	calls	call	NOUN
ajfa-3945	81	5	dominating	dominate	VERB
ajfa-3945	81	6	over	over	ADP
ajfa-3945	81	7	otm	otm	ADJ
ajfa-3945	81	8	protective	protective	ADJ
ajfa-3945	81	9	-	-	PUNCT
ajfa-3945	81	10	puts	put	NOUN
ajfa-3945	81	11	,	,	PUNCT
ajfa-3945	81	12	otm	otm	NOUN
ajfa-3945	81	13	covered	cover	VERB
ajfa-3945	81	14	-	-	PUNCT
ajfa-3945	81	15	calls	call	NOUN
ajfa-3945	81	16	dominating	dominate	VERB
ajfa-3945	81	17	over	over	ADP
ajfa-3945	81	18	itm	itm	NOUN
ajfa-3945	81	19	protective	protective	ADJ
ajfa-3945	81	20	-	-	PUNCT
ajfa-3945	81	21	puts	put	NOUN
ajfa-3945	81	22	,	,	PUNCT
ajfa-3945	81	23	and	and	CCONJ
ajfa-3945	81	24	itm	itm	PROPN
ajfa-3945	81	25	covered	cover	VERB
ajfa-3945	81	26	-	-	PUNCT
ajfa-3945	81	27	calls	call	NOUN
ajfa-3945	81	28	dominating	dominate	VERB
ajfa-3945	81	29	over	over	ADP
ajfa-3945	81	30	itm	itm	NOUN
ajfa-3945	81	31	protective	protective	ADJ
ajfa-3945	81	32	-	-	PUNCT
ajfa-3945	81	33	puts	put	NOUN
ajfa-3945	81	34	.	.	PUNCT
ajfa-3945	82	1	if	if	SCONJ
ajfa-3945	82	2	all	all	DET
ajfa-3945	82	3	three	three	NUM
ajfa-3945	82	4	of	of	ADP
ajfa-3945	82	5	these	these	DET
ajfa-3945	82	6	relations	relation	NOUN
ajfa-3945	82	7	hold	hold	VERB
ajfa-3945	82	8	,	,	PUNCT
ajfa-3945	82	9	then	then	ADV
ajfa-3945	82	10	selling	sell	VERB
ajfa-3945	82	11	covered	cover	VERB
ajfa-3945	82	12	-	-	PUNCT
ajfa-3945	82	13	calls	call	NOUN
ajfa-3945	82	14	is	be	AUX
ajfa-3945	82	15	optimal	optimal	ADJ
ajfa-3945	82	16	;	;	PUNCT
ajfa-3945	82	17	while	while	SCONJ
ajfa-3945	82	18	if	if	SCONJ
ajfa-3945	82	19	none	none	NOUN
ajfa-3945	82	20	of	of	ADP
ajfa-3945	82	21	these	these	DET
ajfa-3945	82	22	relations	relation	NOUN
ajfa-3945	82	23	hold	hold	VERB
ajfa-3945	82	24	,	,	PUNCT
ajfa-3945	82	25	buying	buy	VERB
ajfa-3945	82	26	protective	protective	NOUN
ajfa-3945	82	27	-	-	PUNCT
ajfa-3945	82	28	puts	put	NOUN
ajfa-3945	82	29	is	be	AUX
ajfa-3945	82	30	optimal	optimal	ADJ
ajfa-3945	82	31	.	.	PUNCT
ajfa-3945	83	1	the	the	DET
ajfa-3945	83	2	weights	weight	NOUN
ajfa-3945	83	3	indicate	indicate	VERB
ajfa-3945	83	4	that	that	SCONJ
ajfa-3945	83	5	the	the	DET
ajfa-3945	83	6	first	first	ADJ
ajfa-3945	83	7	two	two	NUM
ajfa-3945	83	8	dominance	dominance	NOUN
ajfa-3945	83	9	relations	relation	NOUN
ajfa-3945	83	10	are	be	AUX
ajfa-3945	83	11	twice	twice	ADV
ajfa-3945	83	12	as	as	ADV
ajfa-3945	83	13	important	important	ADJ
ajfa-3945	83	14	as	as	ADP
ajfa-3945	83	15	the	the	DET
ajfa-3945	83	16	third	third	ADJ
ajfa-3945	83	17	dominance	dominance	NOUN
ajfa-3945	83	18	relation	relation	NOUN
ajfa-3945	83	19	in	in	ADP
ajfa-3945	83	20	affecting	affect	VERB
ajfa-3945	83	21	the	the	DET
ajfa-3945	83	22	optimal	optimal	ADJ
ajfa-3945	83	23	strategy	strategy	NOUN
ajfa-3945	83	24	.	.	PUNCT
ajfa-3945	84	1	together	together	ADV
ajfa-3945	84	2	,	,	PUNCT
ajfa-3945	84	3	these	these	DET
ajfa-3945	84	4	three	three	NUM
ajfa-3945	84	5	dominance	dominance	NOUN
ajfa-3945	84	6	relations	relation	NOUN
ajfa-3945	84	7	explained	explain	VERB
ajfa-3945	84	8	98.3	98.3	NUM
ajfa-3945	84	9	%	%	NOUN
ajfa-3945	84	10	of	of	ADP
ajfa-3945	84	11	the	the	DET
ajfa-3945	84	12	variation	variation	NOUN
ajfa-3945	84	13	in	in	ADP
ajfa-3945	84	14	optimal	optimal	ADJ
ajfa-3945	84	15	strategy	strategy	NOUN
ajfa-3945	84	16	.	.	PUNCT
ajfa-3945	85	1	the	the	DET
ajfa-3945	85	2	results	result	NOUN
ajfa-3945	85	3	of	of	ADP
ajfa-3945	85	4	discriminant	discriminant	ADJ
ajfa-3945	85	5	analysis	analysis	NOUN
ajfa-3945	85	6	of	of	ADP
ajfa-3945	85	7	the	the	DET
ajfa-3945	85	8	optimal	optimal	ADJ
ajfa-3945	85	9	strategy	strategy	NOUN
ajfa-3945	85	10	on	on	ADP
ajfa-3945	85	11	the	the	DET
ajfa-3945	85	12	characteristics	characteristic	NOUN
ajfa-3945	85	13	of	of	ADP
ajfa-3945	85	14	the	the	DET
ajfa-3945	85	15	distribution	distribution	NOUN
ajfa-3945	85	16	of	of	ADP
ajfa-3945	85	17	the	the	DET
ajfa-3945	85	18	underlying	underlie	VERB
ajfa-3945	85	19	stock	stock	NOUN
ajfa-3945	85	20	are	be	AUX
ajfa-3945	85	21	shown	show	VERB
ajfa-3945	85	22	in	in	ADP
ajfa-3945	85	23	table	table	NOUN
ajfa-3945	85	24	7	7	NUM
ajfa-3945	85	25	.	.	PUNCT
ajfa-3945	85	26	table	table	NOUN
ajfa-3945	85	27	7	7	NUM
ajfa-3945	85	28	.	.	PUNCT
ajfa-3945	85	29	discriminant	discriminant	ADJ
ajfa-3945	85	30	analysis	analysis	NOUN
ajfa-3945	85	31	of	of	ADP
ajfa-3945	85	32	optimal	optimal	ADJ
ajfa-3945	85	33	strategy	strategy	NOUN
ajfa-3945	85	34	on	on	ADP
ajfa-3945	85	35	the	the	DET
ajfa-3945	85	36	characteristics	characteristic	NOUN
ajfa-3945	85	37	of	of	ADP
ajfa-3945	85	38	the	the	DET
ajfa-3945	85	39	distribution	distribution	NOUN
ajfa-3945	85	40	of	of	ADP
ajfa-3945	85	41	underlying	underlie	VERB
ajfa-3945	85	42	stocks	stock	NOUN
ajfa-3945	85	43	canonical	canonical	ADJ
ajfa-3945	85	44	discriminant	discriminant	NOUN
ajfa-3945	85	45	function	function	VERB
ajfa-3945	85	46	standardized	standardize	VERB
ajfa-3945	85	47	coefficients	coefficient	NOUN
ajfa-3945	85	48	unstandardized	unstandardized	ADJ
ajfa-3945	85	49	coefficients	coefficient	NOUN
ajfa-3945	85	50	mean	mean	VERB
ajfa-3945	85	51	stock	stock	NOUN
ajfa-3945	85	52	returns	return	NOUN
ajfa-3945	85	53	-1.7087	-1.7087	PUNCT
ajfa-3945	85	54	-315.8150	-315.8150	PROPN
ajfa-3945	85	55	stdev	stdev	NOUN
ajfa-3945	85	56	stock	stock	NOUN
ajfa-3945	85	57	returns	return	NOUN
ajfa-3945	85	58	1.7244	1.7244	NUM
ajfa-3945	85	59	131.1379	131.1379	NUM
ajfa-3945	85	60	skewness	skewness	NOUN
ajfa-3945	85	61	stock	stock	NOUN
ajfa-3945	85	62	returns	return	NOUN
ajfa-3945	85	63	0.8221	0.8221	PRON
ajfa-3945	85	64	0.6990	0.6990	NUM
ajfa-3945	85	65	kurtosis	kurtosis	VERB
ajfa-3945	85	66	stock	stock	NOUN
ajfa-3945	85	67	returns	return	NOUN
ajfa-3945	85	68	0.0781	0.0781	NUM
ajfa-3945	85	69	0.0130	0.0130	NUM
ajfa-3945	85	70	(	(	PUNCT
ajfa-3945	85	71	constant	constant	ADJ
ajfa-3945	85	72	)	)	PUNCT
ajfa-3945	85	73	-3.4535	-3.4535	NOUN
ajfa-3945	85	74	values	value	NOUN
ajfa-3945	85	75	at	at	ADP
ajfa-3945	85	76	centroids	centroid	NOUN
ajfa-3945	85	77	buy	buy	VERB
ajfa-3945	85	78	protective	protective	ADJ
ajfa-3945	85	79	-	-	PUNCT
ajfa-3945	85	80	puts	put	NOUN
ajfa-3945	85	81	0.2321	0.2321	NUM
ajfa-3945	85	82	sell	sell	VERB
ajfa-3945	85	83	covered	cover	VERB
ajfa-3945	85	84	-	-	PUNCT
ajfa-3945	85	85	calls	call	NOUN
ajfa-3945	85	86	-0.3230	-0.3230	VERB
ajfa-3945	85	87	asian	asian	ADJ
ajfa-3945	85	88	journal	journal	NOUN
ajfa-3945	85	89	of	of	ADP
ajfa-3945	85	90	finance	finance	PROPN
ajfa-3945	85	91	&	&	CCONJ
ajfa-3945	85	92	accounting	accounting	PROPN
ajfa-3945	85	93	issn	issn	PROPN
ajfa-3945	85	94	1946	1946	NUM
ajfa-3945	85	95	-	-	PUNCT
ajfa-3945	85	96	052x	052x	PROPN
ajfa-3945	85	97	2014	2014	NUM
ajfa-3945	85	98	,	,	PUNCT
ajfa-3945	85	99	vol	vol	NOUN
ajfa-3945	85	100	.	.	PROPN
ajfa-3945	85	101	6	6	NUM
ajfa-3945	85	102	,	,	PUNCT
ajfa-3945	85	103	no	no	INTJ
ajfa-3945	85	104	.	.	NOUN
ajfa-3945	85	105	1	1	NUM
ajfa-3945	85	106	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3945	85	107	134	134	NUM
ajfa-3945	85	108	the	the	DET
ajfa-3945	85	109	standard	standard	ADJ
ajfa-3945	85	110	deviation	deviation	NOUN
ajfa-3945	85	111	of	of	ADP
ajfa-3945	85	112	returns	return	NOUN
ajfa-3945	85	113	and	and	CCONJ
ajfa-3945	85	114	the	the	DET
ajfa-3945	85	115	mean	mean	ADJ
ajfa-3945	85	116	returns	return	NOUN
ajfa-3945	85	117	of	of	ADP
ajfa-3945	85	118	the	the	DET
ajfa-3945	85	119	underlying	underlie	VERB
ajfa-3945	85	120	stock	stock	NOUN
ajfa-3945	85	121	were	be	AUX
ajfa-3945	85	122	found	find	VERB
ajfa-3945	85	123	to	to	PART
ajfa-3945	85	124	have	have	VERB
ajfa-3945	85	125	significant	significant	ADJ
ajfa-3945	85	126	impact	impact	NOUN
ajfa-3945	85	127	on	on	ADP
ajfa-3945	85	128	the	the	DET
ajfa-3945	85	129	optimal	optimal	ADJ
ajfa-3945	85	130	strategy	strategy	NOUN
ajfa-3945	85	131	,	,	PUNCT
ajfa-3945	85	132	followed	follow	VERB
ajfa-3945	85	133	by	by	ADP
ajfa-3945	85	134	the	the	DET
ajfa-3945	85	135	skewness	skewness	NOUN
ajfa-3945	85	136	of	of	ADP
ajfa-3945	85	137	returns	return	NOUN
ajfa-3945	85	138	and	and	CCONJ
ajfa-3945	85	139	the	the	DET
ajfa-3945	85	140	kurtosis	kurtosis	NOUN
ajfa-3945	85	141	of	of	ADP
ajfa-3945	85	142	returns	return	NOUN
ajfa-3945	85	143	of	of	ADP
ajfa-3945	85	144	the	the	DET
ajfa-3945	85	145	underlying	underlie	VERB
ajfa-3945	85	146	stock	stock	NOUN
ajfa-3945	85	147	.	.	PUNCT
ajfa-3945	86	1	moreover	moreover	ADV
ajfa-3945	86	2	,	,	PUNCT
ajfa-3945	86	3	the	the	DET
ajfa-3945	86	4	optimal	optimal	ADJ
ajfa-3945	86	5	strategy	strategy	NOUN
ajfa-3945	86	6	was	be	AUX
ajfa-3945	86	7	more	more	ADV
ajfa-3945	86	8	likely	likely	ADJ
ajfa-3945	86	9	to	to	PART
ajfa-3945	86	10	involve	involve	VERB
ajfa-3945	86	11	selling	sell	VERB
ajfa-3945	86	12	covered	cover	VERB
ajfa-3945	86	13	-	-	PUNCT
ajfa-3945	86	14	calls	call	NOUN
ajfa-3945	86	15	for	for	ADP
ajfa-3945	86	16	lower	low	ADJ
ajfa-3945	86	17	standard	standard	ADJ
ajfa-3945	86	18	deviation	deviation	NOUN
ajfa-3945	86	19	of	of	ADP
ajfa-3945	86	20	returns	return	NOUN
ajfa-3945	86	21	of	of	ADP
ajfa-3945	86	22	the	the	DET
ajfa-3945	86	23	underlying	underlie	VERB
ajfa-3945	86	24	stock	stock	NOUN
ajfa-3945	86	25	and	and	CCONJ
ajfa-3945	86	26	buying	buy	VERB
ajfa-3945	86	27	protective	protective	NOUN
ajfa-3945	86	28	-	-	PUNCT
ajfa-3945	86	29	puts	put	NOUN
ajfa-3945	86	30	for	for	ADP
ajfa-3945	86	31	higher	high	ADJ
ajfa-3945	86	32	standard	standard	ADJ
ajfa-3945	86	33	deviation	deviation	NOUN
ajfa-3945	86	34	of	of	ADP
ajfa-3945	86	35	returns	return	NOUN
ajfa-3945	86	36	,	,	PUNCT
ajfa-3945	86	37	other	other	ADJ
ajfa-3945	86	38	characteristics	characteristic	NOUN
ajfa-3945	86	39	remaining	remain	VERB
ajfa-3945	86	40	constant	constant	ADJ
ajfa-3945	86	41	;	;	PUNCT
ajfa-3945	86	42	and	and	CCONJ
ajfa-3945	86	43	vice	vice	ADV
ajfa-3945	86	44	versa	versa	NOUN
ajfa-3945	86	45	for	for	ADP
ajfa-3945	86	46	the	the	DET
ajfa-3945	86	47	mean	mean	ADJ
ajfa-3945	86	48	returns	return	NOUN
ajfa-3945	86	49	of	of	ADP
ajfa-3945	86	50	the	the	DET
ajfa-3945	86	51	underlying	underlie	VERB
ajfa-3945	86	52	stock	stock	NOUN
ajfa-3945	86	53	.	.	PUNCT
ajfa-3945	87	1	the	the	DET
ajfa-3945	87	2	discriminant	discriminant	NOUN
ajfa-3945	87	3	function	function	VERB
ajfa-3945	87	4	correctly	correctly	ADV
ajfa-3945	87	5	classified	classify	VERB
ajfa-3945	87	6	50.9	50.9	NUM
ajfa-3945	87	7	%	%	NOUN
ajfa-3945	87	8	of	of	ADP
ajfa-3945	87	9	the	the	DET
ajfa-3945	87	10	sample	sample	NOUN
ajfa-3945	87	11	stocks	stock	NOUN
ajfa-3945	87	12	.	.	PUNCT
ajfa-3945	88	1	the	the	DET
ajfa-3945	88	2	results	result	NOUN
ajfa-3945	88	3	of	of	ADP
ajfa-3945	88	4	discriminant	discriminant	ADJ
ajfa-3945	88	5	analysis	analysis	NOUN
ajfa-3945	88	6	of	of	ADP
ajfa-3945	88	7	selling	sell	VERB
ajfa-3945	88	8	itm	itm	NOUN
ajfa-3945	88	9	covered	cover	VERB
ajfa-3945	88	10	-	-	PUNCT
ajfa-3945	88	11	calls	call	NOUN
ajfa-3945	88	12	and	and	CCONJ
ajfa-3945	88	13	selling	sell	VERB
ajfa-3945	88	14	otm	otm	NOUN
ajfa-3945	88	15	covered	cover	VERB
ajfa-3945	88	16	-	-	PUNCT
ajfa-3945	88	17	calls	call	NOUN
ajfa-3945	88	18	on	on	ADP
ajfa-3945	88	19	the	the	DET
ajfa-3945	88	20	characteristics	characteristic	NOUN
ajfa-3945	88	21	of	of	ADP
ajfa-3945	88	22	the	the	DET
ajfa-3945	88	23	distribution	distribution	NOUN
ajfa-3945	88	24	of	of	ADP
ajfa-3945	88	25	the	the	DET
ajfa-3945	88	26	underlying	underlie	VERB
ajfa-3945	88	27	stock	stock	NOUN
ajfa-3945	88	28	are	be	AUX
ajfa-3945	88	29	shown	show	VERB
ajfa-3945	88	30	in	in	ADP
ajfa-3945	88	31	table	table	NOUN
ajfa-3945	88	32	8	8	NUM
ajfa-3945	88	33	.	.	PUNCT
ajfa-3945	88	34	table	table	NOUN
ajfa-3945	88	35	8	8	NUM
ajfa-3945	88	36	.	.	PUNCT
ajfa-3945	89	1	discriminant	discriminant	ADJ
ajfa-3945	89	2	analysis	analysis	NOUN
ajfa-3945	89	3	of	of	ADP
ajfa-3945	89	4	selling	sell	VERB
ajfa-3945	89	5	itm	itm	NOUN
ajfa-3945	89	6	and	and	CCONJ
ajfa-3945	89	7	otm	otm	NOUN
ajfa-3945	89	8	covered	cover	VERB
ajfa-3945	89	9	-	-	PUNCT
ajfa-3945	89	10	calls	call	NOUN
ajfa-3945	89	11	on	on	ADP
ajfa-3945	89	12	the	the	DET
ajfa-3945	89	13	characteristics	characteristic	NOUN
ajfa-3945	89	14	of	of	ADP
ajfa-3945	89	15	the	the	DET
ajfa-3945	89	16	distribution	distribution	NOUN
ajfa-3945	89	17	of	of	ADP
ajfa-3945	89	18	underlying	underlie	VERB
ajfa-3945	89	19	stocks	stock	NOUN
ajfa-3945	89	20	canonical	canonical	ADJ
ajfa-3945	89	21	discriminant	discriminant	NOUN
ajfa-3945	89	22	function	function	VERB
ajfa-3945	89	23	standardized	standardize	VERB
ajfa-3945	89	24	coefficients	coefficient	NOUN
ajfa-3945	89	25	unstandardized	unstandardized	ADJ
ajfa-3945	89	26	coefficients	coefficient	NOUN
ajfa-3945	89	27	mean	mean	VERB
ajfa-3945	89	28	stock	stock	NOUN
ajfa-3945	89	29	returns	return	NOUN
ajfa-3945	89	30	1.0357	1.0357	NUM
ajfa-3945	89	31	196.0300	196.0300	NUM
ajfa-3945	89	32	stdev	stdev	NOUN
ajfa-3945	89	33	stock	stock	NOUN
ajfa-3945	89	34	returns	return	NOUN
ajfa-3945	89	35	-1.9970	-1.9970	X
ajfa-3945	90	1	-157.1348	-157.1348	PROPN
ajfa-3945	90	2	skewness	skewness	NOUN
ajfa-3945	90	3	stock	stock	NOUN
ajfa-3945	90	4	returns	return	NOUN
ajfa-3945	90	5	0.2940	0.2940	NUM
ajfa-3945	90	6	0.2487	0.2487	NUM
ajfa-3945	90	7	kurtosis	kurtosis	NOUN
ajfa-3945	90	8	stock	stock	NOUN
ajfa-3945	90	9	returns	return	VERB
ajfa-3945	90	10	0.8668	0.8668	NUM
ajfa-3945	90	11	0.1438	0.1438	NUM
ajfa-3945	90	12	(	(	PUNCT
ajfa-3945	90	13	constant	constant	ADJ
ajfa-3945	90	14	)	)	PUNCT
ajfa-3945	90	15	4.0848	4.0848	NUM
ajfa-3945	90	16	values	value	NOUN
ajfa-3945	90	17	at	at	ADP
ajfa-3945	90	18	centroids	centroid	NOUN
ajfa-3945	90	19	sell	sell	VERB
ajfa-3945	90	20	otm	otm	NOUN
ajfa-3945	90	21	covered	cover	VERB
ajfa-3945	90	22	-	-	PUNCT
ajfa-3945	90	23	calls	call	VERB
ajfa-3945	90	24	0.3199	0.3199	NUM
ajfa-3945	90	25	sell	sell	NOUN
ajfa-3945	90	26	itm	itm	NOUN
ajfa-3945	90	27	covered	cover	VERB
ajfa-3945	90	28	-	-	PUNCT
ajfa-3945	90	29	calls	call	NOUN
ajfa-3945	90	30	-0.3838	-0.3838	VERB
ajfa-3945	90	31	the	the	DET
ajfa-3945	90	32	standard	standard	ADJ
ajfa-3945	90	33	deviation	deviation	NOUN
ajfa-3945	90	34	of	of	ADP
ajfa-3945	90	35	returns	return	NOUN
ajfa-3945	90	36	,	,	PUNCT
ajfa-3945	90	37	the	the	DET
ajfa-3945	90	38	mean	mean	ADJ
ajfa-3945	90	39	returns	return	NOUN
ajfa-3945	90	40	,	,	PUNCT
ajfa-3945	90	41	and	and	CCONJ
ajfa-3945	90	42	the	the	DET
ajfa-3945	90	43	kurtosis	kurtosis	NOUN
ajfa-3945	90	44	of	of	ADP
ajfa-3945	90	45	returns	return	NOUN
ajfa-3945	90	46	of	of	ADP
ajfa-3945	90	47	the	the	DET
ajfa-3945	90	48	underlying	underlie	VERB
ajfa-3945	90	49	stock	stock	NOUN
ajfa-3945	90	50	were	be	AUX
ajfa-3945	90	51	found	find	VERB
ajfa-3945	90	52	to	to	PART
ajfa-3945	90	53	have	have	VERB
ajfa-3945	90	54	significant	significant	ADJ
ajfa-3945	90	55	impact	impact	NOUN
ajfa-3945	90	56	on	on	ADP
ajfa-3945	90	57	the	the	DET
ajfa-3945	90	58	dominance	dominance	NOUN
ajfa-3945	90	59	relation	relation	NOUN
ajfa-3945	90	60	between	between	ADP
ajfa-3945	90	61	itm	itm	NOUN
ajfa-3945	90	62	covered	cover	VERB
ajfa-3945	90	63	-	-	PUNCT
ajfa-3945	90	64	calls	call	NOUN
ajfa-3945	90	65	and	and	CCONJ
ajfa-3945	90	66	otm	otm	NOUN
ajfa-3945	90	67	covered	cover	VERB
ajfa-3945	90	68	-	-	PUNCT
ajfa-3945	90	69	calls	call	NOUN
ajfa-3945	90	70	,	,	PUNCT
ajfa-3945	90	71	followed	follow	VERB
ajfa-3945	90	72	by	by	ADP
ajfa-3945	90	73	the	the	DET
ajfa-3945	90	74	skewness	skewness	NOUN
ajfa-3945	90	75	of	of	ADP
ajfa-3945	90	76	returns	return	NOUN
ajfa-3945	90	77	of	of	ADP
ajfa-3945	90	78	the	the	DET
ajfa-3945	90	79	underlying	underlie	VERB
ajfa-3945	90	80	stock	stock	NOUN
ajfa-3945	90	81	.	.	PUNCT
ajfa-3945	91	1	moreover	moreover	ADV
ajfa-3945	91	2	,	,	PUNCT
ajfa-3945	91	3	selling	sell	VERB
ajfa-3945	91	4	otm	otm	NOUN
ajfa-3945	91	5	covered	cover	VERB
ajfa-3945	91	6	-	-	PUNCT
ajfa-3945	91	7	calls	call	NOUN
ajfa-3945	91	8	was	be	AUX
ajfa-3945	91	9	more	more	ADV
ajfa-3945	91	10	likely	likely	ADJ
ajfa-3945	91	11	to	to	PART
ajfa-3945	91	12	dominate	dominate	VERB
ajfa-3945	91	13	selling	sell	VERB
ajfa-3945	91	14	itm	itm	NOUN
ajfa-3945	91	15	covered	cover	VERB
ajfa-3945	91	16	-	-	PUNCT
ajfa-3945	91	17	calls	call	NOUN
ajfa-3945	91	18	for	for	ADP
ajfa-3945	91	19	lower	low	ADJ
ajfa-3945	91	20	standard	standard	ADJ
ajfa-3945	91	21	deviation	deviation	NOUN
ajfa-3945	91	22	of	of	ADP
ajfa-3945	91	23	returns	return	NOUN
ajfa-3945	91	24	of	of	ADP
ajfa-3945	91	25	the	the	DET
ajfa-3945	91	26	underlying	underlie	VERB
ajfa-3945	91	27	stock	stock	NOUN
ajfa-3945	91	28	and	and	CCONJ
ajfa-3945	91	29	vice	vice	NOUN
ajfa-3945	91	30	versa	versa	ADV
ajfa-3945	91	31	for	for	ADP
ajfa-3945	91	32	higher	high	ADJ
ajfa-3945	91	33	standard	standard	ADJ
ajfa-3945	91	34	deviation	deviation	NOUN
ajfa-3945	91	35	of	of	ADP
ajfa-3945	91	36	returns	return	NOUN
ajfa-3945	91	37	,	,	PUNCT
ajfa-3945	91	38	other	other	ADJ
ajfa-3945	91	39	characteristics	characteristic	NOUN
ajfa-3945	91	40	remaining	remain	VERB
ajfa-3945	91	41	constant	constant	ADJ
ajfa-3945	91	42	;	;	PUNCT
ajfa-3945	91	43	and	and	CCONJ
ajfa-3945	91	44	vice	vice	ADV
ajfa-3945	91	45	versa	versa	NOUN
ajfa-3945	91	46	for	for	ADP
ajfa-3945	91	47	the	the	DET
ajfa-3945	91	48	mean	mean	ADJ
ajfa-3945	91	49	returns	return	NOUN
ajfa-3945	91	50	and	and	CCONJ
ajfa-3945	91	51	the	the	DET
ajfa-3945	91	52	kurtosis	kurtosis	NOUN
ajfa-3945	91	53	of	of	ADP
ajfa-3945	91	54	returns	return	NOUN
ajfa-3945	91	55	of	of	ADP
ajfa-3945	91	56	the	the	DET
ajfa-3945	91	57	underlying	underlie	VERB
ajfa-3945	91	58	stock	stock	NOUN
ajfa-3945	91	59	.	.	PUNCT
ajfa-3945	92	1	the	the	DET
ajfa-3945	92	2	discriminant	discriminant	NOUN
ajfa-3945	92	3	function	function	VERB
ajfa-3945	92	4	correctly	correctly	ADV
ajfa-3945	92	5	classified	classify	VERB
ajfa-3945	92	6	63.6	63.6	NUM
ajfa-3945	92	7	%	%	NOUN
ajfa-3945	92	8	of	of	ADP
ajfa-3945	92	9	the	the	DET
ajfa-3945	92	10	sample	sample	NOUN
ajfa-3945	92	11	stocks	stock	NOUN
ajfa-3945	92	12	.	.	PUNCT
ajfa-3945	93	1	the	the	DET
ajfa-3945	93	2	results	result	NOUN
ajfa-3945	93	3	of	of	ADP
ajfa-3945	93	4	discriminant	discriminant	ADJ
ajfa-3945	93	5	analysis	analysis	NOUN
ajfa-3945	93	6	of	of	ADP
ajfa-3945	93	7	buying	buy	VERB
ajfa-3945	93	8	itm	itm	NOUN
ajfa-3945	93	9	protective	protective	ADJ
ajfa-3945	93	10	-	-	PUNCT
ajfa-3945	93	11	puts	put	NOUN
ajfa-3945	93	12	and	and	CCONJ
ajfa-3945	93	13	buying	buy	VERB
ajfa-3945	93	14	otm	otm	NOUN
ajfa-3945	93	15	protective	protective	ADJ
ajfa-3945	93	16	-	-	PUNCT
ajfa-3945	93	17	puts	put	NOUN
ajfa-3945	93	18	on	on	ADP
ajfa-3945	93	19	the	the	DET
ajfa-3945	93	20	characteristics	characteristic	NOUN
ajfa-3945	93	21	of	of	ADP
ajfa-3945	93	22	the	the	DET
ajfa-3945	93	23	distribution	distribution	NOUN
ajfa-3945	93	24	of	of	ADP
ajfa-3945	93	25	the	the	DET
ajfa-3945	93	26	underlying	underlie	VERB
ajfa-3945	93	27	stock	stock	NOUN
ajfa-3945	93	28	are	be	AUX
ajfa-3945	93	29	shown	show	VERB
ajfa-3945	93	30	in	in	ADP
ajfa-3945	93	31	table	table	NOUN
ajfa-3945	93	32	9	9	NUM
ajfa-3945	93	33	.	.	PUNCT
ajfa-3945	93	34	asian	asian	ADJ
ajfa-3945	93	35	journal	journal	PROPN
ajfa-3945	93	36	of	of	ADP
ajfa-3945	93	37	finance	finance	PROPN
ajfa-3945	93	38	&	&	CCONJ
ajfa-3945	93	39	accounting	accounting	PROPN
ajfa-3945	93	40	issn	issn	PROPN
ajfa-3945	93	41	1946	1946	NUM
ajfa-3945	93	42	-	-	PUNCT
ajfa-3945	93	43	052x	052x	PROPN
ajfa-3945	93	44	2014	2014	NUM
ajfa-3945	93	45	,	,	PUNCT
ajfa-3945	93	46	vol	vol	NOUN
ajfa-3945	93	47	.	.	PROPN
ajfa-3945	93	48	6	6	NUM
ajfa-3945	93	49	,	,	PUNCT
ajfa-3945	93	50	no	no	INTJ
ajfa-3945	93	51	.	.	NOUN
ajfa-3945	93	52	1	1	NUM
ajfa-3945	93	53	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3945	93	54	135	135	NUM
ajfa-3945	93	55	table	table	NOUN
ajfa-3945	93	56	9	9	NUM
ajfa-3945	93	57	.	.	PUNCT
ajfa-3945	94	1	discriminant	discriminant	ADJ
ajfa-3945	94	2	analysis	analysis	NOUN
ajfa-3945	94	3	of	of	ADP
ajfa-3945	94	4	buying	buy	VERB
ajfa-3945	94	5	itm	itm	NOUN
ajfa-3945	94	6	and	and	CCONJ
ajfa-3945	94	7	otm	otm	NOUN
ajfa-3945	94	8	protective	protective	NOUN
ajfa-3945	94	9	-	-	PUNCT
ajfa-3945	94	10	puts	put	NOUN
ajfa-3945	94	11	on	on	ADP
ajfa-3945	94	12	the	the	DET
ajfa-3945	94	13	characteristics	characteristic	NOUN
ajfa-3945	94	14	of	of	ADP
ajfa-3945	94	15	the	the	DET
ajfa-3945	94	16	distribution	distribution	NOUN
ajfa-3945	94	17	of	of	ADP
ajfa-3945	94	18	underlying	underlie	VERB
ajfa-3945	94	19	stocks	stock	NOUN
ajfa-3945	94	20	canonical	canonical	ADJ
ajfa-3945	94	21	discriminant	discriminant	NOUN
ajfa-3945	94	22	function	function	VERB
ajfa-3945	94	23	standardized	standardize	VERB
ajfa-3945	94	24	coefficients	coefficient	NOUN
ajfa-3945	94	25	unstandardized	unstandardized	ADJ
ajfa-3945	94	26	coefficients	coefficient	NOUN
ajfa-3945	94	27	mean	mean	VERB
ajfa-3945	94	28	stock	stock	NOUN
ajfa-3945	94	29	returns	return	VERB
ajfa-3945	94	30	1.2305	1.2305	NUM
ajfa-3945	94	31	230.9568	230.9568	NUM
ajfa-3945	94	32	stdev	stdev	NOUN
ajfa-3945	94	33	stock	stock	NOUN
ajfa-3945	94	34	returns	return	NOUN
ajfa-3945	94	35	-2.0038	-2.0038	PUNCT
ajfa-3945	95	1	-153.6011	-153.6011	PROPN
ajfa-3945	95	2	skewness	skewness	NOUN
ajfa-3945	95	3	stock	stock	NOUN
ajfa-3945	95	4	returns	return	VERB
ajfa-3945	95	5	0.1405	0.1405	NUM
ajfa-3945	95	6	0.1195	0.1195	NUM
ajfa-3945	95	7	kurtosis	kurtosis	VERB
ajfa-3945	95	8	stock	stock	NOUN
ajfa-3945	95	9	returns	return	NOUN
ajfa-3945	95	10	1.3061	1.3061	NUM
ajfa-3945	95	11	0.2191	0.2191	NUM
ajfa-3945	95	12	(	(	PUNCT
ajfa-3945	95	13	constant	constant	ADJ
ajfa-3945	95	14	)	)	PUNCT
ajfa-3945	95	15	3.6477	3.6477	NUM
ajfa-3945	95	16	values	value	NOUN
ajfa-3945	95	17	at	at	ADP
ajfa-3945	95	18	centroids	centroid	NOUN
ajfa-3945	95	19	buy	buy	VERB
ajfa-3945	95	20	otm	otm	NOUN
ajfa-3945	95	21	protective	protective	ADJ
ajfa-3945	95	22	-	-	PUNCT
ajfa-3945	95	23	puts	put	NOUN
ajfa-3945	95	24	0.3540	0.3540	NUM
ajfa-3945	95	25	buy	buy	VERB
ajfa-3945	95	26	itm	itm	NOUN
ajfa-3945	95	27	protective	protective	ADJ
ajfa-3945	95	28	-	-	PUNCT
ajfa-3945	95	29	puts	put	NOUN
ajfa-3945	95	30	-0.2950	-0.2950	NOUN
ajfa-3945	95	31	the	the	DET
ajfa-3945	95	32	standard	standard	ADJ
ajfa-3945	95	33	deviation	deviation	NOUN
ajfa-3945	95	34	of	of	ADP
ajfa-3945	95	35	returns	return	NOUN
ajfa-3945	95	36	,	,	PUNCT
ajfa-3945	95	37	the	the	DET
ajfa-3945	95	38	kurtosis	kurtosis	NOUN
ajfa-3945	95	39	of	of	ADP
ajfa-3945	95	40	returns	return	NOUN
ajfa-3945	95	41	,	,	PUNCT
ajfa-3945	95	42	and	and	CCONJ
ajfa-3945	95	43	the	the	DET
ajfa-3945	95	44	mean	mean	ADJ
ajfa-3945	95	45	returns	return	NOUN
ajfa-3945	95	46	of	of	ADP
ajfa-3945	95	47	the	the	DET
ajfa-3945	95	48	underlying	underlie	VERB
ajfa-3945	95	49	stock	stock	NOUN
ajfa-3945	95	50	were	be	AUX
ajfa-3945	95	51	found	find	VERB
ajfa-3945	95	52	to	to	PART
ajfa-3945	95	53	have	have	VERB
ajfa-3945	95	54	significant	significant	ADJ
ajfa-3945	95	55	impact	impact	NOUN
ajfa-3945	95	56	on	on	ADP
ajfa-3945	95	57	the	the	DET
ajfa-3945	95	58	dominance	dominance	NOUN
ajfa-3945	95	59	relation	relation	NOUN
ajfa-3945	95	60	between	between	ADP
ajfa-3945	95	61	otm	otm	NOUN
ajfa-3945	95	62	protective	protective	ADJ
ajfa-3945	95	63	-	-	PUNCT
ajfa-3945	95	64	puts	put	NOUN
ajfa-3945	95	65	and	and	CCONJ
ajfa-3945	95	66	itm	itm	VERB
ajfa-3945	95	67	protective	protective	ADJ
ajfa-3945	95	68	-	-	PUNCT
ajfa-3945	95	69	puts	put	NOUN
ajfa-3945	95	70	,	,	PUNCT
ajfa-3945	95	71	followed	follow	VERB
ajfa-3945	95	72	by	by	ADP
ajfa-3945	95	73	the	the	DET
ajfa-3945	95	74	skewness	skewness	NOUN
ajfa-3945	95	75	of	of	ADP
ajfa-3945	95	76	returns	return	NOUN
ajfa-3945	95	77	of	of	ADP
ajfa-3945	95	78	the	the	DET
ajfa-3945	95	79	underlying	underlie	VERB
ajfa-3945	95	80	stock	stock	NOUN
ajfa-3945	95	81	.	.	PUNCT
ajfa-3945	96	1	moreover	moreover	ADV
ajfa-3945	96	2	,	,	PUNCT
ajfa-3945	96	3	buying	buy	VERB
ajfa-3945	96	4	otm	otm	NOUN
ajfa-3945	96	5	protective	protective	ADJ
ajfa-3945	96	6	-	-	PUNCT
ajfa-3945	96	7	puts	put	NOUN
ajfa-3945	96	8	was	be	AUX
ajfa-3945	96	9	more	more	ADV
ajfa-3945	96	10	likely	likely	ADJ
ajfa-3945	96	11	to	to	PART
ajfa-3945	96	12	dominate	dominate	VERB
ajfa-3945	96	13	buying	buy	VERB
ajfa-3945	96	14	itm	itm	NOUN
ajfa-3945	96	15	protective	protective	ADJ
ajfa-3945	96	16	-	-	PUNCT
ajfa-3945	96	17	puts	put	NOUN
ajfa-3945	96	18	for	for	ADP
ajfa-3945	96	19	lower	low	ADJ
ajfa-3945	96	20	standard	standard	ADJ
ajfa-3945	96	21	deviation	deviation	NOUN
ajfa-3945	96	22	of	of	ADP
ajfa-3945	96	23	returns	return	NOUN
ajfa-3945	96	24	of	of	ADP
ajfa-3945	96	25	the	the	DET
ajfa-3945	96	26	underlying	underlie	VERB
ajfa-3945	96	27	stock	stock	NOUN
ajfa-3945	96	28	and	and	CCONJ
ajfa-3945	96	29	vice	vice	NOUN
ajfa-3945	96	30	versa	versa	ADV
ajfa-3945	96	31	for	for	ADP
ajfa-3945	96	32	higher	high	ADJ
ajfa-3945	96	33	standard	standard	ADJ
ajfa-3945	96	34	deviation	deviation	NOUN
ajfa-3945	96	35	of	of	ADP
ajfa-3945	96	36	returns	return	NOUN
ajfa-3945	96	37	,	,	PUNCT
ajfa-3945	96	38	other	other	ADJ
ajfa-3945	96	39	characteristics	characteristic	NOUN
ajfa-3945	96	40	remaining	remain	VERB
ajfa-3945	96	41	constant	constant	ADJ
ajfa-3945	96	42	;	;	PUNCT
ajfa-3945	96	43	and	and	CCONJ
ajfa-3945	96	44	vice	vice	ADV
ajfa-3945	96	45	versa	versa	NOUN
ajfa-3945	96	46	for	for	ADP
ajfa-3945	96	47	the	the	DET
ajfa-3945	96	48	kurtosis	kurtosis	NOUN
ajfa-3945	96	49	of	of	ADP
ajfa-3945	96	50	returns	return	NOUN
ajfa-3945	96	51	and	and	CCONJ
ajfa-3945	96	52	mean	mean	VERB
ajfa-3945	96	53	returns	return	NOUN
ajfa-3945	96	54	of	of	ADP
ajfa-3945	96	55	the	the	DET
ajfa-3945	96	56	underlying	underlie	VERB
ajfa-3945	96	57	stock	stock	NOUN
ajfa-3945	96	58	.	.	PUNCT
ajfa-3945	97	1	the	the	DET
ajfa-3945	97	2	discriminant	discriminant	NOUN
ajfa-3945	97	3	function	function	VERB
ajfa-3945	97	4	correctly	correctly	ADV
ajfa-3945	97	5	classified	classify	VERB
ajfa-3945	97	6	58.2	58.2	NUM
ajfa-3945	97	7	%	%	NOUN
ajfa-3945	97	8	of	of	ADP
ajfa-3945	97	9	the	the	DET
ajfa-3945	97	10	sample	sample	NOUN
ajfa-3945	97	11	stocks	stock	NOUN
ajfa-3945	97	12	.	.	PUNCT
ajfa-3945	98	1	discussion	discussion	NOUN
ajfa-3945	98	2	the	the	DET
ajfa-3945	98	3	results	result	NOUN
ajfa-3945	98	4	of	of	ADP
ajfa-3945	98	5	the	the	DET
ajfa-3945	98	6	study	study	NOUN
ajfa-3945	98	7	showed	show	VERB
ajfa-3945	98	8	that	that	SCONJ
ajfa-3945	98	9	buying	buy	VERB
ajfa-3945	98	10	protective	protective	NOUN
ajfa-3945	98	11	-	-	PUNCT
ajfa-3945	98	12	puts	put	NOUN
ajfa-3945	98	13	and	and	CCONJ
ajfa-3945	98	14	selling	sell	VERB
ajfa-3945	98	15	covered	cover	VERB
ajfa-3945	98	16	-	-	PUNCT
ajfa-3945	98	17	calls	call	NOUN
ajfa-3945	98	18	do	do	AUX
ajfa-3945	98	19	yield	yield	VERB
ajfa-3945	98	20	higher	high	ADJ
ajfa-3945	98	21	returns	return	NOUN
ajfa-3945	98	22	than	than	ADP
ajfa-3945	98	23	a	a	DET
ajfa-3945	98	24	pure	pure	ADJ
ajfa-3945	98	25	-	-	PUNCT
ajfa-3945	98	26	stock	stock	NOUN
ajfa-3945	98	27	position	position	NOUN
ajfa-3945	98	28	.	.	PUNCT
ajfa-3945	99	1	overall	overall	ADV
ajfa-3945	99	2	,	,	PUNCT
ajfa-3945	99	3	buying	buy	VERB
ajfa-3945	99	4	protective	protective	ADJ
ajfa-3945	99	5	-	-	PUNCT
ajfa-3945	99	6	puts	put	NOUN
ajfa-3945	99	7	yielded	yield	VERB
ajfa-3945	99	8	better	well	ADJ
ajfa-3945	99	9	returns	return	NOUN
ajfa-3945	99	10	over	over	ADP
ajfa-3945	99	11	a	a	DET
ajfa-3945	99	12	pure	pure	ADJ
ajfa-3945	99	13	-	-	PUNCT
ajfa-3945	99	14	stock	stock	NOUN
ajfa-3945	99	15	position	position	NOUN
ajfa-3945	99	16	than	than	ADP
ajfa-3945	99	17	selling	sell	VERB
ajfa-3945	99	18	covered	cover	VERB
ajfa-3945	99	19	-	-	PUNCT
ajfa-3945	99	20	calls	call	NOUN
ajfa-3945	99	21	,	,	PUNCT
ajfa-3945	99	22	but	but	CCONJ
ajfa-3945	99	23	with	with	ADP
ajfa-3945	99	24	mixed	mixed	ADJ
ajfa-3945	99	25	results	result	NOUN
ajfa-3945	99	26	,	,	PUNCT
ajfa-3945	99	27	as	as	SCONJ
ajfa-3945	99	28	was	be	AUX
ajfa-3945	99	29	observed	observe	VERB
ajfa-3945	99	30	in	in	ADP
ajfa-3945	99	31	earlier	early	ADJ
ajfa-3945	99	32	studies	study	NOUN
ajfa-3945	99	33	.	.	PUNCT
ajfa-3945	100	1	the	the	DET
ajfa-3945	100	2	returns	return	NOUN
ajfa-3945	100	3	from	from	ADP
ajfa-3945	100	4	protective	protective	ADJ
ajfa-3945	100	5	-	-	PUNCT
ajfa-3945	100	6	put	put	VERB
ajfa-3945	100	7	and	and	CCONJ
ajfa-3945	100	8	covered	cover	VERB
ajfa-3945	100	9	-	-	PUNCT
ajfa-3945	100	10	call	call	NOUN
ajfa-3945	100	11	strategies	strategy	NOUN
ajfa-3945	100	12	were	be	AUX
ajfa-3945	100	13	negatively	negatively	ADV
ajfa-3945	100	14	correlated	correlate	VERB
ajfa-3945	100	15	,	,	PUNCT
ajfa-3945	100	16	and	and	CCONJ
ajfa-3945	100	17	further	further	ADJ
ajfa-3945	100	18	analysis	analysis	NOUN
ajfa-3945	100	19	showed	show	VERB
ajfa-3945	100	20	that	that	SCONJ
ajfa-3945	100	21	the	the	DET
ajfa-3945	100	22	mean	mean	ADJ
ajfa-3945	100	23	and	and	CCONJ
ajfa-3945	100	24	standard	standard	ADJ
ajfa-3945	100	25	deviation	deviation	NOUN
ajfa-3945	100	26	of	of	ADP
ajfa-3945	100	27	the	the	DET
ajfa-3945	100	28	returns	return	NOUN
ajfa-3945	100	29	distribution	distribution	NOUN
ajfa-3945	100	30	of	of	ADP
ajfa-3945	100	31	the	the	DET
ajfa-3945	100	32	underlying	underlie	VERB
ajfa-3945	100	33	stock	stock	NOUN
ajfa-3945	100	34	affected	affect	VERB
ajfa-3945	100	35	the	the	DET
ajfa-3945	100	36	optimal	optimal	ADJ
ajfa-3945	100	37	strategy	strategy	NOUN
ajfa-3945	100	38	:	:	PUNCT
ajfa-3945	100	39	buying	buy	VERB
ajfa-3945	100	40	protective	protective	NOUN
ajfa-3945	100	41	-	-	PUNCT
ajfa-3945	100	42	puts	put	NOUN
ajfa-3945	100	43	was	be	AUX
ajfa-3945	100	44	optimal	optimal	ADJ
ajfa-3945	100	45	for	for	ADP
ajfa-3945	100	46	stocks	stock	NOUN
ajfa-3945	100	47	for	for	ADP
ajfa-3945	100	48	which	which	PRON
ajfa-3945	100	49	the	the	DET
ajfa-3945	100	50	returns	return	NOUN
ajfa-3945	100	51	distribution	distribution	NOUN
ajfa-3945	100	52	had	have	VERB
ajfa-3945	100	53	relatively	relatively	ADV
ajfa-3945	100	54	higher	high	ADJ
ajfa-3945	100	55	mean	mean	ADJ
ajfa-3945	100	56	values	value	NOUN
ajfa-3945	100	57	and	and	CCONJ
ajfa-3945	100	58	lower	low	ADJ
ajfa-3945	100	59	standard	standard	ADJ
ajfa-3945	100	60	deviations	deviation	NOUN
ajfa-3945	100	61	,	,	PUNCT
ajfa-3945	100	62	while	while	SCONJ
ajfa-3945	100	63	selling	sell	VERB
ajfa-3945	100	64	covered	cover	VERB
ajfa-3945	100	65	-	-	PUNCT
ajfa-3945	100	66	calls	call	NOUN
ajfa-3945	100	67	was	be	AUX
ajfa-3945	100	68	optimal	optimal	ADJ
ajfa-3945	100	69	for	for	ADP
ajfa-3945	100	70	stocks	stock	NOUN
ajfa-3945	100	71	for	for	ADP
ajfa-3945	100	72	which	which	PRON
ajfa-3945	100	73	the	the	DET
ajfa-3945	100	74	returns	return	NOUN
ajfa-3945	100	75	distribution	distribution	NOUN
ajfa-3945	100	76	had	have	VERB
ajfa-3945	100	77	relatively	relatively	ADV
ajfa-3945	100	78	lower	low	ADJ
ajfa-3945	100	79	mean	mean	ADJ
ajfa-3945	100	80	values	value	NOUN
ajfa-3945	100	81	and	and	CCONJ
ajfa-3945	100	82	higher	high	ADJ
ajfa-3945	100	83	standard	standard	ADJ
ajfa-3945	100	84	deviations	deviation	NOUN
ajfa-3945	100	85	.	.	PUNCT
ajfa-3945	101	1	further	far	ADV
ajfa-3945	101	2	,	,	PUNCT
ajfa-3945	101	3	a	a	DET
ajfa-3945	101	4	similar	similar	ADJ
ajfa-3945	101	5	association	association	NOUN
ajfa-3945	101	6	was	be	AUX
ajfa-3945	101	7	found	find	VERB
ajfa-3945	101	8	for	for	ADP
ajfa-3945	101	9	itm	itm	NOUN
ajfa-3945	101	10	and	and	CCONJ
ajfa-3945	101	11	otm	otm	NOUN
ajfa-3945	101	12	options	option	NOUN
ajfa-3945	101	13	strategies	strategy	NOUN
ajfa-3945	101	14	:	:	PUNCT
ajfa-3945	101	15	buying	buy	VERB
ajfa-3945	101	16	otm	otm	NOUN
ajfa-3945	101	17	protective	protective	ADJ
ajfa-3945	101	18	-	-	PUNCT
ajfa-3945	101	19	puts	put	NOUN
ajfa-3945	101	20	was	be	AUX
ajfa-3945	101	21	better	well	ADJ
ajfa-3945	101	22	for	for	ADP
ajfa-3945	101	23	stocks	stock	NOUN
ajfa-3945	101	24	for	for	ADP
ajfa-3945	101	25	which	which	PRON
ajfa-3945	101	26	the	the	DET
ajfa-3945	101	27	returns	return	NOUN
ajfa-3945	101	28	distribution	distribution	NOUN
ajfa-3945	101	29	had	have	VERB
ajfa-3945	101	30	relatively	relatively	ADV
ajfa-3945	101	31	higher	high	ADJ
ajfa-3945	101	32	mean	mean	ADJ
ajfa-3945	101	33	values	value	NOUN
ajfa-3945	101	34	and	and	CCONJ
ajfa-3945	101	35	lower	low	ADJ
ajfa-3945	101	36	standard	standard	ADJ
ajfa-3945	101	37	deviations	deviation	NOUN
ajfa-3945	101	38	,	,	PUNCT
ajfa-3945	101	39	while	while	SCONJ
ajfa-3945	101	40	buying	buy	VERB
ajfa-3945	101	41	itm	itm	NOUN
ajfa-3945	101	42	protective	protective	ADJ
ajfa-3945	101	43	-	-	PUNCT
ajfa-3945	101	44	puts	put	NOUN
ajfa-3945	101	45	was	be	AUX
ajfa-3945	101	46	better	well	ADJ
ajfa-3945	101	47	for	for	ADP
ajfa-3945	101	48	stocks	stock	NOUN
ajfa-3945	101	49	for	for	ADP
ajfa-3945	101	50	which	which	PRON
ajfa-3945	101	51	the	the	DET
ajfa-3945	101	52	returns	return	NOUN
ajfa-3945	101	53	distribution	distribution	NOUN
ajfa-3945	101	54	had	have	VERB
ajfa-3945	101	55	relatively	relatively	ADV
ajfa-3945	101	56	lower	low	ADJ
ajfa-3945	101	57	mean	mean	ADJ
ajfa-3945	101	58	values	value	NOUN
ajfa-3945	101	59	and	and	CCONJ
ajfa-3945	101	60	higher	high	ADJ
ajfa-3945	101	61	standard	standard	ADJ
ajfa-3945	101	62	deviations	deviation	NOUN
ajfa-3945	101	63	;	;	PUNCT
ajfa-3945	101	64	similarly	similarly	ADV
ajfa-3945	101	65	,	,	PUNCT
ajfa-3945	101	66	selling	sell	VERB
ajfa-3945	101	67	otm	otm	NOUN
ajfa-3945	101	68	covered	cover	VERB
ajfa-3945	101	69	-	-	PUNCT
ajfa-3945	101	70	calls	call	NOUN
ajfa-3945	101	71	was	be	AUX
ajfa-3945	101	72	better	well	ADJ
ajfa-3945	101	73	for	for	ADP
ajfa-3945	101	74	stocks	stock	NOUN
ajfa-3945	101	75	for	for	ADP
ajfa-3945	101	76	which	which	PRON
ajfa-3945	101	77	the	the	DET
ajfa-3945	101	78	returns	return	NOUN
ajfa-3945	101	79	distribution	distribution	NOUN
ajfa-3945	101	80	had	have	VERB
ajfa-3945	101	81	relatively	relatively	ADV
ajfa-3945	101	82	higher	high	ADJ
ajfa-3945	101	83	mean	mean	ADJ
ajfa-3945	101	84	values	value	NOUN
ajfa-3945	101	85	and	and	CCONJ
ajfa-3945	101	86	lower	low	ADJ
ajfa-3945	101	87	standard	standard	ADJ
ajfa-3945	101	88	deviations	deviation	NOUN
ajfa-3945	101	89	,	,	PUNCT
ajfa-3945	101	90	while	while	SCONJ
ajfa-3945	101	91	selling	sell	VERB
ajfa-3945	101	92	itm	itm	NOUN
ajfa-3945	101	93	covered	cover	VERB
ajfa-3945	101	94	-	-	PUNCT
ajfa-3945	101	95	calls	call	NOUN
ajfa-3945	101	96	was	be	AUX
ajfa-3945	101	97	better	well	ADJ
ajfa-3945	101	98	for	for	ADP
ajfa-3945	101	99	stocks	stock	NOUN
ajfa-3945	101	100	for	for	ADP
ajfa-3945	101	101	which	which	PRON
ajfa-3945	101	102	the	the	DET
ajfa-3945	101	103	returns	return	NOUN
ajfa-3945	101	104	distribution	distribution	NOUN
ajfa-3945	101	105	had	have	VERB
ajfa-3945	101	106	relatively	relatively	ADV
ajfa-3945	101	107	lower	low	ADJ
ajfa-3945	101	108	mean	mean	ADJ
ajfa-3945	101	109	values	value	NOUN
ajfa-3945	101	110	and	and	CCONJ
ajfa-3945	101	111	higher	high	ADJ
ajfa-3945	101	112	standard	standard	ADJ
ajfa-3945	101	113	deviations	deviation	NOUN
ajfa-3945	101	114	.	.	PUNCT
ajfa-3945	102	1	asian	asian	ADJ
ajfa-3945	102	2	journal	journal	PROPN
ajfa-3945	102	3	of	of	ADP
ajfa-3945	102	4	finance	finance	PROPN
ajfa-3945	102	5	&	&	CCONJ
ajfa-3945	102	6	accounting	accounting	PROPN
ajfa-3945	102	7	issn	issn	PROPN
ajfa-3945	102	8	1946	1946	NUM
ajfa-3945	102	9	-	-	PUNCT
ajfa-3945	102	10	052x	052x	PROPN
ajfa-3945	102	11	2014	2014	NUM
ajfa-3945	102	12	,	,	PUNCT
ajfa-3945	102	13	vol	vol	NOUN
ajfa-3945	102	14	.	.	PROPN
ajfa-3945	102	15	6	6	NUM
ajfa-3945	102	16	,	,	PUNCT
ajfa-3945	102	17	no	no	INTJ
ajfa-3945	102	18	.	.	NOUN
ajfa-3945	102	19	1	1	NUM
ajfa-3945	102	20	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3945	102	21	136	136	NUM
ajfa-3945	102	22	the	the	DET
ajfa-3945	102	23	study	study	NOUN
ajfa-3945	102	24	suggests	suggest	VERB
ajfa-3945	102	25	that	that	SCONJ
ajfa-3945	102	26	the	the	DET
ajfa-3945	102	27	returns	return	NOUN
ajfa-3945	102	28	distribution	distribution	NOUN
ajfa-3945	102	29	of	of	ADP
ajfa-3945	102	30	the	the	DET
ajfa-3945	102	31	underlying	underlie	VERB
ajfa-3945	102	32	stock	stock	NOUN
ajfa-3945	102	33	plays	play	VERB
ajfa-3945	102	34	a	a	DET
ajfa-3945	102	35	central	central	ADJ
ajfa-3945	102	36	role	role	NOUN
ajfa-3945	102	37	in	in	ADP
ajfa-3945	102	38	the	the	DET
ajfa-3945	102	39	optimality	optimality	NOUN
ajfa-3945	102	40	of	of	ADP
ajfa-3945	102	41	options	option	NOUN
ajfa-3945	102	42	strategies	strategy	NOUN
ajfa-3945	102	43	.	.	PUNCT
ajfa-3945	103	1	the	the	DET
ajfa-3945	103	2	results	result	NOUN
ajfa-3945	103	3	of	of	ADP
ajfa-3945	103	4	present	present	ADJ
ajfa-3945	103	5	study	study	NOUN
ajfa-3945	103	6	suggest	suggest	VERB
ajfa-3945	103	7	that	that	SCONJ
ajfa-3945	103	8	the	the	DET
ajfa-3945	103	9	mean	mean	ADJ
ajfa-3945	103	10	returns	return	NOUN
ajfa-3945	103	11	and	and	CCONJ
ajfa-3945	103	12	the	the	DET
ajfa-3945	103	13	standard	standard	ADJ
ajfa-3945	103	14	deviation	deviation	NOUN
ajfa-3945	103	15	of	of	ADP
ajfa-3945	103	16	returns	return	NOUN
ajfa-3945	103	17	affect	affect	VERB
ajfa-3945	103	18	hedging	hedging	NOUN
ajfa-3945	103	19	strategies	strategy	NOUN
ajfa-3945	103	20	(	(	PUNCT
ajfa-3945	103	21	i.e.	i.e.	X
ajfa-3945	103	22	buying	buy	VERB
ajfa-3945	103	23	protective	protective	NOUN
ajfa-3945	103	24	-	-	PUNCT
ajfa-3945	103	25	puts	put	NOUN
ajfa-3945	103	26	and	and	CCONJ
ajfa-3945	103	27	selling	sell	VERB
ajfa-3945	103	28	covered	cover	VERB
ajfa-3945	103	29	-	-	PUNCT
ajfa-3945	103	30	calls	call	NOUN
ajfa-3945	103	31	)	)	PUNCT
ajfa-3945	103	32	,	,	PUNCT
ajfa-3945	103	33	while	while	SCONJ
ajfa-3945	103	34	the	the	DET
ajfa-3945	103	35	results	result	NOUN
ajfa-3945	103	36	of	of	ADP
ajfa-3945	103	37	dash	dash	NOUN
ajfa-3945	103	38	et	et	NOUN
ajfa-3945	103	39	al	al	PROPN
ajfa-3945	103	40	(	(	PUNCT
ajfa-3945	103	41	2008	2008	NUM
ajfa-3945	103	42	)	)	PUNCT
ajfa-3945	103	43	suggest	suggest	VERB
ajfa-3945	103	44	that	that	SCONJ
ajfa-3945	103	45	the	the	DET
ajfa-3945	103	46	standard	standard	ADJ
ajfa-3945	103	47	deviation	deviation	NOUN
ajfa-3945	103	48	,	,	PUNCT
ajfa-3945	103	49	skewness	skewness	NOUN
ajfa-3945	103	50	,	,	PUNCT
ajfa-3945	103	51	and	and	CCONJ
ajfa-3945	103	52	kurtosis	kurtosis	NOUN
ajfa-3945	103	53	of	of	ADP
ajfa-3945	103	54	returns	return	NOUN
ajfa-3945	103	55	affect	affect	VERB
ajfa-3945	103	56	more	more	ADV
ajfa-3945	103	57	aggressive	aggressive	ADJ
ajfa-3945	103	58	speculative	speculative	ADJ
ajfa-3945	103	59	strategies	strategy	NOUN
ajfa-3945	103	60	(	(	PUNCT
ajfa-3945	103	61	“	"	PUNCT
ajfa-3945	103	62	hold	hold	VERB
ajfa-3945	103	63	stock	stock	NOUN
ajfa-3945	103	64	,	,	PUNCT
ajfa-3945	103	65	buy	buy	VERB
ajfa-3945	103	66	call	call	NOUN
ajfa-3945	103	67	”	"	PUNCT
ajfa-3945	103	68	and	and	CCONJ
ajfa-3945	103	69	“	"	PUNCT
ajfa-3945	103	70	hold	hold	VERB
ajfa-3945	103	71	stock	stock	NOUN
ajfa-3945	103	72	,	,	PUNCT
ajfa-3945	103	73	sell	sell	VERB
ajfa-3945	103	74	put	put	NOUN
ajfa-3945	103	75	”	"	PUNCT
ajfa-3945	103	76	)	)	PUNCT
ajfa-3945	103	77	;	;	PUNCT
ajfa-3945	103	78	in	in	ADP
ajfa-3945	103	79	particular	particular	ADJ
ajfa-3945	103	80	,	,	PUNCT
ajfa-3945	103	81	skewness	skewness	NOUN
ajfa-3945	103	82	and	and	CCONJ
ajfa-3945	103	83	kurtosis	kurtosis	NOUN
ajfa-3945	103	84	in	in	ADP
ajfa-3945	103	85	the	the	DET
ajfa-3945	103	86	daily	daily	ADJ
ajfa-3945	103	87	returns	return	NOUN
ajfa-3945	103	88	of	of	ADP
ajfa-3945	103	89	the	the	DET
ajfa-3945	103	90	underlying	underlie	VERB
ajfa-3945	103	91	stock	stock	NOUN
ajfa-3945	103	92	tend	tend	VERB
ajfa-3945	103	93	to	to	PART
ajfa-3945	103	94	favour	favour	VERB
ajfa-3945	103	95	to	to	ADP
ajfa-3945	103	96	more	more	ADV
ajfa-3945	103	97	aggressive	aggressive	ADJ
ajfa-3945	103	98	options	option	NOUN
ajfa-3945	103	99	positions	position	NOUN
ajfa-3945	103	100	.	.	PUNCT
ajfa-3945	104	1	the	the	DET
ajfa-3945	104	2	results	result	NOUN
ajfa-3945	104	3	of	of	ADP
ajfa-3945	104	4	the	the	DET
ajfa-3945	104	5	present	present	ADJ
ajfa-3945	104	6	study	study	NOUN
ajfa-3945	104	7	also	also	ADV
ajfa-3945	104	8	suggest	suggest	VERB
ajfa-3945	104	9	that	that	SCONJ
ajfa-3945	104	10	the	the	DET
ajfa-3945	104	11	mean	mean	ADJ
ajfa-3945	104	12	returns	return	NOUN
ajfa-3945	104	13	and	and	CCONJ
ajfa-3945	104	14	the	the	DET
ajfa-3945	104	15	standard	standard	ADJ
ajfa-3945	104	16	deviation	deviation	NOUN
ajfa-3945	104	17	of	of	ADP
ajfa-3945	104	18	returns	return	NOUN
ajfa-3945	104	19	affect	affect	VERB
ajfa-3945	104	20	itm	itm	NOUN
ajfa-3945	104	21	and	and	CCONJ
ajfa-3945	104	22	otm	otm	NOUN
ajfa-3945	104	23	strategies	strategy	NOUN
ajfa-3945	104	24	.	.	PUNCT
ajfa-3945	105	1	the	the	DET
ajfa-3945	105	2	present	present	ADJ
ajfa-3945	105	3	study	study	NOUN
ajfa-3945	105	4	has	have	VERB
ajfa-3945	105	5	some	some	DET
ajfa-3945	105	6	limitations	limitation	NOUN
ajfa-3945	105	7	.	.	PUNCT
ajfa-3945	106	1	the	the	DET
ajfa-3945	106	2	study	study	NOUN
ajfa-3945	106	3	considers	consider	VERB
ajfa-3945	106	4	options	option	NOUN
ajfa-3945	106	5	strategies	strategy	NOUN
ajfa-3945	106	6	only	only	ADV
ajfa-3945	106	7	for	for	ADP
ajfa-3945	106	8	nse	nse	NOUN
ajfa-3945	106	9	-	-	PUNCT
ajfa-3945	106	10	listed	list	VERB
ajfa-3945	106	11	stocks	stock	NOUN
ajfa-3945	106	12	,	,	PUNCT
ajfa-3945	106	13	but	but	CCONJ
ajfa-3945	106	14	the	the	DET
ajfa-3945	106	15	results	result	NOUN
ajfa-3945	106	16	should	should	AUX
ajfa-3945	106	17	be	be	AUX
ajfa-3945	106	18	generalisable	generalisable	ADJ
ajfa-3945	106	19	to	to	ADP
ajfa-3945	106	20	other	other	ADJ
ajfa-3945	106	21	stock	stock	NOUN
ajfa-3945	106	22	exchanges	exchange	NOUN
ajfa-3945	106	23	as	as	ADV
ajfa-3945	106	24	well	well	ADV
ajfa-3945	106	25	,	,	PUNCT
ajfa-3945	106	26	particularly	particularly	ADV
ajfa-3945	106	27	in	in	ADP
ajfa-3945	106	28	other	other	ADJ
ajfa-3945	106	29	emerging	emerge	VERB
ajfa-3945	106	30	economies	economy	NOUN
ajfa-3945	106	31	.	.	PUNCT
ajfa-3945	107	1	also	also	ADV
ajfa-3945	107	2	,	,	PUNCT
ajfa-3945	107	3	the	the	DET
ajfa-3945	107	4	study	study	NOUN
ajfa-3945	107	5	considers	consider	VERB
ajfa-3945	107	6	only	only	ADV
ajfa-3945	107	7	three	three	NUM
ajfa-3945	107	8	-	-	PUNCT
ajfa-3945	107	9	month	month	NOUN
ajfa-3945	107	10	contracts	contract	NOUN
ajfa-3945	107	11	,	,	PUNCT
ajfa-3945	107	12	for	for	ADP
ajfa-3945	107	13	a	a	DET
ajfa-3945	107	14	specific	specific	ADJ
ajfa-3945	107	15	period	period	NOUN
ajfa-3945	107	16	(	(	PUNCT
ajfa-3945	107	17	viz	viz	NOUN
ajfa-3945	107	18	.	.	PUNCT
ajfa-3945	108	1	1st	1st	ADJ
ajfa-3945	108	2	october	october	PROPN
ajfa-3945	108	3	2007	2007	NUM
ajfa-3945	108	4	to	to	ADP
ajfa-3945	108	5	27th	27th	ADJ
ajfa-3945	108	6	december	december	PROPN
ajfa-3945	108	7	2007	2007	NUM
ajfa-3945	108	8	)	)	PUNCT
ajfa-3945	109	1	,	,	PUNCT
ajfa-3945	109	2	so	so	SCONJ
ajfa-3945	109	3	that	that	SCONJ
ajfa-3945	109	4	the	the	DET
ajfa-3945	109	5	results	result	NOUN
ajfa-3945	109	6	obtained	obtain	VERB
ajfa-3945	109	7	may	may	AUX
ajfa-3945	109	8	not	not	PART
ajfa-3945	109	9	be	be	AUX
ajfa-3945	109	10	generalised	generalise	VERB
ajfa-3945	109	11	to	to	ADP
ajfa-3945	109	12	other	other	ADJ
ajfa-3945	109	13	periods	period	NOUN
ajfa-3945	109	14	.	.	PUNCT
ajfa-3945	110	1	the	the	DET
ajfa-3945	110	2	results	result	NOUN
ajfa-3945	110	3	could	could	AUX
ajfa-3945	110	4	be	be	AUX
ajfa-3945	110	5	due	due	ADJ
ajfa-3945	110	6	to	to	ADP
ajfa-3945	110	7	the	the	DET
ajfa-3945	110	8	overall	overall	ADJ
ajfa-3945	110	9	bull	bull	NOUN
ajfa-3945	110	10	run	run	NOUN
ajfa-3945	110	11	witnessed	witness	VERB
ajfa-3945	110	12	by	by	ADP
ajfa-3945	110	13	indian	indian	ADJ
ajfa-3945	110	14	stock	stock	NOUN
ajfa-3945	110	15	markets	market	NOUN
ajfa-3945	110	16	in	in	ADP
ajfa-3945	110	17	the	the	DET
ajfa-3945	110	18	period	period	NOUN
ajfa-3945	110	19	in	in	ADP
ajfa-3945	110	20	question	question	NOUN
ajfa-3945	110	21	.	.	PUNCT
ajfa-3945	111	1	there	there	PRON
ajfa-3945	111	2	is	be	VERB
ajfa-3945	111	3	scope	scope	NOUN
ajfa-3945	111	4	for	for	ADP
ajfa-3945	111	5	further	further	ADJ
ajfa-3945	111	6	research	research	NOUN
ajfa-3945	111	7	to	to	PART
ajfa-3945	111	8	examine	examine	VERB
ajfa-3945	111	9	the	the	DET
ajfa-3945	111	10	generalisability	generalisability	NOUN
ajfa-3945	111	11	of	of	ADP
ajfa-3945	111	12	the	the	DET
ajfa-3945	111	13	results	result	NOUN
ajfa-3945	111	14	of	of	ADP
ajfa-3945	111	15	the	the	DET
ajfa-3945	111	16	present	present	ADJ
ajfa-3945	111	17	study	study	NOUN
ajfa-3945	111	18	;	;	PUNCT
ajfa-3945	111	19	particularly	particularly	ADV
ajfa-3945	111	20	whether	whether	SCONJ
ajfa-3945	111	21	the	the	DET
ajfa-3945	111	22	results	result	NOUN
ajfa-3945	111	23	continue	continue	VERB
ajfa-3945	111	24	to	to	PART
ajfa-3945	111	25	hold	hold	VERB
ajfa-3945	111	26	in	in	ADP
ajfa-3945	111	27	similar	similar	ADJ
ajfa-3945	111	28	conditions	condition	NOUN
ajfa-3945	111	29	.	.	PUNCT
ajfa-3945	112	1	a	a	DET
ajfa-3945	112	2	more	more	ADV
ajfa-3945	112	3	serious	serious	ADJ
ajfa-3945	112	4	limitation	limitation	NOUN
ajfa-3945	112	5	is	be	AUX
ajfa-3945	112	6	that	that	SCONJ
ajfa-3945	112	7	the	the	DET
ajfa-3945	112	8	study	study	NOUN
ajfa-3945	112	9	does	do	AUX
ajfa-3945	112	10	not	not	PART
ajfa-3945	112	11	investigate	investigate	VERB
ajfa-3945	112	12	the	the	DET
ajfa-3945	112	13	distributions	distribution	NOUN
ajfa-3945	112	14	of	of	ADP
ajfa-3945	112	15	daily	daily	ADJ
ajfa-3945	112	16	returns	return	NOUN
ajfa-3945	112	17	of	of	ADP
ajfa-3945	112	18	the	the	DET
ajfa-3945	112	19	option	option	NOUN
ajfa-3945	112	20	-	-	PUNCT
ajfa-3945	112	21	stock	stock	NOUN
ajfa-3945	112	22	positions	position	NOUN
ajfa-3945	112	23	,	,	PUNCT
ajfa-3945	112	24	from	from	ADP
ajfa-3945	112	25	which	which	PRON
ajfa-3945	112	26	even	even	ADV
ajfa-3945	112	27	richer	rich	ADJ
ajfa-3945	112	28	results	result	NOUN
ajfa-3945	112	29	may	may	AUX
ajfa-3945	112	30	have	have	AUX
ajfa-3945	112	31	been	be	AUX
ajfa-3945	112	32	obtained	obtain	VERB
ajfa-3945	112	33	.	.	PUNCT
ajfa-3945	113	1	there	there	PRON
ajfa-3945	113	2	is	be	VERB
ajfa-3945	113	3	a	a	DET
ajfa-3945	113	4	vast	vast	ADJ
ajfa-3945	113	5	scope	scope	NOUN
ajfa-3945	113	6	for	for	ADP
ajfa-3945	113	7	further	further	ADJ
ajfa-3945	113	8	research	research	NOUN
ajfa-3945	113	9	to	to	PART
ajfa-3945	113	10	investigate	investigate	VERB
ajfa-3945	113	11	the	the	DET
ajfa-3945	113	12	distributions	distribution	NOUN
ajfa-3945	113	13	of	of	ADP
ajfa-3945	113	14	daily	daily	ADJ
ajfa-3945	113	15	returns	return	NOUN
ajfa-3945	113	16	of	of	ADP
ajfa-3945	113	17	different	different	ADJ
ajfa-3945	113	18	option	option	NOUN
ajfa-3945	113	19	-	-	PUNCT
ajfa-3945	113	20	stock	stock	NOUN
ajfa-3945	113	21	positions	position	NOUN
ajfa-3945	113	22	and	and	CCONJ
ajfa-3945	113	23	to	to	PART
ajfa-3945	113	24	relate	relate	VERB
ajfa-3945	113	25	these	these	PRON
ajfa-3945	113	26	to	to	ADP
ajfa-3945	113	27	the	the	DET
ajfa-3945	113	28	distributions	distribution	NOUN
ajfa-3945	113	29	of	of	ADP
ajfa-3945	113	30	daily	daily	ADJ
ajfa-3945	113	31	returns	return	NOUN
ajfa-3945	113	32	of	of	ADP
ajfa-3945	113	33	the	the	DET
ajfa-3945	113	34	underlying	underlie	VERB
ajfa-3945	113	35	stocks	stock	NOUN
ajfa-3945	113	36	.	.	PUNCT
ajfa-3945	114	1	references	reference	NOUN
ajfa-3945	114	2	abid	abid	PROPN
ajfa-3945	114	3	,	,	PUNCT
ajfa-3945	114	4	f.	f.	PROPN
ajfa-3945	114	5	,	,	PUNCT
ajfa-3945	114	6	mroua	mroua	PROPN
ajfa-3945	114	7	,	,	PUNCT
ajfa-3945	114	8	m.	m.	NOUN
ajfa-3945	114	9	,	,	PUNCT
ajfa-3945	114	10	&	&	CCONJ
ajfa-3945	114	11	wong	wong	PROPN
ajfa-3945	114	12	,	,	PUNCT
ajfa-3945	114	13	w.-k	w.-k	PROPN
ajfa-3945	114	14	.	.	PUNCT
ajfa-3945	115	1	(	(	PUNCT
ajfa-3945	115	2	2009	2009	NUM
ajfa-3945	115	3	)	)	PUNCT
ajfa-3945	115	4	.	.	PUNCT
ajfa-3945	116	1	the	the	DET
ajfa-3945	116	2	impact	impact	NOUN
ajfa-3945	116	3	of	of	ADP
ajfa-3945	116	4	option	option	NOUN
ajfa-3945	116	5	strategies	strategy	NOUN
ajfa-3945	116	6	in	in	ADP
ajfa-3945	116	7	financial	financial	ADJ
ajfa-3945	116	8	portfolios	portfolio	NOUN
ajfa-3945	116	9	performance	performance	NOUN
ajfa-3945	116	10	:	:	PUNCT
ajfa-3945	116	11	mean	mean	ADJ
ajfa-3945	116	12	-	-	PUNCT
ajfa-3945	116	13	variance	variance	NOUN
ajfa-3945	116	14	and	and	CCONJ
ajfa-3945	116	15	stochastic	stochastic	ADJ
ajfa-3945	116	16	dominance	dominance	NOUN
ajfa-3945	116	17	approaches	approach	NOUN
ajfa-3945	116	18	.	.	PUNCT
ajfa-3945	117	1	finance	finance	PROPN
ajfa-3945	117	2	india	india	PROPN
ajfa-3945	117	3	,	,	PUNCT
ajfa-3945	117	4	23	23	NUM
ajfa-3945	117	5	,	,	PUNCT
ajfa-3945	117	6	503	503	NUM
ajfa-3945	117	7	-	-	SYM
ajfa-3945	117	8	526	526	NUM
ajfa-3945	117	9	.	.	PUNCT
ajfa-3945	118	1	benninga	benninga	PROPN
ajfa-3945	118	2	,	,	PUNCT
ajfa-3945	118	3	s.	s.	PROPN
ajfa-3945	118	4	,	,	PUNCT
ajfa-3945	118	5	&	&	CCONJ
ajfa-3945	118	6	blume	blume	PROPN
ajfa-3945	118	7	,	,	PUNCT
ajfa-3945	118	8	m.	m.	NOUN
ajfa-3945	118	9	(	(	PUNCT
ajfa-3945	118	10	1985	1985	NUM
ajfa-3945	118	11	)	)	PUNCT
ajfa-3945	118	12	.	.	PUNCT
ajfa-3945	119	1	on	on	ADP
ajfa-3945	119	2	the	the	DET
ajfa-3945	119	3	optimality	optimality	NOUN
ajfa-3945	119	4	of	of	ADP
ajfa-3945	119	5	portfolio	portfolio	NOUN
ajfa-3945	119	6	insurance	insurance	NOUN
ajfa-3945	119	7	.	.	PUNCT
ajfa-3945	120	1	journal	journal	PROPN
ajfa-3945	120	2	of	of	ADP
ajfa-3945	120	3	finance	finance	NOUN
ajfa-3945	120	4	,	,	PUNCT
ajfa-3945	120	5	40(5	40(5	NOUN
ajfa-3945	120	6	)	)	PUNCT
ajfa-3945	120	7	,	,	PUNCT
ajfa-3945	120	8	1341	1341	NUM
ajfa-3945	120	9	-	-	SYM
ajfa-3945	120	10	1352	1352	NUM
ajfa-3945	120	11	.	.	PUNCT
ajfa-3945	121	1	http://dx.doi.org/10.1111/j.1540-6261.1985.tb02386.x	http://dx.doi.org/10.1111/j.1540-6261.1985.tb02386.x	NUM
ajfa-3945	121	2	bookstaber	bookstaber	PROPN
ajfa-3945	121	3	,	,	PUNCT
ajfa-3945	121	4	r.	r.	PROPN
ajfa-3945	121	5	,	,	PUNCT
ajfa-3945	121	6	&	&	CCONJ
ajfa-3945	121	7	clarke	clarke	PROPN
ajfa-3945	121	8	,	,	PUNCT
ajfa-3945	121	9	r.	r.	PROPN
ajfa-3945	121	10	(	(	PUNCT
ajfa-3945	121	11	1985	1985	NUM
ajfa-3945	121	12	)	)	PUNCT
ajfa-3945	121	13	.	.	PUNCT
ajfa-3945	122	1	problems	problem	NOUN
ajfa-3945	122	2	in	in	ADP
ajfa-3945	122	3	evaluating	evaluate	VERB
ajfa-3945	122	4	the	the	DET
ajfa-3945	122	5	performance	performance	NOUN
ajfa-3945	122	6	of	of	ADP
ajfa-3945	122	7	portfolios	portfolio	NOUN
ajfa-3945	122	8	with	with	ADP
ajfa-3945	122	9	options	option	NOUN
ajfa-3945	122	10	.	.	PUNCT
ajfa-3945	123	1	financial	financial	ADJ
ajfa-3945	123	2	analysts	analyst	NOUN
ajfa-3945	123	3	journal	journal	NOUN
ajfa-3945	123	4	,	,	PUNCT
ajfa-3945	123	5	48	48	NUM
ajfa-3945	123	6	-	-	SYM
ajfa-3945	123	7	62	62	NUM
ajfa-3945	123	8	.	.	PUNCT
ajfa-3945	124	1	http://dx.doi.org/10.2469/faj.v41.n1.48	http://dx.doi.org/10.2469/faj.v41.n1.48	PROPN
ajfa-3945	124	2	brooks	brooks	PROPN
ajfa-3945	124	3	,	,	PUNCT
ajfa-3945	124	4	r.	r.	PROPN
ajfa-3945	124	5	,	,	PUNCT
ajfa-3945	124	6	&	&	CCONJ
ajfa-3945	124	7	hand	hand	PROPN
ajfa-3945	124	8	,	,	PUNCT
ajfa-3945	124	9	j.	j.	PROPN
ajfa-3945	124	10	(	(	PUNCT
ajfa-3945	124	11	1988	1988	NUM
ajfa-3945	124	12	)	)	PUNCT
ajfa-3945	124	13	.	.	PUNCT
ajfa-3945	125	1	evaluating	evaluate	VERB
ajfa-3945	125	2	the	the	DET
ajfa-3945	125	3	performance	performance	NOUN
ajfa-3945	125	4	of	of	ADP
ajfa-3945	125	5	stock	stock	NOUN
ajfa-3945	125	6	portfolios	portfolio	NOUN
ajfa-3945	125	7	with	with	ADP
ajfa-3945	125	8	index	index	NOUN
ajfa-3945	125	9	futures	future	NOUN
ajfa-3945	125	10	contracts	contract	NOUN
ajfa-3945	125	11	.	.	PUNCT
ajfa-3945	126	1	journal	journal	PROPN
ajfa-3945	126	2	of	of	ADP
ajfa-3945	126	3	futures	future	NOUN
ajfa-3945	126	4	markets	market	NOUN
ajfa-3945	126	5	,	,	PUNCT
ajfa-3945	126	6	8(1	8(1	NOUN
ajfa-3945	126	7	)	)	PUNCT
ajfa-3945	126	8	,	,	PUNCT
ajfa-3945	126	9	33	33	NUM
ajfa-3945	126	10	-	-	SYM
ajfa-3945	126	11	46	46	NUM
ajfa-3945	126	12	.	.	PUNCT
ajfa-3945	127	1	http://dx.doi.org/10.1002/fut.3990080104	http://dx.doi.org/10.1002/fut.3990080104	PROPN
ajfa-3945	127	2	castellano	castellano	PROPN
ajfa-3945	127	3	,	,	PUNCT
ajfa-3945	127	4	r.	r.	PROPN
ajfa-3945	127	5	,	,	PUNCT
ajfa-3945	127	6	&	&	CCONJ
ajfa-3945	127	7	giacometti	giacometti	PROPN
ajfa-3945	127	8	,	,	PUNCT
ajfa-3945	127	9	r.	r.	PROPN
ajfa-3945	127	10	(	(	PUNCT
ajfa-3945	127	11	2001	2001	NUM
ajfa-3945	127	12	)	)	PUNCT
ajfa-3945	127	13	.	.	PUNCT
ajfa-3945	128	1	performance	performance	NOUN
ajfa-3945	128	2	of	of	ADP
ajfa-3945	128	3	a	a	DET
ajfa-3945	128	4	hedged	hedge	VERB
ajfa-3945	128	5	stochastic	stochastic	ADJ
ajfa-3945	128	6	portfolio	portfolio	NOUN
ajfa-3945	128	7	model	model	NOUN
ajfa-3945	128	8	in	in	ADP
ajfa-3945	128	9	the	the	DET
ajfa-3945	128	10	presence	presence	NOUN
ajfa-3945	128	11	of	of	ADP
ajfa-3945	128	12	extreme	extreme	ADJ
ajfa-3945	128	13	events	event	NOUN
ajfa-3945	128	14	.	.	PUNCT
ajfa-3945	129	1	computational	computational	ADJ
ajfa-3945	129	2	economics	economic	NOUN
ajfa-3945	129	3	,	,	PUNCT
ajfa-3945	129	4	17(2/3	17(2/3	NUM
ajfa-3945	129	5	,	,	PUNCT
ajfa-3945	129	6	239	239	NUM
ajfa-3945	129	7	-	-	SYM
ajfa-3945	129	8	252	252	NUM
ajfa-3945	129	9	.	.	PUNCT
ajfa-3945	130	1	http://dx.doi.org/10.1023/a:1011632311173	http://dx.doi.org/10.1023/a:1011632311173	PROPN
ajfa-3945	130	2	cox	cox	PROPN
ajfa-3945	130	3	,	,	PUNCT
ajfa-3945	130	4	c.	c.	PROPN
ajfa-3945	130	5	(	(	PUNCT
ajfa-3945	130	6	1976	1976	NUM
ajfa-3945	130	7	)	)	PUNCT
ajfa-3945	130	8	.	.	PUNCT
ajfa-3945	131	1	futures	future	NOUN
ajfa-3945	131	2	trading	trading	NOUN
ajfa-3945	131	3	and	and	CCONJ
ajfa-3945	131	4	market	market	NOUN
ajfa-3945	131	5	information	information	NOUN
ajfa-3945	131	6	.	.	PUNCT
ajfa-3945	132	1	journal	journal	NOUN
ajfa-3945	132	2	of	of	ADP
ajfa-3945	132	3	political	political	ADJ
ajfa-3945	132	4	economy	economy	NOUN
ajfa-3945	132	5	,	,	PUNCT
ajfa-3945	132	6	84(6	84(6	NOUN
ajfa-3945	132	7	)	)	PUNCT
ajfa-3945	132	8	,	,	PUNCT
ajfa-3945	132	9	1215	1215	NUM
ajfa-3945	132	10	-	-	SYM
ajfa-3945	132	11	1237	1237	NUM
ajfa-3945	132	12	.	.	PUNCT
ajfa-3945	133	1	http://dx.doi.org/10.1086/260509	http://dx.doi.org/10.1086/260509	PROPN
ajfa-3945	133	2	asian	asian	PROPN
ajfa-3945	133	3	journal	journal	PROPN
ajfa-3945	133	4	of	of	ADP
ajfa-3945	133	5	finance	finance	PROPN
ajfa-3945	133	6	&	&	CCONJ
ajfa-3945	133	7	accounting	accounting	PROPN
ajfa-3945	133	8	issn	issn	PROPN
ajfa-3945	133	9	1946	1946	NUM
ajfa-3945	133	10	-	-	PUNCT
ajfa-3945	133	11	052x	052x	PROPN
ajfa-3945	133	12	2014	2014	NUM
ajfa-3945	133	13	,	,	PUNCT
ajfa-3945	133	14	vol	vol	NOUN
ajfa-3945	133	15	.	.	PROPN
ajfa-3945	133	16	6	6	NUM
ajfa-3945	133	17	,	,	PUNCT
ajfa-3945	133	18	no	no	INTJ
ajfa-3945	133	19	.	.	NOUN
ajfa-3945	133	20	1	1	NUM
ajfa-3945	133	21	www.macrothink.org/ajfa	www.macrothink.org/ajfa	NUM
ajfa-3945	133	22	137	137	NUM
ajfa-3945	133	23	dash	dash	NOUN
ajfa-3945	133	24	,	,	PUNCT
ajfa-3945	133	25	m	m	PROPN
ajfa-3945	133	26	,	,	PUNCT
ajfa-3945	133	27	kavitha	kavitha	PROPN
ajfa-3945	133	28	v.	v.	PROPN
ajfa-3945	133	29	,	,	PUNCT
ajfa-3945	133	30	deepa	deepa	PROPN
ajfa-3945	133	31	,	,	PUNCT
ajfa-3945	133	32	k.m	k.m	PROPN
ajfa-3945	133	33	.	.	PROPN
ajfa-3945	133	34	,	,	PUNCT
ajfa-3945	133	35	&	&	CCONJ
ajfa-3945	133	36	sindhu	sindhu	PROPN
ajfa-3945	133	37	,	,	PUNCT
ajfa-3945	133	38	s.	s.	PROPN
ajfa-3945	133	39	(	(	PUNCT
ajfa-3945	133	40	2008	2008	NUM
ajfa-3945	133	41	)	)	PUNCT
ajfa-3945	133	42	.	.	PUNCT
ajfa-3945	134	1	a	a	DET
ajfa-3945	134	2	study	study	NOUN
ajfa-3945	134	3	of	of	ADP
ajfa-3945	134	4	optimal	optimal	ADJ
ajfa-3945	134	5	stock	stock	NOUN
ajfa-3945	134	6	and	and	CCONJ
ajfa-3945	134	7	options	option	NOUN
ajfa-3945	134	8	strategies	strategy	NOUN
ajfa-3945	134	9	.	.	PUNCT
ajfa-3945	135	1	ssrn	ssrn	PROPN
ajfa-3945	135	2	working	working	PROPN
ajfa-3945	135	3	paper	paper	NOUN
ajfa-3945	135	4	series	series	NOUN
ajfa-3945	135	5	,	,	PUNCT
ajfa-3945	135	6	abstract	abstract	ADJ
ajfa-3945	135	7	no	no	NOUN
ajfa-3945	135	8	.	.	NOUN
ajfa-3945	135	9	1293203	1293203	NUM
ajfa-3945	135	10	.	.	PUNCT
ajfa-3945	136	1	dash	dash	NOUN
ajfa-3945	136	2	,	,	PUNCT
ajfa-3945	136	3	m.	m.	NOUN
ajfa-3945	136	4	,	,	PUNCT
ajfa-3945	136	5	narendra	narendra	PROPN
ajfa-3945	136	6	babu	babu	PROPN
ajfa-3945	136	7	,	,	PUNCT
ajfa-3945	136	8	n.	n.	PROPN
ajfa-3945	136	9	,	,	PUNCT
ajfa-3945	136	10	&	&	CCONJ
ajfa-3945	136	11	kodagi	kodagi	PROPN
ajfa-3945	136	12	,	,	PUNCT
ajfa-3945	136	13	m.	m.	NOUN
ajfa-3945	136	14	(	(	PUNCT
ajfa-3945	136	15	2007	2007	NUM
ajfa-3945	136	16	)	)	PUNCT
ajfa-3945	136	17	.	.	PUNCT
ajfa-3945	137	1	speculation	speculation	NOUN
ajfa-3945	137	2	strategies	strategy	NOUN
ajfa-3945	137	3	using	use	VERB
ajfa-3945	137	4	investment	investment	NOUN
ajfa-3945	137	5	in	in	ADP
ajfa-3945	137	6	options	option	NOUN
ajfa-3945	137	7	.	.	PUNCT
ajfa-3945	138	1	indian	indian	ADJ
ajfa-3945	138	2	journal	journal	PROPN
ajfa-3945	138	3	of	of	ADP
ajfa-3945	138	4	finance	finance	NOUN
ajfa-3945	138	5	,	,	PUNCT
ajfa-3945	138	6	1(4	1(4	NUM
ajfa-3945	138	7	)	)	PUNCT
ajfa-3945	138	8	,	,	PUNCT
ajfa-3945	138	9	3	3	NUM
ajfa-3945	138	10	-	-	SYM
ajfa-3945	138	11	8	8	NUM
ajfa-3945	138	12	.	.	PUNCT
ajfa-3945	139	1	dybvig	dybvig	NOUN
ajfa-3945	139	2	,	,	PUNCT
ajfa-3945	139	3	p.	p.	PROPN
ajfa-3945	139	4	,	,	PUNCT
ajfa-3945	139	5	&	&	CCONJ
ajfa-3945	139	6	ingersoll	ingersoll	PROPN
ajfa-3945	139	7	,	,	PUNCT
ajfa-3945	139	8	j.	j.	PROPN
ajfa-3945	139	9	(	(	PUNCT
ajfa-3945	139	10	1982	1982	NUM
ajfa-3945	139	11	)	)	PUNCT
ajfa-3945	139	12	.	.	PUNCT
ajfa-3945	140	1	mean	mean	ADJ
ajfa-3945	140	2	-	-	PUNCT
ajfa-3945	140	3	variance	variance	NOUN
ajfa-3945	140	4	theory	theory	NOUN
ajfa-3945	140	5	in	in	ADP
ajfa-3945	140	6	complete	complete	ADJ
ajfa-3945	140	7	markets	market	NOUN
ajfa-3945	140	8	.	.	PUNCT
ajfa-3945	141	1	journal	journal	NOUN
ajfa-3945	141	2	of	of	ADP
ajfa-3945	141	3	business	business	NOUN
ajfa-3945	141	4	,	,	PUNCT
ajfa-3945	141	5	55(2	55(2	NUM
ajfa-3945	141	6	)	)	PUNCT
ajfa-3945	141	7	.	.	PUNCT
ajfa-3945	142	1	233	233	NUM
ajfa-3945	142	2	-	-	SYM
ajfa-3945	142	3	251	251	NUM
ajfa-3945	142	4	.	.	PUNCT
ajfa-3945	143	1	http://dx.doi.org/10.1086/296162	http://dx.doi.org/10.1086/296162	PROPN
ajfa-3945	143	2	hakansson	hakansson	PROPN
ajfa-3945	143	3	,	,	PUNCT
ajfa-3945	143	4	n.	n.	PROPN
ajfa-3945	143	5	(	(	PUNCT
ajfa-3945	143	6	1978	1978	NUM
ajfa-3945	143	7	)	)	PUNCT
ajfa-3945	143	8	.	.	PUNCT
ajfa-3945	144	1	welfare	welfare	NOUN
ajfa-3945	144	2	aspects	aspect	NOUN
ajfa-3945	144	3	of	of	ADP
ajfa-3945	144	4	options	option	NOUN
ajfa-3945	144	5	and	and	CCONJ
ajfa-3945	144	6	supershares	supershare	NOUN
ajfa-3945	144	7	.	.	PUNCT
ajfa-3945	145	1	journal	journal	PROPN
ajfa-3945	145	2	of	of	ADP
ajfa-3945	145	3	finance	finance	NOUN
ajfa-3945	145	4	,	,	PUNCT
ajfa-3945	145	5	33	33	NUM
ajfa-3945	145	6	,	,	PUNCT
ajfa-3945	145	7	759	759	NUM
ajfa-3945	145	8	-	-	SYM
ajfa-3945	145	9	776	776	NUM
ajfa-3945	145	10	.	.	PUNCT
ajfa-3945	146	1	http://dx.doi.org/10.2307/2326472	http://dx.doi.org/10.2307/2326472	PROPN
ajfa-3945	146	2	isakov	isakov	PROPN
ajfa-3945	146	3	,	,	PUNCT
ajfa-3945	146	4	d.	d.	PROPN
ajfa-3945	146	5	,	,	PUNCT
ajfa-3945	146	6	&	&	CCONJ
ajfa-3945	146	7	morard	morard	PROPN
ajfa-3945	146	8	,	,	PUNCT
ajfa-3945	146	9	b.	b.	PROPN
ajfa-3945	146	10	(	(	PUNCT
ajfa-3945	146	11	2001	2001	NUM
ajfa-3945	146	12	)	)	PUNCT
ajfa-3945	146	13	.	.	PUNCT
ajfa-3945	147	1	improving	improve	VERB
ajfa-3945	147	2	portfolio	portfolio	NOUN
ajfa-3945	147	3	performance	performance	NOUN
ajfa-3945	147	4	with	with	ADP
ajfa-3945	147	5	option	option	NOUN
ajfa-3945	147	6	strategies	strategy	NOUN
ajfa-3945	147	7	:	:	PUNCT
ajfa-3945	147	8	evidence	evidence	NOUN
ajfa-3945	147	9	from	from	ADP
ajfa-3945	147	10	switzerland	switzerland	PROPN
ajfa-3945	147	11	.	.	PUNCT
ajfa-3945	148	1	european	european	ADJ
ajfa-3945	148	2	financial	financial	ADJ
ajfa-3945	148	3	management	management	NOUN
ajfa-3945	148	4	,	,	PUNCT
ajfa-3945	148	5	7(1	7(1	NUM
ajfa-3945	148	6	)	)	PUNCT
ajfa-3945	148	7	,	,	PUNCT
ajfa-3945	148	8	73	73	NUM
ajfa-3945	148	9	-	-	SYM
ajfa-3945	148	10	91	91	NUM
ajfa-3945	148	11	.	.	PUNCT
ajfa-3945	149	1	http://dx.doi.org/10.1111/1468-036x.00145	http://dx.doi.org/10.1111/1468-036x.00145	PROPN
ajfa-3945	149	2	ross	ross	PROPN
ajfa-3945	149	3	,	,	PUNCT
ajfa-3945	149	4	s.	s.	PROPN
ajfa-3945	149	5	(	(	PUNCT
ajfa-3945	149	6	1976	1976	NUM
ajfa-3945	149	7	)	)	PUNCT
ajfa-3945	149	8	.	.	PUNCT
ajfa-3945	150	1	options	option	NOUN
ajfa-3945	150	2	and	and	CCONJ
ajfa-3945	150	3	efficiency	efficiency	NOUN
ajfa-3945	150	4	.	.	PUNCT
ajfa-3945	151	1	quarterly	quarterly	ADJ
ajfa-3945	151	2	journal	journal	NOUN
ajfa-3945	151	3	of	of	ADP
ajfa-3945	151	4	economics	economic	NOUN
ajfa-3945	151	5	,	,	PUNCT
ajfa-3945	151	6	90(1	90(1	NUM
ajfa-3945	151	7	)	)	PUNCT
ajfa-3945	151	8	,	,	PUNCT
ajfa-3945	151	9	75	75	NUM
ajfa-3945	151	10	-	-	SYM
ajfa-3945	151	11	89	89	NUM
ajfa-3945	151	12	.	.	PUNCT
ajfa-3945	152	1	http://dx.doi.org/10.2307/1886087	http://dx.doi.org/10.2307/1886087	PROPN
ajfa-3945	152	2	trennepohl	trennepohl	PROPN
ajfa-3945	152	3	,	,	PUNCT
ajfa-3945	152	4	g.	g.	PROPN
ajfa-3945	152	5	,	,	PUNCT
ajfa-3945	152	6	&	&	CCONJ
ajfa-3945	152	7	dukes	dukes	PROPN
ajfa-3945	152	8	,	,	PUNCT
ajfa-3945	152	9	w.	w.	NOUN
ajfa-3945	152	10	(	(	PUNCT
ajfa-3945	152	11	1981	1981	NUM
ajfa-3945	152	12	)	)	PUNCT
ajfa-3945	152	13	.	.	PUNCT
ajfa-3945	153	1	an	an	DET
ajfa-3945	153	2	empirical	empirical	ADJ
ajfa-3945	153	3	test	test	NOUN
ajfa-3945	153	4	of	of	ADP
ajfa-3945	153	5	option	option	NOUN
ajfa-3945	153	6	writing	writing	NOUN
ajfa-3945	153	7	and	and	CCONJ
ajfa-3945	153	8	buying	buy	VERB
ajfa-3945	153	9	strategies	strategy	NOUN
ajfa-3945	153	10	utilizing	utilize	VERB
ajfa-3945	153	11	in	in	ADP
ajfa-3945	153	12	-	-	PUNCT
ajfa-3945	153	13	the	the	DET
ajfa-3945	153	14	-	-	PUNCT
ajfa-3945	153	15	money	money	NOUN
ajfa-3945	153	16	and	and	CCONJ
ajfa-3945	153	17	out	out	ADP
ajfa-3945	153	18	-	-	PUNCT
ajfa-3945	153	19	of	of	ADP
ajfa-3945	153	20	-	-	PUNCT
ajfa-3945	153	21	the	the	DET
ajfa-3945	153	22	-	-	PUNCT
ajfa-3945	153	23	money	money	NOUN
ajfa-3945	153	24	contracts	contract	NOUN
ajfa-3945	153	25	.	.	PUNCT
ajfa-3945	154	1	journal	journal	NOUN
ajfa-3945	154	2	of	of	ADP
ajfa-3945	154	3	business	business	NOUN
ajfa-3945	154	4	finance	finance	PROPN
ajfa-3945	154	5	&	&	CCONJ
ajfa-3945	154	6	accounting	accounting	PROPN
ajfa-3945	154	7	,	,	PUNCT
ajfa-3945	154	8	8(2	8(2	NUM
ajfa-3945	154	9	)	)	PUNCT
ajfa-3945	154	10	,	,	PUNCT
ajfa-3945	154	11	185	185	NUM
ajfa-3945	154	12	-	-	SYM
ajfa-3945	154	13	202	202	NUM
ajfa-3945	154	14	.	.	PUNCT
ajfa-3945	155	1	http://dx.doi.org/10.1111/j.1468-5957.1981.tb00813.x	http://dx.doi.org/10.1111/j.1468-5957.1981.tb00813.x	NUM